MUTUAL

FUND
MARKET LANDSCAPE
AUM
ASSET CLASS NO. OF CATEGORIES NO. OF SCHEMES
(CRORE)

EQUITY 12 454 27.7 Lakh

Invest primarily in stocks

DEBT 16 337 14.2 Lakh

Invests primarily in FI securities

HYBRID
Invests in Equities, FI securities & 7 157 8.2 Lakh
Commodities

OTHERS 4 482 11.3 Lakh

TOTAL 39 1,430 61.5 Lakh

Source – AMFI AUM data as on 30th June 2024

CHOOSING THE RIGHT FUND IS CRITICAL
Challenging and confusing to
On average, 70-80% of the actively managed
select the right scheme
funds have underperformed its benchmark

% OF FUNDS % OF FUNDS
CATEGORY NO OF FUNDS BENCHMARK RETURN 3 YR BENCHMARK RETURN 5 YR UNDERPERFORMING UNDERPERFORMING
3 YR 5 YR

LARGE CAP
32 16.55% 19.98% 60% 66%
(Nifty 100 – TRI)

MID CAP
30 28.15% 31.88% 83% 87%
(Nifty Mid Cap 150 TRI )

SMALL CAP
27 28.00% 32.67% 78% 67%
(BSE 250 Small Cap – TRI )

FLEXI CAP
40 19.36% 22.70% 78% 80%
(Nifty 500 TRI )

DYNAMIC ASSET
ALLOCATION*
(NIFTY 50 Hybrid 27 10.59% 13.57% 37% 70%
Composite debt 50:50
Index )

* Dynamic Asset allocation has two Benchmarks: NIFTY 50 Hybrid

Composite debt 50:50 Index & CRISIL Hybrid 50+50 - Moderate Index

Source – Nuvama Internal Research. Data as on 30th August 2024

WHY NUVAMA
FUND SELECTION PROCESS
STAGE 1: SELECTION BASIS CRITERIA

QUALITATIVE CHECKS
CRITERIA 1 CRITERIA 2 Is there an imminent change in Fund
Manager or has the Fund Manager left
Inception Date > 3 years AUM > 250/500/1000 Cr
recently?
Depending on Fund category

Example: If a renowned fund manager is

STAGE 2: CLASSIFICATION leaving fund house A and joining fund
house B

Is there some kind of red flag associated

with the MF house?
Weighted Investment
Average Market Objectives Prevailing Bias
Cap Example: If a Fund house is under scrutiny
of SEBI

STAGE 3: STATISTICAL ANALYSIS Is there some kind of red flag associated

with the Fund Manager?

Can the AMC be bought out?

Sharpe, Diversification Alpha, Outperformance

Information Ratio Unsystematic Ratio

Source – Nuvama Internal Research.

UNDERSTANDING QUANTITATIVE CRITERIAS
Particulars Fund A Fund B
SHARPE RATIO
Returns 20% 20%
• The Sharpe ratio is a way to measure how much return a SD 10% 12%
fund has made compared to the risk it has taken. It's like a
score that tells you how much reward you're getting for the Risk Free Rate 6% 6%
risk you're taking. Sharpe Ratio 1.4 1.16

• One of the main uses of the Sharpe ratio is to compare the

risk-adjusted performance of different portfolios.
Sharpe Ratio= Portfolio Return- Risk Free rate
Portfolio Standard Deviation
INFORMATION RATIO
Particulars Fund A Fund B
• IR is a tool used to measure how well a portfolio is performing
Fund Returns (%) 18 18
compared to a specific benchmark. It looks at the extra
returns the portfolio generates above the benchmark and
Benchmark Returns 12 12
how consistently it can achieve those extra returns.
(%)
• Tracking error is another measure that shows how much a Tracking Error (%) 7 5
portfolio's performance differs from its benchmark index.
Tracking Error is the standard deviation of the excess return. Information Ratio 0.9 1.2

INFORMATION RATIO IN AN IP OF NUVAMA WEALTH Info Ratio= Portfolio Return - Return of a benchmark
Tracking Error

Hypothetical illustration to explain the concept

HIGHER RETURNS BY NUVAMA
SHORTLISTED FUNDS

INVESTOR A: MR. ROY INVESTOR B: MR. LANG

Invested 10 Lacs in other
Invested 10 Lacs in Nuvama
funds for 16 quarters
shortlisted funds for 16 quarters

LARGE CAP MID CAP SMALL CAP

Value After Value After Value After

Particulars Alpha Particulars Alpha Particulars Alpha
16 Qtrs. 16 Qtrs. 16 Qtrs.

Mr. Roy 45.0 Lakhs Mr. Roy 59.7 Lakhs Mr. Roy 73.2 Lakhs
10.3 Lakhs 15.5 Lakhs 22.2 Lakhs
Mr. Lang 34.7 Lakhs Mr. Lang 44.2 Lakhs Mr. Lang 51.0 Lakhs

Mr. Roy, over the past 16 quarters, adopted the active investment
approach and generated an Alpha of 10-20 Lakhs in each category

Source – Nuvama Internal Research. Data as on 30th June 2024

 HIGHER RETURNS BY NUVAMA
SHORTLISTED FUNDS*
SHORTLISTED BY INVESTED VALUE AFTER VALUE AFTER 10
SCHEME TENURE – 5 YEARS TENURE – 10 YEARS
NUVAMA AMOUNT 5 YEARS YEARS
SMALL CAP

Fund A Yes 10 lakhs 32.5% 40.8 lakhs 21.8% 71.8 Lakhs

Fund B No 10 lakhs 30.9% 38.4 lakhs 17.5 50.1 Lakhs

Fund C No 10 lakhs 25.3% 30.8 lakhs 16.6% 46.4 Lakhs

The Alpha generated by investing in funds selected by Nuvama is 21.7 Lakhs

SHORTLISTED BY INVESTED VALUE AFTER VALUE AFTER 10

SCHEME TENURE – 5 YEARS TENURE – 10 YEARS
NUVAMA AMOUNT 5 YEARS YEARS
FLEXI CAP

Fund A Yes 10 Lakhs 28.19% 34.6 lakhs 19.1% 57.4 Lakhs

Fund B No 10 Lakhs 21.6% 26.6 lakhs 14.6% 39.1 Lakhs

Fund C No 10 Lakhs 17.7% 22.6 lakhs 10.70% 27.6 Lakhs

The Alpha generated by investing in funds selected by Nuvama is 18.3 Lakhs

Source – Nuvama Internal Research. Data as on 31st August 2024. * Shortlisting of above funds have happened according to the fund selection process which involves qualitative & quantitative parameters.
FOCUS BASKET
DEEP DIVE INTO FOCUS CATEGORIES
PORTFOLIO NO OF SCHEMES IN
CATEGORY TAXATION TAXATION %
(AS PRESCRIBED BY SEBI) CATEGORY

LARGE CAP Min. 80% in Large Cap Equity Tx 20% STCG, 12.5% LTCG 2

MID CAP Min. 65% in Mid Cap Equity Tx 20% STCG, 12.5% LTCG 3

SMALL CAP Min. 65% in Small Cap Equity Tx 20% STCG, 12.5% LTCG 2

At least 65% investments in equity &

FLEXI CAP Equity Tx 20% STCG, 12.5% LTCG 4
equity related instruments

DYNAMIC ASSET
Allocation between equity and debt Equity Tx 20% STCG, 12.5% LTCG 3
ALLOCATION

Investment in at least 3 asset classes

MULTI ASSET LTCG 12.5% >2 Years *MMR <
with a minimum allocation of at least Equity Tx 1
ALLOCATION 2 Years
10% in each asset class

Taxation as per latest Budget rulings. *MMR – Maximum Marginal Rate as defined by Income Tax Act 1961
SHORTLISTED FUNDS
CATEGORY SCHEME 1 SCHEME 2 SCHEME 3 SCHEME 4

LARGE CAP Nippon Large Cap Mirae Large Cap - -

MID CAP Nippon India Growth Tata Mid Cap Mirae Mid Cap -

SMALL CAP Bandhan Small Cap HSBC Small Cap - -

FLEXI CAP JM Flexi Cap HDFC Flexi DSP Flexi Edelweiss Flexi

DYNAMIC ASSET DSP Dynamic Asset Edelweiss Balanced Tata Balanced

ALLOCATION Allocation Advantage Advantage

MULTI ASSET DSP Multi Asset

- - -
ALLOCATION Allocation

Source – Nuvama Internal Research. Data as on 31st August 2024

LARGE CAP FUNDS
LARGE CAP FUNDS - OVERVIEW

CAGR
SHARPE EXPENSE AUM SIZE
FUND NAME 1 YR 3 YR SINCE VINTAGE
RATIO RATIO (IN CR)
INCEPTION

Mirae Asset
Large Cap 31.47% 13.29% 15.89% 0.57 1.50% 16 Years ₹42,179
Fund-Reg(G)

Nippon India
Large Cap 38.89% 22.15% 13.78% 1.15 1.57% 17 Years ₹34,432
Fund(G)

Benchmark -
38.59% 15.93%
Nifty 100 TRI

Source – Nuvama Internal Research, Mirae Asset Mutual Fund Fact Sheet & Nippon India Mutual Fund Fact Sheet. Data as on 30 September 2024
LARGE CAP FUNDS – NIPPON INDIA
Quartile Ranking AUM Split Sharpe
Fund Name Aum Bias Beta Scheme Vintage
3yr 5yr 7yr 10yr Large Mid Small Others Ratio

Nippon India Large Large cap

₹34,432 Cr 1 1 1 1 82.39% 9.92% 6.50% 1.19% 1.15 0.93 17 Years
Cap Fund(G) Bias

Top 5 Holdings Top 5 Industry Allocation

WHY INVEST?
HDFC Bank Ltd Banks
• Fund Performance: ~14% CAGR since Inception. The fund also has given ~22.16%
CAGR in the last 5 years, outperforming Nifty 100 TRI by over 200 bps in the same ICICI Bank Ltd IT - Software
tenure Reliance Industries Ltd Diversified FMCG
• Experienced Fund Management: The fund manager, Sailesh Bhan, has been at
managing this fund for over 16 years. This stability has allowed the fund to perform ITC Ltd Power
consistently across periods.
Infosys Ltd Petroleum Products

• Sailesh Raj Bhan is CIO - Equity Investments at Nippon India Mutual Fund. He has over 27 years of experience in Indian Equity Markets with
over 19years at Nippon Life India Asset Management Limited.
• An MBA in Finance and CFA by qualification.
• He has been managing multiple flagship funds namely, Nippon India Large Cap Fund, Nippon India Multi Cap Fund& Nippon India
Pharma Fund for over 15 years.
SAILESH RAJ BHAN

• Ashutosh Bhargava is Head- Equity Research and Fund Manager at Nippon Life India Asset Management Limited. He has over 26
years of work experience and over 17 years in Investment Research. He is working with Nippon India for over 15 years now.
• Prior to that, he has worked as an analyst for over 2 years at JP Morgan in their Global Economics Team based out of Mumbai.
• He specializes in Macro and Rule-based Investment Strategies. Ashutosh has done MBA in Finance from NMIMS, Mumbai

ASHUTOSH BHARGAVA
Source – Nippon India Mutual Fund Fact Sheet. Data as on 30th September 2024
LARGE CAP FUNDS – MIRAE ASSET
Quartile Ranking AUM Split
Sharpe
Fund Name Aum Bias Beta Scheme Vintage
3yr 5yr 7yr 10yr Large Mid Small Others Ratio

Mirae Asset Large Large

₹42,179 Cr 4 4 3 1 82.43% 10.21% 5.76% 1.6% 0.57 0.85 16 Years
Cap Fund-Reg(G) cap Bias

WHY INVEST?

• The Fund has demonstrated a strong performance since its inception, achieving a Top 5 Holdings Top 5 Industry Allocation
CAGR of approximately 15.74% over the past 16 years. This consistent
outperformance of its benchmark (NIFTY 100) highlights the fund's ability to deliver
HDFC Bank Ltd Banks
substantial returns to investors while managing market volatility effectively.
ICICI Bank Ltd IT - Software
• The Fund is designed to protect investors' capital through a disciplined investment Infosys Ltd Finance
process that emphasizes thorough research and analysis. The fund managers
prioritize stock selection and portfolio construction to maintain a balance between Reliance Industries Ltd Petroleum Products
risk and returns, ensuring that the fund can withstand market fluctuations while
aiming for long-term capital growth Axis Bank Ltd Automobiles

• Mr. Gaurav Misra is the co-head of equity at Mirae Asset Investment Managers and has been managing the Mirae Asset Large Cap
Fund since its inception

• He possesses over 15 years of experience in the financial markets, specializing in equity investments. His previous roles include positions
at Birla Sun Life Asset Management and ICICI Prudential Asset Management

• Mr. Misra holds a Post Graduate Diploma in Management (PGDM) from the Indian Institute of Management (IIM), Calcutta, and
a Bachelor's degree in Technology (B.Tech) from the Indian Institute of Technology (IIT), Kanpur. His extensive experience and
educational background contribute significantly to the fund's management and investment strategy.
GAURAV MISRA

Source – Mirae Asset Mutual Fund Fact Sheet. Data as on 30th September 2024
FLEXI CAP FUNDS
FLEXI CAP FUNDS - OVERVIEW
CAGR
SHARPE EXPENSE AUM SIZE
FUND NAME 1 YR 3 YR SINCE VINTAGE
RATIO RATIO (IN CR)
INCEPTION

DSP Flexi Cap Fund-

40.01% 16.87% 14.70% 0.71 1.73% 17 Years ₹12,415
Reg(G)

Edelweiss Flexi Cap

49.09% 21.15% 15.33% 1.06 1.97% 9 Years ₹2,441
Fund-Reg(G)

HDFC Flexi Cap

45.76% 25.67% 19.38% 1.39 1.43% 29 Years ₹66,225
Fund(G)

JM Flexi Cap Fund-

58.64% 28.03% 16.06% 1.45 1.82% 15Years ₹4,531
Reg(G)

Benchmark - Nifty 500

41.27% 18.42%
TRI

Source – Nuvama Internal Research, Edelweiss Mutual Fund Fact Sheet, DSP Mutual Fund Fact Sheet, HDFC Mutual Fund Fact Sheet & JM Mutual Fund Fact Sheet. Data as on 30th September 2024
FLEXI CAP FUNDS – JM
Quartile Ranking AUM Split
Sharpe
Fund Name Aum Bias Beta Scheme Vintage
3yr 5yr 7yr 10yr Large Mid Small Others Ratio

JM Flexi Cap Fund- Large

₹4,531 Cr 1 1 1 1 44.62% 15.79% 38.62% 0.97% 1.45 0.89 15 Years
Reg(G) cap Bias

WHY INVEST?
Top 5 Holdings Top 5 Industry Allocation
• The fund has demonstrated impressive returns, with a 1-year return of approximately HDFC Bank Ltd Financial Services
58% and a 3-year return of about 28.03%., and since inception it has given a return of
16.06%.
ICICI Bank Ltd Healthcare
• Fund Management team has rich experience across market cycles including taper
tantrum, GFC (Global Financial Crisis) and other market downturns. Infosys Ltd IT
• True to Label: Played truly across Sector and Market cap.
• Fund Focus: Aims to manage downside risk, superior capture ratios Larsen & Turbo Ltd Consumer Durables
• Balanced Allocation: Well balanced portfolio mix of large, mid and small cap stock State Bank Of India Automobile & Auto Components

• Mr. Ramanathan holds a B.Tech degree and has done MBA and CFA.
• Prior to joining JM Mutual Fund, he has worked with Sundaram BNP Paribas AMC and has an extensive experience in the asset
management business with stints in Research division of Sundaram AMC and managing funds for Franklin Templeton. He has also w orked
with ICICI Securities for 4 years, with Birla Merlin & Dewoo Finance for 1 year, with ICRA Ltd. for 2 years and for 1 year with Tata Economic
SATISH RAMANATHAN Consultancy Services.

• Mr. Choksi is a MMS (Finance) and CFA.

• Prior to joining JM Financials he has worked with Lotus AMC, Chanrai Finance Pvt. Ltd, IL&FS Investmart and UTI
Investment Advisory Services Ltd.

CHAITANYA CHOKSI

Source – Nuvama Internal Research & JM Mutual Fund Fact Sheet. Data as on 3oth September 2024
FLEXI CAP FUNDS – HDFC
Quartile Ranking AUM Split Sharpe
Fund Name Aum Bias Beta Scheme Vintage
3yr 5yr 7yr 10yr Large Mid Small Cash Ratio

HDFC Flexi Cap Large

₹63,436 Cr 1 1 1 2 74.14% 2.95% 9.28% 13.63% 1.39 0.90 29 Years
Fund(G) cap Bias

Top 5 Holdings Top 5 Industry Allocation

WHY INVEST?
HDFC Bank Ltd Banks
• Fund Performance: ~19% CAGR since Inception. The fund also has given
~26% CAGR in the last 5 years, outperforming Nifty 500 TRI by over 700 bps. ICICI Bank Ltd IT – Software
• The fund follows a flexible investment strategy, allowing the fund manager
to dynamically allocate assets across large-cap, mid-cap, and small-cap Axis Bank Ltd Pharmaceuticals & Biotechnology
stocks based on market conditions and opportunities.
HCL Technologies Ltd Automobiles
• This flexibility enables the fund to capitalize on growth potential while
managing risks effectively. Cipla Ltd Telecom Services

• Ms. Jain has been in the investment Industry since 2001. She started her career with Franklin Templeton in 2005. Prior to
joining the firm, she worked as a Financial Analyst at Goldman Sachs, London.

• Ms. Jain earned her Post Graduate Diploma in Management from Indian Institute of Management, Ahmedabad in 2002.
She earned her Chartered Accountancy from the Institute of Chartered Accountants of India in 1998 with an All-India
Rank 2. She is also a Chartered Financial Analyst (CFA) Charterholder.

ROSHI JAIN

Source – Nuvama Internal Research & HDFC Mutual Fund Fact sheet. Data as on 30th September 2024
FLEXI CAP FUNDS – DSP
Quartile Ranking AUM Split
Sharpe
Fund Name Aum Bias Beta Scheme Vintage
3yr 5yr 7yr 10yr Large Mid Small Debt Ratio

DSP Flexi Cap Fund- Large

₹12,415 Cr 3 2 2 2 51.3% 27.74% 18.13% 2.88% 0.78 0.98 17 Years
Reg(G) Cap

Top 5 Holdings Top 5 Industry Allocation

WHY INVEST?
Bajaj Finance Ltd Banks
• One of the oldest fund with evergreen performance of 15% CAGR since inception ICICI Bank Ltd Finance
• A flexicap strategy with no restrictions with a diversified exposure of 40-60 stocks
• The fund manager has a strong emphasis on valuation of the business who prefer re- HDFC Bank Ltd IT – Software
investing the cashflows in the business with higher ROI and low opportunity cost.
• Position sizing : High emphasis is given on position sizing as much as stock selection.
Axis Bank Ltd Auto components
• Valuations Matter: It actively seeks exposure to companies in early/mid cycle available at Infosys Ltd Pharmaceuticals &
low to reasonable valuations Biotechnology

• Bhavin has total work experience of over 19 years. Bhavin joined DSP in February 2021, and he is Assistant Vice President,
Investments - Equity at DSP Asset Managers Private Limited, managing Mutual Fund Schemes since February 2024.
• Before joining DSP, he served as a Research Analyst at Batlilvala and Karani Securities and Crisil tracking multiple sectors
including Oil and Gas, Logistics, paper and housing finance companies
• He has been recognized among the top research analyst in the oil and gas and logistics sectors in Asia Money polls in is
previous roles.
• Bhavin is a Chartered Accountant, CFA charter holder (CFA Institute, USA) and holds a Bachelors degree in commerce from
University of Mumbai.
• Bhavin is also the Fund Manager for DSP Focus fund.
BHAVIN GANDHI

Source – Nuvama Internal Research & DSP Mutual Fund Fact Sheet. Data as on 30th September 2024
FLEXI CAP FUNDS – EDELWEISS
Quartile Ranking AUM Split Sharpe
Fund Name Aum Bias Beta Scheme Vintage
3yr 5yr 7yr 10yr Large Mid Small Ratio

Edelweiss Flexi Cap Large

₹2,441 Cr 2 2 1 NA 71.36% 19.25% 9.39% 1.06 0.98 9 Years
Fund-Reg(G) cap Bias

WHY INVEST?
Top 5 Holdings Top 5 Industry Allocation
• The fund is managed by an experienced team, including Trideep Bhattacharya HDFC Bank Ltd Financial Services
and Ashwani Agarwalla, who have extensive backgrounds in equity and
related investments. Their expertise in selecting quality companies and ICICI Bank Ltd Information Technology
maintaining a diversified portfolio contributes to the fund's ability to achieve
strong compounding returns over time. Infosys Ltd Automobile & Auto Components
• The fund has demonstrated impressive returns, with a 1-year return of
Larsen & Toubro Ltd. Capital Goods
approximately 49.30% and a 3-year return of about 20.65%., and since inception
it has given a return of 15.33%. Reliance Industries FMCG

• Mr. Trideep comes with PGDBM in Finance from SP Jain Institute of Management & Research, Mumbai and B.Tech in
Electrical Engineering from IIT, Kharagpur has 14 years of experience in Equity investing across Indian and Global markets.
• Prior to joining Edelweiss AMC, he was instrumental in building a market leading PMS business at Axis Asset Management
Company, as Senior Portfolio Manager – Alternate Equities. He has also spent a significant amount of time as a Portfolio
Manager at State Street Global Advisors and UBS Global Asset Management (London, UK).
TRIDEEP BHATTACHARYA

• Mr. Ashwani Agarwalla has completed his MBA in Finance and is a CFA having around 17 years of experience as a
Research Analyst - Equity Investments. He got associated with Edelweiss in June 2022.
• Prior to joining Edelweiss, he was Research Analyst - Equity Investments with JM Financial Services PMS since August
2021 to May 2022 and prior to that he was Senior Research Analyst Equity Investments and Co-Fund Manager (Offshore
and Overseas) with Baroda Mutual Fund since June 2012 to August 2021.
ASHWANI AGARWALLA
Source – Nuvama Internal Research & Edelweiss Mutual Fund Fact Sheet. Data as on 30th September 2024
MID CAP FUNDS
MID CAP FUNDS - OVERVIEW
CAGR
SHARPE EXPENSE AUM SIZE
FUND NAME 1 YR 3 YR SINCE VINTAGE
RATIO RATIO (IN CR)
INCEPTION

Mirae Asset Midcap

41.77% 22.29% 29.10% 1.10 1.65% 5 Years ₹17,787
Fund-Reg(G)

Nippon India Growth

53.13% 27.52% 23.21% 1.36 1.57% 29 Years ₹35,208
Fund(G)

Tata Mid Cap Growth

46.31% 23.90% 13.46% 1.17 1.87% 30 Years ₹4,585
Fund-Reg(G)

Benchmark - Nifty Mid

47.90% 26.12%
Cap 150 TRI

Source – Nuvama Internal Research, Nippon India Mutual Fund Fact Sheet, Mirae Asset Mutual Fund Fact Sheet & Tata Mutual Fund Fact Sheet. Data as on 30th September 2024
 MID CAP FUNDS – NIPPON INDIA
Quartile Ranking AUM Split
Scheme
Fund Name Aum Bias Sharpe Ratio Beta
3yr 5yr 7yr 10yr Large Mid Small Cash Vintage

Nippon India Mid cap

₹35,208 Cr 1 1 1 2 17.98% 66.40% 12.68% 2.95% 1.33 0.89 29 Years
Growth Fund(G) Bias

Top 5 Holdings Top 5 Industry Allocation

Why Invest?
Cholamandalam Financial Auto Components
• Fund Performance: ~23% CAGR since Inception. The fund also has given ~53.13% Holdings Ltd
CAGR in the last 1 years beating its benchmark by 500 BPs.
• Almost 3 decades of vintage, where fund has consistently delivered across cycles PFC Ltd Finance
and tenures. Fund maintains a higher Sharpe Ratio compared to its peers, while still Voltas Ltd Pharma & Biotech
maintaining comparatively less Beta.
• ₹1,00,000 invested in this fund became ₹4,11,31,350 in 29 years. Persistent Systems Ltd Industrial Products
Fortis Healthcare Ltd Banks

• Rupesh Patel managed some of the flagship funds such as Midcap Growth, Large Cap, Tax Savings, and Infrastructure
Funds.
• Rupesh brings 19 years of diverse experience across equity investments, equity re-investments, credit risk assessment, and
evaluation of infrastructure projects.
• Rupesh Patel has been managing Nippon India Growth fund since Jan 2023
RUPESH PATEL

• Sanjay Doshi has over 13 years of experience in equity research and fund management.
• Prior to joining Reliance Nippon Life Asset Management Limited (formerly Reliance Capital Asset Management Limited)
in 2011, he has worked with Macquarie Securities and JP Morgan.
• He is a qualified Chartered Account, has done MBA with specialization in Finance from NMIMS (Deemed University),
Mumbai and has cleared CFA Level III.
• Sanjay Doshi has been managing this fund since Jan 2023
SANJAY DOSHI
Source – Nuvama Internal Research & Nippon India Mutual Fund Fact Sheet. Data as on 30th September 2024
MID CAP FUNDS – TATA
Quartile Ranking AUM Split Sharpe
Fund Name Aum Bias Beta Scheme Vintage
3yr 5yr 7yr 10yr Large Mid Small Ratio

Tata Mid Cap Growth Mid cap

₹4,585 Cr 2 3 2 2 9.14% 67.78% 20.77% 1.18 0.84 30 Years
Fund-Reg(G) Bias

Top 5 Holdings Top 5 Industry Allocation

WHY INVEST?
Max Financial Services Ltd Financial Services
• Strong Historical Performance: The Tata Mid Cap Growth Fund has demonstrated
impressive returns, achieving a 1-year return of 46.31%, a 3-year return of 23.90% Alkem Laboratories Ltd Capital Goods
and a CAGR of 13.46%.
• The Tata Mid Cap Growth Fund maintains a well-diversified portfolio across Aurobindo Pharma Ltd Healthcare
various sectors, which helps mitigate risks associated with individual stocks. With
significant allocations to sectors such as financials, capital goods, and Muthoot Finance Ltd Services
healthcare, the fund is positioned to capture growth across different areas of the
economy. This diversification enhances the fund's resilience against market Cummins India Ltd Automobile & Auto Components
volatility and sector-specific downturns.

• Satish Mishra holds an industry experience of more than 13 years. At present, he is the Assistant Fund Manager for Tata Resources &
Energy Fund.
• He joined Tata Asset Management Ltd in July 2017 as a Research Analyst wherein he tracked Oil & Gas, Metals & Mining and
Chemical sectors.
• He holds a Bachelor of Technology degree from IIT (BHU) Varanasi and a Post Graduate Diploma in Management from T A Pai
Management Institute.

SATISH MISHRA

Source – Nuvama Internal Research & Tata Mutual Fund Fact Sheet. Data as on 30th September 2024
MID CAP FUNDS – MIRAE ASSET
Quartile Ranking AUM Split Sharpe
Fund Name Aum Bias Beta Scheme Vintage
3yr 5yr 7yr 10yr Large Mid Small Cash Ratio

Mirae Asset Midcap Mid cap

₹17,787 Cr 3 2 NA NA 7.91% 67.71% 21.97% 2.41% 1.10 0.89 5 Years
Fund-Reg(G) Bias

Why Invest? Top 5 Holdings Top 5 Industry Allocation

• Strong Performance Record: The Mirae Asset Midcap Fund has consistently Delhivery Limited Pharma & Biotech
delivered impressive returns, achieving a 1-year return of approximately
41.77% and a 3-year return of about 22.29%. Since its inception, the fund has Indian Bank Auto Components
maintained a strong CAGR of 29.10%, positioning it favorably within its category
and demonstrating its ability to capitalize on the growth potential of mid-cap The Federal Bank Ltd Banks
stocks.
• The fund is managed by an experienced team at Mirae Asset Mutual Fund, TATA Communications Ltd Consumer Durables
known for its research-driven investment approach. The management team
utilizes a disciplined selection process to identify high-quality mid-cap stocks Cummins India Ltd IT - Software
with strong fundamentals and growth potential.

• Ankit Jain has been a Fund Manager at Mirae Asset since January 2018. He is responsible for managing the Mirae Asset Midcap Fund and
the Great Consumer Fund, along with offshore mandates. His role involves tracking stocks primarily in sectors such as automotive, consumer
staples, and building materials.

• Ankit holds a Master of Business Administration (MBA) in Finance from NMIMS, Mumbai, He completed his Bachelor's degree in Computer
Engineering from the Dhirubhai Ambani Institute of Information and Communication Technology (DAIICT), Gandhinagar
ANKIT JAIN

Source – Nuvama Internal Research & Mirae Asset Mutual Fund Fact Sheet. Data as on 30th September 2024
SMALL CAP FUNDS
SMALL CAP FUNDS - OVERVIEW

CAGR
SHARPE EXPENSE AUM SIZE
FUND NAME 1 YR 3 YR SINCE VINTAGE
RATIO RATIO (IN CR)
INCEPTION

Bandhan Small Cap

71.62% 29.07% 40.95% 1.32 1.74% 4 Years ₹8,489
Fund-Reg(G)

HSBC Small Cap Fund-

44.15% 27.82% 23.46% 1.28 1.72% 10 Years ₹16,905
Reg(G)

Benchmark - BSE 250

48.94% 25.98%
Small Cap TRI

Source – Nuvama Internal Research, HSBC Mutual Fund Fact Sheet & Bandhan Mutual Fund Fact Sheet. Data as on 30 th September 2024
SMALL CAP FUNDS – BANDHAN
Quartile Ranking AUM Split Sharpe
Fund Name Aum Bias Beta Scheme Vintage
3yr 5yr 7yr 10yr Large Mid Small Cash Ratio

Bandhan Small Cap Small cap

₹8,489 Cr 1 NA NA NA 7.36% 11.15% 71.39% 10.70% 1.32 0.91 4 Years
Fund-Reg(G) Bias

Why Invest?
Top 5 Holdings Top 5 Industry Allocation
• Fund Performance: ~40% CAGR since Inception. The fund has given 28% CAGR
in the last 3 years, in line with Nifty 250 Small Cap Index. PCBL Financial Services
• The fund is managed by Manish Gunwani who is a veteran in the mutual fund
industry and has managed more than ₹1,50,000 Crore in his last role at Nippon Cholamandalam Financial Holdings Healthcare
and was the CIO of Nippon India.
• This fund focuses on building a diversified portfolio on a 3-pronged stock LT Foods Capital Goods
selection approach of Quality, Growth and Reasonable Valuation.
• The fund predominantly runs with an absolute return thought process rather than
Sobha Realty
a benchmark-centric one.
• The fund’s Top 10 stocks constitute less than 30% of the fund, with exposure
across many different sectors to control liquidity and fundamental risk. The Karnataka Bank FMCG

• Mr. Gunwani was the Chief Investment Officer - Equities at Nippon India Mutual Fund where he was responsible for managing
equity AUM of over Rs. 1.2 lakh crores.
• He has also served as the Deputy CIO (Equities) at ICICI Prudential AMC, where he was instrumental in scaling up two flagship
funds to a cumulative AUM of over Rs. 35,000 crores.
• Mr. Gunwani holds a postgraduate diploma in management from IIM Bangalore and completed his graduation from IIT Madras..

MANISH GUNWANI

Source – Nuvama Internal Research & Bandhan Mutual Fund Fact Sheet. Data as on 30th September 2024
SMALL CAP FUNDS – HSBC
Quartile Ranking AUM Split Sharpe
Fund Name Aum Bias Beta Scheme Vintage
3yr 5yr 7yr 10yr Large Mid Small Debt Ratio

HSBC Small Cap Small cap

₹17,306 Cr 1 3 2 1 2.54% 20.55% 74.98% 1.93% 1.28 0.77 10 Years
Fund-Reg(G) Bias

WHY INVEST?
Top 5 Holdings Top 5 Industry Allocation
• Strong Performance Track Record: The fund has demonstrated impressive returns, achieving a Apar Industries Limited Industrial Products
1-year return of approximately 48.85%, a 3-year return of around 29.9%, and a 5-year return of
about 30.89%, shows consistency. Century Textiles & Industry Ltd Construction
• Robust Research-Driven Approach: The investment strategy of the HSBC Small Cap Fund is
Trent Ltd Consumer Durables
grounded in a comprehensive research process that combines both quantitative and
qualitative analysis. The fund managers utilize proprietary research to evaluate potential
investments based on key parameters such as business quality, valuation, and ESG factors. This Brigade Enterprise Ltd Capital Markets
rigorous approach to stock selection helps ensure that the fund invests in companies with
Techno Electric & Engineering Auto Components
strong growth prospects and sound management practices.

• Ms. Gupta is CFA Charter holder (USA), PGDBM (Finance) & B.E. (I.T).
• Prior to joining HSBC Mutual Fund, she has worked with L&T Mutual Fund, Canara Robeco Mutual Fund, Tata AIA
Life Insurance Company as Fund Manager, ING Investment Management as Senior Research Analyst and UTI
AMC Ltd. as Research Analyst.
CHEENU GUPTA

• Mr. Venugopal Manghat is Head - Equities at HSBC AMC and has an experience of 25 years in the equity markets in India. He used to
manage the L&T India Value Fund, L&T Business Cycles Fund, L&T India Large Cap Fund and L&T Arbitrage Opportunities Also managed
by him were the equity component of L&T Equity Savings Fund and L&T Monthly Income Plan. .
• He started his career as a research analyst on the sell side before joining Tata Asset Management. Mr. Manghat holds a Bachelor of
Mathematics degree and an MBA in Finance.
VENUGOPAL MANGHAT

Source – Nuvama Internal Research & HSBC Mutual Fund Fact Sheet. Data as on 30th September 2024
DYNAMIC ASSET ALLOCATION FUNDS
OVERVIEW - DYNAMIC ASSET ALLOCATION
CAGR
EXPENSE AUM SIZE
FUND NAME 1 YR 3 YR SINCE SHARPE RATIO VINTAGE
RATIO (IN CR)
INCEPTION

DSP Dynamic Asset

21.68% 9.84% 9.62% 0.47 1.93% 10 Years ₹3,259
Allocation Fund-Reg(G)

Tata Balanced Adv Fund-

22.08% 12.42% 13.56% 0.85 1.67% 5 Years ₹10,326
Reg(G)

Benchmark - CRISIL Hybrid

22.58% 10.66% 13.18%
50+50 - Moderate Index

CAGR
SHARPE EXPENSE AUM SIZE
FUND NAME 1 YR 3 YR SINCE VINTAGE
RATIO RATIO (IN CR)
INCEPTION

Edelweiss Balanced
27.95% 13.25% 11.45% 0.85 1.64% 15 Years ₹12,147
Advantage Fund-Reg(G)

Benchmark - NIFTY 50
Hybrid Composite 20.03% 10.59%
debt 50:50 Index

Source – Nuvama Internal Research, DSP Mutual Fund Fact Sheet, Edelweiss Mutual Fund Fact Sheet & Tata Mutual Fund Factsheet. Data as on 30th September 2024
DYNAMIC ASSET ALLOCATION – EDELWEISS
Quartile Ranking AUM Split Sharpe
Fund Name Aum Bias Beta Scheme Vintage
3yr 5yr 7yr 10yr Large Mid Small Others Ratio

Edelweiss Balanced
Large
Advantage Fund- ₹12,147 Cr 2 1 1 1 34.48% 8.94% 3.76% 54.57% 0.85 1.04 15 Years
cap Bias
Reg(G)

WHY INVEST? Top 5 Holdings Top 5 Industry Allocation

HDFC Bank Ltd Financial Services

• Edelweiss Balanced Advantage Fund maintains a well-diversified portfolio
across various asset classes, including equities, debt, and cash. It aims to ICICI Bank Ltd Information Technology
leverage gains during bull markets and mitigate losses during bear markets,
utilizing the PROCYCLICAL EEHI model. Infosys Ltd Automobile & Auto Components
• The fund has demonstrated solid performance, with a 1-year return of
approximately 27.95%, a 3-year return of about 13.25%, Since its inception, it has NTPC Ltd Oil, Gas & Consumable Fuels
delivered an annualized return of 11.45%.
Reliance Industries Ltd Healthcare

• Bhavesh started his career with Edelweiss Asset Management in January 2008 and has over 15 years of rich experience in the fi nancial
markets. He Co-Head’s Factor Investing team, managing several funds which are part of Risk Adjusted Returns Strategies & ETFs.
• With a Masters in Management Studies from N.L. Dalmia Institute – Mumbai University and an MBA in Finance, also from Mumbai
University, his philosophy revolves around keeping it simple, honest and most importantly real!
BHAVESH JAIN

• Bharat comes with 13 years of experience in areas spanning portfolio management, macro and sector research. He has previously
worked with marquee investment banks and asset management companies
• With a Master in Management Studies (MMS) in Finance from N.L. Dalmia Institute of Management and a Bachelor in Engineering (BE)
in Electronics and Telecom from Mumbai University, he strongly believes that discipline and persistence are the most importan t
qualities that can make or break you.
BHARAT LAHOTI

Source – Nuvama Internal Research & Edelweiss Mutual Fund Fact Sheet. Data as on 30th September 2024
DYNAMIC ASSET ALLOCATION - TATA
Quartile Ranking AUM Split Sharpe
Fund Name Aum Bias Beta Scheme Vintage
3yr 5yr 7yr 10yr Large Mid Small Debt Ratio

Tata Balanced Adv Large cap

₹10,326 Cr 3 1 NA NA 55.19% 9.72% 2.67% 32.42 0.85 0.83 5 Years
Fund-Reg(G) Bias

WHY INVEST? Top 5 Holdings Top 5 Industry Allocation

• Strong Performance Record: 1-year return of approximately 22.08.1%, a 3-year return HDFC Bank Ltd Financial Services
of about 12.42%, and since inception it has given a return of 13.56%.
• Fund employs a dynamic asset allocation strategy, adjusting its investments between Reliance Industries Ltd Information Technology
equity and debt based on market conditions. This flexibility allows the fund to
capitalize on growth opportunities in equities during bullish phases while shifting to Bharti Airtel Ltd Oil Gas & Consumable Fuels
debt to mitigate risks during market downturns.
• The fund aims to provide capital appreciation and income distribution to the
ICICI Bank Ltd Healthcare
investors by using equity derivatives strategies, arbitrage opportunities and pure State Bank Of India FMCG
equity investments

• With over 27 years of investment experience, Rahul Singh joined Tata Asset Management in October 2018 as CIO-Equities, leading
the fund management and equity research teams.
• Rahul is a Bachelor of Technology in Mechanical Engineering from IIT Bombay and an alumnus of IIM Lucknow where he pursued
his Master of Business Administration in Finance and Financial Management Services.
RAHUL SINGH

• With more than 19 years of experience in both fund management and broking, Sailesh Jain joined Tata Asset Management Pvt.
Ltd. in November 2018 as Fund Manager (Equities).
• Sailesh started his career in 2003 at Refco-Sify securities as a fundamental and derivative analyst. He has also worked as a Fund
Manager at Lotus India Mutual Fund and with IIFL (Indiainfoline) heading the derivatives desk.
• Sailesh is an MBA (Finance) from Queensland University of Technology from Australia
SAILESH JAIN
Source – Nuvama Internal Research & Tata Mutual Fund Fact Sheet. Data as on 30th September 2024
DYNAMIC ASSET ALLOCATION – DSP
Quartile Ranking AUM Split Sharpe
Fund Name Aum Bias Beta Scheme Vintage
3yr 5yr 7yr 10yr Large Mid Small Others Ratio

DSP Dynamic Asset

Large cap
Allocation Fund- ₹3,259 Cr 4 4 4 3 48.22% 12.80% 4.92% 34.39% 0.47 0.79 10 Years
Bias
Reg(G)

WHY INVEST?
Top 5 Holdings Top 5 Industry Allocation
• Conservative Approach- The fund’s model dynamically manages allocation
7.32% GOI 2030 Arbitrage (Cash Long)
between equity and debt by assessing equity market attractiveness based on
market valuations and technical indicators. 7.38% GOI 2027 Banks
• Strong Risk Management: The fund would typically have less than half the volatility
vs Nifty 50. It has lowest exposure to equity. HDFC Bank Ltd Finance
• Quality Factor: The fund has a strong quality tilt which is playing out in current
environment. Quality business have typically performed well during bearish State Bank Of India IT – Software
markets recent example like 2018-19.
7.06% GOI 2028 Consumer Durables

• Rohit Singhania is also the Fund Manager for the DSP Opportunities Fund and the DSP Tax Saver Fund.
• He is also the co-fund manager of the DSP Natural Resources and New Energy Fund. Rohit joined DSP Investment
Managers in September 2005, as Portfolio Analyst for the firm's Portfolio Management Services (PMS) division, which
manages discretionary accounts and provides advisory services to institutional clients.
Rohit Singhania • He was transferred to the Institutional Equities Team of DSP Investment Managers in June 2009

• Mr. Gada has done B.Com, PGDM(Finance) and CFA (level 3 appearing) Prior to joining DSP Mutual Fund, he has
worked with Sundaram Mutual Fund, Motilal Oswal Financial Services Ltd, Morgan Stanley, Edelweiss Capital,
India Capital Market Pvt Ltd. and Gridstone Research

Dhaval Gada
Source – Nuvama Internal Research & DSP Mutual Fund Fact Sheet. Data as on 30th September 2024
MULTI ASSET ALLOCATION FUNDS
FUND OVERVIEW –
MULTI ASSET ALLOCATION

CAGR
SHARPE EXPENSE AUM SIZE
FUND NAME 6 MONTH 1 YR SINCE VINTAGE
RATIO RATIO (IN CR)
INCEPTION

DSP Multi Asset Allocation

15.12% 29.87% 29.65% NA 1.67% 1 Year ₹2,194
Fund-Reg(G)

Source – Nuvama Internal Research & DSP Mutual Fund Fact Sheet. Data as on 30th September 2024
MULTI ASSET ALLOCATION – DSP
Quartile Ranking AUM Split Sharpe
Fund Name Aum Bias Beta Scheme Vintage
1m 3m 6m 1yr Equity Debt Commodity Ratio

DSP Multi Asset

Large
Allocation Fund- ₹2,194 Cr 1 1 2 2 60.85% 24.12% 15.03% NA NA 1 Year
Cap
Reg(G)

WHY INVEST? Top 5 Holdings Top 5 Industry Allocation

• Diversification Powerhouse – It’s well diversified with high non-co-related assets across DSP Gold ETF Banks
Indian Equity + International Equity + Debt + Gold + Commodities
• Active Hedging – Has the ability to protect your domestic equity exposure in HDFC Bank Ltd Mutual Funds
expensive markets through active hedge via put options.
• Lower Risk & Volatility– Multi- Asset Allocation strategies give similar long terms returns ICICI Bank Ltd Commodity
as domestic equities but with almost half the risk (standard deviation) of equity.
• True to Label – This Multi-Asset Allocation fund has an unbiased model-based
7.30% GOI 2053 IT - Software
allocation that is fluid as per market positions. 7.30% GOI 2053 Pharmaceuticals & Biotechnology
• Taxation Edge – 12.5% LTCG Post 2 year holding since recent Budget

• Aparna Karnik is Senior Vice President and Head of Risk & Quantitative Analysis. In this capacity, she leads the team that supports and adv ises on
all aspects related to investment risk management.
• Aparna has 17 years of experience in investment, credit and operations risk management. Prior to joining DSP, she worked with CRISIL Ratings in
their Structured Finance Division, Large Corporates Group.
APARNA KARNIK • She holds a Masters in Management Studies degree from Jamnalal Bajaj Institute of Management Studies.

• Mr. Nigudkar is an MS(Quantitative Finance) from Olin Business School, Washington University.
• Prior to joining DSP Mutual Fund, he has worked with State Street Global Advisors (Global Beta Solutions Group) and Credit Suisse (Private Banking
Global Research Division).
PRATEEK NIGUDKAR

Source – Nuvama Internal Research & DSP Mutual Fund Fact Sheet. Data as on 30th September 2024
Thank You
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