101539  |  INF903J01173  |  4 star  |  Bronze


$ 525.22

1-Day Total Return

INR | NAV as of 12/15/2017 10:30:00 AM | 1-Day Return as of 15 Dec 2017

TTM Yield




Total Assets

62.5 bil



Fee Level






Min. Inv.


30-Day SEC Yield




Investment Style

Mid Growth
Morningstar's Take | 05/04/2017
by Kavitha Krishnan

The fund house is witnessing a lot of changes on the people and strategy front, and we’d like to see it stabilise over the long term before we build more conviction on the fund.

S. Krishnakumar has been managing this fund since November 2012. We believe that he is a proficient manager in the small- and mid-cap space and invests in fundamentally sound stocks with positive growth prospects, good pricing power and stable cash flows. Krishnakumar is valuation-conscious while investing in stocks, but is willing to stay invested in companies with higher valuations if longer-term growth prospects appear favourable.

The investment style is essentially bottom-up with a buy-and-hold philosophy on high-conviction names. Krishnakumar’s in-depth understanding of companies and background in researching small- and mid-cap stocks is an advantage. He typically seeks to invest in quality companies with differentiated businesses.

Although the investment team is quite experienced, they have recently undergone a restructuring process, with managers being assigned roles that reflect their areas of strength. While Rahul Baijal manages the AMC’s large-cap strategies, Shiv Chanani now manages flexi-cap strategies and Krishnakumar manages their small- and mid-cap mandates in addition to his role as the CIO of equities. We think that the restructuring will yield positive results over the long term. However, we would like to evaluate the impact of these changes over a longer term before we build more conviction on the team.

Although the fund’s allocations towards large caps have gone up slightly over the past year, it continues to remain true to its mandate and has a higher exposure to small- and mid-cap stocks than its category peers. The fund’s long-term orientation could lead to a divergent performance profile compared with the competition and index over shorter periods. However, the investment process should hold the fund in good stead over the long term. Despite having a positive view on the fund, we would like to adapt a wait-and-watch approach to see how the changes pan out over the long term. Based on these factors, we assign a Morningstar Analyst Rating of Bronze on this fund.

Morningstar Analyst Rating™
Analyst Rating
Portfolio Role

A portfolio that is built based on high-conviction ideas and can tend to be sector-heavy.


A capable leader at the helm, yet the recent internal restructuring restricts our conviction level.


The AMC has been working towards making positive changes.


A well-defined process, aimed at constructing a growth-oriented long-term portfolio of stocks.


The fund posted a positive return under Krishnakumar’s lead.


The fund’s price is higher than the median offering for the category.

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