100651  |  INF789F01976  |  3 star  |  Bronze


$ 114.25

1-Day Total Return

INR | NAV as of 18/12/2017 10:30:00 | 1-Day Return as of 18 Dec 2017

TTM Yield




Total Assets

48.2 bil



Fee Level






Min. Inv.


30-Day SEC Yield




Investment Style

Large Growth
Morningstar's Take | 04/04/2017
by Nehal Meshram

UTI Mastershare is the oldest equity fund in India. It is a conservatively managed fund with a consistent dividend-paying track record of 30 years across all market cycles. However, this fund has to be held for longer periods to work well. 

Our confidence stems from the presence of manager Swati Kulkarni, who has been associated with UTI AMC for the past 24 years and has been a portfolio manager since June 2004. She has been at the fund’s helm since November 2006 and has built a solid track record on the funds she manages. She is aided by a competent and large investment team with seven portfolio managers on the equity side and eight research analysts, of which two act as comanagers.

Kulkarni follows a benchmark-aware large-cap strategy and usually picks stocks from the S&P BSE 100 Index. The portfolio typically comprises well-known names with established business models. Benchmark heavyweights such as HDFC Bank, Infosys, Axis Bank, and Reliance Industries often feature among the top holdings. She attempts to outperform the benchmark by under/overweighting the chosen stocks. She has displayed good stock-picking abilities even with nonbenchmark stocks. For instance, her conviction in materials player Shree Cement because of its competitive position and pricing power has paid off. Kulkarni’s buy-and-hold approach is evident in her investment style, but she takes some active calls within the overall internal risk management framework.

Overall, we're impressed with Kulkarni’s disciplined approach and fine execution across various market conditions. Investors should note that Kulkarni is focused mainly on delivering superior risk-adjusted returns as against its peers and reducing risk by investing in quality issues with deleveraged balance sheets. Such a strategy is most likely to succeed in downturns. Its relatively conservative nature can cause it to underperform in market rallies. Nevertheless, her investment style will hold the fund in good stead over the long haul of a full market cycle. We reiterate our Morningstar Analyst Rating of Bronze.

Morningstar Analyst Rating™
Analyst Rating
Portfolio Role

A diversified portfolio aligned to its benchmark.


A seasoned manager backed by a large team that has witnessed different market cycles.


UTI has a strong backing from T.Rowe Price, but certain aspects could be improved in our opinion.


Disciplined investment process centered on building a quality portfolio.


The fund has been an impressive performer on the risk-adjusted-return front.


The fund's expense ratio is lower than that of the median offering from the category.

Important Disclosures

Unless stated otherwise, this report was prepared by the person(s) noted in their capacity as Manager Research Analysts (i.e., fund analysts) employed by Morningstar, Inc., or one of its affiliates. It has not been made available to the issuer prior to publication.

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