101738  |  INF209K01405  |  3 star  |  Neutral


$ 179.46

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

10.7 bil



Fee Level






Min. Inv.


30-Day SEC Yield




Investment Style

Large Blend
Morningstar's Take | 25/12/2016
by Kavitha Krishnan

Satyabrata Mohanty replaced Naysar Shah at the fund’s helm in July 2015; Vineet Maloo has comanaged the fund since January 2014. Mohanty doubles up as AMC’s head of mixed assets and manages a total of nine funds including this one. He has more than 17 years with the Birla group and prior research experience. While the fund has continued to follow the mandate and remain true to label, the processes have undergone a slight change given the different styles of the individual managers who led this fund in the past. This has muted our level of confidence on this fund.

Mohanty focuses on investing in growth-oriented stocks with a dividend yield at least 1 times that of the CNX Nifty Index. From among the stocks qualifying on the dividend yield criteria, Mohanty invests in businesses that have a competitive advantage, steady growth, stable free cash flow, low equity dilution, and steady dividend payouts. Mohanty pays more heed to the portfolio dividend yield, rather than that of individual holdings. As a result, he does not mind holding on to a stock even if its dividend yield falls below the threshold so long as its earnings growth and ROIC are greater than the broader market rates. He is not valuation-conscious in the strictest sense and exits a company only when its fundamentals have deteriorated.

The process has been tweaked more than once to make the criteria for picking stocks more liberal. This material change in the fund’s strategy to being more growth-oriented also resulted in a decrease in the fund’s large-cap allocation. Mohanty’s strategy is not significantly different as compared with Shah's. However, given the brevity of Mohanty’s track record with this fund, we would to monitor it over a longer term before we build more conviction.

The fund’s performance under Mohanty has remained average. Mohanty’s fairly short track record on this fund and the multiple manager changes that it has witnessed in the past lead us to a Morningstar Analyst Rating of Neutral.

Morningstar Analyst Rating™
Analyst Rating
Portfolio Role

The manager invests in growth stocks that meet the dividend yield threshold.


Satyabrata Mohanty is an old timer at Birla, but we’d like to monitor his capabilities in the fund management space.


We think Birla Sun Life AMC has been witnessing a lot of traction and stands out in many aspects.


A focus on high-dividend paying stocks that generate free cash flow and a high ROIC.


Given the brevity of the manager’s tenure here, we would like to observe over a longer period.


The fund’s expense ratio is lower than that of the median of the category.

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