103166  |  INF209K01AJ8  |  4 star  |  Bronze


$ 717.05

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

79.6 bil



Fee Level






Min. Inv.


30-Day SEC Yield




Investment Style

Large Growth
Morningstar's Take | 27/12/2016
by Kavitha Krishnan

Despite the fact that Anil Shah has managed this fund for a relatively short term, his execution of the strategy stands out and is reflected in its performance. Our conviction in his ability to remain true to the fund’s mandate and the increased stability on the equity team drives our confidence in this fund.

Shah has managed the fund since he joined the company in October 2012. While this is Shah's first stint at running a public mutual fund, the fund has managed to deliver positive and consistent returns under his leadership. Shah’s portfolio is based on an investment style that draws more from the top-down approach. He will focus on sectors that he believes are attractively valued with growth prospects. Although stock selection is based on fundamental research, the manager will not invest in sectors that he has a negative view on. Shah’s portfolio typically maintains the small/mid-cap allocation between 20% and 40%.

While picking stocks, Shah considers a combination of absolute and relative valuations. He seeks to invest in companies with competitive advantages such as technology prowess and market share. Shah is willing to be flexible with valuations, so long as he sees earnings visibility. He is not averse to taking cash calls if he turns too negative on the macroeconomic environment. It must be noted that taking cash calls entails timing risk.

Overall, the investment process seems like a commonplace growth-oriented one that combines top-down and bottom-up approaches. However, Shah’s skill in being able to allocate across market caps, sectors, and stocks efficiently stands out. Since taking over the fund, Shah has been able to execute the strategy well. Under his watch through November 2016, the fund has delivered 20.42%, beating 86% of the flexicap Morningstar Category peers and outperforming the category average, which returned 16.33%. Although it is a short period, we view Shah’s performance in positive light and would like to monitor the fund over the long haul before we develop an even higher level of confidence. For now, we upgrade the fund’s Morningstar Analyst Rating to Bronze.

Morningstar Analyst Rating™
Analyst Rating
Portfolio Role

Shah runs a multi-cap portfolio that can deviate significantly relative to the benchmark.


Anil Shah has been able to execute this strategy with finesse so far.


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


Shah plies a top-down approach, seeking reasonably valued sectors offering good growth prospects.


The fund has remained an above-average performer under Shah’s leadership.


The fund’s price is lower than the median offering from the flexicap 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.

Analyst Ratings are subjective in nature and should not be used as the sole basis for investment decisions. Analyst Ratings are based on Manager Research Analysts’ expectations about future events and therefore involve unknown risks and uncertainties that may cause such expectations not to occur or to differ significantly from what was expected. Analyst Ratings are not guarantees nor should they be viewed as an assessment of a fund’s or the fund’s underlying securities’ creditworthiness.

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