CRISIL Mutual Fund Ranking June 22

CRISIL Mutual Fund Ranking
For the quarter ended June 30, 2022

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Shrishti Nolkha Amit Bhardwaj

Senior Research Analyst Associate Director
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Industry highlights
The mutual fund (MF) industry’s average assets under assets, rose 2.2% (or by Rs 38 billion) to Rs 1.75 trillion. AUM
management (AAUM) fell 1.6% on-quarter to Rs 38.23 trillion of conservative hybrid funds rose 2.4% to Rs 212 billion.
in the quarter ended June 2022. This was owing to a decline However, AUM of aggressive hybrid funds, which constitutes
in asset volumes of debt, closed-ended, equity, and solution- 29% of total hybrid assets, fell 1.2% or by Rs 17 billion to Rs
oriented funds. 1.45 trillion. AUM of arbitrage funds (23% of total hybrid
assets) fell Rs 13 billion to Rs 1.13 trillion.
Equity schemes’ average assets fell 0.5%, or Rs 69 billion, to
Rs 13.25 trillion in the June quarter owing to mark-to-market Investor interest in passive funds, such as index funds, ETFs,
(MTM) losses in underlying equities. The benchmark S&P BSE and fund-of-funds, continued to increase, with their assets
Sensex declined ~10% during the quarter. However, investors rising ~7% on-quarter or Rs 352 billion to Rs 5.69 trillion in
continued increasing their exposure to these funds, as the June quarter.
evident from a net inflow of Rs 499 billion in the June quarter
compared with ~Rs 631 billion in the March quarter.
Chart 1 – Mutual fund net flows and AUM trend
40 2.0
Quarterly Average AUM (Rs trillion)
Expansion in the asset base can also be attributed to
38
continued inflows through systematic investment plans 36
1.5
Net flows (Rs trillion)

(SIPs). Net flows via SIPs rose to Rs 364 billion in the June 34
1.0
quarter from Rs 353 billion in the previous quarter. Within the 32
30 0.5
equity category, AAUM of multi-cap fund, large- and mid-cap,
28
contra and small-cap funds saw the biggest increase in 26
0.0
absolute terms. On a consolidated basis, their AUM (21% of 24

-0.5
total equity AAUM) jumped Rs 105 billion during the June 22
20 -1.0
quarter. However, AAUM of equity-linked savings schemes
Mar-21
Mar-22
Sep-20
Sep-21
Jun-20
Jun-21
Jun-22
Dec-20
Dec-21
(ELSS), flexi-cap, large-cap, and mid cap funds saw the
biggest decline in absolute terms. On a consolidated basis,
Net flows (Rs trillion) Industry AUM (Rs trillion)
their AUM (55% of total equity AAUM) plunged Rs 144 billion
Source – AMFI
during the June quarter.
Table 1 – Category-wise average AUM (Rs billion)
Assets of debt funds, which accounted for 36% of the Apr-Jun Jan-Mar Absolute
Mutual fund category % change
industry’s AAUM, fell nearly 5% on-quarter, or Rs 655 billion, 2022 2022 change
to Rs 13.7 trillion. Within the category, on an absolute basis, Equity 13247 13316 -69 -0.52%
assets of overnight funds rose the most, by Rs 136 billion Hybrid 4968 4949 20 0.40%
(11%), followed by ultra-short duration funds, up Rs 68 billion Debt 13674 14329 -655 -4.57%
(7.5%), money market funds, up Rs 27 billion (2.3%) and Others* 5686 5334 352 6.59%
liquid funds, up Rs 16 billion (0.4%). These categories Solution Oriented 288 293 -5 -1.83%
accounted for 55% of total debt assets. On the other hand, Closed Ended 368 616 -248 -40.27%
assets of short duration, corporate bond, floater, low- Total 38232 38837 -606 -1.56%
* includes funds of funds and index funds/ETFs
duration and banking and public sector undertaking (PSU)
Source - CRISIL Mutual Fund Database
debt funds fell Rs 785 billion cumulatively. These categories
Of the 43 fund houses (including infrastructure debt funds)
constituted 37% of total debt assets.
that declared AAUMs, 19 saw gains during the June quarter.
Hybrid funds, which invest in more than one asset class, saw The industry continued to be highly concentrated, with the
a 0.4% on-quarter increase in average assets. The category’s share of the top-five- and top-10 fund houses at 55% and
average asset base rose to Rs 4.97 trillion in the June 81%, respectively, as of June 2022. This was the same as the
quarter. AUM of dynamic asset allocation or balanced previous quarter.
advantage funds, which constitutes 35% of the total hybrid
1
SBI MF retained the top position by AAUM during the quarter. ● It restructured the process of providing its approval to
Its assets rose 0.1%, or by ~Rs 4 billion, on-quarter to Rs 6.49 the proposed change in control of a portfolio manager
trillion. ICICI Prudential Mutual Fund came in second,
● The SEBI said investment managers of an alternative
although its assets fell 0.3% or Rs 16 billion to Rs 4.85 investment fund (AIF) can provide investment
trillion. HDFC MF came in third, and its assets too fell 3.8%, management services to the offshore fund only by
or by Rs 167 billion, to Rs 4.19 trillion. getting registered as portfolio managers
● It relaxed the regulatory framework for AIFs targeting
Major regulations
accredited investors
● The Securities & Exchange Board of India (SEBI) issued a
● The SEBI issued guidelines for large value funds for
series of measures to improve liquidity in passive funds
accredited investors, pertaining to filing of such
and to make them more transparent to increase retail
schemes and extension of their tenures beyond two
investor participation. It recommended that mutual fund
years
houses appoint at least two market makers to provide
two-way quotes to investors in passive funds — ETFs or ● The Association of Mutual Funds in India (AMFI)
index funds prescribed a new benchmarking system for mutual funds
for their schemes in a bid to standardise and bring
● The SEBI tweaked the Categorization and Rationalization
uniformity in the benchmarks
of Mutual Fund Schemes to permit fund houses to roll
out passive ELSS Other developments
● It allowed mutual funds to accept fresh money in ● CRISIL Research launched benchmarks for domestic
international schemes up to the overall industry limit of AIFs
$7 billion
● A consortium, including Bandhan Financial Holdings,
● The SEBI directed asset management companies (AMCs) Singapore’s GIC and ChrysCapital, will acquire IDFC
to stop offering bundled insurance products with their Asset Management Company for Rs 45 billion
mutual fund schemes
● Aditya Birla Sun Life AMC tied up with BentallGreenOak,
● It strengthened the cyber security framework for mutual planning to raise around Rs 10 billion through their joint
funds by mandating periodic vulnerability assessment platform for structured credit investments in India
and penetration testing (VAPT) by external agencies and
submission of the report to it within a month
● The SEBI issued a circular stating that mutual fund unit

holders must furnish a separate declaration form if they
do not want to file a nomination for their holdings
2
OVERVIEW
Equity market overview
Table 2 – Movement of key equity market indices Chart 2 – FII / Mutual fund daily investments & Sensex
Quarter ended Year ended Movement
65000 100
Index Jun-22 Jun-22
FII/ MF Daily Net Equity

80
Investments Rs. billion

(% change) (% change) 60000 60
S&P BSE Sensex

40
S&P BSE SENSEX -9.48 1.02 20
55000
S&P BSE Midcap -9.93 -3.65 0
-20
50000 -40
S&P BSE SmallCap -12.15 -1.77
-60
S&P BSE Auto 11.30 12.61 45000 -80
02-Jun-22
09-Jun-22
16-Jun-22
23-Jun-22
30-Jun-22
31-Mar-22
07-Apr-22
14-Apr-22
19-May-22
21-Apr-22
28-Apr-22
05-May-22
12-May-22
26-May-22
S&P BSE Fast Moving Consumer
3.23 1.84
Goods
S&P BSE Power 0.58 47.60 FII Daily Net Equity Investments
S&P BSE Oil & Gas -3.84 11.41 MF Daily Net Equity Investments
S&P BSE SENSEX
S&P BSE Capitalgoods -5.38 13.41
Source - SEBI, BSE
S&P BSE PSU -6.90 3.04
Sell-off by foreign institutional investors (FIIs) continued to
S&P BSE BANKEX -7.85 -2.22
weigh on the sentiment. FIIs sold equities worth Rs 1.07
S&P BSE Healthcare -11.10 -15.57
trillion in June quarter, marginally lower from Rs 1.1 trillion in
S&P BSE Realty -16.66 11.95 the March quarter.
S&P BSE Consumerdurables -17.91 -2.46
However, huge losses in the markets were prevented after
S&P BSE Teck -20.21 -2.01
the government announced a slew of reforms to tame
S&P BSE Information Technology -22.22 -6.05
inflationary pressures.
S&P BSE Metal -30.47 -16.68
Sectoral indices sorted on three-month returns The government announced that it will cut excise duty on
Source - BSE
petrol and diesel. It also unveiled that beneficiaries of the
S&P BSE Sensex, the Indian equity benchmark, slumped Ujjwala scheme will also get a Rs 200 of subsidy per cylinder
9.5% in the three months to June 2022. on cooking gas. The Centre also decided to cut customs
duties on some imports of plastic products and steel to
The markets fell after the Reserve Bank of India (RBI) hiked
support the local industry.
interest rates twice in the quarter to tame the soaring
inflationary pressure. The central bank also raised its Further, upbeat corporate earnings reports of major
inflation projection for the current fiscal year, due to global companies for the quarter ended March also prevented
geopolitical tensions and its effect on the commodity prices. sharper losses. Additionally, intermittent fall in global crude
oil and copper prices gave investors a respite from their
Sentiments got dented further after global central banks,
inflation worries.
citing inflationary concerns, turned aggressively hawkish
with the Fed and Bank of England (BoE) hiking rates and the Markets also benefited from the continuing buying spree of
European Central Bank (ECB) also hinting at a rate increase in domestic institutional investors (DIIs); they bought equities
its July policy meet. The rate-hike decision by the global worth Rs 1.28 trillion in June quarter compared with Rs 1
central banks triggered worries about a global recession. trillion in the March quarter.
The market fell further, as dismal US growth data ignited

recession fears. The US economy contracted an annualised
1.6% in the first quarter of 2022, compared with a 6.9%
expansion in the previous quarter.
3
Sentiment was boosted further after the People's Bank of On the sectoral front, S&P BSE Metal, S&P BSE information
China held rates and the government announced a slew of technology and S&P BSE Consumer Durables were top losers
pro-growth policy measures to support the struggling falling, ~30%, ~22% and ~18% each. While top gainers were
economy. Markets rallied further after the Chinese S&P BSE Auto (11.30%), S&P BSE Fast Moving Consumer
government decided to ease Covid-19-led restrictions in a Goods (up ~3%) and S&P BSE Power (up 0.58%) were the top
phased manner. gainers.
4
Debt market overview
Interbank call money rates hovered mostly below the RBI’s Key developments in the quarter:
repo rate in June amid comfortable liquidity in the system. ● The RBI decided to increase the limit for inclusion of
The RBI intermittently conducted variable-rate reverse-repo statutory liquidity ratio-eligible securities in the held-to-
auctions during the quarter to absorb excess liquidity. maturity (HTM) category to 23% from 22% of net demand
and time liabilities and allow the banks to include
Government securities (G-secs) ended lower for the quarter, securities acquired between April 1, 2022, and March 31,
with the yield on the 10-year benchmark, 6.54% 2032 paper 2023, under the enhanced limit
settling at 7.45% on June 30, compared with 6.84% on March ● It kept the limits for overseas investment in government
31. The prices declined after the Monetary Policy Committee securities (G-secs), state development loans (SDLs) and
Chart 3 – Movement of overnight MIBOR Chart 4 – 10-year benchmark gilt yield

5.50% 7.90%
7.50%
5.00%
7.10%
4.50%
6.70%
4.00%
6.30%
3.50% 5.90%
3.00% 5.50%
30-Sep-21
30-Jun-21
30-Jun-22
31-Oct-21
31-Jul-21
31-Mar-22
31-Aug-21
30-Nov-21
31-Dec-21
31-Jan-22
30-Apr-22
31-May-22
28-Feb-22
31-Mar-22
31-Jan-22
31-Aug-21
30-Nov-21
31-Dec-21
31-May-22
31-Oct-21
30-Apr-22
30-Sep-21
31-Jul-21
28-Feb-22
30-Jun-22
30-Jun-21
Source – CRISIL Research Source – CRISIL Research
(MPC) raised repo rate 50 basis points to 4.9%, projected a corporate bonds for fiscal 2023 unchanged at 6%, 2%,
spike in inflation and hinted at more rate hikes in the coming and 15%, respectively, of outstanding stocks of
months. securities. However, in absolute terms, it raised the limit
by about 9% to Rs 11.73 trillion
Elevated global crude oil price also pushed up the local
● The central bank said the aggregate limit of the notional
yields. A rise in US Treasury yields following the Fed’s
amount of credit default swaps sold by foreign portfolio
decision to aggressively hike rates to curtail inflation dented investors would be 5% of the outstanding stock of
the gilts further. The government’s disappointing debt-supply corporate bonds. Accordingly, it set out an additional
schedule for the first half of fiscal 2023 also dented the gilts. limit of Rs 2.23 trillion for fiscal 2023
The government will borrow a gross Rs 8.45 trillion from the
● It said that state governments and union territories will
local debt market in the first six months of this fiscal. Worries aim to borrow Rs 1.90 trillion in the first three months of
about the fiscal impact of the excise duty cut on petrol and the current fiscal
diesel by the government and sporadic profit booking further
● The central bank decided to reduce the ways and means
pulled down the prices. advances for states and Union territories to Rs 470
billion from Rs 516 billion
However, some losses were recouped, following lower-than-
expected domestic retail inflation data for May. Short- ● The SEBI amended norms pertaining to security cover,
covering by investors following the recent rise in yields and disclosure of credit ratings, and due diligence certificate
for unsecured debt securities
the MPC refraining from announcing any fresh liquidity-
draining measures supported the sentiment. Yields also
retreated, following record Goods and Services Tax (GST)
collection numbers for April.
5
Ranking summary
CRISIL ranked 498 mutual fund (MF) schemes as per the continued to support the market by remaining net buyers and
CRISIL Mutual Fund Ranking (CMFR) in the June quarter. The bought over Rs 1,27,304 crore during the June quarter. In
ranked schemes, accounting for 73.21% of the Indian mutual comparison, they were net buyers of over Rs 1,03,600 crore
fund industry’s open-ended quarterly average assets under worth equities in the previous quarter.
management (AUM), included 232 from the equity category,
All categories closed the volatile quarter negative with the
205 from debt and 61 from the hybrid category. Of these, 151
Flexi cap fund category generating the lowest returns of -
featured in the top 30 percentile (ranked 1 or 2) and formed
10.37% during the three-month period. The Value/Contra
41.27% of the total ranked AUM in the June quarter.
category gave the highest returns among the ranking
SBI Mutual Fund, ICICI Prudential Mutual Fund and Kotak categories in the three month and six-month periods.
Mahindra Mutual Fund had the highest number of schemes
Returns (%)
which ranked 1 or 2. SBI Mutual Fund had 15 schemes in the Category
3 months 6 months 1 year 3 years
top 30 percentile while ICICI Prudential Mutual Fund had 14
Large Cap Fund -9.45 -9.86 -1.26 9.85
and Kotak Mahindra Mutual Fund had 12 schemes. They were
Large & Mid Cap Fund -9.44 -10.34 -0.33 12.84
followed by Nippon India Mutual Fund with 10 schemes and
Multi Cap Fund -10.11 -10.62 -0.09 13.70
UTI Mutual Fund with 9 schemes in the top 30 percentile
Mid Cap Fund -9.04 -10.45 0.42 16.92
during the June quarter. -9.27 -11.79 3.94 22.39
Small Cap Fund
ELSS -9.84 -10.54 -1.02 11.60
Among the equity-oriented categories, SBI MF topped the list
Focused Fund -9.52 -10.46 -1.08 11.46
with eight funds ranked in the top 30 percentile. It was
Value/Contra Fund -8.67 -8.34 1.62 12.75
followed by HDFC MF and Nippon India MF with seven funds
Flexi Cap Fund -10.37 -11.86 -2.31 10.71
each and ICICI Prudential MF with six funds. In the debt-
oriented categories, Axis MF moved to the top position with Indices 3 months 6 months 1 year 3 years
seven schemes in the top 30 percentile, followed by ICICI Nifty 50 TRI -9.29 -7.55 1.66 11.55
Prudential MF with six schemes and Kotak MF, SBI MF and Nifty 500 TRI -9.72 -9.17 0.56 12.77
UTI MF with four schemes each. Nifty Midcap 100 TRI -10.41 -11.44 -0.84 15.59
Nifty Smallcap 100 TRI -18.36 -23.77 -12.37 12.03
Rise in headwinds for equity markets
Returns as on June 30, 2022; returns over one year are annualised
Nifty 50 declined -9.29% during the June quarter, as
Share of top five sectors remain constant
compared with a rise of 0.84% in the previous quarter. Nifty
The top five sectors accounted for 61.16% of the AUM of
Midcap 100 and Nifty Smallcap 100 declined -10.41% and -
equity funds in the June quarter, almost in line with 61.89%
18.36% respectively, during the June quarter as compared
in the previous quarter.
with decline of over -2.17% and -7.29%, respectively during
the March quarter. Rising commodity prices, higher upside The financial services sector continued to top the list, with a
risks to inflation, geo-political tensions in Europe and share of 27.35% versus 27.5% in the previous quarter. The
tightening of monetary policy by RBI and developed market sector delivered -2.54% returns during the June quarter.
central banks posed headwinds for the equity markets during Rising borrowing costs due to hardening of interest rates by
the recent quarter. RBI dampened the sentiments for the financial services
sector during the quarter.
Foreign portfolio investors (FPIs) continued to remain net
sellers during the June quarter. FPIs sold Indian equities
worth Rs 1,07,340 crores during the June quarter as
compared with over Rs 1,10,018 crore worth of equities sold
in the previous quarter. Domestic institutional investors (DIIs)
6
Apr - Jun 2022 Jan - Mar 2022 Hotels (-5.6%) and Max Financial Services (3.77%). The top
Sector
Expo (%) Returns (%) Expo (%) Returns (%) holdings of small-cap funds were Carborundum Universal (-
Financial services 27.35 -2.54 27.50 -0.28 10.13%), Tube Investments of India (13.33%), KPR Mill (-
IT 10.24 -2.36 11.57 -0.70 17.17%), Fine Organic Industries (19.78%), and Brigade
Consumer goods 10.02 -0.09 10.24 -0.29 Enterprises (-14.02%).
Energy 6.84 -0.19 6.22 0.95
Automobile 6.71 0.76 6.36 -0.21 Mutual Funds tap opportunities in the IPO space
Nine initial public offerings (IPOs) featured in the mutual fund
The IT sector had the second highest exposure with a share of portfolios during the June quarter. As on end of June 2022,
10.24%, during the quarter lower by over 100 bps versus their the IPO stocks had total investment of ~3,224 crore from
previous quarter share. The returns of the sector declined mutual funds. Five of the IPOs recorded positive returns since
during the quarter as compared with the previous quarter as listing.
margin pressure continued to rise on the back of high
attrition rates among IT firms. Also, slowdown worries of
Investments in IPOs by mutual funds
developed market economies negatively impacted the growth Absolute
Market
Returns
prospects of the sector. Investment Value [Rs
Listing %
Stock by number Crore]
Date [Issue till
The consumer goods sector came third in terms of allocation. of schemes 30 June
30 June
The sector performance improved during quarter as 2022
2022]
compared with the previous quarter, however it continued to
Aether
remain in negative territory due to higher input costs and 3-Jun-22 21.57% 8 218
Industries Ltd.
inflationary pressure.
Campus
9-May-22 11.59% 10 485
Activewear Ltd.
The energy sector had the fourth highest allocation by equity
Delhivery Ltd. 24-May-22 4.07% 11 951
mutual funds and gave -0.19% returns during the June
Emudhra Ltd. 1-Jun-22 -1.21% 2 85
quarter, lower than the previous quarter. The energy sector
remained impacted from elevated fuel prices on the back of Ethos Ltd. 31-May-22 -9.58% 1 7
heightened geo-political tensions in Europe. Hariom Pipe

13-Apr-22 25.13% 1 2
Industries Ltd.
The automobile sector secured the fifth spot with 6.71% Life Insurance
exposure in June quarter as compared with 6.36% in the Corporation Of 17-May-22 -28.99% 55 1,322
previous quarter. The increase in exposure to the sector India
during the quarter can also be attributed to the positive Rainbow

returns delivered during this period. The sector performance Childrens 10-May-22 -14.03% 11 127
Medicare Ltd.
improved in the June quarter as compared with the previous
Venus Pipes
quarter as demand recovery improved growth prospects. 24-May-22 2.78% 1 28
and Tubes Ltd.
However, rising input costs, higher fuel prices and global
Market value as on 30 June 2022
supply chain disruptions limited the recovery in the sector.
G-sec yields continued their upward trajectory
At the stock level, ICICI Bank (-3.16% absolute returns in the
The 10-year benchmark government security (G-sec) yield
June quarter), HDFC Bank (-8.32%), Infosys (-23.33%),
ended the June quarter at 7.58% as compared with 6.93% at
Reliance Industries (-1.48%) and State Bank of India (-5.6%)
the end of March, thus rising by 65 bps during the quarter.
were among the top holdings in the large-cap, large- and
Increase in inflation on the back of higher commodity and
mid-cap, multi-cap, flexi cap, focused and value/ contra
energy prices coupled with tightening of interest rates by RBI
funds. Among mid-cap funds, the top holdings were
have led to rise in yields during the quarter.
Cholamandalam Investment & Finance Co (-13.77%), Ipca
Laboratories (-15.79%), Bharat Electronics (11.05%), Indian
7
The RBI has raised the repo rate by 90 bps during the June across categories helped debt funds to reduce the downside
quarter and the hardening cycle could continue till inflation given hardening of rates during the quarter.
falls within the tolerance levels. Rise in price of crude oil on
the back of geo-political tensions in Europe and resulting
disruption of supply chains has fuelled inflationary Category average modified duration
pressures. Medium to long duration Fund 3.7
4.0
Medium duration Fund 2.6

10-year benchmark G-sec yield 2.7
Dynamic bond Fund 2.5

8.0% 3.1
Gilt Fund 2.3

7.5% 3.1
Banking and PSU Fund 1.9

2.2
7.0%
Corporate bond Fund 1.7
1.9
6.5% 1.6
Credit risk Fund 1.8
6.0% Short duration Fund 1.4
1.6
5.5% Apr-June'22 Jan-Mar'22

Mar-19
Mar-20
Mar-21
Mar-22
Dec-19
Dec-20
Dec-21
Jun-19
Sep-19
Jun-20
Sep-20
Jun-21
Sep-21
Jun-22
Returns (%)
Most debt funds delivered negative returns during the Category
3 months 6 months 1 year 3 years
quarter. Medium duration category declined the most (-
Liquid Fund 1.00 1.87 3.55 4.06
1.03%) during the June quarter. Medium to long duration and
dynamic bond funds categories declined by -0.88% and - Ultra Short Duration
0.70 1.62 3.58 4.81
Fund
0.57% respectively in this period. Gilt funds declined by -
Low Duration Fund 0.40 1.32 3.79 5.51
0.96% during the June quarter.
Money Market Fund 0.66 1.63 3.40 4.98
Debt funds with shorter duration profiles like Short duration Short Duration Fund -0.46 0.40 2.91 6.03
funds, corporate bond funds and Banking and PSU funds
Medium Duration Fund -1.03 0.10 3.98 5.13
declined by -0.46%, -0.66% and -0.37% respectively during
Medium to Long
the June quarter. Liquid category posted the highest returns -0.88 -0.60 1.91 5.45
Duration Fund
of 1% during the June quarter followed by Ultra Short
Dynamic Bond Fund -0.57 -0.14 2.34 5.68
Duration funds (0.7%) and money market funds (0.66%).
Credit Risk Fund 0.08 1.17 6.74 4.91
Debt funds with longer maturity profiles are more sensitive to Corporate Bond Fund -0.66 0.22 2.37 6.43
changes in interest rates and thus were affected by the sharp Banking and PSU Fund -0.37 0.40 2.51 6.32
rise in yields despite the fact that most debt categories Gilt Fund -0.96 -0.76 1.27 5.58
reduced their modified duration to lower the impact of rising Returns as on June 30, 2022; returns above one year are annualised
bond yields.
Gilt funds reduced their modified duration to 2.35 years

during the June quarter from 3.06 years during the previous
quarter. Dynamic bond funds which can dynamically manage
portfolio duration, bought down their modified duration from
3.10 years in the March quarter to 2.5 years in the June
quarter. Banking and PSU funds reduced their modified
duration to 1.86 years in the latest quarter from 2.18 years
during the previous quarter. Reducing modified duration
8
Debt funds continued to maintain higher credit quality during the March quarter. AAA exposure was also marginally
Most debt categories continued to maintain predominant reduced from 21.17% in March quarter to 20.72% in the June
allocation to higher credit quality (sovereign and AAA) during quarter. Medium duration funds increased exposure to AA
the June quarter. Exposure to sovereign securities increased category to 37.59% in the June quarter from 34.79% during
among funds with shorter maturity profiles during the the previous quarter. Medium to long duration funds reduced
quarter. Ultra-short duration funds raised sovereign sovereign allocations from 59.63% in March quarter to
exposure from 16.03% in March quarter to 18.42% in the 58.36% in the June quarter. Exposure to AAA rated securities
June quarter. Exposure to cash and other declined to 8.25% increased to 22.2% in the June quarter from 20.31% held
in the June quarter from 9.57% previously. Money market previously. Medium to long duration funds also raised
funds raised sovereign exposure to 21.97% during the quarter allocations to AA and category to 8.33% during the June
from 20.52% previously while allocation to cash and other quarter from 6.6% held in the previous quarter. The category
reduced from 7.49% to 4.5% during the same period. Liquid also reduced exposure to cash and others to 10.75% during
funds raised sovereign exposure to 23.97% during the June the latest quarter from 12.66% held previously.
quarter from 20.76% previously. During the same period

Dynamic bond funds continued to maintain predominant
allocation to cash and others was reduced from 21.18% to
allocation to sovereign securities. During the June quarter,
11.35%.
dynamic bond funds increased allocation to AA and category
Longer maturity debt categories like Medium Duration and to 12.77% from 11.46% in the previous quarter. Cash and
Medium to Long Duration reduced sovereign exposures others also increased to 12.74% during the June quarter from
during the quarter. Medium duration funds reduced sovereign 10.8% held during the previous quarter.
allocation to 28.29% in the June quarter from 29.94% held
Banking and Corporate Credit Risk Dynamic Low Duration Medium Medium to Money Short Ultra Short
% of Liquid Fund
PSU Bond Fund Fund Bond Fund Fund Duration Long Market Duration Duration
Average
Exposure Jun Mar Jun Mar Jun Mar Jun Mar Jun Mar Jun Mar Jun Mar Jun Mar Jun Mar Jun Mar Jun Mar
Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr
Sovereign 15.53 15.51 21.77 21.88 8.94 9.93 54.67 58.32 23.97 20.76 27.77 27.95 28.29 29.94 58.36 59.63 21.97 20.52 29.29 28.80 18.42 16.03
AAA 57.11 61.85 69.74 70.23 16.01 15.45 15.34 14.84 2.76 2.17 30.41 30.40 20.72 21.17 22.20 20.31 0.00 0.00 42.84 43.62 19.91 21.38
A1+ 17.80 11.86 1.86 1.04 4.24 4.43 3.35 3.35 61.84 55.82 25.05 23.88 2.32 3.45 0.26 0.55 73.53 71.99 10.19 8.31 46.19 43.94
AA and
3.73 4.54 0.94 0.94 51.16 50.76 12.77 11.46 0.08 0.07 8.98 8.76 37.59 34.79 8.33 6.60 0.00 0.00 9.54 8.51 7.10 8.95
Category
A and
0.00 0.00 0.00 0.00 6.56 6.66 0.41 0.46 0.00 0.00 0.00 0.00 2.20 2.01 0.00 0.00 0.00 0.00 0.02 0.02 0.12 0.13
Category
Below A 0.01 0.02 0.00 0.00 2.51 2.89 0.72 0.77 0.00 0.00 0.00 0.00 1.00 1.11 0.09 0.24 0.00 0.00 0.01 0.01 0.00 0.00
Cash and
5.82 6.21 5.69 5.90 10.58 9.88 12.74 10.80 11.35 21.18 7.80 9.01 7.87 7.53 10.75 12.66 4.50 7.49 8.11 10.74 8.25 9.57
Others
9
CRISIL mutual fund categories
Equity funds 13. Arbitrage funds
1. Large Cap funds Debt Funds
2. Large & Mid Cap funds 14. Gilt funds
3. Flexi Cap funds 15. Banking & PSU funds
4. Multi Cap funds 16. Credit Risk funds
5. Mid Cap funds 17. Corporate Bond funds
6. Small Cap funds 18. Dynamic Bond funds
7. Value/Contra funds 19. Medium to Long Duration funds
8. Focused funds 20. Medium Duration funds
9. Equity Linked Savings Schemes (ELSS) 21. Short Duration funds
10. Index funds 22. Money Market funds
Hybrid funds 23. Low Duration funds
24. Ultra Short Duration funds

11. Aggressive Hybrid funds
25. Liquid funds
12. Conservative Hybrid funds
CRISIL Mutual Fund Ranking category definitions

Rankings category Interpretation
CRISIL Fund Rank 1 Very good performance
CRISIL Fund Rank 2 Good performance
CRISIL Fund Rank 3 Average performance
CRISIL Fund Rank 4 Below average performance
CRISIL Fund Rank 5 Relatively weak performance
If the top 10 percentile figure is not an integer, the same is rounded off to the nearest integer. The same approach is adopted for CRISIL Fund Rank 2 (11th to 30th
percentile), CRISIL Fund Rank 5 (last 91 st to 100th percentile) and CRISIL Fund Rank 4 (71st to 90th percentile) clusters. The residual schemes in the universe are
placed in the CRISIL Fund Rank 3 cluster.
10
Large Cap funds (Cluster ranks are arranged alphabetically and sorted based on regular plans ranking)
Jun - 22 Jun - 22 Mean Mean
Volatility Volatility Industry Company
Large Cap funds Rank Rank Return Return Liquidity
- Reg - Dir Concentration Concentration
- Reg - Dir - Reg - Dir
Weightages 55% 25% 10% 5% 5%
HDFC Top 100 Fund 1 (3) 2 (4) 1 (3) 2 (3) 4 (4) 4 (4) 4 (4) 3 (3) 4 (4)
ICICI Prudential Bluechip

1 (1) 1 (1) 1 (1) 1 (1) 2 (2) 2 (2) 2 (3) 3 (3) 4 (4)
Fund
Nippon India Large Cap Fund 1 (2) 1 (2) 1 (1) 1 (1) 5 (5) 5 (5) 3 (3) 2 (3) 4 (4)
Aditya Birla Sun Life Frontline

2 (3) 3 (3) 2 (2) 3 (3) 2 (3) 2 (3) 3 (3) 2 (2) 4 (4)
EQUITY FUNDS
Equity Fund
IDBI India Top 100 Equity

2 (1) 2 (1) 2 (1) 2 (1) 3 (3) 3 (3) 3 (2) 2 (1) 3 (2)
Fund
Kotak Bluechip Fund 2 (3) 2 (2) 2 (3) 2 (2) 3 (3) 3 (3) 1 (1) 1 (1) 3 (3)
Mahindra Manulife Large Cap

2 (2) 1 (1) 2 (2) 1 (2) 3 (2) 3 (2) 3 (2) 3 (4) 1 (2)
Pragati Yojana
Mirae Asset Large Cap Fund 2 (3) 2 (3) 3 (3) 2 (3) 3 (3) 3 (3) 4 (3) 3 (3) 5 (5)
SBI Blue Chip Fund 2 (2) 2 (3) 2 (2) 2 (3) 4 (4) 4 (4) 1 (1) 1 (2) 5 (5)
Baroda BNP Paribas Large

3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 4 (4) 3 (3) 3 (3)
Cap Fund
Canara Robeco Bluechip

3 (2) 3 (2) 3 (3) 3 (2) 1 (1) 1 (1) 3 (3) 3 (3) 3 (3)
Equity Fund
Edelweiss Large Cap Fund 3 (3) 2 (2) 3 (3) 3 (3) 2 (2) 2 (2) 2 (1) 1 (1) 2 (3)
Franklin India Bluechip Fund 3 (4) 3 (4) 2 (3) 2 (4) 5 (5) 5 (5) 4 (4) 3 (3) 4 (4)
Invesco India Largecap Fund 3 (3) 3 (2) 3 (2) 3 (2) 3 (3) 3 (3) 3 (4) 4 (4) 3 (3)
Navi Large Cap Equity Fund 3 (4) 3 (3) 4 (4) 3 (4) 4 (4) 4 (4) 3 (3) 4 (4) 1 (1)
Sundaram Large Cap Fund 3 (3) 3 (3) 3 (4) 3 (3) 2 (2) 2 (2) 5 (3) 4 (4) 3 (3)
Tata Large Cap Fund 3 (2) 3 (3) 3 (2) 3 (2) 4 (4) 4 (4) 3 (3) 2 (2) 3 (3)
Union Largecap Fund 3 (2) 3 (3) 3 (3) 4 (3) 3 (3) 3 (3) 2 (2) 4 (3) 2 (1)
UTI Mastershare Unit Scheme 3 (1) 3 (2) 3 (2) 3 (2) 3 (2) 3 (2) 2 (2) 2 (2) 4 (4)
HSBC Large Cap Equity Fund 4 (4) 4 (4) 4 (4) 4 (4) 5 (5) 5 (5) 4 (4) 5 (4) 3 (2)
IDFC Large Cap Fund 4 (3) 4 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (4) 3 (3) 3 (3)
L&T India Large Cap Fund 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2)
LIC MF Large Cap Fund 4 (3) 4 (3) 4 (3) 4 (3) 2 (2) 2 (2) 3 (3) 2 (2) 2 (3)
PGIM India Large Cap Fund 4 (5) 4 (5) 4 (5) 4 (5) 2 (3) 2 (3) 2 (2) 5 (4) 2 (2)
Taurus Largecap Equity Fund 4 (4) 5 (4) 5 (4) 5 (4) 4 (3) 4 (3) 1 (2) 3 (2) 1 (1)
Axis Bluechip Fund 5 (4) 5 (4) 5 (4) 5 (4) 1 (1) 1 (1) 4 (5) 4 (5) 5 (5)
DSP Top 100 Equity Fund 5 (5) 5 (5) 5 (5) 5 (5) 3 (4) 3 (4) 5 (5) 5 (5) 3 (3)
Indiabulls Bluechip Fund 5 (5) 4 (5) 4 (5) 4 (5) 4 (4) 4 (4) 5 (5) 4 (5) 2 (2)
Figures in brackets indicate previous quarter ranks
11
Large & Mid Cap funds (Cluster ranks are arranged alphabetically and sorted based on regular plans
ranking)

Large & Mid Cap funds Rank Rank Return Return Liquidity
Weightages 55% 25% 10% 5% 5%
ICICI Prudential Large & Mid 1 (2) 1 (2) 1 (1) 1 (1) 3 (3) 3 (3) 5 (4) 3 (3) 3 (3)
Cap Fund
Quant Large and Mid Cap 1 (1) 1 (1) 1 (1) 1 (1) 5 (5) 5 (5) 2 (2) 5 (5) 1 (2)
Fund
HDFC Large and Mid Cap 2 (2) 2 (3) 2 (2) 2 (2) 4 (4) 4 (4) 2 (2) 1 (2) 3 (3)
Fund
Navi Large & Midcap Fund 2 (1) 2 (1) 3 (3) 2 (2) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1)
SBI Large & Midcap Fund 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 1 (1) 2 (3) 5 (5)
UTI Core Equity Fund 2 (3) 3 (3) 2 (3) 3 (3) 3 (3) 3 (3) 4 (4) 3 (2) 3 (2)
Canara Robeco Emerging 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 4 (4)
Equities
Edelweiss Large and Mid 3 (3) 3 (2) 3 (3) 3 (3) 3 (3) 3 (2) 3 (3) 3 (3) 2 (3)
Cap Fund
Franklin India Equity 3 (4) 3 (4) 3 (3) 3 (4) 5 (5) 5 (5) 4 (3) 3 (3) 3 (3)
Advantage Fund
IDFC Core Equity Fund 3 (3) 3 (3) 3 (4) 3 (3) 3 (4) 3 (4) 3 (3) 3 (4) 3 (2)
Kotak Equity Opportunities 3 (3) 3 (3) 3 (3) 3 (3) 2 (1) 2 (1) 1 (1) 3 (3) 4 (4)
Fund
LIC MF Large & Mid Cap 3 (2) 3 (2) 3 (3) 3 (3) 1 (1) 1 (1) 2 (2) 2 (1) 3 (3)
Fund
Mirae Asset Emerging 3 (3) 2 (3) 2 (2) 2 (2) 3 (3) 3 (3) 4 (5) 2 (3) 5 (5)
Bluechip Fund
Nippon India Vision Fund 3 (3) 4 (3) 3 (3) 3 (3) 4 (4) 4 (4) 4 (4) 1 (1) 2 (3)
Sundaram Large and Mid 3 (3) 3 (3) 3 (2) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3)
Cap Fund
Tata Large & Mid Cap Fund 3 (4) 3 (4) 3 (4) 3 (4) 1 (2) 1 (2) 3 (3) 5 (5) 4 (4)
Bank of India Large & Mid 4 (3) 3 (3) 4 (4) 4 (4) 2 (2) 2 (2) 2 (3) 4 (3) 2 (1)
Cap Equity Fund
DSP Equity Opportunities 4 (5) 4 (5) 4 (5) 4 (5) 2 (2) 2 (3) 5 (5) 4 (4) 4 (3)
Fund
HSBC Large and Mid Cap 4 4 4 4 4 4 3 3 2

Equity Fund
Invesco India Growth 4 (5) 4 (5) 4 (5) 4 (5) 3 (3) 3 (3) 3 (3) 3 (3) 3 (4)
Opportunities Fund
Aditya Birla Sun Life Equity 5 (4) 5 (4) 5 (3) 5 (3) 4 (4) 4 (4) 3 (4) 4 (4) 3 (3)
Advantage Fund
L&T Large and Midcap Fund 5 (4) 5 (4) 5 (4) 5 (4) 3 (3) 3 (3) 3 (2) 4 (4) 3 (2)
12
Flexi Cap funds (Cluster ranks are arranged alphabetically and sorted based on regular plans ranking)
Flexi Cap funds Rank Rank Return Return Liquidity
Weightages 55% 25% 10% 5% 5%
HDFC Flexi Cap Fund 1 (3) 1 (3) 1 (2) 1 (2) 5 (5) 5 (5) 5 (4) 4 (3) 4 (4)
PGIM India Flexi Cap Fund 1 (1) 1 (1) 2 (1) 1 (1) 3 (3) 3 (3) 2 (2) 3 (1) 3 (3)
Franklin India Flexi Cap Fund 2 (2) 2 (2) 1 (1) 2 (1) 4 (4) 4 (4) 3 (4) 4 (4) 4 (4)
IDBI Flexi Cap Fund 2 (1) 2 (1) 2 (2) 2 (2) 3 (2) 3 (2) 3 (3) 2 (2) 2 (3)
JM Flexi Cap Fund 2 (2) 2 (2) 2 (2) 2 (2) 4 (4) 4 (4) 3 (3) 3 (3) 2 (2)
SBI Flexi Cap Fund 2 (2) 3 (3) 2 (3) 3 (3) 1 (2) 1 (2) 2 (1) 2 (3) 4 (4)
Union Flexi Cap Fund 2 (2) 2 (2) 2 (2) 2 (2) 2 (3) 2 (3) 2 (2) 3 (3) 2 (2)
Aditya Birla Sun Life Flexi Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 4 (3) 3 (4) 3 (3)
Canara Robeco Flexi Cap Fund 3 (2) 3 (2) 3 (3) 3 (3) 3 (3) 2 (3) 3 (3) 3 (2) 3 (3)
Edelweiss Flexi Cap Fund 3 (3) 2 (2) 3 (2) 2 (2) 3 (3) 3 (3) 3 (2) 3 (3) 2 (3)
HSBC Flexi Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 5 (5) 5 (5) 4 (3) 4 (4) 2 (2)
IDFC Flexi Cap Fund 3 (3) 4 (4) 3 (3) 3 (3) 2 (2) 3 (2) 3 (3) 4 (4) 4 (3)
Kotak Flexi Cap Fund 3 (4) 3 (4) 3 (4) 3 (4) 3 (3) 3 (3) 2 (2) 5 (4) 5 (5)
L&T Flexi Cap Fund 3 (4) 3 (4) 3 (4) 3 (4) 2 (2) 2 (2) 2 (1) 1 (1) 3 (3)
Navi Flexi Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 3 (3) 1 (1)
Shriram Flexi Cap Fund 3 (4) 3 (3) 4 (4) 4 (4) 2 (2) 2 (2) 1 (2) 2 (3) 1 (1)
DSP Flexi Cap Fund 4 (3) 4 (3) 4 (3) 4 (3) 3 (3) 3 (3) 4 (4) 2 (2) 3 (4)
LIC MF Flexi Cap Fund 4 (5) 4 (5) 4 (5) 5 (5) 1 (1) 1 (1) 3 (4) 3 (3) 3 (2)
Tata Flexi Cap Fund 4 (4) 3 (4) 3 (4) 3 (4) 2 (1) 2 (1) 4 (3) 3 (3) 3 (3)
Taurus Flexi Cap Fund 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 1 (3) 2 (2) 3 (2)
UTI Flexi Cap Fund 4 (3) 4 (3) 4 (3) 4 (3) 3 (3) 3 (3) 3 (4) 1 (2) 5 (5)
Axis Flexi Cap Fund 5 (3) 5 (3) 5 (3) 4 (3) 3 (3) 3 (3) 4 (5) 4 (5) 3 (3)
Motilal Oswal Flexi Cap Fund 5 (5) 5 (5) 5 (5) 5 (5) 4 (4) 4 (4) 5 (5) 5 (5) 4 (4)
13
Multi Cap funds (Cluster ranks are arranged alphabetically and sorted based on regular plans ranking)
Multi Cap funds Rank Rank Return Return Liquidity
Weightages 55% 25% 10% 5% 5%
Quant Active Fund 1 (1) 1 (1) 1 (1) 1 (1) 5 (4) 5 (4) 1 (1) 5 (5) 3 (3)
Mahindra Manulife Multi

2 (2) 2 (2) 2 (2) 2 (2) 4 (3) 4 (3) 2 (2) 4 (3) 2 (1)
Cap Badhat Yojana
Nippon India Multicap

2 (3) 2 (3) 2 (3) 2 (3) 4 (5) 4 (5) 4 (3) 3 (3) 5 (5)
Fund
Baroda BNP Paribas Multi

3 (3) 3 (3) 4 (3) 4 (3) 3 (1) 3 (1) 2 (3) 4 (4) 3 (3)
Cap Fund
Sundaram Multi Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 5 (3) 1 (1) 2 (2)
ICICI Prudential Multicap

4 (5) 4 (5) 3 (5) 3 (5) 2 (2) 2 (2) 4 (5) 2 (2) 4 (4)
Fund
Invesco India Multicap

4 (4) 4 (4) 4 (4) 4 (4) 2 (3) 2 (3) 3 (4) 3 (3) 4 (3)
Fund
ITI Multi Cap Fund 5 5 5 5 1 1 3 2 1
14
Mid Cap funds (Cluster ranks are arranged alphabetically and sorted based on regular plans ranking)
Mid Cap funds Rank Rank Return Return Liquidity
Weightages 55% 25% 10% 5% 5%
PGIM India Midcap

1 (1) 1 (1) 1 (1) 1 (1) 4 (4) 4 (4) 3 (2) 4 (4) 3 (3)
Opportunities Fund
Quant Mid Cap Fund 1 (1) 1 (1) 1 (1) 1 (1) 5 (5) 5 (5) 3 (4) 5 (5) 2 (2)
Baroda BNP Paribas Mid

2 (2) 2 (2) 3 (3) 3 (3) 2 (2) 2 (2) 1 (1) 3 (3) 2 (2)
Cap Fund
Kotak Emerging Equity

2 (3) 2 (2) 2 (3) 2 (3) 2 (2) 2 (2) 3 (3) 3 (3) 5 (5)
Fund
Motilal Oswal Midcap 30

2 (3) 2 (3) 2 (2) 2 (2) 4 (4) 4 (4) 4 (4) 5 (5) 3 (3)
Fund
SBI Magnum Midcap Fund 2 (2) 2 (2) 2 (2) 2 (2) 2 (3) 2 (3) 3 (3) 4 (4) 4 (4)
Aditya Birla Sun Life

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (1) 3 (3) 3 (3)
Midcap Fund
Axis Midcap Fund 3 (3) 3 (3) 4 (3) 3 (3) 1 (1) 1 (1) 1 (3) 2 (3) 3 (3)
Edelweiss Mid Cap Fund 3 (3) 3 (3) 2 (2) 2 (2) 4 (4) 5 (5) 4 (3) 3 (3) 2 (3)
HDFC Mid-Cap
3 (4) 3 (4) 3 (3) 3 (3) 3 (3) 3 (3) 5 (4) 4 (4) 5 (5)
Opportunities Fund
ICICI Prudential MidCap

3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 3 (4) 3 (2) 3 (3) 3 (3)
Fund
Invesco India Mid Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (2) 2 (3) 3 (3) 3 (3)
Mahindra Manulife Mid

3 (2) 3 (2) 3 (3) 3 (2) 3 (3) 3 (3) 4 (5) 3 (2) 2 (2)
Cap Unnati Yojana
Nippon India Growth Fund 3 (2) 3 (3) 3 (2) 3 (3) 3 (3) 3 (3) 4 (3) 1 (1) 4 (4)
Tata Mid Cap Growth Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 2 (2) 3 (2)
UTI Mid Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 1 (1) 3 (3)
IDBI Midcap Fund 4 (4) 4 (4) 4 (4) 4 (4) 5 (5) 4 (4) 3 (3) 3 (2) 1 (1)
L&T Midcap Fund 4 (4) 4 (4) 4 (4) 4 (4) 1 (1) 1 (1) 2 (2) 2 (3) 4 (4)
Sundaram Mid Cap Fund 4 (4) 4 (4) 3 (4) 4 (4) 3 (3) 3 (3) 5 (3) 2 (2) 3 (3)
Taurus Discovery (Midcap)

4 (3) 4 (3) 4 (4) 4 (4) 4 (3) 4 (3) 3 (3) 4 (3) 1 (1)
Fund
DSP Midcap Fund 5 (5) 5 (5) 5 (5) 5 (5) 2 (2) 2 (2) 3 (5) 3 (4) 4 (4)
Franklin India Prima Fund 5 (5) 5 (5) 5 (5) 5 (5) 3 (3) 3 (3) 3 (4) 3 (3) 3 (3)
15
Small Cap funds (Cluster ranks are arranged alphabetically and sorted based on regular plans ranking)
Small Cap funds Rank Rank Return Return Liquidity
Weightages 55% 25% 10% 5% 5%
Canara Robeco Small Cap

1 (2) 1 (2) 1 (1) 1 (1) 3 (3) 3 (3) 3 (4) 2 (2) 3 (3)
Fund
Quant Small Cap Fund 1 (1) 1 (1) 1 (1) 1 (1) 5 (5) 5 (5) 2 (1) 5 (5) 3 (3)
Bank of India Small Cap

2 (1) 2 (1) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 2 (1) 1 (1)
Fund
ICICI Prudential Smallcap

2 (3) 2 (3) 2 (3) 2 (3) 3 (3) 3 (3) 1 (1) 4 (4) 3 (3)
Fund
Kotak Small Cap Fund 2 (2) 2 (2) 2 (2) 2 (2) 1 (1) 1 (1) 4 (4) 3 (3) 4 (4)
Nippon India Small Cap

2 (2) 2 (2) 2 (2) 2 (2) 4 (4) 4 (4) 3 (3) 1 (1) 3 (3)
Fund
Axis Small Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 1 (2) 3 (3) 4 (4)
DSP Small Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 3 (3) 3 (3) 5 (5)
Edelweiss Small Cap Fund 3 (2) 3 (2) 3 (2) 3 (2) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2)
IDBI Small Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 5 (5) 5 (4) 1 (1)
L&T Emerging Businesses

3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3)
Fund
SBI Small Cap Fund 3 (4) 3 (4) 3 (4) 3 (4) 1 (1) 1 (1) 4 (5) 3 (3) 5 (5)
Tata Small Cap Fund 3 (4) 3 (4) 3 (4) 3 (4) 2 (2) 2 (2) 3 (3) 4 (4) 4 (4)
Union Small Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3) 2 (3)
Franklin India Smaller

4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3)
Companies Fund
HDFC Small Cap Fund 4 (5) 4 (5) 4 (5) 4 (5) 4 (3) 4 (3) 2 (2) 3 (3) 4 (4)
Invesco India Smallcap

4 (3) 4 (3) 4 (3) 4 (3) 3 (4) 3 (4) 4 (3) 4 (4) 2 (2)
Fund
Sundaram Small Cap Fund 4 (3) 4 (3) 4 (3) 4 (3) 3 (3) 3 (3) 5 (4) 2 (2) 3 (3)
Aditya Birla Sun Life Small

5 (5) 5 (5) 5 (5) 5 (5) 4 (5) 4 (5) 2 (2) 1 (2) 3 (2)
Cap Fund
HSBC Small Cap Equity

5 (4) 5 (4) 5 (4) 5 (4) 5 (4) 5 (4) 3 (3) 4 (5) 2 (2)
Fund
16
Value / Contra funds (Cluster ranks are arranged alphabetically and sorted based on regular plans
ranking)

Value / Contra funds Rank Rank Return Return Liquidity
Weightages 55% 25% 10% 5% 5%
IDFC Sterling Value Fund 1 (1) 1 (1) 1 (1) 1 (1) 4 (4) 4 (4) 1 (1) 1 (1) 4 (4)
SBI Contra Fund 1 (1) 1 (1) 1 (1) 1 (1) 1 (2) 1 (2) 1 (1) 1 (1) 5 (5)
ICICI Prudential Value

2 (2) 2 (2) 2 (2) 2 (2) 1 (1) 1 (1) 2 (2) 4 (4) 5 (5)
Discovery Fund
Nippon India Value Fund 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3)
Templeton India Value

2 (2) 2 (2) 2 (2) 2 (2) 4 (5) 4 (5) 3 (4) 4 (5) 3 (2)
Fund
IDBI Long Term Value Fund 3 (3) 3 (3) 4 (3) 4 (3) 3 (2) 3 (2) 3 (3) 3 (3) 1 (1)
JM Value Fund 3 (3) 4 (3) 3 (3) 4 (3) 5 (5) 5 (5) 4 (3) 4 (4) 2 (2)
Kotak India EQ Contra

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 3 (3) 2 (3)
Fund
L&T India Value Fund 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 2 (2) 2 (2) 4 (3)
Union Value Discovery

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (3)
Fund
UTI Value Opportunities

3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 2 (3) 4 (3) 3 (3) 3 (3)
Fund
Invesco India Contra Fund 4 (4) 3 (4) 3 (4) 3 (4) 3 (3) 3 (3) 3 (4) 3 (3) 3 (4)
Quantum Long Term Equity

4 (5) 5 (5) 5 (5) 5 (5) 2 (3) 2 (3) 5 (5) 5 (4) 2 (2)
Value Fund
Tata Equity PE Fund 4 (4) 4 (4) 4 (4) 3 (4) 2 (2) 2 (2) 5 (5) 5 (5) 3 (3)
Aditya Birla Sun Life Pure

5 (5) 5 (5) 5 (4) 5 (5) 5 (4) 5 (4) 3 (3) 2 (2) 4 (4)
Value Fund
HDFC Capital Builder Value

5 (4) 4 (4) 4 (3) 4 (3) 3 (3) 3 (3) 4 (4) 3 (3) 3 (3)
Fund
17
Focused funds (Cluster ranks are arranged alphabetically and sorted based on regular plans ranking)
Focused funds Rank Rank Return Return Liquidity
Weightages 55% 25% 10% 5% 5%
HDFC Focused 30 Fund 1 (3) 1 (2) 1 (2) 1 (2) 3 (4) 3 (4) 3 (2) 3 (3) 2 (2)
Quant Focused Fund 1 (1) 1 (1) 2 (1) 1 (1) 5 (5) 5 (5) 1 (1) 4 (4) 1 (2)
Franklin India Focused

2 (3) 2 (3) 2 (2) 2 (2) 4 (4) 4 (4) 3 (3) 3 (3) 4 (4)
Equity Fund
ICICI Prudential Focused

2 (2) 2 (2) 2 (3) 2 (3) 2 (2) 2 (2) 5 (4) 2 (1) 3 (3)
Equity Fund
Mirae Asset Focused Fund 2 2 2 2 3 3 5 3 4
Nippon India Focused

2 (2) 2 (3) 1 (1) 2 (2) 4 (4) 4 (4) 3 (3) 2 (3) 4 (5)
Equity Fund

3 (3) 4 (3) 3 (3) 3 (3) 2 (3) 2 (3) 4 (4) 3 (3) 3 (3)
Focused Equity Fund
Baroda BNP Paribas

3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (2) 3 (3) 3 (3) 2 (2)
Focused Fund
IDBI Focused 30 Equity

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (3) 2 (1)
Fund
IIFL Focused Equity Fund 3 (1) 3 (1) 3 (2) 3 (1) 3 (3) 3 (3) 3 (3) 1 (2) 4 (3)
SBI Focused Equity Fund 3 (2) 3 (2) 3 (3) 3 (3) 1 (1) 1 (1) 2 (2) 2 (1) 5 (5)
Sundaram Focused Fund 3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 4 (3) 2 (2) 1 (2) 2 (4)
IDFC Focused Equity Fund 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3)
JM Focused Fund 4 (4) 4 (4) 4 (4) 4 (4) 5 (5) 5 (5) 4 (3) 5 (5) 1 (1)
L&T Focused Equity Fund 4 (4) 3 (3) 4 (4) 4 (4) 1 (1) 1 (1) 1 (1) 2 (2) 3 (3)
Motilal Oswal Focused 25

4 (5) 4 (5) 4 (5) 4 (5) 2 (2) 2 (2) 2 (5) 4 (5) 3 (3)
Fund
Axis Focused 25 Fund 5 (3) 5 (4) 5 (3) 5 (3) 4 (3) 4 (3) 4 (5) 5 (4) 5 (4)
DSP Focus Fund 5 (5) 5 (5) 5 (5) 5 (5) 2 (3) 2 (3) 2 (3) 4 (4) 3 (3)
18
Equity Linked Savings Scheme (Cluster ranks are arranged alphabetically and sorted based on
regular plans ranking)

Equity Linked Savings Scheme (ELSS) Rank Rank Return Return Liquidity
Weightages 55% 25% 10% 5% 5%
IDFC Tax Advantage Fund 1 (1) 1 (1) 1 (1) 1 (1) 5 (5) 5 (5) 1 (1) 2 (2) 4 (4)
PGIM India ELSS Tax Saver Fund 1 (2) 1 (2) 1 (1) 1 (1) 2 (2) 2 (2) 3 (2) 3 (3) 3 (3)
Quant Tax Plan 1 (1) 1 (1) 1 (1) 1 (1) 5 (5) 5 (5) 1 (1) 3 (4) 3 (4)
Bank of India Tax Advantage Fund 2 (1) 2 (1) 3 (2) 2 (2) 3 (3) 3 (3) 2 (3) 1 (1) 3 (3)
HDFC Tax Saver Fund 2 (3) 2 (4) 2 (3) 2 (3) 2 (3) 2 (3) 4 (3) 5 (4) 4 (4)
Kotak Tax Saver Fund 2 (2) 2 (2) 2 (3) 2 (2) 2 (2) 2 (2) 1 (2) 1 (1) 3 (3)
Mahindra Manulife ELSS Kar Bachat

2 (2) 2 (2) 3 (2) 2 (2) 3 (3) 3 (3) 3 (2) 4 (3) 3 (3)
Yojana
Mirae Asset Tax Saver Fund 2 (3) 2 (2) 2 (2) 2 (2) 3 (4) 3 (4) 4 (4) 2 (3) 4 (4)
SBI Long Term Equity Fund 2 (3) 2 (3) 2 (3) 3 (3) 2 (2) 2 (2) 2 (1) 1 (1) 4 (4)
Union Long Term Equity Fund 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 2 (2) 3 (2) 2 (2)
Canara Robeco Equity Tax Saver Fund 3 (2) 3 (2) 3 (2) 3 (2) 3 (3) 3 (3) 2 (3) 2 (3) 3 (3)
DSP Tax Saver Fund 3 (3) 3 (3) 2 (3) 2 (3) 3 (3) 3 (3) 5 (4) 4 (3) 4 (4)
Edelweiss Long Term Equity Fund (Tax

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2)
Savings)
Franklin India Taxshield Fund 3 (3) 3 (4) 3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 4 (4) 4 (3)
ICICI Prudential Long Term Equity

3 (2) 3 (3) 3 (2) 3 (3) 3 (3) 3 (3) 3 (4) 3 (3) 4 (4)
Fund (Tax Saving)
Indiabulls Tax Savings Fund 3 (3) 3 (3) 5 (5) 4 (5) 1 (1) 1 (1) 2 (2) 3 (3) 1 (1)
JM Tax Gain Fund 3 (2) 3 (2) 3 (2) 3 (2) 4 (4) 4 (4) 3 (3) 3 (3) 1 (1)
Navi ELSS Tax Saver Fund 3 (4) 3 (3) 4 (4) 3 (4) 3 (3) 3 (3) 2 (3) 3 (3) 1 (1)
Nippon India Tax Saver Fund 3 (4) 3 (4) 3 (3) 3 (3) 5 (5) 5 (5) 4 (5) 3 (3) 5 (5)
Quantum Tax Saving Fund 3 (4) 3 (4) 3 (4) 3 (5) 2 (2) 3 (2) 4 (3) 4 (4) 2 (2)
Sundaram Tax Saving Fund 3 (3) 3 (3) 2 (3) 3 (3) 3 (4) 3 (4) 5 (5) 2 (2) 3 (3)
Tata India Tax Savings Fund 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3)
Taurus Taxshield 3 (4) 4 (4) 3 (4) 4 (4) 3 (3) 3 (3) 3 (3) 3 (2) 2 (2)
UTI Long Term Equity Fund (Tax

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3)
Saving)
Baroda BNP Paribas ELSS Fund 4 (3) 4 (3) 3 (3) 3 (3) 3 (2) 2 (2) 3 (3) 3 (3) 3 (3)
HSBC Tax Saver Equity Fund 4 (3) 4 (3) 3 (3) 3 (3) 4 (4) 4 (4) 4 (4) 4 (4) 3 (2)
IDBI Equity Advantage Fund 4 (3) 4 (3) 4 (4) 5 (4) 2 (2) 2 (2) 3 (3) 3 (3) 2 (3)
Invesco India Tax Plan 4 (4) 4 (4) 4 (3) 4 (3) 3 (3) 3 (3) 3 (4) 3 (4) 3 (3)
L&T Tax Advantage Fund 4 (4) 4 (4) 4 (4) 4 (4) 4 (3) 4 (3) 2 (2) 4 (3) 3 (3)
LIC MF Tax Plan 4 (3) 4 (3) 4 (3) 4 (3) 2 (2) 2 (2) 3 (3) 3 (4) 2 (2)
Shriram Long Term Equity Fund 4 (4) 3 (3) 4 (5) 4 (4) 1 (1) 1 (1) 3 (3) 2 (2) 2 (2)
Aditya Birla Sun Life Tax Relief 96 5 (5) 5 (5) 5 (5) 5 (5) 1 (1) 1 (1) 3 (2) 4 (5) 5 (5)
Axis Long Term Equity Fund 5 (5) 5 (5) 5 (4) 5 (4) 4 (3) 4 (3) 5 (5) 5 (5) 5 (5)
Motilal Oswal Long Term Equity 5 (5) 5 (5) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 5 (5) 3 (3)
19
Index funds (Cluster ranks are arranged alphabetically and sorted based on regular plans ranking)
Index funds Jun - 22 Rank - Reg Jun - 22 Rank - Dir
Weightages
HDFC S&P BSE Sensex ETF 1 (1) 1 (1)
Kotak S&P BSE Sensex ETF 1 (1) 1 (1)
SBI S&P BSE Sensex ETF 1 (1) 1 (1)
UTI S&P BSE Sensex ETF 1 (1) 1 (1)
HDFC NIFTY 50 ETF 2 (2) 2 (2)
ICICI Prudential S&P BSE Sensex ETF 2 (2) 2 (2)
LIC MF S&P BSE Sensex ETF 2 (2) 2 (2)
Nippon India ETF Nifty 50 BeES 2 (2) 2 (2)
Nippon India ETF S&P BSE Sensex 2 (2) 2 (2)
SBI Nifty 50 ETF 2 (2) 2 (2)
UTI Nifty 50 ETF 2 (2) 2 (2)
UTI Nifty 50 Index Fund 2 (2) 2 (2)
Aditya Birla Sun Life Nifty 50 ETF 3 (3) 3 (3)
Aditya Birla Sun Life S&P BSE SENSEX ETF 3 (3) 3 (3)
Axis NIFTY 50 ETF 3 (3) 3 (3)
HDFC Index Fund - Nifty 50 Plan 3 (3) 3 (3)
HDFC Index Fund - S&P BSE Sensex Plan 3 (3) 3 (3)
ICICI Prudential Nifty 50 ETF 3 (3) 3 (3)
ICICI Prudential Nifty 50 Index Fund 3 (3) 3 (3)
IDBI Nifty Index Fund 3 (3) 4 (4)
Indiabulls ETF - Nifty 50 3 3
Kotak Nifty 50 ETF 3 (3) 3 (3)
LIC MF Nifty 50 ETF 3 (3) 3 (3)
LIC MF Nifty 50 Index Fund 3 (3) 3 (3)
Mirae Asset ETF - Nifty 50 (MAN50ETF) 3 (3) 3 (3)
Motilal Oswal Nifty M50 ETF 3 (3) 3 (3)
Quantum Nifty 50 ETF 3 (3) 3 (3)
SBI Nifty Index Fund 3 (3) 3 (3)
Tata Nifty 50 Exchange Traded Fund 3 (3) 3 (3)
Aditya Birla Sun Life Nifty 50 Index Fund 4 (4) 4 (4)
Franklin India NSE Nifty 50 Index Fund 4 (4) 4 (4)
ICICI Prudential S&P BSE Sensex Index Fund 4 (4) 4 (4)
IDFC Nifty 50 ETF 4 (4) 4 (4)
IDFC Nifty 50 Index Fund 4 (4) 4 (4)
LIC MF S&P BSE Sensex Index Fund 4 (4) 3 (3)
Nippon India Index Fund - Nifty 50 Plan 4 (4) 4 (4)
Nippon India Index Fund - S&P BSE Sensex Plan 4 (4) 4 (4)
DSP NIFTY 50 Index Fund 5 (5) 5 (5)
Invesco India Nifty Exchange Traded Fund 5 (5) 5 (5)
Tata Nifty 50 Index Fund 5 (5) 5 (5)
Tata S&P BSE Sensex Index Fund 5 (5) 5 (5)
ETFs, which have only single option, have been ranked in both regular & direct categories
20
Aggressive Hybrid funds (Cluster ranks are arranged alphabetically and sorted based on regular
plans ranking)
Industry
Jun - 22 Jun - 22 Mean Mean Debt
Volatility Volatility Concentration / Company Debt Equity
Aggressive Hybrid funds Rank Rank Return Return Asset
- Reg - Dir Exposure to Concentration Liquidity Liquidity
- Reg - Dir - Reg - Dir Quality
Sensitive Sector*
5%* 5%*
Weightages 50% 25% 10% 5% 10%*K
(100-K) (100-K)
ICICI Prudential Equity &

1 (1) 1 (1) 1 (1) 1 (1) 4 (4) 4 (4) 3 (3) 4 (4) 4 (4) 5 (5) 5 (5)
Debt
Kotak Equity Hybrid 1 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 2 (3) 1 (2) 2 (1) 1 (1) 3 (4)
Quant Absolute 1 (1) 1 (1) 1 (1) 1 (1) 5 (5) 5 (5) 2 (2) 5 (5) 1 (1) 1 (1) 2 (3)
Bank of India Mid & Small

2 (1) 2 (1) 1 (1) 1 (1) 5 (5) 5 (5) 1 (1) 3 (4) 3 (3) 3 (2) 3 (3)
Cap Equity & Debt
Edelweiss Aggressive
2 1 2 2 3 3 1 4 2 2 1
Hybrid
HDFC Hybrid Equity 2 (3) 2 (3) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 5 (5)
IDFC Hybrid Equity 2 (2) 2 (2) 2 (3) 2 (3) 4 (4) 4 (4) 3 (3) 3 (3) 2 (2) 2 (2) 3 (2)
SBI Equity Hybrid 2 (2) 3 (2) 3 (2) 3 (3) 1 (1) 1 (1) 2 (1) 2 (1) 4 (3) 3 (3) 5 (5)
UTI Hybrid Equity 2 (3) 2 (3) 2 (2) 2 (2) 3 (3) 3 (3) 4 (3) 2 (3) 5 (5) 3 (4) 3 (3)
Aditya Birla Sun Life Equity

3 (3) 4 (3) 3 (2) 3 (2) 4 (4) 4 (4) 3 (3) 3 (4) 5 (5) 4 (4) 4 (4)
Hybrid 95
Canara Robeco Equity

3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 2 (3) 2 (3) 2 (2) 2 (2) 4 (3)
Hybrid
HYBRID FUNDS
Franklin India Equity Hybrid 3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 2 (3) 2 (2) 1 (1) 3 (3) 4 (3) 3 (3)
HSBC Equity Hybrid 3 (2) 3 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (2) 3 (2) 2 (3) 3 (2)
IDBI Hybrid Equity 3 (2) 3 (2) 4 (3) 4 (4) 1 (1) 1 (1) 3 (3) 1 (2) 3 (4) 3 (3) 2 (1)
Invesco India Equity & Bond 3 (4) 3 (3) 4 (4) 4 (4) 2 (2) 2 (2) 1 (2) 3 (1) 1 (2) 2 (2) 2 (2)
Mirae Asset Hybrid - Equity 3 (4) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 2 (3) 3 (3) 3 (3) 4 (4)
Shriram Hybrid Equity 3 (3) 3 (3) 4 (4) 4 (4) 1 (1) 1 (1) 4 (4) 5 (5) 4 (4) 3 (3) 1 (1)
Sundaram Aggressive
3 (3) 2 (3) 3 (3) 3 (3) 2 (2) 2 (2) 3 (3) 2 (3) 3 (3) 3 (3) 4 (3)
Hybrid
Tata Hybrid Equity 3 (5) 4 (5) 2 (3) 2 (3) 3 (3) 3 (3) 5 (5) 5 (5) 4 (5) 5 (5) 4 (3)
Baroda BNP Paribas

4 (3) 3 (3) 3 (3) 3 (2) 4 (3) 4 (3) 5 (4) 4 (3) 4 (3) 4 (3) 3 (3)
Aggressive Hybrid
DSP Equity & Bond 4 (3) 4 (4) 4 (3) 4 (3) 3 (3) 3 (3) 3 (4) 2 (2) 3 (2) 3 (3) 4 (4)
LIC MF Equity Hybrid 4 (4) 4 (4) 5 (5) 5 (5) 2 (2) 2 (2) 4 (5) 4 (4) 1 (1) 1 (1) 2 (2)
Motilal Oswal Equity Hybrid 4 (5) 3 (5) 5 (5) 4 (5) 2 (2) 2 (2) 2 (3) 3 (3) 2 (3) 2 (3) 2 (3)
Navi Equity Hybrid 4 (4) 4 (4) 3 (4) 3 (4) 3 (3) 3 (3) 5 (5) 3 (3) 4 (4) 4 (4) 1 (1)
Nippon India Equity Hybrid 4 (5) 4 (5) 3 (4) 3 (4) 5 (5) 5 (5) 4 (3) 4 (3) 5 (4) 5 (5) 3 (3)
Axis Equity Hybrid 5 (3) 5 (3) 4 (3) 4 (3) 3 (3) 3 (3) 4 (4) 4 (3) 3 (3) 4 (4) 3 (3)
L&T Hybrid Equity 5 (3) 5 (4) 4 (4) 5 (3) 4 (4) 4 (4) 4 (2) 3 (2) 2 (3) 3 (3) 3 (4)
PGIM India Hybrid Equity 5 (4) 5 (4) 5 (5) 5 (5) 4 (4) 4 (4) 3 (1) 3 (4) 3 (3) 3 (2) 2 (2)
K = Equity Component in Hybrid Funds * Industry concentration for equity and Exposure to Sensitive Sector for debt portion of the portfolio
21
Conservative Hybrid funds (Cluster ranks are arranged alphabetically and sorted based on regular
plans ranking)
Industry
Jun - Jun -
Mean Mean Concentration / Debt
Conservative 22 22 Volatility Volatility Company Debt Equity Modified
Return Return Exposure to Asset
Hybrid funds Rank Rank - Reg - Dir Concentration Liquidity Liquidity Duration
- Reg - Dir Sensitive Quality
- Reg - Dir
Sector*
7.5%*
Weightages 50% 10% 5% 5% 17.5% 7.5%*K 5%
(100-K)
Kotak Debt
1 (1) 1 (1) 2 (1) 2 (1) 5 (5) 5 (5) 3 (3) 4 (4) 2 (2) 2 (2) 5 (4) 4 (4)
Hybrid Fund
SBI
Conservative 1 (2) 1 (2) 1 (2) 1 (2) 3 (4) 3 (4) 2 (2) 1 (1) 4 (3) 4 (4) 5 (5) 3 (2)
Hybrid Fund
Aditya Birla
Sun Life
2 (3) 3 (3) 1 (1) 1 (1) 4 (4) 4 (4) 4 (3) 5 (5) 5 (5) 4 (4) 3 (3) 2 (2)
Regular
Savings Fund
Canara
Robeco
2 (2) 2 (2) 3 (3) 3 (3) 3 (2) 3 (2) 2 (3) 3 (3) 3 (2) 3 (2) 4 (3) 1 (2)
Conservative
Hybrid Fund
HSBC Regular
2 (2) 2 (2) 4 (3) 4 (3) 4 (3) 4 (3) 3 (2) 4 (3) 1 (1) 1 (1) 1 (1) 5 (5)
Savings Plan
Franklin India
Debt Hybrid 3 (4) 3 (5) 4 (4) 4 (4) 3 (3) 3 (3) 2 (2) 2 (5) 2 (3) 2 (3) 3 (3) 2 (1)
Fund
HDFC Hybrid
3 (3) 3 (3) 2 (2) 2 (2) 5 (5) 5 (5) 3 (5) 2 (2) 3 (4) 4 (4) 4 (4) 4 (4)
Debt Fund
ICICI
Prudential
3 (3) 3 (3) 3 (3) 2 (3) 1 (1) 1 (1) 5 (5) 3 (3) 4 (4) 5 (5) 4 (3) 3 (3)
Regular
Savings Fund
LIC MF Debt
3 (1) 2 (1) 4 (4) 5 (4) 2 (1) 2 (1) 3 (4) 4 (4) 1 (1) 1 (1) 1 (1) 2 (1)
Hybrid Fund
UTI Regular
3 (3) 3 (3) 2 (2) 3 (2) 4 (4) 4 (4) 4 (3) 3 (3) 4 (4) 3 (3) 3 (3) 5 (4)
Savings Fund
Axis Regular
4 (3) 5 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (3) 3 (3) 3 (4) 3 (3)
Saver Fund
IDFC Regular
4 (4) 4 (4) 5 (5) 5 (5) 3 (3) 3 (3) 1 (1) 5 (4) 2 (2) 2 (2) 2 (2) 3 (3)
Savings Fund
Nippon India
Hybrid Bond 4 (5) 4 (5) 3 (5) 3 (5) 1 (3) 1 (3) 1 (1) 1 (1) 5 (5) 5 (5) 2 (2) 1 (3)
Fund
Baroda BNP
Paribas
5 (5) 5 (4) 5 (4) 4 (4) 2 (2) 2 (2) 5 (4) 2 (2) 3 (3) 3 (3) 2 (2) 4 (5)
Conservative
Hybrid Fund
DSP Regular
5 (4) 4 (4) 3 (3) 3 (3) 2 (2) 2 (2) 4 (4) 3 (3) 3 (3) 3 (3) 3 (5) 3 (3)
Savings Fund
K = Equity Component in Hybrid Funds

* Industry concentration for equity and Exposure to Sensitive Sector for debt portion of the portfolio
22
Arbitrage funds (Cluster ranks are arranged alphabetically and sorted based on regular plans ranking)
Jun - 22 Jun - 22 Mean Mean Count of Count of
Volatility Volatility
Arbitrage funds Rank Rank Return Return Negative Returns Negative Returns
- Reg - Dir
- Reg - Dir - Reg - Dir - Reg - Dir
Weightages 60% 25% 15%
Invesco India Arbitrage Fund 1 (2) 1 (1) 1 (2) 1 (2) 2 (3) 2 (3) 2 (2) 2 (2)
SBI Arbitrage Opportunities Fund 1 (1) 2 (2) 1 (1) 2 (1) 5 (5) 5 (5) 3 (4) 3 (4)
Edelweiss Arbitrage Fund 2 (2) 1 (1) 2 (2) 1 (1) 2 (3) 2 (3) 2 (3) 2 (3)
ICICI Prudential Equity - Arbitrage Fund 2 (2) 3 (3) 3 (3) 3 (3) 3 (2) 3 (2) 3 (3) 3 (3)
Kotak Equity Arbitrage Fund 2 (1) 2 (2) 2 (1) 2 (2) 3 (3) 3 (3) 4 (3) 3 (3)
Nippon India Arbitrage Fund 2 (2) 2 (2) 2 (2) 2 (2) 1 (1) 1 (1) 4 (5) 4 (4)
Aditya Birla Sun Life Arbitrage Fund 3 (3) 3 (3) 3 (3) 2 (3) 2 (2) 2 (2) 4 (4) 4 (3)
HDFC Arbitrage Fund 3 (3) 3 (4) 3 (3) 3 (4) 3 (3) 3 (3) 2 (3) 2 (2)
IDFC Arbitrage Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (1) 2 (1) 3 (3) 3 (3)
Mirae Asset Arbitrage Fund 3 (3) 3 (3) 4 (3) 4 (2) 3 (4) 3 (4) 1 (1) 1 (2)
Tata Arbitrage Fund 3 (3) 2 (2) 4 (4) 3 (3) 1 (2) 1 (2) 3 (2) 3 (3)
UTI Arbitrage Fund 3 (4) 4 (4) 2 (3) 3 (3) 4 (4) 4 (4) 4 (4) 5 (4)
Baroda BNP Paribas Arbitrage Fund 4 (4) 4 (3) 4 (4) 4 (4) 3 (2) 3 (2) 2 (2) 3 (2)
DSP Arbitrage Fund 4 (4) 3 (5) 3 (5) 4 (5) 4 (4) 4 (4) 1 (1) 1 (1)
L&T Arbitrage Opportunities Fund 4 (4) 4 (4) 4 (4) 4 (4) 4 (3) 4 (3) 3 (2) 2 (1)
PGIM India Arbitrage Fund 4 (5) 4 (4) 3 (4) 3 (4) 3 (4) 3 (4) 4 (3) 3 (3)
Sundaram Arbitrage Fund 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5)
Union Arbitrage Fund 5 (3) 5 (3) 5 (2) 5 (3) 4 (3) 4 (3) 3 (3) 4 (4)
23
Gilt funds (Cluster ranks are arranged alphabetically and sorted based on regular plans ranking)
Volatility Volatility Modified
Gilt funds Rank Rank Return Return Liquidity
- Reg - Dir Duration
Weightages 50% 25% 10% 15%
LIC MF Government Securities Fund 1 (2) 1 (3) 3 (3) 3 (3) 1 (1) 1 (1) 1 (1) 1 (3)
SBI Magnum Gilt Fund 1 (2) 1 (2) 1 (3) 1 (3) 3 (3) 3 (3) 2 (3) 2 (3)
DSP Government Securities Fund 2 (1) 2 (1) 2 (2) 2 (2) 3 (3) 3 (3) 3 (2) 1 (2)
Edelweiss Government Securities Fund 2 (1) 2 (1) 1 (1) 1 (1) 3 (4) 3 (4) 5 (2) 2 (1)
UTI Gilt Fund 2 (4) 3 (4) 3 (4) 4 (4) 2 (2) 2 (2) 1 (3) 3 (2)
Aditya Birla Sun Life Government Securities Fund 3 (3) 3 (3) 3 (2) 3 (2) 4 (3) 4 (3) 3 (3) 5 (5)
Axis Gilt Fund 3 (3) 3 (3) 2 (3) 2 (3) 3 (3) 3 (3) 3 (4) 3 (5)
Canara Robeco Gilt Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 4 (1) 3 (4)
ICICI Prudential Gilt Fund 3 (3) 3 (4) 2 (2) 2 (3) 5 (5) 5 (5) 3 (5) 3 (3)
IDFC Government Securities Fund - Investment Plan 3 (2) 4 (2) 3 (1) 3 (1) 5 (5) 5 (5) 4 (3) 3 (3)
L&T Gilt Fund 3 (4) 3 (3) 5 (5) 3 (4) 2 (3) 2 (3) 2 (3) 3 (1)
PGIM India Gilt Fund 3 (3) 2 (2) 3 (4) 3 (3) 1 (2) 1 (2) 2 (3) 2 (2)
Franklin India Government Securities Fund 4 (3) 5 (3) 4 (4) 5 (5) 3 (3) 3 (3) 3 (2) 4 (3)
HDFC Gilt Fund 4 (4) 5 (4) 4 (3) 5 (4) 3 (1) 3 (1) 4 (4) 3 (3)
Kotak Gilt - Investment 4 (3) 3 (3) 3 (3) 3 (2) 4 (4) 4 (4) 3 (3) 4 (4)
Nippon India Gilt Securities Fund 5 (5) 4 (5) 4 (3) 4 (3) 3 (3) 3 (3) 5 (5) 5 (4)
Tata Gilt Securities Fund 5 (5) 4 (5) 5 (5) 4 (5) 4 (4) 4 (4) 3 (4) 4 (3)
24
Banking and PSU funds (Cluster ranks are arranged alphabetically and sorted based on regular plans
ranking)
Jun - 22 Jun - 22 Mean Mean Exposure to

Volatility Volatility Company Asset Modified
Banking and PSU funds Rank Rank Return Return Sensitive Liquidity
- Reg - Dir Concentration Quality Duration
- Reg - Dir - Reg - Dir Sector
Weightages 50% 10% 5% 5% 10% 5% 15%
Axis Banking & PSU Debt

1 (1) 1 (1) 1 (3) 1 (3) 1 (1) 1 (1) 4 (4) 4 (4) 3 (3) 1 (1) 3 (3)
Fund
LIC MF Banking & PSU Debt

1 (3) 1 (2) 2 (5) 2 (4) 1 (1) 1 (1) 1 (1) 3 (3) 2 (2) 1 (1) 1 (2)
Fund
DSP Banking & PSU Debt

2 (2) 2 (3) 3 (4) 3 (4) 2 (3) 2 (3) 1 (1) 3 (3) 2 (1) 2 (2) 2 (1)
Fund
ICICI Prudential Banking &

2 (4) 2 (4) 2 (3) 1 (3) 3 (4) 3 (4) 1 (1) 3 (1) 2 (3) 3 (4) 3 (3)
PSU Debt Fund
IDFC Banking & PSU Debt

2 (2) 2 (3) 1 (3) 2 (3) 2 (2) 2 (2) 1 (1) 4 (4) 3 (3) 2 (2) 3 (3)
Fund
PGIM India Banking & PSU

2 (1) 2 (1) 2 (3) 2 (3) 2 (2) 2 (2) 1 (1) 5 (4) 2 (2) 2 (2) 2 (1)
Debt Fund
Aditya Birla Sun Life Banking

3 (3) 3 (3) 2 (1) 2 (2) 3 (3) 3 (3) 4 (5) 3 (3) 4 (3) 3 (3) 4 (4)
& PSU Debt Fund
Franklin India Banking &

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 4 (4) 3 (3) 3 (3)
PSU Debt Fund
HDFC Banking & PSU Debt

3 (4) 3 (4) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 1 (1) 4 (5) 3 (3) 5 (4)
Fund
Kotak Banking and PSU Debt

3 (3) 3 (2) 3 (2) 3 (2) 4 (3) 4 (3) 1 (1) 3 (3) 3 (4) 4 (4) 3 (3)
Fund
Mirae Asset Banking and

3 (3) 3 (3) 3 (4) 3 (4) 2 (2) 2 (2) 1 (1) 4 (3) 3 (3) 2 (3) 2 (2)
PSU Debt Fund
Nippon India Banking & PSU

3 (3) 3 (3) 3 (2) 3 (2) 3 (3) 3 (3) 1 (1) 1 (1) 3 (3) 3 (3) 4 (4)
Debt Fund
SBI Banking and PSU Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 3 (3) 3 (3) 3 (3)
Tata Banking & PSU Debt

3 (2) 3 (2) 3 (1) 3 (1) 3 (3) 3 (3) 1 (1) 3 (3) 3 (4) 3 (3) 4 (4)
Fund
UTI-Banking & PSU Debt

3 (5) 3 (5) 3 (4) 3 (4) 3 (2) 3 (2) 1 (1) 4 (4) 5 (5) 4 (2) 3 (5)
Fund
Baroda BNP Paribas Banking

4 (4) 4 (4) 4 (3) 4 (3) 4 (4) 4 (4) 5 (1) 3 (5) 4 (2) 3 (4) 4 (3)
& PSU Bond Fund
Edelweiss Banking and PSU

4 (3) 4 (3) 4 (2) 4 (2) 5 (5) 5 (5) 1 (1) 1 (1) 3 (3) 5 (5) 3 (3)
Debt Fund
Sundaram Banking & PSU

4 (4) 4 (4) 4 (4) 4 (5) 3 (3) 3 (3) 5 (1) 3 (5) 3 (3) 3 (3) 3 (3)
Debt Fund
DEBT FUNDS
TRUSTMF Banking & PSU

4 (3) 4 (3) 4 (2) 4 (1) 4 (4) 4 (4) 4 (5) 3 (3) 5 (4) 4 (3) 5 (5)
Debt Fund
Invesco India Banking & PSU

5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 1 (1) 5 (1) 1 (2) 5 (5) 1 (2)
Debt Fund
L&T Banking and PSU Debt

5 (2) 5 (2) 5 (3) 5 (3) 4 (4) 4 (4) 1 (1) 1 (1) 1 (1) 4 (4) 2 (2)
Fund
25
Credit Risk funds (Cluster ranks are arranged alphabetically and sorted based on regular plans ranking)
Mean Mean
Jun - 22 Rank
Jun - 22 Rank Volatility Volatility Exposure to Company Asset Modified
Credit Risk funds Return Return Liquidity
- Reg - Dir - Reg - Dir Sensitive SectorConcentration Quality Duration
- Reg - Dir
Weightages 50% 10% 5% 5% 10% 5% 15%
ICICI Prudential Credit Risk

1 (2) 1 (2) 1 (1) 1 (1) 3 (4) 3 (4) 3 (4) 1 (1) 3 (3) 3 (3) 5 (4)
Fund
Aditya Birla Sun Life Credit

2 (3) 2 (3) 2 (3) 2 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 3 (2) 3 (2)
Risk Fund
Baroda BNP Paribas Credit

2 (1) 2 (1) 3 (3) 2 (2) 3 (4) 3 (4) 4 (3) 3 (3) 2 (1) 3 (4) 1 (2)
Risk Fund
Axis Credit Risk Fund 3 (3) 3 (3) 3 (4) 3 (4) 2 (2) 2 (2) 2 (3) 1 (1) 3 (3) 3 (2) 4 (5)
L&T Credit Risk Fund 3 3 3 3 3 3 5 3 1 1 2
Nippon India Credit Risk

3 (3) 3 (3) 3 (2) 3 (2) 4 (3) 4 (3) 2 (3) 5 (4) 5 (4) 4 (3) 3 (3)
Fund
SBI Credit Risk Fund 3 (3) 3 (3) 2 (4) 3 (4) 1 (2) 1 (2) 3 (2) 1 (1) 3 (2) 3 (3) 4 (4)
UTI Credit Risk Fund 3 (2) 3 (2) 3 (3) 3 (3) 3 (5) 3 (5) 3 (1) 3 (1) 3 (2) 3 (3) 2 (3)
DSP Credit Risk Fund 4 (5) 4 (5) 4 (5) 4 (5) 2 (1) 2 (1) 1 (1) 3 (5) 2 (5) 2 (1) 3 (1)
HDFC Credit Risk Debt

4 (4) 4 (4) 4 (2) 4 (3) 4 (3) 4 (3) 4 (5) 4 (3) 3 (3) 5 (5) 3 (3)
Fund
Kotak Credit Risk Fund 5 (4) 5 (4) 5 (3) 5 (3) 5 (3) 5 (3) 3 (4) 4 (4) 4 (4) 2 (4) 3 (3)
26
Corporate Bond funds (Cluster ranks are arranged alphabetically and sorted based on regular plans
ranking)

Corporate Bond funds Rank Rank Return Return Sensitive Liquidity
Weightages 50% 10% 5% 5% 10% 5% 15%
ICICI Prudential Corporate Bond Fund 1 (5) 2 (5) 2 (4) 2 (5) 3 (5) 3 (5) 4 (5) 1 (1) 2 (1) 2 (4) 4 (3)
Sundaram Corporate Bond Fund 1 (1) 1 (1) 1 (3) 2 (3) 1 (1) 1 (1) 1 (1) 1 (1) 4 (4) 1 (1) 3 (3)
Axis Corporate Debt Fund 2 (3) 2 (3) 2 (2) 2 (1) 2 (3) 2 (3) 3 (5) 1 (1) 3 (3) 3 (3) 4 (5)
Kotak Corporate Bond Fund 2 (2) 3 (2) 2 (2) 2 (2) 3 (2) 3 (2) 4 (4) 1 (3) 3 (3) 2 (2) 4 (4)
Nippon India Corporate Bond Fund 2 (1) 2 (1) 1 (1) 1 (1) 3 (1) 3 (1) 3 (4) 1 (1) 5 (5) 4 (3) 5 (5)
PGIM India Corporate Bond Fund 2 (3) 1 (2) 2 (3) 1 (2) 1 (3) 1 (3) 5 (1) 4 (5) 3 (4) 1 (2) 3 (3)
Aditya Birla Sun Life Corporate Bond Fund 3 (2) 3 (3) 3 (1) 3 (2) 3 (3) 3 (3) 4 (4) 1 (1) 4 (3) 4 (3) 5 (4)
Canara Robeco Corporate Bond Fund 3 (3) 3 (2) 3 (5) 3 (4) 2 (2) 2 (2) 1 (1) 1 (1) 2 (2) 3 (2) 2 (1)
Franklin India Corporate Debt Fund 3 (3) 2 (3) 3 (4) 3 (3) 2 (2) 2 (2) 3 (3) 1 (1) 5 (5) 2 (1) 3 (4)
Invesco India Corporate Bond Fund 3 (4) 3 (4) 3 (3) 3 (3) 3 (3) 3 (3) 3 (1) 1 (1) 3 (2) 3 (4) 3 (3)
Mirae Asset Corporate Bond Fund 3 (5) 3 (5) 3 (5) 3 (5) 3 (3) 3 (3) 5 (1) 4 (3) 4 (4) 3 (3) 3 (3)
SBI Corporate Bond Fund 3 (3) 3 (3) 3 (4) 3 (3) 2 (2) 2 (2) 1 (1) 1 (1) 3 (3) 2 (2) 4 (4)
UTI Corporate Bond Fund 3 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 5 (4) 2 (3) 3 (3) 2 (3)
HDFC Corporate Bond Fund 4 (3) 4 (3) 4 (2) 4 (3) 4 (4) 4 (4) 3 (3) 1 (1) 2 (3) 4 (4) 3 (3)
HSBC Corporate Bond Fund 4 (4) 4 (4) 4 (3) 4 (3) 4 (4) 4 (4) 1 (1) 4 (5) 3 (4) 3 (3) 1 (2)
IDFC Corporate Bond Fund 4 (2) 4 (2) 4 (2) 4 (2) 4 (4) 4 (4) 1 (1) 4 (4) 3 (2) 4 (3) 3 (2)
Union Corporate Bond Fund 4 (4) 4 (3) 4 (3) 4 (4) 4 (4) 4 (4) 1 (1) 5 (4) 4 (3) 3 (4) 2 (2)
DSP Corporate Bond Fund 5 (3) 5 (4) 5 (3) 5 (4) 5 (3) 5 (3) 4 (1) 1 (4) 1 (2) 5 (5) 2 (2)
L&T Triple Ace Bond Fund 5 (4) 5 (4) 5 (4) 5 (4) 5 (5) 5 (5) 1 (1) 3 (3) 1 (1) 5 (5) 1 (1)
27
Dynamic Bond funds (Cluster ranks are arranged alphabetically and sorted based on regular plans
ranking)

Volatility Volatility Modified Company Asset
Dynamic Bond funds Rank Rank Return Return Sensitive Liquidity
- Reg - Dir Duration Concentration Quality
Weightages 50% 10% 5% 5% 5% 7.5% 17.5%
Quantum Dynamic Bond

1 (1) 2 (1) 2 (3) 3 (3) 3 (2) 3 (2) 3 (3) 1 (1) 3 (1) 2 (3) 2 (1)
Fund
Tata Dynamic Bond Fund 1 (3) 1 (3) 1 (3) 1 (2) 1 (1) 1 (1) 2 (1) 4 (1) 4 (5) 3 (3) 3 (3)
ICICI Prudential All

2 (3) 2 (3) 2 (2) 1 (1) 3 (2) 3 (2) 4 (3) 4 (4) 1 (2) 5 (5) 4 (4)
Seasons Bond Fund
IDFC Dynamic Bond Fund 2 (1) 2 (1) 3 (2) 3 (2) 4 (4) 4 (4) 4 (3) 1 (1) 1 (4) 2 (1) 1 (1)
IIFL Dynamic Bond Fund 2 (2) 3 (3) 1 (1) 2 (1) 1 (1) 1 (1) 4 (4) 5 (5) 3 (3) 4 (4) 4 (4)
L&T Flexi Bond Fund 2 (2) 1 (2) 3 (4) 3 (4) 2 (3) 2 (3) 1 (2) 1 (1) 5 (4) 1 (1) 1 (2)

3 (3) 3 (4) 2 (2) 2 (3) 3 (3) 3 (3) 3 (2) 5 (5) 3 (3) 5 (5) 5 (5)
Dynamic Bond Fund
Baroda BNP Paribas

3 (3) 3 (3) 4 (4) 3 (3) 3 (3) 3 (3) 3 (4) 1 (1) 3 (3) 2 (3) 2 (3)
Dynamic Bond Fund
Canara Robeco Dynamic

3 (3) 2 (2) 4 (4) 3 (4) 3 (2) 3 (2) 3 (1) 1 (1) 3 (3) 1 (2) 2 (2)
Bond Fund
DSP Strategic Bond Fund 3 (2) 3 (2) 3 (3) 3 (3) 4 (4) 4 (4) 1 (2) 1 (1) 5 (4) 3 (2) 3 (2)
Kotak Dynamic Bond

3 (2) 3 (2) 3 (2) 3 (2) 3 (3) 3 (3) 3 (4) 4 (1) 1 (2) 3 (3) 3 (3)
Fund
PGIM India Dynamic

3 (5) 3 (4) 3 (3) 2 (3) 2 (3) 2 (3) 2 (3) 1 (1) 4 (5) 3 (3) 3 (3)
Bond Fund
SBI Dynamic Bond Fund 3 (3) 3 (3) 2 (3) 2 (3) 3 (3) 3 (3) 2 (2) 1 (1) 4 (3) 3 (3) 3 (3)
UTI-Dynamic Bond Fund 3 (5) 4 (5) 3 (5) 4 (5) 2 (4) 2 (4) 2 (3) 1 (4) 3 (3) 3 (4) 5 (5)
Axis Dynamic Bond Fund 4 (3) 4 (3) 3 (1) 3 (2) 5 (5) 5 (5) 5 (5) 1 (1) 1 (1) 4 (3) 4 (4)
HDFC Dynamic Debt

4 (4) 4 (4) 4 (5) 4 (5) 2 (2) 2 (2) 3 (3) 4 (4) 1 (3) 3 (3) 3 (3)
Fund
HSBC Flexi Debt Fund 4 (3) 3 (3) 5 (4) 5 (4) 3 (3) 3 (3) 3 (3) 1 (1) 3 (3) 3 (2) 2 (2)
Union Dynamic Bond

4 (4) 4 (5) 5 (3) 5 (4) 4 (4) 4 (4) 3 (3) 1 (1) 4 (4) 2 (2) 3 (3)
Fund
Mirae Asset Dynamic

5 (4) 5 (3) 4 (3) 4 (3) 4 (3) 4 (3) 4 (4) 1 (1) 1 (1) 4 (4) 4 (4)
Bond Fund
Nippon India Dynamic

5 (4) 5 (4) 3 (3) 4 (3) 5 (5) 5 (5) 5 (5) 1 (1) 1 (1) 4 (4) 3 (3)
Bond Fund
28
Medium to Long Duration funds (Cluster ranks are arranged alphabetically and sorted based on
regular plans ranking)

Medium to Long Volatility Volatility Modified Company Asset
Rank Rank Return Return Sensitive Liquidity
Duration funds - Reg - Dir Duration Concentration Quality
Weightages 50% 10% 5% 5% 5% 7.5% 17.5%

1 (2) 2 (2) 2 (1) 2 (1) 4 (4) 4 (4) 2 (1) 1 (1) 3 (4) 3 (3) 3 (3)
Income Fund
Kotak Bond Fund 2 (2) 1 (2) 3 (2) 3 (2) 4 (3) 4 (3) 2 (3) 1 (1) 4 (3) 2 (3) 2 (3)
SBI Magnum Income

2 (3) 3 (3) 1 (2) 1 (2) 2 (1) 2 (1) 3 (3) 5 (5) 1 (1) 5 (5) 4 (4)
Fund
Canara Robeco Income

3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 2 (3) 1 (3) 1 (1) 5 (3) 3 (2) 3 (3)
Fund
ICICI Prudential Bond

3 (3) 3 (3) 2 (3) 2 (3) 3 (3) 3 (3) 3 (4) 4 (1) 3 (3) 4 (3) 3 (3)
Fund
IDFC Bond Fund -

3 (1) 2 (1) 4 (3) 4 (3) 5 (4) 5 (4) 3 (2) 1 (1) 1 (5) 2 (1) 1 (1)
Income Plan
LIC MF Bond Fund 3 (3) 3 (3) 3 (4) 4 (4) 1 (2) 1 (2) 3 (2) 1 (1) 4 (3) 1 (2) 2 (2)
Nippon India Income

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 5 (5) 1 (1) 3 (4) 3 (3) 3 (2)
Fund
HDFC Income Fund 4 (4) 4 (4) 4 (4) 3 (4) 3 (2) 3 (2) 3 (4) 4 (1) 3 (1) 4 (4) 3 (3)
Tata Income Fund 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 1 (1) 3 (2) 3 (3) 4 (4)
UTI Bond Fund 5 (5) 5 (5) 5 (5) 5 (5) 3 (5) 3 (5) 4 (3) 1 (1) 1 (3) 3 (4) 5 (5)
29
Medium Duration funds (Cluster ranks are arranged alphabetically and sorted based on regular
plans ranking)

Volatility Volatility Modified Exposure to Company
Medium Duration funds Rank Rank Return Return LiquidityAsset Quality
- Reg - Dir Duration Sensitive Sector Concentration
Weightages 50% 10% 5% 5% 5% 7.5% 17.5%
Axis Strategic Bond Fund 1 (2) 1 (2) 2 (2) 2 (2) 1 (1) 1 (1) 2 (2) 3 (2) 3 (1) 3 (3) 3 (4)
ICICI Prudential Medium

2 (3) 3 (3) 1 (1) 1 (1) 2 (2) 2 (2) 3 (3) 5 (3) 3 (3) 5 (5) 3 (4)
Term Bond Fund
Kotak Medium Term Fund 2 (3) 2 (3) 3 (3) 3 (2) 3 (3) 3 (3) 2 (4) 3 (3) 3 (1) 3 (3) 3 (3)
DSP Bond Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 3 (4) 4 (4) 2 (3) 1 (1) 2 (2) 2 (2)
HDFC Medium Term Debt

3 (3) 3 (3) 3 (2) 3 (2) 2 (2) 2 (2) 3 (4) 3 (4) 1 (1) 3 (3) 3 (3)
Fund
IDFC Bond Fund -

3 (1) 3 (1) 4 (3) 4 (3) 4 (3) 4 (3) 5 (3) 1 (1) 1 (4) 1 (1) 1 (1)
Medium Term Plan
L&T Resurgent India

3 (2) 3 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (2) 1 (1) 3 (3) 2 (2)
Bond Fund
SBI Magnum Medium

3 (2) 3 (2) 2 (2) 3 (3) 3 (2) 3 (2) 4 (3) 4 (2) 1 (1) 3 (3) 4 (3)
Duration Fund
Tata Medium Term Fund 3 (4) 2 (4) 3 (3) 2 (3) 3 (4) 3 (4) 3 (3) 4 (4) 1 (1) 4 (4) 3 (3)

4 (4) 4 (4) 3 (4) 3 (4) 4 (4) 4 (4) 3 (2) 3 (3) 4 (4) 4 (4) 4 (4)
Medium Term Plan
UTI - Medium Term Fund 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 3 (1) 1 (5) 4 (4) 2 (2) 3 (3)
Nippon India Strategic

5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 1 (2) 3 (4) 5 (5) 3 (4) 5 (5)
Debt Fund
30
Short Duration funds (Cluster ranks are arranged alphabetically and sorted based on regular plans
ranking)
Jun - 22 Mean
Jun - 22 Rank Mean Return Volatility Volatility Exposure to Company Asset Modified
Short Duration funds Rank Return Liquidity
- Reg - Reg - Reg - Dir Sensitive Sector Concentration Quality Duration
- Dir - Dir
Weightages 50% 10% 5% 5% 10% 5% 15%

1 (2) 1 (2) 1 (1) 1 (1) 3 (3) 3 (3) 3 (4) 1 (1) 5 (5) 4 (3) 5 (4)
Short Term Fund
ICICI Prudential Short

1 (5) 1 (5) 1 (3) 1 (4) 5 (5) 5 (5) 4 (4) 1 (4) 4 (3) 5 (4) 5 (4)
Term Fund
Axis Short Term Fund 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 1 (1) 4 (4) 3 (3) 4 (4)
SBI Short Term Debt

2 (2) 2 (3) 2 (3) 2 (3) 1 (2) 1 (2) 2 (3) 1 (1) 3 (3) 1 (2) 3 (3)
Fund
Sundaram Short
2 (3) 2 (4) 2 (3) 2 (3) 1 (3) 1 (3) 4 (4) 4 (4) 3 (3) 2 (1) 3 (3)
Duration Fund
UTI Short Term Income

2 (1) 2 (2) 2 (2) 2 (2) 2 (1) 2 (1) 5 (4) 5 (4) 3 (4) 2 (3) 3 (3)
Fund
Canara Robeco Short

3 (3) 3 (3) 3 (5) 3 (5) 3 (1) 3 (1) 1 (1) 1 (1) 2 (3) 3 (2) 2 (2)
Duration Fund
DSP Short Term Fund 3 (3) 3 (4) 3 (3) 3 (4) 2 (2) 2 (2) 2 (3) 5 (5) 2 (2) 1 (2) 2 (2)
HDFC Short Term Debt

3 (4) 3 (5) 3 (2) 3 (3) 4 (3) 4 (3) 3 (3) 1 (3) 4 (4) 4 (5) 4 (4)
Fund
HSBC Short Duration

3 (3) 4 (3) 3 (3) 4 (3) 3 (3) 3 (3) 1 (1) 3 (3) 3 (3) 3 (3) 3 (3)
Fund
IDFC Bond Fund - Short

3 (1) 4 (1) 5 (3) 5 (3) 5 (5) 5 (5) 1 (1) 4 (5) 1 (1) 5 (4) 1 (1)
Term
Mirae Asset Short Term

3 (3) 3 (3) 3 (4) 3 (3) 2 (2) 2 (2) 3 (3) 1 (3) 3 (3) 2 (2) 3 (3)
Fund
Nippon India Short Term

3 (3) 3 (2) 3 (1) 3 (1) 4 (3) 4 (3) 3 (5) 1 (1) 4 (5) 4 (5) 4 (5)
Fund
Tata Short Term Bond

3 (4) 3 (4) 3 (4) 3 (4) 3 (4) 3 (4) 3 (3) 1 (1) 3 (3) 3 (4) 3 (3)
Fund
Invesco India Short Term

4 (4) 3 (3) 4 (4) 3 (3) 3 (4) 3 (4) 4 (1) 1 (3) 3 (2) 2 (3) 3 (2)
Fund
Kotak Bond Short Term

4 (4) 4 (3) 4 (3) 4 (2) 4 (4) 4 (4) 3 (3) 1 (1) 2 (2) 3 (3) 2 (3)
Plan
L&T Short Term Bond

4 (2) 5 (3) 4 (3) 5 (4) 3 (4) 3 (4) 3 (1) 1 (3) 2 (2) 3 (3) 2 (2)
Fund
LIC MF Short Term Debt

4 (3) 3 (1) 5 (5) 4 (5) 2 (2) 2 (2) 1 (1) 3 (3) 1 (1) 3 (1) 1 (1)
Fund
Baroda BNP Paribas

5 (3) 5 (3) 4 (2) 4 (2) 4 (3) 4 (3) 5 (5) 4 (3) 3 (3) 4 (4) 3 (3)
Short Duration Fund
Mahindra Manulife
5 (5) 4 (4) 3 (4) 3 (3) 3 (3) 3 (3) 4 (1) 4 (4) 5 (4) 3 (3) 4 (5)
Short Term Fund
31
Money Market funds (Cluster ranks are arranged alphabetically and sorted based on regular plans
ranking)

Money Market funds Rank Rank Return Return Sensitive Liquidity
Weightages 50% 10% 5% 5% 10% 5% 15%
Nippon India Money

1 (1) 1 (1) 1 (1) 1 (1) 1 (4) 1 (4) 4 (3) 1 (1) 3 (3) 1 (2) 3 (3)
Market Fund
UTI Money Market Fund 1 (1) 1 (2) 2 (2) 2 (2) 1 (3) 1 (3) 4 (3) 3 (4) 2 (1) 2 (1) 2 (3)
Axis Money Market Fund 2 (2) 2 (3) 2 (2) 2 (2) 3 (3) 3 (3) 3 (1) 1 (4) 4 (3) 3 (2) 4 (3)
Franklin India Savings

2 (2) 2 (2) 3 (3) 4 (4) 3 (2) 3 (1) 1 (1) 1 (4) 1 (2) 3 (3) 1 (1)
Fund
Kotak Money Market

2 (2) 2 (3) 1 (3) 1 (3) 2 (3) 2 (3) 3 (3) 4 (3) 3 (4) 2 (3) 3 (3)
Fund

3 (4) 4 (5) 2 (2) 3 (2) 4 (4) 4 (4) 3 (5) 4 (3) 5 (5) 4 (4) 5 (5)
Money Manager Fund
HDFC Money Market

3 (3) 3 (4) 3 (3) 3 (3) 2 (3) 2 (3) 5 (4) 1 (1) 5 (4) 2 (5) 4 (4)
Fund
ICICI Prudential Money

3 (4) 3 (5) 3 (3) 3 (3) 3 (2) 2 (2) 1 (1) 4 (3) 3 (3) 1 (4) 5 (5)
Market Fund
L&T Money Market Fund 3 (4) 3 (3) 4 (4) 4 (5) 4 (3) 4 (3) 1 (5) 3 (1) 2 (2) 3 (5) 2 (2)
Tata Money Market Fund 3 (3) 3 (3) 3 (1) 2 (1) 3 (5) 3 (5) 4 (4) 1 (3) 4 (4) 3 (3) 4 (4)
Edelweiss Money Market

4 (3) 4 (1) 4 (5) 4 (5) 4 (1) 4 (2) 1 (1) 5 (2) 1 (2) 4 (2) 1 (1)
Fund
IDFC Money Manager

4 (5) 3 (3) 4 (5) 3 (4) 2 (1) 3 (1) 1 (1) 5 (5) 2 (1) 4 (4) 2 (2)
Fund
SBI Savings Fund 4 (5) 4 (4) 3 (4) 3 (3) 3 (2) 3 (2) 5 (4) 1 (1) 4 (5) 3 (3) 3 (4)
DSP Savings Fund 5 (3) 5 (4) 5 (3) 5 (4) 5 (4) 5 (4) 1 (1) 1 (5) 3 (3) 5 (3) 3 (2)
Invesco India Money

5 (3) 5 (2) 5 (4) 5 (3) 5 (5) 5 (5) 1 (3) 1 (3) 3 (3) 5 (1) 3 (3)
Market Fund
32
Low Duration funds (Cluster ranks are arranged alphabetically and sorted based on regular plans
ranking)

Low Duration funds Rank Rank Return Return Sensitive Liquidity
Weightages 50% 10% 5% 5% 10% 5% 15%
Canara Robeco Savings

1 (1) 1 (1) 3 (4) 4 (5) 2 (1) 2 (1) 1 (1) 1 (1) 2 (1) 2 (2) 1 (1)
Fund
UTI Treasury Advantage

1 (1) 1 (3) 1 (1) 1 (2) 3 (4) 3 (4) 5 (5) 5 (5) 1 (2) 3 (3) 2 (3)
Fund
Axis Treasury Advantage

2 (2) 3 (3) 2 (2) 2 (2) 4 (3) 3 (3) 2 (3) 3 (1) 4 (4) 3 (3) 3 (3)
Fund
DSP Low Duration Fund 2 (2) 2 (2) 2 (2) 3 (3) 2 (3) 2 (3) 1 (1) 4 (1) 2 (3) 2 (4) 2 (2)
LIC MF Savings Fund 2 (3) 2 (3) 3 (4) 3 (4) 1 (3) 1 (3) 1 (1) 1 (4) 3 (3) 1 (3) 3 (3)
Sundaram Low Duration

2 (4) 2 (4) 1 (3) 1 (3) 3 (5) 3 (5) 5 (4) 4 (1) 4 (4) 1 (1) 3 (4)
Fund
Aditya Birla Sun Life Low

3 (3) 3 (2) 2 (2) 2 (1) 3 (3) 3 (3) 4 (4) 1 (1) 5 (4) 3 (3) 4 (4)
Duration Fund
Invesco India Treasury

3 (3) 3 (3) 3 (3) 4 (4) 3 (3) 3 (3) 3 (1) 1 (1) 2 (3) 3 (3) 2 (2)
Advantage Fund
L&T Low Duration Fund 3 (3) 2 (1) 3 (3) 2 (3) 2 (2) 2 (2) 3 (1) 1 (1) 3 (2) 2 (2) 3 (3)
Mirae Asset Savings

3 (3) 3 (2) 4 (5) 3 (4) 1 (2) 1 (2) 4 (3) 4 (1) 3 (2) 3 (2) 3 (2)
Fund
Nippon India Low

3 (2) 3 (2) 2 (1) 2 (1) 3 (3) 4 (3) 2 (4) 1 (1) 3 (3) 4 (4) 4 (4)
Duration Fund
Tata Treasury Advantage

3 (2) 3 (3) 3 (2) 3 (3) 4 (2) 4 (2) 3 (3) 3 (1) 3 (3) 4 (3) 3 (3)
Fund
HDFC Low Duration Fund 4 (5) 4 (5) 4 (3) 4 (2) 4 (4) 4 (4) 3 (3) 1 (1) 4 (5) 5 (5) 4 (5)
IDFC Low Duration Fund 4 (3) 4 (4) 4 (3) 4 (4) 4 (4) 4 (4) 1 (1) 5 (5) 2 (2) 5 (4) 2 (1)
Mahindra Manulife Low

4 (5) 4 (4) 4 (5) 3 (3) 3 (2) 3 (2) 3 (3) 1 (4) 5 (4) 3 (2) 5 (4)
Duration Fund
SBI Magnum Low

4 (4) 4 (3) 3 (4) 3 (3) 2 (1) 2 (1) 4 (3) 4 (1) 4 (5) 1 (1) 5 (5)
Duration Fund
ICICI Prudential Savings

5 (4) 5 (5) 5 (4) 5 (5) 5 (5) 5 (5) 4 (4) 1 (4) 1 (1) 4 (5) 1 (2)
Fund
Kotak Low Duration Fund 5 (4) 5 (4) 5 (3) 5 (2) 5 (4) 5 (4) 3 (5) 1 (4) 3 (3) 4 (4) 4 (3)
33
Ultra Short Duration funds (Cluster ranks are arranged alphabetically and sorted based on regular
plans ranking)

Ultra Short Duration Volatility Volatility Company Asset Modified
Rank Rank Return Return Sensitive Liquidity
funds - Reg - Dir Concentration Quality Duration
Weightages 50% 10% 5% 5% 10% 5% 15%
L&T Ultra Short Term

1 (1) 1 (1) 2 (3) 4 (4) 3 (4) 2 (4) 1 (1) 1 (3) 1 (1) 3 (3) 1 (1)
Fund
SBI Magnum Ultra Short

1 (2) 3 (3) 3 (2) 4 (4) 4 (3) 4 (2) 3 (4) 3 (1) 2 (3) 4 (3) 2 (3)
Duration Fund
Canara Robeco Ultra

2 (2) 2 (1) 5 (5) 5 (5) 1 (1) 1 (1) 1 (1) 1 (1) 1 (1) 2 (2) 1 (1)
Short Term Fund
HSBC Ultra Short

2 (3) 3 (3) 3 (3) 4 (3) 3 (3) 3 (3) 1 (1) 5 (4) 2 (2) 2 (5) 2 (2)
Duration Fund
Tata Ultra Short Term

2 (4) 1 (2) 3 (4) 2 (3) 2 (2) 2 (2) 1 (1) 2 (4) 2 (3) 3 (3) 2 (3)
Fund

3 (2) 5 (4) 1 (1) 2 (2) 5 (5) 5 (4) 3 (3) 3 (3) 5 (4) 5 (5) 4 (4)
Savings Fund
HDFC Ultra Short Term

3 (3) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (3) 3 (3) 3 (4) 4 (4)
Fund
ICICI Prudential Ultra

3 (3) 3 (2) 2 (2) 1 (1) 2 (2) 2 (2) 3 (4) 3 (4) 4 (5) 3 (1) 5 (5)
Short Term Fund
IDFC Ultra Short Term

3 (3) 4 (4) 3 (3) 5 (5) 5 (3) 5 (3) 1 (1) 5 (5) 3 (2) 4 (3) 3 (2)
Fund
Kotak Savings Fund 3 (3) 3 (3) 2 (3) 3 (3) 4 (3) 4 (3) 3 (3) 3 (3) 3 (2) 3 (3) 3 (3)
Nippon India Ultra Short

3 (2) 2 (2) 1 (1) 1 (1) 3 (4) 3 (5) 4 (3) 3 (2) 5 (5) 4 (4) 5 (4)
Duration Fund
PGIM India Ultra Short

3 (5) 3 (5) 3 (3) 3 (3) 3 (3) 3 (3) 5 (5) 4 (2) 3 (3) 1 (3) 3 (2)
Duration Fund
Axis Ultra Short Term

4 (4) 3 (3) 4 (4) 2 (2) 3 (2) 3 (3) 3 (4) 2 (2) 3 (4) 3 (3) 3 (5)
Fund
Invesco India Ultra Short

4 (4) 4 (4) 4 (4) 3 (3) 4 (3) 4 (3) 5 (5) 4 (1) 3 (3) 5 (4) 3 (3)
Term Fund
UTI Ultra Short Term

4 (3) 3 (3) 3 (3) 3 (3) 3 (4) 3 (4) 3 (3) 3 (3) 3 (4) 3 (2) 3 (3)
Fund
DSP Ultra Short Fund 5 (4) 5 (3) 4 (4) 3 (4) 2 (2) 3 (2) 4 (1) 4 (3) 4 (4) 2 (2) 4 (4)
Sundaram Ultra Short

5 (5) 2 (3) 5 (5) 3 (4) 1 (1) 1 (1) 4 (4) 3 (3) 4 (3) 1 (2) 3 (3)
Duration Fund
34
Liquid funds (Cluster ranks are arranged alphabetically and sorted based on regular plans ranking)
Volatility Volatility Company Asset
Liquid funds Rank Rank Return Return Sensitive Liquidity
- Reg - Dir Concentration Quality
Weightages 50% 10% 5% 5% 15% 15%
Canara Robeco Liquid

1 (1) 1 (1) 3 (4) 4 (5) 1 (1) 1 (1) 1 (1) 3 (1) 1 (2) 1 (1)
Fund
Parag Parikh Liquid Fund 1 (1) 1 (1) 5 (5) 5 (5) 4 (4) 4 (4) 1 (1) 1 (1) 1 (1) 1 (1)
Axis Liquid Fund 2 (2) 3 (2) 1 (1) 2 (3) 2 (3) 3 (3) 2 (4) 3 (4) 3 (3) 3 (3)
Franklin India Liquid Fund 2 (2) 2 (2) 3 (2) 3 (3) 3 (3) 3 (3) 5 (1) 1 (1) 2 (3) 2 (3)
IDFC Cash Fund 2 (2) 2 (2) 2 (3) 3 (4) 3 (2) 3 (2) 1 (1) 3 (3) 2 (2) 2 (2)
JM Liquid Fund 2 2 2 2 2 2 4 4 2 2
L&T Liquid Fund 2 (3) 2 (3) 2 (3) 3 (4) 2 (2) 2 (2) 3 (1) 1 (1) 3 (3) 2 (3)
DSP Liquidity Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (1) 4 (5) 3 (1) 3 (2)
HDFC Liquid Fund 3 (4) 3 (4) 3 (4) 4 (4) 4 (4) 4 (4) 3 (5) 1 (3) 2 (4) 3 (3)
HSBC Cash Fund 3 (3) 3 (3) 3 (3) 2 (3) 3 (4) 3 (4) 1 (1) 5 (4) 2 (3) 3 (3)
Invesco India Liquid Fund 3 (3) 2 (3) 3 (3) 3 (4) 2 (3) 2 (3) 4 (3) 1 (1) 3 (4) 3 (3)
Kotak Liquid Fund 3 (3) 3 (3) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 3 (3) 3 (3)
LIC MF Liquid Fund 3 (3) 3 (3) 4 (5) 4 (3) 2 (1) 2 (1) 1 (5) 4 (4) 3 (2) 2 (2)
Mahindra Manulife Liquid

3 (4) 3 (4) 2 (2) 1 (2) 3 (5) 3 (5) 3 (3) 1 (3) 4 (3) 4 (3)
Fund
Mirae Asset Cash

3 (3) 3 (3) 2 (3) 2 (3) 1 (2) 1 (2) 4 (3) 1 (3) 3 (4) 3 (4)
Management Fund
SBI Liquid Fund 3 (2) 3 (2) 4 (3) 4 (3) 3 (3) 3 (3) 3 (3) 1 (3) 3 (2) 4 (2)
UTI Liquid Cash Plan 3 (4) 3 (4) 3 (2) 3 (2) 3 (3) 3 (3) 3 (4) 3 (3) 3 (4) 3 (4)
Baroda BNP Paribas

4 (3) 5 (3) 1 (1) 1 (1) 3 (2) 3 (2) 5 (4) 4 (5) 5 (3) 5 (3)
Liquid Fund
ICICI Prudential Liquid

4 (3) 4 (3) 4 (4) 4 (3) 4 (3) 4 (3) 3 (3) 3 (3) 4 (3) 4 (4)
Fund
Nippon India Liquid Fund 4 (3) 4 (3) 4 (3) 3 (2) 5 (3) 5 (3) 3 (4) 1 (4) 4 (3) 3 (3)
Sundaram Liquid Fund 4 (5) 4 (5) 3 (3) 2 (3) 3 (3) 2 (3) 4 (3) 5 (1) 4 (5) 4 (5)
Tata Liquid Fund 4 (4) 4 (4) 3 (3) 3 (2) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 4 (4)

5 (5) 5 (5) 3 (2) 3 (1) 4 (5) 4 (5) 4 (3) 3 (3) 5 (5) 5 (5)
Liquid Fund
Edelweiss Liquid Fund 5 4 5 5 5 5 3 3 4 3
35
Annexure I – CRISIL Mutual Fund Ranking Methodology
CMFR is the relative ranking of mutual fund schemes within cash and equivalents beyond a defined threshold is also
a peer group. The basic criteria for inclusion in the ranking penalized under this parameter.
universe are three-year / one-year NAV history and AUM in
excess of category cut-off limits, and complete portfolio Exposure to sensitive sectors
disclosure. Three-year NAV history is considered across all
In case of debt schemes, industry concentration is
equity, hybrid, dynamic bond, medium duration, medium to
analysed for exposure to sensitive sectors which are arrived
long duration and gilt categories; whereas one-year for
based on Industry Risk Score (IRS) for various sectors.
banking & PSU, corporate bond, credit risk, liquid, low
CRISIL’s assessment of IRS quantifies the credit risk
duration, money market, ultra short term, short duration
associated with an industry on a uniform scale to ensure
categories.
comparability across industries. The score captures the
Only open-ended schemes are considered. Ranking is influence of various industry variables on the debt
based on the following parameters: repayment ability of companies in a particular sector over a
3-4-year horizon.
Mean return and volatility

Liquidity analysis
Mean return and volatility are considered as separate
parameters across all categories. Mean return is the It measures the ease with which a portfolio can be
average of daily returns based on the scheme’s NAV for the liquidated. The lower the score, the better. In case of
period under analysis and volatility is the standard equities, it measures the number of days to liquidate the
deviation of these returns. While the period for analysis is portfolio. Liquidity is calculated by taking the average
three years for equity, hybrid, gilt, dynamic, medium portfolio liquidity score of the past three months.
duration, medium to long duration categories; it is one year

Equity liquidity is computed as follows:
for banking & PSU, corporate bond, credit risk, liquid, and
other short duration categories. The period of analysis is Liquidity score of each stock = No. of shares held / daily
broken into four overlapping periods (latest 36, 27, 18 and 9 average trading volume of past six months
months for three-year period, and latest 12, 9, 6 and 3
Portfolio liquidity score = Weighted average liquidity score
months for one-year period). Each period is assigned a
of the above
progressive weight starting from the longest period as
follows: 32.5%, 27.5%, 22.5% and 17.5%, respectively. In case of debt liquidity, T-bills will be treated at par and will
be scored better followed by G-sec, then SDL and corporate
Outlier returns in debt funds due to recovery are normalised
bonds. All SDLs will be treated at par and scored equal to
while calculating mean returns and volatility.
liquid classified corporate debt. G-sec will be assessed
using the security level trade data for the last three months
Portfolio concentration analysis
by analysing turnover (volume), the number of days security
Concentration measures the risk arising out of improper is traded, and the number of trades. Corporate debt liquidity
diversification. For equity securities, diversity score is used is computed by classifying each security into three
as the parameter to measure industry as well as company categories - liquid, semi liquid and illiquid based on (best of)
concentration. In case of debt schemes, the company spread over benchmark and number of days traded in the
concentration is analysed at an individual issuer specific past three months.
limit. The limit is linked with the credit rating of the issuer;
a high rated issuer will have higher limits and as the rating
declines the limit is reduced progressively. Exposure to
36
Asset quality Tracking error
Asset quality measures the probability of default by the This is used only for index schemes. The tracking error is an
issuer of a debt security to honour the debt obligation in estimation of the variability in a scheme’s performance vis-
time. à-vis the index that it tracks. The lower the tracking error,
the better.
Duration
Modified duration is considered across all the debt Count of Negative Returns
categories except liquid to capture the interest rate risk of The count of negative returns is used as parameter in
the portfolio. The lower the value, the better. arbitrage funds to capture downside risk of the funds.
Eligibility criteria
● Only open-ended funds are considered, both regular and direct plans ranked separately
● NAV history
− Three years for equity, hybrid, gilt, dynamic, medium to long and medium duration funds
− One year for arbitrage, banking & PSU, corporate bond, credit risk and other short duration funds, including liquid funds
● AUM cut-off criteria
Broad Investment Type^ AUM Cut-offs (Rs. Crore)*

Equity 10
Debt and Hybrid 50
Debt (<1 year) 250
Liquid 1000
^ Each of the broad investment types comprise of the following ranking categories -
Equity: Multi Cap, Flexi Cap, Large Cap, Large & Midcap, Midcap, Small Cap, Focused, Value/Contra, ELSS, Index/ETF
Hybrid: Aggressive Hybrid, Conservative Hybrid, Arbitrage
Debt: Gilt, Dynamic Bond, Medium to Long duration, Medium duration, Banking & PSU, Credit Risk, Corporate Bond, Short duration
Debt (<1 year): Money market, Low duration, Ultra short duration
* Cut-off to be met by funds during all the month-ends in the respective quarter, along with Quarterly Average AUM
If a fund is not ranked on basis of AUM in the preceding quarter meets the AUM criteria, it will be reviewed and included in the subsequent
quarter based on the fortnightly and monthly AUM trend of the fund in the subsequent quarter.
● Complete portfolio disclosure for all three months in the last quarter
37
Parametric weights
Equity categories:
Large cap, large & mid cap, multi cap, flexi cap, mid cap,
Parameters Index / ETFs
value/contra, focused, small cap, ELSS
Mean Return (%) 55 -
Tracking error (%) - 100
Volatility (%) 25 -
Company concentration (%) 5 -
Industry concentration (%) 10 -
Equity - liquidity (%) 5 -
Time (years) 3 3
Hybrid categories:
Parameters Aggressive hybrid Conservative hybrid Arbitrage
Mean return (%) 50 50 60
Volatility (%) 25 10 25
Company concentration (%) 5 5
Industry concentration / exposure to

10 5
sensitive sector (%)*
Equity - liquidity (%) 10%*K 7.5%*K
Debt - asset quality (%) 5%* (100-K) 17.5
Debt liquidity (%) 5%* (100-K) 7.5%* (100-K)
Modified duration (%) - 5
Count of Negative Returns (%) 15
Time (years) 3 3 1
K = Equity component in hybrid schemes
* Industry concentration for equity and exposure to sensitive sectors for debt portion of the portfolio
Debt categories:
Banking and PSU, corporate bond, credit
Dynamic, medium to
Parameters Gilt risk, short duration, low duration, money Liquid
long, medium duration
market, ultra short term
Mean return (%) 50 50 50 50
Volatility (%) 25 10 10 10
Company concentration (%) - 5 5 5
Exposure to sensitive sector (%) - 5 5 5
Debt - asset quality (%) - 17.5 10 15
Debt liquidity (%) 15 7.5 15 15
Modified duration (%) 10 5 5 -
Time (years) 3 3 1 1
38
Annexure II – Exclusion list
The following SEBI-defined categories are currently excluded from the rankings:
Equity: Dividend yield funds, sectoral/thematic funds
Debt: Overnight funds, long duration funds, 10-year constant maturity gilt funds, floater funds
Hybrid: Dynamic asset allocation/balanced advantage funds, multi asset allocation funds, equity savings funds
Others: Solution-oriented funds, fund of funds, index/ETFs (other than ones replicating Nifty or Sensex)
Exclusion criteria for having excess cash and equivalent in debt funds: Funds with average cash and equivalent exposure (in 1
year or 3 years depending on category) more than below mentioned thresholds are excluded
Cash and equivalent exposure

Categories
threshold %
>= 35% Liquid, ultra-short term, low duration, money market, dynamic bond
>= 25% For rest of the debt categories (excluding gilt)
Miscellaneous:
● Index schemes that are benchmarked to indices other than S&P BSE Sensex and Nifty 50.
● Not pure arbitrage funds by mandate, have option to take some net equity exposure
● Funds which are slated to merge, funds which have discontinued/suspended fresh subscriptions, funds for which new
category has not been disclosed.
Other than the above, funds have also been excluded in accordance with the CMFR methodology. The complete list of these
funds is as follows:
Scheme name New category Reason for exclusion

Aditya Birla Sun Life Multi Cap Fund Multi Cap Fund Does not have three-year NAV history
Axis Arbitrage Fund Arbitrage Fund May deviate from market neutral arbitrage strategy
Axis Growth Opportunities Fund Large & Mid Cap Fund Exposure to foreign equities is more than 20%
Axis Multicap Fund Multi Cap Fund Does not have three-year NAV history
Axis Nifty 50 Index Fund Index Funds/ETFs Does not have three-year NAV history
Axis Value Fund Value Fund Does not have three-year NAV history
Bank of India Arbitrage Fund Arbitrage Fund Did not meet AUM criteria
Bank of India Bluechip Fund Large Cap Fund Does not have three-year NAV history
Bank of India Conservative Hybrid Conservative Hybrid
Did not meet AUM criteria
Fund Fund
Bank of India Credit Risk Fund Credit Risk Fund Did not meet the category definition
Bank of India Flexi Cap Fund Flexi Cap Fund Does not have three-year NAV history
Bank of India Liquid Fund Liquid Fund Did not meet AUM criteria
Bank of India Short Term Income Fund Short Duration Fund Did not meet AUM criteria
39
Bank of India Ultra Short Duration Ultra Short Duration
Fund Fund
Baroda BNP Paribas Corporate Bond
Corporate Bond Fund Did not meet AUM criteria
Fund
Baroda BNP Paribas Gilt Fund Gilt Fund Did not meet AUM criteria
Baroda BNP Paribas Large and Mid
Large & Mid Cap Fund Does not have three-year NAV history
Cap Fund
Baroda BNP Paribas Low Duration
Low Duration Fund Did not meet AUM criteria
Fund
Baroda BNP Paribas Medium Duration
Medium Duration Fund Did not meet AUM criteria
Fund
Baroda BNP Paribas Money Market
Money Market Fund Did not meet AUM criteria
Fund
Baroda BNP Paribas Ultra Short Ultra Short Duration
Duration Fund Fund
Canara Robeco Focused Equity Fund Focused Fund Does not have three-year NAV history
Canara Robeco Value Fund Value Fund Does not have three-year NAV history
DSP Nifty 50 ETF Index Funds/ETFs Does not have three-year NAV history
DSP Value Fund Value Fund Does not have three-year NAV history
Edelweiss Nifty 50 Index Fund Index Funds/ETFs Did not meet AUM criteria
Edelweiss Large & Midcap Index Fund Large & Mid Cap Fund Does not have three-year NAV history
HDFC Multicap Fund Multi Cap Fund Does not have three-year NAV history
Medium to Long
HSBC Debt Fund Did not meet AUM criteria
Duration Fund
HSBC Focused Equity Fund Focused Fund Does not have three-year NAV history
HSBC Low Duration Fund Low Duration Fund Did not meet AUM criteria
HSBC Mid Cap Fund Mid Cap Fund Does not have three-year NAV history
ICICI Prudential Flexicap Fund Flexi Cap Fund Does not have three-year NAV history
IDBI Credit Risk Fund Credit Risk Fund Did not meet AUM criteria
IDBI Dynamic Bond Fund Dynamic Bond Fund Did not meet AUM criteria
IDBI Gilt Fund Gilt Fund Did not meet AUM criteria
IDBI Liquid Fund Liquid Fund Did not meet AUM criteria
IDBI Short Term Bond Fund Short Duration Fund Did not meet AUM criteria
Ultra Short Duration
IDBI Ultra Short Term Fund Did not meet AUM criteria
Fund
IDFC Credit Risk Fund Credit Risk Fund Did not meet the category definition
IDFC Emerging Businesses Fund Small Cap Fund Does not have three-year NAV history
IDFC Multicap Fund Multi Cap Fund Does not have three-year NAV history
IDFC S&P BSE Sensex ETF Index Funds/ETFs Did not meet AUM criteria
IIFL Liquid Fund Liquid Fund Did not meet AUM criteria
Indiabulls Arbitrage Fund Arbitrage Fund Did not meet AUM criteria
Indiabulls Dynamic Bond Fund Dynamic Bond Fund Did not meet AUM criteria
Indiabulls Equity Hybrid Fund Aggressive Hybrid Fund Did not meet AUM criteria
40
Indiabulls Liquid Fund Liquid Fund Did not meet AUM criteria
Indiabulls Short Term Fund Short Duration Fund Did not meet AUM criteria
Indiabulls Value Fund Value Fund Did not meet AUM criteria
Invesco India Credit Risk Fund Credit Risk Fund Did not meet the category definition
Invesco India Flexi Cap Fund Flexi Cap Fund Does not have three-year NAV history
Invesco India Focused 20 Equity Fund Focused Fund Does not have three-year NAV history
Invesco India Gilt Fund Gilt Fund Did not meet AUM criteria
Invesco India Medium Duration Fund Medium Duration Fund Does not have three-year NAV history
ITI Arbitrage Fund Arbitrage Fund Did not meet AUM criteria
ITI Banking & PSU Debt Fund Banking and PSU Fund Did not meet AUM criteria
Conservative Hybrid
ITI Conservative Hybrid Fund Does not have three-year NAV history
Fund
ITI Dynamic Bond Fund Dynamic Bond Fund Does not have three-year NAV history
ITI Large Cap Fund Large Cap Fund Does not have three-year NAV history
ITI Liquid Fund Liquid Fund Did not meet AUM criteria
ITI Long Term Equity Fund ELSS Does not have three-year NAV history
ITI Mid Cap Fund Mid Cap Fund Does not have three-year NAV history
ITI Small Cap Fund Small Cap Fund Does not have three-year NAV history
ITI Ultra Short Duration Fund Does not have one-year NAV history
Fund
ITI Value Fund Value Fund Does not have three-year NAV history
JM Arbitrage Fund Arbitrage Fund Did not meet AUM criteria
Historical attributes of the fund do not match that of the
JM Dynamic Bond Fund Dynamic Bond Fund
category/peer group
JM Equity Hybrid Fund Aggressive Hybrid Fund Did not meet AUM criteria
JM Large Cap Fund Large Cap Fund Outlier fund in the category
JM Low Duration Fund Low Duration Fund Did not meet AUM criteria
Medium to Long
JM Medium to Long Duration Fund Did not meet AUM criteria
Duration Fund
Kotak Focused Equity Fund Focused Fund Does not have three-year NAV history
Kotak Multicap Fund Multi Cap Fund Does not have three-year NAV history
Kotak NIFTY 50 Index Fund Index Funds/ETFs Does not have three-year NAV history
Conservative Hybrid
L&T Conservative Hybrid Fund Did not meet AUM criteria
Fund
L&T NIFTY 50 Index Fund Index Funds/ETFs Does not have three-year NAV history
LIC MF Arbitrage Fund Arbitrage Fund Did not meet AUM criteria
LIC MF Ultra Short Term Fund Did not meet AUM criteria
Fund
Mahindra Manulife Arbitrage Yojana Arbitrage Fund Did not meet AUM criteria
Mahindra Manulife Dynamic Bond
Dynamic Bond Fund Did not meet the category definition
Yojana
Mahindra Manulife Flexi Cap Yojana Flexi Cap Fund Does not have three-year NAV history
41
Mahindra Manulife Focused Equity
Focused Fund Does not have three-year NAV history
Yojana
Mahindra Manulife Hybrid Equity
Aggressive Hybrid Fund Does not have three-year NAV history
Nivesh Yojana
Mahindra Manulife Top 250 Nivesh
Large & Mid Cap Fund Does not have three-year NAV history
Yojana
Mahindra Manulife Ultra Short Term Ultra Short Duration
Fund Fund
Mirae Asset Midcap Fund Mid Cap Fund Does not have three-year NAV history
Mirae Asset Money Market Fund Money Market Fund Does not have one-year NAV history
Mirae Asset Ultra Short Duration Fund Did not meet AUM criteria
Fund
Motilal Oswal Large and Midcap Fund Large & Mid Cap Fund Does not have three-year NAV history
Motilal Oswal Liquid Fund Liquid Fund Did not meet AUM criteria
Motilal Oswal Nifty 50 Index Fund
Index Funds/ETFs Does not have three-year NAV history
(MOFNIFTY50)
Motilal Oswal Ultra Short Term Fund Did not meet AUM criteria
Fund
Navi Liquid Fund Liquid Fund Did not meet AUM criteria
Navi Nifty 50 Index Fund Index Funds/ETFs Does not have three-year NAV history
Conservative Hybrid
Navi Regular Savings Fund Did not meet AUM criteria
Fund
Navi Ultra Short Term Fund Did not meet AUM criteria
Fund
Nippon India Flexi Cap Fund Flexi Cap Fund Does not have three-year NAV history
PGIM India Liquid Fund Liquid Fund Did not meet AUM criteria
PGIM India Low Duration Fund Low Duration Fund Did not meet AUM criteria
PGIM India Money Market Fund Money Market Fund Did not meet AUM criteria
PGIM India Short Duration Fund Short Duration Fund Did not meet AUM criteria
PGIM India Small Cap Fund Small Cap Fund Does not have three-year NAV history
Conservative Hybrid
Parag Parikh Conservative Hybrid Fund Does not have three-year NAV history
Fund
Parag Parikh Flexi Cap Fund Flexi Cap Fund Exposure to foreign equities is more than 20%
Parag Parikh Tax Saver Fund ELSS Does not have three-year NAV history
Quant Liquid Fund Liquid Fund Did not meet AUM criteria
Quant Value Fund Value Fund Does not have three-year NAV history
Quantum Liquid Fund Liquid Fund Did not meet AUM criteria
Samco Flexi Cap Fund Flexi Cap Fund Does not have three-year NAV history
SBI Multicap Fund Multi Cap Fund Does not have three-year NAV history
Conservative Hybrid
Sundaram Debt Oriented Hybrid Fund Did not meet AUM criteria
Fund
Sundaram Medium Term Bond Fund Medium Duration Fund Did not meet AUM criteria
Sundaram Money Market Fund Money Market Fund Did not meet AUM criteria
42
Tata Corporate Bond Fund Corporate Bond Fund Does not have one-year NAV history
Tata Focused Equity Fund Focused Fund Does not have three-year NAV history
Taurus Nifty Index Fund Index Funds/ETFs Did not meet AUM criteria
TRUSTMF Liquid Fund Liquid Fund Does not have one-year NAV history
TRUSTMF Short Term Fund Short Duration Fund Does not have one-year NAV history
Union Focused Fund Focused Fund Does not have three-year NAV history
Union Hybrid Equity Fund Aggressive Hybrid Fund Does not have three-year NAV history
Union Large and Mid Cap Fund Large & Mid Cap Fund Does not have three-year NAV history
Union Liquid Fund Liquid Fund Did not meet AUM criteria
Union Medium Duration Fund Medium Duration Fund Does not have three-year NAV history
Union Midcap Fund Mid Cap Fund Does not have three-year NAV history
Union Money Market Fund Money Market Fund Does not have one-year NAV history
UTI Focused Equity Fund Focused Fund Does not have three-year NAV history
UTI S&P BSE Sensex Index Fund Index Funds/ETFs Does not have three-year NAV history
UTI Small Cap Fund Small Cap Fund Does not have three-year NAV history
WhiteOak Capital Liquid Fund Liquid Fund Did not meet AUM criteria
WhiteOak Capital Ultra Short Term Ultra Short Duration
Fund Fund
43
Contact details
[email protected]
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objective methodology followed in the process of execution with no influence at an analyst level and the outputs being executed at a
portfolio level, with no separate analysis for an individual company.
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CRISIL Mutual Fund Ranking June 22

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CRISIL Mutual Fund Ranking June 22

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CRISIL Mutual Fund Ranking

For the quarter ended June 30, 2022

Analytical Business Development

Piyush Gupta Pradeep Nair Dinesh Agarwal

Rupal Agarwal Ankur Nehra Priyanka Murarka

Shrishti Nolkha Amit Bhardwaj

Net flows (Rs trillion)

absolute terms. On a consolidated basis, their AUM (21% of 24

● The SEBI issued a circular stating that mutual fund unit

FII/ MF Daily Net Equity

Investments Rs. billion

S&P BSE Sensex

The market fell further, as dismal US growth data ignited

Chart 3 – Movement of overnight MIBOR Chart 4 – 10-year benchmark gilt yield

Source – CRISIL Research Source – CRISIL Research

heightened geo-political tensions in Europe. Hariom Pipe

during the quarter can also be attributed to the positive Rainbow

Medium duration Fund 2.6

Dynamic bond Fund 2.5

Gilt Fund 2.3

Banking and PSU Fund 1.9

5.5% Apr-June'22 Jan-Mar'22

Gilt funds reduced their modified duration to 2.35 years

quarter from 20.76% previously. During the same period

allocation to 28.29% in the June quarter from 29.94% held

1. Large Cap funds Debt Funds

2. Large & Mid Cap funds 14. Gilt funds

3. Flexi Cap funds 15. Banking & PSU funds

4. Multi Cap funds 16. Credit Risk funds

5. Mid Cap funds 17. Corporate Bond funds

6. Small Cap funds 18. Dynamic Bond funds

7. Value/Contra funds 19. Medium to Long Duration funds

8. Focused funds 20. Medium Duration funds

9. Equity Linked Savings Schemes (ELSS) 21. Short Duration funds

10. Index funds 22. Money Market funds

Hybrid funds 23. Low Duration funds

24. Ultra Short Duration funds

CRISIL Mutual Fund Ranking category definitions

Weightages 55% 25% 10% 5% 5%

ICICI Prudential Bluechip

Aditya Birla Sun Life Frontline

IDBI India Top 100 Equity

Mahindra Manulife Large Cap

Baroda BNP Paribas Large

Canara Robeco Bluechip

Figures in brackets indicate previous quarter ranks

Jun - 22 Jun - 22 Mean Mean

Weightages 55% 25% 10% 5% 5%

HSBC Large and Mid Cap 4 4 4 4 4 4 3 3 2

Figures in brackets indicate previous quarter ranks

Weightages 55% 25% 10% 5% 5%

Figures in brackets indicate previous quarter ranks

Weightages 55% 25% 10% 5% 5%

Mahindra Manulife Multi

Nippon India Multicap

Baroda BNP Paribas Multi

ICICI Prudential Multicap

Invesco India Multicap