The fund featured in the top 30th percentile in the equity linked savings scheme (ELSS) category of CRISIL Mutual Fund Rankings (CMFR) for the three quarters ended September 2018.
Aditya Birla Sun Life Tax Relief 96, launched in March 1996, provides an opportunity to save tax while growing your money through equity investments. The fund featured in the top 30th percentile in the equity linked savings scheme (ELSS) category of CRISIL Mutual Fund Rankings (CMFR) for the three quarters ended September 2018.
Ajay Garg has been managing the fund since October2006. He manages four open-ended equity schemes at the asset management company (AMC) with a total assets under management (AUM) of 11,216 crore as on November 30, 2018.
The fund's month-end AUM increased over three times from Rs 2,010 crore in December 2015 to Rs 6,984 crore in November 2018. The returns are calculated for regular plan, growth option.
Trailing returns
The fund has outperformed its peers (funds ranked in the ELSS category in CMFR - September 2018) across all trailing periods under analysis. It outperformed the benchmark (S&P BSE 200 TRI) across all periods except the past one year and three years.
An investment of Rs 10,000 in the fund on March 7, 2008 (inception of regular plan, growth option) would have grown to Rs 30,270 (10.79% CAGR) on December 24, 2018 vis-à-vis the benchmark's Rs 26,752 (9.53% CAGR) and the category's Rs 29,704 (10.6% CAGR).
SIP returns
A monthly investment of Rs 10,000 through a systematic investment plan (SIP) for 10 years since January 2009 would have grown to Rs 26.73 lakh (XIRR 15.35%). A similar investment in the benchmark would have grown to Rs 22.76 lakh (XIRR 12.34%).
Risk-reward matrix
During the past three years, the fund outperformed its category but underperformed its benchmark. However, it had lower volatility than both benchmark and category average.
Portfolio analysis
During the past three years, the fund invested in 53 stocks and maintained an average allocation of 42.63% to large cap, 36% to mid-cap and 19.22% to small cap. The top five sectors constitute 50.5% of the fund's equity portfolio as of November 2018.
In the past three years, the banking sector had the highest average allocation of 12.63%, with Kotak Mahindra Bank and HDFC Bank as the highest contributors to the fund's returns. Auto ancillaries (12.1%) and pharmaceuticals (10.55%) had the second and third largest exposures, respectively during the period.
The fund consistently held 36 of the 53 stocks that it invested in during the past three years. Among the consistently held stocks, Honeywell Automation India, Biocon, Reliance Industries, Bharat Financial Inclusion and Hindustan Unilever have outperformed the fund's benchmark over the past three years.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "Mutual Funds")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}