INF192K01CC7
Overall analysis
The 3-yr rolling excess return tracking error against benchmark has been bad overall. The rolling return of this fund shows that this fund gives a negative return and most of the time information ratio of this fund is <1, So all the ratios show that this fund was not good for investment.
Performance analysis
Rolling return in quartiles
The rolling return chart shows excess 3-year annualized returns in context of peer return quartiles. The blue line’s time above the third green median line indicates the fund’s better than median performance.
On The starting day of this fund, the fund went into the upside and gave high returns. After October 2017 was going into downside and after that fund was not touched to 4% again, and it paly between 2.5% to -2%.
Rolling Risk/return (snail-trail)
The rolling risk/return chart shows excess 3-year annualised returns relative to the index. The top left quadrant would indicate higher returns with lower volatility than index.
The snail trail chart shows the fund was going to the top right side and touched 9.42% at a time and after that fund was maintained between 4% to -2%.
Tracking error
The tracking error chart shows how the fund ‘tracks’ against the index. The higher the TE, the more active the fund’s return has been, with the 3-6% range considered to be barely active, >6% range considered to be reasonably active and anything higher attributed to concentrated/focused funds. Funds with TE of less than 3% can be considered to be closet indexers.
1 year rolling tracking error shows the fund was run between 4% to 8% and in November 2020 fund touched the level of 9.1% and currently the fund is running under 4%.
Information ratio
The information ratio is a measure of ‘risk-adjusted return’ as it’s the excess return per unit of excess volatility. Active funds should have IR of higher than 1, ideally higher than 1.3 at least to indicate skill.
1 year rolling information ratio shows when the fund was stated that time information ratio was -1.2% and after that it went up and touched 2.7 in May 2017. After that we can see so many ups and downs on the fund and currently the information ratio of the fund was more than 2.
Portfolio analysis
Stock style chart
Morningstar’s stock style chart shows the ‘style’ of the stocks in the portfolio in terms of size and value/growth style. The centroid shows the weighted average while the zone circle shows how varied the stock styles are.
This fund is a large cap growth fund.
Factor profile chart
Morningstar’s factor profile shows the historical style analysis of the stocks in the portfolio in terms of size, value/growth style and other key factors. The blue circle shows the fund relative to the black dot for the category average.
This chat shows that this fund is a growth fund, and this fund has low volatility and liquidity. Fund has high momentum compared to category average.
Prepared by – <Nisarg Patel>, August 2023
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