ISIN INF966L01853
Overall analysis
3-yr rolling excess returns and TE against benchmark have performed very well during 2016-18 but then performed neutral. The fund has a high TE. The fund has performed magnificently as compared to its peer.
Performance analysis
Rolling returns in quartiles
The rolling return chart shows excess 3-year annualised 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.
The Rolling return shows that the fund was above the third median line and showed 3Y-Rolling Return of 14.61% in Oct-2016 and performed well enough as compared to its peer.
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.
This fund has shown impressive 3-year excess returns, touching 14.61% per annum with risk of
-0.43%. However, the excess return was quite good during the past few years.
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 2-4% range considered to be barely active, 4-6% range considered to be reasonably active and anything higher attributed to concentrated/focused funds. Funds with TE of less than 2% can be considered to be closet indexers.
Tracking Error of the fund has been almost above 6% i.e. High TE. The Highest TE was shown at 12.78% during Sept-2021. While the lowest was 4.67% in Sept-2019.
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.
The Information Ratio was measured 3.35 in Dec-2014 and then came down to its lowest i.e. -1.68 in Mar-2019.
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.
The Stock Style chart of the fund shows the fund is a blend of large & mid 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.
The factor profile chart shows that the fund’s growth style, yield, volatility & liquidity is low, momentum & quality is above average and size of the fund is large.
Prepared by – Ashutosh Sahu, August 2023
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