MUTUAL

FUND
Feb 25
MARKET LANDSCAPE
AUM
ASSET CLASS NO. OF CATEGORIES NO. OF SCHEMES
(CRORE)

EQUITY 11 471 30.65 Lakh

Invest primarily in stocks

DEBT 16 315 16.09 Lakh

Invests primarily in FI securities

HYBRID
Invests in Equities, FI securities & 6 159 9.14 Lakh
Commodities

OTHERS 6 666 12.12 Lakh

TOTAL 39 1,611 68 Lakh

Source – AMFI AUM data as on 30th September 2024

CHOOSING THE RIGHT FUND IS CRITICAL
Challenging and confusing to
On average, 65-75% of the actively managed
select the right scheme
funds have underperformed its benchmark

% OF FUNDS % OF FUNDS
CATEGORY NO OF FUNDS BENCHMARK RETURN 3 YR BENCHMARK RETURN 5 YR UNDERPERFORMING UNDERPERFORMING
3 YR 5 YR

LARGE CAP
(Nifty 100 – TRI)
32 12.34% 16.02% 56% 72%

MID CAP
(Nifty Mid Cap 150 TRI )
30 21.09% 25.37% 76% 83%

SMALL CAP
(BSE 250 Small Cap – TRI )
27 17.95% 25.40% 56% 52%

FLEXI CAP
(Nifty 500 TRI )
40 14.24% 18.16% 73% 83%

DYNAMIC ASSET
ALLOCATION*
(NIFTY 50 Hybrid 27 9.32% 11.31% 37% 67%
Composite debt 50:50
Index )

* Dynamic Asset allocation has two Benchmarks: NIFTY 50 Hybrid

Source – Nuvama Internal Research. Data as on 31st January 2024 Composite debt 50:50 Index & CRISIL Hybrid 50+50 - Moderate Index
WHY NUVAMA
FUND SELECTION PROCESS
STAGE 1: SELECTION BASIS CRITERIA

QUALITATIVE CHECKS
CRITERIA 1 CRITERIA 2 Is there an imminent change in Fund
Manager or has the Fund Manager left
Inception Date > 3 years AUM > 250/500/1000 Cr
recently?
Depending on Fund category

Example: If a renowned fund manager is

STAGE 2: CLASSIFICATION leaving fund house A and joining fund
house B

Is there some kind of red flag associated

with the MF house?
Weighted Investment
Average Market Objectives Prevailing Bias
Cap Example: If a Fund house is under scrutiny
of SEBI

STAGE 3: STATISTICAL ANALYSIS Is there some kind of red flag associated

with the Fund Manager?

Can the AMC be bought out?

Sharpe, Diversification Alpha, Outperformance

Information Ratio Unsystematic Ratio

Source – Nuvama Internal Research.

UNDERSTANDING QUANTITATIVE CRITERIAS
Particulars Fund A Fund B
SHARPE RATIO
Returns 20% 20%
• The Sharpe ratio is a way to measure how much return a SD 10% 12%
fund has made compared to the risk it has taken. It's like a
score that tells you how much reward you're getting for the Risk Free Rate 6% 6%
risk you're taking. Sharpe Ratio 1.4 1.16

• One of the main uses of the Sharpe ratio is to compare the

risk-adjusted performance of different portfolios.
Sharpe Ratio= Portfolio Return- Risk Free rate
Portfolio Standard Deviation
INFORMATION RATIO
Particulars Fund A Fund B
• IR is a tool used to measure how well a portfolio is performing
Fund Returns (%) 18 18
compared to a specific benchmark. It looks at the extra
returns the portfolio generates above the benchmark and
Benchmark Returns 12 12
how consistently it can achieve those extra returns.
(%)
• Tracking error is another measure that shows how much a Tracking Error (%) 7 5
portfolio's performance differs from its benchmark index.
Tracking Error is the standard deviation of the excess return. Information Ratio 0.9 1.2

INFORMATION RATIO IN AN IP OF NUVAMA WEALTH Info Ratio= Portfolio Return - Return of a benchmark
Tracking Error

Hypothetical illustration to explain the concept

HIGHER RETURNS BY NUVAMA
SHORTLISTED FUNDS

INVESTOR A: MR. ROY INVESTOR B: MR. LANG

Invested 10 Lacs in other
Invested 10 Lacs in Nuvama
funds for 16 quarters
shortlisted funds for 16 quarters

LARGE CAP MID CAP SMALL CAP

Value After Value After Value After

Particulars Alpha Particulars Alpha Particulars Alpha
16 Qtrs. 16 Qtrs. 16 Qtrs.

Mr. Roy 45.0 Lakhs Mr. Roy 59.7 Lakhs Mr. Roy 73.2 Lakhs
10.3 Lakhs 15.5 Lakhs 22.2 Lakhs
Mr. Lang 34.7 Lakhs Mr. Lang 44.2 Lakhs Mr. Lang 51.0 Lakhs

Mr. Roy, over the past 16 quarters, adopted the active investment
approach and generated an Alpha of 10-20 Lakhs in each category

Source – Nuvama Internal Research. Data as on 30th June 2024

 HIGHER RETURNS BY NUVAMA
SHORTLISTED FUNDS*
SHORTLISTED BY INVESTED VALUE AFTER VALUE AFTER 10
SCHEME TENURE – 5 YEARS TENURE – 10 YEARS
NUVAMA AMOUNT 5 YEARS YEARS
SMALL CAP

Fund A Yes 10 lakhs 32.5% 40.8 lakhs 21.8% 71.8 Lakhs

Fund B No 10 lakhs 30.9% 38.4 lakhs 17.5 50.1 Lakhs

Fund C No 10 lakhs 25.3% 30.8 lakhs 16.6% 46.4 Lakhs

The Alpha generated by investing in funds selected by Nuvama is 21.7 Lakhs

SHORTLISTED BY INVESTED VALUE AFTER VALUE AFTER 10

SCHEME TENURE – 5 YEARS TENURE – 10 YEARS
NUVAMA AMOUNT 5 YEARS YEARS
FLEXI CAP

Fund A Yes 10 Lakhs 28.19% 34.6 lakhs 19.1% 57.4 Lakhs

Fund B No 10 Lakhs 21.6% 26.6 lakhs 14.6% 39.1 Lakhs

Fund C No 10 Lakhs 17.7% 22.6 lakhs 10.70% 27.6 Lakhs

The Alpha generated by investing in funds selected by Nuvama is 18.3 Lakhs

Source – Nuvama Internal Research. Data as on 31st August 2024. * Shortlisting of above funds have happened according to the fund selection process which involves qualitative & quantitative parameters.
FOCUS BASKET
DEEP DIVE INTO FOCUS CATEGORIES
PORTFOLIO NO OF SCHEMES IN
CATEGORY TAXATION TAXATION %
(AS PRESCRIBED BY SEBI) CATEGORY

LARGE CAP Min. 80% in Large Cap Equity Tx 20% STCG, 12.5% LTCG 2

MID CAP Min. 65% in Mid Cap Equity Tx 20% STCG, 12.5% LTCG 3

SMALL CAP Min. 65% in Small Cap Equity Tx 20% STCG, 12.5% LTCG 2

At least 65% investments in equity &

FLEXI CAP Equity Tx 20% STCG, 12.5% LTCG 3
equity related instruments

DYNAMIC ASSET
Allocation between equity and debt Equity Tx 20% STCG, 12.5% LTCG 3
ALLOCATION

Investment in at least 3 asset classes

MULTI ASSET LTCG 12.5% >2 Years *MMR <
with a minimum allocation of at least Equity Tx 1
ALLOCATION 2 Years
10% in each asset class

Taxation as per latest Budget rulings. *MMR – Maximum Marginal Rate as defined by Income Tax Act 1961
SHORTLISTED FUNDS
CATEGORY SCHEME 1 SCHEME 2 SCHEME 3 SCHEME 4

LARGE CAP Nippon Large Cap Mirae Large Cap - -

MID CAP Nippon India Growth Tata Mid Cap Edelweiss Mid Cap -

SMALL CAP Bandhan Small Cap HSBC Small Cap - -

FLEXI CAP JM Flexi Cap HDFC Flexi Edelweiss Flexi -

DYNAMIC ASSET DSP Dynamic Asset Edelweiss Balanced Tata Balanced

ALLOCATION Allocation Advantage Advantage

MULTI ASSET DSP Multi Asset

- - -
ALLOCATION Allocation

Source – Nuvama Internal Research. Data as on 31st August 2024

LARGE CAP FUNDS
LARGE CAP FUNDS - OVERVIEW

CAGR
SHARPE EXPENSE AUM SIZE
FUND NAME 1 YR 3 YR SINCE VINTAGE
RATIO RATIO (IN CR)
INCEPTION

Mirae Asset
Large Cap 9.78% 10.10% 14.95% 0.30 1.53% 16 Years ₹37,845
Fund-Reg(G)

Nippon India
Large Cap 12.89% 18.22% 12.90% 0.85 1.57% 17 Years ₹35,667
Fund(G)

Benchmark -
10.34% 12.34%
Nifty 100 TRI

Source – Nuvama Internal Research, Mirae Asset Mutual Fund Fact Sheet & Nippon India Mutual Fund Fact Sheet. Data as on 31st January 2024
LARGE CAP FUNDS – NIPPON INDIA
Quartile Ranking AUM Split Sharpe
Fund Name Aum Bias Beta Scheme Vintage
3yr 5yr 7yr 10yr Large Mid Small Others Ratio

Nippon India Large Large cap

₹35,667 Cr 1 1 1 1 82.39% 9.92% 6.50% 1.19% 0.85 0.93 17 Years
Cap Fund(G) Bias

WHY INVEST?
Top 5 Holdings Top 5 Industry Allocation
• The fund maintains 80% in large caps, and the remaining 20% is used tactically to invest in HDFC Bank Ltd Banks
mid- and small caps to generate alpha. While this strategy has worked for the fund, it has
Reliance Industries Ltd IT - Software
not always worked; cases in point are 2019 and 2020.
• The fund tends to take high conviction and concentrated bets, with top10 stocks ICICI Bank Ltd Petroleum Products
accounting for 50%-55% of the portfolio, additionally, the fund manager takes active bets
Infosys Ltd Finance
- goes underweight or overweight on sectors.
• Experienced Fund Management: Sailesh Bhan, the fund manager, has been managing Bajaj Finance Ltd Power
this fund for over 16 years since its inception 17 years ago. This stability too has allowed the
fund to perform consistently across periods.

• Sailesh Raj Bhan is CIO - Equity Investments at Nippon India Mutual Fund. He has over 27 years of experience in Indian Equity Markets with over
19 years at Nippon Life India Asset Management Limited.
• An MBA in Finance and CFA by qualification.
• He has been managing multiple flagship funds namely, Nippon India Large Cap Fund, Nippon India Multi Cap Fund& Nippon India Pharma
SAILESH RAJ BHAN Fund for over 15 years.

• Ashutosh Bhargava is Head- Equity Research and Fund Manager at Nippon Life India Asset Management Limited. He has over 26 years of
work experience and over 17 years in Investment Research. He is working with Nippon India for over 15 years now.
• Prior to that, he has worked as an analyst for over 2 years at JP Morgan in their Global Economics Team based out of Mumbai.
• He specializes in Macro and Rule-based Investment Strategies. Ashutosh has done MBA in Finance from NMIMS, Mumbai

ASHUTOSH BHARGAVA
Source – Nippon India Mutual Fund Fact Sheet. Data as on 31st January 2024
LARGE CAP FUNDS – MIRAE ASSET
Quartile Ranking AUM Split
Sharpe
Fund Name Aum Bias Beta Scheme Vintage
3yr 5yr 7yr 10yr Large Mid Small Others Ratio

Mirae Asset Large Large

₹37,845 Cr 4 4 3 1 83.45% 9.67% 6.06% 0.82% 0.30 0.85 16 Years
Cap Fund-Reg(G) cap Bias

WHY INVEST?

• The fund has existed for 16 years and is among the most consistent funds, as reflected in its Top 5 Holdings Top 5 Industry Allocation
10-year performance, outperforming its peers and benchmark.
HDFC Bank Ltd Banks
• The fund primarily focuses on high-quality businesses with strong fundamentals. It tends to
stay away from highly leveraged and low-quality stocks, which partially explains its recent ICICI Bank Ltd IT - Software
underperformance. Many leveraged stocks have delivered outstanding performance.
Infosys Ltd Petroleum Products
• The funds' recent underperformance can be attributed to high bets on the financials and
IT sectors, which have not rallied so far. However, that should not be a matter of concern Reliance Industries Ltd Diversified FMCG
as the fund has outperformed its peers by a wide margin over a full market cycle.
TCS Ltd Automobiles

• Mr. Gaurav Misra is the co-head of equity at Mirae Asset Investment Managers and has been managing the Mirae Asset Large Cap
Fund since its inception

• He possesses over 15 years of experience in the financial markets, specializing in equity investments. His previous roles include positions
at Birla Sun Life Asset Management and ICICI Prudential Asset Management

• Mr. Misra holds a Post Graduate Diploma in Management (PGDM) from the Indian Institute of Management (IIM), Calcutta, and
a Bachelor's degree in Technology (B.Tech) from the Indian Institute of Technology (IIT), Kanpur. His extensive experience and
educational background contribute significantly to the fund's management and investment strategy.
GAURAV MISRA

Source – Mirae Asset Mutual Fund Fact Sheet. Data as on 31st January 2024
FLEXI CAP FUNDS
FLEXI CAP FUNDS - OVERVIEW
CAGR
SHARPE EXPENSE AUM SIZE
FUND NAME 1 YR 3 YR SINCE VINTAGE
RATIO RATIO (IN CR)
INCEPTION

Edelweiss Flexi Cap

15.32% 15.65% 13.54% 0.64 1.96% 10 Years ₹2,376
Fund-Reg(G)

HDFC Flexi Cap

17.77% 21.14% 18.86% 1.24 1.42% 30 Years ₹66,344
Fund(G)

JM Flexi Cap Fund-

17.80% 22.90% 14.58% 1.04 1.81% 15Years ₹5,254
Reg(G)

Benchmark - Nifty 500

10.03% 14.24%
TRI

Source – Nuvama Internal Research, Edelweiss Mutual Fund Fact Sheet, DSP Mutual Fund Fact Sheet, HDFC Mutual Fund Fact Sheet & JM Mutual Fund Fact Sheet. Data as on 31st January 2025
FLEXI CAP FUNDS – JM
Quartile Ranking AUM Split
Sharpe
Fund Name Aum Bias Beta Scheme Vintage
3yr 5yr 7yr 10yr Large Mid Small Others Ratio

JM Flexi Cap Fund- Large

₹5,252 Cr 1 1 1 1 54.65% 8.73% 35.23% 1.39% 1.04 0.91 15 Years
Reg(G) cap Bias

WHY INVEST?
Top 5 Holdings Top 5 Industry Allocation
• The fund has demonstrated impressive returns, with a 1-year return of approximately HDFC Bank Ltd Financial Services
18% and a 3-year return of about 23%, and since inception it has given a return of 15%.
• Fund Management team has rich experience across market cycles including taper
ICICI Bank Ltd Healthcare
tantrum, GFC (Global Financial Crisis) and other market downturns.
• True to Label: Played truly across Sector and Market cap. Infosys Ltd Automobile & Auto Components
• Fund Focus: Aims to manage downside risk, superior capture ratios
• Balanced Allocation: Well balanced portfolio mix of large, mid and small cap stock State Bank Of India IT
Maruti Suzuki India Ltd Chemicals

• Mr. Ramanathan holds a B.Tech degree and has done MBA and CFA.
• Prior to joining JM Mutual Fund, he has worked with Sundaram BNP Paribas AMC and has an extensive experience in the asset
management business with stints in Research division of Sundaram AMC and managing funds for Franklin Templeton. He has also worked
with ICICI Securities for 4 years, with Birla Merlin & Dewoo Finance for 1 year, with ICRA Ltd. for 2 years and for 1 year with Tata Economic
SATISH RAMANATHAN Consultancy Services.

• Mr. Choksi is a MMS (Finance) and CFA.

• Prior to joining JM Financials he has worked with Lotus AMC, Chanrai Finance Pvt. Ltd, IL&FS Investmart and UTI
Investment Advisory Services Ltd.

CHAITANYA CHOKSI

Source – Nuvama Internal Research & JM Mutual Fund Fact Sheet. Data as on 31st January 2025
FLEXI CAP FUNDS – HDFC
Quartile Ranking AUM Split Sharpe
Fund Name Aum Bias Beta Scheme Vintage
3yr 5yr 7yr 10yr Large Mid Small Cash Ratio

HDFC Flexi Cap Large

₹66,344 Cr 1 1 1 2 74.14% 2.95% 9.28% 13.63% 1.24 0.86 30 Years
Fund(G) cap Bias

Top 5 Holdings Top 5 Industry Allocation

WHY INVEST?
HDFC Bank Ltd Banks
• Fund Performance: ~19% CAGR since Inception. The fund also has given
~23% CAGR in the last 5 years, outperforming Nifty 500 TRI by over 500 bps. ICICI Bank Ltd Automobiles
• The fund follows a flexible investment strategy, allowing the fund manager
to dynamically allocate assets across large-cap, mid-cap, and small-cap Axis Bank Ltd Pharmaceuticals & Biotechnology
stocks based on market conditions and opportunities.
Kotak Mahindra bank Ltd IT – Software
• This flexibility enables the fund to capitalize on growth potential while
managing risks effectively. Cipla Ltd Insurance

• Ms. Jain has been in the investment Industry since 2001. She started her career with Franklin Templeton in 2005. Prior to
joining the firm, she worked as a Financial Analyst at Goldman Sachs, London.

• Ms. Jain earned her Post Graduate Diploma in Management from Indian Institute of Management, Ahmedabad in 2002.
She earned her Chartered Accountancy from the Institute of Chartered Accountants of India in 1998 with an All-India
Rank 2. She is also a Chartered Financial Analyst (CFA) Charterholder.

ROSHI JAIN

Source – Nuvama Internal Research & HDFC Mutual Fund Fact sheet. Data as on 31st December 2024
FLEXI CAP FUNDS – EDELWEISS
Quartile Ranking AUM Split Sharpe
Fund Name Aum Bias Beta Scheme Vintage
3yr 5yr 7yr 10yr Large Mid Small Ratio

Edelweiss Flexi Cap Large

₹2,376 Cr 2 2 2 NA 67.78% 22.78% 9.44% 0.64 0.99 10 Years
Fund-Reg(G) cap Bias

WHY INVEST?
Top 5 Holdings Top 5 Industry Allocation
• The fund is managed by an experienced team, including Trideep Bhattacharya HDFC Bank Ltd Financial Services
and Ashwani Agarwalla, who have extensive backgrounds in equity and
related investments. Their expertise in selecting quality companies and ICICI Bank Ltd Information Technology
maintaining a diversified portfolio contributes to the fund's ability to achieve
strong compounding returns over time. Infosys Ltd Capital Goods
• The fund has about 76 stock in its portfolio and about 10 stocks constituent
Larsen & Toubro Ltd. Healthcare
around 32.53% of the portfolio. Edelweiss as a fund house believe in technical.
Mahindra & Mahindra Ltd Automobile & Auto Components

• Mr. Trideep comes with PGDBM in Finance from SP Jain Institute of Management & Research, Mumbai and B.Tech in
Electrical Engineering from IIT, Kharagpur has 14 years of experience in Equity investing across Indian and Global markets.
• Prior to joining Edelweiss AMC, he was instrumental in building a market leading PMS business at Axis Asset Management
Company, as Senior Portfolio Manager – Alternate Equities. He has also spent a significant amount of time as a Portfolio
Manager at State Street Global Advisors and UBS Global Asset Management (London, UK).
TRIDEEP BHATTACHARYA

• Mr. Ashwani Agarwalla has completed his MBA in Finance and is a CFA having around 17 years of experience as a
Research Analyst - Equity Investments. He got associated with Edelweiss in June 2022.
• Prior to joining Edelweiss, he was Research Analyst - Equity Investments with JM Financial Services PMS since August
2021 to May 2022 and prior to that he was Senior Research Analyst Equity Investments and Co-Fund Manager (Offshore
and Overseas) with Baroda Mutual Fund since June 2012 to August 2021.
ASHWANI AGARWALLA
Source – Nuvama Internal Research & Edelweiss Mutual Fund Fact Sheet. Data as on 31st January 2025
MID CAP FUNDS
MID CAP FUNDS - OVERVIEW
CAGR
SHARPE EXPENSE AUM SIZE
FUND NAME 1 YR 3 YR SINCE VINTAGE
RATIO RATIO (IN CR)
INCEPTION

Edelweiss Midcap
21.86% 22.46% 13.86% 1.02 1.73% 17 Years ₹8,275
Fund-Reg(G)

Nippon India Growth

15.13% 22.39% 22.41% 0.97 1.59% 29 Years ₹33,033
Fund(G)

Tata Mid Cap Growth

11.39% 18.34% 12.83% 0.78 1.87% 30 Years ₹4,353
Fund-Reg(G)

Benchmark - Nifty Mid

11.57% 21.09%
Cap 150 TRI

Source – Nuvama Internal Research, Nippon India Mutual Fund Fact Sheet, Mirae Asset Mutual Fund Fact Sheet & Tata Mutual Fund Fact Sheet. Data as on 31st January 2025
EDELWEISS MIDCAP FUND
Quartile Ranking AUM Split
Scheme
Fund Name Aum Bias Sharpe Ratio Beta
3yr 5yr 7yr 10yr Large Mid Small Cash Vintage

Edelweiss Mid Cap Mid cap

₹8,275 Cr 1 1 2 1 10.95% 74.90% 14.07% 4.03% 1.02 0.92 17 Years
Fund(G) Bias

Why Invest? Top 5 Holdings Top 5 Industry Allocation

• Our FAIR investment framework helps in identifying robust and clean businesses
Dixon Technologies Ltd Financial Services
available at acceptable prices without being biased toward either value or
growth investing styles Persistent Systems Ltd Capital Goods
• The fund is invested in key themes (Technology, Cement and Building Materials,
Private and Govt Capex, Financials & Manufacturing). Lupin Ltd Healthcare
• The fund has 75% allocation to mid cap, 16% to small cap and 9% to large cap. PB Fintech Ltd Consumer Services
• The Fund’s rolling return has outperformed Index across multiple periods.
Coforge Ltd Information Technology

• Mr. Trideep comes with PGDBM in Finance from SP Jain Institute of Management & Research, Mumbai and B.Tech in
Electrical Engineering from IIT, Kharagpur has 14 years of experience in Equity investing across Indian and Global markets.
• Prior to joining Edelweiss AMC, he was instrumental in building a market leading PMS business at Axis Asset Management
Company, as Senior Portfolio Manager – Alternate Equities. He has also spent a significant amount of time as a Portfolio
Manager at State Street Global Advisors and UBS Global Asset Management (London, UK).
TRIDEEP BHATTACHARYA

• He has over 12 years of experience in Equity Markets. His association with Edelweiss Asset Management Limited
commenced in October 2024.
• Prior to joining Edelweiss, he has been associated with companies like Bank of India Investment Managers Pvt. Ltd ; AUM
Fund Advisors LLP; etc
• He holds a Post Graduate Diploma in Management-Finance from SIES College of Management Studies, Navi Mumbai
Dhruv Bhatia
Source – Nuvama Internal Research & Edelweiss India Mutual Fund Fact Sheet. Data as on 31st January 2024
MID CAP FUNDS – NIPPON INDIA
Quartile Ranking AUM Split
Scheme
Fund Name Aum Bias Sharpe Ratio Beta
3yr 5yr 7yr 10yr Large Mid Small Cash Vintage

Nippon India Mid cap

₹33,033 Cr 1 1 1 1 16.54% 66.60% 12.41% 4.45% 0.97 0.90 29 Years
Growth Fund(G) Bias

Why Invest?
It is among the few funds that boast a history of three decades and consistent performance since Top 5 Holdings Top 5 Industry Allocation
inception. ₹1,00,000 invested in this fund at inception 29 years ago, would have grown to ₹4.11 crore
Persistent Systems Ltd Auto Components
The fund invests 65-70% in mid-caps, and the rest is allocated to large and small caps. The fund
BSE Ltd Finance
manager believes in a diversified portfolio, and hence, the fund has close to 95 stocks.
Fortis Healthcare Ltd Pharma & Biotech
The fund tends to pick stocks from three categories. The first category includes stocks with strong
business models, high corporate governance standards, better execution quality, strong entry barriers, PFC Ltd Retailing
and the ability to shore up market share without impacting margins. The second category includes
Voltas Ltd Industrial Products
stocks with good fundamentals but experiencing temporary setbacks. The third bucket includes
companies with future potential leading to significant upside.

• Rupesh Patel managed some of the flagship funds such as Midcap Growth, Large Cap, Tax Savings, and Infrastructure
Funds.
• Rupesh brings 19 years of diverse experience across equity investments, equity re-investments, credit risk assessment, and
evaluation of infrastructure projects.
• Rupesh Patel has been managing Nippon India Growth fund since Jan 2023
RUPESH PATEL

• Sanjay Doshi has over 13 years of experience in equity research and fund management.
• Prior to joining Reliance Nippon Life Asset Management Limited (formerly Reliance Capital Asset Management Limited)
in 2011, he has worked with Macquarie Securities and JP Morgan.
• He is a qualified Chartered Account, has done MBA with specialization in Finance from NMIMS (Deemed University),
Mumbai and has cleared CFA Level III.
• Sanjay Doshi has been managing this fund since Jan 2023
SANJAY DOSHI
Source – Nuvama Internal Research & Nippon India Mutual Fund Fact Sheet. Data as on 31st January 2025
MID CAP FUNDS – TATA
Quartile Ranking AUM Split Sharpe
Fund Name Aum Bias Beta Scheme Vintage
3yr 5yr 7yr 10yr Large Mid Small Ratio

Tata Mid Cap Growth Mid cap

₹4,353 Cr 3 3 2 2 8.47% 70.61% 20.92% 0.78 0.85 30 Years
Fund-Reg(G) Bias

Top 5 Holdings Top 5 Industry Allocation

WHY INVEST?
Max Financial Services Ltd Financial Services
• Strong Historical Performance: The Tata Mid Cap Growth Fund has demonstrated
impressive returns, achieving a 1-year return of 22.78%, a 3-year return of 20.15% Jubilant Foodworks Ltd Healthcare
and a CAGR of 13.46%.
• The Tata Mid Cap Growth Fund maintains a well-diversified portfolio across Muthoot Finance Ltd Capital Goods
various sectors, which helps mitigate risks associated with individual stocks. With
significant allocations to sectors such as financials, capital goods, and Lupin Laboratories Ltd Automobile & Auto Components
healthcare, the fund is positioned to capture growth across different areas of the
economy. This diversification enhances the fund's resilience against market Alkem Laboratories Ltd Services
volatility and sector-specific downturns.

• Satish Mishra holds an industry experience of more than 13 years. At present, he is the Assistant Fund Manager for Tata Resources &
Energy Fund.
• He joined Tata Asset Management Ltd in July 2017 as a Research Analyst wherein he tracked Oil & Gas, Metals & Mining and
Chemical sectors.
• He holds a Bachelor of Technology degree from IIT (BHU) Varanasi and a Post Graduate Diploma in Management from T A Pai
Management Institute.

SATISH MISHRA

Source – Nuvama Internal Research & Tata Mutual Fund Fact Sheet. Data as on 31st January 2025
SMALL CAP FUNDS
SMALL CAP FUNDS - OVERVIEW

CAGR
SHARPE EXPENSE AUM SIZE
FUND NAME 1 YR 3 YR SINCE VINTAGE
RATIO RATIO (IN CR)
INCEPTION

Bandhan Small Cap

20.65% 24.33% 34.21% 0.99 1.72% 4 Years ₹9,236
Fund-Reg(G)

HSBC Small Cap Fund-

7.54% 18.89% 21.11% 0.72 1.69% 10 Years ₹15,453
Reg(G)

Benchmark - BSE 250

5.63% 17.23%
Small Cap TRI

Source – Nuvama Internal Research, HSBC Mutual Fund Fact Sheet & Bandhan Mutual Fund Fact Sheet. Data as on 31st January 2025
SMALL CAP FUNDS – BANDHAN
Quartile Ranking AUM Split Sharpe
Fund Name Aum Bias Beta Scheme Vintage
3yr 5yr 7yr 10yr Large Mid Small Cash Ratio

Bandhan Small Cap Small cap

₹9,236 Cr 1 NA NA NA 5.39% 11.48% 75.33% 7.81% 0.99 0.90 4 Years
Fund-Reg(G) Bias

Why Invest?
• This fund follows the growth style of investment and focuses on building an extensively
diversified portfolio using a three-pronged stock selection approach: Quality, Growth, Top 5 Holdings Top 5 Industry Allocation
and Reasonable Valuation.
Sobha Financial Services
• The fund predominantly runs with an absolute return thought process rather than a
benchmark-centric one. LT Foods Healthcare
PCBL
• The portfolio currently consists of 167 stocks, with the top 10 stocks making up 18% of
the total. This strategy allows the fund to take advantage of opportunities across The South Indian Bank Capital Goods
various sectors during market rallies while also reducing macro and liquidity risk in the
event of a market downturn. PCBL Chemical Realty
• The fund is committed to delivering consistent returns rather than pursuing
momentum-driven short-term gains with an endeavor to double the money in 3-4 Cholamandalam Financial Holdings FMCG
years. The fund will not shy away from holding cash during times of uncertainty.

• Mr. Gunwani was the Chief Investment Officer - Equities at Nippon India Mutual Fund where he was responsible for managing
equity AUM of over Rs. 1.2 lakh crores.
• He has also served as the Deputy CIO (Equities) at ICICI Prudential AMC, where he was instrumental in scaling up two flagship
funds to a cumulative AUM of over Rs. 35,000 crores.
• Mr. Gunwani holds a postgraduate diploma in management from IIM Bangalore and completed his graduation from IIT Madras..

MANISH GUNWANI

Source – Nuvama Internal Research & Bandhan Mutual Fund Fact Sheet. Data as on 31st January 2025
SMALL CAP FUNDS – HSBC
Quartile Ranking AUM Split Sharpe
Fund Name Aum Bias Beta Scheme Vintage
3yr 5yr 7yr 10yr Large Mid Small Debt Ratio

HSBC Small Cap Small cap

₹15,453 Cr 2 2 2 1 2.60% 21.01% 72.67% 1.17% 0.72 0.80 10 Years
Fund-Reg(G) Bias

WHY INVEST?
Top 5 Holdings Top 5 Industry Allocation
• The fund maintains an extensive portfolio comprising 98 stocks with top 10 stocks constituting BSE Limited Industrial products
22% of the portfolio and 75% exposure to small caps.
Neuland Laboratories Limited Capital Markets
• The fund's relatively lower standard deviation suggests a more consistent performance. Aditya Birla Rela Estate Ltd Consumer Durables
Similarly, the fund has a higher Sharpe ratio compared to its peers.

• The fund’s superior stock picking is reflected by some prominent multi-baggers, such as KPR Mill Ltd Construction
Trent, Dixon Technologies, KEI, and Polycab India, which have contributed to its excellent Brigade Enterprise Ltd Pharma & Biotechnology
past performance.

• Ms. Gupta is CFA Charter holder (USA), PGDBM (Finance) & B.E. (I.T).
• Prior to joining HSBC Mutual Fund, she has worked with L&T Mutual Fund, Canara Robeco Mutual Fund, Tata AIA
Life Insurance Company as Fund Manager, ING Investment Management as Senior Research Analyst and UTI
AMC Ltd. as Research Analyst.
CHEENU GUPTA

• Mr. Venugopal Manghat is Head - Equities at HSBC AMC and has an experience of 25 years in the equity markets in India. He used to
manage the L&T India Value Fund, L&T Business Cycles Fund, L&T India Large Cap Fund and L&T Arbitrage Opportunities Also managed
by him were the equity component of L&T Equity Savings Fund and L&T Monthly Income Plan. .
• He started his career as a research analyst on the sell side before joining Tata Asset Management. Mr. Manghat holds a Bachelor of
Mathematics degree and an MBA in Finance.
VENUGOPAL MANGHAT

Source – Nuvama Internal Research & HSBC Mutual Fund Fact Sheet. Data as on 31st Januaryr 2024
DYNAMIC ASSET ALLOCATION FUNDS
OVERVIEW - DYNAMIC ASSET ALLOCATION
CAGR
EXPENSE AUM SIZE
FUND NAME 1 YR 3 YR SINCE SHARPE RATIO VINTAGE
RATIO (IN CR)
INCEPTION

DSP Dynamic Asset

11.39% 9.73% 9.13% 0.47 1.93% 10 Years ₹3,185
Allocation Fund-Reg(G)

Tata Balanced Adv Fund-

7.48% 10.36% 11.84% 0.53 1.71% 5 Years ₹10,109
Reg(G)

Benchmark - CRISIL Hybrid

9.76% 10.42%
50+50 - Moderate Index

CAGR
SHARPE EXPENSE AUM SIZE
FUND NAME 1 YR 3 YR SINCE VINTAGE
RATIO RATIO (IN CR)
INCEPTION

Edelweiss Balanced
9.18% 10.36% 10.71% 0.46 1.69% 15 Years ₹12,169
Advantage Fund-Reg(G)

Benchmark - NIFTY 50
Hybrid Composite 9.23% 9.48%
debt 50:50 Index

Source – Nuvama Internal Research, DSP Mutual Fund Fact Sheet, Edelweiss Mutual Fund Fact Sheet & Tata Mutual Fund Factsheet. Data as on 31st January 2025
DYNAMIC ASSET ALLOCATION – EDELWEISS
Quartile Ranking AUM Split Sharpe
Fund Name Aum Bias Beta Scheme Vintage
3yr 5yr 7yr 10yr Large Mid Small Others Ratio

Edelweiss Balanced
Large
Advantage Fund- ₹12,169 Cr 2 1 1 1 39.92% 10.82% 6.03% 54.57% 0.46 1.09 15 Years
cap Bias
Reg(G)

WHY INVEST? Top 5 Holdings Top 5 Industry Allocation

HDFC Bank Ltd Financial Services

• Edelweiss Balanced Advantage Fund maintains a well-diversified portfolio
across various asset classes, including equities, debt, and cash. It aims to ICICI Bank Ltd Information Technology
leverage gains during bull markets and mitigate losses during bear markets,
utilizing the PROCYCLICAL EEHI model. Infosys Ltd Healthcare
• Total stocks in the portfolio is 90 which shows diversification. Top 10 stock
accounts for 27.49%. Active share of the portfolio is 46.76% which shows active Reliance Industries Ltd Automobile & Auto Components
management of the fund house.
Bharti Airtel Ltd FMCG

• Bhavesh started his career with Edelweiss Asset Management in January 2008 and has over 15 years of rich experience in the financial
markets. He Co-Head’s Factor Investing team, managing several funds which are part of Risk Adjusted Returns Strategies & ETFs.
• With a Masters in Management Studies from N.L. Dalmia Institute – Mumbai University and an MBA in Finance, also from Mumbai
University, his philosophy revolves around keeping it simple, honest and most importantly real!
BHAVESH JAIN

• Bharat comes with 13 years of experience in areas spanning portfolio management, macro and sector research. He has previously
worked with marquee investment banks and asset management companies
• With a Master in Management Studies (MMS) in Finance from N.L. Dalmia Institute of Management and a Bachelor in Engineering (BE)
in Electronics and Telecom from Mumbai University, he strongly believes that discipline and persistence are the most important
qualities that can make or break you.
BHARAT LAHOTI

Source – Nuvama Internal Research & Edelweiss Mutual Fund Fact Sheet. Data as on 31st January 2025
DYNAMIC ASSET ALLOCATION - TATA
Quartile Ranking AUM Split Sharpe
Fund Name Aum Bias Beta Scheme Vintage
3yr 5yr 7yr 10yr Large Mid Small Debt Ratio

Tata Balanced Adv Large cap

₹10,109 Cr 3 1 NA NA 55.52% 8.88% 4.57% 31.78 0.53 0.85 5 Years
Fund-Reg(G) Bias

WHY INVEST? Top 5 Holdings Top 5 Industry Allocation

• Strong Performance Record: 1-year return of approximately 20.08.1%, a 3-year return HDFC Bank Ltd Financial Services
of about 11.42%, and since inception it has given a return of 12.56%.
• Fund employs a dynamic asset allocation strategy, adjusting its investments between Reliance Industries Ltd Information Technology
equity and debt based on market conditions. This flexibility allows the fund to
capitalize on growth opportunities in equities during bullish phases while shifting to ICICI Bank Ltd Healthcare
debt to mitigate risks during market downturns.
• The fund aims to provide capital appreciation and income distribution to the
Tata Consultancy Services Oil Gas & Consumable Fuels
investors by using equity derivatives strategies, arbitrage opportunities and pure Bharti Airtel Ltd Automobile & Auto Components
equity investments

• With over 27 years of investment experience, Rahul Singh joined Tata Asset Management in October 2018 as CIO-Equities, leading
the fund management and equity research teams.
• Rahul is a Bachelor of Technology in Mechanical Engineering from IIT Bombay and an alumnus of IIM Lucknow where he pursued
his Master of Business Administration in Finance and Financial Management Services.
RAHUL SINGH

• With more than 19 years of experience in both fund management and broking, Sailesh Jain joined Tata Asset Management Pvt.
Ltd. in November 2018 as Fund Manager (Equities).
• Sailesh started his career in 2003 at Refco-Sify securities as a fundamental and derivative analyst. He has also worked as a Fund
Manager at Lotus India Mutual Fund and with IIFL (Indiainfoline) heading the derivatives desk.
• Sailesh is an MBA (Finance) from Queensland University of Technology from Australia
SAILESH JAIN

Source – Nuvama Internal Research & Tata Mutual Fund Fact Sheet. Data as on 31st January 2025
DYNAMIC ASSET ALLOCATION – DSP
Quartile Ranking AUM Split Sharpe
Fund Name Aum Bias Beta Scheme Vintage
3yr 5yr 7yr 10yr Large Mid Small Debt Ratio

DSP Dynamic Asset

Large cap
Allocation Fund- ₹3,185 Cr 4 4 4 3 47.97% 5.29% 14.20% 32.53% 0.47 0.79 10 Years
Bias
Reg(G)

WHY INVEST?
Top 5 Holdings Top 5 Industry Allocation
• Conservative Approach- The fund’s model dynamically manages allocation
7.32% GOI 2030 Arbitrage (Cash Long)
between equity and debt by assessing equity market attractiveness based on
market valuations and technical indicators. HDFC Bank Ltd BONDS & NCDS (CRISIL AAA)
• Strong Risk Management: The fund would typically have less than half the volatility
vs Nifty 50. It has lowest exposure to equity. 7.06% GOI 2027 Government Securities
• Quality Factor: The fund has a strong quality tilt which is playing out in current
environment. Quality business have typically performed well during bearish Infosys Banks
markets recent example like 2018-19.
REC Ltd Finance

• Rohit Singhania is also the Fund Manager for the DSP Opportunities Fund and the DSP Tax Saver Fund.
• He is also the co-fund manager of the DSP Natural Resources and New Energy Fund. Rohit joined DSP Investment
Managers in September 2005, as Portfolio Analyst for the firm's Portfolio Management Services (PMS) division, which
manages discretionary accounts and provides advisory services to institutional clients.
Rohit Singhania • He was transferred to the Institutional Equities Team of DSP Investment Managers in June 2009

• Mr. Gada has done B.Com, PGDM(Finance) and CFA (level 3 appearing) Prior to joining DSP Mutual Fund, he has
worked with Sundaram Mutual Fund, Motilal Oswal Financial Services Ltd, Morgan Stanley, Edelweiss Capital,
India Capital Market Pvt Ltd. and Gridstone Research

Dhaval Gada
Source – Nuvama Internal Research & DSP Mutual Fund Fact Sheet. Data as on 31st January 2025
MULTI ASSET ALLOCATION FUNDS
FUND OVERVIEW –
MULTI ASSET ALLOCATION

CAGR
SHARPE EXPENSE AUM SIZE
FUND NAME 6 MONTH 1 YR SINCE VINTAGE
RATIO RATIO (IN CR)
INCEPTION

DSP Multi Asset Allocation

0.86% 14.88% 17.79% NA 1.64% 1 Year ₹2,444
Fund-Reg(G)

Benchmark -1.04% 12.36% 11.57%

Source – Nuvama Internal Research & DSP Mutual Fund Fact Sheet. Data as on 31st January 2025
MULTI ASSET ALLOCATION – DSP
Quartile Ranking AUM Split Sharpe
Fund Name Aum Bias Beta Scheme Vintage
1m 3m 6m 1yr Equity Debt Commodity Ratio

DSP Multi Asset

Large
Allocation Fund- ₹2,444 Cr 1 1 2 2 57.49% 26.64% 14.19% NA NA 1 Year
Cap
Reg(G)

WHY INVEST? Top 5 Holdings Top 5 Industry Allocation

• Diversification Powerhouse – It’s well diversified with high non-co-related assets across DSP Gold ETF Banks
Indian Equity + International Equity + Debt + Gold + Commodities
• Active Hedging – Has the ability to protect your domestic equity exposure in HDFC Bank Ltd Mutual Funds
expensive markets through active hedge via put options.
• Lower Risk & Volatility– Multi- Asset Allocation strategies give similar long terms returns ICICI Bank Ltd IT Software
as domestic equities but with almost half the risk (standard deviation) of equity.
• True to Label – This Multi-Asset Allocation fund has an unbiased model-based
7.30% GOI 2053 Government Securities
allocation that is fluid as per market positions. 7.30% GOI 2053 BONDS & NCDS
• Taxation Edge – 12.5% LTCG Post 2 year holding since recent Budget

• Aparna Karnik is Senior Vice President and Head of Risk & Quantitative Analysis. In this capacity, she leads the team that supports and advises on
all aspects related to investment risk management.
• Aparna has 17 years of experience in investment, credit and operations risk management. Prior to joining DSP, she worked with CRISIL Ratings in
their Structured Finance Division, Large Corporates Group.
APARNA KARNIK • She holds a Masters in Management Studies degree from Jamnalal Bajaj Institute of Management Studies.

• Mr. Nigudkar is an MS(Quantitative Finance) from Olin Business School, Washington University.
• Prior to joining DSP Mutual Fund, he has worked with State Street Global Advisors (Global Beta Solutions Group) and Credit Suisse (Private Banking
Global Research Division).
PRATEEK NIGUDKAR

Source – Nuvama Internal Research & DSP Mutual Fund Fact Sheet. Data as on 31st January 2025
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