For the Quarter Ended September 30, 2020

CRISIL Mutual Fund Ranking For the quarter ended September 30, 2020

Analytical Business Development

Piyush Gupta Kruti Rawal Dinesh Agarwal Director Associate Director Associate Director [email protected] [email protected] [email protected]

Kiran Nate Ankur Nehra Priyanka Murarka Manager Associate Director Senior Regional Manager [email protected] [email protected] [email protected]

Angara Saxena Dharmendra Sharma Senior Research Analyst Associate Director [email protected] [email protected]

Industry highlights

The mutual fund industry’s average assets under Chart 1 – Mutual fund net flows and AUM trend management (AAUM) jumped 12% to Rs 27.78 trillion in the 30 2.0 28 quarter ended September 2020, following a rise in most 1.5 categories - debt, equity and other (funds of funds and index 26 1.0 funds/ETFs) funds. 24 22 0.5 Equity schemes’ average assets rose 17%, or by Rs 1.1 20 0.0 trillion, to Rs 7.54 trillion in the September quarter, owing to 18 -0.5 trillion Rs flows Net mark-to-market (MTM) gains. Equity benchmark Nifty 50 trillion Rs AUM Avg Qtrly 16 gained 9.2% compared with a 20% increase in the June 14 -1.0

quarter. However, investors reduced exposure to these funds

Jun-19

Jun-20

Dec-18

Dec-19

Sep-18

Sep-19

Sep-20 Mar-19 as was reflected in a net outflow of Rs 89 billion in the Mar-20 quarter as against an inflow of Rs 114 billion in the June Net flows (Rs trillion) Industry AUM (Rs trillion) quarter. However, on a positive note, investments through Source – AMFI systematic investment plans (SIPs) remained steadfast at Rs Table 1 – Category-wise average AUM (Rs billion) 234 billion versus Rs 244 billion in the previous quarter. Jul-Sep Apr-Jun Absolute % Mutual fund category Within the equity category, AAUM of large cap, multi-cap, 2020 2020 change change equity-linked savings scheme (ELSS) and mid-cap funds Equity 7540 6436 1104 17.16% witnessed the biggest rise in absolute terms. On a Hybrid 3087 2873 215 7.48% consolidated basis, their AUM (63% of total equity AAUM) Debt 12903 11655 1247 10.70% rose Rs 665 billion during the quarter. Others* 2475 1958 518 26.45% Solution Oriented 191 168 23 13.55% Assets of debt funds (46% of total AAUM) increased ~11%, or Closed Ended 1590 1676 -86 -5.15% by Rs 1.25 trillion, in the September quarter, reversing the Total 27787 24766 3021 12.20% previous quarter’s 5% decline. Within the category, on an * includes funds of funds and index funds/ETFs absolute basis, assets of corporate bond funds rose the most Source - CRISIL Mutual Fund Database – up Rs 279 billion. In terms of percentage, gilt funds rose the Of the 42 fund houses (including infrastructure debt funds) most – up 40%. On the other hand, liquid, credit risk, that declared AAUM, 39 witnessed a rise during the quarter. overnight and medium duration funds’ assets fell Rs 242 The industry continued to be highly concentrated, with the billion cumulatively; these categories constitute 45% of total share of the top five and top 10 fund houses at 58% and 83%, debt assets. respectively, as of September, in line with the previous quarter. AAUM of hybrid funds, which invest in more than one asset class, rose 7.5%. The category’s average asset base SBI Mutual Fund retained the top position in terms of AAUM. expanded to Rs 3.09 trillion. Aggressive hybrid funds’ AUM Its assets soared ~16%, or by Rs 572 billion, on-quarter to Rs (37% of total hybrid assets) increased by Rs 76 billion to Rs 4.22 trillion. HDFC Mutual Fund’s assets rose 5.5%, or by Rs 1.15 trillion. In percentage terms, assets of multi-asset 197 billion, to Rs 3.76 trillion. ICICI Prudential Mutual Fund allocation funds (4% of hybrid assets) rose the most – up came in third with a 10% rise, or up Rs 350 billion, to Rs 3.69 12% to Rs 131 billion. Equity savings was the only hybrid trillion. Franklin Templeton Mutual Fund’s assets fell the category whose assets dropped (down 3.2%) to Rs 108 most on an absolute basis – down Rs 6 billion to Rs 800 billion. billion.

Major regulations and developments ● It said the date of proposal for restructuring of debt ● The Reserve Bank of India (RBI) reduced the risk capital received by asset management companies (AMCs) should that banks need to set aside against investment in debt be treated as the trigger date for the purpose of creation mutual funds and exchange-traded funds (ETFs). of a segregated portfolio of debt securities held in their schemes. ● The Securities and Exchange Board of India (SEBI) introduced a detailed portfolio structure for multi-cap ● SEBI asked mutual funds to put in place a policy, funds. Such schemes must invest at least 25% of their specifying the role of several teams engaged in fund portfolio in large, mid- and small caps each. It also management and the back office with regard to execution clarified that mutual funds are free to choose the route, of order and allocation of trade among various schemes. including facilitating a switch to other schemes by ● It gave mutual funds' trustees time till January 1 to unitholders and merging the multi-cap scheme with their appoint a dedicated officer to assist them in monitoring large cap scheme for complying with these norms. The activities of AMCs

rules are applicable from January 2021. ● According to SEBI, effective July 1, 2020, investors need ● SEBI revamped the mutual fund risk-o-meter to include to pay stamp duty on the purchase of mutual funds, six levels of risk for mutual fund schemes - low, low to including lump sum, SIPs and systematic transfer plans. moderate, moderate, moderately high, high and very high. Redemption of units, though, will not attract stamp duty.

The rules are applicable from January 2021. ● The market regulator has set up a working group to assess ● It said that the closing net asset value (NAV) of the day will the liquidity risk management of debt funds. be applicable when units of schemes are purchased, ● It said mutual funds will undertake at least 10% of their irrespective of the size and the time of such transaction, secondary market trade in corporate bonds through the with effect from January 1. The new rules will not apply to request for quote platform of stock exchanges from liquid and overnight funds, and cut-off timings for these October 1. schemes is unchanged. ● The Pension Fund Regulatory and Development Authority ● It also mandated mutual funds to disclose their portfolio (PFRDA) has allowed National Pension System (NPS) every 15 days from October 1, 2020. corporate debt funds to invest up to 10% of their assets in ● The capital market regulator revised disclosure debt with residual maturity below three years. It has also requirements pertaining to debt and money market allowed pension funds to invest up to 5% of their assets securities transactions for mutual funds. in PSU debt ETFs such as Bharat Bond ETFs.

OVERVIEW

Equity market overview

Table 2 – Movement of key equity market indices emphasised boosting employment and allowing inflation to

Quarter ended Year ended rise above the Fed’s 2% target during economic expansions,

Index Sep-20 Sep-20 keeping rates lower for longer, also augured well for local (% change) (% change) indices. Nifty 50 9.18 -1.98 However, some gains were cut short by an increase in Covid- Nifty 100 8.57 -1.96 19 cases across the world, which led to worries about the Nifty IT Index 35.22 28.39 pace of the global economic recovery. Weak macroeconomic Nifty Smallcap 100 Index 26.18 4.10 data, including disappointing core sector, GDP and services Nifty Pharma 17.90 55.98 sector numbers, coupled with downward revisions of India’s Nifty Auto 17.69 5.54 growth projection for the current year by OCED and Fitch Nifty Midcap 100 Index 15.50 5.97 Ratings, weighed on the indices. A flare-up in tensions Nifty Metal 12.61 -8.09 between India and China on the Ladakh border and SEBI’s Nifty Realty 4.56 -18.11 implementation of the new margin system from September 1, Nifty Energy Index 4.38 -3.06 2020, also dented sentiment. Selling by domestic Nifty Infrastructure 1.60 -3.97 institutional investors (DIIs) affected the market to a certain Nifty Financial Services 0.57 -18.40 extent. DIIs sold Rs 209 billion in the September quarter against buying of equities worth Rs 130 billion in the June Nifty Bank 0.38 -26.29 quarter. Nifty FMCG -0.74 -4.15 Sectoral indices sorted on three-month returns Major National Stock Exchange (NSE) sectoral indices ended Source - NSE the quarter on a positive note. Nifty IT was the biggest gainer The Indian equity benchmark Nifty 50 gained 9.2% on-quarter among the sectoral indices – up 35% in the September in the three-month period ending September 2020, quarter, buoyed by the encouraging quarterly results of some continuing the sharp recovery seen in the previous quarter. sector behemoths. Nifty Pharma zoomed 18% after a This was mainly due to a slew of stimulus measures domestic company inked a deal with Russia's sovereign announced by the central bank to revive the domestic wealth fund to conduct clinical trials and distribution of a economy, as well as encouraging Goods and Services Tax Covid-19 vaccine, Sputnik V, in India. Nifty Auto, Nifty Media (GST) collection and manufacturing activity data. More gains and Nifty Metal gained 18%, 15% and 13%, respectively. were seen following the modification in asset allocation Meanwhile, Nifty FMCG which fell 0.7% in the quarter. norms for multi-cap funds announced by the Securities and Exchange Board of India (SEBI). The government’s approval Chart 2 – Mutual fund daily investments & Nifty for a scheme to improve the liquidity position of non-banking movement financial companies (NBFCs)/ housing finance companies 12000 130 (HFCs) through a special purpose vehicle (SPV) also cheered 11600 100 70 investors. Expectations of an additional stimulus from the 11200 government and better than expected June quarter earnings 40 10800

of some major companies boosted sentiment as well. 10 Nifty 50 Nifty

10400 -20 Investments Rs. billion Rs. Investments Buying by foreign institutional investors (FIIs) also kept 10000 -50 Equity Net Daily MF FII/ markets up. FIIs bought equities worth Rs 457 billion in the

September quarter, as against Rs 276 billion in the previous

04-Jul-20 08-Jul-20 12-Jul-20 16-Jul-20 20-Jul-20 24-Jul-20 28-Jul-20

30-Jun-20

17-Aug-20 01-Aug-20 05-Aug-20 09-Aug-20 13-Aug-20 21-Aug-20 25-Aug-20 29-Aug-20

02-Sep-20 18-Sep-20 10-Sep-20 14-Sep-20 22-Sep-20 26-Sep-20 30-Sep-20 quarter. Positive global cues, including hopes of a Covid-19 06-Sep-20 vaccine, a rebound in China’s economic growth to 3.2% in the FII Daily Net Equity Investments MF Daily Net Equity Investments second quarter, and the US Federal Reserve’s announcement Nifty 50 of a historic shift in its approach to interest-rate policy that Source - SEBI, NSE

Debt market overview

Losses were, however, recouped after the RBI conducted Interbank call money rates remained below the RBI’s repo special open market operations (OMOs). Investors also rate of 4.00% in the quarter because of ample liquidity in the cheered the central bank governor’s comments that the system. The central bank periodically infused funds through central bank had not exhausted its ammunition in dealing targeted long-term repo auctions (TLTROs). However, some with the current situation brought on by the pandemic, both pressure was seen on the rates following intermittent spike in terms of interest rate cuts and other policy actions. The in demand for funds from banks. central bank’s decision to temporarily increase banks’ Gilts ended lower with yield on the new 10-year benchmark investment limits under the held-to-maturity (HTM) 5.77% 2030 paper closing at 6.01% on September 30, 2020, portfolios also capped the fall. Bond prices rose further as a compared with 5.77% on July 31, 2020, when the paper was contraction in domestic GDP in the June quarter and lower-

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

7.00% 7.50%

7.10% 6.00%

6.70% 5.00% 6.30%

4.00% 5.90%

3.00% 5.50% 31-Jul-20

31-Jul-20

31-Oct-19

30-Apr-20

31-Jan-20

30-Jun-20

29-Feb-20

31-Aug-20

31-Dec-19

30-Nov-19

30-Sep-19 30-Sep-20

30-Sep-19

30-Sep-20

31-Mar-20

31-Mar-20 31-May-20 31-May-20 Source – FIMMDA Source - CRISIL Fixed Income Database auctioned. Bond prices declined as hopes of policy easing in than-expected retail inflation print for August fanned hopes the near term diminished following the Reserve Bank of India that the central bank would maintain an accommodative (RBI’s) monetary policy decision. The rate setting panel of the stance for an extended period. central bank kept policy interest rates on hold, noting the uncertainty surrounding the inflation outlook and taking into Key developments in the quarter: consideration the state of the economy. ● The government has decided to borrow Rs 4.34 trillion in the second half of the current fiscal, keeping the Escalation in retail inflation in July, supply pressure from borrowing plan unchanged at Rs 12 trillion for the whole weekly state development bond auctions and gilt sales, and year. However, in a recent development, it decided to lack of any major announcements from the central bank to borrow an additional Rs 1.1 trillion to compensate states absorb the heavy supply of debt, further weighed on bonds. for shortfall in the Goods and Services Tax (GST) The RBI’s announcement of a lower-than-expected surplus collection. transfer to the centre also dented sentiment. The central ● The Centre allowed five states to raise additional bank decided to transfer Rs 571 billion of its surplus to the resources of Rs 99 billion in open market borrowings. government for fiscal 2020, against Rs 1.76 trillion transferred in the previous fiscal. Fears that border tensions ● The RBI extended the relaxations offered to state between India and China may escalate further also weakened governments with respect to ways and means advances any appetite for debt. (WMA) by another six months to March 31, 2021. It also set the WMA limit at Rs 1.25 trillion for the central government for the second half of the fiscal.

● The central bank proposed allowing foreign portfolio ● The capital market regulator said issuers of municipal investors to undertake exchange-traded rupee interest debt securities will have to disclose all borrowings and rate derivatives transactions subject to a ceiling of Rs 50 revenue grants details of the past three years in the offer billion. document.

● SEBI approved the proposal of strengthening the role of ● It also approved the proposal to facilitate setting up of a debenture trustees to protect the interest of debenture limited purpose repo clearing corporation.

holders. ● SEBI extended the relaxation given for default recognition ● It eased compliance norms for entities planning to list on account of restructuring of debt till December 31. debt securities, including non-convertible debentures ● It said valuation of market-linked debentures will be and commercial papers, owing to the pandemic. carried out by an agency appointed by the Association of Mutual Funds in India (AMFI).

Ranking summary

CRISIL ranked 477 mutual fund (MF) schemes as per the All categories posted positive returns during July-September CRISIL Mutual Fund Ranking (CMFR) in the September and April-September, with the small-cap category offering quarter. The ranked schemes, accounting for 81.37% of the highest returns of 21.72% and 46.96% during the three- Indian mutual fund industry’s open-ended quarterly average month and six-month periods, respectively. While in the one- assets under management (AUM), included 221 from equity year period, certain categories have posted negative returns, category, 202 from debt and 54 from hybrid. Of them, 143 when compared to the April-June quarter their performance featured in the top 30 percentile (ranks 1 or 2) and formed was significantly better. Large-cap schemes fared the worst 28.58% of the total ranked AUM in the September quarter. in the one-year period with -2.27% return while mid-caps were the best performers with 8.5% return. Invesco MF had the most number of funds in the top 30 percentile with 10 of its schemes ranked 1 or 2. Canara Returns (%) Category Robeco MF and SBI MF came in second with nine of their 3 months 6 months 1 year 3 years funds ranked in the top 30 percentile each. DSP MF, IDFC MF Large cap 7.89 26.10 -2.27 3.00 and Kotak Mahindra MF followed with eight funds each in the Large and mid-cap 11.17 31.96 0.37 2.03 top 30 percentile. L&T and UTI MF grabbed the fourth spot Multi-cap 8.86 28.02 -1.71 1.86 with seven funds each ranked 1 or 2. Mid-cap 15.34 38.57 8.50 2.23 Small cap 21.72 46.96 6.70 -0.63 Among the equity-oriented categories, Invesco MF and Kotak ELSS 9.47 29.03 -1.13 1.81 Mahindra MF topped the list with six funds ranked in the top Focused 6.88 26.94 -1.84 2.56 30 percentile each. Canara Robeco, SBI MF and UTI MF Value/contra 11.47 35.54 -0.78 -0.58 shared the second spot with five funds each. In the debt- oriented categories, IDFC MF maintained its top position with Indices 3 months 6 months 1 year 3 years seven schemes in the top 30 percentile, followed by L&T MF Nifty 50 TRI 9.57 31.48 -0.97 6.02 with six funds. Nifty 500 TRI 10.61 34.15 1.02 3.97 Nifty Midcap 100 TRI 15.86 45.66 6.93 -1.16 Equity markets see steady rally amid unlocking Nifty Smallcap 100 26.61 62.60 5.22 -7.20 Equity market indices saw a steady rally in the second TRI quarter after economic activities picked up as the Returns as on September 30, 2020; returns over one year are annualised government eased restrictions imposed to arrest the spread Share of top five sectors rises slightly in Jul-Sept of Covid-19 and businesses saw a revival in demand. Top five sectors accounted for 67.26% of the asset under management of equity funds (excluding thematic The S&P BSE Sensex and Nifty 50 returned over 9% during infrastructure funds and index funds/ ETFs) in the September the quarter while the Nifty Midcap 100 and Nifty Smallcap quarter, a slight increase from 67.1% in the previous quarter. 100 grew over 15% and 26%, respectively. The performance was better during April-June, with the Nifty 50, S&P BSE The financial services sector continued to top the list, Sensex, Nifty Midcap 100 and Nifty Smallcap 100 rising despite a fall in its share to 26.33% from 27.44% in the nearly 20%, 19%, 25%, and 28%, respectively. During July- previous quarter. The fall could be attributed to the liquidity September, foreign institutional investors (FIIs) were net stress the sector witnessed, slowdown in credit growth and buyers in the Indian equity market. Their net investment heightened worries about asset quality. The sector gave just during the quarter crossed Rs 46,000 crore compared with 0.80% returns to equity MF categories during July- more than Rs 29,000 crore in the previous quarter. September. Meanwhile, domestic institutional investors (DIIs) were net sellers of over Rs 20,000 crore during July-September. In comparison, in the previous quarter, they net bought Rs 12,000 crore worth equities.

Jul-Sep 2020 Apr-Jun 2020 Rise in activity in the IPO segment Sector Expo (%) Returns (%) Expo (%) Returns (%) Three initial public offerings (IPOs) featured in the mutual Financial services 25.99 0.79 26.91 13.36 fund portfolios during the September quarter, which Consumer goods* 12.44 3.53 13.21 9.27 attracted an investment of ~Rs 900 crore. All three of these Energy 10.72 35.71 8.39 16.15 IPOs recorded generous returns, including listing gains. IT 10.35 5.50 10.88 29.42 Automobile 7.76 18.17 7.70 39.14 Investments in IPOs by mutual funds * Sectoral returns were calculated using stock constituents of the Nifty 200 in Mkt value Absolute return Investment the sector as of Stock % (issue till by no. of September The consumer goods sector came second in terms of September 2020) schemes 2020 (Rs cr) allocation. Its returns at 3.53% in the second quarter were a Rossari Biotech 380 87.60 22 decline from nearly 9.27% in the previous quarter. While the Happiest Minds 243 110.15 15 sector saw positive uptick in consumption and sales in the Technologies Limited rural region during the quarter, worries of labour shortage, Route Mobile Ltd 278 130.50 10 supply chain and manufacturing disruption dented the gains. Volatility in G-sec yields Among the five sectors, the IT sector was the top performer, Yield on the 10-year benchmark government security (G-sec) accounting for 35.71% return, a quantum jump from 16.15% rose 13 bps in the September quarter as hopes of monetary in the June quarter. Thrust on technology during the easing diminished after the Reserve Bank of India, wary of lockdown as physical movement was restricted benefitted the recent spike in inflation, kept its policy rate unchanged at the sector during July-September. 4%. At the fourth spot was the energy sector, which contributed over 5% to equity mutual fund categories on hopes of rising 10-year benchmark G-sec yield demand due to unlocking of the economy. 8.0%

The pharma sector came in fifth in terms of terms of 7.5% exposure by equity mutual funds and giving 18% returns. The 7.0% sector continues to benefit from domestic and global 6.5% demand. 6.0% At the stock level, HDFC Bank (1.2% absolute returns in the 5.5% September quarter), Infosys (37%), Reliance Industries

(31.12%), ICICI Bank (0.94%), and Bharti Airtel (-24.81%) were

Jun-18 Jun-19 Jun-20

Dec-18 Dec-17 Dec-19

Sep-17 Sep-18 Sep-19 Sep-20

Mar-18 Mar-19 Mar-20 among the top holdings in the large-cap, large- and mid-cap, multi-cap, focused and value/ contra funds. Among mid-cap The rise in yield (fall in price) did not augur well for long-term funds, the top holdings were Balkrishna Industries (17.12%), debt categories such as gilt, medium to long and dynamic Ipca Laboratories (29.39%), Voltas (24.50%), Cholamandalam bond fund categories which saw the highest increase in Investment & Finance Co (31.55%) and Coromandel modified duration during the quarter. However, having a low International (2.26%). Top holdings of small-cap funds were modified duration benefitted categories such as banking and Deepak Nitrite (72.87%), Tube Investments of India (35.98%), PSU funds, corporate bond funds and short duration funds, Navin Fluorine International (35.78%), Atul Ltd (34.31%) and which posted 1.17%, 1.45% and 2.09% returns, respectively, Persistent Systems (111.19%). during the quarter.

Category average modified Debt funds continue to favour safer credits duration 2.3 The flight of capital to safer credits (G-secs, AAA, A1+ Short duration fund 2.3 5.8 papers) due to the lockdown continued through the Medium to long duration fund 5.2 September quarter as well. 3.5 Medium duration fund 3.2 7.2 Gilt fund 6.5 Banking and PSU funds, credit risk funds, low duration funds, 5.4 medium duration funds, medium to long duration funds, and Dynamic bond fund 4.8 1.7 short duration funds increased exposure to sovereign-rated Credit risk fund 1.5 2.8 papers. All categories, including credit risk funds, saw a Corporate bond fund 2.7 reduction in sub-AAA-rated securities. 2.8 Banking and PSU fund 2.8 Jul-Sept'20 Apr-Jun'20 All debt fund categories saw a significant 3% increase each in allocation to sovereign categories. Returns (%) Category 1 3 As in the previous quarter, rank 1 funds maintained their 3 months 6 months year years trend of holding a more conservative credit profile in July- Liquid 0.80 1.94 4.67 6.24 September too. Barring the credit risk and short duration Ultra ST 1.06 3.06 6.19 6.53 category, rank 1 funds in most categories have allocated Low duration 1.54 4.05 7.56 6.70 exposure predominantly to sovereign or AAA/A1+ assets. Money market 1.11 3.43 6.59 7.05 Short duration 2.09 5.21 9.31 6.74 Among the rank 1 funds, the credit risk category had the Medium duration 1.63 3.74 4.41 4.85 maximum cash and equivalents exposure at 16.93% in the Medium to long September quarter. 0.67 5.21 8.98 6.51 duration Dynamic bond 0.76 4.73 8.89 6.67 Credit risk 1.89 -0.66 -0.02 1.04 Corporate bond 1.45 5.70 10.25 8.00 Banking and PSU 1.17 5.31 10.02 8.20 Gilt 0.36 5.26 10.19 7.87 Returns as on September 30, 2020; returns above one year are annualised

Medium Medium to long % Average Banking & PSU Low duration Short duration Dynamic bond Credit Risk duration duration exposure* Sep qtr Jun qtr Sep qtr Jun qtr Sep qtr Jun qtr Sep qtr Jun qtr Sep qtr Jun qtr Sep qtr Jun qtr Sep qtr Jun qtr Sovereign 15.66 9.93 17.25 7.10 28.19 19.99 32.32 22.21 43.94 32.42 67.46 62.14 7.61 3.93 AAA & A1+ 74.34 79.78 67.93 76.84 59.64 68.25 25.68 31.76 43.12 53.99 15.90 18.31 20.28 19.61 AA category & 5.37 5.49 10.06 11.39 6.48 6.60 30.69 31.00 6.27 6.16 11.38 12.09 40.52 40.09 A1 A+/A2+ & 0.34 0.46 0.61 1.02 0.19 0.36 6.99 8.02 0.89 1.18 2.10 2.75 25.01 26.79 below Cash & others 4.29 4.35 4.15 3.65 5.50 4.80 4.32 7.00 5.78 6.26 3.15 4.70 6.57 9.57

CRISIL mutual fund categories Equity funds 13. Arbitrage funds

1. Large Cap funds Debt Funds

2. Large & Mid Cap funds 14. Gilt funds

3. Multi Cap funds 15. Banking & PSU funds

4. Mid Cap funds 16. Credit Risk funds

5. Small Cap funds 17. Corporate Bond funds

6. Value/Contra funds 18. Dynamic Bond funds

7. Focused funds 19. Medium to Long Duration funds

8. Thematic - Infrastructure 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 91st 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.

Large Cap funds (Cluster ranks are arranged alphabetically)

Sep - 20 Sep - 20 Active Active 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%

Axis Bluechip Fund 1 (1) 1 (1) 1 (1) 1 (1) 1 (1) 1 (1) 4 (4) 4 (3) 4 (4)

Canara Robeco Bluechip 1 (1) 1 (1) 1 (1) 1 (1) 2 (2) 2 (2) 3 (3) 3 (2) 3 (3) Equity Fund

JM Large Cap Fund 1 (1) 1 (1) 2 (2) 2 (2) 1 (1) 1 (1) 1 (1) 1 (2) 3 (2)

BNP Paribas Large Cap Fund 2 (2) 2 (2) 2 (1) 2 (1) 1 (1) 1 (1) 3 (3) 3 (3) 4 (3)

Edelweiss Large Cap Fund 2 (2) 2 (2) 2 (3) 2 (2) 2 (2) 2 (2) 1 (1) 1 (1) 3 (3)

IDFC Large Cap 2 (2) 2 (2) 1 (2) 2 (2) 3 (3) 3 (3) 1 (1) 3 (4) 2 (3)

Invesco India Largecap Fund 2 (3) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 2 (3) 5 (5) 2 (2)

Kotak Bluechip Fund 2 (2) 2 (2) 2 (2) 1 (2) 3 (3) 3 (3) 3 (2) 3 (2) 4 (3)

Mirae Asset Large Cap Fund 2 (3) 2 (3) 2 (2) 2 (2) 4 (4) 4 (4) 3 (4) 4 (3) 5 (4)

Baroda Large Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 4 (2) 2 (2) 1 (2)

HSBC Large Cap Equity Fund 3 (2) 3 (3) 3 (2) 3 (3) 3 (3) 3 (3) 5 (4) 5 (5) 2 (2)

ICICI Prudential Bluechip 3 (3) 4 (3) 3 (3) 4 (3) 3 (3) 3 (3) 2 (2) 2 (3) 3 (4) Fund

IDBI India Top 100 Equity 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (1) Fund

L&T India Large Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 3 (3) 3 (3)

LIC MF Large Cap Fund 3 (2) 3 (2) 3 (3) 3 (3) 2 (2) 2 (2) 4 (3) 4 (4) 1 (2)

PGIM India Large Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 3 (4) 4 (5) 4 (4) 2 (2)

SBI Blue Chip Fund 3 (4) 3 (4) 3 (4) 3 (4) 4 (4) 4 (4) 3 (3) 1 (1) 5 (5)

Union Largecap Fund 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 3 (3) 1 (3)

UTI Mastershare Unit 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 2 (2) 2 (2) 3 (4) Scheme

Aditya Birla Sun Life 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 2 (2) 4 (5) Frontline Equity Fund

DSP Top 100 Equity Fund 4 (4) 4 (4) 4 (3) 4 (4) 5 (5) 5 (5) 3 (4) 3 (3) 4 (3)

Essel Large Cap Equity Fund 4 (3) 3 (3) 4 (4) 3 (3) 4 (4) 4 (4) 2 (4) 2 (4) 3 (1)

Indiabulls Bluechip Fund 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 5 (5) 4 (4) 3 (1)

Tata Large Cap Fund 4 (4) 4 (4) 4 (4) 4 (4) 5 (5) 5 (5) 5 (4) 5 (5) 2 (3)

Taurus Largecap Equity Fund 4 (5) 4 (5) 4 (5) 4 (5) 2 (2) 2 (2) 3 (2) 3 (3) 4 (3)

Franklin India Bluechip Fund 5 (4) 5 (4) 5 (4) 5 (4) 4 (3) 4 (3) 4 (3) 4 (4) 2 (4)

HDFC Top 100 Fund 5 (5) 5 (5) 5 (5) 5 (5) 4 (4) 4 (4) 4 (5) 3 (3) 3 (4)

Nippon India Large Cap Fund 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 2 (2) 2 (1) 5 (5)

Figures in brackets indicate previous quarter ranks

Large & Mid Cap funds (Cluster ranks are arranged alphabetically)

Sep - 20 Sep - 20 Active Active Volatility Volatility Industry Company Large & Mid Cap funds Rank Rank Return Return Liquidity - Reg - Dir Concentration Concentration - Reg - Dir - Reg - Dir

Weightages 55% 25% 10% 5% 5%

Canara Robeco Emerging 1 (2) 1 (2) 1 (2) 1 (2) 3 (3) 3 (3) 3 (3) 2 (3) 4 (5) Equities

Mirae Asset Emerging 1 (1) 1 (1) 1 (1) 1 (1) 4 (4) 4 (4) 5 (4) 3 (3) 5 (4) Bluechip Fund

Edelweiss Large and Mid 2 (2) 2 (2) 3 (3) 2 (2) 2 (2) 2 (2) 3 (3) 3 (2) 1 (2) Cap Fund EQUITY FUNDS

Kotak Equity Opportunities 2 (1) 2 (1) 2 (1) 2 (1) 1 (1) 1 (1) 1 (1) 3 (3) 4 (4) Fund

Principal Emerging 2 (3) 2 (3) 2 (3) 2 (3) 4 (4) 4 (4) 2 (2) 1 (2) 3 (3) Bluechip Fund

Tata Large & Mid Cap Fund 2 (2) 3 (2) 2 (2) 3 (2) 2 (2) 2 (2) 3 (4) 5 (5) 3 (3)

Aditya Birla Sun Life Equity 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 3 (4) 3 (4) 4 (4) Advantage Fund

BOI AXA Large & Mid Cap

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

DSP Equity Opportunities 3 (3) 3 (3) 3 (2) 3 (3) 3 (3) 3 (3) 4 (2) 3 (3) 4 (4) Fund

Essel Large & Midcap Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 3 (2) 3 (1)

Invesco India Growth 3 (2) 3 (2) 2 (2) 2 (2) 3 (3) 3 (3) 4 (3) 4 (4) 3 (3) Opportunities Fund

L&T Large and Midcap 3 (3) 3 (3) 3 (4) 3 (3) 2 (2) 2 (2) 3 (4) 3 (3) 2 (3) Fund

LIC MF Large & Mid Cap 3 (3) 2 (3) 3 (3) 3 (3) 1 (1) 1 (1) 3 (3) 4 (3) 2 (2) Fund

SBI Large & Midcap Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 1 (1) 2 (3) 5 (5)

Sundaram Large and Mid 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (5) 3 (3) 2 (2) Cap Fund

HDFC Growth 4 (4) 4 (4) 4 (3) 4 (4) 4 (5) 4 (5) 5 (5) 4 (5) 3 (2) Opportunities Fund

IDFC Core Equity Fund 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 2 (2) 2 (1) 3 (3)

Nippon India Vision Fund 4 (5) 4 (5) 4 (5) 4 (4) 5 (5) 5 (5) 3 (3) 3 (3) 3 (3)

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

Franklin India Equity 5 (5) 5 (5) 5 (5) 5 (5) 5 (4) 5 (4) 3 (2) 4 (4) 3 (3) Advantage Fund

ICICI Prudential Large & 5 (4) 5 (4) 4 (4) 4 (4) 3 (3) 3 (3) 2 (3) 5 (4) 3 (3) Mid Cap Fund

Figures in brackets indicate previous quarter ranks

Multi Cap funds (Cluster ranks are arranged alphabetically)

Sep - 20 Sep - Active Active Volatility Volatility Industry Company Multi Cap funds Rank 20 Rank Return Return Liquidity - Reg - Dir Concentration Concentration - Reg - Dir - Reg - Dir

Weightages 55% 25% 10% 5% 5%

Canara Robeco Equity Diversified 1 (1) 1 (1) 1 (1) 1 (1) 2 (2) 2 (2) 3 (2) 3 (2) 3 (3)

PGIM India Diversified Equity Fund 1 (1) 1 (1) 1 (1) 1 (1) 3 (3) 3 (3) 1 (1) 3 (3) 3 (2)

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

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

IDBI Diversified Equity Fund 2 (3) 2 (3) 2 (3) 2 (3) 1 (1) 1 (1) 2 (2) 1 (1) 2 (3)

Invesco India Multicap Fund 2 (3) 2 (3) 2 (3) 2 (3) 3 (3) 3 (3) 1 (1) 2 (4) 2 (3)

Mahindra Manulife Multi Cap Badhat 2 (2) 2 (1) 2 (2) 2 (2) 3 (3) 3 (3) 2 (3) 2 (3) 3 (2) Yojana

Union Multi Cap Fund 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 3 (4) 2 (3) 1 (2)

Aditya Birla Sun Life Equity Fund 3 (4) 3 (4) 3 (3) 3 (3) 4 (4) 4 (4) 3 (4) 3 (3) 3 (3)

Baroda Multi Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 3 (3) 2 (3)

BNP Paribas Multi Cap Fund 3 (3) 3 (3) 4 (3) 3 (3) 2 (2) 2 (2) 4 (3) 4 (3) 4 (3)

Edelweiss Multi-Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 1 (2)

HSBC Multi Cap Equity Fund 3 (3) 3 (3) 3 (3) 3 (3) 5 (5) 5 (5) 4 (4) 5 (4) 1 (1)

Kotak Standard Multicap Fund 3 (2) 3 (2) 3 (2) 3 (2) 3 (3) 3 (3) 3 (2) 3 (2) 4 (4)

L&T Equity Fund 3 (3) 3 (3) 3 (4) 3 (4) 1 (1) 1 (1) 2 (1) 1 (2) 3 (3)

LIC MF Multicap Fund 3 (2) 3 (2) 3 (2) 3 (2) 2 (2) 2 (2) 4 (4) 4 (4) 2 (2)

Principal Multi Cap Growth Fund 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 3 (3) 2 (3)

SBI Magnum MultiCap Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 2 (3) 3 (4) 4 (4)

Franklin India Equity Fund 4 (4) 4 (4) 4 (4) 4 (4) 4 (3) 4 (3) 3 (2) 4 (3) 3 (4)

ICICI Prudential Multicap Fund 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 2 (3) 3 (4) 3 (3)

IDFC Multi Cap Fund 4 (4) 4 (4) 4 (4) 4 (4) 2 (2) 2 (2) 3 (3) 1 (1) 5 (5)

JM Multicap Fund 4 (3) 4 (3) 4 (3) 4 (3) 4 (4) 4 (4) 5 (5) 4 (5) 4 (1)

Motilal Oswal Multicap 35 Fund 4 (4) 4 (4) 3 (4) 4 (4) 4 (4) 4 (4) 5 (5) 5 (5) 5 (4)

HDFC Equity Fund 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 4 (5) 5 (5) 3 (4)

Nippon India Multicap Fund 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 1 (2) 3 (2) 5 (5)

Taurus Starshare (Multi Cap) Fund 5 (5) 5 (5) 5 (5) 5 (5) 3 (3) 3 (3) 3 (3) 3 (3) 3 (1)

Figures in brackets indicate previous quarter ranks

Mid Cap funds (Cluster ranks are arranged alphabetically)

Sep - 20 Sep - 20 Active Active Volatility Volatility Industry Company Mid Cap funds Rank Rank Return Return Liquidity - Reg - Dir Concentration Concentration - Reg - Dir - Reg - Dir

Weightages 55% 25% 10% 5% 5%

Axis Midcap Fund 1 (1) 1 (1) 1 (1) 1 (1) 1 (1) 1 (1) 3 (3) 3 (3) 3 (3)

PGIM India Midcap 1 (2) 1 (1) 1 (1) 1 (1) 5 (5) 5 (5) 1 (2) 4 (4) 1 (3) Opportunities Fund

DSP Midcap Fund 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 4 (4)

Invesco India Mid Cap 2 (1) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 2 (3) 3 (3) 2 (2) Fund

Taurus Discovery (Midcap) 2 (2) 2 (2) 2 (2) 2 (2) 2 (3) 2 (3) 3 (2) 2 (2) 1 (1) Fund

UTI Mid Cap Fund 2 (3) 3 (3) 2 (3) 2 (3) 4 (4) 4 (4) 3 (3) 1 (2) 3 (3)

Baroda Mid-cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 2 (2) 4 (4) 4 (4) 3 (1)

BNP Paribas Mid Cap 3 (2) 2 (2) 3 (3) 3 (3) 1 (1) 1 (1) 1 (1) 3 (3) 2 (3) Fund

Edelweiss Mid Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 3 (3) 2 (2)

IDBI Midcap Fund 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 4 (3) 3 (2)

Kotak Emerging Equity 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 5 (4)

L&T Midcap Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 2 (1) 2 (1) 3 (3)

Nippon India Growth Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 1 (1) 4 (3)

SBI Magnum Midcap Fund 3 (4) 3 (4) 3 (4) 3 (3) 3 (3) 3 (3) 3 (3) 5 (5) 4 (5)

Tata Mid Cap Growth Fund 3 (3) 3 (3) 3 (2) 3 (2) 3 (3) 3 (3) 4 (4) 4 (4) 2 (2)

Franklin India Prima Fund 4 (4) 4 (4) 4 (4) 4 (4) 2 (2) 3 (2) 4 (3) 3 (2) 3 (4)

HDFC Mid-Cap 4 (3) 4 (3) 4 (3) 4 (4) 3 (3) 3 (3) 4 (4) 3 (3) 5 (5) Opportunities Fund

ICICI Prudential MidCap 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 2 (2) 3 (4) 3 (3) Fund

Motilal Oswal Midcap 30 4 (4) 4 (4) 4 (4) 4 (4) 5 (5) 5 (5) 5 (5) 5 (5) 3 (3) Fund

Aditya Birla Sun Life 5 (5) 5 (5) 5 (5) 5 (5) 3 (3) 3 (3) 2 (2) 2 (2) 3 (3) Midcap Fund

Sundaram Mid Cap Fund 5 (5) 5 (5) 5 (5) 5 (5) 3 (3) 3 (3) 5 (5) 2 (3) 4 (4)

Figures in brackets indicate previous quarter ranks

Small Cap funds (Cluster ranks are arranged alphabetically)

Sep - 20 Sep - 20 Mean Mean Volatility Volatility Industry Company Small Cap funds Rank Rank Return Return Liquidity - Reg - Dir Concentration Concentration - Reg - Dir - Reg - Dir

Weightages 55% 25% 10% 5% 5%

Axis Small Cap Fund 1 (1) 1 (1) 1 (1) 1 (1) 2 (2) 2 (2) 4 (4) 4 (4) 3 (3)

Kotak Small Cap Fund 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3)

SBI Small Cap Fund 2 (2) 2 (2) 2 (2) 2 (2) 1 (1) 1 (1) 3 (4) 4 (3) 5 (5)

Union Small Cap Fund 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 4 (4) 4 (4) 2 (2)

DSP Small Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 2 (2) 3 (3) 4 (4)

HDFC Small Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (2) 2 (2) 4 (4)

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

IDBI Small Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 3 (2) 1 (1)

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

Franklin India Smaller 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 2 (1) 3 (3) 3 (4) Companies Fund

L&T Emerging Businesses 4 (4) 4 (3) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3) Fund

Sundaram Small Cap Fund 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (4) 3 (3)

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

Figures in brackets indicate previous quarter ranks

Value / Contra funds (Cluster ranks are arranged alphabetically)

Sep - 20 Sep - 20 Active Active Volatility Volatility Industry Company Value / Contra funds Rank Rank Return Return Liquidity - Reg - Dir Concentration Concentration - Reg - Dir - Reg - Dir

Weightages 55% 25% 10% 5% 5%

Invesco India Contra Fund 1 (1) 1 (1) 1 (1) 1 (1) 3 (3) 3 (3) 4 (3) 4 (4) 3 (3)

ICICI Prudential Value 2 (2) 2 (2) 2 (2) 2 (2) 1 (1) 1 (1) 2 (2) 5 (5) 4 (4) Discovery Fund

Kotak India EQ Contra 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) Fund

UTI Value Opportunities 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) Fund

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

Indiabulls Value Fund 3 (3) 3 (3) 4 (4) 3 (3) 2 (2) 2 (2) 5 (3) 3 (3) 1 (1)

L&T India Value Fund 3 (3) 3 (3) 3 (3) 3 (3) 4 (5) 4 (5) 3 (3) 3 (3) 3 (3)

Nippon India Value Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3)

SBI Contra Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 2 (1) 2 (2) 4 (4)

Tata Equity PE Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (5) 4 (4) 3 (2)

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

IDFC Sterling Value Fund 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 1 (2) 1 (2) 5 (5)

Quantum Long Term 4 (3) 4 (4) 3 (3) 4 (4) 2 (2) 2 (2) 4 (4) 4 (4) 2 (2) Equity Value Fund

Templeton India Value 5 (4) 5 (4) 5 (4) 5 (4) 5 (4) 5 (4) 4 (4) 3 (3) 2 (3) Fund

Figures in brackets indicate previous quarter ranks

Focused funds (Cluster ranks are arranged alphabetically)

Sep - 20 Sep - 20 Active Active Volatility Volatility Industry Company Focused funds Rank Rank Return Return Liquidity - Reg - Dir Concentration Concentration - Reg - Dir - Reg - Dir

Weightages 55% 25% 10% 5% 5%

IIFL Focused Equity Fund 1 (1) 1 (1) 1 (1) 1 (1) 3 (3) 3 (3) 3 (3) 3 (2) 3 (3)

ICICI Prudential Focused 2 (2) 2 (2) 3 (3) 3 (3) 2 (2) 2 (2) 1 (1) 3 (3) 3 (2) Equity Fund

Principal Focused 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 2 (2) 2 (2) Multicap Fund

SBI Focused Equity Fund 2 (2) 2 (2) 3 (2) 3 (2) 1 (1) 1 (1) 3 (3) 2 (3) 5 (5)

Aditya Birla Sun Life 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3) Focused Equity Fund

Axis Focused 25 Fund 3 (3) 3 (3) 2 (3) 2 (3) 2 (2) 2 (2) 4 (4) 3 (3) 4 (4)

DSP Focus Fund 3 (3) 3 (3) 3 (3) 3 (3) 4 (5) 4 (5) 2 (3) 3 (3) 4 (3)

IDFC Focused Equity 3 (3) 3 (3) 2 (3) 2 (3) 3 (3) 3 (3) 2 (2) 4 (4) 3 (4) Fund

Motilal Oswal Focused 25 3 (3) 3 (3) 3 (2) 3 (2) 3 (3) 3 (3) 4 (5) 4 (4) 4 (3) Fund

Sundaram Select Focus 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (3) 2 (2)

Franklin India Focused 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 5 (3) 4 (4) 3 (4) Equity Fund

JM Core 11 Fund 4 (4) 4 (4) 4 (4) 4 (4) 5 (4) 5 (4) 4 (4) 5 (5) 1 (1)

Nippon India Focused 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 2 (2) 1 (1) 3 (3) Equity Fund

HDFC Focused 30 Fund 5 (5) 5 (5) 5 (5) 5 (5) 4 (4) 4 (4) 3 (4) 3 (3) 2 (3)

Figures in brackets indicate previous quarter ranks

Thematic - Infrastructure funds (Cluster ranks are arranged alphabetically)

Sep - 20 Sep - 20 Mean Mean Thematic - Volatility Volatility Industry Company Rank Rank Return Return Liquidity Infrastructure funds - Reg - Dir Concentration Concentration - Reg - Dir - Reg - Dir

Weightages 55% 25% 10% 5% 5%

BOI AXA Manufacturing 1 (1) 1 (1) 1 (1) 1 (1) 1 (1) 1 (1) 1 (1) 1 (1) 1 (1) & Infrastructure Fund

Invesco India 1 (1) 1 (1) 1 (1) 1 (1) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) Infrastructure Fund

Canara Robeco 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 4 (3) 3 (3) 2 (2) Infrastructure Fund

LIC MF Infrastructure 2 (2) 2 (2) 3 (2) 3 (2) 3 (3) 3 (3) 2 (3) 4 (4) 1 (1) Fund

SBI Infrastructure Fund 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 2 (2) 5 (5) 3 (3)

Tata Infrastructure Fund 2 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 4 (3) 4 (4) 2 (2)

Aditya Birla Sun Life 3 (4) 4 (4) 3 (4) 3 (3) 5 (4) 5 (4) 4 (4) 3 (2) 5 (4) Infrastructure Fund

DSP India T.I.G.E.R. Fund 3 (3) 3 (3) 3 (3) 3 (4) 4 (4) 4 (4) 1 (1) 1 (1) 3 (3)

Kotak Infrastructure and 3 (3) 2 (2) 3 (3) 3 (3) 1 (1) 1 (1) 3 (4) 2 (2) 3 (3) Economic Reform Fund

Nippon India Power & 3 (3) 3 (3) 2 (3) 2 (3) 3 (3) 3 (3) 3 (3) 3 (4) 4 (5) Infra Fund

Sundaram Infrastructure 3 (3) 3 (3) 2 (3) 2 (3) 3 (3) 3 (3) 5 (5) 2 (2) 4 (4) Advantage Fund

UTI Infrastructure Fund 3 (2) 3 (3) 3 (2) 3 (3) 4 (4) 4 (4) 2 (2) 3 (3) 3 (3)

Franklin Build India Fund 4 (3) 4 (3) 4 (3) 4 (2) 4 (4) 4 (4) 3 (2) 4 (3) 3 (3)

ICICI Prudential 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) Infrastructure Fund

IDFC Infrastructure Fund 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4)

L&T Infrastructure Fund 4 (4) 3 (4) 4 (4) 4 (4) 2 (2) 2 (2) 5 (5) 2 (3) 4 (4)

HDFC Infrastructure 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 4 (4) 5 (5) 5 (5) Fund

HSBC Infrastructure 5 (5) 5 (5) 5 (5) 5 (5) 4 (5) 4 (5) 3 (4) 4 (4) 2 (2) Equity Fund

Figures in brackets indicate previous quarter ranks

Equity Linked Savings Scheme (ELSS) (Cluster ranks are arranged alphabetically)

Sep - 20 Sep - 20 Mean Mean Equity Linked Savings Scheme Volatility Volatility Industry Company Rank Rank Return Return Liquidity (ELSS) - Reg - Dir Concentration Concentration - Reg - Dir - Reg - Dir

Weightages 55% 25% 10% 5% 5%

BOI AXA Tax Advantage Fund 1 (1) 1 (1) 1 (1) 1 (1) 1 (1) 1 (1) 3 (2) 1 (1) 3 (2)

Canara Robeco Equity Tax Saver 1 (1) 1 (1) 1 (1) 1 (1) 2 (2) 2 (2) 2 (3) 3 (3) 4 (3)

Union Long Term Equity Fund 1 (2) 2 (3) 2 (2) 2 (3) 3 (3) 3 (3) 3 (3) 2 (3) 2 (3)

Aditya Birla Sun Life Tax Relief 96 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 4 (5) 5 (5)

Axis Long Term Equity Fund 2 (2) 2 (2) 2 (1) 2 (2) 3 (3) 3 (3) 5 (4) 5 (4) 5 (5)

BNP Paribas Long Term Equity 2 (1) 2 (1) 2 (2) 2 (2) 1 (1) 1 (1) 4 (3) 3 (3) 3 (3) Fund

Invesco India Tax Plan 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 3 (4) 4 (4) 2 (3)

Kotak Tax Saver Scheme 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 1 (1) 3 (2) 4 (3)

Mirae Asset Tax Saver Fund 2 (2) 1 (2) 1 (2) 1 (1) 4 (4) 4 (4) 4 (5) 3 (3) 3 (3)

Taurus Taxshield 2 (3) 2 (3) 2 (3) 2 (3) 2 (3) 2 (3) 2 (2) 3 (2) 3 (2)

Baroda ELSS - 96 3 (4) 3 (4) 3 (4) 3 (4) 3 (3) 3 (3) 4 (4) 3 (3) 3 (2)

DSP Tax Saver Fund 3 (3) 3 (2) 3 (3) 3 (2) 4 (4) 4 (4) 3 (2) 3 (2) 4 (4)

Edelweiss Long Term Equity Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3) 1 (2) (Tax Savings)

Essel Long Term Advantage Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 2 (2) 3 (1)

IDFC Tax Advantage Fund 3 (4) 3 (4) 3 (4) 3 (4) 3 (3) 3 (3) 1 (1) 1 (1) 4 (4)

JM Tax Gain Fund 3 (3) 3 (3) 3 (3) 3 (3) 5 (5) 5 (5) 4 (4) 3 (3) 4 (1)

L&T Tax Advantage Fund 3 (3) 3 (4) 3 (4) 3 (4) 2 (2) 2 (2) 2 (2) 1 (2) 4 (4)

LIC MF Tax Plan 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 3 (3) 3 (3) 2 (2)

PGIM India Long Term Equity Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3)

Principal Tax Saving Fund 3 (3) 4 (3) 3 (3) 3 (3) 4 (4) 4 (4) 2 (3) 2 (3) 2 (3)

SBI Long Term Equity Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (2) 1 (1) 2 (1) 3 (4)

Tata India Tax Savings Fund 3 (3) 3 (3) 3 (3) 3 (3) 5 (5) 5 (5) 4 (4) 5 (5) 2 (3)

UTI Long Term Equity Fund (Tax 3 (2) 3 (2) 3 (2) 3 (2) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3) Saving)

HSBC Tax Saver Equity Fund 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 5 (4) 1 (2)

ICICI Prudential Long Term Equity 4 (3) 4 (3) 4 (3) 4 (3) 3 (3) 3 (3) 3 (2) 2 (3) 3 (4) Fund (Tax Saving)

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

Mahindra Manulife ELSS Kar 4 (4) 4 (3) 4 (4) 4 (4) 3 (3) 3 (3) 3 (4) 3 (3) 3 (2) Bachat Yojana

Motilal Oswal Long Term Equity 4 (4) 4 (4) 4 (3) 4 (3) 4 (4) 4 (4) 5 (5) 4 (4) 4 (3) Fund

Quantum Tax Saving Fund 4 (4) 4 (4) 4 (4) 4 (4) 2 (2) 2 (2) 3 (3) 3 (4) 1 (1)

Sundaram Diversified Equity 4 (5) 4 (5) 4 (5) 4 (5) 3 (4) 3 (4) 3 (3) 2 (2) 3 (4)

Franklin India Taxshield Fund 5 (4) 5 (4) 5 (4) 5 (4) 4 (3) 4 (3) 3 (3) 4 (4) 2 (3)

HDFC Tax Saver Fund 5 (5) 5 (5) 5 (5) 5 (5) 4 (4) 4 (4) 4 (4) 4 (4) 3 (4)

Nippon India Tax Saver Fund 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 4 (3) 4 (3) 5 (5)

Figures in brackets indicate previous quarter ranks

Index funds (Cluster ranks are arranged alphabetically)

Sep - 20 Sep - 20 Index funds Rank- Reg Rank- Dir

Weightages

Kotak Sensex ETF Fund 1 (1) 1 (1)

SBI - ETF SENSEX 1 (1) 1 (1)

UTI SENSEX Exchange Traded Fund 1 (1) 1 (1)

HDFC NIFTY 50 ETF 2 (3) 2 (3)

HDFC Sensex ETF 2 (2) 2 (2)

LIC MF ETF - Sensex 2 (2) 2 (2)

Nippon India ETF Nifty BeES 2 (2) 2 (2)

Nippon India ETF Sensex 2 (2) 2 (2)

SBI - ETF Nifty 50 2 (2) 2 (2)

UTI NIFTY Exchange Traded Fund 2 (2) 2 (2)

Aditya Birla Sun Life Nifty ETF 3 (3) 3 (3)

HDFC Index Fund - Nifty 50 Plan 3 (3) 3 (3)

HDFC Index Fund - Sensex Plan 3 (3) 3 (3)

ICICI Prudential Nifty ETF 3 (3) 3 (3)

ICICI Prudential Nifty Index Fund 3 (3) 3 (3)

ICICI Prudential Sensex ETF 3 (3) 3 (3)

IDBI Nifty Index Fund 3 (3) 3 (3)

Kotak Nifty ETF Fund 3 (3) 3 (3)

LIC MF ETF - Nifty 50 3 (3) 3 (3)

LIC MF Index Fund - Nifty Plan 3 (3) 3 (3)

Motilal Oswal M50 ETF (MOSt Shares M50) 3 (3) 3 (3)

SBI Nifty Index Fund 3 (3) 3 (3)

UTI Nifty Index Fund 3 (3) 3 (3)

Aditya Birla Sun Life Index Fund 4 (4) 4 (4)

Franklin India Index Fund - NSE Nifty Plan 4 (4) 4 (4)

ICICI Prudential Sensex Index Fund 4 4

IDFC Nifty Fund 4 (4) 4 (4)

LIC MF Index Fund - Sensex Plan 4 (4) 4 (4)

Nippon India Index Fund - Nifty Plan 4 (4) 4 (4)

Nippon India Index Fund - Sensex Plan 4 (4) 4 (4)

Aditya Birla Sun Life SENSEX ETF 5 (5) 5 (5)

Tata Index Fund - NIFTY 5 (5) 5 (5)

Tata Index Fund - SENSEX 5 (5) 5 (5)

ETFs, which have only single option, have been ranked in both regular & direct categories Figures in brackets indicate previous quarter ranks

Aggressive Hybrid funds (Cluster ranks are arranged alphabetically)

Industry Sep - 20 Sep - 20 Mean Mean Concentration Debt Volatility Volatility Company Debt Equity Aggressive Hybrid funds Rank Rank Return Return / Exposure to Asset - Reg - Dir Concentration Liquidity Liquidity - Reg - Dir - Reg - Dir Sensitive Quality Sector*

5%* 5%* Weightages 50% 25% 10% 5% 10%*K (100-K) (100-K)

BOI AXA Mid & Small 1 (4) 2 (4) 1 (4) 2 (4) 4 (3) 4 (3) 3 (2) 3 (3) 2 (3) 1 (2) 4 (3) Cap Equity & Debt Fund

Canara Robeco Equity 1 (1) 1 (1) 1 (1) 1 (1) 1 (1) 1 (1) 1 (1) 2 (1) 3 (2) 3 (2) 3 (3) Hybrid Fund

BNP Paribas Substantial 2 (1) 1 (1) 2 (1) 1 (1) 2 (2) 2 (2) 3 (3) 4 (5) 1 (1) 1 (1) 3 (1) Equity Hybrid Fund

DSP Equity & Bond Fund 2 (2) 2 (2) 2 (2) 2 (2) 4 (4) 4 (4) 4 (3) 2 (2) 3 (4) 3 (3) 4 (4)

Mirae Asset Hybrid - 2 (2) 2 (2) 2 (2) 2 (2) 4 (4) 4 (4) 3 (3) 3 (3) 2 (2) 2 (3) 3 (2) Equity

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

Baroda Hybrid Equity 3 (4) 3 (4) 3 (4) 3 (4) 3 (3) 3 (3) 4 (3) 3 (3) 5 (5) 3 (3) 2 (2) Fund

Franklin India Equity 3 (3) 3 (3) 3 (3) 4 (3) 2 (2) 2 (2) 5 (5) 3 (3) 3 (3) 4 (4) 2 (3) Hybrid Fund

IDBI Hybrid Equity Fund 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 1 (1) 1 (1) 4 (4) 3 (3) 3 (3)

IDFC Hybrid Equity Fund 3 (4) 3 (4) 3 (4) 3 (4) 3 (3) 3 (3) 2 (2) 3 (2) 2 (1) 2 (1) 2 (3)

Kotak Equity Hybrid 3 (3) 2 (3) 2 (3) 2 (3) 5 (5) 5 (5) 3 (4) 3 (3) 3 (3) 2 (2) 4 (3)

L&T Hybrid Equity Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3)

LIC MF Equity Hybrid 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 1 (2) 3 (3) 1 (2) Fund

PGIM India Hybrid 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 5 (5) 3 (3) 3 (3) 3 (1) Equity Fund

Principal Hybrid Equity 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3) 1 (2) Fund

Sundaram Equity Hybrid 3 (2) 3 (2) 3 (2) 3 (2) 2 (2) 2 (2) 2 (2) 2 (3) 3 (3) 3 (3) 2 (3) Fund

Aditya Birla Sun Life 4 (5) 4 (5) 4 (5) 4 (5) 3 (3) 3 (3) 5 (4) 3 (3) 4 (4) 3 (3) 3 (4) Equity Hybrid 95 Fund

HDFC Hybrid Equity 4 (3) 4 (3) 4 (3) 4 (3) 3 (3) 3 (3) 3 (3) 4 (4) 3 (3) 4 (4) 5 (5) Fund

Tata Hybrid Equity Fund 4 (3) 4 (3) 4 (3) 3 (3) 3 (3) 3 (3) 4 (4) 5 (4) 3 (3) 4 (4) 3 (3)

UTI Hybrid Equity Fund 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 2 (2) 5 (5) 3 (3) 3 (3)

ICICI Prudential Equity & 5 (3) 5 (3) 5 (3) 5 (3) 3 (4) 3 (4) 2 (2) 3 (3) 4 (3) 5 (5) 4 (4) Debt Fund

Nippon India Equity 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 3 (5) 4 (4) 4 (4) 5 (5) 3 (4) Hybrid Fund

K = Equity Component in Hybrid Funds * Industry concentration for equity and Exposure to Sensitive Sector for debt portion of the portfolio Figures in brackets indicate previous quarter ranks

Conservative Hybrid funds (Cluster ranks are arranged alphabetically)

Industry Sep - Sep - Mean Mean Concentration / Debt Conservative 20 20 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)

Canara Robeco Conservative 1 (1) 1 (1) 1 (1) 1 (1) 2 (2) 2 (2) 3 (3) 2 (1) 3 (3) 3 (3) 4 (4) 4 (5) Hybrid Fund

LIC MF Debt 1 (1) 1 (1) 2 (1) 2 (1) 1 (1) 1 (1) 1 (1) 3 (1) 1 (1) 1 (1) 1 (2) 3 (4) Hybrid Fund

BNP Paribas Conservative 2 (2) 2 (2) 3 (2) 2 (2) 1 (1) 1 (1) 2 (1) 5 (5) 1 (2) 1 (2) 4 (2) 1 (1) Hybrid Fund

HSBC Regular 2 (2) 2 (2) 2 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 2 (2) 3 (3) 1 (1) 3 (3) Savings Plan

Kotak Debt 2 (2) 2 (2) 2 (2) 1 (2) 4 (4) 4 (4) 3 (3) 2 (3) 2 (2) 2 (3) 5 (3) 5 (5) Hybrid

Axis Regular 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (3) 3 (3) 5 (3) 3 (4) Saver Fund

DSP Regular 3 (3) 3 (3) 4 (3) 3 (3) 3 (3) 3 (3) 4 (4) 3 (5) 3 (3) 3 (3) 3 (3) 3 (3) Savings Fund

Franklin India 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 2 (2) 3 (4) 3 (3) 2 (2) 2 (3) 4 (2)

Debt Hybrid Fund HYBRIDFUNDS ICICI Prudential Regular Savings 3 (3) 3 (3) 1 (2) 2 (2) 2 (2) 2 (2) 5 (5) 1 (2) 4 (4) 5 (5) 2 (3) 2 (2) Fund

IDFC Regular 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 4 (3) 2 (1) 3 (1) 2 (3) 2 (3) Savings Fund

SBI Debt Hybrid 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 3 (3) 3 (3) 4 (3) 4 (5) 5 (3) Fund

BOI AXA Conservative 4 (4) 4 (4) 5 (5) 5 (5) 4 (5) 4 (5) 3 (3) 5 (4) 3 (3) 2 (2) 3 (2) 1 (1)

Hybrid

HDFC Hybrid 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 5 (5) 4 (4) 3 (5) 3 (3) Debt Fund

UTI Regular 4 (4) 4 (4) 3 (4) 4 (4) 5 (4) 5 (4) 3 (3) 1 (2) 4 (4) 4 (4) 3 (4) 4 (4) Savings Fund

Aditya Birla Sun Life Regular 5 (5) 5 (5) 4 (4) 4 (4) 3 (3) 3 (3) 5 (5) 2 (3) 4 (4) 3 (4) 3 (4) 3 (3) Savings Fund

Nippon India 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 1 (2) 4 (4) 5 (5) 5 (5) 3 (1) 2 (2) Hybrid Bond Fund

K = Equity Component in Hybrid Funds * Industry concentration for equity and Exposure to Sensitive Sector for debt portion of the portfolio Figures in brackets indicate previous quarter ranks

Arbitrage funds (Cluster ranks are arranged alphabetically)

Sep - 20 Sep - 20 Mean Mean Count of Count of Volatility Volatility Arbitrage funds Rank Rank Return Return Negative Negative - Reg - Dir - Reg - Dir - Reg - Dir Returns - Reg Returns - Dir

Weightages 60% 25% 15%

L&T Arbitrage Opportunities Fund 1 (2) 1 (2) 1 (1) 1 (2) 2 (3) 3 (3) 1 (1) 1 (1)

Tata Arbitrage Fund 1 (1) 1 (1) 1 (1) 1 (1) 3 (4) 3 (4) 1 (2) 1 (2)

Edelweiss Arbitrage Fund 2 (1) 2 (1) 2 (2) 2 (1) 1 (1) 1 (1) 3 (2) 3 (3)

Invesco India Arbitrage Fund 2 (2) 2 (2) 3 (3) 2 (3) 3 (2) 2 (2) 2 (3) 2 (3)

Union Arbitrage Fund 2 (2) 2 (2) 2 (2) 3 (2) 2 (3) 2 (2) 2 (2) 2 (3)

Aditya Birla Sun Life Arbitrage Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 3 (2) 4 (2)

DSP Arbitrage Fund 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (3) 2 (1) 2 (1)

ICICI Prudential Equity - Arbitrage Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 3 (2) 3 (3)

Kotak Equity Arbitrage Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (3) 3 (3) 3 (4)

Nippon India Arbitrage Fund 3 (3) 3 (3) 3 (2) 2 (2) 4 (3) 4 (3) 4 (3) 3 (3)

UTI Arbitrage Fund 3 (3) 3 (3) 2 (3) 3 (3) 3 (3) 3 (3) 4 (2) 3 (2)

HDFC Arbitrage Fund 4 (4) 4 (4) 4 (4) 4 (4) 4 (3) 4 (3) 3 (3) 4 (3)

IDFC Arbitrage Fund 4 (3) 4 (3) 4 (3) 4 (3) 3 (3) 3 (3) 3 (3) 3 (3)

PGIM India Arbitrage Fund 4 (5) 4 (4) 4 (4) 4 (4) 5 (5) 5 (5) 4 (4) 4 (4)

JM Arbitrage Fund 5 (5) 5 (5) 5 (5) 5 (5) 1 (1) 1 (1) 5 (5) 5 (5)

SBI Arbitrage Opportunities Fund 5 (4) 5 (5) 5 (5) 5 (5) 5 (4) 5 (4) 5 (4) 5 (5)

Figures in brackets indicate previous quarter ranks

Gilt funds (Cluster ranks are arranged alphabetically)

Sep - 20 Sep - 20 Mean Mean Volatility Volatility Modified Gilt funds Rank Rank Return Return Liquidity - Reg - Dir Duration - Reg - Dir - Reg - Dir

Weightages 50% 25% 10% 15%

Edelweiss Government Securities Fund 1 (1) 1 (1) 2 (3) 2 (3) 2 (2) 2 (2) 3 (2) 1 (1)

DSP Government Securities Fund 2 (2) 2 (2) 2 (2) 2 (2) 4 (4) 4 (4) 3 (3) 2 (2)

IDFC Government Securities Fund - Investment Plan 2 (2) 3 (2) 1 (1) 1 (1) 5 (5) 5 (5) 3 (3) 3 (3)

Nippon India Gilt Securities Fund 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 2 (3) 3 (3)

Franklin India Government Securities Fund 3 (4) 3 (4) 5 (5) 5 (5) 3 (4) 3 (4) 2 (1) 2 (3)

HDFC Gilt Fund 3 (3) 4 (3) 4 (4) 4 (4) 1 (1) 1 (1) 1 (2) 4 (5)

Kotak Gilt - Investment 3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 4 (3) 4 (4) 3 (2)

L&T Gilt 3 (3) 2 (3) 3 (4) 3 (3) 2 (2) 2 (2) 3 (4) 2 (2)

SBI Magnum Gilt Fund 3 (3) 3 (3) 3 (2) 3 (2) 3 (3) 3 (3) 4 (4) 3 (3)

UTI Gilt Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 3 (2) 3 (3)

Aditya Birla Sun Life Government Securities Fund 4 (3) 4 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 4 (4)

Canara Robeco Gilt Fund 4 (4) 3 (4) 4 (3) 4 (4) 3 (3) 3 (3) 3 (3) 3 (4)

ICICI Prudential Gilt Fund 4 (4) 4 (4) 3 (3) 3 (3) 4 (4) 4 (4) 4 (5) 4 (3)

Tata Gilt Securities Fund 5 (5) 5 (5) 4 (4) 4 (4) 3 (3) 3 (3) 5 (3) 5 (4)

Figures in brackets indicate previous quarter ranks

DEBTFUNDS

Banking and PSU funds (Cluster ranks are arranged alphabetically)

Sep - 20 Sep - 20 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%

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

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

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

Kotak Banking and PSU 2 (4) 2 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 4 (1) 4 (4) 4 (4) 2 (2) Debt Fund

L&T Banking and PSU Debt 2 (3) 2 (3) 3 (2) 3 (2) 4 (4) 4 (4) 1 (1) 1 (1) 3 (4) 2 (2) 2 (3) Fund

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

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

Edelweiss Banking and PSU 3 (1) 3 (1) 1 (1) 1 (1) 5 (5) 5 (5) 1 (1) 1 (1) 3 (2) 5 (5) 3 (3) Debt Fund

LIC MF Banking & PSU Debt 3 (3) 3 (3) 4 (4) 4 (4) 1 (1) 1 (1) 1 (1) 1 (1) 2 (1) 2 (3) 1 (1)

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

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

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

SBI Banking and PSU Fund 4 (2) 4 (2) 3 (3) 3 (3) 4 (3) 4 (3) 1 (1) 1 (1) 2 (3) 4 (4) 4 (3)

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

UTI-Banking & PSU Debt 5 (5) 5 (5) 4 (4) 4 (5) 2 (2) 2 (2) 5 (5) 5 (5) 5 (5) 3 (2) 5 (5) Fund

Figures in brackets indicate previous quarter ranks

Credit Risk funds (Cluster ranks are arranged alphabetically)

Sep - 20 Sep - 20 Mean Mean Exposure to Volatility Volatility Company Asset Modified Credit Risk 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%

Invesco India Credit Risk 1 (1) 1 (1) 2 (1) 2 (1) 1 (1) 1 (1) 1 (1) 2 (2) 1 (1) 3 (3) 1 (1) Fund

Sundaram Short Term 1 (3) 1 (3) 3 (3) 3 (3) 1 (2) 1 (2) 3 (3) 3 (3) 1 (1) 1 (2) 1 (2) Credit Risk Fund

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

ICICI Prudential Credit 2 (1) 2 (1) 1 (1) 1 (1) 3 (2) 3 (2) 4 (3) 1 (2) 4 (4) 4 (3) 4 (3) Risk Fund

SBI Credit Risk Fund 2 (2) 2 (2) 2 (2) 2 (2) 2 (3) 2 (3) 4 (4) 1 (1) 3 (3) 4 (4) 4 (4)

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

Axis Credit Risk Fund 3 (3) 2 (3) 3 (2) 3 (2) 2 (2) 2 (2) 4 (3) 1 (1) 3 (3) 3 (3) 5 (4)

DSP Credit Risk Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (5) 5 (5) 4 (4) 1 (1) 3 (4)

IDFC Credit Risk Fund 3 (2) 3 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 5 (5) 2 (2)

Kotak Credit Risk Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 3 (3)

L&T Credit Risk Fund 3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 4 (3) 3 (4) 3 (3) 2 (2) 5 (3) 3 (5)

Mahindra Manulife Credit 3 (3) 3 (2) 3 (3) 3 (3) 2 (1) 2 (1) 2 (3) 3 (3) 2 (2) 3 (3) 2 (2) Risk Fund

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

Nippon India Credit Risk 4 (4) 4 (4) 4 (4) 4 (4) 4 (5) 4 (5) 2 (2) 4 (4) 5 (5) 3 (3) 5 (5)

PGIM India Credit Risk 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 5 (5) 4 (4) 3 (3) 2 (2) 3 (3) Fund

BOI AXA Credit Risk 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 1 (1) 5 (5) 5 (5) 2 (1) 2 (1)

UTI Credit Risk Fund 5 (5) 5 (5) 5 (5) 5 (5) 5 (4) 5 (4) 3 (2) 3 (3) 3 (3) 3 (3) 3 (3)

Figures in brackets indicate previous quarter ranks

Corporate Bond funds (Cluster ranks are arranged alphabetically)

Sep - 20 Sep - 20 Mean Mean Exposure to Volatility Volatility Company Asset Modified Corporate Bond 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%

Aditya Birla Sun Life 1 (2) 1 (2) 1 (1) 1 (1) 3 (2) 3 (2) 3 (3) 1 (3) 3 (1) 3 (4) 3 (3) Corporate Bond Fund

Sundaram Corporate 1 (1) 2 (1) 2 (2) 2 (2) 3 (3) 3 (3) 1 (1) 1 (1) 3 (3) 2 (3) 3 (1) Bond Fund

DSP Corporate Bond 2 (3) 2 (3) 3 (3) 3 (4) 2 (3) 2 (3) 1 (1) 1 (1) 4 (3) 1 (1) 3 (3) Fund

HDFC Corporate Bond 2 (2) 2 (2) 2 (2) 2 (2) 4 (3) 4 (3) 3 (3) 1 (1) 3 (2) 5 (3) 2 (3) Fund

L&T Triple Ace Bond 2 (1) 3 (1) 3 (1) 3 (1) 5 (5) 5 (5) 1 (1) 1 (4) 2 (3) 5 (5) 1 (1) Fund

Axis Corporate Debt 3 (4) 3 (4) 1 (3) 1 (2) 3 (4) 3 (4) 5 (4) 1 (3) 3 (4) 3 (3) 5 (5) Fund

ICICI Prudential 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 1 (1) 1 (3) 2 (1) 3 (3) 4 (4) Corporate Bond Fund

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

Invesco India Corporate 3 (3) 3 (3) 3 (4) 2 (3) 3 (3) 3 (3) 1 (1) 1 (1) 4 (4) 1 (2) 3 (2) Bond Fund

Kotak Corporate Bond 3 (4) 3 (4) 4 (4) 4 (4) 1 (1) 1 (1) 4 (1) 4 (4) 3 (3) 2 (1) 4 (4) Fund

PGIM India Premier Bond 3 1 4 3 3 3 1 1 2 3 1 Fund

SBI Corporate Bond Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 1 (2) 3 (3) 3 (4)

Canara Robeco 4 (3) 3 (3) 5 (4) 5 (4) 2 (2) 2 (2) 4 (5) 5 (1) 1 (3) 4 (3) 2 (3) Corporate Bond Fund

Union Corporate Bond 4 (4) 4 (4) 3 (3) 4 (3) 5 (5) 5 (5) 1 (1) 4 (1) 4 (4) 3 (4) 3 (3) Fund

UTI Corporate Bond Fund 4 (2) 4 (2) 2 (3) 3 (3) 4 (4) 4 (4) 3 (4) 1 (1) 3 (2) 4 (5) 3 (2)

Franklin India Corporate 5 (5) 5 (5) 5 (5) 5 (5) 3 (3) 3 (3) 4 (4) 1 (5) 5 (5) 3 (2) 4 (3) Debt Fund

Nippon India Corporate 5 (5) 5 (5) 4 (5) 4 (5) 1 (1) 1 (1) 5 (5) 5 (5) 5 (5) 2 (2) 5 (5) Bond Fund

Figures in brackets indicate previous quarter ranks

Dynamic Bond funds (Cluster ranks are arranged alphabetically)

Sep - 20 Sep - 20 Mean Mean Exposure to Volatility Volatility Modified Company Asset Dynamic Bond funds Rank Rank Return Return Sensitive Liquidity - Reg - Dir Duration Concentration Quality - Reg - Dir - Reg - Dir Sector

Weightages 50% 10% 5% 5% 5% 7.5% 17.5%

DSP Strategic Bond 1 (1) 1 (1) 2 (1) 2 (2) 5 (5) 5 (5) 5 (4) 1 (1) 1 (1) 1 (1) 1 (1) Fund

SBI Dynamic Bond Fund 1 (2) 1 (2) 2 (2) 2 (2) 4 (3) 4 (3) 5 (5) 1 (1) 1 (1) 2 (2) 1 (2)

IDFC Dynamic Bond 2 (1) 2 (1) 1 (1) 1 (1) 4 (4) 4 (4) 4 (4) 1 (1) 1 (1) 2 (2) 2 (1) Fund

L&T Flexi Bond Fund 2 (3) 2 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 1 (2) 2 (3)

Mirae Asset Dynamic 2 2 2 2 3 3 2 1 5 2 2 Bond Fund

Quantum Dynamic Bond 2 (2) 3 (2) 3 (3) 3 (3) 2 (3) 2 (3) 2 (1) 1 (1) 4 (5) 3 (1) 3 (2) Fund

Axis Dynamic Bond 3 (2) 3 (2) 1 (2) 1 (1) 4 (4) 4 (4) 3 (4) 1 (1) 1 (1) 3 (3) 4 (4) Fund

BNP Paribas Flexi Debt 3 (4) 2 (3) 4 (4) 4 (4) 3 (2) 3 (2) 3 (2) 1 (1) 5 (4) 2 (4) 2 (2) Fund

Canara Robeco Dynamic 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (5) 1 (1) 4 (3) 3 (2) 3 (2) Bond Fund

HSBC Flexi Debt Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 1 (1) 4 (3) 3 (3) 3 (3)

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

Kotak Dynamic Bond 3 (2) 3 (3) 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 4 (4) 1 (3) 3 (3) 3 (3) Fund

Union Dynamic Bond 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 3 (4) 3 (3) 1 (1) 1 (1) 3 (3) 3 (3) Fund

Aditya Birla Sun Life 4 (5) 4 (5) 4 (4) 4 (5) 4 (4) 4 (4) 2 (2) 4 (4) 1 (1) 5 (5) 4 (4) Dynamic Bond Fund

IIFL Dynamic Bond Fund 4 (4) 4 (4) 4 (4) 4 (4) 1 (1) 1 (1) 1 (1) 4 (4) 1 (5) 4 (4) 4 (4)

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

Tata Dynamic Bond 4 (4) 4 (4) 4 (4) 4 (4) 2 (1) 2 (1) 4 (3) 1 (1) 1 (4) 3 (3) 3 (3) Fund

HDFC Dynamic Debt 5 (4) 5 (4) 5 (5) 5 (4) 1 (2) 1 (2) 1 (2) 4 (3) 4 (3) 5 (4) 5 (5) Fund

UTI-Dynamic Bond Fund 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 4 (3) 5 (5) 3 (4) 4 (4) 5 (5)

Figures in brackets indicate previous quarter ranks

Medium to Long Duration funds (Cluster ranks are arranged alphabetically)

Sep - 20 Sep - 20 Mean Mean Exposure to Medium to Long Volatility Volatility Modified Company Asset Rank Rank Return Return Sensitive Liquidity Duration funds - Reg - Dir Duration Concentration Quality - Reg - Dir - Reg - Dir Sector

Weightages 50% 10% 5% 5% 5% 7.5% 17.5%

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

LIC MF Bond Fund 2 (3) 3 (3) 4 (3) 4 (4) 3 (3) 3 (2) 2 (3) 1 (1) 1 (1) 3 (3) 2 (2)

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

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

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

Kotak Bond 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (5) 3 (3) 4 (1) 3 (3) 3 (3)

SBI Magnum Income 3 (3) 3 (4) 1 (2) 1 (2) 2 (2) 2 (2) 3 (2) 5 (5) 1 (1) 5 (5) 4 (4) Fund

Aditya Birla Sun Life 4 (3) 4 (3) 3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 1 (1) 5 (3) 4 (3) 3 (3) Income Fund

HDFC Income Fund 4 (4) 4 (4) 4 (4) 4 (4) 1 (1) 1 (1) 2 (2) 4 (4) 3 (3) 3 (3) 4 (4)

UTI Bond Fund 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (3) 4 (4) 1 (4) 3 (3) 5 (5)

Figures in brackets indicate previous quarter ranks

Medium Duration funds (Cluster ranks are arranged alphabetically)

Sep - 20 Sep - 20 Mean Mean Volatility Volatility Modified Exposure to Company Asset Medium Duration funds Rank Rank Return Return Liquidity - Reg - Dir Duration Sensitive Sector Concentration Quality - Reg - Dir - Reg - Dir

Weightages 50% 10% 5% 5% 5% 7.5% 17.5%

IDFC Bond Fund - 1 (1) 1 (1) 2 (2) 2 (2) 2 (1) 2 (1) 4 (4) 1 (1) 1 (3) 1 (1) 1 (1) Medium Term Plan

SBI Magnum Medium 2 (2) 2 (2) 1 (1) 1 (1) 2 (2) 2 (2) 3 (4) 3 (3) 1 (1) 3 (3) 3 (3) Duration Fund

Sundaram Medium Term 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 2 (2) 4 (3) 2 (2) 2 (2) Bond Fund

Axis Strategic Bond 3 (2) 3 (2) 3 (2) 3 (2) 3 (3) 3 (3) 2 (2) 3 (3) 1 (1) 4 (4) 3 (3) Fund

DSP Bond Fund 3 (3) 3 (3) 4 (3) 4 (3) 4 (4) 4 (4) 3 (3) 1 (2) 1 (1) 2 (2) 3 (2)

HDFC Medium Term 3 (3) 3 (3) 3 (3) 3 (2) 1 (2) 1 (2) 3 (3) 3 (3) 1 (3) 3 (3) 3 (4) Debt Fund

ICICI Prudential Medium 3 (3) 3 (3) 2 (2) 2 (3) 3 (2) 3 (2) 3 (2) 5 (4) 1 (3) 4 (4) 3 (3) Term Bond Fund

Kotak Medium Term 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (4) 3 (3) 3 (3) 4 (4) Fund

L&T Resurgent India 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 5 (3) 4 (5) 1 (4) 3 (4) 3 (3) Bond Fund

Aditya Birla Sun Life 4 (4) 4 (4) 3 (4) 3 (4) 4 (4) 4 (4) 4 (4) 4 (4) 1 (1) 3 (3) 5 (4) Medium Term Plan

UTI - Medium Term Fund 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 3 (3) 2 (3)

Nippon India Strategic 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 1 (1) 3 (3) 5 (4) 5 (5) 4 (5) Debt Fund

Figures in brackets indicate previous quarter ranks

Short Duration funds (Cluster ranks are arranged alphabetically)

Sep - 20 Sep - 20 Mean Mean Volatility Volatility Exposure to Company Asset Modified Short Duration funds Rank Rank Return Return Liquidity - Reg - Dir Sensitive Sector Concentration Quality Duration - Reg - Dir - Reg - Dir

Weightages 50% 10% 5% 5% 10% 5% 15% BNP Paribas Short 1 (2) 1 (2) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 1 (4) 1 (1) 4 (3) 3 (2) Term Fund Principal Short Term 1 (5) 1 (5) 1 (5) 1 (5) 5 (5) 5 (5) 1 (1) 3 (1) 3 (2) 3 (4) 3 (3) Debt Fund Aditya Birla Sun Life 2 (4) 2 (4) 1 (4) 1 (4) 4 (4) 4 (4) 3 (5) 1 (4) 5 (5) 3 (5) 4 (4) Short Term Fund L&T Short Term Bond 2 (1) 2 (2) 4 (1) 4 (3) 3 (3) 3 (3) 1 (1) 1 (3) 2 (2) 3 (3) 2 (3) Fund Sundaram Short Term 2 (4) 2 (4) 3 (4) 3 (4) 4 (4) 4 (4) 3 (3) 5 (3) 1 (3) 3 (3) 1 (2) Debt Fund UTI Short Term Income 2 (2) 2 (2) 2 (1) 2 (1) 2 (2) 2 (2) 1 (1) 3 (3) 4 (4) 4 (3) 3 (2) Fund Axis Short Term Fund 3 (3) 3 (3) 3 (2) 3 (2) 3 (3) 3 (3) 3 (1) 1 (1) 3 (3) 3 (2) 3 (3) Canara Robeco Short 3 (3) 3 (3) 4 (3) 4 (3) 1 (1) 1 (1) 3 (4) 4 (3) 3 (3) 2 (2) 2 (3) Duration Fund DSP Short Term Fund 3 (1) 3 (1) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 3 (3) 3 (3) 1 (1) IDFC Bond Fund - 3 (3) 4 (3) 3 (2) 3 (2) 3 (3) 3 (3) 1 (1) 4 (4) 4 (3) 2 (1) 3 (3) Short Term Invesco India Short 3 (3) 3 (2) 4 (3) 4 (2) 4 (4) 4 (4) 1 (1) 3 (1) 3 (3) 3 (3) 3 (2) Term Fund Kotak Bond Short Term 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 4 (3) 1 (1) 3 (2) 3 (4) 4 (4) Plan LIC MF Short Term 3 (2) 3 (1) 5 (3) 4 (3) 2 (2) 2 (2) 1 (1) 1 (1) 2 (1) 3 (3) 2 (1) Debt Fund SBI Short Term Debt 3 (2) 3 (3) 3 (2) 3 (3) 3 (2) 3 (2) 3 (3) 1 (1) 2 (2) 5 (4) 3 (3) Fund Tata Short Term Bond 3 (3) 3 (3) 3 (3) 3 (1) 4 (4) 4 (4) 1 (1) 1 (3) 2 (3) 4 (3) 3 (3) Fund HDFC Short Term Debt 4 (4) 4 (4) 2 (3) 2 (3) 3 (3) 3 (3) 5 (4) 1 (1) 5 (4) 4 (4) 5 (5) Fund ICICI Prudential Short 4 (3) 4 (3) 2 (2) 2 (2) 3 (3) 3 (3) 4 (3) 1 (1) 4 (4) 5 (5) 5 (4) Term Fund Mirae Asset Short 4 (3) 4 (3) 4 (4) 5 (4) 2 (3) 2 (3) 3 (3) 5 (4) 3 (3) 2 (3) 2 (3) Term Fund Nippon India Short 4 (3) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 4 (4) 1 (1) 3 (3) 2 (2) 4 (3) Term Fund Baroda Short Term 5 (4) 5 (4) 5 (4) 5 (4) 3 (3) 3 (3) 4 (4) 4 (5) 4 (4) 1 (2) 4 (4) Bond Fund HSBC Short Duration 5 (5) 5 (5) 2 (5) 2 (5) 5 (5) 5 (5) 5 (5) 4 (5) 3 (5) 1 (1) 3 (5) Fund

Figures in brackets indicate previous quarter ranks

Money Market funds (Cluster ranks are arranged alphabetically)

Sep - Sep - Mean Mean Exposure to Volatility Volatility Company Asset Modified Money Market funds 20 Rank 20 Rank Return Return Sensitive Liquidity - Reg - Dir Concentration Quality Duration - Reg - Dir - Reg - Dir Sector

Weightages 50% 10% 5% 5% 10% 5% 15%

Invesco India Money 1 (1) 1 (2) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 1 (1) 3 (4) 2 (2) Market Fund

Franklin India Savings 2 (4) 2 (4) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 4 (5) 3 (3) 2 (3) 3 (3) Fund

Nippon India Money 2 (2) 2 (2) 3 (3) 4 (4) 2 (2) 2 (2) 3 (1) 1 (1) 2 (3) 3 (2) 3 (3) Market

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

DSP Savings Fund 3 (4) 3 (4) 3 (3) 3 (3) 5 (5) 5 (5) 3 (4) 1 (3) 3 (3) 4 (5) 2 (3)

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

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

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

Kotak Money Market 3 (2) 3 (3) 4 (4) 5 (5) 1 (2) 1 (2) 3 (3) 3 (3) 3 (3) 5 (1) 3 (2)

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

Aditya Birla Sun Life 4 (3) 4 (3) 2 (2) 2 (2) 4 (4) 4 (4) 3 (3) 4 (3) 4 (3) 4 (4) 4 (3) Money Manager Fund

Axis Money Market Fund 4 4 3 3 3 3 5 3 4 3 3

Tata Money Market Fund 4 (4) 5 (4) 2 (2) 2 (3) 4 (3) 4 (3) 4 (4) 4 (4) 3 (4) 4 (3) 3 (3)

SBI Savings Fund 5 (5) 4 (5) 4 (4) 3 (3) 2 (2) 2 (2) 4 (5) 3 (3) 5 (5) 2 (2) 5 (5)

Figures in brackets indicate previous quarter ranks

Low Duration funds (Cluster ranks are arranged alphabetically)

Sep - Sep - Mean Mean Exposure to Volatility Volatility Company Asset Modified Low Duration funds 20 Rank 20 Rank Return Return Sensitive Liquidity - Reg - Dir Concentration Quality Duration - Reg - Dir - Reg - Dir Sector

Weightages 50% 10% 5% 5% 10% 5% 15%

IDFC Low Duration Fund 1 (1) 1 (1) 4 (3) 4 (3) 3 (3) 3 (3) 1 (1) 4 (5) 1 (1) 2 (4) 1 (1)

Invesco India Treasury 1 (1) 1 (1) 3 (2) 3 (2) 3 (3) 3 (3) 1 (1) 1 (2) 2 (2) 3 (3) 2 (2) Advantage Fund

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

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

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

LIC MF Savings Fund 2 (3) 2 (3) 2 (4) 2 (4) 5 (2) 5 (2) 3 (4) 1 (3) 2 (3) 2 (2) 2 (3)

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

DSP Low Duration Fund 3 (2) 3 (2) 4 (3) 4 (2) 2 (3) 2 (3) 1 (1) 1 (3) 3 (2) 2 (2) 2 (2)

HDFC Low Duration 3 (4) 3 (4) 2 (3) 2 (3) 3 (3) 3 (3) 3 (2) 1 (1) 5 (5) 4 (3) 3 (4) Fund

Kotak Low Duration 3 (3) 3 (3) 2 (1) 1 (1) 4 (4) 4 (4) 4 (4) 1 (3) 4 (5) 5 (3) 4 (4) Fund

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

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

L&T Low Duration Fund 4 (5) 4 (5) 1 (5) 1 (5) 5 (5) 5 (5) 5 (4) 4 (5) 5 (4) 3 (2) 5 (5)

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

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

Sundaram Low Duration 4 (4) 4 (4) 5 (5) 5 (5) 2 (4) 2 (4) 4 (3) 1 (3) 2 (2) 1 (5) 3 (2) Fund

Mahindra Manulife Low 5 (4) 5 (4) 4 (4) 4 (4) 1 (1) 1 (1) 5 (5) 1 (1) 4 (4) 2 (2) 5 (4) Duration Fund

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

Figures in brackets indicate previous quarter ranks

Ultra Short Duration funds (Cluster ranks are arranged alphabetically)

Sep - Sep - Mean Mean Exposure to Ultra Short Duration 20 Volatility Volatility Company Asset Modified 20 Rank Return Return Sensitive Liquidity funds Rank - Reg - Dir Concentration Quality Duration - Dir - Reg - Dir Sector - Reg

Weightages 50% 10% 5% 5% 10% 5% 15%

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

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

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

L&T Ultra Short Term 2 (2) 2 (2) 3 (3) 4 (3) 3 (3) 3 (3) 1 (1) 1 (3) 2 (2) 3 (4) 2 (2) Fund

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

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

Invesco India Ultra Short 3 (2) 3 (2) 4 (3) 3 (3) 2 (2) 2 (2) 3 (1) 1 (1) 3 (1) 3 (3) 2 (2) Term Fund

Kotak Savings Fund 3 (3) 3 (3) 3 (3) 2 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 3 (3)

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

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

Sundaram Ultra Short 4 (3) 3 (3) 4 (4) 4 (4) 2 (2) 2 (2) 4 (4) 4 (3) 2 (3) 1 (3) 3 (3) Term Fund

UTI Ultra Short Term 4 (4) 4 (4) 3 (4) 3 (4) 3 (2) 3 (2) 2 (3) 4 (4) 4 (4) 2 (2) 3 (3) Fund

Nippon India Ultra Short 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 4 (3) 5 (5) Duration Fund

Figures in brackets indicate previous quarter ranks

Liquid funds (Cluster ranks are arranged alphabetically)

Sep - 20 Sep - 20 Mean Mean Exposure to Volatility Volatility Company Asset Liquid funds Rank Rank Return Return Sensitive Liquidity - Reg - Dir Concentration Quality - Reg - Dir - Reg - Dir Sector

Weightages 50% 10% 5% 5% 15% 15%

Canara Robeco Liquid 1 1 4 4 1 1 1 1 2 1

Motilal Oswal Liquid 1 1 5 5 1 1 1 1 1 1 Fund

Quantum Liquid Fund 1 (1) 1 (1) 5 (5) 5 (5) 2 (1) 2 (1) 1 (1) 1 (5) 1 (1) 1 (1)

BOI AXA Liquid Fund 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 1 (1) 2 (2) 2 (2)

Edelweiss Liquid Fund 2 (4) 2 (3) 3 (3) 3 (2) 3 (3) 3 (3) 1 (5) 5 (3) 2 (2) 2 (3)

Franklin India Liquid 2 (4) 2 (5) 1 (1) 2 (1) 4 (4) 4 (4) 3 (4) 1 (5) 3 (4) 3 (3) Fund

L&T Liquid Fund 2 (2) 2 (2) 3 (3) 3 (3) 5 (5) 5 (5) 4 (3) 1 (1) 2 (2) 2 (2)

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

Parag Parikh Liquid Fund 2 (1) 2 (1) 4 (5) 4 (5) 1 (1) 1 (1) 1 (1) 1 (4) 1 (1) 2 (1)

Axis Liquid Fund 3 (3) 3 (3) 2 (2) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 3 (3) 3 (4)

BNP Paribas Liquid Fund 3 (5) 3 (5) 3 (4) 3 (4) 4 (4) 4 (4) 1 (3) 4 (5) 4 (4) 3 (3)

DSP Liquidity Fund 3 (1) 3 (1) 3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 1 (1) 2 (2) 3 (2)

HSBC Cash Fund 3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 1 (1) 2 (3) 3 (3)

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

IDBI Liquid Fund 3 (5) 4 (5) 1 (1) 1 (1) 3 (3) 3 (3) 5 (5) 4 (4) 3 (5) 4 (5)

IDFC Cash Fund 3 (2) 3 (2) 4 (4) 4 (4) 3 (3) 3 (3) 3 (2) 1 (3) 3 (2) 3 (1)

Invesco India Liquid Fund 3 (2) 3 (2) 3 (4) 4 (4) 3 (2) 3 (2) 3 (3) 1 (1) 3 (2) 3 (2)

LIC MF Liquid Fund 3 (4) 3 (4) 3 (2) 2 (2) 4 (4) 4 (4) 5 (4) 1 (1) 3 (4) 3 (4)

Nippon India Liquid Fund 3 (3) 3 (3) 2 (2) 2 (2) 3 (3) 3 (3) 4 (2) 1 (1) 3 (3) 3 (4)

SBI Liquid Fund 3 (4) 3 (4) 3 (3) 3 (3) 2 (2) 2 (2) 3 (4) 1 (1) 3 (3) 3 (5)

Sundaram Money Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 3 (3) 4 (1) 3 (3) 3 (3)

Tata Liquid Fund 3 (2) 3 (2) 2 (2) 2 (1) 5 (5) 5 (5) 3 (2) 1 (1) 4 (3) 4 (3)

UTI Liquid Cash Plan 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 1 (1) 3 (3) 4 (3)

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

Baroda Liquid Fund 4 (2) 4 (2) 4 (4) 3 (4) 4 (4) 4 (4) 3 (1) 4 (4) 3 (1) 3 (2)

HDFC Liquid Fund 4 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (2) 3 (2) 1 (1) 4 (3) 5 (3)

JM Liquid Fund 4 (5) 4 (4) 4 (5) 4 (5) 2 (1) 2 (1) 2 (3) 4 (4) 3 (5) 3 (3)

Kotak Liquid 4 (3) 4 (3) 3 (4) 3 (4) 4 (4) 4 (4) 3 (2) 1 (1) 4 (3) 4 (3)

Mahindra Manulife Liquid 4 (4) 4 (4) 2 (3) 1 (3) 3 (3) 3 (3) 4 (4) 1 (1) 5 (5) 5 (5) Fund

IIFL Liquid Fund 5 5 5 5 2 2 1 5 3 2

PGIM India Insta Cash 5 (3) 5 (3) 3 (3) 2 (2) 2 (2) 2 (2) 5 (5) 1 (1) 5 (4) 4 (4) Fund

Union Liquid Fund 5 (4) 5 (4) 2 (2) 3 (3) 5 (5) 5 (5) 4 (3) 5 (4) 4 (3) 3 (3)

Figures in brackets indicate previous quarter ranks

Annexure I – CRISIL Mutual Fund Ranking Methodology

CMFR is the relative ranking of mutual fund schemes within Portfolio concentration analysis a peer group. The basic criteria for inclusion in the ranking universe are three-year / one-year NAV history and AUM in Concentration measures the risk arising out of improper excess of category cut-off limits, and complete portfolio diversification. For equity securities, diversity score is used disclosure. Three-year NAV history is considered across all as the parameter to measure industry as well as company equity, hybrid, dynamic bond, medium duration, medium to concentration. In case of debt schemes, the company long duration and gilt categories; whereas one-year for concentration is analysed at an individual issuer specific banking & PSU, corporate bond, credit risk, liquid, low limit. The limit is linked with the credit rating of the issuer; duration, money market, ultra short term, short duration a high rated issuer will have higher limits and as the rating categories. declines the limit is reduced progressively. Exposure to cash and equivalents beyond a defined threshold is also Only open-ended schemes are considered. Ranking is penalized under this parameter. based on the following parameters: Exposure to sensitive sectors Mean return and volatility In case of debt schemes, industry concentration is Mean return and volatility are considered as separate analysed for exposure to sensitive sectors which are arrived parameters across all categories. Mean return is the based on Industry Risk Score (IRS) for various sectors. average of daily returns based on the scheme’s NAV for the CRISIL’s assessment of IRS quantifies the credit risk period under analysis and volatility is the standard associated with an industry on a uniform scale to ensure deviation of these returns. While the period for analysis is comparability across industries. The score captures the three years for equity, hybrid, medium duration, medium to influence of various industry variables on the debt long duration categories; it is one year for banking & PSU, repayment ability of companies in a particular sector over a corporate bond, credit risk, liquid, and other short duration 3-4-year horizon. categories. The period of analysis is broken into four overlapping periods (latest 36, 27, 18 and 9 months for Liquidity analysis three-year period, and latest 12, 9, 6 and 3 months for one- It measures the ease with which a portfolio can be year period). Each period is assigned a progressive weight liquidated. The lower the score, the better. In case of starting from the longest period as follows: 32.5%, 27.5%, equities, it measures the number of days to liquidate the 22.5% and 17.5%, respectively. portfolio. Liquidity is calculated by taking the average portfolio liquidity score of the past three months. Active return Owing to changes in the categorisation /rationalisation of Equity liquidity is computed as follows: mutual fund schemes, as prescribed by Sebi from March Liquidity score of each stock = No. of shares held / daily 2018 onwards, CMFR incorporated the active return average trading volume of past six months parameter in equity categories (large cap, large and midcap, multi cap, mid-cap, focused and value/contra) for Portfolio liquidity score = Weighted average liquidity score evaluation. As funds from different categories with of the above different risk-return profiles are in these categories, active Gilt liquidity is measured by analysing the number of days it return (with respect to their appropriate CRISIL-AMFI takes to liquidate the portfolio based on turnover (volume), performance indices) is used instead of mean return. The the number of securities in the portfolio, the number of period of analysis is broken into four overlapping periods - days security is traded, and the number of trades in any latest 36, 27, 18 and 9 months - and progressive weights security for a three-month period for that security. are assigned as discussed earlier.

Corporate debt liquidity is computed by classifying each the portfolio. The lower the value, the better. Going forward, security into three categories - liquid, semi liquid and Macaulay duration will be used instead of Modified illiquid - and then evaluating a scheme’s exposure to each duration. category. Tracking error Asset quality This is used only for index schemes. The tracking error is an Asset quality measures the probability of default by the estimation of the variability in a scheme’s performance vis- issuer of a debt security to honour the debt obligation in à-vis the index that it tracks. The lower the tracking error, time. the better.

Duration Count of Negative Returns Modified duration is considered across all the debt The count of negative returns is used as parameter in categories except liquid to capture the interest rate risk of 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

^ Each of the broad investment types comprise of the following ranking categories - Equity: Multicap, Large Cap, Large & Midcap, Midcap, Small Cap, Focused, Value/Contra, Infrastructure, ELSS, Index/ETF Hybrid: Aggressive Hybrid, Conservative Hybrid 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, Liquid * Cut-off to be met by funds during all the month-ends in the respective quarter, along with Quarterly Average AUM If a fund not ranked on basis of AUM in the preceding quarter meets the AUM criteria, it will be put on hold for one quarter and ranked in the subsequent quarter provided that the AUM criteria is satisfied in the subsequent quarter as well

● Complete portfolio disclosure for all three months in the last quarter

Parametric weights Equity categories:

Large cap, large & mid cap, Small cap, infrastructure and Category multi cap, mid cap, Index / ETFs ELSS value/contra, focused Active return (%) 55 - - Mean returns (%) - 55 - Tracking error (%) - - 100 Volatility (%) 25 25 - Company concentration (%) 5 5 - Industry concentration (%) 10 10 - Equity - liquidity (%) 5 5 - Time (years) 3 3 3

Hybrid categories:

Category 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:

Dynamic, Banking and PSU, corporate bond, credit risk, Category Gilt medium to long, short duration, low duration, money market, Liquid medium duration 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

Annexure II – Exclusion list

The following SEBI-defined categories are currently excluded from the rankings:

Equity: Dividend yield funds, sectoral/thematic funds (other than infrastructure theme 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)

Miscellaneous:

● Index schemes that are benchmarked to indices other than S&P BSE Sensex and Nifty 50. ● Arbitrage funds with Riskometer grading other than ‘Moderately Low’. ● Liquid funds with, on average, more than 25% cash & equivalents in the portfolio over the past three months. ● 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

Axis Arbitrage Fund Arbitrage Fund Riskometer grading 'Moderate' excluded

Axis Equity Hybrid Fund Aggressive Hybrid Fund Does not have three-year NAV history Historical attributes of the fund do not match that of the Axis Gilt Fund Gilt Fund category/peer group Axis Growth Opportunities Fund Large & Mid Cap Fund Does not have three-year NAV history Axis Multicap Fund Multi Cap Fund Does not have three-year NAV history Axis Nifty ETF Index Funds/ETFs Did not meet AUM criteria Baroda Conservative Hybrid Fund Conservative Hybrid Fund Did not meet AUM criteria Baroda Dynamic Bond Fund Dynamic Bond Fund Did not meet AUM criteria

Baroda Gilt Fund Gilt Fund Did not meet AUM criteria Baroda Large and Mid Cap Fund Large & Mid Cap Fund Does not have three-year NAV history Baroda Money Market Fund Money Market Fund Did not meet AUM criteria Baroda Treasury Advantage Fund Low Duration Fund Did not meet AUM criteria Baroda Ultra Short Duration Fund Ultra Short Duration Fund Did not meet AUM criteria BNP Paribas Arbitrage Fund Arbitrage Fund Riskometer grading 'Moderately High' excluded BNP Paribas Corporate Bond Fund Corporate Bond Fund Did not meet AUM criteria BNP Paribas Focused 25 Equity Fund Focused Fund Does not have three-year NAV history

BNP Paribas Low Duration Fund Low Duration Fund Did not meet AUM criteria BNP Paribas Medium Term Fund Medium Duration Fund Did not meet AUM criteria BOI AXA Arbitrage Fund Arbitrage Fund Did not meet AUM criteria

Scheme name New category Reason for exclusion

BOI AXA Multi Cap Fund Multi Cap Fund Does not have three-year NAV history BOI AXA Short Term Income Fund Short Duration Fund Did not meet AUM criteria BOI AXA Small Cap Fund Small Cap Fund Does not have three-year NAV history BOI AXA Ultra Short Duration Fund Ultra Short Duration Fund Did not meet AUM criteria Canara Robeco Small Cap Fund Small Cap Fund Does not have three-year NAV history Canara Robeco Ultra Short Term Fund Ultra Short Duration Fund Did not meet AUM criteria DSP NIFTY 50 Index Fund Index Funds/ETFs Does not have three-year NAV history Historical attributes of the fund do not match that of the Edelweiss Aggressive Hybrid Fund Aggressive Hybrid Fund category/peer group Edelweiss Corporate Bond Fund Corporate Bond Fund Did not meet AUM criteria Edelweiss Dynamic Bond Fund Dynamic Bond Fund Did not meet AUM criteria Edelweiss ETF - Nifty 50 Index Funds/ETFs Did not meet AUM criteria Edelweiss Low Duration Low Duration Fund Did not meet AUM criteria Edelweiss Small Cap Fund Small Cap Fund Does not have three-year NAV history Essel Arbitrage Fund Arbitrage Fund Did not meet AUM criteria Essel Equity Hybrid Fund Aggressive Hybrid Fund Does not have three-year NAV history Essel Liquid Fund Liquid Fund Did not meet AUM criteria

Essel Multi Cap Fund Multi Cap Fund Does not have three-year NAV history Essel Regular Savings Fund Conservative Hybrid Fund Did not meet AUM criteria Essel Ultra Short Term Fund Ultra Short Duration Fund Did not meet AUM criteria HSBC Corporate Bond Fund Corporate Bond Fund Does not have one-year NAV history Medium to Long Duration HSBC Debt Fund Did not meet AUM criteria Fund

HSBC Equity Hybrid Fund Aggressive Hybrid Fund Does not have three-year NAV history HSBC Focused Equity Fund Focused Fund Does not have three-year NAV history HSBC Large and Mid Cap Equity Fund Large & Mid Cap Fund Does not have three-year NAV history HSBC Low Duration Fund Low Duration Fund Did not meet AUM criteria HSBC Ultra Short Duration Fund Ultra Short Duration Fund Does not have one-year NAV history Historically maintained significant exposure to foreign ICICI Prudential Smallcap Fund Small Cap Fund equities

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 Focused 30 Equity Fund Focused Fund Does not have three-year NAV history IDBI Gilt Fund Gilt Fund Did not meet AUM criteria

IDBI Long Term Value Fund Value Fund Does not have three-year NAV history IDBI Short Term Bond Fund Short Duration Fund Did not meet AUM criteria

Scheme name New category Reason for exclusion

IDBI Ultra Short Term Fund Ultra Short Duration Fund Did not meet AUM criteria IDFC Emerging Businesses Fund Small Cap Fund Does not have three-year NAV history IDFC Nifty ETF Index Funds/ETFs Did not meet AUM criteria IDFC Sensex ETF Index Funds/ETFs Did not meet AUM criteria Indiabulls Arbitrage Fund Arbitrage Fund Did not meet AUM criteria Indiabulls Banking & PSU Debt Fund Banking and PSU Fund Did not meet AUM criteria Indiabulls Dynamic Bond Fund Dynamic Bond Fund Does not have three-year NAV history Indiabulls Equity Hybrid Fund Aggressive Hybrid Fund Does not have three-year NAV history Indiabulls ETF - Nifty 50 Index Funds/ETFs Does not have three-year NAV history Indiabulls Income Fund Medium Duration Fund Did not meet AUM criteria Indiabulls Liquid Fund Liquid Fund Did not meet AUM criteria

Indiabulls Savings Fund Money Market Fund Did not meet AUM criteria Indiabulls Savings Income Fund Conservative Hybrid Fund Did not meet AUM criteria Indiabulls Short Term Fund Short Duration Fund Did not meet AUM criteria Indiabulls Tax Savings Fund ELSS Does not have three-year NAV history Indiabulls Ultra Short Term Fund Ultra Short Duration Fund Did not meet AUM criteria Invesco India Banking & PSU Debt Banking and PSU Fund Did not meet AUM criteria Fund Invesco India Equity & Bond Fund Aggressive Hybrid 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 Nifty Exchange Traded Index Funds/ETFs Did not meet AUM criteria Fund

Invesco India Smallcap Fund Small Cap 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 Does not have one-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 Multi Cap Fund Multi Cap Fund Does not have three-year NAV history ITI Small Cap Fund Small Cap Fund Does not have three-year NAV history Historical attributes of the fund do not match that of the JM Dynamic Debt Fund Dynamic Bond Fund category/peer group

JM Equity Hybrid Fund Aggressive Hybrid Fund Did not meet AUM criteria Medium to Long Duration JM Income Fund Did not meet AUM criteria Fund JM Low Duration Fund Low Duration Fund Did not meet AUM criteria JM Money Market Fund Money Market Fund Did not meet AUM criteria

Scheme name New category Reason for exclusion

JM Short Term Fund Short Duration Fund Did not meet AUM criteria JM Ultra Short Duration Fund Ultra Short Duration Fund Did not meet AUM criteria Historical attributes of the fund do not match that of the JM Value Fund Value Fund category/peer group Kotak Focused Equity Fund Focused Fund Does not have three-year NAV history L&T Conservative Hybrid Fund Conservative Hybrid Fund Did not meet AUM criteria L&T Focused Equity Fund Focused Fund Does not have three-year NAV history 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 Government Securities Fund Gilt Fund Did not meet AUM criteria LIC MF Ultra Short Term Fund Ultra Short Duration Fund Does not have one-year NAV history Mahindra Manulife Arbitrage Yojana Arbitrage Fund Does not have one-year NAV history Mahindra Manulife Hybrid Equity Aggressive Hybrid Fund Does not have three-year NAV history Nivesh Yojana Mahindra Manulife Large Cap Pragati Large Cap Fund Does not have three-year NAV history Yojana Mahindra Manulife Mid Cap Unnati Mid Cap Fund Does not have three-year NAV history 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 Does not have one-year NAV history Fund

Mirae Asset Arbitrage Fund Arbitrage Fund Does not have one-year NAV history Mirae Asset Banking and PSU Debt Banking and PSU Fund Does not have one-year NAV history Fund Mirae Asset ETF - Nifty 50 Index Funds/ETFs Does not have three-year NAV history (MAN50ETF)

Mirae Asset Focused Fund Focused Fund Does not have three-year NAV history Mirae Asset Midcap Fund Mid Cap Fund Does not have three-year NAV history Mirae Asset Ultra Short Duration Fund Ultra Short Duration Fund Does not have one-year NAV history Motilal Oswal Equity Hybrid Fund Aggressive Hybrid Fund Does not have three-year NAV history Motilal Oswal Large and Midcap Fund Large & Mid Cap Fund Does not have three-year NAV history Motilal Oswal Nifty 50 Index Fund Index Funds/ETFs Does not have three-year NAV history (MOFNIFTY50)

Motilal Oswal Ultra Short Term Fund Ultra Short Duration Fund Did not meet AUM criteria

PGIM India Banking & PSU Debt Fund Banking and PSU Fund Did not meet AUM criteria PGIM India Dynamic Bond Fund Dynamic Bond Fund Did not meet AUM criteria PGIM India Gilt Fund Gilt Fund Did not meet AUM criteria

Scheme name New category Reason for exclusion

PGIM India Low Duration Fund Low Duration Fund Did not meet AUM criteria PGIM India Money Market Fund Money Market Fund Does not have one-year NAV history PGIM India Short Maturity Fund Short Duration Fund Did not meet AUM criteria PGIM India Ultra Short Term Fund Ultra Short Duration Fund Did not meet AUM criteria Historically maintained significant exposure to foreign Parag Parikh Long Term Equity Fund Multi Cap Fund equities Parag Parikh Tax Saver Fund ELSS Does not have three-year NAV history Principal Arbitrage Fund Arbitrage Fund Did not meet AUM criteria Principal Cash Management Fund Liquid Fund Did not meet AUM criteria Principal Large Cap Fund Large Cap Fund Does not have three-year NAV history Principal Low Duration Fund Low Duration Fund Did not meet AUM criteria Principal Midcap Fund Mid Cap Fund Does not have three-year NAV history Principal Small Cap Fund Small Cap Fund Does not have three-year NAV history Principal Ultra Short Term Fund Ultra Short Duration Fund Did not meet AUM criteria Quant Absolute Fund Aggressive Hybrid Fund Did not meet AUM criteria Quant Active Fund Multi Cap Fund Did not meet AUM criteria Quant Dynamic Bond Dynamic Bond Fund Did not meet AUM criteria Historical attributes of the fund do not match that of the Quant Focused Fund Focused Fund category/peer group

Quant Infrastructure Fund Sectoral/Thematic Did not meet AUM criteria Historical attributes of the fund do not match that of the Quant Large and Mid Cap Fund Large & Mid Cap Fund category/peer group

Quant Liquid Fund Liquid Fund Did not meet AUM criteria Historical attributes of the fund do not match that of the Quant Mid Cap Fund Mid Cap Fund category/peer group Quant Money Market Fund Money Market Fund Did not meet AUM criteria Historical attributes of the fund do not match that of the Quant Small Cap Small Cap Fund category/peer group

Quant Tax Plan ELSS Did not meet AUM criteria Quantum Nifty ETF Index Funds/ETFs Did not meet AUM criteria Shriram Hybrid Equity Fund Aggressive Hybrid Fund Did not meet AUM criteria Shriram Long Term Equity Fund ELSS Does not have three-year NAV history Shriram Multicap Fund Multi Cap Fund Does not have three-year NAV history Sundaram Arbitrage Fund Arbitrage Fund Does not have one-year NAV history

Sundaram Bluechip Fund Large Cap Fund Does not have three-year NAV history Sundaram Debt Oriented Hybrid Fund Conservative Hybrid Fund Did not meet AUM criteria Sundaram Equity Fund Multi Cap Fund Does not have three-year NAV history

Scheme name New category Reason for exclusion

Sundaram Money Market Fund Money Market Fund Did not meet AUM criteria Tata Banking & PSU Debt Fund Banking and PSU Fund Does not have one-year NAV history Tata Focused Equity Fund Focused Fund Does not have three-year NAV history Medium to Long Duration Tata Income Fund Did not meet AUM criteria Fund Tata Medium Term Fund Medium Duration Fund Did not meet AUM criteria Tata Multicap Fund Multi Cap Fund Does not have three-year NAV history Tata Nifty ETF Fund Index Funds/ETFs Does not have three-year NAV history Tata Small Cap Fund Small Cap Fund Does not have three-year NAV history Tata Ultra Short Term Fund Ultra Short Duration Fund Did not meet AUM criteria Taurus Infrastructure Fund Sectoral/Thematic Did not meet AUM criteria Taurus Liquid Fund Liquid Fund Did not meet AUM criteria Taurus Nifty Index Fund Index Funds/ETFs Did not meet AUM criteria Union Focused Fund Focused 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 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 Value Discovery Fund Value Fund Does not have three-year NAV history YES Liquid Fund Liquid Fund Did not meet AUM criteria YES Ultra Short Term Fund Ultra Short Duration Fund Did not meet AUM criteria

Notes

About CRISIL Limited

CRISIL is a leading, agile and innovative global analytics company driven by its mission of making markets function better. It is India’s foremost provider of ratings, data, research, analytics and solutions, with a strong track record of growth, culture of innovation and global footprint. It has delivered independent opinions, actionable insights, and efficient solutions to over 100,000 customers. It is majority owned by S&P Global Inc, a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide. About CRISIL Research

CRISIL Research is India's largest independent integrated research house. We provide insights, opinion and analysis on the Indian economy, industry, capital markets and companies. We also conduct training programs to financial sector professionals on a wide array of technical issues. We are India's most credible provider of economy and industry research. Our industry research covers 86 sectors and is known for its rich insights and perspectives. Our analysis is supported by inputs from our large network sources, including industry experts, industry associations and trade channels. We play a key role in India's fixed income markets. We are the largest provider of valuation of fixed income securities to the mutual fund, insurance and banking industries in the country. We are also the sole provider of debt and hybrid indices to India's mutual fund and life insurance industries. We pioneered independent equity research in India, and are today the country's largest independent equity research house. Our defining trait is the ability to convert information and data into expert judgments and forecasts with complete objectivity. We leverage our deep understanding of the macro-economy and our extensive sector coverage to provide unique insights on micro-macro and cross-sectoral linkages. Our talent pool comprises economists, sector experts, company analysts and information management specialists. CRISIL Privacy

CRISIL respects your privacy. We may use your contact information, such as your name, address, and email id to fulfil your request and service your account and to provide you with additional information from CRISIL. For further information on CRISIL’s privacy policy please visit www.crisil.com/privacy. Disclaimer

CRISIL Research, a division of CRISIL Limited (CRISIL) has taken due care and caution in preparing this Report based on the information obtained by CRISIL from sources which it considers reliable (Data). However, CRISIL does not guarantee the accuracy, adequacy or completeness of the Data / Report and is not responsible for any errors or omissions or for the results obtained from the use of Data / Report. This Report is not a recommendation to invest / disinvest in any company / entity covered in the Report and no part of this report should be construed as an investment advice. CRISIL especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this Report. CRISIL Research operates independently of, and does not have access to information obtained by CRISIL’s Ratings Division / CRISIL Risk and Infrastructure Solutions Limited (CRIS), which may, in their regular operations, obtain information of a confidential nature. The views expressed in this Report are that of CRISIL Research and not of CRISIL’s Ratings Division / CRIS. No part of this Report may be published / reproduced in any form without CRISIL’s prior written approval.