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When Shah quit earlier in 2011, investors were worried about the future performance of this fund. Going by the way Lahiri has handled the turbulent market, there does not seem to be too much reason for concern.
While Lahiri follows the same style of investing - a diversified portfolio with no market cap or sector bias and a focus on growth-oriented companies with strong fundamentals, he differs in his conviction levels. After taking over from Shah, he got rid of stocks which had a very small allocation in the portfolio. "This is my general style," he explains. "I don't like holding small quantities in a stock. Because if you are bullish on a stock and don't have a significant allocation, you won't get to benefit much when the stock performs well."
Does that mean the stock bets are high? No. Though allocation to a single stock has gone up to 9 per cent, it has been done only in select large caps. The allocation to the top five holdings (24%) is in line with the category average.
The fund follows a combination of the top-down and bottom-up approaches. Once Lahiri takes a view on which sectors look good, he picks stocks in those sectors which he thinks will give significant outperformance. When doing so, he looks at "factors like increasing cash flows or positive cash flows and it should not be highly leveraged."
The portfolio has shown some contrarian bets in the past. The risk is that it could be hit aversely if the bets don't play out. This far it has worked for the fund's benefit.
Going by its performance over the past five years, consistency is what stands out.
It beat its category in 2007 but truly impressed in 2008. It was the least hit fund (-46.85%) in its category that year thanks to the cash and debt exposure that cushioned its fall. Yet, surprisingly, in December 2008, when the market went up, the fund delivered 15.10 per cent (highest in its category) while the category average was 8.38 per cent. Shah managed this by increasing exposure to Banking and booking profits in Metals. The last quarter of 2008 saw the fund register the lowest fall of 10.57 per cent (category average: -22.97 per cent).
In 2009, being fully invested when the market took off helped the fund gain a position among the top 10. In 2010 again, the fund was among the top 10. And in 2011, it was amongst the least hit in its category.
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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.
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Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )
- HDFC TaxSaver
- ICICI Prudential Tax Plan
- DSP BlackRock Tax Saver Fund
- Birla Sun Life Tax Relief '96
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- IDFC Tax Advantage (ELSS) Fund
- SBI Magnum Tax Gain Scheme 1993
- Sundaram Tax Saver
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