SBI Magnum Equity

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A large-cap growth fund, it invests in top-100 Indian stocks based on their market capitalisation. The fund maintains a reasonable benchmark coverage, i.e., a good part of its portfolio has to be in line with the benchmark. The fund endeavours to beat the benchmark (generate alpha) with its stock preference. However, there are internal limits to a relative position in a stock compared to its benchmark. Till 2009, the fund used to change its character with the market. The fund manager generally doesn't hold more that 10 per cent in cash. In its long history, the average allocation to equity has been 92 per cent. In the past one year, the cash has not exceeded 3 per cent.

 

Performance

The fund has beaten its benchmark in 9 of the last 10 calendar years. The exception was 2008 when it fell by 4.5 per cent more than Nifty, its benchmark. The change in orientation in 2009 has helped the fund earn little more than its peers. In the lean year of 2011, the fund was impressive, limiting its fall to 20 per cent compared to a 25 per cent decline in its benchmark.

 

The long-term return from the fund has been impressive. Since its launch in 1990, the fund has posted an annual return of 15.33 per cent. In the past 10 years, the fund has posted 25.34 per cent annual return which is nearly 25 per cent more than the average of its peers and the benchmark. In the past 5 years, the fund has earned 6 per cent annual returns which is twice the average of its peers and the benchmark.

Infosys, Reliance Industries, L&T, BHEL, Tata Motors, ITC, M&M and Bharti Airtel have been integral part of its portfolio. Of these, Infosys, ICICI and HDFC Bank has often been nearly 10 per cent of its portfolio. For other stocks, the fund has limited its exposure to 5 per cent. In the past 1 year, its deviation in a specific stock has not exceeded more than 4 per cent, relative to the stock's weight in benchmark.

 

Why invest?

Given its strategy, the fund will remain a disciplined large cap fund. A credible performance track-record makes its an attractive choice.

Happy Investing!!

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