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Sundaram Select Midcap has a strong track record of beating its benchmark - in 4 out of the last 5 years, in 5 out of the last 6 quarters and in 5 out of the last 6 months.
Fund Benchmark : BSE Midcap
Fund Strategy
Broad portfolio strategy:
- Diversified (45 - 60) holdings
- Visible growth
- Focus on valuations
- Emphasis on profit booking
- Cash view on the market
- Bottom-up approach
- Emphasis on portfolio quality
Performance Commentary
Sundaram Select Mid Cap fund has a rating of Four Stars from Value Research. No other pure mid-cap fund has a better rating consistently over the years.
Compounded annual return of 35.9% since launch in July 2002; outpacing the BSE Mid Cap Index by 11.5 percentage points on an annual basis. Significant outperformance in bullish phase - the fund was ahead of BSE Mid Cap by 14 percentage points on an annual basis between 2003 and 2007 - and contained damage during the bearish phase in 2008 by outpacing BSE Mid Cap by 8.7 percentage points. Cumulative dividend paid-out of 340.0% (` 34.00 per unit intotal) since launch in July 2002. This indicates higher distributable surplus and relatively better levels of liquidity within portfolio.
Sectoral and thematic preferences
Sundaram Select Mid Cap is a dedicated mid-cap fund. The weighted-average market cap and median market cap, is well below - on an average lower by 60%-70% since launch as compared to the permitted threshold - indicating the genuine and complete mid-cap orientation of the fund. This style integrity, which has been maintained since launch in 2002, and the track record places the fund as an appropriate vehicle for defined asset allocation decision by investors. The fund's Top three sectors by allocation are consumer goods, fertilizers & chemicals and financial services.
Fund manager's outlook
Global uncertainty remains high on account of a default risk of certain governments such as Greece, Italy and Spain and the downgrade in the U.S's AAA rating. Investors have begun questioning the health of Chinese banks as well and sharp drop in global growth cannot be ruled out. India will continue to slowdown on the back of a tighter liquidity and a higher capital cost.
We remain optimistic that this slowdown is a temporary one, though there is a chance that this slowdown becomes an endemic one. The consensus trade as of now continues to be bank deposits for most investors or other debt products which offer risk free returns as of now. Investor apathy towards stocks remains high and each fall in the market evokes a certain smugness of having avoided the fall. We believe that this phase of correction in the market will be more time led, as global investors have consciously started increasing allocations towards India. The investors in this round are longer term oriented funds who are happier buying falls than rises. Insurance flows have also been lower on the back of changes in regulatory norms, and hence domestic flows into equity markets are much more subdued than in the past. This equation of flows determines that market movements will be much more gradual than in the past. Hence building a portfolio will also have to be done with a 12-18 month horizon rather than a shorter term view. We can sense the frustration among investors, as markets have yielded very weak returns over a three-year time frame while almost all other asset classes have outperformed equities. This may not reverse quickly, but it also provides the opportunity to buy into deep value, well managed companies. Infrastructure stocks have been ignored for a long time and many consumer stocks have been traded up on the back of their defensive attributes. The current risk aversion in markets provides an opportunity as the long term implied growth rates of some stocks are negative, which in a developing economy such as ours is not feasible. Hence we recommend a measured approach in investing, and expect returns to be back-ended.
For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call
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