IDFC Tax Advantage (ELSS) Fund - Online

After slipping behind the category in 2014, this fund has made a significant comeback in recent months on the back of a choppy stock market. Its one-year return of 40.6 per cent and five-year return of nearly 18 per cent reinstate it among the top ten in the tax-saving category. This fund has retained a four- or five-star rating for much of its limited rating history. The fund buys well-managed growth companies available at a reasonable price. The fund takes cash/debt calls based on valuations and is market-cap agnostic.
Except for its debut year of 2009, this fund has beaten its benchmark by big margins in all of the last five years. But it has trailed the category in two of these six years, including 2014. Though the fund's three- and five-year shows are impressive, the current portfolio suggests that the fund has a cautious view on markets. Cash/debt positions in the portfolio have been raised to a sizeable 18 per cent by end May.
While the fund is cautious with its overall market call, it doesn't shy away from mid- or small-cap exposure. Its large-cap weights have been consistently below category and mid-cap weights higher than the peers. However, the fund's quality bias reduces risks that would normally go with this kind of a market-cap tilt.
The fund's contrarian view on markets is reflected in its underweight positions in high beta sectors like banking and commodities. This may pay off if the market corrects sharply but can backfire if the bull run gathers steam from here.

1.ICICI Prudential Tax Plan

2.Reliance Tax Saver (ELSS) Fund

3.HDFC TaxSaver

4.DSP BlackRock Tax Saver Fund

5.Religare Tax Plan

6.Franklin India TaxShield

7.Canara Robeco Equity Tax Saver

8.IDFC Tax Advantage (ELSS) Fund

9.Axis Tax Saver Fund

10.BNP Paribas Long Term Equity Fund

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