IDFC Tax Advantage (ELSS) Fund is a fund which has earned its stripes by beating its benchmark every year except the first one (2009). This performance has earned it a three to four star rating for much of its life. This fund is among the more aggressive ELSS choices. The portfolio shows an 8 to 11 per cent allocation to small-caps at all times while mid caps have made up anywhere between 25 and 40 per cent of the portfolio. Large-caps have accounted for the residual portion.
IDFC Tax Advantage (ELSS) Fund is managed on the basis of the growth at a reasonable price philosophy. It does take both cash and debt calls on occasion, though the cash position is fairly low at present. The fund believes in identifying companies based on a deep understanding of the industry growth potential and interaction with managements.
IDFC Tax Advantage (ELSS) Fund is yet to be tested in a severe bear market, as it was launched after 2008. Its record in 2011 showed an ability to contain downside. The fund has beaten its benchmark by sizeable margins of 6 to 7 percentage points over three and five years. After a blip in 2016, it has made a huge comeback, trouncing both its category and benchmark in 2017. The higher mid and small-cap tilt, however, may peg up volatility. Investors can take smaller exposures to this fund until a longer track record is at hand.
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