Te performance of BNP Paribas Midcap Fund – which has across the last 3 years generated superior returns over the benchmark – especially when the markets have gone down the fund has handsomely outperformed the benchmark preserving the capital of the investors. The fund has been able to do this only due to the superior stock selection process ( BMV approach) that is diligently followed at BNPP.
Highlights of BNP Paribas Mid Cap Fund:
Investment Objective: BNP Paribas Mid Cap Fund gives an investor exposure to invest in the various quality midcap stocks. The fund also has some exposure to large as well as small cap stocks.
Investment Approach: BMV (Quality and scalability of Business →Good Management→ Reasonable Valuation) with Bottom-up stock picking.
Most of the investors are way happier if the fund that they have invested in is a significant Outperformer in tough times than in Good times.
· These period mentioned above we have been able to preserve capital for the investors during big market falls. The fund may underperform in high beta rally.
· When the market falls these high beta stocks tend to be affected more than the companies with better business, management and valuation which perform better.
· We have managed to outperform the index in the toughest of time thereby showcasing our ability to better defend investor capital in tough times and also participating in the upside rally.
· The fall in the market provides good opportunity to buy stocks at low prices for longer term gains.
CURRENT PORTFOLIO POSITION- Aug 2015
· Around 96% of the total scheme corpus is invested in stocks and remaining in cash and cash equivalent.
· Currently, the Scheme has a well-diversified portfolio of 52 stocks spread across 20 sectors like Banks, Finance, Telecom, Pharmaceuticals, Software, Industrial Capital Goods and Pharma.
· Close to 28.26% of the portfolio is invested in top 3 sectors.
· BNP Paribas Mid Cap Fund is a focused portfolio which gives priority to bottom up stock selection. Currently, around 62% of the portfolio is allocated to Mid-Cap stocks. The Large Cap allocation is around 33% and Small Cap allocation is around 5%.
· As of Aug31, 2015, the scheme held 3.71% in cash/equivalent. We believe that taking tactical calls on cash management could be a good source of alpha generation as there could be opportunities to enter value stocks at a lower level.
· Sector stance: we continue to remain positive on Cement, Telecom, Private Sector Banks, Oil & Gas (beneficiary of lower crude prices). We continue to remain underweight on FMCG and Metal/Mining sectors.
BNP Paribas Mid Cap Fund Performance Comparison:
| Report as on September 17, 2015 | ||||||||
|
| Absolute % (Point to Point) | Compounded Annualized % (Point to Point) | ||||||
| Scheme Name | 3 Months | 6 Month | 9 Month | YTD | 1 Year | 2 Years | 3 Year | 5 Years |
| BNP Paribas Mid Cap Fund(G) | 5.2742 | 3.8657 | 15.3966 | 9.8124 | 20.5988 | 46.6594 | 31.6619 | 18.7762 |
| Franklin India Prima Fund(G) | 1.0145 | -3.3326 | 8.2139 | 2.0299 | 17.4824 | 46.2617 | 31.8870 | 17.0209 |
| HDFC Mid-Cap Opportunities Fund(G) | 2.1091 | -1.6229 | 8.4886 | 1.9450 | 15.4860 | 48.9352 | 29.5704 | 18.1194 |
| ICICI Pru Value Discovery Fund-Reg(G) | -0.3682 | -4.6170 | 8.5519 | 2.7317 | 10.5310 | 45.7837 | 29.1731 | 17.1575 |
| IDFC Premier Equity Fund-Reg(G) | 0.3267 | -5.5834 | 8.5936 | 3.7310 | 14.8481 | 40.1693 | 26.0856 | 14.9785 |
| JPMorgan India Mid and Small Cap Fund-Reg(G) | 1.7991 | -2.8079 | 13.2151 | 6.1265 | 23.7007 | 52.8901 | 33.6945 | 17.6916 |
| Religare Invesco Mid Cap Fund(G) | -0.7761 | -5.0286 | 7.1912 | 1.0027 | 14.5022 | 49.3611 | 30.0515 | 16.4291 |
| SBI Magnum MidCap Fund-Reg(G) | 2.6549 | 1.4648 | 15.6383 | 7.7528 | 23.4484 | 56.1644 | 35.9871 | 18.0758 |
| Sundaram S.M.I.L.E Fund(G) | 2.6400 | -5.5636 | 6.5377 | -2.1381 | 17.3401 | 57.7890 | 29.5851 | 12.7384 |
| UTI Mid Cap Fund(G) | 5.0706 | 0.2076 | 10.6413 | 4.6674 | 17.2637 | 58.8937 | 35.2925 | 18.0179 |
| CNX Midcap | 1.7484 | -3.1304 | 7.3523 | 0.8833 | 10.3572 | 35.0393 | 19.9962 | 7.0474 |
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