Birla Sun Life Frontline Equity

7/28/2019 Birla Sun Life Frontline Equity

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Analyse 3 fund of bsli on the basis ofbenchmark against return of last three

year &compare with hdfc std.life

Birla Sun Life Frontline EquityOn the front line for over a decade

Birla Sun Life Frontline Equityis among the handful of equity funds with over a

decades track record. While quite a few funds with such a record have fallen by

the way side, this fund managed to chug along well, keeping itself in the topquartile of the performance chart.

This large-cap focused fund delivered 15% annually in the last 5 years,

convincingly beating its benchmark S&P BSE 200 by a good 6 percentage points.

Suitability

Birla Sun Life Frontline Equityis suitable for an investors core portfolio. That

said, if your priority is to minimize volatility in your portfolio, then another more

established player Franklin India Bluechip, must be your first choice.The standard deviation, or a funds deviation from its mean returns, is higher

forBirla Sun Life Frontline Equitythan for Franklin India Bluechip, suggesting that

it is relatively more volatile. But this feature also makes the Birla fund an ideal

candidate for investing through SIPs as it averages rupee costs well when its

NAV falls and gains. Its 5-year SIP return is superior to that of Franklin India

Bluechip for this reason.

Performance
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Birla Sun Life Frontline Equitybeat

its benchmark 88% of the times on a rolling one-year return basis since itsinception in late 2002. While that is a good show, it ramped up performance in

the last 3 years, when it did not once underperform its benchmark, even as

returns were similarly rolled. Clearly, the fund has, in recent years, been trying to

demonstrate better consistency in performance.

In terms of its risk profile, the fund is somewhat closer to HDFC Top 200,

although the latter may have marginally higher exposure to mid-caps than the

former. Both the funds also share a common benchmark.

Given that its benchmark BSE 200 is a tough index to beat (considering thatBirla

Sun Life Frontline Equityinvests predominantly in large-cap stocks), especially in

a rallying market, the fund has mostly beaten its benchmark in years of up market

only by 2-3 percentage points.

But it improved on this score in 2012, beating the benchmark by a convincing 5

percentage points. Overall, it adequately made up for this marginal

outperformance by containing declines well in market falls such as the ones in

2008 and 2011. It fell 5-7 percentage points lower than the benchmark in thoseyears.

Portfolio
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Birla Sun Life

Frontline Equitycontained declines well, but mostly by holding a higher position

in cash and debt. For instance, in the market low of March 2009, which was when

the turnaround started, the fund held as low as 73% in equities, in contrast to the

over 90% held by Franklin India Bluechip. Similarly, in end-2011, when markets

received a beating that year, the fund held about 91% in equities, even as bold

ones likes HDFC Top 200, went all out with an almost full equity exposure.

But thus far, the fund has not paid much of a price for this approach as the

returns tend to normalize over a longer term.

Birla Sun Life Frontline Equityreduced exposure to consumer-oriented sectors

such as automobile and auto ancillaries between December 2012 and June

2013. This may have helped to some extent as these sectors took a beating in

the market fall year to date.

It is also among the few funds that managed to stay away from negative turf on a

year-to-date basis.

The fund marginally reduced exposure to banking and finance space in the wake

of rate uncertainties and upped exposure to FMCG and pharma. Holdings in IT

remained about the same.

The fund also appeared to fancy the energy space and held stocks such as

Alstom, Power Grid Corporation of India, Cairn India and Oil India. While

exposure to infrastructure and capital goods stocks was not high, it held quite a

few stocks (with less than 0.5% holding) such as Adani Ports, IL&FS

Transportation Networks and Jindal Steel & Power from these spaces.
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Birla Sun Life Frontline Equity Fund (G)Returns (NAV as on Jul-19-2013)

Period Returns (%) Rank #

1 mth 4.4 102

3 mth 1.6 92

6 mth -2.7 61

1 year 18.7 8

2 year 6.3 13

3 year 5.7 12


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5 year 13.0 6

# Moneycontrol Rank within 151Large Cap Schemes.

Absolute Returns (in %)

Year Qtr 1 Qtr 2 Qtr 3 Qtr 4 Annual

2013 -5.6 - - - -

2012 13.9 0.5 9.8 6.9 36.2

2011 -5.5 -1.6 -11.0 -5.7 -23.3

2010 0.2 1.6 13.9 -0.4 17.5

2009 -3.4 48.7 18.2 6.6 86.2

2008 -25.0 -13.7 1.2 -19.9 -49.0

View where it stands within its peers

Fund returns v/s Category average (Large Cap)

* Returns over 1 year are Annualised1 mth (%) 3 mth (%) 6 mth (%) 1 yr (%) 2 yr (%) 3 yr (%) 5yr (%)

Fund Returns 4.4 1.6 -2.7 18.7 6.3 5.7 13.0

Category avg 4.7 1.8 -3.2 6.5 1.6 1.5 3.2

Difference of Fundreturns and

Category returns

-0.3 -0.2 0.5 12.2 4.7 4.2 9.8

Best of category 7.1 6.1 4.4 23.3 9.2 9.3 16.4

Worst of category -0.2 -6.1 -12.7 2.7 -5.7 -10.2 -13.6

Benchmark returns

#

2.4 2.0 -3.7 12.7 1.7 1.6 7.5

Difference of Fund

returns and

Benchmark returns

2.0 -0.4 1.0 6.0 4.6 4.1 5.5
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Investment ObjectiveAn open-ended growth scheme with the objective of long term growth of capital, through a

portfolio with a target allocation of 100% equity by aiming at being as diversified across

various industries and or sectors as its chosen benchmark index, BSE 200.Scheme details

Fund Type Open-Ended

Investment Plan Growth

Launch date Aug 30, 2002

Benchmark S&P BSE 200

Asset Size (Rs cr) 3,034.98 (Mar-30-2013)

Minimum Investment Rs.5000

Last Dividend N.A.View Dividend History

Bonus N.A.

Fund Manager Mahesh Patil

View performance of schemes managed by the Fund Manager

Notes AllIndian schemes of Alliance Capital Mutual Fund have been

acquired by Birla Sun Life AMC with effect from the close of

business hours on September 23, 2005.

Load Details

Entry Load N.A

Exit Load 1.00%

Load Comments Exit Load of 1% if redeemed within 365 Days from the date of allotment.

Contact Details

Regd. Office Ahura Centre, Mahakali Caves Road, MIDC, Andheri(E), Mumbai, 400093

Tel. No. 91 22 66928000, 91 22 66928001

Fax No. 91 22 66928110
http://www.moneycontrol.com/mf/mfipo/otherschemes.php?manager=Mahesh%20Patilhttp://www.moneycontrol.com/mf/mfipo/otherschemes.php?manager=Mahesh%20Patilhttp://www.moneycontrol.com/mf/mfipo/otherschemes.php?manager=Mahesh%20Patil


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Email [email protected]

Website http://www.birlasunlife.com

Birla Sun Life Frontline Equity Fund (G) - Performance Snapshot ason Jul 19, 2013Period

Absolute Returns(%)

AnnualisedReturns (%)

Performance Rank #(within fund classes)

1 week -1.2 ** 129

1 month 4.4 ** 102

3 months 1.6 ** 92

6 months -2.7 ** 61

1 year 18.7 18.7 8

2 years 13.1 6.3 13

3 years 18.2 5.7 12

5 years 84.3 13.0 6

** Annualised returns displayed only for 1 year and above# Total No. of Large Cap : 151

Absolute Returns: 18.1%*
mailto:[email protected]:[email protected]://www.birlasunlife.com/http://www.birlasunlife.com/http://www.birlasunlife.com/mailto:[email protected]

Birla Sun Life Frontline Equity

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