March CRISIL MutualFundRanking

Transcription

1 March 2016 CRISIL MutualFundRanking For the quarter ended March 31, 2016

2 CRISIL MutualFundRanking About CRISIL Limited CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services. We are India's leading ratings agency. We are also the foremost provider of high-end research to the world's largest banks and leading corporations. CRISIL is majority owned by S&P Global Inc., a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide. About CRISIL Research CRISIL Research is India's largest independent integrated research house. We provide insights, opinion and analysis on the Indian economy, industry, capital markets and companies. We also conduct training programs to financial sector professionals on a wide array of technical issues.we are India's most credible provider of economy and industry research. Our industry research covers 86 sectors and is known for its rich insights and perspectives. Our analysis is supported by inputs from our network of more than 5,000 primary sources, including industry experts, industry associations and trade channels. We play a key role in India's fixed income markets. We are the largest provider of valuation of fixed income securities to the mutual fund, insurance and banking industries in the country. We are also the sole provider of debt and hybrid indices to India's mutual fund and life insurance industries. We pioneered independent equity research in India, and are today the country's largest independent equity research house. Our defining trait is the ability to convert information and data into expert judgements and forecasts with complete objectivity. We leverage our deep understanding of the macro-economy and our extensive sector coverage to provide unique insights on micro-macro and cross-sectoral linkages. Our talent pool comprises economists, sector experts, company analysts and information management specialists. CRISIL PRIVACY NOTICE CRISIL respects your privacy. We use your contact information, such as your name, address, and id, to fulfil your request and service your account and to provide you with additional information from CRISIL and other parts of S&P Global Inc. and its subsidiaries (collectively, the Company) you may find of interest. For further information, or to let us know your preferences with respect to receiving marketing materials, please visit You can view the Company s Customer Privacy at Last updated: April Disclaimer CRISIL Research, a division of CRISIL Limited (CRISIL) has taken due care and caution in preparing this Report based on the information obtained by CRISIL from sources which it considers reliable (Data). However, CRISIL does not guarantee the accuracy, adequacy or completeness of the Data / Report and is not responsible for any errors or omissions or for the results obtained from the use of Data / Report. This Report is not a recommendation to invest / disinvest in any entity covered in the Report and no part of this report should be construed as an investment advice. CRISIL especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this Report. CRISIL Research operates independently of, and does not have access to information obtained by CRISIL's Ratings Division / CRISIL Risk and Infrastructure Solutions Limited (CRIS), which may, in their regular operations, obtain information of a confidential nature. The views expressed in this Report are that of CRISIL Research and not of CRISIL's Ratings Division / CRIS. No part of this Report may be published / reproduced in any form without CRISIL's prior written approval.

3 Gilt funds outperform in Jan-Mar on rate optimism Gilt funds gave the best returns in the debt-oriented category for the quarter ended March 31, 2016, riding on hopes of continuing decline in interest rates, according to CRISIL Mutual Fund Rankings. This sentiment pushed the long end of the sovereign yield curve (10-year benchmark) down 30 basis points (bps) to 7.46% and bolstered long-term debt funds, specifically the gilt-edged ones. Among the gilt funds, schemes with higher average maturity topped the quarterly rankings (Chart 1). Chart 1 Maturity profile of CRISIL-ranked gilt funds Average Maturity (in years) Rank 3-5 Rank Difference in avg mat 10 year gilt yield (%) The gains for gilt funds, however, came mostly in the last quarter of fiscal 2016, after having languished for the most part despite 75 bps of rate cuts by the Reserve Bank of India (RBI). This was visible in their 5.82% returns for the past 12 months, which is lower than the over 8% returns given by short-maturity debt funds (Table 1). 10 year gilt yield (%) Fund Rank 1 indicating 'very good performance'. In any peer group, the top 10 percentile of funds are ranked CRISIL Fund Rank 1 and the next 20 percentile, CRISIL Fund Rank 2. For further details on rankings and methodology, investors can log on to Industry highlights The Indian mutual fund industry's assets under management (AUM) grew 0.94%, or by Rs billion, to a record Rs trillion in the three months ended March, marking the tenth consecutive quarter of gains on the run. For the financial year ended March, quarterly average AUM was up 14% over the previous year, buoyed by net inflow of over Rs 1 trillion in equity funds. However, growth was muted compared with 31% gain seen the previous fiscal. Equity funds' average AUM witnessed the first decline in 10 quarters owing to mark-to-market losses as the underlying asset class (as represented by the Nifty 50) lost 2.62%. Assets fell by Rs billion, or 3.10%, the biggest absolute fall since December 2011, to Rs 4.40 trillion from a record high of Rs 4.54 trillion in December Further losses were restrained as investors continued to plough money back despite market volatility. The category had seen net inflows of Rs 103 billion during the quarter ended March 2016 compared with inflows of Rs 254 billion in the previous quarter and over Rs 1 trillion in the financial year ended Unclear interest rate trend in the near future dented demand for long-maturity funds long-term debt and gilt. The Reserve Bank of India (RBI) had maintained status quo since September 2015, when it lowered the key repo rate by 50 basis points (bps) to 6.75% (though it cut the repo rate by 25 bps in its April policy Table 1 - CRISIL- AMFI Debt Performance Indices Categories 3 months absolute 6 months absolute 1 year absolute CRISIL AMFI Gilt Fund Performance Index 2.85% 2.20% 5.82% CRISIL AMFI Income Fund Performance Index 2.46% 2.08% 5.52% CRISIL AMFI Short Term Debt Fund Performance Index 2.25% 3.79% 8.04% CRISIL AMFI Ultra Short Fund Performance Index 2.13% 4.00% 8.40% CRISIL AMFI Liquid Fund Performance Index 2.00% 3.94% 8.20% Data as of March 31, 2016 Unlike most other ranking models, which are based purely on returns or net asset value (NAV), CRISIL Mutual Fund Ranking uses a combination of NAV and portfolio-based attributes. This provides a single-point analysis of mutual funds, taking into consideration key parameters such as risk-adjusted returns, asset concentration, liquidity, asset quality and exposure to sensitive sectors. The rankings also include categories that assign specific focus on consistent performance in the long run. The ranks are assigned on a scale of 1 to 5, with CRISIL review). Long-term debt fund average AUM pulled back from a record Rs 1.03 trillion in the December 2015 quarter to Rs billion. Gilt fund AUM was flat at Rs billion. Within short-maturity debt funds, ultra-short term debt funds fell for the second consecutive quarter by Rs billion, or 5.81%, to Rs 1.33 trillion. However, liquid / money market and short-term debt fund assets rose 9.61% and 1.03% to Rs 3.22 trillion and Rs 1.50 trillion, respectively. For the quarter ended March 31,

4 CRISIL MutualFundRanking Assets of fixed maturity plans (FMPs) advanced for the second quarter in a row riding on new launches. AUM rose by Rs billion, or 9.59% maximum growth in the past seven quarters. The category has stabilised after facing a downturn following the changes effected in the tax treatment of debt funds in July 2014, which included an increase in long-term capital gains tax from 10% to 20% and a change in the definition of 'long term' for debt mutual funds to 36 months from 12 months. An analysis of the latest fund launches in the category shows the industry has moved to more than three-year FMPs to reduce tax incidence on investors. In the latest quarter, fund houses garnered Rs billion by launching 105 FMPs of mostly three-year maturity. Gold exchange traded funds (ETFs) posted their first quarterly growth since September 2013, up 4.84%, or by Rs 2.92 billion, to Rs billion, as underlying asset values rose. Gold prices, as represented by the CRISIL Gold Index, rose over 16% in the quarter. The category had, however, witnessed outflows of Rs 3.28 billion in January-March aided by the acquisition of Deutsche Mutual Fund, which held Rs billion of AUM as of December Major regulations and developments in the quarter The Securities and Exchange Board of India (SEBI) has asked mutual funds to reduce the number of funds under management and stick to only one fund per category. SEBI notified a stricter set of norms for mutual funds, wherein the investment limit in bonds of a single company has been capped at 10% to safeguard investor interest. To check mis-selling of mutual funds, SEBI allows unclaimed redemption and dividend amounts to be invested in a separate liquid scheme plan, floated by fund houses specifically for deploying such amounts. SEBI has asked fund houses to disclose salaries of all top employees and publish disclosures with regard to commissions paid to distributors and the expense ratio. Chart 2 Mutual Fund Net Flows and AUM Trend Table 2 Category-wise average AUM (Rs bn) Qtrly Avg AUM Rs trillion Net flows (Rs trillion) Industry AUM (Rs trillion) Net flows Rs trillion Mutual fund category Jan - Mar 2016 Oct - Dec 2015 Absolute % Change Change (bn) Equity* Liquid/Money market Debt** Fixed maturity plans (FMPs) Infrastructure Debt Fund Gold ETFs Others Mar-14 Source AMFI Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar Total Source - CRISIL Mutual Fund Database * Includes equity-oriented funds, balanced funds and ETFs ** Includes long-term, gilt, short-term, ultra short-term and other debt-oriented funds Average AUM of direct plans rose 5.06% to Rs 4.95 trillion in the quarter, pushing up their share in overall AUM to 37%, as of March 2016, from 35% a quarter ago and 33% a year ago. Assets rose nearly 25% in the fiscal year ended March It should be noted that of the total direct plans' AUM, equity funds accounted for 10%, while liquid/money market funds (41%) accounted for bulk of the assets. Of the 42 fund houses (including infrastructure debt funds), which have declared their average AUM, 27 logged growth. Share of the top five and top 10 was steady at 56% and 80%, respectively, vis-à-vis the preceding quarter. HDFC Mutual Fund, which maintained the top slot in terms of assets for the past 17 quarters, saw its AUM fall 1.45%, or by Rs 26 billion, to Rs 1.75 trillion, thereby resulting in ICICI Prudential Mutual Fund claiming the number one slot with a jump of 2.16%, or Rs billion, in AUM to Rs 1.76 trillion. Reliance Mutual Fund maintained its third position with Rs 1.58 trillion, up 0.93% or Rs billion. In absolute terms, DHFL Pramerica Mutual Fund posted the biggest growth of Rs 238 billion to Rs 260 billion, SEBI warned mutual funds to not get into transactions aimed at bailing out corporates at the cost of investors. SEBI is looking at creating 'gating' norms to determine how and when mutual funds can restrict investors from withdrawing money from debt schemes. SEBI asked all mutual fund houses to provide part of their unutilised money in the Investor Protection and Education Fund (IPEF) to industry body the Association of Mutual Funds in India. SEBI allowed gold ETFs to invest up to 20% of their assets in the government's Gold Monetisation Scheme. The Bombay Stock Exchange (BSE) has asked mutual fund houses to mandatorily provide compliance details for the new global tax avoidance law - FATCA - with regard to each client on the stock exchange's mutual fund trading platform. Computer Age Management Services (CAMS) launched an Aadhaar-based e-kyc (know your customer) verification service for mutual fund investors. 2

5 Table 3 Movement of Key Equity Market Indices Index Quarter ended Mar - 16 (% change) Equity market overview Year ended Mar - 16 (% change) Nifty Nifty Nifty Metal Nifty IT Index Nifty Commodities Nifty Energy Index Nifty Auto Nifty FMCG Nifty Bank Nifty Free Float Midcap Nifty Infrastructure Nifty Pharma Nifty Realty Nifty Free Float Smallcap Source-National Stock Exchange ( NSE) Sectoral Indices sorted on three-month returns Chart 3 Mutual fund daily investments & Nifty 50 movement Nifty Jan-16 7-Jan Jan Jan Jan-16 1-Feb-16 5-Feb Feb Feb-16 FII Daily Net Equity Investments MF Daily Net Equity Investments Nifty 50 Source- SEBI, NSE 23-Feb Feb-16 4-Mar Mar Mar Mar Mar FII/ MF Daily Net Equity Investments Rs. billion MARKET OVERVIEW The equity market ended off lows in the March quarter. Benchmark Nifty 50 lost nearly 3%. The market was primarily buoyed by enhanced expectations of a rate cut by the RBI on the back of easing inflation and the government's move to stick to its fiscal deficit target at the Union Budget and its decision to slash the interest rate on small savings schemes. These hopes came alive after the RBI, on April 6, 2016, cut repo rate by 25 bps to 6.5%. Sentiments received further thrust after the Real Estate Bill was approved by the Lok Sabha and the Rajya Sabha. Value buying in some recently beaten blue-chip stocks and sporadic recovery in the rupee brought in more gains into the market. Robust buying by foreign institutional investors (FIIs) also augured well for the market. FIIs bought Rs 34 billion of Indian equities in the March quarter compared with selling of Rs 29 billion in the previous quarter. On the global front, the US Federal Reserve Chair Janet Yellen's remarks suggested that the Fed would increase US interest rates at a slower pace, which supported the benchmark. A sporadic rebound in crude oil prices and global equities induced more buying. Hopes of additional stimulus measures from global central banks to support respective economies also cheered investors. Earlier, intermittent weakness in the rupee and fears of a China-led global economic slowdown dented sentiments. The market was disappointed as the securities transaction tax (STT) on sale of options was hiked and an additional 10% tax was levied on annual dividend income exceeding Rs billion. The market was also disheartened as the United Nations downgraded its growth forecast for India's GDP to 7.5% from 8.2%, citing slow progress in implementing reforms. Most NSE sectoral indices ended lower in the quarter. Nifty Realty was the biggest decliner down 9.3% as realty shares bore the brunt of heavy selling pressure. Nifty Pharma lost about 8% as regulatory concerns weighed on pharmaceutical stocks. Nifty Bank was down 4.6% as banking shares fell on worries about non-performing assets (NPAs) and provisions to cover. Meanwhile, Nifty Metal was the standout performer up 4.7% as shares of metal firms surged on expectations of a hike in domestic aluminium and steel prices. Nifty IT Index also posted moderate gains (up nearly 1%) on stock-specific buying. For the quarter ended March 31,

6 CRISIL MutualFundRanking Interbank call money rate mostly hovered near the RBI's repo rate of 6.75% in the quarter due to astute liquidity management by the central bank. The RBI regularly infused funds through repo auctions and also bought gilts through open market operations, ensuring rates stay in a comfortable range. The government's month-end spending supported rates. However, call rates did rise due to strong demand from Debt market overview Key developments in the quarter include: The government plans to borrow Rs 3.55 trillion or 59.2% of the total borrowing requirement in the first half of fiscal Net market borrowing would be Rs 2.48 trillion, which is 58% of the net market borrowing of Rs 4.25 trillion budgeted for Chart 4 Movement of Overnight MIBOR 9.30% Chart 5 10-Year Benchmark Gilt Yield 8.05% 8.80% 7.95% 8.30% 7.85% 7.80% 7.75% 7.30% 7.65% 6.80% 7.55% 6.30% 31-Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar % 31-Mar Apr May Jun Aug Sep Oct Nov Dec Jan Feb Mar-16 Source - FIMMDA Source - CRISIL Fixed Income Database banks to cover their reserve requirements and outflows pertaining to indirect tax and corporate advance tax payments, state development bonds and gilt (government bond prices) payments. Redemption of term repos held in some sessions and increased currency in circulation towards the end of the financial year also weighed on the inter-bank rates. Gilts jumped in the quarter, with yield on the 10-year benchmark bond ending at 7.46% on March 31, 2016 compared with 7.76% on December 31, Sentiments received a boost from positive announcements in the Union Budget as the bond market cheered the fact that the Centre had retained its fiscal deficit target of 3.9% of GDP for FY16 and 3.5% of GDP for FY17, boosting hopes of a rate cut by the RBI. Market borrowing numbers announced by the Centre also aided gains - gross borrowing for FY17 has been pegged at Rs 6 trillion, largely unchanged from FY16, and net borrowing at Rs 4.25 trillion, lower than Rs 4.56 trillion in FY16. Bonds gained further as views of a rate cut by the RBI in its April policy announcement was further strengthened amid softer inflation figures and backed by the government's move to cut interest rates in small savings schemes. Prices also rose on reports that the central bank has allowed bonds issued under the government's Ujwal DISCOM Assurance Yojana to be placed in the held-to-maturity category. Gilts received a shot in the arm from the central bank's open market bond purchase auctions. Some gains were, however, cut short as a weak rupee dented gilts. Sentiments also took a hit from the rejection of offers at the government's repurchase auction for inflation-indexed bonds. Sporadic rise in global crude oil prices and US benchmark treasury yields pulled down the prices further. Profit booking, especially by state-owned banks, towards the end of the financial year also affected gilts. Finance Minister Arun Jaitley said the government's debt liabilities are on a declining trajectory, with a low rollover risk owing to longer maturity of bonds. The RBI raised limits on foreign ownership of bonds issued by the Indian government and states by Rs 275 billion, which could come into effect in April and July. The central bank also said the limit for ways and means advances for the first half of the next fiscal will be Rs 500 billion. The RBI informed that it is working on measures to make the bond market attractive and less complicated. An RBI-appointed working group proposes to introduce plain-vanilla interest rate options in the market. 4

7 CRISIL Mutual Fund categories Equity Funds 1. Large Cap-oriented Equity Funds 2. Diversified Equity Funds 3. Small and Mid-cap Equity Funds 4. Thematic - Infrastructure Funds 5. Consistent Performers - Equity Funds 6. Equity Linked Savings Scheme (ELSS) 7. Index Funds Hybrid Funds 8. Balanced Funds 9. Consistent Performers - Balanced Funds 10. Monthly Income Plan - Aggressive Debt Funds 11. Long Term Gilt Funds 12. Long Term Income Funds 13. Consistent Performers - Debt Funds 14. Credit Opportunities Funds 15. Short Term Income Funds 16. Ultra Short-term Debt Funds 17. Liquid Funds Performance period for rankings: three years for equity funds (including index funds), long term income funds, gilt funds and hybrid funds; one year for liquid, ultra short-term debt, credit opportunities funds and short term income funds; five years ranking history in CRISIL Mutual Fund Ranking for consistent performers. CRISIL Mutual Fund Ranking category definitions Rankings category Interpretation CRISIL Fund Rank 1 CRISIL Fund Rank 2 CRISIL Fund Rank 3 CRISIL Fund Rank 4 CRISIL Fund Rank 5 Very good performance Good performance Average performance Below average performance Relatively weak performance If the top 10 percentile figure is not an integer, the same is rounded off to the nearest integer. The same approach is adopted for CRISIL Fund Rank 2 (11th to 30th percentile), CRISIL Fund Rank 5 (last 91st to 100th percentile) and CRISIL Fund Rank 4 (71st to 90th percentile) clusters. The residual schemes in the universe are placed in the CRISIL Fund Rank 3 cluster. For the quarter ended March 31,

8 CRISIL MutualFundRanking Large Cap oriented Equity funds (Cluster ranks are arranged alphabetically) CRISIL Change CRISIL Fund Rank vs Fund Rank Mean Industry Company Large Cap-oriented Equity funds Fund Categorization Mar - 16 Dec - 15 Dec - 15 Return Volatility Concentration Concentration Liquidity Weightages P1 P2 P3 P4 55.0% 25.0% 10.0% 5.0% 5.0% Franklin India Opportunities Fund (1) 3 (3) 2 (3) 2 (3) 3 (3) Kotak Select Focus Fund^ (1) 3 (3) 2 (3) 2 (1) 4 (3) SBI Blue Chip Fund (1) 1 (1) 1 (1) 2 (2) 4 (4) Birla Sun Life Frontline Equity Fund (2) 3 (2) 3 (2) 1 (1) 5 (5) Birla Sun Life Top 100 Fund (2) 3 (3) 2 (3) 1 (2) 3 (3) BNP Paribas Equity Fund^ (2) 1 (1) 3 (3) 3 (3) 3 (3) Franklin India Bluechip Fund (3) 2 (1) 3 (2) 3 (3) 4 (4) IDBI India Top 100 Equity Fund (3) 2 (3) 3 (3) 1 (1) 2 (2) JPMorgan India Equity Fund (3) 3 (3) 3 (3) 3 (3) 3 (3) Religare Invesco Business Leaders Fund (2) 1 (1) 4 (5) 5 (5) 1 (1) Baroda Pioneer Growth Fund^ (3) 3 (3) 3 (3) 2 (2) 1 (1) ICICI Prudential Focused Bluechip Equity Fund (3) 3 (3) 5 (5) 3 (3) 5 (5) ICICI Prudential Top 100 Fund^ (3) 2 (2) 3 (3) 3 (4) 4 (5) JM Equity Fund (4) 4 (4) 5 (3) 4 (4) 1 (1) Kotak (2) 4 (4) 3 (4) 3 (3) 3 (3) L&T India Large Cap Fund (3) 4 (4) 2 (2) 3 (2) 2 (2) Principal Large Cap Fund (3) 3 (3) 1 (3) 3 (3) 2 (2) Reliance Top 200 Fund (1) 4 (4) 3 (3) 4 (4) 3 (3) SBI Magnum Equity Fund (2) 3 (3) 5 (5) 4 (5) 3 (3) Tata Large Cap Fund (3) 2 (2) 2 (1) 3 (2) 2 (3) UTI Equity Fund (2) 3 (2) 3 (2) 2 (1) 4 (4) UTI Mastershare Unit Scheme (3) 3 (3) 3 (2) 3 (3) 4 (4) UTI Top 100 Fund (3) 2 (2) 2 (2) 2 (2) 3 (4) DSP BlackRock Top 100 Equity Fund (4) 5 (5) 4 (4) 4 (4) 3 (4) HSBC Equity Fund (5) 4 (4) 4 (4) 4 (4) 3 (3) ICICI Prudential Select Large Cap Fund (4) 3 (3) 4 (3) 5 (5) 3 (3) Reliance Focused Large Cap Fund (3) 5 (5) 1 (1) 4 (4) 3 (3) Sundaram Select Focus (4) 2 (2) 3 (2) 4 (3) 2 (2) UTI Bluechip Flexicap Fund (4) 4 (5) 4 (4) 3 (3) 3 (3) UTI India Lifestyle Fund (4) 2 (2) 2 (1) 2 (2) 2 (2) HDFC Top 200 Fund (4) 5 (5) 4 (5) 3 (3) 5 (5) Reliance Quant Plus Fund (5) 4 (4) 4 (4) 5 (5) 2 (2) UTI Opportunities Fund (5) 3 (3) 3 (3) 3 (3) 4 (4) Figures in bracket indicate the previous quarter rank P1 signifies period from Apr 13 to Dec 13, P2- Jan 14 to Sept 14, P3 -Oct 14 to Jun 15 and P4 - Jun 15^ Feb 16. Mar 16 portfolios were not available at the time of scheme categorization; hence P4 starts with a lag of one month and includes Jun 15. Fund categorization in each period: Large Cap, Diversified, and Small & Mid Cap ^ Funds have met second level test, hence categorized as Large cap Funds. 6

9 Diversified Equity funds (Cluster ranks are arranged alphabetically) CRISIL Change CRISIL Fund Rank vs Fund Rank Mean Industry Company Diversified Equity funds Fund Categorization Mar - 16 Dec - 15 Dec- 15 Return Volatility Concentration Concentration Liquidity Weightages P1 P2 P3 P4 55.0% 25.0% 10.0% 5.0% 5.0% ICICI Prudential Exports and Other Services Fund (1) 2 (2) 5 (5) 3 (4) 3 (3) L&T India Value Fund (1) 4 (4) 1 (1) 1 (1) 3 (3) Principal Emerging Bluechip Fund (1) 5 (5) 1 (1) 1 (1) 2 (2) SBI Magnum MultiCap Fund (2) 3 (3) 2 (2) 2 (2) 3 (3) UTI MNC Fund (1) 1 (1) 4 (4) 3 (3) 4 (4) Birla Sun Life Advantage Fund (2) 4 (4) 3 (4) 3 (3) 3 (3) Birla Sun Life Equity Fund (3) 3 (3) 3 (3) 2 (2) 3 (3) Birla Sun Life India GenNext Fund (2) 2 (2) 5 (5) 2 (2) 2 (2) Franklin India Flexi Cap Fund (3) 2 (2) 3 (3) 3 (3) 3 (3) Franklin India High Growth Companies Fund (2) 2 (2) 5 (4) 4 (4) 4 (4) Franklin India Prima Plus (2) 1 (1) 3 (2) 2 (2) 4 (3) ICICI Prudential Value Discovery Fund (1) 3 (2) 2 (1) 3 (2) 5 (5) Religare Invesco Contra Fund (2) 3 (3) 3 (3) 3 (3) 2 (3) Sundaram Rural India Fund (3) 3 (3) 3 (3) 3 (3) 2 (2) Tata Ethical Fund (3) 1 (1) 3 (3) 1 (2) 2 (2) Axis Focused 25 Fund (4) 3 (3) 3 (3) 4 (4) 2 (2) DSP BlackRock Focus 25 Fund (3) 3 (3) 4 (5) 5 (5) 3 (2) DSP BlackRock Opportunities Fund (3) 3 (3) 3 (3) 3 (3) 3 (3) HDFC Capital Builder Fund (2) 3 (3) 1 (2) 3 (3) 3 (3) HDFC Small and Mid Cap Fund (2) 3 (3) 2 (1) 1 (1) 4 (4) HSBC India Opportunities Fund (3) 3 (3) 4 (4) 4 (3) 2 (3) ICICI Prudential Multicap Fund (3) 2 (2) 3 (4) 4 (4) 3 (3) Kotak Opportunities (3) 3 (3) 3 (3) 2 (2) 2 (2) L&T Equity Fund (4) 2 (2) 3 (3) 3 (2) 3 (3) L&T India Special Situations Fund (3) 3 (3) 2 (2) 2 (2) 3 (3) Mirae Asset India Opportunities Fund (3) 3 (3) 3 (3) 3 (3) 3 (2) Principal Growth Fund (3) 5 (4) 2 (2) 2 (1) 1 (1) Quantum Long-Term Equity Fund (3) 1 (1) 4 (3) 4 (4) 1 (1) Reliance Regular Savings Fund - Equity (2) 4 (4) 2 (2) 2 (3) 5 (5) Reliance Vision Fund (4) 4 (4) 4 (4) 5 (5) 4 (4) SBI Contra Fund (4) 2 (2) 5 (4) 5 (3) 3 (4) SBI Magnum Multiplier Fund (2) 3 (3) 1 (1) 3 (3) 4 (4) Sundaram Equity Multiplier Fund 3 NA Tata Dividend Yield Fund (3) 2 (2) 4 (4) 3 (3) 2 (2) Tata Equity Opportunities Fund (3) 3 (3) 1 (2) 1 (2) 3 (3) Tata Equity PE Fund (3) 5 (4) 2 (2) 3 (3) 3 (3) EQUITY FUNDS Continued For the quarter ended March 31,

10 CRISIL MutualFundRanking Diversified Equity funds (Contd.) (Cluster ranks are arranged alphabetically) CRISIL Change CRISIL Fund Rank vs Fund Rank Mean Industry Company Diversified Equity funds Fund Categorization Mar - 16 Dec - 15 Dec - 15 Return Volatility Concentration Concentration Liquidity Weightages P1 P2 P3 P4 55.0% 25.0% 10.0% 5.0% 5.0% Axis Equity Fund (4) 3 (3) 4 (3) 4 (4) 3 (3) Birla Sun Life Dividend Yield Plus (4) 2 (2) 3 (3) 2 (3) 4 (4) DSP BlackRock Equity Fund (4) 4 (5) 2 (3) 3 (3) 3 (3) HDFC Core and Satellite Fund (3) 5 (5) 2 (2) 4 (5) 3 (3) ICICI Prudential Dynamic Plan (4) 1 (1) 3 (3) 4 (4) 4 (4) Indiabulls Bluechip Fund (5) 4 (4) 3 (3) 3 (3) 1 (1) Reliance Equity Opportunities Fund (3) 3 (3) 3 (3) 3 (3) 5 (5) Reliance Growth Fund (3) 4 (4) 3 (3) 3 (3) 5 (5) Templeton India Growth Fund (3) 3 (3) 5 (5) 5 (5) 4 (4) UTI Dividend Yield Fund (5) 3 (3) 3 (3) 3 (3) 4 (4) Canara Robeco Equity Diversified (5) 4 (4) 2 (2) 3 (3) 3 (3) HDFC Equity Fund (4) 5 (5) 4 (4) 4 (4) 5 (5) HDFC Growth Fund (4) 4 (4) 3 (3) 4 (4) 3 (3) HDFC Large Cap Fund (5) 3 (3) 4 (5) 5 (5) 1 (1) LIC Nomura MF Equity Fund (5) 4 (3) 4 (4) 3 (3) 1 (1) Figures in bracket indicate the previous quarter rank P1 signifies period from Apr 13 to Dec 13, P2- Jan 14 to Sept 14, P3 -Oct 14 to Jun 15 and P4 - Jun 15^ Feb 16. Mar 16 portfolios were not available at the time of scheme categorization; hence P4 starts with a lag of one month and includes Jun 15. Fund categorization in each period: Large Cap, Diversified, and Small & Mid Cap 8

11 Small and Mid-cap Equity funds (Cluster ranks are arranged alphabetically) CRISIL Change CRISIL Fund Rank vs Fund Rank Mean Industry Company Small and Mid-cap Equity funds Fund Categorization Mar - 16 Dec - 15 Dec - 15 Return Volatility Concentration Concentration Liquidity Weightages P1 P2 P3 P4 55.0% 25.0% 10.0% 5.0% 5.0% DSP BlackRock Micro Cap Fund (1) 4 (4) 1 (1) 3 (3) 4 (4) Franklin India Smaller Companies Fund (2) 2 (2) 3 (3) 2 (1) 4 (3) Mirae Asset Emerging Bluechip Fund (2) 3 (3) 3 (3) 2 (2) 2 (2) Birla Sun Life MNC Fund (2) 1 (1) 5 (5) 5 (5) 5 (5) Canara Robeco Emerging Equities (1) 4 (4) 2 (1) 2 (2) 2 (2) Franklin India Prima Fund (4) 2 (2) 4 (4) 2 (2) 3 (3) JPMorgan India Mid and Small Cap Fund (3) 3 (3) 3 (4) 3 (3) 1 (1) Reliance Small Cap Fund (1) 5 (4) 2 (1) 3 (3) 4 (4) SBI Magnum Midcap Fund (2) 2 (2) 2 (3) 3 (3) 3 (3) Birla Sun Life Midcap Fund (4) 3 (3) 3 (3) 2 (2) 3 (2) Birla Sun Life Pure Value Fund (3) 5 (5) 3 (2) 4 (4) 2 (2) BNP Paribas Mid Cap Fund (3) 3 (3) 3 (3) 4 (3) 1 (1) HDFC Mid-Cap Opportunities Fund (3) 2 (3) 4 (4) 1 (1) 5 (5) Kotak Emerging Equity (3) 2 (2) 3 (3) 3 (2) 3 (3) L&T Midcap Fund 3 NA SBI Magnum Global Fund (4) 1 (1) 4 (4) 4 (4) 4 (4) Sundaram Select Midcap (3) 4 (4) 4 (4) 3 (3) 4 (4) Tata Mid Cap Growth Fund (3) 3 (3) 1 (2) 2 (2) 1 (1) UTI Mid Cap Fund (3) 3 (3) 2 (2) 1 (1) 3 (3) DSP BlackRock Small and Midcap Fund (4) 4 (4) 2 (3) 4 (3) 3 (3) ICICI Prudential MidCap Fund (3) 4 (4) 4 (4) 4 (4) 2 (2) IDFC Premier Equity Fund (5) 2 (2) 1 (2) 3 (4) 4 (5) Religare Invesco Mid N Small Cap Fund (4) 3 (2) 3 (3) 4 (4) 2 (2) SBI Emerging Businesses Fund (5) 1 (1) 5 (5) 5 (5) 5 (4) Sundaram S M I L E Fund (2) 5 (5) 5 (5) 3 (3) 3 (3) Axis Midcap Fund (4) 3 (3) 4 (3) 5 (5) 3 (3) IDFC Sterling Equity Fund (5) 3 (3) 2 (2) 3 (3) 3 (3) Reliance Mid & Small Cap Fund (3) 4 (3) 3 (3) 3 (3) 3 (4) Figures in bracket indicate the previous quarter rank P1 signifies period from Apr 13 to Dec 13, P2- Jan 14 to Sept 14, P3 -Oct 14 to Jun 15 and P4 - Jun 15^ Feb 16. Mar 16 portfolios were not available at the time of scheme categorization; hence P4 starts with a lag of one month and includes Jun 15. Fund categorization in each period: Large Cap, Diversified, and Small & Mid Cap For the quarter ended March 31,

12 CRISIL MutualFundRanking Thematic - Infrastructure funds (Cluster ranks are arranged alphabetically) CRISIL Change CRISIL Fund Rank vs Fund Rank Mean Industry Company Thematic - Infrastructure funds Mar - 16 Dec- 15 Dec - 15 Return Volatility Concentration Concentration Liquidity Weightages 55.0% 25.0% 10.0% 5.0% 5.0% Franklin Build India Fund (1) 2 (1) 3 (2) 4 (3) 3 (3) Kotak Infrastructure and Economic Reform Fund (2) 1 (1) 5 (5) 5 (5) 3 (3) Birla Sun Life India Reforms Fund (3) 1 (2) 1 (1) 1 (1) 1 (1) Canara Robeco Infrastructure Fund (2) 2 (2) 1 (1) 4 (3) 2 (2) L&T Infrastructure Fund (1) 3 (3) 3 (3) 2 (1) 3 (3) Birla Sun Life Infrastructure Fund (3) 3 (3) 2 (3) 1 (2) 3 (3) DSP BlackRock India T.I.G.E.R. Fund (3) 3 (4) 3 (4) 3 (3) 4 (4) HSBC Infrastructure Equity Fund (3) 5 (5) 4 (2) 3 (4) 2 (2) JM Basic Fund (3) 3 (3) 2 (3) 4 (4) 1 (1) SBI Infrastructure Fund (4) 3 (3) 3 (3) 5 (4) 5 (5) Sundaram Infrastructure Advantage Fund (2) 2 (2) 4 (4) 2 (2) 3 (3) Tata Infrastructure Fund (3) 3 (3) 3 (4) 2 (2) 3 (3) HDFC Infrastructure Fund (3) 5 (5) 3 (3) 3 (3) 4 (4) Reliance Diversified Power Sector Fund (4) 4 (4) 5 (5) 3 (3) 5 (5) UTI Infrastructure Fund (5) 4 (4) 2 (3) 3 (3) 3 (3) ICICI Prudential Infrastructure Fund (4) 3 (3) 3 (2) 3 (3) 4 (4) IDFC Infrastructure Fund (5) 4 (3) 4 (3) 3 (5) 2 (2) Figures in bracket indicate the previous quarter rank 10

13 Consistent Performers - Equity funds (Cluster ranks are arranged alphabetically) CRISIL Change CRISIL Fund Rank vs Fund Rank Mean CRISIL Rank Consistent Performers - Equity funds Mar - 16 Dec - 15 Dec - 15 Return Volatility Performance Weightages 35.0% 15.0% 50.0% Birla Sun Life India GenNext Fund (2) 2 (2) 1 (1) Birla Sun Life MNC Fund (1) 1 (1) 1 (1) Birla Sun Life Top 100 Fund (3) 3 (3) 1 (1) DSP BlackRock Micro Cap Fund (1) 4 (4) 2 (2) Franklin India High Growth Companies Fund (2) 2 (2) 1 (1) Franklin India Smaller Companies Fund (1) 2 (2) 2 (2) ICICI Prudential Exports and Other Services Fund (1) 2 (2) 1 (1) SBI Blue Chip Fund (2) 2 (2) 1 (1) Tata Ethical Fund (3) 1 (1) 1 (1) UTI MNC Fund (1) 1 (1) 1 (1) Birla Sun Life Frontline Equity Fund (3) 3 (3) 2 (2) BNP Paribas Equity Fund (3) 1 (2) 1 (1) Franklin India Opportunities Fund (3) 3 (3) 2 (2) Franklin India Prima Fund (1) 1 (1) 3 (3) Franklin India Prima Plus (2) 1 (1) 2 (2) HDFC Mid-Cap Opportunities Fund (2) 2 (2) 3 (2) ICICI Prudential Focused Bluechip Equity Fund (3) 3 (3) 2 (2) ICICI Prudential Value Discovery Fund (2) 2 (2) 2 (2) JPMorgan India Mid and Small Cap Fund (1) 3 (3) 2 (2) Mirae Asset India Opportunities Fund (2) 3 (3) 2 (1) Principal Emerging Bluechip Fund (2) 4 (4) 2 (2) Quantum Long-Term Equity Fund (3) 1 (1) 2 (2) Reliance Equity Opportunities Fund (2) 3 (3) 2 (2) SBI Emerging Businesses Fund (2) 1 (1) 3 (3) SBI Magnum Global Fund (2) 1 (1) 3 (3) SBI Magnum Midcap Fund (1) 2 (2) 2 (3) SBI Magnum MultiCap Fund (2) 3 (3) 3 (3) UTI Equity Fund (3) 2 (2) 1 (1) UTI Mid Cap Fund (1) 3 (3) 2 (3) Birla Sun Life Advantage Fund (3) 4 (4) 3 (3) Birla Sun Life Equity Fund (3) 3 (3) 3 (3) Birla Sun Life Infrastructure Fund (3) 5 (5) 2 (2) Canara Robeco Equity Diversified (3) 3 (3) 3 (3) DSP BlackRock India T.I.G.E.R. Fund (4) 5 (5) 2 (2) DSP BlackRock Opportunities Fund (3) 3 (3) 3 (3) DSP BlackRock Small and Midcap Fund (2) 4 (4) 4 (4) Franklin India Bluechip Fund (4) 2 (2) 3 (3) Franklin India Flexi Cap Fund (3) 2 (3) 3 (3) HDFC Capital Builder Fund (3) 3 (3) 3 (3) HDFC Small and Mid Cap Fund (3) 3 (3) 3 (3) HSBC India Opportunities Fund (3) 3 (3) 3 (3) ICICI Prudential Dynamic Plan (3) 1 (1) 3 (3) ICICI Prudential MidCap Fund (2) 3 (3) 4 (4) ICICI Prudential Multicap Fund (3) 3 (3) 3 (3) ICICI Prudential Top 100 Fund (3) 3 (3) 3 (3) IDFC Premier Equity Fund (2) 2 (1) 3 (3) JM Basic Fund (4) 5 (5) 3 (3) JPMorgan India Equity Fund (3) 3 (3) 3 (3) Kotak Opportunities (3) 3 (3) 3 (3) Continued For the quarter ended March 31,

14 CRISIL MutualFundRanking Consistent Performers - Equity funds (Contd.) (Cluster ranks are arranged alphabetically) CRISIL Change CRISIL Fund Rank vs Fund Rank Mean CRISIL Rank Consistent Performers - Equity funds M ar -16 Dec - 15 Dec - 15 Return Volatility Performance Weightages 35.0% 15.0% 50.0% L&T Equity Fund (3) 2 (3) 3 (2) L&T India Large Cap Fund (3) 3 (3) 2 (2) L&T India Special Situations Fund (3) 3 (3) 3 (3) Principal Growth Fund (3) 4 (4) 3 (3) Reliance Mid & Small Cap Fund (2) 3 (3) 4 (4) Reliance Top 200 Fund (3) 4 (3) 3 (3) SBI Magnum Equity Fund (3) 3 (3) 3 (3) SBI Magnum Multiplier Fund (2) 3 (3) 3 (3) Sundaram Select Midcap (2) 3 (3) 4 (4) Tata Dividend Yield Fund (3) 2 (2) 3 (3) Tata Equity Opportunities Fund (3) 3 (2) 3 (3) Tata Equity PE Fund (3) 4 (4) 3 (3) Tata Large Cap Fund (4) 2 (2) 3 (3) UTI India Lifestyle Fund (4) 2 (2) 2 (2) UTI Mastershare Unit Scheme (4) 3 (3) 3 (3) UTI Opportunities Fund (4) 3 (2) 2 (2) UTI Top 100 Fund (4) 2 (2) 3 (3) Birla Sun Life Dividend Yield Plus (4) 2 (2) 4 (4) Birla Sun Life Midcap Fund (2) 3 (3) 5 (5) DSP BlackRock Equity Fund (3) 4 (4) 4 (4) HDFC Equity Fund (4) 4 (4) 4 (3) HDFC Growth Fund (4) 4 (4) 4 (4) HDFC Top 200 Fund (4) 5 (5) 3 (3) ICICI Prudential Infrastructure Fund (5) 5 (5) 3 (3) Kotak (3) 3 (3) 4 (4) Principal Large Cap Fund (4) 3 (3) 3 (3) Reliance Focused Large Cap Fund (3) 4 (4) 4 (4) Reliance Growth Fund (3) 4 (4) 4 (4) Reliance Regular Savings Fund - Equity (3) 4 (4) 4 (4) Reliance Vision Fund (3) 4 (4) 5 (5) SBI Contra Fund (4) 2 (2) 5 (5) Sundaram S M I L E Fund (1) 5 (5) 5 (5) Tata Infrastructure Fund (5) 4 (4) 3 (4) Templeton India Growth Fund (4) 3 (3) 5 (5) UTI Bluechip Flexicap Fund (4) 3 (3) 4 (4) UTI Dividend Yield Fund (5) 3 (3) 4 (4) DSP BlackRock Top 100 Equity Fund (4) 4 (4) 4 (4) HDFC Core and Satellite Fund (3) 4 (4) 4 (4) HDFC Infrastructure Fund (4) 5 (5) 4 (3) HDFC Large Cap Fund (5) 3 (3) 5 (5) HSBC Equity Fund (5) 4 (4) 5 (5) Reliance Diversified Power Sector Fund (5) 5 (5) 5 (5) SBI Infrastructure Fund (5) 5 (5) 5 (5) Sundaram Infrastructure Advantage Fund (5) 4 (4) 4 (4) Sundaram Select Focus (5) 3 (3) 5 (5) UTI Infrastructure Fund (5) 5 (5) 4 (4) Figures in bracket indicate the previous quarter rank 12

15 Equity Linked Savings Scheme (ELSS) (Cluster ranks are arranged alphabetically) CRISIL Change CRISIL Fund Rank vs Fund Rank Mean Industry Company Equity Linked Savings Scheme (ELSS) Mar - 16 Dec - 15 Dec - 15 Return Volatility Concentration Concentration Liquidity Weightages 55.0% 25.0% 10.0% 5.0% 5.0% Axis Long Term Equity Fund (1) 1 (2) 5 (5) 5 (5) 4 (4) Birla Sun Life Tax Relief (1) 3 (3) 3 (3) 3 (3) 5 (5) Birla Sun Life Tax Plan (2) 2 (3) 3 (3) 3 (3) 4 (4) Franklin India Taxshield Fund (3) 2 (1) 3 (3) 2 (2) 3 (3) Religare Invesco Tax Plan (2) 1 (1) 5 (4) 4 (4) 2 (2) Tata India Tax Savings Fund (2) 3 (3) 3 (2) 2 (2) 2 (2) BNP Paribas Long Term Equity Fund (3) 2 (2) 4 (3) 4 (4) 2 (2) DSP BlackRock Tax Saver Fund (3) 4 (3) 3 (5) 3 (4) 3 (3) ICICI Prudential Long Term Equity Fund (Tax Saving) (3) 3 (2) 4 (3) 3 (5) 4 (3) IDFC Tax Advantage Fund (3) 3 (3) 1 (2) 3 (3) 3 (3) Kotak Tax Saver Scheme (3) 3 (3) 3 (3) 2 (3) 3 (3) L&T Tax Advantage Fund (3) 3 (3) 2 (2) 3 (2) 3 (3) Principal Tax Saving Fund (3) 5 (5) 2 (2) 2 (1) 1 (1) Reliance Tax Saver Fund (2) 5 (5) 4 (4) 3 (3) 5 (5) UTI Long Term Equity Fund (Tax Saving) (4) 3 (3) 1 (1) 1 (1) 2 (2) HDFC Long Term Advantage Fund (5) 2 (2) 4 (3) 5 (4) 4 (4) Principal Personal Tax Saver (4) 3 (4) 2 (4) 3 (3) 1 (1) SBI Magnum Tax Gain Scheme (3) 3 (3) 3 (3) 4 (3) 3 (3) Sundaram Taxsaver (4) 4 (4) 3 (4) 1 (2) 3 (3) Canara Robeco Equity Tax Saver (4) 4 (4) 2 (1) 3 (3) 3 (3) HDFC Tax Saver Fund (5) 4 (4) 3 (3) 4 (3) 3 (4) Figures in bracket indicate the previous quarter rank For the quarter ended March 31,

16 CRISIL MutualFundRanking Index funds (Cluster ranks are arranged alphabetically) CRISIL Change CRISIL Fund Rank vs Fund Rank Index funds Mar - 16 Dec - 15 Dec - 15 Weightages Goldman Sachs Nifty Exchange Traded Scheme (GS Nifty BeES) 1 1 Kotak Nifty ETF 1 1 ICICI Prudential Nifty ETF 2 NA IDBI Nifty Index Fund 2 4 UTI Nifty Index Fund 2 2 HDFC Index Fund - Nifty Plan 3 3 HDFC Index Fund - Sensex Plan 3 3 IDFC Nifty Fund 3 2 Principal Index Fund 3 3 Reliance Index Fund - Nifty Plan 3 2 SBI Nifty Index Fund 3 3 Franklin India Index Fund - NSE Nifty 4 4 ICICI Prudential Nifty Index Fund 4 3 SBI-ETF SENSEX 4 NA Birla Sun Life Index Fund 5 4 Birla Sun Life Nifty ETF 5 NA Figures in bracket indicate the previous quarter rank 14

17 Balanced funds (Cluster ranks are arranged alphabetically) CRISIL Change CRISIL Superior Industry Concentration / Debt Fund Rank vs Fund Rank Return Exposure to Company Asset Debt Equity Balanced funds Mar - 16 Dec - 15 Dec - 15 Score Sensitive Sector* Concentration Quality Liquidity Liquidity Weightages 75.0% 10.0% 5.0% 5.0%*(100-K) 5.0%*(100-K) 10.0%*K Franklin India Balanced Fund (3) 1 (2) 2 (2) 3 (5) 3 (4) 1 (1) L&T India Prudence Fund (1) 1 (1) 2 (1) 2 (2) 1 (2) 3 (3) Birla Sun Life Balanced 95 Fund (3) 3 (4) 1 (1) 3 (4) 2 (5) 3 (3) HDFC Balanced Fund (2) 4 (3) 3 (3) 1 (2) 3 (3) 4 (4) Tata Balanced Fund (2) 2 (2) 1 (2) 2 (1) 2 (1) 4 (4) Canara Robeco Balance (3) 2 (2) 2 (2) 1 (1) 2 (3) 3 (2) DSP BlackRock Balanced Fund (3) 3 (3) 3 (3) 4 (3) 4 (3) 3 (3) ICICI Prudential Balanced Fund (3) 5 (5) 4 (4) 2 (3) 3 (3) 3 (3) Reliance Regular Savings Fund - Balanced (2) 2 (3) 4 (4) 3 (3) 3 (2) 4 (4) SBI Magnum Balanced Fund (1) 4 (4) 3 (3) 4 (4) 5 (5) 5 (5) Edelweiss Absolute Return Fund (4) 3 (1) 5 (5) 3 (3) 1 (3) 2 (2) HDFC Prudence Fund (3) 3 (3) 4 (3) 3 (3) 4 (1) 5 (5) JM Balanced Fund (4) 5 (4) 5 (5) 4 (3) 4 (2) 2 (2) BARODA PIONEER Balance Fund (5) 3 (3) 3 (3) 5 (5) 3 (3) 1 (1) UTI Balanced Fund (5) 4 (3) 3 (3) 5 (4) 5 (4) 2 (3) * Industry concentration for equity and Exposure to Sensitive Sector for debt portion of the portfolio Figures in bracket indicate the previous quarter rank K = Equity Component in Hybrid Funds Consistent Performers - Balanced funds (Cluster ranks are arranged alphabetically) CRISIL Change CRISIL Superior CRISIL Fund Rank vs Fund Rank Return Fund Rank Consistent Performers - Balanced funds Mar - 16 Dec - 15 Dec - 15 Score Performance Weightages 50.0% 50.0% Tata Balanced Fund (1) 1 (1) HDFC Balanced Fund (3) 2 (2) ICICI Prudential Balanced Fund (2) 2 (2) Birla Sun Life Balanced 95 Fund (3) 3 (3) Franklin India Balanced Fund (3) 3 (3) Reliance Regular Savings Fund - Balanced (3) 4 (4) SBI Magnum Balanced Fund (2) 3 (3) HYBRID FUNDS DSP BlackRock Balanced Fund (4) 4 (4) HDFC Prudence Fund (4) 3 (3) UTI Balanced Fund (5) 5 (5) Figures in bracket indicate the previous quarter rank For the quarter ended March 31,

18 CRISIL MutualFundRanking Monthly Income Plan - Aggressive (Cluster ranks are arranged alphabetically) CRISIL Change CRISIL Superior Industry Concentration / Debt Fund Rank vs Fund Rank Return Exposure to Company Asset Debt Equity Modified Monthly Income Plan - Aggressive Mar - 16 De c - 15 Dec - 15 Score Sensitive Sector* Concentration Quality Liquidity Liquidity Duration Weightages 60.0% 5.0% 5.0% 17.5% 7.5%*(100-K) 7.5%*K 5.0% Franklin India Monthly Income Plan (3) 4 (4) 2 (1) 3 (4) 3 (3) 2 (2) 4 (3) UTI MIS Advantage Plan (1) 3 (3) 3 (3) 3 (3) 5 (4) 3 (3) 3 (5) Birla Sun Life MIP II - Wealth 25 Plan (1) 3 (3) 4 (4) 2 (2) 3 (5) 4 (4) 5 (5) ICICI Prudential MIP (2) 5 (5) 3 (3) 5 (5) 4 (5) 3 (3) 4 (3) Reliance Monthly Income Plan (2) 3 (3) 3 (3) 4 (4) 5 (3) 5 (5) 4 (4) BNP Paribas Monthly Income Plan (4) 3 (3) 2 (2) 3 (2) 2 (2) 1 (1) 3 (3) HDFC Monthly Income Plan - LTP (3) 4 (4) 4 (4) 3 (3) 4 (3) 5 (5) 5 (4) HSBC MIP - Savings (3) 3 (3) 3 (3) 1 (1) 1 (1) 4 (3) 3 (3) IDFC Monthly Income Plan (3) 3 (3) 3 (3) 1 (1) 2 (3) 3 (3) 2 (3) Kotak Monthly Income Plan (3) 2 (2) 2 (2) 2 (3) 1 (3) 2 (4) 3 (3) Sundaram Monthly Income Plan (2) 1 (2) 3 (4) 4 (3) 3 (3) 3 (3) 1 (1) Canara Robeco Monthly Income Plan (3) 2 (2) 1 (2) 2 (3) 2 (2) 3 (3) 3 (4) DSP BlackRock MIP Fund (4) 5 (5) 4 (3) 3 (3) 3 (3) 4 (4) 3 (2) Peerless Income Plus Fund (3) 2 (3) 5 (5) 4 (4) 4 (4) 2 (2) 1 (1) HDFC Monthly Income Plan - STP (4) 4 (4) 1 (1) 3 (3) 3 (4) 3 (3) 2 (2) LIC Nomura MF Monthly Income Plan (5) 1 (1) 5 (5) 5 (5) 3 (2) 1 (2) 2 (2) * Industry concentration for equity and Exposure to Sensitive Sector for debt portion of the portfolio Figures in bracket indicate the previous quarter rank K = Equity Component in Hybrid Funds 16

19 Long Term Gilt funds (Cluster ranks are arranged alphabetically) CRISIL Change CRISIL Superior Fund Rank vs Fund Rank Return Modified Liquidity Long Term Gilt funds Mar - 16 Dec - 15 Dec - 15 Score Duration Weightages 75.0% 10.0% 15.0% L&T Gilt (1) 3 (2) 1 (3) SBI Magnum Gilt Fund - Long Term (1) 2 (3) 3 (3) Franklin India G-Sec Fund - Long Term (3) 4 (4) 2 (2) HDFC Gilt Fund - Long Term Plan (3) 4 (3) 3 (3) ICICI Prudential Gilt - Investment - PF Option (3) 5 (5) 3 (3) Reliance Gilt Securities Fund (2) 3 (3) 4 (4) Birla Sun Life Govt Securities - Long Term (4) 4 (4) 5 (3) Canara Robeco Gilt PGS (3) 4 (5) 2 (2) Franklin India G-Sec Fund - Composite Plan (4) 3 (3) 1 (1) ICICI Prudential Long Term Gilt Fund (4) 5 (4) 3 (5) IDFC G Sec Fund - Investment Plan (3) 1 (2) 3 (3) IDFC G Sec Fund - PF Plan (2) 1 (3) 3 (3) Tata Gilt Mid Term Fund (2) 2 (1) 4 (4) DHFL Pramerica Gilt Fund (3) 2 (1) 5 (5) Kotak Gilt - Investment (5) 3 (3) 4 (4) Tata Gilt Securities Fund (3) 2 (2) 4 (2) UTI Gilt Advantage Fund - Long Term Plan (2) 3 (4) 3 (4) DSP BlackRock Govt Sec Fund (4) 3 (2) 2 (1) Religare Invesco Gilt Fund - Long (5) 3 (3) 2 (2) Figures in bracket indicate the previous quarter rank For the quarter ended March 31, 2016 DEBT FUNDS 17

20 CRISIL MutualFundRanking Long Term Income funds (Cluster ranks are arranged alphabetically) CRISIL Change CRISIL Superior Exposure to Fund Rank vs Fund Rank Return Modified Sensitive Company Asset Long Term Income funds Mar - 16 Dec - 15 Dec - 15 Score Duration Sector Concentration Liquidity Quality Weightages 60.0% 5.0% 5.0% 5.0% 7.5% 17.5% Axis Income Fund (1) 3 (2) 3 (4) 1 (5) 3 (3) 4 (4) DSP BlackRock Strategic Bond Fund (1) 3 (2) 1 (1) 1 (3) 3 (3) 3 (3) HDFC High Interest Fund - Dynamic Plan (3) 4 (4) 4 (4) 1 (1) 3 (3) 3 (3) Axis Dynamic Bond Fund (2) 3 (3) 1 (1) 1 (5) 3 (3) 3 (3) BNP Paribas Flexi Debt Fund (3) 3 (3) 1 (1) 1 (4) 2 (2) 3 (3) ICICI Prudential Dynamic Bond Fund (2) 2 (1) 5 (5) 4 (3) 4 (5) 5 (5) IDFC Dynamic Bond Fund (3) 1 (4) 1 (1) 4 (1) 3 (2) 2 (1) Reliance Dynamic Bond Fund (3) 3 (3) 1 (1) 1 (1) 4 (4) 2 (2) Tata Dynamic Bond Fund (1) 3 (3) 1 (4) 3 (1) 4 (3) 3 (2) Birla Sun Life Income Plus (4) 5 (5) 1 (1) 1 (1) 3 (4) 1 (2) DHFL Pramerica Dynamic Bond Fund (3) 4 (5) 1 (1) 4 (3) 1 (2) 2 (1) HDFC Income Fund (3) 5 (4) 4 (4) 1 (1) 3 (3) 3 (4) ICICI Prudential Income Opportunities Fund (2) 2 (1) 4 (4) 4 (4) 2 (2) 4 (4) ICICI Prudential Income Plan (3) 5 (5) 4 (1) 1 (1) 3 (4) 3 (3) IDFC Super Saver Income Fund - Investment (3) 1 (4) 1 (1) 4 (1) 2 (1) 2 (1) Kotak Bond (4) 4 (4) 3 (1) 1 (3) 5 (3) 3 (4) Reliance Income Fund (4) 4 (3) 1 (1) 1 (4) 3 (4) 1 (2) SBI Dynamic Bond Fund (4) 3 (3) 1 (1) 1 (3) 2 (2) 2 (2) Sundaram Flexible Fund - Flexible Income (2) 2 (2) 1 (1) 5 (5) 2 (3) 4 (4) Tata Income Fund (2) 2 (2) 1 (1) 1 (3) 4 (3) 3 (3) UTI Bond Fund (3) 3 (3) 1 (1) 1 (1) 4 (4) 3 (3) UTI-Dynamic Bond Fund (2) 3 (3) 1 (1) 3 (3) 4 (4) 3 (3) DSP BlackRock Bond Fund (3) 3 (2) 1 (5) 1 (4) 5 (5) 5 (5) HSBC Flexi Debt Fund (4) 3 (3) 1 (1) 1 (1) 3 (1) 3 (2) JPMorgan India Active Bond Fund (3) 1 (1) 1 (1) 3 (4) 2 (2) 4 (4) L&T Triple Ace Bond Fund (5) 4 (4) 4 (3) 1 (1) 3 (3) 1 (3) SBI Magnum Income Fund (4) 2 (2) 5 (5) 1 (3) 5 (5) 5 (5) Sundaram Bond Saver (5) 4 (3) 4 (4) 3 (1) 3 (3) 4 (3) JM Income Fund 5 NA Religare Invesco Active Income Fund (5) 3 (3) 1 (1) 5 (4) 1 (1) 3 (3) Union KBC Dynamic Bond Fund 5 NA Figures in bracket indicate the previous quarter rank 18

21 Consistent Performers - Debt funds (Cluster ranks are arranged alphabetically) CRISIL Change CRISIL Superior CRISIL Fund Rank vs Fund Rank Return Fund Rank Consistent Performers - Debt funds Mar - 16 Dec - 15 Dec - 15 Score Performance Weightages 50.0% 50.0% HDFC High Interest Fund - Dynamic Plan (2) 2 (2) IDFC Dynamic Bond Fund (1) 1 (1) BNP Paribas Flexi Debt Fund (3) 2 (2) Reliance Dynamic Bond Fund (2) 1 (1) UTI Bond Fund (1) 2 (2) Birla Sun Life Income Plus (3) 3 (3) HDFC Income Fund (4) 3 (3) ICICI Prudential Income Opportunities Fund (2) 3 (3) ICICI Prudential Income Plan (4) 4 (4) IDFC Super Saver Income Fund - Investment Plan (3) 3 (3) Kotak Bond (3) 4 (4) Tata Income Fund (3) 3 (3) HSBC Flexi Debt Fund (3) 3 (3) Reliance Income Fund (4) 5 (5) SBI Magnum Income Fund (3) 3 (3) DSP BlackRock Bond Fund (5) 5 (5) Religare Invesco Active Income Fund (5) 4 (4) Figures in bracket indicate the previous quarter rank For the quarter ended March 31,

22 CRISIL MutualFundRanking Credit Opportunities Funds (Cluster ranks are arranged alphabetically) CRISIL Change CRISIL Exposure to Fund Rank vs Fund Rank Mean Sensitive Company Asset Modified Credit Opportunities Funds Mar - 16 Dec - 15 Dec - 15 Return Volatility Sector Concentration Quality Duration Liquidity Weightages 50.0% 10.0% 5.0% 5.0% 10.0% 5.0% 15.0% Birla Sun Life Short Term Opportunities Fund (4) 3 (4) 1 (1) 4 (4) 1 (1) 5 (4) 1 (2) SBI Corporate Bond Fund (3) 2 (3) 3 (3) 4 (5) 2 (2) 4 (3) 3 (3) DSP BlackRock Income Opportunities Fund (2) 3 (3) 4 (4) 1 (1) 3 (3) 3 (3) 1 (1) HDFC Short Term Plan (2) 1 (2) 2 (2) 3 (1) 4 (5) 1 (2) 4 (3) Kotak Income Opportunities Fund (2) 2 (3) 4 (5) 4 (1) 3 (2) 2 (1) 3 (3) UTI Income Opportunities Fund (4) 3 (3) 2 (2) 3 (1) 2 (2) 3 (2) 2 (2) Birla Sun Life Medium Term Plan (3) 4 (4) 1 (1) 2 (4) 2 (3) 5 (5) 3 (3) BOI AXA Corporate Credit Spectrum Fund 3 NA Franklin India Low Duration Fund (1) 3 (1) 3 (4) 4 (1) 3 (3) 1 (1) 3 (4) HDFC Corporate Debt Opportunities Fund (3) 3 (3) 3 (2) 1 (1) 3 (4) 3 (3) 3 (3) ICICI Prudential Corporate Bond Fund (5) 3 (4) 3 (3) 1 (1) 1 (1) 4 (4) 2 (1) Kotak Medium Term Fund (2) 3 (4) 3 (3) 3 (5) 2 (3) 3 (3) 3 (3) L&T Income Opportunities Fund (3) 2 (2) 3 (3) 3 (1) 3 (3) 3 (2) 2 (2) Reliance Corporate Bond Fund (3) 3 (5) 4 (3) 5 (4) 3 (2) 4 (5) 2 (2) Reliance Regular Savings Fund - Debt (4) 1 (1) 5 (4) 3 (1) 3 (3) 2 (2) 3 (3) Franklin India Corporate Bond Opportunities Fund (3) 4 (2) 4 (4) 3 (1) 4 (4) 2 (3) 5 (5) Franklin India Dynamic Accrual Fund (1) 4 (3) 3 (3) 1 (1) 4 (4) 3 (4) 5 (5) Franklin India Income Builder Account (5) 4 (5) 2 (2) 3 (1) 3 (3) 4 (4) 4 (4) ICICI Prudential Regular Savings Fund (4) 3 (3) 5 (5) 1 (1) 3 (5) 3 (3) 3 (3) Franklin India Income Opportunities Fund (3) 5 (3) 3 (3) 3 (1) 4 (3) 3 (3) 4 (4) Franklin India Short Term Income Plan (3) 5 (2) 3 (3) 3 (1) 5 (4) 2 (3) 4 (4) 20