there is a high dispersion in long term stock performance bluechip... · there is a high dispersion...
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There is a high dispersion in long term stock performance
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Variation in top and bottom stocks over the last 10 years
% CAGR (CY 08-18)
BSE 100 index 14.5
Top quartile 26.2
Bottom quartile (15.9)
Our strategy relies on bottom up selection of quality companies that can deliver sustainable growth
Source: Bloomberg, Past performance may or may not be sustained in future. Data as on 31st Dec 2018
Weak companies have
destroyed significant
investor wealth
We offer a tight basket of clearly positioned equity funds
Note: Current Portfolio Allocation is based on the prevailing market conditions and is subject to changes depending on the fund manager’s view of the equity markets. ^Open-ended Equity-Linked Savings Scheme
with a 3 year lock in. The bubbles in the chart are proportionate to their sizes respectivelyMarket caps are defined as per SEBI regulations as below: a. Large Cap: 1st -100th company in terms of full market
capitalization. b. Mid Cap: 101st -250th company in terms of full market capitalization. c. Small Cap: 251st company onwards in terms of full market capitalization. For type of scheme for the above schemes, please
refer annexure.
Active Risk
Axis Long
Term Equity
Fund^
Axis Midcap Fund
Axis
Bluechip
Fund
Axis
Focused 25
Fund
Axis Small Cap Fund
Large Cap: 50 - 100%
Mid Cap: Max 50%
>=65% in Midcaps
>90% in top 200 companies by
market cap
Large Cap: 80 - 100%
Active
Re
turn
s >=65% Small caps
Axis
Multicap
FundLarge Cap: 50 - 100%
Mid Cap: Max 50%
Large Cap
Focused
ELSS
Multicap
Midcap
Smallcap
Axis Growth Opportunities Fund
Large Cap: 35 - 65%
Mid Cap: 35 - 65%
Large & Midcap
Axis Bluechip Fund: Positioning
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Large cap companies (80-100%)with other companies (0-20%)
The Scheme will invest predominantly in Equity and
Equity Related Instruments of Large Cap companies.
Risk managementembedded in the investment process
Relatively liquid portfolio
Targets volatility below benchmark (Nifty)
Pure bottom up stock picking
focusing on fundamentals
Maintains a core portfolio of quality businesses
with secular growth prospects
Takes tactical positions in quality cyclicals linked
to fund manager views of cyclical factors and
market positioning
Note: Current Portfolio Allocation is based on the prevailing market conditions and is subject to changes depending on the fund manager’s view of the equity markets. Market caps are defined as per SEBI regulations
as below: a. Large Cap: 1st -100th company in terms of full market capitalization. b. Mid Cap: 101st -250th company in terms of full market capitalization. c. Small Cap: 251st company onwards in terms of full market
capitalization.
Large cap biased: Reducing midcap exposure
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Note: Current Portfolio Allocation is based on the prevailing market conditions and is subject to changes depending on the fund manager’s view of the equity markets. Market caps are defined as per SEBI regulations
as below: a. Large Cap: 1st -100th company in terms of full market capitalization. b. Mid Cap: 101st -250th company in terms of full market capitalization. c. Small Cap: 251st company onwards in terms of full market
capitalization.
Average Large Cap exposure
over 2 years: 83%
Large Cap
84%
86%
88%
90%
92%
94%
96%
98%
100%
Jun-17 Dec-17 Jun-18 Dec-18 Jun-19
Large Cap Midcap Small Cap
Mid Cap
Large Cap
Average Large Cap exposure over 2
years: 83%
What do we mean by quality businesses?
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Strong competitive
positioning
Cash flow generating with
sound balance sheet
Credible management team Sustainable Growth Potential
Current Investment Focus
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~ 60% leaders
Companies which operate in secular growth segment and has leading market share in their areas of operation.
~ 40% Challengers
Companies that are gaining markets share due to differentiated offering or cost advantage, in large sectors.
Expected to
deliver
alpha
Expected
to provide
steady
returns
The investment focus of the fund is subject to change on the discretion of the fund manager. The investment strategy of the fund will be in line with the strategy laid out in the scheme information document. For
complete details on the scheme investment strategy refer the scheme information document.
Changes made to the portfolio over the 1 year (28th June 2019)
Portfolio Characteristics June 18 June 19
Matched Portfolio 51% 47%
No. of Stocks 29 23
Market Cap MixLarge Cap – 80%
Midcap – 4%
Largecap – 86%
Midcap – 1%
Top 10 stocks (% of portfolio) 56% 62%
Top stocks with increased
exposure/entries
Change in exposure
(%) over last year
Top stocks with reduced
exposure/ exits
Change in
exposure (%) over
year
ICICI Bank Limited 5.8% Britannia Industries Limited -3.6%
Bajaj Finance Limited 3.3% Maruti Suzuki India Limited -3.5%
Nestle India Limited 3.1% Page Industries Limited -2.7%
Titan Company Limited 2.3% IndusInd Bank Limited -2.5%
Bajaj Finserv Limited 2.0% HDFC Limited -2.1%
Source : ValueFY, ACEMF. Note: Current Portfolio Allocation is based on the prevailing market conditions and is subject to changes depending on the fund manager’s view of the equity marketsMarket caps are
defined as per SEBI regulations as below: a. Large Cap: 1st -100th company in terms of full market capitalization. b. Mid Cap: 101st -250th company in terms of full market capitalization. c. Small Cap: 251st
company onwards in terms of full market capitalization. Past performance may or may not be sustained in the future. Stock(s) / Issuer(s)/ Top stocks with increased or decreased exposure mentioned above are for
the purpose of disclosure of the portfolio of the Scheme(s) and should not be construed as recommendation to buy/sell/ hold. The fund manager(s) may or may not choose to hold the stock mentioned, from time to
time.
Sector-wise positioning (28th June 19)
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Source IISL, Axis MF Research The benchmark for the scheme is NIFTY 50. Sector(s) / Stock(s) / Issuer(s) mentioned above are for the purpose of disclosure of the portfolio of the Scheme(s) and should not be construed as recommendation. The fund manager(s) may or may not choose to hold the stock mentioned, from time to time. Investors are requested to consult their financial, tax and other advisors before taking any investment decision(s).
-9.8%
-4.0%
-3.6%
-3.1%
-3.0%
-2.2%
-1.1%
-0.7%
-0.6%
-0.4%
-0.1%
0.0%
2.0%
4.0%
6.7%
16.2%
Oil & Gas
Autos & Logistics
Metal,Metal Products & Mining
Cash
Infrastructure & Power
Information Technology
Telecom
Agro Inputs & Chemicals
Healthcare Services
Media & Publishing
Capital Goods, Engineering & Construction
Cement & Building Materials
Others
Finance
Consumer
Cash Equivalents
Sector Overweight/Underweight
Current Portfolio & Risk Parameters (28th June 19)
*Note: Current Portfolio Allocation is based on the prevailing market conditions and is subject to changes depending on the fund manager’s view of the equity markets. Past performance may or may not be sustained
in the future. Sector(s) / Stock(s) / Issuer(s) mentioned above are for the purpose of disclosure of the portfolio of the Scheme(s) and should not be construed as recommendation. The fund manager(s) may or may
not choose to hold the stock mentioned, from time to time. Investors are requested to consult their financial, tax and other advisors before taking any investment decision(s).
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SIP Performance as on 28th June 2019
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Axis Bluechip Fund – Growth (Inception: 5th Jan 2010)
SIP Investments Since Inception SIP 5 Year SIP 3 Year SIP 1 Year SIP
Total Amount Invested 1,130,000 600,000 360,000 120,000
Market value as on June 28, 2019 2,238,794 838,009 453,916 130,622
Returns (Annualised) % 14.00% 13.37% 15.75% 17.14%
Benchmark Returns (Annualised) % 12.18% 11.67% 12.78% 12.43%
Additional Benchmark Returns (Annualised) % 12.35% 12.38% 14.35% 13.67%
Above investment simulation is for illustration purpose only and should not be construed as a promise on minimum returns and safeguard of capital. Above calculation is based on
Regular Plan - Growth Option NAV. Assuming Rs. 10,000 invested systematically on the first business day of every month over a period of time.. Past performance may or may not
be sustained in future. Returns greater than 1 year period are compounded annualized. Benchmark: Nifty 50 TRI. Additional Benchmak: S&P BSE Sensex TRI. Inception Date: Jan
05, 2010. This scheme is managed by Shreyash Devalkar. Please refer to the Annexure for returns of all the schemes managed by him. SIP returns are computed after accounting for
the cash flow by using XIRR method (investment internal rate of return). The performance given above is for Other than Direct Plan unless specified.
Annexure
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Data as on 28th June 2019. @@The performance data for 5 years period has not been provided for scheme/plan not in existence for 5 years. @The performance data for 3 years period has not been provided
for scheme/plan not in existence for 3 years. Past performance may or may not be sustained in future. Calculations are based on Regular Plan Growth Option NAV unless specified for direct plan. Since inception
returns are calculated on Rs. 10/- invested at inception. Different plans have different expense structure. Plan of the scheme for which performance is given is indicated above. Above data excludes returns of schemes
which have not completed a year. Shreyash Devalkar is managing Axis Bluechip Fund and Axis Midcap Fund since 23rd November 2016, Axis Equity Advantage Fund - Series 1 & 2 & Axis Multicap Fund since inception.
The performance given above is for Other than Direct Plan unless specified.
1 Year 3 Years@ 5 Years@@ Since Inception
Fund NameDate of
inceptionCAGR (%)
Current
Value of
Investment
of Rs.
10000
CAGR (%)
Current
Value of
Investment
of Rs.
10000
CAGR (%)
Current
Value of
Investment
of Rs.
10000
CAGR (%)
Current
Value of
Investment
of Rs.
10000
FUNDS MANAGED BY SHREYASH DEVALKAR (TOTAL SCHEMES MANAGED: 5 SCHEMES)
Axis Bluechip Fund - Growth
05-Jan-10
10.47% 11,047 15.31% 15,322 11.82% 17,475 12.27% 29,970
Nifty 50 TRI (Benchmark) 11.39% 11,139 13.93% 14,777 10.53% 16,490 10.18% 25,081
S&P BSE SENSEX TRI (Additional Benchmark) 12.52% 11,252 14.83% 15,130 10.64% 16,575 10.39% 25,532
Axis Bluechip Fund - Direct Plan - Growth
01-Jan-13
12.02% 11,202 16.81% 15,923 13.18% 18,565 16.24% 26,552
Nifty 50 TRI (Benchmark) 11.39% 11,139 13.93% 14,777 10.53% 16,490 12.50% 21,480
S&P BSE SENSEX TRI (Additional Benchmark) 12.52% 11,252 14.83% 15,130 10.64% 16,575 12.94% 22,030
Axis Midcap Fund - Growth
18-Feb-11
8.15% 10,815 13.51% 14,614 12.46% 17,980 16.85% 36,770
S&P BSE Midcap TRI (Benchmark) -3.14% 9,686 9.27% 13,039 10.84% 16,723 11.48% 24,812
Nifty 50 TRI (Additional Benchmark) 11.39% 11,139 13.93% 14,777 10.53% 16,490 11.03% 23,977
Axis Midcap Fund - Direct Plan - Growth
01-Jan-13
9.45% 10,945 14.81% 15,122 13.80% 19,082 17.83% 29,007
S&P BSE Midcap TRI (Benchmark) -3.14% 9,686 9.27% 13,039 10.84% 16,723 13.16% 22,314
Nifty 50 TRI (Additional Benchmark) 11.39% 11,139 13.93% 14,777 10.53% 16,490 12.50% 21,480
Axis Multicap Fund - Regular Plan - Growth
20-Nov-17
9.79% 10,979 NA NA NA NA 11.41% 11,890
Nifty 500 TRI (Benchmark) 6.63% 10,663 NA NA NA NA 4.52% 10,734
Nifty 50 TRI (Additional Benchmark) 11.39% 11,139 NA NA NA NA 10.20% 11,684
Axis Multicap Fund - Direct Plan - Growth
20-Nov-17
11.61% 11,161 NA NA NA NA 13.27% 12,210
Nifty 500 TRI (Benchmark) 6.63% 10,663 NA NA NA NA 4.52% 10,734
Nifty 50 TRI (Additional Benchmark) 11.39% 11,139 NA NA NA NA 10.20% 11,684
Axis Equity Advantage Fund - Series 1 - Regular Plan - Growth
25-May-17
6.07% 10,607 NA NA NA NA 8.62% 11,890
75% Nifty 50 TRI + 25% Crisil Composite Bond Fund Index (Benchmark) 11.61% 11,161 NA NA NA NA 11.12% 12,470
Nifty 50 TRI (Additional Benchmark) 11.39% 11,139 NA NA NA NA 12.42% 12,776
Axis Equity Advantage Fund - Series 1 - Direct Plan - Growth
25-May-17
7.44% 10,744 NA NA NA NA 10.31% 12,280
75% Nifty 50 TRI + 25% Crisil Composite Bond Fund Index (Benchmark) 11.61% 11,161 NA NA NA NA 11.12% 12,470
Nifty 50 TRI (Additional Benchmark) 11.39% 11,139 NA NA NA NA 12.42% 12,776
Axis Equity Advantage Fund - Series 2 - Regular Plan - Growth
03-Aug-17
7.26% 10,726 NA NA NA NA 7.04% 11,380
75% Nifty 50 TRI + 25% Crisil Composite Bond Fund Index (Benchmark) 11.61% 11,161 NA NA NA NA 9.32% 11,847
Nifty 50 TRI (Additional Benchmark) 11.39% 11,139 NA NA NA NA 10.30% 12,049
Axis Equity Advantage Fund - Series 2 - Direct Plan - Growth
03-Aug-17
8.80% 10,880 NA NA NA NA 8.85% 11,750
75% Nifty 50 TRI + 25% Crisil Composite Bond Fund Index (Benchmark) 11.61% 11,161 NA NA NA NA 9.32% 11,847
Nifty 50 TRI (Additional Benchmark) 11.39% 11,139 NA NA NA NA 10.30% 12,049
Product Labelling
Fund Name Riskometer Product Labelling
Axis Bluechip Fund
(An open ended equity scheme predominantly
investing in large cap stocks)
This product is suitable for investors who are seeking*
• Capital appreciation over long term
• Investment in a diversified portfolio predominantly
consisting of equity and equity related instruments
of large cap companies
Axis Multicap Fund
(An open ended equity scheme investing across
large cap, mid cap, small cap stocks)
This product is suitable for investors who are seeking*
• Capital appreciation over medium to long term
• Investment in a diversified portfolio consisting of
equity and equity related instruments across market
capitalization.
This product is suitable for investors who are seeking*
• Capital appreciation over long term
• Investing predominantly in equity & equity related
instruments of Mid Cap companies.
Axis Midcap Fund
(An open ended equity scheme predominantly
investing in Mid Cap stocks)
Axis Small Cap Fund
(An open ended equity scheme predominantly
investing in small cap stocks)
This product is suitable for investors who are seeking*
• Capital appreciation over long term
• Investment in a diversified portfolio of equity and
equity related instruments of small cap companies
15*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Product Labelling
Fund Name Riskometer Product Labelling
Axis Focused 25 Fund
(An open ended equity scheme investing in
maximum 25 stocks investing in large cap, mid cap
and small cap companies.)
This product is suitable for investors who are seeking*
• Capital appreciation over long term
• Investment in a concentrated portfolio of equity &
equity related instruments of up to 25 companies
Axis Long Term Equity Fund
(An open ended equity linked saving scheme with a
statutory lock in of 3 years and tax benefit)
This product is suitable for investors who are seeking*
• Capital appreciation & generating income over long
term
• Investment in a diversified portfolio predominantly
consisting of equity and equity related instruments.
This product is suitable for investors who are seeking*
• Capital appreciation over medium to long term
• Investment in a diversified portfolio of predominantly
equity and equity related instruments across market
cap while managing risk through active hedging
strategies
Axis Equity Advantage Fund Sr 1 & 2
(A Close Ended Equity Scheme)
Axis Growth Opportunities Fund
(An Open-ended Equity Scheme investing in both
large cap and mid cap stocks)
This product is suitable for investors who are seeking*:
• capital appreciation over long term
• investment in a diversified portfolio predominantly
consisting of equity and equity related instruments
both in India as well as overseas
16*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Statutory Details and Risk Factors
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Data updated as on 28th June 2019.
Disclaimer: Past performance may or may not be sustained in the future. Sector(s) / Stock(s) / Issuer(s) mentioned above are for the
purpose of disclosure of the portfolio of the Scheme(s) and should not be construed as recommendation. The fund manager(s) may or may
not choose to hold the stock mentioned, from time to time.
Statutory Details: Axis Mutual Fund has been established as a Trust under the Indian Trusts Act, 1882, sponsored by Axis Bank Ltd.
(liability restricted to Rs. 1 Lakh). Trustee: Axis Mutual Fund Trustee Ltd. Investment Manager: Axis Asset Management Co. Ltd. (the
AMC). Risk Factors: Axis Bank Limited is not liable or responsible for any loss or shortfall resulting from the operation of the scheme.
This document represents the views of Axis Asset Management Co. Ltd. and must not be taken as the basis for an investment decision.
Neither Axis Mutual Fund, Axis Mutual Fund Trustee Limited nor Axis Asset Management Company Limited, its Directors or associates
shall be liable for any damages including lost revenue or lost profits that may arise from the use of the information contained herein. No
representation or warranty is made as to the accuracy, completeness or fairness of the information and opinions contained herein. The
AMC reserves the right to make modifications and alterations to this statement as may be required from time to time.
Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.
Thank You