Turning the Spotlight on Large Cap Funds

Axis Bluechip Fund has an AUM of R32,708 crore. It holds 95% in Equity and the remainder in Debt instruments and Cash Holding.
Turning the Spotlight on Large Cap Funds

Having commenced a discussion on the definition and scope of Large Cap Funds in the last column, let us now turn the Spotlight on some of the funds in this space with relatively larger Assets under Management (AUM).

These Large Cap funds include, Axis Bluechip Fund, Mirae Asset Large Cap Fund, ICICI Prudential Bluechip Fund, HDFC Top 100 Fund, SBI Bluechip Fund and Aditya Birla Sun Life Frontline Equity Fund.

Axis Bluechip Fund has an AUM of R32,708 crore. It holds 95% in Equity and the remainder in Debt instruments and Cash Holding.

Its primary portfolio holdings are in the Financial Services, Automobiles and Auto Components and Consumer Services industries. This fund has delivered CAGR returns of 11.4% over 3 years and 14.2% over 5 years. Mirae Asset Large Cap Fund has an AUM of R37,631 crore. It holds 99% in Equity and 1% in Cash & Cash Equivalents.

Its primary portfolio holdings are in the Banks, IT-Software and Petroleum Products industries. This fund has delivered CAGR returns of 15.1% over 3 years and 16.5% over 5 years. ICICI Prudential Bluechip Fund has an AUM of R55,459 crore. It holds 94% in Equity and 6% in Debt instruments and Cash Holding.

Its primary portfolio holdings are in the Financial Services, Oil, Gas & Consumable Fuels and Automobile and Auto Components industries. This fund has delivered CAGR returns of 20.9% over 3 years and 18.9% over 5 years.

SBI Bluechip Fund has an AUM of R46,085 crore. It holds 95% in Equity and 5% in Debt instruments and Cash Holding. Its primary portfolio holdings are in the Financial Services, Automobile and Auto Components and Fast Moving Consumer Goods industries.

This fund has delivered CAGR returns of 16.7% over 3 years and 16.8% over 5 years.HDFC Top 100 Fund has an AUM of R33,488 crore. It holds 99% in Equity and has a Cash Holding of 1%. Its primary portfolio holdings are in the Banks, IT-Software and Construction industries. This fund has delivered CAGR returns of 20.4% over 3 years and 16.5% over 5 years.

ABSL Frontline Equity Fund has an AUM of R27,275 crore. It holds 99% in Equity, 1% in Debt instruments and Cash Holding. Its primary portfolio holdings are in the Financial, Energy and Automobile industries. This fund has delivered CAGR returns of 17.7% over 3 years and 17.1% over 5 years.

An argument against the Large Cap category of funds is that this is one space where passive funds (Index Funds) will outperform their active counterparts.

Perhaps so, but it is always better to have a broader and longer data canvas before concluding emphatically. And to my mind, that also depends on whether the data canvas primarily comprises bull or bear market data.

Ashok Kumar
Head of LKW-India.
He can be reached at ceolotus@hotmail.com
(Views expressed here are personal)

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