HDFC Top 200 Fund

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Over the past two years HDFC Top 200 has not done as well as an average large- & mid-cap fund. In 2011 the fund lost 24 per cent , 1 per cent more than average large- & mid-cap fund. In 2012, it gained 32 per cent, which is 2 per cent more than the category average. Now it's a large-cap fund.

 

Also the reason for its recent underperformance is not hard to decode. The fund manager thinks that today's market is highly polarised. Investors in their risk aversion are willing to pay very high premium for few great companies. They lose sight of an objective valuation and ignore many good businesses that trade at a compelling valuation. For example, the fund has preferred State Bank and Canara Bank in its portfolio against very richly valued HDFC Bank or Kotak Bank, fancied by peers. Its preference for PSU oil companies against Reliance is another such instance. He believes that he will be proved right for his preference for value orientation in his portfolio.

 

The fund has a compelling history. Since its launch in September 1996, the fund has given an annual return of 22 per cent (as on May 9, 2013). In this 16-year history the fund has underperformed against peers only in four calendar years.

 

In our view, its marginal underperformance against other large cap funds in recent years is disappointing but one should not be perturbed by this.

Happy Investing!!

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