On this version of the “fund efficiency report”, we take a look at Canara Robeco Flexi Cap Fund. Launched in Sep 2003, the fund has an AUM of about Rs. 7,256 Crores. We will evaluate the reward and danger efficiency consistency of the fund with respect to Nifty 500 TRI and Nifty LargeMidcap 250 TRI. The fund was earlier referred to as Canara Robeco Fairness Diversified Fund.
Disclaimer: Fund efficiency stories current return and danger evaluation of a fund with consultant benchmarks and never funding suggestions. It should be expressly understood that the info beneath replicate solely previous efficiency and is by no means a sign of future efficiency. Our funding suggestions might be discovered right here: Handpicked Record of Mutual Funds (PlumbLine).
As we will see from the market cap allocation historical past of the fund, it has had a reasonably secure large-cap oriented portfolio though it has had the liberty to vary it at will.
We are going to use three metrics to research efficiency consistency versus benchmarks. Evaluation reminiscent of this may be discovered for 350+ fairness funds in our month-to-month mutual fund screener.
Observe: NIfty 500, NIfty 200 or NIfty 100 are solely market cap-weighted. The Nifty LargeMidcap 250 index has 50% of huge caps and 50% of midcaps along with being market cap-weighted.
1 Rolling return outperformance consistency: the fund returns are in contrast with class benchmark returns over each doable 3Y,4Y, 5Y interval. Greater the outperformance consistency, the higher. Suppose 876 fund returns have been in contrast with 876 benchmark returns, and the fund has crushed the benchmark 675 instances. The consistency rating shall be 675/876 ~ 77%.
Three Years
| Metric | Nifty Largemidcap 250 TRI | Nifty 500 TRI |
| No of rolling return entries Index (3 Years) | 1541 | 1545 |
| No of rolling return entries Fund (3 years) | 1541 | 1545 |
| No of instances the fund has outperformed the index (3 years) | 784 | 817 |
| rolling return outperformance Consistency Rating (3 years) | 51% | 53% |
4 years
| Metric | Nifty Largemidcap 250 TRI | Nifty 500 TRI |
| No of rolling return entries Index (4 Years) | 1293 | 1297 |
| No of rolling return entries Fund (4 years) | 1293 | 1297 |
| No of instances the fund has outperformed the index (4 years) | 620 | 691 |
| rolling return outperformance Consistency Rating (4 years) | 48% | 53% |
5 years
| Metric | Nifty Largemidcap 250 TRI | Nifty 500 TRI |
| No of rolling return entries Index (5 Years) | 1047 | 1050 |
| No of rolling return entries Fund (5 years) | 1047 | 1050 |
| No of instances the fund has outperformed the index (5 years) | 536 | 795 |
| rolling return outperformance Consistency Rating (5 years) | 51% | 76% |
That’s nearly “coin toss” (50-50) consistency. Contemplating the fund’s market cap allocation historical past, maybe the NIfty 500 is a greater benchmark, however even right here the consistency over 3Y and 4Y will not be nice. This implies traders must preserve the religion with the fund supervisor for a minimum of 5Y or extra.
We are able to see this from the trailing returns as nicely.
| Metric | Nifty 500 TRI | Trailing Fund Return 1Y |
| 1Y | 24% | 22.37% |
| 2Y | 45% | 39.10% |
| 3Y | 18% | 20.43% |
| 4Y | 15% | 17.65% |
| 5Y | 15% | 17.26% |
| Metric | Trailing Nifty LargeMidcap250 Returns | Trailing Fund Return 1Y |
| 1Y | 24.21% | 22.69% |
| 2Y | 51.68% | 42.11% |
| 3Y | 19.58% | 20.30% |
| 4Y | 15.41% | 18.10% |
| 5Y | 15.76% | 17.54% |
The outcomes in opposition to the 2 benchmarks have been computed just a few days aside and therefore the distinction within the fund returns.
2 Upside efficiency consistency over each doable 3Y,4Y, 5Y: Greater the higher. A rating of 70% means, 7 out of 10 instances, the fund carried out higher than the class benchmark when the benchmark was shifting up. It is a measure of reward. It’s computed from rolling upside seize knowledge (see hyperlink beneath).
| Metric | Nifty Largemidcap 250 TRI | Nifty 500 TRI |
| upside efficiency consistency (3 years) | 49% | 72% |
| upside efficiency consistency (4 years) | 53% | 80% |
| upside efficiency consistency (5 years) | 46% | 90% |
The fund usually does higher than the NIfty 500 when the index strikes up. This isn’t the case with Nifty LargeMidcap250 TRI.
3 Draw back efficiency consistency over each doable 3Y,4Y, 5Y. Greater, the higher. A rating of 60% means, 6 out of 10 instances, the fund carried out higher than the class benchmark when the benchmark was shifting down. It is a measure of danger safety. It’s computed from rolling draw back seize knowledge. Learn extra: An introduction to Draw back and Upside Seize Ratios.
| Metric | Nifty Largemidcap 250 TRI | Nifty 500 TRI |
| draw back safety consistency (3 years) | 92% | 83% |
| draw back safety consistency (4 years) | 97% | 94% |
| draw back safety consistency (5 years) | 100% | 98% |
The fund tends to fall lower than each benchmarks when they’re falling however this alone with out constant efficiency doesn’t imply a lot.
In abstract, Canara Robeco Flexi Cap Fund is nearly a mean performer appropriate for individuals who choose a “quiet fund” (away from the limelight) prepared to guess that it’s going to beat the Nifty 500 over about 5Y or extra.
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