On this version of the “fund efficiency report”, we take a look at Mirae Asset Hybrid Fairness Fund. Launched in July 2015, the fund has an AUM of about Rs. 6,400 Crores. We will examine the reward and danger efficiency consistency of the fund with respect to Nifty 100 TRI and CRISIL 65:35 Aggressive Index.
Disclaimer: Fund efficiency experiences current return and danger evaluation of a fund with consultant benchmarks and never funding suggestions. It have to be expressly understood that the info beneath replicate solely previous efficiency and is on no account a sign of future efficiency. Our funding suggestions may be discovered right here: Handpicked Checklist of Mutual Funds (PlumbLine).
The asset allocation historical past of the fund reveals that it’s pretty secure as is the case for aggressive hybrid funds.
The fairness portion of the fund is massive cap heavy with a small mid cap contribution and a good smaller small cap weight.
The fund has fascinated direct plan followers with a low complete expense ratio. Nevertheless, it have to be understood that low charge is a basic asset gathering baiting approach and won’t final.
We’ll use three metrics to investigate efficiency consistency in comparison with the Nifty 100 TRI and CRISIL 65:35 Aggressive Index. Evaluation similar to this may be discovered for 350+ fairness funds in our month-to-month mutual fund screener.
1 Rolling return outperformance consistency: the fund returns are in contrast with class benchmark returns over each potential 3Y,4Y, 5Y interval. Increased the outperformance consistency, the higher. Suppose 876 fund returns have been in contrast with 876 benchmark returns, and the fund has overwhelmed the benchmark 675 instances. The consistency rating will probably be 675/876 ~ 77%.
Three Years
| Metric | Crisil6535 | Nifty 100 TRI |
| No of rolling return entries Index (3 Years) | 886 | 886 |
| No of rolling return entries Fund (3 years) | 886 | 886 |
| No of instances fund has outperformed the index (3 years) | 884 | 796 |
| rolling return outperformance Consistency Rating (3 years) | 100% | 90% |
4 years
| Metric | Crisil6535 | Nifty 100 TRI |
| No of rolling return entries Index (4 Years) | 639 | 639 |
| No of rolling return entries Fund (4 years) | 639 | 639 |
| No of instances fund has outperformed the index (4 years) | 639 | 552 |
| rolling return outperformance Consistency Rating (4 years) | 100% | 86% |
5 years
| Metric | Crisil6535 | Nifty 100 TRI |
| No of rolling return entries Index (5 Years) | 392 | 392 |
| No of rolling return entries Fund (5 years) | 392 | 392 |
| No of instances fund has outperformed the index (5 years) | 392 | 303 |
| rolling return outperformance Consistency Rating (5 years) | 100% | 77% |
That’s certainly moderately good outperformance consistency with respect to each benchmarks.
2 Upside efficiency consistency over each potential 3Y,4Y, 5Y: Increased 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. This can be a measure of reward. It’s computed from rolling upside seize information (see hyperlink beneath).
| Metric | Crisil6535 | Nifty 100 TRI |
| upside efficiency consistency (3 years) | 89% | 67% |
| upside efficiency consistency (4 years) | 100% | 76% |
| upside efficiency consistency (5 years) | 95% | 67% |
This can be a uncommon fund that does higher than the index when the index strikes up. We are saying uncommon as a result of most funds don’t exhibit constant upside seize > 100% (larger returns than the benchmark’s optimistic month-to-month return). See for instance: Unusual, however true! How mutual funds beat the index!
3 Draw back efficiency consistency over each potential 3Y,4Y, 5Y. Increased, 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. This can be a measure of danger safety. It’s computed from rolling draw back seize information. Learn extra: An introduction to Draw back and Upside Seize Ratios.
| Metric | Crisil6535 | Nifty 100 TRI |
| draw back safety consistency (3 years) | 47% | 100% |
| draw back safety consistency (4 years) | 27% | 100% |
| draw back safety consistency (5 years) | 24% | 100% |
Sometimes an upside performer doesn’t do properly when the benchmark falls. Mirae Asset Fairness Hybrid Fund shouldn’t be an exception. The info wrt Nifty 100 needs to be thought-about in context. The bond publicity will robotically present the draw back efficiency. No fund supervisor talent is required right here.
Trailing returns and volatility
These are the returns and volatility as of 4th March 2021. Supply: Fairness Mutual Fund Screener Mar 2022.
In case you take a look at the entries in crimson, they present us that the fund is extra unstable than the Crisil 65;35 index (the fund will all the time have decrease volatility than Nifty 100 due to the bond publicity).
Nevertheless, this larger volatility has resulted in higher returns than each indices (inexperienced entires)
| Metric | Crisil6535 | Nifty 100 TRI |
| Trailing Benchmark Return 1Y | 8.49% | 9.42% |
| Trailing Fund Return 1Y | 9.39% | 9.39% |
| Index STDEV 1Y | 2.52% | 3.96% |
| Fund STDEV 1Y | 3.24% | 3.24% |
| Trailing Benchmark Return 2Y | 18.08% | 21.74% |
| Trailing Fund Return 2Y | 19.46% | 19.46% |
| index STDEV 2Y | 5.25% | 7.79% |
| STDEV 2Y | 5.97% | 5.97% |
| Trailing Benchmark Return 3Y | 14.30% | 15.14% |
| Trailing Fund Return 3Y | 15.31% | 15.31% |
| Index STDEV 3Y | 4.53% | 6.79% |
| STDEV 3Y | 5.17% | 5.17% |
| Trailing Benchmark Return 4Y | 12.09% | 12.72% |
| Trailing Fund Return 4Y | 13.29% | 13.29% |
| Index STDEV 4Y | 4.05% | 6.05% |
| STDEV 4Y | 4.58% | 4.59% |
| Trailing Benchmark Return 5Y | 12.73% | 14.36% |
| Trailing Fund Return 5Y | 14.42% | 14.42% |
| Index STDEV 5Y | 3.72% | 5.56% |
| STDEV 5Y | 4.22% | 4.23% |
In abstract, Mirae Asset Hybrid Fairness Fund has a superb monitor report of outperformance in its brief historical past. This outperformance has come by taking over extra danger than the aggressive hybrid benchmark and has thus far labored for the fund supervisor and buyers. Whereas nobody can predict future efficiency, buyers who don’t thoughts taking over a bit of further volatility within the hope of outperformance can think about this fund.
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Dr M. Pattabiraman(PhD) is the founder, managing editor and first creator of freefincal. He’s an affiliate professor on the Indian Institute of Know-how, Madras. He has over 9 years of expertise publishing information evaluation, analysis and monetary product improvement. Join with him by way of Twitter or Linkedin or YouTube. Pattabiraman has co-authored three print books: (1) You may be wealthy too with goal-based investing (CNBC TV18) for DIY buyers. (2) Gamechanger for younger earners. (3) Chinchu Will get a Superpower! for teenagers. He has additionally written seven different free e-books on varied cash administration subjects. He’s a patron and co-founder of “Payment-only India,” an organisation for selling unbiased, commission-free funding recommendation.
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