On this version of the fund efficiency report, we evaluation HDFC Hybrid Fairness Fund. In a baffling and messy response to the SEBI categorisation guidelines, HDFC determined to shut each its balanced funds, HDFC Balanced and HDFC Prudence and merge them with unknown funds!
From June 1st 2018, HDFC Balanced and its AUM merged with HDFC premium multi-cap after which renamed HDFC Hybrid Fairness Fund. HDFC Prudence additionally met an identical destiny and have become a balanced benefit fund. HDFC Hybrid Fairness Fund at the moment has an AUM of Rs. 17,192 Crores.
Disclaimer: Fund efficiency studies current return and threat evaluation of a fund with consultant benchmarks and never funding suggestions. It have to be expressly understood that the information beneath mirror solely previous efficiency and is under no circumstances a sign of future efficiency. Our funding suggestions could be discovered right here: Handpicked Record of Mutual Funds (PlumbLine).
Disclosure: HDFC Hybrid Fairness is a part of my retirement portfolio. For particulars, see Fourteen Years of Mutual Fund Investing: My Journey and classes discovered.
We learn the way persistently the Fund has carried out wrt Nifty 100 TRI and CRISIL 65:35 Aggressive Hybrid Index. We are going to use three metrics to research efficiency consistency versus benchmarks. Evaluation comparable 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 attainable 3Y,4Y, and 5Y interval. Greater the outperformance consistency, the higher. Suppose 876 fund returns had been in contrast with 876 benchmark returns, and the fund has overwhelmed the benchmark 675 occasions. The consistency rating can be 675/876 ~ 77%.
Three years
Metric | Nifty 100 TRI | Crisil6535 |
No of rolling return entries Index (3 Years) | 1626 | 2263 |
No of rolling return entries Fund (3 years) | 1626 | 2263 |
No of occasions the fund has outperformed the index (3 years) | 702 | 1483 |
rolling return outperformance Consistency Rating (3 years) | 43% | 66% |
4 years
Metric | Nifty 100 TRI | Crisil6535 |
No of rolling return entries Index (4 Years) | 1382 | 2019 |
No of rolling return entries Fund (4 years) | 1382 | 2019 |
No of occasions the fund has outperformed the index (4 years) | 702 | 1133 |
rolling return outperformance Consistency Rating (4 years) | 51% | 56% |
5 years
Metric | Nifty 100 TRI | Crisil6535 |
No of rolling return entries Index (5 Years) | 1132 | 1672 |
No of rolling return entries Fund (5 years) | 1132 | 1672 |
No of occasions the fund has outperformed the index (5 years) | 646 | 1059 |
rolling return outperformance Consistency Rating (5 years) | 57% | 63% |
It’s nearly common to above-average efficiency. Which isn’t too shabby, contemplating spectacular outperformance doesn’t final endlessly.
2 Upside efficiency consistency over each attainable 1Y,2Y,3Y,4Y, 5Y: Greater the higher. A rating of 70% means, 7 out of 10 occasions, the Fund carried out higher than the class benchmark when the benchmark was transferring up. This can be a measure of reward. It’s computed from rolling upside seize knowledge (see hyperlink beneath).
Metric | Nifty 100 TRI | Crisil6535 |
upside efficiency consistency (3 years) | 46% | 97% |
upside efficiency consistency (4 years) | 49% | 96% |
upside efficiency consistency (5 years) | 47% | 98% |
The fund usually tends to do properly when the hybrid index is on the way in which up.
3 Draw back efficiency consistency over each attainable 3Y,4Y, 5Y. Greater, the higher. A rating of 60% means, 6 out of 10 occasions, the Fund carried out higher than the class benchmark when the benchmark was transferring down. This can be a measure of threat safety. It’s computed from rolling draw back seize knowledge. Learn extra: An introduction to Draw back and Upside Seize Ratios.
Metric | Nifty 100 TRI | Crisil6535 |
draw back safety consistency (3 years) | 96% | 65% |
draw back safety consistency (4 years) | 100% | 69% |
draw back safety consistency (5 years) | 100% | 67% |
Draw back safety wrt Nifty 100 just isn’t a good comparability because the benchmark doesn’t have any bonds, so we low cost that.
Curiously HDFC Hybrid Fairness tends to favour upside seize (doing higher than the hybrid index when the latter is transferring up) to draw back seize (doing higher than the hybrid index when the latter goes down). Nonetheless, by itself, the draw back, safety consistency within reason good. Not many funds can replicate this behaviour.
In abstract, HDFC Hybrid Fairness has displayed unspectacular however “moderately acceptable” efficiency wrt a hybrid index. The fund is appropriate for mature buyers preferring a quiet, common or above-average performer to a short-lived star.
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