DSP BlackRock MIP

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We like this fund for its consistency and discipline to have equity allocation up to 25 per cent as stated in its objective. Further, it actively manages the equity allocation and the selected stocks.

 

Strategy

This fund invests 75 per cent of its portfolio in debt and 25 per cent in equities which are both actively-managed. The fund manager follows a mix of top-down and bottom-up approach to stock selection, which has helped in its performance. Further, the fund manager uses in-house research to identify preferred growth and value stocks that have strong fundamentals and reasonable valuations, run by quality management. On the debt front, a high quality portfolio with a low maturity profile that rarely exceeded 1 year has aided performance. The debt portfolio is actively managed and churned in a timely manner. The fund, however, tends to play it quite safe with the debt portfolio. Credit risk is minimised with instruments rated AAA or AA+ and a fairly short portfolio maturity of around 2 years. Exposure to bonds has been around 40 per cent since 2011 and instruments like floating rate bond as well as floating rate note have regularly been part of the portfolio.

 

Performance

This fund has outperformed in six out of its 7-year history, with 2010 being the only exception. A regular top two quartile performer, its best performance was in 2009 when it posted 20.50 per cent returns compared to the 14.70 per cent by the category average. The fund manager does not hesitate from increasing the equity exposure to benefit from market rallies that has helped its performance. For instance, in December 2011, the fund raised its equity exposure which touched almost 25 per cent. The fund also sold into the rally in the second half of 2012, with its equity exposure settling to about 17 per cent. The debt market exposure of this fund is churned in a timely manner, with exposure to non-convertible debentures going down and increasing the allocation to gilts. However, an expense ratio of about 2 per cent, compared to the category average of 1.3 per cent, is a tad expensive.

 

Why invest?

While MIP managers tend to manage the equity portion of their portfolio in a relatively passive manner, this fund has resorted to offbeat equity picks with a number of mid-cap stocks.

Happy Investing!!

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