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This fund is suitable for investors looking for long term capital appreciation with moderate levels of risk. As such the fund is suitable for investors in the moderate risk category planning for retirement or other long term financial objectives. As one of the oldest schemes in its category, the fund has Rs. 6.3 Billion assets under management with an expense ratio of only 2.26%. As an asset management company Birla Sunlife is amongst the top performers across several mutual fund categories. The fund management of Birla Sunlife recently went through a number of changes. The fund managers of this scheme are Mahesh Patil and Prasad Dhonde. The scheme is open both for growth and dividend options. The current NAV (as on Feb 17 2014) is 358.44 for growth option and 111.56 for dividend option
Portfolio Construction
In terms of portfolio construction stocks comprises 73% of the portfolio mix, while fixed income securities comprises the rest. The fund has a predominantly large cap bias with a high growth focus. It is fairly well diversified with its top 5 holdings, Infosys, DLF bonds, State Government bonds, LIC Housing Finance bonds, and Rural Electrification Corporation bonds accounting for less 22% of the total portfolio value. The quality of its debt portfolio is also quite high with limited interest rate sensitivity.
In terms of sectoral composition, financial services and technologies sectors have the highest portfolio weights, combining to over 41% of the portfolio value. Within the fixed income portfolio corporate bonds account for over 53% of the fixed income portfolio, while government securities and cash equivalents account for the balance.
Risk & Return
In terms of risk or volatility measures, the annualized standard deviations of monthly returns for three to ten year periods are in the range of 12 to 19%. The 3, 5 year and 10 years annualized returns for this fund are 5.8%, 18.4% and 15.4% respectively. On a risk adjusted basis, this is certainly one of the best long term investment opportunities for investors with a moderate to aggressive risk profile. An investment of Rs 100,000 in the growth option of this scheme on Feb 14, 1999 (fifteen years back) would have by now grown fourteen times to Rs 1,481,000.
Dividend Payout Track Record
Birla Sunlife 95 Dividend Option has an excellent dividend payout track record. Since inception in 1995 the fund has paid dividends every year except 1997, 2005 and 2007.
SIP Returns
The chart below shows returns as on Feb 14 2014 (NAVof 358.44) of Rs 5000 monthly SIP in the Birla Sunlife 95 Fund Growth Option, for respective years starting 1999. The amounts are shown in Rs lakhs.
Birla Sunlife 95 Fund recently completed 19 years. Given its long term track record of strong returns, investors may consider this product for their retirement planning through systematic investment plans.
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