Reliance Tax Saver

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We like this fund for its aggressive stance. The fund tends to maintain a high mid-cap allocation, which offers opportunities to investors who invest in tax planning in the mid-cap space.

Strategy
This actively managed fund follows both top-down and bottom-up approach based on macro-economic framework. It is mandated to maintain a 50 per cent exposure to BSE 100 or the Nifty or the top-100 companies by market capitalisation. For the remaining 50 per cent, the fund invests outside the BSE 100 universe. For investments outside the BSE 100, the fund manager looks for unique growth stocks and takes aggressive sector bets. Besides, there is provision to increase cash allocation to 25 per cent, which is integral to the investment strategy of this fund.

Performance
This fund collected around Rs 700 crore during its NFO, which was the highest for any tax planning fund. The size did not help much as the fund found itself at the bottom of the category in 2007, a year after its launch, and underperformed the category as well as the benchmark. However, 2008 was a turnaround for this fund when it managed to curtail its losses better than the average. Since then, this fund has been an average performer barring 2010 when it did marginally better than its peers. It was able to fare well in 2010 due to its increased allocation to mid- and small-cap stocks as well as increased investments in financial and engineering sector.

 

Although 2011 was bad, the fund managed to marginally do better than the category average and the benchmark. Performance is achieved with higher equity allocation and deft handling of cash. Moreover, a tight portfolio helps in better management of the stocks that the fund invests in.

 

In 2012, this fund has managed to do well with its higher allocation to the auto sector, especially select stock bets such as Maruti Suzuki and Eicher Motors. Likewise, its aggressive bets in the engineering sector have also paid off. The fund manager is not restricted by any investment caps on select stocks, which has allowed him to increase exposure to select stocks that have also paid off.

 

Why invest?

Consistent fund management has helped refine this fund's investment strategy. Investors looking to benefit from an aggressive tax planning fund can benefit from this scheme.

Happy Investing!!

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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

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