Birla SL Banking & Financial Services Fund

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WHAT IS IT:

 

Birla Sun Life Banking and Financial Services Fund is an open-ended scheme. It will attempt to give long-term capital appreciation from investing in shares of companies engaged in banking and financial services.

NFO PERIOD:

 

The NFO period is from November 25 to December 9. Minimum subscription in the NFO period is Rs 5,000.

BENCHMARK:

 

The fund will be benchmarked to the performance of CNX Finance index.

EXIT LOAD:

 

Exit load for redemptions within a year is 2 per cent and between one and two years is 1 per cent.

There is no exit load after two years.

INVESTMENT STRATEGY:

 

Other than banks and NBFCs, the scheme will invest in promising companies within the financial services sector, such as housing finance, insurance, rating agencies and stock broking, microfinance companies and wealth management com panies, among others.

Investing in this scheme would be meaningful only if one has over an investment horizon of three years because of high exit loads in first and second year.

Investing in a sector specific fund could poten tially involve greater volatility and risk. Also concentration risk is expected to be high. The scheme being sector specific will be affected by the risks associated with the banking sector and investments in financial services. However, banking and financial services sectors have potential for growth. As on October 31, fund's benchmark CNX Finance index has given a compounded return of 17.3 per cent, against 12.9 per cent given by Nifty, but that may not be replicated in future.

Birla SL MF's past track record in managing sectoral equity funds is limited to its IT fund, Birla SL New Millenium Fund. This and two other IT sectoral funds of other mutual funds are benchmarked to BSE Tech Index, as per Capitaline NAV database. Performance of Birla SL's fund is discouraging. As of NAV of November 21, for the three IT schemes, it was ranked last on fiveyear returns with a CAGR of 20.67 per cent, lower than 21.77 per cent of DSPBR Technology and 36.43 per cent of ICICI Pru Technology Fund. On three-year returns, however, Birla SL New Millenium Fund was ranked second, with a three-year CAGR of 6.87 per cent. On oneyear returns comparison, the fund was again ranked second, with a one-year return of 39.04 per cent. The benchmark BSE Tech index's CAGR was 19.63 per cent (five years), 9.28 per cent (three years) and 40.19 per cent (one year). Thus, Birla SL MF's performance in thematic equity funds is not encouraging.

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