SBI EDGE FUND

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It is a quasi-one year old fund from SBI Funds Management. It was a merger of two old schemes of the mutual fund, SBI Magnum Income Plus Fund-Savings Plan and SBI Magnum NRI Investment Fund-Flexi Asset Plan, which took effect from October 5, 2012. The former was a pure debt scheme, while the latter was a hybrid equity-debt fund with a wide handle to deploy a major portion of corpus either in equity or debt at any time and interchange the equity-debt exposures at the opinion of the fund manager.

CURRENT AVATAAR & OBJECTIVE:

 

Since the merger a year ago, SBI EDGE Fund (SEF) has been a hybrid equity-debt-gold fund. In the 12 months from October 2012 to September 2013, SEF's equity exposure has ranged in a narrow range from 30.80 per cent to 33.70 per cent, the debt exposure has been in a 34.20-40.70 per cent range, while the gold ETF investment has been in a narrow 27.70-33.30 per cent range. The ob jective of SEF is to offer investors multi-asset di versification in a single scheme where three asset gold classes of equity, debt and are given more or less equal exposure.

ASSET ALLOCATION & BENCHMARK:

Asset al location percentage range are 20-45 for equi ties, 20-60 for debt and money market instruments and 20-45 for gold ETF.

SEF benchmarks itself to Sensex (33 per cent), Crisil Composite Bond Fund Index (33 per cent) and price of gold (33 per cent).

EXPENSE RATIO:

Annual recurring expenses, as per available Capitaline NAV data, in SEF between February and July averaged 1.75 per cent.

SEF has been consistent in the nearequal exposures it gives to the three asset classes. But within an asset class, particularly equity and debt, the diversification intensity does not live to a demanding investor's intensification. For instance, the latest equity exposure of SEF was 33.70 per cent, but the top 10 equity holdings by themselves made up for 23.50 per cent of the scheme corpus, meaning 70 per cent of equity exposure was concentrated in the top 10 stocks. If an investor were to split her investible amount equally and invest separately in equity, debt and gold ETF schemes she would expect her equity scheme not to a top 10 concentration of more than 45 per cent.

Further, 71.40 per cent of SEF's debt exposure in September lay in government securities with much of the balance being in money market instruments. It is too early to judge SEF on performance as one year is too short a period to compare it with similar other hybrids.

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