Handpicked List of Mutual Funds October 2019 (PlumbLine)

Published: October 2, 2019 at 10:51 am

Last Updated on

This is my list of handpicked mutual funds for Oct 2019 (fourth quarter). New and old investors can use it according to their specific needs. Called “PlumbLine”, this was started in Sep 2017 for beginners to accompany the freefincal robo advisory template. This edition has a full makeover with brand new graphs and insights on the funds! You can look at the market cap history to understand the nature and style of the funds before choosing. There are two new additions.

Do be sure to read the disclaimer and disclosure of which funds I use from this list and what for what purpose. If you are seeing this for the first time, please take a couple of minutes to understand what this list is, how it has been compiled and how you should use it. If you are aware of this list, please do not just look for changes to fund names!

What is plumbline and how should I use it?

My Handpicked Mutual Funds: PlumbLine A plumb line is used to fix the vertical and therefore the horizontal. This list hopes to help new investors do the same. Pic credit: Mr. atm 1: PlumbLine is a boring list of mutual funds. Due to demand from readers, I will be updating PlumbLine every quarter. There are plenty of good mutual funds that are not part of Plumbline. If your funds are different, you are probably better off. Do not worry about it. 2: Do not use PlumbLine for confirmation of your choices! PlumbLine is meant for young earners and first-time investors after they have used the freefincal robo advisory template. 3: If tomorrow the funds in the list change, you will have to take a call on what you need to do, based on the fund performance from the date in which you invested. I cannot help you here, other than talk about how to review. 4: This is a personalized list and will be subject to my biases. I invest with a bias to get things done and analyze without bias to present facts. So please bear that in mind. Don’t waste your time and mine asking “why are you biased towards Quantum and Franklin?”, “Why is X or Y fund not here?”, “Z is a better choice”, “How about or what about ABC fund”. This list is meant for new mutual fund investors to get going.

Disclaimer

On its own, this list has no meaning and unless you are able to look at it in the right perspective and context, it will not help you. The hope is that the robo template will try and provide such perspective which still has to be processed and interpreted by you. Finally, I am only human and more than capable of making mistakes. Also, I am a below average investor and fund picker or analyzer. I am not a fan of looking into the fund portfolio. I prefer funds with a narrow investment mandate. I am sure you will agree that most of the picks are lame and obvious.and that this list is a no-brainer and nothing special. If the funds here stop performing in future or have credit defaults issues, all I can do is to modify the list (if required). I WILL NOT BE IN ANY WAY RESPONSIBLE FOR YOUR INVESTMENT CHOICES, CAPITAL GAINS OR LOSSES. If a PlumbLIne fund is present in your portfolio, it means nothing. If none of your funds is present in the PlumbLine list, it means nothing. MUTUAL FUNDS ARE SUBJECT TO IGNORANCE RISKS AND MARKET RISKS. PLEASE READ AND UNDERSTAND ALL SCHEME RELATED DOCUMENTS BEFORE INVESTING.

FAQ on Plumbline

1. Why are X, Y or Z funds not part of plumbline —> Plumbline is my list. Don’t expect me to make a list that matches your expectations. 2. The funds you have listed are not even 4-star funds —> I don’t care. Star ratings are injurious to your mental and fiscal health. Comparisons are injurious to peace of mind and plumbline is just plain bad. 3 Plumbline does not feature the top funds from your monthly screener —> Yeah because I do not always consult it. Plumbline is a qualitative + quantitative assessment of a funds investment strategy, mandate and performance.  4: I find your list biased and partial to certain funds and certain AMCs –> Okay then, thank you for not using it.

If you are a new mutual fund investor, download this Free e-book: Mutual Fund FAQ 100 essential Q & A for new investors!

Free e-book: Mutual Fund FAQ 100 essential Q & A for new investors!

Category 1: Overnight mutual funds

To understand the basics, read Worried about risk in debt mutual funds? Park your money in overnight mutual funds

  • Investment Duration one day and above!
  • Fund name L&T Cash Fund-Direct Plan-Growth Option (you can pretty much pick any fund in this category with reasonable AUM and low expenses)
  • Nature ultra-conservative!
  • interest rate risk: practically nil
  • Credit risk non-zero but quite small
  • Why? When I first recommended a fund in this category this had the highest AUM. However, things changed rapidly and many other funds have much more AUM. Clearly either the big investors have already moved from liquid funds to overnight funds months before the SEBI’s New Liquid Fund Rules or the AMCs suggested that they move. For example, End-Aug 2018 HDFC Overnight Fund had just 146 Crores. End-Sep 2018 it became 3186.61Crores! End- Aug it is 7126 Crores!
  • Suitable for the super scared who want to park money for a short while
  • Returns You invest in this for safety, not for returns

Interesting to see the AUM movement of L & T Cash fund! Nothing to worry as this is a new fund every day! It can handle these wild swings!

AUM Movement of L&T Cash Fund

Category 2: Liquid Fund

  • Investment Duration Few months and above
  • Fund name Quantum Liquid fund Direct Plan-Growth Option
  • Nature Conservative
  • interest rate risk: low (can give losses if RBI rate is suddenly increased by a huge amount, but will recover in days). This was the only fund that was fully marketed to market. Now all liquid funds will have to be. Meaning all funds will suffer a fall if there is a spike in interest rates.
  • Credit risk low
  • Why? Does not chase after returns by taking on credit risk (after SEBI recategorization, the differences among liquid funds could have reduced. Need to check)
  • Suitable for use for parking money
  • Returns a bit more than SB account
  • Con: There are funds with lower expense ratio. You can choose them, but be sure you understand where the fund will invest. See: How to Choose a Liquid Mutual Fund
  • Why is it rated two stars (it was one in April 2019!)? Do not chase after star ratings, especially liquid funds! It will come back and bite you.
  • Disclosure: Invested for emergencies (but only a very small amount)

The asset allocation history of the Quantum Liquid Fund is shown below. Aside from a short period early 2015, it has not held bonds lower than the highest rating (besides Sov rating for gilts). It has also not suffered a bond downgrade.

Asset Allocation History of Quantum Liquid Fund

Good to see a sharp uptick in AUM movement! Probably because of investor spooked by credit problems?

Aum growth of Quantum Liquid Fund

Category 3: Equity Arbitrage

  • Duration 1Y and above
  • Fund name ICICI Equity Arbitrage Fund-Direct Plan Growth Option.
  • I have been looking for an excuse to get rid of UTI Arbitrage after how UTI MF handled the DHFL crisis. The UTI Arbitrage fund holds small finance bank FDs and I am not comfortable with this. So out it goes. If you are invested, keep an eye on the full portfolio.
  • Nature Low volatility by construction. Volatile for less than a year. Quarterly returns can be negative
  • interest rate risk: low Applicable to bond part of the portfolio. This is largely an equity fund
  • Credit risk low Applicable to bond part of the portfolio.
  • Warning: After the SEBI recategorization, arbitrage funds only need to hold 65% in derivatives. Rest are in bonds. So these funds can be subject to credit and interest rate risks.
  • Other risks There are small but complex risks involved, but if you choose the investment duration right, the main risk will be fund delivering lower than expected return. So expect less!
  • Suitable for use for parking money and generating income. See: Generating tax-free income from arbitrage mutual funds
  • Returns Expect about 6% ish pre-tax
  • Con: You need to understand how the product work. Try this How Arbitrage Mutual Funds Work: A simple introduction
  • Disclosure: ICICI Equity Arbitrage is part of the debt portfolio for my son’s education goal. My wife also separately uses it as part of our emergency fund.

The fund has a history of holding reasonably safe debt. The arbitrage holdings of equity and debt and its FD holdings are not shown.

Portfolio history for ICICI Equity Arbitrage FundThe fund has held a good amount of assets in bank FDs (others). The others  also include repo instruments and bond call options.

Asset Allocation history for ICICI Equity Arbitrage Fund

Category 4: Ultra short term (low risk) (aka money market)

  • Duration 1Y and above
  • Fund name Franklin India Savings Fund-Direct Plan-Growth
  • Nature Conservative but expect day to day NAV ups and downs.
  • interest rate risk: low
  • Credit risk low-medium
  • Why? This is will now invest only in money market instruments with low to moderate credit risk
  • Suitable for use for saving money and generating income
  • Returns Expect FD-like returns (lower tax if you want for 3Y)

Shown below is the asset allocation and rating history of Frankin Savings Fund.

Asset Allocation History For Franklin Savings FundLook for the big change in May-June 2018. That is when the fund changed from Franklin Savings Plus to Franklin Savings.

Credit Rating Allocation History For Franklin Savings FundAmong Franklin Funds, this holds relatively safer bonds. The bond maturity profile history also shows the change in the nature of holdings

bond Maturity profile History For Franklin Savings Fund

Category 5: Ultra short-term (high risk)

  • Fund Type Debt: Ultra short-term (medium-high risk)
  • Duration 1Y and above
  • Fund name Franklin India Ultra-Short Bond Fund – Super Institutional Plan – Direct Plan-Growth Option
  • Nature: aggressive. This is a fund that walks on a wire (or fire!) and gives the impression that it is walking on water. Beware!
  • Warning: Risky fund! Don’t expect a joy ride!
  • interest rate risk: low
  • Credit risk: high. Credit risk is a daily event for this fund! See below.
  • Why? If you must take credit risk chasing after high returns, do it with Franklin. The Macaulay duration will only be about 6-7 months or lower. So low-interest rate risk and medium-high credit risk.  Read more: Why you need to worry about “duration” if your mutual funds invest in bonds
  • Suitable for use for saving money and generating income (but with risks).
  • Returns Expect it to beat FD returns (assuming no major default issue) Cons Min investment is Rs. 10,000

The fund has experienced six bond downgrades from July to Aug 2019 (see table) and six different downgrades from June to July 2019!! This fund is not for everyone! Do not get lured by returns, invest and then repent!!

Credit Rating Changes for Franklin India Ultra-Short Bond Fund - Super Institutional Plan

Have a look at the rating history of this fund! This deserves a full review. Will do soon.

Rating history of Franklin India Ultra Short Bond Fund

Category 6: Medium duration (high risk)

  • Duration Strictly long term: More than 5Y, preferably much longer
  • Fund name Franklin India Income Opportunities Fund
  • Nature fairly aggressive. Don’t expect a joy ride! See the table below.
  • interest rate risk: medium-high
  • Credit risk: high
  • Why? This can invest in all types of bonds with Macaulay duration of 3-4 years, with an option to tactically reduce to 1Y depending on rate movement. Will invest in high accrual bonds
  • Suitable for Use as a debt component for long-term goals
  • Returns Expect it to beat FD returns (assuming no major default issue)

Credit Rating Changes for Franklin India Income Opportunities Fund

The portfolio bond maturity profile history is shown below. Notice the increase in longer duration bonds after the SEBI rejig.

Portfolio Maturity profile history of Franklin India Income Opportunities FundCredit rating history is shown below. Tread with extreme caution.

Credit Rating history of Franklin India Income Opportunities Fund

Category 7:  Debt: Corporate Bond (high risk)

  • Duration: Strictly long term: More than 5Y, preferably much longer
  • Fund Name: Franklin India Corporate Debt Fund-Direct Plan-Growth option
  • Nature: Neither conservative nor aggressive
  • interest rate risk: medium-high
  • Credit risk: high
  • Why? This will invest a major portfolio in long-term bonds of corporate and PSUs rated AA+ and above. Other bonds will have lower credit quality!!
  • Suitable for: Use as a debt component for long-term goals (with or without equity).
  • Returns Expect it to beat FD returns (assuming no major default issue)

There will be frequent credit events such as this.

Credit Rating Changes for Franklin India Corporate Debt Fund-Direct Plan-Growth option

The maturity profile history of the fund is shown below.

Portfolio Maturity profile history of Franklin India Corporate Debt FundThis is the credit rating history. Notice the increase in AAA bonds after the SEBI rejig.

Credit rating history of Franklin India Corporate Debt Fund

Category 8: Fund Type Debt: Credit risk (very high risk)

  • Duration Strictly long term: More than 5Y, preferably much longer
  • Fund name Franklin India Credit Risk Fund Direct plan Growth option
  • Nature Very Aggressive! Invests in low credit quality bonds (AA and below). Not for the faint-hearted!
  • interest rate risk: medium-high
  • Credit risk high!
  • Why? If you must take credit risk, take it with Franklin. They have the money to buy back junk bonds!
  • Suitable for Use as a debt component for long-term goals
  • Returns Expect it to beat FD returns (assuming no major default issue)

These are credit events just from July to Aug 2019!!

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Credit Rating Changes for Franklin India Credit Risk Fund

Category 9: Fund Type 10 Year Gilt: 

  • Duration Strictly long term: More than 10Y, preferably much longer
  • Fund name  SBI Magnum Constant Maturity Fund
  • Read Review: A Debt Fund With Low Credit Risk for long term goals!
  • Nature Invests in close to 10Y government bonds and some low-risk short term bonds
  • interest rate risk: very high
  • Credit risk low!
  • Why?  If you wish to minimise credit risk events but are willing to take on interest rate risk and willing to actively rebalance the portfolio at least once a year
  • Suitable for Use as a debt component for very long-term goals
  • Returns Should be close to long term FD average (but can suffer if there a long period of no rate cut or rate hike). NAV can gradually fall over months or can suddenly shoot up or down.

Category 10: Equity Tax planning

  • Duration There is no need for ELSS mutual funds., but if you must use, use only for long-term goals with proper asset allocation.
  • Fund name Aditya Birla Sun Life Tax Relief ’96 – Growth – Direct Plan or DSP Tax Saver Fund-Direct Plan Growth Option
  •  Nature multi-cap tilt. Update:  This is only applicable to the ABSL fund. The DSP fund has a strong large cap tilt!
  • Performance Update:  Using the Consistent Equity Mutual Fund Screener (Sep 2019) both these funds have 70% or more return outperformance consistency wrt Nifty Large Midcap 250 and 70% or more downside protection over 3,4 and 5 years.
  •  Suitable for Use only if you have a proper asset allocation and if you cannot exhaust 80C with your expenses and fixed income instruments. Read more: Making the best use of section 80C for tax saving: an example
  • First-time tax saver? That is, if you have just started earning or just moved into taxable income bracket this FY you can consider Parag Parikh Tax Saver Fund. This is an NFO with a similar investment style to Parag Parikh Long Term Equity Fund.
  • Why? Why not?! In any case, you need to learn how to review a fund. Check out:

Aditya Birla Sun Life Tax Relief ’96

 Market Cap history of Aditya Birla Sun Life Tax Relief 96DSP Tax Saver Fund

Market Cap history of DSP Taxsaver Fund

Category 11: Balanced fund (equity oriented) or Aggressive Hyrbid

  • Duration Treat all such funds as pure equity funds, so strictly long-term. Use robo template for allocation
  • Fund name
    • HDFC Hybrid Equity fund Direct plan growth option formerly HDFC Balanced or
    • Franklin India Equity Hybrid Fund formerly Franklin India Balanced Fund or
    • ICICI Equity & Debt fund
  • Nature The HDFC Fund is a bit more conservative than the other two. See change below.
  • Risk Only a bit lower than diversified equity funds
  • Why? The HDFC fund is neither inconspicuous, nor a star, but a consistent performer with good downside protection. Franklin Balanced is an inconspicuous consistent performer but going forward will not have large cap tilt. ICICI fund has been included because of this review: ICICI Prudential Equity & Debt Fund (ICICI Balanced) Performance Review
  • Disclosure: I am invested in HDFC Hybrid Equity for retirement

HDFC Hybrid Equity fund

Market Cap history of Hdfc Hybrid Equity Fund

Franklin India Equity Hybrid Fund

Market Cap history of Franklin Hybrid Equity Fund

ICICI Equity & Debt fund

Market Cap history of ICICI Equity and Debt Fund

Category 12: Multi-Asset

  • Duration Treat all such funds as pure equity funds, so strictly long-term. Use robo template for allocation
  • Fund name
    • ICICI Multi-Asset Fund
  • Read Review: ICICI Prudential Multi-Asset Fund Review: Suitable for new investors?
  • Nature Neither conservative nor aggressive
  • Risk Only a bit lower than diversified equity funds
  • Why?  This fund will combine multi-asset allocation with market timing like ICICI Balanced Advantage. Should be suitable for new investors and those who are risk-averse.
  • Disclosure:  Use this for my son’s education goal.

Market Cap history of ICICI EMulti-asset Fund

Category 13:  Equity multi-cap

  • Duration Strictly long-term with proper asset allocation. Use robo template for allocation
  • Fund name  Parag Parikh Long Term Equity Fund Why? Very good downside protection resulting in consistent performance Who should use? Only those with low expectations, patience. Not suitable for star rating fans and daily portfolio “trackers”
  • Disclosure: I invest in both funds (& HDFC balanced for my retirement).
  • Performance Update: Quantum Long Term Equity Value Fund-Direct Plan-Growth Option has just gone through a poor stretch of underperformance. This is worrying as it has failed to beat the Sensex over the last 7Y. I would recommend new investors to choose the Parag Parikh fund. Existing investors can either exit or give it a little more time if they can afford to. I have still not exited, but have reduced exposure to 23% (a 10% drop)

 

Market Cap History of Parag Parikh Long Term Equity Fund

Market Cap history of Parag Parigh Long Term Equity Fund

This is the asset type history of Parag Parikh Long Term Equity Fund. ADR and GDR refer to American and Global Depository Receipts. These are created by banks with stocks as the underlying security.

 Asset Type history of Parag Parigh Long Term Equity Fund

Category 14: Index funds (large cap)

  • Duration Strictly long-term with proper asset allocation. Use robo template for allocation
  • Fund name
  • Risks No downside protection
  • Who should use? If you wish to adopt a passive investing strategy (eliminate fund manager risks), and wish to track a less volatile large-cap index

Category 15: Index Fund (large + midcap) – high risk

  • Duration Strictly long-term with proper asset allocation. Use robo template for allocation
  • Fund name UTI Nifty next 50 direct plan growth option or ICICI Nifty Next 50 Direct Plan Growth Option or Reliance Junior Bees. See: What is the best way to invest in Nifty Next 50 Index?
  • Risks Can be extremely volatile, so tread with caution
  • Who should use? If you prefer a volatile index fund (with unmanaged risk) that has a very good track record of beating actively managed funds in all categories

Category 16: Index Fund (large + midcap)- medium risk

  • Duration Strictly long-term with proper asset allocation. Use robo template for allocation. 50% Nifty 50 + 50% Nifty Next 50
  • Fund name   50% of one fund in Category 14 and 50% one fund in category 15. 
  • That is, 50% of a Nifty (or Sensex) fund and 50% of a Nifty Next 50 fund (let us call this the Nifty Blend 50:50).
  •  Who should use?  Only those who appreciate the benefits of Index investing and will not chase after stars or compare with peers. See: Will large-cap mutual funds struggle to beat Nifty 100 Equal Weight Index?

Category 17: Index Fund (large + midcap)- low risk

 Category 18: Equity Large Cap

Category 19 Balanced Advantage (Dynamic Asset Allocation)

  • Duration Strictly long-term with proper asset allocation. Use the robo template for allocation. Use a core part of the equity portfolio.
  • Fund name ICICI Balanced Advantage Fund Direct plan Growth Option
  • Risks low (compared to aggressive hybrid funds)
  • Why  This has a fantastic track record with low volatility. See: ICICI Prudential Balanced Advantage Fund: Performance With Low Volatility

Asset Type History of ICICI Pru Balanced Advantage Fund. Derivates are usually twice in the portfolio (once positively and once negatively). The domestic equity exposure has not varied much in this period.

Asset Type History of ICICI Pru Balanced Advantage Fund

Category 20 Equity Midcap

  • Duration Strictly long-term with proper asset allocation. Use robo template for allocation. Do not exceed 40-50% within the equity portion.
  • Fund name Franklin India Prima Fund-Direct Plan Growth Option; HDFC Mid-cap Opportunities; L& T Midcap; 
  • Risks Aggressive
  • Why Because in the mid-cap and small-cap segments, it is crucial to choose consistent performers which no one is talking about. The Franklin fund has a decent track record and has managed to have a mid-cap tilt for most of its 23+ year existence. You need to give it time to work.
  • Performance Update: Both Franklin Prima and HDFC Mid cap have slipped below 70% wrt NiftyMidcap150TRI when three-year rolling returns are considered. As of now, they shall remain in the list due to their long term record (see reviews below).
  • Compelling Alternatives: L& T Midcap (see review below) and Kotak Emerging Equity (see review). Both have >70% rolling return outperformance and downside protection consistency wrt NiftyMidcap150TRI over 1,2,3,4,5 years. (Sep 2019)

 

 

 

Category 21 Equity Smallcap

 

 

Closing Remarks

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To understand the debt fund choices, you need to learn more about interest rate risk, credit rating risk, floating rate bonds, etc. You can download this free e-book if you are interested: Free E-book: A Beginner’s Guide To Investing in Debt Mutual Funds I have a strong Franklin bias when it comes to debt funds for two reasons: they always make the product positioning clear to investors (who bother to read) – this is crucial. Interest rate risk is beyond their control as it is governed by market forces. They do take on quite a bit of credit risk and this does go bad often (we don’t always hear about it!), but if the bonds become junk, the AMC is wealthy enough to bail out the fund. I repeat that there is no point in questioning me about his bias. Unless we have biases, we will never get things done as an investor. It is not enough if you know how to choose a fund, it is important to review its performance. If you wish to know how to do this, see: How to review a mutual fund portfolio. You only need 1/2 funds to build a well-diversified equity portfolio.

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About the Author M Pattabiraman author of freefincal.comM. Pattabiraman(PhD) is the author and owner of freefincal.com.  He is an associate professor at the Indian Institute of Technology, Madras since Aug 2006. Pattu” as he is popularly known, has co-authored two print-books, You can be rich too with goal based investing (CNBC TV18) and Gamechanger and seven other free e-books on various topics of money management.  He is a patron and co-founder of “Fee-only India” an organisation to promote unbiased, commission-free investment advice. Pattu publishes unbiased, promotion-free research, analysis and holistic money management advice. Freefincal serves more than one million readers a year (2.5 million page views) with numbers based analysis on topical issues and has more than a 100 free calculators on different aspects of insurance and investment analysis. He conducts free money management sessions for corporates  and associations(see details below). Previous engagements include World Bank, RBI, BHEL, Asian Paints, TamilNadu Investors Association etc. Contact information: freefincal {at} Gmail {dot} com (sponsored posts or paid collaborations will not be entertained)
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3 Comments

  1. Sir,
    In Category 20, Equity midcap in the Youtube video you were mentioning that there are 4 funds which includes Kotak emerging fund but the line below has 3 funds:
    “Fund name Franklin India Prima Fund-Direct Plan Growth Option; HDFC Mid-cap Opportunities; L& T Midcap;”
    In the alternatives you mentioned Kotak emerging fund as well. Did you mean to include Kotak emerging fund also in the line above?

    -Pranith

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