This edition of the fund performance report looks at the Mirae Asset Tax Saver Fund. Launched in Dec 2015, the fund has an AUM of more than 13,000 Crores.
Disclaimer: Fund performance reports present return and risk analysis of a fund with representative benchmarks and not investment recommendations. It must be expressly understood that the data below reflect only past performance and is in no way an indication of future performance. Our investment recommendations are Handpicked List of Mutual Funds (PlumbLine).
The market cap allocation history of the fund is shown below. Like with most ELSS funds, it is large cap -heavy with a healthy and steady allocation to mid cap stocks.
We find out how consistently the Mirae Asset Tax Saver Fund has performed wrt Nifty 200 TRI. We will use three metrics to analyze performance consistency versus benchmarks. Analysis such as this can be found for 350+ equity funds in our monthly equity mutual fund screener.
1 Rolling return outperformance consistency: the fund returns are compared with category benchmark returns over every possible 1Y, 2Y, 3Y,4Y, and 5Y period. Higher the outperformance consistency, the better. Suppose 876 fund returns were compared with 876 benchmark returns, and the fund has beaten the benchmark 675 times. The consistency score will be 675/876 ~ 77%.
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| Metric | N200TRI |
| No of rolling return entries (1 year) | 1407 |
| No of times fund has outperformed the index (1 year) | 1201 |
| rolling return outperformance Consistency Score (1 year) | 85% |
| No of rolling return entries (2 years) | 1162 |
| No of times the fund has outperformed the index (2 years) | 1161 |
| rolling return outperformance Consistency Score (2 years) | 100% |
| No of rolling return entries (3 years) | 926 |
| No of times the fund has outperformed the index (3 years) | 926 |
| rolling return outperformance Consistency Score (3 years) | 100% |
| No of rolling return entries (4 years) | 684 |
| No of times the fund has outperformed the index (4 years) | 684 |
| rolling return outperformance Consistency Score (4 years) | 100% |
| No of rolling return entries (5 years) | 437 |
| No of times the fund has outperformed the index (5 years) | 437 |
| rolling return outperformance Consistency Score (5 years) | 100% |
That is an excellent performance. The only catch is the fund is only seven years old. The law of averages is likley to strike soon.
2 Upside performance consistency over every possible 1Y,2Y,3Y,4Y, 5Y: Higher the better. A score of 70% means, 7 out of 10 times, the Fund performed better than the category benchmark when the benchmark was moving up. This is a measure of reward. It is computed from rolling upside capture data (see link below).
| Metric | N200TRI |
| upside performance consistency (1 year) | 80% |
| upside performance consistency (2 years) | 91% |
| upside performance consistency (3 years) | 100% |
| upside performance consistency (4 years) | 100% |
| upside performance consistency (5 years) | 100% |
3 Downside performance consistency over every possible 1Y, 2Y, 3Y,4Y, and 5Y. Higher, the better. A score of 60% means 6 out of 10 times, the Fund performed better than the category benchmark when the benchmark was moving down. This is a measure of risk protection. It is computed from rolling downside capture data. Read more: An introduction to Downside and Upside Capture Ratios.
| Metric | N200TRI |
| downside protection consistency (1 year) | 86% |
| downside protection consistency (2 years) | 97% |
| downside protection consistency (3 years) | 100% |
| downside protection consistency (4 years) | 100% |
| downside protection consistency (5 years) | 100% |
Mirae Asset Tax Saver Fund is one of the rare funds to do well during both market up and downturns. Most funds only do well during market downturns. See: Strange, but true! How mutual funds beat the index!
Mirae Asset Tax Saver Fund is an excellent performer. Existing investors can continue with the fund, and new investors can certainly consider it (if they need ELSS funds per their asset allocation). However, it must be understood that the fund’s AUM is swelling up (the AUM was only 1100+ Crores in Nov 2018), and the history of consistent performance is short. Most funds tend to underperform due to the weight of their own popularity. So both new and old investors should not expect the fund’s past performance to repeat in future.
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