Franklin India High Growth Companies Fund

Franklin India High Growth Companies Fund seeks to achieve capital appreciation through investments in Indian companies/sectors with high growth rates or potential. It will focus on companies offering the best trade-off between growth, risk and valuation. The fund managers will follow an active investment strategy and will be focusing on rapid growth companies which will be selected based on growth, measures such as Enterprise value, growth rate, price/earnings/growth, forward price/sales, and discounted EPS.

Another relatively new fund that has delivered a surprise, it has seen its ratings climb from three stars in 2014 to five stars in 2016. It has a slightly offbeat mandate of finding companies that are likely to deliver higher earnings growth than the market over the medium term. This tilt focuses the portfolio on sectors and stocks that are on the cusp of a turnaround.

Despite its name, the fund is quite valuation conscious and doesn’t overpay for growth. The qualitative factors it screens for are sustainability of the business model, quality of management and governance, and fair treatment of minority shareholders.

Franklin India High Growth Companies Fund usually has a higher allocation to mid-cap stocks relative to its peers but has seen its large-cap weights creep up in the last one year. Currently, large-cap stocks make up about 64 per cent of the portfolio, while mid caps are at about 32 per cent. This increase is probably the result of the fund seeking value opportunities, which were more plentiful among large caps in the last couple of years.

Franklin India High Growth Companies Fund has managed a sizeable margin of outperformance vis-a-vis the benchmark in three and five years, with the excess returns at 10-12 percentage points against the index and about 7-8 percentage points against the category. The fund has been quite an aggressive outperformer in bull phases such as 2009, 2012 or 2014. It marginally trailed the index in 2008 and in 2011 as well. It is yet to be tested in a severe bear market.

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