Franklin India Prima Fund – An open-end growth scheme with an objective to provide medium to long term capital appreciation as a primary objective and income as a secondary objective.
Franklin India Prima Fund has left its benchmark in the dust and has never dipped below a four-star rating in the last four years. This also shows its adaptability to both cycle and style shifts in the market.
After faltering in 2006-2008, it made a strong comeback and has beaten both the benchmark and the category by big margins. What we like about this fund is its ability to deliver impressive returns over long periods without playing every big market move. It follows a growth-at-a reasonable-price strategy. It filters stocks on the basis of the company’s return on capital, appetite for capital and treatment of minority shareholders. The fund has been a big wealth creator over four market cycles, with a 21 per cent CAGR since launch.
Franklin India Prima Fund five-year CAGR of 26.06 per cent and three-year CAGR of 29.76 per cent are 12-15 percentage points higher than the returns from the benchmark and 3-4 percentage points higher than those of the peers.
Franklin India Prima Fund had lagged behind others in the bull markets of 2006-07 and fell sharply in the bear phase of 2008. But save for that one bad patch, its performance has been uniformly impressive. Purely growth-oriented funds have had trouble keeping up with the market in the last one year, but this fund has managed a good margin of outperformance.
Franklin India Prima Fund doesn’t take shelter in large caps, with allocations at 25-30 per cent. Mid-cap allocations have always made up 65-70 per cent of assets, which is higher than those of the category.
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