SBI Bluechip Fund

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SBI Bluechip Fund scheme would invest in stocks of companies whose market capitalization is atleast equal to or more than the least market capitalised stock of BSE 100 Index.

SBI Bluechip Fund has managed to beat its benchmark and category in each of the last five years. A creditable show in 2014 and 2015 lifted its ratings to five stars and it has since held onto these ratings.

Despite its name, the fund tilts towards a multi-cap approach in its allocations. It invests in the top 100 companies in terms of market capitalisation, with the flexibility to invest up to 20 per cent in mid-cap stocks. The minimum market capitalisation it owns is the last stock in the BSE 100, which currently has stocks in the range of Rs 2,500-6,000 crore. In the last one year, the fund has had lower large-cap allocations (75-80 per cent) than those of peers, with 15-20 per cent in mid-cap stocks. This is likely to have propped up performance relative to the category. The maximum overweight/underweight on a sector, relative to the benchmark, is capped at 8 per cent and for individual stocks, at 5 per cent.

SBI Bluechip Fund has trailed its benchmark and category by about 1-2 percentage points in the last one year, probably on account of the quality bias. Over three and five years, the returns are 6-7 percentage points higher than the benchmark returns and 5 percentage points more than the peer returns. The investment style leans towards growth investing. The fund does take debt calls, with the non-equity portion amounting to 15-16 per cent in the beginning of 2017 but falling to 8-9 per cent levels in the recent months.

It lost less than its benchmark in the market falls of 2011 and 2015 after slipping behind the index in 2010.

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