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Citrus Analysis: Tata Pure Equity : Consistency is its forte

Mon, Oct 08, 2012

Source : Sanjay Kumar Singh, Citrus Interactive

Tata Pure Equity is a large-cap growth fund that was started in May 1998. Currently the fund has Rs. 554.54 crore under management. It is benchmarked against the BSE Sensex.

Fund mandate and investment philosophy

The fund's mandate is to ensure capital appreciation by investing in large-cap stocks. The majority (average 80 per cent) of its portfolio is invested in the top 125 stocks by market capitalisation. The balance 20 per cent is also invested in the relatively larger stocks below the top 125.

The fund focuses primarily on growth stocks. The investment approach in this fund is primarily bottom-up, which is supplemented by a top-down approach. The fund manager does take macro-economic factors into account, such as level and direction of liquidity movement, interest rates, sectors that offer scope for higher earnings, and so on.

Fund performance

Scheme name	YTD	1-yr	3-yr	5-yr	10-yr	Since inception
Tata Pure Equity(G)	24.55	16.61	8.63	5.59	28.09	24.28
BSE Sensex	21.40	14.09	3.96	1.65	19.95	--

All figures in %; as on September 28, 2012

Year-to-date (September 28, 2012) the fund is up 24.55 per cent, whereas its benchmark, the Sensex, is up only 21.40 per cent. According to Pradeep Gokhale, fund manager, Tata Pure Equity Fund, “Our focus on quality has paid off even in this rally when several beaten down stocks, and those that are not of a high quality, have also done well. Being overweight in pharma, auto ancillaries and cement has also paid off. Some individual picks have also done very well. For instance, in the FMCG sector we had a higher weight on HUL than on ITC. In the IT sector, we had a higher weight on HCL Tech than on Infosys. These calls have paid off.”

The fund has also beaten its benchmark over the one-, three-, five-, and 10-year horizons. Over the 14-year period since its inception, the fund has given its investors an attractive compounded annual return of 24.28 per cent.

Scheme name	2011	2010	2009	2008	2007
Tata Pure Equity(G)*	-21.73	18.95	74.33	-49.51	61.32
BSE Sensex*	-24.83	17.43	76.35	-52.48	47.15
Out/under performance**	3.10	1.52	-2.02	2.97	14.17

*in %; **in %age pts.

Next, let us turn to the fund’s calendar year wise performance to see if it has been consistent. The fund has beaten its benchmark in four of the last five calendar years.

The only year in which it failed to beat its benchmark was 2009, when it lagged behind by 2.02 percentage points. Says Gokhale: “In 2008, which was a very tough year for the market, the fund outperformed. The fund’s positioning was defensive during this period. After March 2009 there was a risk-on rally. This got further accentuated after the May Lok Sabha elections. The fund’s defensive positioning affected its performance in 2009.”

In 2007 the fund beat its benchmark by a wide margin of 14.17 per cent.

The fund has provided its investors with sound protection against downside risk. Both in 2011 and 2008, years when markets were falling, the fund managed to decline less than its benchmark.

If you examine year-wise performance, the fund’s returns have been consistent rather than spectacular. Say the fund manager: “The focus here has been more on consistent performance over a longer period rather than spectacular performance in some years. Among our diversified funds this fund is positioned as a lower-risk offering.”

Portfolio characteristics

Number of equity holdings. The fund currently has 31 stocks in its portfolio. This is lower than the median equity count of 40 for the diversified-equity category.

Even historically the fund has had a higher equity count than at present. Over the last five years its average equity count stands at 43.45.

The current equity count is very close to the lowest over the past five years (29 in November 2008—at the peak of the global financial crisis).

According to the fund manager, “The move towards having fewer stocks is a conscious decision. We have not specified that we will stick to a certain number of stocks, say 25 or 30. What we have decided is that by and large the focus will be on the top 125 stocks. And instead of having 50 or 60 stocks in the portfolio we will have 30 or 40. We will focus more on the stocks that we believe in and take a slightly bigger position in them instead of having a wider portfolio.”

Sector concentration. The fund’s concentration in the top three sectors is marginally lower than the median for the diversified equity category. Its concentration in the top five and top 10 sectors is marginally higher than the median for the category. In other words, the fund’s level of sector concentration hovers around the median for the category.

	Top 3	Top 5	Top 10
Tata Pure Equity(G)	31.20	48.89	74.22
Median-diversified equity category	34.31	47.74	68.85

All figures in %

Company concentration. The fund’s level of concentration in the top three, five, and 10 stocks in its portfolio is marginally higher than the median for the category.

	Top 3	Top 5	Top 10
Tata Pure Equity(G)	19.63	28.9	48.12
Median-diversified equity category	19.03	28.68	46.29

All figures in %

Thus, the fund tends to run a concentrated portfolio, more so in recent times.

Turnover ratio. According to its latest portfolio disclosure, the fund has a turnover ratio of 59.06 per cent. This is lower than the median of 72 per cent for the diversified equity category.

Historically the fund has had a higher turnover ratio: over the past five years its turnover ratio has averaged 91.29 per cent. Like the equity count, one can discern a decline in the turnover ratio as well in recent times.

A lower turnover ratio (accompanied by sound returns) is a positive since it reduces transaction costs.

According to Gokhale, “We don't have a target for turnover ratio that we consciously try to stick to. But the philosophy by and large has been that we take surer bets and see them play out over the longer term. Relative to the industry our turnover ratio is likely to stay low.”

Expense ratio. The fund’s expense ratio of 2.22 per cent is lower than the median of 2.34 per cent for the diversified-equity category.

Risk. According to measures of risk such as standard deviation and beta (measured over three years), the fund has a marginally lower level of risk than the median for the diversified-equity category.

	Standard deviation	Beta
Tata Pure Equity(G)	0.9576	0.7928
Median-diversified equity category	1.0071	0.8053

Risk-adjusted returns. According to measures such as Treynor ratio and Sharpe ratio (also measured over the last three years), the fund has a marginally higher risk-adjusted return than the median for the diversified-equity category.

	Treynor	Sharpe
Tata Pure Equity(G)	0.0287	0.0237
Median-diversified equity category	0.0211	0.0167

Portfolio strategy

2011. In 2011 the markets declined: the Sensex fell -24.83 per cent, the BSE Mid-cap Index fell -34.78 per cent, and the BSE Small-cap Index fell -43.63 per cent. The fund managed to restrict its decline to -21.73 per cent, 3.10 percentage points less than its benchmark, the Sensex.

In 2011 the fund had an average allocation of 87.30 per cent to large-cap stocks. Its allocation to mid-cap stocks averaged 6.28 per cent that year. Small-cap stocks accounted for a minuscule 1.16 per cent (average) of the portfolio during the year.

Cash allocation averaged 3.75 per cent during the year.

In 2011 only the BSE FMCG Index turned in a positive performance (9.27 per cent). All the other sectors gave negative returns: BSE Healthcare (-13.20 per cent), BSE IT (-15.62 per cent), BSE Teck (-16.52 per cent), BSE Consumer Durables (-18.13 per cent) and BSE Auto (-20.30 per cent).

Sector	Jan 2011 (%)	Dec 2011 (%)	Raised/lowered allocation (%age pts.)
IT - Software	8.33	10.87	2.54
Oil Exploration	4.18	6.22	2.04
Refineries	5.68	7.65	1.97
Household & Personal Products	4.5	6.19	1.69
Bank - Private	8.68	9.83	1.15
Cigarettes/Tobacco	3.6	4.35	0.75
Telecommunication - Service Provider	2.97	3.48	0.51
Pharmaceuticals & Drugs	9.88	9.46	-0.42
Bank - Public	6.68	4.74	-1.94

During the year the fund raised its allocation to sectors such as IT software, oil exploration, refineries, household and personal products and private banks. Allocation to cigarettes and tobacco and telecom service providers was raised marginally. Among its top holdings, the sectors to which allocation was lowered were public banks and pharma.

Fund vs. index-December 2011

Sector	Fund (%)	Sensex (%)	Over/under weight (%age pts.)
Pharmaceuticals & Drugs	9.46	4.35	5.11
Household & Personal Products	6.19	3.66	2.53
Oil Exploration	6.22	3.91	2.31
Telecommunication - Service Provider	3.48	2.29	1.19
Bank - Public	4.74	3.66	1.08
Refineries	7.65	9.51	-1.86
IT - Software	10.87	14.65	-3.78
Cigarettes/Tobacco	4.35	9.04	-4.69
Bank - Private	9.83	14.92	-5.09

By December 2011, the fund was overweight vis-a-vis its index on Pharma, household and personal products, oil exploration, telecom service providers and public banks. It was underweight compared to its index on private banks, cigarettes and tobacco, IT software and refineries.

Company	Jan 2011 (%)	Dec 2011 (%)	Raised/lowered exposure (%age pts.)
Grasim Industries Ltd.		3.21	3.21
Infosys Ltd.	3.44	6.15	2.71
Hindustan Unilever Ltd.	3.53	5.52	1.99
HDFC Bank Ltd.	4.14	5.01	0.87
ITC Ltd.	3.6	4.35	0.75
Mahindra & Mahindra Ltd.	2.41	3.08	0.67
Bharti Airtel Ltd.	2.97	3.48	0.51
ICICI Bank Ltd.	3.78	3.86	0.08
Reliance Industries Ltd.	4.66	4.7	0.04
Oil & Natural Gas Corpn. Ltd.	4.18	3.91	-0.27

During the year the fund raised its allocation to stocks like Grasim Industries, Infosys, HUL, HDFC Bank, ITC and so on (see table). Among its top 10 holdings, the only stock to which it lowered its exposure was ONGC.

2012. Year-to-date (September 28, 2012) the Sensex is up 21.40 per cent, the BSE Mid-cap Index is up 28.67 per cent and the BSE Small-cap Index is up 26.45 per cent. Year-to-date the fund is up 24.55 per cent, thus beating its benchmark, the Sensex, by 3.15 percentage points.

This year the fund has had an average allocation of 87.92 per cent to large-cap stocks so far. Its allocation to mid-cap stocks has averaged a meagre 3.23 per cent this year. Small caps were part of the portfolio only in January and February (average 0.24 per cent).

The fund's allocation to cash has averaged 4.15 per cent this year.

Year-to-date (September 28, 2012) the high-performing sector indexes so far have been BSE Bankex (43.54 per cent), FMCG (36.48 per cent), Capital Goods (35.82 per cent), Realty (34.26 per cent), Consumer Durables (31.33 per cent), Healthcare (28.24 per cent), and Auto (27.87 per cent).

Sector	Jan 2012 (%)	August 2012 (%)	Raised/lowered allocation (%age pts.)
Finance - Housing	2.54	9.49	6.95
Power Generation/Distribution	2.14	4.4	2.26
Auto Ancillary	3.1	5.02	1.92
Bank - Private	10.47	12.07	1.6
Household & Personal Products	5.41	6.27	0.86
Cigarettes/Tobacco	4.02	4.48	0.46
Pharmaceuticals & Drugs	9.05	9.36	0.31
Refineries	8.26	8.33	0.07
IT - Software	10.79	9.64	-1.15
Oil Exploration	6.71	5.16	-1.55

So far this year the fund has raised its allocation to housing finance, power generation and distribution, auto ancillary, and private banks quite decisively. Allocation to household and personal products, cigarettes and tobacco, pharma, and refineries has been raised marginally. Among its top 10 holdings, the fund has reduced its exposure to oil exploration and IT software.

Sector	Fund (%)	Sensex (%)	Over/under weight (%age pts.)
Auto Ancillary	5.02		5.02
Pharmaceuticals & Drugs	9.36	4.35	5.01
Household & Personal Products	6.27	3.66	2.61
Finance – Housing	9.49	7.46	2.0
Power Generation/Distribution	4.4	2.79	1.61
Oil Exploration	5.16	3.91	1.25
Refineries	8.33	9.51	-1.18
Bank – Private	12.07	14.92	-2.85
Cigarettes/Tobacco	4.48	9.04	-4.56
IT - Software	9.64	14.65	-5.01

By the end of August 2012, the fund was overweight compared to its index on pharma, household and personal products, housing finance, power generation and distribution and oil exploration. It was underweight compared to its benchmark on IT software, cigarettes and tobacco, private banks and refineries.

Company	January 2012 (%)	August 2012 (%)	Raised/lowered exposure (%)
HDFC	2.54	7.88	5.34
Power Grid Corpn.	2.14	3.81	1.67
HDFC Bank Ltd.	5.27	6.55	1.28
Grasim Industries Ltd.	3.06	4.29	1.23
HCL Technologies Ltd.	2.73	3.49	0.76
Lupin Ltd	2.69	3.45	0.76
Hindustan Unilever Ltd.	4.7	5.2	0.5
ITC Ltd.	4.02	4.48	0.46
ICICI Bank Ltd.	4.65	4.79	0.14
Infosys Ltd.	6.06	4.18	-1.88

Among its top stock holdings, the fund raised its exposure to HDFC, Power Grid Corporation, HDFC Bank, Grasim Industries and so on (see table above). The only stock among its top 10 holdings to which the fund lowered its exposure was Infosys.

Fund manager

The fund is managed by Pradeep Gokhale, who is also the head of research at the fund house. He has been with Tata AMC since September 2004. He began managing this fund in January 2012. Prior to him the fund was managed by M Venugopal (October 2009 to December 2011).

Gokhale also manages Tata AMC's Nifty and Sensex-based index funds. The other equity funds managed by him are Tata Tax Advantage-1 and Tata Ethical.

Conclusion

This large-cap fund with a relatively concentrated portfolio has consistently beaten the index. Its performance has been highly consistent (even over a 10-year span it has beaten its benchmark). It certainly deserves to be a part of your core portfolio.

Appendix

“Core of the fund’s portfolio must be comprised of high-quality companies”

Pradeep Gokhale, fund manager, Tata Pure Equity Fund spoke to us about the fund house’s investment philosophy and the outlook of the sectors he is currently bullish and bearish on.

Tell us about the fund house's investment philosophy.

As a fund house, we believe that India at its current stage of development offers enough scope for good returns if you focus on research and follow a bottom-up approach.

Our belief is that consistent outperformance will only come if we invest in good businesses after doing proper research and buy them at attractive prices.

Within the universe of stocks that we look at, we have demarcated two sets of companies.

One set consists of high-quality companies. These businesses have high entry barriers, distinct competitive advantages, or the power to compound earnings over a long period of time. They also have quality management. The core of our funds must consist of these high-quality businesses. We believe that such companies will make money for the fund over the long-term even if they disappoint for a few quarters.

The second group consists of average or decent quality, but not great, businesses. If they are available at attractive valuations, we invest in them. But these stocks do not constitute the core of our portfolio.

As a fund house, we are more growth oriented though we do have a few distinct value funds in our portfolio.

Before investing in a stock, we evaluate it on the basis of five parameters: efficiency of capital utilisation as indicated by return on equity and return on capital employed; quality of management (not only should the management have a positive attitude towards minority shareholders, it should also have a good understanding of its business and should have the drive to make it grow); earnings growth prospects; valuations; and liquidity.

This year between January and August the fund has raised its allocation to auto ancillary, housing finance and power generation and distribution sector. Would you briefly comment on the outlook of these sectors?

The auto ancillary sector has companies that have strong returns ratios, ability to generate cash, strong balance sheets and reasonably good corporate governance. They are a play on the aggregate automobile market in India. Irrespective of which company's cars get sold, the auto ancillary sector benefits. We have only a limited number of listed players in the Indian auto industry. In commercial vehicles we have only two players, luckily both of which are listed. In the two-wheeler space also the key players are listed. But in the passenger vehicle space only two players are listed. But the market is not just these two players. Some of the players have a brand advantage while others have a technological advantage. So we think that the auto ancillary sector offers a good opportunity to bet on the aggregate growth of the auto sector in India.

We increased our allocation to housing finance because we wanted a play on decreasing interest rates. Since early August rates in the money market have started coming down. Besides, issues regarding asset-quality stress, which are present in the other beneficiaries of declining interest rates, are not present here.

As for power generation and distribution, our view is that this financial year economic growth could be low. We were looking for companies with reasonable but surer earnings growth. The businesses that we have invested in also have a utility type characteristic, so they will benefit from falling interest rates.

The fund is overweight vis-a-vis its index on pharma sector. Would you like to comment briefly on the outlook of this sector?

We are positive on growth in the domestic market, which offers good opportunity for cash generation. We are also positive on the opportunities in the generic market abroad. Indian players have proved their skills in the generic markets abroad. The pharma sector has also benefited from the depreciation of the rupee. Many export-oriented sectors will suffer as global demand declines. However, the pharma sector is more insulated from the troubles of the global economy.

What are your views on the cement sector?

Our call in the cement sector has also played out well. Our large holding in the cement sector still has a cheap valuation. So it is more of a bottom-up play based on valuation rather than a sector call.

As for the sector, while there is overcapacity and the issue of cartelisation, large-cap stocks are likely to see decent volume growth. They are also likely to enjoy better margins. Cement is also a cleaner way to play the infrastructure and housing growth stories. Players in this sector also don't carry the balance-sheet risk that other players in the infrastructure sector do.

This year the fund has lowered its exposure to IT software and oil exploration. Would you like to comment on the outlook of these sectors?

In the oil exploration sector, upstream you have only one private player. We liked the company and we partly booked profits in it because we felt that the outlook for global growth is not strong and oil prices are likely to weaken.

The sector will benefit from higher oil prices and rupee-dollar rates. But there is continuing uncertainty about subsidy-sharing mechanism. So we partly booked profits there.

Our outlook on global growth is that it is unlikely to be very strong. While the IT-software sector benefits from rupee depreciation, it is also affected by lower demand from its customers. So we reduced our exposure to it. We have played the export theme more through pharma than through IT.

CITRUS ANALYSIS

SANJAY KUMAR SINGH

TATA AMC

TATA PURE EQUITY

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The Registered Users and Viewers understand and agree that the Operators have an unqualified and unlimited right to amend, modify, alter, edit and/or delete the Terms of Use and Disclaimer contained herein with or without prior notice to the Registered Users and Viewers and the Registered Users and Viewers shall not be entitled to make any claims of any kind and nature whatsoever against the Operators on account of losses or damages of any kind and nature, incurred or suffered by the Registered Users and Viewers on account of such change, modification or alteration thereof. The amended Terms of Use and Disclaimer shall be posted by the Operators on the Website for the convenience of the Registered Users and Viewers and the Registered Users and Viewers shall be responsible for reviewing the Terms of Use and Disclaimer each time they gain access to the Website to ensure that they have reviewed and understood the then current and applicable Terms of Use and Disclaimer as may be posted on the Website from time to time. The Registered Users and Viewers understand and agree that in case the Registered Users and Viewers chose to gain access to the Website, they shall be deemed to have read and understood the then current and applicable Terms of Use and Disclaimer for all purposes thereof, irrespective of whether they have actually read and understood the Terms of Use and Disclaimer or not.

Trademark and Copyright Protection

The Registered Users and Viewers of the Website understand and agree and are put to notice that unless otherwise indicated, the Website and its text, content, layout, design, graphics, compilation and other matters related to this Website are protected under applicable copyrights, trademarks and other proprietary (including, but not limited to intellectual property) rights and are the property of the Operators or the material is included on the Website with the permission of the owner of such rights and is protected pursuant to copyright and trademark laws. ALL RIGHTS RESERVED

The Registered Users and Viewers are prohibited from reproducing, transmitting, disseminating, copying, downloading, modifying, displaying, selling, publishing, broadcasting, or circulating the information and materials contained in the Website in any form or by any means, including but not limited to, electronic, mechanical, photocopying, recording, or otherwise without the express prior written consent of the Operators.

Jurisdiction and Applicable Laws

The Registered Users and Viewers understand and agree that the courts of New Delhi, India shall have the exclusive jurisdiction to resolve any controversy or claim of whatever nature arising out of or relating to use of the Website or the information, statements, opinions, products, services and materials contained, provided, posted or expressed in the Website and the laws of India shall govern such dispute or claim. However, the Operators retain the right to bring legal proceedings in any jurisdiction where they believe that infringement of the Terms of Use and/or the Disclaimer is taking place or originating.

Waiver

The failure of the Operators to enforce any provision of these Terms of Use and Disclaimer shall not be deemed a waiver of such provision nor of the right to enforce such provision.

No Privity of Contract

The Registered Users and Viewers expressly agree and understand that nothing contained in the Website or the Terms of Use or the Disclaimer contained herein shall be deemed or may be construed to create a privity of contract between the Registered Users or the Viewers and the Operators.

Entire Understanding

These Terms of Use and Disclaimer contain the entire understanding between the Registered Users and Viewers of the Website and the Operators with respect to this Website and supersedes all prior understandings (written or verbal), representations and negotiations and shall not be modified or affected by any course of dealing or course of performance. In case any term of the Terms of Use and/or Disclaimer is declared invalid or unenforceable for any reason whatsoever, by a court of competent jurisdiction, such term shall, insofar as it is severable from the remaining terms, be deemed omitted from the Terms of Use and Disclaimer and shall in no way affect the legality, validity or enforceability of the remaining terms.

All rights not expressly granted herein are reserved.

I have carefully read the terms and conditions mentioned in the Disclaimer above and hereby agree to be bound by the terms and conditions outlined therein. I fully understand that by using this website I shall convey my acceptance to be bound by the terms and conditions contained in this disclaimer. I am also aware that in case I am not willing to be bound by the above mentioned terms and conditions I should not be using this website.

Citrus Advisors
501, Royyal Chambers
OppJuhuMillenium Club
Gulmohur Road
JVPD Scheme, Juhu
Mumbai 400049
Tel: +91 22 2620 1957
E-Mail Us :
jeni.shukla@citrusadvisors.com,
sanjay.singh@citrusadvisors.com,
shoaib.zaman@citrusadvisors.com.

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