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Citrus Analysis: DSP BlackRock Tax Saver Fund: A sound track record

Fri, Dec 07, 2012

Source : Jeni Shukla, Citrus Interactive

DSP BlackRock Tax Saver Fund is an equity-linked saving scheme (ELSS). The fund was launched in January 2007. Currently it has assets under management (AUM) worth Rs. 745.21 crore.

Fund Performance

	YTD	1-YEAR	3-YEAR	5-YEAR	SINCE INCEPTION
DSPBR Tax Saver Fund (G)	37.26	30.65	8.52	3.22	11.13
S&P CNX 500	29.95	22.60	4.09	-0.81	5.49

All figures are in % as on Nov 30, 2012; one-year and above returns are in CAGR terms and below one year in absolute terms

The fund has managed to beat its benchmark year-to-date (YTD) and in the one-, three- and five-year periods. Since inception it has outperformed its benchmark by a significant margin. According to the fund manager Apoorva Shah, “It (the outperformance this year) has been more because of specific stocks. We have not done any major swings in the portfolio across sectors or stocks. From whatever we held at the start of the year some of the names have done quite well.”

	2011	2010	2009	2008
DSPBR Tax Saver Fund (G)	-26.68	23.26	80.80	-57.76
S&P CNX 500	-27.19	14.13	83.34	-57.36

In terms of calendar year returns the fund has outperformed the benchmark in the last two calendar years – 2010 and 2011. It underperformed the benchmark in 2008 and 2009. In 2008 the degree of underperformance was barely 40 basis points while in 2009 the fund lagged behind by -2.54 percentage points.

Investment Philosophy and Approach

Says the fund manager, “It is a diversified equity fund. Internally what we try to ensure is that it is a long-term top quartile fund. We try to spend as much time in the first or second quartile as possible. If you consistently be in the second quartile then in the long term you automatically become top quartile. Consistency is the most important thing. The fact that we have three-year lock in money gives us more leeway in taking medium to long term calls. As the volatility of flows in this fund is low it helps us manage it better.

We use a combination of top-down and bottom-up approach. Of the top-down variables the most important ones are interest rates and where they are headed directionally, and the specific government influence on sectors. We focus a lot on pricing power of sectors. Whenever we see the pricing power under threat or pressure we try and go underweight the sector and whenever we see pricing power increasing we go overweight. As far as the bottom- up approach is concerned we try and understand the economics of the business and we carry out a fair amount management interaction in which we try to understand the capital allocation logic and their vision for the future. We have a growth orientation but at a reasonable price.”

Portfolio Characteristics

Number of Equity Holdings. The fund currently has 93 stocks in its portfolio which is much higher than the median of 47 for the ELSS category. The average for 2012 has been 89 stocks compared to the category median of 47.9 stocks.

The fund has always maintained a higher stock count compared to the category median. According to Apoorva, “We have always had a more diversified portfolio approach. Our point of view has always been that diversification does not mean underperformance. We have not seen a higher stock count come in way of its performance. We hold a larger number of names also because there is a certain list that we want to keep a track of although we may increase or decrease these positions at some point in time. What is more important is which are the names which are contributing to the bulk of your returns and risk. We have not seen any problem in managing the fund despite wider set of names. Internally we also follow certain liquid measures across all our funds. Sometimes that also leads to a higher number of names than you would normally expect.”

Sector Concentration. The fund has a higher concentration in the top three and five sectors compared to the category median. However, it has a lower concentration in the top 10 sectors compared to the category median.

	Top 3	Top 5	Top 10
DSPBR Tax Saver Fund (G)	42.17	57.15	77.29
Category Median	41.98	56.87	80.13

Company Concentration. In terms of company concentration the fund’s allocation to the top three, five and 10 companies in its portfolio is lower than the category median.

	Top 3	Top 5	Top 10
DSPBR Tax Saver Fund (G)	13.76	19.64	31.74
Category Median	17.92	26.79	43.17

Thus, your fund is widely diversified in terms of number of equity holdings and allocation to companies, but the portfolio tends to be concentrated (only marginally) in a few sectors at the top.

Turnover Ratio. Currently the fund has a turnover ratio of 130 per cent which is higher than the category median of 93 per cent. The average turnover ratio of the fund had been on a downward trend until it shot up this calendar year. It was 264.1 per cent in 2008, 187.3 per cent in 2009, 92.4 per cent in 2010 and 73.6 per cent in 2011.

According to the fund manager:“In 2008 generally all portfolios had a higher turnover as the market went through a major change. After that the markets have been range bound. It is a function of the underlying market. We would like to be as low turnover as possible because it means that the ideas are more durable. In future if things change significantly and require us to churn more it may increase again. We do not target a specific turnover ratio. In 2011 the nature of stocks that were performing were consistent. In the last three years quality companies have been consistently growing. That has helped.”

Expense Ratio. The fund's expense ratio is 1.94 which is lower than the category median of 2.45.

Risk Measures. In terms of risk measures like beta and standard deviation (measured over the last three years) the fund has a lower level of risk compared to the category median.

	Beta	Standard Deviation
DSPBR Tax Saver Fund (G)	0.7901	0.9465
Category Median	0.8177	0.9790

Risk-adjusted Returns. In terms of measures of risk-adjusted return like Sharpe ratio and Treynor ratio (measured over the last three years) the fund has a higher level of risk-adjusted return than its category median.

	Sharpe Ratio	Treynor Ratio
DSPBR Tax Saver Fund (G)	0.0323	0.0303
Category Median	0.0238	0.0219

Portfolio Strategy

2011. In 2011, the fund gave a return of -26.68 per cent while its benchmark, S&P CNX 500, gave a return of -27.19 per cent.

That year only the BSE FMCG Index turned in a positive performance (9.27 per cent). All other sectors turned in 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). The worst performing sectors included realty (-51.83 per cent), capital goods (-47.66 per cent), metal (-47.19 per cent), power (-39.91 per cent), media (-33.28 per cent), banks (-31.59 per cent) and oil& gas (-28.98 per cent).

In 2011, the fund had an average allocation of 75.02 per cent to large-cap stocks and 20.17 per cent to mid-cap stocks. The cash level averaged 3.46 per cent.

Sector	Jan 2011 (%)	Dec 2011 (%)	Raised/Lowered allocation (%age points)
Cement		4.49	4.49
Telecom – Services		3.32	3.32
Banks	14.78	17.07	2.29
Auto	3.22	5.17	1.95
Petroleum Products	4.84	6.76	1.92
Finance	2.80	4.28	1.48
Consumer Non Durables	10.53	10.32	-0.21
Construction	4.15	3.28	-0.87
Pharmaceuticals	10.60	9.34	-1.26
Software	12.59	10.84	-1.75

During the calendar year, among its top sectors the fund increased its allocation to cement, telecom services, banks, auto, petroleum products and finance. It lowered its allocation to software, pharmaceuticals, construction and consumer non-durables.

Fund vs. Index – December 2011

Sector	Fund (%)	S&P CNX 500 (%)	Over/under weight (%age points)
Pharmaceuticals	9.34	5.59	3.75
Construction	3.28	1.83	1.45
Cement	4.49	3.10	1.39
Telecom – Services	3.32	2.09	1.23
Software	10.84	9.67	1.17
Petroleum Products	6.76	5.95	0.81
Auto	5.17	6.08	-0.91
Banks	17.07	18.65	-1.58
Consumer Non Durables	10.32	12.70	-2.38
Finance	4.28	8.91	-4.63

By the end of December 2011 the fund was overweight vis-a-vis its benchmark on pharmaceuticals, construction, cement, telecom services, software and petroleum products. It was underweight vis-a-vis its benchmark on finance, consumer non-durables, banks and auto.

Company	January 2011 (%)	December 2011 (%)	Raised/lowered allocation (%age points)
Bharti Airtel Ltd.		3.32	3.32
Hindustan Unilever Ltd.		2.53	2.53
ICICI Bank Ltd.	3.66	6.00	2.34
Infosys Ltd.	4.41	6.08	1.67
Kajaria Ceramics Ltd.	1.21	2.60	1.39
CRISIL Ltd.	1.47	2.64	1.17
Reliance Industries Ltd.	3.87	4.35	0.48
HDFC Bank Ltd.	2.95	3.42	0.47
State Bank Of India	3.00	2.65	-0.35
Tata Consultancy Services Ltd.	4.94	3.25	-1.69

Among its top 10 stocks the fund increased its allocation to Airtel, Hindustan Unilever, ICICI Bank, Infosys, Kajaria Ceramics, CRISIL, Reliance Industries and HDFC Bank. It lowered its allocation to TCS and State Bank of India.

Company	Fund (%)	S&P CNX 500 (%)	Over/under weight vis-à-vis benchmark (%age pts.)
Kajaria Ceramics Ltd.	2.6	0.03	2.57
CRISIL Ltd.	2.64	0.13	2.51
Bharti Airtel Ltd.	3.32	1.48	1.84
Infosys Ltd.	6.08	4.4	1.68
ICICI Bank Ltd.	6	4.76	1.24
Tata Consultancy Services Ltd.	3.25	2.51	0.74
State Bank Of India	2.65	2.13	0.52
Hindustan Unilever Ltd.	2.53	2.06	0.47
Reliance Industries Ltd.	4.35	4.97	-0.62
HDFC Bank Ltd.	3.42	4.68	-1.26

Figures as on December 2011

By the end of December 2011, the fund was overweight vis-a-vis its benchmark on Kajaria Ceramics, Crisil, Bharti Airtel, Infosys, ICICI Bank and so on (see table above). Among its top 10 holdings, the fund was underweight vis-a-vis its benchmark on HDFC Bank and Reliance Industries.

2012. This year the fund has had an average allocation of 76.84 per cent to large-cap stocks and 20.64 per cent to mid-cap stocks. Its allocation to cash has averaged 1.59 per cent.

Sector	January 2012 (%)	October 2012 (%)	Raised/lowered exposure (%age points)
Finance	3.90	7.96	4.06
Consumer Non Durables	7.97	10.79	2.82
Software	10.38	11.81	1.43
Construction	2.87	4.00	1.13
Auto	4.33	5.31	0.98
Cement	3.47	3.33	-0.14
Power	3.64	2.93	-0.71
Banks	20.40	19.57	-0.83
Pharmaceuticals	9.20	7.02	-2.18
Petroleum Products	6.94	4.57	-2.37

Among its top 10 holdings the fund has increased its exposure to finance, consumer non-durables, software, construction and auto this year. It has lowered its exposure to petroleum products, pharmaceuticals, banks, power and cement.

Fund vs. Index – October 2012

Sector	Fund (%)	S&P CNX 500 (%)	Over/under weight (%age points)
Construction	4.00	1.83	2.17
Software	11.81	9.67	2.14
Pharmaceuticals	7.02	5.59	1.43
Banks	19.57	18.65	0.92
Cement	3.33	3.10	0.23
Power	2.93	3.33	-0.40
Auto	5.31	6.08	-0.77
Finance	7.96	8.91	-0.95
Petroleum Products	4.57	5.95	-1.38
Consumer Non Durables	10.79	12.70	-1.91

By the end of October 2012 the fund was overweight vis-a-vis its benchmark on construction, software, pharmaceuticals, banks and cement. It was underweight on consumer non-durables, petroleum products, finance, auto and power.

Company	January 2012 (%)	October 2012 (%)	Raised/lowered exposure (%age points)
United Spirits Ltd.		2.37	2.37
IndusInd Bank Ltd.	0.92	2.38	1.46
Housing Development Finance Corporation Ltd.	1.03	2.43	1.40
Infosys Ltd.	3.30	4.00	0.70
HDFC Bank Ltd.	3.57	3.88	0.31
ITC Ltd.	2.10	2.36	0.26
Larsen & Toubro Ltd.	2.38	2.56	0.18
Tata Consultancy Services Ltd.	2.87	2.91	0.04
ICICI Bank Ltd.	7.36	5.88	-1.48
Reliance Industries Ltd.	5.08	2.97	-2.11

This year the fund has increased its allocation to United Spirits, IndusInd Bank, HDFC, Infosys, HDFC Bank, ITC, and marginally to L&T and TCS. It has lowered its allocation to Reliance Industries and ICICI Bank.

Company	Fund (%)	S&P CNX 500 (%)	Over/under weight vis-à-vis index (%age pts.)
IndusInd Bank Ltd.	2.38	0.55	1.83
United Spirits Ltd.	2.37	0.68	1.69
ICICI Bank Ltd.	5.88	4.76	1.12
Tata Consultancy Services Ltd.	2.91	2.51	0.4
Infosys Ltd.	4	4.41	-0.41
Larsen & Toubro Ltd.	2.56	3.38	-0.82
HDFC Bank Ltd.	3.88	4.81	-0.93
Reliance Industries Ltd.	2.97	4.92	-1.95
Housing Development Finance Corporation Ltd.	2.43	4.88	-2.45
ITC Ltd.	2.36	6.11	-3.75

Figures are for October 2012

By the end of October 2012, the fund was overweight vis-a-vis its benchmark on stocks like IndusInd Bank, United Spirits, ICICI Bank, and marginally on TCS. The fund was overweight vis-a-vis its benchmark (among its top 10 stocks) in ITC, HDFC, Reliance Industries, and marginally in HDFC Bank, L&T, and Infosys.

Says the fund manager: “We are currently bullish on media and agro-chemicals. We are underweight on energy and utilities.”

Fund Manager

The fund is managed by Apoorva Shah who has been with DSP BlackRock since April 2006. He took charge of this fund recently in July this year. Other funds managed by him include DSP BlackRock Opportunities, DSP BlackRock India T.I.G.E.R., DSP BlackRock Small& Mid Cap, DSP BlackRock Focus 25, DSP BlackRock MIP and DSP BlackRock Balanced. DSPBR Tax Saver was earlier managed by Anup Maheshwari.

Conclusion

Impressive performance in absolute terms, low expense ratio, higher-than category risk-adjusted returns and a good fund manager at the helm are some of the reasons why we like this ELSS fund.

CITRUS ANALYSIS

JENI SHUKLA

DSP BLACKROCK TAX SAVER

ELSS

EQUITY LINKED SAVINGS SCHEMES

TAX

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shoaib.zaman@citrusadvisors.com.

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