Fidelity Tax Advantage Fund Wins CRISIL Award
Award in the equity linked savings scheme category
Tweet-- The Fidelity Tax Advantage Fund has won the CNBC-TV18-CRISIL Mutual Fund award in the equity linked savings scheme category. It was the only scheme to win in this category among 19 schemes which were eligible for the award.
The CRISIL award is based on the consistency of the scheme’s performance in the four quarterly CRISIL CPR rankings released during the calendar year 2008. The criteria used in computing the CRISIL Composite Performance Rank are Superior Return Score, Portfolio Concentration and Portfolio Liquidity of the scheme. This is the second award for the Fidelity Tax Advantage Fund this year. Earlier, the Fund won the ICRA 7-Star Gold Award 2009. Past performance is no guarantee of future results.
The Fidelity Tax Advantage Fund has outperformed its benchmark, the BSE 200, for the one and three year periods as well as since inception to March 31, 2009.
Performance as on March 31, 2009
Absolute
Compound Annualized
Scheme Name
NAV (31-Mar-09)
3 Months
6 Months
1 Year
2 Years
3 Years
Since Inception
Fidelity Tax Advantage Fund - Growth
9.909
1.36
-20.18
-32.02
-9.70
-2.75
-0.30
Indices
BSE200
1140.43
-1.40
-26.69
-40.98
-14.37
-6.88
-3.88
Source: ICRA MFIE
Ashu Suyash, Managing Director and Country Head - India, Fidelity International, said, “We are delighted with the CRISIL award as it recognizes consistency of performance. At Fidelity, our focus is on delivering consistent performance and risk adjusted returns based on our investment philosophy of bottom-up stock picking underpinned by research.”
CRISIL Ranking Methodology
The selection for the awards is based on the CRISIL FundServices’ Composite Performance Ranking (CRISIL~CPR) methodology.
The CRISIL Composite Performance Ranking (CRISIL~CPR) is a quarterly ranking of mutual fund schemes based on two year performance (excepting for the liquid and short term debt categories where a one year performance horizon is considered). The methodology is based on
global best practices, customized to account for Indian market nuances. Over time, the rankings have become the industry standard with good acceptance among Investors, Fund Intermediaries, Asset Management Companies, etc. The performance criteria covers not only risk adjusted returns, which are historical, but also the portfolio constitution to make the analysis forward looking.
The overall ranking is assigned to the scheme based on its weighted average score on a range of parameters: Superior Return Score, Concentration, Liquidity, Asset Quality – Measures the credit quality of the portfolio, Average Maturity and Asset Size.
CRISIL Disclaimer
Fidelity Tax Advantage Fund was the only scheme that won the CNBC TV18 - CRISIL Mutual Fund of the Year Award in the Equity Linked Saving Schemes. In total 19 schemes were eligible for the award universe. Schemes present in all four quarterly CRISIL CPRs were considered for the award. The award is based on consistency of the scheme’s performance in the four quarterly CRISIL CPR rankings released during the calendar year 2008. The individual CRISIL CPR parameter scores averaged for the four quarters were further multiplied by the parameter weights as per the CRISIL CPR methodology to arrive at the final scores. A detailed methodology of the CRISIL CPR is available at www.crisil.com. Past performance is no guarantee of future results.
Rankings and Award Source: CRISIL FundServices, CRISIL Ltd.
ICRA Methodology
ICRA Mutual Fund (MF) Awards are based on the proprietary ranking methodology devised jointly by ICRA and ICRA Online Ltd. The ranking process considers only growth oriented, open ended equity and debt schemes apart from liquid schemes where Institutional plans are also considered.
The basic eligibility criteria are based on the average category AUM and stringent disclosure norms for portfolio and NAV over one and three year periods. The ranking methodology dynamically factors in the actual investment pattern rather than on the scheme’s stated objectives.
The scoring model for the final ranking factors norms for Risk-adjusted returns, Average Maturity, AUM size, Liquidity analysis, Portfolio turnover ratio, Concentration analysis.
The rankings are conducted for 26 different categories over the one-year and three-year horizon. Schemes are assigned 1- star, 2- star, 3- star, 4-star and 5- star based on a ranking scale. The best scorer amongst the 5- star in a category is ranked as 7- star or the best fund in the category. This is however subject to the fund’s AUM being of at least more than 100 Cr or greater than the category average; whichever is lower.
ICRA Disclaimer
Fidelity Tax Advantage Fund has been ranked as a Seven Star Fund in the category of ‘Open Ended Equity Linked Savings Scheme (ELSS)’ schemes for its 1 year performance till December 31, 2008.
The rank is an outcome of an objective and comparative analysis against various parameters, including: risk adjusted return, fund size, company concentration, portfolio turnover and liquidity. The ranking methodology did not take into account entry and exit loads imposed by the Fund. There were 17 schemes considered in ‘Open Ended Equity Linked Saving Scheme (ELSS)’ category for the ranking exercise. The rank is neither a certificate of statutory compliance nor any guarantee on the future performance of Fidelity Tax Advantage Fund.
Ranking Source & Publisher: ICRA Online Limited
Notes to Editor
About Fidelity:
Fidelity International’s Indian asset management company started operations in the country in 2004. Its first fund, the Fidelity Equity Fund, was launched in March 2005. Today, with total assets under management of over Rs. 6200 crores (Source: AMFI – average AUM in March 2009) and more than 1.6 million customer accounts, Fidelity offers Indian investors investment options through its five equity funds and seven fixed income / hybrid funds. For more information, please visit www.fidelity.co.in
FIL Fund Management Private Limited is the Indian arm of Fidelity International, one of the world's leading global investment management companies with operations in 23 countries and more than US$157.3 billion in assets under management (as at December 31, 2008). FIL provides mutual funds, retirement services, including defined benefit and defined contribution
pension schemes, and specialist institutional mandates to individual and institutional investors outside the Americas. FIL's US affiliate, Fidelity Management and Research LLC (FMR) is one of the US' largest mutual fund companies and manages over US$ 1.4 trillion (as at September 30, 2008). FIL has constant access to the investment analysis carried out by FMR and Pyramis. Central to Fidelity's success is a pioneering spirit, a commitment to innovation that sets new industry standards and an unmatched investment in research, talent, technology and investor education.
â–ªScheme Classification and investment objective: Fidelity Tax Advantage Fund (“FTAF”) is an open ended equity linked savings scheme with an objective to generate long-term capital growth from a diversified portfolio of predominantly equity and equity-related securities. â–ª Loads- Entry: For each Purchase (i) of less than Rs. 5 Crores - 2.25% (ii) of Rs. 5 Crores or more - Nil (iii) by an FOF (irrespective of the amount of Purchase) - Nil (iv) as a result of Dividend Re-investment - Nil (v) through switch-in (including through STP) into any of the equity schemes of the Fund from Fidelity MultiManager Cash Fund (“FMCF”) or Fidelity Short Term Income Fund (“FSTIF”) or Fidelity Cash Fund (“FCF”); provided units are first switched out / systematically transferred out from the equity schemes of the Fund to FMCF or FSTIF or FCF and, within a period of 90 days from such transaction, the units allotted against such switch proceeds are again switched out / systematically transferred out from FMCF or FSTIF or FCF (on a FIFO basis) into any of the equity schemes of the Fund - Nil (vi) through switch-in from other equity schemes of the Fund – Nil. No Entry Load will be charged for direct applications received by the AMC i.e. applications not routed through any distributor/agent/broker. Exit: Nil. Risk factors: â–ªMutual funds, like securities investments, are subject to market risks and there is no guarantee against loss in the Scheme or that the Scheme’s objectives will be achieved. â–ªAs with any investment in securities, the NAV of the Units issued under the Scheme can go up or down depending on various factors and forces affecting capital markets. â–ªPast performance of the Sponsor /the AMC/the Mutual Fund does not indicate the future performance of the Scheme. â–ªFTAF is the name of the Scheme, and this does not in any manner indicate the quality of the Scheme, its future prospects or returns. â–ª Units issued under the Scheme will not be redeemed until the expiry of 3 years from the date of their allotment, thus restricting the ability to realise returns on such investments for the first 3 years Please read the Offer Document before investing. Please consult your tax advisor before investing. Investors can contact ISCs at the toll-free number “1 800 180 8000”. Statutory: Fidelity Mutual Fund (‘the Fund’) has been established as a trust under the Indian Trusts Act, 1882, by Fidelity International Investment Advisors (liability restricted to Rs. 1 Lakh). Fidelity Trustee Company Private Limited, a company incorporated under the Companies Act, 1956, with a limited liability is the Trustee to the Fund. Fidelity Fund Management Private Limited, a company incorporated under the Companies Act, 1956, with a limited liability is the Investment Manager to the Fund. Fidelity, Fidelity International and Pyramid Logo are trademarks of Fidelity International Limited.