The scheme now manages more than Rs 1000 crore of assets making it the first scheme in its category (open-end diversified equity) among private sector mutual funds to do so, a release from Franklin Templeton said.
The schemes assets have grown by over 126 per cent during the current fiscal year so far.
This is a landmark achievement not only for Franklin Templeton, but for the MF industry as a whole. The rapid rise in assets also indicates the fact that there are an increasing number of investors who are looking to invest in equities and realise that importance of a well-managed diversified equity fund in their portfolio, the release quoted Mr Ravi Mehrotra, president, Franklin Templeton India.
Talking about the performance and investment philosophy of the scheme, Mr K N Sivasubramanian, senior vice president - equity and portfolio manager for FIBCF: Our approach has been to construct a diversified portfolio of stocks with strong fundamentals that will perform well across market cycles. The large cap companies in Bluechip Funds portfolio tend to have a momentum of their own due to their ability to attract the best talent, economies of scale and global competitiveness. This focus on market leaders in various sectors has helped the scheme deliver steady and consistent performance over the years. Commenting on the equity markets, he said, The bullish undertone in the markets was evident by the sharp bounce back by the markets after the Mumbai blasts and we believe the feel good factor still prevails. With the economy on the growth path, companies that derive a majority of their revenue through domestic demand are expected to do well.