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Religare Invesco Contra Fund
Investment Objective
The scheme seeks to generate capital appreciation through means of contrarian investing. It intends to identify potentially undervalued stocks across sectors utilising both top down and bottom up approach and then incubating such stocks for a while before they find favour with rest of the market.
Analysis
2008 was the first full year that Religare Invesco Contra Fund operated and since then, it has underperformed the S&P BSE 500, it's benchmark, twice, out which one was a marginal 0.5 per cent lag in 2012 when the fund's returns were 31 per cent. Overall, it has overhauled the benchmark by a cumulative 20 per cent since launch. Returns since launch are 10 per cent every year, while its five year returns are a healthy 20 per cent per annum, compared to the benchmark's 4.4 per cent over the same period.
The fund has maintained a consistent three or four star rating over its history, with a lifetime average rating of 3.8. This indicates a high propensity to maintain and deliver high risk-adjusted returns.
Like some of the other funds in this selection, Religare Invesco Contra is only incidentally a multi-cap fund. As its name indicates, the plan is to generate returns through 'contrarian' investing. As the fund company defines it, "Contrarian investing involves picking 'neglected stocks' with strong asset values as well as focusing on high potential under owned sectors. The aim is to have a first mover advantage by investing into out of favour sectors or stocks thus increasing out-performance prospects utilising both top down and bottom up approach."
As it happens, a contrarian strategy is very likely to have more of a mid-cap and small-cap bent than standard diversified funds, because smaller companies are more likely to find themselves in what could be called contrarian situations. Except for a period in 2011 when it was heavier on large caps, the fund has always been more mid-cap oriented.
Over the last two years, its large cap exposure has been more than 15 per cent below the multi-cap category average. That it has held its own during the period shows a quality of fund management that should make investors rest easy about the prospects of their investments.
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