This was among the less-known SBI schemes a few years ago. But a steady improvement in performance has now made this fund a hard-to-ignore option in the multi-cap category.
SBI Magnum Multicap Fund has managed a strong climb up the ratings ladder from just one star in 2012 to five stars now, without any hiccups in performance in recent years.
In terms of market-cap tilt, the fund is more mid-cap tilted than its peers. In the last year or so, the large-cap allocation has been at 45-55 per cent at most times, with mid-cap weights at 25-35 per cent and small cap exposure of about 15-20 per cent. The fund is 10-11 percentage points lower than category on its large-cap exposure. This fund manages the relative weights between large, mid and small caps quite actively.
Like other SBI funds, this fund too filters stocks based on compounding ability, capital efficiency, quality of management and potential for growth.
SBI Magnum Multicap Fund has managed particularly large outperformance of the category as well as the benchmark both in 2015 and 2016, which were good years for mid-cap stocks but challenging years for large-cap stocks. Though the performance has been more muted in 2016, this show has led to its three-year and five-year returns beating its category by 4 to 5 percentage points and benchmark by a comfortable 7-10 percentage points.
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