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Sailesh Raj Bhan, fund manager of Reliance Top 200, is a proficient stock-picker in the small/mid-cap segment. His track record suggests that he is at his best using an unconstrained approach, according to a research note from Morningstar India.
In fact, the current approach has helped the fund manager play to his strength. Expectedly, the same has worked well for the fund, too. Bhan’s ability to pick fundamentally sound stocks and understand long-term trends has also benefited the fund, according to Morningstar note.
His willingness to take larger exposure to small/mid-caps if the opportunity arises and be more liberal with sector bets may result in the fund’s performance diverging from a typical peer over the short term.
For instance, in the upturn of 2012, the larger small/mid-cap exposure helped it feature among the best performers in the Morningstar Category. Conversely, in 2016, the fund underperformed 80 percent of its category peers.
But we draw confidence from the presence of a skilled manager and a research-intensive investment approach.
We believe these factors can hold the fund in good stead over the long haul. Hence, we reiterate our Morningstar Analyst Rating of Silver.
Disclaimer: The above report is part of Morningstar India’s research. The views and investment tips expressed by investment experts on Moneycontrol are their own and not that of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
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