Clearly the fund has excelled not only in recent times but also over the longer time frame. Comfortably beating benchmarks and that too by a wide margin and having delivered very attractive SIP returns too, the fund managers have demonstrated a clear adherence to systems and processes.

Over the long end of the time scale, the fund was found wanting. However, the period after has shown that the management team has understood the limitations in performance systems prior to that and have improved through out. In a volatile segment as this is and with respect to the index mapped as benchmark, the scheme has excelled.

The quartile and decile rank for the fund is nothing short of superlative. Across most of the periods under review the scheme has done exceedingly well and placed itself at the top in terms of returns generated and rank within the category. All except the 5 years time frame. Clearly the improvement thereafter has not been a flash in the pan.

The scheme has a market risk commensurate with the benchmark. And the volatility is a bit on the higher side. However, even with the slightly higher risk, the risk adjusted alpha (Jensen's Alpha) is suitably impressive.