HDFC Balanced Fund is a A balanced fund that believes in making the most of bull markets, it has retained a rating of four to five stars consistently for the last six years. It maintains a more or less steady-state asset allocation between equity and debt, with equity swinging in a narrow band of 68 to 72 per cent.
HDFC Balanced Fund avoids both cash calls and drastic changes in allocation with market swings. The aim is to purchase reasonable quality businesses, with the ability to deliver growth and with good ROE, management quality and business dynamics, at sensible valuations. While the equity portion is aggressively managed to make the most of bull markets, the debt portion is conservatively managed. It features mainly sovereign and money-market allocations, with marginal corporate exposure.
HDFC Balanced Fund three- and five-year returns are 6-7 percentage points ahead of the benchmark and nearly 3 percentage points better than the category returns. The fund's mid- and small-cap tilt is likely to have helped performance in this phase, given that large-cap returns have trailed mid-cap returns. But the fund has toned down the mid-cap allocations in the last couple of years. From more than half of the equity portion, mid- and small-cap exposure fell to 36 per cent by May 2017. The fund's ten-year record is quite comparable to pure equity funds. Despite its aggression, the fund has contained downside well in the bear markets of 2011 and 2008 relative to its peers.
HDFC Balanced Fund is a balanced fund that delivers big pay-offs relative to risks.
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