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ImageThe fund moved into deposits and cash to the tune of nearly 30 per cent of its portfolio during the heavy market fall of 2008-09, which mitigated the erosion in its NAV. Its fall in 2008 was less than that of the Sensex as well as the category averages (multi cap and dividend yield) helped by a substantial allocation to debt and cash.

Even during periods of upswings in the markets, the fund remains invested in equity only to the tune of about 90-92 per cent, suggesting a conservative approach.

Banks and software have always figured among the top sectors held by the fund. In late 2009 and early 2010, the fund had significant exposure to automobile and consumer non-durable sectors, which helped it gain from the substantial rallies that these sectors witnessed.
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