{"id":17415,"date":"2020-01-07T10:54:34","date_gmt":"2020-01-07T05:24:34","guid":{"rendered":"https:\/\/www.fundsindia.com\/blog\/?p=17415"},"modified":"2020-11-11T19:23:54","modified_gmt":"2020-11-11T13:53:54","slug":"elss-options-for-tax-saving","status":"publish","type":"post","link":"https:\/\/www.fundsindia.com\/blog\/research-desk\/elss-options-for-tax-saving\/17415","title":{"rendered":"ELSS Options for Tax Saving"},"content":{"rendered":"<p>With the tax-return filing season just a few months away, check out the tax saving\u00a0<a href=\"https:\/\/www.fundsindia.com\/elss.html\" target=\"_blank\" rel=\"noopener\">ELSS<\/a> funds for reducing your tax outgo.<\/p>\n<p><span style=\"font-weight: 400;\">You can shortlist one or two funds from fund houses of established pedigree based on their long-run performance track record and a belief in their investment strategy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here we review two tax saving <a href=\"https:\/\/www.fundsindia.com\/elss.html\">ELSS<\/a> funds- Mirae Asset Tax Saver Fund and Axis Long Term Equity Fund.<\/span><\/p>\n<h4><b>1. Mirae Asset Tax Saver Fund &#8211; A Consistent Performer<\/b><\/h4>\n<h4><b>Why?<\/b><\/h4>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Fund manager with a long track record &#8211; Over 24 years of market experience (12 years as a fund manager)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Consistent performance &#8211; 5% CAGR outperformance over the Nifty 200 TRI since 28 Dec 2015<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Investment style &#8211; Growth at Reasonable Price<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Multicap portfolio with a large cap bias &#8211; 71% portfolio in large caps<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Well-diversified portfolio &#8211; Total 56 stocks<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Top 10 stocks &#8211; 48% of the portfolio<\/span><\/li>\n<\/ul>\n<h4><b>Snapshot<\/b><\/h4>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Fund Manager \u2013 Neelesh Surana, CIO of Mirae Asset<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Fund Launch &#8211; 28 Dec 2015 (4-year track record)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">AUM \u2013 Rs. 2,671 Crores<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Market Cap Allocation \u2013 71% Large cap \/ 23% Midcap \/ 5% Smallcap<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">1yr \/ 3yr Returns (CAGR) \u2013 15.0% \/ 17.7%<\/span><\/li>\n<\/ul>\n<h4><b>Experienced Fund manager with a proven track record<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Mirae Asset Tax Saver fund is managed by Neelesh Surana (Chief Investment Officer) who also manages other flagship schemes such as Mirae Asset Large Cap Fund and Mirae Asset Emerging Bluechip Fund.<\/span><\/p>\n<h4><b>Performance Snapshot:<\/b><\/h4>\n<a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/01\/elss-1.png\"><img loading=\"lazy\" class=\"alignnone size-full wp-image-17416\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/01\/elss-1.png\" alt=\"Tax saving ELSS\" width=\"518\" height=\"186\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/01\/elss-1.png 518w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/01\/elss-1-300x108.png 300w\" sizes=\"(max-width: 518px) 100vw, 518px\" \/><\/a>\n<p><span style=\"font-weight: 400;\">While 4 years is a short time to evaluate the consistency of performance of an equity fund, we can take a look at another similar fund, Mirae Asset Large Cap Fund that Neelesh Surana has been managing since Apr-2008.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There is a 77% portfolio overlap between Mirae Asset Tax Saver and Mirae Asset Large Cap Fund, and hence the latter can be considered a good proxy for understanding the potential of Mirae Asset Tax Saver.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On a 3-year rolling return basis, the Mirae Asset Large Cap Fund has outperformed the Nifty 100 TRI 100% of the time with an average outperformance of ~5.3%.<\/span><\/p>\n<a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/01\/elss-2.png\"><img loading=\"lazy\" class=\"alignnone size-full wp-image-17417\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/01\/elss-2.png\" alt=\"Tax saving ELSS\" width=\"639\" height=\"237\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/01\/elss-2.png 639w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/01\/elss-2-300x111.png 300w\" sizes=\"(max-width: 639px) 100vw, 639px\" \/><\/a>\n<p><span style=\"font-weight: 400;\">Also since its inception in April 2008, Mirae Asset Large Cap Fund has delivered outperformance of ~5.3% (15.6% CAGR vs 10.3% Nifty 100)<\/span>\u00a0based on point-to-point returns.<\/p>\n<p><span style=\"font-weight: 400;\">Mirae Asset Tax Saver, given its small size and no market cap restrictions also has the advantage of taking higher exposure to mid\/small caps if required. Currently, this tax saving ELSS fund has around 30% in mid and small caps (vs 15% in Mirae Asset Large Cap fund). This gives the fund a possible potential for higher outperformance.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The performance data also alludes to this as shown in the below table<\/span><\/p>\n<a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/01\/elss-3.png\"><img loading=\"lazy\" class=\"alignnone size-full wp-image-17418\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/01\/elss-3.png\" alt=\"Mirae Asset Large Cap fund table\" width=\"517\" height=\"182\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/01\/elss-3.png 517w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/01\/elss-3-300x106.png 300w\" sizes=\"(max-width: 517px) 100vw, 517px\" \/><\/a>\n<h4><b>About the fund manager<\/b><\/h4>\n<p><strong>Neelesh Surana &#8211; Chief Investment Officer\u00a0<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">He joined Mirae Asset in 2008. In his capacity as CIO, Neelesh spearheads the research and fund management functions. An engineering graduate with an MBA in Finance, Neelesh has over 24 years of experience in equity research and portfolio management.<\/span><\/p>\n<h4><b>Investment Approach<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">The investment approach is centred around participating in high-quality businesses up to a reasonable price and holding the same over an extended period of time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The scheme tries to identify companies which have a sustainable competitive advantage \u2013 stocks which have strong pricing power and are sector leaders.<\/span><\/p>\n<h4><b>Portfolio Positioning<\/b><\/h4>\n<p><b>Overweight:<\/b><span style=\"font-weight: 400;\"> Pharma (6.5%), Textiles (3.7%)<\/span><\/p>\n<p><b>Underweight:<\/b><span style=\"font-weight: 400;\"> Financials (36.6%), Energy (11.2%), Telecom (0%)<\/span><\/p>\n<h4><b>Multicap portfolio with large cap bias<\/b><\/h4>\n<a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/01\/elss-4.png\"><img loading=\"lazy\" class=\"alignnone size-full wp-image-17419\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/01\/elss-4.png\" alt=\"Market cap allocation pie chart\" width=\"332\" height=\"311\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/01\/elss-4.png 332w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/01\/elss-4-300x281.png 300w\" sizes=\"(max-width: 332px) 100vw, 332px\" \/><\/a>\n<h4><b>Well Diversified portfolio<\/b><\/h4>\n<ul>\n<li style=\"font-weight: 400;\"><b>Total Number of Stocks <\/b><span style=\"font-weight: 400;\">&#8211; 56<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Top 10<\/b><span style=\"font-weight: 400;\"> &#8211; contribute to ~48% of the portfolio\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Top 20 <\/b><span style=\"font-weight: 400;\">&#8211; contribute to ~71% of the portfolio\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Top 3 Sectors<\/b><span style=\"font-weight: 400;\"> &#8211; Financials, Energy and FMCG. They contribute to ~58% of the portfolio<\/span><\/li>\n<\/ul>\n<div class=\"blog-highlight\" style=\"clear: both; background: #ff6600; border: none; width: 60%; text-align: center; box-shadow: 0 5px 5px rgba(0, 0, 0, 0.5);\"><a style=\"text-decoration: none;\" href=\"https:\/\/www.fundsindia.com\/content\/jsp\/investor\/MFBuy.do?actn=add&amp;SchemeExplorer=T&amp;method=showScreen&amp;bSchmId=33536&amp;from=main&amp;schemeId=33536&amp;?utm_source=blog&amp;utm_medium=referral\" target=\"_blank\" rel=\"noopener\"> <span style=\"color: #fff; font-weight: bold;\">Invest in Mirae Asset Tax Saver Fund Now!\u00a0<\/span><\/a><\/div>\n<h4><b>2. Axis Long Term Equity Fund &#8211; Focused fund with a Quality bias<\/b><\/h4>\n<h4><b>Why?<\/b><\/h4>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Positioned to play the \u2018Quality\u2019 style of investing &#8211; High portfolio ROCE at ~20%<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Fund manager with long term track record &#8211; 17 years of equity experience (11.5 years as a fund manager)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Consistent performer &#8211; 7.1% CAGR outperformance over the Nifty 200 TRI since 29 Dec 2009<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Investment style &#8211; Quality + Growth<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Multicap portfolio with large cap bias &#8211; 75% in large caps<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Concentrated portfolio with 30-35 stocks<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Buy and Hold strategy &#8211; ~75% of the current portfolio of stocks has been held for more than 5 years\u00a0<\/span><\/li>\n<\/ul>\n<h4><b>Snapshot<\/b><\/h4>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Fund Manager \u2013 Jinesh Gopani, Head (Equity), <a href=\"https:\/\/www.fundsindia.com\/a\/axis-mutual-funds\" target=\"_blank\" rel=\"noopener\">Axis Mutual Fund<\/a><\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Fund Launch &#8211; 29 Dec 2009 (10-year track record)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">AUM \u2013 INR 21,492 Crores<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Market Cap Allocation \u2013 75% Large cap \/ 23% Midcap \/ 2% Smallcap<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">1yr \/ 3yr Returns (CAGR) \u2013 14.8% \/ 16.2%<\/span><\/li>\n<\/ul>\n<h4><b>An experienced Fund manager with a proven track record<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Jinesh Gopani, Head &#8211; Equity of Axis Mutual Fund, has been managing this tax saving ELSS fund for nearly 9 years since Apr-11. As head of the equity investment division, he also manages other key funds like Axis Focused 25 and Axis Growth Opportunities.<\/span><\/p>\n<h4><b>Performance snapshot<\/b><\/h4>\n<a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/01\/elss-5.png\"><img loading=\"lazy\" class=\"alignnone size-full wp-image-17420\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/01\/elss-5.png\" alt=\"Axis Long Term Equity Fund table\" width=\"512\" height=\"185\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/01\/elss-5.png 512w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/01\/elss-5-300x108.png 300w\" sizes=\"(max-width: 512px) 100vw, 512px\" \/><\/a>\n<p><span style=\"font-weight: 400;\">On a 3-year rolling return basis, Axis Long Term Equity Fund has outperformed the Nifty 200 TRI 86% of the time with an average outperformance of ~7.0%.<\/span><\/p>\n<a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/01\/elss-6.png\"><img loading=\"lazy\" class=\"alignnone size-full wp-image-17421\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/01\/elss-6.png\" alt=\"Tax saving ELSS\" width=\"631\" height=\"208\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/01\/elss-6.png 631w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/01\/elss-6-300x99.png 300w\" sizes=\"(max-width: 631px) 100vw, 631px\" \/><\/a>\n<p><span style=\"font-weight: 400;\">As seen above, the fund has fallen relatively lower than the index during periods of market declines, indicating the high-quality nature of the portfolio.<\/span><\/p>\n<a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/01\/elss-7.png\"><img loading=\"lazy\" class=\"alignnone size-full wp-image-17422\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/01\/elss-7.png\" alt=\"Tax saving ELSS\" width=\"627\" height=\"241\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/01\/elss-7.png 627w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/01\/elss-7-300x115.png 300w\" sizes=\"(max-width: 627px) 100vw, 627px\" \/><\/a>\n<h4><b>About the fund manager<\/b><\/h4>\n<p><strong>Jinesh Gopani &#8211; Head (Equity)<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">He joined Axis Mutual Fund in 2009 as Senior Fund Manager. In 2016 he was promoted as Head &#8211; Equity, responsible for the entire equity investment division of Axis Mutual Fund. Jinesh, a post-graduate with MBA in Finance, has over 17 years of experience in equity research and portfolio management.<\/span><\/p>\n<h4><b>Investment Approach<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">The fund follows the Quality style of investing \u2013 investing in high-quality growth companies. The fund takes a very focused approach of investing in 30-35 stocks.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The fund manager\u2019s expertise in picking high-quality businesses with relatively high growth potential can be seen from the proven track record of more than 10 years.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The fund also follows a buy and hold strategy with low portfolio churn. This is evident from the fact that the fund\u2019s Oct-19 portfolio retains 75% of the portfolio stocks it held 5 years back (Oct-14).<\/span><\/p>\n<h4><b>Portfolio Positioning<\/b><\/h4>\n<p><b>Overweight: <\/b><span style=\"font-weight: 400;\">Financials (41.0%),<\/span> <span style=\"font-weight: 400;\">Consumer Goods (16.8%), IT (13.4%), Automobile (9.4%)<\/span><\/p>\n<p><b>Underweight: <\/b><span style=\"font-weight: 400;\">Energy (3.4%), Pharma (1.4%), Construction (1.2%), Cement (0%), Metals (0%), Telecom (0%)<\/span><\/p>\n<h4><b>Multicap portfolio with large cap bias<\/b><\/h4>\n<a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/01\/elss-8.png\"><img loading=\"lazy\" class=\"alignnone size-full wp-image-17423\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/01\/elss-8.png\" alt=\"Market cap allocation pie chart\" width=\"284\" height=\"305\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/01\/elss-8.png 284w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/01\/elss-8-279x300.png 279w\" sizes=\"(max-width: 284px) 100vw, 284px\" \/><\/a>\n<h4><b>Concentrated Portfolio<\/b><\/h4>\n<ul>\n<li><b>Total Number of Stocks <span style=\"font-weight: 400;\">&#8211; 32<\/span><\/b><\/li>\n<li><strong>Top 10<\/strong><span style=\"font-weight: 400;\"> &#8211; contribute to ~66% of the portfolio\u00a0<\/span><\/li>\n<li><strong>Top 20<\/strong><span style=\"font-weight: 400;\"> &#8211; contribute to ~91% of the portfolio<\/span><\/li>\n<li><b>Top 3 Sectors <\/b><span style=\"font-weight: 400;\">&#8211; Financials, Services and Automobile. They contribute to ~63% of the portfolio<\/span><\/li>\n<\/ul>\n<div class=\"blog-highlight\" style=\"clear: both; background: #ff6600; border: none; width: 60%; text-align: center; box-shadow: 0 5px 5px rgba(0, 0, 0, 0.5);\"><a style=\"text-decoration: none;\" href=\"https:\/\/www.fundsindia.com\/content\/jsp\/investor\/MFBuy.do?actn=add&amp;SchemeExplorer=T&amp;method=showScreen&amp;bSchmId=8408&amp;from=main&amp;schemeId=8408&amp;?utm_source=blog&amp;utm_medium=referral\" target=\"_blank\" rel=\"noopener\"> <span style=\"color: #fff; font-weight: bold;\">Invest in Axis Long Term Equity Fund Now!\u00a0<\/span><\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>With the tax-return filing season just a few months away, check out the tax saving\u00a0ELSS funds for reducing your tax outgo. You can shortlist one or two funds from fund houses of established pedigree based on their long-run performance track record and a belief in their investment strategy. Here we review two tax saving ELSS [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":17438,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[506,6,509],"tags":[348,201,23,171,517,289,516,518,205,133,255],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>ELSS Options for Tax Saving<\/title>\n<meta name=\"description\" content=\"With the tax-return filing season just a few months away, check out various options of tax saving ELSS funds for reducing your tax outgo.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fundsindia.com\/blog\/research-desk\/elss-options-for-tax-saving\/17415\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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