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Citrus Analysis: Should you remain invested in the infrastructure funds?

Fri, Nov 02, 2012

Source : Shoaib Zaman, Citrus Interactive

Year 2004 saw the start of a new class of thematic funds which later emerged as an important category within the mutual fund industry—infrastructure funds. The significance of this category can be gauged from the fact that the combined assets under management (AUM) of the 22 funds belonging to this category currently stands at nearly Rs 12,500 crore (as on September 30, 2012).

Evolution of the category

The first infrastructure fund was launched by UTI Mutual Fund in April 2004. This fund, called UTI Basic Industries, was able to muster only Rs 62 crore at launch. In April 2006, it was rechristened UTI Infrastructure.

Tata Mutual Fund was the next fund house to launch an infrastructure fund in December 2004. It was able to raise Rs 760 crore at launch, an impressive figure for those times.

In 2005 the third fund in this category, ICICI Prudential Infrastructure, was launched. It garnered an even higher Rs 1,423 crore at launch. This fund was benchmarked against the CNX infrastructure Index.

In July 2007 SBI Infrastructure Series 1 was launched. This was a close-ended fund which garnered Rs 3,286 crore. In the bear market of 2008, the fund fell by a humongous 60 per cent. The fund went open-ended in July 2010. Also in July 2012 the fund’s benchmark was changed from BSE 100 to CNX Infrastructure.

The bull market of 2007 was the high water mark for infrastructure funds. That year the maximum five funds were launched. Together they raised Rs 3,566 crore from investors.

In 2009, when the UPA government came back to power after the general election, investor sentiment rose to a new high. To tap this optimistic mood, Reliance AMC came out with its open-ended infrastructure fund and collected Rs 2,350 crore.

Scheme Name	Inception Date	Corpus Raised (Rs cr)	Benchmark Index
SBI Infrastructure	06-Jul-2007	3,286	CNX Infrastructure
Reliance Infrastructure	20-Jul-2009	2,294	BSE-100
HDFC Infrastructure	10-Mar-2008	1,608	S&P CNX 500
ICICI Pru Infrastructure	31-Aug-2005	1,423	CNX Infrastructure
Tata Infrastructure	31-Dec-2004	767	S&P CNX 500
Birla SL Infrastructure	17-Mar-2006	610	S&P CNX Nifty
Sundaram-Select Thematic Funds-CAPEX (D)	29-Sep-2005	421	BSE Capital Goods
PineBridge Infra & Eco Reform	25-Feb-2008	383	BSE-100
Religare Infrastructure	24-Oct-2007	222	CNX Infrastructure
Sundaram-Select Thematic Funds-CAPEX (G).	29-Sep-2005	207	BSE Capital Goods
Franklin Build India	04-Sep-2009	198	S&P CNX 500
DSPBR India T.I.G.E.R	11-Jun-2004	173	BSE-100
LIC Nomura MF Infra	24-Mar-2008	164	BSE-100
Canara Robeco Infrastructure	02-Dec-2005	143	BSE-100
IDFC Infrastructure	08-Mar-2011	93	CNX Infrastructure
UTI Infrastructure	07-Apr-2004	57	BSE-100
Taurus Infrastructure	05-Mar-2007	45	BSE-200
BOI AXA Focused Infra	05-Mar-2010	43	CNX Infrastructure
Baroda Pioneer Infrastructure	22-Jun-2010	35	CNX 100
Sahara Infra Fund-Fixed Pricing	10-Mar-2006	35	S&P CNX Nifty
Escorts Infrastructure Fund	26-Aug-2007	14	S&P CNX Nifty
L&T Infrastructure Fund	27-Sep-2007	1	S&P CNX Nifty

Performance

In 2011, when the markets fell (the BSE Sensex declined -24.83 per cent), infrastructure funds too took a beating. These funds bottomed out in December 2011 and have been on the upswing since then.

Let us now turn to the past performance of these funds.

In 2005 there were only three funds in this category. That year the category average return of 53.68 was superior to the returns yielded by CNX Infrastructure 43.59 per cent.

By 2006, there were five funds in this category. The category average return (54.34 per cent) that year was lower than the return given by the CNX Infrastructure Index (55.55 per cent). That year's best performer was UTI Infrastructure Fund (61.38 per cent). The biggest laggard was the newly-launched Canara Robeco Infrastructure Fund (34.27 per cent).

In 2007 the category average return (83.32 per cent) was again lower than that of the CNX Infrastructure Index (94.44 per cent). In fact all nine funds underperformed the CNX Infrastructure. ICICI Infrastructure Fund (92.23 per cent) was the star performer that year, closely followed by Canara Robeco Infrastructure (90.27). UTI Infrastructure (71.34 per cent) was the laggard.

In 2008, the markets tanked and the CNX Infrastructure Index fell the most among the leading indexes. That year the category average return gave returns of -59.31 per cent, the CNX Infrastructure Index gave -57.40 per cent, while the Nifty gave a return of -51.84 per cent. The fund that fell the least was ICICI Infrastructure (-51.71 per cent) while the worst performer was Taurus Infrastructure (-66.04 per cent).

In the bull market of 2009, the previous year’s laggard, Taurus Infrastructure, produced the best performance (up 121 per cent). The laggard in 2009 was Escorts (49.37 per cent). The category average return for the year was 77.37 per cent, nearly double the return produced by the CNX Infrastructure Index. Among the major indices, BSE 200 gave the best return of 83.95 per cent.

In 2011 the market went through a bear phase. That year Canara Robeco Infrastructure (-20.48 per cent) was the best performer while Escorts Infrastructure (-47.72 per cent) was the worst. The category average return was -34.06 per cent, which was better than the return produced by the CNX Infrastructure Index (-38.63 per cent). Among the major indexes, the best performer that year was S&P CNX Nifty with a return of -24.68 per cent.

This year till September 30, 2012, the best-performing fund was HDFC Infrastructure: it went up by 42.13 per cent. The laggard was IDFC Infrastructure (up 14.62 per cent), launched in 2011. The category average return this year has been 31.25 per cent, which is better than the return of the CNX Infrastructure (26.01 per cent). Among the major indexes, S&P CNX 500 (35.05 per cent) has been the best performer this year.

Among the top 10 funds which have given the best returns since inception all funds were launched before 2007, the only exception being Franklin Build India Fund (which was launched in 2009).

Scheme Name	Since Inception Returns (%)	Launch Date
DSPBR India T.I.G.E.R	19.09	Jun-2004
Tata Infrastructure	14.78	Dec-2004
ICICI Pru Infrastructure	14.51	Aug-2005
UTI Infrastructure	14.39	Apr-2004
Canara Robeco Infrastructure	12.59	Dec-2005
Sundaram-Select Thematic Funds-CAPEX (G)	9.02	Sep-2005
Sundaram-Select Thematic Funds-CAPEX (D)	8.28	Sep-2005
Franklin Build India	7.51	Sep-2009
Birla SL Infrastructure	6.65	Mar-2006
Sahara Infra Fund-Fixed Pricing	5.02	Mar-2006

If one looks at the five-year returns of infrastructure funds, all the funds belonging to this category have given negative returns. The best-performing fund over this time span is Canara Robeco Infrastructure, with a return of -0.94 per cent. It is followed by ICICI Infrastructure with a return of -2.47 per cent. Over this period the CNX Infrastructure Index gave a return of -13 per cent.

Number of funds in the year	3	7	9	13	17	19	21	22
Scheme Name	2005	2006	2007	2008	2009	2010	2011	2012*
UTI Infrastructure	57.38	61.38	71.34	-56.79	62.85	0.89	-36.66	37.18
DSPBR India T.I.G.E.R	53.75	52.61	82.25	-58.37	72.52	13.78	-32.73	38.96
Tata Infrastructure	49.90	60.53	83.70	-57.90	71.89	9.06	-34.81	36.25
ICICI Pru Infrastructure		58.73	92.23	-51.71	64.91	9.98	-31.09	27.55
Sundaram-Select Thematic Funds-CAPEX		56.34	89.72	-62.55	87.44	5.12	-39.79	27.26
Sundaram-Select Thematic Funds-CAPEX		56.50	85.44	-63.23	90.23	4.10	-40.68	27.76
Canara Robeco Infrastructure		34.27	90.27	-59.34	84.82	11.75	-20.48	29.85
Sahara Infra Fund-Fixed Pricing			80.77	-55.00	80.43	-0.14	-32.29	33.48
Birla SL Infrastructure			74.16	-60.64	92.48	9.75	-35.05	40.44
Taurus Infrastructure				-66.04	121.36	11.45	-34.07	31.88
SBI Infrastructure				-60.99	70.93	1.83	-33.15	22.77
Escorts Infrastructure				-61.33	49.37	0.93	-47.72	23.77
L&T Infrastructure					67.56	6.28	-35.50	34.06
Religare Infrastructure				-57.19	60.53	9.28	-29.40	26.28
PineBridge Infra & Eco Reform					87.06	9.77	-21.92	24.46
HDFC Infrastructure					91.57	15.22	-36.25	42.13
LIC Nomura MF Infra					59.42	8.35	-35.20	30.37
Reliance Infrastructure						-5.27	-46.05	30.25
Franklin Build India						11.90	-24.70	39.82
BOI AXA Focused Infra							-31.93	20.40
Baroda Pioneer Infrastructure							-35.76	22.61
IDFC Infrastructure								14.62
Average of category	53.68	54.34	83.32	-59.31	77.37	7.05	-33.97	31.25
Category: Benchmark
BSE Capital Goods	94.01	56.62	116.41	-65.00	95.39	9.20	-47.76	50.58
BSE-100	38.47	41.10	59.34	-55.49	80.59	15.66	-25.79	33.31
BSE-200	33.91	39.71	60.03	-56.73	83.95	16.22	-27.02	34.29
CNX 100	34.64	38.15	57.14	-53.81	78.53	17.91	-25.87	34.35
CNX Infrastructure	43.59	55.55	94.44	-57.40	35.87	-4.01	-38.63	26.01
S&P CNX 500	36.37	34.10	62.08	-57.36	83.65	14.13	-27.25	35.05
S&P CNX Nifty	36.46	39.96	54.40	-51.84	71.71	17.95	-24.68	32.37

Appendix

Different flavours of infrastructure funds

There are three more infrastructure funds but their mandate and scope are different, hence they have been mentioned separately below:

Tata Growing Economies Infrastructure: This scheme from Tata AMC, which was launched in March 2008, invests in companies belonging to infrastructure and other related sectors in the world's growing economies, including India.

This fund has two plans. Plan A's mandate is to invest at least 51 per cent of its net assets in geographies outside India. In case of Plan B, the majority of the fund's net assets are invested in India.

The two plans also have different benchmarks. Plan A's benchmark is MSCI Emerging Market Index for 70 per cent of net assets and BSE Sensex for 30 per cent of net assets. For Plan B the benchmark is BSE Sensex for 65 per cent of net assets and MSCI Emerging Market Index for 35 per cent of net assets.

Scheme Name	1 Year	3 Years	YTD	2009	2010	2011	2012*
Tata Grow Economies Infra Fund-A(G)	8.16	4.81	17.57	70.54	8.50	-12.10	17.57
Tata Grow Economies Infra Fund-B(G)	3.45	-0.05	19.38	79.55	7.11	-25.34	19.38
CNX Infrastructure	-7.46	-9.20	20.86	35.87	-4.01	-38.63	20.86
BSE SENSEX	3.49	5.05	23.46	76.63	17.43	-24.70	23.46
S&P CNX Nifty	4.39	5.91	25.69	71.71	17.95	-24.68	25.69

Tata Indo Global Infrastructure: This fund's mandate is to invest 65-85 per cent of its portfolio in domestic securities belonging to infrastructure and related sectors. It invests 15-35 per cent of its portfolio in foreign securities.

The benchmarks for this fund are S&P CNX 500 for 65 per cent of the portfolio and MSCI World Index for 35 per cent of the portfolio.

Based on current global economic outlook and estimates of infrastructure spending, the fund managers expect to focus on investment opportunities in Asia Pacific region (including India), Europe, Latin America and other growing economies. The portfolio of overseas securities is managed by a dedicated fund manager. While selecting the securities, the fund manager has the freedom to rely on inputs from internal research or external agencies in various geographies.

Scheme Name	1 Year	3 Years	YTD	2009	2010	2011	2012*
Tata Indo-Global Infra Fund(G)	2.18	-1.07	19.15	65.65	7.12	-25.61	19.15
CNX Infrastructure	-7.46	-9.20	20.86	35.87	-4.01	-38.63	20.86
BSE SENSEX	3.49	5.05	23.46	76.63	17.43	-24.70	23.46
S&P CNX Nifty	4.39	5.91	25.69	71.71	17.95	-24.68	25.69

Goldman Sachs Infra BeES: Launched in September 2010, Goldman Sachs Infra BeES is an exchange traded fund (ETF), which aims to provide returns, before expenses, that closely correspond to its benchmark, the CNX Infrastructure Index. A passively managed fund, its portfolio will replicate the benchmark (invest in the same companies and in the same proportion).

Scheme Name	1 Year	SINCE INCEPTION	YTD	2011	2012*
GS Infra BeES	-7.34	-18.24	21.32	-38.64	21.32
CNX Infrastructure	-7.46	-18.25	20.86	-38.63	20.86
BSE SENSEX	3.49		23.46	-24.70	23.46
S&P CNX Nifty	4.39		25.69	-24.68	25.69

Anomaly in benchmarking

Of the 22 funds that are actively managed and invest in India, only five funds are benchmarked against CNX Infrastructure Index, the most appropriate index for this category. The other 17 funds are benchmarked against broader indexes such as BSE 100, CNX 100, S&P CNX 500 and S&P CNX NIFTY, which strikes one as anomalous. Two funds, both from the same fund house (mentioned below), are benchmarked against the BSE Capital Goods Index, a rather narrow index for benchmarking the performance of an infrastructure fund.

Six funds have benchmarked themselves against the BSE-100 Index: Canara Robeco Infrastructure Fund (G), DSPBR India T.I.G.E.R Fund (G), LIC Nomura MF Infra Fund (G), PineBridge Infra & Eco Reform Fund (G), Reliance Infrastructure Fund (G) and UTI Infrastructure Fund (D).

Taurus Infrastructure Fund (G) is the only fund which is benchmarked against BSE 200.

Baroda Pioneer Infrastructure Fund (G) is the only fund benchmarked against CNX 100.

Sundaram CAPEX is the only fund that is benchmarked against the BSE Capital Goods Index, which, as we said above, is a rather narrow index for benchmarking the performance of an infrastructure fund.

The three funds that are benchmarked against S&P CNX 500 are Franklin Build India Fund (G), HDFC Infrastructure Fund (G), and Tata Infrastructure Fund (G).

Several infrastructure funds are benchmarked against the S&P CNX Nifty: Birla SL Infrastructure Fund (G), Escorts Infrastructure Fund (G), L&T Infrastructure Fund (G), and Sahara Infra Fund-Fixed Pricing (G).

Benchmarking an infrastructure fund against such indexes as the S&P CNX Nifty, CNX 100, BSE 100 and S&P CNX 500, which include stocks from a wide range of sectors, is also conceptually not right.

Only five funds are benchmarked against the CNX Infrastructure Index, the most appropriate benchmark for this category. These funds are BOI AXA Focused Infra Fund (G), ICICI Pru Infrastructure Fund (G), IDFC Infrastructure-A (G), Religare Infrastructure Fund (G) and SBI Infrastructure Fund-I (G).

Conceptual query

One of the biggest issues for anyone studying infrastructure funds is the exact definition of what comprises infrastructure. In fact, there are big discrepancies in the various definitions of infrastructure used by the different departments of the government: http://infrastructure.gov.in/pdf/doi.pdf .

The investment objectives of most mutual fund schemes in this category do not spell out explicitly which sectors fall within the ambit of infrastructure.

To give you a sense of the latitude that infrastructure funds enjoy, we have given the mandates of a few funds below.

DSP BlackRock India T.I.G.E.R. Fund (TIGER stands for The Infrastructure Growth and Economic Reforms): This fund enjoys the latitude to invest in Power, Banking & Finance, Telecom, Oil & Gas, Pharmaceuticals, Media, Fertilizers, Travel & Tourism, Cement, Engineering, Metals and Auto.

Sundaram-Select Thematic Funds-CAPEX’s mandate is to focus on beneficiaries of infrastructure/capex spend story in India under normal circumstances. This does not clearly state which sectors are out of bounds for the fund.

The newly launched IDFC Infrastructure states that it will buy stocks that are covered under the definition of infrastructure by RBI/World Bank.

Given below are the sectors that are constituents of the CNX Infrastructure Index.

	CNX Infrastructure Sep-2012
Construction Project	36.42
Power	27.51
Telecom – Services	16.28
Industrial Capital Goods	12.96
Construction	4.70
Transportation	2.13

CITRUS ANALYSIS

INFRASTRUCTURE

MUTUAL FUND

INFRASTRUCTURE FUNDS

SHOAIB ZAMAN

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The Registered Users and Viewers understand and agree that the courts of New Delhi, India shall have the exclusive jurisdiction to resolve any controversy or claim of whatever nature arising out of or relating to use of the Website or the information, statements, opinions, products, services and materials contained, provided, posted or expressed in the Website and the laws of India shall govern such dispute or claim. However, the Operators retain the right to bring legal proceedings in any jurisdiction where they believe that infringement of the Terms of Use and/or the Disclaimer is taking place or originating.

Waiver

The failure of the Operators to enforce any provision of these Terms of Use and Disclaimer shall not be deemed a waiver of such provision nor of the right to enforce such provision.

No Privity of Contract

The Registered Users and Viewers expressly agree and understand that nothing contained in the Website or the Terms of Use or the Disclaimer contained herein shall be deemed or may be construed to create a privity of contract between the Registered Users or the Viewers and the Operators.

Entire Understanding

These Terms of Use and Disclaimer contain the entire understanding between the Registered Users and Viewers of the Website and the Operators with respect to this Website and supersedes all prior understandings (written or verbal), representations and negotiations and shall not be modified or affected by any course of dealing or course of performance. In case any term of the Terms of Use and/or Disclaimer is declared invalid or unenforceable for any reason whatsoever, by a court of competent jurisdiction, such term shall, insofar as it is severable from the remaining terms, be deemed omitted from the Terms of Use and Disclaimer and shall in no way affect the legality, validity or enforceability of the remaining terms.

All rights not expressly granted herein are reserved.

I have carefully read the terms and conditions mentioned in the Disclaimer above and hereby agree to be bound by the terms and conditions outlined therein. I fully understand that by using this website I shall convey my acceptance to be bound by the terms and conditions contained in this disclaimer. I am also aware that in case I am not willing to be bound by the above mentioned terms and conditions I should not be using this website.

Citrus Advisors
501, Royyal Chambers
OppJuhuMillenium Club
Gulmohur Road
JVPD Scheme, Juhu
Mumbai 400049
Tel: +91 22 2620 1957
E-Mail Us :
jeni.shukla@citrusadvisors.com,
sanjay.singh@citrusadvisors.com,
shoaib.zaman@citrusadvisors.com.

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