The Fidelity Tax Advantage Fund has bagged the CNBC-TV18-CRISIL Mutual Fund award in the equity linked savings scheme category. The CRISIL award is based on the consistency of the schemes performance in the four quarterly CRISIL CPR rankings released during the calendar year 2008.
This is the only scheme to win in this category among 19 schemes which were eligible for the award. The criteria used in computing the CRISIL Composite Performance Rank are Superior Return Score, Portfolio Concentration and Portfolio Liquidity of the scheme. This is the second award for the Fidelity Tax Advantage Fund this year. Earlier, the Fund won the ICRA 7-Star Gold Award 2009. Past performance is no guarantee of future results. The Fidelity Tax Advantage Fund has performed excellent in its benchmark.
Ashu Suyash, Managing Director and Country Head of India, Fidelity International, said, "We are delighted with the CRISIL award as it recognizes consistency of performance. At Fidelity, our focus is on delivering consistent performance and risk adjusted returns based on our investment philosophy of bottom-up stock picking underpinned by research."
The selection for the awards is based on the CRISIL FundServices Composite Performance Ranking (CRISIL~CPR) methodology.
The CRISIL Composite Performance Ranking (CRISIL~CPR) is a quarterly ranking of mutual fund schemes based on two year performance (excepting for the liquid and short term debt categories where a one year performance horizon is considered). The methodology is based on global best practices, customised to account for Indian market nuances. Over time, the rankings have become the industry standard with good acceptance among Investors, Fund Intermediaries, Asset Management Companies, etc. The performance criteria covers not only risk adjusted returns, which are historical, but also the portfolio constitution to make the analysis forward looking.
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