Mumbai: Fidelity Mutual Fund has bagged three awards for its Fidelity Tax Advantage Fund and Fidelity Equity Fund at the recently held ICRA Mutual Fund awards. The Fidelity Tax Advantage Fund received the ICRA 7-Star Gold Award and the 5-Star Award in the Equity Linked Savings Schemes (ELSS) category for its 3-year performance and 1-year performance respectively as on 31 December 2010.
The Fidelity Tax Advantage Fund has delivered 8.24% CAGR return during a three year period, a notch lower than HDFC’s Tax Saver which posted 9.56% CAGR return. (Source: Accord Fintech).
The Fidelity Equity Fund received the 5-Star Award in the Open Ended Diversified Equity Defensive - Category for its 1-year performance as on 31 December 2010.
The ICRA 7-Star is awarded to the best performing fund in the category and the ICRA 5-Star is awarded to the top 4.6% in terms of performance in the category.
“These awards are recognition of Fidelity’s focus on delivering consistent performance and risk-adjusted returns based on our investment philosophy of bottom-up stock picking. We believe that our funds will continue to remain preferred options for creating wealth for the long term investors,” said, Ashu Suyash, Managing Director and Country Head - India, Fidelity International.
“Our philosophy is to look at the long-term prospects for a business, the scalability of the business model, management track record and valuations. This approach combined with a focus on risk-adjusted returns has contributed significantly to the funds’ long term performance,” said Sandeep Kothari, Portfolio Manager, Fidelity Tax Advantage Fund and Fidelity Equity Fund.
