Bank of India MANUFACTURING and Infrastructure Fund
Direct · GrowthAI Summary
The fund has delivered strong SIP XIRR across horizons, including 21.46% over 1Y and 23.2% over 3Y, consistently outpacing the category average SIP XIRR by roughly 6.8 to 10.9 percentage points (e.g., 23.2% vs 16.16% over 3Y). Against the NIFTY 50, it has generated substantial alpha, ranging from 6.63% over 15Y to 17.52% over 1Y, with a 5Y lump-sum CAGR of 19.39% versus just 5.16% for the benchmark. This outperformance spans nearly all time periods, demonstrating sustained competitive strength rather than a short-term spike.
The fund exhibits disciplined downside behavior, with beta consistently below 1 (0.80 to 0.94 in most windows) and downside capture ranging from 73.24% to 91.31%, meaning it loses less than the NIFTY 50 in falling markets. Six drawdown events exceeding 10% reflect the inherent volatility of a sectoral/thematic mandate, and the maximum drawdown period of 798 days with a 282-day recovery indicates investors may need patience during prolonged weak phases. Positive alpha across all windows of 6.63% to 17.52% indicates strong risk-adjusted returns despite this cyclicality.
The 48-stock portfolio is anchored by Larsen & Toubro (8.18%), NTPC (7.16%), and Reliance Industries (7.01%), with the top three holdings comprising over 22% of NAV. Sector allocation is well spread for a thematic fund, led by Pharmaceuticals & Biotechnology (13.6%) and Construction (12.9%), followed by Power (7.2%) and Petroleum Products (7.0%). The presence of quality mid-caps like Lloyds Metals and Stylam Industries alongside blue-chips balances stability with growth potential.
The fund's SIP XIRR exceeds the category average in every horizon — for instance, 22.84% vs 17.43% over 5Y and 21.02% vs 16.43% over 10Y — placing it clearly in the top tier of sectoral/thematic peers. Consistency is impressive, with positive calendar-year returns in 12 of 14 years since 2013, though the sharp losses in 2018 (-22.05%) and 2013 (-8.29%) show vulnerability in weak cycles. The return stream also displays the high dispersion typical of thematic funds, with years ranging from -22.05% to +56.78%.
This fund suits aggressive investors seeking concentrated exposure to India's manufacturing and infrastructure growth themes, ideally as a satellite allocation of 10-15% of the portfolio rather than a core holding. A time horizon of at least 5-7 years is recommended, given the long drawdown durations and cyclical return pattern (e.g., 798 days max drawdown duration). SIP investing is particularly appropriate here, as the 3Y XIRR of 23.2% demonstrates the benefit of rupee-cost averaging through volatile cycles.
- Consistent outperformance vs category SIP XIRR by 6.8-10.9 percentage points across every time horizon from 1Y to 12Y
- Strong alpha versus NIFTY 50 across all windows (up to 17.52% over 1Y and 14.99% over 7Y) with low beta of 0.80-0.94 and favorable downside capture
- Well-diversified 48-stock portfolio with balanced sector exposure and blue-chip anchoring in L&T, NTPC, and Reliance
- Six drawdown events exceeding 10% and a maximum drawdown duration of 798 days highlight prolonged underperformance risk inherent to the thematic mandate
- High calendar-year volatility, including -22.05% in 2018, makes the fund unsuitable for short-term or conservative investors
Generated on 03-11-2026, 4:40 AM. Verify before investing.
Gives more importance to longer time periods (10Y, 20Y) than shorter ones (1Y, 3Y). This balances out recent outperformance and gives a more realistic picture of what long-term returns might look like.
The largest peak-to-trough decline in the fund's NAV. Shows the worst-case loss an investor would have experienced at any point in the fund's history.
If you invested ₹1,00,000 every month via SIP, here's how this fund has historically performed across different time horizons.
| Duration | Invested | Median Value | XIRR | Min XIRR | Max XIRR |
|---|---|---|---|---|---|
| 1 Year | ₹12.00 L | ₹13.05 L | 23.8% | -48.6% | 117.6% |
| 3 Years | ₹36.00 L | ₹47.72 L | 19.7% | -21.6% | 45.4% |
| 5 Years | ₹60.00 L | ₹1.02 Cr | 19.7% | -8.3% | 40.0% |
| 7 Years | ₹84.00 L | ₹1.71 Cr | 20.0% | -1.1% | 31.4% |
| 10 Years | ₹1.20 Cr | ₹3.69 Cr | 21.0% | 15.9% | 25.1% |
| 12 Years | ₹1.44 Cr | ₹5.29 Cr | 20.3% | 18.2% | 22.5% |
SIP returns vs benchmark & category
Annualised SIP return (XIRR) over each rolling horizon — like-for-like, not lump-sum.
| Duration | Fund SIP XIRR | NIFTY 50 | Category avg | Fund edge |
|---|---|---|---|---|
| 1 Year | 23.8% | 14.3% | 10.3% | +9.5% |
| 3 Years | 19.7% | 11.0% | 16.1% | +8.6% |
| 5 Years | 19.7% | 10.4% | 17.2% | +9.3% |
| 7 Years | 20.0% | 10.6% | 16.6% | +9.5% |
| 10 Years | 21.0% | 11.4% | 16.4% | +9.5% |
| 12 Years | 20.3% | 11.3% | 15.8% | +8.9% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 22.2% | 17.1% | -28.7% | 102.8% | 0.60 | 1.88 | 81% | — | — |
| 3 Years | 19.5% | 20.9% | -5.8% | 41.4% | 1.29 | 7.03 | 97% | — | — |
| 5 Years | 18.7% | 17.8% | -0.7% | 38.0% | 1.44 | 16.51 | 100% | — | — |
| 10 Years | 18.9% | 19.1% | 14.8% | 22.2% | 7.79 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +17.17 | 0.86 | 98.0% | 75.1% | 11.5% | -7.6% |
| 3 Years | +13.96 | 1.01 | 108.5% | 91.6% | 21.4% | 7.4% |
| 5 Years | +13.75 | 0.94 | 98.7% | 82.1% | 19.7% | 6.0% |
| 7 Years | +15.12 | 0.80 | 89.0% | 73.2% | 24.7% | 10.4% |
| 10 Years | +9.22 | 0.83 | 89.1% | 78.4% | 19.3% | 10.9% |
| 12 Years | +8.23 | 0.83 | 89.1% | 79.1% | 16.9% | 9.2% |
| 15 Years | +6.66 | 0.87 | 91.9% | 83.3% | 15.8% | 9.6% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | Reliance Industries Limited | 7.11% |
| 2 | NTPC Limited | 4.95% |
| 3 | Larsen & Toubro Limited | 4.87% |
| 4 | ITC Limited | 3.52% |
| 5 | Quality Power Electrical Eqp Ltd | 3.30% |
| 6 | Petronet LNG Limited | 3.19% |
| 7 | Bharti Airtel Limited | 3.10% |
| 8 | Aurobindo Pharma Limited | 2.88% |
| 9 | Dixon Technologies (India) Limited | 2.81% |
| 10 | Vedanta Aluminium Metal Limited | 2.06% |