Since its inception in 1993, the scheme has witnessed several high and low phases in the markets. It has largely managed to stay ahead of its benchmark – S&P SENSEX 100 by focussing on quality companies that exhibit strong management and corporate governance standards, in addition to robust business models. “Within that particular set, the fund now has a value bias where we look for companies that offer more margin of safety in terms of valuations. To further narrow down the company list, the fund looks for companies where there is positive change at the margin in terms of business fundamentals,” says Dinesh Balachandran, fund manager, SBI Magnum TaxGain.