Kotak 50 (erstwhile Kotak 30) was in the just-aboutaverage to below-average category until a couple of years ago. However, a change of fund manager and the philosophy of the fund have apparently helped. After having been rated as Silver for seven consecutive quarters since June 2009, the fund finally made it to the Platinum rating for the first time this quarter. It will be interesting now to watch as to how long the fund would be able to maintain this ranking.

LIC Nomura MF Growth Fund, considered as one of the laggards in the equity-diversified category of funds, surprised many this quarter, by cushioning its fall better than its peers. It has finally moved up in our ratings to Gold for the first time after languishing in the bronze category for ages. A tie-up with the Japanese financial services group Nomura appears to be finally working in its favour.

DSPBR Micro0cap made an impressive debut in the ET Mutual Fund Tracker's Platinum category a few quarters ago. However, the fund could not sustain it and dropped to the Silver category perhaps because of its high-risk quotient. However, it would be difficult to overlook the fact that since 2008, this fund has been providing good returns. Given its track-record, there is a fair chance that the scheme may claw back and make it to the top spot

IDFC Equity (earlier Premier Equity) debuted in the ET Quarterly MF ratings as an outstanding performer and swiftly moved up the rankings to the Platinum grade in just about two quarters. The fund then featured consistently in the Platinum grade for the next six quarters. This time, however, there has been a surprise, with the fund slipping in performance. This may be just a blip. The fund could well be a dark horse in the ET MF Tracker sweepstakes.