Beruflich Dokumente
Kultur Dokumente
Issue 7 | Volume 10
( M o n t h l y M a r ke t R e v i e w )
Contents
The First Page
Macro Developments
Fixed Income
Equity Markets
Commodities
Currency Markets
10
Core Schemes
11
Satellite Schemes
15
Scheme Recommendations
16
Model Portfolio
27
Riskometer
29
March
Bhavesh Sanghvi
Executive Vice President & Head Wealth Management & Channels
Macro Developments
All eyes would be on the month of March 2016 as central banks of
most of the major economies in the world are scheduled to have
their respective monetary policy meetings this month. Due to the
existing global turbulences, the outcome of these meetings
would be closely watched by the investors world-wide. European
Central Bank (ECB) in its recent statement has raised the tempo of
its QE (Quantitative Easing) to 80 billion euros per month effective
from April 2016. It was at 60 billion euros (per month) when it has
started this QE almost a year back to stimulate the euro areas
struggling economy. US has hiked its interest rates in the month
of December, 2015 while signalling at further rate hikes based on
the progress of its economy in the coming months. US economy is
believed to be on the growth path and so markets are eagerly
awaiting the outcome of the US fed meeting this month. Bank of
Japan (BoJ) in its monetary policy meeting this month has kept the
key rates unchanged. In a shocking event in the month of January
2016, BoJ has entered into a negative interest rate regime to spur
growth which was not readily accepted by the global markets.
Thus March 2016 would be under scanner for investors worldwide as the outcome of these monetary policy meetings of major
economies might have major impact on the global markets.
US:
With the rate hike announcement by the US Fed in the month of
December 2015, it had set the most awaited rate hike trend for
the US economy. This decision had a major impact on the global
markets and also resulted in the strengthening of US dollar
versus major currencies globally. During this historic
announcement, US Fed had hinted at future rate hikes based on
consistent growth the US economy in the coming months.
Some of the major factors considered to track US economic
growth are the Inflation, unemployment rate, consumer
spending, etc. The current unemployment in the US stands at
4.9 per cent in February 2016, unchanged from the January rate
but was at 5 per cent in the earlier months. Also the Initial claims
for state unemployment benefits declined 18,000 to a
seasonally adjusted 259,000 for the week ended March 5, 2016
and as per the Labour Department announcement; this is the
lowest reading since mid-October 2015. On the inflation aspect,
US Fed policy makers have been closely watching oil price
movements which have significant impact on the inflation in
the US economy. With global oil prices inching up in the last few
weeks, inflation moving back toward feds 2-percent target rate
seems to be possible as the input costs would move up. Added to
this, there seems to be an upward trend on the consumption
front. As per the Personal Income and Outlays report for
January 2016 released by the Bureau of Economic Analysis on in
the last week of February 2016, PCE Price Index in the United
States increased to 109.96 Index Points in January 2016 from
109.73 Index Points in December of 2015. As these factors which
might influence US feds rake hike decision augurs well for a
possible rate hike, US fed policy meeting scheduled this month
would be closely watched by the investors world wide.
Eurozone:
Developments in the euro zone are quickly taking toll on the
global markets. Eurozone has been struggling under sinking
economy and fears of deflation setting in. Adding to these,
Fixed Income
Italy
1.41
1.63
1.42
1.56
1.60
Brazil
15.94
16.09
16.00
16.35
16.49
China
2.91
2.87
2.91
2.79
2.84
India
7.63
7.78
7.78
7.81
7.75
In the Union Budget, lot of emphasis and focus was on the rural
economy and agriculture, with the sector under trouble after
two consecutive years of drought. The government committed
more than Rs. 87,000 crores for the rural sector. There was also
importance given to infrastructure sector, with a higher outlay
committed for roads and highways, on the back of an increased
outlay in the railway budget. This has come at a time when
private sector capex has been quite subdued. However, the
overall capital expenditure is budgeted to grow by around 4 per
cent YoY and revenue expenditure is budgeted to grow at 12 per
cent YoY in FY17.
140.00
120.00
100.00
80.00
60.00
40.00
20.00
0.00
01/Feb/16
0.63
1.00
01/Oct/15
0.47
0.87
01/Dec/15
0.34
0.65
01/Jun/15
0.26
0.65
01/Aug/15
0.11
0.47
01/Apr/15
Germany
France
01/Feb/15
1.78
01/Oct/14
0.27
1.75
01/Dec/14
0.23
1.51
01/Jun/14
0.11
1.76
01/Aug/14
0.05
1.53
01/Apr/14
-0.06
01/Feb/14
Japan
Spain
01/Oct/13
2.31
1.99
01/Dec/13
2.03
1.67
01/Jun/13
1.93
1.56
01/Aug/13
1.78
1.44
01/Apr/13
1.74
1.34
01/Feb/13
US
UK
01/Oct/12
01/Dec/12
Purchase
Sale
Source: CMIE
9.50
12.00
10.00
9.00
8.00
8.50
6.00
4.00
8.00
2.00
7.50
0.00
-2.00
CP Rates
Source: CMIE
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
May-15
Apr-15
Feb-15
Mar-15
Jan-15
Dec-14
Nov-14
Oct-14
Sep-14
-6.00
Aug-14
-4.00
Jul-14
22-Feb-16
1-Feb-16
11-Jan-16
21-Dec-15
9-Nov-15
CD Rates
30-Nov-15
19-Oct-15
7-Sep-15
28-Sep-15
17-Aug-15
6-Jul-15
27-Jul-15
15-Jun-15
4-May-15
25-May-15
13-Apr-15
23-Mar-15
7.00
Fixed Income
provide for increased expenditure as a result of the 7th pay
commission and OROP. However, the government has been able
to stick to the target by keeping a control on total expenditure,
which is budgeted to grow around 10.8 per cent YoY in FY17. It
also sets the stage for a possible rate cut by the RBI in the near
future, as adherence to fiscal consolidation plan was one of the
key guidance factors for further monetary easing by the central
bank. Total revenue growth for FY17 budgeted at 15.5 per cent
YoY vs. 8.4 per cent in FY16 which is helped by stronger non-tax
revenue growth and divestment proceeds (under non-debt
capital receipts). Under Non Tax Revenue, Telecom spectrum
auction proceeds budgeted at around Rs. 99,000 Crs in FY17,
which is quite optimistic. The government has budgeted for a
divestment target of Rs. 36,000 crores and a strategic
disinvestment of Rs. 20,500 crores for FY17. However, its track
record on divestments has not been too good, with the
government missing its divestment target for six consecutive
years. The budget was a pragmatic one comes in the midst of a
challenging global environment. Hopefully, it will help the
Indian economy to continue on the path of growth, and standout
on a relative basis, when compared to some of our troubled
emerging market peers. Going forward, the focus for markets
should again shift to the global scenario and to corporate
earnings.
The Index of Industrial Production witnessed a contraction for
the third straight month in January-16. The IIP contracted by 1.5
per cent in Jan compared to 1.2 per cent contraction seen in
December and 2.8 per cent growth seen a year ago
demonstrating a drag on industrial recovery. The industrial
output slumped mainly due to the subdued growth in the
manufacturing and capital goods sectors. Manufacturing
de-grew at 2.84per cent compared to 2.18 per cent contraction
seen in the previous month. Mining and electricity grew at 1.2
per cent and 6.6 per cent respectively. Under the use based
classification, capital goods production fell sharply to 20.4 per
cent due to poor investment demand and weak capex data, and
consumer non-durables output fell 3.1 per cent due to weak
rural demand in the last two years caused by poor monsoons.
We believe that IIP will show gradual improvement going ahead
due to prominent focus given in the budget for infrastructure,
rural economy & banking sector.
Consumer Price Index led inflation eased to a four month low to
5.18 per cent in February from 5.69 per cent a month ago
increasing the chances of a rate cut. Food & beverages index
which has 45.86 per cent weightage in the overall index fell to
5.52 per cent against 6.66 per cent in the previous month. On a
Y-o-Y basis, the food inflation fell mainly due to fall in
vegetables prices from 6.39 per cent in January to 0.7 per cent in
Sector-Wise
Mining
2.13
1.46
Manufacturing
2.46
1.97
(0.38)
0.86
3.67
75.53%
Electricity
4.69
9.35
5.69
4.73
8.78
10.32%
3.26
7.67
1.59
2.80
5.77
(0.58)
5.80
2.01
1.63
100.00%
(0.77) (9.40) (2.89)
3.22
(4.62) (2.62)
1.79
45.68%
8.83%
(0.84) 15.69%
Consumer goods
3.52
2.68
5.30
29.81%
Consumer durables
3.76
8.46%
21.35%
2.07
5.61
2.20
6.61
IIP
2.64
0.14
0.93
3.43 100.00%
2.67
Source: CMIE
February. The prices of pulses also fell for the month but still
continue to remain at elevated levels. Compared to last month,
the rural inflation and urban inflation have fallen to 5.97 per
cent and 4.30 per cent from 6.48 per cent and 4.81 per cent
respectively. The gap between rural and urban areas remained
same as seen in the previous month. Service inflation
(miscellaneous) continued to rise at 4.38 per cent, highest since
Aug-2014, against 3.95 per cent seen in January and curbing the
same may be crucial to achieve Mar-2017 CPI target of 5 per
cent. Due to the accelaration seen in service inflation, Core CPI
rose to 4.97 per cent vs 4.75 per cent in Jan. In separate data,
Wholesale price index fell for 16th consectutive month on
account of low crude oil prices and fall in vegetable prices. Retail
inflation came in below the RBIs target level of 6 per cent and is
expected to trend lower given that India will receive normal
seasonal rainfall and implementation of the Seventh Pay
Commission may not have much impact on the same.
FIIs were the net sellers in both debt and equity markets in the
month of February to the tune of Rs. 16,312 Crs. due to global
economic slowdown led by Chinese economy. They pulled out
Rs. 7,987 Crs from Indian equities due to fall in global crude oil
prices and weak corporate earnings in India Inc. FII sold debt to
the tune of Rs.8,324 Crs. in February, out of which Rs. 7,364 Crs.
was pulled out in the week leading to the Union Budget,
resulting in high benchmark yields and rupee weakening.
Liquidity conditions generally tighten towards the last quarter
of the financial year due to slowdown in government
expenditure, advance tax outflows by corporates and fiscal year
closing by banks. RBI has been active in liquidity management
and average net daily liquidity injection has increased from Rs.
153 billion in Q3 FY16 to Rs. 268 billion in the Jan-Feb period. RBI
purchased government bonds on March 10, 2016 through open
market operations to infuse Rs.15,000 Crores into the system.
Feb-16
Jan-16
-11,471
205
-4,189
Dec-15
-3,639
-7,629
Oct-15
Nov-15
166
-5,696
-480
1,545
15,627
5,064
5,589
Jul-15
Jun-15
May-15
Apr-15
Mar-15
Feb-15
Jan-15
-20,000
Sep-15
-15,000
Aug-15 -17,209
-7,973
-3,460
-5,000
-10,000
-6,148
-417
5,000
1,775
10,000
11,721
15,000
3,612
20,000
5,949
9,336
25,000
23,068
17,689
30,000
13,422
8,893
Fixed Income
8.05
8.88
9.29
9.50
8.39
9.03
2.38
6.53
6.94
3.90
3.91
5.52
5.71
Housing
8.05
8.88
5.33
5.20
5.33
5.20 10.07
6.17
6.59
1.75
3.09
4.59
5.32
6.84
Miscellaneous
5.04
4.89
3.53
3.00
4.38
3.95 28.32
Headline
5.97
6.48
4.30
4.81
5.18
5.69 100.00
Source: CMIE
Source: CMIE
CPI [%]
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
May-15
Apr-15
Mar-15
Jan-15
Feb-15
1.55
Dec-14
This is the forth such high OMO purchase in this year in order to
provide flexibility to the banking system in its liquidity
management. Liquidity has been quite tight in the system and
this has put upward pressure on bond yields. Short-term
interest rates have risen sharply in the past two months with CP
and CD rates rising by 50bps and 100 bps respectively. Call
money rates has mostly remained anchored below or close to
the policy rate. Even AAA and AA corporate bond yields have
seen an uptick by 15-20bps since Dec15. Domestic liquidity
conditions have remained tight contributing to overall elevated
yields. Bond yields had shot up in the weeks leading to the
Budget due to large supply of high-yielding state bonds, and
expectations of a larger government borrowing in FY17.
However, the Finance Ministers decision to stick to the fiscal
deficit target of 3.5per cent in FY17 came as positive news for
the bond markets. Also, lower government borrowing plan as
announced in the budget has instilled confidence among the
market participants, resulting in bond rally post the budget.
With short term rates being elevated now, any fall in the interest
rates is likely to benefit short term funds. The 10 year
benchmark is trading around 7.65 per cent levels and is
expected to soften on the back monetary easing expected by
the RBI.
Equity Markets
Equity - Global
Indices
CAGR (%)
1 Month
1 Year
BEL-20 (Belgium)
(3.28)
-9.22
Bovespa (Brazil)
5.91
(17.04)
CAC 40 (France)
(1.44)
(12.08)
DAX (Germany)
(3.09)
(16.72)
0.30
(8.91)
0.22
(12.23)
(2.90)
(23.01)
3.38
(12.46)
(0.78)
(9.14)
Madrid General(Spain)
(3.77)
(24.47)
Nasdaq (USA)
(1.21)
(8.17)
Nifty 50 (India)
(7.62)
(21.51)
(8.51)
(14.74)
(0.41)
(8.19)
(7.51)
(21.66)
0.24
(3.48)
(1.81)
(18.80)
1.42
(21.64)
(5.72)
(12.99)
4.09
(12.58)
Source: ACE MF
US Economy
The ability of any economy to perform sustainable growth will
decide the financial performance of the said economy for the
balance part of the year. Though most indices remained in red,
the data seems to remain constant with modest economic
expansion rather than the onset of an impending recession in
spite of global geopolitical issues. Amongst the developing
markets Brazil remained positive because of the commodity
prices. Whereas Japan stayed in red due to its currency
valuation and Europe remained in red awaiting the European
Union Meeting.
The financial markets steadied by late February 16 early
March16 due to the stabilizing oil prices apart from relief in the
enhanced value of Chinese Yuan and other emerging market
currencies clubbed with some improved US economic data.
Better economic trends reported in the recent past, has helped
see a ride out of recession that has been an expectation
globally. Though some points of concern remain to be watched
out for.
Among market cross roads the U.S. equities are entering the 7
year bull market. It may be said that the macro and fundamental
backdrops remain favorable for equities, inflation, earning
valuation, interest rate and above all sentiments remains
supportive for equity prices. However, drop in oil prices, slower
pace of growth in the global economies, diverging monetary
policies between U.S. and the other Central Banks globally,
rising interest rates and basic firming wages may not have the
required profit margins. Also, along with impending geopolitical
issues risk profile for equities remain elevated. An increased
volatility and muted returns are to be the hallmarks of 2016.
S&P 500 till now in 2016 is at about 2,225 approximately 9 per
cent higher than 2015 level. Anchored on the belief that the pace
of inflation and wage gains will be moderate and future Federal
Reserve rate hikes deliberate, effectively paving the way for
cyclical sectors and companies that are growing revenue,
gaining market share and that have thematic appeal to be
among the best performers in the new year.
Equity Markets
Indices
Nifty 50
CAGR (%)
1 Month
1 Year
-7.62
-21.51
-7.53
-21.34
-7.66
-19.80
-8.07
-19.63
-7.01
-20.67
-10.16
-29.94
-9.13
-36.78
-9.27
6.41
-4.36
-13.47
-6.73
-4.08
S&P BSE IT
-8.38
-14.54
-1.95
-36.05
-8.08
-11.43
-11.27
-15.19
-13.92
-30.26
-11.37
-31.80
-13.06
-42.31
-7.51
-21.66
-12.16
-15.25
-6.99
-14.17
Banking
Banking continues to showcase divergent performance with
private banks delivering 20-30 per cent PAT growth and PSU
banks reeling under NPA pressure. RBI asset quality review has
revealed the perturbing reality about the stress in PSU banks
balance sheet. Similar dismal set of numbers is expected for
Q4FY16 which shall keep pressure on PSU banking stocks. We
continue to recommend Avoid on all PSU banks. From budget
perspective, it was not expansionary which had a soothing
factor on markets. Fiscal deficit target was maintained at 3.5
per cent of GDP which led to sharp fall in G-sec yields of ~28 bps
to 7.62 per cent. Structurally, Private banks shall continue to
grab the credit market share. These banks continued to grow
Nifty Vs Bank Nifty (Indexed to 100)
105
100
95
90
Source: ACE MF
Equity-India
For the month of February, Indian equity markets saw sharp selloff as global investors continued to adjust the hitherto overweight they have been running in their portfolios and also
because of fear of adverse taxation policies expected to be
announced in the Union Budget 2016-17. EM equities and
commodities though saw some bounce.
FIIs continued to be sellersfor the month. Currently the markets
are trading lower than its long term average valuations. Q3
earnings season was mixed, with autos, pharma and private
banks reporting in-line numbers, whereas, commodities, PSU
banks and IT reported largely weak numbers. While the RBI is
currently in a pause mode, it has indicated its willingness to cut
rates if fiscal room emerges. This should help private capex,
though it will come with a lag effect. As stated in earlier
communications, investments are clearly visible in segments
like roads and railways. Overall, we remain constructive on the
market from a medium to long term perspective. The key
themes to play are autos, high quality private banking, select
pharma and uniquely positioned MNCs.
Feb-15
Apr-15
Jun-15
Nifty
Aug-15
Oct-15
Dec-15
Feb-16
Bank Nifty
Source: Bloomberg
their credit, NII and PAT at healthy pace of 20-30 per cent in
Q3FY16. Asset quality of these private banks which have retail
credit exposure and working capital corporate credit continue
to deliver stable asset quality. HDFC Bank, Indusind Bank, Kotak
Mahindra and Yes bank reported strong results with stable
asset quality. Correction in good quality private banks provides
opportunity to accumulate these stocks. Among NBFCs, we
prefer Mortgage finance and microfinance companies
considering their steady growth and stable asset quality. Bajaj
Finance, Capital First, SKS Micro and Satin Credit remain our
preferred picks on correction.
Pharma
Indian pharma companies sales have impacted in the recent
times due to higher base, increased competition, price erosion
in some of the key high-value products and currency volatility in
emerging markets. Some leading companies have received
warning letters from USFDA for CGMP violations (Sun, Dr Reddy
& Cadlia). Recently, Aurobindo has also received Form 483 from
the FDA for its anti-retroviral drugs facility (unit-VII). These
Companies are in the process of remediation of facilities and
Equity Markets
interest rate regime will aid the profitability of the companies
going forward.
Power
105
100
95
90
85
Feb-15
Apr-15
Jun-15
Aug-15
Nifty
Oct-15
Dec-15
Feb-16
Pharma
Source: Bloomberg
Capital Good/Infrastructure
Infrastructure space is still reeling under pressure and is
showing no signs of respite. During the budget govt has taken
various initiatives like a) `700bn allocated for Roads and
Highways b) Steps to revive PPPs: i) Dispute Bill to be introduced
ii)guidelines for renegotiation of PPP Concession Agreement
and iii)New credit rating system for infra projects and c)
Infrastructure cess, of 1 per cent on small petrol, LPG, CNG cars,
2.5 per cent on diesel cars of certain capacity and 4 per cent on
other higher engine capacity vehicles and SUVs etc which are
steps in the right direction and positive from medium to long
term perspective. Falling raw material prices and moderate
Nifty Vs CNX Auto (Indexed to 100)
110
105
100
95
90
Feb-15
Apr-15
Jun-15
Aug-15
Nifty
Oct-15
Dec-15
Feb-16
Auto
Source: Bloomberg
Commodities
Technical outlook:
Gold market made a rounding bottom at the end of last year and
has started the year 2016 on a positive note. Prices have gained
by nearly 16per cent since the beginning of this year. In line with
our previous view prices are sustaining above $1200 mark. Till
prices hold above this level, we can expect prices to remain
steady. Also, prices should break the range of $1200-$1250 for
further clarity related to their direction.
Base Metals:
Copper prices depicted range bound movement during February
but witnessed sharp rally as the March month started. LME
copper breached the key resistance level of $4750 and marked a
high of $4815(at the time of report writing). Technically prices
have made a rounding bottom pattern and have breached the
resistance level. Going ahead, trend is looking up but
sustainability of prices will be important for continuing the
upwards momentum. At MCX, key support is at 317 and
resistance is at 333.
Aluminium trend looks positive till prices are trading above
support at 105, while on the upside break above 110 will likely
pave the way upside towards 115.
Lead trend looks positive till prices are trading above 118. Prices are
expected to take resistance around 127. Breach above 127 may lead
1300
1250
1200
1150
1100
1050
MCX Gold(LHS)
31-Jan-16
29-Feb-16
31-Dec-15
31-Oct-15
30-Nov-15
30-Sep-15
31-Aug-15
31-Jul-15
30-Jun-15
31-May-15
30-Apr-15
31-Mar-15
28-Jan-15
28-Feb-15
1000
Comex Gold(RHS)
Source : Bloomberg
4350
66
61
3950
56
3550
51
3150
46
41
2750
36
2350
31
1950
MCX Crude
29-Feb-16
31-Jan-16
31-Dec-15
30-Nov-15
31-Oct-15
30-Sep-15
31-Aug-15
31-Jul-15
30-Jun-15
31-May-15
30-Apr-15
31-Mar-15
26
28-Jan-15
1350
28-Feb-15
30500
30000
29500
29000
28500
28000
27500
27000
26500
26000
25500
25000
24500
28-Dec-14
28-Dec-14
Precious Metals:
Source : Bloomberg
Currency Markets
1.12
1.12
1.09
1.08
1.09
JPY
121.22
119.84
120.30
121.03
112.66
68.00
GBP
1.53
1.51
1.47
1.42
1.39
CHF
0.97
0.97
1.00
1.02
1.00
AUD
0.71
0.70
0.73
0.71
0.71
25-Jan-16
24-Feb-16
26-Dec-15
27-Oct-15
26-Nov-15
27-Sep-15
28-Aug-15
29-Jun-15
60.00
29-Jul-15
62.00
30-Apr-15
64.00
2-Sep-14
66.00
30-May-15
Euro
USD/INR
70.00
1-Mar-15
98.43
31-Mar-15
29-Feb-16
67.78
30-Jan-15
29-Jan-16
66.15
1-Dec-14
31-Dec-15
65.58
31-Dec-14
30-Sep-15
66.48
2-Oct-14
Currencies
1-Nov-14
31-Aug-15
INR
EUR/USD
1.60
1.50
1.40
1.30
1.20
1.10
26-Nov-15
26-Dec-15
25-Jan-16
24-Feb-16
26-Nov-15
26-Dec-15
25-Jan-16
24-Feb-16
27-Oct-15
27-Sep-15
28-Aug-15
29-Jul-15
29-Jun-15
30-Apr-15
30-May-15
31-Mar-15
1-Mar-15
30-Jan-15
1-Dec-14
31-Dec-14
1-Nov-14
2-Oct-14
1.00
2-Sep-14
1.75
1.70
1.65
1.60
1.55
1.50
1.45
27-Oct-15
27-Sep-15
28-Aug-15
29-Jul-15
29-Jun-15
30-Apr-15
30-May-15
31-Mar-15
1-Mar-15
30-Jan-15
1-Dec-14
1-Nov-14
2-Oct-14
1.40
31-Dec-14
GBP/USD
2-Sep-14
EUR has weakened from early Feb high of 1.14 and closed at 1.09
levels as traders expect ECB to be in a softening mode going
ahead. Economic data continues to remain weak and the fear of
Brexit may hit the EUR negatively as Britain has set a
referendum to consider exiting from EU. The overhang of Brexit
and weak growth this year may keep the EUR volatile for rest of
the year. ECB is expected to be very accommodative in its policy
stance and may do more to boost growth. EUR may weaken as
the net short EUR position rose to USD 1.8bn to USD 8.1bn as of
8th March and fundamentally it may touch 1.02 levels by end of
2016.
almost 2 per cent since then in March and foreign investors who
were sellers in Jan & Feb into both equity and debt have turned
buyers in March and with expectations of a rate cut in April,
Rupee may see some support. However in the medium term,
Rupee is expected to depreciate towards 68-69 levels.
Rupee was volatile during the month and hit a fresh two year low
in the fag end of the Feb; however the government maintained
its FY17 fiscal deficit target at 3.5 per cent which led to a strong
rally in Rupee after the Union Budget on 29th Feb. It has gained
10
Core Schemes
Birla Sun Life Frontline Fund - Large Cap
Holding
(%)
6.56
6.16
3.94
3.90
3.59
3.22
3.20
2.82
2.68
2.67
2.36
Finance - NBFC
2.90
Engineering - Construction
3.27
Finance - Investment
3.59
Cigarettes/Tobacco
3.90
Power Generation/Distribution
Refineries
Pharmaceuticals & Drugs
4.74
6.80
9.02
12.63
IT - Software
19.27
Bank - Private
1
2
3
4
5
6
7
8
9
10
CBLO
HDFC Bank Ltd.
Reliance Industries Ltd.
Infosys Ltd.
Ultratech Cement Ltd.
Tata Motors Ltd.
HCL Technologies Ltd.
Cummins India Ltd.
United Spirits Ltd.
Larsen & Toubro Ltd.
Holding
(%)
8.32
7.81
7.77
7.74
4.94
4.82
4.36
4.34
4.14
3.84
3.84
4.14
Electric Equipment
4.24
Diesel Engines
4.34
Automobiles-Trucks/Lcv
4.82
4.94
5.64
Refineries
10.07
IT - Software
12.10
Bank - Private
12.16
Source : ACE MF
Source : ACE MF
The Fund has locked a three year CAGR of 11.69 per cent vis-vis its benchmark Nifty 50 of 7.06 per cent as on 29th February
2016 . It is new fund as compared to the long tenure of the peers
in the diversified equity category and adopts bottoms up
approach; it has performed in line with the peers and has outperformed its benchmark over one, three and five year timehorizon. The Fund Manager will always select stocks for
investment from among Top 200 stocks in terms of market
capitalization on the NSE.
No. Company Name
1
2
3
4
5
6
7
8
9
10
Source : ACE MF
Holding
(%)
9.09
6.72
5.61
5.28
4.50
3.91
3.70
3.65
3.52
2.82
5.27
8.37
15.54
25.14
1
2
3
4
5
6
7
8
9
10
CBLO
HDFC Bank Ltd.
Sun Pharmaceutical Industries Ltd.
Infosys Ltd.
Reliance Industries Ltd.
Tata Consultancy Services Ltd.
Maruti Suzuki India Ltd.
The Ramco Cements Ltd.
Ultratech Cement Ltd.
Larsen & Toubro Ltd.
Holding
(%)
11.51
5.89
5.71
5.45
5.40
3.08
2.72
2.58
2.37
2.33
2.70
Engineering - Construction
3.04
3.13
Finance - NBFC
4.58
4.60
4.94
Refineries
IT - Software
6.85
9.70
Bank - Private
11.56
12.65
Source : ACE MF
11
Core Schemes
Kotak Select Focus Fund- Multi Cap
CBLO
HDFC Bank Ltd.
Infosys Ltd.
Reliance Industries Ltd.
Ultratech Cement Ltd.
The Ramco Cements Ltd.
IndusInd Bank Ltd.
Shree Cement Ltd.
Larsen & Toubro Ltd.
Max Financial Services Ltd.
Holding
(%)
10.40
6.01
5.43
4.16
3.96
3.43
3.21
2.96
2.78
2.76
2.72
Diversified
2.76
3.03
Automobiles-Trucks/Lcv
3.34
Engineering - Construction
3.62
5.60
Refineries
7.75
IT - Software
8.71
11.27
Bank - Private
15.95
Holding
(%)
8.07
7.89
7.62
7.59
7.32
6.72
5.19
4.32
3.95
3.51
3.71
IT - Software
4.31
4.42
Engineering - Construction
4.59
5.06
5.19
7.32
Automobiles-Trucks/Lcv
7.32
Bank - Public
9.61
Bank - Private
24.96
Source : ACE MF
Source : ACE MF
Holding
(%)
1
2
3
4
5
6
7
8
9
10
9.4520
8.6259
6.1743
6.0083
3.5440
2.9632
2.7267
2.6208
2.6190
2.5708
CBLO
Larsen & Toubro Ltd.
ICICI Bank Ltd.
NTPC Ltd.
Axis Bank Ltd.
Bank Of Baroda
Mahindra & Mahindra Ltd.
Wipro Ltd.
Bharti Airtel Ltd.
Amara Raja Batteries Ltd.
2.83
3.22
3.37
3.39
Batteries
4.19
Bank - Public
6.06
IT - Software
7.10
Power Generation/Distribution
7.35
Engineering - Construction
Bank - Private
11.38
13.68
Source : ACE MF
12
Scheme Recommendations
Core - Large Cap
Scheme Names
Birla SL Frontline
Equity Fund(G)
Fund Manager
Mahesh Patil
Omprakash Kuckian
10,175
9,732
1,071
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
1.10
-0.21
2.96
44.72
41.10
37.33
9.25
10.21
9.25
23.02
14.79
9.00
Value of Investment of
INR 10,000 if invested from
Dec. 31, 2014 to Dec. 31, 2015
10,110
9,979
10,296
14,472
14,110
13,733
10,925
11,021
10,925
158,770
28,570
23,196
30-Aug-02
23-May-08
28-Mar-06
SD (%)
16.01
14.76
16.87
Treynor
0.85
0.78
0.76
1% on or before 1Y,
Nil on or after 1Y
1% on or before 1Y,
NIL after 1Y
1% on or Before 1Y,
Nil After 1Y
NIFTY 50
NIFTY 50
Inception Date
Ratios
Exit Load
Benchmark Names
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
-1.48
-4.06
-4.06
35.47
31.39
31.39
4.38
6.76
6.76
Value of Investment of
INR 10,000 if invested from
Dec. 31, 2014 to Dec. 31, 2015
9,852
9,594
9,594
13,547
13,139
13,139
10,438
10,676
10,676
13
Scheme Recommendations
Core - Multi Cap
Scheme Names
Fund Manager
R. Janakiraman &
Roshi Jain
Harsha Upadhyaya
Sohini Andani
3,888
10,664
3,745
3,164
1.49
5.44
2.96
7.99
79.58
73.76
57.87
47.86
9.22
8.31
6.13
7.58
13.41
23.83
14.00
11.08
Value of Investment of
INR 10,000 if invested from
Dec. 31, 2014 to Dec. 31, 2015
10,149
10,544
10,296
10,799
17,958
17,376
15,787
14,786
10,922
10,831
10,613
10,758
28,909
113,860
22,848
28,446
26-Jul-07
16-Aug-04
11-Sep-09
20-Jan-06
SD (%)
17.07
18.07
16.57
14.99
Treynor
1.59
1.49
1.13
1.14
1% on or before 2Y
1% on or before 12M,
Nil after 12M
1% on or before 1Y,
Nil after 1Y
1% on or before 1Y,
Nil after 1Y
NIFTY 500
NIFTY 200
-0.72
-0.82
-1.90
-3.25
37.82
36.96
35.53
32.28
3.61
3.25
4.44
5.87
Inception Date
Ratios
Exit Load
Benchmark Name
CAGR (%)
Value of Investment of
INR 10,000 if invested from
Dec. 31, 2014 to Dec. 31, 2015
9,928
9,918
9,810
9,675
13,782
13,696
13,553
13,228
10,361
10,325
10,444
10,587
14
Satellite Schemes
Canara Robeco Emerging Equity Fund
Investment Objective: The aim of the fund is to generate longterm capital appreciation from a portfolio that is substantially
constituted of equity and equity related securities of small and
mid-cap companies.
CBLO
IndusInd Bank Ltd.
Indian Oil Corporation Ltd.
Divis Laboratories Ltd.
Ashoka Buildcon Ltd.
The Ramco Cements Ltd.
Britannia Industries Ltd.
Tata Communications Ltd.
Atul Ltd.
FAG Bearings India Ltd.
Holding
(%)
5.00
3.46
3.03
2.59
2.28
2.22
2.15
2.14
2.12
2.00
2.93
Refineries
3.03
3.23
Bearings
3.38
Engineering
3.85
Engineering - Construction
5.22
Chemicals
5.39
5.87
7.36
Bank - Private
8.99
The Fund has given five year CAGR of 18.47 per cent as on 29th
February 2016 thereby out performing its benchmark by 9.06
per cent. Over a nine year period, fund has given consistent
returns and has out-performed the benchmark Nifty Midcap
100 which helped the fund to place itself in the upper quartile of
the midcap diversified equity funds.
No. Company Name
1
2
3
4
5
6
7
8
9
10
Holding
(%)
3.38
2.56
2.55
2.41
2.40
2.24
2.11
1.99
1.87
1.85
3.02
3.18
Air Conditioners
4.25
4.28
4.65
Bank - Public
5.02
Finance - NBFC
5.23
Bank - Private
7.34
IT - Software
7.37
10.55
Source : ACE MF
Source : ACE MF
Call Money
Yes Bank Ltd.
FAG Bearings India Ltd.
Finolex Cables Ltd.
eClerx Services Ltd.
HDFC Bank Ltd.
IndusInd Bank Ltd.
Tata Motors - DVR Ordinary
TVS Motor Company Ltd.
Voltas Ltd.
Holding
(%)
4.86
4.61
3.12
3.02
2.75
2.70
2.56
2.44
2.37
2.34
2.59
2.70
BPO/ITeS
2.75
Cable
3.02
Batteries
3.82
Finance - Housing
4.04
IT - Software
4.70
Bearings
4.74
CBLO
Strides Shasun Ltd.
Cholamandalam Investment & Finance Co. Ltd.
The Ramco Cements Ltd.
Dr. Lal Pathlabs Ltd.
PI Industries Ltd.
VA Tech Wabag Ltd.
Sanofi India Ltd.
Credit Analysis And Research Ltd.
FAG Bearings India Ltd.
Holding
(%)
5.91
5.15
4.30
4.12
3.56
3.49
3.10
2.85
2.85
2.66
2.91
Consumer Food
4.42
4.57
IT - Software
4.58
4.83
Bearings
5.38
Engineering - Construction
6.43
7.15
Finance - NBFC
Pharmaceuticals & Drugs
9.41
13.88
Source : ACE MF
6.04
18.08
Source : ACE MF
15
Scheme Recommendations
Satellite - Mid / Small Cap
Scheme Names
HDFC Mid-Cap
Opportunities Fund(G)
Fund Manager
R. Janakiraman &
Roshi Jain
Sohini Andani
830
3,846
10,639
1,326
13.06
6.81
5.81
14.92
96.02
78.14
76.63
71.94
3.16
7.40
9.64
13.57
18.54
21.01
17.02
18.42
Value of Investment of
INR 10,000 if invested from
Dec. 31, 2014 to Dec. 31, 2015
11,306
10,681
10,581
11,492
19,602
17,814
17,663
17,194
10,316
10,740
10,964
11,357
62,940
675,481
38,190
61,736
11-Mar-05
1-Dec-93
25-Jun-07
29-Mar-05
21.75
17.14
17.04
16.96
Inception Date
Ratios
SD (%)
Treynor
Exit Load
Benchmark Name
1.93
2.02
1.96
2.47
1% on or before 18M,
Nil after 18M
1% on or before 1Y
1% on or before 1Y,
Nil after 1Y
1% on or before 1Y,
Nil after 1Y
NIFTY 500
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
6.46
-0.72
6.46
7.43
55.91
37.82
55.91
54.69
-5.10
3.61
-5.10
-5.73
Value of Investment of
INR 10,000 if invested from
Dec. 31, 2014 to Dec. 31, 2015
10,646
9,928
10,646
10,743
15,591
13,782
15,591
15,469
9,490
10,361
9,490
9,427
16
Scheme Recommendations
Balanced Funds
Benchmark
Scheme Names
Particulars
Fund Manager
Quaterly AAUM (Rs. Crs.) Dec. -2015
2,100
2,459
1,616
5,010
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
3.36
2.10
8.73
6.97
0.48
48.56
45.56
43.20
49.61
25.34
6.10
11.18
3.52
7.54
6.05
21.28
14.71
14.33
16.77
Value of Investment
of INR 10,000 if invested from
Dec. 31, 2014 to Dec. 31, 2015
10,336
10,210
10,873
10,697
10,048
14,856
14,556
14,320
14,961
12,534
10,605
10,610
11,118
10,352
10,754
563,805
92,050
41,173
230,734
10-Feb-95
3-Nov-99
1% on or before 365D,
Nil after 365D
Inception Date
Exit Load
10-Jun-05
8-Oct-95
Nil for 10% of
investments and 1 % 1% on or before 365D,
for remaining on or
Nil after 365D
before 12M,
Nil after 12M
Exposure (%)
Debt
24.29
20.35
28.81
24.32
Equity
70.51
74.14
63.47
71.35
5.21
5.51
7.72
4.32
ELSS
Scheme Names
Axis LT Equity
Fund(G)
Birla SL Tax
Relief '96(G)
Franklin India
Taxshield(G)
HDFC Tax
Saver(G)
Fund Manager
Jinesh Gopani
Ajay Garg
Anand
Radhakrishnan
Vinay R. Kulkarni
& Rakesh Vyas
6,480
1,948
1,835
4,798
Ashwani Kumar
4,451
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
6.70
9.19
4.05
-6.24
4.33
-2.92
66.18
54.55
56.93
56.36
50.82
83.00
16.51
9.09
6.14
5.09
10.15
3.47
20.47
10.70
24.99
27.55
22.40
15.84
Value of Investment of
INR 10,000 if invested from
Dec. 31, 2014 to Dec. 31, 2015
10,670
10,919
10,405
9,376
10,433
9,708
16,618
15,455
15,693
15,636
15,082
18,300
11,651
10,909
10,614
10,509
11,015
10,347
30,612
22,136
418,215
1,226,466
273,970
45,359
29-Dec-09
S&P BSE 200
10-Mar-08
S&P BSE 200
10-Apr-99
NIFTY 500
31-Mar-96
NIFTY 500
19-Aug-99
NIFTY 500
21-Sep-05
S&P BSE 100
-1.48
35.47
4.38
-1.48
35.47
4.38
-0.72
37.82
3.61
-0.72
37.82
3.61
-0.72
37.82
3.61
-3.25
32.28
5.87
9,852
13,547
9,852
13,547
9,928
13,782
9,928
13,782
9,928
13,782
9,675
13,228
10,361
10,587
Inception Date
Benchmark Names
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
Dec. 31, 2013 to Dec. 31, 2014
Dec. 31, 2012 to Dec. 31, 2013
Value of Investment of
INR 10,000 if invested from
Dec. 31, 2014 to Dec. 31, 2015
Dec. 31, 2013 to Dec. 31, 2014
17
Scheme Recommendations
Arbitrage Funds
Scheme Names
Fund Manager
Quaterly AAUM (Rs. Crs.) Dec. -2015
Edelweiss
ICICI Pru EquityArbitrage Fund-(G) Arbitrage Fund-(G)
Bhavesh Jain &
Kartik Soral
848
IDFC Arbitrage
Fund-Reg(G)
3,131
Kotak Equity
Arbitrage
Scheme(G)
SBI Arbitrage
Opportunities
Fund-Reg(G)
Crisil Liquid
Fund Index
Deepak Gupta
Neeraj Kumar
4,728
1,657
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
7.96
7.56
7.38
7.50
7.33
8.23
8.58
8.53
8.99
8.62
9.21
9.80
9.23
9.18
9.03
9.03
8.29
8.06
7.51
7.83
7.80
10,796
10,756
10,738
10,750
10,733
10,823
10,858
10,853
10,899
10,862
10,921
10,903
10,980
10,923
10,918
10,903
11,280
20,106
19,230
21,675
19,906
27-Jun-14
30-Dec-06
21-Dec-06
29-Sep-05
3-Nov-06
0.25% on or
before 30D,
Nil after 30D
0.25% on or
before 1M,
Nil after 1M
0.25% on or
before 3M
0.50% on or
before 90D
0.50% on or
before 3M,
Nil after 3M
Source: ACEMF
Please refer to RISKOMETER on page no 29 for all risk related information about the above mentioned schemes.
18
Scheme Recommendations
MIP
Particulars
Fund Manager
Quaterly AAUM (Rs. Crs.) Dec. -2015
HSBC MIPSavings(G)
Satyabrata
Mohanty &
Pranay Sinha
249
231
Scheme Names
Birla SL MIP IIWealth 25(G)
Benchmark
Crisil MIP
Blended Index
Reliance MIP(G)
Satyabrata
Mohanty &
Pranay Sinha
1,044
1,277
2,614
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
6.16
4.15
5.40
6.42
6.21
6.79
18.80
21.72
27.70
22.52
23.37
16.83
5.99
4.26
6.65
5.85
3.51
4.41
9.14
9.61
9.89
10.24
10.84
Value of Investment of
INR 10,000 if invested from
Dec. 31, 2014 to Dec. 31, 2015
10,616
10,415
10,540
10,642
10,621
10,679
11,880
12,172
12,770
12,252
12,337
11,683
10,441
10,599
10,426
10,665
10,585
10,351
27,614
29,692
29,899
31,475
34,308
22-May-04
24-Feb-04
22-May-04
30-Mar-04
12-Jan-04
6.05
10.74
13.04
0.88
4.12
17.51
1.6633
0.80
5.50
0.93
Inception Date
Average Maturity in Years (February)
Credit Quality (%)
AA/Equiv
8.52
AA+
1.29
14.98
20.08
0.52
2.44
9.09
8.55
12.14
1.88
3.06
6.94
2.68
2.75
SOV
57.35
42.80
65.20
60.49
1% on or before
540D, Nil after
540D
Nil
1% on or before
1095D, Nil after
1095D
Exit Load
35.52
Nil for 10% of
Nil upto 20% and investment, 1% if
for remaining - exceeding 10% of
1% on or before invesment on or
before 12M,
1Y, Nil after 1Y
Nil after 12M
Exposure (%)
Debt
82.14
64.54
69.84
75.75
74.21
Equity
9.31
23.32
27.97
21.20
18.85
8.55
12.14
2.19
3.06
6.94
Source: ACEMF
Please refer to RISKOMETER on page no 29 for all risk related information about the above mentioned schemes.
19
Scheme Recommendations
Focus List - Additional Recommended Schemes
Debt Funds
Equity Funds
Liquid Funds
Fund Manager
Quaterly AAUM (Rs. Crs.) Dec. -2015
Devang Shah
& Kedar
Karnik
Kaustubh
Gupta &
Sunaina
da Cunha
9,139
3,854
7,101
Scheme Names
Reliance
LiquidTreasury
Plan(G)
Kotak
FloaterST(G)
Deepak
Agrawal
Anju
Chhajer
6,980
21,287
Benchmark
Religare
Sundaram
Tata
Money
Invesco
Crisil Liquid
Money Fund- Market FundLiquid
Fund Index
Reg(G)
A(G)
Fund(G)
Krishna Venkat Dwijendra
Amit
Cheemalapati Srivastava &
Siddharth
& Nitish
Somani
Chaudhary
Sikand
-
Particulars
ICICI Pru
Money
Market
Fund(G)
Rahul
Goswami &
Aditya
Pagaria
5,501
4,641
5,645
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
8.35
8.40
8.33
8.45
8.34
8.39
8.32
8.35
8.23
9.10
9.17
9.12
9.10
9.11
9.11
9.09
9.11
9.21
9.20
9.37
9.15
9.29
9.24
9.24
9.27
9.34
9.03
8.30
6.88
7.58
7.39
11.23
8.13
7.94
7.76
10,835
10,840
10,833
10,845
10,834
10,839
10,832
10,835
10,823
Value of Investment of
INR 10,000 if invested from
Dec. 31, 2014 to Dec. 31, 2015
Dec. 31, 2013 to Dec. 31, 2014
10,910
10,917
10,912
10,910
10,911
10,911
10,909
10,911
10,921
10,920
10,937
10,915
10,929
10,924
10,924
10,927
10,934
10,903
16,432
19,743
20,501
24,332
36,129
20,401
21,592
23,339
9-Oct-09
13-Oct-05
8-Mar-06
14-Jul-03
9-Dec-03
17-Nov-06
8-Dec-05
1-Sep-04
24
25
37
40
22
22
27
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Inception Date
Average Maturity in Days (February)
Exit Load
Source: ACEMF
Please refer to RISKOMETER on page no 29 for all risk related information about the above mentioned schemes.
20
Scheme Recommendations
Ultra Short Term Funds
ICICI Pru Flexible
Income Plan-(G)
UTI Treasury
Advantage Fund(G)
Rajeev Radhakrishnan
Sudhir Agarwal
8,944
16,097
9,081
10,723
Scheme Names
Fund Manager
Quaterly AAUM (Rs. Crs.) Dec. -2015
11,843
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
8.89
8.83
8.81
8.63
8.76
9.66
9.08
9.62
8.96
9.55
7.70
8.38
8.07
7.94
8.42
Value of Investment of
INR 10,000 if invested from
Dec. 31, 2014 to Dec. 31, 2015
10,889
10,883
10,881
10,863
10,876
10,966
10,941
10,949
10,917
10,931
10,955
10,908
10,962
10,896
10,955
25,689
19,336
27,999
19,057
20,192
16-Apr-03
23-Oct-07
27-Sep-02
26-Jul-07
23-Apr-07
285
307
190
167
16.83
10.54
7.07
13.54
7.45
AA+
4.96
14.14
6.40
11.86
1.03
62.70
69.13
71.11
69.27
52.57
27.02
2.22
5.51
3.22
2.78
3.57
1.81
0.07
SOV
14.34
0.86
5.74
7.45
0.98
Nil
Nil
Nil
Nil
Nil
Crisil Liquid
Fund Index
Crisil Liquid
Fund Index
Crisil Liquid
Fund Index
Crisil Liquid
Fund Index
Exit Load
Benchmark Names
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
8.66
8.23
8.23
8.23
8.23
10.47
9.21
9.21
9.21
9.21
8.27
9.03
9.03
9.03
9.03
Value of Investment of
INR 10,000 if invested from
Dec. 31, 2014 to Dec. 31, 2015
10,866
10,823
10,823
10,823
11,047
10,921
10,921
10,921
10,921
10,827
10,903
10,903
10,903
10,903
No Exit Load
Source: ACEMF
Please refer to RISKOMETER on page no 29 for all risk related information about the above mentioned schemes.
21
Scheme Recommendations
Short Term Funds
Scheme Names
Birla SL ST
Opportunities Fund(G)
Reliance STF(G)
Tata ST Bond(G)
Fund Manager
Devang Shah
Kaustubh Gupta&
Sunaina da Cunha
ManishBanthia
PrashantPimple
AkhilMittal
2,447
3,930
5,281
8,793
4,748
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
8.11
8.42
7.99
8.12
8.23
10.04
11.33
11.55
11.33
10.56
7.30
10.12
7.24
7.51
9.10
8.20
7.23
8.11
8.12
7.86
10,823
Value of Investment of
INR 10,000 if invested from
Dec. 31, 2014 to Dec. 31, 2015
10,811
10,842
10,799
10,812
11,004
11,133
11,155
11,133
10,730
11,012
10,724
10,751
15,970
24,185
30,235
27,684
22-Jan-10
09-May-03
25-Oct-01
18-Dec-02
8-Aug-02
3.20
4.76
2.77
2.59
AA/Equiv
32.44
10.45
3.08
AA+
1.48
2.04
11.20
2.10
82.74
13.31
38.29
57.42
71.91
4.05
10.76
4.90
3.31
3.05
Inception Date
Average Maturity in Years (February)
Credit Quality (%)
1.05
SOV
13.21
34.85
44.31
23.75
19.86
Nil
1% on or before 365D,
Nil after 365D
Exit Load
Benchmark Names
Nil
Crisil Short Term Bond Crisil Short Term Bond Crisil Short Term Bond
Fund Index
Fund Index
Fund Index
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
8.66
8.66
8.66
8.66
10.47
10.47
10.47
10.47
8.27
8.27
8.27
8.27
Value of Investment of
INR 10,000 if invested from
Dec. 31, 2014 to Dec. 31, 2015
10,866
10,866
10,866
10,866
11,047
11,047
11,047
11,047
10,827
10,827
10,827
10,827
Source: ACE MF
Please refer to RISKOMETER on page no 29 for all risk related information about the above mentioned schemes.
22
Scheme Recommendations
Accrual / Credit Opportunities Funds
Scheme Names
DSPBR Income
Opportunities FundReg(G)
HDFC STP(G)
Fund Manager
Maneesh Dangi
Dhawal Dalal
Prashant Pimple
4,638
2,300
2,768
5,891
9.52
9.64
9.50
8.78
11.97
10.76
10.96
10.97
10.25
8.14
7.28
7.99
9.23
7.13
7.96
6.85
Value of Investment of
INR 10,000 if invested from
Dec. 31, 2014 to Dec. 31, 2015
10,952
10,964
10,950
10,878
11,197
11,076
11,096
11,097
11,025
10,814
10,728
10,799
18,183
23,897
28,884
20,140
25-Mar-09
13-May-03
28-Feb-02
10-Jun-05
2.98
1.95
2.13
AA/Equiv
10.49
9.83
19.83
41.38
AA+
0.90
0.53
3.51
5.39
6.40
41.83
7.92
5.71
4.69
3.55
9.71
4.90
2.46
24.62
32.88
18.47
SOV
33.05
0.04
Unrated
5.67
7.82
2.00% on or before
365D,1.00% after 365D
but on or before 730D,
Nil after 730D
1% on or before 12M,
Nil after 12M
1% on or Before 1Y,
Nil after 1Y
8.66
8.66
8.63
10.47
10.47
14.31
8.27
8.27
3.79
Inception Date
Average Maturity in Years (February)
Credit Quality (%)
Exit Load
Benchmark Names
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
Value of Investment of
INR 10,000 if invested from
Dec. 31, 2014 to Dec. 31, 2015
10,866
10,866
10,863
11,047
11,047
11,431
10,827
10,827
10,379
Source: ACE MF
Please refer to RISKOMETER on page no 29 for all risk related information about the above mentioned schemes.
23
Scheme Recommendations
Income Funds
Scheme Names
Axis Income
Fund(G)
Birla SL Income
Plus(G)
HDFC Income
Fund(G)
IDFC SSIF-Invest
-Reg(G)
Fund Manager
Devang Shah
Prasad Dhonde
Suyash Choudhary
Abhishek Bisen
249
4,449
3,341
2,259
5,199
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
6.76
4.56
5.32
5.93
4.60
15.01
16.03
15.68
15.54
15.13
4.72
2.65
2.17
4.67
2.10
9.08
9.64
8.07
8.47
9.12
Value of Investment of
INR 10,000 if invested from
Dec. 31, 2014 to Dec. 31, 2015
10,676
10,456
10,532
10,593
10,460
11,501
11,603
11,568
11,554
11,513
10,472
10,265
10,217
10,467
10,210
13,865
64,269
32,810
35,163
40,792
28-Mar-12
21-Oct-95
11-Sep-00
14-Jul-00
25-Nov-99
11.00
17.07
4.54
16.84
Inception Date
Average Maturity in Years (February)
Exit Load
Benchmark Names
Nil
Nil
Nil
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
8.63
8.63
8.63
8.63
8.63
14.31
14.31
14.31
14.31
14.31
3.79
3.79
3.79
3.79
3.79
Value of Investment of
INR 10,000 if invested from
Dec. 31, 2014 to Dec. 31, 2015
10,863
10,863
10,863
10,863
10,863
11,431
11,431
11,431
11,431
11,431
10,379
10,379
10,379
10,379
10,379
Source: ACE MF
Please refer to RISKOMETER on page no 29 for all risk related information about the above mentioned schemes.
24
Scheme Recommendations
Dynamic Bond Funds
Scheme Names
Particulars
Fund Manager
Quaterly AAUM (Rs. Crs.) Dec. -2015
Reliance Dynamic
Bond(G)
Prashant Pimple
Akhil Mittal
Maneesh Dangi
15,763
2,245
Rahul Goswami
993
5,532
1,004
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
7.44
5.51
7.59
5.73
7.10
14.85
16.14
13.26
15.28
13.92
6.79
5.33
5.88
4.82
10.10
8.69
8.93
7.81
6.22
6.81
Value of Investment of
INR 10,000 if invested from
Dec. 31, 2014 to Dec. 31, 2015
10,744
10,551
10,759
10,573
10,710
11,485
11,614
11,326
11,528
11,392
10,679
10,533
10,588
10,482
11,010
25,561
49,439
16,370
19,572
22,542
27-Sep-04
28-Apr-97
12-Jun-09
15-Nov-04
3-Sep-03
17.58
8.39
14.17
7.42
Nil
1% on or Before 12M,
Nil After 12M
0.50% on or before
180D, Nil after 180D
Inception Date
Average Maturity in Years (February)
Exit Load
Benchmark Names
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
8.66
8.63
8.63
8.63
8.37
10.47
14.31
14.31
14.31
15.12
8.27
3.79
3.79
3.79
4.12
Value of Investment of
INR 10,000 if invested from
Dec. 31, 2014 to Dec. 31, 2015
10,866
10,863
10,863
10,863
10,837
11,047
11,431
11,431
11,431
11,512
10,827
10,379
10,379
10,379
10,412
Source: ACE MF
Please refer to RISKOMETER on page no 29 for all risk related information about the above mentioned schemes.
25
Scheme Recommendations
Long Term Gilt
Scheme Names
Birla SL GSec-LT(G)
Kotak GiltInvest-Reg(G)
Reliance Gilt
Securities Fund(G)
Fund Manager
Prasad Dhonde
& Kaustubh Gupta
Abhishek Bisen
Prashant Pimple
955
798
894
1,283
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
5.49
5.48
5.27
6.24
17.54
20.53
17.09
18.64
3.05
1.40
0.06
3.27
9.37
8.93
9.78
8.81
Value of Investment of
INR 10,000 if invested from
Dec. 31, 2014 to Dec. 31, 2015
10,549
10,548
10,527
10,624
11,754
12,053
11,709
11,864
10,305
10,140
10,006
10,327
Benchmark Names
42,643
28,195
48,934
18,613
28-Oct-99
19-Nov-03
29-Dec-98
22-Aug-08
24.29
17.00
11.73
Nil
Nil
Nil
Nil
I-Sec Li-BEX
I-Sec Li-BEX
I-Sec Composite
Gilt Index
I-Sec Li-BEX
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
7.48
7.48
8.37
7.48
19.74
19.74
15.12
19.74
1.38
1.38
4.12
1.38
10,748
10,748
10,837
10,748
Value of Investment of
INR 10,000 if invested from
Dec. 31, 2014 to Dec. 31, 2015
Dec. 31, 2013 to Dec. 31, 2014
11,974
11,974
11,512
11,974
10,138
10,138
10,412
10,138
Source: ACEMF
Please refer to RISKOMETER on page no 29 for all risk related information about the above mentioned schemes.
26
Model Portfolio
Wealth
Guard (%)
Low Risk Debt
Wealth
Keeper (%)
Wealth
Builder (%)
Wealth
Enhancer (%)
Wealth
Multiplier (%)
60
50
30
20
15
35
35
30
20
15
15
30
40
50
10
20
20
100
100
100
100
100
Corporate/Bank Deposits
Post Office & RBI/ PSU Bonds
Fixed Maturity Plans (FMPs)
Liquid/Ultra Short Term Funds
Long/Short Term Debt
Short Term Funds
Income Funds
Monthly Income Plans (MIPs)
Gilt - Medium to Long Term
Equity
Diversified Equity Funds
Direct Equity/Derivatives
Private Equity
Equity PMS
Alternate
Other Asset Class (Gold, etc.)
Structured Products (Capital protected)
Structured Products (Non-Capital protected)
Total
27
Disclaimer:
This document is prepared by the Research Division of Aditya Birla Money Mart Limited (ABMML/ the Company) on the basis of publicly available information,
internally developed data and other sources believed to be reliable. Whilst no action has been taken based upon this information, ABMML does not warranty either
expressly or impliedly, the accuracy, completeness or reliability of any information provided herein. Neither ABMML nor any of its employees / directors /
authorized representatives shall be liable for any direct, indirect, special, consequential, punitive or exemplary damages including lost profits arising in any way
from the information contained in this material, and hereby disclaims any liability with regard to the same. This report is disseminated for the information of
authorized recipients only and is not to be relied upon or taken in substitution for the exercise of due diligence and judgment by any recipient. This report does not
provide individually tailored investment advice; investors should seek independent financial advice with respect to the merits and risks involved in any of the
matters concerning investments in the Schemes/products mentioned in the report. MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS READ ALL
SCHEME RELATED DOCUMENTS CAREFULLY BEFORE INVESTING. PAST PERFORMANCE MAY OR MAY NOT BE SUSTAINED IN FUTURE. Returns are for Growth Option.
Calculations of return assume that all payouts during the period have been reinvested in the Scheme at the then prevailing NAV. Returns of less than one year are
absolute returns and returns of one year and more are compounded annualized returns.
This document is meant solely for the selected recipient to whom it has been specifically made available for general reading purposes. Nothing in this document
should be construed as an investment/financial advice or solicitation to purchase or sell, units of Scheme of any particular fund house or any financial product
referred to in this document. Investment decision if any taken will be at your sole and absolute discretion after due assessment and understanding of your
investment objective, appropriateness and risk averseness including indicated under product labeling of mutual fund scheme. ABMML shall not be held
responsible in any manner whatsoever for the consequences resulting from you taking the decision based on the use of this information. You may therefore obtain
your own legal, tax and financial advice before making a decision. Aditya Birla Money Mart Ltd is registered with AMFI as a distributor of mutual fund [ARN 0003]
and being engaged in the distribution of Mutual Fund products may receive fees / commission from the asset management companies. The indicative range of
commission receivable from AMCs is from 0% to 6.5% depending on the schemes and as notified by the AMCs from time to time. For more details about the
Company, its businesses and other information including the commissions received from asset management companies you may visit the website
www.adityabirlamoney.com under the Products Mutual Fund section or can seek direct information from your relationship manager at the time of investment.
ABMML is an also an associate / group company of Birla Sun Life Asset Management Company Limited and trustees and sponsor of Birla Sun Life Mutual Fund
(BSLMF), and also acts as a distributor of BSLMF. Any recommendation or reference of schemes of BSLMF made here if any is based on the standard evaluation and
selection process, which would apply uniformly for all mutual fund schemes. The payment of commission (upfront /annualized & trail) for any Schemes of BSLMF to
ABMML would be as per prevailing market practices. You may execute the mutual fund transactions using the execution services of the Company. These services
shall be as per the SEBI guidelines issued from time to time and you may quote the EUIN number of the relationship manager in case of such transactions is
executed based on the advice provided by the Company.
28
Riskometer
RISKOMETER : SEBI's Mutual Fund Advisory committee had concurred that the
prevailing 3-level classification of scheme risk determined by colour coding
(brown for high risk, yellow for medium risk and blue for low risk) is inadequate
to calibrate risk adequately across all mutual fund products. Hence there was a
need to increase the levels of risk depiction from 3 to 5 to accommodate a finer
categorization of risk across the spectrum of MF products. Therefore the
colour coding has been replaced by a 'Riskometer' as an easier to understand
pictorial risk grading system.
Levels of Risk
Risk Level
Interpretation
1. Low Level
2. Moderately Low
3. Moderate
4. Moderately High
5. High
Scheme Names
Axis Liquid Fund(G)
Birla SL FRF-Short Term Plan(G)
ICICI Pru Money Market Fund(G)
Kotak Floater-ST(G)
Reliance Liquid-Treasury Plan(G)
Religare Invesco Liquid Fund(G)
Sundaram Money Fund-Reg(G)
Tata Money Market Fund- A(G)
Riskometer
Riskometer
Scheme Names
Axis Income Fund(G)
Birla SL Dynamic Bond Fund-Ret(G)
Birla SL G-Sec-LT(G)
Birla SL Income Plus(G)
Birla SL Medium Term Fund(G)
Birla SL MIP II-Savings 5(G)
Birla SL ST Opportunities Fund(G)
Birla SL Treasury Optimizer Plan(G)
DSPBR Income Opportunities Fund-Reg(G)
HDFC STP(G)
HDFC High Interest Fund-Dynamic Plan(G)
HDFC Income Fund(G)
HDFC Corporate Debt Opportunities Fund-(G)
ICICI Pru Income Opportunities Fund(G)
ICICI Pru Equity-Arbitrage Fund(G)
ICICI Pru Gilt-Invest-PF(G)
ICICI Pru Short Term Plan(G)
ICICI Pru Dynamic Bond Fund(G)
IDFC SSIF-Invest-Reg(G)
Kotak Bond Fund - Plan A(G)
Kotak Gilt-Invest-Reg(G)
Reliance Dynamic Bond(G)
Reliance Gilt Securities Fund(G)
Reliance MIP(G)
Reliance Reg Savings Fund-Debt Plan(G)
Tata Dynamic Bond Fund-Plan A(G)
Riskometer
Scheme Names
Axis Short Term Fund(G)
Birla SL Savings Fund(G)
Birla SL Short Term Fund(G)
Edelweiss Arbitrage Fund-Reg(G)
HDFC FRIF-Short Term Plan(G)
HDFC Short Term Opportunities Fund(G)
ICICI Pru Flexible Income Plan(G)
IDFC Arbitrage Fund-Reg(G)
Kotak Equity Arbitrage Scheme(G)
Reliance STF(G)
Religare Invesco Credit Opportunities Fund(G)
SBI Arbitrage Opportunities Fund-Reg(G)
SBI Ultra Short Term Debt Fund(G)
Tata ST Bond(G)
UTI Treasury Advantage Fund(G)
Riskometer
Scheme Names
Axis Equity Fund(G)
Axis LT Equity Fund(G)
Birla SL Top 100 Fund(G)
Birla SL Balanced '95 Fund(G)
Birla SL Frontline Equity Fund(G)
Birla SL MIP II-Wealth 25(G)
Birla SL Tax Relief '96(G)
BNP Paribas Equity Fund(G)
Canara Rob Emerg Eq Fund-Reg(G)
Franklin India Bluechip Fund(G)
Franklin India High Growth Cos Fund(G)
Franklin India Prima Fund(G)
Franklin India Smaller Cos Fund(G)
Franklin India Taxshield(G)
HDFC Balanced Fund(G)
HDFC Capital Builder Fund(G)
HDFC Mid-Cap Opportunities Fund(G)
HSBC MIP-Savings(G)
ICICI Pru Focused BlueChip Eq Fund(G)
ICICI Pru LT Equity Fund (Tax Saving)(G)
ICICI Pru MIP 25(G)
ICICI Pru Balanced Fund(G)
ICICI Pru Dynamic Plan(G)
ICICI Pru Value Discovery Fund(G)
Kotak 50(G)
Kotak Select Focus Fund(G)
Mirae Asset Emerging BlueChip-Reg(G)
Reliance Focused Large Cap Fund(G)
Reliance Reg Savings Fund-Balanced Plan(G)
Reliance Tax Saver (ELSS) Fund(G)
Reliance Small Cap Fund(G)
SBI BlueChip Fund-Reg(G)
SBI Magnum MidCap Fund-Reg(G)
Tata Balanced Fund(G)
UTI Mid Cap Fund(G)
Scheme Names
HDFC Infrastructure Fund(G)
Reliance Banking Fund(G)
Riskometer
29
( M o n t h l y M a r ke t R e v i e w )
Contact Information
Aditya Birla Money Mart Limited
Corporate Office: One Indiabulls Centre, Tower 1, 14th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai 400 013.
Registered Office: Indian Rayon Compound, Veraval, Gujarat 362 266. E-mail: abmm.helpdeskonline@adityabirla.com,
CIN U61190GJ1997PLC062406, Tel: +91 22 43568300, Website: www.adityabirlamoney.com, Fax: +91 22 43568310