MUTUAL FUNDS 17 Dec 2016

RETAIL RESEARCH
Monthly Report Dec 2016

Prologue: The month end Assets Under Management (AUM) of Indian Mutual Fund industry witnessed a rise during Nov 2016 by 1.29% or Rs. 21,035 crore M-o-M to Rs. 16,50,001
crore Vs. Rs. 16,28,976 crore as seen in the previous month (Source: AMFI Monthly data).
Except equity funds, ELSS funds, Gold ETF funds and Overseas FOF categories, all other categories witnessed AUM growth in November as compared to October.
The maximum growth among MF categories during the month was seen in the AUM of Gilt category by 10.34%, while the AUM of Gold ETF fund category witnessed the maximum loss
of 5.12%.
The total mutual fund industry saw net inflows of Rs. 36,021 crore while the equity categories saw net inflows of Rs. 8,068 crore during last month.
(Source: AMFI).
Net Flow during the month of November 2016 - Category wise AUM as on Changes in AUM
Sales on
Redemptions / Net Inflow / Nov 30, Oct 31, 2016 Including flows Including flows Excluding Excluding
Segment NFO Sales Existing
Repurchases Outflow 2016 (Crs) (Crs) (Crs) (%) flows (Crs)* flows (%)*
Schemes
Income 415 82,653 64,762 18,306 7,84,305 7,54,662 29,643 3.93 11,337 1.50
Infrastructure Debt Fund 1,842 1,826 16 0.88 16 0.88
Equity 85 21,519 13,536 8,068 4,18,363 4,32,411 -14,048 -3.25 -22,116 -5.11
Balanced 4,310 678 3,632 62,907 61,107 1,800 2.95 -1,832 -3.00
Liquid 12,82,105 12,80,755 1,350 2,81,011 2,77,981 3,030 1.09 1,680 0.60
Gilt 3,096 2,197 899 18,574 16,832 1,742 10.35 843 5.01
ELSS - Equity 114 1,098 201 1,011 50,305 52,391 -2,086 -3.98 -3,097 -5.91
Gold ETFs 8 77 -69 5,737 6,047 -310 -5.13 -241 -3.99
Other ETFs 3,972 1,142 2,830 25,211 23,943 1,268 5.30 -1,562 -6.52
FOF Overseas 44 50 -6 1,756 1,776 -20 -1.13 -14 -0.79
Total 614 13,98,805 13,63,398 36,021 16,50,011 16,28,976 21,035 1.29 -14,986 -0.92
* Mainly represents approximate MTM gain / loss over the month.

Equity Markets: In the month of November 2016, the S&P BSE Sensex and CNX Nifty fell 4.39% and 4.66% respectively. Domestic institutional investors (DIIs), who have been buyers
since the start of the year remained net buyers at Rs.18,277 crore for the month of November. Indian equities staged a recovery in the last few trading sessions of November, but still
ended the month among the worst performers in emerging Asian equities, both in terms of absolute fall and foreign outflows. Indices were hit by a double whammy of economic
slowdown concerns after demonetization and worries that US President-elect Donald Trump's proposed policies will stoke inflation in the US, resulting in faster than-expected rate
hikes by the Federal Reserve. The fall was the second-highest among emerging Asian countries after the Philippines, which lost 8.4%.

Debt Markets: The yields of the 10 year government bond fell during the month of November 2016 and closed at 6.24%, down by 56 bps over the last month. The Indian debt
markets witnessed FII redemption resulting in a net selling of Rs.21,151 crore. This was due to the expectation of the US Fed raising interest rates in mid-December 2016 which would in
turn raise bond yields in U.S. and thereby make them more attractive to FIIs. The highlight of the month, however, was the government demonetizing currency in denomination of Rs
500 and Rs 1000 as announced on November 8, 2016 and the bond market reacting the next day with the benchmark 10 year bond falling by 27 bps from 6.80 % yield on November 8,
2016 to close at 6.67% yield on November 9, 2016. The 10 year bond ended the month to close at 6.24% yield on November 30, 2016.

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Liquidity Provided by the RBI (Rs. Mn):

Categories Month-end Corpus Detailed:
2,500.00
The AUM for equity category fell during Nov month by 3.24% MoM to Rs.4,18,363 crore on the 2,000.00

back of higher redemptions as compared to inflows as well as the fall in the S&P BSE Sensex and 1,500.00
1,000.00
CNX Nifty by 4.39% and 4.66% respectively. Domestic institutional investors (DIIs), who have
500.00
been buyers since the start of the year continued to be net buyers at Rs.18,277 crore for the 0.00
month of November. -500.00
-1,000.00

The Equity category saw net outflows of Rs.14,048 crore during the month. The category -1,500.00

29-Mar-14

17-Mar-15

30-Mar-16
01-Oct-12

07-Oct-13

08-Oct-15
16-Apr-13

27-Nov-14

11-Nov-16
04-Dec-13

30-May-14

14-May-15

25-May-16
24-Dec-12

13-Jun-13

07-Dec-15
08-Aug-13

20-Aug-15
23-Sep-14

03-Feb-16
20-Feb-13

15-Sep-16
24-Jul-14

01-Jul-15

20-Jul-16
22-Jan-15
30-Jan-14
accounts for 25% of the overall assets of the Indian MF industry.

The AUM of Balanced category rose during last month. The category witnessed net inflows of Rs. Net - Repo Net - Term Repo MSF

1,800 crore during last month, an increase of 2.94% to Rs 62,907 crore.

Relationship between Net flows in Equity category Vs. Nifty Index:
The AUM of the ELSS category witnessed a fall of Rs 2086 crore by 3.98% to Rs. 50,305 crore
during the month. The AUM of Gilt category rose by Rs 1,742 crore or 10.34% to Rs 18,574 crore
mainly due to fall in G-sec yields. The AUM of liquid funds rose by Rs 3,030 crore or 1.09% to Rs
2,81,011 crore.

The corpus of the Gold ETF category fell during the last month by Rs. 310 crore or 5.12% to Rs.
5,737 crore. Funds mobilized by newly launched schemes (NFOs) in Nov stood at Rs.614 crore
from 9 schemes out of which Rs. 415 crore came from 7 Income Fund NFOs. Closed ended ELSS
equity fund Sundaram Long Term Micro Cap Tax Advantage Series 3 collected Rs. 114 crore.

Overall MF folios saw an increase for the 30th consecutive month. As of Nov 2016, the total
number of equity folios (Equity + ELSS) stood at 3.85 crores while the overall folios of the MF
industry stood at 5.20 crore. During the month, the overall MF folios saw increase in numbers by
7.61 lakh while the equity folios saw an increase of 4,95,676.
Trend in mutual Funds folios (Crs in numbers):
Folios in the balanced fund category also witnessed an increase from 29,65,961 in October to
30,66,813 in November showing an increase of 100,852 or 3.40%. 6.00
5.00
Folios in the Income funds category increased from 87,66,970 in October to 88,30,648 in 4.00
November which is an increase of 63,678 or 0.72%. 3.00
2.00
1.00
Liquid funds category saw an increase of folios from 6,87,558 in October to 6,98,239 in
0.00
November which is an increase of 10,681 or 1.55%.
Mar-12

Mar-13

Mar-14

Mar-15

Mar-16
Jun-11
Sep-11

Jun-12
Sep-12

Jun-13
Sep-13

Jun-14
Sep-14

Jun-15
Sep-15

Jun-16
Sep-16
Dec-11

Dec-12

Dec-13

Dec-14

Dec-15
Equity Folios Other categories Folios

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FII & MF Activity: Average Quarter end AUM:

On the equity side, Mutual funds were net buyers during Nov by buying net equities of Rs.
13,610 crore. They were the net buyers of Rs. 8,105 crore in Oct 2016. The net inflows during
last month was a result of gross purchases Rs. 42,922 crore and gross sales Rs. 29,312 crore.

On the debt side, mutual funds were net buyers in Nov by buying debt net of Rs. 11,498 crore.
They were the net buyers in Oct as they bought the debt securities to the tune of Rs 24,240
crore. The net inflow during the month was a result of gross purchases of Rs. 1,36,693 crore and
gross sales of Rs. 1,25,195 crore.

FIIs were net sellers in equity market as they sold securities to the tune of Rs.18,244 crore in Nov
2016 after being net sellers of Rs. 4,306 crore in Oct 2016.

FIIs turned net sellers in the debt side as they sold to the tune of Rs.21,151 crore during the
month of Nov 2016. The net outflow during the last month was a result of gross purchases Rs.
27,287 crore and gross sales Rs 48,439 crore. This was due to the expectation of the US Fed MFs net investment in Equity and Debt during Oct 2016 (Rs in Crs):
raising interest rates in mid-December 2016 which would in turn raise bond yields in U.S. and
6000.00
thereby make them more attractive to FIIs. They were net sellers in the month of Oct 2016
selling debt securities for Rs. 5,999 crore. 4000.00

2000.00
Average Assets Under management:
0.00

1-Nov
2-Nov
3-Nov
4-Nov
5-Nov
6-Nov
7-Nov
8-Nov
9-Nov
10-Nov
11-Nov
12-Nov
13-Nov
14-Nov
15-Nov
16-Nov
17-Nov
18-Nov
19-Nov
20-Nov
21-Nov
22-Nov
23-Nov
24-Nov
25-Nov
26-Nov
27-Nov
28-Nov
29-Nov
30-Nov
The Average assets under management (AAUM) of the mutual fund industry (as declared by the -2000.00
AMFI on quarterly basis) has seen a life time high that increased 4.28% to Rs 16.80 lakh crore
-4000.00
(excluding fund of funds) in Sept 2016 end (Source: NAV India).
-6000.00
Equity Debt
Among the top five players, ICICI Prudential MF led the pack with an asset base of Rs. 2,15,986
crore (excluding Fund of Funds) followed by HDFC MF (Rs 2,13,086 crore), Reliance MF (Rs
1,83,129 crore), Birla Sun Life MF (Rs 1,68,881 crore) and SBI MF (Rs 1,31,554 crore). Bulk Deals:
Company Name Date Exch MF/FII Price VOLUME DEAL
In terms of absolute asset growth in July-September 2016 over April-June 2016, ICICI Prudential Ceat Ltd. 03-Nov-16 NSE BNP PARIBAS MF 1228.6 224274 BUY
Surana Industries Ltd. 03-Nov-16 NSE INDIASTAR (MAURITIUS) 5.19 311000 SELL
MF leads the pack with rise by Rs.22,689 crore rise followed by HDFC MF with Rs 20,309 crore
Redington (India) Ltd. 03-Nov-16 NSE IDFC MF 99.26 2750000 SELL
and Birla Sun Life MF is third with rise by Rs.19,788 crore assets added in this period. AAUM is
Neuland Laboratories Ltd. 07-Nov-16 NSE NOMURA MF 1023.7 58262 BUY
declared by AMFI on its website on a quarterly basis. NSE
PNB Housing Finance Ltd 07-Nov-16 GENERAL ATLANTIC 886.84 2552000 BUY
Hexa Tradex Ltd. 08-Nov-16 NSE MACQUARIE BANK 17.85 886000 SELL
City Union Bank Ltd. 03-Nov-16 BSE HDFC MF 149.2 5248000 BUY
Redington (India) Ltd. 03-Nov-16 BSE IDFC MF 99.25 4750000 SELL
Milk food Ltd. 03-Nov-16 BSE RBS 252.92 44511 BUY
On mobile Global Ltd 04-Nov-16 BSE CITIGROUP 105.75 859666 SELL
On mobile Global Ltd. 04-Nov-16 BSE NOMURA SINGAPORE 105.75 859666 BUY
Suyog Telematics Ltd. 10-Nov-16 BSE LTS INVESTMENT FUND 451 63200 BUY
Iris Media works Ltd. 16-Nov-16 BSE LTS INVESTMENT FUND 12.16 2251798 SELL

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 0.00
2.00
4.00
6.00
8.00

-6.00
-4.00
-2.00

0.00
2.00
4.00
6.00

-10.00
-8.00
-6.00
-4.00
-2.00
2.6
Nasdaq

Arbitrage Funds MSCI Bric

-3.3

RETAIL RESEARCH
Balanced Debt Hang Seng

-0.7
Balanced Equity MSCI Emerging

-4.4
Equity Banking
1.0

MSCI World

Equity Diversified
5.3

Dow Jones

Equity Diversified
4.9

Nikkei 225

Equity Diversified
4.7

Shanghai Comp

Equity Diversified NIFTY INFRA

-2.5

Equity FMCG S&P BSE FMCG

-5.2

MF Categories returns (%) during the month of Nov 2016:

Equity Media S&P BSE BANKEX
-4.7

Equity Other SENSEX

-4.6

Equity Pharma BSE IT

-1.8

Equity Tax Planning NIFTY 50

-4.7
Indices & asset class returns (%) across the globe for the month of Nov 2016:

Equity Tax NIFTY 500

-5.6

ETFs Gold ETFs S&P BSE Mid-Cap

Floating Rate NIFTY PHARMA

-4.8

Floating Rate S&P BSE HC

-4.5

Fund of Funds FOF Nifty Free Float Midcap

100
Fund of Funds FOF
S&P BSE AUTO

Fund of Funds FOF

S&P BSE Small-Cap

Fund of Funds FOF

0.0

CRB

Gilt Funds Medium

4.5

Crisil 10 Yr Gilt Index

Gilt Funds Short

3.1

Crisil Comp Bond

Global Funds
3.4

I-Sec Comp Gilt

Global Funds
1.6

Crisil ST Bond

Income Funds
Gold-India
-3.7

Liquid Funds
1.9

Crisil MIP Blend

Monthly Income
0.6

Crisil Liquid
Monthly Income
2.7

USD INR
Short Term Income
0.0

DXY
Ultra Short Term
Crisil Balanced Aggr
-2.0
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Toppers and Laggards for the month based on simple average basis:
Category:
Mutual Fund categories posted mixed returns during last month. On the equity oriented categories side, all posted negative returns. The Equity Diversified sub categories such as Large-
cap, Mid-cap and Multi-cap categories underperformed the key indices Sensex and Nifty. They posted returns of -5.6%, -7.3% and -5.8% respectively. In the month of Nov 2016, the
S&P BSE Sensex and CNX Nifty fell 4.4% and 4.7% respectively.

Equity FMCG category was the bottom performer during last month posting -8.13% return. Equity pharma category was the top performer during last month as the category posted
-2.83% return during last month. Gold ETF category fell by 3.98%. Within the debt category, Gilt Funds outperformed others by posting returns of 4.81%.

Schemes:
Invesco India Gilt Fund (G), Franklin India G-sec Fund- LTP (G) and Franklin India G-sec Fund- PF Plan (G) were the top performing schemes during the November month. They posted
6.21%, 6.04% and 5.78% of absolute returns respectively. HSBC Midcap Equity Fund (G), Tata India Consumer Fund (G) and Reliance Mid & Small Cap Fund (G) were least performers as
they registered returns of -9.93%, -9.20% and -8.99% respectively.
Top 3 & Bottom 3 performers from MF categories during the month (based on Simple average returns):
The following charts depict the top three (Sky blue) and the bottom three (Orange) performers in each category in Oct 2016.

Large-cap: Multi-cap:

Mid-cap: ELSS:

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Equity Infrastructure: Equity Banking:

Hybrid - Equity: MIP - LT:

Liquid: Income:

Short term Income: Gilt:

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Asset Weighted average returns (%) (Trailing) for MF categories over periods:
Category Name 1 Month Absolute 3 Months 6 Months 1 Year CAGR 3 Years CAGR 5 Years CAGR
Absolute Absolute
Arbitrage Funds 0.62 1.66 3.48 5.91 5.20 5.60
Balanced Debt Oriented -0.88 -0.97 2.55 4.81 1.40 0.84
Balanced Equity Oriented -2.97 -1.19 7.50 8.82 17.13 14.87
Equity Auto -8.77 -6.69 5.67 4.66 35.08 29.31
Equity Banking -7.62 -6.79 11.36 14.58 18.00 14.59
Equity Diversified Dividend Yield [Theme] -5.62 -3.81 6.48 4.97 14.74 11.34
Equity Diversified Infrastructure [Theme] -6.14 -4.24 8.36 3.78 20.52 12.37
Equity Diversified LARGE [Market Cap] -5.69 -5.06 5.07 6.02 14.80 12.97
Equity Diversified MID [Market Cap] -7.28 -3.80 7.51 7.49 19.38 15.43
Equity Diversified MNC [Theme] -7.05 -7.92 -2.01 -2.19 25.45 22.31
Equity Diversified MULTI [Market Cap] -5.80 -4.41 6.92 5.81 16.08 14.02
Equity Diversified SMALL [Market Cap] -8.36 -1.00 11.65 11.12 38.30 26.02
Equity FMCG -8.08 -10.47 -1.74 1.24 12.63 8.37
Equity Infotech 0.22 -2.43 -9.22 -6.08 8.75 13.18
Equity Pharma -2.91 -1.35 5.79 -2.94 21.63 22.32
Equity Tax Planning -6.10 -4.57 4.81 4.75 18.79 16.17
ETFs Gold ETFs -5.31 -7.02 -2.19 9.38 -0.02 -1.24
Floating Rate Income Funds 1.00 2.35 4.75 9.06 9.06 9.18
Fund of Funds -3.42 -2.76 3.38 10.53 2.09 2.31
Fund of Funds FOF - Debt 1.80 3.45 7.67 11.13 10.91 9.66
Fund of Funds FOF - Equity -1.69 -0.75 5.95 8.70 5.84 5.05
Fund of Funds FOF - Gold -6.81 -7.03 -1.06 12.17 -3.65 -1.79
Gilt Funds Medium & Long Term 4.34 5.96 11.49 15.26 11.33 9.08
Gilt Funds Short Term 4.23 6.31 11.71 16.90 12.99 11.21
Global Funds -1.97 -2.62 3.90 7.41 7.07 4.28
Income Funds 2.76 4.50 8.81 12.81 9.96 8.18
Liquid Funds 0.52 1.57 2.97 6.37 7.04 7.29
Monthly Income Plans 0.92 2.81 9.22 12.75 13.61 11.55
Short Term Income Funds 1.79 3.40 6.60 10.94 9.43 8.79
Ultra Short Term Funds 1.09 2.45 4.88 9.12 8.46 8.47
Note: NAV value as of Dec 1, 2016.

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Micro Analysis (period between Oct 2016 and Nov 2016):

New stocks bought in from primary/secondary market by at least three mutual funds during Nov 2016:
Mutual Fund Stock Mutual Fund Stock
Canara Robeco Mutual Fund Edelweiss Mutual Fund
Edelweiss Mutual Fund LIC Housing Finance Ltd Principal Mutual Fund Aarti Industries Ltd
Taurus Mutual Fund IDBI Mutual Fund
Baroda Pioneer Mutual Fund HDFC Mutual Fund
BOI AXA Mutual Fund PNB Housing Finance Ltd Baroda Pioneer Mutual Fund
Bajaj Finance Ltd
Mirae Asset Mutual Fund Canara Robeco Mutual Fund
HDFC Mutual Fund Mahindra Mutual Fund
ICICI Prudential Mutual Fund Sheela Foam Ltd Baroda Pioneer Mutual Fund
IDFC Mutual Fund HDFC Mutual Fund Bharat Financial Inclusion Ltd
BNP Paribas Mutual Fund UTI Mutual Fund
Edelweiss Mutual Fund Vedanta Ltd Baroda Pioneer Mutual Fund
Mahindra Mutual Fund BOI AXA Mutual Fund Bharat Forge Ltd
DHFL Pramerica Mutual Fund HDFC Mutual Fund
IDFC Mutual Fund Dish TV India Ltd Kotak Mahindra Mutual Fund
Indiabulls Mutual Fund L & T Mutual Fund Colgate Palmolive India Ltd
IDBI Mutual Fund Sundaram Mutual Fund
LIC Mutual Fund Havells India Ltd
SBI Mutual Fund
IDBI Mutual Fund
IDFC Mutual Fund Jain Irrigation Sytems Ltd
UTI Mutual Fund

Stocks exited totally by at least three Mutual Funds during Nov 2016:
Mutual Fund Stock Mutual Fund Stock
AXIS Mutual Fund Edelweiss Mutual Fund
Escorts Mutual Fund Aditya Birla Nuovo Ltd Escorts Mutual Fund
Bharat Financial Inclusion India Ltd
JM Mutual Fund JM Financial Mutual Fund
BOI Mutual Fund Tata Mutual Fund
Escorts Mutual Fund Axis Bank Ltd DSP Blackrook Mutual Fund
JM Financial Mutual Fund Invesco Mutual Fund CEAT Ltd
Baroda Pioneer Mutual Fund Reliance Mutual Fund
Escorts Mutual Fund Bajaj Electricals Ltd JM Financial Mutual Fund
Taurus Mutual Fund LIC Mutual Fund Cairn India Ltd
BOI AXAI Mutual Fund Motilal Oswal Mutual Fund
DHFL Pramerica Mutual Fund Bajaj Finserv Ltd
DSP Blackrock Mutual Fund

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Comments on Fund activities:

Funds have bought some stocks belonging to sectors like Banks and NBFCs, FMCG, Metals to name a few.

Funds have sold some stocks belonging to Retail, FMCG, Oil and Gas, Rubber, Electricals to name a few.

Among top AMCs having larger AUM, HDFC, ICICI Prudential, UTI Mutual Fund and SBI Mutual Fund did the maximum additions and exit of stocks during the month.

Most common stock among Top 5 holdings in the portfolio of All 221 Equity Diversified Schemes (in terms of corpus as on Nov) HDFC Bank, ICICI Bank, Infosys, L & T, SBI and Maruti
Suzuki.

Most common stock among Top 10 holdings in the portfolio of All 221 Equity Diversified Schemes (in terms of corpus as on Nov) In addition to the above, IndusInd Bank, RIL, Sun
Pharmaceuticals, ITC and Axis Bank.

NEWS:

DSP BR Mutual has revised the exit load structure under DSP BR equity savings fund effective November 21, 2016
For exit within 1 year from the date of allotment:
If the units redeemed or switched out are up to 10% of the units purchased or switched-in within 12 months from the date of allotment: Nil
If units redeemed or switched out are in excess of the limit within 12 months from the date of allotment: 1%
If units are redeemed or switched out on or after 12 months from the date of allotment: Nil

Axis Mutual Fund has decided to change in fundamental attributes of Axis Banking Debt Fund, with effect from 29 November 2016.
The proposed changes are: Asset Allocation:
The scheme will invest 80%-100% of assets in debt & money market instruments issued by banks, Public Financial Institutions (PFIs) and Public Sector Undertakings (PSUs) with low to
medium risk profile and invest up to 20% of assets in debt (including government securities) & money market instruments issued by entities other than banks, PFIs and PSUs with low
risk profile.
Existing investors have an option to exit without payment of exit load between 28 October 2016 and 28 November.

HDFC mutual fund has launched HDFC Dual Advantage Fund - III - 1224D November 2016. The New Fund Offer will open for subscription from November 21, 2016 to December 5, 2016.

Senior Analyst: Prashant Mehta (prashant.mehta@hdfcsec.com) Source: NAVIndia.com& ACEMF

RETAIL RESEARCH Tel: (022) 3075 3400 Fax: (022) 2496 5066 Corporate Office

HDFC securities Limited, I Think Techno Campus, Building - B, "Alpha", Office Floor 8, Near Kanjurmarg Station, Opp. Crompton Greaves, Kanjurmarg (East), Mumbai 400 042 Phone: (022) 3075 3400 Fax: (022) 2496 5066 Website: www.hdfcsec.com Email:
hdfcsecretailresearch@hdfcsec.com.

Disclaimer: Mutual Funds investments are subject to risk. Past performance is no guarantee for future performance.This document has been prepared by HDFC Securities Limited and is meant for sole use by the recipient and not for circulation. Thi s document is not to be reported or
copied or made available to others. It should not be considered to be taken as an offer to sell or a solicitation to buy any security. The information contained herein is from sources believed reliable. We do not represent that it is accurate or complete and it should not be relied upon as
such. We may have from time to time positions or options on, and buy and sell securities referred to herein. We may from time to time solicit from, or perform investment banking, or other services for, any company mentioned in this document. This report is intended for non-Institutional
Clients.

This report has been prepared by the Retail Research team of HDFC Securities Ltd. The views, opinions, estimates, ratings, target price, entry prices and/or other parameters mentioned in this document may or may not match or may be contrary with those of the other Research teams
(Institutional, PCG) of HDFC Securities Ltd. HDFC Securities Ltd. is a SEBI Registered Research Analyst having registration no. INH000002475.

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