For internal circulation only
as on 31st December, 2010
Market Update
INDEX 31-Dec-10 30-Nov-10 % Change
BSE Sensex 20509.09 19521.25 5.06%
S&P CNX Nifty 6134.50 5862.70 4.64%
10 year-Benchmark 7.92% 8.06% -1.74%
364 Days T-Bill 7.43% 7.26% 2.34%
Call Rates 6.75% 6.67% 1.20%
Equity:
The month of December has usually been good for the markets, generating positive
returns in 26 out of the past 31 years. The BSE Sensex gained 5% in December and
ended the calendar year 2010 at an all time yearly high closing value of 20509,
generating 17.4% returns in 2010 on renewed FII inflows. During 2010, FIIs bought stock
worth US$29bn in the cash market, an all time high, including US$8.5bn inflows in the
primary market. Against this, domestic institutions sold US$4.6bn in the secondary
market, of which domestic insurance companies bought US$1.4bn and mutual funds
sold stock worth US$6bn. Led by extremely tight liquidity conditions, higher short term
interest rates in the system and certain stock price manipulation news specific to mid-
cap companies, mid-cap and small-cap indices underperformed their large-cap
counterparts by a wide margin wiping out their initial relative gains v/s the BSE Sensex in
CY2010.
Continuation of ultra-loose global monetary policy, particularly by the Fed and BoJ,
improving US and core Europe (Germany, France, Netherlands) growth prospects and
strong economic momentum in EMs, is putting upward pressure on global commodity
and crude oil prices, such that crude is now ruling at $90 per barrel. The Government
hiked petrol prices but deferred the hike in diesel and gas prices to avoid more back lash
on inflation. The flux of FII flows this year has kept the BoP in surplus, however, the nature
of capital inflows funding the deficit is not quite comforting. Rising share of non-FDI
inflows, especially FII flows in the total capital inflows do not augur well for the stability of
BoP, as these flows are inherently very volatile.
Industrial Production data continued to be volatile in India, with October factory output
rising 10.8%, as demand for consumer durables (such as cars and electronic goods)
and power equipment grew strongly. November headline inflation dipped to 7.5% from
8.5% in October due to favorable base effect but spiraling food inflation post unseasonal
rains, surge in oil & other commodity prices and rising wage bills poses risks to inflation
going forward. Pick up in credit growth in an environment of sluggish deposit growth and
high Government cash balances with RBI is creating tight liquidity conditions in the
system. However, RBI is unlikely to ease liquidity substantially until it gets comfort on the
inflation’s trajectory.
Equity Outlook:
The Indian economy has expanded by 8.9% Y-o-Y in the first six months of FY2010-11
and the country’s strong growth fundamentals, high saving and investment rates, fast
labor force growth and the rapid expansion of the middle class will ensure a steady
performance going forward. Despite India’s impressive growth recently, there are a
number of clouds hanging over the economy, including the stubbornly high inflation rate
and the widening current account deficit. Growth will continue to be constrained by
infrastructure bottlenecks, capacity constraints, rising input & interest costs and
shortages of skilled labor. High food prices which is hurting the ‘aam aadmi’ and the
recent spate of scandals including the big 2G license scam in 2008 has invited huge
political backlash for the centre. Hence, going forward, the government is likely to
restrict its focus to targeted spending and piecemeal changes, rather than attempting to
implement structural reforms that would have unlocked more of India’s vast economic
potential. Given such a macroeconomic & political environment coupled with Indian
equity market trading at fair valuations of 16x FY12E earnings, we expect Sensex to
broadly consolidate in 2011, generating moderate returns of 10-12%. The markets will
continue to take cues from global events, commodity movements and domestic inflation
& liquidity conditions and will start its rally afresh with positive news on these fronts.
January 2011
10 Yr G-Secs yield (%) 5 year AAA Corporate Bond Spread (bps)
9.0 175
150
Percentage (%)
8.0
125
bps
7.0 100
75
6.0
50
5.0 25
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Debt:
Indian economy has delivered a strong growth of 8.9% yoy in the 1HFY11 as against
7.5% in the corresponding period last year. The growth has been pretty broad-based
with robust pick-up in all the three sectors, namely, agriculture, industry and services.
Given the current momentum, the economy is well poised to clock in an 8.75% GDP
growth in FY11.
The Index of Industrial Production (IIP) bounced back smartly from the lows of 4.4% in
September 2010 to 10.8% in October 2010. The credit off-take which had dipped
earlier has shown considerable strength in the last couple of months. This coupled
with slow pick-up in deposits and deferment of GoI spending has resulted in shortage
of liquidity. The banking system has been in a deficit mode for over a period of six
months, with deficit averaging Rs.1 lakh crore, worst than the peak of the global credit
crisis in 2008. Such tight liquidity coupled with RBI’s policy normalization process has
put tremendous pressure on the short-term rates with borrowing rates by banks &
corporate rising by over 300bps during the course of the year.
Led by continuation of easy monetary policy in the West and announcement of fresh
rounds of easing by the Fed and BoJ, there has been a broad-based rally in global
commodities including crude oil. Surge in crude oil poses macro risk to India on 3 key
fronts, namely, inflation, Current Account Deficit and fiscal deficit. Given the fact that
India imports 70% of its crude oil requirements and crude oil imports constitute a
significant 30% of the total merchandise imports, rising prices leads to widening of
India’s current account deficit. GoI’s fiscal health also gets impacted due to surge in
oil under-recoveries and, therefore, rising oil subsidy.
Concerned over inflation, RBI seems to be refraining from easing liquidity pressure
considerably. However, to render some relief to the market, in its mid-quarter
Monetary Policy review in December 2010, RBI cut SLR by 1% to 24% and announced
buy back of dated-government securities (OMOs) worth Rs 48000 crores.
Debt Outlook:
Indian economic outlook remain robust, not just for FY11 but next year as well with the
economy likely to grow at over 8.25% in FY12. Unlike the past couple of quarters, we
expect the economic growth going forward to be fuelled by pick up in public & private
capex. Despite robust medium-to-long-term economic outlook, the economy faces
certain near-term macro headwinds, namely, high inflation & tight liquidity, which will
impact the RBI’s policy trajectory and bond yields.
Surge in crude oil & other commodity prices, renewed rise in food prices and
domestic capacity constraints in an environment of robust demand growth will
continue to put upward pressure on inflation which is likely to end FY11 at 7-7.5%. We
expect inflationary pressures to continue next year as well with average inflation for
FY12 at 7% levels. Due to this, we expect RBI to hike policy rates by another 50-75bps
in 2011, starting with a 25bps hike in repo rate in the upcoming Policy Meeting
towards the end of January 2011.
We expect system liquidity to remain in deficit mode in the 1H2011. However, with
rising deposit rates and expected government spending, the deficit is expected to
shrink from the current over Rs 1 lakh crore. Due to this, pressure on the shorter-end of
the curve is likely to ease and we see 1 yr CD rates to ease to 8.25-8.5% in next 6-8
months. However, the yield curve which has already flattened significantly is likely to
remain flat in near-term. With an upside risk to fiscal consolidation in FY12 due to
rising crude oil prices, delay in subsidy & tax reforms and absence of one-time
bonanza of 3G auction, GoI borrowing is likely to remain high next year as well. We
expect the 10 Yr G-Sec to remain range-bound around 7.75-8.00%. Although inflation
will remain high & RBI is expected to hike rates, the fact that majority of the rate hikes is
behind us & liquidity pressure will relatively ease, we feel that we are close to the top in
bond yields. We expect the 10-Yr AAA Corporate Bond Spreads to rise to 100-125bps
in the coming year.
1 *Past performance is not necessarily indicative of future performance
 as on 31st December, 2010

Assure Fund (100% Debt) Income Advantage Fund (100% Debt)

Key Parameters of Assure Fund : Key Parameters of Income Advantage Fund :

NAV as on 31st December'10 : ` 16.08 NAV as on 31st December'10 : ` 13.73
Assets held as on 31st December'10 : ` 138.96 cr Assets held as on 31st December'10 : ` 235.53 cr
Maturity (in years) : 1.07 Maturity (in years) : 5.61
Benchmark : CRISIL Short Term Bond Index Benchmark : CRISIL Composite Bond Index
Fund Manager : Devendra Singhvi Fund Manager : Devendra Singhvi

MMI
13.70%
MMI
31.92%
NCD
G-Secs
NCD 60.70%
25.59%
68.08%

Sovereign AA- AA+ AA

3.78% 4.11% 8.98% 9.81% AA- P1+/A1+
P1+/A1+ 8.64% 9.40% AA
28.56% 6.26%

AAA
47.54%
Sovereign
AAA 28.16%
44.75%

Fund Performance Fund Performance

Returns Period Assure BM Returns Period Income Advantage BM
1 month 0.24% 0.26% 1 month 0.51% 0.26%
Absolute Return 3 months 0.97% 0.79% Absolute Return 3 months 1.23% 0.71%
6 months 2.13% 1.47% 6 months 2.83% 1.30%
1 Year 5.94% 3.53% 1 Year 7.93% 3.79%
Annualized Return 2 Years 8.83% 4.56% Annualized Return 2 Years 9.31% -
Since Inception 11.47% - Since Inception 15.79% -
2 Years 8.47% 4.46% 2 Years 8.91% -
CAGR CAGR
Since Inception 9.37% - Since Inception 14.37% -

Assure BM Income Advantage BM

Mar-08

Jun-08

Sep-08

Dec-08

Mar-09

Jun-09

Sep-09

Dec-09

Mar-10

Jun-10

Sep-10

Dec-10

Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10

Know the fund better: Know the fund better:

Exposure in MMI has increased to 31.92% from 22.66% and in Corporate Exposure in Corporate Debt has decreased to 60.70% from 64.18% and in
Debt decreased to 68.08% from 77.34% on a MOM basis. G-Secs decreased to 25.59% from 27.37% while that in MMI has increased
to 13.70% from 8.45% on a MOM basis.
Assure fund continues to be predominantly invested in highest rated
fixed income instruments. Income Advantage fund continues to be predominantly invested in highest
rated fixed income instruments.

January 2011 2 *Past performance is not necessarily indicative of future performance

 as on 31st December, 2010

Protector Fund (0 - 10% Equity) Builder Fund (10 - 20% Equity)

Key Parameters of Protector Fund : Key Parameters of Builder Fund :

NAV as on 31st December'10 : ` 22.53 NAV as on 31st December'10 : ` 28.18
Assets held as on 31st December'10 ; ` 395.95 cr Assets held as on 31st December'10 : ` 276.60 cr
Maturity (in years) : 5.00 Maturity (in years) : 4.92
Top Holdings in Equity : Reliance Industries, Infosys, ICICI, L&T, ITC Top Holdings in Equity : Reliance Industries, Infosys, ICICI, L&T, ITC
Sectoral Preferences : Banking, Oil & Gas, Capital Goods Sectoral Preferences : Banking, Oil & Gas, Capital Goods
Benchmark : BSE 100 & CRISIL Composite Bond Index Benchmark : BSE 100 & CRISIL Composite Bond Index
Fund Manager : Sunil Kumar (Equity), Devendra Singhvi (Debt) Fund Manager : Sunil Kumar (Equity), Devendra Singhvi (Debt)

NCD Equities Equities G-Secs

47.98% 9.17% 18.61% 21.83%
MMI MMI
15.09% 12.44%

G-Secs
27.75%
NCD
47.13%

AA
Sovereign 2.94% AA+
4.45% P1+/A1+ AA- AA+
34.70% AA 1.91% P1+/A1+
10.36% 2.40% 6.50% AAA
9.52%
49.87%

AAA Sovereign
47.56% 29.81%

Fund Performance Fund Performance

Returns Period Protector BM Returns Period Builder BM
1 month 0.51% 0.58% 1 month 0.73% 0.89%
Absolute Return 3 months 0.76% 0.69% Absolute Return 3 months 0.77% 0.66%
6 months 2.67% 2.29% 6 months 3.75% 3.29%
1 Year 6.48% 4.81% 1 Year 8.00% 5.82%
Annualized Return 2 Years 10.58% 6.77% Annualized Return 2 Years 16.24% 10.61%
Since Inception 12.81% - Since Inception 18.58% -
2 Years 10.07% 6.56% 2 Years 15.10% 10.10%
CAGR CAGR
Since Inception 8.66% - Since Inception 11.17% -

Protector BM Builder BM
Apr-04
Aug-04
Dec-04
Apr-05
Aug-05
Dec-05
Apr-06
Aug-06
Dec-06
Apr-07
Aug-07
Dec-07
Apr-08
Aug-08
Dec-08
Apr-09
Aug-09
Dec-09
Apr-10
Aug-10
Dec-10

Apr-04
Aug-04
Dec-04
Apr-05
Aug-05
Dec-05
Apr-06
Aug-06
Dec-06
Apr-07
Aug-07
Dec-07
Apr-08
Aug-08
Dec-08
Apr-09
Aug-09
Dec-09
Apr-10
Aug-10
Dec-10

Know the fund better: Know the fund better:

Exposure in Corporate Debt decreased to 47.98% from 49.50% and in MMI Exposure in Equities has decreased to 18.61% from 19.24% while that
increased to 15.09% from 13.52% on a MOM basis. in MMI increased to 12.44% from 10.89% on MOM basis.
The average maturity of the fund has decreased to 5.00 years as against The average maturity of the fund has decreased to 4.92 years as
5.34 years in the previous months. Protector fund continues to be against 5.18 years in the previous month. Builder fund continues to be
predominantly invested in highest rated fixed income instruments. predominantly invested in highest rated fixed income instruments.

January 2011 3 *Past performance is not necessarily indicative of future performance

 as on 31st December, 2010

Enhancer Fund (20 - 35% Equity) Creator Fund (30 - 50% Equity)

Key Parameters of Enhancer Fund : Key Parameters of Creator Fund :

NAV as on 31st December'10 : ` 34.35 NAV as on 31st December'10 : ` 27.57
Assets held as on 31st December'10 : ` 5949.39 cr Assets held as on 31st December'10 : ` 322.33 cr
Maturity (in years) : 5.51 Maturity (in years) : 5.17
Top Holdings in Equity : Reliance Industries, Infosys, ICICI, L&T, ITC Top Holdings in Equity : Reliance Industries, Infosys, ICICI, L&T, SBI
Sectoral Preferences : Banking, Oil & Gas, Capital Goods Sectoral Preferences : Banking, Capital Goods, Oil & Gas
Benchmark : BSE 100 & CRISIL Composite Bond Index Benchmark : BSE 100 & CRISIL Composite Bond Index
Fund Manager : Deven Sangoi (Equity), Ajit Kumar PPB (Debt) Fund Manager : Sameer Mistry (Equity), Devendra Singhvi (Debt)

SECURITISED DEBT
0.38% MMI G-Secs MMI
NCD 13.84% Equities
38.05% 20.74% 47.55% 8.15%
G-Secs
14.85%

Equities
26.98%
AAA AA-
48.60% 2.99% Sovereign
AA- AA 33.16%
2.02% 3.63%
Sovereign AA+
30.88% 8.84% P1+/A1+ NCD
13.33% 29.46%

AAA
41.30% P1+/A1+ AA+
8.57% 6.69%

Fund Performance Fund Performance

Returns Period Enhancer BM Returns Period Creator BM
1 month 1.04% 1.18% 1 month 1.51% 1.81%
Absolute Return 3 months 0.54% 0.57% Absolute Return 3 months 0.69% 0.49%
6 months 4.56% 4.16% 6 months 7.38% 6.16%
1 Year 8.24% 6.53% 1 Year 11.45% 8.48%
Annualized Return 2 Years 19.86% 14.38% Annualized Return 2 Years 35.10% 22.88%
Since Inception 24.89% - Since Inception 25.62% -
2 Years 18.20% 13.47% 2 Years 30.46% 20.73%
CAGR CAGR
Since Inception 13.44% - Since Inception 15.94% -

Creator BM

Enhancer BM
Apr-04
Aug-04
Dec-04
Apr-05
Aug-05
Dec-05
Apr-06
Aug-06
Dec-06
Apr-07
Aug-07
Dec-07
Apr-08
Aug-08
Dec-08
Apr-09
Aug-09
Dec-09
Apr-10
Aug-10
Dec-10

Apr-04
Aug-04
Dec-04
Apr-05
Aug-05
Dec-05
Apr-06
Aug-06
Dec-06
Apr-07
Aug-07
Dec-07
Apr-08
Aug-08
Dec-08
Apr-09
Aug-09
Dec-09
Apr-10
Aug-10
Dec-10

Know the fund better: Know the fund better:

Exposure in Equities has decreased to 26.98% from 28.62% and in G-Secs Exposure in Equities has decreased to 47.55% from 48.48% and in
decreased to 20.74% from 21.46% while that in MMI has increased to Corporate Debt decreased to 29.46% from 30.05% while that in MMI has
13.84% from 11.75% on a MOM basis. increased to 8.15% from 6.55% on a MOM basis.

The average maturity of the fund has decreased to 5.51 years as against The average maturity of the fund has decreased to 5.17 years as against
5.77 years in the previous month. Enhancer fund continues to be 5.50 years in the previous month. Creator fund continues to be
predominantly invested in highest rated fixed income instruments. predominantly invested in highest rated fixed income instruments.

January 2011 4 *Past performance is not necessarily indicative of future performance

 as on 31st December, 2010

Magnifier Fund (50 - 90% Equity) Maximiser Fund (80 - 100% Equity)

Key Parameters of Magnifier Fund : Key Parameters of Maximiser Fund :

NAV as on 31st December'10 : ` 30.24 NAV as on 31st December'10 : ` 16.16
Assets held as on 31st December'10 : ` 1373.35 cr Assets held as on 31st December'10 : ` 3034.81 cr
Maturity (in years) : 0.32 Top Holdings in Equity : Reliance Industries, Infosys, SBI, ICICI, L&T
Top Holdings in Equity : Reliance Industries, Infosys, ICICI, L&T, SBI Sectoral Preferences : Banking, Oil & Gas, Capital Goods
Sectoral Preferences : Banking, Capital Goods, Oil & Gas Benchmark : BSE 100 & CRISIL Liquid Fund Index
Benchmark : BSE 100 & CRISIL Liquid Fund Index Fund Manager : Vikram Kotak
Fund Manager : Sameer Mistry (Equity), Devendra Singhvi (Debt)

MMI
NCD MMI 12.54%
0.73% 14.51%

Equities
87.46%
Equities
84.76%

Fund Performance Fund Performance

Returns Period Magnifier BM Returns Period Maximiser BM
1 month 2.55% 3.10% 1 month 3.80% 3.39%
Absolute Return 3 months 0.45% 0.37% Absolute Return 3 months -0.11% 0.23%
6 months 12.12% 10.36% 6 months 11.89% 11.23%
1 Year 16.04% 12.11% 1 Year 15.21% 12.99%
Annualized Return 2 Years 50.23% 42.51% Annualized Return 2 Years 56.88% 47.77%
Since Inception 31.69% - Since Inception 17.32% 11.19%
2 Years 41.59% 36.02% 2 Years 46.21% 39.84%
CAGR CAGR
Since Inception 18.91% - Since Inception 14.45% 9.87%

Magnifier BM Maximiser BM
Mar-08

Jun-08

Sep-08

Dec-08

Mar-09

Jun-09

Sep-09

Dec-09

Mar-10

Jun-10

Sep-10

Dec-10

Jun-07

Sep-07

Dec-07

Mar-08

Jun-08

Sep-08

Dec-08

Mar-09

Jun-09

Sep-09

Dec-09

Mar-10

Jun-18

Sep-10

Dec-10

Know the fund better: Know the fund better:

Exposure in Equities has decreased to 84.76% from 88.28% while that in Exposure in Equities has decreased to 87.46% from 99.04% while that in
MMI has increased to 14.51% from 10.97% on a MOM basis. MMI has increased to 12.54% from 0.96% on a MOM basis.
Magnifier fund continues to be predominantly invested in large cap Maximiser fund is predominantly invested in large cap stocks and
stocks and maintains a well diversified portfolio with investments made maintains a well diversified portfolio with investments made across more
across more than 15 sectors. than 15 sectors.

TOP 10 SECTORS TOP 10 SECTORS

BANKING 20.31% BANKING 19.61%
CAPITAL GOODS 13.30% OIL & GAS 13.25%
OIL & GAS 12.38% CAPITAL GOODS 11.34%
IT 10.83% IT 10.70%
FMCG 6.44% FINANCIAL SERVICES 6.48%
POWER 6.04% FMCG 6.46%
AUTO 5.45% METAL 5.72%
METAL 5.30% AUTO 4.21%
PHARMA 4.38% PHARMA 4.15%
FINANCIAL SERVICES 3.35% POWER 3.17%

January 2011 5 *Past performance is not necessarily indicative of future performance

 as on 31st December, 2010

Super 20 Fund (80-100% Equity) Multiplier Fund (80 - 100% Equity)

Key Parameters of Super 20 Fund : Key Parameters of Multiplier Fund :

NAV as on 31st December'10 : ` 14.39 NAV as on 31st December'10 : ` 13.20
Assets held as on 31st December'10 : ` 84.48 cr Assets held as on 31st December'10 : ` 488.85 cr
Top Holdings in Equity : Reliance Industries, Infosys, ICICI, SBI, L&T Top Holdings in Equity : Asian Paints, Ultratech Cement, Exide
Sectoral Preferences : Oil & Gas, Banking, IT Industries, Lupin, United Phosphorous
Benchmark : Sensex & CRISIL Liquid Fund Index Sectoral Preferences : Banking, Capital Goods, Pharma
Fund Manager : Sameer Mistry Benchmark : CNX Mid Cap & CRISIL Liquid Fund Index
Fund Manager : Deven Sangoi
MMI
9.62% MMI
11.78%

Equities
90.38% Equities
88.22%

Fund Performance
Fund Performance
Returns Period Super 20 BM
Returns Period Multiplier BM
1 month 3.61% 4.62%
1 month 0.27% -0.55%
Absolute Return 3 months 2.09% 2.18%
Absolute Return 3 months -1.65% -3.18%
6 months 14.22% 14.58%
6 months 8.82% 7.58%
1 Year 16.53% 16.27%
1 Year 15.38% 16.07%
Annualized Return 2 Years - -
Annualized Return 2 Years 81.55% 56.85%
Since Inception 29.54% 28.11%
Since Inception 10.08% 4.82%
2 Years - -
CAGR 2 Years 62.20% 46.18%
Since Inception 27.74% 26.47% CAGR
Since Inception 9.14% 4.58%

Super 20 BM Multiplier BM
Oct-07
Dec-07
Feb-08
Apr-08
Jun-08
Aug-08
Oct-08
Dec-08
Feb-09
Apr-09
Jun-09
Aug-09
Oct-09
Dec-09
Feb-10
Apr-10
Jun-10
Aug-10
Oct-10
Dec-10
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10

Know the fund better: Know the fund better:

Exposure in Equities has decreased to 90.38% from 94.55% while that in Exposure in Equities has decreased to 88.22% from 95.10% while that in
MMI has increased to 9.62% from 5.45% on a MOM basis. MMI has increased to 11.78% from 4.90% on a MOM basis.
Super 20 fund maintain a concentrated portfolio of 20 large caps stocks. Multiplier fund is predominantly invested in high quality mid cap stocks
and maintains a well diversified portfolio with investments made across
more than 20 sectors.

TOP 10 SECTORS TOP 10 SECTORS

OIL & GAS 18.68% BANKING 13.56%
BANKING 18.66% CAPITAL GOODS 12.09%
IT 13.66% PHARMA 11.62%
CAPITAL GOODS 12.11% FMCG 7.35%
FMCG 10.84% FINANCIAL SERVICES 5.52%
AUTO 5.83% OIL & GAS 5.51%
POWER 5.59% AUTO ANCILLIARY 5.48%
FINANCIAL SERVICES 5.19% CEMENT 5.31%
TELECOM 3.91% IT 4.60%
CEMENT 2.82% POWER 3.33%

January 2011 6 *Past performance is not necessarily indicative of future performance

 as on 31st December, 2010

Platinum Plus I Fund (0 - 100% Equity) Platinum Plus II Fund (0 - 100% Equity)
Key Parameters of Platinum Plus I Fund : Key Parameters of Platinum Plus II Fund :
NAV as on 31st December'10 : ` 12.79 NAV as on 31st December'10 : ` 18.15
Assets held as on 31st December'10 : `. 578.98 cr Assets held as on 31st December'10 : ` 787.98 cr
Top Holdings in Equity : Infosys, Reliance Industries, ICICI, L&T, SBI Top Holdings in Equity : Infosys, Reliance Industries, L&T, ICICI, ITC
Sectoral Preferences : Banking, IT, Oil & Gas Sectoral Preferences : Banking, Oil & Gas, IT
Fund Manager : Sunil Kumar (Equity), Vikram Kotak (Debt) Fund Manager : Deven Sangoi (Equity), Vikram Kotak (Debt)

NCD
NCD MMI 2.53% MMI
0.48% 11.14% 8.01%

Equities
Equities 89.46%
88.38%

Fund Performance
Fund Performance
Returns Period Platinum Plus II
Returns Period Platinum Plus I
1 month 3.27%
1 month 3.08%
Absolute Return 3 months 1.57%
Absolute Return 3 months 1.25%
6 months 15.08%
6 months 14.64%
1 Year 18.40%
1 Year 16.98%
Annualized Return 2 Years 51.39%
Annualized Return 2 Years 40.31%
Since Inception 35.25%
Since Inception 10.00%
2 Years 42.40%
2 Years 34.39% CAGR
CAGR Since Inception 29.41%
Since Inception 9.22%

Know the fund better: Know the fund better:

Exposure in Equities has decreased to 88.38% from 96.32% while that in Exposure in Equities has decreased to 89.46% from 97.62% while that in
MMI has increased to 11.14% from 3.18% on a MOM basis. MMI has increased to 8.01% from 0.56% on a MOM basis.
Platinum Plus I fund continues to be predominantly invested in large cap Platinum Plus II fund is predominantly invested in large cap stocks and
stocks and maintains a well diversified portfolio. maintains a well diversified portfolio.

TOP 10 SECTORS
TOP 10 SECTORS
BANKING 21.09%

IT 14.00% BANKING 18.38%

OIL & GAS 13.92% OIL & GAS 15.58%
CAPITAL GOODS 10.80% IT 13.87%
FMCG 7.08% CAPITAL GOODS 12.04%
POWER 6.31% FMCG 6.72%
METAL 5.98% METAL 5.74%
FINANCIAL SERVICES 5.88% AUTO 5.64%
AUTO 4.70% POWER 5.41%
PHARMA 3.00% PHARMA 4.54%
FINANCIAL SERVICES 3.99%

January 2011 7 *Past performance is not necessarily indicative of future performance

 as on 31st December, 2010

Platinum Plus III Fund (0-100% Equity)
Key Parameters of Platinum Plus III Fund :
NAV as on 31st December'10
Assets held as on 31st December'10
Top Holdings in Equity
Sectoral Preferences
Fund Manager
Platinum Plus IV Fund (0-100% Equity)
Key Parameters of Platinum Plus IV Fund :
: ` 13.72 NAV as on 31st December'10
: ` 600.88 cr Assets held as on 31st December'10
: Infosys, Reliance Industries, L&T, ICICI, ITC Top Holdings in Equity
: Banking, Oil & Gas, IT Sectoral Preferences
: Deven Sangoi (Equity), Vikram Kotak (Debt) Fund Manager
: ` 12.31
: ` 376.86 cr
: Reliance Industries, Infosys, L&T, ICICI, ITC
: Banking, Oil & Gas, IT
: Deven Sangoi (Equity), Vikram Kotak (Debt)

NCD NCD
2.28% MMI 1.34% MMI
10.05% 13.70%

Equities Equities
87.67% 84.97%

Fund Performance
Fund Performance
Returns Period Platinum Plus III
Returns Period Platinum Plus IV
1 month 3.08%
1 month 2.92%
Absolute Return 3 months 1.51%
Absolute Return 3 months 1.60%
6 months 13.74%
6 months 15.15%
1 Year 15.94%
1 Year 17.97%
Annualized Return 2 Years -
Annualized Return 2 Years -
Since Inception 22.80%
Since Inception 17.90%
2 Years -
CAGR 2 Years -
Since Inception 21.39% CAGR
Since Inception 17.47%

Know the fund better: Know the fund better:

Exposure in Equities has decreased to 87.67% from 95.84% while that in Exposure in Equities has decreased to 84.97% from 93.55% while that in
MMI has increased to 10.05% from 1.29% on a MOM basis. MMI has increased to 13.70% from 6.45% on a MOM basis.

Platinum Plus III fund continues to be predominantly invested in large cap Platinum Plus IV fund is predominantly invested in large cap stocks and
stocks and maintains a well diversified portfolio. maintains a well diversified portfolio.

TOP 10 SECTORS TOP 10 SECTORS

BANKING 18.45%
BANKING 18.67%
OIL & GAS 16.11%
OIL & GAS 15.59%
IT 13.79%
IT 13.52%
CAPITAL GOODS 12.24%
CAPITAL GOODS 12.14%
FMCG 7.16%
FMCG 6.77%
POWER 6.05%
METAL 5.71%
METAL 5.53%
POWER 5.64%
AUTO 4.88%
AUTO 5.46%
PHARMA 3.96%
PHARMA 4.55%
FINANCIAL SERVICES 3.91%
FINANCIAL SERVICES 3.96%

Definitions:
Annualized Return: The rate of return on an investment over a period other than one year (can be a
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month, 2 months or two years) that is adjusted to give a comparable one-year return. E.g. a one-
month return of 1% can be stated as an annualized rate of return of 12%, and a two-year Return of
10% could be stated as an annualized rate of return of 5%.
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Absolute Return:The return that an asset achieves over a certain period of time. This measure looks
at the appreciation or depreciation (expressed as a percentage) that the asset achieves over a given
period of time.
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CAGR: It is the average, year-on-year growth rate of an investment over a number of years. It is
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calculated as:CAGR = ((Ending Value / Beginning Value)^(1 / n))- 1 where ‘n’ is the period of time of
the investment in years.

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