Invest Update Group New Layout Final · Pg 8 Pg 9 Pg 10 Pg 11 Pg 12 Pg 13 Pg 14 as on 31st December 2013. Market Update In spite of high inflation, with the CPI at 11.2% and WPI at

December

Index

Market Outlook

Fund Managers Profile

Fund Performance

Secure Fund

Stable Fund

Growth Fund

Growth Advantage Fund

Money Market Fund

Income Advantage Fund

Gilt Fund

Bond Fund

Fixed Interest Fund

Short Term Debt Fund

Pg 1

Pg 3

Pg 4

Pg 5

Pg 6

Pg 7

Pg 8

Pg 9

Pg 10

Pg 11

Pg 12

Pg 13

Pg 14

as on 31st December 2013

Market Update

In spite of high inflation, with the CPI at 11.2% and WPI at 7.52%, RBI, in its mid-quarter monetary policy on

December 18, 2013, chose to keep policy rates unchanged. This stance of RBI, much against the consensus

expectation of a 25bps hike in the repo rate, was guided by RBI's expectation that inflation would ease in the near

future. An expected fall in inflation in the coming months will drive a shift in debate to a rate cut sometime in the 2nd

half of CY14.

On the external front, the US Fed's decision to begin tapering by $10bn was well weathered by global equity markets.

Indian equity markets too were resilient. Improving growth prospects in the developed world will aid Indian exports in

2014. Imports will remain muted due to the domestic slowdown and lower commodity prices.

CY2014 looks to be a year of two distinct halves, the first till the general elections and the second post the general

elections. Politics and US Federal Reserve tapering will be the headlines in the first half, with the subtexts being

inflation, interest rates and corporate earnings. In the short to medium term, asset markets will be driven by monthly

inflation data, any RBI action on the rate front, political developments, policy reforms and tapering tantrums.

Post elections, fiscal deficit funding and the economic recovery and its resultant impact on earnings will be key

headlines.

31-Dec-13 29-Nov-13 % ChangeINDEX

Nifty

Sensex

BSE 100

Dow Jones

Hang Seng

Nikkei

Nasdaq

6304.00 6176.10 2.07%

21170.68 20791.93 1.82%

6326.72 6177.75 2.41%

16576.66 16086.41 3.05%

16291.31 15661.87 4.02%

23306.39 23881.29 -2.41%

4176.59 4059.89 2.87%

1

BSE NSE

In U

S $

MN

FII MF

No

v-1

2

No

v-1

3

De

c-1

2

De

c-1

3

Jan

-13

Fe

b-1

3

Ma

r-1

3

Ap

r-1

3

Ma

y-1

3

Jun

-13

Jul-

13

Au

g-1

3

Sep

-13

Oct

-13

No

v-1

3

De

c-1

2

De

c-1

3

Jan

-13

Fe

b-1

3

Ma

r-1

3

Ap

r-1

3

Ma

y-1

3

Jun

-13

Jul-

13

Au

g-1

3

Sep

-13

Oct

-13

(2500)

(1500)

(500)

500

1500

2500

3500

4500

5500

3000

3500

4000

4500

5000

5500

6000

6500

14000

15000

16000

17000

18000

19000

20000

21000

22000

Rs v/s USD

No

v-1

2

No

v-13

De

c-1

2

De

c-13

Jan-

13

Fe

b-1

3

Ma

r-1

3

Ap

r-1

3

Ma

y-1

3

Jun-

13

Jul-1

3

Au

g-1

3

Sep

-13

Oct

-13

45

50

55

60

65

70

Market Update

31-Dec-13 29-Nov-13 % ChangeKey Indices

10 year G-Sec

5 Year G-Sec

91 Day T Bill

364 day T-Bill

MIBOR

Call Rates

8.83% 8.70% 1.47%

8.89% 8.85% 0.45%

8.59% 8.86% -3.14%

8.80% 8.81% -0.11%

9.02% 9.03% -0.11%

8.73% 8.04% 7.90%

2

Outlook for equities

Indian equities saw a relatively volatile December with index returns of 9% for CY2013. The front line indices

proceeded to make fresh all-time highs as market sentiment was buoyed by the outcome of the State Elections.

Foreign Institutional Investors (FIIs) ended December 2013 as net buyers, with net inflows of $2.5bn, taking their

total inflows for CY13 to $20bn. This is the third biggest year for FII inflows. Domestic Institutional Investors (DIIs)

remained net sellers, notching up $1.2bn net outflows in December 2013, taking their total outflows for CY13 to

$12.9bn.

For FY15, we expect the BSE Sensex EPS at 1500, an earnings growth of 12%. Based on fundamental valuations

of 15.5-16x FY15e EPS, the full year BSE Sensex target would be 23300-24000.

Outlook for debt

Bond markets were range bound in the absence of any triggers. Liquidity is within RBI's comfort zone of +/- 1% of

NDTL. Bond spreads remained tight due to a lack of supply at the longer end of the curve. This was also due to a

large amount of tax free bonds issued by PSU's. We expect the 10 year government bond to trade in the range of

8.75% to 8.90% in the near term. Corporate bonds spreads are expected to remain at 60bps for some more time.

perc

en

tag

e (%

)

bp

s

No

v-1

2

No

v- 1

3

De

c- 1

2

De

c- 1

3

Jan

- 13

Fe

b- 1

3

Ma

r-1

3

Ap

r-1

3

Ma

y- 1

3

Jun

- 13

Jul-

13

Au

g- 1

3

Sep

- 13

Oct

- 13

10 Yr G-Sec yield 5 year AAA Corporate Bond Spread

25

50

75

100

125

150

5.0

6.0

7.0

8.0

9.0

Fund Managers Profile

Mr. Devendra Singhvi

Mr. Sameer Mistry

Mr. Parin Vora

Mr. Devendra Singhvi has been with BSLI since May 2006. He has over 16 years of experience in markets such as Fixed Income, Treasury, Forex and Derivatives. His previous three assignments have been with Reliance ADA Group Treasury, Prebon Yamane and Hindalco Industries Ltd. Devendra has done his graduation in Mathematics and an MBA in Finance along with a PhD.

Mr. Devendra Singhvi - Head- Fixed Income

Mr. Sameer Mistry joined BSLI in January 2009. He has over 14 years of experience in Equity Research and Fund Management. Prior to joining us, he worked as a Fund Manager with Reliance Capital Asset Management, Tata Mutual Fund and SBI Life Insurance. Sameer has done his BE (Electronics & Telecom) as well as an MBA in Finance.

Mr. Sameer Mistry - Fund Manager – Equity

Mr. Parin S Vora has been with BSLI since October 2007 and is primarily responsible for Fixed Income trading and Fund Management. He has 14 years of experience in Fixed Income Industry and was associated with Birla Sun Life Securities & Mata Securities. Parin has done his MBA in Finance from Welingkar’s Institute of Management and DPMIR from Narsee Monjee Institute of Management studies.

Mr. Parin S Vora - Chief Manager – Investments

3

stFund Performance as on 31 December 2013

Life Funds Figures in percentage (%)

Absolute Return

CAGR

Returns Period

Absolute Return

CAGR

Returns Money Market Fund


BM BM BMPeriod

0.69%

2.09%

4.21%

8.04%

8.06%

7.96%

7.14%

6.61%

6.85%

0.70%

2.21%

2.99%

7.29%

7.98%

7.80%

6.92%

-

6.56%

0.46%

2.13%

-1.02%

4.08%

6.60%

6.66%

-

-

6.30%

0.77%

2.24%

4.53%

9.04%

9.42%

9.36%

8.72%

9.74%

9.57%

0.78%

2.50%

3.63%

8.33%

9.61%

9.40%

8.66%

9.00%

8.90%

1 month

3 months

6 months

1 Year

2 Years

3 Years

4 Years

5 Years

Since Inception

Absolute Return

CAGR

Returns Gilt Fund Bond Fund Fixed Interest Fund

BM BMPeriod

0.70%

2.21%

3.09%

7.53%

8.36%

7.83%

7.07%

6.33%

6.81%

0.46%

2.13%

-1.02%

4.07%

6.60%

6.66%

6.20%

5.63%

4.56%

0.30%

2.53%

-6.05%

0.86%

5.28%

5.27%

4.85%

4.71%

6.06%

0.58%

2.34%

1.29%

6.76%

9.51%

9.07%

8.84%

9.59%

10.92%

0.41%

2.32%

-0.03%

6.49%

9.50%

9.09%

8.89%

9.79%

8.50%

1 month

3 months

6 months

1 Year

2 Years

3 Years

4 Years

5 Years

Since Inception

1 month

3 months

6 months

1 Year

2 Years

3 Years

4 Years

5 Years

Since Inception

Secure Fund

0.85%

3.82%

0.73%

3.77%

9.05%

5.60%

6.18%

8.97%

10.46%

BM

0.80%

3.58%

0.75%

4.39%

8.43%

5.58%

5.86%

7.72%

6.66%

Stable Fund

1.15%

5.13%

2.07%

3.39%

10.49%

4.63%

5.90%

10.59%

13.21%

BM

1.05%

4.67%

2.05%

4.57%

9.76%

4.71%

5.54%

9.21%

8.07%

Growth Advantage

1.59%

7.21%

4.44%

2.84%

12.99%

3.59%

6.06%

14.43%

11.48%

BM BM

1.31%

5.77%

3.34%

4.70%

11.05%

3.80%

5.16%

10.62%

9.63%

1.47%

6.50%

4.19%

4.76%

11.90%

3.16%

4.88%

11.53%

5.78%

Growth Fund

1.46%

6.39%

3.55%

3.01%

11.90%

3.45%

5.76%

12.50%

14.64%

Income Advantage Fund

0.43%

2.72%

-1.82%

4.23%

7.96%

9.41%

-

-

8.70%

Fund Name Benchmark Composition

Secure

Stable

Growth

Growth Advantage

Money Market

Income Advantage

Fixed Interest


Bond Fund

Gilt Fund

BSE 100

BSE 100

BSE 100

BSE 100

-

-

-

-

-

-

Crisil Composite Bond Index




-



Crisil Short Term Bond Index

CRISIL Short Term Bond Index

-

Crisil Liquid Fund Index







Disclaimer:

This document is issued by BSLI. While all reasonable care has been taken in preparing this document, no responsibility or liability is accepted for errors of fact or for any opinion expressed herein. This document is for information purposes only. It does not constitute any offer, recommendation or solicitation to any person to enter into any transaction or adopt any investment strategy, nor does it constitute any prediction of likely future movements in NAVs. Past performance is not necessarily indicative of future performance. We have reviewed the report, and in so far as it includes current or historical information, it is believed to be reliable though its accuracy or completeness cannot be guaranteed. Neither Birla Sun Life Insurance Company Limited, nor any person connected with it, accepts any liability arising from the use of this document. You are advised to make your own independent judgment with respect to any matter contained herein.

ULGF00212/06/01BSLGSECURE109

ULGF00312/06/01BSLGSTABLE109

ULGF00112/06/01BSLGGROWTH109

ULGF01026/11/07BSLIGGRADV109

ULGF00824/08/04BSLIGRMMKT109

ULGF01425/02/10BSLGINCADV109

ULGF00416/07/02BSLGFIXINT109ULGF01322/09/08BSLGSHTDBT109

ULGF00530/05/03BSLIGRBOND109

ULGF00630/05/03BSLIGRGILT109

SFIN

4

Assets held as on 3: ` 671.47 cr31st December 201

GOVERNMENT SECURITIES: 30.17%

7.16% Government Of India 2023 4.48%










Other Government Securities 5.97%

8.9% Steel Authority Of India Ltd. 2019 2.81%

9.25% PGC. Of India Ltd. 2019 1.61%

9.15% ICICI Bank Ltd. 2022 1.44%

9.95% Tata Motors Ltd. 2020 1.28%

8.58% HDFC. Ltd. 2018 1.23%

9.15% L&T Ltd. 2019 1.05%

10.25% Tech Mahindra Ltd. 2014 1.04%

8% MVM Limited 2017 0.93%

9.7% Power Finance Corpn. Ltd. 2018 0.89%

5.9% HDFC Bank Ltd. 2014 0.88%

Other Corporate Debt 20.36%

ITC Ltd. 1.73%

Infosys Ltd. 1.57%

Reliance Industries Ltd. 1.36%

Tata Consultancy Services Ltd. 1.17%

HDFC. Ltd. 1.12%

HDFC Bank Ltd. 1.01%

ICICI Bank Ltd. 1.00%

Sun Pharmaceutical Inds. Ltd. 0.59%

Bharti Airtel Ltd. 0.56%

Lupin Ltd. 0.54%

Other Equity 7.92%

RATING PROFILE

Exposure to Equities has increased to 18.57 from 17.12%, exposure to G-Secs has slightly decreased to 30.17% from 30.50% while that to MMI has slightly decreased to 17.73 from 17.87% on a MOM basis. Over 86% of the debt portfolio remains invested in highest rated instruments.The fund is predominantly invested in large cap stocks and maintains a well diversified equity portfolio.

%

%

Modified Duration: 4.19 years

EQUITY: 18.57%

NAV as on 31st December 2013: ` 34.83

CORPORATE DEBT: 33.53%

Maturity Profile

ASSET ALLOCATION

MMI, : 17.73%Deposits, CBLO & Others

Objective:

Strategy:

To build your capital and generate better returns at moderate level of risk, over a medium or long-term period through a balance of investment in equity and debt.

Generate better return with moderate level of risk through active management of fixed income portfolio and focus on creating long term equity portfolio which will enhance yield of composite portfolio with low level of risk appetite.

Fund Snapshot Know the Fund Better

Group Secure FundManager: Sameer Mistry (Equity) & Parin Vora (Debt) | Total Experience: 9 years & 12 years

ULGF00212/06/01BSLGSECURE109

Benchmark: BSE 100 & Crisil Composite Bond Index & Crisil Liquid Fund Index

5

SECTORAL ALLOCATION

Portfolio as on Tuesday, December 31, 2013

AAAA+

45.57%Sovereign

Secure BM

0.58%

1.37%

1.52%

1.56%

1.64%

2.61%

2.85%

3.97%

6.39%

6.41%

10.50%

12.36%

13.51%

15.74%

18.98%

OTHERS

MEDIA

DIVERSIFIED

POWER

ALCOHOL BEVERAGES

METAL

CAPITAL GOODS

TELECOMMUNICATION

AUTOMOBILE

FINANCIAL SERVICES

OIL AND GAS

PHARMACEUTICALS

FMCG

BANKING

SOFTWARE / IT

7 years & above2 to 7 years

Less than 2years

43.64%

25.49% 30.87%

NCD33.53%

G-Secs

30.17%

18.57%

Equities17.73%

MMI, Deposits,

CBLO & Others

5.14%AAA37.12%

3.13%3.80%AA-3.91%

A1+

1.32%A+

Maturity Profile

Aug-0

5

Jan-0

6

Jun-0

6

Nov-

06

Apr-

07

Sep-0

7

Feb-0

8

Jul-08

Dec-

08

May-

09

Oct

-09

Mar-

10

Aug-1

0

Jan-1

1

Jun-1

1

Nov-

11

Apr-

12

Sep-1

2

Feb-1

3

Jul-13

Dec-

13














8.65% REC. Ltd. 2019 4.04%

10.1% PGC. Of India Ltd. 2017 2.18%


9.25% LIC Housing Finance Ltd. 2023 1.92%


9.6% HDFC. Ltd. 2016 1.29%

9.4% NABARD 2016 1.28%

10.85% REC. Ltd. 2018 1.12%


9.33% 2017 1.06%


NABARD

ITC Ltd. 3.02%

Infosys Ltd. 2.69%



HDFC. Ltd. 1.94%





L&T Ltd . 0.95%

Other Equity 13.71%

RATING PROFILE

Over 96% of the debt portfolio remains invested in highest rated instruments.The fund is predominantly invested in large cap stocks and maintains a well diversified equity portfolio. Top 4 equity sectors remain same as the previous month.


EQUITY: 32.21%



Maturity Profile

ASSET ALLOCATION

MMI, Deposits, CBLO & Others: 14.78%

Stable BM

SECTORAL ALLOCATION

Objective:

Strategy:

Helps you to grow your capital through enhanced returns over a medium to long term period through investments in equity and debt instruments, thereby providing a good balance between risk and return.

To earn capital appreciation by maintaining diversified equity portfolio and seek to earn regular return on fixed income portfolio by active management resulting in wealth creation for policyholders.


Group Stable FundManager: Sameer Mistry (Equity) & Parin Vora (Debt) | Total Experience: 9 years & 11 years

ULGF00312/06/01BSLGSTABLE109



6

32.21%

Equities

0.52%

1.31%

1.55%

1.64%

1.65%

2.53%

2.95%

3.91%

6.40%

6.50%

10.58 %

12.25 %

13.49 %

15.81%

18.92 %

OTHERS

MEDIA

DIVERSIFIED

ALCOHOL BEVERAGES

POWER

METAL

CAPITAL GOODS

TELECOMMUNICATION

AUTOMOBILE

FINANCIAL SERVICES

OIL AND GAS

PHARMACEUTICALS

FMCG

BANKING

SOFTWARE / IT


Less than 2years

49.04%

21.77% 29.19%

29.19%G-Secs

MMI, Deposits,

CBLO & Others14.78%NCD

23.82%

AA+

1.74%AA-

0.16%

AA1.62%

Sovereign55.06%

AAA41.43%

Aug

-05

Jan-

06

Jun-

06

Nov

-06

Apr

-07

Sep

-07

Feb

-08

Jul-0

8

Dec

-08

May

-09

Oct

-09

Mar

-10

Aug

-10

Jan-

11

Jun-

11

Nov

-11

Apr

-12

Sep

-12

Feb

-13

Jul-1

3

Dec

-13















5.9% HDFC Bank Ltd. 2014 1.52%

NABARD 2017 1.32%


7.6% HDFC. Ltd. 2017 1.20%

9.655% 2014 1.19%

11.25% Power Finance Corpn. Ltd.2018 1.16%

9.05% State Bank Of India 2020 1.11%

8.2% Ashok Leyland Ltd. 2015 0.85%



NABARD

ITC Ltd. 4.32%

Infosys Ltd. 3.85%



HDFC. Ltd. 2.78%





Dr. Reddys Laboratories Ltd. 1.32%

Other Equity 19.65%

RATING PROFILE



EQUITY: 46.12%



Maturity Profile

ASSET ALLOCATION


Gr. Growth BM

SECTORAL ALLOCATION

Objective:

Strategy:

To achieve optimum balance between growth and stability to provide long-term capital appreciation with balanced level of risk by investing in fixed income securities and high quality equity security.

To ensure capital appreciation by simultaneously investing into fixed income securities and maintaining diversified equity portfolio. Active fund management is carried out to enhance policy holder’s wealth in long run.


Group Growth FundManager: Sameer Mistry (Equity) & Parin Vora (Debt) | Total Experience: 9 years & 11 years

ULGF00112/06/01BSLGGROWTH109



51.95%

7

0.50%

1.30%

1.53%

1.65%

1.66%

2.51%

2.75%

3.86%

6.51%

6.63%

10.55%

12.27%

13.50%

15.83 %

18.96 %

OTHERS

MEDIA

DIVERSIFIED

POWER

ALCOHOL BEVERAGES

METAL

CAPITAL GOODS

TELECOMMUNICATION

AUTOMOBILE

FINANCIAL SERVICES

OIL AND GAS

PHARMACEUTICALS

FMCG

BANKING

SOFTWARE / IT


Less than 2years

44.10%

19.19%

36.72%

NCD18.32%

MMI, Deposits,

CBLO & Others14.58%

46.12%

G-Secs

20.98% Equities

AAA39.46% AA

2.69%A1+

1.13%

A+

3.18% AA+1.59%

Sovereign

Aug-0

5

Jan-0

6

Jun-0

6

Nov-0

6

Apr-

07

Sep-0

7

Feb-0

8

Jul-08

Dec-0

8

May-0

9

Oct-

09

Mar-

10

Aug-1

0

Jan-1

1

Jun-1

1

Nov-1

1

Apr-

12

Sep-1

2

Feb-1

3

Jul-13

Dec-1

3













8.83% Export Import Bank Of India 2023 5.05%


6.1% NPC. Of India Ltd. 2014 2.64%

8.95% HDFC Bank Ltd. 2022 1.53%

2% Indian Hotels Co. Ltd. 2014 1.42%


11.95% HDFC. Ltd. 2018 0.58%

ITC Ltd. 5.18%

Infosys Ltd. 4.66%



HDFC. Ltd. 3.33%

HDFC Bank Ltd 3.01%




Lupin Ltd. 1.65%

Other Equity 23.44%

.

RATING PROFILE



EQUITY: 55.22%



Maturity Profile

ASSET ALLOCATION


Gr. Advantage BM

SECTORAL ALLOCATION

Objective:

Strategy:

The Objective of the fund is to provide blend of fixed return by investing in debt & money market instruments and capital appreciation by predominantly investing in equities of fundamentally strong and large blue chip companies.

The Strategy of the fund is to build and actively manage a welldiversified equity portfolio of value & growth driven stocks by following a research-focused investment approach. While appreciating the high risk associated with equities, the fund would attempt to maximize the riskreturnpay-off for the long-term advantage of the policyholders. The nonequity portion of the fund will be invested in high rated debt and money market instruments and fixed deposits.


Group Growth Advantage FundManager: Sameer Mistry (Equity) & Parin Vora (Debt) | Total Experience: 9 years & 11 years

ULGF01026/11/07BSLIGGRADV109



8

0.57 %

1.35 %

1.60 %

1.63 %

1.66 %

2.52 %

2.86 %

4.11 %

5.81%

6.48%

10.54 %

12.38 %

13.67 %

15.81%

19.02 %

OTHERS

MEDIA

POWER

DIVERSIFIED

ALCOHOL BEVERAGES

METAL

CAPITAL GOODS

TELECOMMUNICATION

AUTOMOBILE

FINANCIAL SERVICES

OIL AND GAS

PHARMACEUTICALS

FMCG

BANKING

SOFTWARE / IT


Less than 2years

64.72%

8.45% 26.83%

NCD15.32%

MMI, Deposits,

CBLO & Others5.98%

G-Secs23.48%

55.22%Equities

AA3.65%

AAA35.83%

Sovereign60.52%

Sep-0

9

Dec-

09

Mar-

10

Jun-1

0

Sep-1

0

Dec-

10

Mar-

11

Jun-1

1

Sep-1

1

Dec-

11

Mar-

12

Jun-1

2

Sep-1

2

Dec-

12

Mar-

13

Jun-1

3

Sep-1

3

Dec-

13


100% of the fund is invested in highest rated instruments.The fund continues to maintain very low maturity profile.

Modified Duration: 0.30 yearsNAV as on 31st December 2013: ` 22.27

Objective:

Strategy:

The primary objective of this BSLI Fund Option is to provide reasonable returns, at a high level of safety and liquidity for capital conservation for the Policyholder

The strategy of this BSLI Fund Option is to make judicious investments in high quality debt and money market instruments to protect capital of the Policyholder with very low level of risk.


Group Money Market FundManager: Devendra Singhvi | Total Experience: 12 years

ULGF00824/08/04BSLIGRMMKT109

Benchmark: CRISIL Liquid Fund Index


9

Maturity Profile

Less than 2 years

100.00%

ASSET ALLOCATION

MMI, Deposits,

CBLO & Others100.00%

RATING PROFILE

A1+100.00%


MM BM

Se

p-0

9

De

c-0

9

Ma

r-1

0

Jun

-10

Se

p-1

0

De

c-1

0

Ma

r-11

Jun

-11

Se

p-1

1

De

c-11

Ma

r-1

2

Jun

-12

Se

p-1

2

De

c-1

2

Ma

r-1

3

Jun

-13

Se

p-1

3

De

c-1

3

Exposure to Corporate Debt has increased to 23.45% from 16.63% while that to MMI has decreased to 76.55% from 83.37% on a MOM basis. Over 85% of the fund is invested in highest rated instruments.


10.12% Aditya Birla Finance Ltd. 2015 4.71%

9.75% HDFC. Ltd. 2016 3.91%

8.97% EID-Parry (India) Ltd. 2016 3.04%

8.95% L&T Shipbuilding Ltd 2017 2.59%10.1% HBD Financial Services Ltd 2015 2.36%

8.8% HBD Financial Services Ltd 2016 2.15%




9.7% Sundaram Finance Ltd. 2014 0.78%



Benchmark: CRISIL Short Term Bond Index

Objective:

Strategy:

The objective of the fund is to provide capital preservation at a high level of safety & liquidity through judicious investments in high quality short‐term debt instruments.

To actively manage the fund by building a portfolio of fixed income instruments with short term duration. The fund will invest in government securities, high rated corporate bonds, good quality money market instruments and other fixed income securities. The quality & duration of the assets purchased would aim to minimize the credit risk and liquidity risk of the portfolio. The fund will maintain reasonable level of liquidity.


Group Short Term Debt FundManager: Devendra Singhvi | Total Experience: 12 years

ULGF01322/09/08BSLGSHTDBT109

Assets held as on 3: ` 64.08 cr31st December 201 Modified Duration: 0.89 years


10

Maturity Profile

ASSET ALLOCATION

NCD23.45%

RATING PROFILE

BMShort Term Debt

2 to 7 years

Less than 2 years

17.81%

82.19%

MMI, Deposits,

CBLO & Others

76.55%

A1+60.71%

AA-

5.09%

AA+9.19%AAA

25.01%

Sep-1

0

Dec-1

0

Mar-

11

Jun-1

1

Sep-1

1

Dec-1

1

Mar-

12

Jun-1

2

Sep-1

2

Dec-1

2

Mar-

13

Jun-1

3

Sep-1

3

Dec-1

3


86% of the fund remains invested in highest rated instruments.


10.3% Tata Motors Ltd. 2018 5.87%


9.3% PGC. Of India Ltd. 2020 4.32%

9.02% REC. Ltd. 2022 3.95%

9.25% PGC. Of India Ltd. 2020 3.59%



9.65% Chola Invt & Fin Co. Ltd. 2018 2.87%

10.6% IRFC. Ltd. 2018 0.31%

9.9% HDFC. Ltd. 2018 0.30%



Benchmark: Crisil Composite Bond index & Crisil Liquid Fund Index

Objective:

Strategy:

To provide capital preservation and regular income, at a high level of safety over a medium term horizon by investing in high quality debt instruments.

To actively manage the fund by building a portfolio of fixed income instruments with medium term duration. The fund will invest in government securities, high rated corporate bonds, high quality money market instruments and other fixed income securities. The quality of the assets purchased would aim to minimize the credit risk and liquidity risk of the portfolio. The fund will maintain reasonable level of liquidity.


Group Income Advantage FundManager: Devendra Singhvi | Total Experience: 12 years

ULGF01425/02/10BSLGINCADV109


Maturity Profile

ASSET ALLOCATIONRATING PROFILE

AA+

3.62%














Gr. Inc Adv BM

11


Less than 2years

58.19%

27.11%

14.70%

NCD

46.14%G-Secs33.14%

20.72%

MMI, Deposits,

CBLO & OthersAAA26.13%

A1+3.36%

AA10.66%

56.24%Sovereign

Ju

n-1

1

Se

p-1

1

De

c-1

1

Ma

r-1

2

Ju

n-1

2

Se

p-1

2

De

c-1

2

Ma

r-1

3

Ju

n-1

3

Se

p-1

3

De

c-1

3


Exposure to G-Secs has decreased to 92.91% from % while that to MMI has increased to 7.09% from

6.17% on a MOM basis.93.83


Objective:

Strategy:

The fund aims to deliver safe and consistent returns over along-term period by investing in Government Securities.

Active fund management at very low level of risk by having entire exposure to government securities & money market instruments, maintaining medium term duration of the portfolio to achieve capital conservation.


Group Gilt FundManager: Devendra Singhvi | Total Experience: 12 years

ULGF00630/05/03BSLIGRGILT109














Maturity Profile

ASSET ALLOCATION


RATING PROFILE

Sovereign100.00%

12

7 years & above

Less than 2 years

94.74%

5.26%

MMI, Deposits,

CBLO & Others

7.09%

92.91%G-Secs


Exposure to Corporate Debt has increased to 68.72% from 67.88% while that to MMI has decreased to 31.28% from 32.12% on a MOM basis. Over 83% of the fund remainsinvested in highest rated instruments.


Objective:

Strategy:

The fund aims to achieve capital preservation along with stable returns by investing in corporate bonds over medium-term period.

The fund follows a strategy to invest in high credit rated corporate bonds, maintaining a short-term duration of the portfolio at a medium level of risk to achieve capital conservation.


Group Bond FundManager: Devendra Singhvi | Total Experience: 12 years

ULGF00530/05/03BSLIGRBOND109


10.6% IRFC. Ltd. 2018 4.51%

8.54% NPCorpn. Of India Ltd. 2023 4.09%

9.15% ICICI Bank Ltd. 2022 2.93%


9.55% Hindalco Industries Ltd. 2022 2.53%

9.18% HDFC. Ltd. 2018 2.34%

9.95% L&T Finance Ltd. 2016 2.16%


8.73% PGC. Of India Ltd. 2015 2.13%




Benchmark: CRISIL Short Term Bond Index

Maturity Profile


13

ASSET ALLOCATIONRATING PROFILE

AAA74.73%


Less than 2years

23.05%

46.00%

30.96%

MMI, Deposits,

CBLO & Others31.28%

NCD68.72%

11.14%AA+ AA-

4.32% AA1.12%

A1+8.69%


Exposure to Corporate Debt has slightly decreased to 28.64% from 28.65%, to G-Secs it has decreased to 40.02% from 41.64% and to MMI, it has increased to 31.33% from 29.71% on a MOM basis. Over 92% of the fund remains invested in highest rated instruments.


Objective:

Strategy:

The Fixed Interest Fund, with full exposure in debt market instrument, aims to achieve value creation at low risk over a long-term horizon by investing into high quality fixed interest securities.

The strategy is to actively manage the fund at a medium level of risk by having entire exposure to government securities, corporate bonds maintaining medium to long-term duration of the portfolio to achieve capital conservation.


Group Fixed Interest FundManager: Devendra Singhvi | Total Experience: 12 years

ULGF00416/07/02BSLGFIXINT109













9.95% State Bank Of India 2026 2.44%

9.64% PGC. Of India Ltd. 2021 2.04%


9.55% Hindalco Industries Ltd. 2022 1.79%



10.6% IRFC. Ltd. 2018 1.07%



10.3% Tata Motors Ltd. 2018 1.02%



Maturity Profile

ASSET ALLOCATION

Benchmark: Crisil Composite Bond index & Crisil Liquid Fund Index



14

RATING PROFILE

AAA31.17%

53.70%Sovereign

5.00%AA+

7.87%A1+

AA2.23%

0.03%AA-

FIF BM


Less than 2years

57.17%

15.93% 26.90%

NCD28.64%

MMI, Deposits,

CBLO & Others 40.02%G-Secs

31.33%

Au

g-0

5

Jan

-06

Jun

-06

No

v-0

6

Ap

r-0

7

Se

p-0

7

Fe

b-0

8

Jul-0

8

De

c-0

8

Ma

y-0

9

Oct

-09

Ma

r-1

0

Au

g-1

0

Jan

-11

Jun

-11

No

v-11

Ap

r-1

2

Se

p-1

2

Fe

b-1

3

Jul-1

3

De

c-1

3

Documents

Invest Update Group New Layout Final · Pg 8 Pg 9 Pg 10 Pg 11 Pg 12 Pg 13 Pg 14 as on 31st December 2013. Market Update In spite of high inflation, with the CPI at 11.2% and WPI at