Add flavor to your Investment

Equity Market

World Markets:

• Major global equity indices gained during the month ended 15th March 2012, on account of declining concerns about European default risk which was coupled with improved expectations about US economic growth.

• Concerns surrounding Greece eased with majority of Greece's private bondholders agreeing to participate in the country's Euro 206 bn debt restructuring, paving way for the country to secure bailout funds.

• The International Monetary Fund approved a Euro 28 bn loan for Greece as part of a second bailout that requires more austerity and steps up controls over the country's spending.

• Investor sentiment improved with the announcement by US Central Bank on March 13 that the economic outlook has improved as the labor market gathers strength. Its banking sector test results turned positive with 15 out of 19 banks it tested found to be adequately capitalized to withstand economic shocks. Claims for jobless benefits turned to be the lowest level in four years.

• Crude oil continued with its rise to close at USD 122 per barrel from USD118 per barrel. Rise can be attributed to the expectation of increase fuel demand from US in wake of improved economic recovery which is also supported by increasing political tensions between Iran and the Western Countries.

• Japan Q4 GDP growth numbers were revised upwards to reflect 0.7% q-o-q contraction vis-à-vis -2.3% estimated earlier. However its deficits widened in January, recorded to be the highest-ever.

Indian Markets:

• Indian Equity market in contrast to its global peers under-performed after 2 consecutive months of gains, amidst higher volatility during the period.

• Benchmark indices Sensex and NIFTY declined by 2.89% and 2.74% respectively during the month ended 15th March 2012.

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M F P O I N T E RIssue - 76

March, 2012

For Private Circulation only

Global Indices

Bench Mark Closing 15-Feb-12

to 15-Mar-12

Bovespa 67,749 3.64

CAC 40 3,580 5.60

DAX 7,144 5.72

Dow Jones 13.253 3.69

FTSE 100 5,941 0.82

Hang Seng 21,354 -0.05

Nikkei 225 10,123 9.32

Shanghai Composite 2,374 0.30

1March 2012 Smart investing starts here(continued on page 2)

2 March 2012

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• The Index of Industrial Production (IIP) expanded by 6.8% in January 2012 relative to 7.5% growth in January 2011, marking the fastest pace of growth since July, 2011. The growth was dominated by a sharp 42.1% expansion of consumer non-durables in year-on-year (y-o-y) terms.

• FII's continued to be net buyers in equities to the extent of `21,659 crores for the month ended 15th February, 2012.

• RBI, in its Mid-Quarter Monetary Policy review, indicated towards slowdown being experienced in the economy on account of various macro-economic factors. Further, it also pointed that though inflation at present seemed to be inline with expectation, rising crude oil prices, rupee appreciation, fiscal slippages are expected to exert upward pressure on inflation. This could also have an impact on the economic growth rate.

• Finance Minister has introduced several measures towards reducing the fiscal deficit and promote growth in his recent budget presentation for the year 2012-13. However, the achievability of the targets set by the government in view of the current Domestic as well as global macro economic scenario is questionable.

• Amongst the sectoral indices, realty sector underperformed the most, declining by 10.31% during the period. The decline can be attributed to the reduced liquidity position in the market pushing cost of borrowing northwards. Further the volatility on account of the budget expectations resulted in higher speculations.

• ` declined during the period to close at ` 50.39 against dollar from Rs.49.29 a month earlier.

Debt Market

• Bond prices fell during the one month ended 15th March 2012 with yields on the 10-year benchmark yields touching 8.36% from 8.20% a month earlier.

• Bond prices declined the most on the outcome of the Mid-quarter Review by RBI and Budget Proposals by the Finance Minister. RBI kept its policy rates unchanged while government proposed reforms setting only modest targets towards fiscal consolidation.

Top 5/Bottom 5

Equity Schemes

Top Performers Under Performers

Absolute Absolute Scheme Name Return(%)* Scheme Name Return(%)*

FT India Feeder - Franklin U.S. Opp 6.14 Sundaram-Select Thematic Fund-Enter -9.70

Birla SL Intl. Equity-A 5.15 Birla SL CEF-Global Prec Metal-Ret -5.08

JPM Emerg Eur Mid East & Afr Eq Off-shr 4.94 DSPBR Focus 25 -4.94

DWS Global Agribusiness Offshore 3.65 Birla SL Adv -4.60

ING Global Real Estate-Reg 3.58 Sahara R.E.A.L -4.52

Debt Schemes

Top Performers Under Performers

Annualised AnnualisedScheme Name Return(%)* Scheme Name Return(%)*

Peerless ST - Reg 10.62 Birla SL Asset Alloc-Cons -11.93

Escorts Liquid Plan 10.39 ICICI Pru Advisor-Moderate -11.49

SBI Mag Income FRP-Saving Plus Bond 10.37 ICICI Pru Advisor-Cautious -7.59

Taurus Dynamic Income Fund 10.36 Canara Robeco InDiGo -6.39

Escorts ST Debt 10.33 ICICI Pru Income Opportunities-Reg -5.72

*Returns as on 15th March 2012.

Category Returns: For the one month ended 15th March 2012, most of the equity oriented fund delivered muted returns in line with the Indian benchmark indices. Amongst the categories, Banking sector funds underperformed the most declining by 6.66% during the month ended 15th March 2012. The decline can be attributed to the liquidity pressure in the financial system and RBI not reducing the borrowing rates nor reducing CRR which could have brought some liquidity in the system. This has also affected to infrastructure-oriented funds which declined by 5.54% during the period.

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3March 2012 Smart investing starts here

*Returns as on 15th March 2012.

Based on the huge change witnessed in the financial markets

coupled with the geo-political changes world-wide, we feel its

time that one may start looking into equity markets for their long

term investment needs. To make this concept easy to understand

we have compared one's portfolio building exercise with the art

of cooking. We feel cooking your own portfolio is always better

than the “take-away” option as the latter tends to be more

biased. Following are some of the reasons why we feel it to be so:

1. Cooking for yourself gives you more flexibility than using

prepared foods or ordering at a restaurant. At home, if you

don't like black olives in your pasta, don't use them. If you

like extra basil, add it. You can use olive oil instead of butter,

or soy milk instead of cow dairy, and have what suits you the

best. Similarly, by having a clear understanding about your requirements, expectations, and

ability to absorb the possible impact of any investment decision, you can mould a portfolio that

satisfies your needs. So before making any investment, answer yourself - Are you conservative

and want to protect your investment at all costs? Are you in a position to be a little more

adventurous or are you somewhere in-between? Do you want to save for your retirement or

have a regular income from your investment? If your answers are conducive to the investments

being planned, then invest, else look for the one which fits better.

Secondly, your investment strategy is based on the circumstances now: your goals, your time

horizon and your risk profile and these do not change frequently. But when circumstances

change review becomes essential. Ask yourself: Have my goals changed? What is the time

horizon of my investment goals now? How comfortable am I with risk? Any change in your

answers would require a review of your investment strategy. Review does not always

necessitate change, but it helps to ensure you are on the right track, and the investment

strategy adopted is still appropriate to you.

2. It's cheaper: As any one would agree, it is always

cheaper to prepare regular food at home than buying

take-out or eating at restaurants night after night,

especially once you've gathered some basic ingredients.

You can make a week's worth of dinners for about the

same amount of money you'd spend in a mid-range

restaurant for two or three meals. Similarly, by building a

portfolio that would suit your individual requirements

reduces the possibility of going wrong on the

investments being made and also reduces the need for

churning or realigning the portfolio. Constant

churning results in significant rise in the costs

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4 March 2012Smart investing starts here

Add flavor to your Investment

and impacts the overall benefit in the long-run. In addition, the amount of time one will have to

spend in monitoring such investments also increases significantly.

3. Adjust Servings: In most restaurants your favorite

restaurant recipes come in adequate servings which

may sometimes lead you to crave for more. This means,

another serving may mean to an add-on to the bill.

When you cook your favorite restaurant recipes at home

you can have the freedom to adjust the servings to your

liking. Instead of just having one round of your favorite

dish, you can have as much as you want with proper

proportion and estimate. You can exercise similar

flexibility with regards to your investments. In an

uncertain market, you would be reluctant to invest in

large quantities but then again you would want to take

advantage of the prevailing market volatility. In such a

situation having a systematic investment (SIP) would

work to your advantage. SIPs act as a hedge against

price volatility as it averages the cost and allows investment at regular intervals. This reduces the

risk of ending up buying only at higher levels and also enables you to match your investment

with your cash flows.

4. Avoid unwanted: All the techniques used to process food

- canning, dehydrating and freezing - virtually destroy the

flavor of food, so chemicals are added to enhance the

flavor, while color additives are added to make the foods

look fresh. It might make the food look and taste better,

but may not yield many benefits. In case of your

investments, liquidity and reliability of the investments

assumes higher importance. One may invest into avenues

purely on the recommendations by friends, relatives,

colleagues, etc. hoping to find shortcuts in the process of

making wealth, but ends up learning the hard way that

there are no such reliable shortcuts. Worse would be when

you are unable to liquidate such holdings in time and

ending up losing more by holding on to it. This makes

taking informed decisions so as to avoid those that do not

suit you.

Above all, cooking a great meal with your family can lead to some unforgettable memories so would

some of our investments when they exceed your expectations.

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DSP Black Rock World Gold Fund

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TYPE OF SCHEMEOpen ended Fund of Fund

DATE OF INCEPTION 14/09/2007

FUND MANAGER Mehul Jani

FUND SIZEFeb, 2012 `970Jan, 2012 `986Dec, 2011 `967Nov, 2011 `1094

LATEST NAV NAV-Growth(G) `17.87(15-Mar-12)NAV-Dividend(D) `14.64(15-Mar-12)

52 WEEK HIGH 52 WEEK LOW` 21.19 ` 16.82

FUND STATISTICSStandard Deviation 16.3742Beta 0.3693Sharpe Ratio 0.6243R Squared 0.565Portfolio T/O (Feb-12) N.A.Expense Ratio (Feb-12) 1.41%

BENCHAMRKFTSE Gold Mines

MINIMUM INVESTMENT` 5,000/- in multiples of ` 100/-thereafter

LOAD STRUCTUREEntry Load NILExit Load Upto 1 Year from allotment

- 1% of applicable NAV, more than 1 Year - Nil

*Ratios are calculated on annualised basis using 3 yrs history of half yearly data; Risk free return: 8%

Fund focus: DSP BlackRock World Gold Fund is a Fund-of-Fund (FoF) that focuses on building its portfolio to capitalize on the opportunities derived from the increasing demand for precious metals like Gold, Silver, Palladium, Platinum, etc on account of the wide nature of usage attributed to the changing geo-political scenario worldwide and also from the increasing industrial usage. With lack of the investments options in India as no major mining companies listed in domestic markets, it attempts to achieve its objective by investing in BlackRock Global Fund–World Gold Fund (BGF-WGF), with more than 98% of its total portfolio invested into the fund. BGF-WGF invests globally with at least 70% of its total assets in the equity securities of companies predominantly engaged in gold & other precious metal or mineral mining. The Fund does not hold physical gold or metal. As on 31st January 2012, BGF-WGF has an asset size of USD 7979.6mln. With the increasing level of political and economic uncertainty looming worldwide, prices of gold can be expected to harden on account of shift in the investor preference towards risk-averse avenues and for hedging purposes. The uptrend is expected to improve the revenue realization of these gold mining companies and therefore their prices.

Portfolio: DSPBR World Gold Funds invests predominantly into BGF-WGF Comprising of nearly 98.58% of its total asset holdings. Hence Portfolio composition of BGF-WGF assumes importance. The fund has 100% exposure into foreign equities with top 10 holding forming 53.7% of the portfolio as on 31st January 2012. 77.5% of the fund is comprised of companies engaged in gold mining followed by Silver forming 13.2% of the portfolio. The fund being an overseas fund of fund is taxed similar to a debt fund where short term gains are taxed as per applicable Income Tax slab of the investor while long term gains are taxed 10% without indexation or 20% with indexation whichever is lower.

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AUM Change: As on Feb 2012, AUM of the fund has decreased by ̀ 151.crores (-13.48%) i.e. from ̀ 1121crores in Feb 2011 to ̀ 970crores at present.

Performance: The fund's performance is derived from the improvement in the valuation of underlying companies on account of the rise in the prices of precious metals. BGF-WGF tracks itself with FTSE Mines Index (Global indices that constitutes companies involved with mining of Gold). From the point-to-point performance chart below it can be observed that the Fund has been able to outperform its benchmark in all time scales except in the 6 months and one year time frame which can be attributed to the outperformance of silver mining companies as silver rallied more than gold during the last 3 years. The performance however would be impacted by the volatility witnessed in the currency market as the BGF-WGF is a dollar-denominated fund.

Top 5 Companies Holding (%) Top 5 Sectors Holding (%)

Company % N.A. Company % N.A.

Newcrest Mining 8.8 Gold 77.5

Goldcorp 7.5 Silver/Gold 13.2

Fresnillo 6.6 Diversified 3.9

Randgold Resources 5.4 Platinum 3.8

Kinross Gold 5.2 Copper 0.5

Total 33.5 Total 98.9

Total No. of Companies N.A. Total No. of Sectors 6

Corporate Office Address : Website :

A1, Kailash Industrial Complex, Park Site, Off LBS Marg, Vikhroli West, Mumbai - 400 079. Tel: +91-22-6754 7000 • E mail : mutualfunds@ventura1.com • www.ventura1.com

This document is solely for private circulation only. Mutual funds like securities investments are subject to market risks and other risks. Investors are advised to read the offer document before investing.

Performing Mutual Funds

Scheme Name Corpus NAV (`) Annualised %

(` Crs)# Gr Div 1 mth 3 mths 6 mths 1 yrIncome Funds

Birla SL Dynamic Bond Fund 3,593 17.88 10.51

HDFC High Interest-STP 1,267 20.95 10.58

Ultra Short Term Plan

HDFC Cash Mgmt-TA 16,667 23.03 10.03

Reliance Money Manager 8,762 1,437.14 1,013.37

Tata Floater 3,390 15.98 10.14

4.21 8.69 9.27 10.01

3.39 7.39 8.30 8.91

8.34 8.49 8.48 8.73

8.23 8.63 8.74 8.99

8.41 9.02 9.18 9.37

*Returns for less than 1 year is absolute (in case of MIP, it is annualized) and more than 1 year are compounded annualized as on 15th March 2012.#Corpus as on December 2011 as AMFI has mandated for quarterly AUM declaration.

Scheme Name* Corpus NAV (`) 6 mths 1 yr 3 yrs 5 yrs

(` Crs)# Gr Div (%) (%) (%) (%)Hybrid - Monthly Income Plans (MIPs)HDFC MIP-LTP Fund 7,877 24.23 12.84Reliance MIP Fund 5,182 23.12 10.83Balanced FundHDFC Prudence 6100 216.52 29.52Equity – Large CapDSPBR Top 100 Equity-Reg 2870 101.79 20.46Franklin India Bluechip 4066 215.50 35.46HDFC Top 200 10537 205.01 40.24ICICI Pru Dynamic 3962 106.23 17.40ICICI Pru Focused Blue Chip Equity-Ret 3532 16.51 15.76Equity – Multi capBirla SL Dividend Yield Plus 1074 85.91 12.88HDFC Equity 9179 265.65 44.87IDFC Premier Equity-A 2259 33.13 24.27Reliance Equity Oppor-Ret 3159 36.30 23.47UTI Dividend Yield 3452 32.07 13.77Equity – MidCapDSPBR Small & Mid Cap-Reg 1031 17.01 14.28HDFC Mid-Cap Oppor 1700 16.33 14.80ICICI Pru Discovery 1665 48.37 19.46SBI Magnum Emerging Businesses 456 44.10 16.70Sundaram Select Midcap 1892 145.69 16.49Equity - Thematic HDFC Infrastructure 736 10.69 10.69Reliance Banking 1574 98.49 36.81Reliance Pharma 573 54.62 37.99Tax Saving Scheme (ELSS)Fidelity Tax Advt 1,040 21.28 16.66HDFC TaxSaver 2,880 224.93 51.12ICICI Pru Tax Plan 1,197 136.04 17.29Fund Of FundsDSPBR World Gold-Reg 968 17.87 14.64Sensex 17,675.85Nifty 5,380.50

0.52 21.64 8.87 7.4325.44 11.12 8.63

54.81 10.21 6.90

8.35 5.18 27.87 13.826.71 4.57 32.71 12.787.06 1.73 34.98 15.518.73 2.92 32.24 11.757.21 4.76 34.30

4.49 8.32 36.80 17.176.13 0.12 39.94 14.000.86 11.72 41.50 21.017.55 10.31 43.68 13.013.92 3.92 31.57 16.53

0.38 5.78 42.49 12.035.51 16.81 44.499.63 6.99 47.29 15.220.30 17.82 53.88 10.25

5.56 42.71 11.35

5.07 31.3710.44 45.21 24.06

0.17 8.35 47.80 23.08

3.42 0.77 33.18 12.685.47 2.46 36.76 11.734.69 3.15 39.26 10.87

3.10 16.114.74 26.30 7.096.01 25.46 8.10

-2.32

-10.31

-0.12

-2.89-2.34

-13.33-2.71-1.27

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