Monthly Update June 2015 - spacapital.com June2015.pdf · restrained from any upgrade vouching for ... Investment destination the recent logjam in passing crucial reform bills

Monthly Update June 2015

Dear Investors,

The month was dominated by debate over the one year of Modi Government

policies and on ground activity. Credit rating agencies kept their rating

outlook positive on account of the progressive policy framework yet

restrained from any upgrade vouching for actual numbers from on the field

activity. While the new governments has been able to publish India as an

Investment destination the recent logjam in passing crucial reform bills and

the upheaval from volatile FII flows uncover the truth that there is lot to be

done yet.

Undoubtedly, the revised policy paradigm would reveal its positive impacts

in the longer horizon but markets are likely to remain vigilant to short term

global hiccups viz. US monetary policy, EURO financial crisis etc. Overall,

the major concerns now with policy makers is of stabilizing growth,

increasing manufacturing activity, accelerating job growth and enhancing

capital flow to productive sectors. Simultaneously, RBI has mounted forex

reserves while maintaining the limit of FII investments to limit the ill effects

of capital flight from any policy change in the advanced economies.

Overall, in this past year Indian markets has led the rally with nifty

appreciating by 11.8% and benchmark G-Sec yield softening by ~100 bps

from 8.80% to 7.80%. During the past year RBI has reduced repo rate by 75

bps and SLR by 150 bps, CPI Inflation has come down from ~8.5% to 5%, IIP

growth has revived from negative territory to ~4% and forex reserves have

climbed from USD 310 bn to USD 351 bn.

While a number of global factors may also be attributed towards this recovery

but the policy paradigm have boosted investor sentiments strongly. In this

parlance, the current consolidation phase offers opportunity for long term

investors who have been willing to take part in the rally. Investors should seek

further correction to initiate a long call and initiate long term investment

through systematic route.

Happy Investing!

2

June 2015

Special Review

Statistical ratios have been considered as an efficient tool toanalyse fund performance. These ratios quantify the risk andreturn by mathematical analysis of historical results. A majorityof investors pay attention to the return generated while on thecontrary they pay relatively less attention to the risk involved ininvestment. Any investment return should be analysed inrelation to the risk involved in it. These ratios are easilyavailable in public media and thus the best part is we don't needto do statistical calculation to get these ratios. The correctinterpretation of these ratios is essential to make smart financialdecisions.

Let's bring some more light on these ratios by analyzing someEquity mutual funds.

Beta is a measure to identify systematic risk of aninvestment in comparison to the market as a whole. It seeks toexplain the tendency of an investment to response any change inmarket. Beta of market is considered as 1.0 and a fund with >1beta is aggressive and vice versa. For e.g. If fund’s beta isexactly 1 then the fund would move in tandem with the market.Simultaneously, if beta is greater than 1 say 1.20, that explainsthat when market will move up by 100 bps the investment willmove up by 120 bps. is the most aggressive

fund amongst the selected with Beta of 1.34. Comparatively,has the lowest beta of 0.39. However, beta in

itself is not conclusive of a funds aggressive/ defensive nature.R2 measures the relevancy of beta.

The R-square gives explanation on reliability ofBeta. It is a statistical measure that explains the movement infund’s NAV with respect to its benchmark. The R2 value rangesfrom 0 to 1 where a value close to 1 explains the highestcorrelation of funds beta with benchmark.

The below chart illustrate the variability of return for two fundscompared to the volatility of their benchmark in the sameperiod. Each y-value represents a fund’s returns plotted against

the benchmark returns (x-values) in the same period. The beta,or the line created by plotting these values, is the same in eachcase. This suggests that the correlation between each fund andthe benchmark is identical. However, a closer examinationindicates that the beta in the second chart is far more reliablethan the beta in the first chart as the dispersion of the individualreturns (x) is much tighter. Hence, in our example, the beta ofReliance pharma fund is least reliable with an R2 of just 0.19

Beta:

Reliance Banking

Reliance Pharma

R- Square:

Statistical Ratio - How to read them?

3

June 2015

Special Review

Alpha: This measure is commonly known as Jenson Alpha. It is

the outperformance between the fund's actual return and

expected return. It represents the average return earned above the

return predicted by Capital Asset Pricing Model (CAPM) model.

Higher the alpha, more are returns earned over the expected level.

A positive alpha of 1.0 means the fund has outperformed its

expected return by 1%. Correspondingly, a negative alpha of 1.0

indicates an underperformance of 1%. While negative alpha

indicates underperformance vis-à-vis expectation; but it doesn't

signify underperformance vis-à-vis benchmark. It means the

fund might have outperformed its benchmark but have lower

returns w.r.t the expectations as per the CAPM model. In the

above example has the highest alpha followed

by . However, HDFC’s alpha is

more reliable because of the high R2. Simultaneously,

have the lowest alpha and

correspondingly lower returns in 5Yr period.

This is ratio of portfolio returns above

the returns of a benchmark to the volatility of those returns. The

information ratio (IR) measures a portfolio manager's ability to

constantly generate excess returns relative to its benchmark. This

ratio will identify if a manager has beaten the benchmark by a lot

in a few months or a little every month. The higher the IR the

more consistent a manager is in generating returns. In our

selected funds, most funds, except sectoral, have an IR range of

0.10 to 0.16 which signifies that equity fund are relatively skewed

w.r.t to the consistency factor. This also highlights the inherent

nature of equities with higher volatility. Sectoral funds have even

lower IR as these are relatively more volatile.

Sharpe can be explained as return earned over the

risk assumed. In much simpler words it gives reasons to think

whether the return earned is due to smart investment decision or

as a result of high risk. The ratio describes how much excess

return you are receiving for the extra volatility that you bear for

holding a riskier asset. A good investment is one which earns

higher returns for each unit of risk associated with the fund. The

higher is a portfolio's Sharpe ratio, the better is its risk-adjusted

performance. A negative Sharpe ratio indicates that a risk-less

asset would perform better than this particular kind of security. So

higher the sharpe ratio better is the fund. This statistical measure

is best for the comparison among the investment of two distinct

sectors.

Amongst our selected funds, has the highest

Sharpe ratio and correspondingly, this fund has also generated

higher returns across 1/3/5Yr horizon.

This ratio is a modified measure of Sharpe ratio.

While sharpe ratio uses Standard deviation (Total risk) as

denominator, Sortino ratio uses Semi Standard deviation (only

downside risk) as denominator. In a way, Sortini ratio is an

advance method relative to Sharpe ratio.

It provides an effective measure of

measuring downside risk for a portfolio. It is similar to standard

deviation, but it only looks at negative deviations from the

mean. This allows investors to see how much loss can be

expected from a portfolio, instead of looking at its overall

fluctuations. fund

have the highest Semi Std Dev because these are sectoral funds.

A ratio that measures return earned in excess of

that which could have been earned on a riskless investment. It

measures quantum of return with respect to the systematic risk.

This ratio is similar to Sharpe ratio however it describes

volatility by Beta in spite of Standard deviation. A higher

Treynor ratio explains that the fund has not only performed well

but is less riskier than the general market.

Overall, each ratio depicts a separate story in itself because

these are purely quantitative models and have very limited to do

with qualitative aspects. In addition to these ratio’s what one

should vouch for while selecting a fund is the AMC profile,

Fund managers experience, Corpus size and Launch data of the

fund. While combining these factors, there is not absolute

method of identifying the best performing fund. Yet this

methodology assures that you select the one amongst the top

quartile and the chances of underperformance would be

minimal.

Reliance pharma

HDFC mid Cap opportunities

Franklin

Bluechip & Axis Equity

Alpha = RP– [ RF+ βP(RM – RF)]Where: RP = Expected total portfolio return, RF = Risk free

return, ΒP = Beta of the portfolio, RM = Expected market

return

Information ratio (IR):

Information Ratio = (RP– RF) / SP-IWhere: RP = Return of the Portfolio, RF = Return of the

Index, SP-I = Tracking Error

Sharpe Ratio:

HDFC mid cap

Sharpe Ratio = (RP– RF) / σPWhere: RP = Expected Portfolio Return, RF = Risk Free

Rate, σP= Portfolio Standard deviation

Sortino Ratio:

Semi Standard Deviation:

Reliance Banking & Reliance Pharma

Treynor Ratio:

Treynor Ratio = (RP– RF) / βPWhere: RP = Expected Portfolio Return, RF = Risk Free

Rate, βP= Beta of the portfolio

Conclusion:

Statistical Ratio - How to read them?

4

Fixed Income Update Equities Update

Debt: Liquid 1M 3M 6M

Institutional Activity ( May 01- May 31 ) (Rs cr)

Fund Performance Fund Performance

Equity : Large & Flexi Cap 3M 1Y 3Y

Forex / Call / Economic Indicators

Equity Purchase Sales Net InvDebt Purchase Sales Net Inv

Key Indices 29-May 30-Apr %Chg. I Yr Ret Key Indices 29-May 30-Apr %Chg. I Yr Ret

Other -May 30-AprIndices 29 %Chg. I Yr Ret

Portfolio as on April 30, 2015 & Return as on May 29, 2015

NSE G Sec Composite Index 395.56 395.37 0.05 9.76%

NSE Treasury Bill Index 398.62 396.40 0.56 8.44%

03-Jun 03-May

Rupee/$ 63.85 63.5194

Call Rate 7.75% 8.58%

Total Forex ($ bn) 351.57 351.868

Inflation -2.65% -2.33%

FIIs 18356.00 26860.00 -8504.00

Mutual Funds 104974.40 87585.80 17388.60

BSE Sensex 27828.44 27011.31 3.03 14.91%

S&P CNX Nifty 8433.65 8181.50 3.08 16.65%

BSE IT Index 10910.45 10410.98 4.80 28.22%

BSE Healthcare 16900.30 16186.51 4.41 63.71%

BSE FMCG Index 7847.38 7607.39 3.15 16.41%

BSE PSU Index 7815.80 7566.09 3.30 -2.96%

BSE Bankex 21511.65 21030.88 2.29 26.88%

FIIs 102783.69 108552.17 -5768.48

Mutual Funds 21700.50 17524.20 4176.30

Birla Sun Life Top 100 Fund -2.85 24.59 27.77

Franklin India High Growth Companies 0.15 53.52 37.99

HDFC Equity Fund -2.47 19.83 24.61

ICICI Pru Focused Bluechip Equity Fund -3.36 23.51 24.48

Reliance Equity Opportunities Fund -2.66 33.19 28.34

Debt: Ultra Short Term 1M 3M 6M Equity : Mid & Small Cap 3M 1Y 3Y

Birla Sun Life Cash Manager 7.93 8.43 8.13

Franklin India Ultra Short Bond Super IP 9.66 9.91 9.55

ICICI Prudential Flexible Income Plan 8.96 9.12 8.81

Reliance Money Manager Fund 8.68 8.96 8.42

UTI Treasury Advantage Fund - IP 9.26 8.96 8.86

Birla Sun Life Cash Plus 8.37 8.81 8.72

Franklin India TMA - Super IP 8.37 8.88 8.81

HDFC Liquid Fund 8.36 8.68 8.65

ICICI Prudential Liquid 8.32 8.67 8.66

IDFC Cash Fund 8.35 8.74 8.69

DSP BlackRock Micro Cap Fund 5.89 65.04 40.40

Franklin India Smaller Companies Fund 1.22 50.35 43.90

HDFC Mid-Cap Opportunities Fund 2.25 42.25 34.42

Kotak Emerging Equity Scheme 0.56 55.13 33.63

Reliance Small Cap Fund -2.03 46.76 39.65

Debt: Short Term 1M 3M 6M Equity: Tax Planning 3M 1Y 3Y

Birla Sun Life ST Opportunities Fund 7.10 7.86 8.81

Canara Robeco ST Fund 7.87 7.66 7.96

Franklin India STIP 8.92 8.29 9.40

HDFC Short Term Plan 9.22 8.68 9.37

Kotak Bond Short Term Plan 8.57 7.81 8.09

Axis Long Term Equity Fund 0.48 45.66 36.81

Birla Sun Life Tax Relief 96 -1.25 43.22 31.74

Franklin India Taxshield 0.80 40.61 28.76

ICICI Prudential Taxplan -4.16 24.60 27.88

Reliance Tax Saver (ELSS) Fund -4.97 38.05 32.82

Debt: Income/ Dynamic 1M 3M 6M Equity: Thematic 1M 3M 6M

Hybrid: Equity-oriented 1M 3M 6M

Hybrid: Debt-oriented 1M 3M 6M

Birla Sun Life Dynamic Bond Fund 7.14 6.56 12.03

DSP BlackRock Strategic Bond Fund 6.06 2.62 10.31

Franklin India Income Opportunities 8.86 8.20 9.43

HDFC Medium Term Opportunities 8.52 8.19 8.76

UTI Dynamic Bond Fund 8.12 2.86 10.09

Debt: Accrual Funds 1M 3M 6M

Birla Sun Life Medium Term Plan 8.86 8.71 9.99

Franklin India Corporate Bond Opportunities 8.73 8.42 9.25

HDFC Corporate Debt Opportunities Fund 8.47 6.50 9.06

ICICI Prudential Regular Savings Fund 9.33 8.09 9.22

Reliance RSF - Debt 9.33 8.62 8.86

Debt: Gilt 1M 3M 6M

Birla Sun Life G Sec Fund - LT 5.39 -0.13 11.46

HDFC Gilt Fund - L T P 0.39 -1.52 11.52

IDFC G Sec Fund - Invt Plan - Reg 1.63 -1.06 11.10

Kotak Gilt - Investment Regular Plan 2.86 0.09 10.30

SBI Magnum Gilt LTP 5.25 0.53 14.25

Franklin Build India Fund 1.66 57.31 40.25

ICICI Prudential B & F Services Fund -1.25 29.98 32.61

Reliance Pharma Fund 7.35 56.29 34.40

UTI MNC Fund 1.34 58.03 32.03

UTI T&L Fund 1.36 61.29 46.02

HDFC Prudence Fund 76.81 28.51 83.15

ICICI Prudential Balanced 65.90 33.58 59.60

Reliance RSF - Balanced 76.76 44.98 61.91

SBI Magnum Balanced Fund 73.21 40.47 65.67

Tata Balanced Fund - Plan A 62.75 25.40 51.87

Axis Income Saver Fund 23.82 7.93 18.05

Birla Sun Life MIP II - Wealth 25 32.16 8.39 32.62

Canara Robeco Monthly Income 26.42 5.53 17.97

HDFC Multiple Yield Fund - 2005 12.11 3.02 14.51

ICICI Prudential MIP 25 23.71 12.33 25.74

June 2015

*CA : Compound Annualized

Simple Annualized

Simple Annualized

Absolute CA*

This Month in Debt :

5

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This month investors experienced a bumpy ride in equities as Nifty rolled downby 3.3% in the first week itself (however it recovered later). FII's turned as netsellers in May'15 after being net investors for continuous 6 months. After theMAT issue in March, FII monies started diverted into other emerging economiesi.e. China, Taiwan, Brazil & South Korea vouching for healthier returns.Meanwhile, the firming up of crude prices and pending crucial reform bills inparliament also aided the selloff. However, the negative sentiments were shortlived as DII's began to pour in with slower than expected inflation raising hopesfor rate cuts ahead. Overall, Indian equities ended the month positively @ 3.08%.

Amongst the sectoral indices, all but Metal (-0.82%) and Realty (-2.59%) endedthe month on a positive note. IT @ 5.70%, Auto @ 4.26% and Pharma @ 3.76%led the recovery.Amongst the major global indices Nikkei led the charts @ 5.34%while Kospi and Hangseng ended in red.

Amongst domestic macros, growth stood at 2.07% in Mar'15 against 4.86% inFeb'15 and -0.46% in Mar'14. The broad sectors Mining, Manufacturing andElectricity grew by 0.9%, 2.2% and 2.0% respectively. The growth rate stoodrobust inspite of a higher base last year signifying on ground improvement inindustrial activity.

Leading indicator i.e. Manufacturing PMI inclined at 52.6 in May’15 from 51.3 inApr’15. PMI data signaled a further robust expansion of the Indian manufacturingeconomy in May. Both output and new order growth accelerated to four-monthhighs, whereas the rise in export orders lost traction. The outlook for the sector is,however, clouded by a stagnant jobs market as firms remain uncertain about thesustainability of the upturn. Input cost inflation ticked higher and output priceswere raised in May, but inflation rates are nonetheless weak in the context ofhistorical data. This led to a rate cut by RBI on 2nd June to boost growth further.

The institutional investors, were at the sellers side, making market dovish.The FII's moped out at INR 57.7bn. in the month of may against inflow of INR117.7bn. Long term investment stood at INR 189.1bn against INR 147.5bn inFY14 (Apr-Mar). FII's pulled out due to lower than expected corporate earnings,unseasonal rain impact and rise in oil prices.

growth stood at 7.5% in Q4FY15 against 6.6% in Q3FY15 with 2011-12 asbase. Overall GDP growth (provisional) stands at 7.3 % in FY15 against 6.9% inFY13. As per the broad classification, Agriculture sector reported degrowth of1.42% while Industry and Services grew by 5.64% and 9.17% respectively.

Per capita GDP and Gross National Income growth stood at 5.9% in FY15(revised downwards from earlier estimate of 6.1%) against 5.5% in FY14.Comparatively, per capita PFCE (Public Final Consumption Expenditure) growthincreased to 5.0% in FY15 (revised downwards from earlier estimate of 5.7%)against 4.8% in FY14.

The current economic data shows a mixed picture of the economy with slowerrecovery rate and higher inflation expectations ahead. Meanwhile the impact ofrising crude prices and volatile FII flows are keeping investor sentiments jittery.DII's are making the best of this opportunity and invested heavily into equities.While markets may continue to remain volatile in short term but the fundamentalswarrant the recovery to continue ahead in long term. Currently, Nifty is trading at16.3x FY16 PE and 13.7x FY17 PE which is much lower that its long term averagerange of 20x to 22x. Hence, the current weakness should be perceived as an buyingopportunity for long term. We recommend reallocating assets across largecap funds(40 - 50%), mid & small cap funds (30 - 40%), sectoral funds (5-10%) and Liquidfunds (10%).

IIP

FII's

FDI

GDP

Outlook:

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Benchmark 10 Yr G-sec

Corporate Bonds

Commercial paper

Liquidity

WPI

CPI

FII's

yield moved up from 7.86% in Apr'15 to 7.99%

currently. The new 10 yr G-sec has also moved up from the lows of ~7.65% to

7.79% currently. G-Sec yield curve has eased at the shorter end (<10 yr) by ~5 bps

and hardened at the longer end (>10 Yr) by ~4 bps in May'15. G-Sec auction cut-

offs were also higher by 10 to 15 bps over the past month.

yields moved up in May'15 with spreads widening by ~13 bps

across maturities. However, spreads contracted post RBI policy as G-sec yield

hardened sharply reflecting negative sentiments over policy guidance. In short

term segment, yield eased by ~20 bps across maturities. Bank

CD yields also declined by 40 bps across maturities following the 25 bps rate cut by

RBI.

in banking system remained at ease in May'15. Average daily LAF

borrowings stood at INR 185 bn. in May against INR 104 bn inApr'15.

Credit and deposit growth slided back at 10.2% and 11.90% respectively after

showing an uptick in Apr'15. Accordingly, incremental credit-deposit ratio slipped

to 46.4% from 81.7% and incremental investment deposit ratio moved up to 60.7%

from 13.8%. RBI states that banks are holding more than adequate investments in

SLR to meet the expected rise in credit demand provided the policy transmission is

adequate.

Inflation continued to deflate at an accelerated pace for the 6th consecutive

month @ 2.65% in Apr’15. Amongst the major commodity groups, Primary

articles, Fuel and Manufacturing index deflated by 0.25%, 13.03% and 0.52%

respectively. inflation also fell to 4.87% in Apr’15 from 5.17% in Mar’15.

Going forward, inflation is expected to rise on account of lower monsoon

expectation and firming up in crude prices.

divested net INR 85 bn in May'15 from debt against a net investment of INR

36 bn in Apr'15. FII's have fully utilised their limit in G-sec and 77% of limit in

corporate debt. comparatively, they had utilised corporate debt @ 79.7% inApr'15.

Yields hardened amongst the major emerging economies in May'15. South Africa

observed the highest spike in yields of 25 bps while Brazilian yields softened by

~52 bps. South Africa observed a recent spike in inflation with dwindling growth

rates; comparatively, Brazilian central banks has raised rates by 50 bps for the 6th

time as inflation stood at 12Yr high of 8.17%.

Sovereign yields retaliated to RBI's neutral policy guidance and hardened sharply post

RBI policy. However, short term yields softened following the policy meet as some

commercial banks reduced base rates by 15 to 25 bps. Moreover, RBI’s revised

inflation estimate of 6.0% includes the impact of current crude prices and lower

monsoon trajectory.

Hence, with anchored inflation trajectory and an expected uptick in industrial activity,

the current hardening in yields should be observed as an buying opportunity as macros

should drive yields lower as sentiments neutralise gradually. Any improvement in

credit demand should raise SLR demand with banks and simultaneously curtail their

treasury operations in G-Sec. This should have a double impact on sovereign yields

curve leading to a natural downward shift, which remains overdue currently.

Accordingly, investors should hold on to their investment in short term/ liquid funds

and reinvest in Gilt/ income funds through SIP mode over the next 2 months with an

investment horizon of over 1 year.

Outlook:

This Month in Equity :

June 2015

Sensex 'in thousand'10 Yr GOI Yield

Returns Nifty Dow FTSE 100 Hang Seng Kospi Nasdaq Nikkei Sensex

TTM 16.56% 7.86% 1.65% 19.18% 5.10% 19.35% 40.06% 14.83%

May'15 3.08% 0.95% 0.34% -2.52% -0.58% 2.60% 5.34% 3.03%

6

Mutual Fund Performance Update

Equity: Large Cap

Equity: Large & Mid Cap

Equity: Multi Cap

as onApr 2015

Software Oil Auto Banks Pharma FMCG Absolute Compound Annualized

& Gas (Cr.) 3M 6M 1Y 3Y

Others Corpus


Franklin India Bluechip Fund 16.59 0.62 8.04 29.32 7.50 3.11 34.82 6138.24 0.64 4.35 28.04 22.19

Birla Sun Life Index Fund - Growth 14.52 0.45 8.18 25.19 6.54 7.92 37.20 205.71 -4.50 -1.65 16.62 19.63

JP Morgan India Equity Fund 10.47 0.00 12.35 25.69 7.19 1.75 42.55 238.82 -2.73 3.45 27.26 23.84

Pramerica Large Cap Equity Fund 10.92 0.00 10.07 29.34 7.92 5.34 36.41 57.22 -2.65 0.93 19.07 19.48

Reliance Top 200 Fund - Growth 10.57 0.00 14.31 22.37 8.11 0.00 44.64 1230.38 -2.55 2.17 32.36 26.90

Religare Invesco AGILE Fund - Growth 0.00 0.00 9.75 37.76 25.15 0.00 27.34 26.58 -3.54 -2.80 13.32 14.15

SBI Magnum Equity Fund 12.53 0.00 15.19 30.88 12.73 7.68 20.99 1443.90 -2.35 2.26 28.45 22.85

Tata Index Fund - Sensex Plan - Plan A 15.12 0.58 10.89 24.39 6.25 10.47 32.30 5.92 -4.86 -3.46 14.63 19.39

UTI Mastershare 13.90 0.99 8.77 23.15 8.64 2.11 42.44 3022.72 -2.72 3.54 29.80 23.72

Birla Sun Life Advantage Fund 4.66 0.00 20.17 21.71 8.42 1.95 43.09 432.38 1.34 9.14 38.31 32.11

Birla Sun Life Frontline Equity Fund 11.19 0.00 10.56 24.70 7.26 5.89 40.40 8732.93 -2.82 2.54 25.94 27.91

Birla Sun Life Top 100 Fund 10.08 0.57 10.57 21.71 9.11 4.22 43.74 1461.73 -2.85 1.11 24.59 27.77

DSP BlackRock Opportunities Fund 9.06 2.33 11.56 21.51 9.61 0.00 45.93 722.43 -0.69 3.53 30.89 27.05

Franklin India Flexi Cap Fund 11.82 2.06 11.77 27.97 11.57 2.73 32.08 2532.83 0.80 7.33 36.15 30.27

Franklin India Opportunities Fund 10.36 0.00 8.74 31.04 7.81 0.00 42.05 380.33 -0.05 7.36 42.40 28.77

HDFC Growth Fund 9.97 2.20 6.95 28.41 7.06 2.47 42.94 1172.63 -2.88 -2.51 18.68 18.78

HDFC Equity Fund 12.56 1.86 10.46 27.06 5.88 3.19 38.99 17808.25 -2.47 -3.59 19.83 24.61

HSBC India Opportunities Fund 14.11 0.00 8.83 25.83 8.57 4.66 38.00 474.08 -2.92 3.02 28.49 26.18

ICICI Prudential Dynamic Regular 16.35 0.30 9.11 18.68 2.24 0.56 52.76 5726.28 -3.11 0.46 20.10 23.54

ICICI Prudential Indo Asia Equity 6.02 0.00 7.67 23.57 5.35 4.91 52.48 156.16 2.96 9.39 34.51 27.94

IDFC Classic Equity Plan B Fund 12.04 0.00 6.76 16.32 7.04 5.84 52.00 173.57 0.21 5.49 25.81 22.59

Kotak Classic Equity - Growth 11.72 0.98 9.81 19.93 5.25 4.90 47.41 116.57 -3.37 0.94 22.08 22.41

L&T Indo Asia Fund 6.52 0.00 8.41 16.01 5.55 1.50 62.01 260.01 0.52 5.75 25.62 21.97

Mirae Asset India Opportunities Reg 10.26 0.47 11.55 24.90 10.01 5.05 37.76 1027.72 -1.19 3.64 32.29 28.86

Principal Large Cap Fund 14.10 1.66 13.21 22.64 8.20 5.48 34.71 302.75 -3.17 0.52 21.42 23.12

Quantum Long Term Equity 7.74 4.19 13.51 3.87 0.00 0.00 70.69 409.25 -0.31 -0.49 18.29 22.96

Religare Invesco AGILE Fund 0.00 0.00 9.75 37.76 25.15 0.00 27.34 26.58 -3.54 -2.80 13.32 14.15

Reliance NRI Equity 8.18 0.00 5.66 20.56 11.60 0.00 54.00 90.56 -1.27 3.74 26.13 25.07

Reliance Focused Large Cap 8.29 0.00 8.00 21.38 11.38 0.00 50.95 1069.37 -2.35 4.32 24.46 26.15

SBI Magnum Multicap Fund 9.40 0.00 8.76 18.85 9.50 4.86 48.63 477.66 0.96 5.98 39.30 28.41

Tata Equity Opportunities Plan A 7.49 0.00 10.91 18.04 9.42 1.38 52.76 1015.41 -2.37 6.30 33.92 26.54

Tata Retirement Savings PP - Plan A 10.06 0.00 6.45 18.29 7.79 5.61 51.80 89.90 -2.11 7.67 34.70 23.28

UTI Contra Fund 0.00 0.00 0.00 0.00 0.00 0.00 100.00 137.15 0.00 0.00 0.00 0.00

UTI Dividend Yield Fund 16.32 0.00 3.15 25.87 2.03 5.91 46.72 3039.83 -4.63 -2.34 19.45 18.51

Birla Sun Life India Reforms Fund 0.00 1.68 12.26 26.66 0.00 0.00 59.40 261.56 -2.24 0.78 21.10 20.52

BNP Paribas Dividend Yield 8.51 0.00 3.73 20.15 3.82 4.16 59.63 136.27 2.14 9.32 36.84 27.82

DSP BlackRock Focus 25 Fund 3.82 2.35 16.08 24.06 10.10 0.00 43.59 381.98 0.52 8.36 40.07 26.58

HDFC Core & Satellite Fund 6.15 0.00 8.13 23.65 6.42 0.00 55.65 278.32 -1.26 -2.71 17.23 20.47

ICICI Prudential Nifty Junior Index Fund 1.34 2.03 10.97 4.69 8.88 8.94 63.15 29.99 0.15 6.07 27.45 26.87

IDBI Nifty Junior Index 1.34 2.01 10.96 4.69 8.91 8.95 63.14 30.07 0.28 5.97 26.39 26.79

L&T India Value Fund 5.57 0.00 7.59 11.84 2.37 0.00 72.63 220.75 -0.09 7.12 41.18 33.98

L&T India Special Situations Fund 12.17 0.00 6.50 22.12 6.30 3.29 49.62 923.70 -0.62 5.63 31.70 27.59

PineBridge India Equity Standard Fund 0.00 0.00 0.00 0.00 0.00 0.00 100.00 152.23 0.00 0.00 0.00 0.00

Principal Dividend Yield Fund 8.30 0.00 17.04 18.67 1.85 9.63 44.51 114.71 -1.12 -2.91 19.21 19.13

Principal Growth Fund 8.44 0.00 8.78 22.09 7.35 0.00 53.34 517.64 -2.86 -2.90 25.18 22.27

Reliance Growth Fund 9.39 0.00 4.45 18.52 9.94 0.00 57.70 5405.18 -1.08 5.54 32.26 26.05

Reliance Regular Savings - Equity Option 6.59 0.00 5.98 16.43 9.56 0.00 61.44 2594.41 -0.80 3.71 31.67 26.75

Religare Invesco Contra Fund 12.88 1.10 11.61 12.66 6.36 0.00 55.39 163.56 -3.32 4.60 36.15 29.71

Tata Ethical Fund - Plan A 18.70 0.00 15.42 0.00 15.03 9.38 41.47 290.87 0.02 8.00 37.65 28.84

Tata Equity PE Fund - Plan A 7.43 2.15 9.49 14.35 3.69 0.00 62.89 627.30 -1.89 5.70 35.41 29.25

Templeton India Equity Income Fund 10.06 0.00 9.56 13.15 2.33 0.00 64.90 1063.92 0.81 2.11 26.59 23.57

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Return(%)

June 2015

Software Oil Auto Banks Pharma FMCG Corpus Absolute Compound Annualized

& Gas (Cr.) 3M 6M 1Y 3Y

Others

7


Equity: Mid & Small Cap

Hybrid: Asset Allocation

as onApr 2015

Equity: Infrastructure


Equity: Tax Planning

Axis Midcap Fund 5.49 3.85 8.57 8.75 10.01 1.74 61.59 1088.30 2.00 7.08 40.73 37.12

BNP Paribas Midcap Fund 4.03 0.00 4.28 7.54 8.46 3.03 72.66 291.60 3.03 11.68 44.78 36.70

Canara Robeco Emerging Equities Reg 2.01 1.79 6.03 12.02 4.44 0.00 73.71 439.18 0.76 8.10 52.94 38.27

Franklin India Prima 7.14 1.11 7.86 17.08 6.03 0.00 60.78 3415.82 0.07 10.37 47.24 37.89

Franklin India Smaller Companies 5.92 0.00 6.74 15.63 2.33 0.00 69.38 2123.43 1.22 9.61 50.35 43.90

HDFC Mid-Cap Opportunities Fund 7.59 0.00 6.01 15.15 9.87 0.76 60.62 9662.80 2.25 7.18 42.25 34.42

IDFC Premier Equity 3.16 1.65 6.48 6.11 2.11 1.59 78.90 6985.13 1.52 12.01 43.67 31.55

IDFC Sterling Equity Regular 9.00 4.61 6.12 16.34 8.61 0.00 55.32 1777.40 -3.87 5.03 35.05 26.17

JP Morgan India Mid & Small Cap 2.57 0.63 13.23 11.39 6.93 1.57 63.68 419.30 1.75 11.54 48.88 38.49

Mirae Asset Emerging Bluechip Reg 4.05 1.70 7.03 16.00 10.42 3.82 56.98 702.42 0.90 9.44 49.44 39.25

Principal Emerging Bluechip Fund 3.79 1.06 13.05 14.02 9.60 0.00 58.48 466.81 1.52 8.86 49.25 37.82

Reliance Mid & Small Cap Fund 2.41 0.00 0.00 9.04 7.04 0.00 81.51 2270.37 -1.74 5.24 40.35 33.30

Reliance Small Cap Fund 4.78 0.00 7.35 9.98 6.32 0.00 71.57 1533.44 -2.03 4.56 46.76 39.65

SBI Magnum Midcap Fund 1.75 0.00 3.97 4.94 13.86 2.52 72.96 919.95 6.31 14.09 53.86 41.68

Sundaram Select Midcap Fund 0.97 2.66 10.68 10.33 2.30 1.34 71.72 2828.88 0.76 9.70 44.96 35.77

Sundaram S.M.I.L.E. Fund 2.79 0.00 7.20 9.80 7.02 0.00 73.19 991.16 -1.02 8.32 51.89 36.43

Birla Sun Life Tax Plan 6.82 0.00 16.37 15.87 8.60 4.26 48.08 257.77 -1.49 9.49 41.77 30.78

Birla Sun Life Tax Relief 96 6.92 0.00 16.53 15.98 8.74 4.32 47.51 1943.70 -1.25 10.10 43.22 31.74

BNP Paribas Long Term Equity Fund 7.02 0.00 4.35 17.88 8.97 1.51 60.27 377.40 1.07 9.22 39.94 29.82

BOI AXA Equity Fund - Reg 12.73 0.00 7.38 19.80 7.86 5.52 46.71 86.31 -4.94 -1.92 22.17 21.62

BOI AXA Tax Advantage Fund - Regular 9.32 0.00 13.32 19.44 7.13 2.16 48.63 48.89 -1.07 4.97 29.00 25.55

Canara Robeco Equity Tax Saver Reg 8.32 0.73 4.80 26.55 7.33 0.00 52.27 859.96 -2.76 1.43 27.76 23.76

DSP BlackRock Tax Saver Fund 10.93 2.29 9.16 20.80 6.92 2.66 47.24 1094.06 -1.29 3.13 30.64 28.37

Franklin India Taxshield Fund 8.79 0.73 13.36 28.50 9.98 2.15 36.49 1682.00 0.80 6.95 40.61 28.76

HDFC Long Term Advantage Fund 12.34 0.00 13.79 18.41 1.80 3.06 50.60 1159.22 -3.01 -2.87 19.90 23.46

HDFC Taxsaver Fund 9.39 0.46 8.18 25.66 5.89 3.98 46.44 4911.22 -3.75 -3.10 20.98 24.37

HSBC Tax Saver Equity Fund 11.75 0.00 12.91 26.40 8.70 2.91 37.33 183.87 -4.39 1.52 25.18 26.67

ICICI Prudential Tax Plan Reg 14.26 0.78 8.23 15.99 7.76 2.59 50.39 2572.90 -4.16 0.18 24.60 27.88

IDFC Tax Advantage (ELSS) Reg 9.53 4.20 8.43 9.70 11.07 0.00 57.07 338.11 2.68 12.21 40.69 31.78

L&T Tax Advantage Fund 10.38 0.00 9.10 21.66 6.95 3.09 48.82 1566.86 -0.76 3.64 27.55 23.97

Principal Personal Tax Saver Fund 14.18 1.67 13.29 22.82 8.25 5.51 34.28 346.13 -3.16 0.58 21.70 23.41

Reliance Tax Saver Fund 3.22 0.00 17.64 14.09 2.29 0.00 62.76 4416.22 -4.97 2.36 38.05 32.82

Religare Invesco Tax Plan 12.74 0.00 9.50 17.33 9.72 0.00 50.71 238.78 -1.67 6.74 40.15 30.03

SBI Magnum Taxgain Scheme 12.94 1.84 8.65 20.22 8.70 2.16 45.49 4771.12 -0.71 5.58 32.66 27.58

Sundaram Taxsaver 2.09 3.00 7.66 23.74 4.84 2.73 55.94 1142.59 -1.83 3.07 28.75 23.67

Tata Tax Saving Fund 9.81 0.00 10.17 17.48 8.85 1.79 51.90 213.18 -0.56 9.95 37.73 27.58

Taurus Tax Shield Fund 8.57 0.72 5.18 20.87 4.75 2.89 57.02 79.53 -2.70 3.34 22.54 20.53

UTI Equity Tax Savings Fund 12.48 0.00 5.37 17.78 6.86 2.79 54.72 588.31 -3.69 2.04 25.41 22.72

HDFC Infrastructure Fund 3.21 0.98 9.12 22.64 0.00 0.00 64.05 1982.04 -5.72 -1.96 20.64 21.18

ICICI Prudential Infrastructure Reg 0.00 1.34 0.00 15.54 0.00 0.00 83.12 1746.96 -4.53 0.90 15.79 21.77

Tata Infrastructure Fund - Plan A 0.00 0.00 2.52 21.38 0.00 0.00 76.10 724.87 -3.03 5.24 27.45 19.81

UTI Infrastructure Fund 0.00 0.00 0.00 25.10 0.00 0.00 74.90 1534.70 -0.73 3.68 23.17 21.91

Birla Sun Life AA Multi Manager FoF Scheme 0.00 0.00 0.00 0.00 0.00 0.00 100.00 3.44 -0.69 4.22 25.97 18.71

Franklin India Dynamic PE Ratio Fund of Funds 6.44 4.93 3.14 15.07 3.62 0.00 66.80 788.00 1.08 3.95 18.85 15.79

Pramerica Dynamic Asset Allocation Fund 10.62 5.49 6.95 17.06 4.29 0.00 55.59 32.27 3.25 12.57 21.91 9.45

Principal Smart Equity Fund - Growth 6.74 4.44 5.89 15.28 2.14 2.78 62.73 56.36 3.60 25.24 46.58 17.98

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Return(%)

Compound Annualized

June 2015

8


Hybrid: Equity-oriented

Debt: Income

Hybrid: Arbitrage

as onApr 2015

Return(%)

Return(%)as on

Apr 2015

Software Oil Auto Banks Pharma FMCG Others

& Gas (Cr.) 3M 6M 1Y 3Y

Absolute Compound AnnualizedCorpus

AAA P1+ Sov. A & AA Others Cash Avg. Exp. Simple Annualized CA*

AA- (Cr.) Maturity 7D 1M 3M 6M 1Y

Corpus


Birla Sun Life 95 Fund 7.18 0.60 6.82 20.06 5.83 2.88 56.63 1414.40 -1.60 4.23 28.49 24.58

Canara Robeco Balance Reg 4.13 1.26 4.25 16.29 4.70 0.94 68.43 318.44 0.12 4.48 29.17 22.49

DSP BlackRock Balanced Fund 4.92 0.57 7.24 16.33 9.35 0.00 61.59 642.74 0.92 5.16 31.27 20.08

HDFC Balanced Fund 9.56 0.00 6.59 18.03 8.06 0.00 57.76 3684.56 -0.22 3.89 28.58 24.32

HDFC Prudence Fund 8.99 1.09 6.25 22.50 3.42 1.91 55.84 8307.82 -1.92 -1.41 19.47 21.90

ICICI Prudential Balanced Reg 9.37 0.62 12.02 17.89 4.26 1.59 54.25 1973.26 -1.22 3.54 27.66 25.21

Reliance Reg Savings - Balanced Option 4.70 0.00 15.20 15.37 5.87 0.00 58.86 1125.41 -0.85 3.16 26.02 22.91

SBI Magnum Balanced Fund 7.96 0.00 11.55 9.77 7.54 5.26 57.92 1721.12 0.20 7.20 33.02 27.53

Sundaram Balanced Fund - Regular 9.50 0.00 6.25 21.91 2.48 2.24 57.62 35.90 -3.41 -0.75 12.66 14.12

Tata Balanced Fund - Plan A 7.42 0.00 7.39 17.78 7.87 1.47 58.07 3050.86 0.08 9.57 36.89 27.79

UTI Balanced Fund 9.64 1.53 7.30 15.91 5.56 2.99 57.07 1253.91 -2.26 0.84 17.81 19.59

Birla Sun Life Enhanced Arbitrage 3.30 0.00 16.56 33.71 5.28 1.87 39.28 258.09 2.13 4.58 7.77 8.61

HDFC Arbitrage Fund - Retail Plan 6.00 1.84 4.67 28.94 11.38 6.54 40.63 102.23 2.03 4.05 7.42 8.06

ICICI Prudential Blended Plan A Reg 0.78 0.55 4.47 26.45 11.86 3.16 52.73 657.59 2.17 4.39 8.37 9.19

ICICI Prudential Equity Arbitrage Reg 5.56 0.19 9.96 27.04 11.42 2.51 43.32 1867.84 2.19 4.45 8.52 9.34

IDFC Arbitrage Fund - Regular Plan -0.04 -0.01 -0.04 35.86 -0.09 -0.04 64.36 2829.52 2.01 4.18 8.12 8.81

IDFC Arbitrage Plus Fund - Regular -0.05 0.00 -0.04 13.54 -0.11 -0.04 86.70 770.33 1.48 3.93 7.54 8.38

JM Arbitrage Advantage Fund 6.09 0.88 7.04 30.33 9.55 2.50 43.61 4759.29 2.00 4.11 7.88 8.69

Kotak Equity Arbitrage Fund 4.65 0.29 4.12 52.71 9.91 1.23 27.09 3355.37 2.04 4.28 8.34 8.98

Reliance Arbitrage Advantage Fund 6.43 0.00 5.80 22.81 12.17 4.04 48.75 1245.78 2.39 4.91 8.49 9.23

Religare Invesco Arbitrage Fund -0.07 0.00 -0.01 16.65 -0.09 0.00 83.52 298.00 2.08 4.40 8.26 8.31

SBI Arbitrage Opportunities Fund 0.34 0.00 4.84 26.79 14.63 3.88 49.52 663.66 2.26 4.55 8.55 8.81

UTI SPrEAD Fund 6.48 0.00 5.24 27.83 13.68 2.61 44.16 63.96 2.04 4.33 7.82 8.10

Birla Sun Life Dynamic Bond Retail 50.97 0.00 0.51 50.97 -7.04 4.59 14100.41 0.00 1.31 10.04 7.14 6.56 12.03 13.22

Birla Sun Life Income Plus 87.97 0.00 1.32 87.97 -77.85 0.59 4704.47 0.00 1.53 10.92 4.30 1.30 9.98 13.29

Birla Sun Life Medium Term Plan 1.79 0.00 11.33 1.79 81.35 3.74 3984.14 0.00 1.28 13.17 8.86 8.71 9.99 10.95

BNP Paribas Flexi Debt Reg Plan A 63.67 0.00 23.17 63.67 -54.60 4.09 366.04 7.41 1.95 11.19 6.14 2.97 11.44 12.59

DSP BlackRock Bond Fund - Retail 71.14 0.00 15.89 71.14 -58.17 0.00 322.97 9.17 2.07 13.87 7.88 2.39 10.44 12.50

DWS Premier Bond Premium Plus 2.08 0.00 4.00 2.08 91.84 0.00 821.41 2.02 1.58 14.55 7.72 7.69 8.32 9.91

Franklin India Income Opportunities 4.61 0.00 3.36 4.61 87.20 0.22 4494.30 2.97 1.67 15.47 8.86 8.20 9.43 10.98

HDFC High Interest Dynamic Plan 83.63 0.00 1.74 83.63 -69.68 0.68 2191.57 16.27 1.57 9.54 1.25 -0.42 9.62 13.24

HDFC Income Fund 77.02 0.00 2.23 77.02 -63.08 6.81 3706.51 15.24 1.91 10.55 2.22 -0.23 8.98 12.68

HSBC Income Investment Plan 73.23 0.00 -0.60 73.23 -53.02 7.16 106.70 11.48 1.85 11.50 3.29 1.26 9.10 11.41

ICICI Prudential Income Opportunities 79.19 0.00 2.25 79.19 -63.30 2.67 4154.01 14.37 1.62 11.07 3.65 0.50 9.81 13.44

IDFC SSI Inv Plan C 97.65 0.00 2.32 97.65 -97.62 0.00 2085.33 14.18 1.84 8.17 2.35 0.15 10.43 13.16

IDFC SSI Medium-term Reg 23.96 0.00 2.94 23.96 40.86 8.28 3391.71 3.73 1.20 11.07 7.78 6.71 8.51 9.83

ING Income Fund 0.00 0.00 0.00 0.00 100.00 0.00 7.79 6.92 2.09 0.00 0.00 0.00 0.00 0.00

Kotak Bond - Deposit Plan 83.51 0.00 0.53 83.51 -71.16 3.61 5236.89 16.75 1.72 10.32 3.05 -0.47 8.32 11.72

Kotak Bond - Plan A 83.51 0.00 0.53 83.51 -71.16 3.61 5236.89 16.75 1.75 10.31 2.97 -0.48 8.33 11.73

LIC Nomura MF Bond Fund 47.56 0.00 2.53 47.56 -5.62 7.97 124.45 12.16 2.35 11.04 2.78 1.55 9.20 10.88

Pramerica Dynamic Bond Fund 31.46 0.00 -14.95 31.46 23.59 28.44 296.23 4.63 2.00 15.45 8.34 4.65 12.69 14.09

Principal Income Fund - LT Plan 75.51 0.00 2.57 75.51 -53.59 0.00 71.06 10.07 1.68 11.30 7.00 3.24 10.70 12.43

Reliance Income Fund - Growth 78.71 0.00 3.13 78.71 -61.74 1.19 2639.55 15.61 1.66 10.55 3.05 -0.56 8.92 12.06

Reliance Regular Savings Debt 6.97 0.00 3.86 6.97 81.34 0.86 5486.92 2.14 1.80 14.11 9.33 8.62 8.86 10.16

SBI Magnum Income Fund 83.02 0.00 -1.91 83.02 -64.13 0.00 3235.46 13.13 1.76 10.41 5.41 0.93 9.45 11.20

Sundaram Bond Saver Reg 81.88 0.00 2.61 81.88 -66.37 0.00 202.47 12.96 2.44 12.33 2.94 0.36 8.07 10.56

Tata Income Fund - Plan A 63.15 0.00 2.15 63.15 -28.45 0.00 333.15 9.26 1.75 13.10 6.71 3.18 9.51 11.50

Tata Income Plus Fund - Plan A 63.15 0.00 2.15 63.15 -28.45 0.00 333.15 9.26 1.75 13.10 6.71 3.18 9.51 11.50

UTI Bond Fund 78.63 0.00 2.03 78.63 -59.73 0.44 3204.98 11.00 1.59 11.06 4.89 1.54 10.25 12.83

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June 2015

REIS - REAL ESTATE INVESTMENT SERVICES

Leveraging

to strengthen your Portfolio

Real Estate

www.spacapital.com


9

Hybrid: Debt-oriented Conservativeas on

Apr 2015Return(%)

Return(%)

Return(%)

Debt: Short-termas on

Apr 2015

AAA P1+ Sov. A & AA Others Cash Equity Equiry Avg. Exp. Simple Annualized CA*

AA- Range (Cr.) Maturity 1M 3M 6M 1Y

Corpus


Hybrid: Debt-oriented Aggressiveas on

Apr 2015

Software OIL Auto Banks Pharma FMCG Others Simple Annualized CA*

& Gas (Cr.) 3M 6M 1Y 3Y

Corpus

Birla Sun Life MIP II - Savings 5 59.29 10.07 -2.05 59.29 -38.85 10.81 1.44 0.00-11.19 245.33 0.00 1.30 11.81 2.98 8.80 14.21

Birla Sun Life Monthly Income 56.42 14.75 2.69 56.42 -40.74 8.47 1.99 0.00-16.03 259.18 0.00 2.53 14.31 3.19 9.07 14.96

DWS Income Advantage Fund 17.04 1.49 3.30 17.04 51.24 3.55 6.34 1.06-9.22 31.50 2.70 2.44 10.97 -1.82 1.89 7.26

DWS Equity Income Fund 27.13 25.04 46.19 27.13 -38.68 13.25 -0.06 2.91-19.84 6.19 0.00 2.70 29.35 13.62 21.23 19.29

Franklin India MIP - Growth 18.44 18.36 4.20 18.44 6.78 30.48 3.30 0.00-26.56 400.59 5.70 2.26 17.65 4.43 11.12 18.02

HDFC MIP - LTP - Growth 40.91 23.48 1.97 40.91 -33.90 24.18 2.45 0.00-25.01 3833.08 10.92 2.06 10.36 -0.48 4.60 13.09

HDFC MIP - STP - Growth 23.21 19.10 2.71 23.21 14.99 15.65 1.13 14.41-23.78 302.39 5.42 2.52 4.60 0.99 3.44 9.87

HDFC Multiple Yield Fund 1.16 22.87 1.63 1.16 44.47 26.14 2.57 0.00-25.42 72.38 0.55 1.91 11.61 2.71 1.22 7.79

HSBC Monthly Income Plan - Regular 53.26 13.10 -1.47 53.26 -33.45 13.03 2.27 11.90-15.27 97.03 9.95 2.29 4.80 -1.22 7.48 11.77

ICICI Prudential MIP 25 - Growth 58.85 22.23 1.89 58.85 -53.72 7.95 3.95 0.00-25.22 1290.69 8.46 2.14 13.32 4.37 10.64 17.72

ICICI Prudential MIP - Regular 51.78 14.14 0.74 51.78 -39.02 15.72 4.86 0.00-15.31 362.31 7.28 2.42 11.11 4.52 7.93 15.28

Kotak Monthly Income Plan 60.89 19.75 -4.31 60.89 -58.22 19.30 1.70 0.00-19.96 126.72 9.86 2.40 12.93 1.61 7.18 14.08

L&T Monthly Income Plan 74.16 15.73 1.88 74.16 -70.25 3.19 1.13 0.00-19.94 66.55 12.45 2.07 6.49 -3.74 7.38 13.49

LIC Nomura MF Monthly Income 10.47 13.58 3.66 10.47 41.30 3.92 16.60 11.06-19.98 69.12 3.51 2.20 8.80 2.26 4.36 10.06

Peerless Income Plus Fund 18.75 18.84 7.65 18.75 17.94 15.08 2.99 0.00-19.88 81.79 3.89 2.45 18.45 3.74 7.51 11.64

Principal Debt Savings Fund - MIP 25.51 0.00 1.64 25.51 47.34 0.00 0.00 2.04-13.61 23.29 4.71 1.25 8.45 6.50 7.61 8.75

Reliance Monthly Income Plan 33.83 19.88 1.14 33.83 -9.17 15.12 5.37 0.00-20.17 2678.74 13.34 2.06 7.00 0.41 9.81 17.38

SBI Magnum Monthly Income Plan 57.90 14.03 0.86 57.90 -35.91 1.61 3.61 0.00-24.34 244.61 8.30 2.30 9.36 4.32 11.92 16.06

SBI Magnum MIP - Floater 5.96 12.53 0.14 5.96 25.78 48.04 1.59 0.00-15.83 29.07 0.98 2.45 10.71 9.28 11.31 15.57

Sundaram MIP - Moderate Plan 23.83 22.50 1.40 23.83 21.18 5.21 2.05 3.45-21.21 25.17 3.39 2.63 9.05 1.95 5.28 8.60

Tata MIP Plus Fund - Plan A 58.40 18.88 2.12 58.40 -44.96 3.41 3.75 0.00-20.12 88.43 9.21 2.30 13.88 2.18 12.48 17.33

UTI Monthly Income Scheme 26.25 13.53 5.06 26.25 24.03 3.22 1.66 0.00-15.59 274.24 5.42 1.65 11.47 3.04 7.44 12.45

Birla Sun Life Asset Allocation Moderate 7.85 0.00 0.00 8.89 0.00 0.00 83.26 4.85 -0.46 5.52 24.03 16.97

Franklin India Life Stage Fund of Funds 30s 6.08 5.58 3.03 18.47 3.92 0.82 62.10 13.49 0.66 4.19 21.53 17.24

ICICI Prudential Advisor Series - Moderate 3.90 4.10 2.26 7.27 1.33 2.43 78.71 5.37 -1.26 3.55 16.55 14.07

Tata Young Citizens Fund - Plan A 8.20 1.35 5.17 15.51 2.63 6.13 61.01 195.79 7.01 18.71 28.04 13.68

UTI CRTS 81 Fund 4.20 1.66 3.10 6.78 2.55 3.08 78.63 354.55 4.01 14.95 23.23 14.28

UTI Retirement Benefit Pension 5.37 2.28 4.89 8.17 3.71 2.89 72.69 1238.63 4.45 16.62 26.16 11.47

Axis Short Term Fund - Retail Plan 12.47 0.00 -1.59 12.47 52.85 23.80 1506.44 2.50 1.10 11.28 7.75 7.59 8.48 9.28

Canara Robeco Short Term Regular 8.50 0.00 0.75 8.50 51.06 31.19 152.33 1.72 1.10 9.52 7.87 7.66 7.96 9.00

DSP BlackRock Short Term Fund 11.05 0.00 3.95 11.05 67.16 6.79 797.47 2.07 1.30 12.25 8.82 8.15 8.60 9.84

DWS Short Maturity Premium Plus 11.68 0.00 1.34 11.68 57.83 17.47 2031.35 3.02 1.30 10.42 7.61 6.92 7.87 8.84

Franklin India ST Income Plan 3.14 0.00 2.85 3.14 89.02 1.85 10704.75 2.60 1.54 14.41 8.92 8.29 9.40 11.01

HDFC Short term Fund 9.89 0.00 2.08 9.89 75.69 2.45 2498.22 2.23 1.07 13.94 9.22 8.68 9.37 10.44

HSBC Income Fund - Short Term Plan 12.29 0.00 1.24 12.29 50.36 23.82 1537.13 2.57 1.25 10.81 7.11 7.48 8.19 9.15

ICICI Prudential Short Term Fund 25.45 0.00 2.75 25.45 42.54 3.81 5126.14 3.03 0.88 11.23 8.71 7.05 8.55 10.11

DFC Super Saver Income Fund 0.41 0.00 3.13 0.41 78.34 17.71 3737.22 2.00 0.75 11.45 8.20 7.56 8.01 9.22

Kotak Bond - Short Term Plan 8.27 0.00 3.39 8.27 61.50 18.57 1740.95 2.10 1.25 12.86 8.57 7.81 8.09 9.34

Kotak Income Opportunities 0.00 0.00 6.42 0.00 79.41 14.17 1130.39 2.46 1.60 11.64 8.09 8.06 8.46 9.89

Pramerica Credit Opportunities 0.12 0.00 2.39 0.12 92.28 5.09 254.04 3.41 1.50 11.71 7.70 7.61 9.19 10.76

Reliance Short Term Fund 16.97 0.00 3.07 16.97 56.26 6.73 7546.38 2.82 0.70 11.84 7.90 7.25 8.70 9.99

SBI Short Horizon Debt Short Term Ret 12.40 0.00 2.98 12.40 41.09 31.13 2862.70 2.75 0.84 10.03 7.56 7.47 8.42 9.43

UTI Short Term Income Fund - Regular 35.02 0.00 2.92 35.02 23.66 3.38 5921.85 4.16 1.01 12.87 8.29 7.07 8.73 9.62

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June 2015




Corpus

10


Debt: Ultra Short-term

Debt: Liquid

as onApr 2015

Return %



Corpus


Axis Treasury Advantage Fund - Retail Plan 8.00 0.00 -2.38 8.00 34.91 51.47 1249.67 0.45 1.15 8.17 7.75 8.28 7.82 7.82

Baroda Pioneer Treasury Advantage Reg 8.62 0.00 -0.59 8.62 44.32 39.03 1188.51 0.68 1.65 9.00 8.14 8.69 8.27 8.25

Birla Sun Life Cash Manager 11.68 0.00 0.34 11.68 39.40 36.90 6150.72 0.00 1.25 8.98 7.93 8.43 8.13 8.55

Birla Sun Life TOF - Retail Plan 29.83 0.00 2.65 29.83 35.41 2.28 4598.04 0.00 0.57 12.03 8.26 7.43 9.48 11.13

Birla Sun Life Savings Fund - Retail Plan 13.98 0.00 -0.24 13.98 39.16 33.12 9692.99 0.00 0.37 9.50 8.90 9.35 8.84 9.25

BNP Paribas Money Plus Fund 21.63 0.00 -5.53 21.63 23.55 38.72 180.33 0.62 0.72 8.95 8.46 8.30 8.27 8.48

DSP BlackRock Money Manager Plan 11.00 0.00 -2.23 11.00 43.58 36.65 2046.00 0.30 1.00 8.46 8.04 8.34 8.11 8.45

DWS Treasury Investment Fund 0.17 0.00 0.75 0.17 26.84 72.07 775.55 1.43 0.49 9.91 8.79 8.53 8.34 8.55

Franklin India Low Duration Fund 3.02 0.00 3.09 3.02 83.39 7.48 3314.28 1.14 0.76 11.40 9.43 9.54 9.59 9.93

Franklin India Ultra Short Bond Plan 0.50 0.00 0.99 0.50 89.77 8.24 6624.98 0.51 0.86 9.73 9.10 9.33 8.96 9.15

ICICI Prudential Flexible Income Reg 4.88 0.00 1.63 4.88 52.78 35.83 12053.24 0.45 0.97 8.77 8.07 8.32 7.95 8.25

ICICI Prudential Savings Reg 32.11 0.00 1.74 32.11 21.14 12.90 3584.21 0.48 1.63 7.62 7.50 7.88 8.23 8.59

ICICI Prudential Ultra ST Plan 0.11 0.00 1.13 0.11 74.28 24.37 2466.81 0.81 0.27 9.54 8.93 8.69 8.53 8.96

IDBI Ultra Short Term Fund 6.91 0.00 0.33 6.91 52.96 32.89 280.75 0.33 0.91 8.50 8.36 8.39 8.09 8.26

IDFC Money Manager Fund - Inv - Plan A 1.30 0.00 2.84 1.30 93.65 0.91 1316.78 2.84 0.46 18.40 8.81 8.89 8.90 8.90

Indiabulls Ultra Short Term Fund 28.42 0.00 -120.74 28.42 27.91 135.99 438.61 0.18 1.00 8.41 8.13 9.28 9.12 9.30

JP Morgan India Treasury Retail 12.80 0.00 10.42 12.80 26.21 37.77 2020.29 0.64 1.09 8.48 8.42 8.71 8.32 8.57

Kotak Flexi Debt - Regular Plan 37.37 0.00 53.65 37.37 -28.39 0.00 333.75 2.94 1.50 4.25 11.34 3.49 7.31 8.84

Kotak Treasury Advantage Fund 6.76 0.00 -1.91 6.76 58.72 29.67 4315.85 0.45 0.63 9.40 9.04 9.05 8.56 9.06

L&T Floating Rate Fund 20.50 0.00 1.88 20.50 57.12 0.00 138.39 0.69 0.60 10.06 9.04 8.26 8.08 8.32

L&T Ultra Short Term Fund - Regular Plan 2.59 0.00 1.02 2.59 36.26 57.54 1487.04 0.63 0.55 9.10 8.51 8.62 8.42 8.62

Religare Invesco Credit Opportunities 5.62 0.00 2.98 5.62 68.05 17.73 55.78 1.13 1.20 8.47 7.43 7.72 8.18 9.22

Pramerica Short Term Floating Rate 39.08 0.00 2.86 39.08 -19.82 38.80 5.12 0.06 0.31 6.84 7.17 7.84 7.90 8.42

Reliance Medium Term Fund 0.81 0.00 0.51 0.81 58.21 39.66 2474.46 1.17 0.40 10.72 8.52 9.37 8.69 9.03

Reliance Money Manager Fund - Retail Plan 8.95 0.00 -2.73 8.95 49.01 35.82 9346.00 0.52 0.94 8.40 8.27 8.72 8.22 8.45

Sundaram Ultra Short Term Fund - Retail Plan 12.53 0.00 -0.17 12.53 13.26 61.85 2078.83 0.49 1.82 8.06 7.29 7.77 7.51 7.76

Tata Floater Fund - Plan A 10.24 0.00 0.38 10.24 18.00 61.14 3109.64 0.37 0.35 9.16 8.78 9.15 8.77 8.98

Taurus Short Term Income Fund 3.40 0.00 -25.96 3.40 60.88 58.28 229.89 0.11 0.95 8.83 8.72 9.05 9.17 9.49

Taurus Ultra ST Bond Fund - Retail Plan 1.59 0.00 18.88 1.59 21.87 56.07 147.39 0.06 0.24 8.22 8.54 8.70 8.61 8.61

Union KBC Ultra Short Term Debt Fund 44.90 0.00 -0.15 44.90 -44.90 55.25 44.88 0.06 0.26 7.61 7.63 8.44 8.32 8.87

UTI Floating Rate Short Term Fund - Regular 30.18 0.00 8.04 30.18 -4.18 35.78 3787.17 2.00 0.65 9.60 8.41 8.67 8.57 8.66

UTI Treasury Advantage 19.00 0.00 2.43 19.00 8.65 50.92 8222.51 0.77 0.23 9.12 8.71 8.39 8.26 8.50

Axis Liquid Fund - Retail Plan 20.40 0.00 -1.18 20.40 19.25 41.13 8227.80 0.09 0.57 7.79 7.80 8.17 8.14 8.34

Birla Sun Life Cash Plus 24.17 0.00 0.69 24.17 7.61 43.36 23396.27 0.00 0.48 8.33 8.37 8.81 8.72 8.91

DSP BlackRock Liquidity Fund - Regular 16.86 0.00 0.17 16.86 15.23 50.88 3942.68 0.10 0.25 8.14 8.12 8.48 8.47 8.70

DWS Insta Cash Plus Reg 11.52 0.00 -1.10 11.52 26.54 51.52 5524.70 0.12 0.14 8.25 8.29 8.61 8.63 8.87

Franklin India TMA - Regular Plan 0.00 0.00 0.20 0.00 55.16 44.64 7317.44 0.09 0.86 7.65 7.71 8.20 8.13 8.28

HDFC Cash Management Fund - Savings 22.56 0.00 -1.59 22.56 23.11 33.36 7628.05 0.10 0.09 8.24 8.32 8.69 8.65 8.86

HDFC Liquid Fund 24.16 0.00 -12.87 24.16 16.94 47.61 17649.47 0.10 0.08 8.29 8.36 8.68 8.65 8.87

ICICI Prudential Liquid Plan Reg 22.66 0.00 -17.65 22.66 23.95 48.38 21949.68 0.12 0.61 7.91 7.89 8.19 7.90 7.99

ICICI Prudential Money Market Fund Reg 12.32 0.00 -9.34 12.32 46.98 37.72 6475.28 0.12 0.60 7.96 7.94 8.22 7.99 8.12

IDFC Cash Fund - Regular Plan 27.94 0.00 -15.17 27.94 7.00 52.29 10349.05 0.10 1.33 7.69 7.64 8.08 8.01 8.33

JP Morgan India Liquid Retail 8.53 0.00 0.20 8.53 42.79 39.95 4489.26 0.08 0.18 8.09 8.26 8.51 8.47 8.65

Kotak Liquid - Regular Plan 10.64 0.00 -22.89 10.64 47.39 54.22 4466.26 0.16 0.05 7.72 7.62 7.79 7.77 7.92

Pramerica Liquid Fund 20.32 0.00 -16.13 20.32 42.84 32.65 655.86 0.10 0.13 8.48 8.32 8.78 8.73 8.94

Reliance Liquidity Fund 12.20 0.00 0.50 12.20 28.92 46.18 6900.55 0.12 0.10 8.36 8.32 8.72 8.65 8.87

Religare Invesco Liquid Fund 11.97 0.00 -13.49 11.97 28.11 61.44 5178.76 0.13 1.45 7.75 7.31 7.46 7.38 7.54

Tata Liquid Fund - Retail Investment Plan 24.33 0.00 -10.28 24.33 18.57 43.05 3915.01 0.12 0.92 7.54 7.57 7.90 7.83 8.09

Taurus Liquid 0.34 0.00 11.03 0.34 38.99 49.30 2748.93 0.08 1.12 7.62 7.65 7.99 7.95 8.14

UTI Liquid Cash Fund - Regular Plan 18.05 0.00 -1.89 18.05 34.88 30.91 11583.13 0.12 6.92 7.62 7.61 8.06 7.99 8.18

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Sov. Others Cash Corpus Avt. Expense Simple Annualized CA*

(Cr.) Maturity 7D 1M 3M 6M 1Y


11

Debt Gilt: Short-term

Debt Gilt: Medium & Long-termas on

Apr 2015Return(%)

Portfolio as on April 30, 2015 & Return as on May 29, 2015 *CA : Compound Annualized

Axis Constant Maturity 10 Year 1.77 98.23 0.00 101.60 10.30 0.65 16.01 5.68 2.03 10.23 12.69

Baroda Pioneer Gilt Fund 1.55 98.45 0.00 59.47 7.74 1.71 12.62 9.18 4.85 11.62 13.57

Birla Sun Life GSF - Long Term Plan 3.45 96.55 0.00 928.18 0.00 1.45 12.60 5.39 -0.13 11.46 14.78

Birla Sun Life Gilt Plus - PF Plan -5.19 105.19 0.00 34.43 0.00 0.43 20.33 11.02 5.31 10.60 11.47

Canara Robeco Gilt PGS -9.93 109.93 0.00 77.81 13.72 1.34 12.66 7.10 -0.52 11.65 13.97

DSP BlackRock GSF Fund 16.95 83.05 0.00 491.69 11.01 1.42 12.41 7.02 0.82 11.18 12.94

DWS Gilt Fund - Regular Plan 2.16 97.84 0.00 560.43 8.10 0.76 18.95 9.18 6.06 10.35 13.23

Edelweiss Gilt Fund 5.14 94.86 0.00 0.28 8.11 1.15 12.13 6.90 4.00 8.61 10.28

Franklin India GSF - Composite Plan 19.80 80.20 0.00 83.35 14.63 1.74 16.30 7.27 0.26 11.68 15.07

Franklin India GSF - Long Term Plan 15.61 84.39 0.00 376.09 16.45 1.71 14.99 7.10 0.05 12.18 15.60

HDFC Gilt Fund - Long Term Plan 2.54 97.46 0.00 2541.38 20.79 0.79 10.31 0.39 -1.52 11.52 15.45

ICICI Prudential Long Term Gilt Reg 5.40 94.60 0.00 1543.09 16.53 1.09 12.48 2.37 -0.22 11.26 14.39

IDFC GSF Investment Plan A 2.00 98.00 0.00 1034.68 16.90 1.50 8.16 1.62 -1.02 11.19 14.08

IDFC GSF Investment Reg 2.00 98.00 0.00 1034.68 16.90 1.50 8.16 1.62 -1.02 11.19 14.08

IDFC GSF PF Regular 2.22 97.78 0.00 122.66 17.82 0.75 10.48 1.40 -0.69 11.79 14.59

ING Gilt Fund - PF Dynamic Plan 0.00 100.00 0.00 3.74 11.09 1.54 0.00 0.00 0.00 0.00 0.00

JM G-Sec Fund 2.80 97.20 0.00 38.38 19.88 1.73 13.30 3.03 -2.55 10.22 13.11

Kotak Gilt Investment - Regular Plan 2.09 97.91 0.00 829.20 18.22 2.00 9.12 2.86 0.09 10.30 13.43

Kotak Gilt Investment PF and Trust Plan 2.09 97.91 0.00 829.20 18.22 2.00 9.11 2.86 -0.10 10.33 13.44

L&T Gilt Fund - Investment Plan 5.23 94.77 0.00 62.34 13.62 0.50 11.51 6.52 0.80 14.67 15.12

LIC Nomura MF Govt Sec 2.95 97.05 0.00 80.02 19.14 2.25 17.18 5.66 -1.21 12.50 13.87

Motilal Oswal MOSt 10 Year Gilt 5.86 94.14 0.00 17.69 0.00 1.00 18.95 9.37 4.17 9.86 11.44

Principal Government Securities Fund 3.41 96.59 0.00 45.31 12.98 1.50 10.91 6.65 1.08 11.14 13.78

Reliance Gilt Securities Fund 1.32 98.68 0.00 1001.77 18.04 1.49 11.41 4.44 -0.36 11.72 15.31

Religare Invesco Gilt Fund - Longer Duration Plan 1.33 98.67 0.00 120.89 24.34 2.16 13.07 0.26 -4.19 9.77 11.72

SBI Magnum Gilt Fund - Long Term Plan 0.12 99.88 0.00 1395.70 18.50 0.93 11.80 5.25 0.53 14.25 17.93

Tata Gilt Securities Fund - High Investment Plan 2.29 97.71 0.00 80.75 14.41 1.60 12.15 3.32 1.48 12.01 14.52

Tata Gilt Mid Term Fund - Plan A 1.29 98.71 0.00 146.89 9.53 1.10 11.91 3.42 2.78 10.50 13.28

Tata Gilt Retirement Plan (28-02-25) 2.29 97.71 0.00 80.75 14.41 1.60 12.13 3.32 1.47 12.01 14.56

Tata Gilt Securities Fund - Plan A 2.29 97.71 0.00 80.75 14.41 1.95 11.79 2.98 1.12 11.64 14.11

Taurus Gilt Fund 0.00 100.00 0.00 0.07 0.00 1.44 0.00 0.00 0.00 0.00 0.00

UTI Gilt Advantage LT 4.93 95.07 0.00 651.70 19.75 0.80 16.72 2.93 -2.04 12.12 16.58

UTI Gilt Advantage LT - Provident Fund 4.93 95.07 0.00 651.70 19.75 1.23 16.72 2.93 -2.04 12.12 16.58

Birla Sun Life Gilt Plus - Liquid Plan 0.85 99.15 0.00 6.65 0.00 0.49 7.70 7.38 7.88 7.58 7.81

Birla Sun Life GSF Short-term 3.49 96.51 0.00 0.70 0.00 0.40 6.95 6.93 7.04 7.26 7.54

Canara Robeco Gilt Advantage Reg 1.39 98.61 0.00 1.50 0.01 1.00 6.69 6.66 6.59 6.87 7.13

DSP BlackRock Treasury Bill Fund 3.73 96.27 0.00 25.49 0.48 0.60 7.54 7.27 7.60 7.49 7.92

HDFC Gilt Fund - Short Term Plan 28.36 71.64 0.00 7.87 2.12 0.52 8.07 8.11 7.20 8.77 9.37

ICICI Prudential Short Term Gilt Reg 2.17 97.83 0.00 122.77 2.80 0.66 8.86 9.33 6.41 8.93 10.62

ICICI Prudential Gilt Treasury PF Reg 0.65 99.35 0.00 42.75 0.41 0.61 12.61 17.94 0.40 -3.09 2.74

Religare Invesco Gilt Fund - Short Duration Plan -18.25 118.25 0.00 2.51 2.27 0.55 8.48 7.03 6.24 8.33 8.80

SBI Magnum Gilt Fund - Short Term Plan -0.47 100.47 0.00 94.45 1.65 0.95 8.21 9.38 8.30 12.42 12.47

Sundaram Gilt Fund - Regular Plan 2.32 97.68 0.00 51.02 12.90 2.56 10.26 2.52 0.33 8.27 10.70

Tata Gilt Short Maturity Fund - Plan A 0.74 99.26 0.00 32.25 2.54 1.06 7.73 7.19 6.71 9.12 9.88

UTI G-Sec Fund - Short Term Plan 11.86 88.14 0.00 22.15 0.12 0.55 3.64 6.91 7.63 8.72 8.65

June 2015

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June 2015

Risk Factors/Disclaimers: Mutual Funds and Securities Investments are subject tomarket risks and their NAVs / prices can fluctuate on factors affecting capital/debtmarkets. Past performance is not an indicator of future performance of theInvestments. Efforts have been made to ensure that the information provided areaccurate, complete and up-to date, irrespective please read the offer document of therespective schemes before investing. SPA Group is not liable for any inaccurate orincomplete information. SPA Group also takes no responsibility for any gain/ loss onany investment made pursuant to the above letter.

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