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1Monday, May 11, 2015
Mutual Fund Recommendation – Q2 2015
Amit Jain + 91 22 4088 0191
2
Table of Contents
1. Mutual Funds Research | Our Philosophy 32. Mutual Funds Research | Our Process | Equity Funds 4
Large Cap FundsBirla SL Frontline Equity Fund 5ICICI Prudential Focused Blue Chip Equity Fund 7SBI Bluechip Fund 9BNP Paribas Equity Fund 11NAV Movement | Large Cap Portfolio 13
Mid Cap FundsBNP Paribas Mid Cap Fund 14Axis Midcap Fund 16Franklin India Prima Fund 18NAV Movement | Mid Cap Portfolio 20
Multi Cap FundsUTI Equity Fund 21Axis Equity Fund 23Tata Equity Opportunities Fund 25L&T India Special Situations Fund 27NAV Movement | Multi Cap Portfolio 29
Hybrid Funds – EquityICICI Prudential Balanced Advantage Fund 30
Tax Saving FundsAxis Long Term Equity Fund 32BNP Paribas LT Equity Fund 34
Sector FundsUTI Transportation & Logistics Fund 36
3. Mutual Funds Research | Our Process | Debt Funds 37Long Term Funds
ICICI Prudential Income Fund 38HDFC High Interest Fund-Dynamic Plan 39
Medium Term FundsBirla SL Medium Term Fund 40DWS Medium Term Fund 41
Short Term FundsFranklin India Short Term Income Plan 42Birla SL Short Term Opportunities Fund 43
Ultra Short Term FundsFranklin India Ultra Short Bond Fund 44IDFC Ultra Short Term Fund 45
4. External Rating Comparison 465. Factor’s Description 47
3
Mutual Funds Research | Our Philosophy
Which are the best ones? – It is to do with more than just past performance
The primary objective of the quantitative analysis is to evaluate funds on the basis of ‘Alpha Consistency’ and ‘Alpha Frequency’
In-house proprietary model [quant Fund Selection Indicator (QFSI)] has been created to generate a recommended list of funds undervarious categories
Higher emphasis is given on the quantitative parameters to evaluate and filter the entire universe of the funds
Qualitative factors act in defining a broader framework and helps us to keep a check on how is the portfolio being managed vis-à-vis thestated portfolio’s stated objective and strategy
4
Mutual Funds Research | Our Process | Equity Funds
Due diligence on AMCs
quantitative factors – AAUM over 6 months – INR 1000 crores or 1% market share
Qualitative factor – AMCs pedigree, sponsors’ background, investment team’s experience, service capabilities, etc.
Scheme filtering criteria’s
Classifying open ended equity schemes on the basis of – their investment objective & strategy into various categories
Minimum AUM criteria for open ended equity & hybrid funds – INR 200 crores (average of last 6 months AUM) or 1% market share (basedon average of last 6 months AUM)
Minimum age criteria – The fund has to be in existence for at least 3 years before it comes up in our filtered list for research
Risk – adjusted return analysis for equity & hybrid funds
Risk-adjusted returns to be estimated on the basis of quant Fund Selection Indicator (QFSI)
The top 10% percentile of funds to be recommended to clients across different categories
5
Birla SL Frontline Equity Fund– Large Cap Fund
NAV Growth Plan – Rs. 163.73 Dividend Plan – Rs. 30.23
Inception Date August 30, 2002
Benchmark CNX Nifty Index (quant) S&P BSE 200 (fund)
Load Structure(Exit) 1% w/n 1 Year
Expense Ratio 2.13
Fund Manager Mr. Mahesh Patil
Investment ObjectiveThe scheme aims to generate long-term capital growth, income generationand distribution of dividend. It would target the same sectoral weights asBSE 200, subject to flexibility of selecting stocks within a particular sector.
Parameter Value
Information Ratio 1.45
Slope (Beta) 1.26
R-Squared 0.99
Standard Deviation (%) 19.13
Treynor Ratio 11.27
Sharpe Ratio 0.74
Jensen's Alpha (%) 4.55
Period Return CNX Nifty Relative Return
1 Yr 40.94 26.65 14.29
2 Yr 31.36 22.14 9.22
3 Yr 25.35 17.03 8.33
5 Yr 15.17 10.09 5.08
Since Inception 24.86 18.42 6.44
This is the sort of fund whose stated strategy could be called index with a garnish. The fund house haschosen to define the strategy as a variation on the BSE 200 benchmark. It says that the fund would aimfor the same sector weights as the index and try to get all the advantage by having a different stockselection within those sectors. The fund manager’s objective is to beat the benchmark incrementally andconsistently taking measured individual stock bets in the portfolio
Investment Style
Growth Blend Value
Large Market Cap
Medium
Small
Top 3 Sector 38.46%
Top 5 Sector 48.09%
Top 10 Holdings 35.59%
Trend of QFSI over last 3 years
AUM (Crs.) 8843
A+Market Cap Amount(Cr.) % Holding
Large Cap 8315 94Mid Cap 105 1Others 423 5
0.000.501.001.502.00
Mar
-12
Jun-
12Se
p-12
Dec-
12M
ar-1
3Ju
n-13
Sep-
13De
c-13
Mar
-14
Jun-
14Se
p-14
Dec-
14M
ar-1
5
Data as of 31st March 2015
6
Quarter on Quarter return vis‐à‐vis quant’s benchmark and category average Positive months in the last 3 year v/s negative months relative to quant’s benchmark
Top 10 holdings for the fund Sectoral movement of the portfolio over the last 4 quarters
Birla SL Frontline Equity Fund– Large Cap Fund
Company Sector %age
HDFC Bank Ltd. Bank - Private 6.30
Reliance Industries Ltd. Refineries 5.00
ICICI Bank Ltd. Bank - Private 4.44
Axis Bank Ltd. Bank - Private 3.46
Infosys Ltd. IT - Software 3.14
ITC Ltd. Cigarettes/Tobacco 2.99
Tata Motors Ltd. Automobiles-Trucks/Lcv 2.85
State Bank Of India Bank - Public 2.70
HCL Technologies Ltd. IT - Software 2.37
Larsen & Toubro Ltd. Engineering - Construction 2.34
-10%
-5%
0%
5%
10%
15%
20%
Mar
-12
Jun-
12
Sep-
12
Dec-
12
Mar
-13
Jun-
13
Sep-
13
Dec-
13
Mar
-14
Jun-
14
Sep-
14
Dec-
14
Mar
-15
Fund Return Bechmark Return Category Average
-2%
-1%
0%
1%
2%
3%
4%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Jun-14 Sep-14 Dec-14 Mar-15
Cash & Cash Equivalents
Other Sector
Cigarettes/Tobacco
Engineering - Construction
Finance - NBFC
Auto Ancillary
Finance - Housing
Automobiles-Trucks/Lcv
Refineries
Pharmaceuticals & Drugs
IT - Software
Bank - Private
Data as of 31st March 2015
7
ICICI Prudential Focused Blue Chip Equity Fund – Large Cap Fund
NAV Growth Plan – Rs. 29.48 Dividend Plan – Rs.22.18
Inception Date May 23, 2008
Benchmark CNX Nifty Index (quant / fund)
Load Structure(Exit) 1% w/n 1 Yr
Expense Ratio 2.13
Fund Manager Mr. Manish Gunwani
Investment ObjectiveThe fund's investment strategy will be to invest in 20 large cap companiesfrom the top 200 stocks listed on the NSE on the basis of marketcapitalization.
Parameter Value
Information Ratio 1.33
Slope (Beta) 1.12
R-Squared 0.99
Standard Deviation (%) 17.02
Treynor Ratio 10.75
Sharpe Ratio 0.71
Jensen's Alpha (%) 3.44
Period Return CNX Nifty Relative Return
1 Yr 36.29 26.65 9.64
2 Yr 29.10 22.14 6.96
3 Yr 21.82 17.03 4.79
5 Yr 15.72 10.09 5.63
Since Inception 17.08 8.2 8.88
A large cap equity fund that focuses its investments on top 20-25 stocks, which the fund manager hashigh conviction for upside potential. The fund’s strategy is to create an ideal mix of concentration anddiversification it uses a combination of bottom up and top down investment approach therebydiversifying across sectors and ensuring limited sectoral deviation from benchmark. The fund focuses onbuilding aggressive position in high conviction stocks, thereby generating out performance.
Investment Style
Growth Blend Value
Large
Market Cap
Medium
Small
Top 3 Sector 37.95%
Top 5 Sector 48.49%
Top 10 Holdings 46.29%
Market Cap Amount(Cr.) % Holding
Large Cap 8301 95
Others 422 5
AUM (Crs.) 8723
A+
Trend of QFSI over last 3 years
0.00
1.00
2.00
3.00
Mar
-12
Jun-
12Se
p-12
Dec-
12M
ar-1
3Ju
n-13
Sep-
13De
c-13
Mar
-14
Jun-
14Se
p-14
Dec-
14M
ar-1
5
Data as of 31st March 2015
8
Quarter on Quarter return vis‐à‐vis quant’s benchmark and category average Positive months in the last 3 year v/s negative months relative to quant’s benchmark
Top 10 holdings for the fund Sectoral movement of the portfolio over the last 4 quarters
ICICI Prudential Focused Blue Chip Equity Fund – Large Cap Fund
Company Sector %age
HDFC Bank Ltd. Bank - Private 8.32
ICICI Bank Ltd. Bank - Private 7.63
Infosys Ltd. IT - Software 6.31
Axis Bank Ltd. Bank - Private 4.36
Tech Mahindra Ltd. IT - Software 3.42
State Bank Of India Bank - Public 3.31
Wipro Ltd. IT - Software 3.29
Larsen & Toubro Ltd. Engineering - Construction 3.21
Reliance Industries Ltd. Refineries 3.12
Bajaj Finserv Ltd. Finance - Investment 3.09
-10%
-5%
0%
5%
10%
15%
20%
Mar
-12
Jun-
12
Sep-
12
Dec-
12
Mar
-13
Jun-
13
Sep-
13
Dec-
13
Mar
-14
Jun-
14
Sep-
14
Dec-
14
Mar
-15
Fund Return Bechmark Return Category Average
-15%
-10%
-5%
0%
5%
10%
15%
-20%
0%
20%
40%
60%
80%
100%
Jun-14 Sep-14 Dec-14 Mar-15
Cash & Cash Equivalents
Other Sector
Auto Ancillary
Power Generation/Distribution
Finance - Investment
Engineering - Construction
Automobiles-Trucks/Lcv
Refineries
Pharmaceuticals & Drugs
Bank - Public
IT - Software
Bank - Private
Data as of 31st March 2015
9
SBI Bluechip Fund – Large Cap Fund
NAV Growth Plan – Rs. 28.38 Dividend Plan – Rs.19.44
Inception Date Jan 20, 2006
Benchmark CNX Nifty Index (quant ) S&P BSE 100 (fund)
Load Structure(Exit) 1% w/n 1 Yr
Expense Ratio 2.13
Fund Manager Mr. Sohini Andani
Investment Objective
To provide investors with opportunities for long-term growth in capitalthrough an active management of investments in a diversified basket ofequity stocks of companies whose market capitalization is at least equal toor more than the least market capitalized stock of BSE 100 Index.
Parameter Value
Information Ratio 1.32
Slope (Beta) 1.26
R-Squared 0.98
Standard Deviation (%) 19.29
Treynor Ratio 11.95
Sharpe Ratio 0.78
Jensen's Alpha (%) 5.27
Period Return CNX Nifty Relative Return
1 Yr 48.30 26.65 21.65
2 Yr 32.56 22.14 10.42
3 Yr 27.19 17.03 10.17
5 Yr 15.00 10.09 4.91
Since Inception 12.01 12.39 -0.38
A large cap equity fund which invest in stocks of companies with market capitalization equal to or morethan the least market capitalized stock of BSE 100 Index. These companies have large business presence,good reputation and are possibly market leaders in their industries. The fund comprises of a welldiversified portfolio of predominantly large cap companies, with steady growth potential opportunity.
Investment Style
Growth Blend Value
Large
Market Cap
Medium
Small
Top 3 Sector 34.48%
Top 5 Sector 43.61%
Top 10 Holdings 35.02%
Market Cap Amount(Cr.) % Holding
Large Cap 1479 88
Others 201 12
AUM (Crs.) 1680
A+
Trend of QFSI over last 3 years
0.00
0.50
1.00
1.50
Mar
-12
Jun-
12Se
p-12
Dec-
12M
ar-1
3Ju
n-13
Sep-
13De
c-13
Mar
-14
Jun-
14Se
p-14
Dec-
14M
ar-1
5
Data as of 31st March 2015
10
Quarter on Quarter return vis‐à‐vis quant’s benchmark and category average Positive months in the last 3 year v/s negative months relative to quant’s benchmark
Top 10 holdings for the fund Sectoral movement of the portfolio over the last 4 quarters
SBI Bluechip Fund – Large Cap Fund
Company Sector %age
HDFC Bank Ltd. Bank - Private 7.23
Maruti Suzuki India Ltd. Automobiles - Passenger Cars 4.32
Motherson Sumi Systems Ltd. Auto Ancillary 3.67
Larsen & Toubro Ltd. Engineering - Construction 3.07
Tata Consultancy Services Ltd. IT - Software 3.05
Infosys Ltd. IT - Software 2.90
State Bank Of India Bank - Public 2.82
ICICI Bank Ltd. Bank - Private 2.72
Ranbaxy Laboratories Ltd. Pharmaceuticals & Drugs 2.67
M&M Financial Services Ltd. Finance - NBFC 2.57
-10%
-5%
0%
5%
10%
15%
20%
Mar
-12
Jun-
12
Sep-
12
Dec-
12
Mar
-13
Jun-
13
Sep-
13
Dec-
13
Mar
-14
Jun-
14
Sep-
14
Dec-
14
Mar
-15
Fund Return Bechmark Return Category Average
-2%
-1%
0%
1%
2%
3%
4%
5%
-20%
0%
20%
40%
60%
80%
100%
Jun-14 Sep-14 Dec-14 Mar-15
Cash & Cash Equivalent
Other Sector
Cement & Construction Materials
Household & Personal Products
Bank - Public
Bearings
Auto Ancillary
Automobiles - Passenger Cars
Finance - NBFC
IT - Software
Pharmaceuticals & Drugs
Bank - Private
Data as of 31st March 2015
11
BNP Paribas Equity Fund – Large Cap Fund
NAV Growth Plan – Rs. 69.58 Dividend Plan – Rs.18.42
Inception Date 23-Sep-2004
Benchmark CNX Nifty Index (quant /fund)
Load Structure(Exit) 1% w/n 1 Year
Expense Ratio 2.70
Fund Manager Mr. Shreyash Devalkar
Investment ObjectiveThe scheme aims to generate regular long term capital growth from adiversified and actively managed portfolio of equity and equity relatedsecurities
Parameter Value
Information Ratio 1.08
Slope (Beta) 1.19
R-Squared 0.96
Standard Deviation (%) 18.72
Treynor Ratio 11.89
Sharpe Ratio 0.76
Jensen's Alpha (%) 5.04
Period Return CNX Nifty Relative Return
1 Yr 53.40 26.65 26.74
2 Yr 35.47 22.14 13.33
3 Yr 26.37 17.03 9.34
5 Yr 17.57 10.09 7.48
Since Inception 20.24 16.34 3.90
An open-ended large-cap equity fund that invests in leading companies across sectors to give theadvantage of size to your portfolio. A systematic top down approach towards sector allocation based onoverall macro economic factors and a detailed bottom up stock selection is done to arrive at the finalportfolio. The Large Cap portion of the portfolio will seek to generate beta while the mid cap allocationwould seek to generate alpha over the benchmark. The portfolio construct has allocation to offbenchmark stocks to generate alpha. This scheme is ideal for first time equity investors and investors whoare convinced about the value of investing in equities.
Investment Style
Growth Blend Value
Large Market Cap
Medium
Small
Top 3 Sector 43.45%
Top 5 Sector 57.81%
Top 10 Holdings 44.01%
AUM (Crs.) 665
A
Trend of QFSI over last 3 years
Market Cap Amount(Cr.) % Holding
Large Cap 557 84
Mid Cap 55 8
Others 53 8
-0.50
0.00
0.50
1.00
1.50
2.00
Mar
-12
Jun-
12Se
p-12
Dec-
12M
ar-1
3Ju
n-13
Sep-
13De
c-13
Mar
-14
Jun-
14Se
p-14
Dec-
14M
ar-1
5
Data as of 31st March 2015
12
Quarter on Quarter return vis‐à‐vis quant’s benchmark and category average Positive months in the last 3 year v/s negative months relative to quant’s benchmark
Top 10 holdings for the fund Sectoral movement of the portfolio over the last 4 quarters
BNP Paribas Equity Fund – Large Cap Fund
Company Sector %age
Idea Cellular Ltd. Telecommunication 7.92
Bharti Airtel Ltd. Telecommunication 7.81
HDFC Bank Ltd. Bank - Private 7.23
Infosys Ltd. IT - Software 4.72
Lupin Ltd. Pharmaceuticals & Drugs 2.87
IndusInd Bank Ltd. Bank - Private 2.80
VA Tech Wabag Ltd. Engineering - Construction 2.78
HDFC Ltd. Finance - Housing 2.77
Axis Bank Ltd. Bank - Private 2.61
Tata Consultancy Services Ltd. IT - Software 2.50
-10%
-5%
0%
5%
10%
15%
20%
25%
Mar
-12
Jun-
12
Sep-
12
Dec-
12
Mar
-13
Jun-
13
Sep-
13
Dec-
13
Mar
-14
Jun-
14
Sep-
14
Dec-
14
Mar
-15
Fund Return Bechmark Return Category Average
-3%
-2%
-1%
0%
1%
2%
3%
4%
5%
6%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Jun-14 Sep-14 Dec-14 Mar-15
Cash & Cash Equivalent
Other Sector
Airlines
Refineries
Finance - NBFC
Engineering - Construction
Finance - Housing
Cement & Construction Materials
Pharmaceuticals & Drugs
IT - Software
Telecommunication
Bank - Private
Data as of 31st March 2015
13
50
150
250
350
450
550
650CNX Nifty Index Category Average Large Cap
NAV Movement | Large Cap Portfolio
Portfolio NAV movement of large cap portfolio on the basis of quant Fund Selection Indicator (QFSI) against CNX Nifty Index(quant benchmark) andcategory average of large cap funds for the period Apr 05 to Mar 15 selected for the portfolio holds highest rank as per QFSI. The portfolio NAV iscalculated taking in account exit load and tax implication, as applicable
Portfolio Outperformance vis-à-vis
category average
14
BNP Paribas Mid Cap Fund – Mid Cap Fund
NAV Growth Plan – Rs. 23.85 Dividend Plan – Rs.23.75
Inception Date 02-May-06
Benchmark CNX Midcap (quant / fund)
Load Structure(Exit) 1% w/n 1 Year
Expense Ratio 2.70
Fund Manager Mr. Shreyash Devalkar
Investment ObjectiveTo seek to generate long-term capital appreciation by investing primarily incompanies with high growth opportunities in the middle and smallcapitalization segment, defined as ‘Future Leaders’..
Parameter Value
Information Ratio 4.97
Slope (Beta) 0.96
R-Squared 1.00
Standard Deviation (%) 27.05
Treynor Ratio 24.17
Sharpe Ratio 0.86
Jensen's Alpha (%) 13.42
Period Return CNX Midcap
Relative Return
1 Yr 66.94 50.96 15.98
2 Yr 45.93 32.38 13.54
3 Yr 33.60 19.00 14.60
5 Yr 22.93 11.02 11.91
Since Inception 10.24 10.85 -0.61
Investment Style
Growth Blend Value
Large Market Cap
Medium
Small
Top 3 Sector 31.06%
Top 5 Sector 40.37%
Top 10 Holdings 34.80%
Market Cap Amount(Cr.) % Holding
Large Cap 206 72Mid Cap 56 19Small Cap 22 8Others 4 1
AUM (Crs.) 288
The fund seek to generate long-term capital appreciation by investing primarily in companies with highgrowth opportunities in the middle and small capitalization segment. The fund will emphasize oncompanies that appear to offer opportunities for long-term growth and will be inclined towardscompanies that are driven by dynamic style of management and entrepreneurial flair. This product issuitable for investors who are seeking wealth Creation in long term with high risk.
A++
Trend of QFSI over last 3 years
-2.00
0.00
2.00
4.00
6.00
Mar
-12
Jun-
12Se
p-12
Dec-
12M
ar-1
3Ju
n-13
Sep-
13De
c-13
Mar
-14
Jun-
14Se
p-14
Dec-
14M
ar-1
5
Data as of 31st March 2015
15
Quarter on Quarter return vis‐à‐vis quant’s benchmark and category average Positive months in the last 3 year v/s negative months relative to quant’s benchmark
Top 10 holdings for the fund Sectoral movement of the portfolio over the last 4 quarters
BNP Paribas Mid Cap Fund – Mid Cap Fund
Company Sector %age
Idea Cellular Ltd. Telecommunication 7.73
Bharti Airtel Ltd. Telecommunication 5.85
IndusInd Bank Ltd. Bank - Private 3.38
Jet Airways (India) Ltd. Airlines 2.88
VA Tech Wabag Ltd. Engineering - Construction 2.84
Just Dial Ltd. Miscellaneous 2.76
Ramkrishna Forgings Ltd. Castings/Forgings 2.44
Cadila Healthcare Ltd. Pharmaceuticals & Drugs 2.42
Britannia Industries Ltd. Consumer Food 2.25
Torrent Pharmaceuticals Ltd. Pharmaceuticals & Drugs 2.25
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
Mar
-12
Jun-
12
Sep-
12
Dec-
12
Mar
-13
Jun-
13
Sep-
13
Dec-
13
Mar
-14
Jun-
14
Sep-
14
Dec-
14
Mar
-15
Fund Return Bechmark Return Category Average
-4%
-3%
-2%
-1%
0%
1%
2%
3%
4%
5%
6%
Mar
-12
Jun-
12
Sep-
12
Dec-
12
Mar
-13
Jun-
13
Sep-
13
Dec-
13
Mar
-14
Jun-
14
Sep-
14
Dec-
14
Mar
-15
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Jun-14 Sep-14 Dec-14 Mar-15
Cash & Cash Equivalent
Other Sector
Household & Personal Products
Engineering - Construction
Auto Ancillary
IT - Software
Consumer Food
Finance - NBFC
Cement & Construction Materials
Bank - Private
Pharmaceuticals & Drugs
Telecommunication
Data as of 31st March 2015
16
Axis Midcap Fund – Mid Cap Fund
NAV Growth Plan – Rs. 25.07 Dividend Plan – Rs.23.16
Inception Date 18-Feb-11
Benchmark CNX Midcap (quant / fund)
Load Structure(Exit) 1% w/n 12 Months
Expense Ratio 2.33
Fund Manager Mr. Pankaj Murarka
Investment ObjectiveAim of scheme is to generate long term capital growth by investingpredominantly in equity related securities of mid size companies. The focus of
the fund would be to invest in relatively larger companies within this category.
Parameter Value
Information Ratio 2.70
Slope (Beta) 1.12
R-Squared 0.99
Standard Deviation (%) 31.77
Treynor Ratio 21.45
Sharpe Ratio 0.76
Jensen's Alpha (%) 12.65
Period Return CNX Midcap
Relative Return
1 Yr 64.29 50.96 13.33
2 Yr 43.08 32.38 10.70
3 Yr 33.24 19.00 14.24
5 Yr -- 11.02 --
Since Inception 25.03 13.58 11.45
Investment Style
Growth Blend Value
Large Market Cap
Medium
Small
Top 3 Sector 22.26%
Top 5 Sector 31.44%
Top 10 Holdings 31.29%
Market Cap Amount(Cr.) % Holding
Large Cap 692 64
Mid Cap 227 21
Small Cap 97 9
Others 64 6
AUM (Crs.) 1080This fund's stock selection strategy is all about finding emerging blue-chips; the mid-cap stocks that arelikely to transform into large-caps from its investment universe of about 200 companies. The fund doesn'tmind paying higher valuations for companies that have this quality of scalability. Apart from return onequity and return on capital, this fund hunts for companies that can grow at exceptional rates of 20-25per cent CAGR. The fund manager firmly believe that in a high growth cycle, companies moving from mid-cap to large-cap can create enough value to shareholders and that is what we look for while identifyingmid-cap companies
A++
Trend of QFSI over last 3 years
0.001.002.003.004.00
Mar
-12
Jun-
12Se
p-12
Dec-
12M
ar-1
3Ju
n-13
Sep-
13De
c-13
Mar
-14
Jun-
14Se
p-14
Dec-
14M
ar-1
5
Data as of 31st March 2015
17
Quarter on Quarter return vis‐à‐vis quant’s benchmark and category average Positive months in the last 3 year v/s negative months relative to quant’s benchmark
Top 10 holdings for the fund Sectoral movement of the portfolio over the last 4 quarters
Axis Midcap Fund – Mid Cap Fund
Company Sector %age
Tata Chemicals Ltd. Fertilizers 4.52
The Federal Bank Ltd. Bank - Private 3.67
Gujarat State Petronet Ltd. Gas Transmission/Marketing 3.45
Pfizer Ltd. Pharmaceuticals & Drugs 3.41
DCB Bank Ltd. Bank - Private 3.39
Voltas Ltd. Air Conditioners 3.11
Sundaram Finance Ltd. Finance - NBFC 2.54
Sanofi India Ltd. Pharmaceuticals & Drugs 2.51
Torrent Power Ltd. Power Generation/Distribution 2.42
SML Isuzu Ltd. Automobiles-Trucks/Lcv 2.27
-20%
-10%
0%
10%
20%
30%
40%
Mar
-12
Jun-
12
Sep-
12
Dec-
12
Mar
-13
Jun-
13
Sep-
13
Dec-
13
Mar
-14
Jun-
14
Sep-
14
Dec-
14
Mar
-15
Fund Return Bechmark Return Category Average
-4%
-3%
-2%
-1%
0%
1%
2%
3%
4%
5%
6%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Jun-14 Sep-14 Dec-14 Mar-15
Cash & Cash Equivalent
Other Sector
Bearings
IT - Software
Ratings
Air Conditioners
Automobiles-Trucks/Lcv
Fertilizers
Finance - NBFC
Gas Transmission/Marketing
Bank - Private
Pharmaceuticals & Drugs
Data as of 31st March 2015
18
Franklin India Prima Fund – Mid Cap Fund
NAV Growth Plan – Rs. 662.52 Dividend Plan – Rs.61.78
Inception Date 1-Dec-93
Benchmark CNX Midcap (quant) / S&P BSE 500( fund)
Load Structure(Exit) 1% w/n 1 Yr
Expense Ratio 2.37
Fund Manager Mr. R. Janakiraman
Investment ObjectiveThe primary objective of the fund is capital appreciation and secondaryobjective is income generation by focusing on mid and small cap industry.
Parameter Value
Information Ratio 2.68
Slope (Beta) 1.07
R-Squared 0.99
Standard Deviation (%) 30.27
Treynor Ratio 21.59
Sharpe Ratio 0.76
Jensen's Alpha (%) 12.17
Period Return CNX Midcap
Relative Return
1 Yr 68.51 50.96 17.55
2 Yr 47.09 32.38 14.71
3 Yr 34.89 19.00 15.89
5 Yr 20.89 11.02 9.87
Since Inception 21.71 - -
An open ended diversified equity fund focusing primarily on small and mid cap companies that exhibithigher growth rates than their well established large cap companies. The fund aims to identify companiesat an early stage of business life cycle as they have a greater potential for the upside. The fund tries tominimize risk by diversifying across sectors and across stocks within a sector. This fund is suitable forinvestors that prefer fund that has potential to deliver high capital appreciation over time but withrelatively higher volatility over a 3-5 year investment time horizon.
Investment Style
Growth Blend Value
Large Market Cap
Medium
Small
Top 3 Sector 29.06%
Top 5 Sector 37.31%
Top 10 Holdings 28.83%
Market Cap Amount(Cr.) % Holding
Large Cap 2581 75
Mid Cap 535 16
Small Cap 22 1
Others 293 9
AUM (Crs.) 3430
Trend of QFSI over last 3 years
A++
0.00
1.00
2.00
3.00
Mar
-12
Jun-
12Se
p-12
Dec-
12M
ar-1
3Ju
n-13
Sep-
13De
c-13
Mar
-14
Jun-
14Se
p-14
Dec-
14M
ar-1
5
Data as of 31st March 2015
19
Quarter on Quarter return vis‐à‐vis quant’s benchmark and category average Positive months in the last 3 year v/s negative months relative to quant’s benchmark
Top 10 holdings for the fund Sectoral movement of the portfolio over the last 4 quarters
Franklin India Prima Fund – Mid Cap Fund
Company Sector %age
Yes Bank Ltd. Bank - Private 4.75
Finolex Cables Ltd. Cable 3.21
Amara Raja Batteries Ltd. Auto Ancillary 2.95
Torrent Pharmaceuticals Ltd. Pharmaceuticals & Drugs 2.78
FAG Bearings India Ltd. Bearings 2.78
Pidilite Industries Ltd. Chemicals 2.62
IndusInd Bank Ltd. Bank - Private 2.62
Mindtree Ltd. IT - Software 2.43
Axis Bank Ltd. Bank - Private 2.37
Cyient Ltd. IT - Software 2.32
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
Mar
-12
Jun-
12
Sep-
12
Dec-
12
Mar
-13
Jun-
13
Sep-
13
Dec-
13
Mar
-14
Jun-
14
Sep-
14
Dec-
14
Mar
-15
Fund Return Bechmark Return Category Average
-4%
-3%
-2%
-1%
0%
1%
2%
3%
4%
5%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Jun-14 Sep-14 Dec-14 Mar-15
Cash & Cash Equivalent
Other Sector
Chemicals
Auto Ancillary
Pesticides & Agrochemicals
Cement & Construction Materials
Cable
Finance - Housing
Bearings
Pharmaceuticals & Drugs
IT - Software
Bank - Private
Data as of 31st March 2015
20
50
150
250
350
450
550
650
750
850
Apr-05 Apr-06 Apr-07 Apr-08 Apr-09 Apr-10 Apr-11 Apr-12 Apr-13 Apr-14
CNX Midcap Category Average Mid Cap
NAV Movement | Mid Cap Portfolio
Portfolio NAV movement of mid cap portfolio on the basis of quant Fund Selection Indicator (QFSI) against CNX Midcap (quant benchmark) andcategory average of mid cap funds for the period Apr 05 to Mar 15. The fund selected for the portfolio holds highest rank as per QFSI. The portfolioNAV is calculated taking in account exit load and tax implication, as applicable
Portfolio Outperformance vis-à-
vis category average
21
Investment Style
Growth Blend Value
Large
Market Cap
Medium
Small
UTI Equity Fund – Multi Cap Fund
Parameter Value
Information Ratio 1.64
Slope (Beta) 1.08
R-Squared 0.99
Standard Deviation (%) 18.90
Treynor Ratio 12.26
Sharpe Ratio 0.70
Jensen's Alpha (%) 4.57
Period Return S&P BSE 200
Relative Return
1 Yr 43.29 31.93 11.36
2 Yr 31.94 24.23 7.70
3 Yr 23.50 17.89 5.61
5 Yr 16.31 9.96 6.35
Since Inception 9.88 9.83 0.05
UTI Equity Fund is positioned as a diversified equity fund. The Fund portfolio holds blend of large & midcap diversified equity stocks. The portfolio comprise of leading stocks in the respective sectors. The fundprovides tool for strategic allocation of the core equity portfolio of the investor. Large Caps wouldcomprise around 65% of the portfolio.
Top 3 Sector 38.36%
Top 5 Sector 49.95%
Top 10 Holdings 38.35%
Market Cap Amount(Cr.) % Holding
Large Cap 3860 92
Mid Cap 164 4
Small Cap 45 1
Others 130 3
AUM (Crs.) 4199
NAV Growth Plan – Rs. 102.94 Dividend Plan – Rs.86.40
Inception Date 18-May-92
Benchmark S&P BSE 200 (quant) / S&P BSE 100 (fund)
Load Structure(Exit) 1% w/n 1 Yr
Expense Ratio 2.23
Fund Manager Mr. Anoop Bhaskar
Investment ObjectiveTo investing at least 80% of its funds in equity and equity related instrument with medium to high risk profile and up to 20% in debt and money market instruments with low to medium risk profile.
Trend of QFSI over last 3 years
A+
0.00
1.00
2.00
3.00
Mar
-12
Jun-
12Se
p-12
Dec-
12M
ar-1
3Ju
n-13
Sep-
13De
c-13
Mar
-14
Jun-
14Se
p-14
Dec-
14M
ar-1
5
Data as of 31st March 2015
22
Quarter on Quarter return vis‐à‐vis quant’s benchmark and category average Positive months in the last 3 year v/s negative months relative to quant’s benchmark
Top 10 holdings for the fund Sectoral movement of the portfolio over the last 4 quarters
UTI Equity Fund – Multi Cap Fund
Company Sector %age
HDFC Bank Ltd. Bank - Private 6.24
Infosys Ltd. IT - Software 5.40
ICICI Bank Ltd. Bank - Private 4.47
Tata Consultancy Services Ltd. IT - Software 4.26
Reliance Industries Ltd. Refineries 3.43
Shree Cement Ltd. Cement & Construction Materials 3.27
Sun Pharmaceutical Industries Ltd. Pharmaceuticals & Drugs 3.26
Maruti Suzuki India Ltd. Automobiles - Passenger Cars 2.81
Lupin Ltd. Pharmaceuticals & Drugs 2.65
Axis Bank Ltd. Bank - Private 2.56
-10%
-5%
0%
5%
10%
15%
20%
25%
Mar
-12
Jun-
12
Sep-
12
Dec-
12
Mar
-13
Jun-
13
Sep-
13
Dec-
13
Mar
-14
Jun-
14
Sep-
14
Dec-
14
Mar
-15
Fund Return Bechmark Return Category Average
-3%
-2%
-2%
-1%
-1%
0%
1%
1%
2%
2%
3%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Jun-14 Sep-14 Dec-14 Mar-15
Cash & Cash Equivalent
Other Sector
Automobiles - Passenger Cars
Auto Ancillary
Automobiles-Trucks/Lcv
Bank - Public
Engineering - Construction
Cement & Construction Materials
Refineries
Pharmaceuticals & Drugs
IT - Software
Bank - Private
Data as of 31st March 2015
23
Investment Style
Growth Blend Value
Large
Market Cap
Medium
Small
Axis Equity Fund – Multi Cap Fund
NAV Growth Plan – Rs. 19.50 Dividend Plan – Rs.15.21
Inception Date 05-Jan-10
Benchmark S&P BSE 200 (quant ) CNX Nifty (fund)
Load Structure(Exit) 1% w/n 12 Months
Expense Ratio 2.33
Fund Manager Mr. Pankaj Murarka
Investment ObjectiveThe fund aims to generate long-term capital appreciation from a portfolio of equity and equity related securities, generally focused on a few selectedsectors.
Parameter Value
Information Ratio 1.42
Slope (Beta) 0.90
R-Squared 0.98
Standard Deviation (%) 15.95
Treynor Ratio 14.63
Sharpe Ratio 0.83
Jensen's Alpha (%) 5.96
Period Return S&P BSE 200
Relative Return
1 Yr 34.30 31.93 2.37
2 Yr 26.72 24.23 2.49
3 Yr 23.49 17.89 5.59
5 Yr 13.39 9.96 3.42
Since Inception 13.60 9.30 4.30
Axis Equity fund has been designed to actively manage the risk of the portfolio while trying to achieve itsreturn objectives. Thus the fund always look for not just return but rather risk adjusted return. Adiversified equity fund with a large cap bias, pure bottom-up stock picking focusing on fundamentals, riskmanagement embedded in the investment process. The fund is suitable for an investment horizon of atleast 3-5 years or more.
Top 3 Sector 41.26%
Top 5 Sector 52.28%
Top 10 Holdings 48.71%
Market Cap Amount(Cr.) % Holding
Large Cap 1557 92
Mid Cap 49 3
Others 81 5
AUM (Crs.) 1688
A+
Trend of QFSI over last 3 years
00.5
11.5
2
Mar
-12
Jun-
12Se
p-12
Dec-
12M
ar-1
3Ju
n-13
Sep-
13De
c-13
Mar
-14
Jun-
14Se
p-14
Dec-
14M
ar-1
5
Data as of 31st March 2015
24
Quarter on Quarter return vis‐à‐vis quant’s benchmark and category average Positive months in the last 3 year v/s negative months relative to quant’s benchmark
Top 10 holdings for the fund Sectoral movement of the portfolio over the last 4 quarters
Axis Equity Fund – Multi Cap Fund
Company Sector %age
Infosys Ltd. IT - Software 7.89
HDFC Bank Ltd. Bank - Private 7.64
Larsen & Toubro Ltd. Engineering - Construction 6.11
ICICI Bank Ltd. Bank - Private 5.05
HDFC Ltd. Finance – Housing 4.91
Tata Consultancy Services Ltd. IT - Software 4.09
State Bank Of India Bank – Public 3.80
Maruti Suzuki India Ltd. Automobiles - Passenger Cars 3.51
Bharti Airtel Ltd. Telecommunication 2.89
Sun Pharmaceutical Industries Ltd. Pharmaceuticals & Drugs 2.82
-10%
-5%
0%
5%
10%
15%
20%
25%
Mar
-12
Jun-
12
Sep-
12
Dec-
12
Mar
-13
Jun-
13
Sep-
13
Dec-
13
Mar
-14
Jun-
14
Sep-
14
Dec-
14
Mar
-15
Fund Return Bechmark Return Category Average
-3%
-2%
-1%
0%
1%
2%
3%
4%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Jun-14 Sep-14 Dec-14 Mar-15
Cash & Cash Equivalent
Other Sector
Fertilizers
Telecommunication - Service Provider
Automobiles - Passenger Cars
Gas Transmission/Marketing
Bank - Public
Finance - Housing
Engineering - Construction
Pharmaceuticals & Drugs
IT - Software
Bank - Private
Data as of 31st March 2015
25
Investment Style
Growth Blend Value
Large
Market Cap
Medium
Small
Tata Equity Opportunities – Multi Cap Fund
NAV Growth Plan – Rs. 151.87, Dividend Plan – Rs.32.35
Inception Date 25-Feb-93
Benchmark S&P BSE 200 (quant / fund)
Load Structure(Exit) 1% w/n 1 Yr
Expense Ratio 2.79
Fund Manager Mr. Pradeep Gokhale
Investment ObjectiveThe fund aims to generate capital appreciation from the portfolio of equity and equity related instruments of well researched value and growth oriented companies across all market capitalizations.
Parameter Value
Information Ratio 1.40
Slope (Beta) 1.08
R-Squared 0.98
Standard Deviation (%) 19.02
Treynor Ratio 12.17
Sharpe Ratio 0.69
Jensen's Alpha (%) 4.49
Period Return S&P BSE 200
Relative Return
1 Yr 49.01 31.93 17.08
2 Yr 33.99 24.23 9.76
3 Yr 24.54 17.89 6.64
5 Yr 13.79 9.96 3.83
Since Inception 13.10 11.71 1.39
The Tata Equity Opportunities Fund aims at proactively taking advantage of Potential Capital appreciationopportunities in the market. Positioned as a “stock picker's delight”, it is a diversified equity fund whichundertakes rigorous research to identify opportunities in equity markets that could be for instance,turnaround companies or stocks being re-rated by the market, companies benefitting from changingeconomic fundamentals, etc. It invests in small, medium and large cap stocks wherever the fund managerspots an opportunity. It is hence very actively managed and dynamic in nature, although stock picking isbased on a sound bottom-up approach
Top 3 Sector 35.96%
Top 5 Sector 50.46%
Top 10 Holdings 34.97%
Market Cap Amount(Cr.) % Holding
Large Cap 945 90
Mid Cap 24 2
Small Cap 15 1
Others 69 7
AUM (Crs.) 1053
A+
Trend of QFSI over last 3 years
0.000.501.001.502.00
Mar
-12
Jun-
12Se
p-12
Dec-
12M
ar-1
3Ju
n-13
Sep-
13De
c-13
Mar
-14
Jun-
14Se
p-14
Dec-
14M
ar-1
5
Data as of 31st March 2015
26
Quarter on Quarter return vis‐à‐vis quant’s benchmark and category average Positive months in the last 3 year v/s negative months relative to quant’s benchmark
Top 10 holdings for the fund Sectoral movement of the portfolio over the last 4 quarters
Tata Equity Opportunities – Multi Cap Fund
Company Sector %age
HDFC Bank Ltd. Bank - Private 5.42
Sadbhav Engineering Ltd. Engineering - Construction 4.25
Axis Bank Ltd. Bank - Private 4.23
ICICI Bank Ltd. Bank - Private 3.86
Shree Cement Ltd. Cement & Construction Materials 3.36
HCL Technologies Ltd. IT - Software 3.06
Ultratech Cement Ltd. Cement & Construction Materials 2.77
Infosys Ltd. IT - Software 2.76
Bharat Electronics Ltd. Electronics - Components 2.70
Multi Commodity Exchange Of India Finance - Stock Broking 2.56
-10%
-5%
0%
5%
10%
15%
20%
25%
Mar
-12
Jun-
12
Sep-
12
Dec-
12
Mar
-13
Jun-
13
Sep-
13
Dec-
13
Mar
-14
Jun-
14
Sep-
14
Dec-
14
Mar
-15
Fund Return Bechmark Return Category Average
-4%
-3%
-2%
-1%
0%
1%
2%
3%
4%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Jun-14 Sep-14 Dec-14 Mar-15
Cash & Cash Equivalent
Other Sectors
Batteries
Finance - Stock Broking
Electronics - Components
Bank - Public
Finance - NBFC
Cement & Construction Materials
Pharmaceuticals & Drugs
IT - Software
Engineering - Construction
Bank - Private
Data as of 31st March 2015
27
Investment Style
Growth Blend Value
Large
Market Cap
Medium
Small
L&T India Special Situations Fund – Multi Cap Fund
NAV Growth Plan – Rs. 35.78 Dividend Plan – Rs.27.11
Inception Date 22-May-06
Benchmark S&P BSE 200 (quant / fund)
Load Structure(Exit) 1% w/n 1 Yr
Expense Ratio 2.58
Fund Manager Mr. Soumendra Nath Lahiri
Investment ObjectiveAims to invest in undervalued companies for long term investment with keytheme focus being 'Special Situations' - these are situations that are out-of-the-ordinary and which therefore is Interesting stock picking opportunities.
Parameter Value
Information Ratio 1.30
Slope (Beta) 1.21
R-Squared 0.98
Standard Deviation (%) 21.41
Treynor Ratio 12.29
Sharpe Ratio 0.70
Jensen's Alpha (%) 5.15
Period Return S&P BSE 200
Relative Return
1 Yr 47.70 31.93 15.77
2 Yr 33.20 24.23 8.97
3 Yr 25.38 17.89 7.49
5 Yr 16.49 9.96 6.52
Since Inception 15.47 5.80 9.67
An open end diversified equity fund that invests in stocks across the market capitalization range. The fundmanager Invests in exciting opportunities that might occur when businesses or stocks face “specialsituations”: Businesses may be restructuring, launching new products or in the midst of mergers, orstocks may be out of favor.
Top 3 Sector 35.36%
Top 5 Sector 47.58%
Top 10 Holdings 35.77%
AUM (Crs.) 944
A+
Trend of QFSI over last 3 years
Market Cap Amount(Cr.) % Holding
Large Cap 766 81
Mid Cap 106 11
Small Cap 36 4
Others 36 4
0.00
1.00
2.00
3.00
Mar
-12
Jun-
12Se
p-12
Dec-
12M
ar-1
3Ju
n-13
Sep-
13De
c-13
Mar
-14
Jun-
14Se
p-14
Dec-
14M
ar-1
5
Data as of 31st March 2015
28
Quarter on Quarter return vis‐à‐vis quant’s benchmark and category average Positive months in the last 3 year v/s negative months relative to quant’s benchmark
Top 10 holdings for the fund Sectoral movement of the portfolio over the last 4 quarters
L&T India Special Situations Fund – Multi Cap Fund
Company Sector %age
Infosys Ltd. IT - Software 5.35
Larsen & Toubro Ltd. Engineering - Construction 4.46
HDFC Bank Ltd. Bank - Private 3.92
HCL Technologies Ltd. IT - Software 3.56
Sundaram Finance Ltd. Finance - NBFC 3.54
Axis Bank Ltd. Bank - Private 3.31
ING Vysya Bank Ltd.(Amalgamated) Bank - Private 2.97
Bayer CropScience Ltd. Pesticides & Agrochemicals 2.94
ICICI Bank Ltd. Bank - Private 2.93
The Federal Bank Ltd. Bank - Private 2.79
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
Mar
-12
Jun-
12
Sep-
12
Dec-
12
Mar
-13
Jun-
13
Sep-
13
Dec-
13
Mar
-14
Jun-
14
Sep-
14
Dec-
14
Mar
-15
Fund Return Bechmark Return Category Average
-2%
-1%
0%
1%
2%
3%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Jun-14 Sep-14 Dec-14 Mar-15
Cash & Cash Equivalent
Other Sector
Household & Personal Products
Refineries
Pesticides & Agrochemicals
Engineering - Construction
Bank - Public
Finance - NBFC
Cement & Construction Materials
Pharmaceuticals & Drugs
IT - Software
Bank - Private
Data as of 31st March 2015
29
50
150
250
350
450
550
650
750S&P BSE 200 Category Average Multi Cap
NAV Movement | Multi Cap Portfolio
Portfolio NAV movement of multi cap portfolio on the basis of quant Fund Selection Indicator (QFSI) against S&P BSE 200 (quant benchmark) andcategory average of multi cap funds for the period Apr 05 to Mar 15. The fund selected for the portfolio holds highest rank as per QFSI. The portfolioNAV is calculated taking in account exit load and tax implication, as applicable
Portfolio Outperformance vis-à-vis
category average
Portfolio Outperformance vis-à-vis
benchmark
30
ICICI Prudential Balanced Advantage Fund – Hybrid Fund
NAV Growth Plan – Rs. 25.36 Dividend Plan – Rs.16.51
Inception Date 30-Dec-2006
Benchmark Crisil Balanced Fund Index (quant / fund)
Load Structure(Exit) 1% w/n 18 Months
Expense Ratio 2.26
Fund Manager Mr. Manish Banthia
Investment ObjectiveThe scheme seeks to provide capital appreciation and income distribution to the investors by using equity derivatives strategies, arbitrage opportunities and pure equity investments.
Parameter Value
Information Ratio 1.94
Slope (Beta) 0.99
R-Squared 0.96
Standard Deviation (%) 10.64
Treynor Ratio 11.25
Sharpe Ratio 1.05
Jensen's Alpha (%) 5.95
Period ReturnCrisil
Balanced Fund Index
Relative Return
1 Yr 26.61 22.53 4.08
2 Yr 23.46 17.87 5.59
3 Yr 19.89 14.55 5.34
5 Yr 14.95 9.74 5.21
Since Inception 11.93 9.70 2.23
ICICI Prudential Balanced Advantage Fund is an Open ended Equity Fund that aims to make investing easyand less stressful, by allocating between different investment options as per changing market conditions.It invests in a judicious mix of cash equities, equity derivatives and debt & money market securities. It isstructured to control volatility and has an equity related tax status. It uses multiple strategies to allowflexibility and allows you to participate in equity markets at a controlled risk
Investment Style
Growth Blend Value
Large Market Cap
Medium
Small
Top 3 Sector 24.35%
Top 5 Sector 31.12%
Top 10 Holdings 26.47%
Market Cap Amount(Cr.) % Holding
Large Cap 3727 65
Mid Cap 51 1
Others 1993 35
AUM (Crs.) 5770
A+
Trend of QFSI over last 3 years
0.000.501.001.502.002.50
Mar
-12
Jun-
12Se
p-12
Dec-
12M
ar-1
3Ju
n-13
Sep-
13De
c-13
Mar
-14
Jun-
14Se
p-14
Dec-
14M
ar-1
5
Data as of 31st March 2015
31
Quarter on Quarter return vis‐à‐vis quant’s benchmark and category average Positive months in the last 3 year v/s negative months relative to quant’s benchmark
Top 10 holdings for the fund Sectoral movement of the portfolio over the last 4 quarters
ICICI Prudential Balanced Advantage Fund – Hybrid Fund
Company Sector %age
ICICI Bank Ltd. Bank - Private 3.81
HDFC Bank Ltd. Bank - Private 3.32
ITC Ltd. Cigarettes/Tobacco 3.10
Infosys Ltd. IT - Software 3.01
Reliance Industries Ltd. Refineries 2.43
Power Grid Corporation Of India Ltd. Power Generation/Distribution 2.29
HCL Technologies Ltd. IT - Software 2.26
Mahindra & Mahindra Ltd. Automobiles-Tractors 2.23
Tech Mahindra Ltd. IT - Software 2.02
Wipro Ltd. IT - Software 2.00 0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Jun-14 Sep-14 Dec-14 Mar-15
Cash & Cash Equivalent
Other Sector
Bank - Public
Automobiles-Tractors
Oil Exploration
Diversified
Refineries
Cigarettes/Tobacco
Power Generation/Distribution
Pharmaceuticals & Drugs
Bank - Private
IT - Software
Data as of 31st March 2015
-10%
-5%
0%
5%
10%
15%
20%
Mar
-12
Jun-
12
Sep-
12
Dec-
12
Mar
-13
Jun-
13
Sep-
13
Dec-
13
Mar
-14
Jun-
14
Sep-
14
Dec-
14
Mar
-15
Fund Return Bechmark Return Category Average
-3%
-2%
-1%
0%
1%
2%
3%
32
Axis Long Term Equity Fund – Tax Saving Fund
NAV Growth Plan – Rs. 31.06 Dividend Plan – Rs.22.72
Inception Date 29-Dec-09
Benchmark S&P BSE 200 (quant) / S&P BSE 100 (fund)
Load Structure(Exit) Locked in for 3 Yrs – Nil
Expense Ratio 2.33
Fund Manager Mr. Jinesh Gopani
Investment ObjectiveTo generate regular long term capital growth from a diversified portfolio of equity and equity related securities & facilitate the subscribers to seek tax benefits as provided under Section 80 C of the Income Tax Act, 1961.
Parameter Value
Information Ratio 1.40
Slope (Beta) 1.42
R-Squared 0.96
Standard Deviation (%) 25.51
Treynor Ratio 15.43
Sharpe Ratio 0.86
Jensen's Alpha (%) 10.52
Period Return S&P BSE 200
Relative Return
1 Yr 62.03 31.93 30.10
2 Yr 47.88 24.23 23.65
3 Yr 35.36 17.89 17.47
5 Yr 23.41 9.96 13.44
Since Inception 24.07 9.71 14.36
The fund is an approved Equity Linked Savings Scheme under Section 80 C of the Income Tax Act 1961. Adiversified equity fund that invests in the Indian equity markets and provides the opportunity to capitalizeon India’s high paced growth .The fund has the flexibility to invest across market caps in high growthstocks.
Investment Style
Growth Blend Value
Large Market Cap
Medium
Small
Top 3 Sector 34.51%
Top 5 Sector 48.85%
Top 10 Holdings 50.42%
Market Cap Amount(Cr.) % Holding
Large Cap 4445 91Mid Cap 175 4Small Cap 101 2Others 185 4
AUM (Crs.) 4907
A+
Trend of QFSI over last 3 years
0.00
2.00
4.00
6.00
Mar
-12
Jun-
12Se
p-12
Dec-
12M
ar-1
3Ju
n-13
Sep-
13De
c-13
Mar
-14
Jun-
14Se
p-14
Dec-
14M
ar-1
5
Data as of 31st March 2015
33
Quarter on Quarter return vis‐à‐vis quant’s benchmark and category average Positive months in the last 3 year v/s negative months relative to quant’s benchmark
Top 10 holdings for the fund Sectoral movement of the portfolio over the last 4 quarters
Axis Long Term Equity Fund – Tax Saving Fund
Company Sector %age
HDFC Bank Ltd. Bank - Private 8.34
Kotak Mahindra Bank Ltd. Bank - Private 6.45
Larsen & Toubro Ltd. Engineering - Construction 6.25
HDFC Ltd. Finance - Housing 5.63
Tata Consultancy Services Ltd. IT - Software 4.92
Tech Mahindra Ltd. IT - Software 4.03
Sun Pharmaceutical Industries Ltd. Pharmaceuticals & Drugs 3.99
Maruti Suzuki India Ltd. Automobiles - Passenger Cars 3.62
Motherson Sumi Systems Ltd. Auto Ancillary 3.62
TTK Prestige Ltd. Consumer Durables 3.57
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
Mar
-12
Jun-
12
Sep-
12
Dec-
12
Mar
-13
Jun-
13
Sep-
13
Dec-
13
Mar
-14
Jun-
14
Sep-
14
Dec-
14
Mar
-15
Fund Return Bechmark Return Category Average
-6%
-4%
-2%
0%
2%
4%
6%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Jun-14 Sep-14 Dec-14 Mar-15
Cash & Cash Equivalent
Other Sectors
Chemicals
Automobiles - Passenger Cars
Finance - NBFC
Consumer Durables
Engineering - Construction
Auto Ancillary
Finance - Housing
Pharmaceuticals & Drugs
IT - Software
Bank - Private
Data as of 31st March 2015
34
BNP Paribas LT Equity Fund – Tax Saving Fund
NAV Growth Plan – Rs. 30.29 Dividend Plan – Rs.17.51
Inception Date 05-Jan-06
Benchmark S&P BSE 200 (quant) / CNX 200 (fund)
Load Structure(Exit) Locked in for 3 Yrs – Nil
Expense Ratio 2.70
Fund Manager Mr. Shreyash Devalkar
Investment Objective
The investment objective of the Scheme is to generate long-term capital growth from a diversified and actively managed portfolio of equity and equity related securities along with income tax rebate, as may be prevalent from time to time.
Parameter Value
Information Ratio 1.37
Slope (Beta) 1.18
R-Squared 0.97
Standard Deviation (%) 21.08
Treynor Ratio 13.62
Sharpe Ratio 0.76
Jensen's Alpha (%) 6.61
Period Return S&P BSE 200
Relative Return
1 Yr 56.73 31.93 24.80
2 Yr 38.45 24.23 14.21
3 Yr 27.99 17.89 10.09
5 Yr 18.48 9.96 8.52
Since Inception 12.75 12.22 0.53
The fund has active portfolio management which enables the fund to capture suitable investmentopportunities. The fund risk management is an integral part of the investment management process. Thisscheme also comes with a benefit of income tax exemption to the extent of money invested. The 3 yearslock-in makes the fund less vulnerable to volatility in cash flows and the fund manager is able to managethe portfolio more efficiently
Investment Style
Growth Blend Value
Large Market Cap
Medium
Small
Top 3 Sector 40.96%
Top 5 Sector 53.61%
Top 10 Holdings 40.91%
Market Cap Amount(Cr.) % Holding
Large Cap 323 83
Mid Cap 46 12
Others 21 5
AUM (Crs.) 391
A+
Trend of QFSI over last 3 years
-0.500.000.501.001.502.00
Mar
-12
Jun-
12Se
p-12
Dec-
12M
ar-1
3Ju
n-13
Sep-
13De
c-13
Mar
-14
Jun-
14Se
p-14
Dec-
14M
ar-1
5
Data as of 31st March 2015
35
Quarter on Quarter return vis‐à‐vis quant’s benchmark and category average Positive months in the last 3 year v/s negative months relative to quant’s benchmark
Top 10 holdings for the fund Sectoral movement of the portfolio over the last 4 quarters
BNP Paribas LT Equity Fund – Tax Saving Fund
Company Sector %age
Idea Cellular Ltd. Telecommunication 7.92
Bharti Airtel Ltd. Telecommunication 7.55
HDFC Bank Ltd. Bank – Private 7.07
Infosys Ltd. IT - Software 3.59
Lupin Ltd. Pharmaceuticals & Drugs 2.93
IndusInd Bank Ltd. Bank – Private 2.74
VA Tech Wabag Ltd. Engineering – Construction 2.65
Axis Bank Ltd. Bank – Private 2.44
Cadila Healthcare Ltd. Pharmaceuticals & Drugs 2.01
Britannia Industries Ltd. Consumer Food 2.01
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
Mar
-12
Jun-
12
Sep-
12
Dec-
12
Mar
-13
Jun-
13
Sep-
13
Dec-
13
Mar
-14
Jun-
14
Sep-
14
Dec-
14
Mar
-15
Fund Return Bechmark Return Category Average
-2%
-1%
0%
1%
2%
3%
4%
5%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Jun-14 Sep-14 Dec-14 Mar-15
Cash & Cash Equivalent
Other Sector
Refineries
Engineering - Construction
Finance - NBFC
Consumer Food
Finance - Housing
Cement & Construction Materials
Pharmaceuticals & Drugs
IT - Software
Bank - Private
Telecommunication
Data as of 31st March 2015
36
UTI Transportation & Logistics Fund – Sector Fund
NAV Growth Plan – Rs. 85.87 Dividend Plan – Rs.42.98
Inception Date 16-Apr-14
Benchmark CNX Nifty(quant)
Load Structure(Exit) 1% w/n 1 Year
Expense Ratio 2.97
Fund Manager Mr. Anoop Bhaskar
Investment Objective
To provide Capital appreciation through investments in the stocks of thecompanies engaged in providing transportation services, design,manufacture, distribution or sale of transportation equipment andcompanies in the logistics sector
Period Return CNX Nifty Relative Return
1 Yr 83.05 26.65 56.40
2 Yr 71.60 22.14 49.46
3 Yr 43.32 17.03 26.29
5 Yr 29.00 10.09 18.91
Since Inception 21.67 14.81 6.86
An open-ended equity fund with the aim to provide Capital appreciation through investments in thestocks of the companies engaged in providing transportation services, design, manufacture, distributionor sale of transportation equipment and companies in the logistics sector. On the logistics front, the fundis beginning to see a pickup in trade at various ports especially in container traffic. We continue to believethat logistics companies with infrastructure already in place will benefit from increased economic activityand policy reforms.
Investment Style
Growth Blend Value
Large Market Cap
Medium
Small
Market Cap Amount(Cr.) % Holding
Large Cap 337 70
Mid Cap 65 13
Small Cap 35 7
Others 47 10
AUM (Crs.) 483
A+
Trend of Fund QFSI v/s CNX Nifty over last 3 years
Data as of 31st March 2015
Top 10 Holding Sector %age
Maruti Suzuki India Passenger Cars 6.79
Hero MotoCorp Ltd. Three Wheelers 5.89Eicher Motors Ltd. Trucks/Lcv 4.92Tata Motors Ltd. Trucks/Lcv 4.37Wabco India Ltd. Auto Ancillary 4.19Bosch Ltd. Auto Ancillary 4.10Bajaj Auto Ltd. 2 & 3 Wheelers 3.99Bharat Forge Ltd. Castings/Forgings 3.94Apollo Tyres Ltd. Tyres & Allied 3.21
JK Tyre & Industries Tyres & Allied 3.16-40
-20
0
20
40
60
80
100
120
140
160
Apr-12 Apr-13 Apr-14
37
Mutual Funds Research | Our Process | Debt Funds
Due diligence on AMCs
quantitative factors – AAUM over 6 months – INR 1000 crores or 1% market share
Qualitative factor – AMCs pedigree, sponsors’ background, investment team’s experience, service capabilities, etc.
Scheme filtering criteria’s
Classifying open ended debt schemes on the basis of – their investment objective & strategy into particular categories
Minimum Corpus – INR 100 crores (Short Term Fund) / INR 500 crones (Ultra Short Term Fund)
Risk – adjusted return analysis
Risk-adjusted returns to be estimated on the basis of quant Fund Selection Indicator (QFSI)
Focusing on credit rating and average maturity of the portfolio along with liquidity in the schemes
38
ICICI Prudential Income Fund
NAV Growth Plan – Rs.43.89 Dividend Plan – Rs.10.04
Inception Date Jul 09, 1998
Benchmark Crisil Composite Bond Fund Index
Load Structure(Exit) 1% with in 1 YearExpense Ratio 1.88
Fund Manager Mr. Manish Banthia
Investment ObjectiveTo earn a rate of interest that equals long term deployment in debtmarkets, to generate income for investors. The fund intends to minimizerisks from liquidity, credit and interest rates in a balanced manner.
Portfolio Classification by Asset Class (%)
Certificate of Deposit (CD) -
Commercial Papers (CP) 0.62
Corporate Debt 19.20
Government Securities 81.85
Cash, Cash Equivalents and Net Current Assets -1.67
Period Return CRISIL CBFI Relative Return
Last 3 Month 10.74 11.54 -0.80
Last 6 Month 19.78 15.82 3.96
Last 1 Year 17.41 14.59 2.82
Last 2 Year 8.72 9.34 -0.62
Since Inception 9.24 - -
The fund has a portfolio which strategically deploys funds in the debt markets as part of an overall assetallocation to fixed income securities. It facilitates participation in markets that are large and institution-dominated and also provides the potential to earn total return from both interest and capital gains. Asmarket interest rates change, the value of your portfolio also changes, creating a total return portfolio indebt securities.
Credit Quality
High Medium Low
High
Interest Rate Sensitivity
Medium
Low
Average Portfolio Maturity Modified Duration Corpus (Crs.) YTM
14.4 Year 7.6 Years 4016 7.7
Trend of QFSI over last 1 Year
A+
Data as of 31st March 2015
-505
10152025
Apr-
14M
ay-1
4
Jun-
14Ju
l-14
Aug-
14
Sep-
14O
ct-1
4
Nov
-14
Dec-
14
Jan-
15
Feb-
15M
ar-1
5
Rating ProfileA1+
AA
AA-
AA+
AAA
Cash
SOV
39
HDFC High Interest Fund-Dynamic Plan
NAV Growth Plan – Rs. 48.22 Quarterly Dividend Plan – Rs.10.33
Inception Date April 28, 1997
Benchmark Crisil Composite Bond Fund Index
Load Structure(Exit) 0.50% on or before 3 MonthsExpense Ratio 1.52
Fund Manager Mr. Anil Bamboli
Investment ObjectiveTo generate income by investing in a range of debt and money marketinstruments of various maturity dates with a view to maximizing incomewhile maintaining the optimum balance of yield, safety and liquidity.
Portfolio Classification by Asset Class (%)
Certificate of Deposit (CD) -
Commercial Papers (CP) -
Corporate Debt 14.15
Government Securities 82.76
Cash, Cash Equivalents and Net Current Assets 3.09
Period Return CRISIL CBFI Relative Return
Last 3 Month 11.78 11.54 0.24
Last 6 Month 20.33 15.82 4.51
Last 1 Year 16.77 14.59 2.18
Last 2 Year 10.84 9.34 1.50
Since Inception 9.17 - -
The Investment strategy involves investing in debt, money market and related instruments of variousmaturities on the basis of the expected interest rate scenarios over the short as well as medium term.The Plan shall follow an active duration management strategy by keeping a close watch on variousdomestic and global macro economic variables. It would take a tactical view on the interest rate outlookand accordingly change the allocation between gilt and other debt, money market instruments.
Credit Quality
High Medium Low
High
Interest Rate Sensitivity
Medium
Low
Trend of QFSI over last 1 Year
A+
Average Portfolio Maturity Modified Duration Corpus (Crs.) YTM
16.1 Years 8.0 Years 2101 7.90
0
5
10
15
20
Apr-
14M
ay-1
4
Jun-
14Ju
l-14
Aug-
14
Sep-
14O
ct-1
4
Nov
-14
Dec-
14
Jan-
15
Feb-
15M
ar-1
5
Rating ProfileAA
AA+
AAA
AAA(SO)
Cash
MF Units
SOV
Data as of 31st March 2015
40
Birla Sunlife Medium Term Fund
NAV Growth Plan – Rs. 17.05 Dividend Plan – Rs.12.64
Inception Date March 25, 2009
Benchmark CRISIL AA Short Term Bond Index
Load Structure(Exit) 2% on or before 730 DaysExpense Ratio 1.27
Fund Manager Mr. Maneesh Dangi
Investment ObjectiveAims to generate regular income through investments in debt & moneymarket instruments in order to make regular dividend payments to unitholders & secondary objective is growth of capital
Portfolio Classification by Asset Class (%)
Certificate of Deposit (CD) 2.49
Commercial Papers (CP) 2.49
Corporate Debt 81.91
Mibor Linked Instruments 0.01
Cash, Cash Equivalents 13.11
Period Return CRISIL CBFI Relative Return
Last 3 Month 10.84 9.66 1.18
Last 6 Month 12.33 10.57 1.76
Last 1 Year 11.89 10.33 1.56
Last 2 Year 11.12 9.55 1.57
Since Inception 9.27 7.63 1.64
An Open ended Income scheme positioned where the majority of the portfolio is intended to beinvested in good quality papers. The scheme incorporates adequate safeguards for controlling risks inthe portfolio construction process through diversification while taking care not to dilute the returns inthe process. The Fund intends to optimize returns by keeping its portfolio duration between 1 year to 5years. At anytime the maturity of the portfolio will be governed by the fund manager's perception of theinterest rate scenario prevailing in the economy.
Credit Quality
High Medium Low
High
Interest Rate Sensitivity
Medium
Low
Trend of QFSI over last 1 Year
A+
Average Portfolio Maturity Modified Duration Corpus (Crs.) YTM
- 1.8 Years 3984 11.0
02468
101214
Apr-
14M
ay-1
4
Jun-
14Ju
l-14
Aug-
14
Sep-
14O
ct-1
4
Nov
-14
Dec-
14
Jan-
15
Feb-
15M
ar-1
5
Rating Profile AA(SO)A+A+(SO)A1+AAAA-(SO)AA+AA+(SO)AAABWR A-(SO)BWR A+(SO)BWR AA-(SO)CashUNRATED
Data as of 31st March 2015
41
DWS Medium Term Income Fund
NAV Growth Plan – Rs. 11.60 Dividend Plan – Rs.11.01
Inception Date March 06, 2014
Benchmark Crisil Composite Bond Fund Index
Load Structure(Exit) 1% on or before 3 MonthsExpense Ratio 0.98
Fund Manager Mr. Nitish Gupta
Investment ObjectiveThe investment objective is to generate income and capital appreciationby investing in a portfolio of high quality debt securities and money marketinstruments.
Portfolio Classification by Asset Class (%)
Certificate of Deposit (CD) 18.41
Commercial Papers (CP) -
Corporate Debt 74.99
Government Securities 2.04
Cash, Cash Equivalents 4.56
Period Return CRISIL CBFI Relative Return
Last 3 Month 11.03 11.54 -0.51
Last 6 Month 14.91 15.82 -0.91
Last 1 Year 14.05 14.59 0.54
Last 2 Year - 9.34 -
Since Inception 14.86 14.86 -
The fund invest in AAA and A1+ rated Corporate/PSU securities. The weighted average portfoliomaturity of the fund is always managed within a range of 3 to 7 years. Moderate duration exposureallows the fund to maintain relatively low volatility compared with long-term income/bond funds, whileretaining the potential to benefit from softening in yields.
Credit Quality
High Medium Low
High
Interest Rate Sensitivity
Medium
Low
Trend of QFSI over last 1 Year
A+
Average Portfolio Maturity Modified Duration Corpus (Crs.) YTM
5.3 Years 3.7 Years 504 8.4
1213131414151516
9-M
ar
11-M
ar
13-M
ar
15-M
ar
17-M
ar
19-M
ar
21-M
ar
23-M
ar
25-M
ar
27-M
ar
29-M
ar
31-M
ar
Rating Profile
A1+
AAA
AAA(SO)
Cash
MF Units
SOV
Data as of 31st March 2015
42
Franklin India Short Term Income Plan
NAV Growth Plan – Rs. 2,873.85 Monthly Dividend Plan – 1,210.74
Inception Date January 31, 2002
Benchmark CRISIL Short-Term Bond Fund Index
Load Structure(Exit) 0.50% with in 1 YearExpense Ratio 1.54
Fund Manager Mr. Santosh Kamath
Investment ObjectiveAn open end income scheme with an objective to provide stable returns byinvesting in fixed income securities.
Portfolio Classification by Asset Class (%)
Certificate of Deposit (CD) 1.85
Commercial Papers (CP) 1.48
Corporate Debt 93.80
PTC & Securitized Debt 0.01
Cash, Cash Equivalents and Deposits 2.85
Period Return CRISIL STBFI Relative Return
Last 1 Month 9.01 10.23 -1.22
Last 3 Month 10.77 9.66 1.11
Last 6 Month 12.40 10.57 1.83
Last 1 Year 11.77 10.33 1.44
Since Inception 8.35 - -
The scheme is an open ended income where fund manager primarily invests in corporate bonds with afocus on higher accrual income and focuses on investment opportunities at the short end of the yieldcurve by maintaining a low average maturity profile. The fund is positioned between a liquid fund and anincome fund in terms of risk reward and is suitable for investors with a time horizon of 9-15 months withmoderate risk profile who prefer higher accrual and credit quality focused debt fund.
Credit Quality
High Medium Low
High
Interest Rate Sensitivity
Medium
Low
Average Portfolio Maturity Modified Duration Corpus (Crs.) YTM
2.7 Years 2.5 Years 10705 10.5
Trend of QFSI over last 6 months
A+
0
5
10
15
20
Rating Profile AA-A(SO)A+A+(IND)A+(SO)A1+AAAA-AA(SO)AA-(SO)AA+AA+(SO)AAAAAA(SO)BWR A-(SO)BWR A+(SO)CashUNRATED
Data as of 31st March 2015
43
Birla Sunlife Short Term Opportunities Fund
NAV Growth Plan – Rs. 22.87 Dividend Plan – Rs.14.63
Inception Date May 09, 2003
Benchmark CRISIL AA Short-Term Bond Fund Index
Load Structure(Exit) 1% on or before 365 DaysExpense Ratio 1.05
Fund Manager Mr. Kaustubh Gupta
Investment ObjectiveGenerate regular income by investing in investment grade fixed incomesecurities / money market instruments with short to medium termmaturities and across the credit spectrum within the universe
Portfolio Classification by Asset Class (%)
Certificate of Deposit (CD) 0.12
Floating Rate Instruments 3.35
Corporate Debt 89.02
Government Securities 3.31
Cash, Cash Equivalents 4.31
Period Return CRISIL STBFI Relative Return
Last 1 Month 9.40 10.23 -0.83
Last 3 Month 10.30 9.66 0.64
Last 6 Month 11.86 10.57 1.29
Last 1 Year 11.30 10.33 0.97
Since Inception 7.20 6.99 0.21
An Open ended Income scheme with the objective to generate regular income by investing primarily ininvestment grade fixed income securities / money market instruments with short to medium termmaturities and across the credit spectrum within the universe of investment grade rating. The schemefocuses on enhancing the portfolio returns by identifying and selectively investing in mispriced creditopportunities in the market.
Credit Quality
High Medium Low
High
Interest Rate Sensitivity
Medium
Low
Trend of QFSI over last 6 months
A+
Average Portfolio Maturity Modified Duration Corpus (Crs.) YTM
- 2.4 Years 4284 9.40
0
5
10
15
20
Rating Profile A(SO)A+A+(SO)A1+AAAA-AA+AA+(SO)AAAAAA(SO)BWR A-(SO)CashSOV
Data as of 31st March 2015
44
NAV Growth Plan – Rs. 17.94 Weekly Dividend Plan – Rs.10.10
Inception Date December 18, 2007
Benchmark Crisil Liquid Fund Index
Load Structure(Exit) NilExpense Ratio 0.86
Fund Manager Mr. Sachin Padwal-Desai
Investment ObjectiveAn open-end income fund that seeks to provide a combination of regularincome and high liquidity by investing primarily in a mix of short term debtand money market instruments.
Period Return CRISIL LFI Relative Return
Last 1 Month 10.95 9.54 1.41
Last 3 Month 9.96 8.72 1.24
Last 6 Month 9.78 8.67 1.11
Last 1 Year 9.90 8.98 0.91
Since Inception 8.35 7.66 0.69
Franklin India Ultra Short Bond Fund
Portfolio Classification by Asset Class (%)
Certificate of Deposit (CD) 8,24
Commercial Papers (CP) 23.74
Corporate Debt 67.03
Treasury Bill -
Cash & Cash Equivalents 0.99
The fund manager strives to strike an optimum balance between regular income and high liquiditythrough a judicious mix of short term debt and money market instruments. The fund has been assigned acredit rating of (ICRA) A1+mfs that denotes this fund to have a very strong degree of safety regardingtimely receipt of payments from the investments that they have made; this rating is applicable for debtfunds with weighted average maturity up to 1 year . The fund is suitable for investors with an investmenthorizon of up to 3 months who prefer accrual based debt products
Credit Quality
High Medium Low
High
Interest Rate Sensitivity
Medium
Low
Trend of QFSI over last 3 months
A+
Average Portfolio Maturity Modified Duration Corpus (Crs.) YTM
204 Days 186 Days 6625 9.80
0
5
10
15
20
Jan-15 Feb-15 Mar-15
Rating Profile AA(SO)A+A1+A1+(SO)AAAA-AA-(SO)AA+AA+(SO)AAABWR A+(SO)CashUnrated
Data as of 31st March 2015
45
IDFC Ultra Short Term Fund
Portfolio Classification by Asset Class (%)
Certificate of Deposit (CD) 41.79
Commercial Papers (CP) 23.03
Corporate Debt 35.71
G Sec -
Cash, Cash Equivalents and Net Current Assets -0.52
Period Return CRISIL LFI Relative Return
Last 1 Month 11.20 9.54 1.66
Last 3 Month 9.27 8.72 0.55
Last 6 Month 9.08 8.67 0.41
Last 1 Year 9.30 8.98 0.32
Since Inception 7.55 7.47 0.08
The Fund aims to invest in high quality debt and money market instruments and seeks to generatereturns predominantly through accrual income.
Credit Quality
High Medium Low
High
Interest Rate Sensitivity
Medium
Low
Trend of QFSI over last 3 months
A+
Average Portfolio Maturity Modified Duration Corpus (Crs.) YTM
349 Days 323 Days 2104 8.6
NAV Growth Plan – Rs. 19.54 Dividend Plan – Rs.10.55
Inception Date January 19, 2006
Benchmark Crisil Liquid Fund Index
Load Structure(Exit) NilExpense Ratio 0.40
Fund Manager Mr. Anupam Joshi
Investment ObjectiveInvestments in good quality debt and money market instruments such thatthe fund will offer a blend of liquidity with stability of returns
0
5
10
15
20
Jan-15 Feb-15 Mar-15Rating Profile
A1+
AA
AA+
AAA
Cash
Data as of 31st March 2015
46
External Rating Comparison
Funds Crisil Morning Star Value Research
Birla SL Frontline Equity Fund Rank 3
ICICI Prudential Focused Blue Chip Equity Fund Rank 3
SBI Bluechip Fund Rank 1
BNP Paribas Equity Fund Rank 2
BNP Midcap Fund Rank 2
Axis Midcap Fund Rank 4
Franklin India Prima Fund Rank 3
UTI Equity Fund Rank 2
Axis Equity Fund Rank 4
Tata Equity Opportunities Fund Rank 3
L&T India Special Situations Fund Rank 3
ICICI Prudential Balanced Advantage Fund Rank 4
Axis Long Term Equity Fund Rank 1
BNP Paribas LT Equity Fund Rank 2
ICICI Prudential Income Fund Rank 2
HDFC High Interest Fund-Dynamic Plan Rank 2
Birla SL Medium Term Fund Rank 4
DWS Medium Term Fund - - -
Franklin India ST Income Plan Rank 2
Birla SL Short Term Opportunities Fund Rank 1
Franklin India Ultra Short Bond Fund Rank 5
IDFC Ultra Short Term Fund Rank 3 Disclaimer: These ratings have been taken from the website of respective rating agencySource: www.crisil.com / www.morningstar.in / www.valueresearchonline.com
47
Description of Factors
Parameters Definition Range
Information RatioThe information ratio (IR) measures a portfolio manager's abilityto generate excess returns relative to a benchmark, but alsoattempts to identify the consistency of the same.
A higher IR indicates better performance &lower vice versa
Slope (Beta)
It measures the volatility or systematic risk of a portfolio incomparison to the market as a whole. A model that is used tocalculates the expected return of an asset based on its beta andexpected market returns.
A beta of 1 indicates that security’s price willmove with the market. Beta of less than 1means that the security will be less volatilethan the market. A beta of greater than 1indicates that the security's price will be morevolatile than the market
R-SquaredA statistical measure that represents the percentage of a fund orsecurity's movements that can be explained by movements in abenchmark index
A higher % (between 85 and 100) indicatesthe fund's performance patterns have been inline with the index. A fund with a low % (70 orless) doesn't act much like the index.
Standard Deviation A measure of the dispersion of a set of data from its mean.The more spread apart the data, the higher the deviation
The lower SD, the better. Higher SDindicates, higher volatility and higher risk inthe portfolio.
Treynor RatioIt measures returns earned in excess of that which could havebeen earned on a riskless investment per each unit of marketrisk.
The higher the ratio, the better a portfolio'sperformance
Sharpe RatioA ratio used to measure risk-adjusted performance of the fund.The Sharpe ratio indicates whether a portfolio's returns are dueto smart investment decisions or a result of excess risk.
Greater the Sharpe ratio, the better its risk-adjusted performance. A negative Sharperatio indicates that a risk-less asset wouldperform better than the security beinganalyzed.
Jensen's Alpha It indicates the out-performance of the fund over the returnadjusted for risk with risk measured by beta.
A positive value for Jensen's alpha means thefund manager has beaten the market with hisor her stock picking skills
48
Disclaimer
This Information Package is distributed by quant Capital Advisors Pvt. Limited (hereinafter “quant”) on a strictly private and confidential and on a need to knowbasis exclusively to intended recipient. This Information Package and the information and projections contained herein may not be disclosed, reproduced orused in whole or in part for any purpose or furnished to any other person or persons. The Persons who are in possession of this Information package or maycome in possession at a later day, hereby undertakes to observe the restrictions contained herein.
The information contained herein is of a general nature and is not intended to address the facts and figures of any particular individual or entity. The contentprovided here treats the subjects covered here in condensed form. It is intended to provide a general guide to the subject matter and should not be relied onas a basis for business decisions. No one should act upon such information without making appropriate additional professional advice after a thoroughexamination of the particular situation. This Information Package is distributed by quant upon the express understanding that no information herein containedhas been independently verified. Further, no representation or warranty expressed or implied is made nor is any responsibility of any kind accepted withrespect to the completeness or accuracy of any information as may be contained herein. Also no representation or warranty expressed or implied is made thatsuch information remains unchanged in any respect as of any date or dates after those stated herein with respect to any matter concerning any statementmade in this Information Package. quant and its directors, employees, agents and consultants shall have no liability (including liability to any person by reasonof negligence or negligent misstatement) for any statements, opinions, information or matters (express or implied) arising out of, contained in or derived from,or for any omissions from the Information Package and any liability whatsoever for any direct, indirect, consequential or other loss arising from any use of thisinformation package and/or further communication in relation to this information package.
All recipients of the Information Package should make their own independent evaluations and should conduct their own investigation and analysis and shouldcheck the accuracy, reliability and completeness of the Information and obtain independent and specific advice from appropriate professional advisers, as theydeem necessary. Where this Information Package summarizes the provisions of any other document, that summary should not be relied upon and the relevant.Mutual Fund Investments are subject to market risks. Please read the Scheme Information Document carefully before investing.
The information contained in this document is confidential in nature and the recipient is receiving all such information on the express condition ofconfidentiality unless expressly authorized in writing by quant.
If you are not the intended recipient, you must not disclose or use the information in this document in any way whatsoever. If you received it in error, pleaseinform us immediately by return e-mail and delete the document with no intention of its being retrieved by you. We do not guarantee the integrity of any e-mails or attached files and are not responsible for any changes made to them by any other person.
49
Title
612, maker chambers IV, nariman point, mumbai 400 021, india
phone – 91 22 4088 0100 fax – 91 22 4088 0225
Email – [email protected]
Thank you