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1. Of all the stocks forming part of the Nifty, only 35 stocks contributed positively to the Nifty. The negative stocks took away an absolute 4.1% of the returns from positive stocks, which totaled 18.2%.
2. The returns from the top 3 performing stocks alone contributed an absolute ~7.4% of the entire Nifty returns of 14.09%. Their average weight in Nifty was much less, about 22.4%.
3. The top 7 performing stocks contributed nearly 13% to the entire Nifty returns on an absolute basis, meaning the remaining stocks cumulatively managed to add only ~ 1% return to the Nifty.
Even for the six month period, similar returns attribution can be seen, with even higher concentration of few stocks in the positive line. It is interesting to note that, for the 6 month period, only 20 stocks contributed positively and their returns totaled 8.65%. The rest of the stocks took away an absolute ~ 6% from the Nifty returns resulting in net Nifty returns of 2.59%. The top performing stock alone was behind 53% of the net returns.
The primary reason - behind the gap between the markets and mutual fund returns, is very simple - a few big stocks have driven the returns of the index. Had it not been for the few top liners, the Nifty too would have delivered negative returns in the 6 month period and �at returns over the longer period under observation. Without the few performing stocks, the Nifty returns would have either matched or rather underperformed Mutual Funds. Hence, in the recent past, few investors have made returns while most investors are left unimpressed with their investments' returns.
WHAT MAKES THE COMPOSITION OF MUTUAL FUNDS DIFFERENT FROM INDICES? One question that may arise in our minds is, What's the composition of the stocks in the index, like Nifty, and how is a mutual fund scheme di�erent. The point to note here is that a theme driven fund has a much larger universe of stocks available for selection. For a large cap fund, the fund manager is free to choose from the top 100 stocks on basis of market cap. The fund manager makes his selection with the objective to generate better returns in the long term and with appropriate diversi�cation. As opposed to this, the index is an automated composition of stocks starting with highest market cap. It may be possible that the top performing stocks do not form part of the large cap fund and/or carry similar weightage to in�uence returns. Hence, there'll be a di�erence in returns of large cap funds vs. Nifty.
WHAT ABOUT THE SMALL AND MID CAP FUNDS?The past year has seen a lot of investors investing in the mid & small cap and multi-cap funds which have delivered negative returns of over 12% and 6% respectively, over the 6 month period ended 30th
June 2018. The respective indices have fared even worse with Nifty MidCap 100 and BSE SmallCap delivering (-) 13.97% and (-) 16.63% respectively, for the same period. The primary reason for this negative performance is the fact that a huge churn is happening in the mutual fund portfolios which have moved from small & mid cap stocks to large cap stocks as per the new regulations. Adding to this, is the fact that small & mid cap stocks are more volatile and more sensitive to market volumes. The result could be seen in the returns of small & mid cap funds and also diversi�ed equity funds, which had these stocks in their portfolios. It would be thus unfair to �nd faults in funds or the fund managers' performance.
SHOULD I WORRY OR REVIEW MY PORTFOLIO? WHAT'S THE WAY FORWARD? The answer is “No”, if the review is only driven by the short term returns anomaly.
It's time to get back to the basic principles of investing in equities and rea�rm our conviction in equities and the Indian growth story over the long term. No reason to wander o� track, especially now.
Let us remind ourselves again that in short term, markets or funds may get a�ected by short term events or sentiments, but in the long run, the underlying fundamentals will have a bigger role to play. If you look at the historical returns, mutual funds tend to outperform the benchmark indices by a good margin, as can be seen from the table below.
We believe that superior stock selection and diversi�cation will give us the alpha we desire from mutual funds. In fact, the current low prices present an opportunity to invest. It's time not to disrupt but to continue and even start new SIPs in small and mid cap funds. It's time when SIPs will capitalise on lower stock prices with lower fund NAVs resulting in you getting more units. It's time when SIPs will work their magic for generating superior long run returns.
Bottom line, ignore the market noises, stick to basics, have patience and rea�rm your conviction to the funds you have selected and to the Indian growth story. There is one more thing you can do - enjoy the fresh air, the greens and the cool climate brought to you by the Indian monsoon! Thank you and happy investing.
This is one common question that we have from our �nancial advisors, since the mutual fund NAV's aren't following the rising curve of the key benchmarks. The primary reason at the root of the quandary is discussed herewith. The table shows average returns data of Large Cap, Diversi�ed and Mid & Small Cap mutual funds over the last 6 month and 1 year periods pitted against the benchmark.
As we can see, lately the Large Cap, Multi Cap and Mid Cap mutual fund schemes, all have underperformed the key benchmark, Nifty 50 TRI. This di�erence in returns is puzzling for most investors, and it is natural because most of us do not really understand the reason for this di�erence. Mutual funds, with all its bene�ts viz. diversi�cation, superior stock selection, professional management, etc., are expected to deliver alpha performance over benchmarks. But looking at the present scenario, not surprisingly, most of the investors are in a dilemma with respect to their investments.
UNDERSTANDING THE DIFFERENCE IN RETURNS:If we want to put it in one line, it'll be like - 'the markets are largely
driven by a handful of stocks and the broader markets have not performed as nicely as the top few, in the recent past'.
In an attempt to decode the phenomenon, we broke the performance drivers of the Nifty benchmark to understand it better. Here are the key �ndings of this study, done for the period ending 30th June, 2018 for one year & 6 month periods.
In the graph below, the Y axis represents the absolute contribution of a particular stock to total Nifty returns. The X axis is the spread of all the stocks which formed part of Nifty, sorted in decreasing order of their contribution to Nifty returns.
As can be clearly seen, the few stocks contributing the maximum to total returns are concentrated at the beginning of the curve.
We have put the above chart in �gures, for the one year period:
WHEN MARKETSARE RISING,WHY IS MY NAVFALLING?
MUTUAL FUNDS CATEGORY
Large Cap fundsMulti Cap fundsMid & Small Cap funds Nifty 50 TRI
(-)3.00%(-)6.08%
(-)12.12%2.59%
8.40%7.07%4.53%
14.09%
6 MONTHS 1 YEAR
Source: NJ Internal. As of 30 June 2018.
0n 31st July, India's key indices closed at an all time high of over 11,356 for NIFTY 50 and over 37,606 for BSE Sensex. The past year has seen these benchmarks rising sharply from ~9,600 and ~30,000 levels for Nifty and Sensex respectively, to the current levels. Not surprisingly, the past year has been a roller-coaster ride for these benchmarks, often making newspaper headlines and attracting our attention.
There is positive sentiment in the markets, the indices are breaking their own records and things are going great, but amidst this wonderful scenario, the mutual fund investor is left with one big question.
“When markets rising, why is my mutual fund investment falling?”
Nifty Stocks (sorted on basis of returns) Source: Blooomberg. as on 30-06-18.
NIFTY RETURNS ATTRIBUTION STUDY
1 5 10 15 20 25 30 35 40 45 50 57
-1.50%
-1.00%
-0.50%
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%1 Year Contribution 6 Month Contribution
AUGUST 2018For private circulation only
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ENT
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MUTUAL FUNDSLIFE INSURANCEGENERAL INSURANCETAX SAVING & RBI BONDS
RETIREMENT PLANNINGCHILD EDUCATION PLANNINGINSURANCE PLANNINGTAX PLANNING
FINANCIAL PLANNINGNRI INVESTMENT PLANNINGCHARITABLE TRUST INVESTMENT PLANNING
Email: [email protected] | Website: www.kkcredible.com
Killol Karia
Centre Point, Karansinhji Road,Chamber Of Commerce Building,Rajkot - 360 001, Gujarat.
Mob.: 98240 19123Tel.: 02812223177
1. Of all the stocks forming part of the Nifty, only 35 stocks contributed positively to the Nifty. The negative stocks took away an absolute 4.1% of the returns from positive stocks, which totaled 18.2%.
2. The returns from the top 3 performing stocks alone contributed an absolute ~7.4% of the entire Nifty returns of 14.09%. Their average weight in Nifty was much less, about 22.4%.
3. The top 7 performing stocks contributed nearly 13% to the entire Nifty returns on an absolute basis, meaning the remaining stocks cumulatively managed to add only ~ 1% return to the Nifty.
Even for the six month period, similar returns attribution can be seen, with even higher concentration of few stocks in the positive line. It is interesting to note that, for the 6 month period, only 20 stocks contributed positively and their returns totaled 8.65%. The rest of the stocks took away an absolute ~ 6% from the Nifty returns resulting in net Nifty returns of 2.59%. The top performing stock alone was behind 53% of the net returns.
The primary reason - behind the gap between the markets and mutual fund returns, is very simple - a few big stocks have driven the returns of the index. Had it not been for the few top liners, the Nifty too would have delivered negative returns in the 6 month period and �at returns over the longer period under observation. Without the few performing stocks, the Nifty returns would have either matched or rather underperformed Mutual Funds. Hence, in the recent past, few investors have made returns while most investors are left unimpressed with their investments' returns.
WHAT MAKES THE COMPOSITION OF MUTUAL FUNDS DIFFERENT FROM INDICES? One question that may arise in our minds is, What's the composition of the stocks in the index, like Nifty, and how is a mutual fund scheme di�erent. The point to note here is that a theme driven fund has a much larger universe of stocks available for selection. For a large cap fund, the fund manager is free to choose from the top 100 stocks on basis of market cap. The fund manager makes his selection with the objective to generate better returns in the long term and with appropriate diversi�cation. As opposed to this, the index is an automated composition of stocks starting with highest market cap. It may be possible that the top performing stocks do not form part of the large cap fund and/or carry similar weightage to in�uence returns. Hence, there'll be a di�erence in returns of large cap funds vs. Nifty.
WHAT ABOUT THE SMALL AND MID CAP FUNDS?The past year has seen a lot of investors investing in the mid & small cap and multi-cap funds which have delivered negative returns of over 12% and 6% respectively, over the 6 month period ended 30th
June 2018. The respective indices have fared even worse with Nifty MidCap 100 and BSE SmallCap delivering (-) 13.97% and (-) 16.63% respectively, for the same period. The primary reason for this negative performance is the fact that a huge churn is happening in the mutual fund portfolios which have moved from small & mid cap stocks to large cap stocks as per the new regulations. Adding to this, is the fact that small & mid cap stocks are more volatile and more sensitive to market volumes. The result could be seen in the returns of small & mid cap funds and also diversi�ed equity funds, which had these stocks in their portfolios. It would be thus unfair to �nd faults in funds or the fund managers' performance.
SHOULD I WORRY OR REVIEW MY PORTFOLIO? WHAT'S THE WAY FORWARD? The answer is “No”, if the review is only driven by the short term returns anomaly.
It's time to get back to the basic principles of investing in equities and rea�rm our conviction in equities and the Indian growth story over the long term. No reason to wander o� track, especially now.
Let us remind ourselves again that in short term, markets or funds may get a�ected by short term events or sentiments, but in the long run, the underlying fundamentals will have a bigger role to play. If you look at the historical returns, mutual funds tend to outperform the benchmark indices by a good margin, as can be seen from the table below.
We believe that superior stock selection and diversi�cation will give us the alpha we desire from mutual funds. In fact, the current low prices present an opportunity to invest. It's time not to disrupt but to continue and even start new SIPs in small and mid cap funds. It's time when SIPs will capitalise on lower stock prices with lower fund NAVs resulting in you getting more units. It's time when SIPs will work their magic for generating superior long run returns.
Bottom line, ignore the market noises, stick to basics, have patience and rea�rm your conviction to the funds you have selected and to the Indian growth story. There is one more thing you can do - enjoy the fresh air, the greens and the cool climate brought to you by the Indian monsoon! Thank you and happy investing.
Average of Large Cap FundsAverage of Blend / Multicap FundsAverage of Midcap FundsNifty 50 TRINifty MidCap 100 TRI
16.36%18.73%24.47%14.30%21.32%
12.88%13.68%17.16%11.59%14.76%
18.58%20.22%23.34%17.75%21.11%
5 YRS 10 YRS 15 YRS
Source: NJ Internal. As of 30th June, 2018.
PERSONALFINANCE PLANNINGFOR NEWLY WEDSMarriage is the milestone which marks the beginning of a new life, the courtship period and the initial days of marriage are so full of fun and excitement, that we tend to not get enough of each other. But once the initial delirium is over, it's time to step out of the fantasy land, apart from honeymoon planning and family planning, you need to look into another very important aspect of life, and that is Financial Planning.
Your financial decisions, until now were limited to your own self, but now that you are married, they will impact your partner's life as well. So, it is very important that as a couple, you sort and set your financial life on track, from the very beginning.
This is one common question that we have from our �nancial advisors, since the mutual fund NAV's aren't following the rising curve of the key benchmarks. The primary reason at the root of the quandary is discussed herewith. The table shows average returns data of Large Cap, Diversi�ed and Mid & Small Cap mutual funds over the last 6 month and 1 year periods pitted against the benchmark.
As we can see, lately the Large Cap, Multi Cap and Mid Cap mutual fund schemes, all have underperformed the key benchmark, Nifty 50 TRI. This di�erence in returns is puzzling for most investors, and it is natural because most of us do not really understand the reason for this di�erence. Mutual funds, with all its bene�ts viz. diversi�cation, superior stock selection, professional management, etc., are expected to deliver alpha performance over benchmarks. But looking at the present scenario, not surprisingly, most of the investors are in a dilemma with respect to their investments.
UNDERSTANDING THE DIFFERENCE IN RETURNS:If we want to put it in one line, it'll be like - 'the markets are largely
driven by a handful of stocks and the broader markets have not performed as nicely as the top few, in the recent past'.
In an attempt to decode the phenomenon, we broke the performance drivers of the Nifty benchmark to understand it better. Here are the key �ndings of this study, done for the period ending 30th June, 2018 for one year & 6 month periods.
In the graph below, the Y axis represents the absolute contribution of a particular stock to total Nifty returns. The X axis is the spread of all the stocks which formed part of Nifty, sorted in decreasing order of their contribution to Nifty returns.
As can be clearly seen, the few stocks contributing the maximum to total returns are concentrated at the beginning of the curve.
We have put the above chart in �gures, for the one year period:
Here is a list of things you can do to set a strong foundation stone moneywise:
Put your individual �nancial positions on the table: The �rst step would be consolidation and looking at the full picture of you and your spouse's �nancial position. Start by sharing info on any assets that you own, debt obligations, incomes, expenses, personal loans, EMI's, etc. Your individual �nancial status' when put together is your �nancial position in real sense and it's the base for your �nancial plan. Whether or not both of you are earning, doesn't matter, you have to jointly manage stu� after marriage. So, if one of you have a huge credit card bill outstanding, you have to jointly get rid of this debt, and any other debts, before you proceed to investing for your �rst car. Hence it's crucial that you talk about �nances with your new partner.
Money talk with your spouse will tell you a lot about each other, and extend an opportunity to share your opinion about life and money, and that's how one can get to explore each other on a more practical level.
Revisit your �nancial goals: You will have some goals and your spouse too will have some goals. Once you start the talking, some of your goals might vanish and some might become joint goals. Your wife's dream of going to Paris could become a joint dream for both. You should know what your partner wants from his/her life in the next 5, 10 or 15 years and what are his/her old age dreams. You need to work together as a team, plan how you are going to achieve these goals, how much should you save and where should you invest to actualize your dreams. Have clear goals and write them down on a piece of paper, also pen down the blueprint of how you are going to achieve these goals. Your �nancial advisor will help you in this process. This process is important to ensure that both of you have good clarity and are in sync. The risk of not doing so might end up in you saving for a car and your wife for
a vacation, and both �nally not achieving any of the two goals.
Budgeting: In order to save enough and invest for your goals, it is essential that you manage your expenses by setting a budget from the very beginning. Post marriage, we will upgrade our lifestyle with more of shopping, eating out and entertainment. However, both of you are from di�erent family set ups, have di�erent spending and saving habits, and will therefore have a di�erent outlook towards prioritizing expenses. The idea then would be to jointly plan and set a limit for personal expenses, within which both of you can spend on things at your pleasure, no questions asked.
Have a Bigger Emergency Fund: As you grow from being single to a couple, the emergency needs will also grow, especially when only one of you is working. Even if both are earning, there can be career gaps, your wife may be working today, but she might have to take a break or quit her job for raising kids, etc., in that case the burden on your shoulders will be way more than now. So, create an emergency fund, which is equal to 6-12 months of your family's expenses and which is liquid enough to come in handy at the time of emergency.
Increase Insurance: Like emergencies, your insurance needs will also rise. Marriage brings endless responsibilities and you will now have a new family who will be dependent upon you. So, if you do not have a term plan yet, it's time you buy one, if both of you are working, then you must have separate term plans. In your health cover, include your spouse too, or have a separate health cover for him/her. You are in a stage, when soon your parents will also grow old, so it is crucial that you have an adequate insurance cover taking into consideration your spouse and dependent parents.
Another very important thing to do is to update your documents to introduce new bene�ciaries and also nomination as desired. It is astonishing to know that nearly
R15,167 crore is lying unclaimed (IRDAI, July, 2018) with insurance companies, and one of the primary factors behind it, is the claimants don't know of the existence of these policies. So it is important to not just buy insurance but to also share documents and information with family members.
Plan purchase of assets like car / home wisely: Post marriage, we wish to provide a comfortable life to our family and hence needs like a new, bigger car, �rst or bigger house become our near term goals. But these goals are expensive, requiring long commitment with additional EMI's out�ows as expenses. We are mostly early in our careers and can't really a�ord to buy these assets without planning. So, do not take impulsive decisions, sit with your advisor and prepare a plan to achieve these goals in the years to come.
Shaadi is a Relationship of trust: Being married is awesome, when you are true and loyal to each other, and this implicitly extends to money matters as well. Do not hide your assets and incomes from your spouse. Set money rules from the very beginning, if you need to spend extra, discuss it with your Partner. Post demonetization, thousands and lakhs of rupees were uncovered by ladies of the houses largely, which were unknown to their families. By overspending and/or masking money, you are not just making a �nancial mistake, but are also tarnishing the trust between you two. So be faithful to each other and let money not become the bone of contention between you.
To conclude, marriage is a beautiful journey, where money is not everything, but it is a very important element to make the marriage a happy place to be. Spend quality time with each other, understand each other and build a bond which can last a lifetime. Celebrate, because you won't get this time again, but carve out some time for your future, and plan your �nances for a long & happy married life.
Q. What is your investment strategy? What sector or stock specific approach do you follow while constructing your portfolio?
Answer: Our investment focus continues to be Growth at Reasonable Price (GARP). We are following more of stock specific approach at this point of time to construct portfolio, given narrowness in market movement. On relative basis, large cap segment offers better risk-reward as compared to mid/small cap segment in our opinion. The inflows coming into the funds are being deployed gradually and cautiously given current market conditions.
Q. What kind of stocks and sectors is the fund house currently avoiding and why?
Answer: We have been avoiding stocks that are either very expensive or those with shaky fundamentals. Given nervousness in the overall market, such stocks would get punished sharply if there are any negative developments related to them.On a sectoral basis, we are underweight on PSU Banks, Telecom and Metals across our portfolios.
Q. Given the economic and political situation existing today and till next general elections, what would you advice investors?
Answer: Irrespective market phases, all investors should stick to prudent asset allocation and long term focus. SIP/ STP route allows investors to wade through volatile market conditions quite well. We view current phase of the market as an accumulation phase for long term investors.
Q. Rising crude prices, falling rupee and inflation - do these factors worry you? How have these factors impacted your investment decisions?
We view current phase of the market as an accumulation phase for long term investors.
Answer: These macro headwinds are obviously concerning to us. We have taken these into consideration while arriving at our investment decisions. For example, we have pared our positions in OMCs due to rising crude prices and concerns on whether market related pricing will be adhered to or not. We have also built in likely adverse impact of increased RM/ fuel costs and higher interest burden on corporate profitability.
Q. What is your future outlook for the market? What would be the key drivers for the markets from here?
Answer: We expect market to remain range-bound with some declining bias in the next few quarters, driven by macro headwinds, political developments, expensive valuations and continuing domestic inflows. If we witness easing of any of the headwinds or clarity on emerging political scenario post 2019 elections, then it would lead to sustainable upside in the markets in our opinion. We are focusing on companies with reasonable valuations and relatively lower probability of earnings disappointments going forward.
FUND MANAGER INTERVIEWS
Mr. Harsha UpadhyayaChief Investment Officer – Equity
Kotak MF
Mr. Harsha Upadhyaya, CFA serves as the Chief Investment Officer of Equity and Fund Manager at Kotak Mahindra Asset Management Company Limited. He joined the fund house in August 2012. He served as Senior Vice President and Portfolio Manager at DSP BlackRock Investment Managers Pvt. Ltd. He previously served as a Senior Vice President and Head of Equity at Kotak Mahindra Asset Management Company Limited. He served as Vice President and Fund Manager of Equities at UTI Asset Management Company (P) Ltd. until July 21, 2011. Mr. Upadhyaya has several years of experience spread over equity research and fund management. His prior stints have been with companies such as DSP BlackRock, UTI Asset Management, Reliance Group, and SG Asia Securities. Mr. Upadhyaya has received the CFA charter from the CFA Institute. He received a PGDM in Finance from the Indian Institute of Management, Lucknow in 1996. Mr. Upadhyaya also earned a Bachelor of Engineering in Mechanical Engineering from the National Institute of Technology, Suratkal in 1993.
Disclaimer: The information herein below is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The document has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. The sponsors, the Investment Manager, the Trustee or any of their directors, employees, affiliates or representatives (‘entities & their affiliates”) do not assume any responsibility for, or warrant the accuracy, completeness, adequacy and reliability of such information. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Entities & their affiliates including persons involved in the preparation or issuance of this material, shall not be liable in any way for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including on account of lost profits arising from the information contained in this material. Recipient alone shall be fully responsible for any decision taken on the basis of this document.
MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY
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-3.203.033.316.688.31-4.37
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19.258.38
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11.91-0.767.302.179.272.66
-15.6511.6613.2621.32-0.0412.737.936.093.855.923.231.61-5.309.215.39-5.856.662.767.437.80
12.755.97
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12.897.30
10.730.64
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18.3416.6314.2214.4014.6919.8810.8417.5022.5814.5713.6914.4713.5317.97
10.7817.7917.5014.2014.4817.5419.0619.9317.2920.9418.7411.908.8012.3013.0715.0114.1214.6214.8024.5715.02
NA13.59
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NA11.9215.3015.6713.2915.3118.86
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NA14.8113.3019.6714.9522.88
11.7419.0618.8515.8815.9818.7521.5720.9917.33
NA20.4011.676.9713.1314.8418.6315.6914.9814.7325.7315.05
NA14.49
NA15.8517.4615.2020.9922.9613.0315.9316.1822.27
NANA
13.0015.4616.4419.0621.3123.6318.2715.1812.9810.9921.8421.4414.3614.0416.4719.2615.86
NA13.4713.7320.1617.0913.5317.95
NANA
15.2614.5713.2817.2419.09
NANA
20.9917.8515.6820.3920.1418.6611.4917.8517.7914.7521.9516.9216.5418.8019.37
NA15.5114.0321.5216.3023.93
12.8416.8916.9415.4515.6117.7320.4719.70
NANANANANA
11.8814.4219.2916.02
NANA
24.6415.09
NA13.03
NA15.0316.21
NA20.4123.0812.6514.95
NA21.25
NANA
13.1915.3316.1118.4120.7722.6517.4915.2512.8310.5722.0119.3914.1712.4215.1816.2416.00
NANA
13.7218.5615.9514.0019.31
NANA
13.4612.7712.3618.3418.98
NANA
18.9916.39
NA20.6521.0013.9210.17
NA13.3413.6919.9815.7115.1618.22
NANA
15.1614.01
NA16.1521.72
12.8714.8115.1614.1414.7616.23
NANANANANANANA
11.2912.9216.2015.11
NANA
21.4614.34
NA11.99
NA14.2614.76
NANANA
12.20NANANANANA
12.5414.1715.00
NA18.3419.8516.1114.5011.839.35NANA
13.7211.3213.4213.69
NANANA
12.7415.8614.29
NA18.09
NANA
11.9511.9511.1518.05
NANANANANANANANANA
8.40NA
10.2712.58
NA14.3813.8015.91
NANA
14.18NANA
14.7019.24
SIP RETURN AS ON 31ST JULY 2018
Starting - August Month of
Years
Invested Amount :
Schemes (Diversified Equity)
2017
1
1,20,000
2015
3
3,60,000
2013
5
6,00,000
Returns % - CAGR
2011
7
8,40,000
2008
10
12,00,000
2006
12
14,40,000
Mutual funds asset base up 5% to ` 24 lakh crore in July
Mutual fund's asset base rose by 5% to `23.96 lakh crore in July-end, driven by participation from retail investors and a spirited investor awareness campaign by the industry. According to AMFI data, the asset under management (AUM) of the industry, comprising 42 players, was `22.86 lakh crore at the end of June. The total asset base of all the fund houses put together was `19.97 lakh crore in July last year. The monthly rise in the asset base is mainly due to the industry body's investor awareness campaign and strong participation from retail investors, says Am� Chief Executive NS Venkatesh. Besides, Systematic Investment Plan (SIPs) continue to be the fancy of retail investors and people continue to invest through the route as it allows investors to invest in small amounts periodically instead of lumpsum, he added. Retail equity AUM has touched `10 lakh crore last month. It stood at `9.61 lakh crore in June-end. Further, nine lakh new folios have been added last month taking the total to all time high of 7.55 crore at the end of July from 7.46 crore in preceding month-end.
Mutual fund sector likely to see double-digit growth in FY19
ICICI Prudential Mutual Fund said it was expecting the industry's assets under management (AUM) to grow in the low double digits in the current �nancial year. The AUM of the mutual fund industry in FY18 has grown by 27 per cent to $355 billion. This year, there will be some slowdown but expected to grow in low double digits, Mittul Kalawadia, Fund Manager, ICICI Pru Mutual Fund has said. Till May 2018, the total AUM of the mutual fund industry was at $335 billion.
NEWS UPDATE
4.9012.782.172.76
10.7911.165.455.148.664.09
10.902.452.39-2.389.111.41-4.603.47
-11.977.67-6.5110.423.02
13.71-11.186.43-5.5313.06-6.0417.30-20.337.411.489.32-6.686.994.924.524.43-0.3011.24-7.641.58
10.3624.9814.92-2.6114.165.0228.56-20.33
137
10.4220.89-0.271.875.82
15.514.615.255.85-0.250.62
14.394.412.42
17.0510.667.065.407.828.506.592.33
-14.660.160.273.32
16.528.517.086.1420.89-14.66
2918.4423.15
16.7113.227.43
18.1017.8915.3010.2317.6319.1718.7014.6617.2413.7912.5315.7610.7518.5514.056.77
13.178.86
16.8512.6013.605.02
15.2219.7018.2611.7918.106.21
20.1410.1612.789.69
17.668.94
11.4514.9213.5712.718.10
11.3514.5018.4215.1110.8114.3314.2824.565.02137
17.6619.2011.0210.7518.5315.5814.5912.5011.7212.2813.4214.0911.9617.1818.2418.1013.7717.0014.39
NA20.0117.086.739.58
12.3814.9119.6410.5313.0214.5020.016.7328
16.6317.85
NA12.447.6923.9418.2415.64
NANA
17.1522.4214.0817.6118.5115.3515.9712.4425.4115.7510.5915.1711.3318.0915.2813.7614.1417.9127.1918.1518.5614.7316.3221.2212.6912.4916.0019.849.8111.3714.4614.8710.81
NA12.2313.1516.5914.1717.5212.4115.9427.197.69126
19.1319.7212.1013.0317.1214.3216.7113.6214.4313.0914.8014.90
NA17.5718.4617.7915.6317.2314.22
NANA
17.5012.4611.8314.1817.2717.0010.1913.3715.3019.7210.19
2613.3313.54
NA13.209.2925.8319.12
NANANA
16.1524.0514.7518.7620.1916.1716.8114.4827.2016.3512.2016.8312.3418.3016.9514.4718.8318.8028.4817.4620.4914.1118.9220.9914.5913.3918.7820.6110.5412.2715.0115.2311.63
NA13.3212.8616.9414.5520.7313.0817.0028.486.97121
19.9721.4713.4215.2417.2914.8318.1215.0016.0614.3316.1916.59
NA18.7019.1117.9815.7017.3814.97
NANA
18.7315.6413.9314.8718.0816.05
NA14.1216.5521.4713.42
2513.2013.30
NA12.269.13NA
18.93NANANA
14.90NA
14.3116.5918.6815.0915.5916.31
NA15.4011.7515.7711.1720.0615.8314.1318.4916.36
NA15.1020.0312.2017.5118.9914.3213.2018.1218.059.9512.3614.7914.32
NANA
12.8212.8116.3913.7820.3413.8916.0524.649.13103
17.74NA
12.3715.27
NA15.0417.08
NA16.2414.4215.4516.84
NANA
18.3114.7614.3616.6113.31
NANA
16.5816.1713.6113.4817.0014.68
NA13.1915.3618.3112.37
2112.1512.18
NA10.878.28NANANANANA
13.42NA
13.2714.07
NA14.09
NA15.28
NA14.7310.8714.0310.2317.6714.4413.0915.7114.13
NANA
18.2611.1016.1817.5012.8712.4016.1014.848.6711.0613.8113.51
NANA
11.5412.6815.3112.7718.2013.5913.9821.468.2880
15.60NA
10.9613.16
NA14.56
NANA
15.1613.43
NA15.40
NANANANA
12.6415.4711.54
NANA
14.1014.9312.3812.5415.2014.07
NA11.7713.7015.6010.96
1711.0510.96
SIP RETURN AS ON 31ST JULY 2018
Starting - August Month of
Years
Invested Amount :
Schemes (Diversified Equity)
2017
1
1,20,000
2015
3
3,60,000
2013
5
6,00,000
Returns % - CAGR
2011
7
8,40,000
2008
10
12,00,000
2006
12
14,40,000
RBI hikes repo rate in back-to-back policies as it looks to tame in�ation
The Reserve Bank of India (RBI) increased its key repo rate by 25 basis points to a two-year high of 6.50%, in a move that is seen as an attempt to keep in�ation under check. This was the �rst time since October 2013 that the central bank hiked repo rate, the rate at which the RBI lends to commercial banks, at two consecutive policy meetings. In June, the repo rate was raised for the �rst time in over four years, by 25 basis points to 6.25%. The August move came after India's annual consumer in�ation hit 5 per cent in June, the eighth straight month it topped the RBI's medium-term 4% target.
Mfg sector activity eases in July amid softer increase in output: PMI
The country's manufacturing sector activity moderated in July amid softer increase in output, new orders and employment, says a monthly survey. The Nikkei India Manufacturing Purchasing Managers Index (PMI) stood at 52.3 in July, down from 53.1 in June. This is the 12th consecutive month that the manufacturing PMI remained above the 50-point mark. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction. Although modest, the latest improvement in the health of the manufacturing sector was the second-strongest after June.
Eight core sector growth jumps to 7-month high of 6.7% in June
Ahead of the RBI monetary policy review, the crucial eight-industry sector data has portrayed a positive picture on the growth front for June after subdued index of industrial production (IIP) numbers in May. Core sector growth rose to a seven-month high of 6.7% in June due to double-digit expansion in coal, cement and re�nery products. On the other hand, crude oil and natural gas continued to contract.
The headline �gure may give a boost to IIP growth, which fell to a seven-month low of 3.2% in May. Core sector has 40% weightage in IIP.
April-June �scal de�cit of `4.29 trillion at 68.75% of FY18-19 target
India reported a �scal de�cit of `4.29 trillion ($62.57 billion) for April-June, or 68.7% of the budgeted target for the current �scal year compared with 80.8% a year ago. Net tax receipts in the �rst quarter of 2018/19 �scal year that ends in March 2019 were `2.37 trillion, government data showed. India expects to trim the de�cit to 3.3% of GDP this �scal year, after meeting an upwardly revised �scal de�cit target of 3.5% of GDP in 2017/18.
GDP may moderate from 7.8% to 7.2% in second half of 2018: Nomura
The Indian economy is likely to have witnessed solid economic growth in the April-June quarter but leading indicators suggest a slowdown in the coming months, says a Nomura report. According to the global �nancial services major, India's economic recovery has peaked and growth rates are likely to get constrained in the second half of this year. India's gross domestic product (GDP) grew at the fastest pace in seven quarters at 7.7% in January-March quarter on robust performance by manufacturing and service sectors as well as good farm output.
Auto component industry likely to grow at 10-12% CAGR in long term
The auto component industry is likely to grow at 10-12% annually in the long term on rising rural income, higher disposable income and continued infrastructure activity, according to a report. We expect a long-term compounded annual growth rate (CAGR) of 10-12% for the industry (auto component). Operating margins for the industry are expected to be strong at 14% for FY19, said
Subrata Ray, senior group vice-president, corporate sector ratings, Icra. Riding strong volume growth across automotive segments, especially in the automotive original equipment (OE) manufacturers, the Indian auto component industry grew by 13% during FY18, the Icra report said.
Passenger vehicle sales dip 2.71% in July, car declines marginally
Domestic passenger vehicle sales declined 2.71% to 2,90,960 units in July from 2,99,066 units in the same month previous year. Domestic car sales also declined marginally to 1,91,979 units compared to 1,92,845 in July 2017, according to data released by the Society of Indian Automobile Manufacturers (SIAM). Motorcycle sales last month, however, rose 9.67% to 11,50,995 units as against 10,49,478 units a year earlier. Total two-wheeler sales in July rose 8.17% to 18,17,077 units compared to 16,79,876 units in the year-ago month. Sales of commercial vehicles were up 29.65% to 76,497 units in July, SIAM said.
Realty sector gets `240 bn investment in H1 on improving capital values
The real estate sector received an investment of around `240.11 billion in the �rst half of 2018 due to rise in buyers con�dence on Rera implementation and improving capital values, a report said. IT parks and commercial real estate got the biggest investment share of $ 2,000 million or around `131.51 billion, followed by retail real estate at around $ 300 million or `18.98 billion, the joint report by industry body CII and property consultant JLL said. In the �rst half of 2018, total investments in the sector stood at $ 3,616 million or around `240.11 billion. The year 2017 witnessed some large deals between institutional investors and Indian companies, with private equity investments in real estate touching $ 44 billion, according to the report.
LIC MF Large & Mid Cap Fund - GrLIC MF Large Cap Fund - GrLIC MF Multi Cap Fund - GrMirae Asset Emerging Bluechip Fund - GrMirae Asset India Equity Fund - GrMotilal Oswal Focused 25 Fund - GrMotilal Oswal Midcap 30 Fund - GrMotilal Oswal Multicap 35 Fund - GrPrincipal Dividend Yield Fund - GrPrincipal Emerging Bluechip Fund - GrPrincipal Focused Multicap Fund - GrPrincipal Multi Cap Growth Fund - GrReliance Focused Equity Fund - GrReliance Growth Fund GrReliance Large Cap Fund - GrReliance Multi Cap Fund - GrReliance Small Cap Fund - GrReliance Value Fund - GrReliance Vision Fund GrSBI Blue Chip Fund - GrSBI Contra Fund - Regular DivSBI Focused Equity Fund - Regular Plan - GrSBI Large & Mid Fund - DivSBI Magnum Equity ESG Fund - DivSBI Magnum MidCap Fund - GrSBI Magnum Multicap Fund - GrSBI Small Cap Fund - GrSundaram Large & Midcap Fund - GrSundaram Mid Cap Fund - GrSundaram Select Focus - GrSundaram Small Cap Fund - GrTata Equity P/E Fund GrTata Large & Mid Cap Fund - Regular Plan - GrTata Large Cap Fund - GrTata Mid Cap Growth Fund - GrTaurus Discovery (Midcap) Fund - GrTaurus Largecap Equity Fund - GrTaurus Starshare (Multi Cap) Fund - GrTempleton India Equity Income Fund - GrTempleton India Value Fund - GrUnion Equity Fund - GrUnion Small Cap Fund - GrUTI Core Equity Fund - GrUTI Dividend Yield Fund. - GrUTI Equity Fund - GrUTI Master Share - GrUTI Mid Cap Fund - GrUTI Value Opportunities Fund - GrAverage Value of Above FundsMaximum ReturnMinimum ReturnUniverseELSS / Tax Savings SchemesAditya Birla Sun Life Tax Relief 96 Fund - DivAxis Long Term Equity Fund - GrBaroda Pioneer Elss 96 - DivBNP Paribas Long Term Equity Fund - GrBOI AXA Tax Advantage Fund - Regular - GrowthCanara Robeco Equity Tax Saver Fund - DivDSP BlackRock Tax Saver Fund - GrEdelweiss Long Term Equity Fund (Tax Savings) - GrFranklin India Taxshield GrHDFC Taxsaver - DivHSBC Tax Saver Equity Fund - GrICICI Prudential Long Term Equity Fund - Regular GrIDBI Equity Advantage Fund - GrIDFC Tax Advantage (ELSS) Fund - Regular GrInvesco India Tax Plan - GrJM Tax Gain Fund - Growth OptionKotak Tax Saver - GrL&T Tax Advantage Fund - GrLIC MF Tax Plan GrMirae Asset Tax Saver Fund - GrMotilal Oswal Long Term Equity Fund - GrPrincipal Tax Savings FundReliance Tax Saver Fund - GrSBI Magnum Tax Gain Fund - DivSundaram Diversified Equity (Tax Saver) Fund - DivTata India Tax Savings Fund Regular Plan - DivTaurus Tax Shield - GrUnion Tax Saver Scheme - GrUTI Long Term Equity Fund (Tax Saving) - GrAverage Value of Above FundsMaximum ReturnMinimum ReturnUniverseS&P BSE SENSEXNIFTY 50
1,18,0201,21,8561,22,0251,24,0611,25,0431,17,2911,11,3821,13,2411,36,8381,35,6481,29,9891,26,5321,20,4561,21,4641,24,7731,13,5621,18,1811,24,1941,31,4961,25,0851,29,9591,22,0701,27,1901,19,5351,24,4341,21,3291,25,6181,21,6261,10,1101,27,0391,27,9881,32,6961,19,9761,27,6721,24,8171,23,7081,22,3521,23,6051,21,9781,20,9871,16,7111,25,5831,23,2861,16,3651,24,0501,21,6901,24,5121,24,7371,27,6831,23,6381,10,5661,26,4351,17,2981,27,0241,19,6861,18,2851,27,8721,11,0941,24,7561,24,4201,23,4131,23,7871,23,3141,28,6621,23,8991,19,3881,21,7811,26,8631,29,6171,28,1771,30,4521,23,5451,20,8891,27,7681,24,4391,26,4871,20,3911,28,1451,20,1541,23,5761,31,0591,15,3791,27,7021,19,1531,25,2231,27,3461,19,9241,19,5981,19,4541,22,9901,27,7001,21,331
4,10,0534,45,6914,49,1014,37,4624,41,3394,28,2194,31,6024,39,9764,89,5365,11,0044,65,2744,30,1314,30,0744,26,1614,30,4724,07,3864,27,3164,53,8574,62,4694,75,4434,63,9454,29,2714,39,8184,12,3684,49,8484,46,6164,36,8284,50,4574,03,6774,40,4004,58,4454,68,2354,49,4214,72,0744,40,2134,24,5884,23,5624,29,8914,31,0314,39,5754,32,8134,64,1284,44,4054,13,3864,29,5054,52,5704,97,0174,45,2084,56,8404,45,5474,16,9824,55,0044,34,4984,37,4284,25,2414,35,7634,47,6384,03,1034,23,1814,26,5454,20,7794,55,3054,76,4144,58,2694,32,6504,69,2584,31,8184,50,6234,85,3414,71,3144,55,9464,46,8744,39,7734,86,7684,16,5754,69,4604,58,3924,43,1554,44,2454,46,1194,79,4964,22,3144,63,9634,97,5274,45,3374,39,8254,44,7014,38,8444,67,0424,58,8894,36,9014,02,031
7,84,6729,31,1309,24,6978,53,2138,59,1599,25,4669,60,0799,80,4459,19,80010,04,5849,52,7118,06,5327,47,2068,14,5278,30,0628,70,2488,51,5238,61,9968,65,89310,95,7828,70,411
NA8,40,662
NA8,85,3239,05,5388,65,3629,86,9509,82,4908,24,6398,85,9808,89,1869,85,490
NA8,41,4648,12,1078,39,7058,67,0028,94,8119,53,3219,78,6819,27,3328,56,2978,13,6147,76,1649,84,80110,28,5408,44,7868,56,2448,78,4839,30,2888,72,860
NA8,17,0188,08,0129,37,1398,92,5877,88,0038,69,330
NA8,06,9238,76,3968,84,3928,34,5448,76,6289,55,516
NA8,52,39410,08,8669,25,4998,77,4099,47,7209,26,7629,71,5107,77,4699,36,6029,40,3468,55,51610,06,3838,94,4099,07,3709,22,9219,48,063
NA8,66,1718,34,6229,74,2838,68,94110,52,441
NA8,17,3487,27,047
12,72,36316,48,86016,37,04414,73,61914,78,97916,31,01818,02,33917,65,60815,51,208
NA17,29,12412,69,02310,74,39513,36,80314,20,13916,24,06714,63,53114,27,44814,14,64220,86,13614,30,823
NA14,02,676
NA14,71,79715,58,28314,38,42817,65,73018,92,73413,31,95814,76,15414,89,27418,47,352
NANA
13,30,49814,51,73115,03,02616,49,40817,85,85619,37,55616,03,45614,37,45913,29,47712,38,83318,19,07417,93,86013,96,22513,80,38815,04,53516,60,56914,72,626
NA13,52,67113,65,18517,14,66015,37,87513,55,74215,85,893
NANA
14,41,50214,06,52813,43,65815,46,49916,50,679
NANA
17,65,69715,79,92914,63,09617,28,22617,13,20016,25,77312,61,19615,79,90415,76,80114,15,54818,26,10815,28,85215,08,43916,33,89616,67,545
NA14,54,42213,80,13517,98,86914,95,83319,58,393
NA13,39,75811,66,465
23,36,10928,99,19229,07,35626,85,01227,07,42730,32,86535,15,70833,72,229
NANANANANA
22,19,27525,40,62232,98,40127,68,228
NANA
44,00,91426,33,132
NA23,59,386
NA26,24,35227,96,667
NA35,03,67840,43,52923,11,81126,13,234
NA36,66,884
NANA
23,80,30126,68,18127,81,92431,45,56935,72,35439,53,28029,95,11426,55,95823,35,01320,70,70538,18,57633,17,21425,07,90722,84,00326,46,46928,00,68627,64,173
NANA
24,48,23631,71,32527,56,76124,84,42933,01,561
NANA
24,14,05223,26,74522,77,30831,35,00432,43,402
NANA
32,46,53428,23,735
NA35,49,05836,17,14624,73,40920,27,924
NA23,98,19324,43,30434,22,78027,22,61726,43,01831,13,826
NANA
26,43,89624,86,085
NA27,87,46337,59,037
NA22,65,33519,19,223
32,52,46136,96,68937,84,26935,36,50236,84,47540,62,062
NANANANANANANA
29,32,09632,62,73040,53,70037,72,692
NANA
57,67,26635,83,556
NA30,70,164
NA35,65,74736,84,364
NANANA
31,12,553NANANANANA
31,83,15535,43,62637,43,826
NA46,78,40151,74,23240,30,16236,21,14230,37,75225,85,104
NANA
34,39,64929,38,78133,72,36634,33,352
NANANA
32,24,33239,65,07935,71,693
NA46,00,593
NANA
30,61,99430,61,67129,05,50445,88,502
NANANANANANANANANA
24,31,541NA
27,44,68831,91,479
NA35,94,67534,58,29339,76,261
NANA
35,45,410NANA
36,70,00949,66,728
NA28,54,57524,13,492
Starting - August Month of
Years
Invested Amount :
Schemes (Diversified Equity)
2017
1
1,20,000
2015
3
3,60,000
2013
5
6,00,000
Investment Value e
2011
7
8,40,000
2008
10
12,00,000
2006
12
14,40,000
SIP VALUE AS ON 31ST JULY 2018 NEWS UPDATE
RBI hikes repo rate in back-to-back policies as it looks to tame in�ation
The Reserve Bank of India (RBI) increased its key repo rate by 25 basis points to a two-year high of 6.50%, in a move that is seen as an attempt to keep in�ation under check. This was the �rst time since October 2013 that the central bank hiked repo rate, the rate at which the RBI lends to commercial banks, at two consecutive policy meetings. In June, the repo rate was raised for the �rst time in over four years, by 25 basis points to 6.25%. The August move came after India's annual consumer in�ation hit 5 per cent in June, the eighth straight month it topped the RBI's medium-term 4% target.
Mfg sector activity eases in July amid softer increase in output: PMI
The country's manufacturing sector activity moderated in July amid softer increase in output, new orders and employment, says a monthly survey. The Nikkei India Manufacturing Purchasing Managers Index (PMI) stood at 52.3 in July, down from 53.1 in June. This is the 12th consecutive month that the manufacturing PMI remained above the 50-point mark. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction. Although modest, the latest improvement in the health of the manufacturing sector was the second-strongest after June.
Eight core sector growth jumps to 7-month high of 6.7% in June
Ahead of the RBI monetary policy review, the crucial eight-industry sector data has portrayed a positive picture on the growth front for June after subdued index of industrial production (IIP) numbers in May. Core sector growth rose to a seven-month high of 6.7% in June due to double-digit expansion in coal, cement and re�nery products. On the other hand, crude oil and natural gas continued to contract.
The headline �gure may give a boost to IIP growth, which fell to a seven-month low of 3.2% in May. Core sector has 40% weightage in IIP.
April-June �scal de�cit of `4.29 trillion at 68.75% of FY18-19 target
India reported a �scal de�cit of `4.29 trillion ($62.57 billion) for April-June, or 68.7% of the budgeted target for the current �scal year compared with 80.8% a year ago. Net tax receipts in the �rst quarter of 2018/19 �scal year that ends in March 2019 were `2.37 trillion, government data showed. India expects to trim the de�cit to 3.3% of GDP this �scal year, after meeting an upwardly revised �scal de�cit target of 3.5% of GDP in 2017/18.
GDP may moderate from 7.8% to 7.2% in second half of 2018: Nomura
The Indian economy is likely to have witnessed solid economic growth in the April-June quarter but leading indicators suggest a slowdown in the coming months, says a Nomura report. According to the global �nancial services major, India's economic recovery has peaked and growth rates are likely to get constrained in the second half of this year. India's gross domestic product (GDP) grew at the fastest pace in seven quarters at 7.7% in January-March quarter on robust performance by manufacturing and service sectors as well as good farm output.
Auto component industry likely to grow at 10-12% CAGR in long term
The auto component industry is likely to grow at 10-12% annually in the long term on rising rural income, higher disposable income and continued infrastructure activity, according to a report. We expect a long-term compounded annual growth rate (CAGR) of 10-12% for the industry (auto component). Operating margins for the industry are expected to be strong at 14% for FY19, said
Subrata Ray, senior group vice-president, corporate sector ratings, Icra. Riding strong volume growth across automotive segments, especially in the automotive original equipment (OE) manufacturers, the Indian auto component industry grew by 13% during FY18, the Icra report said.
Passenger vehicle sales dip 2.71% in July, car declines marginally
Domestic passenger vehicle sales declined 2.71% to 2,90,960 units in July from 2,99,066 units in the same month previous year. Domestic car sales also declined marginally to 1,91,979 units compared to 1,92,845 in July 2017, according to data released by the Society of Indian Automobile Manufacturers (SIAM). Motorcycle sales last month, however, rose 9.67% to 11,50,995 units as against 10,49,478 units a year earlier. Total two-wheeler sales in July rose 8.17% to 18,17,077 units compared to 16,79,876 units in the year-ago month. Sales of commercial vehicles were up 29.65% to 76,497 units in July, SIAM said.
Realty sector gets `240 bn investment in H1 on improving capital values
The real estate sector received an investment of around `240.11 billion in the �rst half of 2018 due to rise in buyers con�dence on Rera implementation and improving capital values, a report said. IT parks and commercial real estate got the biggest investment share of $ 2,000 million or around `131.51 billion, followed by retail real estate at around $ 300 million or `18.98 billion, the joint report by industry body CII and property consultant JLL said. In the �rst half of 2018, total investments in the sector stood at $ 3,616 million or around `240.11 billion. The year 2017 witnessed some large deals between institutional investors and Indian companies, with private equity investments in real estate touching $ 44 billion, according to the report.
Aditya Birla Sun Life Dividend Yield Fund - GrowthAditya Birla Sun Life Equity Advantage Fund - GrAditya Birla Sun Life Equity Fund - GrAditya Birla Sun Life Focused Equity Fund - GrAditya Birla Sun Life Frontline Equity Fund - GrAditya Birla Sun Life Midcap Fund - GrAditya Birla Sun Life Pure Value Fund - GrAditya Birla Sun Life Small Cap Fund - GrAxis Bluechip Fund - GrAxis Focused 25 Fund - GrAxis MidCap Fund - GrBaroda Pioneer Large Cap Fund - GrBaroda Pioneer Mid-cap Fund - GrBaroda Pioneer Multi Cap Fund - Growth PlanBNP Paribas Large Cap Fund - GrBNP Paribas Midcap Fund - GrBNP Paribas Multi Cap Fund - GrBOI AXA Large & Mid Cap Equity Fund - Eco Plan GrCanara Robeco Bluechip Equity Fund - GrCanara Robeco Emerging Equities Fund - GrCanara Robeco Equity Diversified Fund - GrDHFL Pramerica Diversified Equity Fund - GrDHFL Pramerica Large Cap Fund - GrDHFL Pramerica Midcap Opportunities Fund - GrDSP BlackRock Equity Fund - Reg. Plan - DivDSP BlackRock Equity Opportunities Fund - GrDSP BlackRock Focus Fund - GrDSP BlackRock Midcap Fund - Reg GrDSP BlackRock Small Cap Fund - GrDSP BlackRock Top 100 Equity Fund GrEdelweiss Large & Mid Cap Fund - Regular GrEdelweiss Large Cap Fund - GrEdelweiss Mid Cap Fund - Regular GrEdelweiss Multi-Cap Fund - GrEssel Large Cap Equity Fund - GrFranklin India Bluechip Fund GrFranklin India Equity Advantage Fund - GrFranklin India Equity Fund - GrFranklin India Focused Equity Fund - GrFranklin India Prima Fund GrFranklin India Smaller Companies Fund - GrHDFC Capital Builder Value Fund - GrHDFC Equity Fund - DivHDFC Focused 30 Fund - GrHDFC Growth Opportunities Fund - GrHDFC Mid Cap Opportunities Fund - GrHDFC Small Cap Fund - GrHDFC Top 100 Fund - DivHSBC Large Cap Equity Fund - GrHSBC Multi Cap Equity Fund - GrHSBC Small Cap Equity Fund - GrICICI Prudential Bluechip Fund - GrICICI Prudential Dividend Yield Equity Fund - GrICICI Prudential Focused Equity Fund - Retail GrICICI Prudential Large & Mid Cap Fund - GrICICI Prudential MidCap Fund - GrICICI Prudential Multicap Fund - GrICICI Prudential Smallcap Fund - GrICICI Prudential Value Discovery Fund GrIDBI Diversified Equity Fund - GrIDBI India Top 100 Equity Fund - GrIDFC Core Equity Fund - Regular Plan - GrIDFC Focused Equity Fund - Regular Plan - GrIDFC Large Cap Fund - Regular Plan - GrIDFC Multi Cap Fund - Regular Plan - GrIDFC Sterling Value Fund - Regular GrIIFL Focused Equity Fund - GrIndiabulls Blue Chip Fund - GrInvesco India Contra Fund - GrInvesco India Growth Opportunities Fund - GrInvesco India Largecap Fund - GrInvesco India Midcap Fund - GrInvesco India Multicap Fund - GrJM Core 11 Fund - Series 1 - Growth OptionJM Large Cap Fund - Growth OptionJM Multicap Fund - Growth OptionJM Value Fund - Growth OptionKotak Bluechip Fund - GrKotak Emerging Equity Scheme - GrKotak Equity Opportunities Fund - GrKotak India EQ Contra Fund - GrKotak Smallcap Fund - GrKotak Standard Multicap Fund - GrL&T Emerging Businesses Fund - GrL&T Equity Fund - GrL&T India Large Cap Fund - GrL&T India Value Fund - GrL&T Large and Midcap Fund - GrL&T Midcap Fund - GrLIC MF Large & Mid Cap Fund - GrLIC MF Large Cap Fund - GrLIC MF Multi Cap Fund - Gr
SIP VALUE AS ON 31ST JULY 2018
Starting - August Month of
Years
Invested Amount :
Schemes (Diversified Equity)
2017
1
1,20,000
2015
3
3,60,000
2013
5
6,00,000
Investment Value e
2011
7
8,40,000
2008
10
12,00,000
2006
12
14,40,000
NEWS UPDATE
RBI hikes repo rate in back-to-back policies as it looks to tame in�ation
The Reserve Bank of India (RBI) increased its key repo rate by 25 basis points to a two-year high of 6.50%, in a move that is seen as an attempt to keep in�ation under check. This was the �rst time since October 2013 that the central bank hiked repo rate, the rate at which the RBI lends to commercial banks, at two consecutive policy meetings. In June, the repo rate was raised for the �rst time in over four years, by 25 basis points to 6.25%. The August move came after India's annual consumer in�ation hit 5 per cent in June, the eighth straight month it topped the RBI's medium-term 4% target.
Mfg sector activity eases in July amid softer increase in output: PMI
The country's manufacturing sector activity moderated in July amid softer increase in output, new orders and employment, says a monthly survey. The Nikkei India Manufacturing Purchasing Managers Index (PMI) stood at 52.3 in July, down from 53.1 in June. This is the 12th consecutive month that the manufacturing PMI remained above the 50-point mark. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction. Although modest, the latest improvement in the health of the manufacturing sector was the second-strongest after June.
Eight core sector growth jumps to 7-month high of 6.7% in June
Ahead of the RBI monetary policy review, the crucial eight-industry sector data has portrayed a positive picture on the growth front for June after subdued index of industrial production (IIP) numbers in May. Core sector growth rose to a seven-month high of 6.7% in June due to double-digit expansion in coal, cement and re�nery products. On the other hand, crude oil and natural gas continued to contract.
The headline �gure may give a boost to IIP growth, which fell to a seven-month low of 3.2% in May. Core sector has 40% weightage in IIP.
April-June �scal de�cit of `4.29 trillion at 68.75% of FY18-19 target
India reported a �scal de�cit of `4.29 trillion ($62.57 billion) for April-June, or 68.7% of the budgeted target for the current �scal year compared with 80.8% a year ago. Net tax receipts in the �rst quarter of 2018/19 �scal year that ends in March 2019 were `2.37 trillion, government data showed. India expects to trim the de�cit to 3.3% of GDP this �scal year, after meeting an upwardly revised �scal de�cit target of 3.5% of GDP in 2017/18.
GDP may moderate from 7.8% to 7.2% in second half of 2018: Nomura
The Indian economy is likely to have witnessed solid economic growth in the April-June quarter but leading indicators suggest a slowdown in the coming months, says a Nomura report. According to the global �nancial services major, India's economic recovery has peaked and growth rates are likely to get constrained in the second half of this year. India's gross domestic product (GDP) grew at the fastest pace in seven quarters at 7.7% in January-March quarter on robust performance by manufacturing and service sectors as well as good farm output.
Auto component industry likely to grow at 10-12% CAGR in long term
The auto component industry is likely to grow at 10-12% annually in the long term on rising rural income, higher disposable income and continued infrastructure activity, according to a report. We expect a long-term compounded annual growth rate (CAGR) of 10-12% for the industry (auto component). Operating margins for the industry are expected to be strong at 14% for FY19, said
Subrata Ray, senior group vice-president, corporate sector ratings, Icra. Riding strong volume growth across automotive segments, especially in the automotive original equipment (OE) manufacturers, the Indian auto component industry grew by 13% during FY18, the Icra report said.
Passenger vehicle sales dip 2.71% in July, car declines marginally
Domestic passenger vehicle sales declined 2.71% to 2,90,960 units in July from 2,99,066 units in the same month previous year. Domestic car sales also declined marginally to 1,91,979 units compared to 1,92,845 in July 2017, according to data released by the Society of Indian Automobile Manufacturers (SIAM). Motorcycle sales last month, however, rose 9.67% to 11,50,995 units as against 10,49,478 units a year earlier. Total two-wheeler sales in July rose 8.17% to 18,17,077 units compared to 16,79,876 units in the year-ago month. Sales of commercial vehicles were up 29.65% to 76,497 units in July, SIAM said.
Realty sector gets `240 bn investment in H1 on improving capital values
The real estate sector received an investment of around `240.11 billion in the �rst half of 2018 due to rise in buyers con�dence on Rera implementation and improving capital values, a report said. IT parks and commercial real estate got the biggest investment share of $ 2,000 million or around `131.51 billion, followed by retail real estate at around $ 300 million or `18.98 billion, the joint report by industry body CII and property consultant JLL said. In the �rst half of 2018, total investments in the sector stood at $ 3,616 million or around `240.11 billion. The year 2017 witnessed some large deals between institutional investors and Indian companies, with private equity investments in real estate touching $ 44 billion, according to the report.
DISCLAIMER: We have taken due care and caution in compilation of this booklet. The information has been obtained formvarious reliable sources. However it does not guarantee the accuracy, adequacy or completeness of any information and are not responsible for any errors or omissions of the results obtained from the use of such information. Investors shold seek proper financial advise regarding the appropriateness of investing in any of the schemes stated, discussed or recommended in this newsletter and should realise that thestatements regarding future prospects may or may not realise. Mutual fund investments are subject to market risks. Please read the offer document carefully before investing. Past performance is for indicative purpose only and is not necessarily a guide to the future performance.
1,21,6871,26,5241,26,7431,23,3221,23,1341,25,2501,22,5001,26,5901,21,5021,21,4641,18,5281,25,5221,20,8631,17,1521,22,1191,12,4901,24,6561,15,9561,26,3021,21,8471,28,2521,12,9971,23,9121,16,5701,27,8651,16,2491,30,3601,07,0351,24,5021,20,9101,25,6491,15,8441,24,2491,23,0001,22,7561,22,7051,19,8161,26,7901,15,2451,20,9661,26,2681,34,7971,28,9641,18,3891,28,5181,22,9921,36,8381,07,035
137
1,26,3021,32,4471,19,8361,21,1441,23,5441,29,3141,22,8141,23,1991,23,5601,19,8471,20,3801,28,6521,22,6931,21,4791,30,2151,26,4471,24,2931,23,2931,24,7481,25,1551,24,0081,21,4261,10,7561,20,1011,20,1641,22,0281,29,9001,25,1601,24,3051,23,6971,32,4471,10,756
291,31,0261,33,749
4,67,8874,66,4944,49,9554,18,6634,64,8174,74,8524,71,7824,45,9224,62,3324,40,4834,32,6874,52,8544,21,8184,70,8034,42,0583,98,1394,36,6014,10,4374,59,8334,33,0664,39,2623,88,0584,49,4054,78,3534,68,9204,28,1004,67,8583,94,8834,81,2464,18,2554,34,1754,15,3934,64,9954,10,9464,26,0234,47,5424,39,1124,33,7964,05,9234,25,4274,44,8964,69,9754,48,7284,22,1514,43,8204,43,9005,11,0043,88,058
137
4,64,9994,75,0514,23,4074,21,7814,70,6874,51,7184,45,4914,32,5024,27,6674,31,1244,38,1464,42,3134,29,1764,61,9444,68,7854,67,8774,40,3694,60,7444,44,234
NA4,80,3954,61,2733,97,9044,14,7364,31,7364,47,4664,77,9234,20,4804,35,6844,45,2004,80,3953,97,904
284,58,4134,66,278
10,79,3589,41,1968,83,834
NANA
9,16,77210,40,8548,50,8099,27,1379,47,3918,77,5458,90,8468,17,28211,17,8898,86,1747,80,9328,73,7727,95,4209,38,0098,76,1138,44,1538,52,1079,33,91311,65,8639,39,3679,48,5798,64,4718,98,41310,11,3038,22,2858,18,2178,91,6339,78,3647,66,0547,96,1278,58,6528,67,3587,85,222
NA8,13,1048,31,5829,04,5198,52,7059,24,9408,16,7408,93,11011,65,8637,27,047
126
9,61,6739,75,4528,10,5538,29,1999,16,1888,55,6779,07,1358,41,2998,58,0118,30,3348,65,9068,67,999
NA9,26,1129,46,3469,31,0328,83,5009,18,4688,53,744
NANA
9,24,4898,17,7208,05,1108,52,8399,19,4009,13,4757,73,2808,36,0358,77,7309,75,4527,73,280
268,35,3048,39,561
20,93,50516,52,809
NANANA
14,87,63319,66,61814,15,43416,31,86417,16,11214,89,00815,23,08714,02,06621,96,20214,98,14212,93,35215,24,06312,99,61016,05,67815,30,22014,01,87716,35,83916,34,16422,97,18415,58,27217,34,60813,83,91116,41,02217,65,63414,07,67013,49,12016,32,91517,42,10212,19,19412,96,36714,28,90714,39,80312,67,379
NA13,45,47813,23,77615,30,12314,05,88717,49,56113,34,17115,46,49222,97,18410,74,395
121
17,03,21217,95,87913,50,41814,40,38415,48,77814,19,57415,95,29014,28,19514,83,21113,94,99614,89,61215,10,863
NA16,28,52016,52,00315,87,12714,64,10715,53,71314,26,824
NANA
16,30,28414,61,26713,74,86714,21,69815,92,77714,82,656
NA13,84,34215,12,82417,95,87913,50,418
2513,39,94313,44,903
NA32,36,067
NANANA
26,06,392NA
25,25,50628,52,89231,92,36226,33,82327,04,16628,10,706
NA26,76,87622,04,83227,30,91721,37,54734,38,22127,40,14925,02,26431,60,60828,18,513
NA26,35,07334,33,13022,57,38329,98,13132,45,32925,26,81023,80,42530,96,99630,86,26620,04,68422,76,80525,91,58625,27,535
NANA
23,33,03523,32,03528,23,45024,55,97734,90,44624,69,54528,13,31444,00,91419,19,223
103
30,35,598NA
22,77,62526,58,440
NA26,26,09329,29,971
NA28,00,96925,40,66326,84,08328,92,660
NANA
31,29,87725,86,84725,33,24128,56,53923,95,007
NANA
28,52,43527,90,82224,33,46124,16,42129,17,44425,76,206
NA23,79,71426,81,62431,29,87722,77,625
2122,52,09022,55,377
NANANANANA
33,72,481NA
33,40,63335,19,839
NA35,25,867
NA38,14,399
NA36,77,95928,53,56735,11,81127,38,22844,70,80636,06,94133,01,42239,23,69835,34,501
NANA
46,51,41328,96,72740,50,21344,20,75332,52,69431,53,51240,28,07337,05,61824,74,17928,88,94834,60,48933,92,034
NANA
29,81,08632,12,19938,22,79032,31,22546,34,28934,12,05835,53,62357,67,26624,13,492
80
38,96,785NA
28,69,94133,15,765
NA36,37,437
NANA
37,85,33033,76,122
NA38,45,846
NANANANA
32,04,17938,62,70029,81,202
NANA
35,27,87337,27,46331,49,63631,83,81837,95,05635,20,934
NA30,26,84334,53,34938,96,78528,69,941
1728,86,51528,71,356
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