CitiChoice

Snapshot : April to June 2016

Suitable for Investor Rating 4 and above

Dear Customer,
Investors risk-sentiment needle, which had shifted towards the risk-off mode at the beginning of the year,
seems to have swung towards a seemingly risk-friendlier zone over the last month or so. Global markets had
taken a sharp nosedive through most of January 2016, as fears of deflation and economic slowdown ripped
through the markets. Oil prices were at a recent new low, Chinese Yuan witnessed heavy selling pressures,
many commodity prices saw a steep fall and the US Dollar and Gold appreciated. The ferocity of market fall
was such that it caught almost everyone unawares.
Just as things seemed dreary for markets, monetary easing statements by Bank of Japan (BoJ) and European
Central Bank (ECB)lifted market sentiments. Oil prices too began to see a sustained rise from sub-$30/bbl
fuelled by hopes of supply restrictions from both OPEC and non-OPEC producers. Peoples Bank of China
(PBoC) limited the fall of Yuan by reducing its forex reserves. Since the New Year break in February, stability
in Chinese markets and in the US dollar, have eased the strain on Yuan. More dovish Fed likely helped
propel equities higher. Domestically, an on-track fiscal budget for FY17 and announcements for debt-ridden
domestic steel sector added to market up-move.
A quick glance at some key data points published in 1QCY2016 indicates towards continued stability in Indias
economy. After three months of contraction, Index of Industrial Production (IIP) expanded by 2% YoY in Feb led
by a healthy growth in electricity production and mining output, though manufacturing remained lackluster.
Inflation data continued to surprise on the downside with March CPI coming at 4.8% YoY, a six-month low. India
received the highest ever annual FDI inflows in 2015 gross FDI inflows were up 31% and net inflows were up
60% as out bound FDI declined 37%YoY. Indias Q3 FY16 current account deficit (CAD) moderated to 1.3% of
GDP from 1.7% of GDP in Q2FY16as lower oil prices brought down the trade deficit.
Following the lackluster winter session of parliament last year, the reforms agenda made a come-back in the
1st half of budget session. While both houses of parliament passed the Real estate regulator bill and the
National waterways bill, the Aadhaar bill was passed by Lower house. This has provided a renewed glimmer of
hope for passage of impending GST Bill and Bankruptcy Code.
RBI eased the policy rates by 25bps in the April meet and maintained an accommodative stance. Importantly,
it ushered in an era of liquidity neutral stance in the banking space (from liquidity deficit earlier). This move
could have raised the chances of a more efficient transmission of rates through the system.
As we begin our journey through the 2QCY2016, market participants seem to have made peace with vagaries
of global economies, for now. While these factors could possibly give short-term jitters to Indian markets, the
key levers that could influence markets over rest of the year (and perhaps beyond) would be strong revival in
corporate earnings growth, governments persistence to push key reforms (GST bill), good monsoons and
revival in capital expenditure by corporates.
We are delighted to bring you our latest issue of CitiChoice. This issue includes an update on the markets
along with the list of equity and fixed-income schemes that have been shortlisted using various qualitative
and quantitative parameters.
We would like to thank you for continuing to place your trust in us and look forward to your continued
patronage.
Sincerely,

INVESTMENT PRODUCTS: NO BANK GUARANTEE: NOT GOVERNMENT INSURED: SUBJECT TO MARKET RISK: POSSIBLE LOSS OF PRINCIPAL: PLEASE READ THE OFFER DOCUMENT(S) BEFORE INVESTING.

INDIA MARKET UPDATE

INDIA

MARKET RETURNS (31-Dec-15 to 31-Mar-16)

Citi Economists maintained their growth estimates of 7.5% in FY16. March CPI decelerated to
4.83%YoY vs a revised 5.26% print last month, due to lower food prices. Following the lackluster
monsoon and winter session of parliament last year, the reforms agenda made a come-back in the first
half of budget session. Considering the technical spike from implementation of 7th pay commission

Mid Cap
Small Cap

-4.7%
-10.9%

proposals, inflation could briefly breach the upper end of RBIs 4% +/- 2% range in the near term.
Hence a cautious stance may still be warranted. There could be guided depreciation on the currency to

-2.8%

Auto

prevent REER overvaluation. Expect INR to depreciate towards 69 over 6-12 months. 2016 could be a
year of consolidating a cyclical recovery in a challenging global environment. India is likely to remain

Banks

-4.8%

Cons Dur

-4.3%

an attractive destination for investors given its relative macro out performance.
The budget should have a moderate market impact: overriding global backdrop, constrained budget
options & a lot being done outside the budget (Make in India, distribution, start-up/digital India

Cap Goods

-9.0%

etc.).That said a controlled fisc, continued reform direction, some growth impetus, breaking the
parliament logjam (GST, Land-Bill, Bankruptcy code) should be enough to bias the equity market up.

FMCG

-2.3%

Citi analysts are positive on the markets, however, have cut their year-end Sensex target to 27,000
(32,200 earlier), given earnings cut and revising the multiple to 15.5x (from 16x, in-line with long term

Healthcare

-10.4%

average) 1yr forward. O/W Financials, Energy, Pharma, Autos, Cement and Utilities. U/W Telecom,

3.0%

Tech

Consumer Staples & Metals. Neutral on Industrials and IT.

(Source: Citi Investment Strategy Group)

1.9%

Metal

MARKET DATA & ABSOLUTE RETURNS (31-Dec-15 to 31-Mar-16)

31-Dec-15

31-Mar-16

Crisil Stbex
Crisil MiPex

USDINR Rate

66.15

66.24

10-Yr G-Sec

7.76%

7.46%

1-Yr Bank CD

7.70%

8.00%

3-Month T-Bill

7.15%

7.12%

2.2%
1.8%

I-Sec Gilt
Crisil Liquifex

2.8%

Power
Realty
Sensex

-9.3%
-8.6%
-3.0%

2.0%

Crisil Compbex
Crisil Balancex

-4.1%

Oil&Gas

2.5%

(Source: Bloomberg)

-0.8%

(Source: CRISIL Fund Analyzer, Bloomberg)

INVESTMENT PRODUCTS: NO BANK GUARANTEE: NOT GOVERNMENT INSURED: SUBJECT TO MARKET RISK: POSSIBLE LOSS OF PRINCIPAL: PLEASE READ THE OFFER DOCUMENT(S) BEFORE INVESTING.

GLOBAL MARKET UPDATE

UNITED STATES

SNAPSHOT

Despite the additional drag created by heightened market-induced uncertainty, US economic activity

Actualized Returns
Jan-2016 - Mar-2016 (%)

continues to expand at a moderate pace. Strong job gains continue to produce income growth that
supports spending. That said, the recent jump in consumer prices likely does not represent a

Dow Jones

sustainable rebound in inflation. Along with recent FOMCs dovishness, Citi analysts have lowered our

S&P 500

2.34%

projected number of rate increases this year to possibly one in September or even as late as December.

NASDAQ

-0.68%

Brazil Bovespa

18.78%

Looking at equities, S&P 500 companies will start reporting 1Q16 numbers soon. Earnings revision

3.13%

momentum suggests that beaten up areas like Materials and Financials could get a further bounce. It
appears as if Banks, Diversified Financials, Materials and Pharma & Biotech as well as Tech Equipment

(Source: Bloomberg)

& Hardware could see some positive surprises given their poor expectations.

EURO AREA

SNAPSHOT

Despite an agreement on dealing with the refugee crisis at the EU summit in mid-March, we doubt that

Actualized Returns
Jan-2016 - Mar-2016 (%)

the issue has been resolved. Implementation of the deal may be slow, with significant risks unravelling.
The ECB also announced a comprehensive package of measures at its March 10 meeting. We expect

FTSE 100

that the transmission of this monetary easing could add between 0.3-0.4% to the level of GDP, and

CAC 40

-3.04%

between 0.1-0.2pp to the price level, by 2018. However, we doubt that it will be enough to achieve the

DAX

-3.09%

inflation target, hence requiring additional monetary policy support, probably as early as the

1.34%

(Source: Bloomberg)

September 8 meeting. Nevertheless, Citi analysts think the ECBs latest policy actions are likely to
under-pin a more positive period for risk assets, including equities. We raise our end-2016 Stoxx target
from 360 to 380 (end-16E & end-17E P/E of 17.1x& 14.9x, end-16E & end-17E DY of 3.4% & 3.7%).

(Source: Citi Investment Strategy Group)

INVESTMENT PRODUCTS: NO BANK GUARANTEE: NOT GOVERNMENT INSURED: SUBJECT TO MARKET RISK: POSSIBLE LOSS OF PRINCIPAL: PLEASE READ THE OFFER DOCUMENT(S) BEFORE INVESTING.

GLOBAL MARKET UPDATE

JAPAN

SNAPSHOT

Citi analysts continue to expect the Bank of Japan (BoJ) may implement additional easing in the form

Actualized Returns
Jan-2016 - Mar-2016 (%)

of further reduction in policy rates (from -0.1% currently to -0.3%) in July this year. Some market
participants expect that prospective downward revisions to the BoJs inflation projections will push
the BoJ to ease policy at its April meeting but we believe that the hurdles for action in April are high.

Nikkei

-9.17%

(Source: Bloomberg)

Most notably, the impact of the negative interest rate policy (NIRP) is uncertain and it will likely take
more time/data for the BoJ to get a stronger handle on this. At the sector level, we think NIRP is likely to
prove negative for banks and insurers and positive for electric power & gas, real estate, J-REITs,
transportation, and basic materials, among others.

EMERGING MARKETS

SNAPSHOT

Only the GFC and 2001 results seasons were worse; encouragingly, both subsequent results seasons

Actualized Returns
Jan-2016 - Mar-2016 (%)

were less disappointing. This time around, the biggest percentage of FY15misses has come from
LatAm; Mexico was a large contributor to the disappointment, Brazil did better. Asia earnings also
disappointed, but to a lesser extent, with Korea and India having the most misses. EMEA was the only
region to surprise positively. Only Taiwan has earnings that are above its post-2000 trend. For Asia
overall, earnings are 30% below trend, and they are 63% below trend in EMEA and 68% below in
LatAm (all in US$ terms). By sector, utilities and tech outperformed even the defensives of telecoms,

Hang Seng

-2.58%

Strait Times

-0.17%

Shanghai Composite

8.87%

(Source: Bloomberg)

cons staples and healthcare. Materials and energy are furthest from trend. As 2016 progresses, Citi
analysts believe that the base of EPS comparison will become easier.

(Source: Citi Investment Strategy Group)

INVESTMENT PRODUCTS: NO BANK GUARANTEE: NOT GOVERNMENT INSURED: SUBJECT TO MARKET RISK: POSSIBLE LOSS OF PRINCIPAL: PLEASE READ THE OFFER DOCUMENT(S) BEFORE INVESTING.

Scheme Name/Index Name

Inception Date

Suitable for
Mar 31, 2015 Mar 31, 2014 Mar 31, 2013
NAV as on
AUM (Crs)
Minimum
to
to
to
Mar 31, 2016
as on
Investor
Mar 31, 2016 Mar 31, 2015 Mar 31, 2014
(`)
Mar 31, 2016
Rating (IR)
(Absolute)
(Absolute)
(Absolute)

Since Inception

Volatility Measures (3 Years)

CAGR

Current Value
of ` 10,000

Std
Deviation

Beta

Sharpe
Ratio

153,470

18.89%

0.95

0.85

Large Cap Funds

Birla Sun Life Frontline Equity Fund

23-Sep-02

10,050.93

155.45

-5.06%

40.94%

22.71%

22.21%

SBI Blue Chip Fund

14-Feb-06

4,100.07

27.92

-1.60%

48.30%

18.49%

10.51%

27,596

17.84%

0.86

1.06

Franklin India Prima Plus

29-Sep-94

6,388.43

432.23

-2.25%

53.17%

21.45%

19.03%

426,303

16.97%

0.83

1.25

DSP BlackRock Opportunities Fund

16-May-00

770.03

145.02

-2.69%

47.45%

20.44%

18.20%

142,985

20.09%

0.98

0.93

-8.86%

26.65%

17.98%

Nifty 50

19.96%

0.34

Midcap Funds
Franklin India Prima Fund
HDFC Mid-Cap Opportunities Fund
Mirae Emerging Bluechip Fund

1-Dec-93

3,592.52

650.73

-1.78%

68.51%

28.81%

20.52%

650,233

17.34%

0.80

1.66

25-Jun-07

9,941.07

36.25

-1.36%

63.36%

30.52%

15.73%

36,135

18.04%

0.77

1.57

9-Jul-10

1,198.65

29.77

1.80%

70.38%

35.34%

20.78%

29,633

19.00%

0.81

1.77

-1.91%

50.96%

16.36%

-4.77%

66.02%

28.35%

22.56%

107,030

18.50%

0.88

1.43

Nifty Free Float Midcap 100

22.26%

0.82

Diversified Funds
ICICI Prudential Value Discovery Fund

16-Apr-04

L&T India Value Fund

8-Jan-10

Mirae Asset India Opportunities Fund

4-Apr-08
29-Mar-05

Reliance Equity Opportunities Fund

10,560.84

108.79

922.69

23.92

0.98%

70.68%

20.09%

14.77%

23,656

21.38%

1.01

1.29

1,489.33

31.09

-4.14%

46.99%

25.90%

14.90%

30,451

19.32%

0.97

1.03

10,328.93

66.41

-12.03%

51.43%

21.08%

18.56%

65,478

18.98%

0.87

0.81

-7.54%

33.56%

17.72%

-1.64%

43.04%

18.29%

20.81%

Nifty 500

19.67%

0.51

Balance Funds
Birla Sun Life Balanced 95 Fund

27-Mar-95

2,341.69

ICICI Prudential Balanced Advantage Fund

30-Dec-06

10,515.06

25.64

1.10%

26.61%

20.59%

10.57%

1-Feb-94

7,677.63

393.51

-6.05%

41.84%

19.20%

17.97%

-2.90%

22.53%

13.38%

HDFC Prudence Fund

Crisil Balanced Fund Index
Source: CRISIL Limited

552.35

547,830

14.43%

1.00

1.17

25,400

11.47%

0.79

1.15

391,925

17.69%

1.16

0.82

13.58%

0.48

CITICHOICE SCHEMES

Scheme Name/Index Name

Inception Date

Suitable for
Mar 31, 2015 Mar 31, 2014 Mar 31, 2013
NAV as on
AUM (Crs)
Minimum
to
to
to
Mar 31, 2016
as on
Investor
Mar 31, 2016 Mar 31, 2015 Mar 31, 2014
(`)
Mar 31, 2016
Rating (IR)
(Absolute)
(Absolute)
(Absolute)

Since Inception
CAGR

Current Value
of ` 10,000

Volatility Measures (3 Years)

Std
Deviation

Beta

Sharpe
Ratio

ELSS Funds
Birla Sun Life Tax Relief 96

29-Mar-96

1,908.73

20.96

-3.54%

58.61%

24.55%

9.37%

20,650

18.45%

0.90

1.28

DSP BlackRock Tax Saver Fund

18-Jan-07

1,056.13

31.36

-2.65%

50.32%

22.66%

13.05%

31,009

19.23%

0.94

1.06

-8.86%

26.65%

17.98%

-10.08%

49.61%

11.17%

-11.34%

42.89%

12.15%

Nifty 50

19.96%

0.34

Thematic Funds
Reliance Banking Fund

28-May-03

1,867.58

158.04

Nifty Bank

23.59%

152,836

28.23%

0.89

30.77%

0.40
0.29

Source: CRISIL Limited

3 yr Risk Free Rate: 8.28%
1 yr Risk Free Rate: 7.43%
All details as on 31st March 2016
All Rights Reserved. Citibank, N.A.
*Notes:Risk Free Rate is the average of 91-day T-Bill for 1 year & 3 years.
Annualized Returns are point-to point returns calculated on a compounded annualised growth rate basis.
DRP measures the probability of the investment getting lower returns that short tenor risk free securities. DRP is the count of the number of times the fund's daily return falls below the risk free rate over the period of the analysis.
Portfolio beta is a measure of volatility of a portfolio vis-a-vis the respective benchmark. It is calculated as covariance(scheme,benchmark)/variance(scheme)
Volatility (Standard Deviation) is measured using daily rolling returns over the period of analysis
Sharpe Ratio is calculated as difference between returns and risk free rate divided by standard deviation of returns.

Disclaimer - CRISIL Research, a Division of CRISIL Limited has taken due care and caution in preparing this Report. Information has been obtained by CRISIL from sources which it considers reliable. However, CRISIL does not guarantee the
accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. CRISIL is not liable for investment decisions which may be based on the
views expressed in this Report. CRISIL especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this Report. CRISIL Research operates independently of, and does not have access to
information obtained by CRISILs Ratings Division, which may, in its regular operations, obtain information of a confidential nature which is not available to CRISIL Research. No part of this Report may be published / reproduced in any form
without CRISILs prior written approval.

Scheme Name/Index Name

Inception Date

Suitable for
Mar 31, 2015 Mar 31, 2014 Mar 31, 2013
NAV as on
AUM (Crs)
Minimum
to
to
to
Mar 31, 2016
as on
Investor
Mar 31, 2016 Mar 31, 2015 Mar 31, 2014
(`)
Mar 31, 2016
Rating (IR)
(Absolute)
(Absolute)
(Absolute)

Since Inception
CAGR

Current Value
of ` 10,000

Volatility Measures (1 Year)

Std
Deviation

Beta/DRP

Sharpe
Ratio

Gilt Funds
HDFC Gilt Fund - Long Term Plan
ICICI Prudential Long Term Gilt Fund

25-Jul-01

2,879.68

30.25

6.37%

19.59%

1.58%

7.86%

30,447

4.51%

0.51

0.43

19-Aug-99

1,518.61

50.11

6.00%

18.68%

0.55%

10.24%

50,702

5.07%

0.53

0.27

7.39%

16.98%

1.13%

CRISIL GILT INDEX

3.88%

0.87

Income Funds
IDFC Super Saver Income Fund - Investment Plan

14-Jul-00

2,248.02

35.85

4.91%

15.95%

3.67%

8.48%

36,024

3.82%

0.54

-0.05

UTI Bond Fund

4-May-98

2,679.85

44.02

5.02%

16.41%

2.75%

8.67%

43,656

3.48%

0.49

0.00

8.24%

14.59%

4.34%

8.93%

15,274

2.29%

Crisil Composite Bond Fund Index

1.99

Dynamic Bond funds

Birla Sun Life Dynamic Bond Fund
Axis Dynamic bond Fund

30-Sep-04

14,963.78

26.34

7.77%

15.21%

6.94%

8.84%

26,580

3.73%

0.49

1.05

27-Apr-11

314.08

15.23

6.84%

14.25%

4.57%

9.04%

15,346

3.30%

0.50

0.79

8.24%

14.59%

4.34%

11.56%

6.51%

8.26%

16,752

1.00%

0.36

5.40

7.22%

24,598

1.06%

0.37

5.76

Crisil Composite Bond Fund Index

2.29%

1.99

Corporate Bond Funds / Credit Funds

L&T Income Opportunities Fund
DSP BlackRock Income Opportunities Fund

8-Oct-09

1,227.67

16.67

8.84%

12-May-03

2,292.50

24.48

9.33%

11.10%

8.61%

8.47%

10.33%

8.79%

Crisil Short Term Bond Fund Index

0.90%

5.40

Short-Term Funds
Birla Sun Life Short Term Opportunities Fund

9-May-03

3,391.23

24.80

8.40%

11.30%

10.18%

7.32%

24,931

1.57%

0.40

3.04

IDFC Super Saver Income Fund - Medium Term Plan

8-Jul-03

3,684.76

25.34

7.56%

10.86%

5.86%

7.60%

25,456

1.42%

0.44

2.54

8.47%

10.33%

8.79%

Crisil Short Term Bond Fund Index

0.90%

5.40

Ultra Short Term Funds

Birla Sun Life Savings Fund

3-Dec-01

11,854.56

29.29

8.84%

9.42%

10.00%

7.75%

26,365

0.58%

0.31

9.25

ICICI Prudential Flexible Income Plan

4-Oct-02

14,921.73

28.62

8.79%

9.32%

9.93%

8.10%

28,707

0.61%

0.27

8.80

21-Mar-07

11,868.85

2,074.86

8.42%

8.87%

9.68%

8.42%

20,795

0.56%

0.34

8.06%

8.98%

9.46%

Reliance Money Manager Fund

Crisil Liquid Fund Index

8.62
10.05

0.43%

Liquid Funds
Birla Sun Life Cash Plus

15-Apr-03

23,978.22

24.28

8.24%

8.98%

9.52%

7.67%

24,341

0.08%

0.23

5.74

HDFC Liquid Fund

17-Oct-00

30,794.96

29.85

8.23%

8.95%

9.53%

7.33%

29,918

0.07%

0.22

6.56

ICICI Prudential Liquid Plan

19-Jun-98

25,900.54

22.39

8.22%

8.98%

9.43%

8.08%

22,440

0.07%

0.23

6.25

8.06%

8.98%

9.46%

Crisil Liquid Fund Index

Source: CRISIL Limited

0.16%

1.90

CITICHOICE SCHEMES

Equity - CitiChoice Schemes

Inception Date

Suitable for
Mar 31, 2015 Mar 31, 2014 Mar 31, 2013
NAV as on
AUM (Crs)
Minimum
to
to
to
Mar 31, 2016
as on
Investor
Mar 31, 2016 Mar 31, 2015 Mar 31, 2014
(`)
Mar 31, 2016
Rating (IR)
(Absolute)
(Absolute)
(Absolute)

Since Inception
CAGR

Current Value
of ` 10,000

Volatility Measures (3 Years)

Std
Deviation

Beta

Sharpe
Ratio

MIP Funds
Reliance Monthly Income Plan

13-Jan-04

2,515.77

34.43

2.87%

23.19%

8.07%

10.62%

34,412

6.31%

1.01

1.17

HDFC Monthly Income Plan - LTP

26-Dec-03

3,602.09

35.44

2.46%

21.49%

8.57%

10.85%

35,485

7.44%

1.13

0.90

5.67%

16.45%

6.47%

Crisil MIP Blended Fund Index

5.82%

0.88

Source: CRISIL Limited

3 yr Risk Free Rate: 8.28%

Disclaimer - CRISIL Research, a Division of CRISIL Limited has taken due care and caution in preparing this Report. Information has been obtained by CRISIL from sources which it considers reliable. However, CRISIL does not guarantee the
accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. CRISIL is not liable for investment decisions which may be based on the
views expressed in this Report. CRISIL especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this Report. CRISIL Research operates independently of, and does not have access to
information obtained by CRISILs Ratings Division, which may, in its regular operations, obtain information of a confidential nature which is not available to CRISIL Research. No part of this Report may be published / reproduced in any form
without CRISILs prior written approval.

INDIA MODEL PORTFOLIOS

Asset Class Mix:

Asset Class/Sub-Asset Class

Equity

IP4 Allocation
80.0%

Large Cap

34.0%

Mid Cap

34.0%

Global Equities

1 2 .0%

Fixed Income

20.0%

Long Term Debt

4.0%

Short Term Debt

1 3 .0%

Liquid Funds

3.0%

Alternates

0.0%

Gold

0.0%

a. Model Portfolios are subject to change by Citibank.

b. Allocation to cash is a function of individual needs.
c. In order to keep the portfolios well-positioned for changing macroeconomic and market environment, the Asset Allocation in the Model Portfolios are reviewed
periodically basis Citis research views.

Disclaimer: Citibanks Model Portfolio is not a program or offering, but is a diversification tool that is meant for your reference purposes only and not to be construed as any
advice. Model Portfolios are: (i) not binding on part of the customer; (ii) not monitored by Citibank with respect to customer individual investment holdings; and (iii) not
personalized to the specific needs of an individual customer.

INVESTMENT PRODUCTS: NO BANK GUARANTEE: NOT GOVERNMENT INSURED: SUBJECT TO MARKET RISK: POSSIBLE LOSS OF PRINCIPAL: PLEASE READ THE OFFER DOCUMENT(S) BEFORE INVESTING.

Generic Disclaimers:
Citibank N.A. provides investment services as a distributor of third party Investment Products (shortly referred as investment products). Citibank N.A. does NOT provide investment advisory services in any manner or form.
Investment products do not pertain to Citibank and are not bank deposits or obligations of or guaranteed by Citibank, N.A. Citigroup, Inc or any of its affiliates or subsidiaries. Investment products are not insured by any
governmental agency and are subject to investment risks, including the possible loss of the principal amount invested. Past performance is not indicative of future results, prices/invested sum is subject to market risks which
may result in appreciation or depreciation. The ownership of any investment decision(s) shall exclusively vest with the Investor after analyzing all possible risk factors and by exercise of his/her/its independent discretion
and Citibank N.A shall not be liable or held liable for any consequences thereof.
Investment products are not available to US persons, Residents of Canada and may not be available in all jurisdictions. By making any investment, you confirm your deemed acceptance to the conditions mentioned herein.
Citibank N.A. may discuss with you (customer/investor) about investment products (shortly referred as investment products) which are in line with your investor rating as maintained with us. Investment products are
referred/distributed by Citibank N.A. on a non -discretionary and non participation basis. Such discussion would be a service without any consideration by Citibank to the Investor and the final investment decision shall at all
times exclusively remain with the investor.
Investor investing in funds denominated in non-local currency should be aware of the risk of exchange rate fluctuations that may cause a loss of principal. This document does not constitute the distribution of any information
or the making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a document or make such an offer or
solicitation. Please read the Key Information Memorandum(s)/Scheme Investment Document(s) & Statement of Additional Information/Term Sheet/Prospectus carefully before investing and no claim whatsoever shall be
made against Citibank N.A. any of its affiliates or subsidiaries and / or employees claiming any influence/recommendation/responsibility/liability for your decision to invest in any investment product.
Investor should ensure to understand, accept the identities of different parties and the roles that they play in relation to the various Investment Product(s). Investor acknowledges that, there may be various actual or potential
conflicts of interest between Citibank N.A. India, Citigroup Capital Markets Ltd., Citigroup Inc. or their affiliates or subsidiaries (collectively Connected Persons) and that of an investor itself, as a result of the various
investment and/or commercial businesses and/or activities of the Connected Persons. You are deemed to accept, on purchasing/ subscribing / investing to a particular Investment Product(s), that any such conflict may exist
and may be prejudicial to an investment in the Investment Product(s).
Portfolio diversification is an important tool to consider while making investment decisions. Concentrated positions may entail greater risks than a diversified portfolio. Certain factors that affect the assessment of whether
your overall investment portfolio is sufficiently diversified may not be evident from a review that only includes your Citibank account(s). It is therefore important that you carefully review your entire investment portfolio to
ensure that it meets your investment goals and is well within your risk tolerance level, including your objectives for asset and issuer diversification. To discuss asset allocation and potential strategies please contact your
Relationship Manager or visit the nearest branch.
Citigroup, Inc., its affiliates, and its employees are not in the business of providing tax or legal advice to any taxpayer outside of Citigroup, Inc. and its affiliates. This email/brochure/letter/communication and any attachments
are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties. Any such investor/taxpayer should seek advice based on the taxpayer's particular
circumstances from an independent tax advisor. By making any investment, you confirm your deemed acceptance to the conditions mentioned herein.
Citibank N.A. provides no independent research or analysis in the substance or preparation of this report. The information in this report has been obtained from reports issued by Citigroup Global Markets and Citigroup
Investment Research. Such information is based upon sources Citigroup Global Markets (CGM) / Citigroup Investment Research (CIR) believe to be reliable. CGM and / or Citibank N.A., however, do not guarantee its accuracy
and it may be incomplete or condensed. All opinions and estimates constitute CGM's view as of the date of report and are subject to change without notice. This report / presentation is provided for general information only
and nothing contained in the material constitutes a recommendation for the purchase or sale of any security and/or currency. As a prerequisite condition for arriving at a decision to invest, any investor considering an
investment should seek independent advice on the suitability or otherwise of the particular investment.
Data and research provided by CRISIL. This performance analysis is based on the framework and methodology developed by CRISIL for Citibank. It is presumed that, CRISIL has taken due care and caution in compilation of
data. Information has been obtained by CRISIL from sources it considers reliable. However, CRISIL does not guarantee the accuracy, adequacy or completeness of the information and is not responsible for any errors or
omissions or for the results obtained from the use of such information. CRISIL is not responsible for any errors in data reproduction. CRISIL especially states that it has no financial liability whatsoever to the subscribers/
users/ transmitters/ distributors of this analysis.
Model Portfolio Disclaimers:
Citibanks Model Portfolio is not a program or offering, but is a diversification tool that is meant for reference purposes only and not to be construed as any advice. Model Portfolios are: (i) not binding on part of the customer; (ii)
not monitored by Citibank with respect to customer individual investment holdings; and (iii) not personalized to the specific needs of an individual customer.
Citibanks Model Portfolios are not available to US Persons and may not be available in all jurisdictions. This brochure / presentation / document is for information only and does not constitute an advice, invitation or offer to
acquire, purchase or subscribe for any securities, investment or service, or to attract any funds or deposits. The information contained in this [brochure / presentation / document] does not constitute an offer for sale in any
jurisdiction in which such offer is or may be prohibited, restricted or subject to any requirement for filing, authorisation, licence or consent. While Citibank has taken reasonable care to ensure that the information in this
brochure / presentation / document] is accurate at the date of this brochure / presentation / document, Citibank accepts no liability for the accuracy or completeness or use or reliance of, nor any liability to update, the
information contained in this brochure / presentation / document. In particular, actual results and developments may be materially different from any forecast, forward-looking statement, opinion or expectation expressed in
this brochure /presentation / document.
You acknowledge and agree that the Model Portfolio(s) referred to in this brochure / presentation / document are merely generic references to illustrations of recommended asset allocations based on your risk profile and
investment objectives and that such Model Portfolio(s) are not personalised to your specific investment needs. The Model Portfolio(s) are arrived at and are provided to you without having regard to any underlying
portfolio of investments which you may have or hold. You further acknowledge and agree that these Model Portfolio(s) are provided as at a specific point in time and will not be actively monitored by [Citibank] with respect to
your individual investment holdings and that [Citibank] does not undertake to, and is not obliged to, undertake a review, advice, manage or monitor your investment holdings or to track your investment holdings against any
Model Portfolio. You also acknowledge and agree that no investment advisory or fund management services are being provided to you by virtue of the Model Portfolio(s) and that you will be solely responsible for your own
decisions on investments and you will not rely on Citibank or any of its agents, officers or employees in any way in relation to such investments and/or the asset allocation of your investments.
This product/service is offered by branches of Citibank N.A. in India. 2016 Citigroup Inc. Citi and Arc Design and Citigold are registered service marks of Citigroup Inc. or its affiliates used and registered throughout the world.
Source: CRISIL Fund Analyzer, Asset Management Company

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Terms and Conditions apply. Please visit us at www.citibank.com/india for detailed Terms & Conditions. This product/service is offered by branches of Citibank N.A. in India. 2016 Citigroup Inc. Citi and Arc Design and Citigold are registered service marks of Citigroup Inc.
or its affiliates used and registered throughout the world.