Mutual

Subscription copy of Yogesh Pote [yogesh980173@yahoo.com]. Redistribution prohibited.
CONTENTS
Mutual Fund Insight

JANUARY 2014
Volume XI, Number 4
Cover Story
31
Editorial Principles
Value Research is an independent investment research company. Our goal is to serve our readers with data, information and knowledge that informs them about savings and investments and helps them learn how to make better choices. The basis of our work is the trust reposed in us by our readers. We are independent, fair and honest. We are committed to achieving the highest level of accuracy and impartiality in everything that we publish. We recognise that the nature of our work is such that it influences decisions that affect our readers future. We strive to bear this responsibility with humility. We recognise that while it is not possible to be 100 per cent accurate, it is possible to always strive to achieve that standard to the best of our abilities.
Interview
45
Quick Chat
28
Editor Dhirendra Kumar Research & Editorial Avneet Kaur, Bharti Pareek, Chirag Madia, Prasobh MG, Renu Yadav, Sandeep P & Vivek Malik Design Mukul Ojha & Kiran Sindhwal Production Hira Lal
ADVERTISING
Venkat K Naidu: 09664048666 Biswa Ranjan Palo: 09664075875 Address your correspondence to: Editor, Mutual Fund Insight 5 Commercial Complex, Chitra Vihar, Delhi-110092, India e-mail: editor@valueresearchonline.com
Apoorva Shah
Vetri Subramaniam
CIO at Religare Invesco
Executive Vice President and Fund Manager-Equities, DSPBR
Betting on Value
2013 Value Research India Pvt. Ltd. Mutual Fund Insight is owned by Value Research India Pvt. Ltd., 5, Commercial Complex, Chitra Vihar, Delhi 110092. Contact (Delhi) 011-2245-7916/18, (Mumbai) 022-22838665/22838198. Editor: Dhirendra Kumar. Printed and published by Dhirendra Kumar on behalf of Value Research India Pvt. Ltd. Published at 5, Commercial Complex, Chitra Vihar, Delhi 110 092. Printed at Option Printofast, 46, Patparganj Industrial Area, Delhi -92.
Mutual Fund Insight January 2014
49
52
Of This & That

SANJEEV PANDIYA
The future of the future (part II)
Economic Viewpoint
PARANJOY GUHA THAKURTA
Chasing sensation over facts
11 First Page
Fund Analysts Choice

Six hand-picked funds from short term debt category
Governments and monetary authorities moving the markets
39 54 57 61 85
8 Value Research Online

An interactive page on how to make the best use of tools available on our website
Buy Sell Hold

All your queries answered to help you reach an informed decision
12 Readers Viewpoint
A platform for youthe readerto put forward your views and reviews
The Plan
Our experts analyse a portfolio threadbare and chart out the future course
14 Fund Diary
Scorecard
The most comprehensive fund scorecard with key performance numbers and investment details
A chronicle of all important announcements by the AMCs over the last month
16 Fund Radar
Top rated Funds

Funds that stand on the highest rung of the Value Research fund rating ladder
Trend stories on latest happenings in the fund industry
36 Category Watch
DISCLAIMER
Short-term debt funds: An alternate option to fixed income securities
The contents of Mutual Fund Insight published by Value Research India Private Limited (the Magazine) are not intended to serve as professional advice or guidance and the Magazine takes no responsibility or liability, express or implied, whatsoever for any investment decisions made or taken by the readers of this Magazine based on its contents thereof. You are strongly advised to verify the contents before taking any investment or other decision based on the contents of this Magazine. The Magazine is meant for general reading purposes only and is not meant to serve as a professional guide for investors. The readers of this Magazine should exercise due caution and/or seek independent professional advice before entering into any commercial or business relationship or making any investment decision or entering into any financial obligation based on any information, statement or opinion which is contained, provided or expressed in this Magazine. The Magazine contains information, statements, opinions, statistics and materials that have been obtained from sources believed to be reliable and the publishers of the Magazine have made best efforts to avoid any errors and omissions, however the publishers of this Magazine make no guarantees and warranties whatsoever, express or implied, regarding the timeliness, completeness, accuracy, adequacy, fullness, functionality and/or reliability of the information, statistics, statements, opinions and materials contained and/or expressed in this Magazine or of the results obtained, direct or consequential, from the use of such information, statistics, statements, opinions and materials. The publishers of this Magazine do not certify and/or endorse any opinions contained, provided, published or expressed in this Magazine. Reproduction of this publication in any form or by any means whatsoever without prior written permission of the publishers of this Magazine is strictly prohibited. All disputes shall be subject to the jurisdiction of Delhi courts only. ALL RIGHTS RESERVED
Kotak Select Focus carefully identifies the better-performing sectors and invests your money in the promising ones amongst them. The best part is, we closely monitor their performance and switch between sectors accordingly. Just so that the better performing ones power your portfolio and help you achieve your investment goal. Invest in Kotak Select Focus today and look forward to reaping the benefits of staying committed. Kotak Select Focus is suitable for investors who are seeking* Long term capital growth Investment in portfolio of predominantly equity & equity related securities generally focussed on a few selected sectors High risk (Brown) * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Note: Risk may be represented as: Investors understand that their principal will be at Low risk (Blue) , Medium risk (Yellow) , High risk (Brown)
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Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
Monday, December 9, 2013
How much each investment earns

One earns from multiple sources and keeping a track of all transactions is not an easy task. Portfolio Manager is where you should head
STEP 1
STEP 2
STEP 3
THE PROBLEM
Your investments earn also when you receive dividends and bonuses. And when you have SIPs running as well, it understandably becomes difficult to figure out how much each of your investments are earning. But when you have more than one SIP running in different funds, you can get lost in trying to review exactly how much each fund has earned.
THE SOLUTION
The Value Research Portfolio Manager takes into account every investment-related transaction of your portfolio. From the systematic or lump sum mutual fund investments to the shares you buy, from the dividends and bonuses you receive to the money you take out, fill in the details of these transactions and watch it tell you about the returns that your are earning.
HOW ITS ALL DONE

The tool evaluates your investment performance on the basis of Internal Rate of Return (IRR), which is an annualised effective compounded return rate. Since your capital remains constant, but the interest gets added, it becomes important to understand how much your investments are earning. This is where the IRR tells you what percentage of returns you earn.
THE PAYOFF
8
MOST COMPREHENSIVE FUND MANAGEMENT TOOL
First Page
Changed Rules
Last weeks issue of The Economist magazine carried an intriguing article about the fading fortunes of a certain type of hedge fund. Since 2009, quant, or trend following funds, have suffered a severe reversal of fortunes. These hedge funds used to make decent returns till 2007. Even in 2008, when the global markets crashed, they did well. The distinctive thing about these funds is that they employ automated, rules-based trading that is guided by pre-decided algorithms. While the algorithms are programmes created manually, the actual trading is without any manual interventions. So why have these funds stopped doing well since 2009? According to data quoted in the magazine, in the five years to 2008, trendfollowing funds generated returns ranging from 7 to 18 per cent. Such returns are very high because we are talking of investments in Europe and the US, where inflation is miniscule and risk-free returns like bank deposits have negligible returns. Incidentally, the 18 per cent returns were for 2008, when all other types of investments did very badly indeed. In India, the Sensex was down 52.45 per cent during that year. However, the years that followed have been bad for these funds. Clearly, the computer algorithms have stopped working, and the models that were so good at pre-
dicting trends till 2008 are in trouble now. The question is, why has this happened? The Economist discusses an interesting theory, that the flaw lies not with the quant funds or with their algorithms but with the markets! On the face of it, this sounds like a joke. After all, the world is full of cranks who believe that their theories are correct but the world makes a mistake when it doesnt behave according to them. But the idea does have some merit. The basic problem is that since 2008, markets have been moving less according to market forces and more according to the actions (and inactions) of governments and monetary authorities. The idea is that it matters little if the trend following funds can identify the trends that the markets are showing. Take the latest example, which is the Federal Reserves announcement of its tapering and then its postponement. Around the world, all markets, not just equities but also bonds, currencies and commodities, have spent a few months driven back and forth by nothing but tapering. Equity analysts understand little of the ebb and flow of American politics but have been busy guessing whether Barack Obama will make Larry Summers the next Fed chief or whether he will choose Janet Yellen. The worst part is that this has damaged the basis of diversification. And its not just the US. Even more so in India, its now all about politics and government. It matters little whether you choose the safest blue chip or the most speculative small-cap adventurer. Which government comes to power matters more in how much money investors will make.
Dhirendra Kumar
EDITOR
11
READERS VIEWPOINT
COVER STORY
FUND RADAR
NOTHING TO CHEER
YOUR STORY NOT YET IN THE PINK OF health was quite timely. The fact that media is creating a sense of euphoria when there is nothing to rejoice needs to be stopped urgently. Fact remains that despite the highs witnessed by the markets over the past
few weeks, things have not improved for mutual fund companies. Reliance and HDFC together having more than 50 per cent of the entire fund industry assets cannot be termed as an ideal thing. The industry struggle continues... Deepak Garg, email
WAY TO GO
GUESTS COLUMN
was quite distressed after reading the story about the rally in equity market being a temporary phenomena. Anyway Indian stocks have not moved much in the past five years, direct stock investors are sitting on huge losses and just waiting for the good times. You have explained the reasons behind this rally to be the drifting FII investments, which will change direction with the tapering moves of the US. The Modi angle was an interesting perspective to look at the rally. I believe this to be a strong reason because Indian markets fluctuate more for notional reasons than reality. This proenterprise leader has influenced a good number of people, the election result will again shake the market, hopefully in the positive direction. Devesh Shah, Ahmedabad
IT WAS INTERESTING TO READ PARAG PARIKHS OPINION ON money management, considering he recently established the PPFAS AMC. Offering just one fund, he has accused other AMCs of excessively competitive marketing and needlessly launching multiple and overlapping schemes. His claims that money management is a profession and not business, brings in an element of respect and credibility to the profession. I agree with his views when he talks about creating HNIs with equity investments and not chasing them. His views reflect his experience in the field and I am sure he will work towards ensuring investors in his fund earn
favourable returns with the conservative investing approach he preaches. Even when he launched his fund five months back, he did not reach out to distributors to sell his fund. He gathered assets on the basis of his goodwill and past performance of the former PMS schemes he managed. Everything about his management style and investment philosophy is pretty clear to prospective investors. What stands out most is the belief in his philosophy that has ensured investments by the management in this fund scheme. Lets just hope he continues to practice what he preaches. Rajesh Kini, Mumbai
5 QUESTIONS
DIMINISHING RETURNS
The interview with Neelesh Surana was informative and had a sobering effect regarding why we must not put all our eggs in the same basket, i.e., FMCG. Fine that it has delivered impressive returns over the past few years when everything seemed lost, but that is no guarantee for similar returns in coming years. I have already started diversifying my assets, lest I am caught on the wrong foot. Vimal, email
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12
FUND DIARY
Important and interesting announcements made by AMCs in the past month that may leave a lasting impact on your investments and investment decisions
CHANGE IN MANAGEMENT
Axis Capital Protection Ori- Sr 5 Old: R Sivakumar, Sudhanshu Asthana New: Sudhanshu Asthana, Devang Shah Axis Hybrid Fund Series 7 Old: Devang Shah New: Jinesh Gopani, Devang Shah ICICI Pru US Bluechip Equity Old: Atul Patel New: Abhishek Pathak (US) Rohan Maru (India) ICICI Pru Global Stable Equity Old: Atul Patel New: Abhishek Pathak (equity), Rohan Maru (debt) ICICI Pru Indo Asia Equity Old: Atul Patel New: Manish Gunwani (India) Abhishek Pathak (Asia). All FMPs offered by ICICI Pru MF will be managed by Rahul Goswami and Rohan Maru. All plans under ICICI Pru Capital Protection Oriented and Multiple Yield Fund will be managed by Rajat Chandak (equity), Rahul Goswami (debt) and Aditya Pagaria (debt).
LOAD CHANGES
Scheme Effective Date Revised exit load (%) Period (days) Old exit load (%) Period (days)
REVISION
Religare Invesco Medium Term Bond FT India Feeder- Franklin US Opp HDFC Arbitrage ICICI Prudential Short Term Baroda Pioneer Short Term Bond ICICI Pru Advisor Series- LT Savings ICICI Pru Exports and Other Services 20 Nov, 13 29 Nov, 13 29 Nov, 13 02 Dec, 13 05 Dec, 13 06 Dec, 13 9 Dec, 13 0.5 1 0.5 0.5 0.5 1 2.5 90 540 90 365 180 1095 730 0.5 1 0.5 0.5 0.1 1 1 45 365 180 180 15 365 365
NO LOAD
Religare Invesco Active Income Birla Sun Life Enhanced Arbitrage JM Money Manager Fund- Super HDFC Gilt Fund- Long Term DWS Cash Opportunities ICICI Prudential Income 15 Nov, 13 18 Nov, 13 1 0.75 0.5 18 Nov, 13 25 Nov, 13 01 Dec, 13 02 Dec, 13 0.1 0.25 0.25 1 45 90 90-180 30 90 90 365
CHANGE IN FUNDAMENTAL ATTRIBUTES

Following the acquisition of Daiwa AMC By SBI Mutual Fund, SBI MF has renamed the acquired schemes. Old: Daiwa Industry Leaders New: SBI Small & Midcap Old: Daiwa Treasury Advantage New: SBI Treasury Advantage
14
Old: Daiwa GSF- ST Plan New: SBI Benchmark G Sec Daiwa Liquid has been merged into SBI Magnum Instacash Fund- Liquid Floater Plan. ICICI Prudential Mutual Fund renamed ICICI Pru Advisor Series-Aggressive Plan to ICICI Pru Advisor Series- LT Savings Plan. The fund house also renamed ICICI Pru Floating Rate Plan to ICICI Pru Savings Fund.
schemes barring the Axis Gold ETF. The eligible funds can be the source or target schemes to avail the facility . Principal MF enabled SIP facility in Principal Cash Mgmt Fund and Principal Retail Money Manager.
NEW FUND PineBridge Mutual Fund

launched its US Equity Fund. The fund will invest in PineBridge US Large Cap Research Enhanced Fund.
NEW FACILITY
BSL Mutual Fund changed the maximum amount, per lump sum investment, to `1 lakh per investor per day in BSL Enhanced Arbitrage Fund. Axis MF introduced Dividend Sweep Option for all the
GENERAL CHANGE ICICI Prudential Mutual Fund removed the maximum

investment amount limit from ICICI Pru Eq Arbitrage fund and ICICI Pru Blended Plan- Plan A.
FUND RADAR
Closed-end ride
Recent spate of several closed-end fund launches needs thorough understanding
he race to launch closed-end funds got hotter this year with the recent NFOs of six schemes, which should set the ball rolling for more such funds. In March 2013, six closed-end funds were launched. The launch of these schemes was in accordance with the Ministry of Finances November 23, 2012, notification which extended inclusion of Exchange Traded Funds (ETFs) and mutual funds under the Rajiv Gandhi Equity Scheme (RGESS). In all, these six schemes under the RGESS collected a total of `240 crore of retail investor money in this scheme with three year lock-in. The recent fund launches are a culmination of changes in the fund management business over the past four years. The main change in the business model has been the abolition of entry loads that could be charged from investors and paid to distributors to RGESS Searching for uniqueness incentivise them to go sell. Closed-end funds are differBirla SL RGESS Series 1 IDFC Equity Opportunity Series 1 ent. In case of a closed-end fund, a fund house can DSPBR RGESS Series 1 ICICI Pru Value Series I charge 2.5 per cent of the amount managed per year from investors funds. HDFC RGESS Series 1 Union KBC Trigger Series 1 In case of close-end funds, the investor is locked in IDBI RGESS Series 1 Plan A Axis Small Cap for a long time. For instance, in case of a five-year LIC Nomura MF RGESS Series 1 Reliance Close Ended Equity Ser A closed-end fund, the 2.5 per cent annual charge means UTI RGESS Retail ICICI Pru Value Series 2 that the fund house knows that it is likely to be able to eventually charge around 12.5 per cent of the amount invested, perhaps more if the markets take off. This tages that open-ended funds had for investors won out creates a basis for paying a large sales commission of and there was an almost total shift towards them. say, 5 per cent, to attract investments. Unlike open-ended funds, investors can In comparison, in open-ended funds, invest in close-end funds only during the CAVEAT EMPTOR: investors can withdraw their money any initial issue and withdraw when the tenure CLOSE-END FUNDS ends. There are also some other potential time, there is very little basis for paying an A fund house can charge intermediary anything more than a problems. The best way to invest in a fund 2.5 per cent of the smallperhaps half a per centcommission is to do so gradually through a Systematic amount managed per year from investors in a for attracting investments. The unintended Investment Plan (SIP), something that is closed-end fund consequence of these two things could impossible when investing in closed-end Since closed-end funds well be the return of closed-end funds. funds. Moreover, you do not have the benehave a fixed tenure, fit of investing in a fund with a track record, investors can invest only during the initial issue which leaves investors in the uncomfortable Marketing spiel and withdraw when the position of having to invest based entirely Fund managers argue that in a closed-end tenure ends on the fund companys track record on simifund, they can do a better job because they Closed-end funds by design are only meant lar funds. Its ironic that closed-end funds are sure of the tenure for which the money to be invested into are making a comeback in India as a conseis available to them. More than twenty during the NFO and in a lump sum quence of regulatory changes that were years ago, closed-end funds were the norm meant to benefit investors. in India. However, gradually, the advan-
CLOSED-END MENU
16
FUND RADAR
Size isnt everything

Being the biggest stock in the sector doesnt mean that its the most popular with MFs
or manyin fact, mostsectors, there is a sharp divergence between the biggest names in the sector and the one that is most preferred by equity fund managers. Take autos, for instance. The biggest stock by market capitalisation (`1.04 lakh crore) is Tata Motors. However, mutual funds most popular pick is Maruti Suzuki. Tata Motors is there in 109 funds portfolios with a total investment of `480 crore while Maruti Suzuki is there in 157 portfolios with a total investment of `2,263 crore. Interestingly, fund managers have a clear preference for the Tata Motors DVR over Tata Motors stock, which is the second biggest holding in auto sector.
Moreover, fund managers have preferred stocks like Motherson Sumi System, a mid cap which has a market value of `16,000 crore over heavyweights like Bajaj Auto and Mahindra & Mahindra. Their holdings in Motherson are `1,072 crore compared to `589 crore in Bajaj Auto and 492 in Mahindra & Mahindra. A total of 56 funds are invested in Motherson Sumi, 109 in Bajaj Auto and 114 in Mahindra & Mahindra. In the engineering sector, the biggest stock by market cap is BHEL, which is, in fact, the only large-cap stock in engineering sector. However, its nowhere near being the most widely held stockits not even in the top-10.
POPULARITY NOT A GUARANTEE

The biggest stock in auto sector by market capitalisation is Tata Motors. But when it comes to mutual funds, their first preference is Maruti Suzuki A mid cap like Motherson Sumi System is more favoured by funds than a heavyweight like Mahindra & Mahindra BHEL is the only largecap stock in the engineering sector but is nowhere being the most widely held stock
INVESTMENT IN TOP HOLDINGS SECTOR WISE

Sector Automobile Chemicals Communication Cons Durable Construction Diversified Energy Engineering Financial FMCG Healthcare Metals Services Technology Textiles Top holding Maruti Suzuki India UPL Bharti Airtel Blue Star Shree Cement Larsen & Toubro Reliance Industries Crompton Greaves ICICI Bank ITC Dr. Reddys Laboratories Sesa Sterlite Zee Entertainment Enterprises Infosys Page Industries Amount invested (`cr) 2,263 558 4,769 176 761 4,658 6,129 988 8,593 4,883 2,187 1,680 1,173 8,707 488
* in terms of market-cap;
No. of MFs invested 157 41 213 15 68 204 213 70 236 183 173 140 90 209 28
Biggest stock in the sector* Tata Motors Asian Paints Bharti Airtel Titan Industries Ultratech Cement Larsen & Toubro Reliance Industries Bharat Heavy Electricals HDFC Bank ITC Sun Pharmaceutical Inds. Sesa Sterlite Adani Ports & SEZ Tata Consultancy Services Page Industries
Amount No. of MF invested (`cr) invested 480 414 4,769 141 411 4,658 6,129 142 6,248 4,883 1,091 1,680 588 4,338 488 109 61 213 29 69 204 213 64 212 183 130 140 50 183 28
Data is regarding open-end equity mutual funds;
all data as on October 30, 2013
18
FUND RADAR
New inflation-linked bonds debut

The consumer inflation-linked bonds are all set to threaten fixed deposits
wo months ago when the new RBI Governor Raghuram Rajan promised to launch an inflation-linked bond that favoured savers, there was something for them to feel good. The central bank later announced details of a deposit whose interest rate was to be linked to the consumer inflation in India. In its statement, the RBI said that this new instrument, called the Inflation Indexed National Savings Securities (IINSS), will offer an interest rate of 1.5 per cent per annum (paid every six months) while the principal amount, on which the interest is paid, will keep rising up every month in step with inflation. The IINSS is meant for retail investors, there being a limit of `5 lakh per applicant (See: Product feature). According to the RBI, the IINSS will be based on the final combined CPI with a three month lag. For example, the provisional combined (meaning rural and urban) inflation rate was 10.09 per cent p.a. If the final rate is also the same, then in Januarywhich is a three month lag from Octoberthe principal amount of `10,000 invested in IINSS will rise to `10,080.47. This is an increase of 0.08047 per cent, which if compounded over 12 months. If the inflation rate were to sustain at this level, then after one year the saver would have total gains of 11.5 per cent. This high return, with a government guarantee, sounds phenomenal and it is. However, the real icing on the cake is the tax-efficiency of these deposits. As the RBIs statement makes clear, the inflationadjustment of the principal is capital gains. On adjustment with the cost-inflation index, they will essentially disappear and thus be effectively tax-free. Only the 1.5 per cent of interest income will be taxable. Even if inflation drops, bank FDs and other deposits will likely keep pace. The IINSS is likely to become the first choice of any smart saver, to the extent of its per-applicant limit. In fact, so good a deal is the IINSS that many traditional savers cant help suspecting that there will be some catch when they actually buy the bonds. After all, a large part of the advantage of these bond comes from a lower tax outgo. Given the governments dire fiscal situation, one would be disappointed but not too surprised if the tax authorities bowl a googly at investors. Lets keep our fingers crossed.
Product feature
Who can invest?
Individuals, HUFs, charitable institutions and universities
Minimum investment:
`5,000 and in multiples
Maximum investment:
`5 lakh
Bond tenure:
10 years
Liquidity:
Senior citizens can exit after one year and all others after
three years. However, penalty charges will levied at 50 per cent of the last interest payable. These bonds can be used as collateral against loans from banks, financial institutions and NBFCs.
Inflation:
A combined CPI will be used as reference CPI with a lag of
three months (A final combined CPI for September 2013 would be reference CPI for all days of December 2013). In case of change in the base year, the base splicing method will be used.
Nomination:
Individuals can nominate one or more persons.
Where to buy?
It is indicated that the IINSS-C would be sold or distributed through all agency banks, including Stock Holding Corporation of India Ltd (SHCIL) in the form of Bond Ledger Account (BLA). Banks, including SHCIL, would act as an interface for all customer services related to these bonds.
19
FUND RADAR
A contrarian test case

Sudden spike in HDFCs interest in Wockhardt could be developing into a little case study
wimming against the tide is something HDFCs CIO Prashant Jain often does. In the case of out-of-favour drugmaker Wockhardt, his strategy is so diametrically opposite to that of his peers that it can be thought of as a poster-case of contrarian investing. Consider this. Back in April this year, all mutual funds together held 10.34 lakh of Wockhardts shares and HDFCs part in this was zero. By October, other funds had reduced this to 0.45 lakh while HDFCs holding has shot up to 13.59 lakh. Quite a reversalin percentage terms, HDFCs share of the fund industrys holdings in the stock has gone from 0 to 97 per cent! What makes this all the more interesting is that as a business, Wockhardt has had nothing but bad news during this period, and serious bad news. Between them, the US and UK drugs authorities have taken regulatory actions against three of Wockhardts plants and its stock price has dropped 80 per cent from `2,125 to `380 from its March peak to `492 now. The conclusion is clearJain thinks that Wockhardt is fundamentally a great pick and has loaded up on it as the price has dropped. Itll be interesting to watch whether the strategy works. Of course, in the larger context of the performance of HDFCs funds, Wockhardt alone wont make much of an impact one way or anotherit still amounts to well under one per cent in any of them.
Regulatory actions against Wockhardt May 2013: The US Food & Drug Administration (FDA)
issued an import alert on the companys Waluj facility
July 2013:
UK medicine & Healthcare Products Regulatory Agency (MHRA) issued import alert on Waluj plant Practice Certificate (GMP) from Damana Plant
October 2013: UK MHRA withdrew Good Manufacturing October 2013: UK MHRA withdrew GMP certificate for
Chikalthana plant
November 2013: US FDA banes certain imports from

Chikalthana plant
Trailblazer
0.45 2.29 3.31 Shares (` lakh) 8.92 13.59 1.31 13.59 13.59
13.39 10.34 3.03
13.04 3.30
Price (`)
20
FUND RADAR
The mystery of gold fund returns

Strange reason why gold funds are generating higher returns than their underlying ETFs
ver the last few months, gold fund investors have been mystified by the divergence of returns between Indian gold ETFs and gold funds. On the face of it, there is no sensible reason for this. Typically, the gold fund of an AMC invests in the gold ETF of the same AMC. Therefore, one would expect the gold fund to have slightly lower returns because of additional expenses. Taking one example, SBI Gold ETF has a three month return (loss) of -17 per cent. Logically, one would expect the SBI Gold fund, which just invests in this ETF, to have returns of maybe -17.5 per cent. However, its actual return over the same period is -3.1 per cent! Somehow, it did far better (rather, far less badly) than the underlying fund. A similar pattern is repeated in 10 out of 11 pairs of
funds run by AMCs. So whats the mystery? It turns out that this is a strange side effect of the recent upheaval in gold import duty and rules, in combination with the way gold funds are run and valued. It so happens that ever since the government raised the customs duty on gold and constricted its supply, gold ETFs have started trading on the markets at a significant premium to their NAV. Depending on supply and demand, theres always a little difference between the market price and the underlying NAV of any ETF. However, since August 2013, as government has started squeezing gold imports, there has been a steady increase in premium which is now an average of 9.94 per cent for all gold ETFs. It so happens that when gold funds buy and sell units of the
underlying gold ETF, the transaction is done at the market price of the ETF. However, for the ETF, the returns that are publicised are based on its NAV, which moves with the gold price. In unusual periods like the current one, when there is a disconnect between gold price and gold ETF NAV on one hand and the gold ETFs market price on the other, then this sort of an anomaly shows up. Which is why the difference of returns is there. However, as far as our view is concerned, the moral of the story is not that fund investors should start punting on what might look like an arbitrage opportunity. Instead, it should be clear that not only is gold an unsuitable investment, it is dangerous to trade in anything whose price and supply is being manipulated by the government.
PERFORMANCE COMPARISON OF GOLD FUNDS & GOLD ETFS

Fund House Axis Birla Sun Life Canara Robeco HDFC ICICI Prudential IDBI Kotak Mahindra Quantum Reliance Religare Invesco SBI 1-Month Return (%) Fund ETF -0.30 0.70 -3.31 0.03 0.45 -5.94 1.55 -0.12 -0.33 1.26 -0.62 -6.15 -8.12 -6.12 -6.12 -6.10 -6.15 -6.16 -6.14 -5.96 -2.95 -6.10 3-Month Return(%) Fund ETF -2.82 -3.13 -7.96 -3.28 -3.71 -16.81 -2.00 -1.46 -3.56 -1.52 -3.11 -16.94 -14.64 -17.08 -17.06 -17.01 -17.13 -17.18 -17.1 -14.35 -14.28 -17.02 1-Year Return(%) Fund ETF -5.04 -2.91 -7.23 -4.97 -5.25 -14.25 -4.41 -3.45 -5.15 -4.24 -4.54 -13.68 -11.19 -13.54 -13.80 -13.27 -13.85 -13.87 -13.69 -10.78 -10.65 -13.59
Data as on Dec 06,2013; UTI,Goldman Sachs, Motilal Oswal fund houses doesnt have a gold fund-of-fund
22
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INVEST CORRECTLY
Pushing investor education

Invest Correctly by ICICI Prudential Mutual Fund has investors asking for more
nvestors in Jaipur, Chandigarh, Surat, Baroda and Lucknow have immensely gained in the past few months, thanks to the Invest Correctly initiative by ICICI Prudential Mutual Fund. At each of these events, investors of all typesnovice and experienced thronged to voice their investment concerns and seek assistance. The event, held over a couple of hours at each of the centres, witnessed huge turnout by investors who had questions not just related to investments but general state of the market too. The highlight of the event at every location was an hour-long talk by Value Research CEO Dhirendra Kumar on mutual fund investing. The focus of the talk centred around the entire lifecycle of fund investing from the basics of investing, asset allocation, mapping life goals to financial goals and choosing the right kind of fund for each type of goal. The talk also covered monitoring ones investments and taking actions based on the outcomes. The format of the event allowed for extensive interaction of the participants with the speaker by way of an open Q&A session in which investors asked questions about investments and Mr Kumar answered their queries. The interactive session was lively and intense with several investors posing very relevant and important questions pertaining to their investments and expectations from investing in mutual funds. Many raised their concerns over the poor state of their investments and how to cope with such a situation, which was assuaged by Mr Kumar by sharing his over two decade experience with the markets.
Investors in Lucknow, Chandigarh and Surat during the Q&A session at the investor camp
24
BOOK REVIEW
Easy reading on easy money

A fascinating and very readable history of money
o matter how much you think you know about money, Vivek Kauls book Easy Money will tell you a whole lot more. From the prehistoric barter systems that eventually evolved into something like money to the beginnings of the global financial system between the two world wars, this immensely readable 278-page history of money doesnt have a dull moment. To those of us who have a (probably well-founded) impression that history is dull and boring, Easy Money will come as a surprise. Kaulwho also writes for Wealth Insightis a wonderful writer who has a knack for covering all the facts rigorously, complete with full references in footnotes, and still making everything so interesting and easy to read that its difficult to stop reading. A great thing about this book is that its a story and not a mere collection of anecdotes. Most of us who are interested in savings or investments are aware of some random aspects of the story of money. We all know about barter systems, some of us know that paper money was invented in China or have heard of Rothschild used to finance European wars or the Gold standard. Kaul not only weaves all this into a logical story where one step in the evolution of money leads to the next, but makes us see how it all leads to what we see around us in todays monetary system. When he tells us of the massive monetary expansion that the first paper money issuing governmentthat of Kubla Khan in 13th century Chinaundertook, we
realise that a Ben Bernanke or a P Chidambaram are simply repeating a trick that governments discovered as soon as they first thought up fiat money. In fact, we have now advanced way beyond what happened at the timeKaul points out that the Chinese expanded money supply by 140 times in the 55 years from 1275 to 1330. Thats nothing compared to the 1,600 times that the Government of India has managed in the last 55 years! In fact, the best thing about the book is that it makes us aware of the main thrust of moneys history. What started as something rooted in physical value has constantly been debased and devalued by bankers and governments. Ordinary people who use money as a utility, a store of value, need it to be as real as possible while bankers and governments want it to be something ephemeral that they can create and transform at will. And this book is a story of how ordinary people lost and the bankers and the governments won. This is the first book in a three part series. Although it is sub-titled Evolution of Money from Robinson Crusoe to the First World War', it does tell of moneys history long before the the 18th century when Robinson Crusoe was written. In the books to follow, itll be interesting to read Kauls account of the recent financial crisis as well as the new crypto-currencies like Bitcoin that have challenged the very notion of how people use currency. Easy Money is a highly recommended read for everyone.
EASY MONEY : EVOLUTION OF MONEY FROM ROBINSON CRUSOE TO THE FIRST WORLD WAR
Vivek Kaul
Sage Publications
`395
25
FUND RADAR
Inside funds
Across funds, portfolios tell you a lot about sectors and companies
Most bought large cap stocks
Company Worth of shares bought (`cr) Shares bought (Lakh) Current shares (Lakh)
A new income stream

Despite the fall in overall assets, the money earned by AMCs by way of expenses has gone up after the new regulations related to it kicked in
Tata Consultancy Services Sesa Sterlite Bharti Airtel Wipro Bharat Petroleum Corpn. Hindalco Industries Hero Motocorp Tata Steel ACC Tech Mahindra
377.46 351.28 301.04 198.89 101.60 97.19 74.79 67.27 62.31 60.69
19.17 191.95 92.47 41.97 33.04 86.47 3.72 22.89 5.97 4.56
237.78 858.62 1367.72 381.52 648.16 230.82 37.28 301.04 35.27 150.12
Most bought mid cap stocks

No exit
As investors are pulling out from open-end equity mutual funds, AMCs are trying their luck by launching closed-end funds to ensure steady cash flow
Bank Of Baroda ING Vysya Bank UPL Colgate-Palmolive (India) Dish TV India Hindustan Petroleum Corpn. Britannia Industries Max India Reliance Power Engineers India
71.13 62.27 55.79 50.20 48.79 39.20 38.45 38.24 38.02 31.05
13.97 12.74 40.45 4.07 105.83 20.87 5.13 22.29 54.88 18.94
263.66 226.49 362.19 24.09 573.75 327.26 47.69 298.72 122.56 67.33
Most bought small cap stocks

Faith still intact

Like all fund houses, HDFC too has reduced its stake in SBI, but at a much lower pace, leading to higher share of the fund in overall MF investments
Gujarat State Fertilizers & Chemicals Voltas Linde India VA Tech Wabag Ltd BEML Ltd K S B Pumps Vesuvius India Jindal Saw Shopper's Stop Ltd Sadbhav Engineering
Data between Aug 13 and Sep 13
51.32 43.73 43.00 42.38 32.45 27.26 26.68 24.77 20.21 13.90
102.02 61.11 16.41 8.96 22.06 13.41 7.56 51.13 5.74 23.89
554.08 260.68 58.98

SBI shares (lakh)
52.04 47.72 31.01 28.90 244.68 98.55 359.74
211 131
223 133
213 135
197 131
197 130
195 132
187 130
180 130
146 111
125 99
108 93
104 92
26
FUND RADAR
Catching up Equity funds: Sector preferences
Most-preferred sector Third-most preferred sector Second-most preferred sector Least-preferred sector
Oct 12 Jan 12 Apr 13 Jul 13 Oct 13
Sectors
`5,166cr
Automobile Chemicals Communication
6.60 4.11 2.41 1.93 5.84 5.39 12.14 5.64
6.37 3.56 2.96 1.91 5.87 4.94
6.25 3.75 3.09 1.92 5.57 4.76
6.08 3.80 3.94 1.99 4.58 4.61
6.48 3.94 4.26 1.43 4.23 4.77
Amount mutual funds have invested in Bharti Airtel*
`781 cr
Cons Durable Construction Diversified Energy Engineering Financial FMCG
Amount mutual funds have invested in Idea Cellular*
*As on Oct 2013
11.87 13.31 12.31 11.08 5.43 5.11 5.11 5.31
Although Idea cellular is gaining popularity among mutual funds, Bharti Airtel still has a lion's share of mutual funds total telecom investment
21.00 22.45 21.78 18.78 18.82 8.47 7.03 3.47 4.98 8.35 2.64 7.43 6.62 3.60 5.64 8.77 2.57 7.79 7.12 3.31 5.36 8.65 7.74 2.87 4.96 8.39 7.46 3.52 4.78
Number of funds invested
Healthcare Metals Services Technology Textiles
8.28 11.93 12.61 2.62 2.64 2.92
Financial remains the most preferred sector for mutual funds but it has seen a significant reduction in its share over past 12 months
Banking on government
Investors are becoming more risk-averse and favouring sovereign bonds over the possible higher returns from other highly-rated instruments
Assets (%)
27
QUICK CHAT
Betting on value
Betting on an economic revival in January 2013 did not pay off and impacted the performance of several equity funds from DSP BlackRock. In this candid conversation, Apoorva Shah, Executive Vice President and Fund Manager-Equities, DSP BlackRock Investment Managers, shares his thoughts on what went wrong and discusses how he plans to revive performance of flagships schemes like DSP BlackRock Equity and DSP BlackRock Top 100
What is your outlook on the Indian equity markets?
Looking at the current situation, I find that the Indian equity markets are now shaping up into a rewarding market. We have seen the markets crossing different hurdles and I believe that the stage
28
is set for a productive outcome. I say it because of two main reasons; firstly, rural India has immense wealth built up over the last few years which was parked into unproductive assets like gold and land. But, active participation of banking sector in rural areas
coupled with inclusive growth approach of the Government and The Reserve Bank of India (RBI) allowing the banks to expand freely, can result in conversion of physical saving into financials savings over the coming years. Hence, there will be more credit
QUICK CHAT
creation and growth. Secondly, our infrastructure assets are also unproductive and as of today we have invested huge amount of money into assets that are lying idle. The process of converting infrastructure assets into productive assets has begun, which indicates the turnaround potential in that sector. So even if the world struggles for growth, I believe that India has the potential to benefit from productivity gains. Markets (EMs) because of the talk of tapering but its very difficult for the western world to do any meaningful tapering. The US has been talking about tapering, but have again gone into its shell and even other countries are printing money. There is a mountain of money waiting to find its way and it will eventually enter the markets where growth is visible. whole. We also had tapering threats. These factors have postponed Indias turnaround by a year. But now we believe that things are improving.
What are you doing to revive the performance of these funds?

We continue to stick to our approach, but yes, we have tweaked the portfolio according to the prevailing market conditions. Over the years we find that defensive shares have becomes too expensive and cyclical shares have become very cheap. Similarly, mid-caps have become cheap and large-caps have become expensive. In the meantime, we have trimmed down the exposure in mid-caps slightly. However, we
What factors can change the complexion of the equity markets?

What I had discussed above are two primary factors, which might change the complexion of the overall situation. We have the advantage of demographics, which means that our labour supply is young and abundant. So we will have to move to manufacturing and export-led growth, especially because of current account deficit (CAD) related issues. When the next government comes in mid 2014, immense priority will be on export led growth policies. I think whoever forms the next government after the elections will focus on creating jobs in the manufacturing sector, so that it can absorb the vast pool of talent available in India. Even the outcome of elections can be a major trigger for the equity markets. It is quite possible and trends also suggest that large parties are going to get increased vote share which can mean a positive outcome in terms of stability. Globally, there are growth related problems in many countries and that is going to be the case in the coming time as well. Recently, there was a phase when investors were giving up on Emerging
What will you attribute the relatively poor performance of your key fundsDSPBR Equity, DSPBR Top 100 and DSPBR Focus 25.
We were anticipating a turnaround in the fortune of the economy ahead of time and I think that is the biggest reason we have lagged
We have the advantage of demographics, which means that our labour supply is young and abundant
in performance. So say, by January 2013, our portfolio was positioned for the turnaround in the economy. But that turnaround has been delayed due to several factors which includes sudden fiscal tightening. The RBI had started cutting rates, but had a huge fiscal challenge. I would say that we failed to read the fiscal tightening at that point of time. It was so sudden that it impacted the portfolios which were geared for growth. The illiquidity in mid-cap segment also affected us. We tend to have a larger percentage of midcaps in our portfolio. Mid-year, we saw several mid-caps collapse due to the fiscal tightening and illiquidity of the system as a continue with our belief that the value side of the market is going to perform, so we now have a valuetilted portfolio.
What factors drive the buying or selling of stocks from your portfolio?
Its a combination of stock related research, bottom-up selection and our thematic top-down approach. We try and combine the two factors which cover the macro as well as micro environment before entering any stock. So we have a view on various top-down parameters and therefore we know where the growth is going to come and whats the outlook on various sectors. Within that particular sector we pick up the best idea
29
QUICK CHAT
after recommendation from our research team. For selling a particular stock, we go with certain assumptions. If those assumptions change or if the target is achieved, we exit it. We also move away if we find something else that has a better risk-reward compared to our existing position. Our holding period can be as low as one month or it can be as long as several years. There is no pre-defined time in mind to exit any particular stock. large-caps, turnover is higher as the liquid part of the market is easier to rotate. Our mid-cap portfolios have much lower turnover because in mid-caps we are looking at themes which will play out over the years and stocks that are relatively under researched and have a long term growth story. In large-caps, there is potential for tactical returns where news flows or even a marginal event determines how the stocks are going to behave. In mid-caps, if we were to tactically sell out, it would become very difficult to rebuild that kind of quantity in stocks. Therefore, there are periods when even when we know certain stocks are not going to perform, we hold on to them given the fact they are very difficult to trade in or out. DSPBR Equity fund, which is blend of top 100 and mid-caps, has turnover in between largecap and mid-cap portfolios.
In your view, which funds can investors consider over the next one year?
I think its very difficult to take that judgmental call. If we look in the past 6-8 months there has been very big sell-off in the mid-cap segment which has resulted in valuations of many mid-cap stocks turning very attractive. On the other hand, micro environment continues to remain challenging. Investors have to simply look at our funds that have combination of large-caps and mid-caps. These portfolios capture some of the attractive valuations of the midcaps but are also relatively safer because they have a large-cap stocks also.
Do you have a short-term or a trading allocation in your schemes like the DSPBR Top 100 and DSPBR Equity? What is the typical turnover?
Typically, turnover differs from scheme to scheme. So our large cap fund-DSPBR Top 100 tends to have more active turnover. In
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Payable to Value Research, New Delhi * Add `30/- for non Delhi cheques
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30
COVER STORY
In times of uncertain equity markets and low deposit rates in banks, fixed maturity mutual funds are an option worth considering
f you are like most Indian investors, a good part of your money is likely to be stored in bank fixed deposits. The penchant for Indians to save is reflected in the high sums of money that sit in our savings bank accounts because savers love the predictability of deposits. Take for instance the quantum of money in savings accounts or term deposit in scheduled commercial banks, which was `11.21 trillion trillion as on March 31, 2013.
The reason for such undying faith in bank savings is the safety and liquidity that the instrument offers. However, if you are a smart investoras we believe all readers of this magazine areyou should seriously think of replacing most (or even all) of your FDs with Fixed Maturity Plans (FMPs) from mutual funds. From negligible market share accounting for less than 5 per cent of the Indian mutual fund universe till 10 years ago, Fixed
31
COVER STORY
Maturity Plans (FMPs) are well on their way to becoming a major option for all kinds of investors. As on Sep. 2013, FMPs account for 23 per cent of the assets managed. Although, individual and small investors were slower to catch on to FMPs initially, their irresistible combination of higher returns and lower taxation have made them a logical alternative not just to other types of fixed income funds, but also bank fixed deposits.
The Logic Of FMPs

While there are some nuances to investing in FMPs that you will have to understand, the main argument for FMPs is very simplehigher returns with high safety. For those in the highest income tax bracket of 30 per cent, the effective post-tax rate of return from fixed deposits in the last one year was 6.3 per cent. In comparison, a typical FMP for the same period earned a return of 9.51 per cent. After adjusting the investment cost for inflation to calculate the indexation benefit, the returns from FMPs become tax-free as the rate of inflation is higher than the rate of return. For longer periods, this difference stacks up quite steeply. For instance, if you had deposited `10 lakh in a three year fixed deposit on April 1, 2010, it would have swelled to `12.07 lakh on April 1, 2013, taking into account the income tax liability. For the same period, a similar investment in an FMP would have earned `12.59 lakh, which would be tax-free. When you look at these numbers, FMPs appear to be a no brainer. Why would you leave that extra money lying on the table for the banks and the taxman to pocket it? Of course, theres a catch. Rather, there are two catches. Neither of them are show stoppers, as the over `1 lakh crore invested in FMPs show but you need to be aware of them before taking the plunge.
FAQs on FMP
When does the term of an FMP start, from the date of purchase or the date of closing of NFO? The term of an FMP starts from the date of allotment which can differ from the closing date of NFO. The allotment process is usually completed within 5 days of closure of NFO and the units are credited to investors accounts. How do I redeem after maturity? You do not need to file a redemption request with the fund house at maturity of the scheme. AMCs are bound to transfer redemption proceeds within 10 days from the date of maturity. The amount you get will be determined by the scheme NAV on the redemption date. This amount will be automatically credited to your registered bank account if direct credit option is available with your bank or else redemption warrants will be issued to you. Do I need a demat account for redemption of FMP? You dont need a demat account to get the redemption proceeds. However, you need one if you want to trade the FMP on exchange before maturity. How are FMPs different from shortterm funds? Liquidity is the biggest differentiating fac-
32
COVER STORY
The Liquidity Trap
Unlike bank fixed deposits, there is no practical way to get a premature redemption in an FMP, although on the face of it FMPs work much like a fixed deposit. You invest in an FMP that is launched for a fixed period of time. Generally, options range from 12 to 36 months. When the said period is over, the fund redeems your money with the returns. However, unlike a bank fixed deposit, the fund company has no option for an early redemption. Theoretically, all FMPs are listed on the stock markets and if you need your money early, you have the option to sell it to another investor. But that is easier said than done. In practice, volumes are thin to being non-existent and you probably will never be able to sell. For instance, since January 2013, FMPs were traded only on 20 days with just eight schemes changing hands on the BSE and nine on the NSE. Even though the traded vol-
FOR UNCERTAIN TIMES
^ upto November; * as on FY ending March 31
ume exceeded a few lakh for some schemes this year, historically, it has remained less than a few hundred a day. What is clear from this is that one should invest only that amount one is absolutely certain that will not be needed in the interim period.
tor between the two funds. While FMPs are closed-end, short-term funds are open-ended, meaning you can enter or exit short-term funds any time. FMPs invest in instruments with same or lower maturity than the scheme. This means that regardless of change in interest rates, the returns that would be realised are known. Short-term funds, though, can invest in instruments with varying maturity, depending on the fund managers outlook for interest rates. So if a short-term fund has invested in bonds with longer maturity it can suffer interest rate risk. I want to invest in current FMPs
through secondary market. How do I go about this? All FMPs have to be compulsorily listed on exchange. If you are able to find a seller for the FMP you want to invest in, you can buy units of the scheme from the stock market like you buy an equity share. As explained earlier, it is highly unlikely that you will find sellers and therefore low liquidity. Where can I track currently open FMPs? Look at the current open FMPs at http://www.valueresearchonline.com/fu nds/fmpnfo.asp. It is classified in three groups, based on investment term.
33
COVER STORY
Risk Involved
The other possible fly in the ointment is credit risk. Bank FDs have a very high degree of safety and FMPs cannot match that. Like all mutual fund investments, FMPs carry market risk. The fund manager deploys FMPs assets in a range of fixed income assets and in theory, any of them could go bad and thereby lead to capital loss. In practice, such a loss has never happened. There are two sources of potential losses in fixed-income investments. One is a fall in the market price of the securities (bonds) that the fund has invested in. FMPs are immune to the first risk. FMPs are fixed-period instruments where the fund managers only invests in those bonds that are maturing just before the redemption date of the fund. Therefore, even if the market price of the bonds fluctuates in the interim, the final value realised is not affected. The other is credit risk, as in the bond issuer being unable to redeem the bond when it matures. Credit risk can be mitigated by the fund managers doing their job of choosing the investments properly. In terms of the actual investments chosen, 82 per cent of the assets of FMPs are highly rated papers.
Making the choice

If you are convinced about FMPs, the next logical step is to select one to invest. Choosing an FMP is somewhat more tricky than choosing a normal open-ended fund, because unlike openended funds, you dont have any past performance or rating to go by. Moreover, depending on when you invest, you may not have a wide choice because you can only invest in those FMPs that are starting off with a timing that aligns with your needs. To make investing in FMPs an easy process, we have created the Value Research FMP Selection Framework which will help you in selecting an FMP to invest. The main point about this framework is that in the case of FMPs, you have to evaluate an AMCs past track record of running FMPs, in comparison with FMPs from other AMCs. Moreover, since interest rate conditions keep varying, this comparison can only be made between FMPs that started and ended at roughly the same time. Once you analyse the performance of FMPs by different AMCs (See FMP Bouquet) you can zero in on the scheme of your choice.
Post-2008 Repair
Before the 2008 financial crisis, FMPs were open-ended and exposed investors to higher risks with the lure of higher returns. Their popularity was largely on the higher returns that they posted in that period, which overlooked the inherent risks. Sebi regulations in the aftermath of the 2008 crisis fixed these flaws and made FMPs safe and more transparent. FMPs were ensured to become closedend, doing away with the open-ended treat34
ment they followed before 2008. This way, it ensured that there was no payment crisis on count of mass exodus by investors which was witnessed from FMPs at the height of the 2008 crisis Fund managers now have to align the maturity of the underlying securities with that of the fund. This was in departure to the earlier scenario when FMPs were actively managed by fund managers, who took more market risks to earn higher returns. Now, investments are held till maturity
COVER STORY
THE FMP BOUQUET
Up to One-year Fund house Above Total avg funds redeemed Percentage Average assets (`cr) Over 1-year to 18 months Above Total avg funds redeemed Percentage Average assets (`cr) Over 18 months Above Total avg funds redeemed Percentage Average assets (`cr)
DSP BlackRock IDFC HDFC SBI Reliance Birla Sun Life L&T UTI Taurus BNP Paribas Religare Invesco Principal Tata ICICI Prudential Kotak Mahindra Axis Baroda Pioneer Edelweiss Deutsche JPMorgan LIC Nomura Sundaram Daiwa JM Financial IDBI Union KBC BOI AXA Canara Robeco Escorts HSBC IIFL Indiabulls Pramerica
48 51 27 24 17 20 11 16 9 12 4 8 5 6 5 6 3 2 1 3 1 0 1 3 1 0 -
106 67 64 57 33 32 25 25 16 15 10 9 9 8 8 7 6 6 5 5 4 4 3 3 2 2 -
45 76 42 42 52 63 44 64 56 80 40 89 56 75 63 86 50 33 20 60 25 0 33 100 50 0 -
254 227 145 285 204 247 95 157 44 145 164 107 164 122 234 103 45 69 185 135 66 36 21 19 57 34 -
5 13 39 21 49 47 14 39 10 11 40 4 33 48 44 9 3 18 3 2 30 7 11 0 4 1 3 1 2 1
7 20 78 64 80 87 23 54 13 21 56 7 41 77 68 10 6 35 4 4 54 7 15 1 6 1 6 2 3 1
71 65 50 33 61 54 61 72 77 52 71 57 80 62 65 90 50 51 75 50 56 100 73 0 67 100 50 50 67 100
135 87 176 225 269 290 56 156 33 134 114 37 139 274 203 78 49 128 361 47 65 45 57 14 148 9 161 2 6 31
2 0 8 1 2 1 0 10 4 2 0 1 -
4 1 14 1 2 2 3 17 8 6 1 1 -
50 0 57 100 100 50 0 59 50 33 0 100 -
176 225 269 290 56 134 139 274 203 65 57 2 -
METHODOLOGY
The Value Research Star Ratings has for long been the first step to fund selection. However, in case of FMPs, there is no such rating. This methodology addresses this shortcoming. The way our rating methodology works, we need a minimum 18-month track record to give a rating to any fixed income fund. Since investors can only invest in FMPs at launch, a rating given after 18 months would be useless. In any case, a majority of FMPs are launched for periods up to only 18 months. Therefore, we need a method by which our readers can evaluate FMPs which are yet to be launched. Heres how to begin: 1. Look at past performance of FMPs 2. Evaluate returns generated by the FMPs of an AMC compared to those from other FMPs 3. For a fair comparison, FMPs with same tenure operating at the same time should only be compared
*Based on the time frames in which FMPs were redeemed, the tenures were divided into three categories: upto 1 year, over 1 year to 18 months and those with more than 18 months tenure. Average Assets: It is the average of the last available size of the FMPs of the fund house in each of three respective categories launched in the past three years **For each tenure, we calculated the average of all FMPs whose tenure ended in each month, and then compared each to this average. However, because the band of returns is narrow, we only see how many FMPs came in above average and how many below. For comparison we have annualised the returns of the FMPs with less than one year tenure ***These fund houses havnt launched FMPs since 2012: Franklin Templeton Mutual Fund, Goldman Sachs Mutual Fund, Morgan Stanley Mutual Fund, ING Mutual Fund, PineBridge Mutual Fund, Daiwa Mutual Fund, Mirae Asset Mutual Fund, Sahara Mutual Fund and Quantum Mutual Fund
35
CATEGORY WATCH
Going short
An alternate option to fixed income securities places short-term funds as a good choice, says Bharti Pareek
unds in this category are suitable for investors with an investment horizon of more than a year and prefer low interest rate risk. We classify these funds as those which have an average maturity in the range of 1 to 4.5 years over the past twelve months, which helps them guard against interest rate risk. Interest rate movements impact the returns from these funds as bond prices and yield are inversely related. So, newer bonds with a higher yield become more attractive when the interest rate rise, and the market price of older bonds falls, thus lowering the NAV of funds holding the same. The returns from funds in this
Best Funds
Funds with best 3-year returns
Sundaram Select Debt ST Peerless Short Term UTI Short-term Income Inst Templeton India ST Income Ret Morgan Stanley ST Bond Reg HDFC ST Opportunities
category are fairly predictable, with the investment risk limited to the default from the issuer of the instrument. Moreover, investments by these funds in bonds with a high maturity will see its price change more dramatically than a shorter maturity paper as they are more interest rate sensitive. Keep in mind all these facts before investing in such funds because investments in papers with rating below AA have the potential to earn a higher return, but at the same time also pose the risk of default. The funds that we have selected and analysed in the following pages invest in extremely safe instruments and are also highly rated.
Lowest 18-months Value Research risk score

Peerless Short Term JP Morgan India ST Income Pramerica Short Term Income BOI AXA ST Income Reg PineBridge India ST Standard Baroda Pioneer ST Bond
Composite Value Research Rating

Peerless Short Term Sundaram Select Debt ST UTI Short-term Income Inst BNP Paribas Short term Income DWS Money Plus Inst HDFC Short Term Opportunities
Category history
Top quartile average (%)
24.27 30
Investment spread
Bottom quartile average (%)
Total returns (%)
20 13.63 9.84 8.02 5.64 11.45 9.94 8.19 8.07 6.89 5.79
7.44
0.19
-8.37
6.26 4.33 1.89
10 2.96
-10 2008
Preferred instruments
2010 2011 2012 YTD
2009
Expense ratio (%)
0.68
1.24
0.95
0.97
1.10
1.01
Net assets (` cr)
2,964
22,375
21,916
15,098
37,179
56,933
Returns as on November 30, 2013; Portfolio data as on October 31, 2013, Assets and Expense Ratio as on September 30, 2013
36
CATEGORY WATCH
Riding the rate Category annual returns
Returns (%) Year 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD *Short Term funds are performing well in the current rising rate scenario Income 1.13 4.84 5.08 15.60 12.63 -0.37 4.31 8.12 9.94 5.26 Short Term 4.35 4.51 6.54 7.01 10.70 6.77 4.84 9.06 9.80 6.89 Ultra Short Term -0.18 5.06 6.63 7.48 8.99 5.19 5.21 8.91 9.42 7.99 Liquid 4.52 5.29 6.48 7.35 8.46 4.77 5.11 8.50 9.15 8.00
There is a marginal variation in the returns posted across the entire debt fund category based on the credit risk, interest rate risk and liquidity risk
Average maturity
Category assets
Debt: Short-term funds

Fund Rating 3 mth Trailing returns (%) 1 yr 3 yr 5 yr Expense ratio (%)
As on September 30, 2013
The category has an annualised trailing return of 8.73 per cent over past three years
Assets Avg credit (`cr) rating Average maturity (years) curret 1-yr range Performance consistency
08 09 10 11 12 13
Axis Short Term Inst Baroda Pioneer Short Term Bond BNP Paribas Short term Income BOI AXA Short Term Income Reg Canara Robeco Short Term Regular DSPBR Income Opportunities DSPBR Short-term DWS Money Plus Inst DWS Short Maturity Reg Edelweiss Short Term Income HDFC HI Short-term HDFC Short Term Opportunities HDFC Short-term

3.88 3.15 3.12 3.34 3.12 3.72 3.63 3.75 3.59 2.75 4.07 4.00 3.79
7.29 7.97 8.84 7.15 7.94 7.99 7.72 8.17 8.28 6.51 7.07 8.23 7.19
8.85 8.21 9.07 7.39 8.81 8.37 8.58 8.94 8.83 8.22 9.15 8.27
7.27 7.25 7.24 9.07 8.63 8.81
1.17 0.49 0.89 1.34 0.93 1.63 1.01 0.45 1.17 1.12 1.43 0.33 1.54
967 130 225 25 423 516 707 385 2742 59 3213 2389 2370
AAA AA AAA AAA AAA AA AA AAA AA AA AA AAA AA
1.33 1.26 2.12 1.22 1.69 1.04 1.43 0.79 2.84 1.83 2.58 1.29 1.76
1.33 - 2.09 0.15 - 4.06 1.31 - 2.69 0.19 - 1.22 1.01 - 1.99 1.04 - 3.96 0.79 - 2.28 0.79 - 1.54 1.48 - 2.84 0.82 - 2.31 2.24 - 2.58 1.29 - 1.77 1.67 - 2.25
37
CATEGORY WATCH
Fund Rating 3 mth Trailing returns (%) 1 yr 3 yr 5 yr Expense ratio (%) Assets Avg credit (`cr) rating Average maturity (years) curret 1-yr range Performance consistency
08 09 10 11 12 13
HSBC Income Short-term ICICI Prudential Corporate Bond Reg ICICI Prudential Short-term Reg IDBI Short Term Bond IDFC SSI Short-term Regular IIFL Short Term Income Reg Indiabulls Short Term Reg ING Short Term Income JM Short Term JP Morgan India Short Term Income Kotak Bond Short-term Kotak Income Opportunities L&T Income Opportunities L&T Short Term Income L&T Short Term Opportunities Morgan Stanley Short Term Bond Reg Peerless Short Term PineBridge India Short Term Standard Pramerica Credit Opportunities Pramerica Short Term Income Pramerica Treasury Advantage Principal Debt Opp Corporate Bond Principal Income Short-term Reliance Floating Rate ST Reliance Short-term Religare Invesco Bank Debt Religare Invesco Short term SBI Short Term Debt Sundaram Income Plus Sundaram Select Debt Short-term Tata Short-term Bond Plan A Templeton India ST Income Ret UTI Short-term Income Inst
Performance Consistency:

Not Rated Not Rated
3.61 3.61 3.71 3.84 3.82 3.41 2.98 2.94 3.68 3.99 3.85 3.95 3.81 3.61 2.13 2.15 3.68 2.84 3.92 3.30 3.19 3.72 3.83 2.95 3.04 2.76 3.65 3.68 3.56 4.26 3.84
7.08 5.99 7.31 7.34 7.56 6.12 7.30 8.35 7.35 7.57 5.69 7.61 8.04 8.86 8.92 7.18 7.27 7.78 7.28 6.98 7.90 7.87 7.52 6.64 7.34 8.92 10.06 9.13 8.93 9.37
8.33 7.88 8.33 8.55 8.10 9.01 9.07 8.15 8.51 8.27 9.17 10.70 8.97 8.39 8.93 8.85 8.35 8.79 8.67 6.90 11.03 8.88 9.17 10.29
7.22 7.06 8.53 8.37 7.98 8.50 8.42 7.94 7.16 8.94 8.73 7.44 8.05 4.65 7.56 8.08 9.57
1.30 1.79 1.00 0.87 1.02 0.50 1.53 1.43 0.89 1.13 1.13 2.33 1.41 1.26 0.43 0.84 1.80 0.90 2.09 1.47 1.20 1.75 1.25 0.80 0.78 1.60 1.28 0.71 1.91 1.13 1.14 1.52 0.99
1117 2002 5084 347 3368 2 22 56 228 1044 2215 590 336 142 559 527 170 650 276 35 80 5 203 876 4307 232 2603 4585 1 305 320 6966 3524
AA AA AAA AAA AA AAA AAA AAA AAA AA AA AA AA AA AA AAA AA AAA AA AAA AA AAA AAA AA AAA AAA AAA AAA AAA AAA AAA AA AA
1.82 3.40 2.72 1.63 1.49 0.37 0.87 3.29 1.27 2.28 1.94 2.71 2.09 1.64 1.66 2.28 1.39 2.00 2.58 0.96 1.22 0.96 1.33 0.98 2.49 1.14 1.58 2.43 0.94 1.12 1.20 2.00 2.38
1.55 - 1.94 0.07 - 3.97 1.54 - 3.13 1.42 - 2.59 1.06 - 1.52 0.37 - 0.37 0.87 - 0.95 0.69 - 3.35 1.23 - 2.72 1.82 - 2.65 1.94 - 2.69 1.70 - 3.06 0.12 - 2.27 0.96 - 2.02 1.31 - 1.98 0.99 - 3.13 0.88 - 1.49 0.04 - 2.85 1.55 - 3.94 0.38 - 2.31 0.32 - 1.49 0.96 - 2.45 1.33 - 2.60 0.97 - 1.39 1.79 - 2.83 0.92 - 6.63 1.02 - 2.06 1.15 - 3.09 0.08 - 7.47 1.02 - 4.54 1.16 - 3.45 1.97 - 2.69 1.23 - 3.87
Bottom Quartile = (Among bottom 25% in the category)

Not Rated

Not Rated

Not Rated

Not Rated

Top Quartile = (Among top 25% in the category)
Second Quartile = (Among top 50-75% in the category)
Third Quartile = (Among bottom 25-50% in the category)
The left-most bar in a series represents the funds performance in the first quarter of a calendar year. Similarly, subsequent bars represent the funds performance in second, third and last quarter of the calendar year.
Funds marked in this colour are our recommended funds; Data as on November 30, 2013; Portfolio data as on October 31, 2013; Assets and Expense Ratio as on September 30, 2013; Direct plans have been excluded; funds suspended for sale have also been excluded
38
FUND ANALYSTS CHOICE
HDFC SHORT TERM OPPORTUNITIES
Smooth operator
In its short three-year history, this fund stands tall compared to its peers with its outperformance, which is further accentuated with its low expense ratio. might come down in the next six months. So our overall view on the scheme is quite positive at this point of time, he stresses.
Assets Launch
2,389 crore
(September 2013)
June 2010
Fund manager Anil Bamboli Risk
Strategy
Performance
In 2012 it was a top quartile performer and has been in the top two quartile since inception. However, the fund has not done anything spectacular, as it has just about managed to outperform its peers and has underperformed only once in the fourteen quarters since its inception. Investments in certificate of deposits in the initial years helped in its performance, however, over the past one year the fund has increased its holdings in bonds and debentures. Most of the funds investments are in AAA and P1+ rated papers as mentioned by the fund manager. By varying its average maturity as it deems fit, the fund managers have managed to enhance the funds returns. The 0.34 per cent expense ratio is among the lowest in the category which adds to the accomplishment of this scheme.
This fund invests across several debt and money market instruments of variReturn ous credit ratings (above investment grade) with a view to maximise income while maintaining an optimal balance Instrument break-up (%) of yield, safety and liquidity. Further, CP / CD Instrument 7.43 the fund manager restricts investments Credit Rating in well-diversified, high credit portfolio P1+/AAA Bonds / Deb of debt (including securitised debt) and 69.66 80.10 other securities with maturities not exceeding 3 years, to check volatility. Our current strategy is conservative Cash Eq and in this fund we have lower average 12.47 maturity and increased allocation to AA & Below high rated instruments, says Anil 17.87 Bamboli, fund manager. There may be another 25 basis rate hike according to Cash Equivalent the fund manager, after which interest 12.47 rates should ease. Buoyant on the performance of the Average Maturity scheme, Bamboli feels the shorter end Min Current Max of the yield curve which is still elevated
0.02
1.29 1.77
Average maturity range since launch (years)
Maturity bets with respect to yield
Trailing returns (%)
Fund History
10.15 8.70 3.09 3.86 8.23 8.22 9.15 8.05 5.83 Year 2007 2008 2009 2010 2011 2012 YTD
Rating Quartile ranking Fund Category NSE Treasury Bill

2 1 1
6-month 1-year 1 2 3 4 Quartile
3-year Recent Recent Crash Rally
7.01 7.87
10.70 7.73
6.77 6.08
4.84 4.47
9.24 9.06 7.33
10.08 9.80 8.52
7.45 6.89 7.46
Fund NSE Treasury Bill Index Recent Rally - Oct 25, 2011 - May 03, 2013 Recent Crash - Mar 19, 2010 - Oct 25, 2011
Data as on November 30, 13, Portfolio related data as on October 31, 13
39
PEERLESS SHORT TERM
Calculated risks
This fund was the second best in 2011 and has been a consistent performer to be in the top quartile.
Assets Launch
170 crore
(September 2013)
August 2010
Fund manager Malay Shah Risk
Strategy
The fund is positioned in a manner that in times of falling interest rate scenario, it will under-perform peer Return average and in times of neutral or rising interest rate scenario, it will outperform the peer average. Instrument break-up (%) The scheme design of this fund is CP / CD Instrument 9.16 such that it cannot take any security Credit Rating with residual maturity greater than 3 P1+/AAA Bonds / Deb years, says Malay Shah, fund manag20.10 84.88 er. It is for this reason that this fund is positioned conservatively compared to its peers. Cash Eq The portfolio is constructed to min5.96 imise volatility, while simultaneously AA & Below giving a constant carry yield. The 73.94 fund manages the maturity or duration actively in the bucket of typically Cash Equivalent 1-3 years, adds Shah. 5.96 The fund manager takes active calls and exploits opportunities of duration Average Maturity and credit mis-pricing. At present, the Min Current Max fund is positioned to take advantage of
a high spread (more than usual) between 1 year securities and 2-3 year securities. The fund manager has a stringent criteria for credit evaluation when building the portfolio, with 76 per cent of its holdings made of quality debentures in 2013.
Performance
In 2011 the fund was the best performer in the category by significantly outperforming the category average. Quality investments aided the performance, especially investments in P1+ rated papers. In the past six months, its investments in papers rated below AA has increased up to 37 per cent, slightly raising the credit risk of the fund. Superior performance is also achieved because the fund stays true to its mandate of being a short-term fund by not exceeding its average maturity beyond 1.5 years since its inception. However, on the downside, the funds expense ratio lies on the higher side in its category, which does reduce some of its sheen.
0.01
1.39 1.49
Fund History
10.70 8.05 10.30 8.70 3.86 3.86 8.92 8.22 5.83 Year 2007 2008 2009 2010 2011 2012 YTD

1 1 1
7.01 7.87
10.70 7.73
6.77 6.08
4.84 4.47
12.93 9.06 7.33
10.45 9.80 8.52
8.16 6.89 7.46
Fund NSE G-Sec Composite Recent Rally - Oct 25, 2011 - May 03, 2013 Recent Crash - Mar 19, 2010 - Oct 25, 2011
40
PRINCIPAL INCOME SHORT-TERM
All corners secured

This fund has rewarded investors in its ten year history, with a brief spell of underperformance in 2010.
Assets Launch
203 crore
(September 2013)
May 2003
Fund manager Gurvinder Singh Wasan Risk Return
Strategy
This fund invests in a portfolio of debt and money market instruments and is slotted between a cash fund and a bond fund. This is a duration fund and therefore returns can be volatile, warns Gurvinder Singh Wasan, fund manager. We tactfully change the modified duration based on our interest rate outlook, but its in the range of 1.1 year to 1.9 most of the time, he adds. The fund has also sufficient cash which is deliberately kept as the fund manager expects front end of the curve to remain slightly under pressure and will aim to capture the same. In recent time, the duration has been modified and increased to 1.6, as the fund managers believes that most of the negatives have been factored in yields now and the risk reward is favourable. The portfolio of this fund is so structured that it gives a platform
to retail investors who can participate in corporate bond segment which the fund deploys at attractive yields across tenures with exposure to government securities.
Performance
The fund has underperformed only once in its ten year history. Its best performance was in 2009 when it was ahead of the category average by three per cent. But in 2010 and 2011 its performance was a little subdued when it performed only slightly better than the average. It improved its performance in 2012 and its year to date return also reflect its consistent performance. It has been part of the top two quartile in the past three years including the year to date returns. This has been with its increased holdings in bonds and debentures over the past one years, which is currently about 42 per cent of the portfolio. Moreover, investments in high quality debt instruments has also helped in the funds good performance.
Instrument break-up (%)

Instrument Credit Rating P1+/AAA CP / CD
25.18
Bonds / Deb
55.14
43.41
Cash Eq
25.66
AA & Below
2.75
SOV
16.45
Cash Eq
25.66
GOI Sec TBills
2.31 0.44 Average Maturity

Min Current Max
0.69
1.33 2.60
Fund History
8.93 8.05 7.90 8.22 10.19 8.70 2.43 3.86 7.22 5.83 Year 2007 2008 2009 2010 2011 2012 YTD

3 3 1 3 2 1 1
7.97 7.01 7.87
9.10 10.70 7.73
9.60 6.77 6.08
5.30 4.84 4.47
9.09 9.06 7.33
10.22 9.80 8.52
7.12 6.89 7.46
41
SUNDARAM SELECT DEBT SHORT-TERM
Bouncing back
In its ten-year old history, this fund has not posted highly remarkable returns for most of the time. However, in the past three years this fund has found its bearings to emerge as one of the best in the short term debt category. basis rate hike according to the fund manager, after which Bamboli sees interest rates easing. Buoyant on the performance of the scheme, Bamboli feels the shorter end of the yield curve which is still elevated might come down in the next six months. So our overall view on the scheme is quite positive at this point of time, he stresses.
Assets Launch
305 crore
(September 2013)
August 2002
Sandeep Agarwal
Risk Return
Fund manager Dwijendra Srivastava,
Strategy
This fund invests across several debt and money market instruments of various credit ratings (above investCP / CD Instrument 30.44 ment grade) with a view to maximise Credit Rating Bonds / Deb income while maintaining an optiP1+/AAA 43.87 mal balance of yield, safety and liq51.23 Cash Eq uidity. Further, the fund managers 2.18 restrict investments in well-diversiAA & Below fied, high credit portfolio of debt Cash Eq 23.08 (including securitised debt) and SOV 2.18 4.53 other securities with maturities not Temp Dep exceeding three years, to check 18.99 GOI Sec volatility. 1.12 Temp Dep Our current strategy is conserva18.99 TBills tive and in this fund we have lower 3.41 average maturity and increased allocation to high rated instruments, Average Maturity says Dwijendra Srivastava, fund Min Current Max manager. There may be another 25
Performance
In the five years preceding 2008, this fund did well. But in 2008-10, it fared poorly and in 2009 it earned a paltry 2 per cent. Since 2010, this fund has bounced back and has done better than the category average and has been a top quartile performer since. This year, it posted returns of 7.97 per cent in the first 11 months compared to 5.99 per cent by the category average. The change adopted in maintaining a higher average maturity of over three years since 2010 has helped in its performance.
0.003
1.12
4.54
Fund History
11.03 8.05 10.06 8.22 11.12 8.70 Year 8.74 5.83 2007 2008 2009 2010 2011 2012 YTD 3.20 3.86

3 4 4 4 1 1 1
8.00 7.01 7.87
7.11 10.70 7.73
1.84 6.77 6.08
3.35 4.84 4.47
12.67 9.06 7.33
10.93 9.80 8.52
9.05 6.89 7.46
42
TEMPLETON INDIA SHORT-TERM INCOME RET
Established track-record
Investors in this fund have been rewarded consistently for over a decade by an impressive performance, which has been way ahead of the category average.
Assets Launch
6,966 crore
(September 2013)
January 2002
Umesh Sharma
Fund manager Sachin Padwal-Desai,
Strategy
Risk Return

Instrument Credit Rating P1+/AAA
15.52
CP/CD
18.52
Cash Eq
3.15
AA & Below
78.33
Bonds / Deb
PTC
80.69
Cash Eq
0.65
3.15
Average Maturity
Min Current Max
The scheme invests in fixed income securities with shorter maturity periods, which is likely to be less than three years. As per its stated objective, the average maturity of the portfolio of the scheme is likely to be between 4 months and 12 months and the maturity of individual securities in the scheme is likely to be less than 3 years. The investment strategy for the last couple of years has been focused on taking advantage of spread differentials and accrual opportunities in various sectors of corporate debt, says Sachin Padwal-Desai, fund manager. The corporate debt exposure includes securitised debt (PTCs) and to an extent money market instruments. In our view alpha can be generated through a blended approach of topdown allocations and bottom-up secu-
rity selection, adds Desai. The managers manage portfolio maturities in line with their views on the macro-environment and policy developments (within the investment mandate), with the attempt to take advantage of mis-priced opportunities within the corporate bond space through bottom up fundamental research.
Performance
This fund has outperformed in seven out of its 10 years. In 2009 it was the second best performer in the category. The portfolio of high quality commercial papers, certificate of deposits and debentures has helped in its performance and in the past six months, its exposure to debentures has crossed 75 per cent. A cause of concern is investments in papers rated below AA that account for about 30 per cent, compared to earlier higher allocation to investments in AAA rated and P1+ rated papers. For investors looking at taking advantage of prevailing high yields, the fund is worth considering.
0.25
2.00
4.07
Fund History
10.46 8.70 2.91 3.86 8.93 8.22 9.17 8.05 7.11 5.83 Year 2007 2008 2009 2010 2011 2012 YTD

1 3 1 1 3 2 1
10.00 7.01 7.87
9.26 10.70 7.73
11.95 6.77 6.08
5.58 4.84 4.47
9.02 9.06 7.33
10.04 9.80 8.52
8.14 6.89 7.46
43
UTI SHORT-TERM INCOME INST
Consistent performer
This fund stands out for being among the top performing funds among its peers and invests mostly in papers with high credit rating, thus lowering the credit risk.
Assets Launch
3,524 crore
(September 2013)
August 2007
Fund manager Sudhir Agrawal Risk Return
Strategy
This fund attaches importance to low credit risk and portfolio diversification and tries to maintain the average maturity of the portfolio up to 4 years. Instrument break-up (%) The fund manager invests in a portfoCP/CD Instrument 28.89 lio of money market securities and Credit Rating Bonds / Deb high quality debt by focusing on low P1+/AAA 54.58 risk and high level of liquidity. 58.17 We are positioning this fund based on mix of accrual and capital appreciCash Eq ation strategy, where almost 70-80 of 3.13 the portfolio is invested in papers AA & Below 25.30 which ensures high accrual, says SOV Sudhir Agrawal, fund manager. 13.40 Further, a barbell strategy is adopted Cash Eq TBills with around 20 per cent of the fund 6.54 GOI Sec 3.13 being actively managed by investing 6.86 in slightly higher maturity papers (for example 5-10 year maturity paper) to Average Maturity generate decent alpha. Min Current Max The fund does not take much cred-
it risk and is conservative in its nonAAA rates papers, where investments are only in good quality companies. In this fund, our intention is to generate alpha through duration play rather than the credit play, adds Agrawal. The average maturity of this fund is maintained between 2 and 4 years, this way, when the fund manager is not bullish on interest rates, the average maturity is at two years and when they are very bullish, the maturity is increased to four years by buying liquid papers so as to capture the rally.
Performance
The fund had a dismal start, however, it soon overcame the initial hiccups to emerge as one of the best funds in the category. Since 2010, this fund has consistently outperformed its peers and the category and was the best performing fund in 2012. With the hope that rates will go down once inflation stabilises, this fund expects to do well for investors with an investment time frame of 12-15 months.
0.01
2.38 3.87
Fund History
10.29 8.05 11.77 8.70 Year 8.27 5.83 2007 2008 2009 2010 2011 2012 YTD 2.83 3.86 9.37 8.22

2 4 1 2 1 1 1
7.01 7.87
10.70 7.73
0.09 6.77 6.08
5.90 4.84 4.47
10.70 9.06 7.33
11.25 9.80 8.52
8.30 6.89 7.46
44
VETRI SUBRAMANIAM
Market deceleration to continue

The gloomy market conditions in the past three years have not deterred the performance of funds managed and overseen by Vetri Subramaniam, Chief Investment Officer (CIO), Religare Invesco Mutual Fund. In this conversation with Chirag Madia, he discusses the state of the Indian economy and the markets and explains the investment strategy adopted by him that has helped the performance of many of the Religare Invesco funds.
45
Since 2010 domestic investors have largely been absent from market and predominant source of flows have been from foreigners
Whats you view on the durability of the market momentum seen of late?
Instead of momentum, we prefer to view the market through the lens of valuation. In 2008 the valuations were close to historical highs and then in 2009 the valuations went down to lows. However, from 2010 market has been trading in a much tighter valuation bandcapped by the historical average valuations at the upside and at a 15-20 per cent discount to average valuations at the lower side. Every time the reasons are slightly different for why the market is moving within this valuation range. The defining feature of this period is that largely domestic investors have been absent from the market and the predominant source of flows has been from foreigners. What we are seeing is
46
cycles of risk-on risk-off behaviour on the part of global investors. Sometimes it is correlated to local events and data, but more often it is correlated to global events. So issues such as Europe sovereign debt, Fed tapering, etc, are the sort of macro issues which are driving fund flows very aggressively into all asset classes across the world. And that is what seems to be causing these sharp up and down moves at various point of time. I think in India from the point of view of economy not much is happening and we have been in a gradual deceleration for almost three years. There are no signs of this deceleration ending. Some of the issues the economy is experiencing will get addressed by passage of time, so one needs to be patient on that front. The economy needs policy traction, improved
corporate financial health, competitiveness and a revival of the investment cycle. If you look at recent high which we saw few weeks ago, we had gone up to just marginally above long term valuations for Sensex which is about 17.5 times. Sustaining and climbing above that mark will require lot more confidence in terms of the local economy, growth rates and earnings recovery. As of now we are still not able to see earnings recovery. There has, however, been some stabilisation of earnings growth prospects of FY2014. But if you break it down in the earnings, growth has stabilised because export growth oriented companies have seen upgrades even as most others have seen downgrades. So on average it looks like things have improved, but numbers suggest that it is more related to these translations benefits in the short term rather than any increase in momentum in the economy.
Whats your approach in managing the various equity funds like Religare Invesco Business Leaders, Religare Invesco Equity and Religare Invesco Growth? Do they differ or do you differentiate among them?
We have well written internal mandate for each of the fund which distinguishes our fund management approach towards the funds. So in Business Leaders fund, its a complete large cap fund, we dont take any sectoral risks (in line with the benchmark weights). The essential focus of this fund is to generate alpha by stock picking rather than taking sectoral or asset allocation calls. We dont churn the portfolio, we take call on companies that are leaders in that
particular sector or industry and than we are happy to stay invested through market cycles. On the other hand, the Religare Invesco Equity has a complete different approach. It is an extremely focused portfolio. By mandate we can invest between 1530 companies, but we tend to run it in with about 20 companies, we also take more aggressive sector allocations in this fund. Further, in this fund we also take asset allocation positions which can be either through cash or index hedges. In that sense this fund tries to create alpha by combining stock picking, sectoral allocation and asset allocation. It has done quite well for us over the last four years because this is the kind of market and volatility that works very well for this style. Our internal analysis shows that asset allocation has played a significant role in creating alpha for this fund. Such product is typically for investors who want their fund managers to manage the volatility and use asset allocation to generate Alpha. Religare Invesco Growth Fund is a core, diversified equity fund and we try to control risks in the portfolio from all the possible directions. We take measured sector risk and maintain a balance between growth and value. We also keep the portfolio balanced between large-cap and mid-caps by aligning it with the benchmark. For us this is an all weather fund and we try and generate steady alpha for investors over the benchmark.
Our focus on high quality companies has worked to our advantage as the markets have been biased towards quality companies
and we try and look at companies where the value is very attractive irrespective of the fact that in the short term things might be challenging. This fund is very well positioned to benefit from an economic recovery as the market gains confidence. The funds value focus will enable it to benefit as and when the economy revives and these companies will benefit not just from earnings growth but also from PE re-rating. It is a strategy which has struggled in the last two years because the economy has been going through turbulent phase. But we still think this is good portfolio for someone who is willing to take risks and has a value oriented mindset. We run this scheme with a very simple mindsetwe can remain patient (as money is locked in for three years) and can also benefit from growth opportunities by investing in young companies. The fund is equally balanced between large-caps and mid-caps and it takes our best large-cap and mid-cap ideas. The portfolio always stays well diversified.
How do stocks make inroads in your portfolio?

We maintain what we call our internal universe which fluctuates between 280-300 companies. We arrive at this numbers by adding companies from Bombay Stock Exchange (BSE) 200, CNX Midcap Index and stocks from other indices like PSU, Infrastructure and Banking which are benchmarks for our thematic or sector funds. This total comes to around 280, while
How different is Religare Invesco Contra fund from other diversified equity funds?
The key to this fund is its willingness to be early to take on risk. It has a strong value focus
Whats your approach while managing Religare Invesco Tax Plan, is it different other equity funds?
47
UNHINDERED PROGRESS
Category Rating Assets (` Crore) 1-year return (%) Since inception (%)
companies where we think there is problem in terms of ability to service debt.
Religare Invesco Contra Religare Invesco Equity Religare Invesco Growth Religare Invesco Tax Plan Religare Invesco Buss Leaders Religare Invesco PSU Equity
Eq: Multi Cap Eq: Large & Mid Cap Eq: Large & Mid Cap Eq: Tax Planning Eq: Large Cap Eq: Others
41.78
0.59 13.52 7.25 6.05 5.75 -15.95
8.31 7.32 6.23 10.93 7.80 -4.14
16.99
30.46 127.84 24.05 53.59
Your funds have done very well of late. What has been the key performance driver?
Our investment approach is very disciplined. We have strong internal process driven by in-house analysts. I think consistent performance has kicked into our longer term portfolio performance. In the last five years we have different market conditions: depressive and euphoric and also a more boring trading range market, since 2010. But what has really worked for us is that we have maintained to provide consistent returns across our funds. The other crucial part is the our focus on high quality companies with healthy RoEs and Return on Capital Employed (RoCEs) has worked to our advantage. The market has been biased towards quality companies and that has benefited our portfolio.
NR
remaining 10-20 companies are completely bottom-up ideas which might be suggested by the analysts. This universe is tracked by our internal teaman analyst covers a sector or multiple sectors. Even fund managers have sectoral responsibility, so they might cover one sector as an analyst in addition to managing a fund. We then use our internal stock categorisation system, in which we evaluate each company through a bottom-up approach. We look at the business in which the company operates, its growth prospects, financial and operational metrics. If the company passes through these filters and meets certain characteristics they get categorised. So when we say, companies are categorised, it means that they are approved for investments. So out of nearly 300 companies, currently we have about 140 odd companies categorised.
Return on Equity (RoEs) are consistently much below industry average and also below economic threshold dont make it through our system. So companies which dont meet this kind of criteria typically dont enter the portfolio. In the past 2-3 years we have been extremely cautious on
The economy needs policy traction, improved corporate financial health, competitiveness and a revival of the investment cycle
Has Invesco brought about any change in fund management?

Invesco has a federal approach towards investment management. Every investment centre has its own set of investment processes and is governed by that. There is no change in the way we manage the funds after Invesco partnered with us. However, Invesco being one of the leading asset managers globally, their risk management and performance measurement is standardised across the world. Now we report all the numbers back into standardised formats that Invesco uses to measure risks and performances. This has improved the quality of our risk management process. But, there is no change in the investment process.
What kind of stocks never enter your portfolio?

As a fund house we follow a strict bottom-up approach and as I described earlier, stocks that are not categorised dont enter our portfolio. It doesnt matter if that particular company is in the index of not, if it doesnt meet our criteria we dont even think of buying it. Companies whose
48
OF THIS & THAT
SANJEEV PANDIYA
The writer teaches & trades: spandiya.blogspot.com
The future of the future (part II)

Explaining megatrends: debt & deleveraging, energy & work
ere is the concluding part of the discussion I had with an ex-student who wanted to understand his future by posing these questions to me: Sir, I didnt understand When improvements in productivity from a technological innovation are evenly (and quickly) distributed across the economy, there is no differential effect on GDP, and nobody captures any value. If everyones productivity goes up then shouldnt the number of transactions and hence the velocity of money go up and affect the GDP correspondingly? The cost of solar based transportation infrastructure is humungous by any standard. The whole concept of grid parity comes up because oil is at US$100. At US$30 solar starts hitting theoretical efficiency limits and there is no parity. Not with present technology anywayit needs something completely new in all probability...and that new thing is not Moores law compliant. GDP only goes up in 2 ways: either you increase the number of people, or you increase (factor) productivity. The latter refers to differential productivity. When everybody was on calculators, you had a certain factor productivity to the production of steel because you needed that many clerks/ secretaries to run a steel company (30,000 people for about 2 million tonne capacity in Russi Modys Tata Steel). Today, with laptops, you dont need
secretaries and comptists, so you make 11 million tonne steel with say, 70,000 people. Get the point? If everybody is doing the same, real costs of steel production will drop, as we can see in many areas (computers, telecom, manufacturing, now even energy). Yes, a drop in the real cost of anything brings in new demand (as can be seen spectacularly in telecom), so GDP increases...that was precisely my point, when I said that when energy costs disappear from the GDP of nations, you will see an explosion in activity, such that nobody will notice that energy is now free. Can you imagine what would happen if the cost of food was controlled by 16 food companies, the way energy is so controlled. The fact that wheat prices are determined by a genuine perfect market, is one of the reasons why we are still alive. Imagine if energy and drugs and pharma was available in the same (perfectly competitive) manner. All the ingredients of life: water, food, energy and pharma should be so available, dont you think? That would equalise the world in a manner that no economic policy would. The sun sends down to earth energy that is some crazy times the requirement of humans. 0.3 per cent of the Sahara desert can meet the entire energy needs of Europe, at current levels of technology; similarly, some 3 per cent of the Thar desert can do the same for India. Increase
49
in energy demand, yes, and that is what will get the world out of this hole. Demand on land, forget it...if the cost of energy goes down to zero, they will reclaim land from the sea!!! Or they will put up Solar panels over the sea. About limits on conversion efficiency, that is the same point as the limit on land. Solar energy can be used to recycle Co2 back into oil, which will get past the infrastructural requirements of transmitting solar energy into transportation. The big game changer will be grid parity, that is all. Any drop (in the capital cost of Solar PV) below that and some tectonic changes will start. The first will be the demise of coal, then gas...and then, energy demand will start to explode on the back of an explosion in economic activity. Before you retire, these trends will be well on the way. In fact, my bet is that the trend may be over and you will retire in a post-industrial world... I guess we both agree on the fact that it is going to happen5 years here or there. In 30 years the world will definitely not be like this. Other than energy, what other fundamental shifts do you see in our lifetimes? In bio-sciences, we will start to regenerate tissue, even complete organs. In environment sciences, we will see an explosion in our understanding of the inter-linkages of the environment. In medicine, we will have targeted medicines, nano-medicine and the end of invasive surgery as we know it. In manufacturing, we will be recycling everything, virgin materials will be finished and the mining industry will end. 3D printing will allow us to customise production to unique requirements. Agriculture as we know it will be finished;
we will have micro-irrigation, bio-engineered pesticides and genetically modified seeds in the food chain. We will end poverty as we know it, in the emerging countries. The only challenge will be to find jobs...and as I write it, I think it will be faster rather than later. One would be free to choose (the work) one wants and not need payment for it. How do you think these changes affect the monetary and financial world? Considering that the entire field of economics and its derivatives is founded on the principle of scarcity, this could be a very fundamental change to how the society is structured and functions. I dont think poverty means the same thing to the both of us. To me poverty refers to the inability to find lifes necessities: food, water, energy, waste disposal (garbage, sewerage and toilets), housing. To you, it seems to mean all material want. Most of our real aspirations start after we get past poverty. We will still want jobs, we will still want work, long after the highest bar that defines poverty is well behind us... Only the first two of the aspirations in Maslows hierarchy have to do with material want; the other three are all about finding happiness, which by the way, is one of the new definitions of economics: the maximising of happiness. And if you define happiness, it is complex ever-evolving work, some good relationships (including with the opposite sex), charity and hope for a better future. When you have everything, you still want to hope for a better future. By the end of poverty, I was referring to a situation where the real cost of lifes necessities drops to near zero, not difficult
In bio-sciences, we will start to regenerate tissue, even complete organs. In environment sciences, we will see an explosion in our understanding of the inter-linkages of the environment
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to imagine. It has reached such a situation in Denmark, Sweden, Norway, Luxembourg, Austria and a few other OECD countries. Do you see them stopping to work? Economics is not only about scarce resources, it now has a new definition, the maximising of happiness. On economics being about maximising happiness, the problem that has not been solved is that there is no reliable or accepted way of measuring happiness. Another problem in my opinion with that view is that nobody cares about maximising happiness of any societyI have never heard of any instance, real or fictional, where people have ever tried to compete for this. Also, it is very subjectivepeople have been known to be very happy in abject poverty too. Another problem with maximising happinessit is designed as a reward mechanism not as a steady state. Long point in short.., unless it can be understood well enough to be measured and manipulated...it is like philosophy...it is fun to indulge in. Read my previous comments again...if two per cent of the population starts to produce 100 per cent of the basic needs of the entire population, then the rest of the population does not need to work. Now what does it do? There has to be some transmission mechanism by which money moves back from the producers into the hands of the consumers (of the necessities); in the US, two per cent of the population produces all the food, but the rest are busy making software, or movies! So the real cost of food has dropped, and that is good because unemployment is still seven per cent; but what if unemployment goes to 35 per cent, and most of the population is poor in a very rich country? The challenge is of meaningful jobs; you cant be happy living on food stamps. But if productivity reaches the levels I imagine, then yes, we will have to have an ever more complex, tertiary economy that is busy thinking, innovating, researching (there are 7 million scientists today, as many as there ever were...)
In the US, two per cent of the population produces all the food, but the rest are busy making software, or movies! So the real cost of food has dropped, and that is good because unemployment is still seven per cent
About maximising happiness, remember that the original name of Economics was Moral Philosophy. Having diffused objectives is not a problem for a subject that started as art, went on to become a science, got mathematical and remains in the realm of commerce.... A similar stated goal is also found in Nanotechnology where self healing and self assembling machines are the holy grail: Machines building machines. To generalise humans, though they started with basic tools to replace the work that can be done by their hands, have given increasingly complex tasks to machines. Humans then found work in building more complex tools, or monitoring machines or increasing their productivity. And soon enough they will build machines to do that toothe efforts are on. But the size of the globe/population/ resources imposes certain constraints on how much productivity increases can be done. I am sure that human learning capability and production costs also impose a constraint on the speed of innovation. Also, for the first time in human history we are hitting global limits on resources and expansion opportunities. The framework which promotes viral growth is slowly turning from asset to liability. Maybe the model that measures growth (GDP or any other) would in future be replaced by balance or sustainability based models.
51
ECONOMIC VIEWPOINT
PARANJOY GUHA THAKURTA

The writer is an independent journalist and educator
Chasing sensation over facts
The media resorts to sensationalism in the hope of making profits and glosses over other important developments
fortunes of the traditional dead-tree media is the exponential growth of the internet. As huge volumes of information are available for free on the worldwide web (even if some of the data lacks authenticity and credibility), people are spoilt for choice for much of their requirements of news. Crucial to this discourse is an ideological issue. Information is a public good, like the air we breathe or the water we drink. But information is also a manufactured product or a service that is packaged, advertised and sold by cultural industries. Since information has both attributes, the question that has no easy answers is how providers of information are to be funded, especially if the information has to be collated through extensive and thorough research. Who is going to fund investigative journalism in the age of the internet, if it is not going to be advertising-driven media companies? Will such information gathering and dissemination then be increasingly financed by academic institutions, civil society organisations or even the government? Who then will take
he extensive coverage provided by the Indian media to four incidents in recent times has resulted in a renewal of accusations that many of the countrys newspapers and television channels exaggerate facts and sell sensational stories in the hope of maximising profits. In the process, the media plays down important developments on the plea that such information is not newsworthy. The tendency to cater to the lowest common denominator is neither new nor unique to the Indian media. Whereas this does not justify the priorities of the corporatised media, it is important to understand how two important factors have exacerbated the trend. First, the Great Recession in the West and the economic slowdown in countries like India have resulted in a sharp curtailment on advertising and marketing services which, in turn, has decelerated the flow of financial oxygen that had ensured the commercial viability (if not, profitability) of mainstream media organisations. The second, and equally important factor that has adversely impacted the
All forms of media are certain to continue to resort to titillation and sensation in the hope of surviving, if not prospering, in a difficult environment
52
on the responsibility of ensuring greater transparency in society or holding accountable those who are in positions of power and authority? The answers to these questions are not easy or evident. Even as alternative revenue models are emerging, substantial sections of the mainstream media as well as the new media are certain to continue to resort to titillation and sensation in the hope of surviving, if not prospering, in a difficult environment. Consider four recent instances of wallto-wall media coverage in India: the Aarushi-Hemraj murder case and the imprisonment of the dentist couple, Dr Rajesh Talwar and Dr Nupur Talwar; the arrest and incarceration of Tehelka founder Tarun Tejpal who has been accused of raping a young colleague of his who is his daughters friend as well; the claims of sexual harassment against a recently-retired judge of the Supreme Court, Asok Kumar Ganguly; and the allegations of snooping on a woman architect by the Gujarat government headed by Narendra Modi. What is common among the four examples? Almost all those involved (with the exception of domestic worker Hemraj) belong to the upper crust of Indian society. Much of the media seeks to cater to this elite. This section comprises people to whom advertisers want to reach out to and the media treats them as consumers first and citizens later. When atrocities are committed on the underprivileged, such incidents rarely receive similar attention. The second aspect of the instances mentioned is that the allegations are salacious. The media loves to focus on the prurient, an adjective meaning having or encouraging an excessive interest in sexual matters, especially the sexual activity of others. The third common aspect is that many of the key persons are not just prominent but also supposed to be engaged in professions that are supposed to uphold public interest they are doctors, judges, journalists and
politicians. The truth is, of course, far more nuanced as corruption has permeated all these professions. The selling of news cannot be compared to marketing soap, toothpaste or potato chips. Unlike the norms and rules that operate in markets for most products and services, the intensification of competition among newspapers or television channels does not necessarily or automatically lead to an improvement in standards or quality. On the contrary, more choice in the media often leads to dumbing down. The intelligence of the reader or the viewer, who is supposed to have a short attention span, is frequently
Those who produce content for the idiot box claim that what the audience wants is song, dance, sex, violence and three Cs, crime, cinema and cricket
insulted and she or he is inundated with a surfeit of trivia. This has been particularly true of Indian television channels in recent years. Not surprisingly, those who produce content for the idiot box claim that what the audience wants is song, dance, sex, violence and three Cs, crime, cinema and cricket. However, one need not be excessively cynical. Just as the internet has provided pornography at the click of a mouse, it also has an ability to empower ordinary people. It has become easier for citizens to become journalists than ever before. The forces that make societies across the globe more transparent and less corrupt (India is hardly an exception) are inexorable and these forces include the media.
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BUY SELL HOLD
EXPERT ADVICE
What prospects does Franklin US Opportunities Fund have now with the possibility of rupee losing value further? And for those of us who didnt invest back then, can we still get started?
SUMAN
What should be the choice between midcap funds and general equity funds? Is there any benefit of investing in midcaps right now?
SURI
GLOBAL FUNDS
AVAILABLE OPTIONS
Global Feeder funds are mutual funds that invest in existing international funds that invest in stocks and assets outside India International flavour are those mutual funds based in India, which invest up to 35 per cent of their assets outside India Tax treatment depends on how the fund is classifed; feeder funds are taxed similar to debt funds and the other like an equity fund
FAQ
Franklin US Opportunities Fund has been a top performer among international funds with a return of 55 per cent over the last one year. The primary driver for having an international fund in your portfolio is to diversify . And choosing a well diversified fund is the best way of going about it. When you have to diversify, you should not choose a thematic fund or exotic international fund. We believe the US fund to be a diversified vehicle simply because the underlying companies have global businesses. Besides that, the underlying US Opportunities Fund has a long overseas history . On the other hand, the rupee depreciation or appreciation can be a tactical thing. Investors have equal chances to lose or gain. Our currency will depreciate over time because there is a huge difference in interest rates between India and the US. But it is very difficult to anticipate the kind of depreciation we have seen over the last three-four months. The reason why you should invest in such a fund is to diversify and that case still remains strong. Most investors have only Indian stocks or assets in their portfolio. Besides, the underlying companies are a compelling choice. They are global leaders and Indian investors do not have a better alternative to diversify methodically in such a portfolio. For the purpose of tax computation, international Funds are treated as debt funds, and hence the added advantage of indexation.
There can be benefits of investing in mid-cap funds because when the markets go up, mid-cap funds tend to do better than diversified equity funds. But the inverse of this is also true. When the markets go down, mid-caps suffer a lot more. This has been the experience in the past two years. The Sensex has reached the 21,000 mark and a lot of diversified funds have staged recoveries, but the mid-cap funds can still be compared to the 15,000-16,000 mark of the Sensex. The recovery in market is premature because the dynamics have not changed. Midcaps will benefit only with a sustainable recovery in the markets. We suggest you to diversify your investments and allocate only a part of your money in mid-caps.
I am 46. I have `75 lakh and my bank has promised me an interest of 9.5 per cent for a 5-10 year period. Can I invest that money elsewhere to generate about 15 per cent annualised returns over next 10 years. Or should I protect this capital at 9.5 per cent?
JAIDEEP CHATTERJEE
You cant get 15 per cent without taking some risk in the form of equity exposure through a mutual fund. Risk here means two things. One, the value of your savings will be volatile as the markets go up or down. And two, there is some probability--not a large one, but still there--that you will actually generate less than 15 per cent. However, if you choose a good balanced fund and invest in it gradually (say, over a year), then you
54
BUY SELL HOLD

could definitely reach your target. One caveat, you have said 5 to 10 years. Theres a lot of difference between the two. Five years is too short a time for the equity risk to get averaged out. Think as close to ten as possible. If you cant take the risk then go for a deposit or a bond. We see a couple of problems in what your bank is promising. Firstly, is this an oral promise or an actual ten-year deposit? The reason we ask is that currently, banks are offering at most 9 per cent for five years or above. Most banks are actually offering less, some as low as 8. If someone is orally telling you 9.5, then thats likely to be just sweet sales talk. Secondly, bank fixed deposits are highly tax-inefficient. If you are in the higher tax bracket, the actual return is effectively around 6 per cent. A much better alternative are the tax-free bonds on offer now like HUDCO Tax free bonds offering 8.76 per cent for a ten year term that are on offer nowadays. So your options are pretty clear. Take some risk and have a chance of reaching 15 per cent, or get 8.76 per cent without risk. In either case, avoid bank FDs. are complex and stocks that you buy come in a bewildering array of sectors, industries, size, financial structure, promoter track record, competitive scenarios and a lot more. When you invest in a fund from a good fund house, there is a full-fledged research department to keep tabs on all this. We advise you to invest in shares only when you have the time and understanding. Everything that you need to know about a company to invest in it can be easily understood by a normal person. If you invest in shares because someone suggested you to do so, you should redeem immediately and invest in a mutual fund. On the other hand, if you have a strategy in place, then you should continue with that.
In the last 10 years, large-cap funds have given returns at 19.61 per cent, equity diversified funds at 20.33 per cent and mid-cap funds by 21.24 per cent. I dont see a big difference in their performance. If investing for next 10 years, what approach one should adopt?
JITEN
These numbers look very different depending on the time youre looking at it. You are taking a look at
I have been investing in stocks and mutual funds since 2005-06. I am more comfortable investing in funds. Should I redeem my stock investments and invest in mutual funds instead?
RAMESH
SEASONAL UPS AND DOWNS
Mutual funds give you returns after charging some annual expenses that usually range between 1-2 per cent. Despite these charges, you are able to earn more from your funds because of the value-addition by professional fund management. Equities
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BUY SELL HOLD

these numbers when small-caps stocks are not seeing any positive growth. Their returns over the last three years show how they have struggled with substantial negative returns. If you compare returns from the three indices at different points in time, you will notice a remarkable difference as the carnage of recent years is eliminated. In fact, if you compare the three indices since 2008, assuming them to be 21,000 points at that time, the midcap index will be somewhere around 12,909 today and small-caps at 9,036 points. This means they are still struggling despite these numbers looking good. If you want to keep it simple, diversify in funds that invest in small-caps and large-caps as well. Invest for a longer tenure for superior returns. Small-caps will certainly generate more returns but they come with the ups and downs.
LEARNING CENTRE
INVESTING IN DEBT FUNDS

How should I choose a debt fund with rate change?
RAMESH KUMAR, TUMKUR
IT IS IMPORTANT TO UNDERSTAND
how interest rate changes impact debt funds. A debt fund investment, like a bond is defined by two characteristicsits maturity and its credit rating. A change in interest rates could make a particular bond more or less valuable. For instance, when interest rates fall, older bonds that are locked into a higher interest rates are worth more. Conversely, when interest rates rise, older bonds that are locked into a lower interest rates are worth less. The rise or fall in value has to be proportional to how much time is left for the bond to become mature. Maturity is the date on which the bond will be redeemed and its principle amount refunded to investors. For example, when interest rates fall, all older, higher interest bonds gain value but one which has (for example) ten years left for maturity should gain more value than one which has only one year left for
maturity. After all, the tenyear one will go on paying a higher interest rate for so much longer. From this, it is clear that what matters is residual maturity rather than the total lifetime of the bond. The risk and return level of a bond is determined by its residual maturity. The shorter the maturity, the more predictable, less risky and possibly less profitable a bond will be. Longer maturity bonds will show opposite characteristics. This then becomes the obvious way of classifying bonds, both in the way fund companies operate them, as well as the way in which analysts at Value Research evaluate them. There are other factors like duration, returns, size of the fund and its costs, because expenses have a significant impact on the relative performance of debt funds. And, finally, depending on your need for income or stability for an equity portfolio by way of exposure in debt funds, you can select a fund that suits your investment time frame.
How does FII inflow benefit Indian funds?

RK ARYA
FIIs have a big influence on the direction of Indian stock markets. When FIIs invest more, markets go up and so does the NAV of Indian equity funds. But we dont know how temporary or permanent this is because the converse is equally true. On the contrary, individual investors in India have been gradually withdrawing from mutual funds and thus driving them to sell. Even domestic insurance companies have not been steady buyers of stocks. FIIs have a disproportionate impact on the Indian markets because domestic institutional investors like mutual funds and insurance companies dont have the necessary flows to support their buying.
56
THE PLAN
Making a start
?
LOHITH AGE
Wife
Its good to start listing your goals, as you would realise that some of them need to be rescaled or postponed
OVERVIEW
You demonstrate great financial maturity by listing your financial goals as you are about to get married. Having a six-month contingency saving is a good start, which you should maintain at all times. On analysing the financial goals you have stated, it is clear that given your current financial resources, it will be difficult to achieve all of them. Going by your current expenses, you will need approx. `2.45 lakh monthly to maintain the same standard of living after 36 years. We have taken inflation at 7 per cent and life expectancy to be 80 years. One of the things to consider is to either rescale your goals or delay some of them. For instance, you can delay the construction of the house. Likewise, reduce your discretionary expenses so that you have more cash in hand to invest.
29
FAMILY EARNING
`40,000 per month
SAVINGS Equity shares, EPF
INVESTMENT
Mutual Funds: Birla Sun Life Frontline Equity Direct, Canara Robeco Equity Diversified, HDFC Prudence, SBI Emerging Businesses, Franklin India Bluechip, Quantum Long Term Equity
DOS
Considering most of your goals are some years to go, we suggest you invest in an aggressive growth portfolio with 50 per cent exposure to mid- and small-cap funds, 40 per cent in large- and mid-cap funds, with the remaining in ultra short term debt funds Given your age, you should consider taking a term insurance plan once you get married. You can opt for online term plans by HDFC Life, SBI Life, Aviva or ICICI Prudential, which have a low cost online option Though there is no thumb rule to calculate the quantum of life insurance you need; ensure that it is adequate to take care of your dependents in your absence. Diversify your insurance and take a policy from two insurers You may cover your wife under same medical policy. Convert your existing policy into family floater with a five lakh cover and buy Super Top Up policy from United India Insurance to cover heavy medical bills. This will be cheaper Prepare a household budget once you get married to track your expenses You need to check your expenses and invest more to achieve your financial goals. Before planning for children, ensure you understand the incremental expenses you will need to meet once they arrive Finally, review your portfolio once a year, invest systematically and stick to your plan
HOUSEHOLD EXPENSES
`18,000 per month
INSURANCE
HDFC ERGO Health Suraksha FINANCIAL GOALS Accumulate for post retirement life, construction of house, kids education and marriage.
DONTS
Suggest a portfolio and investment plan to achieve my goals on time.
Avoid direct equity investment, unless stock picks that are winners comes easy to you Plan for less frequent vacations, save more and invest more, especially when your current income is not enough to achieve your goals Stay away from debt instruments for wealth accumulation, especially when you have a long investment horizon Invest in the suggested portfolio and gradually switch to debt instruments as you approach your goals Stop investing in poorly-rated funds such as HDFC Prudence. Redeem your investment once it completes a year to save the exit load. Deploy the money into the suggested funds Although the NPS is a good option, it limits your equity exposure to a maximum of 50 per cent, way below what you need
57
THE PLAN
Goals
Construction of house Years to goal Target value at goal year Monthly investment @ 12% p.a Monthly investment @ 15% p.a Funds for first child* Funds for second child* Retirement corpus
5 `20 lakh
`24,489 `22,580
25
`150 lakh `7,984 `4,625
30
`250 lakh `7,153 `3,611
36
`370 lakh `5,097 `2,170
Calculated at 7% inflation *Money for each child will be needed over time
Savings & investments

`96,000 Mutual funds `50,000 Equity shares Total `1,81,000 `35,000 EPF
Portfolio Overview
TOP STOCKS
Infosys
5.32%
6.02%
HDFC Bank
Insurance
Cover Annual premium
4.75% ICICI Bank

Others
3.95% 3.61%
Reliance Industries
76.35%
Bharti Airtel
HDFC ERGO Health Suraksha
`5 lakh
`7,200
Cash flow
`18,000 Total Household expenses `40,000 Total monthly income `600 Insurance premium
TOP SECTORS
FMCG
9.32%
23.61%
Financial
36.71%
Others
12.19%
Energy
6.75% Healthcare
11.42%
Technology
MF ASSET ALLOCATION
`21,400 Surplus
90.2% EQUITY 7.6% DEBT 2.1% OTHERS

Rating 3-yr Return* (%) 5-yr Investment style
Growth Blend Value Large Medium Small
Recommended portfolio
Scheme name Category
Templeton India Ultra Short Bond Super Inst Quantum Long Term Equity UTI Opportunities SBI Magnum Emerging Bussiness IDFC Sterling Equity
*As on Dec 3,2013; LC: Large cap; MC: mid cap; SC: small cap
Debt Ultra ST LC & MC LC & MC MC & SC MC & SC

9.80 4.06 4.89 8.40 3.33
8.32 26.58 24.06 32.50 26.59
Capitalisation
For your queries and expert advice mail us at: ask@valueresearchonline.com
58
SCOR EBOARD
CATEGORY/BENCHMARKS 1-MTH 3-MTHS 1-YR 3-YRS 5-YRS 10-YRS
Equity: Large Cap Equity: Large & Mid Cap Equity: Multi Cap Equity: Mid & Small Cap Equity: Others Equity: Tax Planning Equity: International Equity: Infrastructure S&P BSE Sensex CNX Nifty S&P BSE 100 S&P BSE 200 CNX 500 CNX Infrastructure Equity: Banking S&P BSE Bankex Equity: FMCG S&P BSE FMCG Equity: Pharma S&P BSE Healthcare Equity: Technology S&P BSE Infotech Hybrid: Equity-oriented
-1.65 -0.35 0.67 3.38 1.34 0.06 0.57 1.50 -1.76 -1.95 -1.48 -1.07 -0.72 1.43 -1.83 -2.73 -2.10 -3.70 3.43 -1.13 0.04 -0.75 0.18
12.64 14.54 15.68 20.24 16.00 15.21 0.64 19.59 11.67 12.87 13.41 13.65 14.23 24.02 23.37 23.54 6.81 3.46 10.77 5.97 9.73 4.82 12.07 7.19 4.74 2.23 10.77 9.88 3.84 2.42 2.82 3.55 2.70 3.12 1.56 1.42 0.79 2.39
4.90 3.25 1.63 -0.20 -2.43 3.96 18.09 -9.06 7.51 5.04 4.55 3.11 2.03 -7.68 -12.07 -8.76 6.29 8.68 19.86 19.56 38.19 42.89 4.41 3.79 5.18 8.83 1.84 5.14 5.38 8.74 8.74 7.68 6.34 9.56 4.71 5.48 3.13 8.22
1.98 1.07 0.43 0.85 -2.28 1.45 6.41 -8.10 2.12 1.75 1.19 0.17 -0.08 -10.52 -5.80 -2.22 21.74 22.35 13.30 13.01 10.34 11.35 3.51 5.70 6.47 8.63 0.62 2.90 5.63 8.82 9.01 8.73 8.02 7.91 7.02 6.91 5.07 8.05
17.70 18.51 20.20 22.20 15.33 18.67 15.14 10.04 17.97 17.50 18.26 18.30 17.89 1.38 19.03 22.31 32.86 27.61 30.98 26.86 26.91 26.85 16.56 12.40 9.13 7.30 9.45 13.79 7.57 7.30 7.57 7.98 7.36 6.35 5.73 5.41 3.82 6.82
15.17 17.60 18.45 17.11 17.25 16.49 15.20 14.34 15.15 14.33 14.00 22.50 18.24 24.83 21.24 17.68 15.85 17.55 16.60 14.16 10.43 8.14 16.46 11.29 6.74 6.77 6.96 7.38 6.26 5.70 5.63 5.27 3.63 6.66
Events Calander Nov 13
8,75,296 cr 1,956
`
ASSETS (OCTOBER 13) NUMBER OF SCHEMES
73
-4.4%
BIGGEST EQUITY FUND LOSER
NEW SCHEMES
Hybrid: Debt-oriented Aggressive 0.00 Hybrid: Debt-oriented Cons Hybrid: Arbitrage Hybrid: Asset Allocation VR Balanced VR MIP Debt: Liquid Debt: Ultra Short Term Debt: Short Term Debt: Income Debt: Gilt Short Term Debt: Gilt Medium & Long Term VR Bond NSE G-Sec Composite Index NSE Treasury Bill Index
Returns as on November 30, 2013
0.10 0.59 -0.53 -1.53 -0.60 0.71 0.65 0.46 -0.05 0.40 -0.67 -0.19 -1.20 0.49
BIGGEST EQUITY FUND GAINER
ICICI Prudential Liquid

THE BIGGEST FUND
17,880 cr
8.5%
BIGGEST DEBT FUND GAINER

In the following pages you will not find details for any direct plan and all schemes suspended for sales. However, if you wish to check the data for the same, visit our website for complete details on them.
1.3%
59
SCOR EBOARD
45 3 13 2 50 26 57 82 29
FUND CLASSIFICATION
EQUITY
Large-cap: Over 80% assets in large-cap stocks Large & mid-cap: 60 to 80% assets in large-cap stocks Multi-cap: 40 to 60% assets in large-cap stocks Mid-& small-cap: At least 60% assets in small and midcap stocks Tax planning: Investments qualify for tax deduction under section 80C of the Income Tax Act International: Invest more than 65% of assets abroad Sector and Thematic: Based on their stated objective Others: Funds which cannot be classified in any of the existing categories and do not have the numbers to warrant a separate category
13 49 88 33 4 65
5 33
81
23
24 212
12 79 25 16
Figures indicate the number of funds in each category
DEBT
Income: Average maturity varied widely, as per funds declared objective Gilt (Medium & Long-term): Invest in gilt securities with average maturity varied widely, as per funds declared objective Short-term: Average maturity is between 1 and 4.5 years Gilt (Short-term): Invest in gilt securities with average maturity between 1 year and 4.5 years Ultra short-term: Average maturity is less than 1 year and not classified as liquid fund Liquid: Do not invest any part of assets in securities with a residual maturity of more than 91 days FMPs: Fixed maturity plans of pre-defined term
HYBRID
Equity oriented: Average equity exposure is greater than 60% Debt-oriented aggressive: Average equity exposure is between 25 and 60% Debt-oriented conservative: Average equity exposure is less than 25% Arbitrage: Seek arbitrage opportunities and invest in debt when no arbitrage is possible Asset allocation: Can fully invest in equity or debt depending on the market conditions
60
Guide to the
SCOR EBOARD
The Value Research Scoreboard is designed to help you make the best possible investment decisions. Designed for investor convenience, the scorecard captures essential data on every mutual fund scheme in an easy-to-use format. The data is updated each month and undergoes rigorous validation based on the data we directly receive from AMCs.
Fund Rating: The VALUE RESEARCH FUND RATING is a risk-adjusted rating, represented by a convenient composite measure of both returns and risk. It is purely quantitative and has no subjective component to the Fund Rating. It gives a quick summary of how a fund has performed historically relative to its peers. For equity and hybrid funds, the Fund Ratings for combines 3- and 5-year performance period. For debt funds, the Fund Ratings are based on 18month weekly risk-adjusted performance. An equity fund with a minimum performance history of three years and a debt fund with a minimum history of 18 months are only rated. There has to be at least 10 funds in a category for it to be rated and the fund must have at least `5 crore average AUM in the past six months. The distribution of the ratings is as following.
- Top 10% - Middle 35% - Bottom 10% - Next 22.5% - Next 22.5%
Fund & Category The fund name is listed alphabetically in each row. The first row (in bold) indicates the name of the category and its average returns.
NR
Performance
- Not Rated
Rank Funds are ranked based on their return position in the respective Value Research Fund Category. In case of a tie, the subsequent rank is skipped. For example, if three funds are ranked 7, then the subsequent fund is assigned rank 10. Speciality Equity Funds are not ranked for their diverse objectives.
Fund Basics
Rank
Within category
No.
Fund
Fund Rating
Total Return (%)

3-M
Absolu te
1-Y
3-Y
Annualised
5-Y
10-Y
Since Launch
1-Y
3-Y
5-Y
Expense (%)
NAV (`)
Average AUM (` Cr)
Launch Date
No. A serial number is generated for every fund scheme and is the first column of the scorecard. To locate a specific fund, look for this number in the Index against the name of the fund.
Total Return Debt (%)
Absolute 1-M 3-M Annualised 3-Y 5-Y
Total Return The total return calculations are based on month-end net asset values (NAVs), assuming reinvestment of dividend and readjusted for any bonus or rights. The return is computed by adjusting for dividend tax paid by the fund in the past. All trailing returns for over one-year period are annualised while returns for less than one year are absolute percentage changes, except for cash funds, short-term bond funds and short-term gilt funds, where the returns are on a rolling basis.
1-Y
Fund Basics This section details information about the funds launch date, its average AUM, expense ratio and its NAV. You can gauge the funds age from its launch date and the assets it manages by the average AUM. The expense ratio indicates the recurring per cent charge levied by the fund to manage assets and the NAV is the per unit market price.
61
For more on funds, visit www.valueresearchonline.com
Equity
Fund Rating
Equity: Large Cap 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 Axis Equity Baroda Pioneer Growth Baroda Pioneer PSU Equity Birla Sun Life Index Birla Sun Life Nifty ETF BNP Paribas Equity BOI AXA Equity Reg Canara Robeco Large Cap+ Regular Canara Robeco Nifty Index Regular DSPBR Top 100 Equity Reg DWS Alpha Equity Regular Edelweiss Equity Enhancer Franklin India Bluechip Franklin India Index BSE Sensex Franklin India Index NSE Nifty Goldman Sachs CNX Nifty Shariah BeES Goldman Sachs Nifty ETS HDFC Index Nifty HDFC Index Sensex HDFC Index Sensex Plus HDFC Top 200 HSBC Dynamic HSBC Equity ICICI Prudential Focused Bluechip Equity Reg ICICI Prudential Index Reg ICICI Prudential Indo Asia Equity Reg ICICI Prudential Nifty ETF ICICI Prudential SPIcE ICICI Prudential Target Returns Reg ICICI Prudential Top 100 Reg IDBI India Top 100 Equity IDBI Nifty Index IDFC Equity Regular IDFC Imperial Equity Regular IDFC Nifty Regular IIFL Nifty ETF Indiabulls Bluechip ING Large Cap Equity JM Equity JP Morgan India Equity Kotak 50 Kotak Nifty ETF Kotak Sensex ETF L&T India Large Cap LIC Nomura MF Equity LIC Nomura MF Growth LIC Nomura MF Index Nifty LIC Nomura MF Index Sensex S&P BSE Sensex
Increase / decrease in rating over the month 3-M
Performance
Total Return (%)
Absolu te
Fund Basics
Rank
10-Y Since Launch
Within category
1-Y
3-Y
Annualised
5-Y
1-Y
3-Y
5-Y
Expense (%)
NAV (`)
Average AUM (` Cr)
Launch Date
12.6 NR NR NR NR NR NR NR NR NR NR 12.7 14.4 17.0 13.1 12.6 10.3 14.6 9.1 12.6 10.3 12.2 13.1 14.4 11.1 12.2 4.4 13.0 12.9 11.7 13.1 18.3 9.1 12.8 13.3 13.3 11.8 12.9 11.3 15.0 14.2 13.9 12.7 13.0 11.9 13.0 13.1 12.4 12.6 13.1 12.4 15.0 13.0 11.8 10.7 15.7 13.2 12.5 11.4 11.7
4.9 11.8 2.6 -16.0 5.4 6.2 8.1 4.0 3.9 4.9 -0.1 7.3 2.1 3.1 7.5 5.1 14.1 4.9 5.7 8.6 4.8 3.0 -1.8 1.2 8.6 6.2 8.9 9.0 7.6 10.1 5.7 5.4 5.9 1.8 5.9 6.4 3.0 -2.4 0.6 3.3 2.8 4.3 8.9 4.0 2.9 3.6 4.9 7.8 7.5
2.0 5.4 -2.5 -13.3 1.3 6.4 1.3 6.0 1.8 1.9 -0.2 -0.5 2.7 2.3 1.8 3.0 2.5 1.9 2.5 2.7 0.9 -1.8 -0.5 6.0 2.3 6.0 4.0 3.3 6.3 1.8 2.7 -0.4 3.1 0.7 -2.3 1.1 1.7 2.2 3.3 1.5 0.0 0.5 2.1 2.5 2.1
17.7 16.1 17.1 17.2 14.0 17.0 17.2 14.9 20.5 18.0 17.5 18.3 16.6 17.3 19.1 21.3 10.7 13.5 23.9 18.0 22.0 19.0 20.0 18.0 15.1 16.2 12.1 18.4 15.9 19.1 21.1 16.1 18.0 16.4 17.6 18.0
15.2 16.4 13.7 19.2 16.8 18.7 15.0 14.7 15.3 12.6 13.6 17.2 20.8 16.6 15.4 16.2 17.4 10.7 18.8 10.2 12.0 10.6 12.2 15.2 7.6 17.2 -14.9 17.5 5.0 16.9 13.4 6.5 13.8 24.9 21.5 6.5 22.4 15.5 12.6 15.9 16.7 15.9 16.0 20.0 21.4 0.5 24.1 13.3 16.2 4.4 10.4 19.4 10.9 20.0 15.8 4.7 8.3 9.5 5.7 10.9 4.8 11.8 7.1 6.0 20.0 7.6 6.9 4.9 5.1 1.7 12.9 14.2
82 3 68 82 35 25 14 54 55 42 79 19 71 62 18 39 1 41 31 12 43 65 80 76 11 23 7 6 17 4 32 34 28 74 29 22 64 81 77 61 67 51 9 53 66 58 40 15
75 9 74 75 55 3 54 7 47 42 65 67 22 35 45 17 28 43 27 23 60 72 68 8 34 5 11 12 4 49 21 66 14 61 73 57 52 36 13 53 63 62 39 26
55 45 38 36 50 39 37 48 10 23 28 17 40 30 14 6 55 51 2 22 3 15 11 20 47 42 54 16 46 13 8 43 21 41 27
1.9 2.88 3.11 3.03 0.45 0.60 2.85 3.11 3.02 1.78 2.28 2.94 1.07 2.16 1.06 1.06 0.90 0.54 0.69 0.69 1.06 2.25 2.86 2.65 2.30 1.28 2.66 0.50 0.40 2.86 2.67 2.88 1.54 2.78 2.85 0.27 0.25 2.70 2.85 2.90 2.57 2.62 0.50 0.50 2.76 2.32 2.54 1.68 1.70 13.33 50.63 6.00 60.69 63.12 42.14 19.06 12.29 32.68 109.16 82.89 13.11 240.73 58.83 48.69 141.78 625.53 53.69 175.51 258.33 10.29 106.64 19.89 58.28 13.02 62.47 228.79 15.98 166.12 12.58 11.70 18.14 20.11 12.20 632.79 10.89 29.83 35.93 14.59 112.80 629.72 211.05 13.42 27.98 13.84 34.40 39.26 563 161 48 21 1 128 48 106 4 2981 60 0 4827 45 227 1 381 57 34 75 107 471 4397 72 131 6 1 78 379 52 81 290 164 9 10 5 4 33 195 668 37 6 295 303 71 26 15 12/09 09/03 09/10 09/02 07/11 09/04 10/08 07/10 10/04 02/03 01/03 08/09 11/93 07/00 07/00 03/09 12/01 07/02 07/02 07/02 09/96 08/07 12/02 05/08 02/02 09/07 03/13 01/03 05/09 06/98 05/12 05/10 05/06 02/06 04/10 10/11 02/12 02/04 12/94 05/07 12/98 01/10 05/08 09/07 02/93 08/94 11/02 11/02
227.54 10294
Performance as on November 30, 2013
Average AUM as on September 30, 2013
62
Equity
Fund Rating
Equity: Large Cap 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 LIC Nomura MF Sensex Advantage Motilal Oswal MOSt Shares M50 ETF Peerless Equity Pramerica Large Cap Equity Principal Index Quantum Index RShares CNX 100 Reliance Index Nifty Reliance Index Sensex Reliance Quant Plus Retail Religare Invesco AGILE Religare Invesco Business Leaders Religare Invesco Nifty ETF Sahara Super 20 SBI Magnum Equity SBI Nifty Index SBI Sensex ETF Sundaram Select Focus Reg Tata Index Nifty Plan A Tata Index Sensex Plan A Tata Pure Equity Plan A Taurus Nifty Index UTI Equity UTI Leadership Equity UTI Master Plus '91 UTI Mastershare UTI Nifty Index UTI Top 100 Axis Focused 25 Birla Sun Life Advantage Birla Sun Life Frontline Equity Birla Sun Life International Equity Plan B Birla Sun Life Long Term Advantage Birla Sun Life Special Situations Birla Sun Life Top 100 Canara Robeco Equity Diversified Regular DSPBR Focus 25 DSPBR Opportunities DWS Investment Opportunity Regular Edelweiss Diversified Growth Equity Top 100 Franklin India Flexi Cap Franklin India Opportunities Franklin India Prima Plus FT India Life Stage FoF 20s Goldman Sachs CNX 500 HDFC Capital Builder HDFC Equity S&P BSE Sensex
Performance
Total Return (%)
Absolu te
Fund Basics
Rank
10-Y Since Launch
Within category
1-Y
3-Y
Annualised
5-Y
1-Y
3-Y
5-Y
Expense (%)
NAV (`)
Average AUM (` Cr)
Launch Date
12.6 NR NR NR NR NR NR NR NR NR NR NR 11.0 18.0 10.1 11.0 12.8 13.0 13.4 12.7 11.5 12.2 8.5 12.2 12.9 14.3 12.8 12.6 11.8 14.3 12.4 11.4 10.5 12.6 12.7 12.4 12.5 12.5 13.1 10.6 14.5 13.0 16.5 14.5 11.4 16.8 15.9 15.7 10.8 13.1 13.8 12.6 12.1 18.5 17.9 15.4 13.1 13.9 17.9 20.3 11.7
4.9 7.7 6.2 3.7 2.4 6.1 6.1 5.4 8.3 4.1 3.1 5.8 5.6 2.0 2.3 4.5 3.5 4.8 7.3 4.7 4.6 4.6 5.4 4.8 3.3 5.1 1.2 3.2 7.3 4.1 7.9 6.1 8.4 -1.3 7.9 1.9 -2.2 5.7 6.8 8.0 4.2 1.6 3.5 3.4 1.8 7.9 2.5 7.5
2.0 2.4 1.2 2.1 2.8 2.5 2.5 1.1 2.8 2.1 2.0 3.1 1.8 -1.3 1.8 2.1 2.4 1.1 4.3 1.7 2.8 2.4 1.9 2.5 1.1 -0.8 4.5 2.6 2.6 -2.8 5.4 4.5 -1.2 0.7 -1.5 4.8 2.2 -0.4 4.3 3.7 -0.2 2.0 -0.5 2.1
17.7 17.3 17.2 18.3 18.2 13.3 21.0 17.4 13.0 17.3 17.6 19.5 21.3 16.1 17.2 17.6 17.3 18.5 16.8 22.1 15.0 20.2 14.0 19.5 23.0 19.8 15.4 21.2 15.4 19.8 18.7 22.7 23.4 18.0
15.2 11.5 13.0 18.1 13.4 16.3 14.7 14.4 18.9 17.2 14.5 15.3 14.3 17.6 13.9 20.6 18.4 18.5 19.9 20.1 20.3 15.2 14.1 17.3 23.2 1.1 7.0 -0.4 13.2 19.9 1.3 17.9 14.8 12.6 16.0 14.9 18.5 15.5 15.4 13.5 19.5 13.7 3.1 8.9 -1.7 10.6 9.4 10.5 0.8 0.8 7.0 -4.3 7.8 6.3 5.2 15.0 15.1 12.4 21.5 18.1 17.9 22.9 4.2 11.5 7.2 12.7 18.5 10.3 9.0
82 16 24 57 69 26 27 37 13 52 63 30 33 72 70 50 59 45 21 46 48 49 36 44 60 38 75 74 13 33 10 21 6 63 11 44 66 24 17 7 32 47 37 38 45 12 41
75 30 56 40 18 25 24 58 19 37 41 16 48 71 46 38 32 59 10 51 20 31 44 29 69 55 11 23 21 61 5 10 56 41 57 8 27 51 12 16 49 31 52
55 31 35 18 19 52 9 29 53 33 26 12 7 44 34 25 32 59 41 13 50 21 54 26 8 23 44 15 45 25 29 11 5
1.9 1.70 1.07 3.13 2.99 0.93 0.50 1.50 0.96 0.94 2.93 2.86 2.94 1.00 2.80 2.54 1.68 0.60 2.64 1.84 1.94 2.73 1.58 2.08 2.39 2.25 2.07 1.62 2.40 2.5 3.13 2.87 2.48 2.85 2.86 2.90 2.86 2.73 2.79 2.70 2.86 2.86 2.33 2.69 2.28 1.33 1.79 2.77 2.18 12.06 164.64 105.13 10.67 16.21 9.77 27.42 63.96 10.46 93.36 39.01 17.14 36.67 33.11 257.88 42.19 20.17 124.14 291.44 122 262 3265 141 123 120 304 624 249 471 54 18 1440 258 1845 9 59 409 9679 06/12 02/95 08/02 10/07 09/06 01/08 09/05 09/03 05/10 04/00 01/04 05/09 02/05 03/04 09/94 11/03 12/08 01/94 12/94 36.83 85.82 12.04 9.51 42.57 641.94 60.97 10.26 10.27 14.63 7.69 13.79 621.95 12.44 49.28 52.67 210.20 90.78 36.90 50.54 113.09 11.54 64.68 17.20 94.86 59.38 38.63 31.95 3 44 27 42 14 2 7 34 3 47 37 24 1 1 1008 43 11 473 6 5 623 1 2226 523 836 2162 142 558 11/02 07/10 09/11 12/10 06/99 06/08 03/13 09/10 09/10 04/08 11/07 07/09 06/11 07/09 11/90 01/02 03/13 07/02 02/03 02/03 05/98 06/10 05/92 01/06 12/91 10/86 03/00 05/09
Equity: Large & Mid Cap
63
Equity
Fund Rating
Equity: Large & Mid Cap 96 97 98 99 HDFC Focused Large Cap HDFC Growth HSBC India Opportunities HSBC Unique Opportunities NR NR NR NR NR NR NR NR NR NR NR
3-M
Performance
Total Return (%)
Absolu te
Fund Basics
Rank
10-Y Since Launch
Within category
1-Y
3-Y
Annualised
5-Y
1-Y
3-Y
5-Y
Expense (%)
NAV (`)
Average AUM (` Cr)
Launch Date
14.5 15.1 15.5 17.5 15.5 11.8 15.2 15.7 13.6 11.4 11.6 14.0 12.5 15.6 11.9 27.2 18.0 10.4 14.4 10.9 12.9 13.2 8.1 16.2 13.9 13.0 15.2 12.3 12.9 15.9 16.0 16.6 11.1 13.3 18.1 11.8 13.2 15.7 15.2 15.4 18.6 15.3 14.4 11.9 11.3 15.9 19.2 13.6 11.7
3.2 -0.1 -2.5 5.4 -3.5 1.1 13.4 3.9 1.1 -4.5 -1.6 0.5 -0.7 -4.5 0.6 -0.3 6.3 4.0 3.0 5.8 2.3 6.3 7.3 4.8 4.9 1.4 1.6 8.6 5.5 2.0 0.0 -3.6 13.5 7.2 -1.0 5.9 3.7 6.9 -13.6 -0.2 5.0 -0.2 -3.4 1.8 4.3 7.5
1.1 -0.7 -0.4 2.5 -3.0 3.6 6.2 1.5 0.5 0.7 1.1 0.8 -3.6 -6.8 -4.6 2.1 0.1 1.2 3.1 1.3 4.1 5.0 0.5 -0.1 0.9 0.9 4.6 2.1 2.5 2.2 -3.5 5.6 2.6 0.3 3.9 -0.5 1.5 -11.4 -2.6 3.3 -2.1 2.4 2.1
18.5 17.8 17.6 15.4 15.3 17.4 23.1 19.4 15.2 17.8 24.1 17.6 11.0 6.6 13.5 18.2 17.6 18.3 20.4 20.9 26.9 22.5 17.9 22.8 26.1 11.2 23.0 17.7 14.6 20.0 18.2 14.6 19.8 15.5 20.2 15.2 20.4 15.1 22.0 18.0
17.6 18.5 20.6 16.8 15.9 14.3 15.9 16.6 21.0 15.1 17.3 11.9 18.7 15.2 6.7 18.1 15.0 1.6 14.7 18.8 26.0 14.0 10.3 4.8 10.2 12.0 7.4 0.0 -15.7 5.6 11.2 15.9 19.2 7.5 17.1 7.3 12.6 8.9 11.8 3.3 8.2 14.9 10.0 13.6 1.9 6.1 18.0 5.8 19.5 7.3 6.2 21.0 7.3 8.1 13.5 -9.6 16.6 26.5 8.5 10.1 9.7 4.6
74 57 67 27 70 52 4 35 51 73 64 54 61 72 53 60 20 34 39 23 42 19 14 30 29 49 48 5 26 43 56 71 3 15 62 22 36 16 74 59 28 58 69 46 31
69 54 50 24 62 17 2 33 44 40 36 39 66 68 67 29 46 35 19 34 14 6 42 47 38 37 9 30 25 28 64 3 22 45 15 53 32 69 60 18 59 26
59 35 39 43 46 40 7 27 47 34 4 37 58 59 55 31 38 30 18 17 1 12 33 10 2 57 9 36 53 22 32 52 24 42 20 48 19 49 14
2.5 2.91 2.51 2.78 2.91 0.75 0.49 2.24 2.63 2.91 1.70 2.85 2.85 0.48 2.85 2.89 2.81 2.96 0.25 2.59 2.73 2.26 2.46 2.69 2.59 2.18 2.86 2.76 2.53 0.46 1.25 2.46 2.91 2.61 2.33 3.04 2.90 2.85 2.58 2.75 2.52 2.80 2.78 2.76 3.16 2.97 2.88 2.84 16.65 90.16 39.06 11.14 39.25 61.78 129.92 124.08 22.56 10.69 40.97 25.14 16.39 10.03 3.74 13.25 24.32 39.58 50.67 13.57 38.51 15.83 19.61 16.23 67.80 10.33 10.82 30.68 15.16 26.76 61.88 15.73 44.73 14.24 254.62 15.45 14.65 85.53 17.31 18.84 92.36 7.10 93.57 93.10 11.86 41.64 63.21 11.18 914 79 717 1588 17 31 8 690 333 973 241 181 434 33 22 142 117 390 995 181 45 4 5 3398 434 133 28 58 61 1 17 29 137 68 21 581 303 2015 255 280 171 1243 84 267 290 3 176 01/06 08/00 02/04 02/07 11/03 08/13 10/02 09/94 07/05 06/12 05/99 10/05 12/06 04/07 02/08 08/08 07/05 07/04 08/04 08/09 04/05 04/07 03/08 03/08 01/94 05/13 05/13 10/05 07/09 02/06 11/13 03/06 11/04 07/07 10/95 09/07 07/07 08/02 01/06 09/05 02/93 06/10 03/97 03/03 10/11 02/95 01/94 06/11
100 ICICI Prudential Advisor-Very Aggressive Reg 101 ICICI Prudential CNX 100 ETF 102 ICICI Prudential Dynamic Reg 103 ICICI Prudential Top 200 Reg 104 IDFC Classic Equity Regular 105 IIFL Dividend Opportunities Index 106 ING Core Equity 107 ING Dividend Yield 108 ING OptiMix 5 Star Multi Manager FoF 109 ING OptiMix Multi Manager Equity Option A 110 JM Core 11 111 JM Multi Strategy 112 Kotak Classic Equity 113 Kotak Equity FoF 114 Kotak Opportunities 115 Kotak Select Focus 116 L&T Equity 117 L&T Indo Asia 118 Mirae Asset India Opportunities Regular 119 Morgan Stanley A.C.E. Reg 120 Morgan Stanley Growth Reg 121 Motilal Oswal MOSt Focused 25 Reg 122 PPFAS Long Term Value Regular 123 Principal Large Cap 124 Quantum Equity FoF 125 Quantum Long Term Equity 126 RShares Nifty ETF 127 Reliance Equity 128 Reliance NRI Equity 129 Reliance Top 200 Retail 130 Reliance Vision 131 Religare Invesco Equity 132 Religare Invesco Growth 133 Sahara Growth 134 SBI Bluechip 135 SBI Magnum MultiCap 136 SBI Magnum Multiplier Plus 137 SBI PSU 138 Sundaram Growth Reg 139 Tata Equity Opportunities Plan A 140 Tata Retirement Savings Progressive Plan A 141 Taurus Bonanza 142 Taurus Starshare 143 Union KBC Equity S&P BSE Sensex
Increase / decrease in rating over the month
64
Equity
Fund Rating
Equity: Large & Mid Cap 144 UTI Contra 145 UTI Dividend Yield 146 UTI Opportunities Equity: Multi Cap 147 Birla Sun Life Asset Allocation Aggressive 148 Birla Sun Life Equity 149 BNP Paribas Dividend Yield 150 DSPBR Equity 151 Goldman Sachs India Equity 152 Goldman Sachs Nifty Junior BeES 153 HDFC Core & Satellite 154 HDFC Premier Multi-Cap 155 ICICI Prudential Nifty Junior Index 156 IDBI Nifty Junior Index 157 L&T India Special Situations 158 L&T India Value 159 Mirae Asset India-China Consumption Reg 160 PineBridge India Equity Standard 161 Principal Dividend Yield 162 Principal Growth 163 Reliance Growth 164 Reliance Regular Savings Equity 165 Religare Invesco Contra 166 SBI Contra 167 Tata Dividend Yield Plan A 168 Tata Equity PE Plan A 169 Tata Ethical Plan A 170 Taurus Ethical 171 Templeton India Equity Income 172 Templeton India Growth Equity: Mid & Small Cap 173 Axis Midcap 174 Birla Sun Life Dividend Yield Plus 175 Birla Sun Life India Reforms 176 Birla Sun Life Mid Cap 177 Birla Sun Life Pure Value 178 Birla Sun Life Small & Midcap 179 BNP Paribas Midcap 180 Canara Robeco Emerging Equities Regular 181 DSPBR Micro Cap Reg 182 DSPBR Small and Mid Cap Reg 183 Edelweiss Select Midcap 184 Escorts Growth 185 Escorts High Yield Equity 186 Escorts Leading Sectors 187 Franklin India High Growth Companies 188 Franklin India Prima 189 Franklin India Smaller Companies S&P BSE Sensex
Performance
Total Return (%)
Absolu te
Fund Basics
Rank
10-Y Since Launch
Within category
1-Y
3-Y
Annualised
5-Y
1-Y
3-Y
5-Y
Expense (%)
NAV (`)
Average AUM (` Cr)
Launch Date
14.5 NR NR NR NR NR NR NR 15.3 11.7 11.5 15.7 13.4 18.5 11.0 14.9 17.4 17.6 21.5 22.7 17.6 17.1 14.5 13.7 13.2 11.1 14.7 19.1 15.5 16.9 21.3 13.6 12.0 16.6 9.6 13.9 12.3 16.8 20.2 22.3 14.6 24.3 20.4 16.7 20.4 19.2 20.1 22.6 26.8 19.2 16.1 11.4 9.9 17.8 20.4 24.4 11.7
3.2 0.2 -1.9 2.7 1.6 1.5 5.2 4.2 -3.3 3.6 5.2 -4.0 -1.5 5.4 4.8 3.4 4.1 11.5 1.9 -5.9 5.2 -5.6 -6.5 0.6 -2.6 1.3 -4.1 11.2 10.3 7.0 0.7 -0 0.2 1.9 -5.0 -12.7 -1.7 1.8 2.4 9.3 -2.3 -5.0 -3.3 6.5 -6.1 -5.1 -4.8 7.0 7.9 12.0 7.5
1.1 -3.6 -0.1 5.5 0.4 0.4 0.0 5.1 -0.4 0.5 -4.6 -3.4 0.1 -0.1 3.7 1.5 3.0 -1.8 1.7 -1.8 -1.4 0.4 -1.8 3.1 -0.8 6.0 1.6 3.6 -1.6 0.8 -0.5 -8.3 -2.5 0.5 -0.3 8.0 4.0 -0.6 0.7 -5.9 -5.2 -1.0 3.9 4.6 6.2 2.1
18.5 12.1 18.8 23.3 20.2 15.7 18.1 21.5 18.4 26.4 19.8 19.0 21.6 20.1 18.0 17.7 18.4 20.4 21.4 15.8 23.9 20.1 25.8 23.9 19.5 22.2 20.8 20.4 20.6 21.9 25.5 27.1 26.4 25.3 12.0 10.6 12.9 23.0 25.5 26.5 18.0
17.6 18.4 19.4 20.5 15.9 13.0 21.7 22.3 18.3 16.5 17.1 16.7 19.1 13.0 18.0 15.2 11.0 22.4 -4.8 24.1 11.0 4.1 3.6 11.7 8.2 9.5 8.5 16.2 3.8 3.0 6.9 19.3 8.0 13.9 24.5 9.6 20.4 8.5 22.7 15.3 12.4 2.7 -1.0 10.8 5.7 15.1 5.1 10.0 14.5 23.6 14.4 8.3 20.3 15.7 18.1 21.5 22.4 12.1 16.3 3.5 15.0 15.3
74 55 65 40 28 15 6 10 22 12 7 23 19 5 9 13 11 1 14 27 8 26 28 18 20 16 24 2 3 4 17 58 26 44 57 37 27 23 3 38 45 39 11 48 46 43 10 5 2
69 65 48 4 26 12 15 2 17 10 26 25 14 16 3 9 6 22 7 23 19 11 24 5 18 1 8 4 20 55 35 52 46 31 34 3 17 36 30 50 48 39 18 15 8
59 56 28 6 21 21 17 6 16 1 11 13 5 9 18 19 15 8 7 20 3 10 2 4 12 48 30 35 33 28 17 12 15 19 46 47 44 23 18 14
2.5 2.62 2.11 2.18 2.5 0.00 2.69 2.87 2.32 2.79 1.06 2.81 2.80 1.76 1.81 2.62 2.93 2.85 2.89 2.70 2.56 2.23 2.32 2.94 2.37 2.87 2.85 2.97 2.88 2.45 2.59 2.6 2.97 2.59 3.02 2.59 2.99 2.93 2.89 2.95 2.79 2.50 2.86 2.50 2.50 2.50 2.60 2.56 2.69 13.36 87.90 8.44 111.35 18.05 12.99 13.05 26.22 16.66 18.98 12.03 67.21 12.96 11.70 15.28 340.34 18.38 224 1060 40 918 39 82 45 36 329 895 3 3 3 1 486 769 282 02/11 02/03 06/10 10/02 03/08 05/07 04/06 02/05 05/07 10/06 08/11 03/01 12/06 08/08 06/07 11/93 12/05 36.00 283.00 21.23 43.63 10.91 125.05 37.00 27.46 10.94 9.67 21.70 12.41 14.56 13.78 23.84 59.27 467.40 31.24 17.00 56.22 37.27 47.85 81.17 25.66 23.67 120.17 8 607 30 1873 123 74 214 253 5 28 547 44 17 131 89 222 4048 2178 42 2029 296 378 108 20 895 512 01/04 08/98 08/05 04/97 10/12 02/03 09/04 03/05 06/10 09/10 04/06 12/09 03/11 05/07 09/04 10/00 10/95 05/05 03/07 07/99 10/04 06/04 04/01 03/09 04/06 08/96 13.06 33.25 32.89 118 2967 3443 03/06 05/05 07/05
65
Equity
Fund Rating
Equity: Mid & Small Cap 190 HDFC Mid-Cap Opportunities 191 HSBC Midcap Equity 192 HSBC Progressive Themes 193 HSBC Small Cap 194 ICICI Prudential Discovery Reg 195 ICICI Prudential Midcap Reg 196 IDFC Premier Equity Regular 197 IDFC Sterling Equity Regular 198 ING Midcap 199 JP Morgan India Smaller Companies 200 Kotak Emerging Equity 201 Kotak Mid-Cap 202 L&T Midcap 203 Mirae Asset Emerging Bluechip Regular 204 Motilal Oswal MOSt Shares M100 ETF 205 Principal Emerging Bluechip 206 Reliance Equity Opportunities 207 Reliance Long Term Equity 208 Reliance Small Cap 209 Religare Invesco Mid Cap 210 Religare Invesco Mid N Small Cap 211 Sahara Mid-Cap Fund 212 Sahara Star Value 213 Sahara Wealth Plus Fixed Pricing 214 Sahara Wealth Plus Variable Pricing 215 SBI Emerging Businesses 216 SBI Magnum Global 217 SBI Magnum Midcap 218 SBI Small & Midcap 219 Sundaram Equity Multiplier 220 Sundaram S.M.I.L.E. Reg 221 Sundaram Select Midcap Reg 222 Tata Midcap Growth Plan A 223 Taurus Discovery 224 UTI Master Value 225 UTI Mid Cap Equity: Tax Planning 226 Axis Long Term Equity 227 Baroda Pioneer ELSS 96 228 Birla Sun Life Tax Plan 229 Birla Sun Life Tax Relief 96 230 BNP Paribas Tax Advantage Plan 231 BOI AXA Tax Advantage Reg 232 Canara Robeco Equity Tax Saver Regular 233 DSPBR Tax Saver 234 DWS Tax Saving 235 Edelweiss ELSS 236 Escorts Tax Plan S&P BSE Sensex
Performance
Total Return (%)
Absolu te
Fund Basics
Rank
10-Y Since Launch
Within category
1-Y
3-Y
Annualised
5-Y
1-Y
3-Y
5-Y
Expense (%)
NAV (`)
Average AUM (` Cr)
Launch Date
20.2 NR NR NR NR 21.9 28.2 24.1 23.0 19.8 27.4 17.9 18.1 20.8 17.3 23.8 23.0 16.5 20.7 17.0 19.9 15.9 17.5 28.8 23.1 23.4 24.2 22.9 15.6 15.9 13.3 17.4 28.6 12.0 14.1 19.8 18.5 19.4 24.7 21.0 23.7 15.2 19.0 13.6 15.9 16.0 12.3 15.5 12.0 15.5 12.5 12.5 8.8 11.7
-0 0.2 6.1 -11.6 -23.2 -10.8 6.3 1.5 2.9 2.2 -0.5 3.8 -7.0 -6.9 0.9 6.3 -4.5 2.9 -0.2 -3.6 2.6 2.2 7.4 0.8 -12.2 7.5 8.5 -6.4 7.7 12.4 2.7 -5.6 -10.6 -1.1 0.5 -4.4 4.9 4.6 4.0 13.3 4.7 6.7 7.2 6.5 6.7 2.3 4.8 7.9 7.1 -12.7 7.5
0.8 5.6 -9.7 -12.3 -12.2 5.5 -1.2 5.6 4.2 0.7 2.5 -1.6 -0.6 -1.5 8.6 0.0 5.0 -1.1 3.4 4.7 6.4 -1.3 -6.6 2.0 2.9 9.4 7.3 6.2 1.8 -1.2 -5.5 1.4 1.9 -0.6 0.8 3.1 1.5 10.0 -0.9 3.8 0.5 6.9 1.4 3.8 2.4 -1.2 3.6 -13.4 2.1
22.2 27.3 12.3 2.7 13.3 31.4 20.5 27.9 26.6 21.0 22.7 17.7 20.7 22.7 27.3 27.6 18.4 27.4 28.8 22.1 17.5 18.5 31.9 28.3 25.6 13.7 18.1 24.0 20.7 18.6 24.8 23.9 18.7 16.9 18.6 20.5 19.6 24.6 20.7 14.8 3.6 18.0
17.1 24.1 22.3 15.5 9.6 15.7 16.5 12.3 16.6 15.8 19.6 7.4 15.2 14.0 12.0 19.8 25.9 7.4 21.0 14.4 10.2 4.8 18.1 9.3 10.7 7.0 -1.0 -1.5 21.0 14.4 18.6 14.5 10.2 -1.6 3.2 12.0 16.7 10.8 -7.8 27.2 18.4 7.3 3.4 8.7 11.3 13.9 0.9 11.2 12.1 20.3 13.4 13.2 6.2 5.0 13.2 28.1 9.2 2.7 19.1 15.5
58 14 55 58 54 13 28 19 25 34 17 51 50 29 12 42 20 33 40 22 24 9 30 56 8 4 49 7 1 21 47 53 35 31 41 15 16 37 1 19 10 8 12 11 27 18 6 9 37
55 9 53 55 54 11 42 10 16 29 22 45 37 44 2 33 13 40 19 14 6 43 51 24 21 1 4 7 26 41 49 27 25 38 28 20 36 1 30 8 24 2 20 7 14 31 10 36
48 10 45 48 43 3 34 6 13 29 24 40 32 25 11 8 38 9 4 27 41 37 2 5 16 42 39 21 31 36 20 22 29 22 17 9 15 2 8 26 29
2.6 2.39 2.92 2.88 2.94 2.33 2.75 2.27 2.40 2.85 2.66 2.79 2.77 2.98 2.77 1.00 2.55 2.27 2.54 2.74 3.03 3.07 2.82 2.58 2.10 0.80 2.55 2.55 2.84 2.61 2.85 2.79 2.28 2.83 2.85 2.47 2.56 2.6 2.85 3.22 2.92 2.42 2.92 2.99 2.65 2.62 2.90 2.86 2.50 16.72 23.31 50.58 81.75 17.64 24.80 18.47 19.47 14.39 22.70 33.63 640 25 110 1314 129 29 560 684 44 18 3 12/09 03/96 02/99 03/96 12/05 02/09 03/93 12/06 02/06 12/08 03/00 19.22 17.78 9.28 9.19 58.99 34.02 40.27 21.74 22.94 9.10 12.33 27.05 42.04 14.18 7.96 33.72 43.21 16.31 11.12 17.40 18.41 32.02 10.37 24.01 25.60 54.10 70.89 29.28 12.88 13.92 29.69 166.70 48.73 16.62 56.87 36.67 2588 66 94 12 2535 171 3209 1237 24 110 90 224 50 140 63 224 4715 723 286 46 27 8 1 9 9 1240 825 173 15 111 263 1614 172 21 488 225 06/07 05/05 01/06 03/08 07/04 10/04 09/05 02/08 05/05 11/07 03/07 01/05 07/04 06/10 01/11 10/08 03/05 12/06 09/10 03/07 02/08 12/04 08/09 08/05 08/05 09/04 09/94 03/05 08/09 01/07 01/05 07/02 06/94 09/94 06/98 04/04
66
Equity
Fund Rating
Equity: Tax Planning 237 Franklin India Taxshield 238 HDFC LT Advantage 239 HDFC Taxsaver 240 HSBC Tax Saver Equity 241 ICICI Prudential Tax Plan Reg 242 IDBI Tax Saving Reg 243 IDFC Tax Advantage (ELSS) Regular 244 ING Tax Savings 245 JM Tax Gain 246 JP Morgan India Tax Advantage 247 Kotak Tax Saver 248 L&T Tax Advantage 249 L&T Tax Saver 250 LIC Nomura MF Tax Plan 251 Principal Personal Tax Saver 252 Principal Tax Savings 253 Quantum Tax Saving 254 Reliance Tax Saver 255 Religare Invesco Tax Plan 256 Sahara Tax Gain 257 SBI Magnum Taxgain 258 Sundaram Taxsaver 259 Tata Tax Saving 260 Taurus Tax Shield 261 Union KBC Tax Saver 262 UTI Equity Tax Savings Equity: International 263 Birla Sun Life Commodity Equities-Global Agri 264 Birla Sun Life International Equity Plan A 265 DSPBR US Flexible Equity 266 DSPBR World Agriculture 267 DSPBR World Energy Reg 268 DSPBR World Gold Reg 269 DSPBR World Mining Reg 270 DWS Global Agribusiness Offshore Reg 271 DWS Global Thematic Offshore 272 Franklin Asian Equity 273 FT India Feeder Franklin US Opportunities 274 Goldman Sachs Hang Seng BeES 275 HSBC Brazil 276 HSBC Emerging Markets 277 ICICI Prudential Global Stable Equity Reg 278 ICICI Prudential US Bluechip Equity 279 ING Global Real Estate Retail 280 ING Latin America Equity 281 ING OptiMix Global Commodities 282 JP Morgan ASEAN Equity Off Shore 283 JP Morgan Emerging Eu Mid East and Afr Eqt Off Shore S&P BSE Sensex
Performance
Total Return (%)
Absolu te
Fund Basics
Rank
10-Y Since Launch
Within category
1-Y
3-Y
Annualised
5-Y
1-Y
3-Y
5-Y
Expense (%)
NAV (`)
Average AUM (` Cr)
Launch Date
15.2 NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR 14.9 18.1 20.0 18.2 17.6 18.4 13.4 18.9 12.9 12.7 13.5 15.5 13.3 12.8 19.2 15.4 20.5 16.9 16.9 15.9 13.0 11.2 16.8 12.9 11.8 0.6 4.4 5.7 4.5 0.8 -1.8 -23.4 -6.0 0.9 5.1 3.1 6.8 4.6 3.9 4.5 0.1 -1.4 0.7 -2.9 -2.5 2.1 11.7
4.0 4.5 10.5 4.6 1.1 8.8 9.9 -0.3 1.0 1.6 -7.9 3.8 5.0 5.1 1.7 5.4 8.5 -1.7 6.0 2.7 3.5 -0.7 3.2 -1.0 6.2 3.5 18.1 12.9 37.0 45.8 22.5 29.7 -41.2 -10.9 15.6 38.1 19.4 54.0 27.4 3.3 14.6 45.7 1.9 6.3 17.9 21.0 7.5
1.5 4.9 2.4 0.2 1.9 4.9 4.9 -1.3 -1.6 0.6 -2.5 1.9 -2.0 0.4 -0.5 2.1 4.2 2.3 3.7 1.3 2.6 -0.4 2.9 -0.7 1.3 6.4 5.2 20.9 10.8 -16.5 -7.6 12.4 17.1 10.9 14.8 6.0 -2.8 0.5 9.1 2.1
18.7 21.2 22.5 22.2 18.5 27.0 19.9 12.3 15.4 21.4 18.4 14.7 18.1 17.2 20.2 22.1 20.2 19.2 15.7 19.7 19.9 16.3 15.1 14.1 18.0 4.4 16.1 18.8 16.4 13.0 11.3 18.0
16.5 19.3 19.3 21.6 20.2 8.9 14.3 15.2 17.7 23.6 19.5 15.2 16.7 13.7 15.2 24.5 23.8 28.2 7.7 21.8 8.2 19.6 12.1 -5.9 15.1 7.7 12.1 6.0 7.1 21.2 15.9 21.8 11.0 10.9 23.6 16.8 17.2 19.2 10.3 17.7 14.7 14.1 8.2 34.4 20.0 8.9 1.4 -2.7 14.1 4.5 7.2 34.6 15.3 -2.4 3.1 3.6 35.3 2.9 1.1 6.1 20.8 7.9
37 21 2 20 30 4 3 32 31 29 36 22 17 16 28 15 5 35 14 26 23 33 25 34 13 24 29 21 6 3 12 8 29 27 17 5 15 1 10 25 20 4 26 23 16 14
36 5 13 26 17 3 4 32 33 23 35 18 34 25 28 16 6 15 9 22 12 27 11 29 21 22 16 1 9 21 20 6 3 8 5 14 19 17 12
29 7 3 4 18 1 13 28 25 6 19 27 20 21 10 5 11 16 24 14 12 23 14 10 5 14 9 4 7 11 12
2.6 2.47 2.57 2.30 2.80 2.40 0.21 2.93 2.82 2.89 2.70 2.75 2.39 2.94 2.56 2.52 2.58 1.25 2.32 2.88 2.86 2.21 2.39 2.91 2.97 2.93 2.44 1.9 2.30 3.22 2.09 1.75 1.74 1.69 1.71 1.80 1.85 2.75 1.78 1.03 1.97 1.97 1.87 2.95 1.45 2.07 0.94 1.75 1.60 19.49 16.12 14.84 14.69 14.43 10.88 8.98 15.97 13.15 15.08 17.16 2100.69 9.38 11.91 10.36 15.33 15.51 10.62 13.61 15.80 12.63 15 80 90 40 140 410 35 120 8 158 341 12 143 21 15 151 47 8 4 328 5 10/08 10/07 07/12 10/11 07/09 08/07 12/09 04/10 08/07 12/07 01/12 02/10 04/11 02/08 09/13 07/12 12/07 07/08 08/08 06/11 10/10 248.24 158.09 247.65 16.65 167.89 10.82 24.16 30.16 7.09 19.77 18.15 24.33 16.02 31.20 101.02 87.42 26.47 23.53 20.51 40.86 68.79 46.73 47.26 37.22 13.71 43.10 900 777 3095 162 1364 5 146 22 28 5 325 1061 25 28 327 183 13 1738 128 10 3866 1147 120 83 50 416 04/99 12/00 03/96 12/06 08/99 09/13 12/08 03/04 03/08 01/09 10/05 01/06 10/05 03/97 03/96 03/96 12/08 08/05 12/06 03/97 03/93 11/99 03/96 03/96 12/11 12/99
67
Equity
Fund Rating
Equity: International 284 JP Morgan Greater China Equity Off-shore 285 JP Morgan US Value Equity Offshore Reg 286 Kotak Global Emerging Market 287 L&T Global Real Assets 288 Mirae Asset China Advantage 289 Mirae Asset Global Commodity Stocks 290 Motilal Oswal MOSt Shares NASDAQ-100 ETF 291 PineBridge World Gold Standard 292 Principal Global Opportunities 293 Sundaram Global Advantage 294 Tata Growing Economies Infrastructure Plan A Equity: Banking 295 Baroda Pioneer Banking and Financial Services 296 Goldman Sachs Banking BeES 297 Goldman Sachs PSU Bank BeES 298 ICICI Prudential Banking and Financial Services Reg 299 Kotak PSU Bank ETF 300 RShares Banking ETF 301 Reliance Banking 302 Religare Invesco Banking 303 Sahara Banking and Financial Services 304 Sundaram Financial Services Opp Reg 305 Taurus Banking & Financial Services 306 UTI Banking Sector Reg Equity: FMCG 307 ICICI Prudential FMCG Reg 308 SBI FMCG Equity: Infrastructure 309 Baroda Pioneer Infrastructure 310 Birla Sun Life Infrastructure 311 BOI AXA Focused Infrastructure 312 Canara Robeco Infrastructure Regular 313 DSPBR T.I.G.E.R. Reg 314 Escorts Infrastructure 315 Franklin Build India 316 Goldman Sachs Infra BeES 317 HDFC Infrastructure 318 ICICI Prudential Infrastructure Reg 319 IDFC Infrastructure Regular 320 L&T Infrastructure 321 LIC Nomura MF Infrastructure 323 Religare Invesco Infrastructure 324 Sahara Infrastructure Fixed Pricing 325 Sahara Infrastructure Variable Pricing 326 SBI Infrastructure S&P BSE Sensex S&P BSE FMCG S&P BSE Bankex
Performance
Total Return (%)
Absolu te
Fund Basics
Rank
10-Y Since Launch
Within category
1-Y
3-Y
Annualised
5-Y
1-Y
3-Y
5-Y
Expense (%)
NAV (`)
Average AUM (` Cr)
Launch Date
0.6 NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR 3.8 1.9 3.3 2.5 9.0 4.4 5.2 -24.0 1.2 0.4 5.1 23.4 23.3 23.0 25.5 24.9 25.7 22.7 25.3 20.2 20.8 24.2 23.2 22.2 6.8 7.7 5.8 19.6 18.8 23.5 17.6 17.7 20.5 23.7 19.4 24.0 31.7 18.2 16.2 20.2 20.2 16.6 19.9 18.6 18.8 20.9 11.7 3.5 23.5
18.1 33.2 22.1 26.5 28.9 4.4 47.6 -40.2 11.3 14.7 14.7 -1 12.1 -11.2 -8.7 -22.6 -2.8 -22.7 -6.9 -11.1 -10.1 -13.4 -11.6 -11.8 -12.8 6.3 6.1 6.5 -9 9.1 -6.7 -4.1 -11.0 -9.9 -9.5 -17.2 6.0 -7.3 -14.5 -6.8 -11.9 -9.9 -3.9 -9.1 -6.7 -14.6 -13.8 -14.2 7.5 8.7 -8 8.8
6.4 15.1 12.3 17.5 7.8 0.3 -17.8 9.5 9.9 5.8 -5 5.8 -2.0 -17.2 2.5 -17.5 -1.1 -3.6 -2.0 -5.0 -7.1 -4.6 21.7 20.9 22.6 -8 8.1 -9.7 -6.6 -10.4 -3.7 -7.1 -21.4 2.8 -10.4 -11.4 -6.5 -9.2 -7.0 -5.0 -7.2 -10.5 -9.7 -12.1 2.1 22.4 -2 2.2
15.1 22.1 16.2 5.6 19.0 19.0 17.7 19.0 21.5 10.1 24.2 10.2 22.3 22.6 21.2 22.4 15.8 20.1 32.9 30.3 35.4 10.0 14.2 15.8 12.0 -4.8 11.8 10.8 8.0 8.8 13.7 8.8 7.5 8.4 6.3 18.0 27.6 22.3 15.2 21.2 18.2 -8.8 5.2 -7.3 9.3 15.8 -13.1 8.0 -13.0 -1.9 11.9 -9.0 -8.3 -3.9 -3.5 -5.7 2.3 3.1 -5.0 22.5 22.5 24.8 26.4 23.2 18.1 14.8 0.8 18.6 -0.2 15.4 -1.4 15.2 24.7 14.6 22.4 11.0 9.4 15.7 14.7 6.4 5.7 19.0 9.5 4.3 31.4 -2.8 9.0 6.8 6.7
29 7 13 11 9 24 2 28 22 18 19 13 7 3 12 1 13 2 6 4 11 8 9 10 2 2 1 26 7 3 17 16 14 26 1 10 24 9 18 15 2 13 8 25 21 23
22 4 7 2 13 18 22 11 10 15 11 4 10 1 11 2 5 3 7 9 6 2 2 1 25 15 9 20 2 12 25 1 19 23 8 14 11 4 13 21 16 24
14 1 8 13 3 2 6 10 5 10 1 9 4 2 6 3 8 7 2 2 1 21 4 1 8 21 10 11 17 14 5 13 18 15 19
1.9 1.70 1.85 1.85 2.00 2.14 2.85 1.00 2.05 1.29 1.40 2.87 2.1 3.26 0.54 0.81 2.91 0.65 0.39 2.37 3.15 2.84 2.85 2.91 2.83 2.9 2.87 2.93 2.6 3.17 2.81 3.03 2.96 2.43 2.50 2.85 1.09 2.74 2.33 3.00 2.96 2.70 2.86 2.86 2.27 1.97 2.65 7.28 14.80 7.54 20.38 40.28 4.16 13.87 243.76 8.96 25.26 7.74 5.84 7.93 8.13 7.00 11.92 12.67 7.20 21 260 12 72 996 1 56 4 368 1216 49 23 66 66 23 4 4 445 05/10 02/06 02/10 11/05 05/04 08/07 08/09 09/10 02/08 08/05 02/11 09/07 02/08 01/08 10/07 03/06 03/06 06/07 115.17 45.64 241 222 03/99 07/99 10.11 1129.18 270.39 21.33 260.60 1185.08 102.29 20.81 28.64 17.71 11.47 40.92 34 37 12 248 8 10 1415 51 15 134 9 288 06/12 05/04 10/07 08/08 11/07 05/08 05/03 06/08 08/08 05/08 05/12 04/04 17.97 10.64 14.07 19.37 14.46 12.50 216.39 8.58 23.12 15.08 14.51 105 75 59 74 24 16 79 94 27 45 19 07/09 07/13 08/07 01/10 10/09 07/08 03/11 05/08 03/04 07/07 03/08
322 PineBridge Infrastructure and Economic Reform Standard
68
Equity
Fund Rating
Equity: Infrastructure 327 Tata Growing Economies Infrastructure Plan B 328 Tata Indo Global Infrastructure Plan A 329 Tata Infrastructure Plan A 330 Taurus Infrastructure 331 UTI Infrastructure Equity: Pharma 332 Reliance Pharma 333 SBI Pharma 334 UTI Pharma & Healthcare Equity: Technology 335 Birla Sun Life New Millennium 336 DSPBR Technology.com Reg 337 Franklin Infotech 338 ICICI Prudential Technology Reg 339 SBI IT Equity: Others 340 Birla Sun Life Buy India 341 Birla Sun Life India GenNext 342 Birla Sun Life India Opportunities 343 Birla Sun Life MNC 344 Canara Robeco F.O.R.C.E Regular 345 DSPBR Natural Resources and New Energy Reg 346 Escorts Power & Energy 347 ICICI Prudential Exports and Other Services Reg 348 JM Basic 349 Reliance Diversified Power Sector 350 Reliance Media & Entertainment 351 Religare Invesco PSU Equity 352 Sahara Power & Natural Resources 353 Sahara R.E.A.L 354 SBI Magnum COMMA 355 Sundaram CAPEX Opp Reg-D 356 Sundaram CAPEX Opp Reg-G 357 Sundaram Energy Opportunities 358 Sundaram Entertainment Opportunities Reg 359 Sundaram Equity Plus 360 Sundaram PSU Opportunities 361 Sundaram Rural India Reg 362 UTI Energy 363 UTI India Lifestyle 364 UTI MNC 365 UTI Services Industries 366 UTI Transportation and Logistics 367 UTI Wealth Builder Series II Retail S&P BSE Sensex S&P BSE Infotech S&P BSE Healthcare S&P BSE FMCG
Performance
Total Return (%)
Absolu te
Fund Basics
Rank
10-Y Since Launch
Within category
1-Y
3-Y
Annualised
5-Y
1-Y
3-Y
5-Y
Expense (%)
NAV (`)
Average AUM (` Cr)
Launch Date
19.6 NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR 12.4 10.8 17.3 24.7 21.8 10.8 10.4 12.0 9.7 9.7 8.9 8.2 4.6 19.8 6.8 16.0 18.8 15.0 10.8 15.0 12.7 11.9 26.3 14.4 20.8 20.0 11.6 12.0 23.6 19.7 14.9 22.0 21.4 15.4 18.7 5.8 12.9 14.2 14.8 11.9 12.2 13.1 29.7 6.6 11.7 4.8 6.0 3.5
-9 9.1 -4.8 -4.7 -14.1 -12.3 -12.2 19.9 14.7 23.8 21.1 38.2 35.2 29.9 38.4 47.9 39.5 -2 2.4 4.0 6.2 17.7 8.9 -3.3 -7.6 -10.7 35.9 -6.6 -17.5 -4.2 -16.0 -5.7 -5.5 -14.0 -19.3 -19.5 -11.3 -4.7 0.6 -17.2 -4.6 -8.3 4.2 7.4 9.5 19.5 -3.0 7.5 42.9 19.6 8.7
-8 8.1 -5.2 -5.6 -11.0 -9.8 -9.7 13.3 11.9 16.9 11.1 10.3 7.1 5.5 10.3 15.9 12.9 -2 2.3 3.8 9.5 2.8 9.5 2.7 -6.2 -16.9 12.4 -7.6 -16.2 6.1 -9.9 -7.4 -4.1 -11.0 -17.6 -17.3 -8.5 -2.4 -11.7 -0.8 -8.4 6.0 9.7 4.2 8.4 4.4 2.1 11.4 13.0 22.4
10.0 12.0 9.9 8.0 15.1 5.3 31.0 34.6 32.3 26.0 26.9 20.6 21.2 27.5 35.6 29.7 15.3 23.3 22.3 21.3 29.1 14.5 -0.3 25.4 8.1 5.1 22.0 13.0 11.8 10.0 4.4 4.3 7.7 8.2 17.4 7.7 19.5 25.7 20.4 31.6 18.0 26.8 26.9 27.6 17.7 19.1 16.3 17.6 15.5 18.5 17.1 19.4 17.3 17.3 20.4 11.9 19.7 19.3 14.9 15.2 16.6 15.9 21.2 12.4 15.3 15.2 15.8 10.7 3.3 -0.1 12.5 2.4 17.7 15.0 -4.1 1.7 -3.7 7.2 4.5 4.7 -7.1 6.2 4.9 -5.4 6.5 -7.6 5.9 16.2 20.0 14.6 17.7 6.9 10.4 20.6 8.0 13.8 24.2 16.9 15.0 1.4 -5.8 10.9 1.1 11.4
26 5 4 22 20 19 3 3 1 2 5 4 5 3 1 2 30 9 7 3 5 12 21 23 1 20 28 14 26 19 18 25 29 30 24 17 10 27 15 22 8 6 4 2 11
25 5 7 22 18 17 3 2 1 3 5 4 5 3 1 2 28 10 4 11 3 12 17 26 1 19 25 6 22 18 16 23 28 27 21 15 24 14 20 7 2 9 5 8
21 7 12 16 2 20 3 1 2 3 5 5 4 3 1 2 23 5 6 8 2 12 23 4 17 20 7 13 14 15 21 22 18 16 11 19 10 3 9 1
2.6 2.87 2.75 2.64 2.88 2.11 2.9 2.65 3.00 2.93 2.9 2.97 2.95 2.81 2.87 2.98 2.8 2.98 3.02 2.99 2.91 3.02 2.89 2.50 2.90 2.80 2.38 2.88 2.88 2.86 2.86 2.82 2.86 2.83 2.60 2.97 2.80 2.80 2.86 2.53 2.47 2.69 2.57 2.81 2.56 50.43 32.82 60.78 279.83 15.37 11.98 9.95 25.73 12.97 47.63 36.12 8.43 10.94 7.98 17.88 7.52 14.50 6.47 13.88 11.30 8.05 16.13 8.61 14.39 77.78 69.60 37.38 22.70 36 169 37 387 99 59 1 155 142 1335 98 54 2 3 235 105 123 437 29 100 121 119 222 309 261 193 46 524 01/00 07/05 08/03 12/99 08/09 03/08 09/08 11/05 06/05 04/04 09/04 10/09 05/08 11/07 07/05 09/05 09/05 12/07 05/08 05/11 12/09 04/06 11/07 07/07 05/98 06/99 04/04 11/08 25.29 38.38 87.52 28.89 27.44 52 44 125 111 43 01/00 04/00 08/98 01/00 07/99 78.55 72.84 56.55 700 114 121 05/04 07/99 06/99 10.80 6.95 25.26 10.74 25.90 53 417 668 7 1248 03/08 10/07 12/04 03/07 04/04
69
Balanced
Fund Rating
Hybrid: Equity-o oriented 368 Baroda Pioneer Balance 369 Birla Sun Life 95 370 Canara Robeco Balance Regular 371 DSPBR Balanced 372 Edelweiss Absolute Return 373 Escorts Balanced 374 FT India Balanced 375 HDFC Balanced 376 HDFC Childrens Gift-Inv 377 HDFC Prudence 378 ICICI Prudential Advisor-Aggressive Reg 379 ICICI Prudential Balanced Advantage Reg 380 ICICI Prudential Balanced Reg 381 ICICI Prudential ChildCare-Gift Reg 382 ING Balanced 383 JM Balanced 384 Kotak Balance 385 L&T India Prudence 386 LIC Nomura MF Balanced 387 LIC Nomura MF Children 388 LIC Nomura MF ULIS 389 Principal Balanced 390 Principal Retail Equity Savings 391 Reliance Regular Savings Balanced 392 SBI Magnum Balanced 393 Sundaram Balanced Reg 394 Tata Balanced Plan A 395 Tata Retirement Savings Moderate Plan A 396 Templeton India CAP Gift Plan 397 UTI Balanced 398 UTI CCP Advantage Hybrid: Debt-o oriented Aggressive 399 Birla Sun Life Asset Allocation Moderate 400 Birla Sun Life MIP II Wealth 25 401 DSPBR MIP 402 FT India Life Stage FoF 30s 403 FT India Life Stage FoF 40s 404 ICICI Prudential Advisor-Moderate Reg 405 IDFC Aggressive Asset Allocation Regular 406 IDFC Moderate Asset Allocation Regular 408 Sundaram MIP Aggressive Plan 409 Tata Retirement Savings Conservative Plan A 410 Tata Young Citizens Plan A 411 Templeton India Pension 412 Unit Linked Insurance Plan 71 413 UTI CCP Balanced 414 UTI CRTS 81 415 UTI Mahila Unit Scheme
Performance
Total Return (%)
Absolu te
Fund Basics
Rank
10-Y Since Launch
Within category
1-Y
3-Y
Annualised
5-Y
1-Y
3-Y
5-Y
Expense (%)
NAV (`)
Average AUM (` Cr)
Launch Date
12.1 NR NR NR NR NR NR NR NR 12.2 10.6 10.7 10.5 4.4 13.9 13.1 15.9 13.6 17.6 11.8 13.6 13.3 19.8 9.5 19.4 8.5 11.5 7.6 7.8 9.0 14.1 9.1 13.1 14.0 8.8 11.1 9.8 11.1 12.4 13.4 7.2 10.3 7.2 4.7 9.7 7.3 9.6 8.4 6.3 6.2 4.1 4.3 6.7 7.6 6.6 9.1 5.7 7.3
4.4 5.7 4.8 1.6 -2.6 5.8 0.2 6.1 6.6 11.4 1.8 -0.5 9.9 9.3 1.7 4.6 11.2 5.2 8.0 5.9 6.1 5.1 5.0 -3.7 0.4 9.1 3.6 3.6 1.1 4.1 4.2 1.2 3.8 2.6 6.6 5.4 3.8 4.5 1.2 3.4 5.6 2.0 -1.2 5.0 3.0 4.5 2.7 5.5 6.4 3.1
3.5 2.0 4.0 5.3 0.9 5.0 -1.5 4.8 5.9 8.9 2.7 4.8 10.0 8.5 2.1 2.2 4.7 4.0 2.9 0.3 2.6 3.1 -3.3 2.7 4.7 -0.1 6.2 4.2 2.9 1.1 5.7 3.2 7.1 7.4 5.2 5.7 5.4 6.1 7.7 4.5 3.4 5.5 6.3 5.5 6.4 8.7 4.0
16.6 12.6 19.9 19.0 14.9 9.9 15.9 22.3 24.5 22.2 16.4 19.1 19.6 20.7 15.0 15.1 14.9 11.8 11.5 10.8 15.8 11.9 21.0 17.6 15.4 20.7 15.9 16.5 12.7 12.4 13.4 12.0 9.7 15.6 14.7 13.8 7.8 14.3 11.6 13.1 12.6 14.1 9.5
14.2 11.2 17.2 17.4 15.7 12.2 14.9 15.8 15.6 18.9 15.0 13.8 12.2 9.7 16.0 10.7 9.2 12.8 13.5 17.9 12.4 17.1 12.5 10.4 11.5 10.4 11.0 9.9 8.7 11.6 12.4 8.6 9.5 12.6 10.7 11.3 8.2 8.4 5.2 4.0 7.5 12.9 12.4 9.1 10.0 10.3 12.9 11.8 21.2 11.4 14.2 7.0 15.3 13.3 15.4 16.6 19.0 13.4 9.4 13.5 16.4 7.9 11.8 15.0 6.8 10.6 -2.5 9.2 9.5 15.4 11.6 16.1 12.8 15.6 8.9 11.0 15.7 6.0
31 12 16 24 30 11 28 9 7 1 22 29 3 4 23 17 2 13 6 10 8 14 15 31 27 5 21 20 26 19 18 25 18 15 1 5 10 8 17 11 3 16 18 6 13 7 14 4 2 12
29 23 14 6 25 7 28 8 5 2 18 9 1 3 22 21 10 13 17 26 20 15 29 19 11 27 4 12 16 24 17 17 4 3 12 8 11 7 2 14 16 10 6 9 5 1 15
28 23 7 10 21 28 14 2 1 3 13 9 8 6 19 18 20 25 26 27 16 24 4 11 17 5 15 12 22 14 6 9 12 1 2 5 14 3 10 7 8 4 13
2.6 3.25 2.87 2.76 2.66 2.86 2.50 2.73 2.29 2.60 2.25 0.75 2.82 2.80 2.82 2.85 2.89 2.96 2.97 2.53 2.37 2.36 2.70 2.69 2.86 2.85 2.97 3.00 2.87 2.60 2.28 1.81 1.7 0.00 1.95 2.46 1.50 1.62 0.75 0.75 0.75 1.17 2.46 2.25 2.82 2.45 1.93 1.76 1.58 2.34 31.53 4.4 01/04 04/04 05/04 11/03 11/03 11/03 01/10 01/10 04/06 02/10 10/11 10/95 03/97 10/71 07/93 10/81 04/01 21.86 191.6 23.66 525.8 32.74 27.58 29.02 13.51 13.59 14.71 11.58 11.63 6.9 11.5 4.6 51.1 56.0 1.6 22.9 2.1 31.31 16.2 09/03 02/95 01/93 05/99 08/09 03/01 12/99 08/00 02/01 01/94 11/03 12/06 10/99 08/01 04/00 12/94 11/99 01/11 11/03 02/06 11/03 12/99 08/01 05/05 10/95 05/00 10/95 10/11 09/05 03/95 02/04 356.78 584.7 71.76 191.0 69.18 528.9 13.35 61.28 41.3 1.0
57.37 193.0 66.66 1099.2 54.72 370.8 236.26 5151.1 35.09 6.1 18.63 462.3 59.66 535.0 64.13 168.9 28.22 27.09 12.05 63.11 10.84 35.31 83.77 6.1 6.1 32.6 17.7 4.8 14.6 19.7
18.68 102.0
10.80 134.2
25.35 543.4 60.78 398.1 50.82 11.94 51.01 17.70 37.8 9.2 7.6 76.9 101.75 563.0
90.27 869.5
407 ING OptiMix Income Growth MMFoF 30% Equity Option A NR
15.17 171.8 70.00 237.4 16.45 2398.7 13.94 2724.5 220.87 330.9 23.28 204.3
70
Balanced
Fund Rating
Hybrid: Debt-o oriented Aggressive 416 UTI Retirement Benefit Pension Hybrid: Debt-o oriented Conservative 417 Axis Income Saver 418 Baroda Pioneer MIP 419 Birla Sun Life Asset Allocation Conservative 420 Birla Sun Life MIP 421 Birla Sun Life MIP II Savings 5 422 Birla Sun Life Monthly Income 423 BNP Paribas MIP 424 BOI AXA Regular Return Reg 425 Canara Robeco MIP Regular 426 Canara Robeco Yield Advantage Regular 427 DWS Income Advantage Reg 428 DWS Twin Advantage 429 Edelweiss MIP 430 Escorts Income Bond 431 Escorts Opportunities 432 FT India Life Stage FoF 50s Plus 433 FT India Life Stage FoF 50s Plus Floating Rate 434 FT India MIP 435 HDFC Childrens Gift-Sav 436 HDFC MIP Long-term 437 HDFC MIP Short-term 438 HDFC Multiple Yield 439 HDFC Multiple Yield Plan 2005 440 HSBC MIP Regular 441 HSBC MIP Savings 442 ICICI Prudential Advisor-Cautious Reg 443 ICICI Prudential Blended Plan B Option I Reg 444 ICICI Prudential ChildCare-Study Reg 445 ICICI Prudential MIP 25 Reg 446 ICICI Prudential MIP 5 447 ICICI Prudential MIP Reg 448 IDBI MIP 449 IDFC Conservative Asset Allocation Regular 450 IDFC Monthly Income Plan Regular 451 ING MIP 453 JM MIP 454 Kotak MIP 455 L&T MIP 456 L&T MIP-Wealth Builder 457 LIC Nomura MF MIP 458 Morgan Stanley Multi Asset Plan A Reg 459 Peerless Income Plus 460 Pramerica Dynamic Monthly Income 461 Principal Debt Savings 462 Reliance MIP 463 Religare Invesco MIP
Performance
Total Return (%)
Absolu te
Fund Basics
Rank
10-Y Since Launch
Within category
1-Y
3-Y
Annualised
5-Y
1-Y
3-Y
5-Y
Expense (%)
NAV (`)
Average AUM (` Cr)
Launch Date
7.2 NR NR NR NR NR NR NR NR NR NR NR NR 7.4 4.7 5.4 7.0 4.6 4.6 4.4 4.9 4.4 4.2 4.7 2.5 3.6 4.3 2.7 3.2 4.2 5.1 5.3 5.4 5.6 7.8 7.0 4.9 6.1 4.8 6.2 6.0 4.0 7.8 7.0 2.9 4.9 3.3 4.5 4.3 4.2 4.1 4.2 7.3 2.6 4.3 3.6 1.2 3.9 4.4 3.0 5.2 4.2
3.8 4.3 5.2 6.0 5.9 3.1 5.3 5.9 4.4 6.8 4.9 5.5 5.5 5.4 5.0 12.2 7.8 7.5 4.1 7.5 6.8 4.5 4.2 5.5 6.2 6.3 4.8 4.7 1.0 7.1 10.7 6.0 3.1 5.0 3.1 6.9 4.9 2.6 3.1 4.1 4.6 2.2 2.7 8.5 5.0 7.9 3.5 1.6 3.6 6.8
5.7 4.7 6.5 6.2 5.7 4.8 6.6 8.0 6.2 8.0 6.3 7.0 5.8 6.2 9.3 6.9 5.1 5.7 7.2 7.4 7.2 5.6 6.1 7.5 7.8 6.1 6.2 5.2 8.3 9.0 7.1 6.7 7.8 7.5 3.7 5.4 6.0 6.5 5.1 5.2 7.8 4.6 6.4 6.7
12.4 11.4 9.1 4.7 8.9 10.1 8.5 10.4 6.9 11.8 6.4 7.6 15.0 7.0 11.7 10.2 10.0 12.1 13.0 9.5 11.3 11.2 8.7 10.3 10.5 7.0 13.1 12.0 9.8 5.9 5.3 6.2 7.5 7.0 7.9 8.0 12.2
10.4 9.9 8.1 7.8 8.6 10.5 13.4 7.7 8.4 9.2 10.7 8.0 5.8 7.9 7.8 7.0 6.2 4.8 9.2 9.3 8.5 10.7 6.6 6.6 11.9 7.4 7.1 7.0 8.4 9.4 9.7 8.2 9.6 9.7 10.5 10.5 7.4 8.9 8.7 7.5 9.0 8.0 7.3 11.5 9.4 6.0 9.0 6.3 7.5 7.8 5.1 4.3 5.9 6.5 8.2 5.7 9.0 7.0 7.6 6.5 8.0 10.1 6.7 10.4
18 9 60 19 22 51 29 21 42 13 35 27 25 28 34 1 7 8 45 9 14 41 43 26 17 16 38 39 58 10 2 18 50 31 52 11 36 54 49 44 40 55 53 4 32 6 48 57 47 12
17 13 54 33 40 49 25 5 35 6 30 17 39 34 1 19 47 41 15 13 14 42 36 11 7 37 32 46 4 2 16 24 8 12 54 44 38 27 48 45 9 50 29 22
14 11 45 45 23 16 25 13 39 7 40 32 1 37 8 15 17 5 3 21 9 10 24 14 12 35 2 6 19 43 44 41 33 36 30 29 4
1.7 2.12 2.1 2.71 2.97 0.00 2.38 1.18 2.47 2.71 1.91 2.48 2.34 2.57 2.57 2.40 2.25 2.50 1.66 0.79 2.25 2.71 2.00 2.81 1.92 1.91 2.57 2.49 0.75 0.41 1.49 2.46 2.84 2.58 0.25 0.75 2.30 2.16 1.37 2.63 2.58 2.25 2.27 2.17 2.26 2.93 2.49 2.25 2.08 2.88 12.26 261.8 15.40 23.73 5.8 2.9 06/10 08/04 01/04 11/00 04/04 07/99 09/04 02/09 04/01 04/11 11/07 01/04 02/10 10/96 02/01 11/03 07/04 09/00 02/01 12/03 12/03 09/04 08/05 02/04 02/04 11/03 05/05 08/01 03/04 04/11 10/00 02/11 01/10 02/10 02/04 04/06 09/03 11/03 07/03 10/11 05/98 01/12 07/10 03/11 05/02 12/03 05/10 16.98 945.2 12/94
31.77 130.1 21.69 270.8 43.24 338.5 18.04 13.54 12.03 15.17 19.53 13.55 36.40 32.64 22.02 23.69 27.35 38.5 6.2 3.5 20.9 6.7 0.5 1.5 25.5 10.1 52.7 71.0
35.68 230.7
34.07 309.7 26.90 4646.7 20.31 219.8 22.01 84.1 20.04 233.6 20.25 169.7 23.22 277.3 21.43 37.81 11.63 11.82 13.16 16.23 13.78 18.01 22.64 11.25 37.92 11.30 12.78 11.84 24.32 1256.55 2.5 35.3 50.3 71.1 18.7 2.3 0.4 4.9 58.6 66.2 44.0 34.6 80.3 67.4 32.0 15.3 18.19 2335.9 23.80 708.0 30.84 447.2
13.26 304.9
452 ING OptiMix Income Growth MMFoF 15% Equity Option A NR
18.78 150.2
25.92 3100.3
71
Balanced
Fund Rating
Hybrid: Debt-o oriented Conservative 464 Sahara Classic 465 SBI Magnum Children's Benefit Plan 466 SBI Magnum MIP 467 SBI Magnum MIP Floater 468 SBI Regular Savings 469 Sundaram MIP Conservative Plan 470 Sundaram MIP Moderate 471 Tata MIP Plan A 472 Tata MIP Plus Plan A 473 Templeton India CAP-Education Plan 474 UTI MIS-Advantage Plan 475 UTI Monthly Income Scheme Hybrid: Asset Allocation 476 FT India Dynamic PE Ratio FoF 477 ING OptiMix Asset Allocator MMFoF 478 Pramerica Dynamic Asset Allocation 479 Principal Smart Equity Hybrid: Arbitrage 480 Birla Sun Life Enhanced Arbitrage 481 HDFC Arbitrage Retail 482 ICICI Prudential Blended Plan A Reg 483 ICICI Prudential Equity Arbitrage Reg 484 IDFC Arbitrage Plus Regular 485 IDFC Arbitrage Regular 486 JM Arbitrage Advantage 487 Kotak Equity Arbitrage 488 Reliance Arbitrage Advantage 489 Religare Invesco Arbitrage 490 SBI Arbitrage Opportunities 491 UTI SPrEAD Hybrid: Others 492 Axis Triple Advantage 493 BNP Paribas Income & Gold 494 Canara Robeco InDiGo Regular 495 ING Optimix Financial Planning Aggressive 496 ING Optimix Financial Planning Conservative 497 ING Optimix Financial Planning Prudent 498 Kotak Multi Asset Allocation 499 L&T India Equity and Gold 500 Morgan Stanley Multi Asset Plan B Reg 501 Peerless MF Child 502 Quantum Multi Asset 503 Religare Invesco MIP Plus 504 SBI Edge 505 Taurus MIP Advantage 506 Union KBC Asset Allocation Conservative 507 Union KBC Asset Allocation Moderate CNX Nifty NSE G-S Sec Composite Index
Performance
Total Return (%)
Absolu te
Fund Basics
Rank
10-Y Since Launch
Within category
1-Y
3-Y
Annualised
5-Y
1-Y
3-Y
5-Y
Expense (%)
NAV (`)
Average AUM (` Cr)
Launch Date
4.7 NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR NR 2.4 9.8 4.0 4.0 5.6 2.1 3.2 4.2 4.9 3.0 6.8 5.3 10.8 10.5 10.5 8.5 13.4 2.2 1.5 2.1 2.3 2.3 2.2 2.4 2.4 2.5 1.7 2.2 2.1 2.2 4.6 5.7 1.7 1.4 10.6 4.2 6.7 4.7 11.5 0.8 3.3 6.7 3.0 3.4 2.9 3.4 3.3 12.9 0.8
5.2 8.6 -1.2 4.9 8.2 3.9 0.4 6.7 6.0 5.2 1.7 5.7 5.7 1.8 3.4 -0.4 0.4 4.1 8.8 9.0 8.0 9.4 9.6 8.8 8.9 9.0 8.9 9.7 8.0 8.8 7.4 2.8 1.4 1.3 1.0 1.0 3.7 2.7 2.1 5.2 2.8 4.0 6.1 2.7 3.3 1.7 3.1 5.0 3.1
6.5 8.9 5.4 6.8 7.7 6.3 4.1 4.2 6.8 7.0 4.3 6.5 6.7 0.6 5.5 -4.2 8.6 7.9 8.1 9.3 9.2 8.1 8.7 8.7 8.6 9.2 8.2 8.7 8.1 6.9 7.3 8.3 6.6 5.7 6.6 1.8 5.1
9.1 9.2 8.4 7.4 8.5 8.4 6.0 7.6 9.8 6.9 10.8 9.9 9.5 16.2 2.7 7.3 7.1 7.6 7.6 6.8 7.1 7.3 7.5 6.9 7.3 7.3 4.6 4.6 17.5 3.8
8.1 7.6 6.4 6.8 6.5 6.6 7.8 16.5 16.5 2.7 2.7 14.3 3.6 7.7 3.7 8.4 4.8 7.2 6.5 7.1 7.8 5.5 8.7 9.4 6.9 2.7 6.8 -0.4 6.7 16.5 5.0 0.9 5.7 6.8 7.3 7.9 8.0 7.1 7.3 7.7 7.7 9.3 7.3 7.7 7.8 9.6 8.5 7.3 6.5 6.8 4.1 5.8 9.5 7.1 8.7 9.3 8.1
60 3 60 37 5 46 59 15 20 30 56 24 23 4 2 4 3 1 16 6 14 4 2 12 8 7 9 1 15 11 16 15 12 13 15 14 4 9 10 2 7 3 1 8 5 11 6
54 3 43 21 10 31 53 52 20 18 51 28 23 2 1 2 16 16 15 2 3 14 6 8 9 4 12 7 13 5 2 1 3 5 4
45 22 27 34 26 28 42 31 20 38 11 18 2 1 2 14 10 2 3 14 12 7 4 13 8 9 1 1 0.36 2.61 2.54 2.52 2.64 2.65 2.00 2.30 2.22 2.60 2.33 2.19 1.9 1.45 0.63 2.97 2.70 1.1 1.71 0.96 0.87 0.94 1.34 1.01 0.84 0.92 0.43 1.35 1.28 1.03 2.1 2.71 2.04 2.42 1.14 1.32 1.41 2.71 2.99 2.31 2.74 0.25 2.59 1.74 2.54 2.45 2.39 12.77 844.0 10.55 11.29 11.96 11.74 12.37 11.02 12.49 11.33 1264.71 13.11 12.43 9.96 10.99 63.9 51.8 5.7 8.9 37.1 41.0 14.5 2.6 76.6 15.6 59.9 41.8 37.1 13.16 375.7 07/10 05/12 06/10 05/11 05/11 05/11 01/11 01/11 01/12 03/11 07/12 05/10 10/03 07/10 12/12 06/12 13.33 15.36 1.2 26.2 07/09 10/07 05/05 12/06 05/08 11/06 06/06 09/05 10/10 04/07 10/06 06/06 46.83 1033.0 14.29 10.26 11.77 2.9 58.3 58.6 10/03 07/06 12/10 12/10 17.04 26.28 16.48 19.34 11.64 22.60 36.46 0.1 22.4 7.3 24.3 8.3 38.2 1.7 01/08 01/02 03/01 11/05 10/03 02/10 12/03 04/97 02/04 06/98 12/03 10/02
24.37 354.8
17.56 177.4 19.41 134.9 24.22 488.4 23.74 284.4
19.02 221.0 17.08 113.2 14.53 17.29 13.22 15.95 16.94 17.49 4.7 67.1 7.2 15.2 89.2 20.8 16.36 423.6 18.33 404.5
12.18 112.3
72
Fixed Income
Fund Rating
Debt: Income 508 Axis Dynamic Bond 509 Axis Income 510 Baroda Pioneer Dynamic Bond 511 Baroda Pioneer Income 512 Baroda Pioneer PSU Bond 513 Birla Sun Life Dynamic Bond Ret 514 Birla Sun Life Income Plus 515 Birla Sun Life Medium Term 516 Birla Sun Life Short Term 517 BNP Paribas Bond 518 BNP Paribas Flexi Debt 519 Canara Robeco Dynamic Bond Regular 520 Canara Robeco Income Regular 521 DSPBR Banking & PSU Debt Reg 522 DSPBR Bond Ret 523 DSPBR Strategic Bond Inst 524 DWS Banking & PSU Debt Reg 525 DWS Premier Bond Reg 526 Escorts Income 527 HDFC High Interest Dynamic 528 HDFC Income 529 HDFC Medium Term Opportunities 530 HSBC Flexi Debt 531 HSBC Income Investment 532 ICICI Prudential Advisor-Very Cautious Reg 533 ICICI Prudential Banking & PSU Debt Reg 534 ICICI Prudential Dynamic Bond Reg 535 ICICI Prudential Income Opportunities Reg 536 ICICI Prudential Income Reg 537 ICICI Prudential Long-term Reg 538 ICICI Prudential Regular Savings 539 IDBI Dynamic Bond 540 IDFC All Seasons Bond Regular 541 IDFC Banking Debt Regular 542 IDFC Dynamic Bond Regular 543 IDFC SSI Inv Regular 544 IDFC SSI Medium-term Regular 545 IIFL Dynamic Bond Reg 546 Indiabulls Income Reg 547 ING Income 548 ING OptiMix Active Debt Multi Manager FoF 549 JM Income 550 JP Morgan India Active Bond Retail 551 JP Morgan India Banking and PSU Debt Reg 552 Kotak Bond Plan A 553 L&T Flexi Bond 554 L&T Triple Ace Bond 555 LIC Nomura MF Bond VR Bond
Performance
Total Return (%)
Absolu te
Fund Basics
Rank
5-Y Since Launch
Within category
3-M
1-Y
Annualised
3-Y
3-M
1-Y
3-Y
Expense (%)
NAV (`)
Average AUM (` Cr)
Launch Date
-0 0.1 NR NR NR NR NR NR NR NR NR -0.1 0.3 -0.4 -0.4 0.3 0.6 -1.0 0.6 0.5 0.4 -0.4 -0.4 -0.5 0.6 -0.2 -0.1 0.4 0.1 0.4 -0.2 -0.2 0.4 -0.4 -0.4 0.0 0.5 -0.3 0.2 -0.6 0.7 0.6 -1.1 0.4 0.6 -0.7 -0.7 0.2 -0.4 -0.6 0.0 -0.5 -0.2 0.5 0.7 -0.5 -0.5 -0.6 0.3 -0 0.2
2.7 2.2 3.2 3.3 2.5 3.6 3.4 1.0 4.1 3.5 2.7 2.1 2.1 1.6 1.2 2.5 3.6 3.6 2.7 2.7 2.6 4.2 2.3 2.2 3.0 2.3 3.5 3.4 2.5 2.5 4.2 1.7 1.9 3.4 2.1 2.0 3.1 2.1 2.2 2.7 2.3 1.5 3.9 2.1 2.2 1.2 3.4 1.4
6.3 5.5 5.2 5.8 4.5 7.6 7.1 3.9 10.1 8.4 7.3 8.5 8.6 6.0 4.3 7.1 5.3 8.4 6.4 3.0 7.6 5.7 4.2 6.1 8.8 6.6 4.7 1.8 9.2 7.4 3.0 8.0 6.5 6.3 6.2 5.2 5.4 5.4 4.2 3.1 6.5 4.8 4.4 5.5
8.0 7.6 8.2 8.8 7.3 10.2 9.2 8.5 7.9 8.6 7.8 6.4 8.5 7.2 10.5 7.6 6.5 8.8 8.3 7.5 6.8 8.9 7.9 7.5 6.0 9.1 8.0 9.4 8.1 8.3 6.6 7.6 6.9 6.2 7.7 8.1 6.9 7.3 6.9
7.4 6.2 8.8 7.8 7.9 8.5 8.4 6.6 7.1 8.0 9.6 7.9 7.7 8.3 7.6 5.9 10.0 7.3 7.0 7.0 9.1 7.3 7.0 4.1 4.5 8.4 4.8 7.6 5.4 7.8 7.2 6.9 5.5 7.4 8.2 9.6 8.6 9.5 8.1 8.1 6.8 8.6 2.5 8.3 7.1 5.1 6.6 9.5 8.7 7.8 8.6 8.5 6.7 6.2 8.7 6.7 9.8 8.8 8.2 8.5 5.7 7.2 6.3 7.3 8.2 7.2 -3.6 -0.4 8.0 7.4 7.0 5.1 2.0 9.1 7.7 7.1 8.7
176 124 63 58 96 32 49 172 12 39 81 128 132 157 168 93 33 29 82 83 85 10 112 123 67 117 38 52 95 98 11 154 142 46 133 137 65 131 121 80 114 159 21 129 125 169 45
98 63 73 60 82 28 32 90 4 18 31 15 14 57 84 33 69 17 47 94 29 62 85 55 9 42 80 97 6 30 95 22 45 52 53 71 65 66 86 93 44 79 83
84 60 41 17 66 3 7 26 51 21 53 80 27 70 1 58 79 16 35 64 76 14 50 63 82 9 47 5 42 38 77 59 74 81 56 43 75 67
1.5 1.95 1.84 1.05 1.83 0.82 1.08 1.79 1.45 0.25 1.50 1.70 1.47 1.72 0.76 2.09 0.93 0.57 0.97 2.25 1.59 1.89 0.28 1.68 1.96 0.74 0.90 0.98 1.83 1.79 0.22 0.75 0.30 1.64 1.80 1.54 1.40 1.82 2.09 1.03 2.61 1.66 0.75 1.74 1.52 2.09 12.14 11.24 10.99 18.62 13.24 52.84 14.71 45.68 13.20 20.47 13.45 25.30 10.25 37.66 1413.17 10.51 19.95 40.85 40.24 26.85 13.27 16.50 20.37 18.21 13.60 13.35 16.37 36.46 13.58 12.78 11.04 19.00 10.63 14.25 28.77 20.69 9.64 9.96 30.49 16.36 35.54 13.08 10.20 33.80 12.65 31.63 33.35 630 427 153 17 83 6421 1320 5192 238 597 302 381 32 318 2796 346 1120 28 1052 5068 2160 1285 119 1 538 1289 2774 5331 306 3211 360 3 752 7416 3260 3342 34 70 16 271 21 1688 8 7176 179 2396 173 04/11 03/12 06/12 03/02 12/09 09/04 10/95 03/09 03/97 10/08 09/04 05/09 09/02 09/13 04/97 05/07 03/13 01/03 05/98 04/97 08/00 06/10 10/07 12/02 11/03 08/10 06/09 08/08 06/98 05/09 11/10 02/12 08/04 03/13 12/08 07/00 06/03 06/13 02/13 05/99 12/06 12/94 06/08 09/13 11/99 02/09 03/97 05/99
20.60 15546
73
Fixed Income
Fund Rating
Debt: Income 556 Morgan Stanley Active Bond Reg 557 Peerless Flexible Income 558 PineBridge India Total Return Bond Standard 559 Pramerica Dynamic Bond 560 Principal Debt Savings Retail 561 Principal Income Long Term 562 Reliance Dynamic Bond 563 Reliance Income 564 Reliance Regular Savings Debt 565 Religare Invesco Active Income 566 Religare Invesco Medium Term Bond 567 Sahara Income 568 SBI Dynamic Bond 569 SBI Magnum Income 570 Sundaram Bond Saver Reg 571 Sundaram Flexible Income Reg 572 Tata Dynamic Bond Plan A 573 Tata Income Plan A 574 Tata Income Plus Plan A 575 Taurus Dynamic Income 576 Templeton India Corporate Bond Opportunities 577 Templeton India Income 578 Templeton India Income Builder 579 Templeton India Income Opportunities 580 Union KBC Dynamic Bond 581 UTI Bond 582 UTI Dynamic Bond 583 UTI Income Opportunities Debt: Gilt Medium & Long Term 584 Axis Constant Maturity 10 Year 585 Baroda Pioneer Gilt 586 Birla Sun Life Gilt Plus PF 587 Birla Sun Life Gilt Plus Reg 588 Birla Sun Life GSF Long-term 589 BNP Paribas Government Securities 590 Canara Robeco Gilt PGS Regular 591 DSPBR Government Securities 592 DWS Gilt Reg 593 Edelweiss Gilt Fund 594 Escorts Gilt 595 HDFC Gilt Long-term 596 HSBC Gilt 597 ICICI Prudential Gilt Investment PF Reg 598 ICICI Prudential Long Term Gilt Reg 599 IDBI Gilt 600 IDFC GSF Investment Regular 601 IDFC GSF PF Regular NSE G-S Sec Composite Index VR Bond
Performance
Total Return (%)
Absolu te
Fund Basics
Rank
5-Y Since Launch
Within category
3-M
1-Y
Annualised
3-Y
3-M
1-Y
3-Y
Expense (%)
NAV (`)
Average AUM (` Cr)
Launch Date
-0 0.1 NR NR NR NR NR NR NR NR NR -0.5 -0.3 -0.6 -0.9 0.5 -0.3 -0.3 -0.6 0.3 -0.2 0.4 0.7 -0.8 -0.7 -0.6 0.2 0.2 0.1 0.1 -0.8 0.6 0.0 0.2 0.6 -0.5 -1.2 0.4 0.4 -0 0.7 -1.3 -0.9 -0.6 -1.7 -0.6 -0.8 -0.9 -0.9 -0.2 -1.6 0.5 -0.3 -0.5 -0.8 -1.0 -1.4 -0.7 -0.7 -1 1.2 -0 0.2
2.7 1.5 0.0 1.6 0.8 3.4 1.6 2.9 2.1 3.4 2.4 2.9 2.4 1.2 1.4 2.3 3.8 3.3 3.2 3.7 1.8 4.6 2.3 3.9 4.3 1.4 1.6 3.2 4.0 1.6 -0.1 1.6 1.6 -0.5 1.5 0.8 0.6 -0.5 3.1 -2.3 1.5 2.2 1.6 2.5 2.0 1.2 2.1 2.1 0.8 1.4
6.3 8.8 4.9 6.5 5.1 6.3 5.0 6.0 3.9 8.0 6.4 6.3 8.7 5.0 5.2 5.2 0.0 11.5 8.1 8.7 4.1 8.5 4.1 8.0 8.7 3.6 5.3 8.3 7.7 4.7 0.6 5.4 4.9 1.1 4.7 5.3 3.1 4.0 -2.9 6.7 2.7 5.0 2.7 1.9 8.1 8.0 3.1 5.5
8.0 7.3 8.2 5.2 7.8 8.7 7.0 8.5 8.5 9.1 9.0 8.4 7.1 4.7 8.4 8.0 7.9 7.2 9.7 9.1 8.7 9.3 7.0 9.4 8.2 4.8 7.3 7.3 4.9 5.9 3.1 7.1 6.1 7.9 5.3 6.0 10.1 9.9 5.1 6.9
7.4 7.3 9.1 8.4 6.2 7.5 7.6 7.0 8.6 7.0 7.1 6.8 5.6 5.7 6.3 7.3 9.2 7.4 5.7 9.0 6.0 4.5 10.6 5.5 5.9 4.6 7.6 5.3 4.7 6.5 5.9 7.4 3.8 5.4 3.0 5.5 8.3 9.5 9.2 -1.0 8.6 9.9 5.3 3.1 7.8 6.9 4.3 8.2 10.0 2.9 6.8 7.4 5.4 5.8 7.6 6.7 8.1 7.0 5.4 8.9 6.2 6.0 7.7 7.6 4.1 7.4 8.1 4.8 6.1 8.2 6.0 7.9 10.5 8.7 9.0 8.8 5.7 8.4 8.8 7.8
176 160 176 156 174 47 155 71 130 53 99 73 105 170 165 106 24 57 59 28 151 2 109 20 6 163 158 60 16 95 84 58 59 91 63 72 75 90 11 95 61 26 55 20 36 68 31 32
98 8 77 46 74 50 75 56 89 24 48 51 11 76 70 72 98 1 21 10 87 16 88 23 12 91 68 19 27 48 42 22 26 41 29 23 33 30 48 15 35 24 34 38 4 6
84 65 39 83 54 20 73 28 25 8 11 32 72 84 30 45 52 68 4 10 19 6 45 5 7 43 23 21 42 34 45 25 30 11 37 32 2 3 1.80 1.87 1.06 1.93 1.27 1.75 1.61 1.81 1.82 1.51 1.28 0.34 1.80 1.83 2.23 0.75 1.11 1.15 2.00 2.05 1.82 1.86 1.91 1.65 1.73 1.88 1.03 2.27 1.4 1.10 1.50 1.48 0.44 1.74 0.70 1.68 1.26 0.87 1.37 1.50 0.82 1.05 0.66 1.42 1.57 1.02 1.37 10.57 18.65 30.95 35.99 34.38 9.90 31.48 37.91 12.99 11.42 25.89 23.11 15.24 22.15 38.86 10.29 13.89 19.95 32 19 34 80 528 93 23 202 1326 2 0 323 3 466 432 43 283 70 01/12 03/02 10/99 10/99 10/99 04/13 12/99 09/99 10/08 07/09 03/01 07/01 12/03 11/03 08/99 12/12 12/08 03/04 12.67 10.75 1576.26 1129.16 21.71 20.52 16.03 38.68 16.61 1444.91 1242.71 23.73 14.78 29.28 34.45 16.30 18.39 37.14 18.99 12.37 12.18 40.22 41.53 13.96 11.04 35.29 13.36 10.81 590 55 116 93 45 167 8302 5547 3316 1328 612 4 7152 6047 465 453 393 1216 175 49 4871 450 1858 3743 118 3472 971 450 05/09 08/12 09/07 01/12 12/03 05/03 11/04 12/97 05/05 07/07 12/10 02/02 01/04 11/98 11/97 03/09 09/03 04/97 11/02 02/11 11/11 03/97 06/97 12/09 02/12 05/98 06/10 11/12
74
Fixed Income
Fund Rating
Debt: Gilt Medium & Long Term 602 Indiabulls Gilt 603 ING Gilt PF Dynamic 604 ING Gilt PF Dynamic Cyclical 2013 605 JM G-Sec 606 Kotak Gilt Investment PF & Trust 607 Kotak Gilt Investment Regular 608 L&T Gilt Investment 609 LIC Nomura MF GSF 610 Morgan Stanley Gilt Reg 611 Motilal Oswal MOSt 10 Year Gilt 612 Principal GSF 613 Reliance Gilt Securities 614 Religare Invesco Gilt Longer Duration 615 Sahara Gilt 616 SBI Benchmark G Sec 617 SBI Magnum Gilt Long-term 618 Tata Gilt Mid Term Plan A 619 Tata GSF Plan A 620 Taurus Gilt 621 Templeton India GSF Composite 622 Templeton India GSF Long-term 623 Templeton India GSF PF 624 Templeton India GSF Treasury 625 UTI Gilt Advantage Long-term Debt: Short Term 626 Axis Short Term Inst 627 Baroda Pioneer Short Term Bond 628 BNP Paribas Short term Income 629 BOI AXA Short Term Income Reg 630 Canara Robeco Short Term Regular 631 DSPBR Income Opportunities 632 DSPBR Short-term 633 DWS Money Plus Inst 634 DWS Short Maturity Reg 635 Edelweiss Short Term Income 636 HDFC HI Short-term 637 HDFC Short Term Opportunities 638 HDFC Short-term 639 HSBC Income Short-term 640 ICICI Prudential Corporate Bond Reg 641 ICICI Prudential Short-term Reg 642 IDBI Short Term Bond 643 IDFC SSI Short-term Regular 644 IIFL Short Term Income Reg 645 Indiabulls Short Term Reg 646 ING Short Term Income 647 JM Short Term NSE Treasury Bill Index NSE G-S Sec Composite Index
Performance
Total Return (%)
Absolu te
Fund Basics
Rank
5-Y Since Launch
Within category
3-M
1-Y
Annualised
3-Y
3-M
1-Y
3-Y
Expense (%)
NAV (`)
Average AUM (` Cr)
Launch Date
-0 0.7 NR NR NR NR NR NR NR NR -0.7 -0.3 -0.3 -0.8 -0.6 -0.7 -0.4 -1.1 -1.3 -2.0 -0.7 -0.7 -1.0 0.7 1.1 -1.2 0.0 -0.5 1.0 -0.5 -0.8 -0.5 0.1 -2.1 0.5 0.6 0.6 0.4 0.4 0.3 0.7 0.5 0.6 0.8 0.3 0.6 0.6 0.6 0.4 0.4 0.1 0.5 0.5 0.6 0.2 0.3 0.4 0.5 -1 1.2
1.6 1.1 1.9 1.9 0.4 1.7 1.6 2.8 -0.2 -0.3 -0.9 0.5 2.8 1.1 2.2 2.6 1.7 3.2 3.3 2.2 1.8 1.2 1.8 3.3 0.6 3.5 3.9 3.2 3.1 3.3 3.1 3.7 3.6 3.7 3.6 2.8 4.1 4.0 3.8 3.6 3.6 3.7 3.8 3.8 3.4 3.0 2.4 0.8
4.7 2.5 4.8 1.8 1.7 10.2 0.0 -0.8 3.8 4.8 2.4 8.1 7.3 7.8 9.3 6.5 6.8 0.5 0.0 0.5 3.7 6.1 7.7 7.3 8.0 8.8 7.2 7.9 8.0 7.7 8.2 8.3 6.5 7.1 8.2 7.2 7.1 6.0 7.3 7.3 7.6 6.1 7.3 8.2 3.1
7.0 5.6 7.6 7.6 7.5 9.3 5.3 5.4 7.2 4.5 7.7 8.0 8.1 6.9 6.0 5.2 5.1 5.2 5.9 7.8 8.7 8.9 8.2 9.1 7.4 8.8 8.4 8.6 8.9 8.8 8.2 9.1 8.3 8.3 7.9 8.3 8.5 8.1 9.0 8.1 5.1
5.7 6.5 7.5 7.3 7.3 4.4 3.1 4.4 5.5 5.1 6.2 4.8 5.0 4.4 5.6 5.7 5.6 5.0 5.4 8.0 7.3 7.3 7.2 9.1 8.6 8.8 7.2 7.1 8.5 8.4 8.0 8.5 6.8 3.8 8.0 7.6 7.9 6.0 7.6 7.3 6.8 7.6 7.6 7.4 7.7 8.8 7.6 6.7 6.9 7.8 8.7 7.4 1.9 2.4 7.4 9.5 3.8 6.4 -3.9 9.8 6.4 9.7 8.0 7.0 2.0 3.3 7.2 7.6 3.9 6.5 7.5 7.1 7.5 8.9 4.3 9.7 8.5 5.5 6.0 7.9
95 70 40 39 81 54 57 15 86 87 93 80 16 71 25 18 49 9 7 29 42 66 43 8 77 112 23 89 90 78 91 53 65 52 70 106 7 13 46 68 66 56 34 37
48 36 28 39 40 1 45 47 31 27 37 5 13 8 2 18 14 43 46 44 32 21 68 47 21 11 53 22 20 33 18 16 60 56 17 51 55 66 45 43 40
45 35 15 17 18 6 38 36 24 44 14 10 8 28 31 39 41 40 33 13 58 21 50 13 57 25 41 35 17 24 49 10 48 45 55 44 37 52 14 1.79 1.54 2.62 2.06 2.06 1.50 2.30 0.59 0.99 1.50 1.76 1.56 0.34 2.24 1.50 1.60 1.60 1.57 1.74 1.71 1.74 1.34 1.55 1.2 0.49 1.00 1.34 0.93 1.63 1.01 0.21 1.17 1.12 1.43 0.33 1.54 1.30 1.79 1.00 0.87 1.02 0.50 1.53 1.43 0.79 13.33 12.84 10.00 13.34 14.10 19.51 20.93 11.31 22.08 14.12 24.08 13.37 23.58 20.44 18.43 24.93 12.52 25.17 10.19 1024.02 22.50 17.50 967 130 225 25 423 517 707 385 2742 59 3213 2389 2370 1117 2002 5084 347 3368 3 22 56 228 03/10 06/10 12/07 12/08 03/09 11/08 09/02 11/06 01/03 04/11 02/02 06/10 02/02 12/02 09/04 10/01 03/11 12/00 09/13 09/13 08/02 04/03 1037.75 18.30 9.61 37.82 40.55 39.69 28.78 25.86 10.20 10.66 23.48 14.75 1251.15 21.08 1209.97 24.34 12.83 33.91 16.87 38.03 26.52 16.70 19.80 24.65 28 6 6 21 833 833 44 46 73 93 82 340 393 0 0 321 54 110 0 103 131 103 12 220 01/13 03/04 03/13 09/99 11/03 12/98 03/00 11/99 02/13 12/11 08/01 08/08 01/08 02/02 03/11 12/00 06/10 08/99 08/01 06/99 12/01 05/04 02/02 01/02
76 98
65 46
75
Fixed Income
Fund Rating
Debt: Short Term 648 JP Morgan India Short Term Income 649 Kotak Bond Short-term 650 Kotak Income Opportunities 651 L&T Income Opportunities 652 L&T Short Term Income 653 L&T Short Term Opportunities 654 Morgan Stanley Short Term Bond Reg 655 Peerless Short Term 656 PineBridge India Short Term Standard 657 Pramerica Credit Opportunities 658 Pramerica Short Term Income 659 Pramerica Treasury Advantage 660 Principal Debt Opportunities Corporate Bond 661 Principal Income Short-term 662 Reliance Floating Rate ST 663 Reliance Short-term 664 Religare Invesco Bank Debt 665 Religare Invesco Short term 666 SBI Short Term Debt 667 Sundaram Income Plus 668 Sundaram Select Debt Short-term 669 Tata Short-term Bond Plan A 670 Templeton India Short-term Income Ret 671 UTI Short-term Income Inst Debt: Gilt Short Term 672 Birla Sun Life Gilt Plus Liquid 673 Birla Sun Life GSF Short-term 674 Canara Robeco Gilt Advantage Regular 675 DSPBR Treasury Bill 676 HDFC Gilt Short-term 677 ICICI Prudential Gilt Treasury PF Reg 678 ICICI Prudential Short Term Gilt Reg 679 IDFC GSF Short-term Regular 680 Religare Invesco Gilt Short Duration 681 SBI Magnum Gilt Short-term 682 Sundaram Gilt Reg 683 Tata GSF Short Maturity Plan A 684 UTI G-Sec Short-term Debt: Ultra Short Term 685 Axis Banking Debt 686 Axis Treasury Advantage Inst 687 Baroda Pioneer Treasury Advantage 688 Birla Sun Life Cash Manager 689 Birla Sun Life Floating Rate LT 690 Birla Sun Life Savings 691 Birla Sun Life Short Term Opportunities 692 Birla Sun Life Ultra Short-term NSE Treasury Bill Index NSE G-S Sec Composite Index
Performance
Total Return (%)
Absolu te
Fund Basics
Rank
5-Y Since Launch
Within category
3-M
1-Y
Annualised
3-Y
3-M
1-Y
3-Y
Expense (%)
NAV (`)
Average AUM (` Cr)
Launch Date
0.5 NR NR NR NR NR NR 0.6 0.3 0.2 0.4 0.5 0.4 0.2 0.6 0.2 0.4 0.5 0.6 0.5 0.4 0.5 0.3 0.4 0.3 -0.1 1.2 0.5 0.5 0.6 0.4 0.4 0.7 0.6 0.6 0.6 0.2 -1.4 0.1 0.5 0.6 0.3 1.0 0.4 0.7 0.7 0.6 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.5 -1 1.2
3.5 2.9 3.7 4.0 3.8 3.9 3.8 3.6 2.1 2.1 3.7 2.8 3.9 3.3 3.2 3.7 3.8 2.9 3.0 2.8 3.6 3.7 3.6 4.3 3.8 3.1 2.3 2.2 2.0 2.5 3.4 2.7 3.6 5.4 2.3 3.7 3.7 3.6 2.6 2.8 3.4 2.8 3.2 2.9 3.0 3.1 3.9 3.1 2.4 0.8
7.7 8.4 7.3 7.6 5.7 7.6 8.0 8.9 8.9 7.2 7.3 7.8 7.3 7.0 7.9 7.9 7.5 6.6 7.3 8.9 10.1 9.1 8.9 9.4 9.6 9.2 8.2 7.5 9.9 6.6 5.7 6.2 11.4 14.8 8.9 19.0 7.8 9.0 8.7 8.5 9.3 9.2 8.6 9.5 9.5 10.0 9.6 8.2 3.1
8.7 9.1 8.2 8.5 8.3 9.2 10.7 9.0 8.4 8.9 8.9 8.4 8.8 8.7 6.9 11.0 8.9 9.2 10.3 7.9 8.0 7.3 8.2 7.3 6.2 6.7 7.0 9.1 8.8 10.2 7.9 8.2 9.0 9.4 9.4 8.8 9.6 9.4 10.2 9.5 8.1 5.1
8.0 8.4 7.9 7.2 8.9 8.7 7.4 8.0 4.6 7.6 8.1 9.6 6.3 6.8 5.9 6.2 5.8 6.9 7.2 5.4 6.0 7.2 6.4 6.1 7.6 8.0 9.1 8.0 6.8 3.8 8.8 8.6 8.1 8.5 8.8 7.4 8.9 8.1 7.5 6.2 8.0 6.8 5.8 6.8 8.0 4.8 5.7 7.2 7.4 6.2 5.9 8.4 7.5 7.8 7.5 8.5 8.9 7.7 10.4 7.1 9.0 9.3 8.7 7.2 7.6 8.4 7.8 6.7 7.8 7.8 5.3 6.9 7.6 8.0 8.9
112 101 59 14 32 17 43 67 112 110 58 103 19 82 87 54 36 100 96 105 62 60 72 3 35 26 21 24 26 18 12 14 10 2 22 8 7 9 17 230 16 129 40 103 91 61 3 70
68 14 42 37 67 36 19 10 9 52 49 29 48 58 24 26 41 59 44 8 1 5 7 3 13 5 8 10 4 11 13 12 3 2 7 1 9 6 146 96 30 39 88 17 21 3 14
58 12 51 39 47 9 2 15 40 18 22 42 27 34 58 1 20 8 3 12 6 9 4 8 12 11 10 2 3 1 7 5 138 45 38 96 19 32 5 24 0.26 0.55 1.23 0.55 0.52 1.06 0.63 0.40 0.69 0.90 0.54 1.60 0.68 0.6 0.48 0.87 1.08 0.42 1133.70 1386.64 1412.28 299.32 148.35 238.08 19.87 149.49 257 1192 655 2788 2053 4607 1029 544 06/12 03/10 06/09 08/10 03/09 04/03 06/08 04/08 27.68 23.22 12.36 25.33 20.10 19.02 30.23 17.32 1383.37 24.53 20.35 19.06 17.77 183 1 2 426 8 38 359 10 236 114 20 64 23 10/99 10/99 02/11 09/99 07/01 01/04 08/99 03/02 01/08 12/00 02/09 04/03 12/03 1.13 1.13 2.33 0.48 1.26 0.43 0.84 1.80 0.90 2.09 1.47 1.20 1.75 1.25 0.80 0.78 1.60 1.28 0.62 1.91 1.13 1.14 1.52 13.48 23.04 13.08 13.50 12.78 11.80 14.01 13.84 1481.05 1197.63 1285.77 1230.62 1901.91 21.64 19.40 22.84 1066.83 1653.37 11.33 18.00 21.31 22.87 2488.41 14.74 1044 2215 590 336 142 559 527 170 650 276 35 80 5 203 877 4307 232 2603 4585 1 305 320 6966 3524 03/10 04/02 04/10 10/09 11/10 12/11 05/09 08/10 03/08 10/11 02/11 06/11 09/04 05/03 05/10 12/02 12/12 03/07 07/07 07/02 08/02 08/02 01/02 08/07
76
Fixed Income
Fund Rating
Debt: Ultra Short Term 693 BNP Paribas Money Plus 694 BOI AXA Treasury Advantage Reg 695 Canara Robeco Floating Rate ST Regular 696 Canara Robeco Treasury Advantage Reg 697 DSPBR Money Manager Reg 698 DWS Cash Opportunities Reg 699 DWS Treasury Investment Reg 700 DWS Ultra Short Term Inst 701 Edelweiss Ultra Short Term Bond 702 Escorts Short Term Debt 703 Goldman Sachs Short Term 704 HDFC Cash Mgmt Treasury Adv Ret 705 HDFC Floating Rate Income LT 706 HDFC Floating Rate Income ST Wholesale 707 HSBC Floating Rate LT 708 HSBC Ultra Short Term Bond 709 ICICI Prudential Flexible Income Reg 710 ICICI Prudential Floating Rate Reg 711 ICICI Prudential Ultra Short Term Reg 712 IDBI Ultra Short Term 713 IDFC Money Manager Investment Regular 714 IDFC Money Manager Treasury Regular 715 IDFC Ultra Short Term Regular 716 Indiabulls Ultra Short Term 717 ING Optimix Financial Planning Cautious 718 ING Treasury Advantage Inst 719 JM Floater LT 720 JM Money Manager Reg 721 JM Money Manager Super 722 JM Money Manager Super Plus 723 JP Morgan India Treasury Super Inst 724 Kotak Banking and PSU Debt 725 Kotak Flexi Debt Plan A 726 Kotak Floater LT 727 L&T Floating Rate 728 L&T Low Duration 729 L&T Ultra Short Term 730 LIC Nomura MF Floating Rate ST 731 LIC Nomura MF Income Plus 732 LIC Nomura MF Savings Plus 733 Mirae Asset Short Term Bond Reg 734 Mirae Asset Ultra Short Term Bond Inst 735 Morgan Stanley Ultra Short Term Reg 736 Motilal Oswal MOSt Ultra Short Term Bond Reg 737 Peerless Ultra Short Term Super Inst 738 Pramerica Short Term Floating Rate 739 Pramerica Ultra Short Term Bond 740 Principal Bank CD Reg NSE Treasury Bill Index
Performance
Total Return (%)
Absolu te
Fund Basics
Rank
5-Y Since Launch
Within category
3-M
1-Y
Annualised
3-Y
3-M
1-Y
3-Y
Expense (%)
NAV (`)
Average AUM (` Cr)
Launch Date
0.7 NR NR NR NR NR NR NR 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.7 0.6 0.8 0.6 0.6 0.6 0.7 0.6 0.6 0.7 0.6 0.5 0.6 0.6 0.7 0.7 0.7 0.3 0.6 0.7 0.6 0.6 0.7 0.8 0.7 0.6 0.7 0.6 0.6 0.7 0.6 0.5 0.6 0.6 0.6 0.6 0.6 0.7 0.7 0.7 0.7 0.5
2.8 2.8 3.3 3.0 3.0 3.1 3.1 3.3 3.2 2.5 2.9 2.1 3.0 3.6 3.0 2.7 3.1 3.0 2.8 3.1 2.8 3.4 2.8 3.1 2.7 2.3 2.7 2.4 2.7 2.7 2.9 3.3 2.7 3.3 3.1 2.4 2.1 2.9 2.2 2.8 2.8 2.1 2.0 2.7 2.5 2.6 2.9 3.4 2.4
8.7 9.0 9.1 9.0 9.1 9.0 9.0 8.5 9.8 8.2 9.7 7.6 8.1 8.6 9.0 8.9 8.7 9.5 9.1 8.4 9.1 8.2 8.3 9.3 8.8 7.4 9.2 8.1 9.4 9.1 9.1 8.9 9.7 8.8 8.9 8.7 8.1 9.3 7.8 8.1 8.2 7.8 8.0 9.0 8.9 8.7 8.9 8.2
9.0 9.4 8.6 9.5 9.4 8.8 9.2 8.8 9.7 8.9 10.3 7.2 8.5 9.7 9.2 9.2 8.2 9.4 9.3 9.3 8.9 8.5 9.7 9.4 8.0 9.8 9.6 9.4 9.3 8.4 9.2 9.2 9.5 8.9 9.4 7.9 8.3 8.2 7.1 9.7 9.2 9.1 8.1
7.6 8.2 7.1 7.9 7.3 7.8 8.2 7.7 9.0 7.3 8.6 7.9 7.8 6.8 8.0 7.8 7.7 7.2 7.8 6.9 8.0 8.4 7.9 8.0 6.2 7.9 7.9 7.6 7.9 7.2 7.4 7.7 6.8 8.2 7.3 9.2 8.1 7.4 8.1 7.9 8.2 7.9 8.3 7.0 7.2 7.3 8.1 7.6 7.2 7.9 7.9 8.7 9.1 7.7 7.3 9.4 9.5 8.3 8.0 6.3 8.0 8.5 8.2 8.1 7.0 8.0 7.6 9.4 7.6 7.2 7.2 7.8 7.3 5.8 8.3 3.9 2.0 8.7 9.3 9.1 8.0
230 124 27 77 96 66 62 32 34 185 112 224 87 5 80 159 64 93 122 58 117 19 128 63 162 204 157 187 147 156 114 30 151 31 50 192 217 104 213 137 130 221 226 150 181 175 108 23
146 56 48 60 54 59 57 101 8 118 10 140 125 90 62 63 84 19 45 110 53 117 114 32 75 143 43 128 27 50 47 69 13 77 72 85 122 35 135 124 119 136 130 61 65 83 64
138 42 110 28 40 95 59 98 17 85 3 136 111 14 61 66 129 39 56 53 87 114 18 43 131 11 20 36 55 119 62 65 27 89 33 132 121 126 137 13 63 69
0.6 0.58 0.50 0.45 0.48 0.90 0.94 0.48 0.43 0.36 1.00 0.60 1.28 0.05 0.52 0.63 0.72 0.40 0.80 0.46 0.65 0.45 1.18 0.45 0.58 1.07 0.54 0.96 0.50 0.44 0.49 0.48 0.56 0.74 0.60 0.40 0.24 0.54 0.62 0.86 0.63 0.32 1.02 0.93 0.24 0.45 0.54 18.89 1460.62 19.40 1889.89 1688.33 16.57 13.70 14.85 1484.90 18.80 12.53 26.48 21.63 21.23 19.46 10.13 233.06 184.75 10.04 1327.46 19.22 19.57 17.32 1188.30 12.27 16.74 18.94 17.31 17.76 17.63 16.28 27.56 15.33 19.75 12.11 10.10 20.15 19.68 16.29 19.23 12.76 1120.65 1038.97 10.20 13.70 1174.45 1320.08 1594.41 367 70 225 481 1686 308 784 1843 37 9 7 8288 1746 4792 166 59 7666 842 1580 559 1830 992 1824 211 2 63 11 116 120 1738 3423 119 1152 3638 538 91 427 31 156 242 3 8 66 11 847 70 385 39 10/05 07/08 07/10 07/08 07/06 06/07 10/09 07/08 09/08 12/05 07/10 11/99 01/03 10/07 11/04 10/06 09/02 11/05 06/09 09/10 09/08 09/08 07/10 01/12 05/11 03/07 06/03 07/07 07/07 07/07 09/08 12/98 05/08 08/04 10/10 09/07 04/03 03/04 05/07 01/09 07/09 03/08 07/13 09/13 02/10 02/12 09/10 11/07
77
Fixed Income
Fund Rating
Debt: Ultra Short Term 741 Principal Debt Opportunities Conservative 742 Reliance Medium Term 743 Reliance Money Manager 744 Religare Invesco Credit Opportunities 745 Religare Invesco Ultra Short Term 746 Sahara Short Term Bond 747 SBI Magnum Floating Rate Savings Plus Bond 748 SBI Magnum Income Floating Rate LTP 749 SBI Treasury Advantage 750 SBI Ultra Short Term Debt 751 Sundaram Flexible Fund Short Term Reg 752 Sundaram Ultra ST Reg 753 Tata Fixed Income Portfolio Scheme A1 Plan A 754 Tata Fixed Income Portfolio Scheme A2 Plan A 755 Tata Fixed Income Portfolio Scheme A3 Plan A 756 Tata Fixed Income Portfolio Scheme B2 Plan A 757 Tata Fixed Income Portfolio Scheme B3 Plan A 758 Tata Fixed Income Portfolio Scheme C2 Plan A 759 Tata Fixed Income Portfolio Scheme C3 Plan A 760 Tata Floater Plan A 761 Tata Floating Rate LT Plan A 762 Tata Treasury Manager Plan A 763 Taurus Short Term Income 764 Taurus Ultra Short Term Bond Super Inst 765 Templeton Floating Rate Ret 766 Templeton India Low Duration 767 Templeton India Ultra Short Bond Super Inst 768 Union KBC Ultra Short Term Debt 769 UTI Floating Rate ST Reg 770 UTI Treasury Advantage Inst Debt: Liquid 771 Axis Liquid Inst 772 Baroda Pioneer Liquid 773 Birla Sun Life Cash Plus 774 Birla Sun Life Floating Rate ST 775 BNP Paribas Overnight 776 BOI AXA Liquid Reg 777 Canara Robeco Liquid Regular 778 DSPBR Liquidity Inst 779 DWS Insta Cash Plus Super Inst 780 DWS Treasury Cash Reg 781 Edelweiss Liquid 782 Escorts Liquid 783 Goldman Sachs Liquid ETS 784 HDFC Cash Mgmt Call 785 HDFC Cash Mgmt Savings 786 HDFC Liquid 787 HSBC Cash NSE Treasury Bill Index
Performance
Total Return (%)
Absolu te
Fund Basics
Rank
5-Y Since Launch
Within category
3-M
1-Y
Annualised
3-Y
3-M
1-Y
3-Y
Expense (%)
NAV (`)
Average AUM (` Cr)
Launch Date
0.7 NR NR NR NR NR NR NR 0.7 0.5 0.7 0.8 0.6 0.7 0.7 0.8 0.7 0.7 0.6 0.7 0.0 0.6 0.7 0.7 0.7 0.6 0.7 0.7 0.7 0.7 0.8 0.7 0.7 0.7 0.7 0.7 0.6 0.7 0.7 0.8 0.7 0.7 0.7 0.7 0.7 0.8 0.7 0.7 0.7 0.7 0.7 0.6 0.6 0.7 0.7 0.7 0.5
2.8 2.6 3.5 2.9 2.7 3.3 2.4 2.5 2.9 2.3 2.7 3.3 2.9 0.0 2.2 2.3 2.3 2.2 2.1 2.2 3.0 2.3 3.4 2.7 3.1 3.1 3.0 2.9 2.5 2.8 2.8 2.4 2.5 2.5 2.6 2.5 2.5 2.5 2.5 2.5 2.5 2.2 2.5 2.6 2.0 2.2 2.5 2.5 2.5 2.4
8.7 9.0 8.4 9.4 9.5 8.8 8.7 9.2 10.0 8.1 8.8 8.4 9.8 0.5 8.5 9.4 9.1 8.7 8.8 9.3 8.4 8.7 10.1 10.0 8.9 9.4 9.9 9.1 9.7 9.5 8.7 9.2 9.2 9.2 9.3 9.2 9.2 9.2 9.2 9.0 8.7 8.9 9.6 7.4 8.2 9.1 9.2 9.2 8.2
9.0 9.3 9.1 9.4 9.7 9.3 10.6 9.5 9.7 8.6 9.1 9.1 9.7 3.5 8.6 9.6 9.5 9.4 9.4 8.5 9.0 10.1 9.9 9.1 9.8 9.8 8.9 9.5 8.8 9.2 9.2 9.3 9.3 9.3 8.3 9.2 9.2 9.2 10.1 7.5 7.9 9.2 9.1 8.1
7.6 7.8 7.7 8.0 7.9 8.5 8.3 7.5 8.2 2.5 7.9 6.6 7.9 8.0 8.3 7.7 8.0 7.3 7.8 7.8 8.0 6.7 7.7 7.5 7.7 8.8 6.2 6.3 7.7 7.6 6.8 8.5 7.6 7.4 8.0 7.3 6.9 8.0 7.5 8.0 8.2 9.3 8.3 6.3 6.0 7.4 7.1 9.2 7.7 6.4 8.3 8.4 8.2 9.0 7.3 7.1 7.7 7.6 8.1 8.4 3.6 8.3 9.2 9.1 8.8 2.9 9.5 7.9 6.1 8.1 9.4 8.3 7.2 9.8 8.6 9.3 7.0 8.2
230 172 8 105 164 33 191 183 115 207 148 28 113 230 216 198 195 209 222 210 81 203 21 161 60 55 79 99 184 131 141 168 75 50 10 35 91 48 70 90 66 150 100 23 163 148 51 56 46
146 58 108 28 15 73 82 41 5 127 74 106 9 146 98 25 49 87 78 36 111 86 2 4 68 26 6 51 12 20 111 35 34 15 9 26 24 25 33 50 67 59 2 108 90 37 22 16
138 49 77 44 15 57 1 29 16 105 75 73 12 138 108 21 25 47 48 113 78 6 7 74 8 9 86 31 104 19 25 11 5 9 87 23 29 31 1 102 100 34 39 0.51 0.54 0.59 0.75 0.61 0.30 0.98 0.63 1.00 0.33 0.67 0.58 0.15 0.20 0.15 0.15 0.15 0.15 0.15 0.25 0.15 0.75 0.64 1.12 0.77 0.30 0.21 0.53 1.10 0.3 0.44 0.20 0.23 0.33 0.33 0.29 0.80 0.60 0.25 0.29 0.18 0.03 1379.56 1426.36 165.57 19.15 1433.25 1514.12 1781.34 161.59 133.80 1227.57 19.25 1000.00 19.83 26.00 1000.06 3175 3385 3397 514 769 3109 4861 3964 360 16 176 611 1312 6328 1657 03/10 02/09 03/04 10/05 09/04 07/08 07/08 11/05 09/07 06/11 09/08 09/05 07/03 02/02 11/99 10/00 06/04 1973.28 25.68 1704.59 1412.54 1716.31 14.90 19.36 19.01 1360.55 1593.99 19.55 17.04 12.37 10.06 13.57 10.16 10.14 10.29 10.01 1866.22 17.95 1643.67 2165.73 1488.00 22.67 13.50 16.31 1153.20 2011.29 1684.69 186 2315 6826 567 385 16 147 76 19 4271 768 1068 0 2 17 21 3 1 2 2700 3 135 167 284 484 2051 4132 68 2521 7891 09/04 03/03 03/07 08/09 01/07 04/09 07/04 07/04 10/09 07/07 03/09 04/07 12/07 12/07 12/07 12/07 12/07 12/07 12/07 09/05 12/03 07/07 04/10 11/08 02/02 11/10 12/07 04/12 08/03 03/03
199.54 12531
24.56 10485
78
Fixed Income
Fund Rating
Debt: Liquid 788 ICICI Prudential Liquid Plan Reg 789 ICICI Prudential Money Market Reg 790 IDBI Liquid 791 IDFC Cash Regular 792 IIFL Liquid Reg 793 Indiabulls Liquid 794 ING Liquid Super Inst 795 JM Floater ST 796 JM High Liquidity 797 JP Morgan India Liquid Super Inst 798 Kotak Floater ST 799 Kotak Liquid Plan A 800 L&T Cash 801 L&T Liquid 802 LIC Nomura MF Liquid 803 Mirae Asset Cash Management 804 Morgan Stanley Liquid Reg 805 Peerless Liquid Super Inst 806 PineBridge India Liquid Standard 807 Pramerica Liquid 808 Principal Cash Mgmt 809 Principal Retail Money Manager 810 Quantum Liquid 811 Reliance Liquid Cash 812 Reliance Liquid Treasury Inst 813 Reliance Liquidity 814 Religare Invesco Liquid 815 Religare Invesco Overnight 816 Sahara Liquid Fixed Pricing 817 Sahara Liquid Variable Pricing 818 SBI Magnum InstaCash 819 SBI Magnum InstaCash Liquid Floater 820 SBI Premier Liquid 821 Sundaram Money Reg 822 Tata Liquid Plan A 823 Tata Liquidity Management Plan A 824 Tata Money Market Plan A 825 Taurus Liquid Super Inst 826 Templeton India Cash Mgmt Account 827 Templeton India TMA Super Inst 828 Union KBC Liquid 829 UTI Liquid Cash Inst 830 UTI Money Market Mutual Fund Inst NSE Treasury Bill Index NR NR
1-M
Performance
Total Return (%)
Absolu te
Fund Basics
Rank
5-Y Since Launch
Within category
3-M
1-Y
Annualised
3-Y
3-M
1-Y
3-Y
Expense (%)
NAV (`)
Average AUM (` Cr)
Launch Date
0.7 0.7 0.7 0.8 0.7 0.8 0.7 0.7 0.8 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.8 0.7 0.8 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.8 0.7 0.8 0.8 0.8 0.7 0.8 0.8 0.6 0.7 0.7 0.8 0.8 0.5
2.4 2.5 2.3 2.5 2.5 2.5 2.6 2.2 2.5 2.5 2.5 2.5 2.2 2.5 2.5 2.3 2.5 2.6 2.2 2.5 2.5 2.7 2.4 2.3 2.5 2.5 2.5 2.3 2.4 2.4 2.5 2.2 2.5 2.5 2.5 2.3 2.6 2.6 2.0 2.5 2.5 2.5 2.5 2.4
8.7 9.2 9.1 9.0 9.1 9.1 9.1 8.0 9.3 9.1 9.2 9.2 8.8 9.1 9.0 8.1 9.3 9.4 8.2 9.1 9.1 9.7 8.7 8.5 9.2 9.2 9.2 9.6 8.6 8.8 9.2 8.9 9.2 9.2 9.2 8.7 9.3 9.4 7.0 9.3 9.2 9.1 9.1 8.2
8.8 9.2 8.9 9.2 9.2 9.1 8.1 9.2 9.2 9.3 9.2 9.0 9.2 8.9 7.6 9.5 8.5 9.3 9.2 8.8 8.8 8.9 9.2 9.2 9.3 8.4 9.0 9.1 9.1 9.0 9.2 9.3 9.2 8.8 9.3 9.4 7.0 9.3 9.1 9.2 8.1
7.3 7.8 7.1 7.7 7.6 6.8 7.7 7.8 7.6 7.7 7.5 7.6 7.6 7.2 7.6 7.4 6.6 7.7 7.7 7.7 6.2 7.9 7.9 7.5 7.6 7.6 7.7 7.7 6.7 7.7 5.6 7.8 7.7 6.8 7.9 7.3 8.9 7.8 0.4 9.5 7.7 6.5 8.0 7.9 7.1 7.2 7.7 7.7 7.2 5.9 9.5 8.6 7.5 9.1 7.4 8.4 7.6 5.9 7.2 7.7 7.9 6.3 7.1 7.8 7.2 7.5 7.8 7.7 7.1 6.9 7.5 9.0 5.6 7.8 9.4 7.2 7.8
168 49 126 88 99 74 6 158 62 82 64 42 142 28 63 141 26 19 156 77 73 2 103 122 30 55 36 140 111 104 25 157 87 59 85 131 15 8 162 89 79 83 76
111 20 46 51 43 45 47 97 12 39 19 27 64 41 49 95 6 4 89 44 42 1 71 79 30 29 31 3 75 66 14 58 28 18 32 70 8 5 109 7 21 48 36
104 17 53 35 33 41 96 22 20 7 16 44 28 57 101 2 82 15 32 62 60 55 24 18 12 83 47 43 42 46 30 13 27 59 4 3 104 6 37 26 0.16 0.35 0.20 0.29 0.30 0.32 0.48 0.26 0.41 0.15 0.15 0.11 0.21 0.26 0.08 0.02 0.19 0.17 0.18 0.16 0.39 0.72 0.12 0.09 0.47 0.30 0.26 0.20 0.40 0.16 0.23 0.85 0.13 0.87 1.13 0.31 0.18 184.18 13323 172.07 1334.14 1512.96 1003.70 1209.89 18.52 19.38 33.97 16.13 2040.50 2525.62 1687.02 1706.99 2257.37 1323.01 1224.51 13.65 1566.56 1327.89 1209.76 1400.39 17.55 1997.73 1875.12 1711.53 1464.77 2240.17 2262.45 2754.75 2134.43 26.26 2298.48 1675.59 19.59 1345.32 20.00 1855.26 1247.57 1393.94 1249 365 17 3428 2662 2400 7414 669 2800 3734 19 546 1551 45 829 2007 5 46 1290 5334 3313 340 152 152 1246 205 3044 4716 205 263 1730 342 3913 1238 2416 1986 2373 5510 11/05 03/06 07/10 04/04 11/13 10/11 08/05 06/03 12/97 09/08 07/03 11/03 11/06 10/06 03/02 01/09 09/11 02/10 09/07 08/10 08/04 12/07 04/06 12/01 12/03 06/05 11/06 09/07 02/02 10/05 05/99 08/05 03/07 12/05 05/03 03/06 08/04 09/08 04/01 09/05 06/11 12/03 07/09
3032.31 10546
1957.12 11309
2040.16 12727
Increase / decrease in rating over the month
79
Scorecard Index
Axis Banking Debt, 685
Axis Constant Maturity 10 Year, 584 Axis Dynamic Bond, 508 Axis Equity, 1 Axis Focused 25, 77 Axis Income, 509 Axis Income Saver, 417 Axis Liquid Inst, 771 Axis Long Term Equity, 226 Axis Midcap, 173 Axis Short Term Inst, 626 Axis Treasury Advantage Inst, 686 Axis Triple Advantage, 492 Baroda Pioneer Balance, 368 Baroda Pioneer Banking and Financial Services, 295 Baroda Pioneer Dynamic Bond, 510 Baroda Pioneer ELSS 96, 227 Baroda Pioneer Gilt, 585 Baroda Pioneer Growth, 2 Baroda Pioneer Income, 511 Baroda Pioneer Infrastructure, 309 Baroda Pioneer Liquid, 772 Baroda Pioneer MIP, 418 Baroda Pioneer PSU Bond, 512 Baroda Pioneer PSU Equity, 3 Baroda Pioneer Short Term Bond, 627 Baroda Pioneer Treasury Advantage, 687 Birla Sun Life 95, 369 Birla Sun Life Advantage, 78 Birla Sun Life Asset Allocation Aggressive, 147 Birla Sun Life Asset Allocation Conservative, 419 Birla Sun Life Asset Allocation Moderate, 399 Birla Sun Life Buy India, 340 Birla Sun Life Cash Manager, 688 Birla Sun Life Cash Plus, 773 Birla Sun Life Commodity Equities-Global Agri, 263 Birla Sun Life Dividend Yield Plus, 174 Birla Sun Life Dynamic Bond Ret, 513 Birla Sun Life Enhanced Arbitrage, 480 Birla Sun Life Equity, 148 Birla Sun Life Floating Rate LT, 689 Birla Sun Life Floating Rate ST, 774 Birla Sun Life Frontline Equity, 79 Birla Sun Life Gilt Plus Liquid, 672 Birla Sun Life Gilt Plus PF, 586 Birla Sun Life Gilt Plus Reg, 587 Birla Sun Life GSF Long-term, 588 Birla Sun Life GSF Short-term, 673 Birla Sun Life Income Plus, 514 Birla Sun Life Index, 4 Birla Sun Life India GenNext, 341 Birla Sun Life India Opportunities, 342 Birla Sun Life India Reforms, 175 Birla Sun Life Infrastructure, 310 Birla Sun Life International Equity Plan A, 264 Birla Sun Life International Equity Plan B, 80 Birla Sun Life Long Term Advantage, 81 Birla Sun Life Medium Term, 515 Birla Sun Life Mid Cap, 176 Birla Sun Life MIP, 420 Birla Sun Life MIP II Savings 5, 421 Birla Sun Life MIP II Wealth 25, 400 Birla Sun Life MNC, 343 Birla Sun Life Monthly Income, 422 Birla Sun Life New Millennium, 335 Birla Sun Life Nifty ETF, 5 Birla Sun Life Pure Value, 177 Birla Sun Life Savings, 690 Birla Sun Life Short Term, 516 Birla Sun Life Short Term Opportunities, 691

Birla Sun Life Small & Midcap, 178 Birla Sun Life Special Situations, 82 Birla Sun Life Tax Plan, 228 Birla Sun Life Tax Relief 96, 229 Birla Sun Life Top 100, 83 Birla Sun Life Ultra Short-term, 692 BNP Paribas Bond, 517 BNP Paribas Dividend Yield, 149 BNP Paribas Equity, 6 BNP Paribas Flexi Debt, 518 BNP Paribas Government Securities, 589 BNP Paribas Income & Gold, 493 BNP Paribas Midcap, 179 BNP Paribas MIP, 423 BNP Paribas Money Plus, 693 BNP Paribas Overnight, 775 BNP Paribas Short term Income, 628 BNP Paribas Tax Advantage Plan, 230 BOI AXA Equity Reg, 7 BOI AXA Focused Infrastructure, 311 BOI AXA Liquid Reg, 776 BOI AXA Regular Return Reg, 424 BOI AXA Short Term Income Reg, 629 BOI AXA Tax Advantage Reg, 231 BOI AXA Treasury Advantage Reg, 694 Canara Robeco Balance Regular, 370 Canara Robeco Dynamic Bond Regular, 519 Canara Robeco Emerging Equities Regular, 180 Canara Robeco Equity Diversified Regular, 84 Canara Robeco Equity Tax Saver Regular, 232 Canara Robeco F.O.R.C.E Regular, 344 Canara Robeco Floating Rate ST Regular, 695 Canara Robeco Gilt Advantage Regular, 674 Canara Robeco Gilt PGS Regular, 590 Canara Robeco Income Regular, 520 Canara Robeco InDiGo Regular, 494 Canara Robeco Infrastructure Regular, 312 Canara Robeco Large Cap+ Regular, 8 Canara Robeco Liquid Regular, 777 Canara Robeco MIP Regular, 425 Canara Robeco Nifty Index Regular, 9 Canara Robeco Short Term Regular, 630 Canara Robeco Treasury Advantage Reg, 696 Canara Robeco Yield Advantage Regular, 426 DWS Alpha Equity Regular, 11 DWS Banking & PSU Debt Reg, 524 DWS Cash Opportunities Reg, 698 DWS Gilt Reg, 592 DWS Global Agribusiness Offshore Reg, 270 DWS Global Thematic Offshore, 271 DWS Income Advantage Reg, 427 DWS Insta Cash Plus Super Inst, 779 DWS Investment Opportunity Regular, 87 DWS Money Plus Inst, 633 DWS Premier Bond Reg, 525 DWS Short Maturity Reg, 634 DWS Tax Saving, 234 DWS Treasury Cash Reg, 780 DWS Treasury Investment Reg, 699 DWS Twin Advantage, 428 DWS Ultra Short Term Inst, 700 DSPBR Balanced, 371 DSPBR Banking & PSU Debt Reg, 521 DSPBR Bond Ret, 522 DSPBR Equity, 150 DSPBR Focus 25, 85 DSPBR Government Securities, 591 DSPBR Income Opportunities, 631 DSPBR Liquidity Inst, 778 DSPBR Micro Cap Reg, 181 DSPBR MIP, 401 DSPBR Money Manager Reg, 697 DSPBR Natural Resources and New Energy Reg, 345 DSPBR Opportunities, 86 DSPBR Short-term, 632 DSPBR Small and Mid Cap Reg, 182 DSPBR Strategic Bond Inst, 523 DSPBR T.I.G.E.R. Reg, 313 DSPBR Tax Saver, 233 DSPBR Technology.com Reg, 336 DSPBR Top 100 Equity Reg, 10 DSPBR Treasury Bill, 675 DSPBR US Flexible Equity, 265 DSPBR World Agriculture, 266 DSPBR World Energy Reg, 267 DSPBR World Gold Reg, 268 DSPBR World Mining Reg, 269 Edelweiss Absolute Return, 372 Edelweiss Diversified Growth Equity Top 100, 88 Edelweiss ELSS, 235 Edelweiss Equity Enhancer, 12 Edelweiss Gilt Fund, 593 Edelweiss Liquid, 781 Edelweiss MIP, 429 Edelweiss Select Midcap, 183 Edelweiss Short Term Income, 635 Edelweiss Ultra Short Term Bond, 701 Escorts Balanced, 373 Escorts Gilt, 594 Escorts Growth, 184 Escorts High Yield Equity, 185 Escorts Income, 526 Escorts Income Bond, 430 Escorts Infrastructure, 314 Escorts Leading Sectors, 186 Escorts Liquid, 782 Escorts Opportunities, 431 Escorts Power & Energy, 346 Escorts Short Term Debt, 702 Escorts Tax Plan, 236 Franklin Asian Equity, 272 Franklin Build India, 315 Franklin India Bluechip, 13 Franklin India Flexi Cap, 89 Franklin India High Growth Companies, 187 Franklin India Index BSE Sensex, 14 Franklin India Index NSE Nifty, 15 Franklin India Opportunities, 90 Franklin India Prima, 188 Franklin India Prima Plus, 91 Franklin India Smaller Companies, 189 Franklin India Taxshield, 237 Franklin Infotech, 337 FT India Balanced, 374 FT India Dynamic PE Ratio FoF, 476 FT India Feeder Franklin US Opportunities, 273 FT India Life Stage FoF 20s, 92 FT India Life Stage FoF 30s, 402 FT India Life Stage FoF 40s, 403 FT India Life Stage FoF 50s Plus, 432 FT India Life Stage FoF 50s Plus Floating Rate, 433 FT India MIP, 434 Templeton Floating Rate Ret, 765 Templeton India CAP Gift Plan, 396 Templeton India CAP-Education Plan, 473 Templeton India Cash Mgmt Account, 826 Templeton India Corporate Bond Opportunities, 576 Templeton India Equity Income, 171 Templeton India Growth, 172 Templeton India GSF Composite, 621 Templeton India GSF Long-term, 622 Templeton India GSF PF, 623 Templeton India GSF Treasury, 624 Templeton India Income, 577 Templeton India Income Builder, 578 Templeton India Income Opportunities, 579 Templeton India Low Duration, 766 Templeton India Pension, 411 Templeton India Short-term Income Ret, 670 Templeton India TMA Super Inst, 827 Templeton India Ultra Short Bond Super Inst, 767 Goldman Sachs Banking BeES, 296 Goldman Sachs CNX 500, 93 Goldman Sachs CNX Nifty Shariah BeES, 16 Goldman Sachs Hang Seng BeES, 274 Goldman Sachs India Equity, 151 Goldman Sachs Infra BeES, 316 Goldman Sachs Liquid ETS, 783 Goldman Sachs Nifty ETS, 17 Goldman Sachs Nifty Junior BeES, 152 Goldman Sachs PSU Bank BeES, 297 Goldman Sachs Short Term, 703 HDFC Arbitrage Retail, 481 HDFC Balanced, 375 HDFC Capital Builder, 94 HDFC Cash Mgmt Call, 784 HDFC Cash Mgmt Savings, 785 HDFC Cash Mgmt Treasury Adv Ret, 704 HDFC Childrens Gift-Inv, 376 HDFC Childrens Gift-Sav, 435 HDFC Core & Satellite, 153 HDFC Equity, 95 HDFC Floating Rate Income LT, 705 HDFC Floating Rate Income ST Wholesale, 706 HDFC Focused Large Cap, 96 HDFC Gilt Long-term, 595 HDFC Gilt Short-term, 676 HDFC Growth, 97 HDFC HI Short-term, 636 HDFC High Interest Dynamic, 527 HDFC Income, 528 HDFC Index Nifty, 18 HDFC Index Sensex, 19 HDFC Index Sensex Plus, 20 HDFC Infrastructure, 317 HDFC Liquid, 786 HDFC LT Advantage, 238 HDFC Medium Term Opportunities, 529 HDFC Mid-Cap Opportunities, 190 HDFC MIP Long-term, 436 HDFC MIP Short-term, 437 HDFC Multiple Yield, 438 HDFC Multiple Yield Plan 2005, 439 HDFC Premier Multi-Cap, 154 HDFC Prudence, 377 HDFC Short Term Opportunities, 637 HDFC Short-term, 638 HDFC Taxsaver, 239 HDFC Top 200, 21 HSBC Brazil, 275 HSBC Cash, 787 HSBC Dynamic, 22 HSBC Emerging Markets, 276 HSBC Equity, 23 HSBC Flexi Debt, 530 HSBC Floating Rate LT, 707 HSBC Gilt, 596 HSBC Income Investment, 531 HSBC Income Short-term, 639 HSBC India Opportunities, 98
80
Scorecard Index
HSBC Midcap Equity, 191 HSBC MIP Regular, 440 HSBC MIP Savings, 441 HSBC Progressive Themes, 192 HSBC Small Cap, 193 HSBC Tax Saver Equity, 240 HSBC Ultra Short Term Bond, 708 HSBC Unique Opportunities, 99 ICICI Prudential Advisor-Aggressive Reg, 378 ICICI Prudential Advisor-Cautious Reg, 442 ICICI Prudential Advisor-Moderate Reg, 404 ICICI Prudential Advisor-Very Aggressive Reg, 100 ICICI Prudential Advisor-Very Cautious Reg, 532 ICICI Prudential Balanced Advantage Reg, 379 ICICI Prudential Balanced Reg, 380 ICICI Prudential Banking & PSU Debt Reg, 533 ICICI Prudential Banking and Financial Services Reg, 298 ICICI Prudential Blended Plan A Reg, 482 ICICI Prudential Blended Plan B Option I Reg, 443 ICICI Prudential ChildCare-Gift Reg, 381 ICICI Prudential ChildCare-Study Reg, 444 ICICI Prudential CNX 100 ETF, 101 ICICI Prudential Corporate Bond Reg, 640 ICICI Prudential Discovery Reg, 194 ICICI Prudential Dynamic Bond Reg, 534 ICICI Prudential Dynamic Reg, 102 ICICI Prudential Equity Arbitrage Reg, 483 ICICI Prudential Exports and Other Services Reg, 347 ICICI Prudential Flexible Income Reg, 709 ICICI Prudential Floating Rate Reg, 710 ICICI Prudential FMCG Reg, 307 ICICI Prudential Focused Bluechip Equity Reg, 24 ICICI Prudential Gilt Investment PF Reg, 597 ICICI Prudential Gilt Treasury PF Reg, 677 ICICI Prudential Global Stable Equity Reg, 277 ICICI Prudential Income Opportunities Reg, 535 ICICI Prudential Income Reg, 536 ICICI Prudential Index Reg, 25 ICICI Prudential Indo Asia Equity Reg, 26 ICICI Prudential Infrastructure Reg, 318 ICICI Prudential Liquid Plan Reg, 788 ICICI Prudential Long Term Gilt Reg, 598 ICICI Prudential Long-term Reg, 537 ICICI Prudential Midcap Reg, 195 ICICI Prudential MIP 25 Reg, 445 ICICI Prudential MIP 5, 446 ICICI Prudential MIP Reg, 447 ICICI Prudential Money Market Reg, 789 ICICI Prudential Nifty ETF, 27 ICICI Prudential Nifty Junior Index, 155 ICICI Prudential Regular Savings, 538 ICICI Prudential Short Term Gilt Reg, 678 ICICI Prudential Short-term Reg, 641 ICICI Prudential SPIcE, 28 ICICI Prudential Target Returns Reg, 29 ICICI Prudential Tax Plan Reg, 241 ICICI Prudential Technology Reg, 338 ICICI Prudential Top 100 Reg, 30 ICICI Prudential Top 200 Reg, 103 ICICI Prudential Ultra Short Term Reg, 711 ICICI Prudential US Bluechip Equity, 278 IDBI Dynamic Bond, 539 IDBI Gilt, 599 IDBI India Top 100 Equity, 31 IDBI Liquid, 790 IDBI MIP, 448 IDBI Nifty Index, 32 IDBI Nifty Junior Index, 156 IDBI Short Term Bond, 642 IDBI Tax Saving Reg, 242

IDBI Ultra Short Term, 712 IDFC Aggressive Asset Allocation Regular, 405 IDFC All Seasons Bond Regular, 540 IDFC Arbitrage Plus Regular, 484 IDFC Arbitrage Regular, 485 IDFC Banking Debt Regular, 541 IDFC Cash Regular, 791 IDFC Classic Equity Regular, 104 IDFC Conservative Asset Allocation Regular, 449 IDFC Dynamic Bond Regular, 542 IDFC Equity Regular, 33 IDFC GSF Investment Regular, 600 IDFC GSF PF Regular, 601 IDFC GSF Short-term Regular, 679 IDFC Imperial Equity Regular, 34 IDFC Infrastructure Regular, 319 IDFC Moderate Asset Allocation Regular, 406 IDFC Money Manager Investment Regular, 713 IDFC Money Manager Treasury Regular, 714 IDFC Monthly Income Plan Regular, 450 IDFC Nifty Regular, 35 IDFC Premier Equity Regular, 196 IDFC SSI Inv Regular, 543 IDFC SSI Medium-term Regular, 544 IDFC SSI Short-term Regular, 643 IDFC Sterling Equity Regular, 197 IDFC Tax Advantage (ELSS) Regular, 243 IDFC Ultra Short Term Regular, 715 IIFL Dividend Opportunities Index, 105 IIFL Dynamic Bond Reg, 545 IIFL Liquid Reg, 792 IIFL Nifty ETF, 36 IIFL Short Term Income Reg, 644 Indiabulls Bluechip, 37 Indiabulls Gilt, 602 Indiabulls Income Reg, 546 Indiabulls Liquid, 793 Indiabulls Short Term Reg, 645 Indiabulls Ultra Short Term, 716 ING Balanced, 382 ING Core Equity, 106 ING Dividend Yield, 107 ING Gilt PF Dynamic, 603 ING Gilt PF Dynamic Cyclical 2013, 604 ING Global Real Estate Retail, 279 ING Income, 547 ING Large Cap Equity, 38 ING Latin America Equity, 280 ING Liquid Super Inst, 794 ING Midcap, 198 ING MIP, 451 ING OptiMix 5 Star Multi Manager FoF, 108 ING OptiMix Active Debt Multi Manager FoF, 548 ING OptiMix Asset Allocator MMFoF, 477 ING Optimix Financial Planning Aggressive, 495 ING Optimix Financial Planning Cautious, 717 ING Optimix Financial Planning Conservative, 496 ING Optimix Financial Planning Prudent, 497 ING OptiMix Global Commodities, 281 ING OptiMix Income Growth MMFoF 15% Equity A, 452 ING OptiMix Income Growth MMFoF 30% Equity A, 407 ING OptiMix Multi Manager Equity Option A, 109 ING Short Term Income, 646 ING Tax Savings, 244 ING Treasury Advantage Inst, 718 JM Arbitrage Advantage, 486 JM Balanced, 383 JM Basic, 348 JM Core 11, 110 JM Equity, 39 JM Floater LT, 719 JM Floater ST, 795 JM G-Sec, 605 JM High Liquidity, 796 JM Income, 549 JM MIP, 453 JM Money Manager Reg, 720 JM Money Manager Super, 721 JM Money Manager Super Plus, 722 JM Multi Strategy, 111 JM Short Term, 647 JM Tax Gain, 245 JP Morgan ASEAN Equity Off Shore, 282 JP Morgan Emerging Eu Mid East and Afr Eqt Off Shore, 283 JP Morgan Greater China Equity Off-shore, 284 JP Morgan India Active Bond Retail, 550 JP Morgan India Banking and PSU Debt Reg, 551 JP Morgan India Equity, 40 JP Morgan India Liquid Super Inst, 797 JP Morgan India Short Term Income, 648 JP Morgan India Smaller Companies, 199 JP Morgan India Tax Advantage, 246 JP Morgan India Treasury Super Inst, 723 JP Morgan US Value Equity Offshore Reg, 285 Kotak 50, 41 Kotak Balance, 384 Kotak Banking and PSU Debt, 724 Kotak Bond Plan A, 552 Kotak Bond Short-term, 649 Kotak Classic Equity, 112 Kotak Emerging Equity, 200 Kotak Equity Arbitrage, 487 Kotak Equity FoF, 113 Kotak Flexi Debt Plan A, 725 Kotak Floater LT, 726 Kotak Floater ST, 798 Kotak Gilt Investment PF & Trust, 606 Kotak Gilt Investment Regular, 607 Kotak Global Emerging Market, 286 Kotak Income Opportunities, 650 Kotak Liquid Plan A, 799 Kotak Mid-Cap, 201 Kotak MIP, 454 Kotak Multi Asset Allocation, 498 Kotak Nifty ETF, 42 Kotak Opportunities, 114 Kotak PSU Bank ETF, 299 Kotak Select Focus, 115 Kotak Sensex ETF, 43 Kotak Tax Saver, 247 L&T Cash, 800 L&T Equity, 116 L&T Flexi Bond, 553 L&T Floating Rate, 727 L&T Gilt Investment, 608 L&T Global Real Assets, 287 L&T Income Opportunities, 651 L&T India Equity and Gold, 499 L&T India Large Cap, 44 L&T India Prudence, 385 L&T India Special Situations, 157 L&T India Value, 158 L&T Indo Asia, 117 L&T Infrastructure, 320 L&T Liquid, 801 L&T Low Duration, 728 L&T Midcap, 202 L&T MIP, 455 L&T MIP-Wealth Builder, 456 L&T Short Term Income, 652 L&T Short Term Opportunities, 653 L&T Tax Advantage, 248 L&T Tax Saver, 249 L&T Triple Ace Bond, 554 L&T Ultra Short Term, 729 LIC Nomura MF Balanced, 386 LIC Nomura MF Bond, 555 LIC Nomura MF Children, 387 LIC Nomura MF Equity, 45 LIC Nomura MF Floating Rate ST, 730 LIC Nomura MF Growth, 46 LIC Nomura MF GSF, 609 LIC Nomura MF Income Plus, 731 LIC Nomura MF Index Nifty, 47 LIC Nomura MF Index Sensex, 48 LIC Nomura MF Infrastructure, 321 LIC Nomura MF Liquid, 802 LIC Nomura MF MIP, 457 LIC Nomura MF Savings Plus, 732 LIC Nomura MF Sensex Advantage, 49 LIC Nomura MF Tax Plan, 250 LIC Nomura MF ULIS, 388 Mirae Asset Cash Management, 803 Mirae Asset China Advantage, 288 Mirae Asset Emerging Bluechip Regular, 203 Mirae Asset Global Commodity Stocks, 289 Mirae Asset India Opportunities Regular, 118 Mirae Asset India-China Consumption Reg, 159 Mirae Asset Short Term Bond Reg, 733 Mirae Asset Ultra Short Term Bond Inst, 734 Morgan Stanley A.C.E. Reg, 119 Morgan Stanley Active Bond Reg, 556 Morgan Stanley Gilt Reg, 610 Morgan Stanley Growth Reg, 120 Morgan Stanley Liquid Reg, 804 Morgan Stanley Multi Asset Plan A Reg, 458 Morgan Stanley Multi Asset Plan B Reg, 500 Morgan Stanley Short Term Bond Reg, 654 Morgan Stanley Ultra Short Term Reg, 735 Motilal Oswal MOSt 10 Year Gilt, 611 Motilal Oswal MOSt Focused 25 Reg, 121 Motilal Oswal MOSt Shares M100 ETF, 204 Motilal Oswal MOSt Shares M50 ETF, 50 Motilal Oswal MOSt Shares NASDAQ-100 ETF, 290 Motilal Oswal MOSt Ultra Short Term Bond Reg, 736 Peerless Equity, 51 Peerless Flexible Income, 557 Peerless Income Plus, 459 Peerless Liquid Super Inst, 805 Peerless MF Child, 501 Peerless Short Term, 655 Peerless Ultra Short Term Super Inst, 737 PineBridge India Equity Standard, 160 PineBridge India Liquid Standard, 806 PineBridge India Short Term Standard, 656 PineBridge India Total Return Bond Standard, 558 PineBridge Infra & Economic Reform Standard, 322 PineBridge World Gold Standard, 291 PPFAS Long Term Value Regular, 122 Pramerica Credit Opportunities, 657 Pramerica Dynamic Asset Allocation, 478 Pramerica Dynamic Bond, 559 Pramerica Dynamic Monthly Income, 460 Pramerica Large Cap Equity, 52 Pramerica Liquid, 807 Pramerica Short Term Floating Rate, 738 Pramerica Short Term Income, 658 Pramerica Treasury Advantage, 659 Pramerica Ultra Short Term Bond, 739 Principal Balanced, 389
81
Scorecard Index
Principal Bank CD Reg, 740 Principal Cash Mgmt, 808 Principal Debt Opportunities Conservative, 741 Principal Debt Opportunities Corporate Bond, 660 Principal Debt Savings, 461 Principal Debt Savings Retail, 560 Principal Dividend Yield, 161 Principal Emerging Bluechip, 205 Principal Global Opportunities, 292 Principal Growth, 162 Principal GSF, 612 Principal Income Long Term, 561 Principal Income Short-term, 661 Principal Index, 53 Principal Large Cap, 123 Principal Personal Tax Saver, 251 Principal Retail Equity Savings, 390 Principal Retail Money Manager, 809 Principal Smart Equity, 479 Principal Tax Savings, 252 Quantum Equity FoF, 124 Quantum Index, 54 Quantum Liquid, 810 Quantum Long Term Equity, 125 Quantum Multi Asset, 502 Quantum Tax Saving, 253 Reliance Arbitrage Advantage, 488 R*Shares Banking ETF, 300 R*Shares CNX 100, 55 R*Shares Nifty ETF, 126Reliance Banking, 301 Reliance Diversified Power Sector, 349 Reliance Dynamic Bond, 562 Reliance Equity, 127 Reliance Equity Opportunities, 206 Reliance Floating Rate ST, 662 Reliance Gilt Securities, 613 Reliance Growth, 163 Reliance Income, 563 Reliance Index Nifty, 56 Reliance Index Sensex, 57 Reliance Liquid Cash, 811 Reliance Liquid Treasury Inst, 812 Reliance Liquidity, 813 Reliance Long Term Equity, 207 Reliance Media & Entertainment, 350 Reliance Medium Term, 742 Reliance MIP, 462 Reliance Money Manager, 743 Reliance NRI Equity, 128 Reliance Pharma, 332 Reliance Quant Plus Retail, 58 Reliance Regular Savings Balanced, 391 Reliance Regular Savings Debt, 564 Reliance Regular Savings Equity, 164 Reliance Short-term, 663 Reliance Small Cap, 208 Reliance Tax Saver, 254 Reliance Top 200 Retail, 129 Reliance Vision, 130 Religare Invesco Active Income, 565 Religare Invesco AGILE, 59 Religare Invesco Arbitrage, 489 Religare Invesco Bank Debt, 664 Religare Invesco Banking, 302 Religare Invesco Business Leaders, 60 Religare Invesco Contra, 165 Religare Invesco Credit Opportunities, 744 Religare Invesco Equity, 131 Religare Invesco Gilt Longer Duration, 614 Religare Invesco Gilt Short Duration, 680 Religare Invesco Growth, 132

Religare Invesco Infrastructure, 323 Religare Invesco Liquid, 814 Religare Invesco Medium Term Bond, 566 Religare Invesco Mid Cap, 209 Religare Invesco Mid N Small Cap, 210 Religare Invesco MIP, 463 Religare Invesco MIP Plus, 503 Religare Invesco Nifty ETF, 61 Religare Invesco Overnight, 815 Religare Invesco PSU Equity, 351 Religare Invesco Short term, 665 Religare Invesco Tax Plan, 255 Religare Invesco Ultra Short Term, 745 Sahara Banking and Financial Services, 303 Sahara Classic, 464 Sahara Gilt, 615 Sahara Growth, 133 Sahara Income, 567 Sahara Infrastructure Fixed Pricing, 324 Sahara Infrastructure Variable Pricing, 325 Sahara Liquid Fixed Pricing, 816 Sahara Liquid Variable Pricing, 817 Sahara Mid-Cap Fund, 211 Sahara Power & Natural Resources, 352 Sahara R.E.A.L, 353 Sahara Short Term Bond, 746 Sahara Star Value, 212 Sahara Super 20, 62 Sahara Tax Gain, 256 Sahara Wealth Plus Fixed Pricing, 213 Sahara Wealth Plus Variable Pricing, 214 SBI Arbitrage Opportunities, 490 SBI Benchmark G Sec, 616 SBI Bluechip, 134 SBI Contra, 166 SBI Dynamic Bond, 568 SBI Edge, 504 SBI Emerging Businesses, 215 SBI FMCG, 308 SBI Infrastructure, 326 SBI IT, 339 SBI Magnum Balanced, 392 SBI Magnum Children's Benefit Plan, 465 SBI Magnum COMMA, 354 SBI Magnum Equity, 63 SBI Magnum Floating Rate Savings Plus Bond, 747 SBI Magnum Gilt Long-term, 617 SBI Magnum Gilt Short-term, 681 SBI Magnum Global, 216 SBI Magnum Income, 569 SBI Magnum Income Floating Rate LTP, 748 SBI Magnum InstaCash, 818 SBI Magnum InstaCash Liquid Floater, 819 SBI Magnum Midcap, 217 SBI Magnum MIP, 466 SBI Magnum MIP Floater, 467 SBI Magnum MultiCap, 135 SBI Magnum Multiplier Plus, 136 SBI Magnum Taxgain, 257 SBI Nifty Index, 64 SBI Pharma, 333 SBI Premier Liquid, 820 SBI PSU, 137 SBI Regular Savings, 468 SBI Sensex ETF, 65 SBI Short Term Debt, 666 SBI Small & Midcap, 218 SBI Treasury Advantage, 749 SBI Ultra Short Term Debt, 750 Sundaram Balanced Reg, 393 Sundaram Bond Saver Reg, 570 Sundaram CAPEX Opp Reg-D, 355 Sundaram CAPEX Opp Reg-G, 356 Sundaram Energy Opportunities, 357 Sundaram Entertainment Opportunities Reg, 358 Sundaram Equity Multiplier, 219 Sundaram Equity Plus, 359 Sundaram Financial Services Opp Reg, 304 Sundaram Flexible Fund Short Term Reg, 751 Sundaram Flexible Income Reg, 571 Sundaram Gilt Reg, 682 Sundaram Global Advantage, 293 Sundaram Growth Reg, 138 Sundaram Income Plus, 667 Sundaram MIP Aggressive Plan, 408 Sundaram MIP Conservative Plan, 469 Sundaram MIP Moderate, 470 Sundaram Money Reg, 821 Sundaram PSU Opportunities, 360 Sundaram Rural India Reg, 361 Sundaram S.M.I.L.E. Reg, 220 Sundaram Select Debt Short-term, 668 Sundaram Select Focus Reg, 66 Sundaram Select Midcap Reg, 221 Sundaram Taxsaver, 258 Sundaram Ultra ST Reg, 752 Tata Balanced Plan A, 394 Tata Dividend Yield Plan A, 167 Tata Dynamic Bond Plan A, 572 Tata Equity Opportunities Plan A, 139 Tata Equity PE Plan A, 168 Tata Ethical Plan A, 169 Tata Fixed Income Portfolio Scheme A1 Plan A, 753 Tata Fixed Income Portfolio Scheme A2 Plan A, 754 Tata Fixed Income Portfolio Scheme A3 Plan A, 755 Tata Fixed Income Portfolio Scheme B2 Plan A, 756 Tata Fixed Income Portfolio Scheme B3 Plan A, 757 Tata Fixed Income Portfolio Scheme C2 Plan A, 758 Tata Fixed Income Portfolio Scheme C3 Plan A, 759 Tata Floater Plan A, 760 Tata Floating Rate LT Plan A, 761 Tata Gilt Mid Term Plan A, 618 Tata Growing Economies Infrastructure Plan A, 294 Tata Growing Economies Infrastructure Plan B, 327 Tata GSF Plan A, 619 Tata GSF Short Maturity Plan A, 683 Tata Income Plan A, 573 Tata Income Plus Plan A, 574 Tata Index Nifty Plan A, 67 Tata Index Sensex Plan A, 68 Tata Indo Global Infrastructure Plan A, 328 Tata Infrastructure Plan A, 329 Tata Liquid Plan A, 822 Tata Liquidity Management Plan A, 823 Tata Midcap Growth Plan A, 222 Tata MIP Plan A, 471 Tata MIP Plus Plan A, 472 Tata Money Market Plan A, 824 Tata Pure Equity Plan A, 69 Tata Retirement Savings Conservative Plan A, 409 Tata Retirement Savings Moderate Plan A, 395 Tata Retirement Savings Progressive Plan A, 140 Tata Short-term Bond Plan A, 669 Tata Tax Saving, 259 Tata Treasury Manager Plan A, 762 Tata Young Citizens Plan A, 410 Taurus Banking & Financial Services, 305 Taurus Bonanza, 141 Taurus Discovery, 223 Taurus Dynamic Income, 575 Taurus Ethical, 170 Taurus Gilt, 620 Taurus Infrastructure, 330 Taurus Liquid Super Inst, 825 Taurus MIP Advantage, 505 Taurus Nifty Index, 70 Taurus Short Term Income, 763 Taurus Starshare, 142 Taurus Tax Shield, 260 Taurus Ultra Short Term Bond Super Inst, 764 Union KBC Asset Allocation Conservative, 506 Union KBC Asset Allocation Moderate, 507 Union KBC Dynamic Bond, 580 Union KBC Equity, 143 Union KBC Liquid, 828 Union KBC Tax Saver, 261 Union KBC Ultra Short Term Debt, 768 UTI Balanced, 397 Unit Linked Insurance Plan 71, 412 UTI Banking Sector Reg, 306 UTI Bond, 581 UTI CCP Advantage, 398 UTI CCP Balanced, 413 UTI Contra, 144 UTI CRTS 81, 414 UTI Dividend Yield, 145 UTI Dynamic Bond, 582 UTI Energy, 362 UTI Equity, 71 UTI Equity Tax Savings, 262 UTI Floating Rate ST Reg, 769 UTI Gilt Advantage Long-term, 625 UTI G-Sec Short-term, 684 UTI Income Opportunities, 583 UTI India Lifestyle, 363 UTI Infrastructure, 331 UTI Leadership Equity, 72 UTI Liquid Cash Inst, 829 UTI Mahila Unit Scheme, 415 UTI Master Plus '91, 73 UTI Master Value, 224 UTI Mastershare, 74 UTI Mid Cap, 225 UTI MIS-Advantage Plan, 474 UTI MNC, 364 UTI Money Market Mutual Fund Inst, 830 UTI Monthly Income Scheme, 475 UTI Nifty Index, 75 UTI Opportunities, 146 UTI Pharma & Healthcare, 334 UTI Retirement Benefit Pension, 416 UTI Services Industries, 365 UTI Short-term Income Inst, 671 UTI SPrEAD, 491 UTI Top 100, 76 UTI Transportation and Logistics, 366 UTI Treasury Advantage Inst, 770 UTI Wealth Builder Series II Retail, 367
82
SCOR EBOARD
10-year SIP returns

Scheme Name Rating Return (%) 5 Year Value (` lakh) 10 Year Return Value (%) (` lakh)
What will `5,000 monthly SIP adding up to `6 lakh over the past ten years be worth today? Figures under 5-yr and 10-yr indicate returns and in brackets the value in ` lakh
ICICI Prudential Dynamic Reg SBI Magnum Global

13.92 16.06 11.97 11.36 12.43 10.04 10.45 14.52 10.87 10.49 9.67 11.23 11.73 7.41 16.15 14.42 10.23 12.23 12.01 12.04 8.15 12.47 6.90 12.93 10.23 10.26 10.35 9.82 11.91 10.35 10.31 8.10 12.41 10.06 10.50
0.84 0.89 0.80 0.79 0.81 0.77 0.77 0.85 0.78 0.77 0.76 0.79 0.80 0.72 0.89 0.85 0.77 0.81 0.80 0.80 0.73 0.81 0.71 0.82 0.77 0.77 0.77 0.76 0.80 0.77 0.77 0.73 0.81 0.77 0.78
17.14 16.48 16.32 16.06 15.80 15.46 15.33 15.12 14.90 14.86 14.65 14.61 14.45 14.43 14.43 14.23 14.17 14.15 14.10 14.01 14.01 13.91 13.91 13.85 13.75 13.70 13.67 13.66 13.57 13.48 13.46 13.44 13.15 13.13 13.11
2.91 2.81 2.79 2.75 2.71 2.67 2.65 2.62 2.59 2.58 2.55 2.55 2.53 2.52 2.52 2.50 2.49 2.49 2.48 2.47 2.47 2.46 2.46 2.45 2.43 2.43 2.42 2.42 2.41 2.40 2.40 2.40 2.36 2.36 2.35
Franklin India Prima DSPBR Opportunities Sundaram Taxsaver Birla Sun Life Mid Cap

Not Rated
14.96 9.85 6.96 7.73 8.46 10.98 4.97 8.93 12.15 10.73 13.33 8.24 10.70 11.53 9.72 7.43 7.92 6.35 9.14 9.27 9.01 9.54 6.40 7.42 9.28 8.78 10.35 8.01 5.20 10.41 8.62 8.52 9.62 10.12 5.93
0.86 0.76 0.71 0.72 0.74 0.78 0.68 0.75 0.81 0.78 0.83 0.73 0.78 0.79 0.76 0.72 0.73 0.70 0.75 0.75 0.75 0.76 0.70 0.72 0.75 0.74 0.77 0.73 0.68 0.77 0.74 0.74 0.76 0.77 0.69
13.02 12.98 12.90 12.77 12.69 12.64 12.64 12.48 12.39 12.38 12.30 12.28 12.13 12.10 12.09 12.03 11.88 11.86 11.83 11.65 11.35 11.35 11.25 11.25 11.17 11.09 11.01 10.92 10.91 10.82 10.82 10.81 10.75 10.72 10.71
2.34 2.34 2.33 2.31 2.30 2.30 2.30 2.28 2.27 2.26 2.26 2.25 2.24 2.23 2.23 2.22 2.21 2.20 2.20 2.18 2.15 2.15 2.14 2.14 2.13 2.12 2.11 2.10 2.10 2.09 2.09 2.09 2.08 2.08 2.08 83
Canara Robeco Eq Tax Saver Reg Sundaram Select Midcap Reg Birla Sun Life Frontline Equity HDFC Top 200 HDFC Equity ICICI Prudential Tax Plan Reg HDFC Prudence SBI Magnum Multiplier Plus SBI Magnum Taxgain Franklin India Prima Plus
Birla Sun Life Dividend Yield Plus SBI Magnum Balanced SBI Contra Birla Sun Life Equity UTI Master Value ICICI Prudential SPIcE ICICI Prudential Balanced Reg Kotak 50 Tata Equity Opportunities Plan A

Canara Robeco Eq Diversified Reg DSPBR Equity HDFC Childrens Gift-Inv Tata Ethical Plan A HDFC Taxsaver Franklin India Taxshield HDFC Capital Builder Tata Balanced Plan A DSPBR Top 100 Equity Reg ICICI Prudential Top 100 Reg Reliance Growth HDFC Balanced Franklin India Bluechip SBI Magnum Equity Tata Pure Equity Plan A Sahara Tax Gain UTI Equity
Goldman Sachs Nifty Junior BeES ICICI Prudential Top 200 Reg Templeton India Growth Taurus Tax Shield Sahara Growth ICICI Prudential Index Reg Goldman Sachs Nifty ETS Kotak Balance FT India Balanced DSPBR Balanced DWS Alpha Equity Regular Franklin India Index BSE Sensex UTI Mastershare Birla Sun Life Tax Plan ING Core Equity Baroda Pioneer Growth Tata Midcap Growth Plan A Franklin India Index NSE Nifty Tata Index Nifty Plan A Birla Sun Life Tax Relief 96 Tata Tax Saving Sundaram Select Focus Reg
Canara Robeco Balance Regular Birla Sun Life 95 HDFC Growth HDFC LT Advantage HDFC Index Sensex Plus Taurus Starshare
SCOR EBOARD
UTI Nifty Index UTI Master Plus '91

Not Rated
8.62 9.46 10.94 9.04 5.93 8.25 9.46 8.75 8.53 8.91 4.00 7.86 8.90 8.97 10.27 9.31 6.22 8.37 6.88 7.60 7.64 3.30 7.93 9.08 8.47 9.90 7.91 7.12 6.81 4.68 6.92 7.47 9.91 3.91 3.33 5.93 6.99 9.26 4.41 -4.94
0.74 0.76 0.78 0.75 0.69 0.73 0.76 0.74 0.74 0.75 0.66 0.73 0.75 0.75 0.77 0.75 0.70 0.74 0.71 0.72 0.72 0.65 0.73 0.75 0.74 0.76 0.73 0.71 0.71 0.67 0.71 0.72 0.76 0.66 0.65 0.69 0.71 0.75 0.67 0.53
10.62 10.58 10.55 10.46 10.17 10.16 10.01 9.95 9.94 9.83 9.83 9.83 9.73 9.66 9.62 9.38 9.34 9.30 9.13 9.12 8.98 8.86 8.70 8.46 8.43 8.16 7.93 7.89 7.71 7.54 7.37 7.33 7.31 7.13 7.05 6.52 6.09 6.02 4.98 -0.16
2.07 2.06 2.06 2.05 2.02 2.02 2.00 1.99 1.99 1.98 1.98 1.98 1.97 1.96 1.96 1.94 1.93 1.93 1.91 1.91 1.90 1.88 1.87 1.85 1.84 1.82 1.80 1.79 1.78 1.76 1.74 1.74 1.74 1.72 1.72 1.67 1.63 1.63 1.54 1.19
` `
ICICI Prudential ChildCare-Gift Reg Tata Index Sensex Plan A HSBC Equity Birla Sun Life Index HDFC Index Sensex Principal Index SBI Nifty Index UTI Balanced Reliance Vision Principal Personal Tax Saver Morgan Stanley Growth Reg Principal Balanced Principal Tax Savings LIC Nomura MF Index Sensex Sundaram Growth Reg HDFC Index Nifty Sundaram Balanced Reg Birla Sun Life Advantage ING Balanced Principal Retail Equity Savings UTI Equity Tax Savings LIC Nomura MF Sensex Adv LIC Nomura MF Index Nifty Principal Growth LIC Nomura MF Growth LIC Nomura MF Balanced Baroda Pioneer ELSS 96 Taurus Bonanza LIC Nomura MF Equity Baroda Pioneer Balance JM Balanced Escorts Balanced Escorts Growth LIC Nomura MF ULIS LIC Nomura MF Tax Plan Taurus Discovery JM Equity Escorts Tax Plan 84
Worth of `5,000 SIP in ICICI Prudential Dynamic Reg over past ten years; the fund with the highest gains
2.91 lakh 0.93 lakh
Worth of `5,000 SIP in BNP Paribas Midcap in past five years
THE LEAST THAT

an SIP would have earned over the past 15 years
9% p.a.
OF
THE MOST THAT
23%p.a.
an SIP would have earned over the past 15 years
50 110 95 110
OF
FUNDS
Earned more than Goldman Sachs Nifty ETS over the past ten years

Not Rated Not Rated
FUNDS
Yielded more than the 8.3% guaranteed by Post Office Recurring Deposit over the past ten years
THE SIP FREQUENCY

SIP is a technique to keep investing irrespective of market ups and downs to average costs There is no basis for saying that a particular frequency of investment is the most profitable To get the best out of your SIP, you need to keep it simple by following a natural savings cycle to decide the optimum SIP frequency SIP should be a function of your convenience and natural earning and investing cycle, be it monthly, weekly or quarterly Over the long term the returns from daily, weekly, monthly and quarterly SIP when investing in the Sensex comes to 11.01%, 10.74%, 11.10% and 11.21%, respectively Data as on November 30, 2013

Not Rated
Value Research
TOP RATED FUNDS

DEBT (76/218)
A fund's star rating recalculated each month with no subjective input. A fund is rated only when there are a minimum 10 funds in the category, with a minimum 3 year history for equity and hybrid funds and 18 months for bond funds. In case of equity funds, a fund's overall rating stems from a weighted average of two time periods - 3 and 5 years where available. Equity funds less than three years old are not rated and bond funds with less than 18 month history are also not rated.
HYBRID: DEBT-ORIENTED CONSERVATIVE

Birla Sun Life MIP II Savings 5 BNP Paribas MIP FT India Life Stage FoF 50s Plus FR FT India MIP HDFC Childrens Gift-Sav HDFC Multiple Yield HDFC Multiple Yield Plan 2005
ICICI Prudential Long-term Reg ICICI Prudential Regular Savings Reliance Regular Savings Debt Sahara Income Tata Dynamic Bond Plan A Templeton India Corporate Bond Opp Templeton India Income Builder Templeton India Income Opportunities UTI Dynamic Bond

HSBC Floating Rate LT ICICI Prudential Flexible Income Reg ING Treasury Advantage Inst JM Money Manager Reg JM Money Manager Super JM Money Manager Super Plus L&T Floating Rate Peerless Ultra Short Term Super Inst Pramerica Short Term Floating Rate Principal Debt Opp Conservative

ICICI Pru Blended Plan B Option I Reg ICICI Prudential ChildCare-Study Reg ICICI Prudential MIP 25 Reg

DEBT: SHORT TERM

BNP Paribas Short term Income DWS Money Plus Inst DWS Short Maturity Reg HDFC Short Term Opportunities JP Morgan India Short Term Income Morgan Stanley Short Term Bond Reg Peerless Short Term

Reliance Money Manager Religare Invesco Credit Opportunities Sahara Short Term Bond SBI Magnum FR Savings Plus Bond
IDFC Conservative Asset Allocation Reg IDFC Monthly Income Plan Regular Peerless Income Plus SBI Magnum MIP Floater Tata MIP Plus Plan A

SBI Magnum Income Floating Rate LTP SBI Treasury Advantage Sundaram Ultra ST Reg Tata FIP Scheme A3 Plan A Tata FIP Scheme B2 Plan A Tata Floater Plan A Taurus Short Term Income Taurus Ultra ST Bond Super Inst

DEBT: INCOME
Baroda Pioneer PSU Bond Birla Sun Life Dynamic Bond Ret Birla Sun Life Medium Term Birla Sun Life Short Term BNP Paribas Bond Canara Robeco Dynamic Bond Reg DSPBR Strategic Bond Inst Escorts Income HDFC Medium Term Opportunities ICICI Pru Banking & PSU Debt Reg

Pramerica Short Term Income Reliance Floating Rate ST Sundaram Select Debt Short-term Tata Short-term Bond Plan A
Templeton India Short-term Income Ret UTI Short-term Income Inst
Templeton Ultra Short Bond Super Inst Union KBC Ultra Short Term Debt
DEBT: ULTRA SHORT TERM

Axis Treasury Advantage Inst DWS Ultra Short Term Inst Escorts Short Term Debt

UTI Floating Rate ST Reg UTI Treasury Advantage Inst
RATING DOWNGRADE
Canara Robeco Short Term Regular ICICI Prudential Floating Rate Reg IDFC Dynamic Bond Regular
A list of funds that moved out of the 5- and 4-star grade in November 2013
PineBridge India Short Term Standard Tata MIP Plan A
85
Value Research
TOP RATED FUNDS

EQUITY (91/266)
HYBRID: EQUITY-ORIENTED
Birla Sun Life 95 Canara Robeco Balance Regular Edelweiss Absolute Return HDFC Balanced HDFC Childrens Gift-Inv ICICI Pru Advisor-Aggressive Reg ICICI Pru Balanced Advantage Reg ICICI Prudential Balanced Reg Tata Balanced Plan A
Value Research pioneered mutual fund ratings way back in 1993 to enable investors make the right pick. The lowest rating is a 1 star, the highest being 5 stars. The rating acts as the first filter in fund selection since it takes into account the return as well as risk undertaken to achieve that return. Riskajusted return from a fund is the sole basis of Value Research Fund Rating (detailed methodology on page 61). Below are the schemes in various categories that sport 5- and 4-star ratings.
Birla Sun Life Top 100

Franklin India Smaller Companies HDFC Mid-Cap Opportunities ICICI Prudential Discovery Reg IDFC Premier Equity Regular IDFC Sterling Equity Regular Mirae Asset Emerging Bluechip Reg Reliance Equity Opportunities Religare Invesco Mid Cap Religare Invesco Mid N Small Cap SBI Emerging Businesses SBI Magnum Global SBI Magnum Midcap

Canara Robeco Equity Diversified Reg Edelweiss Diversified Gr Eq Top 100 Franklin India Prima Plus FT India Life Stage FoF 20s HDFC Capital Builder ICICI Prudential Dynamic Reg ING Dividend Yield Kotak Select Focus L&T Indo Asia Mirae Asset India Opportunities Reg
EQUITY: LARGE CAP

Axis Equity BNP Paribas Equity Canara Robeco Large Cap+ Regular Franklin India Bluechip HDFC Index Sensex Plus

Quantum Long Term Equity Reliance NRI Equity Religare Invesco Equity SBI Bluechip Tata Equity Opportunities Plan A UTI Opportunities
EQUITY: TAX PLANNING

Axis Long Term Equity BNP Paribas Tax Advantage Plan Canara Robeco Equity Tax Saver Reg DSPBR Tax Saver Edelweiss ELSS

ICICI Pru Focused Bluechip Equity Reg ICICI Prudential Indo Asia Equity Reg ICICI Prudential Target Returns Reg ICICI Prudential Top 100 Reg IDFC Nifty Regular Kotak Sensex ETF L&T India Large Cap SBI Magnum Equity Tata Pure Equity Plan A UTI Equity UTI Mastershare UTI Top 100
EQUITY: MULTI CAP

BNP Paribas Dividend Yield Goldman Sachs Nifty Junior BeES L&T India Special Situations L&T India Value PineBridge India Equity Standard Tata Dividend Yield Plan A Tata Ethical Plan A Taurus Ethical Templeton India Equity Income

Franklin India Taxshield HDFC LT Advantage ICICI Prudential Tax Plan Reg IDFC Tax Advantage (ELSS) Regular L&T Tax Advantage Quantum Tax Saving Religare Invesco Tax Plan Tata Tax Saving
EQUITY: MID & SMALL CAP

BNP Paribas Midcap
EQUITY: LARGE & MID CAP

Birla Sun Life Frontline Equity

Franklin India Prima
RATING DOWNGRADE
Birla Sun Life Asset Allocation Aggressive DSPBR Top 100 Equity Reg
A list of funds that moved out of the 5- and 4-star grade in November 2013
IDFC Equity Regular Religare Invesco Growth
Value Research Mutual Fund Ratings are revised every month. The above ratings are as on November 30, 2013 86

Mutual

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Mutual Fund Insight

Executive Vice President and Fund Manager-Equities, DSPBR

Mutual Fund Insight January 2014

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Of This & That

Fund Analysts Choice

Governments and monetary authorities moving the markets

8 Value Research Online

Buy Sell Hold

Top rated Funds

Trend stories on latest happenings in the fund industry

Short-term debt funds: An alternate option to fixed income securities

Mutual Fund Insight January 2014

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Monday, December 9, 2013

How much each investment earns

HOW ITS ALL DONE

MOST COMPREHENSIVE FUND MANAGEMENT TOOL

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Mutual Fund Insight January 2014

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MAIL YOUR LETTERS TO

Mutual Fund Insight

5, Commercial Complex, Chitra Vihar, Delhi-110092

PHONE (Delhi): 011-22457916/18, 9868891830 Phone (Mumbai): 91-22-22838665, 91-22-22838198

Mutual Fund Insight January 2014

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CHANGE IN FUNDAMENTAL ATTRIBUTES

NEW FUND PineBridge Mutual Fund

GENERAL CHANGE ICICI Prudential Mutual Fund removed the maximum

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Mutual Fund Insight January 2014

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Size isnt everything

POPULARITY NOT A GUARANTEE

INVESTMENT IN TOP HOLDINGS SECTOR WISE

Data is regarding open-end equity mutual funds;

all data as on October 30, 2013

Mutual Fund Insight January 2014

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New inflation-linked bonds debut

Mutual Fund Insight January 2014

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A contrarian test case

November 2013: US FDA banes certain imports from

13.39 10.34 3.03

Mutual Fund Insight January 2014

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The mystery of gold fund returns

PERFORMANCE COMPARISON OF GOLD FUNDS & GOLD ETFS