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Fundcard

HDFC Top 200

Value Research Fund Rating as on Aug 31, 2012

Open-end and Equity: Large & Mid Cap

Risk Grade

Average

Return Grade

Above Average

NAV

Rs. 212.17 as on Sep 21, 2012

Net Assets*

Rs. 11189.8 crore as on Jun 30, 2012

* Quarterly Average

The contents of this Value Research Fund Card (the "Fund Card") published by Value Research India Private Limited are not intended to serve as professional advice
or guidance and the publisher takes no responsibility or liability, express or implied, whatsoever for any investment decisions made or taken by the readers of this
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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 Fund Card.
The Fund Card contains information, statements, opinions, statistics and materials that have been obtained from sources believed to be reliable and the publishers
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HDFC Top 200

Rating:
Risk: Average
Return: Above Average

Fund Performance Vs S&P CNX Nifty

Fund
S&P CNX Nifty

(Rebased to 10,000)

History
NAV (Rs)
Total Return (%)
+/- S&P CNX Nifty
+/- BSE 200
Rank (Fund/Category)
52 Week High (Rs)
52 Week Low (Rs)
Net Assets (Rs.Cr)
Expense Ratio (%)

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

17.23
26.13

51.52
27.52
16.84
11.83

169.79
54.46

180.46
94.46

212.17
24.20

10/27
51.52
32.99
623.82

0.32
2.65
41/69
226.59
168.05
10537.06

1.13
0.60

6/35
40.40
16.61
630.99

18.70
5.95
10/61
180.46
78.47
5909.76

225.66
25.05
7.10
8.83
4/65
236.07
168.44
9489.24

170.83
-24.30

1/26
67.48

79.98
55.25
18.91
21.45
3/31
79.98

109.92

22.88
10.66

40.40
134.47
62.57
39.99

20/70
212.17
171.30
11189.82

2.50

2.25

1.89

1.80

1.78

1.77

47.07
875.57

37.44
-2.39
-2.14
19/41
111.21
73.82
1736.55

-0.31
-5.98
26/48
169.79
97.94
2586.77

92.80
-45.35
6.44
11.11
5/59
173.74
81.60
1949.27

2.21

2.13

1.93

1.87

Quarterly Returns (%)

Top Holdings
Company

Sector

P/E

State Bank of India

ICICI Bank
ITC
Infosys
Larsen & Toubro
Tata Motors DVR
HDFC Bank
Tata Consultancy Services
Hindustan Unilever
Reliance Industries
Bank of Baroda
Zee Entertainment Ent.
ONGC
Oil India
Coal India
HDFC
Tata Steel
Jai Prakash Associates
Lupin
Crompton Greaves
BPCL
Bharti Airtel
L I C Housing Fin.
Sterlite Industries
Others

Financial
Financial
FMCG
Technology
Diversified
Automobile
Financial
Technology
FMCG
Energy
Financial
Services
Energy
Energy
Energy
Financial
Metals
Diversified
Healthcare
Engineering
Energy
Communication
Financial
Metals
Others

10.30
17.00
31.30
17.60
20.40
26.00
22.10
33.00
14.30
6.00
28.70
9.00
8.10
28.50
27.30
6.60
22.10
23.80
14.50
17.70
14.70
49.50

% Assets

36.62
55.60
29.98
-6.16
59.20
80.44
46.41
12.23
29.86
22.66
17.92
51.08
14.17
0.03
23.62
19.97
22.00
59.16
30.48
-6.65
-27.45
-18.61
20.89
16.29

7.75
6.70
6.55
5.99
4.19
3.92
3.38
2.99
2.65
2.61
2.48
2.39
2.37
2.16
1.91
1.90
1.83
1.70
1.61
1.56
1.38
1.34
1.31
1.21
19.21

FUND STYLE
Investment Style

Portfolio Characteristics
33

Capitalisation

68308
3.89
17.00
-

Growth Blend Value

Large Medium Small

Total Stocks
Avg Mkt Cap (Rs.Cr)
Portfolio P/B Ratio
Portfolio P/E Ratio
3Y Earnings Growth (%)

YTD

2012
2011
2010
2009
2008

Q1

Q2

Q3

17.88
-4.62
1.81
-0.27
-22.53

-0.90
-1.41
5.92
55.33
-12.25

Q4

Year

-8.92
0.40
5.06
-21.86

-24.30
25.05
94.46
-45.35

S&P CNX
Nifty

SIP
Return

-11.61
15.50
19.48
2.89

Trailing Returns (%)

Return
Fund Category

Rank
Fund/Cat

Year-to-Date
20/70
23.07
24.20 22.42
3-Month
9.40
8.28
57/71
10.19
6-Month
56/70
6.08
4.02
5.81
1-Year
8.95
36/70
8.98
10.87
2-Year
-2.68
-2.49
32/67
-3.11
3-Year
18/65
5.90
8.24
4.56
5-Year
3.96
9.35
3.30
4/47
7-Year
17.51 12.70
1/31
12.03
10-Year
30.12 24.04
2/17
19.34
Return less than 1-year are absolute and over 1 year are annualised

Risk Analysis

Top 10 Sector Weights (%)

Financial
Energy
FMCG
Technology
Diversified
Healthcare
Automobile
Metals
Services
Engineering

Fund

Nifty

24.66
14.44
9.20
8.98
5.89

27.56
18.13
12.03
13.09
5.99
4.49
7.90
4.60

4.41
3.92
3.04
2.39
1.56

-41.60
-14.57
-7.50
-8.08
-1.38
8.21
11.51
22.01

1.37

Volatility Measurements

Standard Deviation
Sharpe Ratio
Beta
R-Squared
Alpha

18.87
0.17
0.90
0.94
2.45

Composition (%)
Equity
Debt
Cash

99.04
0.00
0.96

Returns as on September 21, 2012, Portfolio related data as on August 31, 2012

Value Research
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Best
Performance
YEAR
154.57%

QUARTER
88.14%

MONTH
33.09%

Worst Performance
YEAR
-48.09%

QUARTER
-42.90%

Value Research Analysis

Fund Objective & Strategy

When most of the funds find it difficult to handle rising asset size and see
a dip in performance, HDFC Top 200 shows no signs of tiring. This year,
in the first quarter when the category on an average lost 6.01 per cent,
the fund limited its fall to 4.62 per cent. Till August 31, 2011, the fund had
limited its YTD loss to more or less the category average.
With Rs 10,692 crore (September 30, 2011) of assets under management,
it is not only the biggest equity fund in India but is also the second best
performer in its category over the 10-year period ended September 30,
2011.
Continuity at helm and skilled management has helped the fund build a
competitive track record over the long-term. Jain has been managing the
fund since 2002. Although the funds performance in 2007 got investors
worried, he silenced critics with a 94.46 per cent return in 2009. In the
subsequent year it was the fourth best performer in its category with a
return of 25.05 per cent.
The funds investment universe comprises of any company that is a part
of the BSE 200 or qualifies to be a part of that index, including initial public
offerings. The fund targets around 60 per cent of the portfolio in the BSE
200 stocks. As per its June 2011 portfolio, the fund was holding close to
92 per cent of its assets in BSE 200 stocks. Having said that, the portfolio
of the fund is actively managed and the fund can be underweight or over
weight on any stock compared to its benchmark.
This fund has protected investors wealth during market meltdowns. In
2008, the funds loss of 45.35 per cent was around 11 per cent less than
the BSE 200 and around 8 per cent lower than the category average. And
whats noteworthy is that Jain did it without resorting to aggressive cash
calls. The cash and debt exposure of the fund averaged around 3.23 per
cent in 2008. The increased exposure to less hit sectors like FMCG and
Healthcare came to the aid of the fund.
As the fund has grown in size, concentration of the top three sectors has
increased from around 41.61 per cent (August 2008) to 51 per cent at
present. However, the number of stocks is pretty significant at 64 and the
concentration of the top five has dipped to around 28 per cent over the
past year; in the past it was known to cross 40 per cent at times.
A quality portfolio and a manager who sticks to his conviction, irrespective
of whoever else is playing the momentum game, is a mark of this fund.
Investors may fret occasionally but Jain has a knack of rewarding investors
who stick with the fund.

The scheme seeks capital

appreciation and would invest
up to 90 per cent in equity and
the remaining in debt
instruments. Also, the stocks
would be drawn from the
companies in the BSE 200
Index as well as 200 largest
capitalised companies in India.

Portfolio Manager
Prashant Jain
Since Jan 2002

Rakesh Vyas
Since May 2012

MONTH
-30.45%

All the graphs are rebased to 10,000

NAV

Investment Information
AMC
Website
Registrar
Launch
Benchmark
Plans (NAV)

: HDFC Asset Management Company Ltd

: www.hdfcfund.com
: Computer Age Management Services Ltd.
: September 1996
: BSE 200

Min Investment (Rs.)

: 5000
Min SIP Investment (Rs.)
: 500
Exit Load : 1% for redemption within 365 days

: Dividend (41.64) , Growth (212.17)

S&P CNX Nifty

Value Research
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How to Read the Fundcard - Equity

Value Research Rating, Risk and Return
z
z
z

Fund Rating The Value Research Fund Rating is a 1 to 5 star rating that is based on the returns that an equity fund has generated over the previous three and five years, while taking into account the risks that the fund has taken. This rating is relative to other fund of the same type.
Risk Grade A five-step grading of the riskiness of a fund, based on the losses it has suffered during the past five years. This grade is relative to
other fund of the same type.
Returns Grade A five-step grading of the returns of a fund. This grade is relative to other fund of the same type.

History
Data on the funds performance
since its launch.
z NAV (Year End) The last
NAV of each year.
z Total Return The percentage returns that an investor
would have got over the
year.
z +/- In the given year, a
comparison of the funds
returns with that of two stock
market indices
z Rank The funds performance rank within its category
for the year and the total
number of funds out of
which it has been ranked.
z 52-Week NAV Range The
highest and the lowest NAV
that the fund recorded during that year
z Net Assets The total
amount of investors assets
that the fund was managing
at the end of the year.
z Expense Ratio The percentage of the average daily
assets that the fund charged
as its management expenses during the year.

Top Holdings

Rating:
Risk: Low
Return: Above Average

Graph of how an investors money

would have grown in the fund since
its launch. A similar graph of the
funds benchmark index is also
given. For ease of comparison,
both have been adjusted to start at
10,000.

Fund Performance Vs S&P CNX Nifty

90000
70000

Fund
S&P CNX Nifty
(Rebased to 10,000)

50000
30000
10000

History

2001

2002

NAV (Rs)

10.33

19.71

23.94

33.94

50.13

81.34

41.89

Total Return (%)

1998

90.80

21.46

41.77

47.70

62.26

-48.50

+/-S&P CNX Nifty (%)

1999

2000

2003

2004

18.90

2005

10.78

2006

5.43

7.87

2007

7.49

2008

3.29

+/-BSE 200 (%)

-3.67

5.77

7.97

8.12

1.82

7.96

Rank (Fund/Category)

54/70

50/79

65/101

27/145

71/162

34/192

52 Week High (Rs)

10.33

19.71

23.94

33.94

50.76

81.46

83.52

52 Week Low (Rs)

8.84

9.91

16.36

22.34

32.26

46.06

36.49

Net Assets (Rs.Cr)

51.40

15.15

9.11

140.54

124.74

374.84

343.03

Expense Ratio (%)

2.49

2.50

2.50

2.50

2.50

2.35

2.31

Top Holdings
Company

Sector

Bharti Airtel
Reliance Industries
ONGC
HDFC Bank
HDFC
Satyam Computer Services
ITC
Axis Bank
Infosys Technologies
United Spirits
ICICI Bank
Dr. Reddy's Lab
State Bank of India
Crompton Greaves
Indian Oil
Cipla
Sterlite Industries
Reliance Communications
Jindal Steel & Power
Larsen & Toubro
Zee Entertainment
CESC
Tata Consultancy Services
ING Vysya Bank
Nestle India

Communication
Energy
Energy
Financial
Financial
Technology
FMCG
Financial
Technology
FMCG
Financial
Health Care
Financial
Engineering
Energy
Health Care
Metals
Communication
Metals
Diversified
Services
Energy
Technology
Financial
FMCG

Portfolio Characteristics
Total Stocks

P/E

2008 Ret

% Assets

18.56
11.50
8.31
20.67
17.10
7.86
21.00
10.42
14.29
23.26
9.49
13.61
9.39
12.29
-22.87
11.81
22.87
7.07
17.65
16.01
6.21
12.79
8.89
26.11

-28.10
-57.30
-46.00
-42.26
-48.21
-62.12
-18.47
-47.82
-36.79
-55.48
-63.62
-36.12
-45.67
-65.84
-46.33
-12.09
-74.80
-69.56
-70.31
-62.88
-57.45
-62.11
-55.87
-50.78
-3.14

6.49
5.42
4.50
3.93
3.51
3.16
2.72
2.70
2.64
2.34
2.26
2.19
2.13
2.12
1.95
1.70
1.61
1.51
1.46
1.43
1.41
1.37
1.36
1.35
1.23

FUND STYLE
Investment Style

39

Growth Blend Value

28180

Portfolio P/B Ratio

3.03

Portfolio P/E Ratio

13.70

Capitalisation

Avg Mkt Cap (Rs.Cr)

Quarterly Returns (%)

Quarterly Returns (%)

Large Medium Small

A detailed report on the latest

investment portfolio that the fund
is holding. For each company,
the sector, the P/E ratio, and the
years returns are given. Also
stated is the percentage of the
funds investments that are
invested in that company.

Fund Performance Vs Index

Birla Sun Life Frontline Equity Fund

2008
2007
2006
2005
2004

Q1

Q2

Q3

Q4

Year

-24.24
-1.42
19.42
-0.04
0.71

-14.18
14.53
-7.25
6.52
-13.50

-2.23
16.01
19.39
23.26
15.08

-18.97
23.88
11.70
8.02
21.15

-48.50
62.26
47.70
41.77
21.46

Trailing Returns (%)

Fund

Return
Category

Rank
Fund/Cat

Fund Style

Aggregate measures regarding

the funds investments. The market capitalisation, P/B ratio and
P/E ratio are weighted averages
of the latest numbers of the companies that the fund is invested
in. Three Year Earnings Growth
is the weighted average of the
compounded average growth in
the net profits of each company.

A nine-cell matrix of the overall style

of investment that the fund follows,
based on its latest portfolio. On the
vertical axis, the three steps denote
the weighted average market capitalisation of the funds investments. The
horizontal axis denotes, on a weighted average basis, whether the companies that the fund has invested in
are value stocks, growth stocks, or a
blend of the two.

S&P
CNX Nifty

Year-to-Date
-48.50 -55.29
34/192
-51.79
3-Month
-18.97 -22.88
41/213
-24.53
6-Month
-20.78 -27.09
38/209
-26.76
1-Year
-48.50 -55.29
34/192
-51.79
2-Year
-8.59 -16.06
22/158
-13.63
3-Year
7.27 -1.39
12/134
1.42
5-Year
16.27 12.91
19/67
9.50
7-Year
10-Year
Return less than 1-year are absolute and over 1 year are annualised

Financial
Energy
Communication
Technology
FMCG
Health Care
Engineering
Metals
Services
Diversified

SIP
Return

-40.18
-0.86
-33.43
-40.18
-24.19
-9.43
9.90
-

Risk Analysis

Top 10 Sector Weights (%)

Fund

Nifty

Volatility Measurements

16.24
14.67
8.00
7.16
6.29
5.00
4.01
3.07
2.93
1.43

11.90
37.49
11.34
10.95
6.85
2.74
5.26
4.43
0.28
2.97

Standard Deviation

3Y Earnings Growth (%)

9.80
Returns as on 31st December 2008, Portfolio related data as on 30th November 2008

Portfolio Characterstics

The funds returns over each quarter of the last five years, along with
the entire years returns.

Top 10 Sector
Weights (%)
The percentage of
the equity investments of the fund
that fall under each
sector of the economy. The top 15 sectors for each fund
are given.

28.32

Sharpe Ratio

0.21

Beta

0.88

R-Squared

0.96

Alpha

4.77

Composition (%)
Equity
Debt
Cash

71.37
18.46
10.17

Composition (%)
The proportion of
the funds holdings
that are held in
each of the three
basic types of
assets.

Trailing Returns (%)

Performance data for various standard periods. All returns are in percentage. Periods greater than a
year are annualised, shorter periods are not.
z Fund The funds own
returns.
z Category The average
returns for all funds in the category.
z Rank The funds rank, out of
the total number of funds in the
category
z Index The returns of the
funds benchmark index.
z SIP Return (Annualised)
The return that an investor
would have made by investing
in the funds monthly systematic investment plan over the
period.

Risk Analysis
A range of statistical measures that
can be used to evaluate the performance, risk, and return of a
mutual fund.

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