Вы находитесь на странице: 1из 10

MUTUAL FUNDS 22 Nov 2016

RETAIL RESEARCH
Monthly Report Nov 2016

Prologue: The month end Assets Under Management (AUM) of Indian Mutual Fund industry witnessed a rise during Oct 2016 by 3.09% or Rs. 48,900 crore M-o-M to Rs. 16,28,976
crore Vs. Rs. 15,80,076 crore as seen in the previous month (Source: AMFI Monthly data).
Except liquid funds, Gold ETFs and Overseas FOF categories, all other categories witnessed AUM growth in October as compared to September.
The maximum growth among MF categories during the month was seen in the AUM of Gilt category by 9.37%, while the AUM of Liquid fund category witnessed the maximum loss of
9.95%.
The total mutual fund industry saw net inflows of Rs. 33,515 crore while the equity categories saw net inflows of Rs. 8,688 crore during last month.
(Source: AMFI).
Net Flow during the month of October 2016 - Category wise AUM as on Changes in AUM
Sales on
Redemptions / Net Inflow / Oct 31, 2016 Sep 30, 2016 Including flows Including flows Excluding Excluding
Segment NFO Sales Existing
Repurchases Outflow (Crs) (Crs) (Crs) (%) flows (Crs)* flows (%)*
Schemes
Income 483 104,308 52,666 52,125 754,662 698,418 56,244 8.05 4,119 0.59
Infrastructure Debt Fund 0 1,826 1,809 17 0.94 17 0.94
Equity 259 17,000 8,571 8,688 432,411 417,285 15,126 3.62 6,438 1.54
Balanced 230 3,962 807 3,385 61,107 56,816 4,291 7.55 906 1.59
Liquid 1,230,051 1,264,864 -34,813 277,981 308,688 -30,707 -9.95 4,106 1.33
Gilt 1,845 492 1,353 16,832 15,390 1,442 9.37 89 0.58
ELSS - Equity 118 898 298 718 52,391 50,737 1,654 3.26 936 1.84
Gold ETFs 22 -22 6,047 6,295 -248 -3.94 -226 -3.59
Other ETFs 20 2,979 850 2,149 23,943 22,740 1,203 5.29 -946 -4.16
FOF Overseas 0 22 90 -68 1,776 1,898 -122 -6.43 -54 -2.85
Total 1,110 1,361,065 1,328,660 33,515 1,628,976 1,580,076 48,900 3.09 15,385 0.97
* Mainly represents approximate MTM gain / loss over the month.

Equity Markets: In the month of October 2016, the S&P BSE Sensex and CNX Nifty fell 1.11% and 1.29% respectively. Domestic institutional investors (DIIs), who have been buyers
since the start of the year, turned net sellers at Rs.1, 518 crore for the month of October.

Debt Markets: The yields of the 10 year government bond fell during the month of October 2016 and closed at 6.73%, down by 8 bps over the last month. The Indian debt markets
had a good month with FIIs putting in a net purchase of Rs.14, 900 crore. The highlight of the month, however, was the government issuing paper with a maturity of 40 years, whose
yield was 7.7%. Yields on commercial paper (CP) rose for the first time in eight months due to festive demand for cash.

RETAIL RESEARCH Page |1


RETAIL RESEARCH

Liquidity Provided by the RBI (Rs. Mn):


Categories Month-end Corpus Detailed:
The AUM for equity category rose during Oct month by 3.62% MoM to Rs.4, 32,411 crore on the
back of notable inflows into the equity schemes. In the month of October 2016, the S&P BSE
Sensex and CNX Nifty fell 1.11% and 1.29% respectively. The Sensex and Nifty fell about 2
percent each in September, posting their first monthly loss in six months. Domestic institutional
investors (DIIs), who have been buyers since the start of the year, turned net sellers at Rs.1, 518
crore for the month of October.

The Equity category saw net inflows of Rs. 8,688 crore during the month. The category accounts
for 27% of the overall assets of the Indian MF industry.

The AUM of Balanced category rose during last month. The category witnessed net inflows of Rs.
3,385 crore during last month. The recent volatility seen in the domestic equity markets induced
the investors to shift to low risk bearing instruments such as Income funds. The AUM of this Relationship between Net flows in Equity category Vs. Nifty Index:
category saw an inflow of Rs 52,125 crore and an increase of 7.46% to Rs 7,54,662 crore.

The AUM of the ELSS category witnessed a rise of Rs 718 crore by 1.37% to Rs. 52,391 crore
during the month. The AUM of Gilt category rose by Rs 1,353 crore or 8.03% to Rs 16,832 crore.
The AUM of liquid funds fell by Rs 34,813 crore or 11.27% to Rs 2,77,981 crore due to demand
for cash from corporates.

The corpus of the Gold ETF category fell during the last month by Rs. 22 crore or 0.35% to Rs.
6,047 crore. Funds mobilized by newly launched schemes (NFOs) in Oct stood at Rs. 1,110 crore
from 13 schemes out of which Rs. 483 crore came from 8 FMP NFOs. Closed ended equity fund,
ICICI Prudential value fund series 9 collected Rs. 259 crore.

Overall MF folios saw an increase for the 29th consecutive month. As of Oct 2016, the total
number of equity folios (Equity + ELSS) stood at 3.79 crores while the overall folios of the MF Trend in mutual Funds folios (Crs in numbers):
industry stood at 5.12 crore. During the month, the overall MF folios saw increase in numbers by
7.28 lakh while the equity folios saw an increase of 79,378 folios.

RETAIL RESEARCH Page |2


RETAIL RESEARCH

FII & MF Activity: Average Quarter end AUM:

On the equity side, Mutual funds were net buyers during Oct by buying net equities of Rs. 8,105
crore. They were the net buyers of Rs. 3,842 crore in Sep 2016. The net inflows during last
month was a result of gross purchases Rs. 28,435 crore and gross sales Rs. 20,329 crore.

On the debt side, mutual funds were net buyers in Oct by buying debt net of Rs. 24,240 crore.
They were the net buyers in Sep as they bought the debt securities to the tune of Rs 53,312
crore. The net inflow during the month was a result of gross purchases of Rs. 1, 17,888 crore and
gross sales of Rs. 93,648 crore.

FIIs were net sellers in equity market as they sold securities to the tune of Rs. 4,306 crore in Oct
2016 after being net buyers of Rs. 9,336 crore in Sep 2016.

FIIs turned net sellers in the debt side as they sold to the tune of Rs. 5,999 crore during the
month of Oct 2016. The net outflow during the last month was a result of gross purchases Rs.
23,828 crore and gross sales Rs 29,828 crore. They were net buyers in the month of Sep 2016 MFs net investment in Equity and Debt during Oct 2016 (Rs in Crs):
bought debt securities for Rs. 10,577 crore.

Average Assets Under management:


The Average assets under management (AAUM) of the mutual fund industry (as declared by the
AMFI on quarterly basis) has seen a life time high that increased 4.28% to Rs 16.80 lakh crore
(excluding fund of funds) in Oct 2016 as against Rs 16.11 lakh crore in Sep 2016 (Source: NAV
India).

Among the top five players, ICICI Prudential MF led the pack with an asset base of Rs. 2,15,986
crore (excluding Fund of Funds) followed by HDFC MF (Rs 2,13,086 crore), Reliance MF (Rs
1,83,129 crore), Birla Sun Life MF (Rs 1,68,881 crore) and SBI MF (Rs 1,31,554 crore).
Bulk Deals:
In terms of absolute asset growth in July-September 2016 over April-June 2016, ICICI Prudential Company Name Date Exch MF Price VOLUME DEAL
MF leads the pack with rise by Rs.22,689.88 crore rise followed by HDFC MF with Rs 20,309.66 ICRA Ltd 18/Oct/2016 NSE FRANKLIN TEMPLETON MF 4100 104729 BUY
INOX Leisure Ltd. 18/Oct/2016 NSE BIRLA SUNLIFE 95 FUND 260 743000 BUY
crore and Birla Sun Life MF is third with rise by Rs.19,788.11crore assets added in this period.
NCC Ltd. 21/Oct/2016 NSE RELIANCE BANKING FUND 86 13500000 BUY
AAUM is declared by AMFI on its website on a quarterly basis. Noida Toll Bridge Co. Ltd. 28/Oct/2016 NSE PPFAS MF 16 1000000 SELL
Noida Toll Bridge Co. Ltd. 28/Oct/2016 NSE PPFAS MF 16.02 1000000 SELL
Noida Toll Bridge Co. Ltd. 28/Oct/2016 NSE PPFAS MF 14.84 1000000 SELL
Noida Toll Bridge Co. Ltd. 28/Oct/2016 NSE PPFAS MF 15.27 1000000 SELL
Noida Toll Bridge Co. Ltd. 28/Oct/2016 NSE PPFAS MF 15 1000000 SELL
Rajratan Global Wire Ltd. 24/Oct/2016 BSE SBI MF 620 250000 BUY
Amulya Leasing & Finance Ltd. 19/Oct/2016 BSE IDFC MF 275 118954 BUY
Inox Leisure Ltd. 18/Oct/2016 BSE BIRLA SUNLIFE MF 260 681500 BUY
Sanghvi Movers Ltd. 07/Oct/2016 BSE DSP BLACKROCK MF 240 625694 BUY
Sanghvi Movers Ltd. 07/Oct/2016 BSE DSP BLACKROCK MF 240 406189 BUY

RETAIL RESEARCH Page |3


0.00
2.00
4.00
6.00

-6.00
-2.00
-4.00
8.00

-5.00
-4.00
-3.00
-1.00

-2.00
0.00
1.00
2.00
4.00

3.00
1.6
Nasdaq
FMCG

0.0
MSCI Bric

RETAIL RESEARCH
Infotech

0.6
Hang Seng
Media

0.0
MSCI Emerging
Infrastructure
0.0

MSCI World
Banking
Dow Jones
-0.6

Global - Equ
Nikkei 225
-2.8

Large Cap
Shanghai Comp
-1.9

Multi CAP
NIFTY INFRA
-3.9

Tax Planning
S&P BSE FMCG
-4.3

MF Categories returns (%) during the month of Oct 2016:


Equity Oriented
S&P BSE BANKEX
-2.8

Equity Saving Funds


SENSEX
-2.0

FOF - Equity
BSE IT
-1.9

Pharma
NIFTY 50
-1.9
Indices & asset class returns (%) across the globe for the month of Oct 2016:

Debt Oriented
NIFTY 500
-1.1

FOF - Muti Assets


0.0

S&P BSE Mid-Cap


Mid Cap
0.0

NIFTY PHARMA
Gold ETFs
0.4

S&P BSE HC
Liquid Funds Nifty Free Float Midcap
0.8

100
Global - MF
0.7

S&P BSE AUTO


Arbitrage Funds
1.4

S&P BSE Small-Cap


Floating Rate - ST
0.0

CRB
FOF - Debt
1.6

Crisil 10 Yr Gilt Index


Ultra Short Term Funds
1.3

Crisil Comp Bond


MIP - ST
1.2

I-Sec Comp Gilt


MIP - LT
0.8

Crisil ST Bond
Floating Rate - LT
1.6

Gold-India
Short Term Income
0.8

Crisil MIP Blend


Gilt - ST
0.6

Crisil Liquid
Income Funds
USD INR
-0.3

Gilt - LT
0.0

DXY
FOF - Gold
Crisil Balanced Aggr
-0.8
RETAIL RESEARCH

Page |4
RETAIL RESEARCH

Toppers and Laggards for the month based on simple average basis:
Category:
Mutual Fund categories posted mixed returns during last month. On the equity oriented categories side, all posted positive returns except Equity InfoTech. The Equity Diversified sub
categories such as Large-cap, Mid-cap and Multi-cap categories outperformed the key indices Sensex and Nifty. They posted returns of +1.31%, +3.05% and +1.87% respectively. In
the month of Oct 2016, the S&P BSE Sensex and CNX Nifty fell 1.1% and 1.29% respectively.
Gold ETF category was the bottom performer during last month posting -4.32% return. Mid-cap category was the top performer during last month as the category posted +3.05% of
returns during last month. Within the debt category, FOF Debt Funds outperformed others by posting returns of 0.82%.

Schemes:
Sahara Infrastructure Fund (G), Sahara Midcap Fund (G) and Edelweiss Emerging Leaders Fund (G) were the top performing schemes during the month. They posted 8.9%, 8.1% and
8.0% of absolute returns respectively. ICICI Pru Indo Asia Equity Fund - (G), Canara Robeco Indigo Fund (G) and Tata Ethical Fund (G) were least performers as they registered returns of
-1.5%, -0.8% and -0.57% respectively.

Top 3 & Bottom 3 performers from MF categories during the month (based on Simple average returns):
The following charts depict the top three (Sky blue) and the bottom three (Orange) performers in each category in Oct 2016.

Large-cap: Multi-cap:

Mid-cap: ELSS:

RETAIL RESEARCH Page |5


RETAIL RESEARCH

Equity Infrastructure: Equity Banking:

Hybrid - Equity: MIP - LT:

Liquid: Income:

Short term Income: Gilt:

RETAIL RESEARCH Page |6


RETAIL RESEARCH

Asset Weighted average returns (%) (Trailing) for MF categories over periods:
Category Name 1 Month Absolute 3 Months Absolute 6 Months Absolute 1 Year CAGR 3 Years CAGR 5 Years CAGR

Arbitrage Funds 0.55 1.79 3.52 6.49 6.83 7.40


Balanced Debt Oriented 0.04 0.53 3.90 3.54 1.48 0.83
Balanced Equity Oriented 1.92 3.79 13.68 12.62 19.87 15.85
Equity Auto 1.48 6.69 17.33 15.86 42.85 29.86
Equity Banking 1.87 5.74 26.60 24.16 19.33 14.11
Equity Diversified Dividend Yield [Theme] 2.42 5.12 14.79 11.23 16.52 11.42
Equity Diversified Infrastructure [Theme] 3.27 4.58 18.26 12.01 23.38 11.76
Equity Diversified LARGE [Market Cap] 1.81 3.77 16.00 11.83 12.60 9.64
Equity Diversified MID [Market Cap] 2.91 6.39 19.99 17.35 24.45 17.06
Equity Diversified MNC [Theme] -0.14 -0.99 7.82 3.82 29.87 22.51
Equity Diversified MULTI [Market Cap] 1.87 4.23 16.23 12.76 17.65 13.90
Equity Diversified SMALL [Market Cap] 6.70 11.32 25.49 24.22 42.84 26.22
Equity FMCG 1.58 -0.89 12.87 11.09 15.19 8.73
Equity Infotech -0.81 -6.36 -7.45 -7.68 9.17 12.50
Equity Pharma 1.02 1.93 7.42 -6.36 24.28 22.37
Equity Tax Planning 2.05 3.78 15.06 11.63 21.99 16.48
ETFs Gold ETFs -3.30 -5.10 0.72 13.09 0.58 1.26
Floating Rate Income Funds 0.66 2.03 4.39 8.58 8.94 9.13
Fund of Funds -0.41 0.72 6.46 12.01 2.66 3.10
Fund of Funds FOF - Debt 0.76 2.50 6.44 9.24 10.26 9.36
Fund of Funds FOF - Equity 0.87 2.38 9.36 10.47 5.85 4.85
Fund of Funds FOF - Gold -2.37 -1.88 2.22 13.71 -1.84 0.67
Gilt Funds Medium & Long Term 0.39 2.51 7.02 9.90 9.55 8.43
Gilt Funds Short Term 0.72 3.03 7.67 12.08 11.42 10.55
Global Funds -1.01 -0.68 8.15 11.25 8.18 5.14
Income Funds 0.67 2.69 6.40 9.93 9.17 7.83
Liquid Funds 0.55 1.44 2.57 5.42 5.95 6.25
Monthly Income Plans 1.01 3.07 9.41 11.76 13.40 11.21
Short Term Income Funds 0.71 2.41 5.36 9.41 9.00 8.60
Ultra Short Term Funds 0.65 2.06 4.45 8.55 8.36 8.45

Note: NAV value as of Nov 1, 2016.

RETAIL RESEARCH Page |7


RETAIL RESEARCH

Micro Analysis (period between Sep 2016 and Oct 2016):


New stocks bought in from primary/secondary market by at least three mutual funds during Oct 2016:
Mutual Fund Stock Mutual Fund Stock
AXIS Mutual Fund Baroda Pioneer Mutual Fund
Birla Sun Life Mutual Fund BOI AXA Mutual Fund Federal Bank Ltd
BNP Paribas Mutual Fund Tata Mutual Fund
PNB Housing Finance Ltd
DSP BlackRock Mutual Fund Birla Sun Life Mutual Fund
Franklin Templeton Mutual Fund HDFC Mutual Fund
Indiabulls Real Estate Ltd
HDFC Mutual Fund Invesco Mutual Fund
JM Financial Mutual Fund SBI Mutual Fund
JP Morgan Mutual Fund South Indian Bank Ltd Invesco Mutual Fund
UTI Mutual Fund Kotak Mahindra Mutual Fund DCB Bank Ltd
Birla Sun Life Mutual Fund UTI Mutual Fund
Edelweiss Mutual Fund Invesco Mutual Fund
Sintex Industries Ltd
ICICI Prudential Mutual Fund JM Financial Mutual Fund Union Bank of India
IDBI Mutual Fund Tata Mutual Fund
Baroda Pioneer Mutual Fund Edelweiss Mutual Fund
DHFL Pramerica Mutual Fund Ashok Leyland Ltd Kotak Mahindra Mutual Fund
Torrent Power Ltd
Tata Mutual Fund L&T Mutual Fund
BOI AXA Mutual Fund L&T Mutual Fund
PPFAS Mutual Fund Canara Robeco Mutual Fund
Cairn India Ltd
Tata Mutual Fund Invesco Mutual Fund Titan Company Ltd
Taurus Mutual Fund Taurus Mutual Fund
Baroda Pioneer Mutual Fund Canara Robeco Mutual Fund
HDFC Mutual Fund Arvind Ltd JP Morgan Mutual Fund Petronet LNG Ltd
JM Financial Mutual Fund Sundaram Mutual Fund
Indiabulls Mutual Fund Baroda Pioneer Mutual Fund
Mahindra Mutual Fund GAIL (India) Ltd Canara Robeco Mutual Fund Cadila Healthcare Ltd
Union Mutual Fund Invesco Mutual Fund
Axis Mutual Fund Kotak Mahindra Mutual Fund
Birla Sun Life Mutual Fund SBI Mutual Fund Mindtree Ltd
BNP Paribas Mutual Fund Taurus Mutual Fund
DSP BlackRock Mutual Fund ICICI Prudential Mutual Fund
HDFC Mutual Fund Endurance Technologies Ltd Invesco Mutual Fund
ICICI Prudential Mutual Fund JP Morgan Mutual Fund
CEAT Ltd
Kotak Mahindra Mutual Fund
Reliance Mutual Fund
UTI Mutual Fund

RETAIL RESEARCH Page |8


RETAIL RESEARCH

Stocks exited totally by at least three Mutual Funds during Oct 2016:
Mutual Fund Stock Mutual Fund Stock
AXIS Mutual Fund HDFC Mutual Fund
Ashok Leyland Ltd
BOI AXA Mutual Fund IDFC Mutual Fund
Edelweiss Mutual Fund Invesco Mutual Fund Dabur India Ltd
IDFC Mutual Fund JM Financial Mutual Fund
Dish TV India Ltd
JM Financial Mutual Fund Kotak Mahindra Mutual Fund
SBI Mutual Fund DHFL Pramerica Mutual Fund
AXIS Mutual Fund JM Financial Mutual Fund
Jubilant Foodworks Ltd
IDFC Mutual Fund Mindtree Ltd L&T Mutual Fund
Reliance Mutual Fund Taurus Mutual Fund
IDBI Mutual Fund Baroda Pioneer Mutual Fund
JM Financial Mutual Fund Rural Electrification Corporation Ltd Indiabulls Mutual Fund Oil & Natural Gas Corpn Ltd
LIC Mutual Fund Mirae Asset Mutual Fund

Comments on Fund activities:

Funds have bought some stocks belonging to sectors like Banks and NBFCs, Information Technology, Oil and Gas, Pharmaceuticals, Fashion and Apparel to name a few.

Funds have sold some stocks belonging to Information Technology, FMCG, Oil and Gas to name a few.

Among top AMCs having larger AUM, HDFC, ICICI Prudential, Birla Sun Mutual Funds did the maximum additions and exit of stocks during the month.

Most common stock among Top 5 holdings in the portfolio of All 221 Equity Diversified Schemes (in terms of corpus as on Oct) HDFC Bank, ICICI Bank, Infosys, L & T, SBI and Maruti
Suzuki.

Most common stock among Top 10 holdings in the portfolio of All 221 Equity Diversified Schemes (in terms of corpus as on Oct) In addition to the above, IndusInd Bank, RIL, Sun
Pharmaceuticals, ITC and Axis Bank.

NEWS:
Axis Mutual Fund has decided to change in fundamental attributes of Axis Banking Debt Fund, with effect from 29 November 2016. The proposed changes are:
Asset Allocation:
The scheme will invest 80%-100% of assets in debt & money market instruments issued by banks, Public Financial Institutions (PFIs) and Public Sector Undertakings (PSUs) with low to
medium risk profile and invest up to 20% of assets in debt (including government securities) & money market instruments issued by entities other than banks, PFIs and PSUs with low
risk profile.

Existing investors have an option to exit without payment of exit load between 28 October 2016 and 28 November 2016.

RETAIL RESEARCH Page |9


RETAIL RESEARCH

IDFC Mutual Fund has announced that Daylynn Pinto and Sumit Agarwal have been appointed as the Fund Managers in the Equity Investment Team of IDFC Asset Management
Company, with effect from 20 October 2016.

Accordingly, IDFC Sterling Equity Fund will be jointly managed by Anoop Bhaskar & Daylynn Pinto, IDFC Tax Advantage (ELSS) Fund & IDFC Tax Saver (ELSS) Fund will be managed by
Daylynn Pinto, IDFC Imperial Equity Fund & IDFC Monthly Income Plan (Equity Portion) will be managed by Sumit Agarwal, IDFC Arbitrage Fund and IDFC Arbitrage Plus Fund will be
jointly managed by Yogik Pitti, Meenakshi Dawar & Harshal Joshi (Debt portion).

Senior Analyst: Prashant Mehta (prashant.mehta@hdfcsec.com) Source: NAVIndia.com& ACEMF

RETAIL RESEARCH Tel: (022) 3075 3400 Fax: (022) 2496 5066 Corporate Office

HDFC securities Limited, I Think Techno Campus, Building - B, "Alpha", Office Floor 8, Near Kanjurmarg Station, Opp. Crompton Greaves, Kanjurmarg (East), Mumbai 400 042 Phone: (022) 3075 3400 Fax: (022) 2496 5066 W ebsite: www.hdfcsec.com Email:
hdfcsecretailresearch@hdfcsec.com.

Disclaimer: Mutual Funds investments are subject to risk. Past performance is no guarantee for future performance.This document has been prepared by HDFC Securities Limited and is meant for sole use by the recipient and not for circulation. This document is not to be reported or
copied or made available to others. It should not be considered to be taken as an offer to sell or a solicitation to buy any security. The information contained herein is from sources believed reliable. We do not represent that it is accurate or complete and it should not be relied upon as
such. We may have from time to time positions or options on, and buy and sell securities referred to herein. We may from time to time solicit from, or perform investment banking, or other services for, any company mentioned in this document. This report is intended for non-Institutional
Clients.

This report has been prepared by the Retail Research team of HDFC Securities Ltd. The views, opinions, estimates, ratings, target price, entry prices and/or other parameters mentioned in this document may or may not match or may be contrary with those of the other Research teams
(Institutional, PCG) of HDFC Securities Ltd. HDFC Securities Ltd. is a SEBI Registered Research Analyst having registration no. INH000002475.

RETAIL RESEARCH P a g e | 10

Вам также может понравиться