VOL XVI ISSUE 03 March 2019

Contents

03 Editorial

04 Fixed Income Outlook

05 Equity Outlook

07 Shift in Global Monetary Policy Stance

08 Banking & PSU Debt Funds – In Vogue

09 Q3FY19 Earning Review

10 Selected Funds – Equity

13 Selected Funds – Hybrid

14 Selected Funds – Debt

18 Other Information

20 PMS & AIF

24 Bonds & Fixed Deposits

 Editorial

Dear Reader
Resonating our view that global growth is expected to slowdown, European Commission recently slashed its growth forecasts for
major economies from Germany to Italy. It also indicated that risks like Brexit and slowdown in China could further deteriorate the
outlook. Even the latest decline in US retail sales number was the steepest since Sep 09.

US Fed in its January meeting reversed its stance signalling that the monetary policy tightening may be near its end amid a cloudy
outlook for the US economy due to global headwinds. The Fed highlighted that it would be patient before making any interest rate
move and are closely monitoring key market factors, including Trump's ongoing trade negotiations with China, potential for further
government shutdowns and recent signs of an economic slowdown in Europe.

Back home, the interim budget was broadly in line with the expectations targeted at rural and middle class people with fiscal
balance relatively taking a back seat. Sops were announced to provide relief to ongoing agri-distress and boost consumption
spending in the economy.

RBI Monetary Policy Committee along with an expected change in stance, announced a policy rate cut of 25bps which came as a
positive surprise to some market participants. As inflation continues to undershoot RBI's target due to lower food inflation and
taking into account the muted economic situation, MPC may deliver another rate cut in the upcoming Apr-19 meeting.
Accordingly, in debt, taking into account both the interim budget and RBI policy outcome, we may witness a period of
'Bull Steepening', wherein the shorter-end of the yield curve may rally more than longer-end. We continue to recommend an
accrual strategy with a focus on quality papers in short to medium-end of the curve.

Indian corporates continued with their Q3FY19 earnings announcement during the month. This quarter witnessed earnings
breadth increasing as FMCG, IT and Infrastructure sectors reported healthy earnings. Banks, especially corporate lenders also saw
earnings quality improve driving the overall Nifty earnings while consumer discretionary, especially Autos delivered muted
earnings. We believe corporate profits are likely to be broad based in the coming quarters after a prolonged period of low growth.
Lastly, we expect markets to remain range bound in the near term as elections approach, domestic flows moderate and earnings
growth fairly priced in the current valuations. Investors can consider staggered investment approach till election related
uncertainty is over and use opportunities provided by any significant correction as the long term fundamentals of domestic equity
remains fairly intact.

“It is not necessary to do extraordinary things to get extraordinary results.” – Warren Buffet

Udayan Sharma
Head- Wealth Management, SME and Emerging Businesses
Aditya Birla Finance Limited

February 2019 Investime 03

 Fixed Income Outlook
Suyash Choudhary – Head Fixed Income
IDFC Asset Management Company Pvt. Ltd.
Shifting Narratives on Global Growth
The biggest theme for the past year or so has been the
changing narrative on global growth. It is useful to put this
in context by recalling some recent history. Post the
Chinese devaluation and the associated fall in
commodities, the world faced a growth scare. However, we
were pulled back from this through implicit policy
coordination amongst the world's large economies. Thus,
China launched a mini stimulus to backstop growth
deterioration whereas the US 'talked down' the dollar
somewhat which resulted in some easing of global financial
conditions. From there, the world entered into a phase of
largely synchronized recovery which lasted till the better
part of 2017 and which was possibly aided by the change in
US presidency towards a more regulation light and pro fiscal
policy. Starting 2018, however, the world narrative on
synchronized recovery started to shift. Thus the US was
accelerating largely on a late cycle fiscal stimulus
implemented by the Trump government. But many parts of
the rest of the world, notably China, had started to slow
noticeably. This shift in theme had two major implications
for emerging markets including India. One, export cycles
started slowing with a decided skew getting created in
world demand. Two, since growth was being led by the US,
the dollar started to rise materially. Also, quite unhelpfully
for India oil prices spiked during the year even has metals
and soft commodities were largely subdued. Thus there was
a rapid tightening in our financial conditions specifically
over the 3rd quarter of the calendar year which, alongside a
slowing global export cycle, had obvious implications for
growth.
Since the last few months of 2018, there seems to be
another shift to the global narrative. The phase of
s y n c h r o n i z e d r e c o ve r y t h a t h a d g i ve n w a y t o
unsynchronized recovery for most of 2018 seemed to be
moving into some sort of synchronized slowdown. Thus
parts of the US including housing and auto as well as
business investments more generally seem to be losing
momentum. Growth forecasts for the years ahead are closer
to the perceived longer term trend rate of growth versus the
fiscal induced much-above-trend growth last year. Helping
the narrative along are minor inversions in the US yield
curve seen lately. This latest shift in the global narrative has
two important positive implications for bonds of
commodity importing emerging nations like India: One, the
dollar may not rise appreciably from here on as fading
incremental growth divergences may cause markets to fade
incremental policy divergence. Two, because of global
demand concerns commodities may remain better
anchored although near term supply adjustments in items
like crude may keep the range wider.
The Local Macro Backdrop
There are two large headwinds to India's near growth
prospects: One, while India is more domestically focused it
does get impacted by a global slowdown given the total size
of our trade to GDP. Two, even as generalized financial
conditions have eased, there is rapid tightening in certain
sectors of the economy. This is largely owing to changes to
risk perception with respect to intermediaries facing parts
of these sectors. These sectors have been absorbing a lot of
the incremental credit flow over the past few years. A
sudden slowdown in credit here has obvious growth as well
as credit quality implications.
Given these, it is reasonable to infer that the economy will
lack robust growth triggers in the near future,
notwithstanding the slightly more expansionary interim
budget presented this February. Thus the RBI's recent
assessment that some output gap may have opened up may
only get firmer as time progresses.
The Bond Environment
There are two clear tailwinds for quality bonds currently:
One, a slowing global environment leading to expectations
of major central banks leaning towards dovish. Two, a
favorable local growth – inflation mix. While the growth
narrative has been discussed above, it is also important to
highlight that CPI remains remarkably subdued. Thus we are
on track for the second consecutive financial year of sub 4%
average CPI; while current projections (including from RBI)
suggest that the next financial year is likely to be no
different. While efforts to reflate the farm economy are
underway, the current hypothesis is that this is unlikely to
yield near term results. CPI is very subdued even after
stripping out vegetables, fruits and pulses; items that are
currently in deflation.
Also, it is likely that core CPI glides lower (with slower
economic growth) as food prices pick up over the medium
term. Finally, the RBI's assessment and reaction function
seem to have turned more decisive under the new Governor.
All told, there are reasonable expectations that more policy
rate cuts are likely post the one delivered in February. Given
these, there is a clear opportunity in quality bonds (defined
here as sovereign / quasi sovereign/ AAA), and especially in
front end (2 – 5 year). As the graph below shows, the AAA
spread over the repo rate still looks very attractive versus
history, and especially as there may be further repo rate cuts
ahead.
Spreads are still above average
Source: Reuters, IDFC MF Research
The headwind to bonds is the massive supply lined up
ahead, with the centre announcing extra borrowing for the
current financial year and a large gross issuance program
lined up for the year ahead. This is apart from higher
issuances from states as well as from public sector
companies. This interplay of higher supply alongside rate
cut expectations has led to significant steepening of the
yield curve.
Finally, a continuing word of caution is merited for lower
rated credits. The generic problems of illiquidity and lack of
price discovery that have historically plagued this market
have got more pronounced recently. This is material since
credit is now being done at a very large scale in mutual
funds and funds flow has lately turned more volatile. Also,
the underlying backdrop of tightening financial conditions
and slowing growth makes these assets unattractive
currently from a macro sense as well. The opportunity is
clearly in quality bonds only (sovereign/ quasi-sovereign /
AAA).
March 2019 Investime 04
 Equity Outlook

S. Krishnakumar – CIO, Equity

Sundaram Mutual Fund
Outlook on equities for 2019, especially in view of
the upcoming Lok Sabha elections
While the run up and outcome of the general elections could
add to volatility, steady earnings revival could mitigate the
impact. Macros look good, earnings are expected to grow at
20%+ for the next two years, driven largely by the rebound
in the banking sector. Capital formation also seems to be
picking up.
The valuation of the Indian market trading at 16X FY2020E
'EPS' appears reasonable, especially when viewed both
against recent or historical valuations (19X / 16x 12-
month forward P/E) and earnings growth expectations. Mid
cap and small cap indices which were trading at a premium
to Nifty are trading at a good discount now despite having
reasonable visibility on growth.
Views on Mid & Small Caps
The sentiment has been quite weak in the mid and small cap
space and continues to be so. Valuations now are quite
reasonable having come off 30% on an average for many
stocks. The near term election related uncertainty is also
not helping. Our firm belief that midcaps are a key part of an
investor's long term portfolio as they add higher alpha to
returns. Given the current valuations, we feel that investors
can add to midcaps with a 2 year view.
Overweight Sectors
We are of the opinion that banking, consumption, and
construction will pay-off in the long term. We are positive
on the consumption story – especially consumer
discretionary, with a bias toward automobiles, consumer
durables, branded apparel, retail and entertainment
sectors. In the financial space, we see growth in the retail
credit space and also being positive on the corporate credit
component. Also, financial services such as insurance,
wealth management have some short-term softness, but
have the potential to deliver in the long-term. We also see
investment pick-up in core sectors – cement, engineering
and construction.
branded apparel. Consumer financiers could continue to be
in a sweet spot.
Views on the other risk factors weighing on the
market in 2019 e.g. US / China trade issues, US
interest rates, crude oil price etc.
Markets have been impacted incrementally by concerns
about global growth outlook. Global growth rate which was
around 3.8% in 2018 is expected to come down to 3.5%
this year wherein developed markets are expected to grow
slower at 2.0% as against 2.3% last year. At the same time,
emerging and developing economies are expected to
maintain a growth rate of around 5%. Flat yield curves in the
US have further fueled this view and US growth is expected
to come down to 2.4% from the present level of 3.0%. US
might be near peaking of the economy due to waning
effects of tax cut benefits seen in CY2018. Further
escalation in China-US trade issues may exacerbate the
likely slowdown in global growth.
In this background, we expect a dovish shift in central
banks' stands, especially the US Fed to be more patient on
rates and more flexible on balance sheet size while
emerging markets could see easing. China stimulus in terms
of monetary and fiscal easing would further help emerging
economies. The ECB could introduce a new bank funding
facility by mid-year. An increasingly dovish FOMC policy
stance should also help to weaken USD. This should provide
an additional boost to emerging markets beyond the rate
impact. We expect global liquidity to be stable, DXY to be in
a range and this provides a positive framework for good
inflows to emerging markets, particularly a high growth
economy like India.

Comments on the Interim Budget

The government continued to maintain a balance between
fiscal prudence, growth stimulus and need to alleviate the
stress in agricultural households in the interim budget.
Concerns for the bond market include the Internal & Extra
Budgetary Resources (IEBR) for the current year that has
seen an upswing from budgeted levels, the slower deposit
growth in the system and the dropping SLR ratios of banks
that are funding credit growth. Improving appetite
externally for Indian debt could be helpful.

From an equity portfolio perspective, consumption gets a

leg up – FMCG, food and discretionary products like brown
goods, durables, two wheelers, entertainment, retail and

March 2019 Investime 05

Shift in Global Monetary Policy Stance
After 2 years of solid expansion, trade protectionist
policies, slowdown in Europe & China and monetary
tightening are posing risks to the global economy and
growth. IMF has already lowered its global economic growth
from 3.7% to 3.5% for 2019. Tighter policy usually
strengthens currencies and reduces spending which keeps
inflation lower but also risks curtailing growth.
Slowdown in world economy has made policy makers
cautious on the scope of further policy tightening. There
has been a significant change in policy stance from last year
where a majority of central banks raised rates or ceased
buying assets. Most of the leading central banks have now
indicated that rates will either be on hold or cut to boost
growth.
Fed will be “patient” in raising rates
Fed which hiked rates nine times since Dec-15 and four
times last year may finally hit a pause. US Fed in its Dec-18
policy increased its target range by 25bps to 2.25-2.50%
and had also predicted 2 more hikes in 2019 as reflected in
the median of their Dot Plot projections. However, in its
latest policy (Jan-19) the Fed remained status quo and was
also ready to adjust the pace of reduction of its $4tn
balance sheet. It signaled that its drive to tighten monetary
policy may be at an end amid a change in outlook for the
U.S. economy due to global headwinds, impasses over trade
and government budget negotiations. It also added that
future moves will be done patiently and with an eye toward
how economic conditions unfold.
Market participants pricing in softer stance in US
Source: Bloomberg
Wait-and-watch approach for ECB
European Central Bank (ECB) may also have to wait a little
longer before it raises policy rates. ECB has kept interest
rates on hold since Mar-16, however, in Dec-18 it formally
decided to end the net asset purchases program although
maintaining an accommodative stance. In its latest policy
(Jan-19) ECB stated that the risks surrounding economic
outlook have moved to the downside and intends to keep
interest rates on hold “at least through the summer of
2019”. It also mentioned that while the bank is no longer
expanding QE, it intends to keep the programme at its
current size (EUR 2.6 tn) way past the first increase in
interest rates thus reinvesting fully the maturity proceeds
to maintain favorable liquidity conditions. Overall, ECB may
likely take a wait-and-watch approach to see how external
events play out especially in March (Brexit and US-China
trade talks) before changing guidance or the monetary
policy.
Brexit looming over rate hike in England
Bank of England's monetary policy committee (MPC)
increased the Bank Rate by 25bps to 0.75% in Aug-18 and
maintained the stock of bond purchases financed by the
central bank. However, since then the MPC has warned that
the near-term downside risks to growth has increased and
also sharply downgraded 2019 growth of 1.7% (forecasted
in Nov-18) to 1.2% in Feb-19. Other than the global
factors, uncertainties revolving around Brexit has pushed
the MPC to hold rates since Aug-19. Its forecast also imply
that there is one in four chance of a recession this year.
Expectations of a hike by the market has been pushed to
2nd half at the earliest as potential for a no-deal Brexit
remains high.
Slump in property prices may affect growth in
Australia
There has also been change in Reserve Bank of Australia's
guidance recently. The RBA which had signaled last year
that the next move in interest rates would be up has shifted
to a more cautious outlook amid concerns of steep fall in
housing prices and the slowdown in China could affect the
domestic growth. The central bank has lowered its year-
ended (Dec) GDP growth forecast from 3.25% to 3% in
2019 and 3% to 2.75% in 2020. The Australian central
bank which hasn't changed its cash rate target of 1.5%
(record lows) since Aug-16 now has an equal chance of
going up or down.
BOJ to maintain its ultra-loose monetary policy
Bank of Japan, as expected, in its latest policy (Jan-19) has
retained its ultra-accommodative monetary policy and
maintained interest rate at -0.1%. The governor recently
also stated that the central bank was ready to ramp up
stimulus if sharp rise in yen possesses risk of economy
sliding in recession. Fears of global slowdown and sharp
downward revision to its inflation has reduced the likelihood
of an exit from easy-policy in the near future.
Fifth cut in bank's reserve requirement ratio (RRR)
since 2018 by PBOC
People's Bank of China (PBOC) has held off cutting its
benchmark rate and continues to characterize its monetary
policy as “prudent”, not too loose or too tight. PBOC stated
that it will not resort to massive quantitative easing but
make monetary policy more forward-looking, flexible and
targeted in response to changing dynamics. China's
economy has slowed in 2018 and trade war with US has
brought more uncertainty on China's near-term economic
outlook pressuring Beijing to roll out more stimulus.
Recently China's central bank cut the bank's RRR by 100bps
to increase liquidity and boost growth.
RBI surprised by 25bps rate cut
RBI's Monetary Policy Committee (MPC) in its latest
meeting surprised market participants by deciding to cut
the policy rate by 25 bps. However, the change in stance
from 'calibrated tightening' to 'neutral' was widely
expected. Given that revised inflation projection for the
next year is expected to remain well within their 4% target,
RBI opted to front end the policy rate cut to support growth.
GDP growth for 2019-20 is projected at 7.4% by RBI with
risks evenly balanced.
March 2019 Investime 07
Banking & PSU Debt Funds – In Vogue

Debt Market Outlook Credit Quality

Indian Debt Market continues to remain volatile. In terms of Category Average - Rating Allocation
headwinds, we have supply concern in terms of higher gross
borrowing and liquidity crisis led by IL&FS default. However,
Positive news flow such as lower CPI print, OMO purchase
by RBI along with recent rate cut by MPC have capped the
hardening of yields.

Headline CPI inflation for Jan 2019 surprised on the lower

side at 2.03% (y-o-y) against last months' 2.13%. Food
inflation continues to be on lower side, creating room for
RBI to go for another rate cut in near future. RBI in its last
monetary policy meeting, surprised some market
participants by cutting policy rates, and changed its stance Source: ACE MF; Portfolio Data of Jan 2019
from 'calibrated tightening' to 'neutral'. It also lowered the *Others include Deposits & MF Units

inflation forecast for next year and expect the same to be
within its target of 4%. Taking into account both the interim
budget and RBI policy outcome, we have started a period of
'Bull Steepening', wherein the short term end could rally
more than longer end. Shorter end of the curve could rally
on dovish RBI stance and lower overnight rates while longer
end could remain volatile on account of higher borrowings
and concerns on further fiscal slippage for both FY19 &
FY20. Hence, we maintain our preference for accrual
strategy and believe that there is still value in the short to
medium-end of the yield curve while remaining cautious on
adding significant duration to the portfolio.
The above chart highlights the credit quality portfolio for all
the three categories. The category average exposure by
Banking & PSU Debt funds in highest rated papers (AAA) is
75% similar to that of corporate bond funds. In contrast to
this, short duration funds have lesser exposure to AAA rated
papers (~62%) and high exposure to AA & below rated
papers (~16%).
Net YTM Trend
Net YTM

Banking & PSU Debt – In Vogue

Post the recent credit aversion towards NBFCs and HFCs, a
lot of flow have moved towards Banking & PSU Debt funds
which by SEBI's requirement has lower exposure to NBFCs
and HFCs. The AUM of this category has increased
significantly in last 3 months from INR 23,684 crores to
28,199 crores, growing by ~19% vis-à-vis overall Debt MFs
(open-ended) growth of less than 3% in the same period.
Source: ACE MF; Portfolio Data of Jan 2019
Portfolio Allocation The above chart shows category median Net YTM trend of
Category Average exposure to NBFCs and HFCs the 3 short term accrual strategies - Banking & PSU Debt,
Corporate Bond and Short Duration. It can be observed that
net YTM of Corporate Bond funds are higher by 30 bps as
compared to Banking & PSU Debt Funds. This is mainly on
account of lower exposure in NBFCs and HFCs by Banking &
PSU Debt funds as mentioned above.

Conclusion
Investors who are very conservative and don't want higher
exposure to the current stressed sectors like NBFCs and
HFCs can look at Banking & PSU Debt funds as these have
high rated papers and fits with our overall view on accrual
Source: ACE MF; Portfolio Data of Jan 2019
strategy focused on quality papers in short to medium-end
As Banking & PSU Debt funds have mandate to invest of the curve. However, investor needs to be selective and
minimum 80% in Banks, PSUs, PFIs and Municipal Bonds, should consider several other factors such as credit quality
their exposure to current stressed sectors such as NBFCs of the portfolio, exposure to perpetual bonds (if any) and
and HFCs are meaningfully lower as compared to other two investment strategy (roll down/otherwise).
similar categories. The above chart highlights the category
average exposure to NBFCs and HFCs. It can be seen that
category average exposure in both these sectors by Banking
& PSU Debt funds put together is close to 16% much lower
than 33% and 28% by Short Duration and Corporate Bond
funds respectively.

March 2019 Investime 08

Q3FY19 Earnings Review
Debt Article
Moderate Nifty earnings
Q3 FY19 results for Nifty 50 companies witnessed pressure
given the liquidity tightness, currency volatility, slowdown
in government spending (with onset of elections) and
global trade issues. However, revenues in consumption
supported by volumes and IT sector supported by traction in
digital business & weak INR saw healthy growth. On the
BFSI, some banks have reported numbers better than
expectation with cautious approach towards new Non-
Performing Asset (NPA) addition. Major contributors to PAT
growth were financials (rise in credit yield and improvement
in credit cost). Significant contributor to lower earnings was
due to huge impairment loss reported by Tata Motors and
weak earnings of OMCs.
Within the Nifty 50, twenty stocks reported positive
earnings surprise (actual results exceeded estimates by
>5%) while 22 stocks reported negative earnings surprise.
The beat ratio (net earnings surprise divided by the total
number of stocks) improved from –24% to –4%.
Nifty 50 companies result
Note: Positive surprise indicates actual earnings beating Consensus
estimate in excess of 5%; Negative surprise indicates actual earnings
missing consensus estimate in excess of -5%.
Source: Bloomberg Estimates, Elara Securities Research
Sectoral Snapshot
BFSI
Ÿ Banks – Majority of large corporate lenders saw
moderation in fresh delinquency, the lowest in the past
few quarters, implying the worst in terms of corporate
slippages is near its end. Private banks posted much
higher credit book expansion pace vs state-owned
banks. Private banks' higher retail credit composition
continued to aid their credit growth
Ÿ NBFCs – Growth remains subdued for most HFC & AFC
as focus was more toward conserving liquidity and partly
due to weak demand. Profitability took a beating on the
back of lower margin, led by higher cost of funds.
Information technology – The IT sector continued to
register healthy operating performance with solid deal wins
and improving traction in digital business. Industry trends
and commentary on demand environment continues to be
positive by most companies.
HealthCare – Indian company's business in US markets
saw early signs of revival despite increased competition as
Generic Drug User Fee Amendments (GDUFA) led to quicker
drug approvals. The pricing environment in US generics
market remained stable. Indian companies continue to
benefit as peers have reduced availability of highly
competitive products. On the domestic business front,
most pharma companies reported moderate growth.
Consumer Staples – Volume growth was healthy for
majority of companies during the quarter despite high base
of previous comparable quarter. The underperformance on
earnings was primarily due to lower than expected benefits
from softening of raw materials. Consumer companies
indicated pick-up in consumer demand and continued
recovery in rural demand. During the quarter, FMCG
companies maintained their guidance and focus on new
launches to drive sales.
Consumer Discretionary (Automobiles) – Automobile
companies loomed under subdued consumer sentiment
leading to higher discount levels. In 2W, except Eicher
Motors, all companies reported positive volume growth Y-o-
Y in Q3FY19. In PV, Maruti Suzuki volume remains flat YoY,
although management expects the company to grow higher
than the industry in FY19. Margins were subdued, largely
due to raw material cost pressures and in some cases due to
higher expenses associated with new launches and lower
operative leverage.
Materials (Cement) – Most companies reported strong
volume growth driven by pickup in infrastructure and strong
execution under the Pradhan Mantri Awas Yojana (PMAY).
On the realization front, firms having higher presences in
the central and northern regions reported Q-o-Q
improvement in realization whereas players focused in
southern India saw pricing pressure
Industrials – Traction continues in order inflows, driven by
government capex in sectors like railways, renewables and
power. A strong pickup in execution in the domestic markets
drove revenue for capital goods companies in Q3 and
expect the momentum in execution to be sustained in
Q4FY19. Exports also performed well due to currency
depreciation. The B2C segment witnessed healthy revenue
growth, driven by strong volume growth, moderate festival
season and pickup in household electrification. Despite
better execution, rise in cost inflation led to flat EBITDA
margin for engineering companies. In consumer electricals,
the rise in commodity prices, reduction in prices in LED
lighting due to increased competition, and currency
depreciation resulted in EBITDA margin to contract.
Energy – The quarter had number of factors affecting the
sector a) crude oil price corrected to a low of ~USD50/ bbl
after touching a high of USD 86/bbl, b) INR appreciated
against USD to 69.5 after touching a low of 74.4 whereas c)
LNG price turned benign and refining margins dipped rather
counter seasonally. In the above back drop City Gas
Distribution companies reported a healthier quarter on
account of steady growth in volume and healthy
realisations. Upstream companies benefitted despite
volatility in crude oil price and exchange rates, as 'averages'
clocked-in to their advantage. On the other hand, while
OMCs did report a marginal profit (against expectation of
losses), the earnings were fairly weak on YoY and Q-o-Q
basis on account of heavy inventory losses.
March 2019 Investime 09
 LARGE CAP FUNDS
Performance Portfolio Attributes Market
Capitalisation (%) AUM
Exposure
CAGR (%) Top 5 Top 10 No. Up Down Risk (Rs. Crs.)
Scheme Name Style Rolling Returns (%) to Portfolio
Stocks Stocks of Capture Capture Adjusted Large Mid Small Jan
Sensitive Volatility
(%) (%) Stocks Ratio Ratio Return Cap Cap Cap 2019
1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs 1 Yr 3 Yrs 5 Yrs Sectors (%)
Core Schemes
Axis Bluechip Fund(G) Focused 7.8 16.1 15.5 14.1 - 9.3 15.6 15.4 38.8 57.7 3.7 22 96.8 84.4 11.2 0.8 79.6 1.3 0.0 3,961
ICICI Pru Bluechip Fund(G) Diversified -3.9 14.7 14.5 12.7 18.1 -2.9 14.2 14.4 27.5 44.8 17.4 58 91.3 90.4 10.3 0.6 88.7 1.4 0.0 19,863
Reliance Large Cap Fund(G) Diversified -3.5 15.3 17.0 14.1 16.6 -2.6 14.9 16.9 32.5 52.2 14.2 45 105.0 111.4 12.3 0.7 79.9 14.4 3.6 11,794
Sundaram Select Focus(G) Focused 0.2 14.3 13.0 9.6 12.7 1.6 14.0 13.1 39.2 61.9 12.8 30 94.8 99.7 10.3 0.6 81.2 14.1 0.0 888
Category Median -4.1 11.9 14.0 11.3 15.1 -2.4 12.0 14.2 86.4 6.1 0.0
Benchmark Index 0.6 15.9 14.3 11.9 16.1 1.8 14.9 15.0 34.4 52.5 100.0 100.0 10.5 0.7
Satellite Schemes
Aditya Birla SL Frontline Equity Fund(G) Diversified -4.9 12.6 14.7 13.4 17.4 -3.8 12.6 14.6 31.4 45.3 11.1 66 92.7 111.9 11.2 0.5 81.6 11.4 1.9 20,784
Motilal Oswal Focused 25 Fund-Reg(G) Focused -6.5 11.9 14.4 - - -5.5 12.0 14.5 31.2 54.4 3.1 25 89.1 116.9 12.4 0.4 76.2 17.1 4.6 1,049

LARGE & MID CAP FUNDS

Selected Funds – Equity

Performance Portfolio Attributes Market

Capitalisation (%) AUM
Exposure
CAGR (%) Top 5 Top 10 No. Up Down Risk (Rs. Crs.)
Scheme Name Rolling Returns (%) to Portfolio
Stocks Stocks of Capture Capture Adjusted Large Mid Small Jan
Sensitive Volatility
(%) (%) Stocks Ratio Ratio Return Cap Cap Cap 2019
1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs 1 Yr 3 Yrs 5 Yrs Sectors (%)
Core Schemes
DSP Equity Opportunities Fund-Reg(G) -10.3 14.9 16.4 13.5 17.3 -9.1 14.7 16.3 26.6 38.9 9.5 66 93.6 94.1 12.6 0.7 51.1 34.2 9.5 5,439
IDFC Core Equity Fund-Reg(G) -10.0 13.8 12.9 11.7 13.4 -9.1 13.7 13.1 22.7 35.1 5.8 71 91.2 96.0 12.1 0.6 53.2 34.8 8.3 2,826
Invesco India Growth Opp Fund(G) -2.8 15.6 16.3 14.1 16.7 -1.0 15.2 16.0 25.2 39.7 0.0 42 85.0 68.5 10.9 0.9 57.0 35.6 3.3 1,075
Mirae Asset Emerging Bluechip-Reg(G)* -3.8 20.0 26.0 22.6 - -2.3 19.3 24.7 22.4 36.3 3.4 61 118.7 106.2 14.1 1.1 50.1 37.0 13.0 6,368
Category Median -8.7 13.1 15.6 13.0 16.8 -7.3 13.0 15.5 52.6 35.6 7.1
Benchmark Index -7.0 15.7 17.4 13.7 18.1 -6.1 15.4 18.2 17.5 26.8 100.0 100.0 13.0 0.7
Satellite Schemes
Canara Rob Emerg Equities Fund-Reg(G) -8.9 17.1 26.1 20.8 26.6 -7.5 17.0 25.3 24.4 39.0 6.8 62 108.3 109.6 15.1 0.8 49.9 33.5 10.2 4,097

*Only SIP/STP available as per Scheme Information Document

Performance as on February 15th, 2019; Risk Free Rate: 7.03%; Please refer to page no. 17 for additional notes.

March 2019
Investime 10
 MULTI CAP FUNDS
Performance Portfolio Attributes Market
Capitalisation (%) AUM
Exposure
CAGR (%) Top 5 Top 10 No. Up Down Risk (Rs. Crs.)
Scheme Name Style Rolling Returns (%) to Portfolio
Stocks Stocks of Capture Capture Adjusted Large Mid Small Jan
Sensitive Volatility
(%) (%) Stocks Ratio Ratio Return Cap Cap Cap 2019
1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs 1 Yr 3 Yrs 5 Yrs Sectors (%)
Core Schemes
Aditya Birla SL Equity Fund(G) Diversified -7.6 15.5 18.4 15.4 18.0 -6.2 15.3 18.2 30.5 44.9 6.9 76 102.6 98.4 12.7 0.7 66.5 17.4 8.8 10,035
IDFC Sterling Value Fund-Reg(G) Value -19.0 14.4 16.8 14.3 - -19.0 14.8 17.1 14.5 23.9 4.2 79 112.3 134.3 16.0 0.6 14.7 35.0 43.1 2,873
Invesco India Contra Fund(G) Contra -6.9 16.5 20.1 15.8 19.7 -5.0 16.2 19.6 33.9 52.0 10.3 45 108.9 110.3 12.8 0.7 70.7 14.9 13.0 3,115
Kotak Standard Multicap Fund(G) Diversified -2.4 15.9 18.9 15.9 - -0.7 15.5 18.4 30.5 47.0 5.7 56 97.2 88.1 11.5 0.7 74.7 14.2 3.0 21,638
L&T India Value Fund-Reg(G) Value -14.4 13.2 21.3 17.3 - -13.3 13.3 20.8 25.0 42.1 11.8 78 96.3 111.4 13.6 0.5 62.0 24.2 12.4 7,790
Mirae Asset India Equity Fund-Reg(G) Diversified -0.6 18.1 18.7 16.0 22.1 0.9 17.3 18.2 29.3 45.6 8.1 59 103.9 80.8 10.8 1.0 82.2 9.5 3.6 10,343
Tata Equity P/E Fund(G) Value -10.9 17.6 20.2 14.8 19.9 -9.4 17.1 19.8 30.6 49.4 13.4 39 101.7 84.2 13.4 0.8 65.4 15.4 9.0 5,029
Category Median -8.5 13.0 15.7 12.9 17.2 -7.0 13.3 16.1 64.0 15.6 12.2
Benchmark Index -4.1 15.2 14.9 11.8 15.9 -3.1 14.6 15.6 27.4 41.9 100.0 100.0 11.6 0.7
Satellite Schemes
Motilal Oswal Multicap 35 Fund-Reg(G) Focused -10.1 15.4 - - - -8.7 15.3 - 33.3 54.7 7.3 30 95.2 87.2 13.8 0.7 79.5 17.9 0.3 12,790

MID CAP FUNDS

Performance Portfolio Attributes Market
AUM
Selected Funds – Equity

Exposure Capitalisation (%)

CAGR (%) Top 5 Top 10 No. Up Down Risk (Rs. Crs.)
Scheme Name Rolling Returns (%) to Portfolio
Stocks Stocks of Capture Capture Adjusted Large Mid Small Jan
Sensitive Volatility
(%) (%) Stocks Ratio Ratio Return Cap Cap Cap 2019
1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs 1 Yr 3 Yrs 5 Yrs Sectors (%)
Core Schemes
DSP Midcap Fund-Reg(G) -11.7 14.7 20.7 16.5 22.6 -10.1 14.9 20.6 17.2 31.8 2.4 49 85.0 66.0 15.1 0.9 5.2 60.6 24.5 5,503
HDFC Mid-Cap Opportunities Fund(G) -13.5 13.7 19.6 17.1 23.4 -12.7 13.8 19.3 17.3 31.1 4.1 70 82.4 65.3 14.2 0.8 1.5 62.9 27.5 20,381
Kotak Emerging Equity Scheme(G) -13.1 14.1 22.7 17.4 20.3 -11.9 14.2 22.1 16.5 30.3 1.8 63 84.1 67.4 14.7 0.8 6.1 64.5 27.7 3,425
L&T Midcap Fund-Reg(G) -15.7 15.4 23.0 18.3 22.8 -15.7 15.4 22.4 13.6 23.9 5.7 79 86.1 64.7 14.7 1.0 2.2 69.5 18.7 3,665
Category Median -15.4 12.7 19.3 16.6 21.3 -14.6 13.1 19.3 8.8 67.4 17.5
Benchmark Index -17.8 12.1 17.9 12.4 18.0 -19.0 13.4 19.5 13.9 23.5 100.0 100.0 17.3 0.5
Satellite Schemes
Sundaram Mid Cap Fund(G) -18.6 10.9 19.9 16.2 22.2 -18.1 11.4 19.7 15.6 28.3 1.8 61 79.3 76.4 15.2 0.5 3.0 69.0 25.4 5,706

SMALL CAP FUNDS

Performance Portfolio Attributes Market
Capitalisation (%) AUM
Exposure
CAGR (%) Top 5 Top 10 No. Up Down Risk (Rs. Crs.)
Scheme Name Rolling Returns (%) to Portfolio
Stocks Stocks of Capture Capture Adjusted Large Mid Small Jan
Sensitive Volatility
(%) (%) Stocks Ratio Ratio Return Cap Cap Cap 2019
1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs 1 Yr 3 Yrs 5 Yrs Sectors (%)
Core Schemes

March 2019
Aditya Birla SL Small Cap Fund(G) -27.8 10.5 17.9 14.5 20.1 -30.3 11.5 18.3 14.6 25.8 4.9 61 82.6 74.5 18.1 0.5 7.2 2.2 81.5 2,120
HDFC Small Cap Fund-Reg(G) -13.8 19.0 19.5 16.3 20.5 -12.1 18.7 19.4 17.6 30.1 12.0 72 88.9 51.3 15.6 1.6 4.1 10.8 72.0 6,164
L&T Emerging Businesses Fund-Reg(G) -18.6 18.6 - - - -19.4 18.3 - 11.5 21.7 5.3 89 87.7 51.8 15.9 1.5 0.0 25.2 65.6 5,465
Category Median -22.7 10.6 19.6 15.4 19.7 -22.9 11.4 20.1 3.2 16.8 70.1
Benchmark Index -30.8 9.5 13.9 8.7 15.2 -36.8 11.1 17.1 14.3 26.0 100.0 100.0 21.4 0.4

Investime 11
Performance as on February 15th, 2019; Risk Free Rate: 7.03%; Please refer to page no. 17 for additional notes.
 ELSS
Performance Portfolio Attributes Market
Capitalisation (%) AUM
Exposure
CAGR (%) Top 5 Top 10 No. Up Down Risk (Rs. Crs.)
Scheme Name Rolling Returns (%) to Portfolio
Stocks Stocks of Capture Capture Adjusted Large Mid Small Jan
Sensitive Volatility
(%) (%) Stocks Ratio Ratio Return Cap Cap Cap 2019
1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs 1 Yr 3 Yrs 5 Yrs Sectors (%)
Core Schemes
Aditya Birla SL Tax Relief '96(G) -5.1 14.6 19.2 16.1 18.9 -3.9 14.5 18.7 33.9 55.3 5.7 48 98.6 98.7 12.0 0.7 42.2 36.4 18.4 7,373
Axis Long Term Equity Fund(G) 0.4 13.5 19.3 18.0 - 2.2 13.5 18.9 38.8 61.1 12.3 33 88.7 83.6 12.3 0.6 65.6 22.5 6.0 17,090
DSP Tax Saver Fund-Reg(G) -8.0 14.5 17.2 15.0 18.6 -6.9 14.4 17.0 27.6 40.7 8.9 69 98.7 101.1 12.8 0.6 71.2 10.8 12.4 4,692
L&T Tax Advt Fund-Reg(G) -12.9 13.7 15.7 12.6 17.5 -12.5 13.7 15.8 21.9 36.4 8.2 59 94.9 98.2 12.2 0.6 55.5 20.6 18.1 3,120
Mirae Asset Tax Saver Fund-Reg(G) -2.0 21.4 - - - -0.6 20.3 - 28.0 42.7 5.7 57 118.0 83.7 12.0 1.2 74.1 14.1 10.4 1,315
Category Median -7.3 13.4 15.2 12.6 16.4 -5.5 13.4 15.3 66.8 17.6 10.1
Benchmark Index -4.1 15.2 14.9 11.8 15.9 -3.1 14.6 15.6 27.4 41.9 100.0 100.0 11.6 0.7

SECTOR / THEMATIC FUNDS

Performance Portfolio Attributes Market
Capitalisation (%) AUM
CAGR (%) Top 5 Top 10 No. Up Down Risk (Rs. Crs.)
Scheme Name Rolling Returns (%) Portfolio
Stocks Stocks of Capture Capture Adjusted Large Mid Small Jan
Volatility
(%) (%) Stocks Ratio Ratio Return Cap Cap Cap 2019
1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs 1 Yr 3 Yrs 5 Yrs
Selected Funds – Equity

Core Schemes
Aditya Birla SL India GenNext Fund(G) -3.1 15.9 19.1 17.2 20.2 -1.8 15.8 18.7 24.0 35.5 61 90.7 70.2 13.6 0.2 60.3 24.9 8.7 898
Mirae Asset Great Consumer Fund-Reg(G) -1.2 19.5 17.8 16.6 - 0.7 18.8 17.5 24.6 41.3 39 101.5 66.0 12.9 0.3 50.8 27.3 18.1 633
Tata India Consumer Fund-Reg(G) -4.1 21.8 - - - -2.8 21.2 - 35.6 54.6 28 116.6 82.3 16.3 0.3 54.7 19.2 13.6 1,396
Category Median -4.7 16.2 17.8 14.9 16.5 -2.9 16.0 17.5 55.5 21.7 15.3
Benchmark Index -2.4 14.3 15.4 15.0 17.9 -0.9 14.2 15.9 45.0 67.1 100.0 100.0 14.5 0.1

Reliance Pharma Fund(G) 4.2 3.4 11.8 15.1 23.2 5.6 4.2 12.4 46.7 77.5 19 89.4 53.9 13.6 0.0 50.7 34.4 12.6 2,720
Category Median -5.9 -3.5 7.6 13.7 20.2 -5.0 -2.7 9.0 44.7 32.4 21.9
Benchmark Index -5.6 -7.7 2.8 9.3 15.8 -2.8 -4.9 5.6 68.5 100.0 100.0 100.0 18.3 -0.2

INTERNATIONAL FUNDS
Feeder Fund Underlying Fund (Jan 2019)
Performance Portfolio Attributes Portfolio Attributes
Scheme Name AUM
CAGR (%) Rolling Returns (%) Portfolio Top 5 Top 10 No. of Exposure Exposure to Exposure to AUM
(Rs./Crs.) Healthcare Financials
1 Yr 3 Yrs 5 Yrs 1 Yr 3 Yrs 5 Yrs Volatility Jan 2019 Stocks (%) Stocks (%) Stocks to IT (%) (%) (%) ($ mn)

Core Schemes
DSP US Flexible Equity Fund-Reg(G) 10.5 16.2 10.2 14.1 15.8 10.5 11.3 206 21.3 34.6 57 19.4 18.3 14.8 1,444

March 2019
Franklin India Feeder - Franklin U.S. Oppor. Fund(G) 16.3 18.7 10.8 21.6 18.0 11.3 11.5 746 25.0 37.6 81 36.0 15.0 7.4 3,990
Category Average of US Oriented Funds 13.4 16.4 10.3 17.2 15.9 10.5

Performance as on February 15th, 2019; Risk Free Rate: 7.03%; Please refer to page no. 17 for additional notes.

Investime 12
 AGGRESSIVE HYBRID FUNDS
Performance Portfolio Attributes Portfolio
Exposure (%) AUM
CAGR (%) Rolling Returns (%) Top 5 Top 10 Exposure to No. Risk Modified (Rs. Crs.)
Scheme Name Portfolio Debt Mid &
Stocks Stocks Sensitive of Adjusted Duration Jan
Volatility Equity & Small
(%) (%) Sectors (%) Stocks Return (Yrs) 2019
1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs 1 Yr 3 Yrs 5 Yrs Others Cap
Core Schemes
ICICI Pru Equity & Debt Fund(G) -5.4 13.0 14.8 13.9 16.6 -4.9 12.6 14.4 23.7 40.1 24.3 84 8.6 0.5 1.1 70.1 29.9 7.7 25,899
Sundaram Equity Hybrid Fund(G) 1.7 13.1 11.2 8.8 12.4 2.4 12.7 11.1 28.3 40.1 18.5 43 8.2 0.5 1.7 71.3 28.7 18.7 1,426
Category Median -5.4 10.6 14.3 11.6 14.6 -4.1 10.5 13.9 1.8 70.0 27.9 16.1
Benchmark Index 1.7 13.0 13.0 10.9 - 2.5 12.6 12.7 7.3 0.5
Satellite Schemes
Aditya Birla SL Equity Hybrid '95 Fund(G) -6.1 10.6 14.5 12.3 16.4 -5.5 10.5 14.2 21.1 28.8 21.3 82 9.0 0.3 1.8 72.8 27.2 21.7 13,373
Reliance Equity Hybrid Fund(G) -8.0 10.5 14.5 12.5 16.8 -7.4 10.4 14.2 26.7 41.7 15.5 54 9.2 0.3 1.8 73.0 27.0 9.7 12,643

ARBITRAGE FUNDS
Performance Portfolio Attributes Portfolio Exposure (%)
Rolling AUM
CAGR Top 5 Top 10 (Rs. Crs.)
Scheme Name Simple Annualised (%) Returns Portfolio
(%) Stocks Stocks Equity Debt Others Jan
(%) Volatility
(%) (%) 2019
Selected Funds – Hybrid

1M 3M 6M 1 Yr 1 Yr
Core Schemes
ICICI Pru Equity-Arbitrage Fund(G) 6.35 5.12 6.07 6.07 5.86 19.3 31.5 0.62 65.95 9.70 24.34 8,406
IDFC Arbitrage Fund-Reg(G) 7.18 5.60 6.36 6.08 5.91 15.7 25.3 0.59 66.48 8.45 25.07 2,936
Kotak Equity Arbitrage Scheme(G) 6.65 5.36 6.23 6.13 5.96 17.5 26.9 0.59 71.76 5.25 22.99 12,537
Reliance Arbitrage Fund(G) 7.18 5.53 6.33 6.41 6.20 26.1 36.1 0.66 68.41 6.49 25.10 9,562
Category Median 6.33 5.08 5.89 5.85 5.65 66.48 7.88 25.07
Benchmark Index 6.19 4.50 5.68 4.73 4.81 0.76

Performance as on February 15th, 2019; Risk Free Rate: 7.03%; Please refer to page no. 17 for additional notes.

March 2019
Investime 13
 LIQUID FUNDS
Performance Portfolio Attributes Credit Quality (%)
AUM
Simple Annualised (%) CAGR Rolling Net Modified AA+ & (Rs. Crs.)
Scheme Name Returns (%) Corp Cash and AAA & Jan
(%) YTM Duration CD CP G-Secs Others A1+ Below or
Debt Equiv 2019
(%) (Days)
1M 3M 6M 1 Yr 1 Yr
Core Schemes
Aditya Birla SL Liquid Fund(G) 7.02 7.34 7.39 7.50 7.23 7.03 33 11.23 52.98 9.97 8.41 17.40 72.67 1.71 56,927
Axis Liquid Fund(G) 7.05 7.35 7.41 7.53 7.25 6.94 38 12.91 71.07 3.29 8.79 3.94 88.27 0.40 25,067
Franklin India Liquid Fund-Super Inst(G) 7.18 7.56 7.58 7.56 7.29 7.20 22 8.52 76.09 2.94 0.00 12.46 87.54 0.00 11,532
Invesco India Liquid Fund(G) 7.02 7.33 7.41 7.50 7.23 6.89 39 15.22 79.27 1.93 3.84 -0.26 97.90 0.00 10,125
Reliance Liquid Fund(G) 7.04 7.37 7.44 7.53 7.25 7.00 41 38.72 48.76 6.74 5.52 0.26 92.19 0.45 44,993
Tata Liquid Fund-Reg(G) 7.04 7.36 7.41 7.51 7.24 6.93 40 19.67 57.67 0.00 10.58 12.07 77.34 0.00 26,725
Category Median 6.99 7.28 7.39 7.49 7.22 6.85 33 17.89 63.09 1.31 3.78 9.75 86.94 0.00

ULTRA SHORT DURATION FUNDS

Performance Portfolio Attributes Credit Quality (%)
AUM
Selected Funds – Debt

Scheme Name Modified Cash AA+ & AA & (Rs. Crs.)

Simple Annualised (%) CAGR (%) Rolling Returns (%) Net YTM
Duration CD CP Corp Debt G-Secs and Above or Below or Jan
(%)
(Days) Others Equiv Equiv 2019
1M 3M 6M 1 Yr 2 Yrs 3 Yrs 1 Yr 2 Yrs 3 Yrs
Core Schemes
Aditya Birla SL Savings Fund(G) 7.73 9.32 8.43 7.95 7.48 8.10 7.65 7.22 7.80 8.02 139 12.21 18.60 45.84 0.30 23.04 72.68 14.34 14,051
Kotak Savings Fund(G) 7.68 8.82 7.87 7.72 7.15 7.51 7.45 6.92 7.27 7.43 161 12.76 12.60 55.90 0.13 18.61 81.73 6.76 7,911
L&T Ultra Short Term Fund(G) 7.50 8.63 7.88 7.68 7.15 7.58 7.41 6.93 7.33 7.13 131 30.18 15.98 42.19 0.36 11.29 92.97 0.00 1,373
Category Median 7.06 8.33 7.69 7.57 7.06 7.49 7.31 6.84 7.24 7.36 124 12.48 16.32 46.94 0.00 12.10 70.65 12.13

Performance as on February 15th, 2019; Risk Free Rate: 7.03%; Please refer to page no. 17 for additional notes.

March 2019
Investime 14
 LOW DURATION FUNDS
Performance Portfolio Attributes Credit Quality (%)
AUM
Modified Cash AA+ & AA & (Rs. Crs.)
Scheme Name Simple Annualised (%) CAGR (%) Rolling Returns (%) Net YTM
Duration CD CP Corp Debt G-Secs and Above or Below or Jan
(%) 2019
(Days) Others Equiv Equiv
1M 3M 6M 1 Yr 2 Yrs 3 Yrs 1 Yr 2 Yrs 3 Yrs
Core Schemes
DSP Low Duration Fund-Reg(G) 7.92 9.23 8.16 7.70 7.08 7.56 7.43 6.85 7.31 7.48 193 29.05 18.12 47.18 0.00 5.65 94.35 0.00 3,220
Reliance Low Duration Fund(G) 7.57 9.30 8.06 7.72 7.10 7.60 7.44 6.88 7.34 8.10 249 21.69 11.58 43.82 1.05 21.86 86.56 9.88 8,452
SBI Magnum Low Duration Fund(G) 7.74 8.96 8.04 7.82 7.17 7.55 7.53 6.94 7.30 7.42 193 11.27 11.78 59.37 2.78 14.80 82.27 1.87 6,416
Tata Treasury Advantage Fund(G) 6.88 9.18 7.91 7.80 7.25 7.68 7.51 7.02 7.42 7.71 194 19.95 14.32 52.23 0.00 13.50 74.23 12.26 2,421
Category Median 6.89 8.71 7.55 7.39 6.94 7.42 7.14 6.73 7.17 7.57 220 18.57 11.78 52.95 0.00 7.16 78.75 9.50
Satellite Schemes
ICICI Pru Savings Fund(G) 7.14 8.56 7.75 7.56 7.17 7.86 7.28 6.94 7.58 7.72 193 20.12 25.85 45.22 1.91 6.90 83.14 10.49 16,721

MONEY MARKET FUNDS

Selected Funds – Debt

Performance Portfolio Attributes Credit Quality (%)

AUM
Modified Cash AA+ & AA & (Rs. Crs.)
Scheme Name Simple Annualised (%) CAGR (%) Rolling Returns (%) Net YTM Corp
Duration CD CP G-Secs and Above or Below or Jan
(%) Debt
(Days) Others Equiv Equiv 2019
1M 3M 6M 1 Yr 2 Yrs 3 Yrs 1 Yr 2 Yrs 3 Yrs
Core Schemes
Aditya Birla SL Money Manager Fund(G) 7.67 8.70 8.32 8.16 7.44 7.49 7.83 7.19 7.24 7.26 131 26.84 64.64 0.00 0.00 8.53 91.47 0.00 7,030
ICICI Pru Money Market Fund(G) 7.72 8.35 7.98 7.89 7.26 7.35 7.58 7.03 7.11 7.24 99 31.85 60.16 0.00 0.00 7.99 92.01 0.00 5,722
UTI Money Market Fund-Reg(G) 8.21 8.45 8.20 8.02 7.34 7.40 7.70 7.10 7.16 7.93 68* 23.12 57.27 0.00 0.00 19.60 80.40 0.00 2,838
Category Median 7.67 8.27 7.78 7.64 7.22 7.33 7.37 6.99 7.10 7.26 99 30.53 60.16 0.00 0.00 3.57 95.47 0.00

Performance as on February 15th, 2019; Risk Free Rate: 7.03%; Please refer to page no. 17 for additional notes.
* Average Maturity in Days

March 2019
Investime 15
 SHORT DURATION FUNDS
Performance Portfolio Attributes Credit Quality (%)
AUM
Modified Cash AA+ & AA & (Rs. Crs.)
Scheme Name Simple Annualised (%) CAGR (%) Rolling Returns (%) Net YTM
Duration CD CP Corp Debt G-Secs and Above or Below or Jan
(%) 2019
(Years) Others Equiv Equiv
1M 3M 6M 1 Yr 2 Yrs 3 Yrs 1 Yr 2 Yrs 3 Yrs
Core Schemes
Axis Short Term Fund(G) 7.27 9.68 7.87 6.92 6.25 7.44 6.63 6.06 7.19 7.58 1.40 9.19 1.97 79.55 3.34 5.95 90.63 2.80 4,700
HDFC Short Term Debt Fund(G) 6.17 9.59 7.98 7.38 6.81 7.69 7.09 6.60 7.42 8.27 1.15 2.46 2.46 85.03 0.05 10.00 90.83 3.01 8,130
IDFC Bond Fund - Short Term Plan-Reg(G) 9.06 11.02 8.79 7.25 6.41 7.26 6.94 6.22 7.02 7.58 1.71 0.00 5.99 90.64 0.00 3.37 96.63 0.00 5,112
L&T Short Term Bond Fund-Reg(G) 8.06 10.41 8.02 7.05 6.33 7.19 6.80 6.13 6.95 7.56 1.53 2.81 0.46 70.75 7.19 18.79 78.95 0.00 3,152
Category Median 6.22 9.45 7.39 6.49 6.04 7.28 6.30 5.86 7.04 7.49 1.41 2.91 0.00 78.66 3.34 13,40 77.63 3.23

CORPORATE BOND FUNDS

Performance Portfolio Attributes Credit Quality (%)
AUM
Modified Cash AA & (Rs. Crs.)
Scheme Name Simple Annualised (%) CAGR (%) Rolling Returns (%) Net YTM
Duration Corp Debt SOV SDLs and AAA AA+ Below or Jan
(%) 2019
(Years) Others Equiv
1M 3M 6M 1 Yr 2 Yrs 3 Yrs 1 Yr 2 Yrs 3 Yrs
Selected Funds – Debt

Core Schemes
Aditya Birla SL Corp Bond Fund(G) 7.26 10.27 8.85 7.55 6.93 7.96 7.23 6.70 7.67 8.06 1.22 85.92 0.03 0.04 14.01 78.56 9.00 2.41 15,234
HDFC Corp Bond Fund(G) 7.76 10.75 8.43 7.09 6.55 7.99 6.78 6.33 7.69 7.84 2.02 78.08 3.83 3.51 14.58 82.89 0.00 0.00 11,520
ICICI Pru Corp Bond Fund(G) 7.03 9.13 7.50 6.92 6.44 7.60 6.66 6.24
Satellite 7.82
7.33Schemes 1.25 80.70 0.62 0.06 18.61 86.63 0.00 0.00 4,045
Category Median 7.14 10.27 7.79 6.39 6.27 7.61 6.25 6.07 7.34 7.87 1.88 86.50 0.00 0.00 9.51 78.57 7.81 0.00
Satellite Schemes
IDFC Corp Bond Fund-Reg(G)* 8.53 10.27 8.06 7.09 6.35 7.86 6.77 6.15 7.56 7.82 1.08 93.08 0.00 0.00 6.92 95.46 0.00 0.00 11,713

*Follows roll-down strategy with current avg. maturity of 1.23 years

Performance as on February 15th, 2019; Risk Free Rate: 7.03%; Please refer to page no. 17 for additional notes.

March 2019
Investime 16
 CREDIT RISK FUNDS
Performance Portfolio Attributes Credit Quality (%)
AUM
Modified Cash AA+ & BBB & (Rs. Crs.)
Scheme Name Simple Annualised (%) CAGR (%) Rolling Returns (%) Net YTM AA A
Duration Corp Debt and Above or Below or Unrated Jan
(%) & AA- & Equiv
(Years) Others Equiv Equiv 2019
1M 3M 6M 1 Yr 2 Yrs 3 Yrs 1 Yr 2 Yrs 3 Yrs
Core Schemes
Franklin India Credit Risk Fund(G) 3.27 12.84 9.29 8.36 8.07 8.52 7.97 7.78 8.17 9.23 2.10 97.74 2.26 10.48 36.54 50.72 0.00 0.00 7,222
Category Median 4.16 8.33 6.55 5.79 6.31 7.50 5.64 6.11 7.24 8.36 1.49 89.79 10.21 22.09 44.53 19.16 0.00 0.00
Satellite Schemes
Aditya Birla SL Credit Risk Fund-Reg(G) -3.95 5.90 4.46 5.86 6.89 8.06 5.68 6.67 7.77 10.04 1.35 88.60 11.40 28.88 25.59 25.97 8.35 7.38 7,880
SBI Credit Risk Fund-Reg(G) 6.90 9.30 7.42 6.64 6.50 7.88 6.36 6.29 7.59 8.14 1.47 91.55 8.45 21.16 45.17 27.05 0.00 0.00 5,445
UTI Credit Risk Fund-Reg(G) 2.76 7.43 5.75 5.49 5.96 7.49 5.33 5.78 7.23 8.29 1.73 90.32 9.68 22.32 63.46 6.88 0.00 0.00 5,105

DYNAMIC BOND FUNDS

Performance Portfolio Attributes Credit Quality (%)
AUM
Modified AA+ & AA & (Rs. Crs.)
Scheme Name Simple Annualised (%) CAGR (%) Rolling Returns (%) Net YTM Cash and Jan
Selected Funds – Debt

Duration CD & CP Corp Debt SOV SDLs Above or Below or

(%) Others 2019
(Years) Equiv Equiv
1M 3M 6M 1 Yr 2 Yrs 3 Yrs 1 Yr 2 Yrs 3 Yrs
Core Schemes
ICICI Pru All Seasons Bond Fund(G) 2.70 8.97 6.76 6.43 6.33 9.65 6.10 6.13 9.30 7.44 2.39 3.63 52.16 18.98 1.51 23.73 37.94 28.60 2,014
Category Median 3.11 8.97 8.08 6.31 4.90 7.33 6.14 4.81 7.11 6.66 3.12 0.00 45.70 23.93 0.00 14.63 37.94 5.04
Satellite Schemes
Kotak Dynamic Bond Fund-Reg(G) 9.65 13.96 10.55 8.07 7.12 8.91 7.64 6.86 8.56 7.32 3.43 8.53 48.71 25.50 14.19 3.08 50.48 6.76 544

Performance as on February 15th, 2019; Risk Free Rate: 7.03%; Please refer below for additional notes.

Notes:
Equity & Aggressive Hybrid Funds:
For all Equity Benchmark Indices Total Return Index (TRI) is used
Portfolio Volatility (Standard Deviation in %) and Risk Adjusted Return (Treynor Ratio) are calculated on absolute basis using 3 years historical data of monthly returns
Exposure to Sensitive Sectors is the portfolio allocation in such sectors which are either facing earnings pressure or are stressed in equities.
Currently Airlines, Bank-Public, Construction-Real Estate, Power Generation/Distribution, Telecommunication-Service Provider & Housing Finance Cos. are considered as Sensitive Sectors.
Please refer to page no. 18/19 for additional scheme related information
Sector Funds:
Portfolio Volatility (Standard Deviation in %) and Risk Adjusted Return (Sharpe Ratio) are calculated on absolute basis using 3 years historical data of monthly returns
Debt Funds:
Cash and Others include Bills Rediscounting; Deposits; Domestic Mutual Funds Units; Floating Rate Instruments & PTC & Securitized Debt
Please refer to page no. 18/19 for additional scheme related information
Selection of Funds are based on analysis done on various parameters and criteria's. Before making any investments, Investors are advised to seek independent professional advice, verify the contents in order to arrive at an informed investment
decision. Past performance of the Mutual Fund are not indicative of the future performance of the Scheme(s). Mutual Funds are subject to market risks and there is no assurance or guarantee that the objectives of the Scheme will be achieved.

March 2019
Investime 17
Other Information

Scheme Name Category Fund Manager Inception Expense Exit Load

Risk
Date Ratio
Aditya Birla SL Equity Fund(G) Equity Anil Shah 27-Aug-1998 1.97 Moderately High 1% on or before 365D, Nil after 365D
Aditya Birla SL Frontline Equity Fund(G) Equity Mahesh Patil 30-Aug-2002 1.97 Moderately High 1% on or before 1Y, Nil after 1Y
Aditya Birla SL India GenNext Fund(G) Equity Anil Shah, Chanchal Khandelwal 05-Aug-2005 2.33 High 1% on or before 1Y, Nil after 1Y
Aditya Birla SL Small Cap Fund(G) Equity Jayesh Gandhi 31-May-2007 2.37 Moderately High 1% on or before 365D, Nil after 365D
Aditya Birla SL Tax Relief '96(G) Equity Ajay Garg 10-Mar-2008 2.21 Moderately High Nil
Moderately High Nil for 10% of investments and 1% for remaining
Axis Bluechip Fund(G) Equity Shreyash Devalkar 05-Jan-2010 2.29
investments on or before 12M, Nil after 12M
Axis Long Term Equity Fund(G) Equity Jinesh Gopani 29-Dec-2009 1.88 Moderately High Nil
Canara Rob Emerg Equities Fund-Reg(G) Equity Miyush Gandhi, Krishna Sanghavi 11-Mar-2005 2.01 Moderately High 1% on or before 1Y, Nil after 1Y
DSP Equity Opportunities Fund-Reg(G) Equity Rohit Singhania, Jay Kothari 16-May-2000 2.08 Moderately High 1% before 12M, Nil on or after 12M
DSP Midcap Fund-Reg(G) Equity Vinit Sambre, Jay Kothari 14-Nov-2006 2.10 Moderately High 1% before 12M, Nil on or after 12M
DSP Tax Saver Fund-Reg(G) Equity Rohit Singhania 18-Jan-2007 2.25 Moderately High Nil
HDFC Mid-Cap Opportunities Fund(G) Equity Chirag Setalvad, Amar Kalkundrikar 25-Jun-2007 2.14 Moderately High 1% on or before 1Y, Nil after 1Y
HDFC Small Cap Fund-Reg(G) Equity Chirag Setalvad, Amar Kalkundrikar 03-Apr-2008 2.18 Moderately High 1% on or before 1Y, Nil after 1Y
ICICI Pru Bluechip Fund(G) Equity Anish Tawakley, Rajat Chandak 23-May-2008 2.10 Moderately High 1% on or before 1Y, NIL after 1Y
IDFC Core Equity Fund-Reg(G) Equity Anoop Bhaskar 09-Aug-2005 2.08 Moderately High 1% on or before 365D
IDFC Sterling Value Fund-Reg(G) Equity Anoop Bhaskar, Daylynn Pinto 07-Mar-2008 2.01 Moderately High 1% on or before 365D, Nil after 365D
Invesco India Contra Fund(G) Equity Taher Badshah, Amit Ganatra 11-Apr-2007 2.23 Moderately High 1% on or before 1Y, Nil after 1Y
Invesco India Growth Opp Fund(G) Equity Taher Badshah, Amit Ganatra 09-Aug-2007 2.27 Moderately High 1% on or before 1Y, Nil after 1Y
Kotak Emerging Equity Scheme(G) Equity Pankaj Tibrewal 30-Mar-2007 2.16 Moderately High 1% on or before 1Y, Nil after 1Y
Kotak Standard Multicap Fund(G) Equity Harsha Upadhyaya 11-Sep-2009 1.98 Moderately High 1% on or before 1Y, Nil after 1Y
L&T Emerging Businesses Fund-Reg(G) Equity Soumendra Nath Lahiri, Karan Desai 12-May-2014 2.17 High 1% on or before 1Y, Nil after 1Y
L&T India Value Fund-Reg(G) Equity Venugopal M., Karan Desai 08-Jan-2010 2.06 Moderately High 1% on or before 1Y, Nil after 1Y
L&T Midcap Fund-Reg(G) Equity Soumendra Nath Lahiri, Vihang Naik 09-Aug-2004 2.14 High 1% on or before 1Y,Nil-after 1Y
L&T Tax Advt Fund-Reg(G) Equity Soumendra Nath Lahiri 27-Feb-2006 2.16 Moderately High Nil
Mirae Asset Emerging Bluechip-Reg(G) Equity Neelesh Surana, Ankit Jain 09-Jul-2010 2.26 Moderately High 1% on or before 1Y(365D), Nil after 1Y(365D)
Mirae Asset Great Consumer Fund-Reg(G) Equity Ankit Jain 29-Mar-2011 2.32 High 1% on or before 1Y(365D), Nil after 1Y(365D)
Mirae Asset India Equity Fund-Reg(G) Equity Neelesh Surana, Harshad Borawake 04-Apr-2008 2.05 Moderately High 1% on or before 1Y(365D), Nil after 1Y(365D)
Mirae Asset Tax Saver Fund-Reg(G) Equity Neelesh Surana 28-Dec-2015 2.30 Moderately High Nil
Motilal Oswal Focused 25 Fund-Reg(G) Equity Siddharth Bothra, Gautam Sinha Roy 13-May-2013 2.07 Moderately High 1% on or before 15D, Nil after 15D
Motilal Oswal Multicap 35 Fund-Reg(G) Equity Gautam Sinha Roy, Snigdha Sharma 28-Apr-2014 1.82 Moderately High 1% on or before 15D, Nil after 15D
Nil upto 10% of units on or before 12M, For
Reliance Large Cap Fund(G) Equity Sailesh Raj Bhan 08-Aug-2007 2.22 Moderately High
remaining units 1% on or before 12M and Nil after 12M
Reliance Pharma Fund(G) Equity Sailesh Raj Bhan, Kinjal Desai 05-Jun-2004 2.25 High 1% on or before 1Y, Nil after 1Y
Sundaram Mid Cap Fund(G) Equity S. Krishnakumar 19-Jul-2002 2.09 Moderately High 1% on or before 12M
Sundaram Select Focus(G) Equity Rahul Baijal 30-Jul-2002 2.46 Moderately High 1% on or before 12M, Nil after 12M
Nil upto 12% of investments and 1% for remaining
Tata Equity P/E Fund(G) Equity Sonam Udasi, Amey Sathe 29-Jun-2004 1.98 Moderately High
investments on or before 18M, Nil after 18M
Tata India Consumer Fund-Reg(G) Equity Sonam Udasi, Ennettee Fernandes 28-Dec-2015 2.22 High 1% on or before 18M

Scheme Name Category Fund Manager Inception Expense Exit Load

Risk
Date Ratio
Nil upto 15% of units,1% in excess of limit on or
Aditya Birla SL Equity Hybrid '95 Fund(G) Hybrid Mahesh Patil, Dhaval Shah 10-Feb-1995 1.97 Moderately High
before 365D and Nil after 365D
Nil on 10% of units within 1Y and 1% for more than
ICICI Pru Equity & Debt Fund(G) Hybrid Sankaran Naren, Atul Patel 03-Nov-1999 2.00 Moderately High
10% of units within 1Y, Nil after 1Y
ICICI Pru Equity-Arbitrage Fund(G) Hybrid Kayzad Eghlim, Dharmesh Kakkad 30-Dec-2006 0.95 Moderate 0.25% on or before 1M, Nil after 1M
IDFC Arbitrage Fund-Reg(G) Hybrid Yogik Pitti, Arpit Kapoor 21-Dec-2006 0.88 Moderately Low 0.25% on or before 1M
Kotak Equity Arbitrage Scheme(G) Hybrid Deepak Gupta 29-Sep-2005 0.96 Moderately Low 0.25% on or before 30D, Nil after 30D
Reliance Arbitrage Fund(G) Hybrid Anand Devendra Gupta, Kinjal Desai 14-Oct-2010 1.04 Moderately Low 0.25% on or before 1M, Nil after 1M
Nil for 10% of investments and 1% for remaining on
Reliance Equity Hybrid Fund(G) Hybrid Sanjay Parekh, Amit Tripathi 10-Jun-2005 2.00 Moderately High
or before 12M, Nil after 12M
Nil upto 10% of units, For remaining units 1% on or
Sundaram Equity Hybrid Fund(G) Hybrid Rahul Baijal, Sandeep Agarwal 15-Jun-2000 2.38 Moderately High
before 1Y and Nil after 1Y
DSP US Flexible Equity Fund-Reg(G) FOF Laukik Bagwe, Kedar Karnik 03-Aug-2012 2.73 High 1% before 12M, Nil on or after 12M
Franklin India Feeder - Franklin U.S. Oppor.Fund(G) FOF Srikesh Nair 06-Feb-2012 1.71 High 1% on or before 3Y

*FoFs (Overseas)

Levels of Risk
Risk Level Interpretation
Low Principal at Low Risk
Moderately Low Principal at Moderately Low Risk
Moderate Principal at Moderate Risk
Moderately High Principal at Moderately High Risk
High Principal at High Risk

March 2019 Investime 18

Other Information

Scheme Name Category Fund Manager Inception Expense Exit Load

Risk
Date Ratio
Aditya Birla SL Corp Bond Fund(G) Debt Maneesh Dangi, Kaustubh Gupta 03-Mar-1997 0.39 Moderately Low Nil
Nil upto 15% of units, 1% in excess of limit on or
Aditya Birla SL Credit Risk Fund-Reg(G) Debt Maneesh Dangi, Sunaina da Cunha 22-Apr-2015 1.78 Moderate
before 365D and Nil after 365D
Aditya Birla SL Liquid Fund(G) Debt Kaustubh Gupta, Sunaina da Cunha 30-Mar-2004 0.23 Low Nil
Aditya Birla SL Money Manager Fund(G) Debt Kaustubh Gupta, Mohit Sharma 13-Oct-2005 0.28 Low Nil
Aditya Birla SL Savings Fund(G) Debt Kaustubh Gupta, Sunaina da Cunha 16-Apr-2003 0.35 Moderately Low Nil
Axis Liquid Fund(G) Debt Devang Shah, Aditya Pagaria 09-Oct-2009 0.16 Low Nil
Axis Short Term Fund(G) Debt Devang Shah 22-Jan-2010 0.88 Moderately Low Nil
DSP Low Duration Fund-Reg(G) Debt Rahul Vekaria, Kedar Karnik 10-Mar-2015 0.48 Moderately Low Nil
Nil upto 10% of units, For remaining units - 3% on or
Franklin India Credit Risk Fund(G) Debt Santosh Kamath, Kunal Agrawal 07-Dec-2011 1.75 Moderate before 12M, 2% after 12M but on or before 24M, 1%
after 24M but on or before 36M, Nil after 36M
Franklin India Liquid Fund-Super Inst(G) Debt Pallab Roy, Umesh Sharma 02-Sep-2005 0.17 Low Nil
HDFC Corp Bond Fund(G) Debt Anupam Joshi, Amar Kalkundrikar 29-Jun-2010 0.45 Moderately Low Nil
HDFC Short Term Debt Fund(G) Debt Anil Bamboli, Amar Kalkundrikar 25-Jun-2010 0.40 Moderately Low Nil
ICICI Pru All Seasons Bond Fund(G) Debt Manish Banthia, Anuj Tagra 20-Jan-2010 1.30 Moderate 0.25% on or before 1M, Nil after 1M
ICICI Pru Corp Bond Fund(G) Debt Rohan Maru, Chandni Gupta 11-Aug-2009 0.54 Moderate Nil
ICICI Pru Money Market Fund(G) Debt Rahul Goswami, Nikhil Kabra 08-Mar-2006 0.27 Moderately Low Nil
ICICI Pru Savings Fund(G) Debt Rahul Goswami, Rohan Maru 27-Sep-2002 0.45 Moderately Low Nil
IDFC Bond Fund - Short Term Plan-Reg(G) Debt Suyash Choudhary 14-Dec-2000 0.63 Moderately Low Nil
IDFC Corp Bond Fund-Reg(G) Debt Anurag Mittal 12-Jan-2016 0.54 Moderate Nil
Krishna Venkat Cheemalapati,
Invesco India Liquid Fund(G) Debt 17-Nov-2006 0.22 Low Nil
Abhishek Bandiwdekar
Kotak Dynamic Bond Fund-Reg(G) Debt Deepak Agrawal 28-May-2008 1.05 Moderately Low Nil
Kotak Savings Fund(G) Debt Deepak Agrawal 13-Aug-2004 0.65 Moderately Low Nil
L&T Short Term Bond Fund-Reg(G) Debt Shriram Ramanathan, Jalpan Shah 27-Dec-2011 0.72 Moderately Low Nil
L&T Ultra Short Term Fund(G) Debt Jalpan Shah, Vikas Garg 10-Apr-2003 0.52 Moderately Low Nil
Reliance Liquid Fund(G) Debt Anju Chhajer, Kinjal Desai 09-Dec-2003 0.23 Low Nil
Reliance Low Duration Fund(G) Debt Amit Tripathi, Anju Chhajer 20-Mar-2007 0.63 Moderately Low Nil
Nil for 8% of investment and 3% for remaining
investment on or before 12M, Nil for 8% of
investment and 1.5% for remaining investment after
SBI Credit Risk Fund-Reg(G) Debt Lokesh Mallya, Mansi Sajeja 14-Jul-2004 1.51 Moderate
12M but before 24M, Nil for 8% of investment and
0.75% for remaining investment after 24M but
before 36M, Nil after 36M
SBI Magnum Low Duration Fund(G) Debt Rajeev Radhakrishnan, 26-Jul-2007 0.46 Moderately Low Nil
Tata Liquid Fund-Reg(G) Debt Amit Somani 01-Sep-2004 0.15 Low Nil
Tata Treasury Advantage Fund(G) Debt Akhil Mittal 06-Sep-2005 0.38 Moderately Low Nil
Nil for 10% of units and 1% for remaining units on or
UTI Credit Risk Fund-Reg(G) Debt Ritesh Nambiar 19-Nov-2012 1.70 Moderate
before 12M, Nil after 12M
UTI Money Market Fund-Reg(G) Debt Amandeep Singh Chopra, Amit Sharma 09-Jul-2009 0.26 Moderately Low Nil

Market Terminology
Macaulay duration of a bond is defined as the weighted average time taken to recover principal and interest payments
of a bond i.e. the weighted average maturity of cash flows.

Assume, a bond, with a Face Value of Rs 1,000, pays 6% coupon and matures in 3 years. Interest rate is 6% per annum. The bond
pays the coupon annually and pays the principal + coupon on the final payment.
Time Period Cash Flow Type Annual Cash Flows (Rs) PV of Cash Flow (Cash Flow / Discount Factor*) PV * Time
1 Coupon 60 56.6 56.6
2 Coupon 60 53.4 106.8
3 Coupon + Principal 1060 890 2669.99
Total 1180 1000 2833.39
* Discount Factor = ((1+Interest Rate) ^ t)

Macaulay Duration = PV * Time / Bond Price

= 2833.39 / 1000
= 2.83 years

March 2019 Investime 19

PMS & AIF Performance Snapshot

EQUITY PMS
AUM Absolute (%) CAGR (%) Inception
Name Benchmark Since
(Rs. Crs) 6M 1 Yr 3 Yr 5 Yr Inception Date
Large Cap
ASK Growth Nifty 50 2,410 -12.9 -7.7 13.9 20.8 20.0 29-Jan-01
Motilal Oswal Value Nifty 50 2,146 -9.4 -10.0 8.6 14.7 22.1 25-Mar-03
Multi Cap
ASK IEP S&P BSE 500 6,804 -11.7 2.0 14.1 21.5 18.4 25-Jan-10
ASK India Select S&P BSE 100 2,809 -13.1 -8.6 9.9 20.3 16.1 4-Jan-10
Aditya Birla NDPMS (L+QGARP) Nifty 100 NA -8.9 1.9 NA NA 18.1 17-Feb-17
Aditya Birla AMC CEP Nifty 500 1,053 -11.8 -19.7 4.8 23.1 16.4 1-Apr-08
Aditya Birla AMC SSP Nifty 500 579 -18.0 -28.3 6.4 23.3 15.2 1-Aug-09
IIFL Multicap Advantage PMS S&P BSE 200 TRI NA 3.1 4.8 NA NA 3.9 1-Dec-17
Motilal Oswal NTDOP Nifty 500 8,134 -10.9 -6.0 15.6 25.3 16.3 5-Dec-07
Marathon Trends Nifty 500 114 -6.9 -3.9 NA NA -4.9 1-Nov-17
Special Situation: Multi-cap
ABM Core & Satellite** Nifty 100 358 -19.0 -20.2 14.3 NA 9.2 20-Apr-15
Kotak SSV 1 Nifty 500 2,805 -15.4 -30.3 8.4 24.4 19.2 31-Jul-12
Kotak SSV 2 Nifty 500 969 -14.3 -28.0 NA NA -13.6 19-Sep-17
Mid/Small-cap
Motilal Oswal IOP Nifty Small Cap 100 3,283 -11.9 -25.2 13.2 16.5 12.1 15-Feb-10
Motilal IOP V2 Nifty Small Cap 100 500 -18.5 NA NA NA -16.6 5-Feb-18
Thematic/Sector Specific
Kotak Pharma Nifty Pharma 56 -3.0 -4.1 NA NA 0.4 20-Sep-16
Invesco RISE S&P BSE 500 644 -15.0 -16.7 NA NA 16.5 18-Apr-16
Edelweiss Event Arbitrage Crisil Liquid Index NA -2.7 -8.9 11.0 13.1 13.7 1-Apr-13

AIFs Large
CAT - Cap
III Funds
AUM Absolute (%) CAGR (%) Inception
Name Benchmark Since
(Rs. Crs) 6M 1 Yr 3 Yr 5 Yr Inception Date
DSP India Enhanced Equity Fund S&P BSE 200 NA 1.0 6.4 NA NA 16.5 12-May-14
DSP Enhanced Equity SatCore Fund S&P BSE 200 NA 0.5 5.8 NA NA 7.6 3-Mar-17
Edelweiss Alpha Fund - Scheme 1 Liquid Index NA 3.8 8.2 11.4 NA 17.5 1-Jun-13
Edelweiss Alternative Equity Scheme Nifty TRI NA -8.6 -8.5 8.8 NA 16.7 19-Aug-14
IIFL Multi Strategy Fund S&P BSE 500 NA NA NA NA NA -0.4* 2-Sep-18
Reliance Equity Opportunities AIF - 1 CNX Midcap NA -7.2 -7.9 NA NA 7.0 9-Aug-17
Reliance Equity Opportunities AIF - 3 Nifty 500 NA -7.5 NA NA NA -3.9 31-Jan-18
Reliance Equity Opportunities AIF - 4 Nifty 500 NA -5.1 NA NA NA -0.3* 12-Jul-18
Benchmark Returns (%)
Liquid Index 3.9 7.7 7.3 7.8
Nifty 100 -5.5 -3.5 12.8 13.0
Nifty 50 -4.6 -1.8 12.7 12.2
Nifty 50 TRI -4.2 -0.4 14.2 13.6
Nifty 500 -6.7 -7.2 12.4 13.8
Nifty PHARMA -3.9 -6.0 -9.1 2.8
Nifty Midcap 100 -10.4 -18.7 10.6 17.5
Nifty Smallcap 100 -17.9 -30.4 6.8 14.0
S&P BSE 100 -4.9 -3.2 13.0 12.7
S&P BSE 200 -5.8 -4.7 12.8 13.6
S&P BSE 500 -6.7 -6.9 12.5 13.7
S&P BSE Small-Cap -16.0 -25.6 8.6 17.3

Performance as on 31st Jan 2019; *Since Inception return are on absolute basis
Birla CEP is open for top up only while L+QGARP NDPMS, Edelweiss Event Arbitrage, DSP BlackRock India Enhanced Equity Fund & Reliance Equity Opportunities AIF - 1 & 3 are closed for
subscription
Performance details mentioned above are shared by respective portfolio managers.
**The actual returns after adjusting for corporate actions in Arvind are (-)16.7%/(-)17.9%/8.7%/14.9%/9.7% for 6M/12M/2Y/3Y/ITD

March 2019 Investime 20

Portfolio Management Services
ABM CORE & SATELLITE PORTFOLIO

Strategy Roundup
Ÿ Follows a dual approach to portfolio management, i.e. CORE & SATELLITE. The Core portfolio aims to benefit from secular
earnings growth story, and satellite portfolio aims to benefit from irrational (but transient) market behaviour & special
situations driven opportunities.

Performance Sector Allocation

Fund Manager:
Vivek Mahajan & Avinash Nahata

Inception Date:
April 20, 2015

AUM as on 31st Jan 2019:

Rs. 357.54 CR

Top 10 Stock Holdings

Sr. No. Scrip Names Holdings Sr. No. Scrip Names Holdings
1 Aarti Industries Ltd. 8.08% 6 Aegis Logistics Ltd. 4.08%
2 Avenue Supermarts Ltd. 6.96% 7 Edelweiss Financial Services Ltd. 3.84%
3 Eicher Motors Ltd. 5.95% 8 Britannia Industries Ltd. 3.77%
4 Bajaj Finance Ltd. 5.54% 9 Birla Corporation Ltd. 3.73%
5 Hdfc Bank Ltd. 4.63% 10 Heritage Foods Ltd. 2.47%

Disclaimer: Core & Satellite Portfolio is offered by Aditya Birla Money Limited , a SEBI registered portfolio manager with registration number: IN000003757. Investment in securities market are subject to
market risks, read all the related documents carefully before investing.

ASK INDIAN ENTREPRENEUR PORTFOLIO

Strategy Roundup
Ÿ Identify large & growing business opportunities with competitive advantage that are significant sized ( Min Rs. 100 cr of PBT).
Ÿ Minimum ROE should be 20% and ROCE should be over 25% for each business they buy.
Ÿ The Management should have the drive & have the skin in the game to deliver compounded growth.

Performance Sector Allocation

Fund Manager:
Sumit Jain

Inception Date:
January 25, 2010

AUM as on 31st Jan 2019:

Rs. 6,804 CR

Top 10 Stock Holdings

Sr. No. Scrip Names Holdings Sr. No. Scrip Names Holdings
1 Bajaj Finance Ltd. 7.85% 6 Asian Paints Ltd. 6.09%
2 Havells India Ltd. 7.75% 7 IndusInd Bank Ltd. 6.08%
3 Britannia Industries Ltd. 7.74% 8 Astral Polytechnik Ltd. 5.82%
4 Bajaj Finserv Ltd. 6.94% 9 Kotak Mahindra Bank Ltd. 5.44%
5 Page Industries Ltd. 6.15% 10 Cholamandalam Investment and Finance Ltd. 5.39%

Portfolio details mentioned above are shared by respective portfolio managers

March 2019 Investime 21

Portfolio Management Services

IIFL MULTICAP ADVANTAGE

Strategy Roundup
Ÿ The objective of the strategy is to generate long term capital appreciation for investors from a portfolio of equity & equity
related securities.
Ÿ The investment strategy is to invest in companies and sectors that are available at significant discount to their intrinsic value
and provide earnings visibility.
Ÿ The portfolio takes a concentrated position in stocks and endeavors to strategically change allocation between sectors
depending on changes in the business cycle.
Ÿ The portfolio follows a 2 pronged strategy –
1.      Maximise Upside – Upto 100% Equity investments
2.      Minimise Downside – Upto 8% in put option, at the money
Performance Sector Allocation

Fund Manager:
Aniruddha Sarkar

Inception Date:
December 1, 2017

TRI

Top 10 Stock Holdings

Sr. No. Scrip Names Holdings Sr. No. Scrip Names Holdings
1 Infosys Ltd. 7.49% 6 ICICI Bank Ltd. 4.60%
2 Merck Ltd. 7.48% 7 RBL Bank Ltd. 3.92%
3 HDFC Bank Ltd. 7.17% 8 Biocon Ltd. 3.88%
4 Bajaj Finance Ltd. 5.72% 9 Larsen & Toubro Infotech Ltd. 3.76%
5 State Bank Of India 5.57% 10 CESC Ltd. 3.39%

INVESCO RISE PORTFOLIO

Strategy Roundup
Ÿ Invests in companies which are expected to benefit from operating & financial leverage. Exposure to companies which benefit
from revival in economic growth & rise in consumer discretionary spending. Aims to participate in opportunities in companies
with strong business model, suppressed valuations and higher dividend yield.

Performance Sector Allocation

Fund Manager:
Amit Nigam

Inception Date:
April 18, 2016

AUM as on 31st Jan 2019:

Rs. 644.00 CR

Top 10 Stock Holdings

Sr. No. Scrip Names Holdings Sr. No. Scrip Names Holdings
1 Apollo Hospitals Enterprises Ltd. 7.47% 6 Shriram Transport Finance Co. Ltd. 5.35%
2 Cipla Ltd. 6.26% 7 Equitas Holdings Ltd. 5.33%
3 Mahindra & Mahindra Fin Services Ltd. 6.18% 8 Torrent Pharmaceuticals Ltd. 5.18%
4 Gujarat State Petronet Ltd. 5.46% 9 L&T Finance Holdings Ltd. 5.13%
5 Aia Engineering Ltd. 5.45% 10 Motherson Sumi Systems Ltd. 4.97%

Portfolio details mentioned above are shared by respective portfolio managers

March 2019 Investime 22

Portfolio Management Services

KOTAK PHARMA PORTFOLIO

Strategy Roundup
Ÿ Pharma Sector Specific strategy that aims to generate long term capital appreciation by investing in 12-18 stocks with a
bottom up investment approach.

Performance

Fund Manager:
Anshul Saigal

Inception Date:
September 20, 2016

AUM as on 31st Jan 2019:

Rs. 55.59 CR

Top 10 Stock Holdings

Sr. No. Scrip Names Holdings Sr. No. Scrip Names Holdings
1 Sun Pharmaceutical Industries Ltd. 13.95% 6 Poly Medicure Ltd. 6.01%
2 Sanofi India Ltd. 11.75% 7 Torrent Pharmaceuticals Ltd. 5.82%
3 Divi's Laboratories Ltd. 8.03% 8 Suven Life Sciences Ltd. 5.09%
4 Max India Ltd. 6.15% 9 Aarti Drugs Ltd. 4.78%
5 Dr Reddy's Laboratories Ltd. 6.07% 10 Granules India Ltd. 4.76%

Portfolio details mentioned above are shared by respective portfolio managers

Alternate Investment Funds (AIF)

IIFL MULTI STRATEGY AIF

Strategy Roundup
Ÿ Market movements prove that strategy selection is a difficult task and most investors who relied solely on past trends and
performance while investing have realized the limitations of the approach. Hence, IIFL Multi Strategy Fund seeks to generate
long term capital appreciation for investors from a portfolio consisting of diversified equity instruments, on an AIF platform.
Ÿ The scheme offers multiple Investment themes in a single portfolio diversified across 45-50 stocks, using IIFL’s investment
expertise supported by non-binding advise and research from external experts.
Ÿ Portfolio allocation will be made across 3 themes managed by 3 specialists, clubbed in a single portfolio.

No. Theme Portfolio Allocation Advisor Fund Manager Key Sectors

1 Large/Mid Cap 20% to 40% Purnartha Investment Advisors Rahul Rathi Financial Services, Consumer non-cyclical & Industrials

2 Small Cap 20% to 40% Sundaram AMC KrishnaKumar Emerging Businesses, Select Services, Consumer Discretionary, Manufacturing & Retail

3 Multi Cap 20% to 40% IIFL AMC Ideation Aniruddha Sarkar Banking & Financial, Consumer Discretionary & Insurance

Portfolio details mentioned above are shared by respective portfolio managers

March 2019 Investime 23

Bonds & Fixed Deposits
SECONDARY BOND MARKET OFFERINGS
Tax Free Bonds Maturity Credit Rating Indicative Yield*
7.04% Indian Railway Finance Corporation 03-Mar-26 CRISIL, CARE & ICRA AAA 6.17%
8.48% India Infrastruture Finance Co Ltd 05-Sep-28 CRISIL, CARE & ICRA AAA 6.18%
7.40% Indian Railway Finance Corporation 18-Feb-29 CRISIL, CARE & ICRA AAA 6.15%
7.39% HUDCO 08-Feb-31 CRISIL, CARE & ICRA AAA 6.17%
7.35% Indian Railway Finance Corporation 22-Mar-31 CRISIL, CARE & ICRA AAA 6.16%
* The above mentioned rates are indicative yields as on 15th February 2019 and subject to market fluctuations
YTM is calculated on annual basis

CAPITAL GAIN BONDS (54 EC) & RBI BOND

Particulars Tenure Min. Amt. (Rs.) Max. Amt. (Rs.) Interest Rates* Closing Date
REC 54EC Capital Gain Tax Bonds 60 months 20,000 50 Lacs 5.75% payable annually 31st Mar 2019
NHAI 54EC Capital Gain Tax Bonds 60 months 10,000 50 Lacs 5.75% payable annually 31st Mar 2019
PFC 54EC Capital Gain Tax Bonds 60 months 20,000 50 Lacs 5.75% payable annually 31st Mar 2019
IRFC 54EC Capital Gain Tax Bonds 60 months 20,000 50 Lacs 5.75% payable annually 31st Mar 2019
7.75% GOI Savings Bond 84 months 1,000 No Limit 7.75% payable half-yearly On Going
* The above mentioned rates are indicative; Terms & Conditions apply

FIXED DEPOSITS Housing Finance Company Credit

TaxRating Credit Agency
Free Bonds Tenure (Months) Interest Rate Range*
HDFC - Trust & Institutions (upto Rs.2 crore) FAAA & MAAA CRISIL & ICRA 12M-84M 7.80-8.08
HDFC Premium – Individuals (upto Rs.2 crore) FAAA & MAAA CRISIL & ICRA 15, 22, 30 & 44M 7.75-8.14
HDFC - Individuals, Trust & Institutions (> Rs.2 crore) FAAA & MAAA CRISIL & ICRA 12M-84M 7.95-8.24
LIC Housing Finance Co. Ltd. (upto Rs.20 crore) FAAA CRISIL 12, 18, 24, 36 & 60M 8.15-8.30
GRUH Finance Ltd. FAAA & MAAA CRISIL & ICRA 12M-120M 7.25-8.25
PNB Housing Finance Ltd. 12, 24, 36, 48,
FAAA CRISIL 7.95-8.45
(Individual & Trust - less than Rs.5 crore) 60, 84 & 120M
PNB Housing Finance Ltd. - Special Deposit
FAAA CRISIL 15, 22, 30 & 45M 8-8.45
(Individual & Trust - upto Rs.5 crore)
Non-Banking Finance Company Credit Rating Credit Agency Tenure (Months) Interest Rate Range*
Mahindra & Mahindra Finance Co. Ltd. (less than Rs. 1 crore) FAAA CRISIL 12, 18, 24, 36, 48 & 60M 7.90-8.80
Bajaj Finance (upto Rs.5 crore) FAAA & MAAA CRISIL & ICRA 12M-60M 7.72-8.75
HUDCO (Individual/HUF) TAA+/AA+ FITCH 12, 24, 36, 48 & 60M 7.05-7.50
HUDCO (Corporate/Trust/Firm) TAA+/AA+ FITCH 12, 24, 36, 48 & 60M 6.80-7.25
Manufacturing Company Credit Rating Credit Agency Tenure (Months) Interest Rate Range*
Godrej & Boyce FAA+ CRISIL 36M 8.10-8.25

* Interest Rate depends on tenure and interest rate frequency and are subject to change. Kindly contact your Relationship Manager for further
details

Upcoming Economic Event

Date Event

28-Feb-19 Q3 FY19 GDP

Our Expectation:
In Q2FY19, Indian economy grew at 7.1% vs 8.2% in Q1FY19 mainly due to low consumption expenditure. As per Bloomberg estimates, Q3 GDP is expected to grow at
6.9% as consumer spending continues to remain sluggish and slowing government capital expenditure due to elections in coming months.

March 2019 Investime 24

PIFA

PROTECTING INVESTING

• Life Insurance
• Health Insurance
• Motor Insurance
• Travel Insurance
• Corporate General Insurance
• Mutual Funds
• Wealth Management
• Stocks and Securities
• Private Equity
• Portfolio Management Services
• Real Estate Investments
• Pension Funds

• Home Finance
& Personal Finance
• SME Finance
• MyUniverse
• Real Estate Finance
• Aditya Birla Capital
• Loan Against Securities
MoneyForLife Planner
• Corporate Finance
• Debt Capital Market
• Loan Syndication

FINANCING ADVISING

March 2019 Investime 26

DISCLAIMER

Aditya Birla Money Mart Limited, Corporate Office One India Bulls Centre, Tower 1, 18th Floor, Jupiter Mill Compound, 841,
Senapati Bapat Marg, Elphinstone Road, Mumbai 400 013. Tel. No: 91-22-4356 7000 Fax No: 91-22-4356 7266,
CIN: U61190GJ1997PLC062406.

Designed and Printed at Micro Graphics, Graphic Designers and Commercial Printers, 137, Pragati Industrial Estate, N. M. Joshi
Marg, Lower Parel, Mumbai - 400011, Tel.: 66634670/71.

For advertisement contact: Michelle Banerjee, Email:michelle.banerjee@adityabirlacapital.com.

The information published is as per the data provided by various Mutual Funds, PMS Portfolio Managers, Product
Manufacturers and segregated, consolidated and presented (statistically) by and onbehalf of Aditya Birla Wealth Management
(ABWM), holding ARN 118681 and involved in distribution of third party financial products. Though sufficient care has been
taken to provide the correct rates, ABMML and ABWM does not guarantee the accuracy of the data provided herein. As a
potential investor, you are advised to check the updated rates and other Terms & Conditions on the manufacturer's website
before making any investments. The views/opinions expressed in the various articles are that of the author and the company
may not subscribe to the same either in part of in full. Any person investing on the basis of the data published in Investime will
be doing so at their own risk and are advised to consult your certified financial planner before taking any investment decision.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

March 2019 Investime 27

Aditya Birla Money Mart Limited
R- Tech, 10th Floor, Nirlon Compound, off. Western Express Highway,
Goregaon East, Mumbai - 400063
Tel No: +91 22 6225 7600 | Fax No: 91 22 6225 7200
Registered Office: Indian Rayon Compound Veraval Gujarat 362266.
E-mail: care.wealthmanagement@adityabirlacapital.com
CIN: U61190GJ1997PLC062406 adityabirlacapital.com