Basics of Wealth Mgt

Saving &Investing

What is investing? An investment operation is one which, upon thorough analysis promises safety of principal and an adequate return. Operations not meeting these requirements are Speculative - Benjamin Graham The Intelligent Investor

Investing is the act of seeking value at least sufficient to justify the amount paid. Consciously paying more in the hope that it can soon be sold for a still higher price should be labeled as speculation- Warren Buffet The Making of An American Capitalist

Investing .

What is investing? Investing is a method of purchasing assets to gain profit in the form of reasonably predictable income (dividend, interest or rentals) and / or appreciation over the long term Burton G Malkiel A Random Walk Down Wall Street

Investing is a Act of faith, a willingness to postpone present consumption and save for the future. We entrust our capital to corporate stewards in the faith at least with the hope that their efforts will generate high rates of return on our investments- John C. Bogle Common Sense on Mutual Funds

Investing .

Speculation

There are two times in a mans life when he should not speculate: when he cant afford and when he can.

Mark Twain, Following the Equator

SpeculationInvestors speculate" every time they commit money to something they don't understand.

Say you overhear your best friends uncle talking about a company called Frontier Industries at a cocktail party. "This thing is surely going to go through the roof in the next few months," he says. If you call your broker the first thing the next morning to place an order for 100 shares, you've just speculated.

Investing .

SpeculationDo you know what Frontier Industries does? Are you familiar with its competition? What were its earnings last year / last quarter?

There are a lot of questions one should ask about a company before investing in a "hot" stock. There's nothing too hot about losing money in such speculative investments because the investor didn't take the time to understand what he was investing in.

Investing .

SpeculationSpeculation can be compared to a lottery jackpot, wherein the odds of winning are abysmally low. Depending on the lottery it may be 1 in 7 million, or 1 in 18 million, or somewhere in between. The chances of dying from flesh eating bacteria (1 in a million) are far higher than that of winning a jackpot.

Remember: Every rupee that is used for speculation and lost is not working for the investor over the long-term to create wealth. Speculation promises to give everything one wants right now but rarely delivers; patience almost guarantees those goals down the road through the power of compounding.Investing .

Power of Compounding

Power of Compounding? If you leave a small portfolio invested, its value will mushroom over time through the miracle of compounding. As you earn investment returns, your returns begin to gain returns as well, allowing you to turn a measly investment into thousands of rupees if you leave it invested long enough.The more money you save and invest today, the more you'll have in the future.

An amount of Rs. 100,000 which compounds @ 15% after 50 years is worth, hold your breath Rs. Eleven Crores.

The power of compounding can be expressed using the following time value of money expression

FV= (PV) *(1+k)^nInvesting .

Power of Compounding?

FV = future valuePV = present valueK = rate of compoundingn = no. of years

Real wealth, the stuff of dreams, is in fact created almost magically through the most mundane and commonplace principles: patience, time, and the power of compounding.

Systematic Planning is an essential ingredient of a good investment programme.

Investing .

Power of Compounding it works

Sheet1

FY 2001FY 2002FY 2003FY 2004

Aggregate for 200 Companies

Net Margins6.4%6.3%8.6%9.4%

Asset Turnover1.31.21.41.5

ROA8.0%7.8%11.9%13.7%

Leverage1.71.71.61.5

ROE13.6%13.2%18.5%20.5%

Sheet2

Sensex 2009P/EEarnings Growth

10%15%20%

Low8.05,3867,0329,077

Average18.812,65616,52521,332

High41.527,93836,47747,089

Most Likely12.08,07810,54813,616

Base Sensex EPS380

Sheet3

FMPSensexFranklin India Blue ChipMF Average

Years6%16%27.9%20.0%

0100,000100,000100,000100,000

1106,000116,000127,900120,000

2112,360134,560163,584144,000

3119,102156,090209,224172,800

4126,248181,064267,598207,360

5133,823210,034342,257248,832

10179,085441,1441,171,401619,174

15239,656926,5524,009,2041,540,702

20320,7141,946,07613,721,7943,833,760

25429,1874,087,42446,963,8419,539,622

30574,3498,584,988160,737,17623,737,631

35768,60918,031,407550,134,72259,066,823

Planning & Setting Goals

Human Life Cycle Disciplined Planning

IncomeAgeBirth & EducationEarning YearsRetirementPhase IPhase IIPhase III22 yrs60 yrsMarriageChild birthChilds EducationChilds MarriageHousing22 yrs38 yrsOver 25 - 30 yrsHaving a Financial Goal is primary to starting a Investment Plan.

Financial Planning is To develop well defined goalsDivide the goals into short term and long term goalsTo look at the current income, expenses and savingsTo map out well defined strategies to turn the dreams into reality

Steps in Financial PlanningIdentifying the investment objectivesInvestment Objectives needs and requirementsDetermine the required returns to meet the financial objectivesDetermine the risk tolerance of the individualDesign an asset allocation to meet the risk and returnsModify the asset allocation based on any change in needs or risk tolerance

Retirement PlanningAssessment of current financial status

Ascertain post retirement needs

Determine what you need to save and how

Find extra money for savings

Tax PlanningIncomes exempt from tax under sec. 10Deductions under chapter VI A for amounts utilised towards certain purposes qualifies as deduction from total incomeSplitting income by creating several entities such as HUF or Trust.Making gifts within specified limits Making investments which qualify for rebatesReducing taxable income by claiming expenses

Investing is like a long car trip

A lot of planning needs to go into it.How long is the trip? (What is the investors "time horizon"?)What should one pack? (What type of investments will the investor make?)How much petrol is required for the trip? (How much money will the investor need to invest to reach his goals?)Will the trip require a stop over along the way? (Does the investor have short-term financial needs?)How long is the stay? (Will the investor need to live off the investment in later years?) Planning and Setting Goals.

Running out of gas, stopping frequently to visit restrooms, and driving without sleep can ruin the trip. So can saving too little money or investing erratically

An investor must answer the following questions before he can successfully set about the savings / investing journey:What are the investors goals? Is the investment for retirement? A down payment on a house? Child's education? A second home? .How much money can the investor devote to a regular investing plan? Planning and Setting Goals.

Ask some more pointed questions: How much will college cost (at the time the child needs to go)? How much yearly income is reasonable for retirement?

The more specific the investor can be, the more likely he is to set and achieve reasonable goals.

Once the investor has a rough idea of how much money he will need and how much time he has to get there. He can start to think about what investment vehicles might be right for him and what kind of returns he can reasonably expect. He needs to understand his investment style in order to match it with the various available investment choices. Planning and Setting Goals.

Financial Planning Increasing complexityIndian markets opening upIncreased volatility in the debt and equity marketsInvestment Options available with the individuals are increasing Equities, Bonds, Mutual Funds, Derivatives, real estateThere are now around 30 mutual funds in India offering 400schemesInvestment options expected to increase going forwardCommodities trading, forexTax Planning requires an expert

Financial Planner would provideA comprehensive platform of tailor made servicesCustomised strategies and product applicationThe highest quality in adviseConfidentialitySingle Point contact and personalized serviceAn experienced Investment AdvisorResources and capabilities to ensure timely and accurate execution

Determining Investment Style

Investment style can be compared to batting styles of different batsmen in a game of cricket.

A swinger-for-sixes & fours - takes big risks for big gains. Slow & steady - hitting singles and doubles. A spectator sitting in the stands, chatting with his companions and occasionally cheering his home team on.There are two major variables in figuring out ones investment style the risk tolerance ( can you afford to get out ? ) and amount of time the investor can dedicate to investing ( One day or test match ? )Determining Investment Style.

Risk ToleranceHow comfortable will you be seeing your investment decrease in the near term while waiting for it to increase over the long term?

How comfortable will you be to invest in something in which the price changes every day - sometimes adversely.

An investor X may be very comfortable with a downside of 25% in an investment whereas Investor Y could shy away from any downside in his investments.Determining - Investment Style.

Risk Tolerance

There are various degrees of risk across the investment spectrum, from government savings bonds (carries only sovereign risk and credit risk), which are considered risk-free as they are guaranteed by the government, to equities, commodities and options, where one can lose significant amount of the invested money.

Remember : Though GOI savings bonds and bank fixed deposits are the safest, the safest road isn't always the best one.

Determining - Investment Style.

The important thing to remember about stocks, though, is that an investor doesn't lose anything until he sells them.

What if you invested when the market was at a high, then comes a big crash?

If you dont panic and sell during a crash ( eg May 2006 when the Sensex fell from 12000 to 9000 ), you would have done quite nicely as the market rebounded subsequently ( Sensex rose to 15000 in Aug 2007 ! ). Golden rule - when one is investing in the stock market, think long-term. Dont invest any money in stocks that you will need in the short term. Determining Investment Style.

The Second Factor Time .

How much time do you want to/are able to spend on investing? How active do you want to be in the management of money?

If an investor wants to spend 15 minutes a year on investing, then maybe one should consider using Passive Strategies.

If one is planning to set out eight hours a week, then you should consider researching companies and pouring over financial statements to pick individual stocks.

Determining Investment Style.

Another time factor is :

When does the investor need the money (time horizon) ? Whether the money is needed next week or in a hundred years will dramatically affect what investment vehicle to use.

Caution - Although stocks deliver great long-term returns, the returns over periods of three years or less can be downright scary.

Hence setting investment goals, planning the outlay of investment amount and time horizon and making appropriate investment choices in line with investor profiles is essential for the success of any investment programme.

Determining - Investment Style.

Investment Avenues HighLowDont Invest hereRETURNEquityIndexFundsGrowth FundsRISKBalance FundsOptimalAggressive Stance## the size of the circle denotes the level of liquidityLowRBIComp FDP.O.Income FundsGOI SecLiquid FundGilt FundsSedate ZoneBank FDHigh

Investment ProductsStocks-offer dividend & capital appreciation.Bonds-offer safe return.Real estate-offers rent & capital appreciation.Precious metals-appreciate over time and are a hedge against uncertainties.Art work-appreciate over time.Insurance-used as security against risk of uncertainties.

Portfolio Construction

- Matching investor profile with investment options

Asset AllocationAn asset allocation is a strategy of dividing the portfolio among various asset classes so as to obtain the desired portfolio characteristics to suit distinct investor profiles.Bonds, Stocks and Cash equivalents are the most commonly used asset classes in any asset allocation. It is an organized and effective method of diversificationStocksBondsCashThe asset allocation for an investor depends on the investors expectations of returns and the risk the investor is willing to take.

Investments : Key DeterminantsSecurity Selection 4.6%Market Timing 1.8%Other Factors 2.1%The most important determinant of portfolio return is asset allocation .Asset Allocation 91.5%Source: Brinson, Singer & Beebower ( 1991 )

Asset allocationAsset Allocation encompasses the following:Selection of the asset classesProper blending of these asset classes in a portfolioManaging the asset mix over time.

Lifecycle Investment Guide

Chart1

10

5

20

65

Mid Twenties

Sheet1

REAL ESTATECASHBONDSSTOCKS

Mid Twenties1052065

Late Thirties to Early Forties1053055

Mid Fifties12.5537.545

Late Sixties and beyond15105025

Sheet1

0

0

0

0

Mid Twenties

Sheet2

Sheet3

Chart2

10

5

30

55

Late Thirties to Early Forties

Sheet1

REAL ESTATECASHBONDSSTOCKS

Late Thirties to Early Forties1053055

Late Thirties to Early Forties1053055

Mid Fifties12.5537.545

Late Sixties and beyond15105025

Sheet1

0

0

0

0

Late Thirties to Early Forties

Sheet2

Sheet3

Chart3

12.5

5

37.5

45

Mid Fifties

Sheet1

REAL ESTATECASHBONDSSTOCKS

Mid Fifties12.5537.545

Late Thirties to Early Forties1053055

Mid Fifties12.5537.545

Late Sixties and beyond15105025

Sheet1

0

0

0

0

Mid Fifties

Sheet2

Sheet3

Chart4

15

10

50

25

Late Sixties and beyond

Sheet1

REAL ESTATECASHBONDSSTOCKS

Late Sixties and beyond15105025

Late Thirties to Early Forties1053055

Mid Fifties12.5537.545

Late Sixties and beyond15105025

Sheet1

0

0

0

0

Late Sixties and beyond

Sheet2

Sheet3

Asset Allocation PrinciplesRisk and return are relatedRisk depends on the length of time one holds the investmentRupee Cost Averaging can reduce the risks of investingRisks that an investor can take depends on the investors capacity to take risks and his attitude to take risks.

Asset Allocation driversAsset allocation must take into account 2 factors:Time horizon: the number of years you have to invest

Risk tolerance: your ability or willingness to endure short-term declines in the value of your investments as you pursue your long-term investment goal

Asset Allocation Styles-Strategic Asset AllocationStrategic asset allocation is a method that establishes and adheres to what is called a 'base policy mix'. This is a proportional mix of assets based on expected rates of return for each asset class E.g. If stocks have historically returned 10% per annum and bonds have returned 5% per annum, a mix of 50% stocks and 50% bonds would be expected to return 7.5% per year

Asset Allocation Styles-Tactical Asset AllocationIn the short term, the investor may occasionally engage in tactical deviations from the mix in order to capitalize on unusual or exceptional investment opportunities This flexibility adds a component of market timing to the portfolio, allowing investors to participate in economic conditions that are more favourable for the performance of one asset class than for others

Asset Allocation Styles-Tactical Asset AllocationTactical asset allocation can be described as a moderately active strategy, since the overall strategic asset mix is returned to when desired short-term profits are achieved This demands some discipline from the investor or portfolio manager, as he or she must first be able to recognize when short-term opportunities have run their course, and then rebalance the portfolio to the long-term asset position

Asset Allocation Styles-Dynamic Asset AllocationDynamic asset allocation is when the mix of assets is constantly adjusted as markets rise and fall and the economy strengthens and weakensE.g. In a dynamic portfolio, if the stock market is showing weakness, stocks are sold in anticipation of further decreases in stock values, and if the market is strong, stocks are purchased in anticipation of continued market gains

Which Asset Allocation style is best ?Asset allocation can be an active process in varying degrees or strictly passive in nature.Choice of a precise asset allocation strategy or a combination of different strategies depends on ones goals, age and risk toleranceThese are only general guidelines on how investors may use asset allocation as a part of their core strategies Allocation approaches involving anticipating and reacting to market movements require a great deal of expertise and talent in using particular tools for timing these movements.Accurately timing the market is next to impossible, so make sure your strategy isn't too vulnerable to unforeseeable errors

Evaluate Investment Options

Research Your InvestmentsOnce you know HOW to invest.Its time to figure out where to put your money.

Research Your InvestmentsWhat do I need to know?

Research Your InvestmentDiscover historical trendsPerform financial analysis Compare with the peer groupObtain relevant economic newsForecast future performance View recommendations of the experts To....

Creating a portfolio:

Once the asset allocation decision has been made the second step is to select individual securities and build a portfolios for each of the asset class under consideration.

The process begins with selecting securities from the investment options in the assets class and adding the selected securities to form a portfolioThe standard deviation (p) of a portfolio decreases as securities are added, because they would not be perfectly correlated with the existing portfolio.Expected return of the portfolio would remain relatively constant Eventually the diversification benefits of adding more securities dissipates (after about 10 securities). For example in large equity portfolios, p tends to converge to 20%.

Let us now create a portfolio of a stock A and a bond B. Stock A is expected to deliver a return of 20% per annum with a volatility of 25% and bond B is expected to deliver a return 6% per annum with a volatility of 5%.

In case if we allocate the assets in equal proportion 50% in A and 50% in B than the resultant portfolio is expected to deliver a return of

(0.5)*20% + (0.5)*6% = 13.0% with an approximate volatility of 15%Creating a Portfolio

Now if we change the allocation to 25% in A and 75% in B than the resultant portfolio is expected to deliver a return of

(0.25)*20% + (0.75)*6% = 9.5% with an approximate volatility of 10%

It can be observed from the above that as one changes the asset allocation the returns as well as the risk profile of the portfolio changes considerably. Hence asset allocation is an investment portfolio technique that aims to balance risk and create diversification by dividing assets among major categories such as cash, debt and equity based on the risk profile and financial needs of the investorCreating a Portfolio

Asset class characteristicsThe purpose of using various risk categories in portfolios is to reduce risk through diversification thereby enhancing the risk/return ratio.

The proper allocation of assets in a portfolio begins with determining the proportion of the total portfolio to invest in each asset class.

Maximize returns, minimize risks

Risk / return characteristics of asset classesIt is useful to calculate returns and measure risk for asset classes over various past intervalsHelps to evaluate the behavior of the asset class over different economic cycles.May be taken as representative of the returns that investors may have expected to earn over the period.May in turn be useful in establishing benchmarks as to what returns investors might be expecting to earn in future.Availability of realized return and risk measures can be used to compare the relative performance behavior across asset classes.

Asset class characteristics

Security ClassMaturity of securityForm of returnRiskCash EquivalentsShortInterestLowFixed DepositsLongInterestMediumGovt SecuritiesLongInterestMediumCorporate BondsLongInterestMediumPreference SharesPerpetualDividendModerately highEquity SharesPerpetualDividend and capital gainsHigh

Tracking Your PortfolioFollow market trends Read the financial newsMonitor your selected investmentsShare information with othersFollow the performance of your selections

Dos and DontsDo keep informed of your investments once you purchase them.Do understand the advise of experts before you take it.Do invest for the long term.

Dont be discouraged. An investment in your future is worth the effort.Dont buy what you dont understand.

Understanding Risk & Returns

Investment returnsThe rate of return on an investment can be calculated as follows:

(Amount received Amount invested)Return = _________________________________ Amount invested

For example, if Rs.1,000 is invested and Rs.1,100 is returned after one year, the rate of return for this investment is: (Rs.1,100 Rs.1,000) / Rs.1,000 = 10%.

In case if we adjust the return obtained from above for inflation we arrive at the real return in the investment

Return Variability

ABCInvestment A: noreturn variation,no riskInvestment B: some return variation, someriskInvestment C:wide returnvariation, muchrisk4.0%2.5%6.00%15%-8%

Nature of Risk The more variable an investments return, the greater its riskA highly variable return could lead to investment losses if the investment needs to be soldHowever, the longer the investment is held, the greater the chances of earning the long-run rate of return

What is investment risk?Investment risk is related to the probability of earning a low or negative actual return.

The greater the chance of lower than expected or negative returns, the riskier the investment.

Two types of investment riskStand-alone riskPortfolio risk

Breaking down sources of riskStand-alone risk = Market risk + Firm-specific risk

Market risk portion of a securitys stand-alone risk that cannot be eliminated through diversification. Measured by beta.

Firm-specific risk portion of a securitys stand-alone risk that can be eliminated through proper diversification.

Standard DeviationIn investments risk is measured in terms of standard deviationMost important measure of variationShows variation about the meanHas the same units as the original data

Standard Deviation:

Xi=Observation= MeanN = Total No. of observation

Comparing Standard DeviationsMean = 15.5 s = 3.338 11 12 13 14 15 16 17 18 19 20 2111 12 13 14 15 16 17 18 19 20 21Data BData AMean = 15.5 s = .925811 12 13 14 15 16 17 18 19 20 21Mean = 15.5 s = 4.57Data CIt can be seen from above that data sets with same means could have widely different standard deviations depending on the variance from the mean

What is the market risk premium?Additional return over the risk-free rate needed to compensate investors for assuming an average amount of risk.Its size depends on the perceived risk of the stock market and investors degree of risk aversion.Varies from year to year, but most estimates suggest that it ranges between 4% and 8% per year.

The difference between the return on a risky asset and less risky asset, which serves as compensation for investors to hold riskier securities is known as Risk premium. The risk premium is one of the basis for any asset allocation decision.

Risk and Return are relatedSource: Ibbotson Associates, Stocks, Bonds, Bills, and Inflation: 1997 Yearbook

Average Annual Return (1926 97)Risk IndexSmall company common stocks12.7%33.9%Common stocks in general11.0%20.3%Long Term bonds5.7%8.7%Treasury bills3.8%3.2%Inflation Rate 3.1%

Risk depends on the length of time one holds the investment

Chart1

0.5262-0.2647

0.2392-0.0236

0.19350.0124

0.17520.0431

0.16650.0553

0.1310.079

Maximum

Minimum

Range of Annual Returns on Common Stocks for Various Time Periods, 1950-97

Sheet1

MaximumMinimum

1 Year52.62%-26.47%

5 Years23.92%-2.36%

10 Years19.35%1.24%

15 Years17.52%4.31%

20 Years16.65%5.53%

25 Years13.10%7.90%

Sheet1

00

00

00

00

00

00

Maximum

Minimum

Range of Annual Returns on Common Stocks for Various Time Periods, 1950-97

Sheet2

Sheet3

Sensex Returns Analysis -1979 to 2004Equities deliver superior risk adjusted returns over the long term

Chart1

26.9621975587266.8758615375-46.7789964994

17.731575558381.7601454766-15.2098396126

17.589126578953.0434825034-4.7703462447

18.025679685442.8010287538-1.9247447051

18.829110462634.7122980624-2.0893961803

19.080570171927.396759952613.0287775703

Average Return (%)

Highest Return (%)

Lowest Return (%)

Time Horizon (years)

Returns (%)

Sheet1

YearAgri Wt(%)Ind Wt(%)Serv Wt(%)Agri Gr(%)Ind Gr(%)Serv Gr (%)GDP Gr(%)

60-61521929.13.16.34.3629043.9Year60-611970-711980-811990-911998-99

70-71462231.92.55.54.8904263.7Agri Wt(%)38.526.819.811.42.2

80-81402436.01.84.14.41224273.2Agri Gr(%)3.12.51.83.62.8

90-91332839.13.67.16.72122535.6Ind Wt(%)18.722.324.428.024.7

98-99292546.12.85.77.810818345.8Ind Gr(%)6.35.54.17.15.7

01-02242254.65.73.26.55.6

02-03222256.1-3.25.77.14.3

03-04232355.08.06.57.07.0

Serv Wt(%)42.850.955.960.673.1

Serv Gr (%)4.34.84.46.77.8

GDP Gr(%)3.93.73.25.65.8

YearAgricultureIndustryServicesGDP Growth

1960-613.1%6.3%4.3%3.9%

1970-712.5%5.5%4.8%3.7%

1980-811.8%4.1%4.4%3.2%

1990-913.6%7.1%6.7%5.6%

2000-012.8%5.7%7.8%5.8%

Religion%

Buddhist0.7%

Christian2.4%

Hindu80.0%

Jain0.5%

Muslim14.0%

Others0.4%

Sikh2.0%

Sheet1

0.56457745330.15047467990.2849478669

0.52131819920.18742846240.2912533384

0.45766704270.22348660780.3188463495

0.39644849580.24363906650.3599124376

0.32913551280.28029285810.3905716291

0.29155582090.24705176580.4613924133

Agriculture

Industry

Services

India - Sectoral contribution to GDP

Sheet2

0.0310.0630.043

0.0250.0550.048

0.0180.0410.044

0.0360.0710.067

0.0280.0570.078

Agriculture

Industry

Services

Decadal growth ending

Growth per annum

India- Sectoral growth rates

Sheet3

0.007

0.024

0.8

0.005

0.14

0.004

0.02

%

India - Religious affiliations

0.039

0.037

0.032

0.056

0.058

GDP Growth

GDP - Decadal growth rates

52.118.729.13.16.34.3

45.822.331.92.55.54.8

39.624.4361.84.14.4

32.92839.13.67.16.7

29.224.746.12.85.77.8

23.921.554.65.73.26.5

22.121.856.1-3.25.77.1

23235586.57

&A

Page &P

Agri Wt(%)

Ind Wt(%)

Serv Wt(%)

Agri Gr(%)

Ind Gr(%)

Serv Gr (%)

Emergence of Services Sector

PERFORMANCE OF BSE SENSITIVITY INDEX

NO.YEAR ENDSENSEXROLLING 1 YEAR GROWTHROLLING 3 YEAR GROWTHROLLING 5 YEAR GROWTHROLLING 7 YEAR GROWTHROLLING 10 YEAR GROWTHROLLING 15 YEAR GROWTH

031-Mar-79100.00

131-Mar-80128.5728.57

231-Mar-81173.4434.90

331-Mar-82217.7125.5229.61

431-Mar-83211.51(2.85)18.05

531-Mar-84245.3315.9912.2519.66

631-Mar-85353.8644.2417.5822.44

731-Mar-86574.1162.2439.4927.0528.36

831-Mar-87510.36(11.10)27.6618.5821.77

931-Mar-88398.37(21.94)4.0313.5012.61

1031-Mar-89713.6079.137.5223.8118.4821.72

1131-Mar-90781.059.4515.2417.1620.5219.77

1231-Mar-911167.9749.5443.1215.2624.9721.01

1331-Mar-924285.00266.8881.7653.0442.8034.71

1431-Mar-932280.52(46.78)42.9341.7621.7826.84

1531-Mar-943778.9965.7147.9039.5733.1131.4527.40

1631-Mar-953260.96(13.71)(8.70)33.0935.0324.8724.05

1731-Mar-963366.613.2413.8623.5824.8119.3521.86

1831-Mar-973360.89(0.17)(3.83)(4.74)23.1820.7420.02

1931-Mar-983892.7515.826.0811.2918.7725.6021.43

2031-Mar-993739.96(3.92)3.57(0.21)(1.92)18.0219.92

2131-Mar-005001.2833.7314.178.9311.8720.4019.31

2230-Mar-013604.38(27.93)(2.53)1.37(0.67)11.9313.03

2228-Mar-023469.35(3.75)(2.47)0.640.89(2.09)13.63

2331-Mar-033048.72(12.12)(15.21)(4.77)(1.41)2.9514.53

2431-Mar-045590.683.3815.768.377.543.9914.71

Probability of Loss0.420.230.150.170.070.00

242220181510

1053310.00

Holding period Return (Mar'79-Mar'03)

Years13571015

Average Return (%)271818181919

Highest Return (%)2678253433527

Lowest Return (%)(47)(15)(5)(2)(2)13

Years13571015

% Negative Returns4223151770

% Positive Returns5877858393100

000

000

000

000

000

000

Average Return (%)

Highest Return (%)

Lowest Return (%)

Time Horizon (years)

Returns (%)

00

00

00

00

00

00

% Negative Returns

% Positive Returns

Market Timing is DangerousThe opportunity loss incurred when attempting to time the market could be exceptionally highPatience and discipline are required to avoid a wrong moveAnnual Return of Sensex over last 24 years

Rupee Cost Averaging can reduce the risks of investing-buy less when price is high & more when price is low.

PeriodInvestment amountPrice per ShareQty of Shares Purchased1Rs.150Rs. 7522Rs.150Rs.2563Rs.150Rs.503Total CostRs.450Average PriceRs.50Total Shares owned11Weighted Average Cost: Rs. 40.91 ( 450 / 11)

Measurement of RiskRisks can be classified as Systematic risks and Unsystematic risks.Unsystematic risks: These are risks that are unique to a firm or industry. Factors such as management capability, consumer preferences, labour, etc. contribute to unsystematic risks. Unsystematic risks are controllable by nature and can be considerably reduced by sufficiently diversifying one's portfolio. Systematic risks: These are risks associated with the economic, political, sociological and other macro-level changes. They affect the entire market as a whole and cannot be controlled or eliminated merely by diversifying one's portfolio.

What is Beta?The degree to which different portfolios are affected by these systematic risks as compared to the effect on the market as a whole, is different and is measured by Beta. To put it differently, the systematic risks of various securities differ due to their relationships with the market. The Beta factor describes the movement in a stock's or a portfolio's returns in relation to that of the market returns. For all practical purposes, the market returns are measured by the returns on the index (Nifty, Mid-cap etc.), since the index is a good reflector of the market.

Beta is calculated as : where ra measures the rate of return of the asset, rp measures the rate of return of the portfolio of which the asset is a part and Cov(ra,rp) is the covariance between the rates of return. In the CAPM formulation, the portfolio is the market portfolio that contains all risky assets, and so the rp terms in the formula are replaced by rm, the rate of return of the market.Beta is also referred to as financial elasticity or correlated relative volatility, and can be referred to as a measure of the sensitivity of the asset's returns to market returns, its non-diversifiable risk, its systematic risk or market risk. Covariance measures how two variables co-vary, and is given by :Sum (x- mean(x)) (y-mean(y)) / N-1

Where, N denotes the total number of observations. In order to calculate the beta of a portfolio, multiply the weightage of each stock in the portfolio with its beta value to arrive at the weighted average beta of the portfolioBeta: Methodology / Formula

Understanding Historical Trends is the key to success in Asset Allocation

Investing is a lot of numbers. One needs to get used to that, and quickly.

An investor can see exactly what he needs to get to his destination, and can be accountable to himself along the way.

Bonds and stocks are the two major asset classes that have been used by investors over the past century.

Knowing the total returns on each of these, and their associated volatility, is crucial to deciding where an investor should put his money.

Looking through the rear view mirror makes the journey safer .

InvestmentTerminology

Asset Anything that has monetary value. Typical personal assets include stocks, real estate, jewelry, art, cars, and bank accounts.

Asset allocation Dividing investment dollars among various asset classes, typically among cash investments, bonds, and stocks.

Asset classes The three major asset classes are cash (also called cash reserves, money market instruments, etc.), bonds, and stocks.

Diversification Investing in separate asset classes (stocks, bonds, cash) and/or stocks of different companies in an attempt to lower overall investment risk.Investing terminology .

Portfolio All the securities held by an individual, institution, or mutual fund.

Compounding When an investment generates earnings on reinvested earnings.

Capital appreciation One of the two components of total return, capital appreciation is how much the underlying value of a security has increased. If you bought a stock at Rs.10 per share and it has risen to Rs.13, you have enjoyed a 30% return or appreciation on the original capital you invested. Dividend yield is the other component of total return.

Investing terminology .

Dividend A share of a company's earnings paid to each stockholder.

Dividend yield The annual percentage rate of return paid in dividends on a share of stock. To figure out the dividend yield (or just "yield"), divide the annual dividend by the current share price of the stock.

Inflation A rise in the prices of goods and services.

Real return The inflation-adjusted returns of an investment.

Investing terminology .

Risk-adjusted return A measure of how much risk a portfolio has employed to earn its returns.

Unrealized capital gain/loss An increase (or decrease) in the value of a stock or other security that is not "realized" because the security has not yet been sold for a gain or loss.

Annualize To make a period of less than a year apply to a full year to facilitate comparative analysis.

Volatility The degree of movement in the price of a stock or other security.Investing terminology .

Risk tolerance The measurement of an investor's willingness to suffer a decline (or repeated declines) in the value of investments while waiting and hoping for them to increase in value.

Standard Deviation A measure of variation about the mean

Beta A measure of the relative volatility of a stock or other security as compared to the volatility of the entire market (usually measured by the S&P 500 index). A beta above 1.0 shows greater volatility than the overall market, and a beta below 1.0 is less volatile.

Investing terminology .

Broker One who sells financial products. Whether in insurance, real estate, or stocks, most brokers work under compensation structures that are at direct odds with the best interests of their clients. When using a broker, you should always find out how he or she is compensated.

Order A request from a client to a broker to buy or sell stock, either at the market price or at a specific price.

Bear A person with a generally pessimistic market outlook or a pessimistic view on a sector or specific stock.

Investing terminology .

Bear market When the overall market loses value over an extended period of time.

Bull A person with a positive or optimistic outlook for the general market, a market segment or industry, or for particular stocks

Bull market A market that has been gaining value over a prolonged period.

Investing terminology .

Buy-and-hold A strategy that employs buying shares of companies with the intention of keeping those holdings for a long time, preferably indefinitely, and participating in the long-term success of being a partial owner of the business underlying the stock.

Market timing An investment strategy based on predicting short-term price changes in securities, which is virtually impossible to do.

Churn Churning is unconscious or conscious overtrading by a broker in a customer's account. Since brokers are most often compensated by the number of transactions made on a customer's behalf, there is temptation to trade too frequently, whether that's in stocks, bonds, or mutual funds with loads.

Investing terminology .

Capital gain/loss The difference between the price at which an asset is sold and its original purchase price (or "basis").

Long-term capital gain A profit on the sale of stock, mutual fund shares, or other securities that have been held for more than one year. Taxes owed on long-term capital gains are lower than those on short-term capital gains.

Short-term capital gain A profit on the sale of a security that has been held for one year or less. Short-term capital gains are taxed as ordinary income.

Investing terminology .

Bond An interest bearing or discounted debt security issued by corporations and governments. Bonds are essentially loans by the investor to the issuer in return for interest payments.

Common stock A security representing partial ownership in a public or private corporation.

Blue-chip stocks Really good, large companies -- often INDEX components -- that have been around long enough to have a solid history of rewarding shareholders.

Investing terminology .

Index An unmanaged selection of securities whose collective performance is used as a standard to measure investment results.

Mutual fund The pooled cash of many unitholders that is invested according to a stated objective, as defined by the fund's prospectus.

Open-end fund A mutual fund that has an unlimited number of units available for purchase. Most mutual funds are open-ended.

Investing terminology .

Net asset value (NAV) The net asset value is the price of each unit of a mutual fund. It is calculated by subtracting the fund's liabilities from its total assets, and dividing that figure by the number of units outstanding. The NAV is the amount of money that an investor would receive for each unit if the mutual fund sold all of its assets, paid off all of its outstanding debts, and distributed the proceeds to unit holders.

Investing terminology .

OPT 4 MOREOPT 4 More is a tool to identify the risk return profile of an individual and suggests investments in a basket of Short term & Hybrid MF Income Plans, Equity MF and sacred assets like Bank FD and GOI bonds to suit each profile.

OPT 4 MORE - Asset Allocation based on risk profileOPT 4 MORE is a asset allocation product based on the risk profile of the investor. Asset allocation is a disciplined, long-term financial strategy for investing money into various asset classes based on the investment goals, time horizon, and risk tolerance. Asset Allocation is an investment portfolio technique that aims to balance risk and create diversification by dividing assets among major categories such as cash, debt and equity based on the risk profile and financial needs of the investor

Know your Risk ProfileRisk profiling is a well-established scientific and robust way of profiling risk among investorsResearch has established clear relationships between demographic attributes of investors and their investment risk appetiteOPT 4 MORE has a detailed client profiling form which would help the client in under standing his risk profile. This helps the investor to invest in the right asset allocation based on his needs.

Conservative Risk ProfileThis profile is suitable for investors who prefer to preserve capital and do not intend to taking any exposure to high risk investments. This investment profile aims to obtain marginally higher return predominantly through bank fixed deposits and a mix of debt schemes and does not invest in equity or related instruments.

Moderate Risk ProfileThis profile is suitable for investors who are willing to take an exposure of upto 30% in higher risk investments like equity related products with a medium term horizon in mind. This moderate equity exposure is to enhance the returns on the portfolio.

Aggressive Risk ProfileThis profile is suitable for aggressive investors who are willing to invest upto 50% of their portfolio in equity related products and clearly are well informed about the potential downside that could arise in case of a sharp fall in the markets. Over the long term period of upto 5 years this portfolio has the potential to outperform and deliver above average returns.

Opt 4 More Current Asset Allocation

Returns

Conservative Allocation (%)Moderate Allocation (%)Aggressive Allocation (%)

One Year Returns4.5%17.6%22.9%

Volatility0.4%7.8%11.8%

Sharpe Ratio0.01.71.6

Asset Alloc

Asset CategoryConservativeModerateAggressiveAsset CategoryConservativeModerateAggressive

OriginalCurrentOriginalCurrentOriginalCurrentEquity Mutual Funds0.030.050.0

Equity Mutual Funds0.00.030.030.550.050.5Hybrid Income Funds15.010.010.0

Hybrid Income Funds15.015.010.09.910.09.9Short Term Income Plans10.010.010.0

Short Term Income Plans10.010.010.09.910.09.9Floating Rate Plans15.010.010.0

Floating Rate Funds15.015.010.09.910.09.9

GOI Savings Bonds20.020.110.010.010.09.9GOI Savings Bonds20.010.010.0

Bank Fixed Deposits40.040.030.029.810.09.9Bank Fixed Deposits40.030.010.0

Total100.0100.0100.0100.0100.0100.0Total100.0100.0100.0

Asset CategoryConservativeModerateAggressive

Equity0%20%30%

Fixed Income15%10%10%

Total15%30%40%

Graphs

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12.779173304814.433863304510.414806699215.2080973255

12.836101420714.558196974110.415073251715.5282470571

12.934672347514.723577476410.415339804315.8483967887

12.917060429314.673975734410.414646284615.8272176526

12.927026680614.687008151910.411505972715.7493966409

12.884766894714.613395687910.406017507315.6272472048

12.673520840914.231668860110.39158147614.8623356154

12.511690144213.97581841110.38649251514.614588977

12.607899474114.120318927110.381806302514.8539624686

12.682791516914.243884310210.376066336215.1228882431

12.581899022514.065942749810.380425087714.7278727282

12.671954981614.194617865210.384999427314.9839925134

12.733007139514.286646317710.387106399115.1952913363

12.738873878814.31181378610.385680024315.274097424

12.760566566614.356451648910.379503123215.2519332118

12.743015880514.340743769510.357648485515.2169630104

12.646822999514.177415861210.360964281814.8593803871

12.509708387113.953341029610.34839186214.5924247648

12.556802276714.030834764210.331830058814.7859922179

12.540815028514.002825914910.353260009414.7244249618

12.596450804614.078985779510.35843903114.8948431266

12.532585043813.972897583510.331886452914.6894547604

12.483792352713.890614303810.322282571314.5988277594

12.469463591313.879351708610.287511249714.5269172044

12.353241436513.682537905110.289729282614.2451854406

12.414852724813.782360563310.277370199514.4880066985

12.510528516813.945582054410.265876511314.6628577058

12.637910950214.153740334410.261804888414.9174998769

12.769489889214.363079997510.265055325215.1425897651

12.781247036214.379717711510.272063322515.1455449934

12.764927585614.333286642910.281064506115.040634389

12.836602347214.467644237210.280514272815.4341722898

12.692102790614.230758016510.25294095714.9549327686

12.805365580814.442715235910.252691590915.3002019406

12.825810336314.472844673310.248984645315.3371422942

12.773483196214.375152479610.266911499815.1632763631

12.719237513714.304468286410.25743924115.000246269

12.78146983314.406637162710.237962879715.1642614392

12.859577777514.546000741910.234623942115.355366202

12.890720457214.595238491810.242347786515.4814559425

12.866583556914.548967052510.246484885415.4272767571

12.949602348614.684843852110.23958248815.7425011082

12.966451831414.724490542310.239857813215.7769787716

13.028280227314.823057008210.241587426315.9385312515

12.95431530314.705498321710.235744217515.7686056248

12.924068227514.648707619710.210717193215.7035906024

12.9939592314.755846451510.170426846615.9454267842

13.044829620214.846067184810.191926575916.0793971334

13.070193426614.880109022910.189483520716.14588977

13.073099802214.905366537510.185071184416.0626508398

13.05906812614.893985418710.19713600416.0227552578

13.143403527715.037448309110.203806367116.3025168694

13.112509220114.992880782510.173626745116.0902329705

13.142606075815.043200854510.157527145416.1808599714

13.168409502315.090068479210.13328587216.2749347387

13.064519663114.911568470710.118432307315.973993991

13.018386575514.839261261310.109318080315.832143033

13.011218952914.823415720910.116434131215.7434861843

12.997875991514.794653772110.119574513815.7528444072

13.032290492414.848819897910.135178514915.8040683643

12.985675047114.770346952110.129407972515.5819337044

13.066422013814.910947766610.142261663415.851844555

13.017366853614.824708582110.142395620415.6661577107

12.975666834914.741211615510.151089814115.5464709649

13.028464782314.823713508510.164056125215.6784711619

13.089074679514.914014701510.178616141715.7188592819

13.144971159215.018079699110.169395160215.8671132345

13.232317798215.178749459410.176137457916.0414717037

13.289280955715.266741897110.203308736416.1104270305

13.284086796515.249594878610.190942349516.0498448505

13.319857276715.307793061810.213454893116.0971285032

13.364288618815.377825075710.21868607416.1946510368

13.384769206415.419777647910.214739569516.2552332168

13.418201738315.470961154310.211367094816.3153228587

13.391409955815.420352755210.208482275416.2439048416

13.437377507415.504574786110.214774870816.4384573708

13.459139830515.530096403610.205061344416.5019947791

13.494205998415.571253848310.208704077516.6039501551

13.491438213615.58274538710.204937582416.5808008669

13.562246578115.709138657310.209135212616.8024429887

13.621550779615.798452727510.219230862517.0777717579

13.627027023615.798245595310.220081949417.0299955672

13.695312245615.927455008310.22382801617.2772496675

13.61860169115.809431632810.239391511417.0038910506

13.627235487715.844061014610.245041550416.967935773

13.616930494215.83342480110.241694579516.9186819682

13.559459356315.729314318410.220870677516.7487563414

13.63631554515.845011200210.219511616417.0216224203

13.659208380215.88432978710.219828920817.1945032754

13.745329826316.028020081910.208144372817.4865783382

13.834665290116.191902723710.206928484317.7870265478

13.877249658416.283925843210.197032984717.8540117224

13.833853955616.214339310810.192983496517.6811308674

13.868589677416.268822599710.182600834717.8860266956

13.880768650716.286005577810.173205919817.9303551199

13.827188310116.20240330910.167883575117.8077131458

13.736615134116.040452565610.172611643717.6023247796

13.757942554816.045601112710.179556130717.6796532532

13.756295266116.031308829410.182556362817.6821159435

13.739455699916.000083034210.183292006617.5934590947

13.809592200516.106826160610.185104033117.8141161405

13.748111012616.003110657410.189893556817.6333546766

13.718925308315.962337540410.197876874817.5318918386

13.620879445915.78142066910.201811388417.3102497168

13.707103402315.908711270310.174978540117.5446978279

13.741283868415.974783351710.166785519617.5722799586

13.765980507916.045337877510.15521179717.7323548244

13.738074242915.99861888910.162709452517.6023247796

13.793042547216.089202470210.162212045517.606265084

13.840188547416.169130116510.163710534717.7146234547

13.937718277716.312745319410.164598988717.8707580161

13.934009277416.318026869210.162875474818.103728513

14.005274327416.443150634410.122557747218.0864896813

14.011919428916.457015540110.118292048418.2480421613

13.998874608816.424633590910.125723141318.357385608

14.03928483316.503897924610.121868131318.4844604246

14.110144974116.619251765210.125269565818.448505147

14.160332374716.698257793110.122552052818.5100724031

14.189675440216.754278690110.129766763518.6223710782

14.103175794316.612583001810.137895033618.6371472196

14.113547577516.62707807510.138915938818.4460424568

14.198168375316.779358081610.134163086318.4539230656

14.234764374216.851335240810.13624893418.6489681328

14.203827960116.809701444910.139492836518.7583115796

14.320497626916.980262602310.141948707118.7095503128

14.339924967916.990585425610.155483155119.1129389745

14.372555170617.04449037210.151506800219.4023050781

14.547789617917.306282019210.147530445319.6916711816

14.527179020417.278198049910.150978190719.6640890509

14.539240148717.298638760510.15406870619.6340442299

14.539473093417.316794943310.15313108719.6296113875

14.534597896317.282260791910.157037483819.4843126632

14.572778278317.355058025810.160980974119.6025217948

14.540773492217.301422186710.174441146419.3961483525

14.586247357317.395721729210.172055804919.5572082943

14.657327283817.528229554110.168579681519.7685071172

14.704756273517.616582937210.17124504419.9842387824

14.734475464717.674075823610.173852664820.0285672068

14.727498032117.661956892310.176651078919.8207161503

14.791500919317.786037368110.178461844119.9660148746

14.884743404117.934196149810.185572485820.1413584199

14.857383619117.874080896310.191103073220.0497463429

14.908444673717.958369665710.205075930920.1462838004

14.94970632718.02345464510.20929732920.3191646555

14.978266667518.066269023510.211624114720.3181795794

15.065322647918.208190369210.218236637620.4043737379

15.053345872118.16714085310.218967667320.3871349062

15.043781378618.131243278610.217972589320.2905974487

15.123967804818.284071565210.210325590420.4945082008

15.193153011718.415446639910.216932152520.8343594543

15.184702320118.410300383210.229443168820.7235383933

15.03761921718.120063067510.220166199220.0187164458

14.962574495117.972287606610.209663760419.685268187

15.006867179318.055092715910.218489060519.8542087376

14.953039619117.943208591610.217763475419.5242082451

14.887219851417.800150045710.225487379119.229177954

14.7909321817.596153051910.221080226518.8504161947

14.886519487317.800227804710.223249572619.2538048564

14.834327718317.689337712310.216412484819.0228045116

14.835874681417.682779577710.216285251719.0405358814

14.852460139717.707651141410.211481068419.0518642565

14.834110011717.679522043110.20962425118.9789686253

14.819805688217.627965800210.213131498118.965670098

14.789770335517.568703805710.214238203618.8051026942

14.840426142117.671759509510.215493750419.0301925824

14.903321168917.788642915910.216637627819.2582376989

15.020140794618.024723891310.223781900819.7832832586

15.104214372218.191050762310.226144709520.2689257745

15.117915667918.218677522710.226892436720.2910899867

15.146400186418.267242503910.233599711520.2162242033

15.205202968918.392080108610.232346185520.4841649017

15.209351578518.403305527810.233192575420.4693887603

15.178592098918.343670132610.239248421520.2442988721

15.189622209618.359022225810.240128028820.2447914101

15.240902423118.473541005710.248114486720.3255676501

15.283997242718.556204753810.251522512620.5097768803

15.320211190718.610424089210.251717368920.669359208

15.308337650118.584189397210.253437161620.5875978919

15.288303753718.534655759310.253910668620.3792542974

15.268501044318.489485889110.25887923320.3112840467

15.268388689618.484480217610.262794701520.2487317145

15.247770500618.431351497410.264042308220.1270748165

15.278852284818.494153934910.266697038620.2768063833

15.289789811118.515000800610.267777139120.264000394

15.291879764818.504677612210.271523857620.2462690243

15.284366427118.486360538810.27304392620.3014332857

15.372320773218.655696345210.272149216420.7186130129

15.309426007118.5262224110.261915615620.5329261685

15.345556579618.59945116910.264250532720.6201054031

15.409664896418.72633196510.267891993320.9707924937

15.445035809118.800564832710.269593515821.1609121805

15.471728026618.853514213610.273588388221.2786287741

15.515703117318.919045968110.274731051921.3658080087

15.478243229918.842853877810.275383708821.2855243068

15.498792793318.884020223610.273381410121.3505393292

15.469924889418.828339209610.275874113321.2185391321

15.464641953318.805173448810.276778462921.1431808107

15.435303918818.74914014810.275248737820.9717775698

15.421832189818.728929862410.276072770920.9382849825

15.368547793118.612448604910.273070554920.6718218982

15.377404337318.627578851410.278196430120.7767325026

15.357433356918.586246129410.278722583920.6531054524

15.260551852218.398928858810.279903094920.3083288184

15.18574268318.244260285210.28022749219.9615820322

15.17872679918.226597484410.285981929419.8532236615

15.199092788618.26079367810.287534842219.9916268532

15.126686400118.098707028410.287288552119.5424321529

15.150619453818.157332736810.288651738619.6394621485

15.180639157818.210620240910.288725428520.0527015712

NAV

30% Change in Asset Allocation

2

3

Change in Asset Allocation

Moderate Asset Allocation

Aggressive Asset Allocation

Income Schemes average

Nifty

Sheet1

101010

10.003613121910.001973994210.0092277987

10.008005339310.005126005410.0197132786

10.013192601310.011167844210.0334523605

10.015325620210.018344100510.0353396408

10.022791837710.020337781610.0420852268

10.021672256510.016945244910.0327571475

10.024607980610.016706808910.0403817708

10.026591075710.017935451610.0424672725

10.027796152210.015038925210.0408941545

10.036831258310.017405910210.0575397269

10.040450314410.021441015310.0646838022

10.041409985110.02297849110.0651882651

10.043760295710.024305394210.06735572

10.048549114710.026703835310.0783984933

10.056272306210.029253584310.0885431677

10.058569855410.031112214710.0903597335

10.061986885510.033120492910.0979161967

10.057859216510.020919084210.0793110715

10.06134401410.021748406210.0832202629

10.065678071210.021945202210.0839359186

10.069091466610.026123110.0898079787

10.071466349310.028265508610.0947800713

10.07245990410.029766699710.093703885

10.072913648510.029910333510.0932298486

10.076785876210.030053967310.0927558123

10.07759496310.025914464410.0917517392

10.081713910310.033239792410.1058656111

10.083021203610.034706498510.107499855

10.084615861310.03737070510.1068116935

10.089845266110.039300571910.1121985809

10.091798749810.041611698410.1146078501

10.092801587610.041545939710.1124343882

10.093034592910.038545743810.1085167276

10.095060477310.041225899110.1132097973

10.102765833510.045114322510.1280121182

10.104143528210.047553480610.127166634

10.10784671410.054510595410.13793639

10.11353055110.066037190210.1540872898

10.12067751410.078706507510.1778430567

10.126214317110.080681630110.1792363008

10.128592772510.083202821810.1814688534

10.129608941810.083651228410.1815712225

10.134608665910.089136842710.1933832283

10.140601249810.092255244810.2006167944

10.148523007310.095373646810.2078503605

10.154295067510.101635604210.2225207523

10.157384213610.10575956110.2275270605

10.160911991110.108349741510.2350374625

10.169453324810.111223137210.2370096472

10.170632842210.11409653310.2389818319

10.173382959510.117082630310.2440910532

10.171621059610.117082630310.2440910532

10.178719105710.117410169210.243862009

10.180513789310.11773770810.2436329648

10.181569782610.117780260610.2423291775

10.182063643410.116904976110.2381463399

10.21617842310.144706285510.3292043841

10.224950011310.166615491110.3732533548

10.224172228210.166404353510.3735020963

10.225972008310.166193215810.3737508379

10.224199906510.159493538610.3587030225

10.227509249910.159498693710.3516296556

10.227205948710.156849860510.3404448115

10.228663892410.155672946710.3353976762

10.230977055710.157125557410.3416748999

10.286588209810.178338455510.3828538044

10.308120612310.21682271210.4558920657

10.312374911510.224343844210.4642610518

10.315779462110.226015239110.4708029859

10.331586491110.233290378410.5156219531

10.346183377610.261132632710.5644487924

10.348215136310.269543600610.5644589103

10.350075538210.276083594910.5686251851

10.350514158710.274375202210.5665745433

10.360036101910.279029252310.5869913363

10.365367266110.291120083610.6055922812

10.375127223310.301438996110.6255442076

10.386956469510.311757908610.645496134

10.384343536510.303119474810.6322208265

10.375842199110.298277158110.6238443888

10.370502547310.293434841410.6154679512

10.355292363810.261508527910.5551717775

10.339465151910.222445370910.4959265728

10.345308577610.238951205110.5276614133

10.346726066610.237531884710.5009191046

10.330116305210.20082250510.4277834233

10.348960697610.230388823210.5132665915

10.354406541810.239920275810.5251504689

10.351964273110.233545917510.4999509536

10.353600318310.230655297810.4879168425

10.364273860310.250966471410.5306371491

10.373954144110.268545710210.5682180132

10.371938038410.263176901610.5541307084

10.37146773110.26018417210.546132934

10.378537792510.262494662510.5610665469

10.380058902910.265287031810.561932003

10.377729432710.258804148610.5438919724

10.373202539110.243778216510.5119079427

10.373048147710.229424596310.5037731007

10.360804642410.215401513410.4353475043

10.366335128710.223808076310.4577517852

10.37205127810.2345588210.4783409562

10.374798416310.237921984710.4799236849

10.374989439610.235188398510.4709189723

10.377822586210.234644730710.4619571143

10.375208552110.227313377510.4430653554

10.383697620210.234090746110.4702899869

10.378849619710.223910232910.4438634693

10.367549517510.210602765210.3803357964

10.379000012610.233609302910.4258692667

10.370491674410.214119541410.3793346058

10.378942056710.227913446910.4095458341

10.385123229610.229975676610.4013218611

10.39466176910.248133776810.4107947815

10.402316709610.268559304310.4357689921

10.415288599810.300034801610.4952257889

10.41863037910.309258230110.5067217837

10.428810298610.318286349610.5229925813

10.441275804410.329079144210.5790905783

10.444141873510.329181771910.5690789324

10.44564748510.325854831610.5468445847

10.451968768310.341478149710.581359423

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10.493336729410.333020856810.571067894

10.490323479110.310526667910.5565772824

10.490573952610.288032479110.5420866707

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10.493215464410.276549547810.5284673268

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10.587651712610.389251282210.6430949052

10.590056678710.394078231210.6563652015

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10.612324504610.409142131210.6765550225

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10.627188758510.413540868610.6776178597

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10.643655927210.411950505110.6889330942

10.639390268310.407848701810.6799133907

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10.637998431710.396251092510.6591407768

10.645676254710.411150422210.6864749588

10.649844432910.410822797910.6857218781

10.652390046510.414326180510.6899666876

10.654935660110.417829563110.6942114972

10.656049299710.419436199410.69087847

10.656687396310.412381953310.6771194889

10.656319461410.403731532410.6628705221

10.658235477510.402350035910.6605004415

10.660734457410.408961754710.6688440343

10.661110349810.409483445210.667488504

10.657858952310.390847089110.6265126414

10.658359848810.384018059810.6193891107

10.664989335610.407510192610.6659742205

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10.668547738310.414806699210.6713052852

10.670336122510.415073251710.671303601

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10.676206089110.411505972710.6624144528

10.675523207810.406017507310.6490859474

10.671942976110.39158147610.6257331508

10.672140190110.38649251510.6191479014

10.673515847510.381806302510.6123924579

10.674281346110.376066336210.6016854643

10.676281928510.380425087710.6113236752

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10.681976882910.387106399110.6227764341

10.682760342710.385680024310.620214775

10.682531368110.379503123210.6119573076

10.680166965510.357648485510.5886706148

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10.676888377810.265876511310.4713342246

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10.691839732210.265055325210.467789372

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10.704724481910.25294095710.4496997031

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10.707506359910.248984645310.4554529906

10.713542052510.266911499810.4776540909

10.712224230910.25743924110.4624598697

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10.718344030910.242347786510.4388247921

10.720099706710.246484885410.4342543475

10.721222485510.23958248810.4241264015

10.722816507610.239857813210.4225277991

10.728017148110.241587426310.4255158046

10.72863523110.235744217510.4181588468

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10.71976833610.170426846610.3367540413

10.724300853210.191926575910.3651918323

10.7278554910.189483520710.3606122847

10.728738375310.185071184410.3564449824

10.731557275110.19713600410.3687876925

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10.731831824810.173626745110.3383838062

10.729607652410.157527145410.321170916

10.728913958110.13328587210.3072910003

10.728321604310.118432307310.3012349775

10.729300851210.109318080310.2796764635

10.731930439710.116434131210.2976311343

10.737079616110.119574513810.2984109074

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10.740834843110.129407972510.2890053093

10.744524037610.142261663410.3151998659

10.749150995610.142395620410.3328236678

10.755976624710.151089814110.3418253802

10.759819631810.164056125210.3593623274

10.765289743110.178616141710.3833822408

10.764164704610.169395160210.3634172233

10.770224185310.176137457910.3719527732

10.782815602610.203308736410.4056309763

10.778398978410.190942349510.3840608677

10.789061804510.213454893110.4241404032

10.796571893410.21868607410.4308793161

10.79740192410.214739569510.4240133015

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10.800193931310.208482275410.423440658

10.802643701510.214774870810.4181184677

10.799846841710.205061344410.4094458749

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10.803848832910.209135212610.4107340085

10.806620153710.219230862510.4172537315

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10.814684625410.22382801610.420713641

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10.821872385810.241694579510.4468261653

10.816423662610.220870677510.4188111458

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10.816561541510.206928484310.3855526057

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10.811978969910.182600834710.3471158266

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10.811208857310.167883575110.3291739759

10.81291062110.172611643710.3354973036

10.819730747410.179556130710.3468454572

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10.830252031310.189893556810.3686985501

10.832765910310.197876874810.3808872522

10.840480210210.201811388410.3872593523

10.833126115810.174978540110.3391428658

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10.830077209410.15521179710.297951707

10.83313375610.162709452510.3206670172

10.835708928210.162212045510.3165050957

10.837557846510.163710534710.3172539302

10.839407500210.164598988710.319334281

10.840190385410.162875474810.3135524364

10.829699941210.122557747210.305226594

10.831088595310.118292048410.2943622918

10.83525135310.125723141310.3213947855

10.839302545510.121868131310.3191730348

10.85053753810.125269565810.3262747419

10.851648810110.122552052810.3236952422

10.854120226510.129766763510.3436267986

10.857481601810.137895033610.3571487493

10.861600505810.138915938810.3577222606

10.861484531310.134163086310.335816727

10.862961137510.13624893410.3288768609

10.864610525510.139492836510.3280071708

10.871943763510.141948707110.3295879361

10.880421578510.155483155110.3389240911

10.88252845710.151506800210.3528400503

10.882831359510.147530445310.3667560095

10.885258982810.150978190710.3676407844

10.890616216710.15406870610.3707126277

10.891464377710.15313108710.3650888949

10.893673300610.157037483810.3743989252

10.896809561910.160980974110.3812147024

10.902660056710.174441146410.408798662

10.904760071810.172055804910.4014537797

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10.907751087110.17124504410.3974307068

10.91010152810.173852664810.3965132187

10.91129718310.176651078910.4033278106

10.916321494810.178461844110.403514375

10.918148826410.185572485810.4201821105

10.919950193310.191103073210.4351842435

10.923969859210.205075930910.4616606698

10.926110669710.20929732910.4601987923

10.932259463210.211624114710.4624013252

10.935894119310.218236637610.4777949473

10.9376109610.218967667310.4731460098

10.936971836210.217972589310.4602642995

10.938593139110.210325590410.4296093878

10.9456701610.216932152510.445070136

10.949060402410.229443168810.4670594398

10.947960335210.220166199210.437692009

10.94671567810.209663760410.4195144712

10.951137926510.218489060510.4418051207

10.954563035810.217763475410.4368842766

10.958312249810.225487379110.4515162547

10.959143633210.221080226510.439395503

10.961072121710.223249572610.4447838592

10.961591909410.216412484810.4202697184

10.966849755810.216285251710.4158360833

10.967539798310.211481068410.4017781292

10.969106057410.20962425110.3923875459

10.97100333810.213131498110.402244765

10.977907012410.214238203610.4026179648

10.979665332710.215493750410.402028526

10.983144037710.216637627810.4040572785

10.985084580810.223781900810.4116434908

10.991273394910.226144709510.4160951353

10.99307510310.226892436710.4157244526

10.995235804210.233599711510.4286518773

10.997117003410.232346185510.4176137046

10.998786119710.233192575410.4191874689

11.005378861810.239248421510.4335725318

11.007093755310.240128028810.4338714944

11.011746757710.248114486710.4468344564

11.014337867810.251522512610.4468401931

11.018627964710.251717368910.4428226864

11.0203975110.253437161610.440757812

11.022109975210.253910668610.440409927

11.02457256810.25887923310.4525624653

11.027272903810.262794701510.4544663187

11.032305130910.264042308210.4545998754

11.034338027610.266697038610.4575418683

11.036465697410.267777139110.4583320016

11.038607059410.271523857610.4613884249

11.040282583210.27304392610.4623255486

11.044348611810.272149216410.4591626885

11.043078246810.261915615610.4296626337

11.045915892710.264250532710.4368373757

11.048981616310.267891993310.4442731134

11.050682057210.269593515810.4462578996

11.057685946910.273588388210.4544472258

11.059387977710.274731051910.4546471264

11.061090008610.275383708810.4538187674

11.062344671910.273381410110.4492267819

11.064020195710.275874113310.4551469605

11.069180870910.276778462910.4552170728

11.069961689810.275248737810.4445906287

11.071727968610.276072770910.4450374609

11.072047006410.273070554910.4335992922

11.077534197110.278196430110.4438950019

11.079349873110.278722583910.4417382148

11.081458242710.279903094910.4434594597

11.083316127510.28022749210.4422660127

11.086780308510.285981929410.4539826008

11.093231815410.287534842210.4562396842

11.095637448910.287288552110.4543286244

11.096826274410.288651738610.455499626

11.097949758710.288725428510.4568478458

NAV

30% Change in Asset Allocation

1

Change in Asset Allocation

Conservative Asset Allocation

Income Schemes average

Gilt Schemes Average

Portfolio

Asset CategoryConservativeModerateAggressive

Equity0%10%10%

Debt15%10%10%

Total15%20%20%

SchemeConservative Allocation (%) 1Moderate Allocation (%) 2Aggressive Allocation (%) 3

Equity Plans

HSBC Equity Fund--10

Franklin India Bluechip--10

DSPML Opportunities Fund-1010

Reliance Vision Fund-1010

Prudential ICICI Power-1010

Sub Total-3050

Short Term Plans

Prudential ICICI Short Term Plan101010

Sub Total101010

Floating Rate Plans

Grindlays Floating Rate Fund - LT151010

Prudential ICICI Floating Rate Fund- LT151010

Sub Total302020

Long Term Bonds

GOI Savings Bonds - 8%(taxable)201010

Sub Total201010

Fixed Deposits

ICICI Bank Deposits403010

Sub Total403010

Grand Total100100100

Opt 4 More PerformanceActual Performance

Returns

Conservative Allocation (%)Moderate Allocation (%)Aggressive Allocation (%)

One Year Returns4.5%17.6%22.9%

Volatility0.4%7.8%11.8%

Sharpe Ratio0.01.71.6

Asset Alloc

Asset CategoryConservativeModerateAggressiveAsset CategoryConservativeModerateAggressive

OriginalCurrentOriginalCurrentOriginalCurrentEquity Mutual Funds0.030.050.0

Equity Mutual Funds0.00.030.030.550.050.5Hybrid Income Funds15.010.010.0

Hybrid Income Funds15.015.010.09.910.09.9Short Term Income Plans10.010.010.0

Short Term Income Plans10.010.010.09.910.09.9Floating Rate Plans15.010.010.0

Floating Rate Funds15.015.010.09.910.09.9

GOI Savings Bonds20.020.110.010.010.09.9GOI Savings Bonds20.010.010.0

Bank Fixed Deposits40.040.030.029.810.09.9Bank Fixed Deposits40.030.010.0

Total100.0100.0100.0100.0100.0100.0Total100.0100.0100.0

Asset CategoryConservativeModerateAggressive

Equity0%20%30%

Fixed Income15%10%10%

Total15%30%40%

Graphs

Graphs

10101010

9.99404059