1 FACTSHEET June, 2016 Kargil Vijay Diwas is celebrated on 26 th July every year in honour of the Kargil War's Heroes. It is named after the success of Operation Vijay and marks the day in 1999 on which India successfully regained command of the high outposts which had been lost to Pakistani intruders. The Kargil War lasted more than 60 days and resulted in the loss of life on both sides, India and Pakistan. This day is celebrated in the Kargil – Dras sec- tor and the national capital New Delhi, where the Prime Minister of India, pays homage to the soldiers at Amar Jawan Jyoti at India Gate every year. Functions are also organ- ized all over the country to commemorate the contribution of our Armed Forces. Peerless family salutes all the brave soldiers who fought for the country and brought us this victory.
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FACTSHEET - Essel Finance AMC Limited FACTSHEET June, 2016 ... RBI policy: RBI announced its monetary policy on 7th June and its key takeaways were as under: Key takeaways: RBI kept
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1
FACTSHEET June, 2016
Kargil Vijay Diwas is celebrated on 26th July every year in honour of the Kargil War's Heroes. It is named after the success of Operation Vijay and marks the day in 1999 on which India successfully regained command of the high outposts which had been lost to Pakistani intruders. The Kargil War lasted more than 60 days and resulted in the loss of life on both sides, India and Pakistan. This day is celebrated in the Kargil – Dras sec-tor and the national capital New Delhi, where the Prime Minister of India, pays homage to the soldiers at Amar Jawan Jyoti at India Gate every year. Functions are also organ-ized all over the country to commemorate the contribution of our Armed Forces. Peerless family salutes all the brave soldiers who fought for the country and brought us this victory.
Table of Contents Fixed Income Market Commentary by Mr. Killol Pandya 3
Equity Market Commentary by Mr. Amit Nigam 5
Peerless Liquid Fund 6
Peerless Ultra Short Term Fund 7
Peerless Short Term Fund 8
Peerless Fixed Income Fund 9
Peerless Income Plus Fund 10
Peerless 3 in 1 Fund 11
Peerless Equity Fund 12
Peerless Mid Cap Fund 13
Peerless Long Term Advantage Fund 13
Funds at a Glance 14
Peerless Mutual Fund Offices & Product Labeling 15
3
Fixed Income Market Commentary for the month of June 2016
Inflation: CPI continued to harden and printed at 5.76% (Vs 5.39% last month). This was higher than market expectations. WPI infla-tion remained in the positive territory while hardening to +0.79% (Vs +0.34% last month). This too, was higher than market expecta-tions. The IIP print came in relatively weaker at – 0.86% (Vs +0.10% last month). These data points were seen by the markets to be indicating an extended pause in the reference rates as set by RBI. INR: The INR has seen relative depreciation on account of a glob-ally strengthening USD. It began the month at about 67.22 (Vs USD) and ended the month at about 67.525. Going ahead, the currency may exhibit volatility. FPIs flows and the global trajectory of the USD and other major currencies may cause volatility in the INR in the coming weeks. RBI policy: RBI announced its monetary policy on 7th June and its key takeaways were as under: Key takeaways:
RBI kept Repo, Reverse repo and CRR rates unchanged at
6.50%, 6.00% and 4.00% resp. MSF was also kept unchanged at 7.00%
RBI has kept the GDP target unchanged at 7.6% and the CPI
inflation target for FY17 unchanged at 5% as of now.
RBI noted that global economic environment remained weak
with major markets such as China, USA and Japan continuing to show weakness.
RBI noted that domestic indicators seemed to hint at a gradual
economic pick-up though it also noted that the economy showed slack in capacity utilization.
RBI noted that the inflation reading in recent times was higher
than previously expected and has raised concerns about the inflation trajectory in coming months.
RBI remained concerned about the uncertainties relating to
monsoons, global commodity prices and supply side manage-ment by the Government.
It also noted that many banks had stressed balance sheets
and that the investment cycle was yet to definitively pick up. On the systemic liquidity front, it noted that RBI had assisted the markets via OMOs and that Govt .spend too appeared to have increased thereby reducing the systemic cash negativity.
Views and Comments: RBI’s policy statement seems to be quite balanced and was more or less in line with market expectations. It has kept the GDP and inflation targets unchanged and underpinned its commitment to-wards balancing growth with a sustainably low inflation.
…..Continued on Pg 4
It has expressed concerns relating to inflation and inflation expec-tations. The major drivers of these concerns are the progress of monsoons, uptick in global commodity prices (esp. Crude oil) and easing of supply side constraints. However, it also noted that good monsoons, increased capacity utilization and effective supply man-agement by the Govt. can alleviate these concerns. RBI reiterated the need for a better transmission of monetary pol-icy actions.RBI expects domestic demand to pick up on the back of good monsoons as well as implementation of 7th pay commission, OROP etc. which bodes well for the outlook on our economy.
It has elucidated in some detail, its plans for Liquidity management and reiterated its intention of moving towards a neutral long term liquidity situation in the coming quarters. Overall, RBIs policy tenor can be termed as Neural. It’s a wait and watch policy is adroit in the context of major upcoming events such as FOMC meetings (and the possibility of a Fed hike), the fallout of the UK referendum and the realization of the progress of this year’s monsoons. We may expect a status quo on the domestic rates front till at least the next policy on 9th August. Brexit: UK held its long awaited referendum about remaining in or exiting the European Union. In a closely contested poll, UK voted to exit the EU and thereby chose the so called ‘Brexit” option. It led to a somewhat knee-jerk reaction from the markets across the globe and we saw significant volatility in bond prices and cur-rencies as well. However, the effect appears to have been short lived, with our bond prices resuming their pre-Brexit levels within a few trading sessions. From our perspective, while Brexit has sig-nificant political and Euro-trade related ramifications, its impact on India is limited and its long term influence on our bond markets seems to be negligible.
Mr. Killol Pandya (Head– Fixed Income)
Liquidity :Market liquidity saw relative eas-ing during June though it remained nega-tive per se for most of the month and over-night rates remained volatile with CBLO rates ranging from about 4.00% to about 7.00%. We did see, however, a seasonal tightening towards the end of the month on account of Quarter ending. Going forward, we expect the market liquidity situation to continue to ease and expect RBI to con-tinue taking steps to assist liquidity through OMOs and other allied instruments.
FCNR repayment: A more important development for our bond markets is the FCNR deposit repayment. A lot of discus-sion has been centered on the maturity of the FCNR deposits. Basically, these are Special NRI deposits of about USD 25bn issued during the "taper tantrum" which start maturing from September 2016. Of this, USD 20 billion is likely to be re-deemed, causing dollar outflows and affecting domestic liquid-ity. The major concerns are related to the possibility of significant dollar outflows and the resultant shortage of dollars could result in rupee and/or dollar liquidity tightness. That would raise con-cern about potential risk of currency depreciation and tighter domestic liquidity conditions. A rational look at the matter however, reveals that the outflow is expected to be limited to the leveraged portion of the deposits which may not be renewed. The RBI has already built up net dollar purchases in the forward market worth USD 29bn to cover any possible shortage in dollars. However, there could be possible dollar shortage if exporters roll over their dollar con-tracts.
4
Fixed Income Market Commentary for the month of June 2016
We hold that RBI is well placed to ensure there is no significant or long term upset in domestic markets. However, we may ex-pect some short term volatility. Back of the envelope estimates tell us that there is likely to be short term liquidity tightness to the tune of an additional Rs. 50,000 crs to Rs 70,000 crs. For a short period , we may therefore, see the overnight rates move up by about 30 to 40 bps (in our estimate) and also see some tightening in Money market instruments. However, we expect the impact to be contained and a short term one in nature. Overall, we believe that the FCNR repayments shall have a limited impact on dollar and rupee liquidity. If needed, RBI can also resort to additional measures such as OMO purchases and additional reserve buildup in the run-up to September. Interest rates & Outlook: CPI and WPI data print were higher than market expectations. IIP numbers have been patchy but a persistently weak reading in IIP numbers may hint at a plateauing in the economy in the coming quarters. As of now, our Monsoons seem to be progressing well and there is reason to believe that we may see normal monsoons this year. Money market instruments saw a mild softening in yields mainly on account of relatively better market liquidity. Some sea-sonal tightening was seen towards the end of the month, though the levels remained relatively easy for most part of the month. We saw Gilt securities remain rangebound with a mild softening bias and the benchmark 10 year paper (7.59% GS 2026) started the month at about 7.47% and ended the month at about 7.44%. Corporate bonds yields also saw some softening in yields on the back of relatively poor volumes. In the context of Brexit, it is unlikely that we shall see a Fed hike in the immediate future. The unfolding of the Monsoons over the sub-continent shall dominate the attention of market participants. Overall, we retain the outlook of the policy tenor having accommodative undertones. Market participants shall also watch Inflation (CPI, WPI) and growth (IIP) data along with global indicators such as commodities, crude oil prices, US and Chinese economic data points and INR movements. We retain our positive outlook for the domestic economy and in the context of a world-wide slowdown, domestic market partici-pants may do well to have a positive outlook for domestic bond markets in the coming quarters. Going forward, we expect the benchmark 10 year to trade in the range of 7.40% to 7.60% at current reference rate levels. We reiterate our view on domestic rates to be positive with a medium term perspective. Data Source - Reuters, Bloomberg, RBI, Internal
5
Equity Market Commentary for the month of June 2016
Domestic Macro Data: In the month of April, IIP contracted by 0.8% YoY, compared to 0.1% expansion in March. On the manufacturing front, it contracted by 3.1% compared to a contraction of 1% in March. Within manu-facturing, capital goods contracted by 24.9% compared to a con-traction of 15.4% in March. Mining was positive with a growth of 1.4% (compared to 0.3% in March), electricity (14.6% expansion compared to 11.8% in March) continues to do well. Consumer goods continued with a tepid performance led primarily by non-durables. IIP non-durables contracted for sixth consecutive month, perhaps reflecting poor rural sentiments. India WPI inflation in May came in at 0.79%, compared to 0.3% last month and continued to remain in the positive territory after finally turning positive in April after marking 17 straight months of negative print. CPI for May came in at 5.8% versus 5.5% in April. This is the second consecutive month of higher headline CPI and is being entirely led by food inflation. The food inflation at 7.2% inched higher compared to last month (April – 6.3%) owing to higher vegetable, milk and sugar prices. Core CPI of 4.7%, moved down 30 bps compared to last month. India’s trade deficit for May came in at USD 6.3 billion, marginally higher than the last 2 months average of USD 5 billion. The Higher trade deficit was primarily due to seasonal factors. Exports at USD 22.2 billion (April – USD 20.6 billion) was flat on YoY basis. This is a sharp improvement on the 22% drop reported in Nov 2015. The encouraging fact is that demand sensitive exports like engineering goods, readymade garments, papers, etc seems to have turned around the corner. Imports at USD 28.4 billion were higher by ~USD 3 billion compared to last month. Global Markets: China’s central bank slashed its forecast for exports, predicting a second consecutive annual fall in shipments, but said the economy would still grow 6.8% in 2016. Japan’s economy expanded at an annualized 1.9% in the first quarter revised up from a preliminary reading of 1.7% growth. Outlook: The most discussed event “Brexit” – was a public referendum to decide whether UK would remain in EU or not. It was largely a po-litical event with economical fallouts. However, most of the finan-cial markets across the world in bonds, equity, commodities and currencies had positioned for a “stay”. Hence an “exit” vote created ruffles in the financial markets as the outcome was contrary to market expectations. We analyze this as an important event in the history of UK as the devaluation of GBP (Pound) would make the country’s products and services more affordable and hence com-petitive. We expect UK to emerge as a more efficient economy
over the medium to long term. However, in the short term, this event would create uncertainties on the trade between UK and EU (new trade terms to be negotiated) which may pull down the growth in the region. Meanwhile, back home, the government has been in overdrive with regards to policy decisions. The Union Cabinet has approved the implementation of the 7th CPC on pay and pensionary benefits. FDI norms in pharmaceutical, aviation and defense sectors have been relaxed. The Civil aviation policy has been relaxed. All these measures would translate into better economic growth in the times to come and the same effect will be reflected in the earn-ings of the corporates. As highlighted earlier the corporate earn-ings in the March quarter were better after several quarters. We believe these are interesting times for investors to construct equity portfolios as we see growth picking up and the valuations at ~17x forward earnings are comfortable. Volatility induced by events such as “Brexit” gives an opportunity to investors to acquire equity as-sets at better valuations. Data Source - Reuters, Bloomberg, RBI, Internal
Domestic Markets: After a positive May, June again delivered positive returns; with Sensex being up by 1.24% and NSE-50 Index being up by 1.56%. In June, among BSE sector indices reality and PSU posted best positive re-turns. Reality with 7.86% returns stood at the top of the table while IT sector lost the most, down by 3.25%. For the month, Ru-pee depreciated by 0.35% and closed at
67.5 against US dollar.
Mr. Amit Nigam (Head - Equities)
6
LIQUID FUND (an open ended liquid scheme)
CARE AAAmfs CARE(Credit Analysis and Research Limited Rating
(Source: www.careratings.com) (as on June 30, 2016)
Past Performance is no guarantee of future results.
For details please refer Page 14.
Portfolio as on June 30, 2016
Portfolio Holdings Rating % of Net Asets
CERTIFICATE OF DEPOSITS 39.25
Vijaya Bank CARE A1+ 9.82
Punjab and Sind Bank ICRA A1+ 9.81
IndusInd Bank Ltd CRISIL A1+ 9.81
Oriental Bank of Commerce CRISIL A1+ 9.81
COMMERCIAL PAPER 44.94
National Bank for Agricultural & Rural Development
CRISIL A1+ 9.83
Adani Enterprises BWR A1+ 9.77
Religare Securities Ltd ICRA A1+ 9.73
Religare Comtrade Ltd ICRA A1+ 7.77
PNB Housing Finance CRISIL A1+ 3.92
Housing Development Finance Corporation Ltd
ICRA A1+ 1.96
Chambal Fertilisers And Chemicals Ltd CRISIL A1+ 1.96
FIXED DEPOSITS 0.40
HDFC Bank Ltd 0.40
CBLO (including TBILL held as Collat-eral)/Reverse Repo/Net Current Assets/Cash/Cash Equivalent
15.41
Total 100.00
Scheme Performance as on June 30, 2016
Period
Peerless Liquid Fund - Regular
Plan- Growth Option
CRISIL Liquid Fund
Index
1 Year Govt. T-Bill
June 30, 2015 to June 30,2016 8.12% 7.90% 7.67%
June 30,2014 to June 30,2015 8.81% 8.77% 8.54%
June 28,2013 to June 30,2014 9.78% 9.63% 5.89%
Since Inception CAGR % 8.63% 8.14% 6.78%
Current Value of investment if Rs 10000/- was invested on Inception date (in `.)
16934.15 16451.31 15177.57
Past performance may or may not be sustained in future Returns are compounded annualized. The performance of the dividend plan for the investor would be net of dividend distribution tax, as applicable. The returns are calculated for Growth Option.
As on June 30, 2016 Average Maturity (Yrs)…………………………………………………………………..0.10 Modified Duration (Yrs)………………………………………………………………….0.09 Portfolio Yield (%)………………………………………………………………………...7.91 # TER - Reg (%)……………………………………………………………………………0.22 # TER - Direct (%)…………………………………………………………………………0.12
Key Scheme Information
Investment Objective
To provide high level of liquidity with reasonable returns commensurating with low risk through a portfolio of money market & debt securities. However, there can be no as-surance that the investment objective will be achieved. The scheme does not assure or guarantee any returns.
Allotment Date 19th February 2010
Fund Size
`499.84 Crs (Monthly AAUM for June,2016) `181.53 Crs (AUM as on 30 June, 2016)
PEERLESS LIQUID FUND-REGULAR PLAN MONTHLY DIVIDEND
29-Apr-16 5.21294906 4.82969754 1008.4775
PEERLESS LIQUID FUND-DIRECT MONTHLY DIVIDEND
29-Apr-16 5.35465749 4.96098769 1008.6737
Scheme Performance vis-a-vis Benchmark (%)
Rating Profile (%)
Maturity Profile % Weightage
Below or equal to 91 days 84.59
CBLO (including TBill held as collateral)/Reverse Repo/ Net Current Assets/Cash/Cash Equivalent
15.41
Please refer to page no. 12 for tax on dividend distribution Please refer to page no. 16 for Product Labeling Face Value changed from `10/- to `1000/- with effect from 21st September 2014.
Net Asset Value (NAV) as on June 30, 2016 (in `)
Plan / Option Regular Plan Direct Plan
Growth 1693.4149 1697.8186
Daily Dividend 1001.2900 1001.2900
Weekly Dividend 1001.1125 1001.0876
Monthly Dividend 1002.5222 1002.5659
Please refer to page no 14 and 15 for statutory details
# - Weighted average for the month
7
ULTRA SHORT TERM FUND (an open ended debt scheme)
CARE AAAmfs CARE(Credit Analysis and Research Limited Rating
(Source: www.careratings.com) (as on June 30, 2016)
Past Performance is no guarantee of future results.
Housing Development Finance Corporation Ltd CRISIL AAA 10.49
Power Finance Corporation Ltd CRISIL AAA 10.48
LIC Housing Finance Ltd CARE AAA 5.22
CBLO (including TBILL held as Collateral)/ Reverse Repo/Net Current Assets/Cash/ Cash Equivalent
7.42
Total 100.00
Key Scheme Information
Investment Objective To provide optimal returns & liquidity to the investors by investing primarily in a mix of money market & short term debt instruments which results in a portfolio having marginally higher maturity as compared to a liquid fund at the same time maintaining a balance between safety & liquidity. However, there can be no assurance that the investment objective of the scheme will be achieved. The scheme does not assure or guarantee any returns.
Allotment Date 19th February 2010
Fund Size
` 129.53 Crs (Monthly AAUM for June, 2016) ` 95.85 Crs (AUM as on 30 June, 2016)
Asset Allocation Pattern Money Market Instruments:70% to 100% Debt Instruments: 0% to 30%
Scheme Features Exit Load : NIL Minimum Amount: ` 1,000/- and in multiples of `.1/- thereafter Benchmark : CRISIL Liquid Fund Index
Fund Manager Mr. Killol Pandya : Total experience 17 years Mr. Vikram Pamnani: Total experience 7 years.
Current Value of investment if Rs 10000/- was invested on Inception date (in `.)
16876.60 16451.31 15177.57
Past performance may or may not be sustained in future Returns are compounded annualized. The performance of the dividend plan for the investor would be net of dividend distribution tax, as applicable. The returns are calcu-lated for Growth Option.
As on June 30, 2016 Average Maturity (Yrs)................................................................................... 0.47 Modified Duration (Yrs).................................................................................. 0.43 Portfolio Yield (%) ....................................................................................... 7.77 # TER - Reg (%) ....................................................................................... 0.85 # TER - Direct (%) ....................................................................................... 0.18
Asset Allocation
Scheme Performance vis-a-vis Benchmark (%)
Rating Profile (%)
Maturity Profile % Weightage
Below 1 Year 82.06
Above 1 Year 10.52
CBLO (including TBill held as collateral)/Reverse Repo/ Net Current Assets/Cash/Cash Equivalent
7.42
Please refer to page no. 12 for tax on dividend distribution Please refer to page no. 16 for Product Labeling Face Value changed from ` 10/- to ` 1000/- with effect from 22nd September 2014.
Net Asset Value (NAV) as on June 30, 2016 (in `)
Plan / Option Regular Plan Direct Plan
Growth 1687.6601 1716.8070
Daily Dividend 1005.4600 1006.6500
Weekly Dividend 1003.9709 1004.7209
Monthly Dividend 1002.4435 1013.5679
Please refer to page no 14 and 15 for statutory details
# - Weighted average for the month
8
SHORT TERM FUND (an open ended debt scheme)
CARE AAAmfs CARE(Credit Analysis and Research Limited Rating
(Source: www.careratings.com) (as on June 30, 2016)
Past Performance is no guarantee of future results.
TATA Capital Financial Services Ltd CRISIL AA+ 6.80
GOVERNMENT SECURITIES 4.12
7.59% GOI - 11/01/2026 Sovereign 4.12
CBLO (including TBILL held as Collat-eral)/Reverse Repo/Net Current Assets/Cash/Cash Equivalent
16.64
Total 100.00
Key Scheme Information
Investment Objective To generate income & capital appreciation by investing in a diversified portfolio of debt and money market securities. However, there can be no assurance that the investment objective of the scheme will be achieved. The scheme does not assure or guarantee any returns.
Allotment Date 18th August 2010
Fund Size
` 73.58 Crs (Monthly AAUM for June, 2016) ` 73.71 Crs (AUM as on 30 June, 2016)
Asset Allocation Pattern Money Market and debt securities with residual maturity of less than or equal to 3 years: 80% to 100% Debt Instruments with residual matur-ity greater than 3 years : 0% to 20%
Scheme Features Exit Load : NIL Minimum Amount: ` 1,000/- and in multiples of ` 1/- thereafter Benchmark : CRISIL Short Term Debt Index
Fund Manager Mr. Killol Pandya - Total experience 17 years.
Current Value of investment if Rs 10000/- was invested on Inception date (in `.)
17018.90 16259.88 15073.70
Past performance may or may not be sustained in future Returns are absolute. The performance of the dividend plan for the investor would be net of dividend distribution tax, as applicable. The returns are calculated for Regular Plan- Growth Option.
As on June 30, 2016 Average Maturity (Yrs) ............................................................... 1.06 Modified Duration (Yrs)...................................................................... 0.85 Portfolio Yield (%).............................................................................. 7.72 # TER - Reg (%)............................................................................. 1.31 # TER - Direct (%)................................................................................ 0.39
Asset Allocation
Scheme Performance vis-a-vis Benchmark (%)
Rating Profile (%)
Maturity Profile % Weightage
Below 1 Year 51.77
Above 1 Year 31.59
CBLO (including TBill held as collateral)/Reverse Repo/ Net Current Assets/Cash/Cash Equivalent
16.64
Please refer to page no. 12 for tax on dividend distribution Please refer to page no. 16 for Product Labeling
Net Asset Value (NAV) as on June 30, 2016 (in `)
Plan / Option Regular Plan Direct Plan
Growth 17.0189 17.5226
Monthly Dividend 10.7539 11.0387
Quarterly Dividend 10.7472 11.0813
Bonus 12.7559 17.5308
Please refer to page no 14 and 15 for statutory details
# - Weighted average for the month
9
FLEXIBLE INCOME FUND (an open ended debt scheme )
Scheme Performance as on June 30, 2016
Period
Peerless Flexible Income Fund -
Regular Plan - Growth
Option
CRISIL Composite
Bond Fund Index
10 Year dated GOI Security
June 30,2015 to June 30,2016 8.57% 10.19% 10.03%
June 30,2014 to June 30,2015 5.91% 11.10% 11.76%
June 28,2013 to June 30,2014 1.39% 4.57% -2.46%
Since Inception CAGR % 6.45% 9.09% 7.77%
Current Value of investment if Rs 10000/- was invested on Inception date (in `.)
12728.7 13989.25 13350.46
Past performance may or may not be sustained in future Returns are absolute. The performance of the dividend plan for the investor would be net of dividend distribution tax, as applicable. The returns are calculated for Regular Plan-Growth Option.
As on June 30, 2016 Average Maturity (Yrs) .................................................................................... 5.69 Modified Duration (Yrs) .................................................................................... 3.97 Portfolio Yield (%) ..................................................................................... 7.13 # TER - Reg (%) ..................................................................................... 1.48 # TER - Direct (%) ....................................................................................... 0.33
# - Weighted average for the month
Asset Allocation
Scheme Performance vis-a-vis Benchmark (%)
Rating Profile (%)
Maturity Profile % Weightage
Below 1 Year 9.30
Above 1 Year 70.52
CBLO (including TBill held as collateral)/Reverse Repo/ Net Current Assets/Cash/Cash Equivalent
20.18
Please refer to page no. 12 for tax on dividend distribution Please refer to page no. 16 for Product Labeling
Net Asset Value (NAV) as on June30, 2016 (in `)
Plan / Option Regular Plan Direct Plan
Growth 12.7287 13.2009
Monthly Dividend 11.6667 11.9816
Quarterly Dividend - 12.5182
CARE AAAmfs CARE(Credit Analysis and Research Limited Rating
(Source: www.careratings.com) (as on June 30, 2016)
Past Performance is no guarantee of future results.
For details please refer Page 14.
Portfolio as on June 30, 2016
Portfolio Holdings Rating % of Net Asets
FIXED DEPOSITS 9.30
HDFC Bank Ltd 9.30
GOVERNMENT SECURITIES 70.52
7.59% GOI 11/01/2026 Sovereign 46.91
7.80% GOI 11/04/2021 Sovereign 23.61
CBLO (including TBILL held as Collat-eral)/Reverse Repo/Net Current Assets/Cash/Cash Equivalent
20.18
Total 100.00
Key Scheme Information
Investment Objective The primary investment objective of the scheme is to generate reasonable returns through active duration management of the portfolio, while maintaining liquidity by investing in debt instruments including bonds, debentures & Govt. Securities and money market instruments over various maturity periods. However, there can be no assurance that the investment objective of the scheme will be achieved. The scheme does not assure or guarantee any returns.
Allotment Date 21st August 2012
Fund Size ` 36.79 Crs (Monthly AAUM for June, 2016)
` 19.33 Crs (AUM as on 30 June, 2016)
Asset Allocation Pattern Money Market Instruments: 0% to 100% Debt Instruments: 0% to 100%
Scheme Features
Exit Load : NIL Minimum Amount: ` 1,000/- and in multiples of ` 1/- thereafter Benchmark : CRISIL Composite Bond Fund Index
Fund Manager Mr. Killol Pandya - Total experience 17 years.
Please refer to page no 14 and 15 for statutory details
Net Dividend ( ` per unit) Cum Dividend Nav (in `)
Individual/HUF
Corporate
Peerless Flexible Income Fund-Direct Quarterly
Dividend 3-May-13 0.43797219 0.37316218 10.7199
Peerless Flexible Income Fund-Regular-Quarterly
Dividend 3-May-13 0.17518888 0.14926487 10.3064
Peerless Flexible Income Fund-Regular-Quarterly
Dividend 4-Feb-13 0.35239527 0.30201220 10.4709
10
INCOME PLUS FUND (an open ended debt scheme)
Scheme Performance as on June 30, 2016
Period Peerless Income Plus Fund - Regular
Plan - Growth Option
CRISIL MIP Blended
Fund Index
10 Year dated GOI Security
June 30,2015 to June 30,2016 7.44% 8.63% 10.03%
June 30,2014 to June 30,2015 9.75% 11.05% 11.76%
June 28,2013 to June 30,2014 10.18% 8.24% -2.46%
Since Inception CAGR % 8.38% 8.43% 6.83%
Current Value of investment if Rs 10000/- was invested on
16113.6 16151.12 14790.20
Past performance may or may not be sustained in future
Returns are absolute. The performance of the dividend plan for the investor would be net of dividend distribution tax, as applicable. The returns are calculated for Regular Plan-Growth Option.
Peerless Income Plus Fund - Percentage contribution of B15 cities to AUM is 66.22 on June 30, 2016
As on June 30, 2016 Average Maturity for the debt portion (Yrs)……................................................................ 3.33 Modified Duration for the debt portion (Yrs)……......................................................... 2.60 Portfolio Yield (%) ....................................................................................... 8.26 # TER - Reg (%) ....................................................................................... 2.44 # TER - Direct (%) ....................................................................................... 0.79
Asset Allocation
Rating Profile (%)- Debt
Maturity Profile % Weightage
Above 1 Year 54.74
Below 1 Year 6.85
CBLO (including TBill held as collateral)/Reverse Repo/ Net Current Assets/Cash/Cash Equivalent
7.02
Please refer to page no. 12 for tax on dividend distribution Please refer to page no. 16 for Product Labeling
Net Asset Value (NAV) as on June 30, 2016 (in `)
Plan / Option Regular Plan Direct Plan Growth Option 16.1136 16.8844
Housing Development Finance Corporation Ltd CRISIL AAA 5.49
FIXED DEPOSITS 1.36
HDFC Bank Ltd 1.36
MUTUAL FUNDS UNITS 11.38
GOVERNMENT SECURITIES 19.27
7.68% GOI 15/12/2023 Sovereign 12.42
7.80% GOI 11/04/2021 Sovereign 6.85
CBLO (including TBILL held as Collateral)/Reverse Repo/Net Current Assets/Cash/Cash Equivalent
7.02
Total 100.00
Industry Allocation – Equity(%)
Key Scheme Information
Investment Objective To generate regular income through a portfolio of predominantly high quality fixed income securities and with a marginal exposure to equity & equity related securities. However, there can be no assurance that the investment objective of the scheme will be achieved. The scheme does not assure or guarantee any returns.
Allotment Date 29th July 2010
Fund Size
` 72.97 Crs (Monthly AAUM for June, 2016) ` 73.61 Crs (AUM as on 30 June, 2016)
Asset Allocation Pattern Debt & Money Market instruments: 80% to 98% Equity & Equity related instruments: 2% to 20%
Scheme Features Exit Load : NIL Minimum Amount: ` 1,000/- and in multiples of ̀1/-
thereafter Benchmark : CRISIL MIP Blended Fund Index
Fund Manager Mr. Killol Pandya : Total experience 17 years. Mr. Amit Nigam : Total experience 14 years.
Please refer to page no 14 and 15 for statutory details
Dividend History (Monthly)
Scheme / Plan Record
Date
Net Dividend (` per unit) Cum Dividend Nav (in `) Individual/HUF Corporate
PEERLESS INCOME PLUS FUND-REGULAR MONTHLY DIVIDEND
24-Jun-16
0.05749231
0.05326552 10.5853
PEERLESS INCOME PLUS FUND-DIRECT MONTHLY DIVIDEND
24-Jun-16
0.06103141
0.05654443 11.2413
PEERLESS INCOME PLUS FUND–REGULAR MONTHLY DIVIDEND
27-May-16
0.05734786
0.05313169 10.6043
PEERLESS INCOME PLUS FUND-DIRECT MONTHLY DIVIDEND
27-May-16
0.06081473
0.05634368 11.2523
PEERLESS INCOME PLUS FUND–REGULAR MONTHLY DIVIDEND
29-Apr-16
0.05727563
0.05306478 10.5796
PEERLESS INCOME PLUS FUND-DIRECT MONTHLY DIVIDEND
29-Apr-16
0.06074250
0.05627677 11.2172
Dividend History (Quarterly)
Scheme / Plan Record
Date
Net Dividend (` per unit) Cum Dividend Nav (in `) Individual/HUF Corporate
PEERLESS INCOME PLUS FUND- REGULAR QUARTERLY DIVIDEND
20-Jun-16
0.18107188
0.16775964 11.2009
PEERLESS INCOME PLUS FUND- DIRECT QUARTERLY DIVIDEND
20-Jun-16
0.19219477
0.17806478 11.8977
PEERLESS INCOME PLUS FUND- REGULAR QUARTERLY DIVIDEND
28-Mar-16
0.17861618
0.16548448 11.0843
PEERLESS INCOME PLUS FUND- DIRECT QUARTERLY DIVIDEND
28-Mar-16
0.18916126
0.17525428 11.7452
PEERLESS INCOME PLUS FUND-DIRECT QUARTERLY DIVIDEND
5-Nov-15
0.19356707
0.17933619 11.8698
PEERLESS INCOME PLUS FUND- REGULAR QUARTERLY DIVIDEND
5-Nov-15
0.18367204
0.17016863 11.2574
# - Weighted average for the month
% of Net Assets
11
3 IN 1 FUND* (an open ended hybrid scheme)
Scheme Performance as on June 30, 2016
Period Peerless 3 in 1 Fund-
Regular Plan-Growth Option
CRISIL MIP Blended
Fund Index + Gold (85:15)
10 Year dated GOI Security
June 30,2015 to June 30,2016 8.19% 10.16% 10.03%
June 30,2014 to June 30,2015 8.59% 8.59% 11.76%
June 28,2013 to June 30,2014 9.36% 8.47% -2.46%
Since Inception CAGR % 8.69% 8.37% 6.93%
Current Value of investment if Rs 10000/- was invested on Inception
date (in `.) 15475.7 15,236.00 14208.40
Past performance may or may not be sustained in future
Returns are absolute. The performance of the dividend plan for the investor would be net of dividend distribution tax, as applicable. The returns are calculated for Regular Plan- Growth Option.
Peerless 3 in 1 Fund - Percentage contribution of B15 cities to AUM is 47.84 as on
June 30, 2016
As on June 30, 2016 Average Maturity for debt portion (Yrs) .............................................................. 3.44 Modified Duration for debt portion (Yrs) .............................................................. 2.59 Portfolio Yield (%) ....................................................................................... 8.18 # TER - Reg (%) ....................................................................................... 1.53 # TER - Direct (%) ....................................................................................... 0.61
Asset Allocation
Rating Profile (%)- Debt
Maturity Profile % Weightage Below 1 Year 3.90
Above 1 Year 46.91
CBLO (including TBill held as collateral)/Reverse Repo/ Net Current Assets/Cash/Cash Equivalent
9.66
Please refer to page no. 12 for tax on dividend distribution Please refer to page no. 16 for Product Labeling
* Erstwhile known as Peerless MF Child Plan
Industry Allocation – Equity(%)
Key Scheme Information
Investment Objective The investment objective of the scheme is to generate long term capital appreciation through a portfolio of fixed income securities, Gold ETFs of other mutual funds and gold related instruments and Equity & Equity related Instruments. However there can be no assurance that the investment objective of the scheme will be achieved.
Allotment Date Fund Size 5th April, 2011
Fund Size
` 27.77 Crs (Monthly AAUM for June, 2016) ` 20.73 Crs (AUM as on 30 June, 2016)
Asset Allocation Pattern Debt & Money Market instruments: 50% to 70% Equity & Equity related instruments: 15% to 25% Gold ETFs of other mutual funds and gold related instruments: 15% to 25%
Scheme Features Exit Load : NIL Minimum Amount: ` 1,000/- and in multiples of ` 1/- thereafter Benchmark : CRISIL MIP Blended Fund Index+Gold (85:15)
Fund Manager Mr. Killol Pandya - Total experience 17 years. Mr. Amit Nigam - Total experience 14 years.
Portfolio as on June 30, 2016
Portfolio Holdings Rating/Industry % of Net Assets
Housing Development Finance Corporation Ltd CRISIL AAA 3.90
MUTUAL FUND UNITS / ETF 20.08
Goldman Sachs Mutual Fund 20.08
GOVERNMENT SECURITIES 14.63
7.59% GOI - 11/01/2026 Sovereign 9.73
7.80% GOI 11/04/2021 Sovereign 4.90
CBLO (including TBILL held as Collateral)/Reverse Repo/Net Current Assets/Cash/Cash Equivalent
9.66
Total 100.00
Please refer to page no 14 and 15 for statutory details
# - Weighted average for the month
Net Asset Value (NAV) as on June 30, 2016 (in `)
Plan / Option Regular Plan Direct Plan
Growth Option 15.4757 16.0815
Monthly Dividend 15.4774 14.7564
Quarterly Dividend 15.4710 15.8646
% of Net Assets
12
EQUITY FUND (an open ended equity scheme)
Scheme Performance as on June 30, 2016
Period
Peerless Equity Fund – Regular Plan-
Growth Option NIFTY 50 NIFTY 50
June 30,2015 to June 30,2016 6.02% -0.96% -0.96%
June 30,2014 to June 30,2015 17.22% 9.95% 9.95%
June 28,2013 to June 30,2014 21.87% 33.63% 33.63%
Since Inception CAGR % 12.68% 11.46% 11.46%
Current Value of investment if Rs 10000/- was invested on Inception
date (in `.) 17650.9 16756.81 16756.81
Past performance may or may not be sustained in future
Returns are compounded annualized. The performance of the dividend plan for the investor would be net of dividend distribution tax, as applicable. The returns are calculated for Growth Option.
Risk Measures June2016
Standard Deviation*(%) …………………………………………………………………………….. 13.16
Benchmark Standard Deviation* (%)………………………………………………………………. 15.27
Portfolio Turnover Ratio (Times) ....................................................................................................... 1.38
# TER - Reg (%).................................................................................................................................... 2.98
# TER - Direct (%)............................................................................................................................... 1.90
Asset Allocation
Industry Allocation – Equity(%)
Key Scheme Information
Investment Objective To generate long term capital appreciation by investing in an actively managed portfolio predominantly consisting of equity & equity related securities. However, there can be no assurance that the investment objective will be achieved. The scheme does not assure or guarantee any returns.
Allotment Date Fund Size 28th September, 2011
Fund Size
` 99.17 Crs (Monthly AAUM for June, 2016) ` 109.40 Crs (AUM as on 30 June, 2016)
Asset Allocation Pattern Equity & Equity related instruments: 80% to 100% Debt & Money Market instruments: 0% to 20%
Scheme Features Exit Load : NIL Minimum Amount: ` 1,000/- and in multiples of ` 1/- thereafter Benchmark : Nifty 50 Index
Fund Manager Mr. Amit Nigam - Total experience 14 years.
Jyothy Laboratories Ltd CONSUMER NON DURABLES 1.89
Va tech Wabag Ltd ENGINEERING SERVICES 1.79
Swaraj Engines Ltd INDUSTRIAL PRODUCTS 1.79
CBLO (including TBILL held as Collateral)/Reverse Repo/Net Current Assets/Cash/Cash Equivalent
3.44
Total 100.00
SIP Returns
SIP Tenure (in years) 3
Investment Amount 10,000.00
Start Date 1-July-2013
End Date 30-June-2016
Total no of Instalments 36
Total Amount Invested (Rs) 3,60,000.00
Present value (Rs) 4,39,946.57
Total No Units 24,924.88
CAGR (%) 14.30
XIRR(%) 13.48
Yield (%) 22.20
Please refer to page no 14 and 15 for statutory details
Dividend History
Scheme / Plan Record
Date
Net Dividend ( ̀per unit) Cum Dividend Nav (in `) Individual/HUF Corporate
PEERLESS EQUITY FUND - REGULAR QUARTERLY DIVI-DEND
20-Jun-16 0.4000 0.4000 14.1137
PEERLESS EQUITY FUND - DIRECT QUARTERLY DIVIDEND
20-Jun-16 0.5000 0.5000 14.2015
PEERLESS EQUITY FUND - REGULAR QUARTERLY DIVI-DEND
28-Mar-16 1.8500 1.8500 14.6240
PEERLESS EQUITY FUND - DIRECT QUARTERLY DIVIDEND
28-Mar-16 2.3500 2.3500 15.1525
PEERLESS EQUITY FUND- NORMAL DIVIDEND
16-Nov-2015 2.5000 2.5000 15.1693
PEERLESS EQUITY FUND- DIRECT NORMAL DIVIDEND
16-Nov-2015 2.5000 2.5000 15.6576
SIP date every 1st business day of the month
Past performance may or may not be sustained in the future. Assuming ` 10,000 invested
systematically on the first Business Day of every month over a period of time. CAGR returns are computed after accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. Load is not taken into consideration for computation of performance. The above investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital. The AMC / Mutual Fund is not guaranteeing or promising or forecasting any returns. SIP does not assure a profit or guarantee protection against a loss in a declining market
Peerless Equity Fund - Percentage contribution of B15 cities to AUM is 42.07 as on June 30, 2016
*Statistical returns based on monthly returns over the past 3 year data as on June 30, 2016. ~ 1 day MIBOR has been assumed as the risk-free rate of return. # Weighted average for the month
Tax on Dividend Distribution
Nature Individual/
HUF Domestic Companies
Liquid 28.84% 34.608%
Debt 28.84% 34.608%
Equity Nil Nil
Note: Above rates are inclusive of surcharge and cess.
Net Asset Value (NAV) as on June 30, 2016 (in `)
Plan / Option Regular Plan Direct Plan Growth 17,6509 18,4314
Normal Dividend 13.8085 14,4229
* Quarterly Dividend 14,0011 13.9932
* Half Yearly Dividend 16,5035 -
* Yearly Dividend 16,4704 -
Please refer to page no. 16 for Product Labeling * Introduced from November 2, 2015
% of Net Assets
13
MIDCAP FUND (an open ended equity scheme)
Asset Allocation
Net Asset Value (NAV) as on June 30, 2016 (in `)
Plan / Option Regular Plan Direct Plan
Growth Option 11.0505 11.1627
Dividend Option 11.0498 11.1274
Key Scheme Information
Investment Objective
The investment objective of the scheme is to generate medium to long-term capital appreciation by investing predominantly in equity and equity related securities of mid cap companies. However, there is no assurance or guarantee that the investment objective of the Scheme will be achieved. The Scheme does not assure or guarantee any returns.
Allotment Date
7th December, 2015
Fund Size
` 45.59 Crs (Monthly AAUM for June, 2016)
` 56.08 Crs (AUM as on 30 June, 2016)
Asset Allocation Pattern
Equity and Equity Related Instruments of Midcap Companies: 65% to 100% Debt & Money Market Instruments: 0% to 35%
Scheme Features
Exit Load : NIL
Minimum Amount: ` 1,000/- and in multiples of ` 1/-
thereafter Benchmark : Nifty Midcap 100 Index
Fund Manager
Mr. Amit Nigam - Total experience 14 years.
Peerless Midcap Fund - Percentage contribution of B15 cities to AUM is 22.56 as on June 30, 2016
TER June 2016 # Regular (%)......................................................................................................... 3.00 # Direct (%).............................................................................................................. 1.84
Britannia Industries Ltd CONSUMER NON DURABLES 3.05
Berger Paints CONSUMER NON DURABLES 3.05
Indraprastha Gas Ltd GAS 2.89
Eicher Motors Ltd AUTO 2.83
Sun Pharmaceuticals Industries Ltd PHARMACEUTICALS 2.81
Motherson Sumi Systems Ltd AUTO ANCILLARIES 2.80
Havells India Ltd CONSUMER DURABLES 2.65
Titan Company Ltd CONSUMER DURABLES 2.62
V Guard Industries Ltd INDUSTRIAL CAPITAL GOODS 2.59
The Ramco Cements Ltd CEMENT 2.55
Asian Paints Ltd CONSUMER NON DURABLES 2.40
Nestle India Ltd CONSUMER NON DURABLES 2.39
P I Industries Ltd PESTICIDES 2.39
Ultratech Cement Ltd CEMENT 2.32
AIA Engineering Ltd INDUSTRIAL PRODUCTS 2.17
Grasim Industries Ltd. CEMENT 2.15
Pidilite Industries Ltd CHEMICALS 1.99
Jyothy Laboratories Ltd CONSUMER NON DURABLES 1.98
CBLO (including TBILL held as Collat-eral)/Reverse Repo/Net Current As-sets/Cash/Cash Equivalent
1.86
Total 100.00
Key Scheme Information
Investment Objective
The Scheme will seek to invest predominantly in a diversified portfolio of equity and equity related instruments with the objective to provide investors with opportunities for capital appreciation and income generation along with the benefit of income tax deduction (under Section 80 C of the Income Tax Act, 1961) on their investments. Specified Investors in the Scheme are entitled to deductions of the amount invested in Units of the
Scheme, subject to a maximum of ` 1,50,000/- under and in terms of Section 80 C (2) (xiii) of the
Income Tax Act, 1961. Investment in this scheme would be subject to statutory lock-in period of 3 years from the date of allotment to be eligible for income tax benefit under section 80 C. There can be no assurance that the investment objective under the Scheme will be realized.
Allotment Date
30th December, 2015
Fund Size
` 15.83 Crs (Monthly AAUM for June, 2016)
` 16.30 Crs (AUM as on 30 June, 2016)
Asset Allocation Pattern
Equity and Equity Related Instruments: 80% to 100% Debt and Money Market Instruments: 0% to 20%
Scheme Features
Exit Load : NIL
Minimum Amount: ` 500/- and in multiples of ` 500/-
thereafter Benchmark : S&P BSE 100 Index
Fund Manager
Mr. Amit Nigam - Total experience 14 years.
Peerless Long Term Advantage Fund - Percentage contribution of B15 cities to AUM is 52.46 as on
June 30,2016
TER June 2016 # Regular (%)......................................................................................................... 2.81 # Direct (%).............................................................................................................. 1.49
Asset Allocation
Net Asset Value (NAV) as on June 30, 2016 (in `)
Plan / Option Regular Plan Direct Plan
Growth Option 10.7587 10.8457
Dividend Option 10.7588 10.8428
Industry Allocation – Equity(%)
1) Please refer to page no. 12 for tax on dividend distribution 2) Please refer to page no. 16 for Product Labeling 3) These schemes have not completed 1 year, hence performance data is not provided
Please refer to page no 14 and 15 for statutory details