Mutual Fund Recommendation – Q3 2015

1 Thursday, July 23, 2015

Mutual Fund Recommendation – Q3 2015

Amit Jain + 91 22 4088 0191

2

Table of Contents

1. Mutual Funds Research | Our Philosophy 3 2. Mutual Funds Research | Our Process | Equity Funds 4 Large Cap Funds

Birla SL Frontline Equity Fund 5 SBI Bluechip Fund 7 ICICI Prudential Focused Blue Chip Equity Fund 9 Reliance Focused Large Cap Fund 11 NAV Movement | Large Cap Portfolio 13

Mid Cap Funds BNP Paribas Mid Cap Fund 14 Franklin India Prima Fund 16 Axis Midcap Fund 18 NAV Movement | Mid Cap Portfolio 20

Multi Cap Funds UTI Equity Fund 21 L&T India Special Situations Fund 23 Tata Equity Opportunities Fund 25 Axis Equity Fund 27

NAV Movement | Multi Cap Portfolio 29 Hybrid Funds – Equity

ICICI Prudential Balanced Advantage Fund 30 SBI Magnum Balanced Fund 32

Tax Saving Funds Axis Long Term Equity Fund 34 BNP Paribas LT Equity Fund 36

Thematic Funds UTI MNC Fund 38

3. Mutual Funds Research | Our Process | Debt Funds 39 Long Term Funds

ICICI Prudential Income Fund 40 HDFC High Interest Fund-Dynamic Plan 41

Medium Term Funds Birla SL Medium Term Fund 42 Kotak Medium Term Fund 43

Short Term Funds Franklin India Short Term Income Plan 44 HDFC Short Term Plan 45

Ultra Short Term Funds Franklin India Ultra Short Bond Fund 46 DWS Cash Opportunities Fund 47

4. External Rating Comparison 48 5. Factor’s Description 49

3

Mutual Funds Research | Our Philosophy

Which are the best ones? – It is to do with more than just past performance

The primary objective of the quantitative analysis is to evaluate funds on the basis of ‘Alpha Consistency’ and ‘Alpha Frequency’

In‐house proprietary model [quant Fund Selection Indicator (QFSI)] has been created to generate a recommended list of funds under

various categories

Higher emphasis is given on the quantitative parameters to evaluate and filter the entire universe of the funds

Qualitative factors act in defining a broader framework and helps us to keep a check on how is the portfolio being managed vis‐à‐vis the

stated portfolio’s stated objective and strategy

4

Mutual Funds Research | Our Process | Equity Funds

Due diligence on AMCs

quantitative factors – AAUM over 6 months – INR 1000 crores or 1% market share

Qualitative factor – AMCs pedigree, sponsors’ background, investment team’s experience, service capabilities, etc.

Scheme filtering criteria’s

Classifying open ended equity schemes on the basis of – their investment objective & strategy into various categories

Minimum AUM criteria for open ended equity & hybrid funds – INR 200 crores (average of last 6 months AUM) or 1% market share (based

on average of last 6 months AUM)

Minimum age criteria – The fund has to be in existence for at least 3 years before it comes up in our filtered list for research

Risk – adjusted return analysis for equity & hybrid funds

Risk‐adjusted returns to be estimated on the basis of quant Fund Selection Indicator (QFSI)

The top 10% percentile of funds to be recommended to clients across different categories

5

Birla SL Frontline Equity Fund– Large Cap Fund

NAV Growth Plan – Rs. 163.24 Dividend Plan – Rs. 28.35

Inception Date August 30, 2002

Benchmark CNX Nifty Index (quant) S&P BSE 200 (fund)

Load Structure(Exit) 1% w/n 1 Year

Expense Ratio 1.75

Fund Manager Mr. Mahesh Patil

Investment Objective The scheme aims to generate long-term capital growth, income generation and distribution of dividend. It would target the same sectoral weights as BSE 200, subject to flexibility of selecting stocks within a particular sector.

Parameter Value

Information Ratio 1.69

Slope (Beta) 1.28

R-Squared 0.99

Standard Deviation (%) 17.08

Treynor Ratio 13.54

Sharpe Ratio 1.01

Jensen's Alpha (%) 4.70

Period Return CNX Nifty Relative Return

1 Yr 18.43 9.95 8.48

2 Yr 29.51 19.63 9.88

3 Yr 24.82 16.58 8.23

5 Yr 14.52 9.51 5.01

Since Inception 24.29 17.89 6.40

This is the sort of fund whose stated strategy could be called index with a garnish. The fund house has

chosen to define the strategy as a variation on the BSE 200 benchmark. It says that the fund would aim

for the same sector weights as the index and try to get all the advantage by having a different stock

selection within those sectors. The fund manager’s objective is to beat the benchmark incrementally and

consistently taking measured individual stock bets in the portfolio

Investment Style

Growth Blend Value

Large M

arket C

ap

Med

ium

Small

Top 3 Sector 39.02%

Top 5 Sector 48.17%

Top 10 Holdings 35.75%

Trend of QFSI over last 3 years

AUM (Crs.) 9364

A+ Market Cap Amount(Cr.) % Holding

Large Cap 8492 91

Mid Cap 102 1

Others 769 8

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Data as of 30th June 2015

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Quarter on Quarter return vis‐à‐vis quant’s benchmark and category average Positive months in the last 3 year v/s negative months relative to quant’s benchmark

Top 10 holdings for the fund Sectoral movement of the portfolio over the last 4 quarters

Birla SL Frontline Equity Fund– Large Cap Fund

Company Sector %age

HDFC Bank Ltd. Bank - Private 6.61

ICICI Bank Ltd. Bank - Private 4.10

Reliance Industries Ltd. Refineries 4.08

Larsen & Toubro Ltd. Engineering - Construction 3.71

Axis Bank Ltd. Bank - Private 3.60

Infosys Ltd. IT - Software 3.43

ITC Ltd. Cigarettes/Tobacco 3.07

Tata Motors Ltd. Automobiles-Trucks/Lcv 2.44

HCL Technologies Ltd. IT - Software 2.40

Sun Pharmaceutical Industries Ltd. Pharmaceuticals & Drugs 2.31


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Fund Return Bechmark Return Category Average

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Cash & Cash Equivalent

Other Sector

Finance - Housing

Auto Ancillary

Cigarettes/Tobacco

Automobiles-Trucks/Lcv

Finance - NBFC

Engineering - Construction

Refineries

Pharmaceuticals & Drugs

IT - Software

Bank - Private

7

SBI Bluechip Fund – Large Cap Fund

NAV Growth Plan – Rs. 28.44 Dividend Plan – Rs.19.48

Inception Date Jan 20, 2006

Benchmark CNX Nifty Index (quant ) S&P BSE 100 (fund)

Load Structure(Exit) 1% w/n 1 Yr

Expense Ratio 1.95

Fund Manager Mr. Sohini Andani

Investment Objective

To provide investors with opportunities for long-term growth in capital through an active management of investments in a diversified basket of equity stocks of companies whose market capitalization is at least equal to or more than the least market capitalized stock of BSE 100 Index.

Parameter Value


Slope (Beta) 1.28

R-Squared 0.96


Treynor Ratio 14.48

Sharpe Ratio 1.05



1 Yr 26.39 9.95 16.45

2 Yr 32.29 19.63 12.66

3 Yr 26.80 16.58 10.22

5 Yr 14.70 9.51 5.19

Since Inception 11.70 11.87 -0.17

A large cap equity fund which invest in stocks of companies with market capitalization equal to or more

than the least market capitalized stock of BSE 100 Index. These companies have large business presence,

good reputation and are possibly market leaders in their industries. The fund comprises of a well

diversified portfolio of predominantly large cap companies, with steady growth potential opportunity.

Investment Style

Growth Blend Value

Large M

arket C

ap

Med

ium

Small

Top 3 Sector 29.45%

Top 5 Sector 41.03%


Market Cap Amount(Cr.) % Holding

Large Cap 1904 81

Others 446 19

AUM (Crs.) 2349

A+



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SBI Bluechip Fund – Large Cap Fund

Company Sector %age


Maruti Suzuki India Ltd. Automobiles - Passenger Cars 5.39




Tata Consultancy Services Ltd. IT - Software 3.27

Motherson Sumi Systems Ltd. Auto Ancillary 2.64

IndusInd Bank Ltd. Bank - Private 2.62

M&M Financial Services Ltd. Finance - NBFC 2.39

Strides Arcolab Ltd. Pharmaceuticals & Drugs 2.13


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Other Sector

Auto Ancillary

Household & Personal Products

Cement & Construction Materials


Finance - NBFC

Automobiles - Passenger Cars

Refineries

IT - Software


Bank - Private

9

ICICI Prudential Focused Blue Chip Equity Fund – Large Cap Fund


Inception Date May 23, 2008

Benchmark CNX Nifty Index (quant / fund)


Expense Ratio 1.75

Fund Manager Mr. Manish Gunwani

Investment Objective The fund's investment strategy will be to invest in 20 large cap companies from the top 200 stocks listed on the NSE on the basis of market capitalization.

Parameter Value


Slope (Beta) 1.16

R-Squared 0.98


Treynor Ratio 12.48

Sharpe Ratio 0.93



1 Yr 14.72 9.95 4.77

2 Yr 26.79 19.63 7.16

3 Yr 21.24 16.58 4.65

5 Yr 14.54 9.51 5.03


A large cap equity fund that focuses its investments on top 20‐25 stocks, which the fund manager has

high conviction for upside potential. The fund’s strategy is to create an ideal mix of concentration and

diversification it uses a combination of bottom up and top down investment approach thereby

diversifying across sectors and ensuring limited sectoral deviation from benchmark. The fund focuses on

building aggressive position in high conviction stocks, thereby generating out performance.

Investment Style

Growth Blend Value

Large M

arket C

ap

Med

ium

Small

Top 3 Sector 44.79%

Top 5 Sector 54.56%


AUM (Crs.) 9107

A+



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Large Cap 8510 93

Mid Cap 10 0

Others 588 6

10



ICICI Prudential Focused Blue Chip Equity Fund – Large Cap Fund

Company Sector %age







Bajaj Finserv Ltd. Finance - Investment 3.43


Wipro Ltd. IT - Software 3.12



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Cash & Cash Equivalents

Other Sector

Bank - Public

Power Generation/Distribution


Finance - Investment

Cigarettes/Tobacco


Refineries


IT - Software

Bank - Private

11

Reliance Focused Large Cap Fund – Large Cap Fund


Inception Date 28-Mar-2006

Benchmark CNX Nifty Index (quant /fund)


Expense Ratio 1.75

Fund Manager Mr. Omprakash Kuckian


To generate long-term capital growth by predominantly investing in an active and concentrated portfolio of equity & equity related instruments up to 25 companies belonging to the top 100 companies by market capitalization and/or leaders in their respective segments

Parameter Value


Slope (Beta) 1.21

R-Squared 0.98


Treynor Ratio 12.59

Sharpe Ratio 0.93



1 Yr 15.74 9.95 5.79

2 Yr 29.20 19.63 9.58

3 Yr 23.05 16.58 6.46

5 Yr 9.59 9.51 0.08


An open-ended large-cap equity fund that take concentrated bets in high conviction stocks. At least 75%

of the portfolio is invested in the top 100 companies by market capitalization. The fund may take a

tactical allocation to niche businesses (beyond the top 100 companies) which are market leaders in their

respective segments. The key investment parameters of the fund is companies with sustainable business

models, proven track record and growth at reasonable price. The fund manager always give emphasis on

alpha generation through sector rotation.

Investment Style

Growth Blend Value

Large M

arket C

ap

Med

ium

Small

Top 3 Sector 30.35%

Top 5 Sector 45.73%


AUM (Crs.) 1093

A+



Large Cap 1042 95

Mid Cap 17 2

Others 33 3


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Reliance Focused Large Cap Fund – Large Cap Fund

Company Sector %age


Ultratech Cement Ltd. Cement & Construction Materials 6.16




Cummins India Ltd. Diesel Engines 4.92

State Bank Of India Bank - Public 4.81


Tata Motors Ltd. Automobiles-Trucks/Lcv 4.37

Max India Ltd. Diversified 3.98


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Other Sector


Diesel Engines


Refineries


Bank - Public

Electric Equipment

IT - Software


Bank - Private

13

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650 CNX Nifty Index Category Average Large Cap

NAV Movement | Large Cap Portfolio

Portfolio NAV movement of large cap portfolio on the basis of quant Fund Selection Indicator (QFSI) against CNX Nifty Index(quant benchmark) and category average of large cap funds for the period Apr 05 to Jun 15 selected for the portfolio holds highest rank as per QFSI. The portfolio NAV is calculated taking in account exit load and tax implication, as applicable

Portfolio Outperformance vis-à-vis

category average

14

BNP Paribas Mid Cap Fund – Mid Cap Fund


Inception Date 02-May-06

Benchmark CNX Midcap (quant / fund)


Expense Ratio 2.79

Fund Manager Mr. Shreyash Devalkar

Investment Objective To seek to generate long-term capital appreciation by investing primarily in companies with high growth opportunities in the middle and small capitalization segment, defined as ‘Future Leaders’.

Parameter Value


Slope (Beta) 0.96

R-Squared 1.00


Treynor Ratio 28.00

Sharpe Ratio 1.02


Period Return CNX

Midcap Relative Return

1 Yr 33.14 17.24 15.90

2 Yr 47.46 33.01 14.46

3 Yr 34.77 20.93 13.84

5 Yr 21.67 9.85 11.82


Investment Style

Growth Blend Value

Large M

arket C

ap

Med

ium

Small

Top 3 Sector 30.35%

Top 5 Sector 39.93%



Large Cap 220 67

Mid Cap 63 19

Small Cap 31 9

Others 14 4

AUM (Crs.) 328

The fund seek to generate long-term capital appreciation by investing primarily in companies with high growth opportunities in the middle and small capitalization segment. The fund will emphasize on companies that appear to offer opportunities for long-term growth and will be inclined towards companies that are driven by dynamic style of management and entrepreneurial flair. This product is suitable for investors who are seeking wealth Creation in long term with high risk.

A++


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BNP Paribas Mid Cap Fund – Mid Cap Fund

Company Sector %age

Idea Cellular Ltd. Telecommunication – Service 6.98

Bharti Airtel Ltd. Telecommunication – Service 5.53


Welspun India Ltd. Textile 3.41

Ramkrishna Forgings Ltd. Castings/Forgings 3.35

Just Dial Ltd. Miscellaneous 3.09

The Federal Bank Ltd. Bank - Private 3.08

Alembic Pharmaceuticals Ltd. Pharmaceuticals & Drugs 2.73

Jyothy Laboratories Ltd. Household & Personal Products 2.67

Bajaj Finance Ltd. Finance - NBFC 2.57

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Other Sector

Textile



Logistics

Finance - NBFC


Consumer Food

Bank - Private


Telecommunication - Service


16

Franklin India Prima Fund – Mid Cap Fund


Inception Date 1-Dec-93

Benchmark CNX Midcap (quant) / S&P BSE 500 (fund)


Expense Ratio 2.29

Fund Manager Mr. R. Janakiraman

Investment Objective The primary objective of the fund is capital appreciation and secondary objective is income generation by focusing on mid and small cap industry.

Parameter Value


Slope (Beta) 1.05

R-Squared 0.99


Treynor Ratio 26.19

Sharpe Ratio 0.95


Period Return CNX


1 Yr 33.23 17.24 15.99

2 Yr 45.40 33.01 12.39

3 Yr 35.71 20.93 14.78

5 Yr 20.16 9.85 10.31

Since Inception 21.43 - -

An open ended diversified equity fund focusing primarily on small and mid cap companies that exhibit higher growth rates than their well established large cap companies. The fund aims to identify companies at an early stage of business life cycle as they have a greater potential for the upside. The fund tries to minimize risk by diversifying across sectors and across stocks within a sector. This fund is suitable for investors that prefer fund that has potential to deliver high capital appreciation over time but with relatively higher volatility over a 3-5 year investment time horizon.

Investment Style

Growth Blend Value

Large M

arket C

ap

Med

ium

Small

Top 3 Sector 30.02%

Top 5 Sector 38.58%



Large Cap 2776 78

Mid Cap 495 14

Small Cap 25 1

Others 280 8

AUM (Crs.) 3576


A++


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Franklin India Prima Fund – Mid Cap Fund

Company Sector %age

Yes Bank Ltd. Bank - Private 4.72

Amara Raja Batteries Ltd. Batteries 3.00

Torrent Pharmaceuticals Ltd. Pharmaceuticals & Drugs 3.00

Finolex Cables Ltd. Cable 2.87


FAG Bearings India Ltd. Bearings 2.64



Idea Cellular Ltd. Telecommunication - Service 2.49

Cyient Ltd. IT - Software 2.31


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Other Sector


Pesticides & Agrochemicals

Cable

Batteries


Finance - Housing

Bearings

IT - Software


Bank - Private

18

Axis Midcap Fund – Mid Cap Fund


Inception Date 18-Feb-11

Benchmark CNX Midcap (quant / fund)

Load Structure(Exit) 1% w/n 12 Months

Expense Ratio 1.95

Fund Manager Mr. Pankaj Murarka

Investment Objective Aim of scheme is to generate long term capital growth by investing predominantly in equity related securities of mid size companies. The focus of the fund would be to invest in relatively larger companies within this category.

Parameter Value


Slope (Beta) 1.12

R-Squared 0.99


Treynor Ratio 24.96

Sharpe Ratio 0.91


Period Return CNX


1 Yr 25.67 17.24 8.44

2 Yr 45.59 33.01 12.58

3 Yr 34.52 20.93 13.58

5 Yr -- 9.85 --


Investment Style

Growth Blend Value

Large M

arket C

ap

Med

ium

Small

Top 3 Sector 28.53%

Top 5 Sector 38.62%



Large Cap 846 71

Mid Cap 239 20

Small Cap 81 7

Others 21 2

AUM (Crs.) 1187

This fund's stock selection strategy is all about finding emerging blue-chips; the mid-cap stocks that are likely to transform into large-caps from its investment universe of about 200 companies. The fund doesn't mind paying higher valuations for companies that have this quality of scalability. Apart from return on equity and return on capital, this fund hunts for companies that can grow at exceptional rates of 20-25 per cent CAGR. The fund manager firmly believe that in a high growth cycle, companies moving from mid-cap to large-cap can create enough value to shareholders and that is what we look for while identifying mid-cap companies

A++



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Axis Midcap Fund – Mid Cap Fund

Company Sector %age

DCB Bank Ltd. Bank - Private 4.28


Tata Chemicals Ltd. Fertilizers 3.90

Voltas Ltd. Air Conditioners 3.19

Sundaram Finance Ltd. Finance - NBFC 3.07

Gujarat State Petronet Ltd. Gas Transmission/Marketing 3.00

SKS Microfinance Ltd. Finance - NBFC 2.88

Pfizer Ltd. Pharmaceuticals & Drugs 2.81

Sanofi India Ltd. Pharmaceuticals & Drugs 2.68

Aditya Birla Nuvo Ltd. Diversified 2.66


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Other Sector

Air Conditioners

Ratings

Fertilizers

TV Broadcasting & Software Production

Gas Transmission/Marketing


IT - Software

Finance - NBFC

Bank - Private


20

NAV Movement | Mid Cap Portfolio

Portfolio NAV movement of mid cap portfolio on the basis of quant Fund Selection Indicator (QFSI) against CNX Midcap (quant benchmark) and category average of mid cap funds for the period Apr 05 to Jun 15. The fund selected for the portfolio holds highest rank as per QFSI. The portfolio NAV is calculated taking in account exit load and tax implication, as applicable

Portfolio Outperformance vis-à-

vis category average

50

150

250

350

450

550

650

750

850

950

Apr-05 Apr-06 Apr-07 Apr-08 Apr-09 Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 Apr-15

CNX Midcap Category Average Mid Cap

21

Investment Style

Growth Blend Value

Large M

arket C

ap

Med

ium

Small

UTI Equity Fund – Multi Cap Fund

Parameter Value


Slope (Beta) 1.12

R-Squared 0.99


Treynor Ratio 14.22

Sharpe Ratio 0.90


Period Return S&P BSE

200 Relative Return

1 Yr 19.22 12.01 7.21

2 Yr 28.95 22.65 6.30

3 Yr 22.69 17.83 4.86

5 Yr 15.03 9.25 5.78


UTI Equity Fund is positioned as a diversified equity fund. The Fund portfolio holds blend of large & mid

cap diversified equity stocks. The portfolio comprise of leading stocks in the respective sectors. The fund

provides tool for strategic allocation of the core equity portfolio of the investor. Large Caps would

comprise around 65% of the portfolio.

Top 3 Sector 35.89%

Top 5 Sector 48.50%



Large Cap 3807 90

Mid Cap 223 5

Small Cap 43 1

Others 173 4

AUM (Crs.) 4246



Benchmark S&P BSE 200 (quant) / S&P BSE 100 (fund)


Expense Ratio 2.20

Fund Manager Mr. Anoop Bhaskar

Investment Objective To investing at least 80% of its funds in equity and equity related instrument with medium to high risk profile and up to 20% in debt and money market instruments with low to medium risk profile.


A+

0.00

0.50

1.00

1.50

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2.50

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Jun

-12

Sep

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Dec

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Mar

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Sep

-13

Dec

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Mar

-14

Jun

-14

Sep

-14

Dec

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Mar

-15

Jun

-15


22



UTI Equity Fund – Multi Cap Fund

Company Sector %age






Shree Cement Ltd. Cement & Construction Materials 3.36




Lupin Ltd. Pharmaceuticals & Drugs 2.43


-10%

-5%

0%

5%

10%

15%

20%

25%

Jun

-12

Sep

-12

Dec

-12

Mar

-13

Jun

-13

Sep

-13

Dec

-13

Mar

-14

Jun

-14

Sep

-14

Dec

-14

Mar

-15

Jun

-15


-3%

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-1%

0%

1%

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3%

Jun

-12

Sep

-12

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-12

Mar

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Sep

-13

Dec

-13

Mar

-14

Jun

-14

Sep

-14

Dec

-14

Mar

-15

Jun

-15

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%



Other Sector


Auto Ancillary


Bank - Public



Refineries


IT - Software

Bank - Private

23

Investment Style

Growth Blend Value

Large M

arket C

ap

Med

ium

Small

L&T India Special Situations Fund – Multi Cap Fund



Benchmark S&P BSE 200 (quant / fund)


Expense Ratio 2.20

Fund Manager Mr. Soumendra Nath Lahiri

Investment Objective Aims to invest in undervalued companies for long term investment with key theme focus being 'Special Situations' - these are situations that are out-of- the-ordinary and which therefore is Interesting stock picking opportunities.

Parameter Value


Slope (Beta) 1.27

R-Squared 0.98


Treynor Ratio 14.18

Sharpe Ratio 0.89



200 Relative Return

1 Yr 22.34 12.01 10.34

2 Yr 30.42 22.65 7.78

3 Yr 23.55 17.83 5.72

5 Yr 13.06 9.25 3.81


An open end diversified equity fund that invests in stocks across the market capitalization range. The fund

manager Invests in exciting opportunities that might occur when businesses or stocks face “special

situations”: Businesses may be restructuring, launching new products or in the midst of mergers, or

stocks may be out of favor.

Top 3 Sector 34.05%

Top 5 Sector 45.09%


AUM (Crs.) 970

A+



Large Cap 806 83

Mid Cap 99 10

Small Cap 49 5

Others 17 2


0.00

0.50

1.00

1.50

2.00

2.50

Jun

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Sep

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-12

Mar

-13

Jun

-13

Sep

-13

Dec

-13

Mar

-14

Jun

-14

Sep

-14

Dec

-14

Mar

-15

Jun

-15

24



L&T India Special Situations Fund – Multi Cap Fund

Company Sector %age





Bayer CropScience Ltd. Pesticides & Agrochemicals 3.53


Kotak Mahindra Bank Ltd. Bank - Private 3.10

Hindustan Petroleum Corporation Ltd. Refineries 3.06




-15%

-10%

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0%

5%

10%

15%

20%

25%

Jun

-12

Sep

-12

Dec

-12

Mar

-13

Jun

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Sep

-13

Dec

-13

Mar

-14

Jun

-14

Sep

-14

Dec

-14

Mar

-15

Jun

-15


-2%

-1%

0%

1%

2%

3%

Jun

-12

Sep

-12

Dec

-12

Mar

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Jun

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Sep

-13

Dec

-13

Mar

-14

Jun

-14

Sep

-14

Dec

-14

Mar

-15

Jun

-15

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%



Other Sector


Refineries

Pesticides & Agrochemicals

Bank - Public


Finance - NBFC



IT - Software

Bank - Private

25

Investment Style

Growth Blend Value

Large M

arket C

ap

Med

ium

Small

Tata Equity Opportunities – Multi Cap Fund

NAV Growth Plan – Rs. 147.59, Dividend Plan – Rs.31.44

Inception Date 25-Feb-93

Benchmark S&P BSE 200 (quant / fund)


Expense Ratio 2.81

Fund Manager Mr. Pradeep Gokhale

Investment Objective The fund aims to generate capital appreciation from the portfolio of equity and equity related instruments of well researched value and growth oriented companies across all market capitalizations.

Parameter Value


Slope (Beta) 1.12

R-Squared 0.98


Treynor Ratio 14.46

Sharpe Ratio 0.90



200 Relative Return

1 Yr 22.34 12.01 10.34

2 Yr 30.42 22.65 7.78

3 Yr 23.55 17.83 5.72

5 Yr 13.06 9.25 3.81


The Tata Equity Opportunities Fund aims at proactively taking advantage of Potential Capital appreciation opportunities in the market. Positioned as a “stock picker's delight”, it is a diversified equity fund which undertakes rigorous research to identify opportunities in equity markets that could be for instance, turnaround companies or stocks being re-rated by the market, companies benefitting from changing economic fundamentals, etc. It invests in small, medium and large cap stocks wherever the fund manager spots an opportunity. It is hence very actively managed and dynamic in nature, although stock picking is based on a sound bottom-up approach

Top 3 Sector 37.31%

Top 5 Sector 51.99%



Large Cap 903 85

Mid Cap 90 9

Small Cap 26 2

Others 38 4

AUM (Crs.) 1056

A+



0.00

0.50

1.00

1.50

2.00

Jun

-12

Sep

-12

Dec

-12

Mar

-13

Jun

-13

Sep

-13

Dec

-13

Mar

-14

Jun

-14

Sep

-14

Dec

-14

Mar

-15

Jun

-15

26



Tata Equity Opportunities – Multi Cap Fund

Company Sector %age




Sadbhav Engineering Ltd. Engineering - Construction 3.40




Ultratech Cement Ltd. Cement & Construction Materials 2.87

Bharat Electronics Ltd. Electronics - Components 2.70



-10%

-5%

0%

5%

10%

15%

20%

25%

Jun

-12

Sep

-12

Dec

-12

Mar

-13

Jun

-13

Sep

-13

Dec

-13

Mar

-14

Jun

-14

Sep

-14

Dec

-14

Mar

-15

Jun

-15


-4%

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-2%

-1%

0%

1%

2%

3%

4%

Jun

-12

Sep

-12

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-12

Mar

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Jun

-13

Sep

-13

Dec

-13

Mar

-14

Jun

-14

Sep

-14

Dec

-14

Mar

-15

Jun

-15

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%



Other Sectors

Bank - Public

Electronics - Components


Finance - NBFC



IT - Software



Bank - Private

27

Investment Style

Growth Blend Value

Large M

arket C

ap

Med

ium

Small

Axis Equity Fund – Multi Cap Fund


Inception Date 05-Jan-10

Benchmark S&P BSE 200 (quant ) CNX Nifty (fund)


Expense Ratio 1.95

Fund Manager Mr. Pankaj Murarka

Investment Objective The fund aims to generate long-term capital appreciation from a portfolio of equity and equity related securities, generally focused on a few selected sectors.

Parameter Value


Slope (Beta) 0.86

R-Squared 0.97


Treynor Ratio 18.06

Sharpe Ratio 1.12



200 Relative Return

1 Yr 12.83 12.01 0.82

2 Yr 23.90 22.65 1.25

3 Yr 22.58 17.83 4.75

5 Yr 12.43 9.25 3.18


Axis Equity fund has been designed to actively manage the risk of the portfolio while trying to achieve its return objectives. Thus the fund always look for not just return but rather risk adjusted return. A diversified equity fund with a large cap bias, pure bottom-up stock picking focusing on fundamentals, risk management embedded in the investment process. The fund is suitable for an investment horizon of at least 3-5 years or more.

Top 3 Sector 39.08%

Top 5 Sector 51.67%



Large Cap 1709 93

Mid Cap 53 3

Others 70 4

AUM (Crs.) 1832

A+



0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

Jun

-12

Sep

-12

Dec

-12

Mar

-13

Jun

-13

Sep

-13

Dec

-13

Mar

-14

Jun

-14

Sep

-14

Dec

-14

Mar

-15

Jun

-15

28



Axis Equity Fund – Multi Cap Fund

Company Sector %age




Zee Entertainment Enterprises Ltd. TV Broadcasting & Software Prod 4.82

HDFC Ltd. Finance - Housing 4.67


Bharti Airtel Ltd. Telecommunication - Service 4.13





-10%

-5%

0%

5%

10%

15%

20%

25%

Jun

-12

Sep

-12

Dec

-12

Mar

-13

Jun

-13

Sep

-13

Dec

-13

Mar

-14

Jun

-14

Sep

-14

Dec

-14

Mar

-15

Jun

-15


-3%

-2%

-1%

0%

1%

2%

3%

4%

Jun

-12

Sep

-12

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-12

Mar

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Jun

-13

Sep

-13

Dec

-13

Mar

-14

Jun

-14

Sep

-14

Dec

-14

Mar

-15

Jun

-15

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%



Other Sector

Bank - Public

Refineries

Finance - Housing

TV Broadcasting & Software Prod





IT - Software

Bank - Private

29

50

150

250

350

450

550

650

750

S&P BSE 200 Category Average Multi Cap

NAV Movement | Multi Cap Portfolio

Portfolio NAV movement of multi cap portfolio on the basis of quant Fund Selection Indicator (QFSI) against S&P BSE 200 (quant benchmark) and category average of multi cap funds for the period Apr 05 to Jun 15. The fund selected for the portfolio holds highest rank as per QFSI. The portfolio NAV is calculated taking in account exit load and tax implication, as applicable


category average


benchmark

30

ICICI Prudential Balanced Advantage Fund – Hybrid Fund



Benchmark Crisil Balanced Fund Index (quant / fund)


Expense Ratio 1.75

Fund Manager Mr. Manish Banthia

Investment Objective The scheme seeks to provide capital appreciation and income distribution to the investors by using equity derivatives strategies, arbitrage opportunities and pure equity investments.

Parameter Value


Slope (Beta) 1.01

R-Squared 0.95


Treynor Ratio 12.36

Sharpe Ratio 1.28


Period Return Crisil

Balanced Fund Index

Relative Return

1 Yr 15.23 10.58 4.65

2 Yr 22.89 15.67 7.22

3 Yr 19.75 14.06 5.69

5 Yr 14.61 9.27 5.34


ICICI Prudential Balanced Advantage Fund is an Open ended Equity Fund that aims to make investing easy

and less stressful, by allocating between different investment options as per changing market conditions.

It invests in a judicious mix of cash equities, equity derivatives and debt & money market securities. It is

structured to control volatility and has an equity related tax status. It uses multiple strategies to allow

flexibility and allows you to participate in equity markets at a controlled risk

Investment Style

Growth Blend Value

Large M

arket C

ap

Med

ium

Small

Top 3 Sector 24.75%

Top 5 Sector 31.52%


AUM (Crs.) 6975

A+



0.00

0.50

1.00

1.50

2.00

2.50

Jun

-12

Sep

-12

Dec

-12

Mar

-13

Jun

-13

Sep

-13

Dec

-13

Mar

-14

Jun

-14

Sep

-14

Dec

-14

Mar

-15

Jun

-15


Large Cap 4493 64

Mid Cap 58 1

Small Cap 3 0

Others 2421 35

31



ICICI Prudential Balanced Advantage Fund – Hybrid Fund

Company Sector %age




Mahindra & Mahindra Ltd. Automobiles - Passenger Cars 2.76


Tech Mahindra Ltd. IT - Software 2.36


Power Grid Corporation Of India Ltd. Power Generation/Distribution 1.82

Bajaj Finserv Ltd. Finance - Investment 1.80

Wipro Ltd. IT - Software 1.76


-10%

-5%

0%

5%

10%

15%

20%

Jun

-12

Sep

-12

Dec

-12

Mar

-13

Jun

-13

Sep

-13

Dec

-13

Mar

-14

Jun

-14

Sep

-14

Dec

-14

Mar

-15

Jun

-15


-3%

-2%

-1%

0%

1%

2%

3%

Jun

-12

Sep

-12

Dec

-12

Mar

-13

Jun

-13

Sep

-13

Dec

-13

Mar

-14

Jun

-14

Sep

-14

Dec

-14

Mar

-15

Jun

-15

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%



Other Sector

Finance - Investment

Oil Exploration

Refineries

Cigarettes/Tobacco

Diversified




IT - Software

Bank - Private

32

SBI Magnum Balanced Fund – Hybrid Fund



Benchmark Crisil Balanced Fund Index (quant / fund)


Expense Ratio 1.95

Fund Manager Mr. R. Srinivasan


Generate long term capital appreciation along with the liquidity of an open-ended scheme from mix of debt and equity. The scheme will invest in a diversified portfolio of equities of high growth companies and balance the risk through investing the rest in a relatively safe portfolio of debt.

Parameter Value


Slope (Beta) 1.63

R-Squared 0.97


Treynor Ratio 10.58

Sharpe Ratio 1.11


Period Return Crisil

Balanced Fund Index

Relative Return

1 Yr 23.63 10.58 13.05

2 Yr 30.18 15.67 14.51

3 Yr 25.75 14.06 11.69

5 Yr 13.99 9.27 4.72


This Fund invests in a mix of equity and debt investments. It provides a good investment opportunity to

investors who do not wish to be completely exposed to equity markets, but are looking for relatively

higher returns than those provided by debt funds.

Investment Style

Growth Blend Value

Large M

arket C

ap

Med

ium

Small

Top 3 Sector 17.97%

Top 5 Sector 24.43%


AUM (Crs.) 2050

A+




Large Cap 894 44

Mid Cap 114 6

Small Cap 324 16

Others 718 35

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

Jun

-12

Sep

-12

Dec

-12

Mar

-13

Jun

-13

Sep

-13

Dec

-13

Mar

-14

Jun

-14

Sep

-14

Dec

-14

Mar

-15

Jun

-15

33



SBI Magnum Balanced Fund – Hybrid Fund

Company Sector %age



P&G Hygiene & Health Care Ltd. Household & Personal Products 2.97

SJVN Ltd. Power Generation/Distribution 2.90

Ramkrishna Forgings Ltd. Castings/Forgings 2.44

Sundaram-Clayton Ltd. Auto Ancillary 2.30

Eicher Motors Ltd. Automobiles-Trucks/Lcv 2.29


3M India Ltd. Diversified 2.03



-10%

-5%

0%

5%

10%

15%

20%

Jun

-12

Sep

-12

Dec

-12

Mar

-13

Jun

-13

Sep

-13

Dec

-13

Mar

-14

Jun

-14

Sep

-14

Dec

-14

Mar

-15

Jun

-15


-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

Jun

-12

Sep

-12

Dec

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Mar

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Jun

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Sep

-13

Dec

-13

Mar

-14

Jun

-14

Sep

-14

Dec

-14

Mar

-15

Jun

-15

-20%

0%

20%

40%

60%

80%

100%



Other Sector

Finance - NBFC

Diversified


Castings/Forgings



Auto Ancillary

IT - Software


Bank - Private

34

Axis Long Term Equity Fund – Tax Saving Fund



Benchmark S&P BSE 200 (quant) / S&P BSE 100 (fund)

Load Structure(Exit) Locked in for 3 Yrs – Nil

Expense Ratio 1.95

Fund Manager Mr. Jinesh Gopani

Investment Objective To generate regular long term capital growth from a diversified portfolio of equity and equity related securities & facilitate the subscribers to seek tax benefits as provided under Section 80 C of the Income Tax Act, 1961.

Parameter Value


Slope (Beta) 1.50

R-Squared 0.96


Treynor Ratio 17.31

Sharpe Ratio 1.06



200 Relative Return

1 Yr 33.43 12.01 21.42

2 Yr 43.63 22.65 20.98

3 Yr 33.76 17.83 15.93

5 Yr 21.93 9.25 12.68


The fund is an approved Equity Linked Savings Scheme under Section 80 C of the Income Tax Act 1961. A

diversified equity fund that invests in the Indian equity markets and provides the opportunity to capitalize

on India’s high paced growth .The fund has the flexibility to invest across market caps in high growth

stocks.

Investment Style

Growth Blend Value

Large M

arket C

ap

Med

ium

Small

Top 3 Sector 37.30%

Top 5 Sector 51.69%



Large Cap 5014 92

Mid Cap 233 4

Small Cap 85 2

Others 104 2

AUM (Crs.) 5437

A+



0.00

1.00

2.00

3.00

4.00

5.00

Jun

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-13

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-13

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Mar

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Sep

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Mar

-15

Jun

-15

35



Axis Long Term Equity Fund – Tax Saving Fund

Company Sector %age






HDFC Ltd. Finance - Housing 4.93

Motherson Sumi Systems Ltd. Auto Ancillary 3.70


Tech Mahindra Ltd. IT - Software 3.43

Pidilite Industries Ltd. Chemicals 3.39


-15%

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-5%

0%

5%

10%

15%

20%

25%

Jun

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-12

Dec

-12

Mar

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Jun

-13

Sep

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Dec

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Mar

-14

Jun

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Sep

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Dec

-14

Mar

-15

Jun

-15


-6%

-4%

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0%

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6%

Jun

-12

Sep

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Jun

-13

Sep

-13

Dec

-13

Mar

-14

Jun

-14

Sep

-14

Dec

-14

Mar

-15

Jun

-15

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%



Other Sectors

Chemicals


Finance - NBFC

Consumer Durables - Domestic


Auto Ancillary

Finance - Housing


IT - Software

Bank - Private

36

BNP Paribas LT Equity Fund – Tax Saving Fund


Inception Date 05-Jan-06

Benchmark S&P BSE 200 (quant) / CNX 200 (fund)

Load Structure(Exit) Locked in for 3 Yrs – Nil

Expense Ratio 2.83

Fund Manager Mr. Shreyash Devalkar


The investment objective of the Scheme is to generate long-term capital growth from a diversified and actively managed portfolio of equity and equity related securities along with income tax rebate, as may be prevalent from time to time.

Parameter Value


Slope (Beta) 1.27

R-Squared 0.97


Treynor Ratio 15.21

Sharpe Ratio 0.94



200 Relative Return

1 Yr 28.37 12.01 16.37

2 Yr 36.95 22.65 14.30

3 Yr 27.43 17.83 9.60

5 Yr 17.34 9.25 8.09


The fund has active portfolio management which enables the fund to capture suitable investment

opportunities. The fund risk management is an integral part of the investment management process. This

scheme also comes with a benefit of income tax exemption to the extent of money invested. The 3 years

lock-in makes the fund less vulnerable to volatility in cash flows and the fund manager is able to manage

the portfolio more efficiently

Investment Style

Growth Blend Value

Large M

arket C

ap

Med

ium

Small

Top 3 Sector 47.53%

Top 5 Sector 59.70%


AUM (Crs.) 401

A+



-0.50

0.00

0.50

1.00

1.50

2.00

Jun

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Mar

-13

Jun

-13

Sep

-13

Dec

-13

Mar

-14

Jun

-14

Sep

-14

Dec

-14

Mar

-15

Jun

-15


Large Cap 337 84

Mid Cap 45 11

Small Cap 3 1

Others 16 4

37



BNP Paribas LT Equity Fund – Tax Saving Fund

Company Sector %age

Idea Cellular Ltd. Telecommunication - Service 8.36

HDFC Bank Ltd. Bank – Private 8.13

Bharti Airtel Ltd. Telecommunication - Service 7.86



Coal India Ltd. Mining & Minerals 3.84



Lupin Ltd. Pharmaceuticals & Drugs 2.59



-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

Jun

-12

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-12

Dec

-12

Mar

-13

Jun

-13

Sep

-13

Dec

-13

Mar

-14

Jun

-14

Sep

-14

Dec

-14

Mar

-15

Jun

-15


-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

Jun

-12

Sep

-12

Dec

-12

Mar

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Jun

-13

Sep

-13

Dec

-13

Mar

-14

Jun

-14

Sep

-14

Dec

-14

Mar

-15

Jun

-15

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%



Other Sector


Finance - NBFC


Consumer Food

Mining & Minerals


IT - Software



Bank - Private

38

UTI MNC Fund – Thematic Fund


Inception Date 14-Oct-1998

Benchmark CNX MNC (quant)


Expense Ratio 2.75

Fund Manager Mrs. Swati Kulkarni


The Funds collected under the scheme shall be invested predominantly in stocks of Multinational Corporations and other liquid stocks. The funds collected under the scheme shall be invested in equities and equity related instruments. The risk profile of investment could be high

Period Return CNX MNC Relative Return

1 Yr 44.67 31.07 13.60

2 Yr 43.34 32.96 10.38

3 Yr 31.13 24.05 7.08

5 Yr 22.36 15.95 6.41


UTI MNC Fund is an open ended equity fund that provides access to investment opportunities across

Multinational companies such as Eicher Motors Ltd., Bosch Ltd., Hindustan Unilever Ltd., Cummins India

Ltd., Oracle Financial Services Software Ltd. and others. The fund is a diversified and differentiated equity

fund with high growth potential.

Investment Style

Growth Blend Value

Large M

arket C

ap

Med

ium

Small


Large Cap 1052 85

Mid Cap 38 3

Small Cap 22 2

Others 125 10

AUM (Crs.) 1237

A+

Trend of Fund QFSI v/s CNX MNC over last 3 years

Top 10 Holding Sector %age

Maruti Suzuki India Ltd. Automobiles - Cars 7.39

Bosch Ltd. Auto Ancillary 7.06

Hindustan Unilever Ltd. Household & Personal 5.74

United Spirits Ltd. Breweries & Distilleries 5.55

Eicher Motors Ltd. Automobiles-Trucks/Lcv 4.76

Cummins India Ltd. Diesel Engines 4.30

Ambuja Cements Ltd. Cement & Construction 3.81

Oracle Financial Services IT - Software 3.75

Britannia Industries Ltd. Consumer Food 3.46

Sanofi India Ltd. Pharmaceuticals 3.23


-20

0

20

40

60

80

100

120

July-12 July-13 July-14

39

Mutual Funds Research | Our Process | Debt Funds

Due diligence on AMCs

quantitative factors – AAUM over 6 months – INR 1000 crores or 1% market share

Qualitative factor – AMCs pedigree, sponsors’ background, investment team’s experience, service capabilities, etc.

Scheme filtering criteria’s

Classifying open ended debt schemes on the basis of – their investment objective & strategy into particular categories

Minimum Corpus – INR 100 crores (Short Term Fund) / INR 500 crores (Ultra Short Term Fund)

Risk – adjusted return analysis

Risk‐adjusted returns to be estimated on the basis of quant Fund Selection Indicator (QFSI)

Focusing on credit rating and average maturity of the portfolio along with liquidity in the schemes

40

ICICI Prudential Income Fund

NAV Growth Plan – Rs.43.28 Dividend Plan – Rs.9.90

Inception Date Jul 09, 1998

Benchmark Crisil Composite Bond Fund Index

Load Structure(Exit) 1% with in 1 Year

Expense Ratio 1.50

Fund Manager Mr. Manish Banthia

Investment Objective To earn a rate of interest that equals long term deployment in debt markets, to generate income for investors. The fund intends to minimize risks from liquidity, credit and interest rates in a balanced manner.

Portfolio Classification by Asset Class (%)

Certificate of Deposit (CD) -

Commercial Papers (CP) -

Corporate Debt 21.34

Government Securities 76.65

Cash, Cash Equivalents and Net Current Assets

2.01

Period Return CRISIL CBFI Relative Return

Last 3 Month -4.73 3.27 -8.01

Last 6 Month 2.56 7.16 -4.60

Last 1 Year 10.64 11.10 -0.46

Last 2 Year 5.87 7.77 -1.91


The fund has a portfolio which strategically deploys funds in the debt markets as part of an overall asset

allocation to fixed income securities. It facilitates participation in markets that are large and

institution-dominated and also provides the potential to earn total return from both interest and capital

gains. As market interest rates change, the value of your portfolio also changes, creating a total return

portfolio in debt securities.

Credit Quality

High Medium Low

H

igh

Inte

rest R

ate Se

nsitivity

Med

ium

Low

Average Portfolio Maturity Modified Duration Corpus (Crs.) YTM

16 Year 7.9 Years 3989 7.9

Trend of QFSI over last 1 Year

A+


0

5

10

15

20

25

30

Jul-

14

Au

g-1

4

Sep

-14

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-15

May

-15

Jun

-15

Rating Profile

AA

AA-

AA+

AAA

Cash

SOV

41

HDFC High Interest Fund-Dynamic Plan

NAV Growth Plan – Rs. 47.64 ,Dividend Plan – Rs.10.21

Inception Date April 28, 1997


Load Structure(Exit) 0.50% on or before 3 Months

Expense Ratio 1.52

Fund Manager Mr. Anil Bamboli

Investment Objective To generate income by investing in a range of debt and money market instruments of various maturity dates with a view to maximizing income while maintaining the optimum balance of yield, safety and liquidity.







2.73


Last 3 Month -3.71 3.27 -6.98

Last 6 Month 3.55 7.16 -3.61

Last 1 Year 11.19 11.10 0.10

Last 2 Year 7.96 7.77 0.19


The Investment strategy involves investing in debt, money market and related instruments of various

maturities on the basis of the expected interest rate scenarios over the short as well as medium term.

The Plan shall follow an active duration management strategy by keeping a close watch on various

domestic and global macro economic variables. It would take a tactical view on the interest rate outlook

and accordingly change the allocation between gilt and other debt, money market instruments.

Credit Quality

High Medium Low

H

igh

Inte

rest R

ate Se

nsitivity

Med

ium

Low


A+


16.8 Years 8.1 Years 2106 8.20

0

5

10

15

20

25

30

Jul-

14

Au

g-14

Sep

-14

Oct

-14

No

v-1

4

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Rating Profile

AA

AA+

AAA

AAA(SO)

Cash

SOV


42

Birla Sunlife Medium Term Fund


Inception Date March 25, 2009

Benchmark CRISIL AA Short Term Bond Index

Load Structure(Exit) 2% on or before 730 Days

Expense Ratio 1.27

Fund Manager Mr. Maneesh Dangi

Investment Objective Aims to generate regular income through investments in debt & money market instruments in order to make regular dividend payments to unit holders & secondary objective is growth of capital


Certificate of Deposit (CD) 0.94



Mibor Linked Instruments -

Cash, Cash Equivalents 14.91


Last 3 Month 7.57 3.27 4.30

Last 6 Month 9.11 7.16 1.95

Last 1 Year 10.37 11.10 -0.72

Last 2 Year 10.01 7.77 2.24


An Open ended Income scheme positioned where the majority of the portfolio is intended to be

invested in good quality papers. The scheme incorporates adequate safeguards for controlling risks in

the portfolio construction process through diversification while taking care not to dilute the returns in

the process. The Fund intends to optimize returns by keeping its portfolio duration between 1 year to 5

years. At anytime the maturity of the portfolio will be governed by the fund manager's perception of the

interest rate scenario prevailing in the economy.

Credit Quality

High Medium Low

H

igh

Inte

rest R

ate Se

nsitivity

Med

ium

Low


A+


- 1.8 Years 3579 10.4


0

2

4

6

8

10

12

14

Jul-

14

Au

g-14

Sep

-14

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-15

May

-15

Jun

-15

Rating Profile A

A(SO)

A+

A+(SO)

A1+

AA

AA-(SO)

AA+

AA+(SO)

AAA

AAA(SO)

BWR A-(SO)

BWR A+(SO)

BWR AA-(SO)

Cash

43

Kotak Medium Term Fund


Inception Date March 21, 2014


Load Structure(Exit) 2% on or before 18 Months

Expense Ratio 1.75

Fund Manager Mr. Deepak Agrawal

Investment Objective The investment objective of the scheme is to generate regular income and capital appreciation by investing in a portfolio of medium term debt and money market instruments








Last 3 Month 7.49 3.27 4.21

Last 6 Month 8.37 7.16 1.20

Last 1 Year 10.20 11.10 -0.90

Last 2 Year - 7.77 -


The fund would invest in medium term debt & money market securities so as to generate regular

income and capital appreciation. The fund will optimize returns by keeping its weighted average

maturity anywhere between 3 years & 7 years. The fund seeks to generate income through investments

in a range of debt & money market instruments with a view to maximize income while maintaining an

optimum balance of yield, safety & liquidity.

Credit Quality

High Medium Low

H

igh

Inte

rest R

ate Se

nsitivity

Med

ium

Low


A+


3.4 Years 2.7 Years 851 10.4


0

2

4

6

8

10

12

14

16

Sep

-14

Dec

-14

Mar

-15

Jun

-15

Rating Profile A

A-

A+

A1+(SO)

AA

AA-

AA+

AA+(SO)

AAA

AAA(SO)

Cash

LAA-(SO)

SOV

44

Franklin India Short Term Income Plan

NAV Growth Plan – Rs. 2,923.63 Quarterly Dividend Plan – 1,238.16

Inception Date January 31, 2002

Benchmark CRISIL Short-Term Bond Fund Index

Load Structure(Exit) 0.50% with in 1 Year

Expense Ratio 1.56

Fund Manager Mr. Santosh Kamath

Investment Objective An open end income scheme with an objective to provide stable returns by investing in fixed income securities.





PTC & Securitized Debt 0.01

Cash, Cash Equivalents and Deposits

1.28

Period Return CRISIL STBFI Relative Return

Last 1 Month 5.24 5.50 -0.26

Last 3 Month 7.46 7.71 -0.25

Last 6 Month 9.03 8.50 0.53

Last 1 Year 10.65 9.56 1.09


The scheme is an open ended income where fund manager primarily invests in corporate bonds with a

focus on higher accrual income and focuses on investment opportunities at the short end of the yield

curve by maintaining a low average maturity profile. The fund is positioned between a liquid fund and an

income fund in terms of risk reward and is suitable for investors with a time horizon of 9-15 months with

moderate risk profile who prefer higher accrual and credit quality focused debt fund.

Credit Quality

High Medium Low

H

igh

Inte

rest R

ate Se

nsitivity

Med

ium

Low


2.6 Years 2.3 Years 11075 10.8

Trend of QFSI over last 6 months

A+


0

2

4

6

8

10

12

14

16

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Rating Profile A A- A(SO) A+ A+(IND) A+(SO) AA AA- AA(SO) AA-(SO) AA+ AA+(SO) AAA AAA(SO) BWR A-(SO) BWR A+(SO) Cash UNRATED

45

HDFC Short Term Plan


Inception Date February 28, 2002

Benchmark CRISIL Short-Term Bond Fund Index

Load Structure(Exit) 0.75% on or before 12 Months

Expense Ratio 1.00

Fund Manager Mr. Anil Bamboli

Investment Objective The primary objective of the HDFC Short Term Plan is to generate regular income through investment in debt securities and money market instruments.



Commercial Paper (CP) 3.67




Period Return CRISIL STBFI Relative Return

Last 1 Month 7.11 5.50 1.61

Last 3 Month 8.47 7.71 0.76

Last 6 Month 9.34 8.50 0.84

Last 1 Year 10.26 9.56 0.70


With respect to the investment horizon profile, the fund is aimed to be positioned between the liquid

scheme and the income scheme. The Scheme will invest in debt securities and money market

instruments with a short to medium term maturity and aims to maintain an average maturity profile of 9

- 18 months under normal circumstances.

Credit Quality

High Medium Low

H

igh

Inte

rest R

ate Se

nsitivity

Med

ium

Low


A+


2.2 Years 1.7 Years 2452 10.10


0

2

4

6

8

10

12

14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Rating Profile A

A-

A+

A+(SO)

A1

A1+

AA

AA-

AA-(SO)

AA+

AA+(SO)

AAA

AAA(SO)

BWR A+(SO)

Cash

MF Units

SOV

UNRATED

46

NAV Growth Plan – Rs. 18.33 Weekly Dividend Plan – Rs.10.08

Inception Date December 18, 2007

Benchmark Crisil Liquid Fund Index

Load Structure(Exit) Nil

Expense Ratio 0.86

Fund Manager Mr. Sachin Padwal-Desai

Investment Objective An open-end income fund that seeks to provide a combination of regular income and high liquidity by investing primarily in a mix of short term debt and money market instruments.

Period Return CRISIL LFI Relative Return

Last 1 Month 9.16 8.05 1.12

Last 3 Month 9.74 8.52 1.22

Last 6 Month 9.74 8.52 1.22

Last 1 Year 9.78 8.77 1.01


Franklin India Ultra Short Bond Fund



Commercial Papers (CP) 26.68


Treasury Bill 4.68

Cash & Cash Equivalents 0.44

The fund manager strives to strike an optimum balance between regular income and high liquidity

through a judicious mix of short term debt and money market instruments. The fund has been assigned a

credit rating of (ICRA) A1+mfs that denotes this fund to have a very strong degree of safety regarding

timely receipt of payments from the investments that they have made; this rating is applicable for debt

funds with weighted average maturity up to 1 year . The fund is suitable for investors with an investment

horizon of up to 3 months who prefer accrual based debt products

Credit Quality

High Medium Low

H

igh

Inte

rest R

ate Se

nsitivity

Med

ium

Low


A+


172 Days 153 Days 8703 9.20


0

2

4

6

8

10

12

14

16

18

Ap

r-15

May

-15

Jun

-15

Rating Profile A

A(SO)

A+

A+(IND)

A+(SO)

A1+

AA

AA-

AA-(SO)

AA+

AA+(SO)

AAA

BWR A+(SO)

Cash

SOV

UNRATED

47

DWS Cash Opportunities Fund



Commercial Papers (CP) 53.34


G Sec -


5.57

Period Return CRISIL LFI Relative Return

Last 1 Month 8.73 8.05 0.68

Last 3 Month 9.34 8.52 0.82

Last 6 Month 9.28 8.52 0.76

Last 1 Year 9.46 8.77 0.70


The fund focuses on adding value through credit identification, strict portfolio discipline and nominal

mark to market levels, moderates return volatility. The portfolio investment is predominantly in highly

rated money market securities and high grade short term bonds. The fund does not take duration calls.

The fund follows combination of Commercial Paper exposure and prevailing attractive credit spreads in

A1 rated securities translates into higher yield to maturity for the fund.

Credit Quality

High Medium Low

H

igh

Inte

rest R

ate Se

nsitivity

Med

ium

Low


A+


204 Days 182 Days 572 9.9


Inception Date June 22, 2007

Benchmark Crisil Liquid Fund Index

Load Structure(Exit) Nil

Expense Ratio 1.18

Fund Manager Mr. Kumaresh Ramakrishnan

Investment Objective To generate regular income by investing primarily in investment grade debt and money market instruments.


0

2

4

6

8

10

12

14

16

Ap

r-15

May

-15

Jun

-15

Rating Profile A

A-

A1

A1+

A1+(SO)

AA

AA-

AA+(SO)

AAA

BWR A+(SO)

Cash

48

External Rating Comparison

Funds Crisil Morning Star Value Research

Birla SL Frontline Equity Fund Rank 3

SBI Bluechip Fund Rank 1

ICICI Prudential Focused Blue Chip Equity Fund Rank 3

Reliance Focused Large Cap Fund Rank 3

BNP Midcap Fund -

Franklin India Prima Fund Rank 3

Axis Midcap Fund Rank 4

UTI Equity Fund Rank 2

L&T India Special Situations Fund Rank 3

Tata Equity Opportunities Fund Rank 3

Axis Equity Fund Rank 4

ICICI Prudential Balanced Advantage Fund Rank 4

SBI Magnum Balanced Fund Rank 2

Axis Long Term Equity Fund Rank 1

BNP Paribas LT Equity Fund Rank 2

UTI MNC Fund Rank 1 -

ICICI Prudential Income Fund Rank 2

HDFC High Interest Fund-Dynamic Plan Rank 2

Birla SL Medium Term Fund Rank 4

Kotak Medium Term Fund Rank 5 - -

Franklin India ST Income Plan Rank 2

HDFC Short Term Plan Rank 2

Franklin India Ultra Short Bond Fund Rank 5

DWS Cash Opportunities Fund Rank 5

Disclaimer: These ratings have been taken from the website of respective rating agency Source: www.crisil.com / www.morningstar.in / www.valueresearchonline.com

http://www.crisil.com/

http://www.morningstar.in/

http://www.valueresearchonline.com/

49

Description of Factors

Parameters Definition Range

Information Ratio The information ratio (IR) measures a portfolio manager's ability to generate excess returns relative to a benchmark, but also attempts to identify the consistency of the same.

A higher IR indicates better performance & lower vice versa

Slope (Beta)

It measures the volatility or systematic risk of a portfolio in comparison to the market as a whole. A model that is used to calculates the expected return of an asset based on its beta and expected market returns.

A beta of 1 indicates that security’s price will move with the market. Beta of less than 1 means that the security will be less volatile than the market. A beta of greater than 1 indicates that the security's price will be more volatile than the market

R-Squared A statistical measure that represents the percentage of a fund or security's movements that can be explained by movements in a benchmark index

A higher % (between 85 and 100) indicates the fund's performance patterns have been in line with the index. A fund with a low % (70 or less) doesn't act much like the index.

Standard Deviation A measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation

The lower SD, the better. Higher SD indicates, higher volatility and higher risk in the portfolio.

Treynor Ratio It measures returns earned in excess of that which could have been earned on a riskless investment per each unit of market risk.

The higher the ratio, the better a portfolio's performance

Sharpe Ratio A ratio used to measure risk-adjusted performance of the fund. The Sharpe ratio indicates whether a portfolio's returns are due to smart investment decisions or a result of excess risk.

Greater the Sharpe ratio, the better its risk- adjusted performance. A negative Sharpe ratio indicates that a risk-less asset would perform better than the security being analyzed.

Jensen's Alpha It indicates the out-performance of the fund over the return adjusted for risk with risk measured by beta.

A positive value for Jensen's alpha means the fund manager has beaten the market with his or her stock picking skills

50

Disclaimer

This Information Package is distributed by quant Capital Advisors Pvt. Limited (hereinafter “quant”) on a strictly private and confidential and on a need to know

basis exclusively to intended recipient. This Information Package and the information and projections contained herein may not be disclosed, reproduced or

used in whole or in part for any purpose or furnished to any other person or persons. The Persons who are in possession of this Information package or may

come in possession at a later day, hereby undertakes to observe the restrictions contained herein.

The information contained herein is of a general nature and is not intended to address the facts and figures of any particular individual or entity. The content

provided here treats the subjects covered here in condensed form. It is intended to provide a general guide to the subject matter and should not be relied on

as a basis for business decisions. No one should act upon such information without making appropriate additional professional advice after a thorough

examination of the particular situation. This Information Package is distributed by quant upon the express understanding that no information herein contained

has been independently verified. Further, no representation or warranty expressed or implied is made nor is any responsibility of any kind accepted with

respect to the completeness or accuracy of any information as may be contained herein. Also no representation or warranty expressed or implied is made that

such information remains unchanged in any respect as of any date or dates after those stated herein with respect to any matter concerning any statement

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All recipients of the Information Package should make their own independent evaluations and should conduct their own investigation and analysis and should

check the accuracy, reliability and completeness of the Information and obtain independent and specific advice from appropriate professional advisers, as they

deem necessary. Where this Information Package summarizes the provisions of any other document, that summary should not be relied upon and the relevant.

Mutual Fund Investments are subject to market risks. Please read the Scheme Information Document carefully before investing.

The information contained in this document is confidential in nature and the recipient is receiving all such information on the express condition of

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51

Title

612, maker chambers IV, nariman point,

mumbai 400 021, india

phone – 91 22 4088 0100

fax – 91 22 4088 0225

Email – [email protected]

Thank you

Mutual Fund Recommendation – Q3 2015

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