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Equity & Debt Strategy
Mid Nov – Dec’ 2018
Equity Market Update &
Equity MF Strategy
Confidential | 3
Nifty 50 fell 5% in October but has recovered in November
15,500
16,000
16,500
17,000
17,500
18,000
18,500
9,500
9,700
9,900
10,100
10,300
10,500
10,700
10,900
3-Oct 9-Oct 15-Oct 21-Oct 27-Oct 2-Nov 8-Nov 14-Nov
NIFTY Index Nsemcap index
Sell-off in global
markets on sharp rise
in US bond yields
RBI keeps
policy rates
unchanged
INR rise & global
rally led to market
High crude prices
& depreciating
INR impacted
market negatively
Uninspiring
results kept
market lowFalling crude prices,
bond yields & robust
ICICI results helped
markets recover
1,414
-1,918
-9,461
-26,626
286
-1,277
828
4,0183,883 4,057
11,585
21,420
-30,000
-20,000
-10,000
0
10,000
20,000
30,000
Jul 18 Aug 18 Sep 18 Oct 18
FII DII excl MF MF
Nifty 50 saw corrections along with Midcap 100; weak macros,
trade tariffs & NBFC concerns dampened sentimentsFII selling rose sharply leading to market corrections, MF
buying however remained strong despite falling markets
Technology sector has benefited from ~14% INR depreciation
in CYTD18
Source: Bloomberg, Kotak Institutional Equities (KIE), AMFIAs of 14th November, 2018
cr
Net Flows to Equity Mutual Funds remained above 15k cr,
strong SIP flows continued
cr
9,639 10,08511,647
15,779
7,554 7,658 7,727 7,985
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
Jul 18 Aug 18 Sep 18 Oct 18
Net Equity Inflows SIP
Net investment in Cash market
Note: Amount excludes Arbitrage Funds, assumes 65% equity flow from Balanced
24.7%
-6.3%-2.6%
-4.7%
-35.1%
-15.4%
-23.1%
-4.2%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
Confidential | 4
776
333270
120164
0
200
400
600
800
1000
Nov 18 Dec 18 Jan 19 Feb 19 Mar 19
Maturities of MF Debt in NBFC + HFCs forFY19 (Rs Bn)
Banks have now become more competitive vs bond marketsMF Debt of ~ INR 1.7 tn in NBFCs and HFCs is maturing over
Nov ‘18 – Mar ’19 and is front-ended in Nov
Auto sales have been slowing sequentially in the past 3
monthsPAT margins have reduced in the current year over higher
input costs
As of 14th November 2018 Source: Bloomberg, CLSAYoY% growth
Domestic Market Update
10.63 10.6
9.839.63
9.0
9.2
9.4
9.6
9.8
10.0
10.2
10.4
10.6
10.8
Dec 17 Mar 18 Jun 18 Sep 18
12-month trailing PAT margin for Nifty 50 Index
37.5
-2.7 -2.5 -5.6
22.3
8.2
2.9 4.1
-10
-5
0
5
10
15
20
25
30
35
40
Jun 18 Jul 18 Aug 18 Sep 18
Passenger vehicle (% YoY)
Two wheeler (% YoY)
6.50
7.00
7.50
8.00
8.50
9.00
9.50
Sep16
Nov16
Jan17
Mar17
May17
Jul17
Sep17
Nov17
Jan18
Mar18
May18
Jul18
Sep18
Nov18
1 Yr MCLR 3Yr AAA Corp Bond
Confidential | 5
0
2
4
6
8
10
12
Miss In Line Beat Estimate
Earnings and Valuation
Post recent correction, Mid Caps now at a 2% discount on
large caps
Q2FY2019 Nifty 50 earnings growth has been ~6%, earnings
disappointed in consumer, Tech and select Banking
FY19 earnings outlook dampened after Q2FY19 resultsPost uninspiring Q22019 results, earnings recovery
expectations has been put back by a year to FY19-20
400.00
450.00
500.00
550.00
600.00
650.00
700.00
Apr 15 Aug 15 Dec 15 Apr 16 Aug 16 Dec 16 Apr 17 Aug 17 Dec 17 Apr 18 Aug 18
FY2019 FY2018 FY2017
Source: Bloomberg, KIE * Based on KIE Estimates on free float basis.As of 14th November 2018
14
16
18
20
22
24
26
Nov 15 May 16 Nov 16 May 17 Nov 17 May 18 Nov 18
12m Forward PE of Mid Cap over Large Cap
Nifty Mid cap
Nifty 50
2% Discount
No of companies
466505
658
765
0
100
200
300
400
500
600
700
800
900
FY2018 FY2019 FY2020 FY2021
Est. EPS
+8%+30%
+16%
Confidential | 6
Key Events in next few months
Debt market stability (RBI and NBFC CPs) and State elections are two important events which we are monitoring
November3rd week
MayApril
Tailwin
ds
He
adw
ind
s
30/11 -US-China meeting in G20
18/12 FOMC Meeting
Most NBFC maturities to complete by Nov
end
05/12 RBI Policy
IBC Resolution
General Election06/12 -OPEC Meeting
November4th week
Dec 2nd
weekDec 4th
week
11/12 –State Election result
Source: Bloomberg
Confidential | 7
US Fed kept policy stance with its strong GDP growth impacting EMs equities including India
Since 1st Jan, Emerging markets have corrected by 18%, India
and US have been an outlier
INR depreciated 14% in CYTD19 on macro concerns despite
RBI intervention
Fed Balance sheet leaner by $306 bn in last 1 Year; ECB Bond
buying slowing, reduced from 30bn to 15bn monthly
As of 14th November 2018Source: Bloomberg
US economy growing at strong rate seen in GDP numbers over 2
years
1.3%
-16.6%-18.0%
-20.7%
-16.5% -15.5%
-10.9%
1.0%
-25%
-20%
-15%
-10%
-5%
0%
5%
YoY%
In local currency terms
1,000
2,000
3,000
4,000
5,000
3,900
4,000
4,100
4,200
4,300
4,400
4,500
4,600
Nov 1
4
Jan
15
Ma
r 15
Ma
y 1
5
Jul 15
Se
p 1
5
Nov 1
5
Jan
16
Ma
r 16
Ma
y 1
6
Jul 16
Se
p 1
6
Nov 1
6
Jan
17
Ma
r 17
Ma
y 1
7
Jul 17
Se
p 1
7
Nov 1
7
Jan
18
Ma
r 18
Ma
y 1
8
Jul 18
Se
p 1
8Fed Assets ECB Assets
$ Bn € Bn
62
64
66
68
70
72
74
76
385
390
395
400
405
410
415
420
425
430
Jan 18 Feb 18Mar 18 Apr 18 May18
Jun 18 Jul 18 Aug18
Sep 18 Oct 18 Nov18
Forex Reserves ($ Mn) USDINR 5.55.4
4.64.54.2
3.94.13.4
2.6
0.0
1.0
2.0
3.0
4.0
5.0
6.0
Sep 18Jun 18Mar 18Dec 17Sep 17Jun 17Mar 17Dec 16Sep 16
Confidential | 8
Key Triggers
• Global Economic data : World GDP improving
• Resolution of NPA: Effective addressal of NCLT lists
• Weaker Rupee: To benefit export-oriented sectors like Auto, Chemicals, IT and Pharma
• Rural recovery: Government focus on rural economy includingincrease of MSP could benefit rural consumption
• Inflation: Despite INR slide, CPI inflation is lower than RBI’s target
Positive Triggers
• Trade Wars: Further tariffs imposed by US/China and strict enforcement of Iran sanctions
• Monetary Policy: Faster than expected monetary tightening in Europe and US
• Weaker Macro: Higher crude prices, weaker currency and low GST collection could lead to lower re-rating of Equity valuations
• State Elections : A combined opposition can be a threat to BJP in the upcoming elections
• Weaker Rupee: Would impact on FII flows
• Contagion effect in NBFC sector: Liquidity concerns coupled with ALM mismatch leading to stress in select companies
Risks
Source: Bloomberg, KIE
Confidential | 9
India Equities: Valuations & Strategy – Continue 20% Underweight
Nifty continued its slide for the second consecutive month on statusquo by RBI, uninspiring corporate results, sharp rise in US bond yieldsamongst others. However, over the last few weeks macro concerns haveabated as brent has fallen >20% from peak levels leading to somerecovery in equity markets.
Bond market stability and State elections are two key events which arelikely to drive markets in the short term. Therefore we continue to be“20% Underweight” on equities and see the current rally as anopportune time for fully built portfolios to create some cash position.
Mutual Funds: As domestic liquidity continues to drive markets, weadvise new investments to be staggered in Mutual Funds via SIPs/STPs.
Recommended allocation within equity mutual funds is as under:
• 50% Large Cap allocation (Prefer Large Cap stocks over Mid capsince Mid cap valuations are still above historical levels)
• 50% Multi Cap allocation (such funds currently have a biastoward large cap)
• For investors who want equity exposure but have low appetitefor volatility, they can take equity exposure through AggressiveHybrid Funds. Such funds have around 25% to 30% of theirportfolio into Debt instruments which provides cushion to theportfolio return during market volatility.
Source: EPS Estimates by KIE
Units Now1 Yr
Prior
Macros & Flows
Nifty 50 10,576 10,187
12 Month Forward PE 16.7 17.7
FII Inflow (cumulative CYTD) $ bn -5.59 7.69
MF Inflow (cumulative CYTD) $ bn 7.64 9.33
Gsec Yields % 7.73 7.05
USD INR 72.31 65.42
US Yields 3.15 2.37
Micros
Earnings Growth (KIE Universe) 13.00 -8.1
GDP Growth (Qtr) 8.2 5.6
PMI 53.0 51.3
Non-Food Credit Growth 14.0 7.4
Confidential | 10
Recommended Large Cap, Multi Cap & Balanced Fund Performances
Source: MFI ExplorerReturns are CAGR as on Nov 16, 2018 and for Regular Plans with Growth option. Corpus size is as on Oct, 2018.
Scheme Name Corpus (In crs.) 1 Year 3 Years 5 Years Investor Suitability
Large Cap Funds
Aditya Birla Sun Life Frontline Equity Fund 20,011 -1.37 10.66 15.38 All Risk Profiles except Secure
Axis Bluechip Fund 2,927 7.01 11.92 14.76 All Risk Profiles except Secure
ICICI Prudential Bluechip Fund (erstwhile ICICI Prudential Focused Bluechip Equity Fund) 18,870 1.93 12.47 15.48 All Risk Profiles except Secure
SBI Bluechip Fund 19,097 -1.63 9.77 16.57 All Risk Profiles except Secure
UTI Nifty Next 50 Index Fund 254 - - - All Risk Profiles except Secure
Large & Mid Cap Funds
Aditya Birla Sun Life Equity Advantage Fund (erstwhile Aditya Birla Sun Life Advantage Fund) 5,407 -10.68 10.99 19.03 All Risk Profiles except Secure
IDFC Core Equity Fund (erstwhile IDFC Classic Equity Fund) 2,765 -3.16 12.94 14.08 All Risk Profiles except Secure
Invesco India Growth Opportunities Fund (erstwhile Invesco India Growth Fund) 892 1.14 12.61 17.15 All Risk Profiles except Secure
Kotak Equity Opportunities Fund (erstwhile Kotak Opportunities Fund) 2,254 -4.88 11.27 16.77 All Risk Profiles except Secure
Mirae Asset Emerging Bluechip Fund 5,780 -1.28 17.15 28.54 All Risk Profiles except Secure
Multi Cap Funds (Multi Cap/ Value/ Focused/ Dividend Yield/ Contra)
Axis Focused 25 Fund 5,904 3.13 15.09 16.58 All Risk Profiles except Secure
Kotak Standard Multicap Fund (erstwhile Kotak Select Focus Fund) 20,100 0.33 12.98 19.29 All Risk Profiles except Secure
L&T India Value Fund 7,639 -6.99 11.70 23.03 All Risk Profiles except Secure
Mirae Asset India Equity Fund (erstwhile Mirae Asset India Opportunities Fund) 9,033 2.05 14.67 19.68 All Risk Profiles except Secure
Motilal Oswal Multicap 35 Fund 12,236 -4.02 12.77 - All Risk Profiles except Secure
Mid & Small Cap Funds (Mid Cap/Small Cap)
Aditya Birla Sun Life Small Cap Fund (erstwhile Aditya Birla Sun Life Small & Midcap Fund ) 2,020 -18.47 11.24 21.50 All Risk Profiles except Secure
HDFC Small Cap Fund 5,320 -0.02 17.11 21.16 All Risk Profiles except Secure
Kotak Emerging Equity Scheme 3,140 -8.15 11.72 25.14 All Risk Profiles except Secure
L&T Midcap Fund 3,197 -8.94 14.56 26.11 All Risk Profiles except Secure
Aggressive Hybrid Funds
Aditya Birla Sun Life Equity Hybrid '95 (erstwhile Aditya Birla Sun Life Balanced 95) 13,516 -3.48 9.50 15.38 All Risk Profiles except Secure
L&T Hybrid Equity Fund (erstwhile L&T India Prudence Fund) 9,975 -1.41 9.17 16.39 All Risk Profiles except Secure
Reliance Equity Hybrid Fund 13,039 -2.61 9.48 16.15 All Risk Profiles except Secure
SBI Equity Hybrid Fund (erstwhile SBI Magnum Balanced Fund) 27,082 0.45 9.57 16.13 All Risk Profiles except Secure
Balanced Advantage Funds (Balanced Advantage OR Dynamic Asset Allocation)
ICICI Prudential Balanced Advantage Fund 28,244 2.65 9.14 12.91 All Risk Profiles except Secure
Kotak Balanced Advantage Fund 2,053 - - - All Risk Profiles except Secure
Indices
Nifty 4.58 11.01 12.00
Debt Market Update &
Debt MF Strategy
Confidential | 12
Indicators
Policy Action
• RBI kept rate hike on hold in October focusing on itsinflation target mandate
• Moderate inflation could keep rate hike on hold for now
Inflation
• CPI inflation stood at 13 month low of 3.31% in October• The sequential hardening in the core inflation driven by
miscellaneous items poses some concern• CPI likely to inch towards 4.8% by March 2019 on the back of
pass-through of MSP hikes and elevated core inflation
Corporate and G-Sec Benchmark Yield• G-Sec yield have fallen from peak of 8.2% to 7.75%• Lower crude prices, FII participation and better GST
collection have supported government yields
Liquidity• Liquidity continues to be scarce however RBI has been
infusing liquidity aggressively• RBI has announced INR 40k cr of OMO for November
INR• INR likely to remain under pressure as the DM monetary
policies unwind and their effects on EMs are visible over the next few years
• Lower crude prices gave some respite to depreciating currency this month
G-Sec Supply• RBI has done three INR 96,000 cr of OMO this year,
another INR 28,000 cr announced for remaining part of November
• While Net G-Sec supply net of OMOs and maturities seem to be moderate, SDL supply may be higher.
Debt Market: Key Variables
Source: Bloomberg, KIE
Global Trends• US 10 Year yields have crossed 3% on strong inflation data• Brent has fallen from $86/bbl peak to ~$67/bbl on
expectation of supply exceeding demand • Debt FII flows have been positive for last 1 month
Fiscal Policy• Fiscal deficit in 6 months has touched 95.3% of target. • Fiscal risks remain in spite of govt’s commitment to adhere
to 3.3% target
Confidential | 13
Both Domestic and Foreign Bond market flows have been impacted this year
-7,789
22,970
-6,529
7,560
CYTD2018CY2017CY2016CY2015
-10,000
-5,000
0
5,000
10,000
15,000
20,000
25,000
US
D M
illi
on
FII money has flown out in 2018 due to rising US rates
leading to pressure on INR and yields, Oct-Nov has seen
some reversal
454,432 394,774
604,266
428,557
753,898 785,764 820,654 825,627
Oct 18Sep 18Aug 18Jul 18
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
INR
Cro
res
Liquid Others (Income, Arbitrage & Gilt)
Debt and Liquid funds AUM has been impacted post IL&FS
issue
30,24036,610
42,11236,724
4,698
5,072
5,175
4,315
Jul 18 Aug 18 Sep 18 Oct 18
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
INR
Cro
res
Avg G-Sec Volumes Avg Corp Bond Volumes
Trading activity in both Corporate and Gsec market has
also been impacted since September
129,760
172,460
260,890 267,260
303,970
223,780
174,840
8.20
8.28
8.54
8.33
8.53
8.68
8.65
7.90
8.00
8.10
8.20
8.30
8.40
8.50
8.60
8.70
8.80
Apr 18 May 18 Jun 18 Jul 18 Aug 18 Sep 18 Oct 18
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
INR
Cro
res
CP Issuance 3 Yr AAA PSU Yields
CP issuances which had grown due to rising interest rates
have reduced drastically post September
Note: As of 13th November 2018, Source Bloomberg, AMFI, CCIL, RBI, BSE
Confidential | 14
Macros have started to improve with lower crude and strong GST collection recently
3.31
6.20
-0.14
8.55
Oct17
Nov17
Dec17
Jan18
Feb18
Mar18
Apr18
May18
Jun18
Jul 18 Aug18
Sep18
Oct18
-1.00
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00 CPI (YoY%) Core Inflation
Food Inflation Fuel Inflation
Inflation has been moderate in last few months despite higher
crude prices due to low food inflation
60.00
62.00
64.00
66.00
68.00
70.00
72.00
Jun 16 Sep 16 Dec 16 Mar 17 Jun 17 Sep 17 Dec 17 Mar 18 Jun 18
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
CAD (% of GDP)
CAD has widened from 1% to ~2.5% of GDP due to higher
import bill through Crude, Gold and Electronic items
1007.1
Apr 18 May 18 Jun 18 Jul 18 Aug 18 Sep 18 Oct 18
880
900
920
940
960
980
1000
1020
1040
1060
GST collections improved in October and was close to
breakeven rate of Rs 1.05 tn/month
Note: As of 13th November 2018, Source Bloomberg, PTI
5.50
6.00
6.50
7.00
7.50
8.00
8.50
No
v 1
8O
ct
18
Au
g 1
8J
ul 1
8J
un
18
Ma
y 1
8A
pr
18
Ma
r 1
8J
an
18
Dec
17
No
v 1
7O
ct
17
Se
p 1
7J
ul 1
7J
un
17
Ma
y 1
7A
pr
17
Ma
r 1
7J
an
17
Dec
16
No
v 1
6O
ct
16
Se
p 1
6A
ug
16
Ju
n 1
6
45.00
50.00
55.00
60.00
65.00
70.00
75.00
80.00
85.00
90.00Brent Oil ($/bbl)
Crude above budgeted $65/bbl raises concern on its impact
on Fiscal Deficit, CAD and inflation$/bbl
Rs bn
Yield %
Confidential | 15Note: As of 13th November 2018, Source Bloomberg, MFI
No
v…
No
v…
Oc
t…
Oc
t…
Oc
t…
Oc
t…
Oc
t…
Se
p…
Se
p…
Se
p…
Se
p…
Au
g…
Au
g…
Au
g…
Au
g…
Ju
ly…
Ju
ly…
Ju
ly…
Ju
ly…
Ju
n…
Ju
n…
Ju
n…
Ju
n…
Ju
n…7.50
8.00
8.50
9.00
9.50
10.00 1 Yr CP 3 Yr AAA PSU 3 Yr AA Corp 10 Yr G-Sec
1 Year CP rates have increased while G Sec yields have
softened in last few months
Market will look towards next RBI policy for addressing concerns over Liquidity and rates
7.05
5.50
6.00
6.50
7.00
7.50
8.00
8.50
No
v-1
6
Jan
-17
Ma
r-1
7
Ma
y-1
7
Ju
l-17
Se
p-1
7
No
v-1
7
Jan
-18
Ma
r-1
8
Ma
y-1
8
Ju
l-18
Se
p-1
8
No
v-1
8
Jan
-19
Ma
r-1
9
Ma
y-1
9
Ju
l-19
Se
p-1
9
No
v-1
9
% Y
ield
Repo Rate (1 yr forward) 1 yr OIS
Market Expectation of rate hike as reflected from 1 Year OIS have
reduced lately
-899.26
-2000
-1000
0
1000
12-Oct 22-Oct 1-Nov 11-Nov
Am
ou
nt
in R
s. B
n
Liquidity below neutral level. 1% cut in CRR could release 1.2
lk cr of liquidity in the system
776
333270
120164
0
200
400
600
800
1000
Nov 18 Dec 18 Jan 19 Feb 19 Mar 19
Maturities of MF Debt in NBFC + HFCs for FY19(Rs Bn)
MF Debt of ~ INR 1.7 tn in NBFCs and HFCs is maturing over
Nov ‘18 – Mar ‘19
Confidential | 16
Money Market Fund’s OutperformsHigh quality FMPs to be preferred in tight credit environment
Mar 18 Apr 18 May 18 Jun 18 Jul 18 Aug 18 Sep 18 Oct 18
5.00
5.50
6.00
6.50
7.00
7.50 Tax free FMP
AAA FMPs have become more attractive compared to Tax
Free Bonds on a post tax basis
0.89
0.63
0.8
1.43
2018201720162015
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
Upgrade/Downgrade within High Yield papers have been
subdued for last 3 Years
Note: As of 13th November 2018, Source Bloomberg, MFI
Rs bn
6.66 6.144.81
3.992.81
2.04
0.0
2.0
4.0
6.0
8.0
Liquid Funds Ultra Short / LowDuration Funds
Medium & CreditRisk Funds
Short Term Funds Dynamic Gilt
Performance Comparison
Confidential | 17
17
Tenors G-Sec AAA - PSU AAA- Corp AA+ AA AA- A+
3M 6.1 8.4 8.0 8.3 8.6 9.0 9.4
6M 6.3 8.6 8.3 8.6 8.8 9.2 9.7
1Y 7.3 8.7 8.7 9.0 9.3 9.4 9.9
3Y 7.5 8.6 8.7 9.0 9.2 9.3 9.7
5Y 7.6 8.6 8.7 9.0 9.3 9.4 9.9
7Y 7.8 8.7 8.8 9.1 9.3 9.4 9.9
10Y 7.8 8.7 9.0 9.2 9.4 9.6 10.1
15Y 8.0 8.7 9.0 9.2 9.4 9.6 10.0
Credit SpreadsThe current spreads call for high quality (AAA) in upto 3 year segment
Source: Bloomberg, KIE
Confidential | 18
India Fixed Income: Strategy
G-Sec yield have fallen from peak of 8.2% to 7.75%. Lower crude prices, FII participation and better GST collection have supported bond yields. Liquidity continues to be scarce however RBI has been infusing liquidity aggressively. RBI has done three 96,000 cr of OMO this year, another 28,000 cr announced for remaining part of November. Market Expectation of rate hike as reflected from 1 Year OIS have reduced lately.
The net spread Credit Funds over AAA is not attractive enough to prefer credit exposure. Moreover current environment calls for caution in credit space. Therefore we recommend no allocation to “Credit Funds” and major allocation to AAA oriented Funds.
Due to absolute high yields, we advise investors to allocate excess liquidity to Debt funds at current level via FMPs & roll down strategies.
Investment Focus:Passive Accrual-Oriented Debt funds
High quality portfolios (~100% AAA / Sovereign)
Portfolio is run on a passive accrual basis i.e buying a bond and holding it till maturity thereby earning from the accruing of interest
Higher predictability of return, lower volatility & lower interest rate risk
Prefer core allocations in the 1 to 3 year segment
Source : AMCs, other Financial websites
Confidential | 19
Recommended Short Term Bond, High Yield & Debt Others Performances
Scheme NameCorpus (In
crs.)6m 1Yr 2Yr Investor Suitability
Short Term 1-3 yrs (Corporate Bond/ Banking & PSU/Short Duration)
Aditya Birla Sun Life Corporate Bond Fund 12,462 7.68 5.65 6.08 All Risk Profiles except Secure
Axis Banking & PSU Debt Fund 1,446 7.36 6.29 6.75 All Risk Profiles
ICICI Prudential Banking & PSU Debt Fund 4,635 6.77 4.60 5.15 All Risk Profiles except Secure
IDFC Banking & PSU Debt Fund 776 7.71 5.36 5.71 All Risk Profiles
L&T Triple Ace Bond Fund 359 6.04 3.23 2.25 All Risk Profiles except Secure
Sundaram Corporate Bond Fund 346 6.36 2.30 3.83 All Risk Profiles
Dynamic Debt (Medium to Long Duration/ Dynamic Bond/Gilt)ICICI Prudential All Seasons Bond Fund (erstwhile ICICI Prudential Long Term Plan) 1,999 6.02 4.42 4.78 All Risk Profiles except SecureICICI Prudential Bond Fund (erstwhile ICICI Prudential Income Opportunities Fund) 2,841 6.07 2.72 3.72 All Risk Profiles
Source: MFI ExplorerReturns are CAGR as on Nov 16, 2018 and for Regular Plans with Growth option. Corpus size is as on Oct, 2018.
Confidential | 20
DisclaimerThe aforesaid is for information purposes only and should not be construed to be investment advice under SEBI (Investment Advisory) Regulations.
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We have included statements/opinions/recommendations in this document which contain words or phrases such as "will", "expect" "should" and similar expressions orvariations of such expressions, that are "forward looking statements". Actual results may differ materially from those suggested by the forward looking statements due torisks or uncertainties associated with our expectations with respect to, but not limited to, exposure to market risks, general economic and political conditions in India andother countries globally, which have an impact on our services and / or investments, the monetary and interest policies of India, inflation, deflation, unanticipatedturbulence in interest rates, foreign exchange rates, equity prices or other rates or prices, the performance of the financial markets in India and globally, changes indomestic and foreign laws, regulations and taxes and changes in competition in the industry. By their nature, certain market risk disclosures are only estimates and could bematerially different from what actually occurs in the future. As a result, actual future gains or losses could materially differ from those that have been estimated
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