ipru insights jan 2015 v7 - img1.imgjuv.in

Five things to keep in mind while investing in 2015 .............................Pg.2

How to make and keep your financial resolutions for the New Year.............................Pg.4

Tax Planning is an important part of Investment Planning .............................Pg.5

IPRU

December 2014

InsightsInsights

It’s been an encouraging year with equity markets topping and making new all-time highs. With various leading indices delivering between 30-70 percent returns, 2014 has created wealth for retail investors (Source: BSE India). The year 2015 is conducive for investing as the markets could consolidate and investors, big and small, may find opportunities to make long-term investments.

Indian household savings have been over-invested in physical assets like gold and real estate which failed to deliver returns for investors over last two years. In 2015 we recommend investors to incline their portfolios towards financial assets like equity and fixed income, as they have the potential to create wealth for investors over the longer term.

The new Government’s reforms have set the stage for moving Indian economy from vicious to virtuous economic cycle & may boost corporate earnings. Initiatives like Make in India, Digital and Skill India could place India in high growth trajectory.

Further, India’s macro fundamentals like Current Account Deficit, inflation, lower crude prices and growth impulses are improving. The good news is that Indian economy is poised to clock a high growth rate in 2016 & 2017, after consolidating for much of 2015. With Nifty’s current one-year forward Price Earning of 14.9x, market is also fairly valued. The beauty of market in 2015 is that it could be a great year to make investments in first six-nine months in a staggered manner to create wealth over next three-five years.

Switch from physical assets to financial assets

Current Indian economy expected to grow. Invest with a three year view

Invest in Domestic cyclicals to play India’s growth story

Fixed income looks attractive

Take the benefit of volatility

In equities, the attractive themes can be Banks because the leverage cycle is expected and Utilities because we are positive on interest rates coming down. There is also scope for capacity utilization to pace up in many of the industrial and manufacturing sectors. As the capacity utilization picks up, equities could deliver reasonable returns

Over the course of next year, debt is expected to do well. The Reserve Bank of India has kept interest rate cuts on hold till now but is expected to cut interest rates in 2015, which bodes very well for debt next year. In fact, India can be among the few countries that will see a drop in interest rates. Therefore, over next 15 months or so, it is attractive for investors to invest in long term debt funds in 2015.

The outlook for equity markets is good over 2016 to 2018, but there could be brief periods of volatility in 2015 taking cues from global factors. With the current price of crude and good growth prospects, India is one of the attractive emerging markets in the world and therefore, there lies an opportunity to invest in Indian equities for the long term. To beat volatility, investors should adhere to asset allocation which spreads the risks across asset classes. Alternatively, investors could also invest in products that offer the asset allocation strategy and benefit out of volatility.

02 IPRU Insights | December 2014

Five things to keep in mind while investing in 2015

LETTER FROM THE CEO

03IPRU Insights | December 2014

A gradual revival in domestic economy

signals better days for debt in the medium

term and equities in the long run.

For the long-term India remains one of the

attractive emerging markets in the world.

Therefore, we are convinced that financial

assets are where investors could be in

2015, rather than physical assets such as

gold and real estate. As we head into 2015,

the Indian market may take cues from the

volatile global environment and offer

investment opportunities. Investors, large

and small, should avoid worrying about

these short-term corrections.

Yes, there are a few concerns, especially in

terms of domestic growth rates. Industrial

production figures have come negative.

But that’s a mere short-term phenomenon.

What the domestic economy perhaps

needs in 2015 is a little encouragement,

especially in capex. The Indian economy

has not had the kind of investment in

infrastructure that can lead to a decent

boost. Fortunately for India, a host of

commodity prices are lower and that will

benefit the country. On the other hand,

there aren’t many companies that are likely

to heavily invest in capacity expansions in

the short term as many are sitting on under-

utilized capacities.

Therefore, perhaps the onus of raising

expenditure on domestic capex lies with

the government. If the government

reduces the revenue deficit and raises the

fiscal deficit slightly to help boost spending

on infrastructure, it could give a boost to

some of the infrastructure products. Once

there’s a little increase in the capex cycle,

sooner or later the private sector will step

in and this may turn into a virtuous cycle.

India is well placed to withstand this

volatility. The Reserve Bank of India has

been one step ahead, factoring in the fact

that interest rates in the US could be raised

and affect fund flows. Otherwise, interest

rates may have been lower today. We are

also seeing lower commodity prices,

especially that of crude oil. India is a huge

importer of crude oil and savings in foreign

exchange are quite substantial on this

front. Even Prices of base metals are down.

We believe that this could go a long way in

reviving the Indian economy.

The West has been signaling for some time

now that there may be a rate increase on

the cards. This could mean a phase of

volatility in 2015. Higher interest rates in

the US indeed could strengthen the dollar

further and affect global fund flows.

Nearly $10 billion has poured into the

Indian equities market since April 2014. We

India positioned to withstand Global

headwinds

have also seen how news flows affect

sentiment. So, there are fears that, even on

small announcements, some of these

funds could be withdrawn, especially by

foreign investors looking at short-term

trades. These are legitimate concerns.

So here’s a brief of how small investors can

take to the New Year’s batting crease. We

encourage investors to enter the equity

markets over the next 6-9 months with an

aim to create wealth over the next 3-5

years. The equity markets are poised for

the long run. If you can get into good equity

funds on correction, that would be a great

start to 2015. Investors could go in for debt

mutual funds over the next one year; as, the

coming year ought to be good for debt

funds, especially funds of a longer duration.

A fixed-income boom may happen before

economic growth strengthens and, for

leveraging to begin, the interest-rate cycle

has to turn. So, you may invest in debt

funds in the immediate future for the next

12- to 15-months, and buy into equity funds

on dips for the longer horizon.

Market to offer opportunities

Getting on the right side of 2015

We encourage investors to enter the equity markets over the next 6-9 months with an aim to create wealth over the next 3-5 years.

Mr. S. Naren, CIO, ICICI Prudential AMC

Financial Resolutions 2015

LEAD STORY

How to make and keep your financial

resolutions for the New Year

Set your savings on autopilot, first

It’s that time of the year when everybody is

making year-end resolutions. For some the

priorities are losing weight, for others it’s

getting around to learning a new language

or skill. But for all, the one important

resolution should be to get a firmer handle

on your finances.

Investing is easier said than done, you say.

And like any New Year, when this one

comes to an end as well, we find that we

haven’t added any might or growth to our

financial savings kitty. That we are back to

square one – making resolutions for the

New Year again. That again we begin the

next year without putting our best financial

foot forward, and the cycle continues –

year after year.

It’s time to change that in 2015.

It is easy to make and keep your financial

resolutions. All one has to do is put your

savings plan on autopilot. These days it’s

so very easy due to technology.

The electronic clearing system that most

banks have been offering has been there

for some time now, and most of us who

have not got around making use of it

should walk over to the bank right now, and

start a new mandate.

Wherever you decide to save, the best way

to start is set up a standing order with your

bank, which puts the money straight into

your investment. Sure, you may have a little

less in your pocket and to splurge, but your

money will be directed towards and to

secure your financial future.

This way you are actually saving and investing

each month. Systematic investment plans of

mutual funds are tailored such that you make

a payment to the fund of your choice on a

particular date each month.

Make accountability an important factor

Set bill payment alerts

Another great tool that psychologists’

advice to keep your savings goal on track is

to make accountability an important factor

when creating a savings goal. Either you

could get accountable to someone. Or you

could create a financial incentive or

disincentive around your targets that help

you keep your goals.

For a investment plan, create a structure

where every time you miss an investment,

you are going to lose a promise to your

friend or spouse. Make the promise huge,

twice or thrice your investment amount, so

that you cringe when you have to lose it.

Behavioral experts call it lose aversion that

drives behavior which drives you to avoid a

loss, at any cost. The very fact that you may

lose something drives you to take a

decision, which your savings plan is a

positive one. So use this technique this

New Year, and keep your savings on track.

One of the big causes of losing money is

late payments in credit cards, electricity

bills, and so on. Look closer, the monthly

interest payments amount to about 3

percent a month on credit cards. If you miss

your payment, it not only increases the

interest burden on you, the late fees, and

other charges add up to a significant sum.

If this adds up, it can get difficult to pay

your credit cards so much so that

sometimes people tend to roll-over their

outstanding by paying the minimum due.

Compounding works against you if you

underpay your credit cards.

So, the best thing is to set your bill payment

alerts. Make good use of the technology

that automatically prompt you to pay on

time. It will be a lot less costly than missing

a payment, and can save you thousands in

missed payments.

Keep a master list and summary of each of

your investment separately, and how they

have done over a three-month period. Visit

this only once in three months to know

major progress.

But a more important thing to do this New

Year is to keep a tear down and account of

your financial journey – not only for fun but

also to know the progress you have made.

Keep a financial diary. Not only note each

investment that you made every day, but

also each major expense.

Largely, use this diary to note and describe

your experience with investing, and your

learnings, your understanding or lack of

understanding of any investment and the

outcome of any financial decision. This will

he lp you gain ins ights on your

investments. You will also know why

certain investments are doing better than

others. A financial diary is your experience

of handling your own money. Note every

small detail of it. You could maintain the

diary on a daily, monthly or weekly basis.

Make your diary interesting by writing

nuggets of wisdom from the masters and

compare it with your own. However, you do

it, just keep doing it for a few months this

year at the beginning regularly, and it will

morph into a lovely habit for a lifetime.

Keep a financial diary


Tax Planning in 2015Lower your taxes through smart tax planning strategies.

FUNDACLEAR

axation is a necessity, one has to pay depending on their taxable income. But one can reduce the tax outflow. Section 80C of the TIncome Tax Act, 1961 offers a wide range of investment avenues which can help in not just easing the tax burden but also in optimising

returns on investments. Further, the latest Union Budget announced an increase in the tax exemption limit from ̀ 1 lakh to ̀ 1.5 lakh under this

Section. Let us take a look at what is included in Section 80C:


Some of the Tax saving options under Section 80C of Income Tax Act, 1961

United Linked Insurance Plans (ULIPs) offered by

insurance companies

Equity Linked Saving Schemes (ELSS) offered by

mutual funds

Traditional - Public Provident Fund (PPF), National

Saving Certificate (NSC), five-year bank fixed

deposits (FDs), Senior Citizen Savings Scheme

(SCSS) Account

Premium paid towards traditional life insurance

plans, pension plans such as National Pension

Scheme (NPS), Employee Provident Fund (EPF)

ELSS are tax saving schemes offered by rebate. These schemes have the low lock- intervals through Systematic Investment

mutual funds which predominantly invest in period. Plans (SIP), thereby helping investors

in a diversified portfolio of stocks. One benefit from disciplined long-term ELSS a lso a l lows smal l amount

needs to hold the units for a minimum investing.investments, as low as `500, at regular

period of three years to claim the tax

Case study

Table 1: SIP in ELSS vs lump sum investment

Total investments for a 10-year period in ELSS*

Investment value as of March 2014

Annualised returns

120,000

245,003

14%

120,000

220,923

12%

Monthly SIP investment of `1,000

starting April FY 04-05

Annual lump sum investment of

`12,000 starting December 2004

*Represented by CRISIL – AMFI ELSS Fund Performance IndexPast performance may or may not be sustained in future

�

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�

� �

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study, a monthly SIP of ̀ 1,000 in ELSS over Traditional investment avenuesConstituents of the Indexa period of 10 years would have grown to

Mutual fund schemes ranked in the Public Provident Fund (PPF)`2.45 lakh at an annualised growth rate of CRISIL Mutual Fund Rankings have

14%. Compared with that, lump sum been considered National Saving Certificate (NSC)

investments of `12,000 annually would

Eligibility of funds are based on have grown to `2.21 lakh (difference of Five-year bank fixed deposit (FD)minimum NAV history and a around `24,000) at an annualised growth

minimum AUM rate of 12%. National Pension System (NPS)

As on September 2014, the index However, investors should note that Senior Citizen Savings Scheme (SCSS) comprises of 22 schemes. investment in ELSS is subject to market Account

risks and must take into consideration age Table 1 compares the returns from SIP and the risk-taking ability. The investment (calculated by XIRR method) with that of horizon should be more than five years for lump sum investment and it clearly higher risk-adjusted returns.highlights the benefits of year-long

investments in mutual funds. As per the

PRODUCT OF THE MONTH

ICICI PrudentialTarget Returns Fund

he fund primarily invests in select on- concentrated bets on these themes. In its Prudential Mutual Fund. (As permitted Tgoing themes in the market and secondary theme, which again is identified under the Scheme Information Document).focuses on 15-20 undervalued large-cap by the potential of various sectors, the fund

For now, the fund has been looking at two stocks. But it allows the added advantage of invests about 40-25 percent or the rest of themes in the market, one, domestic switching to other funds as and when your its corpus.cyclicals and the other exports. The fund is targets are hit, thus allowing you an asset

After identifying the various themes that looking at companies that are likely to allocation rebalancing tool that keeps are likely to do well, the fund takes the benefit from the economic cycle and emotions out in decision making.bottom-up approach to stock selection and currently is looking at segments such as

Stock markets have been buoyant for some invests only in about 15-20 large-cap banks, capital goods and auto. Exports is time now. A combination of good companies in any particularly theme. This the secondary theme that the fund is fundamentals and low-valuations has been way the fund takes a concentrated currently looking at as this segment has instrumental in the stock markets delivering approach based on the future potential of underperformed the market recently and good returns in the past year. However, the the theme. will benefit from the demand uptick market is now in fairly valued territory. There coming from developed economies.

A salient feature of this scheme is that it a re re la t i ve ly fewer pockets o f allows an investor to set targets on the kind However, this scheme is for investors undervaluation than there were a year ago.of returns he/ she is looking for and switch looking at taking concentrated bets but

ICICI Prudential Target Returns Fund is a out the gains into other ICICI Prudential would like to rebalance occasionally into scheme that looks for themes that can Mutual Fund schemes. The Scheme offers other funds. It keeps the emotions out of outperform in and benefits out of the investors to choose from a range of the decision making to book profits, and it different market and economic cycles. It potential returns that they are targeting will invest the proceeds in pre-selected seeks to invest in high-quality undervalued based on four exit triggers which are: 12%, debt oriented funds within the ICICI stocks within the themes it identifies using 20%, 50% and 100%. As the target is met, Prudential AMC.a top-down approach. The idea is to either the gains only or the full investment identify two key prevalent themes. In its amount, depending on choice of investor, primary theme, the fund will invest around would be automatically switched to one of 60-75 percent of its corpus and take the pre-selected schemes of ICICI

ICICI Prudential Target Returns Fund

Particulars December 31, 2013 to December 31, 2014

December 31, 2012 to December 31,

2013

December 30, 2011 to December 31,

2012

Since inception

Scheme

Benchmark

CNX NIFTY Index

NAV (`) Per Unit (as on Dec 31, 2014:22.99)

Absolute Returns (%)

39.59

32.28

31.39

16.47


9.22

5.87

6.76

15.08


30.90

29.96

27.70

11.52

CAGR (%)

16.04

12.54

12.25

Current Value of Investment of

`10000

22990.00

19371.87

19097.32

10.00

Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment. Date of inception: 28-May-09. Performance of dividend option would be Net of Dividend distribution tax, if any. Benchmark is S&P BSE 100 Index. For computation of since inception returns (%) the allotment NAV has been taken as ̀ 10.00. Load is not considered for computation of returns. In case, the start/ end date of the concerned period is a nonbusiness date (NBD), the NAV of the previous date is considered for computation of returns. The NAV per unit shown in the table is as on the start date of the said period.

ICICI Prudential Target Return Fund is managed by Vinay Sharma (Managing this fund since Apr, 2014 & Overall 10 years of experience)


(There is no guarantee or assurance of returns.)


This Product is suitable for investors who are seeking*:

* Investors should consult their financial advisers if in doubt about whether the product is suitable for them

•

•

Long term wealth creation solution

An equity fund that aims to generate capital appreciation by investing in equity and equity related securities of large market capitalization companies, with an option to withdraw investment periodically based on triggers

High Risk

(BROWN)

Note - Risk may be represented as:

(BLUE) investors understand that their principal will be at low risk

(YELLOW) investors understand that their principal will be at medium risk

(BROWN) investors understand that their principal will be at high risk

December 31, 2013 to

December 31, 2014


December 31, 2013


December 31, 2012

Since inception




Current Value of Investment

of `10000

CAGR (%) Inception Date

Scheme Name

Funds Managed by Vinay Sharma

32.46

18.22

31.39

116.20

39.59

32.28

31.39

16.47

9.27

12.18

6.76

106.34

9.22

5.87

6.76

15.08

40.81

48.53

27.70

75.52

30.90

29.96

27.70

11.52

153920.00

63083.76

76830.39

18.94

12.39

13.81

31-Mar-99ICICI Prudential FMCG Fund

CNX FMCG-Index(Benchmark)

CNX NIFTY Index

NAV (`) Per Unit (as on Dec 31, 2014 : 153.92)


S&P BSE-100(Benchmark)

CNX NIFTY Index

NAV (`) Per Unit (as on Dec 31, 2014 : 22.99)

22990.00

19371.87

19097.32

16.04

12.54

12.25

28-May-09

10.00

10.00


Scheme count for the total schemes managed by the Fund Managers does not include all Capital Protection Oriented Funds, Multiple Yield

Funds, Interval Funds and Fixed Maturity Plans.

A low down onICICI Prudential Mutual Fund Pru Tracker

HAPPENINGS AT ICICI PRUDENTIAL MUTUAL FUND

o you want a single window to see all Dyour mutual funds at one place? Do you want to buy or redeem mutual funds easily with the click of a button? Or even set triggers of entering and exiting a fund? Or switch and invest in a new fund? Then you must check out the ICICI Prudential Mutual Fund Pru Tracker.

Many of our investors are using the Pru Tracker to easily navigate through a host of mutual fund functions and make the most

of their investments. In fact, Pru Tracker allows you to do to more than just transact in mutual funds. It gives you a complete picture of your investments with us and makes mutual fund investing with us a good investment experience.

Investors can not only have a look at their account statements, but also set multiple triggers and set up their limits for automatic investments. In fact, if you have not yet seen the Pru Tracker, then you are

probably missing a vital tool that can help you to connect with us regularly and stay in touch with your investments with us.

In fact, we think you must check out the link now:

https://www.icicipruamc.com/PruTracker/APP/ASPX/frmLogin.aspx

Enjoy!

PRU TRACKER



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[email protected]


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

The sector(s)/ stock(s) mentioned in this presentation do not constitute any recommendation/ opinion of the same and ICICI Prudential Mutual Fund may or may not have any future position in these sector(s)/stock(s). Past performance may or may not be sustained in the future. Please refer to the SID for investment pattern, strategy and risk factors. This material is circulated only to the empanelled Advisors/ Distributors of ICICI Prudential Asset Management Company Limited (the AMC). The information contained herein is only for the reading/ understanding of the registered Advisors/ Distributors.

In the preparation of the material contained in this document, the AMC has used information that is publicly available, including information developed in-house. Some of the material used in the document may have been obtained from members/ persons other than the AMC and/or its affiliates and which may have been made available to the AMC and/ or to its affiliates. Information gathered and material used in this document is believed to be from reliable sources. The AMC however does not warrant the accuracy, reasonableness and/ or completeness of any information. We have included statements in this document, which contain words, or phrases such as “will”, “expect”, “should”, “believe” and similar expressions or variations of such expressions, that are “forward looking statements”. Actual results may differ materially from those suggested by the forward looking statements due to risk or uncertainties associated with our expectations with respect to, but not limited to, exposure to market risks, general economic and political conditions in India and other countries globally, which have an impact on our services and/ or investments, the monetary and interest policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices etc.

All data/ information used in the preparation of this material is specific to a time and may or may not be relevant in future post issuance of this material. The AMC takes no responsibility of updating any data/ information in this material from time to time. The AMC (including its affiliates), the Mutual Fund, The Trust and any of its officers, directors, personnel and employees, shall not liable for any loss, damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential, as also any loss of profit in any way arising from the use of this material in any manner. The recipient alone shall be fully responsible/ are liable for any decision taken on this material.

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