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Monthly Market Update (India) – January 2017 |iFAST Research


2016 2016 2015 P/E P/E P/E Earnings Growth Earnings Growth

MTD YTD Return (%) Yr 2016 Yr 2017 Yr 2018 2016 (%) 2017 (%)

Asia ex Japan (MSCI Asia ex Japan) -2.30% 3.17% -11.30% 13.6 12.1 10.8 -7.60% 13.00%

Emerging Markets (MSCI EM) -0.06% 8.95% -17.00% 13.3 11.6 10.3 -2.00% 14.80%

Europe (Stoxx 600) 5.68% -1.71% 6.80% 16.6 14.7 13.4 -5.00% 12.60%

Japan (Nikkei 225) 4.40% 0.42% 9.10% 19.6 17.7 16.1 5.30% 10.80%

USA (S&P 500) 1.82% 8.50% -0.70% 18.9 16.9 15.2 1.10% 12.00%

Brazil (IBOV) -2.71% 38.93% -13.30% 15.4 12.1 10.0 15.00% 27.20%

China (HS Mainland 100) -3.31% -1.01% -10.60% 9.8 8.8 8.0 -6.00% 10.90%

Hong Kong (HSI) -3.46% 0.54% -7.20% 12.0 10.9 9.9 -9.90% 9.80%

India (SENSEX) -0.10% 2.57% -5.00% 18.0 14.5 12.8 4.70% 24.40%

Indonesia (JCI) 2.87% 15.32% -12.10% 17.1 14.3 12.7 17.60% 19.80%

Malaysia (KLCI) 1.40% -3.04% -3.90% 16.3 15.1 14.3 -1.70% 7.70%

Russia (RTSI$) 11.98% 52.22% -4.30% 7.5 6.7 5.9 25.60% 11.80%

Singapore (STI) -0.84% -0.16% -14.30% 14.0 13.3 12.5 -8.70% 5.20%

South Korea (KOSPI) 2.17% 3.32% 2.40% 11.7 10.1 9.2 12.00% 15.90%

Taiwan (Taiwan Weighted) 0.14% 11.76% -10.40% 14.9 13.3 12.3 -4.60% 11.90%

Thailand (SET Index) 2.17% 19.79% -14.00% 15.8 14.2 12.8 5.70% 10.90%

*Returns are as at 30 December 2016. Source: Bloomberg, iFAST Compilations All returns are in respective local currency terms and MSCI Index returns are in USD

MARKETS ACROSS THE GLOBE


Trade (November’16)

Indian Exports recorded a growth of 2.29% yoy to USD 20.09

billion.

Imports grew by 10.44% and to USD 33.02 billion. Overall the

trade balance has improved.

Taking merchandise and services together, overall trade deficit

for April- November 2016-17 is estimated 28.38 billion which is

41.11 percent lower in Dollar terms than the level of US$ 48.20

billion during April-November 2015-16.

Industrial Production (October‘16)

The Index of Industrial Production (IIP) grew by -1.9% y-o-y for

October 2016, as compared to the level in the month of

October 2015.

Growth rates in major sectors like mining, manufacturing and

electricity were -1.1 %, -2.4% and 1.1% respectively during the

month respectively on a y-o-y basis.

On a Use-based classification, the index of Basic goods,

Intermediate goods, capital goods, Consumer Durables and

Consumer Nondurables registered a growth of 4.1%, 2.9%,-

25.9%, 0.2% and -3% respectively during December, 2016.

Markets & Valuations (As on December 30, 2016)

The benchmark Index (Sensex) was at 26,626.26

Estimated PE & earnings growth for BSE Sensex

Inflation (November16)

CPI (Consumer Prices): stood at 3.63% y-o-y in

November 2016, as against 4.20 %( revised) y-o-y in

October’16.

Food inflation continued its downtrend falling to 2.56%

as against 3.71% in the previous month. The decline was

led mainly by low inflation rate of vegetables which

declined to -10.29% vs -5.74% in the previous month.

Wholesale Price Index (WPI) increased by 3.15 % y-o-y

for November 2016, as against a 3.39% increase in

October 2016. that the decline in WPI was led by lower

inflation on primary articles component which de-grew

by -0.9% vs -0.8% in October 2016.

Fuel inflation rose by 1.8% in November 2016 vs 1% in

October 2016.

2016-17 2017-18 2018-19

Price/Earnings 18.56 14.85 12.95

Earnings Growth 6.49% 25.00% 14.72%

ECONOMIC INDICATORS


BSE Sensex - Top & bottom performers in December2016.(As on Dec. 30, 2016)

Top Performers MTD Bottom Performers MTD

Reliance Industries Ltd 9% Sun Pharmaceutical Industries Ltd -11%

Tata Consultancy Services Ltd 4% Asian Paints Ltd -8%

Infosys Ltd 4% Bharti Airtel Ltd -6%

Earnings growth estimates of top weighted stocks: Stock FY-17 FY-18 FY-19

HDFC Bank Ltd. 18.43% 18.98% 18.45%

Housing Development Finance Corp Ltd -12.94% 16.62% 44.82%

Our View

The benchmark index (BSE Sensex) remained flat in the month of December,

declining at -0.10% due to lack of positive triggers in the market. The market

participants were worried over events like demonetization, FII outlow from the

market and the uncertainty regarding the long-term capital gains tax on equities.

The FII outflow from the emerging markets could be attributed to more rate hikes

in the US along with expectation of protectionist policies to be followed by the

new administration led by Trump.

Market participants would be looking forward to the Q3FY17 results of India Inc,

which would also throw light on the impact of demonetization on the different

sectors of the economy. The markets would also keenly watch the policies, that

the Trump administration will unleash once he is sworn in as the President of the

United States of America on January 20.The expectations regarding the Union

Budget which is to be announced on Feb 1 will keep the market on tenterhooks.

Source: Bloomberg, iFAST Compilations. All returns are in respective local currency terms

-0.10%

-0.47%

-2.30%

-3.74%

-4% -3% -2% -1% 0%

BSE Sensex

Nifty Index

BSE SMALL CAP

BSE MID CAP

Broader Indices (Performance in December 2016)*

3.29%1.61%1.57%

0.74%0.56%

-0.37%-1.39%

-2.03%-2.66%-2.71%

-5.22%-6.40%

-8% -6% -4% -2% 0% 2% 4%

BSE IT

BSE TECK

BSE Oil & Gas

BSE FMCG

BSE AUTO

BSE CD

BSE Realty

BSE Power

BSE Bankex

BSE CG

BSE METAL

BSE-HC

Sectoral Indices (Performance in December 2016)*

EQUITY MARKET


Our view

During the month of December 2016, the 10 year G-Sec yield rose from 6.22 % in the

beginning of the month to 6.52% by the end of the month. The initial trigger for this

weakness was the status quo in the policy rates that RBI maintained in the Fifth Bi-

Monthly Monetary Policy statement of 2016-17 announced on December 7.This was on

account of the tightening monetary policy in the US along with the demonetization drive

of the Government of India. RBI continues to have concerns on inflation which led the

Monetary Policy Committee to be on a wait and watch mode in the policy review meet.

The hike in the US interest rate along with the aggressive monetary stance that the FED

is expected to follow has also negatively impacted bond prices. The minutes of the

Monetary Policy Committee meeting released on December 21 made it very clear that

the RBI will wait for some more time before we see an easing of the monetary policy

stance.

On account of the uncertainties in the global and domestic front, we advise our

moderately aggressive and aggressive investors to continue to consider the dynamic

bond funds with a time horizon of 2 years and more. On the other hand, our

conservative and moderately conservative Investors can take an exposure into short

term funds or the corporate bond funds.

5.900

6.000

6.100

6.200

6.300

6.400

6.500

6.600

6.700

30

-No

v-1

6

2-D

ec-1

6

4-D

ec-1

6

6-D

ec-1

6

8-D

ec-1

6

10

-Dec

-16

12

-Dec

-16

14

-Dec

-16

16

-Dec

-16

18

-Dec

-16

20

-Dec

-16

22

-Dec

-16

24

-Dec

-16

26

-Dec

-16

28

-Dec

-16

30

-Dec

-16

10 Year G-sec Yield Curve

DEBT MARKET OUTLOOK


*Source: Bloomberg, iFAST Compilations. All returns are in respective local currency terms

Our View

Earnings estimates for American companies (as represented by the S&P 500 Index) on

aggregate saw minor changes over the month of December – with 2017’s and 2018’s

estimated earnings upgraded by a slight 0.02% and 0.07% respectively (as at 29

December 2016). Year-to-date, 2017’s estimated earnings have been lowered by -4.9%

while 2018’s estimated earnings have been revised downwards by -4.0%. Month-to-

date, US information technology companies enjoyed the highest EPS upgrades, with

their estimated earnings in 2017 revised 0.7% higher while 2018’s earnings upgraded by

0.4%. Expectations run high for the incoming Trump administration to deliver fiscal

expansion (either in the form of corporate tax cuts or infrastructure spending), which if

implemented successfully, could provide strength to domestic growth in the US.

However, valuation multiples at present remain relatively-stretched, with earnings

growth the driver for US equity market returns. Hence, we maintain our rating of 2.5

Stars “Neutral” for the US equity market.

European companies on aggregate (as represented by the benchmark Stoxx 600 Index) saw slight

earnings upgrades on a month-to-date basis. While 2016’s estimated earnings were relatively

unchanged, European companies saw their 2017 and 2018 estimated earnings revised 0.9% and 0.7%

higher respectively over the month (as at 30 December 2016). Although political developments like

several elections loom over the continent, various indicators and data points suggest that the recovery

on the continent is increasingly entrenched. We advocate investors not to speculate on the outcomes

of these political events as they remain difficult to anticipate. We retain a 3.0 Stars “Attractive” rating

for the European equity market.

The estimated earnings of Japanese equities for FY 2017 (ended March 2017) and FY 2018 (ended March 2018) have been revised downwards by -8.50% and -6.57% year-to-date (in terms of fiscal year, ranging from 1 April 2016 to 27 December 2016) respectively. We retain a 3.5% stars “Attractive” rating for the Japanese market. USA

Unemployment rate decreased to 4.6% in Nov 16 from 4.9% in Oct 16

Nonfarm payrolls rose by 178,000 in Nov 16, after a downward-revised 142,000 increase in Oct 16

Industrial production fell -0.4% m-o-m in Nov 16, after an upward-revised 0.1% m-o-m increase in Oct 16

ISM Manufacturing PMI came in at 53.2 in Nov 16, up from 51.9 in Oct 16

ISM Non-Manufacturing composite came in at 57.2 in Nov 16, up from a 54.8 reading in Oct 16

EUROPE

Advance reading of Eurozone PMI composite at 54.1 in Nov 16, up from a finalised score of 53.3 in Oct 16

Advance Consumer Confidence rose to -6.1 in Nov 16 from a -8.0 reading in Oct 16

Retail sales rose 1.1% y-o-y in Sep 16, down from an upward-revised 1.2% rate in Aug 16

ZEW survey (expectations) rose to 15.8 in Nov 16, up from 12.3 in Oct 16

Sentix Investor Confidence rose to 13.1 in Nov 16, up from 8.5 in Oct 16

JAPAN

Consumer Confidence Index fell to 40.9 in Nov, down from 42.3 in Oct

13.61%

7.90%

6.20%

5.29%

4.40%

1.82%

1.31%

0% 5% 10% 15%

Italy (FTSE MIB)

Germany (DAX)

France (CAC-40)

UK (FTSE 100)

Japan (Nikkei 225)

USA (S&P 500)

Canada (S&P/TSX)

G7 Countries - Performance in December 2016*

GLOBAL MARKET UPDATE – GROUP 7 COUNTRIES



Our View

On current estimates as at 27 December2016, the Singapore equity market trades at

estimated PE ratios of 13.9X, 13.2X and 12.5X for 2016, 2017 and 2018 respectively,

representing a significant discount to our fair PE estimate of 16.0X for the Singapore

market. We think a 4.0 Stars “Very Attractive” rating on the Singapore equity market

continues to be warranted at this juncture..

As for Indonesia, we have retained the nation’s star rating at 3.0 stars “Attractive”,

maintaining the view that the effective monetary and exchange-rate policy should allow

Indonesia to weather the current market turmoil, and the continued implementation of

structural reform will be supportive for the nation’s growth going forward. On 21

December 2016, Fitch Ratings has also affirmed Indonesia’s sovereign rating at BBB-

(Investment Grade), while improving the nation’s rating outlook from Stable to Positive.

With that, we maintain the nation’s star rating at 3.0 stars “Attractive”.

The Hong Kong equity market is currently trading at 11.9X and 10.8X based on 2016 and

2017 estimated earnings. Therefore, we maintain our 4.0 Stars “Very Attractive” rating

for Hong Kong.

Earnings of the South Korean equity market are expected to increase by 11.9% in 2016,

15.9% in 2017 and 9.4% for 2018. Estimated PE ratios for the KOSPI index was at 11.8X

for 2016 and 10.2X for 2017. Valuations are attractive compared to other markets,

hence we maintain a 4.5 star rating respectively

SINGAPORE

CPI remained unchanged y-o-y in Nov 16, improving from a -0.1% y-o-y decline in Oct 16 Core CPI rose 1.3% y-o-y in Nov 16, up slightly from the 1.1% y-o-y increase in Oct 16 Industrial production rose 11.9% y-o-y in Nov 16, up from a revised 1.3% increase in Oct 16 Purchasing Managers Index came in at 50.2 in Nov 16, up slightly from 50.0 Oct 16

INDONESIA

Indonesia posted a trade surplus of USD 838 million in Nov 16, compared to an upward-revised surplus of USD 1235 million in Oct 16

CPI increased by 3.6% y-o-y in Nov 16, after a 3.3% y-o-y increase in Oct 16 Consumer Confidence Index decreased to115.9 in Oct 16 from 116.8 in Oct 16

HONG KONG

Nikkei Hong Kong Manufacturing PMI came in at 49.5 in Nov 16, up from 48.2 in Oct 16

CPI remained at 1.2% y-o-y in Nov 16

Seasonal-adjusted unemployment rate dropped to 3.3% in Nov 16, fell from 3.4% in Oct 16

SOUTH KOREA

KRW continued its depreciation streak as it depreciated against USD by 2.47% in Dec (Data as at 27 Dec),

as compared to 2.90% depreciation seen in Nov

Nov Manufacturing PMI stays at 48.0 unchanged compared to Oct

Exports rose by 2.7% y-o-y in Nov, compared to -3.2% in Oct

Imports rose by 10.1% y-o-y in Nov, higher than -5.4% in Oct

4.14%2.87%

2.17%2.17%

1.40%0.14%

-0.84%-3.46%

-4% -2% 0% 2% 4% 6%

Australia (S&P/ASX 200)

Indonesia (JCI)

South Korea (KOSPI)

Thailand (SET Index)

Malaysia (KLCI)

Taiwan (Taiwan Weighted)

Singapore (STI)

Hong Kong (HSI)

Asia Pacific (Ex Japan) - Performance in December 2016*

GLOBAL MARKET UPDATE – ASIA PACIFIC (Ex-JAPAN)


GLOBAL MARKET UPDATE – BRIC (Ex-India)


Our View

In South America, the earnings outlook of the Bovespa Index this year rose over the

month of December (as at 31 December 2016), with estimated earnings for 2016, 2017

and 2018 revised upwards by 0.8%, 5.2% and 1.8% respectively. As at 31 December

2016, the earnings of Brazilian companies are expected to decline -7.6% in 2016 before

increasing by 27.2% in 2017 and 20.9% in 2018 As such, we believe that a star rating of

3.5 Stars “Attractive” continues to be warranted for Brazil’s equity market at this

juncture.

The RTSI$ Index saw upward revisions in estimated earnings over the month of

December (as at 31 December 2016), with the estimated earnings for 2016, 2017, and

2018 revised higher by 4.1%, 5.1% and 4.5% respectively. As at 31 December 2016, the

earnings of Russian companies are expected to have risen 13.4% in 2016 and are

expected to grow further by 11.8% in 2017 and 14.3% in 2018. We retain Russia’s star

ratings at 4.0 Stars “Very Attractive”, we are keeping an eye on overall valuations

should there be continued gains in stock prices without overall improving

fundamentals.

We maintain our 5.0 Stars “Very Attractive” rating for the offshore Chinese

equity market.

BRAZIL

Manufacturing PMI stood at 46.2 in Nov 16, down slightly from 46.3 in Oct 16

Services PMI came in at 44.4 in Nov 16, up from 43.9 in Oct 16

Composite PMI at 45.3 in Nov 16, up from 44.9 in Oct 16

Retail sales fell by -8.2% y-o-y in Oct 16, down from a -5.7% decline in Sep 16

Industrial production declined -7.3% y-o-y in Oct 16 compared to the upward-revised -4.7% fall in Sep 16

IPCA inflation came in at 6.99% y-o-y in Nov 16, easing from a 7.87% y-o-y increase in Oct 16

Selic rate at 13.75% as of 31 December 2016

RUSSIA

GDP contracted -0.4% y-o-y in 3Q 16 based on final estimates, improving from 2Q 16’s -0.6% decline

Industrial production grew 2.7% y-o-y in Nov 16, up from a -0.2% decline in Oct 16

CPI came in at 5.8% y-o-y in Nov 16, down from the 6.1% increase in Oct 16

PPI came in at 4.3% y-o-y in Nov 16, up from a 3.1% increase in Oct 16

Retail sales fell -4.1% y-o-y in Nov 16, up from a -4.4% decline in Oct 16

CBR rate at 10.0% as of 31 December 2016

CHINA

Official Manufacturing PMI rose to 51.7 in Nov 16, as compared to 51.2 in Oct 16

Non-manufacturing PMI rose to 54.7 in Nov 16, up from 54.0 in Oct 16

CPI grew to 2.3% y-o-y in Nov 16, slightly up from 2.1% y-o-y in Oct 16

PPI improved further to 3.3% y-o-y in Nov 16, rose up from 1.2% y-o-y in Oct 16

Exports turned positive to 0.1% y-o-y in Nov 16, much better than the -7.9% decline y-o-y in Oct 16

Imports rose substantially to 6.7% y-o-y in Nov 16, up from -1.9% y-o-y in Oct 16

Industrial production grew at 6.2% y-o-y in Nov 16, slightly up from 6.1% y-o-y in Oct 16

11.98%

-2.71%

-3.31%

-5% 0% 5% 10% 15%

Russia (RTSI$)

Brazil (IBOV)

China (HS Mainland 100)

BRIC (Ex-India) - Performance in December 2016*


16,98,745

02,00,0004,00,0006,00,0008,00,000

10,00,00012,00,00014,00,00016,00,00018,00,000

Average Assets Under Management (AAUM) in INR Crores

Source: AMFI, iFAST Compilations

Top and Bottom Five AMCs - By Absolute Change in Assets (Q-o-Q), Oct - Dec 2016

Scheme Name Q-o-Q Absolute Change in Assets (INR in Crores)

% Change in Assets

Top 5 AMCs

Reliance Mutual Fund 12,633.21 6.86%

ICICI Prudential Mutual Fund 12,034.05 5.57%

Birla Sun Life Mutual Fund 11,917.53 7.04%

Kotak Mahindra Mutual Fund 11,740.18 16.62%

SBI Mutual Fund 9,381.24 7.10%

Bottom 5 AMCs

Tata Mutual Fund -1,420.34 -3.58%

Baroda Pioneer Mutual Fund -917.39 -7.84%

BOI AXA Mutual Fund -739.89 -20.35%

IDBI Mutual Fund -374.07 -4.57%

Union Mutual Fund -330.81 -9.77%

Source: AMFI, iFAST Compilations

INDIAN MUTUAL FUND INDUSTRY - ASSET TRENDS


Fund Category Returns ( as on December 2016 )

1 Month 1 Year

Equity: Large Cap -1.75% 4.14%

Equity: Multi Cap -1.92% 5.06%

Equity: Mid Cap -2.78% 4.88%

Equity: ELSS -1.92% 4.21%

Equity: Index -0.95% 3.67%

Equity: Global 0.29% 10.97%

Hybrid: Balanced -1.35% 6.94%

Hybrid: MIP -1.42% 9.69%

Debt: Gilt Long Term -2.26% 15.11%

Debt: Gilt Short Term -1.08% 13.25%

Debt: Income -1.11% 11.17%

Debt: Short Term -0.26% 9.52%

Debt: Ultra Short Term 0.23% 8.33%

Debt: Liquid 0.51% 7.35%

Debt: Floating Rate 0.19% 8.58%

Source: NAV India, iFAST Compilations

FUND CATEGORY RETURNS


Top & Bottom Performing Equity funds on our Platform as on 30 December 2016

Large Cap Multi-Cap

Scheme 1 Month 1 Year Scheme 1 Month 1 Year

Reliance NRI Equity Fund (G) 0.22% 6.39% HDFC Core & Satellite Fund (G) -0.07% 2.10%

JM Equity Fund - (G) -0.34% 1.82% Tata India Consumer Fund (G) -0.10% 3.06%

CNX Nifty Index (Benchmark) -0.47% 3.01% CNX 500 Index (Benchmark) -1.36% 3.84%

BNP Paribas Equity Fund (G) -4.03% -5.50% Mirae Asset Great Consumer Fund (G) -3.45% 2.05%

LIC MF Equity Fund - (G) -3.37% 2.17% L&T Business Cycles Fund (G) -3.44% 3.18%

Midcap & Small Cap ELSS

Scheme 1 Month 1 Year Scheme 1 Month 1 Year

Sundaram Equity Multiplier Fund (G) 0.33% 7.56% Birla Sun Life Tax Plan (G) 0.04% 3.08%

Parag Parikh Long Term Value Fund (G) -0.25% 3.28% Birla Sun Life Tax Plan (G) 0.04% 3.08%

CNX Midcap Index (Benchmark) -3.73% 7.13% CNX 500 Index (Benchmark) -1.36% 3.84%

SBI Magnum Global Fund (G) -5.12% -2.00% BNP Paribas Long Term Equity Fund (G) -4.14% -6.62%

SBI Emerging Businesses Fund (G) -5.07% 2.22% BOI AXA Tax Advantage Fund (G) -3.82% -1.24%

Overseas

Scheme 1 Month 1 Year

DSP BR World Gold Fund (G) 5.72% 52.69%

Invesco India Pan European Equity Fund (G) 5.05% -0.25%

MSCI World Index (in INR) (Benchmark) 1.34% 8.10%

Mirae Asset China Advantage Fund (G) -7.40% -7.57%

Edelweiss GCE Off-Shore Fund(G) -6.21% 0.11% Source: NAV India, iFAST Compilations

TOP & BOTTOM EQUITY FUNDS


Top & Bottom Performing Debt/Hybrid funds on our Platform as on 30 December 2016

Short Term

Income

Scheme 1 Month

1 Year

Scheme 1 Month 1 Year

Escorts Short Term Debt Fund (G) 0.47% 8.03%

Tata Long Term Debt Fund - (AO) 0.49% 7.25%

Taurus Short Term Income Fund (G) 0.31% 7.68%

Invesco India Corporate Bond Oppt (G) 0.48% 7.11%

Crisil Short-Term Bond Fund Index 9.83% -0.11%

Crisil Composite Bond Fund Index 12.93% -1.28%

Birla Sun Life Treasury Optimizer (Discp Advat) -1.07% 12.39%

Birla Sun Life Dynamic Bond Fund(Displine Advat) -3.69% 14.04%

Birla Sun Life Treasury Optimizer - (G) -1.06% 12.32%

Birla Sun Life Dynamic Bond Fund - Reg (G) -3.68% 14.04%

Gilt - Long Term

Scheme

1 Month

1 Year

Edelweiss Govt Securities Fund (G) -0.55% 12.46%

Escorts Gilt Fund (G) -0.69% 13.05%

Crisil Composite Bond Fund Index 12.93% -1.28%

Franklin India G-Sec Fund - LTP (G) -4.36% 15.67%

Franklin India G-Sec Fund - Composite (G) -4.24% 15.08% Source: NAV India, iFAST Compilations

Balanced MIP

Scheme 1 Month

1 Year Scheme 1 Month 1 Year

SBI Dynamic Asset Allocation Fund (G) 1.33% 4.31% JM Monthly Income Plan - (G) 0.35% 7.63%

Birla Sun Life Balanced Advantage Fund (G) 0.50% 16.31% ICICI Pru Regular Income Fund (G) 0.10% 9.82%

CRISIL Balanced Fund - Aggressive Index 6.66% -0.74% Crisil MIP Blended Index 11.55% -1.15%

SBI Magnum Balanced Fund (G) -3.50% 3.70% Birla Sun Life MIP II - Wealth 25 (G) -3.01% 13.12%

Reliance Retirement Fund-Income Generation (G) -3.37% 10.34% Birla Sun Life MIP II - Wealth 25 (G) -3.01% 13.12%

Source: NAV India, iFAST Compilations

TOP & BOTTOM DEBT/HYBRID FUNDS


DISCLAIMER: THIS REPORT IS NOT TO BE CONSTRUED AS AN OFFER OR SOLICITATION FOR THE SUBSCRIPTION, PURCHASE OR SALE OF ANY MUTUAL FUND. ANY ADVICE HEREIN IS MADE

ON A GENERAL BASIS AND DOES NOT TAKE INTO ACCOUNT THE SPECIFIC INVESTMENT OBJECTIVE OF THE SPECIFIC PERSON OR GROUP OF PERSONS. PAST PERFORMANCE AND ANY

FORECAST IS NOT NECESSARILY INDICATIVE OF THE FUTURE OR LIKE PERFORMANCE OF THE MUTUAL FUND. THE VALUE OF UNITS AND THE INCOME FROM THEM MAY FALL AS WELL AS

RISE. OPINIONS EXPRESSED HEREIN ARE SUBJECT TO CHANGE WITHOUT NOTICE.

MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.

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