monthly update october 2014 - spacapital.com 2014.pdf · than liquid funds in normal scenario. such...

Monthly Update October 2014

With the growth chariot now in the right hands, we believe that India's

growth cycle would speed up from here on. Things already seem to

be moving in the right direction with domestic macros improving,

international crude prices declining, accommodative policies by Europe and

the pragmatic foreign policy undertaken by the new government. All these

have created a special space for India as an investment destination amongst

domestic and foreign institutional investors.

While the equity markets have run up by ~40% on yoy basis, debt market have

just started getting the preliminary clues of softening in interest rates ahead.

Overall, the story has just begun with tremendous potential to reap capital

gains ahead.

This places domestic investors in a very tricky spot. Rising stock prices has

instilled greed amongst them. It has created a lingering feeling of being left

out amongst investors. Hence, they are ready to jump on to the band wagon

without knowing the inherent risks that come along with it. On the other side,

debt market investors are still murky over interest rate outlook inspite of the

easing liquidity and wading inflation.

The caveats are still alive with uneven and insufficient monsoons, slow capex

expansions irrespective of enhanced liquidity and possible counter effects of

FED's interest rate policy.

Thus, what one need at this juncture is to select his asset basket wisely and

actively manage allocations with changing macros. One should always keep a

limited exposure into riskier assets like sectoral equity funds or long duration

debt funds based on his risk profile. Such allocation would allow him to take

part in the rally without losing ground.

Hope this Diwali brings a lot of wealth and prosperity to our investors.

Happy Diwali & Happy Investing !

2

October 2014

Special Review

Designing a Mutual Fund Portfolio

P

Diversification Based on Risk Tolerance orAge of Investor:

Portfolio Construction Based on Investment Horizon:

ortfolio designing is a proficient activity. It requires in depthknowledge on various asset class (viz. equity, debt etc) and

respective products (viz. shares, mutual funds, bonds etc) fallingin each such asset basket. Mutual Fund is one such productcategory which has specific funds for equity, debt, gold,commodities etc. Thus, one can create a diversified portfolio byusing various Mutual fund schemes. The table below showsvarious categories of Mutual funds-

Further, there are no standard rules for allocating investmentsacross various asset classes. Diversification primarily dependson the investors risk profile (how much risk one is willing to take)and the time horizon of investment (how long is the investmentintended to continue). Risk profile again largely depends oninvestors age (young investors can afford high risk products likeequity funds but retired individuals may stick to debt funds).

Based on the above discussion, let us see how a diversifiedportfolio can be created using mutual funds-

Risk tolerance of an investor may be classified as High mediumor low- where high denotes high risk taking ability. Normally, aninvestor in his late 20’s would have a high risk taking ability andone nearing retirement would have a low risk appetite. This is sobecause young investors have relatively longer investmenthorizon and higher probability of overcoming the ill effects ofvolatility.

At this age, the risk bearing ability is

generally high. It is so because of the relatively longerinvestment horizon and an increasing income profile toovercome any hiccups. It recommended to allocate 75% ofthe portfolio in equity funds and 25% in debt funds. Withinequity basket, one may take exposure to large/mid/small capfunds & even sectoral funds. Under debt allocation, one cantake exposure to interest rate sensitive long term funds i.e.income/ gilt etc. A sample allocation table is presentedbelow.

In this phase of life, investors risk

bearing ability is reduced because of family responsibilitiesand future planning. According, one should increaseallocation to low risk products like short term debt funds.One should also get adequately insured at this age to takecare of his family in case of emergency. A sample allocationchart of this profile is presented here.

This is the phase in life when someone is

near to his/her retirement. With increasing age, anindividual’s earning capacity declines and he/she eventuallyretires. Post retirement, dividend, pension etc becomes aregular source of income. The retirement corpus should bewisely invested so as to generate regular income as well as

account for inflation. Thus, one may invest 80-85% in debtand remaining part in equities. The debt portion wouldreap regular income while equity portion would take care ofinflation.

For short to very short

term investments - liquid / liquid plus funds are the ideal

ideal option. These funds invest in money marketinstruments and are considered lowest in risk profile. In thecurrent scenario such funds may yield ~7-9%.

If someone wants

to park the money for a slight longer horizon, short termfunds are the ideal option. These funds invest in CP, CD,Corporate bonds, Tbills etc with residual maturity upto 3years.Accordingly, these bonds yield a slightly higher returnthan liquid funds in normal scenario. Such funds also carryan exit load of 3 months to 1 year.

If the investment

horizon is above 1 year and less than 3 years, investor maychoose between income funds, gilt, credit opportunities,large cap equity, mid cap equity and dividend yield funds.Investment in debt funds would purely depend on theinterest rate cycle and hence bear high interest rate risk.Similarly, equity investments are subject to market cycle andhave an inherent volatility.

Investment

horizon above 3 years is considered to be very long term innature. An increase in time horizon automatically reducesthe inherent risk in investments by reducing the volatility.For example - debt investment are subject to credit risk &interest rate risk. An increase in time horizon reduces theinterest rate risk significantly. Similarly equity investment issubject to market cycles. An increase in investment horizonnullifies the affect of short term market cycles and focuseson broader trend.

Based on the above discussion, one may choose betweendifferent categories of Mutual funds or an asset allocationapproach to diversify his investments. Spreading assets acrossdifferent baskets reduces concentration risk and increases thepotential of positive returns.

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Below 35 years:

Between 35-50 years:

Above 50 years:

Investment horizon up to 6 months:

Investment horizon 6 months to 1 year:

Investment horizon from 1 to 3 years:

Investment horizon of more than 3 years:

Asset Allocation Based On AgeType of Funds 20-35 yrs 35-50 yrs above 50 yrs

Equity Allocation

Debt Allocation

Large Cap 25-30% 30-35% 15-25%Mid & Small Cap 30-35% 15-20% 0-5%Thematic/Sectoral funds 5-15% 0-10% 0%

Debt-Long Term 15-20% 15-25% 25-30%Debt-Short Term 15-20% 20-30% 40-45%

* The above allocation is indicative in nature and may vary from person to person

Funds Liquid Arbitrage Short Credit Income/ Gilt Diversified Sectoral Hybrid GoldUltra ST Term Opportunites Dynamic Equity

Risk Low Low Medium Medium Medium Medium High High Moderate Medium

Return Low Low Medium Medium Medium Medium High High Moderate Medium

Liquidity High Medium Medium Medium Medium Medium Medium* Medium* Medium* High

* Liquidity in these cases is subject to relatively higher exit loads, hence considered as Moderate

Comparative Analysis Of Different Type of Mutual Funds

3

October 2014

Special Review

T

Age group (20 – 30 years):



Age group (above 60 years/ Post retirement):

axes play an important role in a person’s life cycle. Anefficient tax planning at the beginning of year may help you

save money as well as invest in best suited products. More oftenthan not, tax saving investment is done at the end of year withoutputting much impetus on the relevancy of products leading to aclutter of unwanted policies and instruments in the investmentbucket.

People consider tax planning and investment planning ascompletely distinct subjects. We invest some lakhs on monies inunwanted insurance policies just to save some thousands in tax.The rush to invest in the last moment overpowers the ability tojudge prudence of such investments. There are so manyexpenses/investments which qualify for tax benefit like PPF,ELSS, Insurance premium, medical payments etc., but choosingthe best option requires time and planning. Combininginvestment planning with tax planning is a proficient task.

Section 80 C under I.T Act provides a list of investments/expenses which qualify for tax deduction. The maximum limitof such deductions has been raised in Finance Act 2014 fromINR 1 lakh to INR 1.5 lakh. Apart from sec 80C, there are someother sections which also allow us to claim deductions fromtaxable income. The other sections are 80D, 80DD, 80DDB,80U, 80E, 80G, 80GG and 24.

Let us see some tax saving options which suits investors indifferent age brackets:-

This is the age when most of us start our first job and file our firstreturn. Many students start doing part time jobs with studies.The important feature of this age bracket is that liabilities areminimum, risk taking ability is high and investment horizon isvery long. An investment done at this age would reap hugebenefits of compounding.

Considering the above points the following taxes savinginstruments are best suited for this bracket:-

1. Equity linked savings schemes (ELSS) – Equity investmentwith 3 year lock in and deduction allowed U/S 80C

2. Interest on Education Loan- Any amount paid as interest isallowed as deduction u/s 80E

3. Insurance Premium- Most employers provide healthinsurance, which should be adequate for a beginner. Hence,it’s not required to take insurance at this juncture to savetax.

These are the earning years of an individual. With maturitycomes liability of family life. Life’s objective get molded toinclude short term goals like new car, home etc and long termgoals like children’s education & marriage, retirement plan etc.As income increases- tax liability and the need for tax planningincreases.

Here risk bearing ability is high and decreases gradually withadditional family responsibility. Considering all this, the best

tax saving investments for this bracket are:-

2. ELSS: Since risk bearing ability and investment horizonare high, maximum amount should be poured in ELSSschemes. Such investment also be should decreased withage.

3. EPF/PPF: Along with market blinked investments likeELSS, some part should be allocated in guaranteedinvestments like PF. The proportion of PF investmentshould increase with age. It is allowed as deduction u/s 80C

4. Children’s Tuition Fee: Tuition fees of children is also anallowed expenditure u/s 80C

5. Interest & Principal On Home Loan: Principal payment ofhome loan is allowed u/s 80C (max 1.5 lakh) and Interestpayment is allowed u/s 24 (max 2 lakh)

At this stage, income is at the highest level of one’s entire careerand he is fast approaching retirement. The primary focus shouldbe on repaying all debt, if any, like home loan, credit cards etc.The risk tolerance declines at this level and portfolio should bemore skewed towards fixed/ guaranteed return generatinginvestments. However, a small part should always be allocatedto equities to fight against inflation risk. The availableinvestment option in this bracket are:-

1. Health Insurance: This is of utmost necessity for yourselfand spouse as health related expenditures keep onincreasing with age. Health insurance premium is anallowed expenditure u/s 80D

2. PF or Pension Fund: A major amount of allocation at thisage should be diverted in PF / Pension / Superannuationfunds which offer guaranteed monthly cash flows postretirement. Such investment are also allowed as deductionu/s 80C

3. Fixed Deposits: Special fixed deposits are available whichoffer lucrative interest and qualify to tax benefit.

4. ELSS: A small portion of investment can still be allocatedin equity schemes which would help in fighting inflation.

Entire life we earn so as to spend our retirement in peace.At thisphase of life we become completely dependent on ourretirement corpus. The income generated by our retirementcorpus would determine our post retirement lifestyle. So, it isvery important to deploy the corpus in an efficient manner- suchthat it keeps generating income as well as appreciates itself tofight inflation. Such an allocation is possible by aligning a smallportion into equities and remaining portion into various fixedand floating income bearing debt investments.

At this age, the special tax slab rates allow higher consumableincome. Further, investments in certain securities also offerspecial rates for senior citizens like Bank fixed deposits etc.Accordingly, FD’s of distinct tenures should be purchased. Thematurity profile should be so designed that at least you have oneof such FD’s maturing in every quarter/ half hear. This wouldallow tax benefit as well as provide regular cash flows to

1. Term Insurance- With increasing family responsibility one need totake adequate cover. Term insurance premium is allowed asdeduction u/s 80C.

Tax Planning at Different Stages of Life

4

Fixed Income Update Equities Update

Debt: Liquid 1M 3M 6M

Institutional Activity ( Sep 01- Sep 30 ) (Rs cr)

Fund Performance Fund Performance

Equity: Large & Mid Cap 3M 1Y 3Y

Forex / Call / Economic Indicators

Equity Purchase Sales Net InvDebt Purchase Sales Net Inv

Key Indices 30-Sep 28-Aug %Chg. I Yr Ret Key Indices 30-Sep 28-Aug %Chg. I Yr Ret

Other -Sep 28-AugIndices 30 %Chg. I Yr Ret

Portfolio as on Aug 31, 2014 & Return as on 01th Oct 2014

NSE G Sec Composite Index 369.48 368.56 0.25 7.20%

NSE Treasury Bill Index 377.67 374.81 0.76 8.67%

07-Oct 07-Sep

Rupee/$ 61.36 60.26

Call Rate 8.10% 7.05%

Total Forex ($ bn) 314.20 317.30

Inflation 3.74% 5.19%

FIIs 38311.03 22442.02 15869.01

Mutual Funds 151140.10 127723.30 23416.80

BSE Sensex 26630.51 26638.11 -0.03 37.41%

S&P CNX Nifty 7964.80 7954.35 0.13 38.87%

BSE IT Index 10687.59 10085.87 5.97 36.33%

BSE Healthcare 14352.30 13356.87 7.45 51.65%

BSE FMCG Index 7630.97 7401.78 3.10 11.60%

BSE PSU Index 7785.50 8096.29 -3.84 42.96%

BSE Bankex 17615.46 18003.68 -2.16 60.66%

FIIs 93493.58 88391.06 5102.52

Mutual Funds 20322.20 16150.80 4171.40

Birla Sun Life Frontline Equity 10.73 56.64 21.81

Birla Sun Life Top 100 Fund 10.22 61.26 22.22

ICICI Pru Focused Bluechip 11.90 51.68 20.66

SBI Magnum Bluechip 15.03 60.09 22.58

UTI Opportunities 12.32 50.61 19.02

Debt: Ultra Short Term 1M 3M 6M Equity : Mid & Small Cap 3M 1Y 3Y

Birla Sun Life Savings Fund 9.01 8.34 9.70

DWS Ultra Short Term Fund 8.90 9.00 9.56

Franklin India Ultra Short Bond Fund 8.85 8.36 9.46

ICICI Pru Flexible Income Plan 8.84 8.46 9.62

IDFC Ultra Short Term Fund 8.71 8.39 9.63

Birla SL Cash Plus 8.49 8.57 9.20

Franklin India TMA - Reg 7.93 7.95 8.64

LIC Nomura MF Liquid Fund 8.42 8.51 8.90

Reliance Liquid Treasury 8.52 8.60 9.06

SBI Premier Liquid Fund 8.51 8.57 8.98

Franklin India Prima 16.63 87.34 27.34

HDFC Mid-Cap Opportunities 16.62 95.35 25.87

ICICI Pru Value Discovery Fund 17.76 97.47 30.26

IDFC Premier Equity Regular 15.48 73.63 22.42

Reliance Equity Opportunities 12.14 69.71 23.45

Debt: Short Term 1M 3M 6M Equity: Tax Planning 3M 1Y 3Y

Birla SL Short Term Opportunity 9.11 7.15 10.83

Franklin India Low Duration 9.85 9.20 10.25

HDFC Short Term Opportunity 9.30 7.89 10.48

IDFC-SSIF- Short Term 8.37 6.94 9.91

SBI Short Term Debt 9.17 6.45 10.12

Birla SL Tax Relief 96 14.71 62.93 20.11

HDFC LT Advantage 14.84 69.01 21.22

ICICI Pru Tax Plan 13.54 71.52 24.07

Reliance Tax Saver 15.83 103.97 27.40

SBI Magnum Tax Gain 15.24 68.18 22.25

Debt: Income/ Dynamic 1M 3M 6M Equity: Thematic 1M 3M 6M

Hybrid: Equity-oriented 1M 3M 6M

Hybrid: Debt-oriented 1M 3M 6M

Birla SL Dynamic Bond Ret 13.82 2.44 11.31

DWS Premier Plus Bond Fund 10.26 6.93 11.15

IDFC SSIF MTP 10.40 5.84 9.75

Reliance Dynamic Bond 11.81 2.28 11.42

UTI Dynamic Bond Fund 8.10 8.51 13.85

Debt: Accrual Funds 1M 3M 6M

Birla SL Medium Term 9.02 7.74 11.59

Franklin India Corp Bond Opportunities 9.45 7.59 11.91

Franklin India Income Opportunities 9.41 7.91 11.26

ICICI Pru Regular Savings Fund 10.13 7.63 11.04

Reliance Regular Savings Fund - DEBT 9.40 8.19 11.27

Debt: Gilt 1M 3M 6M

HDFC Gilt Fund - L T P 17.15 2.05 13.66

IDFC GSF Investment Regular 16.89 2.11 10.15

Kotak Gilt - Investment Plan 15.61 2.48 15.29

Reliance G Sec Fund 17.08 3.94 13.93

SBI Magnum Gilt LTP 18.93 7.06 15.39

Birla SL MNC Fund 20.89 68.52 25.02

ICICI Pru Banking & Finance 8.14 83.13 25.53

ICICI Pru FMCG 9.16 25.88 20.43

Reliance Banking Fund 5.07 85.29 19.49

SBI Magnum Pharma 32.46 60.87 32.92

HDFC Prudence Fund 76.81 28.51 83.15

ICICI Pru Balanced Advantage 65.90 33.58 59.60

SBI Magnum Balanced 76.76 44.98 61.91

TATA Balanced Fund Plan A 73.21 40.47 65.67

UTI Balanced Fund 62.75 25.40 51.87

Birla Sun Life MIP II Savings 5 23.82 7.93 18.05

HDFC MIP Long-term 32.16 8.39 32.62

HSBC MIP Savings 26.42 5.53 17.97

ICICI Pru MIP 5 12.11 3.02 14.51

Reliance MIP 23.71 12.33 25.74

October 2014

*CA : Compound Annualized

Simple Annualized

Simple Annualized

Absolute CA*

This Month in Debt :

5

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After trading in the positive territory since last few months, the

market closed flat in Sep’2014 on MoM basis.Amongst the other major global

indices all but Nikkei (4.9%) ended the month in red. Hang Seng and FTSE

shed the most in Sep’14. Amongst the domestic sectoral indices, Pharma

(6.2%), IT (6.1%) & Media (5.0%) contributed positively while Metal (-6.0%),

Realty (-5.6%) & Energy (-4.2%) shed the most.

maintained status quo on 30th Sep in light of the balanced liquidity and

awaiting incoming data over food inflation trajectory. Meanwhile it initiated

several steps to strengthen the banking & financial structure. It allowed banks

to account for G-Sec held by them (up to 5% of their NDTL within SLR) as

level 1 HQLA (high quality liquid asset). Further it allowed Scheduled urban

co-operative banks to access LAF window. To develop financial markets, RBI

reduced the ceiling on SLR under HTM from 24% to 22% (gradually over the

next 1 yr), liberalized the limit on short sale of G-Sec by 0.25% and increased

the forex hedge limit from 50% to 100%.

continued to stay low in spite of the easy liquidity and

comfortable deposits growth. This was particularly because of last year’s high

base (Aug’13) as well as corporate switching to cheaper alternative finance

options. Deposit growth continued to remain strong @ 13.8% in light of the

high bank deposit rates.

continued to disappoint for the 2nd consecutive month @

below expected levels. IIP growth stood @ 0.53% in Jul’14 against 3.94% in

June’14 and 2.57% in Jun’13. Amongst the sectors, Mining & Electricity

reported growth of 2.1% & 11.7% respectively while Manufacturing degrew

by 1.0%. The dismal IIP growth was to an extent visible from the slowdown in

core sector growth which stood at 2.7% in July’14 against 7.2% in June’14 and

5.3% in July’13.

across emerging and developed economies continued

to expand. Brazil, which was in contraction mode until last month, is also

above 50 reporting expansion. PMI for china has remained near 50 (moving

between 48.0 – 52.0) over the past 2 years. Chinese economy still faces

considerable downside risks to growth, which warrant further policy easing to

ensure a steady growth recovery. India’s manufacturing PMI posted 52.4 in

Aug’14 with manufacturers building up inventories in response to the

accelerating demand ahead of the festive season.

, FII’s poured in INR 48.7 bn in Sep’14

taking the total investments @ INR 593 bn in FY15 against INR 176 bn in

similar period of FY14. DII’s divested INR 11.4 bn in Sep’14 taking the total

divestment @ INR 174 bn in FY15 against a divestment of INR 110 bn in

similar period of FY14.

Going forward, we expect credit growth in economy to pick up gradually with the

revival of stalled projects and supportive liquidity in banking system. IIP growth

should also remain strong in coming months based on the festive season demand

pick and the positives of a low base affect. However, along with a pick up in the

demand the fear of price rise also emanates, which will be closely watched by RBI.

Overall, we continue with our positive stance over a longer horizon and recommend

rebuilding positions at corrections of 5-7%. Investors may allocate funds in Large

cap @ 45%, mid & small cap @ 25%, arbitrage funds @ 20% and Sectoral Funds

(Infrastructure & Banking) @ ~10%.

Outlook & Strategy:

Indian equity

RBI

Credit growth

Industrial output

Manufacturing PMI’s

Amongst institutional investors

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yield declined from 8.54% in Aug’14 to 8.49% in

Sep’14. Meanwhile yields touched a low of ~8.44% after S&P revised India’s

outlook is stable. Yields moved up again on 30th Sep as RBI maintain it vigilant

status vouching for more data before easing policy rates. The shorter end of the

yield curve improved by ~2 bps whereas longer end improved by ~8 bps.

in banking system eased further in Sep’14. On MoM basis, average

daily LAF borrowings declined from ~INR 230 bn to INR 161 bn in Sep’14.

Total MSF borrowings reduced from INR 143 bn to INR 62 bn in the same

period. For the first time since 2010, RBI conducted term reverse repo auction in

Sep’14 worth INR 1587 bn.

remained subdued particularly because of the high base effect

and corporate switching to cheaper alternative finance options. Credit deposit

ratio and incremental CD ratio remained stable @ ~75% & ~35% respectively.

Investment demand continued to remain strong as bank deposit rates remained

at higher end.

shifted downwards by ~50 bps across various maturities.

Comparatively, AAA benchmark bond spreads improved by ~2 bps across

maturities and there a larger improvement was visible in AAA bond spreads of

PSU issuers, which moved between 9.08% - 9.25%.

continued to remain bullish and invested INR 160 bn in Sep’14 taking the

total investment in FY15 @ INR 826 bn against an outflow of 278 bn in entire

FY14. Amongst the DII’s, Mutual funds invested INR 268 bn in Sep’14 taking

the total investment in FY15 @ INR 2838 bn against INR 1938.6 bn in 1HFY14.

declined to its 58 months low at 3.7% in Aug’14. In terms of

contribution to inflation, both Primary articles and Fuel group contribution

declined from 28.1% to 21.1% and 22.8% to 18.3% respectively in Jul-Aug’14.

Manufactured product’s contribution inclined from 49.1% to 60.6% during the

similar period. Amongst the primary article basket, food articles have

contributed 87.2%.

Overall in this season has been 12% below LPA, which is the lowest

since 2009. Furthermore, 23 out of 36 divisions have received normal rainfall.

This may have a negative impact on the summer crops sowing.

Internationally, FOMC reduced its QE program by $10 bn to $15 bn and kept

interest rates unchanged. ECB cut rate from 0.15% to 0.05% and Bank of

England, held its interest rates steady.

In light of the improving domestic macros and stable international policies - investor

sentiments are expected to strengthen further. We remain optimistic with fresh FII

allocations and wading inflation with start of the new calendar year.

The caveat remains from the unbundling of FCI and central government’s inclination

to move towards deregulatory food prices, which would have a major impact on food

inflation along with food subsidy bill in coming years. Interest rates, driven by

liquidity may remain soft testing benchmark G-Sec levels to 8.00% - 8.15% with

caution from US FED’s outlook on interest rates. We recommend an allocation of 40%

in short term funds, 30% in Liquid/ Liquid plus/ Arbitrage funds and 30% in Income/

gilt funds. Investors may start switching from liquid to income/ gilt category gradually

over the next quarter as with more macro data comes in.

Outlook & Strategy:

Benchmark 10 YR G-Sec

Liquidity

Credit growth

CP yield curve

FII’s

WPI Inflation

monsoon

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27500

27000

26500

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25500

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7800

7600

7400

7200

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SENSEXS&P CNX Nifty

October 2014

6

Mutual Fund Performance Update

Equity: Large Cap

Equity: Large & Mid Cap

Equity: Multi Cap

as onAug 2014

Software Oil Auto Banks Pharma FMCG Absolute Compound Annualized

& Gas (Cr.) 3M 6M 1Y 3Y

Others Corpus


Franklin India Bluechip Fund 14.88 0.57 6.32 28.70 6.47 1.66 41.40 5394.83 5.09 20.56 40.70 16.40

Birla Sun Life Index Fund - Growth 15.10 0.57 9.29 21.14 5.72 9.00 39.18 873.85 4.44 18.05 37.01 16.77

JP Morgan India Equity Fund 11.14 0.00 12.37 26.36 4.60 1.36 44.17 214.65 4.35 24.93 46.28 17.79

Pramerica Large Cap Equity Fund 19.68 0.00 8.54 27.98 8.23 2.99 32.58 59.46 2.70 14.80 30.42 12.89

Reliance Top 200 Fund - Growth 17.52 0.00 10.57 22.70 7.65 0.00 41.56 914.38 5.02 29.36 59.33 22.69

Religare Invesco AGILE Fund - Growth 19.06 0.00 9.81 17.47 0.00 0.00 53.66 34.13 -3.73 3.27 14.52 12.13

SBI Magnum Equity Fund 15.66 0.00 15.26 30.09 7.53 5.26 26.20 1216.89 6.24 22.77 43.25 18.99

Tata Index Fund - Sensex Plan - Plan A 15.48 0.70 11.37 21.02 5.73 10.81 34.89 6.15 4.26 18.66 35.53 17.15

UTI Mastershare 15.31 0.00 7.55 19.32 9.33 3.41 45.08 2810.37 6.41 23.78 44.80 17.40

Birla Sun Life Advantage Fund 10.68 0.00 17.13 19.52 11.59 0.00 41.08 455.53 3.28 30.97 65.23 21.50

Birla Sun Life Frontline Equity Fund 12.51 0.00 11.22 23.06 5.71 5.49 42.01 6563.95 4.65 24.57 48.79 22.63

Birla Sun Life Top 100 Fund 12.49 0.70 10.11 22.30 7.29 3.45 43.66 745.77 3.61 26.22 53.06 23.10

DSP BlackRock Opportunities Fund 12.85 1.04 9.01 21.47 8.96 0.00 46.67 583.62 6.53 28.81 49.84 18.85

Franklin India Flexi Cap Fund 11.20 2.56 11.38 30.36 9.78 0.00 34.72 2042.63 7.42 30.04 61.31 21.96

Franklin India Opportunities Fund 11.49 0.00 8.47 32.32 8.57 0.00 39.15 325.90 10.13 31.61 59.38 19.77

HDFC Growth Fund 13.51 0.00 6.60 24.73 5.26 4.23 45.67 1174.29 2.37 26.68 49.89 16.11

HDFC Equity Fund 13.90 2.66 10.97 24.85 5.78 4.76 37.08 15812.55 4.04 33.01 71.37 21.62

HSBC India Opportunities Fund 13.45 2.52 7.67 24.24 4.36 4.51 43.25 275.64 5.53 29.47 65.57 21.62

ICICI Prudential Dynamic Fund - Reg 11.36 0.00 4.41 21.60 2.70 0.00 59.93 5055.55 4.28 22.75 49.71 22.64

ICICI Prudential Indo Asia Equity Fund 13.34 0.00 5.80 24.52 3.16 2.20 50.98 145.65 6.18 28.76 48.98 23.64

IDFC Classic Equity Plan B Fund 16.72 1.19 12.14 21.59 6.72 5.57 36.07 183.32 2.82 17.37 32.26 15.75

Kotak Classic Equity - Growth 12.49 3.17 10.16 23.85 7.80 4.39 38.14 118.52 2.08 19.47 39.53 20.20

L&T Indo Asia Fund 6.33 0.00 10.40 17.71 2.88 1.49 61.19 263.08 4.85 21.49 33.20 18.47

Mirae Asset India Opportunities Reg 12.21 1.75 12.01 21.91 9.21 3.93 38.98 638.80 8.64 31.16 62.72 24.51

Principal Large Cap Fund 9.45 1.72 10.03 26.71 4.14 5.69 42.26 309.59 3.55 22.59 47.85 19.34

Quantum Long Term Equity 8.08 4.65 13.12 3.41 0.00 0.00 70.74 343.20 4.07 22.06 49.98 21.73

Religare Invesco Equity Fund 20.86 0.00 14.33 15.59 9.15 0.00 40.07 46.63 7.59 21.09 40.21 20.07

Reliance NRI Equity 12.90 0.00 7.27 18.51 7.05 4.29 49.98 91.03 4.00 23.25 42.12 20.49

Reliance Focused Large Cap 9.33 0.00 12.29 24.20 12.81 0.00 41.37 1102.77 0.93 18.83 45.32 20.71

SBI Magnum Multicap Fund 12.01 0.00 6.94 18.07 8.52 4.52 49.94 410.84 9.30 33.35 60.17 22.85

Tata Equity Opportunities Fund - Plan A 16.37 1.37 12.41 21.59 5.41 2.56 40.29 506.87 6.98 27.49 48.10 21.32

Tata Retirement Savings Progressive A 17.59 0.00 7.88 17.72 2.78 7.15 46.88 64.75 6.99 28.42 46.87 0.00

UTI Contra Fund 0.00 0.00 0.00 0.00 0.00 0.00 100.00 137.15 - 0.00 0.00 0.00

UTI Dividend Yield Fund 15.86 0.00 3.88 25.24 0.80 6.66 47.56 3185.23 3.93 23.57 44.38 14.27

Birla Sun Life India Reforms Fund 0.00 4.11 0.00 31.75 0.00 0.00 64.14 48.78 -0.63 32.18 71.25 11.47

BNP Paribas Dividend Yield 11.01 0.00 4.17 18.27 5.04 1.60 59.91 77.72 7.63 34.71 51.92 20.53

DSP BlackRock Focus 25 Fund 9.11 3.14 19.01 28.15 5.84 0.00 34.75 258.27 8.35 32.76 54.48 15.70

HDFC Core & Satellite Fund 16.72 0.00 9.73 22.14 5.31 2.20 43.90 289.49 0.20 34.14 72.42 15.90

ICICI Prudential Nifty Junior Index 2.36 1.20 4.52 11.77 7.62 8.97 63.56 26.19 2.61 25.72 49.29 19.45

IDBI Nifty Junior Index 2.36 1.24 4.54 11.23 7.65 8.88 64.10 29.01 1.98 25.63 48.33 19.34

L&T India Value Fund 9.56 0.00 8.44 15.58 1.43 0.00 64.99 70.70 6.16 46.11 75.20 27.57

L&T India Special Situations Fund 13.50 0.00 8.24 21.31 6.23 2.10 48.62 745.16 5.95 28.58 54.11 23.16

PineBridge India Equity Standard 11.14 3.82 17.46 12.50 6.77 0.00 48.31 144.13 12.64 36.01 60.47 20.20

Principal Dividend Yield Fund 10.37 0.83 17.30 19.20 2.10 7.05 43.15 121.54 2.65 25.69 54.07 17.52

Principal Growth Fund 8.69 0.00 9.29 20.61 6.86 0.00 54.55 537.84 7.53 30.80 60.33 19.95

Reliance Growth Fund 13.80 0.00 4.07 16.98 10.96 0.00 54.19 4897.85 6.43 38.14 66.30 19.86

Reliance Regular Savings Equity 8.57 0.87 7.32 17.50 8.21 0.00 57.53 2481.53 2.71 30.21 57.87 19.80

Religare Invesco Contra Fund 14.18 0.00 10.06 13.66 3.51 0.00 58.59 61.30 9.53 37.92 82.58 22.75

Tata Ethical Fund - Plan A 23.88 0.00 11.26 0.00 13.11 7.34 44.41 203.45 9.94 27.02 48.87 23.02

Tata Equity PE Fund - Plan A 15.97 1.56 9.48 18.85 2.57 0.00 51.57 485.69 2.79 37.59 72.75 22.31

Templeton India Equity Income 7.60 0.00 3.39 11.70 2.09 0.00 75.22 1058.90 8.84 30.72 48.35 22.54

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Return(%)

October 2014

Software Oil Auto Banks Pharma FMCG Corpus Absolute Compound Annualized

& Gas (Cr.) 3M 6M 1Y 3Y

Others

7


Equity: Mid & Small Cap

Hybrid: Asset Allocation

as onAug 2014

Equity: Infrastructure


Equity: Tax Planning

Axis Midcap Fund 7.30 3.38 10.09 13.24 8.37 0.00 57.62 620.21 6.83 44.94 87.34 30.37

BNP Paribas Midcap Fund 5.79 0.00 3.60 10.15 6.46 1.67 72.33 186.86 9.57 44.19 74.41 29.77

Canara Robeco Emerging Equities Reg 5.67 2.08 9.85 9.45 3.24 0.00 69.71 101.32 11.17 55.94 111.15 31.71

Franklin India Prima 7.42 1.91 8.82 16.27 5.17 0.00 60.41 2180.96 9.89 39.92 79.46 29.67

Franklin India Smaller Companies 6.01 0.00 8.49 12.67 4.52 0.00 68.31 1122.54 14.50 50.25 102.34 35.98

HDFC Mid-Cap Opportunities Fund 7.17 0.00 5.86 15.37 12.55 1.03 58.02 6861.74 9.07 41.88 90.01 28.25

IDFC Premier Equity 5.70 1.80 8.22 2.22 0.00 3.34 78.72 5808.04 9.26 31.66 70.96 24.44

IDFC Sterling Equity Fund - Regular Plan 9.75 3.72 10.81 8.53 9.07 0.00 58.12 1621.33 9.64 39.74 64.96 22.05

JP Morgan India Mid and Small Cap Fund 3.38 0.00 12.85 14.38 4.05 0.00 65.34 215.09 6.01 44.65 84.27 28.74

Mirae Asset Emerging Bluechip Reg 6.84 2.58 9.65 13.12 11.55 1.13 55.13 458.79 14.36 45.10 98.61 32.27

Principal Emerging Bluechip Fund 5.62 3.68 11.88 15.16 11.36 0.00 52.30 355.82 9.51 40.30 85.24 30.71

Reliance Long Term Equity Fund 3.34 0.00 0.00 10.56 7.46 0.00 78.64 1555.84 10.32 52.36 99.75 26.80

Reliance Small Cap Fund 2.76 0.00 12.76 15.78 5.06 0.00 63.64 951.90 13.77 62.70 141.22 35.07

SBI Magnum Midcap Fund 3.85 1.32 6.00 7.06 10.58 3.91 67.28 599.67 12.74 37.53 92.93 31.54

Sundaram Select Midcap Fund - Regular Plan 2.03 2.92 13.17 11.30 4.45 1.90 64.23 2326.50 7.40 45.07 83.04 25.61

Sundaram S.M.I.L.E. Fund - Regular Plan 0.87 0.00 13.46 10.19 6.71 0.00 68.77 508.28 12.08 66.49 115.42 26.63

Birla Sun Life Tax Plan 9.06 0.00 15.35 16.69 8.10 4.49 46.31 168.39 7.64 29.25 57.32 21.62

Birla Sun Life Tax Relief 96 9.11 0.00 15.43 16.66 8.16 4.51 46.13 1703.30 7.77 29.75 58.62 22.10

BNP Paribas Long Term Equity Fund 11.61 0.00 6.49 17.72 5.20 1.39 57.59 256.60 9.30 34.06 55.82 24.01

BOI AXA Equity Fund - Reg 12.44 0.50 7.85 15.73 5.47 4.42 53.59 62.45 6.92 26.09 47.96 18.65

BOI AXA Tax Advantage Fund - Regular Plan 12.76 0.95 11.79 20.09 5.53 2.53 46.35 40.28 4.87 23.76 45.62 18.77

Canara Robeco Equity Tax Saver Reg 11.23 0.00 9.15 24.14 6.12 2.08 47.28 818.69 6.54 27.67 49.73 20.02

DSP BlackRock Tax Saver Fund 13.12 1.21 9.95 20.24 6.85 2.47 46.16 950.92 7.21 33.30 58.81 24.20

Franklin India Taxshield Fund 8.92 0.00 12.23 25.89 8.50 1.14 43.32 1357.61 10.61 30.44 57.99 21.79

HDFC Long Term Advantage Fund 12.27 0.00 14.13 17.59 4.25 4.42 47.34 1125.73 5.90 27.11 59.72 22.08

HDFC Taxsaver Fund 12.08 0.00 10.49 25.96 6.06 3.74 41.67 4669.61 2.27 33.36 68.03 20.95

HSBC Tax Saver Equity Fund 10.14 4.15 12.82 21.33 4.44 4.12 43.00 197.69 5.28 27.43 60.98 23.95

ICICI Prudential Tax Plan Reg 11.53 0.00 3.56 21.18 7.93 0.00 55.80 2205.86 5.99 33.35 66.97 25.26

IDFC Tax Advantage (ELSS) Reg 12.87 0.00 12.02 16.78 11.26 2.60 44.47 240.68 8.93 30.39 56.56 23.21

L&T Tax Advantage Fund 12.86 0.00 11.91 22.46 7.09 2.36 43.32 1443.77 5.49 25.57 48.23 18.26

Principal Personal Tax Saver Fund 9.48 1.72 10.02 26.73 4.16 5.71 42.18 370.94 3.55 22.67 47.97 19.32

Reliance Tax Saver Fund 5.25 0.00 21.42 6.46 5.44 0.00 61.43 2988.08 7.96 47.31 101.37 29.31

Religare Invesco Tax Plan 14.87 0.00 8.10 16.81 5.44 0.00 54.78 189.21 11.21 34.92 66.17 23.21

SBI Magnum Taxgain Scheme 14.83 3.41 11.41 18.88 8.59 1.93 40.95 4899.40 7.77 30.66 59.67 23.06

Sundaram Taxsaver 10.41 3.77 7.96 24.21 3.85 3.01 46.79 1206.80 6.59 26.86 50.08 18.99

Tata Tax Saving Fund 17.80 0.00 11.50 15.59 6.04 3.68 45.39 167.66 7.98 28.83 50.59 20.53

Taurus Tax Shield Fund 12.95 0.70 6.16 21.70 6.98 5.03 46.48 93.08 3.56 22.59 45.94 15.99

UTI Equity Tax Savings Fund 17.07 0.00 7.38 15.86 10.22 3.69 45.78 509.21 7.02 25.70 46.80 18.00

HDFC Infrastructure Fund 3.83 1.46 9.71 26.33 0.00 0.00 58.67 1693.16 -1.22 41.16 96.69 14.43

ICICI Prudential Infrastructure Reg 0.00 1.95 0.00 20.05 0.00 0.00 78.00 1746.12 -3.82 30.15 62.38 13.65

Tata Infrastructure Fund - Plan A 0.00 0.00 1.71 23.97 0.00 0.00 74.32 782.24 -1.97 25.70 55.88 9.57

UTI Infrastructure Fund 0.00 0.00 0.00 22.82 0.00 0.00 77.18 1604.94 -2.69 26.51 61.85 11.66

ING Asset Allocator Multi-Manager FoF Scheme 0.00 0.00 0.00 0.00 0.00 0.00 100.00 3.44 7.34 22.83 42.02 8.68

Franklin India Dynamic PE Ratio Fund of Funds 0.00 0.00 0.00 0.00 0.00 0.00 100.00 827.24 3.77 13.43 27.37 12.43

Pramerica Dynamic Asset Allocation - Growth 0.00 0.00 0.00 0.00 0.00 0.00 100.00 32.27 3.25 12.57 21.91 9.45

Principal Smart Equity Fund - Growth 0.00 0.00 0.00 0.00 0.00 0.00 100.00 56.36 3.60 25.24 46.58 17.98

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Return(%)

Compound Annualized

October 2014

8


Hybrid: Equity-oriented

Debt: Income

Hybrid: Arbitrage

as onAug 2014

Return(%)

Return(%)as on

Aug 2014

Software Oil Auto Banks Pharma FMCG Others

& Gas (Cr.) 3M 6M 1Y 3Y

Absolute Compound AnnualizedCorpus

AAA P1+ Sov. A & AA Others Cash Avg. Exp. Simple Annualized CA*

AA- (Cr.) Maturity 7D 1M 3M 6M 1Y

Corpus


Birla Sun Life 95 Fund 8.42 1.00 8.03 20.10 3.83 0.78 57.84 906.92 5.34 25.81 46.84 18.74

Canara Robeco Balance Reg 4.97 1.52 7.09 16.82 3.63 0.75 65.22 245.06 6.92 27.63 47.93 19.02

DSP BlackRock Balanced Fund 5.60 0.00 7.74 12.30 6.81 0.00 67.55 509.89 7.41 26.63 46.09 14.96

HDFC Balanced Fund 9.15 0.00 6.51 18.11 7.76 0.00 58.47 2092.35 5.99 29.84 60.07 20.80

HDFC Prudence Fund 9.68 1.46 7.70 19.28 3.70 2.79 55.39 6846.15 3.29 32.11 67.11 20.08

ICICI Prudential Balanced Reg 5.92 0.00 13.95 17.50 5.85 2.01 54.77 1016.21 6.77 26.36 49.70 22.70

Reliance Regular Savings - Balanced 9.14 0.00 17.42 24.22 4.29 0.00 44.93 667.09 5.88 26.85 53.46 20.77

SBI Magnum Balanced Fund 4.61 0.00 11.76 10.69 4.37 3.82 64.75 870.17 8.81 26.38 50.35 23.04

Sundaram Balanced Fund - Regular 13.20 1.52 6.02 31.41 3.63 3.70 40.52 34.53 0.17 12.20 25.61 11.38

Tata Balanced Fund - Plan A 10.90 0.00 8.44 14.69 4.41 1.87 59.69 950.66 7.16 29.78 49.36 22.23

UTI Balanced Fund 9.18 1.60 7.53 14.46 7.71 3.48 56.04 1164.09 5.07 21.29 41.97 17.01

Birla Sun Life Enhanced Arbitrage 1.04 0.00 12.67 25.79 9.42 1.49 49.59 47.78 1.55 3.23 8.17 7.98

HDFC Arbitrage Fund - Retail Plan 2.58 0.00 3.86 33.56 7.63 0.00 52.37 75.97 1.89 3.74 8.45 8.28

ICICI Prudential Blended Plan A Reg 0.32 0.35 5.09 33.19 9.07 0.51 51.47 920.34 2.12 4.38 9.47 9.47

ICICI Prudential Equity Arbitrage Fund 0.29 0.22 4.38 32.88 9.24 0.69 52.30 969.23 2.16 4.37 9.53 9.42

IDFC Arbitrage Fund - Regular Plan 0.00 0.01 0.04 15.49 0.06 0.00 84.40 2199.35 2.04 4.21 9.29 9.03

IDFC Arbitrage Plus Fund - Regular Plan 0.00 0.00 0.06 2.79 0.05 0.00 97.10 69.74 1.97 3.85 8.49 8.51

JM Arbitrage Advantage Fund 4.18 0.67 6.72 38.41 5.53 2.04 42.45 5679.78 2.09 4.20 9.24 9.08

Kotak Equity Arbitrage Fund 2.39 4.51 4.33 32.67 8.58 0.81 46.71 1905.64 2.13 4.51 9.75 9.15

Reliance Arbitrage Advantage Fund 2.14 0.13 11.01 32.15 13.94 0.00 40.63 604.80 1.86 3.74 7.80 9.26

Religare Invesco Arbitrage Fund 0.00 0.00 0.02 16.78 0.07 0.01 83.12 690.75 2.01 4.18 8.53 8.39

SBI Arbitrage Opportunities Fund 0.00 0.00 5.65 33.00 12.16 0.00 49.19 287.79 2.16 4.31 9.16 8.89

UTI SPrEAD Fund 0.52 0.00 11.55 22.77 10.77 5.55 48.84 22.85 1.95 3.93 8.63 8.25

Birla Sun Life Dynamic Bond Retail 11.33 3.50 82.99 0.00 0.13 2.05 8581.11 0.00 1.05 2.45 12.77 8.22 10.53 10.56

Birla Sun Life Income Plus 11.67 0.00 81.01 5.10 0.00 2.22 3280.60 0.00 1.50 6.68 16.75 9.34 11.88 9.28

Birla Sun Life Medium Term Plan 20.62 4.04 0.00 53.15 15.68 6.51 3333.59 0.00 1.32 13.11 10.87 8.72 10.80 11.60

BNP Paribas Flexi Debt Reg Plan A 8.14 5.83 70.99 0.00 2.06 12.98 241.31 8.26 1.85 3.55 9.33 7.65 9.24 8.71

DSP BlackRock Bond - Retail Plan 17.59 0.00 46.13 12.20 7.32 16.76 205.18 7.28 2.10 9.95 12.39 8.61 10.62 8.89

DWS Premier Bond - Premium Plus 71.59 0.00 0.00 0.00 12.96 15.45 691.87 2.40 1.02 11.63 11.92 8.74 10.04 10.72

Franklin India Income Opportunities 15.99 0.00 0.00 58.18 21.32 4.51 4086.83 3.06 1.66 11.66 12.10 9.33 10.60 11.27

HDFC High Interest Fund - Dynamic 17.76 0.00 76.91 1.83 0.00 3.50 819.82 13.28 1.55 8.72 16.34 9.21 12.28 10.89

HDFC Income Fund 28.29 0.00 59.45 8.78 0.00 3.48 2123.04 12.86 1.87 11.00 17.07 8.57 12.36 10.75

HSBC Income Fund - Investment 13.82 9.47 71.46 0.00 0.00 5.25 98.18 9.98 1.85 5.27 12.85 7.31 10.12 8.59

ICICI Prudential Income Opp. Reg 14.09 0.00 73.89 9.55 0.00 2.47 2478.90 14.58 1.81 14.61 19.01 9.00 13.97 11.63

IDFC SSI Inv Plan C 10.41 0.00 61.99 0.04 0.00 27.56 1591.48 10.01 1.90 5.90 13.51 8.95 9.44 8.25

IDFC SSI Medium-term Reg 45.86 1.55 5.69 0.00 25.52 21.38 1741.83 2.61 1.20 9.71 10.87 8.29 9.07 8.77

ING Income Fund 0.00 26.46 56.80 0.00 -0.01 16.75 7.77 6.27 1.95 9.00 10.95 7.35 9.80 9.66

Kotak Bond - Deposit Plan 6.14 0.00 75.44 15.61 0.72 2.09 3080.46 12.69 1.79 9.27 15.25 7.46 12.38 9.79

Kotak Bond - Plan A 6.14 0.00 75.44 15.61 0.72 2.09 3080.46 12.69 1.79 9.27 15.23 7.51 12.41 9.83

LIC Nomura MF Bond Fund 51.36 1.74 18.17 0.46 9.02 19.25 109.57 5.40 2.35 6.03 10.18 6.38 8.95 9.20

Pramerica Dynamic Bond Fund 21.62 0.00 59.11 0.00 0.00 19.27 26.60 6.23 1.25 8.31 16.98 9.04 8.79 6.26

Principal Income Fund - Long 27.38 3.40 59.94 3.44 0.00 5.84 72.22 7.01 1.73 10.58 12.98 8.66 9.73 8.52

Reliance Income Fund 12.16 1.34 72.58 1.38 0.00 12.54 1782.90 14.15 1.81 5.63 15.31 7.96 10.28 8.71

Reliance Regular Savings Debt 11.83 0.00 0.00 43.89 33.10 11.18 4763.78 1.89 1.85 10.80 11.08 8.89 10.23 10.32

SBI Magnum Income Fund 8.07 5.28 57.44 8.73 3.83 16.65 2597.82 7.55 1.81 8.77 11.63 6.83 8.45 7.33

Sundaram Bond Saver Reg 27.47 0.00 63.07 7.34 -0.01 2.13 202.69 8.25 2.21 9.09 11.15 7.22 10.07 8.59

Tata Income Fund - Plan A 32.99 0.29 44.69 0.00 9.04 12.99 330.10 6.65 1.75 7.57 11.74 7.75 10.02 9.14

Tata Income Plus Fund - Plan A 32.99 0.29 44.69 0.00 9.04 12.99 330.10 6.65 1.75 7.57 11.74 7.75 10.02 9.14

UTI Bond Fund 10.36 0.00 55.41 3.55 1.72 28.96 1912.81 5.40 1.86 9.79 10.54 6.77 12.47 9.10

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October 2014


9

Hybrid: Debt-oriented Conservativeas on

Aug 2014Return(%)

Return(%)

Return(%)

Debt: Short-termas on

Aug 2014

AAA P1+ Sov. A & AA Others Cash Equity Equiry Avg. Exp. Simple Annualized CA*

AA- Range (Cr.) Maturity 1M 3M 6M 1Y

Corpus


Hybrid: Debt-oriented Aggressiveas on

Aug 2014

Software OIL Auto Banks Pharma FMCG Others Simple Annualized CA*

& Gas (Cr.) 3M 6M 1Y 3Y

Corpus

Birla Sun Life MIP II - Savings 5 23.63 0.00 58.81 4.50 0.01 3.11 9.94 0.00-11.19 223.96 0.00 1.30 13.66 11.14 16.64 15.27

Birla Sun Life Monthly Income - Reg 18.18 0.00 58.02 3.96 0.38 4.53 14.93 0.00-16.03 254.43 0.00 2.42 14.93 11.64 16.76 15.68

DWS Income Advantage Fund - Reg 53.19 0.00 0.00 24.46 14.89 5.61 1.85 1.06-9.22 47.31 0.90 2.63 2.07 7.97 11.53 10.86

DWS Twin Advantage Fund 28.76 7.16 0.00 26.96 7.52 11.38 18.22 2.91-19.84 7.99 2.78 2.77 20.92 11.89 12.56 11.60

Franklin India MIP - Growth 15.05 0.00 40.22 20.29 0.00 3.13 21.31 0.00-26.56 330.87 13.90 2.24 19.88 15.68 22.66 19.68

HDFC MIP - LTP - Growth 23.52 2.77 30.70 12.81 1.88 3.75 24.57 0.00-24.57 3569.86 9.21 1.93 3.18 7.28 25.75 25.68

HDFC MIP - STP - Growth 35.32 0.00 13.95 19.95 0.00 10.65 20.13 14.41-23.78 211.64 3.62 2.78 5.99 4.28 20.77 19.75

HDFC Multiple Yield Fund 38.52 31.33 0.00 0.00 0.01 6.55 23.59 0.00-25.30 77.90 0.25 1.92 -6.35 1.61 17.40 17.72

HSBC Monthly Income Plan - Reg 17.23 5.31 51.44 0.00 2.23 9.03 14.76 11.90-15.12 89.89 7.72 2.35 9.81 8.05 14.26 14.56

ICICI Prudential MIP 25 - Growth 13.25 0.00 40.75 11.20 4.61 8.48 21.71 0.00-25.22 650.32 5.00 2.44 14.78 14.68 22.95 21.31

ICICI Prudential MIP - Regular 10.38 0.00 39.10 21.51 11.71 2.40 14.90 0.00-15.31 341.47 6.56 2.41 21.72 14.86 21.93 19.22

Kotak Monthly Income Plan 12.62 0.00 20.70 7.25 16.94 22.61 19.88 0.00-19.96 119.63 4.22 2.41 16.37 14.25 20.28 19.24

L&T Monthly Income Plan 23.32 0.00 41.09 0.00 0.01 16.75 18.83 0.00-19.94 43.17 7.77 2.25 12.80 11.80 17.90 14.27

LIC Nomura MF Monthly Income Plan 44.37 12.21 0.00 0.00 13.58 9.86 19.98 11.06-19.98 74.11 1.34 2.20 3.62 11.43 11.54 11.02

Peerless Income Plus Fund 11.72 16.23 0.00 50.54 -0.01 2.88 18.64 0.00-19.37 84.97 2.05 2.91 4.96 10.29 14.36 12.38

Principal Debt Savings Fund - MIP 22.50 35.74 21.55 0.00 15.80 4.41 0.00 2.04-13.61 23.61 1.90 1.25 9.40 8.59 8.40 9.25

Reliance Monthly Income Plan 26.28 0.00 28.40 17.74 4.89 2.75 19.94 0.00-20.17 2219.23 8.13 1.95 20.22 14.53 23.00 20.82

SBI Magnum Monthly Income Plan 23.84 0.00 33.45 0.00 13.22 12.96 16.53 0.00-24.34 227.82 5.10 2.31 9.03 13.45 16.91 14.56

SBI Magnum Monthly Income - Floater 0.00 81.13 0.00 0.00 0.00 5.61 13.26 0.00-15.83 13.86 0.46 2.45 26.61 18.96 22.58 16.70

Sundaram MIP - Moderate Plan 27.09 18.90 18.89 0.00 14.19 1.00 19.93 3.45-20.02 28.33 2.65 2.00 0.00 6.75 7.19 7.58

Tata MIP Plus Fund - Plan A 23.09 0.67 47.25 5.26 -0.02 3.73 20.02 0.00-20.12 94.65 6.48 2.30 18.25 12.14 20.15 16.42

UTI Monthly Income Scheme 36.34 0.00 22.33 12.81 10.37 2.56 15.59 0.00-15.59 284.44 5.26 2.22 11.88 11.98 17.05 15.76

Birla Sun Life Asset Allocation Moderate 7.85 0.00 0.00 8.89 0.00 0.00 83.26 4.22 2.95 15.84 29.83 12.19

Franklin India Life Stage Fund of Funds 30s 6.08 5.58 3.03 18.47 3.92 0.82 62.10 12.72 4.81 16.37 31.19 13.86

ICICI Prudential Advisor Series - Moderate 3.90 4.10 2.26 7.27 1.33 2.43 78.71 5.11 1.07 13.03 27.48 12.42

Tata Young Citizens Fund - Plan A 8.20 1.35 5.17 15.51 2.63 6.13 61.01 195.79 7.01 18.71 28.04 13.68

UTI CRTS 81 Fund 4.20 1.66 3.10 6.78 2.55 3.08 78.63 354.55 4.01 14.95 23.23 14.28

UTI Retirement Benefit Pension 5.37 2.28 4.89 8.17 3.71 2.89 72.69 1238.63 4.45 16.62 26.16 11.47

Axis Short Term Fund - Retail Plan 64.22 8.49 12.70 11.14 1.68 1.77 774.72 1.77 1.05 8.65 9.81 8.12 8.88 9.61

Canara Robeco Short Term Regular 34.01 53.33 2.42 0.00 2.56 7.68 195.93 1.52 1.06 9.44 10.27 7.95 8.77 9.14

DSP BlackRock Short Term Fund 27.83 13.46 0.00 21.86 18.25 18.60 864.31 1.98 1.10 11.20 10.99 8.52 9.56 9.98

DWS Short Maturity Premium Plus 17.20 38.99 8.20 11.93 11.48 12.20 1826.18 2.09 1.19 9.91 9.84 7.69 9.22 9.62

Franklin India ST Income Plan - Retail 12.52 0.10 1.10 57.03 19.18 10.07 9516.05 2.51 1.54 11.78 12.36 9.68 10.52 11.11

HDFC Short term Fund 24.43 14.67 1.43 32.53 14.06 12.88 1986.44 1.85 1.00 11.18 11.20 9.26 10.09 10.62

HSBC Income Fund - Short Term Plan 59.75 28.08 3.29 0.22 5.60 3.06 892.68 1.94 1.25 9.93 10.08 7.83 8.85 9.34

ICICI Prudential Short Term Fund - Reg 26.90 0.00 22.13 27.30 16.18 7.49 2806.69 2.71 0.85 11.46 12.56 8.51 10.83 10.57

DFC Super Saver Income Fund - ST D 67.95 16.24 0.00 1.82 9.25 4.74 2769.57 1.67 1.02 9.91 10.50 8.19 9.22 9.67

Kotak Bond - Short Term Plan 41.91 25.00 5.89 15.63 8.84 2.73 1443.93 2.47 1.25 9.75 10.39 8.36 9.30 9.65

Kotak Income Opportunities 13.48 15.16 0.00 53.93 4.66 12.77 932.50 2.33 1.60 11.37 10.70 9.10 10.42 10.63

Pramerica Credit Opportunities 10.74 2.84 0.00 76.05 1.93 8.44 259.11 2.56 1.25 14.27 10.39 8.49 9.86 10.43

Reliance Short Term Fund 43.30 3.49 18.75 7.26 21.21 5.99 3732.17 2.70 1.01 9.11 10.39 8.04 9.76 10.13

SBI Short Horizon Debt ST Ret 52.05 15.37 1.05 7.40 6.00 18.13 2332.22 1.92 1.10 9.84 9.96 7.67 9.15 9.39

UTI Short Term Income Fund - Reg 25.50 2.81 5.49 6.00 11.00 49.20 3516.97 1.19 1.13 11.44 9.24 8.13 10.10 9.97

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October 2014




Corpus

10


Debt: Ultra Short-term

Debt: Liquid

as onAug 2014

Return %



Corpus


Axis Treasury Advantage Fund - Retail Plan 4.08 78.95 16.48 0.00 0.00 0.49 1226.35 0.17 1.55 7.80 7.62 7.33 7.53 8.32

Baroda Pioneer Treasury Advantage Reg 1.71 77.96 16.30 2.85 1.42 -0.24 946.06 0.30 1.60 10.13 8.63 7.74 8.28 9.28

Birla Sun Life Cash Manager 18.01 45.53 1.56 16.24 6.42 12.24 5927.74 0.00 0.98 9.23 8.24 8.17 8.62 9.24

Birla Sun Life Treasury Optimizer Plan 68.55 5.90 14.97 5.07 4.10 1.41 1473.50 0.00 0.57 10.92 12.21 8.83 10.85 11.03

Birla Sun Life Savings Fund - Retail Plan 22.71 51.39 2.06 5.23 6.60 12.01 7586.58 0.00 0.12 9.88 9.00 8.85 9.14 9.75

BNP Paribas Money Plus Fund 9.47 42.54 11.33 11.37 -0.01 25.30 264.16 0.32 0.85 9.24 8.30 7.75 8.02 8.61

DSP BlackRock Money Manager Reg Plan 7.86 71.47 0.68 2.36 1.64 15.99 2861.23 0.26 0.90 9.55 8.66 8.11 8.42 9.05

DWS Treasury Investment Fund 0.00 97.65 0.00 0.00 0.00 2.35 1344.34 0.54 0.52 10.08 8.79 8.13 8.63 9.52

Franklin India Low Duration Fund 6.27 16.68 0.00 40.83 28.46 7.76 2401.60 0.81 0.73 9.92 9.82 9.46 9.78 10.20

Franklin India Ultra Short Bond Plan 4.51 35.12 8.87 24.11 24.99 2.40 5563.41 0.57 0.86 9.50 9.06 8.62 8.98 9.62

ICICI Prudential Flexible Income Reg 9.41 57.39 7.24 5.33 4.04 16.59 10769.47 0.35 1.13 9.22 8.39 7.78 8.19 8.74

ICICI Prudential Savings Reg 16.73 27.48 22.21 14.14 2.22 17.22 2233.45 0.48 1.27 10.16 8.74 7.91 8.48 8.77

ICICI Prudential Ultra ST Plan - Regular 41.13 44.41 0.00 10.26 1.50 2.70 1706.20 0.80 1.02 9.69 9.15 7.64 8.64 9.22

IDBI Ultra Short Term Fund 3.28 88.12 0.00 2.18 0.01 6.41 457.85 0.19 1.00 8.81 8.37 7.78 8.22 8.99

IDFC Money Manager Inv. Plan - Plan A 8.17 91.47 0.00 0.00 0.00 0.36 2017.72 0.54 0.45 9.82 8.75 8.17 8.71 9.51

Indiabulls Ultra Short Term Fund 0.00 90.35 0.00 0.00 2.26 7.39 154.57 0.13 0.62 10.70 9.57 8.82 9.13 9.46

JP Morgan India Treasury Retail 4.45 71.27 0.00 4.06 1.30 18.92 1973.23 0.31 1.09 8.79 8.29 8.06 8.51 9.25

Kotak Flexi Debt - Regular Plan 12.20 17.94 24.15 25.18 5.82 14.71 431.91 2.04 1.50 10.19 8.89 9.33 8.63 9.23

Kotak Floater Long Term 7.88 48.70 5.31 11.66 19.29 7.16 2322.25 0.47 0.40 10.37 9.32 8.81 9.11 9.65

L&T Floating Rate Fund 14.80 46.74 0.00 0.00 -0.01 38.47 380.11 0.47 0.80 6.59 7.35 7.52 8.26 8.74

L&T Ultra Short Term Fund - Regular Plan 11.46 57.66 0.00 17.74 12.44 0.70 1310.13 0.45 0.50 9.35 8.56 7.97 8.18 8.86

Religare Invesco Credit Opportunities 6.59 31.19 0.00 47.54 6.57 8.11 75.79 0.56 1.10 7.91 9.53 9.08 9.63 10.15

Pramerica Short Term Floating Rate 4.37 82.95 0.00 0.00 0.00 12.68 34.33 0.16 0.90 8.77 8.51 8.51 8.73 9.31

Reliance Medium Term Fund 24.65 59.43 0.00 5.00 3.48 7.44 2001.78 0.55 0.73 9.56 8.78 8.15 8.67 9.33

Reliance Money Manager - Retail Plan 5.58 57.86 5.13 0.92 11.34 19.17 10120.22 0.19 0.96 9.22 8.46 8.06 8.45 9.07

Sundaram Ultra Short Term - Retail Plan 10.03 57.57 2.56 2.36 1.40 26.08 1420.24 0.49 1.99 8.53 7.81 7.29 7.68 8.31

Tata Floater Fund - Plan A 1.59 71.62 3.64 1.74 2.77 18.64 2876.48 0.24 0.35 9.87 8.97 8.47 8.85 9.52

Taurus Short Term Income Fund 0.00 98.05 0.14 0.00 -0.01 1.82 182.52 0.06 0.50 9.38 9.28 9.31 9.62 9.99

Taurus Ultra ST Bond Fund - Retail Plan 0.00 98.00 0.69 0.00 0.00 1.31 57.92 0.05 1.05 8.92 8.25 8.19 8.32 8.90

Union KBC Ultra Short Term Debt Fund 0.00 94.57 0.00 0.00 0.00 5.43 236.59 0.07 0.08 10.92 9.19 9.20 9.30 9.58

UTI Floating Rate ST Fund - Regular 2.37 39.42 0.00 0.00 0.59 57.62 4226.60 0.17 0.39 9.21 8.39 8.08 8.51 9.01

UTI Treasury Advantage 3.75 47.65 3.48 0.46 2.37 42.29 5394.67 0.18 0.45 10.31 8.76 8.14 8.51 9.04

Axis Liquid Fund - Retail Plan 0.00 78.49 8.42 0.00 0.00 13.09 7434.01 0.08 0.81 8.40 8.17 8.11 8.36 8.79

Birla Sun Life Cash Plus 5.44 57.43 4.30 2.28 1.74 28.81 20661.71 0.00 0.33 9.00 8.69 8.61 8.87 9.11

DSP BlackRock Liquidity Fund - Regular 0.00 71.88 17.16 1.61 0.00 9.35 7751.34 0.05 0.25 8.61 8.46 8.45 8.72 9.07

DWS Insta Cash Plus Reg 0.00 69.04 1.28 0.32 0.01 29.35 6164.56 0.08 0.19 8.90 8.68 8.63 8.85 9.28

Franklin India Treasury MA - Regular Plan 2.18 79.10 3.55 12.78 0.00 2.39 4345.83 0.10 0.86 8.40 8.15 8.00 8.21 8.77

HDFC Cash Management - Savings Plan 1.59 67.16 16.53 0.00 0.00 14.72 6285.12 0.08 0.15 8.61 8.61 8.53 8.82 9.31

HDFC Liquid Fund 2.73 63.73 13.12 0.00 0.00 20.42 16645.01 0.09 0.15 8.71 8.64 8.57 8.83 9.36

ICICI Prudential Liquid Plan Reg 1.06 66.20 26.40 0.00 0.01 6.33 25833.69 0.10 1.10 7.85 7.71 7.66 7.97 8.37

ICICI Prudential Money Market Fund Reg 0.00 81.27 12.71 0.00 0.00 6.02 6511.04 0.10 0.95 8.09 7.91 7.85 8.10 8.23

IDFC Cash Fund - Regular Plan 1.45 68.57 15.08 0.65 2.11 12.14 9914.14 0.10 0.80 8.46 8.16 8.24 8.44 8.82

JP Morgan India Liquid Retail 0.00 84.53 0.00 0.00 0.00 15.47 7467.87 0.05 0.54 8.68 8.46 8.41 8.64 9.10

Kotak Liquid - Regular Plan 0.00 82.47 12.75 0.00 0.00 4.78 7036.05 0.10 0.25 8.04 7.77 7.73 7.93 8.41

Pramerica Liquid Fund 2.29 83.15 1.61 0.00 1.75 11.20 1026.36 0.08 0.15 9.11 8.73 8.67 8.91 9.32

Reliance Liquidity Fund 2.35 74.63 4.48 0.00 -0.01 18.55 6608.68 0.08 0.15 8.91 8.67 8.60 8.86 9.33

Religare Invesco Liquid Fund 0.00 92.45 0.08 0.00 0.00 7.47 6480.00 0.07 1.45 7.46 7.38 7.34 7.60 8.00

Tata Liquid Fund - Retail Investment Plan 0.00 55.84 30.65 0.00 -0.01 13.52 3274.60 0.07 1.00 7.97 7.87 7.96 8.35 8.67

Taurus Liquid 0.00 98.33 0.12 0.00 0.00 1.55 3652.38 0.05 1.12 8.21 7.94 7.91 8.18 8.62

UTI Liquid Cash Fund - Regular Plan 1.13 75.46 2.58 0.00 0.01 20.82 18518.24 0.08 0.08 8.42 8.06 7.97 8.21 8.65

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October 2014


Sov. Others Cash Corpus Avt. Expense Simple Annualized CA*

(Cr.) Maturity 7D 1M 3M 6M 1Y


11

Debt Gilt: Short-term

Debt Gilt: Medium & Long-termas on

Aug 2014Return(%)

Portfolio as on Aug 31, 2014 & Return as on 01th Oct 2014 *CA : Compound Annualized

Axis Constant Maturity 10 Year 89.52 0.00 10.48 52.63 9.87 0.65 5.84 13.36 9.56 11.18 8.53

Baroda Pioneer Gilt Fund 97.44 0.00 2.56 46.66 10.42 2.50 8.46 10.86 8.17 10.83 8.78

Birla Sun Life GSF - Long Term Plan 96.62 0.00 3.38 345.98 0.00 1.39 6.36 16.32 9.64 11.71 9.96

Birla Sun Life Gilt Plus - PF Plan 95.73 0.00 4.27 58.91 0.00 0.49 9.19 13.52 7.35 8.47 6.25

Canara Robeco Gilt PGS 95.42 0.00 4.58 32.07 13.52 1.70 5.38 13.87 9.04 11.66 9.37

DSP BlackRock GSF Fund 96.39 0.00 3.61 419.27 10.19 1.35 2.01 11.70 7.79 10.39 7.38

DWS Gilt Fund - Regular Plan 95.95 0.00 4.05 512.54 8.37 0.79 11.88 12.08 8.83 12.75 10.26

Edelweiss Gilt Fund 68.11 0.00 31.89 0.30 6.29 1.21 10.19 8.69 8.13 7.91 4.35

Franklin India GSF - Composite Plan 95.28 0.00 4.72 87.43 21.70 1.74 1.19 16.07 7.41 15.03 12.65

Franklin India GSF - Long Term Plan 95.52 0.00 4.48 135.05 20.60 1.71 2.22 15.96 7.76 15.12 12.54

HDFC Gilt Fund - Long Term Plan 94.24 0.00 5.76 326.67 19.82 0.81 2.78 18.15 10.56 13.29 11.86

ICICI Prudential Long Term Gilt Reg 96.84 0.00 3.16 595.19 15.05 1.25 5.15 17.49 9.68 13.70 10.97

IDFC GSF Investment Plan A 64.35 0.00 35.65 471.01 10.63 1.37 6.76 14.38 9.35 10.26 8.88

IDFC GSF Investment Reg 64.35 0.00 35.65 471.01 10.63 1.37 6.76 14.38 9.35 10.26 8.88

IDFC GSF PF Regular 66.98 0.00 33.02 56.65 10.81 1.37 6.58 14.55 9.78 10.84 9.42

ING Gilt Fund - PF Dynamic Plan 95.90 0.00 4.10 4.56 11.37 1.50 11.53 14.92 9.35 10.17 9.78

JM G-Sec Fund 79.12 0.00 20.88 11.23 18.06 2.65 -3.65 11.55 7.96 7.68 6.12

Kotak Gilt Investment - Regular Plan 94.95 0.00 5.05 384.30 13.95 2.23 6.57 13.63 8.75 14.38 10.78

Kotak Gilt Investment PF and Trust Plan 94.95 0.00 5.05 384.30 13.95 2.23 6.30 13.88 8.73 14.40 10.85

L&T Gilt Fund - Investment Plan 95.02 0.00 4.98 71.15 13.56 1.50 7.61 15.33 9.71 12.05 10.39

LIC Nomura MF Govt Sec 83.80 0.00 16.20 41.29 11.74 2.35 8.72 15.29 8.36 9.78 8.23

Motilal Oswal MOSt 10 Year Gilt 68.20 0.00 31.80 36.27 8.22 0.99 8.18 11.85 10.05 9.22 5.78

Principal Government Securities Fund 94.84 0.00 5.16 50.38 11.24 1.50 9.56 14.55 10.60 11.17 8.66

Reliance Gilt Securities Fund 92.73 0.00 7.27 334.65 13.18 1.65 2.55 15.29 9.97 13.44 11.36

Religare Invesco Gilt Fund - Longer Duration Plan 60.26 0.00 39.74 32.70 6.06 2.16 15.42 14.42 7.48 10.31 9.77

SBI Magnum Gilt Fund - Long Term Plan 73.10 0.00 26.90 175.16 7.98 1.25 13.13 14.93 11.58 14.68 11.45

Tata Gilt Securities Fund - High Investment Plan 91.26 0.00 8.74 72.20 11.10 1.60 8.74 15.13 9.91 13.83 11.77

Tata Gilt Mid Term Fund - Plan A 94.74 0.00 5.26 46.43 10.02 1.10 12.28 13.60 9.84 12.71 10.94

Tata Gilt Retirement Plan (28-02-25) 91.26 0.00 8.74 72.20 11.10 1.60 8.75 15.13 9.90 13.90 11.81

Tata Gilt Securities Fund - Plan A 91.26 0.00 8.74 72.20 11.10 1.95 8.39 14.78 9.51 13.43 11.43

Taurus Gilt Fund 0.00 0.00 100.00 0.07 0.00 1.52 0.00 0.00 0.00 0.00 0.00

UTI Gilt Advantage LT 70.11 0.00 29.89 170.84 6.27 1.62 13.88 10.38 9.93 15.03 9.05

UTI Gilt Advantage LT - Provident Fund 70.11 0.00 29.89 170.84 6.27 1.62 13.90 10.39 9.94 15.03 9.05

Birla Sun Life Gilt Plus - Liquid Plan 82.65 0.00 17.35 18.05 0.00 0.49 7.13 7.58 7.85 7.98 8.44

Birla Sun Life GSF Short-term 0.00 0.00 100.00 0.78 0.00 0.40 7.09 7.09 7.60 7.83 7.96

Canara Robeco Gilt Advantage Reg 0.00 0.00 100.00 1.24 0.01 1.09 6.60 6.80 7.15 7.42 7.60

DSP BlackRock Treasury Bill Fund 96.30 0.00 3.70 128.37 0.58 0.60 8.47 8.04 7.83 7.90 8.36

HDFC Gilt Fund - Short Term Plan 80.44 0.00 19.56 6.84 2.91 0.52 6.53 10.10 8.00 9.13 9.18

ICICI Prudential Short Term Gilt Reg 76.52 0.00 23.48 131.74 2.63 0.50 5.32 12.77 8.06 10.56 10.34

ICICI Prudential Gilt Treasury PF Reg 98.72 0.00 1.28 96.81 0.41 0.61 16.40 14.93 6.87 4.83 4.61

Religare Invesco Gilt Fund - Short Duration Plan 0.00 0.00 100.00 14.05 0.00 0.55 7.89 8.37 8.12 8.20 8.56

SBI Magnum Gilt Fund - Short Term Plan 86.90 0.00 13.10 72.43 2.25 0.90 12.56 9.98 8.86 10.35 9.94

Sundaram Gilt Fund - Regular Plan 97.64 0.00 2.36 31.78 8.99 1.32 10.03 8.52 8.26 8.48 10.34

Tata Gilt Short Maturity Fund - Plan A 78.15 0.00 21.85 34.19 1.86 1.60 5.60 7.98 7.82 9.57 9.57

UTI G-Sec Fund - Short Term Plan 83.00 0.00 17.00 17.75 1.78 0.50 13.07 9.85 8.43 8.28 8.48

October 2014

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Risk Factors/Disclaimers: Mutual Funds and Securities Investments are subject tomarket risks and their NAVs / prices can fluctuate on factors affecting capital/debtmarkets. Past performance is not an indicator of future performance of theInvestments. Efforts have been made to ensure that the information provided areaccurate, complete and up-to date, irrespective please read the offer document of therespective schemes before investing. SPA Group is not liable for any inaccurate orincomplete information. SPA Group also takes no responsibility for any gain/ loss onany investment made pursuant to the above letter.

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October 2014

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