mutual fund recommendation – q4 2015 - quant capital. mutual funds research | our philosophy 3 2....

1 Friday, November 6, 2015

Mutual Fund Recommendation – Q4 2015

Amit Jain + 91 22 4088 0191

2

Table of Contents

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

Birla SL Frontline Equity Fund 5 Reliance Focused Large Cap Fund 7 SBI Bluechip Fund 9 BNP Paribas Equity Fund 11 NAV Movement | Large Cap Portfolio 13

Mid Cap Funds BNP Paribas Mid Cap Fund 14 Franklin India Prima Fund 16 SBI Small and Midcap Fund 18 Kotak Emerging Equity Fund 20 NAV Movement | Mid Cap Portfolio 22

Multi Cap Funds UTI Equity Fund 23 Kotak Select Focus Fund 25 L&T Value Fund 27 DSP BR Focus 25 Fund 29

NAV Movement | Multi Cap Portfolio 31 Hybrid Funds – Equity

ICICI Prudential Balanced Advantage Fund 32 SBI Magnum Balanced Fund 34

Tax Saving Funds Axis Long Term Equity Fund 36 BNP Paribas LT Equity Fund 38

Thematic Funds UTI MNC Fund 40

3. Mutual Funds Research | Our Process | Debt Funds 41 Long Term Funds

ICICI Prudential Income Fund 42 HDFC High Interest Fund-Dynamic Plan 43

Medium Term Funds Birla SL Medium Term Fund 44 Kotak Medium Term Fund 45

Short Term Fund Franklin India Short Term Income Plan 46 HDFC Short Term Plan 47

Ultra Short Term Funds Franklin India Ultra Short Bond Fund 48 DWS Cash Opportunities Fund 49

4. External Rating Comparison 50 5. Factor’s Description 51

3

Mutual Funds Research | Our Philosophy

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

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

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

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

Qualitative factors act in defining a broader framework and helps us to keep a check on how is the portfolio being managed vis-à-vis the stated portfolio’s stated objective and strategy

4

Mutual Funds Research | Our Process | Equity Funds

Due diligence on AMCs

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

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

Scheme filtering criteria’s

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

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

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

Risk – adjusted return analysis for equity & hybrid funds

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

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

5

Birla SL Frontline Equity Fund– Large Cap Fund

NAV Growth Plan – Rs. 158.57 Dividend Plan – Rs. 27.54

Inception Date August 30, 2002

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

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

Expense Ratio 1.75

Fund Manager Mr. Mahesh Patil

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

Parameter Value

Information Ratio 2.03

Slope (Beta) 1.23

R-Squared 0.99

Standard Deviation (%) 16.10

Treynor Ratio 14.85

Sharpe Ratio 1.13

Jensen's Alpha (%) 5.89

Period Return CNX Nifty Relative Return

1 Yr 9.10 -0.20 9.29

2 Yr 27.92 17.73 10.20

3 Yr 19.78 11.68 8.10

5 Yr 11.13 5.68 5.46

Since Inception 23.50 17.06 6.44

This is the sort of fund whose stated strategy could be called index with a garnish. The fund house has chosen to define the strategy as a variation on the BSE 200 benchmark. It says that the fund would aim for the same sector weights as the index and try to get all the advantage by having a different stock selection within those sectors. The fund manager’s objective is to beat the benchmark incrementally and consistently taking measured individual stock bets in the portfolio

Investment Style

Growth Blend Value

Large M

arket Cap

Medium

Small

Top 3 Sector 43.62%

Top 5 Sector 51.90%

Top 10 Holdings 38.98%

Trend of QFSI over last 3 years

AUM (Crs.) 9792

A++ Market Cap Amount(Cr.) % Holding

Large Cap 9033 92

Mid Cap 128 1

Others 631 6

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Data as of 30th September 2015

6

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

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

Birla SL Frontline Equity Fund– Large Cap Fund

Company Sector %age

HDFC Bank Ltd. Bank - Private 6.46

Infosys Ltd. IT - Software 6.16

ICICI Bank Ltd. Bank - Private 4.29

ITC Ltd. Cigarettes/Tobacco 3.38

Reliance Industries Ltd. Refineries 3.37

Larsen & Toubro Ltd. Engineering - Construction 3.34

IndusInd Bank Ltd. Bank - Private 3.14

Axis Bank Ltd. Bank - Private 3.05

Tech Mahindra Ltd. IT - Software 2.90

HCL Technologies Ltd. IT - Software 2.89

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Dec-14 Mar-15 Jun-15 Sep-15

Cash & Cash Equivalent

Other Sector

Finance - Housing

Automobiles-Trucks/Lcv

Finance - NBFC

Cigarettes/Tobacco

Engineering - Construction

Automobiles - Passenger Cars

Refineries

Pharmaceuticals & Drugs

IT - Software

Bank - Private


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Fund Return Bechmark Return Category Average

7

Reliance Focused Large Cap Fund – Large Cap Fund

NAV Growth Plan – Rs. 23.57 Dividend Plan – Rs.19.82

Inception Date 28-Mar-2006

Benchmark CNX Nifty Index (quant /fund)


Expense Ratio 1.75

Fund Manager Mr. Omprakash Kuckian

Investment Objective

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

Parameter Value


Slope (Beta) 1.14

R-Squared 0.97


Treynor Ratio 14.36

Sharpe Ratio 1.07



1 Yr 12.53 -0.20 12.73

2 Yr 28.60 17.73 10.88

3 Yr 18.10 11.68 6.42

5 Yr 8.55 5.68 2.87

Since Inception 9.43 9.59 -0.16

An open-ended large-cap equity fund that take concentrated bets in high conviction stocks. At least 75% of the portfolio is invested in the top 100 companies by market capitalization. The fund may take a tactical allocation to niche businesses (beyond the top 100 companies) which are market leaders in their respective segments. The key investment parameters of the fund is companies with sustainable business models, proven track record and growth at reasonable price. The fund manager always give emphasis on alpha generation through sector rotation.

Investment Style

Growth Blend Value

Large M

arket Cap

Medium

Small

Top 3 Sector 34.36%

Top 5 Sector 49.13%


AUM (Crs.) 1076

A+


Market Cap Amount(Cr.) % Holding

Large Cap 1027 95

Others 49 5

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8



Reliance Focused Large Cap Fund – Large Cap Fund

Company Sector %age



Cummins India Ltd. Diesel Engines 6.11


Ultratech Cement Ltd. Cement & Construction Materials 4.97


Lupin Ltd. Pharmaceuticals & Drugs 4.73

State Bank Of India Bank - Public 4.41

Maruti Suzuki India Ltd. Automobiles - Passenger Cars 4.35

Divis Laboratories Ltd. Pharmaceuticals & Drugs 4.14

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Other Sector



Cement & Construction Materials

Refineries

Diesel Engines

Bank - Public

Electric Equipment

IT - Software

Bank - Private



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9

SBI Bluechip Fund – Large Cap Fund


Inception Date Jan 20, 2006

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

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

Expense Ratio 1.95

Fund Manager Mr. Sohini Andani


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

Parameter Value


Slope (Beta) 1.22

R-Squared 0.94


Treynor Ratio 16.20

Sharpe Ratio 1.17



1 Yr 12.52 -0.20 12.72

2 Yr 31.89 17.73 14.17

3 Yr 21.55 11.68 9.87

5 Yr 11.87 5.68 6.19


A large cap equity fund which invest in stocks of companies with market capitalization equal to or more than the least market capitalized stock of BSE 100 Index. These companies have large business presence, good reputation and are possibly market leaders in their industries. The fund comprises of a well diversified portfolio of predominantly large cap companies, with steady growth potential opportunity.

Investment Style

Growth Blend Value

Large M

arket Cap

Medium

Small

Top 3 Sector 37.73%

Top 5 Sector 51.95%



Large Cap 2388 88

Others 329 12

AUM (Crs.) 2717

A+


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10



SBI Bluechip Fund – Large Cap Fund

Company Sector %age





Sun Pharmaceutical Industries Ltd. Pharmaceuticals & Drugs 5.14

Tata Consultancy Services Ltd. IT - Software 4.19


Divis Laboratories Ltd. Pharmaceuticals & Drugs 2.28

Strides Arcolab Ltd. Pharmaceuticals & Drugs 2.11


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Other Sector

Bearings



Bank - Public

Finance - NBFC

Refineries


IT - Software


Bank - Private


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11

BNP Paribas Equity Fund – Large Cap Fund


Inception Date Sep 23, 2004

Benchmark CNX Nifty Index (quant / fund)


Expense Ratio 2.40

Fund Manager Mr. Shreyash Devalkar

Investment Objective The scheme aims to generate regular long term capital growth from a diversified and actively managed portfolio of equity and equity related securities

Parameter Value


Slope (Beta) 1.23

R-Squared 0.92


Treynor Ratio 15.03

Sharpe Ratio 1.07



1 Yr 10.88 -0.20 11.08

2 Yr 28.79 17.73 11.06

3 Yr 21.45 11.68 9.77

5 Yr 12.83 5.68 7.16


An open-ended large-cap equity fund that invests in leading companies across sectors to give the advantage of size to your portfolio. A systematic top down approach towards sector allocation based on overall macro economic factors and a detailed bottom up stock selection is done to arrive at the final portfolio. The Large Cap portion of the portfolio will seek to generate beta while the mid cap allocation would seek to generate alpha over the benchmark. The portfolio construct has allocation to off benchmark stocks to generate alpha. This scheme is ideal for first time equity investors and investors who are convinced about the value of investing in equities.

Investment Style

Growth Blend Value

Large M

arket Cap

Medium

Small

Top 3 Sector 48.90%

Top 5 Sector 63.57%


AUM (Crs.) 1044

A


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Large Cap 874 84 Mid Cap 101 10 Small Cap 11 1 Others 57 5


12



BNP Paribas Equity Fund – Large Cap Fund

Company Sector %age


Idea Cellular Ltd. Telecommunication - Service 7.16

Bharti Airtel Ltd. Telecommunication - Service 6.72


Kotak Mahindra Bank Ltd. Bank - Private 4.41







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Other Sector

Miscellaneous

Paints

Finance - NBFC


Household & Personal Products


IT - Software


Telecommunication - Service

Bank - Private

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13

NAV Movement | Large Cap Portfolio

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

Portfolio Outperformance vis-à-vis

category average

50

150

250

350

450

550

650 CNX Nifty Index Category Average Large Cap

14

BNP Paribas Mid Cap Fund – Mid Cap Fund


Inception Date 02-May-06

Benchmark CNX Midcap (quant / fund)


Expense Ratio 2.67


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

Parameter Value


Slope (Beta) 0.96

R-Squared 0.99


Treynor Ratio 30.06

Sharpe Ratio 1.15


Period Return CNX Midcap

Relative Return

1 Yr 22.20 13.72 8.48

2 Yr 46.02 36.22 9.81

3 Yr 30.83 18.28 12.56

5 Yr 19.15 7.21 11.94


Investment Style

Growth Blend Value

Large M

arket Cap

Medium

Small

Top 3 Sector 32.02%

Top 5 Sector 41.14%



Large Cap 243 59

Mid Cap 107 26

Small Cap 38 9

Others 24 6

AUM (Crs.) 412

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

A++


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15



BNP Paribas Mid Cap Fund – Mid Cap Fund

Company Sector %age


IndusInd Bank Ltd. Bank – Private 5.04


Wabco India Ltd. Auto Ancillary 3.17

The Federal Bank Ltd. Bank - Private 3.11

Just Dial Ltd. Miscellaneous 2.87

Welspun India Ltd. Textile 2.67

PVR Ltd. Film Production, Dist. & Enter. 2.50

VRL Logistics Ltd. Logistics 2.49

Bharat Electronics Ltd. Electronics - Components 2.42

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Auto Ancillary

Finance - NBFC

Logistics

Textile

Consumer Food




Bank - Private


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16

Franklin India Prima Fund – Mid Cap Fund


Inception Date 1-Dec-93

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


Expense Ratio 2.34

Fund Manager Mr. R. Janakiraman

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

Parameter Value


Slope (Beta) 1.04

R-Squared 0.99


Treynor Ratio 28.51

Sharpe Ratio 1.08



Relative Return

1 Yr 19.16 13.72 5.44

2 Yr 46.82 36.22 10.61

3 Yr 30.21 18.28 11.94

5 Yr 16.80 7.21 9.58

Since Inception 21.1 - -

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

Investment Style

Growth Blend Value

Large M

arket Cap

Medium

Small

Top 3 Sector 29.93%

Top 5 Sector 38.46%



Large Cap 2801 74

Mid Cap 645 17

Others 335 9

AUM (Crs.) 3781


A++


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Franklin India Prima Fund – Mid Cap Fund

Company Sector %age

Yes Bank Ltd. Bank - Private 4.34

Torrent Pharmaceuticals Ltd. Pharmaceuticals & Drugs 3.28

Amara Raja Batteries Ltd. Batteries 2.97



Repco Home Finance Ltd. Finance - Housing 2.54

Finolex Cables Ltd. Cable 2.54

Mindtree Ltd. IT - Software 2.54

FAG Bearings India Ltd. Bearings 2.44

Kansai Nerolac Paints Ltd. Paints 2.24


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Other Sector

Tyres & Allied

Cable

Pesticides & Agrochemicals


Batteries

Bearings

Finance - Housing

IT - Software


Bank - Private

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18

SBI Small and Midcap Fund – Mid Cap Fund


Inception Date 09-Sep-09

Benchmark CNX Midcap (quant) / S&P BSE Small-Cap (fund)

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

Expense Ratio 2.20

Fund Manager Mr. R. Srinivasan

Investment Objective To generate income and long term capital appreciation by investing in a diversified portfolio of predominantly in equity and equity related securities of small & midcap Companies

Parameter Value


Slope (Beta) 1.34

R-Squared 0.95


Treynor Ratio 26.69

Sharpe Ratio 0.97



Relative Return

1 Yr 29.69 13.72 15.97

2 Yr 60.68 36.22 24.46

3 Yr 37.26 18.28 18.98

5 Yr 20.26 7.21 13.05


Investment Style

Growth Blend Value

Large M

arket Cap

Medium

Small

Top 3 Sector 26.94%

Top 5 Sector 39.11%



Large Cap 126 21

Mid Cap 103 17

Small Cap 334 55

Others 50 8

AUM (Crs.) 613

SBI Small & Midcap Fund is an open ended equity scheme and primarily invests in Small and Midcap equity and equity related securities of the companies in the small and midcap segment. The portfolio will comprise of a maximum of 30 stocks.

A+



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SBI Small and Midcap Fund – Mid Cap Fund

Company Sector %age

MRF Ltd. Tyres & Allied 7.54

Relaxo Footwears Ltd. Leather 6.05

Atul Ltd. Chemicals 5.34

Solar Industries (India) Ltd. Chemicals 5.09

TV Today Network Ltd. TV Broadcasting & Software 4.93

Manpasand Beverages Ltd. Consumer Food 4.76

Nesco Ltd. Engineering - Industrial 3.86

Indian Terrain Fashions Ltd. Textile 3.79

Radico Khaitan Ltd. Breweries & Distilleries 3.79

Gabriel India Ltd. Auto Ancillary 3.75

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Other Sector

Breweries & Distilleries

Engineering - Industrial Equipments


Consumer Food

TV Broadcasting & Software Production

Leather

Auto Ancillary

Textile

Tyres & Allied

Chemicals

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20

Kotak Emerging Fund – Mid Cap Fund


Inception Date 30-Mar-07

Benchmark CNX Midcap (quant) / S&P BSE MidSmall-Cap (fund)

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

Expense Ratio 2.33

Fund Manager Mr. Pankaj Tibrewal

Investment Objective To generate long-term capital appreciation from a portfolio of equity and equity related securities by investing predominantly in mid and small cap companies..

Parameter Value


Slope (Beta) 1.41

R-Squared 0.98


Treynor Ratio 20.44

Sharpe Ratio 0.77



Relative Return

1 Yr 22.74 13.72 9.03

2 Yr 56.13 36.22 19.92

3 Yr 27.98 18.28 9.71

5 Yr 14.30 7.21 7.08


Investment Style

Growth Blend Value

Large M

arket Cap

Medium

Small

Top 3 Sector 25.62%

Top 5 Sector 37.87%



Large Cap 455 58

Mid Cap 182 23

Small Cap 122 15

Others 28 4

AUM (Crs.) 787 The fund invest in companies which are either at their nascent or developing stage and are under researched. Although relatively volatile in the short run, small and mid cap companies have the potential to deliver higher growth in the long term. The portfolio continues to be pro-cyclical and tilted towards economic recovery. As a result the fund continue to be Overweight on sectors such as cement, capital goods, auto ancillary and consumer discretionary. During the months the fund increased weightage to financials (mainly private sector banks) post the correction and also increased stock specific names in the infrastructure sector.

A



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Kotak Emerging Fund – Mid Cap Fund

Company Sector %age


Whirlpool Of India Ltd. Consumer Durables - Domestic 3.45

The Ramco Cements Ltd. Cement & Construction Materials 2.94

Persistent Systems Ltd. IT - Software 2.50

Solar Industries (India) Ltd. Chemicals 2.48

The Federal Bank Ltd. Bank - Private 2.45

Strides Arcolab Ltd. Pharmaceuticals & Drugs 2.38

Shriram City Union Finance Ltd. Finance - NBFC 2.36

V-Guard Industries Ltd. Electronics - Components 2.32

Hawkins Cookers Ltd. Consumer Durables - Domestic 2.19

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Other Sector

Plastic Products

IT - Software

Chemicals

Printing And Publishing


Finance - NBFC

Consumer Durables - Domestic



Bank - Private

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

Sep-

12

Dec-

12

Mar

-13

Jun-

13

Sep-

13

Dec-

13

Mar

-14

Jun-

14

Sep-

14

Dec-

14

Mar

-15

Jun-

15

Sep-

15


22

NAV Movement | Mid Cap Portfolio

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

Portfolio Outperformance vis-à-

vis category average

50

150

250

350

450

550

650

750

850

950

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

CNX Midcap Category Average Mid Cap

23

Investment Style Growth Blend Value

Large M

arket Cap

Medium

Small

UTI Equity Fund – Multi Cap Fund

Parameter Value


Slope (Beta) 1.13

R-Squared 0.99


Treynor Ratio 14.85

Sharpe Ratio 0.98


Period Return S&P BSE 200

Relative Return

1 Yr 9.05 3.08 5.97

2 Yr 28.75 21.20 7.55

3 Yr 18.93 13.23 5.70

5 Yr 11.99 5.78 6.21


UTI Equity Fund is positioned as a diversified equity fund. The Fund portfolio holds blend of large & mid cap diversified equity stocks. The portfolio comprise of leading stocks in the respective sectors. The fund provides tool for strategic allocation of the core equity portfolio of the investor. Large Caps would comprise around 65% of the portfolio.

Top 3 Sector 34.14%

Top 5 Sector 45.53%



Large Cap 3919 87

Mid Cap 169 4

Small Cap 41 1

Others 369 8

AUM (Crs.) 4499


Inception Date 18-May-92

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


Expense Ratio 2.51

Fund Manager Mr. Anoop Bhaskar

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


A+

0.00 0.50 1.00 1.50 2.00 2.50 3.00

Sep-

12

Dec

-12

Mar

-13

Jun-

13

Sep-

13

Dec

-13

Mar

-14

Jun-

14

Sep-

14

Dec

-14

Mar

-15

Jun-

15

Sep-

15


24



UTI Equity Fund – Multi Cap Fund

Company Sector %age






Shree Cement Ltd. Cement & Construction Materials 3.25






-3%

-2%

-1%

0%

1%

2%

3%

-10%

-5%

0%

5%

10%

15%

20%

25%

Sep-

12

Dec-

12

Mar

-13

Jun-

13

Sep-

13

Dec-

13

Mar

-14

Jun-

14

Sep-

14

Dec-

14

Mar

-15

Jun-

15

Sep-

15


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%



Other Sector


Auto Ancillary



Bank - Public


Refineries


IT - Software

Bank - Private

25


Large M

arket Cap

Medium

Small

Kotak Select Focus Fund – Multi Cap Fund

NAV Growth Plan – Rs. 22.91, Dividend Plan – Rs.19.52

Inception Date 11-Sep-09

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


Expense Ratio 2.03

Fund Manager Mr. Harsha Upadhyaya

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

Parameter Value


Slope (Beta) 1.30

R-Squared 0.96


Treynor Ratio 15.81

Sharpe Ratio 1.02



Relative Return

1 Yr 15.65 3.08 12.57

2 Yr 35.19 21.20 13.99

3 Yr 22.89 13.23 9.67

5 Yr 12.52 5.78 6.73


The scheme is an open ended fund which endeavors to identify sectors that are likely to do well over the medium term and takes focus exposures to the same. There is no restriction on type of sectors the scheme can take exposure to and the portfolio will be generally diversified at the stock level across market capitalization. The scheme is well positioned to capture various themes that are in flavor in a focused manner.

Top 3 Sector 34.57%

Top 5 Sector 44.19%


AUM (Crs.) 3515

A+



Large Cap 3006 86

Mid Cap 108 3

Small Cap 23 1

Others 378 11

0.00 0.50 1.00 1.50 2.00 2.50 3.00

Sep-

12

Dec

-12

Mar

-13

Jun-

13

Sep-

13

Dec

-13

Mar

-14

Jun-

14

Sep-

14

Dec

-14

Mar

-15

Jun-

15

Sep-

15


26



Kotak Select Focus Fund – Multi Cap Fund

Company Sector %age







Max India Ltd. Diversified 2.91




-10%

-5%

0%

5%

10%

15%

20%

25%

Sep-

12

Dec-

12

Mar

-13

Jun-

13

Sep-

13

Dec-

13

Mar

-14

Jun-

14

Sep-

14

Dec-

14

Mar

-15

Jun-

15

Sep-

15


-2%

-2%

-1%

-1%

0%

1%

1%

2%

2%

3%

3%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%



Other Sectors



Refineries


Bank - Public




IT - Software

Bank - Private


27


Large M

arket Cap

Medium

Small

L&T Value Fund – Multi Cap Fund


Inception Date 08-Jan-10

Benchmark S&P BSE 200 (quant / fund)


Expense Ratio 2.47

Fund Manager Mr. Venugopal M.


To generate long-term capital appreciation from a diversified portfolio of predominantly equity and equity related securities, in the Indian markets with higher focus on undervalued securities. The Scheme could also additionally invest in Foreign Securities in international markets.

Parameter Value


Slope (Beta) 1.83

R-Squared 0.96


Treynor Ratio 14.76

Sharpe Ratio 0.94



Relative Return

1 Yr 21.83 3.08 18.75

2 Yr 46.76 21.20 25.56

3 Yr 29.53 13.23 16.31

5 Yr 15.18 5.78 9.40


The fund is diversified equity fund with strong value bias that aims to deliver long term superior risk adjusted returns. The fund focus on identifying valuation anomalies versus the economic potential of the business over the medium term. This approach not only helps in identifying undervalued stocks but also factor-in the risk elements while picking stocks.

Top 3 Sector 24.62%

Top 5 Sector 35.77%



Large Cap 227 56

Mid Cap 78 19

Small Cap 78 19

Others 20 5

AUM (Crs.) 403

A



0.00 0.20 0.40 0.60 0.80 1.00 1.20

Sep-

12

Dec

-12

Mar

-13

Jun-

13

Sep-

13

Dec

-13

Mar

-14

Jun-

14

Sep-

14

Dec

-14

Mar

-15

Jun-

15

Sep-

15

28



L&T Value Fund – Multi Cap Fund

Company Sector %age






HPCL Refineries 2.62

LIC Housing Finance Ltd. Finance - Housing 2.43


FDC Ltd. Pharmaceuticals & Drugs 2.38

Neuland Laboratories Ltd. Pharmaceuticals & Drugs 2.32

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

Sep-

12

Dec-

12

Mar

-13

Jun-

13

Sep-

13

Dec-

13

Mar

-14

Jun-

14

Sep-

14

Dec-

14

Mar

-15

Jun-

15

Sep-

15


-4%

-2%

0%

2%

4%

6%

8%

10%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%



Other Sector

Tyres & Allied

Construction - Real Estate


Bank - Public


Refineries

Textile


IT - Software

Bank - Private


29


Large M

arket Cap

Medium

Small

DSP BR Focus 25 Fund – Multi Cap Fund

NAV Growth Plan – Rs. 17.23, Dividend Plan – Rs.15.46

Inception Date 10-Jun-10

Benchmark S&P BSE 200 (quant / fund)


Expense Ratio 2.60

Fund Manager Mr. Harish Zaveri

Investment Objective The primary investment objective of the Scheme is to generate long-term capital growth from a portfolio of equity and equity-related securities including equity derivatives

Parameter Value


Slope (Beta) 1.35

R-Squared 0.93


Treynor Ratio 11.69

Sharpe Ratio 0.73



Relative Return

1 Yr 13.72 3.08 10.64

2 Yr 33.03 21.20 11.83

3 Yr 19.77 13.23 6.54

5 Yr 8.78 5.78 3.00


The Portfolio strategy is a blend of Value and active fund manage ment keeping in line with the current volatile markets. The portfolio largely consist of companies, which are amongst the top 200 companies by market capitalization. The portfolio will limit exposure to companies beyond the top 200 companies by market capitalization up to 20% of the net asse t value. The Scheme will normally hold equity and equity-related securities including equity derivatives, of up to 25 companies.

Top 3 Sector 39.63%

Top 5 Sector 54.15%



Large Cap 784 97

Small Cap 9 1

Others 16 2

AUM (Crs.) 809

A



-0.30 -0.20 -0.10 0.00 0.10 0.20 0.30 0.40 0.50 0.60

Sep-

12

Dec

-12

Mar

-13

Jun-

13

Sep-

13

Dec

-13

Mar

-14

Jun-

14

Sep-

14

Dec

-14

Mar

-15

Jun-

15

Sep-

15

30



DSP BR Focus 25 Fund – Multi Cap Fund

Company Sector %age





Cadila Healthcare Ltd. Pharmaceuticals & Drugs 5.55




Bharat Petroleum Corporation Ltd. Refineries 4.52



-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

Sep-

12

Dec-

12

Mar

-13

Jun-

13

Sep-

13

Dec-

13

Mar

-14

Jun-

14

Sep-

14

Dec-

14

Mar

-15

Jun-

15

Sep-

15


-3%

-2%

-1%

0%

1%

2%

3%

4%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%



Other Sectors


Diesel Engines

Bank - Public



Refineries



IT - Software

Bank - Private

31

NAV Movement | Multi Cap Portfolio

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


category average


benchmark

50

150

250

350

450

550

650

750 S&P BSE 200 Category Average Multi Cap

32

ICICI Prudential Balanced Advantage Fund – Hybrid Fund



Benchmark Crisil Balanced Fund Index (quant / fund)


Expense Ratio 1.75

Fund Manager Mr. Manish Banthia

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

Parameter Value


Slope (Beta) 0.99

R-Squared 0.95


Treynor Ratio 13.07

Sharpe Ratio 1.38


Period Return Crisil

Balanced Fund Index

Relative Return

1 Yr 10.22 4.38 5.84

2 Yr 22.30 15.99 6.31

3 Yr 16.93 11.07 5.86

5 Yr 13.25 6.99 6.27


ICICI Prudential Balanced Advantage Fund is an Open ended Equity Fund that aims to make investing easy and less stressful, by allocating between different investment options as per changing market conditions. It invests in a judicious mix of cash equities, equity derivatives and debt & money market securities. It is structured to control volatility and has an equity related tax status. It uses multiple strategies to allow flexibility and allows you to participate in equity markets at a controlled risk

Investment Style

Growth Blend Value

Large M

arket Cap

Medium

Small

Top 3 Sector 27.86%

Top 5 Sector 34.73%


AUM (Crs.) 9019

A++




Large Cap 5853 65

Mid Cap 124 1

Small Cap 50 1

Others 2992 33

0.00

0.50

1.00

1.50

2.00

2.50

Sep-

12

Dec

-12

Mar

-13

Jun-

13

Sep-

13

Dec

-13

Mar

-14

Jun-

14

Sep-

14

Dec

-14

Mar

-15

Jun-

15

Sep-

15

33



ICICI Prudential Balanced Advantage Fund – Hybrid Fund

Company Sector %age



ITC Ltd. Cigarettes/Tobacco 3.05





ACC Ltd. Cement & Construction Materials 1.93

Mahindra & Mahindra Ltd. Automobiles - Passenger Cars 1.76

NTPC Ltd. Power Generation/Distribution 1.72


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%



Other Sector

Oil Exploration


Diversified


Cigarettes/Tobacco

Power Generation/Distribution

Refineries


IT - Software

Bank - Private

-10%

-5%

0%

5%

10%

15%

20%

Sep-

12

Dec-

12

Mar

-13

Jun-

13

Sep-

13

Dec-

13

Mar

-14

Jun-

14

Sep-

14

Dec-

14

Mar

-15

Jun-

15

Sep-

15


-3%

-2%

-1%

0%

1%

2%

3%

34

SBI Magnum Balanced Fund – Hybrid Fund



Benchmark Crisil Balanced Fund Index (quant / fund)


Expense Ratio 1.95

Fund Manager Mr. R. Srinivasan


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

Parameter Value


Slope (Beta) 1.54

R-Squared 0.96


Treynor Ratio 11.97

Sharpe Ratio 1.29


Period Return Crisil

Balanced Fund Index

Relative Return

1 Yr 13.25 4.38 8.87

2 Yr 30.80 15.99 14.81

3 Yr 21.99 11.07 10.91

5 Yr 11.96 6.99 4.97


This Fund invests in a mix of equity and debt investments. It provides a good investment opportunity to investors who do not wish to be completely exposed to equity markets, but are looking for relatively higher returns than those provided by debt funds.

Investment Style

Growth Blend Value

Large M

arket Cap

Medium

Small

Top 3 Sector 18.09%

Top 5 Sector 26.63%


AUM (Crs.) 2588

A+




Large Cap 1167 45

Mid Cap 184 7

Small Cap 294 11

Others 944 36

0.00

0.50

1.00

1.50

2.00

Sep-

12

Dec

-12

Mar

-13

Jun-

13

Sep-

13

Dec

-13

Mar

-14

Jun-

14

Sep-

14

Dec

-14

Mar

-15

Jun-

15

Sep-

15

35



SBI Magnum Balanced Fund – Hybrid Fund

Company Sector %age



SJVN Ltd. Power Generation/Distribution 3.00

Coal India Ltd. Mining & Minerals 2.40


Cadila Healthcare Ltd. Pharmaceuticals & Drugs 2.34

P&G Hygiene & Health Care Ltd. Household & Personal Products 2.16

3M India Ltd. Diversified 2.10

Sundaram Finance Ltd. Finance - NBFC 2.01



-10%

-5%

0%

5%

10%

15%

20%

Sep-

12

Dec-

12

Mar

-13

Jun-

13

Sep-

13

Dec-

13

Mar

-14

Jun-

14

Sep-

14

Dec-

14

Mar

-15

Jun-

15

Sep-

15


-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

-20%

0%

20%

40%

60%

80%

100%



Other Sector

Diversified


Mining & Minerals


Auto Ancillary

Finance - NBFC

Power Generation/Distribution


IT - Software

Bank - Private

36

Axis Long Term Equity Fund – Tax Saving Fund



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

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

Expense Ratio 1.95

Fund Manager Mr. Jinesh Gopani

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

Parameter Value


Slope (Beta) 1.47

R-Squared 0.95


Treynor Ratio 18.78

Sharpe Ratio 1.19



Relative Return

1 Yr 17.99 3.08 14.91

2 Yr 44.22 21.20 23.02

3 Yr 28.96 13.23 15.73

5 Yr 18.99 5.78 13.21


The fund is an approved Equity Linked Savings Scheme under Section 80 C of the Income Tax Act 1961. A diversified equity fund that invests in the Indian equity markets and provides the opportunity to capitalize on India’s high paced growth .The fund has the flexibility to invest across market caps in high growth stocks.

Investment Style

Growth Blend Value

Large M

arket Cap

Medium

Small

Top 3 Sector 38.78%

Top 5 Sector 52.69%



Large Cap 5570 89

Mid Cap 401 6

Small Cap 98 2

Others 167 3

AUM (Crs.) 6236

A+



0.00

1.00

2.00

3.00

4.00

Sep-

12

Dec

-12

Mar

-13

Jun-

13

Sep-

13

Dec

-13

Mar

-14

Jun-

14

Sep-

14

Dec

-14

Mar

-15

Jun-

15

Sep-

15

37



Axis Long Term Equity Fund – Tax Saving Fund

Company Sector %age




HDFC Ltd. Finance - Housing 5.58




Pidilite Industries Ltd. Chemicals 3.91


TTK Prestige Ltd. Consumer Durables 3.11


-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

Sep-

12

Dec-

12

Mar

-13

Jun-

13

Sep-

13

Dec-

13

Mar

-14

Jun-

14

Sep-

14

Dec-

14

Mar

-15

Jun-

15

Sep-

15


-6%

-4%

-2%

0%

2%

4%

6%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%



Other Sectors

Diesel Engines

Chemicals


Finance - NBFC

Consumer Durables - Domestic

Auto Ancillary

Finance - Housing


IT - Software

Bank - Private

38

BNP Paribas LT Equity Fund – Tax Saving Fund


Inception Date 05-Jan-06

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

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

Expense Ratio 2.67



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

Parameter Value


Slope (Beta) 1.27

R-Squared 0.96


Treynor Ratio 16.40

Sharpe Ratio 1.05



Relative Return

1 Yr 13.63 3.08 10.55

2 Yr 33.39 21.20 12.19

3 Yr 23.32 13.23 10.09

5 Yr 14.20 5.78 8.42


The fund has active portfolio manage ment which enables the fund to capture suitable investment opportunities. The fund risk management is an integral part of the investment management process. This scheme also comes with a benefit of income tax exemption to the extent of money invested. The 3 years lock-in makes the fund less vulnerable to volatility in cash flows and the fund manager is able to manage the portfolio more efficiently

Investment Style

Growth Blend Value

Large M

arket Cap

Medium

Small

Top 3 Sector 47.45%

Top 5 Sector 61.07%


AUM (Crs.) 408

A+



Large Cap 335 82

Mid Cap 51 13

Small Cap 9 2

Others 13 3

0.00

0.50

1.00

1.50

2.00

Sep-

12

Dec

-12

Mar

-13

Jun-

13

Sep-

13

Dec

-13

Mar

-14

Jun-

14

Sep-

14

Dec

-14

Mar

-15

Jun-

15

Sep-

15


39



BNP Paribas LT Equity Fund – Tax Saving Fund

Company Sector %age











-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

Sep-

12

Dec-

12

Mar

-13

Jun-

13

Sep-

13

Dec-

13

Mar

-14

Jun-

14

Sep-

14

Dec-

14

Mar

-15

Jun-

15

Sep-

15


-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%



Other Sector

Film Production, Dist. & Enter.

Miscellaneous

Finance - NBFC



Consumer Food


IT - Software


Bank - Private


40

UTI MNC Fund – Thematic Fund


Inception Date 14-Oct-1998

Benchmark CNX MNC (quant)


Expense Ratio 2.63

Fund Manager Mrs. Swati Kulkarni


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

Period Return CNX MNC Relative Return

1 Yr 26.93 12.66 14.27

2 Yr 43.64 29.19 14.45

3 Yr 29.27 18.82 10.44

5 Yr 20.16 13.13 7.03

Since Inception 16,50 12.33 4.17

UTI MNC Fund is an open ended equity fund that provides access to investment opportunities across Multinational companies such as Eicher Motors Ltd., Bosch Ltd., Hindustan Unilever Ltd., Cummins India Ltd., Oracle Financial Services Software Ltd. and others. The fund is a diversified and differentiated equity fund with high growth potential.

Investment Style

Growth Blend Value

Large M

arket Cap

Medium

Small


Large Cap 1382 86

Mid Cap 48 3

Small Cap 35 2

Others 141 9

AUM (Crs.) 1607

A+

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

Top 10 Holding Sector %age

Maruti Suzuki India Ltd. Automobiles - Passenger 7.87 Bosch Ltd. Auto Ancillary 6.84 Hindustan Unilever Ltd. Household & Personal 6.30 United Spirits Ltd. Breweries & Distilleries 5.89 Cummins India Ltd. Diesel Engines 5.15 Ambuja Cements Ltd. Cement & Construction 4.81 Britannia Industries Ltd. Consumer Food 3.66 Sanofi India Ltd. Pharmaceuticals 3.39 Eicher Motors Ltd. Automobiles-Trucks/Lcv 3.33 Oracle Financial Services IT - Software 3.01


-20

0

20

40

60

80

100

120

Oct-12 Oct-13 Oct-14

41

Mutual Funds Research | Our Process | Debt Funds

Due diligence on AMCs

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

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

Scheme filtering criteria’s

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

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

Risk – adjusted return analysis

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

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

42

ICICI Prudential Income Fund

NAV Growth Plan – Rs.45.33 Dividend Plan – Rs.10.37

Inception Date Jul 09, 1998

Benchmark Crisil Composite Bond Fund Index

Load Structure(Exit) 1% with in 1 Year Expense Ratio 1.50

Fund Manager Mr. Manish Banthia

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

Portfolio Classification by Asset Class (%)

Certificate of Deposit (CD) -

Commercial Papers (CP) -

Corporate Debt 16.08

Government Securities 82.38

Cash, Cash Equivalents and Net Current Assets

1.54

Period Return CRISIL CBFI Relative Return

Last 3 Month 18.72 14.63 4.09

Last 6 Month 6.88 9.01 -2.13

Last 1 Year 13.45 12.56 0.89

Last 2 Year 12.55 12.08 0.47


The fund has a portfolio which strategically deploys funds in the debt markets as part of an overall asset allocation to fixed income securities. It facilitates participation in markets that are large and institution-dominated and also provides the potential to earn total return from both interest and capital gains. As market interest rates change, the value of your portfolio also changes, creating a total return portfolio in debt securities.

Credit Quality

High Medium Low

H

igh

Interest Rate Sensitivity

Medium

Low

Average Portfolio Maturity Modified Duration Corpus (Crs.) YTM

17.5 Year 8.5 Years 4205 7.5

Trend of QFSI over last 1 Year

A+


-5

0

5

10

15

20

25

30

Oct

-14

Nov

-14

Dec

-14

Jan-

15

Feb-

15

Mar

-15

Apr-

15

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Rating Profile

AA

AA-

AA+

AAA

Cash

SOV

43

HDFC High Interest Fund-Dynamic Plan

NAV Growth Plan – Rs. 49.69 ,Dividend Plan – Rs.10.67

Inception Date April 28, 1997


Load Structure(Exit) 0.50% on or before 6 Months Expense Ratio 1.52

Fund Manager Mr. Anil Bamboli

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




Corporate Debt 8.49



3.58


Last 3 Month 17.11 14.63 2.48

Last 6 Month 6.62 9.01 -2.39

Last 1 Year 13.51 12.56 0.95

Last 2 Year 12.22 12.08 0.14


The Investment strategy involves investing in debt, money market and related instruments of various maturities on the basis of the expected interest rate scenarios over the short as well as medium term. The Plan shall follow an active duration management strategy by keeping a close watch on various domestic and global macro economic variables. It would take a tactical view on the interest rate outlook and accordingly change the allocation between gilt and other debt, money market instruments.

Credit Quality

High Medium Low

H

igh


Medium

Low


A+


16.4 Years 8.2 Years 2242 7.90


0

5

10

15

20

25

30

Oct

-14

Nov

-14

Dec

-14

Jan-

15

Feb-

15

Mar

-15

Apr-

15

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Rating Profile

AA

AA+

AAA

AAA(SO)

Cash

SOV

44

DWS Medium Term Fund


Inception Date March 06, 2014


Load Structure(Exit) 1% on or before 3 Months Expense Ratio 0.97

Fund Manager Mr. Nitish Gupta

Investment Objective The investment objective is to generate income and capital appreciation by investing in a portfolio of high quality debt securities and money market instruments.



Commercial Papers (CP) 3.26


G Sec 13.57

Cash, Cash Equivalents 5.75


Last 3 Month 13.69 14.63 -0.95

Last 6 Month 8.34 9.01 -0.67

Last 1 Year 11.78 12.56 -0.78

Last 2 Year - 12.08 -


The fund invest in AAA and A1+ rated Corporate/PSU securities. The weighted average portfolio maturity of the fund is always managed within a range of 3 to 7 years. Moderate duration exposure allows the fund to maintain relatively low volatility compared with long-term income/bond funds, while retaining the potential to benefit from softening in yields.

Credit Quality

High Medium Low

H

igh


Medium

Low


A+


5.8 Years 4.1 Years 759 8.40


0

5

10

15

20

Oct

-14

Nov

-14

Dec

-14

Jan-

15

Feb-

15

Mar

-15

Apr-

15

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Rating Profile

A1+

AAA

AAA(SO)

Cash

SOV

45

Kotak Medium Term Fund


Inception Date March 21, 2014


Load Structure(Exit) 2% on or before 18 Months Expense Ratio 1.75

Fund Manager Mr. Deepak Agrawal

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


Certificate of Deposit (CD) 8.77

Treasury Bill 1.71



Cash, Cash Equivalents -0.73


Last 3 Month 11.28 14.63 -3.35

Last 6 Month 9.49 9.01 0.48

Last 1 Year 10.88 12.56 -1.68

Last 2 Year - 12.08 -


The fund would invest in medium term debt & money market securities so as to generate regular income and capital appreciation. The fund will optimize returns by keeping its weighted average maturity anywhere between 3 years & 7 years. The fund seeks to generate income through investments in a range of debt & money market instruments with a view to maximize income while maintaining an optimum balance of yield, safety & liquidity.

Credit Quality

High Medium Low

H

igh


Medium

Low


A+


3.3 Years 2.4 Years 1128 10.1


0 2 4 6 8

10 12 14 16

Oct

-14

Nov

-14

Dec

-14

Jan-

15

Feb-

15

Mar

-15

Apr-

15

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Rating Profile A

A-

A+

A1+

AA

AA-

AAA

AAA(SO)

BWR AA+

Cash

LAA-(SO)

SOV

46

Franklin India Short Term Income Plan

NAV Growth Plan – Rs. 2,998.59 Quarterly Dividend Plan – 1,245.23

Inception Date January 31, 2002

Benchmark CRISIL Short-Term Bond Fund Index

Load Structure(Exit) 0.50% with in 1 Year

Expense Ratio 1.56

Fund Manager Mr. Santosh Kamath

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





Treasury Bills 5.35

Cash, Cash Equivalents and Deposits

1.27

Period Return CRISIL STBFI Relative Return

Last 3 Month 10.17 10.26 -0.08

Last 6 Month 8.91 9.08 -0.17

Last 1 Year 10.79 9.90 0.89

Last 2 Year 10.97 10.01 0.96


The scheme is an open ended income where fund manager primarily invests in corporate bonds with a focus on higher accrual income and focuses on investment oppor tunities at the short end of the yield curve by maintaining a low average maturity profile. The fund is positioned between a liquid fund and an income fund in terms of risk reward and is suitable for investors with a time horizon of 9-15 months with moderate risk profile who prefer higher accrual and credit quality focused debt fund.

Credit Quality

High Medium Low

H

igh


Medium

Low


2.4 Years 2.0 Years 10527 10.7

Trend of QFSI over last 6 months

A+


0

2

4

6

8

10

12

Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15

Rating Profile A

A(SO)

A+

A+(IND)

A+(SO)

A1

A1+

AA

AA-

AA-(SO)

AA+(SO)

AAA

BWR A+(SO)

Cash

SOV

UNRATED

47

HDFC Short Term Plan


Inception Date February 28, 2002

Benchmark CRISIL Short-Term Bond Fund Index

Load Structure(Exit) 0.75% on or before 12 Months Expense Ratio 1.00

Fund Manager Mr. Anil Bamboli

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



Commercial Paper (CP) 1.70



Cash, Cash Equivalents 7.41

Period Return CRISIL STBFI Relative Return

Last 3 Month 10.41 10.26 0.15

Last 6 Month 9.55 9.08 0.47

Last 1 Year 10.58 9.90 0.68

Last 2 Year 10.61 10.01 0.60


With respect to the investment horizon profile, the fund is aimed to be positioned between the liquid scheme and the income scheme. The Scheme will invest in debt securities and money market instruments with a short to medium term maturity and aims to maintain an average maturity profile of 9 - 18 months under normal circumstances.

Credit Quality

High Medium Low

H

igh


Medium

Low


A+


2.2 Years 1.7 Years 2802 9.80


0

2

4

6

8

10

12

Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15

Rating Profile A A- A+ A+(SO) A1 A1+ AA AA- AA-(SO) AA+ AAA AAA(SO) Cash SOV UNRATED

48

NAV Growth Plan – Rs. 18.74 Weekly Dividend Plan – Rs.10.13

Inception Date December 18, 2007

Benchmark Crisil Liquid Fund Index

Load Structure(Exit) Nil Expense Ratio 0.86

Fund Manager Mr. Sachin Padwal-Desai

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

Period Return CRISIL LFI Relative Return

Last 1 Month 9.56 8.18 1.38

Last 3 Month 9.50 7.90 1.60

Last 6 Month 9.74 8.29 1.44

Last 1 Year 9.87 8.56 1.31


Franklin India Ultra Short Bond Fund





Treasury Bill 11.99

Cash & Cash Equivalents 0.74

The fund manager strives to strike an optimum balance between regular income and high liquidity through a judicious mix of short term debt and money market instruments. The fund has been assigned a credit rating of (ICRA) A1+mfs that denotes this fund to have a very strong degree of safety regarding timely receipt of payments from the investments that they have made; this rating is applicable for debt funds with weighted average maturity up to 1 year . The fund is suitable for investors with an investment horizon of up to 3 months who prefer accrual based debt products

Credit Quality

High Medium Low

H

igh


Medium

Low


A+


241 Days 208 Days 5745 9.70


0 2 4 6 8

10 12 14 16 18

Jul-15 Aug-15 Sep-15

Rating Profile A A(SO) A+ A+(IND) A+(SO) A1 A1+ AA AA- AA-(SO) AA+(SO) AAA BWR A+(SO) Cash SOV UNRATED

49

DWS Cash Opportunities Fund





PTC & Securitized Debt 2.11


-2.95

Period Return CRISIL LFI Relative Return

Last 1 Month 9.15 8.18 0.97

Last 3 Month 9.21 7.90 1.31

Last 6 Month 9.38 8.29 1.09

Last 1 Year 9.58 8.56 1.03


The fund focuses on adding value through credit identification, strict portfolio discipline and nominal mark to market levels, moderates return volatility. The portfolio investment is predominantly in highly rated money market securities and high grade short term bonds. The fund does not take duration calls. The fund follows combination of Commercial Paper exposure and prevailing attractive credit spreads in A1 rated securities translates into higher yield to maturity for the fund.

Credit Quality

High Medium Low

H

igh


Medium

Low


A+


307 Days 263 Days 669 10.1


Inception Date June 22, 2007

Benchmark Crisil Liquid Fund Index

Load Structure(Exit) Nil Expense Ratio 1.18

Fund Manager Mr. Kumaresh Ramakrishnan

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


0

5

10

15

20

25

Jul-15 Aug-15 Sep-15

Rating Profile A

A-

A+

A1

A1+

A1+(SO)

AA

AA-

AA+(SO)

AAA

Cash

50

External Rating Comparison

Funds Crisil Morning Star Value Research

Birla SL Frontline Equity Fund Rank 2 Reliance Focused Large Cap Fund Rank 3 SBI Bluechip Fund Rank 1 BNP Paribas Equity Fund Rank 2 BNP Midcap Fund Rank 2 Franklin India Prima Fund Rank 3 SBI Small & Midcap Fund - - Kotak Emerging Equity Scheme Rank 3 UTI Equity Fund Rank 2 Kotak Select Focus Fund Rank 2 L&T India Value Fund Rank 1 DSPBR Focus 25 Fund Rank 3 ICICI Prudential Balanced Advantage Fund - SBI Magnum Balanced Fund Rank 3 Axis Long Term Equity Fund Rank 1 BNP Paribas LT Equity Fund Rank 2 UTI MNC Fund Rank 1 - ICICI Prudential Income Fund Rank 3 HDFC High Interest Fund-Dynamic Plan Rank 2 DWS Medium Term Fund - - Kotak Medium Term Fund Rank 4 - Franklin India ST Income Plan Rank 4 HDFC Short Term Plan Rank 2 Franklin India Ultra Short Bond Fund Rank 4 DWS Cash Opportunities Fund Rank 5 Disclaimer: These ratings have been taken from the website of respective rating agency Source: www.crisil.com / www.morningstar.in / www.valueresearchonline.com

http://www.crisil.com/�

http://www.morningstar.in/�

http://www.valueresearchonline.com/�

51

Description of Factors

Parameters Definition Range

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

A higher IR indicates better performance & lower vice versa

Slope (Beta)

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

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

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

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

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

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

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

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

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

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

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

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

52

Disclaimer

This Information Package is distributed by quant Capital Advisors Pvt. Limited (hereinafter “quant”) on a strictly private and confidential and on a need to know basis exclusively to intended recipient. This Information Package and the information and projections contained herein may not be disclosed, reproduced or used in whole or in part for any purpose or furnished to any other person or persons. The Persons who are in possession of this Information package or may come in possession at a later day, hereby undertakes to observe the restrictions contained herein.

The information contained herein is of a general nature and is not intended to address the facts and figures of any particular individual or entity. The content provided here treats the subjects covered here in condensed form. It is intended to provide a general guide to the subject matter and should not be relied on as a basis for business decisions. No one should act upon such information without making appropriate additional professional advice after a thorough examination of the particular situation. This Information Package is distributed by quant upon the express understanding that no information herein contained has been independently verified. Further, no representation or warranty expressed or implied is made nor is any responsibility of any kind accepted with respect to the completeness or accuracy of any information as may be contained herein. Also no representation or warranty expressed or implied is made that such information remains unchanged in any respect as of any date or dates after those stated herein with respect to any matter concerning any statement made in this Information Package. quant and its directors, employees, agents and consultants shall have no liability (including liability to any person by reason of negligence or negligent misstatement) for any state ments, opinions, information or matters (express or implied) arising out of, contained in or derived from, or for any omissions from the Information Package and any liability whatsoever for any direct, indirect, consequential or other loss arising from any use of this information package and/or further communication in relation to this information package.

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53

Title

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