time for midcaps 2014

Do you have midcaps in your portfolio?

July 2014

Diary of a curious investor

1


2


3

What are midcaps?

4

Source: Bloomberg, As on 30th June, 2014

A search beyond the bluechips

Large CapsTop 100 Stocks

INR 67 lac crores Market Cap

Mid & Small Caps

Next 400 Stocks

INR 18 lac crores Market Cap

CNX 500 INR 85 lac crores Market Cap

India’s Equity Market Cap INR 88 lac crores

5

Midcaps – Diverse nature of ideas

Big Fish in a Growing PondSmall Fish in a Big Pond

Different Fish in Different Pond

Small Fish in a Big Pond

6

Competing through market share gain

•

Medium sized businesses in

large conventional sectors−

Banks−

Utilities−

Energy−

Information Technology−

Materials

•

Growing through market share gain

•

Often differentiated from the larger players

•

Regulations generally tend to play a crucial role in large conventional sectors

Small Fish in a Big Pond

7

•

One of the new age banks in India

•

With increased presence it offers good exposure to the rising financial services penetration theme

•

An engineering company in energy sector

•

Business in 75 countries worldwide

•

Leaders* in process heat for over four decades

•

The drug manufacturer derives bulk of its revenues from US & EU markets

•

Provides good exposure to the increased offshore manufacturing theme

Competing through market share gain

Disclaimer: Franklin Templeton Investments is not associated with these brands and may or may not have these stocks / securities

in their fund portfolio. They are used for illustration purposes only. This is neither a recommendation to buy or sell nor a view on quality or profitability of investing in these securities. The reader should not assume that investment in the securities listed was or will be profitable.

Source: *http://www.thermaxindia.com/Fileuploader/Files/Thermax-Corporate-Brochure-Technology-In-Action.pdf

Big Fish in a growing pond

8

Competing through market growth

•

Leaders in their space−

Media and Entertainment sector−

Ancillary manufacturers−

Niche Engineering companies−

Logistics

•

Growing with the sector

•

A mix of regulated and not so regulated(Some sectors/companies are more regulated as

compared to others)

Big Fish in a Growing Pond

9

•

India's first, one of the largest, and most prominent credit rating agency*

•

India's largest independent research house, providing comprehensive research coverage to more than 1200 Indian and global customers*

•

One of the leading players^ in India’s storage battery industry

•

Largest & dominant market leader of standby batteries in Railways, Telecom, Power Generating stations in India^

•

A world leader#

in the areas of crop protection, pest control, seeds and plant biotechnology

•

Comprehensive solutions for modern, sustainable agriculture and non-

agricultural applications

Competing through market growth



Source: *http://www.crisil.com/about-crisil/about-overview.html. ^http://www.amararaja.co.in/achievements.asp. #http://www.bayer.ca/?q=en/node/10


10

Businesses at different stages of evolution

•

Innovating and creating distinct businesses−

Internet led businesses−

Retail and consumption sectors−

Unique services

•

Exploring new opportunities

•

Entrepreneurship led models


11

•

One of the largest chain of gyms, fitness clubs and health centers in India*

•

145 ultramodern branches across 75 cities in India*

•

Market leader#

in adhesives and sealants, construction chemicals, hobby colors and polymer emulsions in India.

•

Its product Fevicol

has become synonymous with adhesives to millions in India

Businesses at different stages of evolution



Source: *http://talwalkars.net/History.aspx. #http://www.pidilite.com/about-chairman-message.html

Midcaps – Offering a variety

CNX Midcap Index

Exposure (total sectors)

Concentration

17

62%

CNX Nifty

77%

12

Weightage

In top 5 sectors

11

CNX Midcap Index is more diversified vis-a-vis the CNX Nifty Index at both sector and stock levels

Midcaps are represented by CNX Midcap and Large Caps are represented by CNX NiftySource: As on 30th

Jun ‘14(latest available data). http://nseindia.com/content/indices/ind_cnx_nifty.pdf. http://nseindia.com/content/indices/ind_cnx_midcap.pdf

http://www.nseindia.com/

http://nseindia.com/content/indices/ind_cnx_nifty.pdf


http://nseindia.com/content/indices/ind_cnx_midcap.pdf

http://nseindia.com/content/indices/ind_cnx_midcap.pdf

Why Midcaps throw opportunities?

13

The Information Gap

Midcaps are represented by CNX Midcap and Large Caps are represented by CNX NiftySource: Bloomberg, IIFL Analysis as on 30th

June ‘14

CNX Midcap Index

Average Number of Analysts tracking a stock 24

CNX Nifty

52

Over 20% of CNX Midcap Stocks are tracked by < 10 Analysts

Then why do investors shy away from midcaps?

14

•

Midcaps are not “quality”

companies

•

Midcaps are small businesses

•

Midcaps are generally cyclical businesses

•

Midcaps don’t give good returns

•

Midcaps may not have good growth potential

The Five Fallacies of Midcaps

Fallacy 1

15

Midcaps are not “quality” companies

Fallacy 1

16

Certain midcap companies

•are “compounders”−

Consistent RoCEs−

Large opportunity size−

Competitive advantage

•are run by competent managements

•have

efficient capital allocation

•have

simpler structures, easier to understand

Midcaps are not quality companies

Fallacy 2

17


Fallacy 2

18

•

Some midcaps

–

are strong market leaders

–

have enviable competitive advantage

–

have demonstrated ability to manage scale

•

Midcap universe is a good mix of cyclical and compounding ideas


Fallacy 3

19

Midcaps are generallycyclical businesses!

Fallacy 3

20

Midcaps are generally cyclical businesses!

CNX Midcap has good allocation to consumer facing businesses

Defensive sectors / Consumer Facing businesses comprise:

•Consumer Goods•Pharma

& Healthcare Services

are generally perceived to be less volatile compared to other sectors

Midcaps are represented by CNX Midcap and Large Caps are represented by CNX NiftySource: As on 30th

Jun 2014 (latest available data). www.nseindia.com. http://nseindia.com/content/indices/ind_cnx_nifty.pdf. http://nseindia.com/content/indices/ind_cnx_midcap.pdf

Allocation to Defensive sectors (in %)





Fallacy 4

21


Fallacy 4

22


Midcaps have given reasonably good returns over various time periods

Past performance may or may not be sustained in future. Midcaps are represented by CNX Midcap and Large Caps are represented by CNX NiftySource: Bloomberg. The data is taken for the respective period ending Jun‘14. Returns less than 1 year are absolute and over 1 year are compounded annualized returns.

Indices returns

Fallacy 5

23

Midcaps may lack good growth potential

High Growth Potential

24

Estimated Sales Growth* (in %)

41% higher than CNX Nifty

Source: * Nomura(based

on Bloomberg Estimates) as on 30th May ‘14. ** Data is taken from Factset. EPS is estimated for FY14-FY17. These are only projections and not an assurance of sales growth/growth in earnings.

Estimated 3 yrs EPS Growth**

19.5%For CNX Midcap

VS

17.3% For CNX Nifty

20% higher than CNX Nifty

Why Midcaps can be a part of every portfolio?

25

High Growth Potential

Potential for transition to large caps of tomorrow

Midcaps aid portfolio diversification

Exposure to emerging businesses

Why invest in Midcaps now

26

Midcap Outperformance over Nifty in Earnings growth

27

Past Performance may or may not be sustained in futureSource: India Midcaps by CLSA dated 23rd

May ’14. Midcaps are represented by CNX Midcap and Large Caps are represented by CNX Nifty

Market expects midcap earnings growth to outperform large caps

Relative earnings growth of Midcaps over Nifty

Midcaps tend to do better during recovery in economy

28

Economic recovery and midcap performance

Past Performance may or may not be sustained in futureSource: Bloomberg as on 30th May ’14. The index values for CNX Nifty and CNX Midcap were rebased to 100. Midcaps are represented by CNX Midcap and Large Caps are represented by CNX Nifty

GD

P in (%)

What hurts Midcaps.And how to manage it.

Macroeconomic Scenario and Midcaps

Risk Aversion Lack of Investor Interest

Policy Paralysis High Interest ratesEconomic Environment

Affects

Investor Behavior

30



Impacts midcaps as they are highly leveraged

Debt / EBITDA

Source: India Midcaps by CLSA dated 23rd

May ’14.

Higher Debt/EBITDA indicates higher leverage. Companies with higher leverage are generally impacted by higher interest rates as their borrowing cost may increase.

31



Investor Behavior

•

Limited exposure to equities

•

Exposure restricted to large caps

Leading to

32

What has happened now



Investor Behaviour

May start trending down provided inflation stays

under control

May be behind us with new government

at centreImprovement in

33

34

Managing Midcaps Risks

Risks Mitigators

1 Liquidity at security level Portfolio Construction

2 Management Quality and disclosure

Regular portfolio reviews

3 Interest Rate Risks Regular review of Macroeconomic fundamentals

4 Sectoral

Risks Bottom up stock picking

Manage your midcap allocation by choosing the appropriate

35

Asset Manager Products/Schemes

Staying Put for a long term

Decision Variables for Building a Portfolio

Franklin India Equity: Investment Strategy

36

Mispriced Growth Stocks:•

Potential to generate positive cash flows or earnings that are increasing at a rate that is faster than that of the industry / economy

•

Profitable reinvestment opportunities•

Ability to sustain high return on capital in the long term

Out-of-favor stocks where the market is only focusing on near-term challenges and ignoring:•Strong long-term business fundamentals and opportunities•Cash flow generation•Return on equity•Strong execution track record•Embedded value, whose potential is underestimated/ignored by the market

Turnaround in company due to internal or external factors

Innovative businesses and management — capable of identifying opportunities and taking risks to capitalize on them to create sustainable shareholder value

Growth+

Core

The endeavor is to evaluate businesses, managements and identifying trends in order to make better long-term investment decisions

Franklin India Equity: Research Process

37

Initial universe, screened for size, liquidity; further industry quantitative and qualitative screens

Investment Criteria•

Market opportunity•

Competitive position•

Management•

Financial strength•

Profitability•

Valuation

Proprietary Research•

Regular management interaction•

Primary Research•

Ground level interaction•

Local intelligence•

Industry demand and supply models•

In-depth company financial models•

Valuation analysis

•

Specific security recommendations and investment thesis •

Reasoned target prices•

Comprehensive industry perspective and outlook•

Detailed financial projections

Conferences and regular interaction with Management

Public records, financial releases

Third-party data, analytics, research

Company and industry news

•

Longevity and experience

•

Experienced in managing a diverse range of portfolios across market cycles and across small, mid, and large cap stocks

•

Well established relationships with industry analysts and observers

•

Focused on the local market while tuned in to global trends

•

Adhere consistently to investment objectives and philosophy

•

Regular management interaction along with ground level interaction to form independent views

Franklin India Equity Team: Key Strengths

38

Midcap Investing is all about…

•

Bottom Up•

Buy and Hold

Identifying quality midcaps

39

Franklin India Prima Fund (FIPF) – “Two Decades” In mid and small caps

•

Growth + Value•

High growth potential


Constructing a diversified portfolio

Product Label

This product is suitable for investors who are seeking*•Long term capital appreciation•A fund that invests in mid and small cap companies

(BROWN)HIGH RISK**

Investors should consult their financial advisors if in doubt about whether the product is suitable for them.** Note: Risk may be represented as:

BROWN: Investors understand that their principal will be at high risk

YELLOW: Investors understand that their principal will be at medium risk

BLUE: Investors understand that their principal will be at low risk

40


Constructing a diversified portfolioConsistency in the Product objective

•

Mid and Small Cap fund

Identify at an early stage and own high-potential businesses, with large growth opportunities run by good management teams

Franklin India Prima Fund (FIPF) – “Two Decades” In mid and small caps

41

Investing for the long term

Past performance may or may not be sustained in future. Load is not taken into consideration. As on June 30, 2014. CNX Midcap Index (B) was introduced on 01st January, 2003. Hence due to

limited period of its existence, the movement of CNX Midcap is not given. # The securities were bought for the first time in the

portfolio of the scheme on the date as indicated in the graph and

are held till date. However, there might have been change in the

quantity and percentage of holding of the said securities since

the date of first purchase. It should not be assumed that

investment in the said securities was or will be profitable. All

portfolio holdings are subject to change. The information stated above does not constitute an investment advice or

recommendation to subscribe or transact in these securities': Benchmark, AB: Additional Benchmark

Movement of Rs. 10,000 invested in FIPF, CNX 500 & CNX Nifty

Since Jun’03#

Since Dec’07#

Since Jun’10#

Since Jan’11#

FIPF: Rs. 497,000

B: CNX 500: Rs. 73,149

AB: CNX Nifty Rs. 75,512

42

Long-term Cumulative Fund Performance

43

Past performance may or may not be sustained in future. Load is not taken into consideration. Dividends assumed to be reinvested and Bonus is adjusted. Refer annexure performance of other funds managed by the fund manager/s. Returns greater than 1 year period are compounded annualized.

B: Benchmark, AB: Additional Benchmark. Please refer to website [http://www.franklintempletonindia.com/content-india/documents/PDF/Direct%20Plan%20Returns%20Jun2014.pdf] for details on performance of Direct Plans. #CNX Midcap has been

included as additional benchmark for Franklin India Prima Fund (FIPF) effective May 20, 2013.

FIPF - Growth Option NAV as at Jun 30, 2014 (Rs.) 496.9996

Fund Manager R Janakiraman, Roshi Jain

NAV Per Unit (Rs.) FIPF B: CNX 500 B: CNX Midcap# AB: CNX NiftyDiscrete 12 months performanceJun 28, 2013 to Jun 30, 2014 (Last 1 year) 312.5608 59.01% 36.87% 51.13% 30.28%Jun 29, 2012 to Jun 28, 2013 264.6954 18.08% 8.16% -0.13% 10.67%Jun 30, 2011 to Jun 29, 2012 273.6303 -3.27% -7.79% -7.77% -6.53%Compounded Annualised

Growth Rate PerformanceLast 2 years (Jun 29, 2012 to Jun 30, 2014) 36.97% 21.64% 22.82% 20.05%Last 3 years (Jun 30, 2011 to Jun 30, 2014) 21.99% 10.92% 11.65% 10.45%Last 5 years (Jun 30, 2009 to Jun 30, 2014) 175.4872 23.13% 12.21% 15.37% 12.14%Last 10 years (Jun 30, 2004 to Jun 30, 2014) 70.29 21.59% 17.33% 19.07% 17.58%Last 15 years (Jun 30, 1999 to Jun 30, 2014) 15.21 26.15% 14.53% N.A 13.17%Since inception till Jun 30, 2014 10 20.89% 10.15% N.A 10.32%Current Value of Standard Investment of Rs

10000Last 2 years 18776 14804 15094 14418Last 3 years 18163 13651 13921 13478Last 5 years 28321 17795 20447 17738Last 10 years 70707 49473 57317 50554Last 15 years 326758 76592 N.A 64085Since inception (1.12.1993) 497000 73149 N.A 75512

Franklin India Smaller Companies Fund (FISCF)

•

Growth + Value•

High growth potential

Identifying quality midcaps and small caps

Constructing a diversified portfolio

This product is suitable for investors who are seeking*•Long term capital appreciation•A fund that invests primarily in small and mid cap companies

(BROWN)HIGH RISK**

Investors should consult their financial advisors if in doubt about whether the product is suitable for them.** Note: Risk may be represented as:

BROWN: Investors understand that their principal will be at high risk

YELLOW: Investors understand that their principal will be at medium risk

BLUE: Investors understand that their principal will be at low risk

44


•

Opportunity to gain from transition: As smaller companies transition into tomorrow’s market leaders, they exhibit very high growth rates which at times may not get captured in their valuations

•

“Quality” remains the key: As their stocks are under –

researched and under –

owned , identifying quality stocks is very important

•

Fund Suitability: Suitable for investors with a higher risk appetite and investment horizon of at least 3 to 5 years

45

Serving Investors For Over 8 years

46

Past performance may or may not be sustained in future. Load is not taken into consideration. As on Jun 30, 2014.B: Benchmark, AB: Additional Benchmark

FISCF: Rs. 28,168

B: CNX Midcap: Rs. 26345

AB: CNX Nifty Rs. 26,701

Movement of Rs. 10,000 invested in FISCF, CNX Midcap & CNX Nifty

47

Long-term Cumulative Fund Performance

Past performance may or may not be sustained in future. Load is not taken into consideration. Dividends assumed to be reinvested and Bonus is adjusted. Refer annexure performance of other funds managed by the fund manager/s. Returns greater than 1 year period are compounded annualized. B: Benchmark, AB: Additional Benchmark Please refer to website [http://www.franklintempletonindia.com/content-india/documents/PDF/Direct%20Plan%20Returns%20Jun2014.pdf] for details on performance of Direct Plans.

FISCF - Growth Option NAV as at Jun 30, 2014 (Rs.) 28.1676

Fund Manager R. Janakiraman, Roshi Jain

NAV Per Unit (Rs.) FISCF B: CNX Midcap AB: CNX NiftyDiscrete 12 months performanceJun 28, 2013 to Jun 30, 2014 (Last 1 year) 16.2196 73.66% 51.13% 30.28%Jun 29, 2012 to Jun 28, 2013 13.5247 19.93% -0.13% 10.67%Jun 30, 2011 to Jun 29, 2012 14.2698 -5.22% -7.77% -6.53%Compounded Annualised

Growth Rate PerformanceLast 2 years (Jun 29, 2012 to Jun 30, 2014) 44.24% 22.82% 20.05%Last 3 years (Jun 30, 2011 to Jun 30, 2014) 25.42% 11.65% 10.45%Last 5 years (Jun 30, 2009 to Jun 30, 2014) 9.4570 24.38% 15.37% 12.14%Since inception till Jun 30, 2014 10 13.01% 12.12% 12.30%Current Value of Standard Investment of Rs

10000Last 2 years 20827 15094 14418Last 3 years 19739 13921 13478Last 5 years 29785 20447 17738Since inception (13.1.2006) 28168 26345 26701

The Right Stock Selection! Vintage Matters

Stock selection clearly the key contributor to performance

Stock picking ability has ensured performance holds up well over the medium to long term, irrespective of how allocation decisions fared

5 Years (ending June 30, 2014)Attribution Analysis

Asset Allocation

(A)

Stock Selection

(B)

Interaction(C )

Total Alpha (A+B+C)

Franklin India Smaller Companies Fund 0.61 19.61 -0.72 19.50

Franklin India Prima Fund -0.94 18.06 0.90 18.02

Source: Factset

48

49

Last but not the least,

it is important to stay invested for the long term because…

Investment in CNX Midcap from 2004 to 2014*(Returns in CAGR)

‘Timing the market’ may take away your potential gains

50

Past performance mat or may not be sustained in future.Source: Bloomberg. The data is taken for CNX Midcap from 31st

May 2004 to 30th

May 2014. Returns shown are CAGR returns .

By missing each best day, the return on investment decreases

Ret

urns

in C

AG

R

51

The information contained in this literature is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units

nor an invitation to invest. The views expressed by the portfolio managers are based on current market conditions and information available to them and do not constitute investment advice. Investors are requested to review the prospectus carefully and obtain expert professional advice with regard to specific legal, tax and financial implications of the investment/participation in the scheme. This material is intended for residents of India. Neither the Scheme Information Document nor the units of the Schemes have been registered in any jurisdiction. The distribution of the Scheme Information Document/

literature

in certain jurisdictions may be restricted or subject to registration requirements and, accordingly, persons who come into possession of this literature in certain jurisdictions are required to inform themselves about, and to observe, any such restrictions. No person receiving a copy of this literature or Scheme Information Document or any accompanying application form in such jurisdiction may treat this literature or Scheme Information Document or such application form as constituting an invitation to them to subscribe for Units, nor should they in any event use any such application form, unless in the relevant jurisdiction such an invitation could lawfully be made to them and such application form could lawfully be used without compliance with any registration or other legal requirements.

Scheme Classification and Objective: Franklin India Prima Fund (FIPF): An open-end growth scheme,

seeking to provide investors medium to long term capital appreciation as a primary objective and income as a secondary objective. Franklin India Smaller Companies Fund (FISCF): An open-end diversified equity fund that seeks to provide long term capital appreciation by investing in mid and small cap companies. Risk Factors: Mutual Fund investments are subject to market risks, read all scheme related documents carefully. Load Structure: The investors are requested to check the prevailing load structure of the scheme before investing. Please refer website/latest SID/addenda for the latest load structure of the respective schemes.The NAVs

of the schemes may go up or down depending upon the factors and

forces affecting the securities market. The Mutual Fund is not guaranteeing or assuring any dividend under any of the schemes and the same is subject to the availability and adequacy of distributable surplus. The past performance of the mutual funds managed by the Franklin Templeton Group and its affiliates is not necessarily indicative of future performance of the schemes.

Disclaimers & Risk Factors

51

Annexures

For Broker/Professional Use Only. Not for public distribution

53

Equity Product Labels

Fund This product is suitable for investors who are seeking* (level of risk)

Franklin India Prima Plus (FIPP) •

Long term capital appreciation•

Primarily a large cap fund with some allocation to small/mid cap

stocks

Franklin India Flexi Cap Fund (FIFCF)

•


A fund that invests in stocks of companies across the market cap

range

Franklin India High Growth Companies Fund (FIHGCF)

•


A fund that invests in stocks of companies/sectors with high growth rates or above average potential

Franklin India Prima Fund (FIPF) •


A fund that invests in mid and small cap stocks


•


A fund that invests primarily in small and mid cap companies

Franklin India Opportunities Fund (FIOF)

•


A fund that takes concentrated stock or sector exposures based on four themes

Franklin Asian Equities Fund (FAEF)

•


A fund that invests primarily in stocks of Asian companies/sectors(excluding

Japan)

Franklin Build India Fund (FBIF) •


A fund that invests in Infrastructure and allied sectors

Franklin India Feeder –

Franklin US Opportunities Fund (FIF –

FUSOF)•


A fund of funds investing in an overseas equity fund

*Investors should consult their financial advisors if in doubt whether a product is suitable for them. **Note Risk may be represented as

53

54

Performance of other schemes managed by Fund Managers of FIPF and FISCF

Franklin India Flexi Cap Fund (FIFCF)

Past performance may or may not be sustained in future. Load is not taken into consideration. Dividends assumed to be reinvested and Bonus is adjusted. Returns greater than 1 year period are compounded annualized. B:

Benchmark, AB: Additional Benchmark. Please refer to website [http://www.franklintempletonindia.com/content-india/documents/PDF/Direct%20Plan%20Returns%20Jun2014.pdf] for details on performance of Direct Plans.

FIFCF - Growth Option NAV as at Jun 30, 2014 (Rs.) 49.3706

Fund Manager R. Janakiraman / Roshi Jain, Anand VasudevanNAV Per Unit (Rs.) FIFCF B: CNX 500 AB: CNX Nifty

Discrete 12 months performance

Jun 28, 2013 to Jun 30, 2014 (Last 1 year) 32.9366 49.90% 36.87% 30.28%Jun 29, 2012 to Jun 28, 2013 30.1038 9.41% 8.16% 10.67%Jun 30, 2011 to Jun 29, 2012 32.7142 -7.98% -7.79% -6.53%Compounded Annualised

Growth Rate Performance

Last 2 years (Jun 29, 2012 to Jun 30, 2014) 28.02% 21.64% 20.05%Last 3 years (Jun 30, 2011 to Jun 30, 2014) 14.69% 10.92% 10.45%Last 5 years (Jun 30, 2009 to Jun 30, 2014) 22.2975 17.22% 12.21% 12.14%Since inception till Jun 30, 2014 10 18.66% 13.95% 14.83%Current Value of Standard Investment of Rs

10000

Last 2 years 16400 14804 14418Last 3 years 15091 13651 13478Last 5 years 22142 17795 17738Since inception (2.3.2005) 49371 33826 36361

55

Franklin India Opportunities Fund (FIOF)


Benchmark, AB: Additional BenchmarkPlease refer to website [http://www.franklintempletonindia.com/content-india/documents/PDF/Direct%20Plan%20Returns%20Jun2014.pdf] for details on performance of Direct Plans.

Performance of other schemes managed by the Fund Managers of FIPF and FISCF

FIOF - Growth Option NAV as at Jun 30, 2014 (Rs.) 43.4741

Fund Manager R. Janakiraman, Anil Prabhudas

NAV Per Unit (Rs.) FIOF B: S&P BSE 200 # AB: CNX NiftyDiscrete 12 months performanceJun 28, 2013 to Jun 30, 2014 (Last 1 year) 31.0630 39.95% 34.45% 30.28%Jun 29, 2012 to Jun 28, 2013 28.8213 7.78% 8.69% 10.67%Jun 30, 2011 to Jun 29, 2012 31.2132 -7.66% -7.63% -6.53%Compounded Annualised

Growth Rate PerformanceLast 2 years (Jun 29, 2012 to Jun 30, 2014) 22.78% 20.85% 20.05%Last 3 years (Jun 30, 2011 to Jun 30, 2014) 11.67% 10.51% 10.45%Last 5 years (Jun 30, 2009 to Jun 30, 2014) 24.4161 12.22% 12.07% 12.14%Last 10 years (Jun 30, 2004 to Jun 30, 2014) 8.07 18.33% 17.45% 17.58%Since inception till Jun 30, 2014 10 10.77% -0.54% 10.76%Current Value of Standard Investment of Rs

10000Last 2 years 15084 14613 14418Last 3 years 13928 13498 13478Last 5 years 17806 17681 17738Last 10 years 53871 49991 50554Since inception (21.2.2000) 43474 9246 43407

# Index adjusted for the period February 21, 2000 to March 10, 2004 with the performance of ET Mindex.

56

Franklin Asian Equities Fund(FAEF)


Benchmark, AB: Additional Benchmark.Please refer to website [http://www.franklintempletonindia.com/content-india/documents/PDF/Direct%20Plan%20Returns%20Jun2014.pdf] for details on performance of Direct Plans.


FAEF - Growth Option NAV as at Jun 30, 2014 (Rs.) 15.3041

Fund Manager Roshi JainNAV Per Unit

(Rs.) FAEF B: MSCI Asia (ex Japan) Standard Index AB: CNX Nifty


Jun 28, 2013 to Jun 30, 2014 (Last 1 year) 13.4403 13.87% 15.32% 30.28%Jun 29, 2012 to Jun 28, 2013 11.8279 13.63% 13.46% 10.67%Jun 30, 2011 to Jun 29, 2012 11.1221 6.35% 5.14% -6.53%Compounded Annualised



10000


57

Franklin India High Growth Companies Fund (FIHGCF)

Past performance may or may not be sustained in future. Load is not taken into consideration. Dividends assumed to be reinvested and Bonus is adjusted. Returns greater than 1 year period are compounded annualized. B: Benchmark, AB: Additional BenchmarkPlease refer to website [http://www.franklintempletonindia.com/content-india/documents/PDF/Direct%20Plan%20Returns%20Jun2014.pdf] for details on performance of Direct Plans.


FIHGCF - Growth Option NAV as at Jun 30, 2014 (Rs.) 21.6903

Fund Manager Roshi Jain, R. Janakiraman

NAV Per Unit (Rs.) FIHGCF B: CNX 500 AB: CNX Nifty


Jun 28, 2013 to Jun 30, 2014 (Last 1 year) 13.8473 56.64% 36.87% 30.28%Jun 29, 2012 to Jun 28, 2013 11.9437 15.94% 8.16% 10.67%Jun 30, 2011 to Jun 29, 2012 12.8575 -7.11% -7.79% -6.53%Compounded Annualised



10000


58

Franklin Build India Fund (FBIF)




FBIF - Growth Option NAV as at Jun 30, 2014 (Rs.) 20.7525

Fund Manager Anand Radhakrishnan, Roshi Jain

NAV Per Unit (Rs.) FBIF B: CNX 500 AB: CNX Nifty


Jun 28, 2013 to Jun 30, 2014 (Last 1 year) 12.6389 64.20% 36.87% 30.28%

Jun 29, 2012 to Jun 28, 2013 11.2923 11.92% 8.16% 10.67%

Jun 30, 2011 to Jun 29, 2012 11.5538 -2.26% -7.79% -6.53%

Compounded Annualised


Last 2 years (Jun 29, 2012 to Jun 30, 2014) 35.51% 21.64% 20.05%

Last 3 years (Jun 30, 2011 to Jun 30, 2014) 21.54% 10.92% 10.45%

Since inception till Jun 30, 2014 10 16.35% 10.36% 10.61%

Current Value of Standard Investment of Rs

10000

Last 2 years 18378 14804 14418

Last 3 years 17962 13651 13478

Since inception (4.9.2009) 20753 16088 16262

59

Franklin India Feeder US Opportunities Fund (FIF - FUSOF)*


Benchmark, AB: Additional Benchmark Please refer to website [http://www.franklintempletonindia.com/content-india/documents/PDF/Direct%20Plan%20Returns%20Jun2014.pdf] for details on performance of Direct Plans.*The name of the scheme FT India Feeder US Opportunities Fund (FTIF - FUSOF) stands changed to Franklin India Feeder - Franklin U.S. Opportunities Fund (FIF-FUSOF) with effect from June 30,2014.


FIF-FUSOF - Growth Option NAV as at Jun 30, 2014 (Rs.) 17.5338

Fund Manager Roshi Jain

NAV Per Unit (Rs.) FIF-FUSOF B: Russell 3000 Growth AB


Jun 28, 2013 to Jun 30, 2014 (Last 1 year) 13.7500 27.52% 28.45% Not Applicable

Jun 29, 2012 to Jun 28, 2013 11.1260 23.58% 25.49% Not Applicable

Compounded Annualised


Last 2 years (Jun 29, 2012 to Jun 30, 2014) 25.50% 26.92% Not Applicable

Since inception till Jun 30, 2014 10 26.63% 28.85% Not Applicable

Current Value of Standard Investment of Rs

10000

Last 2 years 15759 16120 Not Applicable

Since inception (13.2.2012) 17534 18271 Not Applicable

60


Franklin India Prima Plus (FIPP)



FIPP - Growth Option NAV as at Jun 30, 2014 (Rs.) 339.6662

Fund Manager Anand Radhakrishnan, R. Janakiraman

NAV Per Unit (Rs.) FIPP B: CNX 500 AB: CNX NiftyDiscrete 12 months performanceJun 28, 2013 to Jun 30, 2014 (Last 1 year) 240.9067 40.99% 36.87% 30.28%Jun 29, 2012 to Jun 28, 2013 217.1948 10.92% 8.16% 10.67%Jun 30, 2011 to Jun 29, 2012 223.3016 -2.73% -7.79% -6.53%Compounded Annualised

Growth Rate PerformanceLast 2 years (Jun 29, 2012 to Jun 30, 2014) 25.02% 21.64% 20.05%Last 3 years (Jun 30, 2011 to Jun 30, 2014) 14.99% 10.92% 10.45%Last 5 years (Jun 30, 2009 to Jun 30, 2014) 154.557 17.05% 12.21% 12.14%Last 10 years (Jun 30, 2004 to Jun 30, 2014) 46.17 22.07% 17.33% 17.58%Last 15 years (Jun 30, 1999 to Jun 30, 2014) 14.29 23.50% 14.53% 13.17%Since inception till Jun 30, 2014 10 19.53% 9.18% 9.31%Current Value of Standard Investment of Rs

10000Last 2 years 15639 14804 14418Last 3 years 15211 13651 13478Last 5 years 21977 17795 17738Last 10 years 73569 49473 50554Last 15 years 237695 76592 64085Since inception (29.9.1994) 339666 56737 58038

time for midcaps 2014

Economy & Finance

different pond

big pond different fish

stocks securities

lac crores market cap

india businesses

market growth disclaimer

cnx nifty source

market growth leaders