fact sheet - november 2020...maruti suzuki india ltd. wipro ltd. tata consultancy services ltd....

FACT SHEET - NOVEMBER 2020

Portfolio Disclosure

- Above figures are annualised.- Risk free rate assumed to be 3.40% (FBIL Overnight MIBOR as on 27th Nov, 2020)

Name of the fund Parag Parikh Long Term Equity Fund

Investment Objective

Type of the Scheme

Date of Allotment May 24, 2013

Entry Load Not Applicable

Exit Load

Benchmark Index Nifty 500 (TRI)

To seek to generate long-term capital growth from an actively managed portfolio primarily of Equity and Equity Related Securities. Scheme shall invest in Indian equities, foreign equities and related instruments and debt securities.

Multi Cap Fund - An open ended equityscheme investing across large cap, mid cap,small cap Stocks.

Name of the Fund

Managers

Assets Under Management

(AUM) as on Nov 27, 2020

`5,460.72 CroresAverage AUM

for the Month

`5,757.28 Crores

Net Asset Value (NAV) as

on , 2020Nov 27

Regular Plan: 33.8345

Direct Plan: 35.4388

2% for redemption within 365 days

1% for redemption between 366 - 730 days

Nil for redemption beyond 730 days

Weighted Average

Expense Ratio

Regular Plan: 2.04%*

Direct Plan: 1.00%*

*Including additional expenses and GST on management fees

Minimum

Application

Amount

New Purchase: 1,000 Additional Purchase: `

`

1,000

Monthly SIP: , ` `1,000 Quarterly SIP: 3,000

Beta 0.77

18.91%

0.61

6.77%

24.30%

Standard Deviation

Sharpe Ratio

Portfolio Turnover (excl Equity Arbitrage)

Portfolio Turnover (incl Equity Arbitrage)

Mr. Rajeev Thakkar - (Overall 18 years of experience in fund management)

Equity Fund Manager

Mr. Raj Mehta - Debt (Since January 27, 2016)

Fund Manager

Mr. Raunak Onkar - Overseas Securities (Since Inception)

Fund Manager for

# Currency hedge to the extent of approximately 75% of exposure.

^ Traded on US OTC Markets. Underlying shares are listed on the Tokyo Stock.

Exchange.

* Hedged by offsetting derivative position

Industry Allocation

Load Structure

Quantitative Indicators

5.49%Debt and Money Market Instruments

18.53%Internet & Technology

18.25%Finance

10.16%Consumer Non durables

9.37%Banks

9.09%Auto

6.28%Consumer Services

0.94%Arbitrage/Special Situation

6.02%Pharmaceuticals

3.06%Auto Ancillaries

12.81%Software


Core Equity

Name Industry

ITC Ltd 7.98%

Persistent Systems Ltd Software 6.13%

Finance 6.13%

Indian Energy Exchange Ltd. Finance 5.13%

Auto 5.11%

Software 4.47%

Multi Commodity Exchange of India Ltd. Finance 3.70%

HDFC Bank Ltd Banks 3.25%

Axis Bank Ltd Banks 3.10%

Auto Ancillaries 3.06%

ICICI Bank Ltd Banks 3.02%

Central Depository Services (I) Ltd. Finance 2.37%

Oracle Financial Services Software Ltd. Software 2.21%

2.18%

Pharmaceuticals 1.40%



Sun Pharmaceuticals Industries Ltd Pharmaceuticals 1.05%

IPCA Laboratories Ltd Pharmaceuticals 0.89%

ICRA Ltd Finance 0.78%

Computer Age Management Services Ltd. Finance 0.14%

Arbitrage

0.60%

0.34%

Total 65.72%

# Alphabet Inc (Google Class C) Internet & Technology 8.54%

# AMAZON.COM INC Consumer Services 6.28%

# Microsoft Corporation Internet & Technology 5.58%

# Facebook INC Internet & Technology 4.41%

# Suzuki Motor Corp (ADR)^ Auto 3.98%

Total 28.79%Debt and Money Market Instruments

FDR 0.50%

4.99%

Net Assets 100.00%

% of Net Assets

Consumer Non Durables

Bajaj Holdings & Investment Ltd

Hero Motocorp Ltd.

Mphasis Ltd

Balkrishna Industries

Zydus Wellness Ltd Consumer Non Durables

Cadila Healthcare Ltd

Lupin Ltd

Dr.Reddys Laboratories Ltd

*Infosys Ltd

*Tata Motors Ltd.

Overseas Securities, IDRS and ADRs

TREPS Including Cash & Cash Equivalent and Net Current Asset

Jan19

Feb19

Mar1

9

Apr1

9

May1

9

Jun19

Jul1

9

Aug19

Sep19

Oct

19

Nov1

9

Dec1

9

Jan20

Feb20

Mar2

0

Apr2

0

May2

0

Jun20

Jul2

0

Aug20

Sep20

Oct

20

Nov2

0

0

20

40

60

80

100

120

140

160

Date

Scheme Benchmark Index Index Value of Investment of Rs. 10,000/-

PPLTEF Nifty 500(TRI)

Nifty 50(TRI)

PPLTEF Nifty 500(TRI)

Nifty 50(TRI)

Since Inception 17.60% 12.98% 12.26% 12.90% 33,835 25,027 23,862 24,890

Nov 29, 2019 to , 2020 (Last 1 Yr)Nov 27 27.34% 10.39% 8.74% 9.54% 12,725 11,036 10,872 10,952

Nov 30 Nov 27, 2017 to 2020 (Last 3 Yrs), 13.95% 6.65% 9.63% 11.35% 14,787 12,128 13,169 13,798

Nov 30 Nov 27, 2015 to , 2020 (Last 5 Yrs) 13.97% 11.24% 11.74% 12.46% 19,225 17,027 17,416 17,986

S&P BSE Sensex (TRI)


Total Amount Invested 9,10,000 1,20,000 3,60,000 6,00,000

Market value of Investment (Regular Plan) 17,26,913 1,51,795 4,87,694 9,23,596

(Regular Plan) Returns (Annualised) (%) 16.53% 53.62% 20.86% 17.34%

Nifty 500 (TRI) Returns (Annualised) (%) 11.59% 45.39% 11.96% 11.21%

Nifty 50 Returns (Annualised) (%)(TRI) 11.60% 43.44% 12.96% 12.25%

S&P BSE Sensex Returns (Annualised) (%)(TRI) 12.33% 43.86% 14.26% 13.52%

Since Inception

from June 1, 2013

Nov 29 Nov, 2019 to

27, 2020 (Last 1 Yr)

Nov 30 Nov, 2017 to

27, 2020 (Last 3 Yrs)

Nov 30, 2015 to Nov

27, 2020 (Last 5 Yrs)

Nov 29, 2019 to 2020Nov 27,Since Inception (May 27, 2013)

CAGR: Scheme: NiftyNifty 50: 12.26%, Sensex: 12.90%

17.60%, 500:12.98%Scheme: , Nifty

Nifty 50: , Sensex: 27.34% 10.39%

8.74% 9.54% 500:

Note:

Different plans shall have different expense structures.

Scheme returns shown are for regular plan.

Past performance may or may not be sustained in the future.

Greater than 1 year returns are CAGR returns.

Data presented here is upto the last calendar month.

Less than 1year returns are annualised returns.

PPLTEF Returns Benchmark Returns (Nifty 500 (TRI)) Sensex (TRI) Returns Nifty 50 (TRI) Returns

May1

3

Nov1

3

May1

4

Nov1

4

May1

5

Nov1

5

May1

6

Nov1

6

May1

7

Nov1

7

May1

8

Nov1

8

May1

9

Nov1

9

May2

0

Nov2

0

The combined holding of 'Insiders' in Parag Parikh Long Term Equity Fund

amounts to . For more details ̀ Crores171.41 of AUM as at Nov 27, 2020

please visit the 'Schemes' section of our website.

PPLTEF Vs Benchmark Indices

We have our Skin in the Game

SIP Investment Performance (Assumption : `10,000/- is invested on the first of every month)

Lumpsum Investment Performance (Compounded annual returns)


https://amc.ppfas.com/schemes/disclosure-of-insider-holdings/index.php

Portfolio Disclosure

-

- Since the fund has not completed 3 years, other quantitative indicators are not

shown as per AMFI Best Practice Guidelines.

Above figures are annualised.

Name of the fund Parag Parikh Tax Saver Fund


Type of the Scheme

Date of Allotment July 24, 2019

Benchmark Index Nifty 500 (TRI)

To seek to generate long-term capital appreciation through a diversified portfolio of equity and equity related instruments

An open ended equity linked saving scheme with a statutory lock in of3 years and tax benefit.

Name of the Fund

Managers

Assets Under Management

(AUM) as on Nov 27, 2020

`81.06 CroresAverage AUM

for the Month

`85.29 Crores

Net Asset Value (NAV) as

on , 2020Nov 27

Regular Plan: 13.0537

Direct Plan: 13.2702

Weighted Average

Expense Ratio


Direct Plan: 1.16%*


Minimum

Application

Amount

New Purchase: 500 and in multiples of 500Additional Purchase: `

` `

500 and in

Monthly SIP: , ` `1,000 Quarterly SIP: 3,000

Portfolio Turnover 5.18%

Mr. Rajeev Thakkar - (Overall 18 years of experience in fund management)

Equity Fund Manager

Mr. Raj Mehta - Debt (Since )

Fund Manager Inception

Mr. Raunak Onkar - Co (Since Inception)

Fund Manager

Industry Allocation


Not ApplicableExit Load

Load Structure

Quantitative Indicators


Core Equity

Name Industry % of Net Assets

ITC 7.95%

Finance 6.06%

Persistent Systems Ltd Software 5.31%

Indian Energy Exchange Ltd. Finance 5.08%

Auto 5.05%

Auto 4.93%

Software 4.89%

Software 4.89%

Central Depository Services (I) Ltd. Finance 4.67%

4.23%

Software 4.08%

Multi Commodity Exchange of India Ltd. Finance 4.03%

HDFC Bank Ltd Banks 3.42%

Axis Bank Ltd Banks 2.95%

Auto Ancillaries 2.82%

Oracle Financial Services Software Ltd. Software 2.67%

ICICI Bank Ltd Banks 2.52%

ICRA Ltd Finance 2.45%


IPCA Laboratories Ltd Pharmaceuticals 1.02%

Sun Pharmaceuticals Industries Ltd Pharmaceuticals 1.02%



Total 82.95%

Debt and Money Market Instruments

TREPS Including Cash & Cash Equivalent and Net Current Asset 17.05%

Net Assets 100.00%

Consumer Non Durables

Bajaj Holdings & Investment Ltd

Hero Motocorp Ltd.

Maruti Suzuki India Ltd.

Wipro Ltd.

Tata Consultancy Services Ltd.

Zydus Wellness Ltd Consumer Non Durables

Mphasis Ltd

Balkrishna Industries

Cadila Healthcare Ltd

Dr.Reddys Laboratories Ltd

Lupin Ltd

Debt and Money MarketInstruments

22.29%Finance

12.18%Consumer Non Durables

9.98%Auto

8.89%Banks

4.95%Pharmaceuticals

17.05%

Market InstrumentsDebt and Money

2.82%Auto Ancillaries

21.84%Software

Note:





Less than 1year returns are annualised returns.

Date

Scheme Benchmark Index Index Value of Investment of Rs. 10,000/-

PPTSF PPTSFNifty 500(TRI)

Nifty 50(TRI)

Nifty 500(TRI)

Nifty 50(TRI)

Since Inception 21.86% 13.60% 12.20% 13.33% 13,054 11,875 11,678 11,838

Nov 29, 2019 to , 2020 (Last 1 Yr)Nov 27 21.63% 10.39% 8.74% 9.54% 12,157 11,036 10,872 10,952



Total Amount Invested 1,70,000 1,20,000

Market value of Investment (Regular Plan) 2,13,215 1,49,245

(Regular Plan) Returns (Annualised) (%) 34.75% 49.07%

Nifty 500 (TRI) Returns (Annualised) (%) 29.28% 45.39%

Nifty 50 Returns (Annualised) (%)(TRI) 27.68% 43.44%

S&P BSE Sensex Returns (Annualised) (%)(TRI) 28.33% 43.86%

Since Inception

from Aug 1, 2019

Nov 29, 2019 to Nov

27, 2020 (Last 1 Yr)

Nov 29, 2019 to 2020Nov 27,Since Inception (July 26, 2019)

CAGR: Scheme: NiftyNifty 50: , Sensex:

21.86% 13.60%12.20% 13.33%

, 500:Scheme: , Nifty

Nifty 50: , Sensex: 21.63% 10.39%

8.74% 9.54% 500:

SIP Investment Performance (Assumption : `10,000/- is invested on the first of every month)


PPTSF Returns Benchmark Returns (Nifty 500 (TRI)) Sensex (TRI) Returns Nifty 50 (TRI) Returns


Jul1

9

Aug19

Sep19

Oct

19

Nov1

9

Dec1

9

Jan20

Feb20

Mar2

0

Apr2

0

May2

0

Jun20

Jul2

0

Aug20

Sep20

Oct

20

Nov2

0

60

70

80

90

100

110

120

130

140

Oct

19

Nov1

9

Dec1

9

Jan20

Feb20

Mar2

0

Apr2

0

May2

0

Jun20

Jul2

0

Aug20

Sep20

Oct

20

Nov2

0

The combined holding of 'Insiders' in Parag Parikh Tax Saver Fund amounts to

. For more details

`5.37 of AUM as at Nov 27, 2020Crores please visit the

'Schemes' section of our website.

PPTSF Vs Benchmark Indices


https://amc.ppfas.com/schemes/parag-parikh-tax-saver-fund/disclosure-of-insider-holdings/

Quantitative IndicatorsBeta0.69Standard Deviation0.115Sharpe Ratio0.53Portfolio Turnover (excl Equity Arbitrage)0.1192Portfolio Turnover (incl Equity Arbitrage)1.8617

Portfolio DisclosureName of the fund Parag Parikh Liquid Fund


Type of the Scheme

Date of Allotment May 11, 2018

Benchmark Index CRISIL Liquid fund index

CRISIL 1 Year T-Bill index

To deliver reasonable market related returns with lower risk and high liquidity through judicious investments in money market and debt instruments. (Non Guaranteed)

An Open-ended Liquid Scheme

Name of theFund Manager

Mr. Raj Mehta

Fund Manager since inception.Also manages debt component of PPLTEF since Jan 2016 & PPTSF since inception.

Assets Under

Management Nov 30, 2020

(AUM) as on` Crores1073.80

Average AUM

for the Month`1024.79 Crores

Weighted Average

Expense Ratio


Direct Plan: 0.16%*


Additional Benchmark

Minimum

Application

Amount

New Purchase: 5,000 `

Additional Purchase: 1,000 `

Monthly SIP: 1,000 `

NAV Details

Plan

Growth

Daily Dividend

Weekly Dividend

Monthly Dividend

Direct

1141.8314

1000.5404

1001.6015

1006.0065

Regular

1138.7848

1000.5404

1001.5821

1005.9088

Dividend History - Monthly Dividend Plan

Record date DirectRetail Retail

`2.22

`2.48

`2.92

`2.30

`2.56

`3.02

`2.22

`2.48

`2.92

`2.30

`2.56

`3.02

Corporate CorporateRegular

28th Sep 2020

26th Oct 2020

01st Dec 2020

Quantitive Indicators*

* Computed on the invested amount

Average Maturity (Days) 38.49

0.11

2.78%

Modified duration (Years)

Yield to Maturity

Macaulay Duration (Years) 0.11


* For purpose of levying exit load, if subscription (application & funds) is received

within cut-off time on a day, Day 1 shall be considered to be the same day, else the

day after the date of allotment of units shall be considered as Day 1.

Day of redemption/ switch from the date

of applicable NAV

Day 1 0.0070%

Day 2 0.0065%

Day 3 0.0060%

Day 4 0.0055%

Day 5 0.0050%

Day 6 0.0045%

Day 7 onwards 0.0000%

Exit load as a % ofredemption /

switch proceeds

Exit Load

Load Structure


a)Debt and Money Market Instruments

Name Rating % of Net Assets

91 DAY T-BILL 14.Jan.21 Sovereign 6.97%

91 DAY T-BILL 28. .21Jan Sovereign 6.96%

91 DAY T-BILL 04.Feb.21 Sovereign 6.95%




91 DAY T-BILL 03.Dec.20 Sovereign 4.66%



182 DAY T-BILL 07.Jan.21 Sovereign 4.65%


182 DAY T-BILL 24. .20Dec Sovereign 3.72%



91 DAY T-BILL 07.Jan.21 Sovereign 2.32%b) Government Securities

Government Of India 7% 21.Jan.2021 GOV Sovereign 7.03%

GOI 08.12% 10.Dec.20 Sovereign 2.33%

14.49%

d) Fixed DepositsHDFC Bank Ltd. 5.1% 07.Oct.21 FD 0.19%HDFC Bank Ltd. 5.1% 08.Oct.21 FD 0.09%HDFC Bank Ltd. 5% 08.Nov.21 FD 0.09%HDFC Bank Ltd. 4.5% 17.Dec.20 MFD 0.09%Invested Total 100.00%

c) TREPS and Other Receivables and Payables

TREPS Including Net Receivables/Payables and Net Current Asset

Date

Scheme Benchmark Additional Benchmark Value of Investment of Rs. 10,000/-

CRISIL 1 year T-bill Index

Since Inception 5.21% 6.32% 6.95% 11,388 11,697 11,877

3.03% 3.50% 4.27% 10,006 10,007 10,008

2.92%

3.08%

3.05%

3.02%

3.80%

3.59% 4.73%

3.63% 3.97%

3.79% 4.22%

3.98%

4.81%

3.60%

5.93%

10,014

10,027

10,076

10,151

10,382

10,017

10,032

10,095

10,199

10,483

10,022

10,035

10,105

10,180

10,596

PPLF (Regular)

Crisil Liquid Fund Index

PPLF (Regular)

Crisil Liquid Fund Index

CRISIL 1 year T-bill Index

Nov 23, 2020 to , 2020 (Last 7 Days) Nov 30

Nov 13, 2020 to , 2020 (Last 15 days) Nov 30

Oct 29, 2020 to , 2020 (Last 1 Month) Nov 30

Aug 31, 2020 to , 2020 (Last 3 Months) Nov 30

May 31, 2020 to , 2020 (Last 6 Months) Nov 30

Nov 29, 2019 to , 2020 (Last 1 Year) Nov 30

Note:




Greater than 1 year returns are CAGR returns.


Less than 1 year returns are annualised returns.



Asset Allocation by Asset Class Asset Allocation by Rating

75.69%Treasury Bills

9.36%G Sec

14.95%TREPS, Fixed Deposit,

Net receivables & Payables and

Net Current Asset

85.05%Sovereign

14.95%TREPS, Fixed Deposit and

Net Receivables & Payables


The combined holding of 'Insiders' in Parag Parikh Liquid Fund amounts to

`22.27 Crores of AUM as at Nov 30, 2020. For more details please visit the 'Schemes' section of our website.

https://amc.ppfas.com/schemes/parag-parikh-liquid-fund/disclosure-of-insider-holdings/

Mr. Raj Mehta manages 3 Schemes of PPFAS Mutual Fund.

Past Performance may or may not be sustained in future.

The performance details provided herein are of regular plan growth option. Regular and Direct Plans have different expense structure.

Direct Plan shall have a lower expense ratio excluding distribution expenses, commission expenses etc.

Period 1 YearSince Inception 3 Years 5 Years

Managing Since

Benchmark Index

Benchmark Return (%)




January 27,2016

Nifty 500 (TRI)

May 11,2018

July 24,2019

CRISIL Liquid fund index

Nifty 500 (TRI)

Scheme Return (%)

Scheme Return (%)

Scheme Return (%)

Scheme Return (%)

Fund Manager Name: Mr. Raj Mehta

Parag Parikh Long Term Equity Fund

1 YearSince Inception 3 Years 5 YearsPeriod

Managing Since

Benchmark Index





May 24,2013

Nifty 500 (TRI) 17.60%

17.60%

17.60%

5.21%

12.98%

12.98%

12.98%

6.32%

27.34%

27.34%

27.34%

3.80%

10.39%

10.39%

10.39%

4.81%

13.95%

13.95%

13.95%

6.65%

6.65%

6.65%

13.97%

13.97%

13.97%

11.24%

11.24%

11.24%

July 24,2019

Nifty 500 (TRI) 21.86%

21.86%

21.86%

13.60%

13.60%

13.60%

21.63%

21.63%

21.63%

10.39%

10.39%

10.39%

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Scheme Return (%)

Scheme Return (%)

Scheme Return (%)

Scheme Return (%)


Parag Parikh Tax Saver Fund

1 YearSince Inception 3 Years 5 YearsPeriod

Managing Since

Benchmark Index





May 24,2013

Nifty 500 (TRI)

July 24,2019

Nifty 500 (TRI)

Scheme Return (%)

Scheme Return (%)

Scheme Return (%)

Scheme Return (%)



Parag Parikh Liquid Fund


Mr. Raunak Onkar manages 2 Schemes of PPFAS Mutual Fund.

Mr. Rajeev Thakkar manages 2 Schemes of PPFAS Mutual Fund.

Fund Manager Name: Mr. Raunak Onkar

Fund Manager Name: Mr. Rajeev Thakkar

LOW HIGH

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yletaredoM

oderateM

Hig

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HighwoL

Investors understand that their principal will be at moderately high risk.

Parag Parikh Tax Saver FundParag Parikh Long Term Equity Fund

LOW HIGH

woL

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oderateM

Hig

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HighwoL

Investors understand that their principal will be at moderately high risk.

*Investors should consult their financial advisers if in doubt about whether this scheme is suitable for them.


The investment objective of the Scheme is to seek* to

generate long-term capital growth from an actively managed

portfolio primarily of Equity and Equity Related Securities.

Scheme shall invest in Indian equities, foreign equities and

related instruments and debt securities.

This product is suitable for investors who are seeking*

Long term capital appreciation

Investment predominantly in equity and equity related securities.

Riskometer

Parag Parikh Liquid Fund

LOW HIGH

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y

l

l

e

e

t

t

a ar ree

d

d

o

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Mderao teM

Hig

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HighwoL

Investors understand that their principal will be at Low risk.

This product is suitable for investors who are seeking*


Income over short term

Investments in Debt/money market instruments

RiskometerRiskometer


Know more

Definitions

Fund Manager

This is the minimum investment amount for a new investor in a mutual fund scheme.

Minimum additional amount This is the minimum investment amount for an existing investor in a mutual fund scheme.

SIP

NAV

Benchmark

Entry Load

Exit Load

Standard Deviation

Sharpe Ratio

Beta

AUM

Holdings

Nature of Scheme

Portfolio Turnover Ratio

Yield to Maturity (YTM)

Modified Duration

Total Expense ratio

An employee of the asset management company such as a mutual fund or life insurer, who manages investment of the scheme.

He is usually part of a larger team of fund managers and research analysts.

Application amount for fresh subscription

SIP or systematic investment plan work on the principle of making periodic investments of a fixed sum. It works similar to a recurring

bank deposit. For instance, an investor may opt for an SIP that invests 500 every 15 ` th of the month in an equity fund for a period of three years.

The NAV or the net asset value is the total asset value per unit of the mutual fund after deducting all related and permissible expenses. The NAV

is calculated at the end of every business day. It is the value at which the investor enters or exits the mutual fund.

A group of securities, usually a market index whose performance is used as a standard or benchmark to measure investment performance of

mutual funds, among other investments. Some typical benchmark include the Nifty, Sensex, BSE 200, BSE 500, 10-year Gsec.

A mutual fund may have a sales charge or load at the time of entry and/or exit to compensate the distributor/agent. Entry load is charged at the

time an investor purchase the units of a mutual fund. The entry load is added to the prevailing NAV at the time of investment. For instance, if the

100 and the entry load is 1%, the investor will enter the fund at Rs 101.NAV is `

Exit load is charged at the time of redeeming (or transferring an investment between schemes). The exit load percentage is deducted from the

NAV at the time of redemption (or transfer between schemes). This amount goes to the respective scheme and gets added to the AUM of that Scheme

Standard deviation is a statistical measure of the range of an investment’s performance. When a mutual fund Scheme has a high standard deviation, its

range of performance is wide implying greater volatility.

The Sharpe Ratio named after its founder, the Nobel Laureate William Sharpe is a measure of risk-adjusted returns. It is calculated using standard

deviation and excess return to determine reward per unit of risk.

Beta is a measure of an investment's volatility vis-a-vis the market. Beta of less than 1 means that the security will be less volatile than the market.

A beta of greater than 1 implies that the security's price will be more volatile than the market.

AUM or assets under management refers to the recent / updated cumulative market value of investments managed by a mutual fund or any

investment firm.

The holding or the portfolio is a mutual fund's latest or updated reported statement of investments/securities. These are usually displayed in term

of percentage to net assets or the rupee value or both. The objective is to give investors an idea of where their money is being invested by the

fund manager.

The investment objective and underlying investments determine the nature of the mutual fund scheme. For instance a mutual fund that aims at

generating capital appreciation by investing in stock markets is an equity fund or growth fund. Likewise a mutual fund that aims at capital

preservation by investing in debt markets is a debt fund or income fund. Each of these categories may have sub-categories.

A measure of how frequently assets within a fund are bought and sold by the managers. Portfolio turnover is calculated by taking either the total

amount of new securities purchased or the amount of securities sold - whichever is less - over a particular period, divided by the total net asset

value (NAV) of the fund. The measurement is usually reported for a 12-month time period.

The yield to maturity (YTM) of a bond or other fixed-interest security, such as gilts, is the (theoretical) internal rate of return (IRR, overall interest rate) earned by an investor who buys the bond today at the market price, assuming that the bond is held until maturity, and that all coupon and principal payments are made on schedule.

Modified duration is a formula that expresses the measurable change in the value of a security in response to a change in interest rates. Modified duration follows the concept that interest rates and bond prices move in opposite directions.

The total expense ratio (TER) is a measure of the total cost of a fund to the investor. Total costs may include various fees (purchase, redemption, auditing) and other expenses. The TER, calculated by dividing the total annual cost by the fund'stotal assets averaged over that year, is denoted as a percentage.


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