investime oct 2017 - aditya birla group october...the upside, while stronger domestic participation...

201710

CONTENTS

01 EDITORIAL

02 CURRENT FIXED INCOME MARKETS

03 FAVOURABLE DEMOGRAPHICS AND REFORMS ARE LONG-TERM POSITIVES FOR EQUITIES

04 MACRO DEVELOPMENTS

05 FIXED INCOME

06 EQUITY MARKETS

07 COMMODITIES AND CURRENCY MARKETS

08 INDICATORS

09 RECOMMENDED FUNDS - EQUITY

11 RECOMMENDED FUNDS - HYBRID

12 RECOMMENDED FUNDS - DEBT

18 OTHER INFORMATION

20 OTHER OFFERINGS

EDITORIAL

01October 2017 Investime

It has been a pleasant time for global equity markets with the economic indicators continuing to point towards a healthy growth. While the world is worried about North Korea, markets continue to cheer decent corporate earnings with little sign of any near-term risks to growth. Against this sanguine economic backdrop, Central Bankers continue to indicate that they want to unwind gradually the level of monetary stimulus in place.

Back home, the recent economic releases have been positive pushing the equity markets to fresh all-time highs. Consumer inflation was flat on the back of softer food inflation; volatile industrial production surprised on the upside while exports recovered at the fastest pace in six months.

We believe that the recent downward pressures on domestic growth were due to short term disruptions caused by the implementations of GST, RERA and demonetization; we expect growth to recover in the second half of the current fiscal on the back of relaxations offered in new tax reforms, pick up in domestic consumption and exports, lower borrowing costs and potentially a near normal harvest.

In the short term, equities face elevated valuations, lack of foreign investor participation and geo-political concerns may limit the upside, while stronger domestic participation might limit the volatility in the market place during the times of turbulence. Domestic earnings are expected to pick up gradually from hereon, hence its trajectory needs to be seen closely for the direction in the near term basis. However, the longer term equity dynamics continue to look eminent.

On fixed income side considering ongoing inflation concerns and surplus liquidity conditions, we continue to prefer short to medium end of the curve; and for investors chasing yield may consider accrual and credit funds depending upon their risk appetite.

We suggest investors to stay invested and focus their investment decisions on asset allocation. "It is not necessary to do extraordinary things to get extraordinary results." – Warren Buffet

Bhavesh SanghviExecutive Vice President & Head - Wealth ManagementAditya Birla Finance LimitedGuest Editor


CURRENT FIXED INCOME MARKETS

Amandeep Singh Chopra - Group President & Head of Fixed Income - UTI AMC LtdIn the 4th bi-monthly monetary policy, Monetary Policy Committee (MPC) kept policy rates unchanged and decided to persevere with the neutral stance while reducing the Statutory Liquidity Ratio by 50 bps from 20% to 19.5% of Net Demand and Time Liabilities (NDTL). The decision to hold rates was mainly on back of sharp uptick in inflation readings, rising crude prices, depreciating INR, widening current account and growing fiscal woes.

The MPC also revised the CPI targets upwards to 4.2-4.6% in 2HFY18. The factors which would put upward pressure on inflation include uncertain food prices tracking lower kharif estimate, stabilization in pulse inflation, GST led upward price revisions, inch up in core inflation, rising global crude oil prices, likely fiscal slippage imparting upward prices pressures and pending implementation of state allowances. CPI inflation for month of Aug’17 inched up to 3.36% from 2.36% in Jul’17. The last two readings have marked a cumulative uptick of 190 bps in the headline print. We believe most of the deceleration is behind us, going ahead the adverse base effect and continued accounting of HRA hikes would put further upward pressure on inflation.

On growth front, RBI lowered real GVA growth forecasts for fiscal 2017-18 to levels of 6.7% from 7.3%. The downward revision in growth projections was due to the sharp slowdown seen in Q1FY18 across segments on the back of supply side disruptions caused by demonetization and GST implementation, manufacturing sector woes, lower advance estimate of kharif production and stressed balance sheets for banks and corporations. However, some positives can emerge from increase in household consumption post state salary revisions, GST related disruptions may be short term, and expected improvement in business sentiment in Q3. We continue to expect only a slim recovery on the growth front considering limited fiscal and monetary support ahead amidst persistent borrowing pressures (Center & State) and much of the disinflation behind us.

RBI proposed cut in Statutory Liquidity Ratio (SLR) for banks by 50 bps from 20.0% to 19.5% of NDTL. It also reduced the Hold to Maturity (HTM) ratio to 19.50% from current 20.25% of NDTL which might result in reduction in demand from banks for G-secs.

The bond markets reacted negatively post the monetary policy announcement due to factors viz. hawkish undertone of policy, likely scenario of an uptick in inflation trajectory, possibility of fiscal slippage, 50 bps reduction in SLR and 75 bps reduction in HTM ratio. The 10 year benchmark G-Sec, the 6.79% 2027 GS yields closed the day at 6.70% up by 5 bps from its previous day’s close of 6.65% and 8 bps from intraday low of 6.62%.

With possibility of fiscal slippage and current unabsorbed liquidity, we expect the 10 year benchmark 6.79% 2027 GS to be range bound between 6.70% to 6.80% levels. Geopolitical issues, rising oil prices and firming up of commodity prices might result in volatility in the market. On domestic front, the demand supply of SDL & GSec are unfavourable for yields if fiscal slippage takes place. Unless there is marked change in incoming data, we do not expect RBI to cut rates.

We continue to believe that the underlying theme will be to focus on capital preservation and reasonable income accrual based on the evolving domestic & global macroeconomic environment. In such a scenario, funds having a combination of higher income accrual and short to medium term duration would provide a good investment opportunity for the investors.

Overall, market continues to present opportunities for investors entering the fixed income markets with a medium to long term investment horizon.

FAVOURABLE DEMOGRAPHICS AND REFORMS ARE LONG-TERM POSITIVES FOR EQUITIES

Neelesh Surana - Chief Investment Officer (CIO) Equity - Mirae Asset Global Investments (India) Pvt. Ltd.The sub 6% GDP growth witnessed over the last two quarters has led to debate on India’s medium term growth prospects. We believe that the low growth print at 5.7% in Q1, is transient which is negatively impacted by lot of near-term factors related to demonetization, GST, RERA, IBC, etc. Let’s revisit the core pillars which would form the base for decent growth –these are primarily related to favourable demographics, potential in infrastructure, and reforms.

While India’s macro-economic data points have improved over the last three years, the same are yet to be fully reflected in buoyancy of the economy and thus earnings growth. However, India is forming a base for a stable and secular growth. Looking ahead, our base view is that Indian GDP would grow in excess of 7% on a more sustainable basis led by powerful demographics, rising GDP per capita, and a robust services industry.

Favourable Demographics of India: India’s demographic is the country’s crown jewel – it’s powerful – about half of the country of 1.3 billion people are under the age of 25, and about two-third under the age of 35. The median age of India is 27 years, which is about 10 years younger than China and USA. As a result, India will add about 190 mn people in workforce over the next two decades – that’s about 20% of addition to the world’s labour workforce!

Various studies pen the above demographics to support GDP growth by about 1.5-2% p.a. It is the most compelling macro feature which offers several attractive investment opportunities particularly in underpenetrated consumer discretionary space. India’s middle class could reach close to 600 million by 2025 (from about 250 million), versus a total US population of 350million at that time. India will likely be third largest consumer market in the world by 2030 as measured in the purchasing-power parity basis.

Reforms momentum has picked up: The government has brought in a series of important policies with far-reaching impact. These include GST, new IBC (Insolvency and Bankruptcy Code), RERA, etc. All of these measures will improve efficiency and ease compliance burdens for businesses over the long-term. There is also medium term commitment to keep inflation low, maintain positive real interest rate in the economy, fiscal consolidation, and focus on maintaining rupee stability.

Of special importance is the GST which was implemented from July. The long-term positives of GST will be to help improve the ease of doing business, and Efficiency Gains related to logistics, and supply chain management. Technology is another powerful factor in India’s roadmap to reform with powerful linkage of biometric identification system (Aadhaar) with the mobile phones. Technology has allowed the government to bypass intermediaries which will improve transparency.

The government has implemented transparent method of e-auctioning of national resources, reduced distortion through de-regulation of petrol and diesel prices, improved subsidy delivery through direct benefits transfer, brought transparency in the lending process by implementing Bankruptcy Code, taken measures to convert parallel economy to mainstream. Reforms could help accelerate investment in infrastructure – which otherwise also has large potential to grow given the growing need for the same.

Outlook for InvestorsFrom equity investors’ viewpoint, we believe that earnings have lagged nominal GDP growth for several years now. With fall in interest rates, and signs of improving corporate profitability the overall outlook for recovery in earnings and thus equity markets is positive. We believe that the mean revision to earnings would take place over the next two years, with the sectors which dragged earnings growth turning around.

We would advise investors to invest in a disciplined way in equities within the earmarked asset allocation. Many a times the action required is “nothing” i.e. simply following a well-disciplined asset allocation with planned diversification. We expect meaningful returns to investors with patience.


Source: Ministry of Finance

Total expenditure 9,504,470 44.3% 8,016,610 40.5%Revenue expenditure 8,407,990 45.8% 7,103,290 41.0%Capital expenditure 1,096,480 35.5% 913,320 37.0%Total receipts 4,254,020 26.0% 3,938,410 27.3%Total revenue receipts 4,098,680 27.0% 3,853,230 28.0%Tax revenue 3,406,120 27.8% 2,802,550 26.6%Non-tax revenue 692,560 24.0% 1,050,680 32.5%Non-debt capital receipts 155,340 18.4% 85,180 12.7%

Gross Fiscal Deficit 5,250,450 96.1% 4,078,200 76.4%

Particulars (Rs. Mn) Apr-Aug FY 18

Budget Estimates

FY 18

Apr-Aug FY 17

Budget Estimates

FY 17

Source: SIAM

Domestic Passenger 309,955 278,428 11.32%Vehicles SalesTwo-wheeler Sales 2,041,024 1,871,621 9.05%Commercial Vehicles Sales 77,195 61,623 25.27%Three-wheeler Sales 61,860 51,950 19.08%Total Sales 2,490,034 2,263,620 10.00%

Particulars Sep-17 Sep-16 Growth

MACRO-GLOBAL

MACRO-INDIA

Hurricane Harvey weighed on US consumer spendingU.S. consumer spending which accounts for more than two-third of U.S. economic activity was muted in as Hurricane Harvey weighed on auto sales; while annual inflation increased at its slowest pace in nearly two years, pointing to a moderation in economic growth in the third quarter. US PCE index remained unchanged at 1.4% while Core PCE which is Fed’s preferred inflation measure continued to remain sticky and slowed to 1.3% y-o-y in

from 1.4% in Jul-17. While incoming inflation data will principally determine the timing of rate hikes over the next two years. Also, minutes show that most of the FOMC participants still believe that the labor market is already at full employment and projected to tighten further which will eventually feed into inflation. However, basis the Fed Chair’s view, the Central Banks seems to be prepared to hike despite inflation being below its target. It is likely that the US Fed may hike policy rates thrice over next 12 months.

Eurozone Composite PMI Index expanded Eurozone business activity grew at a robust rate in Sep-17 as Eurozone Composite PMI Index that tracks both services and manufacturing came in at 56.7. Manufacturing production rose at the quickest pace since Apr-11 while rate of expansion in services activity improved to a four-month high. Eurozone’s inflation was unchanged in Sept-17 at 1.5% and continued to stay far from the European Central Bank's target of below, but close to, 2% to normalize interest rates and wind down its massive bond buying programme.

Fiscal Deficit reached 96.1% of budgeted estimate (BE)The central government’s fiscal deficit climbed to 96.1% of the annual target for FY18 at the end of . During the same period last year, the government had exhausted 76.4% of its budgeted target. Despite this, government said it was confident of meeting the fiscal deficit target for the year, pegged at 3.2% of GDP, or Rs 5.47 trillion. The fiscal deficit has been higher than the previous years

Aug-17

Aug-17

Aug-17

because of front loading of expenditure by the government which is generally seen in second half of the year. This spend augmentation was needed to revive the economy as private investment and exports were abating. While, the overall receipts are lower due to non-tax revenues largely because of lower dividends from the Reserve Bank of India. Also, flexibility offered to traders for compliance of GST for couple of months due to ongoing lack of clarity over input credits and glitches in the IT platform led to slowdown in indirect tax collections. While, strong growth of over 16% in direct tax collections assuages the growth concerns overall.

Improvement in IIP, Core and PMI numbersIIP rose well above market expectation to 4.3% in Aug-17 as compared to revised 0.94% in the previous month. The pickup in production activity was broad based and reflects the pre-festival season demand as well as restocking activity post implementation of GST. But it is better to wait for few more readings to ascertain the consistency of the momentum. Core sector output rose to 4.92% in compared to 2.65% in July-17 on the back of a sharp uptick in coal production and electricity generation. Although, manufacturing PMI remained unchanged in Sep-17, business confidence witnessed improvement which was earlier dented due to concerns relating to GST. Meanwhile, services PMI expanded for the first time after three months on account of surge in new business orders, triggering fastest rate of jobs creation in the services sector since mid-2011.

Double digit growth in Auto Industry

Auto industry’s growth has recovered even after facing difficulties like demonetization, transition from BS-III to BS-IV norms and implementation of GST. Vehicle sales across categories registered a growth of ~10% in September (y-o-y) on festive demand and restocking after GST-led disruption. Sales of commercial vehicles (seen as an indicator of economic growth) rose by 25% y-o-y.

OutlookImprovement in automobile sales, rebound in core sector growth, uptick in industrial growth, expansion in manufacturing and service activities, suggests gradual recovery in the economy. Relaxation of GST rules in certain sectors, normal monsoon and lower borrowing costs shall aid consumption and economic activity going ahead.

Aug-17


MACRO DEVELOPMENTS

FIXED INCOME - GLOBAL

FIXED INCOME – INDIA

US Fed starts unwinding In the global economy, the US Central Bank, in its latest monetary policy meet left the rates unchanged in line with market expectations. However, a slight surprise to the market was that the Fed’s median forecast continues to signal one additional rate hike in 2017 and three rate hikes in 2018, as a result the US treasury yields moved up. The Fed announced that it would start rolling off its $4.5 trillion balance sheet in October 2017. This means a further tightening of easy and cheap global liquidity. The announcement of proposed tax plan from the President’s office raised worries about growth in federal deficit and borrowing denting the sentiments further in the US as well as in the European bond markets.

While the Fed starts to normalize its balance sheet, the ECB and the BOJ are still conducting Quantitative Easing (QE) and buying bonds in large quantities. As a result, the balance sheet of Global Central Banks are expected to peak further.

RBI holds policy rate but negative reaction by G-Sec After months of stability, September turned out to be a volatile month with yields moving up due to various factors. Despite the 25 bps policy rate cut in the month of August 2017 by RBI, the bond yields have refused to move downwards and in fact have moved up over the last 2 months from 6.44% in early August to 6.75% by mid October 2017. Announcement of balance sheet tapering by US Fed, upward trajectory in CPI Inflation, core inflation, crude oil prices and the chatter of fiscal stimulus have adversely impacted the bond market.

RBI maintains Neutral StanceIn the latest RBI Policy meet, the Monetary Policy Committee (MPC) kept the policy rates unchanged, as expected by market, while maintaining its neutral stance. Off late, inflation trajectory has been moving in line with the RBI’s expectation, hence left the rates untouched.

FIXED INCOME


Going ahead, as RBI expects inflation to inch upwards, it has marginally increased the inflation projection to 4.2%-4.6% in the second half of this financial year. This further impacted debt markets unfavorably.

Overall, we believe that the tone of RBI was slightly hawkish and by increasing the inflation forecast, the probability of a rate cut has come down significantly. We expect the 10 year G-Sec yield to trade in a tight range at least in the near term.

Inflation continues to be below 4% with upside riskHeadline Consumer Price Inflation (CPI) came in at 3.28% in September 2017, unchanged from the previous month’s high. Food inflation slowed while prices rose at a faster pace for housing, fuel and clothing. Increase in Fuel inflation was seen due to hardening of crude oil prices.

Going ahead, we continue to expect the upside risks to the headline CPI owing to implementation of farm loan waivers and hike in house rent allowance.

Money Market flush with LiquiditySurplus liquidity conditions persisted throughout the month. To drain excess liquidity, the Central Bank continues to conduct Open Market Operation (OMO) sales and term reverse repo auctions and is expected to continue further. In the month of September 2017, FPI’s invested Rs. 1,349 crores in the Indian debt market as against Rs. 15,447 in the month of August 2017. The pace of the flow is expected to further decrease as the FPI limits are almost fully utilized.

Prefer Short and Medium end of the yield curveAs we have been anticipating, volatility in yields is more pronounced in beyond 8 years segment. We continue to prefer shorter to medium end of the curve as they continue to be attractive basis risk reward trade off. Hence, Investors may consider Liquid, Ultra Short Term and Short Term Funds depending upon their investment time horizon. Further, depending upon risk appetite accrual and credit funds can be looked at for investors seeking higher yields.

Source: CMIE

Source: Thomson Reuters

10 Year G-Sec Yield

6.306.356.406.456.506.556.606.656.706.756.806.856.90

1-Au

g4-

Aug

7-Au

g10

-Aug

13-A

ug16

-Aug

19-A

ug22

-Aug

25-A

ug28

-Aug

31-A

ug3-

Sep

6-Se

p9-

Sep

12-S

ep15

-Sep

18-S

ep21

-Sep

24-S

ep27

-Sep

30-S

ep3-

Oct

6-O

ct9-

Oct

12-O

ct

0.00

0.50

1.00

1.50

2.002.50

3.00

3.50

4.00

4.50

Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17

Inflation

CPI

-15-10

-505

101520253035

Q1F

Y16

Q2F

Y16

Q3F

Y16

Q4F

Y16

Q1F

Y17

Q2F

Y17

Q3F

Y17

Q4F

Y17

Q1F

Y18

Q2F

Y18E

Nifty PAT growth Nifty Sales growth

Source: Bloomberg

EQUITY - GLOBAL

EQUITY - INDIA

Global equities hit record highsGlobal equity markets rallied to fresh highs on the back of strong global trade growth and encouraging PMI data worldwide. The potential for U.S. tax reform has further fuelled the recent rally on Wall Street and other related global equity markets as geo-political tensions have ebbed and earnings growth expectations continue to remain healthy. Most of the developed market bond yields are significantly lower to their respective earnings yields (inverse of PE), despite sustained run up in valuations; this appears to leave some scope for the rally to continue for now. However, geo-political risks may play ‘spoil sport’ in the event of precipitation of situation in East Asia.

US Q3 corporate earnings growth expected to remain strong The macro backdrop remains supportive for earnings growth of S&P 500 companies with lower USD (especially favourable for Technology, Healthcare, and Industrials), a goldilocks scenario for Financials with expanding net-interest margins, multi-decade low credit costs, and rising commodity prices. According to Bloomberg, S&P 500 third-quarter earnings are expected to grow 6% on a Y-o-Y basis. Results in the quarter include unfavourable impacts of Hurricanes Harvey and Irma. The first two quarters of the year saw stellar earnings growth, with first and second-quarter profits rising 15% and 12% respectively.

Largecaps outperform Midcaps On MoM basis, Indian equity markets ended mixed bag with Nifty Index up by 1% and NSE Midcap Index down by 1%. Ongoing macro and earnings growth concerns emanated from demonetization and GST implementation and elevated valuations weighed on investor sentiment. Liquidity conditions continue to be stable with DII being net buyers to the tune of USD 0.9 bn although FPIs continue to remain sellers with outflow of USD 0.7bn on

EQUITY MARKETS

MTD basis as on 13th October. We think domestic participation will continue to be supportive in the face of FPI outflows, basis USD 3.5 to 4 bn inflows per month into equity oriented mutual funds.

Nifty Q2 earnings likely to pick up Consensus from Bloomberg estimates Nifty sales to grow 16% YoY, highest growth in 20 quarters and Nifty PAT is estimated to grow 29% YoY, highest in 13 quarters, aided by OMCs and Metals, while Nifty ex-OMCs profit is estimated to grow at 15% YoY and Nifty ex-OMCs, Metals and PSU Banks is expected to post 5% YoY profit growth. Q2FY18 will mark the end of material GST-related disruptions as companies will benefit from re-stocking and early festive season. In order to ease the teething troubles, GST council has recently announced some relief measures pertaining to composite scheme, frequency of return filing and several other mechanisms of GST. We expect H2FY18 to be much better over H1FY18 for Consumer, Auto, and Durables sectors supported by low base of demonetization in H2FY17.

Large Caps offer margin of safetyMedium to long term outlook continues to be positive for equities, owing to structural growth drivers like favourable demographics and improving macro fundamentals. Earnings are poised for a gradual recovery led by government’s impetus to GST led hurdles, supported by infrastructural thrust in spending, normal monsoons and lower interest rates.

Large caps continues to offer value and margin of safety over midcaps. The key sectoral players are autos, private banks, consumer focussed NBFCs and materials. We re-iterate our investment strategy of being stock specific and focus on high growth, well-managed companies with strong cash flows and credible management teams. In the near term, market trajectory would be dependent on geo-political events apart from the liquidity conditions and continuity of domestic investor participation.


Earnings and Exports vs Global Equities

Source: Bloomberg, US Federal Reserve

Global median Yoy Change in Fwd EPSGlobal median Yoy ExportsMSCI ACWI (RHS)

500450400350300250200150100

30%10%

-10%-30%

90 92 94 96 98 00 02 04 06 08 10 12 14 16

90

92

94

96

98

100

102

104

1100

1150

1200

1250

1300

1350

1400

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6

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31-J

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25-A

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7


GOLD

Gold consolidated with the strength of USD

Gold prices have been range bound over past six weeks and are currently hovering around $1280. Prices fell from recent highs lead by profit-booking through liquidation of long positions among investors. Eventually that has been accentuated with strength of U.S. Dollar, positive U.S. economic reports and chatter of the U.S. Fed turning hawkish and easing tensions in the Korean peninsula.

However, given all the rhetoric but no solution to the issue, it seems that the market has moved ahead of the North Korean stalemate and focusing on other factors. Needless to say, as and when geo political tensions resurface gold will be back in vogue.

Physical demand remains steady

Looking at physical Gold demand, a growth of 7% in the first half of the year compared to the same period in 2016, as per data from the World Gold Council, primarily led by India and China. In India, jewellery and coin purchases were up by 30%, while in China, jewellery demand was down 3.3%, but coin/bar investment was up 38.7%. India’s strong demand is due to low base and shopping ahead of the Goods and Services Tax (GST) introduction.

Collectively, consumer demand in the world’s two largest consumers was up 15.5% in the first half of the year, compared to H1 of 2016. The weakness in the overall Gold demand has come from ETF demand; at 167.9 tons in the first half, compared with 579.4 tons in the same period in 2016.

Outlook - stable in the near termGiven the oversight on domestic inflation and stability in currency combined with fundamental outlook of demand drivers, we don’t have enough reasons to believe the commodity to outperform other asset classes. While, ongoing geo political tensions may bring the commodity in focus from time to time.

Based on technical momentum indicators gold prices are consolidating in-between, $1250-$1300 per ounce in the near term. However, in the event of any break-out above $1300, prices could again move higher towards $1335-$1360 levels. While on the downside a sustained breach below support at $1250-$1248, may push prices further down towards $1210-$1215 levels.

Trade Data

India trade deficit for September embarked to a 7-month low to US$ 9bn against last 6-month average of US$ 12bn, owing to a surge in exports. This trend has been reflective in manufacturing PMI, partially attributable to lack of domestic demand. While, imports continues to be in line with the trend of past few months. Also, this data release pertains to the period, when exporters were complaining working capital constraints due to GST and its adverse impact on trade activity. Hence this has been seen as a positive surprise.

Exports were up by 26% on YoY basis to US$ 28.6bn, a 6-month high. While, the last 5-month average is at US$ 23.7bn. Segments supported for the strong surge are gems & jewellery and engineering exports. Also, a sequential rise is seen in chemicals, pharmaceuticals, petroleum products, and textiles.

Although, imports inched up, but in a slower clip of 18% on YoY basis to US$ 37.bn, led by higher non-oil imports. Non-oil non gold imports grew by 21% against 18% for a month ago period. Key segment contributors for the growth in imports are pearls & precious stones, coal and non-ferrous metals etc. While, gold and iron & steel imports fell sequentially.

A healthy trade data augured well for the currency stability. However, for currency to remain stable, we have to see the sustainable trend of the trade deficit. Going forward, lifting of all GST related barriers atleast till the end of current fiscal, should augur well for exporters over next two quarters and be supportive for the economic growth and currency stability.

CURRENCY

COMMODITIES AND CURRENCY MARKETS

Source: Bloomberg

COMEX Gold [LHS] Dollar Index [RHS]

-15-14-13-12-11-10-9-8-7

16182022242628303234363840

Sep-

16

Oct

-16

Nov

-16

Dec

-16

Jan-

17

Feb-

17

Mar

-17

Apr-

17

May

-17

Jun-

17

Jul-1

7

Aug-

17

Sep-

17

Exports (LHS) Trade Balance (RHS)Imports (LHS)

Exports v/s Imports (bn.$)

Source: Bloomberg

INDICATORS

T-Bills (%) 13-Oct-17 1M Ago 3M Ago 6M Ago 1Yr Ago91 Days 6.00 6.00 6.20 5.75 6.26182 Days 6.17 6.19 6.29 6.08 6.39364 Days 6.21 6.24 6.30 6.18 6.43

OIS - MIBOR (%) 13-Oct-17 1M Ago 3M Ago 6M Ago 1Yr Ago1 year 6.08 6.13 6.19 6.41 6.363 year 6.06 6.08 6.12 6.47 6.215 year 6.22 6.21 6.23 6.66 6.33

CD Rates (%) 13-Oct-17 1M Ago 3M Ago 6M Ago 1Yr Ago1 Month 6.05 6.10 6.26 6.12 6.353 Month 6.18 6.13 6.30 6.35 6.491 Year 6.59 6.50 6.61 6.70 6.85

CP Rates (%) 13-Oct-17 1M Ago 3M Ago 6M Ago 1Yr Ago1 Month 6.55 6.53 6.50 6.44 6.563 Month 6.74 6.66 6.64 6.73 6.791 Year 7.08 7.03 7.14 7.21 7.31

MIFOR Swaps (%) 13-Oct-17 1M Ago 3M Ago 6M Ago 1Yr Ago1 year 6.09 6.14 6.44 7.01 7.123 year 5.70 5.67 6.12 6.66 6.625 year 5.98 5.90 6.46 7.01 6.75

G-Sec Yields (%) 13-Oct-17 1M Ago 3M Ago 6M Ago 1Yr AgoG-Sec 1 Yr 6.27 6.30 6.38 6.39 6.56G-Sec 5 Yr 6.67 6.53 6.56 6.95 6.73G-Sec 10 Yr 6.74 6.59 6.46 6.82 6.83

1 Year 6.82 6.81 6.97 6.96 7.045 Year 7.23 7.17 7.22 7.44 7.2710 Year 7.50 7.40 7.38 7.73 7.37

AAA Corporate Bond Yields (%) 13-Oct-17 1M Ago 3M Ago 6M Ago 1Yr Ago

Equity 5,182 17,457 78,720 9,128Debt 19,822 31,855 282,001 24,637

1 Year 7.24 7.23 7.37 7.36 7.425 Year 7.79 7.61 7.65 7.94 7.7510 Year 8.04 7.88 8.22 8.27 7.85

AA Corporate Bond Yields (%) 13-Oct-17 1M Ago 3M Ago 6M Ago 1Yr Ago

Oct-17 Sep-17 YTD Oct-16G-Sec Spread (bps) 13-Oct-17 1M Ago 3M Ago 6M Ago 1Yr Ago5Y-1Y 39.90 23.00 18.20 56.40 16.90

10Y-5Y 6.80 5.20 -10.60 -13.40 10.30

15Y -10Y 49.20 54.50 64.40 67.40 32.60

30Y -15Y 6.00 5.90 -0.40 -3.40 1.40

MF Inflows (Rs. Crs.)

FII Inflows (Rs. Crs.)Commodity 13-Oct-17 1M Ago 3M Ago 6M Ago 1Yr Ago

Nymex Crude ($/bbl) 51.45 48.23 46.08 53.11 50.44

Brent Crude ($/bbl) 57.17 54.27 48.42 55.86 52.03

Gold ($/Oz) 1,301.50 1,328.00 1,216.30 1,275.30 1,255.00

Silver ($/Oz) 17.36 17.80 15.64 18.28 17.41

Copper ($/ton) 6,882.00 6,668.00 5,876.00 5,628.00 4,712.00

Aluminium ($/ton) 2,133.50 2,137.00 1,923.00 1,898.00 1,692.00

10-Yr Yields (%) 13-Oct-17 1M Ago 3M Ago 6M Ago 1Yr Ago

US 2.28 2.17 2.35 2.30 1.74

UK 1.37 1.14 1.30 1.05 1.02

Germany 0.40 0.40 0.60 0.20 0.04

France 0.82 0.70 0.88 0.92 0.34

Italy 2.07 2.08 2.32 2.28 1.38

Japan 0.07 0.02 0.08 0.02 -0.06

Brazil 9.82 9.87 10.42 10.06 11.43

China 3.68 3.63 3.59 3.34 2.74

India 6.74 6.56 6.46 6.78 6.83

Dow Jones (US) 22,872 3.22 6.12 11.82 26.37

Nasdaq (US) 6,606 2.25 5.28 13.79 26.71

FTSE (UK) 7,535 2.16 1.65 2.84 7.44

DAX (Germany) 12,992 3.58 2.77 7.29 24.75

Nikkei 225 (Japan) 21,155 6.43 5.25 14.81 26.12

Hang Seng (Hong Kong) 28,476 2.14 8.09 17.37 23.64

Bovespa (Brazil) 76,990 2.94 18.12 22.54 25.97

Shanghai Composite (China) 3,391 0.42 5.36 3.50 10.75

Nifty 50 (India) 10,167 0.87 2.79 11.11 18.59

Indicator (%) Latest PreviousCall Rate 5.83 5.84Repo 6.00 6.00Rev Repo 5.75 5.75CRR 4.00 4.00SLR 20.00 20.00MSF 6.25 6.25GDP Growth (Q1FY18) 5.70 6.10IIP (August-17) 4.30 0.94CPI (September-17) 3.28 3.28WPI (September-17) 2.60 3.24

Currency 13-Oct-17 1M Ago 3M Ago 6M Ago 1Yr AgoUS$/INR 64.70 64.03 64.46 64.69 66.78

Euro/US$ 1.18 1.20 1.14 1.07 1.11

GBP/US$ 1.33 1.33 1.29 1.25 1.23

US$/Yen 111.84 110.16 113.27 109.00 103.68

US$/CHF 0.97 0.96 0.97 1.00 0.99

YTD as on 13th Oct'17

YTD as on 15th Oct'17

Oct-17 Sep-17 YTD Oct-16

Equity -3,330 -11,392 31,022 -4,306Debt 10,754 1,349 140,617 -6,000

Global Indices (Absolute Returns) 13-Oct-17 1M (%) 1Yr (%)3M (%) 6M (%)


Call Rate as on 13th Oct’17

RECOMMENDED FUNDS - EQUITY


Perf

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14.9

15.8

10.5

11.3

11.2

13.7

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28.4

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2.9

73.0

25.0

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2

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Vo

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Risk

Ad

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Retu

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Mod

ified

D

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ears

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Adity

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L M

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11.0

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45.5

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6.7

0.3

5.9

28.6

60.5

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2,35

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num

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11.7

10.7

9.6

7.9

7.9

10.7

9.9

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8.3

5.3

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14.5

64.4

21.1

1,49

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28.

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Relia

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9.5

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56.4

13.7

6.3

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5.9

19.7

75.5

4.8

2,40

7Sa

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chem

es


RECOMMENDED FUNDS - DEBT

Perf

orm

ance

as

on O

ctob

er 1

3th,

201

7Ri

sk F

ree

Rate

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5%Po

rtfo

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olat

ility

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evia

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sis

usin

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toric

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turn

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oth

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sis

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yea

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odifi

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urat

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and

Cred

it Q

ualit

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hich

is re

view

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nnua

llyPl

ease

refe

r to

page

no.

18/

19 fo

r add

ition

al s

chem

e re

late

d in

form

atio

n

ARBI

TRAG

E FU

ND

S

1M3

M6

M1

Yr

Sim

ple

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alis

ed (%

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GR

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Perf

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ance

Port

folio

Vo

latil

ityU

p Ca

ptur

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p 10

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ocks

(%)

AUM

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s. Cr

s.)

Sep

2017

Core

Sch

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Sche

me

Nam

e

Edel

wei

ss A

rbitr

age

Fund

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5.44

5.99

5.95

5.93

6.05

11.8

219

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0.54

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763

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18.4

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3,56

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me(

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895.

9211

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4790

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66.2

815

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18.3

710

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Relia

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Arbi

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vant

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Fund

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5.06

5.59

5.72

5.74

5.80

15.5

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0.57

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latil

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Risk

Ad

just

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Retu

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Mod

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D

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Core

Sch

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Sche

me

Nam

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Axis

Liq

uid

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6.47

6.48

6.57

6.76

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Perf

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Rate

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olut

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sis

usin

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year

his

toric

al d

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of w

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posu

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Sen

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port

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sev

ere

earn

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pre

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cern

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urat

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and

Cred

it Q

ualit

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hich

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view

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nnua

llyPl

ease

refe

r to

page

no.

18/

19 fo

r add

ition

al s

chem

e re

late

d in

form

atio

n

ULT

RA S

HO

RT T

ERM

FU

ND

S (C

ON

SERV

ATIV

E)

1M3

M6

M1

Yr2

Yrs

3 Yr

s

Sim

ple

Annu

alis

ed

(%)

CAGR

(%)

Perf

orm

ance

Net

YT

M

(%)

Port

folio

Vo

latil

ity

Risk

Ad

just

ed

Retu

rn

Mod

ified

D

urat

ion

(Day

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Core

Sch

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Sche

me

Nam

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DH

FL P

ram

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266.

566.

987.

167.

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316.

887.

588.

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5318

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0.33

1.96

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SBI U

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Shor

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und(

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786.

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727.

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6.69

71.5

75.

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12.3

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11,3

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6.36

6.47

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2 Yr

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Rolli

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etur

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posu

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Se

nsiti

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Sect

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folio

Att

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M

(Rs.

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S

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Cred

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4.37

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9Sa

telli

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chem

es

ULT

RA S

HO

RT T

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FU

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S (A

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Sim

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Annu

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CAGR

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YT

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Port

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Vo

latil

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Risk

Ad

just

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Retu

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Mod

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D

urat

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Core

Sch

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me

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Baro

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1.99

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hmar

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366.

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Rolli

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Perf

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as

on O

ctob

er 1

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sk F

ree

Rate

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rtfo

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olat

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(Sta

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evia

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year

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stor

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Expo

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Sect

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dditi

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Sim

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Risk

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Retu

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Scheme Name Fund ManagerInception

DateExpense

Ratio Risk Exit Load

Nil upto 15% of units, 1% in excess of limit on or Aditya Birla SL Corp Bond Fund-Reg(G) Debt Maneesh Dangi, Sunaina da Cunha 22-Apr-2015 1.97 Moderatebefore 365D and Nil after 365D

Aditya Birla SL Income Plus(G) Debt Pranay Sinha, Ashish Kela 21-Oct-1995 1.66 Moderate NilNil upto 15% of units,1% in excess of limit on or Aditya Birla SL Medium Term Fund(G) Debt Maneesh Dangi, Sunaina da Cunha 25-Mar-2009 1.52 Moderatebefore 365D and Nil after 365D

Aditya Birla SL Short Term Fund(G) Debt Maneesh Dangi, Kaustubh Gupta 03-Mar-1997 0.35 Moderately Low NilAxis Liquid Fund(G) Debt Devang Shah, Aditya Pagaria 09-Oct-2009 0.10 Low Nil

Nil upto 10% of Units within 1Y, 1% exceding 10% of Baroda Pioneer Credit Opp Fund-A(G) Debt Alok Sahoo, Karn Kumar 23-Jan-2015 1.90 ModerateUnits within 1Y, Nil after 1Y

Baroda Pioneer Liquid Fund(G) Debt Hetal P. Shah, Alok Sahoo 05-Feb-2009 0.28 Low NilBaroda Pioneer Treasury Adv Fund(G) Debt Alok Sahoo, Hetal P. Shah 24-Jun-2009 0.81 Moderately Low Nil

Nil for 10% of investment and 1% for remaining DHFL Pramerica Credit Opp Fund-Reg(G) Debt Kumaresh Ramakrishnan 29-Sep-2014 1.42 ModerateInvestment on or before 1Y, Nil after 1Y

DHFL Pramerica Medium Term Income Fund-Reg(G) Debt Nitish Gupta 06-Mar-2014 0.98 Moderate 1% on or before 1M, after 1MDHFL Pramerica Short Maturity Fund(G) Debt Nitish Gupta 27-Jan-2003 1.18 Moderate NilDHFL Pramerica ST FRF(G) Debt Nitish Gupta, Rakesh Suri 09-Oct-2009 0.33 Moderately Low NilDHFL Pramerica Ultra ST(G) Debt Kumaresh Ramakrishnan 04-Jul-2008 0.57 Moderately Low Nil

Nil for 10% of investment and 1% for remaining DSPBR Income Opportunities Fund-Reg(G) Debt Laukik Bagwe, Pankaj Sharma 13-May-2003 1.80 ModerateInvestment on or before 12M, Nil after 12M

Edelweiss Arbitrage Fund-Reg(G) Debt Bhavesh Jain, Dhawal Dalal 27-Jun-2014 1.05 Moderately Low 0.25% on or before 30D, after 30DHDFC FRIF-Short Term Plan(G) Debt Shobhit Mehrotra, Rakesh Vyas 23-Oct-2007 0.35 Moderately Low NilHDFC Medium Term Opportunities Fund(G) Debt Anupam Joshi, Rakesh Vyas 29-Jun-2010 0.36 Moderately Low NilHDFC Short Term Opportunities Fund(G) Debt Anil Bamboli, Rakesh Vyas 25-Jun-2010 0.37 Moderately Low NilHSBC Cash Fund(G) Debt Kapil Punjabi, 01-Jun-2004 0.12 Low NilICICI Pru Dynamic Bond Fund(G) Debt Rahul Goswami 12-Jun-2009 1.28 Moderate 1% on or before 3M, Nil after 3MICICI Pru Equity-Arbitrage Fund(G) Debt Kayzad Eghlim, Manish Banthia 30-Dec-2006 0.81 Moderate 0.25% on or before 1M, Nil after 1MICICI Pru Flexible Income Plan(G) Debt Rahul Goswami, Rohan Maru 27-Sep-2002 0.27 Moderately Low NilICICI Pru Gilt-Invest-PF(G) Debt Manish Banthia, Anuj Tagra 19-Nov-2003 0.73 Moderate NilICICI Pru Long Term Plan(G) Debt Manish Banthia, Anuj Tagra 20-Jan-2010 1.26 Moderate 0.25% on or before 1M, Nil after 1MICICI Pru Short Term Plan(G) Debt Manish Banthia 25-Oct-2001 1.21 Moderate 0.25% on or before 7D, Nil after 7DIDFC Money Mgr-IP-Reg(G) Debt Harshal Joshi 09-Aug-2004 0.49 Moderately Low Nil

Krishna Venkat CheemalapatiInvesco India Liquid Fund(G) Debt 17-Nov-2006 0.16 Low Nil

Kotak Equity Arbitrage Scheme(G) Debt Deepak Gupta 29-Sep-2005 0.88 Moderately Low 0.25% on or before 30D, Nil after 30DKotak Flexi Debt Fund-Reg(G) Debt Deepak Agrawal 28-May-2008 0.90 Moderately Low NilKotak Treasury Advantage Fund(G) Debt Deepak Agrawal 13-Aug-2004 0.60 Moderately Low NilL&T Liquid Fund(G) Debt Shriram Ramanathan, Jalpan Shah 03-Oct-2006 0.14 Low NilReliance Arbitrage Advantage Fund(G) Debt Payal Kaipunjal 14-Oct-2010 1.00 Moderately Low 0.25% on or before 1M, Nil after 1MReliance Gilt Securities Fund(G) Debt Prashant Pimple 22-Aug-2008 1.72 Moderate Nil

Nil for 10% of units and 1% for remaining units on or Reliance Reg Savings Fund-Debt Option(G) Debt Prashant Pimple 10-Jun-2005 1.70 Moderatebefore 12M, Nil after 12M

Reliance STF(G) Debt Prashant Pimple 18-Dec-2002 1.05 Moderately Low NilNil for 8% of investment and 3% for remaining investment on or before 12M, Nil for 8% of investment and 1.5% for remaining investment after SBI Corporate Bond Fund-Reg(G) Debt Lokesh Mallya, Mansi Sajeja 14-Jul-2004 1.40 Moderate12M but before 24M, Nil for 8% of investment and 0.75% for remaining investment after 24M but before 36M, Nil after 36M

SBI Magnum InstaCash Fund(G) Debt Rajeev Radhakrishnan 19-May-1999 0.21 Low NilSBI Ultra Short Term Debt Fund(G) Debt Rajeev Radhakrishnan 26-Jul-2007 0.43 Moderately Low NilTata Money Market Fund-Reg(G) Debt Amit Somani 01-Sep-2004 0.14 Low NilTata Ultra ST Fund(G) Debt Akhil Mittal 06-Sep-2005 0.35 Moderately Low NilUTI Bond Fund(G) Debt Amandeep Singh Chopra 17-Jun-1998 1.66 Moderate Nil

Nil for 10% of units and 1% for remaining units on or UTI Income Opp Fund(G) Debt Ritesh Nambiar 19-Nov-2012 1.58 Moderately Highbefore 12M, Nil after 12M

UTI Liquid Fund-Cash Plan-Inst(G) Debt Amandeep Singh Chopra, Amit Sharma 10-Dec-2003 0.19 Low NilUTI Treasury Advantage Fund-Inst(G) Debt Sudhir Agarwal 23-Apr-2007 0.31 Moderately Low Nil

Nil for 15% of Units, For excess of limits 0.75% on or HDFC Regular Savings Fund(G) Debt Anil Bamboli, Rakesh Vyas 28-Feb-2002 1.59 Moderatebefore 6M and Nil after 6M

Reliance Money Manager Fund(G) Debt Amit Tripathi, Anju Chhajer 20-Mar-2007 0.55 Moderately Low NilUTI Banking & PSU Debt Fund-Reg(G) Debt Sudhir Agarwal 03-Feb-2014 0.30 Moderate Nil

Nil

Nil

Nitish Sikand

OTHER INFORMATION

Category

19

OTHER INFORMATION

October 2017 Investime


DateExpense

Ratio Risk Exit Load

Aditya Birla SL Advantage Fund(G) Equity Satyabrata Mohanty 24-Feb-1995 2.28 Moderately High 1% on or before 365D, Nil after 365DAditya Birla SL Equity Fund(G) Equity Anil Shah 27-Aug-1998 2.21 Moderately High 1% on or before 365D, Nil after 365DAditya Birla SL Frontline Equity Fund(G) Equity Mahesh Patil 30-Aug-2002 2.11 Moderately High 1% on or before 1Y, Nil after 1YAditya Birla SL Small & Midcap Fund(G) Equity Jayesh Gandhi 31-May-2007 2.50 Moderately High 1% on or before 365D, Nil after 365DAditya Birla SL Tax Relief '96(G) Equity Ajay Garg 10-Mar-2008 2.28 Moderately High NilAditya Birla SL Top 100 Fund(G) Equity Mahesh Patil 24-Oct-2005 2.25 Moderately High 1% on or before 365D, Nil after 365DCanara Rob Emerg Equities Fund-Reg(G) Equity Ravi Gopalakrishnan, Kartik Mehta 11-Mar-2005 2.36 Moderately High 1% on or before 1Y, Nil after 1YDSPBR Opportunities Fund-Reg(G) Equity Rohit Singhania 16-May-2000 2.51 Moderately High 1% before 12M, Nil on or after 12MDSPBR Small & Mid Cap Fund-Reg(G) Equity Vinit Sambre 14-Nov-2006 2.53 Moderately High 1% before 12M, Nil on or after 12MDSPBR Tax Saver Fund-Reg(G) Equity Rohit Singhania 18-Jan-2007 2.51 Moderately High NilHDFC Mid-Cap Opportunities Fund(G) Equity Chirag Setalvad, Rakesh Vyas 25-Jun-2007 2.24 Moderately High 1% on or before 1Y, Nil after 1YICICI Pru Focused Bluechip Equity Fund(G) Equity Sankaran Naren, Rajat Chandak 23-May-2008 2.10 Moderately High 1% on or before 1Y, NIL after 1YICICI Pru Top 100 Fund(G) Equity Sankaran Naren, Prakash Gaurav Goel 09-Jul-1998 2.36 Moderately High 1% on or before 1Y, Nil after 1YIDFC Classic Equity Fund-Reg(G) Equity Anoop Bhaskar 09-Aug-2005 2.13 Moderately High 1% on or before 365DIDFC Tax Advt(ELSS) Fund-Reg(G) Equity Daylynn Pinto 26-Dec-2008 2.38 Moderately High NilKotak Emerging Equity Scheme(G) Equity Pankaj Tibrewal 30-Mar-2007 2.08 Moderately High 1% on or before 1Y, Nil after 1YKotak Select Focus Fund(G) Equity Harsha Upadhyaya 11-Sep-2009 1.97 Moderately High 1% on or before 1Y, Nil after 1YL&T Midcap Fund-Reg(G) Equity Soumendra Nath Lahiri, Vihang Naik 09-Aug-2004 2.23 High 1% on or before 1Y,Nil-after 1YL&T Tax Advt Fund-Reg(G) Equity Soumendra Nath Lahiri 27-Feb-2006 2.07 Moderately High NilMOSt Focused 25 Fund-Reg(G) Equity Siddharth Bothra, Gautam Sinha Roy 13-May-2013 2.49 Moderately High 1% on or before 1Y, Nil after 1YMOSt Focused Multicap 35 Fund-Reg(G) Equity Gautam Sinha Roy, Siddharth Bothra 28-Apr-2014 2.08 Moderately High 1% on or before 1Y, Nil after 1YReliance Top 200 Fund(G) Equity Ashwani Kumar, Shailesh Raj Bhan 08-Aug-2007 2.00 Moderately High 1% on or before 1Y, Nil after 1YSBI BlueChip Fund-Reg(G) Equity Sohini Andani 20-Jan-2006 1.97 Moderately High 1% on or before 1Y, Nil after 1YIDFC Sterling Equity Fund-Reg(G) Equity Anoop Bhaskar, Daylynn Pinto 07-Mar-2008 2.13 Moderately High 1% on or before 365D, Nil after 365DL&T India Value Fund-Reg(G) Equity Venugopal M., Karan Desai 08-Jan-2010 2.01 Moderately High 1% on or before 1Y, Nil after 1Y

Category


DateExpense

Ratio Risk Exit LoadCategory

Nil upto 15% of units,1% in excess of limit on or Aditya Birla SL Balanced '95 Fund(G) Hybrid Mahesh Patil, Dhaval Shah 10-Feb-1995 2.26 Moderately Highbefore 365D and Nil after 365DNil upto 15% of units,1% in excess of limit on or Aditya Birla SL MIP II-Wealth 25(G) Hybrid Satyabrata Mohanty, Pranay Sinha 22-May-2004 2.11 Moderately Highbefore 365D and Nil after 365DNil upto 10% of investment within 12M, 1% DSPBR Balanced Fund-Reg(G) Hybrid Atul Bhole, Vikram Chopra 27-May-1999 2.47 Moderately Highexceding 10% of investment within 12M, NIL after 12M

upto 15% of investment and 1% in excess of 15% HDFC Balanced Fund(G) Hybrid Chirag Setalvad, Rakesh Vyas 11-Sep-2000 1.96 Moderately Highof investment on or before 1Y, NIL after 1YNil on 10% of units within 1Y and 1% for more than ICICI Pru Balanced Fund(G) Hybrid Sankaran Naren, Atul Patel 03-Nov-1999 2.21 Moderately High10% of units within 1Y, Nil after 1Y.

for 10% of units on or before 12M, 1% if Reliance MIP(G) Hybrid Sanjay Parekh, Amit Tripathi 12-Jan-2004 1.82 Moderateexceeding 10% of units on or before 12M, Nil after 12MNil for 10% of investments and 1% for remaining on Reliance Reg Savings Fund-Balanced Option(G) Hybrid Sanjay Parekh, Amit Tripathi 10-Jun-2005 1.98 Moderately Highor before 12M, Nil after 12MNil for 10% of investment and 1% for remaining SBI Magnum MIP(G) Hybrid Ruchit Mehta, Dinesh Ahuja 23-Mar-2001 1.90 ModerateInvestment on or before 1Y, Nil after 1Y

Nil

Nil

Risk Level InterpretationLow Principal at Low RiskModerately Low Principal at Moderately Low RiskModerate Principal at Moderate RiskModerately High Principal at Moderately High RiskHigh Principal at High Risk

Levels of Risk

20

OTHER OFFERINGS

October 2017 Investime

Performance as on 29th September 2017*Since inception return for RELIANCE EQUITY OPPORTUNITIES AIF - 1 are on absolute basisBirla CEP is open for top up only while DSP BlackRock India Enhanced Equity Fund and Edelweiss Event Arbitrage are closed for subscriptionPerformance details mentioned above are shared by respective portfolio managers

EQUITY PMS

Name Benchmark

Absolute (%)

6 M 1 Yr 3 Yr 5 Yr

CAGR (%)

SinceInception

InceptionDate

AUM (Rs. Crs)

ASK IEP S&P BSE 500 5,872 10.41% 13.08% 17.29% 25.55% 21.04% 25-Jan-10Ask India Select S&P BSE 100 2,697 13.43% 16.23% 21.80% 27.73% 20.14% 4-Jan-10Ask Life S&P BSE 200 226 12.67% 14.55% 12.93% 19.79% 19.22% 1-Sep-08Ask Strategic S&P BSE 200 144 7.42% 14.02% 19.63% 25.63% 17.29% 31-Dec-09Aditya Birla AMC SSP NSE 500 405 7.49% 16.31% 23.01% 31.41% 20.41% 1-Aug-09Aditya Birla AMC CEP CNX 500 2,821 7.45% 10.41% 22.01% 32.81% 21.00% 1-Apr-08Motilal Oswal NTDOP Nifty Midcap 100 6,515 10.96% 17.34% 27.39% 31.74% 19.01% 5-Dec-07Enam IDEA Nifty 500 6,481 NA 19.00% 21.80% 24.70% 21.10% 5-Dec-07

Motilal Oswal IOP Nifty Midcap 100 3,824 12.72% 28.77% 26.44% 23.06% 18.10% 15-Feb-10Hexagon S&P BSE Small Cap Index 323 19.80% 32.20% NA NA 25.70% 1-Sep-15

Kotak Pharma Nifty Pharma 50 -6.31% -4.31% NA NA -4.78% 20-Sep-16Edelweiss Event Arbitrage Crisil Liquid Fund Index 312 2.60% 21.90% NA NA 18.20% 1-Apr-13Invesco RISE S&P BSE 500 330 14.96% 37.39% NA NA 36.43% 18-Apr-16

ABM Core & Satellite CNX 100 165 22.40% 32.60% NA NA 21.20% 20-Apr-15Kotak SSV CNX 500 2,571 9.01% 23.76% 28.24% 30.84% 30.42% 31-Jul-12

Crisil Liquid 3.35% 6.72% 7.65% 8.19%NIFTY 50 7.05% 13.94% 7.13% 11.40%Nifty 100 7.59% 15.27% 8.68% 12.67%Nifty 500 8.24% 17.22% 10.29% 13.79%Nifty Free Float Midcap 100 6.18% 19.94% 16.68% 18.20%Nifty Pharma -11.97% -19.77% -5.03% 10.27%S&P BSE 100 7.59% 15.43% 8.27% 12.26%S&P BSE 200 7.80% 15.92% 9.62% 13.14%S&P BSE 500 8.47% 17.30% 10.22% 13.55%S&P BSE Small Cap Index 13.50% 28.76% 14.72% 18.06%

Mid/Small-cap

Thematic/Sector Specific

AIFs CAT - III Funds

Special Situation: Multi-cap

Benchmark Returns

DSP BlackRock India Enhanced Equity Fund S&P BSE 200 1,600 5.50% 12.46% NA NA 23.00% 12-May-14Reliance Equity Opportunities AIF - 1 Nifty Free Float Midcap 100 150 NA NA NA NA 6.60%* 9-Aug-17Edelweiss Alternative Equity Scheme NIFTY 50 1,082 7.20% 11.60% NA NA 24.10% 19-Aug-14

Perpetual Bonds Tenure Credit Rating Indicative Yield (%)*

10.90% Punjab & Sind Bank (Call Option- May 2022) Perpetual AA 10.67%10.99% Andhra Bank (Call Option- Aug 2021) Perpetual AA- 9.65%9.95% Bank of India (Call Option- Mar 2022) Perpetual AA- 9.80%11.15% Allahabad Bank (Call Option- Mar 2022) Perpetual A 10.91%11.25% Syndicate Bank (Call Option –Mar 2021) Perpetual AA- 9.43%

Tax-free Bonds Maturity Credit Rating Indicative Yield (%)*

7.35% National Highway Authority of India 2031 15-Jan-31 AAA 5.80%7.34% Indian Railway Finance Corporation 2028 19-Feb-28 AAA 5.80%8.76% Housing and Urban Development Corporation 2028 25-Oct-28 AAA 5.80%

SECONDARY BOND MARKET OFFERINGS

* Indicative yield as on 16th October 2017Contact us for more information

Multi Cap

Large CapAditya Birla ND PMS (L+QGARP) Nifty 100 NA 12.30% NA NA NA 16.80% 17-Feb-17Ask Growth NIFTY 50 1,824 14.92% 22.70% 21.99% 24.92% 21.97% 29-Jan-01Motilal Oswal Value NIFTY 50 2,795 7.13% 11.20% 11.68% 16.35% 24.70% 25-Mar-03


DISCLAIMER

Publisher, Printer and Editor : Ananth Sandeep SundurOwner : Aditya Birla Money Mart Limited, Corporate Office One India Bulls Centre, Tower 1, 18th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai 400 013. Tel. No: 91-22-4356 7000 Fax No: 91-22-4356 7266, CIN: U61190GJ1997PLC062406. Designed and Printed at Micro Graphics, Graphic Designers and Commercial Printers, 137, Pragati Industrial Estate, N. M. Joshi Marg, Lower Parel, Mumbai - 400011, Tel.: 66634670/71. For advertisement contact: Michelle Banerjee, Email:[email protected]. The information published is as per the data provided by various Mutual Funds, PMS Portfolio Managers, Product Manufacturers and segregated, consolidated and presented (statistically) by and onbehalf of Aditya Birla Wealth Management (ABWM), holding ARN 118681 and involved in distribution of third party financial products, a segment of Aditya Birla Finance Limited. Though sufficient care has been taken to provide the correct rates, ABMML and ABWM does not guarantee the accuracy of the data provided herein. As a potential investor, you are advised to check the updated rates and other Terms & Conditions on the manufacturer's website before making any investments. The views/opinions expressed in the various articles are that of the author and the company may not subscribe to the same either in part of in full. Any person investing on the basis of the data published in Investime will be doing so at their own risk and are advised to consult your certified financial planner before taking any investment decision. Mutual Fund investments are subject to market risks, read all scheme related documents carefully. Ananth Sandeep SundurEditor

investime oct 2017 - aditya birla group october...the upside, while stronger domestic participation...

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