monthly update jan 2017 - spa capitalmonthly update jan 2017 w...

Monthly Update Jan 2017

What the Dalal Street has waited for has finally happened in December 2016.

Federal Open Market Committee (FOMC) has increased the Federal Fund

Rate (FFR) by 25 bps to 0.50% - 0.75% radiating extreme volatility to markets. The

volatility has further amplified due to restricted activity by the foreign portfolio

investors (FPI) in the month of November & December 2016. But, it seems Asia’s

third largest economy is better placed to avoid any major repercussion due to benign

domestic long term outlook.

The year 2016 draws to a close and when the numbers of year gone by would be

tallied, then one would come to know that year 2016 was another year of mixed

economic recovery. It is the decision of GoI regarding demonetization which

wrapped the whole year and catapulted India on the trajectory of Digitization. This is

a welcome move and is expected to bring transparency in business operations and has

the potential to take India’s GDP to northward direction.Apart from demonetization,

Indian economy has observed falling inflation trajectory which prompted to cut

policy rates by 50 bps. On agricultural front, better monsoon has refilled the

reservoir levels which boosted agricultural output and rural incomes. What could

further aggravate the sentiments was the passage of Goods and Service Tax (GST);

which aims to simplify the indirect tax regime by removing multiple state/ central

taxes and multiple exemptions.

The year 2016 is also characterized by some negative developments like high level of

NPA in the banking system which is restricting banks in financing greenfield &

brownfield projects; as depicted by the credit growth which is hovering near multi

year lows. The PE investment in India dropped significantly in 2016 after hitting a

peak in 2015 both in terms of volumes and value.The prices of oil which proved boon

to us last year, has now become a concern for policymakers as OPEC and non OPEC

members decided to cut oil production. Globally, Donald Trump victory over Hilary

Clinton has buffeted Indian Markets as investors are concerned about the Trump’s

trade policies.

The current sentiments in Indian markets point’s volatility in short term, as

corporates are concerned about the upcoming corporate results. Demonetization is a

short term pain and the impact of this should flow to economy through many

echelons. According to rating agencies, the medium- to long-term gains are likely to

outweigh the short-term agony. On a broader level, one can say demonetization will

help Indian Economy in long run but in short term; it may cause some panic. It is

expected to emit fresh bouts of volatility which may not be fully appreciable to

market participants but it is a necessary step which is bound to bring with it a

tremendous shake-up wherever black money has played a major role. If executed

properly, this move would enhance transparency in system and would keep investors

community glued to Indian Economy.

Happy Investing!Wish you a very Happy and Prosperous NewYear 2017

2

Jan 2017

12 Ways to Improve Your Finances in 2017

Anew year often inspires new habits, including financial ones. If

you want to put yourself on a path to build wealth throughout the

year, then consider these 12 steps, all of which are designed to help you

rein in spending and work toward greater financial security. They

include both offensive moves, like saving more, as well as defensive

ones.

1. Set your goals early and share them.

Sharing financial goals with friends – and even strangers through

social media – can help you articulate just what those goals are and also

hold you accountable. Indeed, research on goal-setting suggests that

making public statements about goals helps people commit to them,

whether they be money or health related. As 2016 kicks off, consider

sharing your goals on Facebook, Twitter or a social goal-setting site

like Linkagoal.

2. Get more out of your workplace benefits.

If you're lucky enough to have a job with benefits, then it pays to make

sure you're getting as much out of them as possible. Aside from salary,

take a close look at available retirement accounts (making sure to pick

up any matching benefits), flexible spending accounts, financial

literacy programs and wellness support, which can include free

counseling. Health insurance and disability insurance can also help

protect your finances in the long term.

3. Use tools to help you save more.

Mobile Apps can make it easier to protect bank accounts from fraud

and save more money, and it can be used to make payment digitally.

Some of the best entrants in the field include SBI Buddy, Paytm,

Mobikwik, Oxygen etc. an app that collects your loyalty cards

digitally, so you can save more even by making payments through

them.

Other useful financial tools include bank bazaar, my smart price,

price dekho, compare raja etc. which help you quickly compare

prices when shopping online or in stores browser add-on that lets you

know if there is a lower price elsewhere online. Mint offers a free

budgeting tool to help you track your spending, andYou Need a Budget

is another good option.

4. Become more financially literate.

Financial literacy is a key factor when it comes to adults building

wealth over time. If people understand basic concepts when it comes to

saving, investing and compound interest, then they are more likely to

sit on a significant nest egg as they get older. That's why making an

effort to educate yourself, whether through workplace education

programs or online tutorials, can pay off.

5. Prepare your money to age well.

As you get older and prepare to retire, it's important to make sure your

money will last. That means ensuring your investments are in a

portfolio that's aggressive enough to outpace inflation and reviewing

your budget for any big leaks. You can also ask your bank what

retirement services they offered for older adults.

6. Pay off expensive debt.

If you're still carrying around expensive debt in the form of credit card

debt or other loans, then it's time to make a plan to pay it off. In "The

Debt Escape Plan," suggests doing just that by setting specific targets

for you and getting the support you need in the form of a credit

counselor if necessary.

7. Know how to start over if you need to.

If you've had a rough 2015 and 2016 is about rebuilding, then you

might want to focus on prioritizing savings and re-establishing your

credit, especially if it has been destroyed by previous troubles, like

filing for bankruptcy. Financial experts suggest going slow, making

on-time monthly payments, to eventually reach a higher credit score.

8. Max out your retirement savings.

If you didn't meet your retirement savings goals in 2016, then you'll

want to be sure to do so in 2017. You have access your individual PF

account through work, then you can set it up to automatically deduct a

certain percentage from your paycheck. Otherwise, you can also invest

through banks for retirement savings.

9. Manage household finances better.

Money can get more complicated as your family grows. Using an app

like my budget, Money lover, home budget etc. can make it easier to

share expenditure information with your spouse. Emergency savings

calculator is also useful to see if you have enough savings on hand to

get you through a difficult period.

10.Check up on your insurance policies.

Life insurance is not particularly fun to take out, but it is an essential

part of safeguarding your (and your family's) financial security,

especially if you are the primary breadwinner. Reviewing your policies

once a year to make sure they are in good standing and you have

enough coverage is a good idea.You can also check if you have options

to take out supplemental coverage through your workplace.

11. Rebalance your investments regularly.

If you invest too conservatively, then your money might not keep up

with inflation. Meanwhile, if you are overly aggressive, swings in the

market could lead to a loss of assets at an inconvenient time, like

shortly before retirement. Review your portfolio at least once a year to

make sure you have the right mix for you; a financial advisor can also

help.

12.Improve your credit score.

Giving your credit score a boost can help you land a better interest rate

on your mortgage or a new car loan. To improve it, you can start by

paying off debt, requesting a credit line increase and always making

on-time payments. Late payments and a high debt-to-credit line ratio

can hurt your score.

Special Review

3

Jan 2017

Demonetization: Demonetization is considered as an act of stripping acurrency unit of its status as legal tender. It creates a situation where lackof currencies jams consumption, investment production, employmentetc.

Effect of Demonetization on various economic variables

• : Removal of INR 500/1000 notes andEffect on cash economyreplacement of same with new INR 500 & INR 2000 Rupee notes isexpected to remove black money from economy as they will beblocked, halt the circulation of large volumes of counterfeit currencyand curb the funding for anti-social elements like Terrorism,smuggling etc.

• : With older 500 and 1000 rupees notesEffect on Money Supplybeing scrapped, and until the new 500 and 2000 rupees notes getwidely circulated in market, money supply was reduced on short run.Lower money supply will have a deflationary effect.

• : The overall demand was affected. The demandEffect on demandin following areas was impacted particularly

Consumer Goods►

Real Estate and Property►

Gold & Luxury Goods►

Automobiles►

• : Price level is expected to be lowered due toEffect on Pricesmoderation from demand side. The demand driven fall in prices maybe stated in following manner :

: Inflation is likely to remain sticky in► Consumer Goodsthe near term as consumer may switch some other mode ofpayment like Paytm / Net Banking thereby cushioning theimpact of muted demand on prices.

: Prices in this sector are► Real Estate & Propertyexpected to fall, especially for sale of properties wheremajor part of transactions are cash based.

• – Sudden decline in money supply andEffect on GDPsimultaneous increase in bank deposits has adversely affectedconsumption demand in economy in short term GDP formationcould be impacted by this measure, with reduction in consumptiondemand.

• – As directed by Government, INR 500 & INREffect on Banks1000 notes were ceased to be legal tender were deposited orexchanged in banks. This has lead to more amount being depositedin savings & current account of commercial banks, which in turnhas led to enhancing of liquidity position of banks, which will beutilized further for lending purposes.

• Effect on Online transactions and alternative modes ofpayment – With cash transactions facing a reduction, alternativeforms of payment will surge in demand. Digital transactionssystems, E wallets and apps, online transactions using E banking,usage of plastic money (Debit & Credit cards) have seen asubstantial increase in demand. This has led to strengthening ofsuch systems and infrastructure required.

• – Rise in deposits have created moreEffect on Bond Marketdemand for government bonds and other high rated bonds in lieu ofmuted credit activity, leading to lowering of bond yields especiallyin shorter end of the curve.

Special Review

Demonetization

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The move towards a cashless economy will boost savings in financial assets.

With any sharp infusion of deposits and relatively limited avenues to lend, the credit deposit ratio for banks

would become unfavorable, and thus impact margins. In case of a spike in capital adequacy, it would be

positive for margins. While in the event of a higher rise in deposits, the immediate avenue to deploy would

be G-Sec.

Reforms and an increase in public expenditure should benefit this segment.

The bulk of business here is done in cash. Declaration of PAN had become mandatory for purchases above Rs.

2 lacs.

Companies and dealers are indicating that volumes may get impacted as real estate demand (which is 55-60%

of overall demand), may get affected. But infrastructure demand, backed by government spending which has

been driving growth, is unlikely to be impacted. Building material stocks would come under pressure due to a

sudden slowdown.

Renovation work, which drives this sector, would get impacted as most of the demand is serviced though cash.

Dealer sales in certain projects too would take a hit.

Demand is likely to dip for a couple of months. Used vehicles sales may also collapse in short term while four-

wheelers, commercial vehicles and tractors sales may not see major impact.

Cash crunch has affected the purchases ofAgri- fertilizers and chemicals.

Demand for discretionary items have been hit as buyers focus on essentials

Some companies stand to gain as exports are expected to improve

Structural headwinds notwithstanding, the rupee fall could boost margins

Type of Impact Sector Impact

Banks

Energy and Utilities

Jewellery

Automobiles

Agri-Chemicals

Consumer discretionary

Healthcare

Technology

Cement & BuildingMaterials

4

Fixed Income Update Equities Update

Debt: Liquid 1M 3M 6M

Institutional Activity ( Dec 01- Dec 31 ) (Rs cr)

Fund Performance Fund Performance

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

Forex / Call / Economic Indicators

Equity Purchase Sales Net InvDebt Purchase Sales Net Inv

Key Indices 30-Dec 30-Nov Chg. Key Indices 30-Dec 30-Nov %Chg. I Yr Ret

Other Indices 30-Dec 30-Nov %Chg. I Yr Ret

Portfolio as on Nov 30, 2016 & Return as on Dec 31, 2016

Crisil 10 Yr G-Sec Index 6.52 6.24 0.27

Crisil 1 Yr T-Bill Index 6.33 6.05 0.28

30-Dec 30-Nov

Rupee/$ 67.96 68.60

Call Rate 6.25 5.90

Total Forex (INR.bn) 24425.00 24941.10

Inflation --- 3.15%

FIIs 23,490.03 42,425.20 -18935.17

Mutual Funds 109,118.00 84,638.60 24479.40

BSE Sensex 26626.46 26652.81 -0.10% 1.65%

S&P CNX Nifty 8185.80 8224.50 -0.47% 2.70%

BSE IT Index 10176.05 9851.55 3.29% -7.95%

BSE Healthcare 14727.59 15734.32 -6.40% -12.53%

BSE FMCG Index 8130.87 8070.77 0.74% 3.29%

BSE PSU Index 7691.27 7879.60 -2.39% 12.00%

BSE Bankex 20748.74 21316.01 -2.66% 5.39%

FIIs 88,132.26 96,308.55 -8176.29

Mutual Funds 25,060.80 18,638.30 6422.50

Birla Sun Life Frontline Equity Fund - Reg - Growth -5.88 7.43 16.27

Birla Sun Life Pure Value Fund - Growth -8.14 8.99 31.21

ICICI Prudential Focused Bluechip Equity - Ret - Growth -3.52 7.73 14.90

L&T India Value Fund - Reg - Growth -3.68 8.13 28.55

SBI Bluechip Fund - Growth -7.28 4.83 18.73

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

Franklin India Low Duration Fund - Growth 4.11 8.98 10.27

Franklin India Ultra Short Bond Fund - Super IP - Growth 5.09 8.74 9.55

HDFC Cash Mgmt Fund - Treasury Advantage - Ret 0.28 7.57 9.03

ICICI Prudential Flexible Income Plan - Reg - Growth 0.91 7.92 8.97

Reliance Medium Term Fund - Growth 0.44 7.55 9.17

Birla Sun Life Floating Rate Fund - STP - Reg - Growth 6.26 6.71 7.00

ICICI Prudential Liquid - Reg - Growth 6.25 6.69 6.95

Kotak Floater - ST - Reg - Growth 6.38 6.72 6.99

Reliance Liquid Fund - TP - Growth 6.22 6.67 6.95

UTI-Liquid Cash Plan - Reg - Growth 5.61 6.13 6.36

Canara Robeco Emerging Equities - Growth -8.49 2.56 31.48

DSP BlackRock Micro Cap Fund - Reg - Growth -3.00 12.71 39.87

Franklin India Prima Fund - Growth -6.76 8.45 27.31

Sundaram Select Midcap - Reg - Growth -4.98 11.33 29.38

UTI Mid Cap Fund - Growth -9.40 3.48 28.07

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

Birla Sun Life Short Term Opportunities Reg - Growth -9.90 8.21 12.22

Birla Sun Life Treasury Optimizer Plan - Reg - Growth -12.95 8.95 13.57

HDFC HIF - S T P - Growth -7.60 9.07 13.03

Kotak Flexi Debt Scheme - Reg - Growth -20.58 8.74 15.36

UTI Short Term Income Fund - IP - Growth -5.14 9.54 11.61

Axis Long Term Equity Fund - Growth -8.16 -0.69 20.75

DSP BlackRock Tax Saver Fund - Growth -6.14 11.24 20.90

ICICI Prudential LT Equity Fund (Tax Saving) Growth -5.53 3.92 17.81

L&T Tax Advantage Fund - Reg - Growth -4.85 8.13 17.22

Reliance Tax Saver (ELSS) Fund - Growth -4.93 4.24 22.80

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

Hybrid: Equity-oriented 1M 3M 6M

Hybrid: Debt-oriented 1M 3M 6M

Birla Sun Life Income Plus - Reg - Growth -38.71 8.19 17.22

HDFC Income Fund - Growth -43.34 5.44 16.02

ICICI Prudential LTP - Growth -19.97 13.81 18.99

SBI Dynamic Bond Fund - Growth -15.22 15.64 17.86

UTI Dynamic Bond Fund - Reg - Growth -19.57 16.50 19.85

Debt: Accrual Funds 1M 3M 6M

DSP BlackRock Income Opportunities Reg - Growth -3.65 8.07 11.09

HDFC Corporate Debt Opportunities Reg - Growth -7.60 7.86 12.02

Kotak Medium Term Fund - Reg - Growth -7.76 7.97 12.55

Reliance Corporate Bond Fund - Growth -8.51 8.04 12.66

SBI Corporate Bond Fund - Growth -4.24 8.03 10.51

Debt: Gilt 1M 3M 6M

DSP BlackRock Government Securities - Growth -29.43 11.68 19.79

HDFC Gilt Fund - L T P - Growth -41.99 7.17 17.79

ICICI Prudential Long Term Gilt Fund - Growth -36.24 12.15 20.85

Kotak Gilt - Investment Regular Plan - Growth -33.47 11.42 18.93

SBI Magnum Gilt LTP - Growth -20.76 17.64 22.17

Birla Sun Life India GenNext Fund - Growth -9.50 7.43 20.37

Birla Sun Life MNC Fund - Growth -7.03 -3.63 24.65

Franklin Build India Fund - Growth -5.09 8.41 28.97

ICICI Prudential B & F Services Fund - Retail - Growth -7.45 21.06 23.80

UTI Transportation and Logistics Fund - Growth -8.21 4.78 31.22

Birla Sun Life Balanced 95 - Growth -1.85 -4.13 2.49

HDFC Prudence Fund - Growth -3.06 -1.36 6.18

ICICI Prudential Balanced - Growth -0.83 -0.38 7.62

Tata Balanced Fund - Reg - Growth -1.98 -5.49 1.04

UTI Balanced Fund - Growth -1.09 -2.63 3.32

Birla Sun Life MIP II - Wealth 25 - Reg - Growth -36.61 -9.14 11.85

Franklin India MIP - Growth -34.41 -3.62 7.42

HDFC MIP - LTP - Growth -30.91 3.46 14.62

ICICI Prudential MIP 25 - Growth -16.00 1.25 11.14

SBI Magnum MIP - Growth -17.65 5.07 13.23

Jan 2017

*CA : Compound Annualized

Simple Annualized

Simple Annualized

Absolute CA*

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5

This Month in Equity :

Jan 2017

Nifty10 Yr GOI Yield

G-Sec Yield: Sovereign bond yields maintains its upward stance throughout the month & hovered

in a wide range of 6.2150% - 6.5910%. It hardened on account of several domestic and geo-

political events like FII sell off to name a few. G-Sec yield inched significantly eroding trader gains

and had kept sentiments muted. The effect of that can be validated from recent rise in AUM of Gilt

Funds which rose at a tepid rate of 9.97%. The short end segment of G-Sec Yield has hardened by

30 bps, longer end segment (5>Years<10) hardened by 27 bps. While the ultra-long end segment

hardened by 37 bps.

G-SecAuctions is still getting overwhelming response with bids coming ~ 3-4 times of the auction

amount across all maturities of G-Sec papers with larger response witnessed in short end segment

as against longer end segment. G-Sec auctions yields hardened as compared to the last month

across all maturities. On the similar lines, SDL auction cut-off’s yields hardened. Within 10 Year

category, the average cost of borrowings increased by 2 bps MoM basis with yields consolidated

between 6.82% to 7.29%.

Corporate bond yields (AAA): Dec'2016 saw corporate bond spreads hardened across all

maturities. In consonance with sovereign bond yields, corporate bond yields have hardened.

Within AAA category, shorter end segment observed a hardening of 35 bps as against a hardening

of 40 bps observed in the longer end segment. Cumulatively, 688 Issuers amounting INR

3,21,327.38 Crores were raised by corporates during the periodApril'16-Dec'16.

Liquidity: Daily Net LAF borrowings continues to remain in surplus region with banks operating

on reverse repo operation in Dec'16 again. The banking system has witnessed an exponential surge

in deposits. It seems RBI is unlikely to conduct further OMO in the near term considering the

excessive liquidity in the banking system. Moreover, RBI would keep a close watch on the

excessive liquidity and remained committed to conducting liquidity operations in pursuit of

objective of revised framework put in place inApril to restore liquidity to a position of neutrality.

Credit growth are hovering near multi year lows while deposit growth has grown exponentially

on the back of recent GoI decision to demonetize INR 500 / INR 1000. Credit grew by 1.20% while

deposit grew by 13.60% in Dec'16. Non-Food Credit witnessed a decline of 75% and Food Credit

observed repayment in this fiscal year only as against a marginal deployment witnessed in this last

fiscal year. On the other hand, time & demand deposits had witnessed an exponential growth in this

fiscal year by 87.01% and 451% respectively in this fiscal.

Inflation - Retail inflation slowed sharply to 3.63% in Nov' 16 and has remained in the target zone

of RBI i.e. 4% + 2%. Prices of food and beverages having a weightage of 45.86% contributed

32.34% to overall inflation in Nov'16 as against a contribution of 51.48% given in the same period

a year ago. With OPEC decision to cut oil production; crude prices are likely to remain high in the

coming months. The withdrawal of Specified Banking Notes (SBN) could result in temporary

reduction in inflation numbers.

Govt. borrowings: Net State Govt. borrowings stood at INR 2184.10 bn (i.e. 16.58% up on y-o-y

basis). On other hand, Central borrowings stood at INR 3766.9 bn (2.06% down on y-o-y basis).

Government fiscal and revenue deficit's target stood @ 79.30% and 92.60% respectively of its

total Budget Estimates (BE). As compared to previous financial year, Tax Revenue has remained

buoyant. Cumulatively, it increased by 23.60% till October 2016. On a similar note, Non Tax

revenue increased but at a marginal pace of 3.73%.

OutlookThe current market environment is characterized by extreme volatility on account of global

developments. The volatility is getting amplified due to FII trading activity; who are continuously

paring positons in debt market. Sentiments amongst market participants has turned cautious as

Federal Open Market Committee (FOMC) expected FFR @ 1.40% by the end of 2017 and 2.90%

in 2019. Moreover, favourable macro-economic indicators of US economy should kept investors

keep investors at bay from Emerging Market Economies (EME).

Domestically, considering current liquidity conditions in mind; it is unlikely on the part of RBI to

come out with any Open Market Operation (OMO). We believe that RBI is likely to cut policy rate

in 3-9 months in the wake of multiple reasons like ; low inflation readings, lower GDP numbers in

short to medium term because of demonetization drive, lower CurrentAccount Deficit (CAD) and

improved fiscal numbers. All this factor cumulatively should drive down the interest rate regime.

We don't see any negative factor (domestic) affecting debt markets in near term. Credit growth is

expected to stay near multi year because of tepid demand by corporates. The only risk remain from

the global markets and consequent re-balancing in terms of growth, investments and geo-politics.

There is likelihood that we might witness extreme volatility owing to sell-off by foreign investors.

In the light of current environment, we recommend investors to initiate call in Short Term Debt

Funds or can take tactical call in Gilt Funds.

• ended in positive with Nifty and Sensex up by 0.08% and 0.25% respectively.Dec 2016

Amongst sectoral indices, Auto (1.45%), Consumer Durables (0.11%), Energy (2.04%) and

Oil & Gas (2.27%) ended in positive while PSU (1.45%), Power (-0.49%), Realty (0.35%)

ended in negative.

• , Industrial output shrinks by 1.87% in Oct’16 after registering aAmongst domestic macros

tepid growth in previous month. The third quarter of FY16 17 started on a negative note;

with industrial production registering a negative growth of 1.87% as against 9.87% recorded

in the same period a year ago. On average basis, industrial production grew by 0.33% in

FY16 17 as against a growth of 4.85% registered in the same period a year ago reflecting

weak investment activity. The core sector recorded a growth of 6.60% in Oct’16 led by robust

growth witnessed in refinery and steel. The momentum of growth of eight industries

constituting 38% of industrial production was the fastest.

• , Nikkei Manufacturing PMI India stood @ 52.3 down fromAmongst advanced indicators

22 month high of 54.4. The latest manufacturing reading highlights consecutive monthly

marginal improvement in manufacturing conditions. Production in manufacturing

companies witnessed softening in volume growth with consumer goods reporting sharpest

decline. Meanwhile outstanding business rose with rate of backlog was modest and weak. On

a similar note, performance of India services providers weakened in Nov’16 on account of

cash shortage.

Nikkei India Services Business Activity moved into negative territory and stood @ 46.7.

New business inflows at services providers firms declined. The fall in new work was the first

in 17 months and steepest in over three years. Service providers recorded higher levels of

outstanding business in Nov’16 due to delay payments from clients. IIP numbers are

continuously exhibiting sluggish growth and we expect industrial production growth to

remain muted in the near term because of cash crunch. Reduction in growth numbers look

imminent. Mining activities in some states has reduced by ~75% as number of vehicles which

collect mining material from river bed have come down by ~90%. Sales of two wheelers and

other consumer discretionary items have witnessed contraction.

• remained net sellers in equities during December 2016 andForeign Institutional Investors

withdrew funds to the tune of INR 81.76 bn amidst uncertainty over US further rate hike and

buoyant macro-economic indicators. During the period (April-Dec'16), foreign institutional

investors have poured INR 160.71 bn vs. 9.13 bn being poured in by Domestic Institutional

Investors (DIIs). The current sentiments in equity markets has kept investors wary due to geo-

political events.

• : India trade deficit for the period Apr-Nov stood @ US $ 66178.82 millionTrade Deficit

which is 25.28% lower than the deficit of US $ 88574.09 million during the same period a

year ago. With trade data, exports grew by 3.92% in rupee terms. Imports during Nov’16

stood @ US $ 33018.45 million which is 12.96% higher in rupee terms as against the same

period a year ago. Within imports, oil and non-oil imports grew by 5.89% and 11.70% in

Nov’16 respectively.

OutlookThe terminal month of 2016 started on a cautious note with benchmark indices (Nifty & Sensex)

dipping to 7908 (26 Dec-2016) in the wake of continued selling by Foreign Portfolio Investors

(FPI). Rupee also came under pressure. Further to this, closing of Calender year 2016 and long

holidays of Christmas and New Year Day restricted trading activities in capital markets. The

Nifty tumbled down 11.66% from its peak (8952 – Sep’16) on the back of several domestic and

global developments but is still trading at a higher premium as compared to other emerging

markets economies (EME) and risk reward ratio does not seem favourable considering growth

estimates in mind. Weak industrial production numbers, delay in GST, rising crude prices and US

President blunt talk over visas dampened sentiments. Earning growth for the remaining quarters

is likely to come under pressure in the wake of demonetization. However, the extent of pressure

cannot be quantified properly. Share prices of those businesses should witness more correction in

which contribution of fixed cost to total cost is high as volume growth would take a hit. Initial

Jobless Claims, Non Payrolls, Global & Domestic Interest Rates, Crude Oil Prices and Corporate

Earnings should further shape the trajectory of Nifty in near term.

Returns : Dec’16 Nifty Dow Hang Seng Kospi Nasdaq Nikkei Sensex

TTM 5.05% 15.24% 3.15% 5.61% 9.78% 3.60% 1.78%

Dec'16 0.08% 2.97% -3.83% 2.16% 2.51% 3.24% 0.25%

6

Mutual Fund Performance Update

Equity : Diversified Fund

Equity : Mid & Small Cap Fund

as onNov 2016

Auto Energy Fin. IT Pharma Services Others Corpus Absolute Compound Annualized

Services (Cr.) 3M 6M 1Y 3Y


Axis Equity Fund 12.52 6.62 34.32 5.97 11.59 1.02 27.96 1945.37 -9.70 -6.07 -3.62 10.26

Axis Focused 25 Fund 13.69 0.00 34.89 7.47 9.58 3.16 31.21 829.52 -7.31 -0.11 4.56 14.66

Birla Sun Life Advantage Fund 12.69 3.79 34.36 3.83 12.40 0.00 32.93 1916.02 -10.24 1.36 8.48 22.27

Birla Sun Life Equity Fund 6.59 6.07 30.14 6.35 9.01 0.83 41.01 3450.56 -5.93 8.47 15.21 22.92

BNP Paribas Equity Fund 6.22 5.03 42.85 2.14 8.34 4.21 31.21 1262.42 -10.42 -7.99 -5.50 13.72

Canara Robeco Equity Diversified 14.42 7.24 24.41 6.40 6.86 3.22 37.45 702.42 -8.25 -0.63 -1.97 11.08

DSP BlackRock Equity Fund 8.91 9.59 27.59 3.74 7.11 0.00 43.06 2232.67 -7.94 2.13 4.04 16.46

DSP BlackRock Focus 25 Fund 14.15 10.90 37.64 6.72 7.59 0.00 23.00 1867.54 -7.71 0.67 6.13 17.50

Franklin India Flexi Cap Fund 14.70 9.65 32.23 12.57 8.11 1.26 21.48 2873.41 -5.99 -1.60 4.00 18.24

Franklin India High Growth Companies 13.00 5.90 38.06 7.45 1.74 0.92 32.93 5129.53 -4.38 1.22 4.95 24.13

Franklin India Prima Plus 11.88 3.33 27.22 11.37 8.42 1.42 36.36 9372.85 -5.87 -1.80 4.98 19.77

HDFC Capital Builder Fund 5.57 8.48 26.70 8.69 8.97 3.91 37.68 1296.56 -4.95 2.06 3.83 18.18

HDFC Equity Fund 11.81 9.72 33.78 9.93 4.16 1.34 29.26 15644.98 -4.37 3.67 7.26 16.11

HDFC Top 200 6.90 15.02 37.47 11.96 3.49 1.04 24.12 12640.75 -3.99 3.72 8.52 14.30

HSBC India Opportunities Fund 10.62 3.94 34.83 8.91 8.45 0.00 33.25 426.88 -9.47 -2.70 5.58 16.96

ICICI Prudential Multicap Fund 13.18 4.63 18.67 5.31 13.59 8.27 36.35 1802.06 -5.84 1.52 10.14 19.37

ICICI Prudential Top 100 Fund 3.09 14.73 16.92 12.16 8.65 8.02 36.43 1519.93 -2.54 5.34 10.26 14.85

Invesco India Growth Fund 13.34 7.29 30.18 13.31 5.85 0.00 30.03 152.44 -5.86 -0.21 3.33 15.53

Kotak Select Focus Fund 13.12 15.77 26.55 4.23 2.90 1.06 36.37 6936.65 -5.34 2.57 9.44 21.16

L&T Equity Fund 9.02 6.94 27.79 7.33 9.29 3.26 36.37 2870.81 -6.18 -0.28 3.58 16.00

Mirae Asset India Opportunities Fund 13.11 11.86 29.23 8.28 6.25 3.07 28.20 2467.46 -4.16 3.14 8.09 19.87

Motilal Oswal MOSt Focused 25 Fund 19.26 8.54 44.34 4.62 8.56 1.75 12.93 369.36 -5.25 3.04 2.83 16.24

Principal Growth Fund 11.68 9.35 26.43 5.96 6.39 3.42 36.77 396.75 -6.51 3.51 6.41 17.76

R*Shares Gold BeES 0.00 0.00 0.00 0.00 0.00 0.00 100.00 2839.08 -11.34 -12.02 10.66 0.95

Reliance Equity Opportunities Fund 6.83 2.13 27.67 7.46 7.68 6.18 42.05 9688.61 -7.05 -2.81 -6.67 14.42

Reliance Growth 2.59 6.65 31.45 7.05 7.01 4.14 41.11 5501.25 -8.04 1.47 3.51 19.46

Reliance RSF - Equity 10.39 3.40 22.98 8.92 8.22 6.53 39.56 2704.48 -7.32 -0.36 -1.63 17.69

Reliance Vision 17.47 0.00 30.68 15.48 1.98 0.00 34.39 2944.26 -4.51 0.69 3.95 17.70

SBI Magnum Equity Fund 6.22 10.44 34.52 15.28 8.39 5.05 20.10 1647.79 -7.69 -0.70 4.51 15.16

SBI Magnum Global Fund 94 10.05 0.00 13.09 2.39 4.47 9.78 60.22 2891.89 -10.30 -3.94 -2.00 20.77

SBI Magnum Multi Cap Fund 8.63 9.79 27.72 9.08 7.79 1.86 35.13 1333.57 -5.24 0.27 5.82 21.92

SBI Magnum Multiplier Fund 10.35 5.48 24.24 5.81 6.92 0.00 47.20 1617.52 -8.83 -1.27 0.42 18.25

Tata Equity Opportunities Fund 12.04 7.94 24.23 4.88 8.89 2.69 39.33 1212.22 -7.21 -0.44 1.53 17.13

Tata Ethical Fund 14.89 4.78 0.00 13.77 16.91 1.36 48.29 473.49 -10.15 -5.88 -5.62 12.69

UTI Equity Fund 11.03 1.80 30.12 13.35 14.01 0.00 29.69 4959.32 -8.09 -3.09 1.14 14.42

UTI Mastershare 11.78 8.86 27.06 11.02 7.54 1.52 32.22 3781.96 -6.20 -1.22 3.60 13.89

UTI Opportunities Fund 18.16 6.48 31.73 12.33 5.71 1.51 24.08 4401.60 -7.22 -1.25 2.60 10.87

Axis Midcap Fund 20.98 7.78 30.82 2.17 5.83 2.62 29.80 1148.65 -9.68 -3.56 -3.11 19.93

BNP Paribas Mid Cap Fund 1.86 4.45 26.92 0.37 8.43 7.16 50.81 681.78 -9.66 -3.21 -1.22 23.56

Canara Robeco Emerging Equities 12.23 4.74 17.40 1.79 4.75 3.81 55.28 1340.98 -8.49 1.86 2.56 31.48

DSP BlackRock Micro Cap Fund 4.58 1.17 7.46 6.00 5.70 1.37 73.72 4174.08 -3.00 4.74 12.71 39.87

Franklin India Prima Fund 9.58 7.86 24.48 8.07 4.96 1.73 43.32 4566.29 -6.76 0.17 8.45 27.31

HDFC Mid-Cap Opportunities Fund 9.95 5.96 22.10 5.07 7.96 4.38 44.58 12986.51 -6.42 5.75 11.35 27.67

ICICI Prudential MidCap Fund 6.03 10.63 17.24 8.42 6.79 2.77 48.12 1096.85 -3.51 4.69 4.83 27.23

IDFC Premier Equity Fund 9.79 5.68 19.18 1.97 5.22 12.31 45.85 5710.36 -9.05 -4.30 -2.70 18.74

Edelweiss Mid and Small Cap Fund 11.00 2.60 20.41 3.66 6.67 1.72 53.94 497.49 -8.61 0.87 2.49 27.15

Mirae Asset Emerging Bluechip Fund 10.18 11.28 21.77 4.51 8.75 5.79 37.72 2942.68 -5.18 5.85 12.16 33.18

Principal Emerging Bluechip Fund 10.73 10.31 16.16 2.72 7.82 3.65 48.61 663.49 -7.10 4.86 11.15 28.52

Reliance Mid & Small Cap Fund 6.67 7.43 20.42 1.76 7.62 9.84 46.26 2373.35 -7.16 0.58 2.90 26.46

Reliance Small Cap Fund 2.80 2.05 15.10 8.16 6.84 0.25 64.80 2627.79 -1.49 6.63 5.56 33.90

SBI Magnum Midcap Fund 2.18 2.88 21.99 2.24 12.30 2.80 55.61 2931.38 -7.74 -1.05 4.98 27.53

Sundaram Select Midcap 8.93 6.26 20.68 2.89 2.14 2.98 56.12 4178.16 -4.98 5.57 11.33 29.38

UTI Mid Cap Fund 14.69 6.65 14.33 3.27 3.27 3.66 54.13 3468.09 -9.40 -1.12 3.48 28.07

Return(%)

Jan 2017

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Jan 2017

Equity : Large Cap Funds

Birla Sun Life Frontline Equity Fund 10.96 10.88 31.80 9.28 8.39 0.00 28.69 13847.81 -5.88 0.72 7.43 16.27

Birla Sun Life Top 100 Fund 10.34 12.91 30.71 9.25 9.20 0.00 27.59 2186.28 -5.11 0.88 6.69 16.67

DSP BlackRock Top 100 Equity Fund 15.60 11.74 38.04 7.09 8.44 0.00 19.09 3405.47 -7.72 0.76 4.87 12.08

Franklin India Bluechip 10.75 9.37 28.90 13.79 7.74 0.00 29.45 7609.05 -4.78 -1.32 6.45 14.22

ICICI Prudential Focused Bluechip Equity 10.31 11.68 32.29 12.77 10.73 0.78 21.44 11635.12 -3.52 2.03 7.73 14.90

ICICI Prudential Select Large Cap 12.66 7.67 16.88 20.51 13.57 0.00 28.71 697.37 -4.11 2.22 10.60 13.53

IDBI India Top 100 Equity Fund 19.48 7.24 25.43 2.49 6.05 0.00 39.31 405.10 -8.70 -2.68 1.55 13.80

Reliance Focused Large Cap Fund 11.32 11.00 23.79 9.46 6.57 0.00 37.86 1025.22 -5.70 2.76 2.43 13.14

Reliance Top 200 Fund 15.11 13.01 31.33 7.89 7.76 2.93 21.97 2335.45 -5.75 2.09 2.23 16.92

SBI Bluechip Fund 10.79 7.36 27.05 7.34 10.64 0.00 36.82 9734.53 -7.28 -1.13 4.83 18.73

Tata Large Cap Fund 12.13 8.25 25.00 11.47 7.24 1.77 34.14 794.98 -6.73 -0.89 2.90 12.36

UTI Mastershare Fund 11.78 8.86 27.06 11.02 7.54 1.52 32.22 3781.96 -6.20 -1.22 3.60 13.89

Equity : Index Funds

Birla Sun Life Index Fund 8.57 8.90 33.26 10.26 4.92 0.63 33.46 146.88 -5.26 -1.69 3.05 9.02

Franklin India Index Fund - NSE Nifty Plan 11.58 11.96 31.12 13.82 6.62 0.81 24.09 214.70 -5.06 -1.31 3.26 9.31

HDFC Index Fund - Nifty Plan 11.64 12.02 31.44 13.87 6.63 0.78 23.62 186.62 -4.97 -1.02 3.81 9.97

HDFC Index Fund - Sensex Plan 11.87 13.00 30.74 14.09 7.37 1.01 21.92 90.82 -4.39 -0.95 3.34 9.05

HDFC Index Fund - Sensex Plus Plan 10.04 14.32 28.84 11.89 6.39 0.88 27.64 100.68 -4.79 -0.09 4.48 10.52

ICICI Prudential Index Fund 10.70 11.05 29.76 12.76 6.11 0.75 28.87 225.63 -4.99 -1.24 3.55 9.75

ICICI Prudential Nifty Junior Index Fund 4.47 12.54 18.40 1.10 10.57 2.16 50.76 45.80 -6.51 4.62 7.61 17.96

IDBI Nifty Index Fund 11.65 12.03 31.47 13.91 6.66 0.78 23.50 180.86 -5.29 -1.63 2.37 8.56

IDBI Nifty Junior Index Fund 4.49 12.59 18.45 1.09 10.51 2.15 50.72 32.63 -6.74 4.47 6.85 17.31

IDFC Nifty Fund - Reg 11.61 12.03 31.32 13.81 6.61 0.81 23.81 69.42 -4.93 -1.11 3.92 9.95

Reliance Index Fund - Nifty Plan 11.52 11.89 31.10 13.72 6.56 0.77 24.44 113.02 -5.48 -1.98 2.52 9.11

SBI Nifty Index Fund 11.39 11.75 31.62 13.56 6.49 0.76 24.43 228.13 -5.09 -1.22 3.40 8.93

UTI Nifty Fund 11.52 11.90 31.15 13.73 6.56 0.77 24.37 377.59 -4.94 -0.90 4.00 9.82

Auto Energy Fin IT Pharma Services Others Corpus Absolute Compound Annualized


Equity : Tax Saving Fundsas on

Nov 2016

Axis Long Term Equity Fund 16.18 1.85 35.28 5.90 12.80 2.73 25.26 10486.56 -8.16 -3.48 -0.69 20.75

Birla Sun Life Tax Plan 16.92 2.32 22.17 4.65 9.66 5.16 39.12 399.98 -6.27 0.18 3.08 19.49

Birla Sun Life Tax Relief 96 17.14 2.46 23.38 4.90 9.93 5.21 36.98 2357.71 -6.37 0.40 3.38 20.38

BNP Paribas Long Term Equity Fund 5.63 5.82 39.31 1.98 6.23 5.23 35.80 471.30 -10.59 -7.43 -6.62 15.46

Canara Robeco Equity Taxsaver 6.32 10.11 19.96 8.11 7.48 7.25 40.77 779.17 -6.96 -0.20 -0.04 13.44

DSP BlackRock Tax Saver Fund 10.14 10.30 24.48 9.49 9.75 0.00 35.84 1458.06 -6.14 3.85 11.24 20.90

Franklin India Taxshield 15.69 8.57 32.09 8.55 7.10 1.16 26.84 2368.54 -5.82 -1.51 4.72 19.58

HDFC Long Term Advantage Fund 14.80 12.07 24.27 10.47 1.55 1.61 35.23 1219.14 -2.92 5.22 13.01 16.86

HDFC Taxsaver 9.75 13.15 28.57 6.00 4.91 1.17 36.45 5268.34 -2.42 4.98 7.57 16.39

ICICI Prudential LT Equity (Tax Saving) 10.01 3.99 21.45 7.18 17.55 7.70 32.12 3549.73 -5.53 0.18 3.92 17.81

IDBI Equity Advantage Fund - Reg 23.88 2.97 21.88 0.00 0.00 5.71 45.56 512.82 -10.11 -2.59 -0.05 20.82

Invesco India Tax Plan 15.98 13.79 26.11 12.64 6.33 2.00 23.15 326.89 -5.96 0.19 3.42 19.08

L&T Tax Advantage Fund 5.19 6.18 25.76 6.24 6.95 1.75 47.93 1761.87 -4.85 2.36 8.13 17.22

Reliance Tax Saver (ELSS) Fund 16.07 0.34 22.42 6.20 3.21 5.60 46.16 5882.19 -4.93 2.23 4.24 22.80

SBI Magnum Tax Gain Scheme 93 8.50 9.62 27.99 9.32 8.38 5.35 30.84 4748.25 -6.77 -0.04 2.10 16.26

Return(%)

Compound Annualized

Equity : Dividend Yield Funds

Birla Sun Life Dividend Yield Plus 2.17 14.29 23.52 6.05 8.62 3.22 42.13 1005.28 -5.21 1.92 2.60 14.75

BNP Paribas Dividend Yield Fund 0.00 11.46 34.65 1.09 5.04 3.59 44.17 267.70 -5.69 -0.22 1.89 17.61

Principal Dividend Yield Fund 17.57 18.24 17.96 5.29 2.27 1.34 37.33 112.77 -5.14 4.21 7.24 14.51

Tata Dividend Yield Fund - Reg 8.06 10.12 19.49 19.55 6.88 0.00 35.90 297.01 -3.32 0.24 4.98 16.08

UTI Dividend Yield Fund 4.16 16.70 27.90 14.68 3.86 3.55 29.15 2585.30 -3.25 2.35 6.11 12.45

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Equity : Balanced Fundsas on

Nov 2016Return(%)

Auto Energy Fin IT Pharma Services Others Corpus Absolute Compound Annualized



Birla Sun Life Balanced 95 7.75 5.97 28.60 5.35 7.22 0.30 44.81 5008.95 -4.13 2.49 8.86 18.68

Canara Robeco Balance 8.14 9.50 29.96 4.97 4.34 1.52 41.57 755.62 -5.03 2.81 3.60 16.98

DSP BlackRock Balanced Fund 7.33 10.82 25.18 2.75 4.59 0.06 49.27 2424.08 -5.67 3.44 8.23 18.04

HDFC Balanced Fund 7.90 8.43 27.15 4.90 4.20 2.82 44.60 8135.89 -2.53 4.82 9.72 19.63

HDFC Prudence Fund 6.73 7.69 32.13 6.20 2.22 2.47 42.56 14635.73 -1.36 6.18 9.43 18.54

ICICI Prudential Balanced 3.61 14.88 19.40 9.85 5.36 0.39 46.51 4626.81 -0.38 7.62 13.65 19.09

ICICI Prudential Balanced Advantage 8.01 8.33 30.55 8.33 7.24 1.34 36.20 16486.51 -1.76 2.75 7.35 13.91

Reliance RSF - Balanced 11.84 7.12 46.51 4.94 3.58 1.88 24.13 3849.49 -3.65 2.30 4.20 17.50

SBI Magnum Balanced Fund 6.40 2.66 36.40 9.94 5.03 9.57 30.00 7406.56 -4.34 0.56 3.70 16.83

Tata Balanced Fund - Reg 7.32 7.26 20.66 7.08 7.06 0.98 49.64 6521.62 -5.49 1.04 4.04 18.52

UTI Balanced Fund 6.19 12.83 22.10 8.94 9.90 4.02 36.02 1702.04 -2.63 3.32 8.84 13.97


Jan 2017

Equity : ETF FundsICICI Prudential Nifty 100 iWIN ETF 10.17 11.80 28.51 11.43 7.10 0.98 30.01 27.89 -5.07 0.00 4.61 11.41

ICICI Prudential Sensex iWIN ETF 11.85 12.96 30.63 14.05 7.34 1.01 22.16 35.54 -4.32 -0.88 3.39 9.20

Kotak Nifty ETF 11.67 12.05 31.53 13.91 6.65 0.78 23.41 444.33 -4.88 -0.80 4.33 10.35

MOSt Shares M100 7.97 10.08 17.00 5.67 13.26 6.50 39.52 25.25 -7.36 3.52 6.77 21.34

MOSt Shares NASDAQ 100 1.35 0.00 0.63 49.70 13.27 3.56 31.49 65.19 3.34 13.16 8.11 14.59

R*Shares Bank BeES 0.00 0.00 99.81 0.00 0.00 0.00 0.19 1407.05 -5.95 1.15 7.79 17.46

R*Shares Consumption ETF 32.25 3.15 0.00 0.00 0.00 0.97 63.63 14.99 -9.16 -5.17 -0.97 0.00

R*Shares CNX 100 ETF 10.42 12.07 29.17 11.70 7.26 1.00 28.38 6.80 -5.26 -0.30 4.06 11.02

R*Shares Hang Seng BeES 0.00 10.99 47.53 0.46 0.00 2.50 38.52 6.19 -3.65 6.76 5.40 3.79

R*Shares Nifty BeES 11.66 12.03 31.48 13.89 6.64 0.78 23.52 1121.94 -4.98 -1.00 3.92 10.09

R*Shares NV20 ETF 5.81 23.37 27.85 29.55 0.00 0.00 13.42 13.89 -1.47 0.56 3.70 0.00

SBI ETF Sensex 11.95 13.05 30.91 14.17 7.42 1.01 21.49 2931.49 -4.35 -0.91 3.37 9.56

Equity : Arbitrage FundsBirla Sun Life Enhanced Arbitrage 6.47 8.18 58.87 3.58 3.14 0.93 18.83 1885.84 1.59 3.39 6.50 7.48

DHFL Pramerica Equity Income Fund -0.01 3.97 38.46 4.18 4.54 0.00 48.86 35.02 -1.25 1.60 5.45 10.74

HDFC Arbitrage Fund - Ret 7.98 6.94 43.86 6.58 6.39 2.21 26.04 3436.19 1.62 3.40 6.49 7.23

ICICI Prudential Equity - Arbitrage 0.81 -0.05 27.30 -0.02 -0.03 0.00 71.99 6106.94 1.63 3.56 6.80 7.64

IDFC Arbitrage Fund - Reg -0.03 -0.04 35.27 -0.03 -0.03 -0.01 64.87 2652.55 1.53 3.28 6.33 7.41

IDFC Arbitrage Plus Fund - Reg -0.02 -0.02 20.88 -0.03 -0.04 0.00 79.23 706.37 1.74 4.15 7.33 7.31

Invesco India Arbitrage Fund -0.02 -0.02 28.22 -0.04 -0.05 0.00 71.91 525.13 1.58 3.39 6.51 7.47

JM Arbitrage Advantage Fund - Reg -0.02 -0.05 30.08 -0.02 -0.02 -0.01 70.04 3839.43 1.75 3.71 6.83 7.48

Kotak Equity Arbitrage Fund - Reg -0.02 -0.04 26.80 -0.02 -0.02 0.00 73.30 5573.84 1.54 3.42 6.65 7.71

Reliance Arbitrage Advantage 6.37 9.88 53.07 7.06 3.76 2.31 17.55 3816.19 1.67 3.48 6.59 7.53

SBI Arbitrage Opportunities 6.30 13.15 48.30 0.91 7.17 0.00 24.17 760.92 1.66 3.31 6.35 7.43

UTI Spread Fund - Growth 5.25 9.82 40.09 4.40 7.62 2.59 30.23 1175.06 1.62 3.43 6.46 7.39

Birla Sun Life India GenNext 11.26 2.94 29.49 0.00 6.30 1.72 48.29 458.01 -9.50 1.06 7.43 20.37

Birla Sun Life MNC Fund 16.02 1.42 17.18 0.44 12.70 7.49 44.75 3139.14 -7.03 -4.35 -3.63 24.65

Franklin Build India Fund 9.71 10.87 39.14 0.00 1.63 1.49 37.16 685.82 -5.09 1.45 8.41 28.97

ICICI Pru Exports & other Services Fund 6.33 0.00 2.80 7.25 36.81 7.73 39.08 665.50 -4.45 -1.22 -4.41 18.94

L&T India Special Situations Fund 1.37 5.74 30.93 9.57 7.19 2.15 43.05 897.18 -4.66 0.90 4.36 16.95

Reliance Pharma Fund 0.00 0.00 3.71 0.00 83.76 0.00 12.53 1593.47 -7.30 -0.01 -10.58 16.85

SBI Pharma Fund 0.00 0.00 0.00 0.00 86.58 0.00 13.42 1068.58 -10.06 -4.68 -14.02 19.66

UTI MNC Fund 19.57 2.56 3.42 6.41 6.55 1.90 59.59 1887.16 -7.46 -3.70 -3.00 21.20

UTI Transportation & Logistics Fund 68.87 1.71 1.67 0.00 0.00 11.45 16.30 858.76 -8.21 2.13 4.78 31.22

Equity : Thematic FundsS

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Debt : MIP Fundsas on

Nov 2016Return(%)

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

A1 Plus & A1 & A- (Cr.) Maturity 1M 3M 6M 1Y


Axis Income Saver Fund 46.66 14.52 7.05 2.07 28.44 1.26 24.55 709.42 1.10 2.13 -9.84 -8.46 2.42 4.19

Birla Sun Life MIP II - Savings 5 7.13 1.15 64.12 7.36 14.13 6.11 9.26 287.48 6.49 1.30 -31.08 3.26 13.04 12.22

Birla Sun Life MIP II - Wealth 25 2.77 0.67 60.94 3.07 30.63 1.92 27.84 1414.04 6.63 2.11 -36.61 -9.14 11.85 13.11

Birla Sun Life Monthly Income 8.21 0.00 68.34 3.04 13.85 6.56 13.86 265.42 6.88 2.40 -31.43 0.44 11.10 10.54

BNP Paribas MIP 28.74 4.74 40.49 0.00 23.18 2.85 19.68 236.75 5.92 2.67 -27.75 -1.86 8.82 8.97

Canara Robeco Monthly Income Plan 37.85 1.10 33.22 0.00 23.34 4.49 22.94 274.67 5.38 2.33 -23.28 -3.07 7.93 5.97

DSP BlackRock MIP Fund 26.30 18.63 31.36 0.00 23.63 0.08 23.63 429.32 5.70 2.70 -25.05 -2.31 14.72 10.71

Franklin India MIP 9.18 4.92 59.84 0.00 23.00 3.06 19.64 454.97 7.32 2.25 -34.41 -3.62 7.42 9.51

HDFC MIP - LTP 5.42 9.05 44.54 4.90 33.19 2.90 25.15 3782.60 6.75 1.90 -30.91 3.46 14.62 12.97

HDFC MIP - STP 14.30 7.04 41.26 4.87 27.64 4.89 18.39 287.95 4.38 2.29 -19.03 3.40 10.93 9.25

HDFC Multiple Yield Fund - Plan 2005 62.86 2.77 0.00 0.00 16.48 17.89 16.47 170.88 0.45 1.78 -0.80 2.20 9.04 8.91

HSBC MIP - Growth 24.41 0.00 51.09 0.00 22.62 1.88 22.62 277.45 6.60 2.28 -24.60 -1.35 9.44 8.83

ICICI Prudential MIP - Cumulative 23.74 17.03 25.89 2.80 27.47 3.07 13.19 333.23 5.23 2.28 -13.47 6.11 14.24 10.92

ICICI Prudential MIP 25 35.14 3.66 28.91 0.77 28.92 2.60 23.18 1229.06 4.75 2.05 -16.00 1.25 11.14 10.93

IDFC Monthly Income Plan 4.39 2.67 64.14 0.00 22.81 5.99 22.81 260.31 5.45 2.11 -18.18 2.22 11.10 9.05

Kotak Monthly Income Plan 10.46 6.81 45.59 0.00 30.77 6.37 20.10 151.62 3.85 2.37 -15.27 1.56 13.41 12.96

Reliance MIP 23.22 11.06 33.67 7.71 21.80 2.54 18.22 2557.99 5.57 1.82 -19.74 2.31 11.14 9.23

SBI Magnum MIP 5.65 12.36 42.53 13.85 18.26 7.35 13.60 651.49 5.71 2.15 -17.65 5.07 13.23 12.50

UTI - MIS - Advantage Fund - Growth 26.30 7.50 36.33 0.00 27.72 2.15 24.81 879.04 0.00 1.80 -20.25 -1.75 7.64 8.92

UTI Monthly Income Scheme 24.21 14.45 34.98 0.00 23.00 3.36 13.97 282.14 0.00 1.80 -19.16 3.47 10.88 10.35

Jan 2017


Return(%)Debt: Short-term Fundsas on

Nov 2016

Birla Sun Life Medium Term 15.86 31.11 17.30 14.68 19.58 1.47 9007.05 3.30 1.58 11.56 -5.74 8.23 10.88 10.87

Birla Sun Life Short Term Fund 49.20 10.36 35.09 0.00 0.15 5.20 16658.52 2.45 0.30 7.32 -4.35 8.70 10.77 10.24

Birla Sun Life Treasury Optimizer Plan 34.33 12.96 50.58 0.00 0.01 2.12 9048.35 4.32 0.65 11.18 -12.95 8.95 13.57 12.32

DSP BlackRock Income Opp. Fund 44.48 19.66 0.00 25.21 9.77 0.88 5613.49 2.43 1.90 6.67 -3.65 8.07 11.09 10.57

Franklin India STIP 7.28 5.70 0.00 64.45 19.85 2.72 8034.71 1.43 1.57 7.70 2.57 9.49 11.33 8.33

HDFC HIF - S T P 28.41 14.74 27.75 8.63 17.82 2.65 2101.10 3.14 1.10 10.76 -7.60 9.07 13.03 11.53

HDFC Short Term Opportunities Fund 71.35 9.38 12.07 0.00 4.46 2.74 9373.04 1.33 0.34 5.73 1.39 8.14 9.53 9.31

HDFC Short Term Plan 19.38 25.89 0.71 27.56 22.90 3.56 3879.37 1.62 1.52 6.33 -0.26 8.52 10.49 10.20

ICICI Pru Banking & PSU Debt Fund 47.19 7.31 36.72 0.00 0.00 8.78 8773.03 3.44 0.65 14.75 -10.88 10.39 14.06 12.62

ICICI Pru STP 50.13 9.71 33.41 0.00 3.20 3.55 9553.53 3.15 1.20 9.61 -6.01 9.39 12.21 11.13

IDFC SSIF - MTP 57.60 1.52 38.24 0.00 0.00 2.64 4818.43 2.91 1.26 7.07 -5.26 8.90 11.00 9.89

IDFC SSIF - Short Term 86.76 8.69 1.67 0.00 0.00 2.88 5911.02 1.72 0.80 6.77 -1.32 7.31 8.88 8.80

Reliance Medium Term Fund 61.91 20.37 7.81 2.29 5.34 2.28 11451.65 1.27 0.86 5.63 0.44 7.55 9.17 9.13

Reliance Short Term Fund 61.38 13.15 21.98 0.00 0.13 3.36 17419.83 2.63 1.05 6.89 -6.29 7.79 10.45 9.77

SBI Short Term Debt Fund 58.85 5.44 23.58 0.00 0.07 12.06 8010.48 2.04 0.87 6.42 -1.74 9.24 10.65 9.90

Tata Short Term Bond Fund 71.61 2.68 19.91 0.00 -0.01 5.81 6920.14 2.30 1.08 7.56 -2.69 8.11 9.75 9.19

Taurus Short Term Income Fund 76.43 11.73 6.63 0.00 0.00 5.21 84.99 0.43 0.80 8.55 3.89 6.19 6.93 7.68

UTI Short Term Income Fund - Ret 43.76 11.30 27.33 0.00 0.13 17.48 10553.07 2.36 1.01 6.94 -5.53 9.25 11.33 9.71

AAA & A1 AA & Sov. A & A+ Others Cash Corpus Avg. Exp. Simple Annualized CA*

Plus AA+ &A1 &A- (Cr.) Maturity 7D 1M 3M 6M 1Y

Debt: Income Funds

Birla Sun Life Income Plus 7.74 0.00 89.43 0.00 -0.01 2.84 4126.56 8.30 1.69 8.26 -38.71 8.19 17.22 14.40

DHFL Pramerica B&P Debt Fund 86.85 0.00 8.89 0.00 0.00 4.26 2231.07 2.52 0.77 7.55 -4.99 7.26 10.01 9.52

DHFL Pramerica MT Income Fund 75.27 0.00 19.74 0.00 0.00 4.99 767.97 4.67 1.03 5.75 -11.70 8.30 14.00 12.20

DSP BlackRock Strategic Bond Fund 12.45 0.00 81.46 0.00 0.04 6.05 2773.36 7.55 1.06 10.46 -27.83 8.80 15.82 13.02

HDFC Corporate Debt Opportunities 21.25 21.41 0.00 24.89 28.82 3.63 9742.66 3.03 1.75 5.34 -7.60 7.86 12.02 10.96

ICICI Prudential Income Opportunities 93.68 0.00 1.33 0.00 0.01 4.98 3737.45 4.07 0.99 5.76 -12.20 7.46 13.69 11.31

ICICI Prudential LTP 24.64 8.94 59.78 0.00 0.00 6.64 1959.35 6.19 1.17 15.06 -19.97 13.81 18.99 16.86

IDFC D B F (Re-Launched) 0.00 0.00 99.04 0.00 0.34 0.62 5317.23 8.38 1.62 10.23 -28.86 12.97 17.13 13.13

IDFC SSIF - Invt Plan 0.00 0.00 98.58 0.00 0.26 1.16 1946.43 8.36 1.74 10.53 -28.89 12.76 16.96 12.90

Reliance Corporate Bond Fund 42.64 28.97 3.20 0.00 23.66 1.53 3367.71 3.34 1.69 7.90 -8.51 8.04 12.66 11.11

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Debt: Ultra Short-term Funds

Debt: Liquid Funds

as onNov 2016

Return %

AAA & AA & AA+ Sov. A & A+ Others Cash Corpus Modified Exp. Simple Annualized CA*

A1 Plus & A1 & A- (Cr.) Duration 7D 1M 3M 6M 1Y


Axis Treasury Advantage Fund - Growth 80.10 12.26 5.30 0.00 0.00 2.34 2339.79 0.45 0.55 5.72 3.52 6.71 7.68 8.15

Baroda Pioneer Treasury Advantage A 47.51 18.27 12.16 2.29 5.99 13.78 3358.19 0.81 0.80 6.84 4.41 7.54 8.76 9.22

Birla Sun Life Cash Manager 54.23 36.57 5.59 0.66 0.76 2.19 7652.33 0.97 1.00 4.73 2.07 7.01 8.25 8.47

Birla Sun Life Floating Rate LTP 55.10 18.02 25.35 0.00 0.46 1.07 5459.24 1.28 0.43 6.10 0.41 8.14 9.86 9.53

Birla Sun Life Savings Fund 65.14 16.35 13.82 3.61 0.28 0.80 17804.06 1.38 0.23 5.70 0.67 7.62 9.05 9.23

DHFL Pramerica Low Duration Fund 35.90 26.40 0.00 10.50 5.82 21.38 1438.93 0.66 1.16 7.19 5.20 7.73 8.87 9.06

DHFL Pramerica Ultra Short-Term Fund 78.17 5.14 0.00 0.00 10.08 6.61 2482.70 0.43 0.47 6.50 5.21 7.21 7.97 8.40

DSP BlackRock Money Manager 78.59 14.11 2.34 0.49 3.35 1.12 3063.60 0.46 1.00 5.96 4.03 6.35 7.19 7.49

Edelweiss Treasury Fund 8.78 0.00 0.00 0.00 0.00 91.22 17.08 0.00 0.00 5.39 5.78 6.13 6.66 7.22

Franklin India Low Duration Fund 21.71 14.08 0.00 43.08 14.98 6.15 2462.43 0.95 0.78 7.90 4.11 8.98 10.27 9.66

Franklin India Ultra Short Bond Retail 29.68 23.77 0.00 24.88 16.76 4.91 6887.28 0.71 0.86 7.21 4.52 8.17 8.97 9.07

HDFC Cash Mgmt - Treasury Advantage 49.86 32.74 6.89 0.08 7.79 2.64 13073.09 1.35 1.11 6.44 0.28 7.57 9.03 8.62

HDFC F R I F - STF - Growth 69.56 17.84 5.40 0.35 3.65 3.20 15226.48 1.20 0.32 6.90 1.11 7.56 8.79 8.77

ICICI Prudential FIP Reg - Growth 62.63 16.02 16.90 0.00 2.59 1.86 20012.17 1.20 0.27 6.87 0.91 7.92 8.97 9.07

ICICI Prudential Savings Fund - Growth 30.36 43.29 6.62 1.32 17.96 0.45 7626.98 1.20 1.30 8.28 1.02 7.58 8.85 8.87

ICICI Prudential Ultra ST Plan 60.97 9.21 25.37 0.00 0.00 4.45 9357.37 2.38 0.60 7.08 -5.38 8.13 10.08 9.83

IDFC Money Manager - Invt Plan 93.03 1.46 0.00 0.00 0.01 5.50 1740.74 1.29 0.45 5.60 1.94 8.10 9.33 9.07

IDFC Money Manager - Treasury Plan 60.71 22.81 14.88 0.00 0.00 1.60 1721.14 1.25 1.34 5.91 1.42 7.06 7.91 8.13

IDFC Ultra Short Term Fund 62.82 21.95 13.36 0.00 0.00 1.87 5864.30 1.03 0.37 6.17 2.34 7.35 8.51 8.77

Religare Invesco Credit Opportunities Fund 97.11 0.00 0.00 0.00 0.13 2.76 1326.55 0.07 0.65 6.55 6.49 6.74 7.08 7.75

Religare Invesco Ultra Short Term Fund 72.22 15.30 0.00 0.00 0.90 11.58 3950.90 0.85 0.90 5.18 2.57 7.41 8.47 8.52

JM Floater Long Term Fund 49.19 12.89 2.59 0.00 5.21 30.12 193.25 0.08 0.60 6.86 6.84 7.62 7.95 8.32

JM Money Manager Fund - Super Plus Plan 83.52 8.45 5.47 0.00 0.74 1.82 681.53 1.15 0.50 6.44 2.13 7.30 8.35 8.57

Kotak Treasury Advantage Fund 70.20 17.26 7.79 0.00 -6.14 10.89 5249.48 0.45 0.60 6.24 4.51 7.06 7.98 8.17

L&T Ultra Short Term Fund 87.99 7.11 0.00 0.00 2.79 2.11 3618.34 0.75 0.53 5.84 3.47 7.31 8.24 8.47

LIC Nomura MF Savings Plus Fund 82.61 10.20 2.09 0.00 3.29 1.81 4152.45 0.51 1.00 7.33 4.23 7.22 8.44 8.29

Principal low Duration Fund 76.79 8.63 0.72 0.17 12.21 1.48 697.30 0.81 0.69 7.45 3.89 6.80 8.17 8.64

Reliance Money Manager Fund 83.33 13.19 0.64 0.00 0.36 2.48 18827.41 0.84 0.55 5.99 3.16 7.24 8.19 8.53

SBI Ultra Short Term Debt Fund - Growth 77.20 14.58 4.70 0.00 0.04 3.48 12215.37 0.53 0.42 5.74 4.53 7.26 7.88 8.31

Sundaram Ultra Short Term 83.15 6.03 6.84 0.00 3.06 0.92 2757.21 0.00 1.01 6.04 3.26 6.44 7.50 8.00

Tata Floater Fund 79.50 15.98 0.00 0.00 0.05 4.47 4569.36 0.71 0.35 6.07 3.40 7.29 8.21 8.46

Taurus Ultra Short Term Bond Fund - Ret 73.10 25.74 0.88 0.00 0.00 0.28 67.85 0.09 0.48 7.33 6.43 6.97 7.40 7.62

UTI Floating Rate Fund - STP 67.64 16.03 0.80 0.00 8.24 7.29 6771.25 0.78 1.00 5.60 3.46 7.61 8.62 8.87

UTI Treasury Advantage Fund 68.95 14.05 1.82 0.00 7.11 8.07 12476.38 0.70 0.38 5.73 3.63 7.42 8.24 8.35

Axis Liquid Fund 86.90 0.00 11.89 0.00 -5.14 6.35 12561.39 0.10 0.10 6.59 6.39 6.69 6.94 7.62

Birla Sun Life Cash Plus 69.50 0.68 11.76 0.00 15.86 2.20 25375.94 0.12 0.30 6.46 6.27 6.65 6.95 7.70

DHFL Pramerica Insta Cash Plus 79.98 0.00 20.59 0.00 -13.37 12.80 7648.21 0.14 0.12 6.02 6.20 6.63 6.94 7.68

DSP BlackRock Liquidity Fund 70.66 0.00 12.38 0.00 1.35 15.61 15022.37 0.07 0.23 6.44 6.17 6.55 6.83 7.50

Franklin India TMA 72.39 3.06 0.00 3.67 9.10 11.78 2481.96 0.07 0.86 5.90 5.62 5.94 6.23 6.94

HDFC Cash Mgmt Fund - Savings Plan 61.97 0.00 18.25 0.00 16.92 2.86 6502.49 0.13 0.74 6.74 6.10 6.49 6.77 7.48

HDFC Liquid Fund 60.39 0.37 26.94 0.00 2.53 9.77 26958.45 0.13 0.45 6.68 6.22 6.61 6.87 7.59

ICICI Prudential Liquid 56.90 0.07 60.43 0.00 -39.00 21.60 29698.96 0.16 0.15 6.51 6.25 6.69 6.95 7.66

ICICI Prudential Money Market 72.14 0.00 46.57 0.00 -37.42 18.71 10360.70 0.17 0.32 6.49 6.23 6.68 6.95 7.66

IDFC Cash Fund 73.16 1.09 15.18 0.00 5.41 5.16 9213.36 0.10 0.28 6.54 6.28 6.62 6.89 7.59

Invesco India Liquid Fund 84.36 0.00 5.40 0.00 9.97 0.27 6770.57 0.09 0.09 6.58 6.34 6.68 6.95 7.64

Kotak Floater - ST 101.92 0.00 15.39 0.00 -34.62 17.31 10620.17 0.12 0.22 6.58 6.38 6.72 6.99 7.68

L&T Liquid Fund 90.09 0.00 13.98 0.00 -12.72 8.65 7621.41 0.10 0.15 6.62 6.33 6.67 6.94 7.63

LIC MF Liquid Fund 85.64 0.00 8.49 0.00 0.01 5.86 9268.04 0.06 0.23 6.73 6.35 6.62 6.88 7.58

Reliance Liquid Fund - TP 83.13 1.89 10.79 0.00 -6.60 10.79 22226.93 0.11 0.25 6.43 6.22 6.67 6.95 7.65

SBI Premier Liquid Fund 65.40 0.00 19.66 0.00 14.66 0.28 27124.44 0.07 0.15 6.39 6.24 6.52 6.82 7.57

UTI-Liquid Cash Plan 72.52 0.00 9.47 0.00 11.89 6.12 21754.32 0.00 0.10 5.99 5.61 6.13 6.36 7.04

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Sov. Others Cash Corpus Modified Expense Simple Annualized CA*

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


11

Debt Gilt: Medium & Long-term Fundsas on

Nov 2016Return(%)

Portfolio as on Nov 30, 2016 & Return as on Dec 31, 2016 *CA : Compound Annualized

Birla Sun Life G Sec Fund - LT - Reg 90.02 0.00 9.98 766.14 6.88 1.38 9.83 -30.03 10.26 17.35 15.35

DHFL Pramerica Gilt Fund - Growth 96.18 0.00 3.82 316.29 4.89 0.76 4.31 -17.21 8.60 14.55 12.63

Franklin India GSF - LTP 97.92 0.00 2.08 437.93 10.12 1.74 5.60 -53.09 9.00 16.75 15.67

HDFC Gilt Fund - L T P 96.91 0.00 3.09 3717.81 8.74 0.77 0.84 -41.99 7.17 17.79 16.56

ICICI Prudential Gilt Fund - Investment PF 95.61 0.00 4.39 732.39 8.47 0.82 10.79 -32.57 12.60 19.80 17.79

ICICI Prudential Long Term Gilt Fund 98.55 0.00 1.45 2707.47 9.03 1.25 17.79 -36.24 12.15 20.85 18.17

IDFC G Sec Fund - Invt Plan - Reg (Re-launched) 99.06 0.00 0.94 727.08 8.83 1.36 11.32 -32.24 12.18 18.14 13.88

Edelweiss G Sec Fund 84.16 0.00 15.84 838.63 2.73 1.25 11.34 -6.73 7.96 12.44 12.46

Reliance G Sec Fund 98.80 0.03 1.17 1335.92 8.48 1.71 15.88 -29.83 13.99 20.77 16.98

SBI Magnum Gilt LTP 88.70 0.00 11.30 2204.91 7.05 0.96 18.15 -20.76 17.64 22.17 16.27

UTI Gilt Advantage Fund - L T P 93.02 0.00 6.98 425.20 7.58 0.85 14.90 -19.03 17.36 22.39 15.49

Jan 2017

Debt Gilt: Short-term Funds

DSP BlackRock Treasury Bill Fund 97.40 0.00 2.60 38.26 0.27 0.60 5.85 4.73 6.07 6.41 6.72

ICICI Prudential Short Term Gilt Fund 94.64 0.00 5.36 138.19 3.89 0.70 3.30 -12.74 8.69 12.53 12.15

IDBI Gilt Fund 90.07 0.00 9.93 24.54 8.30 1.84 22.17 -32.02 9.69 17.40 12.91

SBI Magnum Gilt STP 62.82 0.00 37.18 391.98 2.34 0.69 8.53 2.45 15.48 15.03 12.81

Tata G S S M F - Plan A 82.54 0.00 17.46 28.53 2.43 0.64 9.36 -4.36 9.54 10.73 9.85

UTI G-Sec Fund - STP 69.34 0.00 30.66 23.08 2.27 0.55 8.46 -2.13 9.25 10.60 8.91

Return(%)Debt : Dynamic Fundsas on

Nov 2016

Axis dynamic Bond Fund 10.24 3.70 78.18 0.00 3.41 4.47 365.81 6.50 1.30 11.14 -24.11 12.08 16.06 13.40

Birla Sun Life dynamic Bond DAP 7.48 17.08 67.57 0.90 4.29 2.68 15567.50 8.32 1.62 6.27 -44.84 4.87 14.36 14.04

Birla Sun Life dynamic Bond 7.48 17.08 67.57 0.90 4.29 2.68 15567.50 8.32 1.51 6.27 -44.83 4.87 14.36 14.04

Franklin India dynamic Accrual 5.74 9.19 0.00 60.03 22.34 2.70 1912.80 1.68 1.77 9.54 2.09 9.61 11.79 10.07

HDFC HIF - dynamic 4.05 7.93 75.62 3.29 3.90 5.21 2383.49 7.04 1.52 5.46 -30.41 7.54 16.39 14.73

ICICI Prudential Long Term Fund 24.64 8.94 59.78 0.00 0.00 6.64 1959.35 6.19 1.17 15.06 -19.97 13.81 18.99 16.86

Reliance dynamic Bond Fund 27.10 0.00 70.71 0.00 0.02 2.17 4596.00 7.88 1.68 9.84 -29.06 9.03 16.74 13.93

Reliance Dynamic Bond Fund 27.10 0.00 70.71 0.00 0.02 2.17 4596.00 7.88 1.68 9.84 -29.06 9.03 16.74 13.93

SBI dynamic Bond Fund 30.74 0.00 56.69 0.00 0.00 12.57 2854.24 6.82 1.50 5.68 -15.22 15.64 17.86 15.34

Tata Dynamic Bond Fund 6.61 0.00 86.54 0.00 0.00 6.85 1232.04 6.66 1.62 19.02 -23.74 11.11 15.25 12.03

UTI Dynamic Bond Fund 4.49 0.00 81.03 0.00 0.56 13.92 1257.43 6.66 1.61 6.43 -19.57 16.50 19.85 14.90

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

A1 + & A1 & A- (Cr.) Maturity 7D 1M 3M 6M 1Y

Auto Energy Fin. IT Pharma Services Others Corpus Absolute Compound Annualized


Equity : Value Funds

Equity : Global Funds

as onNov 2016

Birla Sun Life Pure Value 1.71 13.69 8.18 4.49 23.20 0.00 48.73 670.97 -8.14 5.58 8.99 31.21

ICICI Pru Value Discovery Fund 8.92 8.55 27.45 17.68 9.43 4.84 23.13 14874.10 -4.36 -0.64 4.61 24.21

L&T India Value Fund - Growth 5.20 13.70 29.66 3.90 3.15 1.59 42.80 2123.46 -3.68 5.54 8.13 28.55

Parag Parikh Long Term Value Fund 6.35 7.06 30.34 24.40 4.84 8.38 18.63 675.14 -0.94 4.89 3.28 17.67

Tata Equity P/E Fund - Reg 5.63 23.43 19.87 10.76 0.00 3.08 37.23 676.44 -2.17 8.47 16.18 25.48

Templeton India Equity Income 11.13 8.13 31.42 7.33 6.18 5.28 30.53 902.29 -4.60 5.07 9.39 14.24

Franklin Asian Equity Fund 2.15 0.00 26.44 11.27 2.54 1.45 56.15 101.78 -7.95 0.90 7.19 3.74

ICICI Pru Indo Asia Equity Fund 0.00 6.68 14.53 4.44 11.71 8.83 53.81 144.37 -6.55 4.30 5.99 17.06

ICICI Pru US Bluechip Equity Fund 4.69 0.00 21.36 6.55 23.57 7.41 36.42 165.12 5.41 6.00 11.61 8.20

L&T India Value Fund - Growth 5.20 13.70 29.66 3.90 3.15 1.59 42.80 2123.46 -3.68 5.54 8.13 28.55

Mirae Asset Great Consumer Fund 12.66 3.97 24.45 1.95 0.00 1.33 55.64 54.52 -7.81 -0.16 2.05 14.76

Return(%)

Compound Annualized

Compound Annualized

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Jan 2017

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

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