mutual funds debt schemes - cf
TRANSCRIPT
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IMT NagpurPGDM 2009-2011
Mutual Fund Debt Schemes
Corporate Finance
Date of Submission: 14th Dec 2009
Submitted to:
Prof. Pavan Jain
Section: D
Submitted By:
Rochit Rajvanshi (2009195)
Rani Treasa Joseph (2009209)
Revati Naik (2009211)
Rijo Jacob Abraham (2009214)
Siddharth Seran (2009237)
Smritti Bansal (2009243)
Ruchika Puri (2009252)
Prakhar Chawla (2009225)
Shalini Singh (2009239)
Shashiraj (2009244)
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TABLE OF CONTENTS:
1. Introduction..3
1. Mutual Funds - Definition2. Operation Of A Mutual Fund3. Types Of Mutual Funds4. Merits Of Debt Fund Investment5. Mutual Fund Market Analysis (Inclusive of Debt
Market)
2. Mutual Fund Debt Scheme features of 10 companies.9
3. Comparative Analysis of 10 Mutual fund Debt
Schemes34
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1. INTRODUCTION
1.1.MUTUAL FUNDS - DEFINITION
A mutual fund is a trust that pools the savings of a number of investors who share a
common financial goal. The money thus collected is then invested in capital market
instruments such as shares, debentures and other securities.
The income earned through these investments and the capital appreciation realized
is shared by its unit holders in proportion to the number of units owned by them.
Thus a Mutual Fund is the most suitable investment for the common man as it offers
an opportunity to invest in a diversified, professionally managed basket of securities
at a relatively low cost.
1.2.OPERATION OF A MUTUAL FUND
1.3.TYPES OF MUTUAL FUNDS
By Structure
Open-ended Fund/ SchemeIt is one that is available for subscription and repurchase on a continuous
basis. These schemes do not have a fixed maturity period. Investors can
conveniently buy and sell units at Net Asset Value (NAV) related prices whichare declared on a daily basis. The key feature of open-end schemes is
liquidity.
Closed-ended Fund/SchemeThese schemes have a pre-specified maturity period. One can invest directly
in the scheme at the time of the initial issue. Depending on the structure of
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the scheme there are two exit options available to an investor after the initial
offer period closes. Investors can transact (buy or sell) the units of the
scheme on the stock exchanges where they are listed. The market price at
the stock exchanges could vary from the net asset value (NAV) of the scheme
on account of demand and supply situation, expectations of unit holder and
other market factors. Alternatively some close-ended schemes provide anadditional option of selling the units directly to the Mutual Fund through
periodic repurchase at the schemes NAV.
Interval SchemeThese combine the features of open-ended and close-ended schemes. The
units may be traded on the stock exchange or may be open for sale or
redemption during pre-determined intervals at NAV related prices
By Nature
Equity FundsThese funds invest a maximum part of their corpus into equities holdings.
The structure of the fund may vary different for different schemes and the
fund managers outlook on different stocks. The Equity Funds are sub-
classified depending upon their investment objective, as follows:
Diversified Equity Funds
Mid-Cap Funds
Sector Specific Funds and
Tax Savings Funds (ELSS)
Equity investments are meant for a longer time horizon, thus Equity
funds rank high on the risk-return matrix.
Debt Funds The objective of these Funds is to invest in debt papers. Government
authorities, private companies, banks and financial institutions are some of
the major issuers of debt papers. By investing in debt instruments, these
funds ensure low risk and provide stable income to the investors.
A debt fund may invest in short-term or long-term bonds, securitized
products, money market instruments or floating rate debt. The fee ratios on
debt funds are lower, on average, than equity funds because the overall
management costs are lower. The main investing objectives of a debt fund
will usually be preservation of capital and generation of income.
Debt funds are further classified as:
Gilt Funds:
Invest their corpus in securities issued by Government, popularly
known as Government of India debt papers. These Funds carry zero
Default risk but are associated with Interest Rate risk. These schemes
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are safer as they invest in papers backed by Government. Gilt funds
stick to high quality-low risk debt, mainly government securities.
Income Funds:
Invest a major portion into various debt instruments such as bonds,
corporate debentures and Government securities.
MIPs:Invests maximum of their total corpus in debt instruments while they
take minimum exposure in equities. It gets benefit of both equity and
debt market. These scheme ranks slightly high on the risk-return
matrix when compared with other debt schemes.
Short Term Plans (STPs):
Meant for investment horizon for three to six months. These funds
primarily invest in short term papers like Certificate of Deposits (CDs)
and Commercial Papers (CPs). Some portion of the corpus is also
invested in corporate debentures.
Liquid Funds:
Also known as Money Market Schemes, These funds provides easy
liquidity and preservation of capital. These schemes invest in short-
term instruments like Treasury Bills, inter-bank call money market, CPs
and CDs. These funds are meant for short-term cash management of
corporate houses and are meant for an investment horizon of 1day to
3 months. These schemes rank low on risk-return matrix and are
considered to be the safest amongst all categories of mutual funds.
Balanced Funds
As the name suggest they, are a mix of both equity and debt funds. They
invest in both equities and fixed income securities, which are in line with pre-defined investment objective of the scheme. These schemes aim to provide
investors with the best of both the worlds. Equity part provides growth and
the debt part provides stability in returns.
1.1.MERITS OF DEBT FUND INVESTMENT
While fixed deposits might appeal to conservative investors, in a growing
economy like India, inflation is a fact of life, which eats into the returns earned on
investments. From an inflation-adjusted perspective, fixed income mutual funds
compare very favorably to fixed deposits.
Comparison with fixed deposits
In the investment world, it is not an either/or scenario between debt and
equity. Basic principle of sound investing postulates a diversified portfolio.
The main advantage of debt funds is relatively lower risk and steady income
additional to liquidity of investments. FDs generally have a lock-in-period
wherein in a pre-mature withdrawal by an investor would mean a monetary
penalty that would be charged to the investor. Moreover, debt funds could
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generate better yields during economic growth, dependent on the kind of
scheme chosen by the investor. A fund invests in range of securities leading
to diversification of risk, an important parameter for an investor.
Better performance in slowdown
Debt funds also tend to perform better in periods of economic slowdown.Analysts believe that debt should be looked upon as an effective hedge
against equity market volatility, which lends stability in terms of value and
income to a portfolio.
Available Options
Debt funds have a fairly wide range of schemes offering something for all
types of investors. Liquid fund, Liquid plus funds, Short term income funds,
GILT funds, income funds and hybrid funds are some of the more popular
categories.
Tax Benefit
For the purpose of determining the attractiveness of the investment, effective
return, that is, post-tax returns should be given more weight. Dividends from
debt mutual funds are taxed at a rate lower than highest marginal tax rate.
1.1.MUTUAL FUND MARKET ANALYSIS (INCLUSIVE OF DEBT MARKET)
In the past decade, Indian mutual fund industry has seen a dramatic
improvement, both quality as well as quantity wise. Putting the AUM of the Indian
Mutual Funds Industry into comparison, it constitutes less than 11% of the total
deposits held by the Indian banking industry. The main reason of its poor growth isthat the mutual fund industry in India is still in its nascent stage. Large sections of
Indian investors are yet to be educated with the concept. Hence, it is the prime
responsibility of all mutual fund companies, to market the product correctly abreast
of selling.
The mutual fund industry can be broadly put into four phases according to the
development of the sector. Each phase is briefly described as under.
First Phase - 1964-87
Unit Trust of India (UTI) was established on 1963 by an Act of Parliament. The first
scheme launched by UTI was Unit Scheme 1964. At the end of 1988 UTI had
Rs.6,700 crores of assets under management.
Second Phase - 1987-1993 (Entry of Public Sector Funds)
This phase saw the entry of non-UTI mutual funds like SBI Mutual Fund followed by
Canbank Mutual Fund (Dec 87), Punjab National Bank Mutual Fund (Aug 89), Indian
Bank Mutual Fund (Nov 89), Bank of India (Jun 90), Bank of Baroda Mutual Fund (Oct
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92), LIC in 1989 and GIC in 1990. The end of 1993 marked Rs.47004 as assets
under management.
Crisis of 1992
The NAV of mutual funds in India declined when stock prices started falling in the
year 1992. Those days, the market regulations did not allow portfolio shifts into
alternative investments. There was rather no choice apart from holding the cash or
to further continue investing in shares. One more thing to be noted, since only
closed-end funds were floated in the market, the investors disinvested by selling at
a loss in the secondary market. The 1992 stock market scandal, the losses by
disinvestments and of course the lack of transparent rules, rocked confidence
among the investors.
Third Phase - 1993-2003 (Entry of Private Sector Funds)
With the entry of private sector funds in 1993, a new era began giving the Indian
investors a wider choice of fund families. Also, 1993 was the year in which the first
Mutual Fund Regulation came into being, under which all mutual funds, except UTI
were to be registered and governed. The erstwhile Kothari Pioneer (now merged
with Franklin Templeton) was the first private sector mutual fund registered in July
1993. At the end of January 2003, there were 33 mutual funds with total assets of
Rs. 121805 crores.
Fourth Phase - since February 2003
This phase had a bitter experience for UTI. It was bifurcated into two separate
entities. One was the Specified Undertaking of the Unit Trust of India with AUM of
Rs.29835 crores (as on January 2003) did not come under the purview of the Mutual
Fund Regulations. The second was the UTI Mutual Fund Ltd, sponsored by SBI, PNB,
BOB and LIC registered with SEBI. The mutual fund industry entered a phase
of consolidation and growth. At the end of September, 2004, there were 29 funds,
which managed assets of Rs.153108 crores under 421 schemes.
Phase V. Growth and Consolidation - 2004 Onwards
The industry also witnessed several mergers and acquisitions recently, examples of
which are acquisition of schemes of Alliance Mutual Fund by Birla Sun Life, Sun F&C
Mutual Fund and PNB Mutual Fund by Principal Mutual Fund. Simultaneously, more
international mutual fund players have entered India like Fidelity, FranklinTempleton Mutual Fund etc.
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Future Growth
It is estimated that by 2010 March-end, the total assets of all
scheduled commercial banks should be Rs 4090000 crore. The annual composite
rate of growth is expected 13.4% during the rest of the decade. In the last 5 years
we have seen annual growth rate of 9%. According to the current growth rate, by
year 2010, mutual fund assets will be double.
Mutual Fund AUMs Growth
Month/Year Mar-98 Mar-
00
Mar-
01
Mar-
02
Mar-
03
Mar-
04
Sep-
04
4-Dec
MF AUM's 68984 9371
7
8313
1
9401
7
7530
6
1376
26
1511
41
1493
00
Change in %
over last yr
26 13 12 25 45 9 1
1.2.SHARPE RATIO
Definition: A ratio developed by Nobel laureate William F. Sharpe to measure risk-adjusted performance. The Sharpe ratio is calculated by subtracting the risk-freerate - such as that of the 10-year U.S. Treasury bond - from the rate of return for aportfolio and dividing the result by the standard deviation of the portfolio returns.
The Sharpe ratio formula is:
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Significance:The Sharpe ratio tells us whether a portfolio's returns are due to smart investmentdecisions or a result of excess risk. This measurement is very usefulbecause although one portfolio or fund can reap higher returns than its peers, it isonly a good investment if those higher returns do not come with too muchadditional risk. The greater a portfolio's Sharpe ratio, the better its risk-adjustedperformance has been. A negative Sharpe ratio indicates that a risk-less assetwould perform better than the security being analyzed.
2. MUTUAL FUND FEATURES OF 10 COMPANIES
1. CompanyName:
CANARA ROBECO INCOME SCHEME GROWTH
Objective:To generate income through investment in Debt and MoneyMarket Securities of different maturity and issuers of differentrisk profiles.
Features: Type of Scheme: Open Ended
Inception Date: 37518
Face Value(Rs/Unit):
10
Fund Size in Rs.Cr.:
231.51 as on Oct 30, 2009
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Expense ratio (%): 2.07
MinimumInvestment:
5000
PurchaseRedemptions:
Daily
NAV Calculation: DailyEntry Load: Entry Load is 0%
Exit Load:If redeemed bet. 0 Months to 6Months; Exit load is 0.5%.
Increase/Decreasein Fund Size sinceSep 30, 2009 (Rs.in crores):
-20.33
NAV: Latest NAV: 19.35 as on Dec 3, 2009
Benchmark Index -Crisil CompositeBond Fund Index:
1,564.77 as on Dec 2, 2009
52 - Week High: 19.37 as on Nov 26, 2009
52 - Week Low: 17.20 as on Dec 5, 2008
Risk and return SCHEME PERFORMANCE (%) AS ON DEC 3, 2009
1Mont
h
3Mont
hs
6Mont
hs
1Yea
r
3Yea
rs
5Year
s
SinceInception
0.71 1.46 2.3713.2
114
11.25
9.59
Risk Mean 0.56
Standard Deviation 0.79
Beta 4.77
Sharpe 0.57
Portfolio P/E NA
P/B NA
Dividend Yield NA
Market Cap NA
Large NA
Mid NA
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Small NA
Top 5 Holding (%) 88.01 as on Oct 2009
No. of Stocks 4
Expense Ratio (%) 2.07
Top 10holdings
Stock P/E
%ageof
NetAsse
ts
Qty Value
%age ofChangewith lastmonth
CBLO NA 54.71 NA 126.67 23.65
TreasuryBill
NA 14.74 NA 34.12 0.41
GOI NA 7.419000
0017.14 -37.15
L & T
FinanceLtd
NA 6.61 150 15.31 1.3
HousingDevelopmentFinanceCorporation Ltd
31.41
4.54 100 10.51 0.59
Indian OilCorporation Ltd.
5.18 4.25 100 9.83 NA
StateBank ofBikanerand JaipurLtd
5.08 4.2 1000 9.72 0.61
CurrentAssets
NA 3.55 NA 8.22 -70.56
Sectorallocation
Banks 4.2
Petroleum, Gasandpetrochemical
products
4.25
HFC 4.54
NBFC 6.61
Sovereign22.1
4
Current Assets58.2
6
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2. Company Name: BIRLA SUN LIFE MIP - SAVINGS 5 - GROWTH
Objective:The scheme aims at long term capital appreciation byinvesting in a judicious mix of high quality fixed incomesecurities and small portion in equity.
Features: Type of Scheme: Open Ended
Inception Date: May 1, 2004Face Value(Rs/Unit): 10Fund Size in Rs.Cr.: 1174 as on Nov 30, 2009
Expense ratio(%): 2.1Minimum
Investment: 7PurchaseRedemptions:
Daily
NAV Calculation: Daily
Entry Load: Entry Load is 0%.
Exit Load:If redeemed bet. 0 Days to365 Days; Exit load is 1%.
Increase/Decreasein Fund Size sinceSep 30, 2009 (Rs.in crores):
414.17
NAV: Latest NAV: 16.31 as on Dec 4, 2009
Benchmark Index -Crisil CompositeBond Fund Index: 1,912.36 as on Dec 3, 2009
52 - Week High: 16.38 as on Jan 2, 2009
52 - Week Low: 14.68 as on Dec 8, 2008
Risk and return SCHEME PERFORMANCE (%) AS ON DEC 3, 2009
1Mont
h
3Mont
hs
6Mont
hs
1Yea
r
3Yea
rs
5Yea
rs
SinceInceptio
n
0.82 1.8 4.2111.8
512.3
7 9.75 9.13
Risk Mean 0.35
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StandardDeviation
1.45
Beta 0.56
Sharpe 0.17
Portfolio P/E 21.87 as on Nov - 2009
P/B 5.74 as on Nov - 2009
Dividend Yield 1.59 as on Nov - 2009
Market Cap32,919.47 as on Nov -
2009
Large 2.25 as on Nov - 2009
Mid 2.15 as on Nov - 2009
Small 0.08 as on Nov - 2009
Top 5 Holding (%) 64.17 as on Nov - 2009
No. of Stocks 56
Expense Ratio (%) 2.1
Top 10holding
sStock Sector P/E
%ageof NetAsset
s
QtyValu
e
%age ofChange
withlast
month
CashCurrentAssets
NA 17.92 NA210.38
135.44
IndustrialDevelopment Bankof IndiaLtd
Banks 9.18 12.8 NA 150.28
110.04
ICICI BANKLTD.
Banks 24.47 10.47 NA122.
924.38
GOISoverei
gnNA 7.87 NA
92.34
144.89
GOISoverei
gnNA 7.25 NA
85.15
125.83
RuralElectrificat
ionCorporation
FI 12.98 4.08 NA
47.9
3 16.21
GOISoverei
gnNA 3.72 NA
43.62
15.68
PowerFinanceCorporation Ltd
FI 14.98 3.67 NA43.0
319.46
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AndhraBank
Banks 5.9 3.62 NA42.4
9-58.74
CentralBank ofIndia
Banks 6.91 3.59 NA42.1
715.58
Sector allocation
FI 11.5
Current Assets 17.92
Sovereign 22.51
Banks 37.65
3. Company Name:HDFC MONTHLY INCOME PLAN - LONG TERM PLAN
GROWTH
Objective:
The primary objective of the Scheme is to generateregular returns through investment primarily in Debt andMoney Market Instruments. The Secondary objective ofthe scheme is to generate long term capital appreciationby investing a portion of the Schemes assets in equityand equity related instruments.
Features: Type of Scheme: Open Ended
Inception Date: Dec 26, 2003
Face Value (Rs/Unit): 10
Fund Size in Rs. Cr.: 3148.57 as on Nov 30, 2009
Expense ratio(%): 1.77
Minimum Investment: 5000
Purchase Redemptions: Daily
NAV Calculation: Daily
Entry Load: Entry Load is 0%.
Exit Load:If redeemed bet. 0 Year to 1
Year; Exit load is 1%.
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Increase/Decrease in Fund Sizesince Sep 30, 2009 (Rs. in crores):
683.01
NAV: Latest NAV: 20.63 as on Dec 4, 2009Benchmark Index -Crisil Composite BondFund Index: 1,912.36 as on Dec 3, 2009
52 - Week High: 20.67 as on Nov 25, 2009
52 - Week Low: 15.08 as on Dec 8, 2008
Risk and return SCHEME PERFORMANCE (%) AS ON DEC 3, 20091
Month
3Mont
hs
6Mont
hs
1Yea
r
3Yea
rs
5Yea
rs
SinceInception
2.44 5.72 10.3337.9
812.1
313.5
3 12.95
Risk Mean0.13
Standard Deviation 1.48
Beta 0.01
Sharpe 1.27
Portfolio P/E 21.51 as on Nov - 2009P/B 4.41 as on Nov - 2009
Dividend Yield 1.39 as on Nov - 2009
Market Cap (Rs. incrores)
48,573.19 as on Nov - 2009
Large 11.35 as on Nov - 2009
Mid 8.92 as on Nov - 2009
Small 1.65 as on Nov - 2009
Top 5 Holding (%) 40.35 as on Nov - 2009
No. of Stocks 92
Expense Ratio (%) 1.77
Top10holdings
Stock Sector P/E
%ageof
NetAsset
s
QtyValu
e
%age ofChange
withlast
monthCash Current NA 10.96 NA 345. 65.25
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Assets 12HousingDevelopment FinanceCorporationLtd HFC 31.41 7.84 2,450
246.99 3,103.75
PowerFinanceCorporationLtd FI 14.98 7.27 2,195
228.93 19.82
GOI Sovereign NA 4.04125,00,000
127.22 0.38
RuralElectrificationCorporation FI 12.98 3.87 1,200
121.72 15.45
Bharat
PetroleumCorporationLtd
Petroleum,
Gas andpetrochemical products 4.46 2.9 900
91.37 20.46
SundaramFinanceServicesLtd. NBFC 9.03 2.7 850
85.17 71.63
NationalHousingBank FI NA 2.56 800
80.54 302.7
GOI Sovereign NA 2.527,500,00
079.3
9 -37.36
Export-Import Bankof India Ltd FI NA 2.32 700
73.04 53.84
Sector allocation
Auto & AutoAncillaries 4.18
Petroleum, Gas andpetrochemicalproducts 6.73
NBFC 7.73
Sovereign 10.15
Banks 10.8
Current Assets 10.96
HFC 11.81
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FI 20.9
4. Company Name:RELIANCE MONTHLY INCOME PLAN
GROWTH
Objective:
The primary objective of the scheme is togenerate regular income in order to makeregular dividend payments to unit holders withthe secondary objective of growth in capital
Features: Type of Scheme: Open Ended
Inception Date: DebtFace Value
(Rs/Unit):
Growth
Fund Size in Rs.Cr.:
1414.48 as on Oct 30,2009
Expense ratio(%): 1.89
MinimumInvestment:
10000
PurchaseRedemptions:
Daily
NAV Calculation: Daily
Entry Load: Entry Load is 0%.
Exit Load:If redeemed bet. 0
Year to 1 Year; Exitload is 1%.
Increase/Decreasein Fund Size sinceSep 30, 2009 (Rs.in crores):
567.67
NAV: Latest NAV:19.82 as on Dec 4,2009
Benchmark Index -Crisil Composite
Bond Fund Index:
1,912.36 as on Dec 3,
2009
52 - Week High:19.84 as on Dec 3,2009
52 - Week Low:15.13 as on Dec 8,2008
Risk and SCHEME PERFORMANCE (%) AS ON DEC 3, 2009
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return1
Month
3Mont
hs
6Mont
hs
1Yea
r
3Yea
rs
5Years
SinceInception
2.47 6.41 10.64 32.412.8
4 13.77 12.26
Risk Mean 0.43
Standard Deviation 1.53
Beta 1.15
Sharpe 0.21
Portfolio P/E 23.71 as on Oct - 2009
P/B 4.35 as on Oct - 2009
Dividend Yield0.75 as on Oct - 2009
Market Cap41,798.51 as on Oct -
2009
Large NA
Mid NA
Small NA
Top 5 Holding (%) 39.51 as on Oct - 2009
No. of Stocks 23
Expense Ratio (%) 1.89
Top 10holdings
Stock Sector P/E%age of
NetAssets
Qty
Value
Percentage of
Changewith lastmonth
CashCurrentAssets NA 10.38 NA
146.84 112.47
TataMotors Ltd
Auto & AutoAncillaries
20.18 7.95 NA
112.45 84.98
TreasuryBill Sovereign NA 6.94 NA
98.16 NA
State Bank
of Mysore Banks 5.57 6.76 NA 95.6 NABank ofBaroda Banks 7.13 6.7 NA
94.84 NA
HousingDevelopment FinanceCorporation Ltd HFC
31.41 6.09 NA 86.2 71.23
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OtherEquities
Miscellaneous NA 5.42 NA
76.71 NA
Indian OilCorporation Ltd
Petroleum,Gas andpetrochemical products 5.18 4.52 NA
63.89 160.41
GOI Sovereign NA 4.46 NA63.1
4 -31.27InfrastructureDevelopment FinanceCo. Ltd FI
26.66 4.43 NA
62.61 NA
Sector allocationConstructionmaterials 0.71
Software andConsultancy Services 1.44
FMCG 1.52
Consumer Durablesand Electronics 1.53
Miscellaneous 5.42Petroleum, Gas andpetrochemicalproducts 6.29Auto & AutoAncillaries 8.73
Current Assets 10.38
HFC 10.39
FI 15.66
Banks 17.89
Sovereign 20.03
5. CompanyName:
PRINCIPAL MONTHLY INCOME PLAN PLUS GROWTH
Objective:
The scheme aims to generate regular incomethrough investments in fixed income securities soas to make periodical income distribution to theunitholders and also to generate long-term capitalappreciation by investing a portion of the schemesassets in equity and equity related instruments
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Features: Type of Scheme: Open Ended
Inception Date: Dec 30, 2003Face Value(Rs/Unit): 10Fund Size in Rs.Cr.:
72.73 as on Oct 30,2009
Expense ratio(%): 2.25MinimumInvestment: 5000PurchaseRedemptions: Daily
NAV Calculation: Daily
Entry Load: Entry Load is 0%.
Exit Load:If redeemed bet. 0
Year to 1 Year; Exitload is 1%.
Increase/Decreasein Fund Size sinceSep 30, 2009 (Rs.in crores):
7.4
NAV: Latest NAV:17.79 as on Dec 4,2009
Benchmark Index -Crisil CompositeBond Fund Index:
1,912.36 as on Dec 3,2009
52 - Week High:17.82 as on Dec 2,
2009
52 - Week Low:14.09 as on Mar 12,2009
Riskandretur
n SCHEME PERFORMANCE (%) AS ON DEC 3, 2009
1Month
3Mont
hs
6Mont
hs
1Year
3Years
5Years
SinceInception
2.07 3.72 6.9625.6
1 11.99 11.12 10.2
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Risk Mean 0.1
Standard Deviation 1.18
Beta 1.01
Sharpe 0
Portfolio P/E 27.04 as on Oct - 2009
P/B 3.67 as on Oct - 2009
Dividend Yield 1.12 as on Oct - 2009
Market Cap (Rs.in crores)
46,323.67 as on Oct -2009
Large NA
Mid NA
Small NA
Top 5 Holding(%)
54.17 as on Oct - 2009
No. of Stocks 44Expense Ratio(%)
2.25
Top10holdings
Stock Sector P/E%age of
NetAssets
Qty
Value
%age ofChangewith lastmonth
Cash
Current
Assets NA 17.23 NA 12.53 52.47
Treasury Bill Sovereign NA 13.74 NA 9.99 NAExport-ImportBank of IndiaLtd FI NA 8.53 NA 6.2 0.01
RelianceIndustries Ltd
Petroleum,Gas andpetrochemical products
23.43 7.57 NA 5.51 -0.18
Power FinanceCorporation Ltd FI
14.98 7.11 NA 5.17 0.05
Tata Sons Ltd. Diversified NA 4.29 NA 3.12 -0.08ICICI BANKLTD. Banks
24.47 4.27 NA 3.11 0.22
HousingDevelopmentFinanceCorporation Ltd HFC
31.41 4.15 NA 3.02 -0.37
GOI Sovereign NA 3.96 NA 2.88 -4.78
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State Bank ofMysore Banks 5.57 3.53 NA 2.57 -0.15
Sector Allocation FMCG 2.09
Pharmaceuticals &Biotechnology 2.23
HFC 4.15
Diversified 4.29Petroleum, Gasand petrochemicalproducts 10.02
Banks 10.6
FI 17
Current Assets 17.23
Sovereign 21.76
6. Company Name: DBS CHOLA MONTHLY INCOME PLAN
Objective:To generate Income through investments in arange of Debt, Equity and Money MarketInstruments.
Features: Type of Scheme: Open Ended
Inception Date: July 31,2003
Face Value(Rs/Unit): 10
Fund Size in Rs.Cr.:
22.65 as on Nov30,2009
Expense ratio(%): 2.25
MinimumInvestment:
5000
PurchaseRedemptions:
Daily
NAV Calculation: Daily
Entry Load: Entry Load is 0%
Exit Load:
If redeemed bet. 0
Year to 1 Year; ExitLoad is 1%
Increase/Decreasein Fund Size sinceSep 30, 2009 (Rs.in crores):
0.18
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NAV: Latest NAV:18.59 as on Dec4,2009
Benchmark Index -Crisil CompositeBond Fund Index:
1,912.36 as on Dec3,2009
52 - Week High:18.59 as on Dec3,2009
52 - Week Low:16.26 as on Dec8,2008
Riskandreturn SCHEME PERFORMANCE (%) AS ON DEC 3, 2009
1Month
3Mont
hs
6Month
s
1Year
3Years
5Year
s
SinceInception
1.99 2.32 5.59 14.9 11.89 10.3 10.25
Risk Mean -0.02
Standard Deviation 0.7
Beta 0.51
Sharpe -0.18
Portfolio P/E 28.68 as on Nov -2009
P/B 4.54 as on Nov -2009
Dividend Yield 0.84 as on Nov -2009Market Cap (Rs. InCrores)
32,690.79 as on Nov-2009
Large 7.79 as on Nov -2009
Mid 2.56 as on Nov -2009
Small 0.32 as on Nov -2009
Top 5 Holding (%) 75.41 as on Nov -2009
No. of Stocks 38
Expense Ratio (%) 2.25
Top10holdings
Stock Sector P/E
%age ofNetAsse
ts
Qty Value
%age ofChange
withlast
monthBirlaGlobalFinance
NBFC 30.07
23.18
NA 5.25 NA
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LtdCorporation Bank Banks 5.99 19.1 NA 4.33 NANationalHousingBank FI NA
13.33 NA 3.02 0.67
CashCurrentAssets NA
10.97 NA 2.48 -303.16
MagmaShrachiFinanceLtd NBFC 8.87 8.83 NA 2 NA
CBLOCurrentAssets NA 5.49 NA 1.24 -62.2
GOI Sovereign NA 5.47 NA 1.24 -36.26
NiftyMiscellaneous NA 2.78
7,988 0.63 -46.47
Sector allocation Diversified 0.15
Construction Materials 0.21Engineering andCapital Goods 0.43Auto & AutoAncillaries 0.83
Current Assets 16.46
Banks 20.84
7. CompanyName:
CANARA ROBECO MONTHLY INCOME PLAN -GROWTH
Objective:
To generate income by investing in a widerange of debt securities and Money MarketInstruments of various maturities and risk
profile and a small portion of investment inequities and equity related instruments.
Features: Type of Scheme: Open EndedInception Date: 4-Apr-88Face Value(Rs/Unit):
10
Fund Size in Rs.Cr.:
82.16 as on Nov 30,2009
Expense ratio(%): 2.5
Minimum 5000
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Investment:
PurchaseRedemptions:
Daily
NAV Calculation: Daily
Entry Load: Entry Load is 0%.
Exit Load:If redeemed bet. 0
Year to 1 Year; Exitload is 1%.
Increase/Decreasein Fund Size sinceSep 30, 2009 (Rs.in crores):
34.59
NAV: Latest NAV:26.69 as on Dec 4,2009
Benchmark Index -Crisil CompositeBond Fund Index:
1,912.36 as on Dec 3,2009
52 - Week High:26.71 as on Dec 3,2009
52 - Week Low:20.62 as on Dec 8,2008
Riskandreturn SCHEME PERFORMANCE (%) AS ON DEC 3, 2009
1Month
3Months
6Months
1Year
3Years
5Years
SinceInception
2.03 2.06 3.85 29.56 11.42 14.2 6.94
Risk Mean 0.17
Standard Deviation 0.67
Beta 0.04
Sharpe 0.21
Portfolio P/E23.44 as on Nov -2009
P/B 3.67 as on Nov - 2009
Dividend Yield 0.97 as on Nov - 2009
Market Cap73,604.80 as on Nov -2009
Large 12.65 as on Nov - 2009
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Mid 6.06 as on Nov - 2009
Small 0.53 as on Nov - 2009
Top 5 Holding (%) 65.17 as on Nov - 2009
No. of Stocks 42
Expense Ratio (%) 2.5
Top10holdings
Stock Sector P/E%ageof NetAssets
QtyValu
e
%ageof
Change withlast
monthTreasuryBill Sovereign NA 18.18
1,500,000
14.93 NA
ICICIBANK
LTD. Banks
24.4
7 11.82 1,000 9.71 100.88StateBank ofHyderabad Banks NA 11.73 1,000 9.64 NA
IndianOilCorporation Ltd.
Petroleum,Gas andpetrochemicalproducts 5.18 11.65 200 9.57
4,896.39
SundaramFinanceLtd. NBFC 9.03 11.53 200 9.48 NAKarnataka BankLtd Banks 9.19 5.95 500 4.89 NA
CBLOCurrentAssets NA 5.56 NA 4.57 -78.16
CurrentAssets
CurrentAssets NA 2 NA 1.65 -28.32
Sector allocationPharmaceuticals &Biotechnology 2.22
Current Assets 7.57
NBFC 11.53Petroleum, Gasand petrochemicalproducts 15.9
Sovereign 18.18
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Banks 35.03
8. Company Name: FORTIS FLEXI DEBT FUND - GROWTH
Objective:
To generate income through investments in arange of debt and money market instruments ofvarious maturities with a view to maximise incomewhile maintaining an optimum balance between
yield, liquidity and safety.
Features: Type of Scheme: Open Ended
Inception Date: 23-Sep-04Face Value(Rs/Unit):
10
Fund Size in Rs.Cr.:
506.77 as on Oct 31,2009
Expense ratio(%): 2.06MinimumInvestment:
5000
PurchaseRedemptions:
Daily
NAV Calculation: Daily
Entry Load: Entry Load is 0%.
Exit Load:If redeemed bet. 0Months to 6 Months;Exit load is 0.75%.
Increase/Decrease
in Fund Size sinceSep 30, 2009 (Rs.in crores):
21.06
NAV: Latest NAV:15.60 as on Dec 4,2009
Benchmark Index -Crisil CompositeBond Fund Index:
1,564.84 as on Dec 3,2009
52 - Week High:
15.68 as on Nov 26,
2009
52 - Week Low:13.68 as on Jan 9,2009
Riskandreturn SCHEME PERFORMANCE (%) AS ON DEC 3, 2009
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1Mont
h
3Mont
hs
6Mont
hs
1Year
3Years
5Years
SinceInception
0.37 0.74 1.3112.6
5 11.32 9.17 8.93
Risk Mean 0.39
Standard Deviation 1.64
Beta 0.17
Sharpe 6.41
Portfolio P/E N/A
P/B N/A
Dividend Yield N/A
Market CapN/A
Large N/A
Mid N/A
Small N/A
Top 5 Holding (%)49.55 as on Oct -2009
No. of Stocks 8
Expense Ratio (%) 2.06
Top 10holdings
Stock Sector
P/E
%ag
e ofNetAsse
ts
Qty
Value
%age of
Changewith lastmonth
IndusIndBankLtd. Banks 19.23
13.73 NA
69.57 602.64
Repo
CurrentAssets NA 12.2 NA
61.83 842.85
Fullert
onIndiaCreditCo.Ltd. NBFC NA 9.72 NA
49.28 NA
AxisBankLtd. Banks 18.48 7.65 NA
38.75 60.57
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Mahindra &MahindraFinancial
Services Ltd. NBFC 11.23 6.25 NA
31.67 -1.05
PunjabNationalBank Banks 7.87 4.93 NA
24.99 0.29
IDBIHomeFinance Ltd. HFC NA 4.92 NA
24.96 NA
ICICIBANKLtd. Banks 24.47 4.92 NA
24.93 652.79
Sector allocation FI 2.63
HFC 4.92
Pharmaceuticals &Biotechnology 4.92
Current Assets 14.78
NBFC 28.93
Banks 42.85
9. CompanyName:
ICICI PRUDENTIAL INCOME FUND-GROWTH
Objective: Aims at maximizing income while maintainingoptimum balance of yield, safety and liquidity.
Features: Type of Scheme: Open Ended
Inception Date: 9-Jul-98
Face Value(Rs/Unit): 10
Fund Size in Rs.Cr.:
1432.31 as on Nov 30,2009
Expense ratio(%): 1.88
MinimumInvestment:
5000
Purchase Daily
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Redemptions:
NAV Calculation: Daily
Entry Load: Entry Load is 0%.
Exit Load: Exit Load is 0%.
Increase/Decrease
in Fund Size sinceSep 30, 2009 (Rs.in crores):
-43.95
NAV: Latest NAV:29.84 as on Dec 4,2009
Benchmark Index -Crisil CompositeBond Fund Index:
1,564.84 as on Dec 3,2009
52 - Week High:
30.18 as on Nov 26,
2009
52 - Week Low:27.12 as on Dec 8,2008
Riskand
returnSCHEME PERFORMANCE (%) AS ON DEC 3, 2009
1Month
3Mont
hs
6Mont
hs
1Year
3Years
5Years
SinceInception
0.8 1.9 1.75 12.03 11.22 9.04 10.05
Risk Mean 0.48
Standard Deviation 1.47
Beta 0.25
Sharpe 11.85
Portfolio P/E N/A
P/B N/A
Dividend Yield N/A
Market Cap N/ALarge N/A
Mid N/A
Small N/A
Top 5 Holding (%) 84.69 as on Nov - 2009
No. of Stocks 14
Expense Ratio (%) 1.88
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Top10holdin
gs
Stock Sector P/E
%ageof NetAsset
s
Qty
Value
%ageof
Change with
lastmonth
GOI Sovereign NA 22.07 NA316.
1 17.07
Indian OilCorporation Ltd.
Petroleum,Gas andpetrochemicalproducts 5.18 15.16 NA
217.21 -8.47
GOI Sovereign NA 12.56 NA179.95 -33.35
StateBank ofIndia Banks
14.15 10.62 NA
152.06 -8.53
NeyveliLigniteCorporation Ltd
Mining andMinerals
19.41 8.88 NA
127.12 -8.59
CurrentAssets
CurrentAssets NA 8.45 NA
121.08 87.84
GOI Sovereign NA 5.06 NA72.4
4 -73.17
GOI Sovereign NA 3.88 NA
55.6
3 -79.4
Sector allocation FI 2.13
Current Assets 8.55Mining andMinerals 8.88
Banks 12.33Petroleum, Gasand petrochemicalproducts 15.16
Sovereign 50.04
10. CompanyName: HSBC MIP - SAVINGS PLAN - GROWTH
Objective: The primary objective is to seek generation ofreasonable returns through investments inDebt and Money Market Instruments. The
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secondary objective of the Scheme is to investin equity and equity related instruments toseek capital appreciation.
Features: Type of Scheme: Open Ended
Inception Date: 24-Feb-04Face Value(Rs/Unit):
10
Fund Size in Rs.Cr.:
230.3 as on Oct 30,2009
Expense ratio(%): 2.18
MinimumInvestment:
10000
PurchaseRedemptions:
Daily
NAV Calculation: Daily
Entry Load: Entry Load is 0%.
Exit Load:If redeemed bet. 0
Year to 1 Year; Exitload is 1%.
Increase/Decreasein Fund Size sinceSep 30, 2009 (Rs.in crores):
39.82
NAV: Latest NAV:18.13 as on Dec 4,2009
Benchmark Index -Crisil CompositeBond Fund Index:
1,912.36 as on Dec 3,2009
52 - Week High:18.15 as on Dec 3,2009
52 - Week Low:14.65 as on Dec 8,2008
Riskand
return SCHEME PERFORMANCE (%) AS ON DEC 3, 2009
1Month
3Mont
hs
6Mont
hs
1Year
3Years
5Years
SinceInception
3.61 5.11 8.7925.1
4 11.17 11.55 10.84
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Risk Mean 0.07
Standard Deviation 1.03
Beta -0.04
Sharpe 0.85
Portfolio P/E18.99 as on Oct -2009
P/B 3.48 as on Oct - 2009
Dividend Yield 0.87 as on Oct - 2009
Market Cap8,648.29 as on Oct -2009
Large N/A
Mid N/A
Small N/A
Top 5 Holding (%) 54.58 as on Oct - 2009
No. of Stocks 34Expense Ratio (%) 2.18
Top10holdings
Stock Sector P/E%age of
NetAssets
Qty
Value
%ageof
Change
withlast
month
CBLOCurrentAssets
NA 14.64 NA33.7
399.66
ReverseRepo
CurrentAssets
NA 12.79 NA29.4
55.97
GOISovereign NA 9.06 NA
20.86
22.57
HousingDevelopmentFinanceCorporati
on Ltd
HFC31.4
16.52 NA
15.01
NA
VijayaBank
Banks 5.41 6.51 NA14.9
90.28
CanaraBank Ltd.
Banks 5.63 6.42 NA14.7
8NA
Bank ofIndia
Banks 7.78 4.26 NA 9.8 NA
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BHPCAuto SecTr Nov2007 I -TataMotors
Services
Auto & AutoAncillaries
NA 4.01 NA 9.24 NA
Sector allocationConstruction andInfrastructure
1.39
Consumer Durablesand Electronics
1.56
Auto & AutoAncillaries
2.39
FI 4.41
HFC 6.52
Sovereign 14.12
Banks 21.05
3. COMPARATIVE ANALYSIS OF THE 10 COMPANIES
A. On the Comparable Scheme Features
1. Fund Size
Maximum Fund Size: HDFC - 3148
Minimum Fund Size: DBS 22.65
2. NAV(Net Asset Value)
Maximum NAV: ICICI 29.84
Minimum NAV: FFD 15.6
3. Standard Deviation
Maximum SD: FFD 1.64
Minimum SD: DBS 0.7
Most of the funds deviation that varies mainly within the range between 0.6
1.6.
4. Beta Value
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Maximum Beta: CRIS 4.77
Minimum Beta: HSBC -0.04
Canara Robeco Income Scheme Growth has the highest beta value,
implying that the companys deft fund value is proportional to approximately4 times that of the market fund value.
5. Sharpe
Maximum Sharpe: ICICI 1.15
Minimum Sharpe: HSBC -0.04
6. Scheme Performance
Maximum Scheme Perf: CRIS 14
Minimum Scheme Perf: HSBC 11.17
Most of the schemes have done well considering the growing market for debt
funds in India.
A. On Company Style Box
Long Mid Short
CREDITQ
UALITY
ICICI PrudentialIncome Fund
-Growth
Fortis Flexi Debt Fund -Growth
1. Canara RobecoIncome Scheme
Growth, 2. Birla SunLife MIP - Savings
Growth, 3. DBS CholaMonthly Income Plan
High
1. HDFC Monthly IncomePlan - Long Term Plan ,
2. Reliance MonthlyIncome Plan - Growth, 3.
PRINCIPAL Monthly
Canara RobecoMonthly Income Plan -
Growth
Medium
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Income Plan Plus -Growth, 4. HSBC MIP -
Low
AVERAGE MATURITY
3. COMPANY RATING USING SHARPE, SCHEME PERFORMANCE and
CRISIL RATING
The 10 Companies have been rated on the following scheme parameters:
1. Sharpe Weightage 30%
2. Scheme performance (3 years) Weightage 50%
3. CRISIL Rating Weightage 20%
(Annexure 2 shows the data of derivation of Overall Score for CRISIL
rating of the Mutual Funds. The share of the scheme is multiplied by
the rating value and cumulated to derive the score)
The following is the Table that shows the final 10 Company rating:
Company
Sharpe
Weightage
Scheme Perf(3 yrs)
Weightage
RatingScore
Weightage Score
ICICI 11.85 0.3 11.22 0.5 7.0281 0.210.570
62
FFD 6.41 0.3 11.32 0.5 1.65765 0.27.9145
3
CRIS 0.57 0.3 14 0.5 1.6839 0.27.5077
8
REL 0.21 0.3 12.84 0.5 4.6828 0.27.4195
6
HDFC 1.27 0.3 12.13 0.5 2.9714 0.27.0402
8
PRIN 0 0.3 11.99 0.5 4.996 0.2 6.9942
BSLM 0.17 0.3 12.37 0.5 2.7422 0.26.7844
4
HSBC 0.85 0.3 11.17 0.5 2.3927 0.26.3185
4
DBS -0.18 0.3 11.89 0.5 1.6742 0.26.2258
4
CRMI 0.21 0.3 11.42 0.5 1.6839 0.26.1097
8
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Analysis of ICICIs high scores:
1. 37.46% of Funds in AAA rated Schemes (34.59 inPSU/PFI Bonds)
2. High Sharpe value (11.85) implies high portfolio's returns due tostrategic investment
Appendix 1
Data used to evaluate the scheme CRISIL rating decide weightings for final
comparison
Rating Score
AAA 8
AA 7
A 6
BBB 5
BB 4
B 3
C 2
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D 1Sovereign 7
1) Canara Robeco Monthly Income Plan - Growth
Name of the Instrument Rating % to NAV
Debt Instruments
L&T Finance Ltd AA+(CARE) 6.61
HDFC Ltd AAA(CRISIL) 4.54
Indian Oil Corporation Ltd AAA(CRISIL) 4.25
Government Securities
6.35% INDIA GOVERNMENT 02-JAN-20 Sovereign 7.4
Money Market Instruments
State Bank Of Bikaner & Jaipur A1+(ICRA) 4.2
CBLO 54.71
TREASURY BILLS 14.74
Other Current Assets 3.55
2) Birla Sun Life MIP - Savings 5 - Growth
Debt Value Rating %
(Rs in cr.)
Government Bond 264.32 22.51
06.90% CGL 2019 92.34 Sovereign 7.87
07.02% CGL 2016 85.15 Sovereign 7.25
07.32% GOI 2014 43.62 Sovereign 3.72
07.40% CGL 2012 35.3 Sovereign 3.01
06.35% CGL 2020 7.9 Sovereign 0.67
PSU/PFI Bonds/Banks 102.04 8.69
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Rural Electrification Corporation
Ltd.
47.93 AAA 4.08
Power Finance Corporation Ltd. 41.83 AAA 3.56
Indian Oil Corporation Ltd. 8.52 AAA 0.73
IDBI Bank Ltd. 3.76 AA+ 0.32
Floating Rate Instruments 43.03 3.67
Power Finance Corporation Ltd. 43.03 AAA 3.67
Corporate Debt 27.66 2.36
LIC Housing Finance Ltd. 10.05 AAA 0.86
ICICI Home Finance Company Ltd. 4.35 LAAA 0.37
Housing Development Finance
Corporation Ltd
4.34 AAA 0.37
Tata Sons Ltd. 4.02 AAA 0.34
Reliance Industries Ltd. 3.61 AAA 0.31
Housing Development Finance
Corporation Ltd
1.29 AAA 0.11
Securitised Debt 3.48 0.3
Vodafone Essar Digilink Ltd. 3.48 F1+(SO) 0.3
Money Market Value Rating %
(Rs in cr.)
Money Market Instruments 470.42 40.07
IDBI Bank Ltd. 150.28 A1+ 12.8
ICICI Bank Ltd. 122.9 A1+ 10.47
Andhra Bank 42.49 F1+ 3.62
Central Bank of India 42.17 A1+ 3.59
Canara Bank 42.12 P1+ 3.59
Reliance Capital Ltd. 24.5 A1+ 2.09
Oriental Bank of Commerce 14.61 P1+ 1.24
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Housing Development Finance
Corporation Ltd
14.6 A1+ 1.24
State Bank of Travancore 8.38 A1+ 0.71
Corporation Bank 8.35 P1+ 0.71
Cash / Call Value Rating %
(Rs in cr.)
Cash & Current Assets 210.38 17.92
3) HDFC Monthly Income Plan - Long Term Plan Growth
Top Holdings Nov-30-2009
Debt Value Rating> %
(Rs in cr.)
Housing Development Finance
Corporation Ltd.$
246.993 AAA 7.8
Power Finance Corporation Ltd. 228.925 AAA 7.3
6.57% GOI 2011 127.225 SOV 4
Rural Electrification Corporation Ltd. 121.722 AAA 3.9
Bharat Petroleum Corporation
Limited
91.3696 AAA 2.9
Sundaram Finance Ltd. 85.1658 LAA+ 2.7
National Housing Bank 80.5448 AAA 2.6
9.39% GOI 2011 79.3875 SOV 2.5
Export-Import Bank Of India 73.0448 AAA 2.3
Tata Motors Ltd. (Guaranteed bySBI) 71.6486 AAA(SO) 2.3
4) Reliance Monthly Income Plan Growth
STATE BANK OF MYSORE 95.59 A1+ by ICRA
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BANK OF BARODA 94.84 A1+ by ICRA
EXPORT IMPORT BANK OF INDIA 47.48 AAA
TATA MOTORS LTD. 112.45 AAA
INDIAN OIL CORPORATION LTD. 63.89 AAALIC HOUSING FINANCE LTD. 60.72 AAA
POWER FINANCE CORPORATION LIMITED 45.19 AAA
RURAL ELECTRIFICATION CORP LTD 40.02 AAA
INDIAN RAILWAY FINANCE CORPN. LTD. 26.27 AAA
BHARAT PETROLEUM CORPORATION LTD. 25.04 AAA
ACC LTD 10 AAA
HOUSING DEVELOPMENT FINANCE COR LTD 86.2 AAA
INFRASTRUCTURE DEVELOPMENT FINANCE
COMPANY LTD.
62.61 LAAA by ICRA
6.35%GOI 2020 (MD 2/01/2020 ) 63.14 Sovereign
7.02% GOI (MD 17/08/2016) 58.91 Sovereign
6.49% GOI (MD 08/06/2015) 28.7 Sovereign
6.90% GOI (MD 13/07/2019) 19.45 Sovereign
8.24% GOI (MD 15/02/2027) 15.01 Sovereign
182 DAYS TBILL (MD 30/04/2010) 98.16 Sovereign
JAMMU & KASHMIR BANK LIMITED 18.89 P1+
ALLAHABAD BANK 12.72 P1+
CERTIFICATE OF DEPOSIT 269.52
GOVT SECURITIES(GSE) 185.21
NON CONVERTIBLE DEBENTURES. 383.58
TREASURY BILLS. 98.16
ZERO COUPON BONDS. 148.81
Others / Unlisted Value
(Rs in cr.) Rating 0
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Equity Less Than 1% of Corpus 76.71
TATA MOTORS LTD. NOVEMBER 2009 FUTURE 11.01
TATA CONSULTANCY SERVICES LTD NOV 2009
FUTURE
6.25
ORIENTAL BANK OF COMMERCE NOVEMBER
2009 FUTURE
1.16
5) Principal Monthly Income Plan Plus Growth
Debt Value Rating %
(Rs in cr.)
Floating Rate Notes / Bonds 0.95 1.37
Indian Railway Finance Corporation 0.95 AAA 1.37
NCD / Deep Discount Bonds 28.27 40.8
Reliance Industries Ltd 5.25 AAA 7.57
Exim Bank Ltd 4.93 AAA 7.12
Power Finance Corporation Ltd 4.93 AAA 7.11
Tata Sons Ltd (TSL) 2.97 AAA 4.29
ICICI Bank Ltd 2.96 AAA 4.27
Housing Development Finance
Corporation Ltd
2.88 AAA 4.15
State Bank Of Mysore 2.45 AAA 3.53
Exim Bank Ltd 0.98 AAA 1.41
Grasim Industries Ltd 0.93 AAA 1.35
Sovereign 5.56 8.02
7.95% GOI M - 28/08/2032 2.75 Sovereign 3.96
7.95% GOI - 18-Feb-2026 1.86 Sovereig
n
2.68
8.24% GOI-M - 15-Feb-2027 0.95 Sovereig
n
1.38
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Treasury Bills 9.52 13.7
91 DAYS TBILL 9.52 Sovereig
n
13.7
Securitized Debt 0.86 1.24
Lst Power Grid Corp 0.86 LAAASO 1.24
Cash / Call Value Rating %
(Rs in cr.)
Cash and Other Assets 11.94 17.2
6) DBS Chola Monthly Income Plan
Debt Value Rating %
(Rs in cr.)
CORPORATE DEBT 3 13.35
National Housing Bank 3 AAA 13.35
GOVT. DATED SECURITIES 1.95 8.66
CG - 6.90% - 13 Jul 2019 1.95 Sovereign 8.66
Money Market Value Rating %
(Rs in cr.)
MONEY MARKET INSTRUMENTS 12.52 55.68
State Bank of Hyderabad 5.23 A1+ 23.28
Infrastructure Development Fin Co 2.92 A1+ 12.98
HDFC Ltd 2.42 A1+ 10.72
Punjab National Bank 1.95 P1+ 8.7
Collateralised Borrowing And Lending
Obligation
3.28 14.6
Others / Unlisted Value Rating %
(Rs in cr.)
Nifty- NSE - Nov 09 -EQUITY
DERIVATIVES
1.18 5.24
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Bank Nifty - NSE- Nov 09 -EQUITY
DERIVATIVES
0.34 1.5
Cash / Call Value Rating %
(Rs in cr.)
Cash and Current Assets -1.22 -5.43
7) Canara Robeco Monthly Income Plan Growth
8) Fortis Flexi Debt Fund - Growth
Debt Value Rating %
(Rs in cr.)
Corporate Debt 87.75 22.5
Mahindra & Mahindra Fin Ser Ltd. 24.39 AA(IND) 6.25
Sundaram Finance Limited 18.73 AA+ 4.8
Reliance Capital Ltd. 8.15 CAREAAA 2.09
Cholamandalam DBS Finance Ltd. 8.09 LAA- 2.07
I L & F S Ltd. 7.84 CAREAAA 2.01
I L & F S Ltd. 7.76 CAREAAA 1.99
Rural Electrification Corp Ltd 4.17 AAA 1.07
Power Finance Corporation Limited 3.82 AAA 0.98
ICICI Bank Ltd. 2.54 AAA 0.65
Rural Electrification Corp Ltd 2.27 AAA 0.58
9) ICICI Prudential Income Fund -Growth
Debt Value Rating %
(Rs in cr.)
PSU/PFI Bonds 331.76 52.42
Indian Oil Corporation Ltd 101.74 AA+ 16.07
State Bank of India Ltd 71.27 AAA 11.26
Neyveli Lignite Corporation Ltd 59.62 AAA 9.42
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Corporation Bank Ltd 45.94 AAA 7.26
National Housing Bank Ltd 42.11 AAA 6.65
Steel Authority Of India Ltd 11.09 AAAIND 1.75
Private Corporate Securities 18.19 2.87Reliance Gas Transportation Ltd 18.19 AAA 2.87
Government Securities 250.06 39.51
6.35% GOI 2020 115.76 SOV 18.29
6.90% GOI 2019 44.57 SOV 7.04
10.25% GOI 2021 26.47 SOV 4.18
6.72 % GOI 2014 24.22 SOV 3.83
8.20% GOI 2022 22.83 SOV 3.61
8.24% GOI 2027 11.3 SOV 1.79
11.50% GOI 2011 4.92 SOV 0.78
10) HSBC MIP - Savings Plan - Growth
Debt Value Rating %
(Rs in cr.)
FIXED DEPOSITS 1 0.43
HSBC Bank 1 UNRATED 0.43
Securitised Debt - Fixed 9.24 4.01
BHPC Auto Secu. Trust Nov-07 I
(Tata Motors) PTC
9.24 AAA(SO) 4.01
Corporate/PSU Debt - Fixed 31.32 13.6
Housing Development Finance
Corporation
15.01 AAA 6.52
GE Capital Services India 5.28 AAA 2.29
Indian Railway Finance
Corporation
5.12 AAA 2.22
Power Finance Corporation 3.04 AAA 1.32
National Housing Bank 2.01 AAA 0.87
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Kotak Mahindra Prime 0.86 LAA 0.37
Government Securities 32.52 14.12
6.90% Government Stock M 13-
July-2019
20.86 Sovereign 9.06
6.35 % Government Stock M 02-
Jan-2020
7.53 Sovereign 3.27
7.02% Government Stock M 17-
Aug-2016
2.75 Sovereign 1.19
9.39% Government Stock M 02-
July-2011
1.37 Sovereign 0.6