MNYL Funds
An Insight
Performance Objective
By the end of the session the participants will be able to
• Describe the Philosophy of MNYL Funds
• Establish functioning of MNYL Investment Team
• Analyze a Fund on Technicals and Fundamentals
• Answer queries related to MNYL Funds from field resources
Asset Class Dispersion
Assets Under Management 3126 CrMAX NEW YORK SECURED FUND 400,430,807.80
MAX NEW YORK CONSERVATIVE FUND 265,386,769.91
MAX NEW YORK BALANCED FUND 1,655,875,560.97
MAX NEW YORK GROWTH FUND 21,026,517,746.16
MAX NEW YORK - GROWTH SUPER FUND 5,855,164,290.91
MAX NEW YORK - HIGH GROWTH FUND 69,713,820.67
MAX NEW YORK - DYNAMIC OPPORTUNITIES FUND 300,337,459.01
MAX NEW YORK PENSION SECURED FUND 54,506,971.83
MAX NEW YORK PENSION CONSERVATIVE FUND 30,705,055.89
MAX NEW YORK PENSION BALANCED FUND 119,587,654.23
MAX NEW YORK PENSION GROWTH FUND 724,924,824.98
MAX NEW YORK - PENSION GROWTH SUPER FUND 551,846,781.43
MAX NEW YORK - GROUP GR GROWTH FUND 41,985,061.03
MAX NEW YORK - GROUP GR BALANCED FUND 37,548,285.42
MAX NEW YORK - GROUP GR CONSERVATIVE FUND 113,062,230.34
MAX NEW YORK - GR SUPER BALANCED FUND 81,903.51
MAX NEW YORK - GUARANTEED FD-DYNAMIC 12,570,260.02
MAX NEW YORK -GUARANTEED FUND-INCOME 1,842,256.66
Investment Team
Sunil KakarDirector and CFO
• In charge of Finance, Accounts, Investment & Risk mgmt. • 20 years of diversified banking experience• Financial Control, Branch Admin, Operations, Risk & Treasury). • Director on Board where Bank of America was a shareholder. • Monitored risk management systems• Introduced new treasury products like currency options.
Prashant SharmaVP (Investments) & Fund Manager
• Chartered Accountant and CFA from the CFA Institute. • Handling Investment Portfolio since 2001.• Responsible for performance of both Equity & Debt portfolios.• Worked with KPMG in the Assurance division.
Vikas Datt(AVP) Middle Office
• MBA from CSU Australia and has over 10 years of experience.• With MNYL since 2002 in Distribution Strategy, Financial • Risk Management & Compliance Expert.
Sachin BajajManager InvestmentsAnalyst
• 9 years experience in Treasury, Banking and Fund Mgmt.• PG diploma in Finance. • With MNYL for 6 years in Strategy and Investment Function.
Fund Philosophy
Growth Super Aims at higher returns from predominantly equity instruments.Rides volatility wave, Profit booking at high levelsResearch based individual stock picks
Growth Diluted reliance on equities compared to Growth SuperLarge equity/debt band spread offers a hedge against volatility
Balanced Proportionate spread in debt & equity for moderate risk takers.Offers an equity upside while maintains a steady NAV increase from Fixed Income Instruments
Conservative Timing the market with nil to small equity participationPredominantly investing in Fixed Income InstrumentsLonger investment horizon with focus on steady NAV growth
Secure Focus on safety with investments in AAA rated debt instrumentsCapital preservation is the key driving parameter rather than returnsMoney also invested in liquid funds in the varying interest scenario
Investment Indicators (Debt)
Investment grade
AAA Best quality
AA High quality
A Upper medium
BBB Lower Medium
Sub investment grade
BB Speculative
B Highly Speculative
CCC Poor
D In default
NR Not Rated
Cash and Equivalents Cash and money market instruments
Investment Indicators (Equity)
Growth Stocks• Tracked individually based on Research and Recommendation
• Part of the portfolio to ride the volatility wave
• Strong short term upside potential with profit booking
• Strongly linked to market sentiment and seasonality
Value Stocks• Fundamentally strongest stocks that are Key market/economy drivers
• Generally large caps with a proven dividend history
• Core sectors and Infra based stocks that form a part of Indices
• Short term and long term horizons taken into consideration
Fund Management Process
Departmental Functions• Front office: Responsible for investment decisions
CFO Fund Manager Analyst (Sector / Industry Expert)
• Mid Office: Responsible for compliance issues
Regulator Issues SEBI Directives Sectoral / Company Exposure
Floor and Ceiling limits for investments in equities, bonds, MMI, GS etc
Min Ratings of investments in bonds;
Market capitalization in case of equity investments; etc.
• Back Office: Settlement of investment deals and maintains accounts
Deal Settlement Brokerage Quotes NAV Calculation Accounts
• Dealers: Broking houses of Debt and Equity also offer recommendations
Model Equity Portfolio
• Research based investment tool for Equity, Pension and Debt Funds
• Signifies investment parameters
• Proportional allocation to Sectors
• Proportional allocation to companies within the sector
• Constructed specifically for investment philosophy of underlying fund
• Endeavour is to keep actual portfolio closest to MEP
Growth Super V/s High Growth
Growth Super• Large diversification of Equity Portfolio in terms of No. of Scrips (Around 60 Scrips)
• Concentration towards Blue Chip and strong value stocks with high dividend yields as well
• Strong short term upside potential with profit booking
• Strongly linked to market sentiment and seasonality
High Growth• Slightly less diversification with almost 40 stocks aiming at growth
• Fundamentally strongest stocks in the core sectors
• Select midcap stocks chosen to give that punch of upside with immediate profit booking
• Core sectors and Infra based stocks that form a part of Indices
• Short term and long term horizons taken into consideration
Dynamic Opportunities Fund
• No constraint on asset classes
• Gives flexibility to the fund manager
• Aim of fund manager is to generate NAV growth on a daily basis
• Offers wide range of risk appetite
• Allows 100% exposure in equity or 100% in debt
• Highest possibility of riding the volatility wave
• Ideal for the less savvy investor
• Usage of multiple debt instruments without any restrictions
Period: 54 Months
Fund performance since inception
Since Launch of Growth Super Fund
Growth Super Portfolio
Performance V/s Benchmark
The Following Benchmarks are used for evaluating the performance of funds.
Asset type BenchmarkDebt CRISIL Bond Index
Short term Debt(less than 1 Yr)
CRISIL Short Term Index
Equities NSE NIFTY
Gov. Securities I-Sec Gilt Index
Performance V/s Benchmark
MNYL FUND RETURNS AS ON 16-Mar-09NIFTY
YTD Last 1 yearSince
inceptionYTD Last 1 year
Since inception
YTD Last 1 yearSince
inception
SECURE -1.7% 13.8% 7.4% -1.9% 10.6% 7.0% 0.2% 3.2% 0.5%
CONSERVATIVE -1.8% 3.3% 9.2% -2.2% 2.8% 7.3% 0.4% 0.4% 1.9%
BALANCED -1.7% -7.5% 11.2% -3.0% -13.4% 8.0% 1.2% 5.9% 3.2%
GROWTH -3.6% -19.8% 14.7% -4.4% -28.9% 9.3% 0.8% 9.1% 5.4%
GROWTH SUPER -5.5% -33.7% -13.0% -6.1% -41.5% -21.6% 0.7% 7.7% 8.6%
Fund Name
Fund Return Benchmark Return Funds vs Bench Mark Return
MNYL Fund Performance
Particulars Value on 1 Oct 2004
Value on 20 Apr 2009
Absolute Returns (%)
CAGR (%)
Sensex 5587.46 10979.5 196.5 16.0
Growth 10 20.98 209.8 17.7
Balanced 10 17.04 170.41 12.4
Conservative 10 15.54 55.41 10.2
Secure 10 14.02 40.2 7.7
Fundamentals of Fund Analysis
• Investment Objective• Portfolio• Assets under management• Diversification Matrix (Is your fund really diversified?)• Benchmarking (Is the indexation right?)• Spread
Question time???
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