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Strictly Private and Confidential

Edelweiss Fund Scorebook

Guide to the top Mutual Funds

Edelweiss – Ideas create, values protect

Oct - Dec Quarter – FY 2015-16

Industry AUM Trends

The industry grew for the eighth consecutive quarter, up by Rs 0.86 Lakh Cr crossed Rs 13 Lakh Cr in the latest quarter, as per data released by the Association of Mutual Funds in India (AMFI).

Equity AUM, at INR4.08 Lakh Cr, up ~INR0.05 Lakh Cr MoM.

Debt AUM, at INR7.78 Lakh Cr, fell ~INR0.73 Lakh Cr MoM.

Net inflow to mutual funds at ~INR5444 Cr (net of NFOs + existing schemes – redemptions).

NFOs worth ~INR20 Cr in equity schemes.

Fund flow into existing schemes at ~INR0.12Lakh Cr.

Redemptions at ~INR0.07 Lakh Cr.

Mutual funds were net equity buyers at ~INR0.09Lakh Cr in September.

Total cash balance across AMCs slipped from August and stood at ~INR0.14Lakh Cr, constituting ~3.88% of the total corpus (~4.25% in August).

All figures are as on 30th Sept 2015, in INR Lakh Crore

10.48

10.67

10.03

11.00

11.41

10.86

11.87 12.10

10.85

11.91

12.51 12.26

13.19 13.22

12.35

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EQUITY MUTUAL FUNDS

Inflow of ~INR5444 CR into equity schemes (net of NFOs + existing schemes – redemptions) in September. For the seventeenth straight month, flows have remained positive. Fund flow into existing schemes was at ~INR12532Cr, while redemptions stood at INR7108 Cr.

As equity markets world over displayed weakness in the early part of September, Nifty was no different. However, with the FOMC dithering on the rate lift-off and RBI aggressively resorting to monetary easing, sentiments have shown some signs of improvement. Key events like ongoing Bihar elections and Q2FY16 earnings season should set the tone for October.

The correction offered funds a chance to lap up quality large-cap names like HDFC Bank, Infosys, L&T and Axis Bank. On the other hand, funds trimmed positions in IDFC (ahead of demerger of IDFC Bank), Maruti (expensive valuations), Wipro and Dr Reddys Labs.

Fair bit of churning was seen in the IT space. Funds were also seen adding beaten down erstwhile Street favorites like Tata Motors and ONGC.

HDFC Mutual Fund's major additions were HDFC Bank (INR145Cr), ICICI Bank(INR87Cr) and Power Grid (INR85 Cr). Its major reductions were Emami (INR 65Cr), BPCL (INR 62 Cr) and P&G (INR6 Cr). Prabhat Dairy (IPO) was a fresh inclusion in the portfolio. Gateway Distriparks and Amtek Auto were complete exits.

Reliance Mutual Fund's major additions were HDFC (INR 115Cr), SBI(INR 99Cr) and ICICI Bank(INR 9Cr). Its major reductions were Maruti (INR262 Cr), Indiabulls Housing Finance(INR 71 Cr) and Cadila Healthcare(INR 71 Cr). Bajaj Corp and SMS Pharma were new additions in August. Kaveri Seed was a prominent exit.

ICICI Prudential Mutual Fund's significant additions were Reliance (INR 345 Cr), L&T (INR 279Cr) and Cipla(INR 249Cr).Its major reductions were IDFC(INR 308Cr), Dr.Reddy’s Lab (INR 215Cr) and Bata India (INR 212 Cr). Allahabad Bank was prominent new entry, while Ceat was a complete exit in September.

Franklin Templeton Mutual Fund's major additions were LT (INR 75 Cr), Ultratech Cement (INR 74 Cr) and ICICI Bank (INR 68 Cr). It's major reductions were Bajaj Auto (INR 28 Cr), CRISIL (INR 25 Cr) and Wipro(INR 24 Cr) . Adani Ports was a new entry and NMDC was a complete exit.

UTI Mutual Fund's major additions were IDFC and Mahindra & Mahindra Financial Services (INR122 Cr each) and Aditya Birla Nuvo (INR50 Cr). Its major reductions were ICICI Bank (INR79 Cr), Maruti (INR 29Cr) and Bharat Forge (INR 28 Cr). SKS Microfinance was a new entrant while Amtek Auto was a complete exit in September.

Birla SL Mutual Fund's major additions were Infosys (INR 223 Cr), Coal India (INR 187 Cr) and LT (INR 150 Cr). It's major reductions were Wipro (INR 141Cr), IDFC (INR120 Cr) and Motherson Sumi (INR 57 Cr). Adani Ports was the new entry and NALCO complete exit.

Equity: What's in, What's out?

LARGE CAP FUNDS • Birla SL Frontline Equity Fund

• SBI Bluechip Fund

• Franklin India Prima Plus Fund

• L&T Equity Fund

Birla SL Frontline Equity Large Cap

SCHEME INFO

RATIOS (For 1 year ended Sept’15)

TOP 5 HOLDINGS

ATTRIBUTION ANALYSIS (Qtr ended Sept 2015)

SCHEME DESCRIPTION

Source: ACE MF, Morningstar Direct. Data is as of 30th Sept 2015 wherever not mentioned. Best & Worst performance is calculated on YoY daily rolling basis.

Best Month Worst Month

Fund: 31.64% Index: 32.36%

Fund: -21.06% Index: -21.36%

MARKET CAP BREAK UP

PERFORMANCE – 5 Years

BEST/WORST RETURNS (as of 30th Sept 2015)

Market Cap Definition(INR Cr.): Giant Cap: >89,000, Large Cap: 20,000-89,000, Mid Cap: 5,900-20,000, Small Cap: 1,600-5,900 & Microcap: <1,600

Sector Name % Holding Company Name % Holding

Financial Services 30.0 HDFC Bank Ltd 6.46

Technology 17.5 Infosys Ltd 6.16

Consumer Cyclical 12.9 ICICI Bank Ltd 4.29

Healthcare 9.3 ITC Ltd 3.38

Basic Materials 7.5 Reliance Industries Ltd 3.37

AUM in Cr. 9,792

Benchmark S&P BSE 200 India INR

Expense Ratio 2.26

Inception Date 30-08-2002

Fund Manager Mahesh Patil

Exit Load 1% for 1Y

Beta 0.95 Alpha 5.35

Std Dev Scheme 19.09 Index 19.87

Portfolio Weights

Benchmark Weights

Sector Effect

Stock Effect

Active Return

TOP 3

Industrials 7.13 5.58 -0.19 0.89 0.69

Financial Services 32.71 31.38 -0.02 0.34 0.31

Communication Services 0.42 2.52 0.30 0.00 0.30

WORST 3 Real Estate 0.22 0.00 0.01 0.00 0.01

Technology 14.76 15.72 -0.12 -0.03 -0.15

Consumer Cyclical 13.48 10.09 -0.08 -0.07 -0.15

Attribution Total 0.41 1.72 2.13

Birla SL Frontline Equity Fund has a large cap bias where in it endeavours to keep sector weightage in line with the S&P BSE 200 index.

The scheme targets to maintain sector exposure within +/-25% or absolute +/-3%, whichever is higher, of the sectoral weight in the benchmark index i.e. S&P BSE 200.

Birla SL AMC is positive on Banking & Finance, Autos & Infra & Negative/Neutral on IT, FMCG in line with our house view.

They believe asset quality stress of banks has peaked & prefer Pvt. banks over PSU banks due to better capital ratios, growth outlook and profitability.

In Technology, changing nature of demand would impact near term growth & rupee depreciation would lead to tailwind to earnings

While FMCG is showing weak momentum. Also expensive valuations & weak monsoon is a concern

Fund has collected 1,100 Cr in last 6 months.

Fund Manager: Mahesh Patil, CIO at Birla SL AMC, has over 20 years of

experience in fund management, equity research and corporate finance.

His track record suggests he is at his best running diversified strategies in the large-cap segment.

He also manages Top 100, Birla SL 95, Infrastructure & Pure Value Funds.

He is managing 13,800 Cr AUM in total 10 funds of Birla SL AMC.

Stock wise (Over or Under weight): Return Contribution Top Contributors: • Cummins India Ltd: +0.76%, • TATA Motors Ltd: +0.25%. Top Detractors: • Motherson Sumi Sys Ltd: -0.34%, • Asian Paints: -0.28%,

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Scheme Benchmark Category

SBI Bluechip Fund Large Cap

SCHEME INFO


TOP 5 HOLDINGS


SCHEME DESCRIPTION


Fund: 34.10% Index: 31.29%

Fund: -20.87% Index: -25.97%

MARKET CAP BREAK UP


BEST/WORST RETURNS (as of 30th Sept 2015) Sector Name % Holding Company Name % Holding


Consumer Cyclical 14.8 Maruti Suzuki 6.30

Healthcare 12.6 Infosys Ltd 6.14

Technology 11.5 RIL 5.18

Industrials 10.0 Sun Pharma Ltd 5.14

AUM in Cr. 2,717

Benchmark S&P BSE 100 India

Expense Ratio 2.47


Fund Manager Sohini Andani

Exit Load 1% for 1Y



Portfolio Weights

Benchmark Weights

Sector Effect

Stock Effect

Active Return

TOP 3

Healthcare 11.74 NA 1.27 NA 1.27

Technology 8.38 NA 0.99 NA 0.99

Consumer Defensive 7.10 NA 0.15 NA 0.15

WORST 3

Energy 7.73 NA -0.51 NA -0.51

Basic Materials 9.13 NA -0.51 NA -0.51

Industrials 10.75 NA -0.89 NA -0.89

Attribution Total 100.00 NA 0.00 NA 0.00

The portfolio follows a bottom- up strategy combined with a focus on change in sector dynamics that leads to sector overweight / underweight decision. Stock selection is done based on the below parameters: - Management who tend to consistently perform in terms of growth and efficient capital allocation - Valuations: relative to own history and change in growth profile - Change in leadership which can impact significantly positively or negatively. - Monitoring key strategic decisions by the management which will drive the growth in next 3-5 years. Focus on generating alpha by better stock selection within a sector. Midcap allocation is with a view of better growth outlook and valuation gap vis-à-vis large cap peers.. Large cap exposure typically with one year perspective, whereas midcap stocks are selected with a 2-3 years perspective.. Fund doesn’t take active cash calls. Cash is maintained at a max of 10% for liquidity and portfolio rebalancing purposes.. Fund Manager:

Sohini Andani has over 11 years of experience in the industry. She joined SBIFM as Head of Research in 2007 and was subsequently promoted as a portfolio manager in 2010. Prior to joining SBIFM, she was a senior research analyst at ING Investment Management..

She is involved in planning the macro-level strategy and tracks the economy as part of his research responsibilities.

Stock wise (Over or Under weight): Return Contribution Top Contributors: • Maruti Suzuki (O/W): +1.15% • Hdfc Bank (O/W): +0.30% Top Detractors: • Motherson Sumi (U/W): -0.51% • Tata Motors (O/W): -0.30%



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Franklin India Prima Plus Large Cap

SCHEME INFO


TOP 5 HOLDINGS


Stock wise (Over or Under weight): Return Contribution Top Contributors: • Indusind Bank (O/W): +0.51%, • HDFC Bank (O/W): +0.40%. Top Detractors: • Tata Motors (O/W): -0.61%, • Larsen & Toubro (O/W): -0.43%,

SCHEME DESCRIPTION

MARKET CAP BREAK UP




Industrials 13.9 Infosys Ltd 4.99

Technology 13.1 ICICI Bank Ltd 4.13

Consumer Cyclical 12.9 IndusInd Bank Ltd 3.72

Healthcare 10.6 Bharti Airtel Ltd 3.70

AUM in Cr. 5,566

Benchmark IISL CNX 500 PR INR

Expense Ratio 2.43


Fund Manager Anand Radhakrishnan

Exit Load 1% for 1Y


Volatility Scheme 17.62 Index 20.08

Portfolio Weights

Benchmark Weights

Sector Effect

Stock Effect

Active Return

TOP 3

Basic Materials 7.30 7.73 0.03 1.46 1.49

Industrials 15.24 5.58 -1.24 2.49 1.25

Healthcare 11.09 7.60 0.35 0.71 1.06

WORST 3

Communication 4.98 2.52 -0.35 0.07 -0.29

Consumer Defensive 4.09 8.32 -0.19 -0.22 -0.42

Technology 12.52 15.72 -0.49 -0.15 -0.63

Attribution Total -1.28 5.13 3.85

Invests primarily in wealth creating companies (companies that generate return on capital in excess of their cost of capital) with high growth

Fund Manager, Anand Radhakrishnan is benchmark agnostic while constructing the portfolio and selects stocks using a bottom-up approach.

He prefers private sector entities over their public sector counterparts, in line with his belief that the former offer more robust business models and superior operational efficiencies.

Plying a bottom-up approach, he scouts for companies with clean balance sheets, strong business models, sustainable competitive strengths and high corporate governance standards.

Fund generated 800 Cr flows in 6 months.

Fund Manager: Anand Radhakrishnan, has over 18 years of experience

overall. Currently, he is CIO for Franklin India (Equity), position assumed after Siva Subramanian retired on 28 Feb 2014.

He had a three-year stint with Franklin Templeton’s PMS division as a portfolio manager before he started managing funds for AMC in April 2007.

He also manages Bluechip fund, Tax shield, Dynamic P/E & Build India fund.

He is managing 14,500 Cr AUM in total 18 funds of Franklin Templeton fund house.



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Fund: 29.25% Index: 34.43%

Fund: -21.93% Index: -27.23%

L&T Equity Large Cap

SCHEME INFO


TOP 5 HOLDINGS


SCHEME DESCRIPTION

MARKET CAP BREAK UP



AUM in Cr. 2,971


Expense Ratio 2.26


Fund Manager Soumendra Nath Lahiri

Exit Load 1% for 1Y



Portfolio Weights

Benchmark Weights

Sector Effect

Stock Effect

Active Return

TOP 3

Consumer Cyclical 15.27 10.09 -0.13 1.20 1.07

Energy 4.35 8.14 0.41 0.40 0.81

Basic Materials 10.31 7.73 -0.27 0.86 0.59

WORST 3

Real Estate 0.41 0.00 -0.09 0.00 -0.09


Technology 10.67 15.72 -0.80 -0.16 -0.96



Financial Services 26.7 Infosys Ltd 7.04

Industrials 16.0 HDFC Bank Ltd 6.01

Consumer Cyclical 15.0 Larsen & Toubro Ltd 3.97

Technology 12.8 Kotak Mahindra Bank Ltd 3.67

Basic Materials 9.9 Tata Consultancy Services Ltd 3.51

Invests in both growth & value stock with biasedness towards Large Cap. Every stock is handpicked and stock selection is underpinned by first-hand research.

An experienced fund manager, S.N.Lahiri, playing a workable process with adequate focus on risk management has produced pleasing results for this fund.

The analysts derive price targets for the stocks and also run sector neutral portfolios for the sectors, which serve as guides to the fund manager while investing.

The fund (up 23% annualised) has managed to beat the benchmark (up 17% annualised) as well as the peer group average (up 22% annualised) since November 2012.

L&T AMC is overweight on Banks, Autos & Infrastructure while underweight on Consumer Staples & Pharmaceuticals.

Scheme is overweight on Infrastructure through positions in Shree Cement, Ramco , Ambuja & Ultratech

Fund generated 300 Cr flows in 6 months. Fund Manager:

Soumendra Nath Lahiri, who has about 20 years of experience on the investment side, has been managing or advising on portfolios for the past eight years.

He also manages Emerging Business, Mid cap fund, Tax Advantage & Special Situations fund.

He is managing 6,700 Cr AUM in total 8 funds of L&T AMC.

Stock wise (Over or Under weight): Return Contribution Top Contributors: • TATA Motors (U/W): +0.73%, • Gateway Distriparks (O/W): +0.54%. Top Detractors: • Asian Paints Ltd (U/W): -0.45%, • Motherson Sumi(U/W): -0.22%,



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Fund: 26.67% Index: 32.36%

Fund: -21.49% Index: -26.36%

MID CAP FUNDS • Franklin India Prima Fund

• HDFC Mid Cap Opportunities Fund

• Canara Robeco Emerging Equities Fund

• ICICI Pru Mid Cap Fund

Franklin India Prima Fund Mid Cap

SCHEME INFO


TOP 5 HOLDINGS


SCHEME DESCRIPTION

MARKET CAP BREAK UP



Financial Services 24.9 Yes Bank Ltd 4.34

Industrials 18.9 Torrent Pharmaceuticals Ltd 3.28

Consumer Cyclical 13.8 Amara Raja Batteries Ltd 2.97

Technology 13.4 HDFC Bank Ltd 2.64

Basic Materials 11.5 IndusInd Bank Ltd 2.58

AUM in Cr. 3,781


Expense Ratio 2.35


Fund Manager R. Janakiraman

Exit Load 1% for 1Y



Portfolio Weights

Benchmark Weights

Sector Effect

Stock Effect

Active Return

TOP 3 Consumer Cyclical 12.52 16.64 0.12 0.92 1.04

Basic Materials 12.29 11.04 -0.10 0.29 0.19

Consumer Defensive 0.00 9.64 0.11 0.00 0.11

WORST 3

Real Estate 1.33 0.82 0.09 -0.55 -0.47

Industrials 19.17 13.50 -0.11 -0.39 -0.51

Financial Services 25.00 17.70 0.16 -1.23 -1.07

Attribution Total -0.02 -1.69 -1.71

Invests predominantly in small and mid-sized companies that helps investors buy into tomorrow's blue chips and market leaders at today's prices.

Fund Manager, R. Janakiraman’s style of investing in high-quality mid-caps with predictable businesses has contributed to this fund’s success over the past three years.

He will pay what he feels is the right price for a stock with regard to the growth prospects of the business and generally avoids expensive areas of the market

He is aware that it is difficult to forecast earnings in small/mid-caps over a longer time frame given the unpredictable nature of their cash flow hence he uses historical five-year data as a yardstick to project five years ahead

He is prepared to be patient as his stock ideas play out and his investment horizon typically spans a business cycle, as is borne out by the low turnover ratios (March 2014: 31%, March 2013: 39%, March 2012: 57%).

Fund generated 400 Cr flows in 6 months.

Fund Manager: R. Janakiraman, has over 18 years of experience overall.

He was named co-manager in Feb 2008 and later was elevated to his current position.

He has had extensive experience in small/mid-caps research and brings this experience to the fore in managing this fund

He also manages Flexi Cap, co manages Prima plus fund. He is managing 10,000 Cr AUM in 3 funds of Franklin

Templeton.

Stock wise (Over or Under weight): Return Contribution Top Contributors: • Motherson Sum (U/W): +0.58%, • Himatsingka Seide Ltd (O/W): +0.53%. Top Detractors: • Indiabulls Housing Fin (U/W): -0.95%, • Yes Bank (O/W): -0.79%



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Fund: 36.59% Index: 38.66%

Fund: -26.41% Index: -28.30%

HDFC Mid Cap Opp Fund Mid Cap

SCHEME INFO


TOP 5 HOLDINGS


SCHEME DESCRIPTION

MARKET CAP BREAK UP

PERFORMANCE - 5 Years


Basic Materials 12.6 CBLO 5.09

Consumer Cyclical 18.6 Bajaj Finance Ltd 2.80

Financial Services 22.5 Torrent Pharma Ltd 2.43

Healthcare 11.1 Aurobindo Pharma Ltd 2.26

Industrials 19.5 Divi's Laboratories Ltd 2.25

AUM in Cr. 10,531

Benchmark IISL CNX Mid Cap PR INR

Expense Ratio 2.29


Fund Manager Chirag Setalvad

Exit Load 1% for 1Y


Std. Dev Scheme 19.38 Index 23.26

Portfolio Weights

Benchmark Weights

Sector Effect

Stock Effect

Active Return

TOP 3


Technology 10.56 5.88 0.15 0.44 0.59

Consumer Defensive 2.23 9.64 0.08 0.06 0.14

WORST 3

Healthcare 10.72 13.32 -0.23 0.15 -0.08

Real Estate 0.00 0.82 -0.16 0.00 -0.16

Financial Services 22.46 17.70 0.10 -1.21 -1.11


Launched just six months before the economic crisis in 2008, the fund proved its mettle immediately when it managed to contain the downside better than its peers. In fact, the fund manages to do well in both bull and bear phases of the market.

The second largest fund in the category, its asset size has almost doubled this year owing to its improved equity performance.

An impressive performer on fund manager, Chirag Setalvad, watch (since June 2007), fund has given 18% annualized, outperforming CNX Midcap by 8%.

Fund Manager is benchmark agnostic & has shown willingness to go against it. E.g. in a rising market of 2009, when high beta stocks fared the best, his quality & valuation consciousness led him to be overweight on consumer defensive.

His investing style can be characterised as growth at a reasonable price. Emerging businesses with untested models or simply attracted business don’t find favor with him.

Fund generated 800 Cr flows in last 6 months is very high as compared to its peers which are at 100-200 Cr flows.

Fund Manager:

Chirag Setalvad, boasts roughly 13 years of experience in research & portfolio management, making him one of the most seasoned investors in the category.

He has had 2 stints with HDFC AMC, initially from June 2000 to Aug 2004 & then from Mar 2007 till now, both as fund manager.

He also manages Balanced, Long Term Advantage, Capital Builder and Mid & Small cap fund.

He is managing 17,000 Cr AUM in 8 funds of HDFC AMC.

Stock wise (Over or Under weight): Return Contribution Top Contributors: • Motherson Sumi(U/W): +0.77%, • Jagran Prakashan Ltd(O/W): +0.39%. Top Detractors: • Indiabulls Housing (U/W): -0.86%, • Ashok Leyland (U/W): -0.56%,



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Fund: 28.30% Index: 38.66%

Fund: -23.91% Index: -28.30%

Canara Robeco Emerging Equities Fund Mid Cap

SCHEME INFO


TOP 5 HOLDINGS


SCHEME DESCRIPTION

MARKET CAP BREAK UP




Industrials 25.7 Cblo 3.85

Basic Materials 15.8 IndusInd Bank Ltd 3.50

Consumer Cyclical 12.3 Divi's Laboratories Ltd 2.49

Technology 12.3 Britannia Industries Ltd 2.44

Financial Services 11.5 Atul Ltd 2.16

AUM in Cr. 755

Benchmark CNX Midcap INR

Expense Ratio 2.93


Fund Manager Ravi Gopalakrishnan

Exit Load 1% for 1.5Y



Portfolio Weights

Benchmark Weights

Sector Effect

Stock Effect

Active Return

TOP 3

Industrials 26.62 5.58 -2.79 5.32 2.53


Basic Materials 17.58 7.73 -1.11 2.94 1.83

WORST 3

Real Estate 0.01 0.00 0.01 0.00 0.01

Healthcare 4.26 7.60 -0.45 0.22 -0.23

Technology 10.35 15.72 -0.80 -1.21 -2.00


Stock wise (Over or Under weight): Return Contribution Top Contributors: • Maruti Suzuki (O/W): +0.85%, • Tata Motors (U/W): +0.65%. Top Detractors: • Motherson Sumi (O/W): -0.41%, • Asian Paints (U/W): -0.39%,

Canara Robeco Emerging Equities follows bottom up approach to predominantly invest in mid & small cap companies. The fund defines mid & small cap companies as the companies which fall in the range of 151 to 500 ranked on the basis of market capitalisation. The fund seeks to identify those companies that have the potential to become leaders of tomorrow in their respective sectors.

Invests into stocks whose market capitalization could be considered as medium (mid-cap stocks) with an intention to provide long term growth opportunities to investors.

The investment process displays a growth bias. Fund Manager seeks out companies with scalable businesses that they believe can double profits in three to four years. The fund follows a blend of 'Growth' and 'Value' style of Investing

Fund Manager:

Ravi Gopalakrishnan is the Head - Equities for Canara Robeco Asset Management Company. He has been with Canara Robeco AMC since September 2012.

He brings to this position over 23 years of rich experience in research and asset management. Prior to joining Canara Robeco, Mr. Gopalakrishnan served as Chief Investment Officer of Equity at Pramerica Asset Managers Pvt Ltd.

At present he manages Canara Robeco Equity Diversified, Canara Robeco Large Cap+ Fund, Canara Robeco Emerging Equities & Canara Robeco MIP.



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Fund: 44.49% Index: 38.66%

Fund: -31.65% Index: -28.30%

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ICICI Pru Mid Cap Mid Cap

SCHEME INFO


TOP 5 HOLDINGS


SCHEME DESCRIPTION

MARKET CAP BREAK UP




Industrials 20.8 Welspun India 4.84

Consumer Cyclical 19.3 Bharat Forge Ltd 4.27

Basic Materials 7.1 Bajaj Finserv Ltd 3.82

Technology 5.4 Federal Bank Ltd 3.21

AUM in Cr. 1,285


Expense Ratio 2.80


Fund Manager Mrinal Singh

Exit Load 1% for 1Y


Std dev Scheme 21.32 Index 23.26

Portfolio Weights

Benchmark Weights

Sector Effect

Stock Effect

Active Return

TOP 3

Basic Materials 7.03 11.04 0.35 0.42 0.77


Financial Services 29.57 17.70 0.20 -0.02 0.18

WORST 3

Utilities 4.95 4.29 0.01 -0.23 -0.22

Industrials 19.88 13.50 -0.07 -0.37 -0.44

Healthcare 3.88 13.32 -0.83 0.35 -0.48


The Scheme focuses on identifying high growth companies operating in midcap space that are likely to transform into tomorrow’s market leaders resulting in capital appreciation over time.

Launched in October 2004 as ICICI Prudential Emerging S.T.A.R. Fund, it underwent a transformation in September 2011 and was rechristened as ICICI Prudential Midcap Fund.

The fund’s investment universe was redefined to stocks that fall within the market capitalisation range of CNX Midcap index, resulting in at least 70% of stocks in the portfolio now within this range.

Fund Manager, Mrinal Singh has expertise in value investing & mid/small cap is his forte, both of which he is playing here.

He is averse to investing in highly leveraged businesses. He is patient with his investments, which is a strategy that gels well with his investment philosophy and fund’s mid-cap focus.

He prefers to manage the fund rather aggressively by maintaining a concentrated portfolio, with top 10 stocks accounting for 45-50% of assets.

Fund Manager:

Mrinal Singh, has experience of over 8 years in the industry. He is associated with ICICI Pru AMC form June 2008 till date. He started with ICICI Pru as an Equity Analyst.

He also manages Technology Fund, Value Discovery fund, Dividend yield Equity Fund & Cap Pros.

He is managing 11,500 Cr AUM in total 11 funds of ICICI Pru AMC.

During his stint as an analyst, he was the investment team’s small/mid-cap specialist. His willingness to be patient with smaller-cap fare gels well with the valuation-conscious approach.

Stock wise (Over or Under weight): Return Contribution Top Contributors: • Welspun (O/W): +1.67%, • Bank of baroda (O/W): +0.61%. Top Detractors: • Indiabulls Housing (U/W): -1.11%, • Ashok Leyland (U/W): -0.69%




Fund: 30.28% Index: 43.19%

Fund: -24.31% Index: -31.16%

5.90

32.40

42.40

17.10

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0

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-15

Sep

-15


FLEXI CAP FUNDS • ICICI Pru Value Discovery Fund

• Birla SL Advantage Fund

• Motilal Oswal Most Focussed Multicap 35 Fund

ICICI Pru Value Discovery Fund Flexi Cap

SCHEME INFO


TOP 5 HOLDINGS

ATTRIBUTION ANALYSIS (Qtr ended Sept 2015) Stock wise (Over or Under weight): Return Contribution Top Contributors: • Amara Raja Batteries(O/W): +0.57%, • Maruti Suzuki (O/W): +0.49%. Top Detractors: • TATA Motors (O/W): -0.78%, • L&T (O/W): -0.33%,

SCHEME DESCRIPTION

MARKET CAP BREAK UP




Industrials 21.4 NTPC Ltd 6.63


Consumer Cyclical 14.2 Larsen & Toubro Ltd 3.54

Technology 11.6 Reliance Industries Ltd 3.19

Basic Materials 10.0 Infosys Ltd 3.16

AUM in Cr. 10,252


Expense Ratio 2.34


Fund Manager Mrinal Singh

Exit Load 1% for 1Y



Portfolio Weights

Benchmark Weights

Sector Effect

Stock Effect

Active Return

TOP 3 Industrials 21.14 5.58 -1.90 3.01 1.11

Financial Services 18.40 31.38 0.08 1.00 1.07

Basic Materials 10.00 7.73 -0.27 1.16 0.89

WORST 3 Utilities 6.90 2.92 -0.12 0.17 0.06

Technology 11.32 15.72 -0.68 0.22 -0.46



The scheme focuses on identifying value stocks that are likely to transform into tomorrow’s market leaders resulting in potential capital appreciation over time.

A competent manager, Mrinal Singh and a sound investment approach are this fund’s most appealing aspects.

Until mid-2014, Singh invested predominantly in the small/mid-cap segment. However, since then, the allocation to large-cap in the portfolio has increased significantly.

Under his watch (since Feb 2011), the fund has produced competent showing on the returns. It has posted CAGR of 22% and outscored the benchmark CNX Midcap (by 10% p.a.) and the category average (by 4% p.a.)

Fund Manager believes that Indian IT peers may benefit from several billion dollar worth of renewal deals which has potential to power growth in the sector and thus the scheme is overweight on Software.

Scheme remained relatively overweight on Software, Auto and Transportation sectors. It is relatively underweight on Pharma & Healthcare Services, Consumer Non-Durables & Retailing and Banks & Finance sectors.

Fund has collected 1200 Cr+ corpus in last 6 months showing high acceptance in the market.

Fund Manager:

Mrinal Singh, has experience of over 8 years in the industry. He is associated with ICICI Pru AMC form June 2008 till date. He started with ICICI Pru as an Equity Analyst.

He also manages Technology Fund, Midcap fund, Dividend yield Equity Fund & Cap Pros.


During his stint as an analyst, he was the investment team’s small/mid-cap specialist. He plays to his strengths here, running a small/mid-cap portfolio and his willingness to be patient with smaller-cap fare gels well with the valuation-conscious approach.

Source: ACE MF, Morningstar Direct. Data is as of 30th Sept2015 wherever not mentioned. Best & Worst performance is calculated on YoY daily rolling basis.


38.1 30.4

24.4

6.3 0.7

0 10 20 30 40 50


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-11

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Mar

-15

Sep

-15



Fund: 32.22% Index: 28.07%

Fund: -25.81% Index: -26.41%

Birla SL Advantage Fund Flexi Cap

SCHEME INFO


TOP 5 HOLDINGS


Stock wise (Over or Under weight): Return Contribution Top Contributors: • TATA Motors (U/W): +1.45%, • Cummins India (O/W): +0.85%. Top Detractors: • Motherson Sumi (O/W): -0.69%, • Yes Bank (O/W): -0.35%,

SCHEME DESCRIPTION

MARKET CAP BREAK UP




Financial Services 30.2 Eicher Motors Ltd 5.83

Consumer Cyclical 17.9 HDFC Bank Ltd 5.22

Industrials 16.3 Maruti Suzuki India Ltd 4.97

Healthcare 15.5 Axis Bank Ltd 4.32

Basic Materials 9.0 Natco Pharma Ltd 4.13

AUM in Cr. 570


Expense Ratio 2.82


Fund Manager Satyabrata Mohanty

Exit Load 1% for 1Y



Portfolio Weights

Benchmark Weights

Sector Effect

Stock Effect

Active Return

TOP 3 Basic Materials 10.35 7.73 -0.29 1.91 1.61

Industrials 16.75 5.58 -1.50 2.91 1.41

Healthcare 14.04 7.60 0.84 0.26 1.10

WORST 3

Consumer Cyclical 21.23 10.09 -0.30 0.27 -0.03

Consumer Defensive 2.21 8.32 -0.28 0.01 -0.27

Technology 6.91 15.72 -1.37 -0.39 -1.76


Fund adopts a flexi cap strategy with emphasis on Mid and Small caps and plays the broader business cycles.

The fund intends to play the broader long term economic recovery and not just a cyclical recovery thereby it has focused investments in Private banks where asset quality concerns and growth trajectory seem to be better than their PSU counterparts

A blend of bottom up approach (for stock selection) and top down approach (for sector allocation) is used for portfolio construction. Top Down Approach - continuous efforts made on evaluating global and India macro trends & Bottom up stock picking - risk reward is hugely in favour to take advantage of mispriced opportunities.

Focus on high growth and fundamentally strong companies has led to investments multiplying 28x compared to 9x in the S&P BSE 200

The Mid and Small cap exposure in the fund has over the past few years has been ~45%, giving an opportunity to create incremental alpha Fund Manager:

Satyabrata Mohanty, has total experience of over 15 years incl. 12 years in Finance & Research. He has been associated with Birla SL AMC since 2007

He also manages Asset Allocation funds, Equity Savings, Emerging Leaders, MIPs & Nifty ETF.



22.4

43.8

24.1

8.9 0.8

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200

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-11

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Fund: 36.94% Index: 28.07%

Fund: -23.09% Index: -26.41%

Motilal MOST Focused Multicap 35 Flexi Cap

SCHEME INFO


TOP 5 HOLDINGS


Stock wise (Over or Under weight): Return Contribution Top Contributors: • Hindustan Petro(O/W): +2.16%, • Tata Motors (U/W): +1.66%. Top Detractors: • Ajantha Pharma (O/W): -0.62%, • United Spirits (O/W): -0.32%,

SCHEME DESCRIPTION

MARKET CAP BREAK UP




Financial Services 32.1 Maruti Suzuki India Ltd 9.45

Consumer Cyclical 17.8 HDFC Bank Ltd 8.84

Technology 12.4 Britannia Industries Ltd 7.95

Energy 11.9 IndusInd Bank Ltd 7.84

Healthcare 11.5 Tata Consultancy Services Ltd 7.67

AUM in Cr. 2775


Expense Ratio 1.45

Inception Date 4/28/2014

Fund Manager Gautam Sinha Roy

Exit Load 0%

Beta Alpha


Portfolio Weights

Benchmark Weights

Sector Effect

Stock Effect

Active Return

TOP 3 Basic Materials 10.35 7.73 -0.29 1.91 1.61

Industrials 16.75 5.58 -1.50 2.91 1.41

Healthcare 14.04 7.60 0.84 0.26 1.10

WORST 3

Consumer Cyclical 21.23 10.09 -0.30 0.27 -0.03

Consumer Defensive 2.21 8.32 -0.28 0.01 -0.27

Technology 6.91 15.72 -1.37 -0.39 -1.76


The investment objective of the Scheme is to achieve long term capital appreciation by primarily investing in a maximum of 35 equity & equity related instruments across sectors and market-capitalization levels.

The Allocations in equities varies from (65 – 100%), Debt (0 – 35%) and the fund can invest upto 10% in Foreign Equities. MOSt Focused Multicap 35 would endeavour to construct such a portfolio that the product is best suited for medium and long term investment.

Fund is presently heavy on Banks & Auto.

Fund Manager: Mr. Gautam Sinha Roy is B.E (Honors) from Jadavpur University, Kolkata and PGDM from IIM-Calcutta. Mr. Roy has 11 years of rich experience in fund management and research.

He also manages Motilal Oswal MOSt Focused Long Term Fund.




Fund: 10.11% Index: 10.41%

Fund: -6.05% Index: -6.15%

46.9 41

12.2

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Ap

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Fund Benchmark category

THEMATIC FUNDS • Franklin Build India Fund

• Reliance Banking Fund

Franklin Build India Fund Thematic

SCHEME INFO


TOP 5 HOLDINGS

SCHEME DESCRIPTION

MARKET CAP BREAK UP




Consumer Cyclical 24.8 Maruti Suzuki India Ltd 6.13

Industrials 15.1 Axis Bank Ltd 6.11

Basic Materials 10.0 State Bank of India 5.98

Communication Services 8.5 ICICI Bank Ltd 5.81

AUM in Cr. 535 Benchmark S&P BSE SENSEX India INR

Expense Ratio 2.91


Fund Manager Anand Radhakrishnan

Exit Load 1% for 2Y



The Scheme invests in stocks of companies engaged in the area of infrastructure across industries like Banking & Financial Services, Capital Goods, Cement, Construction, Power, Ports, Telecommunication, Transportation etc

Fund has collected 200 Cr+ corpus in last 6 months View on Infrastructure Sector

We believe the construction sector is on a structural uptrend with economic recovery likely to lead to strong growth accompanied by significantly improved operating performance, driving robust shareholder returns

Key drivers are: Regulatory reform process gathering pace, leading to relief on execution front, faster clearances, new dispute resolution mechanism and amendment of regulatory framework to drive infra growth

Planned infrastructure spend on roads is 8 lakh cr and rail 8.5 lakh cr in next 5-7 years compared to around 2.5 lakh cr for last 5 years

Fresh impetus of investment in Power distribution with Coal auction unlocked total INR 40,000 cr till March

Fund Manager:

Anand Radhakrishnan, has over 18 years of experience overall. Currently, he is CIO for Franklin India (Equity), position assumed after Siva Subramanian retired on 28 Feb 2014.

He had a three-year stint with Franklin Templeton’s PMS division as a portfolio manager before he started managing funds for AMC in April 2007.

He also manages Franklin Prima Plus, Bluechip fund, Tax shield & Dynamic P/E.

He is managing 14,500 Cr AUM in total 18 funds of Franklin Templeton fund house.



45.5

17.5

27.6

6.5 2.9

0

10

20

30

40

50


0.0

50.0

100.0

150.0

200.0

250.0

Sep

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-11

Sep

-11

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-12

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Mar

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-15

Sep

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Fund: 15.86% Index: 11.67%

Fund: -10.71% Index: -10.64%

Reliance Banking Fund Thematic

SCHEME INFO


TOP 5 HOLDINGS

SCHEME DESCRIPTION

MARKET CAP BREAK UP



Banks 78.73 HDFC Bank Ltd 27.62

Finance 19.09 ICICI Bank Ltd 13.77

Others 1.94 Axis Bank Ltd 10.93

Cash & Cash Equivalent 0.24 Yes Bank Ltd 6.52

State Bank of India 5.01

AUM in Cr. 2,129

Benchmark CNX Bank

Expense Ratio 2.37


Fund Manager Sanjay Parekh

Exit Load 1% for 1Y



Reliance Banking Fund follows an active strategy of management with endeavor to generate alpha and outperform the Banking Index.

Combination of large and mid cap companies that may provide rapid growth along with some steady performers.

Fund is overweight on Private Banks with allocation % at 65%, Public banks – 13% , NBFC – 13%, Housing – 4% & rest others. View on Banking Sector

With RBI as a regulator, Indian banking system remains healthy to cope up with this prolonged slowdown

With GDP growth at its trough and interest rates at its interim peak (especially on the short end) - valuations have corrected meaningfully, and risk-reward ratio remains favorable from a medium term time frame (1-2 years)

Private Banks segment continues to be preferable over Public Banks due to improved profile on account of deleveraging risky assets, more durable NIMs and better risk to reward ratio. Fund Manager:

Sanjay Parekh, Senior Fund Manager at Reliance AMC has more than 20 years of experience in Capital Market.

He also manages Regular Savings Balanced plan, Monthly Income Plan & Retirement plans



61.8

19.6 15.4

2.9 0.3 0

20

40

60

80


0

50

100

150

200

Sep

-10

Ap

r-1

1

No

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Jun

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Jan

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Mar

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Oct

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May

-15

Scheme Benchmark

BALANCED FUNDS • HDFC Balanced Fund

• ICICI Pru Balanced Advantage Fund

• Edelweiss Absolute Return Fund

HDFC Balanced Fund Balanced

Invests in both equities and in debt - to benefit from both asset classes

Equity strategy focuses on long term focus, multi cap strategy, high quality companies & effective diversification to reduce risks

Debt strategy - Actively managed based on the interest rate outlook. Securities are selected after assessing credit, interest rate and liquidity risk

Fund with a track record of 20 years (with 20% CAGR) across several cycles, across good and bad times, is well positioned to benefit from improving economic environment, and from positive outlook of equities and bonds

Currently portfolio holds 70% in Equity & 30% in debt with Mod Duration at 6.16 yrs & YTM at 8.41% with an expectation of rate cut in 15-18 months period.

Fund has collected 900 Cr+ corpus in last 6 months

Fund Manager:

Chirag Setalvad, boasts roughly 13 years of experience in research & portfolio management, making him one of the most seasoned investors in the category.

He has had 2 stints with HDFC AMC, initially from June 2000 to Aug 2004 & then from Mar 2007 till now, both as fund manager.

He also manages Mid cap fund, Long Term Advantage, Capital Builder and Mid & Small cap fund.

He is managing 17,000 Cr AUM in 8 funds of HDFC AMC.

SCHEME INFO


TOP 5 HOLDINGS


Stock wise (Over or Under weight): Return Contribution Top Contributors: • Abbott India (O/W): +0.64%, • TATA Motors (U/W): +0.36%. Top Detractors: • ITC Ltd (U/W): -0.38%, • Symphony Ltd (O/W): -0.33%,

SCHEME DESCRIPTION

MARKET CAP BREAK UP



Financial Services 25.9 CBLO 8.68

Technology 16.7 Infosys Ltd 5.97

Industrials 13.3 HDFC Bank Ltd 4.63

Healthcare 11.0 ICICI Bank Ltd 4.08

Consumer Cyclical 10.9 Reliance Industries Ltd 3.79

AUM in Cr. 4,570

Benchmark CRISIL Balanced Fund

Expense Ratio 2.11


Fund Manager Chirag Setalvad

Exit Load 1% for 1Y


Volatility Scheme 14.52 Benchmark 9.99

Portfolio Weights

Benchmark Weights

Sector Effect

Stock Effect

Active Return

TOP 3

Basic Materials 9.71 7.73 -0.24 1.29 1.05

Communication Services 1.88 2.52 0.09 -0.02 0.07


WORST 3

Industrials 14.03 5.58 -1.09 1.67 0.57

Technology 14.20 15.72 -0.24 0.37 0.13

Utilities 1.41 2.92 0.09 0.11 0.21




46.3

16.8 24.5

10.3 2.1

0

20

40

60


0

50

100

150

200

250

Sep

-10

Jan

-11

May

-11

Sep

-11

Jan

-12

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-12

Sep

-12

Jan

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Sep

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Jan

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Sep

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-15

9/3

0/2

01

5



Fund: 20.42% Index: 20.42%

Fund: -19.52% Index: -18.46%

ICICI Pru Balanced Advantage Fund Balanced

SCHEME INFO


TOP 5 HOLDINGS


Stock wise (Over or Under weight): Return Contribution Top Contributors: • TATA Motors (U/W): +0.55%, • Alembic Pharma (O/W): +0.41%. Top Detractors: • TCS (U/W): -0.51%, • Tech Mahindra (O/W): -0.45%,

SCHEME DESCRIPTION

MARKET CAP BREAK UP



Financial Services 25.7 1.44% Inflation Index 7.27

Technology 18.3 HDFC Bank Ltd 5.44

Consumer Cyclical 11.8 8.60% Govt Stock 2028 4.94

Basic Materials 9.7 Cnx Nifty Index $$ 4.42

Healthcare 9.2 7.72% GS 2025 4.10

AUM in Cr. 9,019

Benchmark CRISIL Balanced Fund

Expense Ratio 2.66


Fund Manager Manish Gunwani

Exit Load 1% for 1.5Y

Portfolio Weights

Benchmark Weights

Sector Effect

Stock Effect

Active Return

TOP 3 Financial Services 26.56 31.38 0.04 1.14 1.17

Healthcare 9.49 7.60 0.34 0.63 0.97

Industrials 4.06 5.58 0.21 0.61 0.81

WORST 3

Utilities 4.02 2.92 0.06 -0.09 -0.03

Consumer Defensive 7.91 8.32 0.02 -0.08 -0.06

Consumer Cyclical 12.27 10.09 -0.05 -0.37 -0.42 Attribution Total 1.03 2.30 3.34

Generates low volatility returns by investing in a judicious mix of cash equities, equity derivatives and debt markets.

The Scheme uses an in-house model, based on a long-term historical mean Price to Book Value (P/BV), with a view to limit the downside risk during a falling market, while aiming to capture the upside in a rising market.

Net Equity Exposure can go down to as low as 30%, depending on market valuation.

The Scheme will use derivative instruments for the purpose of hedging or portfolio rebalancing or for any other stock and/or index strategies.

The scheme remained relatively overweight on Agriculture & Agri Input, Power and Auto Ancillaries. It remained relatively underweight on Software, Consumer Non Durables & Retailing and Banks & Finance.

Fund Manager believes the uncertainty around monsoon, timing of rate hike by the US Fed, Greece situation and subdued corporate earnings could keep equity markets on edge and volatility may continue in the near term. But long term India growth story remains intact.

Fund has collected 1,700 Cr+ corpus in last 6 months showing huge acceptance in the market Fund Manager:

Manish Gunwani has over 17 years of experience in the industry. He was associated with ICICI Pru’s PMS division since June 2010, before joining the mutual fund arm in Jan 2012.

He also manages Focused Bluechip, 3 series of equity growth fund.


He is involved in planning the macro-level strategy and tracks the economy as part of his research responsibilities.





52

30.8

15.4

1.8 0.1 0

10

20

30

40

50

60


0

50

100

150

200

Sep

-10

Jan

-11

May

-11

Sep

-11

Jan

-12

May

-12

Sep

-12

Jan

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May

-13

Sep

-13

Jan

-14

May

-14

Sep

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Jan

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May

-15

Sep

-15



Fund: 14.71% Index: 15.42%

Fund: -15.87% Index: -17.46%

Edelweiss Absolute Return Fund Balanced

SCHEME INFO


TOP 5 HOLDINGS


Stock wise (Over or Under weight): Return Contribution Top Contributors: • Britannia Ind (O/W): +0.79%, • Bajaj Finance (O/W): +0.49%. Top Detractors: • IDFC (O/W): -0.54%, • TCS (U/W): -0.31%,

SCHEME DESCRIPTION

MARKET CAP BREAK UP





Healthcare 14.2 Bank Nifty Future 3.74

Consumer Defensive 14.1 Maruti Suzuki India Ltd 3.44

Technology 14.1 Tata Consultancy Services Ltd 3.27

Consumer Cyclical 11.2 Reliance Industries Ltd 3.21

AUM in Cr. 482

Benchmark CRISIL MIP Blended

Expense Ratio 2.86


Fund Manager Ashish Sahay, Kartik Soral

Exit Load 1% for 1Y

Portfolio Weights

Benchmark Weights

Sector Effect

Stock Effect

Active Return

TOP 3 Consumer Cyclical 7.68 10.09 0.07 0.97 1.04

Basic Materials 2.50 7.73 0.54 0.40 0.94

Financial Services 34.91 31.38 -0.02 0.92 0.90

WORST 3

Consumer Defensive 14.55 8.32 0.29 -0.58 -0.29

Communication Services 6.66 2.52 -0.57 0.06 -0.51

Technology 11.64 15.72 -0.58 -0.88 -1.46 Attribution Total -0.13 2.52 2.39

Scheme invests 65-85% in long only Equity, 5-10% in Special Situation trades(if available) & Rest in short NIFTY, Debt or Arbitrage trades depending on markets. Hedging portfolio levels depend on 3 factors: Volatility and NIFTY Short term & long term trends.

Fund’s endeavor is to capture at-least 60% of market in upside and to protect by restricting the participation at 20% on downside. Key Benefits:

Participation on the upside: Endeavour to provide investors with 60%-70% of the Nifty upside in any twelve months period.

Protection from the downside: Endeavour to restrict investor losses to less than one fifth in any 12 months period

Low volatility: Protect investors from the volatility that is inherent in Indian equity markets by keeping its volatility less than one third of NIFTY.

The fund provides uncorrelated returns to the market by using a multi strategy approach & has a low beta of ~0.15 relative to Nifty. Fund Manager:

Ashish Sahay, has an overall work experience of more than 5 years. He has been associated with the AMC since November 2012 in the Equity Fund Management function. Prior to joining the AMC, Mr. Sahay was associated with Procter & Gamble Ltd., India, as Senior Financial Analyst for over 2 years.

He also manages all the Equity funds at Edelweiss AMC like EDGE TOP 100, ELSS, Select Midcap & Value Opportunities Fund.


Source: ACE MF, Morningstar Direct. Data is as of 30th Sept2015 wherever not mentioned. Best & Worst performance is calculated on YoY daily rolling basis.




52.2

29.6

18.1

0.1 0

20

40

60

Giant Large Mid Micro

0

50

100

150

200

Sep

-10

Mar

-11

Sep

-11

Mar

-12

Sep

-12

Mar

-13

Sep

-13

Mar

-14

Sep

-14

Mar

-15

Sep

-15

Scheme Benchmark


Fund: 7.62% Index: 7.02%

Fund: -3.94% Index: -4.06%

ARBITRAGE FUNDS • Edelweiss Arbitrage Fund

• ICICI Pru Equity Arbitrage Fund

Edelweiss Arbitrage Fund Arbitrage

SCHEME INFO

TOP 10 HOLDINGS

SCHEME DESCRIPTION

ASSET ALLOCATION


Expertise in arbitrage strategies – Edelweiss group’s expertise in identifying arbitrage positions will be an advantage. As an AMC also, they follow the same strategy in its Absolute Return Fund, which has performed well.

Concentrated Portfolio – Maximum 15-20 stocks in the portfolio compared to 40-50 stocks in other arbitrage funds.

The Fund is a good instrument to give returns similar to any liquid fund with taxation benefit, leading to higher post tax returns.

Fund has CBLO in debt category & has locked the spread of 7.50% in the month of June.

Company Name % Holding

Hdfc Bank Limited (Maturity Date 30th Sept 2015) -9.48

HDFC Bank Ltd 9.41

Reliance Industries Limited (Maturity Date 30th Sept 2015) -9.37

Reliance Industries Ltd 9.34

HDFC Ltd (Maturity Date 30th Sept 2015) -6.30

HDFC Ltd 6.26

Icici Bank Limited (Maturity Date 30th Sept 2015) -5.43

ICICI Bank Ltd 5.40

Axis Bank Limited(Maturity Date 30th Sept 2015) -4.75

Axis Bank Ltd 4.71

AUM in Cr. 865

Benchmark CRISIL Liquid Fund

Expense Ratio 1.05


Fund Manager Bhavesh Jain

Exit Load 0.50% for 3M

Source: ACE MF, Morningstar Direct. Data is as of 30th Sept 2015 wherever not mentioned.

40%

1%

58%

1%

Stock

Bond

Cash

Other

94 96 98

100 102 104 106 108 110 112

Jun

-14

Jul-

14

Au

g-1

4

Sep

-14

Oct

-14

No

v-1

4

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Sep

-15

Scheme Benchmark

ICICI Pru Equity Arbitrage Fund Arbitrage

SCHEME INFO

TOP 10 HOLDINGS

SCHEME DESCRIPTION

ASSET ALLOCATION


Ÿ ICICI Pru Equity Arbitrage is actively managed by the AMC unlike other arbitrage funds with equity exposure up 63%, amongst the highest in the category.

Arbitrage funds give returns similar to a liquid fund with taxation benefit (0% DDT, 15% STCG tax & Nil LTCG tax), leading to higher post tax returns

Fund has CBLO in debt category & has locked the spread of 7.50% in the month of June.


Icici Bank Ltd. $$ -3.71

Axis Bank Ltd. $$ -3.71

ICICI Bank Ltd 3.70

Axis Bank Ltd 3.69

Maruti Suzuki India Ltd. $$ -3.47

Maruti Suzuki India Ltd 3.46

Infosys Ltd 3.00

Infosys Ltd. $$ -2.99

Wipro Ltd. $$ -2.94

Wipro Ltd 2.93

AUM in Cr. 3,671


Expense Ratio 1.00


Fund Manager Kayzad Eghlim, Manish Banthia



40%

60%

Stock

Cash

0 20 40 60 80

100 120 140 160 180

Sep

-10

Feb

-11

Jul-

11

Dec

-11

May

-12

Oct

-12

Mar

-13

Au

g-1

3

Jan

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Jun

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No

v-1

4

Ap

r-1

5

Sep

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Scheme Category

DEBT MUTUAL FUNDS

AUM Trends in Debt Market

Debt: What’s Happening?

Assets Under Management (AUM) in debt funds, remained flat to 7.74 Lakh Cr in July-Sept qtr, given the huge inflows in Liquid funds in July & August and outflows September & Gilt funds got good inflows in Sept.

Long term debt funds, especially long term gilt funds, are seeing an increased pie of investment flows over the past few months owing to rate cut from RBI in the month of September.

For the Long-term debt funds quarter remained net positive with AUM crossing 5.36 Lakh cr as compared to 5.11 in quarter ending June, while the gilt funds’ AUM rose to the highest level ever at Rs 0.20 Lakh Cr.

Liquid funds posted a big rise in average AUM in the month of July & August but saw outflows in the month of September. The category’s AUM saw outflows of Rs 0.29 Lakh Cr to Rs 2.19 Lakh Cr in the latest quarter.

In INR Lakh Cr Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15

May-15 Jun-15 Jul-15 Aug-15 Sep-15

Overall AUM 10.96 11.44 10.98 12.01 12.28 11.14 12.23 12.83 12.62 13.57 13.59 12.81

Income 4.36 4.64 4.71 4.93 4.97 4.88 5.01 5.00 5.11 5.38 5.59 5.36

Liquid 2.67 2.64 2.00 2.53 2.62 1.59 2.56 2.91 2.48 2.91 2.84 2.19

Gilt 0.07 0.08 0.10 0.13 0.15 0.16 0.17 0.18 0.17 0.18 0.18 0.20

Debt Total 7.09 7.36 6.81 7.58 7.75 6.63 7.73 8.09 7.77 8.47 8.61 7.74

ACCRUAL FUNDS - ST • ICICI Pru Short Term Fund

• IDFC SSIF ST Fund

ICICI Pru Short Term Income Plan Accrual ST

Invests predominantly in debt instruments of good credit quality with long-term rating between AAA and AA. The fund also aims to capture credit spread opportunities to generate returns.

Fund manager, Manish Banthia’s investment approach is reasonably straight forward, studies fundamental factors such as the economic growth rate and inflation to formulate his view on rates and manoeuvres the portfolio’s average maturity within the broader range of 1-3 years.

While picking securities, Banthia attempts to capture spreads between gilts and corporate bonds by studying historical spreads between the two.

Fund Manager:

Manish Banthia joined the AMC in Oct 2005 in the products function. Later, he took on varied roles in functions such as credit research and dealing, before assuming portfolio management responsibilities for this fund in Nov 2009.

He also manages Income Opp, Income and Debt part for Balanced & Balanced Adv.


SCHEME INFO

RATIOS

TOP 5 HOLDINGS

SCHEME DESCRIPTION

CREDIT PROFILE

DURATION MANAGEMENT

MATURITY PROFILE


8.27% Govt Stock 2020 9.80

7.35% Govt Stock 2024 4.95

Tata Motors Finance Solutions Private Limited 4.39

7.68% Govt Stock 2023 4.27

8.60% Govt Stock 2028 4.14

Fund Size 5,145

Benchmark CRISIL Short-Term Fund

Expense Ratio 1.11


Fund Manager Manish Banthia


YTM 8.17

Mod Duration 3.34

Avg Maturity 4.60



76.1

23.9

AAA & Equivalent

AA & Equivalent

0.0

1.0

2.0

3.0

4.0

Oct

-10

Ap

r-1

1

Oct

-11

Ap

r-1

2

Oct

-12

Ap

r-1

3

Oct

-13

Ap

r-1

4

Oct

-14

Ap

r-1

5

11.6

40.5

8.0

24.5

8.4

0

10

20

30

40

50

1-3 Yr 3-5 Yr 5-7 Yr 7-10 Yr 10-15 Yr

0

50

100

150

200

Sep

-10

Feb

-11

Jul-

11

Dec

-11

May

-12

Oct

-12

Mar

-13

Au

g-1

3

Jan

-14

Jun

-14

No

v-1

4

Ap

r-1

5

Sep

-15

Scheme Category

IDFC SSIF – ST Fund Accrual ST

SCHEME INFO

RATIOS

TOP 5 HOLDINGS

SCHEME DESCRIPTION

CREDIT PROFILE

DURATION MANAGEMENT

PERFORMANCE – 5 Years MATURITY PROFILE


Power Grid Corporation Of India Limited 7.64

Bajaj Finance Limited 6.55

National Bank For Agriculture And Rural Development 4.41

Power Finance Corporation Ltd. 4.17

Rural Electrification Corporation Limited 3.65

Fund Size 4,201

Benchmark CRISIL Short-Term Fund

Expense Ratio 1.02


Fund Manager Suyash Chowdhary

Exit Load 0.25% for 1 Y

YTM 8.09

Mod Duration 1.73

Avg Maturity 2.10

Scheme is an accrual portfolio with high credit quality focusing largely on the corporate bonds and a discipline of not investing in government bonds. The average portfolio maturity will not ordinarily exceed 2 years.

Fund always has portfolio with 70-80% in AAA rated papers. For conservative clients, who are averse to credits can invest in this fund.

Fund Manager:

Suyash Choudhary, Head of Fixed Income, IDFC Asset Management has over 11 years of experience in fund management. He joined the firm on October 15, 2010

He also manages Dynamic Bond Fund, G sec funds, SSIF - IP & All season bond fund.


85.1

14.9

AAA & Equivalent

AA & Equivalent

0.0

0.5

1.0

1.5

2.0

Sep

-10

Mar

-11

Sep

-11

Mar

-12

Sep

-12

Mar

-13

Sep

-13

Mar

-14

Sep

-14

Mar

-15

Sep

-15

38.6

27.4 25.6

0

10

20

30

40

50

1-3 Yr 3-5 Yr 5-7 Yr 0

20 40 60 80

100 120 140 160

Sep

-10

Mar

-11

Sep

-11

Mar

-12

Sep

-12

Mar

-13

Sep

-13

Mar

-14

Sep

-14

Mar

-15

Sep

-15

Scheme Category

ACCRUAL FUNDS – LT • Birla SL Medium Term Fund

• ICICI Pru Regular Savings Fund

Birla SL Medium Term Fund Accrual LT

SCHEME INFO

RATIOS

TOP 5 HOLDINGS

SCHEME DESCRIPTION

CREDIT PROFILE

DURATION MANAGEMENT



ECL Finance Limited 9.45

Rkn Retail Private Limited 8.41

7.72% GS 2025 8.12

7.68% Govt Stock 2023 7.28

RHC Holding Private Limited 5.79

Fund Size 4,488

Benchmark CRISIL AA Short Term Fund

Expense Ratio 1.59


Fund Manager Maneesh Dangi

Exit Load 2%for 2Y, 1% for 1Y

YTM 9.84

Mod Duration 2.78

Avg Maturity 3.90

The scheme intends to run the portfolio on an accrual which would involves buying a bond and holding it till maturity thereby earning from the accruing of interest. This would enable to minimize the interest rate risk to a large extent.

The Fund intends to optimise returns by keeping its portfolio duration between 1 year to 5 years.

Fund has high YTM in the category with below average expense ratio.

Fund Manager:

Maneesh Dangi, Co-CIO at Birla SL AMC, has over 11 years of experience in fund management & Research.

He also manages Dynamic Bond Fund & Corporate Bond Fund.


31.6

33.8

34.6

30 32 34 36

AAA & Equivalent

AA & Equivalent

A & Equivalent

0.0

0.5

1.0

1.5

2.0

2.5

3.0

Oct

-10

Mar

-11

Au

g-1

1

Jan

-12

Jun

-12

No

v-1

2

Ap

r-1

3

Sep

-13

Feb

-14

Jul-

14

Dec

-14

May

-15

37.2

26.4

0.5

26.6

0.0

10.0

20.0

30.0

40.0

1-3 Yr 3-5 Yr 5-7 Yr 7-10 Yr

0

50

100

150

200

Sep

-10

Mar

-11

Sep

-11

Mar

-12

Sep

-12

Mar

-13

Sep

-13

Mar

-14

Sep

-14

Mar

-15

Sep

-15

Scheme Category

ICICI Pru Regular Savings Fund Accrual LT

SCHEME INFO


TOP 5 HOLDINGS

SCHEME DESCRIPTION

CREDIT PROFILE

DURATION MANAGEMENT


Scheme intends to take advantage of internal credit research to generate credit alpha for the portfolio from any potential rating upgrades of debt instruments.

Invests predominantly in well researched AA and A rated debt instruments & maintains a static duration in the range of 1.5 to 2.5 years

The fund’s investment strategy entails taking credit bets, with little room for duration plays & company-specific research is integral to the investment approach.

Fund Manager looks for securities that may benefit from certain events such as domestic acquisition and promoter financing or may be rated lower but are potential candidates for an upgrade. Fund Manager:

Rahul Bhuskute has been with ICICI group for the past 15 years. He joined the group’s AMC arm in May 2013 as Head - Structured & Credit Investments and is currently responsible for managing credit-centric bond funds.

He has extensive experience on the credit side, having earlier worked in profiles that entailed taking credit calls.

He also manages Corporate Bond Fund & FMPs. He is managing 10,000 Cr AUM in total 13 funds of ICICI

Pru AMC.


MA Dairy Products Private Limited 4.80

Asian Satellite Broadcast Private Limited 3.22


JSW Steel Limited 3.05

Jindal Steel & Power Limited 2.91

Fund size 5,743

Benchmark Crisil Composite Fund

Expense Ratio 1.79


Fund Manager Rahul Bhuskute

Exit Load 1% for 1Y

YTM 9.90

Mod Duration 2.02

Avg Maturity 2.72


13.0

43.8

43.2

0 10 20 30 40 50

AAA & Equivalent

AA & Equivalent

A & Equivalent

0.0

0.5

1.0

1.5

2.0

2.5

Dec

-10

Jun

-11

Dec

-11

Jun

-12

Dec

-12

Jun

-13

Dec

-13

Jun

-14

Dec

-14

Jun

-15

37.2

24.6

0.6

14.4

3.0

0

10

20

30

40

1-3 Yr 3-5 Yr 5-7 Yr 7-10 Yr 10-15 Yr

0.0

50.0

100.0

150.0

200.0

Dec

-10

May

-11

Oct

-11

Mar

-12

Au

g-1

2

Jan

-13

Jun

-13

No

v-1

3

Ap

r-1

4

Sep

-14

Feb

-15

Jul-

15

Scheme Category

DYNAMIC FUNDS • IDFC Dynamic Bond Fund

• Reliance Dynamic Fund

IDFC Dynamic Bond Fund Dynamic

SCHEME INFO

RATIOS

TOP 5 HOLDINGS

SCHEME DESCRIPTION

CREDIT PROFILE

DURATION MANAGEMENT


The fund is positioned in the income fund category to take exposure across the curve depending upon the fund manager’s underlying interest rate view where we employ the majority of the portfolio.

The fund will move dynamically between government bonds, corporate bonds, money market instruments and cash to optimize performance.

Fund Manager believes that Tactical calls on bond funds basis expectation of near term rate cuts constitute a very superficial view of the asset class. Indian bond yields remain very attractive on a real yield basis and for the first time in many years.

Fund Manager:


He also manages SSIF – ST fund, G sec funds, SSIF - IP & All season bond fund.


7.88% GS 2030 49.50

8.24% Govt Stock 2033 25.09

8.32% Govt Stock 2032 24.40

Cblo 0.51


Fund size 6,142


Expense Ratio 1.64




YTM 7.76

Mod Duration 8.80

Avg Maturity 15.90


100.0

0 50 100 150

AAA & Equivalent

0

2

4

6

8

10

Sep

-10

Mar

-11

Sep

-11

Mar

-12

Sep

-12

Mar

-13

Sep

-13

Mar

-14

Sep

-14

Mar

-15

Sep

-15

49.5 49.5

0

10

20

30

40

50

60

10-15 Yr 15-20 Yr

0 20 40 60 80

100 120 140 160 180

Scheme category

Reliance Dynamic Fund Dynamic

An all-weather fund which varies its duration and portfolio characteristics as per the changing market dynamics.

The fund's asset allocation allows complete flexibility for investments in debt instruments which may include investments in corporate and PSU bonds, Government securities, money market instruments, securitized debt, etc of varying tenors.

Prashant Pimple maintains a strategic allocation of 60-70% that reflects his view on medium- term rates, while the remaining 30-40% is managed tactically to take advantage of any short-term movements.

Average duration between 2 years to 9 years depending upon the interest rate scenario. The fund can invest in liquid assets across the curve and across maturity.

Currently mod duration is 8 years, indication his bullish view on markets. Fund Manager:

Prashant Pimple has overall experience of 14 years on the fixed income side. He has been with Reliance AMC for nine years, during which time he has exhibited a flair for managing duration strategies.

He also manages Short Term & Income Fund. He is managing 15,000 Cr AUM in total 4 funds of Reliance

AMC.

SCHEME INFO

RATIOS

TOP 5 HOLDINGS

SCHEME DESCRIPTION

CREDIT PROFILE

DURATION MANAGEMENT



7.88% GS 2030 18.60

8.24% Govt Stock 2033 12.05

8.30% Govt Stock 2040 9.88

8.17% Govt Stock 2044 9.05

8.30% Govt Stock 2042 6.45

Fund Size 5,517


Expense Ratio 1.77


Fund Manager Prashant R.Pimple

Exit Load 1% for 1Y

YTM 7.84

Mod Duration 8.24

Avg Maturity 16.15

100 AAA & Equivalent


0

2

4

6

8

10

Sep

-10

Mar

-11

Sep

-11

Mar

-12

Sep

-12

Mar

-13

Sep

-13

Mar

-14

Sep

-14

Mar

-15

Sep

-15

1.2 0.4

24.4

31.2

14.0

26.6

0

5

10

15

20

25

30

35

3-5 Yr 5-7 Yr 7-10 Yr 10-15 Yr

15-20 Yr

20-30 Yr

0

50

100

150

200

Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15

Scheme category

INCOME FUNDS • IDFC G sec – Invest Plan

• Reliance Gilt Securities Fund

• ICICI Pru Long Term Gilt Fund

IDFC G sec – Invest Plan Income

SCHEME INFO

RATIOS

TOP 5 HOLDINGS

SCHEME DESCRIPTION

CREDIT PROFILE

DURATION MANAGEMENT


A dedicated gilt fund with an objective to generate optimal returns with high liquidity by investing in Government Securities.

Suyash Choudhary, is an expert in fixed income market & actively manages duration in all his funds. In mid 2013, when there was an expectation of rate hike, he kept more than 50% of the portfolio in cash to protect the returns.

Fund Manager:


He also manages SSIF – ST fund, G sec funds, SSIF - IP & All season bond fund


7.88% GS 2030 38.37

8.24% Govt Stock 2033 34.63

8.32% Govt Stock 2032 13.61

8.30% Govt Stock 2042 6.44

8.30% Govt Stock 2040 3.29

Fund size 1,059

Benchmark I-Sec Composite

Expense Ratio 1.47

0Inception Date 03-12-2008


Exit Load Nil

YTM 7.78

Mod Duration 9.09

Avg Maturity 17.30



0

2

4

6

8

10

Sep

-10

Mar

-11

Sep

-11

Mar

-12

Sep

-12

Mar

-13

Sep

-13

Mar

-14

Sep

-14

Mar

-15

Sep

-15

38.4

50.3

9.7

0

10

20

30

40

50

60

10-15 Yr 15-20 Yr 20-30 Yr

0

50

100

150

200

Sep

-10

Feb

-11

Jul-

11

Dec

-11

May

-12

Oct

-12

Mar

-13

Au

g-1

3

Jan

-14

Jun

-14

No

v-1

4

Ap

r-1

5

Sep

-15

Scheme Category

Reliance Gilt Securities Fund Income

SCHEME INFO

RATIOS

TOP 5 HOLDINGS

SCHEME DESCRIPTION

CREDIT PROFILE

DURATION MANAGEMENT


A Gilt fund is a long duration fund which typically invests in a portfolio of securities issued and guaranteed by the Central & State Government to generate optimal credit risk free returns with an aim to generate returns in a falling interest rate scenario by managing duration.

In light of the expectations of improving macro story, fund intends to run higher duration above 8 yrs by consistent higher allocation to longer maturity G-Secs.

Currently, ~30% is invested in longer maturity G – Secs (20 Yrs and above maturity) & rest into belly of the curve (10 yr to 20 yr maturity with no exposure in below 10 yr G-Secs.

Fund Manager:

Prashant Pimple has overall experience of 14 years on the fixed income side. He has been with Reliance AMC for nine years, during which time he has exhibited a flair for managing duration strategies.

He also manages Short Term & Income Fund.

He is managing 15,000 Cr AUM in total 4 funds of Reliance AMC.


7.88% GS 2030 30.54

8.24% Govt Stock 2033 16.64

8.17% Govt Stock 2044 14.43

8.32% Govt Stock 2032 11.63

8.15% Govt Stock 2026 8.54

Fund size 1,081

Benchmark ICICI Securities Libex TR INR

Expense Ratio 1.76


Fund Manager Prashant Pimple

Exit Load Nil

YTM 7.77

Mod Duration 9.08

Avg Maturity 18.62



0

2

4

6

8

10

Sep

-10

Mar

-11

Sep

-11

Mar

-12

Sep

-12

Mar

-13

Sep

-13

Mar

-14

Sep

-14

Mar

-15

Sep

-15

41.5

28.3 28.1

0

10

20

30

40

50

10-15 Yr 15-20 Yr 20-30 Yr 0

50

100

150

200

Sep

-10

Feb

-11

Jul-

11

Dec

-11

May

-12

Oct

-12

Mar

-13

Au

g-1

3

Jan

-14

Jun

-14

No

v-1

4

Ap

r-1

5

Sep

-15


ICICI Pru Long Term Gilt Fund Income

SCHEME INFO

RATIOS

TOP 5 HOLDINGS

SCHEME DESCRIPTION

CREDIT PROFILE

DURATION MANAGEMENT


The fund offers a rather straightforward investment proposition, which is to scout for opportunities in the government bond segment.

Rahul Goswami, fund manager, took the helm in Sept 2012 after having run the fund from Oct 2005 to Oct 2009 in an earlier stint with the AMC that produced an impressive performance.

Fund Manager:

Rahul Goswami (CIO-Fixed Income) has been the portfolio manager here since Sept 2012. This is his second stint at ICICI Prudential AMC.

He also manages Blended B, Savings fund, Money market fund & liquid fund.



7.88% GS 2030 23.27

8.30% Govt Stock 2042 18.35

8.17% Govt Stock 2044 14.56

8.24% Govt Stock 2033 11.92

7.95% Govt Stock 2032 10.65

Fund size 1,642

Benchmark ICICI Securities Ibex TR INR

Expense Ratio 1.50


Fund Manager Rahul Goswami

Exit Load Nil

YTM 7.49

Mod Duration 8.93

Avg Maturity 19.71



0

2

4

6

8

10

Sep

-10

Mar

-11

Sep

-11

Mar

-12

Sep

-12

Mar

-13

Sep

-13

Mar

-14

Sep

-14

Mar

-15

Sep

-15

5.0

23.3 22.6

46.8

0

10

20

30

40

50

7-10 Yr 10-15 Yr 15-20 Yr 20-30 Yr

0

50

100

150

200

Sep

-10

Mar

-11

Sep

-11

Mar

-12

Sep

-12

Mar

-13

Sep

-13

Mar

-14

Sep

-14

Mar

-15

Sep

-15


LIQUID FUNDS • Reliance Liquidity Fund

• DWS Cash Opportunities Fund

Reliance Liquidity Fund Liquid

SCHEME INFO

RATIOS

TOP 5 HOLDINGS

SCHEME DESCRIPTION

CREDIT PROFILE

DURATION MANAGEMENT


The scheme seeks to provide optimal return consistent

with moderate level of risk and high liquidity.

Reliance Liquidity Fund is one of the Consistent funds in the liquid category, is outperforming its peers as well as benchmark.

Most of the portfolio is invested in money market instrument, thereby providing high level of liquidity to the clients.

Fund has very high quality of Credit to provide the highest

level of liquidity and safety to the clients with low expense.


Punjab & Sind Bank (13-Nov-15) 10.95

91 Days Treasury Bill - 19-Nov-2015 7.04

Deutsche Bank A G 6.63

IndusInd Bank Ltd. 6.62

Corporation Bank (23-Nov-15) 5.46

AUM in Cr. 4,525


Expense Ratio 0.17


Fund Manager Amit Tripathi

Exit Load Nil

YTM 7.71

Mod Duration 0.14

Avg Maturity 0.15


100.0

0 50 100 150

AAA & Equivalent

0.0

0.1

0.1

0.2

0.2

Sep

-10

Mar

-11

Sep

-11

Mar

-12

Sep

-12

Mar

-13

Sep

-13

Mar

-14

Sep

-14

Mar

-15

Sep

-15

100.0

0

50

100

150

<1 Yr 0

50

100

150

200

Sep

-10

Feb

-11

Jul-

11

Dec

-11

May

-12

Oct

-12

Mar

-13

Au

g-1

3

Jan

-14

Jun

-14

No

v-1

4

Ap

r-1

5

Sep

-15

Scheme Category

DWS Cash Opportunities Fund Liquid

Enhances income consistent with a high level of liquidity, through a judicious portfolio mix of money market and debt instruments

It has highest YTM in the category with duration of only

0.7 yr. Most of the portfolio is invested in shorter tenor papers,

thereby optimizing the volatility on the MTM front

SCHEME INFO

RATIOS

TOP 5 HOLDINGS

SCHEME DESCRIPTION

CREDIT PROFILE

DURATION MANAGEMENT



Aspire Home Finance Corporation Limited 7.50

Janalakshmi Financial Services Private Ltd 5.24

Dalmia Cement (Bharat) Limited 3.75

AU Housing Finance Limited 3.75

Janalakshmi Financial Services Private Ltd 3.04

AUM in Cr. 668


Expense Ratio 1.08


Fund Manager Sunaina da Cunha

Exit Load Nil

YTM 10.11

Mod Duration 0.72

Avg Maturity 0.84

77.3

22.7

0

20

40

60

80

100

< 1 Yr 1-3 Yr

Source: ACE MF, Morningstar Direct. Data is as of 30th Sept2015 wherever not mentioned.

34.3

19.7

46.1

0 20 40 60

AAA & Equivalent

AA & Equivalent

A & Equivalent

0.0

0.2

0.4

0.6

0.8

Sep

-10

Mar

-11

Sep

-11

Mar

-12

Sep

-12

Mar

-13

Sep

-13

Mar

-14

Sep

-14

Mar

-15

Sep

-15

0

50

100

150

200

Sep

-10

Mar

-11

Sep

-11

Mar

-12

Sep

-12

Mar

-13

Sep

-13

Mar

-14

Sep

-14

Mar

-15

Sep

-15

Disclosures

Benchmark for Attribution

Large Cap Funds CNX Nifty

Mid Cap Funds CNX Midcap

Infrastructure Fund CNX Infra

Banking Fund CNX Bank

Balanced Funds CNX Nifty

Market Capitalization Range (INR)

Giant Cap > 89,000 Cr.

Large Cap Between 20,000-89000 Cr.

Mid Cap Between 5,900 – 20,000 Cr.

Small Cap Between 1,600 - 5,900 Cr

Micro Cap <1,600 Cr

For Mutual Fund Industry Snapshot:

Equity includes: Large Cap, Mid Cap, Flexi Cap, Tax Planning, Index, Thematic, Balanced & Arbitrage

Debt includes: MIP, Accrual ST, Accrual LT, Liquid, Dynamic & Income

Others include: ETF, Money Market, Inter-Scheme

Note:

For Equity Funds, returns are calculated on Compounded Annualized basis for a period of more

than a year and Absolute basis for a period of less than a year

For Debt Funds, returns are calculated on Compounded Annualized basis for a period of more than

a year and Simple Annualized basis for a period of less than a year

Data is as on Sept 30th , 2015 wherever not mentioned

Source of Data – AMFI Website, Morningstar Direct, Edelweiss Research

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