FEBRUARY 2020For private circulation only

The Savings trap: Post economic liberalisation in 1991, India pursued a path which encouraged open market and privatisation and capitalism. A change from the socialistic approach which was followed for many decades without visible growth in economy or the standard of living. Post this change, many new industries and markets took birth and prospered. The people who participated in this growth saw their wealth growth. However, a majority of the people did not participate in this economic growth of India.

Between 1979 (base year for Sensex launched in 1986) and now, the Sensex has grown from 100 to 41,150 in 40 years. That's

gives us an annualised growth of 16.25% without counting dividends! Your money would have multiplied more than 411 times during this period. However, the only people who benefitted were those were the industrialists, entrepreneurs and the equity shareholders from this growth. Be it due to traditions or culture or awareness or lack of proper markets, a lot of us and our parents avoided equities. We gave our money to banks and government savings plans which gave us a paltry single digit returns.

Even today, equity savings culture has not grown substantially. A lot of us are looking at sovereign or guaranteed investment options which give us negative real returns after tax

(real returns is returns less retail inflation). This simply means that even though we feel we are saving money, the fact is that we are eroding or slowing burning our money. The unfortunate irony is that we are happy to get that.

Here is a short example to get this message home. You get returns of 7%. Tax rate applicable is 30%. Your net returns is 4.9%. Inflation in December, 2019 was 7.35% as against 5.54% in November 2019. Even if we consider an average of 5%, for all practical purpose, we are loosing our money by 0.1% yearly.

In short, even though we are earning more than before and saving even more, we are

Have you ever asked yourself – what has all the technology advancement and development around brought us? Has it really added value to our lives? Has it added happiness, contentment and sense of security to us?

It would be a true eye-opener if we could ask this question to us every now and then. Those past their 30s would fondly remember the good old days when we had little possessions but also little to worry about so many things in life. We had plenty of friends, relatives and time to enjoy life. Were we not happier then?

Recently, there was a whatsapp forward which made me wonder about these things in life. Of course, there are many advantages of modern life which we could even dream off few decades back. Technology advancement and development had impacted every bit of our lives, be it medical care, communication, entertainment, education, travel, work or the daily comforts in our life. It has surely made our lives more comfortable and without boundaries.

The past few decades have also seen an alarming change. Wealth and income inequality has increased everywhere in the world despite substantial geographical differences. Today, the richest 1% are twice as wealthy as the poorest 50% put together globally. Unfortunately, the rising income disparity is true even for India. There is much evidence that rich are getting richer and poor are getting poorer, everywhere.

There is a visible change in our society happening in the past few decades. Families are growing smaller and more distant. We are becoming more commercial in our social dealings and there is much materialism which is evident in almost all aspects of our lives. True, the income opportunities may have increased for many but only a few have managed to increase their wealth substantially. In this article, we will focus only on this critical aspect of the modern life which has direct, tangible and measurable impact on our financial well-being.

INCOME INEQUALITY:WHY AREN'T MOST OF USBECOMING RICH?

WHY ARE WE NOT GETTING RICH?

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Why SIP?The benefits of having a SIP are well-known among investors today and you are not alone. As per the latest available figures from AMFI, an industry body, there are about 2.98 crore or nearly 3 crores SIP accounts in India through which investors regularly invest in Indian Mutual Fund schemes. The SIP method of investing has been gaining immense popularity in the recent years.

AMFI data shows about 9.55 lacs SIP accounts were added each month during the last financial year (FY2019-20), with an average SIP size of about ₹2,850 per SIP account. Today investors are investing about ₹.8,518 crores per month in mutual funds through SIP route. In April 2016 this figure was only about ₹.3,122 crores. That's a growth of nearly 2.7 times!

The reasons why almost every prudent investor is today thinking of SIP route are multiple. The primary advantage being that

helps in Rupee Cost Averaging. In simple terms the Rupee Cost Averaging means that you are investing a fixed amount of money at regular intervals ensuring that you buy more shares of an investment when prices are low and less when they are high. Another reason why people prefer SIPs is because it helps in investing in a disciplined manner. SIP also offer great convenience. The SIP instalment  amount could be as small as ₹500 per month. As compared to lump sum investment directly in an equity

not really creating wealth over time. This is the savings trap we need to break. Think over it.

The Security trap: We don't have adequate social security in India. That's an unpleasant and unfortunate fact. Even if available, often it is grossly inadequate. It is just about enough to cater to the 'poor segment' of the population but inadequate as far as the middle class is concerned. There is no debate that events like accidents, sickness, diseases, disability, death etc carry a huge burden on us and often give us unbearable financial shocks. I am not even counting things like theft, fire, etc for properties here.

There was an alarming report published in June 2018 by experts from Public Health Foundation of India. The report said that 55 million Indians were pushed into poverty in a single year because of having to fund their own healthcare and 38 million of them fell below the poverty line due to spending on medicines alone.

Most of us do not have the full required range of insurance of ourselves. Life, health and personal accident insurance are the three critical insurance policies we should have but most of don't. Even for those who have the same, most of the times there is underinsurance. A lot of insurance agents who sold traditional life insurance policies which promised nominal returns at the cost of insurance coverage, did grave injustice to investors. The investors neither got adequate insurance nor created wealth. Pure term insurance products was rarely sold till only recently when there was demand for same from investors.

The Spending trap: In the past few years, we have undergone a cultural and behavioural change when it comes to our spending habits. As kids, we used to buy new clothes and shoes only on Diwali. We spend little on electronics, ate outside very rarely and went on holidays like on budget trips (by today's standards). We bought things only when we had money and we rarely borrowed as it was considered not

good in our upbringing.

Cut to today. There is a popular line which says 'today we spend money which we don't have on things which we don't need to please people who we don't know'. We have replaced what we need with what we desire and what we can afford the most, by stretching our budgets. We buy the best gadgets we can even though the old ones are working fine. We buy cloths, watches, shoes, cars as a status symbol. We holiday in exotic locations to post pictures on Facebook and get happy on the likes. Today our celebrations for birthdays, anniversaries, marriages are grand and lavish. We are buying things on loans which are based on our current /projected income growth.

Unless we break this spending trap, we will not realise the full opportunity of saving and investing in growth assets. Every time we spend unnecessarily, we are sacrificing future wealth for our immediate gratification. This has to be controlled and if possible, stopped.

CONCLUSION: It is not possible for 'all' of us to become very, very rich in our lifetime. To be honest, most us avoid taking risks and/or do not have the necessary skills or talent or opportunities to do so. But we can all strive for a much better future for us and our families, and we can become rich by our present standards. At the worse, we should avoid stagnating at our current levels of wealth (in real terms) while making sure that we never fall down from our present levels. Remember, it is not just important to become rich but also stay rich.

The clear message is that we need to get over the three traps mentioned in this article. How? We need to [1] save and invest in growth assets that give us real returns in long term [2] get adequate insurance to protect ourselves from any unfortunate events that can wipe out a lifetime of our savings and [3] control our arbitrary spendings and reduce debt. These simple things are very simple and easy to execute and possible for everyone of us.

As we start a new decade of 2020s, let us also pledge to make this decade a decade dedicated for our family's prosperity and financial well-being.

LETTING YOUR MUTUAL FUND SIPGROW IS A SMART THING TO DOSystematic Investment Plan or SIP, as we popularly know it, is the ideal way to invest in mutual funds, especially for retail investors. Over the years, it has proved itself as the preferred and the best way to create long-term wealth, without affecting their day-to-day lives.

fund at any particular date, SIP is better since that risk of market fluctuation is reduced. However, this is subject to market conditions and also individual investment horizon.

What is Step-Up SIP and why is it needed? Step-up SIP, also popularly known as top-up SIP, is an automated facility through which SIP contribution can be increased by a predetermined fixed amount, or a fixed percentage, at periodic intervals. Thus, with a step-up SIP, the SIP amount increases automatically at a pre-defined rate and period. For example, a person who is investing ₹10,000 every month via a SIP can opt for a step-up plan and ask the fund house to increase his SIP amount by say ₹1,000 every year.

In a normal SIP done today, of say ₹10,000,

will remain at ₹10,000 even after say 5 or 10 years. But during this time your savings potential and your goals /aspirations would have also increased. Since most people are too lazy, they do not increase their SIP investment contributions every year voluntarily and their SIP contributions remains stagnant. They would fail to integrate their income growth with their investment plan. And one fine day the investor will realise that he has lost on the golden opportunity to save more through SIP in the past so many years. This is where step-up SIP steps in as an automated function and facilitates long-term wealth creation. Over time, as your circumstances change and your income grows, you are likely to have more money available to invest. The step-up SIP will take care of your growing savings potential and evolving financial goals with time.

In short, if you continue investing with a fixed

SIP amount, then you are not taking a wise move and loosing out on the wealth creation opportunity in equities in long term. You need to opt for a Step-up SIP.

SIP Step-up can be done quarterly, half-yearly or annually. It can also be planned as a fixed amount of increase or a fixed percentage of SIP amount. For example, you can either increase it by say ₹5,000 every half year or say 10% every year. The increase in the SIP amount should ideally be based on your expected rise in income and your requirement for achieving your financial goals. Just to add, even big financial goals, which look unachievable today or command very high fixed SIP amount today, can be expected to be achieved with a smaller but a rising SIP. A Step-up SIP is necessary to fulfil goals faster, with a bigger corpus than planned and also get returns that counter inflation.

As you can clearly see, the step-up SIP can greatly benefit wealth creation and will give compounded benefits especially over long term. The difference over a normal fixed SIP is staggering in long term.

Just to summarise, topping up an SIP offers the following advantages: Adapts to your rising income – you can plan an increase in SIP in line with your income and savings potential increase every year – either in fixed amount or percentage. We would prefer you decide on a fixed percentage rather than an amount.

Achieve goals faster – step up SIP would bring big financial goals within your reach and/or help them achieve faster.

Helps fight inflation – Many investors choose to increase their contributions to stay in line with inflation. As inflation consistently erodes the value of your money it may be wise to raise contributions to an investment plan for the long-term.

Allows you to keep investing in an existing plan rather than open a new one – This facility also saves you from the hassle of managing multiple SIPs. A rise in income need to be systematically invested. But looking for a new investment opportunity is tedious and time-consuming. Instead, topping up an existing investment could be the most efficient option.

Starting SIP of R10,000 monthly And % Top-up every year

Normal /fixed SIP

Step-SIP percentage (annual) – 5%

Step-SIP percentage (annual) – 10%

~ 22.4 lakhs

~ 26.9 lakhs

~ 32.7 lakhs

~ 92 lakhs

~ 1.28 crores

~ 1.87 crores

~ 3.08 crores

~ 4.68 crores

~ 7.99 crores

Estimated future value (R) for Investment Horizon10 YEARS 20 YEARS 30 YEARS

How much can I benefit? Step-up SIP incorporates the power of compounding so that the investors can reach their financial goals sooner. It works wonderfully well in long term. Here is a simple comparison for how much wealth can be potentially created with step-up SIP. We consider that the starting SIP is of ₹10,000 monthly and the expected returns is of 12% annualised.

Note: The returns calculated are only for indicative purposes based on assumptions.

How to start Step-up SIP?SIP is a very convenient method of investing in mutual funds through standing instructions to debit your bank account every month, without the hassle of having to write out a cheque each time. The step-up SIP works in similar fashion. While making the SIP with top-up request, the investor is required to enter the initial amount, step-up amount, step-up frequency and the period of SIP. This is operationally very convenient and easy so let us not bother too much about same.

However, we would suggest that you talk to your financial advisor /mutual fund distributor today on your financial goals and your investment plans. Please do review them as this is also the start of the new calendar year. We would recommend that you not only start

a normal SIP but a step-up SIP in the beginning of this new decade. Happy investing.

1: What was the most prominent observation or learning you had from the markets in 2019?Answer: The biggest point to ponder was the variance between the economy and the market. While historically the correlation between GDP growth and market returns is not very strong still the extreme variance was striking. The learning was primarily that timing markets in 1 year kind of timeframe is very difficult and it is better to take a long term view.

2: Which segments / sectors you feel offer the most value today?Answer: Overall we feel mix of the following themes offer decent risk reward:

1) Cyclical plays on recovery in global and domestic economy2) Asset heavy companies where industries are consolidating and ROEs are improving3) Select secular plays in long term growth segments like consumer discretionary, retail lending etc.

3: How are you picking up funds in the current markets? What has been your broad strategy to manage the flag ship portfolios?Answer: Based on the prevailing valuations we believe there is strong case for incremental allocation to multi-cap/midcap funds. Each fund is managed in line with its fund philosophy and investment mandate. Overall Growth at Reasonable Valuations is the key investment principle across portfolios, however within the fund framework the fund manager has flexibility to construct the portfolio which can generate optimal risk adjusted returns (as per the fund imperative/objective) over the medium to long term.

4: How do you make the decision to reduce stake or exit from a stock?Answer: Essentially for each stock we have a fair value and usually the sell decision is based on that. Of course if there is a change in business or management we may change our view on the stock

5: How important do you feel is the role of the adviser for a mutual fund investor?Answer: In the current context of short market cycles, increased global linkages and higher than normal volatility, the role of an adviser has become more important than ever before. Large segment of investors have started participating only in the recent past and may have been guided primarily by historical returns without having a complete understanding of the underlying risks. Various studies across geographies have established that proper asset allocation based on investor’s investment Goals & Risk appetite is an important enabler to achieve superior risk adjusted returns. In current times of higher volatility managing investor expectations is very important & key to successful investment planning. An adviser plays an important role in not only designing an holistic asset allocation plan for an investor but also ensures that investor is not swayed by short term market shifts and sticks to the decided plan.

6: What would be your advice to the investors for the new year 2020. What can they expect from markets this year?Answer: I think the next 2-3 years there could be a phase where corporate earnings do better than nominal GDP growth which is a reversal of the trend for last few years. This along with lower interest rates can help a more broad based recovery. We believe most of the challenges witnessed in the last couple of years are bottoming out and a mean reversion is likely over the next couple of years. Looking ahead we anticipate a steady recovery/growth and hence investors should be patient, continue to remain invested – without attempting to time the markets. Diversification of investments across asset classes in line with one’s risk appetite along rational return expectations can go a long way in managing the market volatility.

Disclaimer: The views expressed above are author’s own views and not necessarily those of the AMC. The views expressed are based on internal data, publicly available information and other sources believed to be reliable. Any calculations made are approximations, meant as guidelines only, which you must confirm before relying on them. The information contained in this document is for general purposes only. The document is given in summary form and does not purport to be complete. The document does not have regard to specific investment objectives, financial situation or particular needs of any specific person who may receive this document. The information/ data herein alone is not sufficient and should not be used for the development or implementation of an investment strategy. The statements contained herein are based on our current views and involve known and unknown risks and uncertainties that could cause results, performance or events to differ materially from those expressed or implied in such statements. Past performance may or may not be sustained in future. Neither the AMC, the fund nor any person connected with them, accepts any liability arising from the use of this document. The AMC is not guaranteeing/offering/communicating any guaranteed returns on investments made in the scheme(s). The recipient(s) before acting on any information herein should make his/her/their own investigation and seek appropriate professional advice and shall alone be fully responsible / liable for any decision taken on the basis of information contained herein.

MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY

FUND MANAGER INTERVIEWS

Mr. Manish Gunwani(CIO – Equity Investments)Nippon India Mutual FundManish Gunwani is CIO - Equity Investments at Nippon India Mutual Fund. Manish graduated from IIT Chennai with a B.Tech and has a Post Graduate Diploma in Management from IIM Bangalore.

Manish has over 21 years of work experience primarily in equities spanning roles in equity research and fund management. He has also co-founded a technology company in the document management space.

During his stint at ICICI Prudential AMC, he managed two flagship funds of the mutual fund whose assets grew from $1bn to $5bn in 5 years. One of the funds grew from $50m to $3bn becoming the second largest fund in the industry. As deputy CIO he was instrumental in various aspects of asset management including setting up research processes, product strategy, developing talent of the team etc.

Manish has immense experience in equity research and has also spent two years working in a portfolio management company whose focus was midcaps.

Having traveled extensively across the world, Manish has attended many global investment conferences and seminars

MF NEWS

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14.1920.8817.9615.049.28

12.72-1.874.32

19.7524.1826.9819.1241.7912.8515.5511.4117.9525.8021.0320.3020.5521.1417.9624.4919.8423.0828.1619.7218.3517.8014.8922.7312.4712.567.699.598.22

10.1412.906.472.393.013.249.95

14.880.581.12

14.8115.929.24

10.110.191.00

11.3413.208.41

26.823.69

16.8915.6314.0619.7913.2617.776.39

30.6410.6814.4316.9312.5824.4620.5812.194.60

20.0117.8616.7729.1124.6214.4530.6615.395.578.21

13.1511.6516.7618.2822.7520.30

1.035.837.637.745.320.23-7.98-5.9915.0913.2414.74

NA17.347.012.724.23

10.476.038.094.86

12.398.32

11.1211.268.41

10.159.300.558.729.199.646.277.606.333.763.733.686.474.44-2.091.604.550.224.933.33-0.194.128.484.80-4.057.19-2.301.634.583.115.725.921.446.516.645.125.757.366.43-0.9615.517.538.109.977.859.125.737.284.019.816.789.239.36

10.7910.026.789.46-1.783.758.153.094.543.809.82

10.97

3.598.4910.489.227.744.670.121.8714.2314.5013.72

NA15.447.734.616.2710.167.799.516.6712.1811.7411.5511.8410.8410.1411.585.089.1310.1210.318.8810.228.495.975.836.238.517.903.646.447.994.306.647.657.267.7010.077.341.739.533.694.807.416.818.407.284.197.227.308.458.968.917.595.3514.439.5011.0711.518.9810.508.0511.075.3411.8710.419.6611.4111.8311.588.9811.627.326.608.797.657.519.1012.0910.18

6.5912.7313.8911.5810.4110.528.239.1214.2915.3316.48

NANA

9.514.838.7312.0412.7512.198.5512.5518.0912.2913.5713.4712.4316.1614.1610.2111.9411.7214.54

NA10.038.429.5710.2313.0713.4711.4710.2310.517.917.4513.3311.539.8210.9610.559.3911.39

NA7.289.5012.7611.539.939.63NA

9.5910.319.889.4811.439.81NA

10.5914.7913.5010.9614.9512.9413.327.6314.0413.3911.4216.8214.0112.5013.8214.56

NA9.6210.5813.3710.5815.35

NA11.20

7.7013.1714.1112.5611.6511.7411.3911.2013.99

NANANANANANA

8.9612.8215.0212.959.03NA

18.8412.2112.9313.47

NA16.0515.8210.2411.9712.1916.02

NANA

9.3510.9711.7214.6015.3714.8711.5211.078.327.9015.2512.4610.4110.5111.4510.2812.17

NA8.6410.7113.6612.2511.2612.22

NANA

10.469.469.6513.0811.41

NANA

14.6913.5611.2915.9914.9312.188.0912.9312.1511.5016.8013.7812.4014.3314.86

NA10.5110.8714.7511.8015.99

NA10.90

10.5412.4113.83

NA13.3613.20

NANANANANANANANANA

10.0812.37

NANANANANA

13.3314.0313.67

NANANA

11.86NANANANANA

11.24NA

13.18NA

15.01NA

12.8513.209.988.34NANA

12.6110.5611.38

NANANANA

11.7013.0512.55

NA14.79

NANANANANANANANANANANANANANANA

7.22NA

8.6711.90

NA13.91

NA13.74

NANANANANANA

15.53NA

10.17

SIP RETURN AS ON 31ST JANUARY 2020

Starting - February Month of

Years

Invested Amount :

Schemes (Diversified Equity) Returns % - CAGR

2019

1

1,20,000

2017

3

3,60,000

2015

5

6,00,000

2013

7

8,40,000

2010

10

12,00,000

2005

15

18,00,000

Mutual funds add 68 lakh folios in 2019

Mutual fund industry added 68 lakh folios in 2019 taking the total tally to 8.7 crore, which suggests investor's understanding about market risks associated with such schemes. However, the pace of growth in folio numbers dropped in 2019 as compared to preceding three years. Industry experts attributed the trend to decline in investors account in debt oriented schemes as they were spooked by credit events in �xed income market. According to the data available with markets regulator SEBI, the number of folios with 44 fund houses rose to 8.71 crore at the end of December 2019 from 8.03 crore at the end of December 2018, registering a gain of 68 lakh folios. In comparison, over 1.38 crore investor accounts were added in 2018, more than 1.36 crore in 2017, nearly 70 lakh in 2016 and close to 56 lakh in 2015, the data showed. Industry experts said the addition of folios indicates investor's understanding about market risks associated with the mutual fund schemes.

AMFI signs Sachin Tendulkar, MS Dhoni for 'Mutual Funds Sahi Hai' campaign

The Association of Mutual Funds in India (AMFI) has signed Sachin Tendulkar and MS Dhoni for their 'Mutual Funds Sahi Hai' campaign, to help create awareness about mutual funds as the preferred investment option. Sachin Tendulkar and Dhoni evoke unstinted trust and high dependability, and their longer-term orientation in their respective cricketing careers, has been akin to retail investors having equally longer-term approach towards investment, said Nilesh Shah, Chairman, AMFI. AMFI has been running the 'Mutual Funds Sahi Hai' campaign for the last three years, and it is only now that they decided to engage the cricketing icons to take the conversation with the retail investors across the country to the next level.

SIP RETURN AS ON 31ST JANUARY 2020

19.6020.1411.4622.7929.5612.0410.6822.458.178.84

16.889.35

13.1517.5717.2511.7125.5211.8422.2519.0110.3013.434.42

23.8719.4515.0919.6813.6824.7118.4818.0415.3313.579.14

18.469.30

23.6622.508.956.224.752.87

15.1430.418.326.01

23.7013.7121.6518.5415.2241.79-1.87140

11.5022.909.95

21.1927.6814.9316.5313.647.321.78

17.2611.6918.458.32

16.9619.4521.0612.5721.3917.0925.907.896.93

10.559.68

13.1412.2614.6319.7514.8127.681.7829

12.7110.0011.27

9.1311.289.1110.278.614.973.787.936.745.792.694.882.3911.266.977.374.376.197.019.644.057.37-0.7113.748.9610.212.717.868.4210.272.4610.78-3.743.459.806.758.856.434.221.742.27-1.227.934.602.204.4012.228.333.678.776.2417.34-7.98139

5.1113.381.679.779.089.528.805.814.320.095.867.327.253.129.0610.2810.543.9811.0711.169.30-1.782.613.842.107.367.267.078.076.7113.38-1.78

2911.919.647.16

7.9914.7811.7410.808.579.307.269.699.317.369.097.774.7512.09

NA8.445.509.9510.7810.328.658.822.9613.7810.1010.284.7410.2412.9612.146.4611.541.128.9110.008.059.829.355.264.366.233.938.055.425.037.1411.709.165.948.848.5915.440.12138

8.3913.094.549.5410.4810.1110.917.436.574.628.508.668.197.4710.5211.9011.348.0711.16

NA12.742.317.675.725.7410.139.906.958.998.7013.092.3128

12.2410.849.66

8.6820.3114.44

NANANA

12.9212.7512.0410.2717.0711.088.32NANA

10.43NA

11.5716.0211.7411.8811.776.3715.6713.1811.8011.2813.8020.3514.2812.6711.819.3713.3712.259.7214.8013.547.326.838.707.578.80NA

7.848.8013.0410.8412.459.81

11.7820.354.83125

12.6016.227.5412.0612.3211.5313.7910.1010.388.0011.1611.52

NA11.1813.5514.0813.6211.0912.73

NANA

8.0111.168.918.9413.3911.408.4110.7711.4016.227.5426

12.2011.3411.31

8.70NA

14.95NANANA

13.9012.5112.6211.80

NA11.468.87NANA

10.70NA

11.2516.8611.6512.8012.807.3416.2113.5411.9213.9613.8820.7513.2214.1310.8911.0713.6212.6410.3015.5314.087.617.959.848.65NANA

9.059.0013.3011.0814.4110.5112.4420.757.34113

13.2517.308.4913.1312.1211.7714.2111.1511.909.2412.0512.52

NA12.5814.1213.3412.9011.7112.33

NANA

10.5512.3910.279.7813.8511.06

NA10.9312.2017.308.4925

11.8711.2311.33

8.52NANANANANANA

13.43NANANANA

10.00NANA

11.15NA

11.01NANA

11.33NA

8.7116.1513.8212.76

NANANANA

15.5910.9112.5414.5012.5711.5214.6811.617.629.37NA

10.74NANANANANANANANA

12.2416.157.2253

13.00NA

8.63NANA

13.63NANA

13.1511.12

NA13.36

NANANANANANA

10.68NANANA

11.4111.1510.6713.2411.79

NANA

11.9113.638.6312NA

11.5811.52

Starting - February Month of

Years

Invested Amount :

Schemes (Diversified Equity) Returns % - CAGRLIC MF Multi Cap Fund - GrMirae Asset Emerging Bluechip Fund - GrMirae Asset Large Cap Fund - GrMotilal Oswal Focused 25 Fund - GrMotilal Oswal Midcap 30 Fund - GrMotilal Oswal Multicap 35 Fund - GrNippon India Focused Equity Fund - GrNippon India Growth Fund - GrNippon India Large Cap Fund - GrNippon India Multi Cap Fund - GrNippon India Small Cap Fund - GrNippon India Value Fund - GrNippon India Vision Fund GrParag Parikh Long Term Equity Fund - Reg GrPGIM India Diversified Equity Fund - GrPGIM India Large Cap Fund - GrPGIM India Midcap Opportunities Fund - GrPrincipal Dividend Yield Fund - GrPrincipal Emerging Bluechip Fund - GrPrincipal Focused Multicap Fund - GrPrincipal Multi Cap Growth Fund - GrSBI Blue Chip Fund - GrSBI Contra Fund - Regular DivSBI Focused Equity Fund - Regular Plan - GrSBI Large & Midcap Fund - DivSBI Magnum Equity ESG Fund - DivSBI Magnum MidCap Fund - GrSBI Magnum Multicap Fund - GrSBI Small Cap Fund - GrSundaram Large & Midcap Fund - GrSundaram Mid Cap Fund - GrSundaram Select Focus - GrSundaram Small Cap Fund - GrTata Equity P/E Fund GrTata Large & Mid Cap Fund - Regular Plan - GrTata Large Cap Fund - GrTata Mid Cap Growth Fund - GrTaurus Discovery (Midcap) Fund - GrTaurus Largecap Equity Fund - GrTaurus Starshare (Multi Cap) Fund - GrTempleton India Equity Income Fund - GrTempleton India Value Fund - GrUnion Multi Cap Fund - GrUnion Small Cap Fund - GrUTI Core Equity Fund - GrUTI Dividend Yield Fund. - GrUTI Equity Fund - GrUTI Master Share - GrUTI Mid Cap Fund - GrUTI Value Opportunities Fund - GrAverage Return of Above FundsMaximum ReturnMinimum ReturnUniverseELSS / Tax Savings SchemesAditya Birla Sun Life Tax Relief 96 Fund - DivAxis Long Term Equity Fund - GrBaroda Elss 96 - DivBNP Paribas Long Term Equity Fund - GrBOI AXA Tax Advantage Fund - Regular - GrowthCanara Robeco Equity Tax Saver Fund - DivDSP Tax Saver Fund - GrEdelweiss Long Term Equity Fund (Tax Savings) - GrFranklin India Taxshield GrHDFC Taxsaver - DivHSBC Tax Saver Equity Fund - GrICICI Prudential Long Term Equity Fund - Regular GrIDBI Equity Advantage Fund - GrIDFC Tax Advantage (ELSS) Fund - Regular GrInvesco India Tax Plan - GrJM Tax Gain Fund - Growth OptionKotak Tax Saver - GrL&T Tax Advantage Fund - GrLIC MF Tax Plan GrMirae Asset Tax Saver Fund - GrMotilal Oswal Long Term Equity Fund - GrNippon India Tax Saver Fund - GrPrincipal Tax Savings FundSBI Magnum Tax Gain Fund - DivSundaram Diversified Equity (Tax Saver) Fund - DivTata India Tax Savings Fund Regular Plan - DivTaurus Tax Shield - GrUnion Long Term Equity Fund - GrUTI Long Term Equity Fund (Tax Saving) - GrAverage Return of Above FundsMaximum ReturnMinimum ReturnUniverseS&P BSE SENSEX TRINIFTY 50 TRINIFTY 500 TRI

2019

1

1,20,000

2017

3

3,60,000

2015

5

6,00,000

2013

7

8,40,000

2010

10

12,00,000

2005

15

18,00,000

1,28,6081,32,5431,30,8331,29,1111,25,6671,27,7321,18,8361,22,6571,31,8821,34,4601,36,0751,31,5171,44,4401,27,8081,29,4131,26,9451,30,8281,35,3981,32,6321,32,2051,32,3491,32,6931,30,8351,34,6431,31,9351,33,8251,36,7551,31,8651,31,0651,30,7401,29,0181,33,6231,27,5841,27,6371,24,7101,25,8541,25,0321,26,1871,27,8351,23,9711,21,4761,21,8561,21,9961,26,0721,29,0141,20,3601,20,6911,28,9711,29,6301,25,6421,26,1651,20,1151,20,6191,26,9051,28,0161,25,1431,35,9841,22,2761,30,2011,29,4571,28,5281,31,9091,28,0531,30,7241,23,9181,38,1691,26,5091,28,7501,30,2251,27,6471,34,6221,32,3701,27,4171,22,8321,32,0341,30,7721,30,1311,37,2971,34,7141,28,7591,38,1831,29,3201,23,4211,25,0241,27,9871,27,0931,30,1281,31,0231,33,6311,32,2041,31,7971,32,1141,26,976

17,81,65623,78,26924,99,81723,01,63421,94,04522,04,50021,63,56921,41,83524,84,369

NANANANANANA

19,03,45423,34,74926,24,55123,50,44419,09,843

NA32,21,58622,60,08323,47,87524,16,178

NA27,73,31827,40,10020,36,11822,31,07322,57,90627,69,229

NANA

19,42,69121,15,99822,02,11725,67,33926,74,53126,03,64821,78,19421,27,29818,40,79418,00,05426,56,93422,90,10020,54,32320,65,00021,70,70320,40,33022,55,312

NA18,71,94020,87,29424,41,08822,64,55121,48,66822,61,273

NANA

20,59,64519,53,78619,73,93023,66,89421,66,381

NANA

25,78,57824,28,39821,52,62027,65,05026,12,79922,56,18718,17,88323,48,59322,52,53421,76,01028,86,97524,56,10722,82,30525,30,16226,03,026

NA20,65,10221,04,72925,87,97022,11,00827,65,055

NA21,08,47818,77,602

NA26,14,689

3,65,6583,92,7714,03,3054,03,9153,89,8243,61,2793,18,1813,28,2954,48,8234,37,2234,46,610

NA4,63,2363,99,6523,75,0553,83,6214,20,2183,93,9204,06,0123,87,2184,31,9654,07,3894,24,2124,25,0284,07,8734,18,3024,13,1933,62,9894,09,7334,12,5674,15,2343,95,3294,03,0823,95,6813,80,9233,80,7483,80,4973,96,4783,84,7913,48,6893,68,8323,85,4343,61,2093,87,5743,78,5063,58,9883,82,9684,08,3353,86,8573,38,3364,00,7293,47,5973,68,9653,85,6123,77,2603,92,1353,93,3193,67,9343,96,7083,97,4993,88,6693,92,3074,01,6893,96,2333,54,7954,51,4934,02,7074,06,0514,17,2214,04,5754,12,1423,92,1814,01,2113,82,3504,16,2583,98,3004,12,8044,13,5884,22,2094,17,5353,98,3004,14,1463,50,3723,80,8564,06,3873,77,1423,85,3713,81,1544,16,3304,23,2554,12,1854,25,1744,12,096

6,56,5377,41,7637,79,1867,55,2927,28,0996,74,4566,01,7646,28,8218,54,2648,59,8968,43,672

NA8,79,8217,27,8706,73,4827,01,9437,73,0587,28,9977,60,6447,08,9078,12,5038,03,6778,00,0048,05,7167,86,1397,72,5868,00,5526,81,5077,53,5867,72,1617,75,9317,49,0097,74,1497,41,7846,96,7416,94,3567,01,3307,42,0057,30,9506,57,4127,04,9797,32,6546,68,3867,08,4617,26,3797,19,4877,27,3827,71,3557,20,9086,26,6527,61,0726,58,2466,76,7277,22,1987,11,4047,40,1037,19,8156,66,4767,18,7537,20,2387,41,0767,50,4907,49,4387,25,3556,86,1098,58,3857,60,4927,90,6237,99,1517,50,7107,79,5917,33,7177,90,4826,85,9438,06,2417,77,8427,63,5997,97,1538,05,3888,00,5487,50,8468,01,2117,20,5467,07,6687,47,2737,26,3747,23,9387,52,9878,10,5187,73,3717,32,6098,65,7798,03,651

10,60,09413,18,54513,73,85612,65,79712,13,89012,18,89411,23,85511,59,96313,93,44614,45,79515,05,940

NANA

11,75,7669,96,18511,44,01012,86,28013,19,13812,93,49811,36,73813,10,03815,94,62512,98,11613,58,29613,53,41713,04,36314,88,90813,86,78712,05,63612,81,76412,72,05614,05,921

NA11,97,72411,31,29511,78,62312,06,20313,34,49613,53,36012,60,80512,06,48712,18,31811,10,83410,93,10613,46,74812,63,31011,88,78212,37,88312,20,27211,70,82212,57,144

NA10,86,36111,75,48313,19,71612,63,25211,93,65711,80,991

NA11,79,25312,09,88511,91,47911,74,51712,58,72911,88,358

NA12,21,85614,18,55413,55,04712,37,96514,26,31613,28,11113,46,43811,00,18913,81,23013,49,56012,58,31315,24,46013,79,47713,07,40713,70,17414,06,794

NA11,80,54212,21,51413,48,68212,21,38714,46,831

NA12,48,46111,41,95717,24,88114,00,948

41,96,39449,19,78655,53,666

NA53,35,03052,64,207

NANANANANANANANANA

40,35,00649,02,326

NANANANANA

53,21,36756,53,75954,77,307

NANANA

46,91,331NANANANANA

44,51,749NA

52,54,919NA

61,51,632NA

51,04,97352,63,74340,01,16034,87,997

NANA

50,00,71142,03,74745,05,746

NANANANA

46,27,47751,94,01249,76,940

NA60,38,195

NANANANANANANANANANANANANANANA

31,81,506NA

35,87,88347,09,782

NA55,93,364

NA55,13,442

NANANANANANA

64,37,518NA

40,65,34135,40,689

NANA

Starting - February Month of

Years

Invested Amount :

Schemes (Diversified Equity) Investment Value e

SIP VALUE AS ON 31ST JANUARY 2020

Aditya Birla Sun Life Dividend Yield Fund - GrAditya Birla Sun Life Equity Advantage Fund - GrAditya Birla Sun Life Equity Fund - GrAditya Birla Sun Life Focused Equity Fund - GrAditya Birla Sun Life Frontline Equity Fund - GrAditya Birla Sun Life Midcap Fund - GrAditya Birla Sun Life Pure Value Fund - GrAditya Birla Sun Life Small Cap Fund - GrAxis Bluechip Fund - GrAxis Focused 25 Fund - GrAxis MidCap Fund - GrAxis Multicap Fund - GrAxis Small Cap Fund - GrBaroda Large Cap Fund - GrBaroda Mid-cap Fund - GrBaroda Multi Cap Fund - Growth PlanBNP Paribas Large Cap Fund - GrBNP Paribas Midcap Fund - GrBNP Paribas Multi Cap Fund - GrBOI AXA Large & Mid Cap Equity Fund - Reg GrCanara Robeco Bluechip Equity Fund - GrCanara Robeco Emerging Equities Fund - GrCanara Robeco Equity Diversified Fund - GrDSP Equity Fund - Reg. Plan - DivDSP Equity Opportunities Fund - GrDSP Focus Fund - GrDSP Midcap Fund - Reg GrDSP Small Cap Fund - GrDSP Top 100 Equity Fund GrEdelweiss Large & Mid Cap Fund - Regular GrEdelweiss Large Cap Fund - GrEdelweiss Mid Cap Fund - Regular GrEdelweiss Multi-Cap Fund - GrEssel Large Cap Equity Fund - GrFranklin India Bluechip Fund GrFranklin India Equity Advantage Fund - GrFranklin India Equity Fund - GrFranklin India Focused Equity Fund - GrFranklin India Prima Fund GrFranklin India Smaller Companies Fund - GrHDFC Capital Builder Value Fund - GrHDFC Equity Fund - GrHDFC Focused 30 Fund - GrHDFC Growth Opportunities Fund - GrHDFC Mid Cap Opportunities Fund - GrHDFC Small Cap Fund - GrHDFC Top 100 Fund - DivHSBC Large Cap Equity Fund - GrHSBC Multi Cap Equity Fund - GrHSBC Small Cap Equity Fund - GrICICI Prudential Bluechip Fund - GrICICI Prudential Dividend Yield Equity Fund - GrICICI Prudential Focused Equity Fund - Retail GrICICI Prudential Large & Mid Cap Fund - GrICICI Prudential MidCap Fund - GrICICI Prudential Multicap Fund - GrICICI Prudential Smallcap Fund - GrICICI Prudential Value Discovery Fund GrIDBI Diversified Equity Fund - GrIDBI India Top 100 Equity Fund - GrIDFC Core Equity Fund - Regular Plan - GrIDFC Focused Equity Fund - Regular Plan - GrIDFC Large Cap Fund - Regular Plan - GrIDFC Multi Cap Fund - Regular Plan - GrIDFC Sterling Value Fund - Regular GrIIFL Focused Equity Fund - GrIndiabulls Blue Chip Fund - GrInvesco India Contra Fund - GrInvesco India Growth Opportunities Fund - GrInvesco India Largecap Fund - GrInvesco India Midcap Fund - GrInvesco India Multicap Fund - GrJM Core 11 Fund - Series 1 - Growth OptionJM Large Cap Fund - Growth OptionJM Multicap Fund - Growth OptionJM Value Fund - Growth OptionKotak Bluechip Fund - GrKotak Emerging Equity Fund - GrKotak Equity Opportunities Fund - GrKotak India EQ Contra Fund - GrKotak Smallcap Fund - GrKotak Standard Multicap Fund - GrL&T Emerging Businesses Fund - GrL&T Equity Fund - GrL&T India Large Cap Fund - GrL&T India Value Fund - GrL&T Large and Midcap Fund - GrL&T Midcap Fund - GrLIC MF Large & Mid Cap Fund - GrLIC MF Large Cap Fund - GrLIC MF Multi Cap Fund - GrMirae Asset Emerging Bluechip Fund - GrMirae Asset Large Cap Fund - Gr

2019

1

1,20,000

2017

3

3,60,000

2015

5

6,00,000

2013

7

8,40,000

2010

10

12,00,000

2005

15

18,00,000

SIP VALUE AS ON 31ST JANUARY 2020

Starting - February Month of

Years

Invested Amount :

Schemes (Diversified Equity) Investment Value e

DISCLAIMER: We have taken due care and caution in compilation of this booklet. The information has been obtained formvarious reliable sources. However it does not guarantee the accuracy, adequacy or completeness of any information and are not responsible for any errors or omissions of the results obtained from the use of such information. Investors shold seek proper financial advise regarding the appropriateness of investing in any of the schemes stated, discussed or recommended in this newsletter and should realise that thestatements regarding future prospects may or may not realise. Mutual fund investments are subject to market risks. Please read the offer document carefully before investing. Past performance is for indicative purpose only and is not necessarily a guide to the future performance.

1,33,6571,37,5531,27,3251,26,5121,33,4571,24,9971,25,4051,30,1981,25,7091,27,9851,30,6031,30,4161,27,1261,35,2351,27,2041,33,3421,31,4491,26,2831,28,1541,22,7201,34,2831,31,7091,29,1371,31,8441,28,3011,34,7671,31,1381,30,8801,29,2831,28,2361,25,5841,31,1291,25,6811,34,1591,33,4871,25,4711,23,8191,22,9241,21,7731,29,1711,38,0391,25,0931,23,6881,34,1811,28,3181,32,9901,31,1741,29,2441,44,4401,18,836

140

1,27,0041,33,7201,26,0741,32,7271,36,4791,29,0441,29,9931,28,2781,24,4851,21,0991,30,4201,27,1131,31,1231,25,0911,30,2451,31,7071,32,6471,27,6391,32,8441,30,3201,35,4551,24,8281,24,2501,26,4341,25,9111,27,9841,27,4591,28,8661,31,8851,29,0041,36,4791,21,099

291,27,7261,26,1011,26,865

4,19,0384,09,0863,87,8453,81,0134,05,0403,98,0573,92,5703,74,8943,87,3223,73,2004,25,0183,99,4234,01,7783,84,3813,94,8403,99,6424,15,2373,82,5754,01,7333,56,1314,40,3264,11,1924,18,6773,74,9824,04,6214,07,9784,19,0613,73,5894,22,0953,39,9573,79,1464,16,2273,98,1384,10,5213,96,2333,83,5133,69,5723,72,5353,53,3944,05,0313,85,6873,72,1323,84,5604,30,9304,07,4353,80,4394,10,0103,95,1674,63,2363,18,181

139

3,88,6454,38,1373,69,1894,16,0304,11,8664,14,5434,10,2033,92,6613,84,1333,60,5023,92,9824,01,4924,01,0643,77,3114,11,7894,19,0784,20,6773,82,1854,23,8894,24,4384,13,2153,50,3933,74,4343,81,3493,71,5824,01,6934,01,1294,00,0164,05,8633,97,9484,38,1373,50,393

294,29,0294,15,2214,00,502

7,85,3237,43,2657,56,8357,19,4947,64,1147,56,9007,21,2847,52,7687,28,6556,75,8998,10,576

NA7,40,8046,88,6857,69,0747,84,9137,76,1287,44,6787,47,7646,46,3218,44,8177,71,9417,75,2076,75,7037,74,4928,28,1048,11,5947,05,3187,99,6366,17,1687,49,4367,69,8657,33,6287,66,6237,57,6096,84,4366,69,2587,01,2106,62,1387,33,7516,87,3186,80,6687,17,3598,02,7937,54,0806,96,1727,48,2107,43,7208,79,8216,01,764

138

7,39,9338,30,8026,72,3577,61,3277,79,2037,72,0537,87,4627,22,4147,07,2926,73,6797,41,8837,44,9177,36,1567,23,2377,79,9518,06,8007,95,7887,34,1387,92,262

NA8,23,6536,35,8917,26,7286,92,4756,92,6927,72,4457,68,1387,13,8387,51,0187,45,6628,30,8026,35,891

288,13,5277,85,9667,63,438

NANANA

13,27,39813,19,24012,86,51412,08,25915,37,95412,43,26211,27,325

NANA

12,14,894NA

12,64,93514,81,77912,72,63312,79,16012,74,22010,51,97914,63,56313,39,72612,75,32112,52,27913,69,32817,26,97813,92,69813,15,52212,76,18311,70,02613,48,81512,96,06811,84,79614,18,80413,56,98410,87,96710,69,46011,42,53110,97,71111,46,741

NA11,08,45911,46,53413,33,02512,32,98713,05,30811,88,33112,74,97817,26,9789,96,185

125

13,12,20814,92,28610,96,67212,87,55712,99,13312,63,34313,68,85112,00,98912,13,00911,14,77012,46,84912,62,968

NA12,47,53913,57,10613,83,06613,60,61512,43,78913,18,208

NANA

11,14,92012,46,77511,51,31911,52,27613,49,70412,57,58411,30,82312,29,59412,57,76714,92,28610,96,672

2612,93,69212,54,88512,53,311

NANANA

24,72,64622,96,33123,09,88722,10,611

NA21,71,86918,94,610

NANA

20,85,520NA

21,47,69028,96,82421,94,18123,31,58323,32,18317,48,59427,97,28224,25,81222,25,32124,79,81924,70,14735,70,28023,84,89725,03,61421,06,74121,27,38224,35,35723,12,05320,42,04826,97,73224,96,14617,73,49618,04,90919,93,49018,72,947

NANA

19,11,79919,07,50923,94,43321,27,93925,41,34420,65,21522,88,04535,70,28017,48,594

113

23,87,72229,66,12518,57,13823,72,78722,49,39822,08,05625,13,55321,36,06322,22,54219,31,05722,40,10422,97,886

NA23,04,25025,01,39224,00,34623,43,97522,00,27122,74,335

NANA

20,69,82222,81,43420,38,77819,86,99424,65,67321,26,309

NA21,11,41122,59,49729,66,12518,57,138

2522,19,12521,45,12721,56,261

NANANANA

53,67,363NANANANA

40,10,133NANA

44,16,021NA

43,63,733NANA

44,84,039NA

35,97,11067,94,99155,51,14750,68,508

NANANANA

64,72,29143,26,91149,73,65458,87,62449,86,08645,59,41959,78,60345,93,35832,87,29138,02,772

NA42,66,407

NANANANANANANANA

48,49,62667,94,99131,81,506

53

51,71,198NA

35,74,857NANA

54,62,851NANA

52,39,56944,06,280

NA53,33,202

NANANANANANA

42,43,902NANANA

45,17,13944,18,68642,40,86252,80,41446,62,561

NANA

47,12,62754,62,85135,74,857

12NA

45,80,96845,57,073

Motilal Oswal Focused 25 Fund - GrMotilal Oswal Midcap 30 Fund - GrMotilal Oswal Multicap 35 Fund - GrNippon India Focused Equity Fund - GrNippon India Growth Fund - GrNippon India Large Cap Fund - GrNippon India Multi Cap Fund - GrNippon India Small Cap Fund - GrNippon India Value Fund - GrNippon India Vision Fund GrParag Parikh Long Term Equity Fund - Reg GrPGIM India Diversified Equity Fund - GrPGIM India Large Cap Fund - GrPGIM India Midcap Opportunities Fund - GrPrincipal Dividend Yield Fund - GrPrincipal Emerging Bluechip Fund - GrPrincipal Focused Multicap Fund - GrPrincipal Multi Cap Growth Fund - GrSBI Blue Chip Fund - GrSBI Contra Fund - Regular DivSBI Focused Equity Fund - Regular Plan - GrSBI Large & Midcap Fund - DivSBI Magnum Equity ESG Fund - DivSBI Magnum MidCap Fund - GrSBI Magnum Multicap Fund - GrSBI Small Cap Fund - GrSundaram Large & Midcap Fund - GrSundaram Mid Cap Fund - GrSundaram Select Focus - GrSundaram Small Cap Fund - GrTata Equity P/E Fund GrTata Large & Mid Cap Fund - Regular Plan - GrTata Large Cap Fund - GrTata Mid Cap Growth Fund - GrTaurus Discovery (Midcap) Fund - GrTaurus Largecap Equity Fund - GrTaurus Starshare (Multi Cap) Fund - GrTempleton India Equity Income Fund - GrTempleton India Value Fund - GrUnion Multi Cap Fund - GrUnion Small Cap Fund - GrUTI Core Equity Fund - GrUTI Dividend Yield Fund. - GrUTI Equity Fund - GrUTI Master Share - GrUTI Mid Cap Fund - GrUTI Value Opportunities Fund - GrAverage Value of Above FundsMaximum ValueMinimum ValueUniverseELSS / Tax Savings SchemesAditya Birla Sun Life Tax Relief 96 Fund - DivAxis Long Term Equity Fund - GrBaroda Elss 96 - DivBNP Paribas Long Term Equity Fund - GrBOI AXA Tax Advantage Fund - Regular - GrowthCanara Robeco Equity Tax Saver Fund - DivDSP Tax Saver Fund - GrEdelweiss Long Term Equity Fund (Tax Savings) - GrFranklin India Taxshield GrHDFC Taxsaver - DivHSBC Tax Saver Equity Fund - GrICICI Prudential Long Term Equity Fund - Regular GrIDBI Equity Advantage Fund - GrIDFC Tax Advantage (ELSS) Fund - Regular GrInvesco India Tax Plan - GrJM Tax Gain Fund - Growth OptionKotak Tax Saver - GrL&T Tax Advantage Fund - GrLIC MF Tax Plan GrMirae Asset Tax Saver Fund - GrMotilal Oswal Long Term Equity Fund - GrNippon India Tax Saver Fund - GrPrincipal Tax Savings FundSBI Magnum Tax Gain Fund - DivSundaram Diversified Equity (Tax Saver) Fund - DivTata India Tax Savings Fund Regular Plan - DivTaurus Tax Shield - GrUnion Long Term Equity Fund - GrUTI Long Term Equity Fund (Tax Saving) - GrAverage Value of Above FundsMaximum ValueMinimum ValueUniverseS&P BSE SENSEX TRINIFTY 50 TRINIFTY 500 TRI

2019

1

1,20,000

2017

3

3,60,000

2015

5

6,00,000

2013

7

8,40,000

2010

10

12,00,000

2005

15

18,00,000