for private circulation only november 2019 real rate of …for private circulation only november...

NOVEMBER 2019For private circulation only

What is Real Rate of Return?In simple terms, it is the return you earn above the inflation rate – which is the rate at which the prices, in general, are rising. To exemplify, if you invest in a fixed deposit which is today giving you a return of say 8% and the inflation is 6% then the real rate of return that you are generating would be 2%, ie., actual return (less) inflation for the period. The logic is simple – R100 one or say 10 years ago does not carry the same value today because things have become costly due to inflation. Generally, consumer price Index growth (CPI) or wholesale price index growth (WPI) is taken as inflation indicators.

Having understood what's the real rate of return is, the question is how it is related to wealth creation. Let's understand what actually wealth creation means. Putting jargons aside wealth creation in simple

terms is the increase in one's ability to purchase more things. If one feels his ability to purchase things have increased substantially over a period of time, one can simply say he has created wealth.

How can one increase its ability to purchase more through prudently investing?That's a very right question to be answered. Let's go back to our example of one investing into a fixed deposit with 8% absolute return and 2% real rate of Return. Say the investor had R1,000 to invest in a fixed deposit. At 8% of interest rate, the value after one year of the amount invested would be R1,080. Now assume that with R1,000 he could have bought 50 packets of milk priced at R20. Now with 6% inflation (assumed price increase of milk), the price of milk packet would be R21.3 after one year.

At R1080 available with the investor from his investment he now would be able to buy 51 packets of milk. The purchasing power of the investor has increased by one packet of milk thanks to the positive real rate of return. Had his return on investment been equal to the inflation he would still be able to buy only 50 packets of milk. And had his investment return lesser than the inflation, negative real rate, his capacity to buy milk packets would get reduced. That is the explanation why for creating wealth it is important to look at the real rate of returns and not the absolute returns on your investment.Now interestingly let us look at the table below highlighting the approximate real rate of return across different asset class in India from 1981 – 2019. The question to ask is how it has increased the purchasing power similar to our example above over the period?

REAL RATE OF RETURNUNDERSTANDING WEALTH CREATION

We as investors are mostly interested to know what returns I am going to get from my investments. It is seldom asked what is the real rate of return I am going to get.

It is very important to understand the real rate of return that is expected to come from one's investment rather than the absolute return which generally an investor ask for. To understand what you actually mean by the real rate of return and how it really helps in Wealth Creation you need to spare a few minutes to read through the article.

(Source: NJ Wealth – Internal. Assuming average inflation during period @ 6%.)

Asset

Equities (Sensex)

Company Deposit

Bank Deposit

Gold

Actual Returns

15.00%

9.60%

8.60%

8.10%

Real Rate of Return

15.00%

9.60%

8.60%

8.10%

Increase inPurchasing Power

15.00%

9.60%

8.60%

8.10%

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The results mesmerize us as to how the real rate of returns in equities over the period has increased the purchasing power and hence created wealth.

Never in the period considered had equities ever had a linear growth. There were many periods or phases when everyone considered to be the worst time for equity investors. For example, the equity markets in India post Harshad Mehta Scam (1994-1998) or post the Y2K technology bubble (1999-2001) or after the Lehman brothers (2008-2012) and many such periods of dullness. But over the longer period, equities still delivered a real rate of return which increased the purchasing power the most as illustrated in the table.

Does the real rate of return increase the purchasing power over the shorter period say 5 Years? The answer is complicated. For a change in purchasing power, we require both time and returns. Since the equity markets are volatile

over the short term, expecting the same level of returns observed over many decades may not be very realistic.

But what if we assume the same returns generated over 38 years to be generated in 5 years and measure the impact on the purchasing power?

There will be a marginal difference in the results, not enough to be too excited about. The power of compouding really does wonders in the long run. The real magic will start to happen only after say 15-20 years.

What do we mean by Asset Allocation?Asset allocation could be defined “as an investment strategy that aims to balance risk and reward by apportioning a portfolio's assets according to an individual's goals, risk tolerance and investment horizon.” The three main asset classes - equities, fixed-income, and cash and equivalents - have different levels of risk and return, so each will behave differently over time.

Asset allocation establishes the framework of an investor’s portfolio and sets forth a plan by specifically identifying where to invest one’s money. The theory behind asset allocation is to spread your investments across different asset classes which helps to protect your portfolio from downturns in

any one asset. Since different investments are affected differently by economic events and market factors, owning different types of investments helps to reduce the chances that your portfolio will be adversely affected by a particular risk type.

As already mentioned, the investments can be in the following asset classes:

Stocks/Equities – Stocks, or equities, have historically offered the highest risk and highest returns.

Bonds & Fixed Income – Bonds have historically had less volatility than stocks, but the trade-off is that they offer more modest returns.

Cash & Cash Equivalents – Cash and equivalents are the least risky asset class since there’s very little risk of losing capital.

In addition to cash, these investments might include certificates of deposit, Treasury bonds, or other cash-like securities.

Benefits of Asset AllocationAsset allocation is very important as it serves various benefits as against having a concentrated portfolio of just one basket. Buy a mix of things like shares and commodities for higher potential growth and bonds and property for some stability. And avoid being too biased towards one market. Thus, asset allocation is essential to ensure that you reach your financial goals.

1. Optimal Return: In the absence of proper asset allocation, many individuals invest in an ad-hoc manner. This, in turn, makes it difficult for them to determine whether the

CONCLUSION:Equities change the purchasing power to a great extent and it been the biggest wealth creator across all asset class over a longer period, 10 years at least but longer the better, with the short term volatility. One would never understand why investors investing in equities start seeing returns on a day to day basis, expect consistent returns and then gets disturbed with short term negative returns.

It is important to have a firm long term belief and give time to your equity investments for Real Wealth Creation through Real Rate of Returns from Equity Investments.

WHY IS ASSET ALLOCATION IMPORTANT?From the time one decides to invest their money, they come across a world which offers them a variety of options to invest in. We would always want our hard-earned money should provide us with the ‘maximum returns’ which could satisfy our needs and wants.

Every investor has a different risk profile, financial history and different expectations about the future, and they expect a return according to these criteria. They search for an asset class which resonate with their investment objectives. But the question arises whether a particular class of asset could help the investor in every situation of the investment journey?

The saying, ‘don’t put all of your eggs in one basket’, has become a valuable metaphor for explaining why we should not direct our investments in only one asset class and why diversifying through asset allocation is important.

There is no simple formula that can find the right asset allocation for every individual. However, the consensus among most financial professionals is that asset allocation is one of the most important decisions that investors make and the principal determinant of the returns from the portfolio.

A majority of financial advisors advise asset allocation based on the age profile and/or life stage. Typically, one can use a crude formula of 100 (-) current age to derive at the proportion of investment into equities. The figure of 100 may even be considered as 110 or 120 depending on your life expectancy or risk orientation. Thus, for a conservative investor with age 40, investment into equities will be 60% and similar at 70% and 80% for a moderate and aggressive investor, respectively. However, the proper asset allocation suitable to you and your needs should be decided in consultation with your financial advisor.

return on investments is sufficient enough. Thus, proper asset allocation will help you determine how much return you can expect on your investments based on investment risks you are taking.

2. Risk Minimization: Based on your past investment experience or your willingness to take the risk you will make your future investments decision. If you want to earn higher returns by taking more risk, you can have the majority of your asset allocated in equity. But if you are in your retirement age and want to earn less volatile returns, investment in bonds or money market securities is the better option

3. Help investments align as per Time Horizon: Along with the risk profile, your

time horizon is also a key factor to decide the asset allocation, while you endeavour to achieve your financial goals. Your time horizon will determine in which asset class you should invest a dominant portion of your investible surplus.

4. Minimize Taxes: If you happen to be under 30% tax bracket and invest all of your savings in fixed deposit to keep your investments safe, then you are making a big mistake by paying a huge amount in taxes, which otherwise could have been legitimately saved. Tax consequences are different for every individual and every scenario so you should always view investment returns for post-tax returns on investments rather than pre-tax returns as

the post-tax return is the return which you get in your hand. A proper diversification would help in also minimising your tax outgo.

5. Diversification: ‘Put your eggs in different baskets’. One way to lower your risk without sacrificing the potential for higher returns is to spread your money more widely. Historically, the returns of stocks, bonds, and cash haven’t moved in unison. Market conditions that lead to one asset class

outperforming during a given time frame might cause another to underperform. The result of diversifying is less volatility for investors on a portfolio level since these movements offset each other. This ultimately leads to “egg-cellent” returns.

BankFD

BONDSGold

PPFMutualFunds

HOW MUCH TO ALLOCATE?

Q. What is your take on the RBI the downward reduction in the FY2020 GDP forecast from 6.9% to 6.1%? How of much will have an impact on the India growth story?

Answer: In our view the downward reduction in the GDP forecast from 6.9% to 6.1% is the recognition of the reality and doesn’t come as a surprise.

Q. What are the major triggers or red-flags in the economic fundamentals that you are cautious about and why? Do you find any silver lining.

Answer: Most of the negatives have been out in the open for quite some time. Of course there could be new negatives that might emerge.

The silver lining is that both the RBI and GOI have started the effort to arrest and hopefully reverse the vicious circle. The effect of the same will be seen with a lag.

Q. How do you see corporate tax-rate cut impacting the earnings growth for companies in medium to long term. How will impact the equity markets going forward?

Answer: While the corporate tax-rate cut is unequivocally positive, the earnings growth and the positive impact on companies will have to be seen in case-to-case basis. In fact, a few companies might continue with the old rate for some time. The move is definitely positive and the impact will be seen in medium to long term.

Q. We hear of a lot of sectors complaining of slowdown and lack of demand. Which are the sectors that looks promising /attractive to you in the present markets?

Answer: During significant deceleration, most sectors will get impacted by the slowdown and subsequent lack of demand. Sentiments will return to normalcy once markets starts performing. The sectors which we’re bullish on are speciality chemicals, capital goods and financials.

Q. Is there any change made in the investment strategy /process to suit the challenges posed by the market conditions? How are you identifying buy and sell opportunities in the present markets?

Answer: Currently Mid and small cap are offering attractive valuations and there are many stocks in the mid and small cap sector which offers high risk-reward opportunity. In fact our emphasis is to find such scrips and capitalise on the opportunity.

Q. What would be your advice to retail investors wanting to create wealth and wishing to invest in equities today? What return expectations can they expect for over say 5-7 years?

Answer: Our advice to retail investors wanting to create wealth and wishing to invest in equities today is to start a SIP/STP in small and midcap funds as the suitable way to create wealth in the medium term. As far as return expectations are concerned, it would not be right to comment anything since nobody can predict the market high and lows. The bottom line is stay invested!

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. Harshad Patwardhan, Edelweiss MF

With education from IIT/IIM, CFA charter and 25 years of industry experience, meet our CIO Equities – Mr. Harshad Patwardhan.

Harshad was the CIO Equities at JPMorgan Asset Management for over a decade and continued as the CIO Equities of Edelweiss Asset Management after the schemes changed hands in the year 2016. He’s responsible for long only equity mutual funds at Edelweiss Asset Management Limited.

MF NEWS

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8.2315.2211.0214.2310.86-0.46-4.81-9.6525.4126.8524.5425.3230.0516.955.10

12.8524.7411.2916.7717.3721.4012.0316.1024.9218.4324.8915.840.20

23.1715.9817.2210.9611.9013.456.826.385.03

11.129.72-4.700.749.16

11.3912.393.47-6.389.15

17.727.23-6.5613.001.423.47

11.217.209.08

11.343.47

19.6521.108.69

12.5314.2313.83-4.4629.2417.1410.5120.9111.7010.3710.8922.396.40

28.3420.5019.2613.6615.4014.619.83

16.06-2.6410.3018.657.39

12.177.36

19.0122.23

-0.833.745.517.145.97-3.15-7.50-9.1416.6014.1614.23

NA12.697.55-0.124.29

11.731.656.363.68

12.306.00

10.7010.577.569.445.36-5.559.198.76

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11.487.495.493.09

10.385.03

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10.510.369.54-2.074.899.392.053.491.698.38

10.74

2.367.359.248.617.932.940.820.5314.2214.4712.78

NA12.557.772.346.0810.405.318.285.6411.5810.2910.6811.0610.329.529.372.149.109.4410.277.03NA

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9.59

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7.51NA

8.6112.16

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15.42NA

10.12

SIP RETURN AS ON 31ST OCTOBER 2019

Starting - November Month of

Years

Invested Amount :

Schemes (Diversified Equity) Returns % - CAGR

2018

1

1,20,000

2016

3

3,60,000

2014

5

6,00,000

2012

7

8,40,000

2009

10

12,00,000

2004

15

18,00,000

Mutual funds add around 3.45 lakh folios in September

The mutual fund industry has added

3.45 lakh investor accounts in

September, taking the total tally to

8.56 crore, amid volatile market

conditions. In comparison, the

industry had added 4.8 lakh new

folios in August and more than 10

lakh folios in July. Folios are

numbers designated to individual

investor accounts. An investor can

have multiple folios. According to

data from Association of Mutual

Funds in India, the number of folios

with 44 fund houses rose to

8,56,26,244 at the end of September,

from 8,52,81,222 at the end of

August, registering a gain of 3.45

lakh folios. The total folio count

stood at 8.48 lakh in July, 8.38 lakh in

June, 8.32 lakh in May and 8.27 lakh

in April. Market experts said the

addition of folios suggests that

investors were undeterred by the

market volatility. Besides, it indicates

their understanding of the market

risks associated in the mutual fund

schemes.

Krishna Sanghvi to join Mahindra Mutual Fund as CIO

Krishna Sanghavi, who has served as

the Head of Equities at Canara

Robeco Mutual Fund, is joining the

Mahindra Mutual Fund as the Chief

Investment O�cer (CIO). According

to sources, Sanghvi will take charge

of both equity and debt investments

of the AMC from November 1.

Sources also suggest that Krishna

Sanghvi will be looking speci�cally

at the Mahindra Kar Bachat Yojana,

which is an Equity Linked Saving

Scheme (ELSS). Investments in ELSS

qualify for tax deductions of upto Rs.

1.5 lakh under Section 80C of the

Income Tax Act. He will also be

instrumental in managing the

Mahindra Unnati Emerging Business

Yojana, a mid cap scheme.

NEWS UPDATESIP RETURN AS ON 31ST OCTOBER 2019

Manufacturing PMI drops to 2-year low in October on softening demand

Manufacturing activity in the country continued to weaken in October, with factory orders and production rising at the weakest rates in two years, a monthly survey said. The headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) fell to a two-year low of 50.6 in October from 51.4 in September. This indicates only a marginal improvement in the health of the manufacturing industry, the survey said. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.

Core sector output contracts 5.2% in Sep, against 4.3% growth a year ago

Output of core infrastructure industries shrank by 5.2 per cent in September 2019 as seven of eight sectors witnessed negative growth, according to o�cial data. The eight core sectors had expanded by 4.3 per cent in September 2018. Production of seven sectors of coal, crude oil, natural gas, re�nery products, cement, steel, and electricity contracted in September. Fertilizers production increased by 5.4 per cent in September 2019 over the year-ago month. During the April-September period, the growth of core industries fell to 1.3 per cent against 5.5 per cent in the year-ago period.

India Inc spent more on R&D in FY19, auto and pharma leading sectors

Research and development (R&D) spending by India Inc increased in 2018-19 (FY19) over the previous years (led by automobile and pharmaceutical sectors). But, it was still a small percentage of the total sales. In FY19, India Inc spent Rs 8,721.3 crore under the R&D head - nearly a �fth more than the amount in 2017-18 (FY18), which was Rs 7,098.5 crore. The details of these expenses are available in the annual reports of companies, usually published by the end of the second quarter of the next �nancial year. This analysis looked at 440 companies for whom the continuous data is available for the past 10 years.

April-September �scal de�cit at `6.52 trillion, 92.6% of FY20 estimate

India's �scal de�cit reached nearly 93 per cent of the budget estimate at ` 6.52 trillion at the end of September in the current �nancial year, government data showed. In absolute terms, the �scal de�cit or the gap between expenditure and revenue was ` 6,51,554 crore as on September 30, according to the data released by the Controller General of Accounts (CGA). The de�cit stood at 95.3 per cent of the 2018-19 budget estimate (BE) in the corresponding month a year ago. The government has pegged the �scal de�cit for the current �nancial year at ` 7.03 trillion, aiming to restrict the de�cit at 3.3 per cent of the gross domestic product (GDP).

Loans disbursed by NBFCs remain under stress, says CIBIL report

Loans disbursed by non-banking �nancial companies (NBFCs) have remained under stress, with a recent portfolio shift to higher-risk unsecured credit, according to a TransUnion CIBIL Report. There was a general improvement in delinquency rates till the quarter ended June but it did reveal performance deterioration for smaller value personal loans and automobile loans. Breaking down NBFC delinquencies further by loan size, TransUnion CIBIL’s analysis found an increase in delinquency for NBFC loans smaller than Rs 50,000, which constitute almost 80 per cent of the segment’s personal loan origination.

India to invest Rs 1 trillion in setting up 100 new airports by 2024

India is planning to start 100 additional airports by 2024, as part of a plan to revive economic growth in Asia’s third-largest economy, according to the industry sources. The proposal, which includes starting 1,000 new routes connecting smaller towns and villages, was discussed at a meeting last week to review infrastructure needed by 2025, the people said, asking not to be identi�ed as the discussion is private. Steps to start a plane-lease �nancing business in the country was also discussed, they said. India’s plans to expedite airport

development still trails that of China’s, which has set a goal of having 450 commercial airports by 2035, almost double the number at the end of 2018.

Forex reserves up by $3.5 bn to a new lifetime high of $446 billion

The country's foreign exchange reserves rose by $3.515 billion to touch a fresh lifetime high of $446.098 billion in the week to November 1, helped by increase in foreign currency assets, RBI data showed. In the previous week, the reserves had increased by $1.832 billion to $442.583 billion. The increase in reserves in the reporting week was mainly on account of a jump in foreign currency assets (FCA), a major component of the overall reserves.

Economic Slump has bottomed out; expect revival from here: Govt o�cial

India's economic growth is showing signs of revival with pick-up in lending and recovery in the automobile sector, a top government o�cial said insisting that the slump in GDP growth has bottomed out. India's economic growth in April-June hit a six-year low of 5 per cent and there were signs that expansion may not have picked up substantially in the subsequent quarter. But with the onset of festival season in October, there are signs of a revival. Between October 1 and 9 alone, about Rs 81,000 crore has been extended as loans, adding that the lending momentum has only picked up in the following weeks.

India's cotton output set to jump 14%, exports to remain steady

India's cotton production in 2019/20 is likely to jump 13.6% due to a bigger cultivated area and a boost to yields from above-average monsoon rains, a leading trade body forecast. Exports from the world's biggest cotton producer, however, are likely to remain steady at last year's level of 4.2 million bales, the lowest in a decade, as prices in the local market are trading above the global benchmark, the Cotton Association of India (CAI) said.

19.5120.0416.8426.8919.6416.808.867.90

10.396.411.30

10.9012.3916.2717.1317.917.39

11.4512.6517.705.83

18.320.13

21.6611.0520.662.21

16.2614.8222.395.33

17.69-0.2211.9117.6117.0913.9410.2312.777.246.202.32

16.978.951.88

12.5116.5213.427.55

11.9612.3130.05-9.65140

12.7728.1410.4219.7722.9714.7321.2314.089.526.44

10.4611.8022.213.45

16.4525.6414.3810.5419.9618.9024.238.444.548.919.94

15.9411.4417.3912.2214.6128.143.4529

17.9615.9112.90

8.0311.2011.0010.664.596.713.283.558.266.12-0.505.992.03

10.706.808.74-1.027.114.619.073.618.46-1.5712.506.72

11.20-2.888.436.32

11.71-1.1711.59-7.794.698.878.785.783.585.092.363.16-0.808.07-1.670.827.23

10.038.30-0.176.595.5016.60-9.14139

6.5214.761.638.787.379.709.465.855.262.183.787.458.762.799.20

11.818.124.18

10.4012.018.59-1.372.913.592.198.157.767.385.566.7714.76-1.37

2913.6111.608.04

6.9714.7512.5210.786.5810.506.987.009.797.057.298.154.3511.56

NA8.872.3310.069.379.648.159.372.4212.718.6610.571.8810.5011.8712.624.7011.26-1.019.639.278.957.917.585.544.456.654.227.621.584.028.449.958.743.767.077.9414.75-1.01136

9.0913.404.398.579.029.7311.227.247.055.676.998.538.827.0510.3312.319.688.0510.30

NANA

2.557.645.455.7710.479.766.727.258.3213.402.5527

12.4811.369.77

8.3420.7815.35

NANANA

13.2611.1712.7510.5316.5511.618.50NANA

11.09NA

11.8215.5711.5411.9312.516.3415.1012.5612.289.9714.3220.1714.7911.9311.848.5814.2612.1110.6214.0312.687.777.229.298.148.85NA

7.499.9812.2010.8811.728.92

11.7620.783.42125

13.4917.007.8811.8211.6511.6014.3510.3411.179.2410.4911.89

NA11.2613.8314.6912.6811.3912.49

NANA

8.8711.559.169.2513.9211.478.669.88

11.6217.007.8826

12.6411.9611.65

8.35NA

15.41NANANA

13.9611.3212.9712.02

NA11.728.84NANA

10.94NA

11.3916.2811.4212.6213.107.1715.9912.9212.1412.8613.9520.2113.3813.4810.7310.2913.9912.3510.8014.8113.327.838.2110.208.94NANA

8.719.7812.6310.9913.739.91

12.2320.217.17111

13.57NA

8.5312.8511.4311.7714.4211.1912.349.9811.4712.67

NA12.5114.1713.4612.1611.8311.97

NANA

11.0712.4610.289.8214.0211.01

NA10.2011.9414.428.5324

12.0311.5311.40

8.41NANANANANANA

13.10NANANANA

10.30NANA

11.56NA

11.14NANA

11.30NA

9.0516.1513.8013.17

NANANANA

15.5411.11

NA14.9812.6412.1214.3511.177.969.85NA

11.17NANANANANANANANA

12.3716.157.5150

13.38NA

8.76NANA

13.93NANA

13.6211.91

NA13.67

NANANANANANA

10.49NANANA

11.6111.6211.0313.48

NANANA

12.2413.938.7611NA

11.9811.77


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

2018

1

1,20,000

2016

3

3,60,000

2014

5

6,00,000

2012

7

8,40,000

2009

10

12,00,000

2004

15

18,00,000

1,25,0101,29,1721,26,6831,28,5921,26,5871,19,7191,17,0071,13,9491,35,0991,35,9271,34,6021,35,0511,37,7491,30,1941,23,1221,27,7701,34,7181,26,8471,30,0881,30,4371,32,7891,27,2881,29,6921,34,8171,31,0561,34,8001,29,5411,20,1241,33,8111,29,6231,30,3511,26,6481,27,2111,28,1301,24,1641,23,8991,23,0801,26,7401,25,9061,17,0801,20,4571,25,5701,26,9041,27,5001,22,1311,16,0221,25,5631,30,6451,24,4091,15,9051,27,8621,20,8771,22,1281,26,7981,24,3931,25,5241,26,8761,22,1311,31,7691,32,6131,25,2871,27,5811,28,5901,28,3561,17,2261,37,2881,30,3041,26,3811,32,5011,27,0871,26,2941,26,6061,33,3601,23,9121,36,7761,32,2651,31,5441,28,2541,29,2781,28,8151,25,9731,29,6711,18,3661,26,2561,31,1871,24,5041,27,3701,24,4881,31,3991,33,2701,31,6881,31,9941,30,129

3,55,5153,80,8023,90,9114,00,3723,93,5323,43,0883,20,6163,12,4344,58,2994,42,8534,43,299

NA4,33,7344,02,7523,59,3623,83,9014,27,8473,69,0613,95,7793,80,4304,31,3373,93,7334,21,5734,20,7714,02,8024,13,9833,90,0433,30,5604,12,4854,09,9044,19,7393,77,2114,05,5733,95,8273,80,2523,77,3293,77,2673,96,3303,80,9093,34,7293,72,9323,99,7223,75,9133,92,8693,62,0883,61,8294,01,5054,10,2873,72,4543,19,6904,07,4873,55,9343,77,6133,86,2313,71,7323,96,0673,62,0293,71,0604,02,8064,02,4093,82,4803,84,6094,03,9453,89,5533,46,1964,35,8184,13,8074,03,9424,26,2634,02,4263,90,7463,77,1154,19,6403,88,1484,26,8824,00,9944,13,7033,85,0964,02,6354,20,3843,61,9884,14,5653,48,8523,87,3414,13,6853,71,3013,79,3533,69,3154,07,6364,21,8044,05,5804,24,5644,23,391

6,36,5917,20,8777,55,5327,43,7477,31,3216,45,9346,12,5006,08,0098,53,8368,58,9638,24,312

NA8,19,7067,28,5646,36,2596,98,5997,77,3786,85,2497,37,8516,90,9368,00,2507,75,2877,82,9037,90,1617,75,8677,60,7387,57,8386,33,1147,52,8967,59,2647,75,0177,15,253

NA7,38,1416,93,7446,86,3826,94,6487,38,5237,25,3186,38,2497,09,6487,52,6506,94,0507,11,4886,98,7377,23,7767,55,3677,67,7136,90,8665,97,3787,67,3976,72,2826,89,9317,21,3246,99,8557,45,9566,62,3846,73,0797,26,4767,24,9297,27,8477,24,5917,44,0767,10,1736,66,7418,22,8427,75,2657,80,6318,07,6937,41,2187,36,5927,04,4848,18,9806,91,0438,19,2007,80,8817,59,3527,45,1437,64,9477,95,5326,86,5627,97,1167,21,6227,15,3607,53,6047,19,4387,09,2927,32,610

NA7,62,1197,14,2198,64,8668,19,021

10,42,81213,01,11713,51,02112,64,86712,36,16311,86,74811,78,71711,42,81114,10,30014,52,37014,96,491

NANA

11,88,3479,47,68711,52,95013,11,86512,65,08512,70,07611,22,70613,00,77315,68,81112,82,28613,45,70613,49,68412,96,66614,27,83713,18,99412,14,68712,74,15412,84,66313,72,284

NA11,98,77311,38,06711,84,75812,13,56413,58,52213,71,35012,61,00112,34,64612,70,10111,67,44111,07,24713,23,56912,87,27312,50,00212,41,14211,89,51911,38,83312,83,125

NA11,23,76411,90,44213,29,24112,90,14711,16,41912,20,415

NA12,01,31811,93,96411,59,32411,77,36712,52,79111,70,784

NA12,51,73114,20,14413,85,61012,35,87213,73,84213,03,08914,07,09511,22,16914,17,64313,62,01412,63,73814,44,75013,24,14313,11,95012,69,69114,18,636

NA12,09,91212,46,92513,61,61512,13,46814,35,177

NA12,43,38611,27,84317,52,69114,46,457

17,56,14723,12,55424,24,66622,84,60722,19,02421,22,87322,43,94820,90,387

NANANANANANANA

18,98,66323,63,89725,09,43822,99,11918,68,448

NA31,48,20122,28,46023,12,53223,87,911

NA26,45,39525,95,55920,43,80122,05,68822,65,57126,78,048

NANA

19,49,54121,13,32522,03,44425,79,92826,80,94425,69,66122,13,94022,07,14119,25,90218,16,75226,01,04723,12,70621,50,49720,55,90720,97,75419,56,42522,94,663

NA19,28,73821,03,89124,27,98722,94,32520,00,04023,28,425

NANA

20,19,58218,90,60719,69,31623,55,56221,34,035

NANA

25,51,73824,62,33821,32,18026,53,44525,63,62923,13,38718,35,74923,67,97322,28,19421,69,10027,10,16823,36,47322,73,08123,36,02625,97,957

NA21,07,88321,39,338

NA21,88,67727,00,856

NA20,83,11918,42,814

NA26,79,375

41,93,60548,55,32755,23,308

NA55,31,75352,05,700

NANANANANANANANANA

41,38,44950,47,564

NANANANANANA

57,47,13655,28,886

NANANA

48,41,606NANANANANA

45,65,406NA

53,81,745NA

62,20,817NA

52,73,69056,17,64942,75,31235,81,377

NANA

53,87,03142,66,98644,25,684

NANANANA

47,65,16552,54,98251,41,739

NA63,40,522

NANANANANANANANANANANANANANANA

32,58,616NA

35,67,47448,12,470

NA54,73,172

NANANANANANANANA

63,73,104NA

40,48,95235,07,925

NANA


Years

Invested Amount :

Schemes (Diversified Equity) Investment Value e

SIP VALUE AS ON 31ST OCTOBER 2019 NEWS UPDATE




















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 Scheme - 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

2018

1

1,20,000

2016

3

3,60,000

2014

5

6,00,000

2012

7

8,40,000

2009

10

12,00,000

2004

15

18,00,000

SIP VALUE AS ON 31ST OCTOBER 2019


Years

Invested Amount :

Schemes (Diversified Equity) Investment Value e

NEWS UPDATE




















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.

1,35,9501,31,7611,30,1041,25,3921,24,8131,26,3081,23,9171,20,7991,26,6131,27,4961,29,7951,30,2991,30,7521,24,5051,26,9381,27,6521,30,6341,23,5651,30,9921,20,0791,32,9391,26,7041,32,3551,21,3611,29,7881,28,9351,33,3601,23,2591,30,6281,19,8671,27,2121,30,5781,30,2751,28,4181,26,2111,27,7271,24,4151,23,7881,21,4281,30,2051,25,4431,21,1571,27,5731,29,9401,28,1101,24,6021,27,2431,27,4791,37,7491,13,949

140

1,27,7251,36,6601,26,3231,31,8421,33,6931,28,8841,32,6871,28,5021,25,7891,23,9301,26,3501,27,1451,33,2531,22,1191,29,8991,35,2321,28,6791,26,3961,31,9511,31,3331,34,4221,25,1391,22,7831,25,4231,26,0351,29,5971,26,9351,30,4471,27,3971,28,8471,36,6601,22,119

291,30,7841,29,5791,27,804

4,21,3283,85,6213,97,8443,78,1883,79,7154,06,9463,94,4043,57,3023,93,6343,71,1564,21,5503,98,3764,09,7753,54,4574,00,1533,85,7094,11,7663,80,0564,08,1103,51,5094,32,5723,97,9124,24,5743,44,5504,07,9723,95,5894,27,6873,53,6814,26,9483,19,1983,86,1894,10,5864,09,9953,92,4143,79,8953,88,4513,73,0043,77,5303,55,6564,05,7893,50,9503,64,5164,00,8584,17,5104,07,2013,59,0973,97,1373,90,8524,58,2993,12,434

139

3,96,7094,46,6413,68,9384,10,0284,01,7124,15,5194,14,1043,92,8373,89,4433,72,0093,80,9914,02,1854,09,8953,75,4194,12,5074,28,3304,06,0863,83,2574,19,7224,29,5024,08,9123,52,5733,76,0753,79,9363,72,0814,06,3124,03,9984,01,7523,91,1763,98,2294,46,6413,52,573

294,39,4214,27,0284,05,645

7,84,6617,07,2617,79,3457,14,2797,14,7327,65,8447,15,5857,19,8787,35,4026,69,1717,99,862

NA7,48,6346,36,0827,70,9537,57,9937,62,9777,35,4227,57,9546,37,5818,22,7837,44,7087,80,7536,29,0767,79,2748,06,0208,21,1006,74,9087,94,0435,84,9767,62,7787,56,0917,50,0707,31,0737,24,9876,89,2106,70,6907,08,4686,66,8587,25,7936,24,2576,63,6817,40,7577,68,7727,46,2676,59,3927,15,9617,31,7248,64,8665,84,976

136

7,52,6308,36,7796,69,8467,43,0607,51,3607,64,7117,93,2547,18,9207,15,5546,91,5597,14,6187,42,3777,47,6787,15,5187,76,0778,14,8567,63,7377,33,6467,75,532

NANA

6,39,6197,26,1686,87,6846,93,2597,78,8357,65,1957,09,7647,19,2507,38,5748,36,7796,39,619

278,18,2517,96,0687,65,445

NANANA

13,42,87712,46,88013,19,10612,18,93415,09,21512,66,82111,34,139

NANA

12,43,708NA

12,76,31714,57,82712,63,65212,81,22813,07,77710,50,69514,33,74013,10,08912,97,34711,95,21813,94,54117,15,86114,17,77812,81,32812,76,90311,37,50113,91,58512,89,56012,23,04613,80,24113,15,62911,05,40710,83,97511,66,40511,19,86411,48,325

NA10,94,57111,95,54112,93,26112,34,36412,71,71711,51,44712,73,58117,52,6919,47,687

125

13,54,17815,33,67411,09,61712,76,13612,68,29112,66,09013,96,09212,10,94712,46,84311,64,66512,17,23112,79,205

NA12,51,05413,70,45314,12,90813,15,87812,56,79913,06,733

NANA

11,49,22812,64,13411,61,16911,65,08913,74,99212,60,19811,40,81311,91,27812,67,06515,33,67411,09,617

2613,13,94312,82,48912,68,378

NANANA

24,80,14721,55,17223,51,93522,36,501

NA22,01,04018,91,266

NANA

21,12,199NA

21,63,18328,07,87321,66,25923,09,47123,69,02517,32,31327,63,55123,46,30922,50,69623,38,53624,78,19534,68,03924,03,96024,16,88520,88,90320,41,38424,83,79822,76,54020,97,22425,94,52823,97,05917,93,06818,29,12320,31,20519,00,818

NANA

18,78,11119,86,87823,10,69021,17,90224,49,47720,00,00922,61,98034,68,03917,32,313

111

24,28,468NA

18,60,67323,37,78021,67,45322,07,23525,40,87321,40,56522,74,99120,07,87821,72,88723,15,748

NA22,95,64825,08,17824,14,26922,52,74122,13,81922,30,310

NANA

21,27,23722,89,50820,40,07619,91,39924,88,39721,20,477

NA20,30,78222,27,39125,40,87318,60,673

2422,38,24521,78,95921,64,772

NANANANA

52,15,584NANANANA

41,09,140NANA

45,71,668NA

44,13,165NANA

44,71,940NA

37,01,50967,93,69155,39,99952,47,792

NANANANA

64,40,78144,01,258

NA61,33,82150,13,77247,94,61758,08,87144,23,31533,81,39639,57,025

NA44,23,009

NANANANANANANANA

48,99,91067,93,69132,58,616

50

53,43,648NA

36,13,668NANA

56,00,548NANA

54,52,66247,10,588

NA54,77,462

NANANANANANA

41,75,608NANANA

45,93,67845,96,88543,71,58753,89,613

NANANA

48,47,81356,00,54836,13,668

11NA

47,39,77446,56,763

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

2018

1

1,20,000

2016

3

3,60,000

2014

5

6,00,000

2012

7

8,40,000

2009

10

12,00,000

2004

15

18,00,000

for private circulation only november 2019 real rate of …for private circulation only november...

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