market outlook pg 3 - aditya birla sun life insurance · 2013-10-18 · money market fund income...

Index

Market Outlook

Fund Managers Profile

Fund Performance

Secure Fund

Stable Fund

Growth Fund

Growth Advantage Fund

Money Market Fund

Income Advantage Fund

Gilt Fund

Bond Fund

Fixed Interest Fund

Short Term Debt Fund

Pg 1

Pg 3

Pg 4

Pg 5

Pg 6

Pg 7

Pg 8

Pg 9

Pg 10

Pg 11

Pg 12

Pg 13

Pg 14

thas on 30 September 2013

Market Update

Indian economy is going through a challenging phase with sticky inflationary pressures. GDP growth for the year fell

to a low of 5% in FY13 due to weaker investment, exports and production. The Current Account Deficit widened to

4.9% of GDP in Q2 2013. WPI rose to 6.1% YOY in August and Core Inflation fell to 1.9%. July factory output and IIP

grew by 2.6%. While all sectors improved, manufacturing recorded the most significant gain and capital good

segment bounced back in July, however consumer goods contracted.

New RBI governor's maiden speech of FCNR deposit mobilization scheme to bring ~12-15 bn $, shifted INR to 61 –

62/USD from 68/USD. The expectations of CAD as a percentage of GDP lowered to 3.5% for current fiscal. This

improvement in CAD in QE – Sep 2013 is largely expected due to low gold imports and strong performance of IT

services exports. Government also notified of investor friendly GAAR rules to be implemented by April 2016 where

the rules would not apply retrospectively.

In its mid – Quarter monetary policy review on September 20, 2013, RBI reduced MSF by 75bps, daily maintenance

of CRR was also reduced to 95% and repo rate was hiked by 25bps to 7.5%. This means that the reverse repo rate

under LAF stands adjusted at 6.5% and bank rate stands to 9.5%.

The agricultural sector's growth contribution to GDP would increase due to good monsoon and better water

reservoir levels. The food price pressure and inflation are expected to ease due to above average monsoon and also

support rural demand. Cabinet Committee on Investment cleared large projects that would revive investment cycle

and subsequently target core inflation.

30-Sep-13 31-Aug-13 % ChangeINDEX

Nifty

Sensex

BSE 100

Dow Jones

Hang Seng

Nikkei

Nasdaq

5735.30 5471.80 4.82%

19379.77 18619.72 4.08%

5723.40 5447.15 5.07%

15129.67 14810.31 2.16%

15129.67 13388.86 13.00%

22859.86 21731.37 5.19%

3771.48 3589.87 5.06%

BSE NSE

3000

3500

4000

4500

5000

5500

6000

6500

14000

15000

16000

17000

18000

19000

20000

21000

22000

Jul-

12

Au

g-1

2

Se

p-1

2

Oct

-12

No

v-1

2

De

c-1

2

Jan

-13

Fe

b-1

3

Ma

r-1

3

Ap

r-1

3

Ma

y-1

3

Jun

-13

Jul-

13

Au

g-1

3

FII MF

(2500)

(1500)

(500)

500

1500

2500

3500

4500

5500

Se

p 1

2

Oct

12

No

v 1

2

De

c 1

2

Ja

n 1

3

Fe

b 1

3

Ma

r 1

3

Ap

r 1

3

Ma

y 1

3

Ju

n1

3

Ju

l 1

3

Au

g 1

3

Se

p 1

3

In U

S $

MN

45

50

55

60

65

70

Aug

-12

Sep

-12

Oct

-12

Nov

-12

Dec

-12

Jan-

13

Feb

-13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep

-13

` v/s USD

1

Market Update

Outlook for equities

Indian equities and rupee reversed the losses of August in September with sensex gaining 4% on positive

measures from RBI and Fed's statement of no QE tapering. With above normal monsoon contributing to

agricultural growth and recovery in second half of the year, GDP is expected to grow by 4.75 – 5 %. Investment

inflows by FII would be observed in expectation of an increase in US debt ceiling post resolving the US government

shutdown.

Sensex is currently trading at 13.6xFY15e earnings for long term investors. October would be watched for further

effective measures from RBI and government towards growth revival.

Outlook for debt

RBI continues liquidity tightening measures, short term yields are still higher. Market lost around 50bps from peak

due to RBI moves. Considering significant CAD widening, it would be critical to keep fiscal deficit in check to avoid

spill over risks.

The benchmark yield on 10 – year government bond yield traded at 8.60 – 8.70 levels and corporate bond spreads

widened to 90bps. We expect sharp cuts in government spending from October 2013.

30-Sep-13 31-Aug-13 % ChangeKey Indices

10 year G-Sec

5 Year G-Sec

91 Day T Bill

364 day T-Bill

MIBOR

Call Rates

8.76% 8.61% 1.71%

8.85% 9.40% -6.21%

9.57% 11.16% -16.61%

8.97% 9.88% -10.14%

9.94% 11.14% -12.07%

8.84% 10.26% -16.06%

10 Yr G-Sec yield 5 year AAA Corporate Bond Spread

Au

g-1

2

25

50

75

100

125

150

5.0

6.0

7.0

8.0

9.0

perc

en

tag

e (%

)

bp

s

Se

p-1

2

Oct-

12

No

v-1

2

De

c-1

2

Ja

n-1

3

Fe

b-1

3

Ma

r-1

3

Ap

r-1

3

Ma

y-1

3

Ju

n-1

3

Ju

l-1

3

Au

g-1

3

Se

p-1

3

2

Fund Managers Profile

Mr. Devendra Singhvi

Mr. Sameer Mistry

Mr. Parin Vora

Mr. Devendra Singhvi has been with BSLI since May 2006. He has over 16 years of experience in markets such as Fixed Income, Treasury, Forex and Derivatives. His previous three assignments have been with Reliance ADA Group Treasury, Prebon Yamane and Hindalco Industries Ltd. Devendra has done his graduation in Mathematics and an MBA in Finance along with a PhD.

Mr. Devendra Singhvi - Head- Fixed Income

Mr. Sameer Mistry joined BSLI in January 2009. He has over 14 years of experience in Equity Research and Fund Management. Prior to joining us, he worked as a Fund Manager with Reliance Capital Asset Management, Tata Mutual Fund and SBI Life Insurance. Sameer has done his BE (Electronics & Telecom) as well as an MBA in Finance.

Mr. Sameer Mistry - Fund Manager – Equity

Mr. Parin S Vora has been with BSLI since October 2007 and is primarily responsible for Fixed Income trading and Fund Management. He has 14 years of experience in Fixed Income Industry and was associated with Birla Sun Life Securities & Mata Securities. Parin has done his MBA in Finance from Welingkar’s Institute of Management and DPMIR from Narsee Monjee Institute of Management studies.

Mr. Parin S Vora - Chief Manager – Investments

3

thFund Performance as on 30 September 2013

Life Funds Figures in percentage (%)

Absolute Return

CAGR

Returns Period

Absolute Return

CAGR

Returns Money Market Fund


BM BM BMPeriod

1.21%

2.08%

3.88%

7.76%

8.00%

7.79%

6.74%

6.68%

6.77%

1.75%

0.76%

2.98%

6.96%

7.86%

7.37%

6.66%

-

6.42%

1.19%

-3.09%

-0.11%

4.01%

6.66%

6.25%

-

-

6.12%

0.78%

2.24%

4.39%

9.30%

9.40%

9.22%

8.45%

10.12%

9.58%

1.30%

1.11%

3.42%

8.33%

9.41%

9.09%

8.44%

-

8.82%

1 month

3 months

6 months

1 Year

2 Years

3 Years

4 Years

5 Years

Since Inception

Absolute Return

CAGR

Returns Gilt Fund Bond Fund Fixed Interest Fund

BM BMPeriod

1.75%

0.86%

3.13%

7.39%

8.37%

7.39%

6.87%

7.47%

6.72%

1.19%

-3.09%

-0.11%

4.01%

6.66%

6.25%

6.02%

6.78%

4.45%

-0.21%

-8.37%

-3.83%

1.32%

4.74%

4.75%

4.58%

8.44%

5.95%

1.49%

-1.03%

1.77%

6.92%

9.74%

8.63%

8.84%

11.57%

10.97%

0.94%

-2.29%

1.59%

6.83%

10.05%

8.80%

8.98%

12.75%

8.48%

1 month

3 months

6 months

1 Year

2 Years

3 Years

4 Years

5 Years

Since Inception

1 month

3 months

6 months

1 Year

2 Years

3 Years

4 Years

5 Years

Since Inception

Secure Fund

1.97%

-2.98%

-0.53%

2.70%

6.97%

4.59%

5.87%

9.65%

10.35%

BM

1.90%

-2.74%

0.08%

3.33%

6.73%

4.65%

5.40%

7.28%

6.44%

Stable Fund

2.62%

-2.91%

-0.91%

1.33%

6.86%

3.18%

5.42%

9.77%

13.03%

BM

2.42%

-2.50%

0.19%

2.76%

6.72%

3.40%

4.87%

7.52%

7.77%

Growth Advantage

3.80%

-2.58%

-1.27%

-0.24%

6.84%

1.62%

5.90%

13.44%

10.64%

BM BM

2.93%

-2.29%

0.27%

2.16%

6.65%

2.11%

4.29%

7.63%

9.25%

3.27%

-2.16%

0.30%

1.73%

6.58%

1.23%

3.87%

7.64%

4.85%

Growth Fund

3.34%

-2.68%

-1.18%

0.05%

6.72%

1.59%

5.36%

11.39%

14.38%

Income Advantage Fund

0.81%

-4.42%

-0.37%

4.21%

7.73%

9.07%

-

-

8.52%

Fund Name Benchmark Composition

Secure

Stable

Growth

Growth Advantage

Money Market

Income Advantage

Fixed Interest


Bond Fund

Gilt Fund

BSE 100

BSE 100

BSE 100

BSE 100

-

-

-

-

-

-

Crisil Composite Bond Index




-



Crisil Short Term Bond Index

CRISIL Short Term Bond Index

-

Crisil Liquid Fund Index







Disclaimer:

This document is issued by BSLI. While all reasonable care has been taken in preparing this document, no responsibility or liability is accepted for errors of fact or for any opinion expressed herein. This document is for information purposes only. It does not constitute any offer, recommendation or solicitation to any person to enter into any transaction or adopt any investment strategy, nor does it constitute any prediction of likely future movements in NAVs. Past performance is not necessarily indicative of future performance. We have reviewed the report, and in so far as it includes current or historical information, it is believed to be reliable though its accuracy or completeness cannot be guaranteed. Neither Birla Sun Life Insurance Company Limited, nor any person connected with it, accepts any liability arising from the use of this document. You are advised to make your own independent judgment with respect to any matter contained herein.

ULGF00212/06/01BSLGSECURE109

ULGF00312/06/01BSLGSTABLE109

ULGF00112/06/01BSLGGROWTH109

ULGF01026/11/07BSLIGGRADV109

ULGF00824/08/04BSLIGRMMKT109

ULGF01425/02/10BSLGINCADV109

ULGF00416/07/02BSLGFIXINT109ULGF01322/09/08BSLGSHTDBT109

ULGF00530/05/03BSLIGRBOND109

ULGF00630/05/03BSLIGRGILT109

SFIN

4

Assets held as on : ` 842.67 cr30th September 2013

GOVERNMENT SECURITIES: 28.51%

8.33% Government Of India 2026 3.84%










Other Government Securities 6.14%

8.9% Steel Authority Of India Ltd.2019 2.23%

9.25% PGC Of India Ltd. 2019 1.28%

9.15% ICICI Bank Ltd. 2022 1.14%

9.95% Tata Motors Ltd. 2020 1.02%

8.64% PGC Of India Ltd. 2015 1.00%

8.58% HDFC Ltd. 2018 0.98%

11.5% REC Ltd. 2013 0.93%

9.05% Rallis India Ltd. 2013 0.91%

9.15% Larsen And Toubro Ltd. 2019 0.84%

10.25% Tech Mahindra Ltd. 2014 0.83%

Other Corporate Debt 21.05%

ITC Ltd. 1.61%

Infosys Ltd. 1.36%

Reliance Industries Ltd. 1.36%

HDFC Bank Ltd. 1.11%

HDFC Ltd. 1.03%

ICICI Bank Ltd. 1.00%

Tata Consultancy Services Ltd. 0.90%

Bharti Airtel Ltd. 0.71%

Larsen And Toubro Ltd. 0.67%

Tata Motors Ltd. 0.54%

Other Equity 8.36%

RATING PROFILE

Exposure to Equities has decreased to from 19.06%, exposure to G-Secs has increased to 28.51% from 27.13% while that to MMI has increased to from 19.06% on a MOM basis. Over 87% of the debt portfolio remains invested in highest rated instruments.The fund is predominantly invested in large cap stocks and maintains a well diversified equity portfolio.

18.64%

20.64%

Modified Duration: 4.17 years

EQUITY: 18.64%

NAV as on 30th September 2013: ` 33.55

CORPORATE DEBT: 32.22%

Maturity Profile

ASSET ALLOCATION

MMI, : 20.64%Deposits, CBLO & Others

Secure BM

SECTORAL ALLOCATION

Objective:

Strategy:

To build your capital and generate better returns at moderatelevel of risk, over a medium or long-term period through a balance ofinvestment in equity and debt.

Generate better return with moderate level of risk throughactive management of fixed income portfolio and focus on creating longterm equity portfolio which will enhance yield of composite portfolio withlow level of risk appetite.

Fund Snapshot Know the Fund Better

Group Secure FundManager: Sameer Mistry (Equity) & Parin Vora (Debt) | Total Experience: 9 years & 12 years

Portfolio as on Monday, September 30, 2013ULGF00212/06/01BSLGSECURE109

Benchmark: BSE 100 & Crisil Composite Bond Index & Crisil Liquid Fund Index

NCD

20.64%

MMI, Deposits,

CBLO & Others18.64%

32.22%G-Secs

28.51%

Equities

AA+

A+4.54%

1.12%

AAA38.76%

A1+2.31%

AA

4.76%AA-

2.66%

Sovereign45.86%

0.88%

1.09%

1.34%

1.66%

2.10%

2.20%

3.30%

4.55% 4.65%

6.22%

8.19%

10.06%

10.31%

11.36%

14.87%

17.21%

OTHERS

CEMENT

MEDIA AND ENTERTAINMENT

POWER

DIVERSIFIED

ALCOHOL BEVERAGES

METAL

CAPITAL GOODS

TELECOMMUNICATION

FINANCIAL SERVICES

AUTOMOBILE

PHARMACEUTICALS

FMCG

OIL AND GAS

SOFTWARE / IT

BANKING

Apr

-05

Sep

-05

Feb-

06

Jul-0

6

Dec

-06

May

-07

Oct

-07

Mar

-08

Aug

-08

Jan-

09

Jun-

09

Nov

-09

Apr

-10

Sep

-10

Feb-

11

Jul-1

1

Dec

-11

May

-12

Oct

-12

Mar

-13

Aug

-13

7 years & above2 to 7 years

Less than 2years

40.95%

22.33%

36.72%

5














8.65% REC. Ltd. 2019 3.79%

10.1% PGC. Of India Ltd. 2017 2.04%

9.4% National Housing Bank 2013 2.02%

8.9% Power Finance Corpn. Ltd. 2014 2.00%

9.25% LIC Housing Finance Ltd. 2023 1.80%


9.6% HDFC. Ltd. 2016 1.21%

9.4% NABARD 2016 1.20%

10.48% Ultratech Cement Ltd. 2013 1.17%

10.85% REC. Ltd. 2018 1.05%


ITC Ltd. 2.83%


Infosys Ltd. 2.37%


HDFC Ltd. 1.81%






Other Equity 14.74%

RATING PROFILE

Over 97% of the debt portfolio remains invested in highest rated instruments.The fund is predominantly invested in large cap stocks and maintains a well diversified equity portfolio. Top 4 equity sectors remain same as the previous month.


EQUITY: 32.81%



Maturity Profile

ASSET ALLOCATION

MMI, Deposits, CBLO & Others: 14.08%

Secure BM

SECTORAL ALLOCATION

Objective:

Strategy:

Helps you to grow your capital through enhanced returns over a medium to long term period through investments in equity and debt instruments, thereby providing a good balance between risk and return.

To earn capital appreciation by maintaining diversified equity portfolio and seek to earn regular return on fixed income portfolio by active management resulting in wealth creation for policyholders.


Group Stable FundManager: Sameer Mistry (Equity) & Parin Vora (Debt) | Total Experience: 9 years & 11 years

ULGF00312/06/01BSLGSTABLE109

NCD

26.06%

MMI, Deposits,

CBLO & Others14.08%

32.81%

G-Secs

27.05%

Equities


Portfolio as on Monday, September 30, 2013

AA1.51%

AAA47.68%

AA+

1.61%AA-

0.15%

Sovereign49.06%

0.99%

1.09%

1.34%

1.67%

2.08%

2.19%

3.28%

4.53% 4.66%

6.21%

8.21%

10.02%

10.29%

11.35%

14.82%

17.25%

OTHERS

CEMENT


POWER

DIVERSIFIED

ALCOHOL BEVERAGES

METAL

CAPITAL GOODS

TELECOMMUNICATION

FINANCIAL SERVICES

AUTOMOBILE

PHARMACEUTICALS

FMCG

OIL AND GAS

SOFTWARE / IT

BANKING

Apr

-05

Sep

-05

Feb-

06

Jul-0

6

Dec

-06

May

-07

Oct

-07

Mar

-08

Aug

-08

Jan-

09

Jun-

09

Nov

-09

Apr

-10

Sep

-10

Feb-

11

Jul-1

1

Dec

-11

May

-12

Oct

-12

Mar

-13

Aug

-13

7 years & above2 to 7years

Less than 2years

42.58%

21.74%

35.68%

6














8.7% Power Finance Corpn Ltd. 2020 3.39%

5.9% HDFC Bank Ltd. 2014 1.46%

NABARD 2017 1.25%

8.95% Power Finance Corpn Ltd. 2015 1.18%

7.6% HDFC Ltd. 2017 1.16%

9.655% NABARD 2014 1.15%

11.25% Power Finance Corpn Ltd 2018 1.13%

9.05% State Bank Of India 2020 1.06%

8.2% Ashok Leyland Ltd. 2015 0.82%



ITC Ltd. 4.06%


Infosys Ltd. 3.35%


HDFC Ltd. 2.59%






Other Equity 21.09%

RATING PROFILE



EQUITY: 46.98%



Maturity Profile

ASSET ALLOCATION


Secure BM

SECTORAL ALLOCATION

Objective:

Strategy:

To achieve optimum balance between growth and stability to provide long-term capital appreciation with balanced level of risk by investing in fixed income securities and high quality equity security.

To ensure capital appreciation by simultaneously investing into fixed income securities and maintaining diversified equity portfolio. Active fund management is carried out to enhance policy holder’s wealth in long run.


Group Growth FundManager: Sameer Mistry (Equity) & Parin Vora (Debt) | Total Experience: 9 years & 11 years

ULGF00112/06/01BSLGGROWTH109



NCD17.63%

MMI, Deposits,

CBLO & Others14.94%

46.98%

G-Secs

20.45% Equities

AA2.64%AAA

39.22%

A1+

1.12%

A+

3.15% AA+1.58%

Sovereign52.29%

0.93%

1.09%

1.34%

1.68%

2.09%

2.18%

3.28%

4.55%

4.66%

6.23%

8.24%

10.00%

10.29%

11.37%

14.77%

17.29%

OTHERS

CEMENT


POWER

DIVERSIFIED

ALCOHOL BEVERAGES

METAL

CAPITAL GOODS

TELECOMMUNICATION

FINANCIAL SERVICES

AUTOMOBILE

PHARMACEUTICALS

FMCG

OIL AND GAS

SOFTWARE / IT

BANKING

Ap

r-0

5

Se

p-0

5

Fe

b-0

6

Jul-0

6

De

c-0

6

Ma

y-0

7

Oct

-07

Ma

r-0

8

Au

g-0

8

Jan

-09

Jun

-09

No

v-0

9

Ap

r-1

0

Se

p-1

0

Fe

b-1

1

Jul-11

De

c-11

Ma

y-1

2

Oct

-12

Ma

r-1

3

Au

g-1

3


Less than 2years

43.18%

18.55%

38.26%

7













8.83% Export Import Bank Of India 2023 3.93%

9.75% HDFC Ltd. 2016 3.32%

11.5% REC Ltd.2013 2.51%

7.6% Power Finance Corpn. Ltd.2015 2.39%

6.1% NPC. Of India Ltd. 2014 2.04%

8.95% HDFC Bank Ltd. 2022 1.19%

2% Indian Hotels Co. Ltd. 2014 1.08%


11.95% HDFC Ltd. 2018 0.45%

ITC Ltd. 4.88%

Infosys Ltd. 4.14%



HDFC Ltd. 3.11%






Other Equity 25.26%

RATING PROFILE



EQUITY: 56.34%



Maturity Profile

ASSET ALLOCATION


Advantage BM

SECTORAL ALLOCATION

Objective:

Strategy:

The Objective of the fund is to provide blend of fixed return by investing in debt & money market instruments and capital appreciation by predominantly investing in equities of fundamentally strong and large blue chip companies.

The Strategy of the fund is to build and actively manage a welldiversified equity portfolio of value & growth driven stocks by following a research-focused investment approach. While appreciating the high risk associated with equities, the fund would attempt to maximize the riskreturnpay-off for the long-term advantage of the policyholders. The nonequity portion of the fund will be invested in high rated debt and money market instruments and fixed deposits.


Group Growth Advantage FundManager: Sameer Mistry (Equity) & Parin Vora (Debt) | Total Experience: 9 years & 11 years

ULGF01026/11/07BSLIGGRADV109



NCD17.70%

MMI, Deposits,

CBLO & Others7.71%

56.34%

G-Secs18.26%

Equities

AA3.01%

AAA46.21%

Sovereign50.78%

0.76%

1.09%

1.23%

1.69%

2.08%

2.26%

3.05%

4.51% 4.75%

6.24%

8.26%

9.98%

10.43%

11.39%

15.00%

17.30%

OTHERS

CEMENT


POWER

DIVERSIFIED

ALCOHOL BEVERAGES

METAL

TELECOMMUNICATION

CAPITAL GOODS

FINANCIAL SERVICES

AUTOMOBILE

PHARMACEUTICALS

FMCG

OIL AND GAS

SOFTWARE / IT

BANKING

Ma

y-0

9

Au

g-0

9

No

v-0

9

Fe

b-1

0

Ma

y-1

0

Au

g-1

0

No

v-1

0

Fe

b-1

1

Ma

y-11

Au

g-1

1

No

v-11

Fe

b-1

2

Ma

y-1

2

Au

g-1

2

No

v-1

2

Fe

b-1

3

Ma

y-1

3

Au

g-1

3


Less than 2years

51.28%

20.16% 28.56%

8


100% of the fund is invested in highest rated instruments.The fund continues to maintain very low maturity profile.

Modified Duration: 0.13 yearsNAV as on 30th September 2013: ` 21.78

Objective:

Strategy:

The primary objective of this BSLI Fund Option is to provide reasonable returns, at a high level of safety and liquidity for capital conservation for the Policyholder

The strategy of this BSLI Fund Option is to make judicious investments in high quality debt and money market instruments to protect capital of the Policyholder with very low level of risk.


Group Money Market FundManager: Devendra Singhvi | Total Experience: 12 years

ULGF00824/08/04BSLIGRMMKT109


MM BM

Benchmark: CRISIL Liquid Fund Index


Maturity Profile

ASSET ALLOCATION

RATING PROFILE

MMI, Deposits,

CBLO & Others100.00%

A1+81.15%

Sovereign

18.85%

100.00%

Less than 2 years

May

-09

Aug

-09

Nov

-09

Feb

-10

May

-10

Aug

-10

Nov

-10

Feb

-11

May

-11

Aug

-11

Nov

-11

Feb

-12

May

-12

Aug

-12

Nov

-12

Feb

-13

May

-13

Aug

-13

9

Exposure to Corporate Debt has slightly decreased to 39.17% from 39.58% while that to MMI has slightly increased to 60.83% from 60.42% on a MOM basis. Over 86% of the fund is invested in highest rated instruments.


8.97% EID-Parry (India) Ltd. 2016 8.52%

8.95% L AndT Shipbuilding Ltd 2017 7.29%

8.8% HDB Fin Services Ltd 2016 6.02%

9.8% Power Fin Corpn. Ltd 2016 4.40%

9.63% Power Fin Corpn. Ltd. 2014 4.38%

8.85% Tata Sons Ltd. 2023 4.15%

10.18% LIC Housing Fin Ltd. 2016 2.22%

9.7% Sundaram Finance Ltd. 2014 2.19%



BM

Benchmark: CRISIL Short Term Bond Index

Objective:

Strategy:

The objective of the fund is to provide capital preservation at a high level of safety & liquidity through judicious investments in high quality short‐term debt instruments.

To actively manage the fund by building a portfolio of fixed income instruments with short term duration. The fund will invest in government securities, high rated corporate bonds, good quality money market instruments and other fixed income securities. The quality & duration of the assets purchased would aim to minimize the credit risk and liquidity risk of the portfolio. The fund will maintain reasonable level of liquidity.


Group Short Term Debt FundManager: Devendra Singhvi | Total Experience: 12 years

ULGF01322/09/08BSLGSHTDBT109

RATING PROFILE

Maturity Profile

ASSET ALLOCATION

NCD

MMI, Deposits,

CBLO & Others

39.17%

60.83%

Assets held as on : ` 22.76 cr30th September 2013 Modified Duration: 1.20 years


10.30%

AAA37.28%

A1+

AA

11.16%AA+

2.87%

Sovereign

38.39%

May-

10

Aug-1

0

Nov-

10

Feb-1

1

May-

11

Aug-1

1

Nov-

11

Feb-1

2

May-

12

Aug-1

2

Nov-

12

Feb-1

3

May-

13

Aug-1

3

Short Term Debt


Less than 2years

4.26%

29.20%

66.54%

10


RATING PROFILE

90% of the fund remains invested in highest rated instruments.














8.8% HDB Financial Services Ltd 2016 7.97%

9.3% PGC. Of India Ltd 2020 5.98%

9.02% REC. Ltd. 2022 5.46%



9.65% Chola Invt & Fin Co. Ltd. 2018 3.97%


10.6% IRFC. Ltd. 2018 0.43%

9.9% HDFC Ltd. 2018 0.41%

9.15% ICICI Bank Ltd. 2022 0.39%


Maturity Profile

ASSET ALLOCATION

Benchmark: Crisil Composite Bond index & Crisil Liquid Fund Index

Objective:

Strategy:

To provide capital preservation and regular income, at a high level of safety over a medium term horizon by investing in high quality debt instruments.

To actively manage the fund by building a portfolio of fixed income instruments with medium term duration. The fund will invest in government securities, high rated corporate bonds, high quality money market instruments and other fixed income securities. The quality of the assets purchased would aim to minimize the credit risk and liquidity risk of the portfolio. The fund will maintain reasonable level of liquidity.


Group Income Advantage FundManager: Devendra Singhvi | Total Experience: 12 years

ULGF01425/02/10BSLGINCADV109


BM


NCD

22.09%

MMI, Deposits,

CBLO & Others

41.20%G-Secs36.71%

AA4.86%AAA

35.07%A1+

4.55%

AA+

5.04%

Sovereign50.48%

Feb-1

1

Apr-

11

Jun-1

1

Aug-1

1

Oct

-11

Dec-

11

Feb-1

2

Apr-

12

Jun-1

2

Aug-1

2

Oct

-12

Dec-

12

Feb-1

3

Apr-

13

Jun-1

3

Aug-1

3

Gr. Inc Adv


Less than 2years

49.73%

36.89%

13.38%

11


Exposure to G-Secs has increased to 94.96% from 87.38% while that to MMI has decreased to 5.04% from 12.62% on a MOM basis.


Objective:

Strategy:

The fund aims to deliver safe and consistent returns over along-term period by investing in Government Securities.

Active fund management at very low level of risk by having entire exposure to government securities & money market instruments, maintaining medium term duration of the portfolio to achieve capital conservation.


Group Gilt FundManager: Devendra Singhvi | Total Experience: 12 years

ULGF00630/05/03BSLIGRGILT109














RATING PROFILE

Maturity Profile

ASSET ALLOCATION

Sovereign100.00%


MMI, Deposits,

CBLO & Others

5.04%

94.96%G-Secs

7 years & above

Less than 2 years

97.02%

2.98%

12


Exposure to Corporate Debt has increased to 61.13% from 59.96% while that to MMI has decreased to 38.87% from 40.04% on a MOM basis. Over 88% of the fund remainsinvested in highest rated instruments.


Objective:

Strategy:

The fund aims to achieve capital preservation along with stable returns by investing in corporate bonds over medium-term period.

The fund follows a strategy to invest in high credit rated corporate bonds, maintaining a short-term duration of the portfolio at a medium level of risk to achieve capital conservation.


Group Bond FundManager: Devendra Singhvi | Total Experience: 12 years

ULGF00530/05/03BSLIGRBOND109


10.6% IRFC.Ltd. 2018 4.43%

8.54% NPC. Of India Ltd. 2023 3.99%

9.18% HDFC. Ltd. 2018 3.33%

9.15% ICICI Bank Ltd. 2022 2.86%


9.55% Hindalco Industries Ltd. 2022 2.47%


8.73% PGC. Of India Ltd. 2015 2.08%

8.95% L And T Shipbuilding Ltd 2017 2.07%

9.15% Axis Bank Ltd. 2022 2.04%



Benchmark: CRISIL Short Term Bond Index

RATING PROFILE

Maturity Profile

ASSET ALLOCATION


NCD

MMI, Deposits,

CBLO & Others38.87%

61.13%

AA2.84%

AAA

15.86%A1+ AA+

6.04% AA-2.68%

72.59%


Less than 2years

19.30%

41.60%

39.10%

13


Exposure to Corporate Debt has increased to 28.74% from 23.21%, to G-Secs it has increased to 37.29% from 29.99% and to MMI, it has decreased to 33.97% from 46.80% on a MOM basis. Over 92% of the fund remains invested in highest rated instruments.


Objective:

Strategy:

The Fixed Interest Fund, with full exposure in debt market instrument, aims to achieve value creation at low risk over a long-term horizon by investing into high quality fixed interest securities.

The strategy is to actively manage the fund at a medium level of risk by having entire exposure to government securities, corporate bonds maintaining medium to long-term duration of the portfolio to achieve capital conservation.


Group Fixed Interest FundManager: Devendra Singhvi | Total Experience: 12 years

ULGF00416/07/02BSLGFIXINT109

RATING PROFILE











8.8% State Government Of A.P 2022 1.26%


9.95% State Bank Of India 2026 3.19%

9.55% Hindalco Industries Ltd. 2022 2.34%



10.6% IRFC. Ltd. 2018 1.40%




9.35% PGC. Of India Ltd. 2018 1.33%

9.27% IRFC. Ltd. 2021 1.32%



Maturity Profile

ASSET ALLOCATION

Benchmark: Crisil Composite Bond index & Crisil Liquid Fund Index


FIF BM


NCD28.74%

MMI, Deposits,

CBLO & Others 37.29%G-Secs

33.97%

AA6.69%AAA31.48%

A1+

0.04%

AA+9.58% AA-1.15%

Sovereign51.06%

Ap

r-0

5

Se

p-0

5

Fe

b-0

6

Jul-0

6

De

c-0

6

Ma

y-0

7

Oct

-07

Ma

r-0

8

Au

g-0

8

Jan

-09

Jun

-09

No

v-0

9

Ap

r-1

0

Se

p-1

0

Fe

b-1

1

Jul-1

1

De

c-11

Ma

y-1

2

Oct

-12

Ma

r-1

3

Au

g-1

37 years & above

2 to 7 years

Less than 2years

50.10%

21.13% 28.76%

14

market outlook pg 3 - aditya birla sun life insurance · 2013-10-18 · money market fund income...

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