MNYL Funds

An Insight

Performance Objective

By the end of the session the participants will be able to

• Describe the Philosophy of MNYL Funds

• Establish functioning of MNYL Investment Team

• Analyze a Fund on Technicals and Fundamentals

• Answer queries related to MNYL Funds from field resources

Asset Class Dispersion

Assets Under Management 3126 CrMAX NEW YORK SECURED FUND 400,430,807.80

MAX NEW YORK CONSERVATIVE FUND 265,386,769.91

MAX NEW YORK BALANCED FUND 1,655,875,560.97

MAX NEW YORK GROWTH FUND 21,026,517,746.16

MAX NEW YORK - GROWTH SUPER FUND 5,855,164,290.91

MAX NEW YORK - HIGH GROWTH FUND 69,713,820.67

MAX NEW YORK - DYNAMIC OPPORTUNITIES FUND 300,337,459.01

MAX NEW YORK PENSION SECURED FUND 54,506,971.83

MAX NEW YORK PENSION CONSERVATIVE FUND 30,705,055.89

MAX NEW YORK PENSION BALANCED FUND 119,587,654.23

MAX NEW YORK PENSION GROWTH FUND 724,924,824.98

MAX NEW YORK - PENSION GROWTH SUPER FUND 551,846,781.43

MAX NEW YORK - GROUP GR GROWTH FUND 41,985,061.03

MAX NEW YORK - GROUP GR BALANCED FUND 37,548,285.42

MAX NEW YORK - GROUP GR CONSERVATIVE FUND 113,062,230.34

MAX NEW YORK - GR SUPER BALANCED FUND 81,903.51

MAX NEW YORK - GUARANTEED FD-DYNAMIC 12,570,260.02

MAX NEW YORK -GUARANTEED FUND-INCOME 1,842,256.66

Investment Team

Sunil KakarDirector and CFO

• In charge of Finance, Accounts, Investment & Risk mgmt. • 20 years of diversified banking experience• Financial Control, Branch Admin, Operations, Risk & Treasury). • Director on Board where Bank of America was a shareholder. • Monitored risk management systems• Introduced new treasury products like currency options.

Prashant SharmaVP (Investments) & Fund Manager

• Chartered Accountant and CFA from the CFA Institute. • Handling Investment Portfolio since 2001.• Responsible for performance of both Equity & Debt portfolios.• Worked with KPMG in the Assurance division.

Vikas Datt(AVP) Middle Office

• MBA from CSU Australia and has over 10 years of experience.• With MNYL since 2002 in Distribution Strategy, Financial • Risk Management & Compliance Expert.

Sachin BajajManager InvestmentsAnalyst

• 9 years experience in Treasury, Banking and Fund Mgmt.• PG diploma in Finance. • With MNYL for 6 years in Strategy and Investment Function.

Fund Philosophy

Growth Super Aims at higher returns from predominantly equity instruments.Rides volatility wave, Profit booking at high levelsResearch based individual stock picks

Growth Diluted reliance on equities compared to Growth SuperLarge equity/debt band spread offers a hedge against volatility

Balanced Proportionate spread in debt & equity for moderate risk takers.Offers an equity upside while maintains a steady NAV increase from Fixed Income Instruments

Conservative Timing the market with nil to small equity participationPredominantly investing in Fixed Income InstrumentsLonger investment horizon with focus on steady NAV growth

Secure Focus on safety with investments in AAA rated debt instrumentsCapital preservation is the key driving parameter rather than returnsMoney also invested in liquid funds in the varying interest scenario

Investment Indicators (Debt)

Investment grade

AAA Best quality

AA High quality

A Upper medium

BBB Lower Medium

Sub investment grade

BB Speculative

B Highly Speculative

CCC Poor

D In default

NR Not Rated 

Cash and Equivalents Cash and money market instruments

Investment Indicators (Equity)

Growth Stocks• Tracked individually based on Research and Recommendation

• Part of the portfolio to ride the volatility wave

• Strong short term upside potential with profit booking

• Strongly linked to market sentiment and seasonality

Value Stocks• Fundamentally strongest stocks that are Key market/economy drivers

• Generally large caps with a proven dividend history

• Core sectors and Infra based stocks that form a part of Indices

• Short term and long term horizons taken into consideration

Fund Management Process

Departmental Functions• Front office: Responsible for investment decisions

CFO Fund Manager Analyst (Sector / Industry Expert)

• Mid Office: Responsible for compliance issues

Regulator Issues SEBI Directives Sectoral / Company Exposure

Floor and Ceiling limits for investments in equities, bonds, MMI, GS etc

Min Ratings of investments in bonds;

Market capitalization in case of equity investments; etc.

• Back Office: Settlement of investment deals and maintains accounts

Deal Settlement Brokerage Quotes NAV Calculation Accounts

• Dealers: Broking houses of Debt and Equity also offer recommendations

Model Equity Portfolio

• Research based investment tool for Equity, Pension and Debt Funds

• Signifies investment parameters

• Proportional allocation to Sectors

• Proportional allocation to companies within the sector

• Constructed specifically for investment philosophy of underlying fund

• Endeavour is to keep actual portfolio closest to MEP

Growth Super V/s High Growth

Growth Super• Large diversification of Equity Portfolio in terms of No. of Scrips (Around 60 Scrips)

• Concentration towards Blue Chip and strong value stocks with high dividend yields as well

• Strong short term upside potential with profit booking

• Strongly linked to market sentiment and seasonality

High Growth• Slightly less diversification with almost 40 stocks aiming at growth

• Fundamentally strongest stocks in the core sectors

• Select midcap stocks chosen to give that punch of upside with immediate profit booking

• Core sectors and Infra based stocks that form a part of Indices

• Short term and long term horizons taken into consideration

Dynamic Opportunities Fund

• No constraint on asset classes

• Gives flexibility to the fund manager

• Aim of fund manager is to generate NAV growth on a daily basis

• Offers wide range of risk appetite

• Allows 100% exposure in equity or 100% in debt

• Highest possibility of riding the volatility wave

• Ideal for the less savvy investor

• Usage of multiple debt instruments without any restrictions

Period: 54 Months

Fund performance since inception

Since Launch of Growth Super Fund

Growth Super Portfolio

Performance V/s Benchmark

The Following Benchmarks are used for evaluating the performance of funds.

Asset type BenchmarkDebt CRISIL Bond Index

Short term Debt(less than 1 Yr)

CRISIL Short Term Index

Equities NSE NIFTY

Gov. Securities I-Sec Gilt Index

Performance V/s Benchmark

MNYL FUND RETURNS AS ON 16-Mar-09NIFTY

YTD Last 1 yearSince

inceptionYTD Last 1 year

Since inception

YTD Last 1 yearSince

inception

SECURE -1.7% 13.8% 7.4% -1.9% 10.6% 7.0% 0.2% 3.2% 0.5%

CONSERVATIVE -1.8% 3.3% 9.2% -2.2% 2.8% 7.3% 0.4% 0.4% 1.9%

BALANCED -1.7% -7.5% 11.2% -3.0% -13.4% 8.0% 1.2% 5.9% 3.2%

GROWTH -3.6% -19.8% 14.7% -4.4% -28.9% 9.3% 0.8% 9.1% 5.4%

GROWTH SUPER -5.5% -33.7% -13.0% -6.1% -41.5% -21.6% 0.7% 7.7% 8.6%

Fund Name

Fund Return Benchmark Return Funds vs Bench Mark Return

MNYL Fund Performance

Particulars Value on 1 Oct 2004

Value on 20 Apr 2009

Absolute Returns (%)

CAGR (%)

Sensex 5587.46 10979.5 196.5 16.0

Growth 10 20.98 209.8 17.7

Balanced 10 17.04 170.41 12.4

Conservative 10 15.54 55.41 10.2

Secure 10 14.02 40.2 7.7

Fundamentals of Fund Analysis

• Investment Objective• Portfolio• Assets under management• Diversification Matrix (Is your fund really diversified?)• Benchmarking (Is the indexation right?)• Spread

Question time???

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