monthly market outlook - kotak asset management

Monthly Market Outlook March 2021

1

The views expressed in this presentation are through the period ending 01-Mar-21 and are subject to change at any time based on market and other conditions This is not an offer or solicitation for the purchase or sale of any security and should not be construed as such References to specific securities and issuers are for illustrative purposes only and are not intended to be and should not be interpreted asrecommendations to purchase or sell such securities

Equity Market Outlook

March 2021

2

3

Content Page Numbers

Global Economy 4

Indian Economy 12

Risk 23

Equity Markets 28

Valuation 34

SIP Has Performed Well 42

Equity Investment Opportunity 47

Should We Invest In Gold 53

Active VS Passive Funds in Alpha Generation 55

Debt Market Outlook 60

Debt Investment Opportunity 71

Distributor Engagement 76

Annexure 81

Disclaimers amp Disclosures 87

Global Economy

4

Global GDP Growth Set To Recover Sharply

5Note Based on MSCI ACWI countries Source Jefferies Factset IMF

US Federal Government Budget Deficit amp Borrowing Has Gone Up Significantly

6Source US Treasury Department yardenicom

(billion dollars)

Solid Breadth Of Companies Beating Earnings Estimates Across Regions

7Source Bloomberg Finance LP Deutsche Bank

Market Likely Driven By Excess Personal Savings

8

US Excess Personal Savings

Source BEA Haver Analytics Morgan Stanley Research forecasts as of Jan 25 2021

US Retail Investors Plan To Put A Significant Chunk Of Any Forthcoming Stimulus Into The Stock Market

9

Planned proportion of stimulus amount in stock market investment if received in 2021 ()

Source dbDIG Survey Deutsche Bank Asset Allocation

Surge In US Inflation Expectation Continues UnabatedNow at Its Highest Level In Over 8 Years

10Source Compoundadvisorscom

Commodity Prices Are Rising But Not Yet To Dramatic Levels of 2007-08

11Source Refinitiv

lndian Economy

12

Headlines In Feb 21

13

Source Business Today

Source Bloomberg Quint

Updated on Feb 09 2021 0701 PM IST

Headlines In Feb 21

14

Source Business Standard


Company Registration Jumps 21 in April ndash Decrsquo20

15Source MCA

Sharp growth was due to the progression of smaller firms and LLPs towards forming companies as growth picked up along with improved facilitation through digital services

Indiarsquos Debt To GDP VS Major Economies

16Source Economic Survey 2020-21

Indiarsquos Public Debt To GDP Has Been Significantly Low Compared To Other Countries

Governmentrsquos Reform Momentum To Bolster Potential Growth

17Source Elara Securities

18

V Shaped Recovery

Source HIS Markit Bloomberg Index reading above 50 signals growth Score is generated on the three-month weighted averages of the indicators against the past thirty months of historical data

Domestic and overseas demand hold up for Indian companies

Nomura India Business Resumption Index Is Almost At Pre-Pandemic Levels

19

The resurgence of COVID-19 could represent a downside risk

Source Google Apple CMIE Bloomberg and Nomura Global Economics

PLI Schemes Can Add 16 To FY27 GDP amp Encourage Domestic Industry

Source RAVE Credit Suisseestimates 20

Real Estate Should Support Economic Recovery

Source The BLOOMBERG PROFESSIONALTM service Credit Suisse estimates

Mortgage rates have fallen to record lowsAffordability levels at all-time high

Source SBI HDFC Jefferies 21

Budget Aims For Ambitious Infra Spending In FY22

22

Budget has laid ambitious target for FY22 spending Infrastructure capex allocation for FY22 is steep execution key

Source Budget Elara Securities Research

Risk

23

Covid 19 Isnrsquot Yet Over

24Source Times of India

Upside Risks To Inflation Remain

25

Source CEIC UBS

RBI Survey Indicates Confidence Still Lagging

26Source RBI

Unemployment is Down but Income

27

CMIE Series of Unemployment unemployment rate (UER) (gt=15)

Unemployment Rate 30 day moving average ()

Unemployment Rate01 Mar 2021

Source CMIEcom

Equity Markets

28

Sare Jahan Se Acha Hindustan Hamara

Source Axis Capital29

-240

-168

-79

-72

-56

-26

-18

39

266(USD bn)

12 MONTHS FPI FLO W (Feb20 to Feb21)

India

Brazil

Indonesia

Philippines

Malaysia

South Africa

Thailand

Taiwan

South Korea

Source Bloomberg Axis Capital As on 28th February 2021 Past Performance may or may not sustain in the future

Performance Across Market Cap

Performance as on 28th Feb 2021 Sectoral Performance CY20 YTD ()

66

113 122

297

386 418

115

58

(12)

156 151 130

105 122

92

(10)

0

10

20

30

40

50

Nifty-50 Nifty Midcap 100 NSE SmallCap 100

1m returns 1y returns 3 yr CAGR 5 yr CAGR 10 yr CAGR

14

12

4

17

11 11 11 11

8

65

0

-1

-5

-8

Sma

llcap

10

0

Mid

cap

100

NIF

TY

50

Me

tals

Rea

lty

Ban

k

Ener

gy

Au

to

Pri

vate

Ban

ks

Fin

anci

als

Secv

ice

s

IT S

erv

ice

s

Me

dia

FMC

G

Ph

arm

a

30

Bumper Results for Dec 20 Quarter

31

Source MOSL Research

193 Cos Actual Expected

Sales 0 -2

EBITDA 19 15

PBT 33 20

PAT 31 17

NIFTY 50 Cos Actual Expected

Sales -1 -2

EBITDA 15 10

PBT 23 9

PAT 22 7

Significant Profit Pool Expansion Seen In PSU Banks Cement Auto And Auto Ancillary And Metals

32

Source ICICI Securities Internal Analysis Sectors mentioned above are used to explain the concept and is for illustration purpose only and it should not be used for development or implementation of an investment strategy It should not be construed as investment advice to any party The stocks may or may not be part of our portfoliostrategy underlying scheme

Profit Growth By Sectors

Nifty Earnings Are Expected To Accelerate Sharply Over Next Two Years

33Source NSE Company data IIFL Research Note Based on IIFL estimates

236 285 310 333

372 402 404 386

418 414

483 457 508

685

796

(41)

207

89 74

117

81

05

(45)

83

(10)

167

(54)

111

349

163

(10)

(5)

0

5

10

15

20

25

30

35

40

0

100

200

300

400

500

600

700

800

900

FY0

9

FY1

0

FY1

1

FY1

2

FY1

3

FY1

4

FY1

5

FY1

6

FY1

7

FY1

8

FY1

9

FY2

0

FY2

1ii

FY2

2ii

FY2

3ii

Rs (LHS) YoY (RHS)

Nifty EPS

Valuation Wise ndash Neutral Weight Momentum Wise - Overweight

Neutral weight doesnt mean selling equity It means profitbooking on excess position

34

Market Cap-to-GDP Ratio ndash Above Long Term Average

Market cap-to-GDP ratio Market rebound brings ratio above long term average

OW Equities =Ratio Below Historical Lows Neutral Equities = Ratio at Historical Average

Source Motilal Oswal 35

52

82 83

103

55

95

88

71

64 66

81

69

7983

79

56

104

FY05

FY06

FY07

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

E

Average of 75 for the period

Valuations Are At The Higher End Of Fair Value

NIFTY PE (x) - 1 Year Forward NIFTY PB (x) - 1 Year Forward

Source Motilal Oswal36

207

8

13

18

23

28

Feb

-06

Feb

-07

Feb

-08

Feb

-09

Feb

-10

Feb

-11

Feb

-12

Feb

-13

Feb

-14

Feb

-15

Feb

-16

Feb

-17

Feb

-18

Feb

-19

Feb

-20

Feb

-21

Average 179x

31

15

23

30

38

45

Feb

-06

Feb

-07

Feb

-08

Feb

-09

Feb

-10

Feb

-11

Feb

-12

Feb

-13

Feb

-14

Feb

-15

Feb

-16

Feb

-17

Feb

-18

Feb

-19

Feb

-20

Feb

-21

Average 27x

37

Valuations Above Long Term Average

Source FactSet Kotak Institutional Equities Sectors mentioned above are used to explain the concept and is for illustration purpose only and it should not be used for development or implementation of an investment strategy It should not be construed as investment advice to any party The stocks may or may not be part of our portfoliostrategy underlying scheme

1 Year Forward Sector PE Current 10y Average Premium(discount)

Automobiles 232 158 469Energy 158 110 431Cement 303 219 387

Consumer Discretionary 590 425 387Technology 236 177 331Industrials 250 201 246

Pharmaceuticals 243 222 94Consumers 348 318 94

Metals 93 103 -94Utilities 80 110 -276

Consumer ex ITC 507 394 285Automobiles ex Tata Motors 228 185 231Energy ex Reliance Industries 80 90 -117

1 Year Forward Sector PB Current 10y Average Premium(discount)

Pvt banks 28 25 126PSU banks 10 11 -61

Earnings Are Increasing

38Source Bloomberg

QuarterReported PAT for NSE 500

Rs in CroreAnnualised PAT on Dec 20

Dec 19 122235

Mar 20 53406

June 20 32400

Sept 20 176786 707144

Dec 20 209795 839180

TTM 472387

Market Cap (280221) 18850128

PE Ratio 399 225

Highest Ever Quarterly Profit by India Inc

Valuations Are Not As Perceived

39

Company

PE

FY20Q1FY21

(Annualised)Q2FY21

(Annualised)Q3FY21 (Annualised) FY22E

Shree Cement 634 648 439 383 358

Ultra tech Cement 488 484 375 292 321

Mindtree 397 311 261 203 191

Asian Paints 814 2567 663 447 613

Persistent Systems 378 357 315 265 239

Hero Motocorp 190 2782 181 159 183

Bajaj Auto 223 537 249 182 202

Source Company data Kotak estimates Stocks mentioned above are used to explain the concept and is for illustration purpose only and it should not be used for development or implementation of aninvestment strategy It should not be construed as investment advice to any party The stocks may or may not be part of our portfoliostrategy underlying scheme

The data for FY20 Q1Q2Q3 are actuals (annualised in the quarters) while FY22 is estimates

High Nifty Valuations Conceals the bargain opportunities in select Quality stocks

40Source ICICI Securities Internal Analysis

Adjusted PE Shows The True Valuation

Time To Be Neutral Weight To Equities

Marginally OW Small and Midcap

Marginally UW Large cap

Neutral Weight Equity

41

SIP has performed well

42

Patience Pays Off in SIPKotak Emerging Equity Fund SIP Returns

Source MFi Explorer As on 26 Feb 2021 Returns are for regular plan Nifty Midcap 100 TRI is the benchmark for Kotak Emerging Equity FundDisclaimer SIP is an optional feature offered by Kotak Mahindra Mutual Fund This feature does not in any way give assurance of the performance of any of the Funds of Kotak Mahindra Mutual Fund Pastperformance may or may not be sustained in the future The returns are calculated by XIRR approach assuming investment of Rs 10000- on the 1st working day of every month XIRR helps in calculating returnon investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration Since inception returns are assumed to be starting from thebeginning of the subsequent month from the date of inception Please consult your financial advisor or other professionals before acting on any information in this communication Please refer to disclaimerslides for scheme information and detailed performance of the fund

43

Kotak Emerging Equity Fund Feb-19 Feb-20 Feb-21

10 Yr 1630 1567 1943

7 Yr 1636 1506 1745

5 yr 1024 889 1807

3 yr 324 526 2647

1 yr -984 1316 9422

Benchmark Feb-19 Feb-20 Feb-21

10 Yr 1239 991 1480

7 Yr 1212 867 1370

5 yr 736 317 1440

3 yr 079 -333 2237

1 yr -1572 -097 9753

Patience Pays Off in SIPKotak Tax Saver Fund SIP Returns

Source MFi Explorer As on 26 Feb 2021 Returns are for regular plan Nifty 500 TRI is the benchmark for Kotak Tax Saver FundDisclaimer SIP is an optional feature offered by Kotak Mahindra Mutual Fund This feature does not in any way give assurance of the performance of any of the Funds of Kotak Mahindra Mutual Fund Pastperformance may or may not be sustained in the future The returns are calculated by XIRR approach assuming investment of Rs 10000- on the 1st working day of every month XIRR helps in calculatingreturn on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration Since inception returns are assumed to be starting fromthe beginning of the subsequent month from the date of inception Please consult your financial advisor or other professionals before acting on any information in this communication Please refer todisclaimer slides for scheme information and detailed performance of the fund

44

Kotak Tax Saver Fund Feb-19 Feb-20 Feb-21

10 Yr 1192 1159 1450

7 Yr 1227 1163 1406

5 yr 924 846 1511

3 yr 631 574 2027

1 yr -093 480 6660

Nifty 500 TRI Feb-19 Feb-20 Feb-21

10 Yr 1138 992 1387

7 Yr 1163 916 1367

5 yr 903 658 1525

3 yr 732 201 1992

1 yr -456 -397 7206

Patience Pays Off in SIPKotak Equity Opportunities Fund SIP Returns

Source MFi Explorer As on 26 Feb 2021Returns are for regular plan Nifty 200 TRI is the benchmark for Kotak Equity Opportunities FundDisclaimer SIP is an optional feature offered by Kotak Mahindra Mutual Fund This feature does not in any way give assurance of the performance of any of the Funds of Kotak Mahindra Mutual Fund Pastperformance may or may not be sustained in the future The returns are calculated by XIRR approach assuming investment of Rs 10000- on the 1st working day of every month XIRR helps in calculating returnon investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration Since inception returns are assumed to be starting from thebeginning of the subsequent month from the date of inception Please consult your financial advisor or other professionals before acting on any information in this communication Please refer to disclaimerslides for scheme information and detailed performance of the fund 45

Kotak Equity Opportunities Fund Feb-19 Feb-20 Feb-21

10 Yr 1277 1242 1526

7 Yr 1281 1192 1443

5 yr 923 885 1540

3 yr 576 582 2067

1 yr -313 720 6502


10 Yr 1140 992 1368

7 Yr 1165 915 1351

5 yr 931 686 1514

3 yr 822 256 1931

1 yr -274 -478 6874

46

Patience Pays Off in SIPKotak Bluechip Fund SIP Returns

Source MFi Explorer As on 26 Feb 2021 Returns are for regular plan Nifty 50 TRI is the benchmark for Kotak Bluechip FundDisclaimer SIP is an optional feature offered by Kotak Mutual Fund This feature does not in any way give assurance of the performance of any of the Funds of Kotak Mutual Past performance may or maynot be sustained in the future The returns are calculated by XIRR approach assuming investment of Rs 10000- on the 1st working day of every month XIRR helps in calculating return on investmentsgiven an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration Since inception returns are assumed to be starting from the beginning of thesubsequent month from the date of inception Please consult your financial advisor or other professionals before acting on any information in this communication Please refer to disclaimer slides forscheme information and detailed performance of the fund

Kotak Bluechip Fund Feb-19 Feb-20 Feb-21

10 Yr 1078 1016 1354

7 Yr 1064 940 1319

5 yr 758 678 1479

3 yr 539 435 2006

1 yr -282 108 6528


10 Yr 1108 979 1341

7 Yr 1130 918 1364

5 yr 958 772 1570

3 yr 989 429 1947

1 yr 112 -515 6633

47

Equity Investment Opportunity

48

Kotak Pioneer Fund

India Basketbull Approx 80 of portfolio invested in 35 businesses

in India

bull Digital ecosystems

bull China + strategy for manufacturing

bull Consumer discretionary

bull Healthcare

bull Chemicals

bull Fintech

bull Materials

bull Investing in a global fund with a similar pioneering theme ndash CI SignatureTechnology Fund

bull Much more than FANGM (Facebook Amazon Netflix Google Microsoft)

bull FANGM investment less than 5 of CI Signature Technology Fund as on Jan2021

bull Investments in decentralized finance payments ecommercesemiconductor urban transport social media etc

bull The international diversification ndash hedge against the domestic businesscycle and potential of INR depreciation against the USD over the mediumterm

Companies that use technology through process for enduring competitive advantage

International Diversification

Source ICRA As on 26th February 2021 Past Performance is not a guarantee for future return Mutual fund investments are subject to market risks read all scheme related documents carefully Please consult your financial advisor or other professionals before acting on any information in this communication Please refer to disclaimer slides for detailed performance amp scheme information of thefund

1 YearSince

Inception(31102019)

Kotak Pioneer Fund - Regular Plan 5550 3678

Benchmark 85 IISL Kotak India Pioneering Innovations + 15 MSCI ACWI Information Technology Index TRI 4230 2467

Nifty 50 TRI 3137 1752

Less than equal to 1 year Absolute returns Greater than 1 year Compound Annualized returns

49

Kotak Small Cap Fund

bull Kotak Small Cap Fund Identifies the hidden growth potential of small cap sized companies

bull The essence is to spot them young and watch them grow

bull Kotak Small Cap Fund focus on investing in quality businesses with strong competitive edge run by great management generating high return on capital amp offering sustainable growth with high market potential and available at reasonable valuations


Less than or equal to 1 year Absolute returns Greater than 1 year Compound Annualized returns

Scheme Name 1 Year 3 Year 5 Year 7 Year 10 year

Kotak Small Cap Fund - Reg - Growth 5207 1309 2037 2233 1777

Nifty Smallcap 100 TRI 4344 -017 1412 1488 1045

Healthy growth in Revenue EBITDA and PAT in investee companies in the aftermath of COVID 19 ( Q3FY21)

Sales Growth YoY EBITDA Growth YoY PAT Growth YoY

Q1FY21 Q2FY21 Q3FY21 Q1FY21 Q2FY21 Q3FY21 Q1FY21 Q2FY21 Q3FY21

Kotak Small Cap Fund -243 53 167 173 262 312 -163 311 338

Kotak Asset Allocator Fund ndash An Effective Asset Allocation Medium To Ride The Market

PeriodKotak Asset Allocator

Fund - GrowthNIFTY 50 Hybrid Composite Debt 5050

Index Nifty 50 TRI

Since Inception 1578 1221 1722

Last 5 Year 1464 1355 1729

Last 3 Years 1462 1199 1288

Last 1 Years 2928 2142 3137

Past performance may or may not be sustained in the future Inception date is as of Aug 09 2004

Mutual Fund investments are subject to market risks read all scheme related documentscarefullySource ICRA As on 28th February 2021 Past Performance is not a guarantee for future return Mutual fund investments are subject to market risks read all scheme related documents carefully Please consult your financial advisor or other professionals before acting on any information in this communication Please refer to disclaimer slides for detailed performance amp scheme information of thefund

Return Profile

bull Higher Flexibility of allocation (0-100 in Equities)bull Current equity allocation is 37

50

51

Debt Investors With Marginal Appetite For Equity Can Consider Investment In Kotak Debt Hybrid Fund

bull Fixed income component at ~75 amp above This keeps the volatility low amp relatively marginal level

bull Equity exposure at 25 or less allows the investor to obtain the flavor of equity play without significant risk to capital

bull SWP can be utilized to meet ldquotax efficientrdquo income requirements of the investor

Source ICRA As on 26th Feb 2021 Industry data is from AMFI and Kotak Debt Hybrid data is from CAMS Past Performance is not a guarantee for future return Mutual fund investments are subject to market risks read all scheme related documents carefully Please consult your financial advisor or other professionals before acting on any information in this communication Please refer to disclaimer slides for detailed performance amp scheme information of thefund

Please consult your tax advisor for further details


Benchmark Crisil Hybrid 85+15 ndash ConservativeIndex

Net Aum flows in Rs Crs over last 12 months()

As on 31st Jan 2021

885

-15540 -14655

Kotak Debt Hybrid Others Total

Time HorizonKotak Debt Hybrid

Fund Nifty 50 TRI Benchmark

1 Year 1502 3137 1166

2 Years 1329 1742 1206

3 Years 923 1288 1010

5 Years 1046 1729 1030

52

Shift Money To Alpha Generating Large Caps

7 Years 5 Years 3 Years 1 Year

Kotak Bluechip Fund ndash Direct Plan 1655 1694 1272 2655

Nifty 50 TRI 1423 1712 1254 2583

bull Kotak Bluechip Fund is flexible in its large cap themes rather than being rigid in different market scenarios

bull It continues to focus on businesses with favourable supply side dynamics

bull Also focuses on capital efficiency with a reasonable track-record of capitalizing on various opportunities

bull There are broadly 4 sub-themes that fund captures now namely Financial Savings Moving from Lockdown to Unlock Consumer Demand amp Global Business


Less than 1 year Absolute returns Greater than 1 year Compound Annualized returnsPast performance may or may not be sustained in the future Direct Growth option Inception Date is 1st Jan 2013 (Regular Plan Dividend Option InceptionDate Dec 29 1998)

Should We Invest In Gold

53

Gold

bull We have highlighted risk of import duty being reduced to our gold call

bull The same has played out in this budget as import duty rationalised from 125 to 10 ( 75 Import Duty Plus Agriculture Cess )

bull If the import duty is reduced further to that extent there will be a drop in Rupee Gold prices instantly

bull Subject to that volatility we remain bullish Gold on a longer term basis

bull Gold has corrected in recent times for accumulation

Mutual fund investments are subject to market risks read all scheme related documents carefully Please consult your financial advisor or other professionals before

acting on any information in this communication54

Active VS Passive Funds in Alpha Generation

55

56

Index Funds Underperforms Index

Source ICRA As on 26th Feb 2021 Source Past Performance is not a guarantee for future return Mutual fund investments are subject to market risks read all scheme related documentscarefully Please consult your financial advisor or other professionals before acting on any information in this communication Please refer to disclaimer slides for detailed performance ampscheme information of the fund

Fund Category 1 Year 3 Year 5 Year

SampP BSE Sensex TRI 2990 1420 1790

Category Average 2866 1328 1684

Alpha-124 -092 -106


Nifty 50 TRI3130 1290 1730


Alpha-111 -097 -124

Less than 1 year Absolute returns Greater than 1 year CAGR

Active Funds Can Give Alpha

bull Active funds canrsquot take more than 10instocks

bull Fund has to keep Cash to meetredemptions

bull Index changes stocks at the closing price with no impact cost

bull Globally Total Return Index is compared with funds gross return ie expenses are added back to performance In India TRI is compared with net return of the fund

bull In Insurance for eg they comparegross return with PRI In MF wecompare TRI with net return

Source ICRA As on 26th Feb 2021 Source Past Performance is not a guarantee for future return Mutual fund investments are subject to market risks read all scheme related documents carefully Pleaseconsult your financial advisor or other professionals before acting on any information in this communication Please refer to disclaimer slides for detailed performance amp scheme information of the fund

57

Scheme Name 1 Year () 3 Year () 5 Year() 7 Years()

Kotak Infrastructure amp Economic Reform Fund - Dir - Growth

3092 538 157 1841

India Infrastructure Index (Customised Index by IISL)

3064 243 1089 895

Alpha 028 295 481 946

Kotak Small Cap Fund - Dir - Growth 5427 1462 2281 2399

Nifty Smallcap 100 TRI 4344 -017 1512 1488

Alpha 1083 1479 769 911

Kotak Emerging Equity Fund - Dir - Growth 3842 1345 2235 2493

Nifty Midcap 100 TRI 3985 679 1739 1814

Alpha -143 666 496 679

Kotak Flexicap Fund - Dir - Growth 2614 1192 1969 1905

Nifty 200 TRI 3214 1135 1826 1498

Alpha -60 057 143 407

Kotak Equity Opportunities Fund - Dir -Growth

2915 1284 2035 1869

Nifty 200 TRI 3214 1135 1826 1498

Alpha -299 149 209 371

Kotak Tax Saver Fund - Dir - Growth 2841 1353 1996 1889

Nifty 500 TRI 3337 1086 1836 1539

Alpha -496 267 16 35


58

Scheme Name 1 Year () 3 Year () 5 Year() 7 Years

Kotak India EQ Contra Fund - Dir - Growth 3288 1444 2107 1711

Nifty 100 TRI 311 1191 1826 1468

Alpha 178 253 281 243

Kotak Bluechip Fund - Dir - Growth 315 1307 1812 1644

Nifty 50 TRI 3127 1288 1837 1414

Alpha 023 019 -025 23

Kotak India Growth Fund - Series IV - Dir - Growth 6903 1602 - -

Nifty 200 TRI 3214 1135 - -

Alpha 3689 467 - -

Kotak Pioneer Fund - Dir - Growth 5808 - - -

85 IISL Kotak India Pioneering Innovations + 15 MSCI ACWI Information Technology Index TRI

423 - - -

Alpha 1578 - - -

Kotak India Growth Fund - Series V - Dir - Growth 4674 - - -

Nifty 200 TRI 3214 - - -

Alpha 146 - - -




Our Funds Have Bounced From The Bottom

Source MFI Explorer As on 26th February 2021 Past performance may or may not sustain in the future Please consult your financial advisor orother professionals before acting on any information in thiscommunication Please refer to the disclaimer slides for scheme information

59

554

791840 853 855 864 906

9551001

12281308

Kotak BalancedAdvantage

Fund

Kotak EquityHybrid Fund

Kotak FlexicapFund

Kotak Tax SaverFund

Kotak EquityOpportunities

Fund

Kotak FocusedEquity Fund

Kotak BluechipFund

Kotak India EQContra Fund

Kotak EmergingEquity Fund

Kotak PioneerFund

Kotak SmallCap Fund

change in NAV of our funds when Nifty 50 was ~7610 (From 23rd Mar 2020 till 26th Feb 2021)

Regular growth Plans performance

Debt Market Outlook

March 2021

60

61

Source Bloomberg

Liquidity is Here To StayMarket may have misread RBI Signal

-9000

-8000

-7000

-6000

-5000

-4000

-3000

-2000

-1000

0

1000

5

55

6

65

7

75

Jun

-19

Jul-

19

Au

g-1

9

Sep

-19

Oct

-19

No

v-1

9

Dec

-19

Jan

-20

Feb

-20

Mar

-20

Ap

r-2

0

May

-20

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan

-21

Feb

-21

India 10-Year Bond Yield (LHS)

India Banking System Liquidity (RHS)

INR Bn

bull Overnight rates will remain anchored at Reverse Repo rates longer than what market is pricing in bull RBI aims to normalize CRR in the near-term The CRR normalisation opens up space for a variety of market operations to inject

additional liquidity which may induce curve flattening

62

Fear of Liquidity Withdrawal Spooked The Mid-To-Long End (~2-7years) of The Curve

bull Yield Curve is now pricing in more negatives ndash liquidity tightening rate hikes etc

bull Yields have moved up across the curve especially mid to long end of the yield curve

Source Bloomberg

3

4

5

6

7

8

3M 6M 1Y 2Y 3Y 4Y 5Y 6Y 7Y 8Y 10Y 11Y 12Y 13Y 14Y 15Y 23Y 30Y 40Y

India Sovereign Curve ()

01-Mar-21 31-Dec-20 30-Jun-20

Opportunity of value creation exists in the longer end of the curve

The current yield curve is too steep enhancing the case to chase the carry in fixed income as opposed to capital gains

Bond Carry Strategy A strategy that is adopted when your yield curve is steep One invests at that part of the curve which is cheap in valuation ie higher yield that is pricing in more negatives than what may actually happen

FII Activity in Debt Market

Source Axis Capital

USD Mn

63

(1494)

381

(8680)

(1434)

(2695)

402

(534)(142)

471 520 191 1080

(740) (391)

(10500)

(9000)

(7500)

(6000)

(4500)

(3000)

(1500)

0

1500

3000

Jan

-20

Feb

-20

Mar

-20

Ap

r-2

0

May

-20

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan

-21

Feb

-21

Source MOSPI ICRASource Bloomberg RBI Internal Research Morgan Stanley Research

406

530

00

10

20

30

40

50

60

70

80

Mar

-15

May

-15

Jul-

15

Sep

-15

No

v-1

5

Jan

-16

Mar

-16

May

-16

Jul-

16

Sep

-16

No

v-1

6

Jan

-17

Mar

-17

May

-17

Jul-

17

Sep

-17

No

v-1

7

Jan

-18

Mar

-18

May

-18

Jul-

18

Sep

-18

No

v-1

8

Jan

-19

Mar

-19

May

-19

Jul-

19

Sep

-19

No

v-1

9

Jan

-20

Mar

-20

May

-20

Jul-

20

Sep

-20

No

v-2

0

Jan

-21

CPI Core CPI

Headline Inflation To Remain Range-bound Though Marginally Above The 4 Mark In The Near Term

bull We expect a prolonged pause from the MPC in FY22 and an accommodative stance until late FY22 at least

CPI is still likely to be above the medium-term target of 4 for most of H1-FY22 further rate cuts appear unlikely unless the economic environment worsens significantly

64

65

RBI Remains Committed on OMOOperation Twist To Fund Govt Borrowing

FY 21 (RE) FY 22 (BE)

Gross Market Borrowing 1279788 1205708

Source indiabudgetgovin Internal Estimates BE is Budgetary estimates RE is revised Estimates

(in Rs Crores)

INR 75000 cr OMOOperation Twist already done post budget borrowing announcement

Source CNBC

SDL Spreads Close To Peak Levels Attractive in Terms of Valuation

10yr Central Govt Gilt Yields vs 10yr SDL Yields

Source RBI Jefferies66

Current Spreads Look Attractive For Long Term Investors

Source Bloomberg Citi Research

Spread between 10year Gilt and 1year Gilt Yield MPCrsquos Focus on Term Premia Is Likely To Prevent Imminent Sharp Rise In Bond Yields

Incremental Spreads in 10 Year provides a good cushion to shocks

67

211

0

50

100

150

200

250

300

Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21

Case For Carry Corporate Bond Spreads Show Attractive Valuation Opportunity

Source Bloomberg Jefferies

Corporate AAA Bond Yield ()

68

444

558

3

35

4

45

5

55

6

65

7

75

Mar

-hellip

Ap

r-2

0

May

-hellip

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan

-21

Feb

-21

1 Year AAA Corporate Bond


450

500

550

600

650

700

750

800

850

1Y 2Y 3Y 4Y 5Y 7Y 10Y

01-Mar-21 29-Jan-21 31-Dec-19

India Corporate Bond Curve


69

Market Is Pricing In More Negative News

NABARD Yield Incremental Yield

adjusted for holding period

Protection for Rise in 10 yrNabard (bps)

Breakeven level10 yr Nabard

A 1 yr 425 After 1 yr

10 yr 715 29 051 766

B 2 yr 505 After 2 yr

10 yr 715 21+21=42 084 799

C 3 yr 56 After 3 yr

10 yr 715 155+155+155=455 103 818

Assuming investment HTM in short bonds for respective holding periods Adjusted is incremental yield for 2 yrmultiplied by 2 and 3 yr by 3

Source Internal Analysis The above illustration is not an indication of our portfolio

Debt Outlook

70

bull Liquidity is here to stay much longer than what market is fearing

bull Overnight rates are expected to gradually trend higher as normalisation of rates take place over the course of next 1 year

bull Fear of Liquidity withdrawal has led to sharp spike in OIS- swap yields in 1 yr at 392 and 2 yr at 435 this effectively means forward curve is pricing in almost 3 rate hikes of 25 bp each in Repo rate for the seller of the 2 yr swap to break even In our opinion is too soon and more than what the fundamental situation can justify purely based on inflation outlook

bull Inspite of the recent spike in crude oil prices average headline inflation for FY 22 is in the band of 5-525

bull With comfort on inflation reduction in gold imports stable to appreciating INR (High Fx reserves)We believe RBI will maintain a status quo along with its accommodative stance as there is no big urgency to rush for rate hikes

bull RBI while not giving OMO calendar is actually done decent amount of OMO till now and remain committed for more As the System isflush with liquidity and FX flows coming RBI is constrained to conduct aggressive OMO and add liquidity As the CRR cut reversal announced earlier will take out about 16 lac cr worth liquidity will increase the ability of the RBI to conduct outright OMO vs OT which will be more positive the long bonds

bull For investors it is best to stick to intended investment horizons as volatility would continue to be order of the day

bull Duration investors with appetite for volatility can look to invest in the Gilt Bond and Dynamic Bond Funds space

bull Investors looking for relatively higher YTM can consider Floating rate Fund Medium-Term Fund and Credit Risk Fund segment

bull Investors should stay invested across fixed income strategies ndash as ldquocarryrdquo assumes significance over ldquocapital gainsrdquo

Debt Investment Opportunity

71

Debt Funds Have Generated Good Returns For The Patient Investors

Source MFi Explorer Data as on 26 Feb 2021 Past performance may or may not sustain in the future Please refer to disclaimer slides for detailed performance and scheme information of the funds 72

Fund Name 3 Year Returns of Fund () (CAGR)

Kotak Gilt Fund 980

Kotak Dynamic Bond Fund 921

Kotak Banking and PSU Debt Fund 894

Kotak Bond Fund 879

Kotak Corporate Bond Fund 838

Kotak Bond Short Term Fund 815

Kotak Credit Risk Fund 702

Kotak Medium Term Fund 650

73

Kotak Dynamic Bond Fund Has Outperformed Over Long-Term Since 2018

928

600

650

700

750

800

850

900

950

1000

1050

Feb

-18

Ap

r-1

8

May

-18

Jul-

18

Au

g-1

8

Sep

-18

No

v-1

8

Dec

-18

Jan

-19

Mar

-19

Ap

r-1

9

Jun

-19

Jul-

19

Au

g-1

9

Oct

-19

No

v-1

9

Jan

-20

Feb

-20

Mar

-20

May

-20

Jun

-20

Jul-

20

Sep

-20

Oct

-20

Dec

-20

Jan

-21

Feb

-21

Rolling Returns()

Kotak Dynamic Bond Fund - Reg - Growth NIFTY Composite Debt Index

915

Credit funds carry credit risk and duration dynamic funds carry interest rate risk

Hence our advice to IFA distributors is that they allocate clients money in both dynamic and accrual funds from a 3 year perspective

Source ICRA As on 26th February 2021 The above returns is daily rolling returns for last 36months Past Performance is not a guarantee for future return Mutual fund investments are subject to market risks read all scheme related documents carefully Please refer to the disclaimer slides for detailed performance of the fund

Kotak Medium Term Fund

Fund YTM (As on 26 Feb 2021) Respective Segment YieldsIncremental Earnings

(Spread)

Kotak Medium Term Fund 699 3 Year AA 574 125

Source Bloomberg Data as on 26-Feb-2021 Past performance may or may not sustain in the future Please refer to the disclaimer slides for performance details amp scheme information

Mutual fund investment are subject to market risks read all scheme related documents carefully

26-Feb-2021 Average Maturity (Years) Modified Duration (Years) Macaulay Duration (Years)

378 263 281

bull Duration of the fund has come down as we expect normalisation of rates to take place over the course of next 1 year We see merit in running lower duration in Medium Term Fund

bull We believe Kotak Medium Term fund is a reasonably attractive investment option for investors with minimum 1 year investment horizon

74

Attractive Yields Across The Segment

Source Bloomberg Data as on 26 Feb 2021 Past performance may or may not sustain in the future Please refer to the disclaimer slides for scheme details

Mutual fund investment are subject to market risks read all scheme related documents carefully 75

458

699 699

389

638 638

0

1

2

3

4

5

6

7

8

Kotak Low Duration Fund Kotak Credit Risk Fund Kotak Medium Term Fund

YTM () (As on 26 Feb 21) Respective Segment Yields ()

1 Year OIS

3 Year AA

3 Year AA

Incremental Spread 069



Distributor Engagement

76

Prostart ndash Video Learning Platform

1FINANCIAL PLANNING (10 VIDEOS)

2SOCIAL MEDIA MARKETING (14 VIDEOS)

3UNDERSTANDING RISK IN MFrsquoS (5 VIDEOS)

4TAXATION IN MFrsquoS (2 VIDEOS)

5NEW NORMAL (1 VIDEOS)

6MAXIMIZING DIGITAL CONNECTIONS (2 VIDEOS)

7HANDLING INVESTOR EMOTIONS (4 VIDEOS)

8ACQUIRING NEW CLIENTS (3 VIDEOS)

9THE NEXT WAVE (3 VIDEOS)

77

Over 25000 Participants

have viewed these Videos (Till Feb 2021)

Testimonials

ldquoGood Initiative developed by Kotak MF to enhance knowledge amp practical approach for MFDsrdquo -Md Qaise Ghazali

ldquoVery Knowledgeable Thank You Kotak MF Teamrdquo ndashVikas Jain

10DEBT DEMYSTIFIED (12 VIDEOS)

78

Business Dashboard

Transaction History

Distributor Initiated Transaction

Capital Gain and Account Statement

Prostart

Business Hub

More than 13574 IFArsquos are actively using Business Hub

Dont miss out on the benefits of Business Hub

Co-branding Marketing Material

Business opportunities

Stay Updated Follow us at Kotak Mutual Fund Click here to visit our YouTube Channel

How To Boost Business Using Business Hub

Product Video ndash Now Available In Different Languages

Kotak Bluechip Fund

Debt Market Outlook ndash March 2021

Kotak NASDAQ-100 FOF

How to make money through equity asset allocation (English)

Equity Market Outlook ndash March 2021

HindiGujaratiMarathiTeluguKannadaTamilMalayalamBengali

English ndash Mr Arjun Khanna amp Ms Lakshmi Iyer amp Mr Harsha Upadhyaya

Hindi - Mr Arjun Khanna

79

80

Please Follow Like And Share Kotak Mutual Fundrsquos Official Social Media Pages For Regular Updates

Twitter - KotakMF - httpstwittercomKotakMF

Facebook - KotakMF - httpsfacebookcomKotakMF

YouTube - Kotak Mutual Fund - httpswwwyoutubecomcKotakMutualFundOfficial

Instagram - Kotak Mutual Fund - httpsinstagramcomkotakmfigshid=kr86qg3u973n

LinkedIn - Kotak Mutual Fund - httpswwwlinkedincomcompanykotak-mutual-fund

ANNEXURES

81

Kotak MF Mantra lsquoReturn of Capitalrsquo is more important

Strong Promoters Cashflow backed business Liquidity and Asset Security are key to our investment ideas

82

Rating amp Category Breakup Across Kotak MF Open-Ended Debt Funds

Data As on 26 Feb 2021

We follow our investment process of focussing on credit quality and liquidity profile of our debt funds and maintain high degree of transparency for investors

Please consult your financial advisor or other professionals before acting on any information in this communication

It is the prerogative of the fund manager to ascertain whether any security provides investment benefit to the fund and is in keeping with the larger investment goal strategy and the investment amp operational mandate of the fund As such the fund manager may or may not choose to invest in a particular credit paper The portfolio construction is the purview of the Fund Manager and allocation may change from time to time Internal Source Mutual fund investments are subject to market risks read all scheme related documents carefully

Feb-21 April-20

Credit Rating of Open-Ended Debt Funds of Total AUM of Total AUM

TbillG-SecSDLAAAA1+Cash 9393 9281

AA+ 228 165

AA 248 290

AA- 087 142

Below AA- 043 122

Grand Total (AUM) (INR Cr) 11895880 78624

The above rating allocation does not include NCA (Net Current Assets)

83

bull At Kotak MF we have zero borrowing across all our funds as on 26 Feb 2021

Mutual fund investments are subject to market risks read all scheme related documents carefully

Liquidity Position Of Kotak MF Debt Funds As said earlier our incremental allocation has gone into higher quality assets

Name of the Fund Fund Category of AUM in AAA (Long Term) or

A1+ (Short Term) Sovereign Debt Cash amp NCA (Dec 2020)

of AUM in AAA (Long Term) or A1+ (Short Term) Sovereign Debt

Cash amp NCA (Apr 2020)

Non-Credit Strategies

Kotak Liquid Fund Liquid 100 100

Kotak Money Market Fund Money Market 100 100

Kotak Corporate Bond Fund Corporate Bond 100 100

Kotak Bond Short Term Fund Short Duration 100 100

Kotak Bond Fund Medium to Long Duration 96 86

Kotak Dynamic Bond Fund Dynamic Bond 92 85

Kotak Savings Fund Ultra Short Duration 91 87

Kotak Banking and PSU Debt Fund

Banking and PSU 88 79

Kotak Low Duration Fund Low Duration 85 52

Credit Strategies

Kotak Medium Term Fund Medium Duration 63 50

Kotak Credit Risk Fund Credit Risk 36 27

As on 26 Feb 2021It is the prerogative of the fund manager to ascertain whether any security provides investment benefit to the fund and is in keeping with the larger investment goal strategy and the investment amp operational mandate of the fund As such the fund manager may or may not choose to invest in a particular credit paper The portfolio construction is the purview of the Fund Manager and allocation may change from time to time Internal Source Please refer to the disclaimer slides for scheme details

The above rating allocation includes NCA (Net Current Assets)

84

Key Variables amp Their Impact On Interest Rates

Key VariablesShort Term

(3-6mo)Medium Term

(6mo-2yrs)Remarks ndash( Denotes fall in Interest Rates )

InflationHeadline CPI is expected to be in the range of 4-5 for the year Despite expansion of the fiscal deficit the quality ofspending appears to be non inflationary Inflation is unlikely to be area of problem in the year

Rupee

INR has been quite strong since last 3m curtsey strong FDI and FPI flows in equity Lat 1 yr also its marginallydepreciated We have FX reserves closes to 600 bn and given CAD and TD under control INR is expected to remain wellbid We believe in the absence of any geo political event INR is expected to be stable and shall appreciate as economicgrowth stabilizes RBI is keeping INR competitive on REER basis

Credit DemandGradually economy is opening up and Credit growth is expected to pickup as unlocking activity resumes and gains momentum post vaccination in phases However situation is fragile and this may accentuate the situation further However easy rates may help some demand pickup Till then credit growth will not impact rates negatively

Government Borrowing

Union budget has shocked the market by giving 80 extra borrowing for the current year in dated securities Next year also borrowing is on heavier side However we believe the govt RBI may have some credible plan to conduct the borrowing smoothly As the budget is non inflationary and otherwise also inflation is under control there is no reason for govt to give so high real rates hence we believe the RBI will pull some demand leveres such as index inclusion or OMO Will have to wait for MPC

RBI PolicyRbi has shown commitment in the past and there is no reason for taking the rates higher hence we believe RBI is expected to come up with some credible plan If they leave it to the market then we are headed for a tough time

Global Event RiskThe News of a Vaccine has triggered a risk-on event and lead to a sharp rally in risk asset and bonds were sold offHowever yields will look for growth which may not come in a hurry On the other hand the risk of a geopolitical eventis always open

Corporate bond SpreadWhile some green shoots seen but on an over all basis the economy is still struggling Short term spreads have seendecent compression unlikely to compress further meaningfully Long terms bonds still offer attractive spreads but likelyjust a carry trade

Debt FII flowWe have seen some traction coming in near term with revival of flows from the FPI in debt However its seems real flows will only be seen with index inclusion

Liquidity

Despite very high liquidity more than 1 yr yield is moving higher as the fear is RBI will remove accommodation sooner than later However we believe large part of the move is done 2-10 yr curve

85

Key Variables amp Their Impact On Equities

Key VariablesShort -term

Medium ndashterm

Remarks

EconomyWhile Covid-19 impacts economy there is likely to be sequential improvement as Indian economy unlocks

Corporate EarningsWhile Covid-19 impacts corporate India there is likely to be sequential improvement as Indian economy unlocks

FII FlowIndia stands out among global asset classes with prospects of strong long term growth given favorable demographics

DII Flow Long runaway of growth in financialization of savings

Supply of paperHigher disinvestment target and repair of leveraged balance sheet to create supply in markets

PolicyReform Initiative Expect improved reform momentum

Signify Growth 86

Disclaimers amp Disclosures

87

The information contained in this (document) is extracted from different public sources All reasonable care has been taken to ensure that the information contained hereinis not misleading or untrue at the time of publication This is for the information of the person to whom it is provided without any liability whatsoever on the part of KotakMahindra Asset Management Co Ltd or any associated companies or any employee thereofWe are not soliciting any action based on this material and is for generalinformation only Investors should consult their financial advisors if in doubt about whether the product is suitable for them before investing

These materials are not intended for distribution to or use by any person in any jurisdiction where such distribution would be contrary to local law or regulation Thedistribution of this document in certain jurisdictions may be restricted or totally prohibited and accordingly persons who come into possession of this document arerequired to inform themselves about and to observe any such restrictions

Mutual Fund investments are subject to market risks read all scheme related documents carefully

Disclaimers amp Risk Factors

88

Scheme Inception date is 26052008 Mr Deepak Agrawal has been managing the fund since 25112012 Different plans have different expense structure The performance details provided herein are of regular plan ^Past performance may or may not be sustained in futureAll payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV Returns gt= 1 year CAGR (Compounded Annualised Growth Rate) NA stands for data not available Note Point to Point (PTP) Returns in INR shows the value of 10000- investment made at inception Source ICRA MFI Explorer Name of Scheme Benchmark Name of Additional Benchmark The performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Alpha is difference of scheme return with benchmark return

Kotak Dynamic Bond Fund As on 26 Feb 2021


Kotak Banking amp PSU Debt Fund As on 26 Feb 2021

89

Dec 29 1998Kotak Banking and PSU

Debt Fund - GrowthCRISIL Banking and PSU

Debt Index ALPHA CRISIL 1 Year Tbill

Kotak Banking and PSU Debt Fund - Growth

CRISIL Banking and PSU Debt Index

CRISIL 1 Year TBill

Since Inception 753 NA NA 662 50043 NA 41450

Last 1 Year 744 632 112 547 10742 10630 10546

Last 3 Years 894 868 026 665 12926 12834 12127

Last 5 Years 846 854 -008 656 15006 15064 13739

May 26 2008Kotak Dynamic Bond

Fund - GrowthNIFTY Composite Debt

Index ALPHA CRISIL 1 Year TBill

Kotak Dynamic Bond Fund - Growth

NIFTY Composite Debt Index

CRISIL 1 Year TBill

Since Inception 860 846 014 648 28659 28180 22287

Last 1 Year 685 790 -105 547 10683 10788 10546

Last 3 Years 921 934 -013 665 13022 13068 12127

Last 5 Years 912 868 044 656 15470 15161 13739


Kotak Low Duration Fund As on 26 Feb 2021

Scheme Inception date is 25111999 Mr Abhishek Bisen has been managing the fund since 01042008 Different plans have different expense structure The performance details provided herein are of regular plan ^Past performance may or may not be sustained in futureAll payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV Returns gt= 1 year CAGR (Compounded Annualised Growth Rate) NA stands for data not available Note Point to Point (PTP) Returns in INR shows the value of 10000- investment made at inception Source ICRA MFI Explorer Name of Scheme Benchmark Name of Additional Benchmark The performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Alpha is difference of scheme return with benchmark return

Kotak Bond Fund As on 26 Feb 2021

90

Mar 06 2008Kotak Low Duration

Fund - GrowthNIFTY Low Duration

Debt Index ALPHA CRISIL 1 Year TBill

Kotak Low Duration Fund - Growth

NIFTY Low Duration Debt Index

CRISIL 1 Year TBill

Since Inception 769 827 -058 648 26178 28053 22605

Last 1 Year 669 594 075 547 10667 10592 10546

Last 3 Years 760 723 037 665 12455 12326 12127

Last 5 Years 774 735 039 656 14514 14256 13739

Nov 25 1999Kotak Bond Fund -

GrowthNIFTY Medium to Long Duration Debt Index

ALPHA CRISIL 10 Year Gilt Kotak Bond Fund -


CRISIL 10 Year Gilt

Since Inception 878 NA NA NA 59893 NA NA

Last 1 Year 672 765 -093 493 10670 10763 10492

Last 3 Years 879 912 -033 894 12872 12990 12927

Last 5 Years 800 859 -058 734 14692 15093 14246


Kotak Bond Short Term Fund on 26 Feb 2021


Kotak Corporate Bond Fund on 26 Feb 2021

91

May 02 2002Kotak Bond Short Term

Fund - GrowthNIFTY Short Duration


Kotak Bond Short Term Fund - Growth

NIFTY Short Duration Debt Index

CRISIL 1 Year TBill

Since Inception 772 793 -021 607 40606 42094 30324

Last 1 Year 720 797 -077 547 10718 10794 10546

Last 3 Years 815 828 -013 665 12648 12692 12127

Last 5 Years 785 808 -024 656 14585 14746 13739

Sep 21 2007Kotak Corporate Bond

Fund - GrowthCRISIL Corporate Bond

Composite Index ALPHA CRISIL 1 Year TBill

Kotak Corporate Bond Fund - Growth

CRISIL Corporate Bond Composite Index

CRISIL 1 Year TBill

Since Inception 818 939 -120 645 28790 33407 23163

Last 1 Year 741 793 -052 547 10739 10791 10546

Last 3 Years 838 894 -057 665 12726 12927 12127

Last 5 Years 830 885 -055 656 14898 15277 13739


Kotak Credit Risk Fund As on 26 Feb 2021


Kotak Medium Term Fund As on 26 Feb 2021

92

May 11 2010Kotak Credit Risk Fund -

GrowthNIFTY Credit Risk Bond


Kotak Credit Risk Fund -Growth

NIFTY Credit Risk Bond Index

CRISIL 1 Year TBill

Since Inception 808 930 -121 671 23159 26128 20167

Last 1 Year 455 987 -532 547 10453 10984 10546

Last 3 Years 702 900 -198 665 12253 12946 12127

Last 5 Years 755 900 -145 656 14384 15380 13739

Mar 21 2014Kotak Medium Term

Fund - GrowthNIFTY Medium Duration

Debt Index ALPHA CRISIL 10 Year Gilt

Kotak Medium Term Fund - Growth

NIFTY Medium Duration Debt Index

CRISIL 10 Year Gilt

Since Inception 812 900 -088 826 17192 18192 17350

Last 1 Year 456 873 -417 493 10455 10871 10492

Last 3 Years 650 902 -252 894 12078 12954 12927

Last 5 Years 730 863 -133 734 14218 15121 14246

Kotak Balanced Advantage Fund Performance as on 26 Feb 2021

Scheme Inception date is 03082018 Mr Harish Krishnan Mr Abhishek Bisen have been managing the fund since 03082018 Mr Hiten Shah has been managing the fund since 03102019Different plans have different expense structure The performance details provided herein are of regular plan ^Past performance may or may not be sustained in futureAll payouts during the periodhave been reinvested in the units of the scheme at the then prevailing NAV Returns gt= 1 year CAGR (Compounded Annualised Growth Rate) NA stands for data not available Note Point to Point(PTP) Returns in INR shows the value of 10000- investment made at inception Source ICRA MFI Explorer Name of Scheme Benchmark Name of Additional Benchmark Alpha is difference ofscheme return with benchmark return

Kotak Debt Hybrid Fund Performance as on 26 Feb 2021

Scheme Inception date is 02122003 Mr Abhishek Bisen has been managing the fund since 01042008 Mr Devender Singhal has been managing the fund since 25082015Different plans have different expense structure The performance details provided herein are of regular plan^Past performance may or may not be sustained in futureAll payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV Returns gt= 1 year CAGR (CompoundedAnnualised Growth Rate) NA stands for data not available Note Point to Point (PTP) Returns in INR shows the value of 10000- investment made at inception Source ICRA MFI Explorer Name of SchemeBenchmark Name of Additional BenchmarkThe performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Alpha is difference of scheme return with benchmark returnTRI - Total Return Index In terms of SEBI circular dated January 4 2018 the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant(PRI)The debt component of the index is TRI since inception For equity component of the index as TRI data is not available since inception of the scheme benchmark performance is calculated using compositeCAGR of SampP BSE 200 PRI values series is used till 31st July 2006 and TRI values is used since 1st Aug 2006 Alpha is difference of scheme return with benchmark return 93

Aug 03 2018Kotak Balanced

Advantage Fund -Growth

NIFTY 50 Hybrid Composite Debt 5050

Index ALPHA Nifty 50 TRI

Kotak Balanced Advantage Fund -

Growth


Index Nifty 50 TRI

Since Inception 1092 1167 -075 1130 13052 13281 13166

Last 1 Year 1849 2142 -292 3137 11844 12135 13127

Last 3 Years NA NA NA NA NA NA NA


Dec 02 2003Kotak Debt Hybrid Fund -

GrowthCRISIL Hybrid 85+15 -Conservative Index

ALPHA CRISIL 10 Year Gilt Kotak Debt Hybrid Fund -


CRISIL 10 Year Gilt

Since Inception 809 855 -045 582 38280 41141 26537

Last 1 Year 1502 1166 336 493 11497 11162 10492

Last 3 Years 923 1010 -086 894 13030 13341 12927

Last 5 Years 1046 1030 017 734 16443 16319 14246

Kotak Asset Allocator Fund as on 26 Feb 2021

Scheme Inception date is 09082004 Mr Devender Singhal amp Mr Arjun Khanna has been managing the fund since 09052019 Different plans have different expense structure The performance details provided herein are of regular plan ^Past performance may or may not be sustained in futureAll payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV Returns gt= 1 year CAGR (Compounded Annualised Growth Rate) NA stands for data not available Note Point to Point (PTP) Returns in INR shows the value of 10000- investment made at inception Source ICRA MFI Explorer Name of Scheme Benchmark Name of Additional Benchmark TRI Total Return Index In terms of SEBI circular dated January 4 2018 the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI) The debt component of the index is TRI since inception For equity component of the index as TRI data is not available since inception of the scheme benchmark performance is calculated using composite CAGR of SampP BSE 200 PRI values series is used till 31st July 2006 and TRI values is used since 1st Aug 2006 Alpha is difference of scheme return with benchmark return


Kotak Gilt Fund As on 26 Feb 2021

94

Aug 09 2004Kotak Asset Allocator

Fund - Growth


Index ALPHA SampP BSE SENSEX TRI

Kotak Asset Allocator Fund - Growth


Index SampP BSE SENSEX TRI

Since Inception 1578 1221 357 1579 113266 67426 113398

Last 1 Year 2928 2142 786 3000 12919 12135 12990

Last 3 Years 1462 1199 262 1422 15051 14043 14894

Last 5 Years 1464 1355 109 1789 19793 18868 22764

Dec 29 1998Kotak Gilt Fund -

GrowthNIFTY All Duration G-Sec

Index ALPHA CRISIL 10 Year Gilt

Kotak Gilt Fund -Growth

NIFTY All Duration G-Sec Index

CRISIL 10 Year Gilt


Last 1 Year 768 641 128 493 10766 10639 10492

Last 3 Years 980 1001 -021 894 13234 13311 12927

Last 5 Years 892 848 044 734 15325 15020 14246

Kotak Pioneer Fund as on 26 Feb 2021

Scheme Inception date is 31102019 Mr Harish Krishnan amp Mr Arjun Khanna has been managing the fund since 31102019Different plans have different expense structure The performance details provided herein are of regular plan Past performance may or may not be sustained in future All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV Returns gt= 1 year CAGR (Compounded Annualised Growth Rate) NA stands for data not available Note Point to Point (PTP) Returns in INR shows the value of 10000- investment made at inception Source ICRA MFI Explorer Name of Scheme Benchmark Name of Additional BenchmarkTRI - Total Return Index In terms of SEBI circular dated January 4 2018 the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI) Alpha is difference of scheme return with benchmark return

95

Oct 31 2019Kotak Pioneer Fund -

Growth

85 IISL Kotak India Pioneering Innovations

+ 15 MSCI ACWI Information Technology

Index TRI

ALPHA Nifty 50 TRI Kotak Pioneer Fund -

Growth



Index TRI

Nifty 50 TRI

Since Inception 3678 2467 1211 1752 15149 13397 12386

Last 1 Year 5550 4230 1320 3137 15531 14216 13127



Feb 25 2008Kotak Infrastructure and Economic Reform Fund -

Growth


ALPHA Nifty 50 TRI

Kotak Infrastructure and Economic Reform Fund -

Growth


Nifty 50 TRI

Since Inception 719 133 586 951 24675 11876 32619

Last 1 Year 2940 3064 -124 3137 12931 13054 13127

Last 3 Years 405 243 162 1288 11265 10746 14378

Last 5 Years 1332 1089 243 1729 18676 16760 22189

Scheme Inception date is 25022008 Mr Harish Krishnan has been managing the fund since 01022015

Different plans have different expense structure The performance details provided herein are of regular plan

Past performance may or may not be sustained in future All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV Returns gt= 1 year CAGR (Compounded Annualised Growth Rate) NA stands for data not available Note Point to Point (PTP) Returns in INR shows the value of 10000- investment made at inception Source ICRA MFI Explorer Name of Scheme Benchmark Name of Additional Benchmark

TRI - Total Return Index In terms of SEBI circular dated January 4 2018 the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI) Alpha is difference of scheme return with benchmark return

Kotak Infrastructure amp Economic Reform Fund as on 26 Feb 2021

96

Feb 20 2018Kotak India Growth Fund -

Series IV - GrowthNifty 200 TRI ALPHA Nifty 50 TRI

Kotak India Growth Fund -Series IV - Growth

Nifty 200 TRI Nifty 50 TRI

Since Inception 1462 1173 289 1328 15099 13979 14570

Last 1 Year 6667 3224 3443 3137 16644 13214 13127

Last 3 Years 1471 1135 335 1288 15087 13803 14378


Scheme Inception date is 20022018 Mr Devender Singhal has been managing the fund since 09052019



Alpha is difference of scheme return with benchmark return

Kotak India Growth Fund Series IV as on 26 Feb 2021

Kotak India Growth Fund Series V as on 26 Feb 2021

May 15 2018Kotak India Growth Fund -

Series V - GrowthNifty 200 TRI ALPHA Nifty 50 TRI

Kotak India Growth Fund -Series V - Growth


Since Inception 1389 1146 243 1265 14372 13534 13939

Last 1 Year 4661 3224 1437 3137 14646 13214 13127







Kotak Smallcap Fund Performance as on 26 Feb 2021

Scheme Inception date is 24022005 Mr Pankaj Tibrewal has been managing the fund since 21012010Different plans have different expense structure The performance details provided herein are of regular plan^Past performance may or may not be sustained in futureAll payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV Returns gt= 1 year CAGR(Compounded Annualised Growth Rate) NA stands for data not available Note Point to Point (PTP) Returns in INR shows the value of 10000- investment made at inception Source ICRA MFI Explorer Name of Scheme Benchmark Name of Additional Benchmark TRI Total Return Index In terms of SEBI circular dated January 4 2018 the performance of the scheme is benchmarked to the TotalReturn variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI) Alpha is difference of scheme return with benchmark return

97

Kotak Smallcap Fund

Systematic Investment Plan (SIP) If you had invested Rs 10000 every month

Monthly SIP of Rs 10000 Since Inception 10 years 7 years 5 years 3 years 1 year

Total amount invested (Rs) 1930000 1200000 840000 600000 360000 120000

Total Value as on February 26 2021 (Rs) 8187177 3266871 1617790 1001229 576604 190906

Scheme Returns () 1620 1905 1843 2067 3331 12808

NIFTY Smallcap 100 (TRI) Returns () 1048 1159 1036 1161 2174 12178

Alpha 572 746 808 905 1158 630

NIFTY Smallcap 100 (TRI) (Rs) 4794025 2190608 1213472 802393 493594 187746

Nifty 50 (TRI) (Rs)^ 5809863 2412890 1363994 887303 478297 158761

Nifty 50 (TRI) Returns () 1256 1341 1364 1570 1947 6633

Scheme Inception - February 242005 The returns are calculated by XIRR approach assuming investment of `10000- on the 1st working day of every month XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception Benchmark ^ Additional Benchmark TRI 1048651 Total Return Index In terms of SEBI circular dated January 4 2018 the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI) Alpha is difference of scheme return with benchmark return

Feb 24 2005Kotak Smallcap Fund -

GrowthNIFTY Smallcap 100 TRI ALPHA Nifty 50 TRI

Kotak Smallcap Fund -Growth

NIFTY Smallcap 100 TRI Nifty 50 TRI

Since Inception 1648 1274 375 1440 115182 68229 86309

Last 1 Year 5224 4358 866 3137 15207 14344 13127

Last 3 Years 1309 -017 1326 1288 14460 9950 14378

Last 5 Years 2040 1419 622 1729 25291 19406 22189

Scheme Inception date is 11092009 Mr Harsha Upadhyaya has been managing the fund since 04082012Different plans have different expense structure The performance details provided herein are of regular plan^Past performance may or may not be sustained in futureAll payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV Returns gt= 1 year CAGR(Compounded Annualised Growth Rate) NA stands for data not available Note Point to Point (PTP) Returns in INR shows the value of 10000- investment made at inception Source ICRA MFI Explorer Name of Scheme Benchmark Name of Additional BenchmarkTRI - Total Return Index In terms of SEBI circular dated January 4 2018 the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price ReturnVariant (PRI) Alpha is difference of scheme return with benchmark return

Kotak Flexicap Fund (Erstwhile Kotak Standard Multicap Fund) Performance as on 26 Feb 2021

98

Kotak Flexi Cap Fund (Previously known as Kotak Select Standard Multi Cap Fund)





Scheme Returns () 1505 1571 1397 1426 1792 6240


Alpha 218 204 045 -088 -139 -634

Nifty 200 (TRI) (Rs) 3011611 2447722 1358050 875181 477275 160074

Nifty 50 (TRI) (Rs)^ 2974930 2412890 1363994 887303 478297 158761


Scheme Inception - September 11 2009 The returns are calculated by XIRR approach assuming investment of `10000- on the 1st working day of every month XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception Benchmark ^ Additional Benchmark TRI 1048651 Total Return Index In terms of SEBI circular dated January 4 2018 the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI) Alpha is difference of scheme return with benchmark return

Sep 11 2009Kotak Flexi Cap Fund -

GrowthNifty 200 TRI ALPHA Nifty 50 TRI

Kotak Flexi Cap Fund -Growth


Since Inception 1391 1156 235 1140 44527 35062 34492

Last 1 Year 2497 3224 -727 3137 12489 13214 13127

Last 3 Years 1082 1135 -054 1288 13604 13803 14378

Last 5 Years 1738 1719 020 1729 22274 22089 22189

Kotak Emerging Equity Fund Performance As on 26 Feb 2021

Scheme Inception date is 30032007 Mr Pankaj Tibrewal has been managing the fund since 27052010 Different plans have different expense structure The performance detailsprovided herein are of regular plan ^Past performance may or may not be sustained in futureAll payouts during the period have been reinvested in the units of the scheme at thethen prevailing NAV Returns gt= 1 year CAGR (Compounded Annualised Growth Rate) NA stands for data not available Note Point to Point (PTP) Returns in INR shows the value of10000- investment made at inception Source ICRA MFI Explorer Name of Scheme Benchmark Name of Additional Benchmark TRI Total Return Index In terms of SEBI circulardated January 4 2018 the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI) Alpha isdifference of scheme return with benchmark return

99

Kotak Emerging Equity Fund





Scheme Returns () 1705 1943 1745 1807 2647 9422

Nifty Midcap 100 (TRI) Returns () 1388 1480 1370 1440 2237 9753

Alpha 316 463 375 368 410 -332

Nifty Midcap 100 (TRI) (Rs) 4795200 2599125 1367070 859342 497885 175354

Nifty 50 (TRI) (Rs)^ 4226246 2412890 1363994 887303 478297 158761


Scheme Inception - March 30 2007 The returns are calculated by XIRR approach assuming investment of 10000- on the ` 1st working day of every month XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception Benchmark ^ Additional Benchmark TRI 1048651 Total Return Index In terms of SEBI circular dated January 4 2018 the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI) Alpha is difference of scheme return with benchmark return

Mar 30 2007Kotak Emerging Equity

Fund - GrowthNifty Midcap 100 TRI ALPHA Nifty 50 TRI

Kotak Emerging Equity Fund - Growth

Nifty Midcap 100 TRI Nifty 50 TRI

Since Inception 1320 1332 -012 1138 56228 57054 44823

Last 1 Year 3676 3998 -322 3137 13664 13985 13127

Last 3 Years 1207 679 528 1288 14070 12177 14378

Last 5 Years 1997 1624 372 1729 24836 21217 22189

Kotak Tax Saver Fund Performance as on 26 Feb 2021

Scheme Inception date is 23112005 Mr Harsha Upadhyaya has been managing the fund since 25082015 Different plans have different expense structure The performance details provided herein are of regular plan ^Past performance may or may not be sustained in futureAll payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV Returns gt= 1 year CAGR (Compounded Annualised Growth Rate) NA stands for data not available Note Point to Point (PTP) Returns in INR shows the value of 10000- investment made at inception Source ICRA MFI Explorer Name of Scheme Benchmark Name of Additional Benchmark TRI Total Return Index In terms of SEBI circular dated January 4 2018 the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI) Alpha is difference of scheme return with benchmark return

100

Kotak Tax Saver Fund





Scheme Returns () 1251 1450 1406 1511 2027 6660


Alpha 007 063 038 -014 035 -546

Nifty 500 (TRI) (Rs) 5177617 2472906 1365740 877640 481312 161867

Nifty 50 (TRI) (Rs)^ 5074950 2412890 1363994 887303 478297 158761


Scheme Inception - November 23 2005 The returns are calculated by XIRR approach assuming investment of `10000- on the 1st working day of every month XIRR helps in calculating return on investments given an initialand final value and a series of cash inflows and outflows and taking the time of investment into consideration Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception Benchmark ^ Additional Benchmark TRI 1048651 Total Return Index In terms of SEBI circular dated January 4 2018 the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI) Alpha is difference of scheme return with benchmark return

Nov 23 2005Kotak Tax Saver Fund -


Kotak Tax Saver Fund -Growth


Since Inception 1217 1303 -085 1328 57797 64882 67113

Last 1 Year 2685 3347 -662 3137 12677 13337 13127

Last 3 Years 1219 1086 133 1288 14116 13621 14378

Last 5 Years 1741 1731 010 1729 22304 22207 22189

Kotak Equity Opportunities Fund Performance as on 26 Feb 2021

Scheme Inception date is 09092004 Mr Harsha Upadhyaya has been managing the fund since 04082012 Different plans have different expense structure The performance details provided hereinare of regular plan ^Past performance may or may not be sustained in futureAll payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV Returns gt= 1year CAGR (Compounded Annualised Growth Rate) NA stands for data not available Note Point to Point (PTP) Returns in INR shows the value of 10000- investment made at inception Source ICRAMFI Explorer Name of Scheme Benchmark Name of Additional BenchmarkTRI Total Return Index In terms of SEBI circular dated January 4 2018 the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price ReturnVariant (PRI) Alpha is difference of scheme return with benchmark return

101

Kotak Equity Opportunities Fund





Scheme Returns () 1478 1526 1443 1540 2067 6502


Alpha 197 158 092 026 136 -373

Nifty 200 (TRI) (Rs) 6308482 2447722 1358050 875181 477275 160074

Nifty 50 (TRI) (Rs)^ 6292270 2412890 1363994 887303 478297 158761


Scheme Inception - September 09 2004 The returns are calculated by XIRR approach assuming investment of Rs 10000- on the 1st working day of every month XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception Benchmark ^ Additional Benchmark TRI - Total Return Index In terms of SEBI circular dated January 4 2018 the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI) Alpha is difference of scheme return with benchmark return

Sep 09 2004Kotak Equity

Opportunities Fund -Growth

Nifty 200 TRI ALPHA Nifty 50 TRI Kotak Equity



Since Inception 1831 1537 294 1555 159694 105534 108232

Last 1 Year 2771 3224 -453 3137 12762 13214 13127

Last 3 Years 1158 1135 023 1288 13887 13803 14378

Last 5 Years 1791 1719 072 1729 22776 22089 22189

Kotak Bluechip Fund Performance as on 26 Feb 2021

Since inception date of Kotak Bluechip Fund - Reg Growth is 4022003 Mr Harish Krishnan has been managing the fund since 01012014Different plans have different expense structure Theperformance details provided herein are of regular plan ^Past performance may or may not be sustained in futureAll payouts during the period have been reinvested in the units of the scheme at thethen prevailing NAV Returns gt= 1 year CAGR (Compounded Annualised Growth Rate) NA stands for data not available Note Point to Point (PTP) Returns in INR shows the value of 10000-investment made at inception Source ICRA MFI Explorer Name of Scheme Benchmark Name of Additional Benchmark TRI Total Return Index In terms of SEBI circular dated January 4 2018 theperformance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI) As TRI data is not available since inception of the schemebenchmark performance is calculated using composite CAGR of SampP BSE Sensex PRI values from 29th Dec 1998 to 31st May 2007 and TRI Values since 31st May 2007 Since Inception date of KotakBluechip Fund- Dividend plan is 29121998 Alpha is difference of scheme return with benchmark return

102

Kotak Bluechip Fund





Scheme Returns () 1497 1354 1319 1479 2006 6528


Alpha 103 013 -045 -091 059 -105

Nifty 50 (TRI) (Rs) 8857197 2412890 1363994 887303 478297 158761

SampP BSE SENSEX (TRI) (Rs)^ 9110194 2472879 1393707 907359 481833 157647

SampP BSE SENSEX (TRI) Returns () 1419 1387 1424 1662 2000 6429

Scheme Inception - December 29 1998 The returns are calculated by XIRR approach assuming investment of `10000- on the 1st working day of every month XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception Benchmark ^ Additional Benchmark TRI 1048651 Total Return Index In terms of SEBI circular dated January 4 2018 the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI) As TRI data is not available since inception of the scheme benchmark SIP Performance is calculated by taking SampP BSE Sensex PRI values from 29th Dec 1998 to 31st May 2007 and TRI Values since 31st May 2007 Alpha is difference of scheme return with benchmark return

Feb 04 2003Kotak Bluechip Fund -

GrowthNifty 50 TRI ALPHA SampP BSE SENSEX TRI

Kotak Bluechip Fund -Growth

Nifty 50 TRI SampP BSE SENSEX TRI

Since Inception 1967 1722 246 1738 256865 176573 181028

Last 1 Year 3007 3137 -130 3000 12998 13127 12990

Last 3 Years 1181 1288 -107 1422 13975 14378 14894

Last 5 Years 1575 1729 -154 1789 20767 22189 22764

Kotak India EQ Contra Fund as on 26 Feb 2021

Jul 27 2005Kotak India EQ Contra

Fund - GrowthNifty 100 TRI ALPHA Nifty 50 TRI

Kotak India EQ Contra Fund - Growth


Since Inception 1321 1408 -088 1388 69209 78041 75924

Last 1 Year 3123 3120 003 3137 13113 13110 13127

Last 3 Years 1293 1191 102 1288 14396 14010 14378

Last 5 Years 1830 1719 110 1729 23155 22098 22189

Scheme Inception date is 27072005 Ms Shibani Kurian has been managing the fund since 09052019


^Past performance may or may not be sustained in futureAll payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV Returns gt= 1 year CAGR (Compounded Annualised Growth Rate) NA stands for data not available Note Point to Point (PTP) Returns in INR shows the value of 10000- investment made at inception Source ICRA MFI Explorer Name of Scheme Benchmark Name of Additional Benchmark


103

Kotak India EQ Contra Fund





Scheme Returns () 1309 1467 1463 1660 2087 7522


Alpha 041 104 112 141 195 996

Nifty 100 (TRI) (Rs) 5543589 2441380 1357611 876201 474636 158175

Nifty 50 (TRI) (Rs)^ 5371562 2412890 1363994 887303 478297 158761


Scheme Inception - July 272005 The returns are calculated by XIRR approach assuming investment of `10000- on the 1st working day of every month XIRR helps in calculating return on investments given an initial and finalvalue and a series of cash inflows and outflows and taking the time of investment into consideration Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception Benchmark ^ Additional Benchmark TRI 1048651 Total Return Index In terms of SEBI circular dated January 4 2018 the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI) Alpha is difference of scheme return with benchmark return

Other Funds Managed by Mr Deepak Agarwal

Mr Deepak Agrawal manages 12 funds amp All FMPs of Kotak Mahindra Mutual Fund Different plans shall have a different expense structure The performance details provided herein are of regular plan (Kotak Bond Short Term Fund (May 02 02) Kotak Dynamic Bond Fund (May 26 08) Kotak Money Market Fund (Nov 25 07) Kotak Liquid Fund (Nov 04 03) Kotak Banking and PSU Debt Fund (Dec 29 98) Kotak Savings Fund (Jul 11 07) Kotak Credit Risk Fund (May 11 10) Kotak Medium Term Fund (Mar 21 14) Kotak Low Duration Fund (Jan 31 15) Kotak Corporate Bond Fund (Sep 21 07) Kotak Overnight Fund (Jan 15 19) All Fixed Maturity Plans in existence (Aug 1315) Kotak Floating Fund (May 14 2019)

Kotak Floating Rate Fund ndash GrowthName of the Benchmark - NIFTY Ultra Short Duration Debt Index Scheme Inception date is 14052019 Mr Deepak Agrawal has been managing the fund since 14052019Kotak Banking and PSU Debt Fund - Growth Name of the Benchmark - CRISIL Banking and PSU Debt Index Scheme Inception date is 29121998 Mr Deepak Agrawal has been managing the fund since 01082008Kotak Savings Fund ndash GrowthName of the Benchmark - NIFTY Ultra Short Duration Debt Index Scheme Inception date is 13082004 Mr Deepak Agrawal has been managing the fund since 01042008Kotak Liquid Fund - Growth Name of the Benchmark - NIFTY Liquid Index Scheme Inception date is 04112003 Mr Deepak Agrawal has been managing the fund since 01052007Kotak Overnight Fund - Growth Name of the Benchmark - NIFTY 1D Rate Index Scheme Inception date is 15012019 Mr Deepak Agrawal has been managing the fund since 15012019Kotak Money Market Fund - Growth Name of the Benchmark - NIFTY Money Market Index Scheme Inception date is 14072003 Mr Deepak Agrawal has been managing the fund since 01112006

104

Scheme Names

1 YEAR 3 YEARS 5 YEARS Since Inception

Scheme Returns()^

Benchmark Returns ()^

Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3

Kotak Floating Rate Fund - Growth 808 514 NA NA NA NA 772 610

Kotak Banking and PSU Debt Fund - Growth 744 632 894 868 846 854 753 NA

Kotak Savings Fund - Growth 524 514 684 696 705 716 760 797

Bottom 3

Kotak Money Market Fund - Growth 520 471 692 638 699 672 728 742

Kotak Liquid Fund - Growth 377 388 577 582 627 624 715 717

Kotak Overnight Fund - Growth 296 312 NA NA NA NA 429 443

Funds Managed by Mr Harsha Upadhyaya

Mr Harsha Upadhyaya manages 4 funds of Kotak Mahindra Mutual Fund Different plans shall have a different expense structure The performance details provided herein are of regular plan Kotak Equity Opportunities Fund (Sep 9 04) Kotak Flexicap Fund (Erstwhile Kotak Standard Multicap Fund) (Sep 11 09) Kotak Tax Saver Fund (Nov 2305)

Funds Managed by Mr Pankaj Tibrewal

Mr Pankaj Tibrewal manages 3 funds of Kotak Mahindra Mutual Fund Different plans shall have a different expense structure The performance details provided herein are of regular plan Kotak Small Cap Fund (Feb 2405) Kotak Emerging Equity Fund (Mar 3007) Kotak Equity Hybrid Fund (Nov 2599) Kotak Smallcap Fund - Growth Name of the Benchmark - NIFTY Smallcap 100 TRI Scheme Inception date is 24022005 Mr Pankaj Tibrewal has been managing the fund since 21012010 Kotak Equity Hybrid Fund - Growth Name of the Benchmark - NIFTY 50 Hybrid Composite Debt 6535 Index Scheme Inception date is 25111999 Mr Pankaj Tibrewal has been managing the fund since 25082015 Mr Abhishek Bisen has been managing the fund since 15042008

105

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Kotak Equity Opportunities Fund - Growth 2771 3224 1158 1135 1791 1719 1831 1537

Kotak Tax Saver Fund - Growth 2685 3347 1219 1086 1741 1731 1217 1303

Kotak Flexi Cap Fund - Growth 2497 3224 1082 1135 1738 1719 1391 1156

Kotak ESG Opportunities Fund - Growth Kotak ESG Opportunities Fund has not yet completed 1 year from Inception the performance of the scheme is not disclosed

Kotak Equity Opportunities Fund - Growth (Erstwhile Kotak Opportunities) Name of the Benchmark - Nifty 200 TRI Scheme Inception date is 09092004 Mr Harsha Upadhyaya has been managing the fund since 04082012

Kotak Tax Saver Fund - Growth Name of the Benchmark - Nifty 500 TRI Scheme Inception date is 23112005 Mr Harsha Upadhyaya has been managing the fund since 25082015

Kotak Flexi Cap Fund - Growth (Erstwhile Kotak Standard Multicap Fund) Name of the Benchmark - Nifty 200 TRI Scheme Inception date is 11092009 Mr Harsha Upadhyaya has been managing the fund since 04082012

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Kotak Small Cap Fund - Growth 5224 4358 1309 -017 2040 1419 1648 1274

Kotak Emerging Equity Fund - Growth 3676 3998 1207 679 1997 1624 1320 1332

Kotak Equity Hybrid Fund - Growth 2909 2487 1116 1246 1519 1480 1053 1034

Funds Managed by Mr Hiten Shah

Mr Hiten Shah manages 3 fund of Kotak Mahindra Mutual Fund Different plans shall have a different expense structure The performance details provided herein are of regular plan Kotak Balanced Advantage Fund (Aug 03 18) Kotak Equity Savings Fund (Oct 13 2014) Kotak Equity Arbitrage Fund (Sep 29 05) Kotak Equity Savings Fund - Growth Name of the Benchmark - 75 NIFTY 50 Arbitrage + 25 Nifty 50 TRI Scheme Inception date is 13102014 Mr Harish Krishnan has been managing the fund since 09052019 Mr Abhishek Bisen has been managing the fund since 17092014 Mr Hiten Shah has been managing the fund since 03102019 Kotak Equity Arbitrage Fund - Growth Name of the Benchmark - Nifty 50 Arbitrage Index Scheme Inception date is 29092005 Mr Hiten Shah has been managing the fund since 03102019

Funds Managed by Ms Shibani Kurian

Ms Shibani Kurian manages 3 fund of Kotak Mahindra Mutual Fund Different plans shall have a different expense structure The performance details provided herein are of regular plan Kotak India EQ Contra Fund - Growth (July 27 05) Kotak India Growth Fund Series 7 (Aug 31 18) Kotak Focused Equity fund (Jul 16 19) Kotak India EQ Contra Fund - Growth (Erstwhile Classic Equity Fund) Name of the Benchmark - Nifty 100 TRI Scheme Inception date is 27072005 Ms Shibani Kurian has been managing the fund since 09052019Kotak Focused Equity Fund - Growth Name of the Benchmark - Nifty 200 TRI Scheme Inception date is 16072019 Mr Harish Krishnan amp Ms Shibani Kurian has been managing the fund since 16072019Kotak India Growth Fund - Series 7 - Growth Name of the Benchmark - Nifty 50 TRI Scheme Inception date is 31082018 Ms Shibani Kurian has been managing the fund since 09052019

106

Scheme Names


Scheme Returns()^

Benchmark Returns ()^ Scheme Returns()^



Scheme Returns()^


Kotak Balanced Advantage Fund - Growth 1849 2142 NA NA NA NA 1092 1167

Kotak Equity Savings Fund - Growth 1314 963 790 704 934 816 837 719

Kotak Equity Arbitrage Fund - Growth 354 186 539 454 577 484 713 NA

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Kotak India EQ Contra Fund - Growth 3123 3120 1293 1191 1830 1719 1321 1408

Kotak Focused Equity Fund - Growth 2751 3224 NA NA NA NA 1991 1655

Kotak India Growth Fund - Series 7 - Growth 2018 3137 NA NA NA NA 1042 1037

Other Funds Managed by Mr Harish Krishnan

Mr Harish Krishnan manages 7 funds of Kotak Mahindra Mutual Fund Different plans shall have a different expense structure The performance details provided herein are of regular plan Kotak BluechipFund (Feb 04 03) Kotak Infrastructure amp Economic Reform Fund (Feb 25 08) Kotak India Growth Fund Series 5 (May1518) Kotak Balanced Advantage Fund (Aug 0318) Kotak Equity Savings Fund (Oct 13 14) Kotak Focused Equity fund (Jul 16 19) Kotak Pioneer Fund (Oct 31 19

Kotak Pioneer Fund - Growth Name of the Benchmark - 85 IISL Kotak India Pioneering Innovations + 15 MSCI ACWI Information Technology Index TRI Scheme Inception date is 31102019 Mr Harish Krishnan amp Mr Arjun Khanna has been managing the fund since 31102019Kotak India Growth Fund Series 5- Growth Name of the Benchmark - Nifty 200 TRI Scheme Inception date is 15052018 Mr Harish Krishnan has been managing the fund since 15052018Kotak Bluechip Fund - Growth (Erstwhile Kotak 50) Name of the Benchmark - Nifty 50 TRI Scheme Inception date is 04022003 Mr Harish Krishnan has been managing the fund since 15112013Kotak Focused Equity Fund - Growth Name of the Benchmark - Nifty 200 TRI Scheme Inception date is 16072019 Mr Harish Krishnan amp Ms Shibani Kurian has been managing the fund since 16072019Kotak Equity Savings Fund - Growth Name of the Benchmark - 75 NIFTY 50 Arbitrage + 25 Nifty 50 TRI Scheme Inception date is 13102014 Mr Harish Krishnan has been managing the fund since 09052019 Mr Abhishek Bisen has been managing the fund since 17092014 Mr Hiten Shah has been managing the fund since 03102019 Kotak Infrastructure and Economic Reform Fund - Growth Name of the Benchmark - India Infrastructure Index (Customised Index by IISL) Scheme Inception date is 25022008 Mr Harish Krishnan has been managing the fund since 31012015

107

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3

Kotak Pioneer Fund - Growth 5550 4230 NA NA NA NA 3678 2467


Kotak Bluechip Fund - Growth 3007 3137 1181 1288 1575 1729 1967 1722

Bottom 3

Kotak Infrastructure and Economic Reform Fund -Growth

2940 3064 405 243 1332 1089 719 133



Other Funds Managed by Mr Abhishek Bisen

Mr Abhishek Bisen manages 8 funds of Kotak Mahindra Mutual Fund Different plans shall have a different expense structure The performance details provided herein are of regular plan Kotak Equity Hybrid Fund (Nov 05 2014) Kotak Debt Hybrid Fund (Dec 02 03) Kotak Bond Fund (Regular Plan) (Apr 15 08) Kotak Gilt Fund (Regular amp PF-Trust) (Dec 29 98) Kotak Equity Savings Fund (Oct 13 14) Kotak Gold ETF (Jul 27 07) Kotak Gold Fund (Mar 25 11) Kotak Balanced Advantage Fund (Aug 03 18)

Kotak Gold Fund - Growth Name of the Benchmark - Price of Gold Scheme Inception date is 25032011 Mr Abhishek Bisen has been managing the fund since 04032011Kotak Gold ETF Name of the Benchmark - Price of Gold Scheme Inception date is 27072007 Mr Abhishek Bisen has been managing the fund since 15042008 amp Mr Satish Dondapati has been managing the fund since 09052019Kotak Equity Hybrid Fund - Growth (Erstwhile Kotak Balance) Name of the Benchmark - NIFTY 50 Hybrid Composite Debt 6535 Index Scheme Inception date is 25111999 and Kotak Equity Hybrid Fund - Regular plan scheme inception date is 3rd November 2014 Mr Pankaj Tibrewal has been managing the fund since 25082015 Mr Abhishek Bisen has been managing the fund since 15042008Kotak Bond Fund - Growth Name of the Benchmark - NIFTY Medium to Long Duration Debt Index Scheme Inception date is 25111999 Mr Abhishek Bisen has been managing the fund since 01042008Kotak Equity Savings Fund - Growth Name of the Benchmark - 75 NIFTY 50 Arbitrage + 25 Nifty 50 TRI Scheme Inception date is 13102014 Mr Harish Krishnan has been managing the fund since 09052019 Mr Abhishek Bisen has been managing the fund since 17092014 Mr Hiten Shah has been managing the fund since 03102019 Kotak Balanced Advantage Fund - Growth Name of the Benchmark - NIFTY 50 Hybrid Composite Debt 5050 Index Scheme Inception date is 03082018 Mr Abhishek Bisen amp Mr Harish Krishnan has been managing the fund since 03082018 Mr Hiten Shah has been managing the fund since 03102019

108

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3


Kotak Balanced Advantage Fund - Growth1849 2142 NA NA NA NA 1092 1167

Kotak Equity Savings Fund - Growth1314 963 790 704 934 816 837 719

Bottom 3

Kotak Gold Fund - Growth 741 765 1445 1467 887 860 671 815

Kotak Gold ETF 710 765 1380 1467 764 860 1178 1290

Kotak Bond Fund - Growth 672 765 879 912 800 859 878 NA

Other Funds Managed by Mr Devender Singhal

Mr Devender Singhal manages 8 funds of Kotak Mahindra Mutual Fund Different plans shall have a different expense structure The performance details provided herein are of regular plan Kotak DebtHybrid Fund - Growth (Dec 02 03) Kotak India Growth Fund Series-4 (Feb 14 18) Kotak NV20 ETF (Dec 01 15) Kotak Banking ETF (Dec 10 14) Kotak Sensex ETF (Jun 06 08) Kotak Asset AllocatorFund (Aug 09 04) Kotak PSU Bank ETF (Nov 08 07) Kotak Nifty ETF (Feb 02 10)

Kotak India Growth Fund - Series 4 - Growth Name of the Benchmark - Nifty 200 TRI Scheme Inception date is 14022018 Mr Devender Singhal has been managing the fund since 24012019Kotak NV20 ETF - Name of the Benchmark Nifty 50 Value 20 TRI Scheme Inception date is 01122015 Mr Devender Singhal amp Mr Satish Dondapati has been managing the fund since 09052019Kotak Sensex ETF Name of the Benchmark - SampP BSE SENSEX TRI Scheme Inception date is 06062008 Mr Devender Singhal amp Mr Satish Dondapati has been managing the fund since 09052019Kotak Nifty ETF Name of the Benchmark - Nifty 50 TRI Scheme Inception date is 02022010 Mr Devender Singhal amp Mr Satish Dondapati has been managing the fund since 09052019Kotak Banking ETF Name of the Benchmark - Nifty Bank TRI Scheme Inception date is 10122014 Mr Devender Singhal amp Mr Satish Dondapati has been managing the fund since 09052019Kotak PSU Bank ETF - Name of the Benchmark Nifty PSU Bank TRI Scheme Inception date is 08112007 Mr Devender Singhal amp Mr Satish Dondapati has been managing the fund since 09052019

109

Scheme Name


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3

Kotak India Growth Fund - Series 4 -Growth

6667 3224 1471 1135 NA NA 1462 1173

Kotak NV20 ETF 3937 4355 1526 1660 1902 2002 1643 1620

Kotak Nifty ETF 3078 3137 1261 1288 1647 1729 1044 1181

Bottom 3

Kotak Sensex ETF 2955 3000 1390 1422 1696 1789 982 1097

Kotak PSU Bank ETF 2203 2303 -876 -807 248 359 -163 -014

Kotak Banking ETF 1749 1948 1108 1183 2008 2068 1087 1132

Fund Type of Scheme

Kotak Equity Opportunities Fund Large amp Mid Cap Fund - An open ended equity scheme investing in both large cap and mid cap stocks

Kotak Small Cap Fund Small cap fund - An open-ended equity scheme predominantly investing in small cap stocks

Kotak Emerging Equity Fund Mid Cap Fund - An open ended equity scheme predominantly investing in mid cap stocks

Kotak Tax Saver Fund An open ended equity linked saving scheme with a statutory lock in of 3 years and tax benefit

Kotak Balanced Advantage Fund Open ended Dynamic Asset Allocation Fund

Kotak Pioneer Fund An open ended equity scheme investing in pioneering innovations theme

Kotak India EQ Contra Fund An open-ended equity scheme following contrarian investment strategy

Kotak Debt Hybrid Fund An open ended hybrid scheme investing predominantly in debt instruments

Kotak Bluechip Fund Large cap fund - An open-ended equity scheme predominantly investing in large cap stocks

Kotak Asset Allocator FundAn open ended fund of fund scheme investing in specified open-ended equity and debt Schemes of Kotak Mahindra

Mutual Fund

Kotak Equity Arbitrage Fund An open ended scheme investing in arbitrage opportunities

Kotak Equity Savings Fund An open ended scheme investing in equity arbitrage and debt

Kotak Flexicap Fund Flexicap Fund - An open ended dynamic equity scheme investing across large cap mid cap small cap stocks

Kotak Focused Equity Fund An open ended equity scheme investing in maximum 30 stocks in large-cap mid-cap and small-cap category

Kotak Floating Rate Fund An open ended debt scheme predominantly investing in floating rate instruments

Kotak Equity Hybrid Fund An open-ended hybrid scheme investing predominantly in equity and equity related instruments

Kotak International REIT FoFAn open ended fund of fund scheme investing in units of SMAM ASIA REIT Sub Trust fund andor other similar overseas

REIT funds

Kotak ESG Opportunities FundAn open ended equity scheme which follows the Environment Social and Governance (ESG) theme with flexibility of

investing across market capitalization 110

Fund Type of Scheme

Kotak Overnight Fund An open ended debt scheme investing in overnight securities

Kotak Gilt Fund An open ended debt scheme investing in government securities across maturity

Kotak Money Market Fund An open ended debt scheme investing in money market instruments

Kotak Savings Fund An open ended ultra-short term debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 3 months and 6 months

Kotak Bond Short Term Fund An open ended short term debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 1 year and 3 years

Kotak Corporate Bond Fund An open ended debt scheme predominantly investing in AA+ and above rated corporate bonds

Kotak Credit Risk Fund An open ended debt scheme predominantly investing in AA and below rated corporate bonds (Excluding AA+ rated corporate bonds)

Kotak Banking amp PSU Debt Fund An open ended debt scheme predominantly investing in Debt instruments of banks Public Sector Undertakings Public Financial Institutions and Municipal Bonds

Kotak Liquid Fund An open ended liquid scheme

Kotak Low Duration Fund An open ended low duration debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 6 months and 12 months

Kotak Medium Term Fund An open ended medium term debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 3 years and 4 years

Kotak Dynamic Bond Fund An open ended dynamic debt scheme investing across duration

Kotak Bond Fund An open ended medium term debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 4 years and 7 years

Kotak India Growth Fund Series 5

Multicap Fund - A 1099 days close ended equity scheme investing across large cap midcap and small cap stocks


Multicap Fund - A 36 months close ended equity scheme investing across large cap midcap and small cap stocks

Kotak Infrastructure amp Economic Reform Fund

An open ended equity scheme following Infrastructure amp Economic Reform theme

111

Investors should consult their financial advisors if in doubt about whether the product is suitable for them 112

The above risk-o-meter is based on the scheme portfolio as on Jan 31 2021 An addendum may be issued or website updated for new risk-o-meters






Kotak FlexicapFund



Kotak FlexicapFund


bull Long term capital growthbull Investment in equity and equity related securities without any market

capitalisation and sector biasKotak India Growth Series 4

Kotak India Growth Series 5bull Long term capital growthbull Investment in equity and equity related securities without any market

capitalisation and sector bias




Kotak Liquid Fund


Thank You

Stay Safe Stay Healthy and Stay Invested

119

Equity Market Outlook

March 2021

2

3


Global Economy 4

Indian Economy 12

Risk 23

Equity Markets 28

Valuation 34








Annexure 81


Global Economy

4





(billion dollars)




8




9






11Source Refinitiv

lndian Economy

12

Headlines In Feb 21

13




Headlines In Feb 21

14




15Source MCA







18

V Shaped Recovery




19










22



Risk

23




25

Source CEIC UBS


26Source RBI


27




Source CMIEcom

Equity Markets

28



-240

-168

-79

-72

-56

-26

-18

39

266(USD bn)


India

Brazil

Indonesia

Philippines

Malaysia

South Africa

Thailand

Taiwan

South Korea




66

113 122

297

386 418

115

58

(12)

156 151 130

105 122

92

(10)

0

10

20

30

40

50



14

12

4

17

11 11 11 11

8

65

0

-1

-5

-8

Sma

llcap

10

0

Mid

cap

100

NIF

TY

50

Me

tals

Rea

lty

Ban

k

Ener

gy

Au

to

Pri

vate

Ban

ks

Fin

anci

als

Secv

ice

s

IT S

erv

ice

s

Me

dia

FMC

G

Ph

arm

a

30


31



Sales 0 -2

EBITDA 19 15

PBT 33 20

PAT 31 17


Sales -1 -2

EBITDA 15 10

PBT 23 9

PAT 22 7


32





236 285 310 333

372 402 404 386

418 414

483 457 508

685

796

(41)

207

89 74

117

81

05

(45)

83

(10)

167

(54)

111

349

163

(10)

(5)

0

5

10

15

20

25

30

35

40

0

100

200

300

400

500

600

700

800

900

FY0

9

FY1

0

FY1

1

FY1

2

FY1

3

FY1

4

FY1

5

FY1

6

FY1

7

FY1

8

FY1

9

FY2

0

FY2

1ii

FY2

2ii

FY2

3ii

Rs (LHS) YoY (RHS)

Nifty EPS



34





52

82 83

103

55

95

88

71

64 66

81

69

7983

79

56

104

FY05

FY06

FY07

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

E





207

8

13

18

23

28

Feb

-06

Feb

-07

Feb

-08

Feb

-09

Feb

-10

Feb

-11

Feb

-12

Feb

-13

Feb

-14

Feb

-15

Feb

-16

Feb

-17

Feb

-18

Feb

-19

Feb

-20

Feb

-21

Average 179x

31

15

23

30

38

45

Feb

-06

Feb

-07

Feb

-08

Feb

-09

Feb

-10

Feb

-11

Feb

-12

Feb

-13

Feb

-14

Feb

-15

Feb

-16

Feb

-17

Feb

-18

Feb

-19

Feb

-20

Feb

-21

Average 27x

37












38Source Bloomberg



Dec 19 122235

Mar 20 53406

June 20 32400

Sept 20 176786 707144

Dec 20 209795 839180

TTM 472387

Market Cap (280221) 18850128

PE Ratio 399 225



39

Company

PE

FY20Q1FY21

(Annualised)Q2FY21


Shree Cement 634 648 439 383 358


Mindtree 397 311 261 203 191

Asian Paints 814 2567 663 447 613


Hero Motocorp 190 2782 181 159 183

Bajaj Auto 223 537 249 182 202










41


42



43


10 Yr 1630 1567 1943

7 Yr 1636 1506 1745

5 yr 1024 889 1807

3 yr 324 526 2647

1 yr -984 1316 9422


10 Yr 1239 991 1480

7 Yr 1212 867 1370

5 yr 736 317 1440

3 yr 079 -333 2237

1 yr -1572 -097 9753



44


10 Yr 1192 1159 1450

7 Yr 1227 1163 1406

5 yr 924 846 1511

3 yr 631 574 2027

1 yr -093 480 6660


10 Yr 1138 992 1387

7 Yr 1163 916 1367

5 yr 903 658 1525

3 yr 732 201 1992

1 yr -456 -397 7206




10 Yr 1277 1242 1526

7 Yr 1281 1192 1443

5 yr 923 885 1540

3 yr 576 582 2067

1 yr -313 720 6502


10 Yr 1140 992 1368

7 Yr 1165 915 1351

5 yr 931 686 1514

3 yr 822 256 1931

1 yr -274 -478 6874

46




10 Yr 1078 1016 1354

7 Yr 1064 940 1319

5 yr 758 678 1479

3 yr 539 435 2006

1 yr -282 108 6528


10 Yr 1108 979 1341

7 Yr 1130 918 1364

5 yr 958 772 1570

3 yr 989 429 1947

1 yr 112 -515 6633

47


48

Kotak Pioneer Fund


in India




bull Healthcare

bull Chemicals

bull Fintech

bull Materials









1 YearSince

Inception(31102019)



Nifty 50 TRI 3137 1752


49

















Index Nifty 50 TRI


Last 5 Year 1464 1355 1729

Last 3 Years 1462 1199 1288

Last 1 Years 2928 2142 3137



Return Profile


50

51










As on 31st Jan 2021

885

-15540 -14655




1 Year 1502 3137 1166

2 Years 1329 1742 1206

3 Years 923 1288 1010

5 Years 1046 1729 1030

52




Nifty 50 TRI 1423 1712 1254 2583








53

Gold









55

56






Alpha-124 -092 -106


Nifty 50 TRI3130 1290 1730


Alpha-111 -097 -124









57



3092 538 157 1841


3064 243 1089 895

Alpha 028 295 481 946



Alpha 1083 1479 769 911


Nifty Midcap 100 TRI 3985 679 1739 1814

Alpha -143 666 496 679


Nifty 200 TRI 3214 1135 1826 1498

Alpha -60 057 143 407


2915 1284 2035 1869

Nifty 200 TRI 3214 1135 1826 1498

Alpha -299 149 209 371


Nifty 500 TRI 3337 1086 1836 1539

Alpha -496 267 16 35


58



Nifty 100 TRI 311 1191 1826 1468

Alpha 178 253 281 243


Nifty 50 TRI 3127 1288 1837 1414

Alpha 023 019 -025 23


Nifty 200 TRI 3214 1135 - -

Alpha 3689 467 - -



423 - - -

Alpha 1578 - - -


Nifty 200 TRI 3214 - - -

Alpha 146 - - -






59

554

791840 853 855 864 906

9551001

12281308


Fund


Kotak FlexicapFund

Kotak Tax SaverFund


Fund


Kotak BluechipFund



Kotak PioneerFund

Kotak SmallCap Fund



Debt Market Outlook

March 2021

60

61

Source Bloomberg


-9000

-8000

-7000

-6000

-5000

-4000

-3000

-2000

-1000

0

1000

5

55

6

65

7

75

Jun

-19

Jul-

19

Au

g-1

9

Sep

-19

Oct

-19

No

v-1

9

Dec

-19

Jan

-20

Feb

-20

Mar

-20

Ap

r-2

0

May

-20

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan

-21

Feb

-21



INR Bn



62




Source Bloomberg

3

4

5

6

7

8



01-Mar-21 31-Dec-20 30-Jun-20





Source Axis Capital

USD Mn

63

(1494)

381

(8680)

(1434)

(2695)

402

(534)(142)

471 520 191 1080

(740) (391)

(10500)

(9000)

(7500)

(6000)

(4500)

(3000)

(1500)

0

1500

3000

Jan

-20

Feb

-20

Mar

-20

Ap

r-2

0

May

-20

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan

-21

Feb

-21


406

530

00

10

20

30

40

50

60

70

80

Mar

-15

May

-15

Jul-

15

Sep

-15

No

v-1

5

Jan

-16

Mar

-16

May

-16

Jul-

16

Sep

-16

No

v-1

6

Jan

-17

Mar

-17

May

-17

Jul-

17

Sep

-17

No

v-1

7

Jan

-18

Mar

-18

May

-18

Jul-

18

Sep

-18

No

v-1

8

Jan

-19

Mar

-19

May

-19

Jul-

19

Sep

-19

No

v-1

9

Jan

-20

Mar

-20

May

-20

Jul-

20

Sep

-20

No

v-2

0

Jan

-21

CPI Core CPI




64

65


FY 21 (RE) FY 22 (BE)



(in Rs Crores)


Source CNBC








67

211

0

50

100

150

200

250

300





68

444

558

3

35

4

45

5

55

6

65

7

75

Mar

-hellip

Ap

r-2

0

May

-hellip

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan

-21

Feb

-21



450

500

550

600

650

700

750

800

850

1Y 2Y 3Y 4Y 5Y 7Y 10Y

01-Mar-21 29-Jan-21 31-Dec-19



69







10 yr 715 29 051 766


10 yr 715 21+21=42 084 799


10 yr 715 155+155+155=455 103 818



Debt Outlook

70












71




Kotak Gilt Fund 980



Kotak Bond Fund 879





73


928

600

650

700

750

800

850

900

950

1000

1050

Feb

-18

Ap

r-1

8

May

-18

Jul-

18

Au

g-1

8

Sep

-18

No

v-1

8

Dec

-18

Jan

-19

Mar

-19

Ap

r-1

9

Jun

-19

Jul-

19

Au

g-1

9

Oct

-19

No

v-1

9

Jan

-20

Feb

-20

Mar

-20

May

-20

Jun

-20

Jul-

20

Sep

-20

Oct

-20

Dec

-20

Jan

-21

Feb

-21

Rolling Returns()


915






(Spread)





378 263 281



74




458

699 699

389

638 638

0

1

2

3

4

5

6

7

8



1 Year OIS

3 Year AA

3 Year AA





76











77



Testimonials




78

Business Dashboard

Transaction History



Prostart

Business Hub








Kotak Bluechip Fund








79

80







ANNEXURES

81



82






Feb-21 April-20



AA+ 228 165

AA 248 290

AA- 087 142

Below AA- 043 122



83



















Credit Strategies





84



(3-6mo)Medium Term



Rupee









Liquidity


85



Medium ndashterm

Remarks







Signify Growth 86


87





88





89






CRISIL 1 Year TBill


Last 1 Year 744 632 112 547 10742 10630 10546

Last 3 Years 894 868 026 665 12926 12834 12127

Last 5 Years 846 854 -008 656 15006 15064 13739






CRISIL 1 Year TBill

Since Inception 860 846 014 648 28659 28180 22287

Last 1 Year 685 790 -105 547 10683 10788 10546

Last 3 Years 921 934 -013 665 13022 13068 12127

Last 5 Years 912 868 044 656 15470 15161 13739





90






CRISIL 1 Year TBill

Since Inception 769 827 -058 648 26178 28053 22605

Last 1 Year 669 594 075 547 10667 10592 10546

Last 3 Years 760 723 037 665 12455 12326 12127

Last 5 Years 774 735 039 656 14514 14256 13739





CRISIL 10 Year Gilt


Last 1 Year 672 765 -093 493 10670 10763 10492

Last 3 Years 879 912 -033 894 12872 12990 12927

Last 5 Years 800 859 -058 734 14692 15093 14246





91






CRISIL 1 Year TBill

Since Inception 772 793 -021 607 40606 42094 30324

Last 1 Year 720 797 -077 547 10718 10794 10546

Last 3 Years 815 828 -013 665 12648 12692 12127

Last 5 Years 785 808 -024 656 14585 14746 13739






CRISIL 1 Year TBill

Since Inception 818 939 -120 645 28790 33407 23163

Last 1 Year 741 793 -052 547 10739 10791 10546

Last 3 Years 838 894 -057 665 12726 12927 12127

Last 5 Years 830 885 -055 656 14898 15277 13739





92






CRISIL 1 Year TBill

Since Inception 808 930 -121 671 23159 26128 20167

Last 1 Year 455 987 -532 547 10453 10984 10546

Last 3 Years 702 900 -198 665 12253 12946 12127

Last 5 Years 755 900 -145 656 14384 15380 13739






CRISIL 10 Year Gilt

Since Inception 812 900 -088 826 17192 18192 17350

Last 1 Year 456 873 -417 493 10455 10871 10492

Last 3 Years 650 902 -252 894 12078 12954 12927

Last 5 Years 730 863 -133 734 14218 15121 14246










Growth


Index Nifty 50 TRI

Since Inception 1092 1167 -075 1130 13052 13281 13166

Last 1 Year 1849 2142 -292 3137 11844 12135 13127







CRISIL 10 Year Gilt

Since Inception 809 855 -045 582 38280 41141 26537

Last 1 Year 1502 1166 336 493 11497 11162 10492

Last 3 Years 923 1010 -086 894 13030 13341 12927

Last 5 Years 1046 1030 017 734 16443 16319 14246





94


Fund - Growth






Since Inception 1578 1221 357 1579 113266 67426 113398

Last 1 Year 2928 2142 786 3000 12919 12135 12990

Last 3 Years 1462 1199 262 1422 15051 14043 14894

Last 5 Years 1464 1355 109 1789 19793 18868 22764






CRISIL 10 Year Gilt


Last 1 Year 768 641 128 493 10766 10639 10492

Last 3 Years 980 1001 -021 894 13234 13311 12927

Last 5 Years 892 848 044 734 15325 15020 14246



95


Growth



Index TRI


Growth



Index TRI

Nifty 50 TRI

Since Inception 3678 2467 1211 1752 15149 13397 12386

Last 1 Year 5550 4230 1320 3137 15531 14216 13127




Growth


ALPHA Nifty 50 TRI


Growth


Nifty 50 TRI

Since Inception 719 133 586 951 24675 11876 32619

Last 1 Year 2940 3064 -124 3137 12931 13054 13127

Last 3 Years 405 243 162 1288 11265 10746 14378

Last 5 Years 1332 1089 243 1729 18676 16760 22189






96





Since Inception 1462 1173 289 1328 15099 13979 14570

Last 1 Year 6667 3224 3443 3137 16644 13214 13127

Last 3 Years 1471 1135 335 1288 15087 13803 14378












Since Inception 1389 1146 243 1265 14372 13534 13939

Last 1 Year 4661 3224 1437 3137 14646 13214 13127









97

Kotak Smallcap Fund





Scheme Returns () 1620 1905 1843 2067 3331 12808


Alpha 572 746 808 905 1158 630


Nifty 50 (TRI) (Rs)^ 5809863 2412890 1363994 887303 478297 158761







Since Inception 1648 1274 375 1440 115182 68229 86309

Last 1 Year 5224 4358 866 3137 15207 14344 13127

Last 3 Years 1309 -017 1326 1288 14460 9950 14378

Last 5 Years 2040 1419 622 1729 25291 19406 22189



98






Scheme Returns () 1505 1571 1397 1426 1792 6240


Alpha 218 204 045 -088 -139 -634

Nifty 200 (TRI) (Rs) 3011611 2447722 1358050 875181 477275 160074

Nifty 50 (TRI) (Rs)^ 2974930 2412890 1363994 887303 478297 158761







Since Inception 1391 1156 235 1140 44527 35062 34492

Last 1 Year 2497 3224 -727 3137 12489 13214 13127

Last 3 Years 1082 1135 -054 1288 13604 13803 14378

Last 5 Years 1738 1719 020 1729 22274 22089 22189



99






Scheme Returns () 1705 1943 1745 1807 2647 9422


Alpha 316 463 375 368 410 -332


Nifty 50 (TRI) (Rs)^ 4226246 2412890 1363994 887303 478297 158761







Since Inception 1320 1332 -012 1138 56228 57054 44823

Last 1 Year 3676 3998 -322 3137 13664 13985 13127

Last 3 Years 1207 679 528 1288 14070 12177 14378

Last 5 Years 1997 1624 372 1729 24836 21217 22189



100






Scheme Returns () 1251 1450 1406 1511 2027 6660


Alpha 007 063 038 -014 035 -546

Nifty 500 (TRI) (Rs) 5177617 2472906 1365740 877640 481312 161867

Nifty 50 (TRI) (Rs)^ 5074950 2412890 1363994 887303 478297 158761







Since Inception 1217 1303 -085 1328 57797 64882 67113

Last 1 Year 2685 3347 -662 3137 12677 13337 13127

Last 3 Years 1219 1086 133 1288 14116 13621 14378

Last 5 Years 1741 1731 010 1729 22304 22207 22189



101






Scheme Returns () 1478 1526 1443 1540 2067 6502


Alpha 197 158 092 026 136 -373

Nifty 200 (TRI) (Rs) 6308482 2447722 1358050 875181 477275 160074

Nifty 50 (TRI) (Rs)^ 6292270 2412890 1363994 887303 478297 158761








Since Inception 1831 1537 294 1555 159694 105534 108232

Last 1 Year 2771 3224 -453 3137 12762 13214 13127

Last 3 Years 1158 1135 023 1288 13887 13803 14378

Last 5 Years 1791 1719 072 1729 22776 22089 22189



102

Kotak Bluechip Fund





Scheme Returns () 1497 1354 1319 1479 2006 6528


Alpha 103 013 -045 -091 059 -105

Nifty 50 (TRI) (Rs) 8857197 2412890 1363994 887303 478297 158761








Since Inception 1967 1722 246 1738 256865 176573 181028

Last 1 Year 3007 3137 -130 3000 12998 13127 12990

Last 3 Years 1181 1288 -107 1422 13975 14378 14894

Last 5 Years 1575 1729 -154 1789 20767 22189 22764






Since Inception 1321 1408 -088 1388 69209 78041 75924

Last 1 Year 3123 3120 003 3137 13113 13110 13127

Last 3 Years 1293 1191 102 1288 14396 14010 14378

Last 5 Years 1830 1719 110 1729 23155 22098 22189





103






Scheme Returns () 1309 1467 1463 1660 2087 7522


Alpha 041 104 112 141 195 996

Nifty 100 (TRI) (Rs) 5543589 2441380 1357611 876201 474636 158175

Nifty 50 (TRI) (Rs)^ 5371562 2412890 1363994 887303 478297 158761






104

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3




Bottom 3








105

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^









Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^









106

Scheme Names


Scheme Returns()^




Scheme Returns()^





Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^








107

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3




Bottom 3


2940 3064 405 243 1332 1089 719 133






108

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3




Bottom 3


Kotak Gold ETF 710 765 1380 1467 764 860 1178 1290





109

Scheme Name


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3


6667 3224 1471 1135 NA NA 1462 1173

Kotak NV20 ETF 3937 4355 1526 1660 1902 2002 1643 1620

Kotak Nifty ETF 3078 3137 1261 1288 1647 1729 1044 1181

Bottom 3

Kotak Sensex ETF 2955 3000 1390 1422 1696 1789 982 1097



Fund Type of Scheme











Mutual Fund








REIT funds



Fund Type of Scheme




















111








Kotak FlexicapFund



Kotak FlexicapFund









Kotak Liquid Fund


Thank You


119

3


Global Economy 4

Indian Economy 12

Risk 23

Equity Markets 28

Valuation 34








Annexure 81


Global Economy

4





(billion dollars)




8




9






11Source Refinitiv

lndian Economy

12

Headlines In Feb 21

13




Headlines In Feb 21

14




15Source MCA







18

V Shaped Recovery




19










22



Risk

23




25

Source CEIC UBS


26Source RBI


27




Source CMIEcom

Equity Markets

28



-240

-168

-79

-72

-56

-26

-18

39

266(USD bn)


India

Brazil

Indonesia

Philippines

Malaysia

South Africa

Thailand

Taiwan

South Korea




66

113 122

297

386 418

115

58

(12)

156 151 130

105 122

92

(10)

0

10

20

30

40

50



14

12

4

17

11 11 11 11

8

65

0

-1

-5

-8

Sma

llcap

10

0

Mid

cap

100

NIF

TY

50

Me

tals

Rea

lty

Ban

k

Ener

gy

Au

to

Pri

vate

Ban

ks

Fin

anci

als

Secv

ice

s

IT S

erv

ice

s

Me

dia

FMC

G

Ph

arm

a

30


31



Sales 0 -2

EBITDA 19 15

PBT 33 20

PAT 31 17


Sales -1 -2

EBITDA 15 10

PBT 23 9

PAT 22 7


32





236 285 310 333

372 402 404 386

418 414

483 457 508

685

796

(41)

207

89 74

117

81

05

(45)

83

(10)

167

(54)

111

349

163

(10)

(5)

0

5

10

15

20

25

30

35

40

0

100

200

300

400

500

600

700

800

900

FY0

9

FY1

0

FY1

1

FY1

2

FY1

3

FY1

4

FY1

5

FY1

6

FY1

7

FY1

8

FY1

9

FY2

0

FY2

1ii

FY2

2ii

FY2

3ii

Rs (LHS) YoY (RHS)

Nifty EPS



34





52

82 83

103

55

95

88

71

64 66

81

69

7983

79

56

104

FY05

FY06

FY07

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

E





207

8

13

18

23

28

Feb

-06

Feb

-07

Feb

-08

Feb

-09

Feb

-10

Feb

-11

Feb

-12

Feb

-13

Feb

-14

Feb

-15

Feb

-16

Feb

-17

Feb

-18

Feb

-19

Feb

-20

Feb

-21

Average 179x

31

15

23

30

38

45

Feb

-06

Feb

-07

Feb

-08

Feb

-09

Feb

-10

Feb

-11

Feb

-12

Feb

-13

Feb

-14

Feb

-15

Feb

-16

Feb

-17

Feb

-18

Feb

-19

Feb

-20

Feb

-21

Average 27x

37












38Source Bloomberg



Dec 19 122235

Mar 20 53406

June 20 32400

Sept 20 176786 707144

Dec 20 209795 839180

TTM 472387

Market Cap (280221) 18850128

PE Ratio 399 225



39

Company

PE

FY20Q1FY21

(Annualised)Q2FY21


Shree Cement 634 648 439 383 358


Mindtree 397 311 261 203 191

Asian Paints 814 2567 663 447 613


Hero Motocorp 190 2782 181 159 183

Bajaj Auto 223 537 249 182 202










41


42



43


10 Yr 1630 1567 1943

7 Yr 1636 1506 1745

5 yr 1024 889 1807

3 yr 324 526 2647

1 yr -984 1316 9422


10 Yr 1239 991 1480

7 Yr 1212 867 1370

5 yr 736 317 1440

3 yr 079 -333 2237

1 yr -1572 -097 9753



44


10 Yr 1192 1159 1450

7 Yr 1227 1163 1406

5 yr 924 846 1511

3 yr 631 574 2027

1 yr -093 480 6660


10 Yr 1138 992 1387

7 Yr 1163 916 1367

5 yr 903 658 1525

3 yr 732 201 1992

1 yr -456 -397 7206




10 Yr 1277 1242 1526

7 Yr 1281 1192 1443

5 yr 923 885 1540

3 yr 576 582 2067

1 yr -313 720 6502


10 Yr 1140 992 1368

7 Yr 1165 915 1351

5 yr 931 686 1514

3 yr 822 256 1931

1 yr -274 -478 6874

46




10 Yr 1078 1016 1354

7 Yr 1064 940 1319

5 yr 758 678 1479

3 yr 539 435 2006

1 yr -282 108 6528


10 Yr 1108 979 1341

7 Yr 1130 918 1364

5 yr 958 772 1570

3 yr 989 429 1947

1 yr 112 -515 6633

47


48

Kotak Pioneer Fund


in India




bull Healthcare

bull Chemicals

bull Fintech

bull Materials









1 YearSince

Inception(31102019)



Nifty 50 TRI 3137 1752


49

















Index Nifty 50 TRI


Last 5 Year 1464 1355 1729

Last 3 Years 1462 1199 1288

Last 1 Years 2928 2142 3137



Return Profile


50

51










As on 31st Jan 2021

885

-15540 -14655




1 Year 1502 3137 1166

2 Years 1329 1742 1206

3 Years 923 1288 1010

5 Years 1046 1729 1030

52




Nifty 50 TRI 1423 1712 1254 2583








53

Gold









55

56






Alpha-124 -092 -106


Nifty 50 TRI3130 1290 1730


Alpha-111 -097 -124









57



3092 538 157 1841


3064 243 1089 895

Alpha 028 295 481 946



Alpha 1083 1479 769 911


Nifty Midcap 100 TRI 3985 679 1739 1814

Alpha -143 666 496 679


Nifty 200 TRI 3214 1135 1826 1498

Alpha -60 057 143 407


2915 1284 2035 1869

Nifty 200 TRI 3214 1135 1826 1498

Alpha -299 149 209 371


Nifty 500 TRI 3337 1086 1836 1539

Alpha -496 267 16 35


58



Nifty 100 TRI 311 1191 1826 1468

Alpha 178 253 281 243


Nifty 50 TRI 3127 1288 1837 1414

Alpha 023 019 -025 23


Nifty 200 TRI 3214 1135 - -

Alpha 3689 467 - -



423 - - -

Alpha 1578 - - -


Nifty 200 TRI 3214 - - -

Alpha 146 - - -






59

554

791840 853 855 864 906

9551001

12281308


Fund


Kotak FlexicapFund

Kotak Tax SaverFund


Fund


Kotak BluechipFund



Kotak PioneerFund

Kotak SmallCap Fund



Debt Market Outlook

March 2021

60

61

Source Bloomberg


-9000

-8000

-7000

-6000

-5000

-4000

-3000

-2000

-1000

0

1000

5

55

6

65

7

75

Jun

-19

Jul-

19

Au

g-1

9

Sep

-19

Oct

-19

No

v-1

9

Dec

-19

Jan

-20

Feb

-20

Mar

-20

Ap

r-2

0

May

-20

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan

-21

Feb

-21



INR Bn



62




Source Bloomberg

3

4

5

6

7

8



01-Mar-21 31-Dec-20 30-Jun-20





Source Axis Capital

USD Mn

63

(1494)

381

(8680)

(1434)

(2695)

402

(534)(142)

471 520 191 1080

(740) (391)

(10500)

(9000)

(7500)

(6000)

(4500)

(3000)

(1500)

0

1500

3000

Jan

-20

Feb

-20

Mar

-20

Ap

r-2

0

May

-20

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan

-21

Feb

-21


406

530

00

10

20

30

40

50

60

70

80

Mar

-15

May

-15

Jul-

15

Sep

-15

No

v-1

5

Jan

-16

Mar

-16

May

-16

Jul-

16

Sep

-16

No

v-1

6

Jan

-17

Mar

-17

May

-17

Jul-

17

Sep

-17

No

v-1

7

Jan

-18

Mar

-18

May

-18

Jul-

18

Sep

-18

No

v-1

8

Jan

-19

Mar

-19

May

-19

Jul-

19

Sep

-19

No

v-1

9

Jan

-20

Mar

-20

May

-20

Jul-

20

Sep

-20

No

v-2

0

Jan

-21

CPI Core CPI




64

65


FY 21 (RE) FY 22 (BE)



(in Rs Crores)


Source CNBC








67

211

0

50

100

150

200

250

300





68

444

558

3

35

4

45

5

55

6

65

7

75

Mar

-hellip

Ap

r-2

0

May

-hellip

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan

-21

Feb

-21



450

500

550

600

650

700

750

800

850

1Y 2Y 3Y 4Y 5Y 7Y 10Y

01-Mar-21 29-Jan-21 31-Dec-19



69







10 yr 715 29 051 766


10 yr 715 21+21=42 084 799


10 yr 715 155+155+155=455 103 818



Debt Outlook

70












71




Kotak Gilt Fund 980



Kotak Bond Fund 879





73


928

600

650

700

750

800

850

900

950

1000

1050

Feb

-18

Ap

r-1

8

May

-18

Jul-

18

Au

g-1

8

Sep

-18

No

v-1

8

Dec

-18

Jan

-19

Mar

-19

Ap

r-1

9

Jun

-19

Jul-

19

Au

g-1

9

Oct

-19

No

v-1

9

Jan

-20

Feb

-20

Mar

-20

May

-20

Jun

-20

Jul-

20

Sep

-20

Oct

-20

Dec

-20

Jan

-21

Feb

-21

Rolling Returns()


915






(Spread)





378 263 281



74




458

699 699

389

638 638

0

1

2

3

4

5

6

7

8



1 Year OIS

3 Year AA

3 Year AA





76











77



Testimonials




78

Business Dashboard

Transaction History



Prostart

Business Hub








Kotak Bluechip Fund








79

80







ANNEXURES

81



82






Feb-21 April-20



AA+ 228 165

AA 248 290

AA- 087 142

Below AA- 043 122



83



















Credit Strategies





84



(3-6mo)Medium Term



Rupee









Liquidity


85



Medium ndashterm

Remarks







Signify Growth 86


87





88





89






CRISIL 1 Year TBill


Last 1 Year 744 632 112 547 10742 10630 10546

Last 3 Years 894 868 026 665 12926 12834 12127

Last 5 Years 846 854 -008 656 15006 15064 13739






CRISIL 1 Year TBill

Since Inception 860 846 014 648 28659 28180 22287

Last 1 Year 685 790 -105 547 10683 10788 10546

Last 3 Years 921 934 -013 665 13022 13068 12127

Last 5 Years 912 868 044 656 15470 15161 13739





90






CRISIL 1 Year TBill

Since Inception 769 827 -058 648 26178 28053 22605

Last 1 Year 669 594 075 547 10667 10592 10546

Last 3 Years 760 723 037 665 12455 12326 12127

Last 5 Years 774 735 039 656 14514 14256 13739





CRISIL 10 Year Gilt


Last 1 Year 672 765 -093 493 10670 10763 10492

Last 3 Years 879 912 -033 894 12872 12990 12927

Last 5 Years 800 859 -058 734 14692 15093 14246





91






CRISIL 1 Year TBill

Since Inception 772 793 -021 607 40606 42094 30324

Last 1 Year 720 797 -077 547 10718 10794 10546

Last 3 Years 815 828 -013 665 12648 12692 12127

Last 5 Years 785 808 -024 656 14585 14746 13739






CRISIL 1 Year TBill

Since Inception 818 939 -120 645 28790 33407 23163

Last 1 Year 741 793 -052 547 10739 10791 10546

Last 3 Years 838 894 -057 665 12726 12927 12127

Last 5 Years 830 885 -055 656 14898 15277 13739





92






CRISIL 1 Year TBill

Since Inception 808 930 -121 671 23159 26128 20167

Last 1 Year 455 987 -532 547 10453 10984 10546

Last 3 Years 702 900 -198 665 12253 12946 12127

Last 5 Years 755 900 -145 656 14384 15380 13739






CRISIL 10 Year Gilt

Since Inception 812 900 -088 826 17192 18192 17350

Last 1 Year 456 873 -417 493 10455 10871 10492

Last 3 Years 650 902 -252 894 12078 12954 12927

Last 5 Years 730 863 -133 734 14218 15121 14246










Growth


Index Nifty 50 TRI

Since Inception 1092 1167 -075 1130 13052 13281 13166

Last 1 Year 1849 2142 -292 3137 11844 12135 13127







CRISIL 10 Year Gilt

Since Inception 809 855 -045 582 38280 41141 26537

Last 1 Year 1502 1166 336 493 11497 11162 10492

Last 3 Years 923 1010 -086 894 13030 13341 12927

Last 5 Years 1046 1030 017 734 16443 16319 14246





94


Fund - Growth






Since Inception 1578 1221 357 1579 113266 67426 113398

Last 1 Year 2928 2142 786 3000 12919 12135 12990

Last 3 Years 1462 1199 262 1422 15051 14043 14894

Last 5 Years 1464 1355 109 1789 19793 18868 22764






CRISIL 10 Year Gilt


Last 1 Year 768 641 128 493 10766 10639 10492

Last 3 Years 980 1001 -021 894 13234 13311 12927

Last 5 Years 892 848 044 734 15325 15020 14246



95


Growth



Index TRI


Growth



Index TRI

Nifty 50 TRI

Since Inception 3678 2467 1211 1752 15149 13397 12386

Last 1 Year 5550 4230 1320 3137 15531 14216 13127




Growth


ALPHA Nifty 50 TRI


Growth


Nifty 50 TRI

Since Inception 719 133 586 951 24675 11876 32619

Last 1 Year 2940 3064 -124 3137 12931 13054 13127

Last 3 Years 405 243 162 1288 11265 10746 14378

Last 5 Years 1332 1089 243 1729 18676 16760 22189






96





Since Inception 1462 1173 289 1328 15099 13979 14570

Last 1 Year 6667 3224 3443 3137 16644 13214 13127

Last 3 Years 1471 1135 335 1288 15087 13803 14378












Since Inception 1389 1146 243 1265 14372 13534 13939

Last 1 Year 4661 3224 1437 3137 14646 13214 13127









97

Kotak Smallcap Fund





Scheme Returns () 1620 1905 1843 2067 3331 12808


Alpha 572 746 808 905 1158 630


Nifty 50 (TRI) (Rs)^ 5809863 2412890 1363994 887303 478297 158761







Since Inception 1648 1274 375 1440 115182 68229 86309

Last 1 Year 5224 4358 866 3137 15207 14344 13127

Last 3 Years 1309 -017 1326 1288 14460 9950 14378

Last 5 Years 2040 1419 622 1729 25291 19406 22189



98






Scheme Returns () 1505 1571 1397 1426 1792 6240


Alpha 218 204 045 -088 -139 -634

Nifty 200 (TRI) (Rs) 3011611 2447722 1358050 875181 477275 160074

Nifty 50 (TRI) (Rs)^ 2974930 2412890 1363994 887303 478297 158761







Since Inception 1391 1156 235 1140 44527 35062 34492

Last 1 Year 2497 3224 -727 3137 12489 13214 13127

Last 3 Years 1082 1135 -054 1288 13604 13803 14378

Last 5 Years 1738 1719 020 1729 22274 22089 22189



99






Scheme Returns () 1705 1943 1745 1807 2647 9422


Alpha 316 463 375 368 410 -332


Nifty 50 (TRI) (Rs)^ 4226246 2412890 1363994 887303 478297 158761







Since Inception 1320 1332 -012 1138 56228 57054 44823

Last 1 Year 3676 3998 -322 3137 13664 13985 13127

Last 3 Years 1207 679 528 1288 14070 12177 14378

Last 5 Years 1997 1624 372 1729 24836 21217 22189



100






Scheme Returns () 1251 1450 1406 1511 2027 6660


Alpha 007 063 038 -014 035 -546

Nifty 500 (TRI) (Rs) 5177617 2472906 1365740 877640 481312 161867

Nifty 50 (TRI) (Rs)^ 5074950 2412890 1363994 887303 478297 158761







Since Inception 1217 1303 -085 1328 57797 64882 67113

Last 1 Year 2685 3347 -662 3137 12677 13337 13127

Last 3 Years 1219 1086 133 1288 14116 13621 14378

Last 5 Years 1741 1731 010 1729 22304 22207 22189



101






Scheme Returns () 1478 1526 1443 1540 2067 6502


Alpha 197 158 092 026 136 -373

Nifty 200 (TRI) (Rs) 6308482 2447722 1358050 875181 477275 160074

Nifty 50 (TRI) (Rs)^ 6292270 2412890 1363994 887303 478297 158761








Since Inception 1831 1537 294 1555 159694 105534 108232

Last 1 Year 2771 3224 -453 3137 12762 13214 13127

Last 3 Years 1158 1135 023 1288 13887 13803 14378

Last 5 Years 1791 1719 072 1729 22776 22089 22189



102

Kotak Bluechip Fund





Scheme Returns () 1497 1354 1319 1479 2006 6528


Alpha 103 013 -045 -091 059 -105

Nifty 50 (TRI) (Rs) 8857197 2412890 1363994 887303 478297 158761








Since Inception 1967 1722 246 1738 256865 176573 181028

Last 1 Year 3007 3137 -130 3000 12998 13127 12990

Last 3 Years 1181 1288 -107 1422 13975 14378 14894

Last 5 Years 1575 1729 -154 1789 20767 22189 22764






Since Inception 1321 1408 -088 1388 69209 78041 75924

Last 1 Year 3123 3120 003 3137 13113 13110 13127

Last 3 Years 1293 1191 102 1288 14396 14010 14378

Last 5 Years 1830 1719 110 1729 23155 22098 22189





103






Scheme Returns () 1309 1467 1463 1660 2087 7522


Alpha 041 104 112 141 195 996

Nifty 100 (TRI) (Rs) 5543589 2441380 1357611 876201 474636 158175

Nifty 50 (TRI) (Rs)^ 5371562 2412890 1363994 887303 478297 158761






104

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3




Bottom 3








105

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^









Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^









106

Scheme Names


Scheme Returns()^




Scheme Returns()^





Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^








107

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3




Bottom 3


2940 3064 405 243 1332 1089 719 133






108

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3




Bottom 3


Kotak Gold ETF 710 765 1380 1467 764 860 1178 1290





109

Scheme Name


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3


6667 3224 1471 1135 NA NA 1462 1173

Kotak NV20 ETF 3937 4355 1526 1660 1902 2002 1643 1620

Kotak Nifty ETF 3078 3137 1261 1288 1647 1729 1044 1181

Bottom 3

Kotak Sensex ETF 2955 3000 1390 1422 1696 1789 982 1097



Fund Type of Scheme











Mutual Fund








REIT funds



Fund Type of Scheme




















111








Kotak FlexicapFund



Kotak FlexicapFund









Kotak Liquid Fund


Thank You


119

Global Economy

4





(billion dollars)




8




9






11Source Refinitiv

lndian Economy

12

Headlines In Feb 21

13




Headlines In Feb 21

14




15Source MCA







18

V Shaped Recovery




19










22



Risk

23




25

Source CEIC UBS


26Source RBI


27




Source CMIEcom

Equity Markets

28



-240

-168

-79

-72

-56

-26

-18

39

266(USD bn)


India

Brazil

Indonesia

Philippines

Malaysia

South Africa

Thailand

Taiwan

South Korea




66

113 122

297

386 418

115

58

(12)

156 151 130

105 122

92

(10)

0

10

20

30

40

50



14

12

4

17

11 11 11 11

8

65

0

-1

-5

-8

Sma

llcap

10

0

Mid

cap

100

NIF

TY

50

Me

tals

Rea

lty

Ban

k

Ener

gy

Au

to

Pri

vate

Ban

ks

Fin

anci

als

Secv

ice

s

IT S

erv

ice

s

Me

dia

FMC

G

Ph

arm

a

30


31



Sales 0 -2

EBITDA 19 15

PBT 33 20

PAT 31 17


Sales -1 -2

EBITDA 15 10

PBT 23 9

PAT 22 7


32





236 285 310 333

372 402 404 386

418 414

483 457 508

685

796

(41)

207

89 74

117

81

05

(45)

83

(10)

167

(54)

111

349

163

(10)

(5)

0

5

10

15

20

25

30

35

40

0

100

200

300

400

500

600

700

800

900

FY0

9

FY1

0

FY1

1

FY1

2

FY1

3

FY1

4

FY1

5

FY1

6

FY1

7

FY1

8

FY1

9

FY2

0

FY2

1ii

FY2

2ii

FY2

3ii

Rs (LHS) YoY (RHS)

Nifty EPS



34





52

82 83

103

55

95

88

71

64 66

81

69

7983

79

56

104

FY05

FY06

FY07

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

E





207

8

13

18

23

28

Feb

-06

Feb

-07

Feb

-08

Feb

-09

Feb

-10

Feb

-11

Feb

-12

Feb

-13

Feb

-14

Feb

-15

Feb

-16

Feb

-17

Feb

-18

Feb

-19

Feb

-20

Feb

-21

Average 179x

31

15

23

30

38

45

Feb

-06

Feb

-07

Feb

-08

Feb

-09

Feb

-10

Feb

-11

Feb

-12

Feb

-13

Feb

-14

Feb

-15

Feb

-16

Feb

-17

Feb

-18

Feb

-19

Feb

-20

Feb

-21

Average 27x

37












38Source Bloomberg



Dec 19 122235

Mar 20 53406

June 20 32400

Sept 20 176786 707144

Dec 20 209795 839180

TTM 472387

Market Cap (280221) 18850128

PE Ratio 399 225



39

Company

PE

FY20Q1FY21

(Annualised)Q2FY21


Shree Cement 634 648 439 383 358


Mindtree 397 311 261 203 191

Asian Paints 814 2567 663 447 613


Hero Motocorp 190 2782 181 159 183

Bajaj Auto 223 537 249 182 202










41


42



43


10 Yr 1630 1567 1943

7 Yr 1636 1506 1745

5 yr 1024 889 1807

3 yr 324 526 2647

1 yr -984 1316 9422


10 Yr 1239 991 1480

7 Yr 1212 867 1370

5 yr 736 317 1440

3 yr 079 -333 2237

1 yr -1572 -097 9753



44


10 Yr 1192 1159 1450

7 Yr 1227 1163 1406

5 yr 924 846 1511

3 yr 631 574 2027

1 yr -093 480 6660


10 Yr 1138 992 1387

7 Yr 1163 916 1367

5 yr 903 658 1525

3 yr 732 201 1992

1 yr -456 -397 7206




10 Yr 1277 1242 1526

7 Yr 1281 1192 1443

5 yr 923 885 1540

3 yr 576 582 2067

1 yr -313 720 6502


10 Yr 1140 992 1368

7 Yr 1165 915 1351

5 yr 931 686 1514

3 yr 822 256 1931

1 yr -274 -478 6874

46




10 Yr 1078 1016 1354

7 Yr 1064 940 1319

5 yr 758 678 1479

3 yr 539 435 2006

1 yr -282 108 6528


10 Yr 1108 979 1341

7 Yr 1130 918 1364

5 yr 958 772 1570

3 yr 989 429 1947

1 yr 112 -515 6633

47


48

Kotak Pioneer Fund


in India




bull Healthcare

bull Chemicals

bull Fintech

bull Materials









1 YearSince

Inception(31102019)



Nifty 50 TRI 3137 1752


49

















Index Nifty 50 TRI


Last 5 Year 1464 1355 1729

Last 3 Years 1462 1199 1288

Last 1 Years 2928 2142 3137



Return Profile


50

51










As on 31st Jan 2021

885

-15540 -14655




1 Year 1502 3137 1166

2 Years 1329 1742 1206

3 Years 923 1288 1010

5 Years 1046 1729 1030

52




Nifty 50 TRI 1423 1712 1254 2583








53

Gold









55

56






Alpha-124 -092 -106


Nifty 50 TRI3130 1290 1730


Alpha-111 -097 -124









57



3092 538 157 1841


3064 243 1089 895

Alpha 028 295 481 946



Alpha 1083 1479 769 911


Nifty Midcap 100 TRI 3985 679 1739 1814

Alpha -143 666 496 679


Nifty 200 TRI 3214 1135 1826 1498

Alpha -60 057 143 407


2915 1284 2035 1869

Nifty 200 TRI 3214 1135 1826 1498

Alpha -299 149 209 371


Nifty 500 TRI 3337 1086 1836 1539

Alpha -496 267 16 35


58



Nifty 100 TRI 311 1191 1826 1468

Alpha 178 253 281 243


Nifty 50 TRI 3127 1288 1837 1414

Alpha 023 019 -025 23


Nifty 200 TRI 3214 1135 - -

Alpha 3689 467 - -



423 - - -

Alpha 1578 - - -


Nifty 200 TRI 3214 - - -

Alpha 146 - - -






59

554

791840 853 855 864 906

9551001

12281308


Fund


Kotak FlexicapFund

Kotak Tax SaverFund


Fund


Kotak BluechipFund



Kotak PioneerFund

Kotak SmallCap Fund



Debt Market Outlook

March 2021

60

61

Source Bloomberg


-9000

-8000

-7000

-6000

-5000

-4000

-3000

-2000

-1000

0

1000

5

55

6

65

7

75

Jun

-19

Jul-

19

Au

g-1

9

Sep

-19

Oct

-19

No

v-1

9

Dec

-19

Jan

-20

Feb

-20

Mar

-20

Ap

r-2

0

May

-20

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan

-21

Feb

-21



INR Bn



62




Source Bloomberg

3

4

5

6

7

8



01-Mar-21 31-Dec-20 30-Jun-20





Source Axis Capital

USD Mn

63

(1494)

381

(8680)

(1434)

(2695)

402

(534)(142)

471 520 191 1080

(740) (391)

(10500)

(9000)

(7500)

(6000)

(4500)

(3000)

(1500)

0

1500

3000

Jan

-20

Feb

-20

Mar

-20

Ap

r-2

0

May

-20

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan

-21

Feb

-21


406

530

00

10

20

30

40

50

60

70

80

Mar

-15

May

-15

Jul-

15

Sep

-15

No

v-1

5

Jan

-16

Mar

-16

May

-16

Jul-

16

Sep

-16

No

v-1

6

Jan

-17

Mar

-17

May

-17

Jul-

17

Sep

-17

No

v-1

7

Jan

-18

Mar

-18

May

-18

Jul-

18

Sep

-18

No

v-1

8

Jan

-19

Mar

-19

May

-19

Jul-

19

Sep

-19

No

v-1

9

Jan

-20

Mar

-20

May

-20

Jul-

20

Sep

-20

No

v-2

0

Jan

-21

CPI Core CPI




64

65


FY 21 (RE) FY 22 (BE)



(in Rs Crores)


Source CNBC








67

211

0

50

100

150

200

250

300





68

444

558

3

35

4

45

5

55

6

65

7

75

Mar

-hellip

Ap

r-2

0

May

-hellip

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan

-21

Feb

-21



450

500

550

600

650

700

750

800

850

1Y 2Y 3Y 4Y 5Y 7Y 10Y

01-Mar-21 29-Jan-21 31-Dec-19



69







10 yr 715 29 051 766


10 yr 715 21+21=42 084 799


10 yr 715 155+155+155=455 103 818



Debt Outlook

70












71




Kotak Gilt Fund 980



Kotak Bond Fund 879





73


928

600

650

700

750

800

850

900

950

1000

1050

Feb

-18

Ap

r-1

8

May

-18

Jul-

18

Au

g-1

8

Sep

-18

No

v-1

8

Dec

-18

Jan

-19

Mar

-19

Ap

r-1

9

Jun

-19

Jul-

19

Au

g-1

9

Oct

-19

No

v-1

9

Jan

-20

Feb

-20

Mar

-20

May

-20

Jun

-20

Jul-

20

Sep

-20

Oct

-20

Dec

-20

Jan

-21

Feb

-21

Rolling Returns()


915






(Spread)





378 263 281



74




458

699 699

389

638 638

0

1

2

3

4

5

6

7

8



1 Year OIS

3 Year AA

3 Year AA





76











77



Testimonials




78

Business Dashboard

Transaction History



Prostart

Business Hub








Kotak Bluechip Fund








79

80







ANNEXURES

81



82






Feb-21 April-20



AA+ 228 165

AA 248 290

AA- 087 142

Below AA- 043 122



83



















Credit Strategies





84



(3-6mo)Medium Term



Rupee









Liquidity


85



Medium ndashterm

Remarks







Signify Growth 86


87





88





89






CRISIL 1 Year TBill


Last 1 Year 744 632 112 547 10742 10630 10546

Last 3 Years 894 868 026 665 12926 12834 12127

Last 5 Years 846 854 -008 656 15006 15064 13739






CRISIL 1 Year TBill

Since Inception 860 846 014 648 28659 28180 22287

Last 1 Year 685 790 -105 547 10683 10788 10546

Last 3 Years 921 934 -013 665 13022 13068 12127

Last 5 Years 912 868 044 656 15470 15161 13739





90






CRISIL 1 Year TBill

Since Inception 769 827 -058 648 26178 28053 22605

Last 1 Year 669 594 075 547 10667 10592 10546

Last 3 Years 760 723 037 665 12455 12326 12127

Last 5 Years 774 735 039 656 14514 14256 13739





CRISIL 10 Year Gilt


Last 1 Year 672 765 -093 493 10670 10763 10492

Last 3 Years 879 912 -033 894 12872 12990 12927

Last 5 Years 800 859 -058 734 14692 15093 14246





91






CRISIL 1 Year TBill

Since Inception 772 793 -021 607 40606 42094 30324

Last 1 Year 720 797 -077 547 10718 10794 10546

Last 3 Years 815 828 -013 665 12648 12692 12127

Last 5 Years 785 808 -024 656 14585 14746 13739






CRISIL 1 Year TBill

Since Inception 818 939 -120 645 28790 33407 23163

Last 1 Year 741 793 -052 547 10739 10791 10546

Last 3 Years 838 894 -057 665 12726 12927 12127

Last 5 Years 830 885 -055 656 14898 15277 13739





92






CRISIL 1 Year TBill

Since Inception 808 930 -121 671 23159 26128 20167

Last 1 Year 455 987 -532 547 10453 10984 10546

Last 3 Years 702 900 -198 665 12253 12946 12127

Last 5 Years 755 900 -145 656 14384 15380 13739






CRISIL 10 Year Gilt

Since Inception 812 900 -088 826 17192 18192 17350

Last 1 Year 456 873 -417 493 10455 10871 10492

Last 3 Years 650 902 -252 894 12078 12954 12927

Last 5 Years 730 863 -133 734 14218 15121 14246










Growth


Index Nifty 50 TRI

Since Inception 1092 1167 -075 1130 13052 13281 13166

Last 1 Year 1849 2142 -292 3137 11844 12135 13127







CRISIL 10 Year Gilt

Since Inception 809 855 -045 582 38280 41141 26537

Last 1 Year 1502 1166 336 493 11497 11162 10492

Last 3 Years 923 1010 -086 894 13030 13341 12927

Last 5 Years 1046 1030 017 734 16443 16319 14246





94


Fund - Growth






Since Inception 1578 1221 357 1579 113266 67426 113398

Last 1 Year 2928 2142 786 3000 12919 12135 12990

Last 3 Years 1462 1199 262 1422 15051 14043 14894

Last 5 Years 1464 1355 109 1789 19793 18868 22764






CRISIL 10 Year Gilt


Last 1 Year 768 641 128 493 10766 10639 10492

Last 3 Years 980 1001 -021 894 13234 13311 12927

Last 5 Years 892 848 044 734 15325 15020 14246



95


Growth



Index TRI


Growth



Index TRI

Nifty 50 TRI

Since Inception 3678 2467 1211 1752 15149 13397 12386

Last 1 Year 5550 4230 1320 3137 15531 14216 13127




Growth


ALPHA Nifty 50 TRI


Growth


Nifty 50 TRI

Since Inception 719 133 586 951 24675 11876 32619

Last 1 Year 2940 3064 -124 3137 12931 13054 13127

Last 3 Years 405 243 162 1288 11265 10746 14378

Last 5 Years 1332 1089 243 1729 18676 16760 22189






96





Since Inception 1462 1173 289 1328 15099 13979 14570

Last 1 Year 6667 3224 3443 3137 16644 13214 13127

Last 3 Years 1471 1135 335 1288 15087 13803 14378












Since Inception 1389 1146 243 1265 14372 13534 13939

Last 1 Year 4661 3224 1437 3137 14646 13214 13127









97

Kotak Smallcap Fund





Scheme Returns () 1620 1905 1843 2067 3331 12808


Alpha 572 746 808 905 1158 630


Nifty 50 (TRI) (Rs)^ 5809863 2412890 1363994 887303 478297 158761







Since Inception 1648 1274 375 1440 115182 68229 86309

Last 1 Year 5224 4358 866 3137 15207 14344 13127

Last 3 Years 1309 -017 1326 1288 14460 9950 14378

Last 5 Years 2040 1419 622 1729 25291 19406 22189



98






Scheme Returns () 1505 1571 1397 1426 1792 6240


Alpha 218 204 045 -088 -139 -634

Nifty 200 (TRI) (Rs) 3011611 2447722 1358050 875181 477275 160074

Nifty 50 (TRI) (Rs)^ 2974930 2412890 1363994 887303 478297 158761







Since Inception 1391 1156 235 1140 44527 35062 34492

Last 1 Year 2497 3224 -727 3137 12489 13214 13127

Last 3 Years 1082 1135 -054 1288 13604 13803 14378

Last 5 Years 1738 1719 020 1729 22274 22089 22189



99






Scheme Returns () 1705 1943 1745 1807 2647 9422


Alpha 316 463 375 368 410 -332


Nifty 50 (TRI) (Rs)^ 4226246 2412890 1363994 887303 478297 158761







Since Inception 1320 1332 -012 1138 56228 57054 44823

Last 1 Year 3676 3998 -322 3137 13664 13985 13127

Last 3 Years 1207 679 528 1288 14070 12177 14378

Last 5 Years 1997 1624 372 1729 24836 21217 22189



100






Scheme Returns () 1251 1450 1406 1511 2027 6660


Alpha 007 063 038 -014 035 -546

Nifty 500 (TRI) (Rs) 5177617 2472906 1365740 877640 481312 161867

Nifty 50 (TRI) (Rs)^ 5074950 2412890 1363994 887303 478297 158761







Since Inception 1217 1303 -085 1328 57797 64882 67113

Last 1 Year 2685 3347 -662 3137 12677 13337 13127

Last 3 Years 1219 1086 133 1288 14116 13621 14378

Last 5 Years 1741 1731 010 1729 22304 22207 22189



101






Scheme Returns () 1478 1526 1443 1540 2067 6502


Alpha 197 158 092 026 136 -373

Nifty 200 (TRI) (Rs) 6308482 2447722 1358050 875181 477275 160074

Nifty 50 (TRI) (Rs)^ 6292270 2412890 1363994 887303 478297 158761








Since Inception 1831 1537 294 1555 159694 105534 108232

Last 1 Year 2771 3224 -453 3137 12762 13214 13127

Last 3 Years 1158 1135 023 1288 13887 13803 14378

Last 5 Years 1791 1719 072 1729 22776 22089 22189



102

Kotak Bluechip Fund





Scheme Returns () 1497 1354 1319 1479 2006 6528


Alpha 103 013 -045 -091 059 -105

Nifty 50 (TRI) (Rs) 8857197 2412890 1363994 887303 478297 158761








Since Inception 1967 1722 246 1738 256865 176573 181028

Last 1 Year 3007 3137 -130 3000 12998 13127 12990

Last 3 Years 1181 1288 -107 1422 13975 14378 14894

Last 5 Years 1575 1729 -154 1789 20767 22189 22764






Since Inception 1321 1408 -088 1388 69209 78041 75924

Last 1 Year 3123 3120 003 3137 13113 13110 13127

Last 3 Years 1293 1191 102 1288 14396 14010 14378

Last 5 Years 1830 1719 110 1729 23155 22098 22189





103






Scheme Returns () 1309 1467 1463 1660 2087 7522


Alpha 041 104 112 141 195 996

Nifty 100 (TRI) (Rs) 5543589 2441380 1357611 876201 474636 158175

Nifty 50 (TRI) (Rs)^ 5371562 2412890 1363994 887303 478297 158761






104

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3




Bottom 3








105

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^









Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^









106

Scheme Names


Scheme Returns()^




Scheme Returns()^





Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^








107

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3




Bottom 3


2940 3064 405 243 1332 1089 719 133






108

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3




Bottom 3


Kotak Gold ETF 710 765 1380 1467 764 860 1178 1290





109

Scheme Name


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3


6667 3224 1471 1135 NA NA 1462 1173

Kotak NV20 ETF 3937 4355 1526 1660 1902 2002 1643 1620

Kotak Nifty ETF 3078 3137 1261 1288 1647 1729 1044 1181

Bottom 3

Kotak Sensex ETF 2955 3000 1390 1422 1696 1789 982 1097



Fund Type of Scheme











Mutual Fund








REIT funds



Fund Type of Scheme




















111








Kotak FlexicapFund



Kotak FlexicapFund









Kotak Liquid Fund


Thank You


119





(billion dollars)




8




9






11Source Refinitiv

lndian Economy

12

Headlines In Feb 21

13




Headlines In Feb 21

14




15Source MCA







18

V Shaped Recovery




19










22



Risk

23




25

Source CEIC UBS


26Source RBI


27




Source CMIEcom

Equity Markets

28



-240

-168

-79

-72

-56

-26

-18

39

266(USD bn)


India

Brazil

Indonesia

Philippines

Malaysia

South Africa

Thailand

Taiwan

South Korea




66

113 122

297

386 418

115

58

(12)

156 151 130

105 122

92

(10)

0

10

20

30

40

50



14

12

4

17

11 11 11 11

8

65

0

-1

-5

-8

Sma

llcap

10

0

Mid

cap

100

NIF

TY

50

Me

tals

Rea

lty

Ban

k

Ener

gy

Au

to

Pri

vate

Ban

ks

Fin

anci

als

Secv

ice

s

IT S

erv

ice

s

Me

dia

FMC

G

Ph

arm

a

30


31



Sales 0 -2

EBITDA 19 15

PBT 33 20

PAT 31 17


Sales -1 -2

EBITDA 15 10

PBT 23 9

PAT 22 7


32





236 285 310 333

372 402 404 386

418 414

483 457 508

685

796

(41)

207

89 74

117

81

05

(45)

83

(10)

167

(54)

111

349

163

(10)

(5)

0

5

10

15

20

25

30

35

40

0

100

200

300

400

500

600

700

800

900

FY0

9

FY1

0

FY1

1

FY1

2

FY1

3

FY1

4

FY1

5

FY1

6

FY1

7

FY1

8

FY1

9

FY2

0

FY2

1ii

FY2

2ii

FY2

3ii

Rs (LHS) YoY (RHS)

Nifty EPS



34





52

82 83

103

55

95

88

71

64 66

81

69

7983

79

56

104

FY05

FY06

FY07

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

E





207

8

13

18

23

28

Feb

-06

Feb

-07

Feb

-08

Feb

-09

Feb

-10

Feb

-11

Feb

-12

Feb

-13

Feb

-14

Feb

-15

Feb

-16

Feb

-17

Feb

-18

Feb

-19

Feb

-20

Feb

-21

Average 179x

31

15

23

30

38

45

Feb

-06

Feb

-07

Feb

-08

Feb

-09

Feb

-10

Feb

-11

Feb

-12

Feb

-13

Feb

-14

Feb

-15

Feb

-16

Feb

-17

Feb

-18

Feb

-19

Feb

-20

Feb

-21

Average 27x

37












38Source Bloomberg



Dec 19 122235

Mar 20 53406

June 20 32400

Sept 20 176786 707144

Dec 20 209795 839180

TTM 472387

Market Cap (280221) 18850128

PE Ratio 399 225



39

Company

PE

FY20Q1FY21

(Annualised)Q2FY21


Shree Cement 634 648 439 383 358


Mindtree 397 311 261 203 191

Asian Paints 814 2567 663 447 613


Hero Motocorp 190 2782 181 159 183

Bajaj Auto 223 537 249 182 202










41


42



43


10 Yr 1630 1567 1943

7 Yr 1636 1506 1745

5 yr 1024 889 1807

3 yr 324 526 2647

1 yr -984 1316 9422


10 Yr 1239 991 1480

7 Yr 1212 867 1370

5 yr 736 317 1440

3 yr 079 -333 2237

1 yr -1572 -097 9753



44


10 Yr 1192 1159 1450

7 Yr 1227 1163 1406

5 yr 924 846 1511

3 yr 631 574 2027

1 yr -093 480 6660


10 Yr 1138 992 1387

7 Yr 1163 916 1367

5 yr 903 658 1525

3 yr 732 201 1992

1 yr -456 -397 7206




10 Yr 1277 1242 1526

7 Yr 1281 1192 1443

5 yr 923 885 1540

3 yr 576 582 2067

1 yr -313 720 6502


10 Yr 1140 992 1368

7 Yr 1165 915 1351

5 yr 931 686 1514

3 yr 822 256 1931

1 yr -274 -478 6874

46




10 Yr 1078 1016 1354

7 Yr 1064 940 1319

5 yr 758 678 1479

3 yr 539 435 2006

1 yr -282 108 6528


10 Yr 1108 979 1341

7 Yr 1130 918 1364

5 yr 958 772 1570

3 yr 989 429 1947

1 yr 112 -515 6633

47


48

Kotak Pioneer Fund


in India




bull Healthcare

bull Chemicals

bull Fintech

bull Materials









1 YearSince

Inception(31102019)



Nifty 50 TRI 3137 1752


49

















Index Nifty 50 TRI


Last 5 Year 1464 1355 1729

Last 3 Years 1462 1199 1288

Last 1 Years 2928 2142 3137



Return Profile


50

51










As on 31st Jan 2021

885

-15540 -14655




1 Year 1502 3137 1166

2 Years 1329 1742 1206

3 Years 923 1288 1010

5 Years 1046 1729 1030

52




Nifty 50 TRI 1423 1712 1254 2583








53

Gold









55

56






Alpha-124 -092 -106


Nifty 50 TRI3130 1290 1730


Alpha-111 -097 -124









57



3092 538 157 1841


3064 243 1089 895

Alpha 028 295 481 946



Alpha 1083 1479 769 911


Nifty Midcap 100 TRI 3985 679 1739 1814

Alpha -143 666 496 679


Nifty 200 TRI 3214 1135 1826 1498

Alpha -60 057 143 407


2915 1284 2035 1869

Nifty 200 TRI 3214 1135 1826 1498

Alpha -299 149 209 371


Nifty 500 TRI 3337 1086 1836 1539

Alpha -496 267 16 35


58



Nifty 100 TRI 311 1191 1826 1468

Alpha 178 253 281 243


Nifty 50 TRI 3127 1288 1837 1414

Alpha 023 019 -025 23


Nifty 200 TRI 3214 1135 - -

Alpha 3689 467 - -



423 - - -

Alpha 1578 - - -


Nifty 200 TRI 3214 - - -

Alpha 146 - - -






59

554

791840 853 855 864 906

9551001

12281308


Fund


Kotak FlexicapFund

Kotak Tax SaverFund


Fund


Kotak BluechipFund



Kotak PioneerFund

Kotak SmallCap Fund



Debt Market Outlook

March 2021

60

61

Source Bloomberg


-9000

-8000

-7000

-6000

-5000

-4000

-3000

-2000

-1000

0

1000

5

55

6

65

7

75

Jun

-19

Jul-

19

Au

g-1

9

Sep

-19

Oct

-19

No

v-1

9

Dec

-19

Jan

-20

Feb

-20

Mar

-20

Ap

r-2

0

May

-20

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan

-21

Feb

-21



INR Bn



62




Source Bloomberg

3

4

5

6

7

8



01-Mar-21 31-Dec-20 30-Jun-20





Source Axis Capital

USD Mn

63

(1494)

381

(8680)

(1434)

(2695)

402

(534)(142)

471 520 191 1080

(740) (391)

(10500)

(9000)

(7500)

(6000)

(4500)

(3000)

(1500)

0

1500

3000

Jan

-20

Feb

-20

Mar

-20

Ap

r-2

0

May

-20

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan

-21

Feb

-21


406

530

00

10

20

30

40

50

60

70

80

Mar

-15

May

-15

Jul-

15

Sep

-15

No

v-1

5

Jan

-16

Mar

-16

May

-16

Jul-

16

Sep

-16

No

v-1

6

Jan

-17

Mar

-17

May

-17

Jul-

17

Sep

-17

No

v-1

7

Jan

-18

Mar

-18

May

-18

Jul-

18

Sep

-18

No

v-1

8

Jan

-19

Mar

-19

May

-19

Jul-

19

Sep

-19

No

v-1

9

Jan

-20

Mar

-20

May

-20

Jul-

20

Sep

-20

No

v-2

0

Jan

-21

CPI Core CPI




64

65


FY 21 (RE) FY 22 (BE)



(in Rs Crores)


Source CNBC








67

211

0

50

100

150

200

250

300





68

444

558

3

35

4

45

5

55

6

65

7

75

Mar

-hellip

Ap

r-2

0

May

-hellip

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan

-21

Feb

-21



450

500

550

600

650

700

750

800

850

1Y 2Y 3Y 4Y 5Y 7Y 10Y

01-Mar-21 29-Jan-21 31-Dec-19



69







10 yr 715 29 051 766


10 yr 715 21+21=42 084 799


10 yr 715 155+155+155=455 103 818



Debt Outlook

70












71




Kotak Gilt Fund 980



Kotak Bond Fund 879





73


928

600

650

700

750

800

850

900

950

1000

1050

Feb

-18

Ap

r-1

8

May

-18

Jul-

18

Au

g-1

8

Sep

-18

No

v-1

8

Dec

-18

Jan

-19

Mar

-19

Ap

r-1

9

Jun

-19

Jul-

19

Au

g-1

9

Oct

-19

No

v-1

9

Jan

-20

Feb

-20

Mar

-20

May

-20

Jun

-20

Jul-

20

Sep

-20

Oct

-20

Dec

-20

Jan

-21

Feb

-21

Rolling Returns()


915






(Spread)





378 263 281



74




458

699 699

389

638 638

0

1

2

3

4

5

6

7

8



1 Year OIS

3 Year AA

3 Year AA





76











77



Testimonials




78

Business Dashboard

Transaction History



Prostart

Business Hub








Kotak Bluechip Fund








79

80







ANNEXURES

81



82






Feb-21 April-20



AA+ 228 165

AA 248 290

AA- 087 142

Below AA- 043 122



83



















Credit Strategies





84



(3-6mo)Medium Term



Rupee









Liquidity


85



Medium ndashterm

Remarks







Signify Growth 86


87





88





89






CRISIL 1 Year TBill


Last 1 Year 744 632 112 547 10742 10630 10546

Last 3 Years 894 868 026 665 12926 12834 12127

Last 5 Years 846 854 -008 656 15006 15064 13739






CRISIL 1 Year TBill

Since Inception 860 846 014 648 28659 28180 22287

Last 1 Year 685 790 -105 547 10683 10788 10546

Last 3 Years 921 934 -013 665 13022 13068 12127

Last 5 Years 912 868 044 656 15470 15161 13739





90






CRISIL 1 Year TBill

Since Inception 769 827 -058 648 26178 28053 22605

Last 1 Year 669 594 075 547 10667 10592 10546

Last 3 Years 760 723 037 665 12455 12326 12127

Last 5 Years 774 735 039 656 14514 14256 13739





CRISIL 10 Year Gilt


Last 1 Year 672 765 -093 493 10670 10763 10492

Last 3 Years 879 912 -033 894 12872 12990 12927

Last 5 Years 800 859 -058 734 14692 15093 14246





91






CRISIL 1 Year TBill

Since Inception 772 793 -021 607 40606 42094 30324

Last 1 Year 720 797 -077 547 10718 10794 10546

Last 3 Years 815 828 -013 665 12648 12692 12127

Last 5 Years 785 808 -024 656 14585 14746 13739






CRISIL 1 Year TBill

Since Inception 818 939 -120 645 28790 33407 23163

Last 1 Year 741 793 -052 547 10739 10791 10546

Last 3 Years 838 894 -057 665 12726 12927 12127

Last 5 Years 830 885 -055 656 14898 15277 13739





92






CRISIL 1 Year TBill

Since Inception 808 930 -121 671 23159 26128 20167

Last 1 Year 455 987 -532 547 10453 10984 10546

Last 3 Years 702 900 -198 665 12253 12946 12127

Last 5 Years 755 900 -145 656 14384 15380 13739






CRISIL 10 Year Gilt

Since Inception 812 900 -088 826 17192 18192 17350

Last 1 Year 456 873 -417 493 10455 10871 10492

Last 3 Years 650 902 -252 894 12078 12954 12927

Last 5 Years 730 863 -133 734 14218 15121 14246










Growth


Index Nifty 50 TRI

Since Inception 1092 1167 -075 1130 13052 13281 13166

Last 1 Year 1849 2142 -292 3137 11844 12135 13127







CRISIL 10 Year Gilt

Since Inception 809 855 -045 582 38280 41141 26537

Last 1 Year 1502 1166 336 493 11497 11162 10492

Last 3 Years 923 1010 -086 894 13030 13341 12927

Last 5 Years 1046 1030 017 734 16443 16319 14246





94


Fund - Growth






Since Inception 1578 1221 357 1579 113266 67426 113398

Last 1 Year 2928 2142 786 3000 12919 12135 12990

Last 3 Years 1462 1199 262 1422 15051 14043 14894

Last 5 Years 1464 1355 109 1789 19793 18868 22764






CRISIL 10 Year Gilt


Last 1 Year 768 641 128 493 10766 10639 10492

Last 3 Years 980 1001 -021 894 13234 13311 12927

Last 5 Years 892 848 044 734 15325 15020 14246



95


Growth



Index TRI


Growth



Index TRI

Nifty 50 TRI

Since Inception 3678 2467 1211 1752 15149 13397 12386

Last 1 Year 5550 4230 1320 3137 15531 14216 13127




Growth


ALPHA Nifty 50 TRI


Growth


Nifty 50 TRI

Since Inception 719 133 586 951 24675 11876 32619

Last 1 Year 2940 3064 -124 3137 12931 13054 13127

Last 3 Years 405 243 162 1288 11265 10746 14378

Last 5 Years 1332 1089 243 1729 18676 16760 22189






96





Since Inception 1462 1173 289 1328 15099 13979 14570

Last 1 Year 6667 3224 3443 3137 16644 13214 13127

Last 3 Years 1471 1135 335 1288 15087 13803 14378












Since Inception 1389 1146 243 1265 14372 13534 13939

Last 1 Year 4661 3224 1437 3137 14646 13214 13127









97

Kotak Smallcap Fund





Scheme Returns () 1620 1905 1843 2067 3331 12808


Alpha 572 746 808 905 1158 630


Nifty 50 (TRI) (Rs)^ 5809863 2412890 1363994 887303 478297 158761







Since Inception 1648 1274 375 1440 115182 68229 86309

Last 1 Year 5224 4358 866 3137 15207 14344 13127

Last 3 Years 1309 -017 1326 1288 14460 9950 14378

Last 5 Years 2040 1419 622 1729 25291 19406 22189



98






Scheme Returns () 1505 1571 1397 1426 1792 6240


Alpha 218 204 045 -088 -139 -634

Nifty 200 (TRI) (Rs) 3011611 2447722 1358050 875181 477275 160074

Nifty 50 (TRI) (Rs)^ 2974930 2412890 1363994 887303 478297 158761







Since Inception 1391 1156 235 1140 44527 35062 34492

Last 1 Year 2497 3224 -727 3137 12489 13214 13127

Last 3 Years 1082 1135 -054 1288 13604 13803 14378

Last 5 Years 1738 1719 020 1729 22274 22089 22189



99






Scheme Returns () 1705 1943 1745 1807 2647 9422


Alpha 316 463 375 368 410 -332


Nifty 50 (TRI) (Rs)^ 4226246 2412890 1363994 887303 478297 158761







Since Inception 1320 1332 -012 1138 56228 57054 44823

Last 1 Year 3676 3998 -322 3137 13664 13985 13127

Last 3 Years 1207 679 528 1288 14070 12177 14378

Last 5 Years 1997 1624 372 1729 24836 21217 22189



100






Scheme Returns () 1251 1450 1406 1511 2027 6660


Alpha 007 063 038 -014 035 -546

Nifty 500 (TRI) (Rs) 5177617 2472906 1365740 877640 481312 161867

Nifty 50 (TRI) (Rs)^ 5074950 2412890 1363994 887303 478297 158761







Since Inception 1217 1303 -085 1328 57797 64882 67113

Last 1 Year 2685 3347 -662 3137 12677 13337 13127

Last 3 Years 1219 1086 133 1288 14116 13621 14378

Last 5 Years 1741 1731 010 1729 22304 22207 22189



101






Scheme Returns () 1478 1526 1443 1540 2067 6502


Alpha 197 158 092 026 136 -373

Nifty 200 (TRI) (Rs) 6308482 2447722 1358050 875181 477275 160074

Nifty 50 (TRI) (Rs)^ 6292270 2412890 1363994 887303 478297 158761








Since Inception 1831 1537 294 1555 159694 105534 108232

Last 1 Year 2771 3224 -453 3137 12762 13214 13127

Last 3 Years 1158 1135 023 1288 13887 13803 14378

Last 5 Years 1791 1719 072 1729 22776 22089 22189



102

Kotak Bluechip Fund





Scheme Returns () 1497 1354 1319 1479 2006 6528


Alpha 103 013 -045 -091 059 -105

Nifty 50 (TRI) (Rs) 8857197 2412890 1363994 887303 478297 158761








Since Inception 1967 1722 246 1738 256865 176573 181028

Last 1 Year 3007 3137 -130 3000 12998 13127 12990

Last 3 Years 1181 1288 -107 1422 13975 14378 14894

Last 5 Years 1575 1729 -154 1789 20767 22189 22764






Since Inception 1321 1408 -088 1388 69209 78041 75924

Last 1 Year 3123 3120 003 3137 13113 13110 13127

Last 3 Years 1293 1191 102 1288 14396 14010 14378

Last 5 Years 1830 1719 110 1729 23155 22098 22189





103






Scheme Returns () 1309 1467 1463 1660 2087 7522


Alpha 041 104 112 141 195 996

Nifty 100 (TRI) (Rs) 5543589 2441380 1357611 876201 474636 158175

Nifty 50 (TRI) (Rs)^ 5371562 2412890 1363994 887303 478297 158761






104

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3




Bottom 3








105

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^









Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^









106

Scheme Names


Scheme Returns()^




Scheme Returns()^





Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^








107

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3




Bottom 3


2940 3064 405 243 1332 1089 719 133






108

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3




Bottom 3


Kotak Gold ETF 710 765 1380 1467 764 860 1178 1290





109

Scheme Name


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3


6667 3224 1471 1135 NA NA 1462 1173

Kotak NV20 ETF 3937 4355 1526 1660 1902 2002 1643 1620

Kotak Nifty ETF 3078 3137 1261 1288 1647 1729 1044 1181

Bottom 3

Kotak Sensex ETF 2955 3000 1390 1422 1696 1789 982 1097



Fund Type of Scheme











Mutual Fund








REIT funds



Fund Type of Scheme




















111








Kotak FlexicapFund



Kotak FlexicapFund









Kotak Liquid Fund


Thank You


119




8




9






11Source Refinitiv

lndian Economy

12

Headlines In Feb 21

13




Headlines In Feb 21

14




15Source MCA







18

V Shaped Recovery




19










22



Risk

23




25

Source CEIC UBS


26Source RBI


27




Source CMIEcom

Equity Markets

28



-240

-168

-79

-72

-56

-26

-18

39

266(USD bn)


India

Brazil

Indonesia

Philippines

Malaysia

South Africa

Thailand

Taiwan

South Korea




66

113 122

297

386 418

115

58

(12)

156 151 130

105 122

92

(10)

0

10

20

30

40

50



14

12

4

17

11 11 11 11

8

65

0

-1

-5

-8

Sma

llcap

10

0

Mid

cap

100

NIF

TY

50

Me

tals

Rea

lty

Ban

k

Ener

gy

Au

to

Pri

vate

Ban

ks

Fin

anci

als

Secv

ice

s

IT S

erv

ice

s

Me

dia

FMC

G

Ph

arm

a

30


31



Sales 0 -2

EBITDA 19 15

PBT 33 20

PAT 31 17


Sales -1 -2

EBITDA 15 10

PBT 23 9

PAT 22 7


32





236 285 310 333

372 402 404 386

418 414

483 457 508

685

796

(41)

207

89 74

117

81

05

(45)

83

(10)

167

(54)

111

349

163

(10)

(5)

0

5

10

15

20

25

30

35

40

0

100

200

300

400

500

600

700

800

900

FY0

9

FY1

0

FY1

1

FY1

2

FY1

3

FY1

4

FY1

5

FY1

6

FY1

7

FY1

8

FY1

9

FY2

0

FY2

1ii

FY2

2ii

FY2

3ii

Rs (LHS) YoY (RHS)

Nifty EPS



34





52

82 83

103

55

95

88

71

64 66

81

69

7983

79

56

104

FY05

FY06

FY07

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

E





207

8

13

18

23

28

Feb

-06

Feb

-07

Feb

-08

Feb

-09

Feb

-10

Feb

-11

Feb

-12

Feb

-13

Feb

-14

Feb

-15

Feb

-16

Feb

-17

Feb

-18

Feb

-19

Feb

-20

Feb

-21

Average 179x

31

15

23

30

38

45

Feb

-06

Feb

-07

Feb

-08

Feb

-09

Feb

-10

Feb

-11

Feb

-12

Feb

-13

Feb

-14

Feb

-15

Feb

-16

Feb

-17

Feb

-18

Feb

-19

Feb

-20

Feb

-21

Average 27x

37












38Source Bloomberg



Dec 19 122235

Mar 20 53406

June 20 32400

Sept 20 176786 707144

Dec 20 209795 839180

TTM 472387

Market Cap (280221) 18850128

PE Ratio 399 225



39

Company

PE

FY20Q1FY21

(Annualised)Q2FY21


Shree Cement 634 648 439 383 358


Mindtree 397 311 261 203 191

Asian Paints 814 2567 663 447 613


Hero Motocorp 190 2782 181 159 183

Bajaj Auto 223 537 249 182 202










41


42



43


10 Yr 1630 1567 1943

7 Yr 1636 1506 1745

5 yr 1024 889 1807

3 yr 324 526 2647

1 yr -984 1316 9422


10 Yr 1239 991 1480

7 Yr 1212 867 1370

5 yr 736 317 1440

3 yr 079 -333 2237

1 yr -1572 -097 9753



44


10 Yr 1192 1159 1450

7 Yr 1227 1163 1406

5 yr 924 846 1511

3 yr 631 574 2027

1 yr -093 480 6660


10 Yr 1138 992 1387

7 Yr 1163 916 1367

5 yr 903 658 1525

3 yr 732 201 1992

1 yr -456 -397 7206




10 Yr 1277 1242 1526

7 Yr 1281 1192 1443

5 yr 923 885 1540

3 yr 576 582 2067

1 yr -313 720 6502


10 Yr 1140 992 1368

7 Yr 1165 915 1351

5 yr 931 686 1514

3 yr 822 256 1931

1 yr -274 -478 6874

46




10 Yr 1078 1016 1354

7 Yr 1064 940 1319

5 yr 758 678 1479

3 yr 539 435 2006

1 yr -282 108 6528


10 Yr 1108 979 1341

7 Yr 1130 918 1364

5 yr 958 772 1570

3 yr 989 429 1947

1 yr 112 -515 6633

47


48

Kotak Pioneer Fund


in India




bull Healthcare

bull Chemicals

bull Fintech

bull Materials









1 YearSince

Inception(31102019)



Nifty 50 TRI 3137 1752


49

















Index Nifty 50 TRI


Last 5 Year 1464 1355 1729

Last 3 Years 1462 1199 1288

Last 1 Years 2928 2142 3137



Return Profile


50

51










As on 31st Jan 2021

885

-15540 -14655




1 Year 1502 3137 1166

2 Years 1329 1742 1206

3 Years 923 1288 1010

5 Years 1046 1729 1030

52




Nifty 50 TRI 1423 1712 1254 2583








53

Gold









55

56






Alpha-124 -092 -106


Nifty 50 TRI3130 1290 1730


Alpha-111 -097 -124









57



3092 538 157 1841


3064 243 1089 895

Alpha 028 295 481 946



Alpha 1083 1479 769 911


Nifty Midcap 100 TRI 3985 679 1739 1814

Alpha -143 666 496 679


Nifty 200 TRI 3214 1135 1826 1498

Alpha -60 057 143 407


2915 1284 2035 1869

Nifty 200 TRI 3214 1135 1826 1498

Alpha -299 149 209 371


Nifty 500 TRI 3337 1086 1836 1539

Alpha -496 267 16 35


58



Nifty 100 TRI 311 1191 1826 1468

Alpha 178 253 281 243


Nifty 50 TRI 3127 1288 1837 1414

Alpha 023 019 -025 23


Nifty 200 TRI 3214 1135 - -

Alpha 3689 467 - -



423 - - -

Alpha 1578 - - -


Nifty 200 TRI 3214 - - -

Alpha 146 - - -






59

554

791840 853 855 864 906

9551001

12281308


Fund


Kotak FlexicapFund

Kotak Tax SaverFund


Fund


Kotak BluechipFund



Kotak PioneerFund

Kotak SmallCap Fund



Debt Market Outlook

March 2021

60

61

Source Bloomberg


-9000

-8000

-7000

-6000

-5000

-4000

-3000

-2000

-1000

0

1000

5

55

6

65

7

75

Jun

-19

Jul-

19

Au

g-1

9

Sep

-19

Oct

-19

No

v-1

9

Dec

-19

Jan

-20

Feb

-20

Mar

-20

Ap

r-2

0

May

-20

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan

-21

Feb

-21



INR Bn



62




Source Bloomberg

3

4

5

6

7

8



01-Mar-21 31-Dec-20 30-Jun-20





Source Axis Capital

USD Mn

63

(1494)

381

(8680)

(1434)

(2695)

402

(534)(142)

471 520 191 1080

(740) (391)

(10500)

(9000)

(7500)

(6000)

(4500)

(3000)

(1500)

0

1500

3000

Jan

-20

Feb

-20

Mar

-20

Ap

r-2

0

May

-20

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan

-21

Feb

-21


406

530

00

10

20

30

40

50

60

70

80

Mar

-15

May

-15

Jul-

15

Sep

-15

No

v-1

5

Jan

-16

Mar

-16

May

-16

Jul-

16

Sep

-16

No

v-1

6

Jan

-17

Mar

-17

May

-17

Jul-

17

Sep

-17

No

v-1

7

Jan

-18

Mar

-18

May

-18

Jul-

18

Sep

-18

No

v-1

8

Jan

-19

Mar

-19

May

-19

Jul-

19

Sep

-19

No

v-1

9

Jan

-20

Mar

-20

May

-20

Jul-

20

Sep

-20

No

v-2

0

Jan

-21

CPI Core CPI




64

65


FY 21 (RE) FY 22 (BE)



(in Rs Crores)


Source CNBC








67

211

0

50

100

150

200

250

300





68

444

558

3

35

4

45

5

55

6

65

7

75

Mar

-hellip

Ap

r-2

0

May

-hellip

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan

-21

Feb

-21



450

500

550

600

650

700

750

800

850

1Y 2Y 3Y 4Y 5Y 7Y 10Y

01-Mar-21 29-Jan-21 31-Dec-19



69







10 yr 715 29 051 766


10 yr 715 21+21=42 084 799


10 yr 715 155+155+155=455 103 818



Debt Outlook

70












71




Kotak Gilt Fund 980



Kotak Bond Fund 879





73


928

600

650

700

750

800

850

900

950

1000

1050

Feb

-18

Ap

r-1

8

May

-18

Jul-

18

Au

g-1

8

Sep

-18

No

v-1

8

Dec

-18

Jan

-19

Mar

-19

Ap

r-1

9

Jun

-19

Jul-

19

Au

g-1

9

Oct

-19

No

v-1

9

Jan

-20

Feb

-20

Mar

-20

May

-20

Jun

-20

Jul-

20

Sep

-20

Oct

-20

Dec

-20

Jan

-21

Feb

-21

Rolling Returns()


915






(Spread)





378 263 281



74




458

699 699

389

638 638

0

1

2

3

4

5

6

7

8



1 Year OIS

3 Year AA

3 Year AA





76











77



Testimonials




78

Business Dashboard

Transaction History



Prostart

Business Hub








Kotak Bluechip Fund








79

80







ANNEXURES

81



82






Feb-21 April-20



AA+ 228 165

AA 248 290

AA- 087 142

Below AA- 043 122



83



















Credit Strategies





84



(3-6mo)Medium Term



Rupee









Liquidity


85



Medium ndashterm

Remarks







Signify Growth 86


87





88





89






CRISIL 1 Year TBill


Last 1 Year 744 632 112 547 10742 10630 10546

Last 3 Years 894 868 026 665 12926 12834 12127

Last 5 Years 846 854 -008 656 15006 15064 13739






CRISIL 1 Year TBill

Since Inception 860 846 014 648 28659 28180 22287

Last 1 Year 685 790 -105 547 10683 10788 10546

Last 3 Years 921 934 -013 665 13022 13068 12127

Last 5 Years 912 868 044 656 15470 15161 13739





90






CRISIL 1 Year TBill

Since Inception 769 827 -058 648 26178 28053 22605

Last 1 Year 669 594 075 547 10667 10592 10546

Last 3 Years 760 723 037 665 12455 12326 12127

Last 5 Years 774 735 039 656 14514 14256 13739





CRISIL 10 Year Gilt


Last 1 Year 672 765 -093 493 10670 10763 10492

Last 3 Years 879 912 -033 894 12872 12990 12927

Last 5 Years 800 859 -058 734 14692 15093 14246





91






CRISIL 1 Year TBill

Since Inception 772 793 -021 607 40606 42094 30324

Last 1 Year 720 797 -077 547 10718 10794 10546

Last 3 Years 815 828 -013 665 12648 12692 12127

Last 5 Years 785 808 -024 656 14585 14746 13739






CRISIL 1 Year TBill

Since Inception 818 939 -120 645 28790 33407 23163

Last 1 Year 741 793 -052 547 10739 10791 10546

Last 3 Years 838 894 -057 665 12726 12927 12127

Last 5 Years 830 885 -055 656 14898 15277 13739





92






CRISIL 1 Year TBill

Since Inception 808 930 -121 671 23159 26128 20167

Last 1 Year 455 987 -532 547 10453 10984 10546

Last 3 Years 702 900 -198 665 12253 12946 12127

Last 5 Years 755 900 -145 656 14384 15380 13739






CRISIL 10 Year Gilt

Since Inception 812 900 -088 826 17192 18192 17350

Last 1 Year 456 873 -417 493 10455 10871 10492

Last 3 Years 650 902 -252 894 12078 12954 12927

Last 5 Years 730 863 -133 734 14218 15121 14246










Growth


Index Nifty 50 TRI

Since Inception 1092 1167 -075 1130 13052 13281 13166

Last 1 Year 1849 2142 -292 3137 11844 12135 13127







CRISIL 10 Year Gilt

Since Inception 809 855 -045 582 38280 41141 26537

Last 1 Year 1502 1166 336 493 11497 11162 10492

Last 3 Years 923 1010 -086 894 13030 13341 12927

Last 5 Years 1046 1030 017 734 16443 16319 14246





94


Fund - Growth






Since Inception 1578 1221 357 1579 113266 67426 113398

Last 1 Year 2928 2142 786 3000 12919 12135 12990

Last 3 Years 1462 1199 262 1422 15051 14043 14894

Last 5 Years 1464 1355 109 1789 19793 18868 22764






CRISIL 10 Year Gilt


Last 1 Year 768 641 128 493 10766 10639 10492

Last 3 Years 980 1001 -021 894 13234 13311 12927

Last 5 Years 892 848 044 734 15325 15020 14246



95


Growth



Index TRI


Growth



Index TRI

Nifty 50 TRI

Since Inception 3678 2467 1211 1752 15149 13397 12386

Last 1 Year 5550 4230 1320 3137 15531 14216 13127




Growth


ALPHA Nifty 50 TRI


Growth


Nifty 50 TRI

Since Inception 719 133 586 951 24675 11876 32619

Last 1 Year 2940 3064 -124 3137 12931 13054 13127

Last 3 Years 405 243 162 1288 11265 10746 14378

Last 5 Years 1332 1089 243 1729 18676 16760 22189






96





Since Inception 1462 1173 289 1328 15099 13979 14570

Last 1 Year 6667 3224 3443 3137 16644 13214 13127

Last 3 Years 1471 1135 335 1288 15087 13803 14378












Since Inception 1389 1146 243 1265 14372 13534 13939

Last 1 Year 4661 3224 1437 3137 14646 13214 13127









97

Kotak Smallcap Fund





Scheme Returns () 1620 1905 1843 2067 3331 12808


Alpha 572 746 808 905 1158 630


Nifty 50 (TRI) (Rs)^ 5809863 2412890 1363994 887303 478297 158761







Since Inception 1648 1274 375 1440 115182 68229 86309

Last 1 Year 5224 4358 866 3137 15207 14344 13127

Last 3 Years 1309 -017 1326 1288 14460 9950 14378

Last 5 Years 2040 1419 622 1729 25291 19406 22189



98






Scheme Returns () 1505 1571 1397 1426 1792 6240


Alpha 218 204 045 -088 -139 -634

Nifty 200 (TRI) (Rs) 3011611 2447722 1358050 875181 477275 160074

Nifty 50 (TRI) (Rs)^ 2974930 2412890 1363994 887303 478297 158761







Since Inception 1391 1156 235 1140 44527 35062 34492

Last 1 Year 2497 3224 -727 3137 12489 13214 13127

Last 3 Years 1082 1135 -054 1288 13604 13803 14378

Last 5 Years 1738 1719 020 1729 22274 22089 22189



99






Scheme Returns () 1705 1943 1745 1807 2647 9422


Alpha 316 463 375 368 410 -332


Nifty 50 (TRI) (Rs)^ 4226246 2412890 1363994 887303 478297 158761







Since Inception 1320 1332 -012 1138 56228 57054 44823

Last 1 Year 3676 3998 -322 3137 13664 13985 13127

Last 3 Years 1207 679 528 1288 14070 12177 14378

Last 5 Years 1997 1624 372 1729 24836 21217 22189



100






Scheme Returns () 1251 1450 1406 1511 2027 6660


Alpha 007 063 038 -014 035 -546

Nifty 500 (TRI) (Rs) 5177617 2472906 1365740 877640 481312 161867

Nifty 50 (TRI) (Rs)^ 5074950 2412890 1363994 887303 478297 158761







Since Inception 1217 1303 -085 1328 57797 64882 67113

Last 1 Year 2685 3347 -662 3137 12677 13337 13127

Last 3 Years 1219 1086 133 1288 14116 13621 14378

Last 5 Years 1741 1731 010 1729 22304 22207 22189



101






Scheme Returns () 1478 1526 1443 1540 2067 6502


Alpha 197 158 092 026 136 -373

Nifty 200 (TRI) (Rs) 6308482 2447722 1358050 875181 477275 160074

Nifty 50 (TRI) (Rs)^ 6292270 2412890 1363994 887303 478297 158761








Since Inception 1831 1537 294 1555 159694 105534 108232

Last 1 Year 2771 3224 -453 3137 12762 13214 13127

Last 3 Years 1158 1135 023 1288 13887 13803 14378

Last 5 Years 1791 1719 072 1729 22776 22089 22189



102

Kotak Bluechip Fund





Scheme Returns () 1497 1354 1319 1479 2006 6528


Alpha 103 013 -045 -091 059 -105

Nifty 50 (TRI) (Rs) 8857197 2412890 1363994 887303 478297 158761








Since Inception 1967 1722 246 1738 256865 176573 181028

Last 1 Year 3007 3137 -130 3000 12998 13127 12990

Last 3 Years 1181 1288 -107 1422 13975 14378 14894

Last 5 Years 1575 1729 -154 1789 20767 22189 22764






Since Inception 1321 1408 -088 1388 69209 78041 75924

Last 1 Year 3123 3120 003 3137 13113 13110 13127

Last 3 Years 1293 1191 102 1288 14396 14010 14378

Last 5 Years 1830 1719 110 1729 23155 22098 22189





103






Scheme Returns () 1309 1467 1463 1660 2087 7522


Alpha 041 104 112 141 195 996

Nifty 100 (TRI) (Rs) 5543589 2441380 1357611 876201 474636 158175

Nifty 50 (TRI) (Rs)^ 5371562 2412890 1363994 887303 478297 158761






104

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3




Bottom 3








105

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^









Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^









106

Scheme Names


Scheme Returns()^




Scheme Returns()^





Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^








107

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3




Bottom 3


2940 3064 405 243 1332 1089 719 133






108

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3




Bottom 3


Kotak Gold ETF 710 765 1380 1467 764 860 1178 1290





109

Scheme Name


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3


6667 3224 1471 1135 NA NA 1462 1173

Kotak NV20 ETF 3937 4355 1526 1660 1902 2002 1643 1620

Kotak Nifty ETF 3078 3137 1261 1288 1647 1729 1044 1181

Bottom 3

Kotak Sensex ETF 2955 3000 1390 1422 1696 1789 982 1097



Fund Type of Scheme











Mutual Fund








REIT funds



Fund Type of Scheme




















111








Kotak FlexicapFund



Kotak FlexicapFund









Kotak Liquid Fund


Thank You


119


9






11Source Refinitiv

lndian Economy

12

Headlines In Feb 21

13




Headlines In Feb 21

14




15Source MCA







18

V Shaped Recovery




19










22



Risk

23




25

Source CEIC UBS


26Source RBI


27




Source CMIEcom

Equity Markets

28



-240

-168

-79

-72

-56

-26

-18

39

266(USD bn)


India

Brazil

Indonesia

Philippines

Malaysia

South Africa

Thailand

Taiwan

South Korea




66

113 122

297

386 418

115

58

(12)

156 151 130

105 122

92

(10)

0

10

20

30

40

50



14

12

4

17

11 11 11 11

8

65

0

-1

-5

-8

Sma

llcap

10

0

Mid

cap

100

NIF

TY

50

Me

tals

Rea

lty

Ban

k

Ener

gy

Au

to

Pri

vate

Ban

ks

Fin

anci

als

Secv

ice

s

IT S

erv

ice

s

Me

dia

FMC

G

Ph

arm

a

30


31



Sales 0 -2

EBITDA 19 15

PBT 33 20

PAT 31 17


Sales -1 -2

EBITDA 15 10

PBT 23 9

PAT 22 7


32





236 285 310 333

372 402 404 386

418 414

483 457 508

685

796

(41)

207

89 74

117

81

05

(45)

83

(10)

167

(54)

111

349

163

(10)

(5)

0

5

10

15

20

25

30

35

40

0

100

200

300

400

500

600

700

800

900

FY0

9

FY1

0

FY1

1

FY1

2

FY1

3

FY1

4

FY1

5

FY1

6

FY1

7

FY1

8

FY1

9

FY2

0

FY2

1ii

FY2

2ii

FY2

3ii

Rs (LHS) YoY (RHS)

Nifty EPS



34





52

82 83

103

55

95

88

71

64 66

81

69

7983

79

56

104

FY05

FY06

FY07

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

E





207

8

13

18

23

28

Feb

-06

Feb

-07

Feb

-08

Feb

-09

Feb

-10

Feb

-11

Feb

-12

Feb

-13

Feb

-14

Feb

-15

Feb

-16

Feb

-17

Feb

-18

Feb

-19

Feb

-20

Feb

-21

Average 179x

31

15

23

30

38

45

Feb

-06

Feb

-07

Feb

-08

Feb

-09

Feb

-10

Feb

-11

Feb

-12

Feb

-13

Feb

-14

Feb

-15

Feb

-16

Feb

-17

Feb

-18

Feb

-19

Feb

-20

Feb

-21

Average 27x

37












38Source Bloomberg



Dec 19 122235

Mar 20 53406

June 20 32400

Sept 20 176786 707144

Dec 20 209795 839180

TTM 472387

Market Cap (280221) 18850128

PE Ratio 399 225



39

Company

PE

FY20Q1FY21

(Annualised)Q2FY21


Shree Cement 634 648 439 383 358


Mindtree 397 311 261 203 191

Asian Paints 814 2567 663 447 613


Hero Motocorp 190 2782 181 159 183

Bajaj Auto 223 537 249 182 202










41


42



43


10 Yr 1630 1567 1943

7 Yr 1636 1506 1745

5 yr 1024 889 1807

3 yr 324 526 2647

1 yr -984 1316 9422


10 Yr 1239 991 1480

7 Yr 1212 867 1370

5 yr 736 317 1440

3 yr 079 -333 2237

1 yr -1572 -097 9753



44


10 Yr 1192 1159 1450

7 Yr 1227 1163 1406

5 yr 924 846 1511

3 yr 631 574 2027

1 yr -093 480 6660


10 Yr 1138 992 1387

7 Yr 1163 916 1367

5 yr 903 658 1525

3 yr 732 201 1992

1 yr -456 -397 7206




10 Yr 1277 1242 1526

7 Yr 1281 1192 1443

5 yr 923 885 1540

3 yr 576 582 2067

1 yr -313 720 6502


10 Yr 1140 992 1368

7 Yr 1165 915 1351

5 yr 931 686 1514

3 yr 822 256 1931

1 yr -274 -478 6874

46




10 Yr 1078 1016 1354

7 Yr 1064 940 1319

5 yr 758 678 1479

3 yr 539 435 2006

1 yr -282 108 6528


10 Yr 1108 979 1341

7 Yr 1130 918 1364

5 yr 958 772 1570

3 yr 989 429 1947

1 yr 112 -515 6633

47


48

Kotak Pioneer Fund


in India




bull Healthcare

bull Chemicals

bull Fintech

bull Materials









1 YearSince

Inception(31102019)



Nifty 50 TRI 3137 1752


49

















Index Nifty 50 TRI


Last 5 Year 1464 1355 1729

Last 3 Years 1462 1199 1288

Last 1 Years 2928 2142 3137



Return Profile


50

51










As on 31st Jan 2021

885

-15540 -14655




1 Year 1502 3137 1166

2 Years 1329 1742 1206

3 Years 923 1288 1010

5 Years 1046 1729 1030

52




Nifty 50 TRI 1423 1712 1254 2583








53

Gold









55

56






Alpha-124 -092 -106


Nifty 50 TRI3130 1290 1730


Alpha-111 -097 -124









57



3092 538 157 1841


3064 243 1089 895

Alpha 028 295 481 946



Alpha 1083 1479 769 911


Nifty Midcap 100 TRI 3985 679 1739 1814

Alpha -143 666 496 679


Nifty 200 TRI 3214 1135 1826 1498

Alpha -60 057 143 407


2915 1284 2035 1869

Nifty 200 TRI 3214 1135 1826 1498

Alpha -299 149 209 371


Nifty 500 TRI 3337 1086 1836 1539

Alpha -496 267 16 35


58



Nifty 100 TRI 311 1191 1826 1468

Alpha 178 253 281 243


Nifty 50 TRI 3127 1288 1837 1414

Alpha 023 019 -025 23


Nifty 200 TRI 3214 1135 - -

Alpha 3689 467 - -



423 - - -

Alpha 1578 - - -


Nifty 200 TRI 3214 - - -

Alpha 146 - - -






59

554

791840 853 855 864 906

9551001

12281308


Fund


Kotak FlexicapFund

Kotak Tax SaverFund


Fund


Kotak BluechipFund



Kotak PioneerFund

Kotak SmallCap Fund



Debt Market Outlook

March 2021

60

61

Source Bloomberg


-9000

-8000

-7000

-6000

-5000

-4000

-3000

-2000

-1000

0

1000

5

55

6

65

7

75

Jun

-19

Jul-

19

Au

g-1

9

Sep

-19

Oct

-19

No

v-1

9

Dec

-19

Jan

-20

Feb

-20

Mar

-20

Ap

r-2

0

May

-20

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan

-21

Feb

-21



INR Bn



62




Source Bloomberg

3

4

5

6

7

8



01-Mar-21 31-Dec-20 30-Jun-20





Source Axis Capital

USD Mn

63

(1494)

381

(8680)

(1434)

(2695)

402

(534)(142)

471 520 191 1080

(740) (391)

(10500)

(9000)

(7500)

(6000)

(4500)

(3000)

(1500)

0

1500

3000

Jan

-20

Feb

-20

Mar

-20

Ap

r-2

0

May

-20

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan

-21

Feb

-21


406

530

00

10

20

30

40

50

60

70

80

Mar

-15

May

-15

Jul-

15

Sep

-15

No

v-1

5

Jan

-16

Mar

-16

May

-16

Jul-

16

Sep

-16

No

v-1

6

Jan

-17

Mar

-17

May

-17

Jul-

17

Sep

-17

No

v-1

7

Jan

-18

Mar

-18

May

-18

Jul-

18

Sep

-18

No

v-1

8

Jan

-19

Mar

-19

May

-19

Jul-

19

Sep

-19

No

v-1

9

Jan

-20

Mar

-20

May

-20

Jul-

20

Sep

-20

No

v-2

0

Jan

-21

CPI Core CPI




64

65


FY 21 (RE) FY 22 (BE)



(in Rs Crores)


Source CNBC








67

211

0

50

100

150

200

250

300





68

444

558

3

35

4

45

5

55

6

65

7

75

Mar

-hellip

Ap

r-2

0

May

-hellip

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan

-21

Feb

-21



450

500

550

600

650

700

750

800

850

1Y 2Y 3Y 4Y 5Y 7Y 10Y

01-Mar-21 29-Jan-21 31-Dec-19



69







10 yr 715 29 051 766


10 yr 715 21+21=42 084 799


10 yr 715 155+155+155=455 103 818



Debt Outlook

70












71




Kotak Gilt Fund 980



Kotak Bond Fund 879





73


928

600

650

700

750

800

850

900

950

1000

1050

Feb

-18

Ap

r-1

8

May

-18

Jul-

18

Au

g-1

8

Sep

-18

No

v-1

8

Dec

-18

Jan

-19

Mar

-19

Ap

r-1

9

Jun

-19

Jul-

19

Au

g-1

9

Oct

-19

No

v-1

9

Jan

-20

Feb

-20

Mar

-20

May

-20

Jun

-20

Jul-

20

Sep

-20

Oct

-20

Dec

-20

Jan

-21

Feb

-21

Rolling Returns()


915






(Spread)





378 263 281



74




458

699 699

389

638 638

0

1

2

3

4

5

6

7

8



1 Year OIS

3 Year AA

3 Year AA





76











77



Testimonials




78

Business Dashboard

Transaction History



Prostart

Business Hub








Kotak Bluechip Fund








79

80







ANNEXURES

81



82






Feb-21 April-20



AA+ 228 165

AA 248 290

AA- 087 142

Below AA- 043 122



83



















Credit Strategies





84



(3-6mo)Medium Term



Rupee









Liquidity


85



Medium ndashterm

Remarks







Signify Growth 86


87





88





89






CRISIL 1 Year TBill


Last 1 Year 744 632 112 547 10742 10630 10546

Last 3 Years 894 868 026 665 12926 12834 12127

Last 5 Years 846 854 -008 656 15006 15064 13739






CRISIL 1 Year TBill

Since Inception 860 846 014 648 28659 28180 22287

Last 1 Year 685 790 -105 547 10683 10788 10546

Last 3 Years 921 934 -013 665 13022 13068 12127

Last 5 Years 912 868 044 656 15470 15161 13739





90






CRISIL 1 Year TBill

Since Inception 769 827 -058 648 26178 28053 22605

Last 1 Year 669 594 075 547 10667 10592 10546

Last 3 Years 760 723 037 665 12455 12326 12127

Last 5 Years 774 735 039 656 14514 14256 13739





CRISIL 10 Year Gilt


Last 1 Year 672 765 -093 493 10670 10763 10492

Last 3 Years 879 912 -033 894 12872 12990 12927

Last 5 Years 800 859 -058 734 14692 15093 14246





91






CRISIL 1 Year TBill

Since Inception 772 793 -021 607 40606 42094 30324

Last 1 Year 720 797 -077 547 10718 10794 10546

Last 3 Years 815 828 -013 665 12648 12692 12127

Last 5 Years 785 808 -024 656 14585 14746 13739






CRISIL 1 Year TBill

Since Inception 818 939 -120 645 28790 33407 23163

Last 1 Year 741 793 -052 547 10739 10791 10546

Last 3 Years 838 894 -057 665 12726 12927 12127

Last 5 Years 830 885 -055 656 14898 15277 13739





92






CRISIL 1 Year TBill

Since Inception 808 930 -121 671 23159 26128 20167

Last 1 Year 455 987 -532 547 10453 10984 10546

Last 3 Years 702 900 -198 665 12253 12946 12127

Last 5 Years 755 900 -145 656 14384 15380 13739






CRISIL 10 Year Gilt

Since Inception 812 900 -088 826 17192 18192 17350

Last 1 Year 456 873 -417 493 10455 10871 10492

Last 3 Years 650 902 -252 894 12078 12954 12927

Last 5 Years 730 863 -133 734 14218 15121 14246










Growth


Index Nifty 50 TRI

Since Inception 1092 1167 -075 1130 13052 13281 13166

Last 1 Year 1849 2142 -292 3137 11844 12135 13127







CRISIL 10 Year Gilt

Since Inception 809 855 -045 582 38280 41141 26537

Last 1 Year 1502 1166 336 493 11497 11162 10492

Last 3 Years 923 1010 -086 894 13030 13341 12927

Last 5 Years 1046 1030 017 734 16443 16319 14246





94


Fund - Growth






Since Inception 1578 1221 357 1579 113266 67426 113398

Last 1 Year 2928 2142 786 3000 12919 12135 12990

Last 3 Years 1462 1199 262 1422 15051 14043 14894

Last 5 Years 1464 1355 109 1789 19793 18868 22764






CRISIL 10 Year Gilt


Last 1 Year 768 641 128 493 10766 10639 10492

Last 3 Years 980 1001 -021 894 13234 13311 12927

Last 5 Years 892 848 044 734 15325 15020 14246



95


Growth



Index TRI


Growth



Index TRI

Nifty 50 TRI

Since Inception 3678 2467 1211 1752 15149 13397 12386

Last 1 Year 5550 4230 1320 3137 15531 14216 13127




Growth


ALPHA Nifty 50 TRI


Growth


Nifty 50 TRI

Since Inception 719 133 586 951 24675 11876 32619

Last 1 Year 2940 3064 -124 3137 12931 13054 13127

Last 3 Years 405 243 162 1288 11265 10746 14378

Last 5 Years 1332 1089 243 1729 18676 16760 22189






96





Since Inception 1462 1173 289 1328 15099 13979 14570

Last 1 Year 6667 3224 3443 3137 16644 13214 13127

Last 3 Years 1471 1135 335 1288 15087 13803 14378












Since Inception 1389 1146 243 1265 14372 13534 13939

Last 1 Year 4661 3224 1437 3137 14646 13214 13127









97

Kotak Smallcap Fund





Scheme Returns () 1620 1905 1843 2067 3331 12808


Alpha 572 746 808 905 1158 630


Nifty 50 (TRI) (Rs)^ 5809863 2412890 1363994 887303 478297 158761







Since Inception 1648 1274 375 1440 115182 68229 86309

Last 1 Year 5224 4358 866 3137 15207 14344 13127

Last 3 Years 1309 -017 1326 1288 14460 9950 14378

Last 5 Years 2040 1419 622 1729 25291 19406 22189



98






Scheme Returns () 1505 1571 1397 1426 1792 6240


Alpha 218 204 045 -088 -139 -634

Nifty 200 (TRI) (Rs) 3011611 2447722 1358050 875181 477275 160074

Nifty 50 (TRI) (Rs)^ 2974930 2412890 1363994 887303 478297 158761







Since Inception 1391 1156 235 1140 44527 35062 34492

Last 1 Year 2497 3224 -727 3137 12489 13214 13127

Last 3 Years 1082 1135 -054 1288 13604 13803 14378

Last 5 Years 1738 1719 020 1729 22274 22089 22189



99






Scheme Returns () 1705 1943 1745 1807 2647 9422


Alpha 316 463 375 368 410 -332


Nifty 50 (TRI) (Rs)^ 4226246 2412890 1363994 887303 478297 158761







Since Inception 1320 1332 -012 1138 56228 57054 44823

Last 1 Year 3676 3998 -322 3137 13664 13985 13127

Last 3 Years 1207 679 528 1288 14070 12177 14378

Last 5 Years 1997 1624 372 1729 24836 21217 22189



100






Scheme Returns () 1251 1450 1406 1511 2027 6660


Alpha 007 063 038 -014 035 -546

Nifty 500 (TRI) (Rs) 5177617 2472906 1365740 877640 481312 161867

Nifty 50 (TRI) (Rs)^ 5074950 2412890 1363994 887303 478297 158761







Since Inception 1217 1303 -085 1328 57797 64882 67113

Last 1 Year 2685 3347 -662 3137 12677 13337 13127

Last 3 Years 1219 1086 133 1288 14116 13621 14378

Last 5 Years 1741 1731 010 1729 22304 22207 22189



101






Scheme Returns () 1478 1526 1443 1540 2067 6502


Alpha 197 158 092 026 136 -373

Nifty 200 (TRI) (Rs) 6308482 2447722 1358050 875181 477275 160074

Nifty 50 (TRI) (Rs)^ 6292270 2412890 1363994 887303 478297 158761








Since Inception 1831 1537 294 1555 159694 105534 108232

Last 1 Year 2771 3224 -453 3137 12762 13214 13127

Last 3 Years 1158 1135 023 1288 13887 13803 14378

Last 5 Years 1791 1719 072 1729 22776 22089 22189



102

Kotak Bluechip Fund





Scheme Returns () 1497 1354 1319 1479 2006 6528


Alpha 103 013 -045 -091 059 -105

Nifty 50 (TRI) (Rs) 8857197 2412890 1363994 887303 478297 158761








Since Inception 1967 1722 246 1738 256865 176573 181028

Last 1 Year 3007 3137 -130 3000 12998 13127 12990

Last 3 Years 1181 1288 -107 1422 13975 14378 14894

Last 5 Years 1575 1729 -154 1789 20767 22189 22764






Since Inception 1321 1408 -088 1388 69209 78041 75924

Last 1 Year 3123 3120 003 3137 13113 13110 13127

Last 3 Years 1293 1191 102 1288 14396 14010 14378

Last 5 Years 1830 1719 110 1729 23155 22098 22189





103






Scheme Returns () 1309 1467 1463 1660 2087 7522


Alpha 041 104 112 141 195 996

Nifty 100 (TRI) (Rs) 5543589 2441380 1357611 876201 474636 158175

Nifty 50 (TRI) (Rs)^ 5371562 2412890 1363994 887303 478297 158761






104

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3




Bottom 3








105

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^









Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^









106

Scheme Names


Scheme Returns()^




Scheme Returns()^





Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^








107

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3




Bottom 3


2940 3064 405 243 1332 1089 719 133






108

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3




Bottom 3


Kotak Gold ETF 710 765 1380 1467 764 860 1178 1290





109

Scheme Name


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3


6667 3224 1471 1135 NA NA 1462 1173

Kotak NV20 ETF 3937 4355 1526 1660 1902 2002 1643 1620

Kotak Nifty ETF 3078 3137 1261 1288 1647 1729 1044 1181

Bottom 3

Kotak Sensex ETF 2955 3000 1390 1422 1696 1789 982 1097



Fund Type of Scheme











Mutual Fund








REIT funds



Fund Type of Scheme




















111








Kotak FlexicapFund



Kotak FlexicapFund









Kotak Liquid Fund


Thank You


119




11Source Refinitiv

lndian Economy

12

Headlines In Feb 21

13




Headlines In Feb 21

14




15Source MCA







18

V Shaped Recovery




19










22



Risk

23




25

Source CEIC UBS


26Source RBI


27




Source CMIEcom

Equity Markets

28



-240

-168

-79

-72

-56

-26

-18

39

266(USD bn)


India

Brazil

Indonesia

Philippines

Malaysia

South Africa

Thailand

Taiwan

South Korea




66

113 122

297

386 418

115

58

(12)

156 151 130

105 122

92

(10)

0

10

20

30

40

50



14

12

4

17

11 11 11 11

8

65

0

-1

-5

-8

Sma

llcap

10

0

Mid

cap

100

NIF

TY

50

Me

tals

Rea

lty

Ban

k

Ener

gy

Au

to

Pri

vate

Ban

ks

Fin

anci

als

Secv

ice

s

IT S

erv

ice

s

Me

dia

FMC

G

Ph

arm

a

30


31



Sales 0 -2

EBITDA 19 15

PBT 33 20

PAT 31 17


Sales -1 -2

EBITDA 15 10

PBT 23 9

PAT 22 7


32





236 285 310 333

372 402 404 386

418 414

483 457 508

685

796

(41)

207

89 74

117

81

05

(45)

83

(10)

167

(54)

111

349

163

(10)

(5)

0

5

10

15

20

25

30

35

40

0

100

200

300

400

500

600

700

800

900

FY0

9

FY1

0

FY1

1

FY1

2

FY1

3

FY1

4

FY1

5

FY1

6

FY1

7

FY1

8

FY1

9

FY2

0

FY2

1ii

FY2

2ii

FY2

3ii

Rs (LHS) YoY (RHS)

Nifty EPS



34





52

82 83

103

55

95

88

71

64 66

81

69

7983

79

56

104

FY05

FY06

FY07

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

E





207

8

13

18

23

28

Feb

-06

Feb

-07

Feb

-08

Feb

-09

Feb

-10

Feb

-11

Feb

-12

Feb

-13

Feb

-14

Feb

-15

Feb

-16

Feb

-17

Feb

-18

Feb

-19

Feb

-20

Feb

-21

Average 179x

31

15

23

30

38

45

Feb

-06

Feb

-07

Feb

-08

Feb

-09

Feb

-10

Feb

-11

Feb

-12

Feb

-13

Feb

-14

Feb

-15

Feb

-16

Feb

-17

Feb

-18

Feb

-19

Feb

-20

Feb

-21

Average 27x

37












38Source Bloomberg



Dec 19 122235

Mar 20 53406

June 20 32400

Sept 20 176786 707144

Dec 20 209795 839180

TTM 472387

Market Cap (280221) 18850128

PE Ratio 399 225



39

Company

PE

FY20Q1FY21

(Annualised)Q2FY21


Shree Cement 634 648 439 383 358


Mindtree 397 311 261 203 191

Asian Paints 814 2567 663 447 613


Hero Motocorp 190 2782 181 159 183

Bajaj Auto 223 537 249 182 202










41


42



43


10 Yr 1630 1567 1943

7 Yr 1636 1506 1745

5 yr 1024 889 1807

3 yr 324 526 2647

1 yr -984 1316 9422


10 Yr 1239 991 1480

7 Yr 1212 867 1370

5 yr 736 317 1440

3 yr 079 -333 2237

1 yr -1572 -097 9753



44


10 Yr 1192 1159 1450

7 Yr 1227 1163 1406

5 yr 924 846 1511

3 yr 631 574 2027

1 yr -093 480 6660


10 Yr 1138 992 1387

7 Yr 1163 916 1367

5 yr 903 658 1525

3 yr 732 201 1992

1 yr -456 -397 7206




10 Yr 1277 1242 1526

7 Yr 1281 1192 1443

5 yr 923 885 1540

3 yr 576 582 2067

1 yr -313 720 6502


10 Yr 1140 992 1368

7 Yr 1165 915 1351

5 yr 931 686 1514

3 yr 822 256 1931

1 yr -274 -478 6874

46




10 Yr 1078 1016 1354

7 Yr 1064 940 1319

5 yr 758 678 1479

3 yr 539 435 2006

1 yr -282 108 6528


10 Yr 1108 979 1341

7 Yr 1130 918 1364

5 yr 958 772 1570

3 yr 989 429 1947

1 yr 112 -515 6633

47


48

Kotak Pioneer Fund


in India




bull Healthcare

bull Chemicals

bull Fintech

bull Materials









1 YearSince

Inception(31102019)



Nifty 50 TRI 3137 1752


49

















Index Nifty 50 TRI


Last 5 Year 1464 1355 1729

Last 3 Years 1462 1199 1288

Last 1 Years 2928 2142 3137



Return Profile


50

51










As on 31st Jan 2021

885

-15540 -14655




1 Year 1502 3137 1166

2 Years 1329 1742 1206

3 Years 923 1288 1010

5 Years 1046 1729 1030

52




Nifty 50 TRI 1423 1712 1254 2583








53

Gold









55

56






Alpha-124 -092 -106


Nifty 50 TRI3130 1290 1730


Alpha-111 -097 -124









57



3092 538 157 1841


3064 243 1089 895

Alpha 028 295 481 946



Alpha 1083 1479 769 911


Nifty Midcap 100 TRI 3985 679 1739 1814

Alpha -143 666 496 679


Nifty 200 TRI 3214 1135 1826 1498

Alpha -60 057 143 407


2915 1284 2035 1869

Nifty 200 TRI 3214 1135 1826 1498

Alpha -299 149 209 371


Nifty 500 TRI 3337 1086 1836 1539

Alpha -496 267 16 35


58



Nifty 100 TRI 311 1191 1826 1468

Alpha 178 253 281 243


Nifty 50 TRI 3127 1288 1837 1414

Alpha 023 019 -025 23


Nifty 200 TRI 3214 1135 - -

Alpha 3689 467 - -



423 - - -

Alpha 1578 - - -


Nifty 200 TRI 3214 - - -

Alpha 146 - - -






59

554

791840 853 855 864 906

9551001

12281308


Fund


Kotak FlexicapFund

Kotak Tax SaverFund


Fund


Kotak BluechipFund



Kotak PioneerFund

Kotak SmallCap Fund



Debt Market Outlook

March 2021

60

61

Source Bloomberg


-9000

-8000

-7000

-6000

-5000

-4000

-3000

-2000

-1000

0

1000

5

55

6

65

7

75

Jun

-19

Jul-

19

Au

g-1

9

Sep

-19

Oct

-19

No

v-1

9

Dec

-19

Jan

-20

Feb

-20

Mar

-20

Ap

r-2

0

May

-20

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan

-21

Feb

-21



INR Bn



62




Source Bloomberg

3

4

5

6

7

8



01-Mar-21 31-Dec-20 30-Jun-20





Source Axis Capital

USD Mn

63

(1494)

381

(8680)

(1434)

(2695)

402

(534)(142)

471 520 191 1080

(740) (391)

(10500)

(9000)

(7500)

(6000)

(4500)

(3000)

(1500)

0

1500

3000

Jan

-20

Feb

-20

Mar

-20

Ap

r-2

0

May

-20

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan

-21

Feb

-21


406

530

00

10

20

30

40

50

60

70

80

Mar

-15

May

-15

Jul-

15

Sep

-15

No

v-1

5

Jan

-16

Mar

-16

May

-16

Jul-

16

Sep

-16

No

v-1

6

Jan

-17

Mar

-17

May

-17

Jul-

17

Sep

-17

No

v-1

7

Jan

-18

Mar

-18

May

-18

Jul-

18

Sep

-18

No

v-1

8

Jan

-19

Mar

-19

May

-19

Jul-

19

Sep

-19

No

v-1

9

Jan

-20

Mar

-20

May

-20

Jul-

20

Sep

-20

No

v-2

0

Jan

-21

CPI Core CPI




64

65


FY 21 (RE) FY 22 (BE)



(in Rs Crores)


Source CNBC








67

211

0

50

100

150

200

250

300





68

444

558

3

35

4

45

5

55

6

65

7

75

Mar

-hellip

Ap

r-2

0

May

-hellip

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan

-21

Feb

-21



450

500

550

600

650

700

750

800

850

1Y 2Y 3Y 4Y 5Y 7Y 10Y

01-Mar-21 29-Jan-21 31-Dec-19



69







10 yr 715 29 051 766


10 yr 715 21+21=42 084 799


10 yr 715 155+155+155=455 103 818



Debt Outlook

70












71




Kotak Gilt Fund 980



Kotak Bond Fund 879





73


928

600

650

700

750

800

850

900

950

1000

1050

Feb

-18

Ap

r-1

8

May

-18

Jul-

18

Au

g-1

8

Sep

-18

No

v-1

8

Dec

-18

Jan

-19

Mar

-19

Ap

r-1

9

Jun

-19

Jul-

19

Au

g-1

9

Oct

-19

No

v-1

9

Jan

-20

Feb

-20

Mar

-20

May

-20

Jun

-20

Jul-

20

Sep

-20

Oct

-20

Dec

-20

Jan

-21

Feb

-21

Rolling Returns()


915






(Spread)





378 263 281



74




458

699 699

389

638 638

0

1

2

3

4

5

6

7

8



1 Year OIS

3 Year AA

3 Year AA





76











77



Testimonials




78

Business Dashboard

Transaction History



Prostart

Business Hub








Kotak Bluechip Fund








79

80







ANNEXURES

81



82






Feb-21 April-20



AA+ 228 165

AA 248 290

AA- 087 142

Below AA- 043 122



83



















Credit Strategies





84



(3-6mo)Medium Term



Rupee









Liquidity


85



Medium ndashterm

Remarks







Signify Growth 86


87





88





89






CRISIL 1 Year TBill


Last 1 Year 744 632 112 547 10742 10630 10546

Last 3 Years 894 868 026 665 12926 12834 12127

Last 5 Years 846 854 -008 656 15006 15064 13739






CRISIL 1 Year TBill

Since Inception 860 846 014 648 28659 28180 22287

Last 1 Year 685 790 -105 547 10683 10788 10546

Last 3 Years 921 934 -013 665 13022 13068 12127

Last 5 Years 912 868 044 656 15470 15161 13739





90






CRISIL 1 Year TBill

Since Inception 769 827 -058 648 26178 28053 22605

Last 1 Year 669 594 075 547 10667 10592 10546

Last 3 Years 760 723 037 665 12455 12326 12127

Last 5 Years 774 735 039 656 14514 14256 13739





CRISIL 10 Year Gilt


Last 1 Year 672 765 -093 493 10670 10763 10492

Last 3 Years 879 912 -033 894 12872 12990 12927

Last 5 Years 800 859 -058 734 14692 15093 14246





91






CRISIL 1 Year TBill

Since Inception 772 793 -021 607 40606 42094 30324

Last 1 Year 720 797 -077 547 10718 10794 10546

Last 3 Years 815 828 -013 665 12648 12692 12127

Last 5 Years 785 808 -024 656 14585 14746 13739






CRISIL 1 Year TBill

Since Inception 818 939 -120 645 28790 33407 23163

Last 1 Year 741 793 -052 547 10739 10791 10546

Last 3 Years 838 894 -057 665 12726 12927 12127

Last 5 Years 830 885 -055 656 14898 15277 13739





92






CRISIL 1 Year TBill

Since Inception 808 930 -121 671 23159 26128 20167

Last 1 Year 455 987 -532 547 10453 10984 10546

Last 3 Years 702 900 -198 665 12253 12946 12127

Last 5 Years 755 900 -145 656 14384 15380 13739






CRISIL 10 Year Gilt

Since Inception 812 900 -088 826 17192 18192 17350

Last 1 Year 456 873 -417 493 10455 10871 10492

Last 3 Years 650 902 -252 894 12078 12954 12927

Last 5 Years 730 863 -133 734 14218 15121 14246










Growth


Index Nifty 50 TRI

Since Inception 1092 1167 -075 1130 13052 13281 13166

Last 1 Year 1849 2142 -292 3137 11844 12135 13127







CRISIL 10 Year Gilt

Since Inception 809 855 -045 582 38280 41141 26537

Last 1 Year 1502 1166 336 493 11497 11162 10492

Last 3 Years 923 1010 -086 894 13030 13341 12927

Last 5 Years 1046 1030 017 734 16443 16319 14246





94


Fund - Growth






Since Inception 1578 1221 357 1579 113266 67426 113398

Last 1 Year 2928 2142 786 3000 12919 12135 12990

Last 3 Years 1462 1199 262 1422 15051 14043 14894

Last 5 Years 1464 1355 109 1789 19793 18868 22764






CRISIL 10 Year Gilt


Last 1 Year 768 641 128 493 10766 10639 10492

Last 3 Years 980 1001 -021 894 13234 13311 12927

Last 5 Years 892 848 044 734 15325 15020 14246



95


Growth



Index TRI


Growth



Index TRI

Nifty 50 TRI

Since Inception 3678 2467 1211 1752 15149 13397 12386

Last 1 Year 5550 4230 1320 3137 15531 14216 13127




Growth


ALPHA Nifty 50 TRI


Growth


Nifty 50 TRI

Since Inception 719 133 586 951 24675 11876 32619

Last 1 Year 2940 3064 -124 3137 12931 13054 13127

Last 3 Years 405 243 162 1288 11265 10746 14378

Last 5 Years 1332 1089 243 1729 18676 16760 22189






96





Since Inception 1462 1173 289 1328 15099 13979 14570

Last 1 Year 6667 3224 3443 3137 16644 13214 13127

Last 3 Years 1471 1135 335 1288 15087 13803 14378












Since Inception 1389 1146 243 1265 14372 13534 13939

Last 1 Year 4661 3224 1437 3137 14646 13214 13127









97

Kotak Smallcap Fund





Scheme Returns () 1620 1905 1843 2067 3331 12808


Alpha 572 746 808 905 1158 630


Nifty 50 (TRI) (Rs)^ 5809863 2412890 1363994 887303 478297 158761







Since Inception 1648 1274 375 1440 115182 68229 86309

Last 1 Year 5224 4358 866 3137 15207 14344 13127

Last 3 Years 1309 -017 1326 1288 14460 9950 14378

Last 5 Years 2040 1419 622 1729 25291 19406 22189



98






Scheme Returns () 1505 1571 1397 1426 1792 6240


Alpha 218 204 045 -088 -139 -634

Nifty 200 (TRI) (Rs) 3011611 2447722 1358050 875181 477275 160074

Nifty 50 (TRI) (Rs)^ 2974930 2412890 1363994 887303 478297 158761







Since Inception 1391 1156 235 1140 44527 35062 34492

Last 1 Year 2497 3224 -727 3137 12489 13214 13127

Last 3 Years 1082 1135 -054 1288 13604 13803 14378

Last 5 Years 1738 1719 020 1729 22274 22089 22189



99






Scheme Returns () 1705 1943 1745 1807 2647 9422


Alpha 316 463 375 368 410 -332


Nifty 50 (TRI) (Rs)^ 4226246 2412890 1363994 887303 478297 158761







Since Inception 1320 1332 -012 1138 56228 57054 44823

Last 1 Year 3676 3998 -322 3137 13664 13985 13127

Last 3 Years 1207 679 528 1288 14070 12177 14378

Last 5 Years 1997 1624 372 1729 24836 21217 22189



100






Scheme Returns () 1251 1450 1406 1511 2027 6660


Alpha 007 063 038 -014 035 -546

Nifty 500 (TRI) (Rs) 5177617 2472906 1365740 877640 481312 161867

Nifty 50 (TRI) (Rs)^ 5074950 2412890 1363994 887303 478297 158761







Since Inception 1217 1303 -085 1328 57797 64882 67113

Last 1 Year 2685 3347 -662 3137 12677 13337 13127

Last 3 Years 1219 1086 133 1288 14116 13621 14378

Last 5 Years 1741 1731 010 1729 22304 22207 22189



101






Scheme Returns () 1478 1526 1443 1540 2067 6502


Alpha 197 158 092 026 136 -373

Nifty 200 (TRI) (Rs) 6308482 2447722 1358050 875181 477275 160074

Nifty 50 (TRI) (Rs)^ 6292270 2412890 1363994 887303 478297 158761








Since Inception 1831 1537 294 1555 159694 105534 108232

Last 1 Year 2771 3224 -453 3137 12762 13214 13127

Last 3 Years 1158 1135 023 1288 13887 13803 14378

Last 5 Years 1791 1719 072 1729 22776 22089 22189



102

Kotak Bluechip Fund





Scheme Returns () 1497 1354 1319 1479 2006 6528


Alpha 103 013 -045 -091 059 -105

Nifty 50 (TRI) (Rs) 8857197 2412890 1363994 887303 478297 158761








Since Inception 1967 1722 246 1738 256865 176573 181028

Last 1 Year 3007 3137 -130 3000 12998 13127 12990

Last 3 Years 1181 1288 -107 1422 13975 14378 14894

Last 5 Years 1575 1729 -154 1789 20767 22189 22764






Since Inception 1321 1408 -088 1388 69209 78041 75924

Last 1 Year 3123 3120 003 3137 13113 13110 13127

Last 3 Years 1293 1191 102 1288 14396 14010 14378

Last 5 Years 1830 1719 110 1729 23155 22098 22189





103






Scheme Returns () 1309 1467 1463 1660 2087 7522


Alpha 041 104 112 141 195 996

Nifty 100 (TRI) (Rs) 5543589 2441380 1357611 876201 474636 158175

Nifty 50 (TRI) (Rs)^ 5371562 2412890 1363994 887303 478297 158761






104

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3




Bottom 3








105

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^









Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^









106

Scheme Names


Scheme Returns()^




Scheme Returns()^





Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^








107

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3




Bottom 3


2940 3064 405 243 1332 1089 719 133






108

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3




Bottom 3


Kotak Gold ETF 710 765 1380 1467 764 860 1178 1290





109

Scheme Name


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3


6667 3224 1471 1135 NA NA 1462 1173

Kotak NV20 ETF 3937 4355 1526 1660 1902 2002 1643 1620

Kotak Nifty ETF 3078 3137 1261 1288 1647 1729 1044 1181

Bottom 3

Kotak Sensex ETF 2955 3000 1390 1422 1696 1789 982 1097



Fund Type of Scheme











Mutual Fund








REIT funds



Fund Type of Scheme




















111








Kotak FlexicapFund



Kotak FlexicapFund









Kotak Liquid Fund


Thank You


119

lndian Economy

12

Headlines In Feb 21

13




Headlines In Feb 21

14




15Source MCA







18

V Shaped Recovery




19










22



Risk

23




25

Source CEIC UBS


26Source RBI


27




Source CMIEcom

Equity Markets

28



-240

-168

-79

-72

-56

-26

-18

39

266(USD bn)


India

Brazil

Indonesia

Philippines

Malaysia

South Africa

Thailand

Taiwan

South Korea




66

113 122

297

386 418

115

58

(12)

156 151 130

105 122

92

(10)

0

10

20

30

40

50



14

12

4

17

11 11 11 11

8

65

0

-1

-5

-8

Sma

llcap

10

0

Mid

cap

100

NIF

TY

50

Me

tals

Rea

lty

Ban

k

Ener

gy

Au

to

Pri

vate

Ban

ks

Fin

anci

als

Secv

ice

s

IT S

erv

ice

s

Me

dia

FMC

G

Ph

arm

a

30


31



Sales 0 -2

EBITDA 19 15

PBT 33 20

PAT 31 17


Sales -1 -2

EBITDA 15 10

PBT 23 9

PAT 22 7


32





236 285 310 333

372 402 404 386

418 414

483 457 508

685

796

(41)

207

89 74

117

81

05

(45)

83

(10)

167

(54)

111

349

163

(10)

(5)

0

5

10

15

20

25

30

35

40

0

100

200

300

400

500

600

700

800

900

FY0

9

FY1

0

FY1

1

FY1

2

FY1

3

FY1

4

FY1

5

FY1

6

FY1

7

FY1

8

FY1

9

FY2

0

FY2

1ii

FY2

2ii

FY2

3ii

Rs (LHS) YoY (RHS)

Nifty EPS



34





52

82 83

103

55

95

88

71

64 66

81

69

7983

79

56

104

FY05

FY06

FY07

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

E





207

8

13

18

23

28

Feb

-06

Feb

-07

Feb

-08

Feb

-09

Feb

-10

Feb

-11

Feb

-12

Feb

-13

Feb

-14

Feb

-15

Feb

-16

Feb

-17

Feb

-18

Feb

-19

Feb

-20

Feb

-21

Average 179x

31

15

23

30

38

45

Feb

-06

Feb

-07

Feb

-08

Feb

-09

Feb

-10

Feb

-11

Feb

-12

Feb

-13

Feb

-14

Feb

-15

Feb

-16

Feb

-17

Feb

-18

Feb

-19

Feb

-20

Feb

-21

Average 27x

37












38Source Bloomberg



Dec 19 122235

Mar 20 53406

June 20 32400

Sept 20 176786 707144

Dec 20 209795 839180

TTM 472387

Market Cap (280221) 18850128

PE Ratio 399 225



39

Company

PE

FY20Q1FY21

(Annualised)Q2FY21


Shree Cement 634 648 439 383 358


Mindtree 397 311 261 203 191

Asian Paints 814 2567 663 447 613


Hero Motocorp 190 2782 181 159 183

Bajaj Auto 223 537 249 182 202










41


42



43


10 Yr 1630 1567 1943

7 Yr 1636 1506 1745

5 yr 1024 889 1807

3 yr 324 526 2647

1 yr -984 1316 9422


10 Yr 1239 991 1480

7 Yr 1212 867 1370

5 yr 736 317 1440

3 yr 079 -333 2237

1 yr -1572 -097 9753



44


10 Yr 1192 1159 1450

7 Yr 1227 1163 1406

5 yr 924 846 1511

3 yr 631 574 2027

1 yr -093 480 6660


10 Yr 1138 992 1387

7 Yr 1163 916 1367

5 yr 903 658 1525

3 yr 732 201 1992

1 yr -456 -397 7206




10 Yr 1277 1242 1526

7 Yr 1281 1192 1443

5 yr 923 885 1540

3 yr 576 582 2067

1 yr -313 720 6502


10 Yr 1140 992 1368

7 Yr 1165 915 1351

5 yr 931 686 1514

3 yr 822 256 1931

1 yr -274 -478 6874

46




10 Yr 1078 1016 1354

7 Yr 1064 940 1319

5 yr 758 678 1479

3 yr 539 435 2006

1 yr -282 108 6528


10 Yr 1108 979 1341

7 Yr 1130 918 1364

5 yr 958 772 1570

3 yr 989 429 1947

1 yr 112 -515 6633

47


48

Kotak Pioneer Fund


in India




bull Healthcare

bull Chemicals

bull Fintech

bull Materials









1 YearSince

Inception(31102019)



Nifty 50 TRI 3137 1752


49

















Index Nifty 50 TRI


Last 5 Year 1464 1355 1729

Last 3 Years 1462 1199 1288

Last 1 Years 2928 2142 3137



Return Profile


50

51










As on 31st Jan 2021

885

-15540 -14655




1 Year 1502 3137 1166

2 Years 1329 1742 1206

3 Years 923 1288 1010

5 Years 1046 1729 1030

52




Nifty 50 TRI 1423 1712 1254 2583








53

Gold









55

56






Alpha-124 -092 -106


Nifty 50 TRI3130 1290 1730


Alpha-111 -097 -124









57



3092 538 157 1841


3064 243 1089 895

Alpha 028 295 481 946



Alpha 1083 1479 769 911


Nifty Midcap 100 TRI 3985 679 1739 1814

Alpha -143 666 496 679


Nifty 200 TRI 3214 1135 1826 1498

Alpha -60 057 143 407


2915 1284 2035 1869

Nifty 200 TRI 3214 1135 1826 1498

Alpha -299 149 209 371


Nifty 500 TRI 3337 1086 1836 1539

Alpha -496 267 16 35


58



Nifty 100 TRI 311 1191 1826 1468

Alpha 178 253 281 243


Nifty 50 TRI 3127 1288 1837 1414

Alpha 023 019 -025 23


Nifty 200 TRI 3214 1135 - -

Alpha 3689 467 - -



423 - - -

Alpha 1578 - - -


Nifty 200 TRI 3214 - - -

Alpha 146 - - -






59

554

791840 853 855 864 906

9551001

12281308


Fund


Kotak FlexicapFund

Kotak Tax SaverFund


Fund


Kotak BluechipFund



Kotak PioneerFund

Kotak SmallCap Fund



Debt Market Outlook

March 2021

60

61

Source Bloomberg


-9000

-8000

-7000

-6000

-5000

-4000

-3000

-2000

-1000

0

1000

5

55

6

65

7

75

Jun

-19

Jul-

19

Au

g-1

9

Sep

-19

Oct

-19

No

v-1

9

Dec

-19

Jan

-20

Feb

-20

Mar

-20

Ap

r-2

0

May

-20

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan

-21

Feb

-21



INR Bn



62




Source Bloomberg

3

4

5

6

7

8



01-Mar-21 31-Dec-20 30-Jun-20





Source Axis Capital

USD Mn

63

(1494)

381

(8680)

(1434)

(2695)

402

(534)(142)

471 520 191 1080

(740) (391)

(10500)

(9000)

(7500)

(6000)

(4500)

(3000)

(1500)

0

1500

3000

Jan

-20

Feb

-20

Mar

-20

Ap

r-2

0

May

-20

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan

-21

Feb

-21


406

530

00

10

20

30

40

50

60

70

80

Mar

-15

May

-15

Jul-

15

Sep

-15

No

v-1

5

Jan

-16

Mar

-16

May

-16

Jul-

16

Sep

-16

No

v-1

6

Jan

-17

Mar

-17

May

-17

Jul-

17

Sep

-17

No

v-1

7

Jan

-18

Mar

-18

May

-18

Jul-

18

Sep

-18

No

v-1

8

Jan

-19

Mar

-19

May

-19

Jul-

19

Sep

-19

No

v-1

9

Jan

-20

Mar

-20

May

-20

Jul-

20

Sep

-20

No

v-2

0

Jan

-21

CPI Core CPI




64

65


FY 21 (RE) FY 22 (BE)



(in Rs Crores)


Source CNBC








67

211

0

50

100

150

200

250

300





68

444

558

3

35

4

45

5

55

6

65

7

75

Mar

-hellip

Ap

r-2

0

May

-hellip

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan

-21

Feb

-21



450

500

550

600

650

700

750

800

850

1Y 2Y 3Y 4Y 5Y 7Y 10Y

01-Mar-21 29-Jan-21 31-Dec-19



69







10 yr 715 29 051 766


10 yr 715 21+21=42 084 799


10 yr 715 155+155+155=455 103 818



Debt Outlook

70












71




Kotak Gilt Fund 980



Kotak Bond Fund 879





73


928

600

650

700

750

800

850

900

950

1000

1050

Feb

-18

Ap

r-1

8

May

-18

Jul-

18

Au

g-1

8

Sep

-18

No

v-1

8

Dec

-18

Jan

-19

Mar

-19

Ap

r-1

9

Jun

-19

Jul-

19

Au

g-1

9

Oct

-19

No

v-1

9

Jan

-20

Feb

-20

Mar

-20

May

-20

Jun

-20

Jul-

20

Sep

-20

Oct

-20

Dec

-20

Jan

-21

Feb

-21

Rolling Returns()


915






(Spread)





378 263 281



74




458

699 699

389

638 638

0

1

2

3

4

5

6

7

8



1 Year OIS

3 Year AA

3 Year AA





76











77



Testimonials




78

Business Dashboard

Transaction History



Prostart

Business Hub








Kotak Bluechip Fund








79

80







ANNEXURES

81



82






Feb-21 April-20



AA+ 228 165

AA 248 290

AA- 087 142

Below AA- 043 122



83



















Credit Strategies





84



(3-6mo)Medium Term



Rupee









Liquidity


85



Medium ndashterm

Remarks







Signify Growth 86


87





88





89






CRISIL 1 Year TBill


Last 1 Year 744 632 112 547 10742 10630 10546

Last 3 Years 894 868 026 665 12926 12834 12127

Last 5 Years 846 854 -008 656 15006 15064 13739






CRISIL 1 Year TBill

Since Inception 860 846 014 648 28659 28180 22287

Last 1 Year 685 790 -105 547 10683 10788 10546

Last 3 Years 921 934 -013 665 13022 13068 12127

Last 5 Years 912 868 044 656 15470 15161 13739





90






CRISIL 1 Year TBill

Since Inception 769 827 -058 648 26178 28053 22605

Last 1 Year 669 594 075 547 10667 10592 10546

Last 3 Years 760 723 037 665 12455 12326 12127

Last 5 Years 774 735 039 656 14514 14256 13739





CRISIL 10 Year Gilt


Last 1 Year 672 765 -093 493 10670 10763 10492

Last 3 Years 879 912 -033 894 12872 12990 12927

Last 5 Years 800 859 -058 734 14692 15093 14246





91






CRISIL 1 Year TBill

Since Inception 772 793 -021 607 40606 42094 30324

Last 1 Year 720 797 -077 547 10718 10794 10546

Last 3 Years 815 828 -013 665 12648 12692 12127

Last 5 Years 785 808 -024 656 14585 14746 13739






CRISIL 1 Year TBill

Since Inception 818 939 -120 645 28790 33407 23163

Last 1 Year 741 793 -052 547 10739 10791 10546

Last 3 Years 838 894 -057 665 12726 12927 12127

Last 5 Years 830 885 -055 656 14898 15277 13739





92






CRISIL 1 Year TBill

Since Inception 808 930 -121 671 23159 26128 20167

Last 1 Year 455 987 -532 547 10453 10984 10546

Last 3 Years 702 900 -198 665 12253 12946 12127

Last 5 Years 755 900 -145 656 14384 15380 13739






CRISIL 10 Year Gilt

Since Inception 812 900 -088 826 17192 18192 17350

Last 1 Year 456 873 -417 493 10455 10871 10492

Last 3 Years 650 902 -252 894 12078 12954 12927

Last 5 Years 730 863 -133 734 14218 15121 14246










Growth


Index Nifty 50 TRI

Since Inception 1092 1167 -075 1130 13052 13281 13166

Last 1 Year 1849 2142 -292 3137 11844 12135 13127







CRISIL 10 Year Gilt

Since Inception 809 855 -045 582 38280 41141 26537

Last 1 Year 1502 1166 336 493 11497 11162 10492

Last 3 Years 923 1010 -086 894 13030 13341 12927

Last 5 Years 1046 1030 017 734 16443 16319 14246





94


Fund - Growth






Since Inception 1578 1221 357 1579 113266 67426 113398

Last 1 Year 2928 2142 786 3000 12919 12135 12990

Last 3 Years 1462 1199 262 1422 15051 14043 14894

Last 5 Years 1464 1355 109 1789 19793 18868 22764






CRISIL 10 Year Gilt


Last 1 Year 768 641 128 493 10766 10639 10492

Last 3 Years 980 1001 -021 894 13234 13311 12927

Last 5 Years 892 848 044 734 15325 15020 14246



95


Growth



Index TRI


Growth



Index TRI

Nifty 50 TRI

Since Inception 3678 2467 1211 1752 15149 13397 12386

Last 1 Year 5550 4230 1320 3137 15531 14216 13127




Growth


ALPHA Nifty 50 TRI


Growth


Nifty 50 TRI

Since Inception 719 133 586 951 24675 11876 32619

Last 1 Year 2940 3064 -124 3137 12931 13054 13127

Last 3 Years 405 243 162 1288 11265 10746 14378

Last 5 Years 1332 1089 243 1729 18676 16760 22189






96





Since Inception 1462 1173 289 1328 15099 13979 14570

Last 1 Year 6667 3224 3443 3137 16644 13214 13127

Last 3 Years 1471 1135 335 1288 15087 13803 14378












Since Inception 1389 1146 243 1265 14372 13534 13939

Last 1 Year 4661 3224 1437 3137 14646 13214 13127









97

Kotak Smallcap Fund





Scheme Returns () 1620 1905 1843 2067 3331 12808


Alpha 572 746 808 905 1158 630


Nifty 50 (TRI) (Rs)^ 5809863 2412890 1363994 887303 478297 158761







Since Inception 1648 1274 375 1440 115182 68229 86309

Last 1 Year 5224 4358 866 3137 15207 14344 13127

Last 3 Years 1309 -017 1326 1288 14460 9950 14378

Last 5 Years 2040 1419 622 1729 25291 19406 22189



98






Scheme Returns () 1505 1571 1397 1426 1792 6240


Alpha 218 204 045 -088 -139 -634

Nifty 200 (TRI) (Rs) 3011611 2447722 1358050 875181 477275 160074

Nifty 50 (TRI) (Rs)^ 2974930 2412890 1363994 887303 478297 158761







Since Inception 1391 1156 235 1140 44527 35062 34492

Last 1 Year 2497 3224 -727 3137 12489 13214 13127

Last 3 Years 1082 1135 -054 1288 13604 13803 14378

Last 5 Years 1738 1719 020 1729 22274 22089 22189



99






Scheme Returns () 1705 1943 1745 1807 2647 9422


Alpha 316 463 375 368 410 -332


Nifty 50 (TRI) (Rs)^ 4226246 2412890 1363994 887303 478297 158761







Since Inception 1320 1332 -012 1138 56228 57054 44823

Last 1 Year 3676 3998 -322 3137 13664 13985 13127

Last 3 Years 1207 679 528 1288 14070 12177 14378

Last 5 Years 1997 1624 372 1729 24836 21217 22189



100






Scheme Returns () 1251 1450 1406 1511 2027 6660


Alpha 007 063 038 -014 035 -546

Nifty 500 (TRI) (Rs) 5177617 2472906 1365740 877640 481312 161867

Nifty 50 (TRI) (Rs)^ 5074950 2412890 1363994 887303 478297 158761







Since Inception 1217 1303 -085 1328 57797 64882 67113

Last 1 Year 2685 3347 -662 3137 12677 13337 13127

Last 3 Years 1219 1086 133 1288 14116 13621 14378

Last 5 Years 1741 1731 010 1729 22304 22207 22189



101






Scheme Returns () 1478 1526 1443 1540 2067 6502


Alpha 197 158 092 026 136 -373

Nifty 200 (TRI) (Rs) 6308482 2447722 1358050 875181 477275 160074

Nifty 50 (TRI) (Rs)^ 6292270 2412890 1363994 887303 478297 158761








Since Inception 1831 1537 294 1555 159694 105534 108232

Last 1 Year 2771 3224 -453 3137 12762 13214 13127

Last 3 Years 1158 1135 023 1288 13887 13803 14378

Last 5 Years 1791 1719 072 1729 22776 22089 22189



102

Kotak Bluechip Fund





Scheme Returns () 1497 1354 1319 1479 2006 6528


Alpha 103 013 -045 -091 059 -105

Nifty 50 (TRI) (Rs) 8857197 2412890 1363994 887303 478297 158761








Since Inception 1967 1722 246 1738 256865 176573 181028

Last 1 Year 3007 3137 -130 3000 12998 13127 12990

Last 3 Years 1181 1288 -107 1422 13975 14378 14894

Last 5 Years 1575 1729 -154 1789 20767 22189 22764






Since Inception 1321 1408 -088 1388 69209 78041 75924

Last 1 Year 3123 3120 003 3137 13113 13110 13127

Last 3 Years 1293 1191 102 1288 14396 14010 14378

Last 5 Years 1830 1719 110 1729 23155 22098 22189





103






Scheme Returns () 1309 1467 1463 1660 2087 7522


Alpha 041 104 112 141 195 996

Nifty 100 (TRI) (Rs) 5543589 2441380 1357611 876201 474636 158175

Nifty 50 (TRI) (Rs)^ 5371562 2412890 1363994 887303 478297 158761






104

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3




Bottom 3








105

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^









Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^









106

Scheme Names


Scheme Returns()^




Scheme Returns()^





Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^








107

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3




Bottom 3


2940 3064 405 243 1332 1089 719 133






108

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3




Bottom 3


Kotak Gold ETF 710 765 1380 1467 764 860 1178 1290





109

Scheme Name


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3


6667 3224 1471 1135 NA NA 1462 1173

Kotak NV20 ETF 3937 4355 1526 1660 1902 2002 1643 1620

Kotak Nifty ETF 3078 3137 1261 1288 1647 1729 1044 1181

Bottom 3

Kotak Sensex ETF 2955 3000 1390 1422 1696 1789 982 1097



Fund Type of Scheme











Mutual Fund








REIT funds



Fund Type of Scheme




















111








Kotak FlexicapFund



Kotak FlexicapFund









Kotak Liquid Fund


Thank You


119

Headlines In Feb 21

13




Headlines In Feb 21

14




15Source MCA







18

V Shaped Recovery




19










22



Risk

23




25

Source CEIC UBS


26Source RBI


27




Source CMIEcom

Equity Markets

28



-240

-168

-79

-72

-56

-26

-18

39

266(USD bn)


India

Brazil

Indonesia

Philippines

Malaysia

South Africa

Thailand

Taiwan

South Korea




66

113 122

297

386 418

115

58

(12)

156 151 130

105 122

92

(10)

0

10

20

30

40

50



14

12

4

17

11 11 11 11

8

65

0

-1

-5

-8

Sma

llcap

10

0

Mid

cap

100

NIF

TY

50

Me

tals

Rea

lty

Ban

k

Ener

gy

Au

to

Pri

vate

Ban

ks

Fin

anci

als

Secv

ice

s

IT S

erv

ice

s

Me

dia

FMC

G

Ph

arm

a

30


31



Sales 0 -2

EBITDA 19 15

PBT 33 20

PAT 31 17


Sales -1 -2

EBITDA 15 10

PBT 23 9

PAT 22 7


32





236 285 310 333

372 402 404 386

418 414

483 457 508

685

796

(41)

207

89 74

117

81

05

(45)

83

(10)

167

(54)

111

349

163

(10)

(5)

0

5

10

15

20

25

30

35

40

0

100

200

300

400

500

600

700

800

900

FY0

9

FY1

0

FY1

1

FY1

2

FY1

3

FY1

4

FY1

5

FY1

6

FY1

7

FY1

8

FY1

9

FY2

0

FY2

1ii

FY2

2ii

FY2

3ii

Rs (LHS) YoY (RHS)

Nifty EPS



34





52

82 83

103

55

95

88

71

64 66

81

69

7983

79

56

104

FY05

FY06

FY07

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

E





207

8

13

18

23

28

Feb

-06

Feb

-07

Feb

-08

Feb

-09

Feb

-10

Feb

-11

Feb

-12

Feb

-13

Feb

-14

Feb

-15

Feb

-16

Feb

-17

Feb

-18

Feb

-19

Feb

-20

Feb

-21

Average 179x

31

15

23

30

38

45

Feb

-06

Feb

-07

Feb

-08

Feb

-09

Feb

-10

Feb

-11

Feb

-12

Feb

-13

Feb

-14

Feb

-15

Feb

-16

Feb

-17

Feb

-18

Feb

-19

Feb

-20

Feb

-21

Average 27x

37












38Source Bloomberg



Dec 19 122235

Mar 20 53406

June 20 32400

Sept 20 176786 707144

Dec 20 209795 839180

TTM 472387

Market Cap (280221) 18850128

PE Ratio 399 225



39

Company

PE

FY20Q1FY21

(Annualised)Q2FY21


Shree Cement 634 648 439 383 358


Mindtree 397 311 261 203 191

Asian Paints 814 2567 663 447 613


Hero Motocorp 190 2782 181 159 183

Bajaj Auto 223 537 249 182 202










41


42



43


10 Yr 1630 1567 1943

7 Yr 1636 1506 1745

5 yr 1024 889 1807

3 yr 324 526 2647

1 yr -984 1316 9422


10 Yr 1239 991 1480

7 Yr 1212 867 1370

5 yr 736 317 1440

3 yr 079 -333 2237

1 yr -1572 -097 9753



44


10 Yr 1192 1159 1450

7 Yr 1227 1163 1406

5 yr 924 846 1511

3 yr 631 574 2027

1 yr -093 480 6660


10 Yr 1138 992 1387

7 Yr 1163 916 1367

5 yr 903 658 1525

3 yr 732 201 1992

1 yr -456 -397 7206




10 Yr 1277 1242 1526

7 Yr 1281 1192 1443

5 yr 923 885 1540

3 yr 576 582 2067

1 yr -313 720 6502


10 Yr 1140 992 1368

7 Yr 1165 915 1351

5 yr 931 686 1514

3 yr 822 256 1931

1 yr -274 -478 6874

46




10 Yr 1078 1016 1354

7 Yr 1064 940 1319

5 yr 758 678 1479

3 yr 539 435 2006

1 yr -282 108 6528


10 Yr 1108 979 1341

7 Yr 1130 918 1364

5 yr 958 772 1570

3 yr 989 429 1947

1 yr 112 -515 6633

47


48

Kotak Pioneer Fund


in India




bull Healthcare

bull Chemicals

bull Fintech

bull Materials









1 YearSince

Inception(31102019)



Nifty 50 TRI 3137 1752


49

















Index Nifty 50 TRI


Last 5 Year 1464 1355 1729

Last 3 Years 1462 1199 1288

Last 1 Years 2928 2142 3137



Return Profile


50

51










As on 31st Jan 2021

885

-15540 -14655




1 Year 1502 3137 1166

2 Years 1329 1742 1206

3 Years 923 1288 1010

5 Years 1046 1729 1030

52




Nifty 50 TRI 1423 1712 1254 2583








53

Gold









55

56






Alpha-124 -092 -106


Nifty 50 TRI3130 1290 1730


Alpha-111 -097 -124









57



3092 538 157 1841


3064 243 1089 895

Alpha 028 295 481 946



Alpha 1083 1479 769 911


Nifty Midcap 100 TRI 3985 679 1739 1814

Alpha -143 666 496 679


Nifty 200 TRI 3214 1135 1826 1498

Alpha -60 057 143 407


2915 1284 2035 1869

Nifty 200 TRI 3214 1135 1826 1498

Alpha -299 149 209 371


Nifty 500 TRI 3337 1086 1836 1539

Alpha -496 267 16 35


58



Nifty 100 TRI 311 1191 1826 1468

Alpha 178 253 281 243


Nifty 50 TRI 3127 1288 1837 1414

Alpha 023 019 -025 23


Nifty 200 TRI 3214 1135 - -

Alpha 3689 467 - -



423 - - -

Alpha 1578 - - -


Nifty 200 TRI 3214 - - -

Alpha 146 - - -






59

554

791840 853 855 864 906

9551001

12281308


Fund


Kotak FlexicapFund

Kotak Tax SaverFund


Fund


Kotak BluechipFund



Kotak PioneerFund

Kotak SmallCap Fund



Debt Market Outlook

March 2021

60

61

Source Bloomberg


-9000

-8000

-7000

-6000

-5000

-4000

-3000

-2000

-1000

0

1000

5

55

6

65

7

75

Jun

-19

Jul-

19

Au

g-1

9

Sep

-19

Oct

-19

No

v-1

9

Dec

-19

Jan

-20

Feb

-20

Mar

-20

Ap

r-2

0

May

-20

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan

-21

Feb

-21



INR Bn



62




Source Bloomberg

3

4

5

6

7

8



01-Mar-21 31-Dec-20 30-Jun-20





Source Axis Capital

USD Mn

63

(1494)

381

(8680)

(1434)

(2695)

402

(534)(142)

471 520 191 1080

(740) (391)

(10500)

(9000)

(7500)

(6000)

(4500)

(3000)

(1500)

0

1500

3000

Jan

-20

Feb

-20

Mar

-20

Ap

r-2

0

May

-20

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan

-21

Feb

-21


406

530

00

10

20

30

40

50

60

70

80

Mar

-15

May

-15

Jul-

15

Sep

-15

No

v-1

5

Jan

-16

Mar

-16

May

-16

Jul-

16

Sep

-16

No

v-1

6

Jan

-17

Mar

-17

May

-17

Jul-

17

Sep

-17

No

v-1

7

Jan

-18

Mar

-18

May

-18

Jul-

18

Sep

-18

No

v-1

8

Jan

-19

Mar

-19

May

-19

Jul-

19

Sep

-19

No

v-1

9

Jan

-20

Mar

-20

May

-20

Jul-

20

Sep

-20

No

v-2

0

Jan

-21

CPI Core CPI




64

65


FY 21 (RE) FY 22 (BE)



(in Rs Crores)


Source CNBC








67

211

0

50

100

150

200

250

300





68

444

558

3

35

4

45

5

55

6

65

7

75

Mar

-hellip

Ap

r-2

0

May

-hellip

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan

-21

Feb

-21



450

500

550

600

650

700

750

800

850

1Y 2Y 3Y 4Y 5Y 7Y 10Y

01-Mar-21 29-Jan-21 31-Dec-19



69







10 yr 715 29 051 766


10 yr 715 21+21=42 084 799


10 yr 715 155+155+155=455 103 818



Debt Outlook

70












71




Kotak Gilt Fund 980



Kotak Bond Fund 879





73


928

600

650

700

750

800

850

900

950

1000

1050

Feb

-18

Ap

r-1

8

May

-18

Jul-

18

Au

g-1

8

Sep

-18

No

v-1

8

Dec

-18

Jan

-19

Mar

-19

Ap

r-1

9

Jun

-19

Jul-

19

Au

g-1

9

Oct

-19

No

v-1

9

Jan

-20

Feb

-20

Mar

-20

May

-20

Jun

-20

Jul-

20

Sep

-20

Oct

-20

Dec

-20

Jan

-21

Feb

-21

Rolling Returns()


915






(Spread)





378 263 281



74




458

699 699

389

638 638

0

1

2

3

4

5

6

7

8



1 Year OIS

3 Year AA

3 Year AA





76











77



Testimonials




78

Business Dashboard

Transaction History



Prostart

Business Hub








Kotak Bluechip Fund








79

80







ANNEXURES

81



82






Feb-21 April-20



AA+ 228 165

AA 248 290

AA- 087 142

Below AA- 043 122



83



















Credit Strategies





84



(3-6mo)Medium Term



Rupee









Liquidity


85



Medium ndashterm

Remarks







Signify Growth 86


87





88





89






CRISIL 1 Year TBill


Last 1 Year 744 632 112 547 10742 10630 10546

Last 3 Years 894 868 026 665 12926 12834 12127

Last 5 Years 846 854 -008 656 15006 15064 13739






CRISIL 1 Year TBill

Since Inception 860 846 014 648 28659 28180 22287

Last 1 Year 685 790 -105 547 10683 10788 10546

Last 3 Years 921 934 -013 665 13022 13068 12127

Last 5 Years 912 868 044 656 15470 15161 13739





90






CRISIL 1 Year TBill

Since Inception 769 827 -058 648 26178 28053 22605

Last 1 Year 669 594 075 547 10667 10592 10546

Last 3 Years 760 723 037 665 12455 12326 12127

Last 5 Years 774 735 039 656 14514 14256 13739





CRISIL 10 Year Gilt


Last 1 Year 672 765 -093 493 10670 10763 10492

Last 3 Years 879 912 -033 894 12872 12990 12927

Last 5 Years 800 859 -058 734 14692 15093 14246





91






CRISIL 1 Year TBill

Since Inception 772 793 -021 607 40606 42094 30324

Last 1 Year 720 797 -077 547 10718 10794 10546

Last 3 Years 815 828 -013 665 12648 12692 12127

Last 5 Years 785 808 -024 656 14585 14746 13739






CRISIL 1 Year TBill

Since Inception 818 939 -120 645 28790 33407 23163

Last 1 Year 741 793 -052 547 10739 10791 10546

Last 3 Years 838 894 -057 665 12726 12927 12127

Last 5 Years 830 885 -055 656 14898 15277 13739





92






CRISIL 1 Year TBill

Since Inception 808 930 -121 671 23159 26128 20167

Last 1 Year 455 987 -532 547 10453 10984 10546

Last 3 Years 702 900 -198 665 12253 12946 12127

Last 5 Years 755 900 -145 656 14384 15380 13739






CRISIL 10 Year Gilt

Since Inception 812 900 -088 826 17192 18192 17350

Last 1 Year 456 873 -417 493 10455 10871 10492

Last 3 Years 650 902 -252 894 12078 12954 12927

Last 5 Years 730 863 -133 734 14218 15121 14246










Growth


Index Nifty 50 TRI

Since Inception 1092 1167 -075 1130 13052 13281 13166

Last 1 Year 1849 2142 -292 3137 11844 12135 13127







CRISIL 10 Year Gilt

Since Inception 809 855 -045 582 38280 41141 26537

Last 1 Year 1502 1166 336 493 11497 11162 10492

Last 3 Years 923 1010 -086 894 13030 13341 12927

Last 5 Years 1046 1030 017 734 16443 16319 14246





94


Fund - Growth






Since Inception 1578 1221 357 1579 113266 67426 113398

Last 1 Year 2928 2142 786 3000 12919 12135 12990

Last 3 Years 1462 1199 262 1422 15051 14043 14894

Last 5 Years 1464 1355 109 1789 19793 18868 22764






CRISIL 10 Year Gilt


Last 1 Year 768 641 128 493 10766 10639 10492

Last 3 Years 980 1001 -021 894 13234 13311 12927

Last 5 Years 892 848 044 734 15325 15020 14246



95


Growth



Index TRI


Growth



Index TRI

Nifty 50 TRI

Since Inception 3678 2467 1211 1752 15149 13397 12386

Last 1 Year 5550 4230 1320 3137 15531 14216 13127




Growth


ALPHA Nifty 50 TRI


Growth


Nifty 50 TRI

Since Inception 719 133 586 951 24675 11876 32619

Last 1 Year 2940 3064 -124 3137 12931 13054 13127

Last 3 Years 405 243 162 1288 11265 10746 14378

Last 5 Years 1332 1089 243 1729 18676 16760 22189






96





Since Inception 1462 1173 289 1328 15099 13979 14570

Last 1 Year 6667 3224 3443 3137 16644 13214 13127

Last 3 Years 1471 1135 335 1288 15087 13803 14378












Since Inception 1389 1146 243 1265 14372 13534 13939

Last 1 Year 4661 3224 1437 3137 14646 13214 13127









97

Kotak Smallcap Fund





Scheme Returns () 1620 1905 1843 2067 3331 12808


Alpha 572 746 808 905 1158 630


Nifty 50 (TRI) (Rs)^ 5809863 2412890 1363994 887303 478297 158761







Since Inception 1648 1274 375 1440 115182 68229 86309

Last 1 Year 5224 4358 866 3137 15207 14344 13127

Last 3 Years 1309 -017 1326 1288 14460 9950 14378

Last 5 Years 2040 1419 622 1729 25291 19406 22189



98






Scheme Returns () 1505 1571 1397 1426 1792 6240


Alpha 218 204 045 -088 -139 -634

Nifty 200 (TRI) (Rs) 3011611 2447722 1358050 875181 477275 160074

Nifty 50 (TRI) (Rs)^ 2974930 2412890 1363994 887303 478297 158761







Since Inception 1391 1156 235 1140 44527 35062 34492

Last 1 Year 2497 3224 -727 3137 12489 13214 13127

Last 3 Years 1082 1135 -054 1288 13604 13803 14378

Last 5 Years 1738 1719 020 1729 22274 22089 22189



99






Scheme Returns () 1705 1943 1745 1807 2647 9422


Alpha 316 463 375 368 410 -332


Nifty 50 (TRI) (Rs)^ 4226246 2412890 1363994 887303 478297 158761







Since Inception 1320 1332 -012 1138 56228 57054 44823

Last 1 Year 3676 3998 -322 3137 13664 13985 13127

Last 3 Years 1207 679 528 1288 14070 12177 14378

Last 5 Years 1997 1624 372 1729 24836 21217 22189



100






Scheme Returns () 1251 1450 1406 1511 2027 6660


Alpha 007 063 038 -014 035 -546

Nifty 500 (TRI) (Rs) 5177617 2472906 1365740 877640 481312 161867

Nifty 50 (TRI) (Rs)^ 5074950 2412890 1363994 887303 478297 158761







Since Inception 1217 1303 -085 1328 57797 64882 67113

Last 1 Year 2685 3347 -662 3137 12677 13337 13127

Last 3 Years 1219 1086 133 1288 14116 13621 14378

Last 5 Years 1741 1731 010 1729 22304 22207 22189



101






Scheme Returns () 1478 1526 1443 1540 2067 6502


Alpha 197 158 092 026 136 -373

Nifty 200 (TRI) (Rs) 6308482 2447722 1358050 875181 477275 160074

Nifty 50 (TRI) (Rs)^ 6292270 2412890 1363994 887303 478297 158761








Since Inception 1831 1537 294 1555 159694 105534 108232

Last 1 Year 2771 3224 -453 3137 12762 13214 13127

Last 3 Years 1158 1135 023 1288 13887 13803 14378

Last 5 Years 1791 1719 072 1729 22776 22089 22189



102

Kotak Bluechip Fund





Scheme Returns () 1497 1354 1319 1479 2006 6528


Alpha 103 013 -045 -091 059 -105

Nifty 50 (TRI) (Rs) 8857197 2412890 1363994 887303 478297 158761








Since Inception 1967 1722 246 1738 256865 176573 181028

Last 1 Year 3007 3137 -130 3000 12998 13127 12990

Last 3 Years 1181 1288 -107 1422 13975 14378 14894

Last 5 Years 1575 1729 -154 1789 20767 22189 22764






Since Inception 1321 1408 -088 1388 69209 78041 75924

Last 1 Year 3123 3120 003 3137 13113 13110 13127

Last 3 Years 1293 1191 102 1288 14396 14010 14378

Last 5 Years 1830 1719 110 1729 23155 22098 22189





103






Scheme Returns () 1309 1467 1463 1660 2087 7522


Alpha 041 104 112 141 195 996

Nifty 100 (TRI) (Rs) 5543589 2441380 1357611 876201 474636 158175

Nifty 50 (TRI) (Rs)^ 5371562 2412890 1363994 887303 478297 158761






104

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3




Bottom 3








105

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^









Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^









106

Scheme Names


Scheme Returns()^




Scheme Returns()^





Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^








107

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3




Bottom 3


2940 3064 405 243 1332 1089 719 133






108

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3




Bottom 3


Kotak Gold ETF 710 765 1380 1467 764 860 1178 1290





109

Scheme Name


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3


6667 3224 1471 1135 NA NA 1462 1173

Kotak NV20 ETF 3937 4355 1526 1660 1902 2002 1643 1620

Kotak Nifty ETF 3078 3137 1261 1288 1647 1729 1044 1181

Bottom 3

Kotak Sensex ETF 2955 3000 1390 1422 1696 1789 982 1097



Fund Type of Scheme











Mutual Fund








REIT funds



Fund Type of Scheme




















111








Kotak FlexicapFund



Kotak FlexicapFund









Kotak Liquid Fund


Thank You


119

Headlines In Feb 21

14




15Source MCA







18

V Shaped Recovery




19










22



Risk

23




25

Source CEIC UBS


26Source RBI


27




Source CMIEcom

Equity Markets

28



-240

-168

-79

-72

-56

-26

-18

39

266(USD bn)


India

Brazil

Indonesia

Philippines

Malaysia

South Africa

Thailand

Taiwan

South Korea




66

113 122

297

386 418

115

58

(12)

156 151 130

105 122

92

(10)

0

10

20

30

40

50



14

12

4

17

11 11 11 11

8

65

0

-1

-5

-8

Sma

llcap

10

0

Mid

cap

100

NIF

TY

50

Me

tals

Rea

lty

Ban

k

Ener

gy

Au

to

Pri

vate

Ban

ks

Fin

anci

als

Secv

ice

s

IT S

erv

ice

s

Me

dia

FMC

G

Ph

arm

a

30


31



Sales 0 -2

EBITDA 19 15

PBT 33 20

PAT 31 17


Sales -1 -2

EBITDA 15 10

PBT 23 9

PAT 22 7


32





236 285 310 333

372 402 404 386

418 414

483 457 508

685

796

(41)

207

89 74

117

81

05

(45)

83

(10)

167

(54)

111

349

163

(10)

(5)

0

5

10

15

20

25

30

35

40

0

100

200

300

400

500

600

700

800

900

FY0

9

FY1

0

FY1

1

FY1

2

FY1

3

FY1

4

FY1

5

FY1

6

FY1

7

FY1

8

FY1

9

FY2

0

FY2

1ii

FY2

2ii

FY2

3ii

Rs (LHS) YoY (RHS)

Nifty EPS



34





52

82 83

103

55

95

88

71

64 66

81

69

7983

79

56

104

FY05

FY06

FY07

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

E





207

8

13

18

23

28

Feb

-06

Feb

-07

Feb

-08

Feb

-09

Feb

-10

Feb

-11

Feb

-12

Feb

-13

Feb

-14

Feb

-15

Feb

-16

Feb

-17

Feb

-18

Feb

-19

Feb

-20

Feb

-21

Average 179x

31

15

23

30

38

45

Feb

-06

Feb

-07

Feb

-08

Feb

-09

Feb

-10

Feb

-11

Feb

-12

Feb

-13

Feb

-14

Feb

-15

Feb

-16

Feb

-17

Feb

-18

Feb

-19

Feb

-20

Feb

-21

Average 27x

37












38Source Bloomberg



Dec 19 122235

Mar 20 53406

June 20 32400

Sept 20 176786 707144

Dec 20 209795 839180

TTM 472387

Market Cap (280221) 18850128

PE Ratio 399 225



39

Company

PE

FY20Q1FY21

(Annualised)Q2FY21


Shree Cement 634 648 439 383 358


Mindtree 397 311 261 203 191

Asian Paints 814 2567 663 447 613


Hero Motocorp 190 2782 181 159 183

Bajaj Auto 223 537 249 182 202










41


42



43


10 Yr 1630 1567 1943

7 Yr 1636 1506 1745

5 yr 1024 889 1807

3 yr 324 526 2647

1 yr -984 1316 9422


10 Yr 1239 991 1480

7 Yr 1212 867 1370

5 yr 736 317 1440

3 yr 079 -333 2237

1 yr -1572 -097 9753



44


10 Yr 1192 1159 1450

7 Yr 1227 1163 1406

5 yr 924 846 1511

3 yr 631 574 2027

1 yr -093 480 6660


10 Yr 1138 992 1387

7 Yr 1163 916 1367

5 yr 903 658 1525

3 yr 732 201 1992

1 yr -456 -397 7206




10 Yr 1277 1242 1526

7 Yr 1281 1192 1443

5 yr 923 885 1540

3 yr 576 582 2067

1 yr -313 720 6502


10 Yr 1140 992 1368

7 Yr 1165 915 1351

5 yr 931 686 1514

3 yr 822 256 1931

1 yr -274 -478 6874

46




10 Yr 1078 1016 1354

7 Yr 1064 940 1319

5 yr 758 678 1479

3 yr 539 435 2006

1 yr -282 108 6528


10 Yr 1108 979 1341

7 Yr 1130 918 1364

5 yr 958 772 1570

3 yr 989 429 1947

1 yr 112 -515 6633

47


48

Kotak Pioneer Fund


in India




bull Healthcare

bull Chemicals

bull Fintech

bull Materials









1 YearSince

Inception(31102019)



Nifty 50 TRI 3137 1752


49

















Index Nifty 50 TRI


Last 5 Year 1464 1355 1729

Last 3 Years 1462 1199 1288

Last 1 Years 2928 2142 3137



Return Profile


50

51










As on 31st Jan 2021

885

-15540 -14655




1 Year 1502 3137 1166

2 Years 1329 1742 1206

3 Years 923 1288 1010

5 Years 1046 1729 1030

52




Nifty 50 TRI 1423 1712 1254 2583








53

Gold









55

56






Alpha-124 -092 -106


Nifty 50 TRI3130 1290 1730


Alpha-111 -097 -124









57



3092 538 157 1841


3064 243 1089 895

Alpha 028 295 481 946



Alpha 1083 1479 769 911


Nifty Midcap 100 TRI 3985 679 1739 1814

Alpha -143 666 496 679


Nifty 200 TRI 3214 1135 1826 1498

Alpha -60 057 143 407


2915 1284 2035 1869

Nifty 200 TRI 3214 1135 1826 1498

Alpha -299 149 209 371


Nifty 500 TRI 3337 1086 1836 1539

Alpha -496 267 16 35


58



Nifty 100 TRI 311 1191 1826 1468

Alpha 178 253 281 243


Nifty 50 TRI 3127 1288 1837 1414

Alpha 023 019 -025 23


Nifty 200 TRI 3214 1135 - -

Alpha 3689 467 - -



423 - - -

Alpha 1578 - - -


Nifty 200 TRI 3214 - - -

Alpha 146 - - -






59

554

791840 853 855 864 906

9551001

12281308


Fund


Kotak FlexicapFund

Kotak Tax SaverFund


Fund


Kotak BluechipFund



Kotak PioneerFund

Kotak SmallCap Fund



Debt Market Outlook

March 2021

60

61

Source Bloomberg


-9000

-8000

-7000

-6000

-5000

-4000

-3000

-2000

-1000

0

1000

5

55

6

65

7

75

Jun

-19

Jul-

19

Au

g-1

9

Sep

-19

Oct

-19

No

v-1

9

Dec

-19

Jan

-20

Feb

-20

Mar

-20

Ap

r-2

0

May

-20

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan

-21

Feb

-21



INR Bn



62




Source Bloomberg

3

4

5

6

7

8



01-Mar-21 31-Dec-20 30-Jun-20





Source Axis Capital

USD Mn

63

(1494)

381

(8680)

(1434)

(2695)

402

(534)(142)

471 520 191 1080

(740) (391)

(10500)

(9000)

(7500)

(6000)

(4500)

(3000)

(1500)

0

1500

3000

Jan

-20

Feb

-20

Mar

-20

Ap

r-2

0

May

-20

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan

-21

Feb

-21


406

530

00

10

20

30

40

50

60

70

80

Mar

-15

May

-15

Jul-

15

Sep

-15

No

v-1

5

Jan

-16

Mar

-16

May

-16

Jul-

16

Sep

-16

No

v-1

6

Jan

-17

Mar

-17

May

-17

Jul-

17

Sep

-17

No

v-1

7

Jan

-18

Mar

-18

May

-18

Jul-

18

Sep

-18

No

v-1

8

Jan

-19

Mar

-19

May

-19

Jul-

19

Sep

-19

No

v-1

9

Jan

-20

Mar

-20

May

-20

Jul-

20

Sep

-20

No

v-2

0

Jan

-21

CPI Core CPI




64

65


FY 21 (RE) FY 22 (BE)



(in Rs Crores)


Source CNBC








67

211

0

50

100

150

200

250

300





68

444

558

3

35

4

45

5

55

6

65

7

75

Mar

-hellip

Ap

r-2

0

May

-hellip

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan

-21

Feb

-21



450

500

550

600

650

700

750

800

850

1Y 2Y 3Y 4Y 5Y 7Y 10Y

01-Mar-21 29-Jan-21 31-Dec-19



69







10 yr 715 29 051 766


10 yr 715 21+21=42 084 799


10 yr 715 155+155+155=455 103 818



Debt Outlook

70












71




Kotak Gilt Fund 980



Kotak Bond Fund 879





73


928

600

650

700

750

800

850

900

950

1000

1050

Feb

-18

Ap

r-1

8

May

-18

Jul-

18

Au

g-1

8

Sep

-18

No

v-1

8

Dec

-18

Jan

-19

Mar

-19

Ap

r-1

9

Jun

-19

Jul-

19

Au

g-1

9

Oct

-19

No

v-1

9

Jan

-20

Feb

-20

Mar

-20

May

-20

Jun

-20

Jul-

20

Sep

-20

Oct

-20

Dec

-20

Jan

-21

Feb

-21

Rolling Returns()


915






(Spread)





378 263 281



74




458

699 699

389

638 638

0

1

2

3

4

5

6

7

8



1 Year OIS

3 Year AA

3 Year AA





76











77



Testimonials




78

Business Dashboard

Transaction History



Prostart

Business Hub








Kotak Bluechip Fund








79

80







ANNEXURES

81



82






Feb-21 April-20



AA+ 228 165

AA 248 290

AA- 087 142

Below AA- 043 122



83



















Credit Strategies





84



(3-6mo)Medium Term



Rupee









Liquidity


85



Medium ndashterm

Remarks







Signify Growth 86


87





88





89






CRISIL 1 Year TBill


Last 1 Year 744 632 112 547 10742 10630 10546

Last 3 Years 894 868 026 665 12926 12834 12127

Last 5 Years 846 854 -008 656 15006 15064 13739






CRISIL 1 Year TBill

Since Inception 860 846 014 648 28659 28180 22287

Last 1 Year 685 790 -105 547 10683 10788 10546

Last 3 Years 921 934 -013 665 13022 13068 12127

Last 5 Years 912 868 044 656 15470 15161 13739





90






CRISIL 1 Year TBill

Since Inception 769 827 -058 648 26178 28053 22605

Last 1 Year 669 594 075 547 10667 10592 10546

Last 3 Years 760 723 037 665 12455 12326 12127

Last 5 Years 774 735 039 656 14514 14256 13739





CRISIL 10 Year Gilt


Last 1 Year 672 765 -093 493 10670 10763 10492

Last 3 Years 879 912 -033 894 12872 12990 12927

Last 5 Years 800 859 -058 734 14692 15093 14246





91






CRISIL 1 Year TBill

Since Inception 772 793 -021 607 40606 42094 30324

Last 1 Year 720 797 -077 547 10718 10794 10546

Last 3 Years 815 828 -013 665 12648 12692 12127

Last 5 Years 785 808 -024 656 14585 14746 13739






CRISIL 1 Year TBill

Since Inception 818 939 -120 645 28790 33407 23163

Last 1 Year 741 793 -052 547 10739 10791 10546

Last 3 Years 838 894 -057 665 12726 12927 12127

Last 5 Years 830 885 -055 656 14898 15277 13739





92






CRISIL 1 Year TBill

Since Inception 808 930 -121 671 23159 26128 20167

Last 1 Year 455 987 -532 547 10453 10984 10546

Last 3 Years 702 900 -198 665 12253 12946 12127

Last 5 Years 755 900 -145 656 14384 15380 13739






CRISIL 10 Year Gilt

Since Inception 812 900 -088 826 17192 18192 17350

Last 1 Year 456 873 -417 493 10455 10871 10492

Last 3 Years 650 902 -252 894 12078 12954 12927

Last 5 Years 730 863 -133 734 14218 15121 14246










Growth


Index Nifty 50 TRI

Since Inception 1092 1167 -075 1130 13052 13281 13166

Last 1 Year 1849 2142 -292 3137 11844 12135 13127







CRISIL 10 Year Gilt

Since Inception 809 855 -045 582 38280 41141 26537

Last 1 Year 1502 1166 336 493 11497 11162 10492

Last 3 Years 923 1010 -086 894 13030 13341 12927

Last 5 Years 1046 1030 017 734 16443 16319 14246





94


Fund - Growth






Since Inception 1578 1221 357 1579 113266 67426 113398

Last 1 Year 2928 2142 786 3000 12919 12135 12990

Last 3 Years 1462 1199 262 1422 15051 14043 14894

Last 5 Years 1464 1355 109 1789 19793 18868 22764






CRISIL 10 Year Gilt


Last 1 Year 768 641 128 493 10766 10639 10492

Last 3 Years 980 1001 -021 894 13234 13311 12927

Last 5 Years 892 848 044 734 15325 15020 14246



95


Growth



Index TRI


Growth



Index TRI

Nifty 50 TRI

Since Inception 3678 2467 1211 1752 15149 13397 12386

Last 1 Year 5550 4230 1320 3137 15531 14216 13127




Growth


ALPHA Nifty 50 TRI


Growth


Nifty 50 TRI

Since Inception 719 133 586 951 24675 11876 32619

Last 1 Year 2940 3064 -124 3137 12931 13054 13127

Last 3 Years 405 243 162 1288 11265 10746 14378

Last 5 Years 1332 1089 243 1729 18676 16760 22189






96





Since Inception 1462 1173 289 1328 15099 13979 14570

Last 1 Year 6667 3224 3443 3137 16644 13214 13127

Last 3 Years 1471 1135 335 1288 15087 13803 14378












Since Inception 1389 1146 243 1265 14372 13534 13939

Last 1 Year 4661 3224 1437 3137 14646 13214 13127









97

Kotak Smallcap Fund





Scheme Returns () 1620 1905 1843 2067 3331 12808


Alpha 572 746 808 905 1158 630


Nifty 50 (TRI) (Rs)^ 5809863 2412890 1363994 887303 478297 158761







Since Inception 1648 1274 375 1440 115182 68229 86309

Last 1 Year 5224 4358 866 3137 15207 14344 13127

Last 3 Years 1309 -017 1326 1288 14460 9950 14378

Last 5 Years 2040 1419 622 1729 25291 19406 22189



98






Scheme Returns () 1505 1571 1397 1426 1792 6240


Alpha 218 204 045 -088 -139 -634

Nifty 200 (TRI) (Rs) 3011611 2447722 1358050 875181 477275 160074

Nifty 50 (TRI) (Rs)^ 2974930 2412890 1363994 887303 478297 158761







Since Inception 1391 1156 235 1140 44527 35062 34492

Last 1 Year 2497 3224 -727 3137 12489 13214 13127

Last 3 Years 1082 1135 -054 1288 13604 13803 14378

Last 5 Years 1738 1719 020 1729 22274 22089 22189



99






Scheme Returns () 1705 1943 1745 1807 2647 9422


Alpha 316 463 375 368 410 -332


Nifty 50 (TRI) (Rs)^ 4226246 2412890 1363994 887303 478297 158761







Since Inception 1320 1332 -012 1138 56228 57054 44823

Last 1 Year 3676 3998 -322 3137 13664 13985 13127

Last 3 Years 1207 679 528 1288 14070 12177 14378

Last 5 Years 1997 1624 372 1729 24836 21217 22189



100






Scheme Returns () 1251 1450 1406 1511 2027 6660


Alpha 007 063 038 -014 035 -546

Nifty 500 (TRI) (Rs) 5177617 2472906 1365740 877640 481312 161867

Nifty 50 (TRI) (Rs)^ 5074950 2412890 1363994 887303 478297 158761







Since Inception 1217 1303 -085 1328 57797 64882 67113

Last 1 Year 2685 3347 -662 3137 12677 13337 13127

Last 3 Years 1219 1086 133 1288 14116 13621 14378

Last 5 Years 1741 1731 010 1729 22304 22207 22189



101






Scheme Returns () 1478 1526 1443 1540 2067 6502


Alpha 197 158 092 026 136 -373

Nifty 200 (TRI) (Rs) 6308482 2447722 1358050 875181 477275 160074

Nifty 50 (TRI) (Rs)^ 6292270 2412890 1363994 887303 478297 158761








Since Inception 1831 1537 294 1555 159694 105534 108232

Last 1 Year 2771 3224 -453 3137 12762 13214 13127

Last 3 Years 1158 1135 023 1288 13887 13803 14378

Last 5 Years 1791 1719 072 1729 22776 22089 22189



102

Kotak Bluechip Fund





Scheme Returns () 1497 1354 1319 1479 2006 6528


Alpha 103 013 -045 -091 059 -105

Nifty 50 (TRI) (Rs) 8857197 2412890 1363994 887303 478297 158761








Since Inception 1967 1722 246 1738 256865 176573 181028

Last 1 Year 3007 3137 -130 3000 12998 13127 12990

Last 3 Years 1181 1288 -107 1422 13975 14378 14894

Last 5 Years 1575 1729 -154 1789 20767 22189 22764






Since Inception 1321 1408 -088 1388 69209 78041 75924

Last 1 Year 3123 3120 003 3137 13113 13110 13127

Last 3 Years 1293 1191 102 1288 14396 14010 14378

Last 5 Years 1830 1719 110 1729 23155 22098 22189





103






Scheme Returns () 1309 1467 1463 1660 2087 7522


Alpha 041 104 112 141 195 996

Nifty 100 (TRI) (Rs) 5543589 2441380 1357611 876201 474636 158175

Nifty 50 (TRI) (Rs)^ 5371562 2412890 1363994 887303 478297 158761






104

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3




Bottom 3








105

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^









Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^









106

Scheme Names


Scheme Returns()^




Scheme Returns()^





Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^








107

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3




Bottom 3


2940 3064 405 243 1332 1089 719 133






108

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3




Bottom 3


Kotak Gold ETF 710 765 1380 1467 764 860 1178 1290





109

Scheme Name


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3


6667 3224 1471 1135 NA NA 1462 1173

Kotak NV20 ETF 3937 4355 1526 1660 1902 2002 1643 1620

Kotak Nifty ETF 3078 3137 1261 1288 1647 1729 1044 1181

Bottom 3

Kotak Sensex ETF 2955 3000 1390 1422 1696 1789 982 1097



Fund Type of Scheme











Mutual Fund








REIT funds



Fund Type of Scheme




















111








Kotak FlexicapFund



Kotak FlexicapFund









Kotak Liquid Fund


Thank You


119


15Source MCA







18

V Shaped Recovery




19










22



Risk

23




25

Source CEIC UBS


26Source RBI


27




Source CMIEcom

Equity Markets

28



-240

-168

-79

-72

-56

-26

-18

39

266(USD bn)


India

Brazil

Indonesia

Philippines

Malaysia

South Africa

Thailand

Taiwan

South Korea




66

113 122

297

386 418

115

58

(12)

156 151 130

105 122

92

(10)

0

10

20

30

40

50



14

12

4

17

11 11 11 11

8

65

0

-1

-5

-8

Sma

llcap

10

0

Mid

cap

100

NIF

TY

50

Me

tals

Rea

lty

Ban

k

Ener

gy

Au

to

Pri

vate

Ban

ks

Fin

anci

als

Secv

ice

s

IT S

erv

ice

s

Me

dia

FMC

G

Ph

arm

a

30


31



Sales 0 -2

EBITDA 19 15

PBT 33 20

PAT 31 17


Sales -1 -2

EBITDA 15 10

PBT 23 9

PAT 22 7


32





236 285 310 333

372 402 404 386

418 414

483 457 508

685

796

(41)

207

89 74

117

81

05

(45)

83

(10)

167

(54)

111

349

163

(10)

(5)

0

5

10

15

20

25

30

35

40

0

100

200

300

400

500

600

700

800

900

FY0

9

FY1

0

FY1

1

FY1

2

FY1

3

FY1

4

FY1

5

FY1

6

FY1

7

FY1

8

FY1

9

FY2

0

FY2

1ii

FY2

2ii

FY2

3ii

Rs (LHS) YoY (RHS)

Nifty EPS



34





52

82 83

103

55

95

88

71

64 66

81

69

7983

79

56

104

FY05

FY06

FY07

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

E





207

8

13

18

23

28

Feb

-06

Feb

-07

Feb

-08

Feb

-09

Feb

-10

Feb

-11

Feb

-12

Feb

-13

Feb

-14

Feb

-15

Feb

-16

Feb

-17

Feb

-18

Feb

-19

Feb

-20

Feb

-21

Average 179x

31

15

23

30

38

45

Feb

-06

Feb

-07

Feb

-08

Feb

-09

Feb

-10

Feb

-11

Feb

-12

Feb

-13

Feb

-14

Feb

-15

Feb

-16

Feb

-17

Feb

-18

Feb

-19

Feb

-20

Feb

-21

Average 27x

37












38Source Bloomberg



Dec 19 122235

Mar 20 53406

June 20 32400

Sept 20 176786 707144

Dec 20 209795 839180

TTM 472387

Market Cap (280221) 18850128

PE Ratio 399 225



39

Company

PE

FY20Q1FY21

(Annualised)Q2FY21


Shree Cement 634 648 439 383 358


Mindtree 397 311 261 203 191

Asian Paints 814 2567 663 447 613


Hero Motocorp 190 2782 181 159 183

Bajaj Auto 223 537 249 182 202










41


42



43


10 Yr 1630 1567 1943

7 Yr 1636 1506 1745

5 yr 1024 889 1807

3 yr 324 526 2647

1 yr -984 1316 9422


10 Yr 1239 991 1480

7 Yr 1212 867 1370

5 yr 736 317 1440

3 yr 079 -333 2237

1 yr -1572 -097 9753



44


10 Yr 1192 1159 1450

7 Yr 1227 1163 1406

5 yr 924 846 1511

3 yr 631 574 2027

1 yr -093 480 6660


10 Yr 1138 992 1387

7 Yr 1163 916 1367

5 yr 903 658 1525

3 yr 732 201 1992

1 yr -456 -397 7206




10 Yr 1277 1242 1526

7 Yr 1281 1192 1443

5 yr 923 885 1540

3 yr 576 582 2067

1 yr -313 720 6502


10 Yr 1140 992 1368

7 Yr 1165 915 1351

5 yr 931 686 1514

3 yr 822 256 1931

1 yr -274 -478 6874

46




10 Yr 1078 1016 1354

7 Yr 1064 940 1319

5 yr 758 678 1479

3 yr 539 435 2006

1 yr -282 108 6528


10 Yr 1108 979 1341

7 Yr 1130 918 1364

5 yr 958 772 1570

3 yr 989 429 1947

1 yr 112 -515 6633

47


48

Kotak Pioneer Fund


in India




bull Healthcare

bull Chemicals

bull Fintech

bull Materials









1 YearSince

Inception(31102019)



Nifty 50 TRI 3137 1752


49

















Index Nifty 50 TRI


Last 5 Year 1464 1355 1729

Last 3 Years 1462 1199 1288

Last 1 Years 2928 2142 3137



Return Profile


50

51










As on 31st Jan 2021

885

-15540 -14655




1 Year 1502 3137 1166

2 Years 1329 1742 1206

3 Years 923 1288 1010

5 Years 1046 1729 1030

52




Nifty 50 TRI 1423 1712 1254 2583








53

Gold









55

56






Alpha-124 -092 -106


Nifty 50 TRI3130 1290 1730


Alpha-111 -097 -124









57



3092 538 157 1841


3064 243 1089 895

Alpha 028 295 481 946



Alpha 1083 1479 769 911


Nifty Midcap 100 TRI 3985 679 1739 1814

Alpha -143 666 496 679


Nifty 200 TRI 3214 1135 1826 1498

Alpha -60 057 143 407


2915 1284 2035 1869

Nifty 200 TRI 3214 1135 1826 1498

Alpha -299 149 209 371


Nifty 500 TRI 3337 1086 1836 1539

Alpha -496 267 16 35


58



Nifty 100 TRI 311 1191 1826 1468

Alpha 178 253 281 243


Nifty 50 TRI 3127 1288 1837 1414

Alpha 023 019 -025 23


Nifty 200 TRI 3214 1135 - -

Alpha 3689 467 - -



423 - - -

Alpha 1578 - - -


Nifty 200 TRI 3214 - - -

Alpha 146 - - -






59

554

791840 853 855 864 906

9551001

12281308


Fund


Kotak FlexicapFund

Kotak Tax SaverFund


Fund


Kotak BluechipFund



Kotak PioneerFund

Kotak SmallCap Fund



Debt Market Outlook

March 2021

60

61

Source Bloomberg


-9000

-8000

-7000

-6000

-5000

-4000

-3000

-2000

-1000

0

1000

5

55

6

65

7

75

Jun

-19

Jul-

19

Au

g-1

9

Sep

-19

Oct

-19

No

v-1

9

Dec

-19

Jan

-20

Feb

-20

Mar

-20

Ap

r-2

0

May

-20

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan

-21

Feb

-21



INR Bn



62




Source Bloomberg

3

4

5

6

7

8



01-Mar-21 31-Dec-20 30-Jun-20





Source Axis Capital

USD Mn

63

(1494)

381

(8680)

(1434)

(2695)

402

(534)(142)

471 520 191 1080

(740) (391)

(10500)

(9000)

(7500)

(6000)

(4500)

(3000)

(1500)

0

1500

3000

Jan

-20

Feb

-20

Mar

-20

Ap

r-2

0

May

-20

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan

-21

Feb

-21


406

530

00

10

20

30

40

50

60

70

80

Mar

-15

May

-15

Jul-

15

Sep

-15

No

v-1

5

Jan

-16

Mar

-16

May

-16

Jul-

16

Sep

-16

No

v-1

6

Jan

-17

Mar

-17

May

-17

Jul-

17

Sep

-17

No

v-1

7

Jan

-18

Mar

-18

May

-18

Jul-

18

Sep

-18

No

v-1

8

Jan

-19

Mar

-19

May

-19

Jul-

19

Sep

-19

No

v-1

9

Jan

-20

Mar

-20

May

-20

Jul-

20

Sep

-20

No

v-2

0

Jan

-21

CPI Core CPI




64

65


FY 21 (RE) FY 22 (BE)



(in Rs Crores)


Source CNBC








67

211

0

50

100

150

200

250

300





68

444

558

3

35

4

45

5

55

6

65

7

75

Mar

-hellip

Ap

r-2

0

May

-hellip

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan

-21

Feb

-21



450

500

550

600

650

700

750

800

850

1Y 2Y 3Y 4Y 5Y 7Y 10Y

01-Mar-21 29-Jan-21 31-Dec-19



69







10 yr 715 29 051 766


10 yr 715 21+21=42 084 799


10 yr 715 155+155+155=455 103 818



Debt Outlook

70












71




Kotak Gilt Fund 980



Kotak Bond Fund 879





73


928

600

650

700

750

800

850

900

950

1000

1050

Feb

-18

Ap

r-1

8

May

-18

Jul-

18

Au

g-1

8

Sep

-18

No

v-1

8

Dec

-18

Jan

-19

Mar

-19

Ap

r-1

9

Jun

-19

Jul-

19

Au

g-1

9

Oct

-19

No

v-1

9

Jan

-20

Feb

-20

Mar

-20

May

-20

Jun

-20

Jul-

20

Sep

-20

Oct

-20

Dec

-20

Jan

-21

Feb

-21

Rolling Returns()


915






(Spread)





378 263 281



74




458

699 699

389

638 638

0

1

2

3

4

5

6

7

8



1 Year OIS

3 Year AA

3 Year AA





76











77



Testimonials




78

Business Dashboard

Transaction History



Prostart

Business Hub








Kotak Bluechip Fund








79

80







ANNEXURES

81



82






Feb-21 April-20



AA+ 228 165

AA 248 290

AA- 087 142

Below AA- 043 122



83



















Credit Strategies





84



(3-6mo)Medium Term



Rupee









Liquidity


85



Medium ndashterm

Remarks







Signify Growth 86


87





88





89






CRISIL 1 Year TBill


Last 1 Year 744 632 112 547 10742 10630 10546

Last 3 Years 894 868 026 665 12926 12834 12127

Last 5 Years 846 854 -008 656 15006 15064 13739






CRISIL 1 Year TBill

Since Inception 860 846 014 648 28659 28180 22287

Last 1 Year 685 790 -105 547 10683 10788 10546

Last 3 Years 921 934 -013 665 13022 13068 12127

Last 5 Years 912 868 044 656 15470 15161 13739





90






CRISIL 1 Year TBill

Since Inception 769 827 -058 648 26178 28053 22605

Last 1 Year 669 594 075 547 10667 10592 10546

Last 3 Years 760 723 037 665 12455 12326 12127

Last 5 Years 774 735 039 656 14514 14256 13739





CRISIL 10 Year Gilt


Last 1 Year 672 765 -093 493 10670 10763 10492

Last 3 Years 879 912 -033 894 12872 12990 12927

Last 5 Years 800 859 -058 734 14692 15093 14246





91






CRISIL 1 Year TBill

Since Inception 772 793 -021 607 40606 42094 30324

Last 1 Year 720 797 -077 547 10718 10794 10546

Last 3 Years 815 828 -013 665 12648 12692 12127

Last 5 Years 785 808 -024 656 14585 14746 13739






CRISIL 1 Year TBill

Since Inception 818 939 -120 645 28790 33407 23163

Last 1 Year 741 793 -052 547 10739 10791 10546

Last 3 Years 838 894 -057 665 12726 12927 12127

Last 5 Years 830 885 -055 656 14898 15277 13739





92






CRISIL 1 Year TBill

Since Inception 808 930 -121 671 23159 26128 20167

Last 1 Year 455 987 -532 547 10453 10984 10546

Last 3 Years 702 900 -198 665 12253 12946 12127

Last 5 Years 755 900 -145 656 14384 15380 13739






CRISIL 10 Year Gilt

Since Inception 812 900 -088 826 17192 18192 17350

Last 1 Year 456 873 -417 493 10455 10871 10492

Last 3 Years 650 902 -252 894 12078 12954 12927

Last 5 Years 730 863 -133 734 14218 15121 14246










Growth


Index Nifty 50 TRI

Since Inception 1092 1167 -075 1130 13052 13281 13166

Last 1 Year 1849 2142 -292 3137 11844 12135 13127







CRISIL 10 Year Gilt

Since Inception 809 855 -045 582 38280 41141 26537

Last 1 Year 1502 1166 336 493 11497 11162 10492

Last 3 Years 923 1010 -086 894 13030 13341 12927

Last 5 Years 1046 1030 017 734 16443 16319 14246





94


Fund - Growth






Since Inception 1578 1221 357 1579 113266 67426 113398

Last 1 Year 2928 2142 786 3000 12919 12135 12990

Last 3 Years 1462 1199 262 1422 15051 14043 14894

Last 5 Years 1464 1355 109 1789 19793 18868 22764






CRISIL 10 Year Gilt


Last 1 Year 768 641 128 493 10766 10639 10492

Last 3 Years 980 1001 -021 894 13234 13311 12927

Last 5 Years 892 848 044 734 15325 15020 14246



95


Growth



Index TRI


Growth



Index TRI

Nifty 50 TRI

Since Inception 3678 2467 1211 1752 15149 13397 12386

Last 1 Year 5550 4230 1320 3137 15531 14216 13127




Growth


ALPHA Nifty 50 TRI


Growth


Nifty 50 TRI

Since Inception 719 133 586 951 24675 11876 32619

Last 1 Year 2940 3064 -124 3137 12931 13054 13127

Last 3 Years 405 243 162 1288 11265 10746 14378

Last 5 Years 1332 1089 243 1729 18676 16760 22189






96





Since Inception 1462 1173 289 1328 15099 13979 14570

Last 1 Year 6667 3224 3443 3137 16644 13214 13127

Last 3 Years 1471 1135 335 1288 15087 13803 14378












Since Inception 1389 1146 243 1265 14372 13534 13939

Last 1 Year 4661 3224 1437 3137 14646 13214 13127









97

Kotak Smallcap Fund





Scheme Returns () 1620 1905 1843 2067 3331 12808


Alpha 572 746 808 905 1158 630


Nifty 50 (TRI) (Rs)^ 5809863 2412890 1363994 887303 478297 158761







Since Inception 1648 1274 375 1440 115182 68229 86309

Last 1 Year 5224 4358 866 3137 15207 14344 13127

Last 3 Years 1309 -017 1326 1288 14460 9950 14378

Last 5 Years 2040 1419 622 1729 25291 19406 22189



98






Scheme Returns () 1505 1571 1397 1426 1792 6240


Alpha 218 204 045 -088 -139 -634

Nifty 200 (TRI) (Rs) 3011611 2447722 1358050 875181 477275 160074

Nifty 50 (TRI) (Rs)^ 2974930 2412890 1363994 887303 478297 158761







Since Inception 1391 1156 235 1140 44527 35062 34492

Last 1 Year 2497 3224 -727 3137 12489 13214 13127

Last 3 Years 1082 1135 -054 1288 13604 13803 14378

Last 5 Years 1738 1719 020 1729 22274 22089 22189



99






Scheme Returns () 1705 1943 1745 1807 2647 9422


Alpha 316 463 375 368 410 -332


Nifty 50 (TRI) (Rs)^ 4226246 2412890 1363994 887303 478297 158761







Since Inception 1320 1332 -012 1138 56228 57054 44823

Last 1 Year 3676 3998 -322 3137 13664 13985 13127

Last 3 Years 1207 679 528 1288 14070 12177 14378

Last 5 Years 1997 1624 372 1729 24836 21217 22189



100






Scheme Returns () 1251 1450 1406 1511 2027 6660


Alpha 007 063 038 -014 035 -546

Nifty 500 (TRI) (Rs) 5177617 2472906 1365740 877640 481312 161867

Nifty 50 (TRI) (Rs)^ 5074950 2412890 1363994 887303 478297 158761







Since Inception 1217 1303 -085 1328 57797 64882 67113

Last 1 Year 2685 3347 -662 3137 12677 13337 13127

Last 3 Years 1219 1086 133 1288 14116 13621 14378

Last 5 Years 1741 1731 010 1729 22304 22207 22189



101






Scheme Returns () 1478 1526 1443 1540 2067 6502


Alpha 197 158 092 026 136 -373

Nifty 200 (TRI) (Rs) 6308482 2447722 1358050 875181 477275 160074

Nifty 50 (TRI) (Rs)^ 6292270 2412890 1363994 887303 478297 158761








Since Inception 1831 1537 294 1555 159694 105534 108232

Last 1 Year 2771 3224 -453 3137 12762 13214 13127

Last 3 Years 1158 1135 023 1288 13887 13803 14378

Last 5 Years 1791 1719 072 1729 22776 22089 22189



102

Kotak Bluechip Fund





Scheme Returns () 1497 1354 1319 1479 2006 6528


Alpha 103 013 -045 -091 059 -105

Nifty 50 (TRI) (Rs) 8857197 2412890 1363994 887303 478297 158761








Since Inception 1967 1722 246 1738 256865 176573 181028

Last 1 Year 3007 3137 -130 3000 12998 13127 12990

Last 3 Years 1181 1288 -107 1422 13975 14378 14894

Last 5 Years 1575 1729 -154 1789 20767 22189 22764






Since Inception 1321 1408 -088 1388 69209 78041 75924

Last 1 Year 3123 3120 003 3137 13113 13110 13127

Last 3 Years 1293 1191 102 1288 14396 14010 14378

Last 5 Years 1830 1719 110 1729 23155 22098 22189





103






Scheme Returns () 1309 1467 1463 1660 2087 7522


Alpha 041 104 112 141 195 996

Nifty 100 (TRI) (Rs) 5543589 2441380 1357611 876201 474636 158175

Nifty 50 (TRI) (Rs)^ 5371562 2412890 1363994 887303 478297 158761






104

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3




Bottom 3








105

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^









Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^









106

Scheme Names


Scheme Returns()^




Scheme Returns()^





Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^








107

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3




Bottom 3


2940 3064 405 243 1332 1089 719 133






108

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3




Bottom 3


Kotak Gold ETF 710 765 1380 1467 764 860 1178 1290





109

Scheme Name


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3


6667 3224 1471 1135 NA NA 1462 1173

Kotak NV20 ETF 3937 4355 1526 1660 1902 2002 1643 1620

Kotak Nifty ETF 3078 3137 1261 1288 1647 1729 1044 1181

Bottom 3

Kotak Sensex ETF 2955 3000 1390 1422 1696 1789 982 1097



Fund Type of Scheme











Mutual Fund








REIT funds



Fund Type of Scheme




















111








Kotak FlexicapFund



Kotak FlexicapFund









Kotak Liquid Fund


Thank You


119






18

V Shaped Recovery




19










22



Risk

23




25

Source CEIC UBS


26Source RBI


27




Source CMIEcom

Equity Markets

28



-240

-168

-79

-72

-56

-26

-18

39

266(USD bn)


India

Brazil

Indonesia

Philippines

Malaysia

South Africa

Thailand

Taiwan

South Korea




66

113 122

297

386 418

115

58

(12)

156 151 130

105 122

92

(10)

0

10

20

30

40

50



14

12

4

17

11 11 11 11

8

65

0

-1

-5

-8

Sma

llcap

10

0

Mid

cap

100

NIF

TY

50

Me

tals

Rea

lty

Ban

k

Ener

gy

Au

to

Pri

vate

Ban

ks

Fin

anci

als

Secv

ice

s

IT S

erv

ice

s

Me

dia

FMC

G

Ph

arm

a

30


31



Sales 0 -2

EBITDA 19 15

PBT 33 20

PAT 31 17


Sales -1 -2

EBITDA 15 10

PBT 23 9

PAT 22 7


32





236 285 310 333

372 402 404 386

418 414

483 457 508

685

796

(41)

207

89 74

117

81

05

(45)

83

(10)

167

(54)

111

349

163

(10)

(5)

0

5

10

15

20

25

30

35

40

0

100

200

300

400

500

600

700

800

900

FY0

9

FY1

0

FY1

1

FY1

2

FY1

3

FY1

4

FY1

5

FY1

6

FY1

7

FY1

8

FY1

9

FY2

0

FY2

1ii

FY2

2ii

FY2

3ii

Rs (LHS) YoY (RHS)

Nifty EPS



34





52

82 83

103

55

95

88

71

64 66

81

69

7983

79

56

104

FY05

FY06

FY07

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

E





207

8

13

18

23

28

Feb

-06

Feb

-07

Feb

-08

Feb

-09

Feb

-10

Feb

-11

Feb

-12

Feb

-13

Feb

-14

Feb

-15

Feb

-16

Feb

-17

Feb

-18

Feb

-19

Feb

-20

Feb

-21

Average 179x

31

15

23

30

38

45

Feb

-06

Feb

-07

Feb

-08

Feb

-09

Feb

-10

Feb

-11

Feb

-12

Feb

-13

Feb

-14

Feb

-15

Feb

-16

Feb

-17

Feb

-18

Feb

-19

Feb

-20

Feb

-21

Average 27x

37












38Source Bloomberg



Dec 19 122235

Mar 20 53406

June 20 32400

Sept 20 176786 707144

Dec 20 209795 839180

TTM 472387

Market Cap (280221) 18850128

PE Ratio 399 225



39

Company

PE

FY20Q1FY21

(Annualised)Q2FY21


Shree Cement 634 648 439 383 358


Mindtree 397 311 261 203 191

Asian Paints 814 2567 663 447 613


Hero Motocorp 190 2782 181 159 183

Bajaj Auto 223 537 249 182 202










41


42



43


10 Yr 1630 1567 1943

7 Yr 1636 1506 1745

5 yr 1024 889 1807

3 yr 324 526 2647

1 yr -984 1316 9422


10 Yr 1239 991 1480

7 Yr 1212 867 1370

5 yr 736 317 1440

3 yr 079 -333 2237

1 yr -1572 -097 9753



44


10 Yr 1192 1159 1450

7 Yr 1227 1163 1406

5 yr 924 846 1511

3 yr 631 574 2027

1 yr -093 480 6660


10 Yr 1138 992 1387

7 Yr 1163 916 1367

5 yr 903 658 1525

3 yr 732 201 1992

1 yr -456 -397 7206




10 Yr 1277 1242 1526

7 Yr 1281 1192 1443

5 yr 923 885 1540

3 yr 576 582 2067

1 yr -313 720 6502


10 Yr 1140 992 1368

7 Yr 1165 915 1351

5 yr 931 686 1514

3 yr 822 256 1931

1 yr -274 -478 6874

46




10 Yr 1078 1016 1354

7 Yr 1064 940 1319

5 yr 758 678 1479

3 yr 539 435 2006

1 yr -282 108 6528


10 Yr 1108 979 1341

7 Yr 1130 918 1364

5 yr 958 772 1570

3 yr 989 429 1947

1 yr 112 -515 6633

47


48

Kotak Pioneer Fund


in India




bull Healthcare

bull Chemicals

bull Fintech

bull Materials









1 YearSince

Inception(31102019)



Nifty 50 TRI 3137 1752


49

















Index Nifty 50 TRI


Last 5 Year 1464 1355 1729

Last 3 Years 1462 1199 1288

Last 1 Years 2928 2142 3137



Return Profile


50

51










As on 31st Jan 2021

885

-15540 -14655




1 Year 1502 3137 1166

2 Years 1329 1742 1206

3 Years 923 1288 1010

5 Years 1046 1729 1030

52




Nifty 50 TRI 1423 1712 1254 2583








53

Gold









55

56






Alpha-124 -092 -106


Nifty 50 TRI3130 1290 1730


Alpha-111 -097 -124









57



3092 538 157 1841


3064 243 1089 895

Alpha 028 295 481 946



Alpha 1083 1479 769 911


Nifty Midcap 100 TRI 3985 679 1739 1814

Alpha -143 666 496 679


Nifty 200 TRI 3214 1135 1826 1498

Alpha -60 057 143 407


2915 1284 2035 1869

Nifty 200 TRI 3214 1135 1826 1498

Alpha -299 149 209 371


Nifty 500 TRI 3337 1086 1836 1539

Alpha -496 267 16 35


58



Nifty 100 TRI 311 1191 1826 1468

Alpha 178 253 281 243


Nifty 50 TRI 3127 1288 1837 1414

Alpha 023 019 -025 23


Nifty 200 TRI 3214 1135 - -

Alpha 3689 467 - -



423 - - -

Alpha 1578 - - -


Nifty 200 TRI 3214 - - -

Alpha 146 - - -






59

554

791840 853 855 864 906

9551001

12281308


Fund


Kotak FlexicapFund

Kotak Tax SaverFund


Fund


Kotak BluechipFund



Kotak PioneerFund

Kotak SmallCap Fund



Debt Market Outlook

March 2021

60

61

Source Bloomberg


-9000

-8000

-7000

-6000

-5000

-4000

-3000

-2000

-1000

0

1000

5

55

6

65

7

75

Jun

-19

Jul-

19

Au

g-1

9

Sep

-19

Oct

-19

No

v-1

9

Dec

-19

Jan

-20

Feb

-20

Mar

-20

Ap

r-2

0

May

-20

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan

-21

Feb

-21



INR Bn



62




Source Bloomberg

3

4

5

6

7

8



01-Mar-21 31-Dec-20 30-Jun-20





Source Axis Capital

USD Mn

63

(1494)

381

(8680)

(1434)

(2695)

402

(534)(142)

471 520 191 1080

(740) (391)

(10500)

(9000)

(7500)

(6000)

(4500)

(3000)

(1500)

0

1500

3000

Jan

-20

Feb

-20

Mar

-20

Ap

r-2

0

May

-20

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan

-21

Feb

-21


406

530

00

10

20

30

40

50

60

70

80

Mar

-15

May

-15

Jul-

15

Sep

-15

No

v-1

5

Jan

-16

Mar

-16

May

-16

Jul-

16

Sep

-16

No

v-1

6

Jan

-17

Mar

-17

May

-17

Jul-

17

Sep

-17

No

v-1

7

Jan

-18

Mar

-18

May

-18

Jul-

18

Sep

-18

No

v-1

8

Jan

-19

Mar

-19

May

-19

Jul-

19

Sep

-19

No

v-1

9

Jan

-20

Mar

-20

May

-20

Jul-

20

Sep

-20

No

v-2

0

Jan

-21

CPI Core CPI




64

65


FY 21 (RE) FY 22 (BE)



(in Rs Crores)


Source CNBC








67

211

0

50

100

150

200

250

300





68

444

558

3

35

4

45

5

55

6

65

7

75

Mar

-hellip

Ap

r-2

0

May

-hellip

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-2

0

Dec

-20

Jan

-21

Feb

-21



450

500

550

600

650

700

750

800

850

1Y 2Y 3Y 4Y 5Y 7Y 10Y

01-Mar-21 29-Jan-21 31-Dec-19



69







10 yr 715 29 051 766


10 yr 715 21+21=42 084 799


10 yr 715 155+155+155=455 103 818



Debt Outlook

70












71




Kotak Gilt Fund 980



Kotak Bond Fund 879





73


928

600

650

700

750

800

850

900

950

1000

1050

Feb

-18

Ap

r-1

8

May

-18

Jul-

18

Au

g-1

8

Sep

-18

No

v-1

8

Dec

-18

Jan

-19

Mar

-19

Ap

r-1

9

Jun

-19

Jul-

19

Au

g-1

9

Oct

-19

No

v-1

9

Jan

-20

Feb

-20

Mar

-20

May

-20

Jun

-20

Jul-

20

Sep

-20

Oct

-20

Dec

-20

Jan

-21

Feb

-21

Rolling Returns()


915






(Spread)





378 263 281



74




458

699 699

389

638 638

0

1

2

3

4

5

6

7

8



1 Year OIS

3 Year AA

3 Year AA





76











77



Testimonials




78

Business Dashboard

Transaction History



Prostart

Business Hub








Kotak Bluechip Fund








79

80







ANNEXURES

81



82






Feb-21 April-20



AA+ 228 165

AA 248 290

AA- 087 142

Below AA- 043 122



83



















Credit Strategies





84



(3-6mo)Medium Term



Rupee









Liquidity


85



Medium ndashterm

Remarks







Signify Growth 86


87





88





89






CRISIL 1 Year TBill


Last 1 Year 744 632 112 547 10742 10630 10546

Last 3 Years 894 868 026 665 12926 12834 12127

Last 5 Years 846 854 -008 656 15006 15064 13739






CRISIL 1 Year TBill

Since Inception 860 846 014 648 28659 28180 22287

Last 1 Year 685 790 -105 547 10683 10788 10546

Last 3 Years 921 934 -013 665 13022 13068 12127

Last 5 Years 912 868 044 656 15470 15161 13739





90






CRISIL 1 Year TBill

Since Inception 769 827 -058 648 26178 28053 22605

Last 1 Year 669 594 075 547 10667 10592 10546

Last 3 Years 760 723 037 665 12455 12326 12127

Last 5 Years 774 735 039 656 14514 14256 13739





CRISIL 10 Year Gilt


Last 1 Year 672 765 -093 493 10670 10763 10492

Last 3 Years 879 912 -033 894 12872 12990 12927

Last 5 Years 800 859 -058 734 14692 15093 14246





91






CRISIL 1 Year TBill

Since Inception 772 793 -021 607 40606 42094 30324

Last 1 Year 720 797 -077 547 10718 10794 10546

Last 3 Years 815 828 -013 665 12648 12692 12127

Last 5 Years 785 808 -024 656 14585 14746 13739






CRISIL 1 Year TBill

Since Inception 818 939 -120 645 28790 33407 23163

Last 1 Year 741 793 -052 547 10739 10791 10546

Last 3 Years 838 894 -057 665 12726 12927 12127

Last 5 Years 830 885 -055 656 14898 15277 13739





92






CRISIL 1 Year TBill

Since Inception 808 930 -121 671 23159 26128 20167

Last 1 Year 455 987 -532 547 10453 10984 10546

Last 3 Years 702 900 -198 665 12253 12946 12127

Last 5 Years 755 900 -145 656 14384 15380 13739






CRISIL 10 Year Gilt

Since Inception 812 900 -088 826 17192 18192 17350

Last 1 Year 456 873 -417 493 10455 10871 10492

Last 3 Years 650 902 -252 894 12078 12954 12927

Last 5 Years 730 863 -133 734 14218 15121 14246










Growth


Index Nifty 50 TRI

Since Inception 1092 1167 -075 1130 13052 13281 13166

Last 1 Year 1849 2142 -292 3137 11844 12135 13127







CRISIL 10 Year Gilt

Since Inception 809 855 -045 582 38280 41141 26537

Last 1 Year 1502 1166 336 493 11497 11162 10492

Last 3 Years 923 1010 -086 894 13030 13341 12927

Last 5 Years 1046 1030 017 734 16443 16319 14246





94


Fund - Growth






Since Inception 1578 1221 357 1579 113266 67426 113398

Last 1 Year 2928 2142 786 3000 12919 12135 12990

Last 3 Years 1462 1199 262 1422 15051 14043 14894

Last 5 Years 1464 1355 109 1789 19793 18868 22764






CRISIL 10 Year Gilt


Last 1 Year 768 641 128 493 10766 10639 10492

Last 3 Years 980 1001 -021 894 13234 13311 12927

Last 5 Years 892 848 044 734 15325 15020 14246



95


Growth



Index TRI


Growth



Index TRI

Nifty 50 TRI

Since Inception 3678 2467 1211 1752 15149 13397 12386

Last 1 Year 5550 4230 1320 3137 15531 14216 13127




Growth


ALPHA Nifty 50 TRI


Growth


Nifty 50 TRI

Since Inception 719 133 586 951 24675 11876 32619

Last 1 Year 2940 3064 -124 3137 12931 13054 13127

Last 3 Years 405 243 162 1288 11265 10746 14378

Last 5 Years 1332 1089 243 1729 18676 16760 22189






96





Since Inception 1462 1173 289 1328 15099 13979 14570

Last 1 Year 6667 3224 3443 3137 16644 13214 13127

Last 3 Years 1471 1135 335 1288 15087 13803 14378












Since Inception 1389 1146 243 1265 14372 13534 13939

Last 1 Year 4661 3224 1437 3137 14646 13214 13127









97

Kotak Smallcap Fund





Scheme Returns () 1620 1905 1843 2067 3331 12808


Alpha 572 746 808 905 1158 630


Nifty 50 (TRI) (Rs)^ 5809863 2412890 1363994 887303 478297 158761







Since Inception 1648 1274 375 1440 115182 68229 86309

Last 1 Year 5224 4358 866 3137 15207 14344 13127

Last 3 Years 1309 -017 1326 1288 14460 9950 14378

Last 5 Years 2040 1419 622 1729 25291 19406 22189



98






Scheme Returns () 1505 1571 1397 1426 1792 6240


Alpha 218 204 045 -088 -139 -634

Nifty 200 (TRI) (Rs) 3011611 2447722 1358050 875181 477275 160074

Nifty 50 (TRI) (Rs)^ 2974930 2412890 1363994 887303 478297 158761







Since Inception 1391 1156 235 1140 44527 35062 34492

Last 1 Year 2497 3224 -727 3137 12489 13214 13127

Last 3 Years 1082 1135 -054 1288 13604 13803 14378

Last 5 Years 1738 1719 020 1729 22274 22089 22189



99






Scheme Returns () 1705 1943 1745 1807 2647 9422


Alpha 316 463 375 368 410 -332


Nifty 50 (TRI) (Rs)^ 4226246 2412890 1363994 887303 478297 158761







Since Inception 1320 1332 -012 1138 56228 57054 44823

Last 1 Year 3676 3998 -322 3137 13664 13985 13127

Last 3 Years 1207 679 528 1288 14070 12177 14378

Last 5 Years 1997 1624 372 1729 24836 21217 22189



100






Scheme Returns () 1251 1450 1406 1511 2027 6660


Alpha 007 063 038 -014 035 -546

Nifty 500 (TRI) (Rs) 5177617 2472906 1365740 877640 481312 161867

Nifty 50 (TRI) (Rs)^ 5074950 2412890 1363994 887303 478297 158761







Since Inception 1217 1303 -085 1328 57797 64882 67113

Last 1 Year 2685 3347 -662 3137 12677 13337 13127

Last 3 Years 1219 1086 133 1288 14116 13621 14378

Last 5 Years 1741 1731 010 1729 22304 22207 22189



101






Scheme Returns () 1478 1526 1443 1540 2067 6502


Alpha 197 158 092 026 136 -373

Nifty 200 (TRI) (Rs) 6308482 2447722 1358050 875181 477275 160074

Nifty 50 (TRI) (Rs)^ 6292270 2412890 1363994 887303 478297 158761








Since Inception 1831 1537 294 1555 159694 105534 108232

Last 1 Year 2771 3224 -453 3137 12762 13214 13127

Last 3 Years 1158 1135 023 1288 13887 13803 14378

Last 5 Years 1791 1719 072 1729 22776 22089 22189



102

Kotak Bluechip Fund





Scheme Returns () 1497 1354 1319 1479 2006 6528


Alpha 103 013 -045 -091 059 -105

Nifty 50 (TRI) (Rs) 8857197 2412890 1363994 887303 478297 158761








Since Inception 1967 1722 246 1738 256865 176573 181028

Last 1 Year 3007 3137 -130 3000 12998 13127 12990

Last 3 Years 1181 1288 -107 1422 13975 14378 14894

Last 5 Years 1575 1729 -154 1789 20767 22189 22764






Since Inception 1321 1408 -088 1388 69209 78041 75924

Last 1 Year 3123 3120 003 3137 13113 13110 13127

Last 3 Years 1293 1191 102 1288 14396 14010 14378

Last 5 Years 1830 1719 110 1729 23155 22098 22189





103






Scheme Returns () 1309 1467 1463 1660 2087 7522


Alpha 041 104 112 141 195 996

Nifty 100 (TRI) (Rs) 5543589 2441380 1357611 876201 474636 158175

Nifty 50 (TRI) (Rs)^ 5371562 2412890 1363994 887303 478297 158761






104

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3




Bottom 3








105

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^









Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^









106

Scheme Names


Scheme Returns()^




Scheme Returns()^





Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^








107

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3




Bottom 3


2940 3064 405 243 1332 1089 719 133






108

Scheme Names


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3




Bottom 3


Kotak Gold ETF 710 765 1380 1467 764 860 1178 1290





109

Scheme Name


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Scheme Returns()^


Top 3


6667 3224 1471 1135 NA NA 1462 1173

Kotak NV20 ETF 3937 4355 1526 1660 1902 2002 1643 1620

Kotak Nifty ETF 3078 3137 1261 1288 1647 1729 1044 1181

Bottom 3

Kotak Sensex ETF 2955 3000 1390 1422 1696 1789 982 1097



Fund Type of Scheme











Mutual Fund








REIT funds



Fund Type of Scheme




















111








Kotak FlexicapFund



Kotak FlexicapFund









Kotak Liquid Fund


Thank You


119

monthly market outlook - kotak asset management

Documents