mutual fund recommendation – q2 2015

1Monday, May 11, 2015

Mutual Fund Recommendation – Q2 2015

Amit Jain + 91 22 4088 0191

2

Table of Contents

1. Mutual Funds Research | Our Philosophy 32. Mutual Funds Research | Our Process | Equity Funds 4

Large Cap FundsBirla SL Frontline Equity Fund 5ICICI Prudential Focused Blue Chip Equity Fund 7SBI Bluechip Fund 9BNP Paribas Equity Fund 11NAV Movement | Large Cap Portfolio 13

Mid Cap FundsBNP Paribas Mid Cap Fund 14Axis Midcap Fund 16Franklin India Prima Fund 18NAV Movement | Mid Cap Portfolio 20

Multi Cap FundsUTI Equity Fund 21Axis Equity Fund 23Tata Equity Opportunities Fund 25L&T India Special Situations Fund 27NAV Movement | Multi Cap Portfolio 29

Hybrid Funds – EquityICICI Prudential Balanced Advantage Fund 30

Tax Saving FundsAxis Long Term Equity Fund 32BNP Paribas LT Equity Fund 34

Sector FundsUTI Transportation & Logistics Fund 36

3. Mutual Funds Research | Our Process | Debt Funds 37Long Term Funds

ICICI Prudential Income Fund 38HDFC High Interest Fund-Dynamic Plan 39

Medium Term FundsBirla SL Medium Term Fund 40DWS Medium Term Fund 41

Short Term FundsFranklin India Short Term Income Plan 42Birla SL Short Term Opportunities Fund 43

Ultra Short Term FundsFranklin India Ultra Short Bond Fund 44IDFC Ultra Short Term Fund 45

4. External Rating Comparison 465. Factor’s Description 47

3

Mutual Funds Research | Our Philosophy

Which are the best ones? – It is to do with more than just past performance

The primary objective of the quantitative analysis is to evaluate funds on the basis of ‘Alpha Consistency’ and ‘Alpha Frequency’

In-house proprietary model [quant Fund Selection Indicator (QFSI)] has been created to generate a recommended list of funds undervarious categories

Higher emphasis is given on the quantitative parameters to evaluate and filter the entire universe of the funds

Qualitative factors act in defining a broader framework and helps us to keep a check on how is the portfolio being managed vis-à-vis thestated portfolio’s stated objective and strategy

4

Mutual Funds Research | Our Process | Equity Funds

Due diligence on AMCs

quantitative factors – AAUM over 6 months – INR 1000 crores or 1% market share

Qualitative factor – AMCs pedigree, sponsors’ background, investment team’s experience, service capabilities, etc.

Scheme filtering criteria’s

Classifying open ended equity schemes on the basis of – their investment objective & strategy into various categories

Minimum AUM criteria for open ended equity & hybrid funds – INR 200 crores (average of last 6 months AUM) or 1% market share (basedon average of last 6 months AUM)

Minimum age criteria – The fund has to be in existence for at least 3 years before it comes up in our filtered list for research

Risk – adjusted return analysis for equity & hybrid funds

Risk-adjusted returns to be estimated on the basis of quant Fund Selection Indicator (QFSI)

The top 10% percentile of funds to be recommended to clients across different categories

5

Birla SL Frontline Equity Fund– Large Cap Fund

NAV Growth Plan – Rs. 163.73 Dividend Plan – Rs. 30.23

Inception Date August 30, 2002

Benchmark CNX Nifty Index (quant) S&P BSE 200 (fund)

Load Structure(Exit) 1% w/n 1 Year

Expense Ratio 2.13

Fund Manager Mr. Mahesh Patil

Investment ObjectiveThe scheme aims to generate long-term capital growth, income generationand distribution of dividend. It would target the same sectoral weights asBSE 200, subject to flexibility of selecting stocks within a particular sector.

Parameter Value

Information Ratio 1.45

Slope (Beta) 1.26

R-Squared 0.99

Standard Deviation (%) 19.13

Treynor Ratio 11.27

Sharpe Ratio 0.74

Jensen's Alpha (%) 4.55

Period Return CNX Nifty Relative Return

1 Yr 40.94 26.65 14.29

2 Yr 31.36 22.14 9.22

3 Yr 25.35 17.03 8.33

5 Yr 15.17 10.09 5.08

Since Inception 24.86 18.42 6.44

This is the sort of fund whose stated strategy could be called index with a garnish. The fund house haschosen to define the strategy as a variation on the BSE 200 benchmark. It says that the fund would aimfor the same sector weights as the index and try to get all the advantage by having a different stockselection within those sectors. The fund manager’s objective is to beat the benchmark incrementally andconsistently taking measured individual stock bets in the portfolio

Investment Style

Growth Blend Value

Large Market Cap

Medium

Small

Top 3 Sector 38.46%

Top 5 Sector 48.09%

Top 10 Holdings 35.59%

Trend of QFSI over last 3 years

AUM (Crs.) 8843

A+Market Cap Amount(Cr.) % Holding

Large Cap 8315 94Mid Cap 105 1Others 423 5

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Data as of 31st March 2015

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Quarter on Quarter return vis‐à‐vis quant’s benchmark and category average Positive months in the last 3 year v/s negative months relative to quant’s benchmark

Top 10 holdings for the fund Sectoral movement of the portfolio over the last 4 quarters

Birla SL Frontline Equity Fund– Large Cap Fund

Company Sector %age

HDFC Bank Ltd. Bank - Private 6.30

Reliance Industries Ltd. Refineries 5.00

ICICI Bank Ltd. Bank - Private 4.44

Axis Bank Ltd. Bank - Private 3.46

Infosys Ltd. IT - Software 3.14

ITC Ltd. Cigarettes/Tobacco 2.99

Tata Motors Ltd. Automobiles-Trucks/Lcv 2.85

State Bank Of India Bank - Public 2.70

HCL Technologies Ltd. IT - Software 2.37

Larsen & Toubro Ltd. Engineering - Construction 2.34

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Cash & Cash Equivalents

Other Sector

Cigarettes/Tobacco

Engineering - Construction

Finance - NBFC

Auto Ancillary

Finance - Housing

Automobiles-Trucks/Lcv

Refineries

Pharmaceuticals & Drugs

IT - Software

Bank - Private


7

ICICI Prudential Focused Blue Chip Equity Fund – Large Cap Fund

NAV Growth Plan – Rs. 29.48 Dividend Plan – Rs.22.18

Inception Date May 23, 2008

Benchmark CNX Nifty Index (quant / fund)

Load Structure(Exit) 1% w/n 1 Yr

Expense Ratio 2.13

Fund Manager Mr. Manish Gunwani

Investment ObjectiveThe fund's investment strategy will be to invest in 20 large cap companiesfrom the top 200 stocks listed on the NSE on the basis of marketcapitalization.

Parameter Value


Slope (Beta) 1.12

R-Squared 0.99


Treynor Ratio 10.75

Sharpe Ratio 0.71



1 Yr 36.29 26.65 9.64

2 Yr 29.10 22.14 6.96

3 Yr 21.82 17.03 4.79

5 Yr 15.72 10.09 5.63


A large cap equity fund that focuses its investments on top 20-25 stocks, which the fund manager hashigh conviction for upside potential. The fund’s strategy is to create an ideal mix of concentration anddiversification it uses a combination of bottom up and top down investment approach therebydiversifying across sectors and ensuring limited sectoral deviation from benchmark. The fund focuses onbuilding aggressive position in high conviction stocks, thereby generating out performance.

Investment Style

Growth Blend Value

Large

Market Cap

Medium

Small

Top 3 Sector 37.95%

Top 5 Sector 48.49%


Market Cap Amount(Cr.) % Holding

Large Cap 8301 95

Others 422 5

AUM (Crs.) 8723

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ICICI Prudential Focused Blue Chip Equity Fund – Large Cap Fund

Company Sector %age





Tech Mahindra Ltd. IT - Software 3.42


Wipro Ltd. IT - Software 3.29



Bajaj Finserv Ltd. Finance - Investment 3.09

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Other Sector

Auto Ancillary

Power Generation/Distribution

Finance - Investment



Refineries


Bank - Public

IT - Software

Bank - Private


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SBI Bluechip Fund – Large Cap Fund


Inception Date Jan 20, 2006

Benchmark CNX Nifty Index (quant ) S&P BSE 100 (fund)


Expense Ratio 2.13

Fund Manager Mr. Sohini Andani

Investment Objective

To provide investors with opportunities for long-term growth in capitalthrough an active management of investments in a diversified basket ofequity stocks of companies whose market capitalization is at least equal toor more than the least market capitalized stock of BSE 100 Index.

Parameter Value


Slope (Beta) 1.26

R-Squared 0.98


Treynor Ratio 11.95

Sharpe Ratio 0.78



1 Yr 48.30 26.65 21.65

2 Yr 32.56 22.14 10.42

3 Yr 27.19 17.03 10.17

5 Yr 15.00 10.09 4.91

Since Inception 12.01 12.39 -0.38

A large cap equity fund which invest in stocks of companies with market capitalization equal to or morethan the least market capitalized stock of BSE 100 Index. These companies have large business presence,good reputation and are possibly market leaders in their industries. The fund comprises of a welldiversified portfolio of predominantly large cap companies, with steady growth potential opportunity.

Investment Style

Growth Blend Value

Large

Market Cap

Medium

Small

Top 3 Sector 34.48%

Top 5 Sector 43.61%



Large Cap 1479 88

Others 201 12

AUM (Crs.) 1680

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SBI Bluechip Fund – Large Cap Fund

Company Sector %age


Maruti Suzuki India Ltd. Automobiles - Passenger Cars 4.32

Motherson Sumi Systems Ltd. Auto Ancillary 3.67


Tata Consultancy Services Ltd. IT - Software 3.05




Ranbaxy Laboratories Ltd. Pharmaceuticals & Drugs 2.67

M&M Financial Services Ltd. Finance - NBFC 2.57

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Other Sector

Cement & Construction Materials

Household & Personal Products

Bank - Public

Bearings

Auto Ancillary

Automobiles - Passenger Cars

Finance - NBFC

IT - Software


Bank - Private


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BNP Paribas Equity Fund – Large Cap Fund


Inception Date 23-Sep-2004

Benchmark CNX Nifty Index (quant /fund)


Expense Ratio 2.70

Fund Manager Mr. Shreyash Devalkar

Investment ObjectiveThe scheme aims to generate regular long term capital growth from adiversified and actively managed portfolio of equity and equity relatedsecurities

Parameter Value


Slope (Beta) 1.19

R-Squared 0.96


Treynor Ratio 11.89

Sharpe Ratio 0.76



1 Yr 53.40 26.65 26.74

2 Yr 35.47 22.14 13.33

3 Yr 26.37 17.03 9.34

5 Yr 17.57 10.09 7.48


An open-ended large-cap equity fund that invests in leading companies across sectors to give theadvantage of size to your portfolio. A systematic top down approach towards sector allocation based onoverall macro economic factors and a detailed bottom up stock selection is done to arrive at the finalportfolio. The Large Cap portion of the portfolio will seek to generate beta while the mid cap allocationwould seek to generate alpha over the benchmark. The portfolio construct has allocation to offbenchmark stocks to generate alpha. This scheme is ideal for first time equity investors and investors whoare convinced about the value of investing in equities.

Investment Style

Growth Blend Value

Large Market Cap

Medium

Small

Top 3 Sector 43.45%

Top 5 Sector 57.81%


AUM (Crs.) 665

A



Large Cap 557 84

Mid Cap 55 8

Others 53 8

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BNP Paribas Equity Fund – Large Cap Fund

Company Sector %age

Idea Cellular Ltd. Telecommunication 7.92

Bharti Airtel Ltd. Telecommunication 7.81



Lupin Ltd. Pharmaceuticals & Drugs 2.87

IndusInd Bank Ltd. Bank - Private 2.80

VA Tech Wabag Ltd. Engineering - Construction 2.78

HDFC Ltd. Finance - Housing 2.77



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Other Sector

Airlines

Refineries

Finance - NBFC


Finance - Housing



IT - Software

Telecommunication

Bank - Private


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50

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650CNX Nifty Index Category Average Large Cap

NAV Movement | Large Cap Portfolio

Portfolio NAV movement of large cap portfolio on the basis of quant Fund Selection Indicator (QFSI) against CNX Nifty Index(quant benchmark) andcategory average of large cap funds for the period Apr 05 to Mar 15 selected for the portfolio holds highest rank as per QFSI. The portfolio NAV iscalculated taking in account exit load and tax implication, as applicable

Portfolio Outperformance vis-à-vis

category average

14

BNP Paribas Mid Cap Fund – Mid Cap Fund


Inception Date 02-May-06

Benchmark CNX Midcap (quant / fund)


Expense Ratio 2.70


Investment ObjectiveTo seek to generate long-term capital appreciation by investing primarily incompanies with high growth opportunities in the middle and smallcapitalization segment, defined as ‘Future Leaders’..

Parameter Value


Slope (Beta) 0.96

R-Squared 1.00


Treynor Ratio 24.17

Sharpe Ratio 0.86


Period Return CNX Midcap

Relative Return

1 Yr 66.94 50.96 15.98

2 Yr 45.93 32.38 13.54

3 Yr 33.60 19.00 14.60

5 Yr 22.93 11.02 11.91

Since Inception 10.24 10.85 -0.61

Investment Style

Growth Blend Value

Large Market Cap

Medium

Small

Top 3 Sector 31.06%

Top 5 Sector 40.37%



Large Cap 206 72Mid Cap 56 19Small Cap 22 8Others 4 1

AUM (Crs.) 288

The fund seek to generate long-term capital appreciation by investing primarily in companies with highgrowth opportunities in the middle and small capitalization segment. The fund will emphasize oncompanies that appear to offer opportunities for long-term growth and will be inclined towardscompanies that are driven by dynamic style of management and entrepreneurial flair. This product issuitable for investors who are seeking wealth Creation in long term with high risk.

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BNP Paribas Mid Cap Fund – Mid Cap Fund

Company Sector %age




Jet Airways (India) Ltd. Airlines 2.88

VA Tech Wabag Ltd. Engineering - Construction 2.84

Just Dial Ltd. Miscellaneous 2.76

Ramkrishna Forgings Ltd. Castings/Forgings 2.44

Cadila Healthcare Ltd. Pharmaceuticals & Drugs 2.42

Britannia Industries Ltd. Consumer Food 2.25

Torrent Pharmaceuticals Ltd. Pharmaceuticals & Drugs 2.25

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Auto Ancillary

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Bank - Private


Telecommunication


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Axis Midcap Fund – Mid Cap Fund


Inception Date 18-Feb-11

Benchmark CNX Midcap (quant / fund)

Load Structure(Exit) 1% w/n 12 Months

Expense Ratio 2.33

Fund Manager Mr. Pankaj Murarka

Investment ObjectiveAim of scheme is to generate long term capital growth by investingpredominantly in equity related securities of mid size companies. The focus of

the fund would be to invest in relatively larger companies within this category.

Parameter Value


Slope (Beta) 1.12

R-Squared 0.99


Treynor Ratio 21.45

Sharpe Ratio 0.76



Relative Return

1 Yr 64.29 50.96 13.33

2 Yr 43.08 32.38 10.70

3 Yr 33.24 19.00 14.24

5 Yr -- 11.02 --


Investment Style

Growth Blend Value

Large Market Cap

Medium

Small

Top 3 Sector 22.26%

Top 5 Sector 31.44%



Large Cap 692 64

Mid Cap 227 21

Small Cap 97 9

Others 64 6

AUM (Crs.) 1080This fund's stock selection strategy is all about finding emerging blue-chips; the mid-cap stocks that arelikely to transform into large-caps from its investment universe of about 200 companies. The fund doesn'tmind paying higher valuations for companies that have this quality of scalability. Apart from return onequity and return on capital, this fund hunts for companies that can grow at exceptional rates of 20-25per cent CAGR. The fund manager firmly believe that in a high growth cycle, companies moving from mid-cap to large-cap can create enough value to shareholders and that is what we look for while identifyingmid-cap companies

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Axis Midcap Fund – Mid Cap Fund

Company Sector %age

Tata Chemicals Ltd. Fertilizers 4.52

The Federal Bank Ltd. Bank - Private 3.67

Gujarat State Petronet Ltd. Gas Transmission/Marketing 3.45

Pfizer Ltd. Pharmaceuticals & Drugs 3.41

DCB Bank Ltd. Bank - Private 3.39

Voltas Ltd. Air Conditioners 3.11

Sundaram Finance Ltd. Finance - NBFC 2.54

Sanofi India Ltd. Pharmaceuticals & Drugs 2.51

Torrent Power Ltd. Power Generation/Distribution 2.42

SML Isuzu Ltd. Automobiles-Trucks/Lcv 2.27

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Other Sector

Bearings

IT - Software

Ratings

Air Conditioners


Fertilizers

Finance - NBFC

Gas Transmission/Marketing

Bank - Private



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Franklin India Prima Fund – Mid Cap Fund


Inception Date 1-Dec-93

Benchmark CNX Midcap (quant) / S&P BSE 500( fund)


Expense Ratio 2.37

Fund Manager Mr. R. Janakiraman

Investment ObjectiveThe primary objective of the fund is capital appreciation and secondaryobjective is income generation by focusing on mid and small cap industry.

Parameter Value


Slope (Beta) 1.07

R-Squared 0.99


Treynor Ratio 21.59

Sharpe Ratio 0.76



Relative Return

1 Yr 68.51 50.96 17.55

2 Yr 47.09 32.38 14.71

3 Yr 34.89 19.00 15.89

5 Yr 20.89 11.02 9.87

Since Inception 21.71 - -

An open ended diversified equity fund focusing primarily on small and mid cap companies that exhibithigher growth rates than their well established large cap companies. The fund aims to identify companiesat an early stage of business life cycle as they have a greater potential for the upside. The fund tries tominimize risk by diversifying across sectors and across stocks within a sector. This fund is suitable forinvestors that prefer fund that has potential to deliver high capital appreciation over time but withrelatively higher volatility over a 3-5 year investment time horizon.

Investment Style

Growth Blend Value

Large Market Cap

Medium

Small

Top 3 Sector 29.06%

Top 5 Sector 37.31%



Large Cap 2581 75

Mid Cap 535 16

Small Cap 22 1

Others 293 9

AUM (Crs.) 3430


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Franklin India Prima Fund – Mid Cap Fund

Company Sector %age

Yes Bank Ltd. Bank - Private 4.75

Finolex Cables Ltd. Cable 3.21

Amara Raja Batteries Ltd. Auto Ancillary 2.95

Torrent Pharmaceuticals Ltd. Pharmaceuticals & Drugs 2.78

FAG Bearings India Ltd. Bearings 2.78

Pidilite Industries Ltd. Chemicals 2.62


Mindtree Ltd. IT - Software 2.43


Cyient Ltd. IT - Software 2.32

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Other Sector

Chemicals

Auto Ancillary

Pesticides & Agrochemicals


Cable

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Bearings


IT - Software

Bank - Private


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CNX Midcap Category Average Mid Cap

NAV Movement | Mid Cap Portfolio

Portfolio NAV movement of mid cap portfolio on the basis of quant Fund Selection Indicator (QFSI) against CNX Midcap (quant benchmark) andcategory average of mid cap funds for the period Apr 05 to Mar 15. The fund selected for the portfolio holds highest rank as per QFSI. The portfolioNAV is calculated taking in account exit load and tax implication, as applicable

Portfolio Outperformance vis-à-

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Investment Style

Growth Blend Value

Large

Market Cap

Medium

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UTI Equity Fund – Multi Cap Fund

Parameter Value


Slope (Beta) 1.08

R-Squared 0.99


Treynor Ratio 12.26

Sharpe Ratio 0.70


Period Return S&P BSE 200

Relative Return

1 Yr 43.29 31.93 11.36

2 Yr 31.94 24.23 7.70

3 Yr 23.50 17.89 5.61

5 Yr 16.31 9.96 6.35


UTI Equity Fund is positioned as a diversified equity fund. The Fund portfolio holds blend of large & midcap diversified equity stocks. The portfolio comprise of leading stocks in the respective sectors. The fundprovides tool for strategic allocation of the core equity portfolio of the investor. Large Caps wouldcomprise around 65% of the portfolio.

Top 3 Sector 38.36%

Top 5 Sector 49.95%



Large Cap 3860 92

Mid Cap 164 4

Small Cap 45 1

Others 130 3

AUM (Crs.) 4199



Benchmark S&P BSE 200 (quant) / S&P BSE 100 (fund)


Expense Ratio 2.23

Fund Manager Mr. Anoop Bhaskar

Investment ObjectiveTo investing at least 80% of its funds in equity and equity related instrument with medium to high risk profile and up to 20% in debt and money market instruments with low to medium risk profile.


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UTI Equity Fund – Multi Cap Fund

Company Sector %age






Shree Cement Ltd. Cement & Construction Materials 3.27

Sun Pharmaceutical Industries Ltd. Pharmaceuticals & Drugs 3.26




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Sep-

13

Dec-

13

Mar

-14

Jun-

14

Sep-

14

Dec-

14

Mar

-15


-3%

-2%

-2%

-1%

-1%

0%

1%

1%

2%

2%

3%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%



Other Sector


Auto Ancillary


Bank - Public



Refineries


IT - Software

Bank - Private


23

Investment Style

Growth Blend Value

Large

Market Cap

Medium

Small

Axis Equity Fund – Multi Cap Fund


Inception Date 05-Jan-10

Benchmark S&P BSE 200 (quant ) CNX Nifty (fund)


Expense Ratio 2.33

Fund Manager Mr. Pankaj Murarka

Investment ObjectiveThe fund aims to generate long-term capital appreciation from a portfolio of equity and equity related securities, generally focused on a few selectedsectors.

Parameter Value


Slope (Beta) 0.90

R-Squared 0.98


Treynor Ratio 14.63

Sharpe Ratio 0.83



Relative Return

1 Yr 34.30 31.93 2.37

2 Yr 26.72 24.23 2.49

3 Yr 23.49 17.89 5.59

5 Yr 13.39 9.96 3.42


Axis Equity fund has been designed to actively manage the risk of the portfolio while trying to achieve itsreturn objectives. Thus the fund always look for not just return but rather risk adjusted return. Adiversified equity fund with a large cap bias, pure bottom-up stock picking focusing on fundamentals, riskmanagement embedded in the investment process. The fund is suitable for an investment horizon of atleast 3-5 years or more.

Top 3 Sector 41.26%

Top 5 Sector 52.28%



Large Cap 1557 92

Mid Cap 49 3

Others 81 5

AUM (Crs.) 1688

A+


00.5

11.5

2

Mar

-12

Jun-

12Se

p-12

Dec-

12M

ar-1

3Ju

n-13

Sep-

13De

c-13

Mar

-14

Jun-

14Se

p-14

Dec-

14M

ar-1

5


24



Axis Equity Fund – Multi Cap Fund

Company Sector %age





HDFC Ltd. Finance – Housing 4.91


State Bank Of India Bank – Public 3.80




-10%

-5%

0%

5%

10%

15%

20%

25%

Mar

-12

Jun-

12

Sep-

12

Dec-

12

Mar

-13

Jun-

13

Sep-

13

Dec-

13

Mar

-14

Jun-

14

Sep-

14

Dec-

14

Mar

-15


-3%

-2%

-1%

0%

1%

2%

3%

4%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%



Other Sector

Fertilizers

Telecommunication - Service Provider


Gas Transmission/Marketing

Bank - Public

Finance - Housing



IT - Software

Bank - Private


25

Investment Style

Growth Blend Value

Large

Market Cap

Medium

Small

Tata Equity Opportunities – Multi Cap Fund

NAV Growth Plan – Rs. 151.87, Dividend Plan – Rs.32.35

Inception Date 25-Feb-93

Benchmark S&P BSE 200 (quant / fund)


Expense Ratio 2.79

Fund Manager Mr. Pradeep Gokhale

Investment ObjectiveThe fund aims to generate capital appreciation from the portfolio of equity and equity related instruments of well researched value and growth oriented companies across all market capitalizations.

Parameter Value


Slope (Beta) 1.08

R-Squared 0.98


Treynor Ratio 12.17

Sharpe Ratio 0.69



Relative Return

1 Yr 49.01 31.93 17.08

2 Yr 33.99 24.23 9.76

3 Yr 24.54 17.89 6.64

5 Yr 13.79 9.96 3.83


The Tata Equity Opportunities Fund aims at proactively taking advantage of Potential Capital appreciationopportunities in the market. Positioned as a “stock picker's delight”, it is a diversified equity fund whichundertakes rigorous research to identify opportunities in equity markets that could be for instance,turnaround companies or stocks being re-rated by the market, companies benefitting from changingeconomic fundamentals, etc. It invests in small, medium and large cap stocks wherever the fund managerspots an opportunity. It is hence very actively managed and dynamic in nature, although stock picking isbased on a sound bottom-up approach

Top 3 Sector 35.96%

Top 5 Sector 50.46%



Large Cap 945 90

Mid Cap 24 2

Small Cap 15 1

Others 69 7

AUM (Crs.) 1053

A+


0.000.501.001.502.00

Mar

-12

Jun-

12Se

p-12

Dec-

12M

ar-1

3Ju

n-13

Sep-

13De

c-13

Mar

-14

Jun-

14Se

p-14

Dec-

14M

ar-1

5


26



Tata Equity Opportunities – Multi Cap Fund

Company Sector %age


Sadbhav Engineering Ltd. Engineering - Construction 4.25



Shree Cement Ltd. Cement & Construction Materials 3.36


Ultratech Cement Ltd. Cement & Construction Materials 2.77


Bharat Electronics Ltd. Electronics - Components 2.70

Multi Commodity Exchange Of India Finance - Stock Broking 2.56

-10%

-5%

0%

5%

10%

15%

20%

25%

Mar

-12

Jun-

12

Sep-

12

Dec-

12

Mar

-13

Jun-

13

Sep-

13

Dec-

13

Mar

-14

Jun-

14

Sep-

14

Dec-

14

Mar

-15


-4%

-3%

-2%

-1%

0%

1%

2%

3%

4%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%



Other Sectors

Batteries

Finance - Stock Broking

Electronics - Components

Bank - Public

Finance - NBFC



IT - Software


Bank - Private


27

Investment Style

Growth Blend Value

Large

Market Cap

Medium

Small

L&T India Special Situations Fund – Multi Cap Fund



Benchmark S&P BSE 200 (quant / fund)


Expense Ratio 2.58

Fund Manager Mr. Soumendra Nath Lahiri

Investment ObjectiveAims to invest in undervalued companies for long term investment with keytheme focus being 'Special Situations' - these are situations that are out-of-the-ordinary and which therefore is Interesting stock picking opportunities.

Parameter Value


Slope (Beta) 1.21

R-Squared 0.98


Treynor Ratio 12.29

Sharpe Ratio 0.70



Relative Return

1 Yr 47.70 31.93 15.77

2 Yr 33.20 24.23 8.97

3 Yr 25.38 17.89 7.49

5 Yr 16.49 9.96 6.52


An open end diversified equity fund that invests in stocks across the market capitalization range. The fundmanager Invests in exciting opportunities that might occur when businesses or stocks face “specialsituations”: Businesses may be restructuring, launching new products or in the midst of mergers, orstocks may be out of favor.

Top 3 Sector 35.36%

Top 5 Sector 47.58%


AUM (Crs.) 944

A+



Large Cap 766 81

Mid Cap 106 11

Small Cap 36 4

Others 36 4

0.00

1.00

2.00

3.00

Mar

-12

Jun-

12Se

p-12

Dec-

12M

ar-1

3Ju

n-13

Sep-

13De

c-13

Mar

-14

Jun-

14Se

p-14

Dec-

14M

ar-1

5


28



L&T India Special Situations Fund – Multi Cap Fund

Company Sector %age





Sundaram Finance Ltd. Finance - NBFC 3.54


ING Vysya Bank Ltd.(Amalgamated) Bank - Private 2.97

Bayer CropScience Ltd. Pesticides & Agrochemicals 2.94


The Federal Bank Ltd. Bank - Private 2.79

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

Mar

-12

Jun-

12

Sep-

12

Dec-

12

Mar

-13

Jun-

13

Sep-

13

Dec-

13

Mar

-14

Jun-

14

Sep-

14

Dec-

14

Mar

-15


-2%

-1%

0%

1%

2%

3%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%



Other Sector


Refineries

Pesticides & Agrochemicals


Bank - Public

Finance - NBFC



IT - Software

Bank - Private


29

50

150

250

350

450

550

650

750S&P BSE 200 Category Average Multi Cap

NAV Movement | Multi Cap Portfolio

Portfolio NAV movement of multi cap portfolio on the basis of quant Fund Selection Indicator (QFSI) against S&P BSE 200 (quant benchmark) andcategory average of multi cap funds for the period Apr 05 to Mar 15. The fund selected for the portfolio holds highest rank as per QFSI. The portfolioNAV is calculated taking in account exit load and tax implication, as applicable


category average


benchmark

30

ICICI Prudential Balanced Advantage Fund – Hybrid Fund



Benchmark Crisil Balanced Fund Index (quant / fund)


Expense Ratio 2.26

Fund Manager Mr. Manish Banthia

Investment ObjectiveThe scheme seeks to provide capital appreciation and income distribution to the investors by using equity derivatives strategies, arbitrage opportunities and pure equity investments.

Parameter Value


Slope (Beta) 0.99

R-Squared 0.96


Treynor Ratio 11.25

Sharpe Ratio 1.05


Period ReturnCrisil

Balanced Fund Index

Relative Return

1 Yr 26.61 22.53 4.08

2 Yr 23.46 17.87 5.59

3 Yr 19.89 14.55 5.34

5 Yr 14.95 9.74 5.21


ICICI Prudential Balanced Advantage Fund is an Open ended Equity Fund that aims to make investing easyand less stressful, by allocating between different investment options as per changing market conditions.It invests in a judicious mix of cash equities, equity derivatives and debt & money market securities. It isstructured to control volatility and has an equity related tax status. It uses multiple strategies to allowflexibility and allows you to participate in equity markets at a controlled risk

Investment Style

Growth Blend Value

Large Market Cap

Medium

Small

Top 3 Sector 24.35%

Top 5 Sector 31.12%



Large Cap 3727 65

Mid Cap 51 1

Others 1993 35

AUM (Crs.) 5770

A+


0.000.501.001.502.002.50

Mar

-12

Jun-

12Se

p-12

Dec-

12M

ar-1

3Ju

n-13

Sep-

13De

c-13

Mar

-14

Jun-

14Se

p-14

Dec-

14M

ar-1

5


31



ICICI Prudential Balanced Advantage Fund – Hybrid Fund

Company Sector %age



ITC Ltd. Cigarettes/Tobacco 3.10



Power Grid Corporation Of India Ltd. Power Generation/Distribution 2.29


Mahindra & Mahindra Ltd. Automobiles-Tractors 2.23


Wipro Ltd. IT - Software 2.00 0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%



Other Sector

Bank - Public

Automobiles-Tractors

Oil Exploration

Diversified

Refineries

Cigarettes/Tobacco

Power Generation/Distribution


Bank - Private

IT - Software


-10%

-5%

0%

5%

10%

15%

20%

Mar

-12

Jun-

12

Sep-

12

Dec-

12

Mar

-13

Jun-

13

Sep-

13

Dec-

13

Mar

-14

Jun-

14

Sep-

14

Dec-

14

Mar

-15


-3%

-2%

-1%

0%

1%

2%

3%

32

Axis Long Term Equity Fund – Tax Saving Fund



Benchmark S&P BSE 200 (quant) / S&P BSE 100 (fund)

Load Structure(Exit) Locked in for 3 Yrs – Nil

Expense Ratio 2.33

Fund Manager Mr. Jinesh Gopani

Investment ObjectiveTo generate regular long term capital growth from a diversified portfolio of equity and equity related securities & facilitate the subscribers to seek tax benefits as provided under Section 80 C of the Income Tax Act, 1961.

Parameter Value


Slope (Beta) 1.42

R-Squared 0.96


Treynor Ratio 15.43

Sharpe Ratio 0.86



Relative Return

1 Yr 62.03 31.93 30.10

2 Yr 47.88 24.23 23.65

3 Yr 35.36 17.89 17.47

5 Yr 23.41 9.96 13.44


The fund is an approved Equity Linked Savings Scheme under Section 80 C of the Income Tax Act 1961. Adiversified equity fund that invests in the Indian equity markets and provides the opportunity to capitalizeon India’s high paced growth .The fund has the flexibility to invest across market caps in high growthstocks.

Investment Style

Growth Blend Value

Large Market Cap

Medium

Small

Top 3 Sector 34.51%

Top 5 Sector 48.85%



Large Cap 4445 91Mid Cap 175 4Small Cap 101 2Others 185 4

AUM (Crs.) 4907

A+


0.00

2.00

4.00

6.00

Mar

-12

Jun-

12Se

p-12

Dec-

12M

ar-1

3Ju

n-13

Sep-

13De

c-13

Mar

-14

Jun-

14Se

p-14

Dec-

14M

ar-1

5


33



Axis Long Term Equity Fund – Tax Saving Fund

Company Sector %age


Kotak Mahindra Bank Ltd. Bank - Private 6.45


HDFC Ltd. Finance - Housing 5.63





Motherson Sumi Systems Ltd. Auto Ancillary 3.62

TTK Prestige Ltd. Consumer Durables 3.57

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

Mar

-12

Jun-

12

Sep-

12

Dec-

12

Mar

-13

Jun-

13

Sep-

13

Dec-

13

Mar

-14

Jun-

14

Sep-

14

Dec-

14

Mar

-15


-6%

-4%

-2%

0%

2%

4%

6%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%



Other Sectors

Chemicals


Finance - NBFC

Consumer Durables


Auto Ancillary

Finance - Housing


IT - Software

Bank - Private


34

BNP Paribas LT Equity Fund – Tax Saving Fund


Inception Date 05-Jan-06

Benchmark S&P BSE 200 (quant) / CNX 200 (fund)

Load Structure(Exit) Locked in for 3 Yrs – Nil

Expense Ratio 2.70



The investment objective of the Scheme is to generate long-term capital growth from a diversified and actively managed portfolio of equity and equity related securities along with income tax rebate, as may be prevalent from time to time.

Parameter Value


Slope (Beta) 1.18

R-Squared 0.97


Treynor Ratio 13.62

Sharpe Ratio 0.76



Relative Return

1 Yr 56.73 31.93 24.80

2 Yr 38.45 24.23 14.21

3 Yr 27.99 17.89 10.09

5 Yr 18.48 9.96 8.52


The fund has active portfolio management which enables the fund to capture suitable investmentopportunities. The fund risk management is an integral part of the investment management process. Thisscheme also comes with a benefit of income tax exemption to the extent of money invested. The 3 yearslock-in makes the fund less vulnerable to volatility in cash flows and the fund manager is able to managethe portfolio more efficiently

Investment Style

Growth Blend Value

Large Market Cap

Medium

Small

Top 3 Sector 40.96%

Top 5 Sector 53.61%



Large Cap 323 83

Mid Cap 46 12

Others 21 5

AUM (Crs.) 391

A+


-0.500.000.501.001.502.00

Mar

-12

Jun-

12Se

p-12

Dec-

12M

ar-1

3Ju

n-13

Sep-

13De

c-13

Mar

-14

Jun-

14Se

p-14

Dec-

14M

ar-1

5


35



BNP Paribas LT Equity Fund – Tax Saving Fund

Company Sector %age



HDFC Bank Ltd. Bank – Private 7.07



IndusInd Bank Ltd. Bank – Private 2.74

VA Tech Wabag Ltd. Engineering – Construction 2.65

Axis Bank Ltd. Bank – Private 2.44

Cadila Healthcare Ltd. Pharmaceuticals & Drugs 2.01

Britannia Industries Ltd. Consumer Food 2.01

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

Mar

-12

Jun-

12

Sep-

12

Dec-

12

Mar

-13

Jun-

13

Sep-

13

Dec-

13

Mar

-14

Jun-

14

Sep-

14

Dec-

14

Mar

-15


-2%

-1%

0%

1%

2%

3%

4%

5%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%



Other Sector

Refineries


Finance - NBFC

Consumer Food

Finance - Housing



IT - Software

Bank - Private

Telecommunication


36

UTI Transportation & Logistics Fund – Sector Fund


Inception Date 16-Apr-14

Benchmark CNX Nifty(quant)


Expense Ratio 2.97

Fund Manager Mr. Anoop Bhaskar


To provide Capital appreciation through investments in the stocks of thecompanies engaged in providing transportation services, design,manufacture, distribution or sale of transportation equipment andcompanies in the logistics sector


1 Yr 83.05 26.65 56.40

2 Yr 71.60 22.14 49.46

3 Yr 43.32 17.03 26.29

5 Yr 29.00 10.09 18.91


An open-ended equity fund with the aim to provide Capital appreciation through investments in thestocks of the companies engaged in providing transportation services, design, manufacture, distributionor sale of transportation equipment and companies in the logistics sector. On the logistics front, the fundis beginning to see a pickup in trade at various ports especially in container traffic. We continue to believethat logistics companies with infrastructure already in place will benefit from increased economic activityand policy reforms.

Investment Style

Growth Blend Value

Large Market Cap

Medium

Small


Large Cap 337 70

Mid Cap 65 13

Small Cap 35 7

Others 47 10

AUM (Crs.) 483

A+

Trend of Fund QFSI v/s CNX Nifty over last 3 years


Top 10 Holding Sector %age

Maruti Suzuki India Passenger Cars 6.79

Hero MotoCorp Ltd. Three Wheelers 5.89Eicher Motors Ltd. Trucks/Lcv 4.92Tata Motors Ltd. Trucks/Lcv 4.37Wabco India Ltd. Auto Ancillary 4.19Bosch Ltd. Auto Ancillary 4.10Bajaj Auto Ltd. 2 & 3 Wheelers 3.99Bharat Forge Ltd. Castings/Forgings 3.94Apollo Tyres Ltd. Tyres & Allied 3.21

JK Tyre & Industries Tyres & Allied 3.16-40

-20

0

20

40

60

80

100

120

140

160

Apr-12 Apr-13 Apr-14

37

Mutual Funds Research | Our Process | Debt Funds

Due diligence on AMCs

quantitative factors – AAUM over 6 months – INR 1000 crores or 1% market share

Qualitative factor – AMCs pedigree, sponsors’ background, investment team’s experience, service capabilities, etc.

Scheme filtering criteria’s

Classifying open ended debt schemes on the basis of – their investment objective & strategy into particular categories

Minimum Corpus – INR 100 crores (Short Term Fund) / INR 500 crones (Ultra Short Term Fund)

Risk – adjusted return analysis

Risk-adjusted returns to be estimated on the basis of quant Fund Selection Indicator (QFSI)

Focusing on credit rating and average maturity of the portfolio along with liquidity in the schemes

38

ICICI Prudential Income Fund

NAV Growth Plan – Rs.43.89 Dividend Plan – Rs.10.04

Inception Date Jul 09, 1998

Benchmark Crisil Composite Bond Fund Index

Load Structure(Exit) 1% with in 1 YearExpense Ratio 1.88

Fund Manager Mr. Manish Banthia

Investment ObjectiveTo earn a rate of interest that equals long term deployment in debtmarkets, to generate income for investors. The fund intends to minimizerisks from liquidity, credit and interest rates in a balanced manner.

Portfolio Classification by Asset Class (%)

Certificate of Deposit (CD) -

Commercial Papers (CP) 0.62

Corporate Debt 19.20

Government Securities 81.85

Cash, Cash Equivalents and Net Current Assets -1.67

Period Return CRISIL CBFI Relative Return

Last 3 Month 10.74 11.54 -0.80

Last 6 Month 19.78 15.82 3.96

Last 1 Year 17.41 14.59 2.82

Last 2 Year 8.72 9.34 -0.62


The fund has a portfolio which strategically deploys funds in the debt markets as part of an overall assetallocation to fixed income securities. It facilitates participation in markets that are large and institution-dominated and also provides the potential to earn total return from both interest and capital gains. Asmarket interest rates change, the value of your portfolio also changes, creating a total return portfolio indebt securities.

Credit Quality

High Medium Low

High

Interest Rate Sensitivity

Medium

Low

Average Portfolio Maturity Modified Duration Corpus (Crs.) YTM

14.4 Year 7.6 Years 4016 7.7

Trend of QFSI over last 1 Year

A+


-505

10152025

Apr-

14M

ay-1

4

Jun-

14Ju

l-14

Aug-

14

Sep-

14O

ct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15M

ar-1

5

Rating ProfileA1+

AA

AA-

AA+

AAA

Cash

SOV

39

HDFC High Interest Fund-Dynamic Plan

NAV Growth Plan – Rs. 48.22 Quarterly Dividend Plan – Rs.10.33

Inception Date April 28, 1997


Load Structure(Exit) 0.50% on or before 3 MonthsExpense Ratio 1.52

Fund Manager Mr. Anil Bamboli

Investment ObjectiveTo generate income by investing in a range of debt and money marketinstruments of various maturity dates with a view to maximizing incomewhile maintaining the optimum balance of yield, safety and liquidity.


Certificate of Deposit (CD) -

Commercial Papers (CP) -



Cash, Cash Equivalents and Net Current Assets 3.09


Last 3 Month 11.78 11.54 0.24

Last 6 Month 20.33 15.82 4.51

Last 1 Year 16.77 14.59 2.18

Last 2 Year 10.84 9.34 1.50


The Investment strategy involves investing in debt, money market and related instruments of variousmaturities on the basis of the expected interest rate scenarios over the short as well as medium term.The Plan shall follow an active duration management strategy by keeping a close watch on variousdomestic and global macro economic variables. It would take a tactical view on the interest rate outlookand accordingly change the allocation between gilt and other debt, money market instruments.

Credit Quality

High Medium Low

High


Medium

Low


A+


16.1 Years 8.0 Years 2101 7.90

0

5

10

15

20

Apr-

14M

ay-1

4

Jun-

14Ju

l-14

Aug-

14

Sep-

14O

ct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15M

ar-1

5

Rating ProfileAA

AA+

AAA

AAA(SO)

Cash

MF Units

SOV


40

Birla Sunlife Medium Term Fund


Inception Date March 25, 2009

Benchmark CRISIL AA Short Term Bond Index

Load Structure(Exit) 2% on or before 730 DaysExpense Ratio 1.27

Fund Manager Mr. Maneesh Dangi

Investment ObjectiveAims to generate regular income through investments in debt & moneymarket instruments in order to make regular dividend payments to unitholders & secondary objective is growth of capital


Certificate of Deposit (CD) 2.49



Mibor Linked Instruments 0.01

Cash, Cash Equivalents 13.11


Last 3 Month 10.84 9.66 1.18

Last 6 Month 12.33 10.57 1.76

Last 1 Year 11.89 10.33 1.56

Last 2 Year 11.12 9.55 1.57


An Open ended Income scheme positioned where the majority of the portfolio is intended to beinvested in good quality papers. The scheme incorporates adequate safeguards for controlling risks inthe portfolio construction process through diversification while taking care not to dilute the returns inthe process. The Fund intends to optimize returns by keeping its portfolio duration between 1 year to 5years. At anytime the maturity of the portfolio will be governed by the fund manager's perception of theinterest rate scenario prevailing in the economy.

Credit Quality

High Medium Low

High


Medium

Low


A+


- 1.8 Years 3984 11.0

02468

101214

Apr-

14M

ay-1

4

Jun-

14Ju

l-14

Aug-

14

Sep-

14O

ct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15M

ar-1

5

Rating Profile AA(SO)A+A+(SO)A1+AAAA-(SO)AA+AA+(SO)AAABWR A-(SO)BWR A+(SO)BWR AA-(SO)CashUNRATED


41

DWS Medium Term Income Fund


Inception Date March 06, 2014


Load Structure(Exit) 1% on or before 3 MonthsExpense Ratio 0.98

Fund Manager Mr. Nitish Gupta

Investment ObjectiveThe investment objective is to generate income and capital appreciationby investing in a portfolio of high quality debt securities and money marketinstruments.



Commercial Papers (CP) -





Last 3 Month 11.03 11.54 -0.51

Last 6 Month 14.91 15.82 -0.91

Last 1 Year 14.05 14.59 0.54

Last 2 Year - 9.34 -

Since Inception 14.86 14.86 -

The fund invest in AAA and A1+ rated Corporate/PSU securities. The weighted average portfoliomaturity of the fund is always managed within a range of 3 to 7 years. Moderate duration exposureallows the fund to maintain relatively low volatility compared with long-term income/bond funds, whileretaining the potential to benefit from softening in yields.

Credit Quality

High Medium Low

High


Medium

Low


A+


5.3 Years 3.7 Years 504 8.4

1213131414151516

9-M

ar

11-M

ar

13-M

ar

15-M

ar

17-M

ar

19-M

ar

21-M

ar

23-M

ar

25-M

ar

27-M

ar

29-M

ar

31-M

ar

Rating Profile

A1+

AAA

AAA(SO)

Cash

MF Units

SOV


42

Franklin India Short Term Income Plan

NAV Growth Plan – Rs. 2,873.85 Monthly Dividend Plan – 1,210.74

Inception Date January 31, 2002

Benchmark CRISIL Short-Term Bond Fund Index

Load Structure(Exit) 0.50% with in 1 YearExpense Ratio 1.54

Fund Manager Mr. Santosh Kamath

Investment ObjectiveAn open end income scheme with an objective to provide stable returns byinvesting in fixed income securities.





PTC & Securitized Debt 0.01

Cash, Cash Equivalents and Deposits 2.85

Period Return CRISIL STBFI Relative Return

Last 1 Month 9.01 10.23 -1.22

Last 3 Month 10.77 9.66 1.11

Last 6 Month 12.40 10.57 1.83

Last 1 Year 11.77 10.33 1.44


The scheme is an open ended income where fund manager primarily invests in corporate bonds with afocus on higher accrual income and focuses on investment opportunities at the short end of the yieldcurve by maintaining a low average maturity profile. The fund is positioned between a liquid fund and anincome fund in terms of risk reward and is suitable for investors with a time horizon of 9-15 months withmoderate risk profile who prefer higher accrual and credit quality focused debt fund.

Credit Quality

High Medium Low

High


Medium

Low


2.7 Years 2.5 Years 10705 10.5

Trend of QFSI over last 6 months

A+

0

5

10

15

20

Rating Profile AA-A(SO)A+A+(IND)A+(SO)A1+AAAA-AA(SO)AA-(SO)AA+AA+(SO)AAAAAA(SO)BWR A-(SO)BWR A+(SO)CashUNRATED


43

Birla Sunlife Short Term Opportunities Fund


Inception Date May 09, 2003

Benchmark CRISIL AA Short-Term Bond Fund Index

Load Structure(Exit) 1% on or before 365 DaysExpense Ratio 1.05

Fund Manager Mr. Kaustubh Gupta

Investment ObjectiveGenerate regular income by investing in investment grade fixed incomesecurities / money market instruments with short to medium termmaturities and across the credit spectrum within the universe



Floating Rate Instruments 3.35




Period Return CRISIL STBFI Relative Return

Last 1 Month 9.40 10.23 -0.83

Last 3 Month 10.30 9.66 0.64

Last 6 Month 11.86 10.57 1.29

Last 1 Year 11.30 10.33 0.97


An Open ended Income scheme with the objective to generate regular income by investing primarily ininvestment grade fixed income securities / money market instruments with short to medium termmaturities and across the credit spectrum within the universe of investment grade rating. The schemefocuses on enhancing the portfolio returns by identifying and selectively investing in mispriced creditopportunities in the market.

Credit Quality

High Medium Low

High


Medium

Low


A+


- 2.4 Years 4284 9.40

0

5

10

15

20

Rating Profile A(SO)A+A+(SO)A1+AAAA-AA+AA+(SO)AAAAAA(SO)BWR A-(SO)CashSOV


44

NAV Growth Plan – Rs. 17.94 Weekly Dividend Plan – Rs.10.10

Inception Date December 18, 2007

Benchmark Crisil Liquid Fund Index

Load Structure(Exit) NilExpense Ratio 0.86

Fund Manager Mr. Sachin Padwal-Desai

Investment ObjectiveAn open-end income fund that seeks to provide a combination of regularincome and high liquidity by investing primarily in a mix of short term debtand money market instruments.

Period Return CRISIL LFI Relative Return

Last 1 Month 10.95 9.54 1.41

Last 3 Month 9.96 8.72 1.24

Last 6 Month 9.78 8.67 1.11

Last 1 Year 9.90 8.98 0.91


Franklin India Ultra Short Bond Fund


Certificate of Deposit (CD) 8,24



Treasury Bill -

Cash & Cash Equivalents 0.99

The fund manager strives to strike an optimum balance between regular income and high liquiditythrough a judicious mix of short term debt and money market instruments. The fund has been assigned acredit rating of (ICRA) A1+mfs that denotes this fund to have a very strong degree of safety regardingtimely receipt of payments from the investments that they have made; this rating is applicable for debtfunds with weighted average maturity up to 1 year . The fund is suitable for investors with an investmenthorizon of up to 3 months who prefer accrual based debt products

Credit Quality

High Medium Low

High


Medium

Low


A+


204 Days 186 Days 6625 9.80

0

5

10

15

20

Jan-15 Feb-15 Mar-15

Rating Profile AA(SO)A+A1+A1+(SO)AAAA-AA-(SO)AA+AA+(SO)AAABWR A+(SO)CashUnrated


45

IDFC Ultra Short Term Fund





G Sec -

Cash, Cash Equivalents and Net Current Assets -0.52

Period Return CRISIL LFI Relative Return

Last 1 Month 11.20 9.54 1.66

Last 3 Month 9.27 8.72 0.55

Last 6 Month 9.08 8.67 0.41

Last 1 Year 9.30 8.98 0.32


The Fund aims to invest in high quality debt and money market instruments and seeks to generatereturns predominantly through accrual income.

Credit Quality

High Medium Low

High


Medium

Low


A+


349 Days 323 Days 2104 8.6


Inception Date January 19, 2006

Benchmark Crisil Liquid Fund Index

Load Structure(Exit) NilExpense Ratio 0.40

Fund Manager Mr. Anupam Joshi

Investment ObjectiveInvestments in good quality debt and money market instruments such thatthe fund will offer a blend of liquidity with stability of returns

0

5

10

15

20

Jan-15 Feb-15 Mar-15Rating Profile

A1+

AA

AA+

AAA

Cash


46

External Rating Comparison

Funds Crisil Morning Star Value Research

Birla SL Frontline Equity Fund Rank 3

ICICI Prudential Focused Blue Chip Equity Fund Rank 3

SBI Bluechip Fund Rank 1

BNP Paribas Equity Fund Rank 2

BNP Midcap Fund Rank 2

Axis Midcap Fund Rank 4

Franklin India Prima Fund Rank 3

UTI Equity Fund Rank 2

Axis Equity Fund Rank 4

Tata Equity Opportunities Fund Rank 3

L&T India Special Situations Fund Rank 3

ICICI Prudential Balanced Advantage Fund Rank 4

Axis Long Term Equity Fund Rank 1

BNP Paribas LT Equity Fund Rank 2

ICICI Prudential Income Fund Rank 2

HDFC High Interest Fund-Dynamic Plan Rank 2

Birla SL Medium Term Fund Rank 4

DWS Medium Term Fund - - -

Franklin India ST Income Plan Rank 2

Birla SL Short Term Opportunities Fund Rank 1

Franklin India Ultra Short Bond Fund Rank 5

IDFC Ultra Short Term Fund Rank 3 Disclaimer: These ratings have been taken from the website of respective rating agencySource: www.crisil.com / www.morningstar.in / www.valueresearchonline.com

http://www.crisil.com/�

http://www.morningstar.in/�

http://www.valueresearchonline.com/�

47

Description of Factors

Parameters Definition Range

Information RatioThe information ratio (IR) measures a portfolio manager's abilityto generate excess returns relative to a benchmark, but alsoattempts to identify the consistency of the same.

A higher IR indicates better performance &lower vice versa

Slope (Beta)

It measures the volatility or systematic risk of a portfolio incomparison to the market as a whole. A model that is used tocalculates the expected return of an asset based on its beta andexpected market returns.

A beta of 1 indicates that security’s price willmove with the market. Beta of less than 1means that the security will be less volatilethan the market. A beta of greater than 1indicates that the security's price will be morevolatile than the market

R-SquaredA statistical measure that represents the percentage of a fund orsecurity's movements that can be explained by movements in abenchmark index

A higher % (between 85 and 100) indicatesthe fund's performance patterns have been inline with the index. A fund with a low % (70 orless) doesn't act much like the index.

Standard Deviation A measure of the dispersion of a set of data from its mean.The more spread apart the data, the higher the deviation

The lower SD, the better. Higher SDindicates, higher volatility and higher risk inthe portfolio.

Treynor RatioIt measures returns earned in excess of that which could havebeen earned on a riskless investment per each unit of marketrisk.

The higher the ratio, the better a portfolio'sperformance

Sharpe RatioA ratio used to measure risk-adjusted performance of the fund.The Sharpe ratio indicates whether a portfolio's returns are dueto smart investment decisions or a result of excess risk.

Greater the Sharpe ratio, the better its risk-adjusted performance. A negative Sharperatio indicates that a risk-less asset wouldperform better than the security beinganalyzed.

Jensen's Alpha It indicates the out-performance of the fund over the returnadjusted for risk with risk measured by beta.

A positive value for Jensen's alpha means thefund manager has beaten the market with hisor her stock picking skills

48

Disclaimer

This Information Package is distributed by quant Capital Advisors Pvt. Limited (hereinafter “quant”) on a strictly private and confidential and on a need to knowbasis exclusively to intended recipient. This Information Package and the information and projections contained herein may not be disclosed, reproduced orused in whole or in part for any purpose or furnished to any other person or persons. The Persons who are in possession of this Information package or maycome in possession at a later day, hereby undertakes to observe the restrictions contained herein.

The information contained herein is of a general nature and is not intended to address the facts and figures of any particular individual or entity. The contentprovided here treats the subjects covered here in condensed form. It is intended to provide a general guide to the subject matter and should not be relied onas a basis for business decisions. No one should act upon such information without making appropriate additional professional advice after a thoroughexamination of the particular situation. This Information Package is distributed by quant upon the express understanding that no information herein containedhas been independently verified. Further, no representation or warranty expressed or implied is made nor is any responsibility of any kind accepted withrespect to the completeness or accuracy of any information as may be contained herein. Also no representation or warranty expressed or implied is made thatsuch information remains unchanged in any respect as of any date or dates after those stated herein with respect to any matter concerning any statementmade in this Information Package. quant and its directors, employees, agents and consultants shall have no liability (including liability to any person by reasonof negligence or negligent misstatement) for any statements, opinions, information or matters (express or implied) arising out of, contained in or derived from,or for any omissions from the Information Package and any liability whatsoever for any direct, indirect, consequential or other loss arising from any use of thisinformation package and/or further communication in relation to this information package.

All recipients of the Information Package should make their own independent evaluations and should conduct their own investigation and analysis and shouldcheck the accuracy, reliability and completeness of the Information and obtain independent and specific advice from appropriate professional advisers, as theydeem necessary. Where this Information Package summarizes the provisions of any other document, that summary should not be relied upon and the relevant.Mutual Fund Investments are subject to market risks. Please read the Scheme Information Document carefully before investing.

The information contained in this document is confidential in nature and the recipient is receiving all such information on the express condition ofconfidentiality unless expressly authorized in writing by quant.

If you are not the intended recipient, you must not disclose or use the information in this document in any way whatsoever. If you received it in error, pleaseinform us immediately by return e-mail and delete the document with no intention of its being retrieved by you. We do not guarantee the integrity of any e-mails or attached files and are not responsible for any changes made to them by any other person.

49

Title

612, maker chambers IV, nariman point, mumbai 400 021, india

phone – 91 22 4088 0100 fax – 91 22 4088 0225

Email – [email protected]

Thank you

mutual fund recommendation – q2 2015

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