recommended funds- performance update€¦ · dear investors on the day of releasing our...

Recommended Funds- Performance Update

Prepared by: iFAST Research Team

Dear Investors

On the day of releasing our performance on Recommended Funds, there has been a bloodbath on Dalal Street with

Sensex and Nifty loosing ~371 points and 112 points respectively. Global uncertainties and domestic worries have

created a panic on the street as a result of which investors are rushing to sell their investments. At this juncture we

would advise all our investors to maintain calm and instead of following the herd, stay invested in their existing

portfolios. They can even think of entering markets either through the SIP route or via lump sum investments

whenever there is a dip. Investors are often shocked and cannot believe that we actually want them to enter the

markets during such volatility. Our reply to all of them is that the India growth story is intact and the volatility is only

short-term. We believe it is always better to enter the markets whenever there is downtrend rather than park money

when market is at its peak.

Our recommended funds were first introduced in June 2009 and underwent a review four times, the last being in

December 2010. Since Jan 2011, we have decided to review our recommended funds on a yearly basis, however, we

will keep a track of the same every six months. It is in this scenario that we have decided to release a report

showcasing how our recommended funds have performed in the first half of 2011.

We hope that you find this information useful and would appreciate your feedback on the same.

Happy Investing!

India Research Desk

Market Update

Equity

In the first half of 2011 i.e. from January 2011 to June 2011, the equity markets performance has been negative. Only two

sectoral indices i.e. FMCG and Consumer Durables represented by BSE FMCG Index and BSE Consumer Durables Index have

given positive returns. All the broad indices have given negative returns exceeding 5%. BSE SENSEX and NIFTY have given -8.11%

and -7.94% returns. Real estate companies have lost the most during the first half. The BSE Real Estate index has lost close to

30% in the first six months of the year. Indices on Midcap, Small Cap, IT, Power, Auto, Metal and Real estate have given double

digit negative returns in the first half of 2011.

The negative returns are influenced both by domestic and global factors. From a domestic perspective, the rate hikes by RB I has

forced the banks to increase their lending rates, this has negatively affected the demand for products from real estate and auto

sector. A decline in the auto sector and real estate also leads to a lower demand for metal products and thus, the metal sector is

also negatively impacted. From a global perspective, the uncertainty of solvency of many European countries and even an

impending ratings downgrade for the US has led to the negative performance not only in India but also in many emerging

countries.

As, RBI has communicated that the rate hikes will continue until there is some level of moderation in inflation, the outlook for

second half looks bleak as the banks will be forced to increase the lending rates. This can lead to lower level of economic

activity; even the Prime Minister’s Economic Advisory Council (PMEAC) has lowered the GDP growth rate of 2011-12 from 8.5%

to 8.2%. This in turn, can lead to some correction in the equity markets.

However, for investors who have a long time horizon, this would be the suitable period to enter into the equity market as we

expect the market to give good returns in the future.

-18.00%

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Sectoral Indices (Returns)

Debt

In the first half of 2011 i.e. from January 2011 to June 2011, the yields in the debt markets performance were on a rising trend.

The 10 year benchmark yield has increased from 7.92% on 31 December 2010 to 8.33% on 30 June 2011, thanks to the RBI’s rate

hike in every quarter and mid quarter policy meets in the first half. Even the liquidity condition in the system has been in the

negative mode. However, the liquidity situation has improved slightly in the first half of 2011.

With the inflation still over 9%, the RBI has reiterated that it will continue hiking rates until there is some sort of moderation in

the level of inflation. So for much part of H2 of 2011, we can expect rate hikes.

In this scenario, we advise:

Investors with a time horizon anywhere from 3 months to 24 months can lock-in their money in FMPs (available with varying maturities) at the prevailing high rates

Investors with idle cash in the savings account should look at Ultra-Short Term Funds. The Recommended Funds in this category include DWS Ultra Short Term Fund and Birla Sun-life Ultra short term Fund. The investment horizon that we suggest for such instruments is 1 month-3 months

Investors with a time horizon between 6 - 12 months should consider Short-Term Funds. The Recommended Funds in this category include Reliance Short Term Fund and Templeton India Short Term Fund

7.67.77.87.9

88.18.28.38.48.58.6

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10 Year Gsec Curve

Yields

Mutual Funds Update

MF Industry Trends

Top Five AMCs - By Absolute Change in Assets (Dec 2010- June 2011)

Absolute Change in Assets

(INR in Crores) % Change in Assets

ICICI Prudential Mutual Fund 13980.31 21.22%

IDFC Mutual Fund 10427.52 57.45%

Birla Sun Life Mutual Fund 9780.71 16.94%

Kotak Mahindra Mutual Fund 6524.98 23.61%

SBI Mutual Fund 6376.60 15.37%

Bottom Five AMCs - By Absolute Change in Assets (Dec 2010- June 2011)

Absolute Change in Assets

(INR in Crores) % Change in Assets

PRINCIPAL Mutual Fund -330.80 -5.74%

JM Financial Mutual Fund -604.55 -9.37%

JPMorgan Mutual Fund -1471.38 -28.32%

Franklin Templeton Mutual Fund -4434.71 -10.82%

LIC NOMURA Mutual Fund -9356.39 -50.05%

The assets managed by the industry from January 2011 to June 2011 rose by about Rs. 69,411 crores from Rs. 6,78,067 crore in

the September 2010 to December 2010 quarter, to Rs. 7,47,479 crores in April 2011 to June 2011 quarter. The industry assets

rose in the April - June 2011 quarter by 10.24% with respect to September - December 2010 quarter.

ICICI Prudential Mutual Fund, IDFC Mutual Fund, Birla Sunlife Mutual Fund were the fund houses which saw their assets increase

the most in Rupee terms. AMCs that started operations recently saw their assets increase by huge percentages; Daiwa Mutual

fund’s assets increased by 391% in the first half of 2011, followed by IDBI Mutual Fund and Peerless Mutual fund at 150% and

113% respectively.

LIC Nomura Mutual fund, Franklin Templeton Mutual Fund and JPMorgan Mutual fund were the fund houses which saw large

decreases in their assets in Rupee terms. LIC Nomura Mutual fund saw its assets decrease by over 50%, while Bharti AXA Mutual

fund and JPMorgan Mutual Fund saw its assets decrease by over 47% and 28% respectively.

Category Returns

Equity: Large Cap -7.64%

Equity: Multi Cap -7.55%

Equity: Mid Cap -8.43%

Equity: ELSS -7.49%

Equity: Index -7.71%

Equity: Global -3.39%

Hybrid: Balanced -2.71%

Hybrid: MIP 1.71%

Debt: Income 3.38%

Debt: Gilt Short Term 2.59%

Debt: Gilt Long Term 2.29%

Debt: Floating Rate 4.15%

Debt: Ultra Short Term 4.25%

Debt: Short Term 4.39%

Liquid 3.92%

During the first half of 2011, due to the negative performance of the equity market locally and globally; domestic and overseas

equity funds as a category have given negative returns. Midcap and small cap funds have lost the most in H1, followed by Index,

Large cap and Multicap funds. Overseas funds have given negative returns with the negative performance being much lower in

comparison to the Indian equity funds.

Balanced funds have also given negative performance due to the negative performance of the equity market. However, the

quantum of negative performance is low due to the higher debt component in the balanced funds as compared to equity funds.

Funds which have higher allocation to debt have given positive returns, including MIPs, which have over 70% allocation to debt.

Short term funds, followed by Ultra Short term funds have given the highest returns in the first half of 2011. The cause for the

better performance by the Short term and the Ultra Short term funds was the lack of liquidity in the system which has led to

higher rates for Certificate of Deposits and Commercial Papers.

Our Recommended Funds

Recommended Large Cap Equity Funds

Investment Strategy: This fund invests into companies

primarily from the BSE 200 index. Banking, Information

Technology, Pharma, Refineries and Tobacco are the

most important sectors of this fund. These five sectors,

on an average, account for over 57% of the portfolio

investments. Banking is the single largest sector that this

fund invests in. In the past 6 months, investments in

banking sector have never fallen below 22% of the

portfolio and accounted for 23.12% of the portfolio in

June 2011. The fund manager has lowered the allocation

to the public sector banks from 14.1% in January 2011 to

12.3% in June 2011, while the private sector banks’

allocation has been increased from 9.6% to 10.8% during

the same period. The fund on an average has had 3.7% in

cash in the past six months. The fund has a small

exposure to rights instruments at an average of 2.5% of

the portfolio, while the rest is invested into equities.

Performance as on 30-June-2011

Absolute (%) CAGR (%)

1 month 3 month 6 month 1 year 3 year 5 year SINCE INCEPTION

HDFC Top 200 Fund 1.36 -1.41 -5.97 9.03 22.50 19.83 22.87

BSE-200 0.56 -2.69 -8.65 2.96 12.08 12.73 13.61

Fund Name: HDFC Top 200 Fund

Category: Equity- Large Cap

Investment Objective: To generate long term capital appreciation from a portfolio of equity and equity-linked instruments primarily drawn from the companies in the BSE 200 Index.

Inception Date: October 11, 1996

Fund Manager Name: Prashant Jain & Miten Lathia

AUM (as at June 2011): INR 11064.99 (in crores)

Investment Amount: Minimum Investment: Rs 5000 Minimum SIP Investment: Monthly: Rs 500 Quarterly: Rs 1500

Load: Entry: NIL Exit: 1% on or before 1 year, Nil After 1 year

Top 5 Sectors

Industry Dec’ 2010 (%) Industry June’ 2011 (%)

Banks 22.42 Banks 21.23

IT - Software 9.99 IT - Software 10.76

Refineries 7.85 Pharmaceuticals & Drugs 7.90

Pharmaceuticals & Drugs 7.75 Refineries 7.61

Engineering - Construction 5.91 Cigarettes/Tobacco 4.56

Top 5 Companies

Company Name Dec 2010 (%) Company Name June 2011 (%)

State Bank Of India 7.10 State Bank Of India

6.86

Infosys Ltd. 6.06 ICICI Bank Ltd. 6.43

ICICI Bank Ltd. 5.52 Infosys Ltd. 5.88

Reliance Industries Ltd.

4.47 ITC Ltd. 4.56

Larsen & Toubro Ltd.

4.13 Reliance Industries Ltd.

4.13

Cash, 2.68%

Equity, 97.32%

Asset Allocation- Dec 2010

Cash

Equity

Cash, 3.68%

Equity, 94.08%

Asset Allocation- June 2011

Cash

Equity

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HDFC Top 200 Fund BSE 200

Performance of HDFC Top 200 Fund along with BSE 200

Investment Strategy: This fund invests in large cap

stocks which can be either growth or value oriented.

For the past six months, Banking, Information

Technology, Telecommunications, Power and

Refineries are the key sectors for this fund. These six

sectors have accounted for more than 62% of the

portfolio assets for the past 6 months. The allocation

to the public sector banks has decreased from 6.2%

in January 2011 to 4.3% in June 2011 while the

allocation to the private sector banks has increased

from 12.5% to 14.5% during the same period.

The fund manager has become conservative in his

investment approach. The fund manager has

increased the allocation to cash from 2.6% in

January 2011 to 9.7% in June 2011. This increase in

the cash allocation was due to the decrease in the

equity allocation of the portfolio.

Cash, 6.31%

Equity, 93.69%


Cash

Equity

Cash, 9.71%Debt, 0.03%

Equity, 90.27%


Cash

Debt

Equity

Fund Name: Franklin India Bluechip Fund


Investment Objective: An open-end growth scheme with an objective primarily to provide medium to long-term capital appreciation.

Inception Date: December 01, 1993

Fund Manager Name: Anand Radhakrishnan & Anand Vasudevan


Investment Amount: Minimum Investment: Rs 5000 Minimum SIP Investment: Monthly: Minimum of 12 cheques each of Rs. 500/- or more or a minimum of 6 cheques each of Rs. 1000/- or more. Quarterly: Minimum of 12 cheques each of Rs. 500/- or more or a minimum of 6 cheques each of Rs. 1000/- or more.

Load: Entry: NIL

Exit: 1% on or before 1Y




Franklin India Bluechip Fund 1.27 -1.15 -5.14 10.26 20.03 16.62 25.18

BSE SENSEX 1.85 -3.08 -8.11 6.47 11.87 12.17 10.43

Top 5 Sectors




Refineries 8.52 Telecommunication - Service Provider 10.14

Electric Equipment 8.38 Power Generation/Distribution 6.94

Telecommunication - Service Provider 8.36 Refineries 5.50

Top 5 Companies


Bharti Airtel Ltd. 7.94 Infosys Ltd. 8.50

Infosys Ltd. 7.34 Bharti Airtel Ltd. 8.36

Reliance Industries Ltd. 6.15 ICICI Bank Ltd. 6.66

ICICI Bank Ltd. 5.23 Reliance Industries Ltd. 4.24

Kotak Mahindra Bank Ltd. 4.01

Kotak Mahindra Bank Ltd. 3.40

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Franklin India Bluechip Fund BSE Sensex

Performance of Franklin India Bluechip Fund along with BSE Sensex

Investment Strategy: The fund's strategy is to invest

in around 20 large cap stocks. Banking, Information

Technology, Oil exploration, Tobacco and power are

the key sectors for this fund. These five sectors

account for over 68% of the portfolio investments

over the past six months. The allocation to banking

sector has dropped from 23.8% in January 2011 to

21% in June 2011, and on the same note the

allocation to the top 5 sectors has dropped from

74.2% to 38.3% during the same period.

Unlike HDFC Top 200 fund which hardly used

derivatives, this fund has used derivatives every

month in the past six months. For the past six

months, derivatives have accounted for an average

8.4% of the portfolio, cash allocation has accounted

for 3.6% and the remaining into equities on an

average allocation of 87.8%

Cash, 3.97%

Equity, 91.96%


Cash

Equity

Cash, 4.18%

Equity, 85.34%


Cash

Equity

Fund Name: ICICI Prudential Focused Bluechip Equity Fund


Investment Objective To seek to generate long-term capital appreciation and income distribution to unit holders from a portfolio that is invested in equity and equity related securities of about 20 companies belonging to the large cap domain and the balance in debt securities and money market instruments.

Inception Date: May 23, 2008

Fund Manager Name: Prashant Kothari & Rajat Chandak



Load: Entry: NIL Exit: 1% on or before 1Y, NIL after 1Y




ICICI Prudential Focused Blue Chip Equity Fund 2.14 -1.42 -3.97 13.47 22.52 17.92

S&P CNX Nifty 1.57 -3.19 -7.94 6.30 11.81 12.53 4.36

Top 5 Sectors

Industry Dec’ 2010 (%)

Industry June’ 2011 (%)



Automobiles-Tractors 6.32 Oil Exploration 8.08

Refineries 6.14 Cigarettes/Tobacco 6.60

Automobile Two & Three Wheelers 6.06

Power Generation/Distribution 6.34

Top 5 Companies

Company Name Dec 2010 (%)

Company Name June 2011 (%)

Tata Consultancy Services Ltd. 7.34 ITC Ltd. 6.60

Punjab National Bank 6.97 Bajaj Auto Ltd 6.17

Mahindra & Mahindra Ltd. 6.32 Axis Bank Ltd. 6.04

Reliance Industries Ltd. 6.14 Hindustan Zinc Ltd. 4.71

Bajaj Auto Ltd 6.06 Punjab National Bank 4.71

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ICICI Prudential Focused Blue Chip Equity Fund

S&P CNX Nifty

Performance of ICICI Prudential Focused Blue Chip Equity Fund along with S&P CNX Nifty

Recommended Multi Cap Equity Funds

Investment Strategy: The fund invests mainly in growth

oriented stocks. In the past six months, large cap stocks on

an average account for 81% of the portfolio, midcap stocks

account for 9% of the portfolio, small cap stocks account

for about 4% of the portfolio and cash holdings account for

3.1% of the portfolio.

Banking, Information Technology, Pharmaceuticals,

Refineries and Mining are the important sectors for this

portfolio. These five sectors on an average account for 52%

of the portfolio in the past six months. Banking is the

largest sector and allocation to banking has never fallen

below 22% in the past six months. The allocation to the

public sector banks has decreased slightly from 14.5% in

January 2011 to 13.9% in June while the allocation to the

private sector banks has increased from 8% to 9% in the

same period. Over all, the allocation to the banking sector

has increased by 0.4% in the past six months to 22.95%

Cash, 4.70%

Equity, 95.30%


Cash

Equity

Cash, 2.30%

Equity, 94.94%


Cash

Equity

Fund Name: HDFC Equity Fund

Category: Equity- Multi Cap

Investment Objective: To

achieve capital appreciation.

Inception Date: January 01, 1995




Load: Entry: NIL Exit: 1% on or before 1Y,Nil-After 1Y




HDFC Equity Fund 0.76 -0.73 -5.79 11.02 25.24 19.82 22.40

S&P CNX 500 0.67 -2.24 -8.46 2.31 12.19 12.03 NA

Top 5 Sectors




Pharmaceuticals & Drugs 8.30


Engineering - Construction 5.05 Refineries 7.05

Oil Exploration 4.65 Mining & Minerals 3.57

Top 5 Companies


State Bank Of India 7.75 State Bank Of India 8.41

ICICI Bank Ltd. 5.89 ICICI Bank Ltd. 6.99

Infosys Ltd. 4.64 Tata Consultancy Services Ltd. 4.62

Titan Industries Ltd. 4.45 Infosys Ltd. 3.99

Bank Of Baroda 4.16 Bank Of Baroda 3.61

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HDFC Equity Fund S&P CNX 500

Performance of HDFC Equity Fund along with S&P CNX 500

Investment Strategy: The fund invests in 60 to 80

stocks across market capitalisation. In the past five

months i.e. from January 2011 to May 2011, large cap

stocks on an average account for 79.4% of the

portfolio, midcap stocks account for 9.2% of the

portfolio, small cap stocks account for 3.4% of the

portfolio and cash holdings account for 7.9% of the

portfolio.

Banking, Information Technology, Refineries,

Pharmaceuticals and Cigarettes are the important

sectors for this portfolio. These five sectors has

accounted for 62.7% of the portfolio in May 2011. The

allocation to the top 5 sectors has increased from 52%

in January to 62.7% in June 2011. Like most funds, the

allocation to the private sector banks has gone up

while the allocation to the public sector has gone down

by about 2%.

Fund Name: Fidelity Equity Fund


Investment Objective: To generate long-term capital growth from a diversified portfolio of predominantly equity and equity-related securities.


Fund Manager Name: Sandeep Kothari & Anirudh Gopalakrishnan

AUM (as at May 2011): INR 3368.19 (in crores)

Investment Amount: Minimum Investment: Rs 5000 Minimum SIP Investment: Monthly: Rs 500

Load: Entry: NIL Exit: 1% on or before 1Y, Nil after 1Y




Fidelity Equity Fund 0.96 -1.94 -5.94 7.50 19.49 18.77 23.09

BSE-200 0.56 -2.69 -8.65 2.96 12.08 12.73 17.44

Top 5 Sectors


Industry May’ 2011 (%)



Refineries 7.32 Refineries 7.56



Cigarettes/Tobacco 4.35 Cigarettes/Tobacco 4.70

Top 5 Companies

Company Name Dec 2010 (%) Company Name May 2011 (%)

Reliance Industries Ltd. 7.32


Infosys Ltd. 5.43 ICICI Bank Ltd. 5.33

ITC Ltd. 4.35 ITC Ltd. 4.70

HDFC Bank Ltd. 4.33 HDFC Bank Ltd. 4.41

Tata Consultancy Services Ltd. 3.70 Infosys Ltd. 4.31

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Fidelity Equity Fund BSE 200

Performance of Fidelity Equity Fund along with BSE 200

Cash, 4.55%

Equity, 95.45%


Cash

Equity

Cash, 9.15%Debt, 0.04%

Equity, 90.82%

Asset Allocation- May 2011

Cash

Debt

Equity

Investment Strategy: UTI Opportunities fund

invests in sectors that are expected to do well

in the future while moving out of sectors

which look overvalued. In the past six months,

large cap stocks on an average account for

86.6% of the portfolio, midcap stocks account

for 3% of the portfolio, small cap stocks

account for 1% of the portfolio and cash

holdings account for 7.5% of the portfolio.

Banking, Cement & Construction, Cigarettes,

Information technology and consumer foods

are the important sectors for this portfolio.

These five sectors on an average account for

54.6% of the portfolio over the past six

months and for 36% of the portfolio in June

2011.

Cash, 6.24%

Equity, 91.95%


Cash

Equity

Fund Name: UTI Opportunities Fund


Investment Objective: This scheme seeks to generate capital appreciation and/or income distribution by investing the funds of the scheme in equity shares and equity-related instruments. The main focus of this scheme is to capitalize on opportunities arising in the market by responding to the dynamically changing Indian economy by moving its investments amongst different sectors as prevailing trends change.

Inception Date: July 20, 2005

Fund Manager Name: Anoop Bhaskar



Load: Entry: NIL Exit: 1% before 1Y,Nil on or after 1Y




UTI Opportunities Fund 0.66 0.29 -4.77 11.85 21.18 17.17 18.45

BSE-100 0.85 -2.89 -8.16 3.83 11.73 12.74 16.53

Top 5 Sectors


Automobiles-Trucks/Lcv 9.11

Cement & Construction Materials 8.89

Banks 8.62 Cigarettes/Tobacco 7.92

IT - Software 8.14 Banks 7.81

Cement & Construction Materials 7.62 IT - Software 6.21

Cigarettes/Tobacco 6.79 Consumer Food 5.55

Top 5 Companies




Tata Motors Ltd. 6.46 Petronet LNG Ltd. 5.05

Petronet LNG Ltd. 4.63 Titan Industries Ltd. 4.91

Housing Development Finance Corporation Ltd. 4.50 Cairn India Ltd. 4.67

GAIL (India) Ltd. 4.43 Tata Consultancy Services Ltd. 4.40

Cash, 3.26%

Equity, 94.82%


Cash

Equity

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UTI Opportunities Fund BSE 100

Performance of UTI Opportunities Fund along with BSE 100

Recommended Midcap and Small Cap Equity Funds

Investment Strategy: This fund focuses mostly on the

midcap sector followed by large cap and small cap

stocks in the past six months. This can be seen from the

analysis of the holding patterns of this fund. In the past

six months, large cap stocks on an average account for

32% of the portfolio, midcap stocks account for 36.5%

of the portfolio, small cap stocks account for 23.4% of

the portfolio and cash holdings account for 5% of the

portfolio. The fund managers have used derivatives in

four out of the six months (H1 of 2011).

Pharmaceuticals, Fertilizers, Textiles, Information

technology and Banking are the important sectors for

this portfolio. Unlike most top performing equity funds,

this fund does not have banking as one of the key

sectors. These five sectors on an average account for

23.2% of the portfolio, over the past six months. The

fund has completely exited from public sector banks for

the past two months.

Fund Name: DSP Black Rock Small & Midcap Fund

Category: Equity- Midcap & Small Cap

Investment Objective: An open ended equity growth scheme, primarily seeking to generate long term capital appreciation from a portfolio substantially constituted of equity and equity related securities, which are not part of top 100 stocks by market capitalization.

Inception Date: November 14, 2006

Fund Manager Name: Anup Maheshwari & Apoorva Shah



Load: Entry: NIL Exit: 1% before 12M, Nil on or after 12M




DSPBR Small & Mid Cap Fund 0.86 1.99 -7.95 5.39 23.02 12.99

CNX Midcap -1.16 -0.85 -10.00 -1.96 15.02 15.10 10.49

Top 5 Sectors





Fertilizers 4.92 Fertilizers 6.65

Electric Equipment 4.77 Textile 4.33


Consumer Food 3.74 Bank - Private 3.91

Top 5 Companies



EID-Parry (India) Ltd. 3.57 Trent Ltd. 3.64

Trent Ltd. 3.11 EID-Parry (India) Ltd. 3.40

Areva T & D India Ltd. 2.80

Hindustan Petroleum Corporation Ltd. 3.24

Tata Chemicals Ltd. 2.78 Gujarat Mineral Devp. Corpn. Ltd. 2.87

Bharat Forge Ltd. 2.71 Chambal Fertilisers & Chemicals Ltd. 2.61

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DSP BlackRock Small & Mid Cap Fund CNX Midcap

Performance of DSP Black Rock Small & Midcap Fund along with CNX Midcap

Cash, 6.79%

Equity, 90.91%


Cash

Equity

Cash, 2.21%

Equity, 96.30%


Cash

Equity

Investment Strategy: This scheme aims to generate

good returns by focusing on large and midcap stocks.

In the past six months, large cap stocks on an

average account for 41.4% of the portfolio, midcap

stocks account for 23.1% of the portfolio, small cap

stocks account for 28.6% of the portfolio and cash

holdings account for 6.9% of the portfolio.

Pharmaceuticals, Auto Ancillary, Banking, Abrasives

and Consumer food are the important sectors for

this portfolio. These five sectors on an average

account for 43.5% of the portfolio for the past six

months. Pharmaceutical has the largest sector

allocation as it has slightly moderated from 15.9% in

January 2011 to 14.4% in June 2011.

Cash, 6.95%

Equity, 93.05%


Cash

Equity

Cash, 7.49%

Equity, 92.51%


Cash

Equity

Fund Name: HDFC Midcap Opportunities Fund

Category: Equity- Mid Cap & Small cap

Investment Objective: The investment objective of the scheme is to generate long-term capital appreciation from a portfolio that is substantially constituted of equity and equity related securities of Small and Mid-Cap companies.

Inception Date: June 25, 2007

Fund Manager Name: Chirag Setalvad & Miten Lathia



Load: Entry: NIL Exit: 1% on or before 1Y, NIL after1Y




HDFC Mid-Cap Opportunities Fund 1.84 6.91 -1.23 12.92 24.60 12.65

CNX Midcap -1.16 -0.85 -10.00 -1.96 15.02 15.10 8.11

Top 5 Sectors




Auto Ancillary 11.35 Banks 11.14

Banks 11.33 Auto Ancillary 9.21

Abrasives 6.05 Abrasives 6.28

Air Conditioners 5.06 Consumer Food 3.52

Top 5 Companies


Ipca Laboratories Ltd. 5.36

Ipca Laboratories Ltd. 4.81

Exide Industries Ltd. 4.10

Carborundum Universal Ltd. 4.48

Carborundum Universal Ltd. 3.96 Bata India Ltd. 3.20

Lupin Ltd. 3.72 Lupin Ltd. 2.93

Biocon Ltd. 3.27 Exide Industries Ltd. 2.69

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HDFC Mid-Cap Opportunities Fund CNX Midcap

Performance of HDFC Mid cap Opportunities along with CNX Midcap

Recommended Index Funds

Investment Strategy: ICICI Prudential Index Fund

tracks the Nifty, and invested 86.5% of the fund

corpus in the index stocks in H1 of 2011. This

fund has increased the cash holding in the

portfolio in H1 of 2011 from 0.08% in January to

4.02% in June 2011. However, this fund had

exposure to Nifty futures in all the six months.

The percentage of the fund's corpus invested in

Nifty futures on an average was in excess of 10%

during the first half of 2011. However, the

exposure to Nifty futures in H1 was on a declining

trend and the allocation to the nifty futures was

at 9.1% in June 2011.

Cash, 0.47%

Equity, 94.27%


Cash

Equity

Cash, 4.02%

Equity, 86.92%


Cash

Equity

Fund Name: ICICI Prudential Index Fund

Category: Equity- Index

Investment Objective: To seek to track the returns of the S&P CNX Nifty through investments in a basket of stocks drawn from the constituents of the above index.

Inception Date: February 26, 2002

Fund Manager Name: Kayzad Eghlim



Load: Entry: NIL Exit: 0.25% on or before 7D, Nil-after 7D.




ICICI Prudential Index Fund 1.83 -2.75 -7.78 6.73 12.88 13.72 19.43

S&P CNX Nifty 1.57 -3.19 -7.94 6.30 11.81 12.53 18.14

Top 5 Sectors







Finance - Housing 4.89 Engineering - Construction 5.48

Top 5 Companies



Reliance Industries Ltd. 9.31 Reliance Industries Ltd. 7.78

Infosys Ltd. 8.62 Infosys Ltd. 7.21


Larsen & Toubro Ltd. 5.46 ITC Ltd. 5.55

Housing Development Finance Corporation Ltd. 4.89

Larsen & Toubro Ltd. 5.01

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ICICI Prudential Index Fund S&P CNX Nifty

Performance of ICICI Prudential Index Fund along with S&P CNX Nifty

Investment Strategy: Franklin India Index

Fund - BSE Sensex Plan was invested into

the index stocks more than 99% in all the

six months of H1 of 2011.

The average cash allocation during these

six months is at 0.31%. Unlike, ICICI

Prudential Index fund, this fund did not

use any index futures

Cash, 0.18%

Equity, 99.82%


Cash

Equity

Cash, 0.25%

Equity, 99.75%


Cash

Equity

Fund Name: Franklin India Index Fund- BSE Sensex Plan

Category: Equity- Index

Investment Objective: An open end index linked growth scheme with the objective to invest in companies whose securities are included in the Nifty and subject to tracking errors, endeavoring to attain results commensurate with S&P CNX Nifty Index under NSE Nifty Plan, and to provide returns that, before expenses, closely correspond to the total return of common stocks as represented by the BSE Sensex under BSE Sensex Plan.

Inception Date: August 27, 2001

Fund Manager Name: Anil Prabhudas


Investment Amount: Minimum Investment: Rs 5000 Minimum SIP Investment: Monthly: Minimum of 12 cheques each of Rs. 500/- or more or a minimum of 6 cheques each of Rs. 1000/- or more. Quarterly: Minimum of 12 cheques each of Rs. 500/- or more or a minimum of 6 cheques each of Rs. 1000/- or more.

Load: Entry: NIL Exit:1% on or before 30D




Franklin India Index Fund BSE Sensex Plan 2.27 -2.59 -7.82 6.89 12.06 12.17 18.51

BSE SENSEX 1.85 -3.08 -8.11 6.47 11.87 12.17 19.29

Top 5 Companies







Larsen & Toubro Ltd. 6.61 ITC Ltd. 7.25


Larsen & Toubro Ltd. 6.62

Top 5 Sectors






Finance - Housing 5.85

Engineering - Construction 7.25

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Franklin India Index-BSE Sensex FundBSE Sensex

Performance of Franklin India- BSE Sensex along with BSE Sensex

Recommended Equity Linked Saving Scheme (ELSS) Funds

Investment Strategy: This fund focuses mostly on

large cap stocks. In the past six months i.e. from

January 2011 to May 2011, large cap stocks on an

average account for about 79.4% of the portfolio,

midcap stocks account for about 9.2% of the

portfolio, small cap stocks account for about 3.4% of

the portfolio and cash holdings account for 4.4% of

the portfolio.

Banking, Information Technology, Pharmaceuticals,

Refineries and Cigarettes are the important sectors

for this portfolio. These five sectors have accounted

on an average for 46.5% of the portfolio in H1 of

2011. Banking sector has never had an allocation of

less than 16% in the past six months and continues

to be the dominant sector in the portfolio. However,

the allocation to the private banking sector has

increased whereas; the allocation the public banking

sector has decreased in the past six months.

Fund Name: Fidelity Tax Advantage Fund

Category: Equity- ELSS

Investment Objective: To generate long-term capital growth from a diversified portfolio of predominantly equity and equity-related securities.


Fund Manager Name: Sandeep Kothari

AUM (as at May 2011): INR 1238.64 (in crores)


Load: Entry: NIL Exit: NIL




Fidelity Tax Advantage Fund 0.87 -1.75 -6.42 7.34 20.30 18.66 15.98

BSE-200 0.56 -2.69 -8.65 2.96 12.08 12.73 11.59

Top 5 Sectors


Industry May’ 2011 (%)


Pharmaceuticals & Drugs 9.68 IT - Software 8.97

IT - Software 9.40 Pharmaceuticals & Drugs 8.97



Top 5 Companies

Company Name Dec 2010 (%) Company Name May 2011 (%)



Infosys Ltd. 5.44 ITC Ltd. 4.88

HDFC Bank Ltd. 4.44 ICICI Bank Ltd. 4.77

ITC Ltd. 4.35 HDFC Bank Ltd. 4.60


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Fidelity Tax Advantage Fund BSE 200

Performance of Fidelity Tax Advantage along with BSE 200

Cash, 1.13%

Equity, 98.87%


Cash

Equity

Cash, 3.21% Debt, 0.04%

Equity, 96.75%

Asset Allocation- May 2011

Cash

Debt

Equity

Investment Strategy: This fund focuses mostly on large

cap stocks. In the past six months (i.e. January 2011 to

June 2011), large cap stocks on an average account for

about 73% of the portfolio, midcap stocks account for

about 12.8% of the portfolio, small cap stocks account for

about 2.8% of the portfolio and cash holdings account for

10.6% of the portfolio. As of end of June, the cash

allocation in the portfolio is at 5.4%.

Banking, Pharmaceuticals, Information Technology,

Cigarette and Engineering – construction are the

important sectors for this portfolio. These five sectors

have accounted on an average for 41.7% of the portfolio

across the six month period. The allocation to the

Cigarette sector has risen rapidly in the past two months.

The fund had no allocation to the Cigarette sector in

January 2011, but has 4.9% allocation to it in June 2011.

Cash, 8.13%

Equity, 91.87%


Cash

Equity

Cash, 5.40%

Equity, 92.77%


Cash

Equity

Fund Name: HDFC Tax Saver Fund

Category: Equity- ELSS

Investment Objective: To achieve long term growth of capital.

Inception Date: March 31, 1996

Fund Manager Name: Vinay Kulkarni & Miten Lathia







HDFC TaxSaver Fund 1.73 1.09 -5.46 7.88 23.03 15.36 31.58

S&P CNX 500 0.67 -2.24 -8.46 2.31 12.19 12.03 NA

Top 5 Sectors







Oil Exploration 4.50 Cigarettes/Tobacco 4.88

Electric Equipment 4.28 Engineering - Construction 4.16

Top 5 Companies



ICICI Bank Ltd. 5.36 State Bank Of India 5.38

Infosys Ltd. 5.11 Tata Consultancy Services Ltd. 4.94

Sun Pharmaceutical Inds. Ltd. 4.53 ITC Ltd. 4.88

Crompton Greaves Ltd. 4.28 Sun Pharmaceutical Inds. Ltd. 4.33


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HDFC Tax Saver Fund S&P CNX 500

Performance of HDFC Tax Saver along with S&P CNX 500

Recommended Global Equity Funds

Investment Strategy: The Principal Global

Opportunities Fund is a feeder fund that invests in

the Principal Global Investors - Emerging Markets

Equity Fund. The Emerging Markets fund invests in

emerging markets across the world and as of

December 2010 has more than 50% exposure to

China, Brazil, South Korea, Taiwan and India.

As of 30 June 2010, the Principal Global

Opportunities Fund has invested 96.7% of its corpus

in the Principal Global Investors - Emerging Markets

Equity Fund and the remaining 3.24% in Cash.

Fund Name: Principal Global Opportunities Fund

Category: Equity- Global

Investment Objective: To provide long term capital appreciation by predominantly investing in overseas mutual fund schemes, and a certain portion of its corpus in Money Market Securities and/or units of Money Market / Liquid Schemes of Principal Mutual Fund.


Fund Manager Name: Rajat Jain

Average AUM (as at June 2011): INR 45.05 (in crores)


Load: Entry: NIL Exit: 1% on or before 1Y




Principal Global Opportunities Fund -2.71 -1.26 0.40 21.19 1.52 6.93 8.69

MSCI World -1.73 -0.28 3.99 27.84 -1.72 0.17 3.39

Top 5 Sectors


Financials 22.32 Financials 20.24

Materials 16.52 Energy 14.67

Information Technology 14.65 Materials 14.14

Energy 13.02 Information Technology 12.18

Consumer Dicretionary 10.24

Consumer Dicretionary 11.63

Top 5 Companies



Samsung Electronics Co. Ltd. 3.16 Cia Vale Do Rio Doce 3.01

Cia Vale Do Rio Doce 3.13 Samsung Electronics Co. Ltd. 2.95

Petrobras Petroleo Brasileiro 2.91

Petrobras Petroleo Brasileiro 2.74

Cnooc Ltd. 1.46 Gazprom 2.50

Companhia De Bebidas Das Americas 1.39

Taiwan Semiconductor Manufacturing Co. Ltd. 1.74

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Principal Global Opportunities Fund MSCI World

Performance of Principal Global Opportunities Fund along with MSCI World

Investment Strategy: The Mirae Asset

China Advantage fund is a feeder fund

that invests in the Mirae Asset China

Sector Leader Equity Fund. The Mirae

Asset China Sector Leader Equity Fund

invests in equities and equity related

securities of companies domiciled in or

having their area of primary activity in

China and Hong Kong.

As of 30 June 2011, the Mirae Asset

China Advantage fund has invested

97.87% into the Mirae Asset China

Sector Leader Equity Fund.

Fund Name: Mirae Asset China Advantage Fund

Category: Equity- Global

Investment Objective: The investment objective of the scheme is to generate long-term capital appreciation by investing predominantly in units of Mirae Asset China Sector Leader Equity Fund and/ or units of other mutual fund schemes, units of exchange traded schemes that focus on investing in equities and equity related securities of companies domiciled in or having their area of primary activity in China and Hong Kong. The Scheme may also invest a certain portion of its corpus in debt and money market securities and/or units of debt/liquid schemes of Domestic Mutual Funds, in order to meet liquidity requirements from time to time. The Scheme does not guarantee or assure any returns.

Inception Date: November 05, 2009

Fund Manager Name: Gopal Agrawal & Neelesh Surana

Average AUM (as at June 2011): INR 102.26 (in crores)


Load: Entry: NIL Exit: 1% on or before 1Y, Nil - after 1Y




Mirae Asset China Advantage Fund -3.14 -1.00 -1.47 21.59 5.76

MSCI China (in INR terms) -5.57 -3.65 -1.14 5.46 3.32 12.35 -0.79

Top 5 Sectors


Industry April’ 2011 (%)

Metals & Mining 14.68 Oil & Gas 14.43

Oil & Gas 11.83 Specialty Retail 13.13

Electrical Equipment 11.79 Internet Software & Services 9.21

Specialty Retail 9.01 Pharmaceuticals 6.37

Internet Software & Services 7.4 None 6.27

Top 5 Companies


Company Name April 2011 (%)

China Unicom (HK) 4.90 Far East Horizon 6.80

Tencent Holdings 4.60 Tencent Holdings 6.20

Chongqing Rural Commercial Bank 4.50

China Suntien Green Energy Corp. 5.70

Goodbaby International 4.40 Zhuzhou CSR Times Electric Co. Ltd 5.20

Sohu.com 4.20 PICC Property & Casualty 5.20

Cash & Other Receivables,

2.14%

International Mutual Fund Units, 97.86%


Cash & Other Receivables

International Mutual Fund Units

Cash & Other Receivables,

2.13%

International Mutual Fund Units, 97.87%


Cash & Other Receivables

International Mutual Fund Units

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Mirae Asset China Advantage FundMSCI China (in INR terms)

Performance of Mirae Asset China Advantage Fund along with MSCI China

Recommended Dividend Yield Equity Fund

Investment Strategy: The fund manager aims to invest

in equity shares that have a high dividend yield in

comparison to S&P CNX Nifty at the time of investment.

The fund invests in stocks across the entire market

capitalisation but focuses mostly on large cap stocks. In

the past six months, large cap stocks on an average

account for about 79.7% of the portfolio, midcap stocks

account for about 7.5% of the portfolio, small cap

stocks account for about 3.5% of the portfolio and cash

holdings account for 6.9% of the portfolio. The fund

also invests in deposits regularly; these deposits make

up 2.5% of the portfolio.

Banking, Information Technology, Cement &

Construction, Cigarette and Power are the important

sectors for this portfolio. These five sectors have

accounted on an average for 42% of the portfolio

across the six month period. Exposure to the cigarette

sector has hugely increased in the past six months from

3.0% in January 2011 to 4.8% in June 2011.

Cash, 9.06%

Equity, 88.97%

Asset Allocation-June 2011

Cash

Equity

Fund Name: UTI Dividend Yield Fund

Category: Equity- Dividend Yield

Investment Objective: The investment objective of the Scheme is to provide medium to long term capital gains and / or dividend distribution by investing predominantly in equity & equity related instruments, which offer high dividend yield. There can be no assurance that the investment objectives of the scheme will be realized.


Fund Manager Name: Swati Kulkarni



Load: Entry: NIL Exit: 1% before 1Y, Nil on or after 1Y

Top 5 Sectors







Power Generation/Distribution 5.73 Cigarettes/Tobacco 4.79

Oil Exploration 5.47 Power Generation/Distribution 4.75

Top 5 Companies




ICICI Bank Ltd. 4.74 ITC Ltd. 4.79

Tata Consultancy Services Ltd. 4.69 ICICI Bank Ltd. 4.65

NTPC Ltd. 4.31 Tata Consultancy Services Ltd. 4.64

Housing Development Finance Corporation Ltd. 4.22 State Bank Of India 4.41




UTI Dividend Yield Fund 1.13 -1.55 -5.58 8.67 22.38 21.09 20.99

BSE-100 0.85

-2.89 -8.16 3.83 11.73 12.74 19.06

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UTI Dividend Yield Fund BSE 100

Performance of UTI Dividend Yield Fund along with BSE 100

Cash, 5.51%

Equity, 92.01%


Cash

Equity

Recommended Contra and Value Equity Fund

Investment Strategy: The fund invests in stocks across

the entire market capitalisation with a slight focus on the

large caps. In the past six months, large cap stocks on an

average account for about 44% of the portfolio, midcap

stocks account for about 23% of the portfolio, small cap

stocks account for about 26% of the portfolio and cash

holdings account for 6.8% of the portfolio. The fund also

invests in derivatives.

Pharmaceuticals, Banking, Information technology,

Cement & Construction and oil exploration are the

important sectors for this portfolio. These five sectors

have accounted on an average for 43.8% of the portfolio

across the six month period. Pharmaceuticals and

Banking are the largest sectors in the portfolio.

Pharmaceutical is the largest sector in the portfolio over

taking the banking sector. The allocation to the pharma

sector has increased from 11.9% in January 2011 to 15%

in June 2011, while the exposure to the banking sector

has reduced from 12.1% to 11.3% during the same

period.

Cash, 8.95%

Equity, 90.47%


Cash

Equity

Cash, 5.84%

Equity, 92.74%


Cash

Equity

Fund Name: ICICI Prudential Discovery Fund

Category: Equity- Contra & Value

Investment Objective: To generate returns through a combination of dividend income and capital appreciation by investing primarily in a well-diversified portfolio of value stocks. Value stocks are those, which have attractive valuations in relation to earnings or book value or current and/or future dividends.


Fund Manager Name: Mrinal Singh & Rajat Chandak







ICICI Prudential Discovery Fund -1.12 1.14 -5.57 6.87 26.67 17.30 25.88

CNX Midcap -1.16 -0.85 -10.00 -1.96 15.02 15.10 21.74

Top 5 Sectors



Banks 12.34 Pharmaceuticals & Drugs 15.04

Pharmaceuticals & Drugs 11.36 Banks 11.63






Top 5 Companies

Company Name

Dec 2010 (%)


Sterlite Industries (India) Ltd. 5.55

Oil & Natural Gas Corpn. Ltd. 4.00

Bharti Airtel Ltd. 4.27 Cipla Ltd. 3.95

CESC Ltd. 3.91 CESC Ltd. 3.76


Great Eastern Shipping Company Ltd. 3.54

Cadila Healthcare Ltd. 3.82

Torrent Pharmaceuticals Ltd. 3.44

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ICICI Prudential Discovery Fund CNX Midcap

Performance of ICICI Prudential Discovery Fund along with CNX Midcap

Recommended Infrastructure Equity Funds

Investment Strategy: This fund invests in stocks of

infrastructure companies across market

capitalisation with a focus on large cap stocks. In the

past six months i.e. H1 of 2011, large cap stocks on

an average account for about 74% of the portfolio,

midcap stocks account for about 16% of the

portfolio, small cap stocks account for about 4.6% of

the portfolio and cash holdings account for 2.5% of

the portfolio. The fund uses derivatives every month.

The average holding of the derivatives is about 2% of

the portfolio.

Banking, Refineries, Power, Electric Equipment and

Engineering – construction are the important sectors

for this portfolio. These five sectors have accounted

on an average for 43.3% of the portfolio across the

six month period. Allocation to the private banks has

almost doubled in the past six months while the

allocation to the public sector banks has moderated

slightly.

Fund Name: DSP Black Rock T.I.G.E.R Fund

Category: Equity- Infrastructure

Investment Objective: An open ended diversified equity Scheme, seeking to generate capital appreciation, from a portfolio that is substantially constituted of equity securities and equity related securities of corporates, which could benefit from structural changes brought about by continuing liberalization in economic policies by the Government and/or from continuing investments in infrastructure, both by the public and private sector.


Fund Manager Name: Anup Maheshwari & Rohit Singhania







DSP Black Rock India T.I.G.E.R Fund 0.12 -2.24 -12.26 -6.48 9.65 13.19 23.38

BSE-100 0.85 -2.89 -8.16 3.83 11.73 12.74 20.87

Top 5 Sectors

Industry

Dec’ 2010 (%)




Engineering - Construction 7.86


Power Generation/Distribution 6.48 Electric Equipment 7.12

Oil Exploration 5.46 Engineering - Construction 6.45

Top 5 Companies





Larsen & Toubro Ltd. 3.51 ICICI Bank Ltd. 3.83

Havells India Ltd. 3.28 Bharat Heavy Electricals Ltd. 3.52

Cummins India Ltd. 3.17 Havells India Ltd. 3.31

GAIL (India) Ltd. 3.05 Larsen & Toubro Ltd. 3.24

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DSP BlackRock India T.I.G.E.R- Fund BSE100

Performance of DSP Blackrock T.I.G.E.R Fund along with BSE 100

Cash, 2.10% Debt, 0.37%

Equity, 95.39%


Cash

Debt

Equity

Cash, 3.29%

Equity, 95.08%


Cash

Equity

Investment Strategy: This fund invests in

infrastructure companies across market

capitalization, but focuses mostly on large cap stocks.

In the past three years, large cap stocks on an average

account for about 76% of the portfolio, midcap stocks

account for about 8.7% of the portfolio, small cap

stocks account for about 6% of the portfolio and cash


uses derivatives. The average holding of the

derivatives is about 2.26% of the portfolio.

Banking, Oil Exploration, Power, Telecom and Electric

Equipment are the important sectors for this

portfolio. These five sectors have accounted for on an

average 54% of the portfolio for the past six months.

Banking sector has seen higher allocation in the

portfolio in the past six months; from 16.4% in

January 2011 to 19.7% in June 2011. Contrary to

many other funds, the allocation to the public sector

banks has increased in the fund from 4.6% in January

2011 to 7.9% in June 2011, while the allocation to the

private sector banks has more or less remained the

same.

Cash, 8.96%

Equity, 92.94%


Cash

Equity

Cash, 8.18%

Equity, 88.36%


Cash

Equity

Fund Name: ICICI Prudential Infrastructure Fund

Category: Equity- Infrastructure

Investment Objective: To seek to generate capital appreciation and income distribution to unitholders by investing predominantly in equity/equity related securities of the companies belonging to the infrastructure securities and balance in debt securities and money market instruments.









ICICI Prudential Infrastructure Fund 0.74 -3.29 -9.92 -0.76 8.92 17.33 19.87

CNX Infrastructure 4.78 1.32 -9.84 -8.23 -1.55 7.15 10.50

Top 5 Sectors




Electric Equipment 9.64 Oil Exploration 12.19

Telecommunication - Service Provider 9.59



Telecommunication - Service Provider 7.73

Oil Exploration 9.39 Electric Equipment 5.97

Top 5 Companies



Bharti Airtel Ltd. 9.59 Bharti Airtel Ltd. 7.73

Bharat Heavy Electricals Ltd. 8.98


Reliance Industries Ltd. 6.29 ICICI Bank Ltd. 4.87

NTPC Ltd. 5.36 Reliance Industries Ltd. 4.82

Sterlite Industries (India) Ltd. 5.13 HDFC Bank Ltd. 4.52

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ICICI Prudential Infrastructure Fund CNX Infrastructure

Performance of ICICI Prudential Infrastructure Fundalong with CNX Infrastructure

Recommended Banking Equity Fund

Investment Strategy: The fund invests in banking

and financial stocks across market capitalisation but

focuses mainly on the large cap banking stocks. In

the past six months, large cap stocks on an average

account for about 79.9% of the portfolio, midcap

stocks account for about 9.8% of the portfolio, small

cap stocks account for about 1% of the portfolio and

cash holdings account for 7.3% of the portfolio.

Investments in public and private sector banks

account for about 81.7% of the portfolio on an

average. The public sector banks account for about

47% of the portfolio while the private sector banks

account for 35% of the portfolio. Non Banking

Financial companies (NBFCs) also account for about

8.7% of the portfolio. The fund has also invested

into other equities for which no information is

available which account for 2.3% of the portfolio.

Cash, 10.99%

Equity, 89.01%


Cash

Equity

Cash, 8.07%

Equity, 91.93%


Cash

Equity

Fund Name: Reliance Banking Fund

Category: Equity- Banking

Investment Objective: The primary investment objective of the Scheme is to seek to generate continuous returns by actively investing in equity and equity related or fixed income securities of companies in the Banking Sector.


Fund Manager Name: Sunil

Singhania & Shrey Loonkar


Investment Amount: Minimum Investment: Rs 5000 Minimum SIP Investment: Monthly: 60 installments of Rs. 100/- each or 12 installments of Rs. 500/- each or 6 installments of. Rs. 1,000/- each. Quarterly: 12 installments of Rs. 500/- each or 4 installments of Rs. 1,500/ each.

Load: Entry: NIL Exit: 1% on or Before 1Y, Nil After 1Y




Reliance Banking Fund 1.41 -5.94 -6.82 17.56 34.59 32.28 33.31

CNX Bank 2.03 -3.94 -4.64 18.81 30.78 24.82 26.83

Top 5 Sectors


Bank - Public 44.43 Bank - Public 44.51

Bank - Private 31.97 Bank - Private 36.28

Finance - NBFC 10.89 Finance - NBFC 8.18

Other 1.71 Other 2.97

Top 5 Companies


State Bank Of India 15.29 ICICI Bank Ltd. 15.56

ICICI Bank Ltd. 13.22 State Bank Of India 13.93

HDFC Bank Ltd. 7.59 Bank Of Baroda 7.81

Bank Of Baroda 6.54 HDFC Bank Ltd. 7.68

Corporation Bank 6.45 Federal Bank Ltd. 6.20

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Reliance Banking Fund CNX BANK

Performance of Reliance Banking Fund along with CNX Bank

Recommended FMCG Equity Fund

Investment Strategy:

The fund invests in Fast Moving Consumer Good (FMCG)

sector across market capitalization but focuses mainly on

the large-cap and small-cap stocks. In the past six months,

from January 2011 to June 2011, the large-cap stocks on an

average account for about 54% of the portfolio, small-cap

stocks for about 23% of the portfolio, and midcap stocks for

about 9.8% of the portfolio. The fund has decreased the

allocation to all the three market-caps in the past six

months as the allocation to cash has increased from 5.52%

in January 2011 to 9.4% in June 2011 whereas, the cash

holdings, on an average, for the first six months of 2011

account for 6.5% of the portfolio. The portfolio also has an

exposure to future derivatives but has no exposure through

options with the average futures exposure at about 6.4%.

The fund invests in FMCG sectors like cigarettes, household

goods, consumer food, paints and textiles. The investment

in Cigarette companies, on an average, January 2011 to

June 2011 was at 33.4% of the portfolio however, the

second largest sector, household goods saw a drop from

18.6% in January 2011 to 10.0% in June 2011.

Fund Name: ICICI Prudential FMCG Fund

Category: Equity- FMCG

Investment Objective: To seek to generate long term capital appreciation through investment made primarily in equity of selected group of companies in the FMCG Sector.









ICICI Prudential FMCG Fund 7.38 13.86 12.80 21.75 21.80 17.37 17.75

CNX FMCG 5.51 12.85 10.19 23.38 25.84 14.97 10.09

Top 5 Companies




Hindustan Unilever Ltd. 9.91 VST Industries Ltd. 8.35

VST Industries Ltd. 7.19 Pidilite Industries Ltd. 8.19

Pidilite Industries Ltd. 6.70

Eveready Industries (India) Ltd. 6.51

Britannia Industries Ltd. 6.60 Page Industries Ltd. 5.98

Top 5 Sectors




Household & Personal Products 20.56

Household & Personal Products 10.02

Paints 7.94 Chemicals 8.19

Chemicals 6.70 Batteries 6.51

Consumer Food 6.60 Textile 5.98

Cash, 3.96%

Equity, 91.38%


Cash

Equity

Cash, 9.38%

Equity, 78.06%


Cash

Equity

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ICICI Prudential FMCG Fund CNX FMCG

Performance of ICICI Prudential FMCG Fund along with CNX FMCG

Recommended Pharma Equity Fund

Investment Strategy: The fund invests in pharma

and healthcare stocks across market capitalisation

but focuses mainly on the large cap. In the past six

months, large cap stocks on an average account for

about 54.5% of the portfolio, midcap stocks account

for about 21.3% of the portfolio, small cap stocks

account for about 20.6% of the portfolio and cash


also invests into equities for which no details are

made available by the fund house which account for

about 1% of the portfolio.

Investments in Pharmaceutical companies account

for about 92.6% of the portfolio on an average

during the H1 2011 and Consumer food accounts for

about 3.5% of the portfolio.

Cash, 6.95%

Equity, 93.05%


Cash

Equity

Cash, 0.31%

Equity, 99.69%


Cash

Equity

Fund Name: Reliance Pharma Fund

Category: Equity- Pharma

Investment Objective: The primary investment objective of the scheme is to seek to generate consistent returns by investing in equity and equity related or fixed income securities of Pharma and other associated companies.


Fund Manager Name: Sailesh Raj Bhan


Investment Amount: Minimum Investment: Rs 5000 Minimum SIP Investment: Monthly: 60 installments of Rs. 100/- each or 12 installments of Rs. 500/- each or 6 installments of. Rs. 1,000/- each Quarterly: 12 installments of Rs. 500/- each or 4 installments of Rs. 1,500/ each





Reliance Pharma Fund 1.20 8.58 0.52 8.74 37.99 29.72 28.34

BSE Health Care 0.08 6.21 -4.99 11.29 15.39 15.34 15.99

Top 5 Sectors





Consumer Food 3.86 Consumer Food 3.32

Hospital & Healthcare Services 1.69 Other 0.40

Other 0.98

Top 5 Companies


Ranbaxy Laboratories Ltd. 9.55

Divi'S Laboratories Ltd. 11.55

Divi'S Laboratories Ltd. 9.28

Ranbaxy Laboratories Ltd. 9.81

Aventis Pharma Ltd. 9.12 Aventis Pharma Ltd. 8.93

Sun Pharmaceutical Inds. Ltd. 8.15

Cadila Healthcare Ltd. 8.23

Cipla Ltd. 6.83 Sun Pharmaceutical Inds. Ltd. 8.12

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Reliance Pharma Fund BSE Healthcare

Performance of Reliance Pharma Fund along with BSE Healthcare

Recommended Technology Equity Fund

Investment Strategy: The fund invests in IT and IT sector

oriented stocks across market capitalisation but focuses

mainly on the large cap and small cap stocks. In the past

three years, large cap stocks on an average account for

about 68% of the portfolio, midcap stocks account for

about 7.4% of the portfolio, small cap stocks account

for about 14.8% of the portfolio and cash holdings

account for 7.6% of the portfolio. The portfolio also has

exposure to derivatives with the average exposure

being 3.1%. The fund has increased the allocation to

midcap stocks from 1.5% in January 2011 to 12.8% in

June 2011 and decreased the allocation to small cap IT

stocks from 22.7% to 6.3% during the same period.

Investments in Indian software companies account for

about 88.4% of the portfolio on an average during H1 of

2011; IT hardware companies account for 1.4% of the

portfolio.

Cash, 4.62%

Equity, 92.77%


Cash

Equity

Cash, 9.01%

Equity, 88.28%


Cash

Equity

Fund Name: ICICI Prudential Technology Fund

Category: Equity- Technology

Investment Objective: To generate long-term capital appreciation by creating a portfolio that is invested in equity and equity related securities of technology and technology dependent companies


Fund Manager Name: Mrinal Singh & Rajat Chandak







ICICI Prudential Technology Fund 2.83 -2.84 -9.18 20.68 15.20 14.13 5.58

BSE IT 1.77 -6.84 -10.62 14.68 14.92 10.25 -1.62

Top 5 Sectors




IT - Hardware 1.55 IT - Hardware 0.97

Miscellaneous 0.03 Miscellaneous 0.04

Top 5 Companies



eClerx Services Ltd 14.66 eClerx Services Ltd 12.82

Tata Consultancy Services Ltd. 14.66


Nucleus Software Exports Ltd. 3.78 Wipro Ltd. 4.21

Infinite Computer Solutions (India) Ltd. 2.96

Oracle Financial Services Software Ltd 3.94

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ICICI Prudential Technology Fund BSE IT

Performance of ICICI Prudential Technology Fund along with BSE IT

Recommended Ultra Short Term Debt Funds

Investment Strategy: For the past six months, the fund has had exposure to Certificate of Deposits and Cash only and the allocation has stayed almost the same during the past six months. The average maturity of the fund has increased from 1.44 months in January 2011 to 3.7% in June 2011 and the modified duration has increased from 0.84 months in February 2011 to 3.12 months in June 2011.

Fund Name: Birla Sun Life Ultra Short Term Fund

Category: Debt- Ultra Short Term

Investment Objective: The investment objective of the Scheme is to generate income and capital appreciation by investing 100% of the corpus in a diversified portfolio of debt and money market securities with relatively low levels of interest rate risk.

Inception Date: April 19, 2002

Fund Manager Name: Kaustubh Gupta & Lokesh Mallya

AUM (as at June 2011): INR 1194.75 crores


Load: Entry: NIL Exit:0.25% On or Before 15D, NIL on or After 15D




Birla Sun Life Ultra Short Term Fund 0.67 1.94 3.74 6.61 5.72 5.88

Crisil Short-Term Bond Fund Index 0.94 1.79 3.46 5.59 7.20 7.06 6.91

Top 5 Instruments

Instrument Dec’ 2010 (%)

Instrument June’ 2011 (%)

Certificate of Deposit 77.10


Top 5 Ratings Profile

Ratings Dec 2010 (%) Ratings June 2011 (%)

P1+ 55.42 P1+ 41.72

A1+ 10.87 PR+ 22.27

PR1+ 10.81 A1+ 19.79

Cash, 22.90%

Debt, 77.10%


Cash

Debt

Cash, 16.22%

Debt, 83.78%


Cash

Debt

Investment Strategy: The fund is invested in a wide variety of debt securities and around 84 % of the portfolio is in

Certificate of Deposits and Commercial Papers for June 2011. The allocation to both these instruments has increased in

the past six months. Also, the allocation of fixed deposits in the fund is notable. The allocation of the deposits has

increased from 4.9% in January 2011 to 15.9% in June 2011.

The fund's average maturity has increased from 1.92 months in January 2011 to 3 months in June 2011 and the modified

duration has increased from 1.8 months to 2.8 months. The credit rating of the fund’s investments is mostly AAA or A1+

or similar indicating very low probability of default. One salient feature of this fund is that it has no exit load unlike a few

other ultra short term funds which have exit load for withdrawals within 15 days.

Fund Name: DWS Ultra Short Term Fund


Investment Objective: To provide liquidity and generate stable returns by investing in a mix of short term debt and money market instruments.


Fund Manager Name: Kumaresh Ramkrishnan & Nitish Gupta


Investment Amount: Minimum Investment: Rs 5000 Minimum SIP Investment: Not Available





DWS Ultra Short Term Fund 0.65 1.98 3.79 6.47 6.03 6.44 5.86

Crisil Liquid Fund Index 0.66 1.92 3.92 7.18 6.27 6.57 5.89



P1+ 37.37 P1+ 38.45

PR1+ 16.90 PR1+ 20.24

A1+ 16.82 PR+ 13.28

LAA(SO) 7.87 A1+ 11.12

AAA(SO) 7.41 A1+(SO) 3.40

Top 5 Instruments

Instrument Dec’ 2010 (%) Instrument June’ 2011 (%)



Commercial Paper 20.49 Commercial Paper 29.74

PTC & Securitized Debt 13.02 Corporate Debt 5.73

Corporate Debt 6.98

Treasury Bills 2.45

Cash, 6.46%

Debt, 93.54%


Cash

Debt

Cash, -5.21%

Debt, 89.28%

Deposits, 15.93%


Cash

Debt

Deposits

Investment Strategy: The fund has been invested in wide variety of securities in the debt market. However, the

allocation to AAA rated securities has reduced from 28.5% in January 2011 to 5.4% in June 2011. During the same

period, the allocation to Certificate of Deposits (CDs) has reduced from 31.9% to 26.3%. However, the allocation to

commercial papers (CPs) has gone up from 8.3% to 21% during the same period. The fund has also increased

allocation to T-bills from 2.6% to 4.5% during the past six months.

The average maturity of the fund has reduced from3.6 months in January 2011 to 2.04 months in June 2011 and the

modified duration has reduced drastically from 3.48 months in January 2011 to 1.44 months in June 2011.

Fund Name: BNP Paribas Money Plus Fund


Investment Objective: The primary objective of the Scheme is to provide income consistent with the prudent risk from a portfolio comprising of floating rate debt instruments, fixed rate debt instruments, money market instruments and derivatives. However, there can be no assurance that the investment objective of the Scheme will be achieved. The Scheme do not guarantee / indicate any returns.


Fund Manager Name: Alok SIngh


Investment Amount: Minimum Investment: Rs 10000 Minimum SIP Investment: Monthly: Rs 500 Quarterly: Rs 500 Weekly: Rs 500

Load: Entry: NIL Exit: 0.15% on or before 7D




BNP Paribas Money Plus Fund 0.66 1.94 3.79 6.66 6.29 6.58 6.38


Top 5 Instruments

Instrument Dec’ 2010 (%) Instrument June’20 11 (%)

Corporate Debt 41.29 Corporate Debt 30.06



Commercial Paper 8.24


PTC & Securitized Debt 6.82


Treasury Bills 2.57 Treasury Bills 4.49



AAA(IND)(SO) 18.45 P1+ 38.00

AA(IND) 15.82 AA(IND) 10.09

A1+ 14.71 AA 7.91

PR1+ 12.19 A1+ 7.36

P1+ 10.72 PR+ 5.91

Cash, 10.99%

Debt, 89.01%


Cash

Debt

Cash, 11.41%

Debt, 88.59%


Cash

Debt

Recommended Floating Rate Debt Funds

Investment Strategy: The fund objective is to invest substantially in short term debt and money market instruments

and generate regular income for the investor. However, as not too many floating rate papers are available in the

markets, the fund is managed like an ultra short term fund and does not have any exposure to floating rate

instruments. As at 30 June 2011, the fund has around 95% of the portfolio in Money Market Instruments and 5% in

Cash. 95% of the portfolio is into certificate of Deposits (CDs) with all of them having the best credit rating. The

allocation to cash has decreased from close to 38% in January to 4.23% in June.

As of end of June, the average maturity is 2.76 months and modified duration is 2.76 months.

Fund Name: Birla Sun Life Floating Rate Fund- Long Term Plan

Category: Debt- Floating Rate

Investment Objective The primary objective of the scheme is to generate regular income through investment in a portfolio comprising substantially of floating rate debt / money market instruments. The scheme may invest a portion of its net assets in fixed rate debt securities and money market instruments.


Fund Manager Name: Prasad Dhonde & Sunaina Da Cunha



Load: Entry: NIL Exit: 0.25% on or Before 30D, NIL on or After 30D




Birla Sun Life Floating Rate Fund- Long Term Plan 0.82 2.24 4.37 7.67 7.82 8.03 6.96


Top 5 Instruments







P1+ 50.76 PR+ 42.96

A1+ 20.53 P1+ 31.16

PR1+ 14.30 A1+ 13.82

F1+ 7.82

Cash, 14.40%

Debt, 85.60%


Cash

Debt

Cash, 4.23%

Debt, 95.77%


Cash

Debt

Investment Strategy: The fund invests in short term debt and money market instruments with weighted average

portfolio duration of around 1.3 months for the past six months (Jan – June 2011). As of end of June, the modified

duration is 2.4 months. Due to scarcity of short term floating rate papers, the fund is managed like an ultra short term

fund and currently does not have any floating rate securities. As at 30 June 2010, the fund has around 62.8% in

Commercial Papers and 29.4% in Certificates of Deposit and the remaining into cash and equivalent instruments.

Fund Name: Canara Robeco Floating Rate Fund

Category: Debt- Floating Rate

Investment Objective: The scheme seeks to generate income by investing in a portfolio comprising of short term debt instruments and money market instruments with weighted average portfolio duration of equal to or less than 1 year.


Fund Manager Name: Suman Prasad & Akhil Mittal



Load: Entry: NIL Exit: 0.25% on or before 15D, Nil after 15D




Canara Robeco Floating Rate Fund 0.76 2.41 4.64 8.09 7.08 7.49 7.25


Top 5 Instruments








P1+ 33.67 PR1+ 38.77

PR1+ 24.03 P1+ 38.52

A1+ 18.72 A1+ 14.92

PR1+(SO) 9.45 UNRATED 7.64

Cash, 2.67%

Debt, 97.33%


Cash

Debt

Cash, 7.79%

Debt, 92.21%


Cash

Debt

Recommended Short Term Debt Funds

Investment Strategy: The fund's objective is to generate stable returns and it invests in fixed income securities with

short maturity. In the first six months of 2011, the fund manager has taken a slight conservative note and the fund's

average maturity has decreased from 1.8 years in January 2011 to 1.67 years in June 2011. Likewise, the modified

duration of the fund has reduced from 1.48 years in January 2011 to 1.39 years in June 2011.

During the same period that is; between January 2011 to June 2011 the fund has increased cash allocation from 1.7% to

8.7%, while allocation to Certificate of Deposits (CDs) has fallen from 46.2% to 10.2%. The allocation to commercial

papers and corporate debt has increased from 2.8% to 11.7% and 27.4% to 49.8% respectively, for the same period.

8.74%

Debt, 91.26%


Cash

Debt

Fund Name: Reliance Short Term Fund

Category: Debt Short Term

Investment Objective: The primary investment objective of the scheme is to generate stable returns for investors with a short term investment horizon by investing in fixed income securities of short term maturity.


Fund Manager Name: Prashant Pimple


Investment Amount: Minimum Investment: Rs 5000 Minimum SIP Investment: Not Available





Reliance Short Term Fund 0.90 1.73 3.39 5.62 8.58 8.60 7.60


Top 5 Instruments


Certificate of Deposit 39.81 Corporate Debt 49.84

Government Securities 20.65


Corporate Debt 16.63 Commercial Paper 11.70



Floating Rate Instruments 5.14




A1+ 23.07 AAA 26.40

SOV 20.65 P1+ 19.26

P1+ 18.45 A+ 15.30

AAA 12.97 AA+ 12.89

A+(SO) 4.84 LAA+ 9.15

Cash, 8.87%

Debt, 91.13%


Cash

Debt

Investment Strategy: The fund aims to provide steady income while avoiding interest rate volatility by holding papers till

maturity. The fund invests some portion of the corpus in papers which are perceived to have higher credit risk to

generate higher accrual. As at 30 June 2010, the fund has invested around 55.4% of the portfolio in A1+ and AAA rated

and equivalent papers. Around 21% of the portfolio is invested in AA, AA+ and AA- equivalent papers and around 1% in

A+ and equivalent rated papers.

Pass through certificates, securitized debt and corporate debt account for major chunk of the portfolio. However, both

the instruments have seen their allocation decline in the past six months from 35.7% to 30% and 43% to 38.6%

respectively. The fund maintains extremely low levels of cash. The level of cash in the portfolio has dropped from 2.5% in

January 2011 to 0.83% in June 2011. However, the allocation to Commercial Papers and Certificate of Deposits (CDs) has

increased from 10.9% to 13.8% and 7.8% to 16.8% respectively.

The fund manager has managed to increase the average maturity of the fund marginally from 1.07 years to 1.14 years

however; the fund’s modified duration has reduced from 0.98 year to 0.85 year. This can be attributed to the reduced

allocation to PTCs, securitized debt and corporate debt and increase in the allocation to CPs and CDs.

Cash, 1.90%

Debt, 98.10%


Cash

Debt

Cash, 0.83%

Debt, 99.17%


Cash

Debt

Fund Name: Templeton India Short Term Income Plan

Category: Debt- Short Term

Investment Objective: An open-end income scheme with an objective to provide stable returns by investing in fixed income securities.


Fund Manager Name: Sachin Padwal-Desai & Umesh Sharma


Investment Amount: Minimum Investment: Rs 5000 Monthly: Minimum of 12 cheques each of Rs. 500/- or more or a minimum of 6 cheques each of Rs. 1000/- or more. Quarterly: Minimum of 12 cheques each of Rs. 500/- or more or a minimum of 6 cheques each of Rs. 1000/- or more.

Load: Entry: NIL Exit: 0.50% on or before 9M




Templeton India Short Term Income Plan 1.10 2.49 4.37 6.59 9.41 8.96 7.65

Crisil Short-Term Bond Fund Index 0.94 1.79 3.46 5.59 7.20 7.06 NA

Top 5 Instruments









PSU & PFI Bonds 0.07



P1+ 19.24 A+(SO) 19.87

A+(SO) 14.39 A1+ 12.57

LAAA(SO) 13.24 AAA(IND) 12.37

AAA(IND) 10.80 P1+ 11.38

AA- 8.84 LAA 9.31

Recommended Income Debt Fund

Investment Strategy: The fund objective is to generate optimal returns with active management of the portfolio and

duration. In the past six months the fund has been managed more like a medium term fund with average maturity increasing

from 11.3 months in January 2011 to 24 Months in June 2011.

The fund manager has also become aggressive with the fund. The ‘AA’ rated securities allocation in the fund has increased

from15.2% in January to 26.5% in June 2011, while the cash allocation has decreased from 17% in January 2011 to 7% in

June 2011. Even the modified duration has increased from 7.2 months to 23.4 months.

The fund has increased allocation to Certificate of Deposits (CDs) from 0% in January to 17.7% in June, while exposure to

corporate debt has been around 51% for most of the six months. Allocation to floating rate instruments and Pass through

certificates and securitized debt has decreased. The fund has completely exited government securities for the past two

months.

Fund Name: Birla Sun Life Dynamic Bond Fund

Category: Debt- Income

Investment Objective: The investment objective of the scheme is to generate optimal returns with high liquidity through active management of the portfolio by investing in High Quality Debt and Money Market Instruments.

Inception Date: September 27, 2004

Fund Manager Name: Maneesh Dangi



Load: Entry: NIL Exit: 0.50% on or before 180D, Nil after 180D


Absolute CAGR


Birla Sun Life Dynamic Bond Fund 1.30 2.22 4.16 6.32 8.85 8.94 7.93

Crisil Composite Bond Fund Index 0.86 1.24 2.64 4.58 6.78 5.99 5.38

Top 5 Instruments







PSU & PFI Bonds 1.62 Floating Rate Instruments 9.23

Government Securities 1.54 PSU & PFI Bonds 3.93



AAA 36.60 AAA 28.09

AA+(SO) 14.54 AAA(SO) 15.15

AA+ 10.39 LAA+ 12.41

AAA(SO) 9.56 P1+ 10.16

LAA+ 8.11 AA+ 6.35

Cash, 12.74%

Debt, 87.26%


Cash

Debt

Cash, 7.62%

Debt, 92.38%


Cash

Debt

Recommended GILT – Short Term Debt Fund

Investment Strategy: The fund invests in extremely short term government securities. The average maturity for the

past six months has been around 1 year. The fund manager has slowly moved the average maturity of the fund from

1.33 years in January to 0.85 year in June 2011. Additionally, the fund manager has increased the cash allocation in the

fund from 7.02% in January 2011 to 16.6% in June 2011.

Cash, 3.69%

Debt, 96.31%


Cash

Debt

Cash, 16.64%

Debt, 83.36%


Cash

Debt

Fund Name: ICICI Prudential Gilt Fund Treasury Plan

Category: Debt- Gilt Short Term

Investment Objective: To generate regular returns through investment made in Gilts of various maturities.


Fund Manager Name: Avnish Jain







ICICI Prudential Gilt Fund -Treasury Plan 0.70 1.10 2.83 4.04 9.28 8.22 8.27

I-SEC Si-BEX 0.59 0.67 2.73 4.25 7.99 7.49 NA

Top 5 Instruments






SOV 96.31 SOV 83.36

Recommended GILT – Long Term Debt Fund

Investment Strategy: The fund invests in medium to

long tenure Government securities paper to generate

relatively steady return with some market volatility.

The fund actively adjusts the duration of the holdings

depending on the fund manager's view on interest

rates. So, the fund has a volatile average maturity.

Between January and June 2011, the fund’s average

maturity has varied between 2.53 years in March

2011 to 6.31 years in June 2011.

The fund manager has become aggressive in his

stance on government securities. The fund manager

has decreased the cash allocation in the fund

from48.3% in January 2011 to 30.5% in June 2011. In

2010, the decrease in cash allocation has led to

increase in the investment of long term government

securities. The average maturity of the G-secs in the

fund has increased from 5.65 years to 6.31 years while

the modified duration has increased from 3.54 years

in January to 4.11 years in June.

Cash, 37.70%

Debt, 62.30%


Cash

Debt

Cash, 30.54%

Debt, 69.46%


Cash

Debt

Fund Name: ICICI Prudential Gilt Fund Investment Plan

Category: Debt- Gilt Long Term

Investment Objective This Plan is suitable for investors looking at avenues to invest surplus funds for medium to long periods, ideally greater than 1 year. It is proposed to invest such proceeds in Gilts (including Treasury Bills) with medium to long maturities, with the average maturity of the portfolio normally not exceeding 8 years.


Fund Manager Name: Avnish Jain







ICICI Prudential Gilt Fund -Investment Plan 0.96 0.86 2.20 5.19 11.85 10.00 10.79

I-BEX (I-Sec Sovereign Bond Index) 1.09 0.57 2.34 4.93 9.93 8.32 10.19

Top 5 Instruments






SOV 62.30 SOV 69.46

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ICICI Prudential Gilt Fund-Investment PlanI-BEX (I-Sec Sovereign Bond Index)

Performance of ICICI Prudential Gilt Fund-Investment Plan along with I-BEX (I-Sec Sovereign Bond Index)

Recommended Balanced Funds

Investment Strategy: The fund is a balanced fund with a mandate to invest minimum average of 65% in equities. The

fund manager for the past 6 months i.e. from January to June has become aggressive and has increased the allocation to

equities from 68.3% in January 2011 to 72.8% in June 2011. Also, the cash component of the portfolio has increased from

1% to 5.5% of the portfolio. However, this increase in cash and equity portions has been done by the reduction of the

debt portion. The debt portion in the portfolio has decreased from 28.1% in January 2011 to 21% in June 2011.

Much of the increase in the equities has been moved into Large cap stocks as the allocation to large cap stocks has gone

up from 48% in January 2011 to 53.4% in June 2011, while the allocation to midcaps and small caps have been around

13% and 6% respectively for the past 6 months.

Banking continues to be the predominant sector that the fund has invested into; however, the allocation to private

sector banks has increased from 6.24% in January to 7.97% in June 2011. Though, the fund has completely exited from

the public sector banks for the past two months (i.e. May and June). The fund has also decreased the allocation to

software companies from 10.26% in January 2011 to 6.00% in June 2011.

Fund Name: DSP Black Rock Balanced Fund

Category: Hybrid: Balanced

Investment Objective: An open ended balanced Scheme, seeking to generate long term capital appreciation and current income from a portfolio constituted of equity and equity related securities as well as fixed income securities (debt and money market securities).


Fund Manager Name: Apoorva Shah & Kushal M. Choksi







DSP Black Rock Balanced Fund 0.51 0.40 -3.62 6.05 15.32 16.13 16.93

Crisil Balanced Fund Index 1.35 -1.59 -4.17 6.04 11.39 11.14 NA

Top 5 Sectors



IT - Software 8.69 Bank - Private 7.97

Banks 6.98 Pharmaceuticals & Drugs 6.09

Pharmaceuticals & Drugs 6.49 IT - Software 6.00


Electric Equipment 3.82 Finance - Housing 3.83

Top 5 Companies



Reliance Industries Ltd. 3.64 HDFC Bank Ltd. 3.85

Infosys Ltd. 2.70 Housing Development Finance Corporation Ltd. 3.83




Bharat Petroleum Corpn. Ltd. 2.72

Bharat Petroleum Corpn. Ltd. 2.14


Cash, 4.02%

Debt, 22.84%

Equity, 71.99%


Cash

Debt

Equity

Cash, 5.53%

Debt, 20.98%

Equity, 72.83%


Cash

Debt

Equity

Investment Strategy: The fund is a balanced fund with a mandate to invest on an average minimum 65% in equities. However,

between January 2011 and June 2011, the fund is mostly invested 71% to 74% in equities, 20% to 22% in debt and around 3.6% to 5.9%

in cash and cash equivalent investments. The equity portion of the portfolio has greater allocation to large cap stocks with close to 50%

of the portfolio in it. This is followed by mid cap stocks accounting on an average of 14% of the portfolio, while the small cap stocks on

an average account for about 9%. The fund manager has more or less maintained the allocation to the different market caps at a

constant level for the past six months. As at June 2011, the fund has around 73% in equities out of which 49% is in large-cap stocks and

24.32% in mid-cap and small cap stocks.

Between January 2011 and June 2011, the fund has increased the allocation to private banking companies, from 5.5% in January 2011

to 6.2% in June 2011, while the allocation to the public sector banks has been reduced from 9.2% to 7.9% during the same period.

Overall, there has been some moderation in the level of holding in the banking sector. Pharma is another sector where it has increased

its allocation over the past six months from 5.8% in January 2011 to 7.1% in June 2011. Allocation to the software companies

continues to be around 8.3% for the past 6 months

Cash, 1.24%Debt, 24.46%

Equity, 74.08%


Cash

Debt

Equity

Cash, 4.08%Debt, 20.98%

Equity, 73.44%


Cash

Debt

Equity

Fund Name: HDFC Prudence Fund

Category: Hybrid- Balanced

Investment Objective: To provide periodic returns and capital appreciation over a long period of time, from a judicious mix of equity and debt investments with an aim to prevent / minimize any capital erosion.









HDFC Prudence Fund 1.85 1.53 -1.34 10.76 24.45 19.50 19.33

Crisil Balanced Fund Index 1.35 -1.59 -4.17 6.04 11.39 11.14 NA

Top 5 Sectors






Oil Exploration 3.52 Refineries 4.00

Textile 3.13 Textile 3.31

Top 5 Companies


Infosys Ltd. 4.77 State Bank Of India 4.15

State Bank Of India 4.48 ICICI Bank Ltd. 3.77


ICICI Bank Ltd. 3.85 Tata Consultancy Services Ltd. 3.56

Bank Of Baroda 3.15 Coal India Ltd. 2.87

Recommended Monthly Income Plan (MIP) Funds

Investment Strategy: The fund has taken an aggressive stance in the past six months, as the fund manager has

increased the allocation to equities from 20.8% to 23.6%. The debt allocation to the portfolio has also gone up from

70.2% to 74.3%. Both the increase in debt and equity portions has been done at the cost of reduction in the cash

portion of the fund from 6.5% in January 2011 to 1.6% in June 2011.

Certificate of Deposits (CDs) and corporate debt on an average account for 65% of the portfolio. Investment into both

these instruments has gone up over the past six months. For CDs, the allocation has gone up from 24% in January 2011

to 27% in June 2011 and for corporate debt from 38% in January 2011 to 40.3% in June 2011.

The average maturity of the debt component in the fund has gone up slightly from 2.24 years to 2.26 years; this

indicates a modest increase of about 1% in maturity. The modified duration of the debt portion has gone up from 1.54

years in January 2011 to 1.63 years in June 2011, therefore, the modified duration has increased by approximately 6%.

This indicates that the fund has increased its risk exposure.

The increase in risk exposure is verified by the increased allocation to AA rated securities from 7.9% in January 2011 to

10.6% in June 2011, while the allocation to AAA rated securities has fallen from28.2% to 27.2%

Cash, 4.06%

Debt, 70.74%

Equity, 22.44%


Cash

Debt

Equity

Cash, 1.57%

Debt, 74.28%

Equity, 23.64%


Cash

Debt

Equity

Fund Name: HDFC Monthly Income Plan- Long Term Plan

Category: Hybrid- MIP

Investment Objective: To generate regular returns through investment primarily in Debt and Money Market Instruments. The secondary objective of the Scheme is to generate long-term capital appreciation by investing a portion of the Scheme's assets in equity and equity related instruments. Monthly Income is not assured & is subject to availability of distributable surplus.


Fund Manager Name: Prashant Jain & Shobhit Mehrotra







HDFC Monthly Income Plan-Long Term Plan 1.27 1.57 1.75 7.46 14.62 11.72 11.97

Crisil MIP Blended Index 0.98 0.60 1.10 5.03 8.21 7.56 6.93

Top 5 Instruments







PTC & Securitized Debt 0.56 Commercial Paper 1.00

Commercial Paper 0.45 PTC & Securitized Debt 0.30



AAA 20.94 AAA 17.88

P1+ 13.87 P1+ 16.97

SOV 10.13 A1+ 7.17

A1+ 6.80 SOV 5.66

AAA(SO) 3.33 AAA / P1+ 3.88

Investment Strategy: The fund has taken a moderate stance in the past six months, as the fund manager has

decreased the allocation to equities from 19.6% to 18.2%. The debt allocation to the portfolio has also gone down

from 77.9% to 76.9%. Both the decrease in debt and equity portions has led to an increase in the cash component of

the fund. The cash component has increased from 2.0% in January 2011 to 4.2% in June 2011.

The fund manager has rapidly decreased allocation to Certificate of Deposits (CDs) from almost 21% in January 2011

to 3.2% in June 2011, while the allocation to corporate debt has increased from 31.9% to 48.6% during the same

period. Allocation to government securities and floating rate instruments has increased while the allocation to PSU

bonds and PTC & securitized debt has gone up.

The average maturity of the debt component in the fund has gone up slightly from 2.18 years to 2.2 years; this

indicates a modest increase of about 1% in maturity. The modified duration of the debt portion has gone down from

1.74 years in January 2011 to 1.67 years in June 2011. This indicates that the fund has decreased its risk exposure.

The decrease in risk exposure is verified by the increased allocation to AAA rated securities from 27.7% in January

2011 to 37.1% in June 2011, similarly, the allocation to AA rated securities has gone up from 13.1% to 25.6%

Cash, 3.41%

Debt, 76.98%

Equity, 19.11%


Cash

Debt

Equity

Cash, 4.19%

Debt, 76.96%

Equity, 18.19%


Cash

Debt

Equity

Fund Name: Reliance Monthly Income Plan

Category: Hybrid MIP

Investment Objective: The primary investment objective of the Scheme is to generate regular income in order to make regular dividend payments to unit holders and the secondary objective is growth of capital


Fund Manager Name: Amit Tripathi & Ashwani Kumar


Investment Amount: Minimum Investment: Rs 5000 Minimum SIP Investment: Monthly: 60 installments of Rs. 100/- each or 12 installments of Rs. 500/- each or 6 installments of. Rs. 1,000/- each. Quarterly: 12 installments of Rs. 500/- each or 4 installments of Rs. 1,500/ each.





Reliance Monthly Income Plan 0.77 1.27 0.99 5.76 15.77 11.70 11.06

Crisil MIP Blended Index 0.98 0.60 1.10 5.03 8.21 7.56 6.81

Top 5 Instruments





Government Securities 16.86 PSU & PFI Bonds 6.50







AAA 20.58 AAA 35.99

SOV 16.86 AA 7.29

A1+ 13.00 SOV 5.91

P1+ 7.80 LAA+ 4.33

AA(IND) 3.86 A+ 3.78

recommended funds- performance update€¦ · dear investors on the day of releasing our...

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