returns · returns. real return simply means adjusting the return for inflation. so, in our above...

DECEMBER 2017For private circulation only

Why do we invest? We invest for Returns. The higher the returns, the better. Returns, in fact, is the primary measure to judge the success or performance of your investment decision. However, there is no single universal measure of return and you may often come across different techniques of measuring returns, since product providers use this differentiation strategy in order to attract investors. As investors, it becomes essential for us to properly interpret these returns in the manner that we ought to. This is very basic, for the matter of fact it's the first step and is critical to start your financial journey.

With different return measures being thrown at us consistently over the years, we have got habituated to see things as marketeers want us to see. We now carry different Perception Values in terms of returns because these product providers showcase the returns differently. For Eg. when you buy a traditional life insurance policy, the returns would be portrayed as “Invest R10 Lacs today, and get R40 lacs after 25 years when you retire”. Or when you buy a piece of property for investment, you'll see that real estate prices have multiplied 3x times over the last 10 years in that particular area. Investors often get easily mislead into thinking that these returns are very attractive. But are they really?

Not knowing how to read returns often ends us up investing in a wrong, low return product, which is just dispensing a higher Perception Value. Hence, it is very important for investors to evaluate different options on the same parameters and not just on the impression it creates, and take an informed investing decision.

INTERPRETINGRETURNS

Different Measures of ReturnsThe first step to taking an informed decision is understanding the various types of return measures.

Absolute Returns: Absolute return is simply the return generated by an investment over a period of time. For Eg. You bought a piece of land for R10 lacs three years back, and it's valued at R13 lacs today. So, the absolute return here is R3 lacs on R10 lacs, 30%. Note that Absolute Returns are independent of any adjustment /consideration for time.

Simple Returns: Simple Return is a common measure where returns are calculated on the base principal amount which does not change over time. So 10% of R10 lacs is R1 lac. To find simple returns, one only needs to divide the Absolute Returns with the number of years of investment. For eg. if it is 30% in 3 years, then it is 10% simple return yearly.

Compounded Returns: Compounding in layman terms means return on return or interest on interest as we generally understand the term in case of bank FD's. So if we have invested R1,000 in an FD and got an interest of R100, the interest gets added to the investment R100 and the next year @ 10%, we would get 10% of R1,100 i.e. R110 as interest. Compounded returns therefore represents the cumulative impact of these returns/losses on the initial capital invested over a period of time. Compounding of returns is always with a reference of time which has to be stated when quoting the returns. For eg. 6.15% compounded half yearly.

The formula for calculating Compound Interest:

To find future investment value: EV = IV (1+r)^(n).

To find Compounded rate of return r: r = (EV/IV)^(1/n) – 1. So 3x of property in 10

years = (30L /10L) ^ (1/10) – 1 = 11.61% compounded returns on a yearly basis.

Where, EV= Ending Value; IV = Initial Value, r = % Compounded Return yearly, n = number of periods (investment period)

This can also be portrayed to the investor as 200% Absolute Returns or 20% Simple Returns annually to mislead you instead of showing 11.61% Compounded Returns.

CAGR returns: While compounded returns can be stated with any period, most people prefer to see it on an annualised basis. Hence CAGR or Compounded Annual Growth Rate comes into the picture. The formula for calculating CAGR is also the same but the 'n' in the above formula is always counted as years. Mutual Funds represent their returns in CAGR terms as per regulations, for periods equal to or greater than one year.

XIRR: XIRR or Consolidated Internal Rate of Return can simply be interpreted as an average or consolidation of the CAGR returns. It is often used in cases where there are different cashflows over a period of time. While CAGR simply takes the Initial Value and the Ending Value of a single investment, XIRR will consolidate them to give one figure. XIRR also captures all the upward and downward movements of the investment and all cashflows, ins and outs, and show them as one number. It is very simple to calculate such returns with the help of the XIRR formula in excel.

Real Returns: Real Return is not a measure of return per se, but it is important to throw some light on it, when the topic of discussion is Interpreting Returns. Real Return simply means adjusting the return for inflation. So, in our above example, where the compound return was 11.61%, assuming that the rate of retail inflation (CPI) was at an average 7% over the same period, then the Real Return is just 4.61%. Real Return will give you a more realistic picture, because that is actually the return we are earning on our investment, rest all is inflation.

Applying The Right Returns MeasureNow that you know the meaning of different types of returns, let's move on to their applicability. There are certain key points that you must keep in mind here.

1. Right measure in different scenarios: There is no measure which can be used as a universal measure of return. Different measures have their relevance in different scenarios. If the investment is for less than a year, then one should interpret the returns generated on an absolute basis. Simple returns should only be used when the period is less than a year and standard across different products being compared. When

the investment period is greater than a year,

In case of a single cash flow, like you bought a land and sold it after 10 years, you should use the CAGR formula. CAGR can even be used if there are fixed periodic and even cashflows in any investment like say bank recurring deposits.

In case there are multiple cash flows and/or the cashflows are uneven or irregular, then CAGR may not be suitable. One should ask for IRR or XIRR for better interpretation. For Eg. If you have invested in different Mutual Funds at different times and now you have a consolidated Portfolio of 15 Mutual Funds with some dividend payout schemes, so here XIRR formula is most suitable for getting consolidated returns of the Portfolio. XIRR also works best if you are withdrawing from an investment at different intervals with differing amounts.

2. Always compare returns in matching terms: Often the investor finds himself at sea when there are different products showcasing different return measures, given over different time periods. It is essential that we always compare them on similar measures, appropriate to the nature of their cashflow and period. That is matching Time & Measure. You may have to convert rates for one period only for easy comparison. For Eg. there are two bonds - Bond A gives 6% compounded HY and Bond B is 6.10% compounded yearly. To decide, one needs to compare them on the same basis in terms of compounding frequency. Thus Bond A = 6.09% compounded yearly, so Bond B wins.

3. Tax Impact: The tax rules on different products can have a significant impact on the overall returns. But it is something we often give a skip. Calculating “Post Tax returns” is a very smart move to make before finalising any investment decision. So if you

are comparing a 3 year 8% FD with a MF bond scheme expected to give 8%, you must remember that the bank FD interest will be taxable every year as per your tax slab, and if you fall in the 30% slab, your post tax return will be just 5.6%. On the other hand, in a Debt MF bond scheme, you will be taxed at a flat 20% with indexation only after 3 years. It not just gives better post tax returns but also provides for inflation. It takes a simple mathematical exercise to select the product which is superior on a post tax basis.

4. Returns vs. Real returns: Lastly, understanding the real returns from an investment perspective is crucial for your financial planning. After all, you invest because you want to achieve an important life goal from the proceeds of that investment. With time, Inflation gradually increases the cost of your goal, so your investment should be such that it is able to supersede the rising prices, the greater the margin, the better. It would make no sense to invest for a goal and not being able to achieve it because the cost of the goal increased at a faster pace than the returns from your investment.

ConclusionThe number of investment products have been increasing and so has been the literature and marketing on such products. As investors, we should be wise enough to not get swayed away by the catchy numbers and instead look beneath. Interpreting return numbers wisely, will ensure that we always compare apples to apples. But by also bringing in tax and real returns into picture, we would go a step further into ensuring that our financial decisions are sound and towards our financial well-being.

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Mob.: 98240 19123Tel.: 02812223177

Different Measures of ReturnsThe first step to taking an informed decision is understanding the various types of return measures.

Absolute Returns: Absolute return is simply the return generated by an investment over a period of time. For Eg. You bought a piece of land for R10 lacs three years back, and it's valued at R13 lacs today. So, the absolute return here is R3 lacs on R10 lacs, 30%. Note that Absolute Returns are independent of any adjustment /consideration for time.

Simple Returns: Simple Return is a common measure where returns are calculated on the base principal amount which does not change over time. So 10% of R10 lacs is R1 lac. To find simple returns, one only needs to divide the Absolute Returns with the number of years of investment. For eg. if it is 30% in 3 years, then it is 10% simple return yearly.

Compounded Returns: Compounding in layman terms means return on return or interest on interest as we generally understand the term in case of bank FD's. So if we have invested R1,000 in an FD and got an interest of R100, the interest gets added to the investment R100 and the next year @ 10%, we would get 10% of R1,100 i.e. R110 as interest. Compounded returns therefore represents the cumulative impact of these returns/losses on the initial capital invested over a period of time. Compounding of returns is always with a reference of time which has to be stated when quoting the returns. For eg. 6.15% compounded half yearly.

The formula for calculating Compound Interest:

To find future investment value: EV = IV (1+r)^(n).

To find Compounded rate of return r: r = (EV/IV)^(1/n) – 1. So 3x of property in 10

years = (30L /10L) ^ (1/10) – 1 = 11.61% compounded returns on a yearly basis.

Where, EV= Ending Value; IV = Initial Value, r = % Compounded Return yearly, n = number of periods (investment period)

This can also be portrayed to the investor as 200% Absolute Returns or 20% Simple Returns annually to mislead you instead of showing 11.61% Compounded Returns.

CAGR returns: While compounded returns can be stated with any period, most people prefer to see it on an annualised basis. Hence CAGR or Compounded Annual Growth Rate comes into the picture. The formula for calculating CAGR is also the same but the 'n' in the above formula is always counted as years. Mutual Funds represent their returns in CAGR terms as per regulations, for periods equal to or greater than one year.

XIRR: XIRR or Consolidated Internal Rate of Return can simply be interpreted as an average or consolidation of the CAGR returns. It is often used in cases where there are different cashflows over a period of time. While CAGR simply takes the Initial Value and the Ending Value of a single investment, XIRR will consolidate them to give one figure. XIRR also captures all the upward and downward movements of the investment and all cashflows, ins and outs, and show them as one number. It is very simple to calculate such returns with the help of the XIRR formula in excel.

Real Returns: Real Return is not a measure of return per se, but it is important to throw some light on it, when the topic of discussion is Interpreting Returns. Real Return simply means adjusting the return for inflation. So, in our above example, where the compound return was 11.61%, assuming that the rate of retail inflation (CPI) was at an average 7% over the same period, then the Real Return is just 4.61%. Real Return will give you a more realistic picture, because that is actually the return we are earning on our investment, rest all is inflation.

Applying The Right Returns MeasureNow that you know the meaning of different types of returns, let's move on to their applicability. There are certain key points that you must keep in mind here.

1. Right measure in different scenarios: There is no measure which can be used as a universal measure of return. Different measures have their relevance in different scenarios. If the investment is for less than a year, then one should interpret the returns generated on an absolute basis. Simple returns should only be used when the period is less than a year and standard across different products being compared. When

the investment period is greater than a year,

In case of a single cash flow, like you bought a land and sold it after 10 years, you should use the CAGR formula. CAGR can even be used if there are fixed periodic and even cashflows in any investment like say bank recurring deposits.

In case there are multiple cash flows and/or the cashflows are uneven or irregular, then CAGR may not be suitable. One should ask for IRR or XIRR for better interpretation. For Eg. If you have invested in different Mutual Funds at different times and now you have a consolidated Portfolio of 15 Mutual Funds with some dividend payout schemes, so here XIRR formula is most suitable for getting consolidated returns of the Portfolio. XIRR also works best if you are withdrawing from an investment at different intervals with differing amounts.

2. Always compare returns in matching terms: Often the investor finds himself at sea when there are different products showcasing different return measures, given over different time periods. It is essential that we always compare them on similar measures, appropriate to the nature of their cashflow and period. That is matching Time & Measure. You may have to convert rates for one period only for easy comparison. For Eg. there are two bonds - Bond A gives 6% compounded HY and Bond B is 6.10% compounded yearly. To decide, one needs to compare them on the same basis in terms of compounding frequency. Thus Bond A = 6.09% compounded yearly, so Bond B wins.

3. Tax Impact: The tax rules on different products can have a significant impact on the overall returns. But it is something we often give a skip. Calculating “Post Tax returns” is a very smart move to make before finalising any investment decision. So if you

are comparing a 3 year 8% FD with a MF bond scheme expected to give 8%, you must remember that the bank FD interest will be taxable every year as per your tax slab, and if you fall in the 30% slab, your post tax return will be just 5.6%. On the other hand, in a Debt MF bond scheme, you will be taxed at a flat 20% with indexation only after 3 years. It not just gives better post tax returns but also provides for inflation. It takes a simple mathematical exercise to select the product which is superior on a post tax basis.

4. Returns vs. Real returns: Lastly, understanding the real returns from an investment perspective is crucial for your financial planning. After all, you invest because you want to achieve an important life goal from the proceeds of that investment. With time, Inflation gradually increases the cost of your goal, so your investment should be such that it is able to supersede the rising prices, the greater the margin, the better. It would make no sense to invest for a goal and not being able to achieve it because the cost of the goal increased at a faster pace than the returns from your investment.

ConclusionThe number of investment products have been increasing and so has been the literature and marketing on such products. As investors, we should be wise enough to not get swayed away by the catchy numbers and instead look beneath. Interpreting return numbers wisely, will ensure that we always compare apples to apples. But by also bringing in tax and real returns into picture, we would go a step further into ensuring that our financial decisions are sound and towards our financial well-being.

PLANNING FOR YOUR CHILD'S FUTUREConsumer prices in India are consistently on the rise. Over the past 5 years alone, the CPI Inflation averaged a little less than 7%. Among others, there are a few sectors having confronted a way above average inflation, including Education. The average inflation rate in the education sector has remained above 10% since almost two decades.

The fee for the 2 year PGP program for IIM-A has increased from 8 Lakhs in the year 2007 to 19.50 Lakhs in the year 2017. Extrapolating the same % hike, the fee for the same course after 20 years will be R 1.16 Crore! And it's not just education, your kids' wedding bill will cost no less than a bomb. A

2017's R15 lakh model wedding will cost you R1.62 crores after 25 years.

These stats are not intended to scare you, but this is the harsh reality of life. It's an alarming situation and prompts for action. Hence, it becomes imperative for each one of us to start planning and investing for our kids in time. And you know, parents do realize the need of the hour, almost every parent has thought about it and many have also started investing. Some of us have bought gold for our kids' weddings, some of us have invested in a bank FD dedicated to our kids, etc. But then the need is more demanding than we may perceive. Here we need proper

planning, we need to take into account the rising prices, time frame, the lifestyle changes, newer opportunities, etc. while we plan and invest for our kids, only then will we be able to conquer the challenge.

And this article is intended to guide you in the right direction, with the stages and the steps you should adopt. Planning for your child's future is a long process and can be broken into different stages.

Before ParenthoodPlanning for your Children goes back to much before they are born. They say the day you get married is the first big milestone of your life. And the day also marks the setting of the path to the next milestone to be achieved, the day you are going to become a parent. So, this day also signals you to start gearing up for the next milestone.

Begin with getting a comprehensive health policy for your family after marriage, preferably covering delivery expenses.

In case both spouses are working, the mother may have to opt for a sabbatical, or may have to quit from the job altogether for taking care of the child. So, you must consider the single income period and rework your monthly household budget in advance.

When you are are expecting a baby, start by creating a Baby Kitty to meet all pre and post expenses.

When you start planning for a family, acquaint yourself and be prepared for the rising medical and household expenses. Hence it becomes vital that you increase your emergency savings for this period.

If you are already running into a tight budget, avoid needless expenses or taking up new loans or EMIs.

After becoming parentsThe day a baby is born, that day also marks the birth of many dreams and aspirations of

the proud parents. Every parent wishes to bring the best of this world for his kids. But the Birth of a child is a blessing as well as a challenge. There is a world of opportunities lying ahead, and it's a challenge for you to enable your child be able to exploit those opportunities. So, how do you go about it follows next:

EducationWe saw the impact of inflation on Education. The prices are soaring to the extent that kids' education expenses occupy the biggest space in the total household budget of a majority of Indian parents. Planning for and providing for their school and college fee in time isn't a cakewalk. So, to keep the process smooth, it's ideal that you bifurcate your kids' education expenses into two parts: 1. Schooling & 2. Higher Education

Schooling: The 80's born kids' schooling expenses ranged from anywhere between a few hundreds to a few thousands a year. But the scenario for their kids is completely different, their annual school fee ranges from anywhere between tens of thousands to lakhs. Since their schooling forms such a big component of your monthly budget, it entails you to rework your Household budget regularly as your child grows. A great approach to cut the stress is you can invest in a Mutual Fund with an SWP option, this way you can pay the school fee from your SWP's, and also let your money grow.

Higher Education: Planning for your child's higher education must start as early as possible, because the cost of the goal is mammoth and you'll have enough time to realize the benefits of the Power of Compounding. You should start an SIP for your kids' higher education as soon as they are born or max when they enter kindergarten, plus you should aggressively monitor the same regularly. The outlay for schooling and higher education must go hand in hand, only the time of

consumption is different in the latter case.

Like education, you should also start planning for your kids' wedding, start an SIP for their wedding along with their higher education SIP.

Lifestyle Inflation: It ain't easy to raise a kid. The kind of expenses your kids will have will be way different from yours during your childhood. You had a five hour picnic, your kids will have a five day educational trip, while you had modest birthday parties at home where the menu was restricted to 5 items on a disposable plate; your kids birthday parties will be a grand affair every year. While you spent your entire childhood with one doll or one car, there is a concept called a “toy-room” today. Kids play with gadgets, school kids have smart phones, they'll need computers, and it's important to spend on such things because you do not want your child to be left behind. So, you need to take care of these overheads, you can create short term funds to manage these additional child requirements.

Insurance: Always keep adequate health insurance cover for your child, spouse, dependent parents and self. Because you would not want an unforeseen medical emergency to disturb your finances. Buy a term plan, to make sure your loved ones are able to fulfill all your goals when you are not there. Review and add to your life and health covers as time passes / preferably every 3 years.

Involve your children in your finances: They should know what it takes to get all the fancy stuff, their education expenses when they grow up, so that they value money. Teach them the concepts of saving and budgeting at an early age and help them manage their pocket money. Explain to them the importance of investing at an early age and help them in their initial investing decisions.

ConclusionTo conclude, we want to bestow all the worldly luxuries, the best education, the best of all things, which probably we could not get in our childhood, we want to bring it all for our kids. We make many personal sacrifices also in the process, we forego our leisure activities, change our work style, etc., for our kids. Yet a little bit of planning, right guidance, and investing right can bring in simplicity and system, and help you discharge your biggest responsibility and achieve your greatest dream in life, a secure future for your kids.

Q: The FY18 Q2 saw improvement in economic conditions. Do you feel the economic slowdown has bottomed-out and from here onwards, the positive impact of reforms has now started to show up?

Answer: With two important policy actions of GST & Demonetization behind us and the global growth back we expect the growth to recovery meaningfully. We continue to have supportive macros like lower oil prices, lower interest rates, lower inflation and fiscal stability. This coupled with strong reform momentum with historic measures like GST, Bank Recapitalization, Make in India, Direct Benefit Transfer etc. have created a strong platform for long term sustainable growth in India. We believe India is likely to witness a structural growth trajectory for the next 8-10 years.

Q: The earnings numbers were out recently. What has been your reading from those numbers? Is the earnings growth now visible on ground and do the numbers justify the valuation premium existing in markets?

Answer: The first part of results season for the 2nd quarter has met expectations, supported by early onset of the festive season in India. Over the last two financial years the Index Earnings were compressed due to sectors like Banking & Metals which had witnessed much lower growth. This lower base of earnings should also facilitate an uptick going forward. Stabilization in export growth will also be another supportive factor to drive earnings in the next 12-18 months. We expect to see a double-digit growth in earnings for FY18 and FY19.

Thus while the current valuations are definitely not cheap, we should also consider that after a gap of 5-6 years big geographies like US, Japan, China, Europe are witnessing a growth rebound. This is very important for markets because not only does a significant part of market earnings benefit from global facing sectors but also typically India’s correlation to global GDP growth is very high. Hence the chances of domestic recovery are high if the global growth continues to remain good.

Q: The government recently announced the bold decision to recapitalise public sector banks which has been warmly welcomed by all. Please share your views on how this can impact the economy and give boost to lending?

Answer: Banking Recapitalization is an important initiative to support capital starved public sector banks which required additional capital. The overall size of recapitalisation at Rs. 2.11 trillion is substantial and will boost capital adequacy, even after making adequate NPA provisions. It will help accelerate credit growth (especially to MSMEs and priority sectors) and thereby economic growth over the medium term. The recap programme will not only make adequate provision for current NPAs in PSU banks’ books, but also give capital boost for further lending. This will help in PSU banks for raising capital in future.

Q: This government has put forth very ambitious plans in infrastructure sector, especially roads and railways. To what extend do you feel such infra spending can help in job creation and boosting economic growth?

Answer: Road and Railway Capex are usually labour intensive as proportion of construction is high and hence it will create more jobs. However, we will have to be mindful that historically execution challenges have been higher in this space and hence it may not be a short-term stimulus & may take time to play out.

Q: What sectors and market segments, in terms of capitalisation, you believe carries good investment opportunities? Is infrastructure something that you are keenly exploring?

Answer: We believe it’s important to have stock specific investment approach. Given the strong outperformance of the Mid & Small cap space over the last 3 years, there appears to be a relative opportunity in the Large cap companies. However, some of these large caps have structural issues given the disruptive nature of technological changes, while some have lower penetration. Hence it is difficult to take an investment call just on market capitalization even though on a valuation basis large caps appear better placed.

In the backdrop of improving global growth and expected domestic recovery we believe reversion to mean i.e. themes which were impacted due to macro growth like Corporate Lenders, Capital Goods, Logistics, Pharma can be interesting opportunities.

Q: As a fund manager what is your take on the current market conditions and the direction the markets may move in say few years from now? What would be your advice to investors sitting on portfolio with significant gains?

Answer: We believe India is in a structural growth phase supported by lower inflation, falling interest rates, lower oil prices and policy actions like GST, banking sector reforms, UDAY etc. Given this platform we believe India’s economy can potentially double from the current USD 2 trillion, over the next 6 – 8 years. Also, earnings growth which is yet to unfold, can be an important trigger for the markets, going forward. Thus, we remain positive on equity growth prospects over the next 3 – 5 years.

Asset allocation is most important aspect for sustainable wealth creation over the long run. Hence investors should regularly realign portfolios in line with their Investment Goals & Risk Profile. Accordingly, investors significantly overweight on equities can consider reallocation to other asset classes while maintaining an optimal equity allocation as per their risk appetite.

Disclaimer: The views expressed above are author’s own views and not necessarily those of the AMC. The views expressed are based on internal data, publicly available information and other sources believed to be reliable. Any calculations made are approximations, meant as guidelines only, which you must confirm before relying on them. The information contained in this document is for general purposes only. The document is given in summary form and does not purport to be complete. The document does not have regard to specific investment objectives, financial situation or particular needs of any specific person who may receive this document. The information/ data herein alone is not sufficient and should not be used for the development or implementation of an investment strategy. The statements contained herein are based on our current views and involve known and unknown risks and uncertainties that could cause results, performance or events to differ materially from those expressed or implied in such statements. Past performance may or may not be sustained in future. Neither the AMC, the fund nor any person connected with them, accepts any liability arising from the use of this document. The AMC is not guaranteeing/offering/communicating any guaranteed returns on investments made in the scheme(s). The recipient(s) before acting on any information herein should make his/her/their own investigation and seek appropriate professional advice and shall alone be fully responsible / liable for any decision taken on the basis of information contained herein.

MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY

FUND MANAGER INTERVIEWS

Mr. Manish GunwaniCIO - Equity Investments at Reliance Mutual Fund.

Manish graduated from IIT Chennai with a B.Tech and has a Post Graduate Diploma in Management from IIM Bangalore. Manish has 21 years of work experience primarily in equities spanning roles in equity research and fund management. He has also co-founded a technology company in the document management space.

During his stint at ICICI Prudential AMC, he managed two flagship funds of the mutual fund whose assets grew from $1bn to $5bn in 5 years. One of the funds grew from $50m to $3bn becoming the second largest fund in the industry. As deputy CIO he was instrumental in various aspects of asset management including setting up research processes, product strategy, developing talent of the team etc.

Manish has immense experience in equity research and has also spent two years working in a portfolio management company whose focus was midcaps. Having traveled extensively across the world, Manish has attended many global investment conferences and seminars.

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Aditya Birla Sun Life Advantage Fund GrAditya Birla Sun Life Dividend Yield Plus - GrowthAditya Birla Sun Life Equity Fund - GrAditya Birla Sun Life Frontline Equity Fund - GrAditya Birla Sun Life India GenNext Fund - GrAditya Birla Sun Life India Opportunities Fund - GrAditya Birla Sun Life Midcap Fund - GrAditya Birla Sun Life MNC Fund GrAditya Birla Sun Life Pure Value Fund - GrAditya Birla Sun Life Small and Midcap Fund - GrAditya Birla Sun Life Special Situations Fund - GrAditya Birla Sun Life Top 100 Fund - GrAxis Equity Fund - GrAxis Focused 25 Fund - GrAxis MidCap Fund - GrBaroda Pioneer Growth Fund - Growth PlanBaroda Pioneer Large Cap Fund - GrBaroda Pioneer Mid-cap Fund - GrBNP Paribas Dividend Yield Fund- GrBNP Paribas Equity Fund - GrBNP Paribas Midcap Fund - GrBOI AXA Equity Fund - Regular Plan GrCanara Robeco Emerging Equities Fund - GrCanara Robeco Equity Diversified - GrCanara Robeco F.O.R.C.E. Fund - Regular GrCanara Robeco Large Cap Plus Fund - GrDHFL Pramerica Large Cap Fund - GrDHFL Pramerica Midcap Opportunities Fund - GrDSP BlackRock Equity Fund - Reg. Plan - DivDSP BlackRock Focus 25 Fund - GrDSP BlackRock Micro Cap Fund - GrDSP BlackRock Opportunities Fund - GrDSP BlackRock Small and Mid Cap - Reg GrDSP BlackRock Top 100 Equity Fund GrEdelweiss Equity Opportunities Fund - Regular GrEdelweiss Large Cap Advantage Fund - GrEdelweiss Mid and Small Cap Fund - Regular GrEdelweiss Prudent Advantage Fund Plan A - GrEscorts Growth Plan GFranklin Build India Fund - GrFranklin India Bluechip Fund GrFranklin India Flexi Cap Fund - GrFranklin India High Growth Companies Fund - GrFranklin India Opportunities Fund-GrFranklin India Prima Fund GrFranklin India Prima Plus GrFranklin India Smaller Companies Fund - GrHDFC Capital Builder-GrHDFC Core and Satellite Fund - GrHDFC Equity Fund - DivHDFC Growth Fund GrHDFC Large Cap Fund - GrHDFC Mid Cap Opportunities Fund - GrHDFC Premier Multi-Cap Fund - GrHDFC Small Cap Fund - GrHDFC Top 200 Fund - DivHSBC Dynamic Fund - GrHSBC Equity Fund - GrHSBC India Opportunities Fund - GrHSBC Midcap Equity Fund - GrICICI Prudential Dynamic Plan - GrICICI Prudential Exports and Other Services Fund - GrICICI Prudential Focused Bluechip Equity Fund - GrICICI Prudential MidCap Fund - GrICICI Prudential Multicap Fund - GrICICI Prudential Select Large Cap Fund - Retail GrICICI Prudential Top 100 Fund - GrICICI Prudential Value Discovery Fund GrIDFC Classic Equity Fund - Regular Plan - GrIDFC Equity Fund - Regular Plan - GrIDFC Focused Equity Fund - Regular Plan - GrIDFC Premier Equity Fund - Regular Plan - GrIDFC Sterling Equity Fund - Regular GrIIFL India Growth Fund - GrIndiabulls Blue Chip Fund - GrInvesco India Business Leaders Fund - GrInvesco India Contra Fund - GrInvesco India Dynamic Equity Fund - GrInvesco India Growth Fund - GrInvesco India Mid N Small Cap Fund - GrInvesco India Midcap Fund - GrJM Equity Fund Growth OptionJM Multi Strategy Fund - Growth OptionKotak 50 Equity Scheme DivKotak Classic Equity Fund - GrKotak Emerging Equity Scheme - GrKotak Midcap - GrKotak Opportunities Fund - GrKotak Select Focus Fund - GrL&T Business Cycles Fund - GrL&T Emerging Businesses Fund - GrL&T Equity Fund - GrL&T India Large Cap Fund - GrL&T India Special Situations Fund - GrL&T India Value Fund - GrL&T Midcap Fund - GrLIC MF Equity Fund GrLIC MF Growth Fund GrMirae Asset Emerging Bluechip Fund - GrMirae Asset India Opportunities Fund - Gr

28.4817.9421.6719.8127.8833.6232.5330.3345.9946.2829.1820.6026.9632.3335.0024.8011.0735.6735.8322.4940.3734.9836.1225.7826.6419.2017.9723.7628.4016.7231.4031.1127.4414.1129.4522.9443.2216.7932.9535.8817.5322.6031.6928.8928.1321.3837.0436.3332.2229.1228.7822.5030.0726.8955.1525.1816.5318.4926.3147.4623.1824.3825.3535.5418.8317.5123.0116.5827.6326.5549.9327.0848.2124.0822.3320.0637.4523.1231.8237.2235.6813.1021.7819.2527.9231.8731.6523.5922.9933.7950.1022.6418.2530.2527.1140.5825.8616.8235.8228.82

21.2513.8619.8915.1620.1516.3022.5214.8228.7130.8320.6115.4914.1720.5216.6215.5210.5216.0720.9213.0323.1518.0525.2015.1718.9013.2812.6715.2218.3213.3725.6222.3922.8111.8616.1813.6123.5611.0318.5322.3013.1114.0718.8216.8120.5114.8224.8021.4819.9718.8518.8613.7622.9316.5630.1117.2312.1415.0217.5526.3817.8413.9917.1021.8015.5912.8517.7612.1320.1115.7824.7415.4827.2517.8615.9113.2722.0315.4218.6321.0720.578.80

19.1713.2817.2223.5922.8118.7618.7620.7134.9915.1912.1419.5722.6428.7412.1110.9528.0220.29

24.1415.6522.4117.1722.0221.3725.9923.1631.5831.5623.0917.6814.8719.5521.1816.5513.0911.7321.5015.9926.6417.1231.3515.3420.2513.9314.99

-19.2516.8334.2722.5026.8513.1617.2715.1028.2213.4921.9727.5814.7717.8923.5119.6125.7818.8430.6121.8619.9918.9517.7812.4127.1717.2727.1916.9912.0414.7119.5730.2117.8920.6317.4326.8418.4214.0817.4719.3018.3714.1219.5619.8225.70

-15.1715.3624.1515.8419.4525.1625.0811.8920.3715.4416.6228.8026.3620.3121.41

--

17.2914.4920.3526.9531.8412.5613.1932.6021.71

21.6714.3520.6916.9921.4420.4623.0122.8027.9927.0920.4917.3615.04

--

14.8410.978.0419.8916.1625.5515.5328.4514.7018.9613.6614.44

-17.1915.5030.1920.1523.8812.6415.9815.0426.1312.4219.3725.7414.1117.3122.7217.9524.7318.2129.0419.8716.8717.2115.6511.9325.1914.8223.5215.6610.8413.4018.1025.2916.9422.1416.6624.0717.5313.8216.7219.6916.5613.2416.3019.5522.72

--

14.8121.5215.5518.0424.0723.6111.6017.9614.7415.8125.7623.5818.6920.16

--

16.1413.9219.1124.7827.8311.9412.8030.0620.37

18.1114.8917.6516.0820.0318.0320.1222.84

-23.06

-16.10

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12.91--

18.6514.6522.55

-25.5914.78

--

12.65-

15.81-

27.1617.7122.0112.3314.60

---

15.88-

13.8816.3620.2415.3022.3116.9525.3418.3315.4816.7214.6110.9523.8013.86

-15.129.3711.6915.6719.4616.1819.68

-20.2915.90

-15.4120.4113.8512.0513.8319.56

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19.1814.4216.17

-22.039.66

-13.3214.3521.5320.6816.39

---

15.4613.9017.62

-23.6810.6211.77

--

15.9914.5116.1615.6418.4815.3518.5420.83

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14.87---

12.57--

17.0413.44

--

22.2714.33

--

12.19-

15.40--

16.29-

12.46----

14.15-

13.4215.23

-13.7419.5616.09

-16.9914.1115.9614.269.83

-12.84

-14.85

-11.2014.1816.4815.4617.46

-17.5314.53

-14.3818.8912.62

--

19.69---------

8.25-

12.7313.32

-18.0015.44

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14.81---

20.999.7710.51

--

SIP RETURN AS ON 30TH NOVEMBER 2017

Starting - December Month of

Years

Invested Amount :

Schemes (Diversified Equity)

2016

1

1,20,000

2014

3

3,60,000

2012

5

6,00,000

Returns % - CAGR

2010

7

8,40,000

2007

10

12,00,000

2005

12

14,40,000

SIP catches investor's fancy, garners over ` 5,600 crore in October

Systematic investment plan (SIP) continued to be the most favoured option among retail investors for investing in mutual funds, with the industry garnering over ̀ 5,600 crore through the mode in October, a surge of 64 per cent from the year-ago period. With this, the total funds garnered by fund houses through SIPs has reached to Rs 34,887 crore in the first seven months of the current fiscal, latest data with Association of Mutual Funds in India (AMFI) showed. In comparison, an amount of ` 23,584 crore was collected through the investment plan in April-October 2016-17. The increased interest in SIPs could be attributed to strong performance of equity schemes and investor education initiated by Amfi and mutual fund houses. SIPs have been the preferred route for retail investors to invest in mutual funds as it helps them reduce market timing risk.

MF AUM reaches all time high of ` 21.41 lakh crore

Mutual funds continue to attract money from investors with assets under management (AUM) of the industry touching a new high of Rs 21. 41 lakh crore adding ` 51,148 crore in October. As per data from Association of Mutual funds of India (AMFI), equity-oriented mutual funds (including arbitrage funds), balanced funds and equity-linked savings scheme (ELSS) funds saw inflows of ` 21,900 crore in October. For the first seven months of the current financial year, the mutual fund industry has seen cumulative inflows into these funds triple at ` 1.51 lakh crore as compared to ` 46,840 crore in the same period in the previous year. Equity mutual funds registered a staggering inflow of ` 2.86 lakh crore in the past 11 months bolstered by the ban on high value currency notes, latest industry data showed. The sudden spike in bank deposits and consequent decline in interest rates following demonetisation on November 8, 2016 led to surge in inflow into equity mutual funds , an analyst said.

NEWS UPDATE

18.0519.8027.1737.6637.8640.8222.509.23

35.6718.0834.2136.1619.3136.0453.7530.1935.5019.7928.2423.1721.1333.1340.5816.1940.9926.4627.8732.0477.9828.1527.8739.1225.5831.3914.8322.5128.0129.9022.2136.4135.6415.9035.3825.7521.5330.3518.6532.1728.4420.5519.4525.0018.0935.9029.4520.3025.8728.5277.989.23157

35.0132.9927.4626.2132.6651.7221.6927.8625.8228.7420.0828.6228.9829.4118.7442.1729.1627.8122.7930.7525.7828.1926.5340.6735.4821.3524.2624.2234.7729.5118.6624.5528.8351.7218.66

3220.9319.70

14.7315.7922.6422.6626.1624.9815.178.16

16.2713.4921.0122.1513.2319.7132.9118.0819.0613.5324.7417.2515.2617.7320.5812.0817.7218.2719.6718.5937.5319.3325.5924.0515.0423.4213.4614.8424.1113.2414.0020.6723.2910.3822.3111.5813.5220.8710.8016.6315.6314.2612.2314.5211.4520.1914.7011.6315.5818.3037.538.16157

19.9019.7015.6616.3716.2423.7713.2018.1320.0516.3113.9620.2419.3119.9113.2923.0917.5019.1917.2721.4214.91

-16.1124.8520.8214.6714.5718.2021.9618.279.86

15.7017.8824.859.8631

11.9812.49

---

19.8829.4423.7716.1210.9118.2715.1422.1426.5712.6120.7037.2419.4820.2112.9225.5718.9618.3117.8621.3714.5822.0325.6922.3821.0640.3320.2125.1230.4514.2728.0116.1717.5825.6216.0514.8526.0822.6912.4324.6314.7814.4420.2311.58

-15.4314.2815.0614.0613.5827.1520.9712.7816.5120.2340.3310.91149

22.3022.6321.0517.3218.8721.7914.8918.7921.7717.8818.1819.7219.4520.3016.9923.0420.3920.4319.3621.1616.75

-16.6623.6924.2915.2517.1918.8822.9817.2712.0416.6019.2924.2912.04

3111.5612.27

---

17.2127.0821.7215.17

-17.8814.9519.5323.8911.9018.6532.4018.2017.5211.9922.1417.9618.1415.9020.5814.3521.4225.1120.4819.6534.7617.6121.8326.2912.9025.2415.3517.0722.3216.2114.3824.04

- 11.5722.6314.1813.6617.85

--

14.6712.9115.1413.7313.1025.3720.6312.9215.4618.8234.768.04143

20.6420.8421.2615.8218.5719.2314.5517.2420.3917.0917.7318.1517.4919.0716.9121.3019.3218.4217.2718.9115.55

-15.5021.7722.4814.3216.7017.2120.8215.38

-15.4318.1822.4814.32

3011.2611.81

---

15.34-

17.7014.43

-18.3912.1717.0420.63

-16.72

-16.1415.0810.9319.5916.4316.0913.2420.6413.7719.8721.4316.8317.17

-14.8018.4321.8911.0722.7115.7115.3319.5615.7613.6120.79

- 10.2518.12

-12.8315.94

--

12.8913.0415.0213.6312.2922.7720.7213.7614.0016.7727.169.37114

17.7217.73

-13.5916.59

-14.8714.1918.15

-17.0516.9316.5217.0116.85

-18.18

-14.9417.4913.22

-13.5217.6120.3214.0414.9714.6818.3014.08

-13.6516.0920.3213.22

2510.5710.98

---

13.79-

15.1513.83

-17.16

-16.15

--

16.59--

13.9410.9817.8815.15

-12.3718.3213.2717.6318.3814.7215.90

---

20.0210.7320.7115.1614.0818.3914.4013.1118.52

- 9.1415.24

-12.0015.25

---

13.1914.36

-11.5420.0219.0713.6212.7415.1822.278.2588

15.7516.02

-12.21

--

14.73---

16.0115.3915.23

-15.43

---

13.42-

11.59-

12.4914.9218.3313.6713.8713.8716.3913.88

-12.3214.5018.3311.59

1910.0710.50

SIP RETURN AS ON 30TH NOVEMBER 2017


Years

Invested Amount :


2016

1

1,20,000

2014

3

3,60,000

2012

5

6,00,000

Returns % - CAGR

2010

7

8,40,000

2007

10

12,00,000

2005

12

14,40,000

Motilal Oswal MOSt Focused 25 Fund - GrMotilal Oswal Most Focused Midcap 30 Fund - GrMotilal Oswal MOSt Focused Multicap 35 Fund - GrPrincipal Dividend Yield Fund - GrPrincipal Emerging Bluechip Fund - GrPrincipal Growth Fund GrPrincipal Large Cap Fund - GrPrincipal SMART Equity Fund - GrReliance Equity Opportunities Fund - GrReliance Focused Large Cap Fund - GrReliance Growth Fund GrReliance Mid & Small Cap Fund - GrReliance Quant Plus Fund - GrReliance Regular Savings Fund Equity Plan - GrReliance Small Cap Fund - GrReliance Top 200 Fund - GrReliance Vision Fund GrSahara Growth Fund GrSahara Midcap Fund - GrSahara Wealth Plus Fund Variable - GrSBI Blue Chip Fund - GrSBI Contra Fund - Regular DivSBI Emerging Businesses Fund - Regular Plan - GrSBI Magnum Equity Fund - DivSBI Magnum Global Fund - DivSBI Magnum MidCap Fund - GrSBI Magnum Multicap Fund - GrSBI Magnum Multiplier Fund - DivSBI Small & Midcap Fund - GrSundaram Equity Multiplier Fund - GrSundaram Rural India Fund - GrSundaram S.M.I.L.E. Fund - GrSundaram Select Focus - GrSundaram Select MidCap - GrTata Dividend Yield Fund - GrTata Equity Opportunities Fund Regular Plan - GrTata Equity P/E Fund GrTata Ethical Fund - GrTata Large Cap Fund - GrTata Mid Cap Growth Fund - GrTata Retirement Savings Fund - Progressive Plan - GrTaurus Bonanza Fund GrTaurus Discovery Fund - GrTaurus Ethical Fund - GrTaurus Starshare GrowthTempleton India Growth Fund GrUnion Equity Fund - GrUnion Small and Midcap Fund - GrUTI Bluechip Flexicap Fund - GrUTI Dividend Yield Fund. - GrUTI Equity Fund - GrUTI India Lifestyle Fund - GrUTI Master Share - DivUTI Mid Cap Fund - GrUTI MNC Fund - GrUTI Opportunities Fund - GrUTI Top 100 Fund - GrAverage Return of Above FundsMaximum ReturnMinimum ReturnUniverseELSS / Tax Savings SchemesAditya Birla Sun Life Tax Plan - DivAditya Birla Sun Life Tax Relief 96 Fund - DivAxis Long Term Equity Fund - GrBaroda Pioneer Elss 96 - DivBNP Paribas Long Term Equity Fund - GrBOI AXA Tax Advantage Fund - Regular - GrowthCanara Robeco Equity Tax Saver Fund - DivDHFL Pramerica Tax Plan - GrDSP BlackRock Tax Saver Fund - GrEdelweiss ELSS Fund - GrFranklin India Taxshield GrHDFC Long Term Advantage Fund - GrHDFC Taxsaver - DivHSBC Tax Saver Equity Fund - GrICICI Prudential Long Term Equity Fund - Regular GrIDFC Tax Advantage (ELSS) Fund - Regular GrInvesco India Tax Plan - GrJM Tax Gain Fund - Growth OptionKotak Tax Saver - GrL&T Tax Advantage Fund - GrLIC MF Tax Plan GrMotilal Oswal Most Focused Long Term Fund - GrPrincipal Personal Tax Saver - GrPrincipal Tax Savings FundReliance Tax Saver Fund - GrSahara Tax Gain Fund GrSBI Magnum Tax Gain Fund - DivSundaram Diversified Equity (Tax Saver) Fund - DivTata India Tax Savings Fund Regular Plan - DivTaurus Tax Shield - GrUnion Tax Saver Scheme - GrUTI Long Term Equity Fund (Tax Saving) - GrAverage Return of Above FundsMaximum ReturnMinimum ReturnUniverseS&P BSE SENSEXNIFTY 50

Economy scripts a turnaround, expands 6.3% in September quarter

Reversing a five-quarter slide in GDP growth, Indian economy bounced back from a three-year low to expand by 6.3 per cent in July-September as manufacturing revved up and businesses adjusted to the new GST tax regime. The GDP growth in the second quarter of 2017-18 compares to 5.7 per cent in April-June, the lowest growth rate since the Narendra Modi government took office, and 7.5 per cent in the September quarter of the previous fiscal, showed government data. Moody's expects the world's seventh-largest economy to grow by 6.7 per cent in 2017-18 and by 7.5 per cent in the next.

Fiscal deficit reaches 96% of FY18 target at October-end

India's fiscal deficit at the end of October hit 96.1 per cent of the budget estimate for 2017- 18, mainly due to lower revenue realisation and rise in expenditure. In absolute terms, the fiscal deficit, the difference between expenditure and revenue was ` 5.25 lakh crore during April-October of 2017-18, according to data of the Controller General of Accounts (CGA). During the same period of 2016-17, the deficit stood at 79.3 per cent of the target. For 2017-18, the government aims to bring down the fiscal deficit to 3.2 per cent of GDP. Last fiscal, it had met the 3.5 per cent target.

12%, 18% GST rates to be merged in future; 28% on luxury, sin goods: FM

Finance Minister Arun Jaitley hinted at merging 12 and 18 per cent tax rates under GST once revenue collections pick up and said the top 28 per cent slab would be for a "very thin" list of luxury and sin goods. The Goods and Services Tax (GST), rolled out on July 1, currently has four tax slabs of 5, 12 18 and 28 per cent. There is also a zero per cent tax on certain essential daily use

commodities. Speaking at the HT Leadership Summit, Jaitley said the new indirect tax regime started with multiple rates in order to keep the tax incidence around the same level that existed pre-GST.

TRAI recommends M&A norms for ease of doing telecom business

The Telecom Regulatory Authority of India (TRAI) recommended that the entire process of clearance by the Standing Advisory Committee on Radio Frequency Allocation (SACFA) as well as the grant of all licences/approvals should be made paper-less and executed end-to-end through an online portal. In its recommendations on 'Ease of Doing Telecom Business', TRAI said: "There should be a defined time-line not exceeding 30 days within which an import licence should be granted and the same may be declared in the portal as well as in the citizen's charter."

India jumps 30 notches to 100th rank in 'ease of doing biz'

India has jumped 30 places to rank 100th in the World Bank's 'ease of doing business' ranking, helped by a slew of reforms in taxation, licensing, investor protection and bankruptcy resolution. The ranking comes as a shot in the arm for the Narendra Modi government amid dissenting voices in certain quarters about implementation of the Goods and Services Tax (GST) as well as demonetisation. In its annual report 'Doing Business 2018: Reforming to Create Jobs', the World Bank said that India's ranking reflects nearly half of the 37 reforms, adopted since 2003, implemented in the last four years.

India's logistics sector likely to grow by 9-10% annually: ICRA

Terming the outlook for logistics companies as positive in the medium term, rating agency ICRA said India's logistics sector is likely to grow by about 10 per cent annually. With a gradual improvement in most of

economic indicators over the past couple of months, the outlook for the logistics companies is positive in the medium term. The Indian logistics industry is expected to grow by 9-10 per cent per annum over the medium term, ICRA said in a statement. It said while there have been fluctuations in the economy and freight demand due to GST implementation, the impact of the same would be temporary and would be corrected over the near term.

India's GDP growth to rise to 7.5% in 2018: Morgan Stanley

The Indian economy is expected to witness cyclical growth recovery, with real GDP growth likely to accelerate from 6.4 per cent this year to 7.5 per cent in 2018 and further to 7.7 per cent in 2019, says a report. According to global financial services major Morgan Stanley, corporate return expectations and balance sheet fundamentals are improving, and a strengthening financial system should be able to meet investment credit demand. The global brokerage is confident about prospects for a recovery in private capital spending as demand conditions are improving post demonetisation and GST implementation.

Passenger vehicle sales rise 14.29% in Nov; car sales up 4.49%: SIAM

Domestic passenger vehicle sales rose 14.29 per cent to 2,75,417 units in November from 2,40,983 units in the same month last year. Domestic car sales were up 4.49 per cent to 1,81,395 units as against 1,73,607 units in November last year, according to data released by the Society of Indian Automobile Manufacturers (SIAM). Motorcycle sales last month rose 23.25 per cent to 9,59,122 units as against 7,78,173 units a year earlier. Total two-wheeler sales in November rose 23.49 per cent to 15,35,277 units compared to 12,43,246 units in the year-ago month.

Aditya Birla Sun Life Advantage Fund GrAditya Birla Sun Life Dividend Yield Plus - GrowthAditya Birla Sun Life Equity Fund - GrAditya Birla Sun Life Frontline Equity Fund - GrAditya Birla Sun Life India GenNext Fund - GrAditya Birla Sun Life India Opportunities Fund - GrAditya Birla Sun Life Midcap Fund - GrAditya Birla Sun Life MNC Fund GrAditya Birla Sun Life Pure Value Fund - GrAditya Birla Sun Life Small and Midcap Fund - GrAditya Birla Sun Life Special Situations Fund - GrAditya Birla Sun Life Top 100 Fund - GrAxis Equity Fund - GrAxis Focused 25 Fund - GrAxis MidCap Fund - GrBaroda Pioneer Growth Fund - Growth PlanBaroda Pioneer Large Cap Fund - GrBaroda Pioneer Mid-cap Fund - GrBNP Paribas Dividend Yield Fund- GrBNP Paribas Equity Fund - GrBNP Paribas Midcap Fund - GrBOI AXA Equity Fund - Regular Plan GrCanara Robeco Emerging Equities Fund - GrCanara Robeco Equity Diversified - GrCanara Robeco F.O.R.C.E. Fund - Regular GrCanara Robeco Large Cap Plus Fund - GrDHFL Pramerica Large Cap Fund - GrDHFL Pramerica Midcap Opportunities Fund - GrDSP BlackRock Equity Fund - Reg. Plan - DivDSP BlackRock Focus 25 Fund - GrDSP BlackRock Micro Cap Fund - GrDSP BlackRock Opportunities Fund - GrDSP BlackRock Small and Mid Cap - Reg GrDSP BlackRock Top 100 Equity Fund GrEdelweiss Equity Opportunities Fund - Regular GrEdelweiss Large Cap Advantage Fund - GrEdelweiss Mid and Small Cap Fund - Regular GrEdelweiss Prudent Advantage Fund Plan A - GrEscorts Growth Plan GFranklin Build India Fund - GrFranklin India Bluechip Fund GrFranklin India Flexi Cap Fund - GrFranklin India High Growth Companies Fund - GrFranklin India Opportunities Fund-GrFranklin India Prima Fund GrFranklin India Prima Plus GrFranklin India Smaller Companies Fund - GrHDFC Capital Builder-GrHDFC Core and Satellite Fund - GrHDFC Equity Fund - DivHDFC Growth Fund GrHDFC Large Cap Fund - GrHDFC Mid Cap Opportunities Fund - GrHDFC Premier Multi-Cap Fund - GrHDFC Small Cap Fund - GrHDFC Top 200 Fund - DivHSBC Dynamic Fund - GrHSBC Equity Fund - GrHSBC India Opportunities Fund - GrHSBC Midcap Equity Fund - GrICICI Prudential Dynamic Plan - GrICICI Prudential Exports and Other Services Fund - GrICICI Prudential Focused Bluechip Equity Fund - GrICICI Prudential MidCap Fund - GrICICI Prudential Multicap Fund - GrICICI Prudential Select Large Cap Fund - Retail GrICICI Prudential Top 100 Fund - GrICICI Prudential Value Discovery Fund GrIDFC Classic Equity Fund - Regular Plan - GrIDFC Equity Fund - Regular Plan - GrIDFC Focused Equity Fund - Regular Plan - GrIDFC Premier Equity Fund - Regular Plan - GrIDFC Sterling Equity Fund - Regular GrIIFL India Growth Fund - GrIndiabulls Blue Chip Fund - GrInvesco India Business Leaders Fund - GrInvesco India Contra Fund - GrInvesco India Dynamic Equity Fund - GrInvesco India Growth Fund - GrInvesco India Mid N Small Cap Fund - GrInvesco India Midcap Fund - GrJM Equity Fund Growth OptionJM Multi Strategy Fund - Growth OptionKotak 50 Equity Scheme DivKotak Classic Equity Fund - GrKotak Emerging Equity Scheme - GrKotak Midcap - GrKotak Opportunities Fund - GrKotak Select Focus Fund - GrL&T Business Cycles Fund - GrL&T Emerging Businesses Fund - GrL&T Equity Fund - GrL&T India Large Cap Fund - GrL&T India Special Situations Fund - GrL&T India Value Fund - GrL&T Midcap Fund - GrLIC MF Equity Fund GrLIC MF Growth Fund GrMirae Asset Emerging Bluechip Fund - GrMirae Asset India Opportunities Fund - GrMotilal Oswal MOSt Focused 25 Fund - GrMotilal Oswal Most Focused Midcap 30 Fund - GrMotilal Oswal MOSt Focused Multicap 35 Fund - Gr

136,838130,764132,929131,850136,500139,744139,133137,892146,604146,766137,237132,311135,974139,018140,520134,737126,708140,899140,989133,404143,515140,511141,147135,301135,793131,499130,777134,140136,794130,049138,499138,332136,246128,509137,393133,665145,084130,089139,332141,017130,523133,470138,658137,075136,639132,762141,660141,266138,959137,206137,013133,411137,744135,935151,572134,956129,938131,084135,601147,407133,803134,496135,052140,823131,281130,513133,706129,967136,355135,739148,751136,040147,818134,325133,314131,998141,891133,769138,731141,765140,901127,913132,993131,528136,523138,759138,636134,038133,692139,845148,846133,495130,945137,845136,058143,627135,345130,108140,978137,032130,828131,849136,092

488,745441,006479,749449,152481,438456,428497,308446,994540,344555,696484,528451,247442,962483,911458,480451,468420,498454,918486,559435,862501,601467,666515,671449,234473,253437,401433,632449,518469,470437,953518,612496,451499,257428,633455,631439,420504,415423,582470,796495,861436,331442,323472,700459,669483,839447,046512,914490,298480,268472,932472,944440,388500,122458,079550,454462,362430,337448,270464,459523,914466,343441,844461,542492,463451,922434,746465,798430,299481,201453,086512,502451,197530,009466,472453,952437,354494,005450,810471,434487,555484,241410,151475,009437,395462,342504,568499,269472,329472,298485,159586,504449,388430,345477,623498,099540,576430,183423,108535,420482,392446,477453,153498,129

1,084,756884,087

1,041,042917,502

1,031,3761,015,4051,133,6571,059,7341,293,0261,292,2191,057,945928,839867,444971,788

1,010,705903,666830,652803,367

1,018,535891,454

1,151,132916,324

1,286,136877,554988,447847,722870,071

-964,894909,820

1,376,3731,043,1211,157,011832,009919,640872,413

1,194,947838,755

1,030,0231,177,023865,478933,668

1,068,698973,145

1,127,891955,199

1,264,0541,027,342982,226957,738931,172816,888

1,165,633919,566

1,166,302913,532809,371864,214972,363

1,252,032933,647997,499923,329

1,156,790945,533851,000924,086965,852944,405851,812972,092978,135

1,125,715-

873,915878,037

1,085,128888,316969,444

1,111,5931,109,402806,434991,296879,596905,347

1,211,2961,143,634989,807

1,016,351--

920,015859,455990,784

1,159,7491,300,896819,754832,676

1,324,1471,023,583

---

1,809,3261,395,8401,747,2801,532,8961,794,2921,733,6271,896,6961,882,3372,259,1952,188,9451,735,1961,553,3611,430,407

--

1,420,7111,238,1671,115,9371,698,8691,488,6902,073,7421,455,8282,295,4441,413,5331,643,7321,362,0511,400,423

-1,543,7941,454,0212,439,0391,714,2621,955,2541,313,9631,479,3801,430,6562,116,5631,303,5701,667,5572,087,4811,384,0031,550,6561,877,2821,586,3282,015,0601,600,5912,343,6581,697,3371,526,7621,544,8551,461,9451,281,0112,047,4281,419,6241,931,1081,462,2541,232,3421,349,8021,594,2872,054,6831,530,0601,839,3271,515,0381,968,4081,562,6421,369,8771,518,4561,686,5301,509,8591,342,0401,496,1231,678,2461,877,189

--

1,419,0531,799,1561,456,5651,591,0251,968,8611,937,3591,266,1221,586,9111,415,7111,470,2472,088,9111,935,1161,627,9851,714,860

--

1,487,3721,374,8421,652,5852,018,6772,246,1801,281,7451,321,1962,428,5211,727,685

---

3,096,3402,605,7063,022,0792,777,9593,434,4553,083,0093,451,0993,995,364

-4,042,346

-2,779,847

---

2,345,473--

3,187,8122,573,3773,932,640

-4,633,4712,590,366

--

2,313,039-

2,737,673-

5,038,0493,030,4123,819,8502,273,2342,565,971

---

2,747,773-

2,469,4232,818,7283,473,5202,664,0603,881,6942,910,4434,571,7413,132,8562,689,3942,873,7722,566,9752,112,9574,206,5192,466,253

-2,638,3801,944,6712,198,2172,717,0573,330,7562,792,7833,370,221

-3,482,8922,750,006

-2,679,5793,503,8752,465,1002,239,6972,462,9733,348,808

----

3,279,9222,541,2752,791,146

-3,824,9791,974,703

-2,396,4562,531,9953,723,0443,556,6092,824,190

---

2,687,2822,471,7323,015,910

-4,180,9322,076,9772,207,202

-----

3,999,9363,624,8934,043,8043,907,6454,723,2543,832,3994,741,9525,528,359

---

3,712,495---

3,189,093--

4,289,7903,377,504

--

6,090,6703,581,941

--

3,111,157-

3,846,827--

4,079,331-

3,166,857----

3,539,598-

3,373,7073,803,265

-3,444,7855,076,1254,026,773

-4,273,9923,530,6973,990,4953,566,4412,666,706

-3,247,653

-3,706,973

-2,917,1813,547,8674,133,2483,861,9164,410,444

-4,430,7663,630,292

-3,593,9724,853,2643,200,048

--

5,119,861---------

2,408,917-

3,224,0483,350,315

-4,573,1333,856,619

---

3,697,402---

5,589,0662,657,8832,788,892

-----


Years

Invested Amount :


2016

1

1,20,000

2014

3

3,60,000

2012

5

6,00,000

Investment Value e

2010

7

8,40,000

2007

10

12,00,000

2005

12

14,40,000

SIP VALUE AS ON 30TH NOVEMBER 2017 NEWS UPDATEEconomy scripts a turnaround, expands 6.3% in September quarter


















SIP VALUE AS ON 30TH NOVEMBER 2017


Years

Invested Amount :


2016

1

1,20,000

2014

3

3,60,000

2012

5

6,00,000

Investment Value e

2010

7

8,40,000

2007

10

12,00,000

2005

12

14,40,000

NEWS UPDATE

Principal Dividend Yield Fund - GrPrincipal Emerging Bluechip Fund - GrPrincipal Growth Fund GrPrincipal Large Cap Fund - GrPrincipal SMART Equity Fund - GrReliance Equity Opportunities Fund - GrReliance Focused Large Cap Fund - GrReliance Growth Fund GrReliance Mid & Small Cap Fund - GrReliance Quant Plus Fund - GrReliance Regular Savings Fund Equity Plan - GrReliance Small Cap Fund - GrReliance Top 200 Fund - GrReliance Vision Fund GrSahara Growth Fund GrSahara Midcap Fund - GrSahara Wealth Plus Fund Variable - GrSBI Blue Chip Fund - GrSBI Contra Fund - Regular DivSBI Emerging Businesses Fund - Regular Plan - GrSBI Magnum Equity Fund - DivSBI Magnum Global Fund - DivSBI Magnum MidCap Fund - GrSBI Magnum Multicap Fund - GrSBI Magnum Multiplier Fund - DivSBI Small & Midcap Fund - GrSundaram Equity Multiplier Fund - GrSundaram Rural India Fund - GrSundaram S.M.I.L.E. Fund - GrSundaram Select Focus - GrSundaram Select MidCap - GrTata Dividend Yield Fund - GrTata Equity Opportunities Fund Regular Plan - GrTata Equity P/E Fund GrTata Ethical Fund - GrTata Large Cap Fund - GrTata Mid Cap Growth Fund - GrTata Retirement Savings Fund - Progressive Plan - GrTaurus Bonanza Fund GrTaurus Discovery Fund - GrTaurus Ethical Fund - GrTaurus Starshare GrowthTempleton India Growth Fund GrUnion Equity Fund - GrUnion Small and Midcap Fund - GrUTI Bluechip Flexicap Fund - GrUTI Dividend Yield Fund. - GrUTI Equity Fund - GrUTI India Lifestyle Fund - GrUTI Master Share - DivUTI Mid Cap Fund - GrUTI MNC Fund - GrUTI Opportunities Fund - GrUTI Top 100 Fund - GrAverage Value of Above FundsMaximum ValueMinimum ValueUniverseELSS / Tax Savings SchemesAditya Birla Sun Life Tax Plan - DivAditya Birla Sun Life Tax Relief 96 Fund - DivAxis Long Term Equity Fund - GrBaroda Pioneer Elss 96 - DivBNP Paribas Long Term Equity Fund - GrBOI AXA Tax Advantage Fund - Regular - GrowthCanara Robeco Equity Tax Saver Fund - DivDHFL Pramerica Tax Plan - GrDSP BlackRock Tax Saver Fund - GrEdelweiss ELSS Fund - GrFranklin India Taxshield GrHDFC Long Term Advantage Fund - GrHDFC Taxsaver - DivHSBC Tax Saver Equity Fund - GrICICI Prudential Long Term Equity Fund - Regular GrIDFC Tax Advantage (ELSS) Fund - Regular GrInvesco India Tax Plan - GrJM Tax Gain Fund - Growth OptionKotak Tax Saver - GrL&T Tax Advantage Fund - GrLIC MF Tax Plan GrMotilal Oswal Most Focused Long Term Fund - GrPrincipal Personal Tax Saver - GrPrincipal Tax Savings FundReliance Tax Saver Fund - GrSahara Tax Gain Fund GrSBI Magnum Tax Gain Fund - DivSundaram Diversified Equity (Tax Saver) Fund - DivTata India Tax Savings Fund Regular Plan - DivTaurus Tax Shield - GrUnion Tax Saver Scheme - GrUTI Long Term Equity Fund (Tax Saving) - GrAverage Value of Above FundsMaximum ValueMinimum ValueUniverseS&P BSE SENSEXNIFTY 50

142,007142,120143,761133,409125,607140,896130,841140,076141,170131,564141,106150,820137,812140,800131,839136,701133,801132,621139,473143,631129,738143,856135,690136,495138,858163,579136,653136,491142,820135,182138,490128,936133,419136,570137,646133,245141,310140,882129,564140,735135,282132,851137,900131,179138,933136,818132,284131,645134,848130,850141,027137,394132,138135,352136,803163,579125,607

157

140,528139,392136,257135,546139,209149,722132,944136,486135,323136,990132,007136,918137,127137,370131,229144,510137,227136,460133,578138,128135,296136,674135,727143,677140,792132,745134,426134,402140,390137,426131,184134,590137,009149,722131,184

32132,501131,791

498,248522,373514,152449,230406,373456,202438,721487,184494,819437,096478,524570,979467,856474,267438,924512,476462,513449,782465,612484,309430,001465,578469,090478,316471,210605,868476,048518,402507,769448,423503,443438,516447,142508,126437,148441,896484,897502,570419,655495,863426,889438,906486,225422,141458,537452,134443,492430,902445,111426,145481,714446,238427,243451,847470,133605,868406,373

157

479,828478,465452,352456,884456,041505,794436,878468,178480,772456,467441,631482,021475,931479,877437,425501,150464,093475,096462,609489,899447,582

-455,180513,247485,891446,060445,479468,664493,530469,095416,522452,574466,942513,247416,522

31429,390432,518

979,6691,229,6371,075,272894,267787,357942,321873,313

1,034,1131,149,276820,814999,065

1,474,034970,115987,404827,115

1,122,272957,964943,131932,870

1,015,429861,414

1,031,5451,125,5691,040,1271,007,6751,581,592987,274

1,110,4841,259,125854,865

1,188,976895,507926,693

1,123,679892,897867,130

1,135,9301,048,059817,250

1,097,595865,662858,488987,796800,407

-879,350855,073871,441850,615840,679

1,165,1961,005,608824,253902,755996,603

1,581,592787,357

149

1,038,2641,046,4011,007,549920,753956,009

1,025,570868,014954,056

1,025,033933,283940,228975,733969,447989,468913,479

1,056,693991,782992,570967,407

1,010,284908,172

-906,180

1,073,3641,088,838875,607917,784956,260

1,055,158919,709809,517904,850967,660

1,088,838809,517

31799,987814,101

1,544,9492,188,3581,812,2521,437,439

-1,582,3331,425,9811,677,3171,956,5661,279,8771,625,6702,634,4221,600,2411,562,2081,284,0761,839,5541,586,3851,596,9961,474,7951,740,9731,396,1291,792,9842,042,1931,734,5581,684,2952,858,5271,566,9431,819,1992,128,4211,325,8762,051,3371,446,4401,537,1901,851,2721,491,0501,397,4671,966,717

- 1,264,7441,871,4041,387,8501,362,1211,580,353

--

1,412,1421,326,7271,435,9391,365,7941,335,3082,060,6161,743,7851,327,2021,452,0371,661,6122,858,5271,115,937

143

1,744,4591,756,7701,782,8021,470,5561,620,9891,659,6461,405,7771,546,7731,729,3321,538,7271,573,6301,597,3261,560,5971,649,9291,528,5691,785,7351,664,7911,612,9311,548,5611,640,6241,456,688

-1,454,3111,815,2121,861,2931,394,6031,517,2571,545,1611,755,6571,447,947

-1,450,6001,603,9081,861,2931,394,603

301,251,1221,275,752

2,669,312-

3,030,1552,542,644

-3,144,2782,254,0452,924,5453,546,967

-2,874,809

-2,786,8422,632,0552,111,6163,353,6542,829,6092,779,2782,385,8523,549,3282,454,7703,404,8573,703,4632,891,1512,944,935

-2,593,8983,150,0513,795,2682,127,1223,967,2522,722,8832,668,3963,347,2892,729,5812,433,4893,577,950

- 2,036,5103,098,743

-2,334,6522,757,186

--

2,342,8102,361,4022,624,2922,436,8212,268,3013,980,4013,563,5772,453,4272,484,7762,943,8185,038,0491,944,671

114

3,032,1503,034,413

-2,431,2972,854,827

-2,603,2632,510,5073,104,348

-2,924,9202,906,9592,842,9422,918,9312,894,589

-3,109,168

-2,612,5422,995,7452,384,469

-2,422,9383,015,2183,488,0722,490,7992,616,5602,576,7633,128,5272,495,245

-2,438,7812,793,3593,488,0722,384,469

252,071,7492,116,425

3,457,586-

3,781,4683,466,910

-4,324,515

-4,043,058

--

4,162,922--

3,492,0942,874,2384,535,6503,782,616

-3,148,4024,670,6183,340,1234,460,5194,689,4203,676,9503,975,161

---

5,235,5262,827,4885,484,3653,783,6763,523,7534,693,8773,598,7823,305,8574,734,902

- 2,551,2243,805,668

-3,073,2473,806,916

---

3,322,4593,588,852

-2,981,4215,235,5324,913,4763,417,6803,226,5863,862,8846,090,6702,408,917

88

3,935,0194,006,652

-3,114,572

--

3,679,484---

4,003,4093,842,1103,803,270

-3,853,726

---

3,374,240-

2,991,836-

3,174,0853,724,0614,674,8493,429,7413,475,3943,474,1904,106,2393,476,471

-3,137,6603,646,1584,674,8492,991,836

192,710,0672,786,447

Economy scripts a turnaround, expands 6.3% in September quarter


















DISCLAIMER: We have taken due care and caution in compilation of this booklet. The information has been obtained formvarious reliable sources. However it does not guarantee the accuracy, adequacy or completeness of any information and are not responsible for any errors or omissions of the results obtained from the use of such information. Investors shold seek proper financial advise regarding the appropriateness of investing in any of the schemes stated, discussed or recommended in this newsletter and should realise that thestatements regarding future prospects may or may not realise. Mutual fund investments are subject to market risks. Please read the offer document carefully before investing. Past performance is for indicative purpose only and is not necessarily a guide to the future performance.

returns · returns. real return simply means adjusting the return for inflation. so, in our above...

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