february, 2019 investor journal karvy’s · fund of the month. page 05. readers corner. page 0. 6....
Post on 07-Jul-2020
1 Views
Preview:
TRANSCRIPT
KARVY’s
February, 2019
INVESTOR JOURNAL
www.karvyvalue.com
What’s Inside
KARVY’sINVESTOR JOURNAL
Fund of the MonthHDFC Tax saver Fund (G)
To generate capital appreciation/income from a portfolio, comprising...
February, 2019Page 05
Market ReviewPage 01
Karvy Investment InsightPage 03
Fund of The MonthPage 05
Readers CornerPage 06
Story of The MonthPage 07
SIP PerformancePage 08
Category Average ReturnsPage 09
Fixed Deposits SchemesPage 10
Equity Funds PerformancePage 11
Debt Funds PerformancePage 12
Global Markets at a GlancePage 13
Indices WatchPage 14
Highlights of the Month » The Asset under management of the mutual fund industry
for Dec 2018 has been declined by 5% from Rs. 24 lakh crore in Nov 2018 to Rs. 22.85 lakh core.
» Systematic investment plans (SIPs) flow increased to Rs. 8,022.33 crore from Rs 7,985 crore in November, a rise of 0.46 per cent on a month-on-month basis.
» Liquid funds saw outflows of ₹ 1.49 lakh crore during the month as banks and NBFCs usually redeem assets in the last month of a quarter. Flows into equity funds, mainly driven by retail investors, fell to ₹ 6,651 crore their lowest level in 2018. In November, the flows were at ₹ 8,629 crore,
» The asset under management of the industry grew by 5.54 per cent or Rs.1.24 lakh crore to Rs.23.61 lakh crore at the end of December 2018, up from Rs.22.37 lakh crore at the end of December 2017, As per AMFI Data.
» SEBI has permitted covered calls in the mutual fund industry. Covered call is a strategy which will allow mutual fund managers to write a call option contract if he has a neutral stance on a specific stock. The market regulator clarified that fund manager can write call options under covered call strategy for stocks trading on Nifty 50 and BSE Sensex.
» In the last quarter, assets from B-30 cities (beyond top 30 cities) grew by Rs. 6,000 crore to touch Rs. 3.63 lakh crore in December, shows the AMFI data. This was 2% quarter-on-quarter increase.
» The government has relaxed partial withdrawal norms for NPS subscribers. With this, NPS subscribers can withdraw up to 25% of their money from their corpus thrice in their lifetime. The first withdrawal is now permissible after three years from the date of joining and gap should be at least five years between the partial withdrawals.
INVESTOR JOURNALFebruary, 2019
Market Review
EXPORTS:
» Exports in December 2018 were US $ 27.93 Billion, as compared to US $ 27.83 Billion in December 2017, exhibiting a positive growth of 0.34%, According to a data released by the Ministry of Commerce and Industry.
» Petroleum products (13.18%), organic and inorganic chemicals (5.5%), plastic and linoleum (20.18%) and electronic goods (50.81%) showed a high export growth during the month.
» Cumulative value of exports for the period April-December 2018-19 was US $ 245.44 Billion as against US $ 222.77 Billion during the period April-December 2017-18, registering a positive growth of 10.18% in Dollar terms.
» Non-petroleum and Non Gems and Jewellery exports in December 2018 were US $ 21.11 Billion, as compared to US $ 20.88 Billion in December 2017, exhibiting a positive growth of 1.08 per cent. Non-petroleum and Non Gems and Jewellery exports in April-December 2018-19 were US $ 177.66 Billion, as compared to US $ 164.66 Billion for the corresponding period in 2017-18, an increase of 7.90 percent.
IMPORTS:
» Imports in December 2018 were US $ 41.01 Billion, which was 2.44% lower in Dollar terms over imports of US $ 42.03 Billion in December 2017.
» Petroleum, Crude & Products (3.16%); Machinery, electrical & non electrical (8.38%); Coal, coke & briquettes, etc (11.39%); Iron & steel (15.61%) showed a high Import growth during the month.
» Cumulative value of imports for the period April-December 2018-19 was US $ 386.65 Billion, as against US $ 343.34 Billion during the period April-December 2017-18, registering a positive growth of 12.61% in Dollar terms.
CUDE OIL AND NON-OIL IMPORTS:
» Oil imports in December 2018 were US $ 10.67 Billion, which was 3.16% higher in Dollar terms, compared to US $ 10.35 Billion in December 2017.
» Oil imports in April-December 2018-19 were US $ 108.10 Billion which was 42.85% higher in Dollar terms compared to US $ 75.67 Billion, over the same period last year.
» Non-Oil and Non-Gold imports were US $ 27.76 billion in December 2018, recording a negative growth of 1.86%, as compared to Non-Oil and Non-Gold imports in December 2017. Non-Oil and Non-Gold imports were US $ 253.89 billion in April-December 2018-19, recording a positive growth of 5.32%, as compared to Non-Oil and Non-Gold imports in April-December 2017-18.
Trade Balance:
» The trade deficit for December 2018 was estimated at US $ 13.08 Billion as against the deficit of US $ 14.20 Billion in December 2017.
Apart from FII and MF activity, Key domestic data released in the month of January were:
1
Invest in TOP Mutual Funds
Trusted by 10 Lakh+ Investors
Know More
Though S&P BSE Sensex was traded most of time in red in January. Ahead of budget, BSE Sensex surprisingly ended the month positively with a return of 0.52%. BSE IT is the top performer among all indices as IT giants reported strong growth rate for the quarter ended December. Inflation rate declined to 2.19% which is lowest inflation rate since 2017. Liquid funds witnessed strong outflow during the December Month as banks and NBFCs usually redeem assets in the last month of a quarter. Flows into equity fell to lowest level in 2018
INVESTOR JOURNALFebruary, 2019
S&P BSE SENSEXDate Close Price Points Diff %age Change
31-Dec-18 36,068.33
7-Jan-19 35,850.16 -218.17 -0.60%
14-Jan-19 35,853.56 3.40 0.01%
21-Jan-19 36,578.96 725.40 2.02%
28-Jan-19 35,656.70 -922.26 -2.52%
Overall Change for the month 0.52%
NIFTY 50Date Close Price Points Diff %age Change
31-Dec-18 10,862.55
7-Jan-19 10,771.80 -90.75 -0.84%
14-Jan-19 10,737.60 -34.20 -0.32%
21-Jan-19 10,961.85 224.25 2.09%
28-Jan-19 10,661.55 -300.30 -2.74%
Overall Change for the month -0.29%
Sensex & Nifty: (Month Between 31-Dec-2018 to 31-Jan-2019)
MF Activity: (Month Between 01-Jan-2019 to 30-Jan-2019)
EquityDate Gross Purchase (Cr.) Gross Sale (Cr.) Net (Cr.)
7-Jan-19 1,858.83 1,921.46 -62.63
14-Jan-19 2,655.29 1,822.70 832.59
21-Jan-19 2,103.97 1,618.04 485.93
28-Jan-19 2,285.16 2,182.55 102.61
Total 46,428.35 39,510.26 6,918.09
DebtDate Gross Purchase (Cr.) Gross Sale (Cr.) Net (Cr.)
7-Jan-19 8,720.22 5,890.54 2,829.68
14-Jan-19 11,863.21 9,091.31 2,771.90
21-Jan-19 11,982.52 10,344.86 1,637.66
28-Jan-19 10,131.11 7,276.86 2,854.25
Total 2,04,004.84 1,48,480.12 55,524.72
2
FII Activity: (Month Between 01-Jan-2019 to 30-Jan-2019)
EquityDate Gross Purchase (Cr.) Gross Sale (Cr.) Net (Cr.)
7-Jan-19 4,309.60 4,005.04 304.56
14-Jan-19 3,162.16 4,027.62 -865.46
21-Jan-19 4,941.11 4,090.96 850.15
28-Jan-19 6,429.14 6,506.18 -77.04
Total 85,266.52 88,760.32 -3,493.80
DebtDate Gross Purchase (Cr.) Gross Sale (Cr.) Net (Cr.)
7-Jan-19 1,707.21 1,586.02 121.19
14-Jan-19 621.85 812.46 -190.61
21-Jan-19 546.84 1,613.54 -1,066.70
28-Jan-19 1,132.71 1,274.70 -141.99
Total 26,580.05 28,650.30 -2,070.25
-----------------------------------------------------------------------------------------------------------------------------------------------------------Source : ACE MF
CPI Inflation: » Annual consumer inflation in India declined to 2.19 percent in December of 2018 from 2.33 percent in November. It is the
lowest inflation rate since June of 2017 as food prices continued to decline and inflation eased for clothing, housing and fuel.
» Core inflation excluding food and fuel prices increased to 5.73% in December. Most sub-categories of core inflation recorded an increase. Medical services inflation soared to 9% in December from 7.2% in November; education services jumped to 8.4% from 6.6%; personal care items rose to 4.6% from 4.1%; household goods and services climbed to 6.4% from 5.8%.
WPI Inflation: » Wholesale prices in India rose by 3.8 percent year-on-year in December 2018, slowing from a 4.64 percent gain in the
prior month. It was the lowest wholesale inflation since April, as cost increased at a softer pace for fuel and manufactured products while prices of food declined further.
IIP: » India’s industrial production growth slowed sharply to 0.5 percent year-on-year in November 2018 from an upwardly revised
11-month high of 8.4 percent in the previous month. It was the smallest gain in industrial activity since a contraction recorded in June 2017 as manufacturing production fell 0.4 percent with fabricated metal products output falling the most (-13.4 percent), followed by electrical equipment (-9.6 percent) and other manufacturing (-7.3 percent).
Among the BSE sectorial indices, S&P BSE IT with 8.34% was the top gainer and S&P BSE AUTO Index with -11.23% was the top looser.Major Asian Indices has given positive returns with Hangseng, Taiwan, Nikkei 225 ended by 10% and 3.96%, 5.08% respectively.
Today’s
Tax Planning
is Tomorrow’s
Wealth OpportunityBest ELSS Funds just for you.
That would not only save tax but also provide thelong term benefits in line with your financial goals
Invest in ELSS up to 1.5 Lakhs p.a.
Enjoy the double benefit of
Tax Saving up to 46,800/- p.a. and
Create Wealth for Future.
Invest Now
INVESTOR JOURNALFebruary, 2019
Karvy Investment Insight
Peace of mind and Wealth Creation ideas for long term
Karvy Insights brings to you investment wisdom to help our investors make sound investment decisions and reach their goals faster. These inputs may not help you become wealthy in a short span of time, but they would definitely give you peace of mind and a roadmap for your financial journey.
3
Book I like the most
Innovator’s Dilemmaby Clayton M. Christensen
The book explains that the incumbent firms are at disadvantage vs start-ups on disruptive technologies. The author lays a framework for the incumbents to overcome this hurdle.
There are two kinds of technologies:
a. Sustaining technologies – They improve the performance of the existing product to the existing customer. They improve the profitability of the incumbents. Shift from 3G to 4G/ 5G in telecommunication is sustaining technology.
b. Disruptive technologies – They challenge the established industry by fulfilling the needs of their customers in a new manner. Initially they target unserved/ cost conscious customers/application later with the fast pace improvement in the functionality/ fall in the cost, disruptive technologies supersede the established. Evolution of the mobile camera is a disruptive technology for camera industry.
Comments by Deepesh Agarwal------------------------------------------------------------------------------------------------------------------------------------------------------
Incumbents always have the resource to develop both technologies. However, incumbent’s failure rates are sky-high when facing disruptive technologies. Incumbents are good at sustaining technologies.
INVESTOR JOURNALFebruary, 2019
Karvy Investment Insight
4
Why do incumbents fall prey to disruptive technology? » The future pathway of an organisation is driven by 3 factors: Resources, its processes and the
values which get inculcated in its manager’s decision making. These factors work against incumbent given its focus to maximise near-term profitability.
» Margin/ Return on Capital Employed (RoCE) dilutive projects are allotted least resources. CEO/board/mid-managers everyone are hardwired for near-term profitability. For instance, DEC entered and exited personal computer (PC) market four times over 1983-95 as its managers weren’t happy with low margin of PC business.
» Incumbents face sizing issue as at the start, the disruptive technology market is insignificant vs incumbent’s size.
» Good management aligns its strategy close to its customers. Feedback from customers tends to work against the disruptive technology. In US, only four earthmoving equipment makers survived the hydraulics disruption as customers gave discouraging feedback on hydraulics.
» Incumbents over-invest in the new market on hopes of instant demand. Apple suffered set-back in 1994 by overinvesting in PDA market.
Guidelines to withstand disruptive technologies: » Establish distinct entity with different eco-system for the new technology. This is what IBM did
when PC was yet to emerge; later its PC subsidiary contributed meaningfully to group’s fortune. Even in India, few 2-wheeler companies are investing in electric 2-wheeler start-ups.
» When in doubt on which technology will succeed, form two distinct units and let them compete using different technology. Hewlett Packard (HP)’s laser printer division competed with its own inkjet printer business.
Learning for equity investors: » Technology targeted at existing customer or expected by majority to replace mainstream
product is a sustainable technology. We believe shift towards Electric Vehicle (EV) in cars, fits the sustainable technology framework and not disruptive technology.
» Products with inferior performance can replace mainstream product if the pace of improvement of former exceeds later. For instance, falling cost/ improving efficiency imply battery equipped solar panels can replace thermal power.
» Disruption can come from entirely different product/ market. For instance, wearable watches may disrupt preventive medical check-up industry.
» Pioneer firm has no major advantage in sustaining innovation; however it has advantage in disruptive technology. Firms waiting for inflexion point to start investing are at major risk.
About Deepesh - Mr. Deepesh Agarwal is an Associate Vice President and research analyst in the domestic Equity Division of UTI Asset Management Company Ltd. He tracks the Capital Goods, Infrastructure and Textile sectors.
----------------------------------------------------------------------------------------------------------------------------------------------------------
INVESTOR JOURNALFebruary, 2019
5
‘Tweets’ of the Month
Fund of The Month
HDFC Tax Saver Fund (G)
Investment Objective:
To generate capital appreciation / income from a portfolio,comprising predominantly of equity & equity related instruments. There is no assurance that the investment objective of the Scheme will be realized.
Portfolio:
Top 10 Companies Holdings
Name %age
HDFC Bank Ltd. 8.8
ICICI Bank Ltd. 8.3
Infosys Ltd. 8.0
NTPC Ltd. 7.3
State Bank Of India 7.0
Reliance Industries Ltd. 5.8
Larsen & Toubro Ltd. 5.7
GAIL (India) Ltd. 5.6
ITC Ltd. 4.6
Vedanta Ltd. 3.5
Top 10 Sector Wise Holding
Industry Name (%)
Bank - Private 19.4
Power Generation/Distribution 11.1
IT - Software 10.6
Refineries 8.5
Engineering - Construction 7.5
Bank - Public 7.0
Industrial Gases & Fuels 5.6
Pharmaceuticals & Drugs 4.8
Cigarettes/Tobacco 4.6
Metal - Non Ferrous 3.5
To read the full Information, Click Here
Indicates an increase or decrease or no change in holding since last profile. Indicates an increase or decrease in holding since last portfolio.
INVEST HERE
Jan 2008 to Aug 2013 - Flat market for midcaps
Lumpsum returns - zero | SIP returns - 6 pc CAGRFelt like stopping SIPs and running away from equity and midcaps
Wait for a year till Aug 2014SIP returns - doubled in just one year
- Kalpen Parekh @KalpenParekh
Source : ACE MF
No one’s ever achieved financial fitness
with a January resolution that’s abandoned by February
- Suze Orman
- Lakshmi Iyer@Lakshmi1876
Most powerful people in the world, 2018.
1. Xi Jinping2. Vladimir Putin3. Donald Trump4. Angela Merkel
5. Jeff Bezos6. Pope Francis
7. Bill Gates8. Mohammad bin Salman
9. Narenda Modi10. Larry Page
(Forbes)
@spectatorindex
Investing’s greatest lessons can’t be taught in a book or
in a classroom. They have to be experienced and often times the
best teacher is loss.
- Ian Cassel @iancassel
INVESTOR JOURNALFebruary, 2019
Readers Corner
6
LIKE US ON FACEBOOK
Bud
get H
ighl
ight
s - 2
019-
20 � Individual tax payers with taxable income up to Rs 5 lakhs will get full tax rebate. Nearly 3
Cr middle class tax payers to benefit by ~Rs 18,500 Cr.
� Standard deduction to be increased to Rs50,000 from current Rs40,000 for salaried people and pensioners. Nearly 3 Cr people to benefit by ~Rs 4,700 Cr.
Boost given to Real Estate sector:
� Notional rent on second self-occupied home is exempt from tax which will boost demand for real estate.
� Benefit of rollover of capital gains from sale of residential property increased to investment in 2 residential houses for gains up to 2 Cr.
� TDS on rent exempt up to Rs 2.4 lakh p.a. to boost demand for real estate.
� To provide impetus to real estate sector, levy of notional rent on unsold inventory is now exempted for 2 years from the end of the year in which the project is completed.
� PM Shram Yogi Maandhan-MegaPensionYojana-10crunorganized sector workers with income up to Rs15,000 per month to be benefited with assured pension of Rs3,000 per month on a small monthly contribution.
� Total road sector outlay in FY20 will be Rs. 1.5 lakh Cr against Rs. 1.3 Lakh Cr in FY19, growth of 13% y/y.
� Total rail outlay in FY20 will be Rs. 1.6 lakh Cr against Rs. 1.5 lakh Cr in FY19, growth of 9% y/y.
� Total defense budget outlay is Rs 3.1 lac crore growth of 7% y/y.Of the total spend, capital outlay growth is at 10% y/y.
� Key schemes with higher capex in FY20 vs FY19 –Rural drinking water (49%), AMRUT (11%), Metro rail (19%), Sagarmala (44%), Integrated Power Development System (33%), Green Energy Corridors (40%), PM Gram SadakYojana (23%) .
� Key schemes with decline in FY20 vs F19 -Swachh Bharat (-25%), Power System Strengthening Scheme (-19%).
CONCLUSION � Government has managed political compulsions with fiscal reality in a election year. When
the economic momentum was slowing, Government has provided stimulus for growth, especially on the consumption front.
� Rural and Middle Class is the key focus area where Government has oriented its resources.
� Though indirect tax revenues assumptions are tad aggressive, there is enough cushion indirect tax revenues to contain the fiscal short fall, if any.
� Government is adopting Extra Budgetary Support to fund large portion of incremental funding which should aid growth without putting fiscal pressure.
� Direct income support for farmers and tax benefit for the middle class will increase disposable income and benefit sectors like agro chemicals, agriculture inputs, consumer staples, small ticket consumer discretionary items like small appliances, retail, 2wheelers, housing finance companies, retail oriented banks and NBFCs.
--------------------------------------------------------------------------------------------------------------------------------------------Source : Joint initiative by Karvy and Aditya Birla AMC
INVESTOR JOURNALFebruary, 2019
Story of The Month
In the dusty streets of a large city lived a beggar procuring alms and rice daily from passersby. Most of the days he was unable to gain enough food for a meal. At night, he slept under the sky with only a rag to cover him. His life was difficult, but he had grown used to it over the many years.
One day, the beggar heard that the Emperor was coming to town for a visit. “I am sure the generous Emperor will see the state I am in and grant a generous gift. The richest of all men will bestow some sympathy and relief on me in a manner that would undoubtedly surpass the paltry givings of the regular citizens”, he thought.
He made plans to seat himself along the route the Emperor will be traversing, so that the Emperor does not miss to notice the beggar. He gathered all his belongings and sat on the street.
The royal caravan finally approached and stopped right in front of him around mid-day. While the beggar had expected no more than a little
THE EMPEROR AND THE BEGGAR
MORAL OF THE STORY:
Courtesy : Karvy Learning Center
Direct Dil Se…
7
You get the best out of every situation when you give the best of yourself. Only by giving you are able to receive more than you already have.
gift from the Emperor’s servants, he was speechless when the cavalcade halted beside him, and the great ruler himself emerged in front of him.
The Emperor approached the beggar, shook the poor man’s hand, touched him gently on the shoulder and looked into his eyes and said “Kind sir, may I have a little gift of rice?”
For a moment, the beggar didn’t understand what the Emperor said. The Emperor motioned to his bowl which had some rice. “Can you please spare some grains of rice?” the powerful man insisted.
The beggar could barely believe what was happening to him. He had only a handful of grains. He knew he could not deny the Emperor’s request by any means. He reluctantly counted five grains of rice and dropped them into the hands of the Emperor.
The Emperor thanked him and shook his hand once more and went on his way. Confused, hurt and angry, the beggar watched the caravan disappear.
That night, while he was cleaning his rice for his dinner, he noticed something glinting in his bowl. He looked closer and a thrill shot through him when he dug out a tiny gold nugget out of his bowl.
The gold nugget was enough for him to buy him a few months off the street.
“There must be more of it” he thought and started to sift through the rice in search of more gold. He found four more pieces of gold nuggets inside his rice bowl.
As he stared down at the small fortune in his bowl, it dawned on him: there were five gold nuggets. One for each grain of rice he had offered the Emperor.
INVESTOR JOURNALFebruary, 2019
S&P BSE SENSEXCurrent NAV (`)
3 Year SIP 5 Year SIP
Rs.36000 Rs.60000
Profit-SIP XIRR(%) Profit-SIP XIRR(%)
Large and Large and mid cap
Canara Rob Emerg Equities Fund-Reg(G) 86.75 4093.27 7.13 23855.58 13.36
Invesco India Growth Opp Fund(G) 31.80 5225.41 9.01 18446.46 10.67
Mirae Asset Emerging Bluechip-Reg(G) 48.94 6151.77 10.53 29932.66 16.20
Principal Emerging Bluechip Fund(G) 96.68 2874.01 5.06 19936.79 11.42
Sundaram Large and Mid Cap Fund(G) 32.22 5436.17 9.36 20097.32 11.51
Multi Cap
Canara Rob Equity Diver Fund-Reg(G) 124.51 5573.25 9.58 16093.41 9.44
ICICI Pru Multicap Fund(G) 272.25 3729.57 6.51 16321.64 9.56
Mirae Asset India Equity Fund-Reg(G) 47.23 5936.67 10.18 21606.25 12.26
Parag Parikh Long Term Equity Fund-Reg(G) 23.45 5390.71 9.28 19141.84 11.02
Quant Active Fund(G) 173.26 4794.68 8.30 19586.90 11.25
Mid Cap & Small Cap
Axis Midcap Fund(G) 34.01 5892.22 10.10 19954.54 11.43
HDFC Small Cap Fund-Reg(G) 41.21 6268.90 10.72 25241.26 14.02
L&T Emerging Businesses Fund-Reg(G) 23.49 4183.83 7.28 0.00 0.00
Reliance Small Cap Fund(G) 37.46 2817.80 4.96 22854.69 12.87
SBI Small Cap Fund-Reg(G) 47.71 3790.55 6.62 28272.73 15.44
ELSS
Aditya Birla SL Tax Plan(G) 37.18 4171.49 7.26 18622.92 10.76
Aditya Birla SL Tax Relief '96(G) 29.91 4562.29 7.91 19961.17 11.44
Axis Long Term Equity Fund(G) 40.30 3943.80 6.87 17322.99 10.09
Canara Rob Equity Tax Saver Fund-Reg(G) 60.68 5398.72 9.30 16408.28 9.61
Invesco India Tax Plan(G) 47.51 4331.05 7.52 17651.62 10.26
Sector
DSP Natural Res & New Energy Fund-Reg(G) 29.93 2591.00 4.57 21366.47 12.14
Franklin India Technology Fund(G) 155.92 8652.99 14.51 19639.71 11.27
ICICI Pru Technology Fund(G) 58.88 11572.00 18.98 25042.01 13.93
SBI Banking & Financial Services Fund-Reg(G) 16.03 8576.56 14.39 0.00 0.00
SBI Technology Opp Fund-Reg(G) 62.71 9657.52 16.07 20892.92 11.90
Index
HDFC Index Fund-Sensex(G) 314.33 6316.66 10.79 16572.02 9.69
IDFC Nifty Fund-Reg(G) 21.95 5399.79 9.30 15354.15 9.05
Reliance Index Fund - Sensex Plan(G) 17.50 5875.70 10.08 14864.64 8.79
Tata Index Fund-Sensex Plan(G) 87.38 6154.56 10.53 15588.97 9.18
UTI Nifty Index Fund-Reg(G) 69.19 5384.57 9.27 15354.92 9.05
As on 31st Jan’19
8
Source : ACE MF
SIP Performance
INVESTOR JOURNALFebruary, 2019
Category Average Returns
Category Sub Category1 Week Return
1 Month Return
6 Month Return
1 Year Return
3 Year Return
5 Year Return
Since Inception
Market Cap
Large-cap -1.45 -2.79 -5.89 -7.71 10.93 13.65 9.40
Large and mid cap -1.65 -3.20 -7.43 -10.99 11.71 16.92 13.58
Mid-cap -1.93 -4.12 -9.00 -14.75 10.46 19.21 6.50
Multi-cap -1.75 -3.27 -8.88 -9.90 11.22 16.03 5.14
Small-cap -2.41 -4.42 -12.36 -21.59 9.81 20.54 2.69
Sector Funds
Banks & Financial Services -1.69 -2.58 -7.71 -6.54 17.92 20.24 13.76
Consumption -1.84 -4.11 -6.17 -9.20 13.19 15.36 6.18
Energy & Power -2.07 -5.34 -10.51 -22.12 12.33 17.49 11.95
Infrastructure -2.25 -4.95 -10.68 -21.56 8.38 15.86 5.70
Pharma & Health Care -1.55 0.35 0.13 -4.07 -3.11 9.58 6.43
Service Industry -0.87 -1.35 -8.13 -12.25 5.17 14.19 7.71
TECk 0.63 5.13 1.46 10.65 11.48 11.48 13.17
Speciality
Contra -1.81 -3.06 -7.30 -5.15 14.74 17.90 12.95
Dividend Yield -0.97 -1.89 -7.81 -12.15 11.90 13.87 11.27
Global 0.86 7.39 -2.17 0.23 10.76 7.92 8.42
MNC -1.14 -2.48 -4.63 -5.90 10.16 20.00 16.11
Equity Exchange Traded Funds -1.62 -2.22 -5.32 -3.46 14.11 12.64 8.39
Equity Linked Savings Scheme -2.08 -3.76 -9.11 -13.25 11.53 16.01 7.44
Equity Savings Scheme -0.46 -0.75 -1.58 -0.31 7.09 7.54 5.14
Focused Fund -1.59 -2.91 -8.73 -10.33 11.61 16.17 6.66
Index
Nifty -1.67 -2.10 -6.13 -3.64 12.36 12.12 10.47
Nifty Next 50 -3.16 -5.95 -10.64 -13.98 12.76 17.18 4.17
Sensex -1.43 -1.40 -5.05 -0.79 12.98 11.85 11.60
Others -1.95 -3.93 -8.80 -9.68 9.18 11.66 10.87
Aggressive Hybrid Fund -1.02 -1.84 -4.68 -6.36 9.94 13.54 8.06
Balanced FundsBalanced advantage -0.71 -1.31 -0.69 -1.62 12.16 14.00 9.12
Balanced hybrid -15.99 -1.66 0.83 1.51 6.75 7.31 6.00
Capital Protection Funds -11.72 0.69 2.71 2.75 6.52 7.50 5.71
Conservative Hybrid Fund -15.82 -3.61 0.54 1.04 7.34 9.03 8.28
Dynamic Asset Allocation -0.57 -0.82 -2.59 -0.42 7.89 12.11 6.61
Multi Asset Allocation -0.50 -0.94 -1.51 -1.35 7.69 9.10 9.90
Gold - FOF 110.04 42.12 14.88 5.59 6.71 0.14 1.07
Gold Exchange Traded Funds 1.96 4.50 10.29 7.97 5.78 1.93 4.76
Banking and PSU Fund 4.23 5.59 7.78 6.64 7.30 7.92 7.70
Corporate Bond 5.16 8.24 7.38 6.25 7.17 8.01 7.82
Credit Risk Fund -12.94 3.39 4.26 5.01 7.27 8.43 7.68
Dynamic Bond 5.57 0.47 7.71 5.72 7.18 8.30 7.42
Fixed Maturity Plans 5.34 8.30 7.83 7.19 8.04 8.85 7.75
GiltLong Term 11.33 -5.30 12.05 8.85 8.41 9.72 7.95
Short and Medium term 10.30 -1.57 9.48 6.66 7.70 8.97 8.12
Floating Rate 5.95 7.87 7.42 7.04 7.32 7.79 7.42
Duration
Long duration 0.25 -5.17 13.36 6.45 8.74 9.35 11.91
Low Duration 7.16 8.46 7.58 7.30 7.49 7.87 7.54
Medium Duration 3.59 5.34 6.28 5.76 7.55 8.63 8.02
Medium to Long Duration 5.39 -0.77 7.25 5.08 6.66 7.84 8.16
Money Market 7.87 8.19 6.77 7.03 7.12 7.70 7.54
Overnight 6.15 6.13 6.09 6.00 6.17 6.88 6.57
Short Duration 5.03 7.62 7.01 6.34 7.13 7.78 7.39
Speciality-Debt
Interval Funds - Half Yearly 5.96 6.06 6.10 6.71 7.04 7.61 7.93
Interval Funds - Monthly 6.41 6.57 6.61 6.98 6.83 7.44 7.83
Interval Funds - Quarterly 6.59 6.98 7.07 7.44 7.11 7.67 8.05
Interval Funds - Yearly 6.89 7.52 7.12 7.31 7.46 8.00 8.27
Liquid 6.69 6.85 6.47 6.87 6.84 7.51 7.23
Ultra Short Term Plan 7.40 8.18 5.74 6.34 7.04 7.79 7.50
Returns are as on 31st Jan’19
9Source : ACE MF
INVESTOR JOURNALFebruary, 2019
Fixed Deposits Schemes
10
FD Name Rating IndustryInterest Rate
* (Up to)
Bajaj Finance Ltd.FAAA by CRISILICRA MAAA
Bajaj Finserv is the most diversifed non-bank in the country, the largest financier of consumer durables in India and one of the most profitable firms in the category.
9.10%
DHFL Aashray DepositPlus
CARE AAA FD, BWR FAAA
Dewan Housing Finance Ltd (DHFL) is the second housing finance company to be set up in the private sector in India.
9.45%
Gruh Finance Ltd.MAAA by ICRA, FAAAby CRISIL
GRUH Finance Ltd is subsidiary of HDFC Ltd is housing finance company (HFC) recognized by National Housing Bank.
8.25%
HDFC Ltd.FAAA by CRISIL, MAAA by ICRA
A pioneer and leader in housing finance in India, since inception, HDFC has assisted more than 4.9 million customers to own a home of their own. HDFC is the Largest mobiliser of public deposits outside the banking system and the HDFC Group has a strong asset base of over Rs.2.97 trillion and a customer base of over 42.5 million.
8.49%
HUDCO‘tAA+(ind)’ by FITCH, ‘CARE AA+(FD)’ by CARE
HUDCO is a premier techno-financing company set up in 1970 by the Government of India to accelerate the pace of housing and urban development in the country.
7.75%
ICICI Home Finance Ltd
CARE FAAA, ICRA MAAA
ICICI Home Finance Company Limited is one of the leaders in the Indian mortgage finance and realty space.
8.50%
LIC Housing Finance Ltd.
FAAA / STABLE by CRISIL
One of India’s largest housing finance companies, having nation-wide network. Consistent record of dividend payments.
8.55%
Mahindra & Mahindra Financial Services Ltd
CRISIL FAAAMahindra and Mahindra Financial Services Limited (MMFSL) commenced its journey two decades back in the rural non-banking finance industry.
9.05%
PNB Housing Finance Ltd.
FAAA by CRISILPNB Housing Finance (PNBHF) is a subsidiary of Punjab National Bank and a partner of Destimoney Enterprises Pvt. Ltd. PNBHF was incorporated in 1988 and is based in New Delhi.
8.70%
Shriram City Union Finance Ltd.
IND +AA- CARE AA FD
As a deposit-accepting non-banking financial company (NBFC), Shriram City is today India’s premier financial services company specializing in retail finance.
9.50%
Shriram Unnati Deposits
FAAA/Stable by CRISIL, MAA+/Stable by ICRA
With a track record of about 30 years in this business, STFC is among the leading organized finance provider for the commercial vehicle industry
9.50%
Sundaram Home Finance Ltd.
ICRA MAA+Sundaram BNP Paribas Home Finance combines its expertise in Home Finance with the Service Orientiation of its promoter Sundaram Finance.
8.50%
* highest rate including additional interest for Senior citizens, employees etc. wherever applicable
Current/Forthcoming NCDs:
S.No Company Lead Managers
1 Indiabulls Consumer Finance Limited
Edelweiss Financial, A. K. Capital, Axis Bank and
Trust Investment Advisors
2 Manappuram Finance LimitedA. K. Capital Services Limited and Edelweiss Financial Services Limited
Know More
Know More
Know More
INVESTOR JOURNALFebruary, 2019
Equity Funds Performance
Scheme NameLatest
NAV (`)
Absolute CAGR
1 Year 3 Year 5 YearSINCE
INCEPTION
Market Cap
Mirae Asset Emerging Bluechip-Reg(G) 48.94 -6.94 18.02 27.34 20.37
HDFC Small Cap Fund-Reg(G) 41.21 -10.93 17.78 20.33 13.96
L&T Emerging Businesses Fund-Reg(G) 23.49 -17.06 17.02 19.82
Aditya Birla SL Equity Fund(G) 680.09 -8.01 14.79 19.32 22.93
Principal Emerging Bluechip Fund(G) 96.68 -13.89 14.68 23.34 24.85
ELSS
Aditya Birla SL Tax Relief '96(G) 29.91 -6.76 13.17 19.55 10.70
Axis Long Term Equity Fund(G) 40.30 -4.72 10.93 19.32 16.57
Invesco India Tax Plan(G) 47.51 -6.37 12.28 18.16 13.75
DSP Tax Saver Fund-Reg(G) 43.69 -10.38 12.57 17.76 13.03
ICICI Pru LT Equity Fund (Tax Saving)(G) 347.27 -4.54 10.10 15.86 19.99
Sector
SBI Banking & Financial Services Fund-Reg(G) 16.03 2.52 22.60 12.76
ICICI Pru Banking & Fin Serv Fund(G) 58.97 -6.56 22.43 24.58 18.51
Tata India Consumer Fund-Reg(G) 16.54 -7.74 19.30 17.66
Tata Banking & Financial Services Fund-Reg(G) 16.67 -3.77 19.28 17.96
Reliance Pharma Fund(G) 150.19 3.40 2.07 12.50 20.29
Thematic
Canara Rob Consumer Trends Fund-Reg(G) 36.90 -1.36 16.25 20.13 14.93
Principal Dividend Yield Fund(G) 49.95 -9.53 15.78 16.37 11.90
Sundaram Rural and Consumption Fund(G) 39.17 -10.73 15.50 19.54 11.32
Kotak India EQ Contra Fund(G) 48.81 -1.99 14.91 14.62 12.44
Invesco India Contra Fund(G) 44.41 -8.32 14.57 21.17 13.45
Value
Tata Equity P/E Fund(G) 124.47 -12.95 15.19 21.24 18.86
JM Value Fund(G) 29.07 -14.35 14.48 19.72 15.67
HDFC Capital Builder Value Fund(G) 276.15 -10.46 13.32 17.33 14.19
IDFC Sterling Value Fund-Reg(G) 47.29 -18.65 12.32 17.74 15.31
L&T India Value Fund-Reg(G) 33.16 -16.00 11.21 21.82 14.14
Index
HDFC Index Fund-Sensex(G) 314.33 -0.46 13.71 12.66 14.77
ICICI Pru Nifty Next 50 Index Fund(G) 23.36 -13.73 13.26 17.60 10.36
UTI Nifty Index Fund-Reg(G) 69.19 -2.52 13.12 12.77 10.76
IDFC Nifty Fund-Reg(G) 21.95 -2.29 13.11 12.85 9.39
HDFC Index Fund-NIFTY 50 Plan(G) 96.50 -2.47 13.02 12.78 14.46
(Funds has been arranged on the basis of 3 years performance)
11
Source : ACE MF
INVESTOR JOURNALFebruary, 2019
Debt Funds Performance
Scheme NameLatest
NAV (`)
Absolute CAGR
1 Year 3 Year 5 YearSINCE
INCEPTION
Gilt Funds
Aditya Birla SL G-Sec Fund(G) 51.17 7.54 9.49 10.37 8.82
ICICI Pru Gilt Fund(G) 62.62 7.78 9.16 9.84 9.88
Reliance Gilt Securities Fund(G) 24.28 8.45 9.16 10.25 8.86
SBI Magnum Constant Maturity Fund(G) 39.72 8.99 9.10 9.79 7.91
UTI Gilt Fund-Reg(G) 39.90 6.52 8.58 10.08 8.46
Scheme NameLatest
NAV (`)
Absolute CAGR
1 Year 3 Year 5 Year SINCE INCEPTION
Balanced
HDFC Balanced Advantage Fund(G) 185.01 -5.76 14.69 16.11 17.19
Reliance Balanced Advantage Fund(G) 86.33 -4.09 12.31 14.38 16.37
Aditya Birla SL Balanced Advantage Fund(G) 50.47 -1.17 11.57 12.64 9.00
ICICI Pru Balanced Advantage Fund(G) 33.81 0.90 10.08 12.85 10.60
Conservative Hybrid
ICICI Pru Regular Savings Fund(G) 41.30 4.38 9.89 11.72 10.02
Aditya Birla SL Regular Savings Fund(G) 37.83 -2.27 8.86 11.42 9.47
HDFC Hybrid Debt Fund(G) 44.19 -0.17 8.40 10.37 10.34
UTI Regular Savings Fund-Reg(G) 40.32 2.80 8.27 10.60 9.65
DHFL Pramerica Hybrid Debt Fund(G) 21.86 2.09 7.64 7.53 7.20
(Funds has been arranged on the basis of 3 years performance)
Liquid Funds Latest NAV (`) 1 Month 3 Months 6 Months 1 Year
DHFL Pramerica Insta Cash Fund(G) 239.07 0.63 1.90 3.77 7.52
IDBI Liquid Fund(G) 1966.35 0.62 1.91 3.79 7.51
Axis Liquid Fund(G) 2040.13 0.61 1.88 3.75 7.51
Reliance Liquid Fund(G) 4484.69 0.62 1.90 3.76 7.51
BOI AXA Liquid Fund-Reg(G) 2116.11 0.60 1.85 3.71 7.49
Arbitrage Latest NAV (`) 1 Month 3 Months 6 Months 1 Year
Reliance Arbitrage Fund(G) 18.76 0.57 1.38 3.18 6.63
Kotak Equity Arbitrage Scheme(G) 26.16 0.59 1.42 3.22 6.33
ICICI Pru Equity-Arbitrage Fund(G) 24.19 0.50 1.35 3.13 6.22
Edelweiss Arbitrage Fund-Reg(G) 13.59 0.59 1.41 3.09 6.13
Indiabulls Arbitrage Fund-Reg(G) 13.04 0.52 1.13 2.73 5.58
Gold-FOF Latest NAV (`) 6 Months 1 Year 3 Years SINCE INCEPTION
Invesco India Gold Fund(G) 10.04 6.97 7.73 11.87 0.05
Kotak Gold Fund(G) 13.72 9.74 8.72 6.06 4.11
ICICI Pru Regular Gold Savings Fund(G) 11.13 9.27 8.31 5.89 1.48
Axis Gold Fund(G) 10.22 8.08 8.40 4.88 0.30
Canara Rob Gold Savings Fund-Reg(G) 9.30 4.12 2.89 4.01 -1.09
(Funds has been arranged on the basis of 1 year performance)
Hybrid Funds Performance
12Source : ACE MF
INVESTOR JOURNALFebruary, 2019
Global Markets at a Glance
13
Exhibit: Nifty
Exhibit: S&P 500
Exhibit: Euro Stoxx 50
Exhibit: Nikkei
Exhibit: Shanghai
Exhibit: INR
Exhibit: Dollar Index
Exhibit: Eur
Exhibit: JPY
Exhibit: CNY
Exhibit: India 10 Yr Yld %
Exhibit: US 10 Yr Yld %
Exhibit: Germany 10 Yr Yld %
Exhibit: Japan 10 Yr Yld %
Exhibit: China 10 Yr Yld %
Source: Bloomberg, Karvy Research
10700
10750
10800
10850
10900
8-Ja
n
9-Ja
n
10-J
an
11-J
an
14-J
an
70.10
70.30
70.50
70.70
70.90
8-Ja
n
9-Ja
n
10-J
an
11-J
an
14-J
an
7.107.207.307.407.507.607.70
7-Ja
n
8-Ja
n
10-J
an
11-J
an
14-J
an
2,5702,5752,5802,5852,5902,5952,600
8-Ja
n
9-Ja
n
10-J
an
11-J
an
94.895.095.295.495.695.896.0
8-Ja
n
9-Ja
n
10-J
an
11-J
an
2.682.692.702.712.722.732.742.75
8-Ja
n
9-Ja
n
10-J
an
11-J
an
3,040
3,048
3,056
3,064
3,072
3,080
8-Ja
n
9-Ja
n
10-J
an
11-J
an
1.143
1.145
1.147
1.149
1.151
1.153
1.155
8-Ja
n
9-Ja
n
10-J
an
11-J
an
0.210
0.230
0.250
0.270
0.290
8-Ja
n
9-Ja
n
10-J
an
11-J
an
20,000
20,100
20,200
20,300
20,400
20,500
8-Ja
n
9-Ja
n
10-J
an
11-J
an
108.0
108.2
108.4
108.6
108.8
8-Ja
n
9-Ja
n
10-J
an
11-J
an
0.01
0.02
0.03
0.04
8-Ja
n
9-Ja
n
10-J
an
11-J
an
2,520
2,530
2,540
2,550
2,560
8-Ja
n
9-Ja
n
10-J
an
11-J
an
6.70
6.75
6.80
6.85
6.90
8-Ja
n
9-Ja
n
10-J
an
11-J
an
3.10
3.12
3.14
3.16
3.18
4-Ja
n
7-Ja
n
8-Ja
n
11-J
an
INVESTOR JOURNALFebruary, 2019
Indices Watch
Index NameAs on
31-Dec-18As on
31-Jan-19%
Change
S&P BSE 100 11 161.02 11 054.82 -0.95%
S&P BSE 200 4 653.68 4 587.58 -1.42%
S&P BSE 500 14 540.39 14 285.11 -1.76%
S&P BSE AUTO Index 20 833.73 18 494.59 -11.23%
S&P BSE BANKEX 30 376.68 30 731.37 1.17%
S&P BSE Capital Goods 18 821.04 17 311.11 -8.02%
S&P BSE Con Durables 20 694.63 21 255.75 2.71%
S&P BSE DOLLEX 30 4 244.78 4 183.65 -1.44%
S&P BSE FMCG 11 829.07 11 615.86 -1.80%
S&P BSE GREENEX 2 714.11 2 620.16 -3.46%
S&P BSE Health Care 13 923.37 13 881.35 -0.30%
S&P BSE IT 14 089.56 15 264.10 8.34%
S&P BSE METAL Index 11 839.59 10 958.60 -7.44%
S&P BSE Mid-Cap 15 438.45 14 560.09 -5.69%
S&P BSE O & G Index 13 748.57 13 612.32 -0.99%
S&P BSE Power Index 1 999.18 1 880.88 -5.92%
S&P BSE PSU 7 236.53 6 904.46 -4.59%
S&P BSE Realty Index 1 797.83 1 774.09 -1.32%
S&P BSE SENSEX 36 068.33 36 256.69 0.52%
S&P BSE Small-Cap 14 706.69 13 926.22 -5.31%
S&P BSE TECk Index 7 066.06 7 520.46 6.43%
Indian Indices:
Index NameAs on
31-Dec-18As on
31-Jan-19%
Change
NIFTY PHARMA 8 868.70 8 825.35 -0.49%
INDIA VIX 16.00 17.12 7.02%
NIFTY IT 14 440.30 15 499.30 7.33%
NIFTY SERV SECTOR 14 934.25 15 032.85 0.66%
Nifty Financial Services 11 585.90 11 456.40 -1.12%
NIFTY BANK 27 160.20 27 295.45 0.50%
NIFTY 50 10 862.55 10 830.95 -0.29%
NIFTY FMCG 30 516.65 29 800.55 -2.35%
NIFTY 100 11 110.15 10 996.80 -1.02%
NIFTY 100 11 110.15 10 996.80 -1.02%
NIFTY CONSUMPTION 4 988.85 4 715.80 -5.47%
NIFTY 200 5 755.35 5 666.45 -1.54%
NIFTY MNC 13 941.85 13 320.65 -4.46%
NIFTY 500 9 170.00 9 003.85 -1.81%
NIFTY ENERGY 14 334.85 14 792.95 3.20%
Nifty 500 Shariah 2 945.79 2 842.04 -3.52%
NIFTY DIV OPPS 50 2 589.10 2 553.60 -1.37%
NIFTY AUTO 9 235.55 8 218.40 -11.01%
Nifty Midcap 50 4 930.95 4 689.10 -4.90%
NIFTY PSU BANK 3 088.00 3 025.80 -2.01%
NIFTY MEDIA 2 566.20 2 173.40 -15.31%
NIFTY COMMODITIES 3 431.20 3 266.95 -4.79%
NIFTY METAL 3 154.60 2 915.85 -7.57%
NIFTY INFRA 3 175.30 2 976.85 -6.25%
NIFTY PSE 3 389.35 3 207.70 -5.36%
NIFTY REALTY 232.35 228.55 -1.64%
Global Indices:
Index NameAs on
02-Jan-19As on
30-Jan-19%
Change
All Ordinaries 5,626 5,951 5.79%
BEL-20 3,223 3,488 8.23%
Bovespa 91,012 96,996 6.57%
CAC 40 4,689 4,975 6.09%
DAX 10,580 11,182 5.68%
Dow Jones 23,346 25,015 7.15%
Hang Seng 25,130 27,643 10.00%
Nikkei 225 19,562 20,557 5.08%
NYSE 11,384 12,222 7.37%
S&P 500 2,510 2,681 6.81%
Straits Times 3,039 3,174 4.46%
Taiwan Weighted 9,554 9,932 3.96%
DisclaimerThe information and views presented in this report are prepared by Karvy Stock Broking Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Stock Broking nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document.
This report is intended for a restricted audience and we are not soliciting any action based on it.
For more information on MUTUAL FUNDS call1800 425 8282 or contact your nearest Karvy branch.
Contact PersonPF/MFNL/06022018/61
Ankit ChoradiaE-mail : ankit.choradia@karvy.com
Phone : 040 3321 7132
Production: Naga Babu K
14
Source : ACE MF
top related