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Inv
Marc
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Fach – 2
eSTact2011
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Global Economic Scenario: Japan experienced the worst ever earthquake disaster followed by a tsunami and crisis at nuclear power plants, leading to massive destruction. Concerns over European debt problems have somewhat receded, though the problems of PIIGS countries does not seem to be over yet as evident from the downgrade of Portugal's government-bond rating closer to junk and Ireland needing additional $35 billion for its ailing banks. US economy is showing signs of strength with and distinct improvement even in the sluggish labor market. US GDP registered growth of 3.1% in Q4’ 2010 as compared to 2.6% in Q3. Return of strength is being reflected in increasing yields of US treasury notes. In order to cool down growth and to combat inflation China is in the monetary tightening mode China increased interest rates by 25 bps (forth time since October’ 2010) and Bank reserve requirements (ninth time since the start of last year) to 20%. Geo-political tensions in Middle East have led to sharp increase in crude price, which if continues at elevated level will be detrimental to the economic activities world over and specially in India. Indian Economy: Growth rate of Index of Industrial Production (IIP) for January’ 2011 has increased marginally to 3.5% as compared to 2.5% for the month of December 2010. IIP growth rate is continuing to be low mainly due to continuing contraction of capital goods segment.
Growth in Index of Industrial Production(YoY)
Basic Goods
Capital Goods
Intermediate Goods
Consumer Goods
Aggregate
Jan-11 7.6% -18.6% 7.9% 11.3% 3.7% Dec-10 6.0% - 9.7% 6.6% 3.7% 2.5% Nov-10 4.5% 12.6% 2.4% -3.1% 2.7% April-Dec-10 8.6% 12.3% 9.1% 7.1% 8.3%
Current account deficit (CAD) India’s CAD for 3Q’ 2011 narrowed to US$ 9.7bn (2.3% of GDP), against US$ 12.2bn (3.5% of GDP) a year earlier. CAD for Q3’2011 is the lowest during the last six quarters. Contraction in CAD was aided by sharp rise in software exports and remittances. During Apr-Dec 2010, however, the CAD, at US$38.9bn, was much higher than the US$25.5bn deficit in the same period last year.
Mid-Quarter Review of Monetary Policy: In the mid quarter review of monetary policy, containment of inflation remained the dominant concern. Key Highlights: Repo and Reverse Repo rates increased by 25
bps each to 6.75% and 5.75% respectively. Inflation target for March end raised to 8% from
7%. CAD target for FY’11 lowered to 2.5% of GDP. CRR and Bank Rate unchanged at 6% FY 11 projections for: credit growth Money
supply growth and GDP unchanged at 20%,17% and 8.6% respectively.
Inflation (Based on WPI) For Month-ended Y o Y % Increase
February ’ 2011 8.31 January ’ 2011 8.23 Inflation rate for the month of November was revised upwards to 8.08% from the earlier reported provisional number of 7.48%. Build –up of inflation so far in the current year is 7.51% as compared to 9.42% in the corresponding period of previous year. For the month ended February, Price of primary articles declined by 2.9%, while Fuel & Power and Manufactured Products groups rose by 0.7% and 1.3% respectively over the index levels of previous month.
MONTHLY REPORT –MARCH’2011 UPDATE OF ECONOMY AND FINANCIAL MARKETS
FII Flows (Rs. Crore)
Feb.’11 Mar.’11 Total in 2011 Up to 31.03.11 Equity -4,038 6,898 -2,501 Debt 1,801 -15 11,477
Total -2,237 6,883 8,976
Mutual Funds Flow (Rs. Crore) Feb.’11 Mar.’11 Total in 2011 Up to 31.03.11 Equity 1,427 -253 1,765 Debt 22,452 27,855 87,834
Total 23,979 27,602 89,599 US$ Vs.INR: Lower Fiscal & Revenue deficits announced in the Union Budget were favorable for Rupee and on the back of increased FII flows, Rupee strengthen to close at about 44.59 against US$ as at March end, as against corresponding Rs 45.27 as at February end. Debt Markets: Liquidity in the system continued to be tight and Call Money rates during the month by and large hovered close to the Repo rate (6.75%), barring on last day of the month, when the Call rates shot up to 8.75% due to tightness in the money markets and year end funds requirements of the Banks and Institutions. After announcement of the Union Budget, Bond Yields dropped due to lower than expected fiscal deficits/Govt. borrowing program and increase in limit of Corporate Bonds exposure for FII. On the back of limited supply and strong demand of paper from PSU Banks, bond yields remained benign. As at March end 10 Year benchmark yield dropped to 8.04% from 8.07% as at February end.
Going forward, Bond yields are expected to remain range bound with upward bias. However, the level of inflation and how the same is addressed would decide the interest rate levels and direction. Stock Market:
During first two months of CY’12, amid political uncertainties, issues relating to corporate governance and concerns on rising inflation, Indian equity markets witnessed correction and underperformed most of the Global markets. The market, however recovered from its low the after announcement of union Budget and moved up sharply during the second half of March’ 2011, aided by FII inflows, which were subdued earlier. All the major sectoral indices witnessed decent gains (5% to 20%), while Sensex and Nifty advanced by over 9%. The rally was led by Auto, Real Estate, Healthcare and FMCG sectors. Going forward, down side for the market appears to be limited further up-moves will largely depend on the Q4 results.
Equity Indices Sensex Nifty Close as on 28.02.11 17,728 5,333 Close as on 31.03.11 19,445 5,834 Gain during Period 9.1% 9.4%
Performance Summary as on March 31, 2011
i
NAV Returns
InveSTAR
6 Months 1 Year 2 Year Since
Inception
Equity Fund 25/02/2009 93.54 20.42 ‐3.31% 8.87% 33.10% 40.65%
Growth Fund 25/02/2009 70.54 18.35 ‐2.32% 8.21% 27.69% 33.64%
Balanced Fund 18/02/2009 52.78 13.95 ‐0.71% 5.46% 15.09% 17.07%
Bond Fund 25/02/2009 20.81 11.14 1.59% 4.84% 5.12% 5.29%
Individual Pension Fund ‐ Equity 31/03/2009 69.46 17.02 ‐4.56% 7.90% 30.47% 30.86%
Individual
Life @
Scheme Name Inception date AUM (Rs. Cr) NAV (Rs.)
Absolute CAGR
Individual Pension Fund ‐ Growth 31/03/2009 73.99 15.41 ‐2.77% 6.79% 24.14% 24.14%
Individual Pension Fund ‐ Balanced 31/03/2009 46.09 13.23 ‐0.16% 6.07% 15.04% 15.16%
Individual Pension Fund ‐ Bond 31/03/2009 11.34 11.10 1.39% 5.14% 5.35% 5.35%
Apex Equity Fund 20/01/2010 195.79 11.15 ‐3.05% 11.26% N.A 9.59%
Apex Growth Fund 20/01/2010 169.90 11.04 ‐1.12% 10.42% N.A 8.63%
Apex Balanced Fund 20/01/2010 98.94 10.99 ‐0.88% 9.01% N.A 8.23%
Apex Bond Fund 20/01/2010 18.11 10.67 2.26% 5.96% N.A 5.56%
Individual
Apex $
Pension Life
@@
Individual Pension Fund ‐ Apex Equity 20/01/2010 93.37 10.93 ‐4.08% 9.14% N.A 7.77%
Individual Pension Fund ‐ Apex Growth 20/01/2010 99.61 10.74 ‐3.11% 7.32% N.A 6.17%
Individual Pension Fund ‐ Apex Balanced 20/01/2010 45.14 10.69 ‐1.70% 6.62% N.A 5.75%
Individual Pension Fund ‐ Apex Bond 20/01/2010 14.29 10.63 1.70% 5.44% N.A 5.26%
Pension
Apex $$
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Investment Objective:
Date of Inception :
February 25, 2009
Portfolio % to AUM
`
Equity 92.67% Minimum Maximum
Reliance Industries Ltd 6.52% 80% 100% 92.67%
Infosys Technologies Ltd. 5.53% 0% 20% 7.33%
ITC Ltd. 5.51%
Larsen & Toubro Limited 5.49%
State Bank of India 5.43%
Housing Development Finance Corporation Ltd. 3.79%
Tata Consultancy Services Limited 3.74%
Bharat Heavy Electricals Ltd 3.27%
ICICI Bank Ltd 3.18%
Mahindra & Mahindra Ltd. 3.00%
Dr. Reddys Laboratories Ltd. 2.91%
Tata Motors Limited 2.64%
Ranbaxy Laboratories Ltd 2.22%
Grasim Industries Ltd. 2.21%
GAIL (India) Limited 2.21%
Tata Steel Limited 2.01%
Cipla Ltd. 2.00%
Bajaj Auto Limited 1.97%
Crompton Greaves Ltd 1.93%
Hindalco Industries Ltd. 1.87%
Sterlite Industries ( India ) Limited 1.75%
To tap growth opportunities for long term capital appreciation through investments primarily
in equity and equity‐related instruments.
Investment PatternActual
Asset Mix
Particulars
Equity
MM & Others
EQUITY FUND - MARCH 31, 2011
Equity92.67%
MM & Others7.33%
Asset Allocation (% to AUM)
( )
NTPC Limited 1.71%
Hindustan Unilever Limited 1.63%
HDFC Bank Ltd 1.52%
Oil & Natural Gas Corpn Ltd 1.49%
Aditya Birla Nuvo Limited 1.37%
HCL Technologies Ltd 1.15%
Colgate Palmolive (India) Ltd 1.13%
Kotak Mahindra Bank Limited 1.11%
Godrej Consumer Products Limited 1.09%
Infrastructure Development Finance Company Limited 1.07%
Axis Bank Limited 1.05%
The Indian Hotels Company Limited 1.04%
Power Grid Corporation of India Limited 1.03%Others (with < 1% exposure) 7.11%
MM & Others 7.33%
Total 100.00%
`
13.44%
10.42%
9.35%
6.52%
6.11%
5.51%
3.79%
3.56%
3 10%
Banking Services
Computer software
Drugs & pharmaceuticals
Refinery
Industrial Construction
Tobacco products
Housing Finance Services
Prime movers
Commercial vehicles
Top 10 Industry Exposure (% to AUM)
9
11
13
15
17
19
21
23
Feb‐09
Mar‐09
Apr‐09
May‐09
Jun‐09
Jul‐09
Aug‐09
Sep‐09
Oct‐09
Nov‐09
Dec‐09
Jan‐10
Feb‐10
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐10
Aug‐10
Sep‐10
Oct‐10
Nov‐10
Dec‐10
Jan‐11
Feb‐11
Mar‐11
NAV/U
nit
NAV Performance (Since Inception)
Equity Fund
3.10%
3.00%
Commercial vehicles
Passenger cars & multi utility vehicles
Investment Objective:
Date of Inception :
February 25, 2009
Portfolio % to AUM
`
Equity 67.64% Minimum Maximum
Reliance Industries Ltd 4.87% 40% 100% 67.64%
ITC Ltd. 4.29% 0% 60% 32.36%
Larsen & Toubro Limited 3.97%
Infosys Technologies Ltd. 3.74%
Tata Consultancy Services Limited 3.18%
State Bank of India 2.90%
Ranbaxy Laboratories Ltd 2.38%
Dr. Reddys Laboratories Ltd. 2.29%
Grasim Industries Ltd. 2.28%
Housing Development Finance Corporation Ltd. 1.97%
Mahindra & Mahindra Ltd. 1.96%
Bharat Heavy Electricals Ltd 1.96%
HDFC Bank Ltd 1.83%
GAIL (India) Limited 1.83%
Bajaj Auto Limited 1.83%
Hindalco Industries Ltd. 1.64%
Kotak Mahindra Bank Limited 1.56%
Hindustan Unilever Limited 1.49%
Tata Motors Limited 1.38%
Aditya Birla Nuvo Limited 1.36%
Ashok Leyland Ltd 1.36%
Power Grid Corporation of India Limited 1.35%
NTPC Limited 1.27%
To aim for medium to long term capital appreciation by maintaining a diversified portfolio of
equity and equity related instruments and fair exposure to high credit quality portfolio of debt
and money market instruments.
Investment PatternActual
Asset Mix
Particulars
Equity
Debt, MM & Others
GROWTH FUND - MARCH 31, 2011
Debt25.60%
Equity67.64%
MM & Others6.77%
Asset Allocation (% to AUM)
AA0.31%
AA+
Gilt7 25%
Debt Rating profile( % of Debt)
ICICI Bank Ltd 1.26%
Glenmark Pharmaceuticals Ltd. 1.15%
HCL Technologies Ltd 1.12%Oil & Natural Gas Corpn Ltd 1.11%
Colgate Palmolive (India) Ltd 1.04%
Others (with < 1% exposure) 9.28%
Debt 25.60%
Gilts & SDL 1.86%
GOI 1.86%
Corporate Bonds 23.74%
Housing Development Finance Corporation Ltd. 3.15%
Power Finance Corporation Limited 2.43%
Indian Oil Corporation Ltd 1.73%
Reliance Capital Limited 1.73%
The Great Eastern Shipping Co. Limited 1.66%
Steel Authority of India Ltd. 1.48%
National Housing Bank 1.38%
Reliance Gas Transportation Infrastucture Limited 1.29%
Reliance Industries Ltd 1.20%
Power Grid Corporation of India Limited 1.16%
Tech Mahindra Limited 1.00%
Others (with < 1% exposure) 5.54%
MM & Others 6.77%
Total 100.00%
`
9.32%
9.04%
7.80%
6.66%
5.47%
5.39%
5.31%
Banking Services
Computer software
Refinery
Drugs & pharmaceuticals
Infrastructure finance …
Industrial Construction
Housing Finance Services
Top 10 Industry Exposure ( % to AUM)
< 1 year 1‐3 years 3‐5 years 5‐10 years > 10 years
0.22%
24.81%
38.03%
35.38%
1.56%
Debt Maturity Profile ( % of Debt)
13
15
17
19
21
NAV/U
nit ( Rs)
NAV Performance (Since Inception)
Growth Fund
AA+ 5.15%
AAA 87.29%
7.25%
4.29%
4.03%
3.11%
Tobacco products
Cement
LNG storage & distribution
9
11
Feb‐09
Mar‐09
Apr‐09
May‐09
Jun‐09
Jul‐09
Aug‐09
Sep‐09
Oct‐09
Nov‐09
Dec‐09
Jan‐10
Feb‐10
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐10
Aug‐10
Sep‐10
Oct‐10
Nov‐10
Dec‐10
Jan‐11
Feb‐11
Mar‐11
Investment Objective:
Date of Inception :
February 18, 2009
Portfolio % to AUM
`
Equity 30.31% Minimum Maximum
Reliance Industries Ltd 3.73% 0% 60% 30.31%
Infosys Technologies Ltd. 2.96% 40% 100% 69.69%
ITC Ltd. 2.19%
Larsen & Toubro Limited 2.01%
State Bank of India 1.74%
Dr. Reddys Laboratories Ltd. 1.52%
Ashok Leyland Ltd 1.29%
Tata Steel Limited 1.26%
Bharat Heavy Electricals Ltd 1.19%
Housing Development Finance Corporation Ltd. 1.19%
NTPC Limited 1.11%
Mahindra & Mahindra Ltd. 1.07%
Kotak Mahindra Bank Limited 1.04%
Aditya Birla Nuvo Limited 0.96%
Bajaj Auto Limited 0.83%
HCL Technologies Ltd 0.74%
Ranbaxy Laboratories Ltd 0.64%Others (with < 1% exposure) 4.82%
Debt 57.68%Gilts & SDL 6.72%GOI 5.58%SDL (with < 1% exposure) 1 14%
BALANCED FUND - MARCH 31, 2011
To aim for stable returns over medium to long term through investments in high quality fixed income
and money market instruments and enhance returns through a fair exposure to equity investments.
Investment PatternActual
Asset Mix
Particulars
Equity
Debt, MM & Others
Debt57.68%
Equity30.31%
MM & Others12.01%
Asset Allocation (% to AUM)
AA 0.15%
AA+
Gilt 11.65%
Debt Rating profile (% of Debt)
SDL (with < 1% exposure) 1.14%
Corporate Bonds 50.96%
Housing Development Finance Corporation Ltd. 5.85%
Reliance Capital Limited 4.23%
Steel Authority of India Ltd. 3.68%
Reliance Gas Transportation Infrastucture Limited 3.36%
Indian Oil Corporation Ltd 3.30%
Larsen & Toubro Limited 2.98%
Power Grid Corporation of India Limited 2.79%
ACC Limited 2.28%
Power Finance Corporation Limited 2.27%
LIC Housing Finance Ltd 2.25%
Tata Communications Limited 2.16%
Indian Railway Financial Corporation Ltd. 1.94%
National Housing Bank 1.94%
The Great Eastern Shipping Co. Limited 1.93%
Tech Mahindra Limited 1.89%
TATA Sons 1.83%
Aditya Birla Nuvo Limited 1.58%
IDFC 1.22%
Others (with < 1% exposure) 3.50%
MM & Others 12.01%
Total 100.00%
`
9.29%
9.01%
7.70%
5.58%
5.33%
5.03%
4.23%
Housing Finance Services
Infrastructure finance services
Refinery
Computer software
Industrial Construction
Steel
Other Financial Services
C
Top 10 Industry Exposure ( % to AUM)
< 1 year 1‐3 years 3‐5 years 5‐10 years > 10 years
1.47%
27.50%
37.06%
31.91%
2.06%
Debt Maturity Profile (% of Debt)
11
12
13
14
15
NAV/U
nit ( Rs )
NAV Performance (Since Inception)
Balanced Fund
7.99%
AAA 80.21%
3.42%
3.36%
3.07%
Cement
LNG storage & distribution
Banking Services
9
10
Feb‐09
Mar‐09
Apr‐09
May‐09
Jun‐09
Jul‐09
Aug‐09
Sep‐09
Oct‐09
Nov‐09
Dec‐09
Jan‐10
Feb‐10
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐10
Aug‐10
Sep‐10
Oct‐10
Nov‐10
Dec‐10
Jan‐11
Feb‐11
Mar‐11
Investment Objective:
Date of Inception :
February 25, 2009
Portfolio % to AUM
`
Minimum Maximum
Debt 89.37% 80% 100% 89.37%
Gilts & SDL 24.43% 0% 20% 10.63%
GOI 22.31%
SDL ‐ Gujarat 1.43%
SDL ‐ Other States (with < 1% exposure) 0.69%
Corporate Bonds 64.94%
Reliance Gas Transportation Infrastucture Limited 5.63%
Indian Railway Financial Corporation Ltd. 5.11%
ACC Limited 4.92%
Aditya Birla Nuvo Limited 4.14%
Reliance Capital Limited 4.01%
Housing Development Finance Corporation Ltd. 3.90%
Steel Authority of India Ltd. 3.68%
Power Grid Corporation of India Limited 3.65%
Larsen & Toubro Limited 3 38%
BOND FUND - MARCH 31, 2011
To aim for stable returns over medium to long term by judicious mix of investments in
Government securities and high quality corporate debt of varying maturities and also in
money market instruments.
Investment PatternActual
Asset Mix
Particulars
Debt
MM & Others
Debt89.37%
MM & Others10.63%
Asset Allocation (% to AUM)
Debt Rating profile( % of Debt)Larsen & Toubro Limited 3.38%
IDFC 3.23%
The Great Eastern Shipping Co. Limited 3.04%
LIC Housing Finance Ltd 2.82%
Tata Communications Limited 2.56%
TATA Sons 2.26%
Power Finance Corporation Limited 2.14%
Tech Mahindra Limited 1.95%
Indian Oil Corporation Ltd 1.76%
Reliance Industries Ltd 1.47%National Bank For Agriculture And Rural Development 1.44%
National Housing Bank 1.17%
Others (with < 1% exposure) 2.67%
MM & Others 10.63%
Total 100.00%
`
14.09%
6.72%
5.63%
4.92%
4.16%
4.14%
4.01%
3 90%
Infrastructure finance services
Housing Finance Services
LNG storage & distribution
Cement
Refinery
Diversified
Other Financial Services
St l
Top 10 Industry Exposure ( % to AUM)
< 1 year 1‐3 years 3‐5 years 5‐10 years > 10 years
1.76%
30.26%26.05%
38.08%
3.84%
Debt Maturity Profile ( % of Debt)
10
10.5
11
11.5
NAV/U
nit ( Rs )
NAV Performance (Since Inception)
Bond Fund
AA 0.25%
AA+ 9.26%
AAA 63.16%
Gilt 27.33%
Debt Rating profile( % of Debt)
3.90%
3.65%
3.38%
Steel
Electricity distribution
Industrial Construction
9.5
Feb‐09
Mar‐09
Apr‐09
May‐09
Jun‐09
Jul‐09
Aug‐09
Sep‐09
Oct‐09
Nov‐09
Dec‐09
Jan‐10
Feb‐10
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐10
Aug‐10
Sep‐10
Oct‐10
Nov‐10
Dec‐10
Jan‐11
Feb‐11
Mar‐11
Investment Objective:
Date of Inception :
March 31, 2009
Portfolio % to AUM
`
Equity 96.80% Minimum Maximum
Reliance Industries Ltd 6.93% 80% 100% 96.80%
Larsen & Toubro Limited 6.42% 0% 20% 3.20%
State Bank of India 5.82%
ITC Ltd. 5.56%
Infosys Technologies Ltd. 5.23%
Housing Development Finance Corporation Ltd. 4.45%
Tata Consultancy Services Limited 3.57%
Dr. Reddys Laboratories Ltd. 3.24%
Mahindra & Mahindra Ltd. 3.24%
Tata Motors Limited 3.07%
Bharat Heavy Electricals Ltd 2.93%
HDFC Bank Ltd 2.72%
GAIL (India) Limited 2.67%
Grasim Industries Ltd. 2.66%
Bajaj Auto Limited 2.49%
Ranbaxy Laboratories Ltd 2.44%
Crompton Greaves Ltd 2.31%
Hindalco Industries Ltd. 2.24%
ICICI Bank Ltd 2.04%
Punjab National Bank 1 99%
Equity
MM & Others
To seek consistent long term capital appreciation through investments primarily in equity and
equity‐related instruments by focusing predominantly on well established companies.
Asset Mix
ParticularsInvestment Pattern
Actual
INDIVIDUAL PENSION FUND EQUITY - MARCH 31, 2011
Equity96.80%
MM & Others3.20%
Asset Allocation (% to AUM)
Punjab National Bank 1.99%
Tata Steel Limited 1.90%
Hindustan Unilever Limited 1.90%
Glenmark Pharmaceuticals Ltd. 1.76%
Oil & Natural Gas Corpn Ltd 1.74%
Aditya Birla Nuvo Limited 1.62%
NTPC Limited 1.60%
Colgate Palmolive (India) Ltd 1.52%
Infrastructure Development Finance Company Limited 1.31%
Godrej Consumer Products Limited 1.29%
HCL Technologies Ltd 1.26%
Sun Pharmaceuticals Industries Ltd 1.15%
Sterlite Industries ( India ) Limited 1.08%
Others (with < 1% exposure) 6.66%
MM & Others 3.20%
Total 100.00%
`
13.54%
10.05%
8.59%
7.11%
6.93%
5.56%
4.45%
3.81%
Banking Services
Computer software
Drugs & pharmaceuticals
Industrial Construction
Refinery
Tobacco products
Housing Finance Services
Prime movers
Top 10 Industry Exposure ( % to AUM)
9
10
11
12
13
14
15
16
17
18
19
Mar‐09
May‐09
Jun‐09
Jul‐09
Aug‐09
Sep‐09
Oct‐09
Nov‐09
Dec‐09
Jan‐10
Feb‐10
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐10
Aug‐10
Sep‐10
Oct‐10
Nov‐10
Dec‐10
Jan‐11
Feb‐11
Mar‐11
NAV/U
nit ( Rs)
NAV Performance (Since Inception)
Pen Equity
3.80%
3.43%
Commercial vehicles
Cosmetics, toiletries, soaps & detergents
Investment Objective:
To seek consistent growth over medium to long term by focusing predominantly on well established
companies through investments primarily in equity and equity‐related instruments and fair exposure to
high credit quality portfolio of debt and money market instruments.
INDIVIDUAL PENSION FUND GROWTH - MARCH 31, 2011
Date of Inception :
March 31, 2009
Portfolio % to AUM
`
Equity 69.04% Minimum Maximum
Reliance Industries Ltd 5.15% 40% 100% 69.04%
Larsen & Toubro Limited 4.84% 0% 60% 30.96%
ITC Ltd. 4.21%
Equity
Debt, MM & Others
Asset Mix
ParticularsInvestment Pattern
Actual
Infosys Technologies Ltd. 3.52%
State Bank of India 3.22%
Tata Consultancy Services Limited 3.07%
Housing Development Finance Corporation Ltd. 2.47%
Bharat Heavy Electricals Ltd 2.19%
Ranbaxy Laboratories Ltd 2.18%
Dr. Reddys Laboratories Ltd. 2.18%
Mahindra & Mahindra Ltd. 2.09%
Grasim Industries Ltd. 1.94%
HDFC Bank Ltd 1.74%
Debt26.47%
Equity69 04%
MM & Others4.49%
Asset Allocation (% to AUM)
Aditya Birla Nuvo Limited 1.72%
Tata Motors Limited 1.65%
ICICI Bank Ltd 1.58%
Hindustan Unilever Limited 1.53%
Bajaj Auto Limited 1.51%
GAIL (India) Limited 1.51%
Tata Steel Limited 1.49%
Crompton Greaves Ltd 1.42%
Ashok Leyland Ltd 1.31%
HCL Technologies Ltd 1.27%
69.04%
AA 1.29% AA+
9.74%
Gilt 5.75%
Debt Rating profile( % of Debt)
g
Hindalco Industries Ltd. 1.27%
Glenmark Pharmaceuticals Ltd. 1.27%
Others (with < 1% exposure) 12.72%
Debt 26.47%
Gilts & SDL 1.52%
GOI 1.43%
SDL (with < 1% exposure) 0.09%
Corporate Bonds 24.95%
AAA 83.21%
p
Housing Development Finance Corporation Ltd. 4.35%Power Grid Corporation of India Limited 3.07%
Steel Authority of India Ltd. 2.74%
Reliance Gas Transportation Infrastucture Limited 1.90%
Tech Mahindra Limited 1.83%
Indian Oil Corporation Ltd 1.69%
Tata Communications Limited 1.30%
Power Finance Corporation Limited 1.24%
ACC Limited 1.24%
Aditya Birla Nuvo Limited 1.14% 21 25%
54.31%
Debt Maturity Profile ( % of Debt)
Aditya irla Nuvo imited . 4%
Reliance Capital Limited 1.03%
Others (with < 1% exposure) 3.43%
MM & Others 4.49%
Total 100.00%
Top 10 Industry Exposure ( % to AUM)
< 1 year 1‐3 years 3‐5 years 5‐10 years > 10 years
0.35%
21.25%19.16%
4.93%
NAV Performance (Since Inception)
h
`
9.69%
9.35%
7.51%
6.97%
6.20%
5.61%
4.57%
Computer software
Banking Services
Refinery
Housing Finance Services
Drugs & pharmaceuticals
Industrial Construction
Steel 11
12
13
14
15
16
17
NAV/U
nit ( Rs)
Pen Growth
4.21%
3.93%
3.40%
Tobacco products
Electricity distribution
LNG storage & distribution
9
10
Mar‐09
May‐09
Jun‐09
Jul‐09
Aug‐09
Sep‐09
Oct‐09
Nov‐09
Dec‐09
Jan‐10
Feb‐10
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐10
Aug‐10
Sep‐10
Oct‐10
Nov‐10
Dec‐10
Jan‐11
Feb‐11
Mar‐11
Investment Objective:
Date of Inception :
March 31, 2009
Portfolio % to AUM
`
Equity 30.44% Minimum Maximum
Reliance Industries Ltd 3.46% 0% 60% 30.44%
Infosys Technologies Ltd. 3.31% 40% 100% 69.56%
ITC Ltd. 2.07%
Larsen & Toubro Limited 2.03%
State Bank of India 1.91%
ICICI Bank Ltd 1.70%
Bharat Heavy Electricals Ltd 1.62%Housing Development Finance Corporation Ltd. 1.50%Aditya Birla Nuvo Limited 1.35%
Mahindra & Mahindra Ltd. 1.27%
Dr. Reddys Laboratories Ltd. 1.16%
Others (with < 1% exposure) 9.04%
Debt 63.43%
Gilts & SDL 5.89%
GOI 4.81%
SDL (with < 1% exposure) 1.08%
Corporate Bonds 57.54%Reliance Capital Limited 5.40%Housing Development Finance Corporation Ltd. 5.26%
Equity
Debt, MM & Others
To aim for stable returns over medium to long term through investments in high quality fixed
income and money market instruments and enhance returns through a fair exposure to equity
investments.
Asset Mix
ParticularsInvestment Pattern
Actual
INDIVIDUAL PENSION FUND BALANCED - MARCH 31, 2011
Debt63.43%
Equity30.44%
MM & Others6.13%
Asset Allocation (% to AUM)
AA 2.25% AA+
11 15%
Gilt 9.28%
Debt Rating profile( % of Debt)
g p p %Indian Oil Corporation Ltd 5.22%Power Grid Corporation of India Limited 4.56%Aditya Birla Nuvo Limited 3.93%ACC Limited 3.66%
Steel Authority of India Ltd. 3.43%
LIC Housing Finance Ltd 3.12%
Tata Communications Limited 2.97%
Tech Mahindra Limited 2.76%
Reliance Gas Transportation Infrastucture Limited 2.34%
Larsen & Toubro Limited 2.28%
TATA Sons 1.78%
Power Finance Corporation Limited 1.73%
Tata Steel Limited 1.42%
Indian Railway Financial Corporation Ltd. 1.35%
Reliance Industries Ltd 1.27%
MRF Ltd. 1.08%
National Bank For Agriculture And Rural Development 1.00%
Others (with < 1% exposure) 2.98%
MM & Others 6.13%
Total 100.00%
`
9.96%
9.88%
6.74%
6.01%
5.40%
5.32%
5.28%
4.71%
Refinery
Housing Finance Services
Computer software
Infrastructure finance services
Other Financial Services
Steel
Diversified
Cement
Top 10 Industry Exposure ( % to AUM)< 1 year 1‐3 years 3‐5 years 5‐10 years > 10 years
0.24%
29.51%
40.90%
24.09%
5.26%
Debt Maturity Profile ( % of Debt)
9.5
10
10.5
11
11.5
12
12.5
13
13.5
NAV/U
nit ( Rs)
NAV Performance (Since Inception)
Pen Balanced
11.15%
AAA 77.32%
4.67%
4.31%
Electricity distribution
Industrial Construction
9
9.5
Mar‐09
May‐09
Jun‐09
Jul‐09
Aug‐09
Sep‐09
Oct‐09
Nov‐09
Dec‐09
Jan‐10
Feb‐10
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐10
Aug‐10
Sep‐10
Oct‐10
Nov‐10
Dec‐10
Jan‐11
Feb‐11
Mar‐11
Investment Objective:
Date of Inception :
March 31, 2009
Portfolio % to AUM
`
Minimum Maximum
Debt 91.75% 80% 100% 91.75%
Gilts & SDL 14.85% 0% 20% 8.25%
GOI 8.43%
SDL ‐ AP 2.48%
SDL ‐ Gujarat 1.75%
SDL ‐ Kerala 1.70%
SDL ‐ Other States (with < 1% exposure) 0.51%
Corporate Bonds 76.90%
Larsen & Toubro Limited 8.42%
Steel Authority of India Ltd. 7.20%
Indian Oil Corporation Ltd 6.83%
Reliance Gas Transportation Infrastucture Limited 6.29%
Reliance Capital Limited 5.86%
Aditya Birla Nuvo Limited 5.48%
Housing Development Finance Corporation Ltd. 4.60%
Power Grid Corporation of India Limited 4.18%
Debt
MM & Others
To aim for stable returns over medium to long term by judicious mix of investments in
Government securities and high quality corporate debt of varying maturities and also in
money market instruments.
Asset Mix
ParticularsInvestment Pattern
Actual
INDIVIDUAL PENSION FUND BOND - MARCH 31, 2011
Debt91.75%
MM & Others8.25%
Asset Allocation (% to AUM)
AA
Debt Rating profile( % of Debt)
ACC Limited 3.53%
LIC Housing Finance Ltd 3.41%
IDFC 2.96%
Tata Communications Limited 2.82%
Tech Mahindra Limited 2.48%
Power Finance Corporation Limited 2.21%
Tata Steel Limited 2.05%
Indian Railway Financial Corporation Ltd. 1.75%
National Housing Bank 1.72%TATA Sons 1.32%
National Bank For Agriculture And Rural Development 1.30%
The Great Eastern Shipping Co. Limited 1.25%
Others (with < 1% exposure) 1.25%
MM & Others 8.25%
Total 100.00%
`
10.29%
9.25%
8.42%
8.01%
7.34%
6.29%
5.86%
5.48%
Infrastructure finance services
Steel
Industrial Construction
Housing Finance Services
Refinery
LNG storage & distribution
Other Financial Services
Diversified
Top 10 Industry Exposure ( % to AUM)
< 1 year 1‐3 years 3‐5 years 5‐10 years
0.38%
28.21% 26.86%
44.55%
Debt Maturity Profile ( % of Debt)
10
10.5
11
11.5
NAV/U
nit ( RS)
NAV Performance (Since Inception)
Pen Bond
2.24%
AA+ 9.43%
AAA 72.14%
Gilt 16.19%
4.18%
3.53%
Electricity distribution
Cement
9.5
Mar‐09
May‐09
Jun‐09
Jul‐09
Aug‐09
Sep‐09
Oct‐09
Nov‐09
Dec‐09
Jan‐10
Feb‐10
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐10
Aug‐10
Sep‐10
Oct‐10
Nov‐10
Dec‐10
Jan‐11
Feb‐11
Mar‐11
Investment Objective:
Date of Inception :
January 20, 2010
Portfolio % to AUM
`
Equity 86.04% Minimum Maximum
Infosys Technologies Ltd. 5.82% 80% 100% 86.04%
Larsen & Toubro Limited 5.15% 0% 20% 13.96%
Reliance Industries Ltd 4.94%
State Bank of India 4.73%
ITC Ltd. 4.07%
Tata Consultancy Services Limited 3.97%
Tata Motors Limited 3.40%
Housing Development Finance Corporation Ltd. 3.15%
Grasim Industries Ltd. 2.90%
HDFC Bank Ltd 2.83%
Tata Steel Limited 2.77%
Hindalco Industries Ltd. 2.49%
Axis Bank Limited 2.44%
Mahindra & Mahindra Ltd. 2.25%
Crompton Greaves Ltd 2.04%
Hindustan Unilever Limited 1.96%
Dr. Reddys Laboratories Ltd. 1.88%
Bajaj Auto Limited 1.82%
Infrastructure Development Finance Company Limited 1.64%
Sterlite Industries ( India ) Limited 1.53%
Oil & Natural Gas Corpn Ltd 1 53%
APEX EQUITY FUND - MARCH 31, 2011
To tap growth opportunities for long term capital appreciation through investments primarily in
equity and equity‐related instruments.
Investment PatternActual
Asset Mix
Particulars
Equity
MM & Others
Equity86.04%
MM & Others13.96%
Asset Allocation (% to AUM)
Oil & Natural Gas Corpn Ltd 1.53%
Sun Pharmaceuticals Industries Ltd 1.49%
Cairn India Limited 1.42%
GAIL (India) Limited 1.39%
Tata Power Co. Ltd. 1.32%
ICICI Bank Ltd 1.24%
Bharat Heavy Electricals Ltd 1.21%
Coal India Limited 1.20%
The Indian Hotels Company Limited 1.18%
HCL Technologies Ltd 1.17%
Ranbaxy Laboratories Ltd 1.14%
Punjab National Bank 1.11%
Glenmark Pharmaceuticals Ltd. 1.09%
Others (with < 1% exposure) 7.78%
MM & Others 13.96%
Total 100.00%
`
13.27%
10.96%
6.44%
5.69%
4.94%
4.29%
4.07%
3.37%
Banking Services
Computer software
Drugs & pharmaceuticals
Industrial Construction
Refinery
Commercial vehicles
Tobacco products
Cement
Top 10 Industry Exposure ( % to AUM)
9
9.5
10
10.5
11
11.5
12
NAV/U
nit ( Rs )
NAV Performance (Since Inception)
Apex Equity
3.15%
2.94%
Housing Finance Services
Crude oil & natural gas
Investment Objective:
Date of Inception :
January 20, 2010
Portfolio % to AUM
`
Equity 64.90% Minimum Maximum
Infosys Technologies Ltd. 4.29% 55% 85% 64.90%
Larsen & Toubro Limited 4.14% 15% 45% 35.10%
State Bank of India 3.96%
Reliance Industries Ltd 3.76%
ITC Ltd. 2.97%
Tata Consultancy Services Limited 2.97%
Tata Motors Limited 2.73%
HDFC Bank Ltd 2.21%
Grasim Industries Ltd. 2.11%
Tata Steel Limited 2.09%
Housing Development Finance Corporation Ltd. 2.00%
Hindalco Industries Ltd. 1.82%
Mahindra & Mahindra Ltd. 1.70%
Axis Bank Limited 1.55%
Hindustan Unilever Limited 1.52%
Sterlite Industries ( India ) Limited 1.33%
Crompton Greaves Ltd 1.33%
GAIL (India) Limited 1.28%
Sun Pharmaceuticals Industries Ltd 1.24%
Oil & N t l G C Ltd 1 22%
APEX GROWTH FUND - MARCH 31, 2011
To aim for medium to long term capital appreciation by maintaining a diversified portfolio of equity
and equity related instruments and fair exposure to high credit quality portfolio of debt and money
market instruments.
Investment PatternActual
Asset Mix
Particulars
Equity
Debt, MM & Others
Debt18.14%
Equity64.90%
MM & Others16.96%
Asset Allocation (% to AUM)
AA+ 0.11%
Debt Rating profile( % to Debt)
Oil & Natural Gas Corpn Ltd 1.22%
Bajaj Auto Limited 1.14%
The Indian Hotels Company Limited 1.14%
Dr. Reddys Laboratories Ltd. 1.10%
Punjab National Bank 1.07%
Ranbaxy Laboratories Ltd 1.03%
Others (with < 1% exposure) 13.23%
Debt 18.14%
Gilts & SDL 4.71%
GOI 4.66%
SDL (with < 1% exposure) 0.05%
Corporate Bonds 13.43%Housing Development Finance Corporation Ltd. 2.17%Reliance Gas Transportation Infrastucture Limited 1.50%National Housing Bank 1.43%Reliance Industries Ltd 1.38%LIC Housing Finance Ltd 1.28%Others (with < 1% exposure) 5.67%
MM & Others 16.96%
Total 100.00%
`
10.63%
8.37%
5.45%
5.41%
4.89%
4.80%
3.96%
3.50%
3.37%
Banking Services
Computer software
Housing Finance Services
Refinery
Industrial Construction
Drugs & pharmaceuticals
Infrastructure finance services
Cement
Commercial vehicles
Top 10 Industry Exposure ( % to AUM) 1‐3 years 3‐5 years 5‐10 years > 10 years
37.96%
11.90%
28.68%
21.46%
Debt Maturity Profile ( % of Debt)
9.5
10
10.5
11
11.5
12
NAV/U
nit ( Rs )
NAV Performance (Since Inception)
Apex Growth
AAA 73.92%
Gilt 25.97%
3.37%
2.97%
Commercial vehicles
Tobacco products
9
Jan‐10
Feb‐10
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐10
Aug‐10
Sep‐10
Oct‐10
Nov‐10
Dec‐10
Jan‐11
Feb‐11
Mar‐11
Investment Objective:
Date of Inception :
January 20, 2010
Portfolio % to AUM
`
Equity 46.28% Minimum Maximum
Infosys Technologies Ltd. 3.39% 35% 65% 46.28%
Larsen & Toubro Limited 3.19% 35% 65% 53.72%
Reliance Industries Ltd 2.94%
ITC Ltd. 2.38%
State Bank of India 1.97%
Housing Development Finance Corporation Ltd. 1.58%
Tata Consultancy Services Limited 1.52%HDFC Bank Ltd 1.52%Grasim Industries Ltd. 1.45%
Tata Motors Limited 1.40%
Tata Steel Limited 1.37%
Hindustan Unilever Limited 1.28%
Axis Bank Limited 1.06%HCL Technologies Ltd 1.02%
GAIL (India) Limited 1.02%Mahindra & Mahindra Ltd. 1.01%
Bajaj Auto Limited 1.01%Others (with < 1% exposure) 17.16%
Debt 34 88%
APEX BALANCED FUND - MARCH 31, 2011
Investment PatternActual
Asset Mix
Particulars
Equity
Debt, MM & Others
To optimize returns over medium to long term, by aiming balance between risk and return,
through investments in high quality equity and debt instruments.
Debt34.88%
Equity46.28%
MM & Others18.85%
Asset Allocation (% to AUM)
AA+ 2.84%
Debt Rating profile( % of Debt)
Debt 34.88%Gilts & SDL 6.95%GOI 5.88%SDL (with < 1% exposure) 1.07%
Corporate Bonds 27.93%UltraTech Cement Limited 4.29%Reliance Gas Transportation Infrastucture Limited 3.61%Housing Development Finance Corporation Ltd. 3.10%LIC Housing Finance Ltd 2.69%TATA Sons 2.42%Larsen & Toubro Limited 2.25%
Power Finance Corporation Limited 1.86%National Housing Bank 1.48%ACC Limited 1.34%Others (with < 1% exposure) 4.90%
MM & Others 18.85%
Total 100.00%
`8.19%
7.40%
7.36%
6.47%
6.00%
5.79%
4.64%
4.07%
Banking Services
Cement
Housing Finance Services
Computer software
Infrastructure finance services
Industrial Construction
LNG storage & distribution
Refinery
Top 10 Industry Exposure ( % to AUM)
1‐3 years 3‐5 years 5‐10 years > 10 years
50.30%
16.58%
27.13%
6.00%
Debt Maturity Profile ( % of Debt)
9.5
10
10.5
11
11.5
NAV/U
nit ( Rs )
NAV Performance (Since Inception)
Apex Balanced
AAA 77.24%
Gilt 19.92%
3.58%
2.42%
Drugs & pharmaceuticals
Securities investment services
9
Jan‐10
Feb‐10
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐10
Aug‐10
Sep‐10
Oct‐10
Nov‐10
Dec‐10
Jan‐11
Feb‐11
Mar‐11
Investment Objective:
Date of Inception :
January 20, 2010
Portfolio % to AUM
`
Minimum Maximum
Debt 80.28% 80% 100% 80.28%
Gilts & SDL 27.48% 0% 20% 19.72%
GOI 23.91%
State Govt ‐ Maharashtra 1.33%
SDL ‐ Gujarat 1.20%
SDL ‐ Other States (with < 1% exposure) 1.04%
Corporate Bonds 52.80%
National Housing Bank 5.48%
Steel Authority of India Ltd. 5.41%
Reliance Industries Ltd 5.10%
TATA Sons 4.96%
Larsen & Toubro Limited 4.13%
Housing Development Finance Corporation Ltd. 3.93%
UltraTech Cement Limited 3.81%
APEX BOND FUND - MARCH 31, 2011
To aim for stable returns over medium to long term by judicious mix of investments in
Government securities and high quality corporate debt of varying maturities and also in
money market instruments.
Investment PatternActual
Asset Mix
DEBT
MM & Others
Particulars
Debt80.28%
MM & Others19.72%
Asset Allocation (% to AUM)
AA+ Debt Rating profile( % of Debt)
LIC Housing Finance Ltd 3.65%
Power Finance Corporation Limited 2.83%
IDFC 2.77%
Aditya Birla Nuvo Limited 1.60%
Hindustan Petroleum Corporation Ltd. 1.34%
Reliance Gas Transportation Infrastucture Limited 1.14%
Others (with < 1% exposure) 6.65%
MM & Others 19.72%
Total 100.00%
`
12.57%
7.58%
6.68%
5.41%
4.96%
4.58%
4.13%
1.60%
Infrastructure finance services
Housing Finance Services
Refinery
Steel
Securities investment services
Cement
Industrial Construction
Diversified
Top 10 Industry Exposure ( % to AUM)
1‐3 years 3‐5 years 5‐10 years > 10 years
27.17%
14.64%
38.67%
19.51%
Debt Maturity Profile ( % of Debt)
10
10.5
11
NAV/U
nit (R
s )
NAV Performance (Since Inception)
Apex Bond
AA2.08%
AAA 62.24%
Gilt 35.68%
1.14%
0.64%
LNG storage & distribution
Computer software
9.5
Jan‐10
Feb‐10
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐10
Aug‐10
Sep‐10
Oct‐10
Nov‐10
Dec‐10
Jan‐11
Feb‐11
Mar‐11
Investment Objective:
Date of Inception :
January 20, 2010
Portfolio % to AUM
`
Equity 93.46% Minimum Maximum
Larsen & Toubro Limited 5.48% 80% 100% 93.46%
Reliance Industries Ltd 5.26% 0% 20% 6.54%
Infosys Technologies Ltd. 4.98%
State Bank of India 4.73%
Tata Consultancy Services Limited 4.69%
ITC Ltd. 4.13%
Housing Development Finance Corporation Ltd. 4.12%
Tata Motors Limited 4.08%
GAIL (India) Limited 3.32%
Mahindra & Mahindra Ltd. 3.30%
Crompton Greaves Ltd 2.89%
Hindalco Industries Ltd. 2.82%
Bharat Heavy Electricals Ltd 2.80%
Grasim Industries Ltd. 2.79%
Kotak Mahindra Bank Limited 2.41%
Tata Steel Limited 2.37%
Glenmark Pharmaceuticals Ltd. 2.34%
Bajaj Auto Limited 2.25%
ICICI Bank Ltd 2.04%
Ranbaxy Laboratories Ltd 1.90%
HDFC Bank Ltd 1.86%
Equity
MM & Others
To seek consistent long term capital appreciation through investments primarily in equity and
equity‐related instruments by focusing predominantly on well established companies.
Asset Mix
ParticularsInvestment Pattern
Actual
INDIVIDUAL PENSION FUND APEX EQUITY - MARCH 31, 2011
Equity93.46%
MM & Others6.54%
Asset Allocation (% to AUM)
HDFC Bank Ltd 1.86%
Colgate Palmolive (India) Ltd 1.57%
Godrej Consumer Products Limited 1.56%
Oil & Natural Gas Corpn Ltd 1.50%
Hindustan Unilever Limited 1.49%
Aditya Birla Nuvo Limited 1.46%
The Indian Hotels Company Limited 1.42%
Punjab National Bank 1.33%
Dr. Reddys Laboratories Ltd. 1.33%
Thermax Ltd 1.32%
HCL Technologies Ltd 1.25%
Sun Pharmaceuticals Industries Ltd 1.23%
Cairn India Limited 1.13%
Cipla Ltd. 1.10%Axis Bank Limited 1.05%Others (with < 1% exposure) 4.15%
MM & Others 6.54%
Total 100.00%
`
13.48%
10.92%
8.41%
6.21%
5.26%
4.27%
4.13%
4.12%
Banking Services
Computer software
Drugs & pharmaceuticals
Industrial Construction
Refinery
Commercial vehicles
Tobacco products
Housing Finance Services
Top 10 Industry Exposure ( % to AUM)
9
9.5
10
10.5
11
11.5
12
NAV/U
nit ( Rs )
NAV Performance (Since Inception)
Pen Apex Equity
4.12%
3.32%
Prime movers
LNG storage & distribution
Investment Objective:
Date of Inception :
January 20, 2010
Portfolio % to AUM
`
Equity 69.92% Minimum Maximum
Infosys Technologies Ltd. 4.34% 55% 85% 69.92%
Reliance Industries Ltd 4.30% 15% 45% 30.08%
Larsen & Toubro Limited 4.20%
ITC Ltd. 3.50%
Housing Development Finance Corporation Ltd. 3.16%
Tata Consultancy Services Limited 3.13%
Tata Motors Limited 3.05%
State Bank of India 2.76%
GAIL (India) Limited 2.38%
Crompton Greaves Ltd 2.31%
Mahindra & Mahindra Ltd. 2.19%
Hindalco Industries Ltd. 2.03%
Grasim Industries Ltd. 1.99%
Kotak Mahindra Bank Limited 1.85%
Glenmark Pharmaceuticals Ltd. 1.79%
Tata Steel Limited 1.79%
Bharat Heavy Electricals Ltd 1.77%
Punjab National Bank 1.76%
Bajaj Auto Limited 1.67%
ICICI Bank Ltd 1.55%
Equity
Debt, MM & Others
To seek consistent growth over medium to long term by focusing predominantly on well established
companies through investments primarily in equity and equity‐related instruments and fair exposure to
high credit quality portfolio of debt and money market instruments.
Asset Mix
ParticularsInvestment Pattern
Actual
INDIVIDUAL PENSION FUND APEX GROWTH - MARCH 31, 2011
Debt24.01%
Equity69.92%
MM & Others6.07%
Asset Allocation (% to AUM)
AA+ 0.10%
Debt Rating profile( % of Debt)
HDFC Bank Ltd 1.48%
Colgate Palmolive (India) Ltd 1.43%
Dr. Reddys Laboratories Ltd. 1.36%
Ranbaxy Laboratories Ltd 1.22%
Cairn India Limited 1.20%
Oil & Natural Gas Corpn Ltd 1.14%
Thermax Ltd 1.01%
Others (with < 1% exposure) 9.54%
Debt 24.01%
Gilts & SDL 5.86%
GOI 5.21%SDL (with < 1% exposure) 0.64%
Corporate Bonds 18.16%Power Finance Corporation Limited 3.54%Housing Development Finance Corporation Ltd. 2.88%LIC Housing Finance Ltd 1.96%National Housing Bank 1.42%Tech Mahindra Limited 1.26%Reliance Gas Transportation Infrastucture Limited 1.04%Larsen & Toubro Limited 1.02%Others (with < 1% exposure) 7.10%
MM & Others 6.07%
Total 100.00%
`
10.37%
9.56%
8.00%
6.19%
5.95%
5.76%
5.50%
Banking Services
Computer software
Housing Finance Services
Infrastructure finance …
Drugs & pharmaceuticals
Industrial Construction
Refinery
Top 10 Industry Exposure ( % to AUM)
1‐3 years 3‐5 years 5‐10 years > 10 years
21.21%
33.00%
36.44%
9.35%
Debt Maturity Profile ( % of Debt)
10
10.5
11
11.5
NAV/U
nit ( Rs)
NAV Performance (Since Inception)
Pen Apex Growth
AAA 75.52%
Gilt 24.38%
3.50%
3.42%
3.24%
Tobacco products
LNG storage & distribution
Commercial vehicles
9
9.5
Investment Objective:
Date of Inception :
January 20, 2010
Portfolio % to AUM
`
Equity 48.14% Minimum Maximum
Infosys Technologies Ltd. 3.35% 35% 65% 48.14%
Mahindra & Mahindra Ltd. 2.76% 35% 65% 51.86%
ITC Ltd. 2.74%
Reliance Industries Ltd 2.71%
Larsen & Toubro Limited 2.48%
Housing Development Finance Corporation Ltd. 2.02%
Crompton Greaves Ltd 1.93%Glenmark Pharmaceuticals Ltd. 1.82%Kotak Mahindra Bank Limited 1.52%
State Bank of India 1.40%
Tata Consultancy Services Limited 1.39%
Hindalco Industries Ltd. 1.36%
Godrej Consumer Products Limited 1.30%Punjab National Bank 1.29%
Bharat Heavy Electricals Ltd 1.26%Tata Motors Limited 1.22%
Grasim Industries Ltd. 1.17%HCL Technologies Ltd 1.16%Cipla Ltd. 1.14%Tata Steel Limited 1.13%The Indian Hotels Company Limited 1.10%Hindustan Unilever Limited 1.08%
Equity
Debt, MM & Others
To optimize returns over medium to long term, by aiming balance between risk and return,
through investments in high quality equity and debt instruments.
Asset Mix
ParticularsInvestment Pattern
Actual
INDIVIDUAL PENSION FUND APEX BALANCED - MARCH 31, 2011
Debt46.33%
Equity48.14%
MM & Others5.53%
Asset Allocation (% to AUM)
AA+ 6.41%
Gilt 27.89%
Debt Rating profile( % of Debt)
Ranbaxy Laboratories Ltd 1.05%HDFC Bank Ltd 1.04%Others (with < 1% exposure) 8.73%
Debt 46.33%Gilts & SDL 12.92%GOI 10.02%SDL ‐ Gujarat 2.19%SDL ‐ Other States (with < 1% exposure) 0.71%
Corporate Bonds 33.41%
Larsen & Toubro Limited 5.72%
LIC Housing Finance Ltd 4.56%
Power Finance Corporation Limited 4.02%
Hindustan Petroleum Corporation Ltd. 3.64%
Aditya Birla Nuvo Limited 2.57%
Housing Development Finance Corporation Ltd. 2.07%
Indian Railway Financial Corporation Ltd. 1.26%
Reliance Gas Transportation Infrastucture Limited 1.25%
Rural Electrification Corporation Limited 1.22%
Steel Authority of India Ltd. 1.17%
TATA Sons 1.10%
National Housing Bank 1.08%
Others (with < 1% exposure) 3.75%
MM & Others 5.53%
Total 100.00%
`
8.65%
8.20%
8.12%
7.24%
6.89%
6.18%
4.80%
Housing Finance Services
Industrial Construction
Infrastructure finance …
Refinery
Computer software
Banking Services
Drugs & pharmaceuticals
Top 10 Industry Exposure ( % to AUM)
1‐3 years 3‐5 years 5‐10 years > 10 years
28.40%
19.66%
43.76%
8.18%
Debt Maturity Profile ( % of Debt)
9.5
10
10.5
11
11.5
NAV/U
nit ( Rs )
NAV Performance (Since Inception)
Pen Apex Balanced
AAA 65.70%
3.42%
2.76%
2.74%
Diversified
Passenger cars & multi …
Tobacco products
9
Jan‐10
Feb‐10
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐10
Aug‐10
Sep‐10
Oct‐10
Nov‐10
Dec‐10
Jan‐11
Feb‐11
Mar‐11
Investment Objective:
Date of Inception :
January 20, 2010
Portfolio % to AUM
`
Minimum Maximum
Debt 87.41% 80% 100% 87.41%
Gilts & SDL 33.10% 0% 20% 12.59%
GOI 19.81%
SDL ‐ Gujarat 5.88%
State Govt ‐ Maharashtra 5.07%
SDL ‐ AP 1.79%
SDL ‐ Other States (with < 1% exposure) 0.55%
Corporate Bonds 54.31%
Power Finance Corporation Limited 8.49%
Larsen & Toubro Limited 7.71%
IDFC 6.48%
Housing Development Finance Corporation Ltd. 6.21%
Hindustan Petroleum Corporation Ltd. 3.38%
TATA Sons 2.98%
Reliance Gas Transportation Infrastucture Limited 2.96%
DEBT
MM & Others
To aim for stable returns over medium to long term by judicious mix of investments in
Government securities and high quality corporate debt of varying maturities and also in money
market instruments.
Asset Mix
ParticularsInvestment Pattern
Actual
INDIVIDUAL PENSION FUND APEX BOND - MARCH 31, 2011
Debt87.41%
MM & Others12.59%
Asset Allocation (% to AUM)
AA+ Debt Rating profile( % of Debt)
Aditya Birla Nuvo Limited 2.71%
Rural Electrification Corporation Limited 2.37%
ACC Limited 2.04%
Reliance Industries Ltd 2.01%
Tech Mahindra Limited 1.87%
Indian Railway Financial Corporation Ltd. 1.78%
Others (with < 1% exposure) 3.32%
MM & Others 12.59%
Total 100.00%
`
19.66%
7.71%
7.03%
6.09%
2.98%
2.96%
2.71%
2.04%
1.87%
Infrastructure finance services
Industrial Construction
Housing Finance Services
Refinery
Securities investment services
LNG storage & distribution
Diversified
Cement
Computer software
Top 10 Industry Exposure ( % to AUM)
1‐3 years 3‐5 years 5‐10 years > 10 years
23.75% 25.35%
45.73%
5.17%
Debt Maturity Profile ( % of Debt)
10
10.5
11
NAV/U
nit ( Rs)
NAV Performance (Since Inception)
Pen Apex Bond
3.10%
AAA 59.04%
Gilt 37.87%
0.72%
p
Electricity distribution
9.5
Risk Factors
• This document has been prepared for the purpose of providing general
information only.
• Unit Linked Life Insurance products are different from the traditional
insurance products and are subject to various risk factors.
• Customers should take into account their personal investment
objectives, risk appetite and other aspects of their financial situation
before making an investment decision.
• Unit linked policies are subject to market risks associated with capital
markets and NAVs of units may go up or down based on the
performance of fund and factors influencing the capital market and the
customers have to consider this aspect while taking any decision.
• SUD Life shall not be responsible for any losses caused or any claims that
arise due to investments made based on this document.
• Customers are advised to note that the details are based on past
performance and is not indicative of its future prospects or returns.
• All efforts have been made to ensure accuracy of the contents of this
document, however, SUD Life shall not be held responsible for any
errors or omissions.
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