KARVY’s

April, 2017

INVESTOR JOURNAL

www.karvyvalue.com

What’s Inside

KARVY’sINVESTOR JOURNAL

Fund of the MonthICICI PRU FOCUSED BLUECHIP EQUITY FUND(G)

To generate long-term capital appreciation and

income distribution to unitholders from a portfolio...April, 2017

Page 04

Market ReviewPage 01

Karvy Investment InsightPage 03

Fund of The MonthPage 04

Readers CornerPage 05

Story of The MonthPage 06

SIP PerformancePage 07

Category Average ReturnsPage 08

Fixed Deposits SchemesPage 09

Equity Funds PerformancePage 10

Debt Funds PerformancePage 11

Global Markets at a GlancePage 12

Indices WatchPage 13

Highlights of the Month » India seems to have braved the effects of demonetization with the economy

growing at an unexpectedly robust 7% in what was deemed to be the worst-hit October-December quarter. It’s now forecast to achieve 7.1% growth in the year to March. Going by these projections, India will retain its tag of being the fastest-growing major global economy that it was at risk of surrendering to China going by some estimates.

» Avenue Supermarts, the owner of supermarket chain D-Mart, has come up with an IPO worth Rs.1,870 crore. It had a bumper opening and listed at 100% premium.

» DSP BlackRock Mutual Fund has stopped fresh investments in its open-ended equity growth scheme Microcap Fund. It will review opening it again for new inflows at a later date, it said, adding that investors can evaluate DSP BlackRock Small and Mid Cap Fund for their investment needs.

» Mutual fund managers purchased stocks worth a little over Rs. 2,000 crore in February - making it the seventh straight month of positive inflow in equities. Fund managers have been investing aggressively in money in the stock market since August 2016 due to a plunge in equities and pumped in Rs. 46,000 crore during the period.

» IDFC will take complete control of the group’s MF business arm, IDFC Mutual Fund, by buying out the 25 per cent stake held by Natixis Global Asset Management for Rs. 244.24 crore.

» Mutual fund house Mirae has now expanded its product basket by launching the Mirae Asset Dynamic Bond Fund - an open-ended income scheme which closed in March.

» The asset base of the mutual fund industry rose to an all-time high of Rs. 17.89 lakh crore at the end of February, primarily on account of strong inflows in equity, income and money market segments.

» India has the world’s second-fastest growing exchange traded funds (ETF) market, behind only Japan, with assets more than doubling to $4 billion from $1.9 billion in the past three years, a Bloomberg Intelligence report said. “While that’s mostly due to greater adoption of ETFs to gain low-cost market exposure, about a third of the boost came via the Reliance Mutual Fund’s CPSE ETF”.

» The assets under management of balanced funds have doubled to Rs. 77,100 crore from Rs. 39,000 crore over the past year, according to data from AMFI, an industry organization in the mutual fund sector.

INVESTOR JOURNALApril, 2017

Market Review

India’s retail inflation print for the month of February edged 48

bps higher to 3.65% mainly led by a rise in prices of food articles like vegetables, fruits, and meat and fish. However, core CPI that excludes food and energy prices surprised with a downward momentum, easing to 4.83% from 5.08% seen in the previous month.

India’s wholesale price-based inflation rose to 6.55% in the month of February, its highest level in over three-years led by a sharp increase in prices of primary articles including cereals and fruits along with a surge in fuel and power prices.

The reversal of trend in the core CPI, which strips out food and energy prices, came as a surprise. CPI edged higher to 3.65% compared to 3.17% seen in January. Meanwhile, core CPI index slowed down to 4.83% from 5.08% seen in January.

INR ended the month of Mar at 64.81 against the USD.

Sensex and Nifty both went up by 3.05% and 3.31% respectively.

In the corresponding period, FIIs were net buyers in Equity segment worth around Rs. 30,292.36 crores and in Debt segment worth Rs. 25,413.81 Crores respectively.

Mutual Funds were net buyers in Equity to the tune of Rs. 2367.60 Crores and in debt up to Rs. 40,086.30 Crores.

1.Foreign Trade: The country’s merchandise exports improved and stood at USD 24.49 billion in Feb’17 as against USD 20.85 billion recorded in Feb’16, recording a sharp growth of 17.48% Y-o-Y.The country’s merchandise imports bills increased to USD 33.39 billion in Feb’17 from USD 27.42 billion recorded a year ago.Oil imports continued to increase, posting a sharp growth on a Y-o-Y basis of 60.2% to USD 7.68 billion in Feb’17. Oil imports constituted around 23.01% of the total imports during the month.The non-oil imports also posted an uptick of 13.65% to USD 25.71 billion vis-à-vis non-oil imports of USD 22.62 billion recorded in the month of February of the previous fiscal.

2.Inflation:

Wholesale Price Index‐ based inflation jumped to 6.55% year-on-year in February, following a 5.25% gain in January.Food inflation, which was -0.56% in January, increased to 2.69% in Feb’17.The fuel inflation increased to 21.02% in Feb’17 from 18.14% in the month of Jan’17.CPI inflation stood at 3.65% in Feb’17 from 3.17% in the month of Jan’17.

3.Index of Industrial Production (IIP):

Industrial output rose 2.74% in Jan’17 on a y-o-y basis compared to output contraction of 1.59% in Jan’16. The expansion was mainly on account of the rebound in output growth of the capital goods sector, together with reasonable output increase in the manufacturing, mining and electricity sectors. The cumulative output stood at 0.6% in

Apr-Jan 2016-17 compared to output expansion of 2.7% in the corresponding period of the previous fiscal.

Manufacturing production in India grew by 2.26% in Jan’17 as against a growth of 1.97% previous month.

Basic Goods grew at 5.26% in Jan’17 as against a growth of 5.35% recorded a month ago.

Capital goods grew by double digits i.e. 10.65% in Jan’17 as against 3.01% in Dec’16.

Among the BSE sectoral indices, Consumer Durables, Capital Goods and Realty were the major gainers which ended the month up by 10.73%, 7.26% and 7.02% respectively while Metal, Healthcare and IT were in negative zone ending the month down by 0.74%, 0.47% and 0.10% respectively.

Among the NSE sectoral indices, Realty, PSU Bank and Media were the major gainers which ended the month up by 9.00%, 7.31% and 5.94% respectively while major indices VIX , Pharma and Metal ended the month in the negative territory, falling by 9.95%, 1.64% and 0.98% respectively.

Among the major Asian Indices, it was a positive month for Hangseng and Taiwan which ended up by 1.56% and 0.63% respectively. Nikkei ended down by 1.10%.

Among major European indices, BEL-20, CAC 40, DAX, FTSE 100 ended up by 6.50%, 5.43%, 4.04%, 0.82% respectively.

It was a disastrous month for all Major American Indices with Nasdaq, Dow Jones, NYSE, S&P 500 falling by -12.49%, -0.72%, -0.17%, -0.04% respectively.

Among the major indices across the world, Bovespa, Brazilian index was down by 2.52%.

Apart from FII and MF activity, Key domestic data released in the month of March were:

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INVESTOR JOURNALApril, 2017

S&P BSE SENSEXDate Close Price Points Diff %age Change

28-Feb-17 28,743.32

7-Mar-17 28,999.56 256.24 0.89%

10-Mar-17 28,946.23 -53.33 -0.18%

17-Mar-17 29,648.99 702.76 2.43%

24-Mar-17 29,421.40 -227.59 -0.77%

31-Mar-17 29,620.50 199.10 0.68%

3.05%

CNX Nifty IndexDate Close Price Points Diff %age Change

28-Feb-17 8,879.60

7-Mar-17 8,946.90 67.30 0.76%

10-Mar-17 8,934.55 -12.35 -0.14%

17-Mar-17 9,160.05 225.50 2.52%

24-Mar-17 9,108.00 -52.05 -0.57%

31-Mar-17 9,173.75 65.75 0.72%

3.31%

Sensex & Nifty:

MF Activity: (Month Between 01-Mar-2017 to 31-Mar-2017)

EquityDate Gross Purchase (Cr.) Gross Sale (Cr.) Net (Cr.)

3-Mar-17 1,615.80 2,035.80 -420.00

10-Mar-17 2,107.50 1,474.60 632.90

17-Mar-17 2,022.00 2,308.60 -286.60

24-Mar-17 2,169.10 1,477.30 691.80

30-Mar-17 5,563.10 3,703.50 1,859.60

Mar-17 43,483.90 41,116.30 2,367.60

DebtDate Gross Purchase (Cr.) Gross Sale (Cr.) Net (Cr.)

3-Mar-17 8,872.60 3,258.20 5,614.40

10-Mar-17 11,802.90 5,704.00 6,098.90

17-Mar-17 5,862.70 4,931.40 931.30

24-Mar-17 7,791.80 5,651.60 2,140.20

30-Mar-17 12,704.90 11,344.60 1,360.30

Mar-17 160,911.00 120,824.70 40,086.30

2

FII Activity: (Month Between 01-Mar-2017 to 31-Mar-2017)

EquityDate Gross Purchase (Cr.) Gross Sale (Cr.) Net (Cr.)

3-Mar-17 5,308.64 3,880.73 1,427.91

10-Mar-17 4,717.37 4,373.39 343.98

17-Mar-17 11,445.07 9,845.05 1,600.02

24-Mar-17 5,359.81 4,776.19 583.62

30-Mar-17 12,232.93 11,790.15 442.78

Mar-17 155,525.84 125,233.48 30,292.36

DebtDate Gross Purchase (Cr.) Gross Sale (Cr.) Net (Cr.)

3-Mar-17 576.41 531.84 44.57

10-Mar-17 1,056.00 718.76 337.24

17-Mar-17 1,512.13 1,175.91 336.22

24-Mar-17 1,472.39 557.66 914.73

30-Mar-17 1,520.03 987.46 532.57

Mar-17 43,122.95 17,709.14 25,413.81

INVESTOR JOURNALApril, 2017

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INVESTOR JOURNALApril, 2017

3

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.

MONTHLY INCOME PLANS OR MIPs

» MIPs are hybrid category of mutual funds with about 75% of exposure to debt securities such as treasury bills, commercial papers and so on. Rest would be invested in equity.

» However, as the name suggests, monthly income is not guaranteed in these funds.

» Like any other mutual fund category, MIPs would offer two options - Dividend and Growth.

» Taxation of these schemes is similar to debt category since majority of exposure is towards debt.

BALANCED FUNDS

» Balanced funds are another category of hybrid funds which invest in both debt and equity. However, Majority of exposure is towards equity, unlike MIPs.

» Due to the debt exposure, these funds can provide the much needed balance to the portfolio, especially in tough times like these.

» Investors can consider investing in balanced funds with a time frame of 3-5 years in mind. The best part about these funds is that they offer automatic balancing between equity and debt, which is a major cause of worry for many investors.

» Dividend plans in balanced funds provide a great opportunity for the elderly category of investors who wish to receive income on a regular basis similar to MIPs.

» They also offer the tax advantage which is present in equity mutual funds. There are also debt oriented balanced funds which invest more in debt.

DYNAMIC BOND FUNDS

» For any investors, returns matter the most but not at the cost of safety. Safety seeking investors tend to opt for liquid funds and aggressive investors either invest in Gilt funds or Equities.

» There is a perfect category among debt funds which gives investors the benefit of higher returns without compromising on safety. These are dynamic bond funds.

» Investors can look to invest in them with a time frame of 2-3 years in mind. They have exposure to corporate bonds as well as government securities.

» The best part about them is that the fund managers change the maturity of the schemes based on interest rate scenario to optimize the returns.

» This category is also known as Interest Accrual as the fund manager plays on the interest accruals.

INCOME FUNDS - SHORT TERM

» Income funds are a class of debt mutual funds that invest in a combination of government securities, certificates of deposits, corporate bonds and money market instruments.

» They are managed by expert fund managers who actively try to manage the portfolio based on interest rate movements, while at the same time keeping the portfolio credit worthy.

» Short term income funds invest in debt securities such as commercial papers, treasury bills and so on with an average maturity of 2 to 3 years.

» They are considered to be very safe for investors due to their lower sensitivity to interest rate movements. Investors can invest in these funds with a time frame of 1 to 2 years in mind.

INVESTOR JOURNALApril, 2017

4

When on a long family holiday, you aren’t thinking a bit about what your

stocks and markets may be doing, congratulations. You have a LIFE!

- Vishal Khandelwal@safalniveshak

Words have deep meaning. Wife is called Gruhini in

many Indian languages i.e the whole house ( gruh) is indebted to her ( rini).

- Nilesh Shah@NileshShah68

Never buy a stock because it has a low price :WarrenBuffett;same

waydon’t sell a stock bcos the price is high;price is the slave of earnings.

- A Balasubramanian @MFBALA

‘Tweets’ of the Month

Fund of The Month

ICICI PRU FOCUSED BLUECHIP EQUITY FUND(G)

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

Portfolio:

Top 10 Companies Holdings

Name %age

HDFC Bank Ltd. 7.3

ICICI Bank Ltd. 7.1

Infosys Ltd. 5.7

Bajaj Finserv Ltd. 3.6

State Bank Of India 3.6

Maruti Suzuki India Ltd. 3.6

Cipla Ltd. 3.4

Reliance Industries Ltd. 3.0

HCL Technologies Ltd. 2.9

Axis Bank Ltd. 2.9

Top 10 Sector Wise Holding

Industry Name (%)

Bank - Private 22.0

IT - Software 13.4

Pharmaceuticals & Drugs 10.5

Refineries 4.8

Bank - Public 3.9

Automobiles - Passenger Cars 3.7

Finance - Investment 3.6

Power Generation/Distribution 3.4

Automobiles-Trucks/Lcv 2.9

Other 2.7

To read the full Information, Click Here

About Performance of the Scheme:It sticks to the objective of truly being a large cap fund by investing close to 100% into large cap stocks. It is currently being...

Indicates an increase or decrease or no change in holding since last profile. Indicates an increase or decrease in holding since last portfolio.

I find it bewildering that experts know where the index is going

to be months in the future.I’m not even sure what’s for dinner tonight.

- Tarbir Shahpuri@tarbirshahpuri

“In the fund business, you do not get what you pay for, - you

get what you do not pay for.” - John Bogle

- Gautam Baid@Gautam__Baid

INVEST HERE

INVESTOR JOURNALApril, 2017

Readers Corner

5

FIVE MOST POPULAR BENCHMARK INDICES OF MUTUAL FUNDS

be compared to their peers in the same category. A fund is considered to be good performing only if it has been able to beat the benchmark consistently. Let us know more on five most popular mutual fund benchmarks:

S&P BSE SensexIt is also well known as BSE 30 since it is a collection of top 30 stocks according to market capitalization. BSE was established in 1875 and is Asia’s first & the Fastest Stock Exchange in the world. From trading at 1000 in 1990, it has multiplied by 30 times to around 30,000 till recently. Finance constitutes 32% of the index followed by IT and Transport with 13% and 11% constitution respectively.

» Base Year - 1978-79

» Base Index Value - 100

» Year of Launch - 1986

» Number of scrips - 30

Nifty 50

It is a diversified 50 stock index constituting about 13 sectors of the economy. Similar to BSE Sensex, it represents top 50 stocks as per market capitalization. Highest allocation goes to financial sector i.e. 29.70%. It has gained as much popularity as BSE Sensex. Since launch, it has multiplied itself by 9 times.

» Base Year - 1995

» Base Index Value - 1000

» Year of Launch - 1992

» Number of scrips - 50

To read the full Article, Click Here

If you are an avid reader of financial blogs, you must have heard this term “Benchmark Index” quite often. Experts suggest comparing mutual fund returns with their benchmarks to get a fair picture of their performance. Without these benchmarks, it would be very difficult to ascertain the best funds as every fund has a different ideology and some of these cannot even

INVESTOR JOURNALApril, 2017

Story of The Month

Once a Master had a dog who used to play every evening with the Master. The Master used to throw a stick and the dog would fetch it and bring it back. The same game was played with a ball too.

One particular evening, the Master invited his students to join him. He wanted to teach them a lesson on learning the importance of words only being guideposts.

Master said, “You must understand that words which are used to teach you are just guideposts. Let me demonstrate...”

With this the teacher called his dog and pointing to the moon said, “Fetch me the moon!”

He asked his students “Tell me where my dog is looking?”

One student answered, “He is looking at the moon”.

The Master said to observe carefully.

VISION TO ACHIEVE GOALS

To succeed in your mission you must have a single minded devotion to your goal. The more clear you are about what you want, the more likely you are to achieve it.

On careful observation, another student answered, “He is looking at your finger”.

Master looked at the students and said, “Exactly! Do not get confused with the pointing finger and what is being pointed at. You need to understand that every word and sign is only a guidepost to your ultimate goal!”

MORAL OF THE STORY:

Courtesy : Karvy Learning Center

Direct Dil Se…

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INVESTOR JOURNALApril, 2017

SIP Performance

S&P BSE SENSEXCurrent NAV (`)

3 Year SIP 5 Year SIP

Rs.36000 Rs.60000

Profit-SIP XIRR(%) Profit-SIP XIRR(%)

Large Cap

Templeton India Growth Fund(G) 232.93 9950.13 17.43 34399.80 18.75

ICICI Pru Top 100 Fund(G) 293.15 9017.99 15.91 32317.86 17.81

Peerless Equity Fund-(G) 20.16 8644.25 15.30 28076.65 15.84

SBI BlueChip Fund-Reg(G) 33.73 8608.55 15.24 35867.50 19.40

HDFC Growth Fund(G) 160.71 8384.25 14.87 28517.01 16.04

Multi Cap

Birla SL Small & Midcap Fund(G) 35.23 17227.67 28.64 62502.17 29.91

Escorts High Yield Eq(G) 34.83 16276.09 27.24 57113.54 27.96

SBI Small & Midcap Fund-Reg(G) 41.33 16242.21 27.19 74224.37 33.90

Sundaram Rural India Fund(G) 37.09 15205.07 25.64 48519.95 24.68

DSPBR Small & Mid Cap Fund-Reg(G) 49.50 14850.02 25.10 57476.95 28.09

Mid Cap & Small Cap

DSPBR Micro-Cap Fund-Reg(G) 58.36 19096.00 31.36 83089.22 36.73

Mirae Asset Emerging Bluechip-Reg(G) 42.77 17417.57 28.92 73068.24 33.52

Reliance Small Cap Fund(G) 35.15 16783.74 27.99 77483.94 34.96

Kotak Emerging Equity Scheme(G) 35.28 15744.25 26.44 62428.37 29.88

L&T Midcap Fund-Reg(G) 118.06 15431.73 25.98 63247.43 30.17

ELSS

Escorts Tax(G) 79.12 13360.43 22.82 44072.18 22.89

L&T Tax Saver Fund(G) 32.87 11435.38 19.81 40833.65 21.54

DSPBR Tax Saver Fund-Reg(G) 41.20 11235.53 19.49 42890.36 22.40

Principal Tax Saving Fund 177.86 10587.61 18.46 40794.57 21.53

Kotak Tax Saver Scheme(G) 37.67 10414.45 18.18 36214.98 19.55

Sector

DSPBR Natural Res & New Energy Fund-Reg(G) 30.47 21340.86 34.54 57746.14 28.19

ICICI Pru Banking & Fin Serv Fund(G) 52.00 16237.22 27.18 55120.34 27.22

Birla SL Banking & Financial Services Fund-Reg(G) 23.55 15458.87 26.02 0.00 0.00

Escorts Power & Energy Fund(G) 23.97 13708.57 23.36 46279.06 23.79

L&T Infrastructure Fund-Reg(G) 14.38 13562.81 23.13 48450.02 24.65

Index

ICICI Pru Nifty Next 50 Index Fund(G) 22.25 11621.87 20.11 40966.30 21.60

IDBI Nifty Junior Index Fund(G) 19.27 11005.62 19.13 39145.92 20.83

UTI Nifty Index Fund(G) 58.87 5592.06 10.14 21299.38 12.49

HDFC Index Fund-Nifty(G) 82.23 5580.85 10.12 21549.71 12.62

HDFC Index Fund-Sensex Plus(G) 402.73 5575.65 10.11 21808.13 12.75

As on 03rd Apr’17 (Funds have been arranged on 3 years performance)

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INVESTOR JOURNALApril, 2017

Category Average Returns

Category Sub Category1 Week Return

1 Month Return

3 Month Return

6 Month Return

1 Year Return

3 Year Return

5 Year Return

Since Inception

Diversified

Large-cap 1.33 3.72 13.31 6.71 24.04 15.95 13.97 12.85

Mid-cap 2.30 4.95 16.98 8.61 32.20 27.36 22.70 16.68

Multi-cap 1.74 4.13 14.87 8.03 28.05 21.96 18.17 14.51

Small-cap 3.25 5.31 15.88 9.80 33.70 33.40 25.96 21.77

Sector Funds

Banks & Financial Services 1.91 4.61 19.53 10.01 40.15 21.65 17.52 19.11

Energy & Power 2.20 5.81 19.55 19.13 44.73 26.46 14.81 18.10

FMCG 1.95 6.28 17.60 9.70 23.52 16.40 18.62 16.31

Infrastructure 2.45 4.90 17.00 11.77 30.72 21.55 13.66 8.71

Media & Entertainment 2.35 5.25 14.93 8.59 26.19 17.42 17.93 16.21

Pharma & Health Care 0.24 0.55 4.57 -4.81 1.74 16.85 19.97 12.02

Service Industry 1.52 5.52 12.23 7.29 18.20 22.13 25.25 15.53

TECk -0.52 -0.54 1.06 2.32 -4.86 9.05 13.59 8.37

Speciality

Contra 2.01 4.61 15.02 6.99 23.36 20.64 16.95 17.15

Dividend Yield 1.48 3.99 14.80 9.84 27.60 17.62 14.31 14.66

Index - Nifty 0.78 3.32 12.79 6.83 20.67 12.74 12.78 12.04

Index - Sensex 0.71 3.12 11.25 6.19 17.80 10.52 11.74 15.85

MNC 2.74 5.91 11.25 3.27 13.20 25.23 20.86 17.93

Equity Exchange Traded Funds 1.01 3.27 12.72 7.99 23.88 13.34 11.77 11.43

Equity Linked Savings Scheme 1.58 3.83 14.09 7.58 26.67 19.54 17.00 15.88

Arbitrage Funds

Debt-Oriented 0.39 0.62 3.95 1.76 9.51 8.66 7.65 4.33

Equity-Oriented 0.22 0.80 2.14 3.04 6.94 7.62 8.19 6.69

Asset Allocation 0.53 1.41 5.89 2.69 11.95 8.70 7.70 9.06

Balanced Funds

Debt-Oriented 0.42 1.40 4.32 3.29 9.13 9.15 10.59 6.63

Equity-Oriented 1.21 2.85 9.54 5.75 20.18 16.43 14.96 13.28

Category Capital Protection Funds 0.30 0.87 2.81 3.16 8.54 10.32 7.10

Monthly Income Plans 0.63 1.45 3.17 3.59 12.57 11.52 10.24 8.98

Fund Of Funds

Debt-Oriented 0.00 -0.06 1.86 3.59 13.51 11.93 9.98 9.43

Equity-Oriented -0.44 0.47 6.11 4.02 20.52 17.29 13.18 13.57

Hybrid-Oriented 0.61 1.74 6.70 4.47 15.45 10.96 10.10 11.10

Gold - FOF -0.59 -3.57 1.84 -9.37 0.13 -1.76 -1.28 -0.14

Gold Exchange Traded Funds -0.70 -3.62 2.05 -9.46 -2.49 -0.23 -0.86 4.26

Income

Long Term 0.46 1.02 0.48 2.79 9.94 9.80 8.92 8.21

Medium Term 0.37 0.80 1.43 3.70 10.05 9.78 9.36 8.40

Short Term 0.29 0.65 1.26 3.32 8.81 8.96 8.89 8.02

Gilt

Long Term 0.60 1.41 0.16 3.28 12.66 11.92 9.96 9.04

Medium Term 0.48 0.94 0.13 2.65 10.27 10.37 9.12 8.71

Short Term 0.27 0.78 1.17 3.67 9.52 9.25 8.79 7.02

Floating Rate

Long Term Floating Rate 0.36 0.77 1.30 3.28 9.50 9.69 8.99 7.90

Med Term Floating Rate -0.17 0.18 1.32 3.68 8.31 9.34 9.04 7.09

Short Term Floating Rate 0.20 0.59 1.72 3.58 8.08 8.63 8.94 7.91

Speciality-Debt

Interval Funds - Half Yrly 0.19 0.60 1.83 3.50 7.41 8.09 8.55 8.17

Interval Funds - Monthly 0.16 0.54 1.66 3.22 6.70 7.78 6.95 6.71

Interval Funds - Quarterly 0.16 0.54 1.80 3.41 6.89 7.78 7.51 7.14

Interval Funds - Yearly 0.16 0.55 1.69 3.56 7.65 8.35 8.85 8.19

Liquid 0.13 0.55 1.44 3.05 6.82 7.81 8.33 7.38

Ultra Short Term Plan 0.19 0.59 1.52 3.35 7.81 8.24 8.53 7.73

Returns are as on 03rd Apr’178

INVESTOR JOURNALApril, 2017

Fixed Deposits Schemes

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.

8.30%

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.

8.25%

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.

7.75%

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.

7.65%

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.

7.25%

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.

7.65%

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.

7.75%

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.

7.80%

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.

7.50%

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.

8.50%

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

8.50%

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.

8.25%

* highest rate including additional interest for Senior citizens, employees etc. wherever applicable

9

Forthcoming IPOs:HUDCO Prataap Snacks Ltd

CDSL SBI Life Insurance

NSE Cochin Shipyard

Bharat Matrimony Vodafone

INVESTOR JOURNALApril, 2017

Equity Funds Performance

Scheme NameLatest

NAV (`)

Absolute CAGR

1 Year 3 Year 5 YearSINCE

INCEPTION

Diversified

DSPBR Micro-Cap Fund-Reg(G) 57.8930 41.5373 42.3788 31.0575 19.6183

SBI Small & Midcap Fund-Reg(G) 40.8611 30.6802 39.1451 30.2358 20.4603

Reliance Small Cap Fund(G) 34.5960 42.2159 37.1036 30.5197 20.8894

Sundaram S.M.I.L.E Fund(G) 87.8840 37.8043 36.5637 25.2317 19.6255

Kotak Emerging Equity Scheme(G) 35.1260 39.5550 35.6945 25.2029 13.3712

ELSS

Escorts Tax(G) 78.6149 31.1914 27.9865 15.7185 12.8867

Reliance Tax Saver (ELSS) Fund(G) 54.8757 28.4477 24.2317 20.8127 15.9093

DSPBR Tax Saver Fund-Reg(G) 40.9740 30.6736 24.0980 20.9506 14.8200

Birla SL Tax Relief '96(ELSS U/S 80C of IT ACT)(G) 25.8200 23.1870 23.4988 20.6967 11.0337

Birla SL Tax Relief '96(G) 25.8200 23.1870 23.4988 20.6967 11.1817

Sector

Franklin Build India Fund(G) 35.7997 30.2864 31.0175 25.4402 18.3359

DSPBR Natural Res & New Energy Fund-Reg(G) 30.3940 62.0495 30.5544 17.9033 13.2456

ICICI Pru Banking & Fin Serv Fund(G) 51.6600 57.2603 29.1404 24.6589 21.0094

Birla SL Banking & Financial Services Fund-Reg(G) 23.4700 44.6979 27.8627 29.5437

L&T Infrastructure Fund-Reg(G) 14.1700 41.8418 27.5753 18.4166 3.7310

Dividend Yield

BNP Paribas Dividend Yield Fund(G) 41.1350 24.7612 22.0075 18.1411 13.0285

Tata Dividend Yield Fund(G) 70.7680 25.9670 19.5026 15.4841 17.1516

Birla SL Dividend Yield Plus(G) 161.7700 28.3074 17.8146 13.4223 21.7485

Principal Dividend Yield Fund(G) 42.1200 29.2025 16.2210 13.2143 12.2267

HSBC Dividend Yield Equity Fund(G) 19.3940 25.9326 15.5345 13.8014 6.8230

Global

MOSt Shares NASDAQ-100 ETF 349.4604 17.9419 17.7950 19.7922 22.4921

Birla SL Intl. Equity Fund-B(G) 16.2906 21.9238 13.8924 12.1475 5.3159

Kotak US Equity Fund(G) 13.1690 11.7912 9.7084 8.7563

ICICI Pru US Bluechip Equity Fund(G) 20.4100 10.8637 9.1539 16.2543

ICICI Pru Global Stable Equity Fund(G) 13.0700 3.2385 8.2201 7.8383

Equity Index

ICICI Pru Nifty Next 50 Index Fund(G) 22.1692 34.7000 22.9980 19.0523 12.4791

IDBI Nifty Junior Index Fund(G) 19.1991 33.5785 22.2874 18.5849 10.5023

GS CNX 500(G) 30.3507 7.4461 14.0781 11.2191 15.2277

Reliance ETF Nifty 100 96.5203 21.2641 13.3842 14.9160

HDFC Index Fund-Sensex Plus(G) 399.5235 20.4873 12.8070 12.6374 28.4803

Equity FOF

Birla SL Asset Allocator Multi FoF(G) 25.5078 20.1017 18.1155 13.0688 9.2110

Kotak Asset Allocator Fund(G) 71.4100 16.7173 17.5582 15.9663 16.8139

Birla SL Financial Planning FOF Aggressive Plan(G) 19.7330 21.3017 17.3172 14.4433 12.2134

Franklin India Life Stage FOFs-20(G) 73.6802 20.1463 17.2092 14.5978 16.1503

Franklin India Life Stage FOFs-30(G) 52.8686 16.9680 14.8473 12.7370 13.2958

(Funds has been arranged on the basis of 3 years performance)10

INVESTOR JOURNALApril, 2017

Debt Funds Performance

Scheme NameLatest

NAV (`)

Absolute CAGR

1 Year 3 Year 5 YearSINCE

INCEPTION

Gilt Funds

SBI Magnum Gilt-LTP-Reg(G) 36.8972 14.7397 13.8042 11.7441 8.3499

UTI Gilt Adv-LTP(G) 36.9519 17.0475 13.8013 11.0421 8.9794

ICICI Pru Gilt-Invest-PF(G) 33.2647 13.7605 13.2740 10.3590 9.4042

Birla SL Gilt Plus-PF(G) 46.1445 13.5543 13.2272 10.9229 9.1411

Birla SL Gilt Plus-PF(G)-Instant Gain 46.1528 13.5543 13.2272 10.9229 9.1411

Income

ICICI Pru Long Term Plan(G) 20.3911 13.5824 13.2364 11.8757 10.4063

ICICI Pru Income(G) 52.2771 12.6533 11.8150 9.3652 9.2273

UTI Dynamic Bond Fund-Reg(G) 19.1885 14.4885 11.6372 10.7014 10.0970

Baroda Pioneer Dynamic Bond Fund(G) 15.5774 11.5077 11.5156 9.7732

UTI Bond Fund(G) 49.9369 13.4419 11.4745 9.7482 8.9306

Scheme NameLatest

NAV (`)

Absolute CAGR

1 Year 3 Year 5 YearSINCE

INCEPTION

Balanced

HDFC Balanced Fund(G) 131.0680 23.2584 20.9126 17.5086 16.8087

DSPBR Balanced Fund-Reg(G) 131.3630 23.3861 20.6819 14.9717 15.5136

L&T India Prudence Fund-Reg(G) 23.1460 19.9648 20.4410 18.2514 14.6264

ICICI Pru Child Care Plan-Gift Plan 126.0300 29.1026 20.2909 17.8204 17.6468

Birla SL Balanced '95 Fund(G) 682.5900 23.5793 20.2248 17.4061 21.0051

MIP

SBI Magnum Children Benefit Plan 46.8359 20.6070 18.2911 14.0248 10.7064

ICICI Pru Child Care Plan-Study Plan 65.1146 16.1551 17.0177 15.5944 12.7681

Birla SL MIP II-Wealth 25(G) 36.0731 20.4814 16.0961 13.8060 10.4860

ICICI Pru MIP 25(G) 36.5041 15.8982 13.6519 12.0542 10.4639

Tata Retirement Sav Fund - Cons Plan(G) 17.5976 15.9018 13.3629 11.0134 11.0160

Arbitrage

Edelweiss Absolute Return Fund(G) 20.1100 10.6161 13.2241 11.3140 9.6066

ICICI Pru Blended-B-I(G) 23.9631 10.6202 10.1085 9.2868 7.9955

Peerless 3 in 1 Fund(G) 16.2163 9.5148 8.6609 7.6503 8.4026

Edelweiss Equity Savings Advantage Fund(G)(Merged) 16.8800 6.5299 7.6723 9.3623 8.0572

Kotak Equity Arbitrage Scheme(G) 23.4218 6.3071 7.3163 8.1377 7.6748

Gold-FOF

Invesco India Gold Fund(G) 9.0705 -8.6050 3.2734 -1.9991 -1.8160

ICICI Pru Regular Gold Savings Fund(G) 10.1142 -11.0738 1.6104 -1.0348 0.2077

Birla SL Gold Fund(G) 9.4529 -9.6367 1.6058 -0.9542 -1.1117

HDFC Gold Fund(G) 9.5706 -9.6269 0.6362 -2.0178 -0.8070

Reliance Gold Savings Fund(G) 12.4912 -9.1906 0.4673 -1.6887 3.7318

(Funds has been arranged on the basis of 1 year performance)

Hybrid Funds Performance

11

INVESTOR JOURNALApril, 2017

Global Markets at a Glance

12

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 %

8860891089609010906091109160

6-M

ar

7-M

ar

8-M

ar

9-M

ar

10-M

ar

14-M

ar

15-M

ar

16-M

ar65.00

65.50

66.00

66.50

67.00

6-M

ar

7-M

ar

8-M

ar

9-M

ar

10-M

ar

14-M

ar

15-M

ar

16-M

ar

6.70

6.75

6.80

6.85

6.90

6.95

6-M

ar

7-M

ar

8-M

ar

9-M

ar

10-M

ar

14-M

ar

15-M

ar

16-M

ar

2,3602,3652,3702,3752,3802,3852,390

6-M

ar

7-M

ar

8-M

ar

9-M

ar

10-M

ar

13-M

ar

14-M

ar

15-M

ar

100.0

100.5

101.0

101.5

102.0

102.57-

Mar

8-M

ar

9-M

ar

10-M

ar

13-M

ar

14-M

ar

15-M

ar

16-M

ar

2.40

2.45

2.50

2.55

2.60

2.65

7-M

ar

8-M

ar

9-M

ar

10-M

ar

13-M

ar

14-M

ar

15-M

ar

16-M

ar

3,3603,3703,3803,3903,4003,4103,420

7-M

ar

8-M

ar

9-M

ar

10-M

ar

13-M

ar

14-M

ar

15-M

ar

1.0451.0501.0551.0601.0651.0701.0751.080

7-M

ar

8-M

ar

9-M

ar

10-M

ar

13-M

ar

14-M

ar

15-M

ar

16-M

ar

0.25

0.30

0.35

0.40

0.45

0.50

7-M

ar

8-M

ar

9-M

ar

10-M

ar

13-M

ar

14-M

ar

15-M

ar

19,200

19,300

19,400

19,500

19,600

19,700

7-M

ar

8-M

ar

9-M

ar

10-M

ar

13-M

ar

14-M

ar

15-M

ar

16-M

ar

113.0

113.5

114.0

114.5

115.0

115.5

7-M

ar

8-M

ar

9-M

ar

10-M

ar

13-M

ar

14-M

ar

15-M

ar

16-M

ar

0.06

0.07

0.08

0.09

0.10

0.11

7-M

ar

8-M

ar

9-M

ar

10-M

ar

13-M

ar

14-M

ar

15-M

ar

16-M

ar

3,2103,2203,2303,2403,2503,2603,270

7-M

ar

8-M

ar

9-M

ar

10-M

ar

13-M

ar

14-M

ar

15-M

ar

16-M

ar

6.88

6.89

6.90

6.91

6.92

7-M

ar

8-M

ar

9-M

ar

10-M

ar

13-M

ar

14-M

ar

15-M

ar

16-M

ar

3.33

3.35

3.37

3.39

3.41

3.43

7-M

ar

8-M

ar

9-M

ar

10-M

ar

13-M

ar

14-M

ar

15-M

ar

Source: Bloomberg, Karvy Research

INVESTOR JOURNALApril, 2017

Indices Watch

Index NameAs on

28-Feb-16As on

31-Mar-17%

Change

S&P BSE Capital Goods 15333.49 16446.03 7.26%

S&P BSE BANKEX 23482.44 24420.77 4.00%

S&P BSE Power Index 2195.78 2274.42 3.58%

S&P BSE PSU 8464.27 8596.71 1.56%

S&P BSE DOLLEX 30 3536.11 3750.09 6.05%

S&P BSE AUTO Index 21486.06 22012.66 2.45%

S&P BSE SENSEX 28743.32 29620.50 3.05%

S&P BSE 100 9190.73 9494.36 3.30%

S&P BSE 200 3858.84 3991.85 3.45%

S&P BSE 500 12176.95 12631.90 3.74%

S&P BSE O & G Index 13534.47 13563.63 0.22%

S&P BSE METAL Index 11893.05 11804.46 -0.74%

S&P BSE Mid-Cap 13552.22 14096.65 4.02%

S&P BSE GREENEX 2513.32 2564.05 2.02%

S&P BSE Small-Cap 13690.81 14433.86 5.43%

S&P BSE TECk Index 5765.37 5771.47 0.11%

S&P BSE Consumer Durables 13778.67 15257.34 10.73%

S&P BSE IT 10376.10 10365.51 -0.10%

S&P BSE Health Care 15384.97 15312.40 -0.47%

S&P BSE FMCG 8799.89 9270.25 5.35%

S&P BSE Realty Index 1495.06 1599.97 7.02%

Indian Indices:

Index NameAs on

28-Feb-16As on

31-Mar-17%

Change

NIFTY FMCG 22338.20 23542.30 5.39%

NIFTY MEDIA 2996.35 3174.25 5.94%

NIFTY COMMODITIES 3417.50 3459.15 1.22%

NIFTY 100 9170.95 9467.10 3.23%

Nifty 500 Shariah index 2476.60 2557.46 3.26%

NIFTY PSE 4041.25 4009.95 -0.77%

NIFTY DIV OPPS 50 2284.20 2328.85 1.95%

NIFTY FINANCE 8286.90 8734.30 5.40%

NIFTY IT 10680.95 10703.25 0.21%

NIFTY REALTY 197.20 214.95 9.00%

Nifty Midcap 50 4187.25 4383.65 4.69%

INDIA VIX 13.79 12.42 -9.95%

NIFTY 100 9170.95 9467.10 3.23%

NIFTY SERV SECTOR 11446.70 11881.25 3.80%

NIFTY 50 8879.60 9173.75 3.31%

NIFTY INFRA 2997.85 3096.65 3.30%

NIFTY PHARMA 10585.15 10411.15 -1.64%

NIFTY METAL 3127.30 3096.55 -0.98%

NIFTY PSU BANK 3286.35 3526.60 7.31%

NIFTY 500 7709.10 7995.05 3.71%

NIFTY 200 4793.20 4955.80 3.39%

NIFTY CONSUMPTION 3916.85 3997.90 2.07%

NIFTY BANK 20607.25 21444.15 4.06%

NIFTY ENERGY 11360.20 11648.70 2.54%

Global Indices:

Index NameAs on

28-Feb-16As on

31-Mar-17%

Change

BEL-20 3584.13 3817.02 6.50%

CAC 40 4858.58 5122.51 5.43%

DAX 11834.41 12312.87 4.04%

FTSE 100 7263.40 7322.90 0.82%

Hang Seng 23740.73 24111.59 1.56%

Nikkei 225 19118.99 18909.26 -1.10%

NYSE 11512.40 11492.85 -0.17%

S&P 400 1729.34 1719.65 -0.56%

Straits Times 3096.61 3175.11 2.54%

All Ordinaries 5761.00 5903.80 2.48%

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.

Research TeamPF/MFNL/05042017/40

Ankit ChoradiaE-mail : ankit.choradia@karvy.com

Phone : 040 3321 7132

Production: Naga Babu K

13