KARVY’s

August, 2017

INVESTOR JOURNAL

www.karvyvalue.com

What’s Inside

KARVY’sINVESTOR JOURNAL

Fund of the MonthDHFL PRAMERICA BALANCED ADVANTAGE FUND(G)

The investment objective of the scheme

is to generate long term capital appreciation and...August, 2017

Page 04

Market ReviewPage 01

Karvy Investment InsightPage 03

Fund of The MonthPage 04

Readers CornerPage 05

AMC 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 » Mutual fund distributors and IFAs (independent financial advisors) will have to

enroll for GST, even if the commission they earn is less than Rs 20 lakh in a financial year. As per the communication from Association of Mutual Funds in India (AMFI), from July 1, fund houses will deduct GST from the commission paid to distributors who do not have a GST registration number and pass this tax to the government.

» Trading in corporate debt securities at leading stock exchanges NSE and BSE has surged 66.5 per cent to a record Rs 4.34 lakh crore during the first quarter of the current financial year, according to official data.

» Footwear retailer Khadim India has filed draft papers with market regulator SEBI to raise Rs 550-650 crore through an initial public offering. The IPO comprises of a fresh issue of equity shares aggregating up to Rs 50 crore and an offer-for-sale of over 65.74 lakh equity shares by the existing shareholders.

» The National Stock Exchange (NSE) may have to refile papers for its Rs 10,000-crore IPO after addressing issues related to alleged preferential access given to some brokers, Securities and Exchange Board of India (Sebi) chairman Ajay Tyagi said on Monday, terming the co-location case “a serious matter”.

» Mutual Fund Industry’s asset base rose 7% to all time high of Rs 19.52 lakh crore at the end of June quarter, driven largely by strong participation from retail investors.

» Contribution of the country’s smaller towns - beyond top -15 cities (B15) in industry parlance - to mutual funds’ asset base surged 47% to Rs 3.41 lakh crore by May-end due to investor-friendly initiatives by Sebi.

» Assets under management (AUM) of Mirae Asset Mutual Fund, which has completed more than nine years in the country, has crossed the important threshold of Rs 10,000 crore.

» Strong inflows into equity mutual fund (MFs) continued in June, despite worry that stock prices might fall due to difficulties in implementation of the goods and services tax (GST). Equity-oriented schemes attracted investment worth Rs 8,200 crore last month, showed data issued on Friday by the Association of MFs in India (Amfi).

» Kotak Asset Management has become the latest fund house to enter the Rs l lakh-crore assets under management (AUM) club. During the quarter ended June, the average AUM of the fund house climbed to Rs 1.01 lakh crore. With Kotak’s entry, the club now has seven members.

INVESTOR JOURNALAugust, 2017

Market Review

India’s retail inflation print eased to fresh record low of 1.54% in June owing to a decline in prices of food articles, fuel and housing. Meanwhile, Core CPI slipped to 3.85% from 4.25% in May. India’s WPI based on the revised 2011-12 series edged lower to 3.85% in April as manufactured goods and food articles indicated cooling of prices. In its second bi-monthly policy, the MPC panel kept the policy rate unchanged at 6.25% while maintaining a neutral policy stance. The panel lowered its inflation projection to 2-3.5% for H1FY17 and 3.5-4% for H2FY17. Growth projection was also revised lower to 7.3% for FY18.

INR ended the month of July at 64.08 against the USD.

Sensex and Nifty both went up by 5.15% and 5.84% respectively.

In the corresponding period, FIIs were net buyers in Equity segment worth around Rs. 3099.87 crores and in Debt segment worth Rs. 16575.79 Crores respectively.

Mutual Funds were net buyers in Equity to the tune of Rs.8129.22 Crores and in debt up to Rs. 38831.57 Crores.

1.Foreign Trade: The country’s merchandise exports was reported at USD 23.56 billion in Jun’17 as against USD 22.57 billion recorded in Jun’16, recording a growth of 4.39% Y-o-Y. This is the tenth month in a row when exports have posted positive Y-o-Y growth.

The country’s merchandise imports bills increased to USD 36.52 billion in Jun’17 from USD 30.69 billion recorded a year ago, registering a Y-o-Y growth of 19.01%.

Oil imports continued to increase, posting a growth on a Y-o-Y basis of 12.04% to USD 8.13 billion in Jun’17. The Oil imports constituted around 22% of the total imports alone, during the month.

The non-oil imports also posted a spike of 21.17% to USD 28.40 billion vis-à- vis non-oil imports of USD 23.44 billion recorded in the month of Jun of the previous fiscal.

2.Inflation:

India’s retail inflation for the month of June eased to fresh record low of 1.54% compared to 2.18% in the previous month led by a decline in prices of food articles, fuel and housing. Meanwhile, Core CPI plunged to 3.85% compared to 4.25% in May, declining for the third straight month.

3.Index of Industrial Production (IIP):

Industrial output grew by a subdued 1.72% on a year-on-year basis in May’17 compared to a healthy output growth of 8.05% in May’16. The muted growth was mainly on account of slowdown in the output of manufacturing sector, and contraction in output of mining, capital goods and consumer durables sector.

Overall, the cumulative output growth for Apr-May 2017 over the period of Apr-May 2016 stood at 2.2%.

Among the BSE sectoral indices, S&P BSE METAL Index, S&P BSE BANKEX, S&P BSE OIL & GAS Index were the major gainers which ended the month up by 9.25%, 8.02% & 7.48% respectively while S&P BSE FMCG, S&P BSE Health Care & S&P BSE Consumer Durables were in negative zone ending the month down by 3.21%, 0.03% & 2.84% respectively.

Among the NSE sectoral indices, NIFTY PSU BANK, NIFTY ENERGY, NIFTY METAL were the major gainers which ended the month up by 12.72%, 10.59% & 8.98% respectively while major indices NIFTY FMCG & NIFTY PHARMA ended the month in the negative territory, falling by 3.77% and 1.35% respectively.

It was a positive month for the major Asian Indices as Hangseng, Taiwan ended up by 6.05% & 0.31% whereas Nikkei 225 was down by 0.54%.

All major European indices ended in negative territory with BEL-20 & FTSE 100 going up 3.92% and 0.81% whereas DAX & CAC-40 ended down by 1.68% & 0.53% respectively.

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

1

It was a decent month for all Major American Indices with NASDAQ, Dow Jones, S&P 500 & NYSE going up by 3.38%, 2.54%, 1.93% and 1.75% respectively.

Among the major indices across the world, Bovespa, Brazilian index was up by 4.80%.

INVESTOR JOURNALAugust, 2017

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

30-Jun-17 30,921.61

5-Jul-17 31,245.56 323.95 1.05%

10-Jul-17 31,715.64 470.08 1.50%

17-Jul-17 32,074.78 359.14 1.13%

27-Jul-17 32,383.30 308.52 0.96%

Jul-17 32,514.94 131.64 0.41%

5.15%

CNX Nifty IndexDate Close Price Points Diff %age Change

30-Jun-17 9,520.90

5-Jul-17 9,637.60 116.70 1.23%

10-Jul-17 9,771.05 133.45 1.38%

17-Jul-17 9,915.95 144.90 1.48%

27-Jul-17 10,020.55 104.60 1.05%

Jul-17 10,077.10 56.55 0.56%

5.84%

Sensex & Nifty:

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

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

5-Jul-17 1,871.21 1,663.24 207.97

10-Jul-17 1,732.66 935.86 796.80

17-Jul-17 1,775.41 1,721.22 54.19

20-Jul-17 2,120.39 2,022.79 97.60

27-Jul-17 4,757.81 4,927.22 -169.41

Jul-17 43,617.07 35,487.85 8,129.22

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

5-Jul-17 7,212.88 4,336.52 2,876.36

10-Jul-17 8,364.00 7,646.13 717.87

17-Jul-17 3,969.93 2,327.70 1,642.23

20-Jul-17 7,399.18 6,504.47 894.71

27-Jul-17 5,761.56 6,818.93 -1,057.37

Jul-17 130,651.57 91,820.00 38,831.57

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

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

5-Jul-17 3,521.81 3,396.90 124.91

10-Jul-17 2,301.25 2,139.30 161.95

17-Jul-17 4,567.92 4,192.13 375.79

20-Jul-17 4,314.40 4,139.31 175.09

27-Jul-17 9,743.08 7,303.92 2,439.16

Jul-17 95,177.47 92,077.60 3,099.87

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

5-Jul-17 541.52 1,199.50 -657.98

10-Jul-17 2,059.26 955.86 1,103.40

17-Jul-17 1,037.17 414.37 622.80

20-Jul-17 494.90 1,639.16 -1,144.26

27-Jul-17 1,748.08 973.82 774.26

Jul-17 34,052.49 17,476.70 16,575.79

INVESTOR JOURNALAugust, 2017

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GET STARTED

For any support, get in touch with us on 040 - 3321 7140 / 7148

INVESTOR JOURNALAugust, 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.

Choosing the right mix of products should be based on defined objectives and goals. Ideally, you should create a product mix that suits you the MOST instead of a predefined allocation. As with any other product, this is also applicable to Mutual Funds. So, which category should you chose among Mutual Funds?

Broadly Mutual Funds can be classified based on the underlying investment asset into:

» Equity (Large, Mid, Small and Multi Cap) » Debt (Long Term and Short Term Bonds) » Hybrid (Mix of Debt and Equity, Debt Oriented & Equity Oriented) » GILT (Invest in Long and Short Term Government Securities) » Money Market (Very Short Term Papers, Liquid) » Gold (Exchange Traded Funds and Savings Fund) » International Funds (Fund of Funds investing in Global Funds)

Among these, money market and other debt funds are not as volatile as equity funds. Since equity funds are related to stocks, they can be at extremes. Hence, investing at one go in these funds is not suggested. SIP is the best way to invest in equity funds.

SIP is an excellent investment tool in Mutual Fund.

» SIP is an Investment tool where an investor can choose, the product, investment amount, Investment Date and Investment Tenure, so that, the defined investment Amount is automatically debited from A/C and invested on the investment date defined month on month basis for the entire tenure which has been defined.

» It brings discipline to one’s investment apart from Averaging the investment, as it is invested on regular basis right throughout the market ups and downs.

» When the markets are down, the same amount will garner higher units and whenever markets are up, it gets lower units, thus averaging the price of investment.

» Besides averaging the purchase cost of Fund, it adds value to the investor with Power of Compounding.

Power of Compounding

The below given table will make it clear why we have been talking about starting the retirement Planning early.

Target Amount Age Tenure Investment Required (per month)*

Rs. 1 Crore

35 25 3,100

40 20 6,600

45 15 14,800

50 10 35,900

*The investment amount is rounded off to the nearest 100

It is assumed, that all will invest till they reach age of 60 and the rate of return considered is 15% p.a.

INVESTOR JOURNALAugust, 2017

4

A fund manager’s life is a struggle.He has to beat the index,his

peers,beat expectations - all to avoid taking a beating from his investors

- Basant Maheshwari@BMTheEquityDesk

Investors tend to over-

analyze when stocks are going down (fear) and under-analyze when

stocks are going up (greed).

- Ian Cassel@iancassel

Insurance IPOs likely HDFC Standard - 10000 cr GIC - 5500 cr New

India - 4000 SBI Life- 7000 United India - 700 cr National Ins - 500 cr.

- Mahesh @invest_mutual

‘Tweets’ of the Month

Fund of The Month

DHFL PRAMERICA BALANCED ADVANTAGE FUND(G)

Investment Objective:

The investment objective of the scheme is to generate long term capital appreciation and income from a portfolio of equity and equity related securities as well as fixed income securities. However, there is no assurance that the investment objective of the Scheme will be realized and the Scheme does not assure or guarantee any returns.

Portfolio:Top 10 Companies Holdings

Name %age

HDFC Bank Ltd. 8.0

Oriental Bank of Commerce SR-2 10.95% 4.0

Kotak Mahindra Bank Ltd. 3.5

HCL Technologies Ltd. 3.5

ITC Ltd. 3.3

Shriram Transport Finance Company Ltd. SR-C41 (10-Jun-21) 3.2

Adani Ports and Special Economic Zone Ltd. 09.35% (26-May-23) 2.9

Persistent Systems Ltd. 2.9

India Infradebt Ltd. SR-I AUG 2016 8.24% (30-Aug-21) 2.9

Dewan Housing Finance Corporation Ltd. CATG I & II SR-IV 9.1% (16-Aug-19)

2.9

Top 10 Sector Wise Holding

Industry Name (%)

Bank - Private 15.9

Other 9.7

Finance - NBFC 7.6

Finance - Housing 7.5

IT - Software 6.4

Pharmaceuticals & Drugs 6.3

Bank - Public 4.0

Construction - Real Estate 3.8

Port 2.9

Bearings 2.6

To read the full Information, Click Here

About Performance of the Scheme:It is a equity oriented balanced fund in the hybrid category. The fund was launched 13 years ago and 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.

Some waiting for correction; some waiting for earnings - bhaiyon

behenon, in do mein se ek aayega!!!donon kaise aayega?

- Aashish P Sommaiyaa@AashishPS

The man who has anticipated the coming of troubles takes away their power when they

arrive.” Seneca.

- Daily Stoic@dailystoic

INVEST HERE

INVESTOR JOURNALAugust, 2017

Readers Corner

5

7 STEPS TO FINANCIAL PLANNING

Planning is an integral part of financial success. This is where professional Financial Advisor comes in, who can help every individual transform his dreams to reality. He/She systematically helps an individual to prioritize the financial goals and accordingly realize them one after another that would eventually lead to Financial Nirvana. The journey towards Financial Independence is long and tiring but its pursuit will be made fruitful with KFP service. So be part of it!

Objective of Financial Planning:

The objective of financial planning is to find ways to increase the client’s net worth and help the client accomplish all his financial goals. It identifies financial problems that create barriers to achieving financial independence. Problem areas can include too little or too much insurance coverage, or a high tax burden. The client’s cash flow may be inadequate, or the current investments may not be winning the battle with changing economic times.

What is Financial Planning?

Financial planning is the process of meeting your life goals through the proper management of your finances. Life goals can include buying a home, saving for your child’s education or planning for retirement. While embarking on a journey to achieve the financial objectives, it is necessary to prioritize amongst them. Making investments in a haphazard manner may not yield the desired results. Any investment choice should ideally depend upon one’s own profile and requirements. Any investment choice should be preceded by a careful introspection of one’s one needs and requirements, analysis of income and expenditure and last but not least, an objective prioritization of the goals. Financial Planning comprises of 7 steps.

1. Investment Planning

Investments can be defined as the part of funds foregone today for future goals. The objective is to ensure that returns generated from these investments is sufficient for becoming a High Net worth Individual....

To read the full Article, Click Here

INVESTOR JOURNALAugust, 2017

Market cycles between 1995-2015;markets entering a new cycle?

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*Above stocks cover more than 80% of market cap of S&P BSE Sensex as on Dec 31, 2016

Source: Bloomberg, HDFC AMC Research.

Stocks/Sectors referred above are illustrative and not recommended by HDFC Mutual Fund/AMC. The Fund may or may not have any present or future positions in these Stocks/Sectors. The analysis above should not be construed as a research report or a recommendation to buy or sell any security covered under the respective sector/s and that the same has been prepared on the basis of information, which is already available in publicly accessible media. The information/ views/opinions provided are for informative purpose only and that the recipient should note and understand that the information provided above may not contain all the material aspects relevant for making an investment decision and the stocks covered under the respective sector/s may or may not continue to form part of the scheme’s portfolio in future.

Past performance of the Fund may or may not be sustained in Future. Refer slide 23 at the end of presentation for detailed performance.

AMC Corner

CY 1995 - 2000 CY 2001 - 2007 CY 2007 - 2015 CY 2016

Leading Sectors IT stocks Capex/Banking/

Commodities/Auto Pharma/FMCG/ Auto

Next cycle – Infra/Banking/Capex?

Return in number of (x) times

Low inflation

Falling interest rates

Rising Capex

Peaking NPAs

Moderating Pharma/

FMCG growth

S&P BSE SENSEX (x) times 1.3 5.1 1.3

Sector Stocks* (x) times (x) times (x) times

Automobile Tata Motors, Maruti, M&M 0.3 - 0.7 8 – 12 3 – 5

FMCG HUL, ITC 2 – 4 1 – 4 3 – 4

IT Infosys, TCS, Wipro 96 – 97 1 – 3 2 – 5

Pharma Sun Pharma, Lupin 0.2 – 6 6 – 10 7 – 15

Retail Banks & Finance HDFC Bank, HDFC 2 8 – 11 2 – 3

Cement Ambuja Cement, Grasim 0.4 – 1 6 – 13 1.3 – 1.4

Corporate Banks & Finance SBI, ICICI 0.9 8 – 12 1.0 – 1.1

Refineries/Oil Exploration

Reliance Ind, ONGC 2 15 – 17 0.7 – 0.8

Capital Goods BHEL, L&T 0.8 - 0.9 28 – 32 0.3 – 0.9

Utilities NTPC, Powergrid NA NA 0.3 – 1.0

Metals Tata Steel, Hindalco 0.5 - 1.0 3 – 12 0.3 – 0.4

Realty DLF NA NA 0.1

Telecom Bharti NA NA 0.1 – 0.7

INVESTOR JOURNALAugust, 2017

Story of The Month

James went fishing and he spotted another man holding a mirror in his hand. He was waving the mirror here and there to reflect the sunlight on the water. James got curious about what he was doing, walked to him and asked “what are you doing?” The man said “I would prefer to tell my secret only if you can pay me a 1000 bucks”. James thought for a while and paid him the money.

The man with the mirror explained “I am catching fish by a new method using this round mirror. What I do is I reflect the sunlight in the direction where the fish go and they stop for a moment in confusion. I use that opportunity and catch them”. He showed a bucket full of fish which he told captured using this method!

James exclaimed “Wow! Do you have another round mirror? I can pay you for it”. “Yes, luckily I have a spare one, you can have it for 50 bucks!” he replied. James happily bought it and went a little distance from him and started reflecting the sunlight.

COURAGE TO BE DIFFERENT

How can you truly be you if all you do is follow other peoples rules and guidelines? To find yourself, think for yourself. Do not follow blindly

what others have to say. Find out for yourself what is true through your own experience.

Hours passed but he was unable to catch any fish and he asked the other guy “Why am I unable to catch fish? And how did you catch so many?”.

“You need to try hard and focus for some more time, maybe come back tomorrow and give a try” he replied and said to himself “I managed to catch few fish including you today!” and walked away from that place.

James was still trying his luck with the mirror!

MORAL OF THE STORY:

Courtesy : Karvy Learning Center

Direct Dil Se…

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INVESTOR JOURNALAugust, 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

Tata Equity P/E Fund(G) 129.38 14754.84 24.99 53758.41 26.72

Escorts High Yield Eq(G) 36.89 14424.21 24.49 56553.71 27.77

JM Core 11 Fund(G) 8.40 14227.93 24.19 44992.62 23.28

Sahara Power & Natural Resources Fund(G) 21.90 13914.45 23.71 37510.96 20.14

Tata Retirement Sav Fund - Prog Plan(G) 26.54 12988.96 22.28 42504.66 22.26

Multi Cap

Sundaram Rural India Fund(G) 40.90 16264.91 27.26 52337.65 26.18

MOSt Focused Multicap 35 Fund-Reg(G) 25.35 15809.00 26.58 0.00 0.00

JM Basic Fund(G) 31.22 14791.02 25.04 47855.20 24.43

L&T India Value Fund-Reg(G) 35.64 14380.15 24.42 59653.98 28.91

SBI Magnum Comma Fund-Reg(G) 36.49 13873.74 23.64 35694.67 19.34

Mid Cap & Small Cap

L&T Emerging Businesses Fund-Reg(G) 24.63 20534.46 33.45 0.00 0.00

Mirae Asset Emerging Bluechip-Reg(G) 47.40 17562.50 29.17 74975.65 34.17

L&T Midcap Fund-Reg(G) 134.67 17384.67 28.91 70065.49 32.54

Reliance Small Cap Fund(G) 39.08 16993.95 28.34 79974.74 35.77

Birla SL Small & Midcap Fund(G) 38.12 16725.27 27.94 63362.27 30.23

ELSS

Escorts Tax(G) 88.73 14954.56 25.29 51335.23 25.80

L&T Tax Saver Fund(G) 36.36 13206.15 22.61 45123.17 23.34

Principal Tax Saving Fund 198.48 13054.45 22.38 45227.46 23.38

L&T Tax Advt Fund-Reg(G) 52.25 12408.34 21.37 41142.47 21.69

HDFC Long Term Adv Fund(G) 327.92 11982.73 20.70 39587.92 21.03

Sector

ICICI Pru Banking & Fin Serv Fund(G) 61.12 20797.34 33.82 65339.24 30.93

DSPBR Natural Res & New Energy Fund-Reg(G) 32.24 20540.96 33.46 58476.66 28.48

Birla SL Banking & Financial Services Fund-Reg(G) 27.68 20087.17 32.81 0.00 0.00

Invesco India Banking Fund-Ret(G) 51.81 17362.91 28.88 50498.43 25.47

Reliance Banking Fund(G) 264.73 16849.70 28.12 51789.92 25.97

Index

ICICI Pru Nifty Next 50 Index Fund(G) 24.70 13607.12 23.23 45254.08 23.39

IDBI Nifty Junior Index Fund(G) 21.32 12925.83 22.18 43128.86 22.52

UTI Nifty Index Fund(G) 64.58 8099.00 14.41 25346.69 14.53

IDFC Nifty Fund-Reg(G) 20.48 8066.50 14.36 25549.89 14.63

HDFC Index Fund-Nifty(G) 90.16 8057.75 14.34 25521.43 14.61

As on 01st Aug’17 (Funds have been arranged on 3 years performance)

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INVESTOR JOURNALAugust, 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 0.45 5.02 5.73 16.04 18.61 13.93 17.73 13.50

Mid-cap 0.38 5.01 3.57 17.99 23.24 21.19 26.30 16.95

Multi-cap 0.64 5.23 4.91 16.23 19.99 15.79 19.97 15.81

Small-cap -0.20 4.17 4.60 20.47 25.62 24.33 30.37 20.29

Sector Funds

Banks & Financial Services 2.15 7.22 9.43 26.38 30.17 19.84 20.01 21.46

Energy & Power -0.02 5.80 3.01 16.17 32.00 18.15 18.73 17.39

FMCG 0.83 1.86 6.05 19.87 14.73 16.08 17.94 16.47

Infrastructure 0.37 5.11 2.55 15.27 21.07 13.74 17.29 9.54

Media & Entertainment -1.62 0.72 -8.23 6.40 5.93 10.74 17.38 15.37

Pharma & Health Care -1.75 3.28 -2.17 -1.07 -9.34 8.74 17.32 11.34

Service Industry -0.84 0.87 1.24 11.70 11.96 15.80 27.26 15.42

TECk -0.14 3.70 6.54 6.22 1.21 5.67 17.32 8.68

Speciality

Contra 0.26 5.07 6.68 18.02 20.28 16.36 20.08 17.46

Dividend Yield 0.18 4.89 5.36 16.68 22.39 14.38 17.20 16.59

Index - Nifty 0.95 5.84 7.70 16.59 16.79 10.48 15.67 12.65

Index - Sensex 0.85 5.10 8.35 16.39 15.28 8.11 14.33 16.31

MNC 0.37 3.89 6.67 15.67 11.47 20.25 23.51 18.11

Equity Exchange Traded Funds 0.87 5.67 7.14 16.37 18.63 9.86 14.93 13.89

Equity Linked Savings Scheme 0.40 5.09 5.98 17.41 21.08 15.71 19.88 17.22

Arbitrage Funds

Debt-Oriented 0.17 1.04 2.24 4.00 5.65 7.95 7.74 5.90

Equity-Oriented 0.15 0.69 1.55 3.13 6.14 6.78 7.53 6.56

Asset Allocation 0.37 2.25 2.99 7.95 8.39 7.91 7.92 9.74

Balanced Funds

Debt-Oriented 0.30 2.05 3.43 6.70 8.85 7.53 11.39 7.82

Equity-Oriented 0.33 3.58 4.45 12.03 15.41 12.88 16.71 13.85

Category Capital Protection Funds 0.15 1.47 2.78 4.92 7.86 9.00 7.53

Monthly Income Plans 0.11 1.64 3.14 5.31 10.26 10.57 10.80 9.16

Fund Of Funds

Debt-Oriented 0.18 1.60 3.37 6.00 10.92 10.60 10.63 9.53

Equity-Oriented 0.54 3.47 5.42 11.34 16.75 13.68 16.56 13.59

Hybrid-Oriented 0.41 2.84 3.85 8.65 12.32 11.26 11.96 12.18

Gold - FOF 0.02 -1.15 -3.94 -2.56 -10.36 -1.15 -2.72 -0.48

Gold Exchange Traded Funds 0.57 -1.64 -2.44 -2.16 -12.16 -0.54 -2.16 3.86

Income

Long Term 0.01 0.84 3.27 2.90 8.83 9.67 8.95 8.37

Medium Term 0.08 0.84 2.79 3.66 9.30 9.65 9.34 8.39

Short Term 0.10 0.89 2.51 3.36 8.26 8.86 8.80 8.09

Gilt

Long Term -0.15 0.64 4.23 2.98 10.67 11.72 9.91 9.24

Medium Term -0.05 0.65 2.91 2.07 8.07 9.99 9.08 8.63

Short Term 0.09 0.75 2.67 3.34 8.62 9.18 8.81 7.07

Floating Rate

Long Term Floating Rate 0.11 0.81 2.71 3.49 8.58 9.50 8.88 7.94

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

Short Term Floating Rate 0.14 0.71 2.02 3.60 7.77 8.46 8.81 7.89

Speciality-Debt

Interval Funds - Half Yrly 0.12 0.58 1.73 3.49 7.10 7.89 8.32 8.13

Interval Funds - Monthly 0.12 0.50 1.52 3.18 6.44 7.49 6.73 6.69

Interval Funds - Quarterly 0.11 0.48 1.44 3.02 6.54 7.43 7.23 7.09

Interval Funds - Yearly 0.12 0.59 1.71 3.33 7.22 8.11 8.54 8.05

Liquid 0.12 0.57 1.66 3.09 6.45 7.57 8.13 7.43

Ultra Short Term Plan 0.12 0.74 1.95 3.33 7.36 8.11 8.52 7.65

Returns are as on 01st Aug’179

INVESTOR JOURNALAugust, 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.

8.10%

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.

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.

7.65%

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

10

Forthcoming IPOs:Cent Bank Home Finance Limited (CBHFL) Continental Warehousing G R Infraprojects

Genesis Colors Go Airlines GVR Infra Projects Limited

Hinduja Leyland Finance Limited KPR Agrochem Limited Maini Precision Products Limited

Mas Financial Services Matrimony.com New Delhi Center for Sight Limited

Nihilent Techonologies Limited Paranjape Schemes Limited Sandhar Technologies Limited

Seaways Shipping and Logistics Limited SSIPL Retail Limited VLCC Health Care

INVESTOR JOURNALAugust, 2017

Equity Funds Performance

Scheme NameLatest

NAV (`)

Absolute CAGR

1 Year 3 Year 5 YearSINCE

INCEPTION

Diversified

SBI Small & Midcap Fund-Reg(G) 46.24 30.89 30.27 34.04 21.43

DSPBR Micro-Cap Fund-Reg(G) 61.51 24.80 30.10 32.64 19.64

Mirae Asset Emerging Bluechip-Reg(G) 47.21 33.85 29.62 33.07 24.60

L&T Emerging Businesses Fund-Reg(G) 24.57 43.57 27.78 32.27

Reliance Small Cap Fund(G) 38.99 37.69 27.43 33.48 21.91

ELSS

Escorts Tax(G) 88.14 22.85 24.47 20.69 13.38

L&T Tax Saver Fund(G) 36.17 24.98 19.96 21.58 11.62

Birla SL Tax Relief '96(ELSS U/S 80C of IT ACT)(G) 28.42 20.99 19.56 23.70 11.77

Birla SL Tax Relief '96(G) 28.42 20.99 19.56 23.70 11.91

Kotak Tax Saver Scheme(G) 40.43 21.73 19.04 18.93 12.70

Sector

Birla SL Banking & Financial Services Fund-Reg(G) 27.47 29.03 27.52 32.18

ICICI Pru Banking & Fin Serv Fund(G) 60.54 37.47 25.90 27.98 22.32

DSPBR Natural Res & New Energy Fund-Reg(G) 31.88 41.11 23.05 20.81 13.33

Franklin Build India Fund(G) 38.84 21.62 22.76 28.12 18.74

Invesco India Banking Fund-Ret(G) 51.44 35.37 22.51 21.95 19.85

Dividend Yield

BNP Paribas Dividend Yield Fund(G) 45.77 22.43 15.42 19.67 13.27

Tata Dividend Yield Fund(G) 74.89 19.67 14.70 16.80 17.18

ICICI Pru Dividend Yield Equity Fund(G) 17.22 31.35 14.13 17.49

Principal Dividend Yield Fund(G) 47.44 26.90 11.73 15.17 12.64

Birla SL Dividend Yield Plus(G) 172.07 21.41 11.50 14.56 7.13

Global

MOSt Shares NASDAQ-100 ETF 374.33 19.32 16.37 21.19 22.54

Birla SL Intl. Equity Fund-B(G) 17.69 17.04 11.88 14.92 6.03

Kotak US Equity Fund(G) 13.66 10.47 8.96 9.03

ICICI Pru US Bluechip Equity Fund(G) 21.12 8.25 8.86 15.34 15.91

Franklin Asian Equity Fund(G) 20.41 18.83 8.64 11.83 7.77

Equity Index

ICICI Pru Nifty Next 50 Index Fund(G) 24.56 25.45 20.01 22.98 13.50

IDBI Nifty Junior Index Fund(G) 21.20 24.06 19.03 22.47 11.58

GS CNX 500(G) 30.35 7.45 14.08 11.22 15.23

Reliance ETF Nifty 100 105.94 17.46 11.00 16.19

UTI Nifty Index Fund(G) 64.19 16.43 9.77 15.07 11.27

Equity FOF

Birla SL Asset Allocator Multi FoF(G) 27.56 16.75 15.59 16.57 9.70

ICICI Pru Very Aggressive(G) 69.15 21.88 14.93 14.50 15.26

Birla SL Financial Planning FOF Aggressive Plan(G) 21.28 16.31 14.54 16.55 12.90

Franklin India Life Stage FOFs-20(G) 79.03 15.95 14.36 16.73 16.33

Franklin India Life Stage FOFs-30(G) 56.02 13.94 12.83 14.16 13.44

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

11

INVESTOR JOURNALAugust, 2017

Debt Funds Performance

Scheme NameLatest

NAV (`)

Absolute CAGR

1 Year 3 Year 5 YearSINCE

INCEPTION

Gilt Funds

SBI Magnum Gilt-LTP-Reg(G) 38.54 13.45 13.40 11.97 8.46

UTI Gilt Adv-LTP(G) 38.44 14.49 13.19 11.01 9.06

Birla SL Gilt Plus-PF(G) 48.86 12.99 13.12 11.13 9.32

Birla SL Gilt Plus-PF(G)-Instant Gain 48.86 12.99 13.12 11.13 9.32

ICICI Pru Gilt-Invest-PF(G) 35.02 12.15 13.05 10.59 9.58

Income

ICICI Pru Long Term Plan(G) 21.37 12.33 12.52 12.14 10.62

ICICI Pru Income(G) 54.77 11.40 11.62 9.57 9.33

DHFL Pramerica Dynamic Bond Fund(G) 1639.69 12.45 11.59 9.28 9.33

UTI Dynamic Bond Fund-Reg(G) 19.91 12.56 11.23 10.79 10.18

IDFC Dynamic Bond Fund-Reg(G) 20.76 11.16 11.20 9.92 8.80

Scheme NameLatest

NAV (`)

Absolute CAGR

1 Year 3 Year 5 YearSINCE

INCEPTION

Balanced

L&T India Prudence Fund-Reg(G) 25.24 18.26 16.99 20.50 15.38

DSPBR Balanced Fund-Reg(G) 140.52 17.26 16.75 17.33 15.64

HDFC Balanced Fund(G) 143.17 20.69 16.42 20.02 17.07

Birla SL Balanced '95 Fund(G) 728.21 16.00 15.97 19.20 21.02

ICICI Pru Balanced Fund(G) 121.29 19.77 15.68 20.47 15.10

MIP

Birla SL MIP II-Wealth 25(G) 38.40 14.84 15.29 15.17 10.74

SBI Magnum Children Benefit Plan 50.07 17.23 15.00 15.10 10.95

ICICI Pru Child Care Plan-Study Plan 68.19 12.87 14.33 16.21 12.82

ICICI Pru MIP 25(G) 38.52 13.06 12.68 12.76 10.64

SBI Magnum MIP(G) 37.87 11.31 12.45 11.64 8.48

Arbitrage

Edelweiss Dynamic Equity Advantage Fund-Reg(G) 21.58 13.04 10.29 12.46 10.17

ICICI Pru Blended-B-I(G) 23.96 10.62 10.11 9.29 8.00

Peerless 3 in 1 Fund(G) 16.64 5.65 7.95 7.74 8.40

Edelweiss Equity Savings Advantage Fund(G)(Merged) 16.88 6.53 7.67 9.36 8.06

Edelweiss Arbitrage Fund-Reg(G) 12.42 6.20 7.15 7.28

Gold-FOF

Kotak Gold Fund(G) 11.98 -0.61 -9.42 -1.34 2.89

Invesco India Gold Fund(G) 8.99 -2.78 -9.59 -0.59 -1.87

Reliance Gold Savings Fund(G) 12.24 -2.48 -9.69 -0.93 3.21

Birla SL Gold Fund(G) 9.26 -5.21 -9.84 -1.03 -1.43

SBI Gold-Reg(G) 9.13 -1.41 -9.96 -1.12 -1.53

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

Hybrid Funds Performance

12

INVESTOR JOURNALAugust, 2017

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

9940

9990

10040

10090

10140

24-J

ul

25-J

ul

26-J

ul

27-J

ul

28-J

ul

31-J

ul

1-Au

g

2-Au

g

63.4063.6063.8064.0064.2064.4064.60

24-J

ul

25-J

ul

26-J

ul

27-J

ul

28-J

ul

31-J

ul

1-Au

g

2-Au

g

6.40

6.42

6.44

6.46

6.48

24-J

ul

25-J

ul

26-J

ul

27-J

ul

28-J

ul

31-J

ul

1-Au

g

2-Au

g

2,465

2,470

2,475

2,480

21-J

ul

24-J

ul

25-J

ul

26-J

ul

27-J

ul

28-J

ul

31-J

ul

1-Au

g

92.0

92.5

93.0

93.5

94.0

94.5

24-J

ul

25-J

ul

26-J

ul

27-J

ul

28-J

ul

31-J

ul

1-Au

g

2-Au

g

2.20

2.25

2.30

2.35

24-J

ul

25-J

ul

26-J

ul

27-J

ul

28-J

ul

31-J

ul

1-Au

g

2-Au

g

3,420

3,440

3,460

3,480

3,500

24-J

ul

25-J

ul

26-J

ul

27-J

ul

28-J

ul

31-J

ul

1-Au

g

2-Au

g

1.158

1.168

1.178

1.188

24-J

ul

25-J

ul

26-J

ul

27-J

ul

28-J

ul

31-J

ul

1-Au

g

2-Au

g

0.480

0.500

0.520

0.540

0.560

0.580

24-J

ul

25-J

ul

26-J

ul

27-J

ul

28-J

ul

31-J

ul

1-Au

g

2-Au

g

19,900

19,950

20,000

20,050

20,100

24-J

ul

25-J

ul

26-J

ul

27-J

ul

28-J

ul

31-J

ul

1-Au

g

2-Au

g

110.0

110.5

111.0

111.5

112.0

24-J

ul

25-J

ul

26-J

ul

27-J

ul

28-J

ul

31-J

ul

1-Au

g

2-Au

g

0.070

0.075

0.080

0.085

24-J

ul

25-J

ul

26-J

ul

27-J

ul

28-J

ul

31-J

ul

1-Au

g

2-Au

g

3,210

3,230

3,250

3,270

3,290

3,310

24-J

ul

25-J

ul

26-J

ul

27-J

ul

28-J

ul

31-J

ul

1-Au

g

2-Au

g

6.71

6.72

6.73

6.74

6.75

6.76

24-J

ul

25-J

ul

26-J

ul

27-J

ul

28-J

ul

31-J

ul

1-Au

g

2-Au

g

3.58

3.61

3.64

3.67

24-J

ul

25-J

ul

26-J

ul

27-J

ul

28-J

ul

31-J

ul

1-Au

g

2-Au

g

INVESTOR JOURNALAugust, 2017

Indices Watch

Index NameAs on

30-Jun-17As on

31-Jul-17%

Change

S&P BSE Realty Index 2043.23 2186.28 7.00%

S&P BSE Health Care 14190.58 14195.40 0.03%

S&P BSE Consumer Durables 16012.71 16466.93 2.84%

S&P BSE FMCG 10428.17 10093.85 -3.21%

S&P BSE Small-Cap 15410.52 16093.56 4.43%

S&P BSE METAL Index 11374.12 12425.99 9.25%

S&P BSE Power Index 2225.54 2323.61 4.41%

S&P BSE Mid-Cap 14644.48 15389.57 5.09%

S&P BSE 500 13178.45 13897.23 5.45%

S&P BSE 200 4149.22 4381.53 5.60%

S&P BSE SENSEX 30921.61 32514.94 5.15%

S&P BSE 100 9852.86 10432.76 5.89%

S&P BSE DOLLEX 30 3924.80 4160.97 6.02%

S&P BSE BANKEX 26277.96 28386.54 8.02%

S&P BSE GREENEX 2630.34 2750.13 4.55%

S&P BSE Capital Goods 17075.94 17972.61 5.25%

S&P BSE AUTO Index 23408.17 24463.15 4.51%

S&P BSE TECk Index 5523.75 5897.04 6.76%

S&P BSE IT 9833.46 10437.79 6.15%

S&P BSE PSU 8112.61 8686.79 7.08%

S&P BSE O & G Index 13202.65 14189.96 7.48%

Indian Indices:

Index NameAs on

30-Jun-16As on

31-Jul-17%

Change

NIFTY PHARMA 9606.40 9476.40 -1.35%

NIFTY REALTY 263.45 282.95 7.40%

NIFTY FMCG 26752.05 25744.35 -3.77%

NIFTY MNC 12090.55 12924.60 6.90%

NIFTY METAL 2991.35 3259.95 8.98%

NIFTY CONSUMPTION 4347.30 4486.70 3.21%

Nifty Midcap 50 4519.75 4792.65 6.04%

NIFTY FINANCE 9494.20 10269.25 8.16%

NIFTY 500 8331.60 8793.30 5.54%

INDIA VIX 11.73 11.90 1.43%

NIFTY INFRA 3201.35 3401.35 6.25%

Nifty 500 Shariah index 2670.48 2816.03 5.45%

NIFTY 200 5148.50 5443.95 5.74%

Nifty-TRI 12932.33 13724.19 6.12%

NIFTY 100 9835.40 10417.80 5.92%

NIFTY 100 9835.40 10417.80 5.92%

NIFTY BANK 23211.20 25103.65 8.15%

NIFTY 50 9520.90 10077.10 5.84%

NIFTY SERV SECTOR 12360.25 13349.15 8.00%

NIFTY DIV OPPS 50 2361.90 2437.10 3.18%

NIFTY ENERGY 11600.40 12829.15 10.59%

NIFTY MEDIA 2982.05 3100.35 3.97%

NIFTY COMMODITIES 3413.95 3653.05 7.00%

NIFTY AUTO 10540.25 11002.65 4.39%

Global Indices:

Index NameAs on

30-Jun-17As on

31-Jul-17%

Change

Bovespa 62899.97 65920.00 4.80%

Dow Jones 21349.63 21891.12 2.54%

BEL-20 3793.62 3942.46 3.92%

Hang Seng 25764.58 27323.99 6.05%

NYSE 11761.70 11967.67 1.75%

S&P 100 1067.71 1088.94 1.99%

S&P 500 2423.41 2470.30 1.93%

Straits Times 3226.48 3329.52 3.19%

Taiwan Weighted 10395.07 10427.33 0.31%

All Ordinaries 5764.00 5773.90 0.17%

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/03082017/44

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

Phone : 040 3321 7132

Production: Naga Babu K

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