birla insurance group€¦ · formed government in goa and manipur as the post polls allies...

March 2017

Index

Secure Fund

Stable Fund

Stable Fund 2

Growth Fund

Growth Fund 2

Money Market Fund

Money Market Fund 2

Short Term Debt Fund 2

Short Term Debt Fund

Income Advantage Fund

Gilt Fund

Bond Fund

Fixed Interest Fund

Fixed Interest Fund 2

Pg 1

Pg 3

Pg 4

Pg 5

Pg 6

Pg 7

Pg 8

Pg 9

Pg 10

Pg 11

Pg 12

Pg 13

Pg 14

Pg 15

Pg 16

Pg 17

Pg 18

Pg 19

Growth Advantage Fund

Market Outlook

Fund Managers Profile

Fund Performance

Market Update

1

Source: Tradingeconomics

Economy Review

The key events which had an impact on the markets in the month were –

1. Domestic factors –

a. Result of state elections – Elections were held in 5 states in the month of February and March. The

ruling party at the centre, Bharatiya Janta Party (BJP) had clear majority in Uttar Pradesh and Uttarakhand. It also

formed government in Goa and Manipur as the post polls allies benefitted them. Indian National Congress (INC)

formed government in Punjab. These were the first five states to go in to elections post the demonetization drive.

Also, getting a majority in UP was crucial to the ruling party ahead of the general elections to be held in 2019.

b. Passage of GST Bill – The lower house of parliament passed the four GST bills. The GST Council

tentatively approved four sets of rules on the invoice, payment etc., apart the five sets of rules approved earlier.

The council is expected to finalize the rules next month.

c. Poor monsoon forecast – Private weather forecaster, Skymet has said that monsoons in India will be

affected by resurfacing of the El Nino. However, they have mentioned that El Nino will result in lower rainfalls in the

later part of the four months monsoon period.

2. Global factors –

a. Fed rate hike – Markets were concerned over the rate hike in the US. The US Federal reserve

increased the Federal Funds Rate by 25 bps and continued to project two more rate hikes for the year.

Domestic macro economic data was mixed.

Inflation (CPI) for February-17 was recorded at 3.7 per cent, higher than 3.2 per cent for the month of January-17.

The increase in inflation was led by food and fuel prices. However, inflation is well within RBI's comfort zone.

On the economy front, IIP for January-17 increased to 2.7 per cent compared to (-) 0.1 per cent in December-16.

Source: Tradingeconomics

Market Update

2

23.7542

% ChangeINDEX

Nifty

Sensex

BSE 100

Dow Jones

Hang Seng

Nikkei

Nasdaq

9173.75 8879.60 3.31%

29620.50 28743.32 3.05%

9494.36 9190.73 3.30%

20663.22 20812.24 -0.72%

18909.26 19118.99 -1.10%

24111.59 23740.73 1.56%

5911.74 5825.44 1.48%

NSEBSE

Jan-1

7

Feb-1

7

Mar-

17

Mar-

16

Apr-

16

May-

16

Jun-1

6

Jul-16

Aug-1

6

Sep-1

6

Oct

-16

Nov-

16

Dec-

16

4000

5000

6000

7000

8000

9000

10000

22000

23000

24000

25000

26000

27000

28000

29000

30000

31-Mar-17 28-Feb-17

Outlook for Equities

Outlook for Debt

Sensex gained around 3.3% in the month of March. FIIs stepped up momentum in the month. They

bought $4.6bn in the month. Domestic institutions turned net sellers for the month. They sold $653mn in

March.

At a 16.2 multiple of FY18 earnings, markets are trading close to their 15 year average. Investors in equity

funds can expect significant gains in long-term with higher growth in corporate earnings.

The 10 year government bond yield moved from 6.93 per cent to 6.68 per cent in the month.

We expect the 10 year G-sec yield to be in the range of 6.5 per cent to 6.75 per cent in the near term. The

corporate bond yields are expected to maintain a spread of 50 to 70 basis points on the upward side.

31-Mar-17 28-Feb-17 % ChangeKey Indices

10 year G-Sec

5 Year G-Sec

91 Day T Bill

364 day T-Bill

Call Rates

6.68% 6.87% -2.84%

6.76% 6.80% -0.59%

5.78% 6.10% -5.54%

6.10% 6.21% -1.80%

5.99% 5.94% 0.83%

5 year AAA Corporate Bond Spread

Perc

enta

ge(%

)

15

40

65

90

115

140

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Ja

n-1

7

Fe

b-1

7

Ma

r-1

7

Ma

r-1

6

Ap

r-1

6

Ma

y-1

6

Ju

n-1

6

Ju

l-1

6

Au

g-1

6

Se

p-1

6

Oct-

16

No

v-1

6

De

c-1

6

bps

Fund Managers Profile

Mr. Sameer Mistry

Mr. Sameer Mistry Joint Vice President Investments– -

Mr. Parin Vora – Assistant Vice President - Investments

3

Group Money Market Fund

Group Money Market Fund2

Group Short Term Debt Fund

Group Short Term Debt Fund 2

Group Income Advantage Fund

Group Gilt Fund

Group Bond Fund

Group Fixed Interest Fund

Group Fixed Interest Fund 2

Mr. Parin Vora

Mr. Parin Vora

Mr. Parin Vora

Mr. Parin Vora

Mr. Parin Vora

Mr. Parin Vora

Mr. Parin Vora

Mr. Parin Vora

Mr. Parin Vora

ULGF00824/08/04BSLIGRMMKT109

ULGF01928/11/11BSLGRMMKT2109

ULGF01322/09/08BSLGSHTDBT109

ULGF02128/11/11BSLGSHTDB2109

ULGF01425/02/10BSLGINCADV109

ULGF00630/05/03BSLIGRGILT109

ULGF00530/05/03BSLIGRBOND109

ULGF00416/07/02BSLGFIXINT109

ULGF01728/11/11BSLGFXINT2109

Debt Fund SFIN No Fund Manager

Group Secure Fund

Group Stable Fund

Group Stable Fund 2

Group Growth Fund

Group Growth Fund2

Group Growth Advantage Fund

Mr. Sameer Mistry

Mr. Sameer Mistry

Mr. Sameer Mistry

Mr. Sameer Mistry

Mr. Sameer Mistry

Mr. Sameer Mistry

Mr. Parin Vora

Mr. Parin Vora

Mr. Parin Vora

Mr. Parin Vora

Mr. Parin Vora

Mr. Parin Vora

ULGF00212/06/01BSLGSECURE109

ULGF00312/06/01BSLGSTABLE109

ULGF02228/11/11BSLGSTABL2109

ULGF00112/06/01BSLGGROWTH109

ULGF01828/11/11BSLGROWTH2109

ULGF01026/11/07BSLIGGRADV109

Balaced Fund SFIN NoEquity Debt

Fund Manager

Fund ManagerDebt Fund Balanced Fund Equity Fund

No. of Funds Managed

Mr. Parin Vora 9 6 -

Mr. Sameer Mistry - 6 -

Fund Performance as on 31st March 2017

Group Funds Figures in percentage (%)

Disclaimer:This document is issued by BSLI. While all reasonable care has been taken in preparing this document, no responsibility or liability is accepted for errors of fact or for any opinion expressed herein. This document is for information purposes only. It does not constitute any offer, recommendation or solicitation to any person to enter into any transaction or adopt any investment strategy, nor does it constitute any prediction of likely future movements in NAVs. Past performance is not necessarily indicative of future performance. We have reviewed the report, and in so far as it includes current or historical information, it is believed to be reliable though its accuracy or completeness cannot be guaranteed. Neither Birla Sun Life Insurance Company Limited, nor any person connected with it, accepts any liability arising from the use of this document. You are advised to make your own independent judgment with respect to any matter contained herein. The investment risk in investment portfolio is borne by the policyholder. The name of the funds do not in any way indicate their quality, future prospects or returns. The premium paid in unit linked life insurance policies are subject to investment risk associated with capital markets and the unit price of the units may go up or down based on the performance of investment fund and factors influencing the capital market and the policyholder is responsible for his/her decisions Insurance is the subject matter of solicitation.BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS: IRDA clarifies to public that IRDA or its officials do not involve inactivities like sale of any kind of insurance or financial products nor invest premiums. IRDA does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.* Duration for Money Market Instrument and FD’s is considered as "Zero".

4

Secure

Stable

Stable 2

Growth

Growth 2

Growth Advantage

Money Market

Money Market 2

Short Term Debt Fund

Short Term Debt 2

Income Advantage

Gilt Fund

Bond Fund

Fixed Interest

Fixed Interest 2

BSE 100

BSE 100

BSE 100

BSE 100

BSE 100

BSE 100

-

-

-

-

-

-

-

-

-

20%

35%

35%

50%

50%

60%

-

-

-

-

-

-

-

-

-

70%

55%

55%

40%

40%

30%

-

-

100%

100%

85%

-

70%

15%

85%

85%

10%

10%

10%

10%

10%

10%

100%

100%

-

-

15%

-

15%

15%

15%

Crisil

Crisil Liquid Fund Index







-

-


-




Liquid Fund Index ULGF00212/06/01BSLGSECURE109















Absolute

CAGR

Returns Period

Absolute

CAGR

Returns

SecureFund

BMStableFund

BMStableFund 2

BMGrowthFund

BMGrowthFund 2

BM

Growth Advantage

BMMoney

Market Fund BM

Money Market Fund 2

BM BM BM

Absolute

CAGR

Returns Period BMBMGilt FundFixed

Interest Fund 2BM

Fixed Interest Fund

Bond FundIncome

Advantage Fund BM

Period

Fund NameBenchmark Composition

SFINWeightage Weightage WeightageIndex Index Index

1.55 1.53

2.65 2.99

3.37 3.59

13.31 11.52

8.20 7.58

11.34 9.95

10.15 9.11

10.13 9.02

10.68 8.56

1.81 1.83

4.50 4.81

4.18 4.18

15.34 13.05

7.81 7.06

12.13 10.22

11.16 9.76

10.85 9.45

13.06 9.84

1.89 1.83

4.81 4.81

5.06 4.18

16.66 13.05

9.05 7.06

12.80 10.22

12.14 9.76

11.50 9.45

12.20 9.85

2.18 2.13

6.76 6.65

5.63 4.75

18.49 14.55

7.87 6.49

13.28 10.45

12.42 10.36

11.77 9.84

14.46 11.03

2.14 2.13

7.28 6.65

6.67 4.75

19.64 14.55

9.07 6.49

13.89 10.45

13.20 10.36

12.98 9.84

13.63 10.37

2.47 2.33

8.16 7.90

6.45 5.12

19.95 15.54

7.60 6.08

14.00 10.58

13.30 10.73

12.49 10.07

12.59 6.61

0.57 0.47

1.72 1.35

3.57 2.71

7.60 5.92

7.75 6.37

8.04 6.83

8.28 7.19

8.58 7.31

9.17 6.63

0.53 0.47

1.63 1.35

3.32 2.71

7.11 5.92

7.57 6.37

8.08 6.83

8.32 7.19

8.53 7.31

8.61 7.40

0.49 0.66

1.49 1.24

3.32 3.12

8.10 7.89

8.00 7.56

8.43 8.07

8.40 7.95

8.90 8.10

8.74 7.49

0.77 0.66

1.87 1.24

3.80 3.12

8.82 7.89

8.82 7.56

9.39 8.07

9.41 7.95

10.09 8.10

10.05 8.11

1.42

-0.72

0.91

11.61

8.84

11.58

8.81

9.35

7.39

0.72 0.60

0.93 1.39

2.78 3.22

9.42 8.72

8.45 7.86

9.59 9.10

8.93 8.29

9.58 8.56

10.54 8.28

1.20 1.09

0.11 0.64

1.95 2.78

10.29 9.26

8.40 8.10

10.54 9.44

9.50 8.14

10.10 8.34

8.95 6.43

1.08 1.09

0.06 0.64

1.96 2.78

10.30 9.26

8.74 8.10

10.57 9.44

9.22 8.14

9.64 8.34

9.61 7.74

1.02 1.09

-0.35 0.64

2.60 2.78

11.50 9.26

9.94 8.10

12.36 9.44

11.55 8.14

11.61 8.34

11.65 8.44

Asset held as on 31 ` 1669.22 crst March 2017:

RATING PROFILE

AUM (In Cr) as on 31st March 2017

Exposure to equities has slightly decreased to 19.38% from 19.56% G-Secs has to 45.65% from 46.58% and MMI has slightly decreased to 10.24% from 10.39% on a MOM basis. Over 90% of the debt portfolio remains invested in highest rated instruments.The fund is predominantly invested in large cap stocks and maintains a well diversified equity portfolio.

decreased

Modified Duration: 5.89 yearsNAV as on 2017: 49.676531st March `

MMI, : Deposits, CBLO & Others 10.24%

Objective:

Strategy:

This investment fund option helps build your capital and generate better returns at moderate level of risk, over a medium or long-term period through a balance of investment in equity and debt.

To generate better return with moderate level of risk through active management of fixed income portfolio and focus on creating long term equity portfolio which will enhance yield of composite portfolio with low level of risk appetite.

Fund Snapshot Know the Fund Better

Group Secure FundFund Manager: 17 years

Sameer Mistry (Equity) & Parin Vora (Debt) | Total Experience: 17 years &

ULGF00212/06/01BSLGSECURE109

Benchmark: BSE 100, Crisil Composite Bond Index & Crisil Liquid Fund IndexFund

SECTORAL ALLOCATION

Portfolio as on Friday, March 31, 2017Date of Inception: 19-Jun-01

5

Secure BM

GOVERNMENT SECURITIES: 45.65%

9.2% Government Of India 2030 14.47%










Other Government Securities 6.97%

8.45% HDFC Ltd. 2026 1.86%

9% Godrej And Boyce Manufacturing Company Limited 2021 1.55%

8.15% Tata Steel Ltd. 2026 1.46%

8.9% Steel Authority Of India Ltd. 2019 1.17%

8.57% REC Ltd. 2024 0.98%

8.39% Power Finance Corpn. Ltd. 2025 0.94%

7.89% PGC Of India Ltd. 2027 0.92%

8.042% Bajaj Finance Ltd. 2021 0.90%

8.5% Indiabulls Housing Finance Ltd 2020 0.90%

9.25% PGC Of India Ltd. 2019 0.85%

Other Corporate Debt 13.21%

HDFC Bank Ltd. 1.45%

ITC Ltd. 1.25%

Reliance Industries Ltd. 1.15%

Infosys Ltd. 1.00%

ICICI Bank Ltd. 0.97%

State Bank Of India 0.82%

Kotak Mahindra Bank Ltd. 0.82%

Larsen & Toubro Ltd. 0.70%

Maruti Suzuki India Ltd. 0.68%

HDFC Ltd. 0.50%

Other Equity 10.04%

EQUITY: 19.38%CORPORATE DEBT: 24.73%

AAA

24.00%

63.18%

Sovereign

2.60%AA+

AA9.04%

1.16%

A1+

0.01%A+

323.47 (19%)

Equity

1345.75 (81%)

Debt

ASSET ALLOCATION

G-Secs24.73%

45.65%

NCD

Equities

19.38%

MMI, Deposits, CBLO & Others

10.24%

15.05%

2.03%

2.49%

6.21%

6.45%

7.50%

7.69%

8.05%

8.60%

13.20%

22.73

OTHERS

MANUFACTURING

METAL

AUTOMOBILE

FINANCIAL SERVICES

CAPITAL GOODS

PHARMACEUTICALS

FMCG

SOFTWARE / IT

OIL AND GAS

BANKING

ASSET ALLOCATION

Mar

-10

Sep

-10

Mar

-11

Sep

-11

Mar

-12

Sep

-12

Mar

-13

Sep

-13

Mar

-14

Sep

-14

Mar

-15

Sep

-15

Mar

-16

Sep

-16

Mar

-17

Asset held as on 410.90 cr31st March 2017: `

RATING PROFILE

Over 99% of the debt portfolio remains invested in highest rated instruments.The fund is predominantly invested in large cap stocks and maintains a well diversified equity portfolio.


SECTORAL ALLOCATION

Objective:

Strategy:

This investment fund option helps you grow your capital through enhanced returns over a medium to long term period through investments in equity and debt instruments, thereby providing a good balance between risk and return. this fund is suitable for those who want to earn higher return on investment through balanced exposure to equity and debt securities.

To earn capital appreciation by maintaining diversified equity portfolio and seek to earn regular return on fixed income portfolio by active management resulting in wealth creation for policyholders.


Group Stable FundFund Manager: 17 years




Portfolio as on Friday, March 31, 2017

6

Date of Inception: 31-Aug-01

MMI, Deposits, CBLO & Others: 12.76% ASSET ALLOCATION

Stable BM













8.65% REC Ltd. 2019 2.32%

8.9% LIC Housing Finance Ltd. 2020 1.26%

7.89% PGC Of India Ltd. 2027 1.24%

10.1% PGC Of India Ltd. 2017 1.22%


9.25% Reliance Jio Infocomm Limited 2024 0.96%

9.33% NABARD 2017 0.61%

8.95% Bajaj Finance Ltd. 2020 0.50%

8.95% HDFC Bank Ltd. 2022 0.34%

9.57% IRFC Ltd. 2021 0.34%



ITC Ltd. 2.23%


Infosys Ltd. 1.78%






HDFC Ltd. 0.89%

Other Equity 17.67%


NCD

34.20%

12.76%

Equities

42.11%G-Secs


10.93%

AAA19.47%

Sovereign79.40%

AA+AA1.04%

0.10%


270.37 (66%)

Debt

140.53 (34%)

Equity

14.87%

2.05%

2.85%

6.14%

6.41%

7.43%

7.46%

8.11%

8.34%

13.54%

22.81%

OTHERS

MANUFACTURING

METAL

AUTOMOBILE

FINANCIAL SERVICES

PHARMACEUTICALS

CAPITAL GOODS

SOFTWARE / IT

FMCG

OIL AND GAS

BANKING

Mar

-10

Sep

-10

Mar

-11

Sep

-11

Mar

-12

Sep

-12

Mar

-13

Sep

-13

Mar

-14

Sep

-14

Mar

-15

Sep

-15

Mar

-16

Sep

-16

Mar

-17


RATING PROFILE



SECTORAL ALLOCATION

Objective:

Strategy:

This investment fund option helps you grow your capital through enhanced returns over a medium to long term period through investments in equity and debt instruments, thereby providing a good balance between risk and return. this fund is suitable for those who want to earn higher return on investment through balanced exposure to equity and debt securities.

To earn capital appreciation by maintaining diversified equity portfolio and seek to earn regular return on fixed income portfolio by active management resulting in wealth creation for policyholders.


Group Stable Fund 2Fund Manager: 17 years





7

MMI, Deposits, CBLO & Others: 20.29% ASSET ALLOCATION

Stable 2 BM







10.7% IRFC Ltd. 2023 5.50% Reliance Industries Ltd. 2.43%

ITC Ltd. 2.30%


Infosys Ltd. 1.79%





Larsen & Toubro Ltd. 1.06%HDFC Ltd. 0.90%

Other Equity 7.54%


NCD5.50%

33.91%

Equities

40.30%G-Secs


20.29%

Sovereign90.89%

AAA9.11%


1.41 (66%)

Debt

0.72 (34%)

Equity

15.50%

2.38%

2.40%

5.85%

6.13%

6.44%

7.32%

8.28%

8.62%

14.15%

22.92%

OTHERS

AUTO ANCILLIARY

METAL

FINANCIAL SERVICES

PHARMACEUTICALS

AUTOMOBILE

CAPITAL GOODS

SOFTWARE / IT

FMCG

OIL AND GAS

BANKING

Ma

r-1

3

Se

p-1

3

Ma

r-1

4

Se

p-1

4

Ma

r-1

5

Se

p-1

5

Ma

r-1

6

Se

p-1

6

Ma

r-1

7






9.53% State Government Of Gujrat 2024 2.11%









ITC Ltd. 3.26%


Infosys Ltd. 2.54%





Maruti Suzuki India Ltd. 1.59%. HDFC Ltd. 1.30%

Other Equity 25.60%

RATING PROFILE



Modified Duration: 5.72 years

EQUITY: 49.00%

NAV as on 2017: 82.134431st March `

CORPORATE DEBT: 14.28%

ASSET ALLOCATIONMMI, Deposits, CBLO & Others: 5.72%

SECTORAL ALLOCATION



Group Growth Fund


Portfolio as on Friday, March 31, 2017Date of Inception: 31-Aug-01

Fund Manager: 17 years


Fund Snapshot

8

Growth BM

9.34% REC Ltd. 2024 1.95%



8.45% HDFC Ltd. 2026 1.59%

7.35% Bharat Petroleum Corpn. Ltd. 2022 1.49%

7.89% PGC Of India Ltd. 2027 0.98%

NABARD 2017 0.79%

9.02% REC Ltd. 2022 0.74%


10.3% Tata Motors Ltd. 2018 0.40%


G-Secs

31.00%

49.00%

Equities

NCD

5.72%

MMI, Deposits, CBLO & Others14.28%

AAA

30.66%

68.45%

Sovereign

AA+

0.88%

255.19 (49%)

Debt265.58 (51%)

Equity

14.39%

2.07%

2.89%

5.96%

6.48%

7.58%

7.66%

8.45%

8.87%

13.52%

22.12%

OTHERS

MANUFACTURING

METAL

AUTOMOBILE

FINANCIAL SERVICES

PHARMACEUTICALS

CAPITAL GOODS

FMCG

SOFTWARE / IT

OIL AND GAS

BANKING

Mar

-10

Sep

-10

Mar

-11

Sep

-11

Mar

-12

Sep

-12

Mar

-13

Sep

-13

Mar

-14

Sep

-14

Mar

-15

Sep

-15

Mar

-16

Sep

-16

Mar

-17







9.04% REC Ltd. 2019 4.60%

9.15% Larsen & Toubro Ltd. 2019 4.55%

9.64% PGC Of India Ltd. 2018 4.54%

9.33% NABARD 2017 4.44%

8.4% NPC Of India Ltd. 2027 3.15%

7.89% PGC Of India Ltd. 2027 3.01% Tata Sons Ltd. 2024 0.95%


ITC Ltd. 3.40%


Infosys Ltd. 2.57%






HDFC Ltd. 1.28%

Other Equity 24.93%

RATING PROFILE




EQUITY: 49.07%



ASSET ALLOCATIONMMI, Deposits, CBLO & Others: 9.66%

SECTORAL ALLOCATION


Group Growth Fund 2




9



Growth 2 BMG-Secs

25.24%49.07%

Equities

16.03%


NCD

9.66%

Sovereign

41.31%

58.69%

AAA

17.30 (51%)

Debt

16.66 (49%)

Equity

13.42%

1.73%

2.87%

6.16%

6.41%

7.32%

7.64%

8.84%

8.87%

13.60%

23.14%

OTHERS

AUTO ANCILLIARY

METAL

AUTOMOBILE

FINANCIAL SERVICES

PHARMACEUTICALS

CAPITAL GOODS

FMCG

SOFTWARE / IT

OIL AND GAS

BANKING

Ma

r-1

3

Se

p-1

3

Ma

r-1

4

Se

p-1

4

Ma

r-1

5

Se

p-1

5

Ma

r-1

6

Se

p-1

6

Ma

r-1

7











ITC Ltd. 4.00%


Infosys Ltd. 3.08%





Maruti Suzuki India Ltd. 1.84%HDFC Ltd. 1.53%

Other Equity 30.42%

RATING PROFILE


96% of the debt portfolio remains invested in highest rated instruments.The fund is predominantly invested in large cap stocks and maintains a well diversified equity portfolio.


EQUITY: 58.77%



ASSET ALLOCATION

SECTORAL ALLOCATION

Objective:

Strategy:

The Objective of the fund is to provide blend of fixed return by investing in debt &

money market instruments and capitalappreciation by predominantly investing in equities of

fundamentally strong and large blue chip companies.

The fund option will invest at least 40% and maximum of 60% in fundamentally strong

and large blue chip companies and minimum 40% in Debt and money market Instruments. The

Strategy of the fund is to build and actively manage a well-diversified equity portfolio of value &

growth driven stocks by following a research-focused investment approach. While appreciating the

high risk associated with equities, the fund would attempt to maximize the risk-return pay-off for the

long-term advantage of thepolicyholders. The fund will also explore the option of having exposure to

quality mid cap stocks. The Fund Manager would endeavor to outperform the benchmark. The non-

equity portion of the fund will be invested in highrated debt and money market instruments and fixed

deposits.

Fund SnapshotKnow the Fund Better

Group Growth Advantage Fund




10

Date of Inception: 18-Feb-08



MMI, Deposits, CBLO & Others: 5.96%

Growth Advantage BM

7.89% PGC Of India Ltd. 2027 7.03%

8.57% REC Ltd. 2024 1.81%

9.05% Petronet LNG Ltd. 2019 1.24%

11.95% HDFC Ltd. 2018 0.18%

58.77%

Equities

G-Secs

25.01% 5.96%

NCD


10.26%

Sovereign

71.87%

AAA24.73%

3.40%AA+

34.20 (59%)

Equity

24.00 (41%)

Debt

14.64%

2.51%

3.21%

5.80%

6.10%

7.17%

7.36%

8.62%

8.80%

13.13%

22.66%

OTHERS

METAL

AUTO ANCILLIARY

AUTOMOBILE

FINANCIAL SERVICES

CAPITAL GOODS

PHARMACEUTICALS

SOFTWARE / IT

FMCG

OIL AND GAS

BANKING

Ma

r-1

0

Se

p-1

0

Ma

r-1

1

Se

p-1

1

Ma

r-1

2

Se

p-1

2

Ma

r-1

3

Se

p-1

3

Ma

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4

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4

Ma

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5

Se

p-1

5

Ma

r-1

6

Se

p-1

6

Ma

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7


98% of the fund is invested in highest rated instruments.The fund continues to maintain very low maturity profile.



Group Money Market FundFund Manager: Parin Vora | Total Experience: 17 years


Benchmark: Crisil Liquid Fund Index


11

ASSET ALLOCATION

Date of Inception: 30-Mar-05


RATING PROFILE


A1+53.15%

MM BM

94.22 (100%)

Debt


NABARD 2018 5.05%

9.5% HDFC Ltd. 2017 3.75%


9.5% HDFC Ltd. 2017 2.13%

8.99% Tata Capital Financial Services Ltd. 2017 2.13%

Government Of India 2017 10.30%





69.29%

14.44%16.27%NCD G-Secs

AAA AA+28.54% 15.92% 2.39%

Sovereign

Mar

-10

Sep-

10

Mar

-11

Sep-

11

Mar

-12

Sep-

12

Mar

-13

Sep-

13

Mar

-14

Sep-

14

Mar

-15

Sep-

15

Mar

-16

Sep-

16

Mar

-17


100% of the fund is invested in highest rated instruments.The fund continues to maintain very low maturity profile.



Group Money Market Fund 2Fund Manager: Parin Vora | Total Experience: 17 years


Benchmark: Liquid Fund IndexCrisil


12

ASSET ALLOCATION

RATING PROFILE

7.61%

A1+

Sovereign92.39%


Money Market 2 BM

14.40%

85.60%


G-Secs


0.28 (100%)Debt




Ma

r-1

3

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3

Ma

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4

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4

Ma

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5

Se

p-1

5

Ma

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6

Se

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6

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Exposure to corporate debt has to 67.79%

from 75.03% and MMI has increased to 32.21% from

24.97% on a MOM basis. Over 90% of the fund is

invested in highest rated instruments.

decreased



MMI, Deposits, CBLO & Others 32.21%:

Benchmark: Short Term Bond Fund IndexCrisil

Objective:

Strategy:

This BSLI fund option helps to provide capital preservation at a high level of

safety & liquidity through judicious investments in high quality short-term debt instruments.

To actively manage the fund by building a portfolio of fixed income instruments with

short-term duration. The quality & duration of the assets purchased would aim to minimize the

credit risk &liquidity risk of the portfolio. Fund will maintain reasonable level of liquidity.



Asset held as on 24.73 cr31st March 2017: ` Modified Duration: 2.06 years


13

ASSET ALLOCATION

Date of Inception: 10-Dec-08

Fund Manager: Parin Vora | Total Experience: 17 years


32.21%

NCD

67.79%

RATING PROFILE

AAA

69.73%

A+AA

9.31%0.97%

BMShort Term Debt


10.5% AU Financiers (India) Limited 2019 7.89%

9.15% Larsen & Toubro Ltd. 2019 7.50%

9.04% REC Ltd. 2019 6.31%

9.1% HDFC Bank Ltd. 2022 6.15%

9.9% HDFC Ltd. 2021 5.21%


8.84% PGC Of India Ltd. 2019 4.20%


6.99% Ultratech Cement Ltd. 2021 3.96%



24.73 (100%)Debt

Sovereign19.99%

Mar

-10

Sep-

10

Mar

-11

Sep-

11

Mar

-12

Sep-

12

Mar

-13

Sep-

13

Mar

-14

Sep-

14

Mar

-15

Sep-

15

Mar

-16

Sep-

16

Mar

-17

Exposure to corporate debt has increase to 62.64% from 33.55% and MMI has decreased to 37.36% from 66.45% on a MOM basis. Over 86% of the fund is invested in highest rated instruments.



Benchmark: Short Term Bond Fund IndexCrisil

Objective:

Strategy:

This BSLI fund option helps to provide capital preservation at a high level of safety

& liquidity through judicious investments in high quality short-term debt instruments.

To actively manage the fund by building a portfolio of fixed income instruments with

short-term duration. The quality & duration of the assets purchased would aim to minimize the

credit risk &liquidity risk of the portfolio. Fund will maintain reasonable level of liquidity.


Group Short Term Debt Fund 2


Asset held as on 25.42 cr31st March 2017: ` Modified Duration: 1.67 years


14

ASSET ALLOCATION


37.36%


62.64%


RATING PROFILE

AAA

18.94%14.40%A1+

AA

59.42%

Sovereign

7.23%

BMShort Term Debt 2

NCD

7.35% Bharat Petroleum Corpn. Ltd. 2022 9.10%

7.9% Nirma Ltd. 2020 9.08%

8.12% ONGC Mangalore Petrochemicals Limited 2019 7.99%

8.58% HDFC Ltd. 2018 7.96%

8.7% PFC Ltd. 2020 7.75%

9.25% PGC Of India Ltd. 2017 7.01%

9.33% NABARD 2017 3.95%

8.4% NPC Of India Ltd. 2027 3.37%

8.5% Repco Home Finance Ltd 2019 3.14%

9.45% State Bank Of India 2026 1.68%



25.42 (100%)Debt

Ma

r-1

3

Se

p-1

3

Ma

r-1

4

Se

p-1

4

Ma

r-1

5

Se

p-1

5

Ma

r-1

6

Se

p-1

6

Ma

r-1

7



100% of the fund remains invested in highest rated instruments.



Benchmark: Crisil Composite Bond index & Crisil Liquid Fund IndexFund


Group Income Advantage Fund



ASSET ALLOCATIONRATING PROFILE













9.9% HDFC Ltd. 2021 5.72%

8.08% Tata Sons Ltd. 2026 5.25%


9.15% Export Import Bank Of India 2022 4.58%

8.65% India Infradebt Ltd 2026 4.35%

9.34% REC Ltd. 2024 3.49%


9.02% REC Ltd. 2022 2.96%

8.57% REC Ltd. 2024 2.24%

8.4% NPC Of India Ltd. 2027 1.14%



15

Date of Inception: 23-Mar-10


NCD

38.02% 10.02%


51.96%G-Secs

59.93%

Sovereign

AAA

40.07%

Gr. Inc Adv BM


46.96 (100%)Debt

Ma

r-1

2

Se

p-1

2

Ma

r-1

3

Se

p-1

3

Ma

r-1

4

Se

p-1

4

Ma

r-1

5

Se

p-1

5

Ma

r-1

6

Se

p-1

6

Ma

r-1

7


Exposure to G-Secs has increased to 97.01% from 74.40% and MMI has decreased to 2.99% from 25.60% on a MOM basis.



Group Gilt Fund



Maturity Profile

ASSET ALLOCATION


RATING PROFILE

16

Sovereign100.00%

Date of Inception: 28-Apr-04















22.48 (100%)Debt


2.99%

97.01%G-Secs


Exposure to corporate debt has decreased to 80.60% from 90.52% and MMI has increased to 19.40% from 9.48% on a MOM basis. Over 83% of the fund remains invested in highest rated instruments.

Modified Duration: 4.03 yearsNAV as on ` 31st March 2017: 29.0600

Objective:

Strategy:

The investment fund option aims to achieve capital preservation along

with stable returns by investing in corporate bonds over medium-term period.

The fund follows a strategy to invest in high credit rated corporate bonds,

maintaining a short-term duration of the portfolio at a medium level of risk to achieve

capital conservation.


Group Bond Fund




9.74% Tata Sons Ltd. 2024 4.39%

9.05% Petronet LNG Ltd. 2019 4.26%

9.5% HDFC Ltd. 2024 3.91%

8.54% NPC Of India Ltd. 2023 3.79%

Tata Sons Ltd. 2029 3.63%

7.63% PFC Ltd. 2026 3.23%

8.57% REC Ltd. 2024 2.84%

9.15% ICICI Bank Ltd. 2022 2.69%

8.46% HDFC Ltd. 2026 2.61%


Benchmark: AAA Medium Term Bond Index, AA Medium Term Bond Index & Liquid Fund IndexCrisil Crisil Crisil


17

ASSET ALLOCATIONRATING PROFILE

Date of Inception: 28-Jan-07


7.45%AA

9.10%

AA+

AAA

75.11%

A+

0.42%

Gr. Bond BM


19.40%

80.60%NCD


278.66 (100%)

Debt

Sovereign 7.92%

Mar

-10

Sep

-10

Mar

-11

Sep

-11

Mar

-12

Sep

-12

Mar

-13

Sep

-13

Mar

-14

Sep

-14

Mar

-15

Sep

-15

Mar

-16

Sep

-16

Mar

-17


Asset held as on 1106.05 cr31st March 2017: ` Modified Duration: 6.15 yearsNAV as on ` 31st March 2017: 34.2930

Objective:

Strategy:

The investment fund option with full exposure in debt market instrument,

aims to achieve value creation at low risk over along-term horizon by investing into

high quality fixed interest securities.

Active fund management at a medium level of risk by having entire

exposure to government securities, corporate bonds maintaining medium to long-

termduration of the portfolio to achieve capital conservation.


Group Fixed Interest Fund












8.67% State Government Of Maharashtra 2026 1.93%


8.75% HDFC Ltd. 2021 4.58%


8.3% REC Ltd. 2025 2.35%


9.55% Hindalco Industries Ltd. 2022 2.19%


9.2% Cholamandalam Investment And Finance Co. Ltd. 2019 1.50%

8.92% Tata Capital Financial Services Limited 2026 1.36%

7.6% ICICI Bank td. 2023 1.35%

8.65% PFC Ltd. 2024 1.34%


CORPORATE DEBT: 46.22% ASSET ALLOCATION

Benchmark: Crisil Composite Bond Fund index & Crisil Liquid Fund Index



18

RATING PROFILE

Date of Inception: 18-Nov-02


46.22%

G-Secs


8.11%

NCD

45.67%

Exposure to corporate debt has increased to 46.22% from 44.69% G-Secs has slightly increased to 45.67% from 45.31% and MMI has decreased to 8.11% from 10.00% on a MOM basis. Over 87% of the fund remains invested in highest rated instruments.

AA-3.57%6.26%

AAAAA

37.26%

49.70%

Sovereign

1.99%AA+

1.21%A+


1106.05 (100%)

Debt

Ma

r-1

0

Se

p-1

0

Ma

r-1

1

Se

p-1

1

Ma

r-1

2

Se

p-1

2

Ma

r-1

3

Se

p-1

3

Ma

r-1

4

Se

p-1

4

Ma

r-1

5

Se

p-1

5

Ma

r-1

6

Se

p-1

6

Ma

r-1

7

FIF BM

Asset held as on 3.72 cr31st March 2017: ` Modified Duration: 5.77 yearsNAV as on ` 31st March 2017: 18.0207

Objective:

Strategy:

The investment fund option with full exposure in debt market instrument,

aims to achieve value creation at low risk over along-term horizon by investing into

high quality fixed interest securities.

Active fund management at a medium level of risk by having entire

exposure to government securities, corporate bonds maintaining medium to long-

term duration of the portfolio to achieve capital conservation.


Group Fixed Interest Fund 2





8.99% Tata Capital Financial Services Limited 2017 2.70%


ASSET ALLOCATION

Benchmark: Crisil Composite Bond index & Crisil Liquid Fund IndexFund



19

RATING PROFILE


Exposure to corporate debt has slightly decreased to 2.70% from 2.73% G-Secs has slightly decreased to 93.20% from 93.72% and MMI has increased to 4.10% from 3.56% on a MOM basis. Over 97% of the fund remains invested in highest rated instruments.

AA+

2.71%

97.29%

Sovereign

93.20%G-Secs


4.10%NCD

2.70%

FIF 2 BM


3.72 (100%)Debt

Ma

r-1

3

Se

p-1

3

Ma

r-1

4

Se

p-1

4

Ma

r-1

5

Se

p-1

5

Ma

r-1

6

Se

p-1

6

Ma

r-1

7

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