citichoice-ir4
TRANSCRIPT
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CitiChoiceSnapshot :April to June 2016Suitable for Investor Rating 4 and above
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Dear Customer,
Investors risk-sentiment needle, which had shifted towards the risk-off mode at the beginning of the year,
seems to have swung towards a seemingly risk-friendlier zone over the last month or so. Global markets had
taken a sharp nosedive through most of January 2016, as fears of deflation and economic slowdown ripped
through the markets. Oil prices were at a recent new low, Chinese Yuan witnessed heavy selling pressures,
many commodity prices saw a steep fall and the US Dollar and Gold appreciated. The ferocity of market fall
was such that it caught almost everyone unawares.
Just as things seemed dreary for markets, monetary easing statements by Bank of Japan (BoJ) and EuropeanCentral Bank (ECB)lifted market sentiments. Oil prices too began to see a sustained rise from sub-$30/bbl
fuelled by hopes of supply restrictions from both OPEC and non-OPEC producers. Peoples Bank of China
(PBoC) limited the fall of Yuan by reducing its forex reserves. Since the New Year break in February, stability
in Chinese markets and in the US dollar, have eased the strain on Yuan. More dovish Fed likely helped
propel equities higher. Domestically, an on-track fiscal budget for FY17 and announcements for debt-ridden
domestic steel sector added to market up-move.
A quick glance at some key data points published in 1QCY2016 indicates towards continued stability in Indias
economy. After three months of contraction, Index of Industrial Production (IIP) expanded by 2% YoY in Feb led
by a healthy growth in electricity production and mining output, though manufacturing remained lackluster.
Inflation data continued to surprise on the downside with March CPI coming at 4.8% YoY, a six-month low. India
received the highest ever annual FDI inflows in 2015 gross FDI inflows were up 31% and net inflows were up
60% as out bound FDI declined 37%YoY. Indias Q3 FY16 current account deficit (CAD) moderated to 1.3% of
GDP from 1.7% of GDP in Q2FY16as lower oil prices brought down the trade deficit.
Following the lackluster winter session of parliament last year, the reforms agenda made a come-back in thest
1 half of budget session. While both houses of parliament passed the Real estate regulator bill and the
National waterways bill, the Aadhaar bill was passed by Lower house. This has provided a renewed glimmer of
hope for passage of impending GST Bill and Bankruptcy Code.
RBI eased the policy rates by 25bps in the April meet and maintained an accommodative stance. Importantly,
it ushered in an era of liquidity neutral stance in the banking space (from liquidity deficit earlier). This move
could have raised the chances of a more efficient transmission of rates through the system.
As we begin our journey through the 2QCY2016, market participants seem to have made peace with vagaries
of global economies, for now. While these factors could possibly give short-term jitters to Indian markets, the
key levers that could influence markets over rest of the year (and perhaps beyond) would be strong revival in
corporate earnings growth, governments persistence to push key reforms (GST bill), good monsoons andrevival in capital expenditure by corporates.
We are delighted to bring you our latest issue of CitiChoice. This issue includes an update on the markets
along with the list of equity and fixed-income schemes that have been shortlisted using various qualitative
and quantitative parameters.
We would like to thank you for continuing to place your trust in us and look forward to your continued
patronage.
Sincerely,
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INVESTMENT PRODUCTS: NO BANK GUARANTEE: NOT GOVERNMENT INSURED: SUBJECT TO MARKET RISK: POSSIBLE LOSS OF PRINCIPAL: PLEASE READ THE OFFER DOCUMENT(S) BEFORE INVESTING.
INDIA MARKET UPDATE
INDIA
MARKET DATA & ABSOLUTE RETURNS (31-Dec-15 to 31-Mar-16)
USDINR Rate
10-Yr G-Sec
1-Yr Bank CD
3-Month T-Bill
66.15
7.76%
7.70%
7.15%
66.24
7.46%
8.00%
7.12%
31-Mar-1631-Dec-15
Citi Economists maintained their growth estimates of 7.5% in FY16. March CPI decelerated to
4.83%YoY vs a revised 5.26% print last month, due to lower food prices. Following the lackluster
monsoon and winter session of parliament last year, the reforms agenda made a come-back in the first
half of budget session. Considering the technical spike from implementation of 7th pay commission
proposals, inflation could briefly breach the upper end of RBIs 4% +/- 2% range in the near term.
Hence a cautious stance may still be warranted. There could be guided depreciation on the currency to
prevent REER overvaluation. Expect INR to depreciate towards 69 over 6-12 months. 2016 could be a
year of consolidating a cyclical recovery in a challenging global environment. India is likely to remain
an attractive destination for investors given its relative macro out performance.
The budget should have a moderate market impact: overriding global backdrop, constrained budget
options & a lot being done outside the budget (Make in India, distribution, start-up/digital Indiaetc.).That said a controlled fisc, continued reform direction, some growth impetus, breaking the
parliament logjam (GST, Land-Bill, Bankruptcy code) should be enough to bias the equity market up.
Citi analysts are positive on the markets, however, have cut their year-end Sensex target to 27,000
(32,200 earlier), given earnings cut and revising the multiple to 15.5x (from 16x, in-line with long term
average) 1yr forward. O/W Financials, Energy, Pharma, Autos, Cement and Utilities. U/W Telecom,
Consumer Staples & Metals. Neutral on Industrials and IT.
2.2%
1.8%
2.8%
2.0%
2.5%
-0.8%
Crisil Stbex
Crisil MiPex
I-Sec Gilt
Crisil Liquifex
Crisil Compbex
Crisil Balancex
(Source: CRISIL Fund Analyzer, Bloomberg)
(Source: Citi Investment Strategy Group)
MARKET RETURNS (31-Dec-15 to 31-Mar-16)
(Source: Bloomberg)
Sensex
Realty
Power
Oil&Gas
Metal
Tech
Healthcare
FMCG
Cap Goods
Cons Dur
Banks
Auto
Small Cap
Mid Cap
-3.0%
-8.6%
-9.3%
-4.1%
1.9%
3.0%
-10.4%
-2.3%
-9.0%
-4.3%
-4.8%
-2.8%
-10.9%
-4.7%
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GLOBAL MARKET UPDATE
Actualized Returns
Jan-2016 - Mar-2016 (%)
FTSE 100
CAC 40
DAX
1.34%
-3.04%
-3.09%
SNAPSHOT
(Source: Bloomberg)
SNAPSHOT
Despite an agreement on dealing with the refugee crisis at the EU summit in mid-March, we doubt that
the issue has been resolved. Implementation of the deal may be slow, with significant risks unravelling.
The ECB also announced a comprehensive package of measures at its March 10 meeting. We expect
that the transmission of this monetary easing could add between 0.3-0.4% to the level of GDP, and
between 0.1-0.2pp to the price level, by 2018. However, we doubt that it will be enough to achieve the
inflation target, hence requiring additional monetary policy support, probably as early as the
September 8 meeting. Nevertheless, Citi analysts think the ECBs latest policy actions are likely to
under-pin a more positive period for risk assets, including equities. We raise our end-2016 Stoxx target
from 360 to 380 (end-16E & end-17E P/E of 17.1x& 14.9x, end-16E & end-17E DY of 3.4% & 3.7%).
EURO AREA
(Source: Citi Investment Strategy Group)
Despite the additional drag created by heightened market-induced uncertainty, US economic activity
continues to expand at a moderate pace. Strong job gains continue to produce income growth that
supports spending. That said, the recent jump in consumer prices likely does not represent a
sustainable rebound in inflation. Along with recent FOMCs dovishness, Citi analysts have lowered our
projected number of rate increases this year to possibly one in September or even as late as December.
Looking at equities, S&P 500 companies will start reporting 1Q16 numbers soon. Earnings revision
momentum suggests that beaten up areas like Materials and Financials could get a further bounce. It
appears as if Banks, Diversified Financials, Materials and Pharma & Biotech as well as Tech Equipment
& Hardware could see some positive surprises given their poor expectations.
UNITED STATES
Dow Jones
S&P 500
NASDAQ
Brazil Bovespa
3.13%
2.34%
-0.68%
18.78%
(Source: Bloomberg)
Actualized Returns
Jan-2016 - Mar-2016 (%)
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GLOBAL MARKET UPDATE
SNAPSHOT
(Source: Bloomberg)
Nikkei -9.17%
Only the GFC and 2001 results seasons were worse; encouragingly, both subsequent results seasons
were less disappointing. This time around, the biggest percentage of FY15misses has come from
LatAm; Mexico was a large contributor to the disappointment, Brazil did better. Asia earnings also
disappointed, but to a lesser extent, with Korea and India having the most misses. EMEA was the onlyregion to surprise positively. Only Taiwan has earnings that are above its post-2000 trend. For Asia
overall, earnings are 30% below trend, and they are 63% below trend in EMEA and 68% below in
LatAm (all in US$ terms). By sector, utilities and tech outperformed even the defensives of telecoms,
cons staples and healthcare. Materials and energy are furthest from trend. As 2016 progresses, Citi
analysts believe that the base of EPS comparison will become easier.
EMERGING MARKETS
(Source: Citi Investment Strategy Group)
JAPAN
Citi analysts continue to expect the Bank of Japan (BoJ) may implement additional easing in the form
of further reduction in policy rates (from -0.1% currently to -0.3%) in July this year. Some marketparticipants expect that prospective downward revisions to the BoJs inflation projections will push
the BoJ to ease policy at its April meeting but we believe that the hurdles for action in April are high.
Most notably, the impact of the negative interest rate policy (NIRP) is uncertain and it will likely take
more time/data for the BoJ to get a stronger handle on this. At the sector level, we think NIRP is likely to
prove negative for banks and insurers and positive for electric power & gas, real estate, J-REITs,
transportation, and basic materials, among others.
Actualized Returns
Jan-2016 - Mar-2016 (%)
SNAPSHOT
Hang Seng
Strait Times
Shanghai Composite
-2.58%
-0.17%
8.87%
(Source: Bloomberg)
Actualized Returns
Jan-2016 - Mar-2016 (%)
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Volatility Measures (3 Years)Suitable forMinimumInvestor
Rating (IR)
AUM (Crs)as on
Mar 31, 2016
NAV as onMar 31, 2016
(`)
Mar 31, 2015to
Mar 31, 2016(Absolute)
Mar 31, 2014to
Mar 31, 2015(Absolute)
Mar 31, 2013to
Mar 31, 2014(Absolute)
Since Inception
CAGRCurrent Value
of `10,000Std
DeviationBeta
SharpeRatio
Large Cap Funds
Birla Sun Life Frontline Equity Fund
SBI Blue Chip Fund
Franklin India Prima Plus
DSP BlackRock Opportunities Fund
Nifty 50
10,050.93
4,100.07
6,388.43
770.03
155.45
27.92
432.23
145.02
-5.06%
-1.60%
-2.25%
-2.69%
-8.86%
40.94%
48.30%
53.17%
47.45%
26.65%
22.71%
18.49%
21.45%
20.44%
17.98%
22.21%
10.51%
19.03%
18.20%
153,470
27,596
426,303
142,985
18.89%
17.84%
16.97%
20.09%
19.96%
0.95
0.86
0.83
0.98
0.85
1.06
1.25
0.93
0.34
Midcap Funds
Franklin India Prima Fund
HDFC Mid-Cap Opportunities Fund
Mirae Emerging Bluechip Fund
Nifty Free Float Midcap 100
3,592.52
9,941.07
1,198.65
4
4
4
650.73
36.25
29.77
-1.78%
-1.36%
1.80%
-1.91%
68.51%
63.36%
70.38%
50.96%
28.81%
30.52%
35.34%
16.36%
20.52%
15.73%
20.78%
650,233
36,135
29,633
17.34%
18.04%
19.00%
22.26%
0.80
0.77
0.81
1.66
1.57
1.77
0.82
Diversified Funds
ICICI Prudential Value Discovery Fund
L&T India Value Fund
Mirae Asset India Opportunities Fund
Reliance Equity Opportunities Fund
Nifty 500
10,560.84
922.69
1,489.33
10,328.93
4
4
3
3
108.79
23.92
31.09
66.41
-4.77%
0.98%
-4.14%
-12.03%
-7.54%
66.02%
70.68%
46.99%
51.43%
33.56%
28.35%
20.09%
25.90%
21.08%
17.72%
22.56%
14.77%
14.90%
18.56%
107,030
23,656
30,451
65,478
18.50%
21.38%
19.32%
18.98%
19.67%
0.88
1.01
0.97
0.87
1.43
1.29
1.03
0.81
0.51
Balance Funds
Birla Sun Life Balanced 95 Fund
ICICI Prudential Balanced Advantage Fund
HDFC Prudence Fund
Crisil Balanced Fund Index
2,341.69
10,515.06
7,677.63
3
3
3
552.35
25.64
393.51
-1.64%
1.10%
-6.05%
-2.90%
43.04%
26.61%
41.84%
22.53%
18.29%
20.59%
19.20%
13.38%
20.81%
10.57%
17.97%
547,830
25,400
391,925
14.43%
11.47%
17.69%
13.58%
1.00
0.79
1.16
1.17
1.15
0.82
0.48
Source: CRISIL Limited
3
3
3
3
Inception Date
23-Sep-02
14-Feb-06
29-Sep-94
16-May-00
1-Dec-93
25-Jun-07
9-Jul-10
16-Apr-04
8-Jan-10
4-Apr-08
29-Mar-05
27-Mar-95
30-Dec-06
1-Feb-94
Scheme Name/Index Name
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CITICHOICE SCHEMES
ELSS Funds
Birla Sun Life Tax Relief 96
DSP BlackRock Tax Saver Fund
Nifty 50
Thematic Funds
Reliance Banking Fund
Nifty Bank
Source: CRISIL Limited
Disclaimer - CRISIL Research, a Division of CRISIL Limited has taken due care and caution in preparing this Report. Information has been obtained by CRISIL from sources which it considers reliable. However, CRISIL does not guarantee the
accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. CRISIL is not liable for investment decisions which may be based on the
views expressed in this Report. CRISIL especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this Report. CRISIL Research operates independently of, and does not have access to
information obtained by CRISILs Ratings Division, which may, in its regular operations, obtain information of a confidential nature which is not available to CRISIL Research. No part of this Report may be published / reproduced in any form
without CRISILs prior written approval.
3 yr Risk Free Rate: 8.28%
1 yr Risk Free Rate: 7.43%
All details as on 31st March 2016All Rights Reserved. Citibank, N.A.
*Notes:-
Risk Free Rate is the average of 91-day T-Bill for 1 year & 3 years.
Annualized Returns are point-to point returns calculated on a compounded annualised growth rate basis.
DRP measures the probability of the investment getting lower returns that short tenor risk free securities. DRP is the count of the number of times the fund's daily return falls below the risk free rate over the period of the analysis.
Portfolio beta is a measure of volatility of a portfolio vis-a-vis the respective benchmark. It is calculated as covariance(scheme,benchmark)/variance(scheme)
Volatility (Standard Deviation) is measured using daily rolling returns over the period of analysis
Sharpe Ratio is calculated as difference between returns and risk free rate divided by standard deviation of returns.
Volatility Measures (3 Years)Suitable forMinimumInvestor
Rating (IR)
AUM (Crs)as on
Mar 31, 2016
NAV as onMar 31, 2016
(`)
Mar 31, 2015to
Mar 31, 2016(Absolute)
Mar 31, 2014to
Mar 31, 2015(Absolute)
Mar 31, 2013to
Mar 31, 2014(Absolute)
Since Inception
CAGRCurrent Value
of `10,000Std
DeviationBeta
SharpeRatio
1,908.73
1,056.13
20.96
31.36
-3.54%
-2.65%
-8.86%
58.61%
50.32%
26.65%
24.55%
22.66%
17.98%
9.37%
13.05%
20,650
31,009
18.45%
19.23%
19.96%
0.90
0.94
1.28
1.06
0.34
1,867.58 158.04 -10.08%
-11.34%
49.61%
42.89%
11.17%
12.15%
23.59% 152,836 28.23%
30.77%
0.89 0.40
0.29
3
3
4
Inception Date
29-Mar-96
18-Jan-07
28-May-03
Scheme Name/Index Name
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HDFC Gilt Fund - Long Term Plan
ICICI Prudential Long Term Gilt Fund
CRISIL GILT INDEX
Income Funds
IDFC Super Saver Income Fund - Investment Plan
UTI Bond Fund
Crisil Composite Bond Fund Index
Dynamic Bond funds
Birla Sun Life Dynamic Bond Fund
Axis Dynamic bond Fund
Crisil Composite Bond Fund Index
Corporate Bond Funds / Credit Funds
L&T Income Opportunities Fund
DSP BlackRock Income Opportunities Fund
Crisil Short Term Bond Fund Index
Source: CRISIL Limited
Short-Term Funds
Birla Sun Life Short Term Opportunities Fund
IDFC Super Saver Income Fund - Medium Term Plan
Crisil Short Term Bond Fund Index
Ultra Short Term Funds
Birla Sun Life Savings Fund
ICICI Prudential Flexible Income Plan
Reliance Money Manager Fund
Crisil Liquid Fund Index
Liquid Funds
Birla Sun Life Cash Plus
HDFC Liquid Fund
ICICI Prudential Liquid Plan
Crisil Liquid Fund Index
2,879.68
1,518.61
30.25
50.11
6.37%
6.00%
7.39%
19.59%
18.68%
16.98%
1.58%
0.55%
1.13%
7.86%
10.24%
30,447
50,702
4.51%
5.07%
3.88%
0.51
0.53
0.43
0.27
0.87
2,248.02
2,679.85
35.85
44.02
4.91%
5.02%
8.24%
15.95%
16.41%
14.59%
3.67%
2.75%
4.34%
8.48%
8.67%
8.93%
36,024
43,656
15,274
3.82%
3.48%
2.29%
0.54
0.49
-0.05
0.00
1.99
1,227.67
2,292.50
16.67
24.48
8.84%
9.33%
8.47%
11.56%
11.10%
10.33%
6.51%
8.61%
8.79%
8.26%
7.22%
16,752
24,598
1.00%
1.06%
0.90%
0.36
0.37
5.40
5.76
5.40
3,391.23
3,684.76
24.80
25.34
8.40%
7.56%
8.47%
11.30%
10.86%
10.33%
10.18%
5.86%
8.79%
7.32%
7.60%
24,931
25,456
1.57%
1.42%
0.90%
0.40
0.44
3.04
2.54
5.40
11,854.56
14,921.73
11,868.85
29.29
28.62
2,074.86
8.84%
8.79%
8.42%
8.06%
9.42%
9.32%
8.87%
8.98%
10.00%
9.93%
9.68%
9.46%
7.75%
8.10%
8.42%
26,365
28,707
20,795
0.58%
0.61%
0.56%
0.43%
0.31
0.27
0.34
9.25
8.80
8.62
10.05
23,978.22
30,794.96
25,900.54
24.28
29.85
22.39
8.24%
8.23%
8.22%
8.06%
8.98%
8.95%
8.98%
8.98%
9.52%
9.53%
9.43%
9.46%
7.67%
7.33%
8.08%
24,341
29,918
22,440
0.08%
0.07%
0.07%
0.16%
0.23
0.22
0.23
5.74
6.56
6.25
1.90
Volatility Measures (1 Year)Suitable forMinimumInvestor
Rating (IR)
AUM (Crs)as on
Mar 31, 2016
NAV as onMar 31, 2016
(`)
Mar 31, 2015to
Mar 31, 2016(Absolute)
Mar 31, 2014to
Mar 31, 2015(Absolute)
Mar 31, 2013to
Mar 31, 2014(Absolute)
Since Inception
CAGRCurrent Value
of `10,000Std
DeviationBeta/DRP
SharpeRatio
Inception Date
25-Jul-01
19-Aug-99
14-Jul-00
4-May-98
8-Oct-09
12-May-03
9-May-03
8-Jul-03
3-Dec-01
4-Oct-02
21-Mar-07
15-Apr-03
17-Oct-00
19-Jun-98
3
3
3
3
3
2
2
3
2
2
2
1
1
1
14,963.78
314.08
26.34
15.23
7.77%
6.84%
8.24%
15.21%
14.25%
14.59%
6.94%
4.57%
4.34%
8.84%
9.04%
26,580
15,346
3.73%
3.30%
2.29%
0.49
0.50
1.05
0.79
1.99
30-Sep-04
27-Apr-11
2
3
Scheme Name/Index Name
Gilt Funds
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CITICHOICE SCHEMES
MIP Funds
Reliance Monthly Income Plan
HDFC Monthly Income Plan - LTP
Crisil MIP Blended Fund Index
Source: CRISIL Limited
Equity - CitiChoice Schemes
2,515.77
3,602.09
34.43
35.44
2.87%
2.46%
5.67%
23.19%
21.49%
16.45%
8.07%
8.57%
6.47%
10.62%
10.85%
34,412
35,485
6.31%
7.44%
5.82%
1.01
1.13
1.17
0.90
0.88
Volatility Measures (3 Years)Suitable forMinimumInvestor
Rating (IR)
AUM (Crs)as on
Mar 31, 2016
NAV as onMar 31, 2016
(`)
Mar 31, 2015to
Mar 31, 2016(Absolute)
Mar 31, 2014to
Mar 31, 2015(Absolute)
Mar 31, 2013to
Mar 31, 2014(Absolute)
Since Inception
CAGRCurrent Value
of `10,000Std
DeviationBeta
SharpeRatio
Disclaimer - CRISIL Research, a Division of CRISIL Limited has taken due care and caution in preparing this Report. Information has been obtained by CRISIL from sources which it considers reliable. However, CRISIL does not guarantee the
accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. CRISIL is not liable for investment decisions which may be based on the
views expressed in this Report. CRISIL especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this Report. CRISIL Research operates independently of, and does not have access to
information obtained by CRISILs Ratings Division, which may, in its regular operations, obtain information of a confidential nature which is not available to CRISIL Research. No part of this Report may be published / reproduced in any form
without CRISILs prior written approval.
3 yr Risk Free Rate: 8.28%
Inception Date
13-Jan-04
26-Dec-03
3
3
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Disclaimer: Citibanks Model Portfolio is not a program or offering, but is a diversification tool that is meant for your reference purposes only and not to be construed as any
advice. Model Portfolios are: (i) not binding on part of the customer; (ii) not monitored by Citibank with respect to customer individual investment holdings; and (iii) not
personalized to the specific needs of an individual customer.
a. Model Portfolios are subject to change by Citibank.
b. Allocation to cash is a function of individual needs.
c. In order to keep the portfolios well-positioned for changing macroeconomic and market environment, the Asset Allocation in the Model Portfolios are reviewedperiodically basis Citis research views.
INDIA MODEL PORTFOLIOS
INVESTMENT PRODUCTS: NO BANK GUARANTEE: NOT GOVERNMENT INSURED: SUBJECT TO MARKET RISK: POSSIBLE LOSS OF PRINCIPAL: PLEASE READ THE OFFER DOCUMENT(S) BEFORE INVESTING.
Asset Class/Sub-Asset Class IP4 Allocation
80.0%
34.0%
34.0%
12.0%
20.0%
4.0%
3.0%
0.0%
0.0%
Equity
Large Cap
Mid Cap
Global Equities
Fixed Income
Long Term Debt
Short Term Debt
Liquid Funds
Alternates
Gold
Asset Class Mix:
13.0%
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Generic Disclaimers:
Citibank N.A. provides investment services as a distributor of third party Investment Products (shortly referred as investment products). Citibank N.A. does NOT provide investment advisory services in any manner or form.Investment products do not pertain to Citibank and are not bank deposits or obligations of or guaranteed by Citibank, N.A. Citigroup, Inc or any of its affiliates or subsidiaries. Investment products are not insured by anygovernmental agency and are subject to investment risks, including the possible loss of the principal amount invested. Past performance is not indicative of future results, prices/invested sum is subject to market risks whichmay result in appreciation or depreciation. The ownership of any investment decision(s) shall exclusively vest with the Investor after analyzing all possible risk factors and by exercise of his/her/its independent discretionand Citibank N.A shall not be liable or held liable for any consequences thereof.
Investment products are not available to US persons, Residents of Canada and may not be available in all jurisdictions. By making any investment, you confirm your deemed acceptance to the conditions mentioned herein.
Citibank N.A. may discuss with you (customer/investor) about investment products (shortly referred as investment products) which are in line with your investor rating as maintained with us. Investment products arereferred/distributed by Citibank N.A. on a non -discretionary and non participation basis. Such discussion would be a service without any consideration by Citibank to the Investor and the final investment decision shall at alltimes exclusively remain with the investor.
Investor investing in funds denominated in non-local currency should be aware of the risk of exchange rate fluctuations that may cause a loss of principal. This document does not constitute the distribution of any informationor the making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a document or make such an offer orsolicitation. Please read the Key Information Memorandum(s)/Scheme Investment Document(s) & Statement of Additional Information/Term Sheet/Prospectus carefully before investing and no claim whatsoever shall bemade against Citibank N.A. any of its affiliates or subsidiaries and / or employees claiming any influence/recommendation/responsibility/liability for your decision to invest in any investment product.
Investor should ensure to understand, accept the identities of different parties and the roles that they play in relation to the various Investment Product(s). Investor acknowledges that, there may be various actual or potentialconflicts of interest between Citibank N.A. India, Citigroup Capital Markets Ltd., Citigroup Inc. or their affiliates or subsidiaries (collectively Connected Persons) and that of an investor itself, as a result of the variousinvestment and/or commercial businesses and/or activities of the Connected Persons. You are deemed to accept, on purchasing/ subscribing / investing to a particular Investment Product(s), that any such conflict may existand may be prejudicial to an investment in the Investment Product(s).
Portfolio diversification is an important tool to consider while making investment decisions. Concentrated positions may entail greater risks than a diversified portfolio. Certain factors that affect the assessment of whetheryour overall investment portfolio is sufficiently diversified may not be evident from a review that only includes your Citibank account(s). It is therefore important that you carefully review your entire investment portfolio toensure that it meets your investment goals and is well within your risk tolerance level, including your objectives for asset and issuer diversification. To discuss asset allocation and potential strategies please contact yourRelationship Manager or visit the nearest branch.
Citigroup, Inc., its affiliates, and its employees are not in the business of providing tax or legal advice to any taxpayer outside of Citigroup, Inc. and its affiliates. This email/brochure/letter/communication and any attachmentsare not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties. Any such investor/taxpayer should seek advice based on the taxpayer's particularcircumstances from an independent tax advisor. By making any investment, you confirm your deemed acceptance to the conditions mentioned herein.
Citibank N.A. provides no independent research or analysis in the substance or preparation of this report. The information in this report has been obtained from reports issued by Citigroup Global Markets and CitigroupInvestment Research. Such information is based upon sources Citigroup Global Markets (CGM) / Citigroup Investment Research (CIR) believe to be reliable. CGM and / or Citibank N.A., however, do not guarantee its accuracyand it may be incomplete or condensed. All opinions and estimates constitute CGM's view as of the date of report and are subject to change without notice. This report / presentation is provided for general information onlyand nothing contained in the material constitutes a recommendation for the purchase or sale of any security and/or currency. As a prerequisite condition for arriving at a decision to invest, any investor considering aninvestment should seek independent advice on the suitability or otherwise of the particular investment.
Data and research provided by CRISIL. This performance analysis is based on the framework and methodology developed by CRISIL for Citibank. It is presumed that, CRISIL has taken due care and caution in compilation ofdata. Information has been obtained by CRISIL from sources it considers reliable. However, CRISIL does not guarantee the accuracy, adequacy or completeness of the information and is not responsible for any errors oromissions or for the results obtained from the use of such information. CRISIL is not responsible for any errors in data reproduction. CRISIL especially states that it has no financial liability whatsoever to the subscribers/users/ transmitters/ distributors of this analysis.
Model Portfolio Disclaimers:
Citibanks Model Portfolio is not a program or offering, but is a diversification tool that is meant for reference purposes only and not to be construed as any advice. Model Portfolios are: (i) not binding on part of the customer; (ii)not monitored by Citibank with respect to customer individual investment holdings; and (iii) not personalized to the specific needs of an individual customer.
Citibanks Model Portfolios are not available to US Persons and may not be available in all jur isdictions. This brochure / presentation / document is for information only and does not constitute an advice, invitation or offer toacquire, purchase or subscribe for any securities, investment or service, or to attract any funds or deposits. The information contained in this [brochure / presentation / document] does not constitute an offer for sale in any
jurisdiction in which such offer is or may be prohibited, restricted or subject to any requirement for filing, authorisation, licence or consent. While Citibank has taken reasonable care to ensure that the information in thisbrochure / presentation / document] is accurate at the date of this brochure / presentation / document, Citibank accepts no liability for the accuracy or completeness or use or reliance of, nor any liability to update, theinformation contained in this brochure / presentation / document. In particular, actual results and developments may be materially different from any forecast, forward-looking statement, opinion or expectation expressed inthis brochure /presentation / document.
You acknowledge and agree that the Model Portfolio(s) referred to in this brochure / presentation / document are merely generic references to illustrations of recommended asset allocations based on your risk profile andinvestment objectives and that such Model Portfolio(s) are not personalised to your specific investment needs. The Model Portfolio(s) are arrived at and are provided to you without having regard to any underlyingportfolio of investments which you may have or hold. You further acknowledge and agree that these Model Portfolio(s) are provided as at a specific point in time and will not be actively monitored by [Citibank] with respect toyour individual investment holdings and that [Citibank] does not undertake to, and is not obliged to, undertake a review, advice, manage or monitor your investment holdings or to t rack your investment holdings against anyModel Portfolio. You also acknowledge and agree that no investment advisory or fund management services are being provided to you by virtue of the Model Portfolio(s) and that you will be solely responsible for your owndecisions on investments and you will not rely on Citibank or any of its agents, officers or employees in any way in relation to such investments and/or the asset allocation of your investments.
This product/service is offered by branches of Citibank N.A. in India. 2016 Citigroup Inc. Citi and Arc Design and Citigold are registered service marks of Citigroup Inc. or its affiliates used and registered throughout the world.
Source: CRISIL Fund Analyzer, Asset Management CompanySource: CRISIL Fund Analyzer, Asset Management Company
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Terms and Conditions apply. Please visit us at www.citibank.com/india for detailed Terms & Conditions. This product/service is offered by branches of Citibank N.A. in India. 2016 Citigroup Inc. Citi and Arc Design and Citigold are registered service marks of Citigroup Inc.or its affiliates used and registered throughout the world.
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