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  • 7/26/2019 CitiChoice-IR4

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    CitiChoiceSnapshot :April to June 2016Suitable for Investor Rating 4 and above

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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.

    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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    4/12INVESTMENT PRODUCTS: NO BANK GUARANTEE: NOT GOVERNMENT INSURED: SUBJECT TO MARKET RISK: POSSIBLE LOSS OF PRINCIPAL: PLEASE READ THE OFFER DOCUMENT(S) BEFORE INVESTING.

    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 (%)

  • 7/26/2019 CitiChoice-IR4

    5/12INVESTMENT PRODUCTS: NO BANK GUARANTEE: NOT GOVERNMENT INSURED: SUBJECT TO MARKET RISK: POSSIBLE LOSS OF PRINCIPAL: PLEASE READ THE OFFER DOCUMENT(S) BEFORE INVESTING.

    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.

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    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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