dsp blackrock dynamic asset allocation fund nfo presentation
TRANSCRIPT
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dspblackrock.com
dynamic assetallocation fundopen ended fund of funds scheme
NFO Period:Jan 17, 2014 to Jan 31, 2014
^Investors should consult their financial advisors if in doubt about whether the scheme issuitable for them.
Note: Risk may be represented as: Investors understand that their principal will be at Low risk(Blue) Investors understand that their principal will be at Medium risk(Yellow) Investors understand that their principal will be at High risk(Brown)
This Open ended Fund of Funds Scheme is suitable for investorswho are seeking^
Long-term capital growth;
Investments in units of one or more equity mutual funds and debtmutual funds of DSP BlackRock Mutual Fund;
High Risk(Brown)
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Welcome to todays world of investing!
BUY NOW.IT S CHEAP
Where do I begin
Equity? Debt?
STOCKS?MFs? GOLD?
WAIT.ELECTIONS
COMING UP!
Invest now in fixed
income funds?
How long
should I
wait before
investing?
Investing today is challenging:What? When? Where? How much?
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What are the typical questions investors ask?
Where should I invest? When should I invest?
How much should I invest in equity?Is it the right time to exit?
I have Rs 2 lakh in my savings account which Imnot using for anything. What should I do with this
money?
Should I invest in equity funds orfixed income funds?
I invested in the stock market 3 years ago and
have gained a little. I made bad decisions in
2008 so Im a bit worried.
Should I book profits now or wait abit longer?
I have about Rs. 25 lakh from selling my flat. Iwant to invest now but my friends say I should
wait for election results first.
When is the right time to invest mymoney?
Ill get married in 3-4 years and am saving Rs
20,000 every month. But my Dad says I should
invest some of that to make more.
How can I make sure I make moneybut not lose any?
New or experienced investors get equally confused with market ups and downs
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Timing the market: Easier said than done
Market sentiment affects investor behavior: Many investors buy high, sell low!
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The need for asset allocation
Asset allocation is more important than market timing. But how important is it?
Trying to time the market is futile for regular investors:
Investors inevitably end up making unsuitable decisions
Understanding that any one asset class
cannot be relied upon exclusively to provide
consistent returns is critical
The right balance of equities and fixed incomein investor portfolios is what matters the most
Asset allocation is an investors best friend: It balances
risks vs potential rewards for an investor by adjusting
the equity-fixed income ratio in a portfolio according to
the existing market conditions
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How important is asset allocation?
Brinson, Hood & Beebower said this in 1986. Many more said it afterwards.
*Source: From the study titled Determinants of Portfolio Performance, published by Gary P. Brinson, L. Randolph Hood and Gilbert L. Beebower in Financial Analysts
Journal in 1986. This study covered 91 large U.S pension plans over the period 1974-1983 and concluded that investment policy (asset classes chosen and theirproportion) dominated investment strategy (market timing and security selection), explaining on average 93.60% of the variation in total plan return.
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How does one implement asset allocation easily?
An investor has to :
Constantly track markets to identify theappropriate asset allocation and thentake relevant action.
Invest in an asset class when it isrelatively cheap to be able to participatein the upside and exit when relativelyexpensive, to be able to protect againstthe downside.
Implement the above steps systematicallyusing a process, free from the effects ofhuman biases and/ or market-trendfollowing behavior.
Asset allocation is simple in theory, but often difficult in practice
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Introducing a first-of-its-kind Scheme that:
Identifies the appropriate asset allocation between equity and debt bycomparing the relative merits of investing in either asset class
Resets the allocation when required, and that too, automatically
Aims to eliminate confusion and hesitation from investors minds
Allows investors to invest peacefully
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dynamic asset
allocation fundopen ended fund of funds scheme
Allocate automatically. Invest peacefully.
Presenting DSP BlackRock Dynamic Asset Allocation Fund (Scheme)
Note: For Scheme specific risk factors and more details, please read the Scheme Information Document of the Scheme.
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How will this Scheme work?
The Yield Gap helps in identifying the relative attractiveness betweenequity and fixed income to determine the appropriate asset allocation
Case1:Ifequity
ismorea
ttractivet
handebt
Equityalloc
ation
inthefun
d
increases
Debt
allocation
inthefun
d
decrease
s
Case1:Ifeq
uityismo
reattract
ivethand
ebt
Equityalloc
ation
inthefun
d
increases
Debt
allocation
inthefun
d
decrease
s
Equityalloc
ation
inthefun
d
increases
Debt
allocation
inthefun
d
decrease
s
Case2:Ifdebtismoreattractivethanequity
Equityallocationinthefunddecreases
Debtallocationinthefundincreases
Case2:Ifdebtismoreattractivethanequity
Equityallocationinthefunddecreases
Debtallocationinthefundincreases
Equityallocationinthefunddecreases
Debtallocationinthefundincreases
Simple principle: Higher the earning potential of an asset class, higher the allocation towards it
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This slide exhibits equity allocation as recommended by the Yield Gap Ratio Model. The colors in the table above depict increase (green) /decrease (red) /no change (white)in allocation from previous month. Data source: Internal.
If one managed asset allocation according to the Yield Gap ratio,what would have happened?
Equity allocation as recommended by the Yield Gap model
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30% 30% 30% 30% 30% 30% 30% 20% 20% 10% 10% 10%
30% 30% 30% 30% 30% 30% 40% 40% 30% 30% 30% 30%
30% 40% 40% 50% 50% 50% 20% 20% 20% 30% 30% 30%
20% 20% 20% 20% 30% 30% 40% 40% 30% 30% 30% 30%
80% 90% 90% 90% 90% 90% 80% 70% 50% 40% 30% 20%
30% 30% 10% 10% 20% 20% 20% 20% 20% 30% 40% 60%
50% 50% 50% 60% 50% 50% 50% 50% 50% 50% 40% 30%
80% 80% 70% 60% 60% 50% 50% 50% 50% 50% 50% 50%90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90%
90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90%
90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90%
80% 70% 70% 70% 70% 70% 80% 90% 90% 90% 90% 90%
10% 10% 10% 10% 20% 40% 40% 50% 60% 70% 70% 70%
10% 10%
EquityAllocation
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2000
2001
2002
2003
2004
20052006
2007
2008
2009
2010
2011
2012
2013
Jan
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Long term performance: Nov 2000 to Dec 2013
Superiority of Yield Gap: The evidence
The Yield Gap not only provides investors a superior way of investing,but also endeavors to limit downside during market downturns
This slide exhibits long term performance figures from Nov 2000 to Dec 2013. The performance of the YG and PE models is based on select DSP BlackRock Mutual Fund (DSPBR) schemes. Schemesconsidered for equity allocation: (i) Nov 2000 - March 2003: DSPBR Equity Fund (ii) March 2003 till Dec 2013; DSPBR Equity Fund and DSPBR Top 100 Equity Fund (in equal proportion); for fixedincome allocation: (i) Nov 2000 - May 2007: DSPBR Bond Fund (ii) May 2007 till Dec 2013: DSPBR Strategic Bond Fund and DSPBR Short Term Bond Fund (in equal proportion). These figures,however, do not in any manner indicate the future returns/performance of DSP BlackRock Dynamic Asset Allocation Fund. The CRISIL Balanced Fund Index commenced from April 1, 2002 and hencethe graph for it has been plotted accordingly. *Calendar Year (CY) performance. Data source: Internal.
Note: An exit load of 1% has been considered whenever the asset allocation changes from equity to debt or debt to equity.Past performance may or may not be sustained in future.
PE Model
CRISIL Bal F
NIFTY
YG Model
CY Returns* 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 Nov - Dec 2000
3.1% 16.1% 0.7% 9.6% 63.9% -12.4% 33.6% 30.9% 46.5% 26.3% 113.6% 9.6% 8.2% 1.8%
3.7% 22.8% -10.5% 7.6% 41.3% -26.7% 30.2% 23.0% 40.5% 24.9% 110.5% 11.3% -5.0% 1.3%
6.0% 21.3% -14.4% 13.6% 48.6% -34.4% 36.8% 25.2% 23.2% 8.3% 43.4% N.A. N.A. N.A.
6.8% 27.7% -24.6% 17.9% 75.8% -51.8% 54.8% 39.8% 36.3% 10.7% 71.9% 3.3% -16.2% 2.2%
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Yield Gap Model
Price Earnings Model
Nifty
CRISIL Bal FValues
rebasedt
o
100
0
200
400
600
800
1000
12001400
1600
Nov-00 Nov-01 Nov-02 Nov-03 Nov-04 Nov-05 Nov-06 Nov-07 Nov-08 Nov-09 Nov-10 Nov-11 Nov-12 Dec-13
Yi el d Gap (YG) Model Pri ce Earni ngs (PE) Model
NIFTY CRISIL Balanced Fund Index (CRISIL Bal F)
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Range of returns over 3 and 5 year time periods
This slide exhibits the maximum & minimum returns (rolling CAGR returns) generated by investment made on any date for a 5 and 3 year period during the past 10 years period endingon Dec 31, 2013. The performance of the YG and PE models is based on select DSP BlackRock Mutual Fund (DSPBR) schemes. Schemes considered for equity allocation from Nov2003 till Dec 2013: DSPBR Equity Fund and DSPBR Top 100 Equity Fund (in equal proportion); for fixed income allocation: (i) Nov 2003 - May 2007: DSPBR Bond Fund (ii) May 2007 tillDec 2013: DSPBR Strategic Bond Fund and DSPBR Short Term Bond Fund (in equal proportion). These figures, however, do not in any manner indicate the future returns/performanceof DSP BlackRock Dynamic Asset Allocation Fund. Data source: Internal.
Performance Range: 5 year holding period Performance Range: 3 year holding period
Maximum
Minimum
Maximum
Minimum
YieldGap
Model
Nifty CRISILBal FIndex
CRISILShort Term
Index
YieldGap
Model
Nifty CRISILBal FIndex
CRISILShort Term
Index
37%
13%
25%
-1%
PriceEarnings
Model
26%
18%
3%3%
8%
5%
47%
5%
49%
-7%
PriceEarnings
Model
40%
-1%
31%
-1%
8%
4%
13
An investment product that utilizes an auto asset allocation strategy based on theYield Gap Model can be a strong addition to any investors core portfolio
Note: An exit load of 1% has been considered whenever the asset allocation changes from equity to debt or debt to equity.Past performance may or may not be sustained in future.
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Yield Gap Model
Price Earnings Model
Nifty
Market Peak (Jan-08)
3 months after peak3 months before peak
Asset allocation is more important than market timing
Following the Yield Gaps recommendations results in low volatility over anymarket cycle and helps in protecting wealth during market downturns
This slide exhibits the consistent performance of Yield Gap from May 2004 to Oct 2008. The performance of the YG and PE models is based on select DSPBlackRock Mutual Fund (DSPBR) schemes. Schemes considered for equity allocation from May 2004 till Oct 2008: DSPBR Equity Fund and DSPBR Top 100Equity Fund (in equal proportion); for fixed income allocation: (i) May 2004 - May 2007: DSPBR Bond Fund (ii) May 2007 t ill Oct 2008: DSPBR Strategic Bond Fundand DSPBR Short Term Bond Fund (in equal proportion). These figures, however, do not in any manner indicate the future returns/performance of DSP BlackRockDynamic Asset Allocation Fund.Data source: Internal.
CRISIL Bal F
100
150
200
250
300
350
400
450
500
May-04 Nov-04 May-05 Nov-05 May-06 Nov-06 May-07 Nov-07 May-08 Oct-08
Consistent performance of Yield Gap: May 2004 to Oct 2008
Yi el d Ga p (YG) Model Pri ce Ea rnings (PE) Model
NIFTY CRISIL Balanced Fund Index (CRISIL Bal F)
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Note: An exit load of 1% has been considered whenever the asset allocation changes from equity to debt or debt to equity.Past performance may or may not be sustained in future.
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Over the long term, asset allocation neutralizes the impact of the choice of funds
Note: DSP BlackRock Mutual Fund (DSPBR) Equity Schemesconsidered for equity allocation from Jan 2004 till Dec2013: DSPBR Equity Fund and DSPBR Top 100 EquityFund (in equal proportion).
Industry Top 2 equity schemes considered for equityallocation: From all the diversified Equity Funds in theindustry with AUM greater than Rs. 1,000 crore as at Dec31, 2013, the Top 2 equity schemes were selected everyyear based on last one year performance. Thus, Top 2equity schemes in every calendar year were included inthe model on January 1st of t he succeeding year.
DSPBR Fixed income schemes considered for debt
allocation: (i) Jan 2004 - May 2007: DSPBR Bond Fund (ii)May 2007 till Dec 2013: DSPBR Strategic Bond Fund andDSPBR Short Term Bond Fund (in equal proportion).
Performance is in CAGR terms for the period ending Dec31, 2013.
These figures, however, do not in any manner indicate thefuture returns/ performance of DSP BlackRock DynamicAsset Allocation Fund.
Data source: Internal
Performance of Yield Gap Model: DSPBR Equity schemes vs Industry Top 2 Equity schemes
YG Model with DSPBR Equity Schemes and DSPBR Fixed Income SchemesYG Model with Industry Top 2 Equity Schemes and DSPBR Fixed Income Schemes
Asset allocation is more important than fund selection
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19.9%
16.2% 16.7%
6.4%
9.4%
3.1%
0.8%
9.4%
6.2%
15.7%
13.1%
19.0%
10 Years 8 Years 5 Years 3 Years 2 Years 1 Year
Note: An exit load of 1% has been considered whenever the asset allocation changes from equity to debt or debt to equity.Past performance may or may not be sustained in future.
The chart above shows that as long as investors implement an asset allocation based investment strategy, the choice of the underlying mutual fundschemes is not the most critical factor defining portfolio performance. If one considers the performance above, even having selected the Industry Top 2
perfoming equity schemes at all times would not have resulted in better portfolio performance over a long term investment horizon.
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Who can invest in a Scheme such as this?
We believe that the product construct of this Scheme is simple and effectiveenough to appeal to any investor, whether amateur or experienced
For the first time in Indian mutual fund history,the question isnt Who can. It is Who cant!
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Seeks to offer a bundled investment
proposition
Achieves tactical asset allocation based on therelative attractiveness of equity and debt markets
Automatic rebalancing of portfolios to not only aim
for better returns but also to limit downside forinvestors during market downturns
Uses the superior Yield Gap metric to assessmarket valuations
Suitable for investors looking at long-term wealthcreation, irrespective of market conditions
Solution focused
Active approach
Simple & superior
In-built risk management
5
4
3
2
1
All-weather fund
Summary: Why should an investor consider this Scheme?
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Scheme Features
Features
Name of the Scheme DSP BlackRock Dynamic Asset Allocation Fund
Type of Scheme Open-ended Fund of Funds SchemeUnderlying Equity Schemes* DSP BlackRock Equity Fund DSP BlackRock Top 100 Equity Fund
Underlying Fixed Income Schemes* DSP BlackRock Strategic Bond Fund DSP BlackRock Short Term Fund
Fund Managers Apoorva Shah & Dhawal Dalal
NFO dates 17 January 2014 31 January 2014
Benchmark CRISIL Balanced Fund Index
Entry load Not Applicable
Exit load Holding period 1 year; 2 years: Nil
Plans Regular Plan Direct Plan
Options Growth (default option) Dividend Payout; Dividend Reinvest
*DSP BlackRock Dynamic Asset Allocation Fund also has a provision to invest in three other equity schemes (DSP BlackRock Focus 25 Fund, DSP BlackRockOpportunities Fund and DSP BlackRock India T.I.G.E.R. Fund (The Infrastructure Growth and Economic Reforms Fund) and three other fixed income schemes(DSP BlackRock Money Manager Fund, DSP BlackRock Banking & PSU Debt Fund and DSP BlackRock Income Opportunities Fund) of DSP BlackRock MutualFund. Please read the SID carefully for more details on these schemes and also for more details on risk factors before investment.
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Disclaimer: In the preparation of the material contained in this document, DSP BlackRock Investment Managers Pvt. Ltd. (the AMC) has used information that ispublicly available, including information developed in-house. Information gathered and material used in this document is believed to be from reliable sources. TheAMC however does not warrant the accuracy, reasonableness and / or completeness of any information. We have included statements / opinions / recommendationsin this document, which contain words, or phrases such as will, expect, should, believe and similar expressions or variations of such expressions that areforward looking statements. Actual results may differ materially from those suggested by the forward looking statements due to risk or uncertainties associated
with our expectations with respect to, but not limited to, exposure to market risks, general economic and political conditions in India and other countries globally,which have an impact on our services and / or investments, the monetary and interest policies of India, inflation, deflation, unanticipated turbulence in interest rates,foreign exchange rates, equity prices or other rates or prices, etc. All figures and other data given in this document are dated and the same may or may not be relevantin future. Investors are advised to consult their own legal, tax and financial advisors to determine possible tax, legal and other financial implication or consequenceof subscribing to the units of the Scheme.
Investment Objective: The investment objective of the Scheme is to seek capital appreciation by managing the asset allocation between specified equity mutualfunds schemes and debt mutual funds schemes of DSP BlackRock Mutual Fund. The Scheme will dynamically manage the asset allocation between the specifiedequity mutual funds schemes and debt mutual funds schemes of DSP BlackRock Mutual Fund based on the relative valuation of equity and debt markets. TheScheme may also invest a certain portion of its corpus in money market securities and/ or money market/liquid schemes of DSP BlackRock Mutual Fund, in order tomeet liquidity requirements from time to time. However, there is no assurance that the investment objective of the Scheme will be realized. Asset Allocation:Units
of DSP BlackRock Equity Fund and/or DSP BlackRock Top 100 Equity Fund and/or other specified schemes of DSP BlackRock Mutual Fund: 10% - 90%, b) Units ofDSP BlackRock Strategic Bond Fund and/or DSP BlackRock Short Term Fund and/or other specified schemes of DSP BlackRock Mutual Fund: 10%-90% and c)Money market securities and/or units of money market/liquid schemes of DSP BlackRock Mutual Fund: 0%-10%. Investment Strategy: The asset allocation of theScheme shall be based on the Yield Gap Ratio Model. Exit load:Holding period from date of allotment : Less than or equal to one year: 1%; Greater than one year andless than or equal to two years: 0.5%; Greater than two years: Nil. The expenses of the scheme will be over and above the expenses charged by the underlyingschemes.
For complete details on risk factors, event of suspension of subscriptions and more details, investors are requested to read the Scheme Information Document(SID) of the Scheme. For risk factors and product labeling details of the Underlying Schemes, investors are requested to read the respective SIDs of the UnderlyingSchemes.
Past performance may or may not be sustained in the future.
Mutual fund investments are subject to market risks, read all scheme related documents carefully before investing.
Note: Images used in slides 2,3,7 and 16 of this document are stock images utilized for illustrative purposes only, and statements mentioned next to the images may or m ay not necessarilyreflect the actual, real life views of the people appearing on these images.
Contact Centre: 1800 200 4499
Email: [email protected]
Website: www.dspblackrock.com
FOR MORE INFORMATION
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Annexure 1:Basis of asset allocation: Yield Gap
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By comparing the earning potential from investing in equities as against that from fixed income, theYield Gap between investing in these two asset classes will guide the investment pattern of this fund.
Yield Gap = 10Y G-Sec Yield / Earnings Yield of Nifty
The benchmark 10Y G-Sec Yield is a goodindicator of the long-term interest rates inthe economy
Earnings yield on Nifty is an indicator of thereturn on investment from equity markets
VS
Equity Markets
Nifty Earnings Yield
(Earnings/Price)10Y G-Sec Yield
Debt Markets
Comparing the Yield Gap ratio relative to its historical trendwill determine the appropriate asset allocation
How is the Yield Gap identified?
h ll i b d id ifi d?
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Annexure 2: How are the allocation bands identified?
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If the difference between the Yield Gap ratio and the Modified Yield Gap ratio is less than 0.05, whichis an indicator of a flat yield curve, then allocation bands based on a moderate version of the Yield
Gap, called the Modified Yield Gap, will be applied.
Yield Gap Ratio Equity Allocation
1.80 10%
1.60 - 1.70
Modified Yield Gap Ratio Equity Allocation
1.4 10%
1.2 - 1.3
Yield Gap =10Y G Sec Yield
Earnings Yield of NiftyModified Yield Gap =
1Y G Sec Yield
Earnings Yield of Nifty
Equity Allocation Vs. Yield Gap Levels
Source: Scheme Information Document of the Scheme
A 3 SIP f th l t
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Annexure 3:SIP performance over the long term
SIP investments growth in rupee terms (total investment over the period: Rs 1.20 lakh)
SIP performance in XIRR terms
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16.8%
9.1%
7.1%
10.2%
7.2% 7.9%
10.8%
8.6%9.3%9.5%
8.0% 8.4%
0%
6%
12%
18%
Last 10 years Last 5 years Last 3 years
Yield Gap (YG) Model Price Earnings (PE) Model
NIFTY CRISIL Balanced Fund Index (CRISIL Bal F)
YG Model: Rs 2.86 lakh
PE Model: Rs 2.02 lakhNifty: Rs 2.09 lakh
CRISIL Bal F: Rs 1.95 lakh
0
50,000
100,000
150,000
200,000
250,000
300,000
Jan-04 Jan-06 Jan-08 Dec-09 Dec-11 Dec-13
Y ield Gap (Y G) Model Pric e E arnings (PE) Model
NIFTY CRISIL Balanced Fund Index
The above charts assume monthly SIP investments of Rs. 1000 on the last day of each month. The XIRR returns are for the period ending Dec 2013. The performance of the YG and PE models is based on selectDSP BlackRock Mutual Fund (DSPBR) schemes. Schemes considered for equity allocation from Jan 2004 till Dec 2013: DSPBR Equity Fund and DSPBR Top 100 Equity Fund (in equal proportion); for fixed incomeallocation: (i) Jan 2004 - May 2007: DSPBR Bond Fund (ii) May 2007 till Dec 2013: DSPBR Strategic Bond Fund and DSPBR Short Term Bond Fund (in equal proportion). These figures, however, do not in any mannerindicate the future returns/performance of DSP BlackRock Dynamic Asset Allocation Fund. An exit load of 1% has been considered whenever the asset allocation changes from equity to debt or debt to equity.Past performance may or may not be sustained in future.Data source: Internal.
A 4 Hi t i l f th l t
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Annexure 4:Historical performance over the long term
Time Period Yield Gap (YG) Model Price Earnings (PE) Model NIFTY
CRISIL Balanced Fund
Index (CRISIL Bal F)
Last 1 year 3.1% 3.7% 6.8% 6.0%
Last 3 years 6.4% 4.5% 0.9% 3.3%
Last 5 years 16.7% 11.6% 16.3% 13.2%
Last 7 years 14.2% 7.5% 6.8% 7.6%
Last 10 years 19.9% 13.6% 12.9% 10.8%
Performance in CAGR terms
Note: This slide exhibits the CAGR returns generated by investments made for the above mentioned time periods ending Dec 2013. The performance of the YG and PE models is based on select DSP BlackRockMutual Fund (DSPBR) schemes. Schemes considered for equity allocation from Jan 2004 till Dec 2013: DSPBR Equity Fund and DSPBR Top 100 Equity Fund (in equal proportion); for fixed income allocation: (i)Jan 2004 - May 2007: DSPBR Bond Fund (ii) May 2007 till Dec 2013: DSPBR Strategic Bond Fund and DSPBR Short Term Bond Fund (in equal proportion). These figures, however, do not in any manner indicatethe future returns/performance of DSP BlackRock Dynamic Asset Allocation Fund. An exit load of 1% has been considered whenever the asset allocation changes from equity to debt or debt to equity. Pastperformance may or may not be sustained in future. Data source: Internal.
A 5 Hi t f g ti f
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Annexure 5:History of negative performance
Investment Time Period Yield Gap (YG) Model Price Earnings (PE) Model NIFTY
CRISIL Balanced Fund
Index (CRISIL Bal F)
5 years 0%
3 years 0%
2 years 0%
1 year 5%
0%
0%
7%
15%
3%
8%
26%
21%
0%
1%
10%
17%
Instances (in percentage) of negative performance
Note: This slide shows the history of negative returns generated by investments made for the above mentioned holding periods, during the period Jan 2004 to Dec 2013. The performance of the YG and PEmodels is based on select DSP BlackRock Mutual Fund (DSPBR) schemes. Schemes considered for equity allocation from Jan 2004 till Dec 2013: DSPBR Equity Fund and DSPBR Top 100 Equity Fund (in equalproportion); for fixed income allocation: (i) Jan 2004 - May 2007: DSPBR Bond Fund (ii) May 2007 till Dec 2013: DSPBR Strategic Bond Fund and DSPBR Short Term Bond Fund (in equal proportion). These figures,however, do not in any manner indicate the future returns/performance of DSP BlackRock Dynamic Asset Allocation Fund. An exit load of 1% has been considered whenever the asset allocation changes fromequity to debt or debt to equity. Past performance may or may not be sustained in future. Data source: Internal.
Performance calculated on the basis of daily rolling frequency