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January - 2013 3 Almondz Global Securities Ltd.

Wealth Park 15 January 2013

Chief Editor: Jagdeep Singh

Editorial Team Surendra N Tare Mangesh Kulkarni

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Dear Investor,

What a spectacular Year 2012 has been for Stock Markets?

The markets surged and gave 25% returns backed by record high FII flows. The markets virtually

ignored everything which included weak macros, depreciating rupee, policy paralysis (upto Oct,

2012), highly critical and activist media, public movements of unprecedented magnitude against

Govt., high interest rates, inflation, weak corporate numbers, fear of fiscal cliff in US, weak global

cues, highly pessimistic domestic investors and so on. The behaviour of markets has baffled the

domestic investors and a left out feeling amongst them is clearly visible.

A healthy rally in debt markets is also being seen in last one month with 10 year G-Sec yield easing from

high of around 8.15 to current levels of 7.80%. Rally in debt market is triggered due to postponement

of Government’s borrowing programme and expectation of rate cut by RBI in its forthcoming credit

policy.

So, what is outlook for equities in 2013? Why global investors are overweight on Indian equities?

The answer could be that the Indian economy is clearly showing signs of bottoming out. The macros

and corporate earnings are likely to improve from now onwards. The third quarter results are likely

to give clear signals to this affect. Moreover, the activism of Govt. In resolving the fiscal issues is also

very much visible as they seem to bite the bullet by taking tough economic decisions. The inflation

though stubborn is also likely to cool down to acceptable levels which may make the job of RBI easier

in reducing interest rates.

We predicted in our Nov., 2012 edition of this magazine that if UPA is able to survive the winter session

of parliament, the markets may see new highs in the Q-1 of 2013. Barring small corrections, we still

maintain the markets to touch new highs around Budget. The resolve with which Mr. Chidambaram is

moving, we feel that his Budget will aim at fiscal consolidation despite it being last before the General

Elections in 2014.

There may be small hiccups (corrections) which can be used for building positions in quality stocks.

We advice investors to stay with quality frontline stocks like Tata Motors, Hindalco, Tata Steel, SBI,

ICICI Bank, IDFC, PTC India, Bajaj Auto.

Happy Investing!

Jagdeep Singh

Director - Distribution and Wealth Management

Disclaimer :

This Report has been prepared by Almondz Global Securities Ltd. (AGSL). This document is for information purposes only. This document is not to be reported or copied or made available to others. It should not be considered to be taken as an offer to sell or a solicitation to buy any security. AGSL or any of its subsidiaries or associates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this publication. The recipients / readers of this report should rely on their own investigations and / or should obtain individual financial advice based on their own particular circumstances before making investment decisions, if they make, on the basis of this report.

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EDITORIAL


AT YOur SErviCE .............................................................................................................................................................. 5Market Review ............................................................................................................................................................... 6-12 Domestic & Global Equity Markets .................................................................................................................................... 6-8

Domestic Debt Markets ......................................................................................................................................................... 9

Prof. Simply Simple ........................................................................................................................................................... 10 Understanding the difference between - Supply Side Inflation and Demand Side Inflation

Forex Round Up ................................................................................................................................................................. 11 Company Update - Adani Power Ltd ................................................................................................................................. 12Prof. Simply Simple ........................................................................................................................................................... 13 Understanding why one moves into long term - debt funds when interest rate begins to fall

Funds Overview ............................................................................................................................................................ 14-16 Overview of Equity & Debt Funds .................................................................................................................................. 14-16

Select Focus Mutual Funds ................................................................................................................................................ 17Fixed Deposit Scheme ....................................................................................................................................................... 18Anytime is the right time for SIP ...................................................................................................................................... 19Understanding Credit Spread ............................................................................................................................................. 20Life insurance Factsheet ............................................................................................................................................... 21-23 Health Insurance Plan .......................................................................................................................................................... 21

Insurance Performance Meter ........................................................................................................................................ 22-23

Mutual Funds ............................................................................................................................................................... 24-30 Performance Report ........................................................................................................................................................ 24-30

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CONTENTS


AT YOUR SERVICE

Post your queries [email protected]

I am a first-time investor. I want to know if I should invest in a mutual fund or go for the Rajiv Gandhi Equity Savings Scheme.- Mahesh Sawant - MumbaiThe guidelines for the Rajiv Gandhi Equity Savings Scheme (RGESS) are out, but it will still take some more time for the eligible funds under this scheme to be announced. If you plan to invest to save taxes, you already have many options for the first Rs 100,000 under Section 80C of the Income Tax Act. Under the RGESS, you will be eligible only if you haven’t bought shares in a demat account as yet and your annual income must be Rs 10 lakh or less. If you fulfill these riders, you will be allowed to invest a maximum of Rs 50,000 under the RGESS and you will get a tax rebate on 50 per cent of your invested amount. Furthermore, the eligible funds under the RGESS will be constrained to invest only in large-cap stocks. Hence, with all of this in mind, we would recommend that you opt for a mutual fund right now. If saving taxes is your goal, invest in an ELSS fund with a long-term, systematic approach.

I have monthly investments of Rs 500 in the NPS, Rs 16,000 in mutual funds and Rs 8,000 in EPF. I do not have a PPF account, do I need a PPF account for my retirement? If I want to open now it will take 15 years to mature. How much do I need to invest in that every month? – Sagar Chavan - PuneTypically in retirement you will need different sources to meet a mix of fixed income and variable income. For instance, pension from your EPF is fixed, whereas the returns from your investments in mutual funds are not. Moreover, when looking at income in retirement, take into account the impact of inflation and the monthly sum that you would definitely need. For instance, you will need Rs 18 to buy something that is available today for Rs 10 in ten years time taking 6 per cent inflation.

Hence, if your current investment is insufficient to take care of your retirement, you should increase your savings and investments towards it. In this context, the PPF (public provident fund) will be suitable, if you are ready to lock-in your funds for 15 years. If you do not have those many years left for retirement, consider increasing existing investments towards retirement.

How are Non-Convertible Debentures (NCDs) taxed? Should they be sold before maturity in secondary market with Security Transaction Tax (STT) paid, to derive indexation benefits? Please clarify. - Rishabh Goyel – Bangalore The debentures that cannot be converted to equity of the issuing company are referred as non-convertible debentures. NCDs usually carry higher interest rates compared with convertible debentures.

Held to maturity debentures: The interest earned on these is treated as income from other sources and is clubbed to your income and taxed according to the applicable income tax slab rate. NCDs can also be sold in the secondary market before their maturity, which changes the tax treatment.

NCD sold within a year of issue: Such a sale gives rise to short-term capital gain (loss), which is then clubbed into your income and taxed according based on the applicable income tax slab rates.

NCD sold after 1 year of issue and before maturity: Such a sale gives rise to long-term capital gains (loss), which is taxed @10 per cent excluding surcharge.

When selling NCDs in the secondary market, there is no indexation benefit available and no Securities Transaction Tax (STT) levied. Further, it should be noted that selling the debentures in secondary market will be possible based on its market demand, because you will be able to sell the NCD only if there is a buyer willing to buy at the quoted price.

I want to invest in mutual funds for my 2 children for a period of 10 years. Where should I invest? - Amrita Phadke - AhmedabadYou don’t need to do anything different while investing for your children. Just choose a couple of well-performing, mainstream funds and invest in them regularly via the SIP route.

Some options from the multi-cap category that you can choose from are HDFC Equity, UTI Equity, UTI Opportunities, Birla Sun Life Frontline Equity and ICICI Prudential Dynamic. Invest in these funds through all market cycles, and review them at least once a year.

I am 30 years old. I plan to invest via SIPs of Rs 2,000 each in HDFC Midcap Opportunities, ICICI Prudential Focused Bluechip Equity, IDFC Premier Equity Plan A and SBI Magnum Emerging Businesses. My goal is to generate wealth in the long run. I am looking to invest for 15-20 years. I understand that this portfolio of funds would have above-average risk associated with it. What would you recommend? — Arun Pachisia -AurangabadGiven that you understand the risk that comes with these funds and are willing to assume it, you have selected excellent funds to invest in. You’re also following the right method in terms of investing via SIPs. However, you shouldn’t consider holding these funds for the entire period of 20 years. You should stay invested in them through a full market cycle to get the best out of them, but you should systematically and regularly move your money to less volatile funds as well. Periodically reviewing your investments – at least once a year – will prove to be rewarding


EQUITY ROUND UP - DOMESTIC & GLOBAL

Indices December 31, 2012 November 30, 2012 Absolute Change % ChangeBSE METAL 11070.63 10355.19 715.44 6.91BSE Auto 11426.21 10814.46 611.75 5.66BSE Realty 2110.80 1998.36 112.44 5.63BSE Oil & Gas 8518.58 8252.14 266.44 3.23BSE Midcap 7112.89 6901.99 210.90 3.06BSE Bankex 14344.99 13951.88 393.11 2.82BSE-HC 8132.35 7946.48 185.87 2.34BSE PSU 7334.71 7177.65 157.06 2.19BSE SMALL CAP 7379.94 7275.65 104.29 1.43BSE Power Index 1990.91 1980.33 10.58 0.53BSE Sensex 19426.71 19339.90 86.81 0.45S&P Nifty 5905.10 5879.85 25.25 0.43BSE Capital Goods 10868.11 11080.20 -212.09 -1.91BSE FMCG 5916.22 6037.91 -121.69 -2.02BSE IT 5684.08 5888.42 -204.34 -3.47BSE Consumer Durables 7719.10 8031.24 -312.14 -3.89

Top Nifty Gainers Top Nifty Losers

ScripPrice as on

December 31, 2012

Price as onNovember 30, 2012

% Change Scrip

Price as onDecember 31, 2012

Price as onNovember 30, 2012

% Change

TATAMOTORS 312.65 273.45 14.34 BHARTIARTL 317.10 337.00 -5.91

BANKBARODA 866.45 762.60 13.62 HCLTECH 618.70 656.50 -5.76

HINDALCO 130.50 116.60 11.92 GRASIM 3169.50 3360.40 -5.68

JINDALSTEL 447.85 403.05 11.12 INFY 2318.70 2436.85 -4.85

PNB 871.30 784.90 11.01 TCS 1255.85 1314.00 -4.43

Rs. CroreDecember 2012 November 2012

Fii inv (Equity) Fii inv (Equity) Fii inv (Equity) MF inv (Equity)Buy 74314 9978 51144 8245

Sell 49226 12677 41567 10590

Net 25088 -2698 9577 -2345

Indian equity markets maintained their upward momentum for the second consecutive month even as uncertainty over the U.S fiscal

cliff was pervasive throughout the month of December. One of the key triggers for the markets was the progress on the reforms front

by the Indian Government. The benchmark BSE Sensex and S&P CNX Nifty inched up by 0.45% and 0.43%, respectively. At the same

time, Mid-cap and Small-cap stocks witnessed strong growth during the month, outperforming their large-cap peers.


EQUITY ROUND UP - DOMESTIC

Trading for the month began on a positive note after both the

Houses of Parliament approved the Government’s decision to

allow 51% FDI in multi-brand retail. In addition, expectations

of a rate cut by the Reserve Bank of India (RBI) at its monetary

policy review also supported the markets.

During the middle of the month, Indian equity markets faltered

owing to the challenges facing the U.S. budget, even as the

reported IIP data showed considerable improvement. The

robust IIP data elicited a mixed response from the market, as it

lowered the possibility of a rate cut by the central bank. Other

macro-economic indicators also provided support, including

a lower growth in the Wholesale Price Index inflation for

November, which grew at 7.24%, while the Index of Industrial

Production (IIP) recorded a growth of 8.2% in October. The

rise in IIP was mainly due to low base effect. The HSBC

manufacturing Purchasing Managers’ Index (PMI) moved up

from 52.9 in October to 53.7 in November, registering its fastest

pace of growth in five months. However, the HSBC PMI for the

service sector fell to 52.1 in November from October’s 53.8.

Rising for the second consecutive month, retail inflation surged

9.90%, driven mainly by rising prices of food items like sugar,

vegetables, edible oil and clothing. In comparison, retail

inflation stood at 9.75% in October and 9.73% in September.

As the month progressed, the markets fell further after the

RBI left interest rates unchanged. However, towards the end

of the month, domestic bourses gained after the Government

announced measures to boost India’s merchandise exports.

Investors took comfort from the RBI’s statement that it would

pump in Rs. 8,000 crore in the market by buying Government

securities to ease the liquidity situation.

A dramatic turn of events marked the eventual resolution to

the U.S. fiscal cliff; and kept the markets volatile towards the

end of the month. On New Year’s Eve, a late budget agreement

in the U.S. provided partial solution to the fiscal cliff issue

by maintaining tax reductions for the vast majority of the

population, and delaying automatic spending cuts for another

two months.

Metal and Auto stocks were the top performers this month.

Banking stocks remained in focus in December on account of

the Banking Bill, which was cleared in Parliament. Among the

major laggards, Consumer Durables, IT, Teck and FMCG fell in

the range of 2-4%.

Foreign Institutional Investors (FIIs) remained strong buyers in

equity for the month to the tune of Rs. 25,088 crore (net) which

supported the markets. In the calendar year, FIIs emerged as

net buyers in equity pumping in a net Rs. 1,28,361 crore.

On the global front, the uncertainty from the U.S. put a

dampener on the positive HSBC PMI for China’s manufacturing

sector and Greece’s plan to buy back debt. The markets did

witness moments of strength as Chinese factories output

climbed 10.1% in November from a year ago. Sentiments

received additional support from positive Chinese retail sales

data, the U.S. Federal Reserve’s policy announcement and the

European Union’s agreement to create a common banking

authority. The business confidence data released in Germany

showed an increase for the second consecutive month. This

coupled with the stable outlook for Greece by Standard and

Poor’s brought relief to investors.

Outlook:

Over the near term, market direction will depend on the policy

progress and FII inflows, apart from global developments.

Market participants will also wait for the official announcement

of a hike in diesel prices after the media reported a possibility in

the Government’s plans to gradually raise fuel prices.

Investors will closely follow the third quarter results, which

are expected to be published in mid-January, along with future

earnings forecast. The Government’s reforms agenda has lifted

investor sentiments and business confidence, which in turn

have driven foreign investment inflow in the current month.


Global Market Updates

Major global indices ended in green during the month with Nikkei being the top performer. U.S. equities gained marginally after positive reports on U.S. jobless claims and new home sales came out. Later on, U.S. congress’ decision to convene talks on the Budget deal brought relief to the investors. European stocks witnessed volatility amid slow progress on U.S. fiscal cliff. Asian bourses rose after Chinese manufacturing activity exhibited its best performance since March 2012.

U.S.: U.S. stocks started the month with modest losses. The markets declined in spite of new details of a counter-offer from the House of Republicans to avert the fiscal cliff. Subsequently, U.S equities witnessed some gains ahead of monthly Government jobs report, while concerns over the final version of the U.S. Budget deal continued to linger. The U.S. Federal Reserve announced that it will replace its Operation Twist program, which expires at the end of the year, with the purchase of longer-term Treasury securities. It will also continue purchasing additional agency mortgage-backed securities. On the economic front, home builder sentiment index climbed for the eighth straight month.

Subsequently, the bourses reversed most of its earlier gains as the discussion to avert the fiscal cliff fizzled out.

Towards the end of the month, an extremely bleak report on the holiday shopping season weighed on retail stocks. According to the MasterCard Advisors Spending Pulse, sales in the two months before Christmas rose just 0.7% compared to the last year, clocking the slowest growth rate since 2008. U.S. consumer confidence index hit a four-month low in December. However, positive reports on U.S. jobless claims and new home sales pulled the stocks off their lows. News that the House of Representatives will reconvene ahead of the New Year to resume talks on the Budget deal offered some respite to the markets. Despite these positive signals, markets remained under pressure because of U.S. fiscal cliff concerns.

Indices December 31, 2012 November 30, 2012 Absolute Change % ChangeNikkei 225 (Japan) 10395.18 9446.01 949.17 10.05Straits Times (Singapore) 3167.08 3069.95 97.13 3.16Hang Seng (Hong Kong) 22656.92 22030.39 626.53 2.84DJiA 13104.14 13025.58 78.56 0.60FTSE 100 (London) 5897.81 5866.82 30.99 0.53Nasdaq Composite 3019.51 3010.24 09.27 0.31

DJIA -Dow Jones Industrial Average Note: Sorted in descending order based on “%Change”

Europe : European bourses experienced volatility throughout the month. The month started with European shares falling off their peaks after a report showed weaker-than-expected U.S. manufacturing data in November. However, Spain’s request for an E.U. bailout for its banks helped limit losses. Moreover positive comments from China’s new leader on country’s growth outlook supported the markets. Both the European Central Bank and the Bank of England decided to keep interest rates unchanged.

Market sentiments dampened after the Italian Prime Minister announced his resignation following the 2013 Budget. However, positive data from ZEW index in Germany and France’s current account deficit improved the market mood. The Euro zone Finance Minister agreed to release a long-delayed aid package to Greece. Moreover, Euro zone Composite Flash PMI improved in December and rating agency Fitch affirmed France’s triple-A rating, which supported buying trend further.

During the interim period, investors looked to book profits ahead of Christmas. The unexpected decline in the New York manufacturing index further added to woes. Moreover, crisis in the Euro zone continued to linger as a report published by the E.U. estimated that Greece’s economy could shrink by more than 4.2% in 2013, pushing the country into its sixth straight year of recession. Subsequently, possibility of U.S. Republicans and Democrats reaching a Budget deal supported buying activity in the market. Business confidence data released in Germany showed an increase for the second consecutive month. This coupled with the stable outlook for Greece by Standard and Poor’s brought relief to the investors.

Towards the end of the month, European equities witnessed volatility as talks to avoid the U.S. fiscal cliff didn’t progress much. Investors chose to remain on the sidelines with thin trading volumes reported across the major European exchanges. Data from National

Institute of Statistics and Economic Studies showed that confidence among French consumers improved in December for the first time since May this year. Despite these positive signals, concerns over the looming U.S. fiscal cliff continued to impact sentiments.

Asia: Asian equities started on a mixed note as positive data on China’s manufacturing activity and Greece’s plan to buy back debt were offset by concerns over U.S. lawmakers reaching a Budget deal before year end. The HSBC PMI for China’s manufacturing sector hit a 13-month high of 50.5 in November, up from 49.5 in October. Japanese stocks moved up on the back of weak yen following persistent speculation that the central bank would adopt bolder action to pull Japan out of deflation after change in the Government. As per National Bureau of Statistics data, output from Chinese factories rose by 10.1% in November from a year ago, its best performance since March. Market enthusiasm dampened slightly when China posted a lower-than-expected trade surplus in November. However, positive German economic confidence data boosted sentiments.

Japan’s Prime Minister exerted pressure on the central bank by calling for more aggressive monetary stimulus measures. He also revealed his party’s plan to swiftly strike a policy agreement with the Bank of Japan to achieve a 2% growth, raising expectations of further monetary easing. Investors preferred to remain on the sidelines as a Budget deal by the end of the year, intended to prevent the U.S. fiscal cliff, looked doubtful. However, by the end of the month, the buying trend found support as U.S. policymakers decided to resume negotiations for a Budget bill along with Chinese industrial profits rising for the second consecutive month in November 2012.

EQUITY ROUND UP - GLOBAL


DEBT ROUND UP - DOMESTIC

Indicators December 31, 2012 Month Ago Indicators December

31, 2012 Month Ago

Call Rate 8.32% 8.02% Reverse Repo 7.00% 7.00%

NSE Mibor(Over Night) 8.23% 8.09% Repo 8.00% 8.00%

3 M CP 9.00% 8.95% Bank Rate 9.00% 9.00%

5 Yr Corp Bond 8.92% 9.00% CRR 4.25% 4.25%

10 Yr Gsec 8.05% 8.18%

Interbank call money rates moved in the range of 8.00% to 8.32% in December compared to 7.97% to 8.08% witnessed in the previous month. Banks’ net average borrowings under the RBI’s repo window stood higher at around Rs. 1,21,200 crore, compared to the previous month’s average figure of Rs. 92,750 crore. It remained above the RBI’s comfort level of Rs. 1,00,000 crore even after 25 bps cut in cash reserve ratio (CRR) in the second-quarter monetary policy review. Higher Government borrowing and advance tax payment led to liquidity crunch in the banking system. To lower the cash deficit, the RBI conducted buyback of bonds through four OMOs cumulatively worth Rs. 40,000 crore during the month. Initially, liquidity in the banking system started improving a little as witnessed by daily repo borrowing numbers, but conditions tightened again due to advance tax outflows.

Bond yields remained range bound in the first half of the month as there was no clear picture on the RBI’s bond-buyback plans. Liquidity of the system was also under pressure due to advance tax outgo. Better-than-expected economic data during the middle of the month boosted sentiments as hopes started rising for a rate cut in January.

Towards the end of the month, bond yields dropped further on expectations that the central bank will continue to infuse liquidity through bond purchases via OMOs and on media reports that the Government was considering to raise diesel and kerosene prices gradually to contain the fiscal deficit. On the last trading day, bond yields fell to a more than 20-month low on quarter-end buying and the Government’s move to sell more T-bills. The RBI announced the calendar for auction of T-bills for the quarter ending March 2013. The central bank will auction 91-days, 182-days and 364-days T-bills for an amount aggregating Rs.1,40,000 crore.

The yield on 10-year benchmark bond touched a level of 8.01% on an intra-day basis on the last day of the month, a level last seen in mid-April 2011. However, it closed down 13 bps at 8.05%, against last month’s close of 8.18%.

The RBI kept the benchmark policy rates unchanged in its mid-quarter monetary policy review. Accordingly, repo and reverse repo rate stood at 8% and 7% respectively. The central bank also decided to keep CRR rates unchanged at 4.25%. The RBI said in its policy statement that liquidity conditions remained tight during the third quarter mainly due to large Government balances with the central bank and the widening gap between deposit and credit growth.

Among regulatory updates, the finance ministry raised the foreign institutional investor (FII) limits in government securities and corporate bonds by $5 billion (Rs. 27,600 crore) each to attract long-term investments into the debt market and to narrow the current account deficit. The additional borrowing will raise the total FII investment limit

allowed in a year in domestic debt to $75 billion (Rs. 4.14 lakh crore).

The RBI has proposed tighter norms for non-banking financial companies (NBFCs) on capital requirements, risk weights, provisioning norms and asset classification. The central bank has proposed that stake transfer of NBFCs of more than 25% will need RBI’s prior approval. In addition, NBFCs with an asset size of Rs. 1,000 crore or more will require RBI’s approval for appointment of a chief executive officer.

The ECB and FCCB for the month of November stood at $1.34 billion as against $4.29 billion in the previous month.

The RBI announced in consultation with the State Governments that the indicative quantum of total market borrowings by the State Governments and the Union Territory of Puducherry for the quarter January-March 2013 is expected to be in the range of Rs. 55,000 crore to Rs. 60,000 crore.

As per the RBI’s report on Sectoral Deployment of Bank Credit, non-food bank credit increased by 17.6% in November 2012 compared to an increase of 16.8% in November 2011. As per the same report, personal loans increased by 16.3% in November 2012 compared to an increase of 13.3% in November 2011.

Outlook

Bond yields are expected to fall in the coming month if the RBI announces more OMOs to curb liquidity deficit in the banking system. The RBI is also trying to monitor the evolving growth-inflation dynamic and will update the assessment of its growth and inflation projections for 2012-13 in the third quarter review in January 2013. The upcoming monetary policy review, scheduled in January, is an important event as the market is expecting at least 25 bps cut in policy rates and this will decide the movement of bond yields for the rest of the current fiscal. The RBI will conduct auctions of dated securities worth Rs. 24,000 crore and T-bills worth Rs. 50,000 crore during the first month of the calendar year 2013.

– By Prof. Simply Simple™

¡ It is summer holidays and kids living in a posh building – “Inflationary Heights” are having great fun. Their parents have filled their pockets with money and the kids now have buying power.

¡ There is an ice cream parlor down the street. The man in charge of the parlor is glad for making all the children happy with his different ice cream flavors. There is a nice balance between the joy of selling and buying ice cream. But this summer something happened.

¡ The kids from Inflationary Heights start consuming double the volume of ice cream that they normally do.

¡ The parlor man soon realizes that the children from Inflationary Heights are eating more ice cream. He increases prices and the demand continues unabated.

¡ While the parlor man gets richer by the day, the other children of the area can’t afford the ice cream any longer.

¡ They decide to meet the parents of the children of Inflationary Heights. They request the parents to reduce the pocket money allowance of their children so that the price of ice cream drops.

¡ The parents are in a fix. They know that this will not be accepted by their children. But they do understand that if they reduce the allowance, their kids would have less money and consequently the demand for ice cream would drop. Thus the inflation in ice cream at the parlor could be reduced by reducing the availability of money.

¡ In a similar fashion to the parents having the option to regulate the prices of the ice cream parlor, the RBI (Reserve Bank of India) has the option to regulate the flow of money into the economy and control prices. This is called Demand Side Inflation. This may get controlled by monetary policy measures.

¡ So what is Supply Side Inflation? Let’s get back to the story.

¡ After the meeting, the next day one of the parents, Mr. Idea Shankar calls on a few competitors of the Ice Cream Parlor and informs them of the huge business potential in their area.

¡ He tells the competition that the children of Inflationary Heights have more cash to spend due to their higher allowance.

¡ Within two days, four new parlors spring up in the area. Seeing this and fearing that he would lose business to competition, the parlor man immediately brings down prices. Now there are enough parlors and enough customers.

¡ In this scenario, the higher allowance does not impact prices in the parlors because there is enough supply. In fact, some of the parlors start offering discounts. All the children on the area are happy now. In fact, they can now eat more due to the discounts.

¡ The manner in which prices were regulated was by increasing the supply of ice cream, in the same manner, the government may control inflation by making the necessary provisions for increasing the supply of products and services in the economy. This is the concept of supply side inflation.

¡ While it is easier to set up a few ice cream parlors, it is not as easy to set up many factories and services for the government as it would need land, labor and capital plus time to set up the supply.

¡ However, controlling inflation from a supply perspective is more inclusive and sustainable.

¡ On the other hand, using monetary policy to stem inflation is short term in nature and not inclusive. Beyond a point, monetary policy ceases to be an effective tool for inflation control.

¡ To some extent, the Indian economy stands at a cross road because the role of RBI to control inflation is diminishing and the need for creating additional supply is getting imperative.

¡ Policies need to be drafted that attract entrepreneurs to invest in the economy so that they can create supply and demand by way of creating jobs. This could try and bring balance back to the economy.

Hope this story has clarified the difference between Demand Side Inflation and Supply Side Inflation

Understanding the difference betweensUpply side inflation and demand side inflation

Disclaimer: The views expressed in this lesson are for information purposes only and do not construe to be any investment, legal or taxation advice. The contents are topical in nature and held true at the time of creation of the lesson. This is not indicative of future market trends, nor is Tata Asset Management Ltd. attempting to predict the same. Reprinting any part of this presentation will be at your own risk. Tata Asset Management Ltd. will not be liable for the consequences of such action.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

Please give me your feedback [email protected]


In the Forex market despite strong FII inflows rupee remained under pressure against USD thanks to strong up move in USD against all other major currencies. Weakness in rupee also attributed to buying in USD by oil companies. The government has announced the current account deficit data for the second quarter for the financial year 2012 13 which came out at a very inflated $22.3 billion. As a percent of the GDP this stands at 5.4% of the GDP which is more than double of what the comfort zone for the RBI stands at (2.5%). The steps to curb gold imports had very little impact with demand for gold remaining robust putting pressure on current account deficit. . Oil staying close to or above $85 through the year didn’t help either.

IF we need to see re-bound in domestic currency policy makers need to tighten the current deficit. The government is working on various ways to reduce gold imports. It is thinking of increasing the import duty on gold by 2% t0 6%. We expect rupee to trade in the range of 54.5 to 55.25 in near term as oil continues to stay above $85, festive demand for gold continues and overall strong USD against all other major currencies. Major support will come from continued FII inflows in Indian capital markets.

Rupee Movement Vs Global CurrenciesDecember 31, 2012

November 30, 2012

Absolute Change % Change

uSD 54.78 54.53 0.25 0.46

GBP 88.51 87.48 1.03 1.17

EurO 72.26 70.89 1.37 1.94

100 YEN 63.66 66.17 -2.51 -3.79

USD/INR

After trading range bound for the first half of the month, the Indian rupee slowly moved southward, ending the month lower.

The domestic currency experienced weakness, as defence companies and importers, including oil and gold firms purchased the U.S. dollar. The weakness also reflects concerns over India’s current account and fiscal deficits, which continuously impacted the rupee’s outlook.

The rupee faltered more after exporters refrained from selling dollars on expectations of further weakness after the RBI maintained status quo on interest rates.

A sharp rise in October’s industrial output and a surprise drop in headline inflation in November did little to restrict the fall. However, the currency got some support after the ruling coalition won a vote in the lower house of Parliament on allowing Foreign Direct Investment in multi-brand retail. The resultant capital inflows into the domestic equity and debt markets also supported the domestic currency to some extent.

The rupee ended the month at 54.99 to the dollar, 1.35% weaker than the previous month’s close of 54.26.

EUR/USD

After range bound movement, the euro strengthened mid-month and remained steady in the last week of the month.

The euro gained mid-month on encouraging manufacturing data from the Euro zone and China. Also, a formal announcement by Spain for European funds to recapitalize its banking sector added to further gains. Moreover, the expectations of monetary easing by the Federal Reserve and better-than-expected German ZEW Economic Sentiment and the U.S. third quarter GDP data boosted the appeal of the currency. Furthermore, a report from the European Central Bank showed that the Euro zone’s current account surplus increased in October, which helped the single bloc currency gain.

However, gains were restricted owing to disappointing Spanish bond auctions and a sharp fall in Euro zone retail sales numbers. The political turbulence in Italy and Germany increased concerns, and led to an uncertain near-term outlook for the Euro zone. The currency remained almost steady in the last week as the U.S. fiscal cliff negotiations became the main focus of investors.

With an upward bias, the euro closed with a gain of 1.62% to $1.3194, as compared to the previous month’s close of $1.2984.

GBP/USD

The pound strengthened over the month, and the gains were mostly in the first half of the month. In the second half, the currency remained broadly range bound.

As the month commenced, the GBP moved in a narrow range against the dollar, as investors closely followed what the U.K. Finance Minister would report in his ‘autumn statement’ in the Parliament. At the same time, a wider-than-estimated British trade deficit disappointed investors. The stronger corporate and sovereign demand, however, capped the losses.

Soon after, the currency strengthened, boosted by strong demand from investors. Amidst concerns over the Italian Prime Minister’s decision to resign, investors found the GBP more appealing than the euro. This, in turn, helped the pound firm up against the dollar. The possibility of further monetary easing by the U.S. Federal Reserve and a better-than-expected U.K. employment report helped the currency gain further.

Before the downside started, the currency touched a two-and-half month high, in the wake of positive German business confidence data and an upward revision in the World Bank’s 2013 growth forecast for China.

By the end of the month, the gains were capped, as weaker-than-expected retail sales data, rise in public borrowing and a sharp fall in December consumer confidence figures increased concerns that the economy’s performance could deteriorate in the coming months. This could push the Bank of England to ease monetary policy. However, the currency recovered to some extent due to concerns over the U.S. tax hikes and spending cuts that were due to commence in the New Year.

The currency ended with a gain of 0.73% to close at $1.6251 against the previous month’s close of $1.6010.

USD/YEN

The yen remained weak in December, extending its losses for the third consecutive month. The Japanese currency fell more than 5%, which is highest in the last three months.

The weakness in the yen emerged on expectations of further monetary easing by the Bank of Japan (BoJ). This expectation gained ground after the victory of Japan’s Liberal Democratic Party. The winning party called for aggressive monetary stimulus measures by the BoJ to beat deflation. The yen fell further after the new Prime Minister, Mr. Shinzo Abe, threatened the independence of the BoJ, if the latter refused to set a 2% inflation target.

Moreover, higher-than-expected growth in the U.S. employment, and higher U.S. Treasury bond yields further weakened the yen against the dollar.

Furthermore, the positive move of the BoJ to increase its asset-purchase program by 10 trillion yen was a less aggressive move as per market expectations. This not only failed to offer any respite to a weakening yen, but also fuelled expectations of further easing in 2013. The yen ended at 86.7400 yen per dollar, 5.20% lower than the last month’s close of 82.4500.

FOREX ROUND UP


COMPANY UPDATE - ADANI POWER LIMITED

– By Prof. Simply Simple™

¡Any explanation in finance comes alive and becomes relevant the moment you compare it with something non-finance from our everyday life.

¡ Everybody knows that prices rise when there is increase in demand and fall with the fall in demand. The same is applicable on Bonds with long durations

¡ Let’s also revisit the basics of Bond price and Interest relationship:

¡ When Interest rates rise, price of bonds fall likewise the price rise with the fall in interest rates

¡ Let’s say there is this typical Indian middle class housewife who manages her house efficiently with the money that her husband gives her.

¡ When inflation strikes and refuses to subside, she decides to tweak her management style.

¡ For example because she expects that the supply of vegetables are set to decline and hence the price of vegetables are set to rise, she decides to purchase large quantities of vegetables for a longer period. Now, even if the price of vegetables were to go up, it would not make a difference for her for a reasonably long period as she had purchased for a longer duration because of her expectations that prices are set to rise.

¡ Similarly when interest rates are expected to come down it means that the demand for bonds yielding higher interest rates would increase. Also the supply of bonds with higher interest rates will come down.

¡ Therefore the price of such bonds would go up.

¡ So, just like the smart housewife, a smart fund manager would also buy such bonds for a much longer duration so that he can gain from the increase in the price when interest rates go down as per his expectation.

¡ Thus whenever interest rates are poised to fall it makes ample sense to buy funds that hold papers of longer duration such as Income Funds / Gilt funds / Dynamic Bond funds.

¡ Going back to our housewife example. What do you think she will do when she expects supply of vegetables in the market is likely to go up?

¡ When supply is expected to go up, prices would come down. Hence the housewife does not buy vegetables for the long term any more. She just buys enough for a day or two so that she can take advantage of the falling prices.

¡ Similarly when the fund manager expects that the interest rates are set to rise, he realizes that the prices of bonds are set to fall because of higher supply.

¡ So he sells off the long duration papers and moves into short duration papers. This is exactly like what the smart housewife did when she purchased vegetables for a day or two.

¡ Both their objectives being the same – i.e. to have the money to buy at the right time.

¡ Therefore when one is expecting interest rates to rise, it makes sense to invest in funds like Short Term Bond Fund which invests in papers of shorter duration.

¡ This ensures that you are prepared with money to buy Bonds / Debt Papers when the prices start to fall.

Hope this story has clarified why one should invest in long duration bonds when interest rates are expected to fall and short duration funds when interest rates are expected to rise

Understanding why one moves into long termdebt fUnds when interest rate begins to fall

Disclaimer: The views expressed in this lesson are for information purposes only and do not construe to be any investment, legal or taxation advice. The contents are topical in nature and held true at the time of creation of the lesson. This is not indicative of future market trends, nor is Tata Asset Management Ltd. attempting to predict the same. Reprinting any part of this presentation will be at your own risk. Tata Asset Management Ltd. will not be liable for the consequences of such action.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

Please give me your feedback [email protected]


MUTUAL FUNDS OVERVIEW

Returns Summary Absolute Monthly Returns %

index Tracks Dec-12 Nov-12Crisil 10 Yr Gilt Index Gilt Funds 1.49 0.72

Crisil Composite Bond Fund Index

Long Term Funds 0.85 0.51

Crisil MIP Blended Index Monthly Income Plans 0.79 1.19

CRISIL Short-Term Bond Fund Index

Short Term Funds 0.66 0.60

Crisil Balanced Fund Index

Balanced Funds 0.58 3.44

BSE Sensex Equity Funds 0.45 4.93

Change in Assets Under Management Month-on-Month Basis

Category December31, 2012 (Rs. Cr.)

November30, 2012 (Rs. Cr.) % Change

INCOME 378,196 387,408 -2.38EQuiTY 166,538 165,086 0.88BALANCED 18,034 17,371 3.82LIQUID/MONEY MARKET 149,582 176,984 -15.48GILT 6,500 5,426 19.79ELSS - EQUITY 25,223 25,027 0.78GOLD ETF 11,992 11,918 0.62OTHER ETFs 1,676 1,637 2.38FUND OF FUNDS INVESTING OVERSEAS 2,254 2,295 -1.79

Top Picks of Mutual Funds during December 20121. ICICI Bank Ltd. 11. Axis Bank Ltd.2. Housing Development Finance Corporation Ltd. 12. ITC Ltd.3. HDFC Bank Ltd. 13. Hindustan Unilever Ltd.4. Reliance Industries Ltd. 14. Cipla Ltd.5. State Bank of India 15. Tata Steel Ltd.6. Larsen & Toubro Ltd. 16. Power Grid Corporation of India Ltd.7. Infosys Ltd. 17. Maruti Suzuki India Ltd.8. Oil & Natural Gas Corp. Ltd. 18. Grasim Industries Ltd.9. Tata Consultancy Services Ltd. 19. Bharat Petroleum Corporation Ltd.10. Bharti Airtel Ltd. 20. Tata Motors Ltd.

High outflows from liquid funds

After a steady growth in the last two months, the industry’s assets under management (AUM) witnessed a drop of 4.18% in December 2012. The poor performance came mainly due to high outflows from liquid funds. The category saw its asset base falling by 15.48%. Income fund also saw huge outflow to the tune of Rs. 11,026 crore. Gilt funds (both short-term and long-term) did well as expectations rose that the interest rates might gradually start moving downward. The asset base grew significantly by 19.79% to Rs. 6,500 crore.

Indian mutual funds’ average AUM rose by 5.3% to Rs. 7.87 lakh crore in October-December 2012 because of sharp inflows into Government debt. Both FIIs and domestic mutual funds remained net buyers in the Indian debt market to the tune of Rs. 1,704 crore and Rs. 43,624 crore, respectively.

Indian equity markets rose marginally for the second consecutive month on the back of sustained inflows of Foreign Institutional Investments (FII). Sentiments remained positive on the back of improving policy and economic outlook despite concerns over the U.S. fiscal cliff issue. The AUM of equity fund category increased more than 1% over the month. Hybrid funds too performed well with its asset base growing by 3.82%.

Following downward movement of the precious metal, Gold ETFs gave negative returns to investors. Fall in gold prices in the world market by around 2.34% and concerns over the lingering U.S. fiscal cliff could not boost the category much. Apart from Fixed Maturity Plans, the month also saw new schemes in the debt category in the form of Religare Bank Debt Fund and IDBI Gilt Fund. Also, Union KBC Asset Allocation Fund - Conservative Plan, was added.


MUTUAL FUNDS OVERVIEW

Regulatory advancements in Mutual Fund Industry

• The Association of Mutual Funds in India (AMFI) has announced rollout of mutual fund Common Account Statements (CAS) in electronic form. According to the regulatory body, the system will offer convenience, security and easy access. The electronic version of this statement will be sent to the e-mail ID of investors, registered as per the KYC records or the one registered in the last transacted folio during the month.

• The Government is in talks with markets regulator SEBI and insurance regulator IRDA to allow mutual funds and insurance companies enter the commodity futures markets. The initiative comes following a similar move to enable banks enter the segment by amending the Banking Regulation Law. Commodity futures help in hedging risks involved in fluctuations in commodity prices. Participation of large institutional investors like banks, insurance companies and mutual funds will help commodity markets gather a strong foothold.

News on Pension Funds

• The Pension Fund Regulatory and Development Authority (PFRDA) introduced National Pension System (NPS) to provide old age income. It is a pension plan where one can invest during the working years and withdraw when he/she retires. It is an online facility which provides a subscriber access to two personal accounts — Tier-I pension account and Tier-II savings account. In Tier-I pension account, which is a non-withdrawal account; one can contribute his savings for retirement. Tier-II savings account is a voluntary savings facility.

• In an attempt to fill the void of pension products, life insurance companies are pitching for monthly income plans and traditional whole life products as retirement solutions. The companies are seeing huge demand for monthly income plans for the past few months and the same is expected to rise consistently. Following IRDA’s direction to insurance companies to offer minimum guaranteed returns on unit linked insurance policies, life insurers are projecting long-term savings options as retirement products, coupled with monthly income plans.

Major fund related news included:-

o The total Assets Under Management (AUM) of the mutual fund industry increased by 3.3% to Rs. 7.93 lakh crore in November due to huge inflow into liquid funds.

o BOI AXA Mutual Fund has introduced BOI AXA SIP Shield facility in BOI AXA Equity and Tax Advantage Fund with effect from December 6. The AMC will provide a group insurance cover to all resident individuals and NRI applicants and fund the premium towards such cover.

o Reliance Capital Asset Management said its open-ended equity growth scheme, Reliance Growth Fund, achieved a net asset value (NAV) of Rs. 500. According to the company, this is the first fund in the industry to achieve this NAV level. The fund was launched 17 years ago.

o Quantum Mutual Fund introduced Interbank Mobile Payment System as a mode of payment for online subscriptions (purchase) with effect from December 4.

o C.S. Mohapatra, Advisor to the Financial Stability Development Council at the Finance Ministry said that the country’s mutual fund industry has scope to introduce simple products rather than coming out with sophisticated offerings. He also added that the industry should look at how to make mutual funds a good business proposition.

o Arvind Sethi, who was appointed as an Independent Director on the board of Tata Asset Management (Tata Mutual Fund), had been appointed as its Managing Director and CEO with effect from December 10.

o Goldman Sachs Mutual Fund announced that investments in Goldman Sachs Nifty BeES, Junior BeES, Bank BeEs and S&P Shariah BeES are eligible for benefits under Rajiv Gandhi Equity Savings Scheme as on December 11.

o ICICI Prudential Mutual Fund changed the name of ICICI Prudential Equity and Derivatives Fund-Volatility Advantage Plan to ICICI Prudential Equity-Volatility Advantage Fund and ICICI Prudential Equity and Derivatives Fund-Income Optimiser Plan to ICICI Prudential Equity-Arbitrage Fund, with effect from December 22.

o Franklin Templeton Mutual Fund announced that the cap on investment amount for fresh purchase and additional purchase (including switch-in) by an investor on a single day in each plan in Templeton India Income Opportunities Fund and Templeton India Corporate Bond Opportunities Fund (TICBOF) will be Rs. 20 crore per application, with effect from December 24.


MUTUAL FUNDS - EQUITY ORIENTED

TOP PERFORMERS - 1 MONTH RETURNSCategory Scheme Name 1 MonthEquity - Arbitrage ICICI Prudential Equity - Volatility Advantage Fund - Reg - Growth 1.47Equity - Diversified SBI Emerg Buss Fund - Growth 5.88Equity - Global Funds Mirae Asset Global Commodity Stocks Fund - Growth 5.79Equity - Index IDBI Nifty Junior Index Fund - Growth 4.52Equity - Sector - Banking / Fin Sundaram Financial Services Opportunities Fund - Reg - Growth 4.68Equity - Sector - FMCG Birla Sun Life Buy India Fund - Growth 1.69Equity - Sector - IT(infotech) ICICI Prudential Technology Fund - Growth -0.87Equity - Sector - Infra HDFC Infrastructure Fund - Growth 5.01Equity - Sector - Pharma SBI Pharma Fund - Growth 2.01Equity - Sector - Power Escorts Power and Energy Fund - Growth 3.40Equity - ELSS Birla Sun Life Tax Plan - Growth 3.43Balanced HDFC Prudence Fund - Growth 3.83ETF Kotak PSU Bank ETF 10.42Fund of Funds HSBC Brazil Fund - Growth 9.76

TOP PERFORMERS - 1 YEAR RETURNSEquity - Arbitrage ICICI Prudential Equity - Volatility Advantage Fund - Reg - Growth 33.14Equity - Diversified SBI Emerg Buss Fund - Growth 55.97Equity - Global Funds Mirae Asset India-China Consumption Fund - Growth 35.40Equity - Index IDBI Nifty Junior Index Fund - Growth 47.34Equity - Sector - Banking / Fin ICICI Prudential Banking and Financial Services Fund - Retail - Growth 71.75Equity - Sector - FMCG Birla Sun Life Buy India Fund - Growth 42.73Equity - Sector - IT(infotech) ICICI Prudential Technology Fund - Growth 17.02Equity - Sector - Infra Franklin Build India Fund - Growth 39.67Equity - Sector - Pharma SBI Pharma Fund - Growth 36.84Equity - Sector - Power Reliance Diversified Power Sector Fund - Growth 28.82Equity - ELSS Principal Tax Savings Fund 46.23Balanced SBI Magnum Balanced Fund - Growth 34.83ETF GS Bank BeES 58.33Fund of Funds ING 5 Star Multi Manager FoF Scheme - Growth 33.64

LAGGARDS - 1 MONTH RETURNSEquity - Arbitrage Birla Sun Life Enhanced Arbitrage Fund - Growth 0.31Equity - Diversified Sundaram Media & Entert Opp Fund - Reg - Growth -2.35Equity - Global Funds Birla Sun Life Commodity Equities Fund - GPM - Growth -6.19Equity - Index LIC Nomura MF Index Fund - Sensex Advantage Plan - Growth 0.25Equity - Sector - Banking / Fin Religare Banking Fund - Reg - Growth 2.89Equity - Sector - FMCG ICICI Prudential FMCG - Growth -2.06Equity - Sector - IT(infotech) Birla Sun Life New Millennium - Growth -3.42Equity - Sector - Infra BOI AXA Focused Infrastructure Fund - Growth -0.71Equity - Sector - Pharma Reliance Pharma Fund - Growth 1.56Equity - Sector - Power Sundaram Energy Opportunities Fund - Reg - Growth 0.57Equity - ELSS Escorts Tax Plan - Growth -1.99Balanced LIC Nomura Balanced - Plan C (Growth) -0.07ETF Birla Sun Life Gold ETF -3.39Fund of Funds DSP BlackRock World Gold Fund - Reg - Growth -3.75

LAGGARDS - 1 YEAR RETURNSEquity - Arbitrage Birla Sun Life Enhanced Arbitrage Fund - Growth 7.02Equity - Diversified SBI PSU Fund - Growth 10.27Equity - Global Funds Birla Sun Life Commodity Equities Fund - GPM - Growth -8.89Equity - Index Franklin India Index Fund - BSE Sensex Plan - Growth 25.68Equity - Sector - Banking / Fin Sundaram Financial Services Opportunities Fund - Reg - Growth 46.80Equity - Sector - FMCG ICICI Prudential FMCG - Growth 40.57Equity - Sector - IT(infotech) Franklin Infotech Fund - Growth 0.26Equity - Sector - Infra IDFC Infrastructure Fund - Growth 9.99Equity - Sector - Pharma UTI Pharma and Healthcare Fund - Growth 24.64Equity - Sector - Power Sundaram Energy Opportunities Fund - Reg - Growth 12.50Equity - ELSS Escorts Tax Plan - Growth 19.42Balanced Escorts Opportunities Fund - Growth 19.35ETF GS Liquid BeES 5.97Fund of Funds PineBridge World Gold Fund - Std - Growth -6.12

Source: MFI Explorer


SELECT FOCUS: MUTUAL FUNDS - JANUARY 2013

LARGE CAP EQUiTY FUNDS

Scheme Name NAV As on Jan 10, 2013 Launch Date QAAuM

(Latest)iCrA

Ranking 1 Year 2 Years 3 Years Since Inception

ICICI Prudential Focused Bluechip Equity Fund - Ret - Growth 3 STAR 18.76 23-May-08 4230.72 26.44 6.04 10.87 14.55Canara Robeco Equity Diversified - Growth 2 STAR 64.22 16-Sep-03 683.18 31.82 7.27 10.24 22.15HDFC Equity Fund - Growth 3 STAR 299.23 01-Jan-95 10555.65 33.40 2.21 8.73 20.76Franklin India Bluechip - Growth 3 STAR 240.30 01-Dec-93 5040.43 26.86 4.17 8.68 25.03L&T Equity Fund - Growth 2 STAR 38.28 16-May-05 2614.55 25.14 2.34 8.44 19.23HDFC Top 200 - Growth 3 STAR 230.40 11-Sep-96 12122.23 31.26 3.18 8.33 22.74Birla Sun Life Frontline Equity Fund - Plan A - Growth 3 STAR 101.27 30-Aug-02 2935.67 36.35 5.27 7.67 25.04DSP BlackRock Top 100 Equity Fund - Reg - Growth 2 STAR 113.13 10-Mar-03 3568.99 28.22 4.37 6.95 27.96Principal Large Cap Fund - Growth 3 STAR 31.16 11-Nov-05 389.64 33.16 2.28 6.61 17.25Tata Pure Equity Fund - Growth 4 STAR 108.96 07-May-98 585.97 27.66 3.51 6.30 24.17Kotak 50 - Growth 2 STAR 112.62 29-Dec-98 779.72 24.42 3.05 5.84 21.44Templeton India Growth Fund - Growth 1 STAR 128.27 10-Sep-96 689.18 36.82 1.26 5.48 17.77HDFC Premier Multi - Cap Fund - Growth 1 STAR 29.18 06-Apr-05 372.74 21.08 -1.11 5.21 14.84IDFC Imperial Equity Fund - Plan A - Growth 1 STAR 20.01 16-Mar-06 223.83 20.60 0.41 3.88 10.73Sundaram Select Focus - Reg - Growth 1 STAR 90.90 30-Jul-02 640.17 21.15 -1.16 1.28 23.52DWS Investment Opportunity Fund - Reg - Growth 2 STAR 37.35 29-Jan-04 80.54 25.09 -2.34 0.65 15.89DSP BlackRock Focus 25 Fund - Growth 1 STAR 11.38 10-Jun-10 382.08 28.78 2.55 -- 5.20

DIVERSIFIED EQUITY FUNDSReliance Equity Opportunities Fund - Growth 5 STAR 44.84 31-Mar-05 4611.40 45.81 10.48 14.67 21.33ICICI Prudential Discovery Fund - Growth 3 STAR 59.02 16-Aug-04 2300.35 45.12 8.93 12.22 23.58Birla Sun Life Dividend Yield Plus - Growth 2 STAR 95.98 26-Feb-03 1361.87 31.02 5.51 10.98 25.84UTI Opportunities Fund - Growth 3 STAR 32.12 20-Jul-05 3406.53 26.08 7.80 9.81 17.06Mirae Asset India Opportunities Fund - Reg - Growth 3 STAR 18.95 04-Apr-08 279.00 31.76 6.21 9.54 14.35ICICI Prudential Dynamic Plan - Growth 3 STAR 119.27 31-Oct-02 3961.06 28.50 4.65 8.86 27.53UTI Dividend Yield Fund - Growth 2 STAR 34.86 23-May-05 3682.39 23.44 3.18 8.33 17.92L&T India Large Cap Fund - Growth 2 STAR 13.04 23-Oct-07 375.25 22.59 1.15 7.79 5.32DSP BlackRock Equity Fund - Reg - Growth 2 STAR 18.19 07-Jun-07 2615.67 32.41 3.44 6.83 11.33Reliance RSF - Equity - Growth 3 STAR 34.33 08-Jun-05 2949.19 44.70 3.68 6.29 17.72Kotak Opportunities Fund - Growth 2 STAR 51.07 09-Sep-04 744.01 30.74 3.43 6.14 21.65Reliance Growth - Growth 2 STAR 508.30 08-Oct-95 5686.98 36.04 2.50 5.17 25.55Tata Equity P/E Fund - Growth 2 STAR 51.42 29-Jun-04 549.05 29.22 2.20 4.74 21.16Reliance Vision - Growth 2 STAR 276.44 08-Oct-95 1985.53 29.17 -0.29 2.73 21.21Sundaram SMILE Fund - Reg - Growth 1 STAR 34.72 15-Feb-05 433.97 46.27 1.62 1.76 17.13

MID CAP EQUITY FUNDSHDFC Mid-Cap Opportunities Fund - Growth 4 STAR 18.97 25-Jun-07 2570.09 39.12 9.78 14.79 12.32IDFC Premier Equity Fund - Plan A - Growth 4 STAR 40.69 28-Sep-05 3396.71 40.87 10.37 14.06 21.28DSP BlackRock Micro Cap Fund - Reg - Growth 3 STAR 17.76 14-Jun-07 473.04 40.30 4.09 12.91 10.91DSP BlackRock Small and Midcap Fund - Reg - Growth 2 STAR 20.57 14-Nov-06 1265.39 45.77 6.21 10.97 12.56Sundaram Select Midcap - Reg - Growth 3 STAR 174.45 30-Jul-02 2130.05 37.86 5.84 8.11 31.49UTI Master Value Fund - Growth 1 STAR 56.21 01-Jun-98 655.86 31.86 2.10 7.75 20.29Birla Sun Life Mid Cap Fund - Plan A - Growth 2 STAR 120.46 03-Oct-02 1250.97 36.57 3.12 3.96 27.46

ELSS / TAX PLANSCanara Robeco Equity Taxsaver - Growth 3 STAR 30.03 02-Feb-09 506.77 30.45 6.57 10.82 32.36Franklin India Taxshield - Growth 2 STAR 244.69 10-Apr-99 905.21 29.28 6.96 10.63 26.16Reliance Tax Saver (ELSS) Fund - Growth 4 STAR 24.95 22-Sep-05 2104.51 46.12 8.21 10.62 13.50ICICI Prudential Taxplan - Growth 3 STAR 161.30 19-Aug-99 1467.98 35.87 5.35 9.44 23.10L&T Tax Advantage Fund - Growth 2 STAR 23.79 27-Feb-06 1202.92 26.56 2.33 9.10 13.52Religare Tax Plan - Growth 2 STAR 19.89 29-Dec-06 129.26 29.31 5.21 8.82 12.12HDFC Taxsaver - Growth 1 STAR 248.19 13-Jun-96 3447.62 26.52 1.85 7.72 27.93

THEMATIC FUNDSReliance Banking Fund - Growth 2 STAR 123.40 26-May-03 1858.13 57.25 9.32 16.99 29.81Reliance Pharma Fund - Growth -- 69.78 05-Jun-04 674.68 34.20 10.74 16.91 25.45Religare Contra Fund - Growth 1 STAR 17.66 11-Apr-07 60.79 31.87 3.06 4.72 10.46Canara Robeco Infrastructure Fund - Growth 1 STAR 22.97 02-Dec-05 107.07 23.58 1.13 2.81 12.62SBI Contra Fund - Growth 2 STAR 59.79 05-Jul-99 2658.25 34.82 0.93 1.88 22.29DSP BlackRock India Tiger Fund - Reg - Growth 1 STAR 47.16 11-Jun-04 1558.85 36.24 -0.86 1.46 19.86Religare PSU Equity Fund - Growth 1 STAR 10.55 18-Nov-09 83.91 19.32 -2.33 0.41 1.72ICICI Prudential Infrastructure Fund - Growth 1 STAR 28.33 31-Aug-05 1838.46 25.21 -4.03 -1.24 15.27Reliance Diversified Power Sector Fund - Growth 1 STAR 59.86 08-May-04 2154.23 27.92 -12.68 -9.01 23.06

BALANCED FUNDS (Hybrid)HDFC Balanced Fund - Growth 1 STAR 64.82 11-Sep-00 991.18 25.88 8.53 12.54 16.39ICICI Prudential Balanced - Growth 2 STAR 57.10 03-Nov-99 381.15 30.03 10.92 12.14 14.08HDFC Prudence Fund - Growth 2 STAR 244.54 01-Feb-94 6239.17 29.19 7.04 11.63 20.04Reliance RSF - Balanced - Growth 3 STAR 25.94 08-Jun-05 556.47 33.82 6.18 10.10 13.40Birla Sun Life 95 - Growth 1 STAR 352.22 10-Feb-95 559.40 24.96 5.89 9.06 21.99Axis Triple Advantage Fund - Growth 4 STAR 12.69 23-Aug-10 491.41 18.35 11.37 -- 10.72

MIP & INCOME FUNDSICICI Prudential MIP 25 - Growth 2 STAR 23.06 30-Mar-04 438.24 16.98 9.09 8.72 9.97HDFC MIP - LTP - Growth 2 STAR 26.65 26-Dec-03 5035.79 15.43 8.05 8.50 11.43Birla Sun Life MIP II - Savings 5 - Growth 5 STAR 20.91 01-May-04 302.44 11.86 9.80 8.46 8.84Reliance MIP - Growth 3 STAR 25.55 12-Jan-04 3341.96 16.35 8.88 8.41 10.98Canara Robeco Monthly Income Plan - Growth 1 STAR 34.14 04-Apr-88 273.33 12.47 8.19 8.20 8.14Birla Sun Life MIP II - Wealth 25 - Growth 1 STAR 21.08 22-May-04 190.92 17.14 8.78 7.94 9.01UTI - MIS - Advantage Fund - Growth -- 23.22 16-Dec-03 587.95 14.62 7.52 6.97 9.73L&T Monthly Income Plan - Growth 1 STAR 22.51 31-Jul-03 70.85 11.86 7.16 6.34 8.97

Dividend is Tax Free for Debt & Equity MF’s & for Equity MF - Long Term Capital Gain Tax ( after 1 year ) is NiLICRA Online Ltd and ALMONDZ GLOBAL SECURITIES LTD (AGSL) have taken due care and caution in compilation of data. Information has been obtained by ICRA Online Ltd and AGSL from sources they consider reliable. However, ICRA Online Ltd and AGSL do not guarantee the accuracy, adequacy or completeness of the information and are not responsible for any errors or omissions or for the results obtained from the use of such information. ICRA Online Ltd and AGSL are not responsible for any errors in data reproduction. ICRA Online Ltd and AGSL especially state that they have no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this bulletin. Please refer to offer documents before investing.

Surendra N. Tare [email protected] Mumbai-09323239568


FIXED DEPOSIT JANUARY [email protected]

Mumbai-09323239568

FINANCE COMPANIES rATiNGS MIN. AMOUNT

interest Rates (% p.a.) Share holder

Sr. Citizen6m 1yr 2yr 3yr 5yr

Dewan Housing Finance Limited 10000/- 14M 10.75 10.50 10.50 10.50 10.50 Nil 0.50 0.50Exim Bank 10000/- 9.25 9.25 9.25 9.00 9.00 Nil 0.50 0.50HDFC Ltd Individual (Cum) 20000/- -- 8.90 9.05 9.15 8.90 Nil 0.25 0.25HDFC Platinum Deposits 20000/- 15M 9.40 -- -- 33M 9.40 -- Nil 0.25 0.25HDFC Platinum Senior Deposit Scheme 20000/- -- -- 20M 9.80 40M 9.80 Nil Nil NilKerala Transport Dev. Finance Co. Ltd (Upto 25 Lacs) 10000/- -- 10.25 10.25 10.25 10.00 -- 0.25 0.25LIC Housing Finance Ltd 10000/- 18M 9.00 8.75 9.00 9.25 9.50 Nil Nil NilMahindra & Mahindra Financial Services Ltd 25000/- 18M 9.75 9.25 10.00 10.25 9.75 Nil 0.25 0.25Shriram Transport Straight Bond 10000/- -- 9.75 10.25 10.75 10.75 Nil 0.25 0.25Shriram Unnati Fixed Deposit 25000/- -- 9.25 9.75 10.75 10.75 Nil 0.25 0.25Sundaram BNP Paribas Home Finance 10000/- -- 9.25 9.50 9.50 9.50 Nil 0.50 0.50

MANUFACTURING COMPANIES rATiNGS MIN. AMOUNT

interest Rates (% p.a.) Share holder


Ansal Housing & Construction Ltd 10000/- 10.00 11.00 11.00 11.50 -- Nil Nil NilAnsal Properties & Infrastructure Ltd 50000/- -- 12.00 12.25 12.50 -- Nil Nil NilBilcare Ltd 20000/- -- 11.00 11.50 12.00 -- Nil 0.25 0.25Elder Pharmaceuticals Ltd 20000/- -- 9.50 10.50 11.50 -- Nil 0.5 NilEssix Biosciences Ltd 10000/- -- 11.00 11.50 12.00 -- Nil Nil NilFenner India Ltd 20000/- -- 9.00 9.25 9.50 -- Nil Nil NilGodrej Boyce & Manufact. Ltd 15000/- -- -- -- 10.00 -- Nil Nil NilGodrej Industries Ltd 10000/- 13M 7.75 -- 8.50 9.25 -- Nil Nil NilGodrej Properties Ltd - (Only Shareholder) 10000/- -- 9.00 9.50 10.50 -- Nil Nil 0.50

Helios & Matheson Infor Tech Ltd 25000/- -- 12.00 12.00 12.00 -- Nil Nil Nil

Ind-Swift Laboratories Ltd 10000/- -- 11.00 11.50 12.00 -- Nil 0.50 NilJ K Tyre & Industries Ltd 20000/- -- 9.00 9.25 9.50 -- Nil 0.50 NilJaiprakash Associates Ltd 20000/- 11.50 12.00 12.25 12.50 -- Nil Nil NilJaypee Infratech Ltd 20000/- 11.50 12.00 12.25 12.50 -- Nil Nil NilJyoti Structures Ltd 25000/- -- 12.00 12.25 12.50 -- Nil Nil NilMukund Ltd 10000/- -- 9.25 9.75 11.50 -- 0.25 Nil NilNeesa Leisure Ltd 25000/- 11.50 11.75 12.25 12.50 -- Nil Nil NilParsvnath Developers Ltd 20000/- 10.00 11.50 11.75 12.00 -- Nil Nil NilPlethico Pharmaceuticals Ltd 25000/- -- 11.00 11.50 12.00 -- Nil Nil NilPrism Cement Ltd 10000/- -- 9.50 9.50 9.50 -- Nil Nil NilSejal Glass Ltd 10000/- -- 11.50 11.75 12.00 -- Nil Nil NilSRS Real Infrastructure Ltd 20000/- -- 11.50 12.00 12.50 -- Nil Nil NilSurya Roshni Ltd 30000/- -- 10.50 11.50 12.00 -- Nil Nil NilUnitech Ltd 25000/- 11.50 11.50 12.00 12.50 -- Nil Nil NilUnited Spirits 25000/- -- 11.00 11.50 -- -- Nil Nil Nil

GOVERNMENT COMPANIES rATiNG MIN. AMOUNT

interest Rates ( %) p.a Share holder


CANFIN Homes Ltd 5000/- 9.75 9.75 9.50 8.50 8.50 Nil 0.50 0.50HUDCO Ltd 10000/- 9.00 9.10 9.20 9.00 9.00 Nil 0.25 0.25PNB Housing Finance Ltd. (Individual) 10000/- 9.40 9.40 9.40 9.30 9.30 Nil 0.25 0.25Sardar Sarovar Narmada Nigam Ltd 10000/- -- -- 8.00 -- -- Nil Nil NilSIDBI ( Individuals & Huf ) (Trust) 10000/- 9.50 9.25 9.00 -- -- Nil 0.50 0.50

ONLY RENEWALS COMPANIES rATiNG MIN. AMOUNT

interest Rates ( %) p.a Share holder


CHD Developers Ltd 20000/- 10.50 12.00 12.25 12.50 -- Nil Nil NilJagatjit Industries Ltd 50000/- 10.00 10.50 11.00 11.50 -- Nil Nil NilTalbros Automotive Components Ltd 10000/- -- 9.50 10.25 11.00 -- Nil Nil 0.25

CAPITAL GAIN BONDS (Tax Saving u/s 54EC) rATiNG MIN. AMOUNT NATURE COUPONS MATuriTY

NHAI - National Highway Authority of india AAA Stable by Crisil 50000/- 54 EC Capital Gains Bonds of NHAI 6.00 % Annually 3 Years

REC - Rural Electrification Corporation Ltd AAA Stable by Crisil 10000/- REC Capital Gain Tax Exemption Bonds 6.00 % Annually 3 Years

GOVT OF INDIA 8% Taxable BondsSBI, PNB, ICICI, HDFC, IDBI BANK -- 20000/- TAXABLE BONDS 8.00 % H or Cum 6 Years

Note:q Any one of the following documents to be obtained for KYC # Passport # Voter’s Identity Card # Driving License # Telephone Bill #Bank Statement # Electricity Bill # Ration Card q PAN copy for Application > 40,000 /- q Attached photograph for HDFC & ICICI Home Finance & address proof for all finance company

interest rates may be revised by company from time to time. Please confirm interest rates before submitting the applicationDiSCLAiMER: Before investing in fixed deposit schemes of your choice, please read the statutory advertisement issued by the company in leading newspapers.& Financial Position of The Company in Audited Balancesheet. Interest Rate may be Subject to change without Notice

Surendra N. Tare


ANYTIME IS ThE RIGhT TIME FOR SIP

Surendra N. Tare

The best way to invest in volatile Equity market is through SIP. Only SIPs can protect you from tough times and SIP is smart way to create wealth. It doesn’t demand lump sum investments. Just a little, every month. What’s more? With SIP, you don’t need to time the market. And over a long period, your investment averages out the market highs and lows. Hence you buy more units when the market is low and less when the market is high. SIP is truly small on savings and big on benefits. So, develop a good habit of regular savings.

Open at least 5-6 SIP account in following equity MF schemes, so that the same folios can be used to add Lump sum investment when the market is down. The Whole purpose is to accumulate more no. of units at lower NAV & reap the big profits when the market is at peak.

¡ The real value of SIP comes out only when you invest for the entire “Bull-Bear” market cycle (Min. 3 to 5 years). ¡ Short term SIPs made closer to the market peak would not work.¡ Never stop SIPs in declining market as it does not help its strategy of average cost. ¡ For SIP, always go for growth option. Dividend option doesn’t make sense as it defeats the purpose of wealth accumulation.¡ If you want to stop SIP in between, you can do so or or continue with accumulated Units or withdraw after completing 1 year for which there is no penalty or deduction or compulsion.

SIPs Stand the Test of Time, Beat Sensex in 5 -Year RaceSIP of Rs 1000 / Per month for 1 to 5 Yrs

Growth 1 Year Rs. 12000 2 Yrs Rs. 24000 3 Yrs Rs. 36000 5 Yrs Rs. 60000NAV Current Value (31/12/2012) (@ BSE: 19,426.71 )

Birla Sun Life Dividend Yield Plus - Growth 94.10 13430 27252 41473 91431Birla Sun Life Frontline Equity Fund - Gr 98.16 14016 28321 42365 85596Canara Robeco Emerging Equities Fund - Gr * 27.46 14156 29326 44761 97814Canara Robeco Equity Diversified - Gr 63.25 13575 27908 42396 89325DSP BlackRock Micro Cap Fund * 17.77 13615 27800 41628 95869DSP BlackRock Top 100 Equity Fund Gr 110.53 13412 27293 41248 81618Franklin India Bluechip Fund Gr 233.70 13394 27153 41195 83942Franklin India Prima Plus Gr 248.85 13730 27984 42382 84925HDFC Equity Fund - Gr 291.43 13595 27049 40704 87894HDFC Mid Cap Opportunity Fund - Gr * 18.46 13661 28380 43989 97973HDFC Prudence Fund - Gr * 237.51 13446 27439 42159 90815HDFC Top 200 Fund 224.84 13541 27192 40965 85207ICICI Prudential Discovery Fund Gr * 56.83 13903 28876 43753 101567ICICI Prudential Dynamic Plan-Cum 114.97 13208 26851 40778 83576ICICI Prudential Focused Bluechip Equity Fund 18.36 13421 27412 42144 82181IDFC Premier Equity Fund - Plan A - Gr * 39.86 14276 29527 45291 100149IDFC Sterling Equity Fund - Gr * 21.59 13940 28710 43547 97340Kotak Opportunities Fund 50.02 13660 27559 40840 79362Mirae Asset India Opportunities Fund - Gr 18.50 13678 27920 42473 89381Morgan Stanley A.C.E. Fund 15.64 13773 27383 40377 81596Quantum Long Term Equity Fund - Gr 24.83 13444 27623 42275 91289Reliance Equity Opportunities Fund * 43.89 14170 29685 45561 102394Reliance Growth Fund 499.34 13878 27871 40745 81910Religare Midcap Fund 17.41 14234 29283 44564 96439SBI Mag Sector Fund Umbrella Eme. Bus. Fund-Gr * 58.72 15332 33134 52462 117194Sundaram Select MidCap 170.62 13893 28115 42198 90704Tata Equity P/E Fund 50.09 13319 26762 39744 81720UTI Opportunities Fund * 32.14 13415 27940 43161 90622

SIP COMPARISATION OF EQUITY DIVERSIFIED AND INDEX / POST OFFICE R/DFranklin India Index Fund-BSE Sensex Plan-Gr 54.88 13269 26466 39396 74770Franklin India Index Fund-NSE Nifty Plan-Gr 46.53 13307 26667 39741 75228

Post Office R/D Rs. 1000/ p.m. for 60 Months @ 8.4 % P.A - for 60000 you invested you get 74651

Mutual Funds investments are subject to market risk, read the scheme information document carefully before investingDisclaimer on SIP: The amounts invested in SIP and the market values of such investments at respective periodic intervals thereof are simulated for illustrative purposes for understanding the concept of SIP. This illustration should not be construed as a promise, guarantee on or a forecast of any minimum returns. The Mutual Fund or the Investment Manager does not assure any safeguard of capital and the illustrated returns are not necessarily indicative of future results and may not necessarily provide a basis for comparison with other investments. SIP does not guarantee or assure any protection against losses in declining market conditions.

[email protected] Mumbai-09323239568


UNDERSTANDING CREDIT SPREADContributed by ICRA Online Ltd

Most financial terms are looked upon with aversion. Invariably these financial terms are accompanied by a complex

formula and explain a concept which seems too farfetched. However, the credit spread is a simple term that involves a

basic subtraction. Moreover, given the prevalence of its use, it should be a part of your investment vocabulary. Credit

spread very simply put is the difference in the yield between different fixed income securities. The difference in yield arises

primarily on account of differences in credit quality of different securities. Under normal circumstances the larger the

difference between the credit quality of securities, the greater will be the credit spread. Most often the term credit spread

is used to represent the difference between the yields of government securities, and the highest rated corporate debt of

similar maturity. Government securities are considered risk-free. This is also often referred to as the corporate spread.

Yield

A bond’s value is usually quoted not in terms of its traded price, but in terms of its yield, or the annualized holding period

return if an investor held the bond to maturity. This is because there are multiple cash flows involved in a bond which will

be available in future and need to be accounted for. The relationship between the price of a bond and its yield is inverse.

If the traded price of a bond increases its yield diminishes.

Credit Risk

To fully appreciate what credit spreads are and the dynamics behind them, we need to clarify some basics about risk

and the premium that risk enjoys. Everything comes at a price. Therefore higher returns are also possible only when an

investor is willing to take on higher risk. For this reason different investment securities carry varying returns. These returns

are based on the amount an investor will pay for the risk assumed by him. In case of fixed income securities companies

have a different risk weightage. Some companies are financially healthier than others and are hence in a better position

to repay their debt obligations. This propensity to meet debt obligations is identified through standardized ratings. Usually

companies with better ratings are able to raise debt at substantially lower rates viz. companies that don’t have very strong

ratings. It is here that we discuss credit spreads.

The spread widens as risk increases. Let’s take an example. You will often hear that the credit spread widened by 3 basis

points (100 basis points make 1 percentage) for the 5 year security. What this means is that if the credit spread stood at

87 bps (basis point) on 27th July and if the yield on the 5-year G-sec reduced by 4 bps but that on the 5-year AAA corp

bond fell by only 1 bps, spread widened by 3 bps. Widening credit spread points to greater risk aversion while a narrowing

spread points to improvement in investor confidence. Therefore, the next time reports of widening spread appear, you will

be able to decipher whether it is a positive development or a negative development.

Date 5-year Govt. Security 5-year AAA Corp. Bond Credit Spread27/07/2012 8.23% 9.10% 0.87%

29/07/2012 8.19% 9.09% 0.90%


hEALTh INSURANCE PLANContributed by Mrutyunjay Borwankar

When applying for Health InsuranceWith rising medical costs, it has now become imperative for everybody to get Health Insurance coverage. Here are the Top 5 factors to keep in mind:

1. Adequate coverage Amount Take an adequate cover to protect yourself and everyone

who is dependent on your income - e.g. your family members. Hospitalization costs are higher in metros; people living in metros typically should opt for a higher coverage amount

2. Re-imbursement or Cash Allowance? Health Insurance comes in various flavours. It is

imperative that you understand the difference between re-imbursement plan and a cash allowance plan. A cash allowance plan cannot replace a re-imbursement plan (often referred to as “Mediclaim” - because here the amount you get is based on the actual amount of expense incurred whereas in a cash allowance you get a fixed lump sum for every day you spend in the hospital - no matter how expensive the treatment might be

3. Cashless Facility Imagine having to run around to arrange for cash in an

emergency situation for getting admitted to the hospital of your choice! Most insurance companies had launched cashless cards for re-imbursement based plans - so that you could simply present the card at the time of admission and an administrator would take care of settling your hospital bills directly from the insurance company. However in mid-2010, several public sector insurers withdrew support for the cashless facility. Before buying your Health Insurance, you may want to check with your insurer how many hospitals does he offer support for the cashless facility and especially about the hospitals in your area. But please remember that just because a hospital is in the cashless network at the time of taking your first policy it may not remain in the cashless network when your claim arises. So this cannot be the sole factor for deciding about the health insurance company.

4. Age until Renewals allowed Most of us will certainly fall ill at some point of our lives -

and the chances are that we will fall ill when we are older. Entering into a new Health Insurance plan is significantly cheaper and easier when one is young & healthy. The chances of having any major pre-existing disease is lower so most plans are available and also the insurance company must disclose today the premiums applicable today as well as the premiums applicable at an older age Ensure that your health insurance plan is renewable after 65 - because at that age, you don’t want to discover that health insurance is difficult to get when you need it the most.

5. Co-pay & sub-limits One of the fears insurance companies nurse is that the

customer might opt for unusually expensive hospital rooms or procedures than are warranted. To overcome this, some

insurance companies introduce a co-pay or sub-limits. In a co-pay you are required to share some of the expenses incurred - regardless of the amount covered.

E.g. say you have a 3 lac cover and the bill you want to be re-imbursed amounts to Rs. 2 lacs. With a plan that has a 20% co-pay, you will only get 80% of the bill re-imbursed by the insurer - i.e. Rs. 1.6 lacs and you will have to bear the rest).

For the same coverage amount, a plan with a co-pay should come with a much lower premium than one without a co-pay. Sub-limits simply restrict the amount of re-imbursement for individual bill items - e.g. even a Rs 1 lac bill may not be fully re-imbursed for a Rs 3 lac coverage amount, if say the sub-limits set on room rentals/ doctors fees/ OT charges - or even a specific procedure (e.g. cataract/ knee replacement) is exceeded. Again a plan with sub-limits should have a lower premium for it to be worth considering.

6. Temporary and Permanent exclusions Normally most policies provide coverage for pre-existing

diseases only after a waiting period. Remember pre-existing disease is not just the disease you are suffering from at the time you took the first policy but also any other disease that is caused due to such pre-existing disease. A common example is that heart illness will also be treated as pre-existing (even though at the time you took the first policy you had no heart disease) if you had diabetes when you took the first policy since the heart illnesses is caused by Diabetes. This single item is responsible for most of the disputes between insurance companies and consumers. So make sure you disclose everything that is required in the form. Please do not sign a blank form and leave it to the agent to fill the form later. This will ensure that at least at the end of the waiting period you will get the disease covered. If you do not disclose the disease then you run the risk of your policy being cancelled or a renewal being denied if this fact is discovered later.

Apart from the above illness contracted during the first 30-90 days of the first policy is normally not covered. Some specific diseases/treatment such as cataract, knee replacement, etc. may also be covered only after a waiting period.

There are permanent exclusions as well such as beauty treatment, sexually contracted diseases, non allopathic hospitalization expenses, etc. Always read the policy brochure carefully and also look at the section dealing with permanent exclusions in the policy document.

Keep a copy of all documents submitted to the insurance company for your future reference. Any promise made by the agent or even an official of the insurance company has no value unless it is in writing or at least on email.

So if you are basing your decision on any such promise make sure you get it in record in some form.


LIFE INSURANCE PERFORMANCE METERGENERAL ULIPS

GENERAL ULiPS Performance As on December 31, 2012 Absolute Compound Annualized

Scheme Name NAV (31-Dec-12) Launch Date 3 Months 6 Months 1 Year Since inception

BAJAJ ALLIANZBajaj Allianz Life--ACCELERATOR MID-CAP FUND 22.81 10-Jul-2006 5.83 15.78 37.73 13.57

Bajaj Allianz Life--ASSET ALLOCATION FUND 14.72 28-Sep-2007 2.58 8.19 17.37 7.62

Bajaj Allianz Life--BOND FUND 17.61 10-Jul-2006 2.37 5.78 11.00 9.12

Bajaj Allianz Life--EQUITY GROWTH FUND 18.64 10-Jul-2006 5.11 11.61 26.90 10.09

Bajaj Allianz Life--EQUITY INDEX FUND II 19.00 10-Jul-2006 2.97 11.23 27.58 10.41

Bajaj Allianz Life--LIQUID FUND 17.13 10-Jul-2006 2.26 4.53 9.09 8.66

Bajaj Allianz Life--PURE STOCK FUND 24.5 21-Jul-2006 4.07 12.48 24.76 14.90

BIRLA SUN LIFEBirla Sun Life--Assure Fund 19.26 12-Aug-2005 2.16 5.23 10.07 9.27

Birla Sun Life--Builder Fund 32.10 01-Jan-2002 2.98 7.41 14.83 10.43

Birla Sun Life--Creator Fund 29.42 05-Feb-2004 3.28 9.42 21.17 12.88

Birla Sun Life--Enhancer Fund 37.98 01-Jan-2002 2.67 7.20 15.36 11.95

Birla Sun Life--Magnifier Fund 29.30 09-Aug-2004 3.71 12.43 30.28 13.65

Birla Sun Life--Maximiser Fund 15.05 11-Jun-2007 4.34 14.58 33.13 7.62

Birla Sun Life--Multiplier Fund 13.00 24-Oct-2007 6.45 15.02 39.19 5.18

Birla Sun Life--Protector Fund 25.96 01-Jan-2002 2.44 5.97 11.96 8.47

ING VysyaING Vysya--BALANCED FUND 20.36 02-Nov-2004 2.59 7.21 14.86 9.12

ING Vysya--DEBT FUND 18.23 02-Nov-2004 2.47 5.87 11.32 7.63

ING Vysya--EQUITY FUND 17.23 16-Feb-2006 3.42 11.17 25.40 8.28

ING Vysya--GROWTH FUND 22.39 02-Nov-2004 2.92 8.40 18.20 10.39

ING Vysya--SECURE FUND 19.42 02-Nov-2004 2.35 6.19 12.46 8.47

KOTAK MAHINDRAKotak Mahindra--Kotak Dynamic Bond 20.52 16-Apr-2004 2.51 6.01 12.04 8.59

Kotak Mahindra--Kotak Dynamic Floor Fund 18.89 15-Nov-2006 2.65 8.17 14.57 10.93

Kotak Mahindra--Kotak Guaranteed Balanced 32.43 30-Jun-2003 3.46 8.35 16.51 13.12

Kotak Mahindra--Kotak Guaranteed Growth 36.87 30-Jun-2003 3.71 9.04 18.17 14.66

RELIANCE LIFEReliance Life--Group Balanced Fund 1 19.13 05-Dec-2011 2.54 6.61 13.23 11.08

Reliance Life--Health Equity Fund 2 11.95 05-Dec-2011 6.83 16.76 32.05 21.72

Reliance Life--Health Growth Plus Fund 1 12.51 05-Dec-2011 3.15 8.93 17.43 12.55

Reliance Life--Life Equity Fund 2 13.79 05-Dec-2011 4.46 13.83 29.96 18.87

Reliance Life--Life Super Growth Fund 1 13.35 05-Dec-2011 4.36 12.94 26.58 17.36

SBI LIFESBI Life--SBI Life Bond Fund 19.75 10-Jan-2005 2.55 5.75 10.66 8.91

SBI Life--SBI Life Equity Fund 42.91 10-Jan-2005 4.91 14.66 30.66 20.03

SBI Life--SBI Life Money Market Fund 15.75 01-Feb-2006 2.00 3.90 8.38 6.78

TATA AiGTata AIG--Capital Guarantee 13.56 15-Oct-2007 2.52 5.10 10.46 6.02

Tata AIG--Large Cap Equity 11.97 07-Jan-2008 5.23 13.43 30.79 3.68

Tata AIG--Life Income Fund(Debt) 16.78 02-Mar-2004 2.37 5.48 10.60 6.03

Tata AIG--Short Term Fixed Income 15.48 03-Jul-2006 2.01 4.98 9.66 6.95

Tata AIG--Stable Growth 17.21 03-Jul-2006 3.42 8.71 18.16 8.71

Tata AIG--Whole Life Aggressive Growth 16.27 08-Jan-2007 4.21 10.51 22.35 8.48

Tata AIG--Whole Life Mid Cap Equity 15.71 08-Jan-2007 8.73 17.74 39.26 7.84

Disclaimer: The information contained in this report has been obtained from sources considered to be authentic and reliable. However, mutualfundsindia.com is not responsible for any error or inaccuracy or for any losses suffered on account of information contained in this report. This report does not purport to be an offer for purchase and sale of mutual fund units.


LIFE INSURANCE PERFORMANCE METERCHILD PLANS & PENSION PLANS

CHILD PLAN Performance As on December 31, 2012 Absolute Compound Annualized


BAJAJ ALLIANZBajaj Allianz Life--ACCELERATOR MID-CAP FUND 22.81 10-Jul-2006 5.83 15.78 37.73 13.57Bajaj Allianz Life--ASSET ALLOCATION FUND 14.72 28-Sep-2007 2.58 8.19 17.37 7.62Bajaj Allianz Life--BOND FUND 17.61 10-Jul-2006 2.37 5.78 11.00 9.12Bajaj Allianz Life--EQUITY GROWTH FUND 18.64 10-Jul-2006 5.11 11.61 26.90 10.09Bajaj Allianz Life--EQUITY INDEX FUND II 19.00 10-Jul-2006 2.97 11.23 27.58 10.41Bajaj Allianz Life--LIQUID FUND 17.13 10-Jul-2006 2.26 4.53 9.09 8.66BIRLA SUN LIFEBirla Sun Life--Builder Fund 32.10 01-Jan-2002 2.98 7.41 14.83 10.43Birla Sun Life--Enhancer Fund 37.98 01-Jan-2002 2.67 7.20 15.36 11.95Birla Sun Life--Protector Fund 25.96 01-Jan-2002 2.44 5.97 11.96 8.47KOTAK MAHINDRAKotak Mahindra--Kotak Aggressive Growth 38.15 14-Sep-2004 5.20 13.24 27.36 17.36Kotak Mahindra--Kotak Dynamic Balanced 34.93 30-Jun-2003 4.09 10.15 20.76 14.01Kotak Mahindra--Kotak Dynamic Bond 20.52 16-Apr-2004 2.51 6.01 12.04 8.59Kotak Mahindra--Kotak Dynamic Floating Rate 17.09 08-Dec-2004 2.02 4.52 8.39 6.85Kotak Mahindra--Kotak Dynamic Gilt 18.79 30-Jun-2003 2.96 5.67 11.80 6.79Kotak Mahindra--Kotak Dynamic Growth 39.39 30-Jun-2003 4.63 11.71 23.85 15.46SBI LIFESBI Life--SBI Life Growth Fund 22.84 24-Nov-2005 3.77 10.09 20.58 12.18TATA AiGTata AIG--Aggresive Growth 16.96 03-Jul-2006 3.51 8.97 20.92 8.47Tata AIG--Equity 33.85 02-Mar-2004 4.97 11.77 28.33 14.79Tata AIG--Life Income Fund(Debt) 16.78 02-Mar-2004 2.37 5.48 10.60 6.03Tata AIG--Short Term Fixed Income 15.48 03-Jul-2006 2.01 4.98 9.66 6.95Tata AIG--Stable Growth 17.21 03-Jul-2006 3.42 8.71 18.16 8.71

PENSION PLAN Performance As on December 31, 2012 Absolute Compound Annualized


BAJAJ ALLIANZBajaj Allianz Life--ACCELERATOR M-C PENSION FUND 24.16 24-Jul-2006 6.15 16.26 38.71 14.67Bajaj Allianz Life--BOND PENSION FUND 18.06 24-Jul-2006 2.38 5.78 11.05 9.61Bajaj Allianz Life--EQUITY GROWTH PENSION FUND 21.07 24-Jul-2006 5.37 13.22 28.90 12.26Bajaj Allianz Life--EQUITY INDEX PENSION FUND II 18.73 24-Jul-2006 3.32 11.49 28.43 10.22Bajaj Allianz Life--LIQIUD PENSION FUND 17.24 24-Jul-2006 2.30 4.55 9.10 8.82BIRLA SUN LIFEBirla Sun Life--Builder Fund 32.10 01-Jan-2002 2.98 7.41 14.83 10.43Birla Sun Life--Enhancer Fund 37.98 01-Jan-2002 2.67 7.20 15.36 11.95Birla Sun Life--Protector Fund 25.96 01-Jan-2002 2.44 5.97 11.96 8.47KOTAK MAHINDRAKotak Mahindra--Kotak Pension Balanced 33.00 30-Jun-2003 3.50 8.44 16.70 13.33Kotak Mahindra--Kotak Pension Bond 20.59 16-Apr-2004 2.54 5.88 11.94 8.63Kotak Mahindra--Kotak Pension Floating Rate 17.17 08-Dec-2004 2.02 4.51 8.38 6.92Kotak Mahindra--Kotak Pension Gilt 19.13 30-Jun-2003 2.98 5.70 11.74 7.00RELIANCE LIFEReliance Life--Pension Corporate Bond Fund 1 14.53 05-Dec-2011 2.16 5.59 10.05 10.06Reliance Life--Pension Energy Fund 1 9.64 05-Dec-2011 -2.53 3.16 10.68 3.12Reliance Life--Pension Energy Fund 2 8.69 05-Dec-2011 -2.13 3.47 11.65 0.95Reliance Life--Pension Gilt Fund 1 13.04 05-Dec-2011 2.93 5.26 10.72 10.76Reliance Life--Pension Infrastructure Fund 1 6.90 05-Dec-2011 -0.70 5.18 13.86 1.29Reliance Life--Pension Midcap Fund 1 12.32 05-Dec-2011 8.37 21.44 42.99 27.91Reliance Life--Pension Money Market Fund 2 12.45 05-Dec-2011 2.09 4.36 8.80 8.76TATA AiGTata AIG--Future Balanced Pension 13.83 04-Feb-2008 2.47 5.37 10.47 6.82Tata AIG--Future Capital Guarentee Pension 13.13 04-Feb-2008 2.43 5.05 10.25 5.70Tata AIG--Future Equity Pension 13.27 04-Feb-2008 4.58 12.36 27.98 5.94Tata AIG--Future Growth Pension 13.72 04-Feb-2008 3.03 6.98 13.68 6.66Tata AIG--Future Income Pension 14.02 04-Feb-2008 2.26 5.63 10.54 7.13

Disclaimer: The information contained in this report has been obtained from sources considered to be authentic and reliable. However, mutualfundsindia.com is not responsible for any error or inaccuracy or for any losses suffered on account of information


FUND PERFORMANCEIC

RA O

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and

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FUND PERFORMANCEM

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FUND PERFORMANCEEQ

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17

Prin

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2724

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FUND PERFORMANCETH

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FUND PERFORMANCEBA

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3IC

ICI B

ank

Ltd.

4.

82Ba

nks

17.0

268

.70

30.4

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89

UTI

Chi

ldre

ns C

aree

r Ba

lanc

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lan

14.7

612

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2928

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3.54

16.7

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748.

311.

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3322

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Axi

s Ba

nk L

td.

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Aut

o &

Aut

o A

ncill

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6039

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57.1

43.

25

DSP

Bla

ckRo

ck B

alan

ced

Fund

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row

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27-M

ay-9

964

4.74

5.91

22.0

86.

3015

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3.80

0.66

28.7

2St

ate

Bank

of I

ndia

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Bank

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73.9

819

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6.51

UTI

Mah

ila U

nit S

chem

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row

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08-M

ar-0

123

6.15

2.69

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9313

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1.55

0.26

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2Fe

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k Lt

d.1.

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6.36

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962

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6.96

UTI

Bal

ance

d Fu

nd -

Gro

wth

88.2

420

-Jan

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951.

384.

8024

.19

5.88

16.6

43.

830.

6923

.35

ICIC

I Ban

k Lt

d.

4.17

Bank

s12

.71

74.4

723

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1.56

Prin

cipa

l Sm

art E

quity

Fun

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row

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2IC

ICI B

ank

Ltd.

6.

45Ba

nks

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079

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2.77

18.1

1

Sche

me

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e3

Mon

ths

1 Ye

ar3

Year

s Ca

tego

ry A

vera

ge5.

1124

.34

9.34

Cris

il Ba

lanc

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und

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9418

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5.76

MO

NTH

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COM

E PL

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Retu

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Rat

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Sche

me

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11

Jan

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Laun

ch D

ate

QAA

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ears

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nce

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ptio

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ta (S

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Cash

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uity

HD

FC M

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le Y

ield

Fun

d - P

lan

2005

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row

th19

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17-A

ug-0

551

7.68

10.4

811

.73

9.16

9.22

8.26

0.09

0.68

----

81.2

218

.78

ICIC

I Pru

denti

al M

IP 2

5 - G

row

th23

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30-M

ar-0

443

8.24

17.8

515

.67

8.64

9.94

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00.

235.

643.

47--

71.9

924

.54

Birl

a Su

n Li

fe M

IP II

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ving

s 5

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wth

20.9

101

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302.

4412

.59

11.8

48.

488.

845.

640.

060.

0030

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--59

.82

9.61

HD

FC M

IP -

LTP

- Gro

wth

26.6

226

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-03

5035

.79

13.4

414

.73

8.47

11.4

215

.75

0.22

5.68

13.4

7--

61.5

824

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Relia

nce

MIP

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row

th25

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12-J

an-0

433

41.9

615

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15.2

58.

3710

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14.1

60.

197.

4929

.67

0.06

50.3

619

.93

Cana

ra R

obec

o M

onth

ly In

com

e Pl

an -

Gro

wth

34.0

804

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273.

339.

5011

.87

8.01

8.12

9.62

0.13

0.99

----

75.8

023

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ICIC

I Pru

denti

al M

IP -

Cum

ulati

ve29

.91

10-N

ov-0

045

8.65

13.1

612

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7.89

9.41

10.6

90.

155.

3417

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.75

14.7

3

Birl

a Su

n Li

fe M

IP II

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25

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wth

21.0

222

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190.

9219

.63

16.3

67.

788.

9717

.12

0.24

0.00

18.5

6--

51.6

629

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Birl

a Su

n Li

fe M

onth

ly In

com

e - G

row

th42

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14-J

ul-9

938

2.95

12.7

111

.34

7.65

11.2

68.

770.

120.

0024

.29

--60

.93

14.7

8

FT In

dia

MIP

- Pl

an A

- G

row

th32

.70

28-S

ep-0

029

7.14

17.2

814

.23

7.56

10.1

111

.79

0.17

4.85

17.7

9--

62.9

019

.31

UTI

Mon

thly

Inco

me

Sche

me

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wth

22.7

512

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327.

9310

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11.5

17.

198.

279.

520.

135.

278.

20--

76.7

315

.06

Taur

us M

IP A

dvan

tage

Fun

d - G

row

th12

.44

06-A

ug-1

084

.00

12.2

013

.44

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3913

.07

0.14

5.95

26.6

5--

42.9

422

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Axi

s In

com

e Sa

ver

Fund

- G

row

th11

.79

16-J

ul-1

013

2.03

10.7

912

.73

--6.

8215

.60

0.22

1.84

----

74.2

425

.76

Kota

k M

ulti

Ass

et A

lloca

tion

Fund

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row

th12

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21-J

an-1

117

5.73

14.9

813

.42

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.61

8.25

0.10

7.79

28.1

8--

47.0

217

.92

Tem

plet

on In

dia

Low

Dur

ation

Fun

d - G

row

th12

.47

26-J

ul-1

031

72.5

38.

7010

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371.

820.

000.

33--

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0.00

--

Sche

me

Nam

e3

Mon

ths

1 Ye

ar3

Year

s Ca

tego

ry A

vera

ge13

.29

13.1

58.

11Cr

isil

MIP

Ble

nded

Inde

x11

.66

11.6

57.

06

Retu

rns

are

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alis

ed fo

r per

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ear a

nd a

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for l

ess

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ear.

Risk

Rati

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ary

11, 2

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and

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k Ra

tios

are

for a

pe

riod

of 3

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or B

eta

with

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e to

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P CN

X N

ifty.


FUND PERFORMANCELi

Qu

iD F

UN

DSRe

turn

s %ri

sk R

atio

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rtfol

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ompo

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n

Sche

me

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AV a

s on

11

Jan

2013

Laun

ch

Date

QAA

uM

3 M

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ears

Si

nce

ince

ptio

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ta

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sh &

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ty

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idity

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row

th17

34.3

116

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5194

.81

8.43

9.59

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7.53

1.90

0.00

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roda

Pio

neer

Liq

uid

Fund

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g - G

row

th19

98.2

821

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3385

.96

8.24

9.54

8.06

6.56

1.89

0.00

0.15

----

100.

00--

JM H

igh

Liqu

idity

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row

th31

.39

31-D

ec-9

751

44.3

68.

539.

528.

047.

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890.

000.

10--

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0.00

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I Pre

mie

r Li

quid

Fun

d - I

P - G

row

th18

27.6

524

-Nov

-03

1065

2.27

8.34

9.52

8.01

6.82

1.88

0.00

0.09

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0010

0.00

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DFC

Liq

uid

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row

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.71

17-O

ct-0

096

35.1

68.

469.

477.

866.

931.

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SP B

lack

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Liq

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ty F

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ular

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n - G

27.2

111

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3348

.48

8.13

9.32

7.83

6.97

1.91

0.00

0.09

----

100.

00--

IDFC

Cas

h Fu

nd -

Plan

A -

Gro

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2024

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02-J

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144

24.5

27.

778.

897.

506.

301.

830.

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09--

88.9

711

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--Ta

ta L

iqui

d Fu

nd -

RIP

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2600

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30-A

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857

70.4

77.

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436.

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16--

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TI L

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1833

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311

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867.

416.

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rla

Sun

Life

Cas

h Pl

us -

Reta

il - G

row

th30

1.22

16-J

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714

651.

857.

858.

967.

407.

331.

990.

000.

00--

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nara

Rob

eco

Liqu

id -

Ret -

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2045

.03

15-J

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224

58.9

17.

408.

507.

246.

721.

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13--

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ICI P

rude

ntial

Liq

uid

Plan

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2.45

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21.8

106

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5173

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7.40

8.53

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6.55

1.85

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Axi

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et -

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1244

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02-M

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038

69.5

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7.94

1.53

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0.14

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100.

00--

IDBI

Liq

uid

Fund

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row

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35.8

709

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3762

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8.49

9.62

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801.

130.

000.

13--

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2312

1.23

--

Sche

me

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Mon

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Year

s Ca

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127.

63Cr

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668.

487.

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11

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ch

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QAA

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Mat

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Day

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sh &

Eq

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Debt

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Birl

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Sec

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d - L

T - G

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28-O

ct-9

934

4.55

17.5

111

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9.84

9.72

11.5

3-0

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0.00

96.0

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tak

Gilt

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vest

men

t Reg

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Pla

n - G

row

th40

.47

23-D

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850

2.09

17.6

813

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9.52

10.4

512

.97

-0.0

115

.32

98.2

5--

1.75

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TI G

ilt A

dvan

tage

Fun

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T -

PF P

lan

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wth

17.9

729

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194.

0919

.65

11.1

38.

366.

489.

77-0

.02

19.3

110

0.08

---0

.08

--IC

ICI P

rude

ntial

GFI

P - G

row

th39

.47

19-A

ug-9

932

2.10

16.4

110

.81

8.03

10.7

89.

940.

0010

.75

99.1

2--

0.88

--SB

I Mag

num

Gilt

LTP

- PF

- Re

gula

r - G

row

th15

.06

01-D

ec-0

312

5.42

20.0

511

.41

8.00

4.67

9.93

0.00

14.1

197

.11

0.95

1.95

--H

DFC

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Fun

d - L

T P

- G

row

th23

.28

25-J

ul-0

127

8.09

17.6

311

.59

7.96

7.64

10.3

50.

0014

.21

96.2

8--

3.72

--Re

lianc

e G

Sec

Fun

d - G

row

th14

.59

22-A

ug-0

815

2.38

17.8

412

.36

7.56

8.89

11.6

3-0

.01

15.8

198

.12

--1.

88--

Birl

a Su

n Li

fe G

PLP

- Gro

wth

25.5

712

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-99

5.27

7.65

8.01

7.27

7.34

3.06

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10.

00--

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0.00

--IC

ICI P

rude

ntial

GFI

P - P

F O

ption

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row

th22

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19-N

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334

6.57

16.1

59.

597.

109.

1510

.29

0.00

10.7

697

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--2.

12--

Tata

Gilt

Sec

uriti

es F

und

Plan

A -

Gro

wth

32.9

406

-Sep

-99

112.

5316

.74

10.1

96.

949.

3311

.63

-0.0

111

.57

95.8

72.

301.

83--

DSP

Bla

ckRo

ck G

over

nmen

t Sec

uriti

es F

und

- G38

.17

30-S

ep-9

935

1.86

18.6

89.

266.

5710

.60

10.7

3-0

.01

15.8

798

.43

--1.

57--

ICIC

I Pru

denti

al G

FTP

- Gro

wth

29.0

119

-Aug

-99

346.

7511

.79

8.61

6.35

8.27

3.39

-0.0

14.

0397

.26

--2.

74--

Prin

cipa

l Gov

t Sec

uriti

es F

und

- Gro

wth

23.3

423

-Aug

-01

70.5

415

.49

9.59

6.18

7.72

9.87

-0.0

19.

9687

.39

--12

.61

--Ca

nara

Rob

eco

Gilt

Adv

anta

ge F

und

- Gro

wth

11.5

601

-Mar

-11

2.60

5.68

7.61

--8.

072.

75-0

.01

0.00

----

100.

00--

UTI

G-S

ec F

und

- Gro

wth

22.7

123

-Aug

-99

85.4

2--

----

--8.

27-0

.03

4.52

----

----

Sche

me

Nam

e3

Mon

ths

1 Ye

ar3

Year

s Ca

tego

ry A

vera

ge15

.64

10.3

77.

67N

SE G

Sec

Com

posi

te In

dex

11.1

68.

995.

31

Retu

rns

are

annu

alis

ed fo

r per

iod

of o

ver o

ne y

ear a

nd a

re a

bsol

ute

retu

rns

for l

ess

than

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ear.

Risk

Rati

os a

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s of

Janu

ary

11, 2

013

and

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lute

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k Ra

tios

are

for a

pe

riod

of 3

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or B

eta

with

refe

renc

e to

S&

P CN

X N

ifty.


FUND PERFORMANCEDE

BT S

HORT

TER

M

Retu

rns %

risk

Rat

ios

Portf

olio

Com

posi

tion

Sche

me

Nam

eN

AV a

s on

11

Jan

2013

Laun

ch

Date

QAA

uM

3

Mon

ths

1 Ye

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Year

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nce

Ince

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Std.

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lope

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atur

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Gilt

Cash

&

Equi

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bt &

O

ther

sEq

uity

Birl

a Su

n Li

fe M

ediu

m T

erm

Pla

n - G

row

th13

.49

25-M

ar-0

943

8.09

8.57

11.0

38.

838.

203.

800.

000.

00--

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0.00

--

UTI

Sho

rt T

erm

Inco

me

Fund

- Re

t - G

row

th20

.04

23-J

un-0

320

50.7

911

.16

10.9

18.

787.

543.

850.

013.

877.

38--

92.6

2--

Tem

plet

on In

dia

STIP

- G

row

th23

14.2

931

-Jan

-02

6035

.38

9.35

10.3

68.

307.

963.

130.

012.

29--

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0.00

--

Relia

nce

Med

ium

Ter

m F

und

- Gro

wth

23.9

314

-Sep

-00

4828

.71

8.11

9.78

8.19

7.33

2.26

0.00

0.47

----

100.

00--

Relig

are

Shor

t Ter

m F

und

- Gro

wth

15.6

824

-Mar

-07

2873

.81

8.03

10.9

98.

198.

054.

270.

011.

650.

71--

99.2

9--

Relia

nce

FRF

- ST

- Gro

wth

18.1

902

-Sep

-04

1555

.07

8.42

9.80

8.19

7.41

2.57

0.01

0.97

----

100.

00--

DSP

Bla

ckRo

ck S

hort

Ter

m F

und

- Gro

wth

19.6

409

-Sep

-02

1036

.20

8.21

9.58

7.99

6.74

2.34

0.00

1.54

----

100.

00--

Birl

a Su

n Li

fe S

avin

gs F

und

- Ret

- G

row

th21

3.24

27-N

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22.2

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2480

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ICIC

I Pru

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23.5

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4509

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21.7

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34.5

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13.9

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IDFC

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Gro

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23.3

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2386

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16.9

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111

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Birl

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8.60

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Birl

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com

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52.5

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BNP

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417.

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979.

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3910

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HD

FC In

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26.7

711

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1179

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7.95

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9.73

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10.4

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Cana

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7.68

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DSP

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3157

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Tem

plet

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TP -

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257

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7.48

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6.98

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12.6

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12.0

403

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2816

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9416

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Sche

me

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1 Ye

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Year

s Ca

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10.5

78.

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te B

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Fund

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9.61

7.29

Retu

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are

annu

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Risk

Rati

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Janu

ary

11, 2

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and

abso

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. Ris

k Ra

tios

are

for a

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or B

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with

refe

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S&

P CN

X N

ifty.

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