monthly update january 2016 - spa capital · 2016-01-14 · investing in shares means buying a...

Monthly Update January 2016

What the Dalal Street has waited for has finally happened in December

2015. Janet Yellen has finally pulled the trigger and raised the

Federal Fund Rate by 25 basis points for the first time since financial crisis.

But, it seems Asia’s third largest economy was better placed to avoid any

repercussion due to its favorable macro-economic scenario and welcomed

the rate hike with benchmark index Sensex opening 100 points higher than

its previous closed reading.

The year 2015 draws to a close and when the numbers of year gone by would

be tallied, then one would come to know that year 2015 was another year of

mixed economic recovery. It is the price of crude oil which wrapped the

whole year and brought optimism and left manifold effects into economy

considering inflation, deficit & subsidies. Apart from inflation, it has

ameliorated India's external balance and public finances. Another key

positive was the dovish stance of monetary policy. The third thing which

defines 2015 was the number of growth. The latest numbers of growth has

put India into the fast growth trajectory and India is considered the best

investment destination among EMEs by leading economists.

The year 2015 is also characterized by some negative developments like

high level of NPA, corporate debt, low credit growth and weak demand

which impacted corporate profitability. Moreover, the second consecutive

deficient monsoon adds fuel to the fire. The disequilibrium between the

opposition & ruling party on reforms had further aggravated the situation

and winter session ended in stalemate on rollout of constitutional

amendment GST. Delayed implementation of reforms has made investors

sentiments teetered. The outlook of market would hinge upon on corporate

earnings, monsoon and developments of China.

Going ahead, the consumer demand is likely to get support on account of

Seventh Pay Commission. The RBI has proposed a new method (Marginal

Cost of Funds Lending Rates) for base rate calculation which is to be

effective from April 2016. The new method may be effective in improving

policy transmission. The government also looks to introduce more reforms

in the coming year. India with its benign macroeconomic environment

coupled with 7 percent growth looks good.

Happy Investing !Wish you a very Happy and Prosperous NewYear 2016

2

January 2016

Special Review

Hunt for Economic Moat

The term Economic Moat was coined by famous investor Warren

Buffet. It refers to the ability of business to maintain competitive

edge in market. The economic moat is something which is difficult to

imitate and can lead firms to earn above-average profits. In ancient

times, moats were created to protect castles. Applying the same

thought process in equity investing; castle would be the firm which is

surrounded by competitive edges and other competitors are the

invaders.

Companies with wide economic moat are extremely difficult to copy

thus creating a barrier for competitors. - Wal-mart, P&G-

Gillette. On the other hand, companies with narrow economic moat are

likely to earn above average profit for a period of time. -

Research in Motion- which found a niche place in market on launching

Blackberry, however its competitors Samsung and Nokia were quick to

launch the same service on its smartphone.

Without economic moat, profits are more susceptible to competitions.

The longer the company generates economic profit, the higher the

intrinsic value of company. We believe that no-moat companies will

see their returns will gravitate towards cost of capital more quickly as

companies with economic moat.

The network effect occurs when the companies’

product and services are being used by more people. :

Facebook- As more and more people are using its service due to peer

and social pressure. People abandon the older platform (Orkut) to join

Facebook because of enticing features and good interface. The network

effect of Facebook is so strong that it has billions users around the

world. To make and remain competitive in the industry, Facebook had

acquired Instagram and WhatsApp to make users glued to it. These

services may keep users glued to Facebook as compared to any other

social platform.

If a company makes a customer difficult to move

to competitor, then the company has created an economic moat for

itself. In that scenario, the company can gradually increase its price and

earn economic profits. :An example of high switching cost is

enterprise resource planning (ERP) system. When a company

implements ERP system, the company has to incur high license cost,

secondly, the company which is implementing it has to allocate lot of

resources (employees and capital) for training and support. Moreover,

companies generally customize ERP system suitable to its business

process thereby making it more difficult for customer to switch to

another ERPprovider.

Companies which are low cost producers, are

able to enjoy competitive edge over its competitors as they undercut its

prices. There are different means from where a company can get cost

advantage like economies of scale, geographical advantage etc. A

bigger company will have more bargaining power over suppliers than

others. : Wal-Mart- The company has more than 5000 retail

stores worldwide, so it gives them large bargaining power with its

suppliers.

Dell success was mainly attributed due to its unique business model

build-to-order direct sales, which eliminates expenses incurred on

middleman, lower working capital requirement. The unique business

model allows Dell to limit the competition without sacrificing features

and profitability.

: Intangible assets in terms of intellectual

property rights are used by firms to limit competition. Copyrights,

government rights, regulatory license and brands come under this

purview. Patents are the most common in this category. It gives a

company a legal monopoly, which gives the company pricing power.

Now-a-days, building intangible assets has become imperative for

companies because of competition. : Harley Davidson, an

American motorcycle manufacturer. Anytime people are willing to

tattoo a company logo onto their arms; it a surefire a sign of powerful

brand. The company may be the continuous survivor and more than

100 years old. The brand built has enabled company to sell motorcycle

at a premium price. Despite selling the same steel, rubber as its

competitors. Harley Davidson's gross margins are more as compared to

its competitors.

Coca-Cola- It cost very less to produce a can of Coca-Cola. Given the

operating scale of company, it makes very profitable to the company.

The product taste good and the recipe of Coca-Cola is closely guarded

secret, it is quite impossible to come up with a product like this. This is

the reason why the drink has been into dominant position for more than

100 years.

Example

Example

Investing in shares means buying a share in business. Long term

investors must pay heed to economic moat while investing.

Companies with economic moat have the potential to generate

wealth for shareholders.

Sources of Competitive Edge

1. Network Effect:

Example

2. Switching Cost:

Example

3. Cost Advantage:

Example

4. Intangible Assets

Example

3

January 2016

Special Review

The Altman Z-Score is an analytical representation named after

EdwardAltman (a professor in New York University). The Z-Score

was first published in 1968. The biggest crisis that strike to an investor is

corporate bankruptcy, which eliminates equity of the firm and

depreciates the stock’s investment value to zero.Altman’s Z-score model is of utmost importance to Business creditors

and lenders. Business accountants also keep a close check on Z-score for

their business clients. The investors who are well informed also

frequently use Z-Score to check the financial strength and health of the

business for future investments. This model is also known as measuring

the ‘Fiscal-Fitness’of the company.

Initially, Altman started with 22 ratios; used multiple analyses and then

finally come out with small number of ratios that could help a fixed

income investor to differentiate between a healthy company and sick

company. The score tries to predict the probability of default of the

company due to financial distress.

• Z score above 2.99 -“Safe” Zones. The company is considered ‘Safe’

indicating good investment.• 1.8 < Z-Score < 2.99 -“Grey” Zones. The company is considered

'Moderate" based on the financial only.• Z below 1.80 - The Company is considered Risky Investment;

indicates a high probability of distress.

Altman used following line items to assess/predict the bankruptcy.

1. The degree to which an asset or security can be quickly

bought or sold in the market without affecting the price of asset.2. It’s a class of financial cadent that are used to measure

the business’s ability to generate more earnings as compare to its

expenses and other relevant costs incurred during a specific period of

time.3. The use of borrowed money for operations of the

company.4. It refers to an enterprise’s capacity to meet its long and

short term financial commitments.5. Measurable amount of work done to transform inputs into

outputs.

Altman narrowed it down to only five ratios which are used in the

analysis.

• –Also known as asset turnover ratio is used to

measure how effectively a company is using its assets to generate

sales. The higher it is, the better it is for a company. In other words,

we can say that how much sales can be generated by the company

from each dollar invested in assets. Example; If the Net sales to total

assets ratio is 5, it implies that company is generating sales of Rs. 5

for every rupee invested in assets. Like most ratios, this ratio also

needs to be compared with the historical ratios and industry

standards. If the company’s Asset Turnover Ratio is above as

compared to its competitor (industry standards), then we can say that

the company is using is assets effectively.

• – Market

value of equity to total outsider liabilities compares the company

market value to total debt of the company. Market value of the

equity can be obtained by multiplying number of share with current

market price. Total outsider liabilities would constitute long term

debt and short term debt. This ratio is useful because it portrays the

impact in the market value of company when company’s debt

changes. The higher the ratio the better it is for the company.Again,

it needs to be compared with other competitors for better

evaluation.

• – Working capital of a company

means its current assets less its current liabilities, which in turn

measures company’s liquid financial health. Positive working

capital indicates that the company is able to meet its short-term

obligations easily. On the other hand, negative working may also

indicate a company’s efficient capital management with credit

buying of raw materials and cash sales along with very limited

stock. Hence, there is no straight forward measure to analyze this

and it depends on case to case. On the other hand, the increasing

current liabilities can sometimes pose a problem to the short term

financial health of the company.

• – Retained earnings

refer to that percentage of net earnings that is not distributed as

dividend. Lower retained earning resembles a companies’

dependency on outsider funds for expansion/ operations.

Conversely very high retained earnings may dismay shareholders

through lower dividends and also lower the overall return on

invested capital. Hence an optimum level of leveraging and

retained earnings is to be maintained. Higher retained earnings to

total assets indicate that retained earnings purchase a larger portion

of total assets. Lower ratio indicates that the large portion of assets

is purchased with debt. Thus an optimum level of internal fund and

debt is to use for purchasing asset.

• –This ratio assesses a firm ability to generate

profit from its assets before deducting interests and taxes. This ratio

provides analyst indicating management’s efficiency in utilizing

company assets to generate profit from its core-operations.

Z-Score = ([Working Capital/Total Assets]*1.2) + ([Retained

Earnings/ Total Assets]*1.4) + ([Operating Earnings/Total

Assets]*3.3) + ([Market capitalization/Total Liabilities]*0.6) +

([sales/TotalAssets]*1.0)

Ideal Z-Score for any company is considered to be 2.99. This score

indicates financial soundness of the company whereas Z-score below

1.8 indicates likelihood for bankruptcy and between 1.8-2.99 is known

as “grey area” and warrants further investigation.

The Z-Score is used by fixed income investors in assessing the

creditworthiness of the company.

Liquidity-

Profitability-

Leverage-

Solvency-

Activity-

Net Sales/TotalAsset

Market Value of Equity/Total outsider Liabilities

Working Capital/Total assets

Retained Earnings (Reserves)/Total Assets

EBIT/ Total Assets

The formula for Z-Score is

Interpretation-

Predicting Corporate Bankruptcy

4

Fixed Income Update Equities Update

Debt: Liquid 1M 3M 6M

Institutional Activity ( Dec 01- Dec 31 ) (Rs cr)

Fund Performance Fund Performance

Equity : Large & Flexi Cap 3M 1Y 3Y

Forex / Call / Economic Indicators

Equity Purchase Sales Net InvDebt Purchase Sales Net Inv

Key Indices 31-Dec 30-Nov %Chg. Key Indices 31-Dec 30-Nov %Chg. I Yr Ret

Other -Dec 30-NovIndices 31 %Chg. I Yr Ret

Portfolio as on Nov 30, 2015 & Return as on Dec 31, 2015

Crisil 10 Yr G-Sec Index 7.76 7.79 3%

Crisil 1 Yr T-Bill Index 7.22 7.18 -4%

31-Dec 30-Nov

Rupee/$ 66.21 66.46

Call Rate 6.99 6.87

Total Forex ($ bn) 23089.20 23326.90

Inflation (CPI) 5.41% 5.00%

FIIs 12,425.23 17,913.03 -5487.80

Mutual Funds 147,886.40 108,846.50 39,039.90

BSE Sensex 26117.54 26145.67 28.13 -8.58%

S&P CNX Nifty 7946.35 7935.25 -11.10 -7.69%

BSE IT Index 11061.31 10950.02 -111.29 3.75%

BSE Healthcare 16905.20 16298.41 -606.79 12.77%

BSE FMCG Index 7871.83 7912.00 40.17 -2.97%

BSE PSU Index 6813.67 6881.75 68.08 -18.97%

BSE Bankex 19328.74 19916.30 587.56 -14.22%

FIIs 80,016.57 82,833.22 -2816.65

Mutual Funds 22,096.70 17,552.60 4,544.10

SBI Bluechip Fund - Growth -2.29 5.3 17.89

Birla Sun Life Frontline Equity - Growth -4.29 -1.79 14.93

ICICI Prudential Focused Bluechip Equity -3.95 -3.13 13.61

Kotak Select Focus Fund - Reg - Growth -4.43 -0.22 18.04

Mirae Asset India Opportunities - Growth -3.6 1.19 18.19

Debt: Ultra Short Term 1M 3M 6M Equity : Mid & Small Cap 3M 1Y 3Y

Franklin India Ultra Short Bond - Super IP 8.93 8.92 9.25

ICICI Prudential Flexible Income Plan 7.62 7.53 8.19

UTI Treasury Advantage Fund - IP - Growth 7.84 7.57 8.24

HDFC F R I F - STF - WP - Growth 6.98 7.12 7.81

Reliance Money Manager Fund - Growth 7.68 7.54 8.23

Kotak Floater - ST - Reg - Growth 7.55 7.52 7.74

HDFC Liquid Fund - Growth 7.53 7.52 7.74

Birla Sun Life Floating Rate Fund - STP - Growth 7.56 7.53 7.75

ICICI Prudential Liquid - Reg - Growth 7.52 7.5 7.72

Axis Liquid Fund - Growth 7.62 7.62 7.82

Reliance Small Cap Fund - Growth 5.86 10.74 35.32

SBI Small & Midcap Fund - Growth 6.8 18.55 38.18

HDFC Mid-Cap Opportunities Fund - Growth -0.81 3.57 25.13

Franklin India Smaller Companies Fund - Growth 0.67 6.97 31.36

UTI Mid Cap Fund - Growth -2.72 4.54 29.37

Debt: Short Term 1M 3M 6M Equity: Tax Planning 3M 1Y 3Y

Birla Sun Life Short Term Fund - Reg - Growth 8.71 7.18 8.72

Reliance Medium Term Fund - Growth 8.97 5.47 8.69

UTI Short Term Income Fund - IP - Growth 6.82 6.96 8.16

ICICI Prudential STP - Growth 7.59 6.27 8.20

SBI Short Term Debt Fund - Growth 9.57 7.16 9.15

Axis Long Term Equity Fund - Growth -3.08 3.62 25.83

Birla Sun Life Tax Relief 96 - Growth -0.89 5.3 20.9

ICICI Prudential Long Term Equity Fund -0.43 1.67 18.16

Franklin India Taxshield - Growth -4.55 0.37 18.38

Reliance Tax Saver (ELSS) Fund 0.33 -6.76 20.49

Debt: Income/ Dynamic 1M 3M 6M Equity: Thematic 1M 3M 6M

Hybrid: Equity-oriented 1M 3M 6M

Hybrid: Debt-oriented 1M 3M 6M

Birla Sun Life Dynamic Bond Fund - Ret - Growth 5.81 0.22 7.06

Birla Sun Life Income Plus - Reg - Growth 3.94 -3.38 5.26

Franklin India Dynamic Accrual Fund - Growth 9.21 8.35 10.3

ICICI Prudential LTP - Growth 4.96 -2.14 6.86

IDFC D B F - Reg - Growth (Re-Launched) 8.84 -0.87 7.31

Debt: Accrual Funds 1M 3M 6M

Birla Sun Life Medium Term Plan - Reg - Growth 8.15 6.67 9.43

Franklin India Low Duration Fund - Growth 8.86 8.51 9.54

SBI Corporate Bond Fund - Reg - Growth 7.13 6.59 9.06

HDFC Corporate Debt Opportunities - Growth 10.94 8.28 9.46

ICICI Prudential Income Opportunities Fund - Growth 5.9 4.47 9.13

Debt: Gilt 1M 3M 6M

SBI Magnum Gilt LTP - Growth 7.27 -1.39 7.51

Reliance G Sec Fund - Growth 6.3 -1.39 7.23

IDFC G Sec Fund - Invt Plan 7.76 -1.48 7.21

Birla Sun Life G Sec Fund - LT - Reg - Growth 3.82 -3.45 5.95

HDFC Gilt Fund - L T P - Growth 3.61 -2.31 6.69

Birla Sun Life MNC Fund - Growth -3.21 11.08 29.21

Reliance Pharma Fund - Growth -7.43 13.74 27.01

UTI MNC Fund - Growth -5.26 7.01 24.9

SBI Pharma Fund - Growth -4.25 24.53 33.76

Birla Sun Life Banking & Financial Services Fund -3.33 -3.91 0.00

HDFC Prudence Fund -3.04 -2.33 14.05

ICICI Prudential Balanced -2.43 -0.8 16.37

JM Balanced-Growth -4.77 -2.93 12.54

Reliance RSF - Balanced - Growth -0.47 5.11 15.6

UTI Balanced Fund - Growth -2.43 0.68 11.81

Axis Income Saver Fund 1.11 5.53 10.18

Birla Sun Life MIP II - Wealth 25 -3.49 4.84 12.23

Canara Robeco Monthly Income -2.97 5.32 10.03

HDFC Multiple Yield Fund - 2005 5.8 4.56 10.04

ICICI Prudential MIP 25 -1.7 6.01 10.79

January 2016

*CA : Compound Annualized

Simple Annualized

Simple Annualized

Absolute CA*

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This Month in Equity :

January 2016

Sensex ‘in thousand’10 Yr GOI Yield

• The yield on remained sticky mode and ended up at 7.75% in

Dec'15. In Jan 2015, it stood at 7.88%, despite RBI cutting the policy rates, yield

continue to harden throughout the year. The reason behind the stickiness is the

demand-supply mismatch, uncertainty over Fed rate hike and China's currency

devaluation. softened at shorter end segment (<7 Year) by ~6

bps and hardened at longer end segment (>7Year) by ~5bps.

• On the yields amongst major emerging and advanced economies

softened in Dec’15 except Brazil, South Africa, US and UK. Brazilian yield

witnessed steepest hike when S&P downgraded its debt rating to Junk. The country

is witnessing high inflation regime since mid-2014. South Africa witnessed the

slowest growth Q3CY15. This is the slowest growth rate since 2009 recession.

Euro area is still facing zero percent inflation regime.

• has witnessed an uptick in Dec 2015 as compared to same period a

year ago. Incremental Credit-deposit ratio (ICRD) has increased from 65.94%

(Dec 2015) to 56.05% (Nov 2015) signifying an uptick in credit deployment. On

broader level, increasing incremental credit deposit ratio signals policy

transmission in the economy.

• increased to 5.4% in Nov’15 as against 5.00% in Oct’15. Inflation

based on , increased too from -3.81% in Oct'15 to -1.99% in Nov 2015 mainly

on account of pulses. The inflation is likely to remain high in near term because of

base effect which will gradually vanish and unseasonal rains which is expected to

impact Rabi sowing.

• in banking system moved from surplus to deficit levels in Dec'15 quarter

thus prompting RBI to take term repo route. Average daily LAF borrowings stood

~INR 225 bn in Dec’15 against ~INR 217 bn in Nov’15. Liquidity conditions

tightened during the 2nd half of Dec’15 after advance tax outflows.

• ; Net Central Govt. borrowings stood at INR 3,566 bn (up by 6.78%

YoY) & Net State Govt. borrowings stood at INR 1,581 bn (up by 33.96% YoY) till

Dec’2015. The government has increased its fiscal deficit target to 3.9%. A

shortfall in disinvestment proceeds, the fiscal impact of Seventh Pay Commission

and One rank one pension (OROP) remains a concern for fiscal deficit numbers.

Currently the benchmark 10 yr G-Sec yield is at a spread of 100 bps from the Repo

rate. Given that, we believe that there is further room for policy easing in near term

when picture on fiscal number become clearer post budget. The yield of sovereign

bond generally moves up in Jan-March, but considering the on-going environment,

we believe that the upcoming monetary policy would shape the trajectory for yield

curve. Moreover, the credit growth is expected to register growth because banks are

required to adopt new method (guidelines) of lending i.e. Marginal Cost of Funds

based Lending Rate (MCLR) w.e.f April 2015. The new method may be effective in

improving the policy transmission. On fiscal front, implementation of Seventh Pay

Commission and One Rank One Pension Scheme (OROP) will remain a concern for

fiscal deficit numbers.

In light of the current scenario, we recommend investors to initiate long position in

duration funds (Gilt/ Dynamic) with tactical investment strategy. Simultaneously long

term investors may also allocate some portion inAccrual funds for yield enhancement.

sovereign bond

G-Sec yield curve

global level

Credit growth

Retail inflation

WPI

Liquidity

Fiscal Deficit

Outlook

• The terminal month of Dec'15 ended in negative with dropping

by 0.19% and 0.23% respectively. In Dec'15, the US Federal Reserve Bank hiked

interest rate for the first time since financial crisis, but sweeping away all worries,

the benchmark index Sensex opened 100 points higher to its previous closed

reading. Among , Auto (2.85%), Bank (2.94%), FMCG (1.04%),

Pharma (4.30%) ended in red; On the other hand, Metal sector (4.72%) was in

positive.

• Among domestic macros, hits a five year high of

9.8% in October'15 primarily because of base effect and a shift in festival dates.

Overall during April-October 2015, the industrial production grew by 4.8% as

compared to 2.84% in the same period a year ago. Amongst broad sectors,

manufacturing sector; a key indicator of economic activity grew by 10.6% on y-o-

y basis. On the other hand, mining and electricity grew by 4.7% and 9.0% in

Oct'15.

• Amongst advanced indicators, after expanding for six consecutive

month contracted by 1.3% in November'15 because of sharp decline in the steel

production. manufacturing for the Nov'15 stood at 50.3 as compared to 50.7

in Oct'15. November' PMI numbers depicts weakness in manufacturing

activities.

• continues to draw

money from equity market. This is second straight month in succession; when FII

turned out to be net sellers in equity market. FII draw INR 8.81bn from equity

market; primarily on account of Fed rate hike. ,

India continues to attract FDI to the tune of INR 106.93 bn during (April-

September 2015) representing a growth of 21% in this fiscal year. On sectoral

front, overseas investors were overweight on services sector, which attracted FDI

to the tune of INR 9.04 bn followed by construction and development which

attracted funds to the tune of INR 0.51 bn.

• ; Exports continue to fall for the twelfth consecutive month in

November'15. India exports fall by 24% in November'15. The fall in exports is

mainly attributed to weak global demand and slow economic recovery. Trade

deficit during the year (April-November 2015) stood at US$ 87.5 bn as compared

to US$ 102.50 bn in the same period a year ago. Imports declined by 30% led by

fall in prices of crude oil and decline in the import of gold, fertilizers and coal.

• Yuan continues to take southward direction and is currently hovering

around four year low (USD/CNY-6.52). PBOC has cut the interest rate six times

in the past and even lowered bank reserve requirement ratios to boost an economy

which is headed for the tepid growth.

Started with optimism, the benchmark index Sensex and Nifty opened at

27,485.77and 8272.80 in Jan 2015 and thereafter continues to remain buoyant till

February'15 too on the back of strong growth-oriented government. But, after that,

benchmark indexes slid and the year 2015 ended with Sensex and Nifty index

dropping by 5.05% and 4.08% respectively.

In the light above macro-economic environment, we believe that monsoon and

slowdown in China will determine the outlook of market. Unlike India, many EMEs

witnessed their currencies being depreciated like China, Brazil, etc. Rupee by far,

remained the best currency among EMEs in theYear 2015 mainly on account of good

macroeconomic management. The Government is bullish on reforms being passed

in the year and expects to garner FDI inflows in coming year. Implementation of

reforms like Goods and Service Tax (GST) will be a game changer for the economy.

This would further give a boost to Indian economy.

Sensex and Nifty

sectoral indices

Industrial production (IIP)

Core sector

PMI

Overseas Investment: Foreign Institutional Investors (FII)

Foreign direct investment (FDI)

Trade Deficit

Globally

6

Mutual Fund Performance Update

Equity : Diversified Fund

Equity : Mid & Small Cap Fund

as onNov 2015

Software Oil Auto Banks Pharma FMCG Absolute Compound Annualized

& Gas (Cr.) 3M 6M 1Y 3Y

Others Corpus


Axis Equity Fund 10.60 2.90 11.70 21.60 6.20 5.50 41.50 1948.70 1.60 -1.40 -1.20 16.40

Axis Focused 25 Fund 9.80 0.00 13.60 15.60 6.00 0.00 55.00 338.80 1.20 -3.00 3.90 15.10

Birla Sun Life Advantage Fund 6.70 1.00 16.60 21.30 12.20 1.70 40.50 587.80 0.10 -0.70 5.20 21.80

Birla Sun Life Equity Fund 11.10 0.00 9.10 21.70 10.50 2.60 45.00 2510.40 -0.60 0.50 2.90 20.00

Birla Sun Life Long Term Advantage 13.90 0.00 9.20 20.60 7.40 5.30 43.60 286.90 0.40 -0.30 1.50 19.60

BNP Paribas Equity Fund 8.90 0.00 6.40 24.70 6.60 4.40 49.00 1127.20 0.80 -2.40 5.60 19.10

Canara Robeco Equity Diversified 10.70 0.00 9.00 23.40 4.90 0.00 52.00 765.30 -0.30 -2.70 0.10 13.40

DSP BlackRock Equity Fund 7.70 0.00 16.50 23.20 5.60 1.30 45.70 2539.10 1.80 -0.10 -0.70 15.00

DSP BlackRock Focus 25 Fund 8.20 0.00 22.70 28.20 2.60 0.00 38.30 1076.50 -2.00 -4.30 2.00 15.10

Franklin India Flexi Cap Fund 11.40 2.30 13.90 26.40 7.90 1.80 36.30 2787.70 -1.60 -3.10 2.00 19.40

Franklin India High Growth Companies 7.10 0.00 19.00 30.90 3.10 0.00 39.90 4033.10 0.90 -2.00 1.50 25.80

Franklin India Prima Plus 10.80 0.50 12.10 26.20 8.30 2.60 39.50 6145.00 -0.40 -1.30 4.40 20.00

Goldman Sachs India Equity Fund 8.40 0.00 8.00 16.30 8.60 5.10 53.60 95.40 2.20 0.50 8.80 22.00

HDFC Capital Builder Fund 8.90 2.10 4.10 26.20 8.40 1.90 48.40 1059.50 5.70 3.00 4.60 20.60

HDFC Equity Fund 13.60 1.90 13.50 31.10 4.50 1.10 34.30 17532.40 0.00 -4.20 -5.10 14.90

HDFC Top 200 12.60 2.20 9.40 31.60 4.00 3.50 36.70 12802.20 0.20 -3.90 -6.10 12.70

HSBC India Opportunities Fund 15.60 0.00 10.70 27.30 9.30 5.10 32.00 542.80 0.70 -4.60 -2.10 17.80

ICICI Prudential Top 100 Fund 13.40 0.00 10.40 17.70 4.20 1.00 53.30 1351.90 5.60 1.00 -0.60 15.20

ICICI Prudential Multicap Fund 11.10 1.10 7.40 20.20 9.70 3.30 47.20 1053.70 -0.80 -0.40 3.10 18.00

Kotak Select Focus Fund 8.70 3.20 10.60 22.20 5.10 4.50 45.70 3826.80 -0.30 -0.10 3.00 19.90

L&T Equity Fund 10.50 0.00 9.70 23.40 6.00 4.40 46.00 2960.20 -0.80 -3.50 0.30 16.70

Mirae Asset India Opportunities Fund 10.00 0.60 11.00 25.60 8.70 5.90 38.20 1405.70 0.80 -0.30 4.30 20.20

Motilal Oswal MOSt Focused 25 Fund 13.20 0.00 14.90 21.20 3.60 0.00 47.10 413.60 -0.10 -1.60 5.90 0.00

Motilal Oswal MOSt Focused 25 Fund 13.20 0.00 14.90 21.20 3.60 0.00 47.10 413.60 -0.10 -1.60 5.90 0.00

Principal Growth Fund 12.10 1.30 9.90 16.60 7.30 1.70 51.10 370.00 3.90 0.50 2.80 18.50

Reliance Equity Opportunities Fund 9.40 0.00 4.70 21.40 11.50 0.00 53.00 11548.80 2.20 1.90 0.50 18.80

Reliance Growth 8.40 0.00 3.60 16.60 10.50 0.00 60.90 5462.00 1.00 1.10 6.30 17.10

Reliance RSF - Equity 7.80 0.00 6.70 14.70 8.30 0.00 62.50 2773.50 2.90 3.50 6.10 16.80

Reliance Vision 11.50 0.00 18.50 22.70 5.70 2.20 39.40 3299.30 0.70 -3.20 -2.20 16.10

Religare Invesco Growth Fund 16.70 0.00 9.80 21.60 7.70 4.20 40.00 142.30 -1.10 -3.10 3.80 18.50

SBI Magnum Equity Fund 19.10 0.00 10.30 29.30 7.30 3.00 31.00 1262.80 0.90 -1.60 2.40 15.50

SBI Magnum Global Fund 94 2.60 0.00 11.60 0.00 2.30 4.20 79.30 2378.40 0.50 1.10 7.90 25.40

SBI Magnum Multi Cap Fund 11.00 1.10 7.70 18.80 7.40 3.80 50.20 570.20 3.50 4.40 9.80 21.70

SBI Magnum Multiplier Fund 8.60 1.80 8.50 12.70 9.00 1.20 58.20 1503.90 2.90 1.30 11.10 22.10

Tata Equity Opportunities Fund 7.40 0.00 10.50 16.80 10.20 1.40 53.70 1091.80 3.30 2.90 6.60 19.80

Tata Ethical Fund 16.90 0.00 18.10 0.00 12.90 9.90 42.20 396.10 -1.80 0.00 7.20 20.80

Union KBC Equity Fund 15.10 0.00 13.00 22.80 9.30 3.80 36.00 136.30 -2.00 -6.80 -7.60 11.30

UTI Equity Fund 10.90 0.60 14.40 20.70 6.80 2.50 44.10 4684.10 -0.60 -1.70 0.90 16.80

UTI Mastershare 14.00 1.30 10.00 24.50 8.00 2.20 40.00 2913.20 -1.10 -2.90 -0.50 14.70

UTI Opportunities Fund 13.80 0.00 15.30 23.60 6.10 2.80 38.40 5047.20 -1.30 -5.40 -5.90 12.00

Axis Midcap Fund 6.60 2.80 6.00 5.20 14.40 4.30 60.70 1245.40 -2.70 -2.50 0.80 22.80

BNP Paribas Mid Cap Fund 2.20 0.00 4.20 9.20 9.30 1.90 73.20 468.60 3.00 4.30 15.30 27.90

Canara Robeco Emerging Equities 3.50 1.70 4.50 6.10 6.10 0.00 78.10 858.80 4.30 6.70 13.10 31.70

DSP BlackRock Micro Cap Fund 6.10 0.00 5.60 3.10 7.60 0.00 77.60 2271.60 5.80 10.70 20.40 36.10

Franklin India Prima Fund 7.00 1.40 10.40 16.20 6.40 0.00 58.60 3907.10 3.20 2.00 6.80 26.90

HDFC Mid-Cap Opportunities Fund 8.20 0.30 5.70 14.10 10.60 0.00 61.10 10762.50 2.10 3.10 5.80 27.00

ICICI Prudential MidCap Fund 4.70 7.00 4.60 17.00 3.20 0.00 63.50 1307.80 2.50 2.50 5.10 28.30

IDFC Premier Equity Fund 0.00 0.70 7.50 1.10 4.40 1.50 84.80 6401.50 2.50 1.60 8.30 22.00

JPMorgan India Mid and Small Cap Fund 0.90 0.00 9.30 7.20 11.50 0.90 70.20 664.40 0.70 0.90 9.40 28.90

Mirae Asset Emerging Bluechip Fund 7.80 3.00 9.30 13.30 11.30 2.70 52.60 1084.30 4.20 6.30 14.10 31.80

Principal Emerging Bluechip Fund 3.30 1.00 14.70 12.40 10.50 0.00 58.10 517.00 1.90 0.00 6.00 26.40

Reliance Mid & Small Cap Fund 2.90 0.00 1.00 7.60 7.20 0.00 81.30 2272.70 6.00 8.00 8.30 26.50

Reliance Small Cap Fund 2.90 0.00 5.80 6.00 6.50 0.00 78.80 1926.90 11.40 16.50 15.10 36.50

SBI Magnum Midcap Fund 3.70 0.30 2.40 4.20 15.50 1.40 72.50 1354.20 4.80 4.60 14.90 30.90

Sundaram Select Midcap 3.40 3.50 11.70 10.20 2.30 1.70 67.20 3371.40 3.20 3.40 11.20 26.70

UTI Mid Cap Fund 2.10 2.80 12.80 8.90 6.60 3.50 63.30 3424.60 0.40 2.30 6.60 30.60

Return(%)

January 2016

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January 2016

Equity : Large Cap Funds

Birla Sun Life Frontline Equity Fund 12.10 0.00 8.80 25.00 6.70 5.40 42.00 10289.80 0.10 -2.70 1.10 16.90

Birla Sun Life Top 100 Fund 13.80 0.70 9.00 23.60 9.70 4.00 39.20 1802.80 0.00 -1.40 0.00 17.60

DSP BlackRock Top 100 Equity Fund 10.40 0.00 18.20 25.70 4.40 1.80 39.50 3471.10 0.60 -2.60 -2.30 11.10

Franklin India Bluechip 16.20 0.60 10.20 28.20 6.20 4.10 34.50 6694.50 -0.50 -3.10 2.00 13.40

ICICI Prudential Focused Bluechip Equity 15.20 0.00 9.50 28.30 7.80 3.70 35.50 9896.50 1.00 -1.40 -0.20 15.80

ICICI Prudential Select Large Cap 13.30 0.00 9.50 28.40 4.70 3.00 41.10 577.90 0.50 -3.90 -5.20 13.10

IDBI India Top 100 Equity Fund 5.60 0.00 20.20 13.00 6.80 6.90 47.50 279.90 -1.60 -3.60 3.20 15.90

Reliance Focused Large Cap Fund 10.10 0.00 9.00 21.60 7.40 0.00 51.90 1075.00 -1.60 -2.20 3.00 15.60

Reliance Top 200 Fund 10.20 2.90 13.90 22.70 5.00 0.00 45.30 2055.50 2.00 -1.50 1.10 17.70

SBI Bluechip Fund 7.90 0.00 10.50 15.60 10.60 3.10 52.30 3301.70 2.50 0.00 8.00 19.80

Tata Pure Equity Fund 10.90 0.00 11.80 20.60 9.10 4.90 42.70 830.30 -0.30 -2.30 1.30 14.20

UTI Mastershare Fund 14.00 1.30 10.00 24.50 8.00 2.20 40.00 2913.20 -1.10 -2.90 -0.50 14.70

Equity : Index Funds

Birla Sun Life Index Fund 13.20 0.30 8.40 35.60 5.60 7.20 29.70 530.40 -0.20 -5.20 -3.80 10.50

Franklin India Index Fund - NSE Nifty Plan 16.30 0.40 10.10 24.00 6.50 8.90 33.80 201.80 -0.10 -4.90 -3.60 10.60

Goldman Sachs CNX 500 Fund 12.30 0.90 9.30 18.20 7.90 8.00 43.40 62.10 0.90 -2.70 -1.20 11.90

HDFC Index Fund - Nifty Plan 15.90 0.40 10.20 24.40 6.90 8.80 33.40 145.90 0.00 -4.80 -3.10 11.20

HDFC Index Fund - Sensex Plan 16.20 0.00 11.70 22.70 8.30 10.80 30.30 87.80 0.00 -5.50 -3.90 11.40

HDFC Index Fund - Sensex Plus Plan 14.60 0.00 10.60 22.00 6.40 9.60 36.80 121.30 -0.10 -6.00 -4.70 11.10

ICICI Prudential Index Fund 15.40 0.40 9.70 24.10 6.60 8.40 35.40 136.50 -0.10 -4.90 -3.60 11.30

ICICI Prudential Nifty Junior Index Fund 1.50 2.30 11.30 3.00 10.10 10.90 60.90 25.20 1.90 1.10 6.20 17.20

IDBI Nifty Index Fund 16.10 0.40 10.30 24.70 6.90 8.80 32.80 104.90 -0.50 -5.20 -4.40 10.20

IDBI Nifty Junior Index Fund 1.50 2.40 11.50 2.90 10.30 10.90 60.50 32.30 1.50 0.70 5.80 16.50

IDFC Nifty Fund - Reg 15.30 0.40 9.70 23.40 6.50 8.40 36.30 61.50 0.10 -4.80 -3.50 11.20

Reliance Index Fund - Nifty Plan 16.10 0.40 10.20 24.60 6.90 8.80 33.00 68.80 -0.20 -5.20 -3.90 10.70

SBI Nifty Index Fund 15.30 0.40 9.60 24.30 6.50 8.30 35.60 149.20 -0.20 -5.00 -4.20 9.90

UTI Nifty Fund 16.00 0.40 10.10 24.60 6.80 8.80 33.30 293.80 0.00 -4.70 -3.30 10.80

Software Oil Auto Banks Pharma FMCG Corpus Absolute Compound Annualized

& Gas (Cr.) 3M 6M 1Y 3Y

Others

Equity : Tax Saving Fundsas on

Nov 2015

Axis Long Term Equity Fund 12.00 2.20 13.30 15.50 10.60 0.00 46.40 6497.30 0.00 -0.30 6.70 27.40

Birla Sun Life Tax Plan 6.30 0.00 17.20 15.60 8.30 4.00 48.60 287.40 2.90 2.10 8.20 21.60

Birla Sun Life Tax Relief 96 6.40 0.00 17.20 15.70 8.40 4.10 48.20 1966.00 3.20 2.50 9.20 22.60

BNP Paribas Long Term Equity Fund 8.80 0.00 5.40 23.00 6.30 1.80 54.70 412.10 1.70 -1.00 7.70 21.10

Canara Robeco Equity Taxsaver 9.20 0.00 6.80 23.80 6.50 0.00 53.70 839.10 1.60 -1.20 0.60 15.40

DSP BlackRock Tax Saver Fund 7.80 0.30 13.40 27.90 7.90 0.90 41.80 1117.60 1.60 0.40 4.40 19.20

Franklin India Taxshield 10.10 0.50 12.50 26.70 8.80 3.00 38.40 1852.70 -0.60 -1.30 4.00 20.10

HDFC Long Term Advantage Fund 12.10 0.00 11.30 19.00 2.30 3.30 52.00 1133.80 2.20 -2.70 -2.40 16.10

HDFC Taxsaver 11.40 1.10 7.60 27.20 4.10 3.50 45.10 4894.60 0.50 -3.40 -6.20 15.50

ICICI Prudential LT Equity (Tax Saving) 11.10 0.00 8.70 13.00 13.00 0.00 54.20 2839.90 3.10 4.10 4.30 20.10

IDBI Equity Advantage Fund - Reg 0.00 0.00 23.70 5.20 3.00 6.70 61.40 377.40 -1.50 -1.10 3.10 0.00

L&T Tax Advantage Fund 10.50 0.00 5.90 20.70 5.50 4.40 53.00 1538.10 -0.40 -0.70 2.90 16.70

Reliance Tax Saver (ELSS) Fund 3.30 0.90 16.50 16.90 4.40 4.30 53.70 4560.80 6.70 -0.60 -2.90 22.50

Religare Invesco Tax Plan 13.60 0.00 10.60 17.80 9.20 0.00 48.80 257.90 0.00 -0.30 5.80 21.60

SBI Magnum Tax Gain Scheme 93 10.80 2.90 9.60 18.40 7.30 0.90 50.10 4713.30 -0.60 -3.80 3.20 18.10

Return(%)

Compound Annualized

Equity : Dividend Yield Funds

Birla Sun Life Dividend Yield Plus 12.80 0.90 5.90 18.00 8.20 5.20 49.00 1125.00 -1.60 -2.00 -5.50 12.60

BNP Paribas Dividend Yield Fund 8.20 0.00 2.10 21.60 7.60 6.20 54.30 178.10 0.00 -1.60 6.70 19.00

Principal Dividend Yield Fund 6.20 0.00 19.20 19.00 1.20 11.00 43.40 110.10 1.60 -1.60 -3.40 9.90

Tata Dividend Yield Fund - Reg 21.90 0.00 8.30 17.80 11.50 7.10 33.40 306.20 1.90 1.80 4.60 16.50

UTI Dividend Yield Fund 18.60 0.20 3.30 24.20 2.50 5.80 45.40 2837.30 -0.10 -1.60 -5.10 10.30

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Equity : Balanced Fundsas on

Nov 2015Return(%)

Software Oil Auto Banks Pharma FMCG Others

& Gas (Cr.) 3M 6M 1Y 3Y

Absolute Compound AnnualizedCorpus


Birla Sun Life Balanced 95 6.90 0.80 5.50 18.60 6.40 2.20 59.60 2159.90 1.60 1.40 3.40 17.70

Canara Robeco Balance 3.00 1.20 3.60 12.80 4.90 1.60 72.90 451.60 2.80 2.90 6.10 17.20

DSP BlackRock Balanced Fund 6.40 0.00 8.60 21.60 9.70 0.00 53.70 931.40 2.00 1.10 4.80 14.80

HDFC Balanced Fund 9.20 0.00 6.30 17.70 7.20 1.70 57.90 4783.00 1.00 1.20 3.00 19.30

HDFC Prudence Fund 9.00 0.40 7.30 21.20 2.50 0.90 58.70 8585.80 1.00 1.60 0.30 15.80

ICICI Prudential Balanced 10.60 1.80 5.90 18.30 7.50 4.00 51.90 2482.60 1.60 1.00 2.10 18.20

ICICI Prudential Balanced Advantage 11.30 0.00 6.70 13.30 5.10 3.50 60.10 10160.30 1.50 2.70 6.70 15.20

Reliance RSF - Balanced 6.40 0.00 12.60 20.80 6.50 0.00 53.70 1639.70 3.40 4.30 8.70 17.20

SBI Magnum Balanced Fund 12.60 2.00 8.60 10.80 4.90 3.50 57.60 2976.90 2.50 2.40 7.40 19.80

Tata Balanced Fund - Reg 7.00 0.00 4.90 12.10 6.80 2.60 66.60 5139.90 0.10 0.90 7.00 19.80

UTI Balanced Fund 11.50 2.40 7.50 16.80 4.20 2.00 55.60 1299.30 0.60 0.90 2.40 13.30


January 2016

Equity : ETF FundsGS Bank BeES 0.00 0.00 0.00 100.00 0.00 0.00 0.00 1084.70 -1.80 -7.40 -9.20 11.50

GS Hang Seng BeES 0.00 3.10 0.00 18.30 0.00 0.80 77.80 6.80 5.90 -12.30 -0.20 7.90

GS Nifty BeES 16.10 0.40 10.20 24.60 6.90 8.80 33.00 889.60 0.00 -4.70 -3.20 11.50

ICICI Prudential CNX 100 ETF 13.40 0.70 10.20 20.70 7.30 9.00 38.70 25.90 0.30 -3.60 -1.40 0.00

ICICI Prudential Nifty ETF 16.10 0.40 10.10 24.60 6.90 8.80 33.10 283.00 0.10 -4.50 -2.90 0.00

Kotak Nifty ETF 16.10 0.40 10.20 24.60 6.90 8.80 33.00 188.00 0.10 -4.50 -2.90 11.60

MOSt Shares M100 4.70 3.90 7.90 4.10 14.80 4.80 59.80 58.40 3.10 3.30 6.70 17.10

MOSt Shares NASDAQ 100 32.90 0.00 1.40 0.00 14.00 0.00 51.70 78.00 14.60 10.30 13.50 29.20

R*Shares Banking ETF 0.00 0.00 0.00 100.00 0.00 0.00 0.00 313.90 -1.80 -7.30 -8.90 11.90

R*Shares CNX 100 ETF 13.50 0.70 10.20 20.70 7.30 9.00 38.60 6.50 0.20 -4.00 -2.20 0.00

R*Shares Nifty ETF 16.10 0.40 10.20 24.50 6.80 8.80 33.20 27.50 0.10 -4.40 -2.70 0.00

SBI ETF Sensex 16.30 0.00 11.70 22.80 8.40 10.80 30.00 816.20 0.00 -5.40 -3.00 0.00

Equity : Arbitrage FundsBirla Sun Life Enhanced Arbitrage 3.20 0.40 5.80 32.70 10.10 3.50 44.30 1236.50 1.40 2.90 7.60 8.50

DWS Equity Income Fund 3.10 0.00 2.80 12.60 0.00 8.00 73.50 34.50 1.60 2.90 12.90 10.40

HDFC Arbitrage Fund - Ret 2.80 0.30 0.30 43.70 10.70 2.10 40.10 1983.30 1.60 3.20 7.40 7.80

ICICI Prudential Blended - Option A 3.40 0.20 0.00 34.60 2.80 4.40 54.60 496.90 1.50 3.00 7.50 8.50

ICICI Prudential Equity - Arbitrage 7.40 0.20 5.50 25.70 10.10 2.40 48.70 3629.40 1.50 3.00 7.60 8.60

IDFC Arbitrage Fund - Reg 0.00 0.00 0.00 23.80 -0.10 0.00 76.30 3148.70 1.50 3.00 7.40 8.40

IDFC Arbitrage Plus Fund - Reg 0.00 0.00 0.00 10.20 -0.10 0.00 89.90 877.30 1.00 3.10 6.60 7.80

JM Arbitrage Advantage Fund - Reg 5.80 4.20 2.80 26.70 8.60 2.80 49.10 5310.50 1.50 2.90 7.20 8.30

Kotak Equity Arbitrage Fund - Reg 1.90 1.10 4.30 26.10 9.50 0.60 56.50 4752.10 1.50 3.10 7.50 8.60

Reliance Arbitrage Advantage 3.10 0.00 2.60 28.10 9.60 2.00 54.60 3411.30 1.50 3.00 8.10 8.60

Religare Invesco Arbitrage 0.00 0.00 0.00 20.90 0.00 0.00 79.10 665.80 1.50 3.00 7.60 7.90

SBI Arbitrage Opportunities 6.10 0.20 7.70 34.00 10.80 2.50 38.70 1757.20 1.40 2.80 7.30 8.30

UTI Spread Fund - Growth 0.00 0.10 2.50 27.70 8.80 0.20 60.70 616.20 1.50 3.10 7.60 7.80

Birla Sun Life India GenNext 0.00 0.00 13.60 21.60 6.30 16.30 42.20 293.60 1.60 0.10 7.50 19.40

Birla Sun Life MNC Fund 0.70 0.00 19.90 5.20 13.80 12.90 47.50 2806.40 0.70 1.80 17.60 30.30

Franklin Build India Fund 0.00 0.00 16.90 31.90 2.70 0.00 48.50 572.60 1.60 -2.60 2.10 28.00

ICICI Pru Exports & other Services Fund 28.80 0.00 3.70 0.00 40.00 0.00 27.50 777.30 0.50 9.20 16.40 36.20

L&T India Special Situations Fund 14.20 0.00 6.70 20.30 3.90 4.20 50.70 985.10 -1.70 -2.90 1.50 17.50

Reliance Pharma Fund 0.00 0.00 0.00 2.00 88.70 0.00 9.30 1504.30 -2.40 11.90 19.40 29.20

SBI Pharma Fund 0.00 0.00 0.00 0.00 93.40 0.00 6.60 877.40 0.20 7.70 27.10 35.90

UTI MNC Fund 5.80 0.00 19.30 1.40 6.30 13.90 53.30 1729.90 -0.20 0.60 12.70 26.60

UTI Transportation & Logistics Fund 0.00 0.00 66.50 0.40 0.00 0.00 33.10 654.90 1.70 3.90 5.70 39.10

Equity : Thematic Funds

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Debt : MIP Fundsas on

Nov 2015Return(%)

AAA & AA & Sov. AA+ & Others Cash Equity Avg. Exp. Simple Annualized CA*

A1 Plus A1 A2 (Cr.) Maturity 1M 3M 6M 1Y

Corpus


Axis Income Saver Fund 47.08 0.00 0.00 0.00 49.97 2.95 28.18 703.28 1.10 2.13 -0.31 3.57 5.18 5.77

Birla Sun Life MIP II - Savings 5 0.00 0.00 0.00 62.35 32.97 4.68 9.33 248.59 5.96 1.41 -3.75 5.02 5.65 7.34

Birla Sun Life MIP II - Wealth 25 0.00 0.00 0.00 55.89 37.82 6.29 30.14 1060.39 6.54 2.44 -5.08 1.29 1.53 6.80

Birla Sun Life Monthly Income 1.91 0.00 0.00 60.80 33.28 4.01 14.56 254.53 5.67 2.59 -5.27 3.32 4.28 6.75

BNP Paribas MIP 20.07 0.00 0.00 40.03 32.73 7.17 18.48 178.02 5.24 2.45 -3.67 3.73 2.15 5.88

Canara Robeco Monthly Income Plan 13.06 0.00 0.00 49.64 31.30 6.00 22.06 302.64 0.00 2.58 -0.07 6.97 4.24 6.01

DSP BlackRock MIP Fund 16.37 0.00 0.00 33.53 46.29 3.81 23.61 423.37 0.00 2.57 1.89 7.11 5.03 5.74

Franklin India MIP 16.05 0.00 0.00 36.60 43.37 3.98 19.61 431.16 5.56 2.26 -1.73 3.38 3.20 7.22

HDFC MIP - LTP 8.26 0.00 0.00 43.97 44.86 2.91 25.06 3793.89 6.55 2.13 0.62 5.37 4.55 4.63

HDFC MIP - STP 26.59 0.00 0.00 36.34 33.54 3.53 17.69 298.93 3.78 2.44 6.44 6.41 3.43 3.46

HDFC Multiple Yield Fund - Plan 2005 42.63 0.00 0.00 0.00 35.39 21.98 18.92 180.57 0.18 1.93 9.67 7.34 6.18 5.21

HSBC MIP - Savings Plan 21.70 0.00 0.00 48.48 23.22 6.60 23.22 229.49 6.17 2.30 -3.67 3.82 3.95 5.65

ICICI Prudential MIP - Cumulative 11.52 0.00 0.00 42.89 43.08 2.51 12.09 356.28 4.81 2.30 -4.36 3.20 3.75 5.90

ICICI Prudential MIP 25 4.78 0.00 0.00 56.69 36.15 2.38 23.30 1270.06 5.46 2.00 -5.17 5.75 4.39 7.61

IDFC Monthly Income Plan 4.22 0.00 0.00 64.14 25.74 5.90 23.12 261.13 4.62 2.30 -1.51 4.33 3.75 6.74

Kotak Monthly Income Plan 0.09 0.00 0.00 66.55 25.94 7.42 19.78 118.53 5.78 2.40 -1.67 6.84 4.96 6.15

Reliance MIP 15.19 0.00 0.00 39.67 41.30 3.84 19.83 2615.15 6.28 1.81 0.90 5.59 4.34 7.16

SBI Magnum MIP 0.00 0.00 8.28 52.73 34.65 4.34 13.92 306.18 5.55 2.28 -2.13 6.09 6.33 9.29

UTI - MIS - Advantage Fund - Growth 15.87 0.00 0.00 47.76 32.94 3.43 23.09 621.05 0.00 2.23 -6.09 4.15 4.20 6.80

UTI Monthly Income Scheme 29.18 0.00 0.00 37.71 29.30 3.81 13.55 267.53 0.00 2.23 -4.28 3.51 3.78 5.67

January 2016


Return(%)Debt: Short-term Fundsas on

Nov 2015

Birla Sun Life Medium Term 8.71 0.00 10.28 27.61 49.63 3.77 4669.30 3.25 1.29 0.20 4.35 9.27 9.56 10.01

Birla Sun Life Short Term Fund 46.60 0.00 0.00 32.26 12.33 8.81 9556.80 1.81 0.32 3.32 4.97 8.34 8.44 8.93

Birla Sun Life Treasury Optimizer Plan 29.69 0.00 0.00 48.73 12.17 9.41 5083.55 3.50 0.60 -0.80 2.39 8.48 7.94 8.89

DSP BlackRock Income Opportunities 44.39 0.00 10.00 0.00 42.84 2.77 2329.78 0.00 1.70 11.30 7.65 9.20 9.42 9.73

Franklin India STIP 4.38 0.00 7.36 2.85 83.83 1.58 10351.25 2.14 1.56 2.74 5.82 7.87 8.59 9.19

HDFC HIF - S T P 32.03 0.00 0.00 35.64 28.76 3.57 2443.52 3.46 1.05 -0.83 2.12 7.33 7.09 7.85

HDFC Short Term Opportunities Fund 59.31 0.00 0.00 15.04 22.06 3.59 6397.17 1.54 0.33 3.27 6.10 8.54 8.48 8.80

HDFC Short Term Plan 19.64 0.00 6.93 2.62 64.88 5.93 2840.77 1.68 1.07 3.91 6.65 9.20 9.35 9.58

ICICI Pru Banking & PSU Debt Fund 51.15 0.00 0.00 24.56 11.92 12.37 3351.65 3.20 0.37 -4.42 1.26 8.41 8.43 8.69

ICICI Pru STP 32.92 0.00 0.00 35.20 24.36 7.52 5278.26 3.04 0.95 -2.84 0.60 7.56 7.71 8.29

IDFC SSIF - Short Term 80.09 0.00 0.00 0.00 16.13 3.78 4713.89 1.75 0.83 2.27 5.01 8.22 8.24 8.29

IDFC SSIF - MTP 57.23 0.00 0.00 26.36 13.35 3.06 3754.83 2.99 1.20 -1.16 2.31 7.60 7.40 8.11

Reliance Medium Term Fund 57.77 0.00 0.00 4.16 34.69 3.38 4841.64 1.02 0.65 5.68 6.82 8.37 8.71 8.89

Reliance Short Term Fund 40.38 0.00 0.00 25.48 26.11 8.03 8923.86 2.31 1.04 0.74 3.62 7.94 7.84 8.44

SBI Short Term Debt Fund 47.94 0.00 0.00 22.58 21.56 7.92 3974.18 2.02 0.74 1.58 4.39 7.98 7.95 8.35

Tata Short Term Bond Fund 58.85 0.00 0.00 19.23 15.54 6.38 4938.95 0.00 1.11 1.44 3.84 7.84 7.92 8.43

Taurus Short Term Income Fund 89.48 0.00 0.00 0.29 0.00 10.23 344.00 0.07 2.10 7.65 7.78 8.15 8.45 9.00

UTI Short Term Income Fund - Ret 28.66 0.00 0.00 29.47 27.61 14.26 5998.03 2.59 0.77 -0.91 3.55 8.56 8.01 8.54

AAA P1+ Sov. A & AA Others Cash Avg. Exp. Simple Annualized CA*

AA- (Cr.) Maturity 7D 1M 3M 6M 1Y

Corpus

Debt: Income Funds

ICICI Prudential LTP 2.95 0.00 0.00 93.85 0.00 3.20 856.21 8.91 0.97 -14.70 -8.32 6.67 5.96 8.23

IDFC D B F (Re-Launched) 0.00 0.00 0.00 98.49 0.00 1.51 6243.01 8.75 1.65 -11.71 -8.90 5.93 5.36 8.16

DWS Medium Term Income Fund 50.55 0.00 0.00 36.71 0.00 12.74 828.92 4.04 1.03 -2.61 1.38 8.01 8.15 8.91

DSP BlackRock Strategic Bond Fund 19.82 0.00 0.00 68.77 0.00 11.41 3209.04 0.00 1.10 -7.57 -3.55 7.29 5.91 8.27

Reliance Corporate Bond Fund 25.64 0.00 1.90 5.35 62.44 4.67 1391.50 3.47 1.60 1.49 5.60 7.59 8.06 9.06

IDFC SSIF - Invt Plan 0.00 0.00 0.00 98.47 0.00 1.53 2255.28 8.76 1.83 -11.94 -9.13 5.78 5.22 7.94

HDFC Corporate Debt Opportunities 23.30 0.00 3.69 0.00 69.00 4.01 7044.24 2.53 1.78 1.49 4.81 8.76 8.82 9.14

Birla Sun Life Income Plus 0.71 0.00 0.00 94.99 1.23 3.07 4063.25 9.08 1.86 -18.28 -9.18 5.73 4.05 7.09

DSP BlackRock Strategic Bond Fund 19.82 0.00 0.00 68.77 0.00 11.41 3209.04 0.00 1.10 -7.57 -3.55 7.29 5.91 8.27

DWS Banking & PSU Debt Fund 74.22 0.00 0.00 16.46 7.93 1.39 1575.95 1.91 0.77 2.84 3.99 7.81 8.06 8.88

ICICI Prudential Income Opportunities 94.47 0.00 0.00 1.73 0.00 3.80 2859.82 4.38 0.69 -4.42 -0.02 8.33 8.33 9.04 So

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Debt: Ultra Short-term Funds

Debt: Liquid Funds

as onNov 2015

Return %

AAA & AA & Sov. AA+& Others Cash Modified Exp. Simple Annualized CA*

A1 Plus A1 A2 (Cr.) Duration 7D 1M 3M 6M 1Y

Corpus


Axis Treasury Advantage Fund - Growth 66.32 0.00 0.00 0.00 20.95 12.73 1649.82 0.28 0.56 6.60 7.15 8.25 8.43 8.61

Baroda Pioneer Treasury Advantage A 67.09 0.00 0.00 3.12 29.00 0.79 2393.90 0.51 0.80 6.69 6.96 8.28 8.76 9.19

Birla Sun Life Cash Manager 44.49 0.00 0.00 16.88 36.48 2.15 6958.99 0.62 0.64 6.28 6.80 7.68 7.95 8.20

Birla Sun Life Floating Rate LTP 39.47 0.00 0.00 33.10 23.36 4.07 1480.32 0.65 0.35 4.30 7.74 8.55 8.72 8.89

Birla Sun Life Savings Fund 58.33 0.00 0.00 14.00 24.86 2.81 12281.42 0.61 0.27 6.59 7.55 8.14 8.67 8.95

DSP BlackRock Money Manager 80.96 0.00 0.00 3.33 13.88 1.83 2058.09 0.00 1.00 6.43 6.63 7.19 7.68 8.05

DWS Cash Opportunities Fund 37.01 0.00 2.76 0.00 62.51 -2.28 737.34 0.55 1.19 7.66 7.96 8.81 9.03 9.24

DWS Treasury Fund - Investment 98.20 0.00 0.00 0.00 0.00 1.80 815.09 0.65 0.49 5.63 6.42 7.59 8.04 8.36

DWS Ultra Short-Term Fund 63.32 0.00 0.00 0.00 27.11 9.57 2635.41 0.37 0.47 7.03 7.66 8.09 8.55 9.03

Franklin India Low Duration Fund 23.44 0.00 5.12 0.00 69.90 1.54 2453.19 0.89 0.78 7.15 7.68 9.40 9.73 9.90

Franklin India Ultra Short Bond Retail 14.68 0.00 0.00 3.30 79.21 2.81 5133.04 0.52 0.86 7.39 8.05 8.69 8.83 9.09

HDFC Cash Mgmt - Treasury Advantage 63.39 0.00 0.23 5.36 28.38 2.64 9431.05 0.76 1.31 5.29 6.05 7.01 7.42 7.74

HDFC F R I F - STF - Growth 76.05 0.00 0.00 0.07 20.61 3.27 9574.35 0.54 0.39 6.56 7.17 8.03 8.36 8.66

HDFC F R I F - STF - Growth 76.05 0.00 0.00 0.07 20.61 3.27 9574.35 0.54 0.39 6.56 7.17 8.03 8.36 8.66

ICICI Prudential FIP Reg - Growth 76.39 0.00 0.00 4.76 18.57 0.28 16784.73 0.64 0.16 6.33 7.22 8.05 8.55 8.87

ICICI Prudential Savings Fund - Growth 40.74 0.00 3.88 14.62 32.76 8.00 3858.58 0.62 1.13 5.51 6.39 7.91 8.08 8.34

ICICI Prudential Ultra ST Plan 76.95 0.00 0.00 7.49 10.82 4.74 6022.78 1.55 0.23 2.94 5.74 8.25 8.83 8.87

IDFC Money Manager - Invt Plan 78.99 0.00 0.00 0.00 16.11 4.90 1654.06 1.92 0.46 1.48 5.66 9.03 8.77 9.02

IDFC Money Manager - Treasury Plan 83.33 0.00 0.00 0.00 12.50 4.17 2071.91 0.62 0.95 5.56 6.30 7.36 8.56 8.45

IDFC Ultra Short Term Fund 70.37 0.00 0.00 0.00 27.19 2.44 3358.51 0.58 0.40 6.37 7.01 8.01 8.60 8.82

JM Money Manager Fund - Super Plus Plan 83.80 0.00 0.00 0.95 4.43 10.82 1037.21 0.00 0.50 5.93 6.39 7.39 8.03 8.38

JPMorgan India Treasury Fund - Ret 42.40 0.00 0.00 7.66 0.01 49.93 722.60 0.21 0.00 6.78 6.77 -21.17 -10.59 -1.44

Kotak Treasury Advantage Fund 83.71 0.00 0.00 0.00 15.70 0.59 4022.25 0.50 0.63 7.17 7.59 7.93 8.46 8.69

L&T Ultra Short Term Fund 77.98 0.00 0.00 0.00 14.31 7.71 1800.59 0.38 0.53 6.29 7.61 8.01 8.22 8.50

LIC Nomura MF Savings Plus Fund 56.03 0.00 0.00 8.38 31.88 3.71 1188.05 0.00 1.00 4.73 5.98 7.31 7.56 7.73

Principal Debt Opportunities Conservative 59.31 0.00 0.00 1.92 34.16 4.61 456.14 0.56 1.10 5.58 6.71 7.68 7.95 8.26

Reliance Money Manager Fund 70.50 0.00 0.00 2.86 23.88 2.76 13319.47 0.57 0.52 6.28 7.05 7.96 8.30 8.54

Religare Invesco Credit Opportunities Fund 77.35 0.00 0.00 0.00 16.98 5.67 2627.38 0.07 0.65 7.77 8.08 8.22 8.35 8.89

Religare Invesco Ultra Short Term Fund 75.80 0.00 0.00 1.01 18.70 4.49 2470.15 0.56 0.80 5.89 6.75 8.10 8.18 8.47

SBI SHDF - Ultra Short Term 78.56 0.00 0.00 4.24 15.36 1.84 9598.60 0.44 0.39 6.68 7.02 7.91 8.31 8.77

Sundaram Ultra Short Term 89.90 0.00 0.00 0.00 9.39 0.71 2043.48 0.00 0.91 6.17 6.51 7.31 7.67 8.25

Tata Floater Fund 76.81 0.00 0.00 0.21 18.50 4.48 4005.96 0.00 0.35 6.26 6.93 8.01 8.35 8.74

Taurus Ultra Short Term Bond Fund - Ret 82.72 0.00 0.00 0.46 -0.01 16.83 216.93 0.03 0.45 7.16 7.58 8.02 8.15 8.56

UTI Floating Rate Fund - STP 49.73 0.00 0.00 14.91 27.47 7.89 6077.69 0.69 0.88 5.76 6.45 8.00 8.38 8.65

UTI Treasury Advantage Fund 58.19 0.00 0.00 16.77 19.38 5.66 10854.80 0.51 0.27 5.78 6.43 7.66 7.99 8.29

Axis Liquid Fund 74.04 0.00 0.00 13.13 9.88 2.95 9108.70 0.00 0.09 7.32 7.42 7.61 7.88 8.44

Birla Sun Life Cash Plus 66.17 0.00 0.00 10.15 24.37 -0.69 22267.25 0.00 0.18 7.26 7.39 7.59 7.88 8.46

DSP BlackRock Liquidity Fund 79.36 0.00 0.00 9.60 12.04 -1.00 4980.33 0.00 0.25 7.18 7.23 7.41 7.70 8.24

DWS Insta Cash Plus Fund 63.66 0.00 0.00 17.43 10.13 8.78 8284.92 0.00 0.09 7.44 7.54 7.72 7.96 8.46

Franklin India TMA 83.10 0.00 0.00 0.00 11.68 5.22 3162.77 0.00 0.86 6.75 6.87 7.35 7.40 7.91

HDFC Cash Mgmt Fund - Savings Plan 76.21 0.00 0.00 16.79 8.09 -1.09 7932.14 0.12 0.75 7.15 7.26 7.47 7.76 8.37

HDFC Liquid Fund 72.63 0.00 0.00 21.19 8.33 -2.15 25810.69 0.00 0.09 7.37 7.44 7.62 7.89 8.44

ICICI Prudential Liquid 93.92 0.00 0.00 5.18 5.34 -4.44 23012.22 0.11 0.16 7.34 7.41 7.60 7.86 8.42

ICICI Prudential Money Market 90.70 0.00 0.00 0.00 5.08 4.22 7874.01 0.09 0.16 7.39 7.44 7.61 7.87 8.42

IDFC Cash Fund 76.31 0.00 0.00 12.55 6.24 4.90 10361.15 0.11 0.31 7.25 7.39 7.60 7.87 8.45

Kotak Floater - ST 86.72 0.00 0.00 16.08 0.42 -3.22 7140.47 0.00 0.05 7.51 7.55 7.70 7.97 8.52

Kotak Liquid Scheme - Plan A 64.49 0.00 0.00 19.74 7.06 8.71 6729.02 0.00 0.08 7.34 7.44 7.55 7.85 8.42

L&T Liquid Fund 82.36 0.00 0.00 6.44 4.18 7.02 7169.82 0.14 0.12 7.25 7.38 7.61 7.87 8.43

LIC Nomura MF Liquid Fund 87.56 0.00 0.00 2.44 4.96 5.04 9262.04 0.00 0.19 7.32 7.45 7.60 7.88 8.43

Reliance Liquid Fund - TP 85.00 0.00 0.00 9.94 11.39 -6.33 20188.54 0.12 0.10 7.37 7.43 7.61 7.87 8.43

Religare Invesco Liquid Fund 77.23 0.00 0.00 8.11 17.45 -2.79 4560.53 0.07 0.17 7.45 7.48 7.68 7.94 8.48

SBI Premier Liquid Fund 76.67 0.00 0.00 12.33 7.55 3.45 29952.78 0.08 0.11 7.22 7.35 7.56 7.82 8.37

UTI Liquid Fund - Cash Plan 89.18 0.00 0.00 2.61 5.68 2.53 11439.55 0.00 0.09 6.49 6.65 6.87 7.14 7.70

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January 2016


Sov. Others Cash Corpus Modified Expense Simple Annualized CA*

(Cr.) Duration 7D 1M 3M 6M 1Y


11

Debt Gilt: Medium & Long-term Fundsas on

Nov 2015Return(%)

Portfolio as on Nov 30, 2015 & Return as on Dec 31, 2015 *CA : Compound Annualized

Birla Sun Life G Sec Fund - LT - Reg 0.00 97.07 2.93 919.02 0.00 1.49 -17.09 -9.66 6.30 5.06 8.38

DWS Gilt Fund 0.00 97.98 2.02 557.08 0.00 0.76 6.43 -0.74 8.84 6.98 8.83

Franklin India GSF - LTP 0.00 97.64 2.36 423.34 0.00 1.74 -17.65 -9.53 6.17 4.80 8.61

HDFC Gilt Fund - L T P 0.00 96.62 3.38 3539.39 0.00 0.79 -13.98 -7.59 7.11 6.04 8.94

ICICI Prudential Gilt Fund - Investment - PF - Reg 0.00 97.14 2.86 753.08 9.76 0.65 -17.28 -9.17 7.03 5.76 8.73

ICICI Prudential Long Term Gilt Fund 0.00 97.64 2.36 1737.68 9.54 0.98 -16.35 -9.15 6.81 5.73 8.63

IDFC G Sec Fund - Invt Plan - Reg (Re-launched) 0.00 98.47 1.53 1188.14 0.00 1.50 -14.52 -9.09 6.22 5.44 8.40

JPMorgan India G Sec Fund - Reg 0.00 93.85 6.15 839.17 0.00 1.25 -11.66 -7.17 6.71 5.60 8.36

Reliance G Sec Fund 0.00 97.95 2.05 1254.54 8.54 1.68 -12.59 -7.73 7.03 5.96 8.99

SBI Magnum Gilt LTP 0.00 97.52 2.48 2286.11 9.28 0.98 -16.06 -8.07 6.79 6.12 10.37

UTI Gilt Advantage Fund - L T P 0.00 95.82 4.18 669.72 0.00 0.84 -14.60 -8.08 6.78 5.81 9.12

January 2016

Debt Gilt: Short-term Funds

DSP BlackRock Treasury Bill Fund 0.00 96.87 3.13 19.92 0.00 0.60 6.25 6.14 7.16 7.27 7.52

ICICI Prudential Short Term Gilt Fund 0.00 58.07 41.93 218.67 2.13 0.50 -1.94 -0.12 9.20 8.01 8.65

IDBI Gilt Fund 0.00 92.19 7.81 20.44 10.16 1.81 -21.63 -10.33 5.99 4.87 6.81

SBI Magnum Gilt STP 0.00 65.37 34.63 143.66 2.05 0.72 1.28 3.36 7.98 7.58 10.22

Tata G S S M F - Plan A 0.00 92.92 7.08 33.07 0.00 1.07 -0.48 1.92 7.87 7.27 8.35

UTI G-Sec Fund - STP 0.00 72.06 27.94 27.15 0.00 0.58 7.57 7.61 8.48 8.05 8.56

Return(%)Debt : Dynamic Fundsas on

Nov 2015

Axis dynamic Bond Fund 19.73 0.00 0.00 73.54 2.81 3.92 320.66 7.40 1.70 -11.21 -4.90 6.78 6.42 8.36

Franklin India dynamic Accrual 5.27 0.00 11.25 0.00 81.15 2.33 1443.33 2.65 1.76 2.34 5.95 9.89 10.06 10.62

Reliance dynamic Bond Fund 6.81 0.00 0.00 90.22 0.00 2.97 5506.56 7.58 1.67 -12.09 -6.55 6.57 5.36 7.65

SBI dynamic Bond Fund 1.13 0.00 0.00 87.50 0.01 11.36 4396.28 7.73 1.51 -15.56 -8.62 5.94 5.13 7.86

Birla Sun Life dynamic Bond 1.15 0.00 0.00 84.46 11.64 2.75 15898.36 7.64 1.30 -13.74 -4.63 7.04 7.03 9.73

HDFC HIF - dynamic 5.65 0.00 0.00 87.92 2.41 4.02 2284.61 8.18 1.61 -10.81 -6.85 6.72 5.44 7.65

Birla Sun Life dynamic Bond DAP 1.15 0.00 0.00 84.46 11.64 2.75 15898.36 7.64 1.30 -13.77 -4.64 7.03 7.03 9.72

Birla Sun Life dynamic Bond Fund 1.15 0.00 0.00 84.46 11.64 2.75 15898.36 7.64 1.30 -13.74 -4.63 7.04 7.03 9.73

Tata Dynamic Bond Fund 11.26 0.00 0.00 85.08 -0.01 3.67 1017.94 0.00 1.97 -9.53 -4.49 6.94 5.92 8.49

Reliance Dynamic Bond Fund 6.81 0.00 0.00 90.22 0.00 2.97 5506.56 7.58 1.67 -12.09 -6.55 6.57 5.36 7.65

UTI Dynamic Bond Fund 0.69 0.00 0.00 87.66 5.63 6.02 857.06 7.45 1.67 -14.32 -6.21 7.34 6.69 8.54

AAA P1+ Sov. A & AA Others Cash Avg. Exp. Simple Annualized CA*

AA- (Cr.) Maturity 7D 1M 3M 6M 1Y

Corpus

Software Oil Auto Banks Pharma FMCG Corpus Absolute Compound Annualized

& Gas (Cr.) 3M 6M 1Y 3Y

Others

Equity : Value Funds

Equity : Global Funds

as onNov 2015

Birla Sun Life Pure Value 5.30 0.00 5.50 8.20 5.90 0.00 75.10 413.60 5.50 7.00 4.20 29.80

ICICI Pru Value Discovery Fund 9.70 1.40 12.10 15.40 4.10 1.90 55.40 10931.50 1.20 0.20 5.40 25.70

L&T India Value Fund - Growth 5.40 0.00 8.00 12.70 3.70 1.60 68.60 776.40 3.40 6.50 12.90 28.00

PPFAS Long Term Value Reg 22.30 2.60 11.20 13.70 3.50 0.00 46.70 653.50 10.00 5.90 8.90 0.00

Tata Equity P/E Fund - Reg 9.60 1.60 8.10 15.20 2.20 0.00 63.30 611.30 3.80 0.20 0.30 20.10

Templeton India Equity Income 7.30 0.00 10.20 16.90 2.40 0.00 63.20 988.80 2.70 -3.20 -1.60 12.20

Franklin Asian Equity Fund 8.60 0.00 2.90 8.60 2.50 0.90 76.50 104.50 7.40 -7.30 -4.60 5.40

ICICI Pru Indo Asia Equity Fund 8.20 0.00 11.00 18.70 5.10 0.00 57.00 147.10 3.00 -3.70 0.50 18.10

ICICI Pru US Bluechip Equity Fund 11.10 0.00 0.00 0.00 14.80 0.00 74.10 175.80 5.90 -0.10 0.70 18.30

L&T Indo Asia Fund 0.00 0.00 0.00 0.00 0.00 0.00 100.00 244.80 0.00 0.00 0.00 0.00

Mirae Asset India-China Consumption 5.10 0.00 9.70 20.20 3.90 16.70 44.40 34.60 3.00 -1.30 3.80 17.60

Return(%)

Compound Annualized

Compound Annualized

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January 2016

Risk Factors/Disclaimers: Mutual Funds and Securities Investments are subject tomarket risks and their NAVs / prices can fluctuate on factors affecting capital/debtmarkets. Past performance is not an indicator of future performance of theInvestments. Efforts have been made to ensure that the information provided areaccurate, complete and up-to date, irrespective please read the offer document of therespective schemes before investing. SPA Group is not liable for any inaccurate orincomplete information. SPA Group also takes no responsibility for any gain/ loss onany investment made pursuant to the above letter.

SPA Capital Services Limited

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