november 2014 - hsbc · 2014. 12. 12. · the indian equity markets rallied through november 2014...

November 2014

Index

1

In this Issue ...

Fund Manager Commentary Pg 2

HSBC Equity Fund Pg 6

HSBC India Opportunities Fund Pg 8

HSBC Midcap Equity Fund Pg 10

HSBC Progressive Themes Fund Pg 12

HSBC Tax Saver Equity Fund Pg 14

HSBC Dividend Yield Equity Fund Pg 16

HSBC Dynamic Fund Pg 18

HSBC Emerging Markets Fund Pg 20

HSBC Brazil Fund Pg 21

HSBC Asia Pacific (Ex Japan) Dividend Yield Fund Pg 22

HSBC Managed Solutions India - Growth Pg 23

HSBC Managed Solutions India - Moderate Pg 24

HSBC Managed Solutions India - Conservative Pg 25

Fund Managers - Equity Pg 26

Comparative Performance of Equity Schemes Pg 28

HSBC MIP - Savings Plan Pg 32

HSBC MIP - Regular Plan Pg 34

HSBC Income Fund - Investment Plan Pg 36

HSBC Income Fund - Short Term Plan Pg 38

HSBC Floating Rate Fund - Long Term Plan Pg 40

HSBC Cash Fund Pg 42

HSBC Gilt Fund Pg 44

HSBC Ultra Short Term Bond Fund Pg 45

HSBC Flexi Debt Fund Pg 47

Fund Managers - MIP & Debt Pg 49

Comparative Performance of MIP & Debt Schemes Pg 51

Fund Manager Commentary November 2014

2

Equity & MIPMarket UpdateEquity markets continued on an upward trajectoryThe Indian equity markets rallied through November 2014 and continued to register new highs at the indices. India is now one of the best performing equity markets globally in calendar year 2014 (CY14) (second best amongst emerging markets after Egypt) with a gain of ~30% (on the MSCI India index). The sharp fall in global oil prices in November 2014 and the Organisation of the Petroleum Exporting Countries’ (OPEC) decision to maintain supply had a positive impact on Indian equity markets. The fall in oil prices coupled with softening of inflation data flows in the recent past, has raised expectations of the commencement of monetary easing cycle in the near term. The Gross Domestic Products (GDP) growth for July – September 2014 quarter came in at 5.3%, driven by higher than expected agricultural growth and government spending.While the Indian equity markets have rallied this year in anticipation of structural reforms by the new government, we have also seen other external factors turning favourable and acting as positive enablers in the interim. The Current Account Deficit (CAD) scenario has improved due to some efficient measures taken by the Reserve Bank of India (RBI) and the government. The sharp fall in oil prices too assisted the CAD scenario. The currency has remained stable and India has seen another good year of foreign institutional flows.The domestic market indices S&P BSE Sensex and Nifty gained 3% and 3.2% respectively during the month of November 2014. The S&P BSE Midcap & Smallcap indices too registered positive gains of 4.4% and 3.1% respectively and have outperformed the benchmark indices by a wide margin during CY14. The banking sector outperformed during November 2014. Commodity related sectors (Metals & Oil/Gas), were understandably weak during November 2014, as a subdued global commodity prices had an adverse bearing on their performance.

November 2014 was another strong month as far as Foreign Institutional Investor (FIIs) flows were concerned. The FII’s segment net bought equities worth ~USD 2.3 bn during the month (cash segment) and this has taken the year-to-date (YTD) net inflow tally to ~USD 16.3 bn. The Domestic Institutional Investors (DIIs) on the other hand were net sellers to the tune of ~USD 1.2 bn during the month of November 2014, again entirely due to the net outflows from the insurance segment. The mutual funds on the other side have been net buyers in equities during CY14 and this has negated some of the larger outflows seen from Insurance segment. DIIs have so far seen outflows of ~USD 5.8 bn in CY14.Trade deficit dropped marginally Exports saw a decline of 5% for October 2014 year-on-year (YoY) vs. 2.7% in September 2014. Export de-growth came after 6 months in the positive trajectory. Imports growth also slowed down to 3.6% for October 2014 (YoY) vs 26% in September 2014, while the overall trade deficit came marginally better on a sequentially basis but however remained elevated at USD 13.4 bn for October 2014 vs. USD 14.3 bn in September 2014. Weaker commodity prices had a bearing on the overall trade figure. Gold and Silver imports bill rose during the month of October 2014, while the shift in the festival calendar impacted exports to some extent.

Source: Bombay Stock Exchange (BSE)

Inflation & Industrial GrowthInflation data:The Consumer Price Index (CPI) inflation for October 2014 came in at 5.5% (YoY) vs. 6.5% for September 2014. The data came lower than market expectations and the inflation continued to fall on a sequential basis. The core CPI inflation was however unchanged at 5.9% (YoY) vs 5.9% in September 2014. The Wholesale Price Index (WPI) inflation also eased further to 1.8% in October 2014 (YoY) vs. 2.4% in September 2014. The WPI inflation is now at a five year low (lowest since November 2009) driven by continued deceleration in food prices and also the decline in fuel inflation. The WPI data has a favourable base till November 2014 but lower global commodity prices and the recent trends in food prices may help to keep the inflation trajectory muted even after that.

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Sensex BSE100 BSE200 BSE500 BSEMidCap

BSESmallCap

Indices Performance - November 2014


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Industrial Production data:The industrial production growth accelerated to 2.5% during September 2014 (YoY) vs. 0.5% in August 2014. The recovery in industrial growth was led by basic goods as well as the turnaround in the capital goods segment. The consumer durables and consumer goods segments appeared weak as they continued to register negative growth during September 2014 as well.

Global Economic ScenarioGlobal crude oil prices continued to drop in November 2014 as well and fell 18.3% during the month, recording four year low. An immediate recovery in oil prices was not in sight as the Organisation of the Petroleum Exporting Countries (OPEC) decided to maintain supply during its meeting held towards the end of November 2014. Although many members of the oil alliance, along with Russia, expressed their wish to see the organisation cut its production ceiling, Saudi Arabia imposed its view to leave the current ceiling of 30 million barrels per day unchanged. On the other side of the shore, in a surprise move, the Japanese Prime Minister Shinzo Abe called for a snap general election which is likely to happen in mid December 2014. He also made another important announcement that the second consumption tax hike which was originally scheduled for October 2015, will now be pushed back by 18 months to April 2017. Prime Minister Abe also added that the tax hike will not be delayed again and that the government will not drop its efforts to achieve fiscal consolidation. Both these decisions came after the country unexpectedly slipped into a recession as the growth data for September 2014 ended quarter indicated.

Going ForwardNovember 2014, was another strong month for the equity markets and continued to register new highs. The key catalyst during the month was the sharp fall in global crude oil prices. Subdued oil & commodity prices is highly beneficial for India given our dependence of imports. The sharp fall in oil prices has helped the central government to de-regulate diesel without actually impacting prices for end users. This will also have a positive bearing on domestic inflation as well as the CAD scenario. The key things to watch-out for in the near future are policy announcements from the government and the RBI stance on the monetary easing timeline. The ongoing winter session of the parliament has seen disruptions and the government has struggled to table key bills for discussion and legislation. The government is required to overcome the resistance from the opposition benches to pass key reform legislations especially in the upper house (Rajya Sabha) of the parliament, where the ruling political party doesn’t have majority. However on the other hand, there are expectations of the monetary easing cycle to kick-off soon, given the favourable inflation readings of the recent past. The GDP growth is unlikely to rebound sharply in the near term and we expect a moderate recovery in economic growth in financial year 2014-15 (FY15) vs financial year 2013-14 (FY14) driven by an improvement in the external demand and a gradual pick-up in the private investment and consumption. However, the reform initiatives to boost productivity and reduce supply-side bottlenecks are crucial to start a new investment cycle and that is the key to India’s medium-term growth outlook and macro stability. We remain constructive and confident on the economic growth revival process and believe that decisive government actions can lead to further upside and re-rating in stocks.For investors with a long term investment horizon, equity investments provide the potential to deliver relatively better returns vis-à-vis other alternatives. Therefore, we continue to urge investors to approach equity investing from a long term perspective and always keep the asset allocation plan in mind, taking into account one’s risk appetite and future goals in mind.Source: Bloomberg, for all data except where mentioned otherwise

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Wholesale Price Index Inflation (WPI)

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Source: Bloomberg ; Central Statistical Organization (CSO) India


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Index of Industrial Production (IIP)

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Review: HSBC Progressive Themes FundThe fund is currently focusing on the following themes; 1. Economic Reforms (29.9%) which includes Financial sector reform- 19.2% & Oil & Gas Sector deregulation sub theme- 10.8% and 2 Infrastructure (53.4%) which includes Power- 13.1%, Construction– 23% and Logistics- 17.3%. Well diversified exposure across sectors encompassing the above themes.

Review: HSBC Dynamic FundThe cash levels and sector allocation in the fund are likely to change depending on the market conditions and technical factors.

Review: HSBC MIP Regular and Savings PlansOur current exposure is 14.52% in HMIP Regular and 24.71%, in HMIP Savings. Currently it is more biased towards large caps than mid or small caps

Review: HSBC Midcap Equity FundBeing overweight healthcare, materials and underweight energy helped performance while being underweight information technology, utilities hurt performance.

Review: HSBC India Opportunities FundBeing overweight financials, industrials and underweight consumer staples, telecom, utilities, energy helped performance while being overweight materials hurt performance.

Review: HSBC Equity FundBeing overweight financials and underweight healthcare, telecom, utilities helped performance while being overweight consumer discretionary, industrials and underweight energy hurt performance.

DebtEconomic Events and Data

Indian Gross Domestic Product (GDP) growth eased in Q2FY15The GDP growth moderated to 5.3% year-on-year (YoY) in the second quarter (Q2) of the financial year 2014-15 (FY15) from 5.7% in the previous quarter, above expectations of 5%. Non-agricultural GDP growth eased to 5.8% (YoY) in Q2 from 6.0% in Q1, while agriculture growth moderated to 3.2% from 3.8%. Fiscal deficit nears 90% of full year budgeted target on low receiptsIndian fiscal deficit was at 89.6% of its full-year budgeted target during April – October FY15, higher than the 84.4% during the same period last year. However, the slippage is largely due to lower receipts, as was the case last month. Lower receipts are due to weak tax collection; and little progress on the disinvestment process (INR1.2bn so far in FY15 vs. the budgeted target of INR634bn). The government is in the process of divestment of key PSU entities and should be able to mop up the desired requirements to meet the target.The Consumer Price Index (CPI) eased on back of food prices and base effectThe CPI inflation fell to 5.5% (YoY) in October 2014 from 6.5% in September 2014, below expectations, entirely on favourable base effects. Food inflation moderated to 5.7% YoY from 7.6% while core CPI inflation was unchanged at 5.9% YoY. The falling trend is expected to stem during Q4 FY15 as base effects wane. The Wholesale Price Index (WPI) inflation eased further to 1.77% YoY in October 2014 from 2.37% YoY in September 2014, below market expectations of 2.1%. The fall was broad based and largely due to a steep fall in the global commodity prices. It may be noted that the WPI has a higher weightage to commodities whereas CPI assigns a higher weightage to food.

Sectors HSBC Equity Fund

HSBC India Opportunities

Fund

HSBCMidcap

Equity FundConsumer Discretionary =Consumer Staples =Energy Financials Healthcare = Industrials =Information Technology Materials = Telecommunication Utilities

Overweight Underweight = Neutral

Index of Industrial Production (IIP) continues sluggish but in positive territory Industrial output growth rose to 2.5% YoY in September 2014 from 0.5% in August 2014, led by a stronger growth in capital goods output. The Reserve Bank of India’s (RBI) fifth bi-monthly monetary policyThe RBI kept key policy rates unchanged in its fifth bi-monthly credit policy released on 02 December 2014. Though the policy maintained a status quo, the RBI gave an indication that if the current inflation momentum and changes in the inflation expectations continue and fiscal developments are encouraging, a change in monetary stance is likely early next year. As the RBI sees balanced risk for January 2016 CPI target at 6%, due to easing of crude and domestic base effect, key uncertainty remains sustainability of these inflation numbers. The uncertainty regarding evolution of base effect in inflation, strength on non inflationary impulse, public expectation of inflation and success of government’s efforts to hit inflationary target makes the RBI think that change in monetary policy stance at current juncture is premature. However, a change in its stance is possible early next year if these uncertainties move away.

Market Activity

Bond yields rallied on indication from the RBI of change in monetary stance early 2015Bond yields eased further to near term lows on the back of steep drop in crude prices. The RBI acknowledged the steep drop in crude prices and the emerging scenario of benign global growth outlook. As rate cut is round the corner and there is limited supply of bonds pending from December 2014 to March 2015, bond yields will tend to remain lower for longer. Corporate bond segment continues to witness increased demand owing to improved liquidity conditions and demand from Foreign Portfolio Investors (FPI). Short term rates (1 – 3 years) have witnessed considerable demand from FPI segment leading to shift in supply pattern of corporate bonds (higher issuance in short end segment); leading to lowering of corporate bond yields. Positive sentiment on India would keep the momentum on the FPI inflows; especially in the credit segment considering the sovereign limit is available scantily.

Global Economic Scenario

Recovery in the United states is broadening on the back of stronger domestic consumption, rising investments and industrial activity. The Euro area is facing recessionary concerns. China has cut rates on the back of disappointing activity and still low inflation. Global equity markets are seeing new highs, whereas investors are shunning gold and commodities. Crude oil has been particularly weak given the decision by Organisation of the Petroleum Exporting Countries (OPEC) not to impose any supply cuts. FPIs find Indian markets interesting due to stable currency, high yields and a possibility of easier economic policy.

Going Forward

The favorable monetary policy stance, demand supply of sovereign bonds (G-sec), pro active liquidity management by the RBI, softening crude prices, low credit off-take and prospects of fiscal consolidation augur well for maintaining longer duration bias on the bond portfolios.We expect corporate bond supply to pick up steam in the current quarter and thus spread to widen a little. Stable overnight rates closer to the repo rates have abled softening of short term rates. Source: Bloomberg, for all data except where mentioned otherwise


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Repo Rate Movement

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An Open Ended Diversified Equity SchemeInvestment Objective: Aims to generate long term capital growth from an actively managed portfolio of equity and equity related securities.

Issuer Market Value(` in Lacs)

% to NetAssets

Auto Tata Motors 3,201.00 4.80%Maruti Suzuki India 2,844.27 4.27%Auto AncillariesMotherson Sumi Systems 1,712.40 2.57%Banks ICICI Bank 5,526.36 8.29%Axis Bank 4,042.08 6.06%HDFC Bank 3,015.02 4.52%Yes Bank 1,952.36 2.93%State Bank of India 1,928.40 2.89%Bank of Baroda 1,359.00 2.04%Punjab National Bank 1,340.38 2.01%CementACC 1,475.35 2.21%ConstructionIRB Infrastructure Developers 1,498.48 2.25%Construction ProjectLarsen & Toubro 2,459.03 3.69%Consumer Non DurablesI T C 3,268.35 4.90%Ferrous MetalsJindal Steel & Power 900.48 1.35%Tata Steel 828.36 1.24%Finance LIC Housing Finance 1,689.60 2.53%Rural Electrification Corporation 843.25 1.26%Minerals/Mining Sesa Sterlite 1,735.13 2.60%Oil Oil & Natural Gas Corporation 2,845.50 4.27%Cairn India 781.35 1.17%Petroleum Products Bharat Petroleum Corporation 820.88 1.23%Pharmaceuticals Glenmark Pharmaceuticals 1,639.10 2.46%Dr Reddy’s Laboratories 1,442.50 2.16%Lupin 1,110.34 1.67%PowerPower Grid Corporation of India 713.50 1.07%Software HCL Technologies 2,992.23 4.49%Tech Mahindra 2,376.05 3.56%Infosys 2,179.93 3.27%Wipro 1,757.40 2.64%Transportation Adani Ports & Special Economic Zone 1,596.38 2.39%Total 92.79%

HSBC Equity Fund (HEF) November 2014

6


% to NetAssets

Other Equity Investments 3,433.32 5.15%CBLOs 997.00 1.50%Reverse Repos 657.51 0.99%Net Current Assets -296.67 -0.42%Total Net Assets as on 30 November 2014 66,665.58 100.00%

Asset AllocationAuto 9.07%Auto Ancillaries 2.57%Banks 28.74%Cement 2.21%Construction 2.25%Construction Project 3.69%Consumer Non Durables 4.90%Ferrous Metals 2.59%Finance 3.79%Minerals/Mining 2.60%Oil 5.44%Petroleum Products 1.23%Pharmaceuticals 6.29%Power 1.07%Software 13.96%Transportation 2.39%Other Equity Investments 5.15%Reverse Repos/CBLOs 2.48%Net Current Assets -0.42%Total Net Assets 100.00%

Dividend DeclarationRecord Date / period of

dividend declaredDividend (` per unit)

Non-InstitutionalDividend (` per unit)

InstitutionalNAV (`) per unit(cum dividend)

HSBC Equity Fund - Dividend19-Nov-10 2.00000 2.00000 29.324422-Feb-13 2.50000 2.50000 26.196227-Jun-14 2.50000 2.50000 31.2065HSBC Equity Fund - Dividend - Direct Plan22-Feb-13 2.50000 2.50000 26.250527-Jun-14 2.50000 2.50000 31.5845

Date of Allotment 10-Dec-02Benchmark S&P BSE 200NAV (Growth) per unit(as on 28.11.14)

` 151.3225

Fund Managers Neelotpal SahaiSIP AvailableMinimumApplicationAmount

` 10,000` 1,000 p.m.(SIP)

Exit Load@ NilStatistical Ratios

Standard Deviation 0.96%R-Squared 0.9449Beta (Slope) 0.9728Sharpe Ratio** 0.0559Total Expense Ratio as on November 30, 2014

Regular 2.39% Direct Plan 1.69% Excludes service tax on Investment Management fees of 0.17% of Total Net Assets. Annualised Expense Ratio from 1st April 2014 onwards

Regular 2.41% Direct Plan 1.70% Excludes service tax on Investment Management fees of 0.17% of Total Net Assets. Portfolio Turnover 0.76

Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. @ Effective from March 1, 2013 for prospective investments. **Risk free rate: 8.29% (364 days Treasury bill yield on November 28, 2014).

HSBC Equity Fund (HEF) November 2014

7

Upon payment of dividend, the NAV per unit falls to the extent of payout and statutory levy, if any. Face value: `10 per unit.

This Product is suitable for investors who are seeking* :l To create wealth over long terml Investment in equity and equity related securitiesl High risk (Brown)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.Note: Risk may be represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their principal will be at high risk

An Open Ended Flexi-Cap Equity SchemeInvestment Objective: Seeks long term capital growth through investments across all market capitalisations, including small, mid and large cap stocks. It aims to be predominantly invested in equity & equity related securities. However it could move a significant portion of its assets towards fixed income securities if the fund manager becomes negative on equity markets.


% to NetAssets

Auto Tata Motors 1,333.75 3.31%Eicher Motors 1,306.68 3.24%Auto AncillariesSundram Fasteners 457.56 1.14%Banks ICICI Bank 2,719.32 6.75%Axis Bank 2,213.52 5.49%HDFC Bank 1,675.01 4.16%Yes Bank 1,490.90 3.70%Indusind Bank 825.50 2.05%State Bank of India 642.80 1.60%Punjab National Bank 536.15 1.33%Cement Shree Cement 1,077.19 2.67%Prism Cement 449.10 1.11%ChemicalsVinati Organics 463.76 1.15%Construction IRB Infrastructure Developers 885.46 2.20%Prestige Estates Project 770.10 1.91%Construction ProjectLarsen & Toubro 1,147.55 2.85%Consumer Non Durables I T C 1,361.81 3.38%Hindustan Unilever 510.97 1.27%Ferrous MetalsTata Steel 473.35 1.17%Finance Shriram Transport Finance Co. 647.94 1.61%LIC Housing Finance 633.60 1.57%Industrial ProductsSupreme Industries 616.85 1.53%Finolex Industries 561.40 1.39%Media & EntertainmentD.B. Corp 746.20 1.85%Minerals/MiningSesa Sterlite 462.70 1.15%Oil Oil & Natural Gas Corporation 758.80 1.88%Petroleum Products Hindustan Petroleum Corporation 596.55 1.48%Gulf Oil Lubricants 437.05 1.08%Pharmaceuticals Dr Reddy’s Laboratories 1,262.19 3.13%Glenmark Pharmaceuticals 819.55 2.03%Aurobindo Pharma 818.14 2.03%PowerCESC 887.38 2.20%Software HCL Technologies 1,662.35 4.13%Tech Mahindra 1,320.03 3.28%Infosys 1,264.36 3.14%Mindtree 599.73 1.49%Textile ProductsArvind 702.00 1.74%TransportationGateway Distriparks 845.76 2.10%Gujarat Pipavav Port 491.10 1.22%Total 90.51%

HSBC India Opportunities Fund (HIOF) November 2014

8


% to NetAssets

Other Equity Investments 2,731.66 6.77%CBLOs 865.07 2.15%Reverse Repos 537.54 1.33%Net Current Assets -312.87 -0.76%Total Net Assets as on 30 November 2014 40,295.51 100.00%

Asset AllocationAuto 6.55%Auto Ancillaries 1.14%Banks 25.08%Cement 3.78%Chemicals 1.15%Construction 4.11%Construction Project 2.85%Consumer Non Durables 4.65%Ferrous Metals 1.17%Finance 3.18%Industrial Products 2.92%Media & Entertainment 1.85%Minerals/Mining 1.15%Oil 1.88%Petroleum Products 2.56%Pharmaceuticals 7.19%Power 2.20%Software 12.04%Textile Products 1.74%Transportation 3.32%Other Equity Investments 6.77%Reverse Repos/CBLOs 3.48%Net Current Assets -0.76%Total Net Assets 100.00%





HSBC India Opportunities Fund - Dividend19-Nov-10 1.00000 1.00000 18.231304-Feb-13 1.50000 1.50000 17.731927-Jun-14 1.50000 1.50000 23.2323HSBC India Opportunities Fund - Dividend Direct Plan04-Feb-13 1.50000 1.50000 17.751927-Jun-14 1.50000 1.50000 23.5020

Date of Allotment 24-Feb-04Benchmark S&P BSE 500NAV (Growth) per unit(as on 28.11.14)

` 63.5677

Fund Manager Neelotpal SahaiSIP AvailableMinimumApplication Amount

` 10,000` 1,000 p.m.(SIP)





Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. @ Effective from March 1, 2013 for prospective investments.**Risk free rate: 8.29% (364 days Treasury bill yield on November 28, 2014).

HSBC India Opportunities Fund (HIOF) November 2014

9


This Product is suitable for investors who are seeking* :l To create wealth over long terml Invests in equity and equity related securities across market capitalisationsl High risk (Brown)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.Note: Risk may be represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their principal will be at high risk

An Open Ended Diversified Equity SchemeInvestment Objective: Seeks to generate long term capital growth from an actively managed portfolio of equity and equity related securities primarily being midcap stocks. However, it could move a portion of its assets towards fixed income securities if the fund manager becomes negative on the Indian equity markets.


% to NetAssets

AutoVST Tillers Tractors 427.22 1.47%Auto Ancillaries Sundram Fasteners 985.18 3.39%Apollo Tyres 714.89 2.46%Balkrishna Industries 609.08 2.10%Suprajit Engineering 608.83 2.10%Banks DCB Bank 864.91 2.98%Syndicate Bank 690.06 2.38%Federal Bank 523.71 1.80%Jammu & Kashmir Bank 498.06 1.71%South Indian Bank 364.32 1.25%CementEverest Industries 392.09 1.35%Prism Cement 352.44 1.21%ChemicalsAtul 809.94 2.79%Vinati Organics 590.81 2.03%ConstructionNational Buildings Construction Corporation 547.28 1.88%IRB Infrastructure Developers 514.93 1.77%Consumer Non DurablesCCL Products (India) 1,216.80 4.19%Godfrey Phillips India 333.62 1.15%FinanceIndiabulls Housing Finance 809.10 2.79%Motilal Oswal Financial Services 655.63 2.26%Cholamandalam Investment & Fin. Co. 648.83 2.23%Industrial Capital GoodsBEML 705.86 2.43%Industrial ProductsFinolex Industries 546.51 1.88%Media & Entertainment HT Media 500.92 1.72%Minerals/Mining Gujarat Mineral Development Corporation 442.62 1.52%PesticidesUPL 971.70 3.35%PI Industries 635.56 2.19%Petroleum ProductsGulf Oil Lubricants 974.68 3.36%Hindustan Petroleum Corporation 596.55 2.05%PharmaceuticalsAurobindo Pharma 943.59 3.25%Lupin 644.00 2.22%Torrent Pharmaceuticals 534.33 1.84%Alembic Pharmaceuticals 374.51 1.29%PowerCESC 557.27 1.92%Software Persistent Systems 722.95 2.49%Tech Mahindra 617.77 2.13%Textile ProductsArvind 491.40 1.69%Transportation Gujarat Pipavav Port 653.16 2.25%Gateway Distriparks 575.35 1.98%Adani Ports & Special Economic Zone 304.76 1.05%Total 85.90%

HSBC Midcap Equity Fund (HMEF) November 2014

10


% to NetAssets

Other Equity Investments 2,518.88 8.66%CBLOs 1,014.21 3.49%Reverse Repos 639.19 2.20%Net Current Assets -80.82 -0.25%Total Net Assets as on 30 November 2014 29,042.70 100.00%

Asset AllocationAuto 1.47%Auto Ancillaries 10.05%Banks 10.12%Cement 2.56%Chemicals 4.82%Construction 3.65%Consumer Non Durables 5.34%Finance 7.28%Industrial Capital Goods 2.43%Industrial Products 1.88%Media & Entertainment 1.72%Minerals/Mining 1.52%Pesticides 5.54%Petroleum Products 5.41%Pharmaceuticals 8.60%Power 1.92%Software 4.62%Textile Products 1.69%Transportation 5.28%Other Equity Investments 8.66%Reverse Repos/CBLOs 5.69%Net Current Assets -0.25%Total Net Assets 100.00%





HSBC Midcap Equity Fund - Dividend24-Mar-08 0.75 0.75 13.379711-Dec-09 1.00 1.00 13.892719-Nov-10 2.00 2.00 15.4864

Date of Allotment 19-May-05Benchmark S&P BSE MidcapNAV (Growth) per unit(as on 28.11.14)

` 35.1787

Fund Manager Dhiraj SachdevSIP AvailableMinimumApplicationAmount

` 10,000` 1,000 p.m.(SIP)





Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. @ Effective from March 1, 2013 for prospective investments.**Risk free rate: 8.29% (364 days Treasury bill yield on November 28, 2014).

HSBC Midcap Equity Fund (HMEF) November 2014

11


Our exposure to midcap stocks in HSBC Midcap Equity Fund (HMEF) is 82.1300%

This Product is suitable for investors who are seeking* :l To create wealth over long terml Invests in predominantly mid cap equity and equity related securitiesl High risk (Brown)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.Note: Risk may be represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their principal will be at high risk

An Open Ended Flexi-Theme Equity SchemeInvestment Objective: Seeks to generate long term capital growth from an actively managed portfolio of equity and equity related securities by investing primarily in sectors, areas and themes that play an important role in, and/or benefit from India’s progress, reform process and economic development.


% to NetAssets

Auto Tata Motors DVR 438.21 2.87%Auto Ancillaries Apollo Tyres 493.34 3.23%Banks Jammu & Kashmir Bank 559.21 3.66%ICICI Bank 482.46 3.16%Karnataka Bank 411.83 2.69%Dena Bank 294.25 1.93%CementEverest Industries 582.33 3.81%HIL 294.95 1.93%ConstructionNational Buildings Construction Corporation 847.46 5.54%IRB Infrastructure Developers 681.13 4.46%Construction ProjectGammon Infrastructure Projects 234.10 1.53%Larsen & Toubro 204.92 1.34%Finance Rural Electrification Corporation 809.52 5.30%PTC India Financial Services 233.89 1.53%GasGujarat State Petronet 225.00 1.47%Industrial Capital GoodsBEML 616.78 4.04%Industrial Products FAG Bearings India 961.54 6.29%Minerals/MiningGujarat Mineral Development Corporation 354.06 2.32%Petroleum Products Hindustan Petroleum Corporation 1,145.38 7.49%Indian Oil Corporation 245.25 1.60%Power JSW Energy 611.00 4.00%Power Grid Corporation of India 392.43 2.57%Reliance Infrastructure 387.10 2.53%PTC India 314.47 2.06%CESC 298.16 1.95%TransportationGateway Distriparks 1,245.42 8.15%Gujarat Pipavav Port 810.32 5.30%Adani Ports & Special Economic Zone 589.21 3.86%Total 96.61%

HSBC Progressive Themes Fund (HPTF) November 2014

12


% to NetAssets

Other Equity Investments 331.81 2.17%CBLOs 218.37 1.43%Reverse Repos 144.01 0.94%Net Current Assets -174.22 -1.15%Total Net Assets as on 30 November 2014 15,283.67 100.00%

Asset AllocationAuto 2.87%Auto Ancillaries 3.23%Banks 11.44%Cement 5.74%Construction 10.00%Construction Project 2.87%Finance 6.83%Gas 1.47%Industrial Capital Goods 4.04%Industrial Products 6.29%Minerals/Mining 2.32%Petroleum Products 9.09%Power 13.11%Transportation 17.31%Other Equity Investments 2.17%Reverse Repos/CBLOs 2.37%Net Current Assets -1.15%Total Net Assets 100.00%





HSBC Progressive Themes Dividend11-May-07 1.00 1.00 12.239026-May-08 1.00 1.00 13.7160

Date of Allotment 23-Feb-06Benchmark S&P BSE 200NAV (Growth) per unit(as on 28.11.14)

` 17.8529

Fund Manager Dhiraj SachdevSIP AvailableMinimumApplicationAmount

` 10,000` 1,000 p.m.(SIP)




Regular 2.63% Direct Plan 1.93% Excludes service tax on Investment Management fees of 0.20% on Regular Plan and 0.19% on Direct Plan of Total Net Assets. Portfolio Turnover 0.11


HSBC Progressive Themes Fund (HPTF) November 2014

13


This Product is suitable for investors who are seeking* :l To create wealth over long terml Invests in equity and equity related securities, primarily in themes that play an important role in India’s economic developmentl High risk (Brown)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.Note: Risk may be represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their principal will be at high risk

An Open Ended Equity Linked Savings Scheme (ELSS)Investment Objective: Aims to provide long term capital appreciation by investing in a diversified portfolio of equity & equity related instruments of companies across various sectors and industries, with no capitalisation bias. The Fund may also invest in fixed income securities.


% to NetAssets

Auto Maruti Suzuki India 810.88 4.00%Tata Motors 218.74 1.08%Auto Ancillaries Amara Raja Batteries 467.43 2.31%MRF 418.63 2.06%Motherson Sumi Systems 410.39 2.02%Banks ICICI Bank 1,545.63 7.62%Indusind Bank 870.52 4.29%Axis Bank 786.76 3.88%Federal Bank 620.19 3.06%Jammu & Kashmir Bank 546.48 2.69%HDFC Bank 536.00 2.64%South Indian Bank 350.52 1.73%Cement Shree Cement 843.53 4.16%The Ramco Cements 422.67 2.08%Construction ProjectLarsen & Toubro 863.94 4.26%Consumer Non DurablesBritannia Industries 512.33 2.53%I T C 494.24 2.44%McLeod Russel India 428.37 2.11%Finance LIC Housing Finance 741.01 3.65%Sundaram Finance 385.17 1.90%Industrial Capital GoodsCrompton Greaves 442.31 2.18%Industrial ProductsSupreme Industries 419.79 2.07%Orient Refractories 406.06 2.00%Finolex Industries 325.61 1.61%Media & EntertainmentSun TV Network 288.90 1.42%OilOil & Natural Gas Corporation 447.69 2.21%Petroleum Products Reliance Industries 297.48 1.47%Pharmaceuticals Ipca Laboratories 710.76 3.51%Lupin 392.32 1.93%PowerCESC 489.83 2.42%Software Infosys 880.69 4.34%Tech Mahindra 810.50 4.00%Mindtree 449.79 2.22%HCL Technologies 332.47 1.64%Textile ProductsArvind 370.66 1.83%TransportationGateway Distriparks 452.10 2.23%Total 97.59%

HSBC Tax Saver Equity Fund (HTSF) November 2014

14

Date of Allotment 05-Jan-07Benchmark S&P BSE 200NAV (Growth) per unit(as on 28.11.14)

` 26.2267

Fund Manager Aditya KhemaniSIP AvailableMinimumApplicationAmount

` 500(Lumpsum & SIP)



Regular 2.57% Direct Plan 1.87% Excludes service tax on Investment Management fees of 0.19% of Total Net Assets.Annualised Expense Ratio from 1st April 2014 onwards




% to NetAssets


Asset AllocationAuto 5.08%Auto Ancillaries 6.39%Banks 25.91%Cement 6.24%Construction Project 4.26%Consumer Non Durables 7.08%Finance 5.55%Industrial Capital Goods 2.18%Industrial Products 5.68%Media & Entertainment 1.42%Oil 2.21%Petroleum Products 1.47%Pharmaceuticals 5.44%Power 2.42%Software 12.20%Textile Products 1.83%Transportation 2.23%Other Equity Investments 2.33%Reverse Repos/CBLOs 0.58%Net Current Assets -0.50%Total Net Assets 100.00%





HSBC Tax Saver Equity Fund Dividend19-Feb-10 1.00000 1.00000 12.871317-Oct-14 1.50000 1.50000 22.1053HSBC Tax Saver Equity Fund Dividend Direct17-Oct-14 1.50000 1.50000 22.4083

HSBC Tax Saver Equity Fund (HTSF) November 2014

15


This Product is suitable for investors who are seeking* :l To create wealth over long terml Invests in equity and equity related securities with no market capitilastion biasl High risk (Brown)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

Note: Risk may be represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their principal will be at high risk

An Open Ended Equity SchemeInvestment Objective: To provide long-term capital growth from a diversified portfolio of equity and equity related instruments. The focus would be to invest in stocks of companies facing “out-of-ordinary” conditions.


% to NetAssets

Auto Maruti Suzuki India 140.04 2.75%Hero Motocorp 100.72 1.98%Tata Motors 83.19 1.63%Auto Ancillaries Amara Raja Batteries 121.09 2.38%MRF 103.31 2.03%Banks ICICI Bank 431.93 8.49%Axis Bank 190.07 3.74%Karur Vysya Bank 177.61 3.49%Federal Bank 166.98 3.28%Bank of Baroda 164.71 3.24%Jammu & Kashmir Bank 99.82 1.96%HDFC Bank 66.23 1.30%CementShree Cement 98.74 1.94%ACC 74.51 1.46%ConstructionIRB Infrastructure Developers 108.44 2.13%Construction ProjectLarsen & Toubro 169.26 3.33%Consumer Non DurablesI T C 280.03 5.50%McLeod Russel India 85.43 1.68%Hindustan Unilever 80.21 1.58%Ferrous MetalsTata Steel 71.83 1.41%FinanceIndiabulls Housing Finance 108.18 2.13%Industrial Products Supreme Industries 70.45 1.38%Finolex Industries 70.18 1.38%Media & EntertainmentSun TV Network 67.33 1.32%Minerals/MiningNMDC 62.98 1.24%Non - Ferrous Metals Hindustan Zinc 114.30 2.25%Oil Oil & Natural Gas Corporation 237.13 4.66%Petroleum Products Bharat Petroleum Corporation 167.91 3.30%Pharmaceuticals Lupin 160.27 3.15%Power Power Grid Corporation of India 71.35 1.40%NTPC 66.78 1.31%Software Infosys 384.32 7.55%Wipro 128.29 2.52%HCL Technologies 84.53 1.66%Eclerx Services 75.51 1.48%Tech Mahindra 74.71 1.47%TransportationGateway Distriparks 124.46 2.45%Total 95.95%

HSBC Dividend Yield Equity Fund (HDYEF) November 2014

16


% to NetAssets


Asset AllocationAuto 6.36%Auto Ancillaries 4.41%Banks 25.50%Cement 3.40%Construction 2.13%Construction Project 3.33%Consumer Non Durables 8.76%Ferrous Metals 1.41%Finance 2.13%Industrial Products 2.76%Media & Entertainment 1.32%Minerals/Mining 1.24%Non - Ferrous Metals 2.25%Oil 4.66%Petroleum Products 3.30%Pharmaceuticals 3.15%Power 2.71%Software 14.68%Transportation 2.45%Other Equity Investments 2.57%Reverse Repos/CBLOs 2.16%Net Current Assets -0.68%Total Net Assets 100.00%

Date of Allotment 21-Mar-07Benchmark S&P BSE 200NAV (Growth) per unit(as on 28.11.14)

` 16.5045

Fund Manager Gaurav Mehrotra & Amaresh Mishra

SIP AvailableMinimumApplicationAmount

` 10,000` 1,000 p.m.(SIP)


Standard Deviation 0.90%R-Squared,m 0.9293Beta (Slope) 0.9115Sharpe Ratio** 0.0660Total Expense Ratio as on November 30, 2014

Regular 2.35% Direct Plan 1.65% Excludes service tax on Investment Management fees of 0.16% of Total Net Assets.Annualised Expense Ratio from 1st April 2014 onwards

Regular 2.50% Direct Plan 1.76% Excludes service tax on Investment Management fees of 0.18% on Regular Plan and 0.17% on Direct Plan of Total Net Assets. Portfolio Turnover 0.38


HSBC Dividend Yield Equity Fund (HDYEF) November 2014

17

This Product is suitable for investors who are seeking* :l To create wealth over long terml Invests in equity and equity related securities of companies facing “out-of-ordinary” conditionsl High risk (Brown)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.Note: Risk may be represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their principal will be at high risk

An Open Ended SchemeInvestment Objective: To provide long term capital appreciation by allocating funds in equity and equity related instruments. It also has the flexibility to move, entirely if required, into debt instruments in times that the view on equity markets seems negative.


% to NetAssets

Auto Tata Motors 293.43 4.29%Maruti Suzuki India 200.77 2.94%Banks ICICI Bank 526.32 7.69%Axis Bank 409.02 5.98%HDFC Bank 335.00 4.90%Yes Bank 120.69 1.76%CementACC 118.03 1.73%Construction ProjectLarsen & Toubro 237.71 3.48%Consumer Non DurablesI T C 344.99 5.04%Hindustan Unilever 102.19 1.49%Ferrous MetalsJindal Steel & Power 84.42 1.23%Minerals/Mining Sesa Sterlite 115.68 1.69%Oil Oil & Natural Gas Corporation 227.64 3.33%Petroleum Products Bharat Petroleum Corporation 186.56 2.73%Pharmaceuticals Dr Reddy’s Laboratories 342.59 5.01%PowerPower Grid Corporation Of India 171.24 2.50%Software Tata Consultancy Services 290.73 4.25%HCL Technologies 290.91 4.25%Telecom ServicesBharti Airtel 114.69 1.68%Transportation Adani Ports & Special Economic Zone 116.10 1.70%Total 67.67%

HSBC Dynamic Fund (HDF) November 2014

18


% to NetAssets

CBLOs 1,375.58 20.11%Reverse Repos 907.18 13.26%Net Current Assets -71.40 -1.04%Total Net Assets as on 30 November 2014 6,840.07 100.00%

Asset AllocationAuto 7.23%Banks 20.33%Cement 1.73%Construction Project 3.48%Consumer Non Durables 6.53%Ferrous Metals 1.23%Minerals/Mining 1.69%Oil 3.33%Petroleum Products 2.73%Pharmaceuticals 5.01%Power 2.50%Software 8.50%Telecom Services 1.68%Transportation 1.70%Reverse Repos/CBLOs 33.37%Net Current Assets -1.04%Total Net Assets 100.00%

Date of Allotment 24-Sep-07Benchmark S&P BSE 200NAV (Growth) per unit(as on 28.11.14)

` 13.5671

Fund Manager Neelotpal Sahai(for Equity portion)Sanjay Shah (for Fixed Income portion)


` 10,000` 1,000 p.m.(SIP)






HSBC Dynamic Fund (HDF) November 2014

19

This Product is suitable for investors who are seeking* :l To create wealth over long terml Invests in equity and equity related securities and in debt instruments when view on equity markets is negativel High risk (Brown)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.Note: Risk may be represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their principal will be at high risk

Date of Allotment 17-Mar-08Benchmark MSCI Emerging

Markets IndexNAV (Growth) per unit(as on 28.11.14)

` 11.7255

Fund Manager Anitha Rangan (Dedicated fund manager for overseas investments)


` 10,000` 1,000 p.m.(SIP)



Regular 2.70% Direct Plan 2.00% (inclusive of underlying scheme’s expenses) Excludes service tax on Investment Management fees of 0.11% of Total Net Assets.Annualised Expense Ratio from 1st April 2014 onwards

Regular 2.70% Direct Plan 2.00% (inclusive of underlying scheme’s expenses) Excludes service tax on Investment Management fees of 0.11% of Total Net Assets. Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. @ Effective from March 1, 2013 for prospective investments. **Risk free rate: 8.29% (364 days Treasury bill yield on November 28, 2014).

Asset AllocationOverseas Mutual Fund 98.58%Reverse Repos/CBLOs 1.16%Net Current Assets 0.26%Total Net Assets 100.00%


% to NetAssets

Overseas Mutual FundHSBC GIF Glob Emerg Mkts Eq S1 Dis 1,151.49 98.58%CBLOs 8.18 0.70%Reverse Repos 5.39 0.46%Net Current Assets 2.97 0.26%Total Net Assets as on 30 November 2014 1,168.03 100.00%

An Open Ended SchemeInvestment Objective: To provide long term capital appreciation by investing in India and in the emerging markets, in equity and equity related instruments, share classes and units/securities issued by overseas mutual funds or unit trusts. The fund may also invest a limited proportion in domestic debt and money market instruments.

HSBC Emerging Markets Fund (HEMF) November 2014

20

This Product is suitable for investors who are seeking* :l To create wealth over long terml Investment in equity and equity related securities of Emerging economiesl High risk (Brown)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.


Record Date / period of dividend declared

Dividend (` per unit)Non-Institutional

Dividend (` per unit) Institutional

NAV (`) per unit(cum dividend)

HSBC - Emerging Market Fund - Dividend27-Jun-14 0.50000 0.50000 11.5335HSBC - Emerging Market Fund - Dividend - Direct Plan27-Jun-14 0.50000 0.50000 11.6656

Dividend Declaration

Date of Allotment 06-May-11Benchmark MSCI Brazil

10/40 IndexNAV (Growth) per unit(as on 28.11.14)

` 7.9716

Fund Manager Anitha Rangan (Dedicated fund manager for overseas investments)


` 10,000` 1,000 p.m.(SIP)


Standard Deviation 1.38% R-Squared 0.3220Beta (Slope) 0.6040Sharpe Ratio** -0.0220Total Expense Ratio as on November 30, 2014


Regular 2.70% Direct Plan 2.00% (inclusive of underlying scheme’s expenses) Excludes service tax on Investment Managementfees of 0.11% of Total Net Assets. Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. @ Effective from March 1, 2013 for prospective investments. **Risk free rate: 8.29% (364 days Treasury bill yield on November 28, 2014).

Asset AllocationOverseas Mutual Fund 99.39%Reverse Repos/CBLOs 1.96%Net Current Assets -1.35%Total Net Assets 100.00%


% to NetAssets

Overseas Mutual FundHSBC GIF BRAZIL EQUITY S3D 5,470.75 99.39%CBLOs 65.04 1.18%

Reverse Repos 42.89 0.78%

Net Current Assets -74.44 -1.35%

Total Net Assets as on 30 November 2014 5,504.25 100.00%

An Open-Ended Fund of Funds SchemeInvestment Objective: The primary investment objective of the Scheme is to provide long term capital appreciation by investing predominantly in units/shares of HSBC Global Investment Funds (HGIF) Brazil Equity Fund. The Scheme may, at the discretion of the Investment Manager, also invest in the units of other similar overseas mutual fund schemes, which may constitute a significant part of its corpus. The Scheme may also invest a certain proportion of its corpus in money market instruments and/or units of liquid mutual fund schemes, in order to meet liquidity requirements from time to time.

HSBC Brazil Fund (HBF) November 2014

21

This Product is suitable for investors who are seeking* :l To create wealth over long terml Invests in equity and equity related securities through feeder route in Brazilian marketsl High risk (Brown)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.Note: Risk may be represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their principal will be at high risk

Date of Allotment 24-Feb-2014Benchmark MSCI AC Asia

Pacific ex JapanNAV (Growth) per unit(as on 28.11.14)

` 10.5112

Fund Manager Anitha Rangan (for overseas investments), Sanjay Shah (for investments in Indian Market)


` 10,000` 1,000 p.m.(SIP)


Standard Deviation 0.48%R-Squared 0.5530Beta (Slope) 0.6930Sharpe Ratio** -0.0170Total Expense Ratio as on November 30, 2014


Regular 2.30% Direct Plan 1.60%(inclusive of underlying scheme’s expenses) Excludes service tax on Investment Managementfees of 0.09% of Total Net Assets. Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. @ Effective from March 1, 2013 for prospective investments.**Risk free rate: 8.29% (364 days Treasury bill yield on November 28, 2014).

Asset AllocationOverseas Mutual Fund 98.42%Reverse Repos/CBLOs 0.13%Net Current Assets 1.45%Total Net Assets 100.00%


% to NetAssets

Overseas Mutual FundHSBC GIF Asia Pacific (Ex Japan) EQ HD-S9D 4,510.38 98.42%CBLOs 3.50 0.08%

Reverse Repos 2.31 0.05%

Net Current Assets 66.47 1.45%

Total Net Assets as on 30 November 2014 4,582.66 100.00%

An Open Ended Fund of Funds Scheme Investment Objective: The primary investment objective of the Scheme is to provide long term capital appreciation by investing predominantly in units of HSBC Global Investment Funds (HGIF) Asia Pacific Ex Japan Equity High Dividend Fund (HEHDF). The Scheme may also invest a certain proportion of its corpus in money market instruments and / or units of liquid mutual fund schemes, in order to meet liquidity requirements from time to time. However, there is no assurance that the investment objective of the Scheme will be achieved.

HSBC Asia Pacific (Ex Japan)Dividend Yield Fund (HAPDF)

November 2014

22

This Product is suitable for investors who are seeking* :l To create wealth over long terml Investment in equity and equity related securities of Asia Pacific countries (excluding Japan) through fund of funds routel High risk (Brown)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.Note: Risk may be represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their principal will be at high risk


% to NetAssets

Mutual FundHSBC Equity Fund - Growth Direct 6,175.52 54.75%HSBC Midcap Equity Fund - Growth Direct 1,581.20 14.02%HSBC Income Fund Inv Plan Growth Direct 1,200.37 10.64%HSBC Flexi Debt Fund - Growth Direct 584.71 5.18%Overseas Mutual FundHSBC MSCI World Ucits ETF 1,030.81 9.14%Total 93.73%CBLOs 390.20 3.46%Reverse Repos 227.67 2.02%Net Current Assets 88.51 0.79%Total Net Assets as on 30 November 2014 11,278.99 100.00%

An Open Ended Fund of Funds Scheme Investment Objective: The objective of the Plan is to provide long term total return primarily by seeking capital appreciation through an active asset allocation with diversification commensurate with the risk profile of investments by investing predominantly in units of equity mutual funds as well as in a basket of debt mutual funds gold exchange traded funds (ETFs) and other ETFs, offshore mutual funds and money market instruments.

HSBC Managed Solutions India - Growth November 2014

23

Asset Allocation Mutual Fund 84.59%Overseas Mutual Fund 9.14%Reverse Repos/CBLOs 5.48%Net Current Assets 0.79%Total Net Assets 100.00%

Date of Allotment 30-Apr-2014Benchmark Composite Index con-

stituting 80% of BSE 200 Index and 20% of CRISIL Composite Bond Index

NAV (Growth) per unit(as on 28.11.14)

` 12.5347

Fund Manager Anitha Rangan (Dedicated Fund Manager for investments in foreign securities)Gaurav Mehrotra (For managing investments in Indian Market – Equity Portion) Sanjay Shah (For managing investments in Indian Market – Fixed Income Portion)


` 5,000` 1,000 p.m.(SIP)



Regular 2.23% Direct Plan 1.96% (inclusive of underlying scheme’s expenses) Excludes service tax on Investment Management fees of 0.00% of Total Net Assets and of 0.16% on the underlying scheme’s in which the fund of fund invests.Annualised Expense Ratio from 1st April 2014 onwards

Regular 2.31% Direct Plan 2.04%(inclusive of underlying scheme’s expenses) Excludes service tax on Investment Management fees of 0.00% of Total Net Assets and of 0.16% on the underlying scheme’s in which the fund of fund invests. Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later.@ Effective from March 1, 2013 for prospective investments.**Risk free rate: 8.29% (364 days Treasury bill yield on November 28, 2014).

This Product is suitable for investors who are seeking* l To create wealth over long terml Investing predominantly in units of equity mutual funds as well as in a basket of debt mutual funds, gold & exchange traded funds, offshore mutual funds and money market instruments.l High risk (Brown)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.Note: Risk may be represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their principal will be at high risk


% to NetAssets

Mutual FundHSBC Equity Fund - Growth Direct 7,204.06 38.34%HSBC Flexi Debt Fund Growth Direct 5,170.77 27.52%HSBC Midcap Equity Fund - Growth Direct 1,927.14 10.26%HSBC Income Fund Inv Plan Growth Direct 1,904.31 10.13%HSBC Inc Fund Short Term - Growth Direct 513.56 2.73%

Overseas Mutual FundHSBC MSCI World Ucits ETF 1,296.37 6.90%Total 95.88%CBLOs 368.78 1.96%Reverse Repos 243.21 1.29%Net Current Assets 163.41 0.86%Total Net Assets as on 30 November 2014 18,791.61 100.00%

An Open Ended Fund of Funds Scheme Investment Objective: The objective of the fund is to provide long term total return aimed at capital appreciation and providing income through an active asset allocation with diversification commensurate with the risk profile of investments by investing in a basket of debt mutual funds, equity mutual funds, gold ETFs and other ETFs, offshore mutual funds and money market instruments.

HSBC Managed Solutions India - Moderate November 2014

24

Date of Allotment 30-Apr-2014Benchmark CRISIL Balanced

Fund Index NAV (Growth) per unit(as on 28.11.14)

` 11.9805

Fund Manager Anitha Rangan (Dedicated Fund Manager for investments in foreign securities)Gaurav Mehrotra (For managing investments in Indian Market – Equity Portion) Sanjay Shah (For managing investments in Indian Market – Fixed Income Portion)


` 5,000` 1,000 p.m.(SIP)




Regular 2.21% Direct Plan 1.96%(inclusive of underlying scheme’s expenses) Excludes service tax on Investment Management fees of 0.00% of Total Net Assets and of 0.13% on the underlying scheme’s in which the fund of fund invests. Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. @ Effective from March 1, 2013 for prospective investments.**Risk free rate: 8.29% (364 days Treasury bill yield on November 28, 2014).

Asset Allocation Mutual Fund 88.98%Overseas Mutual Fund 6.90%Reverse Repos/CBLOs 3.26%Net Current Assets 0.86%Total Net Assets 100.00%

This Product is suitable for investors who are seeking* l To create wealth and provide income over the long-terml Investments in a basket of debt mutual funds, equity mutual funds, gold & exchange traded funds, offshore mutual funds and money market instruments.l Medium risk (Yellow)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.Note: Risk may be represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their principal will be at high risk


% to NetAssets

Mutual FundHSBC Inc Fund Short Term - Growth Direct 12,066.56 41.42%HSBC Flexi Debt Fund Growth Direct 7,705.18 26.45%HSBC Equity Fund - Growth Direct 3,311.00 11.36%HDFC Income Fund Plan Growth Direct 2,676.60 9.19%HSBC Income Fund Inv Plan Growth Direct 1,725.09 5.92%HSBC Midcap Equity Fund - Growth Direct 944.69 3.24%Total 97.58%CBLOs 482.15 1.65%Reverse Repos 317.97 1.09%Net Current Assets -95.39 -0.33%Total Net Assets as on 30 November 2014 29,133.86 100.00%

An Open Ended Fund of Funds Scheme Investment Objective: The objective of the Plan is to provide long term total return aimed at providing income through an active asset allocation with diversification commensurate with the risk profile of investments by predominantly investing in units of debt mutual funds as well as in a basket of equity mutual funds, gold ETFs and other ETFs and money market instruments.

HSBC Managed Solutions India - Conservative November 2014

25

Date of Allotment 30-Apr-2014Benchmark Composite Index

constituting of 90% into CRISIL Composite Bond Index and 10% of BSE 200 Index

NAV (Growth) per unit(as on 28.11.14)

` 11.0800

Fund Manager Anitha Rangan (Dedicated Fund Manager for investments in foreign securities)Gaurav Mehrotra (For managing investments in Indian Market – Equity Portion) Sanjay Shah (For managing investments in Indian Market – Fixed Income Portion) SIP AvailableMinimumApplicationAmount

` 5,000` 1,000 p.m.(SIP)




Regular 1.62% Direct Plan 1.39%(inclusive of underlying scheme’s expenses) Excludes service tax on Investment Management fees of 0.00% of Total Net Assets and of 0.08% on the underlying scheme’s in which the fund of fund invests. Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. @ Effective from March 1, 2013 for prospective investments.**Risk free rate: 8.29% (364 days Treasury bill yield on November 28, 2014).

Asset Allocation Mutual Fund 97.58%Reverse Repos/CBLOs 2.75%Net Current Assets -0.33%Total Net Assets 100.00%


This Product is suitable for investors who are seeking*l To provide income over long-terml Investing predominantly in units of debt mutual funds as well as in a basket of equity mutual funds, gold & other exchange traded funds and money market instruments.l Medium risk (Yellow)* Investing predominantly in units of debt mutual funds as well as in a basket of equity mutual funds, gold & other exchange traded funds and money market instruments.

Name of Scheme Fund Manager

HSBC Equity Fund Neelotpal Sahai (from 27 May 2013)

HSBC India Opportunities Fund Neelotpal Sahai (from 27 May 2013)

HSBC Midcap Equity Fund Dhiraj Sachdev (from 01 December 2009)

HSBC Progressive Themes Fund Dhiraj Sachdev (from 01 December 2009)

HSBC Tax Saver Equity Fund Aditya Khemani (from 24 February 2009)

HSBC Dividend Yield Equity Fund Gaurav Mehrotra and Amaresh Mishra (from 02 July 2012)

HSBC Dynamic Fund For Equity portion: Neelotpal Sahai (from 27 May 2013) & For Debt portion: Sanjay Shah (from 14 August 2009)

HSBC Emerging Markets Fund Anitha Rangan (from 18 October 2014)

HSBC Brazil Fund Anitha Rangan (from 18 October 2014)

HSBC Asia Pacific (Ex Japan) Dividend Yield Fund

For overseas investments: Anitha Rangan (from 18 October 2014) & For investment in Indian markets: Sanjay Shah (from 24 February 2014)

HSBC Managed Solutions For overseas investment : Anitha Rangan (from 18 October 2014) , For Investments in Indian Market - Equity Portion : Gaurav Mehrotra (April 2014) & For Investments in Indian Market - Debt Portion : Sanjay Shah (April 2014)

Fund Manager’s ExperienceDhiraj Sachdev Senior Vice President and Fund Manager - EquitiesB.Com., ACA, Grad CWA, Diploma in Foreign Trade Management (DFTM)Experience:Over 18 years experience in Equity Research and Fund Management. l HSBC Asset Management (India) Private Ltd Senior Vice President & Fund Manager, from October 2011 to present, Senior Fund Manager from 1 December 2009 to September 2011, Head of Equity-Portfolio Management Services from October 2005 to November 2009 l ASK Raymond James Securities India Private Ltd Portfolio Manager from October 2003 to September 2005 l HDFC Bank Ltd Senior Manager Equities from November 1999 to September 2003 l DSQ Software Ltd Business Analyst from June 1999 to November 1999 l Probity Research & Services Ltd (India Infoline Ltd) Research Analyst from November 1998 to May 1999 l Ford Brothers Capital Services (P) Ltd Manager Research from July 1996 to Sept 1998 Gaurav MehrotraVice President & Assistant Fund ManagerPost Graduate Diploma in Business Management, Bachelor of EngineeringExperience: Over 9 years experience in research. l HSBC Asset Management (India) Private Ltd Vice President & Assistant Fund Manager, from April 2012 to present, Associate Vice President, Investment Management from September 2007 to March 2012 l JPMorgan Services India Private Ltd Equity Research from August 2005 to September 2007 l Tata Consultancy Services Ltd Business Analyst from June 2004 to July 2005

Fund Managers - Equity November 2014

26

Neelotpal Sahai Senior Fund Manager - EquitiesB.Tech, PGDM (IIM Kolkata) Experience:Over 21 years of experience in Research and Fund Management. l HSBC Asset Management (India) Private Ltd Senior Fund Manager – Equities from April 2013 onwards. l IDFC Asset Management Company Ltd. Director from February 2006 to April 2013 l Motilal Oswal Securities Ltd Senior Research Analyst from March 2005 to January 2006 l Infosys Ltd Senior Project Manager from June 1999 to March 2005 l Vickers Ballas Securities Ltd Analyst from September 1998 to June 1999 l SBC Warburg Analyst from May 1997 to May 1998 l UTI Securities Ltd Equity Analyst from June 1995 to May 1997

Aditya KhemaniVice President & Fund Manager - EquitiesB.Com. (Hons.), Post Graduate Diploma in Business ManagementExperience: Over 9 years experience in research. l HSBC Asset Management (India) Private Ltd Vice President & Fund Manager (Equity), from April 2012 to present, Assistant Fund Manager, Equities from February 2009 to March 2012; Associate Vice President - Investment Management from October 2007 to February 2009. l SBI Funds Management India Private Ltd Senior Manager - Equity Research from March 2007 to September 2007 l Prudential ICICI Asset Management Company India Private Ltd Assistant Manager - Equity Research from December 2005 to February 2007 l Morgan Stanley Advantage Services India Private Ltd Research Associate from May 2005 to November 2005

Amaresh Mishra Vice President & Assistant Fund ManagerPost Graduate Diploma in Business Manager Management Bachelor of Engineering (Chemical) Experience: Over 9 years of experience in Equities & Sales l HSBC Asset Management (India) Private Ltd Vice President & Assistant Fund Manager, from April 2012 to present, Associate Vice President, Investment Management from April 2008 to March 2012, Associate Vice President, Equities from October 2007 to March 2008; Associate Vice President, Sales and Distribution from March 2005 to September 2007 l Centre for Science and Environment Trainee Researcher from July 2001 to July 2002

Anitha Rangan Associate Vice President - Investment ManagementPGDBM (SPJIMR, Mumbai); CA; M.ComExperience: Over 8 years of experience in areas of research and risk l HSBC Asset Management (India) Private Ltd Associate Vice President - Investment Management, from February 2013 onwards l CRISIL Limited Senior Manager - Customised Industry Research, from December 2010 to May 2012 l Nomura Structured Financial Services Vice President - Credit Research , from December 2008 to November 2010 l Lehman Brothers Structured Financial Services Analyst Credit Research, from June 2006 to November 2008 l Ambattur Clothing Limited Executive - October 2002 to March 2004

Fund Managers - Equity November 2014

27

Funds Managed by Neelotpal Sahai.

Comparative Performance of Equity Schemes November 2014

HSBC Equity Fund Date of Inception : 10 Dec 02Scheme Name & Benchmarks Oct 13 -

Sept 14Oct 12 - Sept 13

Oct 11 - Sept 12

Since Inception

HSBC Equity Fund - Growth 39.29% -3.13% 14.01% 24.98%S&P BSE 200 (Scheme Benchmark) 41.56% -1.54% 15.82% 19.80%CNX Nifty (Standard Benchmark) 37.80% 0.29% 17.61% 18.58%`10,000, if invested in HEF, would have become `13,929 `9,687 `11,401 `1,40,213

`10,000, if invested in S&P BSE 200, would have become `14,156 `9,846 `11,582 `84,887

`10,000, if invested in CNX Nifty, would have become `13,780 `10,029 `11,761 `75,229

HSBC India Opportunities Fund Date of Inception : 24 Feb 04Scheme Name & Benchmarks Oct 13 -


Oct 11 - Sept 12

Since Inception

HSBC India Opportunities Fund - Growth 66.02% -5.84% 15.56% 18.08%S&P BSE 500 (Scheme Benchmark) 44.01% -3.06% 14.85% 15.27%CNX Nifty (Standard Benchmark) 37.80% 0.29% 17.61% 14.93%`10,000, if invested in HIOF, would have become `16,602 `9,416 `11,556 `58,294



28

Data for the period October to September has been considered in all cases, except for ‘Since Inception’ returns. ‘Since Inception’ (%) returns are compounded annualised, other % returns are absolute. ‘Since inception’ returns are calculated on `10 invested at inception. Standard benchmark is prescribed by SEBI for long-term equity schemes and is used for comparison purposes. Returns on `10,000 are point-to-point returns for the specific time period, invested at the start of the period. The returns provided above have been rounded off and hence there may be minor differences between point-to-point returns vis-a-vis returns indicated above.

Past performance may or may not be sustained in the future. Refer note below.



HSBC Dynamic Fund Date of Inception : 24 Sep 07Scheme Name & Benchmarks Oct 13 -


Oct 11 - Sept 12

Since Inception

HSBC Dynamic Fund - Growth 32.09% -5.21% 13.69% 3.77%S&P BSE 200 (Scheme Benchmark) 41.56% -1.54% 15.82% 6.64%CNX Nifty (Standard Benchmark) 37.80% 0.29% 17.61% 7.06%`10,000, if invested in HDF, would have become `13,209 `9,479 `11,369 `12,969



Fund Managed by Neelotpal Sahai (for Equity portion)Sanjay Shah (for Fixed Income portion)


29

HSBC Brazil Fund Date Of Inception : 06 May 11

Scheme Name & Benchmarks Oct 13 - Sept 14

Oct 12 - Sept 13

Oct 11 - Sept 12

Since Inception

HSBC Brazil Fund - Growth -13.31% 5.10% 20.29% -4.95%MSCI Brazil 10/40 Index (Scheme Benchmark) -8.87% -9.86% 8.94% -12.44%

CNX Nifty (Standard Benchmark) 37.80% 0.29% 17.61% 11.18%`10,000, if invested in HBF, would have become `8,669 `10,510 `12,029 `8,411

`10,000, if invested in MSCI Brazil 10/40 Index, would have become `9,113 `9,014 `10,894 `6,359



HSBC Emerging Markets Fund Date of Inception : 17 Mar 08Scheme Name & Benchmarks Oct 13 -


Oct 11 - Sept 12

Since Inception

HSBC Emerging Markets Fund - Growth -1.38% 18.01% 29.82% 2.13%MSCI Emerging Market Index (Scheme Benchmark) 5.68% 4.57% 16.32% 1.71%

CNX Nifty (Standard Benchmark) 37.80% 0.29% 17.61% 9.11%`10,000, if invested in HMEF, would have become `9,862 `11,801 `12,982 `11,477

`10,000, if invested in MSCI Emerging Market Index, would have become `10,568 `10,457 `11,632 `11,171



Funds Managed by - Anitha Rangan.



30


Fund Managed by Gaurav Mehrotra and Amaresh Mishra.


HSBC Dividend Yield Equity Fund Date of Inception : 21 Mar 07Scheme Name & Benchmarks Oct 13 -


Oct 11 - Sept 12

Since Inception

HSBC Dividend Yield Equity Fund - Growth 50.15% -8.23% 18.66% 5.94%S&P BSE 200 (Scheme Benchmark) 41.56% -1.54% 15.82% 10.43%CNX Nifty (Standard Benchmark) 37.80% 0.29% 17.61% 10.46%`10,000, if invested in HDYEF, would have become `15,015 `9,177 `11,866 `15,454



HSBC Tax Saver Equity Fund Date of Inception : 05 Jan 07Scheme Name & Benchmarks Oct 13 -


Oct 11 - Sept 12

Since Inception

HSBC Tax Saver Equity Fund - Growth 61.89% -3.84% 22.94% 12.38%S&P BSE 200 (Scheme Benchmark) 41.56% -1.54% 15.82% 9.05%CNX Nifty (Standard Benchmark) 37.80% 0.29% 17.61% 9.37%`10,000, if invested in HTSF, would have become `16,189 `9,616 `12,294 `24,680




Fund Managed by - Aditya Khemani.


31


HSBC Progressive Themes Fund Date of Inception : 23 Feb 06Scheme Name & Benchmarks Oct 13 -


Oct 11 - Sept 12

Since Inception

HSBC Progressive Themes Fund - Growth 97.34% -30.25% 16.83% 5.55%S&P BSE 200 (Scheme Benchmark) 41.56% -1.54% 15.82% 11.45%CNX Nifty (Standard Benchmark) 37.80% 0.29% 17.61% 11.75%`10,000, if invested in HPTF, would have become `19,734 `6,975 `11,683 `15,919




Funds Managed by - Dhiraj Sachdev.

HSBC Midcap Equity Fund Date of Inception : 19 May 05Scheme Name & Benchmarks Oct 13 -


Oct 11 - Sept 12

Since Inception

HSBC Midcap Equity Fund - Growth 124.15% -25.23% 17.52% 13.64%S&P BSE Midcap (Scheme Benchmark) 69.05% -15.90% 9.88% 15.29%CNX Nifty (Standard Benchmark) 37.80% 0.29% 17.61% 15.94%`10,000, if invested in HMEF, would have become `22,415 `7,477 `11,752 `33,161

`10,000, if invested in S&P BSE Midcap, would have become `16,905 `8,410 `10,988 `37,961



An Open Ended Fund with Regular & Savings Plans.Monthly income is not assured and is subject to availability of distributable surplus.Investment Objective: Seeks to generate reasonable returns through investments in Debt and Money Market Instruments. The secondary objective of the scheme is to invest in equity and equity related instruments to seek capital appreciation.

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Corporate/PSU DebtCorporate Bonds / DebenturesRural Electrification Corporation 517.21 2.79% CRISIL AAAPower Finance Corporation 508.41 2.75% CRISIL AAALIC Housing Finance 503.26 2.72% CRISIL AAAPower Finance Corporation 227.79 1.23% CRISIL AAAEquityEquitiesICICI Bank 323.69 1.75%Shree Cements 281.15 1.52%Larsen & Toubro 270.49 1.46%Axis Bank 269.47 1.46%LIC Housing Finance 240.77 1.30%IndusInd Bank 228.89 1.24%McLeod Russel India 200.55 1.08%ITC 190.65 1.03%Maruti Suzuki India 185.71 1.00%Crompton Greaves 184.93 1.00%Supreme Industries 176.93 0.96%Tech Mahindra 166.32 0.90%Motherson Sumi Systems 165.99 0.90% N.AAmara Raja Batteries 154.00 0.83%The Ramco Cements 149.87 0.81%HDFC Bank 148.36 0.80%Grasim Industries 144.01 0.78%MRF 137.53 0.74%IPCA Laboratories 127.95 0.69%CESC 113.58 0.61%Lupin 111.03 0.60%Oil & Natural Gas Corporation 104.34 0.56%Karur Vysya Bank 99.52 0.54%Arvind 98.28 0.53%The Jammu & Kashmir Bank 83.01 0.45%Orient Refractories 75.38 0.41%Finolex Industries 72.98 0.39%Jaiprakash Associates 40.39 0.22%Hindustan Dorr-Oliver 27.34 0.15%Government Securities8.60% GOVT OF INDIA RED 02-06-2028 2,874.28 15.53% Sovereign8.40% GOVT OF INDIA RED 28-07-2024 2,699.22 14.59% Sovereign9.20% GOVT OF INDIA RED 30-09-2030 2,131.50 11.52% Sovereign8.35% GOVT OF INDIA RED 14-05-2022 911.79 4.93% Sovereign9.14% KARNATAKA SDL RED 28-05-2024 785.54 4.24% Sovereign8.27% GOVT OF INDIA RED- 09-06-2020 757.94 4.10% Sovereign8.24% GOVT OF INDIA RED 10-11-2033 539.01 2.91% Sovereign8.30% GOVT OF INDIA RED 31-12-2042 425.84 2.30% Sovereign8.12% GOVT OF INDIA RED 10-12-2020 418.07 2.26% SovereignTotal 96.58%Cash EquivalentsCBLOs 200.35 1.08%Reverse Repos 132.13 0.71%Net Current Assets 300.09 1.62%Total Net Assets as on 30 November 2014 18,505.55 100.00%

HSBC MIP - Savings Plan (HMIP-S) November 2014

32

Date of Allotment 24-Feb-04Benchmark CRISIL MIP

Blended IndexNAV (Growth) per unit(as on 28.11.14)

` 28.0565

Average Maturity of Portfolio

132.15 months

Modified Durationof Portfolio

76.55 months

Fund Manager Aditya Khemani(for Equity portion)Sanjay Shah(for Debt portion)

SIP AvailableMinimum Application AmountGrowth `10,000Quarterly Dividend `10,000Monthly Dividend `25,000SIP `1,000 p.m.Exit Load@ NilTotal Expense Ratio as on November 28, 2014


Regular 2.34% Direct Plan 1.84% Excludes service tax on Investment Management fees of 0.10% on Regular Plan and 0.11% on Direct Plan of Total Net Assets. @ Effective from March 1, 2013 for prospective investments.

Asset AllocationGovernment Securities 62.38%Equity 24.71%Corporate/ PSU Debt 9.49%Cash Equivalents 1.80%Net Current Assets 1.62%Total Net Assets 100.00%

Rating ProfileSovereign 62.38%Equity 24.71%AAA and equivalents 9.49%Reverse Repos/ CBLOs 1.80%Net Current Assets 1.62%Total Net Assets 100.00%

HSBC MIP - Savings Plan (HMIP-S) November 2014

33





HSBC MIP - Savings Plan - Monthly Dividend25-Sep-14 0.05845 0.05597 13.207427-Oct-14 0.05444 0.05049 13.325625-Nov-14 0.05444 0.05049 13.5660HSBC MIP - Savings Plan - Monthly Dividend - Direct Plan25-Jul-14 0.05845 0.05597 13.468725-Aug-14 0.05845 0.05597 13.485927-Oct-14 0.05444 0.05049 13.7913HSBC MIP - Savings Plan - Quarterly Dividend14-Mar-14 0.15585 0.14926 12.365725-Jun-14 0.17534 0.16792 13.228425-Sep-14 0.17534 0.16792 13.3098HSBC MIP - Savings Plan - Quarterly Dividend - Direct Plan14-Mar-14 0.15585 0.14926 12.826025-Jun-14 0.17534 0.16792 13.747525-Sep-14 0.17534 0.16792 13.8595


This Product is suitable for investors who are seeking* :l Regular Income over medium terml Investment in fixed income (debt and money market instruments) as well as equity and equity related securitiesl Medium risk (Yellow)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.


An Open Ended Fund with Regular & Savings Plans. Monthly income is not assured and is subject to availability of distributable surplus.Investment Objective: Seeks to generate reasonable returns through investments in Debt and Money Market Instruments. The secondary objective of the scheme is to invest in equity and equity related instruments to seek capital appreciation.

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Corporate/PSU DebtCorporate Bonds / DebenturesRural Electrification Corporation 517.21 5.88% CRISIL AAAPower Finance Corporation 508.41 5.78% CRISIL AAALIC Housing Finance 503.26 5.72% CRISIL AAAPower Finance Corporation 51.77 0.59% CRISIL AAAEquityEquitiesICICI Bank 102.63 1.17%Axis Bank 96.24 1.09%Tech Mahindra 93.72 1.07%Shree Cements 92.91 1.06%Larsen & Toubro 86.89 0.99%Motherson Sumi Systems 73.79 0.84%McLeod Russel India 67.63 0.77%ITC 58.10 0.66%Maruti Suzuki India 55.78 0.63%LIC Housing Finance 50.69 0.58%MRF 50.32 0.57%Amara Raja Batteries 49.45 0.56% N.A.Supreme Industries 46.79 0.53%Grasim Industries 46.22 0.53%IPCA Laboratories 45.84 0.52%Arvind 42.12 0.48%The Jammu & Kashmir Bank 38.74 0.44%Crompton Greaves 38.13 0.43%Orient Refractories 35.09 0.40%Oil & Natural Gas Corporation 32.25 0.37%CESC 28.40 0.32%Finolex Industries 22.46 0.26%Jaiprakash Associates 14.43 0.16%Hindustan Dorr-Oliver 8.20 0.09%Government Securities8.60% GOVT OF INDIA RED 02-06-2028 1,217.77 13.85% Sovereign8.40% GOVT OF INDIA RED 28-07-2024 1,020.50 11.61% Sovereign9.20% GOVT OF INDIA RED 30-09-2030 902.63 10.27% Sovereign8.35% GOVT OF INDIA RED 14-05-2022 745.55 8.48% Sovereign8.30% GOVT OF INDIA RED 31-12-2042 476.53 5.42% Sovereign8.27% GOVT OF INDIA RED- 09-06-2020 446.74 5.08% Sovereign9.14% KARNATAKA SDL RED 28-05-2024 366.58 4.17% Sovereign8.12% GOVT OF INDIA RED 10-12-2020 233.92 2.66% Sovereign8.24% GOVT OF INDIA RED 10-11-2033 216.61 2.46% SovereignTotal 96.49%

HSBC MIP - Regular Plan (HMIP-R) November 2014

34

Date of Allotment 24-Feb-04Benchmark CRISIL MIP

Blended IndexNAV (Growth) per unit(as on 28.11.14)

` 23.5294


126.39 months


72.12 months

Fund Manager Aditya Khemani(for Equity portion)Sanjay Shah(for Debt portion)

SIP AvailableMinimum Application AmountGrowth `10,000Quarterly Dividend `10,000Monthly Dividend `25,000SIP `1,000 p.m.Exit Load@ NilTotal Expense Ratio as on November 28, 2014


Regular 2.39% Direct Plan 1.82% Excludes service tax on Investment Management fees of 0.09% on Regular Plan and 0.12% on Direct Plan of Total Net Assets. @ Effective from March 1, 2013 for prospective investments.

Asset AllocationGovernment Securities 64.00%Corporate/ PSU Debt 17.97%Equity 14.52%Cash Equivalents 1.81%Net Current Assets 1.70%Total Net Assets 100.00%

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Cash EquivalentsCBLOs 95.79 1.09%Reverse Repos 63.18 0.72%Net Current Assets 148.56 1.70%Total Net Assets as on 30 November 2014 8,791.83 100.00%

Rating ProfileSovereign 64.00%AAA and equivalents 17.97%Equity 14.52%Reverse Repos/ CBLOs 1.81%Net Current Assets 1.70%Total Net Assets 100.00%

HSBC MIP - Regular Plan (HMIP-R) November 2014

35





HSBC MIP - Regular Plan - Monthly Dividend25-Sep-14 0.05455 0.05224 11.610127-Oct-14 0.05081 0.04712 11.712125-Nov-14 0.05081 0.04712 11.8744HSBC MIP - Regular Plan - Monthly Dividend - Direct Plan31-Jan-14 0.05065 0.04851 10.979128-Feb-14 0.05065 0.04851 11.0079HSBC MIP - Regular Plan - Quarterly Dividend14-Mar-14 0.15585 0.14926 11.451625-Jun-14 0.17534 0.16792 11.955525-Sep-14 0.17534 0.16792 11.9809


This Product is suitable for investors who are seeking* :l Regular Income over medium terml Investment in fixed income (debt and money market instruments) as well as equity and equity related securitiesl Medium risk (Yellow)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.Note: Risk may be represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their principal will be at high risk

An Open Ended Income SchemeInvestment Objective: Aims to provide reasonable income through a diversified portfolio of fixed income securities. The AMC’s view of interest rate trends and the nature of the Plans will be reflected in the type and maturities of securities in which the Short Term and Investment Plans are invested.

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Securitised DebtInvestments - Asset Back Security

India MBS 2002 Series I 14.77 0.15% CRISIL AAA (SO)

Corporate/PSU DebtCorporate Bonds / DebenturesExport Import Bank of India 537.10 5.43% CRISIL AAARural Electrification Corporation 517.21 5.23% CRISIL AAAHDFC 248.07 2.51% CRISIL AAAPower Finance Corporation 82.83 0.84% CRISIL AAAGovernment Securities8.60% GOVT OF INDIA RED 02-06-2028 2,295.63 23.21% Sovereign8.40% GOVT OF INDIA RED 28-07-2024 1,678.72 16.97% Sovereign9.20% GOVT OF INDIA RED 30-09-2030 1,332.19 13.47% Sovereign8.35% GOVT OF INDIA RED 14-05-2022 856.38 8.66% Sovereign8.30% GOVT OF INDIA RED 31-12-2042 608.34 6.15% Sovereign8.27% GOVT OF INDIA RED- 09-06-2020 431.68 4.36% Sovereign9.14% KARNATAKA SDL RED 28-05-2024 324.69 3.28% Sovereign8.24% GOVT OF INDIA RED 10-11-2033 287.14 2.90% Sovereign8.12% GOVT OF INDIA RED 10-12-2020 204.06 2.06% Sovereign5.59% GOVT OF INDIA RED 04-06-2016 0.39 0.00% SovereignTotal 95.22%Cash EquivalentsCBLOs 109.75 1.11%Reverse Repos 72.38 0.73%Net Current Assets 289.15 2.94%Total Net Assets as on 30 November 2014 9,890.45 100.00%

HSBC Income Fund - Investment Plan (HIF-IP) November 2014

36

Date of Allotment 10-Dec-02Benchmark CRISIL Composite

Bond Fund IndexNAV (Growth) per unit(as on 28.11.14)

` 22.7788


142.46 months


80.05 months

Yield To Maturity* 8.22%Fund Manager Sanjay Shah


` 10,000` 1,000 p.m.(SIP)

Exit Load@ NilTotal Expense Ratio as on November 28, 2014 Regular 1.85%Direct Plan 1.10%Excludes service tax on Investment Management fees of 0.12% of Total Net Assets.

Annualised Expense Ratio from 1st April 2014 onwards Regular 1.85%Direct Plan 1.10%Excludes service tax on Investment Management fees of 0.12% of Total Net Assets.

@ Effective from March 1, 2013 for prospective investments.* Based on invested Amount

Asset AllocationGovernment Securities 81.06%Corporate/ PSU Debt 14.01%Net Current Assets 2.94%Cash Equivalents 1.84%Securitised Debt 0.15%





HSBC Income Fund - Investment Plan - Regular Option - Quarterly Dividend14-Mar-14 0.15585 0.14926 10.844825-Jun-14 0.15585 0.14926 11.059025-Sep-14 0.15585 0.14926 11.0481HSBC Income Fund - Investment Plan - Institutional Option - Quarterly Dividend12-Jun-09 0.11387 0.10598 11.029411-Sep-09 0.11387 0.10598 10.996011-Dec-09 0.11387 0.10598 11.0973

Rating ProfileSovereign 81.06%AAA and equivalents 14.16%Net Current Assets 2.94%Reverse Repos/ CBLOs 1.84%

HSBC Income Fund - Investment Plan (HIF-IP) November 2014

37


This Product is suitable for investors who are seeking* :l Regular Income over long terml Investment in diversified portfolio of fixed income securitiesl Low risk (Blue)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.Note: Risk may be represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their principal will be at high risk

An Open Ended Income SchemeInvestment Objective: Aims to provide reasonable income through a diversified portfolio of fixed income securities. The AMC’s view of interest rate trends and the nature of the Plans will be reflected in the type and maturities of securities in which the Short Term and Investment Plans are invested.

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Money Market InstrumentsCertificate of DepositPunjab National Bank 4,506.19 4.52% Fitch A1+State Bank of Patiala 2,492.12 2.50% [ICRA]A1+Corporation Bank 2,447.37 2.46% CRISIL A1+Corporation Bank 2,445.18 2.45% CRISIL A1+Corporation Bank 1,856.68 1.86% CRISIL A1+Bank of India 1,469.08 1.47% CRISIL A1+Bank of Baroda 1,469.08 1.47% [ICRA]A1+Indian Overseas Bank 977.12 0.98% [ICRA]A1+Axis Bank 237.28 0.24% CRISIL A1+Corporation Bank 212.07 0.21% CRISIL A1+State Bank of Patiala 130.00 0.13% [ICRA]A1+Oriental Bank of Commerce 130.00 0.13% CRISIL A1+Yes Bank 96.32 0.10% [ICRA]A1+Yes Bank 24.39 0.02% CARE A1+Commercial PaperNational Fertilizers 2,485.51 2.49% CRISIL A1+Vodafone India 2,438.96 2.45% CRISIL A1+Fullerton India Credit Co. 2,324.77 2.33% [ICRA]A1+Kotak Mahindra Investments 697.56 0.70% [ICRA]A1+Corporate/PSU Debt

Corporate Bonds / DebenturesShriram Transport Finance Company 5,040.49 5.06% CRISIL AAExport Import Bank of India 4,167.11 4.18% CRISIL AAARural Electrification Corporation 4,073.95 4.09% CRISIL AAAPower Finance Corporation 4,067.29 4.08% CRISIL AAAKotak Mahindra Prime 3,527.95 3.54% [ICRA]AAALIC Housing Finance 2,571.81 2.58% CRISIL AAAHDFC 2,563.47 2.57% CRISIL AAAPower Finance Corporation 2,530.95 2.54% CRISIL AAAKotak Mahindra Prime 2,530.47 2.54% [ICRA]AAAHDFC 2,523.55 2.53% CRISIL AAASRF 2,517.86 2.53% Fitch AAKotak Mahindra Prime 2,515.34 2.52% [ICRA]AAALIC Housing Finance 2,501.16 2.51% CRISIL AAATata Sons 2,032.29 2.04% CRISIL AAAPower Grid Corporation of India 2,006.31 2.01% CRISIL AAARural Electrification Corporation 1,551.63 1.56% CRISIL AAAKotak Mahindra Prime 1,532.25 1.54% [ICRA]AAALIC Housing Finance 1,526.05 1.53% CRISIL AAAPower Grid Corporation of India 1,516.63 1.52% CRISIL AAAShriram Transport Finance Company 1,020.65 1.02% CRISIL AALIC Housing Finance 1,018.25 1.02% CRISIL AAALIC Housing Finance 1,014.08 1.02% CARE AAAPower Grid Corporation of India 1,012.95 1.02% CRISIL AAAPower Finance Corporation 613.46 0.62% CRISIL AAARural Electrification Corporation 510.73 0.51% CRISIL AAALIC Housing Finance 509.05 0.51% CRISIL AAAPower Grid Corporation of India 506.82 0.51% CRISIL AAAPower Finance Corporation 505.36 0.51% CRISIL AAARural Electrification Corporation 501.30 0.50% CARE AAANABARD 362.23 0.36% CRISIL AAAPower Finance Corporation 300.50 0.30% CRISIL AAAShriram Transport Finance Company 275.84 0.28% CRISIL AARural Electrification Corporation 171.85 0.17% CRISIL AAALIC Housing Finance 140.51 0.14% CRISIL AAAExport Import Bank of India 120.34 0.12% CRISIL AAARural Electrification Corporation 101.52 0.10% CRISIL AAAHDFC 91.51 0.09% CRISIL AAALIC Housing Finance 91.04 0.09% CARE AAANABARD 50.98 0.05% CRISIL AAAGovernment Securities

8.83% GOVT OF INDIA RED 25-11-2023 2,080.75 2.09% SOVEREIGN8.35% GOVT OF INDIA RED 14-05-2022 2,015.00 2.02% SOVEREIGN8.27% GOVT OF INDIA RED- 09-06-2020 2,007.80 2.02% SOVEREIGN

HSBC Income Fund - Short Term Plan (HIF-STP) November 2014

38

Date of Allotment 10-Dec-02Benchmark CRISIL Short Term


` 22.4678


27.39 months


21.66 months

Yield To Maturity* 8.63%Fund Manager Sanjay Shah &

Piyush HarlalkaSIP AvailableMinimumApplicationAmount

` 10,000` 1,000 p.m.(SIP)

Exit Load@ NilTotal Expense Ratio as on November 28, 2014 Regular 1.25%Institutional # 0.70%Institutional Plus # 0.60%Direct Plan 0.30%Excludes service tax on Investment Management fees of 0.02% of Total Net Assets.

Annualised Expense Ratio from 1st April 2014 onwards Regular 1.25%Institutional # 0.70%Institutional Plus # 0.60%Direct Plan 0.45%Excludes service tax on Investment Management fees of 0.04% of Total Net Assets.

@ Effective from March 1, 2013 for prospective investments.* Based on invested Amount# Plan(s) discontinued from accepting subscriptions w.e.f. November 01, 2012

Asset AllocationCorporate / PSU Debt 60.41%Money Market Instruments 26.51%Government Securities 8.64%Net Current Assets 2.51%Cash Equivalents 1.93%

Rating ProfileAAA and equivalents 78.03%AA+/ AA-/ AA and equivalents 8.89%

Sovereign 8.64%Net Current Assets 2.51%Reverse Repos/ CBLOs 1.93%





HSBC Income Fund - Short Term Plan - Regular Option - Monthly Dividend25-Sep-14 0.05700 0.05459 11.098627-Oct-14 0.05584 0.05179 11.152525-Nov-14 0.05120 0.04748 11.1840HSBC Income Fund - Short Term Plan - Monthly Dividend - Direct Plan26-May-14 0.06523 0.06247 11.156625-Jun-14 0.06156 0.05896 11.154925-Jul-14 0.06359 0.06090 11.1437HSBC Income Fund - Short Term Plan - Institutional Option - Monthly Dividend25-Aug-14 0.06572 0.06295 11.913625-Sep-14 0.06564 0.06286 11.938327-Oct-14 0.06420 0.05954 11.9965HSBC Income Fund - Short Term Plan - Institutional Plus Option - Monthly Dividend30-Dec-11 0.08478 0.07266 10.120027-Jan-12 0.05533 0.04742 10.086624-Feb-12 0.05663 0.04854 10.0881

HSBC Income Fund - Short Term Plan (HIF-STP) November 2014

39

8.12% GOVT OF INDIA RED 10-12-2020 1,990.80 2.00% SOVEREIGN8.40% GOVT OF INDIA RED 28-07-2024 510.25 0.51% SOVEREIGNTotal 95.56%Cash EquivalentsCBLOs 1,189.77 1.19%Reverse Repos 728.59 0.73%Net Current Assets 2,460.20 2.51%Total Net Assets as on 30 November 2014 99,638.33 100.00%


This Product is suitable for investors who are seeking* :l Regular Income over Medium terml Investment in diversified portfolio of fixed income securitiesl Low risk (Blue)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.Note: Risk may be represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their principal will be at high risk

An Open Ended Income SchemeInvestment Objective: Seeks to generate a reasonable return with commensurate risk through investments in floating rate debt instruments and fixed rate debt instruments swapped for floating rate returns. The Scheme may also invest in fixed rate money market and debt instruments.

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Money Market InstrumentsCertificate of DepositBank of India 978.73 13.01% CRISIL A1+Punjab National Bank 488.82 6.50% [ICRA]A1+Oriental Bank of Commerce 299.25 3.98% CRISIL A1+Commercial PaperSundaram BNP Paribas Home Finance 999.06 13.28% CRISIL A1+India Infoline Finance 999.03 13.28% [ICRA]A1+National Fertilizers 996.75 13.25% CRISIL A1+Vodafone India 975.59 12.97% CRISIL A1+Magma Fincorp 894.14 11.89% CARE A1+Simplex Infrastructures 497.96 6.62% CARE A1+Total 94.78%Cash EquivalentsCBLOs 251.32 3.34%Reverse Repos 165.74 2.20%Net Current Assets -24.43 -0.32%Total Net Assets as on 30 November 2014 7,521.96 100.00%

HSBC Floating Rate Fund - Long Term Plan (HFRF-LTP)

November 2014

40

Date of Allotment 16-Nov-04Benchmark CRISIL Liquid Fund

IndexNAV (Growth) per unit(as on 28.11.14)

` 21.1824


1.43 months


1.33 months

Yield To Maturity* 8.66%Fund Manager Kapil Punjabi &

Piyush HarlalkaSIP AvailableMinimumApplicationAmount

` 10,000` 1,000 p.m.(SIP)

Sub OptionsGrowth, Daily Dividend, Reinvestment Weekly Dividend, Reinvestment, Monthly Dividend (Payout & Reinvestment)Exit Load@ Nil

Total Expense Ratio as on November 28, 2014 Regular # 1.30% Institutional 0.75%Direct Plan 0.20% Excludes service tax on Investment Management fees of 0.02% of Total Net Assets. Annualised Expense Ratio from 1st April 2014 onwards Regular # 1.29% Institutional 0.74%Direct Plan 0.19% Excludes service tax on Investment Management fees of 0.02% of Total Net Assets. @ Effective from March 1, 2013 for prospective investments.* Based on invested Amount# Plan(s) discontinued from accepting subscriptions w.e.f. November 01, 2012

Asset AllocationMoney Market Instruments 94.78%Cash Equivalents 5.54%Net Current Assets -0.32%





HSBC Floating Rate Fund - Long Term Plan - Regular Option - Monthly Dividend25-Sep-14 0.05350 0.05124 10.068727-Oct-14 0.05096 0.04726 10.070225-Nov-14 0.04387 0.04068 10.0604HSBC Floating Rate Fund - Long Term Plan - Monthly Dividend - Direct Plan25-Sep-14 0.06086 0.05829 10.078827-Oct-14 0.05803 0.05381 10.080725-Nov-14 0.05016 0.04651 10.0700HSBC Floating Rate Fund - Long Term Plan - Institutional Option - Monthly Dividend25-Apr-14 0.05133 0.04916 10.535625-Aug-14 0.06294 0.06028 10.763925-Sep-14 0.17600 0.16856 10.7615

Rating ProfileAAA and equivalents 94.78%Reverse Repos/ CBLOs 5.54%Net Current Assets -0.32%

HSBC Floating Rate Fund - Long Term Plan (HFRF-LTP)

November 2014

41


This Product is suitable for investors who are seeking* :l Liquidity over short terml Investment in floating rate and fixed rate Debt and Money Market Instrumentsl Low risk (Blue)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.


An Open Ended Liquid SchemeInvestment Objective: Aims to provide reasonable returns, commensurate with low risk while providing a high level of liquidity, through a portfolio of money market and debt securities.

IssuerMarketValue

(` in Lacs)

% toNet

AssetsRating

Money Market InstrumentsCertificate of DepositIDBI Bank 14,807.63 3.82% CRISIL A1+Oriental Bank of Commerce 9,993.16 2.58% CRISIL A1+Canara Bank 9,871.86 2.55% CRISIL A1+State Bank of Patiala 7,476.36 1.93% [ICRA]A1+Punjab & Sind Bank 5,486.46 1.42% [ICRA]A1+The South Indian Bank 5,000.00 1.29% CARE A1+Canara Bank 4,998.87 1.29% CRISIL A1+UCO Bank 4,998.86 1.29% CRISIL A1+IDBI Bank 4,992.03 1.29% CRISIL A1+Indian Bank 4,987.54 1.29% Fitch A1+Corporation Bank 4,980.10 1.29% CRISIL A1+Axis Bank 4,975.49 1.28% CRISIL A1+Punjab & Sind Bank 4,968.49 1.28% [ICRA]A1+Oriental Bank of Commerce 4,924.77 1.27% CRISIL A1+Central Bank of India 2,981.19 0.77% CRISIL A1+Punjab & Sind Bank 2,496.13 0.64% [ICRA]A1+Oriental Bank of Commerce 2,495.57 0.64% CRISIL A1+IDBI Bank 2,495.57 0.64% CRISIL A1+State Bank of Patiala 2,495.47 0.64% [ICRA]A1+Punjab & Sind Bank 2,494.94 0.64% [ICRA]A1+Union Bank of India 2,494.90 0.64% CRISIL A1+Bank of Maharashtra 2,494.86 0.64% CRISIL A1+Indian Bank 2,494.35 0.64% Fitch A1+Corporation Bank 2,493.84 0.64% CRISIL A1+Central Bank of India 2,493.84 0.64% CRISIL A1+State Bank of Travancore 2,493.80 0.64% CRISIL A1+State Bank of Bikaner & Jaipur 2,491.72 0.64% CRISIL A1+Oriental Bank of Commerce 2,488.42 0.64% CRISIL A1+Central Bank of India 496.73 0.13% CRISIL A1+The South Indian Bank 494.22 0.13% CARE A1+Commercial PaperSREI Equipment Finance 14,908.38 3.85% [ICRA]A1+India Infoline Finance 13,986.39 3.61% [ICRA]A1+Kalpataru Power Transmission 10,000.00 2.58% CRISIL A1+Simplex Infrastructures 9,968.02 2.57% CARE A1+Reliance Capital @ 9,942.79 2.57% CRISIL A1+Indiabulls Housing Finance 9,475.63 2.45% CRISIL A1+Magma Fincorp 9,237.41 2.39% CARE A1+Reliance Capital 7,451.66 1.92% CRISIL A1+Indiabulls Housing Finance 7,412.48 1.91% CRISIL A1+National Fertilizers 6,955.48 1.80% CRISIL A1+Godrej Properties 4,995.30 1.29% [ICRA]A1+Magma Fincorp 4,991.78 1.29% CARE A1+Redington (India) 4,988.25 1.29% [ICRA]A1+Redington (India) 4,987.10 1.29% [ICRA]A1+L&T Finance 4,968.31 1.28% CARE A1+Family Credit Ltd 4,968.01 1.28% CARE A1+Simplex Infrastructures 4,960.76 1.28% CARE A1+JM Financial Products 4,939.25 1.28% CRISIL A1+Aditya Birla Finance 4,933.63 1.27% [ICRA]A1+India Infoline Finance 3,488.38 0.90% [ICRA]A1+Magma Fincorp 2,483.73 0.64% CARE A1+SREI Equipment Finance 2,482.29 0.64% [ICRA]A1+Simplex Infrastructures 1,991.86 0.51% CARE A1+National Fertilizers 1,988.40 0.51% CRISIL A1+Fixed DepositFixed DepositAndhra Bank 15,000.00 3.87% Fixed DepositIndusind Bank 13,000.00 3.36% Fixed DepositKarur Vysya Bank 13,000.00 3.36% Fixed DepositAllahabad Bank 3,000.00 0.77% Fixed DepositTreasury Bill91 DAYS TREASURY BILL RED 04-12-2014 9,993.32 2.58% Sovereign

HSBC Cash Fund (HCF) November 2014

42

@ Primary Market Deal

Date of Allotment 04-Dec-02Benchmark CRISIL Liquid Fund


` 1355.3899


0.70 months


0.64 months

Yield To Maturity* 8.52%Fund Manager Kapil Punjabi


` 10,000` 1,000 p.m.(SIP)

Sub OptionsGrowth, Daily Dividend, Reinvestment Weekly Dividend, Reinvestment, Monthly Dividend (Payout & Reinvestment) Exit Load@ Nil

Total Expense Ratio as on November 28, 2014 Regular # 1.00% Institutional # 0.35%Institutional Plus 0.14%Direct Plan 0.04%Currently there is no Service Tax levied due to nil Investment Management Fees being charged.Annualised Expense Ratio from 1st April 2014 onwards Regular # 1.00% Institutional # 0.35%Institutional Plus 0.12%Direct Plan 0.05%Currently there is no Service Tax levied due to nil Investment Management Fees being charged.

@ Effective from March 1, 2013 for prospective investments.* Based on invested Amount# Plan(s) discontinued from accepting subscriptions w.e.f. November 01, 2012





HSBC Cash Fund - Institutional Option - Monthly Dividend25-Sep-14 5.67747 5.43743 1007.342127-Oct-14 5.52231 5.12120 1007.664425-Nov-14 4.91371 4.55680 1006.8260HSBC Cash Fund - Monthly Dividend - Direct Plan25-Sep-14 5.72987 5.48762 1007.353927-Oct-14 5.57288 5.16810 1007.678625-Nov-14 4.96087 4.60053 1006.8354HSBC Cash Fund - Institutional Plus Option - Monthly Dividend26-Aug-11 0.04886 0.04686 10.138329-Sep-11 0.05876 0.05636 10.150928-Oct-11 0.05244 0.05030 10.1428

Asset AllocationMoney Market Instruments 73.62%Fixed Deposit 11.36%Treasury Bill 9.02%Cash Equivalents 8.43%Net Current Assets -2.43%

Rating ProfileAAA and equivalents 73.62%Fixed Deposit 11.36%Sovereign 9.02%Reverse Repos/ CBLOs 8.43%Net Current Assets -2.43%

HSBC Cash Fund (HCF) November 2014

43

Upon payment of dividend, the NAV per unit falls to the extent of payout and statutory levy, if any. Face value: `1,000 per unit.

This Product is suitable for investors who are seeking* :l Overnight Liquidity over short terml Invests in Money Market Instrumentsl Low risk (Blue)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.


HSBC Cash Fund

01 Nov 2014 to 04 Nov 2014***

05 Nov 2014 to 11 Nov 2014***

12 Nov 2014 to 30 Nov 2014***

Average for the Month

Normal (erst-while insti-plus)

0.12 0.15 0.14 0.14

Direct 0.04 0.10 0.04 0.05

*** Service tax on AMC fees is charged in addition to the above stated TERs.

IssuerMarketValue

(` in Lacs)

% toNet

AssetsRating

42 DAYS CMB RED 23-12-2014 7,463.02 1.93% Sovereign182 DAYS TREASURY BILL RED 18-12-2014 4,981.12 1.29% Sovereign91 DAYS TREASURY BILL RED 18-12-2014 4,981.11 1.29% Sovereign364 DAYS TREASURY BILL RED 25-12-2014 4,973.82 1.28% Sovereign182 DAYS TREASURY BILL RED 04-12-2014 2,498.31 0.65% SovereignTotal 94.00%Cash EquivalentsCBLOs 19,826.55 5.12%Reverse Repos 12,811.58 3.31%Net Current Assets -9,690.90 -2.43%

Total Net Assets as on 30 November 2014 3,87,200.36 100.00%

Date of Allotment 05-Dec-03Benchmark I-Sec Composite


` 17.1068


182.90 months


91.87 months

Yield To Maturity* 8.16%Fund Manager Sanjay ShahSIP AvailableMinimum ` 10,000Application ` 1,000 p.m.(SIP)AmountExit Load@ Nil

Total Expense Ratio as on November 28, 2014 Regular 1.00% Direct Plan 0.50% Excludes service tax on Investment Management fees of 0.06% of Total Net Assets. Annualised Expense Ratio from 1st April 2014 onwards Regular 1.00% Direct Plan 0.50% Excludes service tax on Investment Management fees of 0.06% of Total Net Assets. @ Effective from March 1, 2013 for prospective investments.* Based on invested Amount

An Open Ended Gilt SchemeInvestment Objective: Aims to generate reasonable returns through investments in Government Securities of various maturities. The AMC’s view of interest rate trends and the nature of the plans will be reflected in the maturities of securities in which the Plans are invested.

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Government Securities8.60% GOVT OF INDIA RED 02-06-2028 79.46 25.75% Sovereign8.40% GOVT OF INDIA RED 28-07-2024 71.44 23.15% Sovereign8.30% GOVT OF INDIA RED 31-12-2042 55.76 18.07% Sovereign9.20% GOVT OF INDIA RED 30-09-2030 27.19 8.81% Sovereign8.24% GOVT OF INDIA RED 10-11-2033 25.19 8.16% Sovereign9.14% KARNATAKA SDL RED 28-05-2024 20.95 6.79% SovereignTotal 90.73%Cash EquivalentsCBLOs 9.28 3.01%Reverse Repos 6.12 1.98%Net Current Assets 13.14 4.28%Total Net Assets as on 30 November 2014 308.52 100.00%





HSBC Gilt Fund - Monthly Dividend31-Oct-08 0.06136 0.05711 10.807728-Nov-08 0.04193 0.03903 10.785526-Dec-08 0.03400 0.03164 10.7764

Asset AllocationGovernment Securities 90.73%Cash Equivalents 4.99%Net Current Assets 4.28%

Rating ProfileSovereign 90.73%Reverse Repos/ CBLOs 4.99%Net Current Assets 4.28%

HSBC Gilt Fund (HGF) November 2014

44


This Product is suitable for investors who are seeking* :l Regular Income over long terml Investment in Government Securitiesl Low risk (Blue)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.


An Open Ended Debt SchemeInvestment Objective: Seeks to provide liquidity and reasonable returns by investing primarily in a mix of short term debt and money market instruments.

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Money Market InstrumentsCertificate of DepositPunjab National Bank 1,955.27 7.13% [ICRA]A1+Bank of India 1,468.09 5.35% CRISIL A1+Indian Overseas Bank 1,465.68 5.35% [ICRA]A1+Bank of Baroda 979.39 3.57% [ICRA]A1+Bank of India 979.39 3.57% CRISIL A1+Oriental Bank of Commerce 698.25 2.55% CRISIL A1+Corporation Bank 586.32 2.14% CRISIL A1+Commercial PaperSimplex Infrastructures 2,449.02 8.93% CARE A1+Magma Fincorp 1,589.58 5.80% CARE A1+Sundaram BNP Paribas Home Finance 1,498.59 5.47% CRISIL A1+National Fertilizers 1,495.13 5.45% CRISIL A1+Vodafone India 1,463.38 5.34% CRISIL A1+Magma Fincorp 695.29 2.54% CARE A1+Fullerton India Credit Co. 464.95 1.70% [ICRA]A1+Corporate/ PSU DebtCorporate Bonds / DebenturesLIC Housing Finance 1,028.72 3.75% CRISIL AAAHDFC 1,018.29 3.71% CRISIL AAALIC Housing Finance 1,018.10 3.71% CRISIL AAAKotak Mahindra Prime 1,007.99 3.68% [ICRA]AAAPower Finance Corporation 513.84 1.87% CRISIL AAAShriram Transport Finance Company 510.82 1.86% CRISIL AANABARD 508.80 1.86% CRISIL AAALIC Housing Finance 508.46 1.85% CARE AAABajaj Finance 508.46 1.85% [ICRA]AA+Tata Sons 508.07 1.85% CRISIL AAAKotak Mahindra Prime 506.09 1.85% [ICRA]AAAShriram Transport Finance Company 61.18 0.22% CRISIL AAFixed DepositFixed DepositIndusind Bank 1,500.00 5.47% Fixed DepositTotal 98.42%Cash EquivalentsCBLOs 6.08 0.02%Reverse Repos 4.01 0.01%Net Current Assets 420.53 1.54%Total Net Assets as on 30 November 2014 27,417.76 100.00%

HSBC Ultra Short Term Bond Fund (HUSBF) November 2014

45

Date of Allotment 17-Oct-06Benchmark Customised

Benchmark Index**NAV (Growth) per unit(as on 28.11.14)

` 12.0490


8.26 months


6.93 months

Yield To Maturity* 8.80%Fund Manager Piyush Harlalka &

Kapil PunjabiSIP AvailableMinimum ` 10,000Application ` 1,000 p.m.(SIP)Amount

Sub OptionsGrowth, Daily Dividend, Reinvestment Weekly Dividend, Reinvestment, Monthly Dividend (Payout & Reinvestment)Exit Load@ NilTotal Expense Ratio as on November 28, 2014 Regular # 1.29% Institutional 0.99%Institutional Plus # 0.24%Direct Plan 0.19%Excludes service tax on Investment Management fees of 0.02% of Total Net Assets.

Annualised Expense Ratio from 1st April 2014 onwards Regular # 1.28% Institutional 0.98%Institutional Plus # 0.23%Direct Plan 0.29%Excludes service tax on Investment Management fees of 0.03% of Total Net Assets.

@ Effective from March 1, 2013 for prospective investments.** Composite index of CRISIL Liquid Fund Index(90%) and CRISIL Short Term Bond Fund Index(10%).* Based on invested Amount# Plan(s) discontinued from accepting subscriptions w.e.f. November 01, 2012

Asset AllocationMoney Market Instruments 64.89%Corporate/ PSU Debt 28.06%Fixed Deposit 5.47%Net Current Assets 1.54%Cash Equivalents 0.04%

Rating ProfileAAA and equivalents 89.02%Fixed Deposit 5.47%AA+/ AA-/ AA and equivalents 3.93%Net Current Assets 1.54%Reverse Repos/ CBLOs 0.04%





HSBC Ultra Short Term Bond Fund - Institutional Option - Monthly Dividend25-Sep-14 0.05791 0.05547 10.201127-Oct-14 0.06289 0.05833 10.213425-Nov-14 0.05501 0.05101 10.2026HSBC Ultra Short Term Bond Fund - Monthly Dividend - Direct Plan25-Jun-14 0.15218 0.14575 10.1953HSBC Ultra Short Term Bond Fund - Institutional Plus Option - Monthly Dividend28-Jan-11 0.04829 0.04501 10.382125-Feb-11 0.04125 0.03845 10.374125-Mar-11 0.05214 0.04859 10.3865

HSBC Ultra Short Term Bond Fund (HUSBF) November 2014

46


This Product is suitable for investors who are seeking* :l Liquidity over short terml Investment in Debt / Money Market Instrumentsl Low risk (Blue)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.Note: Risk may be represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their principal will be at high risk

An Open Ended Debt SchemeInvestment Objective: Seeks to deliver returns in the form of interest income and capital gains, along with high liquidity, commensurate with the current view on the markets and the interest rate cycle, through active invest-ment in debt and money market instruments.

IssuerMarketValue

(` in Lacs)

% toNet

AssetsRating

Corporate/PSU DebtCorporate Bonds / DebenturesHDFC 2,232.65 5.06% CRISIL AAA

Power Finance Corporation 1,190.70 2.70% CRISIL AAA

Government Securities8.60% GOVT OF INDIA RED 02-06-2028 9,597.06 21.74% Sovereign

8.40% GOVT OF INDIA RED 28-07-2024 9,327.37 21.13% Sovereign




9.14% KARNATAKA SDL RED 28-05-2024 2,168.08 4.91% Sovereign



8.27% GOVT OF INDIA RED- 09-06-2020 1,375.34 3.12% Sovereign

8.28% GOVT OF INDIA RED 21-09-2027 503.05 1.14% Sovereign

Total 96.24%Cash EquivalentsCBLOs 406.57 0.92%Reverse Repos 268.13 0.61%Net Current Assets 996.08 2.23%Total Net Assets as on 30 November 2014 44,151.10 100.00%

HSBC Flexi Debt Fund (HFDF) November 2014

47

Date of Allotment 05-Oct-07Benchmark CRISIL Composite


` 18.4366


145.72 months


81.58 months

Yield To Maturity* 8.22%Fund Manager Sanjay Shah

SIP AvailableMinimum ` 10,000Application ` 1,000 p.m.(SIP)AmountExit Load@ Nil

Total Expense Ratio as on November 28, 2014 Regular # 1.85%Institutional 1.60% Direct Plan 0.85%Excludes service tax on Investment Management fees of 0.07% of Total Net Assets.Annualised Expense Ratio from 1st April 2014 onwards Regular # 1.85%Institutional 1.60% Direct Plan 0.85%Excludes service tax on Investment Management fees of 0.06% of Total Net Assets.@ Effective from March 1, 2013 for prospective investments.* Based on invested Amount# Plan(s) discontinued from accepting subscriptions w.e.f. November 01, 2012





HSBC Flexi Debt Fund - Regular Option - Monthly Dividend26-Apr-13 0.05836 0.04973 10.494931-May-13 0.11214 0.10740 10.671828-Jun-13 0.03263 0.03125 10.4175HSBC Flexi Debt Fund - Institutional Option - Monthly Dividend25-Sep-14 0.08532 0.08171 10.695127-Oct-14 0.14430 0.13382 10.784325-Nov-14 0.14085 0.13062 10.7795HSBC Flexi Debt Fund - Monthly Dividend - Direct Plan25-Sep-14 0.09711 0.09300 10.839227-Oct-14 0.15131 0.14032 10.922925-Nov-14 0.14724 0.13655 10.9171HSBC Flexi Debt Fund - Regular Option - Quarterly Dividend14-Mar-14 0.15585 0.14926 11.504325-Jun-14 0.17534 0.16792 11.703225-Sep-14 0.17534 0.16792 11.6755HSBC Flexi Debt Fund - Institutional Option - Quarterly Dividend14-Mar-14 0.15585 0.14926 11.435825-Jun-14 0.17534 0.16792 11.640525-Sep-14 0.17534 0.16792 11.6190HSBC Flexi Debt Fund - Quarterly Dividend - Direct Plan25-Sep-14 0.17534 0.16792 11.7964HSBC Flexi Debt Fund - Regular Option - Half Yearly Dividend16-Mar-12 0.35236 0.30201 11.267214-Sep-12 0.35236 0.30201 11.431515-Mar-13 0.35236 0.30201 11.6629HSBC Flexi Debt Fund - Institutional Option - Half-yearly Dividend15-Mar-13 0.35236 0.30201 10.9757HSBC Flexi Debt Fund - Half-yearly Dividend - Direct Plan25-Sep-14 0.31171 0.29853 11.2593

Asset AllocationGovernment Securities 88.48%Corporate / PSU Debt 7.76%Net Current Assets 2.23%Cash Equivalents 1.53%

Rating ProfileSovereign 88.48%AAA and equivalents 7.76%Net Current Assets 2.23%Reverse Repos/ CBLOs 1.53%

HSBC Flexi Debt Fund (HFDF) November 2014

48


This Product is suitable for investors who are seeking* :l Regular Income over long terml Investment in Debt / Money Market Instrumentsl Low risk (Blue)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.Note: Risk may be represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their principal will be at high risk

Name of Scheme Fund Manager

HSBC MIP - Savings & Regular Plan

For Debt portion: Sanjay Shah (from 14 August 2009) & For Equity portion: Aditya Khemani (from 24 February 2009)

HSBC Income Fund - Investment Plan

Sanjay Shah (from 09 January 2009)

HSBC Income Fund - Short Term Plan

Sanjay Shah (from 09 January 2009) & Piyush Harlalka (from 18 October 2014)

HSBC Floating Rate Fund Long Term Plan

Kapil Punjabi & Piyush Harlalka (from 18 October 2014)

HSBC Cash Fund Kapil Punjabi (from 14 March 2014)

HSBC Gilt Fund Sanjay Shah (from 09 January 2009)

HSBC Ultra Short Term Bond Fund

Piyush Harlalka & Kapil Punjabi (from 18 October 2014)

HSBC Flexi Debt Fund Sanjay Shah (from 09 January 2009)

Fund Managers - MIP & Debt November 2014

49

Fund Manager’s Experience

Sanjay Shah Senior Vice President Head - Fixed IncomeB. Com, A.C.A., Post Graduate Diploma in ManagementExperience:Over 15 years of experience in research and risk l HSBC Asset Management (India) Private Ltd Senior Vice President & Fund Manager, Fixed Income since October 2011 to present, Vice President & Fund Manager, Fixed Income since December 2008 to September 2011. l FIL Fund Management Private Ltd Credit Analyst from September 2008 to December 2008 l Lehman Brothers Structured Financial Services Private Ltd Vice President, Convertible Products from September 2006 to Sep tember 2008 l Rabo India Finance Private Ltd Senior Manager – Credit Risk from July 2004 to September 2006 l ICICI Bank Ltd Manager, Credit Risk from January 2003 to June 2004 l SBI Funds Management Private Ltd Chief Manager, Debt Funds from June 1999 to January 2003

Fund Managers - MIP & Debt November 2014

50

Piyush Harlalka Vice President & Fund Manager - Fixed Income M.B.A, (Finance), C.A., C.S. Experience:

Over 8 years of experience in Research

l HSBC Asset Management (India) Private Ltd

Vice President & Fund Manager - Fixed Income from October 2014 to present

Vice President - Fixed Income from April 2012 to October 2014;

Associate Vice President - Fixed Income, from October 2010 to March 2012;

Assistant Vice President, Investment Management, PMS, from December

2008 to October 2010;

Research Analyst, from, July 2007 to November 2008.

l Batlivala & Karanai Securities Pvt. Ltd.,

Research Analyst from April 2006 to June 2007

Kapil Punjabi Vice President & Fund Manager - Fixed Income B.M.S, M.M.S (Mumbai University) Experience:

Over 11 years of experience in research and Fund Management

l HSBC Asset Management (India) Private Ltd.

Vice President & Fund Manager - Fixed Income from March 04, 2014 onwards.

l Taurus Asset Management Company Limited

Fund Manager Fixed Income from June 07, 2012 to February 27, 2014.

l Edelweiss Asset Management Limited

Fund Manager Fixed Income from December 05, 2009 to June 06, 2012.

l Edelweiss Securities Limited

Manager - Investments from October 2007 to November 2009

l Trans Market Group Research (India) Private Limited

Research Analyst and Proprietary Trader from May 2006 to October 2007.

Comparative Performance of Debt Schemes November 2014

51

Data for the period October to September has been considered in all cases, except for ‘Since Inception’ returns. ‘Since Inception’ (%) returns are compounded annualised, other % returns are simple annualised. ‘Since inception’ returns are calculated on `10 invested at inception. Standard benchmark is prescribed by SEBI and is used for comparison purposes. Returns on `10,000 are point-to-point returns for the specific time period, invested at the start of the period. The returns provided above have been rounded off and hence there may be minor differences between point-to-point returns vis-a-vis returns indicated above.

HSBC MIP - Regular Plan Date of Inception : 24 Feb 04Scheme Name & Benchmarks Oct 13 -


Oct 11 - Sept 12

Since Inception

HSBC MIP - Regular Plan - Growth 14.53% 3.43% 11.08% 8.00%Crisil MIP Blended Index (Scheme Benchmark) 15.20% 3.11% 11.00% 7.56%Crisil 1 Year T-Bill Index (Standard Benchmark) 8.21% 5.63% 8.13% 5.57%Crisil 10 Year Gilt Index (Standard Benchmark) 6.58% 2.45% 8.03% 4.47%`10,000, if invested in HMIP - R, would have become `11,453 `10,343 `11,108 `22,630

`10,000, if invested in Crisil MIP Blended Index, would have become `11,520 `10,311 `11,100 `21,666

`10,000, if invested in Crisil 1 Year T-Bill Index, would have become `10,821 `10,563 `10,813 `17,779

`10,000, if invested in Crisil 10 Year Gilt Index, would have become `10,658 `10,245 `10,803 `15,908

HSBC MIP - Savings Plan Date of Inception : 24 Feb 04Scheme Name & Benchmarks Oct 13 -


Oct 11 - Sept 12

Since Inception

HSBC MIP - Savings Plan - Growth 19.30% 3.33% 13.64% 9.77%Crisil MIP Blended Index (Scheme Benchmark) 15.20% 3.11% 11.00% 7.56%Crisil 1 Year T-Bill Index (Standard Benchmark) 8.21% 5.63% 8.13% 5.57%Crisil 10 Year Gilt Index (Standard Benchmark) 6.58% 2.45% 8.03% 4.47%`10,000, if invested in HMIP - S, would have become `11,930 `10,333 `11,364 `26,873

`10,000, if invested in Crisil MIP Blended Index, would have become `11,520 `10,311 `11,100 `21,666



Funds Managed by - Sanjay Shah (for Debt portion) &Aditya Khemani (for Equity portion)



HSBC Gilt Fund Date of Inception : 05 Dec 03Scheme Name & Benchmarks Oct 13 -


Oct 11 - Sept 12

Since Inception

HSBC Gilt Fund - Growth 8.23% 4.96% 11.09% 4.63%I-Sec Composite Bond Index (Scheme Benchmark) 10.90% 4.86% 10.07% 6.79%

Crisil 10 Year Gilt Index (Standard Benchmark) 6.58% 2.45% 8.03% 4.46%

`10,000, if invested in HGF, would have become `10,823 `10,496 `11,109 `16,330

`10,000, if invested in I-Sec Composite Bond Fund Index, would have become `11,090 `10,486 `11,007 `20,361


Funds Managed by - Sanjay Shah.



52


Funds Managed by - Piyush Harlalka & Kapil Punjabi.HSBC Ultra Short Term Bond Fund$ Date of Inception : 17 Oct 06Scheme Name & Benchmarks Oct 13 -


Since Inception

HSBC Ultra Short Term Bond Fund - Growth 9.40% 8.43% 8.93%

Customised Benchmark Index Fund(Scheme Benchmark)* 9.54% 8.44% 9.00%

Crisil 1 Year T-Bill Index (Standard Benchmark) 8.21% 5.63% 6.99%

`10,000, if invested in HUSTBF, would have become `10,940 `10,843 `11,867

`10,000, if invested in Customised Benchmark Index, would have become `10,954 `10,844 `11,882

`10,000, if invested in Crisil 1 Year T-Bill Index, would have become `10,821 `10,563 `11,447


HSBC Flexi Debt Fund Date of Inception: 05 Oct 07Scheme Name & Benchmarks Oct 13 -


Oct 11 - Sept 12

Since Inception

HSBC Flexi Debt Fund - Growth 8.44% 5.38% 10.57% 8.49%Crisil Composite Bond Fund Index (Scheme Benchmark) 11.46% 3.42% 9.56% 6.98%

Crisil 10 Year Gilt Index (Standard Benchmark) 6.58% 2.45% 8.03% 5.80%`10,000, if invested in HFDF, would have become `10,844 `10,538 `11,057 `17,687

`10,000, if invested in Crisil Composite Bond Fund Index, would have become `11,146 `10,342 `10,956 `16,029



*Composite index of Crisil Liquid Fund Index(90%) and Crisil Short Term Bond Fund Index(10%).

$Pursuant to SEBI circular dated Sept 13, 2012, certain Plans/options within the schemes have been discontinued to comply with a single plan structure. Since there was no continuous NAV history available for the surviving Plan prior to 1 October 2012, returns since the said date have been considered for calculating performance. The inception date of HSBC Ultra Short Term Bond Fund however is 17 October 2006.

HSBC Income Fund - Investment Plan Date of Inception : 10 Dec 02Scheme Name & Benchmarks Oct 13 -


Oct 11 - Sept 12

Since Inception

HSBC Income Fund - Investment Plan - Growth 8.41% 3.95% 10.47% 6.83%Crisil Composite Bond Fund Index (Scheme Benchmark) 11.46% 3.42% 9.56% 6.01%

Crisil 10 Year Gilt Index (Standard Benchmark) 6.58% 2.45% 8.03% 5.24%`10,000, if invested in HIF - IP, would have become `10,841 `10,395 `11,047 `21,833

`10,000, if invested in Crisil Composite Bond Fund Index, would have become `11,146 `10,342 `10,956 `19,933




53


HSBC Income Fund - S T P Date of Inception : 10 Dec 02Scheme Name & Benchmarks Oct 13 -


Oct 11 - Sept 12

Since Inception

HSBC Income Fund - S T P - Growth 9.34% 6.65% 9.35% 6.90%Crisil Short Term Bond Fund Index (Scheme Benchmark) 10.06% 7.66% 9.21% 6.77%

Crisil 1 Year T-Bill Index (Standard Benchmark) 8.21% 5.63% 8.13% 5.55%

`10,000, if invested in HIF -ST, would have become `10,934 `10,665 `10,935 `21,998

`10,000, if invested in Crisil Short Term Bond Fund Index, would have become `11,006 `10,766 `10,921 `21,684



HSBC Cash Fund@ Date of Inception: 04 Dec 02Scheme Name & Benchmarks

Last 7 Days as on 30

Sept 2014

Last 15 Days as

on 30 Sept 2014

Last 30Days as

on 30 Sept 2014

Oct 13 - Sept 14

Oct 12 - Sept 13

Oct 11 - Sept 12

Since Inception

HSBC Cash Fund - Growth 8.77% 8.69% 8.62% 9.32% 8.98% 8.41% 9.00%

Crisil Liquid Fund Index (Scheme Benchmark) 9.37% 9.08% 8.84% 9.48% 8.52% 8.68% 8.81%

Crisil 91 Day T-Bill Index (Standard Benchmark)

8.34% 8.62% 8.74% 9.37% 7.80% 8.73% 8.35%

`10,000, if invested in HCF, would have become

`10,017 `10,036 `10,071 `10,932 `10,898 `10,841 `13,371

`10,000, if invested in Crisil Liquid Fund Index, would have become

`10,018 `10,037 `10,073 `10,948 `10,852 `10,868 `13,295

`10,000, if invested in Crisil 91 Day T-Bill Index, would have become

`10,016 `10,035 `10,072 `10,937 `10,780 `10,873 `13,106


@Pursuant to SEBI circular dated Sept 13, 2012, certain Plans/options within the schemes have been discontinued to comply with a single plan structure. Since there was no continuous NAV history available for the surviving Plan prior to 19 May 2011, returns since the said date have been considered for calculating performance. The inception date of HSBC Cash Fund however is 4 December 2002.

Fund Managed by - Kapil Punjabi.

Fund Managed by - Sanjay Shah & Piyush Harlalka

HSBC FRF - LTP - Regular Plan Date of Inception : 16 Nov 04Scheme Name & Benchmarks Oct 13 -


Oct 11 - Sept 12

Since Inception

HSBC FRF - LTP - Growth 9.07% 8.73% 8.97% 7.73%Crisil Liquid Fund Index (Scheme Benchmark) 9.48% 8.52% 8.68% 7.07%Crisil 1 Year T-Bill Index (Standard Benchmark) 8.21% 5.63% 8.13% 5.80%

`10,000, if invested HFRF - LTP, would have become `10,907 `10,873 `10,897 `20,871

`10,000, if invested in Crisil Liquid Fund Index, would have become `10,948 `10,852 `10,868 `19,636



Statutory Details & Disclaimers

All returns have been sourced from MutualFundsIndia Explorer software unless otherwise stated. With regard to equity schemes (including the equity component of MIPs), Fund performance is calculated on a total return basis (i.e. it includes dividends re-invested) while the benchmark is calculated on a price return basis (i.e. it does not consider dividends re-invested). This document has been prepared by HSBC Asset Management (India) Private Ltd (HSBC) for information purposes only and should not be construed as an offer or solicitation of an offer for purchase of any of the funds of HSBC Mutual Fund. All information contained in this document (including that sourced from third parties), is obtained from sources HSBC, the third party believes to be reliable but which it has not independently verified and HSBC, the third party makes no guarantee, representation or warranty and accepts no responsibility or liability as to the accuracy or completeness of such information. The information and opinions contained within the document are based upon publicly available information and rates of taxation applicable at the time of publication, which are subject to change from time to time. Expressions of opinion are those of HSBC only and are subject to change without notice. It does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Investors should seek financial advice regarding the appropriateness of investing in any securities or investment strategies that may have been discussed or recommended in this report and should understand that the views regarding future prospects may or may not be realized. Neither this document nor the units of HSBC Mutual Fund have been registered in any jurisdiction. The distribution of this document in certain jurisdictions may be restricted or totally prohibited and accordingly, persons who come into possession of this document are required to inform themselves about, and to observe, any such restrictions. Mutual fund investments are subject to market risks. Please read the Scheme Information Document carefully before investing.

Investors should not invest in the Scheme solely based on the information provided in this document and should read the Combined Scheme Information Document and, Statement of Additional Information of the Fund for details. This document does not constitute an offering document. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, with-out the prior written permission of HSBC Asset Management (India) Private Ltd.

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

HSBC Asset Management (India) Private Limited, 16, V.N. Road, Fort, Mumbai-400001 Email: [email protected] Website: www.assetmanagement.hsbc.com/in

november 2014 - hsbc · 2014. 12. 12. · the indian equity markets rallied through november 2014...

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