Birla Insurance Group 2014 · 2014-12-12 · However, the RBI policy stance was much more dovish which came as a relief to the market. The policy mentioned that if the current inflation

November 2014

Index

Fund Managers Profile

Fund Performance

Secure Fund

Stable Fund

Growth Fund

Money Market Fund

Income Advantage Fund

Gilt Fund

Bond Fund

Fixed Interest Fund

Short Term Debt Fund

Pg 1

Pg 3

Pg 4

Pg 5

Pg 6

Pg 7

Pg 8

Pg 9

Pg 10

Pg 11

Pg 12

Pg 13

Pg 14

as on 28th November 2014

Growth Advantage Fund

Market Outlook

Market Update

1

Economy Review

In the fifth bi-monthly credit policy review, RBI continued to keep all the key rates unchanged.

However, the RBI policy stance was much more dovish which came as a relief to the market. The

policy mentioned that if the current inflation momentum and fiscal developments are encouraging, a

change in the monetary policy stance is likely early next year. It reflects high probability of rate cuts

beginning early next year. The central bank kept the estimate for GDP growth at 5.5% while revising its

inflation projection down to 6% by March- 15. Earlier they had kept a target of getting inflation to 6% by

January -16.

The month long winter session of the Parliament started in November 2014. The key bills including

GST bill, Insurance bill, Coal Regulatory Authority bill, two bills on Labour reforms and amendments to

the Land Acquisition and Lokpal Act will be tabled for approval in the winter session. Reforms in the

parliament's winter session ranging from GST to Insurance bill could be a source of potential market

trigger ahead.

The first of five phases of polling in the states of Jammu & Kashmir and Jharkhand saw an impressive

turnout of 70% in J&K and 60% in Jharkhand where results are due in Dec and BJP is once again a

strong contender in both the states.

Positive cheer on inflation front continued as both Consumer Price Index (CPI) and Wholesale Price

Index (WPI) continued to surprise positively. CPI was down to 5.5% for the month of October-14 from

6.5% last month. The drop was driven by food inflation, which slowed to 5.8% from 7.6% due to lower

prices and a favorable base. Fuel inflation moderated to 3.3% from 3.5% even before full transmission

of the lower crude oil prices.

India's HSBC manufacturing PMI showed improvement compared to the previous month. The data

was recorded at 53.3 in November 2014 from 51.6 in October 2014. On the other hand, the services

PMI also improved to 52.6 in November 2014 compared to 50.0 in October 2014. A PMI reading above

50 indicates expansion while one below it implies contraction.

Market Update

2

Outlook for Equities

Key Indian stock indices extended their gains on the back of robust FII inflows. The BSE market cap

crossed the INR 100 tn milestone. Markets gained around 3% on a month on month basis. FII

invested another $2.2bn in the month of November- 14 taking the cumulative figure to $15.9bn YTD.

DIIs were net sellers of $1.2bn during the month taking their net sell tally to $6bn YTD.

From a long term perspective, Sensex still appears attractive at 16xFY16e earnings.

Outlook for Debt

Currently, liquidity is in a deficit mode in the economy and will continue to be in deficit mode for some

time. RBI will continue to monitor the liquidity situation closely to counter the inflation expectation in

the economy.

G-sec market will remain range bound before they start getting fresh triggers on the inflation front. We

expect 10 year G-sec markets to touch 7.75% by April 2014. The corporate bond market will trail the

G-sec market with a spread of 35bps.

28-Nov-14 31-Oct-14 % ChangeINDEX

Nifty

Sensex

BSE 100

Dow Jones

Hang Seng

Nikkei

Nasdaq

8588.25 8322.20 3.20%

28693.99 27865.83 2.97%

8644.37 8383.91 3.11%

17828.24 17390.52 2.52%

17459.85 16413.76 6.37%

23987.45 23998.06 -0.04%

4791.63 4630.74 3.47%

BSE NSE

3000

4000

5000

6000

7000

8000

9000

10000

11000

16000

18000

20000

22000

24000

26000

28000

30000

No

v- 1

3

De

c- 1

3

Jan-

14

Fe

b- 1

4

Ma

r -14

Ap

r-1

4

Ma

y-1

4

Oct

-13

Jun

-14

Jul-

14

Au

g-1

4

Sep

-14

Oct

Nov

- -14

14

Key Indices

10 year G-Sec

5 Year G-Sec

91 Day T Bill

364 day T-Bill

MIBOR

Call Rates

5 year AAA Corporate Bond Spread10 Yr G-Sec Yield

bps

28-Nov-14 31-Oct-14 % Change

8.09% 8.28% -2.35%

8.14% 8.28% -1.72%

8.23% 8.36% -1.58%

8.24% 8.39% -1.82%

8.48% 8.54% -0.71%

7.91% 8.00% -1.14%

No

v-13

De

c-13

Jan-

14

Fe

b-14

Ma

r-14

Ap

r-14

Ma

y-14

Oct

-13

Jun-

14

Jul-1

4

Au

g-14

Oct

-14

Sep

-14

Nov

-14

15

40

65

90

115

140

5.0

4.0

6.0

7.0

8.0

9.0

10.0

Fund Managers Profile

Mr. Sameer Mistry

Mr. Parin Vora

Mr. Sameer Mistry joined BSLI in January 2009. He has over 15 years of experience in Equity Research and Fund Management. Prior to joining us, he worked as a Fund Manager with Reliance Capital Asset Management, Tata Mutual Fund and SBI Life Insurance. Sameer has done his BE (Electronics & Telecom) as well as an MBA in Finance.

Mr. Sameer Mistry - Fund Manager – Equity

Mr. Parin S Vora has been with BSLI since October 2007 and is primarily responsible for Fixed Income trading and Fund Management. He has 15 years of experience in Fixed Income Industry and was associated with Birla Sun Life Securities & Mata Securities. Parin has done his MBA in Finance from Welingkar’s Institute of Management and DPMIR from Narsee Monjee Institute of Management studies.

Mr. Parin S Vora - Chief Manager – Investments

3

thFund Performance as on 28 November 2014

Group Funds Figures in percentage (%)

Fund Name Benchmark CompositionSecureStableGrowthGrowth AdvantageMoney MarketIncome AdvantageFixed InterestShort Term Debt FundBond Fund

Gilt Fund

BSE 100BSE 100BSE 100BSE 100

-----

-

Crisil Composite Bond Index Crisil Composite Bond IndexCrisil Composite Bond IndexCrisil Composite Bond Index

-Crisil Composite Bond IndexCrisil Composite Bond IndexCrisil Short Term Bond IndexCrisil AAA long term index & Crisil AA short term index

-

Crisil Liquid Fund IndexCrisil Liquid Fund IndexCrisil Liquid Fund IndexCrisil Liquid Fund IndexCrisil Liquid Fund IndexCrisil Liquid Fund IndexCrisil Liquid Fund Index

CRISIL Liquid Fund Index

Disclaimer:This document is issued by BSLI. While all reasonable care has been taken in preparing this document, no responsibility or liability is accepted for errors of fact or for any opinion expressed herein. This document is for information purposes only. It does not constitute any offer, recommendation or solicitation to any person to enter into any transaction or adopt any investment strategy, nor does it constitute any prediction of likely future movements in NAVs. Past performance is not necessarily indicative of future performance. We have reviewed the report, and in so far as it includes current or historical information, it is believed to be reliable though its accuracy or completeness cannot be guaranteed. Neither Birla Sun Life Insurance Company Limited, nor any person connected with it, accepts any liability arising from the use of this document. You are advised to make your own independent judgment with respect to any matter contained herein. The investment risk in investment portfolio is borne by the policyholder. The name of the funds do not in any way indicate their quality, future prospects or returns. The premium paid in unit linked life insurance policies are subject to investment risk associated with capital markets and the unit price of the units may go up or down based on the performance of investment fund and factors influencing the capital market and the policyholder is responsible for his/her decisions Insurance is the subject matter of solicitation.BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS: IRDA clarifies to public that IRDA or its officials do not involve inactivities like sale of any kind of insurance or financial products nor invest premiums. IRDA does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.

ULGF00212/06/01BSLGSECURE109ULGF00312/06/01BSLGSTABLE109ULGF00112/06/01BSLGGROWTH109ULGF01026/11/07BSLIGGRADV109ULGF00824/08/04BSLIGRMMKT109ULGF01425/02/10BSLGINCADV109ULGF00416/07/02BSLGFIXINT109ULGF01322/09/08BSLGSHTDBT109ULGF00530/05/03BSLIGRBOND109

ULGF00630/05/03BSLIGRGILT109

SFIN

4

Absolute Return

CAGR

ReturnsPeriod

Absolute Return

CAGR

Returns Money Market Fund

Short Term Debt Fund

BM BM BMPeriod

1 month

3 months

6 months

1 Year

2 Years

3 Years

4 Years

5 Years

Since Inception

Absolute Return

CAGR

Returns Gilt Fund Bond Fund Fixed Interest Fund

BM BMPeriod

2.10%

6.35%

7.79%

14.52%

8.09%

8.60%

7.66%

6.74%

6.86%

1 month

3 months

6 months

1 Year

2 Years

3 Years

4 Years

5 Years

Since Inception

1 month

3 months

6 months

1 Year

2 Years

3 Years

4 Years

5 Years

Since Inception

Secure Fund BM Stable Fund BM Growth Advantage

BM BMGrowth Fund

Income Advantage Fund

1.67% 1.62%

5.40% 4.62%

9.08% 7.79%

18.15% 15.99%

10.89% 10.11%

11.71% 10.59%

8.62% 8.14%

8.44% 7.77%

11.02% 7.48%

1.92% 1.85%

6.09% 5.12%

11.14% 9.30%

22.97% 19.49%

12.80% 11.74%

13.69% 12.22%

8.96% 8.34%

9.16% 8.19%

13.91% 9.05%

2.16% 2.08%

6.90% 5.60%

13.36% 10.81%

27.89% 23.07%

14.68% 13.34%

15.63% 13.82%

9.12% 8.47%

10.03% 8.57%

15.57% 10.77%

2.54% 2.23%

7.43% 5.92%

15.04% 11.83%

31.58% 25.49%

16.41% 14.40%

17.20% 14.87%

10.07% 8.54%

11.10% 8.80%

14.14% 8.37%

0.64% 0.55%

2.09% 1.83%

4.22% 3.74%

8.80% 8.04%

8.96% 8.03%

9.21% 8.07%

9.20% 7.97%

8.67% 7.23%

9.50% 7.01%

0.71% 0.81%

2.42% 2.55%

4.39% 4.44%

9.22% 9.22%

8.88% 8.23%

9.49% 8.42%

9.37% 8.07%

8.64% 7.27%

8.95% 7.02%

1.48% 1.31%

4.83% 3.96%

6.69% 5.78%

13.30% 11.42%

9.13% 7.91%

10.12% 8.39%

10.59% 7.81%

- -

9.74% 7.39%

0.97% 1.30%

3.96% 3.94%

5.69% 5.86%

11.76% 11.45%

9.55% 8.59%

10.48% 8.99%

9.63% 8.20%

9.29% 7.67%

11.08% 8.34%

1.55% 1.31%

4.92% 3.96%

6.74% 5.78%

12.80% 11.42%

10.01% 7.91%

10.96% 8.39%

10.07% 7.81%

9.60% 7.12%

8.88% 5.18%

Assets held as on ` 959.30 cr28th November 2014:

GOVERNMENT SECURITIES: 40.54%

8.83% Government Of India 2023 6.89%










Other Government Securities 9.10%

8.9% Steel Authority Of India Ltd. 2019 2.06%

9.25% PGC Of India Ltd. 2019 1.18%

9.15% ICICI Bank Ltd. 2022 1.08%

9.95% Tata Motors Ltd. 2020 0.95%

8.58% HDFC Ltd. 2018 0.89%

9.15% L&T Ltd. 2019 0.77%

8% MVM Ltd 2017 0.69%

9.6% L&T Finance Ltd. 2016 0.68%

9.7% Power Finance Corpn. Ltd. 2018 0.65%

9.1% HDFC Bank Ltd. 2022 0.63%

Other Corporate Debt 15.05%

HDFC Bank Ltd. 1.73%

Infosys Ltd. 1.34%

ICICI Bank Ltd. 1.12%

Reliance Industries Ltd. 1.05%

Tata Consultancy Services Ltd. 0.90%

ITC Ltd. 0.81%

L&T Ltd. 0.80%

HDFC Ltd. 0.72%

State Bank Of India 0.71%

Tata Motors Ltd. 0.71%

Other Equity 9.93%

RATING PROFILE

Exposure to Equities has slightly decreased to 19.83 from 20.12%, exposure to G-Secs has increased to 40.54% from 34.14% while that to MMI has decreased to 15.02 from 20.78% on a MOM basis. Over 86% of the debt portfolio remains invested in highest rated instruments.The fund is predominantly invested in large cap stocks and maintains a well diversified equity portfolio.

%

%

Modified Duration: 4.66 years

EQUITY: 19.83%

NAV as on 28th November 2014: 40.81`

CORPORATE DEBT: 24.62%

Maturity Profile

ASSET ALLOCATION

MMI, : 15.02%Deposits, CBLO & Others

Objective:

Strategy:

To build your capital and generate better returns at moderate level of risk, over a medium or long-term period through a balance of investment in equity and debt.

Generate better return with moderate level of risk through active management of fixed income portfolio and focus on creating long term equity portfolio which will enhance yield of composite portfolio with low level of risk appetite.

Fund Snapshot Know the Fund Better

Group Secure FundFund Manager: Sameer Mistry (Equity) & Parin Vora (Debt) | Total Experience: 15 years &15 years

ULGF00212/06/01BSLGSECURE109

Benchmark: BSE 100 & Crisil Composite Bond Index & Crisil Liquid Fund Index

5

SECTORAL ALLOCATION

Portfolio as on Friday, November 28, 2014

Maturity Profile

Secure BM

Date of Inception: 19-Jun-01

1.03%

1.13%

1.28%

1.40%

1.50%

2.03%

2.66%

3.15%

6.14%

7.56%

7.76%

8.09%

9.71%

10.88%

14.65%

21.02%

CONSTRUCTION

OTHERS

AGRI RELATED

LOGISTICS

DIVERSIFIED

CEMENT

METAL

TELECOMMUNICATION

CAPITAL GOODS

FINANCIAL SERVICES

FMCG

AUTOMOBILE

PHARMACEUTICALS

OIL AND GAS

SOFTWARE / IT

BANKING

7 years & above2 to 7 years

Less than 2years

51.49%

25.46%

23.05%

MMI, Deposits, CBLO & Others

15.02% 19.83%Equity

NCD24.62% 40.54%

G-Secs

0.79%AA-

AAA28.25%

61.24%Sovereign

0.69%A+

A1+1.56%3.46%

AAAA+4.01%

Jul-0

6

De

c-0

6

Ma

y-0

7

Oct

-07

Ma

r-0

8

Au

g-0

8

Jan

-09

Jun

-09

No

v-0

9

Ap

r-1

0

Se

p-1

0

Fe

b-1

1

Ju

l-11

De

c-1

1

Ma

y-1

2

Oct

-12

Ma

r-1

3

Au

g-1

3

Ja

n-1

4

Ju

n-1

4

No

v-1

4

Assets held as on 289.85 cr28th November 2014: `













8.65% REC Ltd. 2019 3.39%

10.1% PGC Of India Ltd. 2017 1.79%

9.25% LIC Housing Finance Ltd. 2023 1.63%

9.4% NABARD 2016 1.06%

9.6% HDFC Ltd. 2016 1.04%

10.85% REC Ltd. 2018 0.92%

9.61% PFC Ltd. 2021 0.90%

9.33% NABARD 2017 0.88%

11.25% PFC Ltd. 2018 0.71%

10.15% KMP Ltd. 2017 0.70%



Infosys Ltd. 2.31%




ITC Ltd. 1.39%

L&T Ltd. 1.38%

HDFC Ltd. 1.24%



Other Equity 17.13%

RATING PROFILE

Over 97% of the debt portfolio remains invested in highest rated instruments.The fund is predominantly invested in large cap stocks and maintains a well diversified equity portfolio. Top 4 equity sectors remain same as the previous month.


EQUITY: 34.21%

NAV as on ` 56.2028th November 2014:


ASSET ALLOCATIONSECTORAL ALLOCATION

Objective:

Strategy:

Helps you to grow your capital through enhanced returns over a medium to long term period through investments in equity and debt instruments, thereby providing a good balance between risk and return.

To earn capital appreciation by maintaining diversified equity portfolio and seek to earn regular return on fixed income portfolio by active management resulting in wealth creation for policyholders.


Group Stable FundFund Manager: 15 years

Sameer Mistry (Equity) & Parin Vora (Debt) | Total Experience: 15 years &

ULGF00312/06/01BSLGSTABLE109



6

Date of Inception: 31-Aug-01

Maturity ProfileMMI, Deposits, CBLO & Others: 14.07%

Stable BM

1.03%

1.13%

1.29%

1.41%

1.50%

2.04%

2.60%

3.14%

6.12%

7.56%

7.75%

8.11%

9.76%

10.92%

14.59%

21.05%

CONSTRUCTION

OTHERS

AGRI RELATED

LOGISTICS

DIVERSIFIED

CEMENT

METAL

TELECOMMUNICATION

CAPITAL GOODS

FINANCIAL SERVICES

FMCG

AUTOMOBILE

PHARMACEUTICALS

OIL AND GAS

SOFTWARE / IT

BANKING


Less than 2years

47.42%

27.01%

25.57%

NCD16.58%

35.13%G-Secs


14.07%

34.21%

Equities

AA1.48%

AAA29.08%

Sovereign67.93%

AA+1.51%

Jul-06

Dec-

06

May-

07

Oct

-07

Mar-

08

Aug-0

8

Jan-0

9

Jun-0

9

Nov-

09

Apr-

10

Sep-1

0

Feb-1

1

Jul-11

Dec-

11

May-

12

Oct

-12

Mar-

13

Aug-1

3

Jan-1

4

Jun-1

4

Nov-

14




9.53% State Gov. Of Gujrat 2024 3.17%











9.02% REC Ltd. 2022 1.40%

10.15% KMP Ltd. 2017 1.06%

NABARD 2017 1.01%

10.05% Can Fin Homes Ltd. 2017 0.99%


7.6% HDFC Ltd. 2017 0.84%

8.95% PFC Ltd. 2015 0.83%

11.25% PFC Ltd. 2018 0.80%

9.05% State Bank Of India 2020 0.78%



Infosys Ltd. 3.32%




ITC Ltd. 2.00%

L&T Ltd. 1.99%

HDFC Ltd. 1.78%



Other Equity 24.63%

RATING PROFILE

Over 90% of the debt portfolio remains invested in highest rated instruments.The fund is predominantly invested in large cap stocks and maintains a well diversified equity portfolio. Top 4 equity sectors remain same as the previous month.


EQUITY: 49.22%



Maturity Profile

ASSET ALLOCATION

MMI, Deposits, CBLO & Others: 9.26%

SECTORAL ALLOCATION

Objective:

Strategy:

To achieve optimum balance between growth and stability to provide long-term capital appreciation with balanced level of risk by investing in fixed income securities and high quality equity security.

To ensure capital appreciation by simultaneously investing into fixed income securities and maintaining diversified equity portfolio. Active fund management is carried out to enhance policy holder’s wealth in long run.


Group Growth Fund

ULGF00112/06/01BSLGGROWTH109



7

Gr. Growth BM

Date of Inception: 31-Aug-01

Fund Manager: 15 years


1.03%

1.11%

1.29%

1.40%

1.49%

2.04%

2.61%

3.14%

6.13%

7.56%

7.75%

8.12%

9.77%

10.91%

14.60%

21.06%

CONSTRUCTION

OTHERS

AGRI RELATED

LOGISTICS

DIVERSIFIED

CEMENT

METAL

TELECOMMUNICATION

CAPITAL GOODS

FINANCIAL SERVICES

FMCG

AUTOMOBILE

PHARMACEUTICALS

OIL AND GAS

SOFTWARE / IT

BANKING


Less than 2years

48.68%

30.76%

20.56%

G-Secs

25.91%

49.22%Equities

NCD

9.26%


15.61%

AAA32.21%

62.40%Sovereign

A+1.41%

AA+1.48%

AA2.51%

Jul-06

Dec-

06

May-

07

Oct

-07

Mar-

08

Aug-0

8

Jan-0

9

Jun-0

9

Nov-

09

Apr-

10

Sep-1

0

Feb-1

1

Jul-11

Dec-

11

May-

12

Oct

-12

Mar-

13

Aug-1

3

Jan-1

4

Jun-1

4

Nov-

14














9.05% Petronet LNG Ltd. 2019 6.62%


8.95% HDFC Bank Ltd. 2022 0.79%


11.95% HDFC Ltd. 2018 0.29%


Infosys Ltd. 3.99%




ITC Ltd. 2.40%

Larsen And Toubro Ltd. 2.40%

HDFC Ltd. 2.15%



Other Equity 29.46%

RATING PROFILE

100% of the debt portfolio remains invested in highest rated instruments.The fund is predominantly invested in large cap stocks and maintains a well diversified equity portfolio. Top 4 equity sectors remain same as the previous month.


EQUITY: 58.99%



Maturity Profile

ASSET ALLOCATION


Gr. Advantage BM

SECTORAL ALLOCATION

Objective:

Strategy:

The Objective of the fund is to provide blend of fixed return by investing in debt & money market instruments and capital appreciation by predominantly investing in equities of fundamentally strong and large blue chip companies.

The Strategy of the fund is to build and actively manage a welldiversified equity portfolio of value & growth driven stocks by following a research-focused investment approach. While appreciating the high risk associated with equities, the fund would attempt to maximize the riskreturnpay-off for the long-term advantage of the policyholders. The nonequity portion of the fund will be invested in high rated debt and money market instruments and fixed deposits.


Group Growth Advantage Fund

ULGF01026/11/07BSLIGGRADV109



8

Date of Inception: 18-Feb-08

Fund Manager: 15 years


1.29%

1.41%

1.49%

2.03%

2.06%

2.66%

3.05%

6.15%

7.58%

7.75%

8.13%

9.78%

10.89%

14.64%

21.10%

AGRI RELATED

LOGISTICS

DIVERSIFIED

CEMENT

OTHERS

METAL

TELECOMMUNICATION

CAPITAL GOODS

FINANCIAL SERVICES

FMCG

AUTOMOBILE

PHARMACEUTICALS

OIL AND GAS

SOFTWARE / IT

BANKING


Less than 2years

60.74%

26.22%

13.05%

58.99%Equities

G-Secs26.30%

NCD9.53%


5.18%

Sovereign73.40%

AAA8.12%

AA+18.48%

Au

g-1

0

No

v-1

0

Fe

b-1

1

Ma

y-11

Au

g-1

1

No

v-11

Fe

b-1

2

Ma

y-1

2

Au

g-1

2

No

v-1

2

Fe

b-1

3

Ma

y-1

3

Au

g-1

3

No

v-1

3

Fe

b-1

4

Ma

y-1

4

Au

g-1

4

No

v-1

4


100% of the fund is invested in highest rated instruments.The fund continues to maintain very low maturity profile.

Modified Duration: 0.43 yearsNAV as on ` 24.0428th November 2014:

Objective:

Strategy:

The primary objective of this BSLI Fund Option is to provide reasonable returns, at a high level of safety and liquidity for capital conservation for the Policyholder

The strategy of this BSLI Fund Option is to make judicious investments in high quality debt and money market instruments to protect capital of the Policyholder with very low level of risk.


Group Money Market FundFund Manager: Parin Vora | Total Experience: 15 years

ULGF00824/08/04BSLIGRMMKT109

Benchmark: CRISIL Liquid Fund Index


9

Maturity Profile

Less than 2 years

100.00%

ASSET ALLOCATIONRATING PROFILE



100.00%

Date of Inception: 30-Mar-05

A1+100.00%

MM BM

Aug-1

0

Nov-

10

Feb-1

1

May-

11

Aug-1

1

Nov-

11

Feb-1

2

May-

12

Aug-1

2

Nov-

12

Feb-1

3

May-

13

Aug-1

3

Nov-

13

Feb-1

4

May-

14

Aug-1

4

Nov-

14

Exposure to Corporate Debt has increased to 49.15% from 33.50% while that to MMI has decreased to 50.85% from 66.50% on a MOM basis. Over 90% of the fund is invested in highest rated instruments.


8.49% NHPC Ltd. 2016 7.84%

9.04% REC Ltd. 2019 6.37%9.9% CIAF Co. Ltd. 2016 6.29%

9.7% NABARD 2016 4.79%


11.25% PFC Ltd. 2018 4.41%

8.8% HDB Financial Services Ltd 2016 4.37%

9.75% HDFC Ltd. 2016 3.82%

10.7% IRFC Ltd. 2023 3.59%




Benchmark: CRISIL Short Term Bond Index

Objective:

Strategy:

The objective of the fund is to provide capital preservation at a high level of safety & liquidity through judicious investments in high quality short‐term debt instruments.

To actively manage the fund by building a portfolio of fixed income instruments with short term duration. The fund will invest in government securities, high rated corporate bonds, good quality money market instruments and other fixed income securities. The quality & duration of the assets purchased would aim to minimize the credit risk and liquidity risk of the portfolio. The fund will maintain reasonable level of liquidity.


Group Short Term Debt Fund

ULGF01322/09/08BSLGSHTDBT109

Assets held as on 31.97 cr28th November 2014: ` Modified Duration: 1.25 years


10

Maturity Profile


BMShort Term Debt

Date of Inception: 10-Dec-08

Fund Manager: Parin Vora | Total Experience: 15 years


Less than 2years

3.43% 10.29%

86.29%


50.85%

NCD49.15%

A1+30.28%

AAA60.80%

AA8.92%

Aug-1

1

Nov-

11

Feb-1

2

May-

12

Aug-1

2

Nov-

12

Feb-1

3

May-

13

Aug-1

3

Nov-

13

Feb-1

4

May-

14

Aug-1

4

Nov-

14


98% of the fund remains invested in highest rated instruments.


9.34% REC Ltd. 2024 6.78%

11.25% PFC Ltd. 2018 5.00%

9.7% NABARD 2016 4.89%


9.15% EIB Of India 2022 3.81%

9.25% PGC Of India Ltd. 2019 3.79%

9.02% REC Ltd. 2022 2.65%

9.25% PGC Of India Ltd. 2020 2.38%


9.25% Reliance Jio Infocomm Ltd. 2024 1.87%



Benchmark: Crisil Composite Bond index & Crisil Liquid Fund Index

Objective:

Strategy:

To provide capital preservation and regular income, at a high level of safety over a medium term horizon by investing in high quality debt instruments.

To actively manage the fund by building a portfolio of fixed income instruments with medium term duration. The fund will invest in government securities, high rated corporate bonds, high quality money market instruments and other fixed income securities. The quality of the assets purchased would aim to minimize the credit risk and liquidity risk of the portfolio. The fund will maintain reasonable level of liquidity.


Group Income Advantage Fund

ULGF01425/02/10BSLGINCADV109


Maturity Profile














Gr. Inc Adv BM

11

Date of Inception: 23-Mar-10



Less than 2years

66.40%

19.00%

14.60%

NCD39.15% 11.68%


49.17%G-Secs

A1+

5.76%AA+

1.98%

52.47%

Sovereign

AAA39.79%

Jul-11

No

v-11

Ma

r-1

2

Jul-1

2

No

v-1

2

Ma

r-1

3

Jul-1

3

No

v-1

3

Ma

r-1

4

Jul-1

4

No

v-1

4


Exposure to G-Secs has decreased to 92.97% from 101.08% while that to MMI has increased to 7.03% from -1.08% on a MOM basis.


Objective:

Strategy:

The fund aims to deliver safe and consistent returns over along-term period by investing in Government Securities.

Active fund management at very low level of risk by having entire exposure to government securities & money market instruments, maintaining medium term duration of the portfolio to achieve capital conservation.


Group Gilt Fund

ULGF00630/05/03BSLIGRGILT109











Maturity Profile

ASSET ALLOCATION


RATING PROFILE

12

Sovereign100.00%

Date of Inception: 28-Apr-04



Less than 2years

95.31%

0.13% 4.56%


7.03%

92.97%G-Secs


Exposure to Corporate Debt has increased to 69.65% from 68.07% while that to MMI has decreased to 30.35% from 31.93% on a MOM basis. Over 81% of the fund remainsinvested in highest rated instruments.


Objective:

Strategy:

The fund aims to achieve capital preservation along with stable returns by investing in corporate bonds over medium-term period.

The fund follows a strategy to invest in high credit rated corporate bonds, maintaining a short-term duration of the portfolio at a medium level of risk to achieve capital conservation.


Group Bond Fund

ULGF00530/05/03BSLIGRBOND109


9.74% Tata Sons Ltd. 2024 5.15%

9.5% HDFC Ltd. 2024 4.48%

8.54% NPC Of India Ltd. 2023 4.35%

9.15% ICICI Bank Ltd. 2022 3.09%

9.04% REC Ltd. 2019 2.83%

9.55% Hindalco Industries Ltd. 2022 2.59%

9.4% Export Import Bank Of India 2023 2.25%


9.35% PGC Of India Ltd. 2020 2.21%

9.15% Axis Bank Ltd. 2022 2.21%



Benchmark: Crisil AAA long term index & Crisil AA short term index & CRISIL Liquid Fund Index

Maturity Profile


13


Date of Inception: 28-Jan-07



Less than 2years

35.53% 36.85%

27.62%


30.35%

NCD69.65%

AAA82.67%

A1+2.26%

AA+7.30%7.78%

AA


Exposure to Corporate Debt has decreased to 26.99% from 28.95%, to G-Secs it has increased to 59.33% from 49.85% and to MMI, it has slightly decreased to 13.68% from 21.20% on a MOM basis. Over 89% of the fund remains invested in highest rated instruments.


Objective:

Strategy:

The Fixed Interest Fund, with full exposure in debt market instrument, aims to achieve value creation at low risk over a long-term horizon by investing into high quality fixed interest securities.

The strategy is to actively manage the fund at a medium level of risk by having entire exposure to government securities, corporate bonds maintaining medium to long-term duration of the portfolio to achieve capital conservation.


Group Fixed Interest Fund

ULGF00416/07/02BSLGFIXINT109













9.95% State Bank Of India 2026 1.86%

9.4% Export Import Bank Of India 2023 1.78%

9.64% PGC Of India Ltd. 2021 1.77%


9.55% Hindalco Industries Ltd. 2022 1.53%

9.35% PGC Of India Ltd. 2018 1.47%


9.95% Family Credit Limited 2016 1.19%

10.6% IRFC Ltd. 2018 0.90%

9.27% IRFC Ltd. 2021 0.88%



Maturity Profile

ASSET ALLOCATION

Benchmark: Crisil Composite Bond index & Crisil Liquid Fund Index



14

RATING PROFILE

FIF BM

Date of Inception: 18-Nov-02



Less than 2years

67.72%

21.00%

11.28%


13.68%NCD

26.99%

59.33%G-Secs

AAA23.41%

68.73%Sovereign

AA+3.97%

3.89%AA

Jul-0

6

De

c-0

6

Ma

y-0

7

Oct

-07

Ma

r-0

8

Au

g-0

8

Jan

-09

Jun

-09

No

v-0

9

Ap

r-1

0

Se

p-1

0

Fe

b-1

1

Jul-11

De

c-11

Ma

y-1

2

Oct

-12

Ma

r-1

3

Au

g-1

3

Jan

-14

Jun

-14

No

v-1

4

Documents

Birla Insurance Group 2014 · 2014-12-12 · However, the RBI policy stance was much more dovish which came as a relief to the market. The policy mentioned that if the current inflation