FUNDS IN FOCUS · 26779888, Bangalore 66128050 / 51, Hyderabad66178140/41. Visit-assetmanagement.kotak.com [email protected] Disclaimer Kotak Select Focus Fund Investment Objective:

FUNDS IN FOCUS

OCTOBER 31, 2017

TH

EPAG

EH

AS

BEEN

LEFT

INTEN

TIO

NALLY

BLAN

K

EQUITY FUNDS: 1

HYBRID FUNDS: 8

THEMATIC FUNDS 13

DEBT FUNDS 16

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Kotak Select Focus Fund 2

Kotak Opportunities Fund 4

Kotak Emerging Equity Fund 6

Kotak Balance Fund 9

Kotak Equity Savings Fund 11

Kotak Infrastructure & Economic Reform Fund 14

Kotak Low Duration Fund 17

Kotak Income Opportunities Fund 19

Kotak Medium Term Fund 21

Kotak Bond Short Term Fund 23

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OCTOBER

2017

EQUITY FUNDS

About Kotak Select Focus

�

�

�

�

The investment objective of Kotak Select Focus scheme is to generate long term capital appreciation from a

portfolio of equity and equity related securities, generally focused on select few sectors.

The scheme endeavors to identify sectors that are likely to do well over the medium term and takes focus

exposures to the same.

There is no restriction on which type of sectors the scheme can take exposure to and the portfolio will be

generally diversified at the stock level across market capitalization.

The scheme is well positioned to capture various themes that are in flavour in a focused manner.

Portfolio Action

•

•

•

•

•

•

•

•

The portfolio continues to have a pro-cyclical tilt.

Domestic businesses continue dominate the portfolio as compared to export/ global businesses due to betterearnings trajectory.

The top overweight sectors in the fund are Cement, Oil&Gas and Capital Goods.

Exposure to Oil&Gas and Financials was increased further during the month.

We believe that Government’s focus on reviving consumption and spending on infrastructure will createpositive demand scenario for our portfolio companies in medium term.

Metals, Utilities and Telecom sectors are the major exclusions from the fund.

The key underweight sectors continue to be IT and Pharma, wherein earnings momentum is weak andbusiness headwinds still persist.

Allocation to large cap segment accounts for about 3/4th of the total corpus.

Kotak Select Focus

Scheme Facts

Structure

Month end AUM* (as on 31st Oct )

NAV (as on 31st Oct 2017)

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Beta^

Sharpe^

2017

An Open Ended Equity Scheme

crs

14,612.21 crs

Dividend 23.4570

Direct Dividend 24.7430

Growth 32.8910

Direct Growth 34.4470

11 September 2009

Nifty 200

5000 & in multiple of 1 for purchase andfor 0.01 for switches

1000 & in multiples of 1

14.00%

0.99

0.73

21.29%

*Source: MFI Explorer.

^ as on 31st Oct, 2017. Source: ValueResearch.

`

`

`

` `

`

th

`

15,194.68

`

`

`

`

Monthly Average AUM*

Portfolio Turn over

Market Cap. %

Load Structure

Large cap 76.27

Midcap 12.53

Small cap 4.08

Cash 7.12

As on 31st Oct, 2017.Source: KPAX (internalsystem). Market definition used is marketcapitalisation of the 100th largest scrip (on thebases of market capitalisation) is the cutoff todetermine the large cap and midcap segment.

NilEntry Load:

Exit Load:

I) For redemptions / switch outs (includingSIP/STP) within 1 year from the date ofallotment of units, irrespective of the amountof investment:1%

ii) For redemptions / switch outs (includingSIP/STP) after 1 year from the date of allotmentof units, irrespective of the amount ofinvestment: NIL

iii) Any exit load charged (net off Service Tax, ifany) shall be credited back to the respectiveScheme. (applicable for all plans)

iv) Units issued on reinvestment of dividendsshall not be subject to exit load (applicable forall plans) 2

Top Sectors as on 31st Oct, 2017

Sector % Weight Underweight / Previous Changeoverweight

against (Portfolio % from previousbenchmark Weight) month

Month in portfolioPortfolio Benchmark

(Nifty 200)

Financial Services

Energy

Automobile

Cement & Cement Products

Cash & Cash Equivalent

Consumer Goods

Industrial Manufacturing

Construction

33.83 32.07 1.76 34.23 -0.40

16.37 13.51 2.87 15.82 0.55

11.55 9.68 1.87 11.66 -0.11

7.42 2.47 4.95 7.42 0.00

7.12 0.00 7.12 6.95 0.17

7.09 11.79 -4.71 7.30 -0.21

3.54 1.62 1.92 3.38 0.15

3.39 3.76 -0.37 3.23 0.16

31 October, 2017st

• GST – landmark reform is now implemented, and over the last month, the government has introduced further changesto help the smaller firms navigate GST better. While there might be some near-term issues in implementing, the longerterm benefits are transformative. Most listed players will benefit, as they form the organised part of the economy.Corporate earnings in few sectors like FMCG, home building, durables, fashion etc are showing these transitionalimpact of GST implementation, even as most company management view this as a strong opportunity for theircompanies. Corporate earnings are likely to pick up in the second half of FY18.

• PSU recap and continued government spending on infrastructure augur well for the medium term growth prospects.

• India to benefit from such reforms which encourages formalisation of the economy in the medium-to-long-term,significant flow from physical to financial savings to further provide stability to markets.

• Volatility across global equities is on lower side. Global events – Fed hiking, Chinese currency depreciation,geopolitical events like the flare-up between US and North Korea to add to near-term volatility.

• Time in the market more important than timing the market – after a long period of lower volatility, markets volatilitymay move up.

Equity Market Brief

Kotak Select Focus31 October, 2017st

About Kotak Mutual Fund

Kotak Mahindra Asset Management

Company Limited (KMAMC) is a wholly

owned subsidiary of Kotak Mahindra Bank

Limited (KMBL). KMBL has over two decades

of experience in financial services. KMBL has a

market capitalization of 1951.574bn (as on

31st Oct, 2017). KMAMC is the Asset

Manager for Kotak Mahindra Mutual Fund

(KMMF). It started operations in December

1998. KMMF offers schemes catering to

investors with varying risk - return profiles and

was the first fund house in the country to

launch a dedicated gilt scheme. KMAMC

manages assets worth 117230.68cr as on

31st Oct 2017.

`

`

* The numbers are converted using the Rupee-

USD reference rate published by the Reserve

Bank of India as on the respective dates.

To know more

Ccall : 1800-222-626 (Toll Free), Mumbai61152100, Delhi 66306900 / 02, Chennai28221333 / 45038171, Kolkata 64509802 /03, Pune 64013395 / 96, Ahmedabad26779888, Bangalore 66128050 / 51,Hyderabad 66178140 / 41.

Visit - assetmanagement.kotak.com

Email - [email protected]

Disclaimer

Kotak Select Focus FundInvestment Objective:

is an open-endedequity scheme. Theinvestment objective of the scheme is togenerate long-term capital appreciation froma portfolio of equity and equity relatedsecurities, generally focused on a few selectedsectors.

Mutual Fund investments are subject tomarket risks, read all scheme relateddocuments carefully. Scheme InformationDocument (SID) and Statement ofAdditional Information (SAI) available onmutualfund.kotak.com

3

Kotak Select Focus* Performance (%) as on 31st October, 2017

Different plans have different expense structure. The performance details provided herein are of regular plan.

^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of thescheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data notavailable. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFIExplorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Please refer page no. 25 for schemes managed by Mr.Harsha Upadhyaya.

`

Date SchemeReturns (%) ## of 10000 in the

Scheme ( ) Benchmark#( ) Benchmark ## ( )

Nifty 200 Nifty 50 Current Value of Standard Investment#

(%) ^ Additional

(%) `

` `

Since Inception 15.75 10.50 9.79 32,891 22,547 21,400

Last 1 Year 22.36 21.02 19.47

Last 3 Years 16.34 10.00 7.48

Last 5 Years 21.81 14.71 12.95

Scheme Inception date is 11/09/2009. Mr. Harsha Upadhyaya has been managing the fund since 04/08/2012.

Kotak Select Focus Fund

`

This product is suitable for investors who are seeking*:

• Long term capital growth

• Investment in portfolio of predominantly equity &equity related securities generally focussed on a fewselected sectors.

* Investors should consult their financial advisors if in doubtabout whether the product is suitable for them.

Investors understand that their principal willbe at moderately high risk

Riskometer

M

oderately Moderate

Low

Hig

h

Low

High

LOW HIGH

Moderately

Sep-27-17 23.592 1.50

Sep-30-16 21.349 1.25

Sep-26-14 17.791 1.00

Oct-15-10 12.850 1.25

Oct-12-15 19.739 1.00

Dividend History

Date CUM DividendNAV

Dividend( per unit)`

Top 10 Companies as on 31st Oct, 2017

HDFC Bank Ltd. Banks 6.64%

Reliance Industries Ltd. Petroleum Products 5.57%

Hero MotoCorp Ltd. Auto 4.18%

HDFC Ltd. Finance 4.16%

State Bank Of India Banks 4.03%

ITC Ltd. Consumer Non Durables 3.41%

Maruti Suzuki India Limited Auto 3.24%

IndusInd Bank Ltd. Banks 3.11%

Larsen And Toubro Ltd. Construction Project 2.98%

ICICI Bank Ltd. Banks 2.96%

About Kotak Opportunities

�

�

�

Kotak Opportunities looks for opportunities across sectors based on performance and potential of companies

within the sectors.

The fund manager has the flexibility to invest in a mix of large and mid cap stocks from various sectors.

The allocation between large caps & midcaps would broadly depend on the choice of sectors, business

environment & valuations.

Portfolio Action

•

•

•

•

•

•

The portfolio continues to have a tilt towards pro-cyclicals that have operating leverage.

The top overweight sectors are – Cement, Oil&Gas and Fertilisers.

The top underweight sectors in the fund are – IT, FMCG and Metals.

Telecom sector continues to see headwinds, wherein the portfolio has no exposure.

Exposure to PSU Banking segment was increased post announcement on recapitalization.

The large cap allocation in the fund is about 68%.

Kotak Opportunities31 October, 2017st

Scheme Facts

Structure

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Beta^

Sharpe^



2017

An Open Ended Equity Growth Scheme

2,069.65 crs

1,983.77 crs

Dividend 28.4580

Dividend Direct 30.1030

Growth 116.2320

Growth Direct 122.0390

9 September 2004

Nifty 500

5000


14.07%

0.99

0.69

34.70%



`

`

`

`

`

`

`

th

`

`


Portfolio Turn over

Market Cap. %

Load Structure

Large cap 69.26

Midcap 18.65

Small cap 9.60

Cash 2.49

As on 31st Oct, 2017. Source: KPAX (internalsystem). Market definition used is marketcapitalisation of the 100th largest scrip (on the basesof market capitalisation) is the cutoff to determinethe large cap and midcap segment.

NilEntry Load:

Exit Load:

I) For redemptions / switch outs (including SIP/STP)within 1 year from the date of allotment of units,irrespective of the amount of investment:1%

ii) For redemptions / switch outs (including SIP/STP)after 1 year from the date of allotment of units,irrespective of the amount of investment: NIL

iii) Any exit load charged (net off Service Tax, if any)shall be credited back to the respective Scheme.(applicable for all plans)

iv) Units issued on reinvestment of dividends shall notbe subject to exit load (applicable for all plans)

4

Top 10 Sectors as on 31st Oct, 2017




(Nifty 500)

Financial Services

Energy

Consumer Goods

Automobile

Cement & Cement Products


Construction

Fertilisers & Pesticides


Services

30.70 30.80 -0.10 29.47 1.23

17.57 12.50 5.07 16.34 1.23

8.41 12.09 -3.68 7.97 0.44

7.71 9.06 -1.36 8.89 -1.19

6.73 2.50 4.22 6.43 0.29

4.71 2.95 1.76 4.32 0.39

3.97 4.29 -0.33 3.88 0.09

3.38 1.03 2.35 3.35 0.03

3.38 0.00 3.38 5.35 -1.97

2.70 2.54 0.16 2.82 -0.12

Equity Market Brief






Kotak Opportunities
















31st Oct 2017.




`

`

To know more

Call : 1800-222-626 (Toll Free), Mumbai61152100, Delhi 66306900 / 02, Chennai28221333 / 45038171, Kolkata 64509802 /03, Pune 64013395 / 96, Ahmedabad26779888, Bangalore 66128050 / 51,Hyderabad 66178140 / 41.



Disclaimer

Kotak OpportunitiesInvestment

Objective:

is an open-endedequity growth scheme.

To generate capital appreciationfrom a diversified portfolio of equity & equityrelated instruments


5

Aug-29-17 27.9190 0.85

May-29-17 27.748 0.85

Feb-28-17 26.279 0.50

Nov-22-16 24.246 0.80

Aug-25-14 21.411 1.00

Nov-11-11 13.682 0.50

May-28-10 14.625 1.00

Sept-8-09 14.733 1.50

Mar-14-08 16.975 2.00

Jan-25-08 27.090 6.00

Sept-28-07 24.293 3.00

Sept-27-06 17.745 1.50

Mar-21-06 21.783 4.50

Feb-25-05 12.852 0.75

Aug-28-15 24.388 1.60

Dividend History



Kotak Opportunities* Performance (%) as on 31st October, 2017


^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of thescheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data notavailable. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFIExplorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Please refer page no. 25 for other schemes managed byMr. Harsha Upadhyaya.

`

Date SchemeReturns (%) ## of 10000 in the

Scheme ( ) Benchmark# ( ) Benchmark ## ( )

Nifty 500 Nifty 50 Current Value of Standard Investment#

(%) ^ Additional

(%) `

` `

Since Inception 20.51 15.36 14.98 116,232 65,460 62,676

Last 1 Year 21.79 21.95 19.47

Last 3 Years 15.75 11.03 7.48

Last 5 Years 19.90 15.51 12.95

Scheme Inception date is 09/09/2004. Mr. Harsha Upadhyaya has been managing the fund since 04/08/2012.

Kotak Opportunities - Growth

`



• Investment in portfolio of predominantly equity &equity related securities



Riskometer

M

oderately Moderate

Low

Hig

h

Low

High

LOW HIGH

Moderately

31 October, 2017st



Reliance Industries Ltd. Petroleum Products 5.23%

HDFC Ltd. Finance 4.12%


ITC Ltd. Consumer Non Durables 3.47%

Hero MotoCorp Ltd. Auto 3.35%



GAIL (India) Ltd. Gas 2.39%


Kotak Emerging Equity
















31st Oct 2017.

`

`




To know more




Disclaimer

Kotak Emerging EquityInvestment

Objective:

Scheme is an open-ended equity growth scheme.

The investment objective of thescheme is to generate long-term capitalappreciation from a portfolio of equity andequity related securities, by investingpredominantly in mid and small capcompanies.


7

Kotak Emerging Equity*Performance (%) as on 201731st October,


^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of thescheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data notavailable. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFIExplorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Please refer page no. 25 for other schemes managed byMr. Pankaj Tibrewal.

`

31 October, 2017st

Since Inception 13.81 12.92 9.84 39,383 36,249 27,045

Last 1 Year 20.79 27.46 19.47

Last 3 Years 21.06 19.30 7.48

Last 5 Years 25.64 21.00 12.95

Date SchemeReturns Mid Small ## of 10000 in the


S&P BSE Nifty 50 Current Value of Standard Investment

(%) ^ Additional

(%)

Index # (%)

`

`

` `

Cap

Scheme Inception date is 30/03/2007. Mr. Pankaj Tibrewal has been managing the fund since 27/05/2010.

Kotak Emerging Equity Fund



• Investment in equity & equity related securitiespredominantly in mid & small cap companies



Riskometer

M

oderately Moderate

Low

Hig

h

Low

High

LOW HIGH

Moderately

May-26-17 26.010 1.59

Apr-28-15 21.499 2.10

May-02-14 13.073 0.50

May-02-13 11.491 0.50

Apr-29-11 10.573 0.75

May-27-16 21.196 1.30

Dividend History





Schaeffler India Ltd Industrial Products 3.27%

RBL Bank Ltd Banks 2.84%

Atul Ltd. Chemicals 2.81%

Federal Bank Ltd. Banks 2.63%

The Ramco Cements Ltd Cement 2.57%

Bata India Ltd. Consumer Durables 2.56%

Emami Ltd. Consumer Non Durables 2.54%

Solar Industries India Limited Chemicals 2.42%

Motherson Sumi Systems Ltd. Auto Ancillaries 2.37%

About Kotak Emerging Equity

�

�

�

The investment objective of Kotak Emerging Equity is to generate long-term capital appreciation from a

portfolio of equity and equity related securities, by investing predominantly in mid and small cap companies.

These companies are either at their nascent or developing stage and are under researched.

Although relatively volatile in the short run, small and mid cap companies have the potential to deliver higher

growth in the long term.

Portfolio Action

•

•

•

•

•

•

The portfolio continues to be pro-cyclical and tilted towards economic recovery. As a result we continue to beOverweight on sectors such as Financials, cement, capital goods & engineering, auto ancillary, media, andconsumer discretionary.

In the short term we believe the GST implementation could be a disruptor for B2C businesses. However from amedium term perspective post GST implementation, we anticipate that the organized players would becomestronger as unorganized sector would find it tough to do business in the changed environment and cedemarket share to more organized players and portfolio is well positioned in those sectors where there is a largeportion of unorganized players. The recent rate reduction of lots of items from 28% to 18% pose well for theunorganised to organised theme.

Till date 2QFY18 earnings is turning out to be better than 1QFY18 and most of the results have been in linewith expectations. The sectors which have done better than expectations are 1. FMCG (margin surprise),consumer goods, Autos, Private sector retail oriented banks and sectors such as IT and Pharma have postedsubdued results.

In the IT and pharma sector we continue to have stock specific approach and continue to have UW stance onboth the sectors.

During the month we have increased allocations to financials and consumer goods and marginal reduction inpharma.

Post sharp run in the stocks in last 6 months, the overall view turns a little cautious on this space as valuationsare above long term averages.

Kotak Emerging Equity

Scheme Facts

Structure

Month end AUM* (as on 31st Oct 2017)

NAV (as on 2017)31st Oct

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Beta^

Sharpe^

An Open - Ended Equity Growth Scheme

Dividend 26.9180


Growth 39.3830


30th March 2007

S&P BSE

5000


14.85%

0.90

0.97

30.00%


^ as on , 2017. Source: ValueResearch.

`

`

` `

2,658.57 crs

`2,526.81 crs

Mid Small Cap


Portfolio Turnover

`

`

`

`

31st Oct

Market Cap. %

Load Structure

Large cap 13.84

Midcap 82.43

Small cap 0.00

Cash 3.73

As on 31st Oct, 2017.Source: Value Research definition.

NilEntry Load:

Exit Load:

I) For redemptions / switch outs (includingSIP/STP) within 1 year from the date ofallotment of units, irrespective of the amountof investment:1%

ii) For redemptions / switch outs (includingSIP/STP) after 1 year from the date of allotmentof units, irrespective of the amount ofinvestment: NIL

Any exit load charged (net off Service Tax, ifany) shall be credited back to the respectiveScheme. Units issued on reinvestment ofdividends shall not be subject to entry and exitload.

6

31 October, 2017st





Financial Services


Consumer Goods

Services

Chemicals

Pharma

Construction

Automobile

Media & Entertainment


21.02 19.30 1.72 19.38 1.64

19.97 10.68 9.28 20.65 -0.68

14.51 13.02 1.49 12.61 1.90

6.72 7.26 -0.53 7.49 -0.77

5.23 3.40 1.83 5.26 -0.03

4.71 7.50 -2.80 5.41 -0.70

4.22 6.55 -2.33 4.19 0.03

4.13 6.57 -2.44 3.96 0.18

3.94 2.06 1.88 4.41 -0.47

3.73 0.00 3.73 4.15 -0.43

S&P BSE MidSmall Cap Index

Equity Market Brief






HYBRID FUNDS

EQUITY DEBT

About Kotak Balance

� The investment objective of Kotak Balance is to achieve growth by investing in equity and equity related

instruments, balanced with income generation by investing in debt and money market instruments.

The scheme thus provides capital appreciation potential of equities as well as stable returns of debt.�

Portfolio Action

For Equity

• The portfolio continues to be pro-cyclical and tilted towards economic recovery. As a result we continue to beoverweight on sectors such as cement, capital goods & engineering, auto ancillary, media and consumer discretionary.

In the IT and pharma sector we continue to have stock specific approach. The fund continues the underweight stanceon consumer staples, IT and Pharma.

During the months we marginally increased weightage to financials (insurance companies & PSU banks), FMCG,capital goods & Oil & gas sector.

In the short term we believe the GST implementation could be a disruptor for B2C businesses. However from amedium term perspective post GST implementation, we anticipate that the organized players would become strongeras unorganized sector would find it tough to do business in the changed environment and cede market share to moreorganized players and portfolio is well positioned in those sectors where there is a large portion of unorganizedplayers.

From an earnings perspective so far 2QFY18 results have been largely in line with expectations and better 1QFY18results. Sector such as private sector banks, FMCG, consumer discretionary autos have given better than expectationwhile results of IT. OMCs & Pharma have been below expectation. Next two quarters are likely to retain earningsmomentum due to lower base because of demonetisation.

The current largecap: midcap ratio remains at 67-33% in the fund.

•

•

•

•

•

• In the current scenario, where RBI is holding rates and market sentiments are fuelling sell-off in benchmark yields, ourstrategy will be to take the portfolio duration to around 5.00. Post that, we will seek to move back it to the currentlevels in short to medium term future. We believe the market has priced in the supply pressure.

• We believe that there is good investment opportunity in SDLs. The supply pressure in these assets may provide anattractive entry point, in terms of pricing, in the coming months.

• We expect the yields to peak in the coming months. The 10 year bond yield has been amongst the worst performing,with the yield touching the level of 6.94. This may be due to market discounting the upcoming illiquidity in the currentsecurity, which will be a function of new bond announcement which is still far.

• We have been running some exposure to bank perpetual bonds. Going forward, we will be increasing the exposure toperpetual bonds. We believe the bank perpetual bonds may get upgraded. Therefore the spreads are likely tocompress.

For Debt

Kotak Balance31 October, 2017st

Scheme Facts

Structure

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Beta^

Sharpe^



2017

An Open- Ended Balanced Scheme

2,171.72 crs

2,130.37 crs

25 November 1999

Crisil Balanced Fund - Aggressive Index

5000


10.74%

1.13

0.44

26.52%

*Source: Value Research.


`

`

`

Dividend 16.9040


Growth 23.9090


th

`

`


Portfolio Turn over

`

`

`

`

Load Structure

Entry Load:

Exit Load:

Nil

I) For redemptions / switch outs (including SIP/STP)within 1 year from the date of allotment of units,irrespective of the amount of investment:1%

ii) For redemptions / switch outs (including SIP/STP)after 1 year from the date of allotment of units,irrespective of the amount of investment: NIL

iii) Any exit load charged (net off Service Tax, if any)shall be credited back to the respective Scheme.(applicable for all plans)

iv) Units issued on reinvestment of dividends shall notbe subject to exit load (applicable for all plans)


Equity Market Brief






16.77

10.17

8.76

7.14

4.86

4.31

4.24

3.53

3.10

2.87

34.25

Banks

Debentures and Bonds

Government Dated Securities

Auto

Finance

Consumer Non Durables

Industrial Products

Cement

Media and Entertainment

Pharmaceuticals

Others

9

Kotak Balance31 October, 2017st



















31st Oct 2017.

`

`

To know more




Disclaimer

Kotak BalanceInvestment Objective:


is an open-ended balancedscheme. To achievegrowth by investing in equity & equity relatedinstruments, balanced with incomegeneration by investing in debt & moneymarket instruments.

10

Kotak Balance* Performance (%) as on , 201731st October


^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of thescheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data notavailable. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFIExplorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.Please refer page no. 25 - 26 for top 3 and bottom 3schemes managed by & Mr. Abhishek Bisen.

`

Pankaj Tibrewal



• Investment in equity & equity related securitiesbalanced with income generation by investing indebt & money market instruments



Riskometer

M

oderately Moderate

Low

Hig

h

Low

High

LOW HIGH

Moderately

Oct-25-17 16.8647 0.11Sep-25-17 16.4830 0.11Aug-28-17 16.6866 0.11Jul-25-17 17.1274 0.12Jun-27-17 16.7970 0.11May-25-17 16.8061 0.11Apr-25-17 16.9880 0.11Mar-27-17 16.4515 0.11Feb-27-17 16.3220 0.11Jan-25-17 16.0710 0.11Dec-26-16 14.9970 0.10Dec-01-16 15.6912 0.11Oct-25-16 16.4100 0.08Sep-26-16 16.2900 0.08Aug-25-16 16.0150 0.08July-25-16 15.8590 0.08

Jan-27-16 13.9837 0.07Dec-15-15 14.9360 0.07

Mar-25-15 18.6410 3.00

June-27-16 15.0860 0.08May-25-16 14.7180 0.07Apr-25-16 14.7740 0.07Mar-29-16 14.2410 0.07Feb-25-16 13.0750 0.07

Sep-28-15 14.9840 0.50

Dividend History




Date SchemeReturns

#( ) Benchmark##( )

Crisil Nifty50 CurrentValueof Standard Investment

` `

Since Inception 15.05 NA 11.75 123,776 NA 73,370

Last 1 Year 12.58 15.18 19.47

Last 3 Years 10.66 8.56 7.48

Last 5 Years 13.62 11.89 12.95

Scheme Inception date is 25/11/1999. Mr. Abhishek Bisen has been managing the fund since 15/04/2008. Mr. Pankaj Tibrewalhas been managing the fund since 25/08/2015.

Kotak Balance

Balanced ## of 10000 in the

AggressiveIndex Scheme( ) Benchmark#(%)

`Fund (%)

(%)^ Additional`

6.68% Central Government SOV 4.92%


U P Power Corporation Ltd (Guaranteed

By UP State Government ) FITCH IND AA(SO) 3.11%

6.57% Central Government SOV 3.05%






Maruti Suzuki India Limited Auto 1.77%

About Kotak Equity Savings Fund

�

�

�

�

�

It is an open-ended equity scheme which aims to generate income from cash- futures arbitrage positions and

at the same time allows you to participate in the equity market growth moderately.

-Aims to provide income from arbitrage opportunities in cash & derivatives segment of the equity

market

- Potential for growth in the long term through moderate exposure in directional equity

(15%25% of net assets)

- - The unhedged equity portion has to be maintained in a small range (15%-

25%), hence the fund manager has to sell in a rising equity market and buy more in a falling equity market to

adopt a constant mix approach.

- The Fund is treated similar to equity funds for tax purposes .*

* Please consult your tax adviser with respect to the specific tax implications.

Benefits of Kotak Equity Savings Fund

Income

Growth Potential

Constant Mix Approach

Tax efficiency

:

Portfolio Action

Directional Equity:

Arbitrage:

Debt:

The directional equity was around 23.00%.

On the directional equity side, we have been running a conservative portfolio with a max exposure in mid cap stocks

being 20-25% at any point in time. Remaining 75-80% of the directional equity continues to be in large cap stocks.

Apart from this, we have been overweight on commodity oriented sectors like cement, metals and Oil & Gas. The

major underweight sectors are Cap Goods, Technology and Auto.

Over the past 1.5 years, the exposure to metals has been increased gradually whereas the underweight in

Technology and Pharma continues. Amongst the defensives, utilities carries the maximum overweight.

The arbitrage portion continues to be managed in the same way we manage our arbitrage fund. In months, when

the arbitrage opportunities provide better returns than the debt papers, we deploy more money into arbitrage

trades.

The benefit is that in months when the arbitrage returns are sub optimal, we can deploy a lower amount in arbitrage

and still maintain the ‘equity’ taxation status. Stocks like HDFC Bank, IDFC, Maruti, Reliance Industries, etc have

yielded returns which are higher than the average of the entire arbitrage universe.

We have done some merger arbitrage trades viz. CMC-TCS and Shasun-Strides in the past. The blended annualized

returns were upwards of 14% in these trades. Recently, we have done merger arbitrage trades in Geometric-HCL

Tech and Cairn-Vedanta which have an expected return potential of more than 16% annualized. During the

divestment issue of CPSE ETF, we subscribed to the ETFs (at 5% discount) and shorted the futures of individual

constituents to bag more than 5% gain within a month. After one month, we exited this trade. So, a riskless profit

of absolute 5% was made within a month in this trade.

We have been managing the debt portion in a very conservative manner till now.

The term deposits which are to be placed with the exchange for taking exposure in derivatives generally have a

tenure of 1 year.

On the debt side, we prefer to play accrual as compared to duration. A bulk of exposure on the debt side is into

papers with a residual maturity (or time to put option) of 2-3 years. A significant portion is also invested into our

own Liquid Fund. The benefit of investing in Liquid is that in case the arbitrage spreads expand, we can easily move

the money from liquid into arbitrage trades without worrying about the levels where the debt yields are quoting at

that point in time.

•

•

•

•

•

•

•

•

•

•

Kotak Equity Savings

Scheme Facts

Structure



2017

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Beta^

Sharpe^


crs

13 October 2014

75% of Nifty 50 Arbitrage Index &25% in Nifty 50 (w.e.f. Nov 01, 2016)

5000


3.31%

0.94

0.74

138.56%


^as on 31st Oct, 2017. Source: ValueResearch.

`1,192.59

`

` `

` `

1,113.86 crs


Growth 13.0788

Quarterly Dividend 11.2644

Direct Quarterly Dividend 11.3580

Monthly Dividend 11.2875

Direct Monthly Dividend 11.5308

& in multiples of 1

th


Portfolio Turnover

`

`

`

`

`

`

Load Structure

Entry Load:

Exit Load:

Nil

i) For redemption / switch out ofupto 10% of the initial investment amount(limit) purchased or switched in within 1 yearfrom the date of allotment: Nil.

ii) If units redeemed or switched out are inexcess of the limit within 1 year from the dateof allotment: 1%.

iii) If units are redeemed or switched out on orafter 1 year from the date of allotment: Nil.

Any exit load charged (net off Service Tax, ifany) shall be credited back to the respectiveScheme. Units issued on reinvestment ofdividends shall not be subject to entry and exitload.

31 October, 2017st

Equity Market Brief





Time in the market more important than timing the market – after a long period of lower volatility, markets volatilitymay move up.

•

11

Kotak Equity Savings31 October, 2017st
















31st Oct 2017.

`

`




To know more




Disclaimer

Kotak Equity Savings Fund


, an Open endedequity scheme. Investment objective: of thescheme is to generate capital appreciation andincome by predominantly investing inarbitrage opportunities in the cash andderivatives segment of the equity market, andenhance returns with a moderate exposure inequity & equity related instruments.There is noassurance or guarantee that the investmentobjective of the scheme will be achieved.

12

Oct-12-17 11.3021 0.0497Sep-12-17 11.3260 0.0600Aug-14-17 11.4110 0.0583Jul-12-17 11.1373 0.0500Jun-12-17 11.0760 0.0500May-12-17 10.9370 0.0500Apr-12-17 10.9100 0.0500Mar-14-17 10.7883 0.0500Feb-13-17 10.8090 0.0500Jan-12-17 10.6718 0.0500Dec-12-16 10.5773 0.0500Nov-15-16 10.5563 0.0500Oct-13-16 10.7780 0.0500Sep-12-16 10.7540 0.0500Aug-12-16 10.7340 0.0500Jul-12-16 10.6329 0.0420

Sep-20-17 11.3680 0.1750Jun-20-17 11.1180 0.1500Mar-20-17 10.8961 0.1500Dec-20-16 10.5796 0.1500Sep-20-16 10.8162 0.1500Jun-20-16 10.5437 0.1250

Jun-13-16 10.4812 0.0420Quaterly Dividend Option

Dividend History




• Income from arbitrage opportunities in the equitymarket & long term capital growth

• Investment predominantly in arbitrage opportunitiesin the cash & derivatives segment of the equitymarket and equity & equity related securities

* Investors should consult their financial advisors if in doubtabout whether the product is suitable for them.Investors understand that their principal will

be at moderately high risk

Riskometer

M

oderately Moderate

Low

Hig

h

Low

High

LOW HIGH

Moderately

Kotak Equity Savings Fund * Performance (%) as on 31st October, 2017

The scheme has been in existence for less than 5 years


^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of thescheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data notavailable. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFIExplorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.Please refer page no. 25 - 26 for top 3 and bottom 3schemes managed by Mr. Deepak Gupta & Mr. Abhishek Bisen.

`

Date SchemeReturns of 10000 in the


75%50

##

Nifty Current Value of Standard Investment

(%) ^ (%) Additional# (%)

`

`

` `

Scheme Inception date is 13/10/2014. Mr. Deepak Gupta has been managing the fund since 13/10/2014. Mr. Abhishek Bisenhas been managing the fund since 13/10/2014.

Kotak Equity Savings Fund

Nifty 50Arbitrage Index

25% Nifty 50

Since Inception 9.19 7.28 9.27 13,079 12,393 13,109

Last 1 Year 11.20 8.07 19.47

Last 3 Years 8.72 6.81 7.48

Portfolio Detail % of Net assets

Unhedged Position 23.23

Cash Futures Arbitrage 47.02

Debt Instruments* 26.91

Cash and Cash equivalent and Net Current Asset 2.84

Total 100.00

*Debt Instruments includes redeemable preference shares

THEMATIC FUND

Kotak Infrastructure & Economic Reform(formerly known as “PineBridge Infrastructure & EconomicReform Fund)

31 October, 2017st

Scheme Facts

Structure

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Beta^

Sharpe^



2017


crs

crs



Standard Dividend 21.1160

Standard Growth 22.4730

27 February 2008

S&P BSE 100


15.03%

0.93

0.72

24.02%



`

`

`

`

380.01

360.69

th

5000 & in multiples of 1`

`


Portfolio Turn over

`

`

`

`

Load Structure

Entry Load:

Exit Load:

Nil

I) For redemptions / switch outs (including SIP/STP)within 1 year from the date of allotment of units,irrespective of the amount of investment – 1%;

ii) For redemptions / switch outs (including SIP/STP)after 1 year from the date of allotment of units,irrespective of the amount of investment – NIL;

iii) Any exit load charged (net off Service Tax, if any)shall be credited back to the Scheme;

iv) Units issued on reinvestment of dividends shall notbe subject to entry and exit load. (applicable for allplans)

14

About Kotak Infrastructure & Economic Reform Fund

�

�

The investment objective of the Scheme is to generate long-term capital appreciation from a diversified

portfolio of predominantly (at least 65%) equity and equity-related securities of companies involved in

economic development of India as a result of potential investments in infrastructure and unfolding economic

reforms.

There is no assurance that the investment objective of the Scheme will be achieved.

Portfolio Action

•

•

•

•

•

•

•

We believe investment cycle revival in India will be led by spending by government and this has beenarticulated well in the government budget, while private developers following public investments with a lag.

Given that the two biggest costs in an infrastructure project – commodities and interest rates have come

down, incremental project ordering will improve.

While investment cycle is gradually improving with revival in government capex, housing and private sector

capex are yet to see meaningful traction.

We continue to remain significantly invested in the “flow” of infrastructure theme (i.e companies that benefit

from spending by various entities towards infrastructure creation) rather than “stock” or asset owners in the

portfolio.

We continue to invest along a range of these sectors to play overall improvement in investment cycle.

We believe well managed companies in capital goods, cement, logistics, utilities and EPC companies will be

large beneficiaries with developers still reeling under regulatory uncertainties and/or large debt servicing.

During the month, we added to our exposure to select capital goods focused on government spending and

realty sector.

Sector Allocation as on 31st Oct, 2017

Industrial Products 19.76

Gas 15.16

Cement 12.37

Industrial Capital Goods 10.39

Construction 8.13

Transportation 6.65

Chemicals 5.37

Construction Project 5.13

Power 4.08

Telecom - Services 3.27

Others 9.69

Equity Market Brief






Sector %
















31st Oct 2017.

`

`

* The numbers are converted using the

Rupee- USD reference rate published by the

Reserve Bank of India as on the respective

dates.

To know more




Disclaimer

Kotak Infrastructure & Economic ReformFund

investment objective:


investment objective of the Scheme is togenerate long-term capital appreciation froma diversified portfolio of predominantly (atleast 65%) equity and equity-related securitiesof companies involved in economicdevelopment of India as a result of potentialinvestments in infrastructure and unfoldingeconomic reforms. There is no assurance thatthe of the Schemewill be achieved.

15

Kotak Infrastructure & Economic Reform(formerly known as “PineBridge Infrastructure & EconomicReform Fund)

Kotak Infrastructure & Economic Reform Fund* (Div)Performance (%) as on 31st October, 2017

Date SchemeReturns ## of 10000 in the

Scheme ( )Benchmark# ( ) Benchmark ## ( )

S&P BSE Nifty 50 Current Value of Standard Investment

(%) ^ # (%) Additional

(%) `

` `

Since Inception 8.72 7.32 7.35 22,473 19,818 19,873

Last 1 Year 26.76 20.55 19.47

Last 3 Years 16.98 8.72 7.48

Last 5 Years 20.31 13.89 12.95

Scheme Inception date is 25/02/2008. Mr. Harish Krishnan has been managing the fund since 01/02/2015.

Kotak Infrastructure & Economic Reform Fund

100

`



• Long term capital appreciation by investing in equityand equity related instruments of companiescontributing to infrastructure and economicdevelopment of India

* Investors should consult their financial advisors if in doubtabout whether the product is suitable for them.Investors understand that their principal will

be at high risk

Riskometer

M

oderately Moderate

Low

Hig

h

Low

High

LOW HIGH

Moderately

Feb-23-2017 17.5640 0.50

June-23-2015 15.2601 0.50

Dividend History



31 October, 2017st

Top 10 Holdings as on 31st Oct, 2017


^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at thethen prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point(PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ##Name of Additional Benchmark. Please refer page no. 25 for other schemes managed by Mr. Harish Krishnan.

Shree Cement Ltd. Cement 5.62%

Indraprastha Gas Ltd. Gas 5.42%


GAIL (India) Ltd. Gas 4.08%

Bharat Earth Movers Ltd. Industrial Capital Goods 4.06%

Container Corporation of India Ltd. Transportation 4.00%

Solar Industries India Limited Chemicals 3.78%


SKF India Ltd Industrial Products 3.46%

Kirloskar Oil Engines Ltd. Industrial Products 3.28%

DEBT FUND

7

Kotak Low Duration(formerly known as “PineBridge India Short Term Fund”)

31 October, 2017st

Scheme Facts

Structure

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

YTM

Portfolio Modified Duration


NAV (as on 31st Oct )

2017

2017

Average Maturity

An Open Ended Debt Scheme


Regular Dividend NA

Monthly Dividend Direct 1037.7145

Weekly Dividend Direct 1198.8266

Standard Growth 2068.4782

Standard Monthly Dividend 1022.2963

Standard Weekly Dividend 1014.3971

6th March, 2008

Crisil Liquid Fund Index

7.92%

0.97 years



`

` `

` `

5,588.05 crs

`5,552.11 crs

`

`

`

`

`

`



0.74%

1.14 years


Load Structure

Entry Load:

Exit Load:

Nil

Nil

Any exit load charged (net off Service Tax, ifany) shall be credited back to the Scheme;

Note - Units issued on reinvestment ofdividends shall not be subject to entry and exitload.

About Kotak Low Duration Plan

�

�

The primary objective of the Scheme is to generate income through investment primarily in low duration debt &

money market securities.

There is no assurance or guarantee that the investment objective of the scheme will be achieved.

Portfolio Action

• Given the above outlook we intend to maintain the average maturity at the higher end of the indicated band.

• The focus is to enhance the portfolio yield while maintaining the liquidity and maturity of the portfolio in theindicated band.

• We intend to maintain the modified duration in the range of 0.75 – 1.00 in November 2017.

17

Asset Allocation as on , 201731st Oct

Debentures and Bonds 86.41%

Commercial Paper (CP)/Certificate of Deposits (CD) 8.47%

CBLO & Term Deposits & Rev.Repo 3.19%

Net Current Assets 1.76%

Government Dated Securities 0.17%

Debt Market Outlook

•

•

•

•

10yr G Sec yields continued to harden throughout the month of October (6.66% at the start of the month and 6.88%

at month end).

A hawkish commentary by the RBI MPC caused the biggest jump in bond yields. This sell off was further cemented as

RBI continued with OMO operations to suck out systemic liquidity and with the government’s announcement ofissuing recap bonds to infuse capital in state-owned banks.

Global concerns such as rising crude prices, uncertainty regarding the incoming Fed chair and abundant bond supply

in domestic markets may cause the yields to remain elevated in the near term.

With a possible rating upgrade on the cards, RBI’s efforts to keep inflation controlled, the government promoting

growth through various expenditure programmes, a stable rupee and sound economic fundamentals, India continuesto be an attractive investment avenue for global and domestic investors alike.


(^) Fully or Party blocked against Interest Rate Swap (IRS)

Particulars 30 Sep 2017 31 Oct 2017

Avg. Maturity (in yrs) 1.25 1.14

Duration 1.07 0.97

Yield (in %) 7.98 7.92

Vedanta Ltd. CRISIL AA 8.89%

AXIS Bank Ltd. CRISIL AA+ 5.90%

Dewan Housing Finance Corporation Ltd. CARE AAA 5.81%

S D Corporation Private Ltd. ( DSRA Guarantee from

Shapoorji Pallonji and Company Private Limited) CARE AA+(SO) 5.57%

K Raheja IT Park (Hyderabad) Ltd. ( Commercial

Mortgage-Backed Securities ) FITCH IND AAA(SO) 5.38%

KarelidesTradersPrivateLtd.(backedbyunconditionalandirrevocable

undertakingbyawhollyownedsubsidiaryofPiramalEnterprisesLtd) ICRA AA-(SO) 5.01%

Manappuram Finance Ltd. ICRA AA- 4.57%

Nirma Ltd.(^) CRISIL AA 4.14%

Innovador Traders Pvt Ltd ( backed by unconditional

and irrevocable undertaking by Piramal ) ICRA AA-(SO) 3.85%

Sahyadri Agencies Ltd ( Secured by Equity

shares of Jyothy Laboratories Ltd ) BRICKWORK BWR A(SO) 3.40%
















31st Oct 2017.

`

`




To know more




Disclaimer

Kotak Low Duration FundInvestment Objective:

is an open - ended debtscheme. The primaryobjective of the Scheme is to generate incomethrough investment primarily in low duration debt &money market securities. There is no assurance orguarantee that the investment objective of thescheme will be achieved.

Mutual Fund investments are subject to marketrisks, read all scheme related documentscarefully. Scheme Information Document (SID)and Statement of Additional Information (SAI)available on mutualfund.kotak.com

Kotak Low Duration Fund* Performance (%) as on , 201731st October


^Past performance may or may not be sustained in future. *All payouts during the period have been reinvested in the units of thescheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data notavailable. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFIExplorer. Classification of schemes in short term & long term is based on the average maturity of the scheme. # Name of SchemeBenchmark. ## Name of Additional Benchmark. Please refer page no. 25 for top 3 and bottom 3 schemes managed by Mr. DeepakAgrawal.

`

Since Inception 7.81 7.60 6.47 20,685 20,296 18,316

Last 1 Year 7.64 6.71 5.92

Last 3 Years 8.83 7.57 7.30

Last 5 Years 8.53 8.17 7.23

Scheme Inception date is 06/03/2008. Mr. Deepak Agrawal has been managing the fund since 01/02/2015.

Rating Profile as on 31st Oct, 2017

Kotak Low Duration Fund

Current Value of Standard Investmentof 10000 in the`

CRISIL 1 YearT-Bill Index

## (%)

CRISILLiquidFund

Index # (%)

SchemeReturns(%) ^

Date

Scheme( )`

Benchmark# ( )`

AdditionalBenchmark ## ( )`

Kotak Low Duration(formerly known as )“PineBridge India Short Term Fund”

31 October, 2017st


• Regular income over short term

• Income by focusing on low duration securities


Investors understand that their principal willbe at moderate risk

Riskometer

M

oderately Moderate

Low

Hig

h

Low

High

LOW HIGH

Moderately

60.09

29.12

5.84

3.19

1.76

AA+, AA+(SO), AA, AA(SO), BWR AA,AA-, AA-(SO), BWR AA-(SO), IND AA-

A1+, AAA, AAA(SO), BWR A1+ (SO),IND AAA, IND, AAA(SO), SOV

A, BWR A(SO), A-

CBLO & Term Deposits & Rev.Repo

Net Current Assets

18

Kotak Income Opportunities31 October, 2017st

Scheme Facts

Structure

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

YTM



NAV (as on 2017)

2017

31st Oct

Launch Date

Average Maturity

An Open- Ended Debt Scheme

Weekly Dividend 10.0062

Weekly Dividend Direct 10.4300

Monthly Dividend 10.3934

Monthly Dividend Direct 10.6202


Quarterly Dividend Direct 10.1522

Annual Dividend 10.7149

Annual Dividend Direct 14.7138

Growth 18.7283


Crisil Short Term Bond Fund Index

5000/-

1.73%

8.45%

2.04 years


^ as on , 2017. Source: ValueResearch.

`

`

5,003.78 crs

`

` `

4,873.09 crs

`

`

`

`

`

`

`

`

`

`

11 May 2010


2.58 years

th


31st Oct

Load Structure

Entry Load:Exit Load:

Nil) For redemption / switch out of upto

10% of the initial investment amount (limit)purchased or switched in within 1 year from thedate of allotment: Nil.ii) If units redeemed or switched out are inexcess of the limit within 1 year from the date ofallotment: 1%.iii) If units are redeemed or switched out on orafter 1 year from the date of allotment: Nil.iv) Any exit load charged (net off Service Tax, ifany) shall be credited back to the respectiveScheme. Units issued on reinvestment ofdividends shall not be subject to entry and exitload.

i

About Kotak Income Opportunities

�

�

�

�

�

The investment objective of Kotak Income Opportunities is to generate income by investing in debt and money

market securities across the yield curve and credit spectrum.

The scheme would also seek to maintain reasonable liquidity within the fund.

The scheme invests in securities offering high accrual by taking on a marginally higher credit risk.

The fund manager may also seek to capitalize on opportunity of potential credit rating upgrades from time to

time.

The scheme is suitable for investors with a time horizon of 15 months plus.

Portfolio Action

• Given the above outlook we intend to maintain the average maturity at the higher end of the indicated band.

• The endeavour is to enhance the portfolio yield by either selling low yielding assets to buy high yielding assetsor by utilising the cash to acquire high yielding assets.

• We intend to maintain the modified duration in the range of 1.75 – 2.25 in November 2017.

19

Asset Allocation as on 31st Oct, 2017


Commercial Paper (CP)/Certificate of Deposits (CD) 4.34%



Debt Market Outlook


•

•

•

•


at month end).









Duration 1.88 2.04

Yield (in %) 8.39 8.45

U P Power Corporation Ltd ( Guaranteed By UP State Government ) FITCH IND AA(SO) 9.33%

Karelides Traders Private Ltd. ( backed by unconditional and irrevocable

undertaking by a wholly owned subsidiary of Piramal Enterprises Ltd ) ICRA AA-(SO) 5.16%

HDFC Ltd. CRISIL AAA 4.62%

HPCL Mittal Pipelines Ltd. ICRA AA 4.01%

Innovador Traders Pvt Ltd ( backed by unconditional and irrevocable

undertaking by Piramal ) ICRA AA-(SO) 4.00%

Reliance Jio Infocomm Ltd. CRISIL AAA 3.35%

HPCL Mittal Energy Ltd. ICRA AA 3.34%

Andhra Bank CRISIL AA- 3.22%

YES Bank Ltd. ICRA AA 3.00%

Tata Power Renewable Energy Ltd. ( Guaranteed by Tata PowerCompany Ltd) CARE AA(SO) 2.84%

31 October, 2017st
















31st Oct 2017.

`

`




To know more


Visit - assetmanagement.kotak.comEmail - [email protected]

Disclaimer

Kotak Income Opportunities is an open-endeddebt scheme. Investment Objective: The investmentobjective of the scheme is to generate income byinvesting in debt /and money market securities acrossthe yield curve and credit spectrum. The schemewould also seek to maintain reasonable liquiditywithin the fund. There is no assurance that orguarantee that the investment objective of thescheme will be achieved.


20

Kotak Income Opportunities Fund - Growth *Performance (%) as on , 201731st October



`

Since Inception 8.75 8.37 6.79 18,728 18,238 16,341

Last 1 Year 7.48 7.28 5.92

Last 3 Years 9.21 8.68 7.30

Last 5 Years 9.14 8.87 7.23



Kotak Income Opportunities Fund - Growth


CRISIL 1Year T-Bill

Index## (%)

Crisil ShortTerm

Bond FundIndex # (%)

SchemeReturns(%) ^

Date

Scheme( )`

Benchmark# ( )`


Kotak Income Opportunities


• Income over a medium term horizon

• Investment in debt & money market securities


Investors understand that their principal willbe at moderately low risk

Riskometer

M

oderately Moderate

Low

Hig

h

Low

High

LOW HIGH

Moderately

62.46

21.01

11.15

3.55

1.01

0.82

AA+, AA+(SO), AA, AA(SO), BWR AA,IND AA, IND AA(SO), AA-, AA-(SO),

BWR AA-, BWR AA-(SO), IND AA-

A1+, AAA, IND A1+(SO)

A+, BWR A+, IND A+, A, A-

Net Current Assets

Unrated


21

Kotak Medium Term31 October, 2017st

Scheme Facts

Structure

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

YTM




2017

Average Maturity



Quarterly Dividend Direct 10.6494

Annual Dividend 10.9922

Annual Dividend Direct 14.7158

Growth 14.1790


21st March, 2014

CRISIL Composite Bond Fund Index

8.43%

2.51 years



`

` `

` `

crs4,716.08

`4,682.75 crs

`

`

`

`

`

`



2.24%

3.19 years


Load Structure

Entry Load:

Exit Load:

Nil

i) For redemption / switch out ofupto 15% of the initial investment amount(limit) purchased or switched in within 18months from the date of allotment: Nil.

ii) If units redeemed or switched out are inexcess of the limit within 18 months from thedate of allotment: 2%.

iii) If units are redeemed or switched out on orafter 18 months from the date of allotment:Nil.

iv) Any exit load charged (net off Service Tax ifany) shall be credited back to the respectiveScheme. Units issued on reinvestment ofdividends shall not be subject to entry and exitload.







About Kotak Medium Term Plan

�

�

�

�

�

Kotak Medium Term Fund, an open-ended debt scheme.

The investment objective of the scheme is to generate regular income and capital appreciation by investing in a

portfolio of medium term debt and money market instruments.

The fund has an average maturity floor of around 3 years and a ceiling of around 7 years.

As a result, the fund occupies a mid-segment space between the long duration and the short duration bonds.

Likewise, the fund's merits also tend to be a balance of the long term and the short term bond funds.

The fund operates largely on a Hold-Till-Maturity (HTM) strategy.

Portfolio Action

• Given the above outlook, we intend to maintain the average maturity at the higher end of the indicated band.

• The endeavour is to enhance the portfolio yield by either selling low yield assets or buying high yielding assetsby utilising the cash.

• We intend to maintain a modified duration in the range of 2.25 - 3.00 in November 2017.

Debt Market Outlook

•

•

•

•


at month end).









Duration 2.40 2.51

Yield (in %) 8.45 8.43

U P Power Corporation Ltd ( Guaranteed By UP State Government) FITCH IND AA(SO) 8.57%

Nuvoco Vistas Corporation Ltd. ( 100% subsidiary of Nirma Ltd.) CRISIL AA 4.22%

PNB Housing Finance Ltd. CARE AAA 3.37%

Adani Infra (India) Limited. (Secured by shares of Adani

Port, Adani Enterprises & Adani Transmissions ) BRICKWORK BWR AA-(SO) 3.18%

HPCL Mittal Energy Ltd. ICRA AA 3.16%

KarelidesTradersPrivateLtd.(backedbyunconditionalandirrevocable

undertakingbyawhollyownedsubsidiaryofPiramalEnterprisesLtd) ICRA AA-(SO) 2.94%

Tata Power Company Ltd. CRISIL AA- 2.94%

Piramal Finance Limited ICRA AA 2.86%

Bhopal Dhule Transmission Company Ltd. (Operational power

transmission project ) CRISIL AAA 2.82%

















31st Oct 2017.

`

`




To know more




Disclaimer

Kotak Medium Term Fund an open-endeddebt scheme investment objective: of thescheme is to generate regular income andcapital appreciation by investing in a portfolioof medium term debt and money marketinstruments. There is no assurance orguarantee that the investment objective of thescheme will be achieved.


22

Kotak Medium Term Fund *Performance (%) as on , 201731st October



`


Kotak Medium Term Fund


CRISIL 10 YRGilt Index## (%)

CRISILCompositeBond FundIndex # (%)

SchemeReturns(%) ^

Date

Scheme( )`

Benchmark# ( )`


Kotak Medium Term


• Income over a medium term investment horizon

• Investment in debt, government securities & moneymarket instruments with a portfolio weightedaverage maturity between 3-7 years


Investors understand that their principal willbe at moderate risk

Riskometer

M

oderately Moderate

Low

Hig

h

Low

High

LOW HIGH

Moderately

Since Inception 10.14 10.74 9.91 14,179 14,460 14,072

Last 1 Year 7.76 7.17 5.11

Last 3 Years 9.73 9.92 9.43


The scheme has been in existence for less than 5 years

AA+, AA+(SO), AA, AA(SO), BWR AA,IND AA, IND, AA(SO), AA-, AA-(SO),

BWR AA-, BWR AA-(SO), IND, AA-60.66

24.81

7.58

2.53

2.12

1.23

1.07

AAA, AAA(SO), IND AAA, SOV

A+, IND A+, A, A-


Net Current Assets

BBB-, CARE BBB+

Unrated

Kotak Bond Short Term31 October, 2017st

Scheme Facts

Structure

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

YTM


Average Maturity

Month end AUM* (as on 31st Oct 2017)



10,184.68 crs

9,930.30 crs

Dividend 10.1547


Half Yearly Dividend 11.6540

Half Yearly Dividend Direct 11.7619

Growth 31.9206


2nd May, 2002

Crisil Short - Term Bond Fund Index

(a) Dividend Re-investment & Growth -5000 & above (b) Dividend Payout (Monthly

Dividend) - 50,000& above


1.91%

7.22%

1.79 years

2.12 years



`

`

`

`

` `

`

`

`

`

`

`


Load Structure

Entry Load:

Exit Load:

Nil

Nil

About Kotak Bond Short Term

�

�

The investment objective of Kotak Bond Short Term is to provide reasonable returns and high level of liquidity by

investing in debt and money market instruments of different maturities so as to spread the risk across different

kind of issuers in the debt market.

The scheme is suitable for investors who may generally want to position themselves at the shorter end of the yield

curve with a time horizon of 6 months and more.

Portfolio Action

•

•

•

Given the above outlook we intend to maintain the average maturity at the higher end of the indicated band.

We believe that short term curve (2-3 year assets) are best point on the yield curve. While 5 year assets are the

highest yielding and hence we aim to maintain adequate mix of assets in the portfolio.

We intend to maintain the modified duration in the range of 1.70 – 2.25 in November 2017.





Debt Market Outlook

•

•

•

•


at month end).









Duration 1.97 1.79

Yield (in %) 7.25 7.22

23

31 October, 2017st
















31st Oct 2017.

`

`




To know more




Disclaimer

Kotak Bond Short Term is

Investment Objective:

an open-ended debt

scheme. The investment

objective of the Scheme is to provide reasonable

returns and high level of liquidity by investing in debt

instruments such as bonds, debentures and

Government securities; and money market instrume

nts such as treasury bills,commercial papers,

certificates of deposit, including repos in permitted

securities of different maturities, so as to spread the

risk across different kinds of issuers in the debt

markets. The Schememay invest in the call

money/termmoney market in terms of RBI guidelines

in this respect. To reduce the risk of the portfolio, the

Scheme may also use various derivative and hedging

products from time to time, in the manner permitted

by SEBI.Subject to the maximum amount permitted

from time to time, the Scheme may invest in offshore

securities in the manner allowed by SEBI/RBI,

provided such investments are in conformity with the

investment objective of the Scheme and the

prevailing guidelines and Regulations.There is no

assurance that the investment objective of the

Scheme will be realised.

Mutual Fund investments are subject to market

risks, read all scheme related documents

carefully. Scheme Information Document (SID)

and Statement of Additional Information (SAI)

available on mutualfund.kotak.com

24

Kotak Bond Short Term

Kotak Bond Short Term* Performance (%) as on 31st October, 2017



`

Since Inception 7.77 7.29 5.97 31,921 29,762 24,570

Last 1 Year 6.70 7.28 5.92

Last 3 Years 8.23 8.68 7.30

Last 5 Years 8.41 8.87 7.23


Kotak Bond Short Term - Growth


CRISIL 1Year

T-Bill Index## (%)

Crisil ShortTerm BondFund Index

(%)#

SchemeReturns(%) ^

Date

Scheme( )`

Benchmark# ( )`



• Income over a medium term horizon

• Investment in debt & money market securities


Investors understand that their principal willbe at moderately low risk

Riskometer

M

oderately Moderate

Low

Hig

h

Low

High

LOW HIGH

ModeratelyRating Profile as on 31st Oct, 2017


Power Finance Corporation Ltd. CRISIL AAA 10.05%


Mahindra & Mahindra Financial Services Ltd. FITCH IND AAA 7.72%

HDFC Ltd. CRISIL AAA 6.91%

Nabha Power Ltd. ( backed by unconditional and

irrevocable guarantee by Larsen & Toubro Ltd ) ICRA AAA 5.63%

National Bank for Agriculture & Rural Development CRISIL AAA 5.36%

LIC Housing Finance Ltd. CRISIL AAA 4.74%

Indiabulls Housing Finance Ltd. CARE AAA 3.89%

ONGC Manglore Petrochemicals Ltd. FITCH IND AAA 3.78%

Kotak Mahindra Prime Ltd. CRISIL AAA 3.67%

95.17

4.83

AAA, AAA(SO), IND AAA, SOV

Net Current Assets

25

Current Value ofInvestment of

10000 in the`

Other Mr. Pankaj Tibrewal#Funds managed by

Other Funds managed by Mr. Harish Krishnan$

Annexure - Returns(Fund Manager wise)

1 Year 3 Years 5 Years

Scheme Name Absolute Returns (%) CAGR Returns (%) CAGR Returns (%)

Other Funds managed by Mr. Harsha Upadhyaya@

Inceptiondate

Since inception

CAGR

Returns(%)

Top 3 Funds Managed by Mr. Deepak Agarwal*

Top 3 Funds Managed by Mr. Deepak Gupta^

Bottom 3 Funds Managed by Mr. Deepak Gupta^

Bottom 3 Funds Managed by Mr. Deepak Agarwal*

Kotak Tax Saver Scheme - Growth (%) ^ 19.05 14.62 17.42 41,878 12.74 23-11-2005

Nifty 500 # (%) 21.95 11.03 15.51 40,583 12.44

Nifty 50 ## (%) 19.47 7.48 12.95 39,620 12.22

Kotak Midcap - Growth (%) ^ 17.85 18.61 22.83 76,692 17.41 24-02-2005

Nifty Free Float Midcap 100 # (%) 23.38 18.23 20.31 65,929 16.02

Nifty 50 ## (%) 19.47 7.48 12.95 50,286 13.57

Kotak India Growth Fund - Series I - Growth (%) ^ 18.71 NA NA 13,437 12.59 06-05-2015

Nifty 200 # (%) 21.02 NA NA 13,379 12.40

Nifty 50 ## (%) 19.47 NA NA 12,764 10.30

Kotak 50 - Dividend (%) ^ 17.01 11.09 16.23 296,186 19.69 29-12-1998

Nifty 50 # (%) 19.47 7.48 12.95 118,436 14.01

S&P BSE SENSEX ## (%) 18.70 6.02 12.40 109,028 13.51

Kotak Banking ETF (%) ^ 28.28 NA NA 13,824 11.84 10-12-2014

Nifty Bank # (%) 27.68 NA NA 13,551 11.08

Nifty 50 ## (%) 19.47 NA NA 12,369 7.63

Kotak NV20 ETF (%) ^ 24.52 NA NA 13,880 18.64 01-12-2015

Nifty 50 Value 20 # (%) 22.59 NA NA 12,763 13.56

Nifty 50 ## (%) 19.47 NA NA 12,992 14.63

Kotak Classic Equity Fund - Growth (%) ^ 23.83 11.58 16.46 47,355 13.51 27-07-2005

Nifty 100 # (%) 20.42 9.15 14.30 46,623 13.37

Nifty 50 ## (%) 19.47 7.48 12.95 44,566 12.95

Kotak Equity Arbitrage Fund - Growth (%) ^ 5.90 6.73 7.72 24,235 7.59 29-09-2005

Nifty 50 Arbitrage Index # (%) 4.37 6.34 7.18 NA NA

Nifty 50 ## (%) 19.47 7.48 12.95 39,581 12.05

Kotak Asset Allocator Fund - Growth (%) ^ 11.56 9.70 15.66 75,107 16.46 09-08-2004

CRISIL Balanced Fund – Aggressive Index # (%) 15.18 8.56 11.89 46,973 12.40

S&P BSE SENSEX ## (%) 18.70 6.02 12.40 63,466 14.98

Kotak World Gold Fund - Growth (%) ^ -13.67 5.12 -11.24 8,669 -1.51 06-06-2008

Financial Times Gold Mines Total - Price # (%) -9.30 14.12 -10.33 8,144 -2.16

Nifty 50 ## (%) 19.47 7.48 12.95 22,333 8.92

Kotak Corporate Bond Fund - Growth (%) ^ 7.67 9.54 8.66 22,287 8.24 21-09-2007

CRISIL Composite Bond Fund # (%) 7.17 9.92 9.25 21,816 8.01

CRISIL 1 Year TBill ## (%) 5.92 7.30 7.23 18,768 6.42

Kotak Banking and PSU Debt Fund - Growth (%) ^ 7.63 8.72 9.05 38,556 7.42 29-12-1998

CRISIL Short Term Bond Fund # (%) 7.28 8.68 8.87 NA NA


Kotak Flexi Debt - Regular Plan - Growth (%) ^ 7.32 9.57 9.48 22,009 8.72 26-05-2008

CRISIL Composite Bond Fund # (%) 7.17 9.92 9.25 20,887 8.12


Kotak Treasury Advantage Fund - Growth (%) ^ 7.09 8.02 8.50 27,100 7.83 13-08-2004

CRISIL Liquid Fund # (%) 6.71 7.57 8.17 24,849 7.13


Kotak Floater - Short Term - Growth (%) ^ 6.73 7.73 8.31 27,663 7.37 14-07-2003



Kotak Liquid - Regular Plan - Growth (%) ^ 6.68 7.65 8.25 27,378 7.46 04-11-2003



26

Top 3 Funds Managed by Mr. Abhishek Bisen**

Current Value ofInvestment of

10000 in the`

Annexure - Returns(Fund Manager wise)

Scheme Name Absolute Returns (%) CAGR Returns (%) CAGR Returns (%)

Inceptiondate

Since inception

CAGR

Returns

Bottom 3 Funds Managed by Mr. Abhishek Bisen**

1 Year 3 Years 5 Years

Kotak Global Emerging Market Fund - Growth (%) ^ 14.12 2.98 6.68 15,497 4.43 26-09-2007

MSCIEmergingMarket index# (%) 19.72 5.06 6.18 15,432 4.39

Nifty50 ## (%) 19.47 7.48 12.95 20,920 7.58

Kotak Monthly Income Plan - Growth (%) ^ 8.32 10.40 11.10 29,816 8.16 02-12-2003

CRISIL MIP Blended # (%) 9.02 9.68 9.93 30,171 8.25

CRISIL 10 Year Gilt ## (%) 5.11 9.43 7.89 21,524 5.66

KotakGilt - Investment -Regular -Growth (%)^ 5.09 9.43 8.54 58,492 9.82 29-12-1998

I-SECCompositeGilt Index# (%) 6.38 9.96 9.47 NA NA

CRISIL10YearGilt ## (%) 5.11 9.43 7.89 NA NA

Kotak Gold ETF (%) ^ -4.64 2.97 -2.48 29,423 11.08 27-07-2007

Price of Gold # (%) -3.56 4.12 -1.38 33,229 12.40

CRISIL 10 Year Gilt ## (%) 5.11 9.43 7.89 20,004 6.98

Kotak Gold Fund - Growth (%) ^ -7.43 1.54 -3.06 12,388 3.29 25-03-2011

Price of Gold # (%) -3.56 4.12 -1.38 13,902 5.11

CRISIL 10 Year Gilt ## (%) 5.11 9.43 7.89 15,882 7.25

Kotak Bond -RegularPlan -Growth (%)^ 3.79 8.31 7.96 47,783 9.11 25-11-1999

CRISILComposite BondFund # (%) 7.17 9.92 9.25 NA NA

CRISIL 10 Year Gilt ## (%) 5.11 9.43 7.89 NA NA

@

#

$

^

*

**

Mr. Harsha Upadhyaya manages 3 funds of Kotak Mutual fund.

Mr. Pankaj Tibrewal manages 3 funds of Kotak Mutual fund.

Mr. Harish Krishnan manages 3 funds of Kotak Mutual fund.

Mr. Deepak Gupta manages 13 funds of Kotak Mutual fund.

Mr. Deepak Agrawal manages 10 & All FMPs funds of Kotak Mutual fund.

Mr. Abhishek Bisen manages 9 funds of Kotak Mutual fund.

Kotak Tax Saver Scheme - Growth, *Name of the Benchmark - Nifty 500, Scheme Inception date is 23/11/2005. Mr. Harsha Upadhyaya has been managing the fund since 25/08/2015.

Kotak Midcap - Growth, *Name of the Benchmark - Nifty Free Float Midcap 100, Scheme Inception date is 24/02/2005. Mr. Pankaj Tibrewal has been managing the fund since21/01/2010.

Kotak India Growth Fund - Series I - Regular Plan - Growth, *Name of the Benchmark - Nifty 200, Scheme Inception date is 06/05/2015. Mr. Harish Krishnan has been managing the fundsince 06/05/2015

Kotak 50 - Dividend, *Name of the Benchmark - Nifty 50, Scheme Inception date is 29/12/1998. Mr. Harish Krishnan has been managing the fund since 15/11/2013.

Kotak Banking ETF, *Name of the Benchmark - Nifty Bank, Scheme Inception date is 10/12/2014. Mr. Deepak Gupta has been managing the fund since 24/11/2014.

Kotak NV20 ETF - *Name of the Benchmark Nifty 50 Value 20, Scheme Inception date is 01/12/2015. Mr. Deepak Gupta has been managing the fund since 08/12/2015.

Kotak Asset Allocator Fund - Growth, *Name of the Benchmark - CRISIL Balanced Fund – Aggressive Index, Scheme Inception date is 09/08/2004. Mr. Deepak Gupta has been managingthe fund since 01/09/2008.

Kotak Equity Arbitrage Fund - Growth, *Name of the Benchmark - Nifty 50 Arbitrage Index, Scheme Inception date is 29/09/2005. Mr. Deepak Gupta has been managing the fund since01/09/2008.

Kotak World Gold Fund - Growth, *Name of the Benchmark - Financial Times Gold Mines Total - Price, Scheme Inception date is 06/06/2008. Mr. Deepak Gupta has been managing thefund since 01/02/2015.

Kotak Corporate Bond Fund - Growth, *Name of the Benchmark - CRISIL Composite Bond Fund, Scheme Inception date is 21/09/2007. Mr. Deepak Agrawal has been managing the fundsince 01/02/2015.

Kotak Banking and PSU Debt Fund - Growth, *Name of the Benchmark - CRISIL Short Term Bond Fund, Scheme Inception date is 29/12/1998. Mr. Deepak Agrawal has been managing thefund since 01/08/2008.

Kotak Flexi Debt - Regular Plan - Growth, *Name of the Benchmark - CRISIL Composite Bond Fund, Scheme Inception date is 26/05/2008. Mr. Deepak Agrawal has been managing thefund since 25/11/2012.

Kotak Treasury Advantage Fund - Growth, *Name of the Benchmark - CRISIL Liquid Fund, Scheme Inception date is 13/08/2004. Mr. Deepak Agrawal has been managing the fund since01/04/2008.

Kotak Floater - Short Term - Growth, *Name of the Benchmark - CRISIL Liquid Fund, Scheme Inception date is 14/07/2003. Mr. Deepak Agrawal has been managing the fund since01/11/2006.

Kotak Liquid - Regular Plan - Growth, *Name of the Benchmark - CRISIL Liquid Fund, Scheme Inception date is 04/11/2003. Mr. Deepak Agrawal has been managing the fund since01/05/2007.

Kotak Global Emerging Market Fund - Growth, *Name of the Benchmark - MSCI Emerging Market index, Scheme Inception date is 26/09/2007. Mr. Abhishek Bisen has been managingthe fund since 04/04/2011.

Kotak Monthly Income Plan - Growth, *Name of the Benchmark - CRISIL MIP Blended, Scheme Inception date is 02/12/2003. Mr. Abhishek Bisen has been managing the fund since01/04/2008. Mr. Devender Singhal has been managing the fund since 25/08/2015.

Kotak Gilt - Investment - Regular - Growth, *Name of the Benchmark - I-SEC Composite Gilt Index, Scheme Inception date is 29/12/1998. Mr. Abhishek Bisen has been managing the fundsince 15/04/2008.

Kotak Bond - Regular Plan - Growth, *Name of the Benchmark - CRISIL Composite Bond Fund, Scheme Inception date is 25/11/1999. Mr. Abhishek Bisen has been managing the fundsince 01/04/2008.

Kotak Gold ETF, *Name of the Benchmark - Price of Gold, Scheme Inception date is 27/07/2007. Mr. Abhishek Bisen has been managing the fund since 01/08/2008.

Kotak Gold Fund - Growth, *Name of the Benchmark - Price of Gold, Scheme Inception date is 25/03/2011. Mr. Abhishek Bisen has been managing the fund since 04/03/2011.

Different plans have different expense structure. The performance details provided herein are of regular plan

^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV.Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Source: ICRA MFI Explorer.

Kotak Classic Equity Fund - Growth, *Name of the Benchmark - Nifty 100, Scheme Inception date is 27/07/2005. Mr. Deepak Gupta has been managing the fund since 01/01/2017.

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Documents

FUNDS IN FOCUS · 26779888, Bangalore 66128050 / 51, Hyderabad66178140/41. Visit-assetmanagement.kotak.com [email protected] Disclaimer Kotak Select Focus Fund Investment Objective: