FUNDS IN FOCUS - assetmanagement.kotak.com · EQUITY FUNDS: 1 HYBRID FUNDS: 12 ... Visit-assetmanagement.kotak.com [email protected] Disclaimer Kotak Classic Equity ... Maruti

FUNDS IN FOCUS

NOVEMBER 30, 2017

TH

EPAG

EH

AS

BEEN

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INTEN

TIO

NALLY

BLAN

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EQUITY FUNDS: 1

HYBRID FUNDS: 12

THEMATIC FUNDS 17

DEBT FUNDS 20

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Kotak Classic Equity Fund 2

Kotak Tax Saver Fund 4

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Kotak Select Focus Fund 6

Kotak Opportunities Fund 8

Kotak Emerging Equity Fund 10

Kotak Balance Fund 13

Kotak Equity Savings Fund 15

Kotak Infrastructure & Economic Reform Fund 18

Kotak Low Duration Fund 21

Kotak Income Opportunities Fund 23

Kotak Medium Term Fund 25

Kotak Bond Short Term Fund 27

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NOVEMBER

2017

EQUITY FUNDS

About Kotak Classic Equity

�

�

�

Kotak Classic Equity is an open - ended equity growth scheme. The investment objective of the scheme is to

generate capital appreciation from a diversified portfolio of equity and equity related securities.

An open-ended diversified equity scheme with a focus on large caps.

Market capitalization bias:(a) Largecap focused with normal allocation between 70%-90% and (b) Midcap

allocation between 10%-30%.

Portfolio Action

•

•

•

The fund has an overweight position in Media, Metals, Utilities and Oil and Gas while it is underweight inPharma, BFSI, Capital Goods, Auto and Infrastructure.

The conservative stance of the portfolio had benefitted the fund in the early part of FY17 as markets punished

value stocks more than the quality stocks. The tilt from then has slowly changed as metal stocks, which

represent the value set, found their way into the portfolio. We continue to believe that metals offer the

maximum potential for positive earnings surprise in addition to the deleveraging story going ahead.

The lack of exposure to corporate lenders and PSU banks hurt the fund in the month gone by as the

government went for recapitalisation of PSU Banks.

Kotak Classic Equity

Scheme Facts

Structure

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Beta^

Sharpe^

Month end AUM* (as on 30th Nov )

Monthly Average AUM*

NAV (as on 30th Nov 2017)

2017

An Open Ended Equity Growth Scheme

128.59 crs

123.67 crs

Dividend 24.1210

Direct Dividend 25.9750

Growth 47.3240

Direct Growth 50.3570

27th July 2005

Nifty 100

5000

1000 & in multiples of 1

13.11%

0.95

0.34

*Source: MFI Explorer.

^ as on 30th Nov, 2017. Source: ValueResearch.

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Portfolio Turnover

110.35%

Market Cap. %

Load Structure

Large cap 79.46

Midcap 9.28

Small cap 0.55

Cash 10.71

Source: MFI Explorer. Market definition used ismarket capitalisation of the 100th largest scrip (onthe bases of market capitalisation) is the cutoff todetermine the large cap and midcap segment.

NilEntry Load:

Exit Load: Nil. (applicable for all plans) (w.e.fDecember 01, 2014)

2

30 November, 2017th

Top 10 Sectors as on 30th Nov, 2017

Sector % Weight Underweight / Previous Changeoverweight

against (Portfolio % from previousbenchmark Weight) month

Month in portfolioPortfolio Benchmark

(Nifty 100)

Financial Services

Energy

Consumer Goods

Cash & Cash Equivalent

Information Technology

Automobile

Metals

Pharma

Telecom

Cement & Cement Products

22.18 33.01 -10.83 24.55 -2.37

19.62 13.88 5.73 21.27 -1.65

11.31 12.24 -0.94 13.06 -1.75

10.86 0.00 10.86 5.63 5.23

9.38 9.65 -0.26 7.87 1.51

8.57 10.31 -1.74 9.03 -0.46

6.82 4.82 2.00 8.01 -1.18

4.37 4.51 -0.14 3.09 1.28

2.64 2.26 0.37 2.91 -0.28

1.98 2.11 -0.13 2.21 -0.22

Equity Market Brief

• GST – landmark reform is now implemented, and over the last few months, the government has introduced furtherchanges to help the smaller firms navigate GST better. While there might be some near-term issues in implementing,the longer term benefits are transformative. Most listed players will benefit, as they form the organised part of theeconomy.

• 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, after a long time we have seen limiteddowngrades in forward estimates of earnings.

• 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.

Kotak Classic Equity30 November, 2017th

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 1904.453 bn (as on

30th November, 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 124757.49 cr (as on

30th November, 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

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.

Visit - assetmanagement.kotak.com

Email - [email protected]

Disclaimer

Kotak Classic EquityInvestment Objective:

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

is an open - ended equitygrowth scheme. Togenerate capital appreciation from a diversifiedportfolio of equity and equity related securities.

Kotak Classic Equity* Performance (%) as on 30th November, 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. 29 for top 3 and bottom 3schemes managed by Mr.

`

Deepek Gupta.

Date SchemeReturns (%) ## of 10000 in the

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

Nifty 100 Nifty 50 Current Value of Standard Investment

(%) ^ Additional

# (%) `

` `

Kotak Classic Equity Fund

Since Inception 13.41 13.19 12.76 47,324 46,231 44,097

Last 1 Year 29.77 25.80 24.34

Last 3 Years 9.99 7.62 5.98

Last 5 Years 15.64 12.97 11.70

Scheme Inception date is 27/07/2005. Mr. Deepak Gupta has been managing the fund since 01/01/2017.

`

3

This product is suitable for investors who are seeking*:

• Long term capital growth

• Investment in portfolio of predominantly 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 willbe at moderately high risk

Riskometer

M

oderately Moderate

Low

Hig

h

Low

High

LOW HIGH

Moderately

Jul-28-17 23.433 0.70

Jul-15-16 19.692 0.50

Jul-25-14 18.227 1.00

Jan-23-14 19.202 4.30

Jul-31-12 15.413 1.00

Nov-20-15 18.540 0.50

Dividend History

Date CUM DividendNAV

Dividend( per unit)`

Top 10 Companies as on 30th Nov, 2017

Reliance Industries Ltd. Petroleum Products 5.88%

Infosys Ltd. Software 5.21%

Hindustan Unilever Ltd. Consumer Non Durables 4.54%

Maruti Suzuki India Limited Auto 4.51%

Hindalco Industries Ltd Non - Ferrous Metals 3.43%

Power Grid Corporation Of India Ltd Power 2.98%

Bajaj Finance Limited Finance 2.87%

GAIL (India) Ltd. Gas 2.72%

Bharat Petroleum Corporation Ltd. Petroleum Products 2.52%

National Thermal Power Corporation Limited Power 2.50%

About Kotak Tax Saver

�

�

�

�

The investment objective of Kotak Tax Saver is to generate long term capital appreciation from a diversified

portfolio of equity and equity related securities and enable investors to avail the income tax rebate, as

permitted from time to time.

The scheme thus offers a dual benefit of growth and tax savings.

The scheme although open ended, has a three year lock-in.

The portfolio is generally diversified across sectors and market capitalization segments.

Portfolio Action

• The key overweight sectors in the portfolio are – Cement, Oil&Gas and Capital Goods.

• Within Oil&Gas sector, we are particularly bullish on gas utilities and downstream oil companies.

• The underweight sectors are – IT and Pharma, wherein earnings momentum is weak and business headwinds

still persist.

• During the month we booked partial profits in oil&gas sector, and increased exposure to FMCG in view of

expected normalization of business post-GST and also lesser competitive intensity.

• Large cap allocation in the portfolio is about 60%.

Kotak Tax Saver30 November, 2017th

Scheme Facts

Structure

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Beta^

Sharpe^



2017

An Open -Ended Equity Linked SavingScheme

Dividend 20.3260

Dividend Direct 23.5140

Growth 42.0820

Growth Direct 44.8520

23 November 2005

Nifty 500

500


14.58%

1.03

0.46

29.13%



`

` `

720.79crs

`

`

719.85 crs

rd


Portfolio Turnover

`

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Market Cap. %

Load Structure

Large cap 58.13

Midcap 34.88

Small cap 5.86

Cash 1.13

As on 30th Nov, 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: Exit Load is not applicable for Kotak TaxSaver Scheme. (applicable for all plans)

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

4





(Nifty 500)

Financial Services

Energy

Consumer Goods


Automobile

Industrial Manufacturing

Construction

Information Technology

Pharma

Services

30.67 30.70 -0.03 30.79 -0.11

19.08 12.24 6.84 20.43 -1.36

8.41 12.39 -3.98 7.84 0.57

6.65 2.40 4.25 7.16 -0.50

6.39 9.08 -2.69 6.42 -0.04

5.67 2.96 2.71 5.33 0.34

3.81 4.39 -0.58 3.60 0.21

3.21 8.61 -5.41 3.08 0.13

3.19 4.91 -1.72 3.47 -0.28

3.06 2.58 0.48 3.14 -0.08

Equity Market Brief







Kotak Tax Saver

















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To know more




Disclaimer

Kotak Tax SaverInvestment

Objective:

is an open-ended equityl inked savings scheme.

To generate long-term capitalappreciation from a diversified portfolio ofequity and equity related securities and enableinvestors to avail the income tax rebate, aspermitted from time to time. The amountinvested in the scheme shall be subject to alock-in of 3 years irrespective of whether theinvestments would be eligible for tax benefitor not. The above does not constitute andadvice or a representation. Investors arerequested to seek professional advice in thisregard. Kotak Mahindra Bank Limited is notliable or responsible for any loss or short fallresulting from the operations of the scheme.

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

5

Kotak Tax Saver* Performance (%) as on , 201730th November


^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. 29 for other schemes managed byMr.

`

Harsha Upadhyay.



Nifty 500 Nifty 50 Current Value of Standard Investment#

(%) ^ Additional

(%) `

` `

Since Inception 12.69 12.35 12.03 42,082 40,587 39,203

Last 1 Year 27.46 29.31 24.34

Last 3 Years 12.30 9.76 5.98

Last 5 Years 16.37 14.38 11.70

Scheme Inception date is 23/11/2005. Mr. Harsha Upadhyaya has been managing the fund since 25/08/2015.

Kotak Tax Saver - Growth

`


• long term capital growth with a 3 year lock in

• Investment in portfolio of predominantly equity &equity related securities.



Riskometer

M

oderately Moderate

Low

Hig

h

Low

High

LOW HIGH

Moderately

Jun-29-17 22.144 0.40

Mar-29-17 19.432 0.75

Jan-27-17 18.889 0.72

Jan-21-16 16.113 0.70

Dec-30-14 17.542 0.10

Nov-28-14 18.180 0.50

Feb-08-08 15.189 3.50

Feb-20-07 11.640 3.00

Mar-22-16 16.266 0.65

Dividend History



30 November, 2017th


HDFC Bank Ltd. Banks 6.17%


State Bank Of India Banks 4.00%

IndusInd Bank Ltd. Banks 3.23%

ICICI Bank Ltd. Banks 3.06%

Hero MotoCorp Ltd. Auto 3.02%

Shree Cement Ltd. Cement 2.86%

OCL India Ltd Cement 2.79%

Mahanagar Gas Ltd Gas 2.67%

GlaxoSmithkline Consumer Healthcare Ltd Consumer Non Durables 2.53%

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 better earningstrajectory.

• The top overweight sectors in the fund are Cement, Banking&Financials and Oil&Gas.

• We believe that Government’s focus on reviving consumption and spending on infrastructure will create positivedemand 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 and businessheadwinds still persist.

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

Kotak Select Focus

Scheme Facts

Structure



Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Beta^

Sharpe^

2017

An Open Ended Equity Scheme

crs

15,581.52 crs

Dividend 23.3420


Growth 32.7290


11 September 2009

Nifty 200

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


13.74%

0.98

0.58

20.96%



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th

`

15,934.91

`

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Portfolio Turn over

Market Cap. %

Load Structure

Large cap 76.35

Midcap 15.64

Small cap 0.65

Cash 7.37

As on 30th Nov, 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) 6

Top Sectors as on 30th Nov, 2017




(Nifty 200)

Financial Services

Energy

Automobile



Consumer Goods

Construction


34.98 32.24 2.74 34.00 0.98

15.71 13.22 2.49 16.31 -0.59

10.93 9.69 1.23 11.40 -0.47

7.37 0.00 7.37 7.25 0.12

6.97 2.35 4.62 7.40 -0.42

6.93 12.06 -5.13 7.12 -0.20

4.11 3.82 0.29 3.42 0.69

3.43 1.58 1.86 3.51 -0.08

30 November, 2017th







Equity Market Brief

Kotak Select Focus30 November, 2017th

















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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.



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.


7

Kotak Select Focus* Performance (%) as on 30th November, 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. 29 for other schemes managed byMr. Harsha Upadhyaya.

`


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


(%) ^ Additional

(%) `

` `

Since Inception 15.51 10.34 9.55 32,729 22,466 21,175

Last 1 Year 28.66 27.41 24.34

Last 3 Years 13.84 8.56 5.98

Last 5 Years 20.60 13.47 11.70


Kotak Select Focus Fund

`



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



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







HDFC Ltd. Finance 3.89%



Larsen And Toubro Ltd. Construction Project 3.66%

Maruti Suzuki India Limited Auto 3.24%

ITC Ltd. Consumer Non Durables 3.13%


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 and Metals.

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

• The large cap allocation in the fund is about 60%.

Kotak Opportunities30 November, 2017th

Scheme Facts

Structure

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Beta^

Sharpe^



2017

An Open Ended Equity Growth Scheme

2,158.44 crs

2,122.69 crs

Dividend 27.5680


Growth 116.0420


9 September 2004

Nifty 500

5000


13.90%

0.99

0.57

38.58%



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th

`

`


Portfolio Turn over

Market Cap. %

Load Structure

Large cap 61.69

Midcap 32.10

Small cap 3.42

Cash 2.79

As on 30th Nov, 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)

8





(Nifty 500)

Financial Services

Energy

Consumer Goods


Automobile


Construction


Fertilisers & Pesticides

Healthcare Services

30.96 30.70 0.26 31.05 -0.09

19.17 12.24 6.93 17.80 1.38

8.95 12.39 -3.44 8.44 0.52

6.69 2.40 4.29 6.73 -0.04

5.38 9.08 -3.70 6.60 -1.23

4.69 2.96 1.73 4.63 0.06

3.90 4.39 -0.49 3.93 -0.03

3.66 0.00 3.66 10.75 -7.09

3.49 0.99 2.50 3.31 0.18

2.36 0.05 2.30 2.23 0.13

Equity Market Brief







Kotak Opportunities




















`

`

To know more




Disclaimer

Kotak OpportunitiesInvestment

Objective:

is an open-endedequity growth scheme.

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


9

Nov-28-17 28.7004 0.85

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

Aug-28-15 24.388 1.60

Dividend History



Kotak Opportunities* Performance (%) as on 30th November, 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. 29 for other schemes managed byMr. Harsha Upadhyaya.

`




(%) ^ Additional

(%) `

` `

Since Inception 20.35 15.26 14.79 116,042 65,466 62,017

Last 1 Year 28.72 29.31 24.34

Last 3 Years 13.70 9.76 5.98

Last 5 Years 18.72 14.38 11.70


Kotak Opportunities - Growth

`



• Investment in portfolio of predominantly equity &equity related securities



Riskometer

M

oderately Moderate

Low

Hig

h

Low

High

LOW HIGH

Moderately

30 November, 2017th




HDFC Ltd. Finance 3.88%


Gujarat State Petronet Ltd. Gas 3.12%



ITC Ltd. Consumer Non Durables 2.73%


Max Financial Services Ltd. Finance 2.54%

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, and consumerdiscretionary.

• 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 cede market shareto more organized players and portfolio is well positioned in those sectors where there is a large portion ofunorganized players. The recent rate reduction of lots of items from 28% to 18% pose well for the unorganised toorganised theme.

• 2QFY18 earnings season has come as a breath of fresh air and rekindled hopes of earnings having troughed. Niftyearnings grew by 14%yoy in 2QFY18, highest in last 3 years. More importantly, the quality of earnings was betterthan the previous few quarters. Most of the sectors either met or exceeded expectations with very little downgrades.2HFY18 is expected to benefit from the low base of last year and normalization of supply chain post initial teethingissues pertaining to GST.

• In the IT and pharma sector we continue to have stock specific approach and continue to have UW stance on both thesectors.

• During the month we have increased allocations consumer goods and marginal reduction in media and financials.

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

Kotak Emerging Equity

Scheme Facts

Structure

Month end AUM* (as on 30th Nov 2017)

NAV (as on 2017)30th Nov

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Beta^

Sharpe^

An Open - Ended Equity Growth Scheme

Dividend 27.6840


Growth 40.5040


30th March 2007

S&P BSE

5000


14.62%

0.89

0.90

32.72%


^ as on , 2017. Source: ValueResearch.

`

`

` `

2,808.51 crs

`2,723.77 crs

Mid Small Cap


Portfolio Turnover

`

`

`

`

30th Nov

Market Cap. %

Load Structure

Large cap 11.43

Midcap 85.24

Small cap 0.00

Cash 3.33

As on 30th Nov, 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.

10

30 November, 2017th





Financial Services


Consumer Goods

Services

Pharma

Chemicals

Automobile

Construction


Media & Entertainment

20.57 18.56 2.01 21.03 -0.46

20.22 10.60 9.62 20.06 0.16

16.19 13.35 2.85 14.55 1.64

6.18 7.42 -1.24 6.83 -0.65

5.61 7.58 -1.97 4.72 0.89

5.54 3.43 2.11 5.24 0.30

4.72 6.61 -1.88 4.43 0.29

3.96 6.77 -2.81 4.18 -0.22

3.33 0.00 3.33 12.56 -9.24

2.67 2.09 0.58 3.88 -1.21

S&P BSE MidSmall Cap Index

Equity Market Brief







Kotak Emerging Equity

















`

`




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.


11

Kotak Emerging Equity*Performance (%) as on 201730th November,


^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. 29 for other schemes managed byMr. Pankaj Tibrewal.

`

30 November, 2017th

Since Inception 13.99 13.12 9.66 40,504 37,304 26,760

Last 1 Year 33.54 42.34 24.34

Last 3 Years 19.73 18.69 5.98

Last 5 Years 25.02 20.30 11.70

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 3.24%

Atul Ltd. Chemicals 2.94%

RBL Bank Ltd Banks 2.73%

The Ramco Cements Ltd Cement 2.64%

Solar Industries India Limited Chemicals 2.60%

Finolex Cables Ltd. Industrial Products 2.51%

Eveready Industries India Ltd. Consumer Non Durables 2.46%

Supreme Industries Limited Industrial Products 2.36%

Emami Ltd. Consumer Non Durables 2.32%

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

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, 2W space & 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 (above 20kmcap): midcap ratio remains at 70:30 in the fund.

• As on 30 Nov, 2017, almost 76% of the scheme portfolio comprised of government securities (central as well asstate). The remaining 24% was held in the form of corporate bonds and cash.

• During the past month, gilt yields saw a sharp sell-off. However, the tightening yield spreads between the benchmark10-yr and the longer (12/14/17 yr) gilts indicate that the markets are not in a bearish trend.

• We expect gilts and PSU bank perpetual bonds to fare the best on the risk-reward matrix in the near to mid-termfuture, and will construct our portfolio accordingly.

Debt

Kotak Balance30 November, 2017th

Scheme Facts

Structure

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Beta^

Sharpe^



2017

An Open- Ended Balanced Scheme

2,209.46 crs

2,188.14 crs

25 November 1999

Crisil Balanced Fund - Aggressive Index

5000


10.67%

1.12

0.39

30.72%

*Source: Value Research.


`

`

`

Dividend 17.0240


Growth 24.2760


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)

13


Equity Market Brief







16.69

15.71

13.58

7.03

5.92

4.88

4.60

4.25

4.22

3.04

20.08

Banks

Government Dated Securities

Debentures and Bonds

Auto

CBLO & Term Deposits & Rev.Repo

Finance

Consumer Non Durables

Cement

Industrial Products

Software

Others

Kotak Balance30 November, 2017th




















`

`

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.

14

Kotak Balance* Performance (%) as on , 201730th November


^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. 29 - 30 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

Nov-27-17 17.1870 0.14Oct-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

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 15.07 NA 11.62 125,677 NA 72,598

Last 1 Year 18.09 16.88 24.34

Last 3 Years 10.09 7.35 5.98

Last 5 Years 13.33 11.02 11.70

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 5.66%


U P Power Corporation Ltd ( Guaranteed

By UP State Government ) FITCH IND AA(SO) 3.75%


United Bank Of India CRISIL AA- 3.34%



Allahabad Bank FITCH IND A 2.38%



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 24.00%.

On the directional equity side, we have been running a conservative portfolio with a max exposure in mid cap stocksbeing 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 metals and Oil & Gas. The majorunderweight sectors are Cap Goods, Technology and Auto.

Over the past 1.5 years, the exposure to metals has been increased gradually whereas the underweight inTechnology 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, whenthe arbitrage opportunities provide better returns than the debt papers, we deploy more money into arbitragetrades.

The benefit is that in months when the arbitrage returns are sub optimal, we can deploy a lower amount in arbitrageand still maintain the ‘equity’ taxation status. Stocks like HDFC Bank, IDFC, Maruti, Reliance Industries, etc haveyielded 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 annualizedreturns were upwards of 14% in these trades. Recently, we have done merger arbitrage trades in Geometric-HCLTech and Cairn-Vedanta which have an expected return potential of more than 16% annualized. During thedivestment issue of CPSE ETF, we subscribed to the ETFs (at 5% discount) and shorted the futures of individualconstituents to bag more than 5% gain within a month. After one month, we exited this trade. So, a riskless profitof 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 atenure 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 intopapers with a residual maturity (or time to put option) of 2-3 years. A significant portion is also invested into ourown Liquid Fund. The benefit of investing in Liquid is that in case the arbitrage spreads expand, we can easily movethe money from liquid into arbitrage trades without worrying about the levels where the debt yields are quoting atthat point in time.

Kotak Equity Savings Fund

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


3.29%

0.94

0.66

143.69%


^as on 30th Nov, 2017. Source: ValueResearch.

`1,335.30

`

` `

` `

1,273.02 crs


Growth 13.1382

Quarterly Dividend 11.3156

Direct Quarterly Dividend 11.4178

Monthly Dividend 11.2866

Direct Monthly Dividend 11.5335

& 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.

30 November, 2017th

Equity Market Brief





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.

•


15

Kotak Equity Savings Fund30 November, 2017th

















`

`




To know more




Disclaimer



, 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.

16

Oct-13-17 11.2550 0.0518Oct-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 0.1500

Quaterly 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

ModeratelyKotak Equity Savings Fund * Performance (%) as on 30th November, 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. 29 - 30 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.


Nifty 50Arbitrage Index

25% Nifty 50

Since Inception 9.10 7.10 8.65 13,138 12,397 12,971

Last 1 Year 12.63 9.05 24.34

Last 3 Years 8.39 6.41 5.98

Portfolio Detail % of Net assets

Unhedged Position 24.88

Cash Futures Arbitrage 39.09

Debt Instruments* 32.69

Cash and Cash equivalent and Net Current Asset 3.34

Total 100.00

*Debt Instruments includes redeemable preference shares

THEMATIC FUND

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

30 November, 2017th

Scheme Facts

Structure

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Beta^

Sharpe^



2017


crs

crs



Standard Dividend 21.5780

Standard Growth 22.9640

27 February 2008

S&P BSE 100


14.80%

0.92

0.65

36.81%



`

`

`

`

439.69

439.76

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)

18

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 been articulated well inthe 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 areyet to see meaningful traction.

• We continue to remain significantly invested in the “flow” of infrastructure theme (i.e companies that benefit fromspending 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 largebeneficiaries with developers still reeling under regulatory uncertainties and/or large debt servicing.

• During the month, we added to our exposure to select capital goods, EPC companies focused on governmentspending.

Sector Allocation as on 30th Nov, 2017

Industrial Products 18.11

Gas 13.58

Cement 11.85

Industrial Capital Goods 10.02

Construction 8.13

Construction Project 6.09

Power 5.02

Chemicals 4.87

Transportation 4.40

Auto Ancillaries 3.86

Others 14.07

Equity Market Brief







Sector %

















`

`

* 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.

19

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

Kotak Infrastructure & Economic Reform Fund* (Div)Performance (%) as on 30th November, 2017

Date SchemeReturns ## of 10000 in the

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

S&P BSE Nifty 50 Current Value of Standard Investment

(%) ^ # (%) Additional

(%) `

` `

Since Inception 8.88 7.18 7.17 22,964 19,687 19,664

Last 1 Year 36.42 26.25 24.34

Last 3 Years 15.59 7.37 5.98

Last 5 Years 20.73 12.61 11.70

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



30 November, 2017th

Top 10 Holdings as on 30th Nov, 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. 29 for other schemes managed by Mr. Harish Krishnan.

Shree Cement Ltd. Cement 4.69%

Indraprastha Gas Ltd. Gas 4.64%

Bharat Earth Movers Ltd. Industrial Capital Goods 3.99%

National Thermal Power Corporation Limited Power 3.91%

Ultratech Cement Ltd. Cement 3.78%

Larsen And Toubro Ltd. Construction Project 3.74%

GAIL (India) Ltd. Gas 3.62%

Solar Industries India Limited Chemicals 3.35%

Container Corporation of India Ltd. Transportation 3.12%

Bharti Airtel Ltd. Telecom - Services 3.10%

DEBT FUND

7

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

30 November, 2017th

Scheme Facts

Structure

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

YTM

Portfolio Modified Duration


NAV (as on 30th Nov )

2017

2017

Average Maturity

An Open Ended Debt Scheme


Regular Dividend NA

Monthly Dividend Direct 1035.1879

Weekly Dividend Direct 1199.3433

Standard Growth 2077.5585

Standard Monthly Dividend 1019.8497

Standard Weekly Dividend 1014.7926

6th March, 2008

Crisil Liquid Fund Index

7.84%

0.90 years



`

` `

` `

6,143.17 crs

`5,812.94 crs

`

`

`

`

`

`



0.62%

1.06 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 December 2017.

21

Asset Allocation as on , 201730th Nov

Debentures and Bonds 83.63%

Commercial Paper (CP)/Certificate of Deposits (CD) 11.46%

CBLO & Term Deposits & Rev.Repo 4.05%

Net Current Assets 0.72%

Government Dated Securities 0.14%

Debt Market Outlook

• One of the most positive and prominent developments in November was the credit rating upgrade fromMoody’s.We expect the credit rating upgrade to have positive structural impact on various factors like interestrates; a positive impact is already being reflected in terms of a stable and appreciating rupee.

• Though the Q2 FY2017-18 GDP rate rebounded to 6.30%, market views regarding the earnings growth andgrowth rate of the economy continue to remain diverse. There is a general consensus that the reformsundertaken by the government (i.e. bank recap bonds, GST, etc.) should augur well for the economy, goingforward. We expect the government to continue to maintain its fiscal deficit around 3.2%.

• Though the bond yields have seen a sharp sell-off, the yield spread between 10-yr and 12/14/17 yr gilts havetightened considerably, therefore we believe the market is not in a bear trend.

• The yields are hardening for non-fundamental reasons; while they impact the past, they make the future brightin terms of prospective returns. Therefore we are taking the opportunity and making the best out of it. We shallre-strategize and reposition our portfolios as and when further clarity emerges from market developments.


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

Particulars 30 Nov 2017 31 Oct 2017

Avg. Maturity (in yrs) 1.06 1.14

Duration 0.90 0.97

Yield (in %) 7.84 7.92

Vedanta Ltd. CRISIL AA 6.53%

Bank Of Baroda(^) CARE AA 5.92%

AXIS Bank Ltd.(^) CRISIL AA+ 5.34%

Dewan Housing Finance Corporation Ltd.(^) CARE AAA 5.31%

S D Corporation Private Ltd. ( DSRA Guarantee from Shapoorji

Pallonji and Company Private Limited) CARE AA+(SO) 5.10%

K Raheja IT Park (Hyderabad) Ltd. ( Commercial

Mortgage-Backed Securities ) FITCH IND AAA(SO) 4.89%

Nirma Ltd.(^) CRISIL AA 4.82%

Manappuram Finance Ltd. ICRA AA- 4.15%

Karelides Traders Private Ltd. (backed byunconditional and irrevocable

undertaking byawhollyowned subsidiary of Piramal Enterprises Ltd) ICRA AA-(SO) 3.96%

Innovador Traders Pvt Ltd (backed by unconditional and irrevocable

undertaking by Piramal) ICRA AA-(SO) 3.50%

















`

`




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.


22

Kotak Low Duration Fund* Performance (%) as on , 201730th November


^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. 29 for top 3 and bottom 3 schemes managed by Mr. DeepakAgrawal.

`

Since Inception 7.79 7.59 6.47 20,776 20,402 18,416

Last 1 Year 7.08 6.62 5.67

Last 3 Years 8.68 7.51 7.23

Last 5 Years 8.49 8.14 7.21

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

Rating Profile as on 30th Nov, 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 Fund(formerly known as )“PineBridge India Short Term Fund”

30 November, 2017th


• 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

54.84

34.89

5.50

4.05

0.72

AA+, AA+(SO), AA, AA(SO), BWR AA,

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

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

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

A, BWR A(SO), IND A, A-


Net Current Assets

Kotak Income Opportunities30 November, 2017th

Scheme Facts

Structure

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

YTM



NAV (as on 2017)

2017

30th Nov

Launch Date

Average Maturity

An Open- Ended Debt Scheme

Weekly Dividend 9.9982

Weekly Dividend Direct 10.4236

Monthly Dividend 10.3347

Monthly Dividend Direct 10.5591


Quarterly Dividend Direct 10.1742

Annual Dividend 10.7304

Annual Dividend Direct 14.7457

Growth 18.7554


Crisil Short Term Bond Fund Index

5000/-

1.45%

8.74%

2.12 years


^ as on , 2017. Source: ValueResearch.

`

`

5,051.96 crs

`

` `

5,016.04 crs

`

`

`

`

`

`

`

`

`

`

11 May 2010


2.71 years

th


30th Nov

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


• 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 December 2017.

23

Asset Allocation as on 30th Nov, 2017




Debt Market Outlook








Duration 2.12 2.04

Yield (in %) 8.74 8.45

U P Power Corporation Ltd ( Guaranteed By UP State Government) FITCH IND AA(SO) 9.21%

Karelides Traders Private Ltd. ( backedbyunconditional and irrevocable

undertaking byawhollyownedsubsidiary of Piramal Enterprises Ltd ) ICRA AA-(SO) 4.72%

HDFC Ltd. CRISIL AAA 4.58%

Innovador Traders Pvt Ltd ( backedbyunconditional and irrevocable

undertaking by Piramal ) ICRA AA-(SO) 3.96%

HPCL Mittal Pipelines Ltd. ICRA AA 3.95%

HPCL Mittal Energy Ltd. ICRA AA 3.30%

Reliance Jio Infocomm Ltd.(^) CRISIL AAA 3.29%

Indiabulls Housing Finance Ltd. CARE AAA 3.14%

Punjab & Sind Bank ICRA A+ 2.87%

Tata Power Renewable Energy Ltd. (Guaranteed by Tata Power

Company Ltd) CARE AA(SO) 2.79%

30 November, 2017th

















`

`




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.


24


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

M

oderately Moderate

Low

Hig

h

Low

High

LOW HIGH

Moderately

64.14

17.86

13.64

2.85

1.00

0.51

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

INDBWR AA-

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

AAA

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

Net Current Assets

Unrated


Kotak Income Opportunities Fund - Growth *Performance (%) as on , 201730th November



`

Since Inception 8.67 8.31 6.79 18,755 18,288 16,430

Last 1 Year 6.06 5.94 5.67

Last 3 Years 8.90 8.44 7.23

Last 5 Years 9.04 8.78 7.21


Kotak Income Opportunities Fund - Growth


CRISIL 1Year T-Bill

Index## (%)

Crisil ShortTerm

Bond FundIndex # (%)

SchemeReturns(%) ^

Date

Scheme( )`

Benchmark# ( )`


Riskometer

Kotak Medium Term Fund30 November, 2017th

Scheme Facts

Structure

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

YTM




2017

Average Maturity



Quarterly Dividend Direct 10.6639

Annual Dividend 11.0006

Annual Dividend Direct 14.7358

Growth 14.1898


21st March, 2014

CRISIL Composite Bond Fund Index

8.66%

2.58 years



`

` `

` `

crs4,725.88

`4,723.13 crs

`

`

`

`

`

`



1.87%

3.31 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


• 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 December 2017.

25

Debt Market Outlook







Duration 2.58 2.51

Yield (in %) 8.66 8.43

U P Power Corporation Ltd (GuaranteedBy UP State Government) FITCH IND AA(SO) 8.52%Reliance Jio Infocomm Ltd. CRISIL AAA 6.89%PNB Housing Finance Ltd. CARE AAA 4.41%Nuvoco Vistas Corporation Ltd. (100%subsidiary of Nirma Ltd.) CRISIL AA 4.19%Punjab & Sind Bank ICRA A+ 3.94%Adani Infra (India) Limited. (Secured by shares of

AdaniPort,AdaniEnterprises&AdaniTransmissions) BRICKWORK BWR AA-(SO) 3.17%HPCL Mittal Energy Ltd. ICRA AA 3.14%Tata Power Company Ltd. CRISIL AA- 2.90%Piramal Finance Limited ICRA AA 2.86%Edelweiss Housing Finance Limited ICRA AA 2.80%

















`

`




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.


26

Kotak Medium Term Fund *Performance (%) as on , 201730th November



`


Kotak Medium Term Fund


CRISIL 10 YRGilt Index## (%)

CRISILCompositeBond FundIndex # (%)

SchemeReturns(%) ^

Date

Scheme( )`

Benchmark# ( )`


Kotak Medium Term Fund


• 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 9.92 10.44 9.45 14,190 14,440 13,967

Last 1 Year 5.97 3.85 -0.14

Last 3 Years 9.21 9.28 8.47


The scheme has been in existence for less than 5 years

30 November, 2017th

AA+, AA+(SO), AA, AA(SO), BWR AA,

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

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

60.22

24.32

10.47

2.55

1.22

1.07

0.15

AAA, AAA(SO), IND AAA, SOV

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

Net Current Assets

BBB-, CARE BBB+

Unrated


Kotak Bond Short Term30 November, 2017th

Scheme Facts

Structure

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

YTM


Average Maturity

Month end AUM* (as on 30th Nov 2017)



10,198.31 crs

10,515.51 crs

Dividend 10.1270


Half Yearly Dividend 11.6695

Half Yearly Dividend Direct 11.7857

Growth 31.9629


2nd May, 2002

Crisil Short - Term Bond Fund Index

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

Dividend) - 50,000& above


1.41%

7.36%

1.98 years

2.38 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 therefore are likely to maintain adequate mix of assets in the portfolio.

We intend to maintain the modified duration in the range of 1.80 – 2.20 in December 2017.






Debt Market Outlook







Duration 1.98 1.79

Yield (in %) 7.36 7.22

27

30 November, 2017th

















`

`




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

28

Kotak Bond Short Term

Kotak Bond Short Term* Performance (%) as on 30th November, 2017



`

Since Inception 7.74 7.26 5.97 31,963 29,842 24,704

Last 1 Year 5.05 5.94 5.67

Last 3 Years 7.94 8.44 7.23

Last 5 Years 8.29 8.78 7.21


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 30th Nov, 2017


Mahindra & Mahindra Financial Services Ltd. FITCH IND AAA 7.69%

Reliance Jio Infocomm Ltd. CRISIL AAA 7.51%

Power Finance Corporation Ltd. CRISIL AAA 7.33%

HDFC Ltd. CRISIL AAA 6.06%


ONGC Manglore Petrochemicals Ltd. FITCH IND AAA 5.75%

Nabha Power Ltd. ( backed by unconditional and

irrevocable guarantee by Larsen & Toubro Ltd ) ICRA AAA 4.86%

National Bank for Agriculture & Rural Development CRISIL AAA 4.77%

LIC Housing Finance Ltd. CRISIL AAA 4.73%

Reliance Industries Ltd. CRISIL AAA 4.63%

94.75

2.79

2.46

AAA, AAA(SO), IND AAA, SOV

Net Current Assets


29

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 (%)

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 Midcap - Growth (%) ^ 32.43 18.27 22.53 80,257 17.71 24-02-2005

Nifty Free Float Midcap 100 # (%) 33.46 17.05 19.56 66,996 16.06

Nifty 50 ## (%) 24.34 5.98 11.70 49,757 13.39

Kotak India Growth Fund - Series I - Growth (%) ^ 26.44 NA NA 13,372 11.96 06-05-2015

Nifty 200 # (%) 27.41 NA NA 13,330 11.82

Nifty 50 ## (%) 24.34 NA NA 12,630 9.50

Kotak 50 - Dividend (%) ^ 23.28 9.61 14.80 296,061 19.59 29-12-1998

Nifty 50 # (%) 24.34 5.98 11.70 117,190 13.88

S&P BSE SENSEX ## (%) 24.37 4.92 11.37 108,819 13.44

Kotak Banking ETF (%) ^ 36.64 NA NA 13,994 11.96 10-12-2014

Nifty Bank # (%) 35.99 NA NA 13,721 11.22

Nifty 50 ## (%) 24.34 NA NA 12,239 7.03

Kotak NV20 ETF (%) ^ 28.48 NA NA 13,967 18.18 01-12-2015

Nifty 50 Value 20 # (%) 26.52 NA NA 12,833 13.28

Nifty 50 ## (%) 24.34 NA NA 12,856 13.38

Kotak Nifty ETF (%) ^ 25.68 7.22 12.95 23,324 11.45 08-02-2010

Nifty 50 # (%) 24.34 5.98 11.70 21,483 10.28

S&P BSE SENSEX ## (%) 24.37 4.92 11.37 20,802 9.83

Kotak Equity Arbitrage Fund - Growth (%) ^ 5.84 6.74 7.66 24,351 7.58 29-09-2005

Nifty 50 Arbitrage Index # (%) 4.26 6.30 7.10 NA NA

Nifty 50 ## (%) 24.34 5.98 11.70 39,164 11.86

Kotak Asset Allocator Fund - Growth (%) ^ 12.59 9.31 14.56 75,135 16.35 09-08-2004

CRISIL Balanced Fund – Aggressive Index # (%) 16.88 7.35 11.02 46,632 12.26

S&P BSE SENSEX ## (%) 24.37 4.92 11.37 63,344 14.87

Kotak World Gold Fund - Growth (%) ^ -4.45 2.42 -9.98 8,472 -1.73 06-06-2008

Financial Times Gold Mines Total - Price # (%) 2.37 11.87 -8.76 8,170 -2.11

Nifty 50 ## (%) 24.34 5.98 11.70 22,098 8.71

Kotak Treasury Advantage Fund - Growth (%) ^ 6.71 7.92 8.44 27,218 7.82 13-08-2004

CRISIL Liquid Fund # (%) 6.62 7.51 8.14 24,978 7.12

CRISIL 1 Year TBill ## (%) 5.67 7.23 7.21 21,895 6.07

Kotak Floater - Short Term - Growth (%) ^ 6.68 7.66 8.28 27,807 7.36 14-07-2003



Kotak Corporate Bond Fund - Growth (%) ^ 6.65 9.03 8.60 22,376 8.22 21-09-2007

CRISIL Composite Bond Fund # (%) 3.85 9.28 9.07 21,786 7.93


Kotak Liquid - Regular Plan - Growth (%) ^ 6.63 7.58 8.22 27,520 7.45 04-11-2003



Kotak Banking and PSU Debt Fund - Growth (%) ^ 5.77 8.47 8.95 38,563 7.39 29-12-1998

CRISIL Short Term Bond Fund # (%) 5.94 8.44 8.78 NA NA


Kotak Flexi Debt - Regular Plan - Growth (%) ^ 4.19 9.25 9.35 22,026 8.65 26-05-2008

CRISIL Composite Bond Fund # (%) 3.85 9.28 9.07 20,858 8.03


30

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 (%) ^ 24.03 4.90 7.08 16,227 4.87 26-09-2007

MSCI Emerging Market index # (%) 22.34 4.96 5.73 15,434 4.35

Nifty 50 ## (%) 24.34 5.98 11.70 20,699 7.40

Kotak Monthly Income Plan - Growth (%) ^ 8.59 9.71 10.69 29,837 8.12 02-12-2003

CRISIL MIP Blended # (%) 6.76 8.91 9.60 30,089 8.18

CRISIL 10 Year Gilt ## (%) -0.14 8.47 7.53 21,363 5.57

KotakGold Fund-Growth (%) ^ -0.67 1.73 -3.52 12,294 3.13 25-03-2011

Priceof Gold# (%) 0.18 3.72 -1.83 13,913 5.06

CRISIL10YearGilt ## (%) -0.14 8.47 7.53 15,764 7.04

Kotak Gold ETF (%) ^ -0.95 2.57 -2.73 29,418 10.98 27-07-2007

Price of Gold # (%) 0.18 3.72 -1.83 33,253 12.31

CRISIL 10 Year Gilt ## (%) -0.14 8.47 7.53 19,855 6.85

Kotak Bond - Regular Plan - Growth (%) ^ -0.97 7.42 7.70 47,493 9.03 25-11-1999

CRISIL Composite Bond Fund # (%) 3.85 9.28 9.07 NA NA

CRISIL 10 Year Gilt ## (%) -0.14 8.47 7.53 NA NA

Kotak Gilt - Investment -Regular -Growth (%)^ -0.87 8.51 8.28 58,110 9.74 29-12-1998

I-SEC CompositeGilt Index# (%) 2.75 9.35 9.27 NA NA

CRISIL10 YearGilt ## (%) -0.14 8.47 7.53 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 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.

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.

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 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.

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.

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