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April 2017
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Table of Content Page No.
Review of Indian Market – FY17 3
Outlook FY18 4
Snapshot of Mutual Funds Industry 5
Category-wise Return of Mutual Funds 6
Top Recommended Mutual Funds 7-12
Recommended Mutual Funds – Category-wise 13-14
Fiscal year 2017 was a cherishing year for investors as the market reached an all time high in March 2017, backed by robust FII andDII flows. FII poured net Rs 50,206 crore into Indian equity market in FY17 compared to net outflow of Rs 17,579 crore in FY16. Anddomestic mutual funds pumped Rs 54,735 crore in the equity market, making them a significant contributor in the market besidesFII.
The Nifty 50 gained ~18.5% in FY17 against a decline of ~8.9% in FY16. Nifty Metal was the top gainer in the sector indices as themetal prices recovered in FY17 followed by Nifty PSU Banks and Nifty Commodity. Nifty IT and Nifty Pharma were the only indices inFY17 which ended in red because of US President Donald Trump’s stance on outsourcing of jobs.
During the fiscal year 2017, many unexpected events happened like Brexit outcome, Trump’s victory and demonetization, whichstunned the financial market. FY18 will be a significant year as Theresa May, the PM of UK, will trigger the Article 50 that will start theprocess of leaving the EU by April 2019. Trump’s emphasis on infrastructure spending, optimizing corporate tax and cutting personaltax rates has brought hopes that US economy will grow at a higher pace. However, whether he will be able fulfill his promises will beseen in FY18 as he was not able to repeal and replace Obamacare.
On the night of November 08, 2016 the nation was caught unaware by the unprecedented decision of the Narendra Modigovernment to demonetize Rs 500 and Rs 1,000 notes. It was a very significant decision as close to 86% of the money circulating inthe economy was in the denomination of Rs 500 and Rs 1000 notes. The decision hit the Real Estate, Cement, Automobiles andConsumer Goods while it bring cheers to Banks as it improved their CASA. However, demonetization did not drag down the economyas it was argument by some scholars.
3*figures and returns as on March 31, 2017. Note: Net FII flows as on March 30, 2017 and net MF flows as on March 30, 2017.
Review of Indian Market – FY17
7500770079008100830085008700890091009300
NIFTY 50108673
-17579
5020640714
6388954735
-40000
-20000
0
20000
40000
60000
80000
100000
120000
FY15 FY16 FY17
Net Flows in Equity Market
FIIs Net Flows in equity (Rs cr) Domestic MFs Net Flows in Equity (Rs cr)
Outlook – FY18
• Implementation of GST: GST is all set to be implemented from July 1, 2017 and will replace the currentcumbersome taxation system in India. As per some estimates, the GDP will rise by 2% after the implementation ofGST. With the implementation of GST, unorganized sector will come under the tax net and will lose the benefit ofnon-tax payments. Thus, the companies in the sector with a high market share of unorganized players will gainmore market share. In addition, sectors such as pharma, FMCG, consumer durables etc., which have a long supplychain spread across multiple states, will be able to save on the transportation cost. However, with theimplementation of GST, service tax is expected to go up from 14.5% which will impact hospitality, airlines, telecomand insurance in the short-term.
• Below Normal Monsoon and fear of El Nino: According to Skymet, India is expected to receive below normalmonsoon in 2017 because of strengthening of El Nino in Pacific Ocean which has brought the fear of possibledrought. India received normal monsoon in 2016 which revived the rural economy after two consecutive droughtsin 2014 and 2015. But historic data shows that occurrence of 3 drought in 4 years and the occurrence of El Ninowithin 2 years after a strong La Nina is very unlikely. In addition, monsoon in India also depends upon IndianOcean Dipole(IOD) which is positive and is expected to neutralize the impact of El Nino in India.
• Modi to speedup the reforms: The Modi government will increase the pace of reforms after BJP’s spectacularperformance in the latest five state elections with a behemoth victory in UP has boosting its confidence. Thepresence of BJP will rise in the Upper House which will support the government in passing bills. With the UPvictory, PM Narendra Modi has also strengthen his chance to win the 2019 election.
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The outlook for FY18 is positive considering strong macroeconomic indicators and the implementation of GST.However, there are some reports that India may receive below normal monsoon in 2017.
Type (Rs thousand cr) Feb-17 Feb-16
Change (yoy)
Hybrid Funds 209 132 58%
Debt Funds 1,119 813 38%
Equity Funds 543 342 59%
Commodity Funds 8 8 3%
Total 1,879 1,295 45%
5
Category (Rs thousand cr) Feb-17 Feb-16 Change
(yoy)
Income 388 260 49%
Diversified 369 245 50%
Liquid 350 279 26%
Ultra Short Term Plan 206 129 59%
Balanced Funds 139 80 74%
Fixed Maturity Plans 111 92 20%
ELSS 60 38 56%
The total AUM of mutual fund industry stood at ~Rs 18.8 lakhcrore in Feb 2017 as compared to ~Rs 13 lakh crore in Feb2016.
Balanced funds have also seen impressive growth of 74% asinvestors are getting aware of its tax benefits and moderaterisks. Ultra short term funds and Income funds have seensplendid growth in their AUMs in the last 1 year.
Equity mutual funds have given enormous returns in the last 1year, owing to the bounce back of equity markets in March2017 driven by extensive FIIs’ buying in the month. On anaverage, equity mutual funds have given returns of ~29% in thepast 1 year. Whereas, balanced funds have given a return of~20% in the last 1 year.
Gilt fund and long-term debt funds have given an averagereturn of ~11% in the last 1 year because of their high modifiedduration. But going forward, the high duration funds may notbe able to give high returns as the RBI has changed its policystance to neutral from accommodative and the bonds yieldhave also declined significantly. There is a high probability thatRBI will not cut the policy rates in 2017.
According to AMFI, mutual fund houses has added 67 lakhinvestor accounts in first 11 months of FY17 to total 5.4 croreaccounts which is already higher than the total accountaddition in FY16 i.e. 59 lakh accounts. In addition, the averageSIP size was ~Rs 3,100 per month per SIP account.
AUM (Type-wise)
AUM (Category-wise)
Snapshot of Mutual Fund Industry
Source: Ace MF
Source: Ace MF
6
Equity mutual funds category-wise returns
Category 1 M (%) 3 M (%) 6 M (%) 1 Y (%) 3 Y (%) 5 Y (%)Liquid funds 0.5 1.4 3.1 6.8 7.9 8.4
Ultra-short term funds 0.6 1.5 3.4 7.8 8.2 8.5
Short-term funds 0.7 1.2 3.2 8.8 9.0 8.9
Medium-term Funds 0.8 1.5 3.7 10.0 9.8 9.3
Long-term funds 1.0 0.4 2.7 9.9 9.8 8.9
Gilt Funds 1.3 0.3 3.2 11.9 11.3 9.7
MIP 1.4 3.2 3.5 12.7 11.6 10.3
Crisil Liquid Fund Index 0.6 1.6 3.3 7.1 8.0 8.4Crisil Composite Bond Fund Index 1.3 0.8 3.4 11.1 11.3 9.4
Debt mutual funds category-wise returns
Category-wise Return of Mutual Funds
Category 1 M (%) 3 M (%) 6 M (%) 1 Y (%) 3 Y (%) 5 Y (%)Equity-Oriented 3.0 9.8 5.9 20.3 16.8 15.2ELSS 4.4 14.7 7.4 25.5 19.9 17.4Large-cap 3.5 13.1 6.4 22.1 15.6 14.1Mid-cap 4.9 17.3 8.9 32.2 27.4 22.7Multi-cap 4.1 14.9 8.2 28.3 22.0 18.2Small-cap 5.9 16.0 10.9 34.6 31.8 26.0S&P BSE SENSEX 3.1 11.2 6.3 16.9 9.8 11.2S&P BSE Mid-Cap 4.0 17.2 7.1 32.7 25.8 17.3S&P BSE Small-Cap 5.4 19.8 12.9 36.9 26.8 16.8
Returns less than 1 year are absolute; Returns greater then 1 year are CAGR. Corpus as on: Feb 2016; Returns and Ratios as on March 31, 2017Source: ACE MF
Top Recommended Mutual Funds
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Scheme Name Fund Manager Corpus (Rs cr) 1 M (%) 6 M (%) 1 Y (%) 3 Y (%) 5 Y (%)
HDFC Prudence Fund(G) Prashant Jain 17,776 3.1 10.6 30.8 19.7 16.5
SBI BlueChip Fund-Reg(G) Sohini Andani 11,629 2.9 4.5 21.5 20.4 19.7
IIFL India Growth Fund-Reg(G) Prashasta Seth 345 1.0 5.1 33.0 0.0 0.0
Franklin India Smaller Cos Fund(G) R. Janakiraman 4,860 4.0 8.6 35.6 32.9 30.5
ICICI Pru Infrastructure Fund(G) Sankaran Naren 1,435 3.0 13.4 34.3 17.7 13.6
Returns less than 1 year are absolute; Returns greater then 1 year are CAGR. Corpus as on: Feb 2016; Returns and Ratios as on March 31, 2017Source: ACE MF
Fund Benchmark CRISIL Balanced Fund - Aggressive Index AUM (Rs cr) 17,776
Inception Date February 1, 1994 Exit Load NIL upto 15% of investment and 1% in excess of 15% of investment on or before 1Y, NIL after 1Y
Fund Manager Prashant Jain Expense Ratio 2.26%
Fund Basic Details
Top 5 Stocks % Asset SBI 6.7Larsen & Toubro 6.5ICICI Bank 6.4Infosys 5.9Tata Steel 3.3
Top Holdings
Portfolio Characteristics
Particulars Fund
PE Ratio 23.1
PB Ratio 3.1
No of Stocks 95
HDFC Prudence Fund is a balanced equity-oriented fund, which has invested~74% in equity (~49% in large-cap stocks and ~25% in mid-cap and small-capstocks) and ~24% in debt instrument.
Fund manager Prashant Jain, is the CIO of HDFC AMC and manages three equityfunds. On an average his funds have given ~32% and ~18% CAGR returns in 1year and 3 years respectively.
From 2016, the fund is giving 1% dividend yield on a monthly basis. In last 15years, its average annual dividend yield is ~12%.
In last 5 years, the fund has outperformed its benchmark on yearly basis for~60% of the weeks.
SIP Details - Invested Rs 5000 Every MonthReturns
0%
10%
20%
30%
1 Year 3 Years 5 YearsFundCRISIL Balanced Fund - Aggressive IndexS&P BSE SENSEX
49%
14%
11%
24%
2%
Large Cap Mid Cap Small Cap Debt Cash
8
HDFC Prudence Fund
Asset Allocation
Period Total Investment (Rs) Scheme (Rs)
1 year 60,000 68,699
3 years 1,80,000 225,454
5 years 3,00,000 471,649
10 years 6,00,000 1,404,744
Returns less than 1 year are absolute; Returns greater then 1 year are CAGR.Portfolio as on: Feb 2016; Returns and Ratios as on March 31, 2017Source: ACE MF
Fund Benchmark S&P BSE 100 AUM (Rs cr) 11,629
Inception Date January 20, 2006 Exit Load 1% on or before 1Y, Nil after 1Y
Fund Manager Sohini Andani Expense Ratio 1.98%
Fund Basic Details
Top 5 Stocks % Asset HDFC Bank 6.7Infosys 3.6Larsen & Toubro 3.4Nestle 3.3Reliance Industries 3.2
Top Holdings
Portfolio Characteristics
SBI BlueChip Fund is a large-cap equity fund, which has invested ~69% of itsAUM in large-cap stocks to generate stable returns while ~16% in debtinstruments to cap the downward risk.
Fund manager Sohini Andani manages three equity funds. On an average herfunds have given ~31% and ~24% CAGR returns in 1 year and 3 yearsrespectively.
In last 5 years, the fund has outperformed its benchmark on yearly basis for~93% of the weeks.
SIP Details - Invested Rs 5000 Every MonthReturns
0%
5%
10%
15%
20%
25%
1 Year 3 Years 5 Years
Fund S&P BSE 100 S&P BSE SENSEX
9
SBI BlueChip Fund
Asset Allocation
Period Total Investment (Rs) Scheme (Rs)
1 year 60,000 66,073
3 years 1,80,000 224,062
5 years 3,00,000 480,591
10 years 6,00,000 1,315,313
Particulars FundBeta 0.92PE Ratio 28.3PB Ratio 5.2No of Stocks 50
69%
15%
16%
Large Cap Mid Cap Debt & Cash
Returns less than 1 year are absolute; Returns greater then 1 year are CAGR.Portfolio as on: Feb 2016; Returns and Ratios as on March 31, 2017Source: ACE MF
Fund Benchmark NIFTY 50 AUM (Rs cr) 345
Inception Date October 30, 2014 Exit Load Nil
Fund Manager Prashasta Seth Expense Ratio 1.95%
Fund Basic Details
Top 5 Stocks % Asset Kotak Mahindra Bank 6.6Sun Pharma Inds. 6.6HCL Tech. 6.1Castrol India 6.0Power Grid Corpn. 5.5
Top Holdings
Portfolio Characteristics
Particulars FundBeta 1.05PE Ratio 29.3PB Ratio 6.4
No of Stocks 19
IIFL India Growth fund is a multi-cap equity mutual fund, which has invested 90%of its AUM in equity, particularly in large-cap companies for capital appreciationwhile ~10% is invested in debt instruments to cap the downside risk.
The scheme invests in 20-25 high conviction stocks rather than typical 50-70stocks in a mutual funds portfolio. This philosophy has generated significantalpha.
It has no exit load and lowest expense ratio in equity mutual funds, ensuringliquidity and flexibility, and higher returns to investors.
Since its inception, the fund has outperformed its benchmark on yearly basis for~99% of the weeks.
SIP Details - Invested Rs 5000 Every MonthReturns
0%
10%
20%
30%
40%
1 Year
Fund NIFTY 50 S&P BSE SENSEX
10
IIFL India Growth Fund
Market Cap Allocation
Period Total Investment (Rs) Scheme (Rs)
1 year 60,000 67,648
3 years NA NA
5 years NA NA
64%
26%
1%9%
Large Cap Mid Cap Small Cap Debt & Cash
Returns less than 1 year are absolute; Returns greater then 1 year are CAGR.Portfolio as on: Feb 2016; Returns and Ratios as on March 31, 2017Source: ACE MF
Fund Benchmark Nifty Free Float Midcap 100 AUM (Rs cr) 4,860
Inception Date January 13, 2006 Exit Load 1% on or before 1Y, Nil after 1Y
Fund Manager R. Janakiraman, Hari Shyamsunder Expense Ratio 2.30%
Fund Basic Details
Top 5 Stocks % Asset Finolex Cables 3.7Equitas Holdings 3.2HealthcareGlobal 2.8Yes Bank 2.5GMDC 2.3
Top Holdings
Portfolio Characteristics
Particulars FundBeta 0.85PE Ratio 28.6PB Ratio 4.4
No of Stocks 72
Franklin India Small Cos Fund is a small-cap equity fund, which has invested~80% in mid-cap and small-cap companies, ~11% in large-cap companies and~9% in debt instruments. It has a very well diversified portfolio of 72 stocks.
Fund manager R. Janakiraman manages four equity funds. His funds have givenan average CAGR returns of ~28% and ~25.6% in 1 year and 3 years respectively,best in their respective category.
In last 5 years, the fund has outperformed its benchmark on yearly basis for~97% of the weeks.
SIP Details - Invested Rs 5000 Every MonthReturns
0%
10%
20%
30%
40%
1 Year 3 Years 5 Years
Fund NIFTY 50 S&P BSE SENSEX
11%
40%40%
9%
Large Cap Mid Cap Small Cap Debt & Cash
11
Franklin India Smaller Cos Fund
Market Cap Allocation
Period Total Investment (Rs) Scheme (Rs)
1 year 60,000 70,002
3 years 1,80,000 255,058
5 years 3,00,000 648,258
10 years 6,00,000 2,072,402
Returns less than 1 year are absolute; Returns greater then 1 year are CAGR.Portfolio as on: Feb 2016; Returns and Ratios as on March 31, 2017Source: ACE MF
Fund Benchmark Nifty Infra AUM (Rs cr) 1,435
Inception Date August 2005 Exit Load 1% on or before 1Y, Nil after 1Y
Fund Manager Sankaran Naren, Atul Patel Expense Ratio 2.43%
Fund Basic Details
Top 5 Stocks % Asset
Bharti Airtel 8.2Power Grid Corpn. 6.0ICICI Bank 4.9Coal India 4.5Tata Power 4.5
Top Holdings
Portfolio Characteristics
Particulars FundBeta 0.84PE Ratio 24.3PB Ratio 2.6
No of Stocks 40
ICICI Prudential Infrastructure Fund is an infrastructure fund, which has invested~45% of its AUM in large-cap stocks while ~45% in mid-cap and small-cap stocks.
Fund manager Sankaran Naren, is the CIO of ICICI Pru AMC and manages fiveequity funds. On an average his funds have given ~30% and ~18% CAGR returnsin 1 year and 3 years respectively.
On the back of significant government spending on infrastructure, particularly onpower sector, this fund is expected to outperform the market since it hasinvested ~27% of its AUM in Energy sector followed by Construction (~17.8%)and Services (~10.2%).
In last 5 years, the fund has outperformed its benchmark on yearly basis for~88% of the weeks.
SIP Details - Invested Rs 5000 Every MonthReturns
0%
10%
20%
30%
40%
1 Year 3 Years 5 Years
Fund NIFTY INFRA S&P BSE SENSEX
45%
26%
19%
10%
Large Cap Mid Cap Small Cap Debt & Cash
12
ICICI Prudential Infrastructure Fund
Market Cap Allocation
Period Total Investment (Rs) Scheme (Rs)
1 year 60,000 70,082
3 years 1,80,000 218,074
5 years 3,00,000 446,120
10 years 6,00,000 1,017,477
Returns less than 1 year are absolute; Returns greater then 1 year are CAGR.Portfolio as on: Feb 2016; Returns and Ratios as on March 31, 2017Source: ACE MF
Recommended Mutual Funds – Category-wise
13
Scheme Name Fund Manager Corpus (Rs cr) 1 M (%) 6 M (%) 1 Y (%) 3 Y (%) 5 Y (%)
Balanced Fund
HDFC Prudence Fund(G) Prashant Jain 17,776 4.0 10.2 29.5 19.9 16.3
ICICI Pru Balanced Fund(G) Sankaran Naren 7,413 2.1 8.8 27.7 19.9 18.6
Large Cap
Reliance Growth Fund(G) Sunil Singhania 5,955 3.7 7.0 33.0 23.9 17.4
SBI BlueChip Fund-Reg(G) Sohini Andani 11,629 3.8 4.5 20.2 20.6 19.5
Multi-Cap
Birla SL Equity Fund(G) Anil Shah 4,214 3.4 7.4 35.0 25.1 21.5
IIFL India Growth Fund-Reg(G) Prashasta Seth 345 1.1 4.0 30.5 0.0 0.0
Mid-Cap
UTI Mid Cap Fund(G) Lalit Nambiar 3,646 4.3 3.8 26.0 28.6 25.6
SBI Magnum MidCap Fund-Reg(G) Sohini Andani 3,376 4.0 5.4 27.6 28.5 27.7
Small-Cap
Franklin India Smaller Cos Fund(G) R. Janakiraman 4,860 6.0 9.3 35.3 33.5 30.4
Reliance Small Cap Fund(G) Sunil Singhania 3,038 6.6 16.4 42.2 37.1 30.5
Returns less than 1 year are absolute; Returns greater then 1 year are CAGR. Corpus as on: Feb 2016; Returns and Ratios as on March 31, 2017Source: ACE MF
Recommended Mutual Funds – Category-wise
14
Scheme Name Fund Manager Corpus (Rs cr) 1 M (%) 6 M (%) 1 Y (%) 3 Y (%) 5 Y (%)
ELSS
Birla SL Tax Relief '96(G) Mahesh Patil 2,780 6.4 7.0 23.2 23.5 20.7
Reliance Tax Saver (ELSS) Fund(G) Ashwani Kumar 6,916 3.7 10.4 28.4 24.2 20.8
Debt Mutual Funds
HDFC Medium Term Opportunities Fund(G) Anupam Joshi 9,872 0.5 3.7 9.8 9.7 9.6
HDFC Short Term Opportunities Fund(G) Anil Bamboli 9,974 0.5 3.8 8.9 9.2 9.2
Reliance STF(G) Prashant Pimple 17,184 0.5 3.4 9.0 9.3 9.2
Reliance Money Manager Fund(G) Amit Tripathi 16,963 0.6 3.6 8.1 8.5 8.9
Returns less than 1 year are absolute; Returns greater then 1 year are CAGR. Corpus as on: Feb 2016; Returns and Ratios as on March 31, 2017Source: ACE MF
Disclosure
• Mutual Fund investments are subject to market risks, read all scheme related documents carefully.• Nothing in this document constitutes investment, legal, accounting or tax advice or a representation that any investment or strategy is suitable or appropriate to the investor's specific
circumstances. The details included are based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed.
• Investors should consult their financial advisers if in doubt about whether the product is suitable for them. The fund may or may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs. This document may not be taken in substitution for the exercise of independent judgment by any investor. The investor should independently evaluate the investment risks.
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• The aimed returns mentioned anywhere in this document are purely indicative and are not promised or guaranteed in any manner. Returns are dependent on prevalent market factors, liquidity and credit conditions. Instrument returns depicted are in the current context and may be significantly different in the future.
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