MMR - Wealth - March 2016

For privileged circulation only

Issue 7 | Volume 10

ContentsThe First Page 1

Macro Developments 2

Fixed Income 3

Equity Markets 6

Commodities 9

Currency Markets 10

Core Schemes 11

Satellite Schemes 15

Scheme Recommendations 16

Model Portfolio 27

Riskometer 29

(Monthly Market Review)

`

March

Dear Investor,

The Union Budget was a pragmatic one with the much needed thrust towards rural and infrastructure sectors, which needed support in the backdrop of the slowdown witnessed in these sectors. The government committed close to Rs. 88,000 crores for the rural sector in the Union Budget with an ambitious plan to double the income of farmers in 5 years. Some of the other key announcements include a higher outlay for irrigation, substantial jump in fund allocation to Gram Panchayats for transformation of villages, 100per cent electrification of villages by May 2018, higher outlay to MGNREGA and increased agriculture credit and interest subvention. There was also importance given to infrastructure sector, with a higher outlay committed for roads and highways, on the back of an increased outlay in the railway budget. This has come at a time when private sector capex has been quite subdued.

The government also maintained credibility by adhering to its fiscal deficit target of 3.5 per cent for FY17 The market had earlier expected the government to defer the fiscal consolidation plan by a bit, to provide for increased expenditure as a result of the 7th pay commission and OROP. This fiscal prudence has provided comfort to the bond markets with bond yields softening post the announcement. It also sets the stage for a possible rate cut by the RBI in the near future, as adherence to fiscal consolidation plan was one of the key guidance factors for further monetary easing by the central bank. Consumer inflation print for the month of January has come below expectations at 5.18 per cent YoY for the month of January 2016, thereby increasing the odds of a rate cut. The net market borrowing announced by the government in the budget came in below expectations at Rs. 4.25 lakh crores for FY17, compared to Rs. 4.4 lakh crores in FY16. This has also provided support to the bond markets and helped to allay some of supply-side concerns to some extent.

The budget did not provide much for the corporate sector, which has been suffering from earnings contraction and downgrades over the past few years. Although it lowered the tax rates for some smaller companies and new manufacturing companies, it did not lower the corporate tax rate—as was expected by the market. One positive factor was that the government did not hike the service tax rate, which was broadly being expected to be increased to 16per cent in this budget. However, the dampener was the levy of a dividend distribution tax of 10per cent for dividend income in excess of Rs. 10 lakhs. Besides that, surcharge was raised from 12 per cent to 15 per cent on individuals having income greater than Rs. 1 crore. Also, the government introduced a Krishi Kalyan Cess, @ 0.5per cent on all taxable services, w.e.f. 1 June 2016. Another drawback was the recapitalization plan of only Rs. 25,000 crores announced for the troubled PSU banking sector, which was below market expectations of a Rs. 30,000-35,000 crores.

Going forward, the focus will shift again to corporate earnings and the global scenario, and markets will draw cues from that. Corporate earnings are expected to pick-up more meaningfully in FY17 and the markets may start to move in anticipation if earnings recover along expected lines. On the global front, major central banks continue to be in accommodative mode to help support the global economy, which is witnessing some downside risks presently. The European Central Bank recently expanded its monetary stimulus and also cut interest rates, and the Bank of Japan kept monetary policy steady after a surprise move of adopting negative interest rate policy in January. As expected, the US Fed kept rates unchanged, and expectations of further rate hikes have been tempered down to 1-2 hikes, compared to 3-4 hikes expected at the start of this calendar year.

In a nutshell, the performance of the Indian markets will be dependent on global risk appetite, sentiment, flows and how global economic growth shapes up during the course of the year.

Bhavesh SanghviExecutive Vice President & Head Wealth Management & Channels

The First Page

1

Macro Developmentsalarmingly increasing refugee crisis in EU is becoming a cause of concern for both european and global markets. As a part of the measures taken to stimulate its economy, ECB (European Central Bank) has started its quantitative easing program by buying 60 billion euros of assets on a monthly basis and in the month of December, it has extended the QE period till March 2017. But in the latest announcement by the ECB in March 2016, this QE program has been increased to 80 billion euros which would start in April 2016. ECB also has reduced its deposit rates from -0.2 per cent to -0.3 per cent recently in Decmber 2015. But again it has been further reduced to -0.4 per cent. Also to boost credit to private sector, ECB had announced to conduct four new funding-for-lending operations starting from June 2016. In its recent statement, Mr. Mario Draghi, the bank’s president, has mentioned that the risks to the EU’s growth outlook were “tilted to the downside” because of heightened uncertainties in the world economy. In-line with this statement, the ECBs outlook for real GDP growth has been revised slightly down to 1.4 per cent compared to December 2015 projections of 1.7 per cent. Also on the inflation front, ECBs projections of inflation for 2016 stands at 0.1 per cent which is slightly revised downwards compared to December 2015 projections. These downward projections signifies that EU along with other economies of the world remains to be impacted by weak domestic and global economic growth.

Japan's economy continues to be on a moderate recovery trend. Bank Of Japan (BoJ) in its monetary policy meeting in March 2016,has held interest rates at minus 0.1 per cent. BoJ is still grappling with the shock wave that it has sent across the world due to its unprecedented landmark decision of entering into negative interest rate zone that was announced in January 2015. This decision has actually worked against BoJ, as the decision led to financial trade unions scrapping their wage demands which is counter productive for boosting inflation – which is very much required for Japanese economy at this juncture. Higher wages are the fuel the BoJ needs for higher consumption and higher inflation. Chinese economy continues to be struggling as its industrial output has further slowed down and also exports fell 25.4 per cent in February 2016 compared to 11.2 per cent fall recorded in January 2016. With the fall in exports and excess output from factories and industries and China’s plans to close down many factories might add to the already existing strikes and labour protests. As China’s economy started slowing down after tight more than two decades of extraordinary growth, strikes and labor protests have already erupted across the country. Factories, mines and other businesses are withholding wages and benefits, laying off staff or shutting down altogether. This had further added to the problems in the Chinese economy. Amidst the global economic slowdown, global investors are closely watching the developments in the Indian economy. Domestic issues like growing NPAs in banks, tight rope walk for the government on fiscal consolidation, disappointing corporate earnings, seems to be the dampeners for the economic growth. But with announcements in the Union Budget 2016-17 aiming at fiscal prudence and economic growth and supportive stance by the RBI, we can expect a sooner than expected economic recovery in India.

Asia:

2

All eyes would be on the month of March 2016 as central banks of most of the major economies in the world are scheduled to have their respective monetary policy meetings this month. Due to the existing global turbulences, the outcome of these meetings would be closely watched by the investors world-wide. European Central Bank (ECB) in its recent statement has raised the tempo of its QE (Quantitative Easing) to 80 billion euros per month effective from April 2016. It was at 60 billion euros (per month) when it has started this QE almost a year back to stimulate the euro area’s struggling economy. US has hiked its interest rates in the month of December, 2015 while signalling at further rate hikes based on the progress of its economy in the coming months. US economy is believed to be on the growth path and so markets are eagerly awaiting the outcome of the US fed meeting this month. Bank of Japan (BoJ) in its monetary policy meeting this month has kept the key rates unchanged. In a shocking event in the month of January 2016, BoJ has entered into a negative interest rate regime to spur growth which was not readily accepted by the global markets. Thus March 2016 would be under scanner for investors world-wide as the outcome of these monetary policy meetings of major economies might have major impact on the global markets.

With the rate hike announcement by the US Fed in the month of December 2015, it had set the most awaited rate hike trend for the US economy. This decision had a major impact on the global markets and also resulted in the strengthening of US dollar versus major currencies globally. During this historic announcement, US Fed had hinted at future rate hikes based on consistent growth the US economy in the coming months. Some of the major factors considered to track US economic growth are the Inflation, unemployment rate, consumer spending, etc. The current unemployment in the US stands at 4.9 per cent in February 2016, unchanged from the January rate but was at 5 per cent in the earlier months. Also the Initial claims for state unemployment benefits declined 18,000 to a seasonally adjusted 259,000 for the week ended March 5, 2016 and as per the Labour Department announcement; this is the lowest reading since mid-October 2015. On the inflation aspect, US Fed policy makers have been closely watching oil price movements which have significant impact on the inflation in the US economy. With global oil prices inching up in the last few weeks, inflation moving back toward fed’s 2-percent target rate seems to be possible as the input costs would move up. Added to this, there seems to be an upward trend on the consumption front. As per the “Personal Income and Outlays” report for January 2016 released by the Bureau of Economic Analysis on in the last week of February 2016, PCE Price Index in the United States increased to 109.96 Index Points in January 2016 from 109.73 Index Points in December of 2015. As these factors which might influence US fed’s rake hike decision augurs well for a possible rate hike, US fed policy meeting scheduled this month would be closely watched by the investors world wide.

Developments in the euro zone are quickly taking toll on the global markets. Eurozone has been struggling under sinking economy and fears of deflation setting in. Adding to these,

US:

Eurozone:

progress closer to the date. Japanese 10 year bonds turned negative after Bank of Japan announced it is open towards negative interest rates and will keep them low to boost growth. Emerging market bonds rallied as they saw some flows after a sell off in the previous month.

In the Union Budget, lot of emphasis and focus was on the rural economy and agriculture, with the sector under trouble after two consecutive years of drought. The government committed more than Rs. 87,000 crores for the rural sector. There was also importance given to infrastructure sector, with a higher outlay committed for roads and highways, on the back of an increased outlay in the railway budget. This has come at a time when private sector capex has been quite subdued. However, the overall capital expenditure is budgeted to grow by around 4 per cent YoY and revenue expenditure is budgeted to grow at 12 per cent YoY in FY17.

The government is going to adhere to its fiscal deficit target of 3.5 per cent for FY17, and also said that it will achieve 3.9 per cent target for FY16. The market had earlier expected the government to defer the fiscal consolidation plan by a bit, to

Fixed Income - India

Fixed income markets remained one of the best performing asset class in Feb as investors rushed into bonds after a rout in equities and commodities hit returns. US 10 year treasuries rallied almost 20bps to touch 1.74 per cent levels after investors rushed into safe haven assets as volatility rose. Economic data continues to remain mixed and that has led to volatile moves in the bond market as well along with being guided by divergent monetary policies across the globe. Bond market participants expect no more rate hike or maybe one more hike by end of the year as against the Fed dots expectations of 4 rate hikes this year. US economy however remains the most strongest among the developed markets and this should see inflows into US equities along with inflows into bonds whenever there is a risk off situation. On the other hand European bonds rallied after ECB gave signals that it may cut interest rates more and boost the QE to bring growth and inflation back. German 10 year bunds is back to levels seen before 15 months while its 1-3 year bunds are trading at negative levels. The peripherals like Spain, Italy etc also rallied on the same even though some risks remain in EU as Britan has announced a referendum on whether to be a part of the EU or not, this may weigh on trader’s mind as we

Fixed Income

3

Source: Thomson Reuters

Fixed Income - Global

US 1.74 1.78 1.93 2.03 2.31UK 1.34 1.44 1.56 1.67 1.99Japan -0.06 0.05 0.11 0.23 0.27Spain 1.53 1.76 1.51 1.75 1.78Germany 0.11 0.26 0.34 0.47 0.63France 0.47 0.65 0.65 0.87 1.00Italy 1.41 1.63 1.42 1.56 1.60Brazil 15.94 16.09 16.00 16.35 16.49China 2.91 2.87 2.91 2.79 2.84India 7.63 7.78 7.78 7.81 7.75

Date/Countries

10 Year Benchmark Yields [%]

29-Feb-16 16-Feb-16 29-Jan-16 15-Jan-16 30-Dec-15

0.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00

01/O

ct/1

2

01/D

ec/1

2

01/F

eb/1

3

01/A

pr/1

3

01/J

un/1

3

01/A

ug/1

3

01/O

ct/1

3

01/D

ec/1

3

01/F

eb/1

4

01/A

pr/1

4

01/J

un/1

4

01/A

ug/1

4

01/O

ct/1

4

01/D

ec/1

4

01/F

eb/1

5

01/A

pr/1

5

01/J

un/1

5

01/A

ug/1

5

01/O

ct/1

5

01/D

ec/1

5

01/F

eb/1

6

Source: CMIE

Open Market Operations (Bn Rs.)

Sale Purchase


IIP & Core Sector Growth

Core Sector Growth [%] IIP Growth (%)

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

12.00

Jul-1

4

Aug-

14

Sep-

14

Oct

-14

Nov

-14

Dec

-14

Jan-

16

Jan-

15

Feb-

15

Mar

-15

Apr-

15

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct

-15

Nov

-15

Dec

-15

-6.00

CP Rates CD Rates

Source: CMIE

7.00

7.50

8.00

8.50

9.00

9.50

23-M

ar-1

5

13-A

pr-1

5

4-M

ay-1

5

25-M

ay-1

5

15-J

un-1

5

6-Ju

l-15

27-J

ul-1

5

17-A

ug-1

5

7-Se

p-15

28-S

ep-1

5

19-O

ct-1

5

9-N

ov-1

5

30-N

ov-1

5

21-D

ec-1

5

11-J

an-1

6

1-Fe

b-16

22-F

eb-1

6

provide for increased expenditure as a result of the 7th pay commission and OROP. However, the government has been able to stick to the target by keeping a control on total expenditure, which is budgeted to grow around 10.8 per cent YoY in FY17. It also sets the stage for a possible rate cut by the RBI in the near future, as adherence to fiscal consolidation plan was one of the key guidance factors for further monetary easing by the central bank. Total revenue growth for FY17 budgeted at 15.5 per cent YoY vs. 8.4 per cent in FY16 which is helped by stronger non-tax revenue growth and divestment proceeds (under non-debt capital receipts). Under Non Tax Revenue, Telecom spectrum auction proceeds budgeted at around Rs. 99,000 Crs in FY17, which is quite optimistic. The government has budgeted for a divestment target of Rs. 36,000 crores and a strategic disinvestment of Rs. 20,500 crores for FY17. However, its track record on divestments has not been too good, with the government missing its divestment target for six consecutive years. The budget was a pragmatic one comes in the midst of a challenging global environment. Hopefully, it will help the Indian economy to continue on the path of growth, and standout on a relative basis, when compared to some of our troubled emerging market peers. Going forward, the focus for markets should again shift to the global scenario and to corporate earnings.

The Index of Industrial Production witnessed a contraction for the third straight month in January-16. The IIP contracted by 1.5 per cent in Jan compared to 1.2 per cent contraction seen in December and 2.8 per cent growth seen a year ago demonstrating a drag on industrial recovery. The industrial output slumped mainly due to the subdued growth in the manufacturing and capital goods sectors. Manufacturing de-grew at 2.84per cent compared to 2.18 per cent contraction seen in the previous month. Mining and electricity grew at 1.2 per cent and 6.6 per cent respectively. Under the use based classification, capital goods production fell sharply to 20.4 per cent due to poor investment demand and weak capex data, and consumer non-durables output fell 3.1 per cent due to weak rural demand in the last two years caused by poor monsoons. We believe that IIP will show gradual improvement going ahead due to prominent focus given in the budget for infrastructure, rural economy & banking sector.

Consumer Price Index led inflation eased to a four month low to 5.18 per cent in February from 5.69 per cent a month ago increasing the chances of a rate cut. Food & beverages index which has 45.86 per cent weightage in the overall index fell to 5.52 per cent against 6.66 per cent in the previous month. On a Y-o-Y basis, the food inflation fell mainly due to fall in vegetables prices from 6.39 per cent in January to 0.7 per cent in

Fixed Income

4

February. The prices of pulses also fell for the month but still continue to remain at elevated levels. Compared to last month, the rural inflation and urban inflation have fallen to 5.97 per cent and 4.30 per cent from 6.48 per cent and 4.81 per cent respectively. The gap between rural and urban areas remained same as seen in the previous month. Service inflation (miscellaneous) continued to rise at 4.38 per cent, highest since Aug-2014, against 3.95 per cent seen in January and curbing the same may be crucial to achieve Mar-2017 CPI target of 5 per cent. Due to the accelaration seen in service inflation, Core CPI rose to 4.97 per cent vs 4.75 per cent in Jan. In separate data, Wholesale price index fell for 16th consectutive month on account of low crude oil prices and fall in vegetable prices. Retail inflation came in below the RBI’s target level of 6 per cent and is expected to trend lower given that India will receive normal seasonal rainfall and implementation of the Seventh Pay Commission may not have much impact on the same.

FIIs were the net sellers in both debt and equity markets in the month of February to the tune of Rs. 16,312 Crs. due to global economic slowdown led by Chinese economy. They pulled out Rs. 7,987 Crs from Indian equities due to fall in global crude oil prices and weak corporate earnings in India Inc. FII sold debt to the tune of Rs.8,324 Crs. in February, out of which Rs. 7,364 Crs. was pulled out in the week leading to the Union Budget, resulting in high benchmark yields and rupee weakening. Liquidity conditions generally tighten towards the last quarter of the financial year due to slowdown in government expenditure, advance tax outflows by corporates and fiscal year closing by banks. RBI has been active in liquidity management and average net daily liquidity injection has increased from Rs. 153 billion in Q3 FY16 to Rs. 268 billion in the Jan-Feb period. RBI purchased government bonds on March 10, 2016 through open market operations to infuse Rs.15,000 Crores into the system.

Source: CMIE

April-JanSector-WiseMining 2.13 1.46 14.16%Manufacturing 2.46 1.97 0.86 3.67 75.53%Electricity 4.69 9.35 5.69 4.73 8.78 10.32%Use based classification 100.00%Basic goods 3.26 7.67 1.59 2.80 5.77 45.68%Capital goods 5.80 8.83%Intermediate goods 2.01 1.63 3.22 1.79 15.69%Consumer goods 3.52 2.68 5.30 29.81%Consumer durables 11.60 3.24 3.76 8.46%Consumer non-durables 2.07 5.61 2.20 6.61 21.35%IIP 2.67 2.64 0.14 0.93 3.43 100.00%

(1.03) (1.78) (2.51)(0.38)

(0.58) (0.77) (9.40) (2.89)(0.84)

(4.62) (2.62)(14.27) (12.50)

(1.17)

IIP- Sector Wise Growth Rate (%)2015-16 2014-15 2013-14 2012-13 2011-12 Weight

This is the forth such high OMO purchase in this year in order to provide flexibility to the banking system in its liquidity management. Liquidity has been quite tight in the system and this has put upward pressure on bond yields. Short-term interest rates have risen sharply in the past two months with CP and CD rates rising by 50bps and 100 bps respectively. Call money rates has mostly remained anchored below or close to the policy rate. Even AAA and AA corporate bond yields have seen an uptick by 15-20bps since Dec’15. Domestic liquidity conditions have remained tight contributing to overall elevated yields. Bond yields had shot up in the weeks leading to the Budget due to large supply of high-yielding state bonds, and expectations of a larger government borrowing in FY17. However, the Finance Minister’s decision to stick to the fiscal deficit target of 3.5per cent in FY17 came as positive news for the bond markets. Also, lower government borrowing plan as announced in the budget has instilled confidence among the market participants, resulting in bond rally post the budget. With short term rates being elevated now, any fall in the interest rates is likely to benefit short term funds. The 10 year benchmark is trading around 7.65 per cent levels and is expected to soften on the back monetary easing expected by the RBI.

On fixed income side, accrual products and short term income funds may be looked. The investment in Accrual funds may be done with a time horizon of 3 years and Short Term Funds may be looked at with a time horizon of 1-2 years as they carry attractive YTMs and will benefit from the improvement in the credit cycle and recovery in the economy. Investment recommendation at this juncture is that investors who are already holding long term debt funds when yields were around 8 per cent levels continue to hold while fresh investment maybe initiated at 7.70-7.90 per cent levels not exceeding 15-20 per cent of the portfolio.

Fixed Income

5

Source: CMIE

Food and beverages 6.11 7.00 4.37 6.23 5.52 6.66 45.86Pan, tobacco and 8.05 8.88 9.29 9.50 8.39 9.03 2.38

Clothing & footwear 6.64 6.94 3.90 3.91 5.52 5.71 6.53Housing 8.05 8.88 5.33 5.20 5.33 5.20 10.07Fuel & light 6.17 6.59 1.75 3.09 4.59 5.32 6.84Miscellaneous 5.04 4.89 3.53 3.00 4.38 3.95 28.32Headline 5.97 6.48 4.30 4.81 5.18 5.69 100.00

intoxicants

CPI Rural, Urban and Combined (in %)

Feb-16 Jan-16Rural

Feb-16 Jan-16Urban

Feb-16Jan-16 WeightCombined

CPI & Food Infiation


CPI [%] Food, beverages & tabacco (%)

1.55

2.55

3.55

4.55

5.55

6.55

7.55

8.55

9.55

Dec

-14

Jan-

15

Feb-

15

Mar

-15

Apr-

15

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct

-15

Nov

-15

Dec

-15

Jan-

16

Feb-

16

Source: CMIE

-17,

209

Jan-

15

Feb-

15

Mar

-15

Apr-

15

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct

-15

Nov

-15

Dec

-15

Jan-

16

Feb-

16

23,0

68

13,4

22

5,94

9

3,61

2

-7,9

73

1,77

5

-417

-480

166

15,6

27

-3,6

39

-4,1

89

1,54

5

-8,3

24

17,6

89

8,89

3

9,33

6

11,7

21

-3,4

60

-6,1

48

5,58

9

-5,6

96

5,06

4

-7,6

29

205

-11,

471

-7,9

87

-20,000

-15,000

-10,000

-5,000

0

5,000

10,000

15,000

20,000

25,000

30,000

FII in Debt (Rs. Crs) FII in Equity (Rs. Crs)

The ability of any economy to perform sustainable growth will decide the financial performance of the said economy for the balance part of the year. Though most indices remained in red, the data seems to remain constant with modest economic expansion rather than the onset of an impending recession in spite of global geopolitical issues. Amongst the developing markets Brazil remained positive because of the commodity prices. Whereas Japan stayed in red due to it’s currency valuation and Europe remained in red awaiting the European Union Meeting.

The financial markets steadied by late February ’16 – early March’16 due to the stabilizing oil prices apart from relief in the enhanced value of Chinese Yuan and other emerging market currencies clubbed with some improved US economic data. Better economic trends reported in the recent past, has helped see a “ride out” of recession that has been an expectation globally. Though some points of concern remain to be watched out for.

Namely, a) the deflationary impact of negative interest rate policies, b) U.K. upcoming June2016 referendum on whether to remain a member of the European Union or not. C) if the Fed reserve rate is increased then the efficaciousness of ECB and BOJ, along with China’s effective necessary steps towards it’s policy making.

The recent economic data shows markets to be stabilizing, but has not been sufficiently strong to bring back the expected bullish trends. Negative interest rate policies have been used by the major central banks. Until the central banks are able to define the monetary stimulus into their respective economies global markets are likely to remain skeptical and the pressure of deflation could rise in the global markets leading to a lower interest rate on the longer run. In Europe and Japan, the combination of low oil prices, competitive currency values, reasonable equity valuations and continued monetary policy stimulus should be supportive for foreign-developed equities. Both Europe and Japan have tailwinds from stimulus, with prospects for additional easing if growth falters. Policymakers in China are committed to supporting domestic demand as the country transitions from an investment- to consumption-led economy. Having said that, while we expect modest gains broadly across foreign equities in 2016, indications of rising credit stress in certain emerging economies suggest that developed markets may continue to outperform emerging market equities.

Among market cross roads the U.S. equities are entering the 7 year bull market. It may be said that the macro and fundamental backdrops remain favorable for equities, inflation, earning valuation, interest rate and above all sentiments remains supportive for equity prices. However, drop in oil prices, slower pace of growth in the global economies, diverging monetary policies between U.S. and the other Central Banks globally, rising interest rates and basic firming wages may not have the required profit margins. Also, along with impending geopolitical issues risk profile for equities remain elevated. An increased volatility and muted returns are to be the hallmarks of 2016. S&P 500 till now in 2016 is at about 2,225 approximately 9 per cent higher than 2015 level. Anchored on the belief that the pace of inflation and wage gains will be moderate and future Federal Reserve rate hikes deliberate, effectively paving the way for cyclical sectors and companies that are growing revenue, gaining market share and that have thematic appeal to be among the best performers in the new year.

US Economy

Equity Markets

6

Equity - Global

BEL-20 (Belgium) -9.22

Bovespa (Brazil) 5.91

CAC 40 (France)

DAX (Germany)

Dow Jones (USA) 0.30

FTSE 100 (UK) 0.22

Hang Seng (Hong Kong)

Jakarta Composite (Indonesia) 3.38

KLSE Composite (Malaysia)

Madrid General(Spain)

Nasdaq (USA)

Nifty 50 (India)

Nikkei 225 (Japan)

S&P 500 (U.S.A.)

S&P BSE SENSEX (India)

Seoul Composite (S.Korea) 0.24

Shanghai Composite (China)

Straits Times (Singapore) 1.42

Swiss Market (Switzerland)

Taiwan Weighted (Taiwan) 4.09

(3.28)

(17.04)

(1.44) (12.08)

(3.09) (16.72)

(8.91)

(12.23)

(2.90) (23.01)

(12.46)

(0.78) (9.14)

(3.77) (24.47)

(1.21) (8.17)

(7.62) (21.51)

(8.51) (14.74)

(0.41) (8.19)

(7.51) (21.66)

(3.48)

(1.81) (18.80)

(21.64)

(5.72) (12.99)

(12.58)

Source: ACE MF Performance as on 29th Feb 2016

1 Year

CAGR (%)Absolute Returns (%)

1 MonthIndices

Equity Markets

Equity-India

For the month of February, Indian equity markets saw sharp sell-off as global investors continued to adjust the hitherto over-weight they have been running in their portfolios and also because of fear of adverse taxation policies expected to be announced in the Union Budget 2016-17. EM equities and commodities though saw some bounce.

FIIs continued to be sellersfor the month. Currently the markets are trading lower than its long term average valuations. Q3 earnings season was mixed, with autos, pharma and private banks reporting in-line numbers, whereas, commodities, PSU banks and IT reported largely weak numbers. While the RBI is currently in a pause mode, it has indicated its willingness to cut rates if fiscal room emerges. This should help private capex, though it will come with a lag effect. As stated in earlier communications, investments are clearly visible in segments like roads and railways. Overall, we remain constructive on the market from a medium to long term perspective. The key themes to play are autos, high quality private banking, select pharma and uniquely positioned MNCs.

7

Nifty 50 -7.62 -21.51

S&P BSE 100 -7.53 -21.34

S&P BSE 200 -7.66 -19.80

S&P BSE 500 -8.07 -19.63

S&P BSE AUTO Index -7.01 -20.67

S&P BSE BANKEX -10.16 -29.94

S&P BSE Capital Goods -9.13 -36.78

S&P BSE Consumer Durables -9.27 6.41

S&P BSE FMCG -4.36 -13.47

S&P BSE Health Care -6.73 -4.08

S&P BSE IT -8.38 -14.54

S&P BSE METAL Index -1.95 -36.05

S&P BSE Mid-Cap -8.08 -11.43

S&P BSE OIL & GAS Index -11.27 -15.19

S&P BSE Power Index -13.92 -30.26

S&P BSE PSU -11.37 -31.80

S&P BSE Realty Index -13.06 -42.31

S&P BSE SENSEX -7.51 -21.66

S&P BSE Small-Cap -12.16 -15.25

S&P BSE TECk Index -6.99 -14.17

Source: ACE MF Performance as on 29th Feb 2016

1 Year

CAGR (%)Absolute Returns (%)

1 MonthIndices

Banking

Pharma

Banking continues to showcase divergent performance with private banks delivering 20-30 per cent PAT growth and PSU banks reeling under NPA pressure. RBI asset quality review has revealed the perturbing reality about the stress in PSU bank’s balance sheet. Similar dismal set of numbers is expected for Q4FY16 which shall keep pressure on PSU banking stocks. We continue to recommend ‘Avoid’ on all PSU banks. From budget perspective, it was not expansionary which had a soothing factor on markets. Fiscal deficit target was maintained at 3.5 per cent of GDP which led to sharp fall in G-sec yields of ~28 bps to 7.62 per cent. Structurally, Private banks shall continue to grab the credit market share. These banks continued to grow

their credit, NII and PAT at healthy pace of 20-30 per cent in Q3FY16. Asset quality of these private banks which have retail credit exposure and working capital corporate credit continue to deliver stable asset quality. HDFC Bank, Indusind Bank, Kotak Mahindra and Yes bank reported strong results with stable asset quality. Correction in good quality private banks provides opportunity to accumulate these stocks. Among NBFCs, we prefer Mortgage finance and microfinance companies considering their steady growth and stable asset quality. Bajaj Finance, Capital First, SKS Micro and Satin Credit remain our preferred picks on correction.

Indian pharma companies sales have impacted in the recent times due to higher base, increased competition, price erosion in some of the key high-value products and currency volatility in emerging markets. Some leading companies have received warning letters from USFDA for CGMP violations (Sun, Dr Reddy & Cadlia). Recently, Aurobindo has also received Form 483 from the FDA for its anti-retroviral drugs facility (unit-VII). These Companies are in the process of remediation of facilities and

Source: Bloomberg

Nifty Bank Nifty

Nifty Vs Bank Nifty (Indexed to 100)

90

95

100

105

Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16

filing for site transfer of their key products. Companies are investing in new facilities with the objective of diversifying key products and filings across their manufacturing network. However, there will be a muted growth for these companies in the near term. India is among the fastest-growing pharmaceutical markets in the world and has established itself as a global manufacturing and research hub. US market expected to provide significant growth opportunities over longer term as huge number of ANDA filings are pending for approvals. The industry would benefit from pick up in the domestic market growth. However the near term headwinds on account of emerging market currency crisis cannot be ruled out.

Infrastructure space is still reeling under pressure and is showing no signs of respite. During the budget govt has taken various initiatives like a) `700bn allocated for Roads and Highways b) Steps to revive PPP’s: i) Dispute Bill to be introduced ii)guidelines for renegotiation of PPP Concession Agreement and iii)New credit rating system for infra projects and c) Infrastructure cess, of 1 per cent on small petrol, LPG, CNG cars, 2.5 per cent on diesel cars of certain capacity and 4 per cent on other higher engine capacity vehicles and SUVs etc which are steps in the right direction and positive from medium to long term perspective. Falling raw material prices and moderate

Capital Good/Infrastructure

interest rate regime will aid the profitability of the companies going forward.

With falling commodity prices coal and gas were no exception. Both these are aiding the power producers and helping them reduce their losses. Solar power is gaining traction and we are witnessing aggressive bidding from players with a lowest bid made at 5.05/unit which has shaken many players. If the current scenario continues and with the governments thrust on solar power it would attain grid parity by 2020-21 out powering coal and other fuel based power projects. Recently the govt exempted solar projects from environmental clearance which will boost more investments in the renewable sector. Overall coal based power producers have been marred on account of under recoveries which put stress on their financials and balance sheet. However, recent government steps and cooling off of coal prices from their highs are likely to benefit these companies in medium to long term.

Power

Equity Markets

8

Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16

Nifty Auto

Nifty Vs CNX Auto (Indexed to 100)

Source: Bloomberg

90

95

100

105

110

Feb-15

Nifty Vs CNX Pharma (Indexed to 100)

Nifty Pharma

Source: Bloomberg

85

90

95

100

105

110

115

Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16

Precious Metals:

Base Metals:

Gold prices witnessed smart rally during the month of February. Gold was mainly underpinned by global uncertainty, drop in stock markets which led investors to stay invested in gold as a safe haven investment option. On monthly basis prices gained by around 10.5per cent to end at $1234.40 an ounce at Comex and 29513 at MCX. However, prices were unable to break out from its recent trading range of $1200-$1250.

The US February non-farm payrolls release beat expectations, with jobs growth recorded at 242k against a market expectation of 195k. The unemployment rate remained unchanged at 4.9per cent. Employment gains for January and December, meanwhile, were revised upward by a combined 30,000.The government said 172,000 new jobs were created in January instead of the previously reported 151,000. December's gain was raised to 271,000 from 262,000. Wider measures of unemployment improved as the participation rate edged up. There were however some softer points from the jobs report, having surprised on the upside last month, average earnings edged backed to 2.2per cent (y/y) from 2.5per cent, whilst average weekly hours also fell. The average hourly wage fell 3 cents, or 0.1per cent, to $25.35. A fall in the average U.S. earnings lessened expectations that the Federal Reserve could raise interest rates at its next policy meeting.

Going ahead, investors will be watching more U.S. data to gauge the impact on stocks and the Federal Reserve's monetary policy. Weakness in economic data and global uncertainty will continue to postpone expectations of the FED’s next rate hike and will be the most paramount factor in gold’s ability to continue an uptrend. Dollar movements will also be closely tracked as any upside in dollar may cause a setback in gold rally.If U.S. data comes negative, it will help to increase the likelihood that the Federal Reserve may raise rates in June, then that could be the trigger for a selloff in gold. Overall, prices should come out from their recent consolidation phase to take a clear direction.

Technical outlook:

Gold market made a rounding bottom at the end of last year and has started the year 2016 on a positive note. Prices have gained by nearly 16per cent since the beginning of this year. In line with our previous view prices are sustaining above $1200 mark. Till prices hold above this level, we can expect prices to remain steady. Also, prices should break the range of $1200-$1250 for further clarity related to their direction.

Copper prices depicted range bound movement during February but witnessed sharp rally as the March month started. LME copper breached the key resistance level of $4750 and marked a high of $4815(at the time of report writing). Technically prices have made a rounding bottom pattern and have breached the resistance level. Going ahead, trend is looking up but sustainability of prices will be important for continuing the upwards momentum. At MCX, key support is at 317 and resistance is at 333.

Aluminium trend looks positive till prices are trading above support at 105, while on the upside break above 110 will likely pave the way upside towards 115.

Lead trend looks positive till prices are trading above 118. Prices are expected to take resistance around 127. Breach above 127 may lead

Commodities

9

to new high towards 132. At LME key resistance is at $1860. Break above this level may take it higher towards $1920-$1970.

Zinc's overall trend looks up till it holds support at 118. Break above 122 may take prices up towards 127-130.

Nickel's overall trend looks flat with resistance at 612 and support at 570. Break above 615 will turn the trend bullish and may take prices up towards 630-650.

Oil prices ended marginally higher on monthly basis but depicted sharp recovery from its recent low, indicating that prices were unable to sustain at lower levels. At Nymex prices ended at $33.75 after making a low of $26.05. Buyers shrugged off record high U.S. crude stockpiles and focused on an OPEC plan to freeze production, keeping alive the notion that market has bottomed from a near 2-year sell-off.OPEC member Venezuela said a total of 15 oil producing countries will attend a meeting planned later this month on freezing output at January's highs.

Diplomatic activity between the OPEC and other major producers to address the supply glut by freezing output has helped feed a 25per cent price gain in the last 2-1/2 weeks from 12-year lows.Going ahead prices will be driven by OPEC decision over production cut, dollar movements, crude oil inventory data and US Fed decision over interest rate hike.

Technically on monthly chart, crude oil price trend is showing consolidation at bottom. Prices need to break below $26 at Nymex for further sell off while resistance is at $36. Break above this level may lead to further upside towards $40. At MCX, key resistance is at 2450. Weekly charts are showing a positive momentum. Break above 2450 may lead to rally towards 2550-2600.

Crude oil:

Source : Bloomberg

MCX Crude Nymex Crude oil

1000

1050

1100

1150

1200

1250

1300

1350

24500250002550026000265002700027500280002850029000295003000030500

28-D

ec-1

4

28-J

an-1

5

28-F

eb-1

5

31-M

ar-1

5

30-A

pr-1

5

31-M

ay-1

5

30-J

un-1

5

31-J

ul-1

5

31-A

ug-1

5

30-S

ep-1

5

31-O

ct-1

5

30-N

ov-1

5

31-D

ec-1

5

31-J

an-1

6

29-F

eb-1

6

Source : Bloomberg

MCX Gold(LHS) Comex Gold(RHS)

26

31

36

41

46

51

56

61

66

1950

2350

2750

3150

3550

3950

4350

28-D

ec-1

4

28-J

an-1

5

28-F

eb-1

5

31-M

ar-1

5

30-A

pr-1

5

31-M

ay-1

5

30-J

un-1

5

31-J

ul-1

5

31-A

ug-1

5

30-S

ep-1

5

31-O

ct-1

5

30-N

ov-1

5

31-D

ec-1

5

31-J

an-1

6

29-F

eb-1

6

Foreign exchange markets continue to remain volatile during the month of February as divergent monetary policies led to some sharp moves in major currencies like the Yen. Weakness in equity markets and uncertainty in global growth have seen money going back into safe haven assets. Broader measure of volatility in foreign currency markets reached its highest level since 2011 and is expected to be volatile going ahead.

USD remained strong due to inflows into the treasuries as equity market weakness supported it and the DXY index is close to multi year highs. On the economic front, data continues to remain mixed and the Q4 GDP was revised upwards and Q1 of 2016 is expected at 2 per cent growth. US FOMC meeting will be the key driver in the near term as the market expects no rate hike from them this year while March 16th meeting outcome is keenly watched. According to the latest CFTC data, leveraged funds have increased their net long USD positions by USD 600mn to USD 13.7bn for the week ended 8th March and the buying was seen against EUR and GDP.

EUR has weakened from early Feb high of 1.14 and closed at 1.09 levels as traders expect ECB to be in a softening mode going ahead. Economic data continues to remain weak and the fear of Brexit may hit the EUR negatively as Britain has set a referendum to consider exiting from EU. The overhang of Brexit and weak growth this year may keep the EUR volatile for rest of the year. ECB is expected to be very accommodative in its policy stance and may do more to boost growth. EUR may weaken as the net short EUR position rose to USD 1.8bn to USD 8.1bn as of 8th March and fundamentally it may touch 1.02 levels by end of 2016.

Japanese Yen was the best performing currency in Feb as it appreciated around 4 to close at 112.6 levels against the market expectations of a weakening. JPY appreciated mainly on account of safe haven buying and further exacerbated by a short covering rally. Bank of Japan officials are uncomfortable with the sudden rise as JPY strength may hit its exports and derail growth. JPY is expected weaken as that’s the aim of its central bank but the latest CFTC data shows that leveraged funds are net long JPY positions to the tune of USD 3.6bn against the short positions in Feb.

Rupee was volatile during the month and hit a fresh two year low in the fag end of the Feb; however the government maintained its FY17 fiscal deficit target at 3.5 which led to a strong rally in Rupee after the Union Budget on 29th Feb. It has gained

per cent

per cent

Currency Markets

10

Source: Thomson ReutersSource: Thomson Reuters

Currencies 31-Aug-15 30-Sep-15 31-Dec-15 29-Jan-16 29-Feb-16INR 66.48 65.58 66.15 67.78 98.43Euro 1.12 1.12 1.09 1.08 1.09JPY 121.22 119.84 120.30 121.03 112.66GBP 1.53 1.51 1.47 1.42 1.39CHF 0.97 0.97 1.00 1.02 1.00AUD 0.71 0.70 0.73 0.71 0.71


USD/INR


EUR/USD

almost 2 since then in March and foreign investors who were sellers in Jan & Feb into both equity and debt have turned buyers in March and with expectations of a rate cut in April, Rupee may see some support. However in the medium term, Rupee is expected to depreciate towards 68-69 levels.

per cent


GBP/USD

1.40

1.45

1.50

1.55

1.60

1.65

1.70

1.75

2-Se

p-14

2-O

ct-1

4

1-N

ov-1

4

1-D

ec-1

4

31-D

ec-1

4

30-J

an-1

5

1-M

ar-1

5

31-M

ar-1

5

30-A

pr-1

5

30-M

ay-1

5

29-J

un-1

5

29-J

ul-1

5

28-A

ug-1

5

27-S

ep-1

5

27-O

ct-1

5

26-N

ov-1

5

26-D

ec-1

5

25-J

an-1

6

24-F

eb-1

6

60.00

62.00

64.00

66.00

68.00

70.00

2-Se

p-14

2-O

ct-1

4

1-N

ov-1

4

1-D

ec-1

4

31-D

ec-1

4

30-J

an-1

5

1-M

ar-1

5

31-M

ar-1

5

30-A

pr-1

5

30-M

ay-1

5

29-J

un-1

5

29-J

ul-1

5

28-A

ug-1

5

27-S

ep-1

5

27-O

ct-1

5

26-N

ov-1

5

26-D

ec-1

5

25-J

an-1

6

24-F

eb-1

6

1.00

1.10

1.20

1.30

1.40

1.50

1.60

2-Se

p-14

2-O

ct-1

4

1-N

ov-1

4

1-D

ec-1

4

31-D

ec-1

4

30-J

an-1

5

1-M

ar-1

5

31-M

ar-1

5

30-A

pr-1

5

30-M

ay-1

5

29-J

un-1

5

29-J

ul-1

5

28-A

ug-1

5

27-S

ep-1

5

27-O

ct-1

5

26-N

ov-1

5

26-D

ec-1

5

25-J

an-1

6

24-F

eb-1

6

Core Schemes

11

Birla Sun Life Frontline Fund - Large Cap

Investment Objective: An open-end growth scheme with the objective of long term growth of capital, through a portfolio with a target allocation of 100 per cent equity by aiming at being as diversified across various industries and or sectors as its chosen benchmark index, S&P BSE 200.

The Fund is in existence for more than a decade and has generated a three year CAGR of around 13.91 per cent as on 29th February 2016 outperforming its benchmark S&P BSE 200 over one, three and five years time-horizon. The fund has been in the top quartile in both good and bad market cycles and has delivered consistent and stable growth. It will target the same sectoral weights within its equity portfolio as the benchmark index but the scheme shall have the flexibility of selecting stocks within a particular sector from a wider investment universe. The fund has generated a return of 21.62 per cent since inception.

ICICI Pru Focused Blue-chip Equity Fund- Large Cap

Investment Objective: To generate long-term capital appreciation and income distribution to unit holders from a portfolio that aims for growth from a focused and optimally diversified portfolio by investing in equity and equity related securities, companies belonging to the large cap domain.

The Fund has locked a three year CAGR of 11.69 per cent vis-à-vis its benchmark Nifty 50 of 7.06 per cent as on 29th February 2016 . It is new fund as compared to the long tenure of the peers in the diversified equity category and adopts bottoms up approach; it has performed in line with the peers and has out-performed its benchmark over one, three and five year time-horizon. The Fund Manager will always select stocks for investment from among Top 200 stocks in terms of market capitalization on the NSE.

SBI Blue Chip Fund- Multi Cap

Investment Objective: The objective of the scheme would be to provide investors with opportunities for long-term growth in capital through an active management of investments in a diversified basket of equity stocks of companies whose market capitalization is at least equal to or more than the least market capitalized stock of BSE 100 Index.

The fund invests predominantly in large reputed Indian company stocks of blue chip companies i.e. in stocks of companies with market capitalization equal to or more than the least market capitalized stock of BSE 100 Index. These companies have large business presence, good reputation and are possibly market leaders in their industries. The fund comprises of a well diversified portfolio of predominantly large cap companies, with steady growth potential opportunity. The fund has generated a three year CAGR of 16.12 percent as on 29th February 2016, thereby out performing its benchmark S&P BSE 100 by 8.78 per cent.

Source : ACE MF

1 CBLO 11.512 HDFC Bank Ltd. 5.893 Sun Pharmaceutical Industries Ltd. 5.714 Infosys Ltd. 5.455 Reliance Industries Ltd. 5.406 Tata Consultancy Services Ltd. 3.087 Maruti Suzuki India Ltd. 2.728 The Ramco Cements Ltd. 2.589 Ultratech Cement Ltd. 2.37

10 Larsen & Toubro Ltd. 2.33

No. Company Name (%)Holding

Top 10 Sector Holdings (%)


Source : ACE MF

1 HDFC Bank Ltd. 9.092 Infosys Ltd. 6.723 CBLO 5.614 ICICI Bank Ltd. 5.285 Axis Bank Ltd. 4.506 ITC Ltd. 3.917 Bajaj Finserv Ltd. 3.708 HCL Technologies Ltd. 3.659 Reliance Industries Ltd. 3.52



Reliance Focused Large Cap Fund- Large Cap

Investment Objective: The primary investment objective of the scheme is to seek to generate capital appreciation and provide long term growth opportunities by investing in a portfolio constituted of equity and equity related securities of top 100 companies by market capitalization and of companies which are available in the derivatives segment from time to time and the secondary objective is to generate consistent returns by investing in debt and money market securities.

The scheme is in existence for 8 years and it intends to reduce volatility and reduce downside risks by using innovative P/E based hedging/shorting strategies. The fund aims to create a focused portfolio consisting of 25 stocks primarily investing in the Top 100 companies by market capitalization. The fund has generated three year CAGR of 11.17 per cent as on 29th February 2016 in comparison of its benchmark Nifty 50 of 7.06 per cent for the same tenure.


Source : ACE MF

1 CBLO 8.322 HDFC Bank Ltd. 7.813 Reliance Industries Ltd. 7.774 Infosys Ltd. 7.745 Ultratech Cement Ltd. 4.946 Tata Motors Ltd. 4.827 HCL Technologies Ltd. 4.368 Cummins India Ltd. 4.349 United Spirits Ltd. 4.14



1 HDFC Bank Ltd. 6.562 Infosys Ltd. 6.163 Reliance Industries Ltd. 3.944 ITC Ltd. 3.905 Clearing Corporation Of India Ltd. 3.596 ICICI Bank Ltd. 3.227 Sun Pharmaceutical Industries Ltd. 3.208 Larsen & Toubro Ltd. 2.829 HCL Technologies Ltd. 2.68

10 NTPC Ltd. 2.67

Source : ACE MF

No. Company Name (%)Holding Top 10 Sector Holdings (%)

19.27

12.63

9.02

6.80

4.74

3.90

3.59

3.27

2.90

2.36

Bank - Private

IT - Software

Pharmaceuticals & Drugs

Refineries

Power Generation/Distribution

Cigarettes/Tobacco

Finance - Investment

Engineering - Construction

Finance - NBFC

Finance - Housing

25.14

15.548.37

5.274.283.70

3.513.412.82

2.50

Bank - Private

IT - Software

Pharmaceuticals & DrugsRefineries

Cigarettes/TobaccoFinance - Investment

Power Generation/DistributionBank - Public

Engineering - ConstructionTelecommunication - Service Provider

12.16

12.10

10.07

5.64

4.94

4.82

4.34

4.24

4.14

3.84

Bank - Private

IT - Software

Refineries

Pharmaceuticals & DrugsCement & Construction Materials

Automobiles-Trucks/Lcv

Diesel Engines

Electric EquipmentBreweries & Distilleries


12.65

11.56

9.70

6.85

4.94

4.60

4.58

3.13

3.04

2.70

Pharmaceuticals & DrugsBank - Private

IT - Software

Refineries

Cement & Construction Materials

Automobiles - Passenger CarsFinance - NBFC

Pesticides & Agrochemicals


Bearings

12

Core SchemesFranklin India High Growth Companies Fund- Multi Cap

Investment Objective: This is an open ended diversified equity fund. The primary investment objective of the scheme is to achieve capital appreciation through investments in Indian companies / sectors with potential of high growth.The fund seeks to invest into companies that tend to grow earnings at a fast pace and offer the best trade-off between growth, risk and valuation. The fund is suitable for investors who prefer investments across market caps with investment horizon of 3-5 years. The fund has generated three year CAGR of 20.31 per cent as of 29th February 2016 thereby out performing it’s bench mark by 11. 12 per cent .

Source : ACE MF

1 HDFC Bank Ltd. 8.072 ICICI Bank Ltd. 7.893 Call Money 7.624 Axis Bank Ltd. 7.595 Tata Motors - DVR Ordinary 7.326 State Bank Of India 6.727 TVS Motor Company Ltd. 5.198 Larsen & Toubro Ltd. 4.329 Idea Cellular Ltd. 3.95

10 Cognizant Technology Solutions Corporation 3.51


ICICI Pru Value Discovery Fund-Multi Cap

Investment Objective: Open ended equity fund. Primary objective is to generate returns through a combination of dividend income and capital appreciation by investing primarily in a well diversified portfolio of value stocks.

Value-investment approach followed by the Fund helped it in the bearish market phases as against its peers. The Fund lost less than the other peers in the category and has consistently beaten the benchmark giving stable returns. The fund has generated a three year CAGR of 21.66 per cent and has outperformed its benchmark S&P BSE 500 by 12.95 per cent. Since inception the fund has given a CAGR of 21.82 per cent as on 29th February 2016 .

Source : ACE MF

1 CBLO 9.45202 Larsen & Toubro Ltd. 8.62593 ICICI Bank Ltd. 6.17434 NTPC Ltd. 6.00835 Axis Bank Ltd. 3.54406 Bank Of Baroda 2.96327 Mahindra & Mahindra Ltd. 2.72678 Wipro Ltd. 2.62089 Bharti Airtel Ltd. 2.6190

10 Amara Raja Batteries Ltd. 2.5708


Kotak Select Focus Fund- Multi Cap

Investment Objective: An open-ended equity scheme that aims to generate long-term capital appreciation from a portfolio of equity and equity related securities, generally focused on a few selected sectors.

The fund is in existence from October 2009 and has locked in three year CAGR of 17.12per cent as on 29th February 2016 as against its benchmark Nifty 200 which stands at 8.41 per cent thereby outperforming its benchmark by 8.64 per cent. The selection of sectors would be driven primarily by the growth prospects and valuations of the businesses over a medium to long term. The Fund has performed consistently over different market cycles.

Source : ACE MF

1 CBLO 10.402 HDFC Bank Ltd. 6.013 Infosys Ltd. 5.434 Reliance Industries Ltd. 4.165 Ultratech Cement Ltd. 3.966 The Ramco Cements Ltd. 3.437 IndusInd Bank Ltd. 3.218 Shree Cement Ltd. 2.969 Larsen & Toubro Ltd. 2.78

10 Max Financial Services Ltd. 2.76





15.95

11.27

8.71

7.75

5.60

3.62

3.34

3.03

2.76

2.72

Bank - Private


IT - Software

Refineries


Engineering - ConstructionAutomobiles-Trucks/Lcv

Household & Personal Products

Diversified

Automobiles - Passenger Cars

13.68

11.38

7.35

7.10

6.06

4.19

3.39

3.37

3.22

2.83

Bank - Private

Engineering - ConstructionPower Generation/Distribution

IT - Software

Bank - Public

Batteries




Logistics

24.96

9.61

7.32

7.32

5.19

5.06

4.59

4.42

4.31

3.71

Bank - Private

Bank - Public

Automobiles-Trucks/Lcv

Telecommunication - Service Provider

Automobile Two & Three Wheelers

Automobiles - Passenger Cars

Engineering - ConstructionCement & Construction Materials

IT - Software

Bearings

Scheme Recommendations

13

Core - Large Cap

*Risk-free rate assumed to be 6.75%**Standard Deviation and Treynor Ratio are calculated on absolute basis using 3 year historical data of monthly returnsSource: ACEMF Please refer to RISKOMETER on page no 29 for all risk related information about the above mentioned schemes.

Benchmark Names S&P BSE 200 NIFTY 50 NIFTY 50

CAGR (%)

Dec. 31, 2014 to Dec. 31, 2015 -1.48 -4.06 -4.06

Dec. 31, 2013 to Dec. 31, 2014 35.47 31.39 31.39

Dec. 31, 2012 to Dec. 31, 2013 4.38 6.76 6.76

Value of Investment of INR 10,000 if invested from

Dec. 31, 2014 to Dec. 31, 2015 9,852 9,594 9,594

Dec. 31, 2013 to Dec. 31, 2014 13,547 13,139 13,139

Dec. 31, 2012 to Dec. 31, 2013 10,438 10,676 10,676

Scheme NamesReliance Focused Large

Cap Fund(G)Birla SL Frontline

Equity Fund(G)ICICI Pru Focused BlueChip

Eq Fund (G)

Fund Manager Mahesh Patil Manish Gunwani & Shalya Shah Omprakash Kuckian

Exit Load 1% on or before 1Y, Nil on or after 1Y

1% on or before 1Y, NIL after 1Y

1% on or Before 1Y, Nil After 1Y

Quaterly AAUM (Rs. Crs.) Dec. -2015 10,175 9,732 1,071

CAGR (%)

Dec. 31, 2014 to Dec. 31, 2015 1.10 -0.21 2.96

Dec. 31, 2013 to Dec. 31, 2014 44.72 41.10 37.33

Dec. 31, 2012 to Dec. 31, 2013 9.25 10.21 9.25

Since Inception till Dec. 31, 2015 23.02 14.79 9.00


Dec. 31, 2014 to Dec. 31, 2015 10,110 9,979 10,296

Dec. 31, 2013 to Dec. 31, 2014 14,472 14,110 13,733

Dec. 31, 2012 to Dec. 31, 2013 10,925 11,021 10,925

Since Inception till Dec. 31, 2015 158,770 28,570 23,196

Inception Date 30-Aug-02 23-May-08 28-Mar-06

Ratios

SD (%) 16.01 14.76 16.87

Treynor 0.85 0.78 0.76

Scheme RecommendationsCore - Multi Cap

*Risk-free rate assumed to be 6.75%**Standard Deviation and Treynor Ratio are calculated on absolute basis using 3 year historical data of monthly returnsSource: ACEMF

Please refer to RISKOMETER on page no 29 for all risk related information about the above mentioned schemes.

Scheme Names

Fund Manager

Quaterly AAUM (Rs. Crs.) Dec. -2015 3,888 10,664 3,745 3,164

CAGR (%)

Dec. 31, 2014 to Dec. 31, 2015 1.49 5.44 2.96 7.99

Dec. 31, 2013 to Dec. 31, 2014 79.58 73.76 57.87 47.86

Dec. 31, 2012 to Dec. 31, 2013 9.22 8.31 6.13 7.58

Since Inception till Dec. 31, 2015 13.41 23.83 14.00 11.08

Dec. 31, 2014 to Dec. 31, 2015 10,149 10,544 10,296 10,799

Dec. 31, 2013 to Dec. 31, 2014 17,958 17,376 15,787 14,786

Dec. 31, 2012 to Dec. 31, 2013 10,922 10,831 10,613 10,758

Since Inception till Dec. 31, 2015 28,909 113,860 22,848 28,446

Inception Date 26-Jul-07 16-Aug-04 11-Sep-09 20-Jan-06

Ratios

SD (%) 17.07 18.07 16.57 14.99

Treynor 1.59 1.49 1.13 1.14


Franklin India High Growth Cos Fund(G)

ICICI Pru Value Discovery Fund(G)

SBI BlueChip Fund-Reg(G)

Kotak Select Focus Fund(G)

R. Janakiraman & Roshi Jain

Mrinal Singh & Shalya Shah Sohini AndaniHarsha Upadhyaya

1% on or before 2Y 1% on or before 12M,Nil after 12M

1% on or before 1Y, Nil after 1Y


Exit Load

Benchmark Name NIFTY 500 S&P BSE 500 NIFTY 200 S&P BSE 100

CAGR (%)

Dec. 31, 2014 to Dec. 31, 2015 -0.72 -0.82 -1.90 -3.25

Dec. 31, 2013 to Dec. 31, 2014 37.82 36.96 35.53 32.28

Dec. 31, 2012 to Dec. 31, 2013 3.61 3.25 4.44 5.87

Value of Investment of

INR 10,000 if invested from

Dec. 31, 2014 to Dec. 31, 2015 9,928 9,918 9,810 9,675

Dec. 31, 2013 to Dec. 31, 2014 13,782 13,696 13,553 13,228

Dec. 31, 2012 to Dec. 31, 2013 10,361 10,325 10,444 10,587

14

15

Satellite Schemes

Franklin India Prima Fund

Investment Objective: An open-end growth scheme with an objective to provide medium to long term capital appreciation as a primary objective and income as a secondary objective. The fund manager seeks aggressive growth by focusing primarily on mid and small cap companies.

The Fund has a long track record for nearly 25 years. The scheme follows a blend of value and growth style of investing. The fund will follow a bottom-up approach to stock-picking and choose companies across sectors. It has generated a three year CAGR of 23.95 per cent as on 29th February 2016 and has out-performed both its benchmark Nifty 500 Index and Nifty Midcap 100 over one, three and five year time-horizon. The fund has generated a return of 20.10 per cent since inception.

Source : ACE MF

1 Call Money 4.862 Yes Bank Ltd. 4.613 FAG Bearings India Ltd. 3.124 Finolex Cables Ltd. 3.025 eClerx Services Ltd. 2.756 HDFC Bank Ltd. 2.707 IndusInd Bank Ltd. 2.568 Tata Motors - DVR Ordinary 2.449 TVS Motor Company Ltd. 2.37

10 Voltas Ltd. 2.34



HDFC Mid-Cap Opportunities Fund

Investment Objective: The aim of the fund is to generate long-term capital appreciation from a portfolio that is substantially constituted of equity and equity related securities of small and mid-cap companies.

The Fund has given five year CAGR of 18.47 per cent as on 29th February 2016 thereby out performing its benchmark by 9.06 per cent. Over a nine year period, fund has given consistent returns and has out-performed the benchmark Nifty Midcap 100 which helped the fund to place itself in the upper quartile of the midcap diversified equity funds.


Source : ACE MF

1 Bajaj Finance Ltd. 3.382 Aurobindo Pharma Ltd. 2.563 Voltas Ltd. 2.554 Divis Laboratories Ltd. 2.415 Hindustan Petroleum Corporation Ltd. 2.406 Torrent Pharmaceuticals Ltd. 2.247 NIIT Technologies Ltd. 2.118 Jagran Prakashan Ltd. 1.999 Bharat Electronics Ltd. 1.87

10 Cholamandalam Investment & Finance Co. Ltd. 1.85



10.55

7.37

7.34

5.23

5.02

4.65

4.28

4.25

3.18

3.02


IT - Software

Bank - Private

Finance - NBFC

Bank - Public

Printing And Publishing

Air Conditioners

Tyres & Allied

Bearings

SBI Magnum Mid Cap Fund

Investment Objective: An open ended equity scheme. Te primary objective of the scheme is to provide investors with the opportunity for long term growth in capital along with liquidity. The scheme invests predominantly in well diversified equity stocks of mid cap companies.

The scheme had been launched in Mar-2005. The scheme invest between 65-100 per cent in mid cap stocks and the rest in small cap , large cap and cash .The Fund has generated three year CAGR of around 27.66 per cent and has outperformed its benchmark S&P BSE Mid-Cap Index by 12.72 per cent as on 29th February 2016. The fund has generated a return of 16.42 per cent since it’s inception.

Source : ACE MF

1 CBLO 5.912 Strides Shasun Ltd. 5.153 Cholamandalam Investment & Finance Co. Ltd. 4.304 The Ramco Cements Ltd. 4.125 Dr. Lal Pathlabs Ltd. 3.566 PI Industries Ltd. 3.497 VA Tech Wabag Ltd. 3.108 Sanofi India Ltd. 2.859 Credit Analysis And Research Ltd. 2.85

10 FAG Bearings India Ltd. 2.66



13.88

9.417.15

6.43

5.38

4.83

4.58

4.57

4.42

2.91


Finance - NBFC



Bearings


IT - Software

Hospital & Healthcare Services

Consumer Food

Diesel Engines

Canara Robeco Emerging Equity Fund

Investment Objective: An open-ended equity fund with the objective to generate capital appreciation by primarily investing in diversified mid-cap stocks.

The scheme aims to generate capital appreciation by investing in equity related instruments. The fund would follow a bottom-up approach by identifying companies with strong competitive position in good business and having quality management. The fund is being into existence for more than 9 years and has managed to outperform its benchmark Nifty Midcap 100 over one, three and five year time horizon. The fund has generated three year CAGR of 26.42 per cent, compared to 15.27 percent to the benchmark Nifty Midcap 100 as on 29th February 2016 . There by, outperforming the benchmark by 11.13 per cent.

Source : ACE MF

1 CBLO 5.002 IndusInd Bank Ltd. 3.463 Indian Oil Corporation Ltd. 3.034 Divis Laboratories Ltd. 2.595 Ashoka Buildcon Ltd. 2.286 The Ramco Cements Ltd. 2.227 Britannia Industries Ltd. 2.158 Tata Communications Ltd. 2.149 Atul Ltd. 2.12

10 FAG Bearings India Ltd. 2.00



8.99

7.36

5.87

5.39

5.22

3.85

3.38

3.23

3.03

2.93

Bank - Private

Pharmaceuticals & DrugsCement & Construction Materials

Chemicals


Engineering

BearingsConstruction - Real Estate

Refineries

Logistics

18.08

6.04

4.74

4.70

4.04

3.82

3.02

2.75

2.70

2.59

Bank - Private


BearingsIT - Software

Finance - HousingBatteries

Cable

BPO/ITeS


Tyres & Allied


16

Satellite - Mid / Small Cap

*Risk-free rate assumed to be 6.75%**Standard Deviation and Treynor Ratio are calculated on absolute basis using 3 year historical data of monthly returnsFranklin India Prima Fund has 2 benchmarks Nifty 500 Index and Nifty Midcap 100Source: ACEMF

Please refer to RISKOMETER on page no 29 for all risk related information about the above mentioned schemes.

Scheme Names

Fund Manager

Quaterly AAUM (Rs. Crs.) Dec. -2015 830 3,846 10,639 1,326

CAGR (%)

Dec. 31, 2014 to Dec. 31, 2015 13.06 6.81 5.81 14.92

Dec. 31, 2013 to Dec. 31, 2014 96.02 78.14 76.63 71.94

Dec. 31, 2012 to Dec. 31, 2013 3.16 7.40 9.64 13.57




Dec. 31, 2014 to Dec. 31, 2015 11,306 10,681 10,581 11,492

Dec. 31, 2013 to Dec. 31, 2014 19,602 17,814 17,663 17,194

Dec. 31, 2012 to Dec. 31, 2013 10,316 10,740 10,964 11,357


Inception Date 11-Mar-05 1-Dec-93 25-Jun-07 29-Mar-05

Ratios

SD (%) 21.75 17.14 17.04 16.96

Treynor 1.93 2.02 1.96 2.47

CAGR (%)

Dec. 31, 2014 to Dec. 31, 2015 6.46 -0.72 6.46 7.43

Dec. 31, 2013 to Dec. 31, 2014 55.91 37.82 55.91 54.69

Dec. 31, 2012 to Dec. 31, 2013 -5.10 3.61 -5.10 -5.73



Dec. 31, 2014 to Dec. 31, 2015 10,646 9,928 10,646 10,743

Dec. 31, 2013 to Dec. 31, 2014 15,591 13,782 15,591 15,469

Dec. 31, 2012 to Dec. 31, 2013 9,490 10,361 9,490 9,427

Benchmark Name NIFTY MIDCAP 100 NIFTY 500 NIFTY MIDCAP 100 S&P BSE Mid-Cap

Canara Rob Emerg Eq Fund-Reg(G)

Franklin India Prima Fund(G)

HDFC Mid-Cap Opportunities Fund(G)

Ravi Gopalakrishnan & Krishna Sanghavi

R. Janakiraman & Roshi Jain

Chirag Setalvad & Rakesh Vyas

1% on or before 18M, Nil after 18M 1% on or before 1Y 1% on or before 1Y,

Nil after 1YExit Load

SBI Magnum MidCap Fund-Reg(G)

Sohini Andani



17

Exit Load

Balanced Funds

Reliance Reg Savings Fund-Balanced

Plan(G)Tata Balanced Fund(G)Birla SL Balanced '95

Fund(G)Particulars ICICI Pru Balanced

Fund(G)Crisil Balanced Fund

Index

Scheme Names

Fund ManagerMahesh Patil & Pranay Sinha

Yogesh Bhatt & Sankaran Naren

Sanjay Parekh & Amit Tripathi

Atul Bhole & Akhil Mittal -

Exposure (%)Debt 24.29 20.35 28.81 24.32 -

Equity 70.51 74.14 63.47 71.35 -Cash & Equivalent 5.21 5.51 7.72 4.32 -

1% on or before 365D, Nil after 365D

Nil upto 20% and for remaining - 1% on or

before 1Y, Nil after 1Y

Nil for 10% of investments and 1 % for remaining on or

before 12M, Nil after 12M

1% on or before 365D, Nil after 365D

-

Benchmark

Source: ACEMF

Quaterly AAUM (Rs. Crs.) Dec. -2015 2,100 2,459 1,616 5,010 -CAGR (%)

Dec. 31, 2014 to Dec. 31, 2015 3.36 2.10 8.73 6.97 0.48Dec. 31, 2013 to Dec. 31, 2014 48.56 45.56 43.20 49.61 25.34Dec. 31, 2012 to Dec. 31, 2013 6.10 11.18 3.52 7.54 6.05Since Inception till Dec. 31, 2015 21.28 14.71 14.33 16.77 -


Dec. 31, 2014 to Dec. 31, 2015 10,336 10,210 10,873 10,697 10,048 Dec. 31, 2013 to Dec. 31, 2014 14,856 14,556 14,320 14,961 12,534 Dec. 31, 2012 to Dec. 31, 2013 10,610 11,118 10,352 10,754 10,605 Since Inception till Dec. 31, 2015 563,805 92,050 41,173 230,734 -

Inception Date 10-Feb-95 3-Nov-99 10-Jun-05 8-Oct-95 -

ELSS

Lock-in for 3 yearsSource: ACEMFPlease refer to RISKOMETER on page no 29 for all risk related information about the above mentioned schemes.

HDFC TaxSaver(G)

Axis LT Equity Fund(G)

Fund Manager Jinesh Gopani Ajay GargAnand

RadhakrishnanVinay R. Kulkarni

& Rakesh Vyas

George Heber Joseph & Shalya

ShahAshwani Kumar

Scheme Names Reliance Tax Saver (ELSS) Fund(G)

Franklin India Taxshield(G)

ICICI Pru LT Equity Fund (G)

(Tax Savings)

Birla SL Tax Relief '96(G)

Benchmark Names S&P BSE 200 S&P BSE 200 NIFTY 500 NIFTY 500 NIFTY 500 S&P BSE 100CAGR (%)

Dec. 31, 2014 to Dec. 31, 2015 -1.48 -1.48 -0.72 -0.72 -0.72 -3.25Dec. 31, 2013 to Dec. 31, 2014 35.47 35.47 37.82 37.82 37.82 32.28Dec. 31, 2012 to Dec. 31, 2013 4.38 4.38 3.61 3.61 3.61 5.87


Dec. 31, 2014 to Dec. 31, 2015 9,852 9,852 9,928 9,928 9,928 9,675 Dec. 31, 2013 to Dec. 31, 2014 13,547 13,547 13,782 13,782 13,782 13,228 Dec. 31, 2012 to Dec. 31, 2013 10,438 10,438 10,361 10,361 10,361 10,587

Quaterly AAUM (Rs. Crs.) Dec. -2015 6,480 1,948 1,835 4,798 2,794 4,451CAGR (%)

Dec. 31, 2014 to Dec. 31, 2015 6.70 9.19 4.05 -6.24 4.33 -2.92Dec. 31, 2013 to Dec. 31, 2014 66.18 54.55 56.93 56.36 50.82 83.00Dec. 31, 2012 to Dec. 31, 2013 16.51 9.09 6.14 5.09 10.15 3.47Since Inception till Dec. 31, 2015 20.47 10.70 24.99 27.55 22.40 15.84


Dec. 31, 2014 to Dec. 31, 2015 10,670 10,919 10,405 9,376 10,433 9,708 Dec. 31, 2013 to Dec. 31, 2014 16,618 15,455 15,693 15,636 15,082 18,300 Dec. 31, 2012 to Dec. 31, 2013 11,651 10,909 10,614 10,509 11,015 10,347 Since Inception till Dec. 31, 2015 30,612 22,136 418,215 1,226,466 273,970 45,359

Inception Date 29-Dec-09 10-Mar-08 10-Apr-99 31-Mar-96 19-Aug-99 21-Sep-05


18

Arbitrage Funds

Source: ACEMFPlease refer to RISKOMETER on page no 29 for all risk related information about the above mentioned schemes.

Scheme Names

Fund Manager

Exit Load

Edelweiss Arbitrage Fund-(G)

Bhavesh Jain & Kartik Soral

0.25% on or before 30D, Nil after 30D

IDFC Arbitrage Fund-Reg(G)

Kotak Equity Arbitrage

Scheme(G)

SBI Arbitrage Opportunities Fund-Reg(G)

Crisil Liquid Fund Index

Deepak GuptaYogik Pitti &

Meenakshi Dawar Neeraj Kumar -

ICICI Pru Equity-Arbitrage Fund-(G)

Kayzad Eghlim & Manish Banthia

0.25% on or before 1M, Nil after 1M

0.25% on or before 3M

0.50% on or before 90D

0.50% on or before 3M, Nil after 3M

-

Quaterly AAUM (Rs. Crs.) Dec. -2015 848 3,661 3,131 4,728 1,657 -

CAGR (%)

Dec. 31, 2014 to Dec. 31, 2015 7.96 7.56 7.38 7.50 7.33 8.23

Dec. 31, 2013 to Dec. 31, 2014 - 8.58 8.53 8.99 8.62 9.21

Dec. 31, 2012 to Dec. 31, 2013 - 9.80 9.23 9.18 9.03 9.03

Since Inception till Dec. 31, 2015 8.29 8.06 7.51 7.83 7.80 -


Dec. 31, 2014 to Dec. 31, 2015 10,796 10,756 10,738 10,750 10,733 10,823

Dec. 31, 2013 to Dec. 31, 2014 - 10,858 10,853 10,899 10,862 10,921

Dec. 31, 2012 to Dec. 31, 2013 - 10,980 10,923 10,918 10,903 10,903

Since Inception till Dec. 31, 2015 11,280 20,106 19,230 21,675 19,906 -

Inception Date 27-Jun-14 30-Dec-06 21-Dec-06 29-Sep-05 3-Nov-06 -


19

MIPScheme Names

Exit Load1% on or before 540D, Nil after

540DNil

1% on or before 1095D, Nil after

1095D

Nil upto 20% and for remaining - 1% on or before 1Y, Nil after 1Y

Nil for 10% of investment, 1% if exceeding 10% of invesment on or

before 12M, Nil after 12M

-


Particulars

Fund ManagerSatyabrata Mohanty &

Pranay Sinha

Rajat Chandak & Manish Banthia

Satyabrata Mohanty &

Pranay Sinha

Sanjay Parekh & Amit Tripathi

-Aditya Khemani & Sanjay Shah

Quaterly AAUM (Rs. Crs.) Dec. -2015 249 231 1,044 1,277 2,614 -CAGR (%)

Dec. 31, 2014 to Dec. 31, 2015 6.16 4.15 5.40 6.42 6.21 6.79Dec. 31, 2013 to Dec. 31, 2014 18.80 21.72 27.70 22.52 23.37 16.83Dec. 31, 2012 to Dec. 31, 2013 5.99 4.26 6.65 5.85 3.51 4.41Since Inception till Dec. 31, 2015 9.14 9.61 9.89 10.24 10.84 -


Dec. 31, 2014 to Dec. 31, 2015 10,616 10,415 10,540 10,642 10,621 10,679 Dec. 31, 2013 to Dec. 31, 2014 11,880 12,172 12,770 12,252 12,337 11,683 Dec. 31, 2012 to Dec. 31, 2013 10,599 10,426 10,665 10,585 10,351 10,441 Since Inception till 27,614 29,692 29,899 31,475 34,308 -

Inception Date 22-May-04 24-Feb-04 22-May-04 30-Mar-04 12-Jan-04 -Average Maturity in Years (February) - 6.05 - 10.74 13.04 -Credit Quality (%)

AA/Equiv 8.52 0.88 4.12 17.51 -AA+ 1.29 1.6633 0.80 5.50 0.93 -

AAA & Equiv 14.98 20.08 0.52 2.44 9.09 -Cash & Equivalent 8.55 12.14 1.88 3.06 6.94 -A/Equiv & Others - - 2.75 - 2.68 -

SOV 57.35 42.80 65.20 60.49 35.52 -

Dec. 31, 2015

BenchmarkBirla SL MIP II-Savings 5(G)

HSBC MIP-Savings(G)

Birla SL MIP II-Wealth 25(G)

ICICI Pru MIP 25(G) Reliance MIP(G) Crisil MIP

Blended Index

Exposure (%)Debt 82.14 64.54 69.84 75.75 74.21 -

Equity 9.31 23.32 27.97 21.20 18.85 -Cash & Equivalent & Others 8.55 12.14 2.19 3.06 6.94 -


20

Birla SL FRF-Short Term

Plan(G)

Axis Liquid Fund(G)

Fund ManagerDevang Shah

& Kedar Karnik

Kaustubh Gupta & Sunaina

da Cunha

ICICI Pru Money Market Fund(G)

Kotak Floater-

ST(G)

Reliance Liquid-

Treasury Plan(G)

Religare Invesco Liquid

Fund(G)

Tata Money Market Fund-

A(G)

Sundaram Money Fund-

Reg(G)

Rahul Goswami &

Aditya Pagaria

AmitSomani

Dwijendra Srivastava &

Siddharth Chaudhary

Deepak Agrawal

Anju Chhajer

Krishna Venkat Cheemalapati

& Nitish Sikand


-

Particulars

Liquid Funds


Scheme Names Benchmark

Quaterly AAUM (Rs. Crs.) Dec. -2015 9,139 3,854 7,101 6,980 21,287 5,501 4,641 5,645 -

CAGR (%)

Dec. 31, 2014 to Dec. 31, 2015 8.35 8.40 8.33 8.45 8.34 8.39 8.32 8.35 8.23

Dec. 31, 2013 to Dec. 31, 2014 9.10 9.17 9.12 9.10 9.11 9.11 9.09 9.11 9.21

Dec. 31, 2012 to Dec. 31, 2013 9.20 9.37 9.15 9.29 9.24 9.24 9.27 9.34 9.03

Since Inception till Dec. 31, 2015 8.30 6.88 7.58 7.39 11.23 8.13 7.94 7.76 -


Dec. 31, 2014 to Dec. 31, 2015 10,835 10,840 10,833 10,845 10,834 10,839 10,832 10,835 10,823

Dec. 31, 2013 to Dec. 31, 2014 10,910 10,917 10,912 10,910 10,911 10,911 10,909 10,911 10,921

Dec. 31, 2012 to Dec. 31, 2013 10,920 10,937 10,915 10,929 10,924 10,924 10,927 10,934 10,903

Since Inception till 2015 16,432 19,743 20,501 24,332 36,129 20,401 21,592 23,339 -

Inception Date 9-Oct-09 13-Oct-05 8-Mar-06 14-Jul-03 9-Dec-03 17-Nov-06 8-Dec-05 1-Sep-04 -

Average Maturity in Days (February) 24 - 25 37 40 22 22 27 -

Exit Load Nil Nil Nil Nil Nil Nil Nil Nil

Dec. 31,

Focus List - Additional Recommended Schemes

Debt Funds Equity Funds

Birla SL Short Term Fund) Axis Equity Fund

Birla SL Treasury Optimizer Plan Birla SL Top 100 Fund

HDFC Corporate Debt Opportunities Fund BNP Paribas Equity Fund

HDFC Short Term Opportunities Fund Canara Rob Infrastructure Fund-Reg

ICICI Pru Income Opportunities Fund Edelweiss Absolute Return Fund

Kotak Medium Term Fund Franklin India Bluechip Fund

Religare Invesco Credit Opportunities Fund Franklin India Smaller Cos Fund

HDFC Balanced Fund

HDFC Capital Builder Fund

HDFC Infrastructure Fund

ICICI Pru Dynamic Plan

Kotak 50

Mirae Asset Emerging BlueChip-Reg

Reliance Banking Fund

Reliance Small Cap Fund

UTI Mid Cap Fund


21

Ultra Short Term Funds


No Exit Load

Benchmark Names Crisil Short Term Bond Fund Index

Scheme Names Birla SL Savings Fund(G)

Fund Manager Kaustubh Gupta & Sunaina da Cunha

Exit Load Nil Nil




HDFC FRIF-Short Term Plan(G)

ICICI Pru Flexible Income Plan-(G)

SBI Ultra Short Term Debt Fund(G)

Shobhit Mehrotra & Rakesh Vyas

Rajeev RadhakrishnanRahul Goswami & Rohan Maru

NilNil Nil


UTI Treasury Advantage Fund(G)

Sudhir Agarwal

CAGR (%)

Dec. 31, 2014 to Dec. 31, 2015 8.66 8.23 8.23 8.23 8.23

Dec. 31, 2013 to Dec. 31, 2014 10.47 9.21 9.21 9.21 9.21

Dec. 31, 2012 to Dec. 31, 2013 8.27 9.03 9.03 9.03 9.03


Dec. 31, 2014 to Dec. 31, 2015 10,866 10,823 10,823 10,823

Dec. 31, 2013 to Dec. 31, 2014 11,047 10,921 10,921 10,921 10,921

Dec. 31, 2012 to Dec. 31, 2013 10,827 10,903 10,903 10,903 10,903

Quaterly AAUM (Rs. Crs.) Dec. -2015 11,843 8,944 16,097 9,081 10,723

CAGR (%)

Dec. 31, 2014 to Dec. 31, 2015 8.89 8.83 8.81 8.63 8.76

Dec. 31, 2013 to Dec. 31, 2014 9.66 9.08 9.62 8.96 9.55

Since Inception till Dec. 31, 2015 7.70 8.38 8.07 7.94 8.42


Dec. 31, 2014 to Dec. 31, 2015 10,889 10,883 10,881 10,863 10,876

Dec. 31, 2013 to Dec. 31, 2014 10,966 10,941 10,949 10,917 10,931

Dec. 31, 2012 to Dec. 31, 2013 10,955 10,908 10,962 10,896 10,955

Since Inception till Dec. 31, 2015 25,689 19,336 27,999 19,057 20,192

Inception Date 16-Apr-03 23-Oct-07 27-Sep-02 26-Jul-07 23-Apr-07

Average Maturity in Days (February) - 285 307 190 167

Credit Quality (%)

AA/Equiv 10.54 7.07 13.54 7.45 16.83

AA+ 4.96 14.14 6.40 11.86 1.03

AAA & Equiv 62.70 69.13 71.11 69.27 52.57

Cash & Equivalent 2.22 5.51 3.22 2.78 27.02

A/Equiv & Others 3.57 1.81 - 0.07 -

SOV 14.34 0.86 5.74 7.45 0.98


22

Short Term Funds

Exit Load Nil1% on or before 365D,

Nil after 365D Nil 0.25% on or before 1M, Nil after 1M

0.50% on or before 30D, Nil after 30D

Fund Manager Devang Shah Kaustubh Gupta & Sunaina da Cunha Manish Banthia Prashant Pimple Akhil Mittal

Scheme Names Axis Short Term Fund(G)

Birla SL ST Opportunities Fund(G)

ICICI Pru Short Term Plan-Reg(G) Reliance STF(G) Tata ST Bond(G)


Crisil AA Short Term Bond Fund Index

Crisil Short Term Bond Fund Index



Source: ACE MFPlease refer to RISKOMETER on page no 29 for all risk related information about the above mentioned schemes.

Quaterly AAUM (Rs. Crs.) Dec. -2015 2,447 3,930 5,281 8,793 4,748

CAGR (%)

Dec. 31, 2014 to Dec. 31, 2015 8.11 8.42 7.99 8.12 8.23

Dec. 31, 2013 to Dec. 31, 2014 10.04 11.33 11.55 11.33 10.56

Dec. 31, 2012 to De. 31, 2013 7.30 10.12 7.24 7.51 9.10


Dec. 31, 2014 to Dec. 31, 2015 10,811 10,842 10,799 10,812 10,823

Dec. 31, 2013 to Dec. 31, 2014 11,004 11,133 11,155 11,133 -

Dec. 31, 2012 to Dec. 31, 2013 10,730 11,012 10,724 10,751 -

Since Inception till Dec. 31, 2015 15,970 24,185 30,235 27,684 4

Inception Date 22-Jan-10 09-May-03 25-Oct-01 18-Dec-02 8-Aug-02

Average Maturity in Years (February) 3.20 - 4.76 2.77 2.59

Credit Quality (%)

AA/Equiv - 32.44 10.45 - 3.08

AA+ - 1.48 2.04 11.20 2.10

AAA & Equiv 82.74 13.31 38.29 57.42 71.91

Cash & Equivalent 4.05 10.76 4.90 3.31 3.05

A/Equiv & Others - - - 1.05 -

SOV 13.21 34.85 44.31 23.75 19.86


CAGR (%)

Dec. 31, 2014 to Dec. 31, 2015 8.66 - 8.66 8.66 8.66

Dec. 31, 2013 to Dec. 31, 2014 10.47 - 10.47 10.47 10.47

Dec. 31, 2012 to Dec. 31, 2013 8.27 - 8.27 8.27 8.27

alue of Investment of INR 10,000 if invested fromV

Dec. 31, 2014 to Dec. 31, 2015 10,866 - 10,866 10,866 10,866

Dec. 31, 2013 to Dec. 31, 2014 11,047 - 11,047 11,047 11,047

Dec. 31, 2012 to Dec. 31, 2013 10,827 - 10,827 10,827 10,827


23

Accrual / Credit Opportunities Funds


Scheme Names

Fund Manager

Quaterly AAUM (Rs. Crs.) December-2015 4,638 2,300 2,768 5,891

CAGR (%)

Dec. 31, 2014 to Dec. 31, 2015 9.52 9.64 9.50 8.78

Dec. 31, 2013 to Dec. 31, 2014 11.97 10.76 10.96 10.97

Dec. 31, 2012 to Dec. 31, 2013 10.25 8.14 7.28 7.99




Dec. 31, 2014 to Dec. 31, 2015 10,952 10,964 10,950 10,878

Dec. 31, 2013 to Dec. 31, 2014 11,197 11,076 11,096 11,097

Dec. 31, 2012 to Dec. 31, 2013 11,025 10,814 10,728 10,799


Inception Date 25-Mar-09 13-May-03 28-Feb-02 10-Jun-05

Average Maturity in Years (February) - 2.98 1.95 2.13

Credit Quality (%)

AA/Equiv 10.49 9.83 19.83 41.38

AA+ 0.90 0.53 3.51 5.39

AAA & Equiv 6.40 41.83 7.92 5.71

Cash & Equivalent 4.69 3.55 9.71 4.90

A/Equiv & Others 2.46 24.62 32.88 18.47

SOV 33.05 - 0.04 -

Unrated - - 5.67 7.82

Birla SL Medium Term Fund(G)

DSPBR Income Opportunities Fund-

Reg(G)HDFC STP(G)

Maneesh Dangi

2.00% on or before 365D,1.00% after 365D but on or before 730D,

Nil after 730D

1% on or before 12M, Nil after 12M

0.75% on or before 12M, NIL after 12M

Exit Load

Reliance Reg Savings Fund-Debt Plan(G)

1% on or Before 1Y, Nil after 1Y

Dhawal Dalal Anil Bamboli & Rakesh Vyas Prashant Pimple

CAGR (%)

Dec. 31, 2014 to Dec. 31, 2015 - 8.66 8.66 8.63

Dec. 31, 2013 to Dec. 31, 2014 - 10.47 10.47 14.31

Dec. 31, 2012 to Dec. 31, 2013 - 8.27 8.27 3.79



Dec. 31, 2014 to Dec. 31, 2015 - 10,866 10,866 10,863

Dec. 31, 2013 to Dec. 31, 2014 - 11,047 11,047 11,431

Dec. 31, 2012 to Dec. 31, 2013 - 10,827 10,827 10,379

Benchmark Names CRISIL AA Short Term Bond Index



Crisil Composite Bond Fund Index


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Income Funds

Exit Load Nil Nil 0.50% on or before 6M, Nil after 6M

Nil for 10% of investment and 1% for remaining investment

on or before 365D, Nil after 365D

Nil

Fund Manager Devang Shah Prasad Dhonde Shobhit Mehrotra & Rakesh Vyas Suyash Choudhary Abhishek Bisen

Scheme Names Axis Income Fund(G)•

Birla SL Income Plus(G)

HDFC Income Fund(G)

IDFC SSIF-Invest-Reg(G)

Kotak Bond Fund - Plan A(G)

Benchmark Names Crisil Composite Bond Fund Index






Quaterly AAUM (Rs. Crs.) Dec. -2015 249 4,449 3,341 2,259 5,199

CAGR (%)

Dec. 31, 2014 to Dec. 31, 2015 6.76 4.56 5.32 5.93 4.60

Dec. 31, 2013 to Dec. 31, 2014 15.01 16.03 15.68 15.54 15.13

Dec. 31, 2012 to Dec. 31, 2013 4.72 2.65 2.17 4.67 2.10



Dec. 31, 2014 to Dec. 31, 2015 10,676 10,456 10,532 10,593 10,460

Dec. 31, 2013 to Dec. 31, 2014 11,501 11,603 11,568 11,554 11,513

Dec. 31, 2012 to Dec. 31, 2013 10,472 10,265 10,217 10,467 10,210


Inception Date 28-Mar-12 21-Oct-95 11-Sep-00 14-Jul-00 25-Nov-99

Average Maturity in Years (February) 11.00 - 17.07 4.54 16.84

CAGR (%)

Dec. 31, 2014 to Dec. 31, 2015 8.63 8.63 8.63 8.63 8.63

Dec. 31, 2013 to Dec. 31, 2014 14.31 14.31 14.31 14.31 14.31

Dec. 31, 2012 to Dec. 31, 2013 3.79 3.79 3.79 3.79 3.79


Dec. 31, 2014 to Dec. 31, 2015 10,863 10,863 10,863 10,863 10,863

Dec. 31, 2013 to Dec. 31, 2014 11,431 11,431 11,431 11,431 11,431

Dec. 31, 2012 to Dec. 31, 2013 10,379 10,379 10,379 10,379 10,379

Scheme RecommendationsDynamic Bond Funds

Exit Load 0.50% on or before 90D, Nil after 90D

0.50% on or before 6M, Nil after 6M Nil 1% on or Before 12M,

Nil After 12M0.50% on or before

180D, Nil after 180D

Fund Manager Maneesh Dangi Anil Bamboli & Rakesh Vyas Rahul Goswami Prashant Pimple Akhil Mittal

Particulars Birla SL Dynamic Bond Fund-Ret(G)

HDFC High Interest Fund-Dynamic Plan(G)

ICICI Pru Dynamic Bond Fund(G)

Reliance Dynamic Bond(G)

Tata Dynamic Bond Fund-Plan A(G)





I-Sec Composite Gilt Index


Quaterly AAUM (Rs. Crs.) Dec. -2015 15,763 2,245 993 5,532 1,004

CAGR (%)

Dec. 31, 2014 to Dec. 31, 2015 7.44 5.51 7.59 5.73 7.10

Dec. 31, 2013 to Dec. 31, 2014 14.85 16.14 13.26 15.28 13.92

Dec. 31, 2012 to Dec. 31, 2013 6.79 5.33 5.88 4.82 10.10



Dec. 31, 2014 to Dec. 31, 2015 10,744 10,551 10,759 10,573 10,710

Dec. 31, 2013 to Dec. 31, 2014 11,485 11,614 11,326 11,528 11,392

Dec. 31, 2012 to Dec. 31, 2013 10,679 10,533 10,588 10,482 11,010


Inception Date 27-Sep-04 28-Apr-97 12-Jun-09 15-Nov-04 3-Sep-03

Average Maturity in Years (February) - 17.58 8.39 14.17 7.42

CAGR (%)

Dec. 31, 2014 to Dec. 31, 2015 8.66 8.63 8.63 8.63 8.37

Dec. 31, 2013 to Dec. 31, 2014 10.47 14.31 14.31 14.31 15.12

Dec. 31, 2012 to Dec. 31, 2013 8.27 3.79 3.79 3.79 4.12


Dec. 31, 2014 to Dec. 31, 2015 10,866 10,863 10,863 10,863 10,837

Dec. 31, 2013 to Dec. 31, 2014 11,047 11,431 11,431 11,431 11,512

Dec. 31, 2012 to Dec. 31, 2013 10,827 10,379 10,379 10,379 10,412

Scheme Names

25


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Long Term Gilt


Benchmark Names I-Sec Li-BEX I-Sec Li-BEX I-Sec Composite Gilt Index

CAGR (%)

Dec. 31, 2014 to Dec. 31, 2015 7.48 7.48 8.37 7.48

Dec. 31, 2013 to Dec.r 31, 2014 19.74 19.74 15.12 19.74

Dec. 31, 2012 to Dec. 31, 2013 1.38 1.38 4.12 1.38


Dec. 31, 2014 to Dec. 31, 2015 10,748 10,748 10,837 10,748

Dec. 31, 2013 to Dec. 31, 2014 11,974 11,974 11,512 11,974

Dec. 31, 2012 to Dec. 31, 2013 10,138 10,138 10,412 10,138

I-Sec Li-BEXI-Sec Li-BEX

Scheme NamesKotak Gilt-

Invest-Reg(G)Reliance Gilt

Securities Fund(G)Birla SL G-Sec-LT(G)

ICICI Pru Gilt-Invest-PF(G)

Quaterly AAUM (Rs. Crs.) Dec. -2015 955 798 894 1,283

CAGR (%)

Dec. 31, 2014 to Dec. 31, 2015 5.49 5.48 5.27 6.24

Dec. 31, 2013 to Dec. 31, 2014 17.54 20.53 17.09 18.64

Dec. 31, 2012 to Dec. 31, 2013 3.05 1.40 0.06 3.27



Dec. 31, 2014 to Dec. 31, 2015 10,549 10,548 10,527 10,624

Dec. 31, 2013 to Dec. 31, 2014 11,754 12,053 11,709 11,864

Dec. 31, 2012 to Dec. 31, 2013 10,305 10,140 10,006 10,327


Inception Date 28-Oct-99 19-Nov-03 29-Dec-98 22-Aug-08

Average Maturity in Years (February) - 24.29 17.00 11.73

Fund Manager Prasad Dhonde & Kaustubh Gupta

Manish Banthia & Anuj Tagra Abhishek Bisen Prashant Pimple

Exit Load NilNil NilNil

Investment not applicable

Wealth Wealth Wealth Wealth Wealth Guard (%) Keeper (%) Builder (%) Enhancer (%) Multiplier (%)

Low Risk Debt 60 50 30 20 15

Long/Short Term Debt 35 35 30 20 15

Equity 5 15 30 40 50

Alternate 0 0 10 20 20

Total 100 100 100 100 100

Corporate/Bank Deposits

Income Funds

Gilt - Medium to Long Term

Diversified Equity

Direct Equity/Derivatives

Private Equity

Equity PMS

Structured Products (Non-Capital protected)

Post Office & RBI/ PSU Bonds

Fixed Maturity Plans (FMPs)

Liquid/Ultra Short Term Funds

Short Term Funds

Funds

Monthly Income Plans (MIPs)

Other Asset Class (Gold, etc.)

Structured Products (Capital protected)

Model Portfolio

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Disclaimer:

This document is prepared by the Research Division of Aditya Birla Money Mart Limited (ABMML/ the Company) on the basis of publicly available information, internally developed data and other sources believed to be reliable. Whilst no action has been taken based upon this information, ABMML does not warranty either expressly or impliedly, the accuracy, completeness or reliability of any information provided herein. Neither ABMML nor any of its employees / directors / authorized representatives shall be liable for any direct, indirect, special, consequential, punitive or exemplary damages including lost profits arising in any way from the information contained in this material, and hereby disclaims any liability with regard to the same. This report is disseminated for the information of authorized recipients only and is not to be relied upon or taken in substitution for the exercise of due diligence and judgment by any recipient. This report does not provide individually tailored investment advice; investors should seek independent financial advice with respect to the merits and risks involved in any of the matters concerning investments in the Schemes/products mentioned in the report. MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS READ ALL SCHEME RELATED DOCUMENTS CAREFULLY BEFORE INVESTING. PAST PERFORMANCE MAY OR MAY NOT BE SUSTAINED IN FUTURE. Returns are for Growth Option. Calculations of return assume that all payouts during the period have been reinvested in the Scheme at the then prevailing NAV. Returns of less than one year are absolute returns and returns of one year and more are compounded annualized returns.

This document is meant solely for the selected recipient to whom it has been specifically made available for general reading purposes. Nothing in this document should be construed as an investment/financial advice or solicitation to purchase or sell, units of Scheme of any particular fund house or any financial product referred to in this document. Investment decision if any taken will be at your sole and absolute discretion after due assessment and understanding of your investment objective, appropriateness and risk averseness including indicated under product labeling of mutual fund scheme. ABMML shall not be held responsible in any manner whatsoever for the consequences resulting from you taking the decision based on the use of this information. You may therefore obtain your own legal, tax and financial advice before making a decision. Aditya Birla Money Mart Ltd is registered with AMFI as a distributor of mutual fund [ARN 0003] and being engaged in the distribution of Mutual Fund products may receive fees / commission from the asset management companies. The indicative range of commission receivable from AMCs is from 0% to 6.5% depending on the schemes and as notified by the AMCs from time to time. For more details about the Company, its businesses and other information including the commissions received from asset management companies you may visit the website www.adityabirlamoney.com under the “Products – Mutual Fund section” or can seek direct information from your relationship manager at the time of investment. ABMML is an also an associate / group company of Birla Sun Life Asset Management Company Limited and trustees and sponsor of Birla Sun Life Mutual Fund (BSLMF), and also acts as a distributor of BSLMF. Any recommendation or reference of schemes of BSLMF made here if any is based on the standard evaluation and selection process, which would apply uniformly for all mutual fund schemes. The payment of commission (upfront /annualized & trail) for any Schemes of BSLMF to ABMML would be as per prevailing market practices. You may execute the mutual fund transactions using the execution services of the Company. These services shall be as per the SEBI guidelines issued from time to time and you may quote the EUIN number of the relationship manager in case of such transactions is executed based on the advice provided by the Company.

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RISKOMETER : SEBI's Mutual Fund Advisory committee had concurred that the prevailing 3-level classification of scheme risk determined by colour coding (brown for high risk, yellow for medium risk and blue for low risk) is inadequate to calibrate risk adequately across all mutual fund products. Hence there was a need to increase the levels of risk depiction from 3 to 5 to accommodate a finer categorization of risk across the spectrum of MF products. Therefore the colour coding has been replaced by a 'Riskometer' as an easier to understand pictorial risk grading system.

Levels of RiskRisk Level Interpretation 1. Low Level Principal At Low Risk 2. Moderately Low Principal at moderately low risk 3. Moderate Principal at moderate risk 4. Moderately High Principal at moderately high risk 5. High Principal at high risk

Scheme NamesAxis Equity Fund(G)Axis LT Equity Fund(G)Birla SL Top 100 Fund(G)Birla SL Balanced '95 Fund(G)Birla SL Frontline Equity Fund(G)Birla SL MIP II-Wealth 25(G)Birla SL Tax Relief '96(G)BNP Paribas Equity Fund(G)Canara Rob Emerg Eq Fund-Reg(G)Franklin India Bluechip Fund(G)Franklin India High Growth Cos Fund(G)Franklin India Prima Fund(G)Franklin India Smaller Cos Fund(G)Franklin India Taxshield(G)HDFC Balanced Fund(G)HDFC Capital Builder Fund(G)HDFC Mid-Cap Opportunities Fund(G)HSBC MIP-Savings(G)ICICI Pru Focused BlueChip Eq Fund(G)ICICI Pru LT Equity Fund (Tax Saving)(G)ICICI Pru MIP 25(G)ICICI Pru Balanced Fund(G)ICICI Pru Dynamic Plan(G)ICICI Pru Value Discovery Fund(G)Kotak 50(G)Kotak Select Focus Fund(G)Mirae Asset Emerging BlueChip-Reg(G)Reliance Focused Large Cap Fund(G)Reliance Reg Savings Fund-Balanced Plan(G)Reliance Tax Saver (ELSS) Fund(G)Reliance Small Cap Fund(G)SBI BlueChip Fund-Reg(G)SBI Magnum MidCap Fund-Reg(G)Tata Balanced Fund(G)UTI Mid Cap Fund(G)

Riskometer

Scheme NamesAxis Short Term Fund(G)Birla SL Savings Fund(G)Birla SL Short Term Fund(G)Edelweiss Arbitrage Fund-Reg(G)HDFC FRIF-Short Term Plan(G)HDFC Short Term Opportunities Fund(G)ICICI Pru Flexible Income Plan(G)IDFC Arbitrage Fund-Reg(G)Kotak Equity Arbitrage Scheme(G)Reliance STF(G)Religare Invesco Credit Opportunities Fund(G)SBI Arbitrage Opportunities Fund-Reg(G)SBI Ultra Short Term Debt Fund(G)Tata ST Bond(G)UTI Treasury Advantage Fund(G)

Riskometer

Scheme NamesAxis Income Fund(G)Birla SL Dynamic Bond Fund-Ret(G)Birla SL G-Sec-LT(G)Birla SL Income Plus(G)Birla SL Medium Term Fund(G)Birla SL MIP II-Savings 5(G)Birla SL ST Opportunities Fund(G)Birla SL Treasury Optimizer Plan(G)DSPBR Income Opportunities Fund-Reg(G)HDFC STP(G)HDFC High Interest Fund-Dynamic Plan(G)HDFC Income Fund(G)HDFC Corporate Debt Opportunities Fund-(G)ICICI Pru Income Opportunities Fund(G)ICICI Pru Equity-Arbitrage Fund(G)ICICI Pru Gilt-Invest-PF(G)ICICI Pru Short Term Plan(G)ICICI Pru Dynamic Bond Fund(G)IDFC SSIF-Invest-Reg(G)Kotak Bond Fund - Plan A(G)Kotak Gilt-Invest-Reg(G)Reliance Dynamic Bond(G)Reliance Gilt Securities Fund(G)Reliance MIP(G)Reliance Reg Savings Fund-Debt Plan(G)Tata Dynamic Bond Fund-Plan A(G)

Riskometer

Scheme NamesAxis Liquid Fund(G)Birla SL FRF-Short Term Plan(G)ICICI Pru Money Market Fund(G)Kotak Floater-ST(G)Reliance Liquid-Treasury Plan(G)Religare Invesco Liquid Fund(G)Sundaram Money Fund-Reg(G)Tata Money Market Fund- A(G)

Riskometer

Riskometer

Scheme NamesHDFC Infrastructure Fund(G)Reliance Banking Fund(G)

Riskometer

(Monthly Market Review)

Contact InformationAditya Birla Money Mart LimitedCorporate Office: One Indiabulls Centre, Tower 1, 14th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai 400 013.Registered Office: Indian Rayon Compound, Veraval, Gujarat 362 266. E-mail: [email protected], CIN U61190GJ1997PLC062406, Tel: +91 22 43568300, Website: www.adityabirlamoney.com, Fax: +91 22 43568310

Documents

MMR - Wealth - March 2016