Upload
others
View
4
Download
0
Embed Size (px)
Citation preview
Monthly Update March 2015
Dear Investors,
Budget 2015-16 was more or less in line with expectations and a somewhat extended
version of the railway budget - with thrust on nation building through impetus on
infrastructure, capital investments, and fiscal discipline. It seems like the time has
arrived form whereon the hype around budgets should die and it should be looked at
more like long term guidelines to country’s financial framework.
The motto seems to be towards enhancing the make in India campaign alongside
focusing on basics like medical, insurance and pension needs of the masses while
enhancing savings from individuals and simultaneously addressing requirements of
channelizing domestic savings towards capital formation. Schemes like monetisation
of gold, issue of sovereign gold bonds, rental income of REIT’s and RuPay cards are
incentives to move away from physical savings to financial savings and make India a
cashless economy. This will help channelizing small savings via the financial route
and making it available for stepping up public investment.
Steps like reducing corporate tax rate from 30% to 25% over the next 4 yrs and ruling
out exemptions are steps towards simplifying corporate tax regime and incentivizing
domestic manufacturing. Equity markets also stand to gain as the budget addressed
major issues pertaining to FII investments. Postponement of GAAR with prospective
applicability from 2017 and fungibility between FII & FDI limits also makes easier for
FIIs to stay and invest in India.
Focus on education, renewable energy and aspects like JAM (Jan Dhan, Aadhar and
Mobile), skill developments, MSME’s, tourism and agriculture, makes the budget
look more like a 360 degree review of the economy.
Overall, this year’s budget thus focuses on macros, social objectives and black money.
These are strong long-term objectives and will help nation building.
Happy Investing !
Union budget 2015-16 was determined towards a long term growth strategy and fiscal
improvement. Alongside there was a 360 degree view covering social sector reforms,
incentivizing manufacturing, channelizing small savings, boosting FII investments
and aiding corporate sector earnings. It also firmed the ground towards implementing
GST. On fiscal front the budget took benefits of reduced crude prices to lower
subsidies and enhance capital spending. Overall, the budget was more oriented
towards resurrecting the roots causes for a long term growth story.
2
March 2015
Budget Highlights 2015
ECONOMY
AGRICULTURE
BANKING & INSURANCE
FINANCIALSECTOR
GOLD MONETISATION
INFRASTRUCTURE
OTHERS
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
CPI inflation projected at 5% by the end of the year, consequently,
easing of monetary policy.Growth in GDPprojected to be 8 to 8.5% in 2015-16.Monetary Policy Framework Agreement with RBI, to keep
inflation below 6%.The fiscal deficit targets are 3.9% in 2015-16, 3.5% in 2016-17 and
3.0% in 2017-18.
5,300 crore to support micro-irrigation, watershed development
and the ‘Pradhan Mantri Krishi SinchaiYojana’.
25,000 crore in 2015-16 to the corpus of Rural Infrastructure
Development Fund (RIDF) set up in NABARD; 15,000 crore for
Long Term Rural Credit Fund; 45,000 crore for Short Term Co-
operative Rural Credit Refinance Fund; and 15,000 crore for
Short Term RRB Refinance Fund.
Target of 8.5 lakh crore of agricultural credit during the year
2015-16.Focus on improving the quality and effectiveness of activities
under MGNREGA.Government to work with the States, in NITI, for the creation of a
Unified NationalAgriculture Market.
An autonomous Bank Board Bureau to be set up to improve the
governance of public sector bank.To create holding company for banks.Micro Units Development Refinance Agency (MUDRA) Bank,
with a corpus of 20,000 crores, and credit guarantee corpus of
3,000 crores to be created.MUDRA Bank will be responsible for refinancing all Micro-
finance Institutions which are in the business of lending to such
small entities of business through a Pradhan Mantri MudraYojana.
NBFCs registered with RBI and having asset size of 500 crore and
above may be considered for notifications as ‘Financial Institution’
in terms of the SARFAESIAct, 2002.Pradhan Mantri Suraksha BimaYojna to cover accidental death risk
of 2 Lakh for a premium of just 12 per year.Atal PensionYojana to provide a defined pension, depending on the
contribution and the period of contribution. Government to
contribute 50% of the beneficiaries’ premium limited to 1,000
each year, for five years, in the new accounts opened before 31st
December 2015.Pradhan Mantri Jeevan Jyoti Bima Yojana to cover both natural and
accidental death risk of 2 lakh at premium of 330 per year for the
age group of 18-50.
Public Debt Management Agency (PDMA) bringing both external
and domestic borrowings under one roof to be set up this year.Enabling legislation, amending the Government Securities Act and
the RBIAct included in the Finance Bill.Forward Markets commission to be merged with SEBI.Repo & Reverse Repo and Commodity Dereivates included in the
definition of Derivatives in SCRAThe Central Government in consultation with RBI may prescribe
any class or classes of capital account transactions, not involving
debt instruments, which are permissible and the limit up to which
foreign exchange shall be admissible for such transactions.Proposal to create a Task Force to establish sector-neutral financial
redressal agency.India Financial Code to be introduced.Vision of putting in place a direct tax regime, which is
internationally competitive on rates, without exemptions.Government to bring enabling legislation to allow employee to opt
for EPF or NPS. For employee’s below a certain threshold of
monthly income, contribution to EPF to be optional, without
affecting employor’s contribution.Foreign investments inAlternate Investment Funds to be allowed.Distinction between different types of foreign investments,
especially between FPI and FDI to be done away with.
Replacement with composite caps.A project development company to facilitate setting up
manufacturing hubs in CMLV countries, namely, Cambodia,
Myanmar, Laos and Vietnam.Permanent Establishment norm to be modified to encourage fund
managers to relocate to India
Gold monetisation scheme to allow the depositors of gold to earn
interest in their metal accounts and the jewellers to obtain loans in
their metal account to be introduced.Sovereign Gold Bond, as an alternative to purchasing metal gold
scheme to be developed.Commence work on developing an Indian gold coin, which will
carry theAshok Chakra on its face.
National Investment and Infrastructure Fund (NIIF), to be
established with an annual flow of 20,000 crores to it.Tax free infrastructure bonds for the projects in the rail, road and
irrigation sectors.PPP mode of infrastructure development to be revisited and
revitalised.
Atal Innovation Mission to be established in NITI. A sum of 150
crore will be earmarked.SETU (Self-Employment and Talent Utilization) to be established
as Techno-financial, incubation and facilitation programme to
support all aspects of start-up business. 1000 crore to be set aside
as initial amount in NITI.Ports in public sector will be encouraged to corporatize.Multiple prior permission to be replaced by a pre-existing
regulatory mechanism with single window clearance.5 new Ultra Mega Power Projects, each of 4000 MW.
Unclaimed deposits of small saving schemes and PPF to be utilised
for creation of a Senior Citizen Welfare Fund.Monetary limit for a case to be heard by a single member bench of
ITAT increase from 5 lakh to 15 lakh.Balance of 50% of additional depreciation @ 20% for new plant
and machinery installed and used for less than six months by a
manufacturing unit or a unit engaged in generation and distribution
of power is to be allowed immediately in the next year.
Acceptance or re-payment of an advance of 20,000 or more in
cash for purchase of immovable property to be prohibited.Non-filing of return/filing of return with inadequate disclosures, in
case of holding foreign assets/income, to have a punishment of
rigorous imprisonment upto 7 years. Undisclosed income from any
foreign assets to be taxable at the maximum marginal rate.Evasion of tax in relation to foreign assets to have a punishment of
rigorous imprisonment upto 10 years, be non-compoundable, have
a penalty rate of 300% and the offender will not be permitted to
approach the Settlement Commission.Concealment of income/evasion of income in relation to a foreign
asset to be made a predicate offence under PMLAct, 2002.PMLAct, 2002 and FEMA to be amended to enable administration
of newAct on black money.GeneralAntiAvoidance Rule (GAAR) to be deferred by two years.GAAR to apply to investments made on or after 01/04/2017, when
implemented.To bring a comprehensive Bankruptcy Code in fiscal 2015-16.
`
`
`
`
`
`
`
`
`
` `
`
` `
`
`
`
` `
`
3
March 2015
Budget Highlights 2015
DIRECTTAXES
INDIRECTTAXES
Personal:
Corporate:
Others:
Custom Duty:
Excise Duty:
Service Tax:
Others:
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
No change in rate of personal income tax. Surcharge @12% on
individuals, HUFs, AOPs, BOIs, artificial juridical persons, firms,
cooperative societies and local authorities having income
exceeding 1 crore.Limit of deduction of health insurance premium increased from
15,000 to 25,000, for senior citizens from Rs. 20,000 to
30,000.
Very senior citizens to be allowed deduction of 30,000 towards
medical expenditures.
Deduction limit of 60,000 with respect to specified disease of
serious nature enhanced to 80,000 in case of senior citizen.
Additional deduction of 25,000 for differently abled persons.
Additional deduction of 50,000 for contribution to the new
pension scheme u/s 80CCD.Payments to the beneficiaries including interest payment on
deposit in Sukanya Samriddhi scheme to be fully exempt.Donation made to National Fund for Control of Drug Abuse to be
eligible for 100% deduction u/s 80G of Income-taxAct.Transport allowance exemption increased to Rs. 1,600 per month.
Proposal to reduce corporate tax from 30% to 25% over the next
four years, starting from next financial year accompanied by
rationalisation and removal of various kind of tax exemptions and
incentives.
Domestic companies : Surcharge @ 7% for income exceeding 1
crore and upto 10 crore & @ 7% and surcharge @ 12% for income
exceeding 10 crore.MAT rationalised for FIIs and members of anAOP
Domestic transfer pricing threshold limit increased from 5 crore to
20 crore.Rate of Income-tax on royalty and fees for technical services
reduced from 25% to 10%.Additional investment allowance (@ 15%) and additional
depreciation (@35%) to new manufacturing units set up during the
period 01-04-2015 to 31-03-2020 in notified backward areas of
Andhra Pradesh and Telangana.
Surcharge @ 12% on distribution of dividend / income & buyback
of shares.Wealth-tax abolished.Yoga to be included within the ambit of charitable purpose under
Section 2(15) of the Income-taxAct.Tax “pass through” status for Category I & IIAIF.Rationalisation of capital gains regime for the sponsors exiting at
the time of listing of the units of REITs and InvITs by levying STT
@ 0.2% payable by sponsor.Rental income of REITs from their own assets to have pass through
facility.PAN being made mandatory for any purchase or sale exceeding
Rupees 1 lakh.For charitable institutions the ceiling on receipts from activities in
the nature of trade, commerce or business to 20% of the total
receipts from the existing ceiling of 25 lakh.100% deduction for contributions, other than by way of CSR
contribution, to Swachh Bharat Kosh and Clean Ganga Fund.
Basic Custom duty on certain inputs, raw materials, inter mediates
and components in 22 items, reduced to minimise the impact of
duty inversion.
Basic customs duty on Metallergical coke increased from 2.5% to
5%.Basic custom duty on tariff rate on iron and steel and articles of iron
and steel increased from 10% to 15%.Basic custom duty on tariff rate on commercial vehicle increased
from 10% to 40%.Basic custom duty reduced to nil on digital still image video camera
with certain specifications.Artificial heart exempt from basic custom duty of 5% and CVD.SAD reduced on import of certain inputs and raw materials.All goods, except populated printed circuit boards for use in
manufacture of ITAbound items, exempted from SAD.
Education cess and the Secondary and Higher education cess to be
subsumed in Central Excise Duty.Excise Duty increased from 12% to 12.5%Excise duty exemption for captively consumed intermediate
compound coming into existence during the manufacture of
agarbathi.Excise duty on rails for manufacture of railway or tram way track
construction material exempted retrospectively from 17/03/2012
to 02/02/2014, if no CENVAT credit of duty paid on such rails is
availed.Conversion of existing excise duty on petrol and diesel to the extent
of 4 per litre into Road Cess to fund investment.Concessions on custom and excise duty available to electrically
operated vehicles and hybrid vehicles extended upto 31/03/2016.Excise duty on sacks and bags of polymers of ethylene other than
for industrial use increased from 12% to 15%.Time limit for taking CENVAT credit on inputs and input services
increased from 6 months to 1 year.Excise duty on footwear with leather uppers and having retail price
of more than 1,000 per pair reduced to 6%.Excise duty on chassis for ambulance reduced from 24% to 12.5%
Service-tax including cess increased from 12.36% to 14% to
facilitate transition to GST.Enabling provision to levy Swachh Bharat cess at a rate of 2% or
less on all or certain services, if need arises.Service tax exempted on services of pre-conditioning, pre-cooling,
ripening etc. of fruits and vegetables, life insurance service
provided by way of Varishtha Pension Bima Yojana, ambulance
services provided to patients, admission to museum, zoo, national
park, wild life sanctuary and tiger reserve and transport of goods for
export by road from factory to land customs station.Services provided by way of access to amusement facility,
entertainment events or concerts, pageants, non recognized
sporting events etc are brought under service tax.Services provided by the Government or local authority to a
business entity excluded from the negative list.Exemption to construction, erection, commissioning or installation
of original works pertaining to an airport or port withdrawn.Services by common affluent treatment plant exempt from tax.Exemptions withdrawn for services provided by a mutual fund
agent / distributor to a mutual fund or AMC and selling or
marketing agent of lottery ticket to a distributor of lottery.
Efforts on various fronts to implement GST fromApril 01, 2016.
Clean energy cess increased from 100 to 200 per metric tonne of
coal, etc. to finance clean environment initiatives.
`
` `
`
`
`
`
`
`
`
`
`
`
`
`
`
`
` `
4
Fixed Income Update Equities Update
Debt: Liquid 1M 3M 6M
Institutional Activity ( Feb 01- Feb 28 ) (Rs cr)
Fund Performance Fund Performance
Equity : Large & Flexi Cap 3M 1Y 3Y
Forex / Call / Economic Indicators
Equity Purchase Sales Net InvDebt Purchase Sales Net Inv
Key Indices 27-Feb 30-Jan %Chg. I Yr Ret Key Indices 27-Feb 30-Jan %Chg. I Yr Ret
Other -Feb 30-JanIndices 27 %Chg. I Yr Ret
Portfolio as on Jan 31, 2015 & Return as on 28th Feb 2015
NSE G Sec Composite Index 392.76 392.29 0.12 12.11%
NSE Treasury Bill Index 390.93 388.81 0.55 8.82%
04-Mar 04-Feb
Rupee/$ 61.85 61.68
Call Rate 7.40% 8.00%
Total Forex ($ bn) 322.04 334.19
Inflation -0.39% 0.11%
FIIs 20230.94 7142.84 13088.10
Mutual Funds 132448.10 68869.60 63578.50
BSE Sensex 29361.50 29182.95 0.61 39.02%
S&P CNX Nifty 8901.85 8808.90 1.06 41.82%
BSE IT Index 11969.48 11178.71 7.07 22.23%
BSE Healthcare 15854.60 15666.51 1.20 46.26%
BSE FMCG Index 8222.38 8275.45 -0.64 26.81%
BSE PSU Index 8102.54 8205.06 -1.25 46.92%
BSE Bankex 22572.97 22715.52 -0.63 83.76%
FIIs 100607.49 89131.96 11475.53
Mutual Funds 21207.70 16898.80 4308.90
Birla Sun Life Top 100 Fund 4.51 57.15 26.46
Franklin India High Growth Companies 7.33 88.93 35.82
HDFC Equity Fund -0.82 58.57 22.36
ICICI Pru Focused Bluechip Equity Fund 4.20 50.21 22.67
Reliance Equity Opportunities Fund 4.05 67.32 29.03
Debt: Ultra Short Term 1M 3M 6M Equity : Mid & Small Cap 3M 1Y 3Y
Birla Sun Life Cash Manager 6.97 7.61 8.44
Franklin India Ultra Short Bond Super IP 8.47 8.97 9.52
ICICI Prudential Flexible Income Plan 7.77 8.25 8.99
Reliance Money Manager Fund 7.44 7.67 8.30
UTI Treasury Advantage Fund - IP 8.42 8.53 9.06
Birla Sun Life Cash Plus 8.35 8.43 8.64
Franklin India TMA - Super IP 8.49 8.55 8.76
HDFC Liquid Fund 8.38 8.44 8.64
ICICI Prudential Liquid 8.36 8.45 8.66
IDFC Cash Fund 8.37 8.44 8.65
DSP BlackRock Micro Cap Fund 8.65 103.50 36.87
Franklin India Smaller Companies Fund 8.29 95.21 41.86
HDFC Mid-Cap Opportunities Fund 4.95 74.57 31.84
Kotak Emerging Equity Scheme 8.97 98.75 32.30
Reliance Small Cap Fund 7.16 103.20 40.12
Debt: Short Term 1M 3M 6M Equity: Tax Planning 3M 1Y 3Y
Birla Sun Life ST Opportunities Fund 5.66 9.24 12.36
Canara Robeco ST Fund 6.15 7.99 10.08
Franklin India STIP 6.47 10.21 13.03
HDFC Short Term Plan 6.98 9.69 11.72
Kotak Bond Short Term Plan 5.57 7.98 10.44
Axis Long Term Equity Fund 8.90 73.12 35.08
Birla Sun Life Tax Relief 96 11.57 70.50 29.69
Franklin India Taxshield 6.07 65.12 26.03
ICICI Prudential Taxplan 5.54 64.16 27.20
Reliance Tax Saver (ELSS) Fund 8.14 101.67 33.86
Debt: Income/ Dynamic 1M 3M 6M Equity: Thematic 1M 3M 6M
Hybrid: Equity-oriented 1M 3M 6M
Hybrid: Debt-oriented 1M 3M 6M
Birla Sun Life Dynamic Bond Fund 4.93 16.60 19.95
DSP BlackRock Strategic Bond Fund 4.65 17.25 20.26
Franklin India Income Opportunities 5.84 10.37 12.97
HDFC Medium Term Opportunities 6.46 9.06 11.31
UTI Dynamic Bond Fund 5.47 17.01 16.89
Debt: Accrual Funds 1M 3M 6M
Birla Sun Life Medium Term Plan 9.20 10.91 12.55
Franklin India Corporate Bond Opportunities 6.31 9.76 12.57
HDFC Corporate Debt Opportunities Fund 5.46 11.22 14.24
ICICI Prudential Regular Savings Fund 7.31 9.97 11.89
Reliance RSF - Debt 6.27 8.77 11.15
Debt: Gilt 1M 3M 6M
Birla Sun Life G Sec Fund - LT 4.57 22.01 26.80
HDFC Gilt Fund - L T P 5.81 23.67 28.39
IDFC G Sec Fund - Invt Plan - Reg 5.56 22.77 26.03
Kotak Gilt - Investment Regular Plan 3.64 19.92 23.27
SBI Magnum Gilt LTP 7.57 27.02 29.42
Franklin Build India Fund 7.54 105.92 36.44
ICICI Prudential B & F Services Fund 5.38 85.74 31.00
Reliance Pharma Fund 2.13 41.93 32.65
UTI MNC Fund 12.00 89.13 32.01
UTI T&L Fund 4.90 112.43 44.92
HDFC Prudence Fund 76.81 28.51 83.15
ICICI Prudential Balanced 65.90 33.58 59.60
Reliance RSF - Balanced 76.76 44.98 61.91
SBI Magnum Balanced Fund 73.21 40.47 65.67
Tata Balanced Fund - Plan A 62.75 25.40 51.87
Axis Income Saver Fund 23.82 7.93 18.05
Birla Sun Life MIP II - Wealth 25 32.16 8.39 32.62
Canara Robeco Monthly Income 26.42 5.53 17.97
HDFC Multiple Yield Fund - 2005 12.11 3.02 14.51
ICICI Prudential MIP 25 23.71 12.33 25.74
March 2015
*CA : Compound Annualized
Simple Annualized
Simple Annualized
Absolute CA*
This Month in Debt :
5
• The were slight on the negative side (-0.61%) before the Budget
day but turned positive by 1.1% after the budget announcements with the special
market session on saturday. Amongst the sectoral indices, IT (7.1%), metals
(3.5%), services (2.2%), realty (1.1%), Pharma, finance, infra & auto led the rally
while media (-5.4%), consumption (-2.7%), energy (-2.5%) banking & FMCG
ended the month in red. Within major global indices, all ended on positive note
with Nasdaq, Nikkei & Dow leading the rally.
• The revision of base year from 2004-05 to 2011-12 and adopting the market
prices as the official GDP estimate make it globally comparable. Accordingly,
GDP growth stood at 7.5% in Q3FY15 against 8.2% in Q2 and 6.5% in Q1
respectively with 2011-12 as base. As per the broad classification, Agriculture
growth stood at -0.4% in Q3FY15 from 2.0% in Q2FY15. Comparatively,
Industry growth stood at 3.9% in Q3 against 6.0% in Q2 and Services segment
grew by 13.5% in Q3 against 10.1% in Q2. Thus, this decline in GDP growth from
8.2% to 7.5% was primarily because of the slowdown in agriculture and slower
pace of growth in Industry segment.
• wise, Agriculture sector contribution declined to ~17% from ~18%
in FY14. Industry sector remained nearly stable @ 31% and Services sector
contribution increased to ~52% in FY15 from 51% in Fy14.
• stood at 1.7% in Dec’14 against 3.91% in Nov’14 and 0.11% in
Dec’13.Amongst the broad sectors, Mining degrew by 3.2% while Manufacturing
and Electricity grew by 2.1%, 4.8% respectively. Comparatively, core sector
growth also slowed to 2.37% in Dec’14 from 6.73% in Nov’14. The
manufacturing PMI index also slowed to 52.9 in Jan’14 from 54.5 in Dec’14 -
reflecting a relatively slower rate of expansion. The slip can partly be attributed to
consolidation after two months of impressive upticks.
• Internationally, across Emerging and Advanced economies
remains divided. Within emerging BRIC’s, Brazil & India continue to expand
while Russia and China slowed under pressure of plummeting global commodity
prices and lower inflation. Within theAdvanced segment, US continued to expand
at an accelerated pace while UK & Japan are expanding at a slower rate. Euro zone
PMI is just above the 50 mark in expansion zone since past 5 months.
• Amongst the institutional investors, invested INR 115 bn in Feb’15 against
INR 129 bn in Jan'15. Overall FII investments in equity stood at INR 975 bn in
FY15 so far against INR 797 bn in entire FY14. Long term FDI investments were
also stronger at INR 1276 bn in FY15 so far against INR 998 bn in similar period
last year.
The major global economies are jostling with fears of deflation and relatively lower
GDP growth.Accordingly, central banks across globe are on an easing spree to boost
their economic growth and stabilize prices. Meanwhile, India observes a
comfortable inflation regime compounded with accelerating growth in light of a
speedier reform agenda and a prudent fiscal policy in Budget 2015. This contrast
story allows global fund manager to remain overweight on India and continue
investing into the long term growth story.
While Nifty P/E at 23X may not seem attractive but is relatively cheaper in
comparison to other global indices. Furthermore, corporate earnings are also
expected to expand ahead with boost from budget reforms. With this optimism, we
recommend investors to diversify investments across large cap (~35 - 45%) mid &
Small cap (~45%) and sectoral (5-10%). Within sectoral category, banking and
infrastructure themes should be ideal for a long term horizon.
Indian equities
GDP
Contribution
IIP growth
manufacturing PMI
FII's
Outlook & Strategy:
The benchmark 10 yr yield remained relatively stable between 7.69% to 7.74% in
Feb’15 and ended the month at 7.72%. While there were positive set of data releases
from Inflation, GDP & Industrial production - markets awaited larger cues from the
Union budget 2015-16.
• moved up from 7.69% in Jan’15 to 7.72% in
Feb’15. The shifted upwards by ~7 bps at the short to medium
tenure but remained nearly flat at the longer end. The sharpest up move was in 1/4/5
Yr segment which moved up by ~11 bps in Feb’15. On YoY basis (Feb’14) the G-
Sec yield curve have shifted downwards by ~136 bps across maturities.
• also remained stable in Feb’15 moving in tandem with
the G-Sec yields. OnYoYbasis the 1Yr & 15Yr segment reposted sharp movement.
Its worth noting that in Feb’2014, Janet yellen spoke for the first time after being
appointed as FED chairperson to continue it easing stance. This caused long term
yields (15Yr) to decline sharply in that period.
• In the short term segment, moved up by ~30 bps across
maturities. 3/6/9/12 mth CPrates are now hovering ~9.17% against the 1Yr T-bill @
8.01% i.e. a spread of ~114 bps.
• in banking system eased with average daily LAF borrowings declining to
INR 200 bn in Feb’15 from INR 240 bn in Jan’15. Net total MSF borrowings
declined to INR 105 bn in Feb’15 from INR 115 bn in Jan’15
• remained muted @ 10.4% & 11.8% respectively. Credit -
deposit ratio also remained stable at 76.1%. However, incremental credit - deposit
ratio increased from 57% to 59% and incremental investment-deposit ratio declined
from 44% to 41%, which signifies an improvement in credit growth in last month.
• deflated by 0.39% in Jan’15 against an inflation of 0.11% in
Dec’14 and 5.11% in Jan’14. The receding inflation trend in absence of a favourable
base is a positive signal primarily led by the fall in fuel prices. Comparatively,
primary food prices escalated @ 8% in Jan’15 from 5.2% in Dec’14.
• Within - vegetables, fruits & milk contributed the most towards this rise
in Jan’15. A similar trend was visible in CPI inflation which escalated to 5.11% in
Jan’14 with Food inflation increasing from ~5.06% to 6.13%
• INR 130 bn in Feb’15 taking the total investments @ INR 1571 bn in
FY15 against a divestment of INR 278 bn in Fy14.
Budget 2015-16 presents a pragmatic fiscal discipline with targets of 3.9% in FY16
and subsequently 3.5% & 3.0% in FY17 & FY18 respectively. Alongside, GOI has
reduced the share of market borrowings from 26.6% in FY15 to 25.7% in FY16 in total
budgeted receipts. On Plan expenditure side, subsidies should decline by ~8.6%
(YoY) and capital expenditure should increase by 16.3%.
Further impetus has been laid on channelizing small savings into the financial system
and boost infrastructure & manufacturing growth. All this should lead to an
improvement in system liquidity and enhance credit flow to productive sectors. With
inflation falling in the projected trajectory; enactment towards fiscal deficit
management should align RBI interest rate stance in the long term. Meanwhile, we
expect the benchmark 10 Yr G-Sec yields to remain tradable around 7.50% in the
medium term before declining further.
Benchmark 10 YR G-Sec yield
G-Sec yield curve
Corporate bond spreads
Commercial paper yields
Liquidity
Credit & deposit growth
Wholesale prices
food index
FII’s invested
Outlook:
This Month in Equity :
March 2015
Sensex 'in thousand'10 Yr GOI Yield
6
Mutual Fund Performance Update
Equity: Large Cap
Equity: Large & Mid Cap
Equity: Multi Cap
as onJan 2015
Software Oil Auto Banks Pharma FMCG Absolute Compound Annualized
& Gas (Cr.) 3M 6M 1Y 3Y
Others Corpus
Portfolio as on Jan 31, 2015 & Return as on 28th Feb 2015
Franklin India Bluechip Fund 16.57 0.64 6.40 32.40 7.49 3.26 33.24 6195.54 3.68 13.66 48.34 18.66
Birla Sun Life Index Fund - Growth 14.00 0.49 8.38 23.38 5.53 8.15 40.07 727.43 3.40 10.05 40.48 18.15
JP Morgan India Equity Fund 10.86 0.00 13.67 28.67 6.29 2.54 37.97 247.31 6.31 17.60 55.81 22.83
Pramerica Large Cap Equity Fund 15.78 0.00 9.91 23.09 8.99 2.85 39.38 64.73 3.97 13.45 37.09 16.70
Reliance Top 200 Fund - Growth 13.74 0.00 13.36 19.97 8.98 0.08 43.87 1116.02 4.83 18.66 64.39 26.36
Religare Invesco AGILE Fund - Growth 0.00 0.00 9.55 61.45 19.35 0.00 9.65 30.05 0.64 6.06 14.66 14.56
SBI Magnum Equity Fund 17.22 0.00 14.21 33.07 9.49 4.71 21.30 1331.62 4.54 14.65 51.97 21.92
Tata Index Fund - Sensex Plan - Plan A 15.15 0.66 11.26 24.57 5.84 11.09 31.43 6.86 1.95 8.04 37.70 18.27
UTI Mastershare 14.63 1.02 9.23 21.94 8.41 2.57 42.20 3159.57 6.69 16.94 55.91 21.95
Birla Sun Life Advantage Fund 6.94 0.00 21.15 26.40 5.40 1.89 38.22 440.99 7.35 22.20 71.78 27.37
Birla Sun Life Frontline Equity Fund 11.94 0.51 10.74 25.08 5.54 5.76 40.43 8602.75 5.80 15.72 56.40 26.56
Birla Sun Life Top 100 Fund 11.05 1.26 11.10 25.13 6.06 5.48 39.92 1275.51 4.51 15.02 57.15 26.46
DSP BlackRock Opportunities Fund 12.44 2.08 7.65 24.86 5.61 0.00 47.36 820.99 4.54 14.78 54.75 23.42
Franklin India Flexi Cap Fund 11.86 2.11 12.36 28.62 11.18 2.41 31.46 2568.40 6.09 18.21 65.42 26.21
Franklin India Opportunities Fund 11.73 0.00 8.99 32.24 7.87 0.00 39.17 362.76 7.36 20.98 72.79 25.20
HDFC Growth Fund 10.41 0.00 7.08 28.39 6.70 2.63 44.79 1261.81 0.98 8.52 50.46 16.83
HDFC Equity Fund 13.23 2.50 9.93 24.87 6.63 3.50 39.34 19181.42 -0.82 8.16 58.57 22.36
HSBC India Opportunities Fund 14.01 2.07 6.62 28.64 7.43 4.50 36.73 442.26 5.81 16.34 61.36 25.30
ICICI Prudential Dynamic Regular 13.28 0.42 3.93 10.99 2.87 0.78 67.73 5915.28 4.40 11.35 45.98 22.57
ICICI Prudential Indo Asia Equity 6.55 0.00 2.93 23.48 10.90 0.00 56.14 153.94 6.64 13.85 58.56 24.37
IDFC Classic Equity Plan B Fund 16.01 2.66 6.65 23.21 7.67 6.50 37.30 187.75 5.50 13.52 39.11 20.26
Kotak Classic Equity - Growth 12.39 2.30 9.41 18.57 6.85 10.33 40.15 133.97 4.97 14.85 46.83 22.12
L&T Indo Asia Fund 6.64 0.00 9.65 20.06 3.95 1.66 58.04 271.09 5.58 11.50 40.91 19.83
Mirae Asset India Opportunities Reg 10.75 0.96 11.52 23.81 9.05 5.44 38.47 936.83 5.03 15.65 59.00 26.82
Principal Large Cap Fund 11.88 1.72 12.84 25.61 5.27 3.11 39.57 328.44 4.15 12.13 49.52 22.07
Quantum Long Term Equity 7.59 4.31 12.64 4.60 0.00 0.00 70.86 413.85 0.03 5.85 41.74 19.83
Religare Invesco Equity Fund 23.33 0.00 12.83 19.84 12.85 0.00 31.15 54.03 3.69 11.56 39.57 23.42
Reliance NRI Equity 10.90 0.00 7.27 18.57 6.90 3.11 53.25 94.94 5.55 13.64 50.49 21.99
Reliance Focused Large Cap 10.31 0.00 9.74 21.82 9.99 0.00 48.14 1196.01 7.26 14.39 47.53 23.12
SBI Magnum Multicap Fund 11.92 0.00 9.67 19.98 8.90 4.58 44.95 469.01 5.37 18.45 65.15 26.06
Tata Equity Opportunities Plan A 9.44 0.00 9.28 21.92 5.78 1.61 51.97 997.50 8.85 19.57 59.92 25.72
Tata Retirement Savings PP - Plan A 13.07 0.00 6.93 18.02 3.06 5.98 52.94 86.24 9.83 20.51 62.29 22.02
UTI Contra Fund 0.00 0.00 0.00 0.00 0.00 0.00 100.00 137.15 0.00 0.00 0.00 0.00
UTI Dividend Yield Fund 15.78 0.00 3.67 26.32 1.98 6.00 46.25 3317.33 2.59 11.98 48.81 16.93
Birla Sun Life India Reforms Fund 0.00 1.87 11.22 20.76 0.00 0.00 66.15 181.52 3.89 13.46 74.75 17.89
BNP Paribas Dividend Yield 9.21 0.00 4.25 22.08 4.37 3.63 56.46 116.86 6.89 15.92 63.91 25.36
DSP BlackRock Focus 25 Fund 6.77 0.00 21.57 21.35 5.05 0.00 45.26 324.03 7.43 19.94 64.80 21.89
HDFC Core & Satellite Fund 8.45 0.74 8.73 23.20 6.45 2.49 49.94 302.42 -1.21 4.39 59.17 17.48
ICICI Prudential Nifty Junior Index 1.31 2.21 7.87 12.14 8.09 8.38 60.00 32.75 6.08 14.78 60.39 23.44
IDBI Nifty Junior Index 1.33 2.20 7.98 10.77 8.07 8.45 61.20 30.59 5.86 14.08 59.35 23.24
L&T India Value Fund 11.20 0.00 5.99 17.44 3.19 0.00 62.18 141.49 8.16 20.86 88.09 32.10
L&T India Special Situations Fund 11.27 0.00 7.93 23.46 5.46 3.81 48.07 966.50 6.51 17.87 62.70 26.29
PineBridge India Equity Standard 0.00 0.00 0.00 0.00 0.00 0.00 100.00 152.23 0.00 0.00 0.00 0.00
Principal Dividend Yield Fund 9.27 0.00 17.50 22.13 1.08 8.60 41.42 125.00 -2.08 7.36 47.94 17.13
Principal Growth Fund 9.24 0.00 7.98 21.89 6.55 0.00 54.34 567.87 0.22 10.46 55.63 19.16
Reliance Growth Fund 11.02 0.00 4.12 17.43 9.45 0.00 57.98 5818.82 7.57 20.69 71.32 23.86
Reliance Regular Savings - Equity 8.56 0.00 6.22 17.01 7.89 0.00 60.32 2808.10 4.96 18.41 64.20 24.42
Religare Invesco Contra Fund 13.18 0.76 11.54 14.83 2.03 0.00 57.66 146.14 8.15 20.47 76.78 28.28
Tata Ethical Fund - Plan A 20.23 0.00 15.13 0.00 13.72 9.15 41.77 266.23 7.87 18.42 48.73 25.73
Tata Equity PE Fund - Plan A 9.63 1.49 9.31 20.77 3.76 0.00 55.04 620.40 7.94 20.98 79.13 25.10
Templeton India Equity Income Fund 8.52 0.00 6.37 13.62 2.17 0.00 69.32 1118.90 1.92 8.47 47.28 20.33
So
urc
e :-
ww
w.m
utu
alfu
nd
sin
dia
.co
m
Return(%)
March 2015
Software Oil Auto Banks Pharma FMCG Corpus Absolute Compound Annualized
& Gas (Cr.) 3M 6M 1Y 3Y
Others
7
Mutual Fund Performance Update
Equity: Mid & Small Cap
Hybrid: Asset Allocation
as onJan 2015
Equity: Infrastructure
Portfolio as on Jan 31, 2015 & Return as on 28th Feb 2015
Equity: Tax Planning
Axis Midcap Fund 5.16 4.33 8.55 12.88 8.89 0.00 60.19 1037.12 5.33 19.23 84.59 34.98
BNP Paribas Midcap Fund 4.14 0.00 4.10 8.43 8.98 3.35 71.00 299.05 8.13 18.57 80.88 34.97
Canara Robeco Emerging Equities Reg 4.18 2.58 6.58 12.33 1.93 0.00 72.40 283.35 7.90 25.04 108.72 37.48
Franklin India Prima 7.17 1.18 8.63 16.45 4.35 0.00 62.22 3309.25 10.04 24.83 88.43 36.01
Franklin India Smaller Companies 6.11 0.00 7.53 15.15 1.93 0.00 69.28 1868.61 8.29 20.03 95.21 41.86
HDFC Mid-Cap Opportunities Fund 6.48 0.00 6.19 15.73 9.55 1.03 61.02 9653.41 4.95 18.21 74.57 31.84
IDFC Premier Equity 4.60 2.12 10.23 0.94 1.59 2.99 77.53 7057.12 10.28 21.83 69.41 30.66
IDFC Sterling Equity Regular 11.03 4.69 6.47 9.62 5.04 0.00 63.15 1897.89 9.45 21.43 72.22 28.36
JP Morgan India Mid & Small Cap 3.57 0.81 13.36 15.47 6.09 1.47 59.23 337.64 9.71 28.67 96.98 37.34
Mirae Asset Emerging Bluechip Reg 6.51 1.80 7.67 15.67 9.43 3.12 55.80 693.10 8.58 24.69 83.76 37.28
Principal Emerging Bluechip Fund 4.31 1.24 12.68 16.54 8.87 0.00 56.36 464.44 7.83 24.10 84.48 37.29
Reliance Mid & Small Cap Fund 1.72 0.00 0.00 9.04 6.98 0.00 82.26 2364.45 7.39 21.48 92.34 33.40
Reliance Small Cap Fund 5.92 0.00 9.66 10.86 4.92 0.00 68.64 1578.72 7.16 19.35 103.20 40.12
SBI Magnum Midcap Fund 2.17 0.50 3.97 11.08 14.36 2.60 65.32 885.50 7.58 22.63 69.73 37.02
Sundaram Select Midcap Fund 1.14 3.07 10.45 11.33 2.87 1.53 69.61 2877.67 9.58 22.79 89.59 31.78
Sundaram S.M.I.L.E. Fund 2.67 0.00 9.49 11.02 7.11 0.00 69.71 878.37 9.82 29.19 131.48 35.25
Birla Sun Life Tax Plan 7.63 0.00 17.53 16.33 8.36 4.02 46.13 233.93 11.25 24.66 68.68 28.84
Birla Sun Life Tax Relief 96 7.70 0.00 17.64 16.58 8.48 4.12 45.48 2039.24 11.57 25.42 70.50 29.69
BNP Paribas Long Term Equity Fund 8.11 0.00 3.90 19.91 7.41 1.90 58.77 348.89 7.77 18.18 67.08 28.21
BOI AXA Equity Fund - Reg 13.16 0.00 8.06 20.27 7.80 4.34 46.37 1609.97 3.35 11.26 48.45 20.87
BOI AXA Tax Advantage Fund - Regular 15.11 1.22 12.65 19.60 5.48 1.95 43.99 49.29 6.38 16.12 50.80 23.16
Canara Robeco Equity Tax Saver Reg 9.28 0.87 5.81 28.02 6.93 1.50 47.59 929.71 4.89 14.33 56.55 23.15
DSP BlackRock Tax Saver Fund 11.03 1.45 10.46 21.03 7.33 2.52 46.18 1127.14 4.66 13.88 61.47 26.84
Franklin India Taxshield Fund 8.53 0.00 13.18 28.61 7.34 1.90 40.44 1705.59 6.07 20.23 65.12 26.03
HDFC Long Term Advantage Fund 12.21 0.00 12.85 19.04 1.69 4.21 50.00 1226.93 0.56 6.65 47.06 22.18
HDFC Taxsaver Fund 9.69 0.44 8.27 26.88 5.74 3.39 45.59 5243.18 0.80 9.83 62.29 22.59
HSBC Tax Saver Equity Fund 11.34 2.40 11.95 25.64 6.84 1.95 39.88 210.33 6.31 13.89 59.00 26.44
ICICI Prudential Tax Plan Reg 10.56 0.80 5.32 19.00 6.03 0.00 58.29 2589.86 5.54 13.70 64.16 27.20
IDFC Tax Advantage (ELSS) Reg 12.86 0.00 7.42 16.91 6.61 2.89 53.31 316.62 9.14 19.03 58.26 28.05
L&T Tax Advantage Fund 11.11 0.00 11.45 24.74 5.16 3.50 44.04 1647.91 4.77 13.96 54.56 21.79
Principal Personal Tax Saver Fund 12.09 1.76 13.04 26.00 5.39 3.17 38.55 386.42 4.22 12.29 49.79 22.30
Reliance Tax Saver Fund 5.02 0.00 21.06 7.73 4.01 0.00 62.18 4155.69 8.14 24.17 101.67 33.86
Religare Invesco Tax Plan 13.83 0.00 7.65 17.81 4.51 0.00 56.20 230.54 8.43 20.14 68.75 28.65
SBI Magnum Taxgain Scheme 13.46 2.70 10.79 22.70 7.55 2.14 40.66 5393.33 6.62 15.28 57.88 26.07
Sundaram Taxsaver 10.91 4.33 6.76 25.18 3.64 3.58 45.60 1268.50 5.24 15.78 56.61 21.04
Tata Tax Saving Fund 12.83 0.00 8.41 17.52 7.45 2.66 51.13 206.11 10.40 20.69 62.05 25.41
Taurus Tax Shield Fund 9.04 0.00 6.22 20.30 7.15 3.37 53.92 95.51 6.52 13.11 48.54 19.42
UTI Equity Tax Savings Fund 14.08 0.00 5.71 20.22 6.36 3.25 50.38 578.08 6.36 15.64 52.81 21.97
HDFC Infrastructure Fund 5.48 1.25 10.19 23.44 0.00 0.00 59.64 2070.33 5.05 13.15 91.45 18.61
ICICI Prudential Infrastructure Reg 0.00 1.64 0.00 14.21 0.00 0.00 84.15 1915.31 6.95 12.99 75.57 18.50
Tata Infrastructure Fund - Plan A 0.00 0.80 2.39 26.59 0.00 0.00 70.22 819.92 8.63 22.09 78.23 16.06
UTI Infrastructure Fund 0.00 0.00 0.00 26.56 0.00 0.00 73.44 1663.21 5.47 14.23 75.18 16.61
Birla Sun Life AA Multi Manager FoF Scheme 0.00 0.00 0.00 0.00 0.00 0.00 100.00 3.71 5.13 13.41 45.98 15.51
Franklin India Dynamic PE Ratio Fund of Funds 6.44 4.93 3.14 15.07 3.62 0.00 66.80 835.14 2.82 9.54 30.67 13.75
Pramerica Dynamic Asset Allocation Fund 10.62 5.49 6.95 17.06 4.29 0.00 55.59 32.27 3.25 12.57 21.91 9.45
Principal Smart Equity Fund - Growth 6.74 4.44 5.89 15.28 2.14 2.78 62.73 56.36 3.60 25.24 46.58 17.98
Sourc
e :-
ww
w.m
utu
alfu
ndsi
ndia
.com
Return(%)
Compound Annualized
March 2015
8
Mutual Fund Performance Update
Hybrid: Equity-oriented
Debt: Income
Hybrid: Arbitrage
as onJan 2015
Return(%)
Return(%)as on
Jan 2015
Software Oil Auto Banks Pharma FMCG Others
& Gas (Cr.) 3M 6M 1Y 3Y
Absolute Compound AnnualizedCorpus
AAA P1+ Sov. A & AA Others Cash Avg. Exp. Simple Annualized CA*
AA- (Cr.) Maturity 7D 1M 3M 6M 1Y
Corpus
Portfolio as on Jan 31, 2015 & Return as on 28th Feb 2015
Birla Sun Life 95 Fund 9.36 1.16 6.42 20.32 5.58 2.61 54.55 1296.42 5.75 17.04 55.12 23.23
Canara Robeco Balance Reg 4.20 1.64 3.78 19.34 3.36 0.93 66.75 303.68 4.52 14.62 53.72 21.81
DSP BlackRock Balanced Fund 3.93 0.00 7.95 13.91 9.08 0.00 65.13 621.00 4.18 15.26 50.80 17.84
HDFC Balanced Fund 9.82 0.00 5.56 20.42 7.20 0.00 57.00 3284.21 4.19 13.94 51.91 23.15
HDFC Prudence Fund 9.38 1.23 4.81 21.12 3.79 1.92 57.75 8555.58 0.96 8.32 55.34 21.21
ICICI Prudential Balanced Reg 6.21 0.77 10.45 14.82 4.58 1.74 61.43 1632.59 5.26 14.07 49.55 24.47
Reliance Reg Savings - Balanced Option 6.85 0.00 17.42 13.18 3.56 0.00 58.99 1013.95 4.41 12.37 52.07 22.44
SBI Magnum Balanced Fund 8.68 0.00 13.53 12.08 4.13 3.21 58.37 1358.99 7.31 16.23 52.75 26.65
Sundaram Balanced Fund - Regular 11.48 0.00 6.33 28.98 4.68 3.41 45.12 36.70 2.91 8.93 31.31 13.66
Tata Balanced Fund - Plan A 7.02 0.00 8.39 13.64 5.85 2.13 62.97 2044.57 9.59 21.22 60.69 26.91
UTI Balanced Fund 9.84 1.51 7.41 16.83 5.65 3.18 55.58 1296.51 3.61 10.99 40.19 18.83
Birla Sun Life Enhanced Arbitrage 2.98 0.00 12.73 34.37 10.47 3.06 36.39 60.22 2.38 4.28 8.84 8.65
HDFC Arbitrage Fund - Retail Plan 0.33 0.00 5.69 30.16 16.76 2.88 44.18 107.55 1.96 3.62 7.47 8.29
ICICI Prudential Blended Plan A Reg 0.54 0.74 4.74 31.11 11.54 1.22 50.11 754.04 2.17 4.02 8.47 9.65
ICICI Prudential Equity Arbitrage Reg 0.90 0.37 9.98 29.02 10.34 0.79 48.60 1192.57 2.22 4.11 8.50 9.68
IDFC Arbitrage Fund - Regular Plan -0.03 1.13 -0.05 15.37 -0.08 -0.01 83.67 2194.02 2.14 4.00 8.38 9.09
IDFC Arbitrage Plus Fund - Regular -0.05 0.00 -0.03 1.96 -0.02 -0.01 98.15 232.37 2.43 4.13 8.23 8.77
JM Arbitrage Advantage Fund 1.72 1.41 6.39 40.56 9.85 0.76 39.31 3124.54 2.03 3.81 8.20 9.04
Kotak Equity Arbitrage Fund 2.27 1.28 5.96 29.93 7.46 1.70 51.40 2555.90 2.19 4.19 8.82 9.27
Reliance Arbitrage Advantage Fund 0.00 0.00 4.99 25.26 11.54 1.89 56.32 283.30 2.48 4.20 8.27 9.34
Religare Invesco Arbitrage Fund 0.00 0.00 -0.05 16.59 -0.08 0.00 83.54 476.16 2.27 4.18 8.34 8.61
SBI Arbitrage Opportunities Fund 0.00 0.00 6.85 28.47 13.29 2.19 49.20 366.86 2.22 4.15 8.63 9.09
UTI SPrEAD Fund 7.42 4.27 9.88 30.22 13.61 8.35 26.25 28.00 2.24 4.08 8.22 8.27
Birla Sun Life Dynamic Bond Retail 75.30 0.00 21.22 0.00 3.48 0.00 11264.49 0.00 1.31 2.82 4.93 16.60 19.95 15.98
Birla Sun Life Income Plus 92.44 0.00 2.67 0.00 4.89 0.00 4788.42 0.00 1.53 -1.36 4.41 17.69 23.21 18.25
Birla Sun Life Medium Term Plan 0.00 0.00 5.70 0.00 94.30 0.00 3683.20 0.00 1.25 17.68 9.20 10.91 12.55 12.36
BNP Paribas Flexi Debt Reg Plan A 86.96 0.00 9.45 0.00 3.59 0.00 275.72 15.41 1.95 -3.47 4.49 19.24 20.23 15.53
DSP BlackRock Bond Fund - Retail 69.06 0.00 13.55 0.00 17.39 0.00 242.99 13.36 2.10 5.08 4.91 17.96 20.00 16.12
DWS Premier Bond Premium Plus 0.42 0.00 9.38 0.00 90.20 0.00 863.19 2.25 1.53 16.08 5.94 8.71 11.75 11.63
Franklin India Income Opportunities 0.00 0.00 3.34 0.00 96.66 0.00 4100.08 3.25 1.67 17.52 5.84 10.37 12.97 12.39
HDFC High Interest Dynamic Plan 77.41 0.00 7.20 0.00 15.39 0.00 1768.51 15.32 1.55 1.63 4.24 19.21 23.25 18.63
HDFC Income Fund 70.95 0.00 4.12 0.00 24.93 0.00 3407.23 15.19 1.92 2.67 3.50 17.67 22.57 18.23
HSBC Income Investment Plan 83.76 0.00 4.97 0.00 11.27 0.00 103.59 12.21 1.97 -0.46 3.47 16.26 19.75 15.50
ICICI Prudential Income Opp. Reg 87.12 0.00 1.84 0.00 11.04 0.00 3808.37 13.47 1.84 -2.56 2.88 18.00 22.84 19.23
IDFC SSI Inv Plan C 97.93 0.00 2.04 0.00 0.03 0.00 1944.53 14.89 1.85 -3.65 4.68 20.29 23.98 17.10
IDFC SSI Medium-term Reg 24.91 0.00 6.23 0.00 68.86 0.00 2850.13 3.90 1.20 9.82 5.34 9.99 12.73 11.46
ING Income Fund 0.00 0.00 0.00 0.00 100.00 0.00 7.79 6.92 2.09 0.00 0.00 0.00 0.00 0.00
Kotak Bond - Deposit Plan 74.90 0.00 4.01 0.00 21.09 0.00 4814.32 14.64 1.77 -0.22 2.79 16.48 21.27 17.30
Kotak Bond - Plan A 74.90 0.00 4.01 0.00 21.09 0.00 4814.32 14.64 1.77 -0.17 2.82 16.52 21.28 17.33
LIC Nomura MF Bond Fund 52.14 0.00 4.24 4.05 39.57 0.00 127.53 11.60 2.35 7.70 5.15 16.21 17.96 14.28
Pramerica Dynamic Bond Fund 58.74 0.00 2.42 0.00 38.84 0.00 239.37 13.32 1.87 3.33 3.66 20.13 23.12 15.82
Principal Income Fund - LT Plan 90.19 0.00 2.33 0.00 7.48 0.00 72.26 13.75 1.68 -1.85 4.19 17.68 20.21 15.43
Reliance Income Fund - Growth 72.07 0.00 3.06 0.00 24.87 0.00 2744.01 15.72 1.88 4.18 2.12 17.41 22.34 16.87
Reliance Regular Savings Debt 0.00 0.00 10.18 2.09 86.72 1.01 5091.74 2.02 1.84 15.61 6.27 8.77 11.15 11.39
SBI Magnum Income Fund 75.06 0.00 7.83 4.08 13.03 0.00 2957.98 14.15 1.78 -0.49 2.77 17.26 19.21 14.48
Sundaram Bond Saver Reg 82.32 0.00 1.84 0.00 15.84 0.00 199.98 13.08 2.42 3.12 3.77 15.46 18.13 15.08
Tata Income Fund - Plan A 61.83 0.00 4.00 0.00 34.17 0.00 319.81 11.69 1.75 4.68 4.02 15.30 17.80 14.46
Tata Income Plus Fund - Plan A 61.83 0.00 4.00 0.00 34.17 0.00 319.81 11.69 1.75 4.68 4.02 15.30 17.80 14.46
UTI Bond Fund 82.91 0.00 2.64 0.00 14.45 0.00 3271.30 13.03 1.68 3.24 5.27 18.34 20.79 17.88
Sourc
e :-
ww
w.m
utu
alfu
ndsi
ndia
.com
*CA : Compound Annualized
March 2015
REIS - REAL ESTATE INVESTMENT SERVICES
Leveraging
to strengthen your Portfolio
Real Estate
www.spacapital.com
Mutual Fund Performance Update
9
Hybrid: Debt-oriented Conservativeas on
Jan 2015Return(%)
Return(%)
Return(%)
Debt: Short-termas on
Jan 2015
AAA P1+ Sov. A & AA Others Cash Equity Equiry Avg. Exp. Simple Annualized CA*
AA- Range (Cr.) Maturity 1M 3M 6M 1Y
Corpus
Portfolio as on Jan 31, 2015 & Return as on 28th Feb 2015
Hybrid: Debt-oriented Aggressiveas on
Jan 2015
Software OIL Auto Banks Pharma FMCG Others Simple Annualized CA*
& Gas (Cr.) 3M 6M 1Y 3Y
Corpus
Birla Sun Life MIP II - Savings 5 40.27 9.81 13.98 1.62 21.58 0.00 12.74 0.00-11.19 235.23 0.00 1.19 1.00 14.27 19.79 19.97
Birla Sun Life Monthly Income 37.57 14.97 19.96 2.33 15.84 0.00 9.33 0.00-16.03 259.77 0.00 2.47 -1.65 14.72 21.13 20.88
DWS Income Advantage Fund 14.80 2.77 3.79 9.42 58.10 7.67 3.45 1.06-9.22 32.60 3.26 2.35 2.00 5.94 8.34 12.54
DWS Equity Income Fund 0.00 0.00 0.00 0.00 100.00 0.00 0.00 2.91-19.84 4.30 3.50 2.70 13.64 26.76 27.42 19.69
Franklin India MIP - Growth 41.62 19.06 1.58 2.38 28.40 0.33 6.63 0.00-26.56 348.47 11.32 2.28 0.61 16.95 22.96 25.15
HDFC MIP - LTP - Growth 38.05 24.51 3.16 2.61 17.30 0.74 13.63 0.00-25.01 3818.32 11.11 2.01 -6.20 9.69 17.12 27.16
HDFC MIP - STP - Growth 19.45 15.73 7.18 1.09 40.13 0.00 16.42 14.41-23.78 302.38 4.95 2.83 1.54 6.32 12.26 19.76
HDFC Multiple Yield Fund 0.00 18.89 4.48 16.79 29.55 0.00 30.29 0.00-25.42 187.91 0.56 1.91 -6.88 0.38 6.02 15.75
HSBC Monthly Income Plan - Regular 62.60 14.34 6.00 2.03 11.55 0.63 2.85 11.90-15.27 93.34 10.91 2.44 0.82 16.07 18.38 19.15
ICICI Prudential MIP 25 - Growth 56.61 19.93 7.38 2.59 4.77 0.40 8.32 0.00-25.22 1148.81 7.93 2.27 -1.27 16.42 21.96 26.08
ICICI Prudential MIP - Regular 49.25 14.13 2.09 5.18 12.04 0.52 16.79 0.00-15.31 349.58 7.95 2.42 -4.75 11.03 18.53 22.04
Kotak Monthly Income Plan 35.42 19.39 11.90 0.86 20.58 1.15 10.70 0.00-19.96 114.04 5.48 2.41 0.53 12.72 18.75 21.90
L&T Monthly Income Plan 74.60 18.85 5.60 2.27 -5.85 0.17 4.36 0.00-19.94 53.29 14.26 2.25 4.30 18.41 21.02 21.68
LIC Nomura MF Monthly Income 7.54 17.73 4.03 16.41 49.92 0.31 4.06 11.06-19.98 70.55 3.67 2.20 1.14 6.78 11.05 12.49
Peerless Income Plus Fund 0.00 19.37 16.67 2.21 44.46 2.50 14.79 0.00-19.88 85.79 2.56 2.45 0.59 10.95 12.67 14.59
Principal Debt Savings Fund - MIP 1.39 0.00 23.45 0.00 63.34 0.00 11.82 2.04-13.61 24.34 2.68 1.25 4.62 8.52 10.12 9.68
Reliance Monthly Income Plan 32.91 19.60 3.39 8.33 27.14 0.00 8.63 0.00-20.17 2520.63 9.45 2.07 2.21 19.48 25.23 27.29
SBI Magnum Monthly Income Plan 55.22 14.35 3.91 4.54 20.07 0.92 0.99 0.00-24.34 230.55 9.42 2.31 6.37 19.14 20.49 20.88
SBI Magnum MIP - Floater 0.00 13.40 20.06 1.87 12.92 0.92 50.83 0.00-15.83 23.85 0.38 2.45 6.98 13.30 15.73 19.44
Sundaram MIP - Moderate Plan 21.52 22.84 1.71 2.17 28.25 2.85 20.66 3.45-21.21 26.21 3.38 2.63 -0.98 8.81 11.68 10.37
Tata MIP Plus Fund - Plan A 54.70 19.40 6.15 3.40 12.30 0.59 3.46 0.00-20.12 93.16 10.08 2.30 11.11 23.16 25.01 24.52
UTI Monthly Income Scheme 25.73 14.80 3.74 1.90 49.59 0.68 3.56 0.00-15.59 282.41 5.65 1.94 3.64 11.71 15.75 18.07
Birla Sun Life Asset Allocation Moderate 7.85 0.00 0.00 8.89 0.00 0.00 83.26 5.08 5.82 16.26 36.69 16.20
Franklin India Life Stage FoF 30s 6.08 5.58 3.03 18.47 3.92 0.82 62.10 13.77 3.48 11.26 35.54 15.69
ICICI Prudential Advisor Series - Moderate 3.90 4.10 2.26 7.27 1.33 2.43 78.71 5.65 4.21 11.69 29.39 14.00
Tata Young Citizens Fund - Plan A 8.20 1.35 5.17 15.51 2.63 6.13 61.01 195.79 7.01 18.71 28.04 13.68
UTI CRTS 81 Fund 4.20 1.66 3.10 6.78 2.55 3.08 78.63 354.55 4.01 14.95 23.23 14.28
UTI Retirement Benefit Pension 5.37 2.28 4.89 8.17 3.71 2.89 72.69 1238.63 4.45 16.62 26.16 11.47
Axis Short Term Fund - Retail Plan 18.23 0.00 2.27 0.18 79.32 0.00 1162.11 3.16 1.10 9.06 5.62 9.10 10.72 10.43
Canara Robeco Short Term Regular 0.00 0.00 6.75 0.00 93.25 0.00 194.52 1.88 1.10 11.92 6.15 7.99 10.08 9.99
DSP BlackRock Short Term Fund 17.40 0.00 4.28 6.62 71.70 0.00 757.71 3.01 1.30 10.75 5.01 8.72 11.30 11.06
DWS Short Maturity Premium Plus 14.03 0.00 5.46 0.00 80.51 0.00 2075.93 2.89 1.22 10.53 6.21 8.58 10.10 10.15
Franklin India ST Income Plan 0.00 0.00 6.64 0.30 93.06 0.00 10331.82 2.75 1.54 17.29 6.47 10.21 13.03 12.34
HDFC Short term Fund 0.00 0.00 9.12 5.27 83.10 2.51 2337.99 2.19 0.98 16.64 6.98 9.69 11.72 11.53
HSBC Income Fund - ST Plan 9.60 0.00 11.48 0.00 78.92 0.00 1241.66 2.52 1.27 11.38 4.95 8.67 10.64 10.34
ICICI Prudential ST Fund - Regular 28.80 0.00 10.91 2.73 57.56 0.00 4366.57 2.80 1.00 8.34 3.95 9.59 12.39 12.24
DFC Super Saver Income ST Plan D 0.00 0.00 3.66 0.00 96.34 0.00 3493.57 2.00 1.02 15.07 5.86 8.22 10.58 10.48
Kotak Bond - Short Term Plan 5.09 0.00 18.73 0.00 76.18 0.00 1637.54 2.86 1.25 11.21 5.57 7.98 10.44 10.58
Kotak Income Opportunities 0.00 0.00 16.39 0.00 83.61 0.00 929.77 2.44 1.60 12.90 5.89 8.57 10.77 11.28
Pramerica Credit Opportunities 0.18 0.00 6.99 3.80 89.03 0.00 271.63 4.16 2.16 18.99 6.18 10.45 12.94 12.00
Reliance Short Term Fund 18.34 0.00 7.67 0.83 73.16 0.00 6137.55 2.88 1.02 10.81 4.87 9.78 12.11 11.80
SBI Short Horizon Debt ST Ret 12.89 0.00 3.85 4.70 78.56 0.00 2178.14 2.89 0.86 11.27 5.18 9.10 11.15 10.87
UTI Short Term Income - Regular Plan 41.23 0.00 21.79 0.56 36.42 0.00 4816.98 3.87 1.07 3.58 5.40 10.08 11.21 11.35
Sourc
e :-
ww
w.m
utu
alfu
ndsi
ndia
.com
March 2015
*CA : Compound Annualized
AAA P1+ Sov. A & AA Others Cash Avg. Exp. Simple Annualized CA*
AA- (Cr.) Maturity 7D 1M 3M 6M 1Y
Corpus
10
Mutual Fund Performance Update
Debt: Ultra Short-term
Debt: Liquid
as onJan 2015
Return %
AAA P1+ Sov. A & AA Others Cash Avg. Exp. Simple Annualized CA*
AA- (Cr.) Maturity 7D 1M 3M 6M 1Y
Corpus
Portfolio as on Jan 31, 2015 & Return as on 28th Feb 2015
Axis Treasury Advantage Fund - Retail Plan 7.25 0.00 12.52 0.00 80.23 0.00 1414.30 0.34 0.82 8.36 6.82 7.17 7.53 7.95
Baroda Pioneer Treasury Advantage Reg 0.00 0.00 14.12 0.00 85.88 0.00 1270.09 0.41 1.65 8.85 6.82 7.66 8.00 8.67
Birla Sun Life Cash Manager 4.36 0.00 6.98 0.00 88.66 0.00 7219.03 0.00 1.24 9.82 6.97 7.61 8.44 9.04
Birla Sun Life TOF - Retail Plan 27.92 0.00 12.42 0.00 59.66 0.00 3381.37 0.00 0.57 11.29 6.35 11.15 13.97 13.01
Birla Sun Life Savings Fund - Retail Plan 2.47 0.00 10.38 0.39 86.76 0.00 12015.33 0.00 0.19 10.39 7.50 8.11 9.02 9.58
BNP Paribas Money Plus Fund 6.94 0.00 24.09 0.00 68.97 0.00 358.01 0.47 0.74 8.13 7.47 8.07 8.52 8.63
DSP BlackRock Money Manager Plan 2.15 0.00 6.00 0.56 91.29 0.00 2411.34 0.46 0.90 10.05 7.27 7.66 8.35 8.82
DWS Treasury Investment Fund 0.00 0.00 10.25 0.00 89.75 0.00 802.02 0.12 0.43 8.65 7.96 7.91 8.44 9.18
Franklin India Low Duration Fund 0.07 0.00 6.51 0.00 93.42 0.00 3008.43 1.16 0.75 14.11 7.33 9.43 9.90 10.29
Franklin India Ultra Short Bond Plan 0.12 0.00 1.44 2.93 95.51 0.00 6819.21 0.50 0.86 11.17 7.90 8.39 8.93 9.40
ICICI Prudential Flexible Income Reg 21.44 0.00 2.01 0.00 76.55 0.00 11912.89 0.44 0.46 10.13 6.75 7.38 8.10 8.58
ICICI Prudential Savings Reg 32.00 0.00 5.44 1.49 61.07 0.00 4034.79 0.45 1.10 9.76 6.58 8.35 8.92 9.10
ICICI Prudential Ultra ST Plan 7.89 0.00 3.47 4.21 84.43 0.00 2209.58 0.50 0.57 12.10 6.77 8.12 9.45 9.57
IDBI Ultra Short Term Fund 32.11 0.00 1.74 0.00 66.15 0.00 386.53 0.29 0.86 7.79 6.93 7.53 8.12 8.53
IDFC Money Manager Fund - Inv - Plan A 0.00 0.00 1.23 0.00 98.77 0.00 1208.28 0.12 0.45 12.84 10.07 8.65 8.91 9.35
Indiabulls Ultra Short Term Fund 0.00 0.00 3.82 2.07 94.11 0.00 531.36 0.30 0.75 10.40 8.69 8.73 9.17 9.56
JP Morgan India Treasury Retail 0.00 0.00 15.68 11.78 72.54 0.00 1614.96 0.22 1.09 11.49 7.93 7.75 8.23 8.86
Kotak Flexi Debt - Regular Plan 23.16 0.00 27.08 0.00 49.76 0.00 422.91 2.51 1.50 1.53 3.17 10.90 11.52 10.65
Kotak Treasury Advantage Fund 8.07 0.00 5.66 0.00 86.27 0.00 2452.54 0.62 0.60 10.77 7.45 7.80 8.87 9.43
L&T Floating Rate Fund 33.07 0.00 8.89 0.21 57.83 0.00 150.10 0.42 0.50 8.67 7.06 7.72 8.06 8.70
L&T Ultra Short Term Fund - Regular Plan 0.00 0.00 30.17 0.35 69.48 0.00 2144.61 0.46 0.60 9.71 7.46 7.98 8.61 8.94
Religare Invesco Credit Opportunities 0.00 0.00 8.94 0.00 91.06 0.00 56.95 1.35 1.00 13.88 5.08 8.44 9.68 10.25
Pramerica Short Term Floating Rate 4.13 0.00 79.87 0.00 16.00 0.00 6.01 0.07 0.31 8.15 7.58 7.76 8.27 8.80
Reliance Medium Term Fund 0.00 0.00 2.69 0.83 96.48 0.00 2400.82 0.89 0.45 12.60 6.47 7.74 8.84 9.33
Reliance Money Manager Fund - Retail Plan 2.07 0.00 5.64 0.39 91.90 0.00 10153.18 0.42 0.96 11.56 7.28 7.51 8.10 8.68
Sundaram Ultra Short Term Fund - Retail Plan 13.54 0.00 1.82 0.00 84.64 0.00 2368.00 0.75 1.89 9.17 7.06 7.04 7.63 8.14
Tata Floater Fund - Plan A 8.90 0.00 13.04 0.00 77.10 0.96 2673.95 0.43 0.35 9.95 7.79 8.16 8.66 9.18
Taurus Short Term Income Fund 0.09 0.00 2.28 0.00 97.63 0.00 157.12 0.04 0.45 8.58 8.78 9.10 9.28 9.76
Taurus Ultra ST Bond Fund - Retail Plan 0.20 0.00 2.50 0.00 97.30 0.00 74.68 0.06 0.43 7.99 8.02 8.34 8.38 8.75
Union KBC Ultra Short Term Debt Fund 0.00 0.00 14.10 0.00 85.90 0.00 84.23 0.37 0.23 10.08 7.58 8.00 8.53 9.23
UTI Floating Rate Short Term Fund - Regular 19.78 0.00 8.10 0.00 72.12 0.00 3007.18 0.69 0.43 9.84 8.25 8.25 8.56 8.91
UTI Treasury Advantage 1.73 0.00 12.17 0.00 86.10 0.00 7479.80 0.21 0.42 7.93 7.83 7.94 8.46 8.87
Axis Liquid Fund - Retail Plan 8.33 0.00 16.58 0.00 75.09 0.00 6767.49 0.08 0.58 7.88 7.85 7.94 8.13 8.50
Birla Sun Life Cash Plus 7.65 0.00 21.42 0.57 70.36 0.00 17325.93 0.00 0.22 8.42 8.35 8.43 8.64 9.07
DSP BlackRock Liquidity Fund - Regular 10.37 0.00 3.98 0.00 85.65 0.00 5442.58 0.08 0.25 8.15 8.18 8.27 8.47 8.84
DWS Insta Cash Plus Reg 2.50 0.00 29.28 0.00 68.22 0.00 6935.14 0.07 0.11 8.28 8.32 8.45 8.65 9.01
Franklin India TMA - Regular Plan 0.00 0.00 8.03 0.00 91.97 0.00 8744.13 0.08 0.86 8.05 7.82 7.88 8.07 8.53
HDFC Cash Management Fund - Savings 10.25 0.00 15.83 0.43 73.49 0.00 5812.57 0.08 0.06 8.44 8.35 8.42 8.64 9.02
HDFC Liquid Fund 8.43 0.00 3.70 1.02 86.85 0.00 14666.04 0.09 0.06 8.45 8.38 8.44 8.64 9.05
ICICI Prudential Liquid Plan Reg 22.07 0.00 8.98 0.41 68.54 0.00 24421.69 0.07 1.10 7.59 7.37 7.44 7.65 8.08
ICICI Prudential Money Market Fund Reg 16.76 0.00 16.31 0.77 66.16 0.00 6432.29 0.07 0.95 7.64 7.51 7.59 7.80 8.17
IDFC Cash Fund - Regular Plan 25.34 0.00 -12.06 0.00 86.72 0.00 7771.43 0.08 1.20 7.35 7.40 7.77 8.05 8.53
JP Morgan India Liquid Retail 0.00 0.00 7.61 0.00 90.43 1.96 7634.54 0.06 0.47 8.04 8.09 8.24 8.39 8.80
Kotak Liquid - Regular Plan 12.53 0.00 5.54 0.00 81.93 0.00 7192.97 0.09 1.30 7.79 7.40 7.60 7.71 8.09
Pramerica Liquid Fund 0.91 0.00 23.22 0.00 75.87 0.00 1316.21 0.10 0.10 8.49 8.38 8.48 8.68 9.04
Reliance Liquidity Fund 8.63 0.00 9.11 1.20 78.78 2.28 4137.33 0.08 0.12 8.34 8.30 8.40 8.61 9.01
Religare Invesco Liquid Fund 6.83 0.00 -10.74 0.84 103.07 0.00 5942.58 0.10 1.45 7.11 7.07 7.16 7.32 7.70
Tata Liquid Fund - Retail Investment Plan 26.63 0.00 7.51 0.00 65.86 0.00 2524.63 0.11 1.00 7.58 7.52 7.61 7.82 8.36
Taurus Liquid 0.14 0.00 4.10 0.00 95.76 0.00 3153.11 0.06 1.20 7.75 7.65 7.76 7.93 8.30
UTI Liquid Cash Fund - Regular Plan 8.71 0.00 16.69 0.00 74.60 0.00 16254.73 0.08 0.09 7.73 7.66 7.76 7.96 8.35
Sourc
e :-
ww
w.m
utu
alfu
ndsi
ndia
.com
March 2015
*CA : Compound Annualized
Sov. Others Cash Corpus Avt. Expense Simple Annualized CA*
(Cr.) Maturity 7D 1M 3M 6M 1Y
Mutual Fund Performance Update
11
Debt Gilt: Short-term
Debt Gilt: Medium & Long-termas on
Jan 2015Return(%)
Portfolio as on Jan 31, 2015 & Return as on 28th Feb 2015 *CA : Compound Annualized
Axis Constant Maturity 10 Year 8.66 91.34 0.00 104.86 10.70 0.33 -2.39 4.73 17.78 20.51 16.57
Baroda Pioneer Gilt Fund 1.59 98.41 0.00 47.18 12.25 1.50 -3.03 4.68 17.51 20.87 17.34
Birla Sun Life GSF - Long Term Plan 2.86 97.14 0.00 712.66 0.00 1.45 -1.74 4.57 22.01 26.80 20.39
Birla Sun Life Gilt Plus - PF Plan 7.14 92.86 0.00 38.34 0.00 0.43 -1.89 4.64 15.20 18.50 13.69
Canara Robeco Gilt PGS 21.14 78.86 0.00 56.30 21.83 1.25 1.70 6.72 23.17 25.28 19.72
DSP BlackRock GSF Fund 1.82 98.18 0.00 395.56 18.16 1.42 -0.73 4.52 20.57 22.97 17.19
DWS Gilt Fund - Regular Plan 2.96 97.04 0.00 512.36 8.27 0.80 -4.25 5.27 14.37 18.57 16.83
Edelweiss Gilt Fund 33.26 66.74 0.00 0.32 5.89 1.18 -2.26 4.06 12.79 15.44 12.10
Franklin India GSF - Composite Plan 1.60 98.40 0.00 85.45 22.83 1.74 -4.04 4.69 22.08 26.65 22.44
Franklin India GSF - Long Term Plan 2.83 97.17 0.00 325.28 22.42 1.71 -1.09 5.07 23.15 27.42 22.90
HDFC Gilt Fund - Long Term Plan 5.11 94.89 0.00 1488.37 19.98 0.81 0.57 5.81 23.67 28.39 21.66
ICICI Prudential Long Term Gilt Reg 2.42 97.58 0.00 1322.76 16.63 1.06 -3.78 4.54 21.63 25.45 20.48
IDFC GSF Investment Plan A 1.03 98.97 0.00 1012.16 19.62 1.37 -1.44 5.69 22.91 26.17 18.49
IDFC GSF Investment Reg 1.03 98.97 0.00 1012.16 19.62 1.37 -1.44 5.69 22.91 26.17 18.49
IDFC GSF PF Regular 1.09 98.91 0.00 81.09 19.71 0.75 -0.93 6.33 23.66 26.81 19.20
ING Gilt Fund - PF Dynamic Plan 0.00 100.00 0.00 3.74 11.09 1.54 0.00 0.00 0.00 0.00 0.00
JM G-Sec Fund 3.00 97.00 0.00 36.91 25.81 1.00 1.39 6.33 22.26 24.67 16.69
Kotak Gilt Investment - Regular Plan 6.38 93.62 0.00 542.66 14.92 2.00 -3.53 3.64 19.92 23.27 19.92
Kotak Gilt Investment PF and Trust Plan 6.38 93.62 0.00 542.66 14.92 2.00 -3.58 3.70 20.17 23.42 19.99
L&T Gilt Fund - Investment Plan 3.69 96.31 0.00 46.05 22.13 1.25 0.91 9.24 28.09 26.49 19.90
LIC Nomura MF Govt Sec 5.01 94.99 0.00 71.09 22.18 2.25 1.54 7.89 25.63 26.48 18.62
Motilal Oswal MOSt 10 Year Gilt 10.37 89.63 0.00 18.69 0.00 1.00 -2.99 3.91 14.92 17.46 13.60
Principal Government Securities Fund 2.47 97.53 0.00 48.34 17.48 1.50 -2.35 5.49 20.69 23.68 17.94
Reliance Gilt Securities Fund 1.87 98.13 0.00 780.42 19.26 1.69 -1.56 5.01 23.05 26.73 20.88
Religare Invesco Gilt Fund - Longer Duration Plan 1.39 98.61 0.00 71.40 25.79 2.16 0.33 6.28 23.11 23.94 17.35
SBI Magnum Gilt Fund - Long Term Plan 2.29 97.71 0.00 740.66 22.35 0.93 -0.24 7.57 27.02 29.42 23.19
Tata Gilt Securities Fund - High Investment Plan 6.59 93.41 0.00 84.01 15.62 1.60 -1.47 5.77 21.77 24.57 20.21
Tata Gilt Mid Term Fund - Plan A 7.94 92.06 0.00 129.37 9.65 1.10 -3.06 4.63 17.80 21.34 17.74
Tata Gilt Retirement Plan (28-02-25) 6.59 93.41 0.00 84.01 15.62 1.60 -1.47 5.77 21.77 24.58 20.25
Tata Gilt Securities Fund - Plan A 6.59 93.41 0.00 84.01 15.62 1.95 -1.82 5.42 21.41 24.18 19.78
Taurus Gilt Fund 0.00 100.00 0.00 0.07 0.00 1.44 0.00 0.00 0.00 0.00 0.00
UTI Gilt Advantage LT 4.42 95.58 0.00 303.12 25.23 1.23 2.84 6.48 25.15 29.00 23.73
UTI Gilt Advantage LT - Provident Fund 4.42 95.58 0.00 303.12 25.23 1.23 2.85 6.48 25.15 29.00 23.73
Birla Sun Life Gilt Plus - Liquid Plan 14.58 85.42 0.00 16.76 0.00 0.48 7.01 6.85 7.14 7.34 7.92
Birla Sun Life GSF Short-term 100.00 0.00 0.00 0.74 0.00 0.20 7.17 7.19 7.36 7.34 7.69
Canara Robeco Gilt Advantage Reg 100.00 0.00 0.00 1.21 0.01 1.00 6.72 6.81 7.03 7.03 7.42
DSP BlackRock Treasury Bill Fund 14.10 85.90 0.00 36.47 0.57 0.60 6.39 5.82 7.21 7.90 8.22
HDFC Gilt Fund - Short Term Plan 31.83 68.17 0.00 8.29 2.18 0.52 4.40 5.32 9.99 11.10 10.38
ICICI Prudential Short Term Gilt Reg 23.79 76.21 0.00 100.65 2.69 0.55 0.85 5.18 11.10 13.46 12.80
ICICI Prudential Gilt Treasury PF Reg 1.78 98.22 0.00 44.21 0.40 0.57 -23.67 -14.67 -7.76 1.04 1.92
Religare Invesco Gilt Fund - Short Duration Plan 77.82 22.18 0.00 2.90 3.00 0.55 4.32 6.75 10.11 10.17 9.42
SBI Magnum Gilt Fund - Short Term Plan 38.28 61.72 0.00 173.25 2.87 0.95 4.23 7.54 15.83 15.58 13.35
Sundaram Gilt Fund - Regular Plan -1.65 101.65 0.00 40.00 11.92 2.00 -3.29 3.57 15.78 17.27 13.07
Tata Gilt Short Maturity Fund - Plan A 17.58 82.42 0.00 29.33 3.66 1.60 -1.30 2.49 11.08 12.09 11.41
UTI G-Sec Fund - Short Term Plan 0.22 99.78 0.00 19.56 0.36 0.58 4.80 7.90 9.68 9.16 8.75
March 2015
Sourc
e :-
ww
w.m
utu
alfu
ndsi
ndia
.com
March 2015
Risk Factors/Disclaimers: Mutual Funds and Securities Investments are subject tomarket risks and their NAVs / prices can fluctuate on factors affecting capital/debtmarkets. Past performance is not an indicator of future performance of theInvestments. Efforts have been made to ensure that the information provided areaccurate, complete and up-to date, irrespective please read the offer document of therespective schemes before investing. SPA Group is not liable for any inaccurate orincomplete information. SPA Group also takes no responsibility for any gain/ loss onany investment made pursuant to the above letter.
SPA Capital Services Limited
Investment Advisory services
AMFI Reg. No. ARN-0007
SPA Capital Advisors Limited
SEBI registered Category-I Merchant Banker
SEBI Regn. No. INM000010825
PMS : SEBI Regn. No. INP000004664
SPA Insurance Broking Services Limited
Direct Broker for Life and General Insurance broking
IRDA Lic. Code No. DB053/03-273
Corporate Offices
New Delhi 25, C-Block Community Centre, Janak PuriNew Delhi - 110 058Tel.: (011) 25517371, 25515086 Fax : (011) 25532644
101-A, 10th Floor, Mittal Court, Nariman Point,Mumbai - 400021Tel.: (022) 22801240-49, Fax : (022) 22846318
Mumbai
Jaipur
Kolkata
Noida
Patna
Agra
Bangalore
Chandigarh
Chennai
Hyderabad
SPA Securities Limited
Member NSE (CM, CD, WDM & F&O), Member BSE (CM, WDM & CD)
Member MCX-SX (CM, CD & F&O)
Equity - Debt - Currency Broking
SEBI Registered Portfolio Manager
NSE (CM) INB231178238, NSE (CD) INE231178238
NSE (WDM) INB231178238, NSE (FO) INF231178238
BSE (CM) INB011178234, BSE (WDM) INB011178234
BSE (CD) INE011178234, MCX-SX (CM) INB2611782231
MCX-SX (FO) INF261178231, MCX-SX (CD) INE261178238
CDSL:IN-DP-CDSL485-2008, NSDL:IN-DP-NSDL-316-2009
For contact details of other branches and zonal offices,Please visit www.spacapital.com
CONTACT US