Investime June 2017 - Aditya Birla Capital · June 2017 Investime 01 ... bellwether indices viz....
Transcript of Investime June 2017 - Aditya Birla Capital · June 2017 Investime 01 ... bellwether indices viz....
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CONTENTS
01 EDITORIAL
02 EQUITY MARKET OVERVIEW
04 DEBT MARKET OVERVIEW
07 MACRO DEVELOPMENTS
08 FIXED INCOME
09 EQUITY MARKETS
11 COMMODITIES AND CURRENCY MARKETS
12 RECOMMENDED FUNDS - EQUITY
15 RECOMMENDED FUNDS - DEBT
20 MACRO INDICATORS
22 OTHER OFFERINGS
23 RISKOMETER
24 DISCLAIMER
EDITORIAL
01June 2017 Investime
Indian equity markets have continued their winning streak in the month of May and even in June driven by positive global cues, liquidity support from FPI and domestic investors and positive monsoon forecast. India’s biggest tax reform, GST is turning into reality soon. While launch of GST might initially hurt near term growth, it is expected to boost GDP in the long run.
Global equity markets remain buoyant in the month of May after registering strong gains in the earlier month. Leading indicators of global manufacturing activity have been improving slowly, with the pickup broadly based across the U.S. and Europe which has further fuelled the rally in global equity markets. Globally, most of the bond yields eased as uncertainty surrounding France's presidential election and geopolitical tensions fuelled the risk off sentiment, resulting in demand for treasury bonds.
Global economic outlook appears to be improving supported by solid manufacturing activity, global trade growth, rising property prices in the major economies, and still supportive monetary policy. Global markets are currently concerned of inward looking narratives and upcoming events - Trump’s fiscal policies, BREXIT, Elections in Germany and Italy etc. However, domestic macro fundamental outlook continues to be on a stronger foot with stable growth and inflation outlook. Potential risks of rising inflation would be closely monitored by the RBI before taking decision on any rate cuts in its next policy review.
Overall, we remain positive on the markets from a medium to long term perspective led by structural growth drivers like favourable demographics, increasing urbanization. Earnings are poised for recovery led by good monsoons, implementation of 7th pay commission benefits, lower interest rates boosting consumption and revival in capex. Staggered entry continues to be rule of the game, any major correction can be seen as an entry opportunity for long term.
Bhavesh SanghviExecutive Vice President & Head - Wealth ManagementAditya Birla Finance LimitedGuest Editor
During the month of May’17, Indian stock market firmed up to reach new highs; breaking the 31000 mark amid easing concerns over U.S. interest rate hikes, policy reforms and on expectations of a good monsoon. The month also witnessed cyber threat impacting major economies; however, the impact was not significant on Indian businesses. Concerns related to the geopolitical issues such as North Korean ballistic missile launch and Trump’s visit to the Middle East added to the volatility. However, the optimism around tax reforms and other Trump’s policies which could have lifted the economy may be fading away. Domestically, during the month, GST Council announced a 4-tier GST tax structure with lower rates for essential items and the highest for luxury and ‘demerit’ goods which is expected to be implemented from 1st July’17. Indian currency depreciated marginally during the month of May’17 from INR/USD 64.25 on 28th Apr’17 to INR/USD 64.51 on 31st May’17 whereas, crude reduced by USD 1.42 per barrel from USD 51.73 per barrel on 28th Apr’17 to USD 50.31 per barrel on 31st May’17. The positive macros and continued foreign/domestic participation led the key market indices i.e. S&P BSE Sensex and Nifty 50 continuing their upward momentum. Globally, political as well as the financial events led to the major economies remaining volatile with some bit of improvement. FTSE and Hang Seng were the major gainer with 4.39% and 4.25% respectively while NASDAQ and Nikkei traded in 2.25 -2.50% range with Dow Jones remaining flat for the month. Market Performance**
The Indian Equity markets ended the month of May’17 with a gain after scaling a new all time high. S&P BSE Sensex crossed 31,000 levels and Nifty 50 traded above 9600 mark during the month. On net basis India’s bellwether indices viz. S&P BSE Sensex & Nifty 50 gained by 4.10% and 3.41% respectively while S&P BSE Mid- Cap & S&P BSE Small-Cap decreased by 1.17% and 1.90% respectively. On sectoral front, most of the sectoral indices were seen in green with S&P BSE FMCG, S&P BSE IT and S&P BSE Auto remained the top gainers, rising by 7.37%, 6.35% and 6.06% respectively. Other sectoral indices remained in red zone such as S&P BSE HealthCare, S&P BSE Consumer Goods, S&P BSE Oil & Gas and the S&P BSE Metal which fell by 9.69%, 1.51%, 1.44% and 0.49% respectively.
02
Growth***
Manufacturing conditions in India continued to show improvement during the month of April’17. The seasonally adjusted Nikkei India Manufacturing remained unchanged at 52.5 in April’17 as compared to Mar’17. Stronger growth of new orders and increase in demand conditions with slight increases in employment and buying levels boosted the upturn in total new business received by Indian manufacturers during the month. Whereas, the Indian service sector experience slower rise in services activity with 50.2 in Apr’17 as compared to 51.5 in Mar’17 owing to the weakest increase in output, marginal expansion of new business and employment and fall in level of business sentiment.
India's March IIP rises^
The government released a new base-year series for IIP. According to the revised IIP data with the base year as 2011-12 that adjusts the basket of goods to reflect changes in the economy showed a rise in India’s industrial activity to 2.7 % in Mar’17 as compared to 1.9 % in Feb’17 (lower than the 5.5 % seen in Mar’17) on account of increase in activities in mining and electricity. During the month of April’17, manufacturing output grew 1.2% on a year on year basis and electricity production grew 6.2% while mining rose 9.7% as against Mar’16. FPI Inflows **
During the month of May’17, the Indian equity markets continued to remain the preferred investment destination from the perspective of political stability and key structural reforms such as GST and corporate governance. The market witnessed positive FPI (Foreign Portfolio Investor) as well as domestic flows. FPIs and the domestic investors invested in the equity markets to the tune of Rs. 7,711 crores and Rs. 9,935 crores respectively, into the Indian equities in the month gone by.
Outlook:
Global conditions are still unclear with the long awaiting US policy reforms. In addition, given the sharp rise in the markets, Indian equity markets are expected to see increase in volatility due to the geopolitical concerns like the testing of North Korean missile program, Brexit and the upcoming Euro zone elections.
June 2017 Investime
EQUITY OVERVIEW
MARKET
Ravi Gopalakrishnan, Head Equities, Canara Robeco Mutual Fund
While expectation of normal monsoon spurs hope in rural income, the increased govt. spending and higher allowance for public sector employees may bolster activity and consumption. In addition, the manufacturing sector is showing signs of a marginal pick up which indicates signs of output growth in the year ahead.
The implementation of a multi-tier GST starting 1st July’17 would play an important role in transforming the Indian economy and lead to substantial economic gain in the long term. However, in the short term supply side issues related to inventory de-stocking is likely to impact production.
Disclaimer:The information used towards formulating the outlook has been obtained from sources published by third parties. While such publications are believed to be reliable, however, neither the AMC, its officers, the trustees, the Fund nor any of their affiliates or representatives assume any responsibility for the accuracy of such information. CRMF, its sponsors, its trustees, CRAMC, its employees, officer, directors, etc assume no financial liability whatsoever to the user of this document. Mutual Fund Investments are subject to market risk. Investors are requested to read the Scheme related documents carefully before investing. Mutual Fund investments are subject to market risks, read all Scheme related documents carefully.
We expect the corporate earnings growth to gradually improve as macro-economic growth picks up led by rural demand and show its maximum impact in 2HFY2017-18. The Indian equity market remains one of the preferred investment destination on back of improving macroeconomic environment, stable currency and improving corporate performance. We expect the market to remain structurally positive in the long term and short term volatility could be seen as an opportunity by the investor to increase exposure to Indian equities. Source: ̂ MOSPI, ICRA, ***Markit, **ICRA MFI Explorer.
EQUITY MARKET OVERVIEW
03June 2017 Investime
04June 2017 Investime
DEBT MARKET OVERVIEW
CAVEAT CREDITOR : Let the lender beware
Investing in lower-rated, higher-yielding bonds appears to be an easy way to enhance yields without taking much risk. However the relentless rise in non-performing loans at banks and a series of credit events in mutual funds have raised some concerns about the risk-reward trade-off in lower rated debt.
To be sure the right time to be concerned about weakening credit quality would have been before these events (see our note from July 2013 on emerging credit risks for example). Today, the question we are asking is: now what? Are things getting better or worse?
Background
RBI data indicate the scale of the problem. The banking system is groaning under 7.5% gross NPA levels. The pain is not evenly distributed with nationalized banks seeing nearly 11% of their advances turning non-performing while private banks have performed relatively better having just under 3% NPA ratio. The aggregates are skewed towards PSU banks as nationalized banks account for nearly half of bank loans, and along with the SBI group account for over 70% of the total size of the system. Note that the RBI data above only goes to FY16. The situation has only worsened in the last year.
The NPA overhang has limited the ability of banks to grow. Provisions have reduced profits and in many cases led to net losses. Capital requirements have meant that banks have been unable to make new loans. Here again we see a divergence between nationalized and private banks; and the private sector has kept its growth rate thanks to better profitability. An interesting divergence can be seen in the relative performance during the 2008-10 and the current periods. In the previous downturn, all banks faced a slowdown thanks to weaker macro. This time slow growth is clearly thanks to differences in NPA performance.
Clearly the time to have worried about the impending credit bust would have been back when the credit growth was strongest and the macro was getting weaker. We know now how that has played out. The right question today is whether the cycle is getting worse or if this is the time to start getting back into credit?
The macro picture of credit
As we did four years ago, we will look at the data to guide us. Once again we turn to RBI which publishes the aggregate corporate financial performance numbers. The RBI study covers close to 20,000 non-government, non-financial public companies over the past three years. This study paints a picture in stark contrast to the well-publicized NPA story as explained below.
The first observation we make is that the aggregate operating performance across companies has improved substantially over the last three years. Remember that oil and other commodity prices fell substantially during 2014/15. Overall raw materials costs fell relative to sales and was a major contributor to operating profit margin improvement.
The second big trend of the past couple of years has been the large fall in interest rates, which has reduced the debt service burden of companies. What we see is a double impact: fall in rates and a general deleveraging. Thus the amount of debt (relative to equity) has come down and the interest rate on debt has reduced. These two factors mean that the interest coverage ratio (earnings before interest and taxes divided by interest costs) has improved markedly in the last two years.
0%
2%
4%
6%
8%
10%
12%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Nationalised Private All Banks
Gross NPA Ratio
Nationalised Private All Banks
Growth in Bank Advances
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
R Sivakumar, Head - Fixed Income, Axis Mutual Fund
The improvement in operating and financial performance has resulted in an increase of nearly 50% in net profit margin over the three years.
To summarize, the aggregates from the RBI study suggest the following all of which are supportive of an improvement in the credit cycle:- Costs under control- Operating performance improved- Reduction in debt leverage- Improved debt service ability- Big jump in net profit margin
How does the micro picture look?
The aggregate data support the view that the credit environment has improved. And yet we see the NPA levels rise. How do we square these views? For one, these gains are not evenly distributed. The fall in raw materials has resulted in better margins, but what if you are the producer of these raw materials? Steel companies have suffered, while auto companies have benefited – for example. Further a presence of some large indebted companies can skew the data.
Unfortunately in this cycle companies with the most stress have been the large indebted companies in sectors like commodities, infrastructure & power, etc. Thus the apparent credit quality has worsened even as underlying profit performance has improved. This can be seen in credit rating agency data released by SEBI earlier this month. The chart shows the credit ratio (the number of upgrades to downgrades) and the debt weighted credit ratio (the value of upgraded debt to downgrades). In this chart, values above 1 indicate improvement in credit quality, while values below 1 indicate worsening of quality. The chart shows the rolling six month trend.
We see two cycles of credit in this chart. The first was between 2012-13 when the early signs of credit worsening started. During this phase, we see both the number of downgrades and value of downgrades outpacing upgrades. A second leg down was in 2015-16, when the value of downgrades has outpaced upgrades, but where we see an improvement in the number of upgrades relative to downgrades.
This divergence is important. What it says is that while many more companies are getting upgraded, many heavily indebted or leveraged companies continue to be downgraded. Another way of looking at this is a quick summary of the last two years:
Upgrades by number relative to downgrades +41% (749 upgrades, 531 downgrades). Downgrades by value relative to upgrades +215% (INR 5.5 tr downgrades, 1.7 tr upgrades)
As an investor (or a fund manager) we are not bound to invest in the highly leveraged and indebted companies. In fact, the higher pace of upgrades suggests that the universe of investible companies is potentially expanding.
What about the market?
In fact as an investor today, the spread that we get from investing in lower rated bonds has expanded relative to AAA bonds. The spread is the extra yield that we get for the higher credit risk.
The chart below shows the spread of A-rated over AAA-rated bonds over the past five years. Bizarrely, during the period from 2012 to 2014 when credit quality was under stress across the board, the spread narrowed. That is, the compensation for higher risk was low at a time that risk was increasing. In more recent times, the spread has widened and today is close to the highest levels for over five years. As an investor this means that we are getting compensated more for taking the same level of risk (i.e. for same credit rating).
INR
Credit Ratio Debt Weighted Credit Ratio
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Upgrades: Downgrades Ratio
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Spread between A and AAA rated bonds (basis points)
05June 2017 Investime
DEBT MARKET OVERVIEW
This is even more interesting because, as compared to the 2012 period, now the weakness in credits appear to be concentrated and not across-the-board. That is to say the spread is wider even though the overall credit environment appears to have improved. From a low of about 80 bps, spreads are now over 200 bps for A-rated debt.
Investment Implications
To summarize, even as backward looking data (bank NPA numbers) seem to suggest that credit issues continue to be a problem for the financial system, the three alternate sets of data paint a very interesting picture about investing in lower rated debt.
The RBI study on corporates shows that the profitability of the corporate sector has improved over the past two years. This has been on account of both better operating performance and a reduction in leverage.
This document represents the views of Axis Asset Management Co. Ltd. and must not be taken as the basis for an investment decision. Neither Axis Mutual Fund, Axis Mutual Fund Trustee Limited nor Axis Asset Management Company Limited, its Directors or associates shall be liable for any damages including lost revenue or lost profits that may arise from the use of the information contained herein. No representation or warranty is made as to the accuracy, completeness or fairness of the information and opinions contained herein. The material is prepared for general communication and should not be treated as research report. The data used in this material is obtained by Axis AMC from the sources which it considers reliable. While utmost care has been exercised while preparing this document, Axis AMC does not warrant the completeness or accuracy of the information and disclaims all liabilities, losses and damages arising out of the use of this information. Investors are requested to consult their financial, tax and other advisors before taking any investment decision(s). The AMC reserves the right to make modifications and alterations to this statement as may be required from time to time.
Axis Mutual Fund has been established as a Trust under the Indian Trusts Act, 1882, sponsored by Axis Bank Ltd. (liability restricted to Rs. 1 Lakh). Trustee: Axis Mutual Fund Trustee Ltd. Investment Manager: Axis Asset Management Co. Ltd. (the AMC) Risk Factors: Axis BankLimited is not liable or responsible for any loss or shortfall resulting from the operation of the scheme.
Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.
Ratings data confirms the improvement in credit quality in the last two years. However, heavily indebted / highly leveraged companies appear to be still in a downgrade cycle. The fact that many more companies are being upgraded suggests a widening in the investible corporate space.
Finally, the market pricing of credits has improved. Compared to the previous cycle, yield spreads are wider.As investors, this presents an investment opportunity where the macro and rating developments are improving while yield spreads are relatively wide. Thus we have been increasing our allocation to below-AAA bonds. The ratings and micro level analysis still urges caution. The investment process needs to be strong with well-developed risk management. That will have to be the subject of another note, though.
Sources of Data: RBI, SEBI, Bloomberg
06June 2017 Investime
DEBT MARKET OVERVIEW
MACRO-GLOBAL
MACRO-INDIA
Global economy looks healthier as chief countries show sign of improvement with the still supportive monetary policies. The US economy grew at 1.2% during Q1 of the year, higher than 0.7% estimated earlier. The unemployment rate declined to 4.3% (lowest in 16 years) and jobless claims have been below 300,000 for 118 consecutive weeks.
Economic data of Euro-zone continued to surprise on the upside as the economy expanded at its fastest pace since 2015 by 0.6% in the Q1 of 2017. Industrial output rose for the second consecutive month while unemployment has fallen to its lowest since 2009.
Within Asia, China’s key growth indicators like manufacturing PMI, industrial output, retail sales, and import-export numbers excelled than anticipated for the month of May. However, growth is expected to slowdown in China as lending rates rise and property market cools. A global rating agency downgraded China’s rating and expects its financial strength to erode in coming years as growth slows and debt continues to soar.
India lost its “fastest growing economy” tag to China as in Q4FY17 GDP growth rate came in at 6.1%. Demonetization and unfavorable base effect could have been the reasons for pulling down the GDP growth. Despite several measures taken by the government, the investment activity in the economy still hasn’t picked up. This may be due to stressed balance sheet of PSU banks that are unwilling to lend dragging the bank credit growth to multi-year lows. On the GVA front, barring agriculture, mining & quarrying and public spending, all other sectors were a drag especially construction which contracted by 3.7%.
India’s IIP slipped to 3.1% in April 2017 compared to 3.7% recorded in the previous month. The growth slowed due to subdued performance of manufacturing, which consists of more than three-fourths of the index, coupled with lower off-take of capital goods and consumer durables. A positive growth in non durables segment shows sign of revival in rural sector.
Except for couple of months due to demonetisation, passenger vehicles (PV) sales have been growing at a healthy rate. Sales in commercial vehicles segment declined due to lack of pick-up in the economic activity while sales in the two-wheeler segment increased by double digit ascertaining that two-wheeler sales is on the road of recovery post ban of high denomination currency. Overall auto sales are expected to pick-up further as normal monsoon will help improve rural demand and roll out of GST will be beneficial especially in SUVs and luxury cars segments.
India’s biggest tax reform, GST is turning into reality soon. While launch of GST might initially hurt near term growth, it is expected to boost GDP by 1-2% in the long run. GST is expected to be positive for the economy over the longer run as simplification of tax structure will help increase both domestic and international trade and reduce internal trade barriers. Goods and Services Tax (GST) is expected to have a benign impact on inflation, with most items in the CPI basket falling in the exempt category. GST rates finalized for goods and services are similar to existing rates or lower for most of the industries which will help improve tax buoyancy and keep inflation low.
Retail inflation eased to record lows and is already hovering close to RBI’s revised projection of 2-3.5% for the first half of the year. Inflation fell to 2.18% in May compared to 2.99% recorded in the previous month. This was mainly due to cooling food prices, especially vegetable and pulses, which witnessed a contraction of 1.05% in May. The core inflation eased to 4.32% in May 2017 from 4.60% in April 2017. Expectation of a rate cut would be more pronounced if inflation continues to remain benign.
The RBI Monetary Policy Committee in its latest policy (7th June) kept the key rates unchanged inline with market expectations. The committee has lowered its inflation projection but intends to closely watch the effects of large farm loan waivers, implementation of 7th pay commission benefits, monsoon and global risk on the headline inflation before changing its stance. Further, they felt, revival of private investment, restoration of banking sector health and removal infrastructural bottlenecks is also critical for monetary policy to be more effective.
07June 2017 Investime
MACRO DEVELOPMENTS
FIXED INCOME - GLOBAL
FIXED INCOME - INDIA
Across the globe, analysts have been revising their growth forecasts upwards on expectation of a rebound in inflation. Hopes of faster economic growth also fueled global equity markets’ recovery since past few months. This generally signals at potential rise in bond yields. However, global bond yields have followed downward trajectory. While in most of developed markets, fear of deflation has lessened, the current inflation number in the U.S. is below the target levels. Inflation rates in China, Japan and the euro zone are all under 2%.
In line with our expectations, US Fed increased the Fed funds’ rate by 25 bps to 1%-1.25%. FOMC continues to see one more hike in 2017 and three hikes in 2018. FOMC remained bullish on growth, while acknowledging soft inflation. It even chalked out additional plans to tighten monetary policy and trim its USD 4.5 trillion balance-sheet.
Euro-zone’s headline inflation declined 1.4% (lowest this year) in May 2017 way below the ECB’s target of just under 2%. The European Central Bank maintained status quo in its last policy meet and emphasized that stronger growth alone will not prompt a change in the policy unless it is accompanied by higher inflation.
U.S. Treasury yields reached year-to-date lows in the month of June on falling inflation and fading fiscal policy hopes. Overall, on a global front, spreads remaining tight while emerging markets performing strongly.
RBI maintained the policy rate and policy stance unchanged during the June MPC meet. The RBI cited lack of adequate clarity on the direction of CPI as the reason for maintaining the policy stance unchanged. However, the tone of the Governor and members of the MPC was not hawkish and this led markets to expect that improving inflation outlook could lead to the possibility of RBI revising its stance to accommodative and delivering a 25 bps rate cut during the August MPC meet.
The outlook on CPI is improving with the Met department projecting a favorable monsoon outlook and crude prices remaining range bound despite extension of production cuts by OPEC up to March 2018. This has led RBI to revise its CPI projection downward to 2.5 to 4% for FY18. However, RBI highlighted certain upside risks to CPI including the impact of the 7th pay commission and HRA benefits to central government employees, waver of farm loans by state governments and supply side concerns for agricultural products.
Since the beginning of the monetary easing cycle in January 2015, RBI has delivered 175bps of Repo rate cuts which led to nearly ~150-160 bps of softening in the benchmark 10 year yields. If RBI revises its policy stance
FIXED INCOME
08June 2017 Investime
- 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00
30-0
6-20
16
31-0
7-20
16
31-0
8-20
16
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9-20
16
31-1
0-20
16
30-1
1-20
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31-1
2-20
16
31-0
1-20
17
28-0
2-20
17
31-0
3-20
17
30-0
4-20
17
31-0
5-20
17
Indian 10 Yr G-Sec US 10 Yr
Indian and U.S. 10 Yr Benchmark Yields
Source: Thomson Reuters
10 Yr G-Sec and AAA Coporate Bond Yields
Source: Thomson Reuters, ABWM Research10 Yr G-Sec Yield AAA
5.005.506.006.507.007.508.008.509.009.50
30-0
6-20
16
31-0
7-20
16
31-0
8-20
16
30-0
9-20
16
31-1
0-20
16
30-1
1-20
16
31-1
2-20
16
31-0
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17
28-0
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17
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3-20
17
30-0
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17
31-0
5-20
17
Accomodative Policy Stance Demonetization drives
yields down in Nov'16
RBI keeps rates on hold in Dec'16 against
market expectations of a rate cut
Reverse Repo Rate hiked in Apr'17. Market views
the move as hawish
FY17 Q4 GDP figures drop. Market expects
dovish stance
Policy stance revised to Neutral
in Feb'17 policy
to accommodative during the next policy meet, the likelihood of aggressive rate cuts remains unlikely especially when U.S Fed is expected to gradually hike rates which could lead to decline in spreads between the Indian and U.S 10 year benchmark yields.
The spread between the Indian and U.S 10 year benchmarks has seen a decline of 149 bps during the past 12 months due to softening of Indian benchmark yields. However, the spread is about 447 bps at the end of May which places India among the most lucrative debt markets among the emerging economies
Moreover, banks have not fully transmitted the benefit of Repo rate cuts to borrowers and there still exists scope for banks to reduce lending rates to boost credit growth. Hence, before RBI reduces the Repo rate any further, it would require banks to pass on the benefit of lower borrowing rates to end consumers. With declining CPI, the real interest rate has seen a steady improvement over the past 12 months. With most developed economies operating in a negative real interest rate environment, the Indian debt market appears as an attractive alternative
We maintain the view that if CPI numbers for May and June remain near the April levels with decline in upside risks, that could lead RBI to consider revising its monetary policy stance and deliver a 25bps rate cut. If RBI maintains policy rates and stance unchanged during the August MPC meet against market expectations of rate cuts that could lead to hardening of yields across the curve. However, we do not expect aggressive rate cuts in the months ahead and hence we do not recommend fresh allocation to duration funds. We maintain a positive outlook at the shorter end of the curve and remain overweight in Ultra Short Term, Short Term and Credit funds.
EQUITY - GLOBAL
EQUITY - INDIA
Global equity markets remain buoyant in the month of May after registering strong gains in the last month. All the major indices closed in positive by the month end of May except Chinese markets. Amongst the key global markets U.S. and Japan have been the best performers in May. Leading indicators of global manufacturing activity have been improving slowly, with the pickup broadly based across the U.S. and Europe which has further fuelled the rally in global equity markets.
As we progress ahead, a number of global factors will be at play in CY2017 and the key monitors could be sustainable DM recovery, US fiscal policy, US foreign trade policy, EU national elections and US Fed policy.
During the month of May, Indian equity markets closed with strong gains (NIFTY +3.4%) led by near normal monsoon forecast by the Indian Meteorological Department, good Q4FY17 earnings season, announcement of neutral GST rate by the govt, positive global cues and receding demonetisation concerns. For the first time in the last five months, we have seen midcaps underperforming their large cap peers due to healthy FPI flows and earnings pickup in large caps. In Q4FY17, Nifty sales, EBITDA and PAT grew 13.5%, 4.6% and 15.2% in-line with consensus estimates. Revenue growth in 4QFY17 was at 11-quarter high, translating into 11-quarter high PAT growth. Nifty EBITDA margin (ex-Financials, OMCs) declined 90bps YoY to 20.8%, the first contraction after seven consecutive quarters of expansion. 70% of Nifty universe posted in-line or higher-than-estimated PAT; 72% posted in-line or higher-than-estimated EBITDA. 18 of the Nifty companies saw upgrades in FY18E EPS, while 26 companies saw EPS downgrades. Nifty has rounded off FY17 with 8% earnings growth.
Among the key sector specific indices, FMCG, IT, Banks have emerged to be the best performers in May while Healthcare and Power have lagged on the back of their respective earning releases. Banks, commodities and consumer discretionary reported double digit revenue
236 281 251 247 315 351 369 406 415 393 429 525 635
19%
-11%-2%
28%
11%
5%
10%
2%
-5%
9%
22%21%
-15%-10%-5%0%5%10%15%20%25%30%35%
12
112
212
312
412
512
612
712
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E
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FY19
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Source: BloombergNifty EPS (INR) Actual EPS Growth (%) Estimated EPS Growth (%)
EQUITY MARKETS
growth in Q4FY17. Price erosion in base business in USA, rising competition, and consolidation of buyers in the US were the key factors for Pharma companies earnings disappointment. Housing Finance posted another quarter of strong performance, with profit growth for individual companies ranging from 18% to 30%.
Overall, we remain positive on the markets from a medium to long term perspective led by structural growth drivers like favourable demographics, increasing urbanization and implementation of GST. The key sector plays could be Auto, Private banks, NBFCs, Speciality Chemicals and Construction Materials.
Valuations remain above long term averages on 1year forward basis with Nifty index trading at P/E of 19x on the back of compressed earnings for sustained period of time. We re-iterate our investment strategy of being stock specific and focus on high growth, well-managed companies with strong cash flows and credible management teams.
Source: Bloomberg
Nifty P/E (x)
1Yr Fwd Blended P/E (x) AVG P/E 1 STDEV (+)2 STDEV (+) 1 STDEV (-) 2 STDEV (-)
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11.00
13.00
15.00
17.00
19.00
21.00
May
-06
Nov
-06
May
-07
Nov
-07
May
-08
Nov
-08
May
-09
Nov
-09
May
-10
Nov
-10
May
-11
Nov
-11
May
-12
Nov
-12
May
-13
Nov
-13
May
-14
Nov
-14
May
-15
Nov
-15
May
-16
Nov
-16
May
-17
Average P/E 15x
2 STDEV (-) 11x
1 STDEV (-) 13x
2 STDEV (+) 19x
1 STDEV (+) 17x
4.00
8.00
12.00
16.00
20.00
24.00
May
-06
Nov
-06
May
-07
Nov
-07
May
-08
Nov
-08
May
-09
Nov
-09
May
-10
Nov
-10
May
-11
Nov
-11
May
-12
Nov
-12
May
-13
Nov
-13
May
-14
Nov
-14
May
-15
Nov
-15
May
-16
Nov
-16
May
-17
Average P/E 13x
2 STDEV (-) 7x
1 STDEV (-) 10x
2 STDEV (+) 19x
1 STDEV (+) 16x
Source: Bloomberg
CNX MID P/E (x)
1Yr Fwd Blended P/E (x) AVG P/E 1 STDEV (+)2 STDEV (+) 1 STDEV (-) 2 STDEV (-)
Benchmark Indices 1 M 3 M YTD 1 Yr 3 Yrs 5 YrsNasdaq 2.50 6.40 15.15 25.27 46.10 119.24DAX 1.42 6.60 9.88 22.92 26.87 101.38Dow Jones 0.33 0.94 6.31 18.11 25.67 69.51S&P 500 1.16 2.04 7.73 15.01 25.38 84.06CAC 40 0.31 8.75 8.67 17.27 16.91 75.13Nikkei 225 2.36 2.78 2.81 14.02 34.30 130.03Seoul Composite 6.44 12.23 15.84 18.35 17.67 27.33Shanghai Composite -1.19 -3.84 0.44 6.88 52.86 31.40NIFTY 50 3.41 8.35 17.54 17.91 33.07 95.39
Source: ACE MF (All figure in %). As on May 31, 2017
09June 2017 Investime
10
EQUITY MARKETS
June 2017 Investime
Sector
Financials
Rating Commentary
Overweight
Sector as a whole will benefit from growing opportunities arising from the economy migrating to the formal segment. Private banks and NBFCs to benefit through rising opportunities in self-employed, SME, housing finance and lower income segments.
Industrials Neutral
Govt has taken various steps to put the economy back on track which will lead to revival in the capex cycle. Overall CY17 seems to be a promising year with reviving private capex and lower interest cost to aid profitability.
Health Care Underweight
Price erosion in base business in US due to rising competition and regulators sight on pricing behaviour of players. Further, US FDA related concerns along with currency fluctuations continues to impact the earnings negatively. Domestic focussed speciality drugs and pure play R&D companies are insulated partly.
Information Technology Underweight
IT industry is changing drastically more towards discretionary spending backed by disruptive technology and digital innovation. Also, protectionism and currency volatility continues to impact the sector negatively. Companies with niche play likely to withstand the wind.
Telecom Underweight High competitive intensity to impact revenue growth and margins in medium term.
Utilities UnderweightOverall power sector has been marred on account of under recoveries, lower PLFs and inadequate fuel linkages which continues to stress their financials and balance sheet.
Materials Underweight
We are structurally positive on construction materials and Indian specialty chemicals. Given the government's focus on infrastructure spending and housing for all initiatives augur well for construction materials. India’s R&D expertise in Speciality chemicals and the gradual shifting of opportunities from China to India due to rising competitiveness are supportive for the segment corporate earnings.
Consumer Discretionary Overweight
With the implementation of the 7th Pay Commission, pay hike for (central and state) government employees, combined with a good monsoon, new product launches and lower interest rates augurs well from the demand perspective for discretionary consumption.
Consumer Staples Neutral
Expensive valuations along with earnings risk owing to GST (trade inventory de-stocking ahead of GST implementation and GST implementation-related teething hurdles) to limit upside in the near term.
USD($) -2.15% -4.15% -5.75% 1.33% 21.43% 18.39%GBP/$ (Great -0.45% 4.10% 4.99% -2.81% -24.84% -17.88%Britain Pound)EUR/$(Euro) 3.18% 6.30% 7.50% 0.95% -17.82% -10.68%$/CNY (Chinese Yuan) -1.16% -0.83% -1.92% 2.33% 9.84% 7.27%$/JPY (Japanese Yen) -0.70% -1.77% -5.75% 8.04% 9.09% 39.34%$/INR (Indian Rupee) 0.37% -3.29% -5.33% -3.98% 7.43% 16.48%$/ZAR (S.African -1.95% -0.10% -4.65% -9.97% 22.84% 60.67%Rand)$/Brl (Brazilian Real) 1.59% 3.78% -1.79% -0.27% 46.56% 62.55%$/TRY (Turkish Lira) -0.75% -3.35% -0.55% 21.48% 65.62% 95.21%$/IDR (Indonesian -0.05% -0.08% -1.11% 1.42% 112.46% 41.94%Rupiah)
Currency
Source: Thomson Reuters. As on May 2017. 1 Month = April to May 31, 2017. All currencies are benchmarked against USD
31, 28
1 M Return
3 M Return
YTD 1 Year Return
3 Year Return
5 Year Return
11June 2017 Investime
COMMODITIES AND CURRENCY MARKETS
GOLDGold prices have been range bound for quite some time now between USD 1210-USD 1300 per ounce as market participants await fresh strong cues from the global markets. Firmer global equities, lack of strong ETF or physical demand and a mixed US Dollar movement have kept prices in the tight range.
The risk-off event in past 2-3 months has supported the precious metal as we had seen prices trading firm prior to Fed's rate hike announcement. Gold prices gained support from uncertainty over elections in France and U.K., ultra-loose monetary policy from global central banks and some geo-political tensions running in the middle-east. The ETF demand has remained sluggish with the holdings of SPDR Gold trust seen between 735-765 tons. However, Fed’s rate hike decision and a less hawkish speech by the Fed chair Janet Yellen triggered a strong buying spear into the Dollar, which weighed on global currencies and gold was no exception to that.
Outlook: We see gold prices to remain under-selling pressure in the near-term, testing downside target at USD1200-1215 and the upside resistance remains capped at USD 1295-1300.
A break-out above USD 1295-1300 on a sustainable basis may trigger a strong rally towards USD 1390-1450 in the short-term.
In the energy segment, oil market continues to remain well supplied with supply exceeding demand, despite efforts by the OPEC and Non-OPEC producers to cut output by 1.8mn barrels per day over the past 6-months. Although OPEC’s production cuts have reduced global inventories marginally, supply from OPEC still remains close to record levels as members like Libya and Nigeria, which are exempt from output cuts and are boosting their output. OPEC crude output rose by 290k barrels per day in May to 32.08mn barrels per day, the highest level so far this year. In addition to that, increasing U.S. drilling rigs, which stands at their highest since April 2015 are pointing towards higher output from the U.S. shale. The estimates of IEA (International Energy Agency) suggest that U.S. oil output which is currently around 9.3-9.35mn barrels per day is expected to rise above 10mn barrels per day by mid-2018. Output from members bound by the production deal edged lower, which kept year-to-date
CRUDE
compliance strong at 96%. On the demand side, China which is the major consumer of oil, is showing signs of slowdown - impacting the demand side. Although global growth was only 0.9mn barrels per day in Q1 of 2017, it is expected to accelerate in the second-half of 2017 and for the year as a whole outlook remains unchanged at 1.3mn barrels per day.
Outlook: Oil prices are expected to remain under pressure on the back of oversupplied market. But since prices have already lost almost 16-17% of its value in past couple of weeks - some short-covering pull backs towards USD 48-50 cannot be ruled out.
CURRENCYPolitical arena has taken centre stage once again in the way global currencies moved in May and early June. The Dollar struggled to maintain the strong rally it saw in the immediate aftermath of the US presidential election last year. Trump’s slower than expected implementation of policies, such as tax cuts and fiscal stimulus, accounted for the Dollar’s weaker performance in May. Furthermore, the French presidential election, which regained the market confidence in the EuroZone with Macron’s win, also had an impact on underwhelming US Dollar performance. Indian Rupee continues to be under pressure from May highs as investor appetite for risky assets was dented by geo political tensions. Also the hawkish tone of the US Fed’s policy statement led to strengthening in the Dollar against rupee. Beijing is seeking to ensure the stability of the yuan ahead of China’s 19th Party Congress later this year. Japanese yen continues to be under pressure with lower GDP readings and surprise trade deficit.
1,100
1,150
1,200
1,250
1,300
1,350
1,400
Mar
-16
Apr-
16
May
-16
May
-16
Jun-
16
Jul-1
6
Aug-
16
Aug-
16
Sep-
16
Oct
-16
Oct
-16
Nov
-16
Dec
-16
Dec
-16
Jan-
17
Feb-
17
Feb-
17
Mar
-17
Apr-
17
May
-17
May
-17
Gold (USD/Oz)
Source: Thomson Reuters
35
40
45
50
55
60
Apr-
16
Apr-
16
May
-16
Jun-
16
Jun-
16
Jul-1
6
Aug-
16
Aug-
16
Sep-
16
Oct
-16
Nov
-16
Nov
-16
Dec
-16
Jan-
17
Jan-
17
Feb-
17
Mar
-17
Mar
-17
Apr-
17
May
-17
May
-17
Brent (USD/Brl)
Source: Thomson Reuters
12
RECOMMENDED FUNDS - EQUITY
June 2017 Investime
LARG
E CA
P FU
ND
S
1M3
M6
M1
Yr3
Yrs
5 Yr
s
Abso
lute
(%)
CAGR
(%)
Perf
orm
ance
Top
10
Stoc
ks
(%)
Portf
olio
Tu
rnov
er(%
)
Up
Capt
ure
Ratio
Dow
n Ca
ptur
e Ra
tio
Port
folio
Vo
lata
lity
Risk
Ad
just
ed
Retu
rnFu
nd M
anag
er
AUM
(R
s. Cr
s.)
May
20
17
Ince
ptio
n D
ate
Exit
Load
Port
folio
Att
ribut
es
Core
Sch
emes
Sche
me
Nam
e
Sate
llite
Sch
emes
Birla
SL
Fron
tline
Equ
ity F
und(
G)1.
357.
4916
.24
21.2
915
.47
20.6
634
.12
74.0
011
1.40
83.9
614
.27
0.46
Mah
esh
Patil
17,
404
30-A
ug-0
21%
on
or b
efor
e 1Y
, Nil
afte
r 1Y
Birla
SL
Top
100
Fund
(G)
0.95
6.66
15.9
621
.82
14.9
920
.54
34.4
696
.00
110.
0384
.69
14.1
10.
47M
ahes
h Pa
til 2
,893
24
-Oct
-05
1% o
n or
bef
ore
365D
, Nil
afte
r 365
DIC
ICI P
ru F
ocus
ed B
luec
hip
2.31
7.01
15.4
122
.83
14.6
318
.65
45.2
315
5.00
110.
2587
.27
13.8
60.
47M
anis
h Gu
nwan
i &
13,
525
23-M
ay-0
81%
on
or b
efor
e 1Y
, NIL
aft
er 1
Y
MO
St F
ocus
ed 2
5 Fu
nd-R
eg(G
)0.
419.
5117
.63
26.8
719
.46
-72
.03
85.0
012
7.19
85.5
214
.91
0.43
Sidd
hart
h Bo
thra
5
69
13-M
ay-1
3N
il
Relia
nce
Top
200
Fund
(G)
2.2
8.81
18.7
826
.55
16.5
919
.59
44.0
313
5.00
122.
7595
.64
15.6
90.
36As
hwan
i Kum
ar &
3,
170
08-A
ug-0
71%
on
or b
efor
e 1Y
, Nil
afte
r 1Y
Cate
gory
Ave
rage
2.03
8.12
16.2
121
.10
13.9
317
.18
Cate
gory
Ben
chm
ark
Inde
x 3.
418.
3516
.98
17.9
19.
9714
.33
Equi
ty F
und(
G)Ih
ab D
alw
ai
& G
auta
m S
inha
Roy
Shai
lesh
Raj
Bha
n
(NIF
TY 5
0)
Fran
klin
Indi
a Bl
uech
ip F
und(
G)1.
846.
3814
.13
16.8
414
.66
16.5
242
.17
33.2
510
5.67
79.5
712
.86
0.34
Anan
d Ra
dhak
rishn
an
8,66
201
-Dec
-93
1% o
n or
bef
ore
1Y
ICIC
I Pru
Top
100
Fun
d(G)
0.61
5.09
13.7
427
.71
13.9
318
.14
44.9
611
111
0.14
91.4
714
.14
0.55
Sank
aran
Nar
en2,
251
09-J
ul-9
81%
on
or b
efor
e 1Y
, Nil
afte
r 1Y
& R
oshi
Jain
& Ih
ab D
alw
ai
Perf
orm
ance
as
on M
ay 3
1, 2
017
Up
/ D
own
Capt
ure
ratio
with
resp
ect t
o th
e ca
tego
ry b
ench
mar
k in
dex
Stan
dard
Dev
iatio
n (%
) is
cons
ider
ed fo
r Por
tfol
io V
olat
ility
Trey
nor R
atio
is c
onsi
dere
d fo
r Ris
k Ad
just
ed R
etur
n
MU
LTI C
AP F
UN
DS
1M3
M6
M1
Yr3
Yrs
5 Yr
s
Abso
lute
(%)
CAGR
(%)
Perf
orm
ance
Top
10
Stoc
ks
(%)
Portf
olio
Tu
rnov
er(%
)
Up
Capt
ure
Ratio
Dow
n Ca
ptur
e Ra
tio
Port
folio
Vo
lata
lity
Risk
Ad
just
ed
Retu
rnFu
nd M
anag
er
AUM
(R
s. Cr
s.)
May
20
17
Ince
ptio
n D
ate
Exit
Load
Port
folio
Att
ribut
es
Core
Sch
emes
Sche
me
Nam
e
Sate
llite
Sch
emes
Birla
SL
Adva
ntag
e Fu
nd(G
)1.
368.
8018
.82
29.9
621
.55
24.5
239
.11
75.0
012
4.10
89.6
417
.33
0.72
Saty
abra
ta M
ohan
ty 3
,549
24
-Feb
-95
1% o
n or
bef
ore
365D
, Nil
afte
r 365
DBi
rla S
L Eq
uity
Fun
d(G)
1.30
7.17
15.5
931
.64
19.4
024
.12
33.7
877
.00
114.
3084
.86
16.2
20.
83An
il Sh
ah 5
,659
27
-Aug
-98
1% o
n or
bef
ore
365D
, Nil
afte
r 365
DD
SPBR
Opp
ortu
nitie
s Fu
nd-R
eg(G
)0.
648.
2917
.13
30.1
420
.80
22.5
339
.98
116.
0011
7.47
82.0
116
.86
0.82
Rohi
t Sin
ghan
ia 2
,601
16
-May
-00
1% b
efor
e 12
M, N
il on
or a
fter
12M
Kota
k Se
lect
Foc
us F
und(
G)1.
7810
.12
20.2
530
.99
21.8
023
.69
37.9
442
.30
120.
6781
.84
14.6
30.
84H
arsh
a U
padh
yaya
11,
042
11-S
ep-0
91%
on
or b
efor
e 1Y
, Nil
afte
r 1Y
MO
St F
ocus
ed M
ultic
ap 3
5 1.
4410
.06
21.4
234
.71
30.0
0-
64.6
755
.00
137.
5764
.47
16.2
60.
94Ga
utam
Sin
ha R
oy
6,7
85
28-A
pr-1
4N
il
Cate
gory
Ave
rage
0.94
8.54
17.0
024
.98
17.1
920
.00
Cate
gory
Ben
chm
ark
Inde
x 1.
668.
3317
.96
22.7
412
.88
16.3
6
Fund
-Reg
(G)
& S
iddh
arth
Bot
hra
(NIF
TY 5
00)
Fran
klin
Indi
a H
igh
Grow
th C
os
1.55
7.58
16.6
225
.39
23.0
826
.12
56.2
346
.60
122.
2376
.92
15.8
50.
45An
and
Radh
akris
hnan
6,
527
26-J
ul-0
71%
on
or b
efor
e 2Y
IDFC
Cla
ssic
Equ
ity F
und-
Reg(
G)1.
6510
.36
20.0
330
.37
17.0
318
.60
26.2
116
8.00
109.
8291
.44
15.4
60.
64An
oop
Bhas
kar
1,08
709
-Aug
-05
1% o
n or
bef
ore
365D
Fund
(G)
& R
oshi
Jain
RECOMMENDED FUNDS - EQUITYM
ID C
AP F
UN
DS
1M3
M6
M1
Yr3
Yrs
5 Yr
s
Abso
lute
(%)
CAGR
(%)
Perf
orm
ance
Top
10
Stoc
ks
(%)
Portf
olio
Tu
rnov
er(%
)
Up
Capt
ure
Ratio
Dow
n Ca
ptur
e Ra
tio
Port
folio
Vo
lata
lity
Risk
Ad
just
ed
Retu
rnFu
nd M
anag
er
AUM
(R
s. Cr
s.)
May
20
17
Ince
ptio
n D
ate
Exit
Load
Port
folio
Att
ribut
es
Core
Sch
emes
Sche
me
Nam
e
Sate
llite
Sch
emes
Birla
SL
Smal
l & M
idca
p Fu
nd(G
)-1
.86
12.7
323
.36
37.8
827
.84
27.0
024
.43
52.0
012
3.95
107.
5319
.35
1.26
Jaye
sh G
andh
i 8
35
31-M
ay-0
71%
on
or b
efor
e 36
5D, N
il af
ter 3
65D
Cana
ra R
ob E
mer
g Eq
uitie
s -0
.39
13.1
125
.93
38.7
929
.41
30.2
424
.07
94.0
012
5.38
101.
8720
.12
0.98
Ravi
Gop
alak
rishn
an
1,8
96
11-M
ar-0
51%
on
or b
efor
e 1Y
, Nil
afte
r
DSP
BR S
mal
l & M
id C
ap
-0.6
49.
8520
.01
36.3
926
.19
25.8
728
.78
23.0
012
0.19
108.
4718
.70
1.11
Vini
t Sam
bre
4,0
17
14-N
ov-0
61%
bef
ore
12M
, Nil
on o
r aft
er 1
2M
HD
FC M
id-C
ap O
ppor
tuni
ties
-1.4
48.
0916
.86
33.2
924
.57
26.9
723
.46
21.6
710
6.30
86.7
416
.53
0.90
Chira
g Se
talv
ad16
,606
25
-Jun
-07
1% o
n or
bef
ore
1Y, N
il af
ter 1
Y
Kota
k Em
ergi
ng E
quity
Sch
eme(
G)-0
.93
8.57
18.8
131
.23
29.2
727
.15
24.8
832
.28
114.
4978
.27
16.7
70.
97Pa
nkaj
Tib
rew
al 1
,956
30
-Mar
-07
1% o
n or
bef
ore
1Y, N
il af
ter 1
YCa
tego
ry A
vera
ge-0
.94
9.48
18.2
629
.25
24.6
126
.50
Cate
gory
Ben
chm
ark
Inde
x -3
.19
6.25
17.4
631
.73
19.9
320
.47
1YFu
nd-R
eg(G
)&
Kar
tik M
ehta
Fund
-Reg
(G)
Fund
(G)
& R
akes
h Vy
as
(Nift
y Fr
ee F
loat
Mid
cap
100)
Fran
klin
Indi
a Pr
ima
Fund
(G)
-0.5
28.
4518
.85
26.9
025
.03
28.3
326
.25
25.1
910
3.81
78.4
115
.40
0.86
R. Ja
naki
ram
an
5,7
78
1-D
ec-9
31%
on
or b
efor
e 1Y
SBI M
agnu
m M
idCa
p Fu
nd-R
eg(G
)-1
.19
6.17
12.5
118
.72
25.2
529
.42
33.1
647
.00
100.
8670
.47
16.0
80.
71So
hini
And
ani
3,7
33
29-M
ar-0
51%
on
or b
efor
e 1Y
, Nil
afte
r 1Y
& H
ari S
hyam
sund
er
ELSS
FU
ND
S
1M3
M6
M1
Yr3
Yrs
5 Yr
s
Abso
lute
(%)
CAGR
(%)
Perf
orm
ance
Top
10
Stoc
ks
(%)
Portf
olio
Tu
rnov
er(%
)
Up
Capt
ure
Ratio
Dow
n Ca
ptur
e Ra
tio
Port
folio
Vo
lata
lity
Risk
Ad
just
ed
Retu
rnFu
nd M
anag
er
AUM
(R
s. Cr
s.)
May
20
17
Ince
ptio
n D
ate
Exit
Load
Port
folio
Att
ribut
es
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13June 2017 Investime
RECOMMENDED FUNDS - EQUITYBA
LAN
CED
FU
ND
S
3 M
6 M
1 Yr
3 Yr
s5
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Abso
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Trey
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15June 2017 Investime
ULT
RA S
HO
RT T
ERM
FU
ND
S
1M3
M6
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Yr
Sim
ple
Annu
alis
ed (%
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ate
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ate
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Kris
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1
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9 17
-Nov
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Kota
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6.51
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--
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it So
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6.96
Niti
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Mod
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urat
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Rahu
l Gos
wam
i & N
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l Kab
ra 1
2,59
2 08
-Mar
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RECOMMENDED FUNDS - DEBT
16June 2017 Investime
ACCR
UAL
/ C
RED
IT O
PPO
RTU
NIT
IES
FUN
DS
1M3
M6
M1
Yr
Sim
ple
Annu
alis
ed (%
)CA
GR (%
)
Perf
orm
ance
Net
YTM
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(%)
AAA
&
Equi
v (%
)
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(%)
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Eq
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&
Equi
v (%
)Fu
nd M
anag
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s. Cr
s.)
May
20
17
Ince
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n D
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folio
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da P
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839.
828.
2911
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088.
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437
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8.59
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99
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8.92
7.63
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27-
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56.
5230
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--
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6
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-May
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Inve
sco
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7.
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478.
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38.0
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itish
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7.87
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ench
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nd In
dex)
Mod
ified
D
urat
ion
(Yrs
)
Fixe
d D
epos
it (%
)
Cred
it Q
ualit
yAA
an
d Eq
uiv
(%)
Port
folio
Vo
latil
ityRi
sk
Adju
sted
Re
turn
3 Yr
Oth
ers
(%)
Unra
ted
(%)
Exit
Load
Sate
llite
Sch
emes
Birla
SL
Med
ium
Ter
m
13.5
911
.13
5.55
9.90
10.1
42.
697.
5914
.44
0.22
3.41
26.9
47.
2137
.98
18.0
61.
074.
83-
-M
anee
sh D
angi
& 1
0,44
9 25
-Mar
-09
Suna
ina
da C
unha
HDF
C Co
rpor
ate
Debt
9.
298.
185.
2010
.24
10.2
22.
886.
9713
.94
0.25
-22
.00
6.97
33.3
030
.79
0.95
5.99
--
Shob
hit M
ehro
tra
11,
767
25-M
ar-1
4&
Rak
esh
Vyas
Fund
(G)
Opp
ortu
nitie
s Fu
nd-(
G)
ACCR
UAL
/ C
RED
IT O
PPO
RTU
NIT
IES
FUN
DS
Core
Sch
emes
Sche
me
Nam
e
Baro
da P
ione
er C
redi
t Opp
Fun
d-A(
G)N
il up
to 1
0% o
f Uni
ts w
ithin
1Y,
1%
exc
edin
g 10
% o
f Uni
ts w
ithin
1Y,
Nil
afte
r 1Y
DSP
BR In
com
e O
ppor
tuni
ties
Fund
-Reg
(G)
Nil
for 1
0% o
f inv
estm
ent a
nd 1
% fo
r rem
aini
ng In
vest
men
t on
or b
efor
e 12
M, N
il af
ter 1
2MIn
vesc
o In
dia
Med
ium
Ter
m B
ond
Fund
(G)
Nil
Relia
nce
Reg
Savi
ngs
Fund
-Deb
t Pla
n(G)
Nil
for 1
0% o
f uni
ts a
nd 1
% fo
r rem
aini
ng u
nits
on
or b
efor
e 12
M, N
il af
ter 1
2MSB
I Cor
pora
te B
ond
Fund
-Reg
(G)
Nil
for 8
% o
f inv
estm
ent a
nd 3
% fo
r rem
aini
ng in
vest
men
t on
or b
efor
e 12
M, N
il fo
r 8%
of i
nves
tmen
t and
1.5
% fo
r rem
aini
ng in
vest
men
t aft
er 1
2M b
ut b
efor
e 24
M, N
il fo
r 8%
of i
nves
tmen
t and
0.7
5% fo
r rem
aini
ng in
vest
men
t aft
er 2
4M b
ut b
efor
e 36
M, N
il af
ter 3
6MU
TI In
com
e O
pp F
und(
G)N
il fo
r 10%
of u
nits
and
1%
for r
emai
ning
uni
ts o
n or
bef
ore
12M
, Nil
afte
r 12M
Sate
llite
Sch
emes
Birla
SL
Med
ium
Ter
m F
und(
G)N
il up
to 1
5% o
f uni
ts,1
% in
exc
ess
of li
mit
on o
r bef
ore
365D
and
Nil
afte
r 365
DH
DFC
Corp
orat
e De
bt O
ppor
tuni
ties
Fund
-(G)
Nil
for 1
5% o
f Uni
ts a
nd fo
r rem
aini
ng in
vest
men
t 2%
on
or b
efor
e 12
M, 1
% a
fter
12M
but
on
or b
efor
e 24
M, 0
.50%
aft
er 2
4M b
ut o
n or
bef
ore
36M
, Nil
afte
r 36M
Perf
orm
ance
as
on M
ay 3
1, 2
017
Net
YTM
: Gro
ss Y
TM le
ss e
xpen
se ra
tioSt
anda
rd D
evia
tion
(%) i
s co
nsid
ered
for P
ortf
olio
Vol
atili
tySh
arpe
Rat
io is
con
side
red
for R
isk
Adju
sted
Ret
urn
Exit
Load
RECOMMENDED FUNDS - DEBT
17June 2017 Investime
SHO
RT T
ERM
FU
ND
S
1M3
M6
M1
Yr
Sim
ple
Annu
alis
ed (%
)CA
GR (%
)
Perf
orm
ance
Net
YTM
SOV
(%)
AAA
&
Equi
v (%
)AA
+ (%
)Ca
sh &
Eq
uiv
(%)
Fund
Man
ager
AUM
(R
s. Cr
s.)
May
20
17
Ince
ptio
n D
ate
Port
folio
Att
ribut
es
Core
Sch
emes
Sche
me
Nam
e
Birla
SL
Shor
t Ter
m F
und(
G)9.
237.
564.
959.
209.
402.
107.
1210
.77
0.23
22.9
461
.97
8.28
0.97
5.84
Man
eesh
Dan
gi
18,
677
3-M
ar-9
7N
il&
Kau
stub
h Gu
pta
DH
FL P
ram
eric
a Sh
ort M
atur
ity
9.42
8.10
6.30
9.48
9.24
2.23
7.04
8.69
0.32
5.12
54.4
419
.84
14.9
55.
65N
itish
Gup
ta 1
,491
27
-Jan
-03
Nil
for 1
0% o
f inv
estm
ent
Fund
(G)
and
0.75
% fo
r rem
aini
ng
Inve
stm
ent o
n or
bef
ore
6M,
Nil
afte
r 6M
HD
FC M
ediu
m T
erm
9.
026.
964.
519.
549.
392.
617.
1613
.08
0.22
24.7
571
.23
--
4.01
Anup
am Jo
shi &
8,
893
29-J
un-1
0N
ilO
ppor
tuni
ties
Fund
(G)
Rake
sh V
yas
HD
FC S
hort
Ter
m O
ppor
tuni
ties
7.41
6.55
5.99
8.54
8.90
1.25
6.81
6.18
0.31
9.92
75.9
71.
506.
014.
61An
il Ba
mbo
li 1
0,08
8 25
-Jun
-10
Nil
Fund
(G)
IDFC
Mon
ey M
gr-IP
-Reg
(G)
6.94
6.52
6.16
8.42
8.56
0.67
6.51
5.75
0.31
-93
.69
1.38
-4.
94H
arsh
al Jo
shi
1,8
40
9-Au
g-04
0.25
% o
n or
bef
ore
1M,
Nil
afte
r 1M
Cate
gory
Ave
rage
8.50
7.05
4.12
8.33
8.63
Cate
gory
Ben
chm
ark
Inde
x (C
risil
9.00
7.61
5.19
8.82
9.07
Shor
t Ter
m B
ond
Fund
Inde
x)
Mod
ified
D
urat
ion
(Y
rs)
AA a
nd
Equi
v (%
)Po
rtfo
lio
Vola
tility
Risk
Ad
just
ed
Retu
rn3
Yr
Sate
llite
Sch
emes
Exit
Load
Cred
it Q
ualit
y
Axis
Sho
rt T
erm
Fun
d(G)
7.57
6.34
4.53
8.56
8.70
1.70
6.40
10.6
70.
1812
.40
71.9
83.
684.
407.
53D
evan
g Sh
ah 6
,824
22
-Jan
-10
Nil
ICIC
I Pru
Sho
rt T
erm
Pla
n(G)
10.2
58.
274.
499.
829.
502.
736.
3714
.11
0.22
29.9
653
.36
1.44
8.39
6.85
Man
ish
Bant
hia
8,7
71
25-O
ct-0
10.
25%
on
or b
efor
e 7D
, N
il af
ter 7
DRe
lianc
e ST
F(G)
8.61
6.67
4.04
8.66
8.96
2.40
6.52
11.6
30.
1818
.02
62.3
513
.19
1.16
5.29
Pras
hant
Pim
ple
15,
137
18-D
ec-0
2N
il
DYN
AMIC
BO
ND
FU
ND
S
1M3
M6
M1
Yr
Sim
ple
Annu
alis
ed (%
)CA
GR (%
)
Perf
orm
ance
Net
YTM
SOV
(%)
AAA
&
Equi
v (%
)AA
+ (%
)Ca
sh &
Eq
uiv
(%)
Fund
Man
ager
AUM
(R
s. Cr
s.)
May
20
17
Ince
ptio
n D
ate
Port
folio
Att
ribut
es
Core
Sch
emes
Sche
me
Nam
e
ICIC
I Pru
Dyn
amic
Bon
d Fu
nd(G
)16
.67
12.7
22.
1411
.33
10.8
44.
976.
3826
.00
0.17
62.6
621
.92
1.97
8.63
4.81
Rahu
l Gos
wam
i 1
,287
12
-Jun
-09
1% o
n or
bef
ore
3M,
Nil
afte
r 3M
Kota
k Fl
exi D
ebt F
und-
Reg(
G)10
.52
9.05
1.42
11.2
49.
864.
656.
9225
.48
0.17
57.7
230
.99
2.77
7.04
1.48
Dee
pak
Agra
wal
1,0
78
28-M
ay-0
8N
ilCa
tego
ry A
vera
ge12
.93
8.97
-1.7
69.
949.
61Be
nchm
ark
Inde
x (C
risil
15.3
110
.65
1.76
10.9
510
.67
Com
posi
teBo
nd F
und
Inde
x)
Mod
ified
D
urat
ion
(Y
rs)
AA a
nd
Equi
v (%
)Po
rtfo
lio
Vola
tility
Risk
Ad
just
ed
Retu
rn3
Yr
Sate
llite
Sch
emes
Exit
Load
Cred
it Q
ualit
y
Relia
nce
Dyn
amic
Bon
d(G)
15.8
310
.55
-1.4
911
.18
10.2
66.
555.
8433
.17
0.13
59.9
735
.74
--
4.30
Pras
hant
Pim
ple
4,0
78
15-N
ov-0
41%
on
or B
efor
e 12
M,
Nil
Afte
r 12M
Tata
Dyn
amic
Bon
d Fu
nd-R
eg(G
)14
.60
9.18
0.12
10.6
39.
894.
975.
3727
.51
0.14
57.3
822
.47
--
20.1
4Ak
hil M
ittal
1,1
35
3-Se
p-03
0.50
% o
n or
bef
ore
180D
, N
il af
ter 1
80D
Perf
orm
ance
as
on M
ay 3
1, 2
017
Net
YTM
: Gro
ss Y
TM le
ss e
xpen
se ra
tioSt
anda
rd D
evia
tion
(%) i
s co
nsid
ered
for P
ortf
olio
Vol
atili
tySh
arpe
Rat
io is
con
side
red
for R
isk
Adju
sted
Ret
urn
RECOMMENDED FUNDS - DEBT
18June 2017 Investime
INCO
ME
FUN
DS
1M3
M6
M1
Yr
Sim
ple
Annu
alis
ed (%
)CA
GR (%
)
Perf
orm
ance
Net
YTM
SOV
(%)
AAA
&
Equi
v (%
)
AA+
(%)
A &
Eq
uiv
(%)
Cash
&
Eq
uiv
(%)
Fund
Man
ager
AUM
(R
s. Cr
s.)
May
20
17
Ince
ptio
n D
ate
Port
folio
Att
ribut
es
Core
Sch
emes
Sche
me
Nam
e
DH
FL P
ram
eric
a M
ediu
m T
erm
11
.54
8.73
2.99
10.4
310
.38
-3.
657.
0520
.03
0.19
14.0
260
.83
19.4
5-
-5.
70-
Niti
sh G
upta
770
6-
Mar
-14
1M
, NIL
af
ter 1
MU
TI B
ond
Fund
(G)
13.1
510
.78
0.74
13.2
310
.71
9.58
6.30
6.16
29.7
60.
2054
.76
24.1
010
.55
6.15
-3.
690.
76Am
ande
ep S
ingh
1,
839
17-J
un-9
8N
il
Cate
gory
Ave
rage
13.1
39.
360.
1510
.49
9.70
8.97
Benc
hmar
k In
dex(
Cris
il Co
mpo
site
15.
3110
.65
1.76
10.9
510
.67
9.42
1% o
n or
bef
ore
Inco
me
Fund
-Reg
(G)
ICIC
I Pru
Lon
g Te
rm P
lan(
G)19
.36
14.0
11.
6713
.77
12.0
611
.92
6.83
6.24
31.1
20.
2167
.65
14.9
5-
8.96
-8.
44-
Man
ish
Bant
hia
&
2,2
13
20-J
an-1
00.
25%
on
or
Anuj
Tag
rabe
fore
1M
, Nil
afte
r 1M
Chop
ra
Bond
Fun
d In
dex)
Mod
ified
D
urat
ion
(Yrs
)
Fixe
d D
epos
it (%
)
Cred
it Q
ualit
yAA
and
Eq
uiv
(%)
Port
folio
Vo
latil
ityRi
sk
Adju
sted
Re
turn
3 Yr
Sate
llite
Sch
emes
Exit
Load
5 Yr
Birla
SL
Inco
me
Plus
(G)
17.8
812
.25
-4.1
811
.05
10.0
78.
806.
635.
6338
.57
0.11
68.6
619
.02
--
-12
.32
-Pr
anay
Sin
ha &
1
,969
21
-Oct
-95
Nil
Kota
k Bo
nd F
und-
Reg(
G)18
.71
10.9
3-4
.19
9.84
9.54
8.50
6.76
5.95
37.5
30.
0862
.64
9.48
2.14
17.1
64.
803.
79-
Abhi
shek
Bis
en 3
,083
25
-Nov
-99
Nil
Ashi
sh K
ela
Perf
orm
ance
as
on M
ay 3
1, 2
017
Net
YTM
: Gro
ss Y
TM le
ss e
xpen
se ra
tioSt
anda
rd D
evia
tion
(%) i
s co
nsid
ered
for P
ortf
olio
Vol
atili
tySh
arpe
Rat
io is
con
side
red
for R
isk
Adju
sted
Ret
urn
GILT
FU
ND
S
1M3
M6
M1
Yr
Sim
ple
Annu
alis
ed (%
)CA
GR (%
)
Perf
orm
ance
Net
YTM
SOV
Cash
&
Equi
vale
ntFu
nd M
anag
er
AUM
(R
s. Cr
s.)
May
201
7In
cept
ion
Dat
e
Port
folio
Att
ribut
es
Core
Sch
emes
Sche
me
Nam
e
ICIC
I Pru
Gilt
-Inve
st-P
F(G)
22.4
314
.73
-1.5
513
.78
12.4
310
.26
8.61
6.71
38.5
50.
1794
.72
5.28
Man
ish
Bant
hia
& A
nuj T
agra
615
19-N
ov-0
3Re
lianc
e Gi
lt Se
curit
ies
Fund
(G)
19.0
012
.50
-0.6
914
.19
12.4
010
.66
6.78
5.56
35.9
70.
1995
.44
4.56
Pras
hant
Pim
ple
1250
22-A
ug-0
8Ca
tego
ry A
vera
ge17
.42
11.0
2-1
.89
12.3
911
.17
9.68
Benc
hmar
k In
dex(
Cris
il Co
mpo
site
Bon
d 15
.31
10.6
51.
7610
.95
10.6
79.
42Fu
nd In
dex)
Mod
ified
D
urat
ion
(Yrs
)
Cred
it Q
ualit
yPo
rtfo
lio
Vola
tility
Risk
Ad
just
ed
Retu
rn3
Yr
Sate
llite
Sch
emes
5 Yr
Perf
orm
ance
as
on M
ay 3
1, 2
017
Net
YTM
: Gro
ss Y
TM le
ss e
xpen
se ra
tioSt
anda
rd D
evia
tion
(%) i
s co
nsid
ered
for P
ortf
olio
Vol
atili
tySh
arpe
Rat
io is
con
side
red
for R
isk
Adju
sted
Ret
urn
Exit
Load
: Nil
Birla
SL
G-Se
c-LT
P(G)
19.6
811
.64
-3.5
110
.67
10.9
19.
556.
425.
4636
.46
0.10
95.4
24.
58Ka
ustu
bh G
upta
588
28-O
ct-9
9Ko
tak
Gilt-
Inve
st-R
eg(G
)24
.30
13.5
6-3
.61
11.9
310
.93
9.05
7.72
5.76
42.6
10.
1197
.24
2.76
Abhi
shek
Bis
en51
729
-Dec
-98
RECOMMENDED FUNDS - DEBT
Fund Manager
Particulars Edelweiss Arbitrage
Fund-Reg(G)
ARBITRAGE FUNDS
Category Average
BenchmarkScheme Names
Crisil Liquid Fund Index
Bhavesh Jain & Kartik Soral
Kayzad Eghlim & Manish Banthia
Yogik Pitti & Arpit Kapoor
Deepak Gupta Neeraj Kumar
ICICI Pru Equity-Arbitrage Fund(G)
IDFC Arbitrage
Fund-Reg(G)
Kotak Equity Arbitrage
Scheme(G)
SBI Arbitrage Opportunities Fund-Reg(G)
AUM (Rs. Crs.) May-2017 2,132 8,547 2,865 7,022 725Simple Annualised Returns (%)3 Months 5.56 5.57 5.75 5.80 5.47 5.39 6.576 Months 5.72 5.43 5.56 5.48 5.20 5.26 6.48CAGR (%)1 Year 6.50 6.44 6.27 6.35 6.06 6.31 6.962 Year 6.49 6.33 6.20 6.39 5.92 6.30 7.433 Years 7.05 6.84 7.03 6.78 6.86 7.885 Years 8.12 7.76 7.93 7.64 7.70 8.28Inception Date 27-Jun-14 30-Dec-06 21-Dec-06 29-Sep-05 03-Nov-06Exit Load 0.25% on or
before 30D, NIL after 30D
0.25% on or before 1M, Nil after 1M
0.25% on or before 30D, Nil after 30D
0.50% on or before 1M, Nil after 1M
RECOMMENDED FUNDS
0.25% on or before 1M
Fund Manager
Particulars Birla SL Credit Opp Fund(G)
Birla SL MIP II-Wealth 25(G)
HDFC MIP-LTP(G)
Reliance MIP(G)
MONTHLY INCOME PLANS (MIP)
Category Average
BenchmarkScheme Names
Crisil MIP Blended
Index
Month End AUM (Rs. Crs.) May-2017 293 1,874 3,782 2,436Average Maturity (Years) May-2017Absolute Returns (%)3 Months 2.87 4.86 4.95 3.77 3.21 3.536 Months 0.33 5.99 3.65 3.31 3.54 3.18CAGR (%)1 Year 11.30 19.28 16.11 12.14 12.03 12.072 Years 9.41 11.90 10.60 8.27 8.88 9.583 Years 10.98 15.10 11.42 11.21 10.49 10.715 Years 10.58 14.51 11.97 10.98 10.45 10.29Inception Date 22-May-04 22-May-04 26-Dec-03 12-Jan-04Credit Quality (%) May-2017AA/Equiv 29.06 3.28 12.69 9.90AA+ 9.70 6.61 0.85 9.77AAA & Equiv 10.92 3.23 10.01 19.85Cash & Equivalent 1.36 7.16 5.00 4.86A/Equiv & Others 41.72 3.03 6.30 2.97SOV 0.23 46.38 40.39 32.00
Sunaina da Cunha Satyabrata Mohanty & Pranay Sinha
Prashant Jain &Shobhit Mehrotra
Sanjay Parekh & Amit Tripathi
Exit Load 1% on or before 730D, Nil after 730D
Nil upto 15% of units,1% in excess of
limit on or before 365D and Nil after
365D
Nil for 15% of investment and 1%
for remaining Investment on or
before 1Y, Nil after 1Y
NIL for 10% of units on or before 12M, 1% if exceeding 10% of units on or before 12M, Nil after 12M
Exposure (%)Debt 96.46 62.53 70.24 75.32Equity 2.18 30.10 24.26 19.78Cash & Equivalents 1.36 7.16 5.00 4.86
Source: ACEMFPerformance as on Benchmark: Category benchmark indices considered for respective categoriesPlease refer to RISKOMETER on page no 23 for all Risk related information about the above mentioned schemes.
May 31, 2017
19June 2017 Investime
1 Month 64.76 64.75 0.01
3 Month 65.27 65.15 0.12
6 Month 66.07 65.82 0.25
12 Month 67.50 67.14 0.36
Rs./$ Forward NDF Spread
Data as on 20th June, 2017
5Y - 1Y 38 42
10Y - 5Y -25 -9
15 -10Y 71 65
30 -15Y -2 -10
(bps) (bps)31-May-17 28-Apr-17G-Sec Spread
MACRO INDICATORS
Benchmark SecYield (%)
91D TB 6.28 6.18 11182D TB 6.38 6.27 11364D TB 6.44 6.41 3
G-Sec 1 Yr 6.53 6.63 -10G-Sec 5 Yr 6.91 7.05 -14
G-Sec 10 Yr 6.79 6.96 -17
31-May-17 28-Apr-17Change [bps]
1 Month 6.21 6.16 5 6.50 6.53 -33 Month 6.40 6.37 3 6.70 6.75 -51 Year 6.83 6.69 14 7.26 7.25 1
CD Rates (%)Change [bps]
CP Rates (%)Change [bps]
31-May-17 28-Apr-17 31-May-17 28-Apr-17Tenure
1 year 6.42 6.50 -8 6.51 7.00 -493 year 6.42 6.61 -19 6.44 6.78 -345 year 6.56 6.80 -24 6.77 7.08 -31
OIS - MIBORChange [bps]
MIFOR SwapsChange [bps]
31-May-17 28-Apr-17 31-May-17 28-Apr-17Tenure
1 Year 7.11 7.10 1 58 47 115 Year 7.43 7.48 -5 52 43 9
10 Year 7.64 7.77 -13 98 81 17
YieldChange [bps]
Spread(bps)Change [bps]
31-May-17 28-Apr-17 31-May-17 28-Apr-17Tenure
AAA CORPORATE BOND YIELD AND SPREAD
1 Year 7.55 7.54 1 102 91 115 Year 7.91 7.99 -8 100 94 6
10 Year 8.09 8.29 -20 143 133 10
YieldChange [bps]
Spread(bps)Change [bps]
31-May-17 28-Apr-17 31-May-17 28-Apr-17Tenure
AA CORPORATE BOND YIELD AND SPREAD
Average Repo 3,400 1,392
Average Reverse Repo 19,631 37,257
Rs. Crs May-17 Apr-17
Average MSF Borrowings 526 1,104
Rs. Crs May-17 Apr-17
Call rate 6.02 6.03
MIBOR O/N 6.25 6.18
MIBID O/N 6.25 6.17
Particulars (in%) 31-May-17 28-Apr-17 WPI [Mar-17] 2.17 3.85
CPI [Mar-17] 2.18 2.99
IIP [May-17] 3.1 2.7
Micro Indicators Latest Previous
20June 2017 Investime
21
Indicator Latest Previous Indicator Latest Previous
Repo 6.25 6.25 CRR 4.00 4.00Rev Repo 6.00 5.75 SLR 20.50 20.50Bank Rate 6.50 6.75 MSF 6.50 6.50
June 2017 Investime
Date/Countries10 Year Benchmark Yields [%]
US 2.20 2.28 2.40 2.36 2.45UK 1.05 1.09 1.14 1.15 1.42Japan 0.05 0.02 0.07 0.05 0.09Spain 1.55 1.65 1.66 1.66 1.59Germany 0.30 0.33 0.33 0.21 0.44France 0.73 0.77 0.96 0.89 1.04Italy 2.18 2.28 2.31 2.09 2.27Brazil 10.74 10.32 10.11 10.25 10.94China 3.67 3.48 3.31 3.36 3.36India 6.66 6.96 6.69 6.87 6.41
31-May-17 28-Apr-17 31-Mar-17 28-Feb-17 31-Jan-17
MACRO INDICATORS
Data as on 20th June, 2017
Currency 1 Year 5 Year 10 year
USD 1.39 1.82 2.13
EUR -0.34 0.13 0.74
GBP 0.36 0.75 1.10
JPY 0.01 0.08 0.24
Swap Rate
Nymex Crude ($/bbl) 49.66 49.33 52.61
Brent Crude ($/bbl) 51.84 51.52 55.90
Gold ($/Oz) 1,262.10 1,266.10 1,231.90
Silver ($/Oz) 17.39 17.19 17.71
Aluminium ($/ton) 1,926 1,964.5 1,900
Copper ($/ton) 5,656 5,715 5,934
Commodity 1 M Ago 3 M Ago31-May-17
US$/INR 64.51 64.25
Euro/$ 1.12 1.09
$/Yen 111.27 111.69
GBP/$ 1.29 1.29
$/SEK 6.88 6.89
CurrencyFOREX
31-May-17 28-Apr-17Tax Free Bonds
Yield
31-May-17 28-Apr-17
8.20 % NHAI 2022 6.07% 6.20%
8.00% IRFC 2022 6.08% 6.22%
8.20% PFC 2022 6.05% 6.14%
8.10% HUDCO 202 25.98% 6.23%
7.93% REC 2022 6.05% 6.28%
Equity 9,358 9,918 35,614
Debt 9,514 57,974 193,983
MF Inflows (Rs. Crs.) May-17 YTDApr-17
Equity 7,711 2,394 52,893
Debt 19,155 20,364 89,444
FII Inflows (Rs. Crs.) YTDMay-17 Apr-17
T-Bills DatePrice Yield
Latest Cut off
Amount (Rs. Crores)
91 days 14-Jun-17 98.46 6.27 8,000182 Days 14-Jun-17 96.94 6.33 6,000364 Days 07-Jun-17 93.97 6.43 6,000
T-Bills DatePrice Yield
Previous Cut off
Amount (Rs. Crores)
91 days 07-Jun-17 98.46 6.27 8,000182 Days 31-May-17 96.91 6.39 6,000364 Days 24-May-17 93.94 6.47 6,000
22
EQUITY PMS
Name PortfolioManager
Absolute (%)
1 M 3 M 6 M 1 Yr 3 Yr 5 Yr
CAGR (%)
SinceInception
InceptionDate
OTHER OFFERINGS
June 2017 Investime
Aditya Birla Money Core & Satellite Vivek Mahajan 87.00 3.62 13.09 27.32 41.33 NA NA 18.55 Apr/15Benchmark Index: NIFTY 100ASK Growth Gaurav Misra 1,436.72 1.89 11.06 21.80 32.83 28.43 25.92 21.92 Jan/01Benchmark Index: NIFTY 50ASK Indian Entrepreneur Portfolio (IEP) Sumit Jain 5,711.84 -0.34 8.99 15.70 21.55 26.76 27.34 21.14 Jan/10Benchmark Index: S&P BSE 500ASK India Select Sudhir Kedia 2,406.54 1.05 9.20 16.85 25.04 28.68 28.71 20.02 Jan/10Benchmark Index: S&P BSE 100Ask Life Gaurav Misra 264.47 0.99 10.05 17.15 20.85 18.80 20.48 19.06 Sep/08Benchmark Index: S&P BSE 200Ask Strategic Chetan Thacker 285.59 -0.43 9.25 17.58 24.46 29.60 27.35 17.68 Dec/09Benchmark Index: S&P BSE 200Birla SL Select Sector Portfolio Vishal Gajwani & 180.00 2.20 14.04 23.61 31.86 30.97 36.06 21.18 Aug/09
Natasha LullaBenchmark Index: NIFTY 500Birla SL PMS Core Equity Portfolio (CEP) Vishal Gajwani & 2,930.00 -0.18 7.77 16.13 22.03 29.45 36.62 21.40 Apr/08
Natasha LullaBenchmark Index: NIFTY 500Edelweiss PMS Hexagon Portfolio Sahil Shah 171.00 0.40 11.30 20.00 34.50 NA NA 23.70 Sep/15Benchmark Index: S&P BSE Small-CapKotak Pharma Anshul Saigal 38.00 -6.80 -6.10 -5.50 NA NA NA -6.10 Sep/16Benchmark Index: Nifty PharmaL+QGARP NA 1.50 10.20 NA NA NA NA NA Feb/17Benchmark Index: NIFTY 100Motilal Oswal IOP Mythili Balakrishnan & 2,348.00 3.54 15.31 28.46 64.99 33.86 25.45 18.70 Feb/10
Manish SonthaliaBenchmark Index: Nifty Free Float Midcap 100Motilal Oswal NTDOP Manish Sonthalia 6,150.00 2.07 9.63 19.31 37.21 34.79 33.36 19.11 Dec/07Benchmark Index: Nifty Free Float Midcap 100Motilal Oswal Value Strategy Kunal Jadhwani & 2,751.00 2.76 9.48 17.06 19.01 19.77 17.79 25.17 Mar/03
Manish SonthaliaBenchmark Index: NIFTY 50
Performance as on May 31, 2017The performance details mentioned above are as shared by the respective portfolio managers.
SECONDARY BOND MARKET OFFERINGS
Available Bonds Tenure Credit Rating Indicative Yield (%)*
Magma Fincorp Ltd. Perpetual AA- 11.70%Cholamandalam Investment & Co Ltd Perpetual AA- 10.05%Indian Overseas Bank (Call Option- Feb 2020) BBB 11.20%Bank of India (Call Option- June 2021) AA- 9.35%UCO Bank (Call Option- Nov 2021) A- 11.00%Andhra Bank (Call Option- Aug 2021) AA- 9.48%
*Indicative Yield as on June 19, 2017Contact us for more offerings
Perpetual
AUM (Crs.)
RISKOMETER
23
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
Riskometer
Scheme Names
Axis Liquid Fund(G)Baroda Pioneer Liquid Fund(G)Birla SL FRF-Short Term Plan(G)ICICI Pru Money Market Fund(G)Invesco India Liquid Fund(G)Kotak Floater-ST(G)Sundaram Money Fund-Reg(G)Tata Money Market Fund-Reg(G)UTI Money Market Fund-Inst(G)
Riskometer
Scheme Names
Axis Short Term Fund(G)Axis Treasury Advantage Fund(G)Baroda Pioneer Treasury Adv Fund(G)Birla SL FRF-Long Term Plan(G)Birla SL Savings Fund(G)Birla SL Short Term Fund(G)DHFL Pramerica Ultra ST(G)Edelweiss Arbitrage Fund-Reg(G)HDFC FRIF-Short Term Plan(G)HDFC Medium Term Opportunities Fund(G)HDFC Short Term Opportunities Fund(G)ICICI Pru Flexible Income Plan(G)IDFC Arbitrage Fund-Reg(G)IDFC Money Mgr-IP-Reg(G)Kotak Equity Arbitrage Scheme(G)Kotak Flexi Debt Fund-Reg(G)Kotak Treasury Advantage Fund(G)Reliance STF(G)SBI Arbitrage Opportunities Fund-Reg(G)SBI Ultra Short Term Debt Fund(G)UTI Treasury Advantage Fund-Inst(G)UTI Treasury Advantage-Reg(G)
Riskometer
Scheme Names
Baroda Pioneer Credit Opp Fund-A(G)Birla SL Credit Opp Fund(G)Birla SL G-Sec-LTP(G)Birla SL Income Plus(G)Birla SL Medium Term Fund(G)DHFL Pramerica Medium Term Income Fund-Reg(G)DHFL Pramerica Short Maturity Fund(G)DSPBR Income Opportunities Fund-Reg(G)HDFC Corporate Debt Opportunities Fund-(G)ICICI Pru Dynamic Bond Fund(G)ICICI Pru Equity-Arbitrage Fund(G)ICICI Pru Gilt-Invest-PF(G)ICICI Pru Long Term Plan(G)ICICI Pru Short Term Plan(G)Invesco India Medium Term Bond Fund(G)Kotak Bond Fund -Reg(G)Kotak Gilt-Invest-Reg(G)Kotak Low Duration Fund(G)Reliance Dynamic Bond(G)Reliance Gilt Securities Fund(G)Reliance MIP(G)Reliance Reg Savings Fund-Debt Plan(G)SBI Corporate Bond Fund-Reg(G)Tata Dynamic Bond Fund-Reg(G)UTI Bond Fund(G)
Riskometer
Scheme Names
Birla SL Advantage Fund(G)Birla SL Equity Fund(G)Birla SL Frontline Equity Fund(G)Birla SL MIP II-Wealth 25(G)Birla SL Small & Midcap Fund(G)Birla SL Tax Relief '96(G)Birla SL Top 100 Fund(G)Canara Rob Emerg Equities Fund-Reg(G)DSPBR Opportunities Fund-Reg(G)DSPBR Small & Mid Cap Fund-Reg(G)DSPBR Tax Saver Fund-Reg(G)Franklin India Bluechip Fund(G)Franklin India High Growth Cos Fund(G)Franklin India Prima Fund(G)Franklin India Taxshield(G)HDFC Mid-Cap Opportunities Fund(G)HDFC MIP-LTP(G)ICICI Pru Focused Bluechip Equity Fund(G)ICICI Pru LT Equity Fund (Tax Saving)(G)ICICI Pru Top 100 Fund(G)IDFC Classic Equity Fund-Reg(G)Kotak Emerging Equity Scheme(G)Kotak Select Focus Fund(G)MOSt Focused 25 Fund-Reg(G)MOSt Focused Multicap 35 Fund-Reg(G)Reliance Tax Saver (ELSS) Fund(G)Reliance Top 200 Fund(G)SBI Magnum MidCap Fund-Reg(G)UTI Income Opp Fund(G)
June 2017 Investime
DISCLAIMER
24June 2017 Investime
Publisher, Printer and Editor : Ananth Sandeep SundurOwner : Aditya Birla Money Mart Limited, Corporate Office One India Bulls Centre, Tower 1, 18th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai 400 013. Tel. No: 91-22-4356 7000 Fax No: 91-22-4356 7266, CIN: U61190GJ1997PLC062406. Designed and Printed at Micro Graphics, Graphic Designers and Commercial Printers, 137, Pragati Industrial Estate, N. M. Joshi Marg, Lower Parel, Mumbai - 400011, Tel.: 66634670/71. For advertisement contact: Michelle Banerjee, Email:[email protected]. The information published is as per the data provided by various Mutual Funds, PMS Portfolio Managers, Product Manufacturers and segregated, consolidated and presented (statistically) by and onbehalf of Aditya Birla Wealth Management (ABWM), holding ARN 118681 and involved in distribution of third party financial products, a segment of Aditya Birla Finance Limited. Though sufficient care has been taken to provide the correct rates, ABMML and ABWM does not guarantee the accuracy of the data provided herein. As a potential investor, you are advised to check the updated rates and other Terms & Conditions on the manufacturer's website before making any investments. The views/opinions expressed in the various articles are that of the author and the company may not subscribe to the same either in part of in full. Any person investing on the basis of the data published in Investime will be doing so at their own risk and are advised to consult your certified financial planner before taking any investment decision. Mutual Fund investments are subject to market risks, read all scheme related documents carefully. Ananth Sandeep SundurEditor