Gold - Investime July 08

16
The Inflation
EconoView
52
Volatile
Markets and
the road ahead
56
Literary
forays
VOL 10-ISSUE 7-July 2008-Rs. 30-Total pgs 60
Pure gold never loses its lustre ......................................read on 10
CONTENTS
COVER STORY
THE GOLDEN INVESTMENT

An insightful article by
Laxmi Iyer, this months
cover stor y delves into
the significance of gold
in the Indian economic
scenario and the benets of
investing in gold ETFs.
12
INVESTMENT STRATEGY
With equity markets witnessing a
sharp drop, Harshad Patwardhan,
Equity Investment Manager
for JP Morgan reveals some
benecial investment strategies
that can be implemented to
minimise losses.
16 THE INFLATION ECONOVIEW

Since the subject of Indias
rising inflation is still
making headlines, in this
article Sundar Shankaran
dwells upon the roles that
different countries have
played in creating the
ination animal.
MARKETS AND THE ROAD AHEAD

52 VOLATILE
In view of the current bleak economic
scenario, A. N. Shanbhag summarises
the various factors that have caused
increased market turbulance
off late.
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ECONOMY & CAPITAL MARKETS

NEWSTIME
INDUSTRY - ECONOMY - INTERNATIONAL
Glenmark acquires 7 brands in Poland to target

Central & Eastern Europe
Glenmark Pharmaceuticals Ltd has struck a deal with Actavis, Iceland to acquire 7 pharmaceutical
brands in Poland, for an undisclosed sum. The acquisition has been executed through Glenmarks
Czech subsidiary Medicamenta. Glenmark is targeting to build a branded business in Central
and Eastern Europe. The acquisition would give the Mumbai-based drug company access to the
Polish market, touted to be the largest pharma market in Central and East Europe. According to
industry estimates the pharmaceutical market in Poland was worth about US$7 billion in 2007,
and is growing at about 8%.
Subhiksha buys stake in Blue Green Constructions and Investments Ltd

Subhiksha Trading Services Ltd has bought a majority stake in Blue Green Constructions and Investments Ltd, Chennai. The company
runs the countrys largest food and grocery discount retail chain (branded). Subhiksha will get merged into Blue Green, which is a reverse
merger, which in return would help unlisted Subhiksha get listed, thus bypassing the normal process. Blue Green Constructions, an NBFC
(non-banking nance company), is listed on the Madras Stock Exchange. Subhiksha has paid a consideration of Rs 5 crore paid-up
capital to acquire 40% stake in Blue Green from its promoters at par. Post-acquisition, the promoters of Blue Green will continue to hold
27% stake.
Post 50% drop in net

profit Q4 2008, Unitech
plans diversification
GMR acquires 50%

stake of Intergen, a US
power company
Unitech Ltd has reported its consolidated net

prot for the 4th quarter that ended in March
2008, to Rs 360.20 crore, which accounts to
approximately 52% drop. The companys net
prot was pegged at Rs 747.90 crore in Q4
of FY07, when sale to UCP had contributed
signicantly to its bottom line. Currently,
Unitech is planning a massive diversication;
it has announced its plans to dilute 26% stake
in its telecom arm to a yet-to-be-identied
strategic foreign partner. Unitech would
also raise about US$1 billion from private
equity to fund its hospitality venture as well
as commercial projects in Mumbai over the
coming one year.
GMR Infrastructure Ltd, Hyderabad has

acquired 50% stake in Intergen, a power
company based at Burlington, US. The deal
has amounted to US$1.1 billion. The company
has acquired the stake from AIG Highstar
Capital II fund. The deal is expected to close
in the 3rd quarter of 2008. GMR Infra has
taken a bridge loan of US$1.1 billion from a
consortium of ve domestic banks, including
Axis Bank and Canara Bank, to fund the
acquisition. GMR would jointly own Intergen
with the Ontario Teachers Pension Plan
(Teachers). Teachers has been a 50% owner
of Intergen since 2005. With US$108.5 billion
in net assets, it is the largest single-profession
pension plan in Canada.
LIC Housing Fin sets up financial services arm

LIC Housing Finance Ltd set ups a new subsidiary to sell nancial products. The new company
would market and distribute all nancial products such as home loans, insurance, mutual funds,
credit cards and other third party products The company also plans to launch a venture capital
fund this year. The fund was incorporated in February last and may begin with a corpus of Rs
500 crore to start with. LIC HFL has registered a 38% growth in loan disbursements in the last
nancial year at Rs. 7,071 crore, higher than the industrys average growth of 8-9%.
IOC and OIL acquire 12.5% stake in Reliances

East Timor block
Indian Oil Corporation Ltd (IOC) along with Oil India Ltd (OIL), would acquire an equity
stake of 12.5% each in the project located offshore oil block in East Timor. Reliance will hold a
majority stake in the block and would operate in an area spread over 2,384 sq km. Sources said
that IOC and OIL have made a nancial commitment of US$27 million. The entities are now
going to approach the East Timor Government for approval.
8 Investime JULY 2008
Tech Mahindra enters

a deal worth US$24
million with New
Zealand company
Tech Mahindra has bagged a
deal worth US$24 million (about
Rs 111 crore) to assist Telecom
New Zealand for an 18 month
period. In this deal however,
there would not be any transfer
of employees from Telecom
to the Indian companys fold.
Mr. C.P. Gurnani, President
(International Operations)
of Tech Mahindra, stated
that, The city-based telecom
solutions provider would be
responsible for programme
management and end-to-end
systems integration of Telecoms
Next Generation Telecom
(NGT) retail transformation
initiative. Currently, Telecom
New Zealand is in process of
spending NZ$1 billion a year
on communication networks
and Internet-based services.
GLOBAL & CURRENCY NEWS

NEWSTIME
India, Sri Lanka finalised Comprehensive Economic

Partnership Agreement
India and Sri Lanka have nalised the draft for the Comprehensive Economic Partnership
Agreement (CEPA), which would boost trade and also open up service and investment sectors.
The contours of CEPA were concluded during the two-day talks between the Indian team led by
Commerce Secretary G.K. Pillai and his counterparts in the island nation. The rst country with
which India entered into a CEPA was Singapore. India and Sri Lanka expect the volume of trade
in goods and services to rise from US$516 million to US$1.5 billion by the time CEPA is fully
operationalised in 2012.
China & United States, ties at crucial stage

Chinas President Hu Jintao discussed with U.S. Secretary of State Condoleezza Rice that relations
between China and the U.S. were at a crucial stage, linking the past to the future. Ms. Rice
stated that the U.S. would take measures to stabilise its currency and prevent further slowdown of
the global economy, as the unstable factors in the world economy are posing challenges for both
developing and the developed countries.
NEWS SNIPPETS
RBI hiked repo rate by 50

basis points to 8.50% and
the CRR to 8.75%
Indias WPI rose to

11.89%the highest
since 1995
Aditya Birla Group

acquires 40.8% stake
in Spice Telecom, Idea
Cellular to enter Mumbai
operations
Index of Industrial
Production (IIP) for May
2008 has declined to
3.80% as against 10.60%
as in May 2007
Fresh credit fears are

gradually sweeping
global financial markets,
pushing world stocks to
their lowest levels since
mid-2006
After a two year transition, Bill Gates prepared to step down from the day-to-day running of
Microsoft, which he founded in 1975. He remains Chairman and will be involved in some projects
along with the companys Chief Executive, Steve Ballmer. The bulk of Mr Gates time will now
be devoted to his foundation, the worlds richest philanthropic institution.
T h e I n d i a n 1 0 Ye a r
Gilt yield crossed
psychological resistance
of 9.25%; the yield is
currently at 9.34%
Japan recorded a 10-year

high with price inflation
rising to 1.20%
Saudi Arabia to increase oil production
At the G8 Summit, the

Indian Prime Minister
reaffirms the commitment
to go ahead with the civil
nuclear co-operation
with USA
Lehman Brothers and

Unitech to come together
Unitech announced that Lehman Brothers Real
Estate Partners would acquire a 50% stake in
the domestic realty rms project on the Western
Expressway of Mumbai for a consideration for
US$175 million (about Rs. 740 crore). The
initial phase involves the development of one
million sq. ft. of ofce space out of the total
developable area of about 18 million sq. ft.
Deutsche Bank plans to

pick up stake in Delhi
Stock Exchange
The Government of India has cleared the
Deutsche Bank proposal for acquisition of
stake in Delhi Stock Exchange (DSE). The
Deutsche Bank has proposed to acquire an
approximately 5% stake in DSE. Finance
Minister P. Chidambaram has cleared the
proposal, which would attract foreign direct
investment of Rs.13.47 crore.
Yahoo, Google enter an ad agreement

Google and Yahoo have reached an ad agreement. Under the agreement Google would deliver ads
next to some of Yahoos search results and on some of its websites in the U.S. and Canada. The
agreement would also strengthen Googles dominance over the lucrative search advertising market.
It was signed after Yahoo rejected a proposal by Microsoft to acquire both Yahoos search business
and a minority stake in the company. The non-exclusive deal is aimed at giving a lift to Yahoos
nances, and the company said it would generate an additional US$250 million to US$450 million
in operating cash ow in the rst year.
Bill Gates Retires
Saudi Arabia held a hastily convened summit on energy that brought together oil producers and
ofcials and political leaders from consumer countries, including Gordon Brown. Everyone agreed
that the record high price of oil was a worry, but the Saudis offered little relief other than to promise
to increase production by 2,00,000 barrels a day, which was in line with expectations. The kingdom
did take analysts by surprise, however, by saying it would seek to raise its capacity to as much as
15 milion barrels a day by 2018, up from the current 11.4 million.
JULY 2008 Investime
COVER STORY
Lakshmi Iyer
The
Golden
I
If one ponders
a little on the
history of
the human
economy, one
would realise
that despite
all human
prosperity since
civilisation
began, it is gold
alone that still
lingers around
Investment
f one ponders a little on the history of

the human economy, one would realise
that despite all human prosperity since
civilisation began, it is gold alone that still
lingers around.
There have been various phases in
human history (especially post-Bretton
Woods) when it was theorised that nally,
the age of gold may be nearing an end,
the reason being newer inventions in
money, which made exchange more and
more sophisticated. As paper money gained
acceptance in the 19th and 20th centuries
and better methods of exchange evolved,
the need for gold as a store of value kept
depreciating. So money expanded from
paper to plastic to digital. And the means of
exchange too, expanded. But then did that
really affect gold? And if not, then why?
What we are telling you is that money
is only as good as the exchange
it can bring for you, either now
or later! And this is largely
dependent on the willingness
of the 2nd and 3rd parties to
accept such money. And this
is where gold comes in. Golds
value is embedded in human
history and collective psychology.
Gold derives its economic value
from the basic human urge to
possess it.
It is therefore no surprise
if one is told that the Indian
public alone holds around
15,000 tonnes of goldworth
more than US$450 billion. This
accounts for nearly 10% of all
the gold that has been mined till date. It is

the metals natural ability to attract human
possessiveness that makes gold the natural
currency of the world, thus helping gold to
display characteristics quite similar to those
of ordinary money.
GOLD DYNAMICS IN MODERN ECONOMY
It is a well-known fact that the price/value
of any commodity or service is determined
by the interplay of demand and supply.
In case of gold, it is largely demand that
is the major determinant for gold prices
(and prots from its investment). Despite
the fact that gold demand is largely being
determined by jewellery purchases, yet the
investment aspect of gold purchase still
remains at around 20%. Of that again,
nearly 50% of the gold investments the
world over are being made through ETFs.
COVER STORY
What this tells us is that while around

64% of gold purchases are for self-aesthetic
reasons, yet around 20% of the purchases
are being done with the purpose of realising
the potential value of gold. This rise in
demand for gold investment is around 41%
from the same period last year. But then
what has prompted such an increase in
investor-buying for gold?
INVESTOR REASONS WHY GOLD
GLITTERS!
The initial reasons for rallying in gold
and its correlated asset, oil, had been the
large liquidity glut that hit the market
during the 2001-2005 period. The dollar
denominated liquidity scrambled to acquire
assets globally, leading to ination in prices
of almost all the major asset classes. Gold
too, witnessed that climb by growing nearly
19% year on year in last 6 years.
However, crude oil raced ahead at 33%
year on year, and grew by 5 times during
the same period. In other words, while in
2002 around 15 barrels of crude oil could
be obtained for an ounce of gold, today you
would get around 7 barrels for the same
ounce. But given the tendency for oil and
gold prices to move in tandem, it is quite
logical that either the oil has to cool down
or the gold has to heat up further.
But more importantly, and as stated
earlier, gold has the tendency to behave
like currency. And this actually happens
quite pronouncedly when faith in the best
available alternative is faltering, in this case
the US Dollar.
Since late 2007, the US fed has acted
to bolster its decelerating economy by
drastically reducing the interest

rates. The collateral effect
of this was the weakening
of
international
investor
condence in the dollar, and the
former consequently scrambled
to acquire value in other
commodities, especially oil and
gold. To put that in perspective,
in just the last year alone, gold
has rallied by nearly 36% while
oil has moved by 86% till date.
Furthermore, it is expected that
as the US economy declines
further, the gold prices may gather
further steam.
A far more interesting thing has been
that while the growth in physical hoarding
for gold as an investment has been largely
negligible, gold investment by way of ETF
has grown by nearly 100% since last year.
Some may rightly argue that this was
largely due to the low base effect. But yet
it is unavoidable to overlook the fact that
ETF has been the only segment of gold
consumption that has grown positively and
overwhelmingly in the rst quarter of 2008.
So the eventual question that arises for the
purpose of argument is: Why ETFs?
UNRAVELING GOLD ETF!
At the risk of repetition, we know that
gold ETF is nothing but pure gold, traded
online through a medium of exchange.
Normally, each unit of gold ETF is worth
approximately 1 gram of gold at any-point of
The investors
take-away from
GETF is that it
allows the investor
to invest in gold
without bothering
about the purity,
the security or the
liquidity of gold
investment that
is attendant with
gold hoarding
time. The investors take-away from GETF

is that it allows the investor to invest in gold
without bothering about the purity, the
security or the liquidity of gold investment
that is attendant with gold hoarding.
GETFs online tradability and transactability is exactly like any other stock scrip,
thus making buying and selling almost
intra day affairsan idea quite difcult
with physical gold. In other words, GETF
gives you the ability to buy, sell, short-sell
or long-hold gold at convenience.
This idea, though nascent, has caught
on signicantly all over the world except in
India, largely due to lack of awareness about
it here at home. This perceptibly gives rise
to information asymmetry and provides
added arbitrage opportunity for potential
investors in the Indian market.
Nonetheless, with oil predicted to touch
US$150 per barrel in the short run and
US$200-400 per barrel in the medium to
long run, the possibility that gold (which is
a highly oil co-related asset) would remain
dormant is unlikely. Even with a historical
low of 6 barrels per ounce, gold is projected
to grow to US$1000 if oil goes to US$150.
Thus in the medium to long run, the
possibility of a gold rally remains stronger
than ever.
So, as the saying goes, Putus aurum
nunquam perdo lustre Pure gold never
loses its lustre, it is important to know and
be ready when golds lustre is brightest.
(The author is Vice President & Head
Products, Kotak Mahindra Asset
Management Co. Ltd.) O
JULY 2008 Investime
11
INTERVIEW
Harshad Patwardhan
INVESTMENT
Strategy
THE INDIAN EQUITY MARKET

HAS WITNESSED A SUBSTANTIAL
SLIDE DOWN FROM ITS PEAK
LEVELS. THIS HAS RESULTED IN
INTENSE CAPITAL EROSION FOR
MOST INVESTORS. WHAT ARE
THE INVESTMENT STRATEGIES
THAT MIGHT BE OF USE IN SUCH
MARKET CONDITIONS?
Through these
turbulent times,
we continue
to focus on
identifying
strong
businesses and
estimating their
values, based on
our framework
involving EPS
growth, dividend
payout and
incremental
return on equity
Through these turbulent times, we continue

to focus on identifying strong businesses
and estimating their values, based on our
framework involving EPS growth, dividend
payout and incremental return on equity.
We do expect this disciplined approach to
pay off in the medium to long term. While
we do not expect the current uncertain
environment to clear soon, a bulk of this
seems already in the price. If one looks
at even some of the large corporates, one
nds that the current valuations are very
undemanding. We are using this phase of
the market to selectively switch and build
positions in businesses that appear better
placed on a relative basis using implied
growth analysis. In general, we have been
trying to move away from politically
sensitive businesses and sectors, and more
into areas less susceptible to government
inuence such as IT services, consumers
and pharmaceuticals. While catching the
bottom is almost always impossible in the
current market environment, regular and
disciplined investing is likely pay off in the
medium term.
We feel that through these turbulent
times, it is prudent to think in a rational
In general, we
have been trying
to move away
from politically
sensitive
businesses and
sectors, and
more into areas
less susceptible
to government
influence
manner and not over-react to market
movements and noise in the market place.
Investors should think twice before exiting
the markets as these times will eventually
fade away and the opportunity loss could
be high. Investors who are waiting on the
fence to make their entry at the market
bottom should phase out the investible
surplus over a period of time, say 3-6
months. The biggest challenge for all of
us is the test of our patience at this point
of time. One can also look at a long-short
strategy wherein one does not need to take
a view on the market direction.
WHAT
IS
STRATEGY?
LONG-SHORT
In a long-short strategy, an investor can

take a view about relative performance
of two stocks rather than a view on the
direction of a broader equity market.
While there can be different ways of
INTERVIEW
In a long-short
strategy, an
investor can
take a view
about relative
performance of
two stocks rather
than a view on
the direction of
a broader equity
market
constructing these strategies, we tend to
look at it as an extension of our active fund
management skills. As a team, we meet
company management on a regular basis to
have accurate understanding of businesses,
competitive landscapes, industry dynamics
so on and so forth. What transpires in these
meetings could either lead to a positive or a
negative conviction or even a not so sure
type of response. Typically, in a long-only
portfolio, positive conviction stock nds
its way while one tends to avoid taking any
position in the negative conviction ideas. In
a long-short strategy one can play on both
positive and negative conviction ideas. A
trade can be structured whereby you go
long on your positive conviction idea and
short on your negative conviction idea.
HOW DOES IT WORK?

Typically, these strategies are based on
a hypothesis, which if proved right, will
lead to the long position out-performing
the short position. When this happens the
trade will make money. We typically tend
to have a hypothesis based on company
fundamentals, sector trends or changes
in macro variables. It is also possible to
have these strategies based on technical
or statistical trends and expectations of
mean reversion. It is important to note that
these strategies do not depend on market
direction to make money. Although the
market and both the securities may be
trending down, as long as the security on
the long side goes down less than the short
side, the trade still makes

money.
HOW
DO
THE
FUNDAMENTALS AND
SELECTION OF THE
COMPANY PLAY A ROLE
IN SUCH STRATEGIES?
The choice of companies
would encompass
fundamental themes such
as EPS growth, ROE and
P/E multiples. However,
we must remember that
the underlying theme
could be either based on
fundamentals or based on
some macro economic theme.
For example, there could be a macro
economic hypothesis that the crude oil
prices will remain at high levels (please
note that the bet is not on the actual
price), we could then construct a trade
by going long on a producer of oil and
going short on a consumer of oil. The
trade could be Long Cairn Energy, Short
Jet Airways.
DOES THIS STRATEGY WORK UNDER

VARIED MARKET CONDITIONS?
WHAT HAPPENS WHEN MARKET IS
RANGE-BOUND OR WHEN IT MOVES
IN A DIRECTION?
As explained earlier, this kind of a strategy
is quite indifferent to market movements
in either direction. The endeavour is
Typically, these
strategies are
based on a
hypothesis,
which if proved
right, will lead
to the long
position outperforming the
short position
to generate returns by taking a view

on relative performance rather than an
absolute one.
HOW IMPORTANT IS VIEW ON THE

MARKET IN SUCH STRATEGIES?
The strategy does not take any view on the
market. The strategy is a combination of
a top down and bottom up approach.
The approach is more relevant from the
perspective of an underlying theme.
WHAT WILL BE THE DURATION OF

SUCH INVESTMENT STRATEGIES
AND HOW DOES THE INVESTORS
BENEFIT FROM IT?
There are no xed time lines assigned
while executing the trade. Each trade could
have different timelines. The underlying
objective will always be to generate returns
from the day the capital has been put
to play.
Investors investing in such strategies
should look at an investment horizon of a
minimum of 12-18 months. However, it is
worthy to note that such a strategy could
act as a good compliment to an investors
existing long-only portfolio.
An Inter vie w with Mr. Harshad
Patwardhan (Investment Manager,
Equity), JP Morgan Asset Management
India Private Limited O
FEATURE
Sundar Sankaran
The INFLATION
EconoView
M
When supply
falls short of
demand, price
has to go up.
Thus, demand
adjusts itself
to match the
aggregate
supply level
and ensures
equilibrium in
the economy.
This increase
in prices is
inflation
y previous column discussed

issues related to policies that are
under implementation to control
ination. Since the subject continues to
make headlines, in this article I dwell on the
role of different countries in creating the
ination animal.
When supply falls short of demand,
price has to go up. Thus, demand adjusts
itself to match the aggregate supply level
and ensures equilibrium in the economy.
This increase in prices is ination.
What supply and demand factors
are at work in the current bout of
global ination?
1. INDIA, CHINA AND DEVELOPING

COUNTRIES
Economic activity has increased in these
countries during the last decade. The
higher levels of economic activity have
raised the demand for oil and industrial
commodities in the region.
The incremental economic activity
has led to higher income in the hands of
the people in these developing countries.
When income levels go up in the richer
countries, conspicuous consumption
China has been

involved in a
superb game
of supply chain
security in
impoverished
countries in the
African region,
which are
otherwise rich in
mineral resources
goes up; in developing countries, when
incomes go up, consumption of basic
necessities rises; hence the rise in
consumption of food.
Any vegetarian traveller to China can
vouch for the fact that the country triggers
vegetarian fret and non-vegetarian pride!
Much of non-vegetarian fare comprises
birds and animals, which in turn survive
on food and other primary commodities.
Scientic research has shown that the
same intake of calories, when it comes
through the non-vegetarian route of
consumption of animal meat, causes a
much higher consumption of underlying
food and primary commodities (by the
birds and animals) in the economy, as
compared to consumption of vegetarian
food. Thus, the Indian vegetarian habits
tempered the ination in food articles,
while the Chinese non-vegetarian habits
aggravated it.
FEATURE
4. THE US
The US has contributed to the ination
in several ways:
2. SPECIFICALLY CHINA
China has been involved in a superb game
of supply chain security in impoverished
countries in the African region, which
are otherwise rich in mineral resources.
The Chinese strategy of cornering
supplies from these countries limits
the free supply of mineral resources in
the market.
Besides, the Olympics is the big
upcoming event in China. The Economist
reports that China is so keen to minimise
the pollution levels during the event,
that it has put limits on coal-red power.
Consequently, oil-red power stations
(which cause lesser pollution than coal)
have been in the thick of action. Hence,
theres been a signicant increase in oil
purchases by China since April 2008.
3. IRAQ, NIGERIA
Both countries are saddled with security
problems, which are consequently
affecting the oil exploration and supply
from these countries.
Further, over a period of time, oil prices
were soft. So oil exploration companies
did not nd it economical to explore
some of the more difcult oil wells.
High oil prices will now give a llip to
oil exploration activities worldwide. But
it will take several years for this to yield
higher oil supplies.
a. Excessive Consumption
Why did economic activity in the
developing countries go up? A signicant
contributing factor was higher exports to
the US. This is evident from the high
trade decit numbers of the US. Why
did the US import more?
i. US Asset Bubble
The cheap money policy of the US led
to rise in prices of stocks as well as real
estate. It is normal human psychology
that when the value of assets people
own goes up, people feel good and end
up consuming more.
ii. Overvalued US Dollar
Although the economy was in decit,
the US dollar was valued higher
than its inherent strength. This
made it cheaper for US citizens to
import. When anything becomes
cheap, its consumption goes up.
Basic economics!
b. Bio-fuel Policy
It has incentivised cultivation of maize
(for conversion into bio-fuels) so
much that farmers have switched from
cultivating food to cultivating maize.
This has impacted supply of food grains
within the US.
c. Speculation in Oil Futures
When anything becomes cheap, its use
goes up. Again, basic economics! In the
US, the minimum cash outlay for oil
futures was so low that anyones servant
could dabble in oil futures. The holding
of such contracts has mounted.
A purist would argue that these
futures ultimately get reversed. Hence
there is no net addition to demand for
oil. So futures are not a contributing
factor to increase in oil prices. The
argument of a purist is right in a micro
sense. But then, if each increase in oil
prices leads to more people joining the
gang of oil futures speculaters, then the
bubble will keep getting bigger.
When will the bubble burst? After the
elections in the US this November?
High oil prices

will now give
a fillip to oil
exploration
activities
worldwide.
But it will take
several years
for this to
yield higher oil
supplies
The complex relationship between
the different factors can be seen in the
accompanying chart.
WHAT NEXT?
The US asset bubble has already burst. The
feel good has given way to feel bad.
Consumption is down and recession fears
are in the air. To prevent a recession, US
interest rates have been kept low. Similarly,
to prevent an asset price meltdown,
more money has been made available to
the nancial sector. The US Dollar, in
the meanwhile, has been hammered by
the Euro.
If, as is expected, the democrats come
back to power in the US, focus on the
internal economy will increase. Just as Bill
Clinton had to clean up the US economy
after the rst war on Iraq, legacy of George
Bush Sr., Barrack Obama may have to do a
clean up of the second war on Iraq, legacy
of George Bush Jr. History repeats itself so
interestinglythe repetition would have
been even more interesting if Mrs. Clinton
had inherited the clean up job that Mr.
Clinton inherited eight years ago.
A weak US dollar, lower consumption,
democrat clean up et cetera will bring some
semblance of order to the US Trade Decit.
The US Dollar may recover some of its
lost ground.
Back home in India, we thought good
times are forever. We failed to clean up the
macro-economic numbers while the going
was good. When tax and non-tax revenues
FEATURE
went up, we indulged in more largesse.

Now the growth engine is beginning to
stutter. But we have gotten used to higher
spending levels.
Ofcial budget decit numbers are
near 3.5% of GDP. The real numbers, after
correcting for accounting jugglery, would
be in excess of 10% without considering
the impact of the new pay commission
and an economy that will not grow at the
same rate.
The new pay commission has
recommended one more round of increase
in salary levels, without any linkage
to productivity gains. This will get
translated into higher demands at each
lower level of government. The previous
The US asset
bubble has
already burst.
The feel good
has given way
to feel bad.
Consumption
is down and
recession fears
are in the air
pay panel recommendations had a key
role in destabilising the central and state
government nances a few years ago. The
growth engine was beginning to bring the

economy out of its problems. Now the new
pay commission recommendations will
have to be supported by an economy, which
is need of vitamins. Even in India, history
repeats itself, so interestingly!
But all is not lost. The oil bubble is
yet to burst. Rains being normal, the food
crop should be good. And we seem to have
avoided an early election, at least for the
time being. Let us hope all these factors
conspire to take the Sensex back to 20,000!
(The author is a leading consultant and is
Head of Finberry Academy) O
JULY 2008 Investime
19
Market Views
THE DOMESTIC MARKETS

The markets continue to be under pressure from the very factors that
have been creating the negative current since the last seven months. The
impact of these factors has deepened over time and the indicators have
worsened. The continuing inationary situation, the dwindling liquidity,
the expectations of large supply at the primary oers in both gilt and
corporate placements and the ocial stance of the policy of tightening
if required, have all contributed to the tightness in interest rates.
Sensex
The WPI edging closer to the 12% mark and with no respite expected
in fuel costs and signs of primary products as also commodities being
one of resilience in prices would point towards a strong bias in favour
of the rates stabilising at higher levels.
The ten year benchmark yield has crossed the psychological 9.20% level
and is comfortably perched at around the 9.45% level. While we may
see the rates showing a tendency to move up further it may be a paying
proposition to start looking at strategic positions with a 12-18 months
time horizon.
Dow Jones
10 Years
As far as equities go, the bearishness that has embraced the market
could continue to envelop the sunshine for a longer while because of two
factors which are very basic to the performance of the equity markets.
Interest rates have to start moving lower for equities to do well because
interest rates is the single major inuence on equity prospects at dierent
levels. Also, we need to see the most active participants in our markets
for a long time, the FIIs coming back. This may be possible only if they
derive comfort from the improvement in overall economic scenario and
moderation in problems that they face elsewhere mainly from the sub
prime problems etc.
The rise in interest rates, the gradual slowdown indicated by the fall
in the index of industrial production and more than anything else, the
emerging political situation, would all have their own part in deciding
which way the markets would move in the immediate term.
The equities may target 12650 on the index while on the upside 14800
and 15300 and 16100 would oer strong resistance. A look at the
valuations would reveal how cheaply the markets are priced. But the
paradox is that when the valuations were expensive, buyers still crowded
in at very high index and valuation levels. Scientically, cheaper valuations
should attract investors. But it will be only after the rain of negative
factors recede and sunshine takes over.
WPI
INVESTIME PRIME NUMBERS

Peaks and troughs
Index Name
June-08
May-08
Absolute (%)
INDIAN INDICES
INDUSTRY MONTHLY AVERAGE AUMs ( Rs. in Crores)

Fund House
June-08
May-08
Change
% Change
AUM above 30,000 Crs.

EQUITY
BSE SENSEX
13461.6
16415.57
-17.99
BSE MID CAP
5386.48
6760.54
-20.32
BSE SMALL CAP
6701.96
8133.04
-17.6
BSE100
7029.74
8683.27
-19.04
BSE200
1644.18
2038.22
-19.33
BSE 500
5215.37
6474.97
-19.45
S&P NIFTY
4040.55
4870.1
-17.03
CNX MIDCAP
5238.85
6562.7
-20.17
6233.2
8221.35
-24.18
CNX NIFTY JUNIOR
SECTORAL INDICES
Brandex
BSE AUTO
BSE Bankex
BSE CD
BSE CG
BSE FMCG
BSE IT
BSE METAL
BSE Oil & Gas
BSE PSU
BSE Realty
BSE Teck
BSE-HC
2268.28
3585.62
5915.98
3477.6
10080.69
2080.33
4019.82
13207.3
9009.16
5666.42
4543.47
3043.99
4164.33
2658.47
4355.76
7714.59
4320.82
13150.64
2427.76
4643.79
16914.63
10396.85
7079.66
7008.66
3615.2
4395.99
-14.68
-17.68
-23.31
-19.52
-23.34
-14.31
-13.44
-21.92
-13.35
-19.96
-35.17
-15.8
-5.27
WORLD INDICES
Dow Jones
Nasdaq
FTSE
HangSeng
KLSE
Kospi
Nikkei
Strait Times
Taiwan Weighted
MSCI Emerging Markets Index
MSCI India Index
MSCI World Index
11350.01
2292.98
5625.9
22102.01
1186.57
1674.92
13481.38
2947.54
7523.54
44655.73
357.19
1402.12
12638.32
2522.66
6053.5
24533.12
1276.1
1852.02
14338.54
3192.62
8619.08
49651.13
438.19
1525.72
SENSEX
-10.19
-9.1
-7.06
-9.91
-7.02
-9.56
-5.98
-7.68
-12.71
-10.06
-18.49
-8.1
Reliance Mutual Fund

ICICI Prudential Mutual Fund
HDFC Mutual Fund
UTI Mutual Fund
Birla Mutual Fund
SBI Mutual Fund
90813.45
59473.59
52710.81
50770.57
41075.24
30132.40
98430.93
59093.62
56107.29
54651.68
41423.43
31794.97
-7617.48
379.97
-3396.49
-3881.12
-348.19
-1662.57
-7.74
0.64
-6.05
-7.10
-0.84
-5.23
AUM BETWEEN 15,000 TO 30,000 Crs.

Tata Mutual Fund
Franklin Templeton Investments
Kotak Mahindra Mutual Fund
DSP Merrill Lynch Mutual Fund
LIC Mutual Fund
HSBC Mutual Fund
30132.40
24742.06
21183.30
20540.42
18633.47
17357.31
24495.87
27990.87
22170.02
21559.63
18649.14
18472.23
5636.53
-3248.81
-986.72
-1019.21
-15.68
-1114.92
23.01
-11.61
-4.45
-4.73
-0.08
-6.04
-2506.22
-1747.12
-1312.66
-2631.63
-1367.94
-664.69
-775.39
-477.24
607.31
-271.42
-759.22
-399.14
-75.48
-160.61
276.28
87.90
-36.55
-22.13
-8.19
0.29
-8.23
-29526.76
-15.00
-11.97
-10.12
-18.44
-11.03
-7.26
-8.73
-6.05
9.82
-6.46
-16.62
-11.37
-2.76
-5.73
12.79
4.74
-10.89
-11.17
-4.80
0.44
-12.14
-4.92
AUM UPTO 15,000 Crs

PRINCIPAL Mutual Fund
Sundaram Mutual Fund
JM Financial Mutual Fund
IDFC Mutual Fund
Deutsche Mutual Fund
ING Mutual Fund
Fidelity Mutual Fund
Lotus India Mutual Fund
ABN AMRO Mutual Fund
Canara Robeco Mutual Fund
AIG Global Investment Group Mutual Fund
Morgan Stanley Mutual Fund
JPMorgan Mutual Fund
Benchmark Mutual Fund
Mirae Asset Mutual Fund
DBS Chola Mutual Fund
Taurus Mutual Fund
Sahara Mutual Fund
Escorts Mutual Fund
Quantum Mutual Fund
BOB Mutual Fund
Average Total
14199.21
12846.72
11655.15
11641.28
11037.38
8496.11
8104.34
7406.06
6791.00
3932.75
3808.87
3110.83
2654.70
2641.81
2436.65
1940.79
298.96
176.01
162.47
66.62
59.54
571032.27
16705.43
14593.85
12967.81
14272.91
12405.32
9160.79
8879.73
7883.30
6183.70
4204.17
4568.10
3509.97
2730.18
2802.42
2160.37
1852.89
335.51
198.14
170.65
66.33
67.77
600559.03
DOW JONES
JULY 2008 Investime
21
Insurance
BIRLA SUN LIFE INSURANCE

PERFORMANCE OF VARIOUS FUNDS AS ON 30-June-08
Returns based on unit price growth, net of charges

INDIVIDUAL
Assure Fund
Protector
Builder
Balancer
Enhancer
Annualised CAGR Annualised CAGR Annualised CAGR Annualised CAGR Annualised CAGR
Last 1 year
12.32
12.32
6.17
6.17
5.14
5.14
5.48
5.48
1.46
1.46
Last 2 years
10.1
9.65
7.74
7.47
8.74
8.4
9.34
8.95
8.57
8.24
Last 3 years
7.43
6.95
9.62
8.83
11.37
10.3
8.35
7.79
9.68
7.61
13.78
10.02
7.8
7.27
19.87
13.09
Since Inception
Asset Held
(Rs. In Millions)
836
INDIVIDUAL
2682
1863
Creator
178
Magnier
26658
Maximiser*
Multiplier^
Annualised
CAGR
Annualised
CAGR
Annualised
CAGR
Annualised
CAGR
Last 1 year
4.26
4.26
-5.8
-5.8
-8.28
-8.28
Last 2 years
12.73
12.03
11.53
10.95
Last 3 years
17.93
15.46
21.95
18.41
Since Inception
14.46
11.88
24.42
18.75
-5.47
-5.48
-48.62
-44.4
Asset Held
(Rs In Millions)
1958
8572
8230
* Inception Date of Maximiser Fund is 12th June 2007
INDIVIDUAL
^ Inception Date of Multiplier Fund is 30th October 2007
Nourish
Annualised
737
Growth
Enrich
CAGR
Annualised
CAGR
Annualised
CAGR
Last 1 year
5.99
5.99
5.4
5.4
3.28
3.28
Last 2 years
7.76
7.49
9.1
8.73
9.92
9.49
Last 3 years
7.68
7.17
10.43
9.52
13.82
12.28
Since Inception
7.44
6.47
10.61
8.79
15.44
11.95
Asset Held (Rs in Millions)
105
247
Disclaimer:
1. Past Performance is not necessarily a guide to the future
2. The CAGR & annualised returns are calculated based on unit price growth over the period and are applicable to a single
premium investment held over that period
3. Instruments in which investments are made under each fund option are subject to market risk
4. Since Multiplier Fund is only 2 months old, its early to judiciously appraise its performance
1235
PERFORMANCE OF SELECT LIQUID FUNDS

KEY STATISTICS
Birla
Sun Life
Cash Plus - I P
SCHEME
DWS Insta
Cash Plus
Fund
PRINCIPAL
Lotus India Cash Mgmt
ICICI
HSBC Cash
JM High
Liquid Fund Fund LO- Inst
Prudential
Fund - I P
Liquidity - I P
- IP
Liquid - I P
Prem. Plan
Reliance
Liquidity
Fund
Tata Liquid
Fund - SHIP
UTI Liquid
Fund - Cash
Plan - IP
AUM as on June 08 (Rs Crores)
6379.89
1018.44
2050.23
15941.45
645.87
1678.59
2245.01
10367.63
2602.30
10785.05
AUM as on May 08 (Rs Crores)
8996.38
1401.29
1961.41
20444.23
690.15
1029.46
2119.92
13077.76
2457.36
12572.76
-29.08
-27.32
4.53
-22.02
-6.42
63.06
5.90
-20.72
5.90
-14.22
1 Week
8.88
8.21
8.36
8.68
8.63
8.53
8.47
8.84
8.83
8.41
2 Weeks
8.75
8.13
8.20
8.51
8.47
8.47
8.48
8.74
8.69
8.40
1 Month
8.56
8.07
8.04
8.42
8.44
8.31
8.41
8.57
8.47
8.33
95
102
129
NA
145
131
116
204
135
118
Previous Month
117
139
85
186
165
107
113
201
162
96
3 Month Avg Rolling Over 3 Months
8.37
8.08
8.04
7.97
8.12
8.12
8.28
8.23
8.22
8.36
0.0112
0.0107
0.01
0.0096
0.0035
0.009
0.0022
0.0082
0.0016
0.003
Month on Month Change (%)

PERFORMANCE (ANNUALISED %)
Latest Average Maturity in Days
Standard Deviation
Performance as on 30th June, 2008
PERFORMANCE OF SELECT LIQUID PLUS FUNDS

KEY STATISTICS
ABN AMRO
Money Plus
Fund
Birla SunLife
Liquid Plus
- IP
DWS
Liquid
Plus
Fund
HDFC Cash
Mgmt Fund
- Savings Plus
- Wholesale
1842.03
12070.27
402.21
9793.25
1849.89
12201.11
593.76
-0.42
-1.07
1 Week
8.65
2 Weeks
1 Month
Sundaram
BNP Paribas
Liquid Plus
- IP
Kotak Flexi
Debt Fund
Lotus India
Liquid Plus
Fund - IP
3265.45
4693.02
2293.64
17842.89
1222.51
6145.53
11187.73
4404.06
7268.33
3141.78
20285.87
2065.68
7667.67
-32.26
-12.46
-25.85
-35.43
-27.00
-12.04
-40.82
-19.85
8.72
8.57
8.93
8.77
8.45
8.51
8.72
8.58
8.61
8.65
8.72
8.51
8.74
8.66
8.49
8.57
8.68
8.45
8.54
8.45
8.68
8.48
8.62
8.54
8.51
8.46
8.59
8.23
8.25
99
204
77
200
152
120
288
223
175
171
Previous Month
66
175
131
190
90
128
195
215
109
87
7.87
7.83
7.78
7.99
7.37
7.84
7.90
8.12
8.07
7.76
0.0181
0.0202
0.0214
0.02
0.0198
0.02
0.0186
0.0203
0.0203
0.0196
SCHEME
ING Liquid
Plus Fund
- IP
Reliance
Liquid Plus
Fund - IP
UTI Liquid
Plus Fund
3 Month Avg Rolling Over 3 Month

Standard Deviation
JULY 2008 Investime
23
PERFORMANCE OF SELECT SHORT TERM FUNDS

KEY STATISTICS
SCHEME
Birla Sun Life DSP Merrill

Short Term Lynch Short
Term Fund
Fund
HDFC
Short Term
Plan
ICICI
Prudential
STP
Kotak Bond
Short Term
Plan
Lotus India
Short Term
Plan - IP
PRINCIPAL
Income Fund
- STP
Reliance
Short Term
Fund
Tata Short
Term Bond
Fund
Templeton
India STIP
298.44
59.37
145.19
414.73
136.16
89.60
44.07
496.53
85.63
1007.39
497.79
59.41
215.07
441.37
246.35
160.75
167.32
639.56
108.63
1216.39
-40.05
-0.05
-32.49
-6.04
-44.73
-44.26
-73.66
-22.36
-21.17
-17.18
1 Month
6.47
7.48
0.76
2.63
2.25
-4.78
-0.40
0.74
-0.82
-0.10
2 Months
7.46
7.95
4.38
4.73
5.32
2.67
3.40
4.58
3.80
3.68
3 Months
7.68
8.48
6.63
6.21
6.77
5.39
5.57
6.11
5.42
6.44
245
1110
602
NA
405
675
462
588
653
442
Average Maturity in Days
299
591
577
544
288
401
399
646
383
438
7.66
8.51
7.92
5.87
7.70
9.26
7.94
7.89
8.11
6.31
0.0433
0.0307
0.0508
0.0639
0.038
0.0554
0.0442
0.0459
0.043
0.0697
Standard Deviation
PERFORMANCE OF SELECT SHORT TERM FLOATING RATE FUNDS

KEY STATISTICS
Birla Sun Life
Floating Rate
Fund - STP
HDFC
FRIFSTF
HSBC
FRF - STP
- Regular
Plan
149.68
2638.36
162.05
100.77
21.88
249.12
303.46
1171.74
20.89
570.71
128.56
4133.50
221.96
117.63
34.75
329.88
356.35
1205.23
24.74
739.03
16.43
-36.17
-26.99
-14.33
-37.04
-24.48
-14.84
-2.78
-15.56
-22.78
1 Month
8.77
8.26
8.09
6.31
7.45
8.72
8.39
8.52
0.50
8.08
2 Months
8.68
8.16
8.22
6.23
7.46
8.55
8.30
8.45
3.19
8.17
3 Months
8.47
8.22
8.32
6.23
7.59
8.44
8.33
8.39
4.86
8.34
73
308
168
111
44
22
82
212
456
186
Previous Month
142
236
149
80
146
55
98
223
427
179
8.17
8.23
8.20
6.18
7.41
8.40
8.35
8.31
6.69
8.36
0.0119
0.0195
0.0105
0.0027
0.0021
0.011
0.0017
0.0133
0.0304
0.011
SCHEME
IDFC
F R F - STP JM Floater
- Plan A Fund - S T P
PRINCIPAL
Kotak
Floating Rate
Floater - ST
Fund - SMP
Reliance
FRF
SBI Magnum Templeton

Income - FRP FRIF - Short
- ST
Term
Standard Deviation
PERFORMANCE OF SELECT GILT FUNDS

KEY STATISTICS
DSP Merrill
Lynch G Sec
ICICI
Kotak Gilt PRINCIPAL
Birla Sun Life
Fund Plan A Prudential - Investment
G Sec GPRP
Long Duration
GFIP
Regular Plan Investment
- (G)
SCHEME
SBI Magnum
Gilt LTP - PF
- Regular
Tata
GSSMF
Templeton
India GSF
- LTP
Templeton
India GSF
- Treasury
Plan
UTI
G-Sec
Fund
98.18
28.74
140.46
26.64
102.82
165.19
244.27
70.81
99.08
124.78
106.46
39.79
159.16
33.30
102.66
166.74
263.00
93.12
103.74
120.40
-7.77
-27.77
-11.75
-20.00
0.16
-0.93
-7.12
-23.96
-4.50
3.63
1 Month
2.82
-12.92
-11.56
-6.58
5.40
5.04
-0.43
0.32
-2.19
-10.84
3 Months
1.58
-3.73
-3.88
-0.18
0.32
4.04
2.84
3.11
2.89
-5.21
6 Months
4.51
0.83
-2.17
2.92
4.89
2.15
5.68
8.32
5.30
0.11
10.35
5.55
5.93
6.85
9.75
4.83
6.34
9.99
5.86
4.31
91
1099
NA
164
33
234
179
793
Previous Month
91
1851
672
1361
902
33
135
599
55
1202
13.04
8.42
9.41
10.58
12.30
5.91
7.54
13.87
7.00
7.07
0.2297
0.2145
0.2641
0.2285
0.2476
0.1861
0.0495
0.2288
0.069
0.1536

1 Year
182 Days Rolling Returns

Over last Six Months
Standard Deviation
PERFORMANCE OF SELECT INCOME FUNDS

KEY STATISTICS
SCHEME
ICICI
HSBC
Birla
Prudential
Birla SunLife
Income
Fund
Sun Life
Income
Income Fund Income Plus - Invtt Plan
Fund
- Reg
IDFC SSIF
- Invt. Plan Plan A
Kotak Bond
Regular
Plan
PRINCIPAL
Reliance
Templeton
Income
Income Fund - India Income
Fund
Retail - G P
Fund
UTI Bond
Fund
226.11
646.12
25.33
316.90
42.64
97.44
154.02
153.29
260.54
224.59
264.72
851.25
25.73
419.02
68.94
123.38
179.31
163.31
329.24
230.65
-14.59
-24.10
-1.57
-24.37
-38.15
-21.03
-14.10
-6.14
-20.87
-2.63
1 Month
-4.36
-7.14
-8.80
-12.98
-14.37
-4.91
-2.55
-9.53
-1.77
-12.93
3 Months
1.88
-1.37
0.77
-2.98
0.75
0.48
0.42
-2.05
-1.70
-2.86
6 Months
4.73
3.12
4.81
-0.43
5.48
2.02
2.51
1.05
-0.78
-0.10
10.83
11.71
8.29
8.21
9.01
8.10
6.87
7.94
6.79
5.82
314
507
432
NA
291
314
478
558
507
1128
Previous Month
708
1029
1058
1478
631
898
865
1321
584
1388
12.91
12.84
10.16
9.77
10.64
9.84
9.51
10.80
8.31
7.40
0.1771
0.1857
0.1091
0.2121
0.1236
0.1574
0.1471
0.1873
0.2355
0.1197
1 Year
182 Days Rolling Returns

Over last Six Months
Standard Deviation
* Daily Avg. of last Six Months
JULY 2008 Investime
25
PERFORMANCE OF SELECT MONTHLY INCOME PLANS

KEY STATISTICS
SCHEME
ABN
AMRO MIP
DSP ML
Birla Sun Life Savings Plus FT India MIP
MIP - Aggressive - Plan A
Wealth 25
Fund
HDFC MIP
- LTP
ICICI
HSBC MIP Prudential MIP
Savings Plan
- Cumulative
Reliance
MIP
Templeton
MIP
UTI - MIS Advantage

Fund
114.34
87.23
103.92
463.07
1222.97
150.96
322.82
240.38
94.74
117.75
146.29
95.43
110.28
489.29
1300.92
155.32
346.46
250.40
109.83
108.35
-21.84
-8.59
-5.77
-5.36
-5.99
-2.81
-6.82
-4.00
-13.74
8.68
1 Month
-27.49
-68.37
-30.86
-50.89
-54.16
-43.61
-45.50
-27.61
-40.02
-49.16
3 Months
-9.78
-20.78
1.72
-16.16
-15.92
-11.92
-11.53
-2.16
-11.91
-18.07
6 Months
-16.73
-28.26
-8.37
-15.34
-19.26
-13.50
-13.34
-11.05
-12.21
-17.23
1 Year
-3.54
-4.33
2.47
3.02
0.48
4.94
2.54
3.02
3.64
2.82
1810
1204
394
620
880
1019
NA
464
595
1118
Top 10 Holdings (%)
10.53
16.39
9.04
11.13
12.13
8.01
6.95
14.19
9.06
7.71
15
18
13
27
35
20
35
26
24
7.62
4.85
7.99
17.15
34.94
7.55
9.22
60.1
3.64
4.91
No. of Scrips
Avg. Exposure (Rs Crs)
PERFORMANCE OF SELECT DIVERSIFIED EQUITY SCHEMES

KEY STATISTICS
SCHEME
ABN AMRO
Equity Fund
ICICI
DWS
Birla SunLife DSP ML Top
Fidelity
HDFC Equity Prudential
Alpha
Equity Fund 100 Equity
Equity Fund
Growth Plan
Fund
Fund
Equity Fund
- IP
Principal
Large Cap
Fund
Reliance
Vision
SBI Magnum
Sector
Umbrella
- Contra
124.82
994.25
839.60
129.47
N.A
3397.07
312.07
326.80
3052.04
2009.64
150.08
1237.85
900.20
137.76
2897.49
4030.92
360.03
393.26
3747.04
2385.04
-16.83
-19.68
-6.73
-6.02
N.A
-15.72
-13.32
-16.90
-18.55
-15.74
PERFORMANCE (ABSOLUTE %)
1 Month
-16.60
-19.16
-14.98
-16.25
-15.97
-15.59
-14.90
-18.96
-18.78
-17.45
3 Months
-17.71
-18.64
-12.87
-14.54
-15.61
-16.34
-14.48
-18.61
-19.70
-17.34
6 Months
-42.25
-40.87
-31.38
-31.39
-34.61
-34.88
-31.18
-41.80
-39.72
-37.31
1 Year
-15.65
-13.93
-1.99
3.47
-13.25
-13.33
-7.39
-12.28
-16.92
-7.85
39.87
42.13
40.88
42.39
35.71
30.72
29.86
41.48
37.01
39.39
Treynor
-0.064
-0.0652
-0.0097
0.0172
-0.0713
-0.0776
-0.0308
-0.0493
-0.0864
-0.0394
Standard Deviation
2.205
2.0384
1.9029
1.9701
1.769
1.7637
1.9266
2.1361
1.9322
1.9621
Rolling Returns (%)

1 Year Rolling Returns
STATISTICAL MEASURES
PORTFOLIO DIVERSIFICATION
Top 5 Holdings (%)
26.44
22.16
29.1
27.22
NA
27.84
35.32
28.59
27.8
18.17
Top 10 Holdings (%)
42.6
35.63
45.02
45.93
NA
46.42
51.7
47.22
46.96
30.62
37
51
40
28
NA
43
32
37
24
69
3.37
19.5
20.99
4.62
NA
79
9.75
8.83
127.17
29.13
No. of Scrips
PERFORMANCE OF SELECT MIDCAP EQUITY SCHEMES

KEY STATISTICS
SCHEME
HDFC
Birla Sun Life DSP ML India
Capital
Mid Cap
Tiger Fund Builder Fund
Fund
HSBC
Midcap
Equity
Fund
ICICI
Prudential
Emerging
STAR Fund
JM Basic
Fund
Kotak Midcap
Fund
Reliance
Growth
SBI Magnum SBI Magnum

Global
Multiplier
Fund 94
Plus 93
487.86
3254.66
540.21
181.16
516.53
858.26
128.69
4511.13
1138.02
788.22
632.62
4036.79
633.45
226.67
641.17
1105.50
167.26
5248.55
1429.59
945.07
-22.88
-19.37
-14.72
-20.08
-19.44
-22.36
-23.06
-14.05
-20.40
-16.60
1 Month
-18.69
-19.86
-14.52
-17.94
-17.14
-22.16
-22.26
-14.68
-19.71
-15.98
3 Months
-17.72
-21.70
-16.58
-16.48
-19.82
-24.36
-20.92
-11.84
-20.20
-18.01
6 Months
-41.36
-43.42
-38.96
-44.16
-43.23
-47.48
-44.98
-35.03
-44.81
-41.09
1 Year
-11.24
-12.57
-12.36
-19.92
-22.15
-16.31
-28.56
-1.86
-20.93
-12.56
45.85
50.39
39.24
32.54
33.39
66.20
29.01
45.78
29.81
40.54
Treynor
-0.0594
-0.0505
-0.0811
-0.131
-0.1326
-0.0936
-0.1652
-0.0101
-0.122
-0.0717
Standard Deviation
2.0016
2.1551
1.6914
1.7608
1.9325
1.9733
1.9528
1.897
1.9388
1.8557
Rolling Returns (%)

Top 5 Holdings (%)
19.55
20.47
25.27
18.63
22.33
32.2
17.16
16.95
16.58
27.2
Top 10 Holdings (%)
36.11
33.57
45.65
32.47
38.58
52.99
30.46
27.68
30.29
44.39
43
64
33
36
43
24
48
25
64
36
11.35
50.85
16.37
5.03
12.01
35.76
2.68
180.45
17.78
21.9
No. of Scrips
PERFORMANCE OF SELECT EQUITY OPPORTUNITIES SCHEMES

KEY STATISTICS
SCHEME
Franklin
DWS
Reliance
DSP Merrill
Tata Equity
ABN AMRO
UTI
Kotak
HSBC India ING Domestic
India
Investment
Equity
Lynch
Opportunities Opportunities
Opportunities
Opportunities
Opportunities
Opportunities
Opportunities
Opportunities Opportunity Opportunity
Fund
Fund
Fund
Fund
Fund
Fund
Fund
Fund
Fund
Fund
153.59
1021.02
126.14
638.56
441.84
88.64
739.53
1508.36
435.63
430.60
193.02
1237.91
119.21
794.68
527.88
106.00
859.61
1832.96
519.81
487.93
-20.43
-17.52
5.81
-19.64
-16.30
-16.38
-13.97
-17.71
-16.20
-11.75
1 Month
-19.81
-16.88
-17.33
-19.74
-14.87
-18.15
-19.19
-16.97
-16.96
-14.65
3 Months
-21.75
-17.65
-13.97
-16.11
-11.63
-19.73
-17.32
-16.83
-15.23
-14.56
6 Months
-43.13
-39.42
-33.78
-38.83
-35.79
-40.05
-39.76
-41.11
-38.85
-35.13
1 Year
-21.83
-12.09
11.01
-15.18
-10.30
-13.92
0.29
-20.36
-7.34
-1.65
41.58
34.73
58.24
31.81
31.27
34.20
49.98
25.71
43.36
38.19
Treynor
-0.1086
-0.0546
0.0485
-0.0675
-0.0555
-0.0727
0.0052
-0.1107
-0.0311
-0.0071
Standard Deviation
2.0626
1.9933
1.9948
2.1607
1.865
1.8971
2.1163
1.859
2.0499
1.9756
Rolling Returns (%)

Top 5 Holdings (%)
27.74
17.94
21.22
37.72
28.65
24.1
18.78
22.98
15.6
20.71
Top 10 Holdings (%)
43.98
29.98
38.24
61.31
43.1
38.39
32.15
37.92
29.42
36.56
No. of Scrips
37
86
39
37
33
42
53
36
49
37
4.15
11.87
3.23
17.26
13.39
2.11
13.95
41.9
8.89
11.64
JULY 2008 Investime
27
BALANCED FUNDS - PERFORMANCE

AUM as
on 30th
June, 2008
(Rs Crs)
Inception
Date
Birla Sun Life 95
142.88
11-Feb-95
179.62
DSP Merrill Lynch Balanced Fund
532.58
27-May-99
43.30
FT India Balanced Fund
255.32
17-Jan-00
33.57
HDFC Balanced Fund
95.02
20-Sep-00
31.42
HDFC Prudence Fund
2373.39
01-Feb-94
ICICI Prudential Balanced
289.69
03-Nov-99
Scheme
Name
NAV (30June-08) Rs.
ABSOLUTE
RETURNS (%)
COMPOUNDED ANNUALIZED
RETURNS (%)
STATISTICAL
MEASURE
1 Month
3 Months
1 Year
3 Years
5 Years
Treynor
Standard
Deviation
-14.99
-12.86
-10.13
17.88
26.77
-0.0602
1.282
-11.56
-9.08
-0.86
23.39
28.80
-0.0107
1.459
-13.68
-13.89
-7.13
18.65
25.72
-0.0439
1.3342
-10.36
-9.77
-2.75
14.92
21.49
-0.0251
1.28
112.68
-12.24
-13.24
-9.60
20.30
29.03
-0.0593
1.3021
32.53
-13.51
-14.87
-11.16
16.15
24.46
-0.0471
1.5468
JM Balanced
30.34
07-Apr-95
20.67
-15.28
-16.63
-17.26
15.44
19.11
-0.0818
1.6136
Kotak Balance
69.35
17-Dec-99
19.44
-12.89
-12.24
-2.22
20.02
28.14
-0.0164
1.4688
PRINCIPAL Balanced Fund
73.82
19-Jan-00
22.50
-13.43
-13.79
-3.78
15.13
24.44
-0.0229
1.3918
SBI Magnum Balanced Fund
363.04
31-Dec-95
35.52
-13.11
-14.08
-7.00
20.36
34.20
-0.0369
1.4532
Sundaram BNP Paribas Balanced Fund
37.00
23-Jun-00
33.24
-11.86
-13.31
-6.17
16.25
23.10
-0.0324
1.4264
Tata Balanced Fund
202.86
05-Jan-96
52.08
-13.84
-13.84
-6.77
19.42
28.74
-0.0312
1.5417
UTI Balanced Fund
868.13
03-Apr-95
52.90
-13.72
-14.50
-9.91
12.68
19.89
-0.0481
1.447
ELSS FUNDS - PERFORMANCE

Scheme
Name
AUM as
on 30th
June, 2008
(Rs Crs)
Inception NAV (30-June08) Rs.

Date
ABSOLUTE
RETURNS (%)
1 Month
COMPOUNDED ANNUALIZED
RETURNS (%)
3 Months
1 Year
3 Years
5 Years
STATISTICAL
MEASURE
Treynor
Standard
Deviation
ABN AMRO Tax Advantage Plan
119.01
16-Jan-06
10.93
-19.10
-20.87
-24.30
--
--
-0.1168
2.157
Birla Sun Life Equity Plan
116.94
03-Oct-06
10.09
-16.82
-17.30
-19.44
--
--
-0.1147
1.8154
Birla Sun Life Tax Relief 96 - Dividend
507.65
01-Apr-96
65.07
-22.66
-23.07
-17.72
21.33
31.19
-0.081
2.1198
DWS Tax Saving Fund
57.90
05-Feb-06
11.34
-18.31
-15.38
0.10
--
--
0.0017
2.0174
N.A
01-Mar-06
12.68
-15.76
-15.29
-11.36
--
--
-0.0604
1.7773
Franklin India Taxshield
460.39
13-Apr-99
125.31
-18.55
-16.95
-10.17
19.47
33.44
-0.0503
1.8792
HDFC Taxsaver
1159.08
13-Jun-96
126.45
-15.02
-18.77
-19.13
17.40
38.61
-0.1131
1.7332
ICICI Prudential Taxplan
719.24
19-Aug-99
83.62
-14.64
-11.31
-10.40
15.94
38.38
-0.0616
1.7339
ING Tax Saving Fund
44.37
29-Mar-04
21.68
-16.84
-14.51
-25.17
14.41
--
-0.1399
2.0067
Kotak Taxsaver
366.02
25-Nov-05
13.42
-20.66
-20.07
-18.43
--
--
-0.0872
2.0695
Principal Personal Taxsaver
370.65
12-Apr-96
74.53
-16.97
-14.60
-10.20
24.62
34.09
-0.0593
1.923
Fidelity Tax Advantage Fund
PRINCIPAL Tax Savings Fund
232.63
31-Mar-96
68.31
-18.93
-17.69
-16.45
25.48
37.27
-0.0977
1.8699
Reliance Tax Saver Fund
1619.93
22-Sep-05
12.18
-16.80
-15.06
-20.50
--
--
-0.1132
1.951
SBI Magnum Tax Gain Scheme 93
2886.13
31-Mar-93
42.36
-17.84
-19.33
-11.95
24.36
53.83
-0.0659
1.8104
Sundaram BNP Paribas Taxsaver (Open Ended Fund)
472.00
22-Nov-99
29.95
-13.43
-12.11
2.46
27.96
41.59
0.0123
1.9804
UTI Equity Tax Savings Plan
289.97
03-Jan-00
29.86
-15.77
-15.12
-7.34
15.21
29.62
-0.0366
1.901
MUTUAL
FUNDS
SNAP
SHOT
EQUITY FUNDS - HOLDING BY MKT CAP & CONCENTRATION

EQUITY FUNDS
Scheme Name
PORTFOLIO
DIVERSIFICATION (%)
INDEX EXPOSURE (%)

Fund Size
(in Rs Crs.)
No. of Scrips
Avg. Exposure
(in Rs Crs.)
BSE
MID CAP
BSE
Sensex
BSE
SMALL CAP
124.82
349.63
994.25
351.46
302.73
1090.63
839.6
2897.49
1890.98
1306.84
3397.07
863.53
2026.83
1096.43
631.74
214.33
3052.04
2009.64
818
292.66
37
45
51
48
41
77
40
70
35
49
43
38
54
31
36
42
24
69
29
39
3.37
7.77
19.5
7.32
7.38
14.16
20.99
41.39
54.03
26.67
79
22.72
37.53
35.37
17.55
5.1
127.17
29.13
28.21
7.5
10.86
7.73
15.05
10.81
12.38
24.28
N.A
17.54
N.A
15.42
27.65
12.89
11.84
10.81
4.85
23.51
9.11
20.70
5.45
13.64
51.06
42.24
46.33
50.42
62.10
40.04
50.38
52.89
68.88
52.43
38.71
45.79
55.71
44.39
54.89
43.15
48.91
47.57
54.08
37.81
7.50
N.A
4.72
1.31
N.A
6.19
N.A
1.72
N.A
0.34
1.30
3.73
N.A
N.A
N.A
7.29
N.A
0.89
N.A
1.99
26.44
20.78
22.16
21.78
27.95
17.2
29.1
22.44
36.84
33.91
27.84
28.97
24.89
24.2
25.66
23.73
27.8
18.17
26.27
17.99
42.6
36.57
35.63
34.81
44.12
28.92
45.02
34.89
54.91
50.67
46.42
47.26
40.86
38.14
42.12
39.03
46.96
30.62
40.85
33.01
153.59
51.7
487.86
3254.66
1021.02
638.56
791.54
540.21
441.84
516.53
23.25
59.61
739.53
4511.13
1138.02
788.22
158.95
1408
435.63
37
32
43
64
86
37
57
33
33
43
43
22
53
25
64
36
24
64
49
4.15
1.62
11.35
50.85
11.87
17.26
13.89
16.37
13.39
12.01
0.54
2.71
13.95
180.45
17.78
21.9
6.62
22
8.89
20.27
23.85
60.20
18.86
18.06
24.49
49.59
37.87
15.03
56.28
28.93
36.33
9.47
20.66
56.19
22.83
41.14
40.63
31.33
40.39
32.84
6.23
39.60
47.25
34.82
10.39
39.68
37.59
N.A
15.05
39.31
36.85
10.26
2.53
18.35
3.48
4.37
21.44
12.53
N.A
12.97
2.21
1.92
6.56
9.21
6.08
N.A
20.38
3.79
N.A
0.82
2.99
7.92
3.47
12.60
2.34
12.56
27.74
28.3
19.55
20.47
17.94
37.72
21.68
25.27
28.65
22.33
18.27
40.71
18.78
16.95
16.58
27.2
30.17
13.35
15.6
43.98
47.6
36.11
33.57
29.98
61.31
38.51
45.65
43.1
38.58
33.15
69.49
32.15
27.68
30.29
44.39
53.28
23.41
29.42
106.52
43.94
215.68
95.2
1600.93
334.32
58.55
738.38
858.26
81
70.15
25.95
102.31
4577.05
540.94
124.01
2154.14
42
27
51
27
73
31
11
36
24
46
28
29
37
26
28
44
60
2.54
1.63
4.23
3.53
21.93
10.78
5.32
20.51
35.76
1.76
2.51
0.89
2.77
176.04
19.32
2.82
35.9
22.03
37.09
33.47
32.67
28.17
27.95
37.16
15.19
56.10
15.46
9.91
25.97
31.38
6.16
20.50
34.61
16.37
25.20
20.00
9.97
30.10
31.53
37.10
17.34
60.66
1.48
19.52
38.17
17.14
10.21
25.73
30.14
20.00
29.33
5.10
12.36
10.02
8.70
3.07
7.24
6.33
1.83
11.80
2.02
0.19
10.42
10.71
2.29
0.62
6.04
4.14
21.59
31.86
18.61
31.17
33.35
29.49
58.04
29.78
32.2
19.22
25.95
25.86
21.28
22.92
29.62
25.54
21.84
35.16
51.62
31.44
52.83
47.76
50.61
95.94
49.23
52.99
33.83
44.42
44.37
38.45
36.61
49.79
41.68
32.37
Top 5
Holdings
Top 10
Holdings
LARGE CAP EQUITY FUNDS

ABN AMRO Equity Fund
Birla Sun Life Advantage Fund
Birla Sun Life Equity Fund
Birla Sun Life Frontline Equity Fund
Birla Sun Life Top 100 Fund
DSP Merrill Lynch Equity Fund - Dividend
DSP Merrill Lynch Top 100 Equity Fund
Fidelity Equity Fund
Franklin India Bluechip
Franklin India Prima Plus
HDFC Equity Fund
HDFC Growth Fund
HDFC Top 200
HSBC Equity Fund
Kotak 30
PRINCIPAL Growth Fund
Reliance Vision
SBI Magnum Sector Umbrella - Contra
Sundaram BNP Paribas Select Focus
Tata Pure Equity Fund
MID CAP EQUITY FUNDS
ABN AMRO Opportunities Fund
Birla Sun Life India Opportunities Fund
Birla Sun Life Mid Cap Fund
DSP Merrill Lynch India Tiger Fund
DSP Merrill Lynch Opportunities Fund
Franklin India Opportunity Fund
Franklin India Prima Fund
HDFC Capital Builder Fund
HSBC India Opportunities Fund
ICICI Prudential Emerging STAR Fund
ING Midcap Fund
JM Equity
Kotak Opportunities Fund
Reliance Growth
SBI Magnum Global Fund 94
SBI Magnum Multiplier Plus 93
SBI Magnum Sector Umbrella - Emerging Businesses
Sundaram BNP Paribas Select Midcap
Tata Equity Opportunities Fund
THEMATIC/SECTOR FUNDS
Birla Sun Life Basic Industries
Birla Sun Life Buy India Fund
Birla Sun Life Dividend Yield Plus
Birla Sun Life India GenNext Fund
Fidelity India Special Situations Fund
HDFC Core & Satellite Fund
ICICI Prudential FMCG
ICICI Prudential Power
JM Basic Fund
Kotak Contra Fund
Kotak Global India
Kotak MNC Fund
PRINCIPAL Dividend Yield Fund
Reliance Diversified Power Fund
SBI Magnum COMMA Fund
Tata Equity P/E Fund
Tata Infrastructure Fund
MUTUAL
FUNDS
SNAP
SHOT
EQUITY FUNDS - SECTOR ALLOCATION

Equity Funds
Scheme Name
Sector Allocation (%)

Auto &
BankAuto
ing & Cement
ancilFinance
liaries
IT
Elect.
&
Eqp.
Power
EngiOil & Gas,
Generation,
Housing
Pharmaneering
PetroTransmis- Telecom Textile Others
Media & Con- Metals
& Maleum & ceuticals sion &
struction
chinery
Refinery
Equip

DSP Merrill Lynch Equity Fund
HDFC Equity Fund
HDFC Growth Fund
HDFC Top 200
HSBC Equity Fund
Kotak 30
Reliance Vision
MIDCAP EQUITY FUNDS
ING Midcap Fund
JM Equity
Reliance Growth
JM Basic Fund
Kotak Contra Fund
Kotak Global India
Kotak MNC Fund
4.55
0.96
0.50
1.84
6.07
1.68
1.66
3.28
4.79
3.94
7.72
2.63
6.15
0.00
0.00
5.10
7.08
7.65
0.00
0.00
13.35
14.05
12.79
14.91
11.53
4.91
5.94
20.99
20.78
17.77
17.96
21.36
19.40
15.51
21.85
13.45
9.80
15.57
9.56
8.47
1.71
1.47
0.00
0.45
0.00
1.62
1.03
0.00
2.93
2.11
0.00
0.00
0.00
0.00
1.17
2.98
3.99
3.87
0.00
0.00
15.68
8.13
9.02
9.15
8.89
11.64
10.04
14.09
12.46
13.51
3.91
1.59
10.09
7.54
10.33
10.26
9.07
6.84
14.18
6.10
1.90
5.17
5.60
5.44
5.36
1.93
1.85
4.03
8.19
4.19
6.51
7.67
7.24
2.30
4.00
6.08
1.85
5.49
0.00
3.65
2.21
3.63
3.51
3.30
0.99
7.93
4.63
4.68
7.52
4.79
5.70
1.59
4.36
3.27
3.80
4.16
3.58
5.50
1.55
6.57
3.07
1.04
3.26
3.32
1.54
6.44
3.64
2.77
0.74
8.69
6.94
5.39
1.85
0.00
0.00
2.37
1.66
1.32
0.64
1.83
0.00
0.00
3.60
1.66
2.85
0.39
0.00
1.33
0.00
0.00
5.49
5.23
3.23
2.71
4.32
7.05
1.28
6.26
0.00
3.66
5.17
11.67
5.53
5.43
3.97
3.70
2.31
2.43
4.38
3.68
2.31
1.32
2.60
5.87
8.03
9.19
6.79
10.03
6.93
9.37
22.88
9.60
8.55
14.71
18.15
11.38
11.86
13.79
11.60
8.58
4.68
11.48
8.29
15.10
14.35
14.68
6.98
15.63
14.47
5.21
0.00
6.23
2.99
3.44
6.90
9.72
9.18
0.00
2.22
1.53
19.02
13.45
12.63
3.45
4.49
3.19
7.67
4.46
6.44
4.78
5.91
0.00
3.78
3.60
4.22
2.01
1.96
0.00
0.00
0.00
0.42
2.25
0.64
2.23
4.03
1.91
4.64
0.00
2.62
2.48
5.06
8.11
8.98
9.39
8.02
7.24
9.05
0.00
9.62
9.66
0.00
5.73
3.27
8.94
5.89
5.46
4.42
2.70
6.36
5.27
2.86
2.70
3.17
0.00
0.00
1.43
0.66
3.39
1.85
1.23
1.06
0.81
0.00
0.00
2.57
2.00
0.00
0.00
0.00
3.22
15.66
27.23
28.72
23.37
21.51
27.98
36.20
29.22
12.92
20.32
18.27
19.50
20.26
33.08
15.16
12.12
31.20
14.68
37.26
39.40
5.88
4.05
3.35
0.00
1.53
6.56
5.56
9.05
3.91
3.36
7.31
0.00
1.50
2.32
2.55
7.80
0.00
5.37
1.24
19.30
0.00
5.58
17.80
11.38
10.56
14.82
20.77
11.80
10.59
13.99
5.62
19.70
1.61
9.07
23.73
4.10
10.61
4.10
2.76
0.00
2.32
1.79
1.79
0.92
0.00
0.00
0.00
0.95
0.00
6.10
0.83
0.00
5.12
0.66
1.76
2.87
3.29
25.05
34.27
9.97
0.00
9.51
1.01
7.65
9.39
12.92
9.30
21.26
20.75
11.54
1.01
7.93
2.29
0.00
1.23
12.36
1.96
8.17
5.31
7.54
5.64
3.86
4.98
10.44
4.08
2.66
1.99
5.78
1.80
1.17
5.30
10.86
8.55
3.31
5.71
1.17
6.97
1.53
7.18
2.98
1.42
13.13
6.59
2.23
7.75
6.12
0.00
4.79
1.68
8.10
6.50
6.03
2.55
4.52
0.00
0.00
3.00
0.94
3.30
3.35
0.00
0.00
1.20
1.96
0.00
0.00
1.60
1.43
0.69
0.28
0.00
2.62
2.59
7.93
0.83
7.90
7.06
3.39
4.10
2.83
0.00
3.65
7.37
9.57
10.78
6.98
1.93
13.77
10.67
19.65
5.74
2.53
2.37
5.41
9.24
10.11
7.29
12.79
8.73
1.85
2.41
9.04
5.78
0.00
9.17
8.75
11.93
5.65
0.00
6.61
11.12
15.19
9.87
0.00
16.02
12.84
15.36
4.81
6.69
15.54
0.00
4.04
0.03
12.88
5.21
5.60
1.08
0.00
4.04
5.98
2.03
0.00
2.92
1.47
6.26
3.96
7.59
12.76
7.43
4.57
9.27
0.00
5.13
7.14
7.64
6.14
3.46
5.00
11.51
0.00
0.00
5.37
6.20
0.58
7.63
3.73
1.20
2.15
2.04
0.00
6.03
1.74
0.00
0.25
0.74
10.84
0.00
2.49
4.43
4.43
0.00
7.57
5.27
18.11
1.40
2.67
7.74
3.51
0.00
9.58
5.12
3.59
0.00
0.00
0.00
0.00
2.81
0.00
5.18
4.76
0.43
2.98
0.00
0.00
0.65
1.94
8.53
4.72
10.67
4.05
0.00
1.17
0.99
13.05
3.00
1.90
11.92
20.81
38.75
15.88
25.26
10.38
24.79
17.94
22.99
28.38
15.94
24.66
13.19
64.16
20.89
22.62
32.57
47.04
27.83
1.22
5.62
2.39
4.61
2.27
6.27
0.00
1.69
0.00
0.00
0.19
8.45
0.00
0.00
2.42
4.70
0.00
13.02
12.10
10.27
18.86
38.71
22.51
3.42
15.85
6.54
14.33
3.86
5.78
7.47
1.92
8.92
16.23
9.48
0.65
0.00
0.00
0.00
1.21
0.00
0.00
2.35
0.00
0.00
0.00
0.00
8.93
0.00
4.87
1.15
2.35
0.00
0.00
2.69
3.26
18.40
0.00
0.00
11.24
0.00
8.81
10.79
4.24
0.00
0.00
0.00
5.70
0.00
5.31
0.00
0.60
0.00
1.74
9.07
0.00
4.82
11.72
0.96
8.37
6.69
0.00
11.64
0.00
0.90
6.26
3.20
0.00
1.74
0.00
5.20
10.43
0.00
7.39
11.32
3.10
2.40
5.69
3.82
5.30
0.00
3.27
8.15
0.00
9.99
1.13
5.63
1.86
8.15
0.00
0.01
0.00
0.00
3.56
2.93
3.21
0.00
0.00
12.46
0.00
4.60
0.00
0.00
0.00
0.80
1.91
0.00
6.84
21.63
0.00
8.24
0.00
1.65
5.38
3.21
0.00
5.53
11.42
0.00
1.76
0.00
0.00
1.40
0.00
12.17
9.59
5.17
7.76
7.68
8.83
5.77
35.67
28.36
13.45
19.33
3.51
17.20
0.00
2.61
5.10
0.00
10.73
0.02
7.36
16.56
0.00
12.31
10.16
19.57
2.24
11.76
0.00
16.30
11.09
8.40
12.57
10.42
0.00
6.00
0.00
4.36
4.42
2.27
4.20
0.00
0.00
0.00
0.00
4.23
0.00
2.33
0.00
0.77
0.00
0.00
3.29
1.25
5.38
4.07
1.32
0.00
18.23
0.00
0.00
7.06
0.00
3.96
0.00
2.79
2.47
3.06
0.00
6.20
0.00
6.99
4.23
4.17
0.00
0.00
0.00
0.00
3.99
0.00
0.00
0.00
7.03
1.66
0.00
32.59
3.82
0.00
2.35
3.36
0.00
0.00
0.00
0.00
0.00
0.00
37.02
48.52
48.79
49.41
9.74
21.67
64.00
7.59
37.92
41.19
22.19
50.78
49.58
41.60
25.35
24.98
31.97
JULY 2008 Investime
31
MUTUAL
FUNDS
SNAP
SHOT
EQUITY FUNDS - PERFORMANCE

Absolute
Returns (%)
Equity Funds
Scheme Name
NAV
(30-June-08)
Inception
Date
1 Month
Compounded Annualized
Returns (%)
3 Months 6 Months
Statistical Measure
1 Year
3 Years
5 Years
Treynor
Standard
Deviation

DSP Merrill Lynch Equity Fund - Dividend
HDFC Equity Fund
HDFC Growth Fund
HDFC Top 200
HSBC Equity Fund
Kotak 30
Reliance Vision
MID CAP EQUITY FUNDS
ING Midcap Fund
JM Equity
Reliance Growth
JM Basic Fund
Kotak Contra Fund
Kotak Global India
Kotak MNC Fund
25.93
109.22
178.57
52.88
14.70
38.17
63.86
20.92
125.25
137.12
143.17
53.47
115.42
79.99
74.18
44.19
172.06
38.66
68.98
64.72
27-Sep-04
24-Feb-95
15-Sep-98
27-Sep-02
27-Oct-05
29-Apr-97
11-Mar-03
18-May-05
01-Dec-93
13-Dec-94
31-Dec-94
20-Sep-00
04-Sep-96
10-Dec-02
22-Dec-98
25-Oct-00
08-Oct-95
14-Jul-99
31-Jul-02
15-May-98
-16.60
-19.24
-19.16
-16.62
-16.11
-15.33
-14.98
-15.97
-18.08
-17.97
-15.59
-14.87
-16.16
-14.57
-16.45
-18.48
-18.78
-17.45
-12.94
-16.51
-17.71
-18.73
-18.64
-16.59
-15.02
-12.45
-12.87
-15.61
-18.10
-16.60
-16.34
-15.98
-15.13
-12.02
-16.42
-17.88
-19.70
-17.34
-12.12
-14.26
-42.25
-43.28
-40.87
-34.20
-36.12
-33.96
-31.38
-34.61
-34.80
-34.58
-34.88
-32.88
-31.25
-29.45
-34.19
-41.38
-39.72
-37.31
-36.20
-34.12
-15.65
-19.01
-13.93
-6.54
-13.86
-4.09
-1.99
-13.25
-12.00
-12.05
-13.33
-2.22
-4.06
4.39
-1.26
-17.08
-16.92
-7.85
7.36
-5.74
22.87
17.21
24.39
27.51
-31.49
30.47
24.09
23.04
25.66
24.71
27.97
26.23
29.63
30.12
16.56
23.41
29.81
33.64
25.31
-29.75
41.64
33.96
-43.06
39.08
-34.47
36.32
36.72
37.58
37.60
43.13
39.23
30.86
37.43
56.99
39.79
39.28
-0.064
-0.0796
-0.0652
-0.0314
-0.0671
-0.018
-0.0097
-0.0713
-0.0604
-0.0665
-0.0776
-0.0196
-0.0248
0.0181
-0.0036
-0.0927
-0.0864
-0.0394
0.0367
-0.0271
2.205
2.2018
2.0384
1.9144
1.9196
1.9739
1.9029
1.769
1.8586
1.7821
1.7637
1.7031
1.7826
1.7936
1.9857
1.8713
1.9322
1.9621
2.2949
1.9555
19.20
39.80
66.02
33.40
53.62
24.26
168.61
64.17
27.95
25.33
15.71
32.55
32.30
301.71
36.75
52.17
25.61
87.31
61.74
29-Apr-05
27-Dec-99
16-Oct-02
14-Jun-04
16-May-00
29-Mar-00
15-Dec-93
1-Feb-94
5-Mar-04
1-Nov-04
6-Jun-05
7-Apr-95
10-Sep-04
8-Oct-95
30-Sep-94
28-Feb-93
11-Oct-04
31-Jul-02
16-Apr-99
-19.81
-17.94
-18.69
-19.86
-16.88
-19.74
-19.17
-14.52
-14.87
-17.14
-17.05
-20.72
-19.19
-14.68
-19.71
-15.98
-22.51
-16.39
-16.96
-21.75
-14.99
-17.72
-21.70
-17.65
-16.11
-19.35
-16.58
-11.63
-19.82
-15.54
-19.90
-17.32
-11.84
-20.20
-18.01
-23.71
-14.76
-15.23
-43.13
-36.25
-41.36
-43.42
-39.42
-38.83
-45.29
-38.96
-35.79
-43.23
-41.23
-42.33
-39.76
-35.03
-44.81
-41.09
-48.04
-41.27
-38.85
-21.83
-26.13
-11.24
-12.57
-12.09
-15.18
-25.53
-12.36
-10.30
-22.15
-18.68
-19.50
0.29
-1.86
-20.93
-12.56
-23.82
-12.17
-7.34
23.01
11.11
24.98
31.79
24.60
24.18
11.11
19.62
27.24
23.29
16.27
15.83
30.03
30.83
24.42
29.31
14.58
28.54
26.28
-24.22
38.74
-37.65
37.99
32.55
37.32
---30.28
-50.79
48.52
44.62
-45.87
41.22
-0.1086
-0.1568
-0.0594
-0.0505
-0.0546
-0.0675
-0.171
-0.0811
-0.0555
-0.1326
-0.0952
-0.0977
0.0052
-0.0101
-0.122
-0.0717
-0.143
-0.0599
-0.0311
2.0626
1.8312
2.0016
2.1551
1.9933
2.1607
1.8281
1.6914
1.865
1.9325
2.0535
2.0608
2.1163
1.897
1.9388
1.8557
1.9655
2.0392
2.0499
68.46
24.51
40.48
14.99
11.78
21.81
41.01
72.98
20.40
13.74
23.90
23.35
15.91
52.51
18.37
29.90
26.83
18-Feb-00
18-Feb-00
27-Feb-03
12-Aug-05
24-May-06
29-Sep-04
31-Mar-99
04-Oct-94
02-Jun-97
29-Jul-05
03-Feb-04
02-May-00
18-Oct-04
10-May-04
24-Aug-05
30-Jun-04
20-Jan-05
-17.89
-17.59
-15.95
-16.54
-16.38
-17.26
-14.31
-18.65
-22.16
-17.50
-16.51
-14.36
-15.19
-16.31
-15.62
-16.42
-16.88
-20.99
-12.28
-13.23
-15.26
-13.60
-21.70
-11.41
-19.61
-24.36
-14.50
-13.60
-13.77
-8.72
-18.71
-13.35
-11.62
-18.20
-44.06
-33.85
-36.93
-36.38
-36.01
-40.65
-28.15
-39.17
-47.48
-37.73
-33.97
-33.78
-35.59
-35.15
-37.98
-34.27
-38.79
-10.64
-16.07
-14.04
-14.90
-16.89
-19.18
-3.37
-18.57
-16.31
-12.91
-18.74
-25.45
-6.10
19.65
4.06
-1.62
-1.18
22.59
13.97
10.94
--17.69
24.03
22.57
24.36
-17.31
9.46
10.34
49.86
-26.51
33.79
33.78
34.84
26.77
---35.24
34.12
24.08
--27.49
------
-0.0488
-0.1003
-0.082
-0.092
-0.0919
-0.1101
-0.0334
-0.0886
-0.0936
-0.0756
-0.1105
-0.2034
-0.0359
0.0847
0.0228
-0.0077
-0.0055
2.0612
1.7727
1.8481
1.7302
1.8354
1.7889
1.5229
1.9494
1.9733
1.8032
1.7654
1.5138
1.7625
1.9177
2.2201
1.9896
2.0442
MUTUAL
FUNDS
SNAP
SHOT
DEBT FUNDS - PERFORMANCE
Compounded
Annualized (%)
Simple Annualized Returns (%)
Scheme Name
INCOME FUNDS
Birla Sun Life Income Fund - Growth
Birla Sun Life Income Plus - Growth
DSP Merrill Lynch Bond Fund - Retail Plan - Growth
HDFC Income Fund - Growth
HSBC Income Fund - Invtt Plan - Reg - Growth
ICICI Prudential Income Fund - I P - Growth
ING Income Fund - Regular Plan - Growth
PRINCIPAL Income Fund - I P - Growth
Reliance Income Fund - Retail - G P - Growth
SBI Magnum Income - Growth
Sundaram BNP Paribas Income Plus- Growth
Tata Dynamic Bond Fund - Option A - Growth
Templeton India IBA - Plan A - Growth
Templeton India Income Fund - Growth
UTI Bond Fund - Growth
MONTHLY INCOME PLANS
ABN AMRO MIP - Growth
Birla Sun Life MIP - Growth
Birla Sun Life MIP - Savings 5 - Growth
Birla Sun Life Monthly Income Plan - Growth
DSP Merrill Lynch Savings Plus - Aggressive Fund - Growth
DSP Merrill Lynch Savings Plus - Moderate Fund - Growth
DWS MIP Fund - Plan A - Growth
FT India MIP - Plan A - Growth
HDFC MIP - STP - Growth
HSBC MIP - Regular Plan - Growth
Kotak Income Plus - Growth
PRINCIPAL M I P - Growth
Reliance MIP - Growth
SBI Magnum MIP - Growth
Sundaram BNP Paribas Monthly Income Plan - Growth
Templeton MIP - Growth
FLOATING RATE FUNDS
ABN AMRO Short Term Income Fund - IP - Growth
Birla Sun Life Floating Rate Fund - LTP - Growth
Birla Sun Life Floating Rate Fund - STP - IP - Growth
DSP Merrill Lynch Floating Rate Fund - IP - Growth
DWS Liquid Plus Fund - Growth
HSBC FRF - LTP - IP - Growth
HSBC FRF - LTP - Regular Plan - Growth
HSBC FRF - STP - Inst Plus - Growth
HSBC FRF - STP - IP - Growth
ICICI Prudential FRF - Plan A - Growth
ICICI Prudential LT FRF - Plan A - Growth
IDFC F R F - STP - Plan B - IP - Growth
Kotak Floater - LT - Growth
Reliance FRF - Growth
Sundaram BNP Paribas FRF - LTIP - Growth
Sundaram BNP Paribas FRF - STIP - Growth
Tata FRF - ST - IP - Growth
Templeton FRIF - Short Term - IP - Growth
UTI Floating Rate Fund - STP - Growth
SHORT TERM FUNDS
Birla Sun Life Short Term Fund - Growth
DSP Merrill Lynch Short Term Fund - Growth
HDFC Short Term Plan - Growth
HSBC Income Fund - S T P - Reg - Growth
ICICI Prudential STP - Growth
IDFC SSIF - Short Term - Plan A - Growth
ING Short Term Income Fund - Growth
Kotak Bond Short Term Plan - Growth
PRINCIPAL Income Fund - STP - Growth
Reliance Short Term Fund - Growth
Tata Short Term Bond Fund - Growth
Templeton India STIP - Growth
UTI Short Term Income Fund - Ret - Growth
NAV
(30-June-08)
Statistical Measure
Sharpe
Standard
Deviation
10.83
11.71
3.63
6.76
8.29
8.85
11.3
7.29
7.94
2.93
6.57
8.32
6.21
6.79
5.82
0.14
0.15
-0.02
0.05
0.14
0.08
0.17
0.08
0.07
-0.01
0.51
0.73
0.03
0.04
0.05
0.18
0.19
0.12
0.18
0.11
0.21
0.16
0.15
0.19
0.36
0.02
0.02
0.23
0.24
0.12
-16.73
-18.66
9.23
-14.72
-8.37
-4.55
-9.64
-15.34
-10.09
-7.83
-16.77
-8.48
-11.05
-6.87
-14.32
-12.21
-3.54
0.77
9.74
2.56
2.47
3.05
6.35
3.02
1.64
5.38
1.89
9.52
3.02
3.94
0.99
3.64
-0.1
-0.04
0.1
-0.02
-0.02
-0.02
0.03
-0.01
-0.04
0.02
-0.02
0.07
-0.01
0
-0.05
-0.01
0.31
0.34
0.22
0.3
0.42
0.28
0.35
0.41
0.29
0.25
0.41
0.28
0.41
0.28
0.3
0.33
7.47
9.41
8.57
8.29
8.41
8.69
8.44
8.62
8.57
8.19
7.34
6.24
7.59
8.39
7.74
8.58
8.67
8.58
9.53
9.41
9.03
8.45
7.79
8.74
8.92
8.66
8.62
8.57
8.11
7.22
6.26
8.11
8.43
7.5
8.58
8.71
8.63
9.22
8.36
8.79
8.07
7.34
8.51
9.13
8.86
7.92
8.48
8.1
7.68
6
8.95
8.28
7.71
8.4
8.53
8.71
9.31
0.25
0.78
0.75
0.55
0.78
0.82
0.79
0.26
0.95
0.78
0.64
-0.17
0.71
0.89
0.71
2.81
1.53
0.97
0.77
0.04
0.02
0.01
0.01
0.02
0.02
0.02
0.03
0.01
0.02
0.02
0
0.03
0.01
0.02
0
0
0.01
0.01
7.68
8.48
6.63
9.51
6.21
2.66
7.73
6.77
5.57
6.11
5.42
6.44
8.65
7.75
8.42
7.33
8.71
6.23
5.05
7.91
7.28
6.79
7.22
7.27
6.05
7.32
8.95
8.79
8.48
9.35
7.91
7.28
9.33
8.97
8.11
9.04
8.73
8.75
8.63
0.42
0.58
0.32
0.5
0.22
0.17
0.35
0.49
0.34
0.4
0.4
0.24
0.4
0.04
0.03
0.05
0.04
0.06
0.07
0.06
0.04
0.04
0.05
0.04
0.07
0.04
2 Weeks
1 Month
3 Months
6 Months
29.57
34.58
26.11
17.91
13.63
24.23
20.53
13.5
25.39
20.48
13.94
13.39
26.59
27.88
23.27
-13.73
-12.9
-11.02
-21.03
-17.05
-22.45
7.46
-5.55
-16.38
-32.48
6.02
8.42
-8.64
-6.15
-23.1
-4.36
-7.14
-7.75
-14.15
-8.8
-12.43
6.02
-2.15
-9.53
-15.7
5.61
8.42
-2.87
-1.77
-12.93
1.88
-1.37
-2.32
-3.75
0.77
-2.44
7.41
0.81
-2.05
-5.56
5.29
9.47
-1.66
-1.7
-2.86
4.73
3.12
0.4
-0.3
4.81
0.12
9.96
2.91
1.05
-4.06
5.38
8.81
-0.68
-0.78
-0.1
12.91
20
13.09
27.05
14.9
16.23
13.65
22.11
13.37
13.54
13.65
17.21
14.13
17.61
13.1
21.32
-44.32
-73.03
4.73
-63.96
-27.52
-25.63
-68.24
-82.03
-44.53
-49.98
-60.76
-52.17
-34.91
-57.28
-48.59
-65.4
-27.49
-45.54
7.17
-39.08
-30.86
-22.45
-47.8
-50.89
-23.6
-31.73
-38.95
-28.15
-27.61
-36.14
-27.79
-40.02
-9.78
-16.51
8.93
-9.51
1.72
1.56
-12.8
-16.16
-6.42
-7.64
-10.98
-3.58
-2.16
-7.93
-12.88
-11.91
12.54
13.73
10.92
1178.91
13.41
12.86
12.76
10.85
12.78
12.84
12.66
13.18
12.99
12.93
14.5
12.71
12.98
12.28
1334.51
-9.09
9.03
8.62
8.51
8.03
7.77
8.34
8.31
8.23
6.09
6.41
6.92
8.68
7.68
8.46
8.77
8.43
8.93
-8.67
8.87
8.43
8.48
8.28
8.02
8.39
8.34
8.41
6.65
6.31
7.1
8.52
7.25
8.31
8.62
8.38
8.8
14.95
14.23
14.9
13.91
15.75
16.32
14.86
15.05
14.81
14.58
14.86
1528.61
13.57
5.1
6.74
-2.25
8.61
1.19
-9.64
7.26
-0.71
-6.48
-4.44
-6.95
-4.39
6.82
6.47
7.48
0.76
7.91
2.63
-7.6
4.91
2.25
-0.4
0.74
-0.82
-0.1
7.62
1 Year
JULY 2008 Investime
33
MUTUAL
FUNDS
SNAP
SHOT
DEBT FUNDS - PORTFOLIO COMPOSITION

DEBT FUNDS
Scheme Name
INCOME FUNDS
Birla Sun Life Income Plus - Growth
DSP Merrill Lynch Bond Fund - Retail Plan - Growth
HDFC Income Fund - Growth
HSBC Income Fund - Invtt Plan - Reg - Growth
ICICI Prudential Income Fund - I P - Growth
ING Income Fund - Regular Plan - Growth
PRINCIPAL Income Fund - I P - Growth
Reliance Income Fund - Retail - G P - Growth
SBI Magnum Income - Growth
Templeton India IBA - Plan A - Growth
Templeton India Income Fund - Growth
UTI Bond Fund - Growth
MONTHLY INCOME PLANS
ABN AMRO MIP - Growth
Birla Sun Life MIP - Growth
Birla Sun Life MIP - Savings 5 - Growth
Birla Sun Life Monthly Income Plan - Growth
DSP Merrill Lynch Savings Plus - Aggressive Fund - Growth
DSP Merrill Lynch Savings Plus - Moderate Fund - Growth
DWS MIP Fund - Plan A - Growth
FT India MIP - Plan A - Growth
HDFC MIP - STP - Growth
HSBC MIP - Regular Plan - Growth
Kotak Income Plus - Growth
PRINCIPAL M I P - Growth
Reliance MIP - Growth
SBI Magnum MIP - Growth
Sundaram BNP Paribas Monthly Income Plan - Growth
Templeton MIP - Growth
FLOATING RATE FUNDS
Birla Sun Life Floating Rate Fund - LTP - Growth
Birla Sun Life Floating Rate Fund - STP - IP - Growth
DSP Merrill Lynch Floating Rate Fund - IP - Growth
DWS Liquid Plus Fund - Growth
HSBC FRF - LTP - IP - Growth
HSBC FRF - LTP - Regular Plan - Growth
HSBC FRF - STP - Inst Plus - Growth
HSBC FRF - STP - IP - Growth
ICICI Prudential FRF - Plan A - Growth
ICICI Prudential LT FRF - Plan A - Growth
Kotak Floater - LT - Growth
Reliance FRF - Growth
Sundaram BNP Paribas FRF - LTIP - Growth
Sundaram BNP Paribas FRF - STIP - Growth
Tata FRF - ST - IP - Growth
Templeton FRIF - Short Term - IP - Growth
UTI Floating Rate Fund - STP - Growth
SHORT TERM FUNDS
Birla Sun Life Short Term Fund - Growth
DSP Merrill Lynch Short Term Fund - Growth
HDFC Short Term Plan - Growth
HSBC Income Fund - S T P - Reg - Growth
ICICI Prudential STP - Growth
IDFC SSIF - Short Term - Plan A - Growth
ING Short Term Income Fund - Growth
Kotak Bond Short Term Plan - Growth
PRINCIPAL Income Fund - STP - Growth
Reliance Short Term Fund - Growth
Tata Short Term Bond Fund - Growth
Templeton India STIP - Growth
UTI Short Term Income Fund - Ret - Growth
PORTFOLIO COMPOSITION (%)

Fund Size
(Rs. Crs.)
Average
Maturity
(Days)
226.11
646.12
36.41
211.08
25.33
316.9
22.85
154.02
153.29
52.54
171.48
260.54
224.59
314
507
708
1073
432
114.34
116.26
8.77
172.20
103.92
101.64
7.20
463.07
110.18
71.53
26.43
83.42
240.38
62.42
31.00
94.74
1810
1033
128
934
394
453
1263
620
664
806
106
719
464
515
392
595
128.86
149.68
132.48
402.21
70.77
70.77
162.05
162.05
943.57
41.60
68.89
1171.74
4.80
55.06
510.50
570.71
364.22
80
73
270
77
85
85
168
168
298.44
59.37
145.19
55.46
414.73
124.77
95.28
136.16
44.07
496.53
85.63
1007.39
23.23
281
478
558
1183
504
507
1128
GSEC
8.89
0.01
22.41
0.57
0.76
0.00
5.90
17.22
7.83
13.17
1.57
1.82
62
212
182
168
218
186
148
245
1110
602
156
397
182
405
462
588
653
442
183
29.71
1.40
P1+
AAA
AA
20.41
18.15
0.00
6.62
0.00
16.23
74.43
9.10
39.42
8.46
18.79
23.01
0.00
3.36
6.07
45.13
60.12
35.42
31.38
0.00
25.71
15.72
49.47
29.84
20.54
50.11
0.00
0.00
13.30
0.00
0.00
0.00
0.00
0.00
0.00
0.00
14.72
17.70
6.01
33.79
0.00
0.00
0.00
0.00
0.00
0.00
15.26
9.98
0.00
0.00
28.31
0.00
6.39
0.00
0.00
0.91
43.35
0.00
46.12
37.08
42.81
48.48
39.90
42.93
35.44
26.57
30.91
41.78
31.75
22.63
51.45
13.49
11.40
12.47
29.18
33.72
44.47
44.47
33.10
33.10
39.98
18.55
5.80
41.81
0.00
28.71
28.66
10.55
16.82
7.76
36.08
52.35
5.62
0.00
0.00
6.17
6.17
18.74
0.05
51.94
19.39
0.00
0.00
12.96
26.11
24.70
7.23
0.00
9.34
52.91
18.44
18.08
32.90
6.78
10.60
5.65
16.35
4.82
22.80
22.15
38.79
59.24
3.24
21.10
58.47
5.23
42.87
37.24
62.96
46.72
20.05
4.29
4.66
14.30
11.30
5.26
14.66
0.00
8.46
0.00
0.00
9.85
0.00
0.00
3.68
0.31
1.77
0.00
14.45
0.00
EQUITY
Cash &
Other
Receivables
21.05
38.59
3.25
2.83
2.54
29.98
12.14
13.00
10.85
7.86
5.03
14.88
17.07
13.13
7.02
15.49
11.19
16.07
14.55
10.52
13.42
OTHERS
13.26
24.83
3.87
3.79
4.34
22.77
55.18
28.31
38.31
30.43
62.02
0.00
25.57
51.93
19.46
37.45
32.86
34.42
15.21
0.92
33.82
23.18
28.14
8.61
6.64
4.33
-0.12
1.27
2.74
3.30
2.51
17.55
9.33
1.86
3.18
21.53
2.00
76.82
1.71
41.80
31.22
21.01
22.63
32.70
54.79
54.64
25.51
22.78
37.99
64.99
31.95
33.25
32.44
1.54
0.62
3.54
3.54
1.77
1.77
17.94
27.04
3.68
3.47
14.72
1.55
1.13
8.16
1.21
47.60
19.02
16.93
60.04
51.99
51.99
58.96
58.96
23.35
39.70
38.58
35.32
85.28
69.74
57.25
55.18
57.26
10.93
1.69
2.96
0.48
15.61
3.23
29.99
51.07
28.46
43.36
35.00
20.23
61.86
41.55
47.66
23.46
34.42
54.99
68.69
3.73
4.19
6.16
2.51
5.69
4.22
BIRLA SUN LIFE MIDCAP
HDFC CAPITAL BUILDER
Inception Date-Oct 01, 2002

Total Assets-Rs 487.86 Crores
Name: A Balasubramaniam
Equity
PORTFOLIO OF MIDCAP/OPPORTUNITIES EQUITY FUNDS * AS ON JUNE, 2008
KOTAK MIDCAP FUND
Inception Date-Feb 01, 2001

Name: Chirag Setalvad
%
SBI MAGNUM EMERGING

BUSINESS
Inception Date-Dec 30, 2004

Name: Krishna Sanghvi
Equity
Equity
Solar Explosives Ltd.
4.32
ICICI Bank Ltd.
6.30
Welspun Gujarat Stahl Rohren Ltd.
ITC Ltd.
4.08
Ipca Laboratories Ltd.
4.89
Tata Chemicals Ltd.
3.57
Tata Chemicals Ltd.
3.76
Dr Reddys Laboratories Ltd.
4.88
Aban Offshore Ltd.
3.36
Nava Bharat Ventures Ltd.
3.73
State Bank of India
4.69
Glenmark Pharmaceuticals Ltd
3.22
Monnet Ispat Ltd.
3.66
Exide Industries Ltd.
4.52
Titan Industries Ltd.
2.89
Blue Star Ltd.
3.58
Crompton Greaves Ltd.
4.48
Lanco Infratech Ltd
Sintex Industries Ltd.
3.54
Bharat Heavy Electricals Ltd.
4.09
Simplex Infrastructures Ltd.
3.38
Britannia Industries Ltd.
3.97
IVRCL Infrastructures & Projects Ltd.
3.07
Blue Star Ltd.
3.96
Aditya Birla Nuvo Ltd.
2.99
Reliance Industries Ltd.
3.88
4.13
Inception Date-Aug 23, 2004

Name: Vivek Pandey
Equity
Aditya Birla Nuvo Limited
7.01
Pantaloon Retail India Limited
6.04
Crompton Greaves Limited
5.72
Kalpataru Power Transmission Ltd
5.70
Tata Chemicals Limited
5.69
2.75
Cesc Ltd.
5.13
HDFC Bank Ltd.
2.70
Jain Irrigation Systems Limited
5.10
Asian Paints Ltd.
2.68
Bharati Shipyard Ltd
4.59
2.59
Gmr Infrastructure Ltd
4.23
Divi s Laboratories Limited
2.58
Kotak Mahindra Finance Limited
4.07
Other Equities
58.96
Other Equities
49.30
Other Equities
60.90
Total Equities
95.07
Total Equities
94.96
Other Equities
35.34
Total Equities
91.37
Total Equities
88.62
Other Non Equities

Total Assets
4.93
100.00
Other Non Equities

Total Assets
DSP ML TIGER FUND
5.04
100.00
HSBC MIDCAP EQUITY
Inception Date-April 27, 2004

Name: Soumendra Nath Lahiri
Equity
Equity
Reliance Industries
5.78
Mic Electronics
Larsen & Toubro
4.48
Sintex Industries
Bharat Heavy Electricals
3.92
Psl
3.80
Oil & Natural Gas Corpn
3.18
Standard Chartered Bank
3.31
Reliance Communications
3.11
Jain Irrigation Systems
3.30
Bharti Airtel
3.00
The Great Eastern Shipping Company
2.99
ICICI Bank
2.93
Exide Industries
2.95
The Great Eastern Shipping Co.
2.59
Tata Chemicals
2.89
Tata Power Co.
2.40
Spice Communication
2.79
Jindal Steel & Power
2.17
Kirloskar Pneumatic Company
9.11
5.62
4.94
3.42
Jindal Saw Ltd.
2.78
Lupin Ltd.
2.57
Adani Enterprises Limited
2.37
Gujarat Mineral Development Corp Lt
2.36
Jain Irrigation Systems Ltd.
2.06
Reliance Communications Ltd
2.00
Total Equities
72.41
Other Non Equities
27.59
Total Assets
100.00
Inception Date-Feb. 7, 2000

Name: K. N. Siva Subramanian
Tanla Solutions Limited
12.28
FRANKLIN INDIA OPPORTUNITIES
3.60
Other Non Equities
13.05
4.57
Jindal Steel & Power Ltd.
87.72
Other Non Equities
Inception Date-March 09, 2005

Name: Amit Nigam
Divis Laboratories Ltd.
Total Equities
86.95
Opto Circuits Ltd.
2.64
44.73
Total Equities
Equity
4.05
Equity
Equity
Total Assets
1.93
100.00
Reliance Industries
8.82
4.53
Amara Raja Batteries
6.56
Infosys Technologies Ltd.
3.99
Reliance Petroleum
6.54
Larsen And Toubro Ltd.
3.84
Calcutta Electric Supply Corporation
6.20
Bharti Airtel Ltd.
3.41
Glenmark Pharmaceuticals Ltd
3.00
ITC Ltd.
2.79
4.18
ICICI Bank Ltd.
3.69
Sterlite
5.96
ITC Ltd.
3.30
Tata Steel
4.62
Northgate Technologies Ltd.
3.28
India Infoline
4.54
Lanco Infratech Limited
3.10
Tata Chemicals
4.49
Orbit Corporation Limited
2.88
Reliance Communication
3.99
Dishman Pharmaceuticals & Chemicals
3.84
Aban Offshore Ltd
3.51
Thermax Ltd
3.16
Lupin Limited
3.11
Usha Martin Limited
2.95
Beml Limited
2.83
Tulip Telecom Limited
2.79
United Phosphorus Limited
2.77
Axis Bank Ltd.
2.73
Sintex Industries Limited
2.59
Other Equities
58.93
Total Equities
89.22
Other Non Equities

Total Assets
10.78
100.00
Name: J. Venkatesan
Equity
3.89
Equity
Inception Date-June 18, 2004

Inception Date-July 27, 2004

9.60
Bank of India
100.00
SUNDARAM INDIA LEADERSHIP
KOTAK
OPPORTUNITIES
Bharti Airtel
11.38
Total Assets
Inception Date-Sep 30, 1994

Name: Vivek Pandey
Other Equities
Other Equities
ABN AMRO
OPPORTUNITIES
4.49
Other Non Equities
SBI MAGNUM GLOBAL-94

Total Assets- Rs 4511.13 Crores
Name: Sunil Singhania
Jaiprakash Associates Ltd.
53.39
100.00
100.00
54.51
Other Equities
Total Assets
Total Assets
8.63
RELIANCE GROWTH
Inception Date-Apr 12, 2005

Name: Mihir Vora
%
Other Non Equities
Equity
Satyam Computers
4.87
Reliance Industries
4.42
Tata Power
3.18
Lupin
3.05
Union Bank of India
2.90
State Bank Of India
2.68
Reliance Petroleum Ltd.
2.77
Larsen & Toubro
2.53
Axis Bank Ltd
2.66
ICICI Bank
2.49
2.62
HDFC
2.37
Tata Chemicals Ltd.
2.52
Glenmark Pharma
2.30
Other Equities
45.82
Other Equities
36.17
Other Equities
59.12
Other Equities
46.00
Total Equities
89.80
Total Equities
97.48
Total Equities
91.25
Total Equities
76.79
Other Non Equities
10.20
Other Non Equities
Total Assets
* Top Ten Holdings
100.00
Total Assets
2.52
100.00
Other Non Equities

Total Assets
8.75
100.00
Other Non Equities

Total Assets
23.21
100.00
JULY 2008 Investime
35
DSP MERRILL LYNCH

OPPORTUNITIES
HSBC INDIA
OPPORTUNITIES
PORTFOLIO OF MIDCAP/OPPORTUNITIES EQUITY FUNDS * AS ON JUNE, 2008
Inception Date-May 18, 2000

Name: Anup Maheshwari
Equity
Inception Date-Jan 22, 2004

Name: Mihir Vora
%
Reliance Industries
RELIANCE EQUITY
OPPORTUNITIES
TATA EQUITY
OPPORTUNITIES
Inception Date-March 31, 2005

Equity
5.69
Reliance Industries
Infosys Technologies
3.69
Glenmark Pharmaceuticals
5.84
ICICI Bank
3.03
5.31
ITC
2.83
Bosch
Oil & Natural Gas Corpn
2.71
Hindustan Unilever
Bharti Airtel
Aditya Birla Nuvo
Tata Steel
10.24
Inception Date-Mar 30,1993

Name: M Venugopal
Equity
Equity
5.58
Hindustan Unilever Ltd
3.31
5.56
Satyam Computer Services Limited
3.26
4.11
Dishman Pharmaceu & Chem Ltd
3.08
3.91
4.03
3.00
Cairn India
3.36
3.69
Crompton Greaves Ltd
2.94
2.63
Mphasis
3.22
Icici Bank Ltd.
3.34
Tata Chemicals Ltd
2.89
2.45
Housing Development Finance Corporation
3.20
Wyeth Ltd.
3.02
2.83
2.38
2.72
Jindal Saw Ltd.
2.99
Usha Martin Ltd
2.79
2.30
Advanta India
2.70
Pantaloon Retail (India) Ltd.
2.81
Divi Laboratories Ltd.
2.76
2.27
ITC
2.68
Hcl Technologies Ltd.
2.78
Larsen & Toubro Ltd.
Areva T & D India Ltd
2.55
Other Equities
60.62
Other Equities
52.85
Other Equities
53.85
Other Equities
55.53
Total Equities
90.60
Total Equities
96.01
Total Equities
91.77
Total Equities
84.94
Other Non Equities

Total Assets
9.40
100.00
Other Non Equities

Total Assets
Equity
UTV Software Communications
3.90
New Delhi Television
3.02
Thermax
2.71
Cadila Healthcare
2.27
NIIT
2.09
100.00
SUNDARAM RURAL
INDIA FUND
DSP ML SMALL AND MIDCAP

Name: Soumendra Nath Lahiri
3.99
Other Non Equities

Total Assets
8.23
100.00
Other Non Equities
SUNDARAM SMILE
Equity
100.00
FRANKLIN INDIA
PRIMA FUND

Name: S. Krishnakumar

Name: J. Venkatesan
15.06
Total Assets
Equity
Reliance Industries
4.88
Tata Chemicals
6.07
Reliance Industries
3.80
Divis Labs
3.69
Chambal Fertilisers
3.67
Infosys
3.65
Larsen & Toubro
3.30
Aban Loyd Chiles
3.12
Jain Irrigation
3.24
Balrampur Chini Mills
3.02

Name: K. N. Siva Subramanian
Equity
IPCA Labs
4.61
Sesa Goa
4.52
Infosys
4.34
Federal Bank
4.17
FAG Bearings
4.04
Marico
2.09
Tata Power
3.20
Welspun Gujarat
2.88
Educomp Solutions
2.08
GE Shipping
3.61
Aban Loyd Chiles
2.61
Glenmark Pharma
2.76
Jubilant Organosys
2.03
India Infoline
3.58
United Phosphorus
2.22
Tata Chemicals
2.33
Gujarat Fluorochemicals
1.92
Deccan Chronicle holdings
3.40
Kohinoor Foods
2.12
Tata Tea
2.27
Tata Chemicals
3.30
Bharat Earth Movers
1.87
Infosys
2.10
Punj Lloyd
2.19
Cummins India
2.94
60.37
Other Equities
53.63
Other Equities
54.80
Other Equities
57.35
Total Equities
84.35
Total Equities
85.96
Total Equities
85.59
Total Equities
95.86
Other Non Equities
15.65
Other Non Equities
14.41
Other Non Equities
Other Equities
Total Assets
100.00
UTI MIDCAP
14.04
100.00
SUNDARAM SELECT MIDCAP

Name: Anoop Bhaskar
Equity
Total Assets
Equity
Total Assets
100.00
Equity
LOTUS INDIA MIDCAP
Name: Tridib Pathak

%
Lupin Ltd.
6.02
Tata Chemicals
3.46
Rallis India Ltd.
5.69
Gujarat Mineral Devlopment Corporation
7.74
Monnet Ispat
2.62
Rain Commodities Ltd.
5.14
Gitanjali Gems Ltd
5.34
Trent
2.47
Bajaj Electricals Ltd.
3.44
Kec International Ltd
4.51
Union Bank of India
2.40
Gujarat Mineral Dev Corpn. Ltd.
3.16
Mangalam Cement Ltd
3.97
Chambal Fertilisers
2.39
Texmaco Ltd.
2.94
Pantaloon Retail India Limited
Tata Tea
2.10
2.63
Dr Reddys Labs
2.10
Repro India Ltd.
2.63
Federal Bank
2.04
Castrol India Ltd.
2.45
Gujarat Alkalies & Chemicals
1.94
Tata Chemicals Ltd.
2.21
Madhucon Projects
1.87
Other Equities
53.49
Total Equities
89.80
Other Non Equities
10.20
Total Assets
100.00
100.00
Inception Date- April 19, 2007

Inception Date-Mar 17, 2005

Name: Vivek Pandey
%
4.14
Total Assets
SBI MAGNUM MIDCAP
Inception Date- July 19, 2002

Name: Satish Ramanathan
%
Other Non Equities
Equity
Exide Industries Ltd.
5.44
Educomp Solutions Ltd.
5.28
MIC Electronics Limited
5.08
Dishman Pharmaceuticals & Chemicals Ltd.
5.07
3.95
3I Infotech Limited
4.70
3.92
Blue Star Ltd.
4.59
Kesoram Industries Limited
3.72
Balkrishna Industries Limited
4.42
Maharashtra Seamless Limited
3.39
Federal Bank Ltd.
4.41
Thermax Ltd
3.15
Jagran Prakashan Ltd
4.35
3 I Infotech Limited
3.07
4.17
49.74
Other Equities
46.14
Other Equities
46.67
Total Equities
73.15
Total Equities
88.89
Total Equities
94.18
Other Non Equities
26.85
Other Non Equities
11.11
Other Non Equities
Other Equities
Total Assets
100.00
Total Assets
100.00
Total Assets
5.82
100.00
* Top Ten Holdings
ABN AMRO EQUITY
BIRLA SUN LIFE EQUITY
Inception Date-Feb 03,2004
Inception Date-Aug 27,1998
PORTFOLIO OF DIVERSIFIED EQUITY FUNDS * AS ON JUNE, 2008
Name: Mahesh Patil
Equity
Equity
Name: Ankit Sancheti

%
8.72
6.49
Hindustan UniLever Ltd.
4.66
Bharti Airtel Ltd.
6.13
Oil & Natural Gas Corporation Ltd.
4.51
ITC Ltd.
3.44
NTPC Ltd.
4.38
ICICI Bank Ltd.
3.05
4.17
Tata Steel Ltd.
3.69
Housing Development Finance Corporation Ltd.
Bharti Airtel Ltd.
3.47
Reliance Communications Ltd.
Tata Consultancy Services Ltd.
3.30
Satyam Computer Services Ltd.
2.86
2.52
Apar Industries Ltd.
2.83
2.48
Total Equities
8.22
Reliance Industries
3.65
3.92
3.31
3.45
Hindustan Unilever
2.99
BOC India Ltd.
3.07
2.92
2.86
Gujarat NRE Coke Ltd
2.89
2.84
2.83
ICICI Bank Ltd.
2.68
3.05
2.76
2.92
Larsen & Toubro
2.76
Nestle India
2.64
2.27
2.68
Cairn India
2.12
2.48
Bharat Electronics
43.87
Other Equities
37.93
93.35
79.50
Total Equities
73.09
Total Equities
Other Non Equities
20.50
Other Non Equities
26.91
Other Non Equities
100.00
Total Assets
100.00
Wyeth Ltd.
4.39
3.85
Glaxosmithkline Pharmaceuticals Ltd.
3.82
Tamil Nadu Newsprint & Papers Ltd.
3.66
Clariant Chemicals (India) Ltd.
2.89
Glaxosmithkline Consumer Healthcare Ltd.
2.69
Tata Chemicals Ltd.
2.67
Hindustan Petroleum Corporation Ltd.
2.65
Indian Oil Corporation Ltd.
2.41
Andhra Bank
2.40
Other Equities
51.81
Total Equities
83.25
Other Non Equities
16.75
100.00
Equity
11.07
100.00
Equity
Equity
5.99
6.35
3.80
Bharti Airtel Ltd.
4.99
Satyam Computer Services Ltd.
3.74
ITC Ltd.
3.69
3.66
3.53
3.59
3.22
Bharti Airtel Ltd.
3.52
Bharti Airtel
5.41
Larsen & Toubro
4.63
Reliance Industries
3.90
Hindustan Unilever
3.66
Tata Consultancy Services
3.48
2.77
3.30
3.28
3.37
Tata Steel Ltd.
2.74
Nestle India
United Spirits Ltd.
3.20
2.57
3.19
3.00
2.53
Glenmark Pharmaceuticals
2.68
2.41
Zee Entertainment Enterprises
2.70
ICICI Bank Ltd.
Other Equities
46.75
Other Equities
50.56
Total Equities
83.32
Total Equities
85.37
Other Non Equities
16.68
Other Non Equities
14.63
Total Assets
100.00
BIRLA SUN LIFE GENERATION NEXT
Inception Date-Jul 12, 2005
Equity
Total Assets
100.00
DWS ALPHA EQUITY
Sesa Goa Ltd.
7.79
Hindustan Unilever Ltd.
7.18
CRISIL Ltd.
7.06
6.28
Equity
Reliance Industries Ltd
48.29
Total Equities
84.48
Other Non Equities

Total Assets
15.52
100.00

Name: Anand Radhakrishnan
Name: Aniket Inamdar

%
2.66
Other Equities
FRANKLIN INDIA - BLUE CHIP

Name: Sanjay Chawla

%
88.93

Name: Apoorva Shah
Total Assets
1.93
60.01
DSP ML TOP 100 EQUITY
Name: Mahesh Patil
BIRLA SUN LIFE MNC FUND
Name: A. Balasubramaniam
100.00
BIRLA SUN LIFE

FRONTLINE EQUITY
Name: Ajay Argal
Name: Ankit Sancheti
Total Assets
BIRLA SUN LIFE ADVANTAGE FUND

Equity
Tata Consultancy Services
Total Equities
Total Assets

Housing Development Finance Corp. Ltd.
Other Equities
BIRLA SUN LIFE DIVIDEND

YIELD PLUS
Equity
4.33
50.75
6.65
Bharti Airtel
Other Equities
Other Non Equities

Total Assets
Equity
Equity
Other Equities
Inception Date-Apr 29,1997

Name: Apoorva Shah
Name: Amit Nigam
DSP ML EQUITY
BIRLA SUN LIFE BASIC

INDUSTRIES
Equity
8.21
Reliance Industries
Bharti Airtel Ltd
5.52
Infosys
8.72
5.11
Bharti Airtel
7.63
6.43
8.75
Pfizer Ltd.
5.38
Sun Pharmaceutical Industries Ltd.
6.26
Cairn India Ltd.
ING Vysya Bank Ltd.
5.14
5.73
Infosys Technologies Ltd
4.29
HDFC
Bharti Airtel Ltd.
4.99
ITC Ltd.
5.71
NTPC Limited.
4.09
L&T
5.31
4.87
Axis Bank Ltd.
5.07
ITC Ltd
3.83
BHEL
3.94
ICRA Ltd.
4.59
Federal Bank Ltd.
4.45
3.79
IDFC
3.83
ITC Ltd.
4.31
Colgate-Palmolive (India) Ltd.
4.28
Gujarat NRE Coke Ltd
3.79
Kotak Mahindra Bank
3.69
Maruti Suzuki India Ltd.
4.27
Asian Paints (India) Ltd.
4.08
Tata Steel Ltd.
3.72
Nestle
3.53
4.19
Bajaj Electricals Ltd.
3.79
Reliance Petroleum Ltd
3.58
Tata Steel
Cummins India Ltd.
3.08
Other Equities
44.07
Other Equities
44.84
Other Equities
47.35
Other Equities
41.76
Total Equities
96.65
Total Equities
97.67
Total Equities
93.28
Total Equities
96.67
Other Non Equities

Total Assets
* Top Ten Holdings
3.35
100.00
Other Non Equities

Total Assets
2.33
100.00
Other Non Equities

Total Assets
6.72
100.00
Other Non Equities

Total Assets
3.33
100.00
JULY 2008 Investime
37
FRANKLIN INDIA FLEXI CAP
JM EQUITY
HSBC EQUITY

Name: K.N.Siva Subramanian
Inception Date-Dec 12,1994

Name: Sandip Sabharwal
Equity
Infosys
Bharti Airtel
BHEL
Reliance Industries
Tata Steel
L&T
IDFC
TCS
Reliance Communication
Sterlite
Other Equities
Total Equities
Other Non Equities
Total Assets
Equity
Bombay Rayon Fashions
Satyam Computers Services
Apollo Tyre
United Phosphorous
Voltas
Grasim Industries
Tata Power
Bharat Heavy Electricals
ICICI Bank
Other Equities
Total Equities
Other Non Equities
Total Assets
%
9.24
8.69
6.42
6.01
5.17
4.73
4.39
4.15
3.80
3.54
41.60
97.75
2.25
100.00
%
10.67
10.44
6.96
6.42
6.23
6.10
6.03
5.78
5.55
5.31
27.12
96.61
3.39
100.00

Name: Mihir Vora
Equity
%
Reliance Industries
6.36
5.48
Bharti Airtel
4.72
ITC
4.37
Larsen And Toubro
3.27
3.04
Reliance Petroleum
2.99
Cairn India
2.93
Glaxo Smithkline Consumer Healthcare
2.50
Jain Irrigation Systems
2.49
Other Equities
46.83
Total Equities
84.97
Other Non Equities
15.03
Total Assets
100.00
KOTAK 30-GROWTH
FRANKLIN INDIA - PRIMA PLUS
HDFC EQUITY
Inception Date-Sep 29,1994

Name: Anand Radhakrishnan
Equity
%
Infosys
9.38
Bharti Airtel
6.94
Reliance Industries
6.63
HDFC
6.14
Nestle
4.82
IDFC
3.72
Satyam Computer
3.54
L&T
3.25
Tata Steel
3.19
ABB
3.06
Other Equities
43.90
Total Equities
94.57
Other Non Equities
5.43
Total Assets
100.00

Name: Prashant Jain
Equity
%
ICICI Bank Ltd.
8.81
5.67
4.59
State Bank of India
4.45
4.32
4.30
4.19
United Phosphorus Ltd.
3.72
Larsen and Toubro Ltd.
3.22
Hero Honda Motors Ltd.
3.16
Other Equities
51.50
Total Equities
97.93
Other Non Equities
2.07
Total Assets
100.00

Name: Sanjib Guha
Equity
%
7.63
5.05
NIFTY-JUL2008
4.59
4.54
Bharti Airtel Ltd.
3.85
3.80
Sun Pharmaceuticals Industries Ltd.
3.33
ITC Ltd.
3.27
3.11
HDFC Ltd.
2.95
Other Equities
43.21
Total Equities
85.33
Other Non Equities
14.67
Total Assets
100.00
HDFC GROWTH
%
9.02
6.37
4.93
4.41
4.23
4.18
4.15
3.43
3.35
3.18
43.12
90.37
9.63
100.00

Name: Sanjib Guha
Equity
%
7.47
5.75
United Spirits Ltd.
4.44
4.23
Tata Power Co. Ltd.
4.07
United Phosphorus Ltd
4.02
3.90
Zee Entertainment Enterprises Ltd
3.56
Tata Steel Limited.
3.55
ABB Ltd.
3.44
Other Equities
43.58
Total Equities
88.01
Other Non Equities
11.99
Total Assets
100.00
PRINCIPAL LARGE CAP
HDFC TOP 200
Inception Date- Nov 17, 2005

Name: Pramod Gupta
Equity
%
9.62
I-Flex Solutions Ltd
5.10
Steel Authority Of India Ltd
5.03
Bharat Heavy Electricals Ltd
4.43
Bharti Tele-Ventures Ltd
4.41
Grasim Industries Ltd
4.21
ICICI Bank Ltd.
3.86
Axis Bank Ltd
3.70
Housing Development Finance Corporation Ltd
3.61
Kotak Mahindra Bank Ltd
3.25
Other Equities
51.19
Total Equities
98.41
Other Non Equities
1.59
Total Assets
100.00

Name: Prashant Jain
Equity
%
ICICI Bank Ltd.
7.39
5.23
4.65
ITC Ltd.
3.89
3.73
Larsen and Toubro Ltd.
3.61
Bharti Airtel Ltd.
3.27
3.26
3.23
Tata Iron & Steel Company Ltd.
2.60
Other Equities
53.31
Total Equities
94.17
Other Non Equities
5.83
Total Assets
100.00

Total Assets - Rs 25.95 Crores
Equity
%
ITC Ltd.
8.95
Sterlite Industries (India) Ltd
4.30
3M India Ltd.
4.29
Bharti Airtel Ltd.
4.17
Gillette India Ltd
4.15
Amara Raja Batteries Ltd.
4.12
ING Vysya Bank Ltd.
3.85
ABB Ltd.
3.72
Nestle India Ltd.
3.45
Kennametal India Ltd.
3.38
Other Equities
39.52
Total Equities
83.90
Other Non Equities
16.10
Total Assets
100.00
BIRLA SUNLIFE TOP 100

Name: Ajay Argal
Equity
%
10.10
4.87
Bharti Airtel Ltd.
4.65
ITC Ltd.
4.32
4.01
3.89
3.70
3.37
Tata Steel Ltd.
2.67
Bosch Limited.
2.53
Other Equities
50.70
Total Equities
94.82
Other Non Equities
5.18
Total Assets
100.00

Name: Srinivas Rao Ravuri
Equity
ITC Ltd.
ICICI Bank Ltd.
Bharti Airtel Ltd.
Housing Development Finance Corporation Ltd.$
State Bank of India
Other Equities
Total Equities
Other Non Equities
Total Assets
KOTAK GLOBAL INDIA
KOTAK MNC FUND
PRINCIPAL GROWTH
Name: Shyam Bhatt
Equity
Bharti Tele-Ventures Ltd
Satyam Computers Ltd
Oil & Natural Gas Corporation Ltd
Housing Development Finance Corporation Ltd
Ipca Laboratories Ltd
Chennai Petroleum Corporation Ltd
ICICI Bank Ltd.
Other Equities
Total Equities
Other Non Equities
Total Assets
%
7.32
4.58
4.54
3.96
3.33
3.25
3.19
2.99
2.98
2.89
57.06
96.09
3.91
100.00
PRU ICICI EMERGING STAR

Name: Deven Sangoi
Equity
%
Deccan Chronicle Holdings Ltd
5.05
Dishman Pharmaceuticals & Chemicals Ltd
4.57
Provogue (India) Ltd
4.43
Sintex Industries Ltd
4.40
AIA Engineering Ltd
3.87
Phillips Carbon Black Ltd
3.61
Sterlite Optical Technologies Ltd
3.51
Nifty Futures
3.41
Patel Engineering Ltd
3.07
Welspun Gujarat Stahl Roh Ltd
2.64
Other Equities
52.94
Total Equities
91.52
Other Non Equities
8.48
Total Assets
100.00
PRU ICICI INFRASTRUCTURE

Name: Amit Mehta
Equity
Larsen & Toubro Ltd
Bharati Airtel Ltd
ICICI Bank Ltd
Nifty Futures
Jindal Steel & Power Company Ltd
Tata Power Company Ltd
Oil & Natural Gas Company Ltd
Other Equities
Total Equities
Other Non Equities
Total Assets
%
9.27
7.00
6.95
5.98
5.23
4.89
3.87
3.53
3.35
2.51
29.88
82.45
17.55
100.00
PRU ICICI GROWTH

Name: Amit Mehta
Equity
%
10.32
Nifty Futures
9.03
6.22
Bharati Airtel Ltd
5.04
4.71
Tata Steel Ltd
3.92
Reliance Petroleum Ltd
3.24
ITC Limited
3.17
Satyam Computer Services Ltd
3.03
National Thermal Power Corporation Ltd
3.02
Other Equities
39.00
Total Equities
90.70
Other Non Equities
9.30
Total Assets
100.00
* Top Ten Holdings
PRU ICICI POWER

Inception Date-Oct 04,1994
Name: Amit Mehta
Equity
%
8.51
Bharati Airtel Ltd
6.20
5.53
4.82
Larsen & Toubro Ltd
4.71
Tata Consultancy Services Ltd
4.24
ICICI Bank Ltd
4.02
Aditya Birla Nuvo Ltd
3.82
Tata Steel Ltd
3.75
ITC Limited
3.62
Other Equities
44.60
Total Equities
93.83
Other Non Equities
6.17
Total Assets
100.00
PRUDENTIAL ICICI
DYNAMIC PLAN
%
12.57
5.27
4.90
4.11
3.28
3.08
3.00
2.99
2.85
2.84
41.46
86.36
13.64
100.00
PRUDENTIAL ICICI
DISCOVERY PLAN
Name: S Naren
Equity
Cadila Healthcare Ltd
Rallis India Ltd
Ruchi Soya Industries Ltd
ING Vysya Bank Ltd
Tata Tea Ltd
Vardhaman Textiles Ltd
Kirloskar Oil Engines Ltd
SRF Ltd
Jubilant Organosys Ltd
Other Equities
Total Equities
Other Non Equities
Total Assets
%
8.28
6.31
6.11
5.32
4.88
4.85
4.59
4.19
3.81
3.80
44.38
95.35
4.65
100.00
RELIANCE BANKING FUND

Equity
%
State Bank Of India
15.22
Icici Bank Ltd.
11.76
Punjab National Bank
6.71
Housing Development Finance Cor Ltd
6.16
Bank Of Baroda
5.71
Canara Bank
4.93
Reliance Capital Ltd.
4.80
Kotak Mahindra Bank Ltd.
3.46
Andhra Bank Ltd
3.42
Federal Bank Ltd.
2.81
Other Equities
16.24
Total Equities
81.22
Other Non Equities
18.78
Total Assets
100.00
* Top Ten Holdings

Equity
Tata Power Co. Ltd.
Reliance Infrastructure Limited
Punj Lloyd Ltd.
Torrent Power Limited
Siemens Ltd.
Other Equities
Total Equities
Other Non Equities
Total Assets
%
5.41
5.27
4.48
3.89
3.86
3.60
3.05
2.70
2.33
2.01
33.26
69.87
30.13
100.00
SBI MAGNUM COMMA
SUNDARAM GROWTH

Name:
Inception Date-Apr 24,1997

Name: J. Venkatesan
Equity
Reliance Industries Limited
Tata Steel Ltd
Oil And Natural Gas Corporation Ltd
Gujarat Mineral Devlopment Corporation
Hindalco Industries Limited
Sterlite Industries (India) Limited
Gail (India) Ltd
Other Equities
Total Equities
Other Non Equities
Total Assets
Equity
Infosys
Reliance Industries
Tata Power
Satyam Computers
State Bank Of India
Glenmark Pharma
ICICI Bank
Cairn India
Larsen & Toubro
Bharti Airtel
Other Equities
Total Equities
Other Non Equities
Total Assets
%
8.79
6.49
5.04
5.03
4.28
4.16
4.09
4.02
3.99
3.91
34.48
84.27
15.73
100.00
SBI MAGNUM CONTRA
RELIANCE VISION

Name: S Naren
Equity
Nifty Futures
Federal Bank Ltd
Bharati Airtel Ltd
Satyam Computer Services Ltd
Deccan Chronicle Holdings Ltd
Texmaco Ltd
Other Equities
Total Equities
Other Non Equities
Total Assets
RELIANCE DIVERSIFIED
POWER SECTOR
%
4.69
4.24
3.92
3.80
3.49
3.44
2.57
2.32
2.20
2.19
47.66
80.52
19.48
100.00
SUNDARAM SELECT FOCUS

Name:

Name: Pankaj Gupta

Name: Srividhya Rajesh
Equity
State Bank Of India
Icici Bank Ltd.
Grasim Industries Ltd.
Other Equities
Total Equities
Other Non Equities
Total Assets
Equity
Infosys Technologies Limited
Mahindra & Mahindra Limited
Welspun Gujarat Stahl Rohen Limited
State Bank Of India
Icici Bank
Gail (India) Ltd
Other Equities
Total Equities
Other Non Equities
Total Assets
Equity
Reliance Industries
Infosys
Sun Pharma
Satyam Computers
State Bank Of India
Bharti Airtel
TCS
ICICI Bank
ITC
Other Equities
Total Equities
Other Non Equities
Total Assets
%
7.67
5.91
5.02
4.78
4.42
4.09
3.99
3.99
3.58
3.51
30.38
77.34
22.66
100.00
RELIANCE RSF EQUITY FUND

Name : Arpit Malaviya
Equity
Pratibha Industries Limited
Biocon Limited
Radico Khaitan Ltd
India Infoline Ltd.
Bharat Electronics Ltd.
Jain Irrigation Systems Ltd.
Icici Bank Ltd.
Other Equities
Total Equities
Other Non Equities
Total Assets
%
4.23
4.14
3.33
3.31
2.99
2.93
2.49
2.49
2.31
2.29
42.93
73.44
26.56
100.00
SBI MAGNUM EQUITY FUND
%
5.50
3.80
3.04
3.04
2.79
2.73
2.53
2.45
2.42
2.32
60.07
90.69
9.31
100.00
SBI MAGNUM MULTIPLIER

PLUS 1993
Name: Jayesh Shroff
Equity
%
6.58
5.49
Bharat Heavy Electricals Limited
5.37
4.96
Blue Dart Express Limited
4.80
Thermax Ltd
4.04
3.56
Lupin Limited
3.41
Sterlite Industries (India) Limited
3.34
Nagarjuna Construction Company Ltd.
2.85
Other Equities
35.25
Total Equities
79.64
Other Non Equities
20.36
Total Assets
100.00
SBI MAGNUM MULTI CAP
%
8.63
6.95
4.23
3.39
3.06
3.05
2.96
2.96
2.93
2.67
30.11
70.96
29.04
100.00
TATA PURE EQUITY

Inception Date-Mar 07,1998
Name: M Venugopal
Equity
Hindustan Unilever Ltd
Bharti Airtel Ltd.
Hdfc Bank Ltd
Tata Steel Ltd.
Tata Chemicals Ltd
Satyam Computer Services Limited
Other Equities
Total Equities
Other Non Equities
Total Assets
%
4.93
3.37
3.26
3.22
3.21
3.19
3.08
2.96
2.94
2.84
43.63
76.63
23.37
100.00
TATA INFRASTUCTRAL FUND
Inception Date-Jan 01,1991

Name: Jayesh Shroff

Name:
Inception Date-Nov 25, 2004

Name: M Venugopal
Equity
Sun Pharmaceutical Industries Limited
Jindal Steel & Power Limited
Bharti Airtel Ltd
Larsen & Toubro Limited
Other Equities
Total Equities
Other Non Equities
Total Assets
Equity
Lupin Limited
Tata Steel Ltd
Axis Bank Ltd.
Larsen & Toubro Limited
Icici Bank
Thermax Ltd
Maruti Suzuki India Limited
Other Equities
Total Equities
Other Non Equities
Total Assets
Equity
Tata Steel Ltd.
Tata Power Company Limited
Bharti Airtel Ltd.
Icici Bank Ltd
Crompton Greaves Ltd
Welspun Gujarat Stahl Rohren Ltd
Other Equities
Total Equities
Other Non Equities
Total Assets
%
7.90
7.74
6.93
5.99
5.78
5.16
4.62
4.18
4.15
3.99
34.13
90.56
9.44
100.00
%
5.66
4.74
4.01
3.59
3.53
3.32
3.25
2.85
2.77
2.77
52.66
89.13
10.87
100.00
%
4.57
3.52
2.96
2.49
2.45
2.22
2.03
1.93
1.90
1.87
53.60
79.54
20.46
100.00
JULY 2008 Investime
39
TEMPLETON INDIA
GROWTH
UTI BANKING FUND
Inception Date-Sep 10,1996

Name: J Mark Mobius
Equity
Reliance Industries
9.96
Tata Investment Corporation
8.67
ONGC
7.58
BIRLA SUN LIFE AAF

AGGRESSIVE PLAN - GROWTH
UTI INFRASTRUCTURE
FUND GROWTH

Name: Gautami Desai
Equity
ICICI Bank Ltd
18.86
State Bank Of India
12.04
Axis Bank Ltd.
8.55

Name: Ajay Garg

Name: Sanjay Dongre
Equity
6.52
Bharti Airtel Ltd.
4.24
3.82
3.78
Tata Steel
6.11
HDFC Bank Ltd.
6.44
Bharti Airtel
5.95
HDFC Ltd.
5.42
3.68
Satyam Computer
5.63
Punjab National Bank
4.45
Tata Power Company Ltd.
2.92
Hindalco
5.10
Union Bank Of India
3.73
Idea Cellular
3.47
2.26
Bank Of India
3.07
HPCL
3.34
Abb Ltd.
2.22
Federal Bank Ltd.
2.89
2.15
Bank Of Baroda
2.40
Voltas Ltd.
2.14
Other Equities
15.18
Other Equities
37.66
Total Equities
83.03
Total Equities
71.39
Other Non Equities
16.97
Other Non Equities
28.61
Sesa Goa
3.23
Other Equities
36.42
Total Equities
95.46
Other Non Equities

Total Assets
4.54
100.00
Total Assets
UTI LEADERSHIP FUND
100.00
Equity
%
9.25
5.48
Bharti Airtel Ltd.
5.46
Ntpc Ltd.
6.68
4.47
6.13
ICICI Bank Ltd
4.37
5.86
4.13
5.73
State Bank Of India
3.86
5.66
3.72
4.91
3.48
Suzlon Energy Ltd.
3.33
Satyam Computers Ltd.
3.31
Reliance Infrastructure Ltd.
3.00
Other Equities
38.52
Total Equities
86.05
Other Non Equities
13.95
Total Assets
100.00
UTI MASTER EQUITY PLAN

Inception DateTotal Assets- Rs 1062.23 Crores
Name:
Equity
Equity
%
11.92
C E S C Ltd.
2.81
Other Equities
39.40
Total Equities
95.43
Other Non Equities

Total Assets
4.57
100.00
UTI MASTER SHARE UNIT

SCHEME
Name: Swati Kulkarni
5.92
Bharti Airtel Ltd.
5.43
4.94
4.49
Equity
Sesa Goa Ltd.
6.97
6.32
Bosch Ltd.
5.43
Glaxosmithkline Pharmacueticals Ltd.
%
7.13
Bharti Airtel Ltd.

Gujarat Mineral Dev Corpn. Ltd.
21.01
Birla Advantage Fund
20.66
Birla Sun Life New Millennium Fund.
13.39
Birla Dynamic Bond Fund
9.31
5.74
Birla Sunlife Short Term Fund - Growth
4.25
Birla Gilt Plus Inv
1.03
Total Equities
75.39
Other Non Equities
24.61
100.00
5.06

Name: Sajit Pisharodi
Equity
Kotak 30
25.00
16.91
Ingersol Rand India Ltd.
4.85
Birla Sunlife Frontline Equity
I C I (India) Ltd.
4.45
16.49
Gillette India Ltd.
4.26
SBI Magnum Equity Fund Growth
15.61
3.93
8.18
Colgate Palmolive India Ltd.
3.82
Birla Midcap Fund
7.74
3.60
HSBC Advantage India Fund
7.61
Other Equities
45.90
Total Equities
94.59
Other Non Equities

Total Assets
5.41
100.00
UTI GROWTH SECTOR

SERVICES INDUSTRIES FUND
Inception Date-Jun 26,1999
Name: Gautami Desai
Birla Midcap Fund
KOTAK EQUITY FOF GROWTH
Equity
Total Assets
Inception Date-May 29,1998

Name: Swati Kulkarni

Name: Gautami Desai
100.00
UTI MNC FUND GROWTH
UTI ENERGY
FUND

Name: Sanjay Dongre
Total Assets
Equity
Equity
Other Equities
Total Equities
97.54
Other Non Equities
2.46
Total Assets
100.00
PRUDENTIAL ICICI
AGGRESSIVE PLAN-GROWTH
Inception Date-Nov 28, 2003
Name: Amit Mehta
Equity
ICICI Bank Ltd
6.88
5.20
5.83
ICICI Prudential Flexible Income Plan
4.50
NTPC Ltd.
5.62
ICICI Prudential Growth Plan
19.10
4.49
HDFC Ltd.
5.58
ICICI Prudential Dynamic Plan
14.45
34.16
4.17
4.06
3.90
Bharti Airtel Ltd.
5.00
4.03
4.76
ICICI Prudential Index Fund
9.39
Axis Bank Ltd.
3.70
Itc Ltd.
3.82
State Bank Of India
4.46
ICICI Prudential Emerging S.T.A.R Fund
9.38
HDFC Ltd.
3.70
3.50
EQ Tata Consultancy Services Ltd.
3.87
State Bank Of India
3.66
3.05
3.71
9.20
3.00
Axis Bank Ltd.
ICICI Prudential Infrastructure Fund
4.64
Ntpc Ltd.
3.58
3.52
Other Equities
46.17
Other Equities
42.55
Other Equities
46.21
Total Equities
89.66
Total Equities
85.33
Total Equities
95.44
Other Non Equities
10.34
Other Non Equities
14.67
Other Non Equities
Total Assets
40 Investime
100.00
JULY 2008
Total Assets
100.00
Total Assets
4.56
100.00
Total Equities
Other Non Equities
Total Assets
100.32
(0.32)
100.00
* Top Ten Holdings
ABN AMRO MIP
BIRLA MIP II - WEALTH 25
FUND SIZE-- 114.34 CRORES
Name: Mahendra Jajoo
Equity
2.02
1.51
1.20
Hindustan UniLever Ltd.
1.20
NTPC Ltd.
1.20
Other Equities
5.02
Total Equities
12.15
MONTHLY INCOME PLANS-PORTFOLIO AS ON JUNE, 2008
Debt
DSP ML SAVINGS PLUSCONSERVATIVE FUND
HDFC MIP - STP

Equity
Nava Bharat Ventures Ltd.
2.50
Tata Chemicals Ltd.
2.24
Name: Dhawal Dalal

Equity
Reliance Petroleum
0.82
Nestle India
0.61
Rallis India Ltd.
1.78
Spice Communications Ltd.
1.66
Cipla
0.46
1.66
Grasim Industries
0.45

Other Equities
11.47
Tata Power Co.
0.36
Total Equities
21.31
Other Equities
0.46
Total Equities
3.16
Debt
ICICI Bank Ltd.
13.24
Debt
10.44
LIC Housing Finance FRN
17.91
7.95% GOI 2032
17.22
Govt Bond 7.38% 2015
Shriram Transport Finance Co. Ltd.
13.49
LIC Housing Finance Ltd.
5.46
Axis Bank FRN
16.91
Credit Asset Trust
13.13
GE Capital Services India Ltd.
5.46
National Housing Bank FRN
16.78
State Bank Of Bikaner & Jaipur-CD
12.95
Great Eastern Shipping Company Ltd.
5.22
Total Debt
51.60
Apollo Tyres Ltd-CP
10.70
Other Debt
2.32
Cash,Current Assets & Others
Total Debt
42.15
Other Debt
19.44
Total Debt
86.93

Total Assets
0.92
100.00
BIRLA SUNLIFE MIP

Total Assets
36.54
100.00
BIRLA SUN LIFE MONTHLY

INCOME PLAN
Equity
Equity
1.26
BOC India Ltd.
1.26
Rallis India Ltd.
1.07
Cipla Ltd.
1.04
1.66
ITC Ltd.
1.29
Rallis India Ltd.
1.12
Hanung Toys & Textiles Ltd.
0.89
Other Equities
Total Equities
10.85
0.88
Other Equities
7.17
Total Equities
13.00
Debt
Debt
Karnataka Bank Ltd.
%
76.82
Other Debt
Total Debt
76.82
23.18
Total Assets
100.00
Total Equities
5.02
Debt
HDFC FRN
21.64
10.75
GE Capital Services India Ltd.
8.29
10.42
Total Debt
57.11
Total Assets
5.27
4.17
0.96
0.57
8.45
Indian Railways Finance Corporation Ltd.
BIRLA MIP - SAVINGS 5
0.53
Other Equities
Indian Railways Finance Corp. Ltd.
100.00
0.90
14.30
7.45
Total Assets
Hindustan Unilever
Shriram Transport Finance Company
ICICI Bank Ltd.
33.82
0.95
7.83
0.96
Grasim Industries
9.85
15.97
1.11
Cipla
8.83
7.84
53.18
Housing Development Finance Corp Ltd.
Great Eastern Shipping Company Ltd.
Total Debt
Name: Alok kumar Sahoo
Name: Dhawal Dalal
9.91
7.93
Other Debt
17.65
Total Debt
61.01
Total Assets
28.14
100.00
DSP ML SAVINGS PLUS

- AGGRESSIVE FUND
%
1.78
1.50
1.46
1.40
0.83
0.92
7.89
18.28
18.28
9.62
9.61
9.17
11.39
76.35
15.76
100.00
37.87
100.00
HDFC MIP - LTP
%
2.00
ICICI Bank Ltd.
1.60
1.18
GlaxoSmithkline Consumer Healthcare
1.16
State Bank of India
1.14
Other Equities
17.59
Total Equities
24.67
Debt
The Clearing Corporation of India Ltd.
5.86
Canara Bank
3.73
Rural Electrification Corporation Ltd.
3.43
Tata Sons Ltd.
3.16
National Bank for Agriculture &

Rural Development
3.11
Other Debt
52.37
Total Debt
71.66

Total Assets
%
1.40
1.12
1.07
0.59
0.48
4.89
9.54
8.19
6.96
6.62
6.54
6.51
37.05
71.87
18.59
100.00
Name: Prashant Jain

Equity
Equity
Bank of Nova Scotia
Reliance Industries
Reliance Petroleum
Other Equities
Total Equities
Debt
BHPC Auto Securitisation Trust
November 2007 I (Tata Motors) PTC
Kotak Mahindra Investment
Indian Railway Finance Corporation
Power Finance Corporation
Sundaram Finance
Other Debt
Total Debt
Total Assets
HSBC MIP - SAVINGS PLAN

Name: Dhawal Dalal
Equity
Nestle India
Cipla
Grasim Industries
Hindustan Unilever
Ranbaxy Laboratories
Other Equities
Total Equities
Debt
HDFC FRN
IDBI Bank FRB
GE Money Financial Services FRN
Axis Bank
Other Debt
Total Debt
Total Assets
18.25
13.71
9.07
6.61
5.48
32.49
85.61
1.25
100.00
Nestle India
%
1.39
1.10
1.09
1.08
0.85
7.63
13.14
HSBC MIP - REGULAR PLAN
Debt
Housing Development Finance Corpation Ltd.
Other Debt
45.24
100.00
DSP ML SAVINGS PLUS

- MODERATE FUND
Equity
Simplex Infrastructures Ltd.
Total Assets
Name: Vinay R. Kulkarni

Equity
T. V. Today Network Ltd.
ICICI Bank Ltd.
Amtek Auto Ltd.
ITC Ltd.
Other Equities
Total Equities
Debt
Housing Dev. Finance Corpn Ltd.
IDBI Bank Ltd.
Auto Sec Trust Mixed Pool A
UBI Trust Series 61
Other Debt
Total Debt
Total Assets
3.67
100.00
Name: Alok kumar Sahoo

Equity
Reliance Industries
Cairn India
ITC
Other Equities
Total Equities
Debt
Indian Loans Receivables Trust
Series T2 (Tata Motors Finance ) PTC
BHPC Auto Securitisation Trust
November 2007 I (Tata Motors) PTC
Other Debt
Total Debt
Total Assets
%
1.61
1.11
1.04
0.99
0.82
7.17
12.74
9.83
6.25
6.00
5.82
5.65
36.58
70.13
17.13
100.00
JULY 2008 Investime
41
PRUDENTIAL ICICI INCOME

MULTIPLIER FUND CUMULATIVE
JM MIP
Name: Shalini Tibrewala
MONTHLY INCOME PLANS-PORTFOLIO AS ON JUNE, 2008
Equity
Apollo Tyre
3.43
Action Construction Equipment
2.56
HDFC Bank
2.04
XL Telecom
1.69
Power Grid Corp. of India
0.23
Other Equities
0.22
Total Equities
10.17
Debt
182 Days T-Bill 25/07/08
7.64
8.81
UTI Bank
1.76
Reliance Industries
12.56
Union Bank of India
18.49
Other Debt
Total Debt
49.26

Total Assets
40.57
100.00
KOTAK INCOME PLUS

Equity
HDFC Ltd.
ITC Ltd.
Other Equities
Total Equities
Debt
Union Bank of India
Infrastructure Development
Finance Co. Ltd
Citicorp Finance (India) Ltd.
Infrastructure Leasing & Financial
Services Limited
Other Debt
Total Debt
Total Assets
22.63
18.46
10.15
9.63
4.75
8.06
73.68
1.67
100.00
Equity
5.56
4.36
Bharti Airtel Ltd.
3.00
Punj Lloyd Ltd.
1.33
Other Equities
1.82
Total Equities
16.07
15.24
11.35
1.77
48.22
36.24
100.00
State Bank Of Mysore
20.52
Power Finance Corporation Limited
8.97
Indian Retail Abs Trust Series 88
8.64
Indian Retail Abs Trust Series 87
0.92
Crisil Ltd
0.82
ICICI Bank Ltd.
0.66
Sagar Cements Ltd
0.62
0.59
Other Equities
7.58
Total Equities
11.19
Debt
17.07
Debt
10.54
Investment Vehicle For Structured
0.96
Other Equities
2.22
Total Equities
8.49
Debt
40.90
National Housing Bank
15.81
5.29
GOI 7.49% 16-4-2017
11.15
5.26
Indian Retail Abs Trust 83
6.61
5.15
NABARD
3.59
Other Debt
49.82
Other Debt
Total Debt
83.05
Total Debt
78.06
(0.11)
Total Assets
Equity
100.00
%
3.69
3.16
2.10
1.86
Reliance Communications Limited
1.75
Other Equities
5.26
Total Equities
17.82
10.48
53.53
Total Debt
86.30
Total Debt
Total Assets
100.00
DWS MIP FUND PLAN A - GROWTH
Hindustan Zinc Limited
Other Debt

Total Assets
HDFC Bank Ltd
Other Debt
10.30
Total Equities
1.06
17.55
10.84
2.51
Other Equities
1.17
66.38
National Housing Bank
100.00
1.08
1.22
Tata Chemicals Ltd
NABARD
Total Assets
L&T
HDFC Bank Ltd
Total Debt
26.44
1.27
1.86
ICLST 2008 Series 15 A2
5.87
1.31
HDFC
Zee News Ltd.
11.35
Debt
Bharti Airtel
Equity
Other Debt
6.65
6.28
1.45
8.34
8.05
5.92
1.67
Infosys
Shriram Transport Finance
UCO Bank Ltd

L & T Finance Ltd
Reliance Industries

Name: Vinay Kulkarni
Citicorp Finance
Abn Amro Bank

EXIM Bank
7.30
7.28
7.26
38.88
78.73
9.31
100.00
8.55
Name: Vinay Kulkarni

%
10.67
7.34
TATA MONTHLY INCOME FUND

%
Tata Steel
%
1.69
1.22
1.15
1.15
0.98
5.77
11.96
7.01
Name: Pankaj Tibrewal
11.29
10.47
10.30
23.38
83.40
3.18
100.00
Name: Amandeep Chopra

Equity
Asian Paints Ltd.
Lupin Ltd.
Tata Steel Ltd.
State Bank Of India
Other Equities
Total Equities
Debt
Ncd Shriram Transport Finance Co.Ltd.
Frb IDBI Bank Ltd.
Ptc Indian Corporate Loan
Securitisation Trust Series-Lx
Ncd Sundaram Finance Ltd.
Ncd HDFC Ltd.
Other Debt
Total Debt
Total Assets
Transactions SR.A3
TATA MIP PLUS
16.60
11.36
FT INDIA MIP
Equity
Debt
19.86
%
1.40
1.32
1.21
1.07
0.88
7.54
13.42
Name: Anand RadhaKrishnan

%
1.11
0.71
0.70
0.69
0.66
11.67
15.54
Equity
HDFC
Reliance Industries
Infosys
Bharti Airtel
L&T
Other Equities
Total Equities
Debt
Investment Vehicle For Structured
Transactions SR.A3
Indian Retail ABS Trust Sr.88 A3 PTC
Indian Retail ABS Trust 85
Series A1 B
IDBI
Tata Steel
Other Debt
Total Debt
Total Assets
Name : Amitabh Mohanty
PRINCIPAL M I P
Equity
%
2.15
1.67
1.13
1.06
1.06
17.58
24.65
RELIANCE MIP
Name: Anand RadhaKrishnan

Name:
Equity
Bharati Airtel Ltd
Larsen & Toubro Ltd
Tata Power Company Ltd
Cadila Healthcare Ltd
Other Equities
Total Equities
Debt
364 Day T Bill (MD 13/03/2009)
Infrastructure Development
Finance Corporation
364 Day T Bill (MD 27/03/2009)
IDBI Bank Ltd
Tata Steel Ltd
Other Debt
Total Debt
Total Assets
UTI MONTHLY INCOME

SCHEME
TEMPLETON MIP
47.76
34.42
100.00
13.45
100.00
SUNDARAM MIP FUND


Name: Suresh Soni
Equity
Spice Communications Ltd
Bharti Airtel Ltd
ITC Ltd
Other Equities
Total Equities
Debt
Housing & Urban Development Corporation Ltd
NABARD
Infrastructure Development Finance company
Trent Ltd
Tata Sons Ltd.
Other Debt
Total Debt
Total Assets
Total Assets
%
6.52
2.47
1.60
1.50
1.30
1.49
14.88
13.66
13.54
11.81
11.30
9.48
1.39
61.17
23.95
100.00
Name: K Ramkumar
Equity
Bharti Airtel
ITC
Reliance Industries
ICICI Bank
State Bank Of India
Other Equities
Total Equities
Debt
Standard Chartered Bank - CD - 01/08/08
NABARD - 9.50% - NCD - AAA - 15/10/2012
HDFC - 7.20% - AAA - 03/06/2010
NABARD - 10% - AAA - 18/06/2010
EXIM - 9.25% - 13/12/2012
Other Debt
Total Debt
Total Assets
%
2.33
2.29
2.20
1.86
1.80
0.04
10.52
55.55
7.84
7.05
6.47
6.21
4.50
87.62
1.86
100.00
New Product
BIRLA SUN LIFE CENTURY SIP

SIP with free Life Insurance cover up to 100 times
What is Birla Sun Life Century SIP (CSIP)?

SIP has long been recognised as an eective approach to counter
volatility in equity market in order to benet from such market
conditions without having to time the market. SIP generally works
well when continued over a long period of time. To encourage long
term investing in SIP, Birla Sun Life oers a free Life Insurance
cover under group term insurance to individual investors opting
for CSIP in the designated schemes.
Product Features:
1. Insurance cover of up to 100 times the monthly
installment.
2. Insurance cover would be valid up to 55 years of age. Entry
age is less than 46 years.
3. Maximum cover allowed is Rs. 20 lakhs.
The designated schemes in which Century SIP will

be oered are the following:
Birla Sun Life
Equity Fund
Birla India GenNext Fund
Birla Sun Life Buy

India Fund
Birla Midcap
Fund
Birla Advantage
Fund
Birla MNC Fund
Birla Sun Life

Birla Equity Plan*
Frontline Equity
Fund
Birla India Opportunities Fund
Birla Sun Life

Tax Relief 96*
Birla Index Fund
Birla Dividend Yield

Plus
Birla
Infrastructure
Fund
Birla Sun Life

New Millennium
Birla Sun Life

International Equity
Fund
Birla Sun Life

Basic Industries
Fund
Birla Top 100
Birla Sun Life

Special Situations
Fund
4. Insurance cover to be available even if investor discontinues

SIP after 3 years.
*An Open-ended Equity Linked Savings Scheme (ELSS) with a lock-in of 3

years
5. No medical test require only genuine good health

declaration to be signed by the investor.
Load Structure:
6. In case of unfortunate event of demise of the investor,

nominee would be paid Fund Value + Insurance Cover.
7. The cost of insurance is being entirely borne by the AMC.
8. Entry load is 2.25% and exit load of just 2% up to 3 years
and nil thereafter.
9. Zero exit load if redemption is made after the death of
an insured.
10. SIP investment allowed by way of Direct Debit/ECS and
Post Dated Cheques.
The feature is an optional feature and investor may or may not
opt for the feature.
Entry Load^
2.25% For purchase of units under CSIP
Exit load*
2% if the units allotted under CSIP are

redeemed or switched out to another scheme
before 3 years from the date of allotment; Nil
thereafter.
^ Nil for direct applications.

* In the unfortunate event of death of the investor, nominee or joint holder, as the
case may be, may redeem the amount (fund value) without paying any exit load.
Amount of Cover Oered:

In the unfortunate event of the demise of an investor during the
tenure of the CSIP, the life insurance company will pay to the
nominee, assigned by the investor,
t Year 1 10 times the monthly CSIP installment.
t Year 2 50 times the monthly CSIP installment.
t Year 3 onwards 100 times the monthly CSIP
installment.
Disclaimer: This report is only for information purpose and nothing should be construed to be of any investment advice. Past performance may not
be sustained in the future. Please read the oer document carefully for more detailed information on the scheme and the risks, before investing.
New Product
BIRLA SUN LIFE EQUITY LINKED FMP

(A Closed End Structured Debt Scheme)
Oer closes on 24th of July08
Investment Objective: The Scheme seeks to invest in short and medium
term debt instruments with xed and/or oating payouts linked to equity
indices. The Scheme may also undertake to invest in derivative contracts.
These instruments will normally mature in line with the time prole of the
Scheme.
However, there can be no assurance that the investment objectives of
the Scheme will be realized. The Scheme does not guarantee/indicate any
returns.
Asset Allocation: Debt instruments, Money Market Instruments and
Securitized Debt.
Derivative Options: 0% to 30%
Benchmark Index: CRISIL Balanced Fund Index
NAV Disclosure: Once a week; Every Wednesday and on 1st business day
of each calendar quarter.
Load Structure:
Entry
Load:
Exit
Load:
Retail Plan:
Series A
Series B
For Purchase / Switch-in

of units less than Rs. 5
crores in value.
2.25%
1.50%
For Purchase / Switch-in

of units equal to / greater
than Rs. 5 crores in value:
NIL
NIL
Institutional Plan:
NIL
NIL
Retail & Institutional

Plan:
If repurchased on or before 365th

day from the date of allotment:
2%If repurchased after 365th day
from the date of allotment, but
before maturity date: 1%; If repurchased on maturity date: NIL
Investment Strategy: Scheme will invest upto 100% of net assets in Equity
Linked Debentures (ELDs) & other Debt Instruments. These debentures will
be of investment grade and rated by an accredited rating agency.
Scheme will mature in line with the maturity of the debentures.
Scheme may also invest upto 30% of net assets in Options maturing in line
with maturity of the Plan. Overall strategy would be to Buy & Hold these
instruments.
Series A Aviator Plan (36 months plan)
This plan is designed for those who are bullish on the equity market at
current attractive valuations.
It is an Equity Linked FMP with maturity of 36 months.
Participation Ratio of 140% - 145%
For instance, if Nifty rises by 10%, then the investor will get a coupon of
14% to 14.50% Knockout Level of 190% to 200% & Knock out Coupon
of 57% to 65%
For instance, if Nifty rises by 90% & above, then the investor would be
entitled to a xed coupon of 57% only, irrespective of the closing level of
Nifty at the end of the tenor of the scheme.
Aviator Plan- Snapshot
Maturity Period: 36 months; coupon payo based on movement of Nifty.
Indicative Payo conditions:
Participation Ratio (PR): 140% to 145% of the Nifty Returns. If Nifty
returns are negative then the coupon would be NIL. If Nifty returns are
positive, then the coupon would be calculated as follows:
Coupon = PR * Nifty Returns [(Closing Value Initial Value) / Initial Value]
Initial value: Nifty Level as on the date of investment in ELD
Closing value: (M34 + M35 + M36) / 3 (which is the average of the

closing Nifty value as on the last Thursday of 34M, 35M, and 36M.)
Knockout Level: 190% to 200% of the Initial value.
Observation Dates for knockout: As on the last Thursday of each month
start from the date of allotment.
Series B Gladiator Plan (21 months plan)
This scheme is designed for those investors who believe that the markets
are dicult to time and it would remain weak/volatile for one or two years.
Gladiator Plan- Snapshot
Maturity Period: 21 months; coupon payo based on movement of Nifty.
Minimum Coupon: 12.25% absolute
Participation Ratio (PR): 97% to 100% of the Nifty Returns
If Nifty Return is negative then the minimum coupon payable is 12.25% If
Nifty Returns are positive: Coupon = MAX {12.25%, PR * Nifty Returns
[(Closing Value Initial Value) / Initial Value]}
Initial Value: Average of 4 observations i.e. Start Level (i.e. Nifty on the
date of in investment in ELD) and Nifty level on the last Thursday of 1st,
2nd and 3rd month, with each reading oored at 95% of the start level.
Closing value: (M16 + M17 + M18) / 3 (Average of the Nifty Index as on
the last Thursday of 16M, 17M, and 18M)
Knockout Level: 140% to 145% of the Initial value
Observation Dates for knockout: As on the last Thursday of each month
starting from the 4th month onwards.
Coupon on Knockout: 17% to 19%
Equity Linked FMP vs. other Instruments:
Features
Aviator
Plan
Gladiator Plan
Equity
Conventional3
Year
FMP
Fixed
Deposit
Tenor
36
Months
21
Months
36
36
Months Months
36
Months
Equity Participation
Yes
Yes
Yes
No
No
Participation
Ratio
140-145% 97-100% -
Nature of
Return
LTCG
LTCG
LTCG
Income
Income
Liquidity
Quarterly
Quarterly
Any
Time
Any
Time
Any
Time
NA
30.20%
9.50%
9.50%
8.85%
8.85%
Pre Tax Net

Indicative Yield
Minimum
0.00%
Average
36.63%
12.25%
15.39%
Key Risk factors:

1. Credit Risk: The Equity linked debentures are issued by the Non
Banking Financial Institutions and are subject to their credit risks.
2. Liquidity Risk: Liquidity in Equity linked debentures are very limited
and may not be marketable.
3. Interest Rate Risk: If the interest rates move up the investors may be
subject to the signicant price risk.
4. Market Risk: Payo on ELD is linked to return from underlying
equity index. If index does not appreciate, returns to investor may be
negligible.
New Product
ICICI PRUDENTIAL BANKING AND FINANCIAL SERVICES FUND

(An Open-Ended Equity Scheme)
Oer closes on 7th August 08
Investment Objective: The scheme seeks to generate long term

capital appreciation to unit holders from a portfolio that is invested
predominantly in equity and equity related securities of companies
engaged in banking and nancial services
Minimum Application Amount /Units
Minimum Application Amount /Units Options:
Retail Plan - Rs 5,000 and in multiple Retail
of Rs 1 therefore
a) Growth
b) Dividend
(Payout and Reinvestment)
Institutional Plan- Rs 10 Crs and in
Institutional
multiples of Rs 1 thereafter
a) Growth
Entry Load:
Retail: (i) For investments of less than Rs 5 Crs: 2.25% of
applicable NAV
(ii) For investment of Rs 5 Crs and above: Nil
Institutional Option : Nil
Exit Load:
Retail: (i) For investments of Rs 5 Crs and above: Nil
(ii) For investments of less than Rs 5 Crs made during the NFO
and redeemed before 6 months from the date of
allotment: 1% of applicable NAV
Institutional Option: Nil
Investment Strategy and Portfolio Characteristics

Bottom up Stock Picking
t Intrinsic value arrived at after intensive, internal research;
reference to analyst reports and face-to-face meetings with
management to analyse companys strengths, business
model, sustainable competitive advantages and ability to
grow
Across Market Capitalisation
t The fund would look at stocks across the universe of
banking and nancial service companies without any
capitalization bias
Target Investment Companies
t Focus will be on companies gaining market share in
business through excellent customer service, product
innovation and operating eciency
Investment Horizon
t Banking companies
t Broking companies Asset Management Companies
t Wealth Management Companies
t Insurance Companies
t Non- Banking Financial Companies (NBFC)
t Investment Banking Companies
t Leasing and Finance Companies
Asset Allocation:
Types of Instruments
t Term Lending Institutions

Maximum Exposure
Equity and Equity related securities of companies 70%-100%

egaged in Banking and Financial Services
Debt instruments
0-30%
Disclaimer: This report is only for information purpose and nothing should be construed to be of any investment advice. Past performance may not
be sustained in the future. Please read the oer document carefully for more detailed information on the scheme and the risks, before investing.
Schemes In Focus Equity
DSP MERRILL LYNCH TOP 100

EQUITY FUND
HDFC TOP 200
Investment Objective: The fund is seeking to generate capital

appreciation, from a portfolio that is substantially constituted of
equity and equity related securities of the 100 largest corporates,
by market capitalisation, listed in India.
AUM: The AUM of the scheme is Rs.839 cr. as of June, 2008.
Scheme Name
DSP Merrill Lynch

Top 100 Equity
Fund
63.86
AUM: The AUM of the scheme is Rs.2,026 cr. as of June, 2008.

Performance of the Scheme:

NAV
(30-June-08)
Rs.
Investment Objective: HDFC Top 200 aims to generate

long term capital appreciation by investing in a portfolio of
equities and equity linked instruments drawn from the BSE
200 Index.
Absolute Returns (%)
Compound
Annualized
Returns (%)
1
Month
3
Months
6
Months
1
Year
3
Years
-14.98
-12.87
-31.38
-1.99
30.47
Scheme Name
HDFC Top 200
NAV
(30-June-08)
Rs.
115.42
Compound
Annualized Returns
(%)
1
Month
3
Months
6
Months
1
Year
3
Years
-16.16
-15.13
-31.25
-4.06
26.23
RELIANCE BANKING FUND
BIRLA SUN LIFE EQUITY FUND
Investment Objective: The primary investment objective of

the scheme is to seek to generate continuous returns by actively
investing in equity/equity related or fixed income securities of
banks.
Investment Objective: The scheme aims to provide long

term capital appreciation through a portfolio with target allocation
of 90% in equity. The funds top industry allocations are computers,
software and education, 9.02%; telecom 8.98%; and banks 8.73%
AUM: The AUM of the scheme is Rs.704 cr as of June, 2008.
AUM: The AUM of the scheme is Rs. 994 cr as of June, 2008.
Scheme Name
Reliance
Banking Fund
NAV
(30-June-08)
Rs.
42.05
Compound
Annualized Returns
(%)
1
Month
3
Months
6
Months
1
Year
3
Years
-18.78
-21.42
-36.09
-8.2
17.15
Scheme Name
Birla Sun Life

Equity Fund
NAV
(30-June-08)
Rs.
178.57

1
Month
3
6
Months Months
-19.16
-18.64
-40.87
Compound
Annualized
Returns (%)
1
Year
3
Years
-13.93
24.39
Schemes In Focus Debt
IDFC SSIF - MTP - PLAN A
TEMPLETON INDIA INCOME FUND
Investment Objective: IDFC Super Saver Income Fund Medium Term Plan aims to seek to generate stable returns with a
low-risk strategy by creating a portfolio that is invested in good
quality fixed income and money market securities.
Investment Objective: The scheme aims to generate a steady

stream of income either by way of regular dividends or by capital
appreciation.
AUM: The AUM of the scheme is Rs.185 cr. as of June, 2008.
Scheme Name
IDFC SSIF - MTP

- Plan A
NAV
(30-June-08)
Rs.
12.96
AUM: The AUM of the scheme is Rs. 260 cr. as of June, 2008.
Simple Annualized Returns

(%)
Compound
Annualized
Returns (%)
1
Month
3
Months
6
Months
1
Year
-1.41
5.77
6.35
6.76
Scheme Name
Templeton India
Income Fund
NAV
(30-June-08)
Rs.
27.88
Compound
Annualized
Returns (%)
1
Month
3
Months
6
Months
1
Year
-1.77
-1.7
-0.78
6.79
HDFC INCOME FUND
BIRLA SUNLIFE INCOME FUND
Investment Objective: The fund aims to optimise returns

while maintaining a balance of safety, yield and liquidity. The
asset allocation of the scheme in debt market is 74.21%, and in
money markets its 25.79%.
Investment Objective: Birla Sun Life Income Fund aims to

provide regular income and capital appreciation.
Scheme Name
HDFC Income
Fund
NAV
(30-June-08)
Rs.
17.91
Compound
Annualized
Returns (%)
1
Month
3
Months
6
Months
1
Year
-14.15
-3.75
-0.3
6.76
Scheme Name
Birla Sun Life

Income Fund
NAV
(30-June-08)
Rs.
29.57
Compound
Annualized
Returns (%)
1
Month
3
Months
6
Months
1
Year
-4.36
1.88
4.73
10.83
TAXTALK
A. N. Shanbhag
Volatile Markets
and the road ahead
A
A wise man once
said that it is
darkest before
dawn. And as
I look out, it
seems pretty
dark out there.
At the time of
writing this,
the Sensex is at
13,802. Since
it was around
20,800 a while
back, most
investors have
panicked
wise man once said that it is

darkest before dawn. And as I look
out, it seems pretty dark out there.
At the time of writing this, the Sensex is
at 13,802. Since it was around 20,800 a
while back, most investors have panicked.
And with all the gloom and doom that both
international and local media are spewing, I
am not surprised. However, lets put things
in perspective. The market has come off
almost 34% from its all time high. The reams
of newsprint and thousands of web pages
devoted to discussing and analysing the
causes thereof can basically be summarised
as follows:
High oil prices have led to spiralling
ination. In response, the RBI started
tightening interest rates and making money
supply dearer. So far there has been no
CRR hike but the same is expected anytime
soon. Higher rates directly affect corporate
protability and earnings. Lower expected
High oil prices

have led to
spiralling
inflation. In
response, the RBI
started tightening
interest rates and
making money
supply dearer
earnings translate into lower stock prices
and hence the markets fall. This is also
known as a cycle in economic jargon. And
a cycle by denition reverses itself sooner
or later. For example, not too long back,
ination both globally and locally was not
too high. The interest rate regime was easy
and corporate earnings looked extremely
healthy. And all this translated into a rising
stock market. Just as this cycle has reversed
currently, given time, the current cycle
too will reverse. All we need is dollops of
conviction and patience.
Heres how I think the situation will
play out. Oil hitting all time highs is not
a phenomenon that affects India alone.
The whole world is reeling. For example,
the US constitutes a quarter of the entire
worlds consumption of oil. Petrol prices
there have already reached US$4 a gallon
and are expected to inch up even more.
Basic economic theory suggests that when
prices increase demand will fall. And lower
TAXTALK
demand means lower prices. Experts lament

that this basic economic phenomenon will
not play out in India on account of the
subsidisation of petroleum products. The
price that you and I pay for petrol, diesel
or LPG (in spite of the recent price hike)
is far lower than what it would have been,
had it been left to free market forces. The
government on its part does not have the
political will (especially in a pre election
year) to bite the bullet all the way, leaving
the oil companies to bleed huge losses. And
as a population, we continue to consume oil
with abandon.
However, one gets the impression that
the envelope has been pushed far enough
and this practice of subsidisation of oil
cannot last for too long. Elections or no
elections, some rm measures will have
to be undertaken. More substantial price

increases, adjusting taxes on petroleum
products or even making the oil bonds
qualify as SLR securities, are just some of
the measures that seem imminent.
This is so far as the economics of the
fall are concerned. However, one wonders if
the fall, as it were, is all that it is made out
to be. Here is a perspective. From a level of
20,800 in January, we are down to 13,800.
Think back a couple of years. In May 2006
the index was at 12,612. From that level it
sunk to 8900; then too the fall was 30%.
But what happened later? Or lets go all the
way back to 2001the year of the dot com
buston Valentines day of the year 2000,
when the Sensex was at around 6,100. One
and a half years later, in September 2001, it
had sunk to 2,680a fall of almost 56%! In
comparison, the current fall of 34% seems
hardly worth a mention! The lesson here
is obviousmarket ups and downs are a
way of life for an investor. The only way to
tackle the same is by staying invested over
the long-term. However, if you cannot bear
the volatility, you shouldnt invest in the
rst place. Or if you cannot stand the heat,
please dont enter the kitchen.
Have a look at the following table to see
why a long-term investor would be nothing
short of serene even during this turmoil.
needs to be an average of 9-10 years. So it

follows, that those who had the conviction
(or had forgotten their investments) have
seen their money grow over 60 times. It is
only the frequent coming in and going out
(called churning in industry jargon) that
spoils the party and the rate of return.
Note that the above clutch of funds is
just an example; there are several more who
have yielded similar results. Also, such high
returns may or may not be duplicated going
ahead. However, the point is not to showcase
the precise return on investment but that in
order to get a return, you have to hold on,
hold fast and hold out through thick and
thin. And if at any time you are consumed
Scheme Name 1 year %
2 year %
3 year %
5 year %
Since
Launch %
Launch
Date
Birla Sunlife
Equity
22.5
17.1W
38.5
54.2
37.6
Aug98
DSP ML
Equity
29.7
20.8
39.2
54.3
27.4
Apr97
SBI Magnum
Contra
28.4
19.0
41.9
63.4
32.3
Jul99
Reliance
Growth
29.6
20.5
40.8
63.8
32.4
Oct95
To put it in perspective, the value of Rs.

1 lakh invested since inception would have
grown to Rs. 24.20 lakh, Rs. 14.40 lakh,
Rs. 12.40 lakh and Rs. 38.40 lakh in each
of the four funds respectively. But in order
to earn the above return, the holding period
More substantial
price increases,
adjusting taxes
on petroleum
products or even
making the oil
bonds qualify as
SLR securities,
are just some of
the measures that
seem imminent
by self-doubt, remember that during times

like these, it helps to remember that there
have always been times like these before.
(The author contribues to Investime
regularly) O
BOOK REVIEW
Anaita Vazifdar, Melanie Fernandes and Anushka Gurnaney
Literary forays
T
A Thousand
Splendid Suns
traces a touching
story, which
unravels itself
through a series
of colourful
relationships that
break the barriers
of generation,
sex, age and war
between man and
woman, father and
daughter, daughter
and mother, and
most importantly
between Mariam
and Laila
he book The Neverending Story,

written years ago by an author
called Michael Ende, talks about a
shy nine-year-old indulging in his primary
passion in life, that of books, and going to
great lengths to get hold of the rare and
brilliantly beautiful ones. Until one day
he discovers that he himself has become a
character within the book, in a land called
Fantasia, living every high and low alone,
far away from the world we describe as
reality. That is the magic of books. The
characters may exist only on paper, but
spur your imagination just a little and
see them come to life before your eyes.
Following are some recommendations
SHIFTING
TREASURE
SANDS,
BURIED
If you love Goa, youll enjoy the leisurely

pace of Colin Fernandes debut novel.
Picture yourself sitting on the sands, while
you read about Alonso Gonzalez and his
highly dysfunctional but extremely lovable
extended family, which revolves around
his Dylan-loving hippie grandfather.
When the old man dies, whats left
behind is a legacy that sends Alonso on a
chase around Goa. Alonso is joined by his
university friend, Sartaj, and a gorgeous
Canadian, Yvette (inextricably linked
to Alonsos grandfather). Together, they
embark upon the journey of a lifetime,
on a quest for treasure that lies under
their nose.
Fernandes, aged 28, writes in an easy
style and draws the reader in with his tale.
His story is engaging and entertaining

and leaves you looking forward to more
from this young author.
Viva Santiago
By Colin Fernandes
Published by Penguin Books India
Price: Rs. 199
BOOK REVIEW
Fernandes, aged
28, writes in an
easy style and
draws the reader in
with his tale. His
story is engaging
and entertaining
and leaves you
looking forward
to more from this
young author
WILD LIAISONS
Into the Wild is an unusual story of a
20-something Christopher McCandless
who gave up his family, burnt his money
and went to live in the Alaskan wilderness.
As a culture, Indians have been known to
renounce everything after going through
the stages of life and living in the wilderness
to connect with a higher spiritual self.
But reading about a young man who has

just about begun his life, is uncanny. It
brings to fore the question: Why would a
human being who is ordinarily a sanguine
person want to give up everything and
everyone and explore the unchartered?
The book explores his thoughts, his life
and the trails he traced before his death.
Written in true reportage style, Jon
Krakauer is a journalist who investigated
the life and death of Christopher. The
book asks questions that have bothered
all of us. It makes for a great read for
some quiet introspection about life, our
choices and our unperturbed existence.
Into the wild
By Jon Krakauer
Published by Anchor Books
Price: Rs. 350
THE DARK SIDE OF THE SUN

A heart-wrenching tale of two starkly
different women brought together by
a rather unfortunate twist of fateA
Thousand Splendid Suns gives the reader
a kaleidoscopic view of Afghanistan as it
was juggled from the hands of one power
to another over three turbulent decades.
The plight of the suppressed Afghani
women is brought to light through the
eyes of Mariam and Laila, both wives of
Rasheed, the archetypal and domineering
Afghani husband. While Mariams life
was blighted right from the moment she
was born an illegitimate child, to the time
she was married off to a crude 45-year old
shoemaker at the young age of fteen;
Laila on the other hand enjoyed the rare
luxuries of having a childhood lover, a
liberal and doting teacher for a father, and
much beauty to go with it. A relationship
that starts off on a rather rocky and
jealous footing soon blossoms to become
a startling sisterly friendship between
two souls bound together by sacrice and
extreme woeful circumstances. So much
so, that these two protagonists become the
microcosms that reect a macrocosmic
tragedy, which is steadily eating away

Afghanistans weaker sex.
A Thousand Splendid Suns traces a
touching story, which unravels itself
through a series of colourful relationships
that break the barriers of generation, sex,
age, and warbetween man and woman,
father and daughter, daughter and mother,
and most importantly between Mariam
and Laila. A gripping and melancholic
tale, Hosseinis book revives the story of
a crumbling country, just when it was
gradually but strategically being wiped
out from the current international scene.
A Thousand Splendid Suns
By Khaled Hosseini
Published by Bloomsbury
Price: Rs 520
The authors contribute occasionally to
Investime on matters of contemporary
interest O

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16

VOL 10-ISSUE 7-July 2008-Rs. 30-Total pgs 60

Pure gold never loses its lustre ......................................read on 10

THE GOLDEN INVESTMENT

16 THE INFLATION ECONOVIEW

MARKETS AND THE ROAD AHEAD

Explore different facets of life with our selection of the

INVESTIME PRIME NUMBERS

EQUITY FUNDS & DEBT FUNDS

Printed and published by Birla Sun Life Distribution

ECONOMY & CAPITAL MARKETS

INDUSTRY - ECONOMY - INTERNATIONAL

Glenmark acquires 7 brands in Poland to target

Subhiksha buys stake in Blue Green Constructions and Investments Ltd

Post 50% drop in net

GMR acquires 50%

Unitech Ltd has reported its consolidated net

GMR Infrastructure Ltd, Hyderabad has

LIC Housing Fin sets up financial services arm

IOC and OIL acquire 12.5% stake in Reliances

8 Investime JULY 2008

Tech Mahindra enters

GLOBAL & CURRENCY NEWS

India, Sri Lanka finalised Comprehensive Economic

China & United States, ties at crucial stage

RBI hiked repo rate by 50

Indias WPI rose to

Aditya Birla Group

Fresh credit fears are

Japan recorded a 10-year

Saudi Arabia to increase oil production

At the G8 Summit, the

Lehman Brothers and

Deutsche Bank plans to

Yahoo, Google enter an ad agreement

Bill Gates Retires

JULY 2008 Investime

10 Investime JULY 2008

f one ponders a little on the history of

the gold that has been mined till date. It is

What this tells us is that while around

drastically reducing the interest

time. The investors take-away from GETF

JULY 2008 Investime

THE INDIAN EQUITY MARKET

12 Investime JULY 2008

Through these turbulent times, we continue

In a long-short strategy, an investor can

HOW DOES IT WORK?

14 Investime JULY 2008

side, the trade still makes

DOES THIS STRATEGY WORK UNDER

to generate returns by taking a view

HOW IMPORTANT IS VIEW ON THE

WHAT WILL BE THE DURATION OF

16 Investime JULY 2008

y previous column discussed

1. INDIA, CHINA AND DEVELOPING

China has been

18 Investime JULY 2008

High oil prices

went up, we indulged in more largesse.

growth engine was beginning to bring the

JULY 2008 Investime