Aug 08, 2015

Weekly Mutual Fund and Debt Report

RETAIL RESEARCH
Equity Markets

Weekly Statistics
Key Indices

Key benchmark indices registered modest gains in what was a volatile trading week. The market
sentiment was upbeat as retirement fund manager Employees Provident Fund Organization (EPFO)
entered the stock market through exchange-traded funds (ETFs) route from Thursday, 6 August 2015, four
months after it decided to invest in equities. The gains were, however, capped by India's weather office
predicting below normal rains during the second half of southwest monsoon season (August to
September), with a probability of 86%. Meanwhile, the Reserve Bank of India (RBI) kept its benchmark
lending rate viz. the repo rate unchanged at 7.25% after a monetary policy review on Tuesday, 4 August
2015.
The S&P BSE Sensex rose 0.43% to settle at 28,236.39 last week. The 50-unit CNX Nifty rose 0.37% to
settle at 8,564.60. Broader market depicted strength. The S&P BSE Mid-Cap index rose 2.52% to settle at
11,557.52. The BSE Small-Cap index rose 2.31% to settle at 12,104.47. Both these indices outperformed
the Sensex.

Outlook for the current weeks

07-August

% Chg

Sensex

28236

+0.43

Nifty

8565

+0.37

DJIA

17373

-1.79

Nasdaq

5044

-1.65

FTSE

6719

+0.33

DAX

11491

+1.61

Hang Seng

24552

-0.34

Nikkei

20725

+0.68

Bovespa

48577

-4.50

Indonesia Jakarta

4770

-0.67

Singapore Strait

3197

-0.18

MSCI Emerging Mkt

885

-1.84

MSCI World

1747

-1.03

Mutual Fund Categories watch

The last batch of Q1 June 2015 corporate earnings, macroeconomic data, progress of monsoon rains,
developments during the monsoon session of parliament, trend in global markets, investment by foreign
portfolio investors (FPIs), the movement of rupee against the dollar and crude oil price movement will
dictate trend on the bourses in the coming week. The Q1 June 2015 corporate earnings season concludes
next week.
Among key macroeconomic announcements, the government is scheduled to unveil the consumer price
index (CPI) data for the month of July 2015 and industrial production data for June 2015 on Wednesday,
12 July 2015. The government will release data on inflation based on the wholesale price index (WPI) for
July 2015 on Friday, 14 August 2015.

Global Markets
U.S. stocks fell, leaving indexes with the biggest weekly losses in months. Over the past week, investors
sold
stocks
as
disappointing
earnings
results
from
companies
such
as
Apple
Inc. AAPL, +0.34% Caterpillar CAT, -0.22% and IBMIBM, -0.77% as well as a dramatic selloff in
commodities, brought back concerns over slowing growth in the global economy.
The S&P 500 closed, lower at 2,079.65, booking a 2.2% weekly loss. The weekly decline for the benchmark
was the steepest since March. The Nasdaq Composite dropped 1.1%, to 5,044, ending the week with a
1.65% weekly loss. The Dow Jones Industrial Average dropped 1.7%, to 17,568.53 weekly loss.

Category Name

1 Week
Absolute

1 Month
Absolute

3 Months
Absolute

6 Months
Absolute

1 Year
CAGR

3 Years
CAGR

Arbitrage Funds

0.12

0.48

1.67

3.93

7.95

8.47

Balanced - Debt

0.18

1.01

3.30

2.67

12.76

13.21

Balanced - Equity

0.91

2.09

7.10

3.80

20.22

20.67

Equity - Banking

0.85

1.03

10.27

1.42

26.75

20.77

Equity Div Yield

1.20

3.47

9.94

5.33

23.96

22.23

Equity - Infras

1.38

2.79

11.17

6.64

21.73

19.98

Equity - LARGE

1.19

2.60

9.83

3.96

22.45

21.50

Equity - MID

1.53

5.00

14.72

11.68

38.49

34.06

Equity - MULTI

1.28

3.10

10.58

5.67

25.86

24.13

Equity - SMALL

2.02

5.44

14.71

10.78

37.89

33.07

Equity - FMCG

0.35

3.30

8.76

2.79

25.19

20.25

Equity - Infotech

0.53

5.57

8.34

-1.45

17.04

27.61

Equity - Pharma

2.61

3.58

10.99

16.64

45.64

34.45

ELSS

1.42

2.99

10.61

5.36

25.26

24.63

Gold ETFs

0.60

-5.89

-8.11

-11.25

-13.65

-7.16

Gilt Funds

0.10

0.56

1.50

1.30

12.57

8.94

Income Funds

0.11

0.70

1.87

2.52

10.58

8.66

Liquid Funds

0.14

0.63

1.93

3.96

8.21

8.47

MIP

0.37

1.08

3.30

3.10

12.50

10.61

Short Term Income

0.13

0.78

2.26

3.94

9.67

9.00

Note: Trailing Returns up to 1 year are absolute and over 1 year are CAGR. NAV/index values are as on Aug 07, 2015.

RETAIL RESEARCH

G sec Markets

10 Year G sec Benchmark move:

Indian bond yields ended almost flat during the week ended August 07, 2015.
The G sec market open on Monday on firm note tracking decline in crude oil prices and US treasury yields.
Expectation of favorable guidance from the RBI at its policy review on August 4 also provided bonds
support. However, IMDs monsoon forecast checked the bond prices. The weather research agency said
the Aug-Sep rainfall was seen at 84% of the long period average and that there was 72% probability of El
Nino conditions becoming strong during the period.
Prices of the Government bonds ended slightly lower on Tuesday as sentiment for dated securities was
dented slightly by the RBIs monetary policy announcement, in which the banking regulator decided to
keep interest rates on hold.
The key policy rate (repo) kept unchanged at 7.25%. The central bank indicated that future rate actions
would be dependent on fuller policy transmission by banks development in food prices and their
management, supply side measures, and normalisation of policy in the US. The RBI said that the banks
have passed on an average 0.3% interest rate cut as against RBI's 0.75% rate cut since January and
worried about the new investment demand emanating from private sector and government remains
subdued.

Liquidity:

Prices of the Government bonds ended steady on Wednesday due to range-bound activity and a lack of
firm buying interest in the market. G sec market ended higher on Thursday tracking fall in crude oil prices.
However, concerns over weekly bond auction checked the bond prices.
G sec prices ended marginally lower on Friday as the market witnessed range-bound activity ahead of
fresh cues awaited from the release of U.S non-farm pay roll data.
Hence, the yields of the new 10-Year benchmark 7.72% GS 2025 closed flat at 7.81% (Rs. 99.39) on Friday
against the last week close of 7.81%.
Debt Securities Benchmarks watch

Outlook for the week

We feel that the new 10-year G Sec yields could trade in the 7.70% - 8.00% band for the week.

Liquidity, Call & CBLO

The RBI infused average gross liquidity via Repo under LAF window worth Rs. 2,390 Cr in this week
compared to an infusion of Rs. 4,996 Cr in previous week.
The Call rate ended at 7.25% versus 7.09% compared to previous weeks closing. The CBLO ended at
5.50% compared to 7.05% in the previous week.

RETAIL RESEARCH

Debt (%)

07-Aug

31-July

Change (bps)

Call Rate

7.25

7.09

+16

CBLO

5.50

7.05

-155

Repo

7.25

7.25

Reverse Repo

6.25

6.25

10 Year G sec

7.81

7.81

LIBOR UK

0.58

0.58

LIBOR USA

0.30

0.30

LIBOR Europe

-0.02

-0.02

T Bill
The 91-Days T-Bill auction worth Rs 8,000 crore was fully subscribed (7.44% of cut off yield). The 364-Days
T-Bill auction worth Rs 6,000 crore was also fully subscribed (7.58% of cut off yield). The RBI announced
91 Day T-bill auction and 364 Day T-bill auction for notified amount of Rs 8,000 and Rs 6,000 Cr
respectively to be held on 12-Aug-15.

Corporate Debts
The 10 year AAA bond ended at 8.43% compared to 8.41% in previous week. The 1 year AAA bond yield
was seen trading at 8.17% compared to 8.12% in the previous week.

Currency
The USD appreciated against the Euro by 0.55% for week ended 07th August, 2015.
The dollar appreciated against the yen by 0.68% for the week.
The USD appreciated against the pound by 0.70% for the week.

Gold & Crude oil

International crude oil prices (WTI) ended negative at 6.90% for the week ended 07th August, 2015 to
close at USD 43.87 per barrel. International gold prices rose 0.86% for the week ended 07th August, 2015
to close at USD 1094.1 per troy ounce.

10 Yr G sec Benchmark Yields Movements in last one month.

RETAIL RESEARCH

AAA Corporate Bond Spread over Gsec:

Security

AAA Corporate Bond Spread over Gsec

07-Aug

1 Year
3 Year
5 Year
10 Year

31-July

46
26
43
48

38
17
40
45

Date of Auction

Value (Rs. Crs)

12-Aug-15
12-Aug-15

8,000
6,000

Forthcoming Auctions;
Security
91 D T Bill
182 D T Bill

Certificates of Deposits:
Maturity

07-Aug

31-July

3 Months
6 Months
1 Year

7.45
7.70
7.95

7.55
7.75
7.95

Commercial Papers:
Maturity

07-Aug

31-July

3 Months
6 Months
1 Year

7.80
8.20
8.60

7.70
8.00
8.45

Commodity Update:
Commodity

07-Aug

31-July

Change (%)

NYMEX Crude Oil ($/bbl)

Gold (oz/$)

43.87
1094.10

47.12
1094.90

-2.12
+0.86

MF Scheme Analysis

DSP BR Focus 25 Fund

Inv e s t m e nt Inf o rm a t io n

F und O bje c t iv e / M is s io n
To generate lo ng-term capital gro wth fro m a po rtfo lio o f equity and
equity-related securities including equity derivatives. The po rtfo lio will
largely co sist o f co mpanies, which are amo ngst the to p 200 co mpanies
by market capitalisatio n. The po rtfo lio will limit expo sure to co mpanies
beyo nd the to p 200 co mpanies by market capitalizatio n upto 20% o f the
net asset value. The Scheme will no rmally ho ld equity and equity-related
securities including equity derivatives, o f upto 25 co mpanies.

Open Ended

T o tal Sto cks:

La unc h D a t e

23-A pr-2010

T o t a l S e c t o rs :

F und M a na ge r
B e nc hM a rk

P / E R a t io :

S&P B SE Sensex

P / B R a t io :

NA

M a x.E xit Lo a d ( %)

25
16
29.69
14.47

A v g. M a rk e t C a p ( R s . c r)

1% if redeemed within 1yr.

104317

O n ( 0 6 - A ug- 2 0 15 )

5 - Y e a rs H is t o ry

DSP B lackRo ck A sset M anagement Co mpany Ltd

F ina nc ia l Y e a r

M afatlal Centre,10th Flo o r,Nariman P o int, M umbai

400 021.

NA V in Rs.(as o n 31st M arch)

2 0 14 - 2 0 15

2 0 13 - 2 0 14

17.73

Net A ssets (Rs. cro res)

www.dspblackro ck.co m

We bs it e :

Harish Zaveri

M a x.E nt ry Lo a d ( %)

F und H o us e D e t a ils
A M C N ame:
A ddre s s :

F und S t ruc t ure

S c he m e

358.01

2 0 12 - 2 0 13

2 0 11- 2 0 12

10.08

9.70

233.06

299.84

481.47

Returns (%)

55.88

12.24

3.91

CNX NIFTY Returns (%)

26.33

17.53

7.31

13/(141)

116/(127)

Catego ry Rank

F ina nc ia l D e t a ils

2 0 10 - 2 0 11*

11.39

10.51
712.46

-8.38

5.11

-9.11

42/(62)

10.27

36/(59)

NA

Q ua rt e rly P e rf o rm a nc e - La s t 5 ye a rs

A UM A s O n ( 3 0 - J un- 2 0 15 ) R s .C r

466.90

F ina nc ia l Y e a r

N A V a s o n ( 0 5 - A ug- 2 0 15 ) R s .

18.4310

2015-2016

-01.67

NA

NA

NA

1000

2014-2015

21.32

08.73

09.73

06.98

Lum ps um

M in Inv e s t m e nt ( R s .)

S IP

Q1

Q2

Q3

Q4

500

2013-2014

-01.84

-03.78

13.07

02.98

N A V ( 5 2 We e k H igh) {2 0 - J ul- 2 0 15 }

18.52

2012-2013

-05.80

09.62

09.82

-10.37

( 5 2 We e k Lo w) {0 8 - A ug- 2 0 14 }

13.6290

-09.30

-10.43

2011-2012

01.27

T o p 10 C o m pa nie s
N ame

M a rk e t C a pit a lis a t io n

A s s e t C o m po s it io n

MCAP %

Asset %

11.21

HDFC B ank Ltd

7.62

B harat P etro leum Co rpo ratio n Ltd

7.10

Tata Co nsultancy Services Ltd

6.22

Sun P harmaceuticals Industries Ltd

6.04

M aruti Suzuki India Ltd

5.58

60

B ritannia Industries Ltd

5.10

40

Cummins India Ltd

4.94

State B ank o f India

4.68

A xis B ank Ltd

4.65

Larsen & To ubro Ltd

100

Debt
6%

80

Cash
-4%

Equity
90%

20

2.75

Mid

Small

0
Large

3.99

97.25

*LargeCap- >Rs. 10,000 cro res; M idCap- between Rs.1,000 cro res to Rs.10,000 cro res; SmallCap- <Rs.1,000 cro res.
S IP - Inv e s t e d R s . 5 ,0 0 0 E v e ry M o nt h
T o tal
Inv e s t m e nt
( R s .)

P e rio d

S c he m e ( R s .)

T o p 10 S e c t o rwis e H o ldings

N ame

B e nc hM a rk

1Year

60,000

60,707

57,986

3 Years

180000

2,66,359

2,37,664

A uto mo bile

5 Years

3,00,000

4,86,322

4,36,836

10 Years

6,00,000

NA

NA

Wha t s In Wha t s O ut ( F ro m P re v io us M o nt h)
C o m pa ny

Secto r

In

Out

No Change/%age change

RETAIL RESEARCH

23/(91.71%)

0
1
16/(91.71%)

B anks

S c he m e P e rf o rm a nc e ( A s O n 8 / 5 / 2 0 15 )

P e rio d

R e t urns [ %)

S &P B S E
S e ns e x

R a nk

20.27

3 M o nth

7.86

2.85

11/(72)

18.91

6 M o nth

6.18

-2.18

10/(72)

Refineries

09.83

1Year

31.79

8.94

6/(67)

P harmaceuticals

07.18

3 Year

26.24

17.92

10/(64)

Cement

06.45

5 Year

11.82

9.20

26/(55)

FM CG

06.39

Since Inc

12.59

IT - So ftware

06.22

Capital Go o ds-No n Electrical Equipment

04.94

R2

0.73 Std Dev (mo nthly)

4.64

Infrastructure Develo pers & Operato rs

03.99

B eta

Fertilizers

02.93

V o la t ilit y M e a s ure s

1.00 Sharpe

0.03

Key Points

Unit Growth of investments Vs. Benchmark (Rebased to 100)

DSP BR Focus 25 Fund is a scheme from Equity Diversified Large cap category has showed better
performance in the recent periods. The scheme has showed better performance among peers during the
period wherein the mid-cap stocks witnessed rally with concentrated large-cap investment strategy that
has helped the scheme generating relatively better alpha.
The scheme registered +32%, +26% and +12% of compounded returns for the one, three and five year
periods while the benchmark S&P BSE Sensex posted +9%, +18% and +9% of returns respectively. Over
the same period, the category clocked +21%, +22% and +12% of CAGR returns respectively.
A focused strategy allows the fund manager to allocate a higher proportion of the fund to high conviction
& large-cap stocks which are the form and part of S&P BSE Sensex index.
The concentrated large-cap portfolio could bodes well especially during market rise and generates a
greater alpha. On the other hand, they tend to generate underperforming returns during market
corrections. However, the concentration risk is mitigated by consciously investing in companies with
superior managements and stable cash flows. Investors need to watch the performance of the scheme
during market down turns.
The fund manager follows a bottom-up stock selection approach and currently focuses on companies
which benefit from operating leverage. The fund manager follows buy and hold strategy as its turnover
ratio stood at 67%. The portfolio has been churned moderately in last one year period as the scheme
added 11 new stocks and exited from 15. That reflects in the turnover ratio which has been at 33%.
HDFC Bank, BPCL and TCS Ltd are the stocks topped in its latest portfolio having weights of 7.62%, 7.10%
and 6.22% to its net assets respectively. The expense ratio of 2.90% for the scheme is higher compared to
the category (the category average has been at 2.64%).
Rating agencies like Value research & Crisil assigned 3 star and CPR 3 respectively for the scheme.
These reflect above average performance of the scheme on generating high-risk adjusted returns.
The scheme is managed by Mr. Harish Zaveri since Dec 2014. The corpus of the scheme as per latest data
was at Rs. 467 crore.
As far as risk measures are concerned, the scheme seems to be higher risky in the category given its
concentrated investment strategy. The scheme has generated 4.64% (category 4.26%) of Standard
Deviation that calculated from the monthly returns over the last three-year NAV history.

RETAIL RESEARCH

Fund Performance Vis-a-vis Benchmark (Excess return):

Mutual Fund ready reckoner:

Equity - Diversified - Large CAP
5 Year
Return Since
Return
Inception

NAV
(Rs)

Fund Size
(Crs. Rs)

1 Year
Return

3 Year
Return

Birla Sun Life Frontline Equity - Plan A (G)

INF209K01BR9

167.50

9364

19.03

26.52

14.49

HDFC Equity Fund - (G)

INF179K01608

477.37

18032

11.86

23.41

ICICI Pru Focused Bluechip Equity Fund (G)

INF109K01BL4

30.02

9107

16.09

Reliance Top 200 Fund (G)*

INF204K01562

24.90

1386

DSP BR Focus 25 Fund (G)*

INF740K01532

18.16

UTI-Top 100 Fund (G)*

INF789F01869

50.61

Scheme Name

Top holdings

Crisil
Rank

Value Research
Rating

Risk
Grade

Return
Grade
Above
Average

24.40

ICICI Bank, HDFC Bank, Axis

RIL & Infosys

CPR 2

4 Star

Average

12.67

20.67

SBI, ICICI Bank, Infy, L&T &

Maruti Suzuki

CPR 3

2 Star

High

Average

23.73

14.62

16.56

HDFC Bank Ltd, Infosys Ltd, ICICI Bank

Ltd, Axis Bank & HCL Tech

CPR 2

5 Star

Below
Average

High

23.66

26.23

14.63

12.14

HDFC Bank, Tata Motors, ICICI Bank,

Maruti Suzuki Ind & L&T

CPR 3

3 Star

Above
Average

Above
Average

467

28.63

26.17

11.67

12.35

HDFC Bank, BPCL, TCS, Sun Pharma &

Maruti Suzuki India

CPR 3

3 Star

Above
Average

Average

854

21.62

22.67

13.08

12.96

HDFC Bank, Axis Bank, Infosys, ICICI

Bank & TCS

CPR 2

4 Star

Low

Above
Average

Top holdings

Crisil
Rank

Value Research
Rating

Risk
Grade
Below
Average

Return
Grade

*-Recent performance of these schemes is good. Need to watch longer term performance.
Equity - Diversified - Multi CAP
5 Year
Return Since
Return
Inception

NAV
(Rs)

Fund Size
(Crs. Rs)

1 Year
Return

3 Year
Return

Franklin India High Growth Companies (G)

INF090I01981

30.38

2934

37.19

36.30

19.15

14.90

HDFC Bank, SBI, Maruti Suzuki , Axis

Bank & Idea Cellular

CPR 1

5 Star

Reliance Equity Opportunities Fund (G)

INF204K01489

76.05

11319

23.61

26.82

16.98

21.70

HDFC Bank, Divi's Lab, SBI, Bharat

Forge & Cummins India

CPR 2

3 Star

Average

Average

NAV
(Rs)

Fund Size
(Crs. Rs)

1 Year
Return

3 Year
Return

5 Year
Return

Return Since
Inception

Top holdings

Crisil
Rank

Value Research
Rating

Return
Grade

Reliance Small Cap Fund (G)

INF204K01HY3

25.52

1604

31.67

39.42

21.28

Vindhya Tele, Orient Cement, HDFC

Bank, LG Balak & Kalpataru Power

CPR 3

3 Star

Risk
Grade
Above
Average

ICICI Pru Value Discovery Fund (G)

INF109K01AF8

117.07

9770

26.86

33.09

19.86

25.21

ICICI Bank, HDFC Bank, RIL, Mahindra

& Mahindra & Wipro

CPR 2

4 Star

Low

Above
Average

Religare Invesco Mid N Small Cap

INF205K01DN2

36.70

439

33.65

36.56

21.63

20.12

Dish TV India, DB Corporation, Biocon,

Aditya Birla Nuvo & Sanofi Ind

CPR 3

4 Star

Below
Average

Above
Average

NAV
(Rs)

Fund Size
(Crs. Rs)

1 Year
Return

3 Year
Return

Equity - Tax Planning

5 Year
Return Since
Return
Inception

Top holdings

Crisil
Rank

Value Research
Rating

Risk
Grade

Return
Grade

31.32

5437

30.76

35.22

21.87

HDFC Bank, Kotak Mahindra Bank,

CPR 1

5 Star

Low

High

Scheme Name

High

Equity - Diversified - Mid n Small CAP

Scheme Name

Scheme Name
AXIS Long Term Equity Fund (G)
INF846K01131

RETAIL RESEARCH

22.75

High

TCS, Sun Pharm & HDFC Ltd

Reliance Tax Saver Fund - (G)
INF204K01GK4

47.00

4393

22.10

30.52

17.87

17.02

NAV
(Rs)

Fund Size
(Crs. Rs)

1 Year
Return

3 Year
Return

5 Year
Return

Return Since
Inception

HDFC Balanced Fund (G)

INF179K01392

108.96

4121

18.99

23.00

15.82

Tata Balanced Fund - Plan A (G)

INF277K01303

172.39

3733

26.28

25.71

HDFC Balanced Fund (G)

INF179K01392

108.96

4121

18.99

23.00

NAV
(Rs)

Fund Size
(Crs. Rs)

Reliance Monthly Income Plan (G)

INF204K01FD1

33.67

2633

HDFC Monthly Income Plan - LTP (G)

INF179K01AE4

35.15

3815

10.70

12.46

9.83

NAV (Rs)

Fund Size
(Crs. Rs)

1 Year
Return

2 Year
Return

3 Year
Return

28.32

18718

8.79

9.27

3172.16

1692

8.74

NAV
(Rs)

Fund Size
(Crs. Rs)

ICICI Pru Flexible Income Plan - Regular (G)

INF109K01746

270.42

IDFC Ultra Short Term Fund (G)

INF194K01FU8

TVS Motor Co, SBI, Tata Steel, ACC &

BHEL

CPR 2

4 Star

High

High

Top holdings

Crisil
Rank

Value Research
Rating

17.42

ICICI Bank, Infy, HDFC Bank, SBI

& L&T

CPR 2

4 Star

Risk
Grade
Below
Average

Return
Grade
Above
Average

16.59

17.28

Eq: Axis Bank, HCL Technologies,

HDFC Bank, Glenmark Pha & Infosys

CPR 1

5 Star

Below
Average

High

15.82

17.42

ICICI Bank, Infy, HDFC Bank, SBI

& L&T

CPR 2

4 Star

Below
Average

Above
Average

Crisil
Rank

Value Research
Rating

CPR 2

4 Star

Risk
Grade
Above
Average

Return
Grade
Above
Average

Eq: SBI, Infy, ICICI Bank, L&T. Debt:

TATA Power, Hindalco Inds

CPR 3

2 Star

High

Above
Average

Return Since
Inception

Top Holdings

Crisil
Rank

Value Research
Rating

9.06

7.30

CP: National Bank Agr. Rur. Devp, CD:

National Bank Agr. Rur, Union Bank.

CPR 2

3 Star

Risk
Grade
Below
Average

Return
Grade
Above
Average

9.25

9.00

7.37

CP: M&M Financial Services, Kotak

Mahindra Prime, PFC, CD: SIDBI 2014

CPR 2

4 Star

Below
Average

Above
Average

1 Year
Return

2 Year
Return

3 Year
Return

Return Since
Inception

Top Holdings

Crisil
Rank

Value Research
Rating

12295

9.22

9.84

9.41

8.06

CD: NABARD, Canara Bk, T Bill, CP:

HDFC, Debt: TCFSL

CPR 3

3 Star

Risk
Grade
Below
Average

Return
Grade
Above
Average

20.08

2582

9.16

9.80

9.37

7.60

Bonds: PFC, LIC Housing Fin, CD: IDBI,

ING Vysya

CPR 4

3 Star

Average

Average

NAV

Fund Size

1 Year

2 Year

Top Holdings

Crisil

Value Research

Risk

Return

Hybrid - Equity Oriented (Atleast 60% in equity)

Scheme Name

Scheme Name

Hybrid - Monthly Income Plan - Long Term (About 15% to 20% in equity)
1 Year
3 Year
5 Year
Return Since
Top holdings
Return
Return
Return
Inception
Eq: Sundaram-Clayton, Federal Mogul
13.64
12.40
9.97
11.06
Goetze, HDFC Bank. CP: PFC
11.46

Liquid Funds
Scheme Name
HDFC Liquid Fund (G)
INF179K01KG8
SBI Magnum InstaCash - Cash Plan
INF200K01LJ4

Ultra Short Term Funds

Scheme Name

Short Term Income Funds

Scheme Name

RETAIL RESEARCH

3 Year

Return Since

(Rs)

(Crs. Rs)

Return

Return

Return

Inception

Rank

Rating

CPR 1

3 Star

Grade
Above
Average

Grade

Birla Sun Life Treasury Optimizer - Ret (G)

INF209K01LT4

265.79

4643

10.45

10.96

10.01

7.64

Bonds: PFC, LIC Housing Fin, Tata

Capital Fina, Bajaj Finance

Franklin India Short Term Income (G)

INF090I01304

2948.10

11219

10.99

11.26

10.15

8.35

PTC: 11.85% Adani Enterprises. Debt:

Dewan Housing Fin

CPR 2

4 Star

Average

NAV
(Rs)

Fund Size
(Crs. Rs)

1 Year
Return

2 Year
Return

Income Funds
3 Year
Return Since
Return
Inception

Top Holdings

Crisil
Rank

Value Research
Rating

Risk
Grade

Birla Sun Life Medium Term Plan (G)

INF209K01603

17.49

4207

10.65

11.37

10.76

9.22

Debenture: DLF, Tata Mot, IL&FS

Transport, RHC Holdings

CPR 4

4 Star

Low

Franklin India Corporate Bond Opportunities

(G) INF090I01ET7

14.47

8788

10.68

11.50

10.13

10.71

Debenture: 10.55% JSW Steel, 8.96%

Dolvi Minerals, 12.33% Rel Com.

CPR 3

5 Star

Below
Average

Above
Average

Scheme Name

NAV
(Rs)

Fund Size
(Crs. Rs)

1 Year
Return

2 Year
Return

3 Year
Return

Top Holdings

Crisil
Rank

Value Research
Rating

Return
Grade

SBI Magnum Gilt Fund - Long term (G)

INF200K01982

30.36

1578

14.44

12.05

11.50

7.92

8.32% GOI 2032, 9.23% GOI 2043,

9.2% GOI 2030, 8.17% GOI 2044

CPR 1

5 Star

Risk
Grade
Below
Average

Sundaram Gilt Fund - (G)

INF903J01FA6

23.62

50

8.88

10.70

13.19

6.22

8.83% GOI 2023, 8.28% GOI 2027,

8.6% GOI 2028 & 8.15% GOI 2026

5 Star

Low

High

Scheme Name

Notes:

Gilt Funds
Return Since
Inception

High
Above
Average

Return
Grade
Above
Average

High

NAV value as on July 24, 2015. Portfolio data as on June 2015.

Returns are trailing and annualized (CAGR).
The notations '5 Star & CPR 1' (used by VR &Crisil respectively) are considered as top in respective rating and ranking scales.
The performance of the funds are rated and classified by Value Research in the following ways. Top 10% funds in each category were classified ***** funds, the next 22.5% got a **** star,
while the middle 35% got a ***, while the next 22.5% and bottom 10% got ** and * respectively.
The criteria used in computing the CRISIL Composite Performance Rank are Superior Return Score, based on NAVs over the Quarter Ended March 2015, Based on percentile of number of
schemes considered in the category, the schemes are ranked as follows: CPR 1- Very Good performance, CPR 2 - Good performance, CPR 3 - Average performance, CPR 4 - Below average and
CPR 5 - Relatively weak performance in the category.
Schemes shortlisted based on the corpus and age. Final picks arrived from return score (respective weightage given for rolling returns for 1m, 3m, 6m, 1yr, 2yr & 3yr) and risk score. Schemes
from Quantum, Mirae and JM Mutual Funds have not been considered.
* - Recent performance of these schemes is good. Need to watch longer term performance.

RETAIL RESEARCH

NFO:
Scheme name

Open Date

Close Date

Tenure

Minimum Investments

ICICI Pru Capital Protection Orient. VIII-I Reg(G)

08-08-2015

22-08-2015

1290 Days

5000

ICICI Pru Capital Protection Orient. VIII-H Reg(G)

04-08-2015

18-08-2015

1105 Days

5000

AXIS Hybrid Fund - Series 25 (G)

07-08-2015

17-08-2015

1278 Days

5000

AXIS Equity Saver Fund (G)

27-07-2015

10-08-2015

ICICI Pru Capital Protection Orient. VIII-G Reg(G)

25-07-2015

08-08-2015

1101 Days

5000

Reliance Dual Advantage FTF - VIII - Plan B (G)

14-08-2015

28-08-2015

1099 Days

5000

Reliance Fixed Horizon - XXIX - Sr.3 (G)

12-08-2015

25-08-2015

1113 Days

5000

SBI Dual Advantage Fund - Series X (G)

29-07-2015

12-08-2015

1111 Days

5000

Reliance Fixed Horizon - XXIX - Sr.2 (G)

06-08-2015

12-08-2015

1111 Days

5000

Birla Sun Life FTP - Series MW (G)

07-08-2015

12-08-2015

1100 Days

5000

ICICI Pru FMP - Series 77 - 1170Days Plan Q-Reg(G)

06-08-2015

12-08-2015

1170 Days

5000

UTI-FTI - Series XXII - XIII(1100Days)-Reg (G)

28-07-2015

11-08-2015

1100 Days

5000

HDFC FMP - 1134Days-Aug 2015(1)(XXXIV) (G)

05-08-2015

11-08-2015

1134 Days

5000

Religare Invesco FMP - Sr.XXVI - Plan D (G)

28-07-2015

11-08-2015

1098 Days

5000

Balanced:

5000

Fixed Maturity Plans:

Mutual FundNEWS:
Change in Name of Tata Tax Saving Fund: Tata Mutual Fund has decided to change the name of Tata Tax
Saving Fund to Tata Long Term Equity Fund with effect from 10th August, 2015.
Change in Fundamental Attributes of HSBC Progressive Themes Fund: HSBC Mutual Fund has made the
following changes in the fundamental attributes of HSBC Progressive Themes Fund with effect from
September 14, 2015. Name of Scheme: The revised name of the scheme is HSBC Infrastructure Equity
Fund. Type of Scheme: The type of scheme has been changed from open-ended flexi-theme equity
scheme to open-ended equity scheme.

RETAIL RESEARCH

Dividend
Scheme Name
Sundaram Select Micro Cap - Sr.I (D)
Sundaram Select Micro Cap - Sr.V (D)
Sundaram Select Micro Cap - Sr.II (D)
Sundaram Select Micro Cap - Sr.VI (D)
Sundaram Select Micro Cap - Sr.IV (D)
Sundaram Select Micro Cap - Sr.III (D)
Sundaram Select Micro Cap - Sr.VII (D)
UTI-Wealth Builder Fund - Sr.II (D)
ICICI Pru R.I.G.H.T. Fund (D)
BNP Paribas Dividend Yield Fund (D)
Canara Robeco F.O.R.C.E. Fund (D)
Birla Sun Life New Millennium Fund (D)
IDFC Equity Opportunity - Series 3 (D)

Record Date
07-08-2015
07-08-2015
07-08-2015
07-08-2015
07-08-2015
07-08-2015
07-08-2015
03-08-2015
31-07-2015
31-07-2015
31-07-2015
31-07-2015
30-07-2015

Gross (%)
5.00
5.00
5.00
5.00
5.00
5.00
5.00
27.50
21.50
1.00
13.00
20.00
15.00

Ex-Dividend Date
10-08-2015
10-08-2015
10-08-2015
10-08-2015
10-08-2015
10-08-2015
10-08-2015
04-08-2015
03-08-2015
03-08-2015
03-08-2015
03-08-2015
31-07-2015

Global Updates:
India:

Central Board of Direct Taxes raises cost inflation index by 5.57% to 1081 for fiscal year 2016.
Indian companies raised about $3.16 bn in foreign borrowing in June, a rise of 67% over the same month last year.
Indias core sector growth slipped to 2.4% in June after hitting a six May mainly on account of contraction in crude oil and natural gas production.
India's fiscal deficit reached Rs 2.87 lakh cr during April current fiscal.
Government to infuse Rs 70000 cr in public sector banks over four years to address the issue of bad loans.

Asia:

Japans retail sales rose 0.9% in the year to June, compared with a 3% rise in May.
Japans industrial production rose 0.8% from the previous month in June, compared with a 2.1% decline in May.
Japans core consumer price index rose 0.1% in June from a year earlier, flat from the previous months reading
Japan's unemployment rate rose to 3.4% in June, up 0.1% from May.

(Source: AMC Newsletters)

US:

US flash services Purchasing Managers Index rose to 55.2 in July from the final 54.8 reading in June.
Pending home sales unexpectedly fell 1.8% in June, the first drop this year, after a revised 0.6% increase in May.
The US economy expanded 2.3% annually in the second quarter compared to a revised growth of 0.6% in the first quarter
Initial jobless claims increased by 12,000 to a seasonally adjusted 267,000 in the week ended July 25.
US Employment Cost Index edged up 0.2% in the second quarter, the smallest gain since the series started in the second quarter of 1982, and following an unrevised 0.7% increase in the first
quarter.
US University of Michigan consumer sentiment index fell to 93.1 in July from 96.1 in June

The UK economy expanded at an annualized pace of 2.6% in the second quarter, compared to 2.9% growth in the previous quarter.
UK net consumer credit increased by 1.22 bn pounds in June compared to 1.057 bn pounds in May.
UK GfK consumer confidence index fell to 4 in July compared with 7 in June.

UK:

Euro Zone:

Euro zone economic sentiment index came in at 104 in July compared to 103.5 in June; the consumer confidence index fell to -7.1 in July from -5.6 a month ago.

Euro zones annual inflation was 0.2% in July, the same as in June.

Euro zones seasonally-adjusted unemployment rate was 11.1% in June, stable compared with May, and down from 11.6% in June 2014.

RETAIL RESEARCH

Economic Calendar:
Date

Country

08-06-2015

US

08-06-2015

US

08-06-2015

US

08-07-2015
08-07-2015

Event

Period

Frequency

Unit

Chain Store Sales

Jul, 2015

Monthly

Jobless Claims (New Claims - Level)

wk8/1, 2015

Weekly

Bloomberg Consumer Comfort Index (Level)

wk8/2, 2015

Weekly

US

Fed Balance Sheet (Level)

wk8/5, 2015

Weekly

4.49

US

Employment Situation (Nonfarm Payrolls - M/M change)

Jul, 2015

Monthly

223000

08-10-2015

India

OECD composite leading indicator for India

Jun

Monthly

99.5

08-11-2015

US

Redbook

wk8/8, 2015

Weekly

08-12-2015

Japan

BoJ MPB Minutes

Jan, 2015

Monthly

08-12-2015

India

91 day T- Bills auction of Rs 80 bln (cut-off yld)

08-12-2015

India

Reserve Money (change on year)

08-12-2015

India

182 day T-Bills auction of Rs 60 bln (cut-off yld)

08-12-2015

UK

Labour Market Report (Claimant Count)

Jul, 2015

08-12-2015

European Monetary Union

Industrial Production (Year over Year)

08-12-2015

India

13-08-2015

Previous
267
40.5

Weekly

pct

7.44

Weekly

pct

10.21

Fortnightly

pct

7.53

Monthly

Percent

2.3

Jun, 2015

Yearly

Percent

1.6

IIP (YoY Chg)

Jun

Monthly

pct

2.7

US

Jobless Claims

wk8/8, 2015

Weekly

13-08-2015

US

Bloomberg Consumer Comfort Index

wk8/9, 2015

Weekly

13-08-2015

US

EIA Natural Gas Report

wk8/7, 2015

Weekly

14-08-2015

US

Fed Balance Sheet

wk8/12, 2015

Weekly

14-08-2015

US

Money Supply

wk8/3, 2015

Weekly

14-08-2015

India

Foreign merchandise trade Exports (YoY Chg)

Jul

Monthly

14-08-2015

India

WPI Inflation (YoY Chg) New Series (Base 2004-05)

Jul

Monthly

pct

14-08-2015

Germany

GDP Flash (Year over Year)

Q2, 2015

Yearly

Percent

14-08-2015

France

GDP Flash (Quarter over Quarter)

Q2, 2015

Quarterly

Percent

0.6

14-08-2015

European Monetary Union

HICP (Month over Month)

Jul, 2015

Monthly

Percent

14-08-2015

European Monetary Union

GDP Flash (Quarter over Quarter)

Q2, 2015

Quarterly

Percent

0.4

14-08-2015

European Monetary Union

HICP (Year over Year)

Jul, 2015

Yearly

Percent

0.2

14-08-2015

US

Consumer Sentiment

Aug, 2015

Monthly

14-08-2015

India

WMA (ways and means advance) - to central govt

Wk to Aug 7

Weekly

Rs bln

14-08-2015

India

WMA (ways and means advance) - to state govts

Wk to Aug 7

Weekly

Rs bln

14-08-2015

India

FX reserve (change on wk)

Wk to Aug 7

Weekly

$ mln

17-08-2015

India

Output of Crude oil

Jul

Monthly

mln tn

3.1

17-08-2015

India

Output of Refinery

Jul

Monthly

mln tn

18.87

17-08-2015

India

Output of Natural gas

Jul

Monthly

bln cu m

2.72

RETAIL RESEARCH

Wk to Aug 7

pct
-2.4

Economy Updates
US Dollar Vs Indian Rupee

Relationship among policy rates and benchmarks:

Indian rupee snapped 3-week losing streak against the US dollar, recovered by 32 paise
to close at 63.81 per dollar on fresh selling by banks and exporters on the back of good
foreign capital inflows into equity market.

The Wholesale Price Index (WPI) based inflation came in at -2.40 for the month of June
2015. It has been in the negative zone for the last eight months. On the other hand, the
Consumer Price Index based inflation data (CPI), showed retail inflation rose 5.4% in June. In
its policy meet held on June 04, the RBI cut repo rate by 25bps to 7.25% and expressed its
concerns over the upside risks to inflation due to uncertainty on the monsoon front.

WPI Inflation (YoY)

Deposit vs. Advance Growth (YoY)%

Inflation, as measured on the Wholesale Price Index (WPI) came in at -2.40 for the
month of June 2015, it has been in the negative zone for the last eight months. Build up
in inflation rate in the financial year so far was 1.42 per cent compared to a buildup rate
of 1.50 per cent in the corresponding period of the previous year.

The y-o-y growth in scheduled commercial bank (SCB) credit remained stagnant at 9.4 per
cent in the fortnight ended 24 July 2015. The outstanding SCB credit decreased by Rs.144.1
billion to Rs.65.6 trillion. The food and non-food credit stood at Rs.1.1 trillion and Rs.65.5
trillion, respectively, as on 24 July 2015. The SCB deposit base increased by Rs.10.5 billion to
Rs.88.8 trillion during the fortnight. The y-o-y growth in total deposits improved marginally
to 11.8 per cent. The demand deposit and time deposit stood at Rs.8 trillion and Rs.81
trillion, respectively, as on 24 July 2015.

RETAIL RESEARCH

Money Stock (M3) (YoY) (%)

Corporate Bonds Spread Vs Gilt Securities:

Money supply (M3) or broad money fell by Rs.47.2 billion to Rs.109.4 trillion during the
fortnight ended 24 July 2015. Out of the components of M3, demand deposits with the banks
rose by Rs.123.1 billion to Rs.9 trillion and time deposits contracted by Rs.104.8 billion to
Rs.86 trillion. Currency with the public fell by Rs.155.6 billion to Rs.14.2 trillion. Other deposits
with the Reserve Bank of India (RBI) grew by Rs.90.1 billion to Rs.0.2 trillion.

Corporate bond yields rose last week. The one year AAA credit spreads rose by 8 basis point
while 10 year spread rose by 3 basis points.

Foreign Exchange Reserves (mn of USD)

Liquidity support from RBI (Bn. Rs)

India's foreign exchange reserves plunging by $188 million in the week ended July 31. Its
weekly statistical supplement, showed that India's foreign exchange reserves stood at $
353,460.5 million.

The RBI infused average gross liquidity via Repo under LAF window worth Rs. 2,251 Cr in this
week compared to an infusion of Rs. 4,996 Cr in previous week. Infusions via the MSF route
averaged Rs. 4 Cr. The Call rate ended at 7.09% versus 7.12% compared to previous weeks
closing. The CBLO ended at 7.05% compared to 6.80% in the previous week.

RETAIL RESEARCH

MFs net investment in Debt (RsCrs):

Certificates of Deposit (%):

In May, MF bought debts worth Rs. 15,956 crore while In June, MF bought worth Rs.
36,331 crore. In July, MF bought debts worth Rs. 30,907 crore.

CD rates are trending marginally lower in the recent periods. The CD rates hovered around
7.95% levels (as per the latest data) (one year CD).

FIIs net investment in Debt (RsCrs):

Commercial Paper (%):

In May, FIIs sold debt worth Rs. 8,815 crore. In June, FII bought debts worth Rs. 19,331
crore. In July, FII bought debt worth Rs. 177 crore.

Rates of Commercial papers are seen trading marginally higher in the recent periods. The CP
rates are hovering around 8.6% levels (one year maturity CP).

RETAIL RESEARCH Tel: (022) 3075 3400 Fax: (022) 2496 5066 Corporate Office
HDFC securities Limited, I Think Techno Campus, Building - B, "Alpha", Office Floor 8, Near Kanjurmarg Station, Opp. Crompton Greaves, Kanjurmarg (East), Mumbai 400 042 Phone: (022) 3075 3400 Fax: (022) 2496 5066 Website: www.hdfcsec.com Email:
hdfcsecretailresearch@hdfcsec.com
Disclaimer: Mutual Funds and Debt investments are subject to risk. Past performance is no guarantee for future performance This document has been prepared by HDFC Securities Limited and is meant for sole use by the recipient and not for circulation. This document is not to be
reported or copied or made available to others. It should not be considered to be taken as an offer to sell or a solicitation to buy any security. The information contained herein is from sources believed reliable. We do not represent that it is accurate or complete and it should not be relied
upon as such. We may have from time to time positions or options on, and buy and sell securities referred to herein. We may from time to time solicit from, or perform investment banking, or other services for, any company mentioned in this document. This report is intended for nonInstitutional Clients
This report has been prepared by the Retail Research team of HDFC Securities Ltd. The views, opinions, estimates, ratings, target price, entry prices and/or other parameters mentioned in this document may or may not match or may be contrary with those of the other Research teams
(Institutional, PCG) of HDFC Securities Ltd.

RETAIL RESEARCH