10 12 14

Understanding Humour, Efficient Markets

Financial Unintended — A myth or a
Inclusion reality

VOL VI-ISSUE 4-APRIL 2010-Rs. 30-Total pgs 48

The Central Bank recognises the irony of having to resort to demand control, when the actual problem lies in the supply bottlenecks………..Read on
06
 EDITORIAL

I n the April issue of Investime, we look at some subjects that

are topical such as the credit market outlook and the issues and
opportunities around it, along with certain aspects of the new Direct
Tax Code. Here’s the first part of an article on financial inclusion,
which would help the reader understand and comprehend the matter
of financial inclusion, inclusive growth and more. Watch out for the
concluding part of the article next month. The concept of efficiency

“The continuing
problems in
Greece are causing
concerns in the
global markets.
frontier is discussed in sufficient detail in a new series of articles,
focussing on some of the basic concepts and tools. This elucidation
will help understand the positives and limitations of the concept
well. Hope you enjoy reading it!
The review of monetary policy by RBI has given clear indications
on the direction and objectives of the policy. We believe that though
While Greece is the rate could move up, it will do so gradually as we are in a normal
bleeding, in the cycle and not in a phase of secular movements in the rates. So, we
neighbourhood, may see ups and downs with the underlying upward tone intact.

“
Iceland is fuming However, liquidity and inflation expectations would finally decide
where things would settle at the end of the day. The continuing
problems in Greece are causing concerns in the global markets. While
Greece is bleeding, in the neighbourhood, Iceland is fuming. The
clouds of ash thrown out by the volcanic eruption are reflective of
the real state of affairs in a major part of Europe. The UK elections
are near. Though these issues could create occasional disturbances,
the direction and progress remains intact.

K. Joseph Thomas

APRIL 2010 Investime 3


price of the security.
n efficient capital market ex-
A ists when the current price of
The weak-form of Efficient Market
a security fully reflects all the in- Hypothesis (EMH) states that cur-
formation currently available on it rent stock prices fully reflect all
including risk associated with that
currently available security market
security. Capital Market efficiency
information and as such an inves-
is based on important assumptions
tor cannot achieve excess returns
— a) That there are a large number
using technical analysis because
of profit maximising market partici-
pants who are analysing and valuing past
securities independent of each other, will
b) That all new information comes to price
the market in a random fashion and form of
the timing of news announcements prices adjust
is independent of each other, c) The of all new
investors adjust their estimate of se- as such an
curity prices rapidly to reflect their abnormal returns
interpretation of the new information mental analysis.
received, they can either overreact or
under react and d) The expected re- reflect all information
turns completely include a risk in the and private sources,
d gF an ial
Financ ia
Und rstaanding
Unde ndin
ion
nclusio
Incl n and wonder at the joke it has been.
What is Financial Inclusion?
Financial inclusion is the delivery
of banking services at an affordable
cost (no frills accounts) to the vast
sections of disadvantaged and low
income groups. Unrestrained ac-
cess to public goods and services is
the sine qua non of an open and ef-
ficient society. As banking services
are in the nature of public good, it
is essential that the availability of
banking and payment services to
CONTENTS
SPECIAL FEATURE
CREDIT MARKET OUTLOOK
— EVOLVING ISSUES AND
OPPORTUNITIES IN FY11
prices and volume information
not be able to predict future
information, and no group of inves-
movements. The semi-strong
tors should be able to consistently
EMH states that security
achieve abnormal returns.
rapidly to the release
public information and
investor cannot achieve
using funda-
The strong-form
EMH asserts that stock prices fully
from public
such as inside
able to include a vast segment of the
the entire population without dis-
population, especially the underprivi-
crimination is the prime objective of
leged sections of the society, into the
the public policy.
fold of basic banking services. Inter-
nationally, efforts are being made
Some areas of concern
study the causes of financial exclusion
The banking industry has shown
tremendous growth in volume and
complexity during the last few de-
cades. Despite making significant
improvements in all the areas relat-
ing to financial viability, profitabil-
ity and competitiveness, there are
h t b
10 In this two-part article, Dr. ShroffUNDERSTANDING “FINANCIAL INCLUSION”
12 HUMOUR, UNINTENDED
Satheesh, in his natural style, narrates some of
14 EFFICIENT MARKETS — A MYTH OR REALITY
44 NEW DIRECT TAX CODE — A PARADIGM SHIFT
The author explains some of the important features of the
REGULARS
Printed, published and edited by Mr. K. Joseph Thomas on behalf of Aditya Birla Money Mart Limited. (Formally
known as Birla Sun Life Distribution Company Limited) Published from One India Bulls Centre, Tower 1, 14th
Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai 400 013.
Tel no: 91-22-4356 8300 Fax no. 91-22-4356 8310 and printed at Spenta Multimedia, PeninsulaSpenta,
Mathuradas Mill Compound, N. M. Joshi Marg, Lower Parel, Mumbai - 400 013. Tel. : 2481 1010.
www.spentamultimedia.com
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Email: dheeraj.prasad@adityabirla.com
Photo Courtesy: www.dreamstime.com,
DISCLAIMER CLAUSE
The information published is as per the data provided by various Mutual Funds. While utmost care has
been taken to maintain accuracy in the data, the company does not hold any responsibility for errors in the
same. The views/opinions expressed in the various articles are that of the author and the company may not
subscribe to the same either in part or in full. Any person investing on the basis of the data published in
Investime will be doing so at their own risk.
Direct
New Direct
New
Tax Code —
A Paraadigm Shift
draft of the new Direct
A The RBI knows all t
Tax Code (DTC), which
seeks to replace the existing
Income Tax Act, has been
released by the government
for public debate. The areas
where this new Code has ush-
ered in large scale changes are
in the system of house prop-
erty and capital gain taxes as
well as the transition into the
EET system of taxation. This
article examines these aspects
in detail.
First let’s look at EET. EET,
Abnormal returns imply the excess which stands for Exempt
returns over the risk-free rate and
Exempt Taxed, is a tax sys-
market premium. Abnormal Return
tem where an investment in
= Actual Returns - (Risk free rate
a savings plan is deductible
+ Beta (Market Return - Risk free
from the income. So also is
rate))
the interest earned. However,
the maturity amount is tax-
able. This is in contrast to the
earlier EEE system where the
investment, interest and the
maturity amount remained tax
free. A case in point is PPF.
Putting it differently, current-
ly all tax savings under Sec.
80C are permanent in nature.
This means that once the tax
to
is saved for that particular
year, it is saved per se. When
and designing strategies to ensure the invested amount matures,
financial inclusion of the poor and it is tax free.
disadvantaged. The reasons may vary
from country to country and hence the However, when the EET
strategy could also vary, but all efforts system is put into place,
are being made as financial inclusion permanent tax saving won’t
can truly lift the financial condition be possible This is because
explains the concept of financial
inclusion, the various aspects of it
and the evolution of the new line of
thinking
the interesting experiences with people, places
and languages
The concept of efficient market
hypothesis is elaborated in this
article for the benefit of the reader
who would like to understand the
practical applications of it, however
limited it may be
new Direct Tax Code, which is likely to be introduced from
the next financial year
EDITORIAL
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C r Is it andMOp
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arke
ar t Ou utlo k::
tlook:
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volving Issues
Evolving itie in FY11
ortunities
O portunities
Tel: 080-22269271 / 2 Fax: 080-22269026 Off. L. T. Road, Borivali (West), Mumbai - 400092.
relevance of a product, which is
wi
economy emerge off growth prospects
trends overlapping each saw the Indian the compulsion having
s the engines of the economy these two from its cyclical trough faster
A begin to hum again, the other.
emerging policy paradigm has
than was previously anticipated.
manage inflation.
Structural and sup-
Tel: 022-42441700
shifted to calibrating the inflation- Inflation: The ensuing growth in the ag-
BANGALORE - II
ary pressure; while also leading the ply
driven
demand (initially due to well that
liquidity tighte
economy to double-digit growth The
trajectory. But given the structural kharif
monsoon failure in the last gregate
season was the initial factor public
spending and later due to ing
household expenditure) Market
through OMO (Op
Operations), a
led to the spike in prices of the increased
make-up of the economy, the task that or by rate hikes, may
based on this theme, is examined
ensured that the manufacturing
may prove to be handful. agri-oriented commodities. Resul- strict credit growth a
production expands rapidly. Pret-
No. 15 & 15/1, 1st Floor, Above Nissan Motors,
tantly, the prices of the food arti- IIP aggregate demand in
same reason why
ty much the
MUMBAI - GHATKOPAR
since March ’09 saw a growth It is also cl
The huge demographic set-up, and cles a growth figure of 16.7% economy.
nearly 17.7%. For a perspec- posted the central ban
the expanding income and con- of However, this swift growth that
in the same period in FY09, YoY. recognises the irony
sumption profile of the consumers tive, the industrial production has
inflation in this segment was at in
have normally seen the aggregate the having to resort to dem
Queens Road, Bangalore - 560052.
seen the capacity utilisation
domestic demand outpace the ag- around
6.67% (see chart 1). control, though the ac
numbers expand to near peak
Neel Yog Square ,Shop No.04, R. B. Mehta Road,
gregate supply in most of the fi- and is fast approaching the problem
lies in the sup
inflationary pressure built by level
in this article
nancial years. This structural price This capacity ceiling. bottlenecks.
agri-supply squeeze was fur- saturation
tendency gets aggravated further the
accentuated by the faster than o
incase the economy witnesses an ther banker point of But the immediacy
Tel: 080-43588000 Fax: 080-43588003
growth in the Indian From the central
occasional supply disruption. The anticipated presents a pol- straining the inflatio
Ghatkopar (East), Mumbai - 400075.
The stimulus-boosted view, the situation
present inflationary cycle in the economy. dilemma of having to trade spillover
into other sec
monetary policy-led growth icy
economy is the outcome of exactly and
Hu u , Unint
mour
Hum d d
ended
Unintended
Tel: 022-42441800
BANGALORE - III
T here comes a time, now and
then, when I look back on life
ent places, to meet new folks and
learn new languages (and murder
hey, there was no looking back.
Unstoppable, that was (still is)
condition. Managed to
a conversation with a
driver and in the cou
them too in the process of learn- me... Posted to Nashik, what a
No. 68, 1st Floor, 27th Cross, 4th Block, Jayanagar,
ing them). blissful place, what weather! 24 km drive from Na
Then again, in all honesty, I also
MUMBAI - THANE
In Maharashtra, I cajoled a to Nashik City, picke
realise how lucky I have been — I
co-traveller on the train to more Marathi words
count my riches not just in money Some of my friends and acquain-
teach me to say “I do not that Marathi was a lan
(well, not too many complaints on tances may remember how truly
that score either!) but more impor- horrible my Hindi used to be (em- know Marathi.” Landing up could rival Tamil for
Bangalore - 560027.
tantly, by my circle of friends. I amphasis on ‘used to be’ here!) — it at Nashik Road Station at that inventiveness of its
Ground Floor, Konark Tower, Opp.Saibaba Temple,
blessed to have been able to count a all started right during the induc- magical hour, just before dawn though, I do think T
tion training session when in a at 4:30 a.m., I was accosted score for the sheer im
fairly good number in this list...
classroom session we took turns by several rickshaw drivers Anyway, Nashik wa
I look back and there I remember to introduce ourselves and I con-
all clamouring for my busi- place where I actually
Tel: 080-3253722 / 252
ness. Cool, confident, clearly the knowledge of my
some truly funny incidents across quered my fear of speaking Hindi.
Ghantali Road, Panchpakhadi, Thane (West),
Confidence personified, I stood up pronouncing each word, I said, er-tongue — Malaya
the years at work. while, I was staying
and said, “Meri naam Satheesh “Maala Marathi yeth nahi,”
with a gang of Ma
One of the nice things about hav- Kumar hai.”
and smiled happily — mind
called this the KGB
i t t d ith Oriental you, around that time “Maala”
BHUBANESWAR Mumbai - 400602.
Plot No-A / 160, Saheed Nagar, Bhubaneswar, Orissa - 751007. Tel: 022-67210222 / 23 / 67955457
Tel: 0674-2540035 / 3262411 / 412 (ASCIL) MUMBAI - VASHI
BHOPAL
301, Second Floor, Kay Kay Business Centre,
Plot No.133 Zone-I, M.P. Nagar, Bhopal-462011.
Shop No 29, Plot No 71, Arenja Corner Premises Co-op Society
Ltd., Sector 17, Vashi , Navi Mumbai - 400703.
Tel: 022-61379100-99
Tel: 0755-4247310 / 7311 Fax: 0755-4247309 NASHIK
CHANDIGARH - I
S-2/A Suyojit Trade Centre, 2nd Floor, Opp. Rajiv Gandhi
Bhavan, Sharanpur Road, Nashik - 422002.
S.C.O. 59-60, 2nd Floor, Sector 9D, Chandigarh - 160009.
Tel: 0253-3253043/34/3253112
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CHANDIGARH - II (WEALTH MANAGEMENT)
NOIDA
K-10,1st Floor, Sector-18, Noida, Uttar Pradesh - 201301.
S.C.O. 145-146, Sector 8-C, Madhyamarg, Chandigarh -160017.
Tel: 0120-4025900
Tel: 0172-4311559 Fax: 0172-4311571
NAGPUR
CHENNAI 202, Abhinav Arcade, 2nd Floor, Abhayankar Nagar,
42, Kuber Towers, Pantheon Road, Egmore, Chennai - 600008. Nagpur - 440010.
Tel: 044-42145711 / 46467 Fax: 044-28192923 Tel: 0712-6462898 / 99
COCHIN
2nd Floor, Thekkekara Mansions, M.G. Road,
Opp Kavitha Movie, Cochin - 682035.
PUNE
K103, ACE Buldg,1st Floor, 1187 / 61, Shivaji Nagar,
Jangli Maharaj Road, Beside Levis showroom,
Tel: 0484-2352779, 0484-2361077 Fax: 0484-2361077 Above Blue dart courier. Pune 411004
COIMBATORE Tel: 020-020-41031700 / 701 / 702, Fax : 020-41031722
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Tel: 0422-4214901 / 02 Fax: 0422-4214909 Tel: 0612-2216045 / 39
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Nagar, Dehradoon. Tel: 011-47024960/61/62 Fax: 011-47024960
DELHI - I RAIPUR
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DELHI - II
Tel: 0771-3296289/3296197
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Road, Connaught Place, New Delhi - 110001. 201, 2nd Floor, Dhanrajni Complex, Dr. Yagnik Road,
Tel: 011-46204300 Rajkot - 360001
Tel: 0281-2465748 / 49
FARIDABAD
FF-09, 1st Floor, SCO-12, Sec-16 Market, Faridabad - 121002. RAJKOT - II
Tel: 0129-4168904 / 05 / 07 303, Crystal Complex, Above HDFC Bank ,
150-Ft Ring Road, Rajkot - 360005.
INDORE Tel: 0281-3057599
312-A,City Centre, 570 M.G. Road, Indore - 452001.
Tel: 0731-2534501 / 2432364 Fax: 0731-2534501 RANCHI
INDORE - II
106, Silver Sanchora Castle, 07 RNT Marg, Indore - 452001.
Tel: 0731-4289715-20
Arjan Palace,1st Floor, Near Overbridge Main Road, Ranchi - 834 001.
Tel: 0651-6457094, 2332246 / 47
SECUNDERABAD-I
4th Floor, May Fair Complex, S. P. Road, Secunderabad - 500003.
JAIPUR
C-61, ‘A’ Paradise Building, 301-3rd Floor,
Tel: 040-66310955 / 56 / 62 Fax: 040-66337341
SECUNDERABAD-II
Sarojini Marg, C- Scheme, Jaipur - 302001.
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Begumpet, Secunderabad - 500003.
KANPUR Tel: 040-32413658 (ASCIL), 040-44608000 (BSDL)
2nd Floor, Room No-218, Krishna Tower, 15/63 Civil Lines,
Kanpur - 208001. SURAT
03 Tel: 0512-3025529 / 3024891 Fax: 0512-3025529 312, 3rd Floor, Jolly Plaza, Athwagate, Surat - 395001.
Tel: 0261-3935837
17 PORTFOLIO COMPOSITION 25 KOLKATA
J. K. Millennium Centre, 46D, J. L. Nehru Road, TRICHY
19 EQUITY FUNDS & DEBT FUNDS 33 2nd Floor, Kolkata - 700071.
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Main Street, Trichy - 620017.
Fax: 033-22882581 Tel; 0431-0431-3200111 / 2 / 3
LUCKNOW VARANASI
4 & 5, 2nd Floor, BC Tower, Shastri Nagar Crossing,
13 & 14, Ground floor, Saran Chamber II, Opposite Civil
Hospital, Park Road, Lucknow - 226001. Sigra, Varanasi - 221010.
Tel: 0542- 2222916 / 917
Tel: 0522-4154900
VADODARA (BARODA)
LUDHIANA
110,1st Floor, Sidharth Complex, R. C. Dutt Road, Alkapuri,
2nd Floor, S.C.O.-28, Feroze Gandhi Market, Ludhiana - 141001.
Vadodara - 390 009
Tel: 0161-4649672, 4649674
Tel: 0265-6646441/42
MADURAI VIJAYAWADA
R V Arcade, A R Plaza, C-1, 2nd Floor, 39-9-1, Sailok Complex, 1st Floor, Temple Street, Labbipet,
North Veli Street, Madurai - 625001. Bunder Road, Vijayawada - 520010.
Tel: 0452-3242209 Tel: 0866-6455872/3
MUMBAI - CORPORATE OFFICE (IB) VISAKHAPATNAM
One India Bulls Centre, Tower 1, 14th Floor, Jupiter Mill 1st Floor, Praveen Plaza, VIP Road, Near Tycoon Hotel,
Compound, 841, S. B. Marg, Elphinstone Road, Mumbai - 400013. Siripuram, Visakhapatnam- 530003.
Tel: 022-43568300 Fax: 022-43568310 / 11 Tel: 0891-6458112
 FEATURE Lakshmi Iyer

CREDIT MARKET OUTLOOK

Evolving Issues and Opportunities
in FY11
A
s the engines of the economy The present inflationary cycle in the
begin to hum again, the emerging economy is the outcome of exactly these
policy paradigm has shifted to two trends overlapping each other.
calibrating the inflationary pressure; while
The huge also leading the economy to double-digit Inflation: Structural and supply driven
demographic growth trajectory. But given the structural The monsoon failure in the last kharif season
make-up of the economy, the task may was the initial factor that led to the spike
set-up, and prove to be handful. in prices of the agri-oriented commodities.
the expanding The huge demographic set-up, and the Resultantly, the prices of the food articles
income and expanding income and consumption profile
of the consumers have normally seen the
since March ’09 saw a growth of nearly
17.7%. For a perspective, in the same period
consumption aggregate domestic demand outpace the in FY09, the inflation in this segment was
profile of the aggregate supply in most of the financial at around 6.67% (see chart 1).
years. This structural price tendency gets This inflationary pressure built by the
consumers aggravated further incase the economy agri-supply squeeze was further accentuated
have normally witnesses an occasional supply disruption. by the faster than anticipated growth in the
seen the
aggregate
domestic
demand
outpace the
aggregate
supply in most
of the financial
years

06 Investime APRIL 2010


As of now,
the credit
expansion
in the
economy
seems to
be well on
the path to
recovery
Indian economy. The stimulus-boosted and
monetary policy-led growth saw the Indian
economy emerge from its cyclical trough
faster than was previously anticipated.
The ensuing growth in the aggregate
demand (initially due to public spending
and later due to increased household
expenditure) ensured that the manufacturing
production expands rapidly. Pretty much
the same reason why IIP posted a growth
figure of 16.7% YoY. However, this swift
growth in the industrial production has seen
the capacity utilisation numbers expand to
near peak level and is fast approaching the
saturation capacity ceiling.
From the central banker point of view,
the situation presents a policy dilemma
of having to trade off growth prospects
with the compulsion having to manage
inflation.
The RBI knows all too well that
liquidity tightening through OMO (Open
Market Operations), and/or by rate hikes,
may restrict credit growth and aggregate
demand in the economy. It is also clear that
the central banker recognises the irony of
having to resort to demand control, though
the actual problem lies in the supply
bottlenecks.
But the immediacy of restraining the
inflationary spillover into other sectors has
prompted RBI to resort to the upward rate
revision in right earnest. Most probably,
FEATURE
the April 20th policy meet may see further income segments. Particularly, when nearly
rate hike in the repo and CRR rate, leaving 62% of the gross GOI borrowing of Rs.
maneuverable headroom for any future 4.57 trillion has been front-loaded in the
policy response. It is expected that the first half of FY11.
pass-through of this rate revision may The predominant part of the gilt
begin to show in the bank lending rates by issuances has been concentrated in the 5-9
around June — though the impact of this year and 10-14 year yield curve bracket.
revision on the still nascent credit growth Meanwhile, the supply in the less than
remains to be seen. 5-year gilt tenor is only about 3.5% of the
As of now, the credit expansion in the aggregate H1-FY11 issuance.
economy seems to be well on the path to The above, in conjunction with the
recovery. The credit growth in the banking fact that the liquidity supply due to larger
sector is around 16% YoY, almost entirely maturities in the ‘less than 5-year’ tenor
led by credit offtake in the non-food paper will be more than the gross issuance,
credit segment (see chart 2). The offtake leaves a high appetite for investments in
is especially robust in the retail loan the said segment.
segment, while the verdict on
the corporate loan demand is
largely in line with the previous
trend. Nonetheless, it is
expected that as the corporate
sector gains better visibility of
the growth prospects, the loan
demand from this segment too
will rise.
Debt Market: Near and far
issues
From the debt market point
of view, the interplay of these
macro-economic variables
may have a major bearing on
the performance of the fixed
APRIL 2010 Investime 07
 FEATURE

With the interest rate- and business cycle-sensitive than 1-year paper. The remaining corpus
sectors like automobiles, heavy industrials, may be apportioned in the scrips of state,
revival of housing finance companies, NBFCs etc. quasi-state and private sector issuances;
the domestic Some of the companies in the above- something that usually carries a higher

and global mentioned sectors had seen their credit

economy from
the downturn,
the business
prospects
may have
begun to
improve
The abundant liquidity in the short-
term yield curve segment may, therefore,
exacerbate an intermediate rally in the
less than 5-year segment. Post which,
depending on the policy response measure
of RBI, the carry in the near-term tenor
paper may begin to rise again.
Credit opportunities: The fund
This uniquely evolving situation provides
significant opportunities from
investment point of view.
With the revival of the domestic and
global economy from the downturn, the
business prospects may have begun to
improve. This is especially more so for the
ratings downgraded due to adverse
economic conditions. Such a ratings
downgrade had increased the borrowing
cost for otherwise credible names like
Tata Motors Finance, Shriram Transport
Finance etc. For instance, the 2-year paper
of Tata Motors carries a risk premium of
around 125 bps over the commensurate
period AAA paper. Similar risk spreads
can be observed in other such corporate
issuances.
Not just that, even State and quasi-
state issuances like oil/food/fertiliser
bonds attract a higher risk premium over
comparable period gilt papers. Further,
as the yield curve begins to get steeper
with progressive hike in interest-rates,
the spreads on rate-sensitive sectors may
only widen.
From a debt market professional point
of view, the possibility of an investment in
a portfolio that gives investment access to
credible — yet mispriced scrips — may
an
provide competitive returns vis-à-vis
short-term debt. With that viewpoint
in mind, we have launched the Kotak
Credit Opportunities Fund. The idea of
the fund is to mitigate risk by investing
at least 35% of the corpus in the less
yield vis-à-vis similar maturity gilt, T-bill
or CD. In other words, the fund will
explore investment opportunities within
the corporate bond segment where there
is a reasonably good steepness in the yield
curve.
The fund strategy is to hold ‘high
carry’ paper at the peak level in order to
make returns from higher yields; while
also look to liquidate the holding within
the 6-9 month time frame. Thus, the
fund investor would generate returns
in the initial stage largely on account of
higher yields and, post that, also gain on
the potential run down effect of the yield
curve.
Not just that, even the ratings upgrade
in the corporate bond due to improved
business condition may lead to spreads
compression and give the opportunity to
liquidate the fund holdings at relatively
better levels.
Thus, several opportunities priced
attractively, relative to their respective
benchmarks, make a case for a high
accrual-low duration fund that could
generate superior risk-adjusted return.
In summation, we believe that the
mutual fund industry is skewed towards
money lying at the shorter end of the yield
curve. And, therefore, the potential is only
for lower returns due to the structure of
the yield curve. However, investors who
have surpluses for a longer period can
clearly look at options beyond traditional
FDs. And Kotak Credit Opportunities
scheme plugs into that void and fills
the space between the short term and
income fund. R

The author is Vice President and Head

(Fixed Income and Products) at Kotak Asset
Management Company

08 Investime APRIL 2010

 FEATURE Dr. Firdos T. Shroff

Understanding
FINANCIAL INCLUSION
What is Financial Inclusion?
Financial inclusion is the delivery of
banking services at an affordable cost
(no frills accounts) to the vast sections of
disadvantaged and low income groups.
As banking Unrestrained access to public goods and
services is the sine qua non of an open and
services are in efficient society. As banking services are in
the nature of the nature of public good, it is essential that
the availability of banking and payment
public good, it services to the entire population without
is essential that discrimination is the prime objective of the
public policy.
vast segment of the population, especially
the underprivileged sections of the society,
into the fold of basic banking services.
Internationally, efforts are being made to
study the causes of financial exclusion and
designing strategies to ensure financial
inclusion of the poor and disadvantaged. The
reasons may vary from country to country
and hence the strategy could also vary, but all
efforts are being made as financial inclusion
can truly lift the financial condition and
standards of the poor and disadvantaged.

the availability The RBI’s policy on Financial Inclusion

of banking Some areas of concern
The banking industry has shown tremendous
When bankers do not give the desired
attention to certain areas, the regulators have
and payment growth in volume and complexity during to step in to remedy the situation. This is the
services to the last few decades. Despite making
significant improvements in all the areas
reason why RBI places a lot of emphasis on
financial inclusion. With a view to enhance
the entire relating to financial viability, profitability financial inclusion as a proactive measure,
population and competitiveness, there are concerns
that banks have not been able to include a
RBI, in its Annual Policy Statement of the
year 2005-06, while recognising the concerns
without
discrimination
is the prime
objective of the
public policy

10 Investime APRIL 2010


in regard to the banking practices that tend
to exclude rather than attract vast sections
of population, urged banks to review their
existing practices to align them with the
objective of financial inclusion.
‘No frills’ account
In the Mid-Term Review of the Policy
(2005-06), RBI exhorted the banks with a
view to achieving greater financial inclusion,
to make available a basic banking ‘no frills’
account either with ‘Nil’ or very minimum
balances as well as charges that would make
such accounts accessible to vast sections of
the population. The nature and number
of transactions in such accounts would be
restricted and made known to customers
in advance in a transparent manner. All
banks are urged to give wide publicity to
the facility of such a ‘no frills’ account, so as
to ensure greater financial inclusion.
Simplification of ‘Know Your Customer
(KYC)’ Norms
Banks are required to provide a choice
of a ‘no frills’ account where though the
minimum balance is nil or very small,
there are restrictions on the number of
withdrawals, etc. to facilitate the common
man’s access to bank accounts. Further, in
order to ensure that people belonging to
the low income group both in urban and
rural areas do not face difficulty in opening
the bank accounts due to the procedural
hassles, the ‘KYC’ procedure for opening
accounts for those people who intend to
keep balances not exceeding Rs. 50,000/-
in all their accounts taken together and
the total credit in all the accounts taken
together is not expected to exceed Rs.
1,00,000/- in a year, has been simplified
to enable those belonging to low income
groups without documents of identity
and proofs of residence to open banks
accounts. In such cases, banks can take
an introduction from an account holder
on whom the full KYC procedure has
been completed and has had satisfactory
transactions with the bank for at least six
months. A photograph of the customer
who proposes to open the account and
his address need to be certified by the
introducer.
Ensuring reasonableness of bank charges
As RBI has been receiving several
representations from the public about
unreasonable service charges being levied by
banks, the existing institutional mechanism
in this regard is not adequate. Accordingly,
and in order to ensure fair practices in
banking services, RBI has issued instructions
to banks, making it obligatory for them to
display and continue to keep updated, in their
offices/branches as also on their website, the
details of various services charges in a format
prescribed by it. The RBI has also decided
to place details relating to the service charges
of individual banks for the most common
services on its website.
Committee on Procedures & Performance
Audit on Public Services (CPPAPS)
In the monetary and credit policy for the
year 2003-04, RBI has brought in a sharp
focus on the inadequacy in banking services
available to the common man and the need
to benchmark the current level of service,
review the progress periodically, enhance
the timeliness and quality, rationalise the
processes taking into account technological
developments and suggest appropriate
incentives to facilitate change on an ongoing
basis. Accordingly, CPPAPS — under the
able and sagely Chairmanship of Shri S. S.
Tarapore — was set up. The Committee was
both clinical and critical in its observations
and made a number of recommendations
covering an individual customer’s dealing
with the bank.
Customer Service — Institutional
Machinery
In the area of customer service, the
institutional machinery in banks should
comprise at the Board level. The RBI has
asked the bank to constitute a Customer
Services Committee of the Board, including
as invitees, experts and representatives of
customers, to enable the bank to formulate
policies and assess the compliance, thereof,
internally. The RBI has asked banks to convert
the Ad Hoc Committee of Executives on
customer service, headed by the CMD/ED,
into a Standing Committee that periodically
reviews the policies, procedures and working
of the bank’s own grievance redressal
FEATURE
machinery. These committees have been
found to be very useful as the top management
team singularly focuses on matters relating
to customer services at the meetings of these
committees and decisions for improving
services tend to get taken instantly, cutting
across different departments. Each bank is
expected to have a nodal department/official
for customer service in the HO and each
controlling office, to whom customers with
grievances can approach in the first instance
and with whom the Banking Ombudsman
and RBI can liaise. More interaction between
RBI/BO and the nodal officers will enable
banks to take necessary correctives at the
local level.
Need for Financial Inclusion
There is a need for the formal financial
system to look at increasing financial literacy
and financial counselling to focus on financial
inclusion and distress amongst farmers. As
part of the Community Reinvestment Act
in the US, banks are expected to contribute
towards educating people from socially and
financially disadvantaged groups on matters
relating to their financial needs. Indian banks
and financial market players should actively
look at promoting such programmes as part
of their corporate social responsibility. Banks
should conduct full-day programmes for their
clientele, including farmers, for counselling
small borrowers, to make them aware of
the implications of the loan, how interest is
calculated and so on, so that they are totally
aware of its features. There is clearly a lot that
requires to done in this area.
A way forward
The banks should come out of the inhibited
feelings that very aggressive competition
policy and social inclusion are mutually
exclusive. As demonstrated elsewhere, the
mass banking with no-frills etc., can become
a win-win situation for both. Basically,
banking services need to be ‘marketed’ to
connect with large population segments and
these may be justifiable promotional costs.
The opportunities are plenty. R
(The author is Director, Chetana’s R. K.
Institute of Management & Research and
Fellow IIBF)
APRIL 2010 Investime 11
 FEATURE Satheesh Kumar
HUMOUR,
Unintended
T
here comes a time, now and then,
when I look back on life and wonder
at the joke it has been. Then again,
in all honesty, I also realise how lucky I have
been — I count my riches not just in money
Sometime ago, (well, not too many complaints on that score
either!) but more importantly, by my circle
I was reading in of friends. I am blessed to have been able to
count a fairly good number in this list...
the newspaper I look back and there I remember some
that the truly funny incidents across the years at work.
One of the nice things about having
BrihanMumbai started my career with Oriental Insurance
Municipal was the opportunities I had — to work and
live in different places, to meet new folks
Corporation and learn new languages (and murder them
spends more too in the process of learning them).
Some of my friends and acquaintances
time on may remember how truly horrible my Hindi
discussions and used to be (emphasis on ‘used to be’ here!)
— it all started right during the induction
debates about training session when in a classroom session
we took turns to introduce ourselves and
naming (actually, I conquered my fear of speaking Hindi.
‘renaming’) Confidence personified, I stood up and said,
“Meri naam Satheesh Kumar hai.”
roads, streets
and parks than
in repairing or
maintaining
these facilities
12 Investime APRIL 2010
While the class bursted out in laughter,
I looked around — but, hey, there was no
looking back. Unstoppable, that was (still
is) me... Posted to Nashik, what a blissful
place, what weather! In Maharashtra,
I cajoled a co-traveller on the train to
teach me to say “I do not know Marathi.”
Landing up at Nashik Road Station at
that magical hour, just before dawn at 4:30
a.m., I was accosted by several rickshaw
drivers all clamouring for my business.
Cool, confident, clearly pronouncing each
word, I said, “Maala Marathi yeth nahi,”
and smiled happily — mind you, around
that time “Maala” Hindi was also in “yeth
nahi” condition. Managed to strike up a
conversation with a rickshaw driver and
in the course of that 24 km drive from
Nashik Road to Nashik City, picked up
a few more Marathi words. Realised that
Marathi was a language that could rival
Tamil for the sheer inventiveness of its
invective... though, I do think Tamil does
score for the sheer imagery.
Anyway, Nashik was also the place where
I actually sharpened the knowledge of my
own mother-tongue — Malayalam. For a
while, I was staying at a lodge with a gang of
Malayalis (we called this the KGB — Kerala
Gang Bang) who worked for The Federal
Blank, sorry Bank! People with names such
as Gigi George Mathews, Vincent Xavier
Kurien etc., headed by an Allahabadi called
D. P. Shrivastava who (poor soul!) must
have picked up Malayalam in Nashik.
One afternoon, there was an outrage
in the branch when a young man, the son
of an account holder, walked in to seek
information. The conversation went thus —
Young Man: Mera pitaji ka account hai iss

branch mein. Pitaji ab gujar gaye hain. Account
close karna hai. Form do.
Gigi: Kya? English mein bolo.
Young Man: (raising his voice) Pitaji gujar
gaye hai. Account close karna hai (handing
over the passbook).
Gigi: Yeh tumhara pitaji ka account hai! Pitaji
kidhar hai?
Young Man: (shouting now) — Arrey, wohi
toh kehrehaa hoon. Pitaji gujar gaye hai.
Gigi: Wapis kab ayenge? Wapis aane ke baad
close karenge.
Young Man: (close to tears now) — Abbey,
woh gujar gaye hain. Wapis nahin aayenge.
Samajhtha nahi kya?
Gigi: Gujarat hi gaye hai, na? Woh paas mein
hain! Kya problem hai? Wait karo!
By now a couple of other colleagues who
had stepped out for lunch came in, saw the
agitated young man, quickly stepped in and
handled the situation. Gigi, even till much
later that evening could not understand why
the young man said “gujar gaye” instead of
“mar gaye”... amid all the laughter back in
the lodge as this scene was being described,
another colleague recalled a situation when
a stray dog got into the bank, once again
during lunchtime, and created havoc. The
dog ran around, barking its head off and the
staff was frantic in trying to save themselves
and shoo the dog out. In all this tamasha, the
cashier, Vincent Kurien, safely ensconced
within the cash cabin, stood up to watch the
proceedings. Later, that evening, Vincent
described the show, with a classic one liner...
“maine kada karke dekha”!
And, how can I forget this? — I was at
office on a Saturday, a work-off day, when a
customer came to pay the premium to renew
his vehicle’s insurance policy. The grill doors
...Nashik was also
the place where I
actually sharpened
the knowledge
of my own
mother-tongue —
Malayalam
were shut but he kept pressing the doorbell.
I went to inquire and on learning what he
wanted, I declared, “Aaj chutta hai.” — to
which he replied, “Hai mere paas!” I took a
while to understand that...
Mumbai Saga
Sometime ago, I was reading in the
newspaper that the BrihanMumbai
Municipal Corporation spends more time
on discussions and debates about naming
(actually, ‘renaming’) roads, streets and
parks than in repairing or maintaining these
facilities. Well, what can I say — except
shake my head and murmur, “Why am I not
surprised?” Anyway, quite too often, I do get
this train of thought and start wondering...
As you come back from Fort/VT (ok, call it
by it’s technically “correct” name — CST)
and cross the JJ Flyover (ok, to continue to
be technically correct, this is actually Hazrat
Makhdoom Ali Mahimi Flyover) and
get past Byculla, you take the next flyover
and if you look out, you will be eye-to-eye
with that venerated old gentleman. Yes,
I am talking about Bombay’s (Mumbai’s)
very own “Khada Parsi” — this statue is of
Seth Cursetjee Manockjee and was built
around the 1860s by his
son (imaginatively named
Manockjee Cursetjee!).
So, fine, many locals in
Mumbai do know (really?)
about this “Khada Parsi”
— however, I did not
know about it till recently.
That flyover at Byculla,
splits into two with one
stretching on to Delisle
Road (N. M. Joshi Marg)
and the other going on
to Lalbaug. Now watch
closely, just at that junction
FEATURE
where the flyover adopts a split personality
(unable to get past the old gentleman in one
piece) there is a name board. This flyover is
named for Sayajirao Silam and since I had
absolutely no clue about who this was, I did
some Googling. Sayajirao Laxman Silam
was the Speaker of the 1st and 2nd Bombay
Bilingual State Legislative Assembly. He
was also the Speaker of the 1st Maharashtra
Legislative Assembly. All this from the
period starting November 1956 to March
1962. This flyover is one of the earliest to
have been built in Mumbai and perhaps,
(though I’m not sure) was built around
this time. Sayajirao Silam later became the
first Lt. Governor of the Union Territory
of Pondicherry (Puducherry). Somewhere,
there is also an Andhra/Telugu link to
Sayajirao Silam, I believe he was a Telugu-
speaking native of what is now Andhra
Pradesh — but who was embraced by (and
in turn he too embraced) Maharashtra.
Across town, a little to the north, come
to what was (is it still?) Asia’s largest slum
— Dharavi. Drive down Sion-Dharavi road,
past Sion Station, towards BKC. Somewhere
on that stretch, if you keep your eyes peeled,
you will see a board displaying — ‘Pasumpon
Muthuramalinga Thevar Road’. Now that
is a tongue twister for many of us, I guess.
What makes this sign interesting to me is
that the signboard is in Hindi or Marathi
(well, the Devnagari script, to be specific),
English and also in Tamil. Huh? Here I
am, in aamchi Mumbai, and I see the Tamil
alphabet? Back home in Tamil Nadu from
where Pasumpon Muthuramalinga Thevar
hailed, the State Government (circa 1980s)
had abolished all references to caste names
in the roads and street signages. So, in Tamil
Nadu, the road sign would be minus that
“Thevar” but in Dharavi we are more open.
Incidentally, Pasumpon Ukkirapandi
Muthuramalinga Thevar was among the
founders of the Forward Bloc and he shot
to fame in the 1930s for opposing the
Criminal Tribes Act. He was instrumental
in unifying the so-called “criminal tribes”
of the Thevars, Kallars and Maravars into
the Mukkulathors. A close associate of
Netaji Subhash Chandra Bose. Two roads
and a tale..... R
(The author is a freelance writer)
APRIL 2010 Investime 13
 FEATURE Kannupriya

EFFICIENT MARKETS
— A myth or a reality

A
n efficient capital market exists
when the current price of a security
fully reflects all the information
currently available on it including risk
The weak-form of associated with that security. Capital Market
stock prices fully reflect all currently
available security market information and
as such an investor cannot achieve excess
returns using technical analysis because
past prices and volume information will not

Efficient Market efficiency is based on important assumptions

— a) That there are a large number of profit
be able to predict future price movements.
The semi-strong form of EMH states that
Hypothesis (EMH) maximising market participants who are security prices adjust rapidly to the release

states that current analysing and valuing securities independent

of each other, b) That all new information
of all new public information and as such
an investor cannot achieve abnormal
stock prices comes to the market in a random fashion returns using fundamental analysis. The
and the timing of news announcements is strong-form EMH asserts that stock prices
fully reflect all independent of each other, c) The investors fully reflect all information from public and
currently available adjust their estimate of security prices private sources, such as inside information,
rapidly to reflect their interpretation of and no group of investors should be able to
security market the new information received, they can consistently achieve abnormal returns.
information either overreact or under react and d) The Abnormal returns imply the excess
expected returns completely include a risk returns over the risk-free rate and market
and as such an in the price of the security. premium. Abnormal Return = Actual
investor cannot The weak-form of Efficient Market Returns - (Risk free rate + Beta (Market
Hypothesis (EMH) states that current Return - Risk free rate))
achieve excess
returns using
technical analysis
because past
prices and volume
information will
not be able to
predict future
price movements

14 Investime APRIL 2010


In order to test the prediction of market
returns, the time series tests are based on
the assumption that in efficient markets, the
best estimate of future returns is the long
run historical rate of return. Event studies
examine the abnormal returns before and
after the release of information about a
significant company-specific event such as a
significant increase in the promoter’s shares
or a key person leaving the company.
The cross-sectional tests assume that
markets are efficient when all securities’
returns lie along the securities’ market
line, where X-axis on a graph depicts the
risk of holding a security and Y-axis gives
the returns on that security. Hence, the
securities’ rate of returns is directly related
to the level of market risk (Beta). The
firm’s size, analyst coverage and earnings
multiples tests should not allow predicting
abnormal returns.
The tests for the strong form of EMH
look at the legal use of private information
and exclude illegal insider trading. The
reported tests identify and study four groups
of investors — insider trading, exchange
specialists, security analysts and professional
money managers — who are expected to be
able to outperform the market or who claim
to be able to do so because of their access to
private information.
There are various market anomalies that
can be identified and explained for their
implications towards EMH, such as the
earnings surprises, which can be used to
identify individual stocks that will produce
abnormal returns. The January Anomaly
(usually positive since the beginning of a
new year) and the weekend effect have been
known to allow investors to earn abnormal
returns, since the market closes lower on
Fridays and is expected to open on a stronger
note on the first day of the trading week.
Price-earnings ratio (P/E) tests indicate
that low P/E ratio stocks experienced
superior results relative to the market, while
high P/E ratio stocks have significantly
inferior results. The small firm (small-cap)
effect indicates that small firms consistently
experienced significantly larger risk-
adjusted returns than larger firms (large-
cap). The Neglected Firm Effect shows that
firms with only a small number of analysts
following them have abnormally high
returns as these stocks seem undervalued
and undiscovered. Companies having bigger
book value / market value ratios have been
associated with abnormal returns.
Most of the evidence generated by
testing the weak-form of EMH indicates
support for the weak-form of EMH. The
results are mixed for the semi-strong form
of EMH. Besides the results on corporate
insiders and specialists, the tests support the
strong-form of EMH.
There are implications of stock market
efficiency for technical analysis and
fundamental analysis. If weak-form market
efficiency holds, technical analysis (based on
past price and volume information) has no
value and it cannot be used to earn positive
abnormal returns on average.
If semi-strong form efficiency holds,
neither technical nor fundamental analysis
has any value because both are based on
public information. Remember, semi-
strong form efficiency is based on market
information and other publicly available
information, so it includes weak-form
efficiency.
The implications of stock market
efficiency for the portfolio management
process and the role of the portfolio manager
is that in an efficient market, portfolio
managers must create and maintain the
appropriate mix of assets to meet their
client’s needs. Portfolio managers should:
1. Quantify risk and return.
2. Address the client’s needs and use asset
allocation in the portfolio construction.
3. Diversify.
4. Monitor and evaluate changing capital
market expectations.
5. Monitor their clients’ needs and
circumstances.
6. Rebalance the portfolio, as needed.
The rationale for investing in index
funds is that an investor may want to
invest in index funds to match the market’s
performance, since an investor realistically
cannot expect to outperform the market.
Index funds are designed to replicate the
composition and performance of a specific
index series or market segment.
Behavioural finance considers the
psychological bases for perceived investor
FEATURE
behaviour that creates some degree of
systematic mispricing of securities and may
explain some anomalies that tend to refute
the efficient markets hypothesis. Analysts
suffer from overconfidence bias. With respect
to growth companies, researchers have
presented evidence that the overconfidence
of the analysts in their earnings forecasts
and their (high) estimated growth rates of
earnings lead them to overemphasise the
impact of good news and underestimate the
negative value implications of bad news.
The market players tend to stick to their
preconceived notions. There appears to be a
tendency for people to seek out supporting
information after making a decision and to
avoid or ignore new information that would
call the decision into question. This can also
extend to prior beliefs. A belief that Reliance
Industries is a “good” company with high
growth may be extended by investors to
include a belief that Reliance Industries
stock is a “good” stock.
Some of the human tendencies that lead
to confirmation bias may also be associated
with a phenomenon referred to as escalation
bias. This is the tendency of investors to
commit more funds to a position that has
gone down. Deciding whether a significant
decline in the price of a recently acquired
position means that it is even a more
compelling buy or whether the original
analysis was flawed or now insupportable is
often difficult. To the extent that investors
undervalue information in opposition
to the original purchase decision and
overweigh the importance of information
indicating the original decision was a
“proper” one, they will tend to average
The tests for
the strong form
of EMH look
at the legal
use of private
information and
exclude illegal
insider trading
APRIL 2010 Investime 15
 FEATURE

down too often, escalating the size of their Some apparent mispricings may be
positions. Hence, the investors continue justified by because the model used to
averaging with no profits. estimate normal returns, may be flawed. For
example, it may fail to adequately capture the
There are three primary limitations entire spectrum of risks.
on the market’s ability to produce Also, capturing the abnormal returns of
a trading strategy is not without risk, even if
informationally efficient prices.
the anomalous returns behaviour persists. For
1. Market prices are generated by
example, abnormal returns may persist over
the activities of researchers and
the long term, but may not occur every year.
traders who analyse and react to
Any strategy designed to exploit anomalous
new information. There must be
returns behaviour has the inherent risk that
some reward for this effort, but that the behaviour will either not continue, or
reward may be earned only by those be significantly reduced by other investors
who process and act on the new pursuing similar or identical strategies. Secondly, the total profit to be gained by
information rapidly and skillfully. Additional strategy risk such as this must be exploiting a mispricing may be small enough
2. Transaction costs prevent trading rewarded with higher returns and can justify that it does not represent a significant profit
and arbitrage from resulting in the persistence of some mispricings. opportunity to large funds so an arbitrageur
perfectly efficient securities prices. The reason why mispricing may persist may not be interested.
Securities and strategies with higher and valid anomalies may not be profitable is Thirdly, restrictions on short selling
transaction costs permit greater due to the lack of theoretical explanation. If make some strategies impossible for some
deviations from perfectly efficient the reasons underlying a persistent pricing period of time because when a stock is first
prices. anomaly are not well understood, it is difficult offered to the public, it typically cannot be
3. Information-based trading is not to exploit. Arbitrageurs will use their funds shorted immediately after the IPO since
without risks. Arbitrageurs have to exploit other mispricing that they believe shares cannot be borrowed.
no guarantee that prices will move they understand better and are, therefore, Finally, the investor tendencies of
to “more rational” levels or that better able to exploit and profit from. perception and analysis that run counter to
strategies will consistently perform Firstly, there are transaction costs rational trading and investing may lead to
well, have limited capital and have involved as the trades necessary to exploit any persistent mispricings that are not rapidly
constraints imposed on them by the apparent mispricing may not be profitable exploited by arbitrageurs for one or more of
suppliers of investment capital. because the costs of the trades are greater the reasons noted so far.
than the potential abnormal returns. The characteristics of a well-functioning
securities market is best known by timely and
The Arbitrageurs who play an important role in the pricing of the market to its true value, accurate information on the price and volume
and correcting the market anomalies through arbitrage is limited because of the following of past transactions and on the current supply
reasons: and demand conditions. The securities may
1. There is no guarantee concerning when, or even if, apparent mispricings will be corrected be easily liquidated, which would require its
and prices will return to efficient equilibrium levels. marketability and price continuity. Internal
2. It may be difficult or impossible to find two securities with exactly the same risk so efficiency would lead to low transaction costs
that a mispricing can be exploited by taking a long (short) position in an underpriced as the cost of buying and selling often would
(overpriced) security and an offsetting position in a correctly priced security with the not entail huge costs as compared to buying
same risk. To the extent that the risks of the two securities are not exactly offsetting, such and holding strategy. Informational (external)
a strategy will have risk that may make it unattractive; so the mispricing can persist. efficiency is required because only then would
3. Arbitrageurs do not have unlimited funds. Given the limitations on the funds that the prices rapidly adjust to new information
investors make available for exploiting mispricings, only the more significant mispricings so that the prevailing market price reflects all
available information regarding the value of
may be exploited while others are allowed to persist.
the asset. The capital market must reflect the
Arbitrageurs must depend on their sources of capital. The providers of capital to
above market features at any given point of
arbitrageurs may place limits on the arbitrage trades and position sizes that restrict the ability
time for the hypothesis of efficient markets
of arbitrageurs to completely exploit mispricings. Further, if the arbitrageur’s strategies do
to be true. R
not produce positive near-term results or lose money because mispricings get temporarily
worse instead of better, capital will be withdrawn and new capital to devote to arbitrage The author works with Aditya Birla
activities will be in short supply. Money Mart Ltd.

16 Investime APRIL 2010

 INVESTIME PRIME NUMBERS
Peaks and troughs
Index Name Mar-10 Feb-10 Absolute (%) INDUSTRY MONTHLY AVERAGE AUM (Rs. in Crores)
INDIAN INDICES Fund House Mar-10 Feb-10 Change % Change
AUM above 30,000 Crs.
EQUITY
Reliance Mutual Fund 110412.71 115753.41 -5340.70 -4.61
BSE SENSEX 17527.77 16429.55 6.68 HDFC Mutual Fund 88779.84 95144.40 -6364.56 -6.69
BSE MID CAP 6806.18 6397.82 6.38 ICICI Prudential Mutual Fund 80988.85 80527.02 461.83 0.57
BSE SMALL CAP 8497.43 8067.4 5.33 UTI Mutual Fund 80217.81 79310.27 907.54 1.14
BSE100 9300.2 8758.51 6.18 Birla Sun Life Mutual Fund 62343.37 66305.84 -3962.47 -5.98
BSE200 2199.5 2071.72 6.17 LIC Mutual Fund 42303.97 46462.34 -4158.38 -8.95
BSE 500 6919.55 6518.38 6.15 SBI Mutual Fund 37417.00 36072.18 1344.82 3.73
S&P NIFTY 5249.1 4922.3 6.64 Kotak Mahindra Mutual Fund 34681.08 40359.44 -5678.36 -14.07
CNX MIDCAP 7704.9 7167.25 7.50 Franklin Templeton Mutual Fund 33290.04 33299.49 -9.44 -0.03
CNX NIFTY JUNIOR 10773.75 10099.95 6.67 AUM BETWEEN 10,000 TO 30,000 Crs.
SECTORAL INDICES IDFC Mutual Fund 25386.06 26438.36 -1052.30 -3.98
Tata Mutual Fund 21935.17 22620.61 -685.44 -3.03
BSE AUTO 7671.24 7170.99 6.98
DSP Blackrock Mutual Fund 21490.78 19933.53 1557.25 7.81
BSE Bankex 10652.35 9828.68 8.38 Sundaram BNP Paribas Mutual Fund 13877.91 13732.71 145.21 1.06
BSE CD 4220.71 4001.78 5.47 Religare Mutual Fund 12944.58 14841.48 -1896.91 -12.78
BSE CG 14081.74 13474.86 4.50 Deutsche Mutual Fund 10476.87 12525.04 -2048.17 -16.35

BSE FMCG 2831.12 2662.05 6.35 AUM UPTO 10,000 Crs

Canara Robeco Mutual Fund 9220.45 10017.35 -796.90 -7.96
BSE IT 5237.5 5173.99 1.23
JM Financial Mutual Fund 7997.46 9506.57 -1509.11 -15.87
BSE METAL 17973.81 16401.52 9.59 Fortis Mutual Fund 7889.55 9108.31 -1218.76 -13.38
BSE Oil & Gas 10159.14 9596.24 5.87 Fidelity Mutual Fund 7683.91 7694.63 -10.72 -0.14
BSE Power Index 3085.72 2961.56 4.19 PRINCIPAL Mutual Fund 6996.51 8273.03 -1276.53 -15.43
HSBC Mutual Fund 6215.42 6562.62 -347.20 -5.29
BSE PSU 9038.27 9214.28 -1.91
Baroda Pioneer Mutual Fund 3574.13 4083.10 -508.97 -12.47
BSE Realty 3273.56 3236.69 1.14 Axis Mutual Fund 3551.80 3753.88 -202.07 -5.38
BSE Teck 3280.12 3179.21 3.17 JPMorgan Mutual Fund 3541.36 4640.01 -1098.65 -23.68
L&T Mutual Fund 2511.01 2537.66 -26.65 -1.05
BSE-HC 5328.37 4912.98 8.45
Taurus Mutual Fund 2307.07 2428.55 -121.48 -5.00
WORLD INDICES Morgan Stanley Mutual Fund 2257.07 2175.89 81.17 3.73
Dow Jones 10856.63 10325.26 5.15 Benchmark Mutual Fund 1999.22 2312.38 -313.16 -13.54
Nasdaq 2397.96 2238.26 7.14 ING Mutual Fund 1547.44 1467.33 80.11 5.46
FTSE 5679.6 5354.5 6.07 AIG Global Investment Group Mutual Fund 1137.81 1433.40 -295.59 -20.62
CAC 40 Index 3974.01 3708.8 7.15 Sahara Mutual Fund 635.35 624.17 11.18 1.79
Bharti AXA Mutual Fund 548.67 536.68 11.99 2.23
DAX Index 6153.55 5598.46 9.92
Shinsei Mutual Fund 367.41 458.84 -91.43 -19.93
HangSeng 21239.35 20608.7 3.06
Peerless Mutual Fund 302.60 121.10 181.50 149.88
KLSE 1320.57 1270.78 3.92
Mirae Asset Mutual Fund 250.98 246.03 4.95 2.01
Kospi 1692.85 1594.58 6.16 Escorts Mutual Fund 202.95 202.55 0.40 0.20
Nikkei 11089.94 10126.03 9.52 Edelweiss Mutual Fund 149.29 114.46 34.83 30.43
Strait Times 2887.46 2750.86 4.97 Quantum Mutual Fund 91.64 86.85 4.79 5.52
Taiwan Weighted 7920.06 7436.1 6.51 Average Total 747525.15 781711.52 -34186.37 -4.37

SENSEX DOW JONES

APRIL 2010 Investime 17

 Insurance

BIRLA SUN LIFE INSURANCE

FUND PERFORMANCE AS ON 31st MARCH 2010
Returns based on unit price growth, net of charges

INDIVIDUAL Assure Fund Income Advantage Protector Builder

Inception Date 12-Sep-05 22-Aug-08 22-Mar-01 22-Mar-01
Annualised CAGR Annualised CAGR Annualised CAGR Annualised CAGR
Last 1 year 9.85% 9.85% 10.07% 10.07% 14.42% 14.42% 23.30% 23.30%
Last 2 years 13.81% 12.97% - - 12.01% 11.36% 14.40% 13.49%
Last 3 years 14.75% 12.99% - - 12.56% 11.25% 14.96% 13.15%
Since Inception 12.01% 10.05% 18.81% 17.86% 12.69% 8.82% 18.27% 11.40%
Asset Held (Rs. In
1547 1770 3924 2623
Million)

INDIVIDUAL Balancer Enhancer Creator Magnifier

Inception Date 18-Jul-05 22-Mar-01 23-Feb-04 12-Aug-04
Annualised CAGR Annualised CAGR Annualised CAGR Annualised CAGR
Last 1 year 25.44% 25.44% 28.49% 28.49% 51.80% 51.80% 74.86% 74.86%
Last 2 years 17.04% 15.79% 12.27% 11.60% 21.92% 19.93% 8.86% 8.50%
Last 3 years 17.38% 15.01% 13.45% 11.96% 24.11% 19.89% 14.27% 12.61%
Since Inception 14.81% 11.89% 24.37% 13.75% 24.74% 16.27% 29.17% 18.83%
Asset Held (Rs. In
270 52879 2977 13520
Million)

INDIVIDUAL Maximiser Multiplier Platinum Plus I Platinum Plus II

Inception Date 12-Jun-07 30-Oct-07 17-Mar-08 8-Sep-08
Annualised CAGR Annualised CAGR Annualised CAGR Annualised CAGR
Last 1 year 91.14% 91.14% 139.39% 139.39% 55.96% 55.96% 70.51% 70.51%
Last 2 years 14.76% 13.80% 23.28% 21.06% 2.44% 2.41% - -
Last 3 years - - - - - - - -
Since Inception 14.67% 13.07% 6.53% 6.25% 4.59% 4.49% 34.35% 31.67%
Asset Held (Rs. In
25783 3861 4191 5880
Million)

PENSION Nourish Growth Enrich

Inception Date 12-Mar-03 18-Mar-03 12-Mar-03
Annualised CAGR Annualised CAGR Annualised CAGR
Last 1 year 14.02% 14.02% 23.01% 23.01% 37.23% 37.23%
Last 2 years 13.66% 12.84% 18.30% 16.88% 17.52% 16.20%
Last 3 years 13.65% 12.12% 18.20% 15.62% 18.42% 15.79%
Since Inception 11.36% 8.70% 16.97% 11.81% 22.46% 14.41%
Asset Held (Rs. In Million) 135 361 1792

Disclaimer:
1. Past Performance is not neceassarily 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 riskity
This document is issued by BSLI. While all reasonable care has been taken in preparing this document, no responsibility or liability is accepted for errors of fact or for any opinion
expressed herein. This document is for information purposes only. It does not constitute any offer, recommendation or solicitation to any person to enter into any transaction or adopt any
investment strategy, nor does it constitute any prediction of likely future movements in NAVs. Past performance is not necessarily indicative of future performance. We have reviewed
the report, and in so far as it includes current or historical information, it is believed to be reliable though its accuracy or completeness cannot be guaranteed. Neither Birla Sun Life
Insurance Company Limited, nor any person connected with it, accepts any liability arising from the use of this document. You are advised to make your own independent judgment
with respect to any matter contained herein.

18 Investime APRIL 2010

 PERFORMANCE OF SELECT LIQUID FUNDS

KEY STATISTICS
HDFC ICICI PRINCIPAL
Birla DWS Insta IDFC Cash Kotak Reliance UTI Liquid
Liquid Fund Prudential Cash Mgmt Tata Liquid
SCHEME NAME Sun Life Cash Plus Fund Plan Liquid - IP Liquidity Fund - Cash
- Premium Liquid - I P Fund LO- Inst Fund - SHIP
Cash Plus - I P Fund B - IP Fund Plan - IP
Plan Prem. Plan

AUM as on March (10) (Rs. Crs.) 5335 1136 4628 10664 1674 1486 524 7211 2486 9436

AUM as on February (10) (Rs. Crs.) 6224 1154 8324 11318 1697 2785 732 6603 2900 5717

Month on Month Change (%) -14.28 -1.55 -44.40 -5.78 -1.36 -46.64 -28.41 9.21 -14.28 65.06

Performance (Annualised%)

1 Week 4.99 4.94 4.86 4.47 4.80 3.95 4.66 4.89 4.92 4.45

2 Weeks 4.59 4.39 4.60 4.25 4.44 3.81 4.65 4.69 4.58 4.26

1 Month 4.18 4.06 4.21 4.02 4.01 3.59 4.28 4.25 4.25 4.10

Latest Average Maturity in Days 73 51 85 71 73 58 47 69 72 54

Previous Month 22 29 28 32 21 55 21 37 23 38

3 Months Avg Rolling Returns 3.80 3.63 4.11 3.39 3.72 3.41 3.94 4.03 4.01 3.91

Standard Deviation 0.0071 0.007 0.0059 0.0052 0.0018 0.0062 0.0017 0.0069 0.0015 0.0021

Performance as on 31st March, 2010

PERFORMANCE OF SELECT ULTRA SHORT TERM FUNDS*

KEY STATISTICS
HDFC Cash ICICI IDFC Money Reliance Sundaram
Birla Sun Fortis Money Mgmt Fund Prudential Manager - Kotak Principal UTI Treasury
Money BNP Paribas
SCHEME NAME Life Savings Plus Fund - Treasury Flexible Treasury Plan Floater - LT Ultra Short Advantage
Manager Ultra Short
Fund - IP Advantage Income Plan- Term Fund Fund
- Plan B Fund - IP Term - IP
- WP Premium

AUM as on March (10) (Rs. Crs.) 21151 2459 17324 31297 13052 5605 575 16134 791 11358

AUM as on February (10) (Rs. Crs.) 29897 5932 31923 34043 15733 13883 565 34705 2174 29130

Month on Month Change (%) -29.25 -58.55 -45.73 -8.07 -17.04 -59.62 1.77 -53.51 -63.63 -61.01

Performance (Annualised%)

1 Week 5.96 4.56 5.54 5.54 5.27 4.97 4.82 5.56 5.16 5.24

2 Weeks 5.43 4.62 5.22 5.22 5.05 4.86 4.79 5.24 4.88 4.85

1 Month 4.94 4.51 4.82 4.84 4.80 4.71 4.65 4.81 4.49 4.46

Latest Average Maturity in Days 175 175 153 282 115 161 107 183 164 160

Previous Month 88 135 91 88 85 128 107 102 106 123

3 Months Avg Rolling Returns 4.62 4.54 4.62 4.59 4.53 4.72 4.41 4.63 4.16 3.82

Standard Deviation 0.0142 0.0137 0.0135 0.0133 0.0129 0.0135 0.0136 0.0134 0.0138 0.0119

Performance as on 31st March, 2010

* Schemes which were known as Liquid Plus is categorised as Ultra Short Term Funds in view of the recent regulatory instructions in this connection

APRIL 2010 Investime 19

 PERFORMANCE OF SELECT SHORT TERM FUNDS
KEY STATISTICS
Birla Sun Life DWS Short ICICI IDFC SSIF Kotak Bond PRINCIPAL Reliance Templeton
SCHEME NAME DBF - Retail Maturity HDFC HIF - Prudential Short Term Income Fund Short Term India STIP
Short Term -
STP
Fund STP Plan A Plan - STP Fund

AUM as on March (10) (Rs. Crs.) 6587 388 2142 2200 643 864 118 2637 5443

AUM as on February (10) (Rs. Crs.) 6707 661 1946 2502 655 789 127 2832 5217

Month on Month Change (%) -1.80 -41.26 10.09 -12.07 -1.84 9.49 -7.59 -6.90 4.32

Performance (Annualised%)

1 Month 11.12 6.11 11.27 9.43 7.20 9.35 7.69 8.28 10.97

2 Months 8.07 4.02 6.56 5.00 3.78 6.08 5.27 4.65 6.80

3 Months 7.65 4.43 6.80 5.19 4.07 6.15 5.16 5.06 7.15

Latest Average Maturity in Days 332 208 493 453 533 537 261 412 376

Previous Month 288 245 540 449 617 398 301 427 460

3 Months Avg Rolling Returns 5.80 4.91 6.53 4.72 4.17 5.67 4.89 5.01 7.56

Standard Deviation 0.0692 0.0713 0.0784 0.0876 0.0771 0.0709 0.0572 0.0662 0.0619

Performance as on 31st March, 2010

PERFORMANCE OF SELECT SHORT TERM FLOATING RATE FUNDS

KEY STATISTICS

Birla Sun Life DSP ICICI

PRINCIPAL Templeton UTI Floating
SCHEME NAME Floating Rate BlackRock HDFC FRIF Prudential Kotak
Floating Rate
Reliance Tata FRF
FRIF - Short Rate Fund
Fund - STP Floating Rate - STF FRF - Floater - ST
Fund - SMP
FRF - ST
Term - STP
Fund - IP Plan A

AUM as on March (10) (Rs. Crs.) 560 2650 2876 4211 147 63 544 73 423 3908

AUM as on February (10) (Rs. Crs.) 55 3283 7973 4953 138 98 754 84 477 4966

Month on Month Change (%) 919.70 -19.27 -63.93 -14.98 6.88 -35.35 -27.84 -12.75 -11.40 -21.30

Performance (Annualised%)

1 Month 4.91 4.77 4.47 4.04 3.64 4.03 4.43 3.47 3.89 4.50

2 Months 4.40 4.65 4.27 3.64 3.60 4.02 4.27 3.41 3.74 4.33

3 Months 4.22 4.63 4.28 3.48 3.70 3.98 4.28 3.29 3.67 4.36

Latest Average Maturity in Days 62 102 218 255 47 42 40 17 40 122

Previous Month 15 84 112 92 22 17 22 18 40 135

3 Months Avg Rolling Returns 4.13 4.53 4.24 3.31 3.67 3.77 4.33 3.14 3.36 4.25

Standard Deviation 0.0074 0.0159 0.0127 0.0107 0.0064 0.002 0.0075 0.003 0.0085 0.0136

Performance as on 31st March, 2010

20 Investime APRIL 2010

 PERFORMANCE OF SELECT GILT FUNDS

KEY STATISTICS
Birla DSP Fidelity ICICI Kotak Gilt - Reliance G SBI Templeton UTI
Sun Life BlackRock G Magnum Gilt Tata
SCHEME NAME Flexi Gilt Prudential Investment Sec Fund - India GSF G-Sec
GPRP Sec Fund LTP GSSMF
Fund GFIP Regular Plan Retail - LTP Fund

AUM as on March (10) (Rs. Crs.) 106 50 62 334 60 82 193 309 72 205

AUM as on February (10) (Rs. Crs.) 126 65 61 367 51 53 175 278 76 184

Month on Month Change (%) -15.76 -24.23 0.71 -9.00 17.82 54.85 10.26 11.16 -5.83 11.18

Performance (Annualised%)

1 Month 3.05 0.97 1.57 4.36 8.86 4.04 17.17 4.83 5.95 3.65

3 Months 0.71 1.49 0.99 0.51 4.16 1.94 4.84 3.13 0.97 3.20

6 Months 2.27 2.94 0.80 0.85 6.41 2.44 1.90 2.73 2.92 5.38

1 Year 2.66 3.68 2.50 4.88 7.85 3.63 -0.47 2.05 1.62 2.38

Latest Average Maturity in Days 183 1201 124 431 1442 420 40 275 15 509

Previous Month 453 562 1212 1267 635 1106 2511 624 635 1150

182 Days Rolling Returns

Over Last Six Months -0.05 0.83 -0.15 -0.83 4.73 0.17 -3.01 0.32 0.51 1.03

Standard Deviation 0.2858 0.2766 0.2759 0.3704 0.2655 0.2819 0.3003 0.1435 0.3032 0.1456

Performance as on 31st March, 2010

PERFORMANCE OF SELECT INCOME FUNDS

KEY STATISTICS
ICICI IDFC SSIF Reliance
Birla Sun Kotak Bond PRINCIPAL Templeton
Birla SunLife Fortis Flexi Prudential - Invt. Plan - Income Fund- India Income UTI Bond
SCHEME NAME Life Income Regular Income
Income Fund Debt Fund Income Plan A Retail - G P Fund
Plus Plan Fund Fund
Fund

AUM as on March (10) (Rs. Crs.) 342 788 391 928 147 181 57 392 406 260

AUM as on February (10) (Rs. Crs.) 413 880 413 1074 176 229 58 466 369 288

Month on Month Change (%) -17.38 -10.42 -5.37 -13.65 -16.66 -20.95 -1.98 -15.82 10.18 -9.59

Performance (Annualised%)

1 Month 5.87 6.21 5.54 0.94 6.89 9.20 8.27 7.30 8.75 10.93

3 Months 2.20 2.35 5.28 -1.19 1.42 3.89 3.62 3.62 4.66 4.87

6 Months 4.08 3.70 5.05 1.99 2.20 5.84 3.89 4.45 5.66 5.58

1 Year 4.81 5.88 10.02 7.40 4.68 6.72 7.28 6.17 5.57 5.82

Latest Average Maturity in Days 445 445 380 704 1573 876 292 628 343 1095

Previous Month 617 358 402 1672 2661 1106 701 1099 839 1232

182 Days Rolling Returns

Over Last Six Months 4.57 4.11 4.74 3.66 1.84 3.42 4.26 2.83 4.08 4.04

Standard Deviation 0.2263 0.2488 0.2176 0.2585 0.2232 0.1928 0.2157 0.2087 0.1244 0.1443

* Daily Avg. of last Six Months Performance as on 31st March, 2010

APRIL 2010 Investime 21

 PERFORMANCE OF SELECT MONTHLY INCOME PLANS
KEY STATISTICS
DSP
ICICI
Birla Sun Life BlackRock
Fortis FT India MIP HDFC MIP HSBC MIP - Prudential PRINCIPAL Reliance Templeton UTI - MIS -
SCHEME NAME MIP - Savings Advantage
MIP - Plan A - STP Savings Plan MIP - M I P Plus MIP MIP
Wealth 25 Manager Fund Fund -
- Moderate Cumulative

AUM as on March (10) (Rs. Crs.) 255 159 34 441 587 358 565 154 3944 N.A. 438

AUM as on February (10) (Rs. Crs.) 241 154 39 367 543 327 550 144 3390 93 275

Month on Month Change (%) 5.75 2.99 -12.50 20.06 8.06 9.54 2.73 6.99 16.33 -- 59.55

Performance (Annualised%)

1 Month 22.78 7.79 11.25 19.86 16.43 20.62 17.63 15.02 19.8 25.16 16.17

3 Months 4.15 1.53 3.37 7.21 7.12 4 5.5 2.35 4.68 6.26 4.45

6 Months 8.32 5.89 2.15 7 9.2 9.06 5.4 5.02 11.86 6.78 6.97

1 Year 24.25 12.69 8.53 19.7 18.86 22.38 17.09 21.59 26.15 18.05 21.85

Latest Average Maturity in Days 423 179 292 467 610 461 453 475 453 -- 517

Top 10 Holdings (%) 8.01 10.92 8.75 8.62 6.25 12.23 8.66 6.9 10.12 -- 5.13

No. of Scrips 46 11 34 31 34 30 36 48 32 -- 58

Avg. Exposure 5.55 14.46 1.01 14.21 17.27 11.94 15.69 3.21 123.25 -- 7.55

Performance as on 31st March, 2010

PERFORMANCE OF SELECT DIVERSIFIED EQUITY SCHEMES

KEY STATISTICS
DSP DWS ICICI SBI Magnum
Birla Sun Fidelity
BlackRock Alpha HDFC Equity HSBC Equity Prudential Reliance Sector
SCHEME NAME Life Equity Equity Kotak 30
Top 100 Equity Fund Fund Focused RSF - Equity Umbrella -
Fund Fund
Equity Fund Fund Equity Fund Contra

AUM as on March (10) (Rs. Crs.) 1177 2680 185 2822 5862 1383 1187 990 2501 3555
AUM as on February (10) (Rs. Crs.) 1139 2533 201 2752 5632 1379 1099 957 2259 3301
Month on Month Change (%) 3.27 5.81 -7.72 2.55 4.08 0.28 7.99 3.43 10.72 7.70
Performance (Absolute%)
1 Month 6.65 5.67 6.42 6.51 5.77 6.01 6.85 5.62 5.78 6.07
3 Months 0.33 0.44 0.71 3.15 2.28 0.71 3.88 0.48 3 0.11
6 Months 9.04 5.55 4.8 9.92 11.54 3.46 9.31 4.49 11.48 5.55
1 Year 102.09 75.6 66.2 89.48 117.06 58.42 89.33 70.88 112.9 87.87
Rolling Returns (%)
1 Year Rolling Return 43.86 38.71 29.1 42.24 58.13 25.22 60.08 29.65 54.51 45.11
Statistical Measures
Treynor 0.3288 0.2987 0.2633 0.3323 0.4 0.2598 0.3225 0.2697 0.3768 0.3167
Standard Deviation 1.8113 1.5666 1.6325 1.5929 1.6827 1.4564 1.654 1.6509 1.7434 1.7053
Portfolio Diversification
Top 5 Holdings (%) 16.07 27.81 33.58 23.26 26.36 26.64 36.18 26.62 17.49 22.39
Top 10 Holdings (%) 29.8 45.18 58.65 38.81 38.76 45.84 62.77 42.59 29.15 34.61
No. of Scrips 61 45 26 62 61 36 21 38 46 81
Avg. Exposure (Rs Crs) 19.29 59.56 7.13 44.39 96.1 38.41 56.52 26.06 54.36 43.89

Performance as on 31st March, 2010

22 Investime APRIL 2010

 PERFORMANCE OF SELECT MIDCAP EQUITY SCHEMES

KEY STATISTICS
DSP HDFC ICICI IDFC
Birla Sun Life BlackRock Prudential Premier Kotak SBI Magnum Sundaram UTI Thematic
Capital Reliance BNP Paribas
SCHEME NAME Mid Cap India Tiger Discovery Equity Midcap Fund Multiplier Mid Cap
Builder Growth Select
Fund Fund Fund Fund Plus 93 Fund
Fund Midcap
AUM as on March (10) (Rs. Crs.) 1565 3306 617 876 1394 146 7173 1123 2024 314
AUM as on February (10) (Rs. Crs.) 1406 3211 585 779 1357 127 6838 1067 1917 307
Month on Month Change (%) 11.26 2.95 5.40 12.37 2.73 15.16 4.90 5.24 5.58 2.09
Performance (Absolute%)
1 Month 8.19 6.42 7.57 6.05 5.18 8.19 6.26 5.71 4.1 5.74
3 Months 1.66 2.23 4.84 6.89 4.4 4.57 2.77 0.47 -0.51 1.99
6 Months 14.17 5.43 13.1 16.69 15.38 14.02 11.66 10.05 10.36 12.97
1 Year 146.31 79.04 108.59 159.35 113.57 109.62 112.06 86.86 139.49 129.82
Rolling Returns (%)
1 Year Rolling Return 62.24 37.81 45.69 74.43 52.47 38.2 48.08 41.6 61.18 49.51
Statistical Measures
Treynor 0.3997 0.2766 0.4355 0.7075 0.4569 0.3688 0.3991 0.3662 0.3911 0.4736
Standard Deviation 2.0807 1.7948 1.438 1.3848 1.5792 1.8324 1.6249 1.5454 2.0851 1.6969
Portfolio Diversification
Top 5 Holdings (%) 13.52 17.32 25.03 24.61 23.64 13.24 18.27 24.27 17.91 19.76
Top 10 Holdings (%) 26.15 28.92 43.62 42.22 42.01 24.81 30.39 40.78 31.84 33.67
No. of Scrips 53 82 37 49 35 59 40 39 56 70
Avg. Exposure (Rs Crs) 29.52 40.32 16.68 17.87 39.83 2.48 179.31 28.79 36.14 4.48

Performance as on 31st March, 2010

PERFORMANCE OF SELECT EQUITY OPPORTUNITIES SCHEMES

KEY STATISTICS
DSP DWS Franklin ICICI Reliance
Fortis HSBC India Kotak Tata Equity UTI
BlackRock Investment India Prudential Equity
SCHEME NAME Opportunities Opportunities Opportunities Opportunities Opportunities
Opportunities Opportunity Opportunity Dynamic Opportunities
Fund Fund Fund Fund Fund
Fund Fund Fund Plan Fund

AUM as on March (10) (Rs. Crs.) 880 185 85 555 284 2033 1071 2021 457 1392

AUM as on February (10) (Rs. Crs.) 887 176 84 552 281 1929 1050 1872 453 1293

Month on Month Change (%) -0.88 4.75 1.39 0.53 1.14 5.38 2.03 7.95 0.89 7.66

Performance (Absolute%)

1 Month 6.2 7.25 4.57 6.39 5.48 5.5 6.24 9.6 5.97 4.78

3 Months 1.2 2.93 -1.18 -0.65 -0.9 3.51 1.53 5.62 1.87 -0.75

6 Months 7.04 8.32 1.3 4.47 3.31 13.64 7.19 19.76 11.34 4.83

1 Year 88 82.33 60.2 76.46 62.24 92.24 91.39 129.84 106.6 86.79

Rolling Returns (%)

1 Year Rolling Return 41.6 32.29 11.18 30.67 24.63 39.79 37.83 54.19 39.56 53.27

Statistical Measures

Treynor 0.3474 0.3045 0.2449 0.2568 0.2759 0.4832 0.2984 0.4415 0.3486 0.2978

Standard Deviation 1.5164 1.6892 1.603 1.8805 1.4555 1.1357 1.8594 1.6506 1.7631 1.7801

Portfolio Diversification

Top 5 Holdings (%) 19.02 25.59 19.11 24.73 27.11 25.98 16.41 23.93 19.25 21.61

Top 10 Holdings (%) 31.91 42.67 32.25 36.78 46.87 42.27 29.63 44.19 34.46 39.04

No. of Scrips 79 36 62 80 29 36 62 33 51 41

Avg. Exposure (Rs Crs) 11.13 5.13 1.38 6.94 9.79 56.46 17.28 61.24 8.96 33.95

Performance as on 31st March, 2010

APRIL 2010 Investime 23

 BALANCED FUNDS - PERFORMANCE
ABSOLUTE COMPOUNDED ANNUALIZED STATISTICAL
RETURNS (%) RETURNS (%) MEASURE
Scheme AUM as Inception NAV
Name on 31st Date (31-Mar-10)
Mar, 2010 Standard
(Rs. Crs) 1 Month 3 Months 1 Year 3 Years 5 Years Treynor Deviation

Birla Sun Life 95 267 11-Feb-95 277.09 4.89 2.83 77.63 17.07 22.5 0.3102 1.2547
Birla Sun Life Freedom Fund 162 1-Nov-99 32.63 3.29 -0.58 22.16 6.07 13.15 0.1497 0.8493
DSP BlackRock Balanced Fund 660 27-May-99 59.94 5.04 0.64 66.41 17.25 21.98 0.295 1.155
FT India Balanced Fund 298 17-Jan-00 45.26 4.22 3.09 55.2 12.08 18.84 0.2349 1.2365
HDFC Balanced Fund 149 20-Sep-00 47.2 4.7 4.89 81.96 17.35 18.76 0.356 1.1524
HDFC Prudence Fund 3710 1-Feb-94 182.05 4.81 4.47 99.02 18.2 25.15 0.4007 1.2007
ICICI Prudential Balanced 262 3-Nov-99 41.45 5.2 3.5 57.13 7.28 15.95 0.2888 1.0071
Kotak Balance 65 17-Dec-99 21.9 4.77 0.53 58.64 11.72 19.11 0.1767 1.3867
PRINCIPAL Balanced Fund 36 19-Jan-00 29.88 4.73 0.78 68.15 12.83 16.15 0.2972 1.157
SBI Magnum Balanced Fund 525 6-Jan-96 48.46 5.28 1.53 68.67 12.69 21.02 0.2705 1.298
Sundaram BNP Paribas Balanced Fund 117 23-Jun-00 44.34 3.54 -2.26 71.51 12.59 16.72 0.2223 1.6418
Tata Balanced Fund 273 5-Jan-96 76.03 4.32 1.94 77.74 16.06 21.08 0.2705 1.3926
UTI Balanced Fund 1069 3-Apr-95 74.18 5.06 1.95 65.54 12.2 15.9 0.2425 1.3637

Performance as on 31st March, 2010

ELSS FUNDS - PERFORMANCE

ABSOLUTE COMPOUNDED ANNUALIZED STATISTICAL
RETURNS (%) RETURNS (%) MEASURE
Scheme AUM as Inception NAV
Name on 31st Date (31-Mar-10)
Mar, 2010 Standard
(Rs. Crs) 1 Month 3 Months 1 Year 3 Years 5 Years Treynor
Deviation

Birla Sun Life Tax Plan 156 3-Oct-06 12.85 6.29 -0.16 78.47 7.46 -- 0.3136 1.596
Birla Sun Life Tax Relief 96 1318 1-Apr-96 80.89 6.43 0.21 109.77 11.71 22.84 0.3102 2.0552
DWS Tax Saving Fund 79 24-Mar-06 13.48 6.91 2.82 77.07 10.92 -- 0.292 1.6796
Fidelity Tax Advantage Fund 1162 1-Mar-06 18.92 6.44 3.66 90.9 15.84 -- 0.3445 1.5557
Fortis Tax Advantage Plan 66 16-Jan-06 12.97 5.41 1.09 75.01 2.46 -- 0.2839 1.6475
Franklin India Taxshield 784 13-Apr-99 186.91 7.04 4.94 91.3 15.82 22.44 0.3342 1.6276
HDFC Taxsaver 2414 13-Jun-96 205.68 6.1 4.39 111.9 15.36 24.93 0.4316 1.4802
ICICI Prudential Taxplan 1123 19-Aug-99 127.34 5.7 4.64 123.87 15.54 21.86 0.5161 1.3647
ING Tax Saving Fund 46 29-Mar-04 26.17 6.47 2.55 104.93 1.55 15.93 0.3814 1.6852
Kotak Taxsaver 559 25-Nov-05 17.11 8.2 2.6 87.55 7.27 -- 0.2893 1.8732
Principal Personal Taxsaver 611 12-Apr-96 90.41 5.61 0.21 91.83 10.96 19.16 0.3456 1.5701
Reliance Tax Saver Fund 2192 22-Sep-05 18.72 6.33 2.85 92.75 12.08 -- 0.3727 1.5188
SBI Magnum Tax Gain Scheme 93 5458 31-Mar-93 57.8 5.24 0.05 86.99 10.84 26.3 0.3205 1.6658
Sundaram BNP Paribas Taxsaver - (Open Ended Fund) 1314 22-Nov-99 41.14 4.46 -2.72 81.64 16.25 25.46 0.2639 1.9366
Taurus Taxshield 44 31-Dec-97 31.64 4.39 -1.59 91.53 25.99 19.18 0.3176 1.8524
UTI Equity Tax Savings Plan 492 3-Jan-00 37.49 6.57 2.1 75.6 9.89 15.86 0.291 1.6101
Performance as on 31st March, 2010

24 Investime APRIL 2010

 BIRLA SUN LIFE MIDCAP HDFC CAPITAL BUILDER KOTAK MIDCAP FUND SBI MAGNUM EMERGING
Inception Date-Oct 16, 2002 Inception Date-Feb 01,1994 Inception Date-Feb 25, 2005 BUSINESS
Total Assets- Rs 1564.58 Crores Total Assets- Rs 616.98 Crores Total Assets- Rs 146.22 Crores Inception Date-Oct 11, 2004
Name: Sanjay Chawla Name: Chirag Setalvad Name: Pankaj Tibrewala Total Assets- Rs 205.22 Crores
Name: Rama Iyer Shrinivasa
Equity % Equity % Equity %
PORTFOLIO OF MIDCAP/OPPORTUNITIES EQUITY FUNDS * AS ON MARCH, 2010

Equity %
Sintex Industries Ltd. 2.94 Tata Consultancy Services Ltd. 5.69 Zuari Industries (Agrochemicals) Ltd. 2.92
Jk Tyre And Industries Ltd 6.65
Patni Computer Systems Ltd. 2.69 Ipca Laboratories Ltd. 5.67 Ipca Laboratories Ltd. 2.76
Gammon Infrastructure Projects Ltd. 4.73
Voltas Ltd. 2.68 Reliance Industries Ltd. 5.22 Aurobindo Pharma Ltd. 2.62
Blue Dart Express Limited 4.23
Mcleod Russel India Ltd. 2.64 State Bank of India 4.51 Crompton Greaves Ltd. 2.50
Mcnally Bharat Engineering Co. Ltd 3.86
Usha Martin Ltd. 2.57 Dr Reddys Laboratories Ltd. 3.93 Allahabad Bank. 2.44
Bajaj Holdings & Investment Ltd. 3.84
Crompton Greaves Ltd. 2.55 Crompton Greaves Ltd. 3.92 Oracle Financial Services Software Ltd 2.36
Redington (India) Ltd. 3.80
Shriram Transport Finance Company Ltd. 2.53 Patni Computer Systems Ltd. 3.90 Alstom Projects India Ltd. 2.35
Reliance Industries Limited 3.67
Ashok Leyland Ltd. 2.52 Exide Industries Ltd. 3.73 GlaxoSmithkline Consumer Healthcare Ltd 2.35 Sunil Hightech Engineers Ltd 3.60
Aurobindo Pharma Ltd 2.52 Bank of Baroda 3.63 Pantaloon Retail (india) Ltd. 2.29 Jain Irrigation Systems Limited 3.60
Welspun Gujarat Stahl Rohren Ltd. 2.50 Axis Bank Ltd 3.41 Shree Cement Ltd. 2.21 PVR Limited 3.52
Other Equities 68.24 Other Equities 53.36 Other Equities 69.97 Other Equities 49.87
Total Equities 94.39 Total Equities 96.97 Total Equities 94.77 Total Equities 91.36
Other Non Equities 5.61 Other Non Equities 3.03 Other Non Equities 5.23 Other Non Equities 8.64
Total Assets 100.00 Total Assets 100.00 Total Assets 100.00 Total Assets 100.00
DSP BLACKROCK INDIA HSBC MIDCAP EQUITY RELIANCE GROWTH SBI MAGNUM GLOBAL-94
TIGER FUND Inception Date-May 24, 2005 Inception Date-Sep 30, 1994
Inception Date-Oct 08, 1995
Inception Date-June 14, 2004 Total Assets- Rs 177.24 Crores Total Assets- Rs 1238.51 Crores
Total Assets- Rs 7172.57 Crores
Total Assets- Rs 3305.96 Crores Name: Dhiraj Sachdev Name: Rama Iyer Shrinivasa
Name: Sunil Singhania
Name: Anup Maheshwari
Equity % Equity %
Equity % Equity %
Bombay Dyeing & Manufaturing 4.66 Redington (India) Ltd. 6.42
Reliance Industries 5.07 Lupin Ltd. 4.69
Verdhaman Texiles 4.32 Bosch Limited 5.05
Bharat Heavy Electricals 3.39 Jindal Saw Ltd. 3.81
Bilcare 3.89 Texmaco Ltd 4.19
Bharat Electronics 3.18 Bank Of Baroda 3.51
Indian Bank 3.81 Bajaj Holdings & Investment Ltd. 4.17
HDFC Bank 2.92 State Bank Of India 3.39
Bank Of Maharastra 3.49 Asian Paints Limited 3.79
Larsen & Toubro 2.76 ICICI Bank Ltd. 2.87
KRBL 3.35 Beml Limited 3.74
Jaiprakash Associates 2.69 Reliance Industries Ltd. 2.66
Spicejet 3.33 Utv Software Communications Ltd. 3.56
GAIL (India) 2.29 Jindal Steel & Power Ltd. 2.57
ING Vysya Bank 3.14 Wyeth Limited 3.25
IndusInd Bank 2.29 Infosys Technologies Ltd. 2.38
Mphasis 2.86 Shree Cement Limited 3.17
Cairn India 2.17
Divis Laboratories Ltd. 2.31
Sun Pharma Advanced Research 2.81 Oracle Financial Services Software 3.16
Oil & Natural Gas Corpn 2.16
E.I.D. Parry (India) Ltd. 2.20
Other Equities 58.43 Other Equities 55.41
Other Equities 67.72
Total Equities 94.41 Other Equities 62.73
Total Equities 96.64 Total Equities 95.91
Other Non Equities 5.91 Total Equities 93.12
Other Non Equities 3.36 Other Non Equities 4.09
Total Assets 100.00 Other Non Equities 6.88
Total Assets 100.00 Total Assets 100.00
Total Assets 100.00
FORTIS OPPORTUNITIES FRANKLIN INDIA OPPORTUNITY SUNDARAM BNP PARIBUS
FUND KOTAK INDIA LEADERSHIP FUND
FUND
OPPORTUNITIES Inception Date-July 06, 2004
Inception Date-April 29, 2005 Inception Date-Mar 29, 2000
Inception Date-Sep 10, 2004
Total Assets- Rs 85.48 Crores Total Assets- Rs 554.87 Crores Total Assets- Rs 167.7 Crores
Total Assets- Rs 1071.41 Crores
Name: Amit Nigam Name: Chakri Lokapriya Name: J. Venkatesan
Name: Pankaj Tibrewal
Equity % Equity % Equity %
Equity %
ICICI Bank Ltd. 4.68 Reliance Industries 7.03 Tata Motors 5.42
Reliance Industries Ltd. 3.61
Housing Development Finance Cor Ltd 3.81 ICICI Bank 6.61 TCS 5.12
ICICI Bank Ltd. 3.51
Infosys Technologies Ltd. 3.67 Infosys 4.82 Sterlite Industries 5.07
Sterlite Industries (India) Ltd 3.17
Reliance Infrastructure Limited 3.51 HDFC Bank 3.24 State Bank Of India 4.69
GlaxoSmithkline Consumer Healthcare Ltd 3.11
Larsen & Toubro Ltd. 3.43 L&T 3.03 Larsen & Toubro 3.89
Oracle Financial Services Software Ltd 3.01
HDFC Bank Ltd. 3.39 Sterlite 3.02 Reliance Industries 3.84
LIC Housing Finance Ltd. 2.93
Jaiprakash Associates Ltd. 2.60 Crompton Greaves 2.47 Indian Hotels 3.57
Lupin Ltd. 2.81
Axis Bank Limited 2.46 TCS 2.22 Aurobindo Pharma Ltd. 2.63 ITC 3.57
Divis Laboratories Ltd. 2.38 Bharti Airtel 2.20 Larsen And Toubro Ltd. 2.44 Axis Bank 3.48
Oil & Natural Gas Corporation Ltd. 2.31 Rural Electrification Corporation 2.15 Power Finance Corporation Ltd. 2.42 ONGC 3.28
Other Equities 66.65 Other Equities 60.93 Other Equities 65.34 Other Equities 55.35
Total Equities 98.89 Total Equities 97.72 Total Equities 94.98 Total Equities 97.30
Other Non Equities 1.10 Other Non Equities 2.29 Other Non Equities 5.02 Other Non Equities 2.70
Total Assets 100.00 Total Assets 100.00 Total Assets 100.00 Total Assets 100.00
* Top Ten Holdings

APRIL 2010 Investime 25

 DSP BLACKROCK HSBC INDIA RELIANCE EQUITY TATA EQUITY
OPPORTUNITIES OPPORTUNITIES OPPORTUNITIES OPPORTUNITIES
Inception Date-May 16, 2000 Inception Date-Mar 05, 2004 Inception Date-Mar 31, 2005 Inception Date-April 16,1999
Total Assets- Rs 879.56 Crores Total Assets- Rs 283.80 Crores Total Assets- Rs 2020.77 Crores Total Assets- Rs 457.12 Crores
Name: Anup Maheshwari Name: Dhimant Shah Name: Sunil Singhania Name: M Venugopal
PORTFOLIO OF MIDCAP/OPPORTUNITIES EQUITY FUNDS * AS ON MARCH, 2010

Equity % Equity % Equity % Equity %

Reliance Industries 5.03 HDFC Bank 6.13 Divis Laboratories Ltd. 5.26 KEC International Ltd 3.93
Zee News 3.87 Infosys Technologies 5.81 Aventis Pharma Ltd. 4.87 Wipro Ltd 3.90
Karur Vysya Bank 3.62 Reliance Industries 5.45 Trent Limited 4.64 Reliance Industries Ltd. 3.89
Oracle Financial Services Software 3.45 Larsen & Toubro 5.17 Cox And Kings India Limited 4.59 Oracle Financials Services Software 3.82
Oil & Natural Gas Corpn 3.05 Bharat Heavy Electricals 4.55 Indian Metal And Ferro Alloys Limit 4.57 Mcleod Russel Ltd. 3.71
Dr. Reddy’s Laboratories 2.63 Aurobindo Pharma 4.26 State Bank Of India 4.37 Lupin Ltd 3.39
State Bank of India 2.63 ITC 4.00 Reliance Industries Ltd. 4.25 ICICI Bank Ltd 3.13
Bharat Electronics 2.59 Housing Development Finance Corporation 3.88 ICICI Bank Ltd. 4.01 Infosys Technologies Ltd. 3.05
Piramal Healthcare 2.53 Oil and Natural Gas Corporation 3.83 Ashok Leyland Ltd. 3.99 Jain Irrigation Systems Ltd. 2.83
Tata Consultancy Services 2.51 Bosch 3.79 Larsen & Toubro Ltd. 3.63 Rallis India Limited 2.82
Other Equities 67.26 Other Equities 47.97 Other Equities 53.60 Other Equities 63.23
Total Equities 99.17 Total Equities 94.84 Total Equities 97.79 Total Equities 97.70
Other Non Equities 0.83 Other Non Equities 5.16 Other Non Equities 2.21 Other Non Equities 2.30
Total Assets 100.00 Total Assets 100.00 Total Assets 100.00 Total Assets 100.00
DSP BLACKROCK SMALL SUNDARAM BNP PARIBAS SUNDARAM BNP PARIBAS FRANKLIN INDIA
AND MIDCAP RURAL INDIA FUND SMILE FUND PRIMA FUND
Inception Date-Nov 14, 2006 Inception Date-May 18, 2006
Total Assets- Rs 774 Crores Inception Date-Feb 16, 2005 Inception Date-Dec 15, 1993
Total Assets- Rs 255.5 Crores
Name: Anup Maheshwari Total Assets- Rs 610 Crores Total Assets- Rs 949.18 Crores
Name: J. Venkatesan
Name: S. Krishnakumar Name: K. N. Siva Subramanian
Equity % Equity %
Equity % Equity %
Cadila Healthcare 4.37 McLeod Russel 6.88
TVS Motor 4.13 Torrent Pharmaceuticals 4.12
Bayer Cropscience 3.07 Punjab National Bank 5.94
Polaris Software 3.76 Jagran Prakashan 3.97
PTC India 2.91 Jain Irrigation 5.64
Sesa Goa 3.47 Bharti Airtel 3.69
Bata India 2.70 Mahindra & Mahindra 5.30
Ashok Leyland 3.20 Crompton Greaves 3.40
EID Parry India 2.61 Tata Chemicals 4.62
Reliance Industries 2.75 Voltas 3.10
Indian Hotels Co. 2.49 State Bank Of India 4.61
Ranbaxy 2.68 Adhunik Metaliks 3.08
Fortis Healthcare 2.41 Lupin 4.46
Lupin 2.67 India Cements 3.06
Zuari Industries 2.36 United Spirits 4.14 Pidilite 3.04
Oriental Bank of Commerce 2.47
Trent 2.34 Tata Motors 3.56 Gujarat State Petronet 2.95
GVK Power 2.33
Thermax 2.27 Bajaj Auto 3.15 Federal Bank 2.88
Union Bank of India 2.28
Other Equities 68.12 Other Equities 47.80 Other Equities 62.88
Other Equities 62.35
Total Equities 95.65 Total Equities 96.10 Total Equities 96.17
Total Equities 92.15
Other Non Equities 4.35 Other Non Equities 3.90 Other Non Equities 3.83
Other Non Equities 7.90
Total Assets 100.00 Total Assets 100.00 Total Assets 100.00
Total Assets 100.00
UTI MID CAP FUND SUNDARAM BNP PARIBAS IDFC PREMIER EQUITY FUND
SBI MAGNUM MIDCAP
Inception Date-April 19, 2004 SELECT MIDCAP Inception Date- October 5, 2005
Inception Date- July 31, 2002 Inception Date-Apr 15, 2005
Total Assets- Rs 313.57 Crores Total Assets- Rs 1393.96 Crores
Total Assets- Rs 2024 Crores Total Assets- Rs 330.53 Crores
Name: Anoop Bhaskar Name: Kenneth Andrade
Name: Satish Ramanathan Name: Vivek Pandey
Equity % Equity %
Equity % Equity %
Lupin Ltd. 4.60 Bajaj Electricals Limited 4.27
Aurobindo Pharma 4.41 United Breweries Limited 9.29
Rallis India Ltd. 4.54 Asian Paints Ltd. 4.88
IPCA Labs 4.24 Gujarat Mineral Devlopment Corporation 6.28
Bajaj Electricals Ltd. 3.80 Glaxosmithkline Consumer Healthcare Ltd. 3.70
Indraprastha Gas 3.20 Glaxosmithkline Cons.Healthcare Ltd 5.62
Indus Ind Bank Ltd. 3.48 Trent 3.12 United Spirits Ltd. 3.69
Mindtree Limited 5.43
Eicher Motors Ltd 3.34 IndusInd Bank 2.95 Engineers India Ltd. 5.32 Shree Renuka Sugars Ltd 3.27
Bank Of Baroda 3.04 Rural Electrification Corp 2.92 Beml Limited 5.29 Motherson Sumi Systems Ltd. 2.87
Texmaco Ltd. 2.90 MphasiS BFL 2.91 Usha Martin Limited 4.95 Ruchi Soya Industries Limited 2.66
Rain Commodities Ltd. 2.75 Punj Lloyd 2.75 Sobha Developers Ltd 4.88 Emami Limited 2.58
Cadila Healthcare Ltd. 2.61 Aban Loyd Chiles 2.73 Cesc Ltd. 4.70 Kaveri Seed Company Limited 2.26
Shree Renuka Sugars Ltd 2.61 Siemens India 2.63 Bombay Dyeing & Mfg Ltd 4.63 Bata India Ltd. 2.21
Other Equities 64.66 Other Equities 62.36 Other Equities 42.99 Other Equities 61.14
Total Equities 98.40 Total Equities 94.24 Total Equities 99.36 Total Equities 93.53
Other Non Equities 1.67 Other Non Equities 5.80 Other Non Equities 0.63 Other Non Equities 6.47
Total Assets 100.00 Total Assets 100.00 Total Assets 100.00 Total Assets 100.00

26 Investime APRIL 2010

* Top Ten Holdings
 BIRLA SUN LIFE ADVANTAGE FUND BIRLA SUN LIFE EQUITY FUND BIRLA SUN LIFE MNC FUND DSP BLACKROCK TOP 100
Inception Date-Feb 24,1995 Inception Date-Sep 15,1998 Inception Date-April 22, 1994 EQUITY
Total Assets- Rs 399.88 Crores Total Assets- Rs 1176.60 Crores Total Assets- Rs 194.86 Crores Inception Date-Mar 11, 2003
Name: Ajay Argal Name: Mahesh Patil Name: Ajay Garg Total Assets- Rs 2680.18 Crores
Name: Apoorva Shah
Equity % Equity % Equity %
CRISIL Ltd. 6.73 Equity %
Reliance Industries Ltd. 5.59 ICICI Bank Ltd. 3.89
Reliance Industries 7.29
Infosys Technologies Ltd. 5.04 Infosys Technologies Ltd. 3.18 Gujarat Gas Company Ltd. 6.41
Larsen & Toubro 6.00
Bharat Heavy Electricals Ltd. 3.96 Thermax Ltd. 3.11 Pfizer Ltd. 5.79
Tata Consultancy Services 5.42
PORTFOLIO OF DIVERSIFIED EQUITY FUNDS * AS ON MARCH, 2010

ITC Ltd. 3.75 ITC Ltd. 2.99 ING Vysya Bank Ltd. 5.04
State Bank of India 4.84
Larsen & Toubro Ltd. 3.51 State Bank of India 2.91 Cummins (India) Ltd. 4.87
HDFC Bank 4.25
ICICI Bank Ltd. 3.42 Reliance Industries Ltd. 2.89 Yes Bank Ltd. 4.60
Cipla 3.93
HDFC Bank Ltd. 3.30 Crompton Greaves Ltd. 2.88 Glaxosmithkline Consumer Healthcare Ltd. 4.52
Infosys Technologies 3.57
Tata Motors Ltd. 2.88 Honeywell Automation India Ltd. 4.46
Oil & Natural Gas Corporation Ltd. 2.76 GAIL (India) 3.54
Bharti Airtel Ltd. 2.78 Fulford (India) Ltd. 4.28
Pantaloon Retail (India) Ltd. 2.70 ICICI Bank 3.45
Oil & Natural Gas Corporation Ltd. 2.72 Glaxosmithkline Pharmaceuticals Ltd. 4.01 Rural Electrification Corporation 2.88
Tata Consultancy Services Ltd. 2.51
Other Equities 58.27 Other Equities 48.93 Other Equities 51.99
Other Equities 63.55
Total Equities 95.24 Total Equities 99.65 Total Equities 97.16
Total Equities 93.45
Other Non Equities 4.76 Other Non Equities 0.35 Other Non Equities 2.84
Other Non Equities 6.65
Total Assets 100.00 Total Assets 100.00 Total Assets 100.00
Total Assets 100.00
DWS ALPHA FRANKLIN INDIA-BLUE CHIP
BIRLA SUNLIFE BASIC BIRLA SUNLIFE
INDUSTRIES FUND EQUITY FUND
FRONTLINE EQUITY FUND Inception Date-Dec 01, 1993
Inception Date-Jan 31, 2003
Inception Date-Feb 18, 2000 Inception Date-Sep 27, 2002 Total Assets- Rs 2940.41 Crores
Total Assets- Rs 185.34 Crores Name: Anand Radhakrishnan
Total Assets- Rs 134.29 Crores Total Assets- Rs 1985.52 Crores
Name: Aniket Inamdar
Name: Ankit Sancheti Name: Mahesh Patil Equity %
Equity % Infosys 7.29
Equity % Equity %
Infosys Technologies 8.89
Crompton Greaves Ltd. 3.68 Reliance Industries Ltd. 4.53 HDFC Bank 6.57
Bharat Heavy Elecricals 7.21
Bharat Electronics Ltd. 2.92 ICICI Bank Ltd. 3.88 Reliance Industries 6.21
Larsen & Toubro 5.97
Apar Industries Ltd. 2.85 State Bank of India 3.40 Bharti Airtel 5.89
Reliance Indusries 5.95
McNally Bharat Engineering Company Ltd. 2.53 Tata Consultancy Services Ltd. 3.24 ICICI Bank 4.21
ITC 5.57
Bharat Heavy Electricals Ltd. 2.52 Oil & Natural Gas Corporation Ltd. 2.97
Carin India 5.47 BHEL 3.81
Siemens Ltd. 1.72 Bharat Heavy Electricals Ltd. 2.75
HDFC Bank 5.32 Grasim 3.16
Titagarh Wagons Ltd. 0.79 Infosys Technologies Ltd. 2.74
ICICI Bank 5.14 Cummins 3.14
Texmaco Ltd. 0.68 ITC Ltd. 2.43
Larsen & Toubro Ltd. 2.20 TATA Power Company 4.59 L&T 3.04
Jyoti Structures Ltd. 2.42
Grasim Industries Ltd. 2.13 Bajaj Auto 4.56 Cairn 2.96
Tata Power Company Ltd. 2.02
Other Equities 64.51 Other Equities 39.45
Other Equities 46.57
Other Equities 71.77
Total Equities 94.79 Total Equities 98.15
Total Equities 93.88 Total Equities 92.86
Other Non Equities 5.21 Other Non Equities 1.88
Other Non Equities 6.12 Other Non Equities 7.14
Total Assets 100.00 Total Assets 100.00
Total Assets 100.00 Total Assets 100.00
BIRLA SUNLIFE DSP BLACKROCK EQUITY
BIRLA SUNLIFE DIVIDEND GENERATION NEXT FORTIS EQUITY FUND
YIELD PLUS Inception Date-June 07,2007
Inception Date-Aug 12, 2005 Inception Date-Sept 27,2004
Inception Date- Feb 27, 2003 Total Assets- Rs 1804.44 Crores Total Assets- Rs 82.05 Crores
Total Assets- Rs 350.48 Crores Total Assets- Rs 92.60 Crores
Name: Apoorva Shah Name: Amit Nigam
Name: Ankit Sancheti Name: Sanjay Chawla
Equity % Equity %
Equity % Equity %
Reliance Industries 5.13 ICICI Bank Ltd. 6.97
Wyeth Ltd. 4.33 Dabur India Ltd. 4.77
State Bank of India 3.92 Reliance Industries Ltd. 6.68
Glaxosmithkline Consumer Healthcare Ltd. 3.80 Castrol India Ltd. 4.46
Infosys Technologies 3.34 Infosys Technologies Ltd. 5.74
The South Indian Bank Ltd. 3.71 Pantaloon Retail (India) Ltd. 4.19
ICICI Bank 3.16 Housing Development Finance Cor Ltd 5.46
Glaxosmithkline Pharmaceuticals Ltd. 3.66 Marico Ltd. 4.08
Sun TV Network Ltd. 3.88 Tata Consultancy Services 2.90 Larsen & Toubro Ltd. 4.92
KEC International Ltd. 3.49
S. Kumars Nationwide Ltd. 3.87 Larsen & Toubro 2.77 HDFC Bank Ltd. 4.60
Cummins (India) Ltd. 3.21
Bajaj Auto Ltd. 3.78 Steel Authority of India 2.72 Bosch Limited 2.62
Bajaj Electricals Ltd. 3.07
Bata India Ltd. 3.68 HDFC Bank 2.63 Mphasis Limited 2.50
Oil & Natural Gas Corporation Ltd. 3.05
India Infoline Ltd. 3.68 Bharat Electronics 2.19 Jaiprakash Associates Ltd. 2.19
Andhra Bank 2.97
Rural Electrification Corporation Ltd. 2.67 Indian Hotels Company Ltd. 3.64 Cadila Healthcare 2.11 Axis Bank Limited 2.14

Other Equites 59.32 Other Equities 52.60 Other Equities 65.46 Other Equities 56.39
Total Equities 93.29 Total Equities 92.65 Total Equities 96.33 Total Equities 100.19
Other Non Equities 6.72 Other Non Equities 7.35 Other Non Equities 3.67 Other Non Equities -0.19
Total Assets 100.00 Total Assets 100.00 Total Assets 100.00 Total Assets -0.19

* Top Ten Holdings

APRIL 2010 Investime 27

 FRANKLIN INDIA FLEXI CAP FUND JM EQUITY HSBC EQUITY ICICI FOCUSED EQUITY FUND
Inception Date-Mar 07, 2005 Inception Date-Apr 07,1995 Inception Date-Dec 10, 2002 Inception Date- May 26, 2008
Total Assets- Rs 2260.63 Crores Total Assets- Rs 43.98 Crores Total Assets- Rs 1382.78 Crores Total Assets- Rs 1186.93 Crores
Name: K.N.Siva Subramanian Name: Sanjay Kumar Chhabaria Name: Jitendra Sriram Name: Prashant Kothari
Equity % Equity % Equity % Equity %
Bharti Airtel 9.42 Jai Prakash Associates 7.21 Infosys Technologies 6.08 Reliance Industries Ltd 8.68
ICICI Bank 7.70 Equity less than 2.5% of corpus 6.45 Reliance Industries 5.59 Axis Bank Ltd 8.36
Sterlite 4.51 Larsen & Toubro 6.19 HDFC Bank 5.39 Infosys Technologies Ltd 6.62
Cairn 4.45 HDFC Bank 5.50 Bharat Heavy Electricals 5.29 ITC Ltd 6.13
India Infoline 4.25 Infosys Technologies 5.47 Oil and Natural Gas Corporation 4.29 Bajaj Auto Ltd 5.57
Bharti Airtel 4.94 Larsen & Toubro 4.25
PORTFOLIO OF DIVERSIFIED EQUITY FUNDS * AS ON MARCH, 2010

Infosys 3.66 Bharti Airtel Ltd 5.52

Federal Bank 3.66 Bharat Heavy Electricals 4.89 ICICI Bank 3.91
Tata Consultancy Services Ltd 5.37
Mahindra & Mahindra 4.73 ITC 3.79
Mahindra & Mahindra Financial Services 3.62 ICICI Bank Ltd 5.16
Tata Power 4.68 Bharti Airtel 3.77
Gujarat State Petronet 3.40 Bharat Heavy Electricals Ltd 4.97
Oil & Natural Gas Corp 4.50 Housing Development Finance Corporation 3.50
Cummins 3.31 National Thermal Power Corporation Ltd 4.20
Other Equities 52.44
Other Equities 48.93 Other Equities 33.30 Other Equities 37.71
Total Equities 98.34
Total Equities 96.92 Total Equities 87.87 Total Equities 98.27
Other Non Equities 1.70
Other Non Equities 3.08 Other Non Equities 12.14
Total Assets 100.00 Other Non Equities 1.72
Total Assets 100.00 Total Assets 100.00
Total Assets 100.00
KOTAK 30-GROWTH
FRANKLIN INDIA - PRIMA PLUS HDFC EQUITY ICICI PRU INFRASTRUCTURE
Inception Date-Dec 22, 1998
Inception Date-Dec 13,1994 Inception Date-Jan 02, 1995 Inception Date-Sep 12,2005
Total Assets- Rs 990.14 Crores
Total Assets- Rs 1772.02 Crores Total Assets- Rs 5862 Crores Total Assets- Rs 4034.07 Crores
Name: Anurag Jain
Name: Anand Radhakrishnan Name: Anand Laddha Name: Mrinal Singh
Equity %
Equity % Equity % ICICI Bank Ltd. 6.35 Equity %
Bharti Airtel 6.28 State Bank of India 7.09 Reliance Industries Ltd. 6.08 Reliance Industries Ltd 12.66
HDFC Bank 4.80 ICICI Bank Ltd. 6.34 Infosys Technologies Ltd. 5.81 Bharti Airtel Ltd 8.44
Cairn 4.54 Oil & Natural Gas Corporation Ltd. 5.62 HDFC Bank Ltd. 4.39 Bharat Heavy Electricals Ltd 7.63
ICICI Bank 4.40 Bank of Baroda 3.92 Larsen And Toubro Ltd. 4.00 National Thermal Power Corporation Ltd 6.55
Infosys 3.48 Titan Industries Ltd. 3.38 Lupin Ltd. 3.54 Oil & Natural Gas Company Ltd 5.97
Larsen and Toubro Ltd 2.71 Tata Consultancy Services Ltd. 3.39 Sterlite Industries (India) Ltd 5.05
Hero Honda 2.80
LIC Housing Finance Ltd. 2.68 Sterlite Industries (India) Ltd 3.09 HDFC Ltd 4.66
Kotak Mahindra Bank 2.65
GAIL (India) Ltd. 2.52 Axis Bank Ltd 3.07 Tata Power Company Ltd 4.41
GE Shipping 2.51
Crompton Greaves Ltd. 2.32 HDFC Ltd. 2.88
IBN18 Broadcast 2.49 Axis Bank Ltd 3.69
CMC Ltd. 2.19 Other Equities 51.48
IDEA Cellular 2.36 ICICI Bank Ltd 3.51
Other Equities 59.20 Total Equities 94.08
Other Equities 58.71 Other Equities 27.02
Total Equities 97.97 Other Non Equities 5.92
Total Equities 95.01 Total Assets 100.00 Total Equities 89.59
Other Non Equities 2.03 Other Non Equities 10.42
Other Non Equities 4.99 Total Assets 100.00 PRINCIPAL GROWTH Total Assets 100.00
Total Assets 100.00
HDFC GROWTH Inception Date-Oct 25, 2000 ICICI PRU GROWTH
BIRLA SUN LIFE TOP 100 Total Assets- Rs 205.65 Crores
Inception Date-Sep 20, 2000 Inception Date-Jul 09, 1998
Inception Date-Oct 27, 2005 Name: Shyam Bhatt
Total Assets- Rs 1275.41 Crores Total Assets- Rs 384.61 Crores
Total Assets- Rs 366.22 Crores Name: Anand laddha Equity % Name: S.Naren
Name: Ajay Argal Reliance Industries Ltd 4.09
Equity % Equity %
Equity % Torrent Pharmaceuticals Ltd 3.39
ICICI Bank Ltd. 6.22 Reliance Industries Ltd 11.22
Reliance Industries Ltd. 6.81 Sterlite Industries (India) Ltd 3.39
ITC Ltd. 6.01 ICICI Bank Ltd 6.74
Infosys Technologies Ltd. 5.48
Infosys Technologies Ltd 5.74 Larsen & Toubro Ltd 2.94 Infosys Technologies Ltd 6.73
Bharat Heavy Electricals Ltd. 4.28
Crompton Greaves Ltd. 5.52 Aurobindo Pharma Ltd 2.67 Sterlite Industries (India) Ltd 6.56
ITC Ltd. 3.99
Sun Pharmaceutical Industries Ltd. 5.23 ICICI Bank Ltd 2.66 Bharti Airtel Ltd 6.44
HDFC Bank Ltd. 3.90
Larsen & Toubro Ltd. 3.72 Oil & Natural Gas Corporation Ltd. 5.14 Infosys Technologies Ltd 2.63 Bharat Heavy Electricals Ltd 6.41
ICICI Bank Ltd. 3.36 Bharat Petroleum Corporation Limited 4.77 HDFC Bank Ltd 2.58 HDFC Ltd 5.25
Crompton Greaves Ltd. 3.04 Zee Entertainment Enterprises Ltd. 4.18 Sun Pharmaceutical Industries Ltd 4.22
Infrastructure Development Finance Co. Ltd 2.58
Shriram Transport Finance Company Ltd. 3.03 Exide Industries Ltd. 3.93 Axis Bank Ltd 4.08
Nagarjuna Construction Co. Ltd 2.57
Oil & Natural Gas Corporation Ltd. 3.03 Coromandel International Limited 3.89 Hindustan Unilever Ltd 4.08
Other Equities 45.45 Othere Equities 66.67 Other Equites 28.66
Other Equities 54.13
Total Equities 96.08 Total Equities 96.18 Total Equities 90.39
Total Equities 94.79
Other Non Equities 5.21 Other Non Equities 3.92 Other Non Equities 3.82 Other Non Equities 9.60
Total Assets 100.00 Total Assets 100.00 Total Assets 100.00 Total Assets 100.00

PRINCIPAL LARGE CAP HDFC TOP 200 ICICI PRU EMERGING STAR ICICI PRU POWER
Inception Date-Nov 01,2004 Inception Date-Oct 04,1994
Inception Date- Nov 17, 2005 Inception Date-Sep 13, 1996
Total Assets- Rs 442.13 Crores Total Assets- Rs 703.03 Crores
Total Assets- Rs 475.05 Crores Total Assets- Rs 6858.84 Crores
Name: Munzal Shah Name: Sanjay Parekh
Name: Rajat Jain Name: Anand Laddha
Equity % Equity %
Equity % Equity %
TRF Ltd 4.19 Reliance Industries Ltd 12.24
Reliance Industries Ltd 5.77 ICICI Bank Ltd. 6.40
Infosys Technologies Ltd 4.41 State Bank of India 5.92 Voltas Ltd 3.98 ICICI Bank Ltd 8.16
ICICI Bank Ltd 3.61 Infosys Technologies Ltd 5.74 Lupin Ltd 3.67 Infosys Technologies Ltd 6.74
Oracle Financial Services Software Ltd 3.53 Larsen and Toubro Ltd 4.14 Marico Industries Ltd 3.23 HDFC Ltd 5.50
State Bank of India 3.50 Bank of Baroda 3.97 Sintex Industries Ltd 2.80 Sterlite Industries (India) Ltd 5.13
HDFC Bank Ltd 3.46 Oil & Natural Gas Corporation Ltd. 3.85 Bajaj Auto Ltd 2.73 Tata Consultancy Services Ltd 4.65
Shree Cement Ltd 3.38 ITC Ltd. 3.23 Phillips Carbon Black Ltd 2.63 HDFC Bank Ltd 4.13
Bajaj Holdings & Investment Ltd 3.31 LIC Housing Finance Ltd. 2.85 Corporation Bank Ltd 2.58 Bharti Airtel Ltd 3.97
Cipla Ltd 3.30 Reliance Industries Ltd. 2.62 IPCA Laboratories Ltd 2.55 Bharat Heavy Electricals Ltd 3.84
Larsen & Toubro Ltd 3.09 NTPC Limited 2.41 Bank of Baroda Ltd 2.45 Larsen & Toubro Ltd 3.69
Other Equities 59.31 Other Equites 54.72 Other Equities 59.61 Other Equities 35.28
Total Equities 96.67 Total Equities 95.85 Total Equities 90.44 Total Equities 93.31
Other Non Equities 3.34 Other Non Equities 4.15 Other Non Equities 9.56 Other Non Equities 6.68
Total Assets 100.00 Total Assets 100.00 Total Assets 100.00 Total Assets 100.00

28 Investime APRIL 2010

* Top Ten Holdings
 ICICI PRUDENTIAL RELIANCE EQUITY FUND SBI MAGNUM COMMA SUNDARAM BNP PARIBAS
DYNAMIC PLAN GROWTH
Inception Date-Mar 30, 2006 Inception Date-Aug 24,2005
Inception Date-Nov 13, 2002 Total Assets- Rs 792.92 Crores Inception Date-Apr 24,1997
Total Assets - Rs 2063.09 Crores
Total Assets- Rs 2032.68 Crores Name: Omprakash Kuckien Name: Pankaj Gupta Total Assets- Rs 160.6 Crores
Name: S Naren Equity % Equity % Name: J. Venkatesan
Equity % Divis Laboratories Ltd. 6.62 Reliance Industries Limited 7.77 Equity %
Reliance Industries Ltd 6.74 State Bank Of India 6.55 Oil & Natural Gas Corpn Ltd 5.04 Sterlite Industries 4.76
Infosys Technologies Ltd 5.05 Tata Consultancy Services Ltd. 5.68 Tata Chemicals Limited 4.14 Tata Motors 4.15
Bharti Airtel Ltd 4.98 United Phosphorus Limited 4.08 Reliance Industries 3.68
Oil & Natural Gas Corporation Ltd. 5.33
Bharat Heavy Electricals Ltd 4.72 Axis Bank 3.64
Reliance Industries Ltd. 5.21 Hindustan Zinc 4.02
Cadila Healthcare Ltd 4.49 Larsen & Toubro 3.56
Zee Entertainment Enterprises Ltd 4.94 Gujarat Narmada Valley Fertilizers Co Limited 3.77
PORTFOLIO OF DIVERSIFIED EQUITY FUNDS * AS ON MARCH, 2010

Lupin 3.55
IPCA Laboratories Ltd 3.89 Reliance Infrastructure Limited 4.49 Gujarat Mineral Devlopment Corporation 3.67 State Bank Of India 3.38
Tata Consultancy Services Ltd 3.39 Icici Bank Ltd. 4.16 Hindustan Petroleum Corporation Limited 3.42 Gujarat NRE Coke 3.27
Oracle Financial Services Software Ltd 3.33 Shree Cement Limited 3.25
Maruti Suzuki India Ltd. 4.12 Dr Reddy’s Labs 3.17
Oil & Natural Gas Company Ltd 2.92 Steel Authority Of India Ltd 3.09 Tata Power 3.14
Financial Technologies India 4.08
ICICI Bank Ltd 2.76 Other Equities 47.11 Other Equities 61.11
Other Equities 34.66
Other Equities 34.85 Total Equities 89.36 Total Equities 97.39
Total Equities 85.83
Total Equities 77.12 Other Non Equities 10.64 Other Non Equities 2.60
Other Non Equities 22.88 Other Non Equities 14.17
Total Assets 100.00 Total Assets 100.00
Total Assets 100.00 Total Assets 100.00

RELIANCE VISION SBI MAGNUM CONTRA SUNDARAM SELECT FOCUS

ICICI PRUDENTIAL
DISCOVERY FUND Inception Date-Dec 08,1995 Inception Date-Jul 14, 1999 Inception Date-Jul 31, 2002
Inception Date-Aug 18, 2004 Total Assets- Rs 3554.69 Crores Total Assets- Rs 1184.1 Crores
Total Assets- Rs 3692.96 Crores
Total Assets- Rs 875.76 Crores Name: Pankaj Gupta Name: Srividhya Rajesh
Name: Ashwini Kumar
Name: S Naren Equity % Equity % Equity %
State Bank Of India 8.39 Reliance Industries Limited 8.78 Reliance Industries 7.55
Equity %
Reliance Industries Ltd. 5.14 Icici Bank 4.42 ICICI Bank 7.48
Bharti Airtel Ltd 6.13
Divis Laboratories Ltd. 5.06 Bharti Airtel Ltd 3.44 Infosys 6.18
Oil & Natural Gas Company Ltd 5.39
Larsen & Toubro Ltd. 4.42 State Bank Of India 2.99 Tata Power 5.10
Cadila Healthcare Ltd 4.97
Tata Steel Ltd. 4.28 Oil & Natural Gas Corpn Ltd 2.76 TCS 4.64
Tata Tea Ltd 4.27
Cadila Healthcare Ltd. 4.00 Itc Limited 2.74 State Bank Of India 3.99
Great Eastern Shipping Co. Ltd 3.85
Icici Bank Ltd. 3.87 Crompton Greaves Limited 2.71 Dr Reddy’s Labs 3.76
Vardhaman Textiles Ltd 3.76
Siemens Ltd. 3.61 Indian Hotels Company Limited 2.42 Mahindra & Mahindra 3.67
Bajaj Financial Services Ltd 3.66
Oil & Natural Gas Corporation Ltd. 3.57 Ntpc Limited 2.19 Aban Loyd Chiles 3.59
FDC Ltd 3.51
Aventis Pharma Ltd. 3.41 Tata Consultancy Services Ltd. 2.17 Bharti Airtel 3.55
Sterlite Industries (India) Ltd 3.43
Other Equities 49.23 Other Equities 60.07 Other Equites 48.50
United Phosphorus Ltd 3.25
Total Equities 94.98 Total Equities 94.68 Total Equities 97.99
Other Equities 48.47
Other Non Equities 5.02 Other Non Equities 5.32 Other Non Equities 2.00
Total Equities 90.69
Total Assets 100.00 Total Assets 100.00 Total Assets 100.00
Other Non Equities 9.31
Total Assets 100.00 RELIANCE RSF EQUITY FUND SBI MAGNUM MULTIPLIER TATA PURE EQUITY
RELIANCE BANKING FUND PLUS 1993
Inception Date-Jun 09, 2005 Inception Date-Mar 15,1998
Inception Date-May 28, 2003 Total Assets- Rs 2500.69 Crores Inception Date-Feb 28,1993 Total Assets- Rs 567.84 Crores
Total Assets- Rs 1122.98 Crores Name: M Venugopal
Total Assets- Rs 1037.47 Crores Name : Omprakash Kuckien
Name: Jayesh Shroff
Name: Sunil Singhania Equity % Equity %
Equity %
Equity % Reliance Industries Ltd. 4.30 Reliance Industries Ltd. 5.39
Lupin Limited 5.82
ICICI Bank Ltd. 14.08 State Bank Of India 4.16 HDFC Bank Ltd 3.85
Bharat Heavy Electricals Limited 5.47
State Bank Of India 14.03 Oil & Natural Gas Corporation Ltd. 3.51 Infosys Technologies Ltd. 3.57
Crompton Greaves Limited 4.88
Bank Of Baroda 9.25 Reliance Infrastructure Limited 2.91 ICICI Bank Ltd 3.48
Thermax Ltd 4.11
Canara Bank 9.18 Infosys Technologies Ltd. 2.62 Rural Electrification Corp. Ltd. 3.33
Oriental Bank of Commerce 7.44 Mahindra & Mahindra Limited 3.98
Tata Consultancy Services Ltd. 2.50 Nestle (I) Limited 3.86 LIC Housing Finance Ltd 3.32
Corporation Bank 6.37 Mphasis Limited 2.43 Cadilla Healthcare Limited 3.27
Andhra Bank Ltd 4.84 State Bank Of India 3.71
Divis Laboratories Ltd. 2.29 Federal Bank Ltd 3.05 Bajaj Auto Limited 3.17
HDFC Bank Ltd. 4.73
Biocon Limited 2.27 Piramal Healthcare Limited 3.02 Lupin Ltd 3.09
Bajaj Auto Finance Ltd. 4.36
Ing Vysya Bank Ltd. 3.11 Hindalco Industries Ltd. 2.17 Hindustan Construction Co. Ltd. 2.87 HDFC Limited 2.87
Other Equities 16.42 Other Equities 61.50 Other Equities 53.09 Other Equities 62.25
Total Equities 93.81 Total Equities 90.65 Total Equities 93.88 Total Equities 97.59
Other Non Equities 6.20 Other Non Equities 9.35 Other Non Equities 6.13 Other Non Equities 2.41
Total Assets 100.00 Total Assets 100.00 Total Assets 100.00 Total Assets 100.00
RELIANCE DIVERSIFIED SBI MAGNUM EQUITY FUND TATA INFRASTUCTRAL FUND
SBI MAGNUM MULTI CAP
POWER SECTOR
Inception Date-Jan 01,1991 Inception Date-Oct 14, 2005 Inception Date-Jan 20, 2005
Inception Date-May 10, 2004
Total Assets- Rs 416.28 Crores Total Assets- Rs 680.42 Crores Total Assets- Rs 2286.18 Crores
Total Assets- Rs 5529.56 Crores
Name: Rama Iyer Srinivasan Name: Vivek Pandey Name: M Venugopal
Name: Sunil Singhania
Equity % Equity % Equity %
Equity %
Reliance Industries Limited 6.97 Reliance Industries Limited 6.59 Reliance Industries Ltd. 5.72
Torrent Power Limited 6.14
ICICI Bank 5.26 ICICI Bank 5.60 Crompton Greaves Ltd 3.98
Cummins India Ltd. 5.02
Jindal Steel & Power Ltd. 4.41 Infosys Technologies Limited 4.40 Bharat Heavy Electricals Limited 3.44 HDFC Bank Ltd 3.94
Reliance Infrastructure Limited 4.29 Hero Honda Motors Limited 4.20 Infosys Technologies Limited 3.08 Bharat Heavy Electricals Ltd. 3.73
ICICI Bank Ltd. 4.26 Bharat Heavy Electricals Limited 4.01 State Bank Of India 3.06 Rural Electrification Corp. Ltd. 3.43
Jaiprakash Associates Ltd. 3.93 Asian Paints Limited 3.78 Bharti Airtel Ltd 3.02 ICICI Bank Ltd 3.38
Tata Power Co. Ltd. 3.90 HDFC Bank Limited 3.25 ITC Limited 2.71 Voltas Limited 3.34
Oil & Natural Gas Corporation Ltd. 3.43 Bajaj Holdings & Investment Ltd. 3.06 Lupin Limited 2.70 Larsen & Toubro Ltd. 3.21
Adani Power Limited 3.29 Larsen & Toubro Limited 3.01 Larsen & Toubro Limited 2.39 Oil & Natu. Gas Co. 3.17
PTC India Limited 3.25 ITC Limited 2.97 Usha Martin Limited 2.38 LIC Housing Finance Ltd 3.15
Other Equities 51.51 Other Equities 50.82 Other Equities 62.30 Other Equities 62.03
Total Equities 93.44 Total Equities 91.73 Total Equities 97.25 Total Equities 99.07
Other Non Equities 6.56 Other Non Equities 8.27 Other Non Equities 2.75 Other Non Equities 0.92
Total Assets 100.00 Total Assets 100.00 Total Assets 100.00 Total Assets 100.00

APRIL 2010 Investime 29

* Top Ten Holdings
 TEMPLETON INDIA UTI BANKING FUND UTI INFRASTRUCTURE BIRLA SUN LIFE AAF
GROWTH FUND GROWTH AGGRESSIVE PLAN-GROWTH
Inception Date-Apr 19, 2004
Inception Date-Sep 11,1996 Total Assets- Rs 131.49 Crores Inception Date-Apr 19, 2004 Inception Date-Feb 24, 2004
Total Assets- Rs 548.76 Crores Name: Anoop Bhaskar Total Assets- Rs 1743.50 Crores Total Assets- Rs 11.31 Crores
Name: J Mark Mobius Name: Sanjay Dongre Name: Ajay Argal
Equity %
Equity % Equity % Equity %
ICICI Bank Ltd 17.82
Tata Chemicals 9.36 Reliance Industries Ltd. 7.39 Birla Sun Life Midcap Fund 19.40
HDFC Bank Ltd. 14.26
Tata Investment Corporation 6.18 Larsen & Toubro Ltd. 5.61
State Bank Of India 13.52 Birla Sun Life Buy India Fund 13.84
Usha Martin 6.07 Bharat Heavy Electricals Ltd. 5.48
PORTFOLIO OF DIVERSIFIED EQUITY FUNDS * AS ON MARCH, 2010

Hindalco 5.77 Axis Bank Ltd. 7.64 Birla Sun Life MNC Fund 13.64
Jindal Steel & Power Ltd. 4.03
ONGC 5.20 Bank Of Baroda 7.05 Birla Sun Life Dynamic Bond Fund 13.53
Oil & Natural Gas Corporation Ltd. 3.78
Dr. Reddy’s 5.12 Indus Ind Bank Ltd. 5.61
Crompton Greaves Ltd. 3.74 Birla Sun Life India Opportunities Fund 13.03
Apollo Tyres 4.92 Central Bank Of India 5.13
Tata Power Company Ltd. 3.55 Birla Sun Life Index Fund 12.13
ING Vysya Bank 4.36 Oriental Bank Of Commerce 4.52 Indian Oil Corporation Ltd. 3.39
Federal Bank 4.35 Birla Sun Life Income Fund 3.21
Punjab National Bank 3.85 Shree Cement Ltd. 3.39
Tata Steel 4.23 Birla Sun Life Short Term Fund 2.49
Infrastructure Devt Finance Co.Ltd 3.00 NTPC Ltd. 2.97
Other Equities 34.62
Other Equites 9.52 Other Equities 52.40 Birla Sun Life Gilt Plus Inv 0.54
Total Equities 90.18
Total Equities 91.93 Total Equities 95.75 Other Equities -
Other Non Equities 9.82
Other Non Equities 8.08 Other Non Equities 4.27 Total Equities 91.81
Total Assets 100.00
Total Assets 100.00 Total Assets 100.00
UTI LEADERSHIP FUND Other Non Equities 8.19
Inception Date-Feb 27, 2006 UTI ENERGY UTI MNC FUND GROWTH Total Assets 100.00
Total Assets- Rs 884.78 Crores FUND Inception Date-Oct 14, 1998
Name: Sanjay Dongre Inception Date-July 15, 1999 Total Assets- Rs 180.68 Crores KOTAK EQUITY FOF –
Total Assets- Rs 682.03 Crores Name: Swati Kulkarni GROWTH
Equity %
Name: Anoop Bhaskar Inception Date-Aug 09, 2004
Equity %
Reliance Industries Ltd. 7.28 Total Assets- Rs 52.91 Crores
Equity % Bosch Ltd. 6.35
Infosys Technologies Ltd. 5.91 Name: Deepak Gupta
Bharat Heavy Electricals Ltd. 6.99 Glaxosmithkline Pharmacueticals Ltd. 5.90
ICICI Bank Ltd 5.38 Reliance Industries Ltd. 6.57 Equity %
Siemens India Ltd. 5.73
ITC Ltd. 4.16 Larsen & Toubro Ltd. 5.45
Maruti Suzuki India Ltd. 5.49 Kotak Opportunities 22.34
Bharat Heavy Electricals Ltd. 4.05 NTPC Ltd. 5.11
Gillette India Ltd. 5.47 HDFC Top 200 Fund 19.45
Tata Consultancy Services Ltd. 3.97 Oil & Natural Gas Corporation Ltd. 5.02
Cairn India Ltd. 5.47
Larsen & Toubro Ltd. 3.69 Tata Power Company Ltd. 4.56 Birla Sunlife Frontline Equity 19.25
Honeywell Automation India Ltd. 5.03
Crompton Greaves Ltd. 3.54 Siemens India Ltd. 4.18
Acc Ltd 5.00 Reliance Regular Saving Fund 19.11
Crompton Greaves Ltd. 3.08
State Bank Of India 3.52 Glaxosmithkline Consumer Healthcare Ltd. 3.99
C E S C Ltd. 3.04 Tata Equity Opportunities Fund 19.00
Tata Steel Ltd. 3.21 Ingersol Rand India Ltd. 3.63
Gujarat Inds.Power Co.Ltd. 2.89 Total Equities 99.15
Other Equites 50.17 Other Equities 42.97
Other Equities 47.66
Total Equities 94.87 Total Equities 95.01 Other Non Equities 0.85
Total Equities 94.54
Other Non Equities 5.12 Other Non Equities 5.45 Other Non Equities 4.97 Total Assets 100.00
Total Assets 100.00 Total Assets 100.00 Total Assets 100.00
SUNDARAM BNP PARIBUS
UTI MASTER EQUITY PLAN UTI MASTER SHARE UNIT UTI SERVICES GLOBAL ADVANTAGE FUND
UNIT SCHEME SCHEME INDUSTRIES FUND Inception Date- Aug 22, 2007
Inception Date-Mar 31, 2003 Inception Date-Sep 19, 1986 Inception Date-May 27, 1999 Total Assets- Rs 133.2 Crores
Total Assets- Rs 1244.48 Crores Total Assets- Rs 2372.80 Crores Total Assets- Rs 338.14 Crores Name: J Venkatesan
Name: Sanjay Dongre Name: Swati Kulkarni Name: Anoop Bhaskar
Equity %
Equity % Equity % Equity %
Reliance Industries Ltd. 6.91 Infosys Technologies Ltd. 7.22 Fidelity South East Asia 15.10
Tata Consultancy Services Ltd. 5.77
Infosys Technologies Ltd. 5.78 Reliance Industries Ltd. 6.15 DB Tracker Emerging Markets Asia 15.01
ICICI Bank Ltd 5.39
ICICI Bank Ltd 5.74 ICICI Bank Ltd 5.82 NTPC Ltd. 5.37 Parvest Global Resources 8.10
Bharat Heavy Electricals Ltd. 4.80 Tata Consultancy Services Ltd. 4.61 Crompton Greaves Ltd. 5.31 BlackRock Merrill Lynch Emerging Europe 7.95
ITC Ltd. 4.23 Larsen & Toubro Ltd. 4.47 Wipro Ltd. 5.27
DB Tracker Latin America 7.93
Bharat Electronics Ltd. 3.72 HDFC Ltd. 4.47 Infosys Technologies Ltd. 5.26
State Bank Of India 3.34 Parvest Latin America 6.97
ITC Ltd. 3.77 Axis Bank Ltd. 3.94
Bajaj Auto Ltd. 3.24 State Bank Of India 3.59 Indus Ind Bank Ltd. 2.94 Morgan Stanley Asian Property 4.40
Oil & Natural Gas Corporation Ltd. 3.09 Bharat Heavy Electricals Ltd. 3.32 Bharti Airtel Ltd. 2.91 Morgan Stanley Global Property 3.08
Gail (India) Ltd. 2.97 Oil & Natural Gas Corporation Ltd. 3.01 Hdfc Bank Ltd. 2.87
Other Equities -
Other Equities 50.72 Other Equities 47.68 Other Equities 50.76
Total Equities 68.54
Total Equities 94.56 Total Equities 94.12 Total Equities 95.79
Other Non Equities 5.46 Other Non Equities 4.21 Other Non Equities 31.46
Other Non Equities 5.89
Total Assets 100.00 Total Assets 100.00 Total Assets 100.00 Total Assets 100.00

30 Investime
* Top Ten Holdings
APRIL 2010
 FORTIS MIP BIRLA SUN LIFE MIP II - DSP BLACKROCK SAVINGS HDFC MIP - STP
FUND SIZE-- Rs. 34.32 Crores WEALTH 25 MANAGER CONSERVATIVE FUND
FUND SIZE-- Rs. 587.04 Crores
Name: Karthikraj Lakshmanan FUND SIZE-- Rs. 255.37 Crores FUND SIZE-- Rs. 25.44 Crores
Name: Vinay R. Kulkarni
Equity % Name: Nishit Dholakia Name: Dhawal Dalal
Equity %
Reliance Industries Ltd. 1.41 Equity % Equity % Sun Pharmaceutical Industries Ltd. 0.85
ICICI Bank Ltd. 1.39 ICICI Bank Ltd. 1.05 Container Corporation of India 1.19 Larsen and Toubro Ltd 0.83
Reliance Industries Ltd. 1.03 Tata Motors 1.11 Petronet LNG Ltd. 0.65
Larsen & Toubro Ltd. 0.86
Amtek Auto Ltd. 0.81 Cipla 1.08 ICICI Bank Ltd. 0.62
HCL Technologies Ltd. 0.84
Dr Reddys Laboratories Ltd. 0.56
Housing Development Finance Cor Ltd 0.79 HDFC Bank Ltd. 0.81 Ranbaxy Laboratories 0.65
Other Equities 8.25
Crompton Greaves Ltd. 0.75 Bharti Airtel 0.56
Other Equities 14.28 Total Equities 11.76
Other Equities 19.29 Other Equities 1.70
Total Equities 19.56 Debt
Total Equities 23.74 Total Equities 6.29
Debt National Housing Bank 6.80
Debt Debt Canara Bank 6.69
MONTHLY INCOME PLANS-PORTFOLIO AS ON MARCH, 2010

Punjab National Bank-CD 20.48

Union Bank of India 12.59 Housing Development Finance Corporation Ltd.$ 6.11
07.40% CGL 2012 60.37
SREI Equipment Finance Pvt Ltd 18.06 Oriental Bank of Commerce 9.11
TBILL 364 DAY 2010 10.28 IDBI Bank Ltd. 5.65
ICICI Bank Ltd. 14.67 IDBI Bank Ltd. 9.10 Indian Railways Finance Corporation Ltd. 4.69
Other Debt
Motilal Oswal Financial Serv Ltd-CP 13.02 Bank of India 9.00 Other Debt 55.12
Total Debt 70.65
IDBI Bank Ltd-CD 10.81 Corporation Bank 8.99 Total Debt 85.06
Cash,Current Assets & Others 23.06 Cash,Current Assets & Others 3.18
Other Debt 6.90 Other Debt 21.49
Total Assets 100.00 Total Assets 100.00
Total Debt 83.94 Total Debt 70.28
Cash,Current Assets & Others (3.50) Cash,Current Assets & Others 5.98 DSP BLACKROCK SAVING HSBC MIP - REGULAR PLAN
Total Assets 100.00 Total Assets 100.00 MANAGER MODERATE FUND
FUND SIZE-- Rs. 219.32 Crores
BIRLA SUN LIFE MONTHLY FUND SIZE-- Rs. 159.09 Crores
BIRLA SUN LIFE MIP Name: Sanjay Shah
INCOME PLAN Name: Dhawal Dalal
FUND SIZE-- Rs. 253.46 Crores Equity % Equity %
FUND SIZE-- Rs. 408.85 Crores
Name: Satyabrata Mohanty Tata Motors 2.06 Amara Raja Batteries 1.20
Name: Satyabrata Mohanty
Equity % Container Corporation of India 1.95 Crompton Greaves 1.10
Equity %
ICICI Bank Ltd. 0.61 Rallis India Ltd. 0.59 Cipla 1.56 Sintex Industries 1.09
Crompton Greaves Ltd. 0.53 Cummins (India) Ltd. 0.46 Ranbaxy Laboratories 1.22 Mphasis 1.02
Alstom Projects India Ltd. 0.52 Coromandel International Limited 0.43 Bharti Airtel 1.03 FDC 0.81
Cox & Kings (India) Ltd. 0.52 Allahabad Bank 0.38 Other Equities 3.24 Other Equities 7.39
Amtek Auto Ltd. 0.50 Axis Bank Ltd. 0.38 Total Equities 11.06 Total Equities 12.63
Other Equities 11.06 Other Equities 8.00 Debt
Debt
Total Equities 13.74 Total Equities 10.23 Punjab & Sind Bank 15.69
Housing Development Finance Corporation 6.93
Debt Debt 07.02% CGL 2016 15.26
Union Bank of India 6.76
Union Bank of India 11.29 IDBI Bank Ltd. 13.28 State Bank of Bikaner & Jaipur 9.29
Bank of Baroda 6.48
Oriental Bank of Commerce 9.53 Sundaram Finance Ltd. 11.49 State Bank of Bikaner & Jaipur 9.16
IDBI Bank Ltd. 9.52 Corporation Bank 4.54
07.40% CGL 2012 9.39 LIC Housing Finance FRN 6.62
HDFC Bank Ltd. 9.41 Oriental Bank of Commerce 6.49 Oriental Bank of Commerce 4.54
Other Debt 15.87
Punjab National Bank 9.39 Punjab National Bank 6.47 Other Debt 37.56
Total Debt 71.89
Other Debt 35.60 Other Debt 34.99 Total Debt 66.81
Cash,Current Assets & Others 17.05
Total Debt 84.73 Total Debt 82.11 Cash,Current Assets & Others 20.58
Total Assets 100.00
Cash,Current Assets & Others 1.53 Cash,Current Assets & Others 7.65 Total Assets 100.00
Total Assets 100.00 Total Assets 100.00 HDFC MIP - LTP
FUND SIZE-- Rs. 5089.04 Crores HSBC MIP - SAVINGS PLAN
BIRLA SUN LIFE MIP - DSP BLACKROCK SAVINGS
Name: Shobhit Mehrotra FUND SIZE-- Rs. 358.31 Crores
SAVINGS 5 MANAGER AGGRESSIVE FUND
Equity % Name: Sanjay Shah
FUND SIZE-- Rs. 1773.13 Crores FUND SIZE-- Rs. 161.77 Crores
Name: Dhawal Dalal State Bank of India 1.10 Equity %
Name: Nishit Dholakia
Equity % ICICI Bank Ltd. 0.87 Crompton Greaves 1.81
Equity %
Tata Motors 3.03 Oil & Natural Gas Corporation Ltd. 0.85 Amara Raja Batteries 1.80
Pradip Overseas Ltd. 0.20
Container Corporation of India 2.74 Tata Consultancy Services Ltd. 0.69 Mphasis 1.66
DQ Entertainment (International) Ltd 0.19
IL&FS Transportation Networks Ltd. 0.19 Cipla 2.19 Infosys Technologies Ltd 0.67 Sintex Industries 1.24
Cummins (India) Ltd. 0.16 Ranbaxy Laboratories 1.80 FDC 1.21
Other Equities 18.91
Asian Paints Ltd. 0.16 Bharti Airtel 1.54 Other Equities 12.82
Total Equities 23.09
Other Equities 3.57 Other Equities 4.67 Total Equities 20.54
Total Equities 15.97 Debt
Total Equities 4.47 Debt
Debt Housing Development Finance Corporation Ltd.$ 5.44
Debt Housing Development Finance Corporation 7.07
HDFC Bank Ltd. 13.06 United Bank of India 15.45 91 Days T-Bills 5.07
Bank of Baroda 6.61
IDBI Bank Ltd. 9.91 Corporation Bank 15.24 State Bank of Patiala 3.32
Union Bank of India 5.52
Bank of Baroda 9.70 Allahabad Bank 15.24 IDBI Bank Ltd. 3.07
Sundaram Finance 6.26 Oriental Bank of Commerce 5.52
ICICI Bank Ltd. 8.06 182 Days T-Bills 2.81
Kotak Mahindra Investments 6.18 Syndicate Bank 5.51
Punjab National Bank 6.25
Other Debt 58.50 Other Debt 30.87
Other Debt 31.81 Other Debt 12.30
Total Debt 70.67 Total Debt 78.21 Total Debt 61.09
Total Debt 78.79
Cash,Current Assets & Others 16.74 Cash,Current Assets & Others 13.36 Cash,Current Assets & Others (1.30) Cash,Current Assets & Others 18.36
Total Assets 100.00 Total Assets 100.00 Total Assets 100.00 Total Assets 100.00

APRIL 2010 Investime 31

 JM MIP ICICI PRUDENTIAL INCOME SBI M I P UTI MONTHLY INCOME
MULTIPLIER FUND - SCHEME
FUND SIZE-- Rs. 8.81 CRORES CUMULATIVE FUND SIZE-- Rs. 187.68 Crores
FUND SIZE-- Rs. 248.01 Crores
Name: Shalini Tibrewala FUND SIZE-- Rs. 364.10 Crores Name: Rajiv Radhakrishnan
Name: V Srivatsa
Equity % Name: Mrinal Singh Equity %
Jai Prakash Associates 4.82 Equity %
Equity % Camson Bio Technologies Ltd 1.30
Polaris Software & Lab 3.63 Infosys Technologies Ltd. 0.95
Infosys Technologies Ltd. 2.11 Radico Khaitan Ltd. 1.04
Mysore Cement 3.44 Bharat Heavy Electricals Ltd. 0.87
Reliance Industries Ltd. 1.78 Network 18 Fincap Limited 1.02
Allahabad Bank 2.80 Hindustan Unilever Limited 1.02 Asian Paints Ltd. 0.83
Axis Bank Ltd. 1.73 State Bank Of India 0.80
McDowell Holdings 0.02 Mcdowell Holdings Limited 0.92
ICICI BANK Ltd. 1.41 C E S C Ltd. 0.77
Other Equities Other Equities 7.65
Bajaj Auto Ltd. 0.97 Other Equities 8.32
Total Equities 14.71 Total Equities 12.95
Other Equities 17.43 Debt Total Equities 12.54
Debt
Total Equities 25.43 SIDBI LTD CP MAT 13.28 Debt
Union Bank of India 23.82
MONTHLY INCOME PLANS-PORTFOLIO AS ON MARCH, 2010

Debt United Bank Of India Cd Mat 13.25 NCD Shriram Transport Finance Co.Ltd. 6.39
India Infoline 17.29
SREI Equipment Finance Private Limited 6.93 Ing Vysya Bank Cd Mat 9.30 C D Canara Bank 6.03
Indian Railway Fin. Corp. 13.62
Sundaram Finance Services Ltd. 6.81 Central Bank Of India Cd Mat 7.95 Gsec Reserve Bank Of Indiamaturing 2.35
Religare Securities 11.87
Deutsche Postbank Home Finance Ltd. 6.72 Axis Bank Cd Mat 7.57 NCD Mahindra & Mahindra Fin.Ser.Ltd. 2.17
UTI Bank 7.94 Other Debt 21.61
LIC Housing Finance Ltd. 6.71 NCD National Bank For Agriculture & Rural Development 2.12
Other Debt 7.82 Total Debt 72.95
Kotak Mahindra Primus 4.04 Other Debt 46.96
Total Debt 82.37 Cash,Current Assets & Others 14.11
Other Debt 6.90 Total Debt 66.02
Cash,Current Assets & Others 2.92 Total Assets 100.00
Total Debt 38.11 Cash,Current Assets & Others 21.44
Total Assets 100.00 FT INDIA MIP Total Assets 100.00
Cash,Current Assets & Others 36.46
KOTAK INCOME PLUS Total Assets 100.00 FUND SIZE-- RS. 440.65 CRORES TATA MONTHLY INCOME FUND
Name: Vivek Ahuja
FUND SIZE-- Rs. 125.37 Crores RELIANCE MIP FUND SIZE-- RS. 44.84 CRORES
Name: Abhishek Bisen Equity %
FUND SIZE-- Rs. 3943.92 Crores Name: Raju Sharma
Equity % Infosys 1.19
Name : Amit Tripathy Equity %
GlaxoSmithkline Consumer Healthcare Ltd 0.52 HDFC Bank 1.18
Equity % Mphasis Ltd. 1.52
Hathway Cable & Datacom limited 0.45 Bharti Airtel 1.00
State Bank Of India 2.37 Oracle Financials Services Software 0.97
HDFC Bank Ltd. 0.42 ICICI Bank 0.96
Itc Ltd 1.33 HDFC Limited 0.91
Tata Consultancy Services Ltd. 0.41
Larsen & Toubro Ltd. 1.24 L&T 0.84
Bharat Heavy Electricals Ltd. 0.39 KEC International Ltd 0.85
Ashok Leyland Ltd. 0.86 Other Equities 9.69
Other Equities 14.00 Bharat Heavy Electricals Ltd. 0.80
Ranbaxy Laboratories Ltd. 0.84 Total Equities 14.86
Total Equities 16.19 Other Equities 3.45
Other Equities 10.97
Debt Debt Total Equities 8.50
Total Equities 17.61
ICICI Home Finance Company Limited 9.73 State Bank of Patiala 11.34 Debt
Debt
Tech Mahindra Ltd. 8.44 Tata Motors 9.55 Exim 21.72
Corporation Bank 7.17
Infrastructure Development Finance Co. Ltd 8.23 Andhra Bank 21.66
Uco Bank 5.84 HDFC 9.32
Citifinancial Consumer Finance India Ltd. 8.12 Power Finance Corporation 6.37
Tata Steel Ltd. 5.07 Power Finance Corporation 8.09
Government Stock - 2013 8.10 Indian Railway Finance Corp 5.66
Other Debt 28.17 Oriental Bank Of Commerce 4.86 Oriental Bank of Commerce 7.59
Steel Authority Of India Ltd. 5.44
Total Debt 70.79 Union Bank Of India 4.83 Other Debt 24.77
Other Debt 2.25
Cash,Current Assets & Others 13.02 Other Debt 48.58 Total Debt 70.65
Total Debt 63.10
Total Assets 100.00 Total Debt 76.35
Cash,Current Assets & Others 14.48
Cash,Current Assets & Others 6.04 Cash,Current Assets & Others 28.40
PRINCIPAL MIP Total Assets 100.00 Total Assets 100.00
Total Assets 100.00
FUND SIZE-- Rs. 185.7 Crores DWS TWIN ADVANTAGE SUNDARAM BNP PARIBAS
TATA MIP PLUS
Name: Shyam Bhatt FUND MIP FUND
FUND SIZE-- Rs. 67.69 Crores
Equity % FUND SIZE-- RS. 260.91 CRORES FUND SIZE-- RS. 38.91 CRORES
Name: Raju Sharma
Dr. Reddys Laboratories Ltd 0.91 Name: Nitish Gupta Name: K Ramkumar
Equity %
Sterlite Industries (India) Ltd 0.88 Equity % Equity %
Reliance Industries Ltd. 2.22
Maruti Suzuki India Ltd 0.86 HSBC Invest Direct India 3.68 State Bank Of India 2.91
LIC Housing Finance Ltd 2.19
CESC Ltd 0.74 Areva T&D India 3.50 Bharti Airtel 2.74
Crompton Greaves Ltd 2.06
Mphasis Ltd 0.66 Suashish Diamands 2.85 Reliance Industries 2.72
Mphasis Ltd. 1.83
Other Equities 14.28 Atlas Copco (India) 1.98 Larsen & Toubro 2.51
Escorts Ltd 1.80
Zenotech laboratories 1.89 Crompton Greaves 2.19
Total Equities 18.33 Other Equities 7.56
Other Equities 5.15 Other Equities -
Debt Total Equities 17.66
Total Equities 19.03 Total Equities 13.08
United Bank Of India 12.86 Debt Debt Debt
State Bank Of Hyderabad 7.11 Exim 21.58 Piramal Helthcare 11.89 Reliance Capital 13.13
Reliance Industries Ltd 6.96 Andhra Bank 14.35 TATA Motors Secuterisation Debt. 9.61 Tata Communications 12.86
Power Finance Corporation 4.22 Bajaj Auto Finance 9.28 Oriental Bank of Commerce 12.28
Canara Bank 6.45
Indian Railway Finance Corp 3.75 AXIS Bank 9.27 Aditya Birla Nuvo 9.51
IDBI Bank Ltd 6.22
Steel Authority Of India Ltd. 3.60 Sunderam Finance 8.83 State Bank of Travancore 7.52
Other Debt 37.25
Other Debt - Other Debt 29.38 Other Debt 28.12
Total Debt 76.85 Total Debt 47.50 Total Debt 78.26 Total Debt 83.40
Cash,Current Assets & Others 4.82 Cash,Current Assets & Others 34.84 Cash,Current Assets & Others 2.69 Cash,Current Assets & Others 3.50
Total Assets 100.00 Total Assets 100.00 Total Assets 100.00 Total Assets 100.00

32 Investime APRIL 2010

 MUTUAL FUNDS
SNAP SHOT
EQUITY FUNDS - HOLDING BY MKT CAP & CONCENTRATION
EQUITY FUNDS INDEX EXPOSURE (%) PORTFOLIO
DIVERSIFICATION (%)
Fund Size Avg. Exposure BSE BSE BSE Top 5 Top 10
Scheme Name No. of Scrips
(in Rs Crs.) SENSEX MID CAP SMALL CAP Holdings Holdings
LARGE CAP EQUITY FUNDS
Birla Sun Life Equity Fund 1177 61 19.29 35.92 31.37 6.40 16.07 29.8
Birla Sun Life Frontline Equity Fund - Plan A 1986 61 32.55 51.17 17.99 N.A 18.02 30.28
Birla Sun Life Top 100 Fund 366 38 9.64 52.58 16.30 N.A 24.47 40.66
DSP BlackRock Equity Fund 1804 78 23.13 30.80 28.36 3.80 18.45 30.88
DSP BlackRock Top 100 Equity Fund 2680 45 59.56 49.00 0.68 N.A 27.81 45.18
DWS Alpha Equity Fund 185 26 7.13 56.18 11.34 N.A 33.58 58.65
Fidelity Equity Fund 2752 62 44.39 47.36 13.66 3.63 23.26 38.81
Fortis Equity Fund 82 55 1.49 58.20 11.85 1.90 29.77 43.8
Franklin India Bluechip 2940 40 73.51 55.27 8.89 N.A 30.18 46.29
Franklin India Prima Plus 1772 61 29.05 28.30 32.09 4.42 23.49 36.3
HDFC Equity Fund 5862 61 96.1 36.83 30.69 1.15 26.36 38.76
HDFC Growth Fund 1275 38 33.56 38.66 24.07 5.13 28.73 50.64
HDFC Top 200 6859 64 107.17 53.71 14.35 N.A 26.16 41.13
HSBC Equity Fund 1383 36 38.41 64.77 6.30 N.A 26.64 45.84
ICICI Prudential Focused Equity Fund- Retail 1187 21 56.52 65.71 N.A N.A 36.18 62.77
ICICI Prudential Growth Plan - Cumulative 385 22 17.48 82.05 N.A N.A 37.71 61.74
ICICI Prudential Power 703 32 21.97 72.51 14.41 1.17 37.77 58.04
Kotak 30 990 38 26.06 50.77 21.44 1.59 26.62 42.59
PRINCIPAL Growth Fund 206 53 3.88 40.05 27.82 1.70 16.48 29.51
Reliance Vision 3693 34 108.62 50.82 15.82 N.A 27.28 45.75
SBI Magnum Sector Umbrella - Contra 3555 81 43.89 47.20 22.56 1.76 22.39 34.61
Sundaram BNP Paribas Select Focus 1184 31 38.2 54.39 18.46 N.A 30.94 49.49
Tata Pure Equity Fund 568 48 11.83 40.85 25.74 3.98 19.62 35.33
OPPORTUNITIES FUNDS
Birla Sun Life India Opportunities Fund 60 32 1.88 31.86 37.44 3.12 35.78 54.94
DSP BlackRock Opportunities Fund 880 79 11.13 31.02 16.45 1.06 19.02 31.91
Fortis Opportunities Fund 85 62 1.38 43.86 16.59 3.24 19.11 32.25
Franklin India Opportunity Fund 555 80 6.94 48.12 22.00 4.18 24.73 36.78
HSBC India Opportunities Fund 284 29 9.79 51.85 14.72 N.A 27.11 46.87
Kotak Opportunities Fund 1071 62 17.28 29.90 40.23 2.90 16.41 29.63
Reliance Equity Opportunities Fund 2021 33 61.24 25.28 22.38 5.51 23.93 44.19
Tata Equity Opportunities Fund 457 51 8.96 27.82 30.91 20.36 19.25 34.46
UTI Opportunities Fund 1392 41 33.95 49.40 16.50 N.A 21.61 39.04
MID CAP EQUITY FUNDS
Birla Sun Life Mid Cap Fund - Plan A 1565 53 29.52 N.A 62.98 12.56 13.52 26.15
DSP BlackRock India Tiger Fund 3306 82 40.32 29.13 26.88 4.68 17.32 28.92
Franklin India Prima Fund 949 56 16.95 5.09 65.32 3.15 18.27 33.29
HDFC Capital Builder Fund 617 37 16.68 33.52 33.30 1.39 25.03 43.62
HSBC Midcap Equity Fund 177 35 5.06 N.A 37.23 8.36 20.17 35.65
ICICI Prudential Emerging STAR Fund 442 54 8.19 N.A 50.64 9.78 17.88 30.83
Kotak Midcap Fund 146 59 2.48 1.08 59.41 9.09 13.24 24.81
Reliance Growth 7173 40 179.31 17.86 23.06 2.61 18.27 30.39
SBI Magnum Global Fund 94 1239 42 29.49 1.76 59.20 8.39 23.61 40.50
SBI Magnum Midcap Fund 331 29 11.40 N.A 47.69 13.90 31.94 56.38
SBI Magnum Multiplier Plus 93 1123 39 28.79 24.12 36.43 2.38 24.27 40.78
SBI Magnum Sector Umbrella - Emerging Businesses 205 37 5.55 6.85 31.07 16.12 23.31 41.49
Sundaram BNP Paribas Select Midcap 2024 56 36.14 N.A 54.50 1.75 17.91 31.84
Tata Midcap Fund 102 46 2.22 N.A 40.94 13.71 18.20 33.89
THEMATIC/SECTOR FUNDS
Birla Sun Life Basic Industries 134 54 2.49 28.29 29.82 14.45 16.77 29.11
Birla Sun Life Buy India Fund 51 36 1.42 21.70 35.66 7.23 25.59 45.06
Birla Sun Life Dividend Yield Plus 350 54 6.49 5.88 49.62 17.00 18.99 33.96
Birla Sun Life India GenNext Fund 93 35 2.65 9.97 36.14 3.45 21.39 40.05
Fidelity India Special Situations Fund 1059 86 12.31 36.78 23.34 6.91 24.55 36.76
HDFC Core & Satellite Fund 422 35 12.05 23.17 32.18 11.35 27.54 49.73
ICICI Prudential FMCG 65 9 7.27 38.19 28.24 N.A 67.93 97.13
ICICI Prudential Infrastructure Fund 4034 38 106.16 63.45 10.73 0.61 41.24 62.56
JM Basic Fund 546 23 23.73 16.61 47.54 22.07 27.86 50.32
Kotak Contra Fund 95 71 1.33 19.35 34.67 7.39 14.69 26.25
PRINCIPAL Dividend Yield Fund 113 51 2.21 26.25 42.79 N.A 19.87 35.96
Reliance Diversified Power Fund 5530 31 178.37 29.25 17.96 6.64 24.12 41.93
SBI Magnum COMMA Fund 730 43 16.97 24.69 30.59 3.38 25.05 42.25
Tata Equity P/E Fund 459 56 8.19 16.72 42.64 6.08 19.34 32.81
Tata Infrastructure Fund 2286 52 43.97 39.85 24.37 3.87 20.81 37.06

APRIL 2010 Investime 33

 MUTUAL FUNDS
SNAP SHOT
EQUITY FUNDS - SECTOR ALLOCATION
Equity Funds Sector Allocation (%)
Auto & Engi- Media & Power
Oil & Gas, Pharma- Generation,
Auto Bank- Elect. & neering Enter- Housing
Petro-
Scheme Name Ancil- ing &
IT Electri- & Capital FMCG tainment & Con- Metals leum & ceuticals Transmis- Telecom Textiles Others
sion &
laries Finance cal Eqp. Goods struction Refinery Equip
LARGE CAP EQUITY FUNDS
Birla Sun Life Equity Fund 4.55 20.57 9.70 0.00 4.21 2.99 3.94 6.61 4.40 12.18 3.45 9.79 2.06 0.00 15.55
Birla Sun Life Frontline Equity Fund - Plan A 8.63 15.30 8.76 0.60 4.52 2.81 1.72 6.65 4.58 19.47 4.59 8.07 1.87 0.00 12.44
Birla Sun Life Top 100 Fund 4.64 16.55 11.69 2.11 3.72 3.99 1.65 5.40 0.79 16.01 7.45 7.32 2.79 0.00 15.87
DSP BlackRock Equity Fund 3.39 17.02 7.97 2.19 5.63 0.81 1.78 3.04 3.94 15.91 8.61 5.70 1.53 0.80 21.69
DSP BlackRock Top 100 Equity Fund 3.46 21.25 8.99 2.58 6.00 1.68 1.66 4.55 3.78 17.63 7.51 10.15 1.59 0.00 9.18
DWS Alpha Equity Fund 6.39 23.04 8.98 0.00 5.97 5.57 0.00 4.24 5.61 16.01 3.09 11.45 0.00 2.21 7.46
Fidelity Equity Fund 4.84 23.72 10.71 2.67 4.93 7.41 5.18 2.27 3.44 12.19 7.03 4.44 1.04 0.00 10.13
Fortis Equity Fund 4.85 23.15 12.32 0.00 8.02 1.44 1.26 7.83 5.30 17.42 1.24 6.63 2.08 0.00 8.45
Franklin India Bluechip 3.93 15.82 9.42 1.71 6.19 1.73 1.28 3.46 3.68 15.02 3.51 10.47 7.33 0.00 16.45
Franklin India Prima Plus 7.28 20.75 4.37 2.10 2.35 1.70 7.80 8.20 6.78 8.28 1.94 4.40 8.63 0.00 15.42
HDFC Equity Fund 6.32 21.78 6.19 3.38 5.68 5.68 6.05 2.76 2.31 10.95 12.16 4.23 0.00 0.64 11.85
HDFC Growth Fund 7.20 13.97 5.74 0.00 1.70 6.01 6.70 4.73 1.60 16.19 12.25 6.50 0.66 0.00 16.73
HDFC Top 200 4.11 26.32 9.05 3.81 6.00 5.93 1.91 2.23 2.30 13.14 8.64 5.61 1.69 0.00 9.26
HSBC Equity Fund 3.57 22.53 9.18 0.00 4.25 5.03 2.51 3.36 1.99 19.10 5.12 6.91 3.50 1.08 11.89
ICICI Prudential Focused Equity Fund- Retail 9.38 19.51 12.96 0.00 3.06 6.13 0.00 0.00 3.07 19.00 0.00 9.17 5.52 0.00 12.20
ICICI Prudential Growth Plan - Cumulative 3.20 12.90 10.35 0.00 3.53 7.15 0.00 0.00 8.19 20.09 4.22 9.08 6.44 0.00 14.85
ICICI Prudential Power 4.66 18.72 11.39 0.88 6.24 4.08 0.00 2.67 6.78 17.41 3.76 5.47 3.97 0.00 13.95
Kotak 30 4.29 29.82 11.16 1.78 6.07 3.00 3.09 5.51 6.90 15.60 6.95 6.64 0.00 0.00 -0.81
PRINCIPAL Growth Fund 4.79 18.28 9.92 0.84 2.94 1.50 3.00 7.12 5.59 16.62 9.93 10.37 2.35 0.00 6.77
Reliance Vision 7.06 15.04 8.46 0.00 4.42 2.03 0.00 1.42 7.30 14.02 18.32 7.31 2.39 0.00 12.24
SBI Magnum Sector Umbrella - Contra 2.93 17.25 3.89 0.00 3.07 4.29 0.97 9.05 4.61 20.93 2.45 11.45 5.68 0.00 13.44
Sundaram BNP Paribas Select Focus 11.78 15.01 17.36 0.00 0.00 2.87 3.43 5.05 5.44 18.11 4.20 2.96 3.55 0.00 10.24
Tata Pure Equity Fund 8.37 14.02 11.31 2.81 2.28 0.00 3.66 7.91 5.32 11.24 6.36 8.37 1.40 0.00 16.95
OPPORTUNITIES FUNDS
Birla Sun Life India Opportunities Fund 6.00 0.00 55.94 2.71 5.66 0.00 0.00 0.00 8.30 7.41 5.70 7.33 0.00 0.00 0.89
DSP BlackRock Opportunities Fund 3.58 18.29 11.22 5.45 1.47 3.20 5.62 2.03 2.76 14.45 12.85 5.37 1.20 0.00 12.50
Fortis Opportunities Fund 3.62 21.85 8.85 0.96 4.86 1.38 1.92 8.43 8.57 15.11 6.00 3.59 1.69 0.00 13.17
Franklin India Opportunity Fund 6.59 20.52 9.73 0.82 4.92 0.99 3.49 6.60 12.23 9.13 4.69 6.23 2.61 0.00 11.43
HSBC India Opportunities Fund 5.95 19.91 11.34 0.00 5.17 4.00 2.44 1.17 3.78 14.60 9.07 6.48 2.48 0.00 13.60
Kotak Opportunities Fund 6.08 19.09 10.94 3.71 2.44 4.34 3.11 5.16 8.59 9.90 9.78 6.80 0.42 0.00 9.65
Reliance Equity Opportunities Fund 3.99 8.38 13.10 0.00 8.39 0.00 3.35 3.31 8.43 7.11 15.25 1.67 1.97 0.00 25.05
Tata Equity Opportunities Fund 6.63 7.64 15.79 1.16 1.60 0.00 4.19 9.56 10.22 9.62 5.70 5.73 1.81 0.00 20.36
UTI Opportunities Fund 4.83 21.37 8.70 1.98 0.76 4.89 0.00 7.30 11.63 13.72 2.32 1.91 0.00 0.00 20.59
MIDCAP EQUITY FUNDS
Birla Sun Life Mid Cap Fund - Plan A 10.80 13.86 8.48 2.68 5.70 1.61 2.18 3.21 9.29 10.40 6.43 8.58 0.00 0.00 16.78
DSP BlackRock India Tiger Fund 0.00 19.76 0.00 8.15 7.81 0.00 1.45 12.33 4.75 20.60 1.63 11.95 1.57 0.00 10.00
Franklin India Prima Fund 3.47 12.91 2.08 3.10 4.61 1.21 6.19 7.61 7.42 10.41 6.95 8.13 6.01 0.00 19.90
HDFC Capital Builder Fund 6.89 17.48 12.78 4.86 0.00 4.08 1.74 0.00 0.00 10.66 18.15 6.67 1.98 0.52 14.19
HSBC Midcap Equity Fund 5.74 16.50 10.50 2.72 1.84 0.00 0.00 2.00 4.02 2.52 4.51 1.80 0.00 10.29 37.56
ICICI Prudential Emerging STAR Fund 5.13 9.64 5.58 6.97 9.77 3.24 0.00 11.49 4.42 6.81 7.16 3.90 0.00 1.12 24.76
Kotak Midcap Fund 6.47 9.54 4.12 3.82 2.11 2.35 5.57 7.71 4.08 4.46 11.76 9.46 0.00 1.50 27.04
Reliance Growth 2.63 12.32 5.76 0.00 3.76 0.00 3.47 1.55 9.25 9.45 8.45 1.52 0.00 1.69 40.17
SBI Magnum Global Fund 94 12.38 6.78 13.94 0.00 11.06 4.20 5.27 8.32 1.40 0.00 11.95 3.35 1.76 0.00 19.58
SBI Magnum Midcap Fund 3.51 3.49 5.43 0.00 14.15 5.62 14.65 8.86 11.85 7.66 1.19 2.25 0.00 4.63 16.71
SBI Magnum Multiplier Plus 93 7.69 11.75 6.04 0.00 5.41 4.73 0.00 7.24 4.78 9.24 8.85 11.12 0.00 0.00 23.16
SBI Magnum Sector Umbrella - Emerging Businesses 12.45 3.63 9.57 0.00 3.86 0.00 9.36 9.74 5.34 6.94 1.66 3.20 0.00 0.00 34.26
Sundaram BNP Paribas Select Midcap 3.29 16.91 5.80 1.82 2.75 0.88 1.91 6.21 3.79 7.35 11.10 3.67 0.58 3.28 30.65
Tata Midcap Fund 3.62 6.47 11.10 1.91 4.14 0.00 2.52 2.62 10.83 14.24 9.84 6.92 5.44 0.00 20.36
THEMATIC/SECTOR FUNDS
Birla Sun Life Basic Industries 8.65 9.26 0.00 7.30 8.91 0.00 0.00 6.00 9.81 22.03 0.00 13.45 0.00 0.00 14.59
Birla Sun Life Buy India Fund 9.83 19.13 0.00 0.00 0.00 2.31 5.36 0.00 0.00 4.81 14.39 0.00 0.00 0.00 44.17
Birla Sun Life Dividend Yield Plus 4.25 19.46 2.61 3.07 5.04 3.80 1.31 0.73 5.14 14.94 11.04 5.85 0.00 0.00 22.76
Birla Sun Life India GenNext Fund 6.12 13.28 2.53 3.45 0.00 14.96 12.14 0.00 0.00 4.46 2.55 0.00 0.00 6.21 34.30
Fidelity India Special Situations Fund 6.13 22.56 10.88 1.33 2.12 5.60 1.30 4.18 6.12 12.60 4.10 2.91 1.07 0.32 18.77
HDFC Core & Satellite Fund 3.85 13.76 10.19 2.92 2.79 4.41 12.69 2.83 1.50 0.26 17.17 9.13 0.00 2.06 16.43
ICICI Prudential FMCG 0.00 0.00 0.00 7.36 0.00 63.31 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 29.33
ICICI Prudential Infrastructure Fund 0.19 13.89 0.00 0.73 3.32 0.00 0.00 1.05 9.18 29.87 0.00 15.81 8.41 0.00 17.56
JM Basic Fund 0.00 0.00 0.00 0.00 18.38 0.00 0.00 15.42 5.34 15.16 0.00 34.25 0.00 0.00 11.45
Kotak Contra Fund 4.20 28.05 11.08 1.18 2.40 2.30 0.93 0.81 18.22 14.56 10.56 5.41 0.00 0.00 0.29
PRINCIPAL Dividend Yield Fund 5.02 24.77 6.43 0.00 1.45 6.73 0.00 6.64 3.71 21.12 5.92 5.45 1.05 0.00 11.71
Reliance Diversified Power Fund 0.00 8.67 0.00 2.04 12.21 0.00 0.00 3.93 7.83 23.93 0.00 22.55 2.10 0.00 16.74
SBI Magnum COMMA Fund 0.00 0.41 0.00 0.00 0.00 0.00 0.00 16.38 22.52 25.93 0.00 0.00 0.00 0.00 34.76
Tata Equity P/E Fund 5.87 13.74 12.41 3.85 0.00 2.24 1.52 4.12 8.84 14.78 6.86 0.92 3.78 0.00 21.05
Tata Infrastructure Fund 1.54 17.90 0.00 3.34 8.34 0.00 0.00 10.86 14.08 15.98 0.00 15.96 3.10 0.00 8.90

34 Investime APRIL 2010

 MUTUAL FUNDS
SNAP SHOT

EQUITY FUNDS - PERFORMANCE

Absolute Compounded Annualized
Equity Funds Statistical Measure
Returns (%) Returns (%)
NAV Inception Standard
Scheme Name (31-Mar-10) Date 1 Month 3 Months 6 Months 1 Year 3 Years 5 Years Treynor
Deviation
LARGE CAP EQUITY FUNDS
Birla Sun Life Equity Fund 252.91 15-Sep-98 6.65 0.33 9.04 102.09 45.14 215.03 0.3288 1.8113
Birla Sun Life Frontline Equity Fund - Plan A 80.76 27-Sep-02 6.03 1.23 8.18 95.07 63.42 237.48 0.3167 1.766
Birla Sun Life Top 100 Fund 20.5 27-Oct-05 5.89 -0.33 5.28 77.09 36.67 -- 0.2856 1.6735
DSP BlackRock Equity Fund 14.76 7-Jun-07 6.49 0.6 9.08 92.62 -- -- 0.3694 1.5226
DSP BlackRock Top 100 Equity Fund 91.53 11-Mar-03 5.67 0.44 5.55 75.6 65.78 243.05 0.2987 1.5666
DWS Alpha Equity Fund 73.56 31-Jan-03 6.42 0.71 4.8 66.2 52.24 185.01 0.2633 1.6325
Fidelity Equity Fund 30.85 18-May-05 6.51 3.15 9.92 89.48 49.97 -- 0.3323 1.5929
Fortis Equity Fund 30.96 27-Sep-04 5.02 -0.71 0.62 56.68 22.95 134.37 0.2229 1.6793
Franklin India Bluechip 194.3 1-Dec-93 6.35 4.64 11.77 90.74 58.06 209.49 0.342 1.5709
Franklin India Prima Plus 201.24 13-Dec-94 7.21 4.35 11.83 84.21 51.52 218.47 0.3163 1.6639
HDFC Equity Fund 236.27 2-Jan-95 5.77 2.28 11.54 117.06 65.69 253.5 0.4 1.6827
HDFC Growth Fund 74.51 20-Sep-00 6.05 2.07 8.82 92.38 63.89 208.27 0.3704 1.5176
HDFC Top 200 183.72 13-Sep-96 5.83 1.81 6.96 98.51 75.8 251.25 0.3401 1.6878
HSBC Equity Fund 95.33 10-Dec-02 6.01 0.71 3.46 58.42 40.48 163.46 0.2598 1.4564
ICICI Prudential Focused Equity Fund- Retail 14.2 26-May-08 6.85 3.88 9.31 89.33 -- -- 0.3225 1.654
ICICI Prudential Growth Plan - Cumulative 125.02 9-Jul-98 6.89 1.63 7.41 71.4 40.19 182.4 0.2782 1.5937
ICICI Prudential Power 102.94 4-Oct-94 6.64 2.13 8.55 85.95 32.84 183.66 0.3301 1.5584
Kotak 30 94.69 22-Dec-98 5.62 0.48 4.49 70.88 45.68 194.78 0.2697 1.6509
PRINCIPAL Growth Fund 50.67 25-Oct-00 5.87 1.22 5.92 77.79 8.92 86.91 0.3174 1.5143
Reliance Vision 252.08 8-Dec-95 5.23 0.07 6.03 88.44 48.55 190.75 0.3125 1.7082
SBI Magnum Sector Umbrella - Contra 55.74 14-Jul-99 6.07 0.11 5.55 87.87 56.79 248.81 0.3167 1.7053
Sundaram BNP Paribas Select Focus 83.82 31-Jul-02 6.2 -2.09 2 75.24 46.17 202.51 0.2215 2.2053
Tata Pure Equity Fund 91.53 15-May-98 5.79 2.28 10.57 86.6 55.77 200.21 0.2976 1.7213
OPPORTUNITIES FUNDS
Birla Sun Life India Opportunities Fund 52.21 27-Dec-99 7.01 3.65 13.4 126.02 4.29 89.99 0.4789 1.5071
DSP BlackRock Opportunities Fund 76.14 16-May-00 6.2 1.2 7.04 88 45.95 189.62 0.3474 1.5164
Fortis Opportunities Fund 17.88 29-Apr-05 4.57 -1.18 1.3 60.2 -8.68 -- 0.2449 1.603
Franklin India Opportunity Fund 29.41 29-Mar-00 6.39 -0.65 4.47 76.46 22.02 166.84 0.2568 1.8805
HSBC India Opportunities Fund 31.96 5-Mar-04 5.48 -0.9 3.31 62.24 19.51 145.72 0.2759 1.4555
Kotak Opportunities Fund 42.83 10-Sep-04 6.24 1.53 7.19 91.39 53.29 235.58 0.2984 1.8594
Reliance Equity Opportunities Fund 31.09 31-Mar-05 9.6 5.62 19.76 129.84 52.81 212.82 0.4415 1.6506
Tata Equity Opportunities Fund 79.57 16-Apr-99 5.97 1.87 11.34 106.6 43.85 181.31 0.3486 1.7631
UTI Opportunities Fund 23.89 20-Jul-05 4.78 -0.75 4.83 86.79 80.85 -- 0.2978 1.7801
MID CAP EQUITY FUNDS
Birla Sun Life Mid Cap Fund - Plan A 106.58 16-Oct-02 8.19 1.66 14.17 146.31 21.05 26.81 0.3997 2.0807
DSP BlackRock India Tiger Fund 45.08 14-Jun-04 6.42 2.23 5.43 79.04 12.62 26.72 0.2766 1.7948
Franklin India Prima Fund 256.45 15-Dec-93 9.53 4.03 17.1 131.98 11.18 17.67 0.4262 1.8126
HDFC Capital Builder Fund 97.21 1-Feb-94 7.57 4.84 13.1 108.59 17.22 22.14 0.4355 1.438
HSBC Midcap Equity Fund 21.84 24-May-05 5.88 0.45 12.81 116.01 6.29 -- 0.3757 1.8871
ICICI Prudential Emerging STAR Fund 32.14 1-Nov-04 7.13 7.82 21.51 136.15 6.48 22.13 0.5039 1.555
Kotak Midcap Fund 22.45 25-Feb-05 8.19 4.57 14.02 109.62 5.26 17.32 0.3688 1.8324
Reliance Growth 439.2 8-Dec-95 6.26 2.77 11.66 112.06 19.13 29.72 0.3991 1.6249
SBI Magnum Global Fund 94 50.5 30-Sep-94 6.79 2.23 16.6 139.79 7 23.81 0.5051 1.676
SBI Magnum Midcap Fund 21.73 15-Apr-05 4.67 -0.5 3.72 119.27 1.22 -- 0.3927 2.1368
SBI Magnum Multiplier Plus 93 75.21 28-Feb-93 5.71 0.47 10.05 86.86 14.04 27.96 0.3662 1.5454
SBI Magnum Sector Umbrella - Emerging Businesses 34.87 11-Oct-04 7.79 6.02 20.32 152.68 7.91 19.06 0.5159 1.7767
Sundaram BNP Paribas Select Midcap 134.31 31-Jul-02 4.1 -0.51 10.36 139.49 15.92 28.82 0.3911 2.0851
Tata Midcap Fund 16.85 11-Jul-05 7.44 1.19 9.26 115.06 8.81 -- 0.4164 1.6718
THEMATIC/SECTOR FUNDS
Birla Sun Life Basic Industries 99.41 18-Feb-00 7 1.93 12.19 110.79 15.97 22.21 0.3285 1.9697
Birla Sun Life Buy India Fund 36.81 18-Feb-00 5.35 0.03 8.81 97.48 11.57 22.46 0.3511 1.7084
Birla Sun Life Dividend Yield Plus 72.87 27-Feb-03 6.09 5.08 12.61 103.09 22.15 20.94 0.4735 1.3934
Birla Sun Life India GenNext Fund 20.51 12-Aug-05 6.27 3.22 8.12 71.78 9.67 -- 0.3363 1.4832
Fidelity India Special Situations Fund 16.67 24-May-06 6.69 3.37 10.26 111.9 11.36 -- 0.3627 1.7899
HDFC Core & Satellite Fund 35.79 29-Sep-04 6.32 5.11 14.34 124.91 14.33 23.91 0.4514 1.5899
ICICI Prudential FMCG 52.61 31-Mar-99 7.13 0.06 12.46 68.35 10.41 23.83 0.6 1.1857
ICICI Prudential Infrastructure Fund 29.28 12-Sep-05 7.17 0.79 4.53 67.51 18.34 -- 0.3191 1.3525
JM Basic Fund 18.19 2-Jun-97 4.72 -6.12 0.14 119.36 -0.98 12.04 0.3148 2.372
Kotak Contra Fund 20.26 29-Jul-05 7.29 2.14 9.53 86.62 13.48 -- 0.3238 1.6379
PRINCIPAL Dividend Yield Fund 20.55 18-Oct-04 4.69 1.43 9.95 88.01 12.67 12.5 0.3864 1.4502
Reliance Diversified Power Fund 79.2 10-May-04 5.99 0.76 6.2 96.06 32.03 40.78 0.3347 1.744
SBI Magnum COMMA Fund 24.24 24-Aug-05 5.07 1.08 12.59 89.97 19 -- 0.3637 1.6273
Tata Equity P/E Fund 43.9 30-Jun-04 5 0.67 10.38 108.49 21.99 26.27 0.3986 1.5894
Tata Infrastructure Fund 33.59 20-Jan-05 7.58 1.84 6.51 85.98 15.1 25.94 0.2595 1.9777

APRIL 2010 Investime 35

 MUTUAL FUNDS
SNAP SHOT
DEBT FUNDS - PERFORMANCE
Compounded
Simple Annualized Returns (%) Statistical Measure
Annualized (%)

NAV Inception Standard

Scheme Name (31-Mar-10) Date 2 Weeks 1 Month 3 Months 6 Months 1 Year Sharpe Deviation

INCOME FUNDS
Birla Sun Life Income Fund 33.96 3-Mar-97 3.49 5.87 2.20 4.08 4.81 0.0460 0.2263
Birla Sun Life Income Plus 41.94 10-Nov-95 4.82 6.21 2.35 3.70 5.88 0.0593 0.2488
DSP BlackRock Bond Fund - Retail Plan 30.43 29-Apr-97 11.03 8.37 3.62 3.88 4.79 0.0527 0.1944
HDFC Income Fund 21.46 20-Sep-00 19.81 14.28 3.94 5.25 6.95 0.0743 0.2552
HSBC Income Fund - Invtt Plan - Reg 15.94 27-Dec-02 4.97 4.90 3.98 5.34 7.39 0.1087 0.1891
ICICI Prudential Income Fund - I P 30.90 20-Mar-03 -4.57 0.99 -1.16 2.01 7.46 0.0811 0.2584
Kotak Bond Regular Plan 26.22 29-Nov-99 13.35 9.20 3.89 5.84 6.72 0.0929 0.1928
PRINCIPAL Income Fund - I P 15.75 9-May-03 13.73 9.02 4.37 4.65 8.09 0.1082 0.2157
Reliance Income Fund - Retail - G P 30.85 1-Jan-98 8.85 7.30 3.62 4.45 6.17 0.0757 0.2087
SBI Magnum Income 22.42 25-Nov-98 16.14 13.90 6.90 5.26 5.86 0.0768 0.1862
Templeton India IBA - Plan A 30.57 14-Jul-97 9.42 11.91 6.40 6.75 6.67 0.1630 0.1080
Templeton India Income Fund 32.00 5-Mar-97 8.36 8.75 4.66 5.66 5.57 0.1065 0.1244
UTI Bond Fund 26.58 18-Jul-98 17.53 10.93 4.87 5.58 5.82 0.0982 0.1443
MONTHLY INCOME PLANS
Birla Sun Life MIP 24.87 18-Dec-00 11.34 18.15 5.01 8.10 15.76 0.1843 0.2853
Birla Sun Life MIP - Savings 5 16.52 24-May-04 7.50 7.80 4.37 5.14 11.54 0.1742 0.2108
Birla Sun Life MIP - Wealth 25 16.86 24-May-04 13.19 22.78 4.15 8.32 24.25 0.1920 0.4323
Birla Sun Life Monthly Income Plan 34.12 14-Jul-99 8.31 9.80 4.90 7.54 18.96 0.2201 0.2913
DSP BlackRock Savings Manager Fund - Aggressive 18.31 14-Jun-04 4.25 8.67 0.53 7.77 18.92 0.1689 0.3824
DSP BlackRock Savings Manager Fund - Moderate 18.93 11-Mar-03 3.63 7.79 1.53 5.89 12.69 0.1652 0.2504
Fortis MIP 14.27 27-Sep-04 4.91 11.25 3.37 2.15 8.53 0.0679 0.3778
HDFC MIP - STP 16.28 29-Dec-03 10.29 16.43 7.12 9.20 18.86 0.2611 0.2414
HSBC MIP - Regular Plan 16.34 5-Mar-04 3.90 14.49 2.90 6.44 15.23 0.1772 0.2857
HSBC MIP - Savings Plan 18.40 5-Mar-04 2.75 20.62 4.00 9.06 22.38 0.1702 0.4505
ICICI Prudential MIP - Cumulative 24.15 10-Nov-00 10.38 17.63 5.50 5.40 17.09 0.1766 0.3258
Kotak Income Plus 14.81 3-Dec-03 11.49 19.38 4.64 7.87 15.42 0.1681 0.3072
PRINCIPAL M I P 20.55 23-May-02 7.89 13.81 3.60 4.91 16.07 0.2086 0.2560
Reliance MIP 20.20 13-Jan-04 9.03 19.80 4.68 11.86 26.15 0.2602 0.3406
SBI Magnum MIP 19.18 9-Apr-01 23.22 22.92 7.66 6.77 14.07 0.1822 0.2502
Sundaram BNP Paribas MIP - Moderate 14.98 19-Jan-04 14.33 15.88 6.78 7.10 14.74 0.1200 0.4128
Tata MIP Plus 15.05 19-Mar-04 3.31 15.47 4.43 8.74 17.20 0.1310 0.4434
Tata Monthly Income Fund 18.07 23-Jul-97 7.12 7.62 -0.37 3.10 7.80 0.0737 0.2935
UTI Monthly Income Scheme 18.67 29-Oct-02 11.89 16.94 6.55 10.14 17.56 0.2256 0.2566
FLOATING RATE FUNDS
Birla Sun Life Floating Rate Fund - LTP 15.79 5-Jun-03 5.81 6.70 6.72 7.39 7.97 0.9880 0.0229
Birla Sun Life Floating Rate Fund - STP 15.13 5-Jun-03 5.73 4.91 4.22 4.39 4.79 0.8143 0.0074
HDFC F R I F - LTF 15.82 20-Jan-03 0.54 4.16 4.46 5.68 7.32 0.4181 0.0481
HDFC F R I F - STF 15.57 20-Jan-03 4.87 4.47 4.28 4.34 4.78 0.7909 0.0127
HSBC FRF - LTP - Regular Plan 14.19 16-Nov-04 4.07 3.80 3.79 3.84 4.52 0.6676 0.0135
HSBC FRF - STP - Regular Plan 13.67 16-Nov-04 3.04 2.68 2.49 2.36 2.24 -0.6142 0.0036
ICICI Prudential FRF - Plan A 141.63 2-Aug-04 4.37 4.04 3.48 3.40 3.84 0.5784 0.0107
Kotak Floater - LT 14.61 16-Aug-04 4.86 4.71 4.70 4.77 5.16 0.8532 0.0135
Kotak Floater - ST 15.08 14-Jul-03 3.84 3.64 3.70 3.67 4.06 0.5732 0.0064
Reliance FRF 14.49 2-Sep-04 4.85 4.43 4.28 4.41 4.96 0.8705 0.0075
Tata FRF - ST 14.77 29-Dec-03 3.68 3.47 3.29 3.27 4.12 0.4876 0.0030
Templeton FRIF - Short Term 16.65 12-Feb-02 4.47 3.89 3.67 3.56 4.28 0.5169 0.0085
UTI Floating Rate Fund - STP 1500.88 31-Aug-03 4.75 4.50 4.36 4.34 4.98 0.7885 0.0136
SHORT TERM FUNDS
DSP BlackRock Short Term Fund 15.76 9-Sep-02 5.16 5.08 4.87 5.03 4.19 0.1910 0.0402
Fidelity Flexi Bond Fund - Ret 12.54 30-Aug-06 6.17 4.27 2.74 2.57 3.22 0.0332 0.1144
Fortis Short Term Income Fund 14.26 14-Sep-04 4.60 4.59 4.37 4.43 5.28 0.7771 0.0155
HDFC Short Term Plan 17.99 4-Mar-02 7.51 9.34 6.03 6.72 7.58 0.2944 0.0719
HSBC Income Fund - S T P - Reg 15.63 27-Dec-02 3.89 3.44 3.19 3.42 5.10 0.2382 0.0475
ICICI Prudential STP 19.07 31-Oct-01 7.31 9.43 5.19 5.67 6.59 0.1973 0.0876
IDFC SSIF - Short Term - Plan A 19.21 14-Dec-00 8.30 7.20 4.07 4.91 5.83 0.1847 0.0771
Kotak Bond Short Term Plan 17.76 5-May-02 9.01 9.35 6.15 6.24 7.80 0.3105 0.0709
PRINCIPAL Income Fund - STP 17.26 26-Apr-02 9.13 7.69 5.16 5.40 7.85 0.3883 0.0572
Reliance Short Term Fund 17.41 23-Dec-02 8.75 8.28 5.06 5.86 7.59 0.3195 0.0662
Tata Short Term Bond Fund 17.17 12-Aug-02 4.41 4.55 4.47 4.18 4.90 0.2947 0.0357
Templeton India STIP 1848.93 4-Feb-02 10.65 10.97 7.15 8.21 10.89 0.5467 0.0619
UTI Short Term Income Fund - Ret 15.73 30-Jun-03 5.58 5.39 4.53 6.74 9.68 0.1968 0.1483

36 Investime APRIL 2010

 MUTUAL FUNDS
SNAP SHOT
DEBT FUNDS - PORTFOLIO COMPOSITION
Fund Size Average
Scheme Name (Rs. Crs.) Maturity AA/AA+ AAA/P+ Call & Cash GSEC OTHERS
in Days

INCOME FUNDS
Birla Sun Life Income Fund 341.56 445 - 79.05 -2.51 1.78 21.67
Birla Sun Life Income Plus 788.42 445 1.94 51.71 3.56 - 42.79
DSP BlackRock Bond Fund - Retail Plan 136.77 1175 1.46 18.88 -7.23 40.36 46.52
HDFC Income Fund 568.36 2632 - 11.79 9.72 39.39 39.10
HSBC Income Fund - Invtt Plan - Reg 32.66 266 - 17.18 1.22 19.22 62.38
ICICI Prudential Income Fund - I P 927.52 704 20.93 62.87 2.04 6.29 7.87
Kotak Bond Regular Plan 181.36 876 5.69 37.00 -1.78 37.08 22.01
PRINCIPAL Income Fund - I P 57.33 292 25.19 43.13 3.74 26.14 1.81
Reliance Income Fund - Retail - G P 391.98 628 - 56.01 2.53 5.95 35.50
SBI Magnum Income 57.32 394 8.28 21.48 - - 70.24
Templeton India IBA - Plan A 72.05 734 14.12 14.64 8.54 - 62.69
Templeton India Income Fund 406.48 343 - 40.13 26.42 - 33.45
UTI Bond Fund 260.35 1095 15.98 19.48 17.14 12.81 34.59
MONTHLY INCOME PLANS
Birla Sun Life MIP 253.46 624 15.64 46.19 1.53 1.13 35.51
Birla Sun Life MIP - Savings 5 1773.13 321 - 57.56 16.74 - 25.70
Birla Sun Life MIP - Wealth 25 255.37 423 2.50 52.59 5.98 - 38.94
Birla Sun Life Monthly Income Plan 408.85 453 12.58 38.97 7.65 11.72 29.07
DSP BlackRock Savings Manager Fund - Aggressive 161.77 62 9.44 52.11 5.79 6.00 26.66
DSP BlackRock Savings Manager Fund - Moderate 159.09 179 6.41 40.43 3.78 15.26 34.11
Fortis MIP 34.32 292 20.44 44.31 -3.50 - 38.75
HDFC MIP - STP 587.04 610 14.09 37.95 3.22 - 44.74
HSBC MIP - Regular Plan 219.32 461 1.19 49.73 1.83 1.31 45.95
HSBC MIP - Savings Plan 358.31 461 - 38.88 2.80 - 58.32
ICICI Prudential MIP - Cumulative 564.73 453 19.87 40.44 -1.01 4.28 36.43
Kotak Income Plus 125.37 504 24.68 17.62 6.46 8.10 43.14
PRINCIPAL M I P 185.70 511 7.14 54.14 2.96 4.32 31.45
Reliance MIP 3943.92 453 9.08 40.97 6.04 4.37 39.55
SBI Magnum MIP 187.68 259 - 21.91 - - 78.09
Sundaram BNP Paribas MIP - Moderate 38.91 434 12.74 28.61 3.20 1.87 53.58
Tata MIP Plus 67.69 374 - 21.58 34.83 - 43.58
Tata Monthly Income Fund 44.84 547 - 21.72 28.41 - 49.87
UTI Monthly Income Scheme 248.01 719 34.56 10.67 21.44 2.35 30.98
FLOATING RATE FUNDS
Birla Sun Life Floating Rate Fund - LTP 2625.31 201 2.27 69.35 - - 28.37
Birla Sun Life Floating Rate Fund - STP 559.85 62 - 85.89 - - 14.11
HDFC F R I F - LTF 1295.63 320 8.60 57.58 -2.79 5.74 30.86
HDFC F R I F - STF 2875.69 218 15.34 64.60 2.93 5.16 11.97
HSBC FRF - LTP - Regular Plan 597.50 136 - 77.31 - - 22.69
HSBC FRF - STP - Regular Plan 72.22 5 - - - - 100.00
ICICI Prudential FRF - Plan A 4210.94 255 - 87.96 - - 12.04
Kotak Floater - LT 5605.47 161 1.90 85.78 -4.28 - 16.59
Kotak Floater - ST 146.99 47 10.29 68.18 1.34 - 20.19
Reliance FRF 544.00 40 - 61.83 32.27 - 5.89
Tata FRF - ST 72.95 17 - 82.08 4.24 - 13.68
Templeton FRIF - Short Term 422.63 40 - 62.43 1.07 - 36.50
UTI Floating Rate Fund - STP 3907.90 122 1.44 60.34 - - 38.22
SHORT TERM FUNDS
DSP BlackRock Short Term Fund 747.91 190 - 72.86 2.96 - 24.17
Fidelity Flexi Bond Fund - Ret 69.13 464 22.07 42.77 - - 35.17
Fortis Short Term Income Fund 396.19 120 - 81.07 - - 18.93
HDFC Short Term Plan 2395.35 398 2.51 57.73 -3.73 9.40 34.10
HSBC Income Fund - S T P - Reg 165.26 185 - 55.18 - - 44.82
ICICI Prudential STP 2199.82 453 21.03 44.48 1.87 - 32.61
IDFC SSIF - Short Term - Plan A 643.15 533 14.86 50.10 - - 35.04
Kotak Bond Short Term Plan 863.75 537 31.85 20.36 -9.94 30.28 27.44
PRINCIPAL Income Fund - STP 117.78 261 56.75 33.43 9.81 - -
Reliance Short Term Fund 2637.14 412 3.96 32.32 13.33 - 50.40
Tata Short Term Bond Fund 50.81 247 - 38.59 - 2.87 58.54
Templeton India STIP 5442.51 376 19.18 46.94 5.14 - 28.74
UTI Short Term Income Fund - Ret 2771.99 181 - 54.37 - - 45.63

APRIL 2010 Investime 37

 Product Update

CANARA ROBECO F.O.R.C.E FUND

Financial Opportunities Retail Consumption Entertainment
(An Open Ended Equity Scheme)

PRODUCT BACKDROP
Present Scenario – India, currently in a Sweet Spot among other economies. It exhibits the traits of both, an emerging market & a developed
economy
Rising Savings & Changing Indian Consumer – YUM Indian Population is saving more along with changing its consumption pattern from
Necessities to Discretionary Spending
Direct Beneficiaries – Financial Services, Retail Consumption & Entertainment would be the immediate beneficiaries from the paradigm
shift within the Indian Consumer
Investment Case – Canara Robeco F.O.R.C.E Fund intends to invest into companies which exhibit a Scalable & Sustainable Investment
Opportunity
Investment Objective: The feature of the Fund is to provide long-term capital appreciation by primarily investing in equity and equity related
securities of companies in the Finance, Retail & Entertainment sector.
Product Positioning: Canara Robeco FORCE Fund is an open ended thematic fund predominantly investing in 3 sectors benefitting from
the rising and stable domestic demand i.e. Financial Services, Retail Consumption and Media & Entertainment. The fund will also look
for opportunity to invest in few other companies which benefit from this theme not covered in the sectors mentioned above. The fund will
invest in stocks across the Market Capitalisation range and will look to follow ‘Growth’ style of investing.
Performance Benchmark: S&P CNX Nifty
Fund Manager: Mr. Anand Shah
Minimum Application: Rs. 5,000/-
Inception date: 14th September 2009
Entry load: Nil
Exit load/Switch over Load: Lumpsum / SWP / SIP/STP: 1% - If redeemed / switched out within 1 year from the date of allotment, Nil
– if redeemed / switched out after 1 year from the date of allotment
Asset allocation pattern:
Equity and equity related instruments of companies in the Finance, Retail& Entertainment : 65-100%
Other Equity and Equity related instruments : 0-35%
Domestic Debt and Money Market Instruments (including securitized debt up to 10% of 0-35%
net assets:

Key Highlights:
Attractive Investment Opportunity: India’s Economic Fundamentals are intact & is ripe for Re-Rating – Thus, there lies an Investment
Opportunity for Long term Wealth Creation
Benefit from the India Growth Story: Investment Strategy of Canara Robeco F.O.R.C.E Fund is a direct corollary of the India
Growth Story
Theme to Team with: Changing needs of the YUM (Young, Urban Middle Class) Indian Consumers are captured the best in the fund
through the below mentioned allocation: -
Sector Allocation Range (%)
Financial Services 40 – 65
Retail Consumption 10 - 25
Entertainment 15 – 35

38 Investime APRIL 2010

 Product Update

Performance as on April 15, 2010

Absolute (%)
Scheme Name NAV (15-Apr-10) AUM (Rs Crs) 1 Month 3 Months 6 Months
Canara Robeco FORCE Fund 11.84 194.46 7.34 8.42 12.87
Indices
S&P Nifty 5273.6 2.82 0.41 3.22

Top 10 Holdings as on Mar 31, 2010

Company Value (Cr.) %
HDFC Bank Ltd. 15.36 7.9 Investment Style
Sun T V Network Ltd. 14.37 7.39
Large Cap
Zee News Ltd. 12.29 6.32
Mid Cap
State Bank of India 10.17 5.23
Axis Bank Ltd. 9.45 4.86 Small Cap
Mahindra Holidays & Resorts India Ltd. 7.34 3.78 Growth Blend Value
Jubilant Foodworks Ltd 7.25 3.73
CBLO 7 3.6
Union Bank Of India Ltd. 6.88 3.54
Pantaloon Retail (India) Ltd. 6.83 3.51

Fund Positives:
The Fund has outperformed its benchmark index on a one month, three months and six months basis since its inception
The theme for investments is very timely as the Indian economy is back on its ride to higher growth (GDP rising)
The idea of capturing the continued growth story of the retail consumption, especially in the young urban middle class population
(comprising of the major part of India’s population) is very realistic with the rise in income

Risks:
An equity scheme, although thematic may be impacted by the direction of the broader markets. If the equity market is negatively impacted
by due to internal and external economic factors, so would the Fund be impacted.
The Fund has major allocation in the banks (53.14%), therefore the portfolio returns may be negatively impacted when there is adverse
news for the bank index, such as hike in the CRR or the RBI’s lending rate.

This document and the information contained therein is strictly confidential and meant strictly for the selected recipient and may not be copied or modified or transmitted without the consent
of Aditya Birla Money Mart Ltd. (ABMML). This report is only for information purpose only and nothing should be construed to be of any investment advice. Past performance may not
be sustained in the future. Please read the offer document for more detailed information on the scheme and the risks, before investing.

APRIL 2010 Investime 39

 New Product Update

DWS GLOBAL AGRIBUSINESS OFFSHORE FUND

(An open ended overseas Fund of Funds Scheme)

NFO closes on 30th of April 2010

What is Agribusiness? Investment philosophy

Agribusiness is every thing from agricultural commodities to
consumer products. From Fields to market, Agribusiness is a generic
term that refers to the various businesses involved in food production
such as:
Resource Owners- farming, seed and fertilizer supply
Facilitators- infrastructure machinery, equipment
Value Adders- processing agricultural products
Collectors & Distributors- marketing and sales
For inclusion, companies must meet the following criteria:
Investment Objective: The primary investment objective of the scheme
is to generate long-term capital growth by investing predominantly
in units of overseas mutual funds, focusing on agriculture and/or
would be direct and indirect beneficiaries of the anticipated growth
in the agriculture and/or affiliated/allied sectors.
Performance Benchmark: MSCI World Index
Minimum Application: Rs. 5,000/-
Entry load: Nil
Exit load: 1% - If redeemed within 1 year f rom the date of
allotment
Strong bottom-up stock selection focus embedded in overwriting
agribusiness sub-sector trends (for example weather conditions
impacting global harvest)
Active, fundamentally driven investment management
approach
Investment horizon: 36 months, current market conditions allow
us for shorter timings
Strong market position in their specific area of activity
Favourable balance sheet ratios
Above-average quality of management, focused on generating
strong and sustainable earnings
Clearly formulated corporate strategy with good prospects for
success
Transparent and shareholder-friendly information policy with
good corporate governance

Asset allocation pattern:

Units / securities issued by overseas mutual funds
80-100%
or unit trusts
Debt Instruments including Government
Securities, Corporate Debt, Money Market
0-20%
Instruments, (including cash and units of
domestic money market mutual funds).

Agribusiness – Inevitability
1. Soaring global population
2. Rising incomes in the developing world
3. Limited agricultural land
4. Biofuels
5. Global warming – climate change

The underlying fund intends to invest all the way from agricultural
commodities to consumer products. The fund invests into companies
in land and plantation, seed and fertilizer, planting, harvesting,
protecting and irrigation, food processing and manufacturing
companies, offering investors the opportunity to capture value at
various points along the “food chain”.
The DWS Global Agribusiness Offshore Fund will invest
predominantly in units of DWS Invest Global Agribusiness Fund
(underlying fund) – registered in Luxembourg or similar mutual
funds at the discretion of the investment manager
The underlying fund DWS Invest Global Agribusiness is
managed by Deutsche Investment Management, Americas Inc.

40 Investime APRIL 2010

 New Product Update

Fund Positives:
1. The Fund is based on the agribusiness which invests into the basic needs of livelihood. The rise in population, especially in Asia would
mean better opportunities for an agribusiness product
2. The economic growth, higher income and better standard of living would further enhance the relevance of the product
3. The rising scarcity of agricultural land and water as resources would put pressure on the supply side and the food prices would get dearer,
therefore investments into this product may be profitable

Risks:
Being a fund of fund, the performance of the underlying, its sector allocations, its holdings and the impact of broader economy and the
markets in the respective counties would play a key role.

This document and the information contained therein is strictly confidential and meant strictly for the selected recipient and may not be copied or modified or transmitted without the consent
of Aditya Birla Money Mart Ltd. (ABMML). This report is only for information purpose only and nothing should be construed to be of any investment advice. Past performance may not
be sustained in the future. Please read the offer document for more detailed information on the scheme and the risks, before investing.

APRIL 2010 Investime 41

 New Product Update

KOTAK CREDIT OPPORTUNITIES FUND

(An Open Ended Debt Scheme)

NFO closes on 30th April 2010

Investment Objective: Risk – Return Positioning:

The investment objective of the scheme is to generate income
investing in debt/and money market securities across the yield
curve and credit spectrum. The scheme would also seek to maintain
reasonable liquidity within the fund. There is no assurance or
guarantee that the investment objective of the will be achieved.

Performance Benchmark:
CRISIL Short Term Bond Index

Minimum Application:
Rs. 5,000/-

Entry load:
Nil
Exit load/Switch over Load:
1% - If redeemed / switched out within 1 year from the date of
allotment, Nil – if redeemed / switched out after 1 year from the
date of allotment
Asset allocation pattern:
Debt, Money Market Instruments & Government
35-100%
Securities with Maturity Upto 1 Year*
Debt, Money Market Instruments & Government
0-65%
Securities with Maturity Greater than 1 Year*
Investment philosophy:
1. The Fund would lay emphasis on credit, duration & liquidity of
assets in the portfolio construction
2. The credit risk analysis would be carried out by the credit
committee through analysis of different rating category universe,
through comparison against benchmark ratios, through quarterly
result analysis of the companies and by regularly interacting with
company officials and rating agencies
3. The Fund would regularly monitor the liquidity of the underlying
and the liquidity would be managed as per the interest rate view
and the investment objective. The emphasis would be on the
modified duration in a way that best fits the investment objective
of the Fund
The Fund aims to capture opportunities across the yield curve and
across issuers with marginally higher but acceptable level of risk.
The Fund would be ideal for investors seeking higher than short
term fund returns.
Risks:
1. The Portfolio of Kotak Credit Opportunities Fund will comprise
predominantly of Debt and Money Market instruments issued by
Corporates/Banks, and to a lesser extent those issued by Central
or State Governments. As such, there would be Moderate Credit
Risk. Since upto 65% of the portfolio may be invested in securities
maturing more than one year, there would be moderate to high
Price-risk or Interest-rate risk.
2. The market for debt instruments [except for Commercial Papers
(CPs) & Convertible debentures (CDs)] are relatively less liquid,
which may affect buying and selling of the debt instruments
thereby increasing the liquidity risk. However CPs and CDs being
money market instruments with investment horizon of less than
1 year, are more liquid in nature and hence significantly reduce
the risk. Securitised debt are relatively more illiquid in nature
when compared to other debt instruments due to which impact
cost may tend to increase.
3. The scheme intends to invest in long dated debt papers, securitized
debt and money market instruments. The levels of liquidity at a
relatively low for long dated papers/securitised instruments and
short dated papers including money market instruments have
relatively higher liquidity.

42 Investime APRIL 2010

 TAXTALK A. N. Shanbhag
New Direct Tax Code
A PARADIGM SHIFT
A
draft of the new Direct Tax Code
(DTC), which seeks to replace the
existing Income Tax Act, has been
released by the government for public debate.
The areas where this new Code has ushered in
large scale changes are in the system of house
property and capital gain taxes as well as the
...currently all transition into the EET system of taxation.
This article examines these aspects in detail.
tax savings First let’s look at EET. EET, which
stands for Exempt Exempt Taxed, is a tax
under Sec. 80C system where an investment in a savings plan
are permanent is deductible from the income. So also is the
interest earned. However, the maturity amount
in nature. This is taxable. This is in contrast to the earlier
EEE system where the investment, interest
means that once and the maturity amount remained tax free. A
the tax is saved case in point is PPF.
Putting it differently, currently all tax
for that particular savings under Sec. 80C are permanent in
year, it is saved, nature. This means that once the tax is saved
for that particular year, it is saved per se. When
per se. When the the invested amount matures, it is tax free.
However, when the EET system is put into
invested amount place, permanent tax saving won’t be possible.
matures, it is This is because by making an investment,
you will reduce the same from your income
tax free thereby lowering the tax liability. However,
when the amount matures, it would be taxable
in that year. Therefore, EET is a deferment
of tax and not saving of tax. In other words,
you will defer (postpone) the payment of tax
depending upon the lock-in of your tax-saving
investment. However, some time or the other,
the investment will mature. At that time, tax
will be levied.
So the long and the short of it is that
permanent tax saving is not possible under
EET.
Existing Investments
In this context, the most common apprehension
44 Investime APRIL 2010
expressed by investors was regarding the
taxability of existing investments. Existing
investments are made with the express
understanding that the withdrawal or
maturity amount will not be taxed.
Thankfully, DTC respects this sentiment
and provides that the withdrawal of any
amount of accumulated balance as on the 31st
day of March, 2011, in provident funds and
public provident fund will not be subject to
tax. In other words, only new contributions on
or after the commencement of this Code will
be subject to the EET method of taxation.
Note that the carte blanche sunset clause
exemption for balances up to 31st March,
2011 is limited to existing investments in
PPF and PF. Life insurance policy proceeds
is a notable omission.
The Code states that in case of a life insurance
policy (other than Keyman Insurance), any sum
received, including any bonus, will be exempt,
only if the premium does not exceed 5% of the
capital sum assured and such sum is received
only upon completion of the original period of
contract or upon the death of the insured. All
other types of insurance proceeds will be taxed,
notwithstanding the fact that the current Sec.
10(10D) offers a blanket tax exemption.
Further, the rollover of any amount
received or withdrawn from one account
with any PSI to any other account with the
same or any other PSI will not be treated as
withdrawal. Hence, such a rollover will not be
subject to tax. For example, if a taxpayer were
to withdraw funds from say an ELSS fund
and reinvest the same in another ELSS fund,
such withdrawal will not be subject to tax.
House Property Taxation
Readers would know that currently under
ITA, one self-occupied property is free of tax.
The second property onwards, tax is levied on
 TAXTALK
the actual rent received. Even if the same is
not rented out, tax is payable on the notional
rent (known as ‘deemed let out property’
under ITA). Interest payable on housing
loans is deductible with a ceiling of Rs. 1.50
lakh for self-occupied properties. There is
no ceiling applicable in the case of let out or
deemed let out properties.
Now, under DTC, one self-occupied
property continues to be tax free. However,
what will come as a blow to most taxpayers is
the fact that the interest deduction of Rs. 1.50
lakh will no longer be applicable. Even the
Sec. 80C deduction on the principal portion
of EMI stands cancelled under DTC.
Even for let out or deemed let out properties,
tax will be payable on the higher of the actual
or ‘presumptive rent’. This presumptive rent
is a new concept under DTC. Presumptive
rent is fixed at 6% of the ratable value fixed
by the local authority. Where no ratable
value has been fixed, 6% shall be calculated
with reference to the cost of construction or
acquisition of the property.
The above provision has the potential
to increase rentals across the board. In the
current environment, property yields are in
the range of 3-4%, if not lower. Take the case
of a tenant who is paying a rent of Rs. 25,000
per month on a property that costs say Rs. 1
crore. Rs. 25,000 per month translates into an
annual rent of Rs. 3 lakh or 3% of the property
cost. Now, under the DTC, irrespective of the
fact that the landlord is receiving Rs. 3 lakh
as rent, he/she will have to pay tax as if he/she
is receiving Rs. 6 lakh (6% of Rs. 1 crore). So
he/she may as well start charging Rs. 6 lakh
as rent. If not, the least he would do is pass
on the burden of the extra tax to the tenant
— on the lines of what employers were doing
by passing on the Fringe Benefit Tax (FBT)
to employees in the FBT regime.
Apart from the interest (covered above),
taxes levied by a local authority and tax on
services, if actually paid, will be allowed as
a deduction. Secondly, 20% (as against the
present 30%) of the gross rent will be allowed
as a standard deduction towards repairs and
maintenance.
Wealth tax will not be payable on any
one house or part of a house or a plot of land
belonging to an individual or a HUF that is
acquired or constructed before the 1st day of
April, 2000. In other words, even one house
acquired after the 1st of April, 2000, is not
free from wealth tax. Currently, one house is
free from wealth tax in all cases, irrespective
of when it was acquired. Thankfully, since
46 Investime APRIL 2010
wealth tax (@0.25%) is payable only on net
wealth in excess of Rs. 50 crore, this provision
will bother, if at all, only the super rich.
Capital Gains
In the new regime, there will be no distinction
between long-term and short-term gains as is
practised currently. All capital gain income
has to be aggregated with other income
(such as salary, income from house property
etc.) and taxed as per slab rates applicable
to the taxpayer. In other words, the current
exemption for long-term capital gains on
equity and equity mutual funds will stand
eliminated. Even the concessional rate of
10%/20% on non-equity long-term gains
will no longer be applicable. On the flip side,
STT (Securities Transaction Tax) will not be
payable.
Though there is no distinction between
long-term and short-term assets per se, in the
case of a capital asset, which is transferred
anytime after one year from the end of the
financial year (FY ) in which it is acquired,
the cost of acquisition will be adjusted on
the basis of cost inflation index. This holding
period of one year from the end of the FY is
constant in all cases (even real estate) and not
just for shares and mutual fund units.
The other notable difference in the
holding period is that the Income Tax, 1961
(ITA61) allowed indexation depending upon
the period of holding on the basis of calendar
dates. In DTC, indexation can be applied only
if the holding period is one year from the end
of the FY during which it was purchased. For
example, for an equity share purchased in say
May 2011, for indexation to apply it needs to
be sold after March 2013 and not May 2012.
This also means that the advantage
of double indexation where mutual fund
schemes were launched such that the actual
holding period was marginally over one year
but overlapped two financial years will be
history.
The base date for determining cost of
acquisition under DTC has been shifted to
1.4.2000 from 1.4.1981 under ITA61. The
cost of acquisition is generally with reference
to the value of the asset on the base date or, if
the asset is acquired after such date, the cost
at which the asset is acquired. As a result, all
capital gains between 1.4.1981 and 31.3.2000
will not be liable to tax.
An example will illustrate this point
better. For ease of understanding, indexation
has been ignored. Suppose you have bought
some shares on 20.3.95 for Rs. 60,000 and
their value as on 1.4.2000 was Rs. 1,00,000.
Now if you sell these shares anytime on or
after 1.4.2011 for say Rs. 2,50,000, your cost
of acquisition for the purpose of indexation
will be taken as Rs. 1,00,000 and not Rs.
60,000. Consequently, the gain of Rs. 40,000
(Rs. 1,00,000 – Rs. 60,000) from 1995 till
2000 escapes the tax net completely.
In the above example, the amount that will
be taxable as capital gain and subjected to the
slab rate of tax will be Rs. 1,50,000 (Rs. 2.50
lakh sale price less Rs. 1 lakh, which is the
value on the base date). It is possible to legally
avoid even this tax by selling these shares a
little before a 1.4.2011 (say on 25.3.2011)
and buying them back anytime later. Since
the sale on 25.3.2011 will be governed by the
provisions of ITA61, the entire long-term
capital gains will be tax-free.
Enhanced tax slabs
On the flip side however, there is a significant
relaxation in the tax slabs as follows:
Net Taxable Tax at Marginal
Income Slab Minimum rate
Rs. Rs. %
Under 1,60,000 Nil Nil
1,60,001 - Nil 10
10,00,000
10,00,001 - 84,000 20
25,00,000
Over 25,00,001 3,84,000 30
To sum up
All considered, the biggest blow of the new
Direct Tax Code seems to be the taxation of
previously exempt long-term capital gains.
In most cases, the jump would be from a
zero tax regime directly to paying tax @30%.
Currently, one of the key attractions of our
country is a tax-friendly capital market
system. If this is taken away, there is no
saying the extent of collateral damage that
will take place. Possibly reinstating the STT
and taxing short-term gains at a flat rate of
30% while exempting gains for holding over
one year would not only encourage long-term
investment but also augur well for the health
of our market and the economy. R
The author contributes to Investime regularly
on matters of current interest