Professional Documents
Culture Documents
2016-2017
I INVESTMENT STRATEGIES AND RISK CONTROL MEASURES
Investment strategies of different Unit Linked Funds are prescribed in the Investment Management Mandate of
each fund. The asset allocation mix is as per mandate offered to policyholders.
Company has internal limits in place apart from regulatory limits for each unit linked fund. There is a process of credit
monitoring for investments in corporate bonds. Fund returns, asset composition, portfolio yield, modified duration of
fixed income investments and rating distribution of corporate bonds is monitored every month in the meeting of Asset
Liability Management Committee
2
MARKET DEVELOPMENTS, ECONOMIC SCENARIO AND CHANGES IN
II
FUNDAMENTAL AFFECTING THE INVESTMENT
India’s GDP in first three quarters grew by 7.2% which is lower by 0.50% as compared to last year and for full year,
growth may be around 7%. This year’s growth was primarily driven by higher government consumption in accordance
with higher government revenue expenditure. Importantly, a decline in fiscal allocation towards investments has
reflected in contraction in fixed capital formation. Demonetization largely contributed to multi-decade low credit
growth and sharp run down in real estate activities. Now, the focus of government is to improve the overall
consumption activity by spending towards 7th pay commission, MNREGA etc. In FY18, the government is
concentrating towards reviving rural consumption which has been slackening for last couple of years.
Overall trade activity in FY17 remained weak, however, it has marginally recovered in last quarter. Revival in US &
European economies has aided in improving the exports. With relatively higher global commodity prices, the overall
trade activity is likely to improve. Foreign portfolio flows augmented in last quarter and overall equity flows had been
strong. Fixed income flows remained tepid during the year.
Consumer price inflation moderated to an average of 4.5% in FY17 as compared to 4.9% in FY16 due to high volatility in
some of the food components. Again, demonetisation along with seasonality impacted the overall headline inflation.
The government is putting in all efforts to keep inflation under control and we expect inflation to range between
4%-5% except deviations at short intervals.
Near-term uncertainties related to impact of crude & commodity prices, implementation of HRA component of 7th
pay commission & GST on inflation has forced RBI to change policy stance from accommodative to neutral. Efforts
made by government to control inflation would help RBI to act favourably on policy rate front after a pause. Till then,
10-year government securities rate may remain broadly between 6.50% to 7%. Crisil composite bond fund index, a
benchmark for fixed income markets has given 11% return during FY’17.
Robust FII flows in Mar’17 and higher investor participation post the demonetisation led to a sharp rally in the Equity
markets. This rally is also supported by global market buoyancy. During the year, Nifty has given 19% returns. India’s
trailing PE at 23 times is significantly higher than long-term average multiple.
3
III FUND DETAILS
Exposure (more than 3% of AUM) Equity Growth in % of AUM Equity Growth Sector (more than 5% of AUM) Equity Growth
LARSEN & TOUBRO 5.40% Equity 97.74% Computr, Consult. & Activts 5.48%
Pharma 8.86%
Equity Growth 22.72% 18.55% 4.84% 3.94% 12.37% 11.02% 14.74% 12.72% 13.30% 11.62% 10.32% 8.19%
Exposure (more than 3% of AUM) Equity Growth in % of AUM Equity Growth Sector (more than 5% of AUM) Equity Growth
LARSEN & TOUBRO 5.49% Equity 98.97% Computr, Consult. & Activts 5.13%
Pharma 9.12%
Equity Growth Pension 22.65% 18.55% 4.67% 3.94% 12.19% 11.02% 14.61% 12.72% 13.16% 11.62% 16.93% 15.09%
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III FUND DETAILS
Exposure (more than 5% of AUM) Nifty Index in % of AUM Nifty Index Sector (more than 5% of AUM) Nifty Index
HDFC BANK 7.53% Cash 0.77% Coke & Petrol Products 8.50%
HOUSING DEVELOPMENT Fixed 0.00% Computr, Consult. & Activts 13.19%
6.14%
FINANCE CORPN
Equity 99.23% Financial Services 31.84%
INFOSYS 6.05%
Motor Vehicle 5.35%
ITC 7.10%
Pharma 5.67%
RELIANCE INDUSTRIES 6.40%
Tobacco Products 7.10%
Nifty Index 18.12% 18.55% 3.73% 3.94% 10.87% 11.02% 12.98% 12.72% 11.76% 11.62% 6.55% 8.19%
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III FUND DETAILS
Exposure (more than 3% of AUM) Midcap in % of AUM Midcap Sector (more than 5% of AUM) Midcap
PETRONET L N G 2.78%
VOLTAS 2.06%
Midcap 28.62% 34.85% 9.48% 15.00% 28.87% 25.92% 28.89% 23.46% 22.42% 17.41% 15.32% 12.09%
Exposure (more than 2% of AUM) Midcap Pension in % of AUM Midcap Pension Sector (more than 5% of AUM) Midcap Pension
VOLTAS 2.16%
Midcap Pension 29.11% 34.85% 9.20% 15.00% 28.76% 25.92% 29.28% 23.46% 22.65% 17.41% 14.80% 12.09%
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III FUND DETAILS
Exposure (more than 5% of AUM) Pure in % of AUM Pure Sector (more than 5% of AUM) Pure
GAIL INDIA 5.08% Fixed 0.00% Coke & Petrol Products 13.19%
Pharma 12.77%
Warehosuing 7.14%
Pure 24.61% 17.33% 12.70% 7.04% 22.04% 11.56% 21.88% 13.92% 16.82% 12.12% 10.18% 7.38%
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III FUND DETAILS
Exposure (more than 3% of AUM) Aggressive in % of AUM Aggressive Sector (more than 5% of AUM) Aggressive
GILT 17.30%
Pharma 6.84%
Transport Equipmt 8.51%
Aggressive Asset Allocator 20.89% 16.68% 5.68% 5.37% 11.13% 11.08% 11.79% 25.50% 9.94% 9.49% 11.38% 10.26%
*Benchmark refers to 75% Nifty 50+ 25% CRISIL Composite Bond Index from 31st Mar’14 and 50% Nifty 50 + 50% CRISIL Composite Bond Index
up to 31st Mar’14
Exposure (more than 5% of AUM) Moderate in % of AUM Moderate Sector (more than 5% of AUM) Moderate
8.27% TAMILNADU STATE Cash 14.73% Electrity,Gas,Steam AC Suply 17.53%
DEVELOPMENT LOAN M-23/12/2025
8.18%
Fixed 58.03% Financial Services 38.67%
8.40% NUCLEAR POWER
8.16%
CORPORATION OF INDIA M-28/11/2028 Equity 27.24% GILT 18.80%
9.30% POWER GRID CORP.
8.31%
M-04/09/2024
NCD % of AUM Moderate
9.34% RURAL ELECTRIFICATION
CORPORATION M-25/08/2024
8.32%
AAA 49.85%
9.36% IDFC BANK M-21/08/2024 Grand Total 49.85%
(FORMERLY KNOWN AS IDFC)
8.33%
CBLO 10.62%
Moderate Asset Allocator 13.67% 12.95% 7.10% 8.22% 10.61% 11.21% 10.63% 25.35% 9.52% 9.33% 9.97% 9.48%
*Benchmark refers to 25% Nifty 50 + 75% CRISIL Composite Bond Index from 31st Mar’14 and 37.5% Nifty 50 + 62.5% CRISIL Composite Bond
Index up to 31st Mar’14
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III FUND DETAILS
Exposure (more than 5% of AUM) Cautious in % of AUM Cautious Sector (more than 2% of AUM) Cautious
8.35%GOI2022-M14/05/2022 9.99%
CBLO 7.64%
Cautious Asset Allocator 11.49% 12.02% 7.40% 8.94% 10.28% 11.24% 10.04% 25.03% 9.35% 9.02% 9.08% 8.24%
*Benchmark refers to 12.5% Nifty 50 + 87.5% CRISIL Composite Bond Index from 31st Mar’14 and 18.75% Nifty 50 + 81.25% CRISIL Composite Bond
Index up to 31st Mar’14
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III FUND DETAILS
Exposure (more than 4% of AUM) Income in % of AUM Income Sector (more than 5% of AUM) Income
9.25% TATA SONS M-19/06/2019 4.65% Cash 6.99% Electrity,Gas,Steam AC Suply 5.94%
9.44% KOTAK MAHINDRA Fixed 93.01% Financial Services 63.64%
4.51%
PRIME M-29/09/2017
Equity 0.00% GILT 8.47%
9.51% LIC HOUSING
4.67% Other Financial Services 6.00%
FINANCEM-24/07/2019
9.56% HDB FINANCIAL
4.51%
SERVICES M-08/09/2017 Duration Income
NCD % of AUM
9.61% RURAL ELECTRICATION
4.63% INCOME AA 4.59%
CORP. M-03/01/2019
1.83 AA+ 3.01%
AAA 77.49%
Income 7.91% 9.10% 7.59% 8.78% 8.64% 9.29% 8.52% 9.17% 8.46% 9.16% 8.03% 8.33%
Exposure (more than 5% of AUM) Income Pension in % of AUM Income Pension Sector (more than 5% of AUM) Midcap Pension
Income Pension 7.26% 9.10% 7.42% 8.78% 7.73% 9.29% 7.84% 9.17% 7.89% 9.16% 7.58% 8.13%
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III FUND DETAILS
Exposure (more than 5% of AUM) Bond in % of AUM Bond Sector (more than 5% of AUM Bond
Bond 10.94% 11.09% 8.85% 9.65% 11.34% 11.27% 8.31% 9.50% 8.69% 9.46% 7.48% 8.13%
*Benchmark refers to 12.5% Nifty 50 + 87.5% CRISIL Composite Bond Index from 31st Mar’14 and 18.75% Nifty 50 + 81.25% CRISIL Composite Bond
Index up to 31st Mar’14
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III FUND DETAILS
Exposure (more than 3% of AUM) MGIF in % of AUM MGIF Sector (more than 3% of AUM) MGIF
Exposure (more than 5% of AUM) GRF-3 in % of AUM GRF-3 Sector (more than 5% of AUM) GRF-3
Equity 0.00%
Duration
GRF-3
2.22
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III FUND DETAILS
Exposure (more than 5% of AUM) GRF-5 in % of AUM GRF-5 Sector (more than 5% of AUM) GRF-5
9.50% CANARA BANK Cash 32.49% Financial Services 62.52%
6.81%
M-30/12/2019
Fixed 67.51%
9.75% STATE BANK OF BIKANER
7.61% Equity 0.00%
& JAIPUR M-30/12/2019
GRF-5 AA 1.64%
Exposure (more than 5% of AUM) GRF-5 Pension in % of AUM GRF-5-Pension Sector (more than 3% of AUM) GRF-5 Pension
8.95% LIC HOUSING Cash 22.75% Electrity,Gas,Steam AC Suply 3.33%
5.44%
FINANCEM-15/09/2020
Fixed 77.25% Financial Services 69.31%
9.00% INDIAN OVERSEAS BANK
7.76% Equity 0.00%
M-30/12/2019
9.00% STATE BANK OF MYSORE
6.90%
M- 30/12/2019 Duration NCD % of AUM GRF-5 Pension
9.25% STATE BANK OF PATIALA PGR5 AA 2.64%
6.47%
M-30/12/2019
2.80 AAA 20.39%
9.25% SYNDICATE BANK
6.47% Grand Total 23.02%
M-30/12/2019
9.75% STATE BANK OF BIKANER
8.63%
& JAIPUR M-30/12/2019
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III FUND DETAILS
Exposure (more than 5% of AUM) Discontinued in % of AUM Discontinued Sector (more than 5% of AUM) Discontinued
Equity 0.00%
Exposure (more than 5% of AUM) Unclaimed in % of AUM Unclaimed Sector (more than 3% of AUM) Unclaimed
Fixed 0.00%
Equity 0.00%
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