AIG Investment Managers India
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Transcript of AIG Investment Managers India
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Fund Manager Survey-2010
Source: JM Finance Report
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Fund Manager Return Expectation-CY-2010
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Valuation of the Market.
The Buffett ratio of total stock market
value relative to GDP shows that forIndia the market capitalisation of allcompanies listed on the BSE isalmost equal to the value of the
countrys expected national output atthe end of the fiscal in March, orabout $1.3 trillion. This gives India amarket value/GDP ratio of 1.04,which means the stock market is fullyvalued by the Buffett yardstick.
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Expectations in a RangeboundYear CY 2010.
Will stock picking and bottom up approach deliver higher returns?
YonY.xls
http://yony.xls/http://yony.xls/ -
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WHERE ARE WEHEADING ????
Sensex (as on 18 Jan 2010) 17661
Price/ Earning (as on 18 Jan 2010) 26.46
Current Year Price/ Earning 21.14
Next Year 16.66
EPS FY 2010 835.43
EPS FY 2011 1060.084
Earning Growth % 26.89%
Assuming 20% earning growth onnext years earning for the next 4 years
(2015)
2198.19
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Trend of FlowsBreak-up of Institutional flows for the year 2009 (Rs in Crores)
MF Insurance FII(Secondary) FII (Primary)
Q1 -883 11887 -8629 1957
Q2 Apr 1 to May 15 1140 -1267 13985 3325
Q2 May 18 to Jun 30 1896 -133 5736 8169
Q3 63 11438 7343 27804
Q4 -7404 10314 5433 17866
Net -5188 32239 23868 50952
Total FII flows in 2009 (Primary + Secondary) Rs.74820 cr
Source: www.sebi.org.in
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AIG India Equity Fund
The Scheme would follow an actively managed approach allowing it the
flexibility to pursue opportunities across the entire market capitalization
spectrum.
It will have no biases towards any particular style, sector or market cap.
It will continuously look across the value and growth spectrum to keep a
balance in the portfolio so as to maintain its performance over various
market cycles.
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AIG Infrastructure andEconomic Reform Fund
Focus on key infrastructure growth areas and identify visible longterm growth stories at reasonable valuations
Theme of the fund: to uncover companies that will feed into the
infrastructure boom, including but not necessarily onlyinfrastructure companies
Be adequately diversified across a number of sectors withininfrastructure segments to reduce concentration and risk to anyone or a group of related sectors
Long term view with dynamic re-allocation depending on pricetargets and approaching new opportunities as time goes by
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About AIG PB Equity FundGold-The underlying fund
The investment objective of the AIG PB Equity Fund Gold consists chiefly in achievingan appropriate level of growth
The AIG PB Equity Fund Gold invests worldwide mainly in stocks issued bycompanies engaged primarily in the extraction, processing and marketing of gold
Further-more, up to a maximum of 25% of the assets can be invested in companiesengaged in extracting,processing or marketing other precious metals, gems andcolored metals.
For Whom
It is a sector fund & is suitable for investors who want to utilize interestinginvestment opportunities in the gold mining sector Due to its focus, the fund is seen as an ideal supplement in the share part of a
mixed portfolio
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WHY AIG WORLD GOLDFUND
Inherent weakness of USD, because of High US Debt andexcessive printing of currency
Underperformance of Gold Mining Stocks in 2008 marketsmeltdown has made the equities more attractive vis--visGold and Gold ETFs.
Mining Cost has reduced dramatically eg Crude cost hascome down by 45%
Higher Margins for Gold Mining Companies.
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Thank You !!!