BARODA ASSET MANAGEMENT INDIA LIMITED May 2020 Mutual... · 2020. 6. 2. · Baroda Asset Management...
Transcript of BARODA ASSET MANAGEMENT INDIA LIMITED May 2020 Mutual... · 2020. 6. 2. · Baroda Asset Management...
BARODA ASSET MANAGEMENT INDIA LIMITED
May 2020
Agenda
• Industry Update
• Shift in Household Savings
• Evolution of MF Industry
• Why Mutual Funds Are Better Investment Solutions
• Introduction to Baroda AMC
• Overview of Investment Process & Team
• Products Suite – Debt & Equity
• Contact Us
• Disclaimer
Industry Update
➢ The Indian asset management industry has become an integral part of the country’s financial
landscape. It plays a key role in enabling wealth creation for individual investors and providing tools
for long term financial security.
➢ Similarly, the Asset Management industry has supported the corporate growth story by deepening
the bond market, enabling access to new sources of funds and improving corporate governance in
the country
➢ Since its inception in 1963, the Indian asset management industry has gone through a transition
from being a UTI monopoly to 44 asset management companies, crossing INR 24 trillion of assets
under management in mutual funds.
➢ India now ranks #17 in the global asset management industry based on assets under management
and has surpassed China in its penetration as a percentage of GDP.
➢ Overall, the Asset Management industry is playing a pivotal role in shaping the society and
providing an impetus to corporate growth in the country.
Behavioral Shift In Household Savings
• The mutual fund industry has played a key role in the Re -Financialization of household savings. The share of
financial savings in overall gross household savings has reached 60% in FY’18 from 52% in FY’14.
• The mutual fund industry has brought small ticket investors into the fold of investing and is also enabling an
increased sense of financial security, with its focus on long term savings.
Source: BCG-AMFI report 2019
The growing popularity of mutual funds among retail investors is also driven by the increasing realization that
investments in MFs can generate higher returns than any other traditional investment.
Evolution Of The MF Industry
➢Since its inception in 1963, the Indian AMC industry has gone through a transition from being
a UTI monopoly to 44 AMCs , crossing Rs. 24 trillion of AUM .
Why Mutual Funds Are Better Investment Solutions?
The popularity of mutual funds has also been driven by the ability of the funds to consistently
generate alpha. This ability to outperform the index has been observed across all categories of funds
— Large, Mid and Small cap.
The below diagram shows the returns that different instruments would have generated over the last
five and ten years. As is evident, the returns from MFs exceed those of traditional investments such
as Savings A/c and Fixed Deposits by 20 - 40% over a 5 year period and by 30 - 80% over a 10 year
period.
Source: BCG-AMFI report 2019
Baroda Asset Management India Limited
• Baroda Asset Management India Limited (“AMC”), investment manager to Baroda Mutual Fund
(“Mutual Fund”), is a wholly owned subsidiary of Bank of Baroda and is positioned to serve the
varied asset management needs of investors in India through a range of equity, debt and money
market offerings. The Mutual Fund has been working to create an operational and servicing platform
well suited to the exacting requirements of our existing and potential investors.
• Baroda Mutual Fund operates out of 40 locations in India and has QAAUM of Rs. 11,793 cr. as on
30th April’20.
• Bank of Baroda is a 110 years old State-owned Bank, offering
banking products and services to Large Industrial, SME,
Retail & Agricultural customers across India and 22 other
countries.
• Post the amalgamation of erstwhile Dena Bank and erstwhile
Vijaya Bank , with Bank of Baroda the amalgamated entity
/ bank has emerged as the 2nd largest bank in India in
terms of branch network and customers and 3rd largest bank
in terms of lending capacity.
• The combined bank has over 131 million customers, 9899
branches, 13,400 ATMs & over 85000 employees** .
Our Sponsor - Bank of Baroda
** Data as on 27th Aug’19
Source : www.bankofbaroda.in
• Bottom-up research driven investment process combined with top down analysis to capture
macro-economic trends
• Intrinsic valuation measures based on proprietary research
• Team of analysts specialised by sector with a strong focus on specific asset classes
• Actively managing portfolios to pursue competitive risk-adjusted returns
Our Investment Principles
• Research Sector
Reviews
• Company Reviews
• Global Perspective
Benchmark
Research
Analysts with 40 yrs of combined industry expertise
Focus on specific asset classes and sectors
• Opportunity
• Stock Research Meeting
• Fundamental analysis Critical assumptions
• Critical assumptions
• Valuation
Portfolio Managers
Experienced Portfolio Managers with over 25 yrs. of industry expertise
Active approach
• Portfolio Objective
• Risk Considerations
• Stock & Sector Limits
• PerformanceAttribution
• Sell Discipline
Risk Management
Portfolio Monitoring
IDEA GENERATION
SEARCHING FOR VALUE
BUILD INVESTMENT CASE
PORTFOLIO CONSTRUCTION
ACTIVE RISK TAKING
Investment Process – Equity
PILLARS OF OUR INVESTMENT PROCESS
Investment Management Team – Equity
Sanjay Chawla – Chief Investment Officer
- Masters in Management Studies - BITS, Pilani.
- Over 30 years of experience in fund management, equity research and Management Consultancy.
- Previous experience - Birla Sun Life AMC as Sr. Fund Manager-Equity - SBI Capital Markets as Head of Research
- Motilal Oswal Securities, IDBI Capital Markets, SMIFS Securities, IIT Invest Trust & Lloyds Securities in the equity research
Dipak Acharya - Fund Manager
- M.Com., AICWA, CAIIB, PGPMS
- Over 15 years of experience in the investment area in the asset management industry
- Previous experience - Bank of Baroda - Treasury & Credit
Pratish Krishnan - Fund Manager & Sr. Analyst
- MMS (Finance)
- Over 15 years of experience in equity research .
- Previous experience – Sell side analyst with Antique Finance, Bank of America Merrill
Lynch.
Analysts Team:
The team has a combined experience of 40 years across various sectors.
Sectors Covered:
Banking, Auto and Auto Ancillaries, IT, Media and Telecom, Cement, Metal and Mining
Risk Management
• Portfolio MonitoringRisk Limits–Regulatory and internal
Fixed Income Research
• Dedicated Credit analyst• Macroeconomic research• Generates investment ideas• Build and review investment cases
Buy Discipline
• Top-down macroeconomic and market analysis
• Bottom-up security selection
Sell Discipline
• Change in fundamentals• More attractive opportunities
Portfolio Managers
Model Portfolio Construction and backtesting
3Credit research based on rigorous in-house methodologies screeninginvestment ideas based on macro /business / financial risk analysis
2Fixed Income investment process driven by bottom- up & top down proprietary research
1
Investment Process - Fixed Income
Credit Research – In Depth Analysis
Alok Sahoo – Head –Fixed Income
- MBA, BE, CFA(AIMR-USA), FRM
- Over 18 years of experience in various investment area in the asset management industry
- Past experience – HSBC AMC , UTI AMC
Karn Kumar – Fund Manager & Sr. Credit Analyst
- Chartered Accoutant
- Over 15 years of experience across credit research , corporate finance
- Previous experience – CRISIL, ICICI Bank, Sterlite Industries
Hetal Shah – Fund Manager
- MBA, JAIIB
- Over 20 years of experience across corporate treasury & fund management
- Previous experience – Bank of India
Investment Management Team – Fixed Income
Products Suite – Debt & Equity
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Income Wealth GenerationPreservation
Baroda Dynamic Equity Fund(An open ended dynamic asset allocation fund)
Baroda Dynamic Equity Fund – Product Features
• An open-ended dynamic asset allocation fund which invests in equity & equity related instruments with the
primary aim to generate capital appreciation & secondary objective to generate income through
investments in debt and money market instruments. It also aims to manage risk through active asset
allocation.
• The asset allocation is based on the Proprietary Model , which uses 10 year back tested data to evaluate
the equity allocation
• The model comprises of multi parameters for deciding the equity allocation
The gross equity exposure will be maintained in
the range of 65% to 100% while the net equity
exposure will be maintained between 30% to
100%.
The difference between gross and net
variation would generally be invested in
arbitrage or in arbitrageequity mutual funds.
The exposure to Debt & Money Market
Instruments including cash and cash equivalents
will be maintained in the range of 0% to 35%.
Baroda Dynamic Equity - Proprietary Model
The Model captures various business aspects - P& L through PE, Balance sheet strength
through PB, cashflow strength from Dividend yield and macro economic factors through G-sec &
Earnings yield and these parameters are compared to their historical 5 Year averages.
The Model uses 10 year back tested data to evaluate the Equity allocation using a multi
parameter strategy and the asset allocation is rebalanced on a monthly basis.
Why Baroda Dynamic Equity Fund?
• The investments are made in equity, arbitrage and debt instruments which provides return upside from
net equity and safety and stability of both return and capital from arbitrage and debt portion.
• The asset allocation is done based on the Proprietary model and is objective in nature without human
intervention. This ensures no emotional bias in asset allocation.
• The portfolio is constructed based on top down as well as bottom up approach using GARP philosophy
(Growth At Reasonable Price)
• The Model is based on trailing / actual financials , so there are no ambiguity or hope stories.
• Experienced fund management and research team in both equity and debt.
This fund is suitable for investors seeking :
• Capital appreciation over medium to long term
• A portfolio with a blend of equity & equity linked securities & debt & money market instruments
while managing risk through active asset allocation
DEF Model* Back Tested: Empirical Evidence
Probability of Outperformance increases over longer investment horizon
Source : Internal Research and Bloomberg
The Daily rolling returns are based on data from 2008-2018. Data as on 25th September, 2018.
The returns are based on back tested values & the above table is for illustration purposes only & not an indicator for future
* DEF Model : Baroda Dynamic Equity Fund Model
Baroda Dynamic Equity Fund – Scheme Details
Source : Factsheet
(Data As on 30/4/20)
Baroda Dynamic Equity Fund - Current Positioning
What’s In
What’s Out *
Nov’19
• The fund’s portfolio consists of an average of 35-45
stocks .
• The fund has maintained a Large cap bias & has
had a limited exposure in Mid cap since inception,
however, this may change based on the market
dynamics.
• A Top-down approach is considered for sector
allocation & bottom-up approach is followed for
stock picking.
Source : Factsheet
(Data As on 30/4/20)
• The fund’s equity allocation is dynamically managed based on the Proprietary Model’s allocation &
is currently 76% in Equities & 24% in Debt. There has been a significant jump in the equity allocation
from the previous month & its at the highest level due to sharp correction in stock prices, which have
made valuations attractive.
• A disciplined portfolio rebalancing is carried out on a monthly basis in order to maintain the asset
allocation mix.
58534440434247
65666659
51485468
76
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3434
33
2824
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27242419
2107
1418124
0
20
40
60
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100
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Jan-19Feb-19Mar-19Apr-19May-19Jun-19Jul-19Aug-19Sep-19Oct-19Nov-19Dec-19Jan-20Feb-20Mar-20Apr-20
Asset Allocation
Net Equity Debt Arbitage
Source : Factsheet
(Data As on 30/4/20)
Baroda Dynamic Equity Fund – Asset Allocation
Baroda Equity Savings Fund(An open ended scheme investing in Equity,
Arbitrage & Debt instruments)
Baroda Equity Savings Fund – Product Features
This fund is suitable for :
✓Conservative first time equity investors
✓ Investors having an investment horizon of 3 yrs & above
✓ Investors seeking tax efficient returns with moderate equity exposure
✓ Investors seeking potentially higher returns compared to fixed income investments
• An open-ended hybrid fund which primarily invests in both debt & equity securities. The primary
objective of the Scheme is to generate capital appreciation and income by using arbitrage
opportunities, investment in equity / equity related instruments and debt/ money market
instruments.
• The fund’s asset allocation constitutes of three strategies – Net Long Equity (0-50%) , Arbitrage
(15-90%) & in Debt (10-35%) which helps to provide capital appreciation while restricting
portfolio downside.
• The asset allocation is based on the Proprietary Model , which uses 10 year back tested data to
evaluate the Equity allocation using a multi parameter strategy and is rebalanced on a monthly
basis.
Baroda Equity Savings Fund - Proprietary Model
The Model captures various business aspects - P& L through PE, Balance sheet strength through PB, cashflow
strength from Dividend yield and macro economic factors through G-sec & Earnings yield and these
parameters are comparedto their historical5 Year averages.
The Model uses 10 year back tested data to evaluate the Equity allocation using a multi parameter strategy and
the asset allocation is rebalanced on a monthly basis.
The Asset allocation determined by the model is a key determinant for the fund’s Alpha generation
Equity Strategy :
- The fund would invest in Net Equities (0% - 50%) with a long-term approach to delivering
growth following GARP strategy
- The fund will have a portfolio with a Large cap bias
- A Top-down approach will be considered when it comes to sector allocation & bottom-up
approach will be followed for Portfolio construction
Arbitrage Strategy :
- The fund would have Equity exposure to Arbitrage (15% - 90%) so as to beat the equity
volatility & deliver stable returns
- The fund would endeavor to capture the spread between cash equity market & derivatives
market
- Providing Risk free returns with completely hedged arbitrage exposure
Fixed Income Strategy :
- The debt portion (10% - 35% ) would be invested in high credit rated debt instruments
- The fund manager would focus on following an accrual strategy through investments in
medium to long term corporate bonds with optimal liquidity
- The focus would be to generate regular income with low volatility
Baroda Equity Savings Fund - Investment Strategy
The asset allocation pattern may change depending upon the market conditions, market opportunities, economic and political factors.
Baroda Equity Savings Fund – Asset Allocation
Net Long
Equities
(0% - 50%)
Arbitrage
(15% - 90%)
Fixed Income
(10% - 35%)
The asset allocation pattern may change depending upon the market conditions, market opportunities, economic and
political factors. Please refer to the SID of the scheme for investment strategy and risk factors.
A healthy mix of the above three strategies helps providing capital appreciation while restricting portfolio downside
Aims to provide stability &
reduction in volatility
To capture the upside
potential & provide capital
Appreciation
Aims to provide stability &
predictability in returns
thereby providing cushion
during turbulent times
Baroda Equity Savings Fund – Equity Strategy
➢Based on the asset allocation determined by the proprietary model, the equity allocation would be
primarily invested in Large cap companies
➢Stock selection is conducted on a bottom up approach combined with top down analysis to
capture macro-economic trends
➢The model would follow the Matrix approach for Asset Allocation based on different parameters &
would be rebalanced on a monthly basis
➢The unhedged equity exposure is expected to generate capital gains by capitalizing on the pricing
anomalies existing in the market
The fund will aim to generate
better returns than Fixed
Income products
The fund would follow an accrual based strategy
The fund would primarily invest
in 1-3 year money market
instruments
The fund would invest 10% -35% in highly rated* debt & money market
instruments
Baroda Equity Savings Fund – Fixed Income Strategy
* The ratings at the time of investment is considered and it can change depending on the market conditions.
Baroda Equity Savings Fund – Returns Simulation
The above table is an illustration of returns simulation under various scenarios and does not in any manner intend to convey
performance of the scheme. Highlighted cells indicate probable returns scenario and there is no assurance or guarantee that same
will be achieved. This table is for illustration purpose only and the actual allocation can vary depending on the market conditions,
market opportunities, and political and economic factors. The returns shown above are on a gross basis. Baroda AMC / Baroda
Mutual Fund do not guarantee or assure returns on investment in the scheme. Mutual fund and securities investments are subject to
market risks and there is no assurance or guarantee that the objective of the scheme will be achieved. Past performance is no
guarantee of future returns.
How to read the table?
For example : If the Unhedged Equity portion returns is @ 15% & the hedged & Fixed Income
returns is @ 8% , then the total portfolio return is 10.5%
Performance of the Hybrid portfolio strategy across various market returns scenarios
25% 20% 15% 10% 5% 0% -5% -10% -15%
9% 14.6 12.9 11.1 9.4 7.6 5.9 4.1 2.4 0.6
8% 14.0 12.2 10.5 8.7 7.0 5.2 3.5 1.7 0.0
7% 13.3 11.6 9.8 8.1 6.3 4.6 2.8 1.1 -0.7
6% 12.7 10.9 9.2 7.4 5.7 3.9 2.2 0.4 -1.4
5% 12.0 10.3 8.5 6.8 5.0 3.3 1.5 -0.3 -2.0
Assumed Hedged + Fixed
Income Returns (65%
exposure)
Assumed Unhedged Equity Portion (35% exposure)
Baroda Equity Savings Fund – Comparison
The above table is provided for the basic understanding of the various investment avenues available to
an investor. Mutual fund and securities investments are subject to market risks and there is no
assurance or guarantee that the objectives of the scheme will be achieved. Baroda AMC / Baroda
Mutual Fund do not guarantee or assure returns on investment in the scheme. Investors are advised to
consult their investment advisor / tax consultant before investing, for suitability of the product
depending on their risk profile and tax applicability.
Description Fixed Deposits Arbitrage Funds Debt Hybrid Funds Balanced FundsEquity Savings
FundsEquity Funds
Scheme Type Debt Equity Debt Balanced Equity Equity
Equity Allocation Range (incl. equity derivatives) No >=65% <=35% >=50% >=65% >=65%
Cash/Futures Arbitrage strategy No Yes No No Yes No
Volatility None Low Medium High Medium High
Equity Taxation Tax inefficient Yes No Yes Yes Yes
• The Proprietary model has taken Yearly averages of past 10 years & back tested it to evaluate the Equity, Arbitrage
allocation with the debt portion being constant at 35%. (Data period – C/Y 2008 – C/Y 2018)
• The above chart merely seeks to highlight functioning of the model and does not seek to provide any assurance that
the same asset allocation trend will be continued in future. Past performance is no guarantee of future returns.
Source : In house proprietary model
-2.0
-1.5
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1.0
1.5
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20.0
30.0
40.0
50.0
60.0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Eqty Allocation Arbitrage allocation BSE 100 Market Movement
Baroda Equity Savings Fund–Historic Asset Allocation
Baroda Equity Savings Fund – Scheme Details
Source : Factsheet
(Data As on 30/4/20)
Baroda Equity Savings Fund – Asset Allocation
Source : Factsheet
(Data As on 30/4/20)
1.84
24.58 27.04 26.40 21.48 16.44 13.29 17.6530.78 32.03
53.59
46.75 40.01 41.3245.11 50.86 52.04 47.1
37.55 37.55
44.58
28.66 32.93 32.29 33.42 32.7 34.67 35.25 31.67 30.42
0
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Asset Allocation
Net Equity Arbitrage Total Debt
The fund’s equity allocation is dynamically managed based on the Proprietary Model’s
allocation & is currently 32% in Equities, 38% in Arbitrage & 30% in Debt. A disciplined
portfolio rebalancing is carried out on a monthly basis in order to maintain the asset
allocation mix.
Source : Factsheet
(Data As on 30/4/20)
Baroda Equity Savings Fund – Current Positioning
• The fund’s portfolio consists of an average of 55-60
stocks .
• The fund has maintained a Large cap bias and is
currently overweight on Financials sector however,
this may change based on market dynamics.
• A Top-down approach is considered for sector
allocation & bottom-up approach is followed for
stock picking.
Baroda ELSS ‘96 Fund(An open ended equity linked saving scheme with a
statutory lock in of 3 years and tax benefit)
Baroda ELSS ‘96 Fund – Product Features
This fund is suitable for investors seeking :
• Capital appreciation over long term
• Investments predominantly in equity & equity related instruments
• Tax benefit under Sec 80C
• An open ended equity linked savings scheme that predominantly invests in diversified stocks
• The primary objective of the fund is to provide the investor long term capital growth as also tax benefit
under Sec 80C of the Income Tax Act, 1961
• The Fund Manager follows a blend of both ‘value’ and ‘growth’ style of investing , across market
capitalization segments
• The fund has a 3 year lock in period that helps the Fund Manager in taking a long term view and
lends stability to the fund’s performance
• The fund offers twin-advantage of Capital Appreciation and Tax Benefits.
• The fund aims to invest in well managed, good quality, fundamentally strong companies with above
average growth prospects
Baroda ELSS‘96 – Scheme Features
Source : Factsheet
(Data As on 30/4/20)
Baroda ELSS‘96 – Current Positioning
Source : Factsheet
(Data As on 30/4/20)
Debt Products
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Baroda Short Term Bond FundAn open-ended short term debt scheme investing
in instruments such that the Macaulay duration* of
the portfolio is between 1 year and 3 years
* (please refer to pg. 34 of SID)
Baroda Short Term Bond Fund - Product Features
Investment Objective
The objective of the Scheme is to generate income from a portfolio constituted of Short term debt and
money market securities.
The fund is suitable for investors:
▪ Having moderately low risk appetite
▪ Looking to invest their medium term surplus
▪ Seeking income generation by investments in short to medium term fixed income securities
▪ Seeking to capture short term yield movements with the cushion of accrual income
Baroda Short Term Bond Fund – Current Positioning
The fund has maintained a conservative
view & is currently 58% invested across
Cash & AAA papers.
The fund has 35% exposure to AA
category & NIL exposure to A or below
rated instruments thereby generating
better returns without comprising on the
credit risk in the portfolio.
Source : Factsheet
(Data As on 30/4/20)
Baroda Credit Risk Fund(Scheme has one segregated portfolio)
(An open ended debt scheme predominantly investing
in AA and below rated corporate bonds) {excluding AA+ rated corporate bonds}
Baroda Credit Risk Fund* – Product Features
This fund is suitable for investors seeking :
• Income over medium term
• High accrual portfolio strategy over duration
• Diversification in their debt holdings across the credit rating spectrum
• An open ended debt fund which invests predominantly in AA and below rated corporate bonds
excluding AA+ rated corporate bonds
• The fund follows an accrual based strategy with a moderate duration portfolio & maintains a prudent
balance by investing in short to medium tenor corporate bonds
• The fund manager follows a rigorous credit selection process which helps in identification of credits
with rating upgrade potential
• Dedicated Credit Analyst assesses the credit worthiness of the issuers , post rigorous analysis with
a view to spot mispriced credit opportunities
* Earlier known as Baroda Pioneer Credit Opportunities Fund
Baroda Credit Risk Fund – Current Positioning
Source : Factsheet
(Data As on 30/4/20)
Note: Pursuant to downgrade of securities issued by Yes Bank Ltd to below investment grade on 06 Mar, 2020, the AMC has created
the segregated portfolios in the scheme post the approval of trustees, effective March 06, 2020.
Contact Us
Head Office:Baroda Asset Management India Ltd. (CIN : U65991MH1992PLC069414) 501, Titanium, 5th Floor, Western Express
Highway, Goregaon (E), Mumbai - 400063
Phone: 022 68481000 / 42197999, Fax: +91 22 6848 1001
Branch Offices:
Chennai:
HP Complex, Flat No.12, 3rd Floor, Door No.
24/1, 2&3 New No. 14, G N Chetty Road,
TNagar, Chennai - 600017
Phone: 044 – 28343530, Fax: 044 - 28343539
Delhi:
Flat No. 103 & 104, 1st Floor, Prakash Deep Bldg,
7 Tolstoy Marg, New Delhi - 110001
Phone: 011-43514662, Fax: 011-4592117
Lucknow:
G - 101 Ground Floor, SKI High Building,
11/05 Park Road, Hazaratganj, Lucknow-226001
Phone: 0522 - 4314564, Fax: 044 - 28343539
Email: [email protected] | Website: www.Barodamf.com
To access your folio online : Logon to : https://online.barodamf.com/online
Toll Free Number: 1-800-267 0189
(Monday to Saturday between 9am to 6pm on all business days)
(On 2nd & 4th Saturday of the month between 9am to 6pm)
Bangalore:
Raheja Arcade, No. 1/1, Commercial Premises No. 2
46, 2nd Floor, Koramangala Industrial layout,
Hosur Road, Bangalore - 560 095 Phone: +91 9884078407
Disclaimer
In the preparation of the material contained in this document, Baroda Asset Management India Ltd. (“AMC”) has used
information that is publicly available, including information developed in-house. The AMC, however, does not warrant the
accuracy, reasonableness and/or completeness of any information. This document may contain statements/opinions/
recommendations, which contain words, or phrases such as “expect”, “believe” and similar expressions or variations of such
expressions that are “forward looking statements”. Actual results may differ materially from those suggested by the forward
looking statements due to risk or uncertainties associated with our expectations with respect to, but not limited to, exposure to
market risks, general economic and political conditions in India and other countries globally, which have an impact on our
investments, the monetary and interest policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign
exchange rates, equity prices or other rates or prices, etc. The AMC (including its affiliates), Baroda Mutual Fund (“Mutual
Fund”), its sponsor / trustee and any of its officers, directors, personnel and employees, shall not liable for any loss, damage of
any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential, as also any loss of profit in any
way arising from the use of this document in any manner. The recipient alone shall be fully responsible / liable for any decision taken
based on this document. All figures and other data given in this document are dated and may or may not be relevant at a
future date. Prospective investors are therefore advised to consult their own legal, tax and financial advisors to determine
possible tax, legal and other financial implication or consequence of subscribing to the units of the schemes of Baroda
Mutual Fund. Past performance may or may not be sustained in the future. Please refer to the Scheme Information Document
of the schemes before investing for details of the scheme including investment objective, asset allocation pattern, investment
strategy, risk factorsand taxation.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.