Invest Update_January 2011

8/8/2019 Invest Update_January 2011

1/8

as on 31st December, 2010

For internal circulation only

nuary 2011 *Past performance is not necessarily indicative of future performance

Market Update

1

INDEX

BSE Sensex

S&P CNX Nifty

10 year-Benchmark

364 Days T-Bill

31-Dec-10 30-Nov-10 % Change

20509.09

6134.50

7.92%

7.43%

6.75%

19521.25

5862.70

8.06%

7.26%

6.67%

5.06%

4.64%

-1.74%

2.34%

1.20%Call Rates25

50

75

100

125

150

175

5.0

6.0

7.0

8.0

9.0

10 Yr G-Secs yield 5 year AAA Corporate Bond Spread

Percentage(%)

bps

Nov-09

Dec-09

Jan-10

Feb-10

Mar-10

Apr-10

May-10

Jun-10

Jul-10

Aug-10

Sep-10

Oct-10

Nov-10

Dec-10

Debt:

Debt Outlook:

Indian economy has delivered a strong growth of 8.9% yoy in the 1HFY11 as against7.5% in the corresponding period last year. The growth has been pretty broad-basedwith robust pick-up in all the three sectors, namely, agriculture, industry and services.Given the current momentum, the economy is well poised to clock in an 8.75% GDPgrowth in FY11.

The Index of Industrial Production (IIP) bounced back smartly from the lows of 4.4% inSeptember 2010 to 10.8% in October 2010. The credit off-take which had dippedearlier has shown considerable strength in the last couple of months. This coupledwith slow pick-up in deposits and deferment of GoI spending has resulted in shortageof liquidity. The banking system has been in a deficit mode for over a period of sixmonths, with deficit averaging Rs.1 lakh crore, worst than the peak of the global creditcrisis in 2008. Such tight liquidity coupled with RBIs policy normalization process hasput tremendous pressure on the short-term rates with borrowing rates by banks &corporate rising by over 300bps during the course of the year.

Led by continuation of easy monetary policy in the West and announcement of freshrounds of easing by the Fed and BoJ, there has been a broad-based rally in globalcommodities including crude oil. Surge in crude oil poses macro risk to India on 3 key

fronts, namely, inflation, Current Account Deficit and fiscal deficit. Given the fact thatIndia imports 70% of its crude oil requirements and crude oil imports constitute asignificant 30% of the total merchandise imports, rising prices leads to widening ofIndias current account deficit. GoIs fiscal health also gets impacted due to surge inoil under-recoveries and, therefore, rising oil subsidy.

Concerned over inflation, RBI seems to be refraining from easing liquidity pressureconsiderably. However, to render some relief to the market, in its mid-quarterMonetary Policy review in December 2010, RBI cut SLR by 1% to 24% and announcedbuy back of dated-government securities (OMOs) worth Rs 48000 crores.

Indian economic outlook remain robust, not just for FY11 but next year as well with theeconomy likely to grow at over 8.25% in FY12. Unlike the past couple of quarters, weexpect the economic growth going forward to be fuelled by pick up in public & privatecapex. Despite robust medium-to-long-term economic outlook, the economy facescertain near-term macro headwinds, namely, high inflation & tight liquidity, which willimpact the RBIs policy trajectory and bond yields.

Surge in crude oil & other commodity prices, renewed rise in food prices anddomestic capacity constraints in an environment of robust demand growth willcontinue to put upward pressure on inflation which is likely to end FY11 at 7-7.5%. Weexpect inflationary pressures to continue next year as well with average inflation forFY12 at 7% levels. Due to this, we expect RBI to hike policy rates by another 50-75bpsin 2011, starting with a 25bps hike in repo rate in the upcoming Policy Meetingtowards the end of January 2011.

We expect system liquidity to remain in deficit mode in the 1H2011. However, withrising deposit rates and expected government spending, the deficit is expected toshrink from the current over Rs 1 lakh crore. Due to this, pressure on the shorter-end ofthe curve is likely to ease and we see 1 yr CD rates to ease to 8.25-8.5% in next 6-8months. However, the yield curve which has already flattened significantly is likely toremain flat in near-term. With an upside risk to fiscal consolidation in FY12 due torising crude oil prices, delay in subsidy & tax reforms and absence of one-timebonanza of 3G auction, GoI borrowing is likely to remain high next year as well. We

expect the 10 Yr G-Sec to remain range-bound around 7.75-8.00%. Although inflationwill remain high & RBI is expected to hike rates, the fact that majority of the rate hikes isbehind us & liquidity pressure will relatively ease, we feel that we are close to the top inbond yields. We expect the 10-Yr AAA Corporate Bond Spreads to rise to 100-125bpsin the coming year.

quity:

quity Outlook:

he month of December has usually been good for the markets, generating positiveturns in 26 out of the past 31 years. The BSE Sensex gained 5% in December and

nded the calendar year 2010 at an all time yearly high closing value of 20509,enerating 17.4% returns in 2010 on renewed FII inflows. During 2010, FIIs bought stockorth US$29bn in the cash market, an all time high, including US$8.5bn inflows in therimary market. Against this, domestic institutions sold US$4.6bn in the secondaryarket, of which domestic insurance companies bought US$1.4bn and mutual funds

old stock worth US$6bn. Led by extremely tight liquidity conditions, higher short termterest rates in the system and certain stock price manipulation news specific to mid-ap companies, mid-cap and small-cap indices underperformed their large-capounterparts by a wide margin wiping out their initial relative gains v/s the BSE Sensex inY2010.

ontinuation of ultra-loose global monetary policy, particularly by the Fed and BoJ,mproving US and core Europe (Germany, France, Netherlands) growth prospects androng economic momentum in EMs, is putting upward pressure on global commoditynd crude oil prices, such that crude is now ruling at $90 per barrel. The Governmentked petrol prices but deferred the hike in diesel and gas prices to avoid more back lashn inflation. The flux of FII flows this year has kept the BoP in surplus, however, the nature

capital inflows funding the deficit is not quite comforting. Rising share of non-FDIflows, especially FII flows in the total capital inflows do not augur well for the stability ofoP, as these flows are inherently very volatile.

dustrial Production data continued to be volatile in India, with October factory outputsing 10.8%, as demand for consumer durables (such as cars and electronic goods)nd power equipment grew strongly. November headline inflation dipped to 7.5% from5% in October due to favorable base effect but spiraling food inflation post unseasonalins, surge in oil & other commodity prices and rising wage bills poses risks to inflation

oing forward. Pick up in credit growth in an environment of sluggish deposit growth andgh Government cash balances with RBI is creating tight liquidity conditions in the

ystem. However, RBI is unlikely to ease liquidity substantially until it gets comfort on theflations trajectory.

he Indian economy has expanded by 8.9% Y-o-Y in the first six months of FY2010-11nd the countrys strong growth fundamentals, high saving and investment rates, fastbor force growth and the rapid expansion of the middle class will ensure a steadyerformance going forward. Despite Indias impressive growth recently, there are aumber of clouds hanging over the economy, including the stubbornly high inflation ratend the widening current account deficit. Growth will continue to be constrained byfrastructure bottlenecks, capacity constraints, rising input & interest costs and

hortages of skilled labor. High food prices which is hurting the aam aadmi and thecent spate of scandals including the big 2G license scam in 2008 has invited huge

olitical backlash for the centre. Hence, going forward, the government is likely tostrict its focus to targeted spending and piecemeal changes, rather than attempting to

mplement structural reforms that would have unlocked more of Indias vast economicotential. Given such a macroeconomic & political environment coupled with Indianquity market trading at fair valuations of 16x FY12E earnings, we expect Sensex toroadly consolidate in 2011, generating moderate returns of 10-12%. The markets willontinue to take cues from global events, commodity movements and domestic inflation

liquidity conditions and will start its rally afresh with positive news on these fronts.

(%) (bps)


2/8*Past performance is not necessarily indicative of future performance


nuary 2011 2

Assure Fund (100% Debt)

:

Fund Performance

Absolute Return

Annualized Return

CAGR

Returns BM

0.26%

0.79%

1.47%

3.53%

4.56%

-

4.46%

-

Assure

0.24%

0.97%

2.13%

5.94%

8.83%

11.47%

8.47%

9.37%

Period

1 month

3 months

6 months

1 Year

2 Years

Since Inception

2 Years

Since Inception

Know the fund better:Exposure in MMI has increased to 31.92% from 22.66% and in CorporateDebt decreased to 68.08% from 77.34% on a MOM basis.

Assure fund continues to be predominantly invested in highest ratedfixed income instruments.

: 16.08

: `138.96 cr

: 1.07: CRISIL Short Term Bond Index

: Devendra Singhvi

`

MMI31.92%

NCD68.08%

Assure BM

Mar-08

Jun-08

Sep-08

Dec-08

Mar-09

Jun-09

Sep-09

Dec-09

Mar-10

Jun-10

Sep-10

Dec-10

Income Advantage BM

Jul-09

Aug-09

Sep-09

Oct-09

Nov-09

Dec-09

Jan-10

Feb-10

Mar-10

Apr-10

May-10

Jun-10

Jul-10

Aug-10

Sep-10

Oct-10

Nov-10

Dec-10

AA-4.11%

AAA44.75%

AA+8.98%

AA9.81%

P1+/A1+28.56%

Sovereign3.78%

Key Parameters of Income Advantage Fund:NAV as on 31st December'10Assets held as on 31st December'10Maturity (in years)BenchmarkFund Manager

Income Advantage Fund (100% Debt)

: 13.73

: `235.53 cr

: 5.61: CRISIL Composite Bond Index

: Devendra Singhvi

`

MMI13.70%

NCD60.70%

G-Secs25.59%

Fund Performance

Absolute Return

Annualized Return

CAGR

Returns BM

0.26%

0.71%

1.30%

3.79%

-

-

-

-

Income Advantage

0.51%

1.23%

2.83%

7.93%

9.31%

15.79%

8.91%

14.37%

Period

1 month

3 months

6 months

1 Year

2 Years

Since Inception

2 Years

Since Inception

Know the fund better:Exposure in Corporate Debt has decreased to 60.70% from 64.18% and inG-Secs decreased to 25.59% from 27.37% while that in MMI has increasedto 13.70% from 8.45% on a MOM basis.

Income Advantage fund continues to be predominantly invested in highestrated fixed income instruments.

AAA47.54%

AA-8.64%

P1+/A1+9.40% AA

6.26%

Sovereign28.16%


3/8

Fund Performance

Absolute Return

Annualized Return

CAGR

Returns BM

0.58%

0.69%

2.29%

4.81%

6.77%

-

6.56%

-

Protector

0.51%

0.76%

2.67%

6.48%

10.58%

12.81%

10.07%

8.66%

Period

1 month

3 months

6 months

1 Year

2 Years

Since Inception

2 Years

Since Inception

Protector Fund (0 - 10% Equity)

:

Equity

: 22.53

; `395.95 cr

: 5.00: Reliance Industries, Infosys, ICICI, L&T, ITC

: Banking, Oil & Gas, Capital Goods

: BSE 100 & CRISIL Composite Bond Index

: Sunil Kumar (Equity), Devendra Singhvi (Debt)

`

Equities9.17%

MMI15.09%

-Secs7.75%

NCD47.98%

AA2.94% AA+

4.45% P1+/A1+10.36%

AAA47.56%

Sovereign34.70%

Know the fund better:Exposure in Corporate Debt decreased to 47.98% from 49.50% and in MMIincreased to 15.09% from 13.52% on a MOM basis.

The average maturity of the fund has decreased to 5.00 years as against5.34 years in the previous months. Protector fund continues to bepredominantly invested in highest rated fixed income instruments.

Protector BM

Apr-04

Aug-04

Dec-04

Apr-05

Aug-05

Dec-05

Apr-06

Aug-06

Dec-06

Apr-07

Aug-07

Dec-07

Apr-08

Aug-08

Dec-08

Apr-09

Aug-09

Dec-09

Apr-10

Aug-10

Dec-10

Know the fund better:Exposure in Equities has decreased to 18.61% from 19.24% while thatin MMI increased to 12.44% from 10.89% on MOM basis.

The average maturity of the fund has decreased to 4.92 years asagainst 5.18 years in the previous month. Builder fund continues to bepredominantly invested in highest rated fixed income instruments.

Fund Performance

Absolute Return

Annualized Return

CAGR

Returns BM

0.89%

0.66%

3.29%

5.82%

10.61%

-

10.10%

-

Builder

0.73%

0.77%

3.75%

8.00%

16.24%

18.58%

15.10%

11.17%

Period

1 month

3 months

6 months

1 Year

2 Years

Since Inception

2 Years

Since Inception

Builder Fund (10 - 20% Equity)

Key Parameters of Builder Fund :NAV as on 31st December'10Assets held as on 31st December'10Maturity (in years)Top Holdings in EquitySectoral PreferencesBenchmarkFund Manager

: 28.18

: `276.60 cr




: Sunil Kumar (Equity), Devendra Singhvi (Debt)

`

Builder BM

Apr-04

Aug-04

Dec-04

Apr-05

Aug-05

Dec-05

Apr-06

Aug-06

Dec-06

Apr-07

Aug-07

Dec-07

Apr-08

Aug-08

Dec-08

Apr-09

Aug-09

Dec-09

Apr-10

Aug-10

Dec-10

AAA49.87%

Sovereign29.81%

AA2.40%

AA-

1.91%

AA+

6.50%P1+/A1+9.52%

MMI12.44%

Equities18.61%

G-Secs21.83%

NCD47.13%

*Past performance is not necessarily indicative of future performance


nuary 2011 3


4/8*Past performance is not necessarily indicative of future performance4nuary 2011


Enhancer Fund (20 - 35% Equity)

:

Equity

: 34.35

: `5949.39 cr




: Deven Sangoi (Equity), Ajit Kumar PPB (Debt)

`

Fund Performance

Absolute Return

Annualized Return

CAGR

Returns BM

1.18%

0.57%

4.16%

6.53%

14.38%

-

13.47%

-

Enhancer

1.04%

0.54%

4.56%

8.24%

19.86%

24.89%

18.20%

13.44%

Period

1 month

3 months

6 months

1 Year

2 Years

Since Inception

2 Years

Since Inception

AAA41.30%

Sovereign

30.88%

AA+

8.84%

AA-2.02%

AA3.63%

P1+/A1+13.33%

xposure in Equities has decreased to 26.98% from 28.62% and in G-Secsecreased to 20.74% from 21.46% while that in MMI has increased to3.84% from 11.75% on a MOM basis.

he average maturity of the fund has decreased to 5.51 years as against77 years in the previous month. Enhancer fund continues to beedominantly invested in highest rated fixed income instruments.

G-Secs20.74%

NCD38.05%

Equities26.98%

MMI13.84%

SECURITISED DEBT0.38%

Enhancer BM

Apr-04

Aug-04

Dec-04

Apr-05

Aug-05

Dec-05

Apr-06

Aug-06

Dec-06

Apr-07

Aug-07

Dec-07

Apr-08

Aug-08

Dec-08

Apr-09

Aug-09

Dec-09

Apr-10

Aug-10

Dec-10

Creator Fund (30 - 50% Equity)

Key Parameters of Creator Fund:NAV as on 31st December'10Assets held as on 31st December'10Maturity (in years)Top Holdings in EquitySectoral PreferencesBenchmarkFund Manager

: 27.57

: `322.33 cr

: 5.17: Reliance Industries, Infosys, ICICI, L&T, SBI

: Banking, Capital Goods, Oil & Gas


: Sameer Mistry (Equity), Devendra Singhvi (Debt)

`

Fund Performance

Absolute Return

Annualized Return

CAGR

Returns BM

1.81%

0.49%

6.16%

8.48%

22.88%

-

20.73%

-

Creator

1.51%

0.69%

7.38%

11.45%

35.10%

25.62%

30.46%

15.94%

Period

1 month

3 months

6 months

1 Year

2 Years

Since Inception

2 Years

Since Inception

Know the fund better:Exposure in Equities has decreased to 47.55% from 48.48% and inCorporate Debt decreased to 29.46% from 30.05% while that in MMI hasincreased to 8.15% from 6.55% on a MOM basis.

The average maturity of the fund has decreased to 5.17 years as against5.50 years in the previous month. Creator fund continues to be

predominantly invested in highest rated fixed income instruments.

MMI8.15%

NCD29.46%

Equities47.55% G-Secs

14.85%

Sovereign33.16%

AAA48.60%

AA-2.99%

AA+6.69%

P1+/A1+8.57%

Creator BM

Apr-04

Aug-04

Dec-04

Apr-05

Aug-05

Dec-05

Apr-06

Aug-06

Dec-06

Apr-07

Aug-07

Dec-07

Apr-08

Aug-08

Dec-08

Apr-09

Aug-09

Dec-09

Apr-10

Aug-10

Dec-10




Magnifier Fund (50 - 90% Equity)

Equity

MMI14.51%

Equities84.76%

Magnifier BM

Fund Performance

Absolute Return

Annualized Return

CAGR

Returns BM

3.10%

0.37%

10.36%

12.11%

42.51%

-

36.02%

-

Magnifier

2.55%

0.45%

12.12%

16.04%

50.23%

31.69%

41.59%

18.91%

Period

1 month

3 months

6 months

1 Year

2 Years

Since Inception

2 Years

Since Inception

Exposure in Equities has decreased to 84.76% from 88.28% while that inMMI has increased to 14.51% from 10.97% on a MOM basis.

Magnifier fund continues to be predominantly invested in large capstocks and maintains a well diversified portfolio with investments madeacross more than 15 sectors.

: 30.24

: `1373.35 cr

: 0.32: Reliance Industries, Infosys, ICICI, L&T, SBI

: Banking, Capital Goods, Oil & Gas

: BSE 100 & CRISIL Liquid Fund Index

: Sameer Mistry (Equity), Devendra Singhvi (Debt)

`

NCD0.73%

Mar

Jun-08

Sep-08

Dec-08

Mar-09

Jun-09

Sep-09

Dec-09

Mar-10

Jun-10

Sep-10

Dec-10

-08

TOP 10 SECTORS

3.35%

4.38%

5.30%

5.45%

6.04%

6.44%

10.83%

12.38%

13.30%

20.31%

PHARMA

METAL

FINANCIAL SERVICES

AUTO

POWER

FMCG

IT

OIL & GAS

CAPITAL GOODS

BANKING

: 16.16

: `3034.81 cr

: Reliance Industries, Infosys, SBI, ICICI, L&T


: BSE 100 & CRISIL Liquid Fund Index

: Vikram Kotak

`

Maximiser Fund (80 - 100% Equity)

Key Parameters of Maximiser Fund :NAV as on 31st December'10Assets held as on 31st December'10Top Holdings in EquitySectoral PreferencesBenchmarkFund Manager

MMI12.54%

Equities87.46%

Fund Performance

Absolute Return

Annualized Return

CAGR

Returns BM

3.39%

0.23%

11.23%

12.99%

47.77%

11.19%

39.84%

9.87%

Maximiser

3.80%

-0.11%

11.89%

15.21%

56.88%

17.32%

46.21%

14.45%

Period

1 month

3 months

6 months

1 Year

2 Years

Since Inception

2 Years

Since Inception

Know the fund better:Exposure in Equities has decreased to 87.46% from 99.04% while that inMMI has increased to 12.54% from 0.96% on a MOM basis.

Maximiser fund is predominantly invested in large cap stocks andmaintains a well diversified portfolio with investments made across morethan 15 sectors.

Maximiser BM

Jun-07

Sep-07

Dec-07

Mar-08

Jun-08

Sep-08

Dec-08

Mar-09

Jun-09

Sep-09

Dec-09

Mar-10

Jun-18

Sep-10

Dec-10

TOP 10 SECTORS

3.17%

4.15%

4.21%

5.72%

6.46%

6.48%

10.70%

11.34%

13.25%

19.61%

POWER

PHARMA

METAL

FMCG

AUTO

FINANCIAL SERVICES

IT

CAPITAL GOODS

OIL & GAS

BANKING




Super 20 Fund (80-100% Equity)

Fund Performance

Absolute Return

Annualized Return

CAGR

Returns BM

4.62%

2.18%

14.58%

16.27%

-

28.11%

-

26.47%

Super 20

3.61%

2.09%

14.22%

16.53%

-

29.54%

-

27.74%

Period

1 month

3 months

6 months

1 Year

2 Years

Since Inception

2 Years

Since Inception

: 14.39

: `84.48 cr

: Reliance Industries, Infosys, ICICI, SBI, L&T: Oil & Gas, Banking, IT

: Sensex & CRISIL Liquid Fund Index

: Sameer Mistry

`

Equities90.38%

MMI9.62%

Exposure in Equities has decreased to 90.38% from 94.55% while that inMMI has increased to 9.62% from 5.45% on a MOM basis.

Super 20 fund maintain a concentrated portfolio of 20 large caps stocks.

TOP 10 SECTORS

2.82%

3.91%

5.19%

5.59%5.83%

10.84%

12.11%

13.66%

18.66%

18.68%

POWER

OIL & GAS

CEMENT

TELECOM

NANCIAL SERVICES

AUTO

FMCG

CAPITAL GOODS

BANKING

IT

Equities88.22%

MMI11.78%

TOP 10 SECTORS

3.33%

4.60%

5.31%

5.48%

5.51%

5.52%

7.35%

11.62%

12.09%

13.56%

POWER

OIL & GAS

AUTO ANCILLIARY

CEMENT

FMCG

PHARMA

CAPITAL GOODS

BANKING

IT

Know the fund better:Exposure in Equities has decreased to 88.22% from 95.10% while that in

MMI has increased to 11.78% from 4.90% on a MOM basis.

Multiplier fund is predominantly invested in high quality mid cap stocksand maintains a well diversified portfolio with investments made acrossmore than 20 sectors.

Fund Performance

Absolute Return

Annualized Return

CAGR

Returns BM

-0.55%

-3.18%

7.58%

16.07%

56.85%

4.82%

46.18%

4.58%

Multiplier

0.27%

-1.65%

8.82%

15.38%

81.55%

10.08%

62.20%

9.14%

Period

1 month

3 months

6 months

1 Year

2 Years

Since Inception

2 Years

Since Inception

FINANCIAL SERVICES

Multiplier Fund (80 - 100% Equity)

Key Parameters of Multiplier Fund :NAV as on 31st December'10Assets held as on 31st December'10Top Holdings in EquitySectoral PreferencesBenchmarkFund Manager

: 13.20

: `488.85 cr

: Asian Paints, Ultratech Cement, ExideIndustries, Lupin, United Phosphorous

: Banking, Capital Goods, Pharma

: CNX Mid Cap & CRISIL Liquid Fund Index

: Deven Sangoi

`

Multiplier BM

Oct-07

Dec-07

Feb-08

Apr-08

Jun-08

Aug-08

Oct-08

Dec-08

Feb-09

Apr-09

Jun-09

Aug-09

Oct-09

Dec-09

Feb-10

Apr-10

Jun-10

Aug-10

Oct-10

Dec-10

Super 20 BM

Jul-09

Aug-09

Sep-09

Oct-09

Nov-09

Dec-09

Jan-10

Feb-10

Mar-10

Apr-10

May-10

Jun-10

Jul-10

Aug-10

Sep-10

Oct-10

Nov-10

Dec-10


7/8

Platinum Plus II Fund (0 - 100% Equity)

Key Parameters of Platinum Plus II Fund :NAV as on 31st December'10Assets held as on 31st December'10Top Holdings in EquitySectoral PreferencesFund Manager

: 18.15

: `787.98 cr

: Infosys, Reliance Industries, L&T, ICICI, ITC: Banking, Oil & Gas, IT

: Deven Sangoi (Equity), Vikram Kotak (Debt)

`

Platinum Plus I Fund (0 - 100% Equity)

:

Equity

: 12.79

: `. 578.98 cr

: Infosys, Reliance Industries, ICICI, L&T, SBI: Banking, IT, Oil & Gas

: Sunil Kumar (Equity), Vikram Kotak (Debt)

`


*Past performance is not necessarily indicative of future performance7nuary 2011


Platinum Plus I fund continues to be predominantly invested in large capstocks and maintains a well diversified portfolio.

Fund Performance

Absolute Return

Annualized Return

CAGR

Returns Period

1 month

3 months

6 months

1 Year

2 Years

Since Inception

2 Years

Since Inception

NCD0.48%

Equities88.38%

MMI11.14%

TOP 10 SECTORS

Platinum Plus I

3.08%

1.25%

14.64%

16.98%

40.31%

10.00%

34.39%

9.22%

3.00%

4.70%

5.88%

5.98%

6.31%

7.08%

10.80%

13.92%

14.00%

21.09%

PHARMA

METAL

POWER

AUTO

FINANCIAL SERVICES

FMCG

CAPITAL GOODS

IT

OIL & GAS

BANKING


Platinum Plus II fund is predominantly invested in large cap stocks andmaintains a well diversified portfolio.

Fund Performance

Absolute Return

Annualized Return

CAGR

Returns Platinum Plus II

3.27%

1.57%

15.08%

18.40%

51.39%

35.25%

42.40%

29.41%

Period

1 month

3 months

6 months

1 Year

2 Years

Since Inception

2 Years

Since Inception

TOP 10 SECTORS

IT

3.99%

4.54%

5.41%

5.64%

5.74%

6.72%

12.04%

13.87%

15.58%

18.38%

PHARMA

POWER

METAL

FMCG

FINANCIAL SERVICES

AUTO

CAPITAL GOODS

OIL & GAS

BANKING

Equities89.46%

MMI8.01%

NCD2.53%


8/8

Equities87.67%

MMI10.05%

NCD2.28%

Platinum Plus III Fund (0-100% Equity)

:

Equity

: 13.72

: `600.88 cr

: Infosys, Reliance Industries, L&T, ICICI, ITC: Banking, Oil & Gas, IT


`

Equities84.97%

MMI13.70%

NCD1.34%

Platinum Plus IV Fund (0-100% Equity)

Key Parameters of Platinum Plus IV Fund :NAV as on 31st December'10Assets held as on 31st December'10Top Holdings in EquitySectoral PreferencesFund Manager

: 12.31

: ` 376.86 cr

: Reliance Industries, Infosys, L&T, ICICI, ITC: Banking, Oil & Gas, IT


`


Fund Performance

Absolute Return

Annualized Return

CAGR

Returns Period

1 month

3 months

6 months

1 Year

2 Years

Since Inception

2 Years

Since Inception

Platinum Plus III

3.08%

1.51%

13.74%

15.94%

-

22.80%

-

21.39%


Platinum Plus III fund continues to be predominantly invested in large capstocks and maintains a well diversified portfolio.

TOP 10 SECTORS

Fund Performance

Absolute Return

Annualized Return

CAGR

Returns Platinum Plus IV

2.92%

1.60%

15.15%

17.97%

-

17.90%

-

17.47%

Period

1 month

3 months

6 months

1 Year

2 Years

Since Inception

2 Years

Since Inception


Platinum Plus IV fund is predominantly invested in large cap stocks andmaintains a well diversified portfolio.

TOP 10 SECTORS

PHARMA

FINANCIAL SERVICES 3.91%

3.96%

4.88%

5.53%

6.05%

7.16%

12.24%

13.79%

16.11%

18.45%

POWER

OIL & GAS

METAL

AUTO

FMCG

CAPITAL GOODS

BANKING

IT

document is intended for the use of the individual or entity to which it is addressed and fully contain information that is privileged, proprietary, confidential and exempt from disclosures. Wee 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, norperson connected with it accepts any liability arising from the use of this document The recipients of this material should rely on their own investigations If you are not the intended recipient you are notified that any

strictly for internal purpose and is

Please e-mail your feedback / suggestions to us at [email protected]

Please e-mail your

feedback / suggestions to us [email protected]

Definitions:Annualized Return: The rate of return on an investment over a period other than one year (can be amonth, 2 months or two years) that is adjusted to give a comparable one-year return. E.g. a one-month return of 1% can be stated as an annualized rate of return of 12%, and a two-year Return of10% could be stated as an annualized rate of return of 5%.Absolute Return:The return that an asset achieves over a certain period of time. This measure looksat the appreciation or depreciation (expressed as a percentage) that the asset achieves over a givenperiod of time.CAGR: It is the average, year-on-year growth rate of an investment over a number of years. It iscalculated as:CAGR = ((Ending Value / Beginning Value)^(1 / n))- 1 where n is the period of time ofthe investment in years.

3.96%

4.55%

5.46%

5.64%

5.71%

6.77%12.14%

13.52%

15.59%

18.67%

METAL

POWER

AUTO

PHARMA

NANCIAL SERVICES

FMCGCAPITAL GOODS

IT

OIL & GAS

BANKING

Invest Update_January 2011

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