Investime APRIL 2010

10 Understanding Financial Inclusion

12 Humour, Unintended 14 Efficient Markets

— A myth or a reality

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

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

EDITORIAL

APRIL 2010 Investime 3

In 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 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 the rate could move up, it will do so gradually as we are in a normal cycle and not in a phase of secular movements in the rates. So, we may see ups and downs with the underlying upward tone intact. 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

““

The continuing problems in

Greece are causing concerns in the global markets. While Greece is bleeding, in the neighbourhood,

Iceland is fuming

06Credit market re-ratings and de-ratings is an interesting avenue that analysts and investors constantly look at to realise the extra returns, which is very important today. The relevance of a product, which is based on this theme, is examined in this article

CREDIT MARKET OUTLOOK — EVOLVING ISSUES AND OPPORTUNITIES IN FY11

SPECIAL FEATURE

There 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 (well, not too many complaints on that score either!) but more impor-tantly, by my circle of friends. I am blessed to have been able to count a fairly good number in this list...

I look back and there I remember some truly funny incidents across the years at work.

One of the nice things about hav-i t t d ith Oriental

ent places, to meet new folks and learn new languages (and murder them too in the process of learn-ing them).

Some of my friends and acquain-tances may remember how truly horrible my Hindi used to be (em-phasis on ‘used to be’ here!) — it all started right during the induc-tion training session when in a classroom session we took turns to introduce ourselves and I con-quered my fear of speaking Hindi. Confidence personified, I stood up and said, “Meri naam Satheesh Kumar hai.”

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 busi-ness. Cool, confident, clearly pronouncing each word, I said, “Maala Marathi yeth nahi,” and smiled happily — mind you, around that time “Maala”

condition. Managed toa conversation with adriver and in the cou24 km drive from Nato Nashik City, pickemore Marathi wordsthat Marathi was a lancould rival Tamil forinventiveness of its though, I do think Tscore for the sheer imAnyway, Nashik waplace where I actuallythe knowledge of myer-tongue — Malayawhile, I was stayingwith a gang of Macalled this the KGB

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 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, which stands for Exempt Exempt Taxed, is a tax sys-tem where an investment in a savings plan is deductible from the income. So also is 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 is saved for that particular year, it is saved per se. When the invested amount matures, it is tax free.

However, when the EET system is put into place, permanent tax saving won’t be possible This is because

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

the entire population without dis-crimination is the prime objective of the public policy.

Some areas of concern 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

able to include a vast segment of the

population, especially the underprivi-leged sections of the society, into the

fold of basic banking services. Inter-nationally, 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

CredCCredCredr iit MMMararkearket Out Ouutlotlootlook: k::Evolving IsEvolving Isvolving Issues and OpO O portunitiesortunitiesitie in FY11 in FY11

HumHummHuHu ourouru , , UnintUnintUnintendeddendedd

An efficient capital market ex-ists when the current price of

a security fully reflects all the in-formation currently available on it including risk associated with that security. Capital Market efficiency is based on important assumptions — a) That there are a large number of profit maximising market partici-pants who are analysing and valuing securities independent of each other, b) That all new information comes to the market in a random fashion and the timing of news announcements is independent of each other, c) The investors adjust their estimate of se-curity prices rapidly to reflect their interpretation of the new information received, they can either overreact or under react and d) The expected re-turns completely include a risk in the

price of the security.

The weak-form of Efficient Market Hypothesis (EMH) states that cur-rent stock prices fully reflect all currently available security market information and as such an inves-tor cannot achieve excess returns using technical analysis because past prices and volume information will not be able to predict future price movements. The semi-strong form of EMH states that security prices adjust rapidly to the release of all new public information and as such an investor cannot achieve abnormal returns using funda-mental analysis. The strong-form EMH asserts that stock prices fully reflect all information from public and private sources, such as inside

information, and no group of inves-tors should be able to consistently achieve abnormal returns.

Abnormal returns imply the excess returns over the risk-free rate and market premium. Abnormal Return = Actual Returns - (Risk free rate + Beta (Market Return - Risk free rate))

As the engines of the economy begin to hum again, the

emerging policy paradigm has

shifted to calibrating the inflation-

ary pressure; while also leading the

economy to double-digit growth

trajectory. But given the structural

make-up of the economy, the task

may prove to be handful.

The huge demographic set-up, and

the expanding income and con-

sumption profile of the consumers

have normally seen the aggregate

domestic demand outpace the ag-

gregate supply in most of the fi-

nancial years. This structural price

tendency gets aggravated further

incase the economy witnesses an

occasional supply disruption. The

present inflationary cycle in the

economy is the outcome of exactly

these two trends overlapping each

other.

Inflation: Structural and sup-

ply drivenThe monsoon failure in the last

kharif season was the initial factor

that led to the spike in prices of the

agri-oriented commodities. Resul-

tantly, the prices of the food arti-

cles since March ’09 saw a growth

of nearly 17.7%. For a perspec-

tive, in the same period in FY09,

the inflation in this segment was at

around 6.67% (see chart 1).

This inflationary pressure built by

the agri-supply squeeze was fur-

ther accentuated by the faster than

anticipated growth in the 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 ag-

gregate demand (initially due to

public spending and later due to

increased household expenditure)

ensured that the manufacturing

production expands rapidly. Pret-

ty 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 pol-

icy dilemma of having to trade

off growth prospects withe compulsion having manage inflation.

The RBI knows all twell that liquidity tighteing through OMO (OpMarket Operations), aor by rate hikes, may strict credit growth aaggregate demand in economy. It is also clthat the central banrecognises the ironyhaving to resort to demcontrol, though the acproblem lies in the supbottlenecks.

But the immediacy ostraining the inflatiospillover into other sec

NNew DirectNew DirecN tTaxTax Code — A Paraadigm Shift

UndedUn rstarstarstaandindnding Fig Fg nancnancanan ial ial iaInclnclusioionnnn

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REGU

LARS EDITORIAL 03

INVESTIME PRIME NUMBERS 17SELECT PERFORMANCE 19

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.comFor advertisement and subscription contact: Dheeraj Prasad, Email: [email protected] Courtesy: www.dreamstime.com, DISCLAIMER CLAUSEThe 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.

PORTFOLIO COMPOSITION 25EQUITY FUNDS & DEBT FUNDS 33

EFFICIENT MARKETS — A MYTH OR REALITY14The 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 — A PARADIGM SHIFT44The author explains some of the important features of the new Direct Tax Code, which is likely to be introduced from the next financial year

12Satheesh, in his natural style, narrates some of the interesting experiences with people, places and languages

HUMOUR, UNINTENDED

UNDERSTANDING “FINANCIAL INCLUSION”10In this two-part article, Dr. Shroff explains the concept of financial inclusion, the various aspects of it and the evolution of the new line of thinking

The huge demographic set-up, and

the expanding income and

consumption profile of the consumers

have normally seen the

aggregate domestic demand

outpace the aggregate

supply in most of the financial

years

Lakshmi Iyer

As the engines of the economy begin to hum again, the emerging policy paradigm has shifted to

calibrating the inflationary pressure; while also leading the economy to double-digit growth trajectory. But given the structural make-up of the economy, the task may prove to be handful.

The huge demographic set-up, and the expanding income and consumption profile of the consumers have normally seen the aggregate domestic demand outpace the aggregate supply in most of the financial years. This structural price tendency gets aggravated further incase the economy witnesses an occasional supply disruption.

The present inflationary cycle in the economy is the outcome of exactly these two trends overlapping each other.

Inflation: Structural and supply drivenThe monsoon failure in the last kharif season was the initial factor that led to the spike in prices of the agri-oriented commodities. Resultantly, the prices of the food articles since March ’09 saw a growth of nearly 17.7%. For a perspective, in the same period in FY09, the inflation in this segment was at around 6.67% (see chart 1).

This inflationary pressure built by the agri-supply squeeze was further accentuated by the faster than anticipated growth in the

06 Investime APRIL 2010

CREDIT MARKET OUTLOOKEvolving Issues and Opportunities

in FY11

FEATURE

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,

the April 20th policy meet may see further rate hike in the repo and CRR rate, leaving maneuverable headroom for any future policy response. It is expected that the pass-through of this rate revision may begin to show in the bank lending rates by around June — though the impact of this revision on the still nascent credit growth remains to be seen.

As of now, the credit expansion in the economy seems to be well on the path to recovery. The credit growth in the banking sector is around 16% YoY, almost entirely led by credit offtake in the non-food credit segment (see chart 2). The offtake is especially robust in the retail loan 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 issuesFrom the debt market point of view, the interplay of these macro-economic variables may have a major bearing on the performance of the fixed

income segments. Particularly, when nearly 62% of the gross GOI borrowing of Rs. 4.57 trillion has been front-loaded in the first half of FY11.

The predominant part of the gilt issuances has been concentrated in the 5-9 year and 10-14 year yield curve bracket. Meanwhile, the supply in the less than 5-year gilt tenor is only about 3.5% of the aggregate H1-FY11 issuance.

The above, in conjunction with the fact that the liquidity supply due to larger maturities in the ‘less than 5-year’ tenor paper will be more than the gross issuance, leaves a high appetite for investments in the said segment.

FEATURE


As of now, the credit expansion

in the economy seems to be well on the path to recovery

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 fundThis uniquely evolving situation provides significant opportunities from an 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

interest rate- and business cycle-sensitive sectors like automobiles, heavy industrials, housing finance companies, NBFCs etc.

Some of the companies in the above-mentioned sectors had seen their credit 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 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

With the revival of

the domestic and global

economy from the downturn, the business

prospects may have begun to improve

than 1-year paper. The remaining corpus may be apportioned in the scrips of state, quasi-state and private sector issuances; something that usually carries a higher 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.

The author is Vice President and Head (Fixed Income and Products) at Kotak Asset Management Company

FEATURE


As banking services are in the nature of

public good, it is essential that the availability

of banking and payment services to the entire population

without discrimination is the prime

objective of the public policy

Dr. Firdos T. Shroff


FINANCIAL INCLUSIONUnderstanding

FEATURE

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 access to public goods and services is the sine qua non of an open and efficient society. As banking services are in the nature of public good, it is essential that the availability of banking and payment services to the entire population without discrimination is the prime objective of the public policy.

Some areas of concern The banking industry has shown tremendous growth in volume and complexity during the last few decades. Despite making significant improvements in all the areas relating to financial viability, profitability and competitiveness, there are concerns that banks have not been able to include a

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 RBI’s policy on Financial InclusionWhen bankers do not give the desired attention to certain areas, the regulators have to step in to remedy the situation. This is the reason why RBI places a lot of emphasis on financial inclusion. With a view to enhance financial inclusion as a proactive measure, RBI, in its Annual Policy Statement of the year 2005-06, while recognising the concerns

FEATURE


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’ accountIn 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

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.

(The author is Director, Chetana’s R. K. Institute of Management & Research and Fellow IIBF)

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

Satheesh Kumar

There 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 (well, not too many complaints on that score either!) but more importantly, by my circle of friends. I am blessed to have been able to count a fairly good number in this list...

I look back and there I remember some truly funny incidents across the years at work.

One of the nice things about having started my career with Oriental Insurance was the opportunities I had — to work and live in different places, to meet new folks and learn new languages (and murder them too in the process of learning them).

Some of my friends and acquaintances may remember how truly horrible my Hindi used to be (emphasis on ‘used to be’ here!) — it all started right during the induction training session when in a classroom session we took turns to introduce ourselves and I conquered my fear of speaking Hindi. Confidence personified, I stood up and said, “Meri naam Satheesh Kumar hai.”


HUMOUR,Unintended

FEATURE

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

FEATURE

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

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

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.....

(The author is a freelance writer)

...Nashik was also the place where I

actually sharpened the knowledge

of my own mother-tongue —

Malayalam


The weak-form of Efficient Market

Hypothesis (EMH) states that current

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 be able to predict future

price movements

Kannupriya

An efficient capital market exists when the current price of a security fully reflects all the information

currently available on it including risk associated with that security. Capital Market efficiency is based on important assumptions — a) That there are a large number of profit maximising market participants who are analysing and valuing securities independent of each other, b) That all new information comes to the market in a random fashion and the timing of news announcements is independent of each other, c) The investors adjust their estimate of security prices rapidly to reflect their interpretation of the new information received, they can either overreact or under react and d) The expected returns completely include a risk in the price of the security.

The weak-form of Efficient Market Hypothesis (EMH) states that current


EFFICIENT MARKETS — A myth or a reality

FEATURE

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 be able to predict future price movements. The semi-strong form of EMH states that security prices adjust rapidly to the release of all new public information and as such an investor cannot achieve abnormal returns using fundamental analysis. The strong-form EMH asserts that stock prices fully reflect all information from public and private sources, such as inside information, and no group of investors should be able to consistently achieve abnormal returns.

Abnormal returns imply the excess returns over the risk-free rate and market premium. Abnormal Return = Actual Returns - (Risk free rate + Beta (Market Return - Risk free rate))

FEATURE


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

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

FEATURE


down too often, escalating the size of their positions. Hence, the investors continue averaging with no profits.

There are three primary limitations on the market’s ability to produce informationally efficient prices. 1. Market prices are generated by

the activities of researchers and traders who analyse and react to new information. There must be some reward for this effort, but that reward may be earned only by those who process and act on the new information rapidly and skillfully.

2. Transaction costs prevent trading and arbitrage from resulting in perfectly efficient securities prices. Securities and strategies with higher transaction costs permit greater deviations from perfectly efficient prices.

3. Information-based trading is not without risks. Arbitrageurs have no guarantee that prices will move to “more rational” levels or that strategies will consistently perform well, have limited capital and have constraints imposed on them by the suppliers of investment capital.

Some apparent mispricings may be justified by because the model used to estimate normal returns, may be flawed. For example, it may fail to adequately capture the entire spectrum of risks.

Also, capturing the abnormal returns of a trading strategy is not without risk, even if the anomalous returns behaviour persists. For example, abnormal returns may persist over the long term, but may not occur every year. Any strategy designed to exploit anomalous returns behaviour has the inherent risk that the behaviour will either not continue, or be significantly reduced by other investors pursuing similar or identical strategies. Additional strategy risk such as this must be rewarded with higher returns and can justify the persistence of some mispricings.

The reason why mispricing may persist and valid anomalies may not be profitable is due to the lack of theoretical explanation. If the reasons underlying a persistent pricing anomaly are not well understood, it is difficult to exploit. Arbitrageurs will use their funds to exploit other mispricing that they believe they understand better and are, therefore, better able to exploit and profit from.

Firstly, there are transaction costs involved as the trades necessary to exploit any apparent mispricing may not be profitable because the costs of the trades are greater than the potential abnormal returns.

The Arbitrageurs who play an important role in the pricing of the market to its true value, and correcting the market anomalies through arbitrage is limited because of the following reasons:1. There is no guarantee concerning when, or even if, apparent mispricings will be corrected

and prices will return to efficient equilibrium levels. 2. It may be difficult or impossible to find two securities with exactly the same risk so

that a mispricing can be exploited by taking a long (short) position in an underpriced (overpriced) security and an offsetting position in a correctly priced security with the same risk. To the extent that the risks of the two securities are not exactly offsetting, such a strategy will have risk that may make it unattractive; so the mispricing can persist.

3. Arbitrageurs do not have unlimited funds. Given the limitations on the funds that investors make available for exploiting mispricings, only the more significant mispricings may be exploited while others are allowed to persist.

Arbitrageurs must depend on their sources of capital. The providers of capital to arbitrageurs may place limits on the arbitrage trades and position sizes that restrict the ability of arbitrageurs to completely exploit mispricings. Further, if the arbitrageur’s strategies do 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 activities will be in short supply.

Secondly, the total profit to be gained by exploiting a mispricing may be small enough that it does not represent a significant profit opportunity to large funds so an arbitrageur may not be interested.

Thirdly, restrictions on short selling make some strategies impossible for some period of time because when a stock is first offered to the public, it typically cannot be shorted immediately after the IPO since shares cannot be borrowed.

Finally, the investor tendencies of perception and analysis that run counter to rational trading and investing may lead to persistent mispricings that are not rapidly exploited by arbitrageurs for one or more of the reasons noted so far.

The characteristics of a well-functioning securities market is best known by timely and accurate information on the price and volume of past transactions and on the current supply and demand conditions. The securities may be easily liquidated, which would require its marketability and price continuity. Internal efficiency would lead to low transaction costs as the cost of buying and selling often would not entail huge costs as compared to buying and holding strategy. Informational (external) efficiency is required because only then would the prices rapidly adjust to new information so that the prevailing market price reflects all available information regarding the value of the asset. The capital market must reflect the above market features at any given point of time for the hypothesis of efficient markets to be true.

The author works with Aditya Birla Money Mart Ltd.

INVESTIME PRIME NUMBERSP e a k s a n d t r o u g h s


DOW JONESSENSEX

INDUSTRY MONTHLY AVERAGE AUM (Rs. in Crores)

Fund House Mar-10 Feb-10 Change % Change

AUM above 30,000 Crs.Reliance Mutual Fund 110412.71 115753.41 -5340.70 -4.61HDFC Mutual Fund 88779.84 95144.40 -6364.56 -6.69ICICI Prudential Mutual Fund 80988.85 80527.02 461.83 0.57UTI Mutual Fund 80217.81 79310.27 907.54 1.14Birla Sun Life Mutual Fund 62343.37 66305.84 -3962.47 -5.98LIC Mutual Fund 42303.97 46462.34 -4158.38 -8.95SBI Mutual Fund 37417.00 36072.18 1344.82 3.73Kotak Mahindra Mutual Fund 34681.08 40359.44 -5678.36 -14.07Franklin Templeton Mutual Fund 33290.04 33299.49 -9.44 -0.03

AUM BETWEEN 10,000 TO 30,000 Crs.IDFC Mutual Fund 25386.06 26438.36 -1052.30 -3.98Tata Mutual Fund 21935.17 22620.61 -685.44 -3.03DSP Blackrock Mutual Fund 21490.78 19933.53 1557.25 7.81Sundaram BNP Paribas Mutual Fund 13877.91 13732.71 145.21 1.06Religare Mutual Fund 12944.58 14841.48 -1896.91 -12.78Deutsche Mutual Fund 10476.87 12525.04 -2048.17 -16.35

AUM UPTO 10,000 CrsCanara Robeco Mutual Fund 9220.45 10017.35 -796.90 -7.96JM Financial Mutual Fund 7997.46 9506.57 -1509.11 -15.87Fortis Mutual Fund 7889.55 9108.31 -1218.76 -13.38Fidelity Mutual Fund 7683.91 7694.63 -10.72 -0.14PRINCIPAL Mutual Fund 6996.51 8273.03 -1276.53 -15.43HSBC Mutual Fund 6215.42 6562.62 -347.20 -5.29Baroda Pioneer Mutual Fund 3574.13 4083.10 -508.97 -12.47Axis Mutual Fund 3551.80 3753.88 -202.07 -5.38JPMorgan Mutual Fund 3541.36 4640.01 -1098.65 -23.68L&T Mutual Fund 2511.01 2537.66 -26.65 -1.05Taurus Mutual Fund 2307.07 2428.55 -121.48 -5.00Morgan Stanley Mutual Fund 2257.07 2175.89 81.17 3.73Benchmark Mutual Fund 1999.22 2312.38 -313.16 -13.54ING Mutual Fund 1547.44 1467.33 80.11 5.46AIG Global Investment Group Mutual Fund 1137.81 1433.40 -295.59 -20.62Sahara Mutual Fund 635.35 624.17 11.18 1.79Bharti AXA Mutual Fund 548.67 536.68 11.99 2.23Shinsei Mutual Fund 367.41 458.84 -91.43 -19.93Peerless Mutual Fund 302.60 121.10 181.50 149.88Mirae Asset Mutual Fund 250.98 246.03 4.95 2.01Escorts Mutual Fund 202.95 202.55 0.40 0.20Edelweiss Mutual Fund 149.29 114.46 34.83 30.43Quantum Mutual Fund 91.64 86.85 4.79 5.52Average Total 747525.15 781711.52 -34186.37 -4.37

Index Name Mar-10 Feb-10 Absolute (%)

INDIAN INDICES

EQUITYBSE SENSEX 17527.77 16429.55 6.68BSE MID CAP 6806.18 6397.82 6.38BSE SMALL CAP 8497.43 8067.4 5.33BSE100 9300.2 8758.51 6.18BSE200 2199.5 2071.72 6.17BSE 500 6919.55 6518.38 6.15S&P NIFTY 5249.1 4922.3 6.64CNX MIDCAP 7704.9 7167.25 7.50CNX NIFTY JUNIOR 10773.75 10099.95 6.67

SECTORAL INDICESBSE AUTO 7671.24 7170.99 6.98

BSE Bankex 10652.35 9828.68 8.38

BSE CD 4220.71 4001.78 5.47

BSE CG 14081.74 13474.86 4.50

BSE FMCG 2831.12 2662.05 6.35

BSE IT 5237.5 5173.99 1.23

BSE METAL 17973.81 16401.52 9.59

BSE Oil & Gas 10159.14 9596.24 5.87

BSE Power Index 3085.72 2961.56 4.19

BSE PSU 9038.27 9214.28 -1.91

BSE Realty 3273.56 3236.69 1.14

BSE Teck 3280.12 3179.21 3.17

BSE-HC 5328.37 4912.98 8.45

WORLD INDICESDow Jones 10856.63 10325.26 5.15Nasdaq 2397.96 2238.26 7.14FTSE 5679.6 5354.5 6.07CAC 40 Index 3974.01 3708.8 7.15DAX Index 6153.55 5598.46 9.92HangSeng 21239.35 20608.7 3.06KLSE 1320.57 1270.78 3.92Kospi 1692.85 1594.58 6.16Nikkei 11089.94 10126.03 9.52Strait Times 2887.46 2750.86 4.97Taiwan Weighted 7920.06 7436.1 6.51

Insurance

BIRLA SUN LIFE INSURANCEFUND PERFORMANCE AS ON 31st MARCH 2010

Returns based on unit price growth, net of charges

Disclaimer:Past Performance is not neceassarily a guide to the future 1. 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 period2. Instruments in which investments are made under each fund option are subject to market riskity 3.


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 Million)

1547 1770 3924 2623

INDIVIDUAL Balancer Enhancer Creator Magnifier

Inception Date 18-Jul-05 22-Mar-01 23-Feb-04 12-Aug-04


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%


270 52879 2977 13520

INDIVIDUAL Maximiser Multiplier Platinum Plus I Platinum Plus II

Inception Date 12-Jun-07 30-Oct-07 17-Mar-08 8-Sep-08


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%


25783 3861 4191 5880

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

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.

PERFORMANCE OF SELECT LIQUID FUNDS

BirlaSun Life

Cash Plus - I P

KEY STATISTICS

SCHEME NAMEDWS Insta Cash Plus

Fund

HDFCLiquid Fund - Premium

Plan

ICICIPrudentialLiquid - I P

IDFC Cash Fund Plan

B - IP

KotakLiquid - IP

PRINCIPAL Cash Mgmt

Fund LO- Inst Prem. Plan

RelianceLiquidity

Fund

Tata Liquid Fund - SHIP

UTI Liquid Fund - Cash

Plan - IP


PERFORMANCE OF SELECT ULTRA SHORT TERM FUNDS*

Birla Sun Life Savings

Fund - IP

KEY STATISTICS

SCHEME NAMEFortis Money

Plus Fund

ICICIPrudential

FlexibleIncome Plan-

Premium

IDFC MoneyManager -

Treasury Plan - Plan B

KotakFloater - LT

PrincipalUltra Short Term Fund

RelianceMoney

ManagerFund - IP

SundaramBNP Paribas Ultra Short Term - IP

UTI Treasury Advantage

Fund

Performance as on 31st March, 2010

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

HDFC Cash Mgmt Fund - Treasury Advantage

- WP

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



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


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


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



PERFORMANCE OF SELECT SHORT TERM FLOATING RATE FUNDS

Birla Sun Life Floating Rate Fund - STP



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


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


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



KEY STATISTICS

SCHEME NAMEDSP

BlackRockFloating Rate

Fund - IP

HDFC FRIF - STF

ICICIPrudential

FRF - Plan A

KotakFloater - ST

RelianceFRF

Templeton FRIF - Short

Term

UTI Floating Rate Fund

- STP


PERFORMANCE OF SELECT SHORT TERM FUNDS

Birla Sun Life DBF - Retail

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


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

KEY STATISTICS

SCHEME NAMEDWS Short

MaturityFund

IDFC SSIF Short Term -

Plan A

ICICIPrudential

STP

Kotak Bond Short Term

Plan

PRINCIPAL Income Fund

- STP

RelianceShort Term

Fund

Templeton India STIP



HDFC HIF - S T P

PRINCIPAL Floating Rate Fund - SMP

Tata FRF - ST

* Daily Avg. of last Six Months

PERFORMANCE OF SELECT GILT FUNDS

PERFORMANCE OF SELECT INCOME FUNDS

BirlaSun Life

GPRP



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


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


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


KEY STATISTICS

SCHEME NAMEDSP

BlackRock G Sec Fund

FidelityFlexi Gilt

Fund

ICICIPrudential

GFIP

Kotak Gilt - Investment

Regular Plan

Reliance G Sec Fund -

Retail

SBIMagnum Gilt

LTPTata

G S S M F

Templeton India GSF

- LTP

UTIG-SecFund

Birla Sun Life Income

Plus



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


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


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


KEY STATISTICS

SCHEME NAMEBirla SunLife Income Fund

Fortis Flexi Debt Fund

ICICIPrudential

IncomeFund

IDFC SSIF - Invt. Plan -

Plan A

Kotak Bond Regular

Plan

PRINCIPAL IncomeFund

RelianceIncome Fund-

Retail - G P

Templeton India Income

FundUTI Bond

Fund




PERFORMANCE OF SELECT MONTHLY INCOME PLANS

Birla Sun Life MIP -

Wealth 25

KEY STATISTICS

SCHEME NAME

DSP BlackRock

SavingsManager Fund

- Moderate

FortisMIP

FT India MIP - Plan A

HSBC MIP - Savings Plan

ICICIPrudential

MIP - Cumulative

PRINCIPAL M I P Plus

Templeton MIP

UTI - MIS - Advantage

Fund -

RelianceMIP

HDFC MIP - STP


PERFORMANCE OF SELECT DIVERSIFIED EQUITY SCHEMES

Birla Sun Life Equity

Fund

KEY STATISTICS

SCHEME NAME

DSP BlackRock

Top 100 Equity Fund

DWSAlphaEquityFund

FidelityEquityFund

HSBC Equity Fund

HDFC Equity Fund

ICICIPrudentialFocused

Equity Fund

RelianceRSF - Equity Kotak 30

SBI MagnumSector

Umbrella - Contra





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


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

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


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

DSP BlackRock

OpportunitiesFund

KEY STATISTICS

SCHEME NAMEFortis

Opportunities Fund

DWSInvestmentOpportunity

Fund

FranklinIndia

Opportunity Fund

HSBC India Opportunities

Fund

ICICIPrudentialDynamic

Plan

KotakOpportunities

Fund

RelianceEquity

OpportunitiesFund

Tata Equity Opportunities

Fund

UTIOpportunities

Fund

PERFORMANCE OF SELECT EQUITY OPPORTUNITIES SCHEMES


Birla Sun Life Mid Cap

Fund

KEY STATISTICS

SCHEME NAME

DSP BlackRockIndia Tiger

Fund

HDFCCapitalBuilderFund

ICICIPrudentialDiscovery

Fund

IDFCPremierEquityFund

UTI Thematic Mid Cap

Fund

KotakMidcap Fund

RelianceGrowth

SBI MagnumMultiplierPlus 93

SundaramBNP Paribas

SelectMidcap

PERFORMANCE OF SELECT MIDCAP EQUITY SCHEMES



Month on Month Change (%) 11.26 2.95 5.40 12.37 2.73 15.16 4.90 5.24 5.58 2.09


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 (%)



Treynor 0.3997 0.2766 0.4355 0.7075 0.4569 0.3688 0.3991 0.3662 0.3911 0.4736



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




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


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 (%)



Treynor 0.3474 0.3045 0.2449 0.2568 0.2759 0.4832 0.2984 0.4415 0.3486 0.2978



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




BALANCED FUNDS - PERFORMANCEABSOLUTE

RETURNS (%)

5 Years TreynorStandardDeviation

COMPOUNDED ANNUALIZEDRETURNS (%)

STATISTICALMEASURE

3 Years1 Year3 Months1 Month

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

SchemeName

NAV (31-Mar-10)

AUM as on 31st

Mar, 2010 (Rs. Crs)

InceptionDate

SchemeName

NAV (31-Mar-10)

AUM as on 31st

Mar, 2010 (Rs. Crs)

InceptionDate

ABSOLUTERETURNS (%)

Treynor StandardDeviation

COMPOUNDED ANNUALIZEDRETURNS (%)

STATISTICALMEASURE

3 Years 5 Years1 Year3 Months1 Month




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

ELSS FUNDS - PERFORMANCE

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* Top Ten Holdings

RELIANCE GROWTH

Inception Date-Oct 08, 1995Total Assets- Rs 7172.57 Crores

Name: Sunil Singhania

Equity %

Lupin Ltd. 4.69

Jindal Saw Ltd. 3.81

Bank Of Baroda 3.51

State Bank Of India 3.39

ICICI Bank Ltd. 2.87

Reliance Industries Ltd. 2.66

Jindal Steel & Power Ltd. 2.57

Infosys Technologies Ltd. 2.38

Divis Laboratories Ltd. 2.31

E.I.D. Parry (India) Ltd. 2.20

Other Equities 62.73

Total Equities 93.12

Other Non Equities 6.88

Total Assets 100.00FORTIS OPPORTUNITIES

FUNDInception Date-April 29, 2005Total Assets- Rs 85.48 Crores

Name: Amit Nigam

Equity %


Housing Development Finance Cor Ltd 3.81


Reliance Infrastructure Limited 3.51

Larsen & Toubro Ltd. 3.43

HDFC Bank Ltd. 3.39

Jaiprakash Associates Ltd. 2.60

Axis Bank Limited 2.46


Oil & Natural Gas Corporation Ltd. 2.31




Total Assets 100.00

KOTAK OPPORTUNITIES

Inception Date-Sep 10, 2004Total Assets- Rs 1071.41 Crores

Name: Pankaj Tibrewal

Equity %



Sterlite Industries (India) Ltd 3.17

GlaxoSmithkline Consumer Healthcare Ltd 3.11

Oracle Financial Services Software Ltd 3.01

LIC Housing Finance Ltd. 2.93

Lupin Ltd. 2.81

Aurobindo Pharma Ltd. 2.63

Larsen And Toubro Ltd. 2.44

Power Finance Corporation Ltd. 2.42




Total Assets 100.00

FRANKLIN INDIA OPPORTUNITY FUND

Inception Date-Mar 29, 2000 Total Assets- Rs 554.87 Crores

Name: Chakri Lokapriya

Equity %

Reliance Industries 7.03

ICICI Bank 6.61

Infosys 4.82

HDFC Bank 3.24

L&T 3.03

Sterlite 3.02

Crompton Greaves 2.47

TCS 2.22

Bharti Airtel 2.20

Rural Electrification Corporation 2.15




Total Assets 100.00

HSBC MIDCAP EQUITYInception Date-May 24, 2005

Total Assets- Rs 177.24 CroresName: Dhiraj Sachdev

Equity %

Bombay Dyeing & Manufaturing 4.66

Verdhaman Texiles 4.32

Bilcare 3.89

Indian Bank 3.81

Bank Of Maharastra 3.49

KRBL 3.35

Spicejet 3.33

ING Vysya Bank 3.14

Mphasis 2.86

Sun Pharma Advanced Research 2.81




Total Assets 100.00

SBI MAGNUM GLOBAL-94Inception Date-Sep 30, 1994

Total Assets- Rs 1238.51 CroresName: Rama Iyer Shrinivasa

Equity %

Redington (India) Ltd. 6.42

Bosch Limited 5.05

Texmaco Ltd 4.19

Bajaj Holdings & Investment Ltd. 4.17

Asian Paints Limited 3.79

Beml Limited 3.74

Utv Software Communications Ltd. 3.56

Wyeth Limited 3.25

Shree Cement Limited 3.17

Oracle Financial Services Software 3.16




Total Assets 100.00

SUNDARAM BNP PARIBUS INDIA LEADERSHIP FUND

Inception Date-July 06, 2004Total Assets- Rs 167.7 Crores

Name: J. Venkatesan

Equity %

Tata Motors 5.42

T C S 5.12

Sterlite Industries 5.07


Larsen & Toubro 3.89


Indian Hotels 3.57

ITC 3.57

Axis Bank 3.48

O N G C 3.28




Total Assets 100.00

BIRLA SUN LIFE MIDCAPInception Date-Oct 16, 2002

Total Assets- Rs 1564.58 CroresName: Sanjay Chawla

Equity %

Sintex Industries Ltd. 2.94

Patni Computer Systems Ltd. 2.69

Voltas Ltd. 2.68

Mcleod Russel India Ltd. 2.64

Usha Martin Ltd. 2.57

Crompton Greaves Ltd. 2.55

Shriram Transport Finance Company Ltd. 2.53

Ashok Leyland Ltd. 2.52

Aurobindo Pharma Ltd 2.52

Welspun Gujarat Stahl Rohren Ltd. 2.50




Total Assets 100.00

HDFC CAPITAL BUILDER Inception Date-Feb 01,1994

Total Assets- Rs 616.98 CroresName: Chirag Setalvad

Equity %

Tata Consultancy Services Ltd. 5.69

Ipca Laboratories Ltd. 5.67


State Bank of India 4.51

Dr Reddys Laboratories Ltd. 3.93


Patni Computer Systems Ltd. 3.90

Exide Industries Ltd. 3.73

Bank of Baroda 3.63

Axis Bank Ltd 3.41




Total Assets 100.00

KOTAK MIDCAP FUND

Inception Date-Feb 25, 2005Total Assets- Rs 146.22 Crores

Name: Pankaj Tibrewala

Equity %

Zuari Industries (Agrochemicals) Ltd. 2.92

Ipca Laboratories Ltd. 2.76

Aurobindo Pharma Ltd. 2.62


Allahabad Bank. 2.44

Oracle Financial Services Software Ltd 2.36

Alstom Projects India Ltd. 2.35

GlaxoSmithkline Consumer Healthcare Ltd 2.35

Pantaloon Retail (india) Ltd. 2.29

Shree Cement Ltd. 2.21




Total Assets 100.00

DSP BLACKROCK INDIA TIGER FUND

Inception Date-June 14, 2004Total Assets- Rs 3305.96 Crores

Name: Anup Maheshwari

Equity %


Bharat Heavy Electricals 3.39

Bharat Electronics 3.18

HDFC Bank 2.92


Jaiprakash Associates 2.69

GAIL (India) 2.29

IndusInd Bank 2.29

Cairn India 2.17

Oil & Natural Gas Corpn 2.16




Total Assets 100.00


SBI MAGNUM EMERGING BUSINESS


Name: Rama Iyer Shrinivasa

Equity %

Jk Tyre And Industries Ltd 6.65

Gammon Infrastructure Projects Ltd. 4.73

Blue Dart Express Limited 4.23

Mcnally Bharat Engineering Co. Ltd 3.86

Bajaj Holdings & Investment Ltd. 3.84

Redington (India) Ltd. 3.80

Reliance Industries Limited 3.67

Sunil Hightech Engineers Ltd 3.60

Jain Irrigation Systems Limited 3.60

PVR Limited 3.52




Total Assets 100.00

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SUNDARAM BNP PARIBAS SMILE FUND

Inception Date-Feb 16, 2005Total Assets- Rs 610 Crores

Name: S. Krishnakumar

Equity %

TVS Motor 4.13

Polaris Software 3.76

Sesa Goa 3.47

Ashok Leyland 3.20


Ranbaxy 2.68

Lupin 2.67

Oriental Bank of Commerce 2.47

GVK Power 2.33

Union Bank of India 2.28




Total Assets 100.00

UTI MID CAP FUNDInception Date-April 19, 2004

Total Assets- Rs 313.57 CroresName: Anoop Bhaskar

Equity %

Lupin Ltd. 4.60

Rallis India Ltd. 4.54

Bajaj Electricals Ltd. 3.80

Indus Ind Bank Ltd. 3.48

Eicher Motors Ltd 3.34

Bank Of Baroda 3.04

Texmaco Ltd. 2.90

Rain Commodities Ltd. 2.75

Cadila Healthcare Ltd. 2.61

Shree Renuka Sugars Ltd 2.61




Total Assets 100.00

SBI MAGNUM MIDCAP

Inception Date-Apr 15, 2005Total Assets- Rs 330.53 Crores

Name: Vivek Pandey

Equity %

United Breweries Limited 9.29

Gujarat Mineral Devlopment Corporation 6.28

Glaxosmithkline Cons.Healthcare Ltd 5.62

Mindtree Limited 5.43

Engineers India Ltd. 5.32

Beml Limited 5.29

Usha Martin Limited 4.95

Sobha Developers Ltd 4.88

Cesc Ltd. 4.70

Bombay Dyeing & Mfg Ltd 4.63




Total Assets 100.00

SUNDARAM BNP PARIBAS SELECT MIDCAP

Inception Date- July 31, 2002 Total Assets- Rs 2024 Crores

Name: Satish Ramanathan

Equity %

Aurobindo Pharma 4.41

IPCA Labs 4.24

Indraprastha Gas 3.20

Trent 3.12

IndusInd Bank 2.95

Rural Electrification Corp 2.92

MphasiS BFL 2.91

Punj Lloyd 2.75

Aban Loyd Chiles 2.73

Siemens India 2.63




Total Assets 100.00

SUNDARAM BNP PARIBAS RURAL INDIA FUNDInception Date-May 18, 2006Total Assets- Rs 255.5 Crores

Name: J. Venkatesan

Equity %

McLeod Russel 6.88

Punjab National Bank 5.94

Jain Irrigation 5.64

Mahindra & Mahindra 5.30

Tata Chemicals 4.62


Lupin 4.46

United Spirits 4.14

Tata Motors 3.56

Bajaj Auto 3.15




Total Assets 100.00

FRANKLIN INDIA PRIMA FUND

Inception Date-Dec 15, 1993Total Assets- Rs 949.18 Crores

Name: K. N. Siva Subramanian

Equity %

Torrent Pharmaceuticals 4.12

Jagran Prakashan 3.97

Bharti Airtel 3.69


Voltas 3.10

Adhunik Metaliks 3.08

India Cements 3.06

Pidilite 3.04

Gujarat State Petronet 2.95

Federal Bank 2.88




Total Assets 100.00

IDFC PREMIER EQUITY FUNDInception Date- October 5, 2005Total Assets- Rs 1393.96 Crores

Name: Kenneth Andrade

Equity %

Bajaj Electricals Limited 4.27

Asian Paints Ltd. 4.88

Glaxosmithkline Consumer Healthcare Ltd. 3.70

United Spirits Ltd. 3.69

Shree Renuka Sugars Ltd 3.27

Motherson Sumi Systems Ltd. 2.87

Ruchi Soya Industries Limited 2.66

Emami Limited 2.58

Kaveri Seed Company Limited 2.26

Bata India Ltd. 2.21




Total Assets 100.00

TATA EQUITY OPPORTUNITIES

Inception Date-April 16,1999Total Assets- Rs 457.12 Crores

Name: M Venugopal

Equity %

KEC International Ltd 3.93

Wipro Ltd 3.90


Oracle Financials Services Software 3.82

Mcleod Russel Ltd. 3.71

Lupin Ltd 3.39

ICICI Bank Ltd 3.13


Jain Irrigation Systems Ltd. 2.83

Rallis India Limited 2.82




Total Assets 100.00

DSP BLACKROCK OPPORTUNITIES

Inception Date-May 16, 2000Total Assets- Rs 879.56 Crores


Equity %


Zee News 3.87

Karur Vysya Bank 3.62

Oracle Financial Services Software 3.45

Oil & Natural Gas Corpn 3.05

Dr. Reddy’s Laboratories 2.63



Piramal Healthcare 2.53

Tata Consultancy Services 2.51




Total Assets 100.00

HSBC INDIA OPPORTUNITIES

Inception Date-Mar 05, 2004Total Assets- Rs 283.80 Crores

Name: Dhimant Shah

Equity %

HDFC Bank 6.13

Infosys Technologies 5.81



Bharat Heavy Electricals 4.55

Aurobindo Pharma 4.26

I T C 4.00

Housing Development Finance Corporation 3.88

Oil and Natural Gas Corporation 3.83

Bosch 3.79




Total Assets 100.00

RELIANCE EQUITY OPPORTUNITIES



Equity %


Aventis Pharma Ltd. 4.87

Trent Limited 4.64

Cox And Kings India Limited 4.59

Indian Metal And Ferro Alloys Limit 4.57









Total Assets 100.00

DSP BLACKROCK SMALL AND MIDCAP

Inception Date-Nov 14, 2006Total Assets- Rs 774 Crores


Equity %

Cadila Healthcare 4.37

Bayer Cropscience 3.07

PTC India 2.91

Bata India 2.70

EID Parry India 2.61

Indian Hotels Co. 2.49

Fortis Healthcare 2.41

Zuari Industries 2.36

Trent 2.34

Thermax 2.27




Total Assets 100.00

* Top Ten Holdings


BIRLA SUNLIFE BASIC INDUSTRIES FUND Inception Date-Feb 18, 2000

Total Assets- Rs 134.29 Crores

Name: Ankit Sancheti

Equity %


Bharat Electronics Ltd. 2.92

Apar Industries Ltd. 2.85

McNally Bharat Engineering Company Ltd. 2.53

Bharat Heavy Electricals Ltd. 2.52

Siemens Ltd. 1.72

Titagarh Wagons Ltd. 0.79

Texmaco Ltd. 0.68

Jyoti Structures Ltd. 2.42

Tata Power Company Ltd. 2.02




Total Assets 100.00

BIRLA SUNLIFE FRONTLINE EQUITY FUND

Inception Date-Sep 27, 2002


Name: Mahesh Patil

Equity %








ITC Ltd. 2.43


Grasim Industries Ltd. 2.13




Total Assets 100.00

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DSP BLACKROCK TOP 100 EQUITY

Inception Date-Mar 11, 2003


Name: Apoorva Shah

Equity %





HDFC Bank 4.25

Cipla 3.93


GAIL (India) 3.54

ICICI Bank 3.45

Rural Electrification Corporation 2.88




Total Assets 100.00

DWS ALPHA EQUITY FUND

Inception Date-Jan 31, 2003


Name: Aniket Inamdar

Equity %


Bharat Heavy Elecricals 7.21


Reliance Indusries 5.95

ITC 5.57

Carin India 5.47

HDFC Bank 5.32

ICICI Bank 5.14

TATA Power Company 4.59

Bajaj Auto 4.56




Total Assets 100.00

BIRLA SUNLIFE GENERATION NEXTInception Date-Aug 12, 2005


Name: Sanjay Chawla

Equity %

Dabur India Ltd. 4.77

Castrol India Ltd. 4.46

Pantaloon Retail (India) Ltd. 4.19

Marico Ltd. 4.08

Sun TV Network Ltd. 3.88

S. Kumars Nationwide Ltd. 3.87

Bajaj Auto Ltd. 3.78

Bata India Ltd. 3.68

India Infoline Ltd. 3.68

Indian Hotels Company Ltd. 3.64




Total Assets 100.00

BIRLA SUN LIFE MNC FUND

Inception Date-April 22, 1994


Name: Ajay Garg

Equity %

CRISIL Ltd. 6.73

Gujarat Gas Company Ltd. 6.41

Pfizer Ltd. 5.79

ING Vysya Bank Ltd. 5.04

Cummins (India) Ltd. 4.87

Yes Bank Ltd. 4.60


Honeywell Automation India Ltd. 4.46

Fulford (India) Ltd. 4.28

Glaxosmithkline Pharmaceuticals Ltd. 4.01




Total Assets 100.00

BIRLA SUN LIFE EQUITY FUND

Inception Date-Sep 15,1998


Name: Mahesh Patil

Equity %



Thermax Ltd. 3.11

ITC Ltd. 2.99





Pantaloon Retail (India) Ltd. 2.70





Total Assets 100.00

DSP BLACKROCK EQUITY

Inception Date-June 07,2007


Name: Apoorva Shah

Equity %




ICICI Bank 3.16



Steel Authority of India 2.72

HDFC Bank 2.63


Cadila Healthcare 2.11




Total Assets 100.00

BIRLA SUNLIFE DIVIDEND YIELD PLUS

Inception Date- Feb 27, 2003Total Assets- Rs 350.48 Crores

Name: Ankit Sancheti

Equity %

Wyeth Ltd. 4.33


The South Indian Bank Ltd. 3.71

Glaxosmithkline Pharmaceuticals Ltd. 3.66

KEC International Ltd. 3.49


Bajaj Electricals Ltd. 3.07


Andhra Bank 2.97

Rural Electrification Corporation Ltd. 2.67

Other Equites 59.32



Total Assets 100.00

FRANKLIN INDIA-BLUE CHIP


Name: Anand Radhakrishnan

Equity %

Infosys 7.29

HDFC Bank 6.57


Bharti Airtel 5.89

ICICI Bank 4.21

BHEL 3.81

Grasim 3.16

Cummins 3.14

L&T 3.04

Cairn 2.96




Total Assets 100.00

FORTIS EQUITY FUNDInception Date-Sept 27,2004Total Assets- Rs 82.05 Crores

Name: Amit Nigam

Equity %






HDFC Bank Ltd. 4.60

Bosch Limited 2.62

Mphasis Limited 2.50

Jaiprakash Associates Ltd. 2.19

Axis Bank Limited 2.14



Other Non Equities -0.19

Total Assets -0.19

BIRLA SUN LIFE ADVANTAGE FUND

Inception Date-Feb 24,1995


Name: Ajay Argal

Equity %




ITC Ltd. 3.75



HDFC Bank Ltd. 3.30

Tata Motors Ltd. 2.88

Bharti Airtel Ltd. 2.78





Total Assets 100.00

* Top Ten Holdings


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HDFC GROWTHInception Date-Sep 20, 2000

Total Assets- Rs 1275.41 CroresName: Anand laddha

Equity % ICICI Bank Ltd. 6.22ITC Ltd. 6.01Infosys Technologies Ltd 5.74Crompton Greaves Ltd. 5.52Sun Pharmaceutical Industries Ltd. 5.23Oil & Natural Gas Corporation Ltd. 5.14Bharat Petroleum Corporation Limited 4.77Zee Entertainment Enterprises Ltd. 4.18Exide Industries Ltd. 3.93Coromandel International Limited 3.89Other Equities 45.45Total Equities 96.08Other Non Equities 3.92Total Assets 100.00

BIRLA SUN LIFE TOP 100Inception Date-Oct 27, 2005

Total Assets- Rs 366.22 CroresName: Ajay Argal Equity % Reliance Industries Ltd. 6.81Infosys Technologies Ltd. 5.48Bharat Heavy Electricals Ltd. 4.28ITC Ltd. 3.99HDFC Bank Ltd. 3.90Larsen & Toubro Ltd. 3.72ICICI Bank Ltd. 3.36Crompton Greaves Ltd. 3.04Shriram Transport Finance Company Ltd. 3.03Oil & Natural Gas Corporation Ltd. 3.03Other Equities 54.13Total Equities 94.79Other Non Equities 5.21Total Assets 100.00

* Top Ten Holdings

PRINCIPAL LARGE CAPInception Date- Nov 17, 2005

Total Assets- Rs 475.05 CroresName: Rajat Jain Equity % Reliance Industries Ltd 5.77Infosys Technologies Ltd 4.41ICICI Bank Ltd 3.61Oracle Financial Services Software Ltd 3.53State Bank of India 3.50HDFC Bank Ltd 3.46Shree Cement Ltd 3.38Bajaj Holdings & Investment Ltd 3.31Cipla Ltd 3.30Larsen & Toubro Ltd 3.09Other Equities 59.31Total Equities 96.67Other Non Equities 3.34Total Assets 100.00

ICICI FOCUSED EQUITY FUNDInception Date- May 26, 2008

Total Assets- Rs 1186.93 CroresName: Prashant Kothari Equity % Reliance Industries Ltd 8.68Axis Bank Ltd 8.36Infosys Technologies Ltd 6.62ITC Ltd 6.13Bajaj Auto Ltd 5.57Bharti Airtel Ltd 5.52Tata Consultancy Services Ltd 5.37ICICI Bank Ltd 5.16Bharat Heavy Electricals Ltd 4.97National Thermal Power Corporation Ltd 4.20Other Equities 37.71Total Equities 98.27Other Non Equities 1.72Total Assets 100.00

FRANKLIN INDIA - PRIMA PLUS Inception Date-Dec 13,1994

Total Assets- Rs 1772.02 CroresName: Anand Radhakrishnan Equity % Bharti Airtel 6.28HDFC Bank 4.80Cairn 4.54ICICI Bank 4.40Infosys 3.48Hero Honda 2.80Kotak Mahindra Bank 2.65GE Shipping 2.51IBN18 Broadcast 2.49IDEA Cellular 2.36Other Equities 58.71Total Equities 95.01Other Non Equities 4.99Total Assets 100.00

KOTAK 30-GROWTH Inception Date-Dec 22, 1998

Total Assets- Rs 990.14 CroresName: Anurag Jain Equity % ICICI Bank Ltd. 6.35Reliance Industries Ltd. 6.08Infosys Technologies Ltd. 5.81HDFC Bank Ltd. 4.39Larsen And Toubro Ltd. 4.00Lupin Ltd. 3.54Tata Consultancy Services Ltd. 3.39Sterlite Industries (India) Ltd 3.09Axis Bank Ltd 3.07HDFC Ltd. 2.88Other Equities 51.48Total Equities 94.08Other Non Equities 5.92Total Assets 100.00

HDFC TOP 200


Name: Anand Laddha Equity % ICICI Bank Ltd. 6.40State Bank of India 5.92Infosys Technologies Ltd 5.74Larsen and Toubro Ltd 4.14Bank of Baroda 3.97Oil & Natural Gas Corporation Ltd. 3.85ITC Ltd. 3.23LIC Housing Finance Ltd. 2.85Reliance Industries Ltd. 2.62NTPC Limited 2.41Other Equites 54.72Total Equities 95.85Other Non Equities 4.15Total Assets 100.00

HSBC EQUITY


Name: Jitendra Sriram Equity % Infosys Technologies 6.08Reliance Industries 5.59HDFC Bank 5.39Bharat Heavy Electricals 5.29Oil and Natural Gas Corporation 4.29Larsen & Toubro 4.25ICICI Bank 3.91ITC 3.79Bharti Airtel 3.77Housing Development Finance Corporation 3.50Other Equities 52.44Total Equities 98.34Other Non Equities 1.70Total Assets 100.00

PRINCIPAL GROWTH Inception Date-Oct 25, 2000

Total Assets- Rs 205.65 CroresName: Shyam Bhatt

Equity % Reliance Industries Ltd 4.09Torrent Pharmaceuticals Ltd 3.39Sterlite Industries (India) Ltd 3.39Larsen & Toubro Ltd 2.94Aurobindo Pharma Ltd 2.67ICICI Bank Ltd 2.66Infosys Technologies Ltd 2.63HDFC Bank Ltd 2.58Infrastructure Development Finance Co. Ltd 2.58Nagarjuna Construction Co. Ltd 2.57Othere Equities 66.67Total Equities 96.18Other Non Equities 3.82Total Assets 100.00

HDFC EQUITY Inception Date-Jan 02, 1995Total Assets- Rs 5862 Crores

Name: Anand Laddha Equity % State Bank of India 7.09ICICI Bank Ltd. 6.34Oil & Natural Gas Corporation Ltd. 5.62Bank of Baroda 3.92Titan Industries Ltd. 3.38Larsen and Toubro Ltd 2.71LIC Housing Finance Ltd. 2.68GAIL (India) Ltd. 2.52Crompton Greaves Ltd. 2.32CMC Ltd. 2.19Other Equities 59.20Total Equities 97.97Other Non Equities 2.03Total Assets 100.00

FRANKLIN INDIA FLEXI CAP FUND


Name: K.N.Siva Subramanian

Equity % Bharti Airtel 9.42ICICI Bank 7.70Sterlite 4.51Cairn 4.45India Infoline 4.25Infosys 3.66Federal Bank 3.66Mahindra & Mahindra Financial Services 3.62Gujarat State Petronet 3.40Cummins 3.31Other Equities 48.93Total Equities 96.92Other Non Equities 3.08Total Assets 100.00

ICICI PRU INFRASTRUCTURE Inception Date-Sep 12,2005

Total Assets- Rs 4034.07 CroresName: Mrinal Singh

Equity % Reliance Industries Ltd 12.66Bharti Airtel Ltd 8.44Bharat Heavy Electricals Ltd 7.63National Thermal Power Corporation Ltd 6.55Oil & Natural Gas Company Ltd 5.97Sterlite Industries (India) Ltd 5.05HDFC Ltd 4.66Tata Power Company Ltd 4.41Axis Bank Ltd 3.69ICICI Bank Ltd 3.51Other Equities 27.02Total Equities 89.59Other Non Equities 10.42Total Assets 100.00

ICICI PRU GROWTHInception Date-Jul 09, 1998

Total Assets- Rs 384.61 CroresName: S.Naren Equity % Reliance Industries Ltd 11.22ICICI Bank Ltd 6.74Infosys Technologies Ltd 6.73Sterlite Industries (India) Ltd 6.56Bharti Airtel Ltd 6.44Bharat Heavy Electricals Ltd 6.41HDFC Ltd 5.25Sun Pharmaceutical Industries Ltd 4.22Axis Bank Ltd 4.08Hindustan Unilever Ltd 4.08Other Equites 28.66Total Equities 90.39Other Non Equities 9.60Total Assets 100.00

JM EQUITY

Inception Date-Apr 07,1995Total Assets- Rs 43.98 Crores

Name: Sanjay Kumar Chhabaria

Equity % Jai Prakash Associates 7.21Equity less than 2.5% of corpus 6.45Larsen & Toubro 6.19HDFC Bank 5.50Infosys Technologies 5.47Bharti Airtel 4.94Bharat Heavy Electricals 4.89Mahindra & Mahindra 4.73Tata Power 4.68Oil & Natural Gas Corp 4.50Other Equities 33.30Total Equities 87.87Other Non Equities 12.14Total Assets 100.00


ICICI PRU EMERGING STARInception Date-Nov 01,2004

Total Assets- Rs 442.13 CroresName: Munzal ShahEquity % TRF Ltd 4.19Voltas Ltd 3.98Lupin Ltd 3.67Marico Industries Ltd 3.23Sintex Industries Ltd 2.80Bajaj Auto Ltd 2.73Phillips Carbon Black Ltd 2.63Corporation Bank Ltd 2.58IPCA Laboratories Ltd 2.55Bank of Baroda Ltd 2.45Other Equities 59.61Total Equities 90.44Other Non Equities 9.56Total Assets 100.00

ICICI PRU POWER Inception Date-Oct 04,1994

Total Assets- Rs 703.03 CroresName: Sanjay Parekh Equity % Reliance Industries Ltd 12.24ICICI Bank Ltd 8.16Infosys Technologies Ltd 6.74HDFC Ltd 5.50Sterlite Industries (India) Ltd 5.13Tata Consultancy Services Ltd 4.65HDFC Bank Ltd 4.13Bharti Airtel Ltd 3.97Bharat Heavy Electricals Ltd 3.84Larsen & Toubro Ltd 3.69Other Equities 35.28Total Equities 93.31Other Non Equities 6.68Total Assets 100.00

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SBI MAGNUM EQUITY FUNDInception Date-Jan 01,1991

Total Assets- Rs 416.28 CroresName: Rama Iyer SrinivasanEquity % Reliance Industries Limited 6.97ICICI Bank 5.26Infosys Technologies Limited 4.40Hero Honda Motors Limited 4.20Bharat Heavy Electricals Limited 4.01Asian Paints Limited 3.78HDFC Bank Limited 3.25Bajaj Holdings & Investment Ltd. 3.06Larsen & Toubro Limited 3.01ITC Limited 2.97Other Equities 50.82Total Equities 91.73Other Non Equities 8.27Total Assets 100.00

* Top Ten Holdings

ICICI PRUDENTIAL DYNAMIC PLAN

Inception Date-Nov 13, 2002Total Assets- Rs 2032.68 Crores

Name: S Naren

Equity % Reliance Industries Ltd 6.74Infosys Technologies Ltd 5.05Bharti Airtel Ltd 4.98Bharat Heavy Electricals Ltd 4.72Cadila Healthcare Ltd 4.49IPCA Laboratories Ltd 3.89Tata Consultancy Services Ltd 3.39Oracle Financial Services Software Ltd 3.33Oil & Natural Gas Company Ltd 2.92ICICI Bank Ltd 2.76Other Equities 34.85Total Equities 77.12Other Non Equities 22.88Total Assets 100.00

SUNDARAM SELECT FOCUS

Inception Date-Jul 31, 2002Total Assets- Rs 1184.1 Crores

Name: Srividhya Rajesh

Equity % Reliance Industries 7.55ICICI Bank 7.48Infosys 6.18Tata Power 5.10T C S 4.64State Bank Of India 3.99Dr Reddy’s Labs 3.76Mahindra & Mahindra 3.67Aban Loyd Chiles 3.59Bharti Airtel 3.55Other Equites 48.50Total Equities 97.99Other Non Equities 2.00Total Assets 100.00

RELIANCE RSF EQUITY FUNDInception Date-Jun 09, 2005

Total Assets- Rs 2500.69 CroresName : Omprakash Kuckien

Equity % Reliance Industries Ltd. 4.30State Bank Of India 4.16Oil & Natural Gas Corporation Ltd. 3.51Reliance Infrastructure Limited 2.91Infosys Technologies Ltd. 2.62Tata Consultancy Services Ltd. 2.50Mphasis Limited 2.43Divis Laboratories Ltd. 2.29Biocon Limited 2.27Hindalco Industries Ltd. 2.17Other Equities 61.50Total Equities 90.65Other Non Equities 9.35Total Assets 100.00

SBI MAGNUM CONTRA

Inception Date-Jul 14, 1999Total Assets- Rs 3554.69 Crores

Name: Pankaj Gupta

Equity % Reliance Industries Limited 8.78Icici Bank 4.42Bharti Airtel Ltd 3.44State Bank Of India 2.99Oil & Natural Gas Corpn Ltd 2.76Itc Limited 2.74Crompton Greaves Limited 2.71Indian Hotels Company Limited 2.42Ntpc Limited 2.19Tata Consultancy Services Ltd. 2.17Other Equities 60.07Total Equities 94.68Other Non Equities 5.32Total Assets 100.00

RELIANCE VISION

Inception Date-Dec 08,1995Total Assets- Rs 3692.96 Crores

Name: Ashwini Kumar

Equity % State Bank Of India 8.39Reliance Industries Ltd. 5.14Divis Laboratories Ltd. 5.06Larsen & Toubro Ltd. 4.42Tata Steel Ltd. 4.28Cadila Healthcare Ltd. 4.00Icici Bank Ltd. 3.87Siemens Ltd. 3.61Oil & Natural Gas Corporation Ltd. 3.57Aventis Pharma Ltd. 3.41Other Equities 49.23Total Equities 94.98Other Non Equities 5.02Total Assets 100.00

SBI MAGNUM COMMA

Inception Date-Aug 24,2005Total Assets- Rs 792.92 Crores

Name: Pankaj Gupta Equity % Reliance Industries Limited 7.77Oil & Natural Gas Corpn Ltd 5.04Tata Chemicals Limited 4.14United Phosphorus Limited 4.08Hindustan Zinc 4.02Gujarat Narmada Valley Fertilizers Co Limited 3.77Gujarat Mineral Devlopment Corporation 3.67Hindustan Petroleum Corporation Limited 3.42Shree Cement Limited 3.25Steel Authority Of India Ltd 3.09Other Equities 47.11Total Equities 89.36Other Non Equities 10.64Total Assets 100.00

ICICI PRUDENTIAL DISCOVERY FUNDInception Date-Aug 18, 2004

Total Assets- Rs 875.76 CroresName: S Naren

Equity % Bharti Airtel Ltd 6.13Oil & Natural Gas Company Ltd 5.39Cadila Healthcare Ltd 4.97Tata Tea Ltd 4.27Great Eastern Shipping Co. Ltd 3.85Vardhaman Textiles Ltd 3.76Bajaj Financial Services Ltd 3.66FDC Ltd 3.51Sterlite Industries (India) Ltd 3.43United Phosphorus Ltd 3.25Other Equities 48.47Total Equities 90.69Other Non Equities 9.31Total Assets 100.00

RELIANCE BANKING FUND


Name: Sunil SinghaniaEquity % ICICI Bank Ltd. 14.08State Bank Of India 14.03Bank Of Baroda 9.25Canara Bank 9.18Oriental Bank of Commerce 7.44Corporation Bank 6.37Andhra Bank Ltd 4.84HDFC Bank Ltd. 4.73Bajaj Auto Finance Ltd. 4.36Ing Vysya Bank Ltd. 3.11Other Equities 16.42Total Equities 93.81Other Non Equities 6.20Total Assets 100.00

SBI MAGNUM MULTIPLIER PLUS 1993

Inception Date-Feb 28,1993Total Assets- Rs 1122.98 Crores

Name: Jayesh Shroff Equity % Lupin Limited 5.82Bharat Heavy Electricals Limited 5.47Crompton Greaves Limited 4.88Thermax Ltd 4.11Mahindra & Mahindra Limited 3.98Nestle (I) Limited 3.86State Bank Of India 3.71Federal Bank Ltd 3.05Piramal Healthcare Limited 3.02Hindustan Construction Co. Ltd. 2.87Other Equities 53.09Total Equities 93.88Other Non Equities 6.13Total Assets 100.00

SUNDARAM BNP PARIBAS GROWTH

Inception Date-Apr 24,1997Total Assets- Rs 160.6 Crores

Name: J. Venkatesan

Equity % Sterlite Industries 4.76Tata Motors 4.15Reliance Industries 3.68Axis Bank 3.64Larsen & Toubro 3.56Lupin 3.55State Bank Of India 3.38Gujarat NRE Coke 3.27Dr Reddy’s Labs 3.17Tata Power 3.14Other Equities 61.11Total Equities 97.39Other Non Equities 2.60Total Assets 100.00

SBI MAGNUM MULTI CAP


Name: Vivek Pandey

Equity % Reliance Industries Limited 6.59ICICI Bank 5.60Bharat Heavy Electricals Limited 3.44Infosys Technologies Limited 3.08State Bank Of India 3.06Bharti Airtel Ltd 3.02ITC Limited 2.71Lupin Limited 2.70Larsen & Toubro Limited 2.39Usha Martin Limited 2.38Other Equities 62.30Total Equities 97.25Other Non Equities 2.75Total Assets 100.00

TATA PURE EQUITY

Inception Date-Mar 15,1998Total Assets- Rs 567.84 Crores

Name: M Venugopal

Equity % Reliance Industries Ltd. 5.39HDFC Bank Ltd 3.85Infosys Technologies Ltd. 3.57ICICI Bank Ltd 3.48Rural Electrification Corp. Ltd. 3.33LIC Housing Finance Ltd 3.32Cadilla Healthcare Limited 3.27Bajaj Auto Limited 3.17Lupin Ltd 3.09HDFC Limited 2.87Other Equities 62.25Total Equities 97.59Other Non Equities 2.41Total Assets 100.00

TATA INFRASTUCTRAL FUND

Inception Date-Jan 20, 2005Total Assets- Rs 2286.18 Crores

Name: M Venugopal

Equity % Reliance Industries Ltd. 5.72Crompton Greaves Ltd 3.98HDFC Bank Ltd 3.94Bharat Heavy Electricals Ltd. 3.73Rural Electrification Corp. Ltd. 3.43ICICI Bank Ltd 3.38Voltas Limited 3.34Larsen & Toubro Ltd. 3.21Oil & Natu. Gas Co. 3.17LIC Housing Finance Ltd 3.15Other Equities 62.03Total Equities 99.07Other Non Equities 0.92Total Assets 100.00


RELIANCE EQUITY FUNDInception Date-Mar 30, 2006

Total Assets - Rs 2063.09 CroresName: Omprakash Kuckien Equity % Divis Laboratories Ltd. 6.62State Bank Of India 6.55Tata Consultancy Services Ltd. 5.68Oil & Natural Gas Corporation Ltd. 5.33Reliance Industries Ltd. 5.21Zee Entertainment Enterprises Ltd 4.94Reliance Infrastructure Limited 4.49Icici Bank Ltd. 4.16Maruti Suzuki India Ltd. 4.12Financial Technologies India 4.08Other Equities 34.66Total Equities 85.83Other Non Equities 14.17Total Assets 100.00

RELIANCE DIVERSIFIED POWER SECTOR



Equity % Torrent Power Limited 6.14Cummins India Ltd. 5.02Jindal Steel & Power Ltd. 4.41Reliance Infrastructure Limited 4.29ICICI Bank Ltd. 4.26Jaiprakash Associates Ltd. 3.93Tata Power Co. Ltd. 3.90Oil & Natural Gas Corporation Ltd. 3.43Adani Power Limited 3.29PTC India Limited 3.25Other Equities 51.51Total Equities 93.44Other Non Equities 6.56Total Assets 100.00

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UTI ENERGY FUND

Inception Date-July 15, 1999Total Assets- Rs 682.03 Crores

Name: Anoop Bhaskar

Equity %




NTPC Ltd. 5.11



Siemens India Ltd. 4.18


C E S C Ltd. 3.04

Gujarat Inds.Power Co.Ltd. 2.89




Total Assets 100.00

TEMPLETON INDIA GROWTH

Inception Date-Sep 11,1996Total Assets- Rs 548.76 Crores

Name: J Mark Mobius

Equity %

Tata Chemicals 9.36

Tata Investment Corporation 6.18

Usha Martin 6.07

Hindalco 5.77

ONGC 5.20

Dr. Reddy’s 5.12

Apollo Tyres 4.92

ING Vysya Bank 4.36

Federal Bank 4.35

Tata Steel 4.23




Total Assets 100.00

UTI INFRASTRUCTURE FUND GROWTH


Name: Sanjay Dongre

Equity %




Jindal Steel & Power Ltd. 4.03




Indian Oil Corporation Ltd. 3.39

Shree Cement Ltd. 3.39

NTPC Ltd. 2.97




Total Assets 100.00

UTI BANKING FUND


Name: Anoop Bhaskar

Equity %

ICICI Bank Ltd 17.82

HDFC Bank Ltd. 14.26


Axis Bank Ltd. 7.64

Bank Of Baroda 7.05


Central Bank Of India 5.13

Oriental Bank Of Commerce 4.52


Infrastructure Devt Finance Co.Ltd 3.00

Other Equites 9.52



Total Assets 100.00UTI LEADERSHIP FUND


Name: Sanjay Dongre

Equity %



ICICI Bank Ltd 5.38

ITC Ltd. 4.16






Tata Steel Ltd. 3.21

Other Equites 50.17



Total Assets 100.00

UTI MASTER EQUITY PLAN UNIT SCHEME

Inception Date-Mar 31, 2003 Total Assets- Rs 1244.48 Crores

Name: Sanjay Dongre

Equity %



ICICI Bank Ltd 5.74


ITC Ltd. 4.23

Bharat Electronics Ltd. 3.72




Gail (India) Ltd. 2.97




Total Assets 100.00

UTI MNC FUND GROWTHInception Date-Oct 14, 1998

Total Assets- Rs 180.68 CroresName: Swati Kulkarni

Equity %

Bosch Ltd. 6.35

Glaxosmithkline Pharmacueticals Ltd. 5.90

Siemens India Ltd. 5.73

Maruti Suzuki India Ltd. 5.49

Gillette India Ltd. 5.47

Cairn India Ltd. 5.47

Honeywell Automation India Ltd. 5.03

Acc Ltd 5.00


Ingersol Rand India Ltd. 3.63




Total Assets 100.00

UTI SERVICES INDUSTRIES FUND


Name: Anoop Bhaskar

Equity %


ICICI Bank Ltd 5.39

NTPC Ltd. 5.37


Wipro Ltd. 5.27


Axis Bank Ltd. 3.94


Bharti Airtel Ltd. 2.91

Hdfc Bank Ltd. 2.87




Total Assets 100.00

UTI MASTER SHARE UNIT SCHEME


Name: Swati Kulkarni

Equity %



ICICI Bank Ltd 5.82



HDFC Ltd. 4.47

ITC Ltd. 3.77







Total Assets 100.00

BIRLA SUN LIFE AAF AGGRESSIVE PLAN-GROWTH


Name: Ajay Argal

Equity %

Birla Sun Life Midcap Fund 19.40

Birla Sun Life Buy India Fund 13.84

Birla Sun Life MNC Fund 13.64

Birla Sun Life Dynamic Bond Fund 13.53

Birla Sun Life India Opportunities Fund 13.03

Birla Sun Life Index Fund 12.13

Birla Sun Life Income Fund 3.21

Birla Sun Life Short Term Fund 2.49

Birla Sun Life Gilt Plus Inv 0.54

Other Equities -



Total Assets 100.00

SUNDARAM BNP PARIBUS GLOBAL ADVANTAGE FUND

Inception Date- Aug 22, 2007


Name: J Venkatesan

Equity %

Fidelity South East Asia 15.10

DB Tracker Emerging Markets Asia 15.01

Parvest Global Resources 8.10

BlackRock Merrill Lynch Emerging Europe 7.95

DB Tracker Latin America 7.93

Parvest Latin America 6.97

Morgan Stanley Asian Property 4.40

Morgan Stanley Global Property 3.08

Other Equities -



Total Assets 100.00

KOTAK EQUITY FOF – GROWTH

Inception Date-Aug 09, 2004Total Assets- Rs 52.91 Crores

Name: Deepak Gupta

Equity %

Kotak Opportunities 22.34

HDFC Top 200 Fund 19.45

Birla Sunlife Frontline Equity 19.25

Reliance Regular Saving Fund 19.11

Tata Equity Opportunities Fund 19.00



Total Assets 100.00

* Top Ten Holdings


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0FORTIS MIP

FUND SIZE-- Rs. 34.32 Crores

Name: Karthikraj Lakshmanan

Equity %




HCL Technologies Ltd. 0.84




Debt

Punjab National Bank-CD 20.48

SREI Equipment Finance Pvt Ltd 18.06


Motilal Oswal Financial Serv Ltd-CP 13.02

IDBI Bank Ltd-CD 10.81

Other Debt 6.90

Total Debt 83.94

Cash,Current Assets & Others (3.50)

Total Assets 100.00

DSP BLACKROCK SAVINGS MANAGER AGGRESSIVE FUND


Name: Dhawal Dalal Equity %Tata Motors 3.03Container Corporation of India 2.74Cipla 2.19Ranbaxy Laboratories 1.80Bharti Airtel 1.54Other Equities 4.67Total Equities 15.97Debt United Bank of India 15.45 Corporation Bank 15.24Allahabad Bank 15.24Sundaram Finance 6.26Kotak Mahindra Investments 6.18Other Debt 12.30Total Debt 70.67Cash,Current Assets & Others 13.36 Total Assets 100.00

BIRLA SUN LIFE MIP


Name: Satyabrata Mohanty

Equity %



Alstom Projects India Ltd. 0.52

Cox & Kings (India) Ltd. 0.52

Amtek Auto Ltd. 0.50



Debt



IDBI Bank Ltd. 9.52

HDFC Bank Ltd. 9.41


Other Debt 35.60

Total Debt 84.73

Cash,Current Assets & Others 1.53

Total Assets 100.00

DSP BLACKROCK SAVING MANAGER MODERATE FUND


Name: Dhawal Dalal

Equity %

Tata Motors 2.06

Container Corporation of India 1.95

Cipla 1.56

Ranbaxy Laboratories 1.22

Bharti Airtel 1.03

Other Equities 3.24


Debt

Punjab & Sind Bank 15.69

07.02% CGL 2016 15.26

State Bank of Bikaner & Jaipur 9.29

State Bank of Bikaner & Jaipur 9.16

LIC Housing Finance FRN 6.62

Other Debt 15.87

Total Debt 71.89


Total Assets 100.00

BIRLA SUN LIFE MONTHLY INCOME PLAN

FUND SIZE-- Rs. 408.85 CroresName: Satyabrata Mohanty Equity %Rallis India Ltd. 0.59


Coromandel International Limited 0.43

Allahabad Bank 0.38

Axis Bank Ltd. 0.38

Other Equities 8.00

Total Equities 10.23Debt IDBI Bank Ltd. 13.28

Sundaram Finance Ltd. 11.49

07.40% CGL 2012 9.39



Other Debt 34.99

Total Debt 82.11Cash,Current Assets & Others 7.65

Total Assets 100.00

BIRLA SUN LIFE MIP II - WEALTH 25


Name: Nishit Dholakia

Equity %



Amtek Auto Ltd. 0.81

HDFC Bank Ltd. 0.81




Debt



IDBI Bank Ltd. 9.10

Bank of India 9.00

Corporation Bank 8.99

Other Debt 21.49

Total Debt 70.28


Total Assets 100.00HSBC MIP - REGULAR PLAN


Name: Sanjay Shah

Equity %

Amara Raja Batteries 1.20


Sintex Industries 1.09

Mphasis 1.02

FDC 0.81

Other Equities 7.39


Debt



Bank of Baroda 6.48



Other Debt 37.56

Total Debt 66.81


Total Assets 100.00

HDFC MIP - STP


Name: Vinay R. Kulkarni Equity %Sun Pharmaceutical Industries Ltd. 0.85Larsen and Toubro Ltd 0.83Petronet LNG Ltd. 0.65ICICI Bank Ltd. 0.62Dr Reddys Laboratories Ltd. 0.56Other Equities 8.25Total Equities 11.76Debt National Housing Bank 6.80Canara Bank 6.69Housing Development Finance Corporation Ltd.$ 6.11IDBI Bank Ltd. 5.65Indian Railways Finance Corporation Ltd. 4.69Other Debt 55.12Total Debt 85.06Cash,Current Assets & Others 3.18 Total Assets 100.00

DSP BLACKROCK SAVINGS MANAGER CONSERVATIVE FUND FUND SIZE-- Rs. 25.44 Crores

Name: Dhawal Dalal

Equity %

Container Corporation of India 1.19

Tata Motors 1.11

Cipla 1.08

Ranbaxy Laboratories 0.65

Bharti Airtel 0.56

Other Equities 1.70

Total Equities 6.29

Debt

07.40% CGL 2012 60.37

TBILL 364 DAY 2010 10.28

Other Debt

Total Debt 70.65


Total Assets 100.00

HSBC MIP - SAVINGS PLAN


Name: Sanjay Shah

Equity %


Amara Raja Batteries 1.80

Mphasis 1.66

Sintex Industries 1.24

FDC 1.21



Debt


Bank of Baroda 6.61



Syndicate Bank 5.51

Other Debt 30.87

Total Debt 61.09


Total Assets 100.00

HDFC MIP - LTP FUND SIZE-- Rs. 5089.04 Crores

Name: Shobhit Mehrotra

Equity %





Infosys Technologies Ltd 0.67



Debt

Housing Development Finance Corporation Ltd.$ 5.44

91 Days T-Bills 5.07

State Bank of Patiala 3.32

IDBI Bank Ltd. 3.07

182 Days T-Bills 2.81

Other Debt 58.50

Total Debt 78.21

Cash,Current Assets & Others (1.30)

Total Assets 100.00


BIRLA SUN LIFE MIP - SAVINGS 5


Name: Nishit Dholakia

Equity %Pradip Overseas Ltd. 0.20DQ Entertainment (International) Ltd 0.19IL&FS Transportation Networks Ltd. 0.19Cummins (India) Ltd. 0.16Asian Paints Ltd. 0.16Other Equities 3.57Total Equities 4.47Debt HDFC Bank Ltd. 13.06 IDBI Bank Ltd. 9.91Bank of Baroda 9.70ICICI Bank Ltd. 8.06Punjab National Bank 6.25Other Debt 31.81Total Debt 78.79Cash,Current Assets & Others 16.74 Total Assets 100.00


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TATA MIP PLUS


Name: Raju Sharma

Equity %Reliance Industries Ltd. 2.22LIC Housing Finance Ltd 2.19Crompton Greaves Ltd 2.06Mphasis Ltd. 1.83Escorts Ltd 1.80Other Equities 7.56Total Equities 17.66Debt Exim 21.58Andhra Bank 14.35Power Finance Corporation 4.22Indian Railway Finance Corp 3.75Steel Authority Of India Ltd. 3.60Other Debt -Total Debt 47.50Cash,Current Assets & Others 34.84 Total Assets 100.00

KOTAK INCOME PLUS


Name: Abhishek Bisen

Equity %GlaxoSmithkline Consumer Healthcare Ltd 0.52Hathway Cable & Datacom limited 0.45HDFC Bank Ltd. 0.42Tata Consultancy Services Ltd. 0.41Bharat Heavy Electricals Ltd. 0.39Other Equities 14.00Total Equities 16.19Debt ICICI Home Finance Company Limited 9.73Tech Mahindra Ltd. 8.44Infrastructure Development Finance Co. Ltd 8.23Citifinancial Consumer Finance India Ltd. 8.12Government Stock - 2013 8.10Other Debt 28.17Total Debt 70.79Cash,Current Assets & Others 13.02 Total Assets 100.00

FT INDIA MIP

FUND SIZE-- RS. 440.65 CRORES

Name: Vivek Ahuja

Equity %

Infosys 1.19

HDFC Bank 1.18

Bharti Airtel 1.00

ICICI Bank 0.96

L&T 0.84

Other Equities 9.69


Debt

State Bank of Patiala 11.34

Tata Motors 9.55

HDFC 9.32

Power Finance Corporation 8.09


Other Debt 24.77

Total Debt 70.65


Total Assets 100.00

SBI M I P


Name: Rajiv Radhakrishnan

Equity %Camson Bio Technologies Ltd 1.30Radico Khaitan Ltd. 1.04Network 18 Fincap Limited 1.02Hindustan Unilever Limited 1.02Mcdowell Holdings Limited 0.92Other Equities 7.65Total Equities 12.95Debt SIDBI LTD CP MAT 13.28United Bank Of India Cd Mat 13.25Ing Vysya Bank Cd Mat 9.30Central Bank Of India Cd Mat 7.95Axis Bank Cd Mat 7.57Other Debt 21.61Total Debt 72.95Cash,Current Assets & Others 14.11 Total Assets 100.00

TATA MONTHLY INCOME FUND


Name: Raju Sharma

Equity %

Mphasis Ltd. 1.52

Oracle Financials Services Software 0.97

HDFC Limited 0.91

KEC International Ltd 0.85


Other Equities 3.45

Total Equities 8.50

Debt

Exim 21.72

Andhra Bank 21.66

Power Finance Corporation 6.37

Indian Railway Finance Corp 5.66

Steel Authority Of India Ltd. 5.44

Other Debt 2.25

Total Debt 63.10


Total Assets 100.00

JM MIP

FUND SIZE-- Rs. 8.81 CRORES

Name: Shalini Tibrewala

Equity %

Jai Prakash Associates 4.82

Polaris Software & Lab 3.63

Mysore Cement 3.44

Allahabad Bank 2.80

McDowell Holdings 0.02

Other Equities


Debt


India Infoline 17.29

Indian Railway Fin. Corp. 13.62

Religare Securities 11.87

UTI Bank 7.94

Other Debt 7.82

Total Debt 82.37


Total Assets 100.00

PRINCIPAL MIP


Name: Shyam Bhatt

Equity %

Dr. Reddys Laboratories Ltd 0.91

Sterlite Industries (India) Ltd 0.88

Maruti Suzuki India Ltd 0.86

CESC Ltd 0.74

Mphasis Ltd 0.66



Debt

United Bank Of India 12.86

State Bank Of Hyderabad 7.11

Reliance Industries Ltd 6.96

Canara Bank 6.45

IDBI Bank Ltd 6.22

Other Debt 37.25

Total Debt 76.85


Total Assets 100.00

ICICI PRUDENTIAL INCOME MULTIPLIER FUND -

CUMULATIVE FUND SIZE-- Rs. 364.10 Crores

Name: Mrinal Singh

Equity %



Axis Bank Ltd. 1.73

ICICI BANK Ltd. 1.41




Debt

SREI Equipment Finance Private Limited 6.93

Sundaram Finance Services Ltd. 6.81

Deutsche Postbank Home Finance Ltd. 6.72

LIC Housing Finance Ltd. 6.71

Kotak Mahindra Primus 4.04

Other Debt 6.90

Total Debt 38.11


Total Assets 100.00

RELIANCE MIP


Name : Amit Tripathy

Equity %


Itc Ltd 1.33



Ranbaxy Laboratories Ltd. 0.84



Debt


Uco Bank 5.84

Tata Steel Ltd. 5.07

Oriental Bank Of Commerce 4.86

Union Bank Of India 4.83

Other Debt 48.58

Total Debt 76.35


Total Assets 100.00DWS TWIN ADVANTAGE

FUND


Name: Nitish Gupta

Equity %HSBC Invest Direct India 3.68Areva T&D India 3.50Suashish Diamands 2.85Atlas Copco (India) 1.98Zenotech laboratories 1.89Other Equities 5.15Total Equities 19.03Debt Piramal Helthcare 11.89TATA Motors Secuterisation Debt. 9.61Bajaj Auto Finance 9.28AXIS Bank 9.27Sunderam Finance 8.83Other Debt 29.38Total Debt 78.26Cash,Current Assets & Others 2.69 Total Assets 100.00

SUNDARAM BNP PARIBAS MIP FUND


Name: K Ramkumar

Equity %State Bank Of India 2.91Bharti Airtel 2.74Reliance Industries 2.72Larsen & Toubro 2.51Crompton Greaves 2.19Other Equities -Total Equities 13.08Debt Reliance Capital 13.13Tata Communications 12.86Oriental Bank of Commerce 12.28Aditya Birla Nuvo 9.51State Bank of Travancore 7.52Other Debt 28.12Total Debt 83.40Cash,Current Assets & Others 3.50 Total Assets 100.00

UTI MONTHLY INCOME SCHEME

FUND SIZE-- Rs. 248.01 Crores Name: V Srivatsa

Equity %Infosys Technologies Ltd. 0.95


Asian Paints Ltd. 0.83


C E S C Ltd. 0.77

Other Equities 8.32

Total Equities 12.54Debt NCD Shriram Transport Finance Co.Ltd. 6.39

C D Canara Bank 6.03

Gsec Reserve Bank Of Indiamaturing 2.35

NCD Mahindra & Mahindra Fin.Ser.Ltd. 2.17

NCD National Bank For Agriculture & Rural Development 2.12

Other Debt 46.96

Total Debt 66.02Cash,Current Assets & Others 21.44

Total Assets 100.00

INDEX EXPOSURE (%)EQUITY FUNDS

Fund Size(in Rs Crs.)

PORTFOLIODIVERSIFICATION (%)

BSEMID CAP

BSESENSEX

BSESMALL CAP

Top 5Holdings

Top 10HoldingsScheme Name No. of Scrips Avg. Exposure

SNAP SHOTMUTUAL FUNDS

EQUITY FUNDS - HOLDING BY MKT CAP & CONCENTRATION

LARGE CAP EQUITY FUNDS Birla Sun Life Equity Fund 1177 61 19.29 35.92 31.37 6.40 16.07 29.8Birla Sun Life Frontline Equity Fund - Plan A 1986 61 32.55 51.17 17.99 N.A 18.02 30.28Birla Sun Life Top 100 Fund 366 38 9.64 52.58 16.30 N.A 24.47 40.66DSP BlackRock Equity Fund 1804 78 23.13 30.80 28.36 3.80 18.45 30.88DSP BlackRock Top 100 Equity Fund 2680 45 59.56 49.00 0.68 N.A 27.81 45.18DWS Alpha Equity Fund 185 26 7.13 56.18 11.34 N.A 33.58 58.65Fidelity Equity Fund 2752 62 44.39 47.36 13.66 3.63 23.26 38.81Fortis Equity Fund 82 55 1.49 58.20 11.85 1.90 29.77 43.8Franklin India Bluechip 2940 40 73.51 55.27 8.89 N.A 30.18 46.29Franklin India Prima Plus 1772 61 29.05 28.30 32.09 4.42 23.49 36.3HDFC Equity Fund 5862 61 96.1 36.83 30.69 1.15 26.36 38.76HDFC Growth Fund 1275 38 33.56 38.66 24.07 5.13 28.73 50.64HDFC Top 200 6859 64 107.17 53.71 14.35 N.A 26.16 41.13HSBC Equity Fund 1383 36 38.41 64.77 6.30 N.A 26.64 45.84ICICI Prudential Focused Equity Fund- Retail 1187 21 56.52 65.71 N.A N.A 36.18 62.77ICICI Prudential Growth Plan - Cumulative 385 22 17.48 82.05 N.A N.A 37.71 61.74ICICI Prudential Power 703 32 21.97 72.51 14.41 1.17 37.77 58.04Kotak 30 990 38 26.06 50.77 21.44 1.59 26.62 42.59PRINCIPAL Growth Fund 206 53 3.88 40.05 27.82 1.70 16.48 29.51Reliance Vision 3693 34 108.62 50.82 15.82 N.A 27.28 45.75SBI Magnum Sector Umbrella - Contra 3555 81 43.89 47.20 22.56 1.76 22.39 34.61Sundaram BNP Paribas Select Focus 1184 31 38.2 54.39 18.46 N.A 30.94 49.49Tata Pure Equity Fund 568 48 11.83 40.85 25.74 3.98 19.62 35.33OPPORTUNITIES FUNDS Birla Sun Life India Opportunities Fund 60 32 1.88 31.86 37.44 3.12 35.78 54.94DSP BlackRock Opportunities Fund 880 79 11.13 31.02 16.45 1.06 19.02 31.91Fortis Opportunities Fund 85 62 1.38 43.86 16.59 3.24 19.11 32.25Franklin India Opportunity Fund 555 80 6.94 48.12 22.00 4.18 24.73 36.78HSBC India Opportunities Fund 284 29 9.79 51.85 14.72 N.A 27.11 46.87Kotak Opportunities Fund 1071 62 17.28 29.90 40.23 2.90 16.41 29.63Reliance Equity Opportunities Fund 2021 33 61.24 25.28 22.38 5.51 23.93 44.19Tata Equity Opportunities Fund 457 51 8.96 27.82 30.91 20.36 19.25 34.46UTI Opportunities Fund 1392 41 33.95 49.40 16.50 N.A 21.61 39.04MID CAP EQUITY FUNDS Birla Sun Life Mid Cap Fund - Plan A 1565 53 29.52 N.A 62.98 12.56 13.52 26.15DSP BlackRock India Tiger Fund 3306 82 40.32 29.13 26.88 4.68 17.32 28.92Franklin India Prima Fund 949 56 16.95 5.09 65.32 3.15 18.27 33.29HDFC Capital Builder Fund 617 37 16.68 33.52 33.30 1.39 25.03 43.62HSBC Midcap Equity Fund 177 35 5.06 N.A 37.23 8.36 20.17 35.65ICICI Prudential Emerging STAR Fund 442 54 8.19 N.A 50.64 9.78 17.88 30.83Kotak Midcap Fund 146 59 2.48 1.08 59.41 9.09 13.24 24.81Reliance Growth 7173 40 179.31 17.86 23.06 2.61 18.27 30.39SBI Magnum Global Fund 94 1239 42 29.49 1.76 59.20 8.39 23.61 40.50SBI Magnum Midcap Fund 331 29 11.40 N.A 47.69 13.90 31.94 56.38SBI Magnum Multiplier Plus 93 1123 39 28.79 24.12 36.43 2.38 24.27 40.78SBI Magnum Sector Umbrella - Emerging Businesses 205 37 5.55 6.85 31.07 16.12 23.31 41.49Sundaram BNP Paribas Select Midcap 2024 56 36.14 N.A 54.50 1.75 17.91 31.84Tata Midcap Fund 102 46 2.22 N.A 40.94 13.71 18.20 33.89THEMATIC/SECTOR FUNDSBirla Sun Life Basic Industries 134 54 2.49 28.29 29.82 14.45 16.77 29.11Birla Sun Life Buy India Fund 51 36 1.42 21.70 35.66 7.23 25.59 45.06Birla Sun Life Dividend Yield Plus 350 54 6.49 5.88 49.62 17.00 18.99 33.96Birla Sun Life India GenNext Fund 93 35 2.65 9.97 36.14 3.45 21.39 40.05Fidelity India Special Situations Fund 1059 86 12.31 36.78 23.34 6.91 24.55 36.76HDFC Core & Satellite Fund 422 35 12.05 23.17 32.18 11.35 27.54 49.73ICICI Prudential FMCG 65 9 7.27 38.19 28.24 N.A 67.93 97.13ICICI Prudential Infrastructure Fund 4034 38 106.16 63.45 10.73 0.61 41.24 62.56JM Basic Fund 546 23 23.73 16.61 47.54 22.07 27.86 50.32Kotak Contra Fund 95 71 1.33 19.35 34.67 7.39 14.69 26.25PRINCIPAL Dividend Yield Fund 113 51 2.21 26.25 42.79 N.A 19.87 35.96Reliance Diversified Power Fund 5530 31 178.37 29.25 17.96 6.64 24.12 41.93SBI Magnum COMMA Fund 730 43 16.97 24.69 30.59 3.38 25.05 42.25Tata Equity P/E Fund 459 56 8.19 16.72 42.64 6.08 19.34 32.81Tata Infrastructure Fund 2286 52 43.97 39.85 24.37 3.87 20.81 37.06


EQUITY FUNDS - SECTOR ALLOCATIONSector Allocation (%)Equity Funds

Scheme Name

Auto & AutoAncil-laries

Bank-ing &

FinanceFMCG

Elect. & Electri-cal Eqp.

Metals Textiles OthersITMedia & Enter-

tainmentHousing& Con-

struction

Oil & Gas, Petro-leum &

Refinery

Telecom

Engi-neering

& Capital Goods

Pharma-ceuticals

PowerGeneration,Transmis-

sion & 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 15.55Birla 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 12.44Birla 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 15.87DSP 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 21.69DSP 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 9.18DWS 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 7.46Fidelity 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 10.13Fortis 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 8.45Franklin 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 16.45Franklin 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 15.42HDFC 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 11.85HDFC 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 16.73HDFC 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 9.26HSBC 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 11.89ICICI 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 12.20ICICI 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 14.85ICICI 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 13.95Kotak 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 -0.81PRINCIPAL 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 6.77Reliance 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 12.24SBI 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 13.44Sundaram 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 10.24Tata 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 16.95OPPORTUNITIES 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 0.89DSP 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 12.50Fortis 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 13.17Franklin 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 11.43HSBC 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 13.60Kotak 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 9.65Reliance 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 25.05Tata 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 20.36UTI 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 20.59MIDCAP 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 16.78DSP 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 10.00Franklin 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 19.90HDFC 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 14.19HSBC 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 37.56ICICI 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 24.76Kotak 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 27.04Reliance 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 40.17SBI 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 19.58SBI 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 16.71SBI 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 23.16SBI 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 34.26Sundaram 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 30.65Tata 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 20.36THEMATIC/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 14.59Birla 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 44.17Birla 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 22.76Birla 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 34.30Fidelity 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 18.77HDFC 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 16.43ICICI 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 29.33ICICI 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 17.56JM 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 11.45Kotak 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 0.29PRINCIPAL 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 11.71Reliance 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 16.74SBI 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 34.76Tata 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 21.05Tata 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



Compounded Annualized Returns (%) Statistical Measure

InceptionDate 1 Month 1 Year 5 Years Treynor

AbsoluteReturns (%)

Scheme NameNAV

(31-Mar-10) 3 Months 3 Years StandardDeviation

Equity Funds

6 Months

EQUITY FUNDS - PERFORMANCE

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



Scheme Name

DEBT FUNDS - PERFORMANCE

NAV (31-Mar-10)

InceptionDate 2 Weeks 1 Month 3 Months 6 Months 1 Year Sharpe

StandardDeviation

Compounded Annualized (%) Statistical MeasureSimple Annualized Returns (%)

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



Scheme NameFund Size (Rs. Crs.)

Average Maturity in Days

AA/AA+ AAA/P+ Call & Cash GSEC OTHERS

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

DEBT FUNDS - PORTFOLIO COMPOSITION



CANARA ROBECO F.O.R.C.E FUND Financial Opportunities Retail Consumption Entertainment

Product Update

(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:

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: -

Equity and equity related instruments of companies in the Finance, Retail& Entertainment :

Other Equity and Equity related instruments :

65-100%

0-35%

Domestic Debt and Money Market Instruments (including securitized debt up to 10% of net assets:

0-35%

Sector Allocation Range (%)

Financial Services 40 – 65

Retail Consumption 10 - 25

Entertainment 15 – 35


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.

Investment Style

Top 10 Holdings as on Mar 31, 2010

Product Update

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.

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

Large Cap

Mid Cap

Small Cap

Growth Blend Value

Company Value (Cr.) %

HDFC Bank Ltd. 15.36 7.9

Sun T V Network Ltd. 14.37 7.39

Zee News Ltd. 12.29 6.32

State Bank of India 10.17 5.23

Axis Bank Ltd. 9.45 4.86

Mahindra Holidays & Resorts India Ltd. 7.34 3.78

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


DWS GLOBAL AGRIBUSINESS OFFSHORE FUND

New Product Update

(An open ended overseas Fund of Funds Scheme)

What is Agribusiness?

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

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


NFO closes on 30th of April 2010

Units / securities issued by overseas mutual funds or unit trusts

80-100%

Debt Instruments including Government Securities, Corporate Debt, Money Market Instruments, (including cash and units of

domestic money market mutual funds).

0-20%

Investment philosophy

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

For inclusion, companies must meet the following criteria:

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

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.


New Product Update

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.

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.


KOTAK CREDIT OPPORTUNITIES FUND

New Product Update

(An Open Ended Debt Scheme)

Investment Objective:

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


Debt, Money Market Instruments & Government Securities with Maturity Upto 1 Year*

35-100%

Debt, Money Market Instruments & Government Securities with Maturity Greater than 1 Year*

0-65%

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

NFO closes on 30th April 2010

Risk – Return Positioning:

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.


...currently all tax savings

under Sec. 80C are permanent in nature. This

means that once the tax is saved

for that particular year, it is saved, per se. When the invested amount

matures, it is tax free

A. N. Shanbhag TAXTALK

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 transition into the EET system of taxation. This article examines these aspects in detail.

First let’s look at EET. EET, which stands for Exempt Exempt Taxed, is a tax system where an investment in a savings plan is deductible from the income. So also is the interest earned. However, the maturity amount is taxable. 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, currently all tax savings under Sec. 80C are permanent in nature. This means that once the tax is saved for that particular year, it is saved per se. When the invested amount matures, it is tax free.

However, when the EET system is put into place, permanent tax saving won’t be possible. This is because by making an investment, you will reduce the same from your income 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 InvestmentsIn this context, the most common apprehension


New Direct Tax Code A PARADIGM SHIFT

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

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

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 GainsIn 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 slabsOn the flip side however, there is a significant relaxation in the tax slabs as follows:

To sum upAll 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.

The author contributes to Investime regularly on matters of current interest

Net TaxableIncome Slab

Tax at Minimum

Marginal rate

Rs. Rs. %

Under 1,60,000 Nil Nil

1,60,001 - 10,00,000

Nil 10

10,00,001 - 25,00,000

84,000 20

Over 25,00,001 3,84,000 30


TAXTALK

Investime APRIL 2010

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Transcript of Investime APRIL 2010