MMR Wealth - March - 15

For privileged circulation only
Monthly
Market Review
MARCH2015 I SSUE 4 V OLUME 3
Contents
The First Page
Macro Developments
Fixed Income
Equity Markets
Commodities
Currency Markets
Core Schemes
Satellite Schemes
12
Scheme Recommendations
15
Model Portfolio
23
Product Labelling
25
The First Page

Dear Investor,
The recent weeks have been quite eventful from the financial markets perspective due to mainly two factors. These are the
presentation of the Union Budget and the RBI rate cut. The rate cut, second in a row from the RBI has clearly indicated a shift in the policy
of the central bank to a soft mode and the RBI is expected to continue the policy stance consistently due to the subdued inflation
facilitated mainly by the lower oil prices and stable exchange rate, and also on account of the fact that the Union Budget has presented a
roadmap for fiscal consolidation. The rate cuts will definitely help the economy in terms of a lower cost of funds and also a likely support
to earnings growth for corporate.
A look at the budget more closely will reveal that the accent of the Union Budget is on job creation, poverty alleviation, and also creation
and enhancement of infrastructure. There are three important proposals which are of particular interest. The first and most important
proposal is the one relating to the issue of gold bonds. This will help monetize the gold holdings which is dormant at this point in time,
and conversion of physical savings into financial savings. The second major development is the proposed is in the pension funds space
where the contribution to pension funds to the extent of Rs.50,000/-, that is, to NPS will be exempt from tax. This may encourage more
flows into the NPS and these moneys could in turn come back into the markets as longer term investments, chasing either long bonds or
equities. Third development is the accent put on health insurance as the tax benefit on health insurance premium has been enhanced to
Rs.25,000/- from the current Rs.15,000/- The conversion of post office network into payment bank is another matter which will be of
interest to the financial services business as this will help product manufacturers to take their products and solutions to millions of
people across the country due to the reach of the post offices.
The markets are also looking at the direction in which the policy of the Fed and the ECB are moving, and the factors that would help the
domestic markets is the returns differentials that are still maintained with all the other prominent markets. With prospects of the
domestic economy quite bright with growth estimates for the next year put at 8- 8.50 per cent, the earnings growth would also be in line
with that and this would help equity assets to provide lucrative dividends. And the falling interest rate scenario will help fixed income
markets unlike at any time in the past.
The essence of portfolio performance will be, the asset allocation philosophy that is followed on portfolios and the consistency in
following the same. Such portfolios will generally outperform the standard benchmarks as is evident from a scientific analysis of the
historical performance.
Girish Venkat
Executive Vice - President &
Head- Wealth Management
Macro Developments
USA
The economic data from US remains strong and the Feb
employment data remained strong as it 295k jobs were added. If we
consider the 18k downward revision to Jan payrolls, the 3 month
average job gain has been around 287k, which is one of the highest
since 2009. The job growth was very broad based with private
service sector adding the most, government added 8k jobs and
construction sector added 29k for the month. Unemployment rate
fell to 5.5 per cent and is now close to the US Fed unemployment rate
target of 5.2-5.5 per cent which was the levels before the financial
crisis and the labor force participation rate fell to 62.8 per cent and
has been flat for the past six months. Although employment data
was strong, average hourly earnings was weak as it rose 0.1 per cent
M-o-M after a 0.5 per cent M-o-M in Jan.
U. S Unemployment Rate (%)
11.00
per cent from the year before and the data for Feb is expected to be
bad due to the harsh winter climate and sales will start improving
once the spring starts.
On the inflation front, CPI fell 0.7 per cent in Jan, the third straight
month of decline and the largest monthly drop since Dec08 mainly
on account of fall in gasoline prices. The fall of crude prices since
Sept14 by 50 per cent has led to a major fall in CPI but it is expected
to inch up in Feb as the gasoline prices rose 5.5 per cent during Feb.
The headline numbers remain weak but the underlying indicates
that weakness is due to temporary factors and should bounce back
soon. US Fed target for inflation is at 2 per cent and it will want CPI to
rise to the target levels while the core CPI rose to 0.2 per cent.
Europe
On the macro front, data from the region is pointing towards some
recovery and should be positive as the ECB has embarked on QE to
boost growth.
Percentage Change
10.00
9.00
8.00
7.00
6.00
5.00
1-Jan-07
1-Apr-07
1-Jul-07
1-Oct-07
1-Jan-08
1-Apr-08
1-Jul-08
1-Oct-08
1-Jan-09
1-Apr-09
1-Jul-09
1-Oct-09
1-Jan-10
1-Apr-10
1-Jul-10
1-Oct-10
1-Jan-11
1-Apr-11
1-Jul-11
1-Oct-11
1-Jan-12
1-Apr-12
1-Jul-12
1-Oct-12
1-Jan-13
1-Apr-13
1-Jul-13
1-Oct-13
1-Jan-14
1-Apr-14
1-Jul-14
1-Oct-14
1-Jan-15
4.00
Source: Reuters
If we look at some of the leading indicators such as ISM

manufacturing and non manufacturing index, the manufacturing
index fell to 52.9 for the fourth straight month in Feb and is at the
lowest number since Jan14. Manufacturing sector is struggling due
to a stronger dollar and cut in investment from the energy sector
due to the low oil prices. Breakup of the ISM manufacturing index
indicate 12 out of the 18 industries are reporting growth, while new
export orders index fell below 50, while employment, production
and new orders components all remained weak in Feb. On the other
hand ISM non manufacturing index rose to 56.9 in Feb, rising for the
second month in a row. Break up indicates that new orders index fell
a 56.7 from 59.5 in Jan showing a slowdown in activity going ahead.
Housing data continues to remain mixed with the pending home
sales index rising to 104.2 in Jan and is at its highest level since
Aug13. Index is up 6.5 per cent Y-o-Y and on a three month average
basis; the gains in pending home sales are now higher than the
existing home sales. This indicates that the recent weakness in
existing home sales may reverse in coming months. On the other
hand existing home sales fell 4.9 per cent in Jan to its lowest level in
nine months. Januarys number now markets the second of the
three months where sales have been below the 5mn mark. Sales for
single family and condos declined for the month by 5.1 per cent and
3.5 per cent respectively and the fall may be attributed due to the
harsh winter conditions. New home sales fell 0.2 per cent in Jan but
sales for the previous three months were revised upwards which
clearly indicate the level of activity is much stronger than expected.
New home sales were to the tune of 437K units in 2014, a gain of 1.9
The leading indicators such as PMI data point towards some

improvement as the euro area composite PMI rose to 53.5 in Feb
from 52.6 in Jan and is at the highest level since April14. The
increase was on account of services PMI which rose to 53.9 while the
manufacturing PMI remained unchanged at 51.1. If we look at the
manufacturing PMI, though the index remained unchanged the
underlying were better as the new orders index rose a bit due to
higher export orders and there was a decline in stocks of finished
goods which implies an increase in manufacturing going ahead. The
services PMI rose primarily due to higher future business
expectations, new business growth and an increase in backlog of
work. Services PMI is at the highest level since May11 and this
increase should reflect the boost to private consumption.
The Q4 GDP for Eurozone grew 0.3 per cent much better than the
market expectations of 0.2 per cent primarily on account of growth
in Germany, where its real GDP grew 0.7 per cent. Other core
countries like Italy and France remained unimpressive as France
grew by just 0.1 per cent while Italy remained flat after two quarters
of contraction. The break of the GDP will be not be available for a few
weeks but it seems that the growth was driven by strong domestic
demand. GDP growth for the region is expected to better than last
year as the political risks in the region has faded and lower fuel prices
should boost real consumer spending. The region though continues
to remain in a deflation mode as the CPI has moved into negative
territory and ECB launching its QE should put money into the region.
The Euro area retail sales rose for the fourth month in a row in Jan as
they grew 1.1 per cent M-o-M and even the December number was
revised upwards to 0.4 per cent M-o-M against 0.3 per cent reported
earlier. The January growth was due to strong German retail sales
which rose 2.9 per cent M-o-M and 6.8 per cent growth in Portugal
retail sales. French retail sales remained subdued as it grew 0.1 per
cent M-o-M. The strong retail sales in the past four months indicate
that recovery is gaining momentum in the region and the consumers
purchasing power is boosted further due to lower oil prices. Retail
sales are also supported by the declining unemployment in the region
though the unemployment rate is high is certain countries.
Fixed Income
Fixed Income - Global
10 Year Benchmark Yields [%]
Date/
26-FebCountries 2015
13-Feb2015
30-Jan2015
15-Jan- 30-Dec2015
2014
15-Dec2014
US
2.01
2.02
1.68
1.78
2.19
2.12
UK
1.73
1.68
1.33
1.51
1.79
1.80
Japan
0.34
0.42
0.29
0.25
0.33
0.38
Spain
1.28
1.57
1.46
1.59
1.60
1.79
Germany
0.30
0.35
0.31
0.48
0.54
0.63
France
0.52
0.59
0.55
0.67
0.83
0.90
Italy
1.37
1.64
1.65
1.74
1.89
2.00
Brazil
12.65
12.59
11.97
12.16
12.43
12.70
China
3.36
3.40
3.51
3.57
3.65
3.77
India
7.74
7.70
7.69
7.70
7.87
7.84
Source: Reuters
Fixed income markets continue to remain a state of flux after a

series of events in Jan have made it more volatile. US 10 year
Treasuries fell by almost 30-35bps from Jan end to trade at 2.11
levels as a spate of positive economic data led investors and
traders exiting from bonds and were worried about a rate hike
by the US Fed. Markets continue to remain focused on the
outlook for Fed policy and after Fed Chairwomens testimony
before Congress on 24th Feb indicated that Fed is no rush to hike
rates and any rate action will become more data dependent. She
indicated that Fed is fairly pleased with the US economy,
particularly the labor market, international macroeconomic
developments present some downside risk but it may be
mitigated by the fall in crude prices and the QE from ECB and
BoJ, inflation will be watched closely as it remains much below
the target of 2 per cent. On the other hand, European core
countries like Germany, France and UK saw their 10 year yields
hitting lifetime lows on account of ECB starting the QE from
March and ECB indicating that it will buy bonds even if they give
negative yields. Peripheral countries like Spain, Italy and
Portugal saw their bonds rallying on account of the QE despite
Spain and UK facing elections this year. However the fears of US
Fed rate hike saw some sell off in emerging market yields as
Brazil and India saw yields rising modestly while Chinese yields
fell on account of a surprise rate cut by the central bank to boost
its growth. Fixed Income markets in March will be more data
dependent and as US Fed policy starts diverging from other
major central bankers.
Fixed Income - India
In the monetary policy statement announced the RBI cut Repo
rate by 25 bps to 7.50 per cent. The need to act outside the policy
review cycle is prompted by two factors: First, while the next bimonthly policy statement will be issued on April 7, 2015 the still
weak state of certain sectors of the economy as well as the
global trend towards easing suggests that any policy action
should be anticipatory once sufficient data support the policy

stance. Second, with the release of the agreement on the
monetary policy framework, it is appropriate for the Reserve
Bank to offer guidance on how it will implement the mandate.
Going forward, the RBI will seek to bring the inflation rate to the
mid-point of the band of 4 +/- 2 per cent provided for in the
agreement, i.e., to 4 per cent by the end of a two year period
starting fiscal year 2016-17.
The accent of this Union Budget is on job creation, poverty
alleviation, and also creation and enhancement of
infrastructure. The GDP growth for the current year is placed at
7.40 per cent, and the growth for the next year is estimated at 88.50 per cent. Government borrowing for FY16 has been set at
Rs.4.56 lac crs on a net basis against Rs. 4.46 lac crs in FY15
which is almost the same as last year. On gross basis, the total
borrowing for FY16 stands at Rs.6 lac crs. The Finance Minister
also mentioned that the inflation indicated by CPI would remain
somewhere around the 5 per cent level and that it will help the
RBI to ease the monetary policy further.
The introduction of the gold bonds scheme will help monetize
the physical gold held by individuals and it will help promote
financial savings. The very fact that a dormant asset is being
used to create a tradable and liquid asset itself would lead to
release of substantial amount of liquidity into productive
channels. The impact on the price level most often happens
mainly through the tax rate changes. The revision upwards of
the service tax from 12.36 per cent to 14 per cent would make
the price of services higher. It may also be mentioned here that
in the Railway Budget the freight on several articles like coal,
steel, cement etc. have been hiked. The enhancement of the
deduction limit for health insurance premium and the
additional deduction on account of the New Pension Scheme
will leave more money in the hands of people.
The current account deficit (CAD) narrowed to USD 8.2 billion in
the December quarter from USD 10.1 billion in the preceding
quarter. The CAD for the quarter came in at 1.6 per cent of the
GDP compared to two per cent in the previous quarter. CAD for
December 2014 quarter was up from USD 4.2 billion in
December 2013. The reduction in the CAD in the December
quarter compared to previous quarter was primarily on account
of an improvement in the net exports of services.
CPI for the month of January came in at 5.11 per cent much lower
than the market expectations of 5.6 per cent and 4.28 per cent
growth seen in December. CPI has not moved up much despite
the base effect ending which clearly indicates that the trend is
expected to be down. Core inflation was at a fresh low of 3.94
per cent. Combined Food Inflation Index rose to 6.13 per cent
against 4.39 per cent in December. The growth in food inflation
is the maximum seen since September last year. Fuel and light
index moved up to 3.74 per cent as against 3.4 per cent in
December, highest growth seen in last 5 months.
Fixed Income
CPI Rural, Urban and Combined (in %)
CPI & Food Inflation (%)

13
12
Rural
Urban
Combined
Jan-15 Dec-14 Jan-15 Dec-14 Jan-15 Dec-14 Weight
11
10
9
8
7
6
Food and beverages
5.69
4.89
6.93
5.43
6.13
5.06
45.86
Pan, tobacco and

intoxicants
7.54
7.09
10.11
11.53
8.21
8.36
2.38
Fuel & light
4.69
3.80
2.16
2.73
3.74
3.41
6.84
Clothing, bedding &

footwear
6.71
6.97
5.25
5.51
6.15
6.51
6.53
CP
Jan-15
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Food, beverages & tobacco
Source: CMIE
The Index of Industrial Production (IIP) for the month of

December came in at 1.7 per cent much lower than the market
expectations of 1.9 per cent and below the 3.91 per cent seen in
Nov 14. Average IIP growth for April-Dec 14 now stands at 2.09
per cent against 0.03 per cent growth in the same period last
year. IIP expanded on the back of a modest growth in
manufacturing sector which grew 2.06 per cent against a 3.14
per cent growth in Nov 14 and 1.10 per cent fall in Dec 13. Mining
sector contracted by 3.16 per cent for the first time since Oct 13,
while electricity sector slowed down drastically to 4.84 per cent
against 9.97 per cent in Nov. Among the Use based
classification, capital goods slowed down to a 4.13 per cent
growth compared to a strong 6.62 per cent growth in Nov.
Consumer goods turned positive after six months of continuous
negative growth to 0.73 per cent against 2.09 per cent
contraction in Nov. Core sector growth for Dec 14 came in at 2.4
per cent against 6.7 per cent.
8.00
6.00
4.00
2.00
0.00
-2.00
Core Sector Growth [%]
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Feb-14
Mar-14
Jan-14
Dec-13
Nov-13
-6.00
Oct-13
-4.00
IIP Growth [%]
5.11
7.84
5.11
7.84
10.07
Miscellaneous
Housing
3.44
4.11
2.62
3.71
2.98
3.95
28.32
Headline
5.25
4.71
4.96
5.32
5.11
5.00
100.00
Source: CMIE
Indias exports declined in January 2015 by 11.2 per cent on a

y-o-y basis. This was the sharpest fall in exports in two-and-ahalf years. In absolute terms, exports touched USD 23.88 bn
the lowest level in 21 months. Imports fell by 11.4 per cent in
January 2015 on a y-o-y basis. This was the first instance of a
double-digit fall in eight months. In absolute terms, imports
touched USD 32.2bn, the lowest level in four years. Imports
had averaged at USD 38.91bn per month during AprilDecember 14. Indias trade deficit fell by 12 per cent to USD
8.32bn Jan 15 on a y-o-y basis. This was the second consecutive
month of a decline in the deficit. On a sequential basis, the
deficit touched a 11-month low.
On fixed income side accrual products and short term income
funds may be looked at as the potential for downward
adjustment is more at the short end of the curve. The
investment in Accrual funds may be done with a time horizon of
3 years to bring some stability to the overall portfolio returns.
The Short Term Funds may also be looked at with a time horizon
of 6 months to 1 year. Investment recommendation at this
juncture is that investors who are already holding long term
debt funds when yields were above 8 per cent should continue to
hold as we expect the ten year benchmark yield to trend towards
7.15 per cent - 7.20 per cent by end of the year. Fresh investment
into duration funds may be done at 7.80-7.90 per cent not
exceeding 5-10 per cent of the portfolio.
Source: CMIE
IIP- Sector Wise Growth Rate (%)
Categories
Dec-14
Nov-14
Dec-13
Weight
Sector-Wise
(3.16)
3.88
2.57
14.16%
Manufacturing
2.06
3.14
(1.10)
75.53%
Electricity
4.84
9.97
7.49
Mining
Use based classification
10.32%
100.00%
Basic goods
2.43
7.10
3.00
Capital goods
4.13
6.62
(2.45)
45.68%
8.83%
Intermediate goods
0.06
4.50
5.22
15.69%
29.81%
0.73
(2.09)
(4.64)
(8.99)
(14.46)
(16.36)
8.46%
Consumer non-durables
5.73
6.18
2.80
21.35%
IIP
1.73
3.91
0.11
100.00%
Consumer goods
Consumer durables
Source: CMIE
Equity Markets
Equity - Global
Indices
BEL-20 (Belgium)
Bovespa (Brazil)
CAC 40 (France)
CNX Nifty Index (India)
DAX (Germany)
Dow Jones (USA)
FTSE 100 (UK)
Hang Seng (Hong Kong)
Jakarta Composite (Indonesia)
KLSE Composite (Malaysia)
Madrid General (Spain)
Nasdaq (USA)
Nikkei 225 (Japan)
S&P BSE SENSEX (India)
S&P 500 (U.S.A.)
Seoul Composite (S.Korea)
Shanghai Composite (China)
Straits Times (Singapore)
Swiss Market (Switzerland)
Taiwan Weighted (Taiwan)
Source: ACE MF
Absolute Returns (%)
CAGR (%)
1 Month
1 Year
5.22
9.97
7.54
1.06
6.61
5.64
2.92
1.29
3.04
2.24
7.71
7.08
6.36
5.49
0.61
1.87
3.11
0.34
7.51
2.78
19.94
9.53
12.33
41.82
17.64
11.10
2.01
8.70
17.97
(0.79)
9.53
15.21
26.66
13.18
39.02
0.29
0.51
9.39
6.36
11.37
Performance as on 28th February 2015
Global equity markets continued their good run into Feb as several
factors supported the rally such as ECB announcing its QE program,
a spate of positive economic data flows, reduction of tension in
Ukraine, crude prices continuing to remain low, supportive policy
actions by most central bankers and fears of Greece exiting from
EU receded. Most of the European indices performed well during
the month with Germany, France and Spain being the top gainers
while among the emerging markets Brazil and China were the top
gainers.
US Markets
US Equities posted strong gains during Feb as all the three major
indices rose around 5-6 per cent. Most indices are trading near life
time highs and in Feb, nine of the ten S&P 500 sectors posted gains
indicating a broad based gains. Top sectoral gainers was a mix of
cyclical and defensives such as consumer discretionary,
information technology and materials sectors.
Markets are rising on improving economic fundamentals coupled
with rising investor confidence on US equities. The rally till now has
been driven by improved earnings by its corporates coupled with
the Fed driven liquidity and price earnings expansion. Going ahead
markets may consolidate a bit after rising strongly in Feb as
investors look at when US Fed may hike interest rates and the
outlook very closely.
Some of the important factors which will influence equities in
March and April will be the employment data, the March FOMC
meeting, price of crude oil, domestic economic data and the
global economic and geopolitical conditions. The latest
employment data has been stronger than expectations and
unemployment has fallen to 5.5 per cent now, all eyes will be on
the FOMC meeting in March, where everyone will be watching the

statement and the forward guidance.
Equity - India
Last month, domestic equity market witnessed strong support on
every correction and largely remained in the range of 8750-8900.
Even globally, the stock markets were largely trading in positive
territory. Markets were awaiting two key events last month
a) Railway Budget and b) Union Budget which are now behind us.
Modis 1st full budget is growth oriented with Infra spending being
the key theme. Slow pace of FD cut gives headroom to invest in
Infra. Raft of measures were announced with focus on Make in
India initiative and attracting foreign capital. Budget laid emphasis
on structural reforms along with financial inclusion staying clear of
subsidizing the economy though populist schemes a key positive.
Budget will help stroke pvt investment which has fallen to multi
year low.
Meanwhile Auto and Metal stocks are likely to remain in limelight
as monthly numbers start flowing in and Chinese central bank cut
interest rates over the weekend. Internationally, the crude oil and
commodities continue to remain volatile on the back of various
news flow and policy flip-flops emanating from Iran, Greece,
Russia, US and China.
Coal block auction and spectrum auction begin later driving the
month and can espect existing operators to slug it out to retain
their 900mhz spectrum in circles that go for bids with Govt
expected to make ~ Rs. 1000 bn. FPI flows YTD stand @ $4.3 bn
2nd highest among 8 Asian mkts tracked by Bloomberg. We believe
the positive bias is expected to continue as budget is over and the
government has laid a clear road map and set the tone for the
maekets. We continue our bullish stance on the markets and
expect a 12-15 per cent CAGR returns over the next 5 years.
Sectoral Outlook
Auto: Current monthly numbers were a mixed bag with: Hero
MotoCorp Feb. sales were tows-3.9 per cent YoY to 484,769 units.
TVS Motor Feb sales +15 per cent YoY to 204,565 units. MnM auto
sales 38,033 units vs 42,166 YoY. Fall in commodity prices and rate
cuts will spur additional demand for auto companies. Favourable
currency and likely revival of consumer demand in developed and
other emerging countries will give boost to exports. Maruti, Eicher
Motors, Tata Motor, Hero Moto and TVS are expected to benefit on
account of revival in consumer sentiments. Investors can also look
at few auto-ancillary names like Munjal Showa, Greaves Cotton,
Motherson Sumi, Wabco, ZF Steering, etc, which are likely to
benefit from export as well as revival in domestic market.
Capital Goods/Infra: Budget 2015-16 has come out with various
measures like a) National Investment and Infrastructure Fund
(NIIF), to be established with an annual flow of `200bn to it. b) Gross
Budgetary Support (GBS) for the Railways has been pegged at
Rs. 400bn. c) 5 new Ultra Mega Power Projects, each of 4000 MW, in
the Plug-and-Play mode and slew of other measures which will
revive the overall demand and investment cycle in the capital
Equity Markets
Indices
CNX Nifty Index

S&P BSE 100
S&P BSE 200
S&P BSE 500
S&P BSE AUTO Index
S&P BSE BANKEX
S&P BSE Capital Goods
S&P BSE Consumer Durables
S&P BSE FMCG
S&P BSE Health Care
S&P BSE IT
S&P BSE METAL Index
S&P BSE Mid-Cap
S&P BSE OIL & GAS Index
S&P BSE Power Index
S&P BSE PSU
S&P BSE Realty Index
S&P BSE SENSEX
S&P BSE Small-Cap
S&P BSE TECk Index
Source : ACE MF
Absolute Returns (%)
CAGR (%)
1 Month
YTD
1 Year
1.06
1.03
0.92
0.95
-0.02
-0.63
4.00
-2.51
-0.64
1.20
7.07
3.72
0.67
-4.51
2.00
-1.25
0.58
0.61
-0.55
4.68
7.48
7.47
7.19
6.83
7.26
5.20
15.14
7.39
5.87
7.91
13.09
-1.70
4.23
-2.12
8.44
-1.51
17.16
6.77
1.62
9.96
41.82
44.23
47.29
48.57
58.61
83.76
71.36
74.55
26.81
46.26
22.23
22.04
66.31
14.95
48.45
46.92
51.39
39.02
74.81
22.11
Performance as on 28th February 2015
goods and infra space. Governments Make in India initiative

seems to gather momentum and is likely to be a key growth driver
going forward. High Interest cost regimes seems to have come to
an end which will further aid the profitability in the medium to long
term. Overall FY15 seems to be a muted year and situation should
improve FY16 onwards.
Consumer: Government is taking various initiatives to boost local
manufacturing and recently also issued instructions for all PSU
have to buy LEDs instead of CFLs. During the budget Excise duty
was reduced from 12 per cent to 6 per cent for Inputs used in the
manufacture of LED drivers and MCPCB for LED lights, fixtures and
LED lamps which will lead to higher use of LEDs which are more
efficient then CFLs. One another key announcement was Increase
in excise duty in the range of 15-30 per cent for various size of
cigarettes which was higher then street estimates and subdued
industry cigarette volumes are likely to come under further
pressure, as cigarette companies will pass-on the increased tax
burden to consumers. Consumer sentiments continue to remain
weak, especially in discretionary category. Benefits of lower
commodity prices will be reflected in 2HFY15. In long run the sector
will continue to grow at CAGR of 12-15 per cent, led by rise in
disposable income of middle and bottom of the pyramid
population. In short to medium term, we believe discretionary/
consumer cyclical players will do well, led by likely revival in
consumer sentiments. Despite rich valuations, we believe money
making opportunities still remain in select niche businesses with
strong pricing power, strong distribution network and brand
franchisees. Our top picks are HUL, Marico, Dabur, Pidilite, Asian
Paints and United Spirits.
Financials: Downward trajectory in interest rates has begun which
shall lower the cost of funds for banks and NBFC. Here, we believe
the banks & NBFC having i) high proportion of bulk deposit, ii) high
proportion of fixed rate loan book and iii) the companies having
pricing power to retain the benefit of lower cost of fund shall
benefit the most. Credit growth will remain modest at 12-14 per
cent as economic reforms and policies take a while to revive the
capex cycle. Besides, i) CP rates are far lower at ~8-8.5 per cent
which is used by corporates for borrowing rather than bank loan
and ii) Lower tier 1 ratio of PSU banks would limit their ability to
lend. We expect private banks to grab significant market share
from their PSU counterparts in the years to come. NPAs of private
sector banks continue to remain at manageable levels while for
PSU banks, stress may continue for another couple of quarters.
Overall, we prefer banks and NBFC that are likely to benefit from
fall in interest rate. Yes Bank and Indusind are major beneficiaries.
Within the NBFC space, we prefer HDFC Ltd, Dewan Housing and
Bajaj Finance.
Pharma: Majority of the Pharmaceutical companies have come out
with in line street expectations results in Q3FY15 mainly led by
strong sales growth registered in the domestic formulations after
witnesing a slower growth over the past few quarters due to price
cuts on essential medicines. US formulations business grew at a
slower pace during the quarter primarily on account of delay in
approvals from USFDA, however long term growth prospects are
well intact. Revenue from emerging markets have also shown
steady improvement over past few quarters. US market will
continue to provide significant growth opportunities for Indian
Pharma companies as huge number of ANDA filings are pending for
approvals which also include complex generics (high margin & low
competition drugs). Companies with strong ANDA pipeline pending
with USFDA are tend to perform better in the short to medium term.
Power: Government has got a very strong response for the 1st
round of coal block auction and the 2nd round of auction will begin
this week. The main focus is to revive the ailing sector by getting
the stranded projects on stream. Govt is also focusing on nonconventional sources to generate power and reduce power deficit
and has set a target of renewable energy capacity of 175000 MW
till 2022(100000 MW Solar, 60000 MW Wind, 10000 MW Biomass
and 5000 MW Small Hydro). Overall Power sector had been marred
on account of under recoveries which put stress on their financials
and balance sheet. However, recent government steps and cooling
off of coal prices from their highs are likely to benefit these
companies in medium to long term. The sector is likely to benefit
from the increased clarity on the regulatory hurdle front and
reforms undertaken by the centre. PLF is expected to pick up on
back of improved clarity on fuel linkage.
Commodities
Precious Metals
Gold and silver prices nose-dived during February following
dollar rally and positive economic data from US which led stock
market rally and lured investors away from the yellow metal.
Gold fell by around 5 per cent and silver fell by around 4 per cent
last month.
On the domestic policy front, India, the biggest user of gold after
China, did not touch on any rules over gold import duty in
Budget, which was largely expected by most of the investors.
This led to expectation of dull demand from India.
Looking at overall scenario, the underlying fundamentals are
pointing towards a bearish scenario for gold and hence we
would look to remain on sell side at any bounce in the market
from positional perspective. For short term basis, daily
economic data will pave the way for intraday trading.
As per the recent gold demand numbers released by World Gold
Council, gold demand in 2014 dropped by 4 per cent to 3,923.7
MT. But the demand recovered during 4th quarter from key
consumers: India and China. The 4th quarter demand was
higher by 6 per cent on yearly basis against Q413 demand.
Having suffered weak year-on-year comparisons for much of
2014, jewellery demand rallied to a strong finish, reaching 575 T
in the fourth quarter 1 per cent higher than Q4 2013. The
sector was buoyed by good festival- and wedding-related
demand in India, as well as by the seasonal holiday effect in the
US and UK. Global annual jewellery demand of 2,152.9 T,
although down 10 per cent year-on-year, was above the fiveyear average by a comfortable 5 per cent margin.
From an overall perspective, we expect gold to remain choppy.
Prices will be driven by FOMC comments, dollar movements,
physical demand from China and India. We expect that prices
will remain under pressure as the recent comments from FOMC
member indicated that an interest rate hike is on the cards. Also
with the Greece issue being resolved, now safe haven demand
for gold is reduced for short term. Any rally will likely be short
lived until the safe haven demand for gold resurfaces amidst
geopolitical tension or strong physical demand.
Technical View: Trend is bearish. Prices are having resistance at
26,600 and 26,250 at MCX and at $1,190 at COMEX. Till prices
hold below 26,600 this week we will look to remain on sell side at
any bounce towards 26,250. Breach of 26,600 is important to
take prices up. Breach of 25,950 is important to create fresh
selling positions and this can take prices down towards 25,600.
Silver trend is looking down at MCX and Comex. Silver prices are
likely to take resistance around $16.30 on Comex and 36,500 at
MCX. Any bounce towards 36,200-36,400 can be taken as selling
opportunity. Important support now is at 35,700 for this week
and breach of this level is important to take prices further down
towards 34,600-34,200.
Base Metals
Copper prices traded positively throughout the month of
February 2015, as prices continued their strong recovery after
hitting their 5-1/2 year lows in the month of January 2015. The
recent prices gains remained supported by a series of
production cuts at major mines, after prices on LME fell below

$5,500 per ton, while a smart recovery in the benchmark Brent
oil prices from below $45 per barrel to above $60 added further
support to the prices gains.
However, rising inventory levels at LME warehouses and
sluggish Chinese demand continued to weigh on the
sentiments and capped major gains. Also strength in U.S. dollar
in the international market added further support to the metal
prices.
The International Copper Study Group (ICSG) has forecasted
that demand for copper will grow this year, but only by 1.1 per
cent. Production will rise 4.3 per cent, led by output increases in
Africa, Asia and North America, leaving a surplus of 393,000
tons by the end of the year, the first positive annual balance
since 2009.
The refined copper market balance in the first 11-months of
2014 was in apparent production deficit of nearly 640,000 tons,
with the world refined production increasing by nearly 8 per
cent, copper mine production increasing by around 1.5 per cent
and global usage of the metal estimated to have increased by over
10 per cent, boosted by robust demand from China, as per ICSG.
In the month of March 2015, copper prices may witness some
buying support at lower level, with Chinas buying post New Year
holidays, while movement of various economic indicators such as
manufacturing PMI/ industrial output data, home sales and
employment data and Chinese demand will give further direction
to the copper prices. However, production cuts by key mining
companies like BHP and Barrick is likely to keep prices firm.
Looking ahead, copper prices are expected to trade on a positive
path and can trade in range of 330-395 in short-term.
Zinc prices traded with negative bias in the month of February
2015 and moved in range of 126.1-134.85 on the exchange
counter, mainly due to slow demand from China while
estimates of lower growth by IMF pressurized some of the metal
prices.
Although prices remained under selling-pressure, but steep
losses as seen in other metals like copper/ lead/ aluminum - the
same was not seen in case on zinc as the overall fundamentals
of the metal are still strong due to supply shortages and despite
modest growth in the consumption demand.
Zinc stocks at major exchange warehouses are witnessing good
draw downs, while new mine supplies are not expected to
improve anytime soon as prolonged low prices have
discouraged new investments and existing mines are ageing
with at least two riously affected. If this scenario continues, then
over the next 2-years, zinc inventories will start depleting faster.
The global zinc market is estimated to close the year 2015 with a
deficit of 400,000 tons, while in the year 2015 and 2016, this
deficit is expected to widen further by over 25 per cent suggesting that going forward the metal prices are likely to
trade firm.
Moving ahead, in the month of March 2015 zinc prices are
expected to trade in the range of 122-138, with some buying
support expected at lower levels.
Currency Markets
31-Oct-14
28-Nov-14
31-Dec-14
30-Jan-15
27-Feb-15
61.36
1.25
112.30
1.60
0.96
0.88
62.03
1.25
118.61
1.56
0.97
0.85
63.03
1.21
119.68
1.56
0.99
0.82
61.86
1.13
117.44
1.51
0.92
0.78
61.83
1.12
119.51
1.54
0.95
0.78
INR
Euro
JPY
GBP
CHF
AUD
Source: Reuters
Currency markets continue to be volatile as they are influenced

by various factors such as divergence in monetary policy among
developed markets, fall in commodity prices hitting commodity
dependent countries, intense focus by traders and investors on
the guidance from US Fed regarding its monetary policy
normalization, global disinflationary pressures and political
crisis in Middle East and Ukraine.
USD is expected to remain strong and resilient for rest of the
year and will remain the most preferred reverse asset in times of
distress and stability in the global economy. Strong economic
growth in US coupled with interest rate differentials and
liquidity in the US debt and equity markets may see more
inflows and keep the USD strong. There were some worries that
USD strengthening may hit the earnings of US corporates and
exports but the broader economy remains strong and is less
reliant on exports coupled with the fall in oil prices which
stimulate more domestic spending by consumers. USD will go
through some phases of corrections but the medium term trend
is one of strengthening. According to the latest CFTC data for the
week ended 3rd March, leveraged funds reduced their overall
net long USD positions by USD 1.6bn to USD 36bn and given the
rise in the DXY index and strong Feb employment data, there
may be an increase in long positions.
easing to shore up inflation may turn counterproductive. JPY is

expected to remain weak and head towards 123-125 levels by
end of the year.
Rupee remained stable among the emerging market currencies
on account of positive economic data, expected policy easing by
the central banker, inflation remaining weak, government
committed to a fiscal path and the current account deficit
expected to be low because of the crude oil fall. Foreign
investors however continue to remain bullish on India and have
invested almost USD 10bn in the first two months of CY 15
compared to USD 4.bn in the same period last year. Rupee is
expected to track the global cues and may weaken if the USD
strengthens further.
USD/INR
3-Jan-11
17-Feb-11
3-Apr-11
18-May-11
2-Jul-11
16-Aug-11
30-Sep-11
14-Nov-11
29-Dec-11
12-Feb-12
28-Mar-12
12-May-12
26-Jun-12
10-Aug-12
24-Sep-12
8-Nov-12
23-Dec-12
6-Feb-13
23-Mar-13
7-May-13
21-Jun-13
5-Aug-13
19-Sep-13
3-Nov-13
18-Dec-13
1-Feb-14
18-Mar-14
2-May-14
16-Jun-14
31-Jul-14
14-Sep-14
29-Oct-14
13-Dec-14
27-Jan-15
Currencies
40.00
45.00
50.00
55.00
60.00
65.00
70.00
75.00
Source: Reuters
EUR/USD
1.51
1.46
1.41
1.36
1.31
1.26
1.21
1.16
3-Jan-11
17-Feb-11
3-Apr-11
18-May-11
2-Jul-11
26-Aug-11
30-Sep-11
14-Nov-11
29-Dec-11
12-Feb-12
28-Mar-12
12-May-12
26-Jun-12
10-Aug-12
24-Sep-12
8-Nov-12
23-Dec-12
6-Feb-13
23-Mar-13
7-May-13
21-Jun-13
5-Aug-13
19-Sep-13
3-Nov-13
18-Dec-13
1-Feb-14
18-Mar-14
2-May-14
16-Jun-14
31-Jul-14
14-Sep-14
29-Oct-14
13-Dec-14
27-Jan-15
EUR after depreciating in Jan15 consolidated in Feb and

remained fairly stable as it torn between a possible Greek exit, a
slight improvement in economic data and negative interest
rates that saw EUR outflows. EUR has fallen by more than 9 per
cent this year and will remain under downward pressure as ECB
starts its QE from March to the tune of EUR 60bn every month till
Sept15. There are some signs of economic improvement as a
range of indicators point towards a modest cyclical recovery in
2015. According to the latest CFTC data, net short positions in
EUR reduced to USD 20bn from USD 20.8bn previously as traders
reduced their positions ahead of the ECB meeting. With
EUR/USD breaking 1.10 levels, the next data is expected to show
rebuilding of short positions towards record highs and EUR may
hit parity against the USD by end of this year.
Source: Reuters
GBP/USD
1.75
1.70
1.65
1.60
1.55
1.50
1.45
3-Jan-11
17-Feb-11
3-Apr-11
18-May-11
2-Jul-11
26-Aug-11
30-Sep-11
14-Nov-11
29-Dec-11
12-Feb-12
28-Mar-12
12-May-12
26-Jun-12
10-Aug-12
24-Sep-12
8-Nov-12
23-Dec-12
6-Feb-13
23-Mar-13
7-May-13
21-Jun-13
5-Aug-13
19-Sep-13
3-Nov-13
18-Dec-13
1-Feb-14
18-Mar-14
2-May-14
16-Jun-14
31-Jul-14
14-Sep-14
29-Oct-14
13-Dec-14
27-Jan-15
JPY remained in a tight range in Feb with a depreciating bias.

Economic fundamentals continue to remain weak as the
monetary expansion failed to boost growth. Sentiment
continues to remain bearish among investors and traders.
According to the latest CFTC data, net short position in JPY has
reduced to USD 5.1bn and is the third consecutive week of
reduction in short positions amid reports that further monetary
Source: Reuters
Core Schemes
Axis Equity Fund
Franklin India High Growth Companies Fund
Investment Objective: To achieve long term capital appreciation

by investing in a diversified portfolio predominantly consisting
of equity and equity related securities including derivatives.
Investment Objective: This is an open ended diversified equity

fund. The primary investment objective of the scheme is to
achieve capital appreciation through investments in Indian
companies / sectors with potential of high growth.
The Fund is 5 years old with 80 to 100 per cent allocation into
Equity and Equity Related instruments, while 0 to 20 per cent
into Debt and Money market Instruments. The Fund invests in a
diversified portfolio of strong growth companies with
sustainable business models. The Fund has generated one year
CAGR of around 48.97 per cent and has outperformed its
benchmark CNX Nifty Index by 7.16 per cent points as on 28th
February 2015.
No. Company Name
1
2
3
4
5
6
7
8
9
10
Clearing Corporation Of India Ltd.

Bharti Airtel Ltd.
Cummins India Ltd.
DCB Bank Ltd.
CMC Ltd.
Grasim Industries Ltd.
Bata India Ltd.
CRISIL Ltd.
DB Corp Ltd.
Crompton Greaves Ltd.
Holding
(%)
2.77
1.96
1.57
1.33
1.30
1.10
1.09
0.92
0.92
0.52
Top 10 Sector Holdings (%)
The fund seeks to invest into companies that tend to grow

earnings at a fast pace and offer the best trade-off between
growth, risk and valuation. The fund is suitable for investors
who prefer investments across market caps with investment
horizon of 3-5 years. The fund has generated three year CAGR of
35.60 per cent as of 28th February 2015 and has out-performed
its benchmark for three and five years time horizon.
No. Company Name
Auto Ancillary 0.53

Construction - Real Estate 0.97
Bearings 1
Breweries & Distilleries 1.2
Automobiles-Tractors
2.08
Cigarettes/Tobacco
2.53
Automobiles - Passenger Cars
3.39
Bank - Public
4.23
Automobiles-Trucks/Lcv
4.37
19.74
Bank - Private
1
2
3
4
5
6
7
8
9
10
Idea Cellular Ltd.

ICICI Bank Ltd.
HDFC Bank Ltd.
Glaxosmithkline Consumer Healthcare Ltd.
FAG Bearings India Ltd.
Gateway Distriparks Ltd.
EIH Ltd.
JK Lakshmi Cement Ltd.
Hitachi Home & Life Solutions (India) Ltd.
Ipca Laboratories Ltd.
Holding
(%)
4.46
3.33
3.27
2.15
1.75
1.53
1.37
1.23
0.88
0.48

Air Conditioners
0.88
Hotel, Resort & Restaurants
1.37
Logistics
1.53
Paints
2.02
Finance - NBFC
2.30
Pesticides & Agrochemicals
2.57
Electronics - Components
2.79
Pharmaceuticals & Drugs
7.05
Telecommunication - Service Provider
7.11
IT - Software
10.90
Birla SunLife Frontline Equity Fund
HDFC Top 200 Fund
Investment Objective: An open-end growth scheme with the

objective of long term growth of capital, through a portfolio with
a target allocation of 100% equity by aiming at being as
diversified across various industries and or sectors as its chosen
benchmark index, BSE 200.
Investment Objective: The investment objective of the Scheme

is to generate long term capital appreciation from a portfolio of
equity and equity linked instruments. The investment portfolio
for equity and equity linked instruments will be primarily drawn
from the companies in the BSE 200 Index.
The Fund is in existence for more than a decade and has

generated a one year CAGR of around 56.43 per cent as on 28th
February 2015 outperforming its benchmark S&P BSE 200 over
one, three and five years time-horizon. The fund has been in the
top quartile in both good and bad market cycles and has
delivered consistent and stable growth. It will target the same
sectoral weights within its equity portfolio as the benchmark
index but the scheme shall have the flexibility of selecting stocks
within a particular sector from a wider investment universe.
The Fund is in existence for more than 18 years and has

witnessed both the bullish and bearish cycles. The Scheme may
also invest in listed companies that would qualify to be in the top
200 by market capitalisation on the BSE even though they may
not be listed on the BSE. The fund has generated one year CAGR
of 53.86 per cent as on 28th February 2015 outperforming its
benchmark S&P BSE 200 by 6.57 per cent for the same period.
No. Company Name

1
2
3
4
5
6
7
8
9
10
Maruti Suzuki India Ltd.

Motherson Sumi Systems Ltd.
Power Grid Corporation Of India Ltd.
Muthoot Finance Ltd.
Oil & Natural Gas Corporation Ltd.
NTPC Ltd.
Procter&GambleHygiene&HealthCareLtd.
Nestle India Ltd.
Oberoi Realty Ltd.
Other Derivaties
Holding
(%)
1.90
1.80
1.62
1.10
1.03
0.69
0.29
0.29
0.28
0.27
No. Company Name
Unspecified 0.02
Airlines 0.31
Port
0.54
Printing And Publishing
0.62
0.64
Tv Broadcasting & Software Production
1.30
Telecommunication - Service Provider
1.82
Power Generation/Distribution
Refineries
2.31
4.09
5.51
1
2
3
4
5
6
7
8
9
10
Reliance Industries Ltd.

Rural Electrification Corporation Ltd.
Oracle Financial Services Software Ltd.
Oil India Ltd.
Punjab National Bank
Oriental Bank Of Commerce
Power Finance Corporation Ltd.
Procter & Gamble Hygiene & Health Care Ltd.
Petronet LNG Ltd.
Holding
(%)
3.33
1.05
1.04
1.01
0.80
0.80
0.42
0.37
0.30
0.18

Castings/Forgings 0.01
Aluminium & Aluminium Products 0.09
Air Conditioners
0.42
0.54
Cement & Construction Materials
1.80
Cigarettes/Tobacco
2.62
3.78
4.53
Bank - Public
13.78
Bank - Private
13.82
Source : ACE MF
Core Schemes
ICICI Pru Focused BlueChip Equity Fund
Reliance Focused Large Cap Fund
Investment Objective: To generate long-term capital

appreciation and income distribution to unit holders from a
portfolio that aims for growth from a focused and optimally
diversified portfolio by investing in equity and equity related
securities, companies belonging to the large cap domain.
Investment Objective: The primary investment objective of the

scheme is to seek to generate capital appreciation and provide
long term growth opportunities by investing in a portfolio
constituted of equity and equity related securities of top 100
companies by market capitalization and of companies which
are available in the derivatives segment from time to time and
the secondary objective is to generate consistent returns by
investing in debt and money market securities.
The Fund has locked a one year CAGR of 50.24 per cent vis--vis
its benchmark CNX Nifty Index of 41.81 per cent as on 28th
February 2015. It is new fund as compared to the long tenure of
the peers in the diversified equity category and adopts bottoms
up approach; it has performed in line with the peers and has outperformed its benchmark over one, three and five year timehorizon. The Fund Manager will always select stocks for
investment from among Top 200 stocks in terms of market
capitalization on the NSE.
No. Company Name

1
2
3
4
5
6
7
8
9
10
Axis Bank Ltd.

State Bank Of India
Tech Mahindra Ltd.
Wipro Ltd.
Tata Motors Ltd.
United Spirits Ltd.
ACC Ltd.
ABB India Ltd.
Steel Authority of India Ltd.
Sundaram Finance Ltd.

Holding
(%)
Cash and Cash Equivalents 0.14
4.08 Cement & Construction Materials 1.33
3.66
Castings/Forgings 1.43
3.44 Automobiles - Passenger Cars 2.15
3.36
Auto Ancillary
2.40
3.11
Breweries & Distilleries 2.43
2.43
Automobiles - Tractors
2.64
1.08
3.11
0.73
Bank - public
5.19
0.23
Bank - Private
0.16
The scheme is in existence for 8 years and it intends to reduce

volatility and reduce downside risks by using innovative P/E
based hedging/shorting strategies. The fund aims to create a
focused portfolio consisting of 25 stocks primarily investing in
the Top 100 companies by market capitalization. The fund has
generated return of 47.56 per cent one year CAGR as on 28th
February 2015 in comparison of its benchmark CNX Nifty Index
of 41.81 per cent for the same tenure.
No. Company Name
22.80
1
2
3
4
5
6
7
8
9
10
State Bank Of India

Ultratech Cement Ltd.
Tata Motors Ltd.
Max India Ltd.
Siemens Ltd.
Reliance Industries Ltd.
NTPC Ltd.
Zee Entertainment Enterprises Ltd.
Holding
(%)
6.49
6.07
4.67
4.59
3.96
3.45
2.98
2.68
2.52
1.49

Cash and Cash Equivalents 0.35
Tv Broadcasting & Software Production
Airlines
Telecommunication - Service provider
1.49
2.67
3.37
Textile
3.95
4.59
4.67

Bank - Public
Bank - Private
6.07
9.71
11.67
Kotak Select Focus Fund
Tata Pure Equity Fund
Investment Objective: An open-ended equity scheme that aims

to generate long-term capital appreciation from a portfolio of
equity and equity related securities, generally focused on a few
selected sectors.
Investment Objective: Aims to provide income distribution and/

or medium to long term capital gains while all times
emphasizing the importance of capital appreciation.
The fund is in existence from September 2009 and has locked in

one year CAGR of 66.89 per cent as on 28th February 2015 as
against its benchmark CNX 200 which stands at 47.10 per cent.
The selection of sectors would be driven primarily by the growth
prospects and valuations of the businesses over a medium to
long term. The Fund has performed consistently over different
market cycles.
No. Company Name
1
2
3
4
5
6
7
8
9
10
Tata Motors Ltd.

Tech Mahindra Ltd.
Ultratech Cement Ltd.
Tata Consultancy Services Ltd.
Yes Bank Ltd.
The Federal Bank Ltd.
Sun Pharmaceutical Industries Ltd.
AIA Engineering Ltd.
The Ramco Cements Ltd.
Whirlpool Of India Ltd.
Holding
(%)
3.92
3.18
2.76
1.78
1.71
1.54
0.88
0.87
0.74
0.50
The Fund has a track record of 16 years which focuses on

investing in fundamentally strong and undervalued large cap
companies. The Fund adopts a mix of top down and bottom up
approach to stock picking with a bias towards bottom up
approach. The fund has locked in one year CAGR of 46.69 per
cent as of 28th February 2015.
No. Company Name
Compressors / Pumps 0.12

Automobiles - passenger Cars
Automobile Two & Three Wheelers
2.08
2.2
Tyres & Allied
2.36
Cigarettes/Tobacco
2.39
Auto Ancillary
3.85
3.92
Bank - public
7.00
7.77
Bank - Private
16.72
1
2
3
4
5
6
7
8
9
10
Infosys Ltd.
ICICI Bank Ltd.
Housing Development Finance Corporation Ltd.
ITC Ltd.
Lupin Ltd.
Larsen & Toubro Ltd.
Mahindra & Mahindra Ltd.
Holding
(%)
4.74
4.45
4.27
3.73
3.62
2.86
2.56
2.31
1.48
1.44

Index 0.10
Consumer Food 0.60
Diversified 0.99
Logistics
2.16
Finance - NBFC
2.47
Engineering - construction
2.56
Electric Equipment
2.64
Electronic - Components
3.92
Finance - Housing
4.27
IT - Software
13.83
Source : ACE MF
10
Core Schemes
Birla SL
Franklin India HDFC Top200
Frontline
High Growth
Fund(G)
Equity Fund(G) Cos Fund(G)
Scheme Name
Axis Equity
Fund(G)
Fund Manager
Pankaj
Murarka
Mahesh Patil
1,324
7,378
1,134
40.85
44.72
79.58
Quaterly AAUM (Rs. Crs.) Dec-2014
ICICI Pru
Reliance
Tata Pure
Kotak Select
Focused
Focused Large
BlueChip Eq Focus Fund(G)
Equity Fund(G)
Cap
Fund(G)
Fund-Reg(G)
Manish
Gunwani &
Shalya Shah
Harsha
Upadhyaya
Omprakash
Kuckian
Pradeep
Gokhale &
Nainesh Rajani
13,543
8,014
1,291
1,119
772
46.52
41.10
57.87
37.33
36.05
R. Janakiraman Prashant Jain

& Roshi Jain & Rakesh Vyas
CAGR (%)
Dec 31, 2013 to Dec 31, 2014
Dec 31, 2012 to Dec 31, 2013
13.49
9.25
9.22
4.05
10.21
6.13
9.25
7.96
Dec 31, 2011 to Dec 31, 2012
31.54
35.85
42.27
32.23
26.63
33.24
41.02
28.29
Since Inception till Dec 31, 2014
14.10
24.99
15.11
22.66
17.25
16.21
9.71
23.72
Current Value of Investment of

INR 10,000 if invested from
Dec 31, 2013 to Dec 31, 2014
14,085
14,472
17,958
14,652
14,110
15,787
13,733
13,605
Dec 31, 2012 to Dec 31, 2013
11,349
10,925
10,922
10,405
11,021
10,613
10,925
10,796
Dec 31, 2011 to Dec 31, 2012
13,154
13,585
14,227
13,223
12,663
13,324
14,102
12,829
19,310
157,040
28,483
422,972
28,630
22,192
22,529
347,059
5-Jan-10
30-Aug-02
26-Jul-07
3-Sep-96
23-May-08
11-Sep-09
28-Mar-06
7-May-98
Inception Date
Ratios
SD (%)
14.84
16.41
17.39
19.90
15.03
16.45
18.46
13.60
Treynor
1.5897
1.5489
2.3829
1.1615
1.3542
1.7286
1.2975
1.2961
1% on or
before 12M,
Nil after 12M
1% on or
before 1Y,
Nil after 1Y
1% on or
before 2Y
1% on or
before 18M,
Nil after 18M
1% on or
before 1Y,
Nil after 1Y
1% on or
before 1Y,
Nil after 1Y
1% on or
before 1Y,
Nil after 1Y
1% on or
before 365D
CNX Nifty
Index
CNX 200
CNX Nifty
Index
S&P BSE
SENSEX
29.89
Exit Load
Benchmark Name
CNX Nifty
Index
S&P BSE 200 CNX 500 Index S&P BSE 200
CAGR (%)
Dec 31, 2013 to Dec 31, 2014
31.39
35.47
37.82
35.47
31.39
35.53
31.39
Dec 31, 2012 to Dec 31, 2013
6.76
4.38
3.61
4.38
6.76
4.44
6.76
8.98
Dec 31, 2011 to Dec 31, 2012
27.53
30.79
31.65
30.79
27.53
31.45
27.53
25.54

Dec 31, 2013 to Dec 31, 2014
13,139
13,547
13,782
13,547
13,139
13,553
13,139
12,989
Dec 31, 2012 to Dec 31, 2013
10,676
10,438
10,361
10,438
10,676
10,444
10,676
10,898
Dec 31, 2011 to Dec 31, 2012
12,753
13,079
13,165
13,079
12,753
13,145
12,753
12,554
*Risk-free rate assumed to be 7.98%

**Standard Deviation and Treynor Ratio are calculated on annualised basis using 3 year historical data of monthly returns
Source: ACEMF
Colour code for all the above schemes is BROWN. Please refer to page no. 25 for product labels and other risk related information.
11
Satellite Schemes
Axis Midcap Fund
Franklin India Prima Fund
Investment Objective: An open ended equity scheme. The primary

investment objective of the scheme is to achieve long term capital
appreciation by investing predominantly in equity & equity related
instruments of mid size companies. The focus of the fund would be
to invest in relatively larger companies.
Investment Objective: An open-end growth scheme with an

objective to provide medium to long term capital appreciation
as a primary objective and income as a secondary objective. The
fund manager seeks aggressive growth by focusing primarily on
mid and small cap companies.
The scheme had been launched in Feb-2011. The scheme

predominantly will invest in the mid-sized companies that have
the potential to offer more returns than the usual large blue chip
companies. The portfolio will be built utilizing a bottom-up
stock selection process, focusing on appreciation potential of
individual stocks from a fundamental perspective. The Fund has
generated one year CAGR of around 84.66 per cent and has
outperformed its benchmark S&P BSE Mid-Cap Index by 18.35
per cent as on 28th February 2015.
The Fund has a long track record for nearly 20 years. The scheme
follows a blend of value and growth style of investing. The fund
will follow a bottom-up approach to stock-picking and choose
companies across sectors. It has generated a one year CAGR of
88.51 per cent as on 28th February 2015 and has out-performed
both its benchmark CNX 500 Index and CNX Midcap over one,
three and five year time-horizon.
No. Company Name

1
2
3
4
5
6
7
8
9
10
Clearing Corporation Of India Ltd.

DCB Bank Ltd.
Gujarat State Petronet Ltd.
Pfizer Ltd.
NIIT Technologies Ltd.
Eicher Motors Ltd.
Mahindra Holidays & Resorts India Ltd.
ICRA Ltd.
CMC Ltd.
Holding
(%)
4.70
3.48
3.26
3.05
2.40
2.20
2.19
2.14
2.13
2.06
Bank - Public
2.96
Air Conditioners
3.01
Bearings
3.16
Fertilizers
3.35
Finance - NBFC
3.68
4.02
Gas Trasmission/Marketing
4.09
Finance - Investment
6.93
9.34
Bank - Private
10.72
No. Company Name

1
2
3
4
5
6
7
8
9
10
Yes Bank Ltd.

Finolex Cables Ltd.
Amara Raja Batteries Ltd.
Mindtree Ltd.
FAG Bearings India Ltd.
IndusInd Bank Ltd.
Cyient Ltd.
Axis Bank Ltd.
HDFC Bank Ltd.
Kansai Nerolac Paints Ltd.
Holding
(%)
4.80
3.21
3.16
2.71
2.62
2.57
2.56
2.41
2.19
2.04

2.60
Chemicals
2.75
3.36
Cable
3.43
Bearings
4.13
Finance - Housing
4.41
4.65
Auto Ancillary
4.66
IT - Software
6.56
Bank - Private
15.98
Canara Rob Emerg Equity Fund-Reg Fund
HDFC Mid-Cap Opportunities Fund
Investment Objective: An open-ended equity fund with the

objective to generate capital appreciation by primarily investing
in diversified mid-cap stocks.
Investment Objective: The aim of the fund is to generate longterm capital appreciation from a portfolio that is substantially
constituted of equity and equity related securities of small and
mid-cap companies.
The scheme aims to generate capital appreciation by investing

in equity related instruments. The fund would follow a bottomup approach by identifying companies with strong competitive
position in good business and having quality management. The
fund is being into existence for more than 9 years and has
managed to outperform its benchmark CNX Midcap over one,
three and five year time horizon. The fund has generated three
year CAGR of 37.94 per cent, compared to 19.87 percent to the
benchmark CNX Midcap as on 28th February 2015
No. Company Name
1
2
3
4
5
6
7
8
9
10
IndusInd Bank Ltd.

Yes Bank Ltd.
Persistent Systems Ltd.
Ashoka Buildcon Ltd.
Aditya Birla Nuvo Ltd.
Dish TV India Ltd.
Century Plyboards (India) Ltd.
The Federal Bank Ltd.
Gulf Oil Lubricants India Ltd.
Texmaco Rail & Engineering Ltd.
Holding
(%)
3.04
3.00
2.19
2.16
2.10
2.09
2.08
2.07
2.01
1.99

2.58
TV Broadcasting & Software Production
3.22
Textile
4.19
IT - Software
4.19
Construction - Real Extate
4.31
Engineering
4.70
Engineering - Construction
4.95
Auto Ancillary
5.33

Bank - Private
7.54
11.19
The Fund has given one year CAGR of 74.63 per cent as on 28th
February 2015. Over funds seven year period, fund has given
consistent returns and has out-performed the benchmark CNX
Midcap which helped the fund to place itself in the upper
quartile of the midcap diversified equity funds.
No. Company Name

1
2
3
4
5
6
7
8
9
10
Bajaj Finance Ltd.

Axis Bank Ltd.
Mindtree Ltd.
Bayer CropScience Ltd.
AIA Engineering Ltd.
Hindustan Petroleum Corporation Ltd.
ING Vysya Bank Ltd.
Whirlpool Of India Ltd.
Divis Laboratories Ltd.
Holding
(%)
2.84
2.45
2.35
2.32
2.23
2.21
2.10
2.10
2.02
2.01

Bearings
3.51
3.65
Air Conditioners
3.73
Chemicals
3.76
Printing And Publishing
3.92
Auto Ancillary
5.42
IT - Software
5.72
Bank - Private
Bank - Public
7.24
9.87
11.46
Source : ACE MF
12
Satellite Schemes
ICICI Pru Value Discovery Fund
UTI Mid Cap Fund
Investment Objective: Open ended equity fund. Primary

objective is to generate returns through a combination of
dividend income and capital appreciation by investing primarily
in a well diversified portfolio of value stocks.
Investment Objective: An open-ended equity fund with the

objective to provide Capital appreciation by investing primarily
in mid caps stocks.
Value-investment approach followed by the Fund helped it in

the bearish market phases as against its peers. The Fund lost
less than the other peers in the category and has consistently
beaten the benchmark giving stable returns. The fund has
generated a one year CAGR of 86.06 per cent and has
outperformed its benchmark CNX Midcap by 18 per cent. Since
inception the fund has given a CAGR of 26.13 per cent as on 28th
February 2015.
No. Company Name
1
2
3
4
5
6
7
8
9
10
ICICI Bank Ltd.

Mahindra & Mahindra Ltd.
HDFC Bank Ltd.
Wipro Ltd.
Infosys Ltd.
Bharat Forge Ltd.
Gujarat Pipavav Port Ltd.
Larsen & Toubro Ltd.

Holding
(%)
3.50
5.92
3.29
3.21
2.91
2.71
2.55
2.45
2.42
2.39
2.35
3.64
Refineries
3.69
3.70
No. Company Name
Logistics
3.73
Auto Ancillary
4.90
5.98
Engineering - Construction
6.52
IT - Software
Bank - Private
It is a pure mid cap fund. The entire portfolio is invested in

dynamic and well managed, medium sized enterprises with
higher growth potential vis--vis their well established
counterparts. The scheme is in existence for almost 9 years and
has out-performed its benchmark CNX Midcap over one, three
and five year time-horizon. The fund has generated one year
CAGR of 92.47 per cent, compared to 68.06 per cent to the
benchmark CNX Midcap there by outperforming its benchmark
by 24.41 per cent as on 28th February 2015.
8.60
11.93
1
2
3
4
5
6
7
8
9
10
Allahabad Bank
Allsec Technologies Ltd.
Alstom T&D India Ltd.
Apollo Tyres Ltd.
Arvind Ltd.
Automotive Axles Ltd.
Bajaj Corp Ltd.
Bajaj Electricals Ltd.
Bharat Forge Ltd.
Holding
(%)
2.33
1.92
1.70
1.37
0.84
0.76
0.45
0.38
0.32
0.04

BPO/ITeS
0.04
Automobile Two & Three Wheelers 0.14

Cable
0.22
0.30
Agriculture
0.64
Casting/Forgings
3.51
3.70
Bank - Public
Bank - Private
Auto Ancillary
4.32
5.36
6.84
Source : ACE MF
13
Satellite Schemes
Scheme Name
Axis Midcap
Fund(G)
Canara Rob Emerg

Eq Fund-Reg(G)
Franklin India
Prima Fund(G)
HDFC Mid-Cap
Opportunities
Fund(G)
ICICI Pru Value

Discovery
Fund-Reg(G)
UTI Mid Cap

Fund(G)
Fund Manager
Pankaj Murarka
Ravi
Gopalakrishnan &
Krishna Sanghavi
R. Janakiraman
& Roshi Jain
Chirag Setalvad
& Rakesh Vyas
Mrinal Singh
& Shalya Shah
Anoop Bhaskar
822
169
2,691
8,222
7,367
1,956
Dec 31, 2013 to Dec 31, 2014
76.55
96.02
78.14
76.63
73.76
90.44
Dec 31, 2012 to Dec 31, 2013
4.07
3.16
7.40
9.64
8.31
9.69

CAGR (%)
Dec 31, 2011 to Dec 31, 2012
52.24
48.57
44.13
39.37
45.70
41.28
26.52
19.12
21.72
18.60
25.76
18.09

Dec 31, 2013 to Dec 31, 2014
17,655
19,602
17,814
17,663
17,376
19,044
Dec 31, 2012 to Dec 31, 2013
10,407
10,316
10,740
10,964
10,831
10,969
Dec 31, 2011 to Dec 31, 2012
15,224
14,857
14,413
13,937
14,570
14,128

Inception Date
24,840
55,670
632,407
36,093
107,990
47,955
18-Feb-11
11-Mar-05
1-Dec-93
25-Jun-07
16-Aug-04
30-Jul-05
Ratios
SD (%)
19.94
21.74
17.30
18.26
18.76
19.81
Treynor
2.4923
2.7491
2.9680
2.6592
2.7017
2.9470
Exit Load
1% on or before 1Y, 1% on or before

1% on or before
1% on or before
1% on or before
1% on or before 1Y
NIL after1Y
12M,Nil after 12M 548D, Nil after 548D
12M, Nil after 12M 18M, Nil after 18M
Benchmark Name
S&P BSE Mid-Cap
CNX Midcap
CNX 500 Index
CNX Midcap
CNX Midcap
CNX Midcap
55.91
CAGR (%)
Dec 31, 2013 to Dec 31, 2014
54.69
55.91
37.82
55.91
55.91
Dec 31, 2012 to Dec 31, 2013
-5.73
-5.10
3.61
-5.10
-5.10
-5.10
Dec 31, 2011 to Dec 31, 2012
38.27
38.91
31.65
38.91
38.91
38.91

Dec 31, 2013 to Dec 31, 2014
15,469
15,591
13,782
15,591
15,591
15,591
Dec 31, 2012 to Dec 31, 2013
9,427
9,490
10,361
9,490
9,490
9,490
Dec 31, 2011 to Dec 31, 2012
13,827
13,891
13,165
13,891
13,891
13,891
*Risk-free rate assumed to be 7.98%

**Standard Deviation and Treynor Ratio are calculated on annualised basis using 3 year historical data of monthly returns
Franklin India Prima Fund has 2 benchmarks CNX 500 Index and CNX Midcap
Source: ACEMF
14
Balanced Funds
Benchmark
Scheme Name
Scheme Name
Fund Manager
Birla SL '95
Fund(G)
HDFC Prudence
Fund(G)
ICICI Pru Balanced

Fund-Reg(G)
Reliance
Reg Savings
Fund-Balanced
Plan(G)
Mahesh Patil &

Prasad Dhonde
Prashant Jain &

Rakesh Vyas
Yogesh Bhatt &

Manish Banthia
Sanjay Parekh &

Amit Tripathi
1,058
7,605
1,290
821
1,438
25.34
Tata Balanced
Fund(G)
Crisil Balanced
Fund Index
Atul Bhole &

S. Raghupathi.
Archarya
CAGR (%)
Dec 31, 2013 to Dec 31, 2014
48.56
51.76
45.56
43.20
49.61
Dec 31, 2012 to Dec 31, 2013
6.10
2.06
11.18
3.52
7.54
6.05
Dec 31, 2011 to Dec 31, 2012
24.45
29.90
29.20
33.64
30.36
21.21
22.26
20.74
15.60
14.94
17.30

Dec 31, 2013 to Dec 31, 2014
14,856
15,176
14,556
14,320
14,961
12,534
Dec 31, 2012 to Dec 31, 2013
10,610
10,206
11,118
10,352
10,754
10,605
12,121
Dec 31, 2011 to Dec 31, 2012
12,445
12,990
12,920
13,364
13,036
545,502
516,095
90,160
37,866
215,708
10-Feb-95
1-Feb-94
3-Nov-99
10-Jun-05
8-Oct-95
1% on or before
540D, Nil
after 540D
Inception Date
1% on or before
540D, Nil
after 540D
Exit Load
1% on or before 1% on or before 3Y, 1% on or before

18M, Nil after 18M
Nil after 3Y
18M, Nil after 18M
Exposure (%)
Debt
20.15
24.78
21.15
24.19
23.31
Equity
71.16
71.48
71.35
72.44
74.07
8.68
3.74
7.50
3.37
2.62
Scheme Name
Axis LT Equity
Fund(G)
Birla SL Tax
Plan(G)
Birla SL Tax
Relief '96(G)
HDFC Tax
Saver(G)
ICICI Pru Tax

Plan-Reg(G)
Reliance Tax Saver

(ELSS) Fund(G)
Fund Manager
Jinesh Gopani
Ajay Garg
Ajay Garg
Vinay R. Kulkarni
& Rakesh Vyas
Chintan Haria &

Shalya Shah
Ashwani Kumar
2,983
192
1,809
4,910
2,341
3,458
83.00
Cash & Equivalent

Source: ACEMF
ELSS

CAGR (%)
Dec 31, 2013 to Dec 31, 2014
66.18
52.91
54.55
56.36
50.82
Dec 31, 2012 to Dec 31, 2013
16.51
8.53
9.09
5.09
10.15
3.47
Dec 31, 2011 to Dec 31, 2012
33.47
36.18
36.32
26.43
37.39
45.75
23.42
12.01
10.93
29.66
23.68
18.07

Dec 31, 2013 to Dec 31, 2014
16,618
15,291
15,455
15,636
15,082
18,300
Dec 31, 2012 to Dec 31, 2013
11,651
10,853
10,909
10,509
11,015
10,347
Dec 31, 2011 to Dec 31, 2012
13,347
13,618
13,632
12,643
13,739
14,575
28,690
25,490
20,273
1,308,119
262,601
46,726
Inception Date
Benchmark Name
CAGR (%)
Dec 31, 2013 to Dec 31, 2014
Dec 31, 2012 to Dec 31, 2013
Dec 31, 2011 to Dec 31, 2012
Dec 31, 2013 to Dec 31, 2014
Dec 31, 2012 to Dec 31, 2013
Dec 31, 2011 to Dec 31, 2012
29-Dec-09
3-Oct-06
10-Mar-08
31-Mar-96
19-Aug-99
21-Sep-05
S&P BSE 200
S&P BSE SENSEX
S&P BSE 200
CNX 500 Index
CNX 500 Index
S&P BSE 100
35.47
4.38
30.79
29.89
8.98
25.54
35.47
4.38
30.79
37.82
3.61
31.65
37.82
3.61
31.65
32.28
5.87
29.77
13,547
10,438
13,079
12,989
10,898
12,554
13,547
10,438
13,079
13,782
10,361
13,165
13,782
10,361
13,165
13,228
10,587
12,977
Lock-in for 3 years

Source: ACEMF
15
Arbitrage Funds
Scheme Name
ICICI Pru BlendedA-Reg(G)
ICICI Pru EquityArbitrage FundReg(G)
IDFC Arbitrage
Fund-Reg(G)
Kotak Equity
Arbitrage
Scheme(G)
SBI Arbitrage
Opportunities
Fund-Reg(G)
Crisil Liquid
Fund Index
Fund Manager
Kayzad Eghlim &

Manish Banthia
Kayzad Eghlim &

Manish Banthia
Yogik Pitti
Deepak Gupta
Neeraj Kumar
944
1,132
2,275
339
2,274
CAGR (%)
Dec 31, 2013 to Dec 31, 2014
8.54
8.58
8.53
8.99
8.62
9.21
Dec 31, 2012 to Dec 31, 2013
9.45
9.80
9.23
9.18
9.03
9.03
Dec 31, 2011 to Dec 31, 2012
10.41
10.05
9.27
9.53
9.06
8.50
7.94
8.13
7.52
7.87
7.86

Dec 31, 2013 to Dec 31, 2014
10,854
10,858
10,853
10,899
10,862
10,921
Dec 31, 2012 to Dec 31, 2013
10,945
10,980
10,923
10,918
10,903
10,903
10,850
Dec 31, 2011 to Dec 31, 2012
11,041
11,005
10,927
10,953
10,906
20,810
18,700
17,904
20,168
18,547
31-May-05
30-Dec-06
21-Dec-06
29-Sep-05
3-Nov-06
0.50% on or
before 3M
0.50% on or
before 3M
0.25% on or
before 3M
0.50% on or
before 90D
0.50% on or before
3M, Nil after 3M
Inception Date
Exit Load
Source: ACEMF
Colour code for different schemes indicating the level of risk is given on page no. 25 along with other risk related information.
MIP
Benchmark
Scheme Name
Scheme Name
Birla SL MIP IIWealth 25(G)
Franklin India
MIP(G)
Satyabrata
Anand
Mohanty &
Radhakrishnan &
Kaustubh Gupta Sachin Padwal-Desai
Fund Manager
HSBC MIPSavings(G)
ICICI Pru
MIP 25(G)
Reliance MIP(G)
Crisil MIP
Blended Index
Aditya Khemani
& Sanjay Shah
Rajat Chandak &

Manish Banthia
Sanjay Parekh
& Amit Tripathi
353
328
183
906
2,313
16.83
CAGR (%)
Dec 31, 2013 to Dec 31, 2014
27.70
22.39
21.72
22.52
23.37
Dec 31, 2012 to Dec 31, 2013
6.65
5.97
4.26
5.85
3.51
4.41
Dec 31, 2011 to Dec 31, 2012
16.65
14.10
17.64
17.17
16.67
12.07
10.32
10.57
10.13
10.60
11.28

Dec 31, 2013 to Dec 31, 2014
12,770
12,239
12,172
12,252
12,337
11,683
Dec 31, 2012 to Dec 31, 2013
10,665
10,597
10,426
10,585
10,351
10,441
11,207
Dec 31, 2011 to Dec 31, 2012
11,665
11,410
11,764
11,717
11,667
28,368
41,929
28,510
29,572
32,318
22-May-04
28-Sep-00
24-Feb-04
30-Mar-04
12-Jan-04
8.27
Inception Date
Average Maturity in Years
Dec-14
9.85
11.46
8.40
Jan-15
11.32
10.79
7.93
1% on or before
1095D, Nil after
1095D
1% on or
before 1Y
NIL
Exit Load
9.45
1.5% on or before
12M, 1% after 12M
1% on or before
but on or before
3Y, Nil after 3Y
24M, 0.50% after
24M but on or before
36M, Nil after 36M
Exposure (%)
Debt
64.19
77.42
69.53
75.30
76.08
Equity
29.46
19.53
24.80
22.06
19.76
Cash & Equivalent & Others

6.35
3.05
5.67
2.64
4.16
Source: ACEMF
Colour code for all the above schemes is YELLOW. Please refer to page no. 25 for product labels and other risk related information.
16
Focus List - Additional Recommended Schemes
Debt Funds
Equity Funds
Axis Short Term Fund
Birla SL Equity Fund
HDFC Corporate Debt Opportunities Fund
Birla SL Top 100 Fund
Kotak Bond-STP
DSPBR Small & Midcap Fund
Kotak Medium Term Fund
Edelweiss Absolute Return Fund
Tata Income Fund
Franklin India Smaller Cos Fund

HDFC Infrastructure Fund
HSBC India Opportunities Fund
ICICI Pru Dynamic Fund
IDFC Premier Equity Fund
Kotak Emerging Equity Scheme
Reliance Banking Fund
Reliance Small Cap Fund
Liquid Funds
Particulars
Axis Liquid
Fund(G)
Devang
Shah
Fund Manager
7,385
DWS Insta
Cash Plus
Fund(G)
Scheme Name
ICICIPru
JMHigh
HDFC Liquid
MoneyMarket Liquidity
Fund(G)
Fund-Reg(G)
Fund(G)
Benchmark
Religare
SBI Premier
UTI LiquidInvesco
Liquid
Cash Plan(G)
Liquid Fund(G) Fund(G)
Rahul
Shobhit
Kumaresh
Krishna Venkat
Shalini
Rajeev
Ramakrishnan Mehrotra & Goswami &
Cheemalapati
Manish Joshi
Tibrewala
& Rakesh Suri Rakesh Vyas Aditya Pagaria
& Nitish Sikand Radhakrishnan
6,319
17,292
5,989
5,135
7,939
24,419
16,637
Crisil Liquid
Fund Index
-
CAGR (%)
Dec 31, 2013 to Dec 31, 2014
9.10
9.05
9.10
9.12
9.14
9.11
9.04
9.08
9.21
Dec 31, 2012 to Dec 31, 2013
9.20
9.10
9.28
9.15
9.31
9.24
9.22
9.11
9.03
Dec 31, 2011 to Dec 31, 2012
9.64
9.66
9.50
9.68
9.55
9.69
9.60
9.57
8.50
8.29
8.15
7.24
7.50
8.06
8.10
10.29
7.36

Dec 31, 2013 to Dec 31, 2014
10,910
10,905
10,910
10,912
10,914
10,911
10,904
10,908
10,921
Dec 31, 2012 to Dec 31, 2013
10,920
10,910
10,928
10,915
10,931
10,924
10,922
10,911
10,903
Dec 31, 2011 to Dec 31, 2012
10,964
10,966
10,950
10,968
10,955
10,969
10,960
10,957
10,850
15,167
17,762
27,018
18,932
37,362
18,825
21,493
21,939
9-Oct-09
4-Sep-07
17-Oct-00
8-Mar-06
31-Dec-97
17-Nov-06
11-Mar-07
10-Dec-03
Dec-14
50
44
41
43
41
51
37
43
Jan-15
28
26
32
25
29
35
33
28
Inception Date
Average Maturity in Days
No Exit Load
Source: ACEMF
Colour code for all the above schemes is BLUE. Please refer to page no. 25 for product labels and other risk related information.
17
Ultra Short Term Funds
Scheme Name
Birla SL Savings
Fund(G)
DWS Ultra ST(G)
Fund Manager
Sunaina da Cunha
Nitish Gupta
& Kumaresh
Ramakrishnan
Sachin PadwalDesai & Pallab Roy
10,909
2,789
6,769
Franklin India Ultra ICICI Pru Flexible

Short Bond Fund(G) Income Plan-Reg(G)
Rahul Goswami
& Rohan Maru
12,323
Tata Floater(G)
UTI Treasury
Advantage Fund(G)
Akhil Mittal
Sudhir Agarwal
2,665
6,670
CAGR (%)
Dec 31, 2013 to Dec 31, 2014
9.66
9.53
10.00
9.49
9.22
9.31
Dec 31, 2012 to Dec 31, 2013
9.55
9.95
10.04
9.62
9.37
9.55
Dec 31, 2011 to Dec 31, 2012
9.69
9.93
10.20
9.61
9.60
9.67
7.60
7.91
8.79
8.01
8.03
8.37
10,966
10,953
11,000
10,949
10,922
10,931

Dec 31, 2013 to Dec 31, 2014
Dec 31, 2012 to Dec 31, 2013
10,955
10,995
11,004
10,962
10,937
10,955
Dec 31, 2011 to Dec 31, 2012
10,969
10,993
11,020
10,961
10,960
10,967

Inception Date
23,603
16,397
18,098
25,746
20,553
18,567
16-Apr-03
4-Jul-08
18-Dec-07
27-Sep-02
6-Sep-05
23-Apr-07
Average Maturity in Days

Dec-14
102
168
197
160
75
Jan-15
146
183
159
154
76
NIL
NIL
NIL
NIL
NIL
NIL
Crisil Short Term

Bond Fund Index
Crisil Liquid
Fund Index
Crisil Liquid
Fund Index
Crisil Liquid
Fund Index
Crisil Liquid
Fund Index
Crisil Liquid
Fund Index
10.47
9.21
9.21
9.21
9.21
Exit Load
Benchmark Name
CAGR (%)
Dec 31, 2013 to Dec 31, 2014
9.21
Dec 31, 2012 to Dec 31, 2013
8.27
9.03
9.03
9.03
9.03
9.03
Dec 31, 2011 to Dec 31, 2012
9.10
8.50
8.50
8.50
8.50
8.50

Dec 31, 2013 to Dec 31, 2014
11,047
10,921
10,921
10,921
10,921
10,921
Dec 31, 2012 to Dec 31, 2013
10,827
10,903
10,903
10,903
10,903
10,903
Dec 31, 2011 to Dec 31, 2012
10,910
10,850
10,850
10,850
10,850
10,850
No Exit Load
Source: ACEMF
18
Short Term Funds
Scheme Name
Birla SL ST
Opportunities
Fund(G)
Fund Manager
Sanjay Shah
Santosh
KaustubhGupta Nitish Gupta
Anil Bamboli &
& Piyush
Kamath &
& Kumaresh
& Sunaina
Rakesh
Vyas
da Cunha
Harlalka
Ramakrishnan Kunal Agrawal
DWS Short
Maturity
Fund(G)
Franklin India
HDFC STP(G)
ST Income
Plan(G)
HSBC Income
-Short Term
Plan(G)
ICICI Pru
Short Term
Plan-Reg(G)
Reliance
STF(G)
Tata ST
Bond(G)
Manish
Banthia
Prashant
Pimple
S. Raghupathi.
Archarya &
Akhil Mittal
3,796
1,914
9,904
2,253
943
3,622
4,757
1,546
11.33
10.62
11.65
10.96
9.90
11.55
11.33
10.56
CAGR (%)
Dec 31, 2013 to Dec 31, 2014
Dec 31, 2012 to Dec 31, 2013
10.12
8.10
9.39
7.28
7.09
7.24
7.51
9.10
Dec 31, 2011 to Dec 31, 2012
11.08
9.76
9.98
9.54
9.13
9.49
9.75
9.50
7.13
7.82
8.33
7.84
7.00
8.12
8.12
7.83

Dec 31, 2013 to Dec 31, 2014
11,133
11,062
11,165
11,096
10,990
11,155
11,133
11,056
Dec 31, 2012 to Dec 31, 2013
11,012
10,810
10,939
10,728
10,709
10,724
10,751
10,910
Dec 31, 2011 to Dec 31, 2012
11,108
10,976
10,998
10,954
10,913
10,949
10,975
10,950
22,316
24,561
28,123
26,370
22,622
28,008
25,607
25,477
9-May-03
27-Jan-03
31-Jan-02
28-Feb-02
10-Dec-02
25-Oct-01
18-Dec-02
8-Aug-02
Inception Date
Dec-14
2.32
2.79
2.13
2.54
2.96
2.89
2.51
Jan-15
2.89
2.75
2.19
2.52
2.80
2.88
2.78
0.75% on or
before 6M,
Nil after 6M
0.50% on or
before 1Y
0.75% on or
before 12M,
NIL after 12M
Nil
0.50% on or
before 3M,
Nil after 3M
0.25% on or
before 1M,
Nil after 1M
0.50% on or
before 90D,
Nil after 90D
Crisil Short
Term Bond
Fund Index
Crisil Short
Term Bond
Fund Index
Crisil Short
Term Bond
Fund Index
Crisil Short
Term Bond
Fund Index
Crisil Short
Term Bond
Fund Index
Crisil Liquid
Fund Index
Crisil Short
Term Bond
Fund Index
10.47
Exit Load
Benchmark Name
1.50%onorbefore
365D, 0.50%
after 365D but on
or before 540D,
Nil after 540D
Crisil AA Short
Term Bond
Fund Index
CAGR (%)
Dec 31, 2013 to Dec 31, 2014
10.47
10.47
10.47
10.47
10.47
9.21
Dec 31, 2012 to Dec 31, 2013
8.27
8.27
8.27
8.27
8.27
9.03
8.27
Dec 31, 2011 to Dec 31, 2012
9.10
9.10
9.10
9.10
9.10
8.50
9.10
11,047
11,047
11,047
11,047
11,047
10,921
11,047

Dec 31, 2013 to Dec 31, 2014
Dec 31, 2012 to Dec 31, 2013
10,827
10,827
10,827
10,827
10,827
10,903
10,827
Dec 31, 2011 to Dec 31, 2012
10,910
10,910
10,910
10,910
10,910
10,850
10,910
Source: ACE MF
19
Accrual Funds
Scheme Name
Franklin India Income

Opportunities Fund(G)
ICICI Pru Regular

Savings(G)
Reliance Reg Savings

Fund-Debt Plan(G)
Fund Manager
Santosh Kamath
& Sumit Gupta
Rahul Bhuskute
Prashant Pimple
4,150
4,611
4,868
11.65
10.97
10.97

CAGR (%)
Dec 31, 2013 to Dec 31, 2014
Dec 31, 2012 to Dec 31, 2013
8.64
7.50
7.99
Dec 31, 2011 to Dec 31, 2012
10.11
9.38
9.57
9.34
9.14
6.65
11,165
11,097
11,097

Dec 31, 2013 to Dec 31, 2014
Dec 31, 2012 to Dec 31, 2013
10,864
10,750
10,799
Dec 31, 2011 to Dec 31, 2012
11,011
10,938
10,957

Inception Date
15,711
14,289
18,515
11-Dec-09
3-Dec-10
10-Jun-05

Dec-14
3.10
2.95
2.07
Jan-15
3.25
2.82
2.02
3% on or before 12M,
2% after 12M but
on or before 18M,
1% after 18M but
on or before 24M
1% on or before 18M,
Nil after 18M
1% on or Before 1Y,
NIL after 1Y.
Crisil Short Term

Bond Fund Index
Crisil Composite
Bond Fund Index
Crisil Composite
Bond Fund Index
10.47
14.31
14.31
Exit Load
Benchmark Name
CAGR (%)
Dec 31, 2013 to Dec 31, 2014
Dec 31, 2012 to Dec 31, 2013
8.27
3.79
3.79
Dec 31, 2011 to Dec 31, 2012
9.10
9.34
9.34

Dec 31, 2013 to Dec 31, 2014
11,047
11,431
11,431
Dec 31, 2012 to Dec 31, 2013
10,827
10,379
10,379
Dec 31, 2011 to Dec 31, 2012
10,910
10,934
10,934
Source: ACEMF
20
Income Funds
Scheme Name
Birla SL Income
Plus(G)
HDFC Income
Fund(G)
ICICI Pru Income

Opportunities
Fund(G)
ICICI Pru IncomeReg(G)
Kotak Bond
Fund - Plan A(G)
Reliance
Income(G)
Fund Manager
Prasad Dhonde
Shobhit Mehrotra
& Rakesh Vyas
Manish Banthia
Manish Banthia
Deepak Agrawal
& Abhishek Bisen
Prashant Pimple
3,444
2,354
1,805
3,069
3,543
1,890
16.03
15.68
14.54
16.92
15.13
14.81

CAGR (%)
Dec 31, 2013 to Dec 31, 2014
Dec 31, 2012 to Dec 31, 2013
2.65
2.17
4.24
0.86
2.10
2.80
Dec 31, 2011 to Dec 31, 2012
10.64
10.45
11.20
10.16
12.86
11.04
9.91
8.26
10.45
9.21
9.42
9.19
11,603
11,568
11,454
11,692
11,513
11,481

Dec 31, 2013 to Dec 31, 2014
Dec 31, 2012 to Dec 31, 2013
10,265
10,217
10,424
10,086
10,210
10,280
Dec 31, 2011 to Dec 31, 2012
11,064
11,045
11,120
11,016
11,286
11,104

Inception Date
61,412
31,140
18,840
42,753
38,970
44,609
21-Oct-95
11-Sep-00
18-Aug-08
9-Jul-98
25-Nov-99
1-Jan-98

Dec-14
14.00
6.87
15.06
13.17
15.82
Jan-15
15.19
7.04
13.47
14.64
15.72
NIL
0.50% on or before
6M, Nil after 6M
1% on or before
1Y, Nil after 1Y
1% on or before
1Y, Nil after 1Y
NIL
NIL
Crisil Composite
Bond Fund Index
Crisil Composite
Bond Fund Index
Crisil Composite
Bond Fund Index
Crisil Composite
Bond Fund Index
Crisil Composite
Bond Fund Index
Crisil Composite
Bond Fund Index
14.31
14.31
14.31
14.31
14.31
Exit Load
Benchmark Name
CAGR (%)
Dec 31, 2013 to Dec 31, 2014
14.31
Dec 31, 2012 to Dec 31, 2013
3.79
3.79
3.79
3.79
3.79
3.79
Dec 31, 2011 to Dec 31, 2012
9.34
9.34
9.34
9.34
9.34
9.34

Dec 31, 2013 to Dec 31, 2014
11,431
11,431
11,431
11,431
11,431
11,431
Dec 31, 2012 to Dec 31, 2013
10,379
10,379
10,379
10,379
10,379
10,379
Dec 31, 2011 to Dec 31, 2012
10,934
10,934
10,934
10,934
10,934
10,934
Source: ACEMF
21
Long Term Gilt
Scheme Name
Birla SL GSec-LT(G)
ICICI Pru GiltInvest-PF-Reg
Kotak GiltInvest-Reg(G)
Reliance Gilt
Securities Fund(G)
Tata Gilt Securities

Fund(G)
Fund Manager
Prasad Dhonde
& Kaustubh Gupta
Rahul Goswami
& Anuj Tagra
Deepak Agrawal
& Abhishek Bisen
Prashant Pimple
S. Raghupathi.
Archarya & Akhil Mittal
415
299
407
463
78
17.70

CAGR (%)
Dec 31, 2013 to Dec 31, 2014
17.54
20.53
17.09
18.64
Dec 31, 2012 to Dec 31, 2013
3.05
1.40
0.06
3.27
5.20
Dec 31, 2011 to Dec 31, 2012
11.15
9.53
14.54
12.96
10.34
9.63
9.24
10.07
9.21
9.47
11,754
12,053
11,709
11,864
11,770

Dec 31, 2013 to Dec 31, 2014
Dec 31, 2012 to Dec 31, 2013
10,305
10,140
10,006
10,327
10,520
Dec 31, 2011 to Dec 31, 2012
11,115
10,953
11,454
11,296
11,034

Inception Date
40,397
26,737
46,476
17,518
40,046
28-Oct-99
19-Nov-03
29-Dec-98
22-Aug-08
4-Sep-99

Dec-14
20.52
15.45
17.80
13.84
Jan-15
19.56
16.93
19.26
15.62
NIL
NIL
NIL
NIL
0.50% on or before
180D, Nil after 180D
I-Sec Li-BEX
I-Sec Li-BEX
I-Sec Composite
Gilt Index
I-Sec Li-BEX
I-Sec Composite
Gilt Index
19.74
15.12
19.74
15.12
Exit Load
Benchmark Name
CAGR (%)
Dec 31, 2013 to Dec 31, 2014
19.74
Dec 31, 2012 to Dec 31, 2013
1.38
1.38
4.12
1.38
4.12
Dec 31, 2011 to Dec 31, 2012
12.81
12.81
11.05
12.81
11.05

Dec 31, 2013 to Dec 31, 2014
11,974
11,974
11,512
11,974
11,112
Dec 31, 2012 to Dec 31, 2013
10,138
10,138
10,412
10,138
10,492
Dec 31, 2011 to Dec 31, 2012
11,281
11,281
11,105
11,281
11,007
Source: ACEMF
22
Model Portfolio
Wealth
Guard (%)
Low Risk Debt
Wealth
Keeper (%)
Wealth
Builder (%)
Wealth
Enhancer (%)
Wealth
Multiplier (%)
60
50
30
20
15
35
35
30
20
15
15
30
40
50
10
20
20
100
100
100
100
100
Corporate/Bank Deposits
Post Office & RBI/ PSU Bonds
Fixed Maturity Plans (FMPs)
Liquid/Ultra Short Term Funds
Long/Short Term Debt
Short Term Funds
Income Funds
Monthly Income Plans (MIPs)
Gilt - Medium to Long Term
Equity
Diversified Equity Funds
Direct Equity/Derivatives
Private Equity
Equity PMS
Alternate
Other Asset Class (Gold, etc.)
Structured Products (Capital protected)
Structured Products (Non-Capital protected)
Total
Investment not applicable
23
ABMML RESEARCH TEAM:

Head - Investment Research & Advisory
K. Joseph Thomas
joseph.thomas@adityabirla.com
Wealth Advisory Group

Sanket Desai
022-6132 5221
sanket.desai@adityabirla.com
Sravan Kumar
022-6132 5214
sravan.kumar@adityabirla.com
Ananth Sundur
022-6180 2841
ananth.sundur@adityabirla.com
Swarashree Bhosale
022-6132 5216
swarashree.bhosale@adityabirla.com
Shrenik Daga
022-6132 5211
shrenik.daga@adityabirla.com
Rajneet Singh
022-6132 5215
rajneet.singh@adityabirla.com
Akanksha Mehta
022-6132 5217
akanksha.mehta@adityabirla.com
Gargi Bhattacharjee
022-6132 5219
gargi.b@adityabirla.com
Aditya Mehta
022-6132 5213
aditya.mehta@adityabirla.com
Tushar Patil
022-6132 5212
tushar.patil@adityabirla.com
Nilesh Shinde
022-6132 5226
nilesh.shinde@adityabirla.com
Disclaimer:
This document is prepared by the Research Division of Aditya Birla Money Mart Limited (ABMML/ the Company) on the basis of publicly available information,
internally developed data and other sources believed to be reliable. Whilst no action has been taken based upon this information, ABMML does not warranty either
expressly or impliedly, the accuracy, completeness or reliability of any information provided herein. Neither ABMML nor any of its employees / directors /
authorized representatives shall be liable for any direct, indirect, special, consequential, punitive or exemplary damages including lost profits arising in any way
from the information contained in this material, and hereby disclaims any liability with regard to the same. This report is disseminated for the information of
authorized recipients only and is not to be relied upon or taken in substitution for the exercise of due diligence and judgment by any recipient. This report does not
provide individually tailored investment advice; investors should seek independent financial advice with respect to the merits and risks involved in any of the
matters concerning investments in the Schemes/products mentioned in the report. MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS READ ALL
SCHEME RELATED DOCUMENTS CAREFULLY BEFORE INVESTING. PAST PERFORMANCE MAY OR MAY NOT BE SUSTAINED IN FUTURE. Returns are for Growth Option.
Calculations of return assume that all payouts during the period have been reinvested in the Scheme at the then prevailing NAV. Returns of less than one year are
absolute returns and returns of one year and more are compounded annualized returns.
This document is meant solely for the selected recipient to whom it has been specifically made available for general reading purposes. Nothing in this document
should be construed as an investment/financial advice or solicitation to purchase or sell, units of Scheme of any particular fund house or any financial product
referred to in this document. Investment decision if any taken will be at your sole and absolute discretion after due assessment and understanding of your
investment objective, appropriateness and risk averseness including indicated under product labeling of mutual fund scheme. ABMML shall not be held
responsible in any manner whatsoever for the consequences resulting from you taking the decision based on the use of this information. You may therefore obtain
your own legal, tax and financial advice before making a decision. Aditya Birla Money Mart Ltd is registered with AMFI as a distributor of mutual fund [ARN 0003]
and being engaged in the distribution of Mutual Fund products may receive fees / commission from the asset management companies. The indicative range of
commission receivable from AMCs is from 0% to 6.5% depending on the schemes and as notified by the AMCs from time to time. For more details about the
Company, its businesses and other information including the commissions received from asset management companies you may visit the website
www.adityabirlamoney.com under the Products Mutual Fund section or can seek direct information from your relationship manager at the time of investment.
ABMML is an also an associate / group company of Birla Sun Life Asset Management Company Limited and trustees and sponsor of Birla Sun Life Mutual Fund
(BSLMF), and also acts as a distributor of BSLMF. Any recommendation or reference of schemes of BSLMF made here if any is based on the standard evaluation and
selection process, which would apply uniformly for all mutual fund schemes. The payment of commission (upfront /annualized & trail) for any Schemes of BSLMF to
ABMML would be as per prevailing market practices. You may execute the mutual fund transactions using the execution services of the Company. These services
shall be as per the SEBI guidelines issued from time to time and you may quote the EUIN number of the relationship manager in case of such transactions is
executed based on the advice provided by the Company.
24
Product Labelling
Core Schemes
Axis Equity Fund
Birla SL Frontline Equity Fund
Franklin India High Growth Cos Fund
HDFC Top 200 Fund
ICICI Pru Focused BlueChip Eq Fund
Kotak Select Focus Fund
Reliance Focused Large Cap Fund
Tata Pure Equity Fund
High Risk
High Risk
High Risk
High Risk
High Risk
High Risk
High Risk
High Risk
Brown
Brown
Brown
Brown
Brown
Brown
Brown
Brown
Satellite Schemes
Axis Midcap Fund
Canara Rob Emerg Eq Fund
Franklin India Prima Fund
HDFC Mid-Cap Opportunities Fund
ICICI Pru Value Discovery Fund
UTI Mid Cap Fund
High Risk
High Risk
High Risk
High Risk
High Risk
High Risk
Brown
Brown
Brown
Brown
Brown
Brown
ELSS
Axis LT Equity Fund
Birla SL Tax Plan
Birla SL Tax Relief '96
HDFC TaxSaver
ICICI Pru Tax Plan
Reliance Tax Saver (ELSS) Fund
High Risk
High Risk
High Risk
High Risk
High Risk
High Risk
Brown
Brown
Brown
Brown
Brown
Brown
Balanced Funds
Birla SL '95 Fund
HDFC Prudence Fund
ICICI Pru Balanced Fund
Reliance Reg Savings Fund-Balanced Plan
Tata Balanced Fund
High Risk
High Risk
High Risk
High Risk
High Risk
Brown
Brown
Brown
Brown
Brown
Birla SL Equity Fund

Birla SL Top 100 Fund
DSPBR Small & Midcap Fund
Edelweiss Absolute Return Fund
Franklin India Smaller Cos Fund
HDFC Infra Fund
HSBC India Oppor Fund
ICICI Pru Dynamic Fund
IDFC Premier Equity Fund
Kotak Emerging Equity Scheme
Reliance Banking Fund
Reliance Small Cap Fund
High Risk
High Risk
High Risk
High Risk
High Risk
High Risk
High Risk
High Risk
High Risk
High Risk
High Risk
High Risk
Brown
Brown
Brown
Brown
Brown
Brown
Brown
Brown
Brown
Brown
Brown
Brown
Arbitrage Funds
ICICI Pru Blended-A
ICICI Pru Equity-Arbitrage Fund
IDFC Arbitrage Fund
Kotak Equity Arbitrage Scheme
SBI Arbitrage Opportunities Fund
Medium Risk
Medium Risk
Low Risk
Low Risk
High Risk
Yellow
Yellow
Blue
Blue
Brown
Low Risk
Low Risk
Low Risk
Low Risk
Low Risk
Low Risk
Low Risk
Low Risk
Blue
Blue
Blue
Blue
Blue
Blue
Blue
Blue
Low Risk
Low Risk
Low Risk
Low Risk
Low Risk
Low Risk
Blue
Blue
Blue
Blue
Blue
Blue
Birla SL ST Opportunities Fund

DWS Short Maturity Fund
Franklin India ST Income Plan
HDFC STP
HSBC Income-Short Term Plan
ICICI Pru Short Term Plan
Reliance STF
Tata ST Bond
Income Funds
Medium Risk
Low Risk
Low Risk
Low Risk
Low Risk
Low Risk
Low Risk
Medium Risk
Yellow
Blue
Blue
Blue
Blue
Blue
Blue
Yellow
Birla SL Income Plus

HDFC Income Fund
ICICI Pru Income Opportunities Fund
ICICI Pru Income
Kotak Bond Fund - Plan A
Reliance Income
Gilt Funds
Medium Risk
Low Risk
Low Risk
Low Risk
Low Risk
Low Risk
Yellow
Blue
Blue
Blue
Blue
Blue
Birla SL G-Sec-LT
ICICI Pru Gilt-Invest-PF
Kotak Gilt-Invest
Reliance Gilt Securities Fund
Tata Gilt Securities Fund
Accrual Funds
Low Risk
Low Risk
Low Risk
Low Risk
Medium Risk
Blue
Blue
Blue
Blue
Yellow
Birla SL Savings Fund

DWS Ultra ST
Franklin India Ultra Short Bond Fund
ICICI Pru Flexible Income Plan
Tata Floater
UTI Treasury Advantage Fund
Short Term Funds
Focus List (Equity)
MIP
Birla SL MIP II-Wealth 25
Franklin India MIP
HSBC MIP-Savings
ICICI Pru MIP 25
Reliance MIP
Liquid Funds
Axis Liquid Fund
DWS Insta Cash Plus Fund
HDFC Liquid Fund
ICICI Pru Money Market Fund
JM High Liquidity Fund
Religare Invesco Liquid Fund
SBI Premier Liquid Fund
UTI Liquid-Cash Plan
Ultra Short Term Funds
Franklin India Income Opportunities Fund Low Risk

ICICI Pru Regular Savings
Low Risk
Reliance Reg Savings Fund-Debt Plan
Low Risk
Focus List (Debt)
Axis Short Term Fund
Low Risk
HDFC Corporate Debt Opportunities Fund Medium Risk
Kotak Bond-STP
Low Risk
Kotak Medium Term Fund
Low Risk
Tata Income Fund
Medium Risk
Blue
Blue
Blue
Blue
Yellow
Blue
Blue
Yellow
Note: Risk is represented as:
Medium Risk
Medium Risk
Medium Risk
Medium Risk
Medium Risk
Yellow
Yellow
Yellow
Yellow
Yellow
(Blue) Investors understand that their principal will be at low risk

This product is suitable for investors who are seeking for income with capital
growth over short term.
(Yellow) Investors understand that their principal will be at medium risk
This product is suitable for investors who are seeking income with capital
growth over medium to long term.
(Brown) Investors understand that their principal will be at high risk
This product is suitable for investors who are seeking long term capital growth.
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
25
Contact Information
Aditya Birla Money Mart Limited
Corporate Office: One Indiabulls Centre, Tower 1, 14th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai 400 013.
Registered Office: Indian Rayon Compound, Veraval, Gujarat 362 266. E-mail: abmm.helpdeskonline@adityabirla.com,
CIN U61190GJ1997PLC062406, Tel: +91 22 43568300, Website: www.adityabirlamoney.com, Fax: +91 22 43568310

MMR Wealth - March - 15

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MMR Wealth - March - 15

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The First Page

If we look at some of the leading indicators such as ISM

The leading indicators such as PMI data point towards some

Fixed income markets continue to remain a state of flux after a

should be anticipatory once sufficient data support the policy

CPI & Food Inflation (%)

Jan-15 Dec-14 Jan-15 Dec-14 Jan-15 Dec-14 Weight

Food and beverages

Pan, tobacco and

Fuel & light

Clothing, bedding &

Food, beverages & tobacco

The Index of Industrial Production (IIP) for the month of

Core Sector Growth [%]

IIP Growth [%]

Indias exports declined in January 2015 by 11.2 per cent on a

Use based classification

Absolute Returns (%)

Performance as on 28th February 2015

the FOMC meeting in March, where everyone will be watching the

CNX Nifty Index

Absolute Returns (%)

Performance as on 28th February 2015

goods and infra space. Governments Make in India initiative

production cuts at major mines, after prices on LME fell below

Currency markets continue to be volatile as they are influenced

easing to shore up inflation may turn counterproductive. JPY is

EUR after depreciating in Jan15 consolidated in Feb and

JPY remained in a tight range in Feb with a depreciating bias.

Franklin India High Growth Companies Fund

Investment Objective: To achieve long term capital appreciation

Investment Objective: This is an open ended diversified equity

Clearing Corporation Of India Ltd.

Top 10 Sector Holdings (%)

The fund seeks to invest into companies that tend to grow

Auto Ancillary 0.53

Automobiles - Passenger Cars

Idea Cellular Ltd.

Top 10 Sector Holdings (%)

Hotel, Resort & Restaurants

Pesticides & Agrochemicals

Pharmaceuticals & Drugs

Telecommunication - Service Provider

Birla SunLife Frontline Equity Fund

HDFC Top 200 Fund

Investment Objective: An open-end growth scheme with the

Investment Objective: The investment objective of the Scheme

The Fund is in existence for more than a decade and has

The Fund is in existence for more than 18 years and has

No. Company Name

Maruti Suzuki India Ltd.

Top 10 Sector Holdings (%)

No. Company Name

Printing And Publishing

Pesticides & Agrochemicals

Tv Broadcasting & Software Production

Telecommunication - Service Provider

Reliance Industries Ltd.

Top 10 Sector Holdings (%)

Cement & Construction Materials

Automobiles - Passenger Cars

Reliance Focused Large Cap Fund