By

Bharat Vaid (10AC08) DSP BlackRock D Pradeep (10AC21) HDFC AMC SNV Pravin(10AC22)- ICICI Prudential R Raja Sugirtha(10AC23) Kotak Mahindra AMC K Rajeshwaran(10AC24) Canara
Robeco

HDFC Mutual Funds - D PRADEEP

1.

Tax Saver Schemes @ HDFC AMC HDFC Tax Saver ****

Zurich India TaxSaver Fund December 18, 1995

2. HDFC Long Term Advantage - ***

December, 2000
Both Schemes has 2 options:

1. Growth 2. Dividend offers Dividend payout and Reinvestment

HDFC Tax Saver

Objective:
o To achieve long term growth of capital

Open Ended Scheme Lock-in Period : 3 years No entry and exit load. Systematic Investment Plan:
o Minimum
Rs 500/- per month. Rs 1500/- every quarterly.

HDFC Tax Saver

Payout T+3 or T+4 days Expense Ratio : 1.85
Investment Policy:
Identifying securities which offer superior levels of yield at low levels of risk.

Unique in Investment:
o Max in Large caps o Indian Depository Receipts (IDR) of Standard Chartered PLC (UK).

Performance
Growth Option Net Asset Value Assets Under Management Return since Launch Return Grade Risk Grade Dividend Option Portfolio Total Equity & Equity Related Holdings Total Money Market Instrument & Other Credit Exposures (aggregated holdings in a single issuer) Cash, Cash Equivalents and Net Current Assets Grand Total 94.18 0.00 5.82 100.00 Rs 213.14 Rs 3113.95 Crores 31.71% Above Average Below Average Net Asset Value = Rs 54.15

Sector-wise Asset Holdings

Sectors Financial % Net Assets 13.38

Energy
HealthCare FMCG Technology Engineering Communication Services Automobile Metals Diversified Chemicals Construction Others

11.43
11.39 9.60 8.84 6.09 4.14 3.94 3.64 3.19 2.62 1.24 1.21 19.29

Equity & Equity Related Holdings

Company State Bank of India Industry Banks

% to NAV 5.28

ITC Ltd.
Tata Consultancy Services Ltd. Sun Pharmaceutical Industries Ltd. Bharti Airtel Ltd. Infosys Ltd. ICICI Bank Ltd. Bank of Baroda Larsen & Toubro Ltd.

Consumer Non Durables

Software Pharmaceuticals Telecom - Services Software Banks Banks Construction Project

5.04
4.77 4.32 4.14 4.07 3.44 2.77 2.62 2.45 38.90 61.10

Ipca Laboratories Ltd. Pharmaceuticals Total of Top Ten Equity Holdings Others

HDFC Long Term Advantage

To generate long term capital appreciation from a portfolio Investment - equity and equity related instruments Open Ended Scheme Lock-in Period : 3 years No entry and exit load. Systematic Investment Plan:
o Rs 500/- every month. o Rs 1500/- every quarterly.

Expense Ratio : 2.06

Performance
Growth Option Net Asset Value Assets Under Management Return since Launch Return Grade Risk Grade Dividend Option Portfolio Total Equity & Equity Related Holdings Total Credit Exposures (aggregated holdings in a single issuer) Cash, Cash Equivalents and Net Current Assets Grand Total 97.50 0.14 Rs 126.738 Rs 936.18 Crores 26.89% Average Average Net Asset Value = Rs 33.155

2.36 100.00

Sector-wise Asset Allocation

Sectors Financial Technology HealthCare % Net Assets 15.28 14.11 9.21

Energy
Automobile FMCG Communication

7.86
5.98 5.34 4.71

Services
Metals Diversified Chemicals

3.94
3.92 3.90 2.92

Consumer Durables
Construction Engineering Others

2.53
2.40 2.29 15.61

Equity & Equity Related Holdings

Company Tata Consultancy Services Ltd. Industry Software % to NAV 7.71

ICICI Bank Ltd. Infosys Ltd. Reliance Industries Ltd. State Bank of India Bharti Airtel Ltd. Carborundum Universal Ltd. Balkrishna Industries Ltd. Larsen & Toubro Ltd. Ipca Laboratories Ltd.

Banks Software Petroleum Products Banks Telecom - Services Industrial Products Auto Ancillaries Construction Project Pharmaceuticals

7.26 6.40 5.17 5.05 4.71 3.92 3.92 3.90 3.44

51.48 48.52

Total of Top Ten Equity Holdings Others

 HDFC Tax Saver:

Asset

Investment Pattern
Portfolio Minimum 80% Risk Medium to High Low to Medium Equity & Equity Related Instruments Debt Instruments & Money Maximum Market Securities 20%

HDFC Long Term Advantage:

Asset
Equity & Equity Related Instruments

Portfolio
80%

Risk
Medium to High Low to Medium

Debt Instruments & Money 20% Market Securities

Benefits
Minimizes Tax Liquidity
o Full tax saving without investing 1 lakh. o Profits on the sale of units are treated as long-term capital gains No tax o No dividend distribution tax on equity investments - Dividends earned are tax free

Satisfies the purpose of Long-term investments 3 years. Maximum returns from investments in equities Redemption proceeds issued within 3-4 business days

Benefits
Transparency NAV, AUM, Entire portfolio Convenience Purchase or sell the funds directly or indirectly STP & SWAP Flexibility Consistency in dividend dividend rate >50%

Liquidity Redeem after 3 years

Fund manager builds the portfolio for the long-term : 3-year lock-in period o Greater flexibility to make investment decisions o No worries about everyday redemptions.

Competitive Advantage
AUM for HDFC Tax saver is higher than others Expense ratio is good %Return Since launch is high Risk is less Growth in NAV is higher than others. Risk adjusted performance is higher than others except Canara Profits are high.

DSP BlackRock - BHARAT VAID

DSP Blackrock Tax Saver Fund

DSP Blackrock Tax Saver Fund Launched Dec 2006 Options a. Growth b. Dividend Payout Reinvestment Rating - ***

Contd.
Objective Open ended scheme No Entry and Exit Load Lock in period Minimum Investment SIP Rs 500/- per month (Minimum 6 Installments)

Performance
Growth Option NAV Net Assets Returns Since Launch Return Grade Risk Grade Dividend Option Portfolio NAV : 10.838 Rs 15.1 (as on 31/07/2011) Rs 844.6 Cr 9.34% Average Average

Composition Total Equity and Equity Related Holdings Debt Cash Total

% 96.96 0.08 2.99 100

Investment Pattern
Instrument
Equity and Equity Related Securities ADRs, GDRs and Foreign Equity Securities Debt

Allocation
80% - 100%

Risk Profile
Medium to High
Medium to High

0% - 20%

0% - 20%

Low to Medium

Asset Allocation Sector Wise

Equity and Equity Related Holdings

Bonds Britannia Industries 0.08%

Benefits
Tax Liquidity Liquidity Redeem after 3 years Transparency NAV, AUM, Entire portfolio Convenience Purchase or sell the funds directly or indirectly Flexibility- Client & Fund Manager Purpose of Long-term investments is satisfied. Competitive Advantage: % Return is higher than Kotak Expense Ratio is lower than Canera &Kotak AUM is higher than Canera and Kotak Risk is less than kotak

CANARA ROBECO - K RAJESHWARAN

Canara Robeco Equity Tax Saver Saver 1. Canara Robeco Equity Tax
Tax Saving Equity Scheme March 31, 1993

2. Robeco Advantage

To achieve capital appreciation by facilitating subscribers to seek tax benefits.

Schemes has 2 options:

1. Growth 2. Dividend option

Canara Robeco Equity Tax Saver

To achieve long term growth of capital Open Ended Scheme Lock-in Period : 3 years Lump sum Investment Plan Systematic investment plan Systematic transfer plan

Performance
Growth Option Net asset value Net assets Returns since launch Return grade Risk grade Dividend option NAV 17.43 Portfolio Total Equity & Equity Related Holdings Total Money Market Instrument & Other Credit Exposures (aggregated holdings in a single issuer) Cash, Cash Equivalents and Net Current Assets Grand Total 93.13 0.00 6.87 100.00 Rs 24.86 289.79 15.10 High Below average

Equity & Equity Related Holdings

Company Bharti Airtel HDFC Bank Infosys Technologies ICICI Bank Sector Telecommunications Financial Software Financial Returns to nav 7.08 5.61 4.45 3.52

ITC
BHEL State Bank of India Ipca Laboratories Tata Consultancy Services Power Grid Corp. Total pf top ten holdings

Fmcg
Energy Financial Diversified Software Energy

3.49
3.11 2.42 2.38 2.31 2.2 36.57

Sector wise investment

Financial Energy Technology Construction Healthcare FMCG Communication Chemicals Engineering Services Diversified Automobile 19.63 15 8.9 8.03 8.02 7.64 7.08 5.86 5.84 3.27 2.72 1.14

Benefits
Tax Liquidity Transparency NAV, AUM, Entire portfolio Convenience Purchase or sell the funds directly or indirectly Flexibility- Client & Fund Manager Liquidity Redeem after 3 years Purpose of Long-term investments is satisfied Competitive Advantage: Risk is less and Return is high. Risk Adjusted performance is better % Returns are consistent Return Indicator(Alpha) is better than others.

Kotak Mahindra Asset Management Company

- R RAJA SUGIRTHA

Kotak Tax Saver

Investment Objective :
o To generate capital appreciation from a diversified portfolio of equity & equity related securities and enable investors to avail the income tax rebate.

Investment Pattern Investments Indicative Allocation Profile

Equity & Equity related securities Debt & Money Market Instruments 0% to 20% Low 80% to 100%

Risk

Medium to High

Kotak Tax Saver

Benchmark Index S & P CNX 500 Investment Horizon (Lock in Period) 3 yrs Estimated Recurring Expenses : 2.50% Investment Options Growth Dividend - Pay-out & Re-Investment.

Kotak Tax Saver

Minimum Investment

Initial : Rs 500 and in mulitiples of 500.. Additional: Rs 500 and in mulitiples of 500. Systematic: Rs 500 and in mulitiples of 500.
Minimum Redemption Size

Rs. 1000/- or 100 units

Payout Schedule
o Transaction day + 3 working days

Entry Load Nil Exit Load Nil

Performance
Launch Date NAV : Net Assets Return since Launch
Risk Grade Return Grade

October 2005 Rs. 18.054 (Growth Option) Rs. 11.056 (Dividend Option)
516.74

9.11
Above Average Average

Portfolio - Asset Allocation Equity 97.75 Debt 1.41 Cash & Cash Eq. Commodities 0.00

0.84

Equity & Related Investments

Company % of NAV Infosys Ltd. ICICI Bank Ltd. Reliance Industries Ltd. HDFC Bank Ltd. ITC Ltd. 4.49% Bharti Airtel Ltd. TCS Larsen And Toubro Ltd. State Bank Of India 3.03% GlaxoSmithkline 2.93% Others Industry Software Banks Petroleum Products Banks Consumer Non Durables Telecom - Services Software Construction Project Banks Consumer Non Durables 52.51% 6.88% 6.10% 5.55% 4.84%

4% 3.92% 3.50%

Sector Wise Investment

Banks Software Consumer Non Durables Pharmaceuticals Petroleum Products Finance Telecom - Services Construction Project Industrial Capital Goods Textile Products Others 18.2 12.31 9.86 7.66 7.29

4.46
4 3.7 3.56 3.2 25.76

Benefits
Tax Liquidity Liquidity Redeem after 3 years Transparency NAV, AUM, Entire portfolio Convenience Purchase or sell the funds directly or indirectly Flexibility- Client & Fund Manager Purpose of Long-term investments is satisfied Competitive Advantage: Expense Ratio is lower than Canara Robeco Growth in NAV is better than DSPBR and Canara

- SNV PRAVIN

Tax savers scheme at ICICI Prudential

Launch date- August 1999 Type- Open Ended Scheme Lock in period- 3 years Two Options 1.Growth 2.Dividend AUM 1,323.19crores

Investment objectiveTo generate regular returns by investing in a portfolio of fixed income securities/ debt instruments which mature on or before the date of maturity of the plan Initial Investment Rs 500

Tax savers scheme at ICICI Prudential

Additional investment Rs 500

Performance
Growth Option Net Asset Value Assets Under Management Return since Launch Return Grade Risk Grade Dividend Option Portfolio AS ON 31/07/11 EQUITY DEBT CASH & CASH EQ COMMODITIES % Net Assets 95.54 0.00 4.46 0.00 Rs 128.96 Rs 3113.95 Crores 23.65% Above Average Average Net Asset Value = Rs 17.33

Sector wise Asset Holdings

Energy Financial Technology Healthcare Engineering Metals Automobile Communication Services FMCG Construction Diversified Textiles 17.73 17.16 11.2 9.35 9.12 7.96 6.95 3.2 1.96 1.95 1.93 1.35 1.05

Equity & Equity Related Holdings

Top10 Holdings
Name of Holding Reliance Industries Infosys Technologies ICICI Bank Sterlite Industries Bharti Airtel Instrument Equity Equity Equity Equity Equity

As on 31/07/11
% Net Assets 9.37 6.3 3.92 3.62 3.14

Tata Steel

Equity

2.84
2.81 2.77 2.53 2.28

Oracle Fin Ser Software Equity Cairn India Cadila Healthcare Kirloskar Brothers Equity Equity Equity

Benefits
Tax Liquidity Liquidity Redeem after 3 years Transparency NAV, AUM, Entire portfolio Convenience Purchase or sell the funds directly or indirectly Flexibility- Client & Fund Manager Purpose of Long-term investments is satisfied Competitive Advantage AUM is higher than others except HDFC Expense Ratio is Better than others except HDFC %Return is better than others except HDFC

ANALYSIS & COMPARISON

1. Assets Under Management (AUM)

Company HDFC Tax Saver Rating **** AUM (Crores) 3113.95

HDFC Long-Term Advantage

Canara Robeco Equity Tax Saver DSPBR Tax Saver Kotak Tax Saver ICICI Prudential Tax Saver

***
***** *** *** ****

936.18
289.79 844.59 516.74 1323.19

2. % Return
Company Company HDFC HDFC Tax Saver -8.77 CANARA ROBECO DSP BlackRock -5.75 HDFC Long-Term Advantage Kotak AMC ICICI Canara Robeco Equity Tax Saver -6.01 13.47 10.22 19.37 11.21 9.58 18.50 1 year 3 years 5 years Since Launch 31.73 26.93 15.10

DSPBR Tax Saver

Kotak Tax Saver

-13.29
-12.82

7.96
3.82

---7.91

9.46
9.11

ICICI Prudential Tax Saver

-7.50

12.09

8.40

23.65

3. Return & Risk

Company Risk Return Above Avg SD 30.10 29.80 31.72 Beta 0.94 0.93 0.96 Company HDFC Tax Saver Below Avg HDFC Tax Saver Sharpe Ratio 0.44 0.33 0.58 Alpha 8.89 5.53 13.89 HDFC Long-Term HDFC LongBelow Avg Avg Advantage Term Advantage Canara Robeco Equity Tax Saver Below Avg High Canara Robeco Equity Tax DSPBR Tax Saver Saver Kotak Tax Saver DSPBR Tax Avg Avg ICICI Prudential Tax Saver Saver ICICI Prudential R.I.G.H.T Kotak Tax Saver Above Avg Avg ICICI Prudential Avg Tax Saver Above Avg

29.54 32.26 32.52

0.92 1.01 0.99

0.27 0.15 0.39

3.40 - 0.04 7.76

Company

4.Net Asset Value

NAV Launch 1995 2000 1993 2006 2005 (Rs) 214.191 126.738 17.53 15.189 16.553

HDFC Tax Saver HDFC Long-Term Advantage Canara Robeco Equity Tax Saver DSPBR Tax Saver Kotak Tax Saver

ICICI Prudential Tax Saver

128.96

1999

5. Expense Ratio
Company Company
HDFC HDFC Tax Saver CANARA ROBECO

Expense Ratio 1.85 2.06 2.33 2.09 2.22 1.97

DSP BlackRock HDFC Long-Term Kotak AMC Advantage ICICI Canara Robeco Equity Tax Saver DSPBR Tax Saver

Kotak Tax Saver ICICI Prudential Tax Saver

Conclusion
1. 2. 3. 4. 5. 6. HDFC Tax Saver HDFC Long-term Advantage Canara Robeco Equity Tax Saver ICICI Prudential Tax Saver DSPBR Tax Saver Kotak Tax Saver

Future of Tax Saver Scheme

TAX Liability ?