ALL BeES Presentation

GS BeES
Exchange Traded Funds
April 2015
Presentation flow
Indexing as a strategy
GS BeES advantages & buy/sell mechanism
ETF growth international & India
GS BeES product details
About us
Why you should consider index investing?
Elimination of non-systemic risks
Reduce risk
Investing in an index fund makes no attempt at forecasts and

analysis
Lower expenses
Cost of researching stocks, industries, sectors etc eliminated
Exposure to segments of markets and also entire markets
Easier to buy index fund versus individual stocks
Indices across asset classes (equity, fixed income, gold, etc.)
Easy to track portfolio
Actions of large numbers of active investors set stock prices &

index investors benefit from this at a low cost
Broad diversification
Asset allocation
Benefit from expert opinion
Index funds in India
At present, there are 48 index funds, of which 221 are based on the CNX Nifty Index
Total recurring expenses2 vary from 0.25% to 1.70% p.a.
Tracking error3 ranges between 0.08% to 1.65%
Data as on 31st March 2015

1 -Source: MFI explorer.
2 Source MFI explorer. Service tax may be charged over and above total expense.
3 Internal calculation done on the basis of NAV data sourced from AMFI
This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or
investment advice. Please see additional disclosures.
3
Features of GS BeES
Simple can be bought/ sold on the NSE like a share in real-time
Buy/ sell the broad Indian market in one ETF unit
Can be used to equitise cash
Economical the annual expense ratio for Index funds is low compared to traditional open-ended equity
or debt fund.
No rebalancing issue for the investor due to corporate action or index changes
Full replication strategy
Mechanism
Behind the scene
Exactly like a stock
Primary market
Secondary market
Seller
Cash
Authorized
participants /
financial
institutions
GS BeES*
Buy / sell
Market making /
arbitrage
Subscription/
redemption
in-kind
Stock Exchange
Cash
Fund
GS BeES*
Buyer
* GS BeES = Goldman Sachs Exchange Traded Schemes

5
GS BeES Vs Open Ended Index Funds

Parameters
Index ETFs
Traditional open-ended index funds
Yes
No
Usually lower than traditional

open-ended funds
Usually higher than ETFs
Yes
No
Tracks index more closely relative to a

traditional open-ended fund
Tracking errors are usually higher as

compared to ETFs
Real time pricing as compared to a

traditional open-ended fund
Daily end of day
Yes
No
Liquidity
Fund and stock market
Fund
Structure
Insulates long term investor from short

term trading activity
Does not insulate long term investor from

short term trading activity
Traded throughout the

day
Low expense ratio
Trade at any brokerage
firm
Tracking
NAV
Can be used for
derivatives margin
ETF Exchange Traded Fund
Growth of ETFs Internationally

Growth of International ETFs
3000
4500
4000
3500
2000
3000
2500
1500
2000
1000
1500
1000
500
500
0
2000
2001
2002
2003
2004
2005
2006
AUM*
74
105
142
212
310
416
579
No. of ETFs
94
208
283
288
334
440
719
- AUM in USD Billion. Source: ETFGI Monthly Newsletter March 2015.
2007
2008
2009
2010
2011
2012
2013
2014
Mar -15
806
716
1041
1313
1355
1754
2254
2643
2781
1132
1614
1961
2473
3022
3334
3591
3964
4049
No. of ETFs
AUM $ Billion
2500
15000
50
12000
40
9000
30
6000
20
3000
10
0
Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09
Dec10*
Dec11*
Dec12*
Dec 13*
Dec 14*
Mar 15*
Avg. AUM
168
568
2920
7811
7142
2671
2410
4981
10852
13380
10959
12677
14371
No of ETFs
12
16
18
26
33
34
39
45
48
Source : Based on data collated from AMFI website i.e. www.amfiindia.com

* - Average AUM for the Quarter. (For other periods amount is Average AUM for Month)
No. of ETFs
Avg. AUM (Rs. in Crores)
Growth of ETFs in India
Domestic Equity ETFs
10
CNX Nifty Index
Indias premier benchmark index introduced in November 1995 and was developed as a basis for
introducing index based derivatives
CNX Nifty is calculated using the free float market capitalization weighted method1
Only companies having a high degree of liquidity defined in terms of low impact cost are included as
constituents of the index
Impact cost of the CNX Nifty for March 2015 is 0.06% for a portfolio size of Rs. 50 Lakhs1
Represents about 57.34%2 of the total market capitalization of NSE as on 31st March 2015
1 - For criteria of CNX Nifty Index and Impact cost, kindly refer the indices section of NSE website i.e. www.nseindia.com
2 - Source: www.nseindia.com / India Index Services & Products Ltd. (IISL)/ Internal
11
Goldman Sachs Nifty Exchange Traded Scheme

(GS Nifty BeES)
Investment objective
The investment objective of GS Nifty BeES is to provide investment returns that, before expenses, closely
correspond to the total returns of the securities as represented by the CNX Nifty Index. However, the
performance of scheme may differ from that of the underlying index due to tracking error.
Investment pattern
Instruments
Indicative allocation %
Securities covered by CNX Nifty Index
Up to 100%
Money market instruments, convertible bonds & other securities

including cash at call but excluding subscription & redemption cash flow
Up to 10%
The above stated percentages are indicative and not absolute.
There is no guarantee that these objectives will be met.

12
Goldman Sachs Nifty Exchange Traded Scheme

(GS Nifty BeES)
Type of scheme
Open ended index scheme, listed on the exchange in the form of an Exchange Traded Fund (ETF)
Product labeling
This product is suitable for investors who are seeking*:

long-term capital appreciation.
investment in securities covered by CNX Nifty Index.
high risk.
(BROWN)
Note: Risk may be represented as:
(BLUE) investors understand

that their principal will be at low
risk
(YELLOW) investors understand

that their principal will be at medium
risk
(BROWN) investors understand that

their principal will be at high risk
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
13
GS Nifty BeES
Combination of a share and a mutual fund unit
Listed and traded on the capital market segment of the NSE
Tracks the CNX Nifty Index and priced at 1/10th of the CNX Nifty Index
Minimum lot-size for real-time in-kind creation/ redemption with the Fund is 10,000 units and in multiples
thereof
Minimum lot-size to buy/ sell on NSE is 1 unit and in multiples thereof
Options: the scheme offers only growth option
Units of the scheme will be issued/ repurchased and traded compulsorily in Demat form
14
GS Nifty BeES - top 10 holdings

Company
Industry
Weightage (%)
Infosys Ltd
Software
7.50
Housing Development Finance Corporation Ltd
Finance
7.01
HDFC Bank Ltd
Banks
6.73
ICICI Bank Ltd
Banks
6.19
ITC Ltd
Consumer Non Durables
6.17
Larsen & Toubro Ltd
Construction Project
4.76
Reliance Industries Ltd
Petroleum Products
4.61
Tata Consultancy Services Ltd
Software
4.42
Tata Motors Ltd
Auto
3.35
Axis Bank Ltd
Banks
3.22
Total
53.98

Portfolio holdings may change by the time you receive this. Portfolio holdings may not be representative of future investments. The securities discussed may not represent all of the portfolio's
holdings and may not be deemed representative of the strategys future portfolio holdings. Future portfolio holdings may not be profitable. Industry allocation as per AMFI classification
15
GS Nifty BeES industry allocation

Industry Weightage (%)
2.58
4.76
1.93
2.54
2.27
1.270.72
2.94
0.72
0.63
0.61
23.94
5.32
6.97
16.42
7.76
8.85
9.51
Banks
Software
Auto
Finance
Pharmaceuticals
Petroleum Products
Cement
Power
Telecom - Services
Oil
Minerals/Mining
Non - Ferrous Metals
Industrial Capital Goods
Ferrous Metals
Media & Entertainment
Gas
Data as 31st March 2015

Total allocation may not add to 100% due to rounding. Industry allocation as per AMFI classification. Portfolio holdings may change by the time you receive this Portfolio holdings may not be
representative of future investments. Future portfolio holdings may not be profitable
16
GS Nifty BeES scheme details
NSE Symbol
: NIFTYBEES
BSE Code
: 590103
ISIN
: INF732E01011
Reuters
: NBES.NS
Bloomberg
: NBEES.IN
Total Expense Ratio
: 0.49% p.a.1
Tracking Error
: 0.11% Annualised2
Impact Cost
: 0.083
Entry/ Exit Load
: Nil

1 - Financial year to date expense ratio to average AUM. For maximum chargeable expense ratio, please refer to the SID.
2- Tracking error calculated based on monthly rolling returns for last 12 months.
3 - Impact cost calculated for period of 6 months ending on 15th March 2015, Source: NSE Market Tracker, www.nseindia.com
17
GS Nifty BeES - performance

Particulars
Mar 31, 2014 to Mar 31,

2015
Mar 31, 2013 to Mar 31,

2014
Mar 31, 2012 to Mar 31,

2013
Since Inception
Absolute PTP Returns Absolute PTP Returns Absolute PTP Returns

CAGR
PTP Returns
Returns (%)
(INR)
Returns (%)
(INR)
Returns (%)
(INR)
Returns (%)
(INR)
GS Nifty BeES
27.97
12797
19.32
11932
8.68
10868
18.62
96333
CNX Nifty Index (Benchmark)@
26.65
12665
17.98
11798
7.31
10731
17.21
82134
CNX Nifty Total Returns Index
28.17
12817
19.47
11947
8.72
10872
18.94
99763
Returns for one year and less than one year are absolute. Returns for more than one year are compounded annualized. Dividends are assumed to be
reinvested at the prevailing NAV. Distribution taxes are excluded while calculating the returns. Bonus declared has been adjusted. In case, the start/end
date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. Point to Point (PTP)
returns in INR is based on standard investment of INR 10,000 made at the beginning of 12 month period as at the end of that period scheme
performance. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other
investments. Inception date is the allotment date which is December 28, 2001. @ Also represents Additional Benchmark
Fund manager: Payal Kaipunjal

For the performance of other schemes managed by the same fund manager please refer to slide 90
18
CNX Nifty Junior Index
The next rung of liquid securities after CNX Nifty is the CNX Nifty Junior
CNX Nifty and the CNX Nifty Junior make up the 100 most liquid stocks in India
Only companies having a high degree of liquidity defined in terms Impact Cost are included as
Constituents of the Index1
CNX Nifty Junior is calculated using the free float market capitalization weighted method1
Impact cost of the CNX Nifty Junior Index for March 2015 is 0.08% for a portfolio size of Rs. 25 Lakhs1
1 - For criteria of CNX Nifty Junior Index and Impact cost, kindly refer the indices section of NSE website i.e. www.nseindia.com
19
Goldman Sachs Nifty Junior Exchange Traded Scheme

(GS Junior BeES)
The investment objective of GS Junior BeES is to provide returns that, before expenses, closely
correspond to the returns of securities as represented by CNX Nifty Junior Index. However, the
performance of scheme may differ from that of underlying index due to tracking error.
Investment pattern
Instruments
Securities covered by CNX Nifty Junior Index
Money market instruments, convertible bonds & other

securities including cash at call but excluding subscription
& redemption cash flow
90% - 100%
0% - 10%
The above stated percentages are indicative and not absolute

20
Goldman Sachs Nifty Junior Exchange Traded Scheme

(GS Junior BeES)
Type of scheme
Product labeling

investment in securities covered by CNX Nifty Junior Index.
high risk.
(BROWN)
21
GS Junior BeES
Tracks the CNX Nifty Junior Index and priced at 1/100th of the CNX Nifty Junior Index
Listed and traded on the capital market segment of NSE
Minimum lot-size for real-time in-kind creation/ redemption with the fund is 16,000 units and in multiples
thereof
Options: the scheme offers only growth option
Units of the scheme will be issued/ repurchased and traded compulsorily in demat form
22
GS Junior BeES - top 10 holdings

Company
Industry
Weightage (%)
Bosch Ltd
Auto Ancillaries
4.29
Shriram Transport Finance Company Ltd
Finance
3.49
United Spirits Ltd
3.46
Bharti Infratel Ltd
Telecom - Equipment &

Accessories
3.09
Aurobindo Pharma Ltd
Pharmaceuticals
3.05
Titan Company Ltd
Consumer Durables
3.04
Adani Enterprises Ltd
Trading
3.00
Adani Ports & Special Economic Zone Ltd
Transportation
2.97
Bharat Forge Ltd
Industrial Products
2.95
Eicher Motors Ltd
Auto
2.95
Total
32.29

23
GS Junior BeES industry allocation

2.95
3.04
1.31 1.20 1.15

1.95 1.45
1.68
2.48 2.01 1.83
17.77
3.00
0.96
14.87
3.09
8.73
3.15
5.18
3.59
5.18
8.58
4.61
Finance
Pharmaceuticals
Banks
Telecom - Equipment & Accessories
Auto
Healthcare Services
Chemicals
Telecom - Services

Industrial Products
Consumer Durables
Pesticides
Power
Software
Gas
Auto Ancillaries
Transportation
Ferrous Metals
Trading
Petroleum Products
Services
Oil

24
GS Junior BeES - scheme details
NSE symbol
: JUNIORBEES
BSE code
: 590104
ISIN
: INF732E01045
Reuters
: JBES.NS
Bloomberg
: JBEES:IN
Total expense ratio
: 1.00% p.a.1
Tracking error
: 0.10% Annualised2
Impact cost
: 0.273
Entry/ exit load
: Nil

1- Financial year to date expense ratio to average AUM. For maximum chargeable expense ratio, please refer to the SID.
2 -Tracking error calculated based on monthly rolling returns for last 12 months
25
GS Junior BeES - performance

Particulars
Mar 31, 2014 to Mar 31,

2015
Mar 31, 2013 to Mar 31,

2014
Mar 31, 2012 to Mar 31,

2013
Since Inception

CAGR
PTP Returns
Returns (%)
(INR)
Returns (%)
(INR)
Returns (%)
(INR)
Returns (%)
(INR)
GS Junior BeES
44.21
14421
20.52
12052
7.70
10770
24.56
143013
CNX Nifty Junior Index

(Benchmark)
44.34
14434
20.02
12002
7.39
10739
24.26
138899
CNX Nifty Junior Total Returns

Index
45.62
14562
21.90
12190
8.62
10862
25.97
163795
CNX Nifty Index (Additional

Benchmark)
26.65
12665
17.98
11798
7.31
10731
18.69
79642
Returns for one year and less than one year are absolute. Returns for more than one year are compounded annualized. Dividends are assumed to be
reinvested at the prevailing NAV. Distribution taxes are excluded while calculating the returns. Bonus declared has been adjusted. In case, the start/end
date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. Point to Point (PTP)
returns in INR is based on standard investment of INR 10,000 made at the beginning of 12 month period as at the end of that period scheme
performance. Additional benchmark for equity scheme - source : National Stock Exchange of India. Past performance may or may not be sustained in
future and should not be used as a basis for comparison with other investments. Inception date is the allotment date which is February 21, 2003.

26
CNX Bank Index
CNX Bank Index1 is a sectoral index comprising of stocks pertaining to the Banking Industry
CNX Bank Index consists of 12 key stocks of the banking sector
CNX Bank Index is calculated using the free float market capitalization weighted method
1 - For criteria of CNX Bank Index kindly refer the indices section of NSE website i.e. www.nseindia.com
27
Goldman Sachs Banking Index Exchange Traded Scheme

(GS Bank BeES)
The investment objective of GS Bank BeES is to provide returns that, before expenses, closely
correspond to the total returns of the securities as represented by the CNX Bank Index. However, the
performance of scheme may differ from that of the underlying index due to tracking error.
Investment pattern
Instruments
Securities covered by the CNX Bank Index
Money market instruments, G-Secs, bonds, debentures, preference shares
and cash at call
90% - 100%
0% - 10%

28
Goldman Sachs Banking Index Exchange Traded Scheme

(GS Bank BeES)
Type of scheme
Product labeling

investment in securities covered by CNX Bank Index.
high risk.
(BROWN)
29
GS Bank BeES
Tracks the CNX Bank Index
Each unit is priced at 1/10th of the CNX Bank Index
Minimum lot-size for real-time in-kind creation/ redemption with the fund is 10,000 units and in multiple of
thereof
Options: The scheme offers only growth option.
30
GS Bank BeES - top 10 holdings

Company
Industry
Weightage (%)
HDFC Bank Ltd
Banks
27.30
ICICI Bank Ltd
Banks
25.13
Axis Bank Ltd
Banks
13.07
State Bank of India
Banks
11.34
Kotak Mahindra Bank Ltd
Banks
7.76
IndusInd Bank Ltd
Banks
5.26
Yes Bank Ltd
Banks
3.65
Bank of Baroda
Banks
2.11
The Federal Bank Ltd
Banks
1.56
Punjab National Bank
Banks
1.48
Total
98.66
Portfolio holdings may not be representative of current or future investments. The securities discussed do not represent all of the portfolio's holdings and may represent only a small
percentage of the strategys portfolio holdings. Future portfolio holdings may not be profitable. Holdings and/ or Allocations are subject to change and should not be construed as research or
investment advice. Industry allocation as per AMFI classification
31
GS Bank BeES - scheme details
NSE symbol
: BANKBEES
BSE code
: 590106
ISIN
: INF732E01078
Reuters
: BBES.NS
Bloomberg
:BBEES:IN
Total expense ratio
: 0.48% p.a.1
Tracking error
: 0.18% Annualised2
Impact cost
: 0.233
Entry/ exit load
: Nil

1 - Financial Year to date Expense Ratio to average AUM. For maximum chargeable expense ratio, please refer to the SID.
2- Tracking Error calculated based on monthly Rolling Returns for last 12 months.
32
GS Bank BeES - performance

Particulars
Mar 31, 2014 to Mar 31,

2015
Mar 31, 2013 to Mar 31,

2014
Mar 31, 2012 to Mar 31,

2013
Since Inception

CAGR
PTP Returns
Returns (%)
(INR)
Returns (%)
(INR)
Returns (%)
(INR)
Returns (%)
(INR)
GS Bank BeES
43.50
14350
13.53
11353
12.90
11290
21.21
80603
CNX Bank Index (Benchmark)
42.89
14289
12.15
11215
11.25
11125
19.95
71975
CNX Bank Total Returns Index
43.98
14398
13.65
11365
12.59
11259
21.66
83914

Benchmark)
26.65
12665
17.98
11798
7.31
10731
16.72
53524
Returns for one year are absolute. Returns for more than one year are compounded annualized. Dividends are assumed to be reinvested at the prevailing
NAV. Distribution taxes are excluded while calculating the returns. In case, the start/end date of the concerned period is non business date (NBD), the
NAV of the previous date is considered for computation of returns. Point to Point (PTP) returns in INR is based on standard investment of INR 10,000
made at the beginning of 12 month period as at the end of that period scheme performance. Additional benchmark for equity scheme - source : National
Stock Exchange of India. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other
investments. Inception date is the allotment date which is May 27, 2004.

33
CNX PSU Bank Index
CNX PSU Bank Index1 is a sectoral index comprising of stocks pertaining to the PSU Bank Sector
CNX PSU Bank Index consists of 12 key PSU Banking Stocks
CNX PSU Bank Index is a free float market capitalization weighted method
CNX PSU Bank Index Constituents represent about 3.42%2 of the total market capitalization of NSE as
on 31st March 2015
1 - For criteria of CNX PSU Bank Index kindly refer the indices section of NSE website i.e. www.nseindia.com
34
Goldman Sachs PSU Bank Exchange Traded Scheme

(GS PSU Bank BeES)
The investment objective of GS PSU Bank BeES is to provide returns that, before expenses, closely
correspond to the total returns of the securities as represented by the CNX PSU Bank Index. However,
the performance of scheme may differ from that of the underlying index due to tracking error.
Investment pattern
Instruments
Securities covered by the CNX PSU Bank Index
Money market instruments, G-Secs, bonds, debentures
and cash at call
90% - 100%
0% - 10%

35
Goldman Sachs PSU Bank Exchange Traded Scheme

(GS PSU Bank BeES)
Type of scheme
Product labeling

investment in securities covered by CNX PSU Bank Index.
high risk.
(BROWN)
36
GS PSU Bank BeES
Tracks the CNX PSU Bank Index
Each unit is priced at 1/10th of the CNX PSU Bank Index
Minimum lot-size for real-time in-kind creation/ redemption with the fund is 10,000 units and in multiple of
thereof
Options: The scheme offers only growth option
37
GS PSU Bank BeES - top 10 holdings

Company
Industry
Weightage (%)
State Bank of India
Banks
61.20
Bank of Baroda
Banks
11.39
Punjab National Bank
Banks
7.97
Canara Bank
Banks
3.90
Bank of India
Banks
3.11
Union Bank of India
Banks
2.92
IDBI Bank Ltd
Banks
1.98
Oriental Bank of Commerce
Banks
1.86
Allahabad Bank
Banks
1.66
Syndicate Bank
Banks
1.53
Total
97.51

38
GS PSU Bank BeES - scheme details
NSE symbol
: PSUBNKBEES
BSE code
: 590108
ISIN
: INF732E01110
Reuters
: PSUB.NS
Bloomberg
: PSUBBE:IN EQUITY
Total expense ratio
: 0.49% p.a.1
Tracking error
: 0.10% Annualised2
Impact cost
: 0.903
Entry/ exit load
: Nil

2- Tracking error calculated based on monthly rolling returns for last 12 months.
3- Impact cost calculated for period of 6 months ending on 15th March 2015, Source: NSE Market Tracker, www.nseindia.com
39
GS PSU Bank BeES - performance

Particulars
Mar 31, 2014 to Mar 31,

2015
Mar 31, 2013 to Mar 31,

2014
Mar 31, 2012 to Mar 31,

2013
Since Inception

CAGR
PTP Returns
Returns (%)
(INR)
Returns (%)
(INR)
Returns (%)
(INR)
Returns (%)
(INR)
GS PSU Bank BeES
24.53
12453
-6.35
9365
-7.68
9232
5.04
14418
CNX PSU Bank Index

(Benchmark)
24.53
12453
-10.15
8985
-9.96
9004
3.56
12973
CNX PSU Bank Total Returns

Index
25.11
12511
-6.82
9318
-8.17
9183
5.53
14925

Benchmark)
26.65
12665
17.98
11798
7.31
10731
5.84
15247
Returns for one year are absolute. Returns for more than one year are compounded annualized. Dividends are assumed to be reinvested at the prevailing
NAV. Distribution taxes are excluded while calculating the returns. In case, the start/end date of the concerned period is non business date (NBD), the
NAV of the previous date is considered for computation of returns. Point to Point (PTP) returns in INR is based on standard investment of INR 10,000
made at the beginning of 12 month period as at the end of that period scheme performance. Additional benchmark for equity scheme - source : National
Stock Exchange of India. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other
investments. Inception date is the allotment date which is October 25, 2007.

40
CNX Nifty Shariah Index
Constituents of the CNX Nifty index are screened for Shariah compliance
Companies that are Shariah compliant form the CNX Nifty Shariah Index1
The index is calculated using a base-weighted aggregate methodology
At present the CNX Nifty Shariah Index comprises of 17 constituents2 as on 31st March 2015.
CNX Nifty Shariah Index constituents represent about 19016%3 of the total market capitalization of the
NSE as on 31st March 2015
1 - For criteria of CNX Nifty Shariah Index kindly refer the indices section of NSE website i.e. www.nseindia.com
2 - Source: India Index Services & Products Ltd. (IISL)
41
Shariah Index framework providers
Index constituents of the underlying index are screened for Shariah compliance and then included in the
index
India Index Services and Products Limited (IISL) has contracted with Taqwaa Advisory and Shariah
Investment Solutions (TASIS) provides the Shariah screens to filter the stocks based on these screens
TASIS is India based Shariah Advisory institution in the field of business and finance
TASIS is in providing Shariah consultancy, monitoring and certification to many of Indian organizations
42
Shariah screening process
Two main criteria based on which the stocks are screened include:
Business screening
Financial screening
43

Business screening
Companies which are primarily into the following activities are screened out on the business parameter :-
Conventional financial services such as banks, insurance companies, finance and investment companies,
stock broking etc.
Production, sale and marketing of non-Halal food and beverages such as Pork, Alcohol, Tobacco and
such other items etc.
Production or distribution of vulgar entertainment, such as film and other recreational activities where
vulgarity, promiscuity is a part and parcel of the business undertaken / promoted
Hotels and restaurants (providing non-Halal products or entertainment)
Advertising and Media (newspapers are allowed, sub-industries are analyzed individually)
Gambling, Narcotic drugs, etc.
44

Financial screening
Companies passing the business screening stage are further screened to ensure that their dealings
involving interest-based debt or earnings out of / deployment of funds on interest are within the maximum
tolerance limits set by Shariah scholars.
TASIS has adopted following financial screening norms:
Interest based-debt should be less than or equal to 25% of Total Assets
Interest income plus returns (currently considered @8%) from interest-based investments should be
less than or equal to 3% of the total income
Receivables plus cash and bank balances should be less than or equal to 90% of Total Assets
45
Goldman Sachs CNX Nifty Shariah Index

Exchange Traded Scheme (GS Shariah BeES)
The investment objective of the GS Shariah BeES is to provide returns that, before expenses, closely
correspond to the total returns of the securities as represented by the CNX Nifty Shariah Index by
investing in securities which are constituents of the CNX Nifty Shariah Index in the same proportion as the
Index. However, the performance of the scheme may differ from that of the underlying index due to
tracking error. Investors to note that GS Shariah BeES is not a Shariah compliant scheme.
Investment pattern
Instruments
Securities covered by the CNX Nifty Shariah Index
Cash
90% - 100%
0% - 10%

46
Goldman Sachs CNX Nifty Shariah Index

Exchange Traded Scheme (GS Shariah BeES)
Type of scheme
Product labeling

investment in securities covered by CNX Nifty Shariah Index.
high risk.
(BROWN)
47
GS Shariah BeES
Each unit is priced at 1/10th of CNX Nifty Shariah Index
Minimum lot-size for real-time in kind creation/ redemption with the fund is 10,000 units and in multiple of
thereof
Minimum lot-size to buy/ sell on the NSE is 1 unit and in multiples thereof
Options: The scheme offers only growth option.
Units of the scheme will be issued/repurchased and traded compulsorily in demat form
48
GS Shariah BeES - top 10 holdings

Company
Industry
Weightage (%)
Reliance Industries Ltd
Petroleum Products
17.04
Tata Consultancy Services Ltd
Software
16.35
Hindustan Unilever Ltd
7.75
Bharti Airtel Ltd
Telecom - Services
6.81
Maruti Suzuki India Ltd
Auto
6.17
Lupin Ltd
Pharmaceuticals
6.00
Dr. Reddy's Laboratories Ltd
Pharmaceuticals
5.55
Tech Mahindra Ltd
Software
4.79
Asian Paints Ltd
4.59
Cipla Ltd
Pharmaceuticals
4.52
Total
79.58

49
GS Shariah BeES industry allocation

2.66 2.64 2.26
21.14
6.81
8.38
10.13
17.04
12.34
16.08
Software
Petroleum Products
Pharmaceuticals
Auto
Cement
Telecom - Services
Ferrous Metals
Gas

50
GS Shariah BeES - scheme details
NSE symbol
: SHARIABEES
BSE code
: 590109
ISIN
: INF732E01128
Reuters
: SBET.NS
Bloomberg
: SBEES IN Equity
Total expense ratio
: 1.00% p.a.1
Tracking error
: 0.08% Annualised2
Impact cost
: 4.983
Entry/ exit load
: Nil

2 - Tracking error calculated based on monthly rolling returns for last 12 months.
51
GS Shariah BeES - performance

Particulars
Mar 31, 2014 to Mar 31,

2015
Mar 31, 2013 to Mar 31,

2014
Mar 31, 2012 to Mar 31,

2013
Since Inception

CAGR
PTP Returns
Returns (%)
(INR)
Returns (%)
(INR)
Returns (%)
(INR)
Returns (%)
(INR)
GS Shariah BeES
21.54
12154
21.30
12130
6.04
10604
18.89
28423

(Benchmark)
21.19
12119
21.31
12131
5.16
10516
18.36
27668
CNX Nifty Shariah Total Returns

Index
22.88
12288
22.80
12280
6.96
10696
19.93
29970

Benchmark)
26.65
12665
17.98
11798
7.31
10731
20.21
30383
Returns for one year are absolute. Returns for more than one year are compounded annualized. Distribution taxes are excluded while calculating the
returns. In case, the start/ end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of
returns. Point to Point (PTP) returns in INR is based on standard investment of INR 10,000 made at the beginning of 12 month period as at the end of that
period scheme performance. Additional benchmark for equity scheme - source : National Stock Exchange of India. Past performance may or may not
be sustained in future and should not be used as a basis for comparison with other investments. Inception date is the allotment date which is
March 18, 2009.
Fund manager: Gauri Sekaria

52
CNX Infrastructure Index
Includes companies belonging to telecom, power, port, air, roads, railways, shipping and other utility
service providers
CNX Infrastructure Index1 is calculated using the free float market capitalization weighted method
Base value and base date of index are 1000 and Jan 01, 2004 respectively
1 - For criteria of CNX Infrastructure Index kindly refer the indices section of NSE website i.e. www.nseindia.com
53
Goldman Sachs Infrastructure Exchange Traded Scheme

(GS Infra BeES)
The investment objective of the GS Infra BeES is to provide returns that, before expenses, closely
correspond to the total returns of the securities as represented by the CNX Infrastructure Index by
investing in the securities in the same proportion as in the Index. However, the performance of scheme
may differ from that of underlying index due to tracking error.
Investment pattern
Instruments
Securities covered by the CNX Infrastructure Index
Money market instruments, G-Secs, bonds, debentures
and cash at call
95% - 100%
0% - 5%

54
Goldman Sachs Infrastructure Exchange Traded Scheme

(GS Infra BeES)
Type of scheme
Product labeling

investment in securities covered by CNX Infrastructure Index.
high risk.
(BROWN)
55
GS Infra BeES
Tracks the CNX Infrastructure Index and priced at 1/ 10th of the CNX Infrastructure Index
Minimum lot-size for real-time in-kind creation / redemption with the Fund is 10,000 units and in multiples
thereof
56
GS Infra BeES - top 10 holdings

Company
Industry
Weightage (%)
Larsen & Toubro Ltd
35.01
Bharti Airtel Ltd
Telecom - Services
13.55
Power Grid Corporation of India Ltd
Power
7.97
NTPC Ltd
Power
7.55
Bharat Heavy Electricals Ltd
5.30
Idea Cellular Ltd
Telecom - Services
5.13
Adani Ports & Special Economic Zone Ltd
Transportation
3.97
Tata Power Company Ltd
Power
3.48
Siemens Ltd
3.09
Crompton Greaves Ltd
1.70
Total
86.19

57
GS Infra BeES industry allocation

0.91 0.78
10.09
3.97
37.89
20.97
25.09
Power
Telecom - Services
Transportation
Cement
Construction

58
GS Infra BeES - scheme details
NSE symbol
: INFRABEES
ISIN
: INF732E01268
Reuters
: IFRB.NS
Bloomberg
: IBEES IN Equity
Total expense ratio
: 0.96% p.a.1
Tracking error
: 0.10% Annualised2
Impact cost
: 1.013
Entry / exit Load
: Nil

2 - Tracking Error calculated based on monthly Rolling Returns for last 12 months.
59
GS Infra BeES - performance

Particulars
Mar 31, 2014 to Mar 31,

2015
Mar 31, 2013 to Mar 31,

2014
Mar 31, 2012 to Mar 31,

2013
Since Inception

CAGR
PTP Returns
Returns (%)
(INR)
Returns (%)
(INR)
Returns (%)
(INR)
Returns (%)
(INR)
GS Infra BeES
24.79
12479
18.97
11897
-11.76
8824
-2.82
8790

(Benchmark)
24.27
12427
18.34
11834
-11.93
8807
-2.95
8739
CNX Infrastructure Total Returns

Index
26.04
12604
20.16
12016
-10.90
8910
-1.79
9218

26.65
12665
17.98
11798
7.31
10731
8.05
14172
Benchmark)
be sustained in future and should not be used as a basis for comparison with other investments. Inception date is the allotment date which is
September 29, 2010.
Fund manager: Gauri Sekaria


60
ETF investing in Overseas Securities
61
Hang Seng Index
The Hang Seng Index (HSI) was launched on Nov 24, 1969 and is one of the earliest stock market
indices in Hong Kong
The Hang Seng Indexes Company Ltd. compiles and publishes the HSI
The index is widely recognized as the barometer of the Hong Kong Stock market
The HSI measures the performance of the largest and most liquid companies listed in Hong Kong
The HSI adopts free float-adjusted market capitalization weighted methodology with a 15% cap on each
constituent weightage
The HSI currently comprises of 50 stocks1 which are representative of the Hong Kong stock market
The index represents about 58.48% of the total market capitalization of Hong Kongs stock exchange2 as
on 31st March 2015
1 - As on 31st March 2015. For criteria of Hang Seng Index kindly visit http://www.hsi.com.hk
2 - The universe comprises all main board primary listings.
62
Goldman Sachs Hang Seng Exchange Traded Scheme

(GS Hang Seng BeES)
The investment objective of the Goldman Sachs Hang Seng Exchange Traded Scheme (GS Hang Seng
BeES) is to provide returns that, before expenses, closely correspond to the total returns of securities as
represented by Hang Seng Index of Hang Seng Data Services Limited, by investing in the securities in
the same proportion as in the index. However, the performance of scheme may differ from that of
underlying index due to tracking error.
Investment pattern
Instruments
Securities constituting Hang Seng Index
Money market instruments, G-Secs, bonds, debt instruments,
cash at call and mutual fund schemes/ overseas exchange
traded funds based on the Hang Seng Index
90% - 100%
0% - 10%

63
Goldman Sachs Hang Seng Exchange Traded Scheme

(GS Hang Seng BeES)
Type of scheme
Open ended index scheme, listed on the exchange in the form of an ETF investing in overseas Securities
Product labeling

investment in securities covered by Hang Seng Index.
high risk.
(BROWN)
64
GS Hang Seng BeES
Tracks Hang Seng Index and each unit is priced at 1/ 100th of the value of the Hang Seng Index on a
currency adjusted basis
Minimum lot-size for real-time in-kind creation / redemption with the Fund is 10,000 units and in multiples
thereof
65
GS Hang Seng BeES - top 10 holdings

Company
Industry
Weightage (%)
HSBC Holdings Plc
Financials
11.27
Tencent Holdings Ltd
Information Technology
9.78
China Mobile Ltd
Telecommunications
7.32
AIA Group Ltd
Financials
6.95
China Construction Bank Corporation
Financials
6.40
Industrial & Commercial Bank of China Ltd
Financials
4.99
Financials
4.21
China Life Insurance Co. Ltd
Financials
2.99
Ping An Insurance (Group) Co. of China Ltd
Financials
2.87
Hutchison Whampoa Ltd
Conglomerates
2.71
Bank of China Ltd
Total
59.49

66
GS Hang Seng BeES industry allocation

4.23
3.66 2.99 0.46
4.60
7.40
45.85
8.15
10.75
11.03
Financials
Properties & Construction
Information Technology
Telecommunications
Energy
Utilities
Conglomerates
Consumer Goods
Consumer Services
Industrials

67
GS Hang Seng BeES industry allocation (cont.)

14
No. of Companies
12
10
8
6
4
2
0

Industry classification is as per Hang Seng Indexes Company Ltd Portfolio holdings may change by the time you receive this. Portfolio holdings may not be representative of future
investments. The securities discussed may not represent all of the portfolio's holdings and may not be deemed representative of the strategys future portfolio holdings. Future portfolio
holdings may not be profitable.
6
8
GS Hang Seng BeES - scheme details
NSE symbol
: HNGSNGBEES
BSE code
: 590113
ISIN
: INF732E01227
Reuters
: HNGS.NS
Bloomberg
: HSBEES IN Equity
Total expense ratio
: 1.00 % p.a.1
Tracking error
: 0.16% Annualised2
Impact cost
: 2.633
Entry / exit load
: Nil

1 - Financial Year to date Expense Ratio to average AUM months. For maximum chargeable expense ratio, please refer to the SID.
69
GS Hang Seng BeES - performance

Particulars
Mar 31, 2014 to Mar 31,

Mar 31, 2013 to Mar 31,
Mar 31, 2012 to Mar 31,
Since Inception
2015
2014
2013
CAGR
PTP Returns
Returns (%)
(INR)
Returns (%)
(INR)
Returns (%)
(INR)
Returns (%)
(INR)
GS Hang Seng BeES
20.44
12044
12.37
11237
18.59
11859
12.57
18211
Hang Seng Index (Benchmark)
12.41
11241
-0.67
9933
8.48
10848
3.22
11742
Hang Seng Total Returns Index

(INR)
21.95
12195
13.58
11358
19.93
11993
13.63
19094

Benchmark)
26.65
12665
17.98
11798
7.31
10731
10.59
16644
be sustained in future and should not be used as a basis for comparison with other investments. Past performance does not guarantee future
results, which may vary. Inception date is the allotment date which is March 09, 2010.
Fund managers: Payal Kaipunjal (For debt securities) and Gauri Sekaria (For foreign securities)
For the performance of other schemes managed by the same fund manager please refer to slide 90 and 91.
70
Indices facts
Index
Full Market Cap.
(Rs Crs.)
P/E
P/B
Dividend Yield (%)
CNX Nifty Index
5,694,238
22.70
3.65
1.28
CNX Nifty Junior
1,398,125
22.81
2.94
1.09
CNX Bank Index
1,055,489
19.01
2.85
0.98
339,302
11.06
1.07
1.71
1,902,498
19.54
3.10
1.02
930,331
20.72
2.28
1.09
CNX PSU Bank Index
Source: www.nseindia.com
Index
Hang Seng Index
Full Market Cap. (Rs. Crs.)

12,395,808
P/E
Dividend Yield (%)
10.61
3.59
Source: Hang Seng Indexes Company Limited
P/E Price to Earning ratio

P/B Price to Book ratio
71
Gold ETF
72
Goldman Sachs Gold Exchange Traded Scheme (GS Gold

BeES)
The investment objective of GS Gold BeES is to provide returns that, before expenses, closely
correspond to the returns provided by the domestic price of gold through physical gold.
Investment pattern
Instruments
Physical Gold and Gold Related Instruments1
Money market instruments, securitized debts2, bonds including
cash at call
90% to 100%
0% to 10%
1- Gold related instruments that may be permitted by SEBI from time to time
2- Investments in securitized debts can be made by the scheme up to 5% of the net assets.

73
Goldman Sachs Gold Exchange Traded Scheme (GS Gold

BeES)
Type of scheme
An open ended scheme, listed on the exchange in the form of an ETF investing in physical gold
Product labeling

portfolio diversification through asset allocation.
investment in Physical Gold.
high risk.
(BROWN)
74
GS Gold BeES
One unit represents approximately one gram of gold
Quotes on the NSE would vary, taking into consideration various aspects such as international market
movements, demand, supply, exchange rate fluctuations, etc
No securities transaction tax
75
GS Gold BeES
Minimum lot-size for real-time in kind creation/ redemption with the fund is 1000 units and in multiples
thereof
Minimum lot-size to buy/ sell on NSE is one unit and in multiples thereof
Benchmark for the scheme: Domestic price of gold
76
GS Gold BeES - scheme details
NSE symbol
: GOLDBEES
BSE code
: 590095
ISIN
: INF732E01102
Reuters
: GBES.NS
Bloomberg
: GBEES IN EQUITY
Total expense ratio
: 0.92% p.a.1
Tracking error
: 0.06% annualised2
Impact cost
: 0.053
Entry / exit load
: Nil

3 - Impact cost calculated for period of 6 months ending on 15th March 2015, Source: NSE Market Tracker, www.nseindia.com.
77
GS Gold BeES - performance

Particulars
Mar 31, 2014 to Mar 31,

Mar 31, 2013 to Mar 31,
Mar 31, 2012 to Mar 31,
Since Inception
2015
2014
2013
CAGR
PTP Returns
Returns (%)
(INR)
Returns (%)
(INR)
Returns (%)
(INR)
Returns (%)
(INR)
GS Gold BeES
-6.37
9363
-7.94
9206
3.82
10382
12.43
25734
Domestic Price of Gold

(Benchmark)
-5.56
9444
-6.89
9311
4.89
10489
13.57
27910
returns. In case, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of
period scheme performance. Past performance may or may not be sustained in future and should not be used as a basis for comparison with
other investments. Inception date is the allotment date which is March 08, 2007.


78
Money Market ETF
79
Goldman Sachs Liquid Exchange Traded Scheme

(GS Liquid BeES)
The investment objective of the GS Liquid BeES is to seek to provide current income, commensurate
with relatively low risk while providing a high level of liquidity, primarily through a portfolio of treasury bills,
government securities, call money, collateralised lending and borrowing obligation (CBLO)/ similar
instruments, repos and reverse repos and other money market Instruments.
Investment pattern
Instruments
Treasury bills and government securities
Call money, CBLOs, repos and reverse repos
Other money market instruments
Indicative allocation (% of Net Assets)

Maximum
Minimum
Up to 100%
65%
Up to 35%
0%

80
Goldman Sachs Liquid Exchange Traded Scheme

(GS Liquid BeES)
Type of scheme
An open ended liquid scheme, listed on the exchange in the form of an ETF, with daily Dividend and
compulsory reinvestment of Dividend
Product labeling

current income with high degree of liquidity.
investment in Money Market and Debt Instruments.
low risk.
(BLUE)
81
What is GS Liquid BeES?
Mainly suited for capital market investors who wish to park idle cash in most convenient way
The face value of each unit of GS Liquid BeES is Rs.1000 and the fund endeavors to keep the daily NAV
at Rs.1000
The returns accrue to the investors in the form of a daily dividend, which is compulsorily reinvested into
the scheme
The units arising out of a dividend reinvestment are credited to the beneficiary (demat) account of the
investor at least once in 30 days
Units of GS Liquid BeES are uploaded up to 3 decimal points
82
GS Liquid BeES an efficient investment tool
GS Liquid BeES is an extremely efficient and convenient solution for utilizing the cash balance between
trades in the equity market (NSE)
When an investor sells his shares on NSE, he can instruct the broker to purchase GS Liquid BeES of
equal amount
This will ensure that from the date of settlement (T+2) the investor will start earning dividends
Investors do not have to go through the inconvenience of receiving and depositing a cheque into their
bank account, and then waiting for the cheque to clear before they can invest in a liquid fund
83
GS Liquid BeES an efficient investment tool (contd.)
GS Liquid BeES is designed to negate the need for involving a bank in the transaction process, thus
simplifying the process. Normally, money is transferred between a trader and a broker via a cheque or
electronic mode, which involves processing through a bank. In the case of GS Liquid BeES, once a sale
order is executed, the broker buys the equivalent amount of GS Liquid BeES and parks the money rather
than sending a cheque/ electronic transfer to the client.
The only thing an investor needs to do is to instruct a broker to sell shares and buy equivalent amount of
the GS Liquid BeES fund
The only effort required is send a security transfer instruction to the Depository Participant (DP) relating to
GS Liquid BeES (Investor can avoid this if he is using speed-e facility or has given power of attorney to
Broker / DP)
84
GS Liquid BeES
Constant quotes for any size at Rs. 999.99 to Rs.1000.01 on the NSE
No Securities Transaction Tax (STT)
Can be used as cash equivalent margin for derivatives segment with a 10% hair cut
Minimum creation size (directly with the Fund) of 2500 units and in multiple of 1 unit thereafter
Custodian charges have been waived by NSDL & CDSL
Investors can subscribe/ redeem through the mutual fund trading platform viz. BSE StAR MF of BSE and
the Mutual Fund Service System (MFSS) of the NSE. For subscriptions, the minimum amount of Re.1 and
in multiples thereof. For redemption, the minimum is of 0.001 units and in multiples thereof
Benchmark for the scheme: CRISIL Liquid Fund Index
85
GS Liquid BeES scheme details
NSE symbol
: LIQUIDBEES
BSE code
: 590096
ISIN
: INF732E01037
Reuters
: LBES.NS
Bloomberg
: LBEES IN
Total expense ratio
: 0.56% p.a.1
Impact cost
: 0.012
Entry / exit load
: Nil

2- Impact cost calculated for period of 6 months ending on 15th March 2015, Source: NSE Market Tracker, www.nseindia.com.
86
GS Liquid BeES - performance

Particulars
7 Days
15 Days
1 Month
Simple
PTP
Simple
PTP
Simple
Annualis Returns Annuali Returns Annualise
ed (%)
(INR)
sed (%) (INR)
d (%)
PTP
Returns
(INR)
Mar 31, 2014 to Mar Mar 31, 2013 to Mar Mar 31, 2012 to Mar
31, 2015
31, 2014
31, 2013
Absolute
PTP
Returns Returns
(%)
(INR)
Absolute
PTP
Absolute
PTP
Returns Returns Returns Returns
(%)
(INR)
(%)
(INR)
Since Inception
CAGR
PTP
Returns Returns
(%)
(INR)
GS Liquid BeES#
7.27
10727
6.97
10697
6.85
10685
7.43
10743
7.65
10765
7.23
10723
4.85
17440
CRISIL Liquid Fund Index

(Benchmark)
12.39
11239
9.84
10984
9.22
10922
8.98
10898
9.54
10954
8.17
10817
6.78
21592
CRISIL 1 Year T-Bill Index

(Additional Benchmark)
18.02
11802
14.22
11422
10.85
11085
8.74
10874
5.84
10584
8.33
10833
5.70
19176
# Returns are based on Gross Dividend per unit declared by the Fund for the respective period of the performance shown above. Actual dividend in the
hands of each investor will vary based on category and rate of dividend distribution tax applicable thereon. Returns for less than one year are simple
annualized. Returns for one year are absolute. Returns for more than one year are compounded annualized. Dividends are assumed to be reinvested at
the prevailing NAV. Distribution taxes are excluded while calculating the returns. In case, the start/end date of the concerned period is non business date
(NBD), the NAV of the previous date is considered for computation of returns. Point to Point (PTP) returns in INR is based on standard investment of INR
10,000 made at the beginning of above mentioned period as at the end of that period scheme performance. Additional benchmark for Liquid scheme
source : Crisil. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other
investments. Inception date is the allotment date which is July 08, 2003.
Fund manager: Siddharth Deb
87
Impact cost - definition

Impact cost represents the cost of executing a transaction in a given stock, for a specific predefined order size, at
any given point of time.
Impact cost is a practical and realistic measure of market liquidity; it is closer to the true cost of execution faced by
a trader in comparison to the bid-ask spread.
It should however be emphasised that :
(a) impact cost is separately computed for buy and sell
(b) impact cost may vary for different transaction sizes
(c) impact cost is dynamic and depends on the outstanding orders
(d) where a stock is not sufficiently liquid, a penal impact cost is applied
In mathematical terms it is the percentage mark up observed while buying/ selling the desired quantity of a stock
with reference to its ideal price (best buy + best sell)/ 2.
8
1
Impact cost - definition

Example:
Order book snapshot
Buy quantity
Buy price Sell quantity Sell price
1000
98
1000
99
2000
97
1500
100
1000
96
1000
101
To buy 1500 shares

Ideal price
Actual buy price
IMPACT COST (For 1500 shares)
99 + 98
2
(1000 x 99) + (500 x 100)
1500
(99.33 98.50) x 100
98.50
98.5
99.33
0.84%
For illustrative purposes only
89
Funds managed by Fund Managers

Particulars
GS Junior BeES
CNX Nifty Junior Index (Benchmark)
CNX Nifty Junior Total Returns Index
Mar 31, 2014 to Mar 31, 2015
Mar 31, 2013 to Mar 31, 2014
Mar 31, 2012 to Mar 31, 2013
Since Inception
Absolute Returns PTP Returns Absolute Returns PTP Returns Absolute Returns PTP Returns CAGR Returns PTP Returns
(%)
(INR)
(%)
(INR)
(%)
(INR)
(%)
(INR)
44.21
14421
20.52
12052
7.70
10770
24.56
143013
44.34
14434
20.02
12002
7.39
10739
24.26
138899
45.62
14562
21.90
12190
8.62
10862
25.97
163795
CNX Nifty Index (Additional Benchmark)
26.65
12665
17.98
11798
7.31
10731
18.69
79642
GS PSU Bank BeES

CNX PSU Bank Index (Benchmark)
CNX PSU Bank Total Returns Index
GS Hang Seng BeES
Hang Seng Total Returns Index (INR)
24.53
24.53
25.11
26.65
20.44
12.41
21.95
12453
12453
12511
12665
12044
11241
12195
-6.35
-10.15
-6.82
17.98
12.37
-0.67
13.58
9365
8985
9318
11798
11237
9933
11358
-7.68
-9.96
-8.17
7.31
18.59
8.48
19.93
9232
9004
9183
10731
11859
10848
11993
5.04
3.56
5.53
5.84
12.57
3.22
13.63
14418
12973
14925
15247
18211
11742
19094
26.65
12665
17.98
11798
7.31
10731
10.59
16644
Allotment
Date
21-Feb-03
25-Oct-07
9-Mar-10
28-Dec-01
GS Nifty BeES
27.97
12797
19.32
11932
8.68
10868
18.62
96333
CNX Nifty Index (Benchmark)@
26.65
12665
17.98
11798
7.31
10731
17.21
82134
CNX Nifty Total Returns Index
28.17
12817
19.47
11947
8.72
10872
18.94
99763
27-May-04
GS Bank BeES
43.50
14350
13.53
11353
12.90
11290
21.21
80603
CNX Bank Index (Benchmark)
42.89
14289
12.15
11215
11.25
11125
19.95
71975
CNX Bank Total Returns Index
43.98
14398
13.65
11365
12.59
11259
21.66
83914
26.65
12665
17.98
11798
7.31
10731
16.72
53524
27-May-04
GS Gold BeES
-6.37
9363
-7.94
9206
3.82
10382
12.43
25734
Domestic Price of Gold (Benchmark)
-5.56
9444
-6.89
9311
4.89
10489
13.57
27910
Returns for one year are absolute. Returns for more than one year are compounded annualized. Dividends are assumed to be reinvested at the prevailing NAV. Distribution taxes are
excluded while calculating the returns. Bonus declared has been adjusted. Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is
considered for computation of returns. Point to Point (PTP) returns in INR is based on standard investment of INR 10,000 made at the beginning of 12 month period as at the end of that
period scheme performance. @ represents Additional Benchmark. Additional benchmark for equity schemes - source : National Stock Exchange of India. Past performance may or may not
be sustained in future and should not be used as a basis for comparison with other investments.
Fund manager: Payal Kaipunjal (Incase of GS Hang Seng BeES, for debt securities)
90

Particulars
GS CNX 500 Fund - Distributor Plan - Growth

CNX 500 Index (Benchmark)
CNX 500 Total Returns Index
GS Infra BeES
CNX Infrastructure Index (Benchmark)
CNX Infrastructure Total Returns Index
GS Shariah BeES
CNX Nifty Shariah Index (Benchmark)
CNX Nifty Shariah Total Returns Index
GS Hang Seng BeES
Hang Seng Total Returns Index (INR)
Mar 31, 2014 to Mar 31,

2015
Absolute
Returns (%)
32.81
33.56
34.94
26.65
24.79
24.27
26.04
26.65
21.54
21.19
22.88
26.65
20.44
12.41
21.95
26.65
PTP Returns
(INR)
13281
13356
13494
12665
12479
12427
12604
12665
12154
12119
12288
12665
12044
11241
12195
12665
Mar 31, 2013 to Mar 31,

2014
Absolute
Returns (%)
17.41
17.72
19.18
17.98
18.97
18.34
20.16
17.98
21.30
21.31
22.80
17.98
12.37
-0.67
13.58
17.98
PTP Returns
(INR)
11741
11772
11918
11798
11897
11834
12016
11798
12130
12131
12280
11798
11237
9933
11358
11798
Mar 31, 2012 to Mar 31,

2013
Absolute
Returns (%)
5.07
5.13
6.40
7.31
-11.76
-11.93
-10.90
7.31
6.04
5.16
6.96
7.31
18.59
8.48
19.93
7.31
PTP Returns
(INR)
10507
10513
10640
10731
8824
8807
8910
10731
10604
10516
10696
10731
11859
10848
11993
10731
Since Inception
CAGR
Returns (%)
18.78
18.43
19.76
17.47
-2.82
-2.95
-1.79
8.05
18.89
18.36
19.93
20.21
12.57
3.22
13.63
10.59
PTP Returns
(INR)
29232
28702
30770
27278
8790
8739
9218
14172
28423
27668
29970
30383
18211
11742
19094
16644
Allotment Date
18-Mar-09
29-Sep-10
18-Mar-09
9-Mar-10
Returns for one year are absolute. Returns for more than one year are compounded annualized. Dividends are assumed to be reinvested at the prevailing NAV. Distribution taxes are
excluded while calculating the returns. Bonus declared has been adjusted. Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is
considered for computation of returns. Point to Point (PTP) returns in INR is based on standard investment of INR 10,000 made at the beginning of 12 month period as at the end of that
period scheme performance. Additional benchmark for equity schemes - source : National Stock Exchange of India. Past performance may or may not be sustained in future and should
not be used as a basis for comparison with other investments.
Fund manager: Gauri Sekaria (Incase of GS Hang Seng BeES, for foreign securities)
91

Particulars
GSSTF - Distributor Plan - Growth

CRISIL Liquid Fund Index (Benchmark)
CRISIL 10 Year Gilt Index (Additional Benchmark)
Particulars
GS Liquid BeES#
CRISIL Liquid Fund Index
(Benchmark)
CRISIL 1 Year T-Bill Index
(Additional Benchmark)
Mar 31, 2014 to Mar 31,

2015
Absolute
PTP Returns
Returns (%)
(INR)
7.70
10770
9.06
10906
14.63
11463
7 Days
15 Days
Mar 31, 2013 to Mar 31,

2014
Absolute
PTP Returns
Returns (%)
(INR)
7.70
10770
9.46
10946
-1.01
9899
1 Month
Mar 31, 2012 to Mar 31,

2013
Absolute
PTP Returns
Returns (%)
(INR)
7.38
10738
8.17
10817
11.25
11125
Mar 31, 2014 to Mar

31, 2015
PTP
Simple
PTP Absolute
PTP
Returns Annualis Returns Returns Returns
(INR)
ed (%)
(INR)
(%)
(INR)
Mar 31, 2013 to Mar

31, 2014
Since Inception
CAGR
Returns (%)
7.20
8.55
6.63
PTP Returns
(INR)
13821
14652
13485
Mar 31, 2012 to Mar

31, 2013
Allotment Date
4-Aug-10
Since Inception
Simple
Annualis
ed (%)
PTP
Returns
(INR)
Simple
Annualis
ed (%)
Absolute
Absolute
PTP
PTP
PTP Returns
CAGR
Returns
Returns Returns
Returns
(INR)
Returns (%)
(%)
(%)
(INR)
(INR)
7.27
10727
6.97
10697
6.85
10685
7.43
10743
7.65
10765
7.23
10723
4.85
17440
12.39
11239
9.84
10984
9.22
10922
8.98
10898
9.54
10954
8.17
10817
6.78
21592
18.02
11802
14.22
11422
10.85
11085
8.74
10874
5.84
10584
8.33
10833
5.70
19176
# - Returns are based on Gross Dividend per unit (Inclusive of Distribution Tax) declared by the Fund for the respective period of the performance shown above. Actual dividend in the hands
of each investor will vary based on category and rate of dividend distribution tax applicable thereon. Returns for less than one year are simple annualized. Returns for one year are absolute.
Returns for more than one year are compounded annualized. Dividends are assumed to be reinvested at the prevailing NAV. Distribution taxes are excluded while calculating the returns. In
case, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. Point to Point (PTP) returns in INR is
based on standard investment of INR 10,000 made at the beginning of above mentioned period as at the end of that period scheme performance. Additional benchmark for Liquid scheme
source : Crisil. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments. Inception date is the allotment
date which is July 08, 2003.
Fund manager: Siddharth Deb
92
About Goldman Sachs Asset Management (India) Pvt. Ltd.
93
About us
Goldman Sachs Asset Management has a history of providing investment solutions to diverse set of
investors. We pride ourselves on having pioneered many practices and techniques that have since become
standard in the industry.
Our in-depth understanding of local economies, industries and cultures helps us provide a wide range of
investment opportunities with rigorous risk management practices.
Our culture emphasises the value of teamwork while encouraging individual creativity and our professionals
have a clear and unwavering commitment to leadership in asset management.
Average Assets under Management of Goldman Sachs Mutual Fund for the quarter ended December 2013 is
approximately Rs. 384673.94 crores1
1 Source: AMFI
94
Contact us
Customer Care:
Toll free number: 1800-266-1220
E mail id: gsamindia@gs.com
Mumbai (Corporate Office):

951-A, Rational House,
Appasaheb Marathe Marg,
Prabhadevi, Mumbai 400 025
Tel No. : 91 22 6616 9000(B)
Fax No : 91 22 6627 9245
95
Our website www.gsam.in
Track real-time NAV on your mobile at www.gsam.in/mobile
96
Disclaimers
RISK FACTORS
GS Nifty BeES and GS Shariah BeES are not sponsored, endorsed, sold or promoted by India Index Services & Products Limited ("IISL"). IISL does not make
any representation or warranty, express or implied, to the owners of GS Nifty BeES and GS Shariah BeES or any member of the public regarding the
advisability of investing in securities generally or in GS Nifty BeES and GS Shariah BeES. Please read the full Disclaimers in relation to the CNX Nifty Index
and CNX Nifty Shariah Index in the Scheme Information Document before investing. The Products on CNX Nifty Junior Index, CNX Bank Index, CNX PSU
Bank Index and CNX Infrastructure Index are not sponsored, endorsed, sold or promoted by India Index Services & Products Limited (IISL). IISL does not
make and expressly disclaims any representation or warranty, express or implied (including warranties of merchantability or fitness for particular purpose or
use) regarding the advisability of investing in the products linked to CNX Nifty Junior Index, CNX Bank Index, CNX PSU Bank Index and CNX Infrastructure
Index or particularly in the ability of the CNX Nifty Junior Index, CNX Bank Index, CNX PSU Bank Index and CNX Infrastructure Index to track general stock
market performance in India.
The Hang Seng Index (the Index) is published and compiled by Hang Seng Indexes Company Limited pursuant to a license from Hang Seng Data Services
Limited. The mark and name Hang Seng Index are proprietary to Hang Seng Data Services Limited. Hang Seng Indexes Company Limited and Hang Seng
Data Services Limited have agreed to the use of, and reference to, the index by Goldman Sachs Asset Management (India) Pvt. Ltd. in connection with
Goldman Sachs Hang Seng Exchange Traded Scheme (GS Hang Seng BeES) (the Product), but neither Hang Seng Indexes Company Limited nor Hang
Seng Data Services Limited warrants or represents or guarantees to any broker or holder of the product or any other person (i) the accuracy or completeness
of the index and its computation or any information related thereto; or (ii) the fitness or suitability for any purpose of the index or any component or data
comprised in it; or (iii) the results which may be obtained by any person from the use of the index or any component or data comprised in it for any purpose,
and no warranty or representation or guarantee of any kind whatsoever relating to the index is given or may be implied. The process and basis of
computation and compilation of the index and any of the related formula or formulae, constituent stocks and factors may at any time be changed or altered by
Hang Seng Indexes Company Limited without notice. To the extent permitted by applicable law, no responsibility or liability is accepted by Hang Seng
Indexes Company Limited or Hang Seng Data Services Limited (i) In respect of the use of and/ or reference to the index by Goldman Sachs Asset
Management (India) Pvt. Ltd. in connection with the product; or (ii) for any inaccuracies, omissions, mistakes or errors of Hang Seng Indexes Company
Limited in the computation of the index; or (iii) for any inaccuracies, omissions, mistakes, errors or incompleteness of any information used in connection
with the computation of the index which is supplied by any other person; or (iv) for any economic or other loss which may be directly or indirectly sustained
by any broker or holder of the product or any other person dealing with the product as a result of any of the aforesaid, and no claims, actions or legal
proceedings may be brought against Hang Seng Indexes Company Limited and/ or Hang Seng Data Services Limited in connection with the product in any
manner whatsoever by any broker, holder or other person dealing with the product. Any broker, holder or other person dealing with the product does so
therefore in full knowledge of this disclaimer and can place no reliance whatsoever on Hang Seng Indexes Company Limited and Hang Seng Data Services
Limited.
97
Disclaimers (contd.)
For the avoidance of doubt, this disclaimer does not create any contractual or quasi-contractual relationship between any broker, holder or other person and
Hang Seng Indexes Company Limited and/ or Hang Seng Data Services Limited and must not be construed to have created such relationship. Please read
the Scheme Information Documents (SID) and Statement of Additional Information (SAI) carefully before investing. For schemes specific risk factors, please
refer SID.
For more details please refer the SID, SAI, Key Information Memorandum and Application Form which are available at the office of the AMC or can be
downloaded from www.gsam.in
NSE Disclaimer : It is to be distinctly understood that the permission given by NSE should not in any way be deemed or construed that the Scheme
Information Document has been cleared or approved by NSE nor does it certify the correctness or completeness of any of the contents of the Draft Scheme
Information Document . The investors are advised to refer to the Scheme Information Document for the full text of the Disclaimer Clause of NSE
Information gathered & material used in this document is believed to be from reliable sources. However, Goldman Sachs Asset Management (India) Private
Limited does not warrant the accuracy, reasonableness and/or completeness of any information.
Confidentiality
No part of this material may, without GSAMs prior written consent, be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to any person
that is not an employee, officer, director, or authorized agent of the recipient.
THIS MATERIAL DOES NOT CONSTITUTE AN OFFER OR SOLICITATION IN ANY JURISDICTION WHERE OR TO ANY PERSON TO WHOM IT WOULD BE
UNAUTHORIZED OR UNLAWFUL TO DO SO.
Although certain information has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness or fairness. We have relied upon
and assumed without independent verification, the accuracy and completeness of all information available from public sources.
Mutual Fund Investments are subject to market risks,

read all scheme related documents carefully.
98
Appendix
Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. Views and
opinions are current as of the date of this presentation and may be subject to change, they should not be construed as investment advice.
The website links provided are for your convenience only and are not an endorsement or recommendation by GSAM of any of these websites or the products or services
offered. GSAM is not responsible for the accuracy and validity of the content of these websites.
Index Benchmarks
Indices are unmanaged. The figures for the index reflect the reinvestment of all income or dividends, as applicable, but do not reflect the deduction of any fees or
expenses which would reduce returns. Investors cannot invest directly in indices.
The indices referenced herein have been selected because they are well known, easily recognized by investors, and reflect those indices that the Investment Manager
believes, in part based on industry practice, provide a suitable benchmark against which to evaluate the investment or broader market described herein. The exclusion of
failed or closed hedge funds may mean that each index overstates the performance of hedge funds generally.
This material is issued in or from India by Goldman Sachs Asset Management (India) Private Limited (GSAM India)
References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not
imply that the portfolio will achieve similar results. The index composition may not reflect the manner in which a portfolio is constructed. While an adviser seeks to design
a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark.
Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and
can go down as well as up. A loss of principal may occur.
This material has been prepared by GSAM and is not a product of Goldman Sachs Global Investment Research. The views and opinions expressed may differ from
those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. Investors are urged to consult with their
financial advisors before buying or selling any securities. This information may not be current and GSAM has no obligation to provide any updates or changes.
The strategy may include the use of derivatives. Derivatives often involve a high degree of financial risk because a relatively small movement in the price of the underlying
security or benchmark may result in a disproportionately large movement in the price of the derivative and are not suitable for all investors. No representation regarding
the suitability of these instruments and strategies for a particular investor is made.
160382.OSF.MED.OTU
2015 Goldman Sachs. All rights reserved.

99

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GS BeES

Exchange Traded Funds

GS BeES advantages & buy/sell mechanism

ETF growth international & India

GS BeES product details

Why you should consider index investing?

Elimination of non-systemic risks

Investing in an index fund makes no attempt at forecasts and

Cost of researching stocks, industries, sectors etc eliminated

Exposure to segments of markets and also entire markets

Easier to buy index fund versus individual stocks

Indices across asset classes (equity, fixed income, gold, etc.)

Easy to track portfolio

Actions of large numbers of active investors set stock prices &

Benefit from expert opinion

Index funds in India

Total recurring expenses2 vary from 0.25% to 1.70% p.a.

Tracking error3 ranges between 0.08% to 1.65%

Data as on 31st March 2015

Simple can be bought/ sold on the NSE like a share in real-time

Buy/ sell the broad Indian market in one ETF unit

Can be used to equitise cash

Full replication strategy

Exactly like a stock

* GS BeES = Goldman Sachs Exchange Traded Schemes

GS BeES Vs Open Ended Index Funds

Traditional open-ended index funds

Usually lower than traditional

Usually higher than ETFs

Tracks index more closely relative to a

Tracking errors are usually higher as

Real time pricing as compared to a

Daily end of day

Fund and stock market

Insulates long term investor from short

Does not insulate long term investor from

Traded throughout the

ETF Exchange Traded Fund

Growth of ETFs Internationally

- AUM in USD Billion. Source: ETFGI Monthly Newsletter March 2015.

Source : Based on data collated from AMFI website i.e. www.amfiindia.com

Avg. AUM (Rs. in Crores)

Growth of ETFs in India

Domestic Equity ETFs

CNX Nifty Index

Goldman Sachs Nifty Exchange Traded Scheme

Securities covered by CNX Nifty Index

Money market instruments, convertible bonds & other securities

The above stated percentages are indicative and not absolute.

There is no guarantee that these objectives will be met.

Goldman Sachs Nifty Exchange Traded Scheme

This product is suitable for investors who are seeking*:

Note: Risk may be represented as:

(BLUE) investors understand

(YELLOW) investors understand

(BROWN) investors understand that

Combination of a share and a mutual fund unit

Listed and traded on the capital market segment of the NSE

Minimum lot-size to buy/ sell on NSE is 1 unit and in multiples thereof

Options: the scheme offers only growth option

GS Nifty BeES - top 10 holdings

Housing Development Finance Corporation Ltd

HDFC Bank Ltd

ICICI Bank Ltd