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RETAIL RESEARCH MUTUAL FUND & DEBT 08 August 2016 Weekly Report Equity Markets A divergent trend

RETAIL RESEARCH

MUTUAL FUND & DEBT

08 August 2016

Weekly Report

Equity Markets

A divergent trend was witnessed among various index constituents in the week ended Friday, 5 August 2016. The barometer index, the S&P BSE Sensex rose 26.49 points or 0.09% to settle at 28,078.35. The gains for the Nifty 50 index were higher than those for the Sensex in percentage terms. The Nifty rose 44.65 points or 0.51% to settle at 8,683.15. The Sensex settled above the psychologically important 28,000 level after falling below that level during the course of trading. The BSE Mid-Cap index was up 0.29%, outperforming the Sensex. The BSE Small-Cap index fell 0.02%, underperforming the Sensex.

Among key developments during the week, the Rajya Sabha on Wednesday, 3 August 2016 passed the much-awaited Goods and Services Tax (GST) constitutional amendment bill which is touted as one of the biggest indirect tax reforms since 1991.

Trading for the week ended on a buoyant note on Friday, 5 August 2016, as key benchmark indices settled with strong gains as firmness in global stocks boosted sentiment on the

domestic bourses.

Outlook for the current weeks

Next batch of Q1 June 2016 corporate results, progress of monsoon rains, macro economic data, trend in global markets, investment by foreign portfolio investors (FPIs) and domestic institutional investors (DIIs), the movement of rupee against the dollar and crude oil price movement will dictate market trend in the near term.

The major domestic event in the upcoming week is the Reserve Bank of India's (RBI) third bi- monthly monetary policy meeting scheduled on Tuesday, 9 August 2016. The central bank had left its benchmark repo rate unchanged at 6.5% in its last meeting.

The domestic earnings season almost comes to an end next week. Among key earnings slated for the week ahead, Hero MotoCorp and Idea Cellular are scheduled to announce Q1 June 2016 results on Monday, 8 August 2016.

Global Markets

U.S. stocks closed sharply higher with the S&P and the Nasdaq posting their strongest close ever, after a stronger-than-expected jobs report. The Dow Jones industrial average closed higher 0.60 percent, at 18,543.53. The Nasdaq rose 1.14 percent, to 5,221.12.

Weekly Statistics

Key Indices

 

05-Aug

 

% Chg

Sensex

 

28078

 

+0.09

Nifty 50

 

8683

 

+0.52

DJIA

 

18544

 

+0.60

Nasdaq

 
  • 5221 +1.14

FTSE

 
  • 6793 +5.10

DAX

 
  • 10367 +0.29

Hang Seng

 
  • 22146 +1.16

Nikkei

 
  • 16254 -1.90

Bovespa

 
  • 57661 +0.62

Indonesia Jakarta

 
  • 5420 +3.92

Singapore Strait

 
  • 2828 -1.43

Mutual Fund Categories watch

 
 

1 Week

1 Month

3 Month

 

6 Month

1 Year

3 Yr

Category Name

Absolute

Absolute

Absolute

Absolute

CAGR

CAGR

Arbitrage Funds

 

0.18

 
  • 0.62 3.42

1.74

 

6.40

7.83

Balanced - Debt

 

0.34

 

5.46

  • 2.20 13.77

7.59

4.54

 

Balanced - Equity

 

0.35

 

10.10

  • 3.50 20.68

14.08

4.85

 

Equity - Banking

 

-0.15

 

20.27

  • 6.04 24.89

29.92

5.13

 

Equity - Dividend Yield

 

0.44

 

13.45

  • 3.41 24.41

18.30

3.39

 

Equity - Infrastructure

 

0.06

 

14.21

  • 3.45 -1.74

18.49

 

28.11

Equity - LARGE

 

0.60

 

13.86

  • 4.92 21.14

17.79

1.69

 

Equity - MID

 

-0.03

 

14.32

  • 4.24 36.40

19.83

4.12

 

Equity - MNC

 

-0.49

 

9.33

  • 3.14 -2.25

13.23

 

33.00

Equity - MULTI

 

0.50

 

14.14

  • 4.73 25.13

18.86

2.99

 

Equity - FMCG

 

-1.09

 

14.17

  • 2.84 15.89

15.19

8.34

 

Equity - Infotech

 

1.23

-0.96

 
  • 0.66 0.72

0.18

17.21

Equity - Pharma

 

-0.25

   
  • 3.91 26.25

    • 5.54 -1.65

1.70

   

ELSS

 

0.41

 

13.34

  • 4.59 24.60

17.99

2.57

 

Gold ETFs

 

1.65

 
  • 0.50 6.92

 

15.68

29.47

3.86

Gilt Funds

 

0.17

 
  • 2.65 4.60

 
  • 8.60 11.80

10.39

Income Funds

 

0.15

 
  • 1.75 3.33

 
  • 6.34 9.82

9.51

Liquid Funds

 

0.13

 
  • 0.59 1.83

 
  • 3.84 7.68

8.54

MIP

 

0.18

 
  • 2.33 5.25

 
  • 8.34 8.19

11.87

Short Term Income

 

0.13

 
  • 1.19 2.62

 
  • 5.12 8.67

9.42

Note: Trailing Returns up to 1 year are absolute and over 1 year are CAGR. NAV/index values are as on August 05,

2016.

RETAIL RESEARCH

P a g e

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1

RETAIL RESEARCH G sec Markets: Indian bond yields ended up during the week ended August 05,

RETAIL RESEARCH

G sec Markets:

Indian bond yields ended up during the week ended August 05, 2016 by 1 basis point. G sec Yields fell on Monday as market participants bought government debt on hopes that the Goods and Services Tax (GST) Bill, a key indirect tax reform, will be approved in the ongoing session of the Parliament.

G sec yields increased on Tuesday as market participants booked profits after a record rally in the last few weeks.

Bond yields increased for the second consecutive day on Wednesday as market participants avoided taking any long positions ahead of the approval of Goods and Services tax (GST) in the Rajya Sabha.

Bond yields fell on Thursday as market participants bought government debt after Rajya Sabha approved the constitutional amendment bill that proposes to levy a single indirect tax window, goods and services tax (GST), in the country.

Bond yields remained unchanged on Friday after the government maintained the Reserve Bank of India (RBI)’s inflation target at 4% (+/- 2%) till Mar 2021.

Hence, the yields of the new 10-Year benchmark 7.59% GS 2026 closed lower at 7.17% on Friday as the last week close of 7.16%.

Outlook for the week

We feel that the new 10-year G Sec yields could trade in the 7.20% - 7.35% band for the week.

Liquidity, Call & CBLO

RBI infused average gross liquidity via Repo under LAF window worth Rs 3,971 Cr in this week compared to an infusion of Rs 7,207 Cr in previous week. Infusions via the MSF route averaged Rs 26 Cr. The Call rate ended at 6.39% compared to 6.46% from the previous week. The CBLO ended at 5.73% compared to 6.28% in the previous week.

T Bill

The RBI announced auction cut off yield of 91 Day T-Bill at 6.56% and 364 Day T-Bill at 6.69%. RBI announced auction of 91 Day T-bill and 364 Day T-bill for a notified amount of Rs 9,000 Cr and Rs 6,000 Cr respectively to be held on 03-August-16.

10 Year G sec Benchmark move:

RETAIL RESEARCH G sec Markets: Indian bond yields ended up during the week ended August 05,

Liquidity:

RETAIL RESEARCH G sec Markets: Indian bond yields ended up during the week ended August 05,

Debt Securities Benchmarks watch

Debt (%)

05-August

29-July

Change (bps)

Call Rate

6.28

6.46

-18

CBLO

5.73

6.28

-55

Repo

6.50

6.50

0

Reverse Repo

6.00

6.00

0

10 Year G sec

7.17

7.16

+1

LIBOR UK

0.48

0.50

-2

LIBOR USA

0.79

0.76

+3

LIBOR Europe

-0.31

-0.30

-1

RETAIL RESEARCH Corporate Debts The 10 year AAA bond ended at 7.81% as compared to 7.82%

RETAIL RESEARCH

Corporate Debts

The 10 year AAA bond ended at 7.81% as compared to 7.82% in previous week. The 1 year CD yield was seen trading at 7.38% as compared to 7.30% in the previous week.

Currency

The USD depreciated against the Euro by 0.45% for week ended 05th August, 2016.

The US dollar depreciated against the yen by 3.55% for the week.

The USD appreciated against the pound by 0.58% for the week.

Gold & Crude oil

International crude oil prices (WTI) ended positively by 0.48% for the week ended 05th August, 2016 to close at USD 41.80 per barrel.

International gold prices fell 0.93% for the week ended 05th August, 2016 to close at USD 1,336.4 per troy ounce.

Movements of G sec Benchmark Yields across maturities in the last 1 month.

RETAIL RESEARCH Corporate Debts The 10 year AAA bond ended at 7.81% as compared to 7.82%

AAA Corporate Bond Spread over Gsec:

Security

 

05-August

 

29-July

1

Year

 

40

 

40

3

Year

 

40

 

39

5

Year

 

49

 

40

 

10

Year

 

52

 

53

Forthcoming Auctions:

 

Security

 

Date of Auction

 

Value (Rs. Crs)

 

91

D T Bill

 

10-August-16

 

9,000

182 D T Bill

 

10-August-16

 

6,000

Certificates of Deposits:

 

Maturity

 

05-August

29-July

  • 3 Months

 

6.60

6.60

  • 6 Months

 

6.90

6.90

 
  • 1 Year

7.25

7.30

Commercial Papers:

 

Maturity

   

05-August

29-July

  • 3 Months

 

7.20

7.28

  • 6 Months

   

7.65

7.70

 
  • 1 Year

 

8.25

8.01

Commodity Update:

Commodity

05-August

29-July

Change (%)

NYMEX Crude Oil ($/bbl)

41.80

41.60

+0.48

Gold (oz/$)

1336.40

1349.00

-0.93

Mutual Fund Scheme Analysis:

RETAIL RESEARCH

Tata Balanced Fund (G)

Mutual Fund Scheme Analysis: RETAIL RESEARCH Tata Balanced Fund (G) RETAIL RESEARCH P a g
RETAIL RESEARCH Key points: Tata Balanced Fund is one of the top performing schemes from Hybrid

RETAIL RESEARCH

Key points:

Tata Balanced Fund is one of the top performing schemes from Hybrid Equity Oriented category which has managed to deliver better returns over periods. The scheme registered - 7%, +20% and +14% of compounded returns respectively for one, three and five year periods while the benchmark posted -6%, +10% and +7% of returns respectively. For the same period, the category registered the growth of -4%, +16% and +12% of CAGR returns respectively.

Balanced funds also known as Hybrid funds invest in combination of debt and equity instruments to provide a portfolio which combines the growth opportunities of equity and steady income from the debt. It also helps in a diversified portfolio which is lower in volatility as compared to equity funds and also provides potentially higher return opportunities than debt funds.

Tata Balanced Fund aims at seeking a combination of equity and debt investments which optimize the returns of the portfolio and at the same time manages the volatility of fund. The scheme actively manages the combination of the equity and debt investments depending upon the market conditions and outlook. It aims to seek an optimum combination of capital appreciation and income opportunities. The fund holds a more diversified portfolio of about 68 stocks over 15 different sector. The fund invests about 70-75 per cent of its assets in equities on most occasions which the fund to outperform its index and peer groups by a significant margin in up markets.

The fund managers of the scheme prefer to hold maximum assets in large cap stocks. There has been an average of 69% of equity assets into blue chip stocks considering last one-year period. The latest portfolio as on Feb 2016 shows 71% of its equity assets into large cap stocks. The equity portfolio has been churned moderately in last six months period in as much as it added 15 new stocks and exited from 12. The turnover ratio of 14% represents the less churning.

L&T, HDFC Bank, Infy and Sun Pharma are the stocks topped in its latest portfolio having weights of 3.84%, 2.99% and 2.53% to its net assets respectively. The expense ratio of 2.22% for the scheme is lower compared to the category average of 2.60%. In debt side, considering the last one year period portfolio, the scheme invested more into Government securities

close to 16% of total assets. It holds close to 7% in corporate bonds. Rating agencies like

Value research & Crisil assigned ‘5 star’ and ‘CPR 1’ respectively for the scheme. These reflect

the very good performance of the scheme on generating high-risk adjusted returns. The scheme is managed by Atul Bhole since Jan 2012 and Akhil Mittal since Jul 2015. The corpus of the scheme as per latest data was at Rs. 5,071 crore. The scheme seems to be relatively risky in the category as it generated 0.75% (category 0.72%) of Standard Deviation over the last three-year period.

Unit Growth of investments Vs. Benchmark

(Rebased to 100)

RETAIL RESEARCH Key points: Tata Balanced Fund is one of the top performing schemes from Hybrid

Fund Performance Vis-a-vis Benchmark (Excess return):

RETAIL RESEARCH Key points: Tata Balanced Fund is one of the top performing schemes from Hybrid

Mutual Fund ready Reckoner:

RETAIL RESEARCH

 

Equity - Diversified - Large CAP

   
 

Fund Size

 

1 Year

 

3 Year

 

5 Year

Return Since

 

Crisil

Value Research

 

Risk

Return

Scheme Name

NAV (Rs)

(Crs. Rs)

Return

Return

Return

Inception

Top holdings

 

Rank

 

Rating

Grade

Grade

Birla Sun Life Frontline Equity Fund (G)

177.33

12,335

 

5.84

 

22.20

 

14.68

22.96

HDFC Bank, ITC

 

CPR 2

 

5

Star

Low

Higher

INF209K01BR9

     

RIL, L&T & Infosys

 

Franklin India Prima Plus - (G)

         

HDFC Bank, Infy, ICICI Bank, Bharti

         

INF090I01239

482.99

8,408

 

5.82

 

26.20

 

16.39

19.43

Airtel & Indus Bank

CPR 2

 

5

Star

Low

Higher

SBI BlueChip Fund (G)

         

HDFC Bk, Sun Pharm, RIL, INFY, &

         

INF200K01180

31.48

7,042

 

7.66

 

24.66

 

16.78

11.60

L&T

CPR 1

 

5

Star

Lower

Higher

 
 

Equity - Diversified - Multi CAP

   
   

Fund Size

1

Year

3

Year

5

Year

Return Since

   

Crisil

 

Value Research

 

Return

 

Scheme Name

NAV (Rs)

(Crs. Rs)

Return

 

Return

 

Return

 

Inception

Top holdings

Rank

Rating

 

Risk Grade

Grade

Franklin India High Growth Companies (G)

31.31

4,776

 

3.03

 

30.79

 

19.27

13.51

HDFC Bank, Axis bank, SBI, TVS Mot

 

CPR 2

 

5

Star

 

Average

Higher

 

INF090I01981

     

& ICICI Bank

     

ICICI Pru Value Discovery Fund (G)

           

L&T, NTPC, Axis Bank, Sun Pharma

         

INF109K01AF8

123.99

13,205

 

5.88

 

34.64

 

19.85

23.46

& ICICI Bank

 

CPR 2

 

5

Star

 

Low

Higher

 
 

Equity - Diversified - Mid n Small CAP

 
 

NAV

 

Fund Size

 

1 Year

 

3 Year

 

5 Year

 

Return Since

   

Crisil

 

Value Research

 

Return

Scheme Name

(Rs)

(Crs. Rs)

Return

Return

Return

Inception

 

Top holdings

Rank

Rating

 

Risk Grade

Grade

Franklin India Smaller Companies Fund (G)

45.50

 

3,234

 

15.59

 

41.13

 

25.67

 

15.46

 

Equitas Hold, Finolex Cabl, Yes Bk,

 

CPR 1

 

4

Star

 

Lower

High

INF090I01569

         

eClerx Serv & Repco Home

     

DSP BR Micro-Cap Fund (G)

             

KPR Mills, Sharda Cropchem, SRF,

       

INF740K01797

49.11

 

3,113

 

17.15

 

48.85

 

24.61

 

19.06

Eveready Ind & Navin Fluo

 

CPR 1

 

4

Star

 

Low

High

Reliance Small Cap Fund (G)

             

Intellect De, Navin Fluor, GIC hou,

       

INF204K01HY3

28.39

 

2,241

 

11.20

 

45.69

 

22.73

 

19.49

Orient cement, Atul

 

CPR 2

 

3

Star

 

Average

Higher

HDFC Mid-Cap Opportunities Fund (G)

             

Bajaj Finance, Voltas, HPCL, Tube

       

INF179K01CR2

42.25

 

11,537

 

10.15

 

35.06

 

20.29

 

17.18

invest & Cholamand

 

CPR 3

 

4

Star

 

Low

Average

 
 

Equity Thematic / Sector

   

Scheme Name

NAV (Rs)

 

Fund Size

1

Year

3

Year

5

Year

Return Since

Top holdings

 

Crisil

Value Research

 

Risk

Return

(Crs. Rs)

Return

 

Return

 

Return

 

Inception

 

Rank

 

Rating

Grade

Grade

Tata Ethical Fund - (G) (Shariah)

133.66

 

484

 

1.09

 

20.67

 

14.74

16.45

Hindustan Unil, INFY, Ultratech

 

CPR 2

 

4

Star

Lower

Higher

INF277K01956

     

Cement, TCS & Bajaj Auto

 

ICICI Pru Banking & Fin Serv (G) (Banking)

               

HDFC Bk, ICICI Bk, Indus Bk, Axis

         

INF109K01BU5

43.27

976

12.58

 

29.98

 

17.85

20.29

Bank & Yes Bank

NA

 

4

Star

Lower

Higher

Franklin Build India Fund (G)

31.98

 

623

 

6.55

 

35.99

 

22.43

18.37

HDFC Bank, ICICI Bank, Axis Bank,

 

CPR 1

 

5

Star

Lower

Higher

(Infrastructure) INF090I01AE7

     

SBI &

L&T.

 

UTI-Transportation & Logistics (G) (Auto)

             

Hero Moto, Tata Mot, M&M, Adani

         

INF789F01299

94.08

716

 

6.61

 

45.45

 

27.44

18.71

Ports & Bosch

NA

 

NA

NA

NA

Birla Sun Life MNC Fund - (G) (MNC)

             

Maruti Suzuki, Bosch, Gillette, Bayer

         

INF209K01322

615.69

3,510

 

1.99

 

32.89

 

22.27

18.65

Crop, Glaxosmithk

CPR 2

 

NA

NA

NA

Birla Sun Life India GenNext Fund (G) (Consumption) INF209K01447

60.45

 

411

 

8.65

 

23.81

 

18.12

17.81

HDFC Bank, Maruti Suzuki India, ITC, Eicher Motors

 

CPR 2

 

NA

NA

NA

RETAIL RESEARCH SBI Pharma Fund (G) (Pharma) Sun Pharma, Lupin, Aurobindo Phar, Divi's Lab & Strides

RETAIL RESEARCH

SBI Pharma Fund (G) (Pharma) Sun Pharma, Lupin, Aurobindo Phar, Divi's Lab & Strides Sha
SBI Pharma Fund (G) (Pharma)
Sun Pharma, Lupin, Aurobindo Phar,
Divi's Lab & Strides Sha

INF200K01446

144.17

1,010

1.32

29.12

24.69

17.60

NA

NA

NA

NA

ICICI Pru Exports and Other Services Fund (G) (Services) INF109K01BB5

47.39

872

1.82

30.15

21.94

15.72

Cipla, Motherson Sumi, Natco Pharma, Astrazeneca Pha

CPR 1

NA

NA

NA

 

Equity - Tax Planning

 
 

NAV

 

Fund Size

1

Year

3

Year

5

Year

Return Since

 

Crisil

Value Research

 

Risk

Return

Scheme Name

(Rs)

(Crs. Rs)

Return

 

Return

 

Return

 

Inception

Top holdings

Rank

 

Rating

 

Grade

Grade

AXIS Long Term Equity Fund (G)

32.80

 

9,291

 

4.69

29.95

 

20.16

 

19.80

HDFC Bk, Kotak Mahi Bank, TCS, Sun

CPR 1

 

5

Star

Lower

Higher

INF846K01131

       

Pharma & HDFC

 

Birla Sun Life Tax Relief '96 (G)

               

Sundaram-Clayton, Honeywell

       

INF209K01108

23.36

 

2,252

 

5.81

27.74

15.80

10.81

Automation, Bayer Crop, ICRA

CPR 1

 

4

Star

Low

High

DSP BR Tax Saver Fund (G)

               

HDFC Bank, SBI, Indusind Bank, INFY

       

INF740K01185

36.26

 

1,267

 

8.59

25.91

16.25

14.48

& BPCL

CPR 3

 

4

Star

Average

High

 
 

Hybrid - Equity Oriented (Atleast 65% in equity)

 
     

Fund Size

1

Year

3

Year

5

Year

Return Since

   

Crisil

 

Value Research

   

Return

Scheme Name

 

NAV (Rs)

(Crs. Rs)

Return

 

Return

 

Return

 

Inception

Top holdings

Rank

 

Rating

 

Risk Grade

Grade

HDFC Balanced Fund (G)

 

117.75

 

6,207

 

8.00

25.25

 

14.95

 

16.80

Eq:ICICI Bank, Infy, HDFC Bank, RIL

 

CPR 2

 

4

Star

   

Low

Higher

INF179K01392

         

& SBI

     

Tata Balanced Fund - Plan A (G)

               

Eq: HDFC Bank, INFY, Yes Bk, HCL &

         

INF277K01303

 

180.53

 

6,281

 

4.68

23.57

16.30

16.63

Power Grid

 

CPR 2

 

4

Star

 

Average

Higher

L&T India Prudence Fund (G)

               

Eq: INFY, ICICI Bank, ITC, HDFC Bank

         

INF917K01LB0

 

21.11

 

2,143

 

6.80

23.30

15.59

14.64

& Indusind Bank

 

CPR 1

 

5

Star

 

Low

Higher

HDFC Prudence Fund - (G)

                           

INF179K01AV8

 

401.05

 

9,357

 

5.14

23.47

12.80

18.16

INFY, SBI, ICICI Bank, Axis Bk & L&T

 

CPR 4

 

2

Star

 

Higher

Average

 
 

Hybrid - Monthly Income Plan - Long Term (About 15% to 20% in equity)

 
   

NAV

 

Fund Size

 

1 Year

 

3 Year

 

5 Year

 

Return Since

   

Crisil

 

Value Research

   

Risk

 

Return

Scheme Name

(Rs)

(Crs. Rs)

Return

Return

Return

Inception

 

Top holdings

Rank

Rating

Grade

Grade

Reliance Monthly Income Plan (G)

 

36.22

 

2,512

 

7.51

 
  • 12.73 10.38

 

10.77

 

Eq: Sundaram-Clayton, Axis Bk, HDFC

 

CPR 2

 

3

Star

   

High

 

High

INF204K01FD1

       

Bank, RIL & Infy.

       

HDFC Monthly Income Plan - LTP (G)

             

Eq: SBI, Infy, ICICI Bank, L&T & Axis

         

INF179K01AE4

 

38.36

 

3,629

 

9.04

  • 14.09 10.26

 

11.27

Bk

 

CPR 3

 

2

Star

 

Higher

 

Average

 
 

Liquid Funds

 
   

Fund Size

 

1 Year

 

2 Year

 

3 Year

Return Since

   

Crisil

 

Value Research

   

Return

Scheme Name

 

NAV (Rs)

(Crs. Rs)

Return

Return

Return

Inception

Top Holdings

Rank

Rating

   

Risk Grade

Grade

HDFC Liquid Fund (G)

 

3,059.00

 

30,622

 

8.00

 
  • 8.40 8.84

   

Tbill, CP: SAIL, CBLO: Corporation

  • 7.34 CPR 1

   

3

Star

 

Average

 

Average

INF179KB1HK0

   

Bank, IOB,

     

JM High Liquidity Fund - (G)

INF192K01882

 

42.37

3,002

 

8.11

 
  • 8.48 8.92

   

CD: OBC, Axis Bk, IOB, Canara Bank. CP: Tata Pow

  • 8.08 CPR 2

   

5

Star

 

Low

 

High

RETAIL RESEARCH Ultra Short Term Funds Fund Size 1 Year 2 Year 3 Year Return Since

RETAIL RESEARCH

Ultra Short Term Funds Fund Size 1 Year 2 Year 3 Year Return Since Crisil Value
Ultra Short Term Funds
Fund Size
1 Year
2 Year
3 Year
Return Since
Crisil
Value Research
Return
Scheme Name
NAV (Rs)
Top Holdings
Risk Grade
(Crs. Rs)
Return
Return
Return
Inception
Rank
Rating
Grade
ICICI Pru Flexible Income Plan - Regular (G)
CP: HDFC, Vedanta, PFC, SIDBI. CD:
294.70
16,334
8.90
9.06
9.51
8.12
CPR 3
3
Star
Average
Average
INF109K01746
Axis Bk.
IDFC Ultra Short Term Fund (G)
21.85
4,200
8.72
8.94
9.42
7.70
Debt: Edelweiss comm, DLF,
Albrecht. CD: HDFC Bk. CP:
CPR 3
2
Star
High
Average
INF194K01FU8
 

Short Term Income Funds

 
   

Fund

           

Value

   

Scheme Name

NAV (Rs)

Size (Crs.

Rs)

1

Year

Return

2

Year

Return

3

Year

Return

Return Since

Inception

Top Holdings

 

CrisilRank

Research

Rating

Risk

Grade

Return

Grade

Birla Sun Life Treasury Optimizer - Ret (G)

295.23

5,230

10.98

10.72

10.94

7.88

GOI, Bonds: Reliance Jio Info,

 

CPR 2

5

Star

Lower

Higher

INF209K01LV0

Indiabulls Hou, STFC.

 

Sundaram Select Debt - STAP (G)

           

Debt: STFC, SIDBI, LIC Hou, CD:

       

INF903J01FG3

26.72

723

8.29

8.74

9.16

7.33

Corp Bank, IDBI Bank

 

CPR 3

2

Star

High

Low

 
 

Income Funds

 
   

Fund

                   

Scheme Name

NAV

(Rs)

Size (Crs.

Rs)

1 Year

Return

2 Year

Return

3 Year

Return

Return Since

Inception

Top Holdings

Crisil

Rank

Value Research

Rating

 

Risk Grade

 

Return

Grade

ICICI Pru Long Term Plan - Retail (G)

18.90

924

12.63

12.19

12.98

10.26

GOI: 7.88% GOI 2030, 8.3% GOI

 

-

 

5

Star

 

Average

 

Higher

INF109K01712

2040, 8.3% GOI 2042

     

UTI-Dynamic Bond Fund (G)

           

GOI: 7.88% GOI 2030, 8.6% GOI

         

INF789F01JQ5

17.60

1,026

10.75

10.29

10.86

9.72

2028, Debt: Reliance

CPR 2

 

4

Star

 

Low

 

Average

HDFC Medium Term Opportunities Fund

           

Debt: REC, HDFC, Petronet. CD:

         

(G) INF179K01DC2

17.08

4,999

9.59

9.79

10.24

9.21

Vijaya Bk, Canara Bank

CPR 2

 

4

Star

 

Lower

 

High

 
 

Gilt Funds

 

NAV

Fund Size

1

Year

2

Year

3

Year

Return Since

 

Crisil

Value Research

   

Return

Scheme Name

(Rs)

(Crs. Rs)

Return

Return

Return

Inception

Top Holdings

Rank

 

Rating

Risk Grade

 

Grade

SBI Magnum Gilt Fund - Long term (G)

33.71

1,933

 
  • 10.97 12.84

11.27

8.11

8.32% GOI 2032, 9.23% GOI 2043,

CPR 1

 

5

Star

 

Low

Higher

INF200K01982

9.2% GOI 2030, 8.17%

   

L&T Gilt Fund (G)

39.24

111

 
  • 12.50 12.74

11.99

8.74

G sec: 7.88% GOI 2030, 8.13% GOI

CPR 1

 

5

Star

 

Low

Higher

INF917K01BP1

2045

   

Notes:

NAV value as on July, 25 2016. Portfolio data as on June 2016.

 

Returns are trailing and annualized (CAGR).

The notations '5 Star & CPR 1' (used by VR &Crisil respectively) are considered as top in respective rating and ranking scales.

The performance of the funds are rated and classified by Value Research in the following ways. Top 10% funds in each category were classified ‘*****’ funds, the next 22.5% got a ‘****’ star, while the middle 35% got a ‘***’, while the next 22.5% and bottom 10% got ‘**’ and ‘*’ respectively. The criteria used in computing the CRISIL Composite Performance Rank are Superior Return Score, based on NAVs over the Quarter Ended Dec 2015, Based on percentile of number of schemes considered in the category, the schemes are ranked as follows:

CPR 1- Very Good performance, CPR 2 - Good performance, CPR 3 - Average performance, CPR 4 - Below average and CPR 5 - Relatively weak performance in the category. Schemes shortlisted based on the corpus and age. Final picks arrived from return score (respective weightage given for rolling returns for 1m, 3m, 6m, 1yr, 2yr & 3yr) and risk score. Schemes from Quantum and JM Mutual Funds have not been considered.

RETAIL RESEARCH Mutual Fund NEWS : Dividend Gross Ex-Dividend DSP Blackrock Mutual Fund has decided to

RETAIL RESEARCH

Mutual Fund NEWS:

Dividend

     

Gross

Ex-Dividend

DSP Blackrock Mutual Fund has decided to temporarily suspend the below mentioned transactions in DSP BlackRock Micro Cap Fund, an open ended diversity equity growth scheme with effect from August 10,

Scheme Name

Record Date

(%)

Date

2016, as there is a possibility that further large inflows into the Scheme may prove detrimental to the

ICICI Pru Business Cycle Fund - Series 2 - Dir (D)

05-08-2016

 
  • 7.50 08-08-2016

interest of the existing unit holders:

ICICI Pru Growth Fund - Series 2 (D)

05-08-2016

 
  • 7.50 08-08-2016

ICICI Pru Infrastructure Fund - (D)

05-08-2016

11.50

08-08-2016

Mr. Akash Singhania ceases to be the fund manager of DHFL Pramerica Midcap Opportunities Fund with

ICICI Pru Value Fund - Series 4 - Regular (D)

05-08-2016

 
  • 7.50 08-08-2016

effect from August 1, 2016. Further, Mr. Avinash Agarwal has been appointed as the fund manager (equity)

Sundaram Rural India Fund - Direct (D)

05-08-2016

 
  • 5.00 08-08-2016

of the said scheme with effect from August 1, 2016. Mr. Kumaresh Ramakrishnan continues to manage the

Sundaram S.M.I.L.E Fund - Direct (D)

05-08-2016

 
  • 5.00 08-08-2016

debt portion of the scheme.

Sundaram Select Micro Cap - Sr.V - Direct (D)

05-08-2016

 
  • 5.00 08-08-2016

UTI-Banking Sector Fund - Direct (D)

10-08-2016

25.00

11-08-2016

Kotak Mutual Fund has announced change in exit load structure under Kotak Equity Arbitrage Scheme, an open ended equity growth scheme, with effect from 05 August 2016. Accordingly, the revised exit load structure will be: If redeemed or switch out (including SIP/STP) within 30 days from the date of allotment of units, irrespective of the amount of investment 0.25%. If units redeemed or switched out (including SIP/STP) after 30 days from the date of allotment of units, irrespective of the amount of investment Nil.

 
 

NFO:

 
 

Scheme name

Open Date

Close Date

Minimum Investments

Tenure

 

Structure

 

Balanced

           

UTI-CPO - Sr.VIII - I(1278Days) - Reg (G)

02-08-2016

16-08-2016

5000

  • 1278 CLOSE

Days

   

Equity

           

Sundaram LT MC Tax Advantage Fund - Sr.III (G)

08-08-2016

11-11-2016

 
  • 500 CLOSE

10 Years

   

Mahindra Kar Bachat Yojana - Regular (G)

22-08-2016

07-10-2016

 
  • 500 OPEN

   

Fixed Maturity Plans

           

DHFL Pramerica Fixed Duration Fund - Sr.32 (G)

09-08-2016

22-08-2016

 
  • 5000 CLOSE

    • 1100 Days

   

UTI-FTI - Series XXV - III(1100Days)-Reg (G)

05-08-2016

19-08-2016

 
  • 5000 CLOSE

    • 1100 Days

   

DHFL Pramerica Fixed Duration Fund - Sr.33 (G)

05-08-2016

18-08-2016

 
  • 5000 CLOSE

    • 2464 Days

   

DHFL Pramerica Fixed Duration Fund - Sr.34 (G)

05-08-2016

18-08-2016

 
  • 5000 CLOSE

    • 2464 Days

   

DHFL Pramerica Fixed Duration Fund - Sr.31 (G)

08-08-2016

16-08-2016

 
  • 5000 CLOSE

    • 1100 Days

   

Sundaram FTP - Plan HS (G)

10-08-2016

12-08-2016

 
  • 5000 CLOSE

    • 1100 Days

   

ICICI Pru FMP - Sr.79 - 1118Days Plan K - Reg (G)

09-08-2016

11-08-2016

 
  • 5000 CLOSE

    • 1118 Days

   

ICICI Pru FMP - Sr.79 - 1118Days Plan L - Reg (G)

09-08-2016

11-08-2016

 
  • 5000 CLOSE

    • 1118 Days

   

Reliance Fixed Horizon - XXXI - Sr.8 (G)

08-08-2016

10-08-2016

 
  • 5000 CLOSE

    • 1419 Days

   

DHFL Pramerica Fixed Duration Fund - Sr.30 (G)

05-08-2016

09-08-2016

 
  • 5000 CLOSE

    • 1099 Days

   

ICICI Pru FMP - Sr.79 - 1125Days Plan H - Reg (G)

26-07-2016

08-08-2016

 
  • 5000 CLOSE

    • 1125 Days

   

HDFC FMP - 1148Days-Aug2016(1)(XXXVI) (G)

01-08-2016

08-08-2016

 
  • 5000 CLOSE

    • 1148 Days

   

Birla Sun Life FTP - Series NR (G)

04-08-2016

08-08-2016

 
  • 5000 CLOSE

    • 1099 Days

   

Global Updates:

RETAIL RESEARCH

(Source: AMC Newsletters)

India:

Indian service providers enjoyed a welcome upturn in demand during July with the Nikkei Services Purchasing Managers' Index (PMI) rising from 50.3 in June to a three-month high of 51.9 in

July. Indian factory activity grew at its fastest pace in four months in July as export orders jumped, but prices remained muted, giving room to the central bank to ease policy further if needed. The

Asia:

Nikkei/Markit Manufacturing Purchasing Managers’ Index (PMI) rose to 51.8 in July from June’s 51.7, marking its seventh month above the 50 level that separates growth from contraction.

Japan's Ministry of Finance reported that last week foreign investors bought JPY1.091 trillion of Japanese bonds. Foreign investors turned net buyers of Japanese stocks for the first time in three months in July. In the July 4-29 period, foreigners posted net buying of 128,972 million yen, against a selling excess of 262,972 million yen in June. Japan’s services Purchasing Managers’ Index (PMI) crossed the 50-point mark during the month of July, a sign of optimism after the contraction witnessed last month as companies shrugged off business backlogs amid a steady revival in new orders. The IHS Market Japan Services Purchasing Managers Index (PMI) rose to 50.4 in July from 49.4 in June on a seasonally adjusted basis. The monetary base in Japan soared 24.7 percent on year in July, coming in at 402.457 trillion yen. That follows the 25.4 percent spike in June. Japan’s manufacturing Purchasing Manufacturers’ Index (PMI) declined for the fifth straight month in a row in July, albeit at a pace slower than that in June. However, new export orders contracted at the fastest pace in 3-1/2 years, a sign that a rising yen is hurting export business. The Markit/Nikkei final manufacturing PMI rose to 49.3 in July, up from 48.1, thought still remaining below the 50-point mark that separates expansion from contraction in the manufacturing sector.

US:

The number of Americans filing for unemployment benefits unexpectedly rose last week, while renewed job cuts in the energy sector boosted layoffs announced by U.S.-based employers in July. Initial claims for state unemployment benefits increased 3,000 to a seasonally adjusted 269,000 for the week ended July 30. New orders for U.S. factory goods fell for a second straight month in June on weak demand for transportation equipment and capital goods, but signs of stabilization in business spending offered some hope for struggling industries. The new orders for manufactured goods declined 1.5 percent after a downwardly revised 1.2 percent decrease in May. U.S. private employers added 179,000 jobs in July, above economists' expectations. Economists surveyed by Reuters had forecast the ADP National Employment Report would show a gain of 170,000 jobs, with estimates ranging from 140,000 to 190,000 jobs added. U.S. consumer spending rose more than expected in June as households bought goods and services, suggesting strength that appeared to be sustained early in the third quarter with auto sales surging to an eight-month high in July. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased 0.4 percent in June after a similar gain in May. Markit's US manufacturing index surge to 9-month highs, printing at the expected 52.9 led by faster growth of output, new orders, and employment. However, in true Chinese-style, US ISM Manufacturing missed expectations (52.6 vs 53.0) with new orders and employment dropping. U.S. construction spending fell for a third straight month in June as outlays dropped across the board, suggesting a downward revision to the second-quarter economic growth estimate published last week. Construction spending declined 0.6 percent to its lowest level since June 2015 after an upwardly revised 0.1 percent dip in May. Construction outlays were up 0.3 percent from a year ago.

UK:

UK interest rates have been cut from 0.5% to 0.25% - a record low and the first cut since 2009. The Bank of England has also signalled that rates could go lower if the economy worsens. The Bank announced additional measures to stimulate the UK economy, including a £100bn scheme to force banks to pass on the low interest rate to households and businesses. It will also buy £60bn of UK government bonds and £10bn of corporate bonds.

Euro Zone:

The Eurozone final PMI services-sector index strengthened to 52.9 from the flash reading of 52.7, which was marginally higher than expected, while the composite index strengthened to 53.2

from 52.9. The composite reading was the strongest for six months and the index has been in expansion territory for 37 successive months. Euro zone retail sales were stable in June compared to the previous month, as consumers reduced their purchases of fuel. Eurostat said retail sales, a proxy for household spending, were flat in

June month-on-month, in line with market expectations, and 1.6 percent higher on a yearly basis in the 19-country currency bloc. Euro zone producer prices rose by more than expected in June for a second consecutive month, driven by soaring energy prices. Eurostat said prices at factory gates in the 19 countries sharing

the euro increased 0.7 percent in monthly terms for a 3.1 percent year-on-year decline.

RETAIL RESEARCH The German manufacturing PMI index was revised up marginally to 53.8 for July from

RETAIL RESEARCH

The German manufacturing PMI index was revised up marginally to 53.8 for July from the 53.7 flash reading with markets expecting an unchanged figure, although this was still below June’s reading of 54.5. Although new orders for German producers edged slightly lower, it was still the second highest reading for 28 months and export orders rose significantly for the month. There was also the strongest increase in production for over two years. The eurozone's manufacturers are shrugging off fears about the impact of Britain's vote to leave the European Union, and are enjoying "steady growth" in the face of the vote. Markit's manufacturing PMI for the eurozone was a marginal beat on the flash reading, released on July 22, which showed a score of 51.9.

Economic Calendar:

Date

Country

Event

Period

Frequency

Unit

Previous

08-08-2016

Germany

Industrial Production (Month over Month)

Jun, 2016

Monthly

Percent

-1.3

08-08-2016

US

Labor Market Conditions Index (Level)

Jul, 2016

Monthly

 

-1.9

08-08-2016

US

TD Ameritrade IMX (Level)

Jul, 2016

Monthly

 

5

08-09-2016

Germany

Merchandise Trade (Level)

Jun, 2016

Monthly

Billion

22.2

08-09-2016

India

RBI Third Bi-monthly Monetary Policy Statement

2016-17

   

0

08-09-2016

UK

Merchandise Trade (Level)

Jun, 2016

Monthly

Billion

-9.88

08-09-2016

UK

Industrial Production (IP-Y/Y)

Jun, 2016

Yearly

Percent

1.4

08-09-2016

UK

Merchandise Trade (Imports-Y/Y)

Jun, 2016

Yearly

Percent

2.8

08-09-2016

US

NFIB Small Business Optimism Index (level)

Jul, 2016

Monthly

 

94.5

08-09-2016

US

Productivity and Costs (Unit labor costs - Q/Q change - SAAR)

 

Quarterly

Percent

4.5

08-09-2016

US

Redbook

wk8/6, 2016

Weekly

 

0

08-09-2016

US

Wholesale Trade (Inventories - M/M change)

Jun, 2016

Monthly

Percent

0

08-10-2016

India

Reserve Money (change on year)

Wk to Aug 5

Weekly

pct

15.22

08-10-2016

India

Foreign tourist arrivals (YoY Chg)

Jul

Monthly

pct

7.3

08-10-2016

Japan

Producer Price Index (Month over Month)

Jul, 2016

Monthly

Percent

-0.1

08-10-2016

Japan

Machine Orders (M/M Change)

Jun, 2016

Monthly

Percent

-1.4

08-10-2016

Japan

Tertiary Index (Month over Month)

Jun, 2016

Monthly

Percent

-0.7

08-10-2016

US

MBA Mortgage Applications

wk8/5, 2016

Weekly

 

0

08-10-2016

US

JOLTS (Job Openings)

Jun, 2016

Monthly

Million

5.5

08-10-2016

US

EIA Petroleum Status Report

wk8/5, 2016

Weekly

 

0

08-10-2016

US

Treasury Budget (Treasury Budget - Level)

Jul, 2016

Monthly

Billion

6.3

08-11-2016

US

Jobless Claims

wk8/6, 2016

Weekly

 

0

08-11-2016

US

Import and Export Prices (Export Prices - M/M change)

Jul, 2016

Monthly

Percent

0.8

08-11-2016

US

Bloomberg Consumer Comfort Index

wk 8/7, 2016

Weekly

 

0

08-11-2016

US

EIA Natural Gas Report

wk8/5, 2016

Weekly

 

0

08-12-2016

European Monetary Union

Industrial Production (Month over Month)

Jun, 2016

Monthly

Percent

-1.2

08-12-2016

European Monetary Union

GDP Flash (Quarter over Quarter)

Q2, 2016

Quarterly

Percent

0.3

08-12-2016

European Monetary Union

Industrial Production (Year over Year)

Jun, 2016

Yearly

Percent

0.5

08-12-2016

Germany

CPI (Month over Month)

Jul, 2016

Monthly

Percent

0.3

08-12-2016

Germany

GDP Flash (Quarter over Quarter)

Q2, 2016

Quarterly

Percent

0.7

08-12-2016

India

FX reserve (change on wk)

Wk to Aug 5

Weekly

$ mln

2808.6

08-12-2016

India

CPI Inflation - Combined (YoY Chg)

Jul

Monthly

pct

5.77

08-12-2016

India

IIP (YoY Chg)

Jun

Monthly

pct

1.2

08-12-2016

US

Money Supply

wk8/1, 2016

Weekly

 

0

08-12-2016

US

Fed Balance Sheet

wk8/10, 2016

Weekly

 

0

08-12-2016

US

Retail Sales (Retail Sales - M/M change)

Jul, 2016

Monthly

Percent

0.6

RETAIL RESEARCH 08-12-2016 US PPI-FD (PPI-FD - M/M change) Jul, 2016 Monthly Percent 0.5 08-12-2016 US

RETAIL RESEARCH