www.karvyvalue.

com
March, 2019

KARVY’s

INVESTOR JOURNAL
What’s Inside Highlights of the Month
»» The Asset under management of the mutual fund industry for
Market Review Jan 2019 has been increased by 2.2% from Rs. 22.85 lakh crore
Page 01 in Dec 2018 to Rs. 23.37 lakh core, according to data released by
Karvy Investment Insight the Association of Mutual Funds in India
Page 03 »» Systematic investment plans (SIPs) flow inched upward to
Rs 8,064 crore from Rs 8,022 crore in Dec, a rise of 0.52% on a
Fund of The Month month-on-month basis.
Page 04
»» Liquid funds saw an inflow of Rs 58,637 crore during the January
Readers Corner month against an outflow of Rs 1.49 lakh crore in December.
Page 05 Balance Funds witnessed a net outflow of Rs 952 crore in
January for the first time since May 2014.
Story of The Month »» Equity inflows declined 6.8% over the previous month to Rs 6,158
Page 06
crore in January. That’s a third straight monthly decline. The drop
SIP Performance in equity inflows was due to various factors. “Uncertainty ahead
Page 07 of the upcoming general election along with global factors such
as U.S.-China trade war, movement in crude oil prices and fears
Category Average Returns of a global economic slowdown are weighing on equity inflows,”
Page 08 said NS Venkatesh, chief executive officer, AMFI

Fixed Deposits Schemes »» The mutual fund industry as a whole saw a net inflow of Rs
Page 09 65,439 crore in January compared with an outflow of Rs 1.36 lakh
crore in December. This was due to major inflows into liquid
Equity Funds Performance funds.
Page 10 »» The country’s financial capital Mumbai (37%), political capital
Debt Funds Performance Delhi (12%) and Silicon Valley Bangalore(6%) contribute a total
Page 11 of Rs. 13 lakh crore to the industry’s AUM. These three cities
account for 56% of the industry’s total AUM.
Global Markets at a Glance »» Two new players Geojit Financial Services and SREI Infrastructure
Page 12 Finance have applied to launch their mutual fund business,
Indices Watch according to media reports.
Page 13 »» The Reserve Bank of India (RBI), in its bi-monthly monetary
policy held in Feb, has reduced the key policy rates by 25 basis
points (bps). The new repo rate now at 6.25% from previous
6.50% and also changed its stance to neutral from calibrated
tightening.

Fund of the Month

KARVY’s HDFC Equity Fund(G)
INVESTOR JOURNAL To generate capital appreciation/
March, 2019 income from a portfolio, predominantly...
Page 04
 INVESTOR JOURNAL
March, 2019
Market Review
The broader indices were more
volatile during Feb month
due to geopolitical tensions
between India & Pakistan.
The BSE sensex was down
by 1.07% and Nifty 50 was
down by 0.36% in Feb Month.
MF equity inflows declined
by 6.8% and witnessed third
straight monthly decline.
Overall MF Industry Saw a
net inflow of 65,439 Crore
mainly led by inflows into
liquid funds. RBI reduced the
key policy rates by 25bps in
Feb. The current repo rate is
at 6.25%.
Invest in TOP
Mutual Funds
Trusted by 10 Lakh+
Investors
Know More
Apart from FII and MF activity, Key domestic data released in the
month of February were:
EXPORTS:
»» Exports in January 2019 were US $ 26.36 Billion, as compared to US $ 25.41
Billion in January 2018, exhibiting a positive growth of 3.74 %.
»» Organic and Inorganic chemicals (15.56%); Gems and Jewellery (6.67%);
Drugs and Pharmaceuticals (15.2%) and ready-made textiles (9.33%)
showed a high export growth during the month.
»» Cumulative value of exports for the period April-January 2018-19 was US $
271.80 Billion as against US $ 248.18 Billion during the period April-January
2017-18, registering a positive growth of 9.52% in Dollar terms.
»» Non-petroleum and Non Gems and Jewellery exports in January 2019
were US $ 19.90 Billion, as compared to US $ 18.40 Billion in January 2018,
exhibiting a positive growth of 8.17%. Non-petroleum and Non Gems
and Jewellery exports in April-January 2018-19 were US $ 197.56 Billion, as
compared to US $ 183.05 Billion for the corresponding period in 2017-18,
an increase of 7.92%.
IMPORTS:
»» Imports in January 2019 were US $ 41.09 Billion, which was 0.01% higher in
Dollar terms over imports of US $ 41.08 Billion in January 2018.
»» Petroleum, Crude & Products (-3.59%); Pearls, precious & Semi precious
stones (-36.51%); Transport Equipment (-21.43%); Vegetable Oil (-19.89%);
Metaliferrous ores & other minerals (-48.87%) showed a negative Import
growth during the month.
»» Cumulative value of imports for the period April-January 2018-19 was US
$ 427.73 Billion, as against US $ 384.42 Billion during the period April-
January 2017-18, registering a positive growth of 11.27% in Dollar terms.
CUDE OIL AND NON-OIL IMPORTS:
»» Oil imports in January 2019 were US $ 11.24 Billion, which was 3.59% lower
in Dollar terms, compared to US $ 11.66 Billion in January 2018.
»» Oil imports in April-January 2018-19 were US $ 119.34 Billion which was
36.65% higher in Dollar terms compared to US $ 87.33 Billion, over the
same period last year.
»» Non-Oil and Non-Gold imports were US $ 27.53 billion in January 2019,
recording a negative growth of 0.78%, as compared to Non-Oil and Non-
Gold imports in January 2018. Non-Oil and Non-Gold imports were US
$ 281.42 billion in April-January 2018-19, recording a positive growth of
4.69%, as compared to Non-Oil and Non-Gold imports in April-January
2017-18.
Trade Balance:
»» The trade deficit for January 2019 declined to US $ 14.73 Billion as against
the deficit of US $ 15.67 Billion in January 2018.
1
 INVESTOR JOURNAL
March, 2019

CPI Inflation: IIP:

CPI inflation in India declined to 2.05% in January of 2019
from revised 2.11% in December. It is the lowest inflation rate
since June of 2017 as prices for food and beverages, clothing,
fuel and light continued to decline. Core inflation excluding
food and fuel prices inched down to 5.4% in January from
5.6% in December.
WPI Inflation:
India’s industrial production growth increased to 2.4% in
December 2018 from a 17-month low of 0.3% in the previous
month.
Indices:
Among the BSE sectorial indices, S&P BSE Auto index with
1.68% was the top gainer and S&P BSE Power Index with -2.78
% was the top looser.

Wholesale prices in India declined to 2.76% in January 2019 Major Asian Indices has given positive returns with Hangseng,
from 3.8% in the prior month. It was the lowest wholesale Taiwan, Nikkei 225 ended by 2.5% and 4.6%, 2.9% respectively.
inflation since March 2018, as cost increased at a slower pace
for fuel and manufactured products while prices of food
declined further.

FII Activity: (Month Between 01-Feb-2019 to 28-Feb-2019)

Equity Debt
Date Gross Purchase (Cr.) Gross Sale (Cr.) Net (Cr.) Date Gross Purchase (Cr.) Gross Sale (Cr.) Net (Cr.)

4-Feb-19 3,984.23 4,879.38 -895.15 4-Feb-19 441.34 1,975.99 -1,534.65

11-Feb-19 3,887.53 4,292.37 -404.84 11-Feb-19 558.23 985.87 -427.64

18-Feb-19 10,460.91 12,019.56 -1,558.65 18-Feb-19 528.35 639.77 -111.42

25-Feb-19 7,141.68 5,339.99 1,801.69 25-Feb-19 1,019.87 1,333.85 -313.98

Total 106,975.19 92,511.20 14,463.99 Total 20,344.80 26,285.34 -5,940.54

MF Activity: (Month Between 01-Feb-2019 to 28-Feb-2019)

Equity Debt
Date Gross Purchase (Cr.) Gross Sale (Cr.) Net (Cr.) Date Gross Purchase (Cr.) Gross Sale (Cr.) Net (Cr.)

4-Feb-19 1,107.52 1,626.05 -518.53 4-Feb-19 5,950.60 6,945.96 -995.36

11-Feb-19 2,279.52 2,425.72 -146.20 11-Feb-19 8,272.85 5,423.23 2,849.62

18-Feb-19 1,675.17 1,173.77 501.40 18-Feb-19 5,368.56 5,526.40 -157.84

25-Feb-19 2,359.70 4,439.55 -2,079.85 25-Feb-19 9,729.26 5,464.49 4,264.77

Total 42,896.47 37,217.20 5,679.27 Total 143,094.70 122,970.96 20,123.74

Sensex & Nifty: (Month Between 31-Jan-2019 to 28-Feb-2019)

S&P BSE SENSEX NIFTY 50
Date Close Price Points Diff %age Change Date Close Price Points Diff %age Change

31-Jan-19 36,256.69 31-Jan-19 10,830.95

4-Feb-19 36,582.74 326.05 0.01 4-Feb-19 10,912.25 81.30 0.01

11-Feb-19 36,395.03 -187.71 -0.01 11-Feb-19 10,888.80 -23.45 0.00

18-Feb-19 35,498.44 -896.59 -0.02 18-Feb-19 10,640.95 247.85 -0.02

25-Feb-19 36,213.38 714.94 0.02 25-Feb-19 10,880.10 239.15 0.02

Overall Change for the month -1.07% Overall Change for the month -0.36%
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Source : ACE MF
2
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 INVESTOR JOURNAL
March, 2019

Karvy Investment Insight

Peace of mind and Wealth Creation ideas for long term

Karvy Insights brings to you investment wisdom to help our investors make sound investment decisions and
reach their goals faster. These inputs may not help you become wealthy in a short span of time, but they would
definitely give you peace of mind and a roadmap for your financial journey.

Five Habits That Come in The Way of Your

Financial Freedom Struggle
----------------------------------------------------------------------------------------------------------------------------------------------------------
Being financially independent means being able to achieve one’s Goals and being prepared for financial uncertainties.
Improper financial habits can also push us away from our financial Goals. By following the right financial behavior, your
journey towards financial security can become easier. This Republic Day, let’s take steps towards financial independence.

You might have resolved to start your journey towards financial security this year. You might be looking forward to
learning more about financial planning. But let’s first learn how your faulty financial habits can push you off-track.

Here are 5 habits that come in the way of your financial freedom struggle:

1. NOT TRACKING EXPENSES What you can do:

Where did my salary go?
Well, you would have had an answer to this if you would
have kept a record of your expenses. Tracking your
expenses helps you curb impulsive buying.
What you can do:
Maintain a diary. Record each and every expense you
make. At the end of every month, take note of excess
spending categories.
2. SPENDING FIRST - INVESTING LATER
Why I have no money left for investing?
You need to reverse this. Spend only after you invest. If
you invest as soon as you get your salary, you will force
yourself to manage your expenses with the amount left
after investing.
What you can do:
Make a list of your Goals. Divide them into short-term,
medium-term and long-term. Have a separate portfolio
for every Goal.
4. PLANNING TAXES IN THE LAST MOMENT
Why do I have to struggle to invest a lump sum amount
for saving Taxes?
You can make your Tax planning process easier by
starting it early. Ideally, you should begin your Tax
planning from the beginning of the financial year. You
can divide your Tax Saving investment into 12 parts
through SIPs.
What you can do:
Start investing in Equity Linked Savings Scheme (ELSS)
from April.
5. NOT PLANNING FOR EMERGENCIES

Invest through SIP (Systematic Investment Plan) at the
beginning of every month.
3. NOT MAKING Goal-BASED PLANS
Why do I fall short of money while fulfilling my dreams?
This problem can painstakingly be overcome by smart
Goal-based financial planning. Your Goals can be as
small as buying a microwave oven. Similarly, they can be
as large as travelling the world. You can invest for all your
Goals through Mutual Funds.
Why do emergencies push me away1 from my Goals?
You would have not faced this question, had you invested
for your emergencies. Having an Emergency Fund can
help you be financially prepared for uncertainties like
inflation, medical emergencies, job loss among other
things.
What you can do:
Invest regularly in Liquid Funds till you have enough
money to pay for six months of expenses. Liquid Funds
don’t have a lock-in period. They can be your alternative
to your savings account or Fixed Deposit.
Source : UTI AMC
3
 INVESTOR JOURNAL
March, 2019

Fund of The Month

HDFC Equity Fund(G)

Investment Objective:
To generate capital appreciation / income from a portfolio, predominantly invested in equity & equity related instruments. There is no assurance
that the investment objective of the Scheme will be realized.
Portfolio:
Top 10 Companies Holdings Top 10 Sector Wise Holding
Name %age Industry Name (%)
State Bank Of India. 9.9 Bank - Private 17.1

ICICI Bank Ltd. 9.7 Bank - Public 14.7

Infosys Ltd. 9.6 IT - Software 13.7

Larsen & Toubro Ltd. 8.1 Engineering - Construction 8.7

Reliance Industries Ltd. 6.0 Power Generation/Distribution 8.3

HDFC Bank Ltd. 4.5 Refineries 7.6

ITC Ltd. 3.8 Finance Term Lending 4.3

NTPC Ltd. 3.6 Cigarettes/Tobacco 3.8

Axis Bank Ltd. 2.9 Pharmaceuticals & Drugs 3.3

Power Grid Corporation Of India Ltd. 2.7 Industrial Gases & Fuels 1.9

Indicates an increase or decrease or no change in holding since last profile. Indicates an increase or decrease in holding since last portfolio.

INVEST HERE To read the full Information, Click Here

Source : ACE MF

‘Tweets’ of the Month

Being positive and cheerful helps “If you can’t communicate

one plan for bigger things, act dynamically your ideas, it doesn’t matter how
and achieve something. Too many commentators
great they are, thus the huge importance
are ONLY Pessimistic ,Cynical, Negative about
everything. Nothing will be gained from them. of getting better at crafts like writing and
Most of the time they miss the larger picture. public speaking.”
#VandeMataram @jposhaughnessy
- Mahesh @invest_mutual - David @david_perell

Don’t be a parrot in life,

be an eagle. “Beware of little
Time is the biggest
A parrot talks way too much but can’t expenses; a small leak will
source of alpha - only way
fly high but sink a great ship.”
to earn time is start earlier
An Eagle is silent and has the will power to
than rest. - Benjamin Franklin
touch the sky.
- Kalpen Parekh - Financial Planning
- arvind_13
@KalpenParekh @FMBKendal
@Rwind_13

4
 INVESTOR JOURNAL
March, 2019

Readers Corner

Dividend Distribution Tax (DDT) on Equity Mutual Funds?

GO FOR THE GROWTH OPTION!

While everyone has been talking about tax on Long Term How should one think of the Dividend Payout option?
Capital Gains (LTCG) when it comes to stocks or equity oriented
• If regular income is not required and satisfactory returns
mutual funds, one other factor that investors need to consider
are being earned in your existing investment, opting for a
is the Dividend Distribution Tax (DDT). This is a tax applicable
Dividend Payout option is NOT tax efficient as you will pay a
when someone chooses the Dividend option instead of the
10% tax (plus surcharge and health and education cess) every
Growth option, while investing in an equity mutual fund. DDT
time a dividend is declared
is applicable on the Dividend Payout as well as the Dividend
Reinvestment option. • If regular income is required, we recommend investing in the
Growth option and starting a Systematic Withdrawal Plan
Prior to the 2018 Union Budget, there was no DDT on
(SWP), instead of choosing the Dividend Payout option.SWP
distributions in the Dividend options of equity-oriented mutual
is a service offered by mutual funds which provides investors
funds (which invested at least 65% of their assets in equities).
with an option to withdraw specific amounts at predetermined
The new reality – As of April 01, 2018, there will be a 10% tax (plus time intervals which they can specify. (Monthly/ Quarterly).
surcharge and health and education cess) on income distributed
Here are a couple of ways how the Growth option plus a SWP
by equity-oriented mutual funds. The mutual fund house will
could help you:
deduct the tax plus cess and then make the distributions to
the investor; hence, there will be no tax payable in the hands of • If you’re considering investing in the Growth option of an
the investor. Even though DDT is paid by the mutual funds and equity-oriented mutual fund or switching from a Dividend
not by investors, investors would be impacted as the fund will Payout option to a Growth option, we recommend waiting for
deduct the tax out of the declared dividends and the pay out to one year before starting the SWP, so that LTCG tax of 10% will be
the investor will be reduced to such extent. applicable and the Rs.1 lakh tax shield can be utilized, resulting
in a lower effective tax rate.Should income be required in
• Equity funds will pay a 10% dividend distribution tax (plus
the first year, the capital withdrawn through the SWP in the
surcharge and health and education cess) to the government
first year will be subject to short term capital gains tax of 15%
on any dividend declared and only pay out the remainder.
followed by a 10% LTCG tax, for the life of the investment. The
• Since the tax amount also has to come out of the distributable Rs.1 lakh tax shield will also be applicable on LTCG after the first
surplus of the fund, the dividend amount gets reduced. For year resulting in a lower effective tax rate.
example, if a fund has and wants to distribute surplus of Rs.10
• If regular income is required by an investor who is already
per unit, then it has to pay Rs.1 per unit as DDT (excluding
invested in an equity-oriented mutual fund under the Growth
surcharge and cess) to the government and then can distribute
option, we recommend opting for a SWP where the 10%
only Rs.9 per unit as dividend to the investor, which is then tax-
LTCG tax will be applicable and the Rs.1 lakh tax shield can be
free in the hands of the investor.
availed of on LTCG,resulting in a lower effective tax rate, if the
The question is, what should investors do post DDT on equity investment has been held for over one year.
mutual funds?
Here are a couple of ways how the Growth option plus a SWP
To begin with, investors can reconsider their preference for the could help you:
Dividend option and opt for the Growth option.
• Since regular income is not required (as the Dividend
• DDT of 10% (plus surcharge and health and education cess) will Reinvestment option had been selected originally) and
be paid on all dividends in the Dividend option versus Growth if satisfactory returns are being earned in your existing
option, where gains up to Rs.1 lakh per annum are exempt investment, we urge you to switch to the Growth option as
from LTCG (10%) taxes will be deferred and a tax shield of `1 lakh will be available
on LTCG, which is NOT available in the Dividend Payout or the
• In the new reality which includes DDT, if the expected net
Dividend Reinvestment option.
return from an equityoriented mutual fund is higher than
LIKE US ON FACEBOOK
other alternatives on a post-tax basis, they should continue to
invest and remain invested in the fund

Therefore, invest in those funds that you believe will help create value and opt for the
Growth Option!
Source : DSP Black Rock Mutual Funds
5
 INVESTOR JOURNAL
March, 2019

Story of The Month

POSITIVE VISION
A teacher had two disciples. One of them had a positive vision
and he always sought out good points from anything he observed
while the other one had an inauspicious vision and always sought
something negative from his observations.
One day, the teacher went out to a park with both the disciples
and while wandering in the garden, they came across a mango
tree from which some ripe and juicy mangoes were hanging. On
seeing this, the teacher thought of testing both of his students. He
called them and asked them to observe the tree full of mangoes
very carefully. Then, he asked the first one, “My dear child, what
do you think of this mango tree?”
The disciple answered instantly, “Teacher, in spite of people
throwing stones at the tree, it gives them sweet and juicy mangoes.
Direct Dil Se…
It feels hurt yet, it gives them fruits.
I wish all human beings learn this important message from the mango tree - to share their belongings even
if they have to suffer for this.”
After that, the teacher asked the same question to the other disciple, “My dear child, what do you think
of this mango tree?” The student aggressively answered, “Teacher, this mango tree is not good and will
not give mangoes by itself but only when we throw stones at it and use sticks. Therefore, we should hit it
hard to get sweet mangoes from it. That is the only way to get these mangoes. It is also clear from this
tree that in order to get good fruits from others, we need to be violent and only when we become violent,
do we get happiness.”
The Teacher was delighted with the answer given by the first student because he had a positive vision and
appreciated the tree with his positive outlook while the second student’s answer dissatisfied him because
he saw the tree with negative vision and insisted on learning the wrong way of getting fruits in life. He
showered his blessings on the first disciple whole-heartedly.
In conclusion, even though the situation is the same, what matters is how we interpret a given situation.

MORAL OF THE STORY:

Positivity is the biggest strength in life. Success follows those who are positive
in all situations. Develop a positive vision and always find something good from
everything and in everyone.

Courtesy : Karvy Learning Center

6
 INVESTOR JOURNAL
March, 2019

SIP Performance
3 Year SIP 5 Year SIP
Current
S&P BSE SENSEX Rs.36000 Rs.60000
NAV (`)
Profit-SIP XIRR(%) Profit-SIP XIRR(%)
Large and Large and mid cap
Canara Rob Emerg Equities Fund-Reg(G) 87.99 4,148.90 7.24 22,774.19 12.85

Invesco India Growth Opp Fund(G) 32.12 5,149.64 8.91 18,053.28 10.48

Mirae Asset Emerging Bluechip-Reg(G) 49.11 5,640.09 9.72 27,930.31 15.31

Principal Emerging Bluechip Fund(G) 96.96 2,465.87 4.36 18,348.97 10.63

Sundaram Large and Mid Cap Fund(G) 32.16 4,874.03 8.45 18,632.00 10.78

Multi Cap
Canara Rob Equity Diver Fund-Reg(G) 125.81 5,545.1 9.56 15,866.8 9.34

ICICI Pru Multicap Fund(G) 275.89 3,811.2 6.67 16,097.1 9.46

Mirae Asset India Equity Fund-Reg(G) 47.57 5,666.1 9.76 20,754.9 11.85

Parag Parikh Long Term Equity Fund-Reg(G) 24.16 6,188.8 10.61 20,269.3 11.61

Quant Active Fund(G) 168.88 3,385.4 5.94 16,069.6 9.44

Mid Cap & Small Cap

Axis Midcap Fund(G) 34.87 6,506.61 11.13 20,332.05 11.64

HDFC Small Cap Fund-Reg(G) 40.80 5,219.16 9.02 22,867.02 12.90

L&T Emerging Businesses Fund-Reg(G) 23.30 3,252.49 5.72 - -

Reliance Small Cap Fund(G) 37.06 1,922.34 3.42 19,786.63 11.36

SBI Small Cap Fund-Reg(G) 47.45 3,063.23 5.39 25,239.41 14.04

ELSS
Aditya Birla SL Tax Plan(G) 37.30 3,858.39 6.75 17,489.02 10.19

Aditya Birla SL Tax Relief '96(G) 29.99 4,205.11 7.33 18,706.28 10.81

Axis Long Term Equity Fund(G) 41.43 4,664.58 8.10 18,004.38 10.45

Canara Rob Equity Tax Saver Fund-Reg(G) 60.55 4,872.39 8.45 15,169.83 8.97

Invesco India Tax Plan(G) 47.54 3,916.47 6.85 16,379.39 9.61

Sector
DSP Natural Res & New Energy Fund-Reg(G) 30.22 2,271 4.03 20,628 11.79

Franklin India Technology Fund(G) 161.24 9,779 16.30 21,692 12.32

ICICI Pru Technology Fund(G) 60.21 12,189 19.95 26,058 14.43

SBI Banking & Financial Services Fund-Reg(G) 16.20 8,179 13.80 - 0.00

SBI Technology Opp Fund-Reg(G) 64.40 10,490 17.39 22,303 12.62

Index
HDFC Index Fund-Sensex(G) 317.00 6,172.56 10.59 16,348.87 9.59

IDFC Nifty Fund-Reg(G) 22.25 5,497.79 9.48 15,516.82 9.15

Reliance Index Fund - Sensex Plan(G) 17.64 5,742.97 9.89 14,672.70 8.70

Tata Index Fund-Sensex Plan(G) 88.08 6,010.05 10.32 15,382.72 9.08

UTI Nifty Index Fund-Reg(G) 70.19 5,501.59 9.49 15,559.28 9.17

As on 28th Feb’19 Source : ACE MF

7
 INVESTOR JOURNAL
March, 2019

Category Average Returns

1 Week 1 Month 6 Month 1 Year 3 Year 5 Year Since
Category Sub Category
Return Return Return Return Return Return Inception
Large-cap 0.78 0.92 -7.67 -3.44 14.27 12.91 9.45
Large and mid cap 1.03 0.83 -10.67 -6.97 15.09 15.83 13.62
Market Cap Mid-cap 1.87 0.59 -12.28 -12.10 14.24 17.95 6.29
Multi-cap 0.87 0.81 -10.85 -6.39 14.75 15.02 5.19
Small-cap 2.03 0.55 -13.77 -19.54 13.64 18.80 1.65
Banks & Financial Services -0.22 0.59 -9.72 -0.64 21.64 18.93 13.60
Consumption 1.11 0.45 -9.28 -6.76 16.16 14.66 6.44
Energy & Power 2.45 0.31 -12.36 -19.17 15.80 17.31 11.86
Sector Funds Infrastructure 1.95 0.75 -12.39 -18.04 12.39 14.79 5.68
Pharma & Health Care 1.21 --0.34 -8.36 -2.21 -1.20 7.57 6.20
Service Industry 0.27 0.74 -10.80 -9.85 8.45 12.47 8.06
TECk 0.90 3.12 -0.46 13.55 15.06 11.01 13.27
Contra 0.78 1.49 -9.74 -0.45 18.43 17.09 12.95
Dividend Yield 1.04 0.79 -10.42 -8.02 15.18 13.33 11.20
Speciality
Global 0.08 3.10 -2.54 5.54 11.42 8.09 8.88
MNC 1.31 0.08 -9.36 -2.84 11.90 19.11 16.07
Equity Exchange Traded Funds 0.46 0.87 -8.24 3.26 17.40 11.90 8.39
Equity Linked Savings Scheme 1.14 0.95 -11.09 -9.07 15.10 14.99 7.46
Equity Savings Scheme 0.27 0.48 -2.25 1.28 8.15 7.42 5.20
Focused Fund 1.09 1.45 -10.65 -5.67 15.15 15.35 6.88
Nifty 0.12 1.50 -8.13 2.86 15.57 11.65 9.88
Nifty Next 50 2.35 0.57 -13.77 -9.96 15.63 16.38 3.81
Index
Sensex -0.06 0.57 -7.75 5.33 15.98 11.38 11.60
Others 1.47 1.66 -11.27 -5.34 12.06 10.85 11.07
Aggressive Hybrid Fund 0.59 0.64 -6.85 -3.01 12.65 12.76 8.13
Balanced advantage 0.35 0.47 -2.20 1.18 15.31 13.29 9.08
Balanced Funds
Balanced hybrid 9.57 7.00 -0.77 3.42 7.78 7.02 6.02
Capital Protection Funds 8.34 6.84 1.47 4.17 7.14 7.45 5.72
Conservative Hybrid Fund 6.95 5.31 -0.62 2.64 8.24 8.86 8.25
Dynamic Asset Allocation 0.26 0.59 -3.27 1.27 9.40 10.78 6.70
Multi Asset Allocation 0.53 0.86 -2.19 0.83 8.88 8.76 9.90
Gold - FOF -53.39 30.40 18.57 7.62 3.07 -0.27 1.29
Gold Exchange Traded Funds -0.62 1.94 10.33 8.73 2.29 1.23 4.83
Banking and PSU Fund 3.58 6.77 7.86 7.08 7.50 7.92 7.70
Corporate Bond 2.26 2.84 6.75 6.35 7.38 7.93 7.84
Credit Risk Fund 0.84 2.62 3.60 5.04 7.32 8.36 7.59
Dynamic Bond -0.99 3.97 7.63 6.53 7.60 8.30 7.40
Fixed Maturity Plans 4.25 6.98 7.78 7.41 8.25 8.86 7.65
Long Term -8.17 3.66 12.87 9.80 8.86 9.61 7.91
Gilt
Short and Medium term -2.61 6.08 10.17 8.13 8.30 9.01 8.11
Floating Rate 5.15 6.02 7.27 7.15 7.38 7.76 7.43
Long duration -20.65 -1.29 13.72 7.42 9.24 9.38 10.87
Low Duration 6.10 5.98 7.40 7.35 7.50 7.84 7.54
Medium Duration -1.86 0.12 5.29 5.83 7.75 8.55 7.93
Duration Medium to Long Duration -3.54 2.67 7.16 6.02 7.11 7.86 8.14
Money Market 6.65 7.38 6.79 7.13 7.13 7.68 7.52
Overnight 6.06 6.09 6.08 6.04 6.18 6.85 6.47
Short Duration 3.20 5.01 6.76 6.53 7.31 7.75 7.44
Interval Funds - Half Yearly 5.82 5.85 6.06 6.66 6.99 7.57 7.91
Interval Funds - Monthly 6.32 6.36 6.61 6.98 6.81 7.40 7.82
Speciality-Debt
Interval Funds - Quarterly 6.35 6.47 7.03 7.29 7.08 7.63 8.03
Interval Funds - Yearly 6.03 6.80 7.09 7.36 7.49 7.98 8.19
Liquid 6.52 6.59 6.44 6.90 6.83 7.48 7.22
Ultra Short Term Plan 6.49 6.84 5.71 6.40 7.05 7.77 7.48

Returns are as on 01st Mar’19

Source : ACE MF
8
 INVESTOR JOURNAL
March, 2019

Fixed Deposits Schemes

Interest Rate
FD Name Rating Industry
* (Up to)
Bajaj Finserv is the most diversifed non-bank in the country, the largest
FAAA by CRISIL
Bajaj Finance Ltd. financier of consumer durables in India and one of the most profitable 9.10%
ICRA MAAA
firms in the category.

DHFL Aashray Deposit CARE AAA FD, BWR Dewan Housing Finance Ltd (DHFL) is the second housing finance
9.45%
Plus FAAA company to be set up in the private sector in India.

MAAA by ICRA, FAAA GRUH Finance Ltd is subsidiary of HDFC Ltd is housing finance company
Gruh Finance Ltd. 8.25%
by CRISIL (HFC) recognized by National Housing Bank.

A pioneer and leader in housing finance in India, since inception, HDFC

has assisted more than 4.9 million customers to own a home of their
FAAA by CRISIL,
HDFC Ltd. own. HDFC is the Largest mobiliser of public deposits outside the banking 8.49%
MAAA by ICRA
system and the HDFC Group has a strong asset base of over Rs.2.97
trillion and a customer base of over 42.5 million.

‘tAA+(ind)’ by FITCH, HUDCO is a premier techno-financing company set up in 1970 by the

HUDCO ‘CARE AA+(FD)’ by Government of India to accelerate the pace of housing and urban 7.75%
CARE development in the country.

ICICI Home Finance CARE FAAA, ICICI Home Finance Company Limited is one of the leaders in the Indian
8.50%
Ltd ICRA MAAA mortgage finance and realty space.

LIC Housing Finance FAAA / STABLE by One of India’s largest housing finance companies, having nation-wide
8.55%
Ltd. CRISIL network. Consistent record of dividend payments.

Mahindra & Mahindra Mahindra and Mahindra Financial Services Limited (MMFSL) commenced
CRISIL FAAA 9.05%
Financial Services Ltd its journey two decades back in the rural non-banking finance industry.

PNB Housing Finance (PNBHF) is a subsidiary of Punjab National Bank and

PNB Housing Finance
FAAA by CRISIL a partner of Destimoney Enterprises Pvt. Ltd. PNBHF was incorporated in 8.70%
Ltd.
1988 and is based in New Delhi.

As a deposit-accepting non-banking financial company (NBFC), Shriram

Shriram City Union IND +AA-
City is today India’s premier financial services company specializing in 9.50%
Finance Ltd. CARE AA FD
retail finance.

FAAA/Stable by
Shriram Unnati With a track record of about 30 years in this business, STFC is among the
CRISIL, MAA+/Stable 9.50%
Deposits leading organized finance provider for the commercial vehicle industry
by ICRA

Sundaram Home Sundaram BNP Paribas Home Finance combines its expertise in Home
ICRA MAA+ 8.50%
Finance Ltd. Finance with the Service Orientiation of its promoter Sundaram Finance.

* highest rate including additional interest for Senior citizens, employees etc. wherever applicable

Current/Forthcoming NCDs:
S.No Company Lead Managers

A. K. Capital, Edelweiss Financial, Axis Bank and Trust

1 L&T Finance Limited Know More
Investment

Edelweiss Financial Services Limited and A. K. Capital

2 Muthoot Finance Limited Know
KnowMore
More
Services Limited

9
 INVESTOR JOURNAL
March, 2019

Equity Funds Performance

Absolute CAGR
Latest
Scheme Name SINCE
NAV (`) 1 Year 3 Year 5 Year
INCEPTION
Market Cap
L&T Emerging Businesses Fund-Reg(G) 23.30 -16.51 22.48 19.26

HDFC Small Cap Fund-Reg(G) 40.80 -10.93 22.30 19.35 13.75

Mirae Asset Emerging Bluechip-Reg(G) 49.11 -1.60 21.86 25.19 20.21

Principal Emerging Bluechip Fund(G) 96.96 -10.38 19.45 21.39 24.67

Aditya Birla SL Equity Fund(G) 677.60 -4.53 17.76 18.24 22.81

ELSS
DSP Tax Saver Fund-Reg(G) 44.13 -4.38 16.49 17.05 13.03

Aditya Birla SL Tax Relief '96(G) 29.99 -3.32 16.20 18.50 10.64

Invesco India Tax Plan(G) 47.54 -1.90 16.14 17.19 13.66

Axis Long Term Equity Fund(G) 41.43 0.87 15.25 18.41 16.76

ICICI Pru LT Equity Fund (Tax Saving)(G) 350.41 -0.78 14.02 15.44 19.96

Sector
SBI Banking & Financial Services Fund-Reg(G) 16.20 8.82 26.54 12.78

ICICI Pru Banking & Fin Serv Fund(G) 58.15 -0.70 25.86 23.18 18.20

Tata Banking & Financial Services Fund-Reg(G) 16.72 0.57 23.42 17.60

Tata India Consumer Fund-Reg(G) 16.72 -2.04 22.77 17.59

Reliance Pharma Fund(G) 148.71 5.58 4.23 10.62 20.09

Thematic
Canara Rob Consumer Trends Fund-Reg(G) 36.77 2.37 20.18 19.53 14.75

Invesco India Contra Fund(G) 44.76 -3.72 18.86 19.84 13.43

Kotak India EQ Contra Fund(G) 49.44 2.83 18.00 14.33 12.47

Principal Dividend Yield Fund(G) 50.35 -3.88 19.94 15.55 11.90

Sundaram Rural and Consumption Fund(G) 39.11 -7.48 18.55 18.32 11.24

Value
Tata Equity P/E Fund(G) 126.52 -8.81 19.98 19.74 18.88

JM Value Fund(G) 29.71 -8.55 19.57 18.57 15.72

IDFC Sterling Value Fund-Reg(G) 47.53 -15.57 17.78 16.99 15.24

HDFC Capital Builder Value Fund(G) 276.31 -6.31 17.49 16.10 14.14

L&T India Value Fund-Reg(G) 33.27 -12.03 15.58 21.06 14.05

Index
HDFC Index Fund-NIFTY 50 Plan(G) 97.87 4.03 16.33 12.37 14.48

HDFC Index Fund-Sensex(G) 317.00 5.70 16.75 12.20 14.75

ICICI Pru Nifty Next 50 Index Fund(G) 23.47 -9.73 16.11 16.81 10.32

IDFC Nifty Fund-Reg(G) 22.25 4.04 16.39 12.41 9.47

UTI Nifty Index Fund-Reg(G) 70.19 3.99 16.42 12.37 10.80

Source : ACE MF
10
 INVESTOR JOURNAL
March, 2019

Debt Funds Performance

Absolute CAGR
Latest
Scheme Name SINCE
NAV (`) 1 Year 3 Year 5 Year
INCEPTION
Gilt Funds
Aditya Birla SL G-Sec Fund(G) 51.42 8.85 10.09 10.49 8.81

Reliance Gilt Securities Fund(G) 24.37 9.67 9.73 10.26 8.83

ICICI Pru Gilt Fund(G) 62.73 8.83 9.69 9.85 9.85

SBI Magnum Constant Maturity Fund(G) 39.84 9.15 9.19 9.74 7.90

UTI Gilt Fund-Reg(G) 40.09 7.68 9.16 10.17 8.45

Hybrid Funds Performance

Latest Absolute CAGR
Scheme Name
NAV (`) 1 Year 3 Year 5 Year SINCE INCEPTION
Balanced
Aditya Birla SL Balanced Advantage Fund(G) 50.57 0.98 14.03 12.20 8.98

HDFC Balanced Advantage Fund(G) 183.75 -1.30 18.30 15.15 17.06

ICICI Pru Balanced Advantage Fund(G) 34.04 2.53 12.74 12.24 10.59

Reliance Balanced Advantage Fund(G) 87.03 1.27 16.17 13.55 16.34

Conservative Hybrid
ICICI Pru Regular Savings Fund(G) 41.57 6.20 11.53 11.53 10.02

Aditya Birla SL Regular Savings Fund(G) 37.92 -0.40 10.42 11.19 9.44

HDFC Hybrid Debt Fund(G) 44.13 2.37 9.69 10.03 10.27

UTI Regular Savings Fund-Reg(G) 40.47 4.37 9.26 10.29 9.62

DHFL Pramerica Hybrid Debt Fund(G) 22.01 4.08 7.92 7.59 7.21

(Funds has been arranged on the basis of 3 years performance)

Liquid Funds Latest NAV (`) 1 Month 3 Months 6 Months 1 Year

DHFL Pramerica Insta Cash Fund(G) 240.45 0.62 1.87 3.78 7.57

Reliance Liquid Fund(G) 4509.47 0.59 1.83 3.75 7.54

Axis Liquid Fund(G) 2051.36 0.59 1.82 3.73 7.54

IDBI Liquid Fund(G) 1977.15 0.59 1.84 3.78 7.53

BOI AXA Liquid Fund-Reg(G) 2127.51 0.58 1.80 3.68 7.51

Arbitrage Latest NAV (`) 1 Month 3 Months 6 Months 1 Year

Reliance Arbitrage Fund(G) 18.83 0.51 1.26 3.25 6.24

Kotak Equity Arbitrage Scheme(G) 26.24 0.41 1.20 3.19 6.13

ICICI Pru Equity-Arbitrage Fund(G) 24.27 0.45 1.19 3.09 6.07

Edelweiss Arbitrage Fund-Reg(G) 13.64 0.46 1.25 3.07 6.01

Indiabulls Arbitrage Fund-Reg(G) 13.08 0.38 1.03 2.77 5.36

Gold-FOF Latest NAV (`) 6 Months 1 Year 3 Years SINCE INCEPTION

Invesco India Gold Fund(G) 10.40 8.86 9.79 5.58 0.54

ICICI Pru Regular Gold Savings Fund(G) 11.31 9.15 8.21 3.72 1.68

Kotak Gold Fund(G) 13.87 10.11 9.03 3.67 4.21

Canara Rob Gold Savings Fund-Reg(G) 9.90 6.20 8.23 3.21 -0.15

Axis Gold Fund(G) 10.43 9.04 7.80 2.22 0.57

Source : ACE MF
11
 INVESTOR JOURNAL
March, 2019

Global Markets at a Glance

Exhibit: Nifty Exhibit: INR Exhibit: India 10 Yr Yld %

71.25 7.44
10850
7.42
71.20
10800 7.40
71.15 7.38
10750 71.10 7.36
7.34
71.05
10700 7.32

20-Feb

21-Feb

22-Feb

26-Feb
20-Feb

21-Feb

22-Feb

26-Feb

Feb

Feb

Feb

Feb
20-

21-

22-

26-
Exhibit: S&P 500 Exhibit: Dollar Index Exhibit: US 10 Yr Yld %
2,800 96.8 2.70
2,795 2.69
96.6
2,790 2.68
96.4 2.67
2,785
96.2 2.66
2,780
2.65
2,775 96.0
2.64
2,770 2.63
95.8
20-Feb

21-Feb

22-Feb

26-Feb

20-Feb

21-Feb

22-Feb

26-Feb
20-Feb

21-Feb

22-Feb

26-Feb

Exhibit: Euro Stoxx 50 Exhibit: Eur Exhibit: Germany 10 Yr Yld %

3,300 1.140 0.130
3,290 1.138
0.120
3,280 1.136
0.110
3,270 1.134
3,260 1.132 0.100

3,250 1.130 0.090

20-Feb

21-Feb

22-Feb

26-Feb

20-Feb

21-Feb

22-Feb

26-Feb

20-Feb

21-Feb

22-Feb

26-Feb
Exhibit: Nikkei Exhibit: JPY Exhibit: Japan 10 Yr Yld %
21,470 110.9 0.00
20-Feb

21-Feb

22-Feb

26-Feb
21,460
110.8 -0.01
21,450
110.7 -0.02
21,440

21,430 110.6 -0.03

21,420 110.5
-0.04
20-Feb

21-Feb

22-Feb

26-Feb

20-Feb

21-Feb

22-Feb

26-Feb

-0.05

Exhibit: Shanghai Exhibit: CNY Exhibit: China 10 Yr Yld %

3,000 6.725 3.20
2,950 6.720 3.18
2,900 6.715 3.16
2,850 6.710 3.14
2,800 6.705 3.12
2,750 6.700 3.10
2,700 6.695 3.08
20-Feb

21-Feb

22-Feb

26-Feb
20-Feb

21-Feb

22-Feb

26-Feb

20-Feb

21-Feb

22-Feb

26-Feb

Source: Bloomberg, Karvy Research

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 INVESTOR JOURNAL
March, 2019

Indices Watch
Indian Indices:
As on As on % As on As on %
Index Name Index Name
31-Jan-19 28-Feb-19 Change 31-Jan-19 28-Feb-19 Change
S&P BSE 100 11,054.82 10,988.69 -0.60% NIFTY PHARMA 8,825.35 8,884.85 0.67%
S&P BSE 200 4,587.58 4,562.57 -0.55% INDIA VIX 17.12 18.28 6.75%
S&P BSE 500 14,285.11 14,196.80 -0.62% NIFTY IT 15,499.30 15,732.00 1.50%
S&P BSE AUTO Index 18,494.59 18,805.66 1.68% NIFTY SERV SECTOR 15,032.85 14,875.80 -1.04%
S&P BSE BANKEX 30,731.37 30,027.41 -2.29% Nifty Financial Services 11,456.40 11,227.40 -2.00%
S&P BSE Capital Goods 17,311.11 17,087.68 -1.29%
NIFTY BANK 27,295.45 26,789.90 -1.85%
S&P BSE Con - Durables 21,255.75 21,410.25 0.73%
NIFTY 50 10,830.95 10,792.50 -0.36%
S&P BSE DOLLEX 30 4,183.65 4,139.32 -1.06%
NIFTY FMCG 29,800.55 29,262.85 -1.80%
S&P BSE FMCG 11,615.86 11,353.74 -2.26%
NIFTY 100 10,996.80 10,959.90 -0.34%
S&P BSE GREENEX 2,620.16 2,625.54 0.21%
NIFTY 100 10,996.80 10,959.90 -0.34%
S&P BSE Health Care 13,881.35 13,760.65 -0.87%
NIFTY CONSUMPTION 4,715.80 4,707.80 -0.17%
S&P BSE IT 15,264.10 15,253.86 -0.07%
NIFTY 200 5,666.45 5,642.55 -0.42%
S&P BSE METAL Index 10,958.60 10,766.55 -1.75%
NIFTY MNC 13,320.65 13,078.80 -1.82%
S&P BSE Mid-Cap 14,560.09 14,318.36 -1.66%
NIFTY 500 9,003.85 8,955.95 -0.53%
S&P BSE O & G Index 13,612.32 13,802.15 1.39%
NIFTY ENERGY 14,792.95 14,818.50 0.17%
S&P BSE Power Index 1,880.88 1,828.66 -2.78%

S&P BSE PSU 6,904.46 6,736.42 -2.43% Nifty 500 Shariah 2,842.04 2,846.40 0.15%

S&P BSE Realty Index 1,774.09 1,795.97 1.23% NIFTY DIV OPPS 50 2,553.60 2,554.05 0.02%

S&P BSE SENSEX 36,256.69 35,867.44 -1.07% NIFTY AUTO 8,218.40 8,355.15 1.66%

S&P BSE Small-Cap 13,926.22 13,689.84 -1.70% Nifty Midcap 50 4,689.10 4,608.90 -1.71%

S&P BSE TECk Index 7,520.46 7,590.53 0.93% NIFTY PSU BANK 3,025.80 2,760.80 -8.76%

NIFTY MEDIA 2,173.40 2,465.45 13.44%

Global Indices: NIFTY COMMODITIES 3,266.95 3,305.60 1.18%
As on As on %
Index Name NIFTY METAL 2,915.85 2,871.60 -1.52%
31-Jan-19 28-Feb-19 Change
NIFTY INFRA 2,976.85 2,917.70 -1.99%
All Ordinaries 5,937 6,234 4.99%
NIFTY PSE 3,207.70 3,232.80 0.78%
BEL-20 3,492 3,604 3.23%
NIFTY REALTY 228.55 230.25 0.74%
CAC 40 4,993 5,241 4.96%
Source : ACE MF
DAX 11,173 11,516 3.07%

Dow Jones 25,000 25,916 3.67% For more information on MUTUAL FUNDS call
Dow Jones Comp Index 8,252 8,568 3.82%
1800 425 8282 or contact your nearest Karvy branch.
Hang Seng 27,942 28,633 2.47%
Contact Person
Nasdaq 7,282 7,533 3.44% PF/MFNL/06032019/62
Nikkei 225 20,773 21,385 2.94%
Ankit Choradia
NYSE 12,299 12,645 2.81% E-mail : ankit.choradia@karvy.com
Phone : 040 3321 7132
S&P 500 2,704 2,784 2.97%

Taiwan Weighted 9,932 10,389 4.60%

Production: Naga Babu K

Disclaimer
The information and views presented in this report are prepared by Karvy Stock Broking Limited. The information contained herein is based on our
analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for
personal information and we are not responsible for any loss incurred based upon it. While acting upon any information or analysis mentioned in
this report, investors may please note that neither Karvy nor Karvy Stock Broking nor any person connected with any associate companies of Karvy
accepts any liability arising from the use of this information and views mentioned in this document.
This report is intended for a restricted audience and we are not soliciting any action based on it.
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