Value Research

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Fundcard

DSPBR Top 100 Equity Reg
Value Research Fund Rating as on Nov 30, 2010

Open-end and Equity: Large Cap

Risk Grade

– Low

Return Grade – Above Average NAV Net Assets – Rs. 104.11 as on Dec 16, 2010 – Rs. 2773.3 crore as on Sep 30, 2010

The contents of this Value Research Fund Card (the "Fund Card") published by Value Research India Private Limited are not intended to serve as professional advice or guidance and the publisher takes no responsibility or liability, express or implied, whatsoever for any investment decisions made or taken by the readers of this Fund Card based on its contents thereof. You are strongly advised to verify the contents before taking any investment or other decision based on the contents of this Fund Card. The Fund Card is meant for general reading purposes only and is not meant to serve as a professional guide for investors. The readers of this Fund Card should exercise due caution and/or seek independent professional advice before entering into any commercial or business relationship or making any investment decision or entering into any financial obligation based on any information, statement or opinion which is contained, provided or expressed in this Fund Card. The Fund Card contains information, statements, opinions, statistics and materials that have been obtained from sources believed to be reliable and the publishers of the Fund Card have made best efforts to avoid any errors and omissions, however the publishers of this Fund Card make no guarantees and warranties whatsoever, express or implied, regarding the timeliness, completeness, accuracy, adequacy, fullness, functionality and/or reliability of the information, statistics, statements, opinions and materials contained and/or expressed in this Fund Card or of the results obtained, direct or consequential, from the use of such information, statistics, statements, opinions and materials. The publishers of this Fund Card do not certify and/or endorse any opinions contained, provided, published or expressed in this Fund Card. All disputes shall be subject to the jurisdiction of Delhi courts only.

23 2.18 1/30 7-Year 26.16 FUND STYLE Investment Style 6.92 52.98 3.86 2.22 -0.18 12.10 -3.88 2.40 26.24 19.49 -9.12 77.37 -7.87 32/55 109.11 3.76 4.06 13.98 2-Year 39.44 1.96 3.12 46.70 46.90 5.69 3.27 46.99 16.06 1.35 5.84 6.25 16.14 3.95 3.98 1.55 5-Year 16.87 26.73 6.90 82.49 Standard Deviation Sharpe Ratio Beta R-Squared Alpha 28.02 -2.BSE 100 Rank (Fund/Category) 52 Week High (Rs) 52 Week Low (Rs) Net Assets (Rs.87 21.16 5.70 35.10 11.24 78. v a l u e r e s e a r c h o n l i n e .90 17.01 77.56 2010 2009 2008 2007 2006 0.60 3.50 31. Portfolio related data as on November 30.32 36.07 24.94 13.DSPBR Top 100 Equity Reg Rating: Risk: Low Return: Above Average Fund S&P CNX Nifty Fund Performance Vs Fund Performance Vs S&P CNX Nifty (Rebased to 10.03 2.77 39.95 0.53 953.20 20.59 1.Cr) Expense Ratio (%) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 - - - 21.61 27.16 2.10 16.12 14.37 36.73 20.60 28.63 8.90 6.60 6.89 3.93 46.85 42.83 0.07 91.30 26.19 0.00 26.00 2.30 55.18 17.49 144.56 1-Year 37/55 17.07 109.69 3.13 -45.91 11/45 91.31 -25.00 30.11 14.47 8.63 15.90 29.54 6.45 7.25 -0.54 15.46 21.68 8.99 7/45 3-Year 2/35 -0.01 14.27 4.74 5/39 96.10 18.83 2.93 4.49 2.26 22.46 52.18 14.44 25.14 36.25 14.80 28.82 1.39 6.67 12.03 -9.90 26.30 51.25 2.07 42.49 57.10 33.Cr) Portfolio P/B Ratio Portfolio P/E Ratio 3Y Earnings Growth (%) 32 66603 5.50 17.70 52.60 3.61 33.69 0.51 3.07 10.61 1.12 - Growth Blend Value Energy Financial Technology Healthcare Diversified Engineering FMCG Automobile Metals Communication 22.62 4.90 29.53 26.90 32.03 -3.62 12.33 8.13 1.66 - Top 10 Sector Weights (%) Fund Nifty Risk Analysis Volatility Measurements Portfolio Characteristics Total Stocks Avg Mkt Cap (Rs.60 1.91 1.34 5.07 1.72 Returns as on Returns as on December 16.30 94.74 20.83 18.25 9.09 39.60 Trailing Returns (%) Return Fund Category Rank Fund/Cat S&P CNX Nifty SIP Return Year-to-Date 32/55 14.70 16.08 18.15 19.80 -252.93 10.08 2.90 22.81 2.30 70.36 39.59 2.70 35.23 10-Year Return less than 1-year are absolute and over 1 year are annualised 19.73 3.92 104. c o m .46 64.34 25.55 5/33 39.86 38.86 Top Holdings Company Sector P/E YTD % Assets Quarterly Returns (%) Q1 Q2 Q3 Q4 Year State Bank of India Tata Consultancy Services Reliance Industries Larsen & Toubro Siemens Kotak Mahindra Bank ICICI Bank Hindustan Unilever GAIL Grasim Industries Lupin Tata Motors BPCL ITC Cairn India Coal India ONGC Infosys Technologies Glaxosmithkline Pharma H C L Technologies Oracle Fin Ser Software Hindalco Inds.63 7/35 57.50 28.65 3-Month 1.13 1.30 21.78 34.06 3.45 -45. 2010.27 -1.39 46.06 6-Month 45/57 13.87 9.34 748.57 3/38 27.94 19.05 Capitalisation Value Research w w w.44 2810.28 3. Idea Cellular Cipla Cummins India Financial Technology Energy Diversified Engineering Financial Financial FMCG Energy Diversified Healthcare Automobile Energy FMCG Energy Energy Energy Technology Healthcare Technology Technology Metals Communication Healthcare Engineering 19.77 -8.54 64.00 9.34 18.97 2507.09 -18.77 5.00 24/61 2.61 22.S&P CNX Nifty +/.40 31.20 18.70 14.03 4.38 14.56 4.27 20.000) History NAV (Rs) Total Return (%) +/.75 84.31 1/28 19.34 12.19 4/35 94.70 32.44 27.81 20.79 4.89 3.36 4.58 26.56 18.76 306. 2010 Large Medium Small Composition (%) Equity Debt Cash 90.

) : 500 Entry Load : Nil Exit Load : 1% for redemption within 364 days All the graphs are rebased to 10. Hence. He admits to losing 24 per cent relative to the benchmark in just three months.11) Min Investment (Rs. A look at the portfolio gives the impression that the fund manager follows a target return based strategy where he picks an undervalued stock only to exit it as soon as the target price is achieved. says fund manager Apoorva Shah. The prime reason was the time taken to hop onto the rally which began in March 2009. In such a well researched space.dspblackrock. The fund manager also buys the Nifty to reduce cash levels till he finds a stock to deploy the cash in. Ahmedabad. However. 2010). we have decided not to invest heavily in Metals since it is difficult to pinpoint the real demand as speculative demand plays a prominent role too. The fund is mandated to invest in the top 100 companies by way of market cap. A compelling core holding for any portfolio Fund Objective & Strategy The scheme seeks to generate capital appreciation from a portfolio that largely consists of equity and equity related securities of the 100 largest corporates.com : Computer Age Management Services Ltd.000 NAV S&P CNX Nifty Value Research w w w. Derivatives are used when the stock is quoting cheaper than in the cash segment. The sudden turn in the stock market caught the fund manager by surprise whose portfolio was positioned for a bear market. : February 2003 : BSE 100 : Dividend (22. With no qualms on reentering the same stock the very next month if he sees an opportunity again. Prior to joining DSPBR AMC. : www. one does not have to buy and hold for long since price targets are achieved rapidly. As a result we see a lot of churning. Shah views it differently.99% MONTH -27. held senior positions in the Global Private Client and Institutional Equity Sales divisions of DSP Merrill Lynch Ltd. We keep our eyes on inflection points.09% Experience Mr. BSE Metals was the best performing index in 2009 delivering a scorching 234 per cent. Currently. on the margin we take a call on fund flows or news that will lead to a change in valuation. Another reason for the lacklustre performance was the low exposure to Metals.39% Value Research Analysis Consistency of returns is the virtue of this fund.83% Investment Information AMC Website Registrar Launch Benchmark Plans (NAV) : DSP BlackRock Investment Managers Ltd. It is an actively managed portfolio.) : 5000 Min SIP Investment (Rs. QUARTER -30. The fund manager does so with a liquid portfolio of around 40 stocks. 81 per cent of its equity portfolio is invested in BSE 100 stocks with the lowest market capitalised company (August 2010) being ColgatePalmolive (market cap of Rs 11. we see what range we should look at. by market capitalisation.10% MONTH 30. If it's a range bound market. Metal stocks rallied in the first leg of the rally. Shah has a Post Graduate Diploma in Management (PGDM) from the Indian Institute of Management (IIM). We took a call not to blindly chase returns but focus on risk. QUARTER 62.Best Performance YEAR 143.00% Portfolio Manager Apoorva Shah Since Apr 2006 Worst Performance YEAR -47. While the core portfolio remains intact. he says. Growth (104. c o m . listed on either BSE or NSE.09) . this one failed to do so last year. This one is the best performer in this space with an annualised 5-year return of 25 per cent (August 31.215 crore). After outperforming the benchmark for five years. v a l u e r e s e a r c h o n l i n e .

15 2. Periods greater than a year are annualised.16 2. Risk and Return Fund Rating — The Value Research Fund Rating is a 1 to 5 star rating that is based on the returns that an equity fund has generated over the previous three and five years.50 62.49 19.34 10.34 2. out of the total number of funds in the category Index — The returns of the fund’s benchmark index. Birla Sun Life Frontline Equity Fund Rating: Risk: Low Return: Above Average Fund S&P CNX Nifty (Rebased to 10.37 1.43 -40.97 -22.61 9.01 3.50 33.18 -0. For each company. Category — The average returns for all funds in the category.96 34/192 83.29 34/192 -51.34 140.26 9. SIP Return (Annualised) — The return that an investor would have made by investing in the fund’s monthly systematic investment plan over the period.29 7.45 -62.26 7.08 -18.95 6.65 16.31 Top Holdings Company Sector P/E 2008 Ret % Assets Quarterly Returns (%) Q1 Q2 Q3 Q4 Year Quarterly Returns (%) -14.06 374.41 1.04 0.51 1.07 17.14 6.94 16.77 5.51 3.74 5.11 2.36 9.42 14. . Returns Grade — A five-step grading of the returns of a fund.59 -16. The top 15 sectors for each fund are given. whether the companies that the fund has invested in are value stocks. For ease of comparison.94 22.29 -22.33 -12.89 26. Risk Grade — A five-step grading of the riskiness of a fund.39 23. while taking into account the risks that the fund has taken. Three Year Earnings Growth is the weighted average of the compounded average growth in the net profits of each company.74 2.56 11.16 6. This grade is relative to other fund of the same type.How to Read the Fundcard .78 5.23 2008 2007 2006 2005 2004 -24.09 38/209 -26.82 71/162 81. Risk Analysis A range of statistical measures that can be used to evaluate the performance.24 14.33 8.50 3.10 7.79 3-Month -18.26 4. Top 10 Sector Weights (%) Fund Nifty Risk Analysis Volatility Measurements Portfolio Characteristics Total Stocks Avg Mkt Cap (Rs.95 1.52 -13. based on its latest portfolio. and return of a mutual fund.53 -7.Cr) Expense Ratio (%) 1998 1999 2000 - - - - 10.13 47.49 1.— In the given year.70 2.18 -24.76 32.91 15.42 5-Year 16.49 5. shorter periods are not.36 1.27 -1.48 -63.71 90.72 2.50 81.40 2. Also stated is the percentage of the fund’s investments that are invested in that company.94 21. and the year’s returns are given.07 2.43 1.37 18. This rating is relative to other fund of the same type. +/. 52-Week NAV Range — The highest and the lowest NAV that the fund recorded during that year Net Assets — The total amount of investor’s assets that the fund was managing at the end of the year. This grade is relative to other fund of the same type.30 -46.84 -46.86 21. Fund — The fund’s own returns.35 1.63 3-Year 7.86 -33.11 -28.61 1.82 -36. Top 10 Sector Weights (%) The percentage of the equity investments of the fund that fall under each sector of the economy.43 9.29 23.90 -3.97 65/101 33.91 19/67 9.67 17.88 0. growth stocks.15 -48.27 12.32 0.47 -47. Portfolio related data as on 30th November 2008 Capitalisation Portfolio Characterstics Aggregate measures regarding the fund’s investments.26 15.79 2-Year -8.12 1.02 21. Reddy's Lab State Bank of India Crompton Greaves Indian Oil Cipla Sterlite Industries Reliance Communications Jindal Steel & Power Larsen & Toubro Zee Entertainment CESC Tata Consultancy Services ING Vysya Bank Nestle India Communication Energy Energy Financial Financial Technology FMCG Financial Technology FMCG Financial Health Care Financial Engineering Energy Health Care Metals Communication Metals Diversified Services Energy Technology Financial FMCG 18.90 37.76 1-Year -48.12 -45.26 124.03 13.29 34/192 -51.21 12. On the vertical axis.67 8.87 8.64 2.87 -50. or a blend of the two.81 22.19 -9.10 -57.49 343.Equity Value Research Rating.50 -2.000) Fund Performance Vs Index Graph of how an investors’ money would have grown in the fund since its launch.28 2.52 36. Trailing Returns (%) Fund Return Category Rank Fund/Cat S&P CNX Nifty SIP Return Year-to-Date -48.00 10.31 20.79 -55.50 7-Year 10-Year Return less than 1-year are absolute and over 1 year are annualised -40. The market capitalisation.46 1.50 3.71 The funds’ returns over each quarter of the last five years.70 Growth Blend Value FUND STYLE Investment Style Large Medium Small Financial Energy Communication Technology FMCG Health Care Engineering Metals Services Diversified 16.01 6.67 -65.39 12/134 1.53 6-Month -20. Rank — The funds rank. Fund Style A nine-cell matrix of the overall style of investment that the fund follows.77 21.77 50/79 23.80 18.12 27/145 50.26 -48.78 -3.67 54/70 19. both have been adjusted to start at 10.43 11.71 9.17 3Y Earnings Growth (%) 9.39 12.21 0.46 Top Holdings A detailed report on the latest investment portfolio that the fund is holding.77 Composition (%) Equity Debt Cash 71. Composition (%) The proportion of the fund’s holdings that are held in each of the three basic types of assets.78 -27.18 14. The horizontal axis denotes.26 47.00 -42.89 -48.24 -1. based on the losses it has suffered during the past five years.43 7.42 19. on a weighted average basis.88 -57. All returns are in percentage.84 2. NAV (Year End) — The last NAV of each year. A similar graph of the fund’s benchmark index is also given.93 1.33 10.62 -36.00 7.54 2.87 11.31 -62.01 19.34 62.97 23.19 2.35 41.46 10. the three steps denote the weighted average market capitalisation of the fund’s investments.96 4.70 7.46 10. a comparison of the fund’s returns with that of two stock market indices Rank — The fund’s performance rank within its category for the year and the total number of funds out of which it has been ranked.46 46.42 4.Cr) Portfolio P/B Ratio Portfolio P/E Ratio 39 28180 3.50 8.70 8.87 7.56 -70.23 16.80 Returns as on 31st December 2008.00 4. along with the entire year’s returns.50 23.50 50.94 41. risk.43 0.93 3. 2001 2002 2003 2004 2005 2006 2007 2008 Fund Performance Vs S&P CNX Nifty 90000 70000 50000 30000 10000 History NAV (Rs) Total Return (%) +/-S&P CNX Nifty (%) +/-BSE 200 (%) Rank (Fund/Category) 52 Week High (Rs) 52 Week Low (Rs) Net Assets (Rs.80 -69.50 -55.29 5.79 8.85 2.90 - Trailing Returns (%) Performance data for various standard periods.12 -18.000.25 6.11 -55.21 -62.13 2. History Data on the fund’s performance since its launch.49 13. Expense Ratio — The percentage of the average daily assets that the fund charged as its management expenses during the year.03 2.50 -55.97 Standard Deviation Sharpe Ratio Beta R-Squared Alpha 28.26 2. Total Return — The percentage returns that an investor would have got over the year.42 -0.49 11. P/B ratio and P/E ratio are weighted averages of the latest numbers of the companies that the fund is invested in. the sector.09 -74.06 22/158 -13.70 1.70 41. the P/E ratio.88 11. Bharti Airtel Reliance Industries ONGC HDFC Bank HDFC Satyam Computer Services ITC Axis Bank Infosys Technologies United Spirits ICICI Bank Dr.88 41/213 -24.84 51.

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