Monthly Fund Factsheet

the analyst
fund snapshot
asset allocation
100% equity 100% pure equity 100% equity
November 2010
monthly fund factsheet

last 1 year last 2 year last 3 year
1.27% NA NA NA NA 1.52% 4.05% 4.85% 5.45% 7.41% 9.31% 9.17% 6.06% NA 8.92% 8.43% NA NA NA
gross return (CAGR*) (%) As on Oct 31, 2010 funds

Equity Fund Pure Equity Fund Infrastructure Fund Energy Fund Midcap Fund Super Growth Fund High Growth Fund Growth Plus Fund Growth Fund Balanced Fund Corporate Bond Fund Pure Debt Fund Gilt Fund Guaranteed Bond Fund I Money Market Fund Capital Secure Fund Equity Plus Fund Highest Nav Guarantee Fund Highest NAV Advantage FundSeries I
date of since inception inception

21.95% August, 2004 17.33% June, 2008 -2.46% March, 2008 5.88% March, 2008 9.19% March, 2008 8.69% May, 2007 11.73% March, 2007 11.19% March, 2007 13.05% August, 2004 11.03% February, 2003 9.84% May, 2007 9.26% April, 2007 6.15% May, 2007 12.58% December, 2008 8.94% May, 2007 7.03% February, 2003 NA January, 2010 NA February, 2010 NA September, 2010
30.79% 44.93% 23.66% 41.27% 10.20% 24.70% 8.77% 32.49% 28.39% 46.77% 23.26% 34.78% 19.60% 28.98% 17.21% 25.99% 14.53% 22.50% 10.52% 16.18% 8.28% 11.43% 8.63% 10.97% 6.77% 8.33% 7.15% 6.75% NA NA NA 5.43% NA 8.63% 8.08% NA NA NA
investment philosophy
Reliance Life Insurance seeks consistent and superior long-term returns with a well-defined and disciplined investment approach symbolizing integrity and transparency to benefit all stakeholders.
100% equity 100% equity 80% equity, 20% debt 60% equity, 40% debt 50% equity, 50% debt 40% equity, 60% debt 20% equity, 80% debt 100% bond instruments 100% debt Instruments 100% govt. securities 100% debt Instruments
Economy Indicators
1 2 3 1 1
29th Oct 10
30th Sep 10
% Change -2.82 0.57 2.13 7.18 1.28
100% money market instruments 100% money market instruments 100% equity 100% dynamic 100% dynamic
*CAGR: Compounded Annual Growth Rate
Rs./$ WPI Inflation Forex Reserves ($ bn) Oil Price ($ per Barrel) Gold (Rs. per 10gm)
44.39
45.64 141.1
297.96 81.85 19,399
291.60 75.97 19150
Indian Economy
Investments 29th Oct 10 30th Sep 10 Absolute Change
4 4
FIIs (Rs Crs) Mfs (Rs Crs)
28,563 -5,801
24979 -7236
3584.40 1435.50
Indices
1 1 1 1
29th Oct 10
30th Sep 10
% Change -0.18 -0.20 2.14 3.43
BSE Sensex S&P CNX Nifty CNX Mid Cap BSE Small Cap
20,032 6,018 9,361 10,598
20069 6030 9164 10246
Industrial production growth momentum slowed down to 5.6% in Aug10 as against 15.2% in July10. Credit growth continues at robust 20% plus in Oct10 from 19% in Sep10, supported by festive season demand and favourable base effect. Going forward, we expect IIP might remain in single digit due to high base effect and slower growth momentum compared to those during the recovery phase. Also sequential credit growth might pick-up on credit demand during the busy season. Inflation continues to be a major concern, with whole price index (WPI) inflation numbers close to double-digit. Inflation rose to 8.62% in Sep10 as against 8.50% in Aug10 - mainly due to high food and non-food articles and manufacturing goods prices. To address Inflation RBI hiked its Repo and Reverse repo rate by 25bps each in the quarterly policy review.
Debt Market
Amid tight liquidity the g-sec yields showed a sharp upward movement after the RBI's rate action and hawkish stance in quarterly monetary policy meeting. The 10 year benchmark touched a high of 8.17% against 8% in previous month. However Corporate bond remained range bound with upward bias due to fresh primary issuances.
Global Indices
5 5 1 1
29th Oct 10
30th Sep 10
% Change 3.06 2.28 7.00 -0.34
Dow Jones FTSE 100 Hang Seng Nikkei
11119 5675 23489 9417
10788 5548 21953 9449
Outlook:
In Nov, we expect liquidity to remain tight on festival season demand and credit demand on start of busy season. Although RBI hiked the key policy rates, RBI is expected to pause and has clearly indicated that next policy movement will determined by inflation. Key economic data-points like monthly inflation numbers, IIP numbers, credit numbers, overall liquidity in system are likely to dominate the yield curve and RBIs action.
Sectoral Indices
6 6 1 1 1 1
29th Oct 10
30th Sep 10
% Change -3.25 1.80 -1.10 -0.06 4.80 0.77
CNX Infrastructure CNX Energy BSE Capital Goods BSE Bankex BSE Oil & Gas BSE IT
3598 10027 15819 14016 10949 5993
3719 9849 15996 14025 10447 5947
Equity Market
Equity markets in the month of October were flat with the benchmark BSE Sensex down 0.18% as most of the positives in terms of results were already discounted. Indias exports grew by 22.5% in the year to August and imports soared by 32.2% in the same period. The countrys trade deficit was a shade over $13 billion, up from $8.9 billion a year earlier. The Indian auto industry sharply increased its sales forecast for this fiscal after reporting more than 30% rise in car sales for the third straight month as new launches and easy finance helped keep strong demand intact in September. The Auto industry increased its growth forecast for 201011 to 18% 20% from 13% as the previous estimate. Foreign institutional investors have pumped in record $24.7 billion into Indian equities so far this year, sending the benchmark index up 14.7%. Nearly a third of this money has come in since the start of September. This has lead to fears of overheating and asset bubbles in the economy.
Fixed Income Indicators (%)

5 1 1 1
29th Oct 10
30th Sep 10
Absolute Change 0.38 0.61 0.56 0.13 0.13 0.27
NSE Mibor 91 Day T-Bill 182 Day T-Bill
7.66 6.80 7.03 6.60 7.82 8.12 8.61 8.80 2.61
7.28 6.19 6.46 6.47 7.70 7.85 8.51 8.66 2.51
1 year GOI Benchmark 5 Year GOI Benchmark 10 Year GOI Benchmark 5 Year Corp Bond Benchmark 10 Year AAA Corp Bond Benchmark 10 Year US Benchmark
Source: 1 Thomson Reuters, 2 eaindustry.nic.in, 6 India Index Services & Products Ltd.
Outlook:
0.10 0.14 0.09
The Indian markets are going to be dictated by foreign fund flows in the near to medium term. Markets would now look forward to cues from Coal India IPO listing, RBI policy and the Fed meet to discuss Quantitative Easing.
RBI,
SEBI, 5Bloomberg
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Equity Fund
fund performance As on Oct 31, 2010
period gross fund return
30.79% 44.93% 1.27% 11.69% 20.08% 21.95%
benchmark return
27.72% 44.41% 0.66% 12.60% 20.48% 23.22%
fund standard deviation

13.65% 22.16% 31.45% 29.24% 28.10% 26.52%
benchmark standard deviation

16.63% 27.46% 34.00% 31.81% 30.12% 28.27%
fund sharpe ratio

1.89% 1.80% -0.12% 0.23% 0.54% 0.64%
benchmark sharpe ratio

1.37% 1.44% -0.13% 0.24% 0.51% 0.64%
last 1 year last 2 year (CAGR*) last 3 year (CAGR*) last 4 year (CAGR*)
fund objective
Provide high real rate of return in the long-term through high exposure to equity investments, while recognizing that there is significant probability of negative returns in the short term. The risk appetite is high.
last 5 year (CAGR*) since inception (CAGR*) date of inception

august, 2004
portfolio As on Oct 31, 2010

security % total net assets 1-yr beta
asset allocation as on Oct 31, 2010

% total net asset
equity
fund risk profile
low
low to moderate moderate moderate to high
high
fund mangers report

The month of October saw the markets ending flat. The equity market saw some profit booking before Coal India IPO and fed meeting on quantitative easing. Looking at news flows in specific sectors, the holding in equities was kept at 91.06%.
AUTO ANCILLARY EXIDE INDUSTRIES LTD MAHINDRA & MAHINDRA LTD MARUTI SUZUKI INDIA LTD BAJAJ AUTO LTD MOTHERSON SUMI SYSTEMS LTD BANKING & FINANCE ICICI BANK LTD STATE BANK OF INDIA HDFC BANK HOUSING DEV FIN CORPN LTD AXIS BANK LTD SHRIRAM TRANSPORT FINANCE COMPANY LTD BANK OF BARODA POWER FINANCE CORPORATION LTD INDUS IND BANK MAX INDIA LTD CAP GOODS / ENGINEERING LARSEN & TOUBRO LTD CUMMINS INDIA LTD BHARAT HEAVY ELECTRICALS LTD ALSTOM POWER INDIA LTD. CROMPTON GREAVES LTD PUNJ LLOYD LTD CEMENT & CEMENT PRODUCTS ULTRATECH CEMENT LTD INDIA CEMENTS LTD CONSTRUCTION JAIPRAKASH ASSOCIATES LTD NAGARJUNA CONSTRUCTION CO LTD CONSUMER GOODS SINTEX INDUSTRIES BALLARPUR INDUSTRIES LTD FMCG ITC LTD HINDUSTAN UNILEVER LTD TATA GLOBAL BEVERAGES LTD GAS GAIL (INDIA) LTD IT INFOSYS TECHNOLOGIES LTD TATA CONSULTANCY SERVICES LTD MPHASIS LTD MEDIA HT MEDIA LTD METALS TATA STEEL LTD STERLITE INDUSTRIES INDIA LTD JINDAL STEEL AND POWER LTD JINDAL SAW LTD HINDALCO INDUSTRIES LTD OIL EXPLORATION CAIRN INDIA LTD OIL REFINERIES RELIANCE INDUSTRIES LTD ONGC CORPORATION LTD OIL INDIA LTD INDIAN OIL CORPORATION LTD PHARMACEUTICALS DIVIS LABORATORIES LTD LUPIN LTD SUN PHARMA IND LTD RANBAXY LABORATORIES LTD STRIDES ARCOLABS LTD AUROBINDO PHARMA LTD POWER TATA POWER NTPC LTD AREVA T AND D INDIA LTD ORIENT GREEN POWER CO LTD PANTALOON RETAIL INDIA LTD SOFTWARE FINANCIAL TECHNOLOGIES INDIA TELECOM BHARTI AIRTEL LTD
6.08 0.53 2.23 1.31 1.25 0.76 23.89 7.19 4.51 3.39 2.00 1.97 1.96 1.72 0.92 0.17 0.07 10.37 4.04 3.10 1.92 1.07 0.23 0.00 1.87 1.37 0.50 2.04 1.17 0.87 0.83 0.80 0.03 5.61 4.26 1.20 0.16 1.00 1.00 9.38 5.47 3.41 0.50 0.49 0.49 6.05 2.04 1.60 1.38 0.54 0.49 0.46 0.46 11.41 7.94 1.89 1.18 0.40 6.39 2.32 1.98 0.73 0.65 0.46 0.26 2.63 1.03 0.86 0.43 0.04 0.28 0.41 0.41 2.16 2.16
0.63 1.17 0.64 0.61 0.63 1.45 1.00 0.83 1.03 1.13 0.43 0.63 0.69 1.05 0.72 0.93 0.31 0.68 0.67 0.83 1.16 0.60 1.05 1.63 1.23 0.83 0.83 0.66 0.49 0.60 0.66 0.81 0.82 0.61 0.54 1.66 1.68 1.14 1.30 1.90 1.00 1.19 0.60 0.32 0.23 0.67 0.26 0.43 0.84 0.97 0.68 0.67 0.63 0.67 1.15 0.97 0.95 0.66
total money market instruments
8.94%
equity
91.06%
fund characteristics as on Oct 31, 2010

Fund Beta 0.90
growth of initial investment of Rs. 10,000 in MRP

35,000 30,000 25,000 20,000 15,000 10,000 5,000 10,000 31,579
inception 9-Aug2004
31-Oct-10
total equity total money market instruments total net assets
91.06 8.94 100.00
target asset allocation

Equity: 100%
benchmark construction
S&P CNX Nifty: 100%
Pure Equity Fund

23.66% 41.27% 17.33%
benchmark return
27.72% 44.41% 18.62%

13.96% 23.65% 28.94%

16.63% 27.46% 33.15%
fund sharpe ratio

1.34% 1.53% 0.43%

1.37% 1.44% 0.41%
last 1 year last 2 year (CAGR*) since inception (CAGR*) date of inception
june, 2008
fund objective
Provide high real rate of return in the long-term through high exposure to equity investments, while recognizing that there is significant probability of negative returns in the short term. The risk appetite is high.

security % total net assets 1-yr beta

equity
AUTOMOBILES MARUTI SUZUKI INDIA LTD MAHINDRA & MAHINDRA LTD MOTHERSON SUMI SYSTEMS LTD BAJAJ AUTO LTD BANKING & FINANCE MAX INDIA LTD CAP GOODS / ENGINEERING LARSEN & TOUBRO LTD BHARAT HEAVY ELECTRICALS LTD CROMPTON GREAVES LTD CUMMINS INDIA LTD VOLTAS LTD CEMENT & CEMENT PRODUCTS GRASIM INDUSTRIES LTD CONSTRUCTION NAGARJUNA CONSTRUCTION CO LTD FMCG HINDUSTAN UNILEVER LTD GAS GAIL (INDIA) LTD IT INFOSYS TECHNOLOGIES LTD TATA CONSULTANCY SERVICES LTD MPHASIS LTD METALS HINDALCO INDUSTRIES LTD JINDAL STEEL AND POWER LTD OIL EXPLORATION CAIRN INDIA LTD OIL REFINERIES RELIANCE INDUSTRIES LTD ONGC CORPORATION LTD PHARMACEUTICALS SUN PHARMA IND LTD RANBAXY LABORATORIES LTD CADILA HEALTHCARE LTD LUPIN LTD POWER TATA POWER NTPC LTD PTC INDIA LTD SOFTWARE FINANCIAL TECHNOLOGIES INDIA TELECOM BHARTI AIRTEL LTD 13.24 6.31 2.78 2.32 1.83 2.19 2.19 11.44 5.09 2.85 1.26 1.24 1.01 2.18 2.18 1.05 1.05 2.89 2.89 3.36 3.36 10.57 5.73 3.30 1.54 7.77 3.96 3.81 1.86 1.86 12.60 7.99 4.61 6.20 2.50 2.49 0.79 0.42 7.84 4.69 2.09 1.06 1.26 1.26 3.77 3.77
% total net asset

11.77%
fund risk profile
0.64 1.17 0.63 0.61 0.72 0.93 0.68 0.83 0.31 0.99 0.47 1.23 0.49 0.66 0.81 0.82 0.61 1.90 1.14 1.00 1.19 0.60 0.43 0.84 0.49 0.26 0.67 0.63 0.88 0.95 0.66
low
high
equity
88.23%

Fund Beta 0.83
growth of initial investment of Rs. 10,000 in SIP

15,000 13,000 11,000 9,000 7,000 5,000 3,000 1,000 10,000 14,312
fund mangers report

inception 12-Jun-08
31-Oct-10
88.23 11.77 100.00

Pure Equity: 100%
(*Investments only in sectors other than banks and non-banking financial companies, breweries, distilleries, alcohol based chemicals, cigarettes, tobacco, entertainment, leather, sugar and hatcheries.)
S&P CNX Nifty: 100%
Infrastructure Fund
10.20% 24.70% -2.46%
benchmark return
8.18% 25.63% -6.34%

17.04% 23.71% 31.73%

18.03% 33.02% 39.29%
fund sharpe ratio

0.31% 0.83% -0.24%

0.18% 0.62% -0.29%
march, 2008
fund objective
Provide high rate of return in the long term through high exposure to equity investments in Infrastructure and allied sectors, while recognizing that there is a significant probability of negative returns in the short term. The risk appetite is 'high'

security % total 1-yr net beta assets

% total net asset
equity
fund risk profile
low
high
AUTOMOBILES MOTHERSON SUMI SYSTEMS LTD CAP GOODS / ENGINEERING LARSEN & TOUBRO LTD BHARAT HEAVY ELECTRICALS LTD CROMPTON GREAVES LTD VOLTAS LTD ALSTOM POWER INDIA LTD. TRIVENI ENGINEERING & IND. LTD IRB INFRASTRUCTURE DEVELOPERS LTD PUNJ LLOYD LTD GREAVES COTTON LTD CEMENT & CEMENT PRODUCTS GRASIM INDUSTRIES LTD CONSTRUCTION JAIPRAKASH ASSOCIATES LTD ASHOKA BUILDCON LTD CONSUMER GOODS SINTEX INDUSTRIES GAS GAIL (INDIA) LTD HOTELS INDIAN HOTELS LTD METALS HINDALCO INDUSTRIES LTD TATA STEEL LTD POWER NTPC LTD TATA POWER NEYVELI LIGNITE CORPORATION LTD BGR ENERGY SYSTEMS LTD PTC INDIA LTD ORIENT GREEN POWER CO LTD RETAIL PANTALOON RETAIL INDIA LTD SHIPPING GREAT EASTERN SHIPPING COMPANY LTD SOFTWARE FINANCIAL TECHNOLOGIES INDIA TELECOM BHARTI AIRTEL LTD
0.75 0.75 32.42 11.46 9.74 3.90 2.56 1.68 1.05 0.86 0.80 0.38 3.59 3.59 7.46 5.28 2.18 1.40 1.40 1.85 1.85 1.16 1.16 4.01 2.45 1.57 18.06 7.27 3.12 2.64 1.89 1.77 1.38 1.30 1.30 1.01 1.01 2.10 2.10 9.67 9.67
0.63 0.93 0.68 0.83 0.99 0.67 1.02 0.99 1.16 0.78 0.47 1.63 0.42
15.21%
equity
84.79%

0.83 0.66 0.95 1.90 1.66 0.63 0.67 1.02 0.72 0.88 1.15 0.97 1.14 0.95 0.66
Fund Beta
0.88
growth of initial investment of Rs. 10,000 in TIPS-I
11,000 10,000 9,000 8,000 7,000 6,000 5,000
10,000
9,430
84.79 15.21 100.00
inception 19-Mar-08
31-Oct-10
fund mangers report


Equity: 100%
CNX Infrastructure Index: 100%
Energy Fund
8.77% 32.49% 5.88%
benchmark return
15.56% 34.55% 6.22%

12.03% 21.23% 28.96%

13.97% 24.92% 32.59%
fund sharpe ratio

0.31% 1.29% 0.03%

0.76% 1.19% 0.04%
march, 2008
fund objective
Provide high rate of return in the long term through high exposure to equity investments in Energy and allied sectors, while recognizing that there is a significant probability of negative returns in the short term. The risk appetite is 'high'


equity
BANKING & FINANCE POWER FINANCE CORPORATION LTD CAP GOODS / ENGINEERING CUMMINS INDIA LTD CROMPTON GREAVES LTD ALSTOM POWER INDIA LTD. GAS GAIL (INDIA) LTD OIL EXPLORATION CAIRN INDIA LTD SHIVVANI OIL AND GAS EXPLOARATION OIL REFINERIES RELIANCE INDUSTRIES LTD ONGC CORPORATION LTD INDIAN OIL CORPORATION LTD OIL INDIA LTD POWER NTPC LTD TATA POWER 1.65 1.65 7.72 3.34 3.33 1.05 7.30 7.30 6.46 5.11 1.36 54.42 28.84 12.99 6.67 5.92 10.37 8.05 2.33
% total net asset

12.08%
fund risk profile
0.69 0.31 0.83 0.67 0.66 1.00 0.45 1.19 0.60 0.23 0.32 0.63 0.67
low
high
equity
87.92%

Fund Beta 0.78
87.92 12.08 100.00
12,000 11,000 10,000 9,000 8,000 7,000 6,000 5,000
11,473 10,000
inception 19-Mar-08
31-Oct-10
fund mangers report


Equity: 100%
CNX Energy Index: 100%
Mid Cap Fund

28.39% 46.77% 9.19%
benchmark return
30.91% 56.81% 10.72%

14.56% 28.91% 36.60%

15.28% 40.63% 47.55%
fund sharpe ratio

1.61% 1.44% 0.11%

1.70% 1.28% 0.12%
march, 2008
fund objective
Provide high rate of return in the long term through high exposure to equity investments in Midcap companies while recognizing that there is significant probability of negative returns in the short term. The risk appetite is 'high'

equity
AUTO ANCILLARY EXIDE INDUSTRIES LTD AUTOMOBILES TATA MOTORS LTD BANKING & FINANCE ANDHRA BANK SHRIRAM TRANSPORT FINANCE COMPANY LTD BANK OF BARODA INDUS IND BANK CAP GOODS / ENGINEERING VOLTAS LTD GREAVES COTTON LTD IRB INFRASTRUCTURE DEVELOPERS LTD CUMMINS INDIA LTD PUNJ LLOYD LTD CEMENT & CEMENT PRODUCTS ULTRATECH CEMENT LTD CONSTRUCTION JAIPRAKASH ASSOCIATES LTD NAGARJUNA CONSTRUCTION CO LTD SINTEX INDUSTRIES BALLARPUR INDUSTRIES LTD FERTILIZERS TATA CHEMICALS GUJARAT STATE FERTILIZERS & CHEMICALS LTD FMCG TATA GLOBAL BEVERAGES LTD UNITED SPIRITS LTD GAS PETRONET LNG LTD HOTELS INDIAN HOTELS LTD IT MPHASIS LTD METALS JSW STEELS LTD JINDAL STEEL AND POWER LTD TATA STEEL LTD JINDAL SAW LTD OIL EXPLORATION SHIVVANI OIL AND GAS EXPLOARATION PHARMACEUTICALS AUROBINDO PHARMA LTD LUPIN LTD DIVIS LABORATORIES LTD JUBILANT LIFE SCIENCES LTD POWER NTPC LTD BGR ENERGY SYSTEMS LTD ORIENT GREEN POWER CO LTD RETAIL PANTALOON RETAIL INDIA LTD SHIPPING GREAT EASTERN SHIPPING COMPANY LTD SOFTWARE FINANCIAL TECHNOLOGIES INDIA 3.45 3.45 2.51 2.51 8.68 3.78 2.71 1.18 1.01 8.50 3.36 1.68 1.42 1.17 0.88 2.36 2.36 9.42 1.84 1.62 3.99 1.96 6.17 4.38 1.79 5.97 3.33 2.64 1.72 1.72 2.82 2.82 4.26 4.26 10.86 5.88 1.85 1.67 1.46 1.92 1.92 11.28 3.58 3.16 2.62 1.91 4.30 2.06 1.45 0.79 1.47 1.47 2.46 2.46 2.84 2.84
% total net asset

0.63 1.40 0.97 0.43 0.63 1.05 0.99 0.78 0.99 0.31 1.16 0.60 1.63 1.23 0.83 0.83 0.79 0.49 0.60 1.01
fund risk profile
9.02%
low
high
equity
90.98%

Fund Beta 0.90

0.84 0.95 0.61 1.82 1.14 1.66 1.30 0.45 0.68 0.26 0.67 0.74 0.63 0.72 1.15 0.97 1.14 0.95
14,000 13,000 12,000 11,000 10,000 9,000 8,000 7,000 6,000 5,000
12,951 10,000
inception 19-Mar-08
31-Oct-10
fund mangers report

90.98 9.02 100.00

Equity: 100%
Nifty Midcap 50: 100%
Super Growth Fund

23.26% 34.78% 1.52% 8.69%
benchmark return
23.04% 36.88% 2.87% 10.77%

11.14% 17.47% 24.93% 24.50%

13.35% 22.02% 27.26% 27.09%
fund sharpe ratio

1.64% 1.70% -0.14% 0.15%

1.35% 1.45% -0.08% 0.21%
last 1 year last 2 year (CAGR*) last 3 year (CAGR*) since inception (CAGR*) date of inception
may, 2007
fund objective
Provide high rate of return in the long term through high exposure to equity investments, while recognizing that there is significant probability of negative returns in the short term, which will be moderated through some exposure to debt. The risk appetite is high

security % total net assets
1.64 1.40 1.40 1.39 1.38 0.70 0.70 0.57 0.43 0.28 0.27 0.14 0.14 0.09 0.07 0.41

rating/ 1-yr beta
AAA AAA AAA AAA AA+ AAA AAA AAA AA+ AAA AA AAA AAA AAA AAA AAA
% total net asset

gilts 1.10%
fund risk profile
bond/cd
11.95% HDFC LTD NCD (26/11/2018) 8.99% TATA SONS LTD NCD (07/06/2020) 8.90% POWER GRID CORP LTD NCD STRPP C (25/2/16) 8.88% LIC HOUSING FINANCE NCD (13/10/2020) 8.40% ADITYA BIRLA NUVO LTD NCD (23/11/2012) 9.05% SBI PERPETUAL NCD CALL/STEP-UP 27/01/2020 8.90% POWER GRID CORP LTD NCD STRPP D (25/2/17) 8.95% IRFC NCD SERIES 69 (10/03/2025) 9.7% UNITED PHOS LTD (9/4/17) CALL STEP 9/4/15 11.35% RECL LTD NCD (24/10/2013) P/C 24/10/2011 9.25% IDBI BANK LTD PERP NCD CALL/STEP-UP 29/01/20 9.20% HDFC LTD NCD (09/02/2012) 9.90% TATA SONS LTD NCD (20/05/2011) 10% NABARD NCD SR IX (14/05/2012) 9.25% POWER GRID CORPORATION NCD (09/02/2013) 8.64% POWER GRID CORPN LTD NCD (08/07/2014-25)
bond / cd total money market instruments equity
11.00%
low
high
13.99%
total bond/cd gilts

8.24% GOI (MD 22/04/2018) 8.47% NAGALAND SDL (MD 25/03/2019)
11.00 sovereign
0.56 0.55 sovereign sovereign
73.90%
total gilts equity

AUTOMOBILES MAHINDRA & MAHINDRA LTD BAJAJ AUTO LTD NEW MARUTI SUZUKI INDIA LTD TATA MOTORS LTD TATA MOTORS LTD BANKING & FINANCE ICICI BANK LTD HDFC BANK STATE BANK OF INDIA SHRIRAM TRANSPORT FINANCE COMPANY LTD AXIS BANK LTD HOUSING DEV FIN CORPN LTD BANK OF BARODA MAX INDIA LTD CAP GOODS / ENGINEERING LARSEN & TOUBRO LTD BHARAT HEAVY ELECTRICALS LTD VOLTAS LTD CUMMINS INDIA LTD PUNJ LLOYD LTD CEMENT & CEMENT PRODUCTS ULTRATECH CEMENT LTD INDIA CEMENTS LTD CONSTRUCTION JAIPRAKASH ASSOCIATES LTD NAGARJUNA CONSTRUCTION CO LTD CONSUMER GOODS SINTEX INDUSTRIES BALLARPUR INDUSTRIES LTD FMCG ITC LTD HINDUSTAN UNILEVER LTD UNITED SPIRITS LTD GAS GAIL (INDIA) LTD IT INFOSYS TECHNOLOGIES LTD TATA CONSULTANCY SERVICES LTD MPHASIS LTD METALS TATA STEEL LTD JINDAL STEEL AND POWER LTD STERLITE INDUSTRIES INDIA LTD OIL REFINERIES RELIANCE INDUSTRIES LTD ONGC CORPORATION LTD INDIAN OIL CORPORATION LTD OIL INDIA LTD PHARMACEUTICALS JUBILANT LIFE SCIENCES LTD DIVIS LABORATORIES LTD SUN PHARMA IND LTD CADILA HEALTHCARE LTD RANBAXY LABORATORIES LTD LUPIN LTD POWER NTPC LTD ORIENT GREEN POWER CO LTD TATA POWER SOFTWARE FINANCIAL TECHNOLOGIES INDIA TELECOM BHARTI AIRTEL LTD
1.10
5.18 1.71 1.67 1.05 0.67 0.07 18.89 4.96 3.41 3.14 1.88 1.88 1.67 1.63 0.33 8.12 4.27 1.48 1.02 0.96 0.40 1.08 1.05 0.02 1.53 1.22 0.31 1.20 1.01 0.19 5.64 4.04 0.83 0.78 0.63 0.63 7.33 4.96 1.77 0.60 4.82 1.93 1.63 1.26 10.25 6.50 1.64 1.28 0.83 4.66 1.76 1.18 0.65 0.44 0.34 0.29 2.44 0.82 0.82 0.80 0.12 0.12 2.00 2.00

1.17 0.61 0.64 1.40 1.40 1.45 0.83 1.00 0.43 1.13 1.03 0.63 0.72 0.93 0.68 0.99 0.31 1.16 0.60 1.05 1.63 1.23 0.83 0.83 0.66 0.49 1.01 0.66 0.81 0.82 0.61 1.66 1.14 1.68 1.19 0.60 0.23 0.32 0.74 0.67 0.43 0.49 0.84 0.26 0.63 1.15 0.67 0.95 0.66
M.Duration of debt portfolio: YTM of debt portfolio: Beta of equity portfolio:
2.42 years 8.86% 0.91
growth of initial investment of Rs. 10,000 in AIP
fund mangers report

The month of October saw the markets ending flat. The equity market saw some profit booking before Coal India IPO and fed meeting on quantitative easing. Looking at news flows in specific sectors, the holding in equities was kept at 73.90%. Exposures in Government Securities have been increased to capture the higher yields and that of Corporate Bonds have been reduced due to hardening of yield at the shorter end of the curve. Accordingly Allocations to Money Market instruments have been increased. We will increase exposure to gilts and corporate bonds as and when attractive investments are available.
14,000 13,000 12,000 11,000 10,000 9,000 8,000 7,000 6,000 5,000
12,824 10,000
inception 28-May-07
31-Oct-10

Debt: Equity: 20% 80%
CRISIL ST Bond Index: S&P CNX Nifty: 20% 80%
73.90 13.99 100.00
High Growth Fund

19.60% 28.98% 4.05% 11.73%
benchmark return
18.42% 29.40% 4.61% 11.64%

8.60% 13.14% 18.97% 18.34%

10.07% 16.60% 20.53% 19.79%
fund sharpe ratio

1.70% 1.82% -0.05% 0.37%

1.33% 1.47% -0.02% 0.34%
march, 2007
fund objective
Provide, in the long-term, returns which are significantly higher than the inflation rate, through high exposure to equity investments, while recognizing that there is some probability of negative returns in the short-term. The risk appetite is moderate to high

security
bond/cd
11.45% RELIANCE IND LTD NCD (25/11/2013) 10.70% POWER FIN CORP LTD NCD (15/07/2013) 8.99% TATA SONS LTD NCD (07/06/2020) 8.75% RELIANCE INDUSTRIES LTD NCD (07/05/2020) 8.40% HDFC LTD NCD (08/12/2014) 8% RECL LTD NCD (05/08/2014) 9.7% UNITED PHOS LTD (9/4/17) CALL STEP 9/4/15 8.23%TATA CAP LTD NCD(MD29/07/13)PUT&RESET27/07/12 8.95% INFOTEL BROADBAND SERV LTD NCD (15/09/20) 11.45% RELIANCE INDUSTRIES LTD NCD (25/11/2013) 9.50% TATA COMMUNICATION LTD NCD (08/06/2014) 10.10% POWER GRID CORPORATION (12/06/2012) 9.45% RECL LTD NCD (04/04/2013) 9.40% POWER FIN CORP LTD NCD (25/03/2013) 9.80% POWER FINANCE CORP 22/03/2012 9.05% SBI PERPETUAL NCD CALL/STEP-UP 27/01/2020 8.90% POWER GRID CORP LTD NCD STRPP C (25/2/16) 9.90% TATA SONS LTD NCD (20/05/2011) 8.90% SAIL (01/05/2019) CALL 010514 8.79% IRFC NCD (04/05/2030) 8.88% LIC HOUSING FINANCE NCD (13/10/2020) 8.48% LIC HOUSING FINANCE NCD (27/09/2013) 8.60% POWER FIN CORP LTD NCD (07/08/2014) 8.68% NAT CAP REG PLAN NCD (18/8/19)P/C18/08/16 8.4% TATA CAPITAL LTD NCD (26/11/2012) 11.35% RECL LTD NCD (24/10/2013) P/C 24/10/2011 9.15% NAT CAP REG PLAN NCD (MD18/02/2019)P/C180216 8.90% POWER GRID CORP LTD NCD STRPP A (25/2/14) 8.90% POWER GRID CORP LTD NCD STRPP G (25/2/20) 7.60% ICICI BANK LTD NCD (30/12/2015) 8.25% IDBI OMNI BOND SER III 26-05-2011 8.95% IRFC NCD SERIES 69 (10/03/2025) 9.25% IDBI BANK LTD PERP NCD CALL/STEP-UP 29/01/20 10.90% POWER FIN CORP LTD NCD (11/08/2013) 8.64% POWER GRID CORPN LTD NCD (08/07/2014-25) 1.80 1.46 1.40 1.38 1.38 1.36 0.93 0.90 0.84 0.74 0.72 0.71 0.71 0.71 0.71 0.71 0.70 0.70 0.70 0.70 0.70 0.70 0.69 0.69 0.69 0.44 0.43 0.35 0.35 0.35 0.33 0.28 0.27 0.15 0.83 AAA AAA AAA AAA AAA AAA AA+ AA+ AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AA+ AAA AAA AAA AAA LAAA AA+ AAA AA AAA AAA
% total rating/ net assets 1-yr beta

% total net asset
gilts total money market instruments bond / cd equity 2.33% 15.04% 26.52% 56.12%
fund risk profile
low
high
total bond/cd gilts

6.72% 8.26% 8.30% 8.47% GOI 2014 (MD 24/02/2014) GOI (MD 02/08/2027) GOI (MD 02/07/2040) JHARKHAND SDL (MD 25/03/2019)
26.52 sovereign
0.14 1.37 0.68 0.14 sovereign sovereign sovereign Sovereign

M.Duration of debt portfolio: YTM of debt portfolio: Beta of equity portfolio: 2.77 years 8.83% 0.93
total gilts equity

AUTOMOBILES MAHINDRA & MAHINDRA LTD BAJAJ AUTO LTD MARUTI SUZUKI INDIA LTD TATA MOTORS LTD BANKING & FINANCE ICICI BANK LTD HDFC BANK STATE BANK OF INDIA SHRIRAM TRANSPORT FINANCE COMPANY LTD AXIS BANK LTD BANK OF BARODA HOUSING DEV FIN CORPN LTD MAX INDIA LTD CAP GOODS / ENGINEERING LARSEN & TOUBRO LTD BHARAT HEAVY ELECTRICALS LTD VOLTAS LTD CUMMINS INDIA LTD PUNJ LLOYD LTD CEMENT & CEMENT PRODUCTS ULTRATECH CEMENT LTD INDIA CEMENTS LTD CONSTRUCTION JAIPRAKASH ASSOCIATES LTD NAGARJUNA CONSTRUCTION CO LTD CONSUMER GOODS SINTEX INDUSTRIES BALLARPUR INDUSTRIES LTD FMCG ITC LTD UNITED SPIRITS LTD HINDUSTAN UNILEVER LTD GAS GAIL (INDIA) LTD IT INFOSYS TECHNOLOGIES LTD TATA CONSULTANCY SERVICES LTD MPHASIS LTD METALS TATA STEEL LTD JINDAL STEEL AND POWER LTD STERLITE INDUSTRIES INDIA LTD OIL REFINERIES RELIANCE INDUSTRIES LTD ONGC CORPORATION LTD OIL INDIA LTD PHARMACEUTICALS JUBILANT LIFE SCIENCES LTD DIVIS LABORATORIES LTD SUN PHARMA IND LTD CADILA HEALTHCARE LTD RANBAXY LABORATORIES LTD LUPIN LTD POWER TATA POWER ORIENT GREEN POWER CO LTD NTPC LTD SOFTWARE FINANCIAL TECHNOLOGIES INDIA TELECOM BHARTI AIRTEL LTD
2.33
3.95 1.43 1.15 0.79 0.57 14.68 3.83 2.53 2.50 1.48 1.45 1.34 1.29 0.26 6.37 3.27 1.17 0.81 0.81 0.31 0.87 0.85 0.02 1.21 0.97 0.24 0.93 0.79 0.14 4.41 3.14 0.79 0.48 0.62 0.62 5.87 3.79 1.61 0.46 3.65 1.41 1.30 0.94 6.87 4.98 1.24 0.65 3.88 1.66 0.92 0.49 0.33 0.26 0.23 1.21 0.60 0.54 0.06 0.10 0.10 1.50 1.50
1.17 0.61 0.64 1.40 1.45 0.83 1.00 0.43 1.13 0.63 1.03 0.72 0.93 0.68 0.99 0.31 1.16 0.60 1.05 1.63 1.23 0.83 0.83 0.66 1.01 0.49 0.66 0.81 0.82 0.61 1.66 1.14 1.68 1.19 0.60 0.32 0.74 0.67 0.43 0.49 0.84 0.26 0.67 1.15 0.63 0.95 0.66
growth of initial investment of Rs.10,000 in MGP
17,000 15,000 13,000 11,000 9,000 7,000 5,000 3,000 1,000 inception 01-Mar-07
fund mangers report

14,340 10,000
31-Oct-10

56.12 15.04 100.00
Growth Plus Fund

17.21% 25.99% 4.85% 11.19%
benchmark return
16.12% 25.69% 5.31% 11.19%

7.09% 11.24% 15.96% 15.38%

8.44% 13.90% 17.17% 16.57%
fund sharpe ratio

1.72% 1.87% -0.01% 0.40%

1.32% 1.49% 0.02% 0.37%
fund objective
Provide, in the long-term, returns which are significantly higher than the inflation rate, through high exposure to equity investments, while recognizing that there is some probability of negative returns in the short-term. The risk appetite is moderate to high.
march, 2007

4.09 2.69 2.39 2.18 2.18 2.17 2.16 2.14 1.62 1.16 1.11 1.08 1.08 0.87 0.86 0.41 0.22 0.17 0.09 0.05 28.71
rating/ 1-yr beta
bond/cd
10.90% RECL LTD NCD (MD 14/08/2013) 12%TATA CAPITAL LTD NCD (MD 05/03/2014) P/C 050312 10.60% IRFC NCD (MD 11/09/2018) 9.05% SBI PERPETUAL NCD CALL/STEP-UP 27/01/2020 9.05% CANARA BANK PERP NCD CALL/STEP-UP 03/08/2020 8.99% TATA SONS LTD NCD (MD 07/06/2020) 8.79% IRFC NCD (MD 04/05/2030) 8.23%TATA CAP LTD NCD(MD29/07/13)PUT&RESET27/07/12 11.45% RELIANCE INDUSTRIES LTD NCD (MD 25/11/2013) 11.45% RELIANCE IND LTD NCD (MD 25/11/2013) 9.7% UNITED PHOS LTD (MD 9/4/17) CALL STEP 9/4/15 9.90% TATA SONS LTD NCD (MD 20/05/2011) 8.90% POWER GRID CORP LTD NCD STRPP F (MD 25/2/19) 9.07% RECL (MD 28/02/2018) 8.40% ADITYA BIRLA NUVO LTD NCD (MD 23/11/2012) 9.25% IDBI BANK LTD PERP NCD CALL/STEP-UP 29/01/20 9.20% HDFC LTD NCD (MD 09/02/2012) 7.60% ICICI BANK LTD NCD (MD 30/12/2015) 10% NABARD NCD SR IX (MD 14/05/2012) 10.10% POWER GRID CORPORATION (12/06/2011) AAA LAA+ AAA AAA AAA AAA AAA AA+ AAA AAA AA+ AAA AAA AAA AA+ AA AAA LAAA AAA AAA

% total net asset
fund risk profile
gilts total money market instruments bond / cd
7.20%
18.46%
low
high
total bond/cd gilts

8.26% 8.30% 6.72% 8.32% GOI GOI GOI GOI (MD 02/08/2027) (MD 02/07/2040) 2014 (MD 24/02/2014) (MD 02/08/2032)
28.71%
sovereign
5.09 0.84 0.84 0.42 sovereign sovereign sovereign sovereign
equity
45.63%
total gilts equity

AUTOMOBILES MAHINDRA & MAHINDRA LTD BAJAJ AUTO LTD MARUTI SUZUKI INDIA LTD TATA MOTORS LTD DVR SHARES TATA MOTORS LTD BANKING & FINANCE ICICI BANK LTD HDFC BANK STATE BANK OF INDIA SHRIRAM TRANSPORT FINANCE COMPANY LTD AXIS BANK LTD HOUSING DEV FIN CORPN LTD BANK OF BARODA MAX INDIA LTD CAP GOODS / ENGINEERING LARSEN & TOUBRO LTD BHARAT HEAVY ELECTRICALS LTD VOLTAS LTD CUMMINS INDIA LTD PUNJ LLOYD LTD CEMENT & CEMENT PRODUCTS ULTRATECH CEMENT LTD INDIA CEMENTS LTD CONSTRUCTION JAIPRAKASH ASSOCIATES LTD NAGARJUNA CONSTRUCTION CO LTD CONSUMER GOODS SINTEX INDUSTRIES BALLARPUR INDUSTRIES LTD FMCG ITC LTD HINDUSTAN UNILEVER LTD UNITED SPIRITS LTD GAS GAIL (INDIA) LTD IT INFOSYS TECHNOLOGIES LTD TATA CONSULTANCY SERVICES LTD MPHASIS LTD METALS TATA STEEL LTD JINDAL STEEL AND POWER LTD STERLITE INDUSTRIES INDIA LTD OIL REFINERIES RELIANCE INDUSTRIES LTD INDIAN OIL CORPORATION LTD ONGC CORPORATION LTD OIL INDIA LTD PHARMACEUTICALS JUBILANT LIFE SCIENCES LTD DIVIS LABORATORIES LTD SUN PHARMA IND LTD CADILA HEALTHCARE LTD RANBAXY LABORATORIES LTD LUPIN LTD POWER TATA POWER NTPC LTD ORIENT GREEN POWER CO LTD SOFTWARE FINANCIAL TECHNOLOGIES INDIA TELECOM BHARTI AIRTEL LTD
7.20

3.19 1.08 1.01 0.62 0.41 0.06 11.21 2.99 1.95 1.86 1.14 1.11 0.98 0.97 0.20 4.86 2.54 0.88 0.65 0.55 0.24 0.64 0.63 0.01 0.92 0.73 0.19 0.76 0.64 0.12 3.40 2.43 0.49 0.47 0.47 0.47 4.70 2.97 1.38 0.36 2.95 1.17 0.97 0.81 7.21 4.74 0.98 0.98 0.50 2.76 1.05 0.69 0.37 0.27 0.21 0.17 1.33 0.48 0.44 0.41 0.07 0.07 1.16 1.16 1.17 0.61 0.64 1.40 1.40 1.45 0.83 1.00 0.43 1.13 1.03 0.63 0.72 0.93 0.68 0.99 0.31 1.16 0.60 1.05 1.63 1.23 0.83 0.83 0.66 0.49 1.01 0.66 0.81 0.82 0.61 1.66 1.14 1.68 1.19 0.23 0.60 0.32 0.74 0.67 0.43 0.49 0.84 0.26 0.67 0.63 1.15 0.95 0.66
M.Duration of debt portfolio: YTM of debt portfolio: Beta of equity portfolio:
3.5 years 8.82% 0.92
growth of initial investment of Rs.10,000 in MGP
fund mangers report

The month of October saw the markets ending flat. The equity market saw some profit booking before Coal India IPO and fed meeting on quantitative easing. Looking at news flows in specific sectors, the holding in equities was kept at 45.63%. Exposures in Government Securities have been increased to capture the higher yields and that of Corporate Bonds have been reduced due to hardening of yield at the shorter end of the curve. Accordingly Allocations to Money Market instruments have been decreased. We will increase exposure to gilts and corporate bonds as and when attractive investments are available .
15,000 13,000 11,000 9,000 7,000 5,000 3,000 1,000
14,096 10,000
inception 01-Mar-07
31-Oct-10

45.63 18.46 100.00
Growth Fund
14.53% 22.50% 5.45% 9.80% 12.76% 13.05%
benchmark return
13.82% 21.99% 5.89% 10.60% 13.25% 13.44%

5.68% 9.17% 13.21% 12.41% 11.84% 11.08%

6.80% 11.22% 13.82% 13.02% 12.26% 11.44%
fund sharpe ratio

1.68% 1.91% 0.03% 0.39% 0.66% 0.73%

1.30% 1.51% 0.06% 0.43% 0.67% 0.74%
last 1 year last 2 year (CAGR*) last 3 year (CAGR*) last 4 year (CAGR*) last 5 year (CAGR*) since inception (CAGR*)
fund objective
The investment objective of the fund is to provide investment returns that exceed the rate of inflation in the long-term while maintaining moderate probability of negative returns in the short-term. The risk appetite is defined as moderate.
date of inception
august, 2004

4.01 4.00 4.00 1.60 1.59 1.57 1.36 1.36 1.36 1.35 1.35 1.34 1.34 1.34 1.33 1.32 1.32 1.31 1.30 0.86 0.86 0.80 0.67 0.66 0.57 0.53 0.27 0.25
rating/ 1-yr beta

AAA AAA AAA AA+ AAA AA+ AAA AAA AAA AAA AAA AAA AAA AAA AA+ LAA+ AAA AAA AAA AAA AA AAA AAA AAA AAA AAA AA
bond/cd
8.97% TATA SONS LTD NCD (MD 15/07/2020) 8.79% IRFC NCD (MD 04/05/2030) 11.45% RELIANCE INDUSTRIES LTD NCD (MD 25/11/2013) 8.95% INFOTEL BROADBAND SERV LTD NCD (MD 15/09/20) 8.25% IDBI OMNI BOND SER III 26-05-2011 11.95% HDFC LTD NCD (MD 26/11/2018) 9.7% UNITED PHOS LTD (MD 9/4/17) CALL STEP 9/4/15 9.70% LIC HOUSING FINANCE LTD NCD (MD 07/04/2013) 9.25% HDFC LTD. NCD (MD 24/11/2016) 9.40% POWER FIN CORP LTD NCD (MD 25/03/2013) 9.05% SBI PERPETUAL NCD CALL/STEP-UP 27/01/2020 10.35% HDFC LTD NCD (MD 16/05/2017) 9.05% CANARA BANK PERP NCD CALL/STEP-UP 03/08/2020 8.99% TATA SONS LTD NCD (MD 07/06/2020) 8.80% SAIL NCD (MD 22/06/2019) 8.4% TATA CAPITAL LTD NCD (MD 26/11/2012) 8.23% SUNDARAM FINANCE LTD NCD (MD 27/07/2012) 8.20% IRFC NCD (MD 27/04/2016) 8% RECL LTD NCD (MD 05/08/2014) 11.45% RELIANCE IND LTD NCD (MD 25/11/2013) 11.40% POWER FIN CORP LTD NCD (MD 28/11/2013) 9.80% TATA STEEL LTD NCD (MD 07/05/2011) 8.90% POWER GRID CORP LTD NCD STRPP E (MD 25/2/18) 8.65% L&T LTD PART PD NCD(MD 26/5/20)CALL 26/5/11 9.50% NABARD NPS BONDS SR IX I (MD 15/10/2012) 9.90% TATA SONS LTD NCD (MD 20/05/2011) 8.95% IRFC NCD SERIES 69 (MD 10/03/2025) 9.25% IDBI BANK LTD PERP NCD CALL/STEP-UP 29/01/20

% total net asset
gilts total money market instruments equity 4.91%
fund risk profile
18.60%
low
high
36.90%
bond / cd
39.59%
total bond/cd gilts

8.26% 7.02% 7.80% 7.46% 8.35% GOI GOI GOI GOI GOI (MD 02/08/2027) (MD 17/08/2016) (MD 03/05/2020). 2017 (M/D. 28/8/2017) 2022 (M/D. 14.05.2022)
39.59
sovereign
2.09 1.77 0.52 0.52 0.01 sovereign sovereign sovereign sovereign sovereign

M.Duration of debt portfolio: YTM of debt portfolio: Beta of equity portfolio: 3.56 years 8.61% 0.92
total gilts equity

AUTOMOBILES MAHINDRA & MAHINDRA LTD TATA MOTORS LTD MARUTI SUZUKI INDIA LTD BAJAJ AUTO LTD BANKING & FINANCE ICICI BANK LTD STATE BANK OF INDIA POWER FINANCE CORPORATION LTD SHRIRAM TRANSPORT FINANCE COMPANY LTD AXIS BANK LTD BANK OF BARODA HOUSING DEV FIN CORPN LTD MAX INDIA LTD HDFC BANK CAP GOODS / ENGINEERING LARSEN & TOUBRO LTD CROMPTON GREAVES LTD CUMMINS INDIA LTD VOLTAS LTD BHARAT HEAVY ELECTRICALS LTD CEMENT & CEMENT PRODUCTS ULTRATECH CEMENT LTD INDIA CEMENTS LTD CONSTRUCTION NAGARJUNA CONSTRUCTION CO LTD BALLARPUR INDUSTRIES LTD SINTEX INDUSTRIES FERTILIZERS GUJARAT STATE FERTILIZERS & CHEMICALS LTD TATA CHEMICALS FMCG ITC LTD UNITED SPIRITS LTD ASIAN PAINTS LTD. GAS GAIL (INDIA) LTD IT INFOSYS TECHNOLOGIES LTD TATA CONSULTANCY SERVICES LTD METALS STERLITE INDUSTRIES INDIA LTD TATA STEEL LTD OIL REFINERIES RELIANCE INDUSTRIES LTD ONGC CORPORATION LTD PHARMACEUTICALS JUBILANT LIFE SCIENCES LTD LUPIN LTD DIVIS LABORATORIES LTD CADILA HEALTHCARE LTD RANBAXY LABORATORIES LTD POWER PTC INDIA LTD ORIENT GREEN POWER CO LTD RETAIL PANTALOON RETAIL INDIA LTD SOFTWARE FINANCIAL TECHNOLOGIES INDIA TELECOM BHARTI AIRTEL LTD
4.91
fund mangers report


1.38 0.49 0.40 0.32 0.18 10.45 2.89 1.66 1.45 1.22 1.13 0.97 0.67 0.34 0.12 5.05 2.20 0.93 0.78 0.60 0.54 1.15 0.60 0.55 0.42 0.33 0.09 0.00 0.95 0.48 0.46 1.78 0.83 0.71 0.24 0.59 0.59 3.78 2.84 0.94 1.66 0.90 0.75 4.00 3.44 0.56 2.80 1.17 0.93 0.32 0.22 0.17 0.65 0.33 0.32 0.50 0.50 0.58 0.58 1.18 1.18
1.17 1.40 0.64 0.61 1.45 1.00 0.69 0.43 1.13 0.63 1.03 0.72 0.83 0.93 0.83 0.31 0.99 0.68 0.60 1.05 1.23 0.83 0.83 0.49 0.79 0.66 1.01 0.31 0.66 0.81 0.82 1.68 1.66 1.19 0.60 0.74 0.26 0.67 0.49 0.84 0.88 1.15 0.97 0.95 0.66
growth of initial investment of Rs.10,000 in MRP
21,000 19,000 17,000 15,000 13,000 11,000 9,000 7,000 5,000
19,532
10,000
inception 09-Aug-04
31-Oct-10
36.90 18.16 100.00
Balanced Fund
10.52% 16.18% 7.41% 9.50% 10.63% 11.03%
benchmark return
9.29% 14.69% 6.70% 9.07% 10.12% 9.83%

3.16% 5.55% 7.22% 6.85% 6.48% 5.65%

3.56% 6.01% 7.21% 6.86% 6.41% 5.73%
fund sharpe ratio

1.75% 2.02% 0.33% 0.66% 0.87% 1.07%

1.21% 1.61% 0.24% 0.56% 0.80% 0.84%
last 1 year last 2 year (CAGR*) last 3 year (CAGR*) last 4 year (CAGR*) last 5 year (CAGR*) since inception (CAGR*) date of inception
february, 2003
fund objective
The investment objective of the fund is to provide investment returns that exceed the rate of inflation in the long -term while maintaining a low probability of negative returns in the shortterm. The risk appetite is defined as low to moderate.

security
bond/cd
88.97% TATA SONS LTD NCD (MD 15/07/2020) 11.45% RELIANCE INDUSTRIES LTD NCD (MD 25/11/2013) 9.7% UNITED PHOS LTD (MD 9/4/17) CALL STEP 9/4/15 8.99% TATA SONS LTD NCD (MD 07/06/2020) 8.95% INFOTEL BROADBAND SERV LTD NCD (MD 15/09/20) 11.45% RELIANCE IND LTD NCD (MD 25/11/2013) 11.40% POWER FIN CORP LTD NCD (MD 28/11/2013) 9.05% CANARA BANK PERP NCD CALL/STEP-UP 03/08/2020 8.70% BAJAJ AUTO FINANCE LTD NCD (MD 22/07/2015) 8.75% RELIANCE INDUSTRIES LTD NCD (MD 07/05/2020) 8.42% SHREE CEMENT LTD NCD (MD 22/07/2015) 9.90% TATA SONS LTD NCD (MD 20/05/2011) 8% RECL LTD NCD (MD 05/08/2014) 11.25% POWER FIN CORP LTD NCD (MD 28/11/2018) 11.10% POWER FIN CORP LTD NCD (MD 15/09/2013). 8.40% HDFC LTD NCD (MD 08/12/2014) 9.35% LIC HO FI LTD NCD (MD 23/11/2014) P/C 231112 10% NABARD NCD SR IX (MD 14/05/2012) 11.50% RECL LTD NCD (MD 26/11/2013) 10.90% RECL LTD NCD (MD 14/08/2013) 10.05% NABARD (MD 11/06/2014) 10.20% SUNDRAM FINANCE LTD NCD (MD 29/05/2013) 9.50% TATA COMMUNICATION LTD NCD (MD 08/06/2014) 9.80% POWER FINANCE CORP 22/03/2012 9.05% SBI PERPETUAL NCD CALL/STEP-UP 27/01/2020 9.20% POWER GRID CORP STRIP A NCD (MD 12/03/2013) 8.95% HDFC LTD NCD (MD 19/10/2020) 8.90% SAIL (MD 01/05/2019) CALL 010514 8.79% IRFC NCD (MD 04/05/2030) 8.88% LIC HOUSING FINANCE NCD (MD 13/10/2020) 8.88% IDFC LTD NCD 07/01/2011) 8.80% SAIL NCD (MD 22/06/2019) 8.48% LIC HOUSING FINANCE NCD (MD 27/09/2013) 8.68% NAT CAP REG PLAN NCD (MD 18/8/19)P/C18/08/16 8.40% ADITYA BIRLA NUVO LTD NCD (MD 23/11/2012) 8.4% TATA CAPITAL LTD NCD (MD 26/11/2012) 8.23% SUNDARAM FINANCE LTD NCD (MD 27/07/2012) 10.10% POWER GRID CORPORATION (12/06/2011) 9.25% IDBI BANK LTD PERP NCD CALL/STEP-UP 29/01/20 9.30% POWER FIN CORP LTD NCD (MD 12/03/2013) 12%TATA CAPITAL LTD NCD (MD 05/03/2014) P/C 050312 8.2% NATIONAL HSG BANK NCD (MD 30/08/13) 9.34% STATE BANK OF TRAVAN NCD PERP CALL 31/10/16 8.23%TATA CAP LTD NCD(MD29/07/13)PUT&RESET27/07/12 11.15% HDFC LTD NCD (MD 06/08/2018) 9.50% NABARD NPS BONDS SR IX I (MD 15/10/2012) 9.20% HDFC LTD NCD (MD 09/02/2012) 8.40% L & T FINANCE LTD NCD (MD 08/03/2013) 8.90% POWER GRID CORP LTD NCD STRPP H (MD 25/2/21) 8.65% L&T LTD PART PD NCD(MD 26/5/20)CALL 26/5/11 9.33% POWER GRID CORP LTD NCD (MD 15/12/2013) 10.60% IRFC NCD (MD 11/09/2018) 9.80% TATA STEEL LTD NCD (MD 07/05/2011) 10.35% HDFC LTD SR E006 NCD (MD 06/06/2017) 11.35% RECL LTD NCD (MD 24/10/2013) P/C 24/10/2011 3.61 2.70 2.58 2.41 2.41 2.25 1.93 1.82 1.78 1.64 1.40 1.20 1.17 1.09 0.97 0.85 0.73 0.72 0.64 0.63 0.62 0.62 0.61 0.61 0.61 0.61 0.60 0.60 0.60 0.60 0.60 0.60 0.60 0.60 0.60 0.60 0.59 0.59 0.57 0.55 0.50 0.47 0.44 0.42 0.40 0.37 0.36 0.31 0.30 0.30 0.24 0.13 0.12 0.12 0.05 AAA AAA AA+ AAA AAA AAA AAA AAA LAA+ AAA AA+ AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AA+ AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AA+ AA+ LAA+ AAA AA AAA LAA+ AAA AAA AA+ AAA AAA AAA AA+ AAA AAA AAA AAA AA AAA AAA
% total rating/ net 1-yr assets beta

% total net asset
gilts 11.68%
fund risk profile
low
high
equity total money market instruments bond / cd
18.42%
20.89%
49.02%

M.Duration of debt portfolio: YTM of debt portfolio: Fund Beta: 3.56 years 8.55% 0.92
total bond/cd gilts

7.80% 8.30% 8.13% 8.26% 7.02% 7.46% 6.72% 8.24% GOI GOI GOI GOI GOI GOI GOI GOI (MD 03/05/2020). (MD 02/07/2040) (MD 21/09/2022) (MD 02/08/2027) (MD 17/08/2016) 2017 (M/D. 28/8/2017) 2014 (MD 24/02/2014) (MD 22/04/2018)
49.02
5.61 1.76 1.20 1.18 0.91 0.58 0.23 0.20
sovereign
sovereign sovereign sovereign sovereign sovereign sovereign sovereign sovereign
fund mangers report

The month of October saw the markets ending flat. The market saw some profit booking before Coal India IPO and fed meeting on quantitative easing. Looking at news flows in specific sectors, the holding in equities was kept at 18.42%. Exposures in Government Securities have been increased to capture the higher yields and that of Corporate Bonds have been reduced due to hardening of yield at the shorter end of the curve. Accordingly Allocations to Money Market instruments have been decreased. We will increase exposure to gilts and corporate bonds as and when attractive investments are available.
total gilts equity
11.68

0.27 0.27 0.10 0.05 1.98 0.81 0.40 0.24 0.61 0.29 0.33 0.12 0.10 0.97 0.38 0.12 0.28 0.17 0.23 0.20 0.27 0.20 0.14 0.04 0.20 0.18 0.26 0.34 0.03 0.19 1.07 0.36 0.72 0.61 1.93 0.17 0.41 0.11 0.05 0.07 0.17 0.19 0.66 0.25 0.37

Debt.: Equity: 80% 20%
AUTOMOBILES MAHINDRA & MAHINDRA LTD TATA MOTORS LTD MARUTI SUZUKI INDIA LTD BAJAJ AUTO LTD BANKING & FINANCE ICICI BANK LTD STATE BANK OF INDIA POWER FINANCE CORPORATION LTD SHRIRAM TRANSPORT FINANCE COMPANY LTD AXIS BANK LTD BANK OF BARODA HOUSING DEV FIN CORPN LTD MAX INDIA LTD HDFC BANK CAP GOODS / ENGINEERING LARSEN & TOUBRO LTD CROMPTON GREAVES LTD CUMMINS INDIA LTD VOLTAS LTD BHARAT HEAVY ELECTRICALS LTD PUNJ LLOYD LTD CEMENT & CEMENT PRODUCTS ULTRATECH CEMENT LTD INDIA CEMENTS LTD CONSTRUCTION NAGARJUNA CONSTRUCTION CO LTD CONSUMER GOODS SINTEX INDUSTRIES BALLARPUR INDUSTRIES LTD FERTILIZERS GUJARAT STATE FERTILIZERS & CHEMICALS LTD TATA CHEMICALS FMCG ITC LTD UNITED SPIRITS LTD ASIAN PAINTS LTD. GAS GAIL (INDIA) LTD IT INFOSYS TECHNOLOGIES LTD TATA CONSULTANCY SERVICES LTD METALS STERLITE INDUSTRIES INDIA LTD TATA STEEL LTD OIL REFINERIES RELIANCE INDUSTRIES LTD ONGC CORPORATION LTD PHARMACEUTICALS JUBILANT LIFE SCIENCES LTD LUPIN LTD CADILA HEALTHCARE LTD RANBAXY LABORATORIES LTD POWER PTC INDIA LTD ORIENT GREEN POWER CO LTD RETAIL PANTALOON RETAIL INDIA LTD SOFTWARE FINANCIAL TECHNOLOGIES INDIA TELECOM BHARTI AIRTEL LTD
0.66 0.23 0.19 0.15 0.09 4.91 1.36 0.81 0.58 0.55 0.54 0.46 0.32 0.16 0.12 2.62 1.05 0.45 0.38 0.28 0.25 0.20 0.58 0.32 0.26 0.17 0.17 0.22 0.17 0.05 0.63 0.40 0.22 0.85 0.40 0.34 0.11 0.28 0.28 1.78 1.33 0.45 0.80 0.43 0.37 1.91 1.63 0.28 1.17 0.56 0.42 0.11 0.08 0.36 0.19 0.17 0.68 0.68 0.26 0.26 0.56 0.56
19,000 17,000 15,000 13,000 11,000 9,000 7,000 5,000
17,183
10,000
inception 9-Aug-2004
31-Oct-10
18.42 20.89 100.00
Corporate Bond Fund

8.28% 11.43% 9.31% 9.84%
benchmark return
5.30% 7.56% 6.02% 6.61%

1.79% 4.02% 3.48% 3.42%

1.42% 4.83% 4.22% 4.13%
fund sharpe ratio

1.84% 1.60% 1.24% 1.42%

0.21% 0.53% 0.24% 0.39%
may, 2007
fund objective
Provide returns that exceed the inflation rate, while taking some credit risk (through investments in corporate debt instruments) and maintaining a moderate probability of negative return in the short-term. The risk appetite is low to moderate.

security % total rating/ net 1-yr assets beta
bond/cd
8.75% RELIANCE INDUSTRIES LTD NCD (MD 07/05/2020) 11.10% POWER FIN CORP LTD NCD (MD 15/09/2013). 8.80% SAIL NCD (MD 22/06/2019) 12%TATA CAPITAL LTD NCD (MD 05/03/2014) P/C 050312 2% TATA MOTORS LTD NCD (MD 31/03/2014) 2% INDIAN HOTELS COMPANY LTD NCD (MD 09/12/2014) 9.05% CANARA BANK PERP NCD CALL/STEP-UP 03/08/2020 8.95% INFOTEL BROADBAND SERV LTD NCD (MD 15/09/20) 8.40% L & T FINANCE LTD NCD (MD 08/03/2013) 8.40% ADITYA BIRLA NUVO LTD NCD (MD 23/11/2012) 10.90% RECL LTD NCD (MD 14/08/2013) 8.23% SUNDARAM FINANCE LTD NCD (MD 27/07/2012) 11.25% POWER FIN CORP LTD NCD (MD 28/11/2018) 11.50% RECL LTD NCD (MD 26/11/2013) 9.70% LIC HOUSING FINANCE LTD NCD (MD 07/04/2013) 9.50% HDFC LTD NCD (MD 27/02/2013) 10% NABARD NCD SR IX (MD 14/05/2012) 9.05% SBI PERPETUAL NCD CALL/STEP-UP 27/01/2020 8.99% TATA SONS LTD NCD (MD 07/06/2020) 8.90% SAIL (MD 01/05/2019) CALL 010514 9.50% NABARD NPS BONDS SR IX I (MD 15/10/2012) 8.60% POWER FIN CORP LTD NCD (MD 07/08/2014) 8.68% NAT CAP REG PLAN NCD (MD 18/8/19)P/C18/08/16 8% RECL LTD NCD (MD 05/08/2014) 9.7% UNITED PHOS LTD (MD 9/4/17) CALL STEP 9/4/15 9.33% POWER GRID CORP LTD NCD (MD 15/12/2013) 8.2% NATIONAL HSG BANK NCD (MD 30/08/13) 11.45% RELIANCE INDUSTRIES LTD NCD (MD 25/11/2013) 8.90% POWER GRID CORP LTD NCD STRPP C (MD 25/2/16) 9.35% LIC HO FI LTD NCD (MD 23/11/2014) P/C 231112 9.32% HDFC LTD NCD (MD 17/12/2012) 8.97% TATA SONS LTD NCD (MD 15/07/2020) 9.47% POWER GRID CORPORATION NCD (MD 31/03/2013) 9.20% HDFC LTD NCD (MD 09/02/2012) 9.80% TATA STEEL LTD NCD (MD 07/05/2011) 11.30% ACC LTD NCD (MD 10/12/2013) 9.30% POWER FIN CORP LTD NCD (MD 12/03/2013) 10.48% SAMRUDDHI CEMENTS LTD NCD (MD 16/12/2013) 11.35% RECL LTD NCD (MD 24/10/2013) P/C 24/10/2011 6.78 6.50 4.09 3.69 2.97 2.95 2.76 2.75 2.72 2.72 2.48 2.44 1.56 1.47 1.40 1.39 1.39 1.39 1.38 1.37 1.36 1.36 1.36 1.34 1.12 0.84 0.81 0.76 0.69 0.56 0.55 0.55 0.28 0.28 0.27 0.15 0.14 0.09 0.04 AAA AAA AAA LAA+ AAA LAA+ AAA AAA AA+ AA+ AAA LAA+ AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AA+ AAA AAA AAA AAA AAA AAA AAA AAA AAA AA AAA AAA AAA AAA

% total net asset
gilts total money market instruments bond / cd 7.94%
fund risk profile
low
high
22.03%
70.03%

M.Duration of debt portfolio: YTM of debt portfolio: 3.12 years 8.74%
total bond/cd gilts

8.26% 7.80% 7.46% 7.35% GOI GOI GOI GOI (MD 02/08/2027) (MD 03/05/2020). 2017 (M/D. 28/8/2017) (MD 22/06/2024)
70.03
Sovereign 2.69 2.67 1.33 1.26 sovereign sovereign sovereign sovereign
total gilts total money market instruments total net assets
7.94 22.03 100.00
fund mangers report

Exposures in Government Securities have been increased to capture the higher yields and that of Corporate Bonds have been reduced due to hardening of yield at the shorter end of the curve. Accordingly Allocations to Money Market instruments have been increased. We will increase exposure to gilts and corporate bonds as and when attractive investments are available.
14,000 13,000 12,000 11,000 10,000 9,000 8,000 7,000 6,000 5,000
13,271
10,000
inception 28-May-07
31-Oct-10

Bond Instruments: 100%
CRISIL Composite Bond Index: 100%
Pure Debt Fund

8.63% 10.97% 9.17% 9.26%
benchmark return
5.30% 7.56% 6.02% 6.53%

1.99% 3.77% 3.28% 3.04%

1.42% 4.83% 4.22% 4.03%
fund sharpe ratio

1.83% 1.58% 1.27% 1.40%

0.21% 0.53% 0.24% 0.38%
april, 2007
fund objective
Provide steady investment returns achieved through 100% investment in debt securities, while maintaining moderate probability of negative returns in the short-term. The risk appetite is defined as moderate.

security % total rating/ net 1-yr beta assets

% total net asset
bond/cd
10.90% RECL LTD NCD (MD 14/08/2013) 11.45% RELIANCE INDUSTRIES LTD NCD (MD 25/11/2013) 2% TATA MOTORS LTD NCD (MD 31/03/2014) 2% INDIAN HOTELS COMPANY LTD NCD (MD 09/12/2014) 10.90% RECL LTD NCD (MD 30/09/2013) 9.70% LIC HOUSING FINANCE LTD NCD (MD 07/04/2013) 8.40% L & T FINANCE LTD NCD (MD 08/03/2013) 8.40% HDFC LTD NCD (MD 08/12/2014) 11.25% POWER FIN CORP LTD NCD (MD 28/11/2018) 10.60% IRFC NCD (MD 11/09/2018) 9.7% UNITED PHOS LTD (MD 9/4/17) CALL STEP 9/4/15 11.45% RELIANCE IND LTD NCD (MD 25/11/2013) 8.98% NAT CAP REG PLAN NCD (14/02/18)P/C14/02/15 8.95% INFOTEL BROADBAND SERV LTD NCD (MD 15/09/20) 8.90% SAIL (MD 01/05/2019) CALL 010514 9.25% IDBI BANK LTD PERP NCD CALL/STEP-UP 29/01/20 8.97% TATA SONS LTD NCD (MD 15/07/2020) 8.40% ADITYA BIRLA NUVO LTD NCD (MD 23/11/2012) 9.05% SBI PERPETUAL NCD CALL/STEP-UP 27/01/2020 8.90% POWER GRID CORP LTD NCD STRPP B (MD 25/2/15) 12%TATA CAPITAL LTD NCD (MD 05/03/2014) P/C 050312 10% NABARD NCD SR IX (MD 14/05/2012) 5.08 4.76 4.21 4.18 4.11 3.97 3.87 3.84 3.09 2.59 2.19 2.09 1.97 1.95 1.95 1.85 1.17 1.16 0.98 0.98 0.81 0.40 AAA AAA AAA LAA+ AAA AAA AA+ AAA AAA AAA AA+ AAA AAA AAA AAA AA AAA AA+ AAA AAA LAA+ AAA
fund risk profile
gilts total money market instruments
18.84%
23.99%
low
high
bond / cd
57.17%
total bond/cd gilts

7.02% 7.80% 7.46% 8.32% 8.26% 8.28% GOI GOI GOI GOI GOI GOI (MD 17/08/2016) (MD 03/05/2020). 2017 (M/D. 28/8/2017) (MD 02/08/2032) (MD 02/08/2027) (MD 15/02/2032)
57.17 sovereign
5.56 3.79 3.77 1.91 1.91 1.91 sovereign sovereign sovereign sovereign sovereign sovereign

18.84 23.99 100.00
15,000 13,000 11,000 9,000 7,000 5,000 10,000
13,186
fund mangers report

Exposures in Government Securities have been increased to capture the higher yields and that of Corporate Bonds have been reduced due to hardening of yield at the shorter end of the curve. Accordingly Allocations to Money Market instruments have been decreased. We will increase exposure to gilts and corporate bonds as and when attractive investments are available.
inception 9-Aug-07
31-Oct-10

Debt Instruments: 100%
CRISIL Composite Bond Index: 100%
Gilt Fund
6.77% 5.43% 6.06% 6.15%
benchmark return
5.50% 6.65% 8.29% 8.62%

1.35% 3.50% 3.31% 3.12%

2.33% 11.00% 10.57% 9.99%
fund sharpe ratio

1.31% 0.21% 0.32% 0.37%

0.22% 0.15% 0.31% 0.36%
may, 2007
fund objective
Provide returns that exceed the inflation rate, without taking any credit risk (sovereign risk only) and maintaining a low probability of negative return in the short- term. The risk appetite is low to moderate.

security % total rating/ net 1-yr beta assets sovereign
GOI GOI GOI GOI GOI GOI GOI GOI GOI GOI GOI (MD 15/02/2032) (MD 21/09/2022) (MD 03/05/2020). (MD 08/06/2015) (MD 02/08/2027) (MD 02/07/2040) (MD 17/08/2016) (MD 15/02/2027) 2017 (M/D. 16.04.2017) UTTAR PRADESH SDL (22/09/2020) 2015 (M/D. 16.10.2015) 14.85 11.33 11.06 10.69 7.43 7.40 7.21 3.71 3.66 3.19 0.02 sovereign sovereign sovereign sovereign sovereign sovereign sovereign sovereign sovereign sovereign sovereign

% total net asset
gilts
fund risk profile
low
high
8.28% 8.13% 7.80% 6.49% 8.26% 8.30% 7.02% 8.24% 7.49% 8.39% 9.85%
19.46%
gilt
80.54%
80.54 19.46 100.00

12,000 11,000 10,000 9,000 8,000 7,000 6,000 5,000 inception 28-May-07 10,000
11,798
31-Oct-10
fund mangers report

Exposures in Government Securities have been increased to capture the higher yields Accordingly Allocations to Money Market instruments have been decreased. We will increase exposure to gilts as and when attractive investments are available .

Government Securities: 100%
I-Sec Composite Sovereign Bond Index:100%
Guaranteed Bond Fund I

8.33% 12.58%
benchmark return
NA NA

2.17% 3.65%

NA NA
fund sharpe ratio

1.53% 2.08%

NA NA
last 1 year since inception (CAGR*) date of inception

december, 2008
fund objective
To achieve predictable investment return. This will be achieved through 100% investments in debt securities where returns are locked in through portfolio immunization techniques and use of rigorous Asset Liability Management (ALM). The risk appetite is 'low to moderate'.

security
bond/cd
9.15% NCRP NCD (18/02/2019)P/C180216 11% POWER FIN CORPOARTION LTD NCD (15/09/2018) 2% TATA MOTORS LTD NCD (MD 31/03/2014) 11.45% RELIANCE INDUSTRIES LTD NCD (25/11/2013) 9.50% TATA COMMUNICATION LTD NCD (08/06/2014) 10.48% SAMRUDDHI CEMENTS LTD NCD (16/12/2013) 11.30% ACC LTD NCD (MD 10/12/2013) 10.35% HDFC LTD SR E006 NCD (MD 06/06/2017) 11.35% RECL LTD NCD (24/10/2013) P/C 24/10/2011 10.60% IRFC NCD (MD 11/09/2018) 9.07% RECL (MD 28/02/2018) 11.15% HDFC LTD NCD (MD 06/08/2018) 8.54 6.72 6.49 5.92 5.92 5.90 5.79 5.29 4.11 4.00 3.65 2.84 AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA

% total net asset
fund risk profile
34.83%
low
high
total bond/cd total money market instruments total net assets
65.17 34.83 100.00
bond/cd
65.17%

growth of initial investment of Rs.10,000 in GRP-I
13,000 11,000 9,000 7,000 5,000 inception 12-Dec-08 10,000
12,288
31-Oct-10
fund mangers report

The allocation to gilts was increased to the portfolio is maintained to deliver guaranteed returns

Debt Instruments: 100%
Money Market Fund

7.15% 8.63% 8.92% 8.94%
benchmark return
4.33% 5.27% 6.08% 6.10%

0.09% 0.52% 0.46% 0.43%

0.36% 0.78% 0.75% 0.71%
fund sharpe ratio

23.34% 6.95% 8.57% 9.17%

-1.86% 0.35% 1.45% 1.55%
last 1 year last 2 year (CAGR*) last 3 year (CAGR*)
fund objective
To achieve predictable investment return. This will be achieved through 100% investments in debt securities where returns are locked in through portfolio immunization techniques and use of rigorous Asset Liability Management (ALM). The risk appetite is 'low to moderate'.
since inception (CAGR*) date of inception

may, 2007

security % total rating/ net assets 1-yr beta

% total net asset
other money market Instrument total net assets
100.00 100.00
fund risk profile

low low to moderate moderate moderate to high high
100%

YTM of debt portfolio: 7.82 %
growth of initial investment of Rs.10,000 in AIP
13,000 11,000 9,000 7,000 5,000 3,000 inception 28-May-07 10,000
12,896
31-Oct-10
fund mangers report

Presently the investments of this fund are entirely in Certificate of deposits, Commercial Paper and Fixed Deposits i.e. at 100% of the portfolio.

Money Market Instruments : 100%
CRISIL Liquid Bond Index: 100%
Capital Secure Fund

6.75% 8.08% 8.43% 8.56% 8.11% 7.03%
benchmark return
4.98% 4.98% 6.05% 6.42% 6.47% 5.77%

0.14% 0.50% 0.52% 0.48% 0.50% 0.58%

0.27% 0.37% 0.53% 0.50% 0.45% 0.47%
fund sharpe ratio

12.77% 6.15% 6.54% 7.40% 6.25% 3.52%

-0.06% -0.05% 1.97% 2.84% 3.27% 1.62%
last 1 year last 2 year (CAGR*) last 3 year (CAGR*) last 4 year (CAGR*) last 5 year (CAGR*)
fund objective
Maintain the capital value of all contributions (net of charges) and all interest additions, at all times. The risk appetite is extremely low.
since inception (CAGR*) date of inception

february, 2003

security % total rating/ net assets 1-yr beta
other money market Instrument total net assets
100.00 100.00
% total net asset
fund risk profile

low low to moderate moderate moderate to high high
100%

YTM of debt portfolio: 7.05%
growth of initial investment of Rs.10,000 in

15,000 13,000 11,000 9,000 7,000 5,000 inception 10-Feb-08 31-Oct-10 10,000 14,398
fund mangers report

The allocation to CDs and CPs and bank fixed deposits was maintained at 100% to take advantage of high yields in these instruments.

Money Market Instruments : 100%
Yield on 182-day T.Bills : 100%
Equity Plus Fund

period gross fund return benchmark return fund standard deviation benchmark standard deviation fund sharpe ratio benchmark sharpe ratio
last 1 year date of inception
fund has not completed a period of one year since inception january, 2010
fund objective
Provide high real rate of return in the long term through high exposure to equity investments, while recognizing that there is significant probability of negative returns in the short term. The risk appetite is high.

security equity
AUTO ANCILLARY EXIDE INDUSTRIES LTD AUTOMOBILES MAHINDRA & MAHINDRA LTD MARUTI SUZUKI INDIA LTD BAJAJ AUTO LTD BANKING & FINANCE ICICI BANK LTD STATE BANK OF INDIA HDFC BANK AXIS BANK LTD BANK OF BARODA HOUSING DEV FIN CORPN LTD POWER FINANCE CORPORATION LTD INDUS IND BANK CAP GOODS / ENGINEERING LARSEN & TOUBRO LTD CUMMINS INDIA LTD BHARAT HEAVY ELECTRICALS LTD TRIVENI ENGINEERING & IND. LTD CROMPTON GREAVES LTD CEMENT & CEMENT PRODUCTS ULTRATECH CEMENT LTD GRASIM INDUSTRIES LTD CONSTRUCTION NAGARJUNA CONSTRUCTION CO LTD JAIPRAKASH ASSOCIATES LTD CONSUMER GOODS BALLARPUR INDUSTRIES LTD FERTILIZERS GUJARAT STATE FERTILIZERS & CHEMICALS LTD FMCG ITC LTD ASIAN PAINTS LTD. HINDUSTAN UNILEVER LTD UNITED SPIRITS LTD TATA GLOBAL BEVERAGES LTD GAS GAIL (INDIA) LTD IT INFOSYS TECHNOLOGIES LTD TATA CONSULTANCY SERVICES LTD METALS TATA STEEL LTD STERLITE INDUSTRIES INDIA LTD HINDALCO INDUSTRIES LTD JINDAL STEEL AND POWER LTD OIL EXPLORATION CAIRN INDIA LTD OIL REFINERIES RELIANCE INDUSTRIES LTD ONGC CORPORATION LTD INDIAN OIL CORPORATION LTD PHARMACEUTICALS JUBILANT LIFE SCIENCES LTD AUROBINDO PHARMA LTD FV LUPIN LTD RANBAXY LABORATORIES LTD POWER NTPC LTD ORIENT GREEN POWER CO LTD RETAIL PANTALOON RETAIL INDIA LTD SOFTWARE FINANCIAL TECHNOLOGIES INDIA TELECOM BHARTI AIRTEL LTD 1.88 1.88 3.76 1.71 1.27 0.77 22.95 7.26 3.87 3.33 2.10 2.07 1.86 1.39 1.07 11.94 5.21 2.95 1.56 1.17 1.04 1.72 1.07 0.65 1.08 1.08 0.77 3.54 3.54 0.82 0.82 6.74 2.57 1.25 1.18 0.96 0.78 0.65 0.65 9.86 5.97 3.89 4.58 1.79 1.74 0.93 0.11 0.36 0.36 10.76 7.78 2.13 0.85 5.77 2.22 1.44 1.25 0.86 2.55 1.61 0.94 1.50 1.50 1.04 1.04 1.62 1.62

% total net asset
fund risk profile
0.63 1.17 0.64 0.61 1.45 1.00 0.83 1.13 0.63 1.03 0.69 1.05 0.93 0.31 0.68 1.02 0.83 0.60 0.47 1.23 1.63 0.83 0.49 0.66 0.31 0.49 1.01 0.60 0.66 0.81 0.82 1.66 1.68 1.90 1.14 1.00 1.19 0.60 0.23 0.74 0.68 0.26 0.84 0.63 1.15 0.97 0.95 0.66
6.89%
low
high
equity
93.11%

Fund Beta 0.92
fund mangers report

The month of October saw the markets ending flat. The equity market saw some profit booking before Coal India IPO and fed meeting on quantitative easing. Looking at news flows in specific sectors, the holding in equities was kept at 93.11%. .
total equity total money market instruments
93.11 6.89 100.00

Equity Plus : 100%
total net assets
S&P CNX Nifty: 100%
Highest Nav Guarantee Fund

fund has not completed a period of one year since inception february, 2010
fund objective
Offer guarantee of maturity value, in an equity oriented fund, at the highest NAV achieved during the period of the guarantee. The risk appetite is moderate to high

security equity % total 1-yr beta net assets

% total net asset
fund risk profile
low
high
AUTOMOBILES TATA MOTORS LTD MAHINDRA & MAHINDRA LTD MARUTI SUZUKI INDIA LTD HERO HONDA MOTORS LTD BANKING & FINANCE ICICI BANK LTD STATE BANK OF INDIA HOUSING DEV FIN CORPN LTD HDFC BANK CAP GOODS / ENGINEERING LARSEN & TOUBRO LTD BHARAT HEAVY ELECTRICALS LTD CEMENT & CEMENT PRODUCTS ACC LTD CONSTRUCTION JAIPRAKASH ASSOCIATES LTD FMCG ITC LTD HINDUSTAN UNILEVER LTD IT INFOSYS TECHNOLOGIES LTD TATA CONSULTANCY SERVICES LTD WIPRO LTD METALS TATA STEEL LTD JINDAL STEEL AND POWER LTD HINDALCO INDUSTRIES LTD STERLITE INDUSTRIES INDIA LTD OIL REFINERIES RELIANCE INDUSTRIES LTD ONGC CORPORATION LTD PHARMACEUTICALS CIPLA LTD POWER NTPC LTD TATA POWER TELECOM BHARTI AIRTEL LTD
5.08 1.74 1.45 1.04 0.85 18.06 6.03 4.11 4.09 3.83 7.00 5.05 1.95 0.48 0.48 0.66 0.66 5.63 4.16 1.46 10.43 6.65 2.85 0.93 5.65 1.75 1.36 1.33 1.21 11.59 9.05 2.54 0.84 0.84 2.57 1.49 1.08 2.02 2.02
1.40 1.17 0.64 0.58 1.45 1.00 1.03 0.83 0.93 0.68 0.71 1.63 0.66 0.49 0.81 0.82 0.91 1.66 1.14 1.90 1.68 1.19 0.60 0.39 0.63 0.67 0.66
30.00%
equity
70.00%

Fund Beta 0.99
growth of initial investment of Rs.10,000 in TIPS-I
70.00 30.00 100.00
12,000 11,000 10,000 9,000 8,000 7,000 6,000 5,000
11,460 10,000
inception 10-Feb-10
31-Oct-10

Equity : Debt : 0 to 100% 0 to 100%
Sensex: 100%
Highest NAV Advantage Fund-Series I

fund has not completed a period of one year since inception september, 2010
fund objective
Offer guarantee of maturity value, in an equity oriented fund, at the highest NAV achieved during the period of the guarantee. The risk appetite is moderate to high

security equity
AUTOMOBILES TATA MOTORS LTD MAHINDRA & MAHINDRA LTD MARUTI SUZUKI INDIA LTD HERO HONDA MOTORS LTD BANKING & FINANCE ICICI BANK LTD STATE BANK OF INDIA HDFC BANK HOUSING DEV FIN CORPN LTD CAP GOODS / ENGINEERING LARSEN & TOUBRO LTD BHARAT HEAVY ELECTRICALS LTD CEMENT & CEMENT PRODUCTS ACC LTD CONSTRUCTION JAIPRAKASH ASSOCIATES LTD FMCG ITC LTD HINDUSTAN UNILEVER LTD IT INFOSYS TECHNOLOGIES LTD TATA CONSULTANCY SERVICES LTD WIPRO LTD METALS TATA STEEL LTD JINDAL STEEL AND POWER LTD HINDALCO INDUSTRIES LTD STERLITE INDUSTRIES INDIA LTD OIL REFINERIES RELIANCE INDUSTRIES LTD ONGC CORPORATION LTD PHARMACEUTICALS CIPLA LTD POWER NTPC LTD TATA POWER TELECOM BHARTI AIRTEL LTD 6.20 2.13 1.78 1.25 1.04 20.87 7.40 5.03 4.70 3.75 8.51 6.16 2.35 0.57 0.57 0.78 0.78 6.10 4.30 1.79 12.53 8.07 3.45 1.00 6.37 2.06 1.65 1.57 1.08 12.74 9.62 3.12 1.03 1.03 3.10 1.80 1.29 2.42 2.42
% total 1-yr beta net assets

% total net asset
fund risk profile
1.40 1.17 0.64 0.58 1.45 1.00 0.83 1.03
18.79%
low
high
equity
0.93 0.68 0.71 1.63 0.66 0.49 0.81 0.82 0.91 1.66 1.14 1.90 1.68 1.19 0.60 0.39 0.63 0.67 0.66
81.21%

Fund Beta 0.99
growth of initial investment of Rs.10,000 in TIPS-I
11,000 10,000 9,000 8,000 7,000 6,000 5,000
10,000
10,239
81.21 18.79 100.00
inception 9-Sep-10
31-Oct-10

Equity : Debt : 0 to 100% 0 to 100%
Sensex: 100%
Product Details
Navs as of 31 October, 2010
Automatic Investment Plan- Corporate Bond Automatic Investment Plan- Energy Automatic Investment Plan- Equity Automatic Investment Plan- Gilt Automatic Investment Plan- Infrastructure Automatic Investment Plan- Midcap Automatic Investment Plan- Money Market Automatic Investment Plan- Option A Automatic Investment Plan- Option B Automatic Investment Plan- Option C Automatic Investment Plan- Pure Equity Golden Year Plan- Balanced Golden Year Plan- Capital Secure Golden Year Plan- Energy Golden Year Plan- Equity Golden Year Plan- Growth Golden Year Plan- Infrastructure Golden Year Plan- Midcap Golden Year Plan- Pure Equity Imaan Plan - Indian Traditional Market Return Plan- Balanced Market Return Plan- Capital Secure Market Return Plan- Energy Market Return Plan- Equity Market Return Plan- Growth Market Return Plan- Infrastructure Market Return Plan- Midcap Market Return Plan- Pure Equity Money Guarantee Plan- Option D Money Guarantee Plan- Option E Money Guarantee Plan- Option F Money Guarantee Plan- Return Shield Pension Bond Option - GRPS I Pension Bond Option - New GRPS I Reliance Balanced- New Fund C Reliance Balanced- New Fund G Reliance Growth- New Fund D Reliance Growth- New Fund H Reliance Growth Plus- New Fund B Reliance Growth Plus- New Fund E Reliance Guaranteed Bond Reliance Highest NAV Advantage Fund-Series-I Reliance Highest NAV Guarantee Plan Reliance Money Market Reliance New Balanced Fund Reliance New Corporate Bond Reliance New Energy Reliance New Equity Reliance New Gilt Reliance New Growth Fund Reliance New Guaranteed Bond I Reliance New High Growth Reliance New Infrastructure Reliance New Midcap Reliance Premier Life- Corporate Bond Reliance Premier Life- Energy Reliance Premier Life- Equity Reliance Premier Life- Gilt Reliance Premier Life- Infrastructure Reliance Premier Life- Midcap Reliance Premier Life- Money Market Reliance Premier Life- Pure Equity
May 28, August 1, May 28, May 28, August 1, August 1, May 28, May 28, May 28, May 28, August 1, February 10, February 10, August 1, March 12, March 12, August 1, August 1, August 1, December 17, August 9, August 9, August 1, August 9, August 9, August 1, August 1, August 1, March 1, March 1, March 1, April 9, December 12, February 25, January 11, January 11, January 11, January 11, January 11, January 11, December 12, September 9, February 15, January 11, January 11, January 11, January 11, January 11, January 11, January 11, February 25, January 11, January 11, January 11, August 20, August 20, August 20, August 20, August 20, August 20, August 20, August 20,
2007 2008 2007 2007 2008 2008 2007 2007 2007 2007 2008 2003 2003 2008 2007 2007 2008 2008 2008 2008 2004 2004 2008 2004 2004 2008 2008 2008 2007 2007 2007 2007 2008 2009 2010 2010 2010 2010 2010 2010 2008 2010 2010 2010 2010 2010 2010 2010 2010 2010 2009 2010 2010 2010 2009 2009 2009 2009 2009 2009 2009 2009
13.2713 11.3282 13.4147 11.7978 9.5891 12.8621 12.8957 12.8237 13.2793 13.2255 12.9324 17.1865 14.4540 11.3282 15.5775 15.5595 9.5891 12.8621 12.9324 14.3123 17.1827 14.3980 11.3282 31.5790 19.5321 9.5891 12.8621 12.9324 13.9267 14.0958 14.3398 13.1856 12.2980 11.5738 10.6311 10.6311 10.8424 10.8424 11.0075 11.0075 12.2877 10.2386 11.4599 10.4674 10.6311 10.4938 10.4217 11.6673 10.4055 10.8424 11.5613 11.2906 9.7831 10.9066 11.8308 16.8956 21.1367 10.7087 14.2771 21.4325 11.4665 19.9381
Product Details
Product Name Reliance New Return Shield Reliance New Indian Traditional Fund Reliance New Pure Equity Reliance Super Golden Years Term 10 Plan - Midcap Reliance Super Golden Years Term 10 Plan - Money Market Reliance Super Growth- New Fund A Savings Linked Insurance- Energy Savings Linked Insurance- Equity Savings Linked Insurance- Gilt Savings Linked Insurance- Money Market Savings Linked Insurance- Infrastructure Savings Linked Insurance- Pure Equity Secure Child Plan- Energy Secure Child Plan- Equity Secure Child Plan- Option G Secure Child Plan- Option H Secure Child Plan- Infrastructure Secure Child Plan- Midcap Secure Child Plan- Pure Equity Secure Child Plan- Return Shield Super Automatic Investment Plan- Corporate Bond Super Automatic Investment Plan- Energy Super Automatic Investment Plan- Equity Super Automatic Investment Plan- Option A Super Automatic Investment Plan- Option B Super Automatic Investment Plan- Option C Super Automatic Investment Plan- Gilt Super Automatic Investment Plan- Infrastructure Super Automatic Investment Plan- Midcap Super Automatic Investment Plan- Money Market Super Automatic Investment Plan- Pure Equity Super Golden Year Plan- Balanced Super Golden Year Plan- Energy Super Golden Year Plan- Equity Super Golden Year Plan- Growth Super Golden Year Plan- Infrastructure Super Golden Year Plan- Pure Equity Super Market Return Plan- Balanced Super Market Return Plan- Energy Super Market Return Plan- Equity Super Market Return Plan- Growth Super Market Return Plan- Infrastructure Super Market Return Plan- Midcap Super Market Return Plan- Money Market Super Market Return Plan- Pure Equity SuperInvest Assure Plan- Corporate Bond SuperInvest Assure Plan- Energy SuperInvest Assure Plan- Equity SuperInvest Assure Plan- Gilt SuperInvest Assure Plan- Infrastructure SuperInvest Assure Plan- Midcap SuperInvest Assure Plan- Money Market SuperInvest Assure Plan- Pure Equity SuperInvest Assure Plan Plus- Corporate Bond SuperInvest Assure Plan Plus- Energy SuperInvest Assure Plan Plus- Equity SuperInvest Assure Plan Plus- Gilt
Inception Date January 11, 2010 January 11, 2010 January 11, 2010 December 4, 2008 December 4, 2008 January 11, 2010 May 26, 2009 May 26, 2009 May 26, 2009 May 26, 2009 May 26, 2009 April 29, 2009 August 1, 2008 November 29, 2007 November 29, 2007 November 29, 2007 August 1, 2008 August 1, 2008 August 1, 2008 December 27, 2007 December 4, 2008 December 4, 2008 December 4, 2008 December 4, 2008 August 4, 2008 December 4, 2008 December 4, 2008 December 4, 2008 December 4, 2008 December 4, 2008 December 4, 2008 December 4, 2008 December 4, 2008 December 4, 2008 December 4, 2008 December 4, 2008 December 4, 2008 December 4, 2008 December 4, 2008 December 4, 2008 December 4, 2008 December 4, 2008 December 4, 2008 December 4, 2008 December 4, 2008 June 12, 2008 June 12, 2008 June 12, 2008 June 12, 2008 June 12, 2008 June 12, 2008 June 12, 2008 June 12, 2008 December 4, 2008 December 10, 2008 December 10, 2008 December 10, 2008
NAV 10.4194 10.9297 10.9297 12.8621 11.5244 11.3105 16.8956 21.1367 10.7087 11.4665 14.2771 19.9381 11.3282 10.2436 12.0193 11.4730 9.5891 12.8621 12.9324 12.4390 13.2713 11.3282 13.4147 12.8237 13.2793 13.2255 11.7978 9.5891 12.8621 12.8957 12.9324 17.1865 11.3282 13.4147 15.5595 9.5891 12.9324 17.1827 11.3282 13.4147 19.5321 9.5891 12.8621 11.5244 12.9324 12.2641 12.0916 13.8483 11.2616 9.8909 12.4276 11.9275 14.3123 12.2641 12.0916 13.8483 11.2616
Product Details
Product Name SuperInvest Assure Plan Plus- Infrastructure SuperInvest Assure Plan Plus- Midcap SuperInvest Assure Plan Plus- Money Market SuperInvest Assure Plan Plus- Pure Equity Total Investment Plan Series I- Corporate Bond Total Investment Plan Series I- Energy Total Investment Plan Series I- Equity Total Investment Plan Series I- Gilt Total Investment Plan Series I- Infrastructure Total Investment Plan Series I- Midcap Total Investment Plan Series I- Money Market Total Investment Plan Series I- Pure Equity Total Investment Plan Series II- Corporate Bond Total Investment Plan Series II- Energy Total Investment Plan Series II- Equity Total Investment Plan Series II- Gilt Total Investment Plan Series II- Infrastructure Total Investment Plan Series II- Midcap Total Investment Plan Series II- Money Market Total Investment Plan Series II- Pure Equity Wealth + Health Plan- Corporate Bond Wealth + Health Plan- Energy Wealth + Health Plan- Equity Wealth + Health Plan- Option A Wealth + Health Plan- Option B Wealth + Health Plan- Gilt Wealth + Health Plan- Infrastructure Wealth + Health Plan- Midcap Wealth + Health Plan- Money Market Wealth + Health Plan- Pure Equity
Inception Date December 10, 2008 December 10, 2008 December 10, 2008 December 10, 2008 March 19, 2008 March 19, 2008 March 19, 2008 March 19, 2008 March 19, 2008 March 19, 2008 March 19, 2008 August 1, 2008 March 19, 2008 March 19, 2008 March 19, 2008 March 19, 2008 March 19, 2008 March 19, 2008 March 19, 2008 August 1, 2008 February 27, 2008 August 1, 2008 February 27, 2008 February 27, 2008 February 27, 2008 February 27, 2008 August 1, 2008 August 1, 2008 February 27, 2008 August 1, 2008
NAV 9.8909 12.4276 11.9275 14.3123 12.3595 11.4732 13.8390 11.2091 9.4295 12.9508 12.1338 12.9324 12.3477 11.4741 13.8336 11.2127 9.4191 12.9865 12.1257 12.9324 12.4402 11.3282 11.1364 10.9101 11.6711 11.2586 9.5891 12.8621 12.2036 12.9324
Investment strategy and risk control
Macro analysis of the economy is carried out by tracking the trends in key economic indicators. Market dynamics are also studied apart from the above to determine our view of the changes likely in the interest rate scenario and equity market movements. Price movements in the market are monitored at all times along with factors that affect them such as the prevailing market sentiments, cash flows in the market and views/actions of key market participants including institutional investors like FIIs and mutual funds. For analyzing the debt markets, yield curve movements and changes in its shape are also studied. The risk appetite and investment objective is clearly defined for each fund keeping in mind the investment horizon, liquidity requirements etc. A range of acceptable holdings under each asset class is determined at the investment policy level. The asset allocation primarily takes into account, the investment objectives, regulatory issues and the likely risk return matrix to obtain a potential return which is the highest achievable for the risk that is assumed. Within the strategic asset allocation, the fund managers determine the weights of the various asset classes; primarily factoring in the developing market scenarios. Based on the investment of objectives of each fund option, a rigorous security selection process is followed. The fixed income fund manager identifies cheaper securities across the yield curve and builds a basket of securities to arrive at the optimum level of yield within the range of pre-determined 'duration' for the entire portfolio after paying particular attention to the liquidity position and the liquidity premium on the securities. An active fund management style is followed or the equity portfolios. A core portfolio of stocks is first created driven by a top-down approach and a research based bottom-up stock selection method is followed. Benchmarks are pre-determined for each fund based on the most appropriate indices available in the market or by constructing proxy benchmarks out of multiple indices. Performance of each fund is continuously tracked based on the benchmarks and recalibrated. A statistical analysis is carried out to determine that the risk levels are in tune with the risk appetite of the particular fund. Statistical tools such as the standard tools such as the standard deviation and risk-adjusted return measures such as the Sharp ratio are calculated in order to compare the returns generated per unit of risk vis--vis benchmarks. The investment policy has been designed by the Board to cover regulatory guidelines, the various product investment objectives, risk appetite strategic asset allocation and the investment style. It is ensued that the portfolio is always kept complaint with the relevant regulations. Our rigorous process and risk/compliance controls are well documented.
Macro Analysis Appreciation of Market

Dynamics
Meeting Investment
Objective vis--vis Risk Appetite
Asset Allocation Strategy Security

Selection- Portfolio Constriction
Benchmark Risk Management /

Portfolio Evolution/ Diagnostics
Governance and
Process
the analyst expressions
Gross Fund Return

Gross return for a fund is defined as the return calculated on an NAV basis plus the fund management fees which are debited periodically to the fund. We calculate gross fund returns in order to give uniformity while evaluating fund management performance as the fund management fees vary from company to company. Fund management charges are a matter of policy decision by the top management of a life insurance company. Hence, even if two funds from two different fund management companies give the same returns, the returns may not reflect that if they are calculated on an NAV basis. We shall highlight this with the help of an example. Reliance Life Insurance Balanced Fund NAV based Return=11.50 % Fund Management Fee=2% Gross Fund Return=13.50% XYZ Insurance Company Balanced Fund NAV based Return=10.50% Fund Management Fee=3% Gross Fund Return=13.50%.
Gross Fund Return
As seen above, though the gross return of both the companies were same, Reliance Life Insurance showed a higher NAV based return as the fund management fees were lower. Please note that the returns as given in The Analyst for all funds are computed on a gross basis.
Benchmark Return
Benchmark Return
A benchmark is a standard against which the performance of an investment can be measured. Benchmarks are pre-determined primarily on the basis of the asset allocation structure of the fund. Benchmarks can be readily available in the market or have to be constructed. The CNX Nifty is a readily available benchmark for our equity portfolio manager as the equity fund primarily invests in equities. However, the benchmark for the Growth Fund of Reliance Life Insurance has been constructed as 60% of CRISIL Short Term Bond Index and 40% of CNX Nifty as the asset allocation of the growth fund is 60% of debt and 40% of equity. (Please refer to the Growth Fund page of The Analyst).
Fund Standard Deviation
Fund Sharpe Ratio
Fund Standard Deviation

Risk of investing in a fund is identified by the volatility of the fund's periodic returns. Standard deviation measures the volatility of the fund's returns for a given time period. In other words, Fund Standard Deviation for a particular time period gives us the deviation from the mean returns, that has occurred for that fund during that time period. For e.g. let us assume that the Balanced Fund has generated an average (mean) return of 11.55% for the last 2 years and that the corresponding standard deviation was 4.44%. That means that during the last 2 year time period, the balanced fund return varied between 15.99% (i.e. 11.55+ 4.44) and 7.11% (i.e. 11.55-4.44) during 65% of the time. Higher the standard deviation, the greater the volatility, and therefore, the greater the risk of investing in that fund. Thus, an investor has more information available at his disposal to evaluate the quality of performance of the fund and how volatile its returns are. To carry it a step further, it is highly unlikely that a fund's return in any one year will be exactly the average. Rather, it will always be either higher or lower than the average. Thus, standard deviation teaches us to look beyond the average annual return figures that are touted by investment advisors.
Fund Sharpe Ratio

Sharpe ratio of a fund tells us how much return the fund has been able to generate per unit of risk. The higher the Sharpe Ratio, the better the performance of a fund from a risk point of view. The excess return generated by a fund for a particular time period is first calculated by subtracting the risk free rate from the rate of return generated by that fund during that time period. Dividing this result by the standard deviation of the fund return during that time period, one can obtain the Sharpe ratio. Sharpe Ratio = Excess return / Annualized standard deviation of fund return The "risk-free return" is the annualized return currently available on "risk-free" investments. This is usually assumed to be the return on a short government security like Treasury bill. A government security is sovereign credit which is the nearest to a risk free asset that one can get. For our calculations of the Sharpe ratios for all funds as given in the Analyst, we have assumed this risk free rate of interest to be at 5%.
the analyst expressions

Contd...
We shall assume that 9.85% was the annualized gross return for a 3-year time period for the balanced fund, 5% p.a. was the assumed risk free rate of return as discussed above and 4.14% p.a. was the standard deviation of this 3-year return. The Sharpe ratio can be calculated as follows: (9.85-5)%/4.14%=1.17. The Sharpe ratio tells us whether the returns of a portfolio are due to smart investment decisions or a result of excess risk. This measurement is very useful because although one portfolio or fund can reap higher returns than its peers, it is only a good investment if those higher returns do not come with too much additional risk. The greater a portfolio's Sharpe ratio, the better its risk-adjusted performance has been.
Benchmark Sharpe Ratio

Just as the fund returns are compared to a benchmark return, the Sharpe ratio of the fund is also compared to the benchmark's Sharpe ratio in order to evaluate the risk-adjusted performance. In our example above, let us assume that the benchmark Sharpe ratio of the balanced fund for the last 3 years is 0.98. This means that over a three-year time period, the Balanced Fund of Reliance Life Insurance has given a higher risk-adjusted return than the comparable risk-adjusted return provided by the constructed benchmark. While calculating the benchmark Sharpe ratio of 0.98, let us assume that 9.10% was the annualized gross return provided by the constructed benchmark for the balanced fund for the last 3-year time period, 5% p.a. was the assumed risk free rate of return, and 4.21% p.a. was the standard deviation of the 3-year benchmark return. The benchmark Sharpe ratio for the Balanced Fund for the last three years has been calculated as follows: (9.10-5)%/4.21%=0.98.
Benchmark Sharpe Ratio
Modified Duration Of Debt Profile
Modified Duration of Debt Portfolio

The value of a fund's debt portfolio is sensitive to changes in interest rates. When interest rates rise, bond prices fall, and vice versa. Generally, a debt portfolio comprising of bonds with higher maturities will have a higher price fluctuation than a portfolio comprising of bonds with lower maturities. Modified duration, indicates the sensitivity of the value of the debt portfolio to any given change in interest rates. Modified Duration is derived from Duration, which represents a weighted average of the time periods to maturity. Modified Duration gives one an immediate rule of thumb -- the percentage change in the price of a bond is the duration multiplied by the change in interest rates. So, if a bond has duration of 10 years and interest rates fall from 8% to 7.5% (a drop of 0.50 percentage points), the bond's price will rise by approximately 5% (i.e. 10 x 0.50%). Let us assume that the modified duration for the Balanced Fund is 2.03. If interest rates drop from 8% to 7.5%, the value of this debt portfolio will rise by 1.015% (i.e. 2.03 x 0.50%). Similarly, when interest rates rise from 8% to 8.5%, say, the value of this debt portfolio will fall by 1.015%.
Fund Beta
Fund Beta
Beta measures the risk of a security (say a particular stock) in relation to its broad market. The broad market is generally defined as the specified benchmark index. The Beta assigned to the benchmark index is 1. Beta of the stock describes the sensitivity of the price of the stock to the benchmark index. (For the more statistically inclined readers, Beta is the slope of the regression line). It is generally calculated for equity portfolio/funds. If a stock has a beta of 1, that stock is likely to generate the same returns as the market. If the beta of a stock is more than 1, it means that the stock is likely to give higher returns compared to the market but also at a higher risk as compared to the market. For instance, a stock with beta of 1.2 means that when the market, say Nifty, gives a return of 10 %, that stock is likely to generate returns of 12% ( i.e. 1.2*10%). Similarly, a low beta stock has given lower returns compared to what the market has delivered for a particular time period. For e.g. for a stock with beta of 0.80, if the Nifty gives returns of 10%, the stock is likely to give returns of only half of that, i.e. 8%. (i.e. 0.80*10%) Now we shall see the impact of these two stocks when the market falls. When the Nifty gives negative returns of 10%, i.e the market falls by 10%, the price of the stock with beta of 1.2 will fall by 12%. However, though the price of the stock with the low beta of 0.8 will also fall when the market falls, it will not fall as much as the market. If the market falls by 10%, the price of this scrip will fall only by 8%. The fund beta is nothing but the betas of individual stocks in the equity portfolio multiplied by the weight of that stock in the portfolio. If a fund has a high beta, the equity portfolio of that fund is aggressive and tilted towards high beta stocks and vice versa. Please note that the betas of individual stocks as given in the Equity Fund page of the Analyst have been calculated based on the available prices of the stocks on the NSE for the last 1-yr period.
the analyst
Disclaimer
November 2010
While every care has been taken in the preparation of this document, Reliance Life Insurance Company ltd makes no representation or warranty about the accuracy or completeness of any statement in it including, without limitation, any forecasts. Past performance is not a reliable indicator of future performance. This document has been prepared for the purpose of providing general information, without taking account of any particular investor's objectives, financial situation or needs. An investor should, before making any investment decisions, consider the appropriateness of the investor's objectives, financial situation and needs. This document is solely for the use of the party to whom it is provided. Unit Link Life Insurance Products are different from the traditional insurance products and are subject to the risk factors. The premium paid in Unit Linked Life Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Reliance Life Insurance Company Limited is only the name of the Insurance Company and the specified Unit Linked funds do not in any way indicate the quality of the contract, its future prospects or returns. For more details on RLIC products and respective risk factors, terms and conditions please read respective sales brochure documents carefully before concluding a sale. The respective sales brochure documents for various products are published in the website www.reliancelife.com Insurance is the subject matter of solicitation. Reliance Life Insurance Company Limited is a licensed life insurance company registered with the Insurance Regulatory and Development Authority (Registration No: 121) in accordance with the provisions of the Insurance Act 1938.

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Monthly Fund Factsheet

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the analyst

monthly fund factsheet

gross return (CAGR*) (%) As on Oct 31, 2010 funds

date of since inception inception

% Change -2.82 0.57 2.13 7.18 1.28

297.96 81.85 19,399

291.60 75.97 19150

FIIs (Rs Crs) Mfs (Rs Crs)

% Change -0.18 -0.20 2.14 3.43

20,032 6,018 9,361 10,598

20069 6030 9164 10246

% Change 3.06 2.28 7.00 -0.34

Dow Jones FTSE 100 Hang Seng Nikkei

11119 5675 23489 9417

10788 5548 21953 9449

% Change -3.25 1.80 -1.10 -0.06 4.80 0.77

3598 10027 15819 14016 10949 5993

3719 9849 15996 14025 10447 5947

Fixed Income Indicators (%)

Absolute Change 0.38 0.61 0.56 0.13 0.13 0.27

NSE Mibor 91 Day T-Bill 182 Day T-Bill

7.66 6.80 7.03 6.60 7.82 8.12 8.61 8.80 2.61

7.28 6.19 6.46 6.47 7.70 7.85 8.51 8.66 2.51

fund standard deviation

benchmark standard deviation

fund sharpe ratio

benchmark sharpe ratio

last 5 year (CAGR*) since inception (CAGR*) date of inception

portfolio As on Oct 31, 2010

asset allocation as on Oct 31, 2010

fund risk profile

low to moderate moderate moderate to high

fund mangers report

total money market instruments

fund characteristics as on Oct 31, 2010

growth of initial investment of Rs. 10,000 in MRP

total equity total money market instruments total net assets

91.06 8.94 100.00

target asset allocation

Pure Equity Fund

fund standard deviation

benchmark standard deviation

fund sharpe ratio

benchmark sharpe ratio

portfolio As on Oct 31, 2010

asset allocation as on Oct 31, 2010

% total net asset

fund risk profile

low to moderate moderate moderate to high

fund characteristics as on Oct 31, 2010

growth of initial investment of Rs. 10,000 in SIP

fund mangers report

total equity total money market instruments total net assets

88.23 11.77 100.00

target asset allocation

fund standard deviation

benchmark standard deviation

fund sharpe ratio

benchmark sharpe ratio

last 5 year (CAGR) since inception (CAGR) date of inception