MMR - Wealth - March 2016

For privileged circulation only
Issue 7 | Volume 10
( M o n t h l y M a r ke t R e v i e w )
Contents
The First Page
Macro Developments
Fixed Income
Equity Markets
Commodities
Currency Markets
10
Core Schemes
11
Satellite Schemes
15
Scheme Recommendations
16
Model Portfolio
27
Riskometer
29
March
The First Page

Dear Investor,
The Union Budget was a pragmatic one with the much needed thrust towards rural and infrastructure sectors, which needed support in
the backdrop of the slowdown witnessed in these sectors. The government committed close to Rs. 88,000 crores for the rural sector in
the Union Budget with an ambitious plan to double the income of farmers in 5 years. Some of the other key announcements include a
higher outlay for irrigation, substantial jump in fund allocation to Gram Panchayats for transformation of villages, 100per cent
electrification of villages by May 2018, higher outlay to MGNREGA and increased agriculture credit and interest subvention. There was
also importance given to infrastructure sector, with a higher outlay committed for roads and highways, on the back of an increased
outlay in the railway budget. This has come at a time when private sector capex has been quite subdued.
The government also maintained credibility by adhering to its fiscal deficit target of 3.5 per cent for FY17 The market had earlier
expected the government to defer the fiscal consolidation plan by a bit, to provide for increased expenditure as a result of the 7th pay
commission and OROP. This fiscal prudence has provided comfort to the bond markets with bond yields softening post the
announcement. It also sets the stage for a possible rate cut by the RBI in the near future, as adherence to fiscal consolidation plan was
one of the key guidance factors for further monetary easing by the central bank. Consumer inflation print for the month of January has
come below expectations at 5.18 per cent YoY for the month of January 2016, thereby increasing the odds of a rate cut. The net market
borrowing announced by the government in the budget came in below expectations at Rs. 4.25 lakh crores for FY17, compared to Rs. 4.4
lakh crores in FY16. This has also provided support to the bond markets and helped to allay some of supply-side concerns to some
extent.
The budget did not provide much for the corporate sector, which has been suffering from earnings contraction and downgrades over the
past few years. Although it lowered the tax rates for some smaller companies and new manufacturing companies, it did not lower the
corporate tax rateas was expected by the market. One positive factor was that the government did not hike the service tax rate, which
was broadly being expected to be increased to 16per cent in this budget. However, the dampener was the levy of a dividend distribution
tax of 10per cent for dividend income in excess of Rs. 10 lakhs. Besides that, surcharge was raised from 12 per cent to 15 per cent on
individuals having income greater than Rs. 1 crore. Also, the government introduced a Krishi Kalyan Cess, @ 0.5per cent on all taxable
services, w.e.f. 1 June 2016. Another drawback was the recapitalization plan of only Rs. 25,000 crores announced for the troubled PSU
banking sector, which was below market expectations of a Rs. 30,000-35,000 crores.
Going forward, the focus will shift again to corporate earnings and the global scenario, and markets will draw cues from that. Corporate
earnings are expected to pick-up more meaningfully in FY17 and the markets may start to move in anticipation if earnings recover along
expected lines. On the global front, major central banks continue to be in accommodative mode to help support the global economy,
which is witnessing some downside risks presently. The European Central Bank recently expanded its monetary stimulus and also cut
interest rates, and the Bank of Japan kept monetary policy steady after a surprise move of adopting negative interest rate policy in
January. As expected, the US Fed kept rates unchanged, and expectations of further rate hikes have been tempered down to 1-2 hikes,
compared to 3-4 hikes expected at the start of this calendar year.
In a nutshell, the performance of the Indian markets will be dependent on global risk appetite, sentiment, flows and how global
economic growth shapes up during the course of the year.
Bhavesh Sanghvi
Executive Vice President & Head Wealth Management & Channels
Macro Developments
All eyes would be on the month of March 2016 as central banks of
most of the major economies in the world are scheduled to have
their respective monetary policy meetings this month. Due to the
existing global turbulences, the outcome of these meetings
would be closely watched by the investors world-wide. European
Central Bank (ECB) in its recent statement has raised the tempo of
its QE (Quantitative Easing) to 80 billion euros per month effective
from April 2016. It was at 60 billion euros (per month) when it has
started this QE almost a year back to stimulate the euro areas
struggling economy. US has hiked its interest rates in the month
of December, 2015 while signalling at further rate hikes based on
the progress of its economy in the coming months. US economy is
believed to be on the growth path and so markets are eagerly
awaiting the outcome of the US fed meeting this month. Bank of
Japan (BoJ) in its monetary policy meeting this month has kept the
key rates unchanged. In a shocking event in the month of January
2016, BoJ has entered into a negative interest rate regime to spur
growth which was not readily accepted by the global markets.
Thus March 2016 would be under scanner for investors worldwide as the outcome of these monetary policy meetings of major
economies might have major impact on the global markets.
US:
With the rate hike announcement by the US Fed in the month of
December 2015, it had set the most awaited rate hike trend for
the US economy. This decision had a major impact on the global
markets and also resulted in the strengthening of US dollar
versus major currencies globally. During this historic
announcement, US Fed had hinted at future rate hikes based on
consistent growth the US economy in the coming months.
Some of the major factors considered to track US economic
growth are the Inflation, unemployment rate, consumer
spending, etc. The current unemployment in the US stands at
4.9 per cent in February 2016, unchanged from the January rate
but was at 5 per cent in the earlier months. Also the Initial claims
for state unemployment benefits declined 18,000 to a
seasonally adjusted 259,000 for the week ended March 5, 2016
and as per the Labour Department announcement; this is the
lowest reading since mid-October 2015. On the inflation aspect,
US Fed policy makers have been closely watching oil price
movements which have significant impact on the inflation in
the US economy. With global oil prices inching up in the last few
weeks, inflation moving back toward feds 2-percent target rate
seems to be possible as the input costs would move up. Added to
this, there seems to be an upward trend on the consumption
front. As per the Personal Income and Outlays report for
January 2016 released by the Bureau of Economic Analysis on in
the last week of February 2016, PCE Price Index in the United
States increased to 109.96 Index Points in January 2016 from
109.73 Index Points in December of 2015. As these factors which
might influence US feds rake hike decision augurs well for a
possible rate hike, US fed policy meeting scheduled this month
would be closely watched by the investors world wide.
Eurozone:
Developments in the euro zone are quickly taking toll on the
global markets. Eurozone has been struggling under sinking
economy and fears of deflation setting in. Adding to these,
alarmingly increasing refugee crisis in EU is becoming a cause of

concern for both european and global markets. As a part of the
measures taken to stimulate its economy, ECB (European Central
Bank) has started its quantitative easing program by buying 60
billion euros of assets on a monthly basis and in the month of
December, it has extended the QE period till March 2017. But in
the latest announcement by the ECB in March 2016, this QE
program has been increased to 80 billion euros which would start
in April 2016. ECB also has reduced its deposit rates from -0.2 per
cent to -0.3 per cent recently in Decmber 2015. But again it has
been further reduced to -0.4 per cent. Also to boost credit to
private sector, ECB had announced to conduct four new fundingfor-lending operations starting from June 2016. In its recent
statement, Mr. Mario Draghi, the banks president, has
mentioned that the risks to the EUs growth outlook were tilted
to the downside because of heightened uncertainties in the
world economy. In-line with this statement, the ECBs outlook for
real GDP growth has been revised slightly down to 1.4 per cent
compared to December 2015 projections of 1.7 per cent. Also on
the inflation front, ECBs projections of inflation for 2016 stands at
0.1 per cent which is slightly revised downwards compared to
December 2015 projections. These downward projections
signifies that EU along with other economies of the world remains
to be impacted by weak domestic and global economic growth.
Asia:
Japan's economy continues to be on a moderate recovery trend.
Bank Of Japan (BoJ) in its monetary policy meeting in March
2016,has held interest rates at minus 0.1 per cent. BoJ is still
grappling with the shock wave that it has sent across the world
due to its unprecedented landmark decision of entering into
negative interest rate zone that was announced in January 2015.
This decision has actually worked against BoJ, as the decision led
to financial trade unions scrapping their wage demands which is
counter productive for boosting inflation which is very much
required for Japanese economy at this juncture. Higher wages are
the fuel the BoJ needs for higher consumption and higher
inflation. Chinese economy continues to be struggling as its
industrial output has further slowed down and also exports fell
25.4 per cent in February 2016 compared to 11.2 per cent fall
recorded in January 2016. With the fall in exports and excess
output from factories and industries and Chinas plans to close
down many factories might add to the already existing strikes and
labour protests. As Chinas economy started slowing down after
tight more than two decades of extraordinary growth, strikes and
labor protests have already erupted across the country. Factories,
mines and other businesses are withholding wages and benefits,
laying off staff or shutting down altogether. This had further
added to the problems in the Chinese economy. Amidst the global
economic slowdown, global investors are closely watching the
developments in the Indian economy. Domestic issues like
growing NPAs in banks, tight rope walk for the government on
fiscal consolidation, disappointing corporate earnings, seems to
be the dampeners for the economic growth. But with
announcements in the Union Budget 2016-17 aiming at fiscal
prudence and economic growth and supportive stance by the RBI,
we can expect a sooner than expected economic recovery in India.
Fixed Income
Italy
1.41
1.63
1.42
1.56
1.60
Brazil
15.94
16.09
16.00
16.35
16.49
China
2.91
2.87
2.91
2.79
2.84
India
7.63
7.78
7.78
7.81
7.75
Source: Thomson Reuters
Fixed income markets remained one of the best performing

asset class in Feb as investors rushed into bonds after a rout in
equities and commodities hit returns. US 10 year treasuries
rallied almost 20bps to touch 1.74 per cent levels after investors
rushed into safe haven assets as volatility rose. Economic data
continues to remain mixed and that has led to volatile moves in
the bond market as well along with being guided by divergent
monetary policies across the globe. Bond market participants
expect no more rate hike or maybe one more hike by end of the
year as against the Fed dots expectations of 4 rate hikes this
year. US economy however remains the most strongest among
the developed markets and this should see inflows into US
equities along with inflows into bonds whenever there is a risk
off situation. On the other hand European bonds rallied after
ECB gave signals that it may cut interest rates more and boost
the QE to bring growth and inflation back. German 10 year
bunds is back to levels seen before 15 months while its 1-3 year
bunds are trading at negative levels. The peripherals like Spain,
Italy etc also rallied on the same even though some risks remain
in EU as Britan has announced a referendum on whether to be a
part of the EU or not, this may weigh on traders mind as we
In the Union Budget, lot of emphasis and focus was on the rural
economy and agriculture, with the sector under trouble after
two consecutive years of drought. The government committed
more than Rs. 87,000 crores for the rural sector. There was also
importance given to infrastructure sector, with a higher outlay
committed for roads and highways, on the back of an increased
outlay in the railway budget. This has come at a time when
private sector capex has been quite subdued. However, the
overall capital expenditure is budgeted to grow by around 4 per
cent YoY and revenue expenditure is budgeted to grow at 12 per
cent YoY in FY17.
Open Market Operations (Bn Rs.)
140.00
120.00
100.00
80.00
60.00
40.00
20.00
0.00
01/Feb/16
0.63
1.00
01/Oct/15
0.47
0.87
01/Dec/15
0.34
0.65
01/Jun/15
0.26
0.65
01/Aug/15
0.11
0.47
01/Apr/15
Germany
France
Fixed Income - India
01/Feb/15
1.78
01/Oct/14
0.27
1.75
01/Dec/14
0.23
1.51
01/Jun/14
0.11
1.76
01/Aug/14
0.05
1.53
01/Apr/14
-0.06
01/Feb/14
Japan
Spain
01/Oct/13
2.31
1.99
01/Dec/13
2.03
1.67
01/Jun/13
1.93
1.56
01/Aug/13
1.78
1.44
01/Apr/13
1.74
1.34
01/Feb/13
US
UK
01/Oct/12
10 Year Benchmark Yields [%]

Date/
29-Feb-16 16-Feb-16 29-Jan-16 15-Jan-16 30-Dec-15
Countries
progress closer to the date. Japanese 10 year bonds turned

negative after Bank of Japan announced it is open towards
negative interest rates and will keep them low to boost growth.
Emerging market bonds rallied as they saw some flows after a
sell off in the previous month.
01/Dec/12
Fixed Income - Global
Purchase
Sale
Source: CMIE
The government is going to adhere to its fiscal deficit target of

3.5 per cent for FY17, and also said that it will achieve 3.9 per
cent target for FY16. The market had earlier expected the
government to defer the fiscal consolidation plan by a bit, to
IIP & Core Sector Growth
9.50
12.00
10.00
9.00
8.00
8.50
6.00
4.00
8.00
2.00
7.50
0.00
-2.00
CP Rates
Source: CMIE
Core Sector Growth [%]
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
May-15
Apr-15
Feb-15
Mar-15
Jan-15
Dec-14
Nov-14
Oct-14
Sep-14
-6.00
Aug-14
-4.00
Jul-14
22-Feb-16
1-Feb-16
11-Jan-16
21-Dec-15
9-Nov-15
CD Rates
30-Nov-15
19-Oct-15
7-Sep-15
28-Sep-15
17-Aug-15
6-Jul-15
27-Jul-15
15-Jun-15
4-May-15
25-May-15
13-Apr-15
23-Mar-15
7.00
IIP Growth (%)
Fixed Income
provide for increased expenditure as a result of the 7th pay
commission and OROP. However, the government has been able
to stick to the target by keeping a control on total expenditure,
which is budgeted to grow around 10.8 per cent YoY in FY17. It
also sets the stage for a possible rate cut by the RBI in the near
future, as adherence to fiscal consolidation plan was one of the
key guidance factors for further monetary easing by the central
bank. Total revenue growth for FY17 budgeted at 15.5 per cent
YoY vs. 8.4 per cent in FY16 which is helped by stronger non-tax
revenue growth and divestment proceeds (under non-debt
capital receipts). Under Non Tax Revenue, Telecom spectrum
auction proceeds budgeted at around Rs. 99,000 Crs in FY17,
which is quite optimistic. The government has budgeted for a
divestment target of Rs. 36,000 crores and a strategic
disinvestment of Rs. 20,500 crores for FY17. However, its track
record on divestments has not been too good, with the
government missing its divestment target for six consecutive
years. The budget was a pragmatic one comes in the midst of a
challenging global environment. Hopefully, it will help the
Indian economy to continue on the path of growth, and standout
on a relative basis, when compared to some of our troubled
emerging market peers. Going forward, the focus for markets
should again shift to the global scenario and to corporate
earnings.
The Index of Industrial Production witnessed a contraction for
the third straight month in January-16. The IIP contracted by 1.5
per cent in Jan compared to 1.2 per cent contraction seen in
December and 2.8 per cent growth seen a year ago
demonstrating a drag on industrial recovery. The industrial
output slumped mainly due to the subdued growth in the
manufacturing and capital goods sectors. Manufacturing
de-grew at 2.84per cent compared to 2.18 per cent contraction
seen in the previous month. Mining and electricity grew at 1.2
per cent and 6.6 per cent respectively. Under the use based
classification, capital goods production fell sharply to 20.4 per
cent due to poor investment demand and weak capex data, and
consumer non-durables output fell 3.1 per cent due to weak
rural demand in the last two years caused by poor monsoons.
We believe that IIP will show gradual improvement going ahead
due to prominent focus given in the budget for infrastructure,
rural economy & banking sector.
Consumer Price Index led inflation eased to a four month low to
5.18 per cent in February from 5.69 per cent a month ago
increasing the chances of a rate cut. Food & beverages index
which has 45.86 per cent weightage in the overall index fell to
5.52 per cent against 6.66 per cent in the previous month. On a
Y-o-Y basis, the food inflation fell mainly due to fall in
vegetables prices from 6.39 per cent in January to 0.7 per cent in
IIP- Sector Wise Growth Rate (%)

April-Jan
2015-16 2014-15 2013-14 2012-13 2011-12 Weight
Sector-Wise
Mining
2.13
1.46
(1.03) (1.78) (2.51) 14.16%
Manufacturing
2.46
1.97
(0.38)
0.86
3.67
75.53%
Electricity
4.69
9.35
5.69
4.73
8.78
10.32%
3.26
7.67
1.59
2.80
5.77
(0.58)
5.80
2.01
1.63
Use based classification

Basic goods
Capital goods
Intermediate goods
100.00%
(0.77) (9.40) (2.89)
3.22
(4.62) (2.62)
1.79
45.68%
8.83%
(0.84) 15.69%
Consumer goods
3.52
2.68
5.30
29.81%
Consumer durables
11.60 (14.27) (12.50) 3.24
3.76
8.46%
21.35%
Consumer non-durables (1.17)
2.07
5.61
2.20
6.61
IIP
2.64
0.14
0.93
3.43 100.00%
2.67
Source: CMIE
February. The prices of pulses also fell for the month but still
continue to remain at elevated levels. Compared to last month,
the rural inflation and urban inflation have fallen to 5.97 per
cent and 4.30 per cent from 6.48 per cent and 4.81 per cent
respectively. The gap between rural and urban areas remained
same as seen in the previous month. Service inflation
(miscellaneous) continued to rise at 4.38 per cent, highest since
Aug-2014, against 3.95 per cent seen in January and curbing the
same may be crucial to achieve Mar-2017 CPI target of 5 per
cent. Due to the accelaration seen in service inflation, Core CPI
rose to 4.97 per cent vs 4.75 per cent in Jan. In separate data,
Wholesale price index fell for 16th consectutive month on
account of low crude oil prices and fall in vegetable prices. Retail
inflation came in below the RBIs target level of 6 per cent and is
expected to trend lower given that India will receive normal
seasonal rainfall and implementation of the Seventh Pay
Commission may not have much impact on the same.
FIIs were the net sellers in both debt and equity markets in the
month of February to the tune of Rs. 16,312 Crs. due to global
economic slowdown led by Chinese economy. They pulled out
Rs. 7,987 Crs from Indian equities due to fall in global crude oil
prices and weak corporate earnings in India Inc. FII sold debt to
the tune of Rs.8,324 Crs. in February, out of which Rs. 7,364 Crs.
was pulled out in the week leading to the Union Budget,
resulting in high benchmark yields and rupee weakening.
Liquidity conditions generally tighten towards the last quarter
of the financial year due to slowdown in government
expenditure, advance tax outflows by corporates and fiscal year
closing by banks. RBI has been active in liquidity management
and average net daily liquidity injection has increased from Rs.
153 billion in Q3 FY16 to Rs. 268 billion in the Jan-Feb period. RBI
purchased government bonds on March 10, 2016 through open
market operations to infuse Rs.15,000 Crores into the system.
Feb-16
Jan-16
-11,471
Pan, tobacco and

intoxicants
-8,324
-7,987
205
-4,189
Dec-15
-3,639
-7,629
Oct-15
Nov-15
166
-5,696
-480
1,545
15,627
CPI Rural, Urban and Combined (in %)

Rural
Urban
Combined
Feb-16 Jan-16 Feb-16 Jan-16 Feb-16 Jan-16 Weight
Food and beverages 6.11
7.00 4.37 6.23 5.52 6.66 45.86
5,064
5,589
FII in Debt (Rs. Crs)
Jul-15
Jun-15
May-15
Apr-15
Mar-15
Feb-15
Jan-15
-20,000
Sep-15
-15,000
Aug-15 -17,209
-7,973
-3,460
-5,000
-10,000
-6,148
-417
5,000
1,775
10,000
11,721
15,000
3,612
20,000
5,949
9,336
25,000
23,068
17,689
30,000
13,422
8,893
Fixed Income
FII in Equity (Rs. Crs)
8.05
8.88
9.29
9.50
8.39
9.03
2.38
6.53
Clothing & footwear 6.64
6.94
3.90
3.91
5.52
5.71
Housing
8.05
8.88
5.33
5.20
5.33
5.20 10.07
Fuel & light
6.17
6.59
1.75
3.09
4.59
5.32
6.84
Miscellaneous
5.04
4.89
3.53
3.00
4.38
3.95 28.32
Headline
5.97
6.48
4.30
4.81
5.18
5.69 100.00
Source: CMIE
Source: CMIE
CPI & Food Infiation

9.55
8.55
7.55
6.55
5.55
4.55
3.55
2.55
CPI [%]
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
May-15
Apr-15
Mar-15
Jan-15
Feb-15
1.55
Dec-14
This is the forth such high OMO purchase in this year in order to
provide flexibility to the banking system in its liquidity
management. Liquidity has been quite tight in the system and
this has put upward pressure on bond yields. Short-term
interest rates have risen sharply in the past two months with CP
and CD rates rising by 50bps and 100 bps respectively. Call
money rates has mostly remained anchored below or close to
the policy rate. Even AAA and AA corporate bond yields have
seen an uptick by 15-20bps since Dec15. Domestic liquidity
conditions have remained tight contributing to overall elevated
yields. Bond yields had shot up in the weeks leading to the
Budget due to large supply of high-yielding state bonds, and
expectations of a larger government borrowing in FY17.
However, the Finance Ministers decision to stick to the fiscal
deficit target of 3.5per cent in FY17 came as positive news for
the bond markets. Also, lower government borrowing plan as
announced in the budget has instilled confidence among the
market participants, resulting in bond rally post the budget.
With short term rates being elevated now, any fall in the interest
rates is likely to benefit short term funds. The 10 year
benchmark is trading around 7.65 per cent levels and is
expected to soften on the back monetary easing expected by
the RBI.
Food, beverages & tabacco (%)
On fixed income side, accrual products and short term income

funds may be looked. The investment in Accrual funds may be
done with a time horizon of 3 years and Short Term Funds may
be looked at with a time horizon of 1-2 years as they carry
attractive YTMs and will benefit from the improvement in the
credit cycle and recovery in the economy. Investment
recommendation at this juncture is that investors who are
already holding long term debt funds when yields were around 8
per cent levels continue to hold while fresh investment maybe
initiated at 7.70-7.90 per cent levels not exceeding 15-20 per
cent of the portfolio.
Equity Markets
Equity - Global
Indices
Absolute Returns (%)
CAGR (%)
1 Month
1 Year
BEL-20 (Belgium)
(3.28)
-9.22
Bovespa (Brazil)
5.91
(17.04)
CAC 40 (France)
(1.44)
(12.08)
DAX (Germany)
(3.09)
(16.72)
Dow Jones (USA)
0.30
(8.91)
FTSE 100 (UK)
0.22
(12.23)
(2.90)
(23.01)
3.38
(12.46)
Hang Seng (Hong Kong)

Jakarta Composite (Indonesia)
KLSE Composite (Malaysia)
(0.78)
(9.14)
Madrid General(Spain)
(3.77)
(24.47)
Nasdaq (USA)
(1.21)
(8.17)
Nifty 50 (India)
(7.62)
(21.51)
Nikkei 225 (Japan)
(8.51)
(14.74)
S&P 500 (U.S.A.)
(0.41)
(8.19)
S&P BSE SENSEX (India)
(7.51)
(21.66)
Seoul Composite (S.Korea)

Shanghai Composite (China)
0.24
(3.48)
(1.81)
(18.80)
1.42
(21.64)
Swiss Market (Switzerland)
(5.72)
(12.99)
Taiwan Weighted (Taiwan)
4.09
(12.58)
Straits Times (Singapore)
Source: ACE MF
Namely, a) the deflationary impact of negative interest rate

policies, b) U.K. upcoming June2016 referendum on whether to
remain a member of the European Union or not. C) if the Fed
reserve rate is increased then the efficaciousness of ECB and
BOJ, along with Chinas effective necessary steps towards its
policy making.
The recent economic data shows markets to be stabilizing, but
has not been sufficiently strong to bring back the expected bullish
trends. Negative interest rate policies have been used by the
major central banks. Until the central banks are able to define the
monetary stimulus into their respective economies global
markets are likely to remain skeptical and the pressure of
deflation could rise in the global markets leading to a lower
interest rate on the longer run. In Europe and Japan, the
combination of low oil prices, competitive currency values,
reasonable equity valuations and continued monetary policy
stimulus should be supportive for foreign-developed equities.
Both Europe and Japan have tailwinds from stimulus, with
prospects for additional easing if growth falters. Policymakers in
China are committed to supporting domestic demand as the
country transitions from an investment- to consumption-led
economy. Having said that, while we expect modest gains broadly
across foreign equities in 2016, indications of rising credit stress
in certain emerging economies suggest that developed markets
may continue to outperform emerging market equities.
Performance as on 29th Feb 2016
US Economy
The ability of any economy to perform sustainable growth will
decide the financial performance of the said economy for the
balance part of the year. Though most indices remained in red,
the data seems to remain constant with modest economic
expansion rather than the onset of an impending recession in
spite of global geopolitical issues. Amongst the developing
markets Brazil remained positive because of the commodity
prices. Whereas Japan stayed in red due to its currency
valuation and Europe remained in red awaiting the European
Union Meeting.
The financial markets steadied by late February 16 early
March16 due to the stabilizing oil prices apart from relief in the
enhanced value of Chinese Yuan and other emerging market
currencies clubbed with some improved US economic data.
Better economic trends reported in the recent past, has helped
see a ride out of recession that has been an expectation
globally. Though some points of concern remain to be watched
out for.
Among market cross roads the U.S. equities are entering the 7
year bull market. It may be said that the macro and fundamental
backdrops remain favorable for equities, inflation, earning
valuation, interest rate and above all sentiments remains
supportive for equity prices. However, drop in oil prices, slower
pace of growth in the global economies, diverging monetary
policies between U.S. and the other Central Banks globally,
rising interest rates and basic firming wages may not have the
required profit margins. Also, along with impending geopolitical
issues risk profile for equities remain elevated. An increased
volatility and muted returns are to be the hallmarks of 2016.
S&P 500 till now in 2016 is at about 2,225 approximately 9 per
cent higher than 2015 level. Anchored on the belief that the pace
of inflation and wage gains will be moderate and future Federal
Reserve rate hikes deliberate, effectively paving the way for
cyclical sectors and companies that are growing revenue,
gaining market share and that have thematic appeal to be
among the best performers in the new year.
Equity Markets
Indices
Nifty 50
Absolute Returns (%)
CAGR (%)
1 Month
1 Year
-7.62
-21.51
S&P BSE 100
-7.53
-21.34
S&P BSE 200
-7.66
-19.80
S&P BSE 500
-8.07
-19.63
S&P BSE AUTO Index
-7.01
-20.67
S&P BSE BANKEX
-10.16
-29.94
S&P BSE Capital Goods
-9.13
-36.78
S&P BSE Consumer Durables
-9.27
6.41
S&P BSE FMCG
-4.36
-13.47
S&P BSE Health Care
-6.73
-4.08
S&P BSE IT
-8.38
-14.54
S&P BSE METAL Index
-1.95
-36.05
S&P BSE Mid-Cap
-8.08
-11.43
S&P BSE OIL & GAS Index
-11.27
-15.19
S&P BSE Power Index
-13.92
-30.26
S&P BSE PSU
-11.37
-31.80
S&P BSE Realty Index
-13.06
-42.31
S&P BSE SENSEX
-7.51
-21.66
S&P BSE Small-Cap
-12.16
-15.25
S&P BSE TECk Index
-6.99
-14.17
Banking
Banking continues to showcase divergent performance with
private banks delivering 20-30 per cent PAT growth and PSU
banks reeling under NPA pressure. RBI asset quality review has
revealed the perturbing reality about the stress in PSU banks
balance sheet. Similar dismal set of numbers is expected for
Q4FY16 which shall keep pressure on PSU banking stocks. We
continue to recommend Avoid on all PSU banks. From budget
perspective, it was not expansionary which had a soothing
factor on markets. Fiscal deficit target was maintained at 3.5
per cent of GDP which led to sharp fall in G-sec yields of ~28 bps
to 7.62 per cent. Structurally, Private banks shall continue to
grab the credit market share. These banks continued to grow
Nifty Vs Bank Nifty (Indexed to 100)
105
100
95
90
Source: ACE MF
Performance as on 29th Feb 2016
Equity-India
For the month of February, Indian equity markets saw sharp selloff as global investors continued to adjust the hitherto overweight they have been running in their portfolios and also
because of fear of adverse taxation policies expected to be
announced in the Union Budget 2016-17. EM equities and
commodities though saw some bounce.
FIIs continued to be sellersfor the month. Currently the markets
are trading lower than its long term average valuations. Q3
earnings season was mixed, with autos, pharma and private
banks reporting in-line numbers, whereas, commodities, PSU
banks and IT reported largely weak numbers. While the RBI is
currently in a pause mode, it has indicated its willingness to cut
rates if fiscal room emerges. This should help private capex,
though it will come with a lag effect. As stated in earlier
communications, investments are clearly visible in segments
like roads and railways. Overall, we remain constructive on the
market from a medium to long term perspective. The key
themes to play are autos, high quality private banking, select
pharma and uniquely positioned MNCs.
Feb-15
Apr-15
Jun-15
Nifty
Aug-15
Oct-15
Dec-15
Feb-16
Bank Nifty
Source: Bloomberg
their credit, NII and PAT at healthy pace of 20-30 per cent in
Q3FY16. Asset quality of these private banks which have retail
credit exposure and working capital corporate credit continue
to deliver stable asset quality. HDFC Bank, Indusind Bank, Kotak
Mahindra and Yes bank reported strong results with stable
asset quality. Correction in good quality private banks provides
opportunity to accumulate these stocks. Among NBFCs, we
prefer Mortgage finance and microfinance companies
considering their steady growth and stable asset quality. Bajaj
Finance, Capital First, SKS Micro and Satin Credit remain our
preferred picks on correction.
Pharma
Indian pharma companies sales have impacted in the recent
times due to higher base, increased competition, price erosion
in some of the key high-value products and currency volatility in
emerging markets. Some leading companies have received
warning letters from USFDA for CGMP violations (Sun, Dr Reddy
& Cadlia). Recently, Aurobindo has also received Form 483 from
the FDA for its anti-retroviral drugs facility (unit-VII). These
Companies are in the process of remediation of facilities and
Equity Markets
interest rate regime will aid the profitability of the companies
going forward.
Nifty Vs CNX Pharma (Indexed to 100)

115
110
Power
105
100
95
90
85
Feb-15
Apr-15
Jun-15
Aug-15
Nifty
Oct-15
Dec-15
Feb-16
Pharma
Source: Bloomberg
filing for site transfer of their key products. Companies are

investing in new facilities with the objective of diversifying key
products and filings across their manufacturing network.
However, there will be a muted growth for these companies in
the near term. India is among the fastest-growing
pharmaceutical markets in the world and has established itself
as a global manufacturing and research hub. US market
expected to provide significant growth opportunities over
longer term as huge number of ANDA filings are pending for
approvals. The industry would benefit from pick up in the
domestic market growth. However the near term headwinds on
account of emerging market currency crisis cannot be ruled out.
With falling commodity prices coal and gas were no exception.

Both these are aiding the power producers and helping them
reduce their losses. Solar power is gaining traction and we are
witnessing aggressive bidding from players with a lowest bid
made at 5.05/unit which has shaken many players. If the current
scenario continues and with the governments thrust on solar
power it would attain grid parity by 2020-21 out powering coal
and other fuel based power projects. Recently the govt
exempted solar projects from environmental clearance which
will boost more investments in the renewable sector. Overall
coal based power producers have been marred on account of
under recoveries which put stress on their financials and
balance sheet. However, recent government steps and cooling
off of coal prices from their highs are likely to benefit these
companies in medium to long term.
Capital Good/Infrastructure
Infrastructure space is still reeling under pressure and is
showing no signs of respite. During the budget govt has taken
various initiatives like a) `700bn allocated for Roads and
Highways b) Steps to revive PPPs: i) Dispute Bill to be introduced
ii)guidelines for renegotiation of PPP Concession Agreement
and iii)New credit rating system for infra projects and c)
Infrastructure cess, of 1 per cent on small petrol, LPG, CNG cars,
2.5 per cent on diesel cars of certain capacity and 4 per cent on
other higher engine capacity vehicles and SUVs etc which are
steps in the right direction and positive from medium to long
term perspective. Falling raw material prices and moderate
Nifty Vs CNX Auto (Indexed to 100)
110
105
100
95
90
Feb-15
Apr-15
Jun-15
Aug-15
Nifty
Oct-15
Dec-15
Feb-16
Auto
Source: Bloomberg
Commodities
Technical outlook:
Gold market made a rounding bottom at the end of last year and
has started the year 2016 on a positive note. Prices have gained
by nearly 16per cent since the beginning of this year. In line with
our previous view prices are sustaining above $1200 mark. Till
prices hold above this level, we can expect prices to remain
steady. Also, prices should break the range of $1200-$1250 for
further clarity related to their direction.
Base Metals:
Copper prices depicted range bound movement during February
but witnessed sharp rally as the March month started. LME
copper breached the key resistance level of $4750 and marked a
high of $4815(at the time of report writing). Technically prices
have made a rounding bottom pattern and have breached the
resistance level. Going ahead, trend is looking up but
sustainability of prices will be important for continuing the
upwards momentum. At MCX, key support is at 317 and
resistance is at 333.
Aluminium trend looks positive till prices are trading above
support at 105, while on the upside break above 110 will likely
pave the way upside towards 115.
Lead trend looks positive till prices are trading above 118. Prices are
expected to take resistance around 127. Breach above 127 may lead
1300
1250
1200
1150
1100
1050
MCX Gold(LHS)
31-Jan-16
29-Feb-16
31-Dec-15
31-Oct-15
30-Nov-15
30-Sep-15
31-Aug-15
31-Jul-15
30-Jun-15
31-May-15
30-Apr-15
31-Mar-15
28-Jan-15
28-Feb-15
1000
Comex Gold(RHS)
Source : Bloomberg
4350
66
61
3950
56
3550
51
3150
46
41
2750
36
2350
31
1950
MCX Crude
29-Feb-16
31-Jan-16
31-Dec-15
30-Nov-15
31-Oct-15
30-Sep-15
31-Aug-15
31-Jul-15
30-Jun-15
31-May-15
30-Apr-15
31-Mar-15
26
28-Jan-15
Going ahead, investors will be watching more U.S. data to gauge

the impact on stocks and the Federal Reserve's monetary policy.
Weakness in economic data and global uncertainty will
continue to postpone expectations of the FEDs next rate hike
and will be the most paramount factor in golds ability to
continue an uptrend. Dollar movements will also be closely
tracked as any upside in dollar may cause a setback in gold
rally.If U.S. data comes negative, it will help to increase the
likelihood that the Federal Reserve may raise rates in June, then
that could be the trigger for a selloff in gold. Overall, prices
should come out from their recent consolidation phase to take a
clear direction.
1350
28-Feb-15
The US February non-farm payrolls release beat expectations,

with jobs growth recorded at 242k against a market expectation
of 195k. The unemployment rate remained unchanged at 4.9per
cent. Employment gains for January and December, meanwhile,
were revised upward by a combined 30,000.The government
said 172,000 new jobs were created in January instead of the
previously reported 151,000. December's gain was raised to
271,000 from 262,000. Wider measures of unemployment
improved as the participation rate edged up. There were
however some softer points from the jobs report, having
surprised on the upside last month, average earnings edged
backed to 2.2per cent (y/y) from 2.5per cent, whilst average
weekly hours also fell. The average hourly wage fell 3 cents, or
0.1per cent, to $25.35. A fall in the average U.S. earnings
lessened expectations that the Federal Reserve could raise
interest rates at its next policy meeting.
30500
30000
29500
29000
28500
28000
27500
27000
26500
26000
25500
25000
24500
28-Dec-14
Gold prices witnessed smart rally during the month of February.

Gold was mainly underpinned by global uncertainty, drop in
stock markets which led investors to stay invested in gold as a
safe haven investment option. On monthly basis prices gained
by around 10.5per cent to end at $1234.40 an ounce at Comex
and 29513 at MCX. However, prices were unable to break out
from its recent trading range of $1200-$1250.
28-Dec-14
Precious Metals:
Nymex Crude oil
Source : Bloomberg
to new high towards 132. At LME key resistance is at $1860. Break

above this level may take it higher towards $1920-$1970.
Zinc's overall trend looks up till it holds support at 118. Break
above 122 may take prices up towards 127-130.
Nickel's overall trend looks flat with resistance at 612 and
support at 570. Break above 615 will turn the trend bullish and
may take prices up towards 630-650.
Crude oil:
Oil prices ended marginally higher on monthly basis but
depicted sharp recovery from its recent low, indicating that
prices were unable to sustain at lower levels. At Nymex prices
ended at $33.75 after making a low of $26.05. Buyers shrugged
off record high U.S. crude stockpiles and focused on an OPEC
plan to freeze production, keeping alive the notion that market
has bottomed from a near 2-year sell-off.OPEC member
Venezuela said a total of 15 oil producing countries will attend a
meeting planned later this month on freezing output at
January's highs.
Diplomatic activity between the OPEC and other major
producers to address the supply glut by freezing output has
helped feed a 25per cent price gain in the last 2-1/2 weeks from
12-year lows.Going ahead prices will be driven by OPEC decision
over production cut, dollar movements, crude oil inventory data
and US Fed decision over interest rate hike.
Technically on monthly chart, crude oil price trend is showing
consolidation at bottom. Prices need to break below $26 at
Nymex for further sell off while resistance is at $36. Break above
this level may lead to further upside towards $40. At MCX, key
resistance is at 2450. Weekly charts are showing a positive
momentum. Break above 2450 may lead to rallytowards2550-2600.
Currency Markets
1.12
1.12
1.09
1.08
1.09
JPY
121.22
119.84
120.30
121.03
112.66
68.00
GBP
1.53
1.51
1.47
1.42
1.39
CHF
0.97
0.97
1.00
1.02
1.00
AUD
0.71
0.70
0.73
0.71
0.71
25-Jan-16
24-Feb-16
26-Dec-15
27-Oct-15
26-Nov-15
27-Sep-15
28-Aug-15
29-Jun-15
60.00
29-Jul-15
62.00
30-Apr-15
Foreign exchange markets continue to remain volatile during

the month of February as divergent monetary policies led to
some sharp moves in major currencies like the Yen. Weakness
in equity markets and uncertainty in global growth have seen
money going back into safe haven assets. Broader measure of
volatility in foreign currency markets reached its highest level
since 2011 and is expected to be volatile going ahead.
64.00
2-Sep-14
66.00
30-May-15
Euro
USD/INR
70.00
1-Mar-15
98.43
31-Mar-15
29-Feb-16
67.78
30-Jan-15
29-Jan-16
66.15
1-Dec-14
31-Dec-15
65.58
31-Dec-14
30-Sep-15
66.48
2-Oct-14
Currencies
1-Nov-14
31-Aug-15
INR
EUR/USD
1.60
1.50
1.40
1.30
1.20
1.10
26-Nov-15
26-Dec-15
25-Jan-16
24-Feb-16
26-Nov-15
26-Dec-15
25-Jan-16
24-Feb-16
27-Oct-15
27-Sep-15
28-Aug-15
29-Jul-15
29-Jun-15
30-Apr-15
30-May-15
31-Mar-15
1-Mar-15
30-Jan-15
1-Dec-14
31-Dec-14
1-Nov-14
2-Oct-14
1.00
2-Sep-14
USD remained strong due to inflows into the treasuries as equity

market weakness supported it and the DXY index is close to
multi year highs. On the economic front, data continues to
remain mixed and the Q4 GDP was revised upwards and Q1 of
2016 is expected at 2 per cent growth. US FOMC meeting will be
the key driver in the near term as the market expects no rate
hike from them this year while March 16th meeting outcome is
keenly watched. According to the latest CFTC data, leveraged
funds have increased their net long USD positions by USD
600mn to USD 13.7bn for the week ended 8th March and the
buying was seen against EUR and GDP.
1.75
1.70
1.65
1.60
1.55
1.50
1.45
27-Oct-15
27-Sep-15
28-Aug-15
29-Jul-15
29-Jun-15
30-Apr-15
30-May-15
31-Mar-15
1-Mar-15
30-Jan-15
1-Dec-14
1-Nov-14
2-Oct-14
1.40
31-Dec-14
Japanese Yen was the best performing currency in Feb as it

appreciated around 4 per cent to close at 112.6 levels against
the market expectations of a weakening. JPY appreciated
mainly on account of safe haven buying and further
exacerbated by a short covering rally. Bank of Japan officials are
uncomfortable with the sudden rise as JPY strength may hit its
exports and derail growth. JPY is expected weaken as thats the
aim of its central bank but the latest CFTC data shows that
leveraged funds are net long JPY positions to the tune of USD
3.6bn against the short positions in Feb.
GBP/USD
2-Sep-14
EUR has weakened from early Feb high of 1.14 and closed at 1.09
levels as traders expect ECB to be in a softening mode going
ahead. Economic data continues to remain weak and the fear of
Brexit may hit the EUR negatively as Britain has set a
referendum to consider exiting from EU. The overhang of Brexit
and weak growth this year may keep the EUR volatile for rest of
the year. ECB is expected to be very accommodative in its policy
stance and may do more to boost growth. EUR may weaken as
the net short EUR position rose to USD 1.8bn to USD 8.1bn as of
8th March and fundamentally it may touch 1.02 levels by end of
2016.
almost 2 per cent since then in March and foreign investors who
were sellers in Jan & Feb into both equity and debt have turned
buyers in March and with expectations of a rate cut in April,
Rupee may see some support. However in the medium term,
Rupee is expected to depreciate towards 68-69 levels.
Rupee was volatile during the month and hit a fresh two year low
in the fag end of the Feb; however the government maintained
its FY17 fiscal deficit target at 3.5 per cent which led to a strong
rally in Rupee after the Union Budget on 29th Feb. It has gained
10
Core Schemes
Birla Sun Life Frontline Fund - Large Cap
Reliance Focused Large Cap Fund- Large Cap
Investment Objective: An open-end growth scheme with the

objective of long term growth of capital, through a portfolio
with a target allocation of 100 per cent equity by aiming at being
as diversified across various industries and or sectors as its
chosen benchmark index, S&P BSE 200.
Investment Objective: The primary investment objective of the

scheme is to seek to generate capital appreciation and provide
long term growth opportunities by investing in a portfolio
constituted of equity and equity related securities of top 100
companies by market capitalization and of companies which
are available in the derivatives segment from time to time and
the secondary objective is to generate consistent returns by
investing in debt and money market securities.
The Fund is in existence for more than a decade and has

generated a three year CAGR of around 13.91 per cent as on
29th February 2016 outperforming its benchmark S&P BSE 200
over one, three and five years time-horizon. The fund has been
in the top quartile in both good and bad market cycles and has
delivered consistent and stable growth. It will target the same
sectoral weights within its equity portfolio as the benchmark
index but the scheme shall have the flexibility of selecting
stocks within a particular sector from a wider investment
universe. The fund has generated a return of 21.62 per cent
since inception.
No. Company Name
1
2
3
4
5
6
7
8
9
10
HDFC Bank Ltd.

Infosys Ltd.
Reliance Industries Ltd.
ITC Ltd.
Clearing Corporation Of India Ltd.
ICICI Bank Ltd.
Sun Pharmaceutical Industries Ltd.
Larsen & Toubro Ltd.
HCL Technologies Ltd.
NTPC Ltd.
Holding
(%)
6.56
6.16
3.94
3.90
3.59
3.22
3.20
2.82
2.68
2.67
Top 10 Sector Holdings (%)

Finance - Housing
2.36
Finance - NBFC
2.90
Engineering - Construction
3.27
Finance - Investment
3.59
Cigarettes/Tobacco
3.90
Power Generation/Distribution
Refineries
Pharmaceuticals & Drugs
No. Company Name
4.74
6.80
9.02
12.63
IT - Software
The scheme is in existence for 8 years and it intends to reduce

volatility and reduce downside risks by using innovative P/E
based hedging/shorting strategies. The fund aims to create a
focused portfolio consisting of 25 stocks primarily investing in
the Top 100 companies by market capitalization. The fund has
generated three year CAGR of 11.17 per cent as on 29th February
2016 in comparison of its benchmark Nifty 50 of 7.06 per cent
for the same tenure.
19.27
Bank - Private
1
2
3
4
5
6
7
8
9
10
CBLO
HDFC Bank Ltd.
Infosys Ltd.
Ultratech Cement Ltd.
Tata Motors Ltd.
Cummins India Ltd.
United Spirits Ltd.
Holding
(%)
8.32
7.81
7.77
7.74
4.94
4.82
4.36
4.34
4.14
3.84

3.84
Breweries & Distilleries
4.14
Electric Equipment
4.24
Diesel Engines
4.34
Automobiles-Trucks/Lcv
4.82
Cement & Construction Materials
4.94
5.64
Refineries
10.07
IT - Software
12.10
Bank - Private
12.16
Source : ACE MF
Source : ACE MF
ICICI Pru Focused Blue-chip Equity Fund- Large Cap
SBI Blue Chip Fund- Multi Cap
Investment Objective: To generate long-term capital

appreciation and income distribution to unit holders from a
portfolio that aims for growth from a focused and optimally
diversified portfolio by investing in equity and equity related
securities, companies belonging to the large cap domain.
Investment Objective: The objective of the scheme would be to

provide investors with opportunities for long-term growth in
capital through an active management of investments in a
diversified basket of equity stocks of companies whose market
capitalization is at least equal to or more than the least market
capitalized stock of BSE 100 Index.
The Fund has locked a three year CAGR of 11.69 per cent vis-vis its benchmark Nifty 50 of 7.06 per cent as on 29th February
2016 . It is new fund as compared to the long tenure of the peers
in the diversified equity category and adopts bottoms up
approach; it has performed in line with the peers and has outperformed its benchmark over one, three and five year timehorizon. The Fund Manager will always select stocks for
investment from among Top 200 stocks in terms of market
capitalization on the NSE.
No. Company Name
1
2
3
4
5
6
7
8
9
10
HDFC Bank Ltd.

Infosys Ltd.
CBLO
ICICI Bank Ltd.
Axis Bank Ltd.
ITC Ltd.
Bajaj Finserv Ltd.
Source : ACE MF
Holding
(%)
9.09
6.72
5.61
5.28
4.50
3.91
3.70
3.65
3.52
2.82

Telecommunication - Service Provider 2.50
Engineering - Construction 2.82
Bank - Public 3.41
The fund invests predominantly in large reputed Indian

company stocks of blue chip companies i.e. in stocks of
companies with market capitalization equal to or more than the
least market capitalized stock of BSE 100 Index. These
companies have large business presence, good reputation and
are possibly market leaders in their industries. The fund
comprises of a well diversified portfolio of predominantly large
cap companies, with steady growth potential opportunity. The
fund has generated a three year CAGR of 16.12 percent as on
29th February 2016, thereby out performing its benchmark S&P
BSE 100 by 8.78 per cent.
No. Company Name
Power Generation/Distribution 3.51

Finance - Investment 3.70
Cigarettes/Tobacco 4.28
Refineries
IT - Software
Bank - Private
5.27
8.37
15.54
25.14
1
2
3
4
5
6
7
8
9
10
CBLO
HDFC Bank Ltd.
Sun Pharmaceutical Industries Ltd.
Infosys Ltd.
Tata Consultancy Services Ltd.
Maruti Suzuki India Ltd.
The Ramco Cements Ltd.
Holding
(%)
11.51
5.89
5.71
5.45
5.40
3.08
2.72
2.58
2.37
2.33

Bearings
2.70
3.04
Pesticides & Agrochemicals
3.13
Finance - NBFC
4.58
Automobiles - Passenger Cars
4.60
4.94
Refineries
IT - Software
6.85
9.70
Bank - Private
11.56
12.65
Source : ACE MF
11
Core Schemes
Kotak Select Focus Fund- Multi Cap
Franklin India High Growth Companies Fund- Multi Cap
Investment Objective: An open-ended equity scheme that aims

to generate long-term capital appreciation from a portfolio of
equity and equity related securities, generally focused on a few
selected sectors.
Investment Objective: This is an open ended diversified equity

fund. The primary investment objective of the scheme is to
achieve capital appreciation through investments in Indian
companies / sectors with potential of high growth.
The fund seeks to invest into companies that tend to grow
earnings at a fast pace and offer the best trade-off between
growth, risk and valuation. The fund is suitable for investors
who prefer investments across market caps with investment
horizon of 3-5 years. The fund has generated three year CAGR of
20.31 per cent as of 29th February 2016 thereby out performing
its bench mark by 11. 12 per cent .
The fund is in existence from October 2009 and has locked in

three year CAGR of 17.12per cent as on 29th February 2016 as
against its benchmark Nifty 200 which stands at 8.41 per cent
thereby outperforming its benchmark by 8.64 per cent. The
selection of sectors would be driven primarily by the growth
prospects and valuations of the businesses over a medium to
long term. The Fund has performed consistently over different
market cycles.
No. Company Name
1
2
3
4
5
6
7
8
9
10
CBLO
HDFC Bank Ltd.
Infosys Ltd.
IndusInd Bank Ltd.
Shree Cement Ltd.
Max Financial Services Ltd.
Holding
(%)
10.40
6.01
5.43
4.16
3.96
3.43
3.21
2.96
2.78
2.76

2.72
Diversified
2.76
Household & Personal Products
3.03
3.34
3.62
5.60
Refineries
7.75
IT - Software
8.71
11.27
Bank - Private
15.95
No. Company Name

1
2
3
4
5
6
7
8
9
10
HDFC Bank Ltd.

ICICI Bank Ltd.
Call Money
Axis Bank Ltd.
Tata Motors - DVR Ordinary
State Bank Of India
TVS Motor Company Ltd.
Idea Cellular Ltd.
Cognizant Technology Solutions Corporation
Holding
(%)
8.07
7.89
7.62
7.59
7.32
6.72
5.19
4.32
3.95
3.51

Bearings
3.71
IT - Software
4.31
4.42
4.59
5.06
Automobile Two & Three Wheelers
5.19
Telecommunication - Service Provider
7.32
7.32
Bank - Public
9.61
Bank - Private
24.96
Source : ACE MF
Source : ACE MF
ICICI Pru Value Discovery Fund-Multi Cap

Investment Objective: Open ended equity fund. Primary
objective is to generate returns through a combination of
dividend income and capital appreciation by investing primarily
in a well diversified portfolio of value stocks.
Value-investment approach followed by the Fund helped it in
the bearish market phases as against its peers. The Fund lost
less than the other peers in the category and has consistently
beaten the benchmark giving stable returns. The fund has
generated a three year CAGR of 21.66 per cent and has
outperformed its benchmark S&P BSE 500 by 12.95 per cent.
Since inception the fund has given a CAGR of 21.82 per cent as
on 29th February 2016 .
No. Company Name
Holding
(%)
1
2
3
4
5
6
7
8
9
10
9.4520
8.6259
6.1743
6.0083
3.5440
2.9632
2.7267
2.6208
2.6190
2.5708
CBLO
ICICI Bank Ltd.
NTPC Ltd.
Axis Bank Ltd.
Bank Of Baroda
Mahindra & Mahindra Ltd.
Wipro Ltd.
Bharti Airtel Ltd.
Amara Raja Batteries Ltd.

Logistics
2.83
3.22
3.37
3.39
Batteries
4.19
Bank - Public
6.06
IT - Software
7.10
Power Generation/Distribution
7.35
Bank - Private
11.38
13.68
Source : ACE MF
12
Core - Large Cap
Scheme Names
Birla SL Frontline
Equity Fund(G)
ICICI Pru Focused BlueChip

Eq Fund (G)
Reliance Focused Large

Cap Fund(G)
Fund Manager
Mahesh Patil
Manish Gunwani & Shalya Shah
Omprakash Kuckian
10,175
9,732
Quaterly AAUM (Rs. Crs.) Dec. -2015
1,071
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
1.10
-0.21
2.96
Dec. 31, 2013 to Dec. 31, 2014
44.72
41.10
37.33
Dec. 31, 2012 to Dec. 31, 2013
9.25
10.21
9.25
Since Inception till Dec. 31, 2015
23.02
14.79
9.00
Value of Investment of
INR 10,000 if invested from
Dec. 31, 2014 to Dec. 31, 2015
10,110
9,979
10,296
Dec. 31, 2013 to Dec. 31, 2014
14,472
14,110
13,733
Dec. 31, 2012 to Dec. 31, 2013
10,925
11,021
10,925
158,770
28,570
23,196
30-Aug-02
23-May-08
28-Mar-06
SD (%)
16.01
14.76
16.87
Treynor
0.85
0.78
0.76
1% on or before 1Y,
Nil on or after 1Y
1% on or before 1Y,
NIL after 1Y
1% on or Before 1Y,
Nil After 1Y
S&P BSE 200
NIFTY 50
NIFTY 50
Inception Date
Ratios
Exit Load
Benchmark Names
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
-1.48
-4.06
-4.06
Dec. 31, 2013 to Dec. 31, 2014
35.47
31.39
31.39
Dec. 31, 2012 to Dec. 31, 2013
4.38
6.76
6.76
Dec. 31, 2014 to Dec. 31, 2015
9,852
9,594
9,594
Dec. 31, 2013 to Dec. 31, 2014
13,547
13,139
13,139
Dec. 31, 2012 to Dec. 31, 2013
10,438
10,676
10,676
*Risk-free rate assumed to be 6.75%

**Standard Deviation and Treynor Ratio are calculated on absolute basis using 3 year historical data of monthly returns
Source: ACEMF
Please refer to RISKOMETER on page no 29 for all risk related information about the above mentioned schemes.
13
Core - Multi Cap
Scheme Names
Franklin India High

Growth Cos Fund(G)
ICICI Pru Value Discovery

Fund(G)
Kotak Select Focus

Fund(G)
SBI BlueChip FundReg(G)
Fund Manager
R. Janakiraman &
Roshi Jain
Mrinal Singh &

Shalya Shah
Harsha Upadhyaya
Sohini Andani
3,888
10,664
3,745
3,164

CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
1.49
5.44
2.96
7.99
Dec. 31, 2013 to Dec. 31, 2014
79.58
73.76
57.87
47.86
Dec. 31, 2012 to Dec. 31, 2013
9.22
8.31
6.13
7.58
13.41
23.83
14.00
11.08
Dec. 31, 2014 to Dec. 31, 2015
10,149
10,544
10,296
10,799
Dec. 31, 2013 to Dec. 31, 2014
17,958
17,376
15,787
14,786
Dec. 31, 2012 to Dec. 31, 2013
10,922
10,831
10,613
10,758
28,909
113,860
22,848
28,446
26-Jul-07
16-Aug-04
11-Sep-09
20-Jan-06
SD (%)
17.07
18.07
16.57
14.99
Treynor
1.59
1.49
1.13
1.14
1% on or before 2Y
1% on or before 12M,
Nil after 12M
1% on or before 1Y,
Nil after 1Y
1% on or before 1Y,
Nil after 1Y
NIFTY 500
S&P BSE 500
NIFTY 200
S&P BSE 100
Dec. 31, 2014 to Dec. 31, 2015
-0.72
-0.82
-1.90
-3.25
Dec. 31, 2013 to Dec. 31, 2014
37.82
36.96
35.53
32.28
Dec. 31, 2012 to Dec. 31, 2013
3.61
3.25
4.44
5.87
Inception Date
Ratios
Exit Load
Benchmark Name
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
9,928
9,918
9,810
9,675
Dec. 31, 2013 to Dec. 31, 2014
13,782
13,696
13,553
13,228
Dec. 31, 2012 to Dec. 31, 2013
10,361
10,325
10,444
10,587

Source: ACEMF
14
Satellite Schemes
Canara Robeco Emerging Equity Fund
HDFC Mid-Cap Opportunities Fund
Investment Objective: An open-ended equity fund with the

objective to generate capital appreciation by primarily investing
in diversified mid-cap stocks.
Investment Objective: The aim of the fund is to generate longterm capital appreciation from a portfolio that is substantially
constituted of equity and equity related securities of small and
mid-cap companies.
The scheme aims to generate capital appreciation by investing

in equity related instruments. The fund would follow a bottomup approach by identifying companies with strong competitive
position in good business and having quality management. The
fund is being into existence for more than 9 years and has
managed to outperform its benchmark Nifty Midcap 100 over
one, three and five year time horizon. The fund has generated
three year CAGR of 26.42 per cent, compared to 15.27 percent to
the benchmark Nifty Midcap 100 as on 29th February 2016 .
There by, outperforming the benchmark by 11.13 per cent.
No. Company Name
1
2
3
4
5
6
7
8
9
10
CBLO
IndusInd Bank Ltd.
Indian Oil Corporation Ltd.
Divis Laboratories Ltd.
Ashoka Buildcon Ltd.
Britannia Industries Ltd.
Tata Communications Ltd.
Atul Ltd.
FAG Bearings India Ltd.
Holding
(%)
5.00
3.46
3.03
2.59
2.28
2.22
2.15
2.14
2.12
2.00

Logistics
2.93
Refineries
3.03
Construction - Real Estate
3.23
Bearings
3.38
Engineering
3.85
5.22
Chemicals
5.39
5.87
7.36
Bank - Private
8.99
The Fund has given five year CAGR of 18.47 per cent as on 29th
February 2016 thereby out performing its benchmark by 9.06
per cent. Over a nine year period, fund has given consistent
returns and has out-performed the benchmark Nifty Midcap
100 which helped the fund to place itself in the upper quartile of
the midcap diversified equity funds.
No. Company Name
1
2
3
4
5
6
7
8
9
10
Bajaj Finance Ltd.

Aurobindo Pharma Ltd.
Voltas Ltd.
Divis Laboratories Ltd.
Hindustan Petroleum Corporation Ltd.
Torrent Pharmaceuticals Ltd.
NIIT Technologies Ltd.
Jagran Prakashan Ltd.
Bharat Electronics Ltd.
Cholamandalam Investment & Finance Co. Ltd.
Holding
(%)
3.38
2.56
2.55
2.41
2.40
2.24
2.11
1.99
1.87
1.85

Bearings
3.02
Tyres & Allied
3.18
Air Conditioners
4.25
Printing And Publishing
4.28
4.65
Bank - Public
5.02
Finance - NBFC
5.23
Bank - Private
7.34
IT - Software
7.37
10.55
Source : ACE MF
Source : ACE MF
SBI Magnum Mid Cap Fund

Franklin India Prima Fund
Investment Objective: An open-end growth scheme with an
objective to provide medium to long term capital appreciation
as a primary objective and income as a secondary objective. The
fund manager seeks aggressive growth by focusing primarily on
mid and small cap companies.
The Fund has a long track record for nearly 25 years. The scheme
follows a blend of value and growth style of investing. The fund
will follow a bottom-up approach to stock-picking and choose
companies across sectors. It has generated a three year CAGR of
23.95 per cent as on 29th February 2016 and has out-performed
both its benchmark Nifty 500 Index and Nifty Midcap 100 over
one, three and five year time-horizon. The fund has generated a
return of 20.10 per cent since inception.
No. Company Name
1
2
3
4
5
6
7
8
9
10
Call Money
Yes Bank Ltd.
Finolex Cables Ltd.
eClerx Services Ltd.
HDFC Bank Ltd.
IndusInd Bank Ltd.
Tata Motors - DVR Ordinary
TVS Motor Company Ltd.
Voltas Ltd.
Holding
(%)
4.86
4.61
3.12
3.02
2.75
2.70
2.56
2.44
2.37
2.34

Tyres & Allied
2.59
2.70
BPO/ITeS
2.75
Cable
3.02
Batteries
3.82
Finance - Housing
4.04
IT - Software
4.70
Bearings
4.74

Bank - Private
Investment Objective: An open ended equity scheme. Te primary

objective of the scheme is to provide investors with the opportunity
for long term growth in capital along with liquidity. The scheme
invests predominantly in well diversified equity stocks of mid cap
companies.
The scheme had been launched in Mar-2005. The scheme invest
between 65-100 per cent in mid cap stocks and the rest in small
cap , large cap and cash .The Fund has generated three year
CAGR of around 27.66 per cent and has outperformed its
benchmark S&P BSE Mid-Cap Index by 12.72 per cent as on 29th
February 2016. The fund has generated a return of 16.42
per cent since its inception.
No. Company Name
1
2
3
4
5
6
7
8
9
10
CBLO
Strides Shasun Ltd.
Cholamandalam Investment & Finance Co. Ltd.
Dr. Lal Pathlabs Ltd.
PI Industries Ltd.
VA Tech Wabag Ltd.
Sanofi India Ltd.
Credit Analysis And Research Ltd.
Holding
(%)
5.91
5.15
4.30
4.12
3.56
3.49
3.10
2.85
2.85
2.66

Diesel Engines
2.91
Consumer Food
4.42
Hospital & Healthcare Services
4.57
IT - Software
4.58
4.83
Bearings
5.38
6.43
7.15
Finance - NBFC
9.41
13.88
Source : ACE MF
6.04
18.08
Source : ACE MF
15
Satellite - Mid / Small Cap
Scheme Names
Canara Rob Emerg Eq

Fund-Reg(G)
Franklin India Prima

Fund(G)
HDFC Mid-Cap
Opportunities Fund(G)
SBI Magnum MidCap

Fund-Reg(G)
Fund Manager
Ravi Gopalakrishnan &

Krishna Sanghavi
R. Janakiraman &
Roshi Jain
Chirag Setalvad &

Rakesh Vyas
Sohini Andani
830
3,846
10,639
1,326

CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
13.06
6.81
5.81
14.92
Dec. 31, 2013 to Dec. 31, 2014
96.02
78.14
76.63
71.94
Dec. 31, 2012 to Dec. 31, 2013
3.16
7.40
9.64
13.57
18.54
21.01
17.02
18.42
Dec. 31, 2014 to Dec. 31, 2015
11,306
10,681
10,581
11,492
Dec. 31, 2013 to Dec. 31, 2014
19,602
17,814
17,663
17,194
Dec. 31, 2012 to Dec. 31, 2013
10,316
10,740
10,964
11,357
62,940
675,481
38,190
61,736
11-Mar-05
1-Dec-93
25-Jun-07
29-Mar-05
21.75
17.14
17.04
16.96
Inception Date
Ratios
SD (%)
Treynor
Exit Load
Benchmark Name
1.93
2.02
1.96
2.47
Nil after 18M
1% on or before 1Y
1% on or before 1Y,
Nil after 1Y
1% on or before 1Y,
Nil after 1Y
NIFTY MIDCAP 100
NIFTY 500
NIFTY MIDCAP 100
S&P BSE Mid-Cap
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
6.46
-0.72
6.46
7.43
Dec. 31, 2013 to Dec. 31, 2014
55.91
37.82
55.91
54.69
Dec. 31, 2012 to Dec. 31, 2013
-5.10
3.61
-5.10
-5.73
Dec. 31, 2014 to Dec. 31, 2015
10,646
9,928
10,646
10,743
Dec. 31, 2013 to Dec. 31, 2014
15,591
13,782
15,591
15,469
Dec. 31, 2012 to Dec. 31, 2013
9,490
10,361
9,490
9,427

Franklin India Prima Fund has 2 benchmarks Nifty 500 Index and Nifty Midcap 100
Source: ACEMF
16
Balanced Funds
Benchmark
Scheme Names
Particulars
Fund Manager
Reliance Reg Savings

Tata Balanced Fund(G) Crisil Balanced Fund
Fund-Balanced
Index
Plan(G)
Birla SL Balanced '95

Fund(G)
ICICI Pru Balanced

Fund(G)
Mahesh Patil &

Pranay Sinha
Yogesh Bhatt &

Sankaran Naren
Sanjay Parekh &

Amit Tripathi
Atul Bhole &

Akhil Mittal
2,100
2,459
1,616
5,010
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
3.36
2.10
8.73
6.97
0.48
Dec. 31, 2013 to Dec. 31, 2014
48.56
45.56
43.20
49.61
25.34
Dec. 31, 2012 to Dec. 31, 2013
6.10
11.18
3.52
7.54
6.05
21.28
14.71
14.33
16.77
Value of Investment
of INR 10,000 if invested from
Dec. 31, 2014 to Dec. 31, 2015
10,336
10,210
10,873
10,697
10,048
Dec. 31, 2013 to Dec. 31, 2014
14,856
14,556
14,320
14,961
12,534
10,605
Dec. 31, 2012 to Dec. 31, 2013
10,610
11,118
10,352
10,754
563,805
92,050
41,173
230,734
10-Feb-95
3-Nov-99
1% on or before 365D,
Nil after 365D
Nil upto 20% and for

remaining - 1% on or
before 1Y,
Nil after 1Y
Inception Date
Exit Load
10-Jun-05
8-Oct-95
Nil for 10% of
investments and 1 % 1% on or before 365D,
for remaining on or
Nil after 365D
before 12M,
Nil after 12M
Exposure (%)
Debt
24.29
20.35
28.81
24.32
Equity
70.51
74.14
63.47
71.35
5.21
5.51
7.72
4.32
Cash & Equivalent

Source: ACEMF
ELSS
Scheme Names
Axis LT Equity
Fund(G)
Birla SL Tax
Relief '96(G)
Franklin India
Taxshield(G)
HDFC Tax
Saver(G)
Fund Manager
Jinesh Gopani
Ajay Garg
Anand
Radhakrishnan
Vinay R. Kulkarni
& Rakesh Vyas
6,480
1,948
1,835
4,798
ICICI Pru LT Equity

Reliance Tax Saver
Fund (G)
(ELSS) Fund(G)
(Tax Savings)
George Heber
Joseph & Shalya
Shah
2,794
Ashwani Kumar
4,451
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
6.70
9.19
4.05
-6.24
4.33
-2.92
Dec. 31, 2013 to Dec. 31, 2014
66.18
54.55
56.93
56.36
50.82
83.00
Dec. 31, 2012 to Dec. 31, 2013
16.51
9.09
6.14
5.09
10.15
3.47
20.47
10.70
24.99
27.55
22.40
15.84
Dec. 31, 2014 to Dec. 31, 2015
10,670
10,919
10,405
9,376
10,433
9,708
Dec. 31, 2013 to Dec. 31, 2014
16,618
15,455
15,693
15,636
15,082
18,300
Dec. 31, 2012 to Dec. 31, 2013
11,651
10,909
10,614
10,509
11,015
10,347
30,612
22,136
418,215
1,226,466
273,970
45,359
29-Dec-09
S&P BSE 200
10-Mar-08
S&P BSE 200
10-Apr-99
NIFTY 500
31-Mar-96
NIFTY 500
19-Aug-99
NIFTY 500
21-Sep-05
S&P BSE 100
-1.48
35.47
4.38
-1.48
35.47
4.38
-0.72
37.82
3.61
-0.72
37.82
3.61
-0.72
37.82
3.61
-3.25
32.28
5.87
9,852
13,547
9,852
13,547
9,928
13,782
9,928
13,782
9,928
13,782
9,675
13,228
Dec. 31, 2012 to Dec. 31, 2013

10,438
10,438
10,361
10,361
Lock-in for 3 years
Source: ACEMF
10,361
10,587
Inception Date
Benchmark Names
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
Dec. 31, 2013 to Dec. 31, 2014
Dec. 31, 2012 to Dec. 31, 2013
Dec. 31, 2014 to Dec. 31, 2015
Dec. 31, 2013 to Dec. 31, 2014
17
Arbitrage Funds
Scheme Names
Fund Manager
Edelweiss
ICICI Pru EquityArbitrage Fund-(G) Arbitrage Fund-(G)
Bhavesh Jain &
Kartik Soral
848
IDFC Arbitrage
Fund-Reg(G)
Yogik Pitti &

Kayzad Eghlim &
Manish Banthia Meenakshi Dawar
3,661
3,131
Kotak Equity
Arbitrage
Scheme(G)
SBI Arbitrage
Opportunities
Fund-Reg(G)
Crisil Liquid
Fund Index
Deepak Gupta
Neeraj Kumar
4,728
1,657
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
7.96
7.56
7.38
7.50
7.33
8.23
Dec. 31, 2013 to Dec. 31, 2014
8.58
8.53
8.99
8.62
9.21
Dec. 31, 2012 to Dec. 31, 2013
9.80
9.23
9.18
9.03
9.03
8.29
8.06
7.51
7.83
7.80

Dec. 31, 2014 to Dec. 31, 2015
10,796
10,756
10,738
10,750
10,733
10,823
Dec. 31, 2013 to Dec. 31, 2014
10,858
10,853
10,899
10,862
10,921
10,903
Dec. 31, 2012 to Dec. 31, 2013

Inception Date
Exit Load
10,980
10,923
10,918
10,903
11,280
20,106
19,230
21,675
19,906
27-Jun-14
30-Dec-06
21-Dec-06
29-Sep-05
3-Nov-06
0.25% on or
before 30D,
Nil after 30D
0.25% on or
before 1M,
Nil after 1M
0.25% on or
before 3M
0.50% on or
before 90D
0.50% on or
before 3M,
Nil after 3M
Source: ACEMF
18
MIP
Particulars
Fund Manager
Birla SL MIP IISavings 5(G)
HSBC MIPSavings(G)
Satyabrata
Mohanty &
Pranay Sinha
Aditya Khemani &

Sanjay Shah
249
231
Scheme Names
Birla SL MIP IIWealth 25(G)
Benchmark
Crisil MIP
Blended Index
ICICI Pru MIP

25(G)
Reliance MIP(G)
Satyabrata
Mohanty &
Pranay Sinha
Rajat Chandak &

Manish Banthia
Sanjay Parekh &

Amit Tripathi
1,044
1,277
2,614
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
6.16
4.15
5.40
6.42
6.21
6.79
Dec. 31, 2013 to Dec. 31, 2014
18.80
21.72
27.70
22.52
23.37
16.83
Dec. 31, 2012 to Dec. 31, 2013
5.99
4.26
6.65
5.85
3.51
4.41
9.14
9.61
9.89
10.24
10.84
Dec. 31, 2014 to Dec. 31, 2015
10,616
10,415
10,540
10,642
10,621
10,679
Dec. 31, 2013 to Dec. 31, 2014
11,880
12,172
12,770
12,252
12,337
11,683
10,441
Dec. 31, 2012 to Dec. 31, 2013
10,599
10,426
10,665
10,585
10,351
27,614
29,692
29,899
31,475
34,308
22-May-04
24-Feb-04
22-May-04
30-Mar-04
12-Jan-04
6.05
10.74
13.04
0.88
4.12
17.51
1.6633
0.80
5.50
0.93
Inception Date
Average Maturity in Years (February)
Credit Quality (%)
AA/Equiv
8.52
AA+
1.29
AAA & Equiv
14.98
20.08
0.52
2.44
9.09
Cash & Equivalent
8.55
12.14
1.88
3.06
6.94
2.68
A/Equiv & Others
2.75
SOV
57.35
42.80
65.20
60.49
1% on or before
540D, Nil after
540D
Nil
1% on or before
1095D, Nil after
1095D
Exit Load
35.52
Nil for 10% of
Nil upto 20% and investment, 1% if
for remaining - exceeding 10% of
1% on or before invesment on or
before 12M,
1Y, Nil after 1Y
Nil after 12M
Exposure (%)
Debt
82.14
64.54
69.84
75.75
74.21
Equity
9.31
23.32
27.97
21.20
18.85
Cash & Equivalent & Others
8.55
12.14
2.19
3.06
6.94
Source: ACEMF
19
Focus List - Additional Recommended Schemes
Debt Funds
Equity Funds
Birla SL Short Term Fund)
Axis Equity Fund
Birla SL Treasury Optimizer Plan
Birla SL Top 100 Fund
HDFC Corporate Debt Opportunities Fund
BNP Paribas Equity Fund
HDFC Short Term Opportunities Fund
Canara Rob Infrastructure Fund-Reg
ICICI Pru Income Opportunities Fund
Edelweiss Absolute Return Fund
Kotak Medium Term Fund
Franklin India Bluechip Fund
Religare Invesco Credit Opportunities Fund
Franklin India Smaller Cos Fund

HDFC Balanced Fund
HDFC Capital Builder Fund
HDFC Infrastructure Fund
ICICI Pru Dynamic Plan
Kotak 50
Mirae Asset Emerging BlueChip-Reg
Reliance Banking Fund
Reliance Small Cap Fund
UTI Mid Cap Fund
Liquid Funds
Fund Manager
Devang Shah
& Kedar
Karnik
Kaustubh
Gupta &
Sunaina
da Cunha
9,139
3,854
7,101
Scheme Names
Reliance
LiquidTreasury
Plan(G)
Kotak
FloaterST(G)
Deepak
Agrawal
Anju
Chhajer
6,980
21,287
Benchmark
Religare
Sundaram
Tata
Money
Invesco
Crisil Liquid
Money Fund- Market FundLiquid
Fund Index
Reg(G)
A(G)
Fund(G)
Krishna Venkat Dwijendra
Amit
Cheemalapati Srivastava &
Siddharth
& Nitish
Somani
Chaudhary
Sikand
-
Particulars
ICICI Pru
Money
Market
Fund(G)
Rahul
Goswami &
Aditya
Pagaria
Axis Liquid Birla SL FRFShort Term

Fund(G)
Plan(G)
5,501
4,641
5,645
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
8.35
8.40
8.33
8.45
8.34
8.39
8.32
8.35
8.23
Dec. 31, 2013 to Dec. 31, 2014
9.10
9.17
9.12
9.10
9.11
9.11
9.09
9.11
9.21
Dec. 31, 2012 to Dec. 31, 2013
9.20
9.37
9.15
9.29
9.24
9.24
9.27
9.34
9.03
8.30
6.88
7.58
7.39
11.23
8.13
7.94
7.76
10,835
10,840
10,833
10,845
10,834
10,839
10,832
10,835
10,823
Dec. 31, 2014 to Dec. 31, 2015
Dec. 31, 2013 to Dec. 31, 2014
10,910
10,917
10,912
10,910
10,911
10,911
10,909
10,911
10,921
Dec. 31, 2012 to Dec. 31, 2013
10,920
10,937
10,915
10,929
10,924
10,924
10,927
10,934
10,903
16,432
19,743
20,501
24,332
36,129
20,401
21,592
23,339
9-Oct-09
13-Oct-05
8-Mar-06
14-Jul-03
9-Dec-03
17-Nov-06
8-Dec-05
1-Sep-04
24
25
37
40
22
22
27
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Inception Date
Average Maturity in Days (February)
Exit Load
Source: ACEMF
20
Ultra Short Term Funds
ICICI Pru Flexible
Income Plan-(G)
SBI Ultra Short Term

Debt Fund(G)
UTI Treasury
Advantage Fund(G)
Shobhit Mehrotra &

Rakesh Vyas
Rahul Goswami &

Rohan Maru
Rajeev Radhakrishnan
Sudhir Agarwal
8,944
16,097
9,081
10,723
Birla SL Savings Fund(G) HDFC FRIF-Short Term

Plan(G)
Scheme Names
Kaustubh Gupta &

Sunaina da Cunha
Fund Manager
11,843
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
8.89
8.83
8.81
8.63
8.76
Dec. 31, 2013 to Dec. 31, 2014
9.66
9.08
9.62
8.96
9.55
7.70
8.38
8.07
7.94
8.42
Dec. 31, 2014 to Dec. 31, 2015
10,889
10,883
10,881
10,863
10,876
Dec. 31, 2013 to Dec. 31, 2014
10,966
10,941
10,949
10,917
10,931
Dec. 31, 2012 to Dec. 31, 2013
10,955
10,908
10,962
10,896
10,955

Inception Date
Average Maturity in Days (February)
25,689
19,336
27,999
19,057
20,192
16-Apr-03
23-Oct-07
27-Sep-02
26-Jul-07
23-Apr-07
285
307
190
167
16.83
Credit Quality (%)

AA/Equiv
10.54
7.07
13.54
7.45
AA+
4.96
14.14
6.40
11.86
1.03
AAA & Equiv
62.70
69.13
71.11
69.27
52.57
27.02
Cash & Equivalent
2.22
5.51
3.22
2.78
A/Equiv & Others
3.57
1.81
0.07
SOV
14.34
0.86
5.74
7.45
0.98
Nil
Nil
Nil
Nil
Nil
Crisil Short Term Bond

Fund Index
Crisil Liquid
Fund Index
Crisil Liquid
Fund Index
Crisil Liquid
Fund Index
Crisil Liquid
Fund Index
Exit Load
Benchmark Names
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
8.66
8.23
8.23
8.23
8.23
Dec. 31, 2013 to Dec. 31, 2014
10.47
9.21
9.21
9.21
9.21
Dec. 31, 2012 to Dec. 31, 2013
8.27
9.03
9.03
9.03
9.03
Dec. 31, 2014 to Dec. 31, 2015
10,866
10,823
10,823
10,823
Dec. 31, 2013 to Dec. 31, 2014
11,047
10,921
10,921
10,921
10,921
Dec. 31, 2012 to Dec. 31, 2013
10,827
10,903
10,903
10,903
10,903
No Exit Load
Source: ACEMF
21
Short Term Funds
Scheme Names
Axis Short Term

Fund(G)
Birla SL ST
Opportunities Fund(G)
ICICI Pru Short Term

Plan-Reg(G)
Reliance STF(G)
Tata ST Bond(G)
Fund Manager
Devang Shah
Kaustubh Gupta&
Sunaina da Cunha
ManishBanthia
PrashantPimple
AkhilMittal
2,447
3,930
5,281
8,793
4,748
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
8.11
8.42
7.99
8.12
8.23
Dec. 31, 2013 to Dec. 31, 2014
10.04
11.33
11.55
11.33
10.56
Dec. 31, 2012 to De. 31, 2013
7.30
10.12
7.24
7.51
9.10
8.20
7.23
8.11
8.12
7.86
10,823
Dec. 31, 2014 to Dec. 31, 2015
10,811
10,842
10,799
10,812
Dec. 31, 2013 to Dec. 31, 2014
11,004
11,133
11,155
11,133
Dec. 31, 2012 to Dec. 31, 2013
10,730
11,012
10,724
10,751
15,970
24,185
30,235
27,684
22-Jan-10
09-May-03
25-Oct-01
18-Dec-02
8-Aug-02
3.20
4.76
2.77
2.59
AA/Equiv
32.44
10.45
3.08
AA+
1.48
2.04
11.20
2.10
AAA & Equiv
82.74
13.31
38.29
57.42
71.91
Cash & Equivalent
4.05
10.76
4.90
3.31
3.05
Inception Date
Credit Quality (%)
A/Equiv & Others
1.05
SOV
13.21
34.85
44.31
23.75
19.86
Nil
1% on or before 365D,
Nil after 365D

Fund Index
Crisil AA Short Term

Bond Fund Index
Exit Load
Benchmark Names
Nil
0.25% on or before 1M, 0.50% on or before 30D,

Nil after 30D
Nil after 1M
Crisil Short Term Bond Crisil Short Term Bond Crisil Short Term Bond
Fund Index
Fund Index
Fund Index
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
8.66
8.66
8.66
8.66
Dec. 31, 2013 to Dec. 31, 2014
10.47
10.47
10.47
10.47
Dec. 31, 2012 to Dec. 31, 2013
8.27
8.27
8.27
8.27
Dec. 31, 2014 to Dec. 31, 2015
10,866
10,866
10,866
10,866
Dec. 31, 2013 to Dec. 31, 2014
11,047
11,047
11,047
11,047
Dec. 31, 2012 to Dec. 31, 2013
10,827
10,827
10,827
10,827
Source: ACE MF
22
Accrual / Credit Opportunities Funds
Scheme Names
Birla SL Medium Term

Fund(G)
DSPBR Income
Opportunities FundReg(G)
HDFC STP(G)
Reliance Reg Savings

Fund-Debt Plan(G)
Fund Manager
Maneesh Dangi
Dhawal Dalal
Anil Bamboli &

Rakesh Vyas
Prashant Pimple
4,638
2,300
2,768
5,891
Quaterly AAUM (Rs. Crs.) December-2015

CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
9.52
9.64
9.50
8.78
Dec. 31, 2013 to Dec. 31, 2014
11.97
10.76
10.96
10.97
Dec. 31, 2012 to Dec. 31, 2013
10.25
8.14
7.28
7.99
9.23
7.13
7.96
6.85
Dec. 31, 2014 to Dec. 31, 2015
10,952
10,964
10,950
10,878
Dec. 31, 2013 to Dec. 31, 2014
11,197
11,076
11,096
11,097
Dec. 31, 2012 to Dec. 31, 2013
11,025
10,814
10,728
10,799
18,183
23,897
28,884
20,140
25-Mar-09
13-May-03
28-Feb-02
10-Jun-05
2.98
1.95
2.13
AA/Equiv
10.49
9.83
19.83
41.38
AA+
0.90
0.53
3.51
5.39
AAA & Equiv
6.40
41.83
7.92
5.71
Cash & Equivalent
4.69
3.55
9.71
4.90
A/Equiv & Others
2.46
24.62
32.88
18.47
SOV
33.05
0.04
Unrated
5.67
7.82
2.00% on or before
365D,1.00% after 365D
but on or before 730D,
Nil after 730D
Nil after 12M
0.75% on or before 12M,

NIL after 12M
1% on or Before 1Y,
Nil after 1Y
CRISIL AA Short Term Bond

Index

Fund Index

Fund Index
Crisil Composite Bond

Fund Index
8.66
8.66
8.63
Dec. 31, 2013 to Dec. 31, 2014
10.47
10.47
14.31
Dec. 31, 2012 to Dec. 31, 2013
8.27
8.27
3.79
Inception Date
Credit Quality (%)
Exit Load
Benchmark Names
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
Dec. 31, 2014 to Dec. 31, 2015
10,866
10,866
10,863
Dec. 31, 2013 to Dec. 31, 2014
11,047
11,047
11,431
Dec. 31, 2012 to Dec. 31, 2013
10,827
10,827
10,379
Source: ACE MF
23
Income Funds
Scheme Names
Axis Income
Fund(G)
Birla SL Income
Plus(G)
HDFC Income
Fund(G)
IDFC SSIF-Invest
-Reg(G)
Kotak Bond Fund

- Plan A(G)
Fund Manager
Devang Shah
Prasad Dhonde
Shobhit Mehrotra &

Rakesh Vyas
Suyash Choudhary
Abhishek Bisen
249
4,449
3,341
2,259
5,199
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
6.76
4.56
5.32
5.93
4.60
Dec. 31, 2013 to Dec. 31, 2014
15.01
16.03
15.68
15.54
15.13
Dec. 31, 2012 to Dec. 31, 2013
4.72
2.65
2.17
4.67
2.10
9.08
9.64
8.07
8.47
9.12
Dec. 31, 2014 to Dec. 31, 2015
10,676
10,456
10,532
10,593
10,460
Dec. 31, 2013 to Dec. 31, 2014
11,501
11,603
11,568
11,554
11,513
Dec. 31, 2012 to Dec. 31, 2013
10,472
10,265
10,217
10,467
10,210
13,865
64,269
32,810
35,163
40,792
28-Mar-12
21-Oct-95
11-Sep-00
14-Jul-00
25-Nov-99
11.00
17.07
4.54
16.84
Inception Date
Exit Load
Benchmark Names
Nil
Nil

Fund Index

Fund Index
Nil for 10% of

investment and 1% for
0.50% on or before 6M,
remaining investment
Nil after 6M
on or before 365D,
Nil after 365D
Fund Index

Fund Index
Nil

Fund Index
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
8.63
8.63
8.63
8.63
8.63
Dec. 31, 2013 to Dec. 31, 2014
14.31
14.31
14.31
14.31
14.31
Dec. 31, 2012 to Dec. 31, 2013
3.79
3.79
3.79
3.79
3.79
Dec. 31, 2014 to Dec. 31, 2015
10,863
10,863
10,863
10,863
10,863
Dec. 31, 2013 to Dec. 31, 2014
11,431
11,431
11,431
11,431
11,431
Dec. 31, 2012 to Dec. 31, 2013
10,379
10,379
10,379
10,379
10,379
Source: ACE MF
24
Dynamic Bond Funds
Scheme Names
Particulars
Fund Manager
HDFC High Interest ICICI Pru Dynamic Bond

Birla SL Dynamic Bond
Fund-Dynamic Plan(G)
Fund(G)
Fund-Ret(G)
Reliance Dynamic
Bond(G)
Tata Dynamic Bond

Fund-Plan A(G)
Anil Bamboli &

Rakesh Vyas
Prashant Pimple
Akhil Mittal
Maneesh Dangi
15,763
2,245
Rahul Goswami
993
5,532
1,004
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
7.44
5.51
7.59
5.73
7.10
Dec. 31, 2013 to Dec. 31, 2014
14.85
16.14
13.26
15.28
13.92
Dec. 31, 2012 to Dec. 31, 2013
6.79
5.33
5.88
4.82
10.10
8.69
8.93
7.81
6.22
6.81
Dec. 31, 2014 to Dec. 31, 2015
10,744
10,551
10,759
10,573
10,710
Dec. 31, 2013 to Dec. 31, 2014
11,485
11,614
11,326
11,528
11,392
Dec. 31, 2012 to Dec. 31, 2013
10,679
10,533
10,588
10,482
11,010
25,561
49,439
16,370
19,572
22,542
27-Sep-04
28-Apr-97
12-Jun-09
15-Nov-04
3-Sep-03
17.58
8.39
14.17
7.42
Nil
1% on or Before 12M,
Nil After 12M
0.50% on or before
180D, Nil after 180D

Fund Index

Fund Index
I-Sec Composite Gilt

Index
Inception Date
Exit Load
0.50% on or before 90D, 0.50% on or before 6M,

Nil after 6M
Nil after 90D
Benchmark Names

Fund Index

Fund Index
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
8.66
8.63
8.63
8.63
8.37
Dec. 31, 2013 to Dec. 31, 2014
10.47
14.31
14.31
14.31
15.12
Dec. 31, 2012 to Dec. 31, 2013
8.27
3.79
3.79
3.79
4.12
Dec. 31, 2014 to Dec. 31, 2015
10,866
10,863
10,863
10,863
10,837
Dec. 31, 2013 to Dec. 31, 2014
11,047
11,431
11,431
11,431
11,512
Dec. 31, 2012 to Dec. 31, 2013
10,827
10,379
10,379
10,379
10,412
Source: ACE MF
25
Long Term Gilt
Scheme Names
Birla SL GSec-LT(G)
ICICI Pru GiltInvest-PF(G)
Kotak GiltInvest-Reg(G)
Reliance Gilt
Securities Fund(G)
Fund Manager
Prasad Dhonde
& Kaustubh Gupta
Manish Banthia &

Anuj Tagra
Abhishek Bisen
Prashant Pimple
955
798
894
1,283
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
5.49
5.48
5.27
6.24
Dec. 31, 2013 to Dec. 31, 2014
17.54
20.53
17.09
18.64
Dec. 31, 2012 to Dec. 31, 2013
3.05
1.40
0.06
3.27
9.37
8.93
9.78
8.81
Dec. 31, 2014 to Dec. 31, 2015
10,549
10,548
10,527
10,624
Dec. 31, 2013 to Dec. 31, 2014
11,754
12,053
11,709
11,864
Dec. 31, 2012 to Dec. 31, 2013
10,305
10,140
10,006
10,327

Inception Date
Exit Load
Benchmark Names
42,643
28,195
48,934
18,613
28-Oct-99
19-Nov-03
29-Dec-98
22-Aug-08
24.29
17.00
11.73
Nil
Nil
Nil
Nil
I-Sec Li-BEX
I-Sec Li-BEX
I-Sec Composite
Gilt Index
I-Sec Li-BEX
CAGR (%)
Dec. 31, 2014 to Dec. 31, 2015
7.48
7.48
8.37
7.48
Dec. 31, 2013 to Dec.r 31, 2014
19.74
19.74
15.12
19.74
Dec. 31, 2012 to Dec. 31, 2013
1.38
1.38
4.12
1.38
10,748
10,748
10,837
10,748
Dec. 31, 2014 to Dec. 31, 2015
Dec. 31, 2013 to Dec. 31, 2014
11,974
11,974
11,512
11,974
Dec. 31, 2012 to Dec. 31, 2013
10,138
10,138
10,412
10,138
Source: ACEMF
26
Model Portfolio
Wealth
Guard (%)
Low Risk Debt
Wealth
Keeper (%)
Wealth
Builder (%)
Wealth
Enhancer (%)
Wealth
Multiplier (%)
60
50
30
20
15
35
35
30
20
15
15
30
40
50
10
20
20
100
100
100
100
100
Corporate/Bank Deposits
Post Office & RBI/ PSU Bonds
Fixed Maturity Plans (FMPs)
Liquid/Ultra Short Term Funds
Long/Short Term Debt
Short Term Funds
Income Funds
Monthly Income Plans (MIPs)
Gilt - Medium to Long Term
Equity
Diversified Equity Funds
Direct Equity/Derivatives
Private Equity
Equity PMS
Alternate
Other Asset Class (Gold, etc.)
Structured Products (Capital protected)
Structured Products (Non-Capital protected)
Total
Investment not applicable
27
Disclaimer:
This document is prepared by the Research Division of Aditya Birla Money Mart Limited (ABMML/ the Company) on the basis of publicly available information,
internally developed data and other sources believed to be reliable. Whilst no action has been taken based upon this information, ABMML does not warranty either
expressly or impliedly, the accuracy, completeness or reliability of any information provided herein. Neither ABMML nor any of its employees / directors /
authorized representatives shall be liable for any direct, indirect, special, consequential, punitive or exemplary damages including lost profits arising in any way
from the information contained in this material, and hereby disclaims any liability with regard to the same. This report is disseminated for the information of
authorized recipients only and is not to be relied upon or taken in substitution for the exercise of due diligence and judgment by any recipient. This report does not
provide individually tailored investment advice; investors should seek independent financial advice with respect to the merits and risks involved in any of the
matters concerning investments in the Schemes/products mentioned in the report. MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS READ ALL
SCHEME RELATED DOCUMENTS CAREFULLY BEFORE INVESTING. PAST PERFORMANCE MAY OR MAY NOT BE SUSTAINED IN FUTURE. Returns are for Growth Option.
Calculations of return assume that all payouts during the period have been reinvested in the Scheme at the then prevailing NAV. Returns of less than one year are
absolute returns and returns of one year and more are compounded annualized returns.
This document is meant solely for the selected recipient to whom it has been specifically made available for general reading purposes. Nothing in this document
should be construed as an investment/financial advice or solicitation to purchase or sell, units of Scheme of any particular fund house or any financial product
referred to in this document. Investment decision if any taken will be at your sole and absolute discretion after due assessment and understanding of your
investment objective, appropriateness and risk averseness including indicated under product labeling of mutual fund scheme. ABMML shall not be held
responsible in any manner whatsoever for the consequences resulting from you taking the decision based on the use of this information. You may therefore obtain
your own legal, tax and financial advice before making a decision. Aditya Birla Money Mart Ltd is registered with AMFI as a distributor of mutual fund [ARN 0003]
and being engaged in the distribution of Mutual Fund products may receive fees / commission from the asset management companies. The indicative range of
commission receivable from AMCs is from 0% to 6.5% depending on the schemes and as notified by the AMCs from time to time. For more details about the
Company, its businesses and other information including the commissions received from asset management companies you may visit the website
www.adityabirlamoney.com under the Products Mutual Fund section or can seek direct information from your relationship manager at the time of investment.
ABMML is an also an associate / group company of Birla Sun Life Asset Management Company Limited and trustees and sponsor of Birla Sun Life Mutual Fund
(BSLMF), and also acts as a distributor of BSLMF. Any recommendation or reference of schemes of BSLMF made here if any is based on the standard evaluation and
selection process, which would apply uniformly for all mutual fund schemes. The payment of commission (upfront /annualized & trail) for any Schemes of BSLMF to
ABMML would be as per prevailing market practices. You may execute the mutual fund transactions using the execution services of the Company. These services
shall be as per the SEBI guidelines issued from time to time and you may quote the EUIN number of the relationship manager in case of such transactions is
executed based on the advice provided by the Company.
28
Riskometer
RISKOMETER : SEBI's Mutual Fund Advisory committee had concurred that the
prevailing 3-level classification of scheme risk determined by colour coding
(brown for high risk, yellow for medium risk and blue for low risk) is inadequate
to calibrate risk adequately across all mutual fund products. Hence there was a
need to increase the levels of risk depiction from 3 to 5 to accommodate a finer
categorization of risk across the spectrum of MF products. Therefore the
colour coding has been replaced by a 'Riskometer' as an easier to understand
pictorial risk grading system.
Levels of Risk
Risk Level
Interpretation
1. Low Level
Principal At Low Risk
2. Moderately Low
Principal at moderately low risk
3. Moderate
Principal at moderate risk
4. Moderately High
Principal at moderately high risk
5. High
Principal at high risk
Scheme Names
Axis Liquid Fund(G)
Birla SL FRF-Short Term Plan(G)
ICICI Pru Money Market Fund(G)
Kotak Floater-ST(G)
Reliance Liquid-Treasury Plan(G)
Religare Invesco Liquid Fund(G)
Sundaram Money Fund-Reg(G)
Tata Money Market Fund- A(G)
Riskometer
Riskometer
Scheme Names
Axis Income Fund(G)
Birla SL Dynamic Bond Fund-Ret(G)
Birla SL G-Sec-LT(G)
Birla SL Income Plus(G)
Birla SL Medium Term Fund(G)
Birla SL MIP II-Savings 5(G)
Birla SL ST Opportunities Fund(G)
Birla SL Treasury Optimizer Plan(G)
DSPBR Income Opportunities Fund-Reg(G)
HDFC STP(G)
HDFC High Interest Fund-Dynamic Plan(G)
HDFC Income Fund(G)
HDFC Corporate Debt Opportunities Fund-(G)
ICICI Pru Income Opportunities Fund(G)
ICICI Pru Equity-Arbitrage Fund(G)
ICICI Pru Gilt-Invest-PF(G)
ICICI Pru Short Term Plan(G)
ICICI Pru Dynamic Bond Fund(G)
IDFC SSIF-Invest-Reg(G)
Kotak Bond Fund - Plan A(G)
Kotak Gilt-Invest-Reg(G)
Reliance Dynamic Bond(G)
Reliance Gilt Securities Fund(G)
Reliance MIP(G)
Reliance Reg Savings Fund-Debt Plan(G)
Tata Dynamic Bond Fund-Plan A(G)
Riskometer
Scheme Names
Axis Short Term Fund(G)
Birla SL Savings Fund(G)
Birla SL Short Term Fund(G)
Edelweiss Arbitrage Fund-Reg(G)
HDFC FRIF-Short Term Plan(G)
HDFC Short Term Opportunities Fund(G)
ICICI Pru Flexible Income Plan(G)
IDFC Arbitrage Fund-Reg(G)
Kotak Equity Arbitrage Scheme(G)
Reliance STF(G)
Religare Invesco Credit Opportunities Fund(G)
SBI Arbitrage Opportunities Fund-Reg(G)
SBI Ultra Short Term Debt Fund(G)
Tata ST Bond(G)
UTI Treasury Advantage Fund(G)
Riskometer
Scheme Names
Axis Equity Fund(G)
Axis LT Equity Fund(G)
Birla SL Top 100 Fund(G)
Birla SL Balanced '95 Fund(G)
Birla SL Frontline Equity Fund(G)
Birla SL MIP II-Wealth 25(G)
Birla SL Tax Relief '96(G)
BNP Paribas Equity Fund(G)
Canara Rob Emerg Eq Fund-Reg(G)
Franklin India Bluechip Fund(G)
Franklin India High Growth Cos Fund(G)
Franklin India Prima Fund(G)
Franklin India Smaller Cos Fund(G)
Franklin India Taxshield(G)
HDFC Balanced Fund(G)
HDFC Capital Builder Fund(G)
HDFC Mid-Cap Opportunities Fund(G)
HSBC MIP-Savings(G)
ICICI Pru Focused BlueChip Eq Fund(G)
ICICI Pru LT Equity Fund (Tax Saving)(G)
ICICI Pru MIP 25(G)
ICICI Pru Balanced Fund(G)
ICICI Pru Dynamic Plan(G)
ICICI Pru Value Discovery Fund(G)
Kotak 50(G)
Kotak Select Focus Fund(G)
Mirae Asset Emerging BlueChip-Reg(G)
Reliance Focused Large Cap Fund(G)
Reliance Reg Savings Fund-Balanced Plan(G)
Reliance Tax Saver (ELSS) Fund(G)
Reliance Small Cap Fund(G)
SBI BlueChip Fund-Reg(G)
SBI Magnum MidCap Fund-Reg(G)
Tata Balanced Fund(G)
UTI Mid Cap Fund(G)
Scheme Names
HDFC Infrastructure Fund(G)
Reliance Banking Fund(G)
Riskometer
29
( M o n t h l y M a r ke t R e v i e w )
Contact Information
Aditya Birla Money Mart Limited
Corporate Office: One Indiabulls Centre, Tower 1, 14th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai 400 013.
Registered Office: Indian Rayon Compound, Veraval, Gujarat 362 266. E-mail: abmm.helpdeskonline@adityabirla.com,
CIN U61190GJ1997PLC062406, Tel: +91 22 43568300, Website: www.adityabirlamoney.com, Fax: +91 22 43568310

MMR - Wealth - March 2016

Caricato da

Informazioni sul documento

Copyright

Formati disponibili

Condividi questo documento

Condividi o incorpora il documento

Opzioni di condivisione

Hai trovato utile questo documento?

Questo contenuto è inappropriato?

Copyright:

Formati disponibili

MMR - Wealth - March 2016

Caricato da

Copyright:

Formati disponibili

For privileged circulation only

The First Page

alarmingly increasing refugee crisis in EU is becoming a cause of

Source: Thomson Reuters

Fixed income markets remained one of the best performing

Open Market Operations (Bn Rs.)

Fixed Income - India

10 Year Benchmark Yields [%]

progress closer to the date. Japanese 10 year bonds turned

Fixed Income - Global

The government is going to adhere to its fiscal deficit target of

IIP & Core Sector Growth

Core Sector Growth [%]

IIP Growth (%)

Source: Thomson Reuters

IIP- Sector Wise Growth Rate (%)

2015-16 2014-15 2013-14 2012-13 2011-12 Weight

(1.03) (1.78) (2.51) 14.16%

Use based classification

11.60 (14.27) (12.50) 3.24

Consumer non-durables (1.17)

Pan, tobacco and

CPI Rural, Urban and Combined (in %)

FII in Debt (Rs. Crs)

FII in Equity (Rs. Crs)

Clothing & footwear 6.64

Fuel & light

CPI & Food Infiation

Food, beverages & tabacco (%)

Source: Thomson Reuters

On fixed income side, accrual products and short term income

Absolute Returns (%)

Dow Jones (USA)

FTSE 100 (UK)

Hang Seng (Hong Kong)

Nikkei 225 (Japan)

S&P 500 (U.S.A.)

S&P BSE SENSEX (India)

Seoul Composite (S.Korea)

Swiss Market (Switzerland)

Taiwan Weighted (Taiwan)

Straits Times (Singapore)

Namely, a) the deflationary impact of negative interest rate

Performance as on 29th Feb 2016

Absolute Returns (%)

S&P BSE 100

S&P BSE 200

S&P BSE 500

S&P BSE AUTO Index

S&P BSE BANKEX

S&P BSE Capital Goods

S&P BSE Consumer Durables

S&P BSE FMCG

S&P BSE Health Care

S&P BSE METAL Index

S&P BSE Mid-Cap

S&P BSE OIL & GAS Index

S&P BSE Power Index

S&P BSE PSU

S&P BSE Realty Index

S&P BSE SENSEX

S&P BSE Small-Cap

S&P BSE TECk Index

Performance as on 29th Feb 2016