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CIO’s Comments
March 2011
On February 28th, the Finance Minister 17% and to the Bharat Nirman programme by Rs.10, 000 crores.
presented the Union Budget 2012. While Concessions were also made to spur growth in the housing sector.
CIO’s Comments
nothing in the budget was the stuff of
The budget does however fall short as far as its commitment to
headlines, the budget did not have anything
pushing ahead the reform agenda is concerned. While there were a
negative. This in itself led to a relief rally in
Fund Performance slew of announcements regarding the governments' commitment
both equity and bond markets.
to financial sector reform and amendment to the Banking
Mr. Sashi Krishnan
The finance minister faced four big Regulation Acts, all this is not new. One far reaching reform
Asset allocation fund CIO, BALIC challenges in this budget. These challenges measure in the financial sector was allowing mutual funds to
were fiscal consolidation, maintaining the accept subscription from foreign investors in equity schemes.
growth momentum, pushing ahead with the
Cash funds Rising inflation has been centre stage for some time. The budget
reform agenda and containing inflation. The budget attempted to
has tried to address this concern squarely. It desisted from
balance all these objectives and was reasonable successful.
increasing excise duties across the board, which would have been
Debt funds On the fiscal front, the budget surprised positively. The level of inflationary. Agriculture, which has been the main cause for rising
government borrowing has been kept at an astoundingly low level inflation, was also the focus in this budget, with larger credit to the
of just Rs.3, 43,000 crores. This lower than expected deficit target sector and allocation to setting up food parks and augmenting
Capital Shield storage capacity.
for 2011-2012 at just 4.6% of GDP surprised both the debt and
equity markets positively. But a careful look at the numbers does
On the whole the Finance Minister has been able to do a fine
leave one a little perplexed as some of the assumptions look too
Shield Plus balancing act, one that will keep growth going while reigning in
good to be true. Growth is assumed to be at 9%, which seems quite
inflation. Fiscal deficit will however be the joker in the pack.
an ambitious target, given the current domestic and global
Max Gain concerns. The next assumption of a lower increase in expenditure On the political front, February was indeed a busy month for India.
of just 3% seems even more ambitious given that inflation is The 2G scam probe intensified and the ex telecom minister was
expected to be close to 7%. Subsidies seem to be underestimated at taken into custody. Many businessmen associated with the
index linked Funds Rs.1, 43,570 crores when the last years subsidy bill itself is Rs.1, telecom industry also felt the heat. The Government had to
64,000 crores. The revenue side assumes tax buoyancy of 18% and ultimately agree to a JPC probe into the 2G scam to end its standoff
PSU disinvestment of Rs.40, 000 crores which will not be easy to with the opposition in Parliament. The Prime Minister continued to
Equity Funds achieve. face pressure on the scandal surrounding the appointment of the
Central Vigilance Commissioner. All this dampened sentiment in
This budget continues to hug the governments' growth agenda.
asset markets.
Equity Mid-cap Funds Large allocations continue to be made to infrastructure - a 23%
increase from last year. To fund massive infrastructure expansion The situation in the Middle East is also a big worry for India. With
tax free bonds worth Rs.30, 000 crores will be issued. The FII limit Egypt and Libya on the boil and the contagion spreading to the rest
Ethical Equity Funds for debt investments in long term infrastructure investment has of the surrounding autocracies, oil prices have soared to close to
been increased by US$20 billion. The government has committed USD117/bbl. India imports 70% of its oil requirements and this rise
to a manufacturing policy to take up the share of manufacturing to in oil prices will impact both the fiscal deficit as well as inflation.
25% of GDP. Allocation to the social sector has been increased by
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CIO’s Comments
March 2011
The domestic economy continues to face a fair amount of
headwinds. In spite of food inflation showing some signs of easing,
CIO’s Comments
inflationary pressure continues to persist and this could lead to RBI
raising interest rates by at least 100 basis points this year. Liquidity
in the system continues to be negative to the extent of about
Fund Performance
Rs.80,000 crores. Growth is slowing down and the GDP growth
recorded for Q3 of 2011 is lower at 8.2% compared to 8.9% in the
Asset allocation fund first two quarters. Industrial growth slowed to a dismal 1.6% in
December 2010 as compared to 18% for the same period a year
ago. With the balance of payment situation not improving, the
Cash funds current account deficit will remain high at over 3% of GDP
throughout this year. Corporate earnings will be under pressure as
both input costs as well as interest costs are rising.
Debt funds
February was a difficult month for the equity markets and the BSE
Sensex fell 2.2% to close at 17,823. Foreign Institutional Investors
Capital Shield sold about USD 1 billion worth of stock in February taking the total
FII outflow in 2011 to about USD 2.05 billion. Domestic investors
however have been buyers at lower levels and have bought stock
Shield Plus worth over USD 2 billion this calendar year.
Bond markets remained lack lustre in February with the 10 year
Max Gain bond yields falling marginally from 8.15% to 8.02% mainly due to
the fact there were few primary offerings in the month. However,
tight liquidity caused short term rates to shoot up. One year CP
index linked Funds rates touched 10.25%.
While the next few months will be challenging, it will also be an
opportunity for retail equity investors as they will be able to invest
Equity Funds
at levels where the Indian equities are looking reasonably priced.
Bond fund investors will also get an opportunity to lock into the
Equity Mid-cap Funds currently prevailing higher interest rates.

Ethical Equity Funds


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Fund Performance
March 2011 Asset Class Asset Allocation Cash Debt Equity Funds Equity Index Ethical

ASSET PROFILE
Fund Funds Funds Large Cap Mid Cap Funds Funds
EQUITY SHARES 36.6% 0.0% 0.0% 85.3% 85.4% 99.0% 79.5%
Money Market Instruments 10.0% 75.0% 30.0% 12.7% 14.3% 1.0% 20.5%
CIO’s Comments Fixed Deposits - Security 5.1% 25.0% 19.2% 2.0% 0.1% 0.0% 0.0%
Non Convertible Debentures. 42.2% 0.0% 37.5% 0.0% 0.0% 0.0% 0.0%
GOVT SECURITIES(GSE) 6.1% 0.0% 10.2% 0.0% 0.0% 0.0% 0.0%
LOANS 0.0% 0.0% 3.2% 0.0% 0.0% 0.0% 0.0%
WARRANTS 0.0% 0.0% 0.0% 0.0% 0.2% 0.0% 0.0%
Fund Performance Grand Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Asset allocation fund


Absolute Return CAGR Return
Type FUND NAMES 1 Month 3 month 6 month 1 Year 2 Year 3 year
Cash funds Asset Allocation Asset Allocation Fund -1.0% -2.5% 0.9% 6.9% 21.0% 7.4%
Asset Allocation Asset Allocation Pension Fund -0.9% -2.4% 0.5% 6.0% 19.3% 6.9%
Crisil Balanced Fund Index -1.8% -5.6% 0.1% 7.5% 26.7% 3.8%
Cash Fund Unit Gain - Cash 0.5% 1.5% 2.9% 5.4% 6.2% 7.1%
Cash Fund Unit Gain Plus - Cash Plus 0.6% 1.9% 3.5% 6.9% 7.9% 8.8%
Debt funds Cash Fund Cash Plus Pension 0.6% 2.0% 3.8% 7.5% 8.5% 9.2%
Cash Fund Liquid Fund 0.6% 1.8% 3.5% 6.7% 7.6% 8.5%
Cash Fund Liquid Pension Fund 0.6% 1.8% 3.6% 7.1% 7.9% 8.8%
Crisil Composite Liquid Index 0.6% 1.9% 3.5% 5.9% 4.9% 6.2%
DEBT FUNDS Unit Gain - Debt 0.5% 0.8% 2.4% 6.1% 5.7% 7.8%
Capital Shield DEBT FUNDS Unit Gain Plus - Debt Plus 0.6% 1.4% 3.0% 7.7% 7.7% 9.9%
DEBT FUNDS Debt Plus Pension 0.6% 1.5% 3.2% 7.9% 8.0% 9.9%
DEBT FUNDS Premier Debt Fund 0.6% 0.8% 1.8% 5.3% 6.4% 8.2%
DEBT FUNDS Life Long Gain 0.7% 0.9% 2.2% 4.4% 4.8% 6.9%
FUND PERFORMANCE

Shield Plus DEBT FUNDS Bond Fund 0.6% 1.2% 2.7% 6.8% 7.3% 9.3%
DEBT FUNDS Premier Bond Fund 0.5% 0.5% 1.5% 4.7% 5.5% 7.2%
DEBT FUNDS Bond Pension Fund 0.6% 1.3% 2.9% 6.9% 7.4% 9.9%
Crisil Composite Bond Index 0.6% 0.9% 2.1% 5.0% 4.6% 5.7%
LARGE CAP Unit Gain - Equity Gain -3.4% -8.8% -3.4% 7.9% 38.1% 2.6%
Max Gain LARGE CAP Unit Gain Plus - Equity Plus -3.9% -9.5% -3.2% 7.2% 39.0% 3.1%
LARGE CAP Equity Plus Pension -4.5% -9.1% -2.0% 14.4% 46.9% 8.3%
LARGE CAP Premier Equity Gain -4.4% -9.8% -2.3% 12.6% 45.0% 6.4%
LARGE CAP Equity Growth Fund -4.2% -8.2% -3.8% 9.6% 38.1% 1.3%
LARGE CAP Equity Growth Fund II -3.7% -8.1% -0.9% 13.1%
index linked Funds LARGE CAP Premier Equity Growth Fund -4.5% -9.3% -2.6% 13.1% 41.8% 1.3%
LARGE CAP Equity Growth Pension Fund -4.2% -8.3% -1.6% 14.5% 44.8% 4.1%
CNX NSE Nifty Index -3.1% -9.0% -1.3% 8.3% 38.9% 0.70%
MID CAP Unit Gain Mid Cap -6.9% -14.5% -11.9% 1.5% 44.1% 5.5%
MID CAP Unit Gain Mid Cap Plus -6.9% -14.3% -11.4% 7.3% 57.2% 12.2%
Equity Funds MID CAP Unit Gain Mid Cap Plus Pension -7.2% -13.9% -11.6% 7.1% 58.9% 14.4%
MID CAP Accelerator Mid cap Fund -7.3% -14.6% -11.7% 5.6% 55.4% 5.9%
MID CAP Accelerator Mid Cap Fund II -6.0% -12.4% -8.9% 7.2%
MID CAP Accelerator Mid Cap Pension Fund -6.9% -13.4% -10.8% 6.4% 58.9% 7.0%
NIFTY MID CAP 50 index -9.5% -20.9% -17.9% -8.1% 45.7% -6.2%
Equity Mid-cap Funds INDEX Unit Gain – Equity -3.4% -9.3% -2.1% 7.0% 36.6% -0.6%
INDEX Unit Gain Plus - Equity Index -2.9% -8.7% -1.1% 8.9% 38.7% 0.8%
INDEX Equity Index Pension -2.8% -9.0% -1.0% 9.1% 38.9% 0.9%
INDEX Premier Equity Fund -3.4% -9.3% -2.1% 7.0% 36.7% -0.6%
Ethical Equity Funds INDEX Equity Index Fund II -3.3% -9.0% -1.6% 8.1% 38.2% 0.5%
INDEX Premier Nifty Index Fund -3.4% -9.4% -2.4% 6.4% 35.8% -1.2%
INDEX Equity Index Pension Fund II -3.3% -9.0% -1.7% 8.1% 38.1% 0.5%
CNX NSE Nifty Index -3.1% -9.0% -1.3% 8.3% 38.9% 0.70%
Ethical Fund Pure Equity Fund -5.0% -9.6% -3.4% 4.9% 40.9% 11.7%
Ethical Fund Pure Stock Fund -4.8% -9.2% -3.2% 5.3% 39.4% 10.5%
Ethical Fund Pure Stock Pension Fund -4.8% -10.7% -4.7% 8.2% 51.6%
CNX NSE Nifty Index -3.1% -9.0% -1.3% 8.3% 38.9% 0.70%
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Asset Allocation Fund


March 2011
Asset Profile
GOVT
SEC URITIES(GS
CIO’s Comments Fixed Deposits - E)
Security 6.12%
Non C onvertible 5.06%
Debentures.
Money Market
42.16%
Instruments
Fund Performance 10.04%
CENTRAL GOVERNMENT SECURITIES 6.12%
GOI 6.12%
EQUITY SHARES
CORPORATE BONDS 42.16%
Asset allocation fund 36.63% Power Finance Corpn. Ltd. 5.60%
L I C Housing Finance Ltd. 5.35%
Rural Electrification Corpn. Ltd. 4.89%
Housing Development Finance Corpn. Ltd. 3.25%
Rating Profile Infrastructure Development Finance Co. Ltd. 2.89%
Cash funds Other Corporate Bonds 20.17%
AA/LAA, 7.75% FIXED DEPOSITS 5.06% 5.06%
Money Market Insruments 10.04%
Bank Of India 2.26%
State Bank of Hyderabad 1.27%
Debt funds A1+/P1+/PR1+,
State Bank of Mysore 1.06%
15.42%
Punjab National Bank 0.99%
Bank Of Baroda 0.85%
Fixed Deposits, Other MMI 3.60%
Capital Shield 7.98% AAA/LAAA, SHARES 36.63%
58.77% Infosys Technologies Ltd. 3.95%
SOV, 10.07%
I C I C I Bank Ltd. 2.56%
Reliance Industries Ltd. 2.38%
I T C Ltd. 2.32%
Shield Plus Hindustan Unilever Ltd. 1.91%
Industry Distribution G A I L (India) Ltd. 1.48%
Punjab National Bank 1.27%
H D F C Bank Ltd. 1.17%
Max Gain Banks & Financial 21.86% Bharti Airtel Ltd. 1.13%
Technology 17.50% Wipro Ltd. 1.11%
Oil&Gas 14.39% Larsen & Toubro Ltd. 1.10%
FMC G 12.60% Ranbaxy Laboratories Ltd. 1.09%
Auto & Ancillaries 7.53%
Telecommunications 5.92% Tata Steel Ltd. 1.08%
index linked Funds Pharmaceuticals 5.60% Maruti Suzuki India Ltd. 1.08%
Metals & Mining 4.19% Other Shares 13.02%
Engg, Industrial & 3.79% Grand Total 100% 100%
C hemicals 2.45%
C ement 1.95%
Electric 1.78%
Equity Funds Publication 0.34%
Real Estate 0.11%

Equity Mid-cap Funds


Returns Absolute Returns CAGR

FUND NAMES 3 month 6 months 1 year 2 year Returns since


Ethical Equity Funds inception CAGR

Asset Allocation Fund -2.53% 0.90% 6.93% 21.04% 7.81%


Asset Allocation Pension Fund -2.44% 0.50% 6.04% 19.32% 6.51%
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Cash Funds
March 2011

CIO’s Comments FIXED DEPOSITS


Money Market Insruments
25.0% 25.04%
74.96%
The objective of this Fund is to protect the invested capital through I D B I Bank Ltd.
Allahabad Bank
9.1%
9.1%
investments in money market and short term debt instruments. Punjab National Bank
Axis Bank Ltd.
8.9%
8.8%
Fund Performance This fund will invest 100% of its portfolio in bank deposits and Bank Of Baroda 7.2%
Union Bank Of India 5.4%
money market instruments. Not more than 20 % of the apportioned Other MMI 26.4%
Grand Total 100% 100%
premium can be put in this fund.
Asset allocation fund

Returns
Cash funds Annualised Returns
1 Month 3 Month 6 Month 1 year
Asset Profile
Unit Gain - Cash 6.23% 6.00% 5.91% 5.39% Fixed Deposits
Debt funds - Security
Unit Gain Plus - Cash Plus 7.86% 7.60% 7.12% 6.95% 25.04%

Pension - Cash Plus Pension 8.26% 8.09% 7.64% 7.50%


Capital Shield
Liquid Fund 7.59% 7.34% 7.01% 6.72%
Liquid Pension Fund 7.49% 7.31% 7.22% 7.09% Money Market
Shield Plus Instruments
74.96%

Maturity Profile
0 - 3 Months
Max Gain 24.89%
AVERAGE MATURITY AND PORTFOLIO YTM

index linked Funds PORTFOLIO AVG DURATION


FUND CLASSIFICATION YTM ( in years ) MORE THAN 6
MONTHS 3 - 6 Months
68.36% 6.75%
Equity Funds CASH FUNDS 8.18% 0.76

Rating Profile
Equity Mid-cap Funds Fund Manager Comments Deposit with
Banks
25.04%

The funds continued to invest in highly liquid short term papers as per the
Ethical Equity Funds
mandates.

A1+/P1+/PR1+
74.96%
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Debt Funds
March 2011
Investment Objectives
CENTRAL GOVERNMENT SECURITIES 10.17%
CIO’s Comments GOI 10.17%

The objective of the fund is to provide accumulation of income through CORPORATE BONDS
L I C Housing Finance Ltd. 5.93%
37.47%

MINISTRY OF RAILWAYS 3.93%


investment in high quailty fixed income securities. This Fund will have an Cairn India Ltd. 3.41%
State Bank of Hyderabad 2.57%

Fund Performance exposure of maximum 20% in money market instruments and minimum Tata Sons Ltd.
Power Finance Corpn. Ltd.
2.53%
2.26%

of 80% in G Secs, bonds and fixed deposits. Shriram Transport Finance Co. Ltd.
Other Corporate Bonds
2.18%
14.67%
FIXED DEPOSITS 19.19% 19.19%
Money Market Insruments 30.01%
Asset allocation fund Fund Performance Punjab National Bank
Bank Of Baroda
9.96%
7.25%
Bank Of India 3.71%
State Bank Of Bikaner & Jaipur 2.41%
Annualized Returns Other MMI 6.69%
LOAN 3% 3%
Cash funds FUND NAMES 1 month 3 months 6 months 1 year Grand Total 100% 100%

Unit Gain - Debt 6.87% 3.28% 4.76% 6.08%


Unit Gain Plus - Debt Plus 7.98% 5.70% 6.13% 7.66%
Debt funds Pension - Debt Plus Pension 7.44% 6.18% 6.45% 7.87% Asset Profile
Fixed Deposits -
Premier Debt Fund 7.18% 3.12% 3.63% 5.32% Non C onvertible LOANS Security
Debentures. 3.16% 19.19%

Capital Shield Life Long Gain 9.00% 3.62% 4.52% 4.43% 37.47%

Bond Fund 8.26% 4.80% 5.49% 6.79%


GOVT
SEC URITIES(GS
Premier Bond Fund 6.22% 2.19% 2.99% 4.73% E)
Money Market
Shield Plus Instruments
10.17%
Bond Pension Fund 7.53% 5.26% 5.84% 6.90% 30.01%

AVERAGE MATURITY AND PORTFOLIO YTM Maturity Profile


Max Gain > 6 YEARS
< 6 MONTHS
14.56%
13.31%

PORTFOLIO AVG DURATION


4-6 YEARS
FUND CLASSIFICATION YTM ( in years ) 14.09%
index linked Funds 6-12 MONTHS
26.96%
DEBT FUNDS 8.66% 4.15 2-4 YEARS
13.02%

Equity Funds 1-2 YEARS


Fund Manager Comments 18.06%

The Government has announced its budget for FY2011-12 and projected fiscal deficit at Rating Profile
Equity Mid-cap Funds 4.6% of the GDP on the back of lower budgeted expenditure. The budgeted fiscal deficit is Fixed Deposits
19.19%
SOV
lower than what markets were expected. The continued high Inflation especially primary 10.17%
A1+/P1+/PR1+

article inflation is still a source of worry for RBI. The brent crude oil price rose by more than C ARE AA/LAA
30.01%

Ethical Equity Funds 10% due to political unrest in Middle east region. In addition, the prevailing tight liquidity 9.14%

condition is also keeping market interest rate high. If inflation persists at high levels, we
continue to expect more policy action from the Reserve bank going forward.
AAA/AAA(IND)/L
AAA/C AREAAA
31.49%
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Capital Shield
March 2011

CIO’s Comments Investment Objectives Non Convertible Debentures. 61.65%


Indian Railway Finance Corpn. Ltd. 9.4%
National Housing Bank 9.3%
Steel Authority Of India Ltd. 9.2%
Fund Performance “The investment objective of fund is to provide capital guarantee at Power Finance Corpn. Ltd. 9.2%
maturity. The fund strategy would be to match capital guarantee at Other NCD 24.6%
Money Market Insruments 4.1% 4.07%
maturity by investing adequately in debt securities and mutual funds FIXED DEPOSITS 29.6% 29.59%
SHARES 4.69%
Asset allocation fund and rest in high rated secured debentures to provide the benefit of Hindustan Unilever Ltd. 0.4%
diversification." Dr. Reddy'S Laboratories Ltd.
Wipro Ltd.
0.4%
0.3%
Power Grid Corpn. Of India Ltd. 0.3%
Cash funds G A I L (India) Ltd. 0.3%
Aventis Pharma Ltd. 0.3%
Coal India Ltd. 0.3%
I T C Ltd. 0.3%
Debt funds Other Shares 2.0%
Grand Total 100% 100%

Capital Shield

Shield Plus Asset Profile Rating Profile


Fixed Deposits
- Security P1+/A1+/C AREP
29.59% R1
Non AA+
4.27%
Max Gain C onvertible 5.86% Deposit with
Debentures. Banks
31.05%
61.65% Money Market
Instruments
4.07%
index linked Funds

EQUITY
SHARES
Equity Funds 4.69%
AAA
58.83%

Equity Mid-cap Funds Returns

Annualized Returns
Ethical Equity Funds FUND NAMES 1 month 3 months 6 months 1 year
Capital Shield I 0.22% -0.19% 1.54% 6.49%
Capital Shield II -3.29% -6.91% -2.90% 10.01%
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Shield Plus Fund


March 2011

CIO’s Comments Asset Profile


Non C onvertible Equity Shares 5.39%
Debentures. Hindustan Unilever Ltd. 0.46%
Dr. Reddy'S Laboratories Ltd. 0.44%
Fund Performance 34.80% Fixed Deposits - Wipro Ltd. 0.39%
Security Power Grid Corpn. Of India Ltd. 0.38%
34.80% G A I L (India) Ltd. 0.37%
EQUITY SHARES Aventis Pharma Ltd. 0.36%
5.39% Coal India Ltd. 0.33%
Asset allocation fund I T C Ltd. 0.29%
Other Equity Shares 2.36%
CORPORATE BONDS 34.80%
Power Finance Corpn. Ltd. 8.41%
Money Market GOVT Indian Railway Finance Corpn. Ltd. 8.32%
Cash funds SEC URITIES(GS Power Grid Corpn. Of India Ltd. 4.88%
Instruments
E) Rural Electrification Corpn. Ltd. 3.91%
12.96%
12.05% Export-Import Bank Of India 2.94%
Other NCD 6.33%
GOVT SECURITIES(GSE) 12.05% 12.05%
Debt funds Fixed Deposits - Security 34.80% 34.80%
Money Market Insruments 12.96%
Rating Profile Punjab National Bank 4.70%
Bank Of India 3.06%
State Bank Of Travancore 1.77%
Capital Shield Fixed Deposits - Allahabad Bank 1.70%
Security AAA/LAAA Bank Of Baroda 1.16%
Other MMI 0.56%
36.79% 36.78%
Grand Total 100% 100%

Shield Plus

P1+/A1+/C AREP
Max Gain SOV R1
12.74% 13.69%

index linked Funds


Returns
Equity Funds
Annualized Returns
FUND NAMES 1 month 3 months Returns since Inception
Equity Mid-cap Funds Shield Plus Fund I 0.34% 0.47% 5.56%
Shield Plus Fund II 0.37% 0.68% 3.79%

Ethical Equity Funds Shield Plus Fund III 0.59% 1.02% 2.52%
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Max Gain Fund


March 2011

CIO’s Comments Asset Profile


EQUITY SHARES Money Market Instruments 41.72%
58.08% Bank Of Baroda 7.06%
Corporation Bank 4.69%
Money Market State Bank of Hyderabad 4.55%
Fund Performance Instruments Punjab National Bank 4.35%
41.72% Canara Bank 4.08%
Other MMI 16.99%
Fixed Deposits - Security 0.20% 0.2%
SHARES 58.1%
Reliance Industries Ltd. 6.08%
Asset allocation fund Infosys Technologies Ltd. 5.41%
I C I C I Bank Ltd. 4.11%
I T C Ltd. 3.32%
Larsen & Toubro Ltd. 3.16%
Housing Development Finance Corpn. Ltd. 3.02%
H D F C Bank Ltd. 2.70%
Fixed Deposits -
Cash funds Security
State Bank Of India
Tata Consultancy Services Ltd.
2.54%
2.10%
0.20% Bharti Airtel Ltd. 1.51%
Tata Steel Ltd. 1.40%
Oil & Natural Gas Corpn. Ltd. 1.37%
Tata Motors Ltd. 1.28%
Debt funds Bharat Heavy Electricals Ltd.
Axis Bank Ltd.
1.18%
1.15%
Hindustan Unilever Ltd. 1.11%
Mahindra & Mahindra Ltd. 1.00%
Hindalco Industries Ltd. 0.98%
Industry Distribution Sterlite Industries (India) Ltd. 0.97%
Capital Shield Other Shares
Grand Total
13.68%
100% 100%

Banks & Financial 26.36%


Oil&Gas 15.45%
Technology 15.00%
Engg, Industrial & Cap Goods
Shield Plus Metals & Mining
9.29%
8.29%
FMCG 7.62%
Auto & Ancillaries 5.85%
Electric 3.93%
Telecommunications 3.22%
Max Gain Pharmaceuticals 3.04%
Cement 1.30%
Real Estate 0.65%

index linked Funds

Equity Funds
Returns

Equity Mid-cap Funds Annualized Returns


FUND NAMES 1 month 3 months 6 months Returns since Inception
Max Gain Fund I -1.54% -4.20% -0.41% 6.87%
Ethical Equity Funds
Max Gain Fund II 0.43% 1.52% 4.48%
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Index linked Funds


March 2011

CIO’s Comments Investment Objectives MONEY MARKET INSTRUMENTS


State Bank Of Travancore 0.15%
0.97%

State Bank Of Bikaner & Jaipur 0.12%


Bank Of Baroda 0.08%
State Bank of Hyderabad 0.07%
Axis Bank Ltd. 0.07%
The objective of the fund is to provide capital appreciation through Other MMI
Fixed Deposits - Security
0.47%
0.05% 0.05%
Fund Performance
investment in equities forming part of NSE Nifty. This fund will have an SHARES
Reliance Industries Ltd. 9.65%
99.0%

Infosys Technologies Ltd. 9.17%


exposure of maximum 15% in bank deposits and money market I C I C I Bank Ltd.
I T C Ltd.
7.08%
5.66%

Asset allocation fund instruments and minimum 85% in Equities. Housing Development Finance Corpn. Ltd.
Larsen & Toubro Ltd.
5.16%
5.13%
H D F C Bank Ltd. 4.62%
State Bank Of India 4.31%
Tata Consultancy Services Ltd. 3.59%
Bharti Airtel Ltd. 2.55%

Returns Tata Steel Ltd.


Tata Motors Ltd.
2.48%
2.36%
Cash funds Absolute Returns CAGR Oil & Natural Gas Corpn. Ltd. 2.32%
Bharat Heavy Electricals Ltd. 2.00%
FUND NAMES 1 3 6 1 2 3 Returns since Axis Bank Ltd. 1.97%
Hindustan Unilever Ltd. 1.87%
month month month year year year inception Mahindra & Mahindra Ltd. 1.81%
Hindalco Industries Ltd. 1.65%
Debt funds Unit Gain – Equity -3.37% -9.31% -2.12% 7.04% 36.63% -0.64% 13.21% Jindal Steel & Power Ltd. 1.62%
Other Shares 23.99%
Grand Total 100% 100%
Unit Gain Plus - Equity Index -2.89% -8.65% -1.11% 8.88% 38.73% 0.84% 19.29%
Pension - Equity Index Pension -2.83% -8.99% -1.00% 9.06% 38.93% 0.94% 17.98%
Capital Shield Premier Equity Fund -3.35% -9.30% -2.12% 7.04% 36.72% -0.60% 11.69%
Equity Index Fund II -3.27% -9.04% -1.62% 8.08% 38.16% 0.49% 12.45%
Premier Nifty Index Fund -3.40% -9.40% -2.39% 6.42% 35.79% -1.23% 10.56% Asset Profile
Shield Plus
Equity Index Pension Fund II -3.29% -9.04% -1.67% 8.06% 38.15% 0.48% 11.94% EQUITY SHARES
98.99%
Blue Chip Equity Fund -2.96% -8.67%

Max Gain

index linked Funds Fixed Deposits -


Money Market
Security
Instruments
0.05%
0.97%

Equity Funds Industry Distribution


Banks & Financial 26.53%
Technology 14.98%
Equity Mid-cap Funds Oil&Gas 14.71%
Engg, Industrial & Cap Goods 8.81%
Metals & Mining 8.51%
FMCG 7.62%
Auto & Ancillaries 6.14%
Ethical Equity Funds
Electric 4.41%
Pharmaceuticals 3.66%
Telecommunications 2.94%
Cement 1.20%
Real Estate 0.49%
www.bajajallianz.com

Equity Funds
March 2011
Investment Objectives
Money Market Insruments 12.71%
CIO’s Comments State Bank of Patiala 1.61%
The objective of the fund is to provide capital appreciation through State Bank of Mysore 1.43%
State Bank Of Travancore 1.32%
investment in selected equity shares that have the potential for capital State Bank of Hyderabad
Corporation Bank
0.98%
0.94%
Other MMI 6.42%
Fund Performance appreciation. This fund will have an exposure of maximum 20% in bank SHARES 85.27%
Infosys Technologies Ltd. 8.25%
depositsand money market instruments and minimum 80% in Equities. I C I C I Bank Ltd.
I T C Ltd.
5.24%
4.71%
Hindustan Unilever Ltd. 3.38%

Returns Bharti Airtel Ltd.


Wipro Ltd.
3.21%
3.04%
Asset allocation fund Absolute Returns CAGR Idea Cellular Ltd. 2.97%
Maruti Suzuki India Ltd. 2.93%
FUND NAMES 3 month 6 months 1 year 2 year 3 year Returns since G A I L (I ndia) Ltd. 2.52%
inception Reliance Industries Ltd.
Larsen & Toubro Ltd.
2.51%
2.33%
H D F C Bank Ltd. 2.26%
Cash funds Unit Gain - Equity Gain -8.76% -3.38% 7.85% 38.10% 2.61% 20.03% Punjab National Bank 2.19%
Tata Global Beverages Ltd. 2.10%
Unit Gain Plus - Equity Plus -9.49% -3.21% 7.21% 38.99% 3.10% 20.97% Bharat Petroleum Corpn. Ltd. 2.00%
Ranbaxy Laboratories Ltd. 1.86%
Pension - Equity Plus Pension -9.14% -1.99% 14.41% 46.93% 8.35% 22.45% Tata Steel Ltd. 1.65%
Aventis Pharma Ltd. 1.58%
Debt funds Premier Equity Gain -9.81% -2.33% 12.61% 44.98% 6.44% 14.12%
Andhra Bank
Indian Oil Corpn. Ltd.
1.44%
1.36%
Other Shares 27.73%
Equity Growth Fund -8.21% -3.79% 9.58% 38.09% 1.29% 10.23% Fixed Deposits - Security 2.02% 2.02%
Grand Total 100.00% 100.0%
Equity Growth Fund II -8.06% -0.90% 13.10% 12.41%
Capital Shield
Premier Equity Growth Fund -9.29% -2.60% 13.05% 41.78% 1.29% 10.03%
Equity Growth Pension Fund -8.26% -1.59% 14.45% 44.79% 4.11% 12.14% Fund Manager Comments
Shield Plus The decline in the markets over the last few months has been
Asset Profile driven by concerns on the macro economic environment,
Money Market
Fixed Deposits - Instruments
negative newsflow related to corruption and politics, and
Security 12.71% outflows from the foreign institutional investors. After the recent
Max Gain 2.02%
correction in the markets, the valuations are now in line with the
long term average. We have reduced our cash levels slightly by
taking exposure to certain stocks that appear fundamentally
index linked Funds more appealing post the correction. On a relative basis, we are
EQUITY SHARES
85.27% overweight on Pharmaceuticals, IT, FMCG and Oil PSUs and
underweight on the capital goods sector.
Equity Funds
Industry Distribution
Banks & Financial 22.72%
Technology 15.01%
FMC G 12.84%
Equity Mid-cap Funds Oil&Gas 12.41%
Pharmaceuticals 7.51%
Telecommunications 7.25%
Auto & Ancillaries 6.67%
Engg, Industrial & C ap Goods 5.09%
Ethical Equity Funds Metals & Mining 4.66%
C hemicals 2.25%
C ement 1.76%
Electric 1.09%
Transportation & logistics 0.48%
Real Estate 0.27%
Infrastructure 0.01%
www.bajajallianz.com

Equity Mid-cap Funds


March 2011
Investment Objectives
CIO’s Comments Money Market Insruments 14.33%
Bank Of India 2.03%
The objective of this fund is to achieve capital aprreciation by investing in State Bank of Mysore
State Bank Of Travancore
1.90%
1.75%

a diversified basket of mid cap and large cap stocks. This fund will have an Bank Of Baroda
Corporation Bank
1.48%
1.22%
Fund Performance exposure of maximum 20% in bank deposits and money market
Other CD
SHARES
5.94%
85.35%
Ultratech Cement Ltd. 4.17%
instruments and 80% in equities. Of the equity investment at least 50% Syndicate Bank
Chennai Petroleum Corpn. Ltd.
3.78%
3.29%
Federal Bank Ltd. 3.11%
Asset allocation fund will be in mid cap shares. Andhra Bank 2.95%
Eicher Motors Ltd. 2.82%
Mindtree Ltd. 2.75%
Unichem Laboratories Ltd. 2.66%
Returns Tata Chemicals Ltd.
Mphasis Ltd.
2.44%
2.36%

Cash funds Akzo Nobel India Ltd.


Allahabad Bank
2.32%
2.27%
Absolute Returns CAGR Aurobindo Pharma Ltd. 2.27%
B A S F India Ltd. 2.22%
FUND NAMES 3 6 1 2 3 Returns since Tata Global Beverages Ltd. 2.12%
Cummins India Ltd. 2.06%
months months year year year Inception Indraprastha Gas Ltd. 2.04%
Debt funds Ashok Leyland Ltd. 1.97%
Unit Gain Mid Cap -14.53% -11.90% 1.52% 44.13% 5.53% 18.54% Automotive Axles Ltd. 1.91%
Torrent Pharmaceuticals Ltd. 1.88%
Unit Gain Mid Cap Plus -14.30% -11.40% 7.26% 57.18% 12.19% 23.18% Other Shares 33.97%
Fixed Deposits - Security 0.12% 0.12%
Unit Gain Mid Cap Plus Pension -13.93% -11.58% 7.07% 58.95% 14.37% 25.41% Warrants 0.19% 0.19%
Capital Shield Grand Total 100% 100%

Accelerator Mid cap Fund -14.59% -11.73% 5.64% 55.41% 5.89% 15.59%
Accelerator Mid Cap Fund II -12.40% -8.91% 7.24% 6.55% Asset Profile
Shield Plus Accelerator Mid Cap Pension Fund -13.39% -10.85% 6.41% 58.87% 7.05% 16.75%
Fixed Deposits -
Warrants Security
0.19% 0.12%

Max Gain Industry Distribution Money Market


Instruments
14.33%
Banks & Financial 15.45%
Chemicals 11.58%
index linked Funds Auto & Ancillaries 10.35%
EQUITY SHARES
85.35%
Pharmaceuticals 9.69%
Technology 9.69%
Cement 7.14%
Equity Funds Oil&Gas 6.75%
Engg, Industrial & Cap Goods
Transportation & logistics
6.52%
6.50%
Fund Manager Comments
FMCG 5.22%
Equity Mid-cap Funds Metals & Mining 3.07% We have used the recent correction in the markets to invest in
Media 2.65% quality midcap stocks that appear fundamentally more
Textiles 1.45%
Hotel 1.43% attractive now. The focus in these funds is to invest in
Ethical Equity Funds Electric 1.19% companies with sound business models, good managements
Infrastructure 0.44%
Real Estate 0.44%
that are capable of exploiting the growth potential and high
Aviation 0.43% levels of corporate governance. However, we still hold
reasonable levels of cash in the midcap funds. At present, we
have an overweight stance on Pharmaceuticals and IT.
www.bajajallianz.com

Ethical Equity Funds


March 2011
Investment Objectives
CIO’s Comments SHARES
Infosys Technologies Ltd. 6.43%
79.52%

The investments in this fund will specifically exclude companies dealing Hindustan Unilever Ltd.
Bharti Airtel Ltd.
3.74%
3.27%
Cipla Ltd. 3.20%
in Gambling, Contests, Liquor, Entertainment (Films, TV, etc.), Hotels, Idea Cellular Ltd. 3.04%
Aventis Pharma Ltd. 2.85%
Fund Performance Banks and Financial Institutions, Investment would be atleast 80% in Reliance Industries Ltd. 2.81%
Unichem Laboratories Ltd. 2.79%
equities and not more than 20% in bank deposits and money market Maruti Suzuki India Ltd.
Tata Global Beverages Ltd.
2.64%
2.42%
Gujarat Industries Power Co. Ltd. 2.41%
Asset allocation fund instruments. G A I L (India) Ltd. 2.21%
Pfizer Ltd. 2.19%
Ultratech Cement Ltd. 2.01%
Wipro Ltd. 1.94%
Returns Tata Chemicals Ltd.
B A S F India Ltd.
1.87%
1.87%
Cash funds Chennai Petroleum Corpn. Ltd.
Bharat Petroleum Corpn. Ltd.
1.82%
1.81%
Absolute Returns CAGR Akzo Nobel India Ltd. 1.79%
Other Shares 26.40%
FUND NAMES 3 month 6 months 1 year 2 year Returns since TREASURY BILLS 20.48% 20.48%
Grand Total 100% 100%
inception
Debt funds
Pure Equity Fund -9.58% -3.38% 4.89% 40.93% 16.03%
Pure Stock Fund -9.21% -3.17% 5.34% 39.43% 16.72%

Capital Shield Pure Stock Pension Fund -10.68% -4.72% 8.23% 51.64% 19.60%

Shield Plus Industry Distribution Asset Profile

Money Market
Max Gain Instruments
Pharmaceuticals 17.8%
Technology 16.3%
20.48%
Oil&Gas 11.2%
FMC G 11.0%
Auto & Ancillaries 8.3%
index linked Funds Telecommunications 7.9%
C hemicals 7.2%
Metals & Mining 5.8%
Electric 5.2%
C ement 4.4%
Equity Funds Engg, Industrial & C ap Goods 3.2% EQUITY SHARES
Transportation & logistics 1.8% 79.52%

Equity Mid-cap Funds

Disclaimer: "This document is for information purposes only and must not be treated as solicitation done the Company. All effort have been made to ensure accuracy of the contents of this
Ethical Equity Funds newsletter and the Company shall not be held liable for any errors, opinions, or projections published herein. The customers are requested to consult their financial advisors before investing or
deciding to invest with the Company and shall not hold the Company liable for any loss caused to the customer based on information contained herein.
Unlike a traditional product, a unit linked product(ULIP) is subject to investment risks associated with capital markets and the NAV of the unit may fluctuate based on the performance of funds.
The insured is responsible for his or her decision. Investments in ULIP is subject to market risk. Past performance is not indicative of future performance.
Bajaj Allianz Life Insurance Company Limited, GE Plaza, Airport Road, Yerwada, Pune- 411006. IRDA Registration No.116" Insurance is the subject matter of the solicitation.
www.bajajallianz.com

March 2011

CIO’s Comments

Chote-chote premium
Fund Performance kuch saal.
Badi khushiyaan
Asset allocation fund
saalon-saal.
Cash funds

Debt funds

Capital Shield

Shield Plus ! Guaranteed* 5% cash back of sum Assured,


annually
! Cash back up to age 100 yrs
Max Gain ! Policy term - 10 to 65 yrs

SMS CASH to 56070


index linked Funds

Equity Funds

Equity Mid-cap Funds

Ethical Equity Funds


Risk Factors and Warning Statements: Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz Cash Rich Insurance Plan are the names of the company and the
names of the product respectively and do not in any way indicate the quality of the product and its future prospects or returns. For more details on risk factors, terms and
conditions please read sales brochure carefully before concluding a sale. Tax Benefits are as per prevailing Income tax laws. Insurance is the subject matter of the solicitation.
Bajaj Allianz Life Insurance Co. Ltd. Regd. Address: G.E Plaza, Airport Road, Yerawada, Pune - 411006, Reg. No.: 116. UIN 116N103V01/ Comprehensive Accidental
Protection 116C001V01/ Supplementary Death Benefit 116B002V01.

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