Mutual fund yearbook 2015

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MutualFund
Yearbook 2015

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Disclaimer

Index of Funds - Categories 5
Index of Funds - Alphabetical 8
Foreword 11
How to Build a Winning Portfolio 13
SIP Returns 19
How to Track your Portfolio 21
Value Research Fund Classification 23
Reading a Fund Report 25
Analysts’ Choice - Cover - Description 31
Analysts’ Choice - Conservative Growth 33
Analysts’ Choice - Stable Growth 47
Analysts’ Choice - Aggressive Growth 67
Analysts’ Choice - Income 85
Analysts’ Choice - Liquid 97
Analysts’ Choice - ETFs 107
Analysts’ Choice - International 135
Scorecard Guide 154
Scorecard: Equity 156
Scorecard: Hybrid 174
Scorecard: Fixed Income 182
Scorecard: Closed-end 190
Scorecard: FMP 197
Scorecard: Index 209
About Value Research 220
Contents

5Mutual Fund Yearbook 2015
Fund Value Research Category Role in Portfolio Page No.
Franklin India Taxshield Fund Equity: Tax Planning Conservative Growth 35
SBI Magnum Taxgain Scheme Equity: Tax Planning Conservative Growth 36
Canara Robeco Balance Fund Hybrid: Equity-oriented Conservative Growth 37
HDFC Balanced Fund Hybrid: Equity-oriented Conservative Growth 38
ICICI Prudential Balanced Advantage Fund Hybrid: Equity-oriented Conservative Growth 39
L&T India Prudence Fund Hybrid: Equity-oriented Conservative Growth 40
Tata Balanced Fund Hybrid: Equity-oriented Conservative Growth 41
HDFC Index Fund - Sensex Plus Plan Equity: Large Cap Conservative Growth 42
ICICI Prudential Focused Bluechip Equity Fund Equity: Large Cap Conservative Growth 43
L&T Equity Fund Equity: Large Cap Conservative Growth 44
Tata Pure Equity Fund Equity: Large Cap Conservative Growth 45
UTI Equity Fund Equity: Large Cap Conservative Growth 46
BNP Paribas Long Term Equity Fund Equity: Tax Planning Stable Growth 49
ICICI Prudential Tax Plan Equity: Tax Planning Stable Growth 50
Quantum Tax Saving Fund Equity: Tax Planning Stable Growth 51
BNP Paribas Equity Fund Equity: Large & Mid Cap Stable Growth 52
Birla Sun Life Frontline Equity Fund Equity: Large & Mid Cap Stable Growth 53
Franklin India Prima Plus Fund Equity: Large & Mid Cap Stable Growth 54
HDFC Equity Fund Equity: Large & Mid Cap Stable Growth 55
ICICI Prudential Dynamic Fund Equity: Large & Mid Cap Stable Growth 56
Kotak Select Focus Fund Equity: Large & Mid Cap Stable Growth 57
Mirae Asset India Opportunities Fund Equity: Large & Mid Cap Stable Growth 58
Quantum Long Term Equity Fund Equity: Large & Mid Cap Stable Growth 59
Religare Invesco Equity Fund Equity: Large & Mid Cap Stable Growth 60
SBI Bluechip Fund Equity: Large & Mid Cap Stable Growth 61
BNP Paribas Dividend Yield Fund Equity: Multi Cap Stable Growth 62
L&T India Special Situations Fund Equity: Multi Cap Stable Growth 63
Principal Growth Fund Equity: Multi Cap Stable Growth 64
Templeton India Equity Income Fund Equity: Multi Cap Stable Growth 65
Axis Long Term Equity Fund Equity: Tax Planning Aggressive Growth 69
IDFC Tax Advantage Fund Equity: Tax Planning Aggressive Growth 70
Principal Tax Savings Fund Equity: Tax Planning Aggressive Growth 71
Reliance Tax Saver Fund Equity: Tax Planning Aggressive Growth 72
Birla Sun Life Pure Value Fund Equity: Mid & Small Cap Aggressive Growth 73
BNP Paribas Midcap Fund Equity: Mid & Small Cap Aggressive Growth 74
Canara Robeco Emerging Equities Fund Equity: Mid & Small Cap Aggressive Growth 75
DSP BlackRock Micro Cap Fund Equity: Mid & Small Cap Aggressive Growth 76
Franklin India Smaller Companies Fund Equity: Mid & Small Cap Aggressive Growth 77
HDFC Mid-Cap Opportunities Fund Equity: Mid & Small Cap Aggressive Growth 78
ICICI Prudential Value Discovery Fund Equity: Mid & Small Cap Aggressive Growth 79
Mirae Asset Emerging Bluechip Fund Equity: Mid & Small Cap Aggressive Growth 80
Principal Emerging Bluechip Fund Equity: Mid & Small Cap Aggressive Growth 81
Index of Funds - Categories

6 Mutual Fund Yearbook 2015
Reliance Small Cap Fund Equity: Mid & Small Cap Aggressive Growth 82
SBI Magnum Midcap Fund Equity: Mid & Small Cap Aggressive Growth 83
UTI Mid Cap Fund Equity: Mid & Small Cap Aggressive Growth 84
Birla Sun Life Dynamic Bond Fund Debt: Income Income 87
Franklin India Income Builder Fund Debt: Income Income 88
HDFC Medium Term Opportunities Fund Debt: Income Income 89
ICICI Prudential Long Term Fund Debt: Income Income 90
Reliance Regular Savings Fund - Debt Option Debt: Income Income 91
Tata Dynamic Bond Fund Debt: Income Income 92
UTI Dynamic Bond Fund Debt: Income Income 93
Peerless Short Term Fund Debt: Short Term Income 94
Sundaram Select Debt Short Term Asset Plan Debt: Short Term Income 95
UTI Short Term Income Fund Debt: Short Term Income 96
Franklin India Ultra Short Bond Fund Debt: Ultra Short Term Liquid 99
SBI Magnum Inc.- FR Plan - Savings Plus Bond Debt: Ultra Short Term Liquid 100
Taurus Ultra Short Term Bond Fund Debt: Ultra Short Term Liquid 101
Birla Sun Life Floating Rate Fund - ST Plan Debt: Liquid Liquid 102
Franklin India TMA Fund Debt: Liquid Liquid 103
Peerless Liquid Fund Debt: Liquid Liquid 104
Tata Money Market Fund Debt: Liquid Liquid 105
Taurus Liquid Fund Debt: Liquid Liquid 106
Birla Sun Life Nifty ETF Fund ETF 109
Goldman Sachs Banking BeES Fund ETF 110
Goldman Sachs CNX Nifty Shariah BeES Fund ETF 111
Goldman Sachs CPSE Exchange Traded Fund ETF 112
Goldman Sachs Infra BeES Fund ETF 113
Goldman Sachs Nifty ETS Fund ETF 114
Goldman Sachs Nifty Junior BeES Fund ETF 115
Goldman Sachs PSU Bank BeES Fund ETF 116
ICICI Prudential CNX 100 ETF Fund ETF 117
ICICI Prudential Nifty ETF Fund ETF 118
ICICI Prudential SPIcE Fund ETF 119
IIFL Nifty ETF Fund ETF 120
Kotak Nifty ETF Fund ETF 121
Kotak PSU Bank ETF ETF 122
Kotak Sensex ETF Fund ETF 123
Motilal Oswal MOSt Shares M100 ETF Fund ETF 124
Quantum Index Fund ETF 126
R*Shares Banking ETF ETF 127
R*Shares CNX 100 ETF ETF 128
R*Shares Consumption ETF ETF 129
R*Shares Dividend Opportunities ETF ETF 130

R*Shares Nifty ETF ETF 131
Religare Invesco Nifty Exchange Traded Fund ETF 132
SBI Sensex ETF ETF 133
Birla Sun Life Commodity Equities - Global Agri International 137
Birla Sun Life Global Commodities Fund International 137
Birla Sun Life Global Real Estate Fund International 138
Birla Sun Life International Equity Fund - Plan A International 138
Birla Sun Life Latin America Equity Fund International 139
DSP BlackRock US Flexible Equity Fund International 139
DSP BlackRock World Agriculture Fund International 140
DSP BlackRock World Energy Fund International 140
DSP BlackRock World Gold Fund International 141
DSP BlackRock World Mining Fund International 141
DWS Global Agribusiness Offshore Fund International 142
DWS Top Euroland Offshore Fund International 142
Franklin Asian Equity Fund International 143
Franklin India Feeder Franklin US Opp Fund International 143
Goldman Sachs Hang Seng BeES Fund International 144
HSBC Brazil Fund International 144
HSBC Emerging Markets Fund International 145
ICICI Prudential Global Stable Equity Fund International 145
ICICI Prudential US Bluechip Equity Fund International 146
JP Morgan JF ASEAN Equity Off-shore Fund International 146
JP Morgan JF Greater China Equity Off-shore International 147
JP Morgan US Value Equity Off-shore Fund International 147
Kotak Global Emerging Market International 148
L&T Global Real Assets Fund International 148
Mirae Asset China Advantage Fund International 149
Mirae Asset Global Commodity Stocks Fund International 149
Motilal Oswal MOSt Shares NASDAQ - 100 ETF International 150
PineBridge India US Equity Fund International 150
PineBridge World Gold Fund International 151
Principal Global Opportunities Fund International 151
Sundaram Global Advantage Fund International 152
Tata Growing Economies Infrastructure Fund International 152

Fund Value Research Category Role in Portfolio Page No.
Axis Long Term Equity Fund Equity: Tax Planning Aggressive Growth 69
Birla Sun Life Commodity Equities - Global Agri International 137
Birla Sun Life Dynamic Bond Fund Debt: Income Income 87
Birla Sun Life Floating Rate Fund - ST Plan Debt: Liquid Liquid 102
Birla Sun Life Frontline Equity Fund Equity: Large & Mid Cap Stable Growth 53
Birla Sun Life Global Commodities Fund International 137
Birla Sun Life Global Real Estate Fund International 138
Birla Sun Life International Equity Fund - Plan A International 138
Birla Sun Life Latin America Equity Fund International 139
Birla Sun Life Nifty ETF Fund ETF 109
Birla Sun Life Pure Value Fund Equity: Mid & Small Cap Aggressive Growth 73
BNP Paribas Dividend Yield Fund Equity: Multi Cap Stable Growth 62
BNP Paribas Equity Fund Equity: Large & Mid Cap Stable Growth 52
BNP Paribas Long Term Equity Fund Equity: Tax Planning Stable Growth 49
BNP Paribas Midcap Fund Equity: Mid & Small Cap Aggressive Growth 74
Canara Robeco Balance Fund Hybrid: Equity-oriented Conservative Growth 37
Canara Robeco Emerging Equities Fund Equity: Mid & Small Cap Aggressive Growth 75
DSP BlackRock Micro Cap Fund Equity: Mid & Small Cap Aggressive Growth 76
DSP BlackRock US Flexible Equity Fund International 139
DSP BlackRock World Agriculture Fund International 140
DSP BlackRock World Energy Fund International 140
DSP BlackRock World Gold Fund International 141
DSP BlackRock World Mining Fund International 141
DWS Global Agribusiness Offshore Fund International 142
DWS Top Euroland Offshore Fund International 142
Franklin Asian Equity Fund International 143
Franklin India Feeder Franklin US Opp. Fund International 143
Franklin India Income Builder Fund Debt: Income Income 88
Franklin India Prima Plus Fund Equity: Large & Mid Cap Stable Growth 54
Franklin India Smaller Companies Fund Equity: Mid & Small Cap Aggressive Growth 77
Franklin India Taxshield Fund Equity: Tax Planning Conservative Growth 35
Franklin India TMA Fund Debt: Liquid Liquid 103
Franklin India Ultra Short Bond Fund Debt: Ultra Short Term Liquid 99
Goldman Sachs Banking BeES Fund ETF 110
Goldman Sachs CNX Nifty Shariah BeES Fund ETF 111
Goldman Sachs CPSE Exchange Traded Fund ETF 112
Goldman Sachs Hang Seng BeES Fund International 144
Goldman Sachs Infra BeES Fund ETF 113
Goldman Sachs Nifty ETS Fund ETF 114
Goldman Sachs Nifty Junior BeES Fund ETF 115
Goldman Sachs PSU Bank BeES Fund ETF 116
HDFC Balanced Fund Hybrid: Equity-oriented Conservative Growth 38
Index of Funds - Alphabetical

HDFC Equity Fund Equity: Large & Mid Cap Stable Growth 55
HDFC Index Fund - Sensex Plus Plan Equity: Large Cap Conservative Growth 42
HDFC Medium Term Opportunities Fund Debt: Income Income 89
HDFC Mid-Cap Opportunities Fund Equity: Mid & Small Cap Aggressive Growth 78
HSBC Brazil Fund International 144
HSBC Emerging Markets Fund International 145
ICICI Prudential Balanced Advantage Fund Hybrid: Equity-oriented Conservative Growth 39
ICICI Prudential CNX 100 ETF Fund ETF 117
ICICI Prudential Dynamic Fund Equity: Large & Mid Cap Stable Growth 56
ICICI Prudential Focused Bluechip Equity Fund Equity: Large Cap Conservative Growth 43
ICICI Prudential Global Stable Equity Fund International 145
ICICI Prudential Long Term Fund Debt: Income Income 90
ICICI Prudential Nifty ETF Fund ETF 118
ICICI Prudential SPIcE Fund ETF 119
ICICI Prudential Tax Plan Equity: Tax Planning Stable Growth 50
ICICI Prudential US Bluechip Equity Fund International 146
ICICI Prudential Value Discovery Fund Equity: Mid & Small Cap Aggressive Growth 79
IDFC Tax Advantage Fund Equity: Tax Planning Aggressive Growth 70
IIFL Nifty ETF Fund ETF 120
JP Morgan JF ASEAN Equity Off-shore Fund International 146
JP Morgan JF Greater China Equity Off-shore International 147
JP Morgan US Value Equity Off-shore Fund International 147
Kotak Global Emerging Market International 148
Kotak Nifty ETF Fund ETF 121
Kotak PSU Bank ETF ETF 122
Kotak Select Focus Fund Equity: Large & Mid Cap Stable Growth 57
Kotak Sensex ETF Fund ETF 123
L&T Equity Fund Equity: Large Cap Conservative Growth 44
L&T Global Real Assets Fund International 148
L&T India Prudence Fund Hybrid: Equity-oriented Conservative Growth 40
L&T India Special Situations Fund Equity: Multi Cap Stable Growth 63
Mirae Asset China Advantage Fund International 149
Mirae Asset Emerging Bluechip Fund Equity: Mid & Small Cap Aggressive Growth 80
Mirae Asset Global Commodity Stocks Fund International 149
Mirae Asset India Opportunities Fund Equity: Large & Mid Cap Stable Growth 58
Motilal Oswal MOSt Shares NASDAQ - 100 ETF International 150
Peerless Liquid Fund Debt: Liquid Liquid 104
Peerless Short Term Fund Debt: Short Term Income 94
PineBridge India US Equity Fund International 150
PineBridge World Gold Fund International 151
Principal Emerging Bluechip Fund Equity: Mid & Small Cap Aggressive Growth 81

Principal Global Opportunities Fund International 151
Principal Growth Fund Equity: Multi Cap Stable Growth 64
Principal Tax Savings Fund Equity: Tax Planning Aggressive Growth 71
Quantum Index Fund ETF 126
Quantum Long Term Equity Fund Equity: Large & Mid Cap Stable Growth 59
Quantum Tax Saving Fund Equity: Tax Planning Stable Growth 51
R*Shares Banking ETF ETF 127
R*Shares CNX 100 ETF ETF 128
R*Shares Consumption ETF ETF 129
R*Shares Dividend Opportunities ETF ETF 130
R*Shares Nifty ETF ETF 131
Reliance Regular Savings Fund - Debt Option Debt: Income Income 91
Reliance Small Cap Fund Equity: Mid & Small Cap Aggressive Growth 82
Reliance Tax Saver Fund Equity: Tax Planning Aggressive Growth 72
Religare Invesco Equity Fund Equity: Large & Mid Cap Stable Growth 60
Religare Invesco Nifty Exchange Traded Fund ETF 132
SBI Bluechip Fund Equity: Large & Mid Cap Stable Growth 61
SBI Magnum Inc.- FR Plan - Savings Plus Bond Debt: Ultra Short Term Liquid 100
SBI Magnum Midcap Fund Equity: Mid & Small Cap Aggressive Growth 83
SBI Magnum Taxgain Scheme Equity: Tax Planning Conservative Growth 36
SBI Sensex ETF ETF 133
Sundaram Global Advantage Fund International 152
Sundaram Select Debt Short Term Asset Plan Debt: Short Term Income 95
Tata Balanced Fund Hybrid: Equity-oriented Conservative Growth 41
Tata Dynamic Bond Fund Debt: Income Income 92
Tata Growing Economies Infrastructure Fund International 152
Tata Money Market Fund Debt: Liquid Liquid 105
Tata Pure Equity Fund Equity: Large Cap Conservative Growth 45
Taurus Liquid Fund Debt: Liquid Liquid 106
Taurus Ultra Short Term Bond Fund Debt: Ultra Short Term Liquid 101
Templeton India Equity Income Fund Equity: Multi Cap Stable Growth 65
UTI Dynamic Bond Fund Debt: Income Income 93
UTI Equity Fund Equity: Large Cap Conservative Growth 46
UTI Mid Cap Fund Equity: Mid & Small Cap Aggressive Growth 84
UTI Short Term Income Fund Debt: Short Term Income 96

When you go to a restaurant to eat out, what kind of place do you pre-
fer? Are you the kind of person who likes a set thali meal, or one who
chooses á la carte out of the menu, or one who likes to go to a buffet
and create a meal out of what the chef has laid out?
No, this isn’t a book on food; this is still a book on investing. Even
so, the question on your restaurant preferences is very much like ask-
ing how you use Value Research. We have an array of digital and print
offerings on investing, and within those there are thalis, buffets as
well as á la carte menus. In fact, we also have everything you need to
learn investing so that you can go ahead and be a chef in your own
kitchen!
So where does this Mutual Fund Yearbook fit in? Well, it’s like a
buffet – one where our chefs have limited the choice to a set of care-
fully chosen dishes from our full menu. From this buffet, you can pick
and choose and create any kind of meal that you’d like to have. And
you can do so with complete confidence that all the dishes will be
tasty, healthy, nutritious and satisfying!
The reason why something like this book is needed is, of course, to
deal with the embarrassment of plenty that the Indian fund investor
is faced with. There are over 2,400 mutual funds in India, up 22 per
cent from 2,000 when Yearbook 2014 was published and from 1,600
when the first Yearbook was published in 2008.
These numbers are ridiculous. Personally, if you ask me, I would
say that no AMC needs to have more than ten funds: two or three
equity funds, one ELSS fund, a couple of hybrid funds and perhaps
three–four fixed income funds. In an ideal world, each AMC would run
a minimal number of funds and concentrate on running them well.
Obviously, the reality is nothing like that. What our Yearbook does
is it delivers to you a situation that is effectively like the ideal sce-
nario. We have narrowed down thousands of funds to 63 funds of five
types. These funds are all you need to create a portfolio of mutual
funds that are suited to any type of investing need. However, the
Yearbook is also a lot more than just a listing. It’s effectively a toolkit
that helps you do the entire job.
Foreword

In the pages that follow, you will find three types of tools that will
help with mutual fund investing. Firstly, there are articles that will
teach you the basics of fund investing and constructing a portfolio
suited to your needs. Then there is the core of the book, which is a set
of funds that have been hand-picked by our analysts to serve any
kind of investing need. And thirdly, there is a comprehensive fund
scorecard with details of all mutual funds. The way we classify funds
as per different needs in this book is different from, and complemen-
tary to, the standard Value Research classification system. The Value
Research classification system is based on what funds are, while the
classification system used in this book is based on what you will use
the funds for.
As in all the years earlier, this book can be used both as a source
book for exactly what to do as well as a learning aid. We’d like you to
start with the former, if necessary, and graduate to the latter eventu-
ally. The Yearbook is designed to help you think and learn about what
you need. It will show you how you can create your own unique invest-
ing solution that is suited to your own needs.
Best wishes and happy investing!
Dhirendra Kumar
Chief Executive
Value Research
Foreword

It’s an unfortunate fact that most of us
like to spend the least amount of time
on the most important things because
they are so boring. So, in case your
eyelids have started getting heavy at
the thought of reading five pages on
how to build a portfolio,
here’s a two-minute version:
Î Make a list of likely future financial needs, listing the amounts
needed and the likely dates. These should be specific goals,
ranging from emergency fund all the way to retirement.
Î For goals that are further than about seven years, invest in bal-
anced funds or equity funds through SIPs.
Î For shorter-term goals, invest in fixed-income funds.
Reading the points above may not have taken even two minutes.
And if you are familiar with the basics of mutual funds, this is gen-
uinely all you need to know – no exaggeration! However, we do
hope that the points will help whet your appetite for a slightly more
detailed understanding of what you need to do in order to build,
track and maintain a portfolio suited to your needs.

How to Build a Winning Portfolio
Build, Track and
Maintain the
Perfect Portfolio

Set Your Goals
Predicting the future is not all that difficult.
The big financial needs of your life are mostly
predictable. Once they grow up and start
working, people get married, have children,
buy a house, educate their children and retire.
There are individual variations, of course.
For example, some spend a big amount on
their children’s weddings, and some are
lucky enough to have an inherited house and
even rental income to take care of retirement. Of course, there are unfore-
seen emergencies, but those have to be tackled separately. However, it’s
not difficult to make a rough estimate of the big-ticket ones.
The most important question you will need to answer is this: How
much should I invest? We have created a simple way of finding this out.
The accompanying table shows you how much you need to invest every
month in order to accumulate `10 lakh in a given period. To help you
see the difference between different kinds of investments, we have
shown typical figures that
you can expect from a
post office recurring
deposit, a typical balanced
fund and a typical conser-
vative equity fund. You
can just double the invest-
ment sum to `20 lakh or
halve it to `5 lakh and so on.
Choosing Funds
In Value Research’s way of thinking, goals that need to be fulfilled in the
short term are fundamentally different from long-term goals. Short-term
goals are best fulfilled using fixed-income investments. These could be a
bank or a post office deposit, or a fixed income fund.
However, long-term financial goals are best fulfilled using a portfolio
comprising of equity mutual funds. Equity is the only type of asset that can
ensure that your money grows faster than inflation and does not actually
lose value. However, equity mutual funds can be volatile and thus are suit-
able only for long-term investments. Over the short term, the ups and
downs of the stock market could very well lead to temporary losses.
Because of this, we do not recommend investing in equity mutual funds if
your financial goal is nearer than about five to seven years.
Typical Typical Conservative
Period (Years) Post Office RD Balanced Fund Equity Fund
10 5,400 4,450 3,600
15 2,850 2,100 1,500
20 1,650 1,100 650
Monthly Investment (`) Needed to
Accumulate `10 Lakh

After you have figured out how much to invest in different kinds of
funds, you need to choose what the actual funds are that you have to
invest in. Normally, investors tend to choose funds based on their
recent performance. However, in this book, we have for you a different,
far easier way of choosing funds. This is the way of selecting funds
where our analysts have done almost the entire job, and we have put
in the time and effort to prepare a ready list of funds for you to invest
in and create a portfolio with.
The most distinctive thing about this approach is the simple and
self-evident mapping from your investment goals to the kind of fund
that you should be investing in. Whereas the core categorisation sys-
tem that you see on our website would say that some fund is ‘Hybrid
Equity Oriented’ (among 25 other categories), this book has just five
simple classes of funds: conservative
growth, stable /moderate growth, aggres-
sive growth, income funds and liquid funds.
This is the pinnacle of simplicity. Hardly
anything but the names are needed for an
investor to figure out which class of funds
best suits his needs.
Within each of these classes, there are
funds of two or three categories whose pur-
pose becomes easy to understand, given the
context. All in all, you will rarely have to understand and evaluate more
than three or four funds for a given purpose. Moreover, you needn’t do
even this much. These are hand-picked funds, which our analysts have
selected. There is a choice, but you won’t go wrong even if you pick one
randomly or indeed distribute your investments across a number of them.
Unlike what is normally done, this book incorporates tax-saving
(ELSS) funds in the same framework instead of giving them a separate
category of their own. In fact, depending on their investment strategies,
tax-saving funds have been split between our ‘Stable Growth’ and
‘Aggressive Growth’ categories. The logic is simple: tax savers are invest-
ments first and tax savers later. If your investment needs are better met
by a more conservative tax saver, then you must select for that charac-
teristic first.
Numbers Matter, but so Do Opinions
The key feature of fund analyst’s choices is the two-step method of
selection. Firstly, there is the normal quantitative, number-driven

method that is based on the same inputs
as our ranking, star ratings and other
data. We look at returns, risk measures,
portfolio construction and a number of sta-
tistical measures.
However, the second layer of evaluation
is more important as it is what makes fund
analyst’s choices unique. This level of selec-
tion is qualitative. It is based on the opinion
that our team has about the fund, the AMC,
the fund manager, objective of the fund, the prospects of the country’s
economy, etc.
An important source of inputs is the access that Value Research has
to fund managers and chief investment officers (CIOs). As the country’s
most influential mutual fund research house for decades, we have
earned the privilege of being able to directly access anyone in the fund
industry. This directly benefits our readers by enhancing the quality of
our analyses.
How Many Funds?
How many funds should your portfolio ide-
ally have? After all, it is entirely possible to
invest in just one balanced fund and be
done with your portfolio. While this ultra-
simple approach has its good points, in
practice you should diversify because any
individual fund manager can make mis-
takes. Moreover, diversification helps you
guard against such mistakes.
In our view, two or three equity funds and one or two debt funds are
enough for each type of fund that you need. So, if you want a portfolio
that needs conservative equity funds and liquid funds, then two liquid
funds and perhaps three equity funds are good enough. Beyond this,
you are adding complexity to portfolio management without getting any
additional stability.
Track and Maintain Your Portfolio
Even a great portfolio must be monitored and must evolve to suit chang-
ing conditions. One major reason for this is that formerly good funds
could start consistently underperforming. Of course, you must not jump

the gun and fire a fund for short periods of
underperformance. But if a fund is perform-
ing considerably worse than others funds of
the same type for more than a year, you
should think of switching to a better per-
forming fund.
The other reason for changing a portfolio
is that you are approaching the time when
you will need the money. A portfolio that
started out as a five-year, medium-term
investment will be a short-term portfolio four years later. The solution
is clear; portfolios must be reworked as the time to liquidate them gets
closer. Otherwise, your hard-earned equity returns could get wiped out
in a bear market just when you need the money. As the time approach-
es closer, you must start moving the money into debt funds gradually,
perhaps a year or two in advance, which is crucial to protect your
returns.
Peace of Mind
In a nutshell, portfolio construction is not
rocket science. All it requires is a great deal
of carefully thought-out systematic actions.
Besides great returns with the right amount
of risk, the most important payoff from
building a portfolio methodically is the
peace of mind it provides to investors. You
will know what you are doing and why you
are doing so, and you will sleep peacefully at
night without worrying about the fate of
your investments.

SIP returns
How much is `10,000 monthly SIP over the past 15 years, adding up to `18 lakh, worth today?
ICICI Pru Value Discovery Fund 29.73 11.95 23.54 40.29
Sundaram Select Midcap Fund 27.31 11.31 21.61 36.40
UTI Mid Cap Fund 33.00 12.85 21.43 36.06
SBI Magnum Global Fund 27.57 11.38 20.33 34.03
HDFC Equity Fund 23.00 10.26 20.03 33.50
Franklin India Prima Fund 29.96 12.01 20.03 33.48
SBI Emerging Businesses Fund 25.10 10.76 19.69 32.89
Canara Robeco Equity Tax Saver 21.15 9.84 19.65 32.83
L&T Midcap Fund 28.07 11.51 19.51 32.59
HDFC Prudence Fund 21.98 10.03 19.46 32.49
Tata Equity PE Fund 23.90 10.47 19.15 31.98
Birla Sun Life Frontline Equity Fund 22.39 10.12 19.15 31.97
Franklin India Prima Plus Fund 23.87 10.47 19.12 31.93
Tata Midcap Growth 29.09 11.78 19.05 31.81
HDFC Balanced Fund 23.05 10.27 19.01 31.74
Franklin India Taxshield Fund 24.28 10.57 19.00 31.72
HDFC Top 200 Fund 20.99 9.80 18.98 31.69
ICICI Pru Tax Plan 24.39 10.59 18.79 31.38
ICICI Pru Dynamic Fund 21.22 9.85 18.72 31.26
HDFC Childrens Gift - Investment Plan 23.15 10.30 18.72 31.25
ICICI Pru Midcap Fund 29.80 11.96 18.61 31.07
HDFC Capital Builder Fund 23.44 10.36 18.58 31.03
Birla Sun Life Mid Cap Fund 23.06 10.27 18.49 30.88
Tata Balanced Fund 22.65 10.18 18.35 30.66
HDFC Taxsaver Fund 22.96 10.25 18.27 30.53
Birla Sun Life Dividend Yield Plus 20.43 9.68 18.26 30.50
DSP BR Equity Fund 20.36 9.66 18.24 30.47
UTI Equity Fund 22.55 10.16 18.06 30.19
SBI Magnum Multiplier Plus Scheme 22.31 10.10 17.86 29.87
Sahara Midcap Fund 22.83 10.22 17.80 29.79
Tata Dividend Yield Fund 19.76 9.53 17.74 29.68
15 Year
Scheme Name Rating Returns (%) Value (` Lakh)
Reliance Growth Fund 27.31 175.99
Franklin India Prima Fund 26.16 159.08
SBI Magnum Global Fund 25.73 153.21
HDFC Equity Fund 25.68 152.53
HDFC Taxsaver Fund 25.09 144.82
HDFC Top 200 Fund 25.00 143.69
SBI Contra Fund 24.92 142.72
ICICI Prudential Tax Plan 24.65 139.36
SBI Magnum Taxgain Scheme 24.53 137.87
Reliance Vision Fund 24.34 135.56
DSP BlackRock Equity Fund 23.70 128.22
Franklin India Prima Plus Fund 23.59 127.02
HDFC Prudence Fund 23.39 124.83
HDFC Capital Builder Fund 23.32 124.00
Franklin India Taxshield Fund 22.58 116.24
SBI Magnum Multiplier Plus Scheme 22.44 114.81
Birla Sun Life Equity Fund 22.38 114.29
Sundaram Taxsaver 21.95 109.99
Franklin India Bluechip Fund 21.71 107.74
Templeton India Growth Fund 21.45 105.37
Tata Pure Equity Fund 21.40 104.87
Birla Sun Life Tax Plan 21.11 102.30
Taurus Starshare Fund 20.83 99.80
UTI Equity Fund 20.68 98.50
Kotak 50 20.36 95.82
Tata Balanced Fund 20.31 95.40
Sahara Tax Gain Fund 19.96 92.52
ICICI Prudential Top 100 Fund 19.96 92.52
SBI Magnum Equity Fund 19.88 91.87
Tata Tax Saving Fund 19.70 90.40
Birla Sun Life 95 Fund 19.53 89.15
Birla Sun Life Tax Relief 96 19.48 88.72
Canara Robeco Balance Fund 19.32 87.49
Principal Tax Savings Fund 19.31 87.43
DSP BlackRock Balanced Fund 18.30 80.07
Birla Sun Life Advantage Fund 18.19 79.36
ICICI Prudential Balanced Fund 18.03 78.21
Franklin India Balanced Fund 17.93 77.56
UTI Mastershare Fund 17.80 76.67
Sundaram Growth Fund 17.78 76.54
Taurus Tax Shield Fund 17.73 76.21
Taurus Bonanza Fund 17.47 74.56
UTI Equity Tax Savings Fund 16.93 71.14
Kotak Balance 16.80 70.33
15 Year
Scheme Name Rating Returns (%) Value (` Lakh)
Baroda Pioneer ELSS 96 Fund 16.40 67.94
HDFC Large Cap Fund Not Rated 16.04 65.88
LIC Nomura MF Growth Fund 15.81 64.59
Principal Balanced Fund 15.17 61.15
Principal Index Fund - Nifty 14.94 59.97
Taurus Discovery Fund 14.58 58.17
LIC Nomura MF Equity Fund 14.25 56.54
JM Equity Fund 14.01 55.42
JM Balanced Fund 13.18 51.66
5 Year 10 Year
Return Value Return Value
Scheme Name Rating (%) (` lkhs) (%) (` lkhs)
5- and 10-year history
15-year history

Canara Robeco Equity Diversified 19.72 9.52 17.68 29.59
Birla Sun Life 95 Fund 20.71 9.74 17.58 29.44
Reliance Growth Fund 20.62 9.72 17.51 29.34
Tata Ethical Fund 22.27 10.09 17.36 29.10
Reliance NRI Equity Fund 19.54 9.48 17.29 28.99
Canara Robeco Balance Fund 20.40 9.67 17.21 28.88
Sahara Tax Gain Fund 19.30 9.43 17.14 28.77
Birla Sun Life Equity Fund 23.09 10.28 17.04 28.62
Kotak Opportunities 21.07 9.82 17.03 28.60
SBI Magnum Equity Fund 19.93 9.57 17.02 28.58
HDFC Long Term Advantage Fund 22.02 10.03 17.01 28.56
Templeton India Growth Fund 19.63 9.50 16.86 28.34
SBI Magnum Taxgain Scheme 22.32 10.10 16.85 28.34
ICICI Pru Top 100 Fund 21.27 9.86 16.85 28.33
ICICI Pru Balanced Fund 23.01 10.26 16.64 28.02
DSP BR Top 100 Equity Fund 17.70 9.09 16.63 28.01
HDFC Growth Fund 17.80 9.11 16.62 27.99
DSP BR Opportunities Fund 20.48 9.69 16.60 27.97
ICICI Pru Top 200 Fund 21.92 10.01 16.56 27.91
Franklin India Bluechip Fund 18.30 9.21 16.53 27.87
ICICI Pru Child Care Plan - Gift Plan 22.54 10.15 16.46 27.76
Goldman Sachs Nifty Junior BeES 19.96 9.57 16.30 27.53
Birla Sun Life Tax Relief 96 22.48 10.14 16.24 27.44
BNP Paribas Equity Fund 23.02 10.27 16.09 27.23
Reliance Vision Fund 21.26 9.86 16.00 27.10
HSBC India Opportunities Fund 23.30 10.33 15.95 27.03
HDFC Index Fund - Sensex Plus Plan 18.39 9.23 15.93 27.00
Tata Equity Opportunities Fund 21.13 9.83 15.91 26.97
Birla Sun Life Tax Plan 23.10 10.28 15.80 26.82
Tata Pure Equity Fund 17.93 9.14 15.80 26.81
SBI Magnum Balanced Fund 21.05 9.82 15.77 26.77
Franklin India Balanced Fund 20.46 9.68 15.74 26.72
Sundaram Taxsaver 18.98 9.36 15.69 26.66
HDFC Core & Satellite Fund 18.87 9.34 15.63 26.58
Franklin India Life Stage FoF 20s 18.30 9.21 15.62 26.56
Birla Sun Life Advantage Fund 23.31 10.33 15.52 26.43
Tata Tax Saving Fund 21.04 9.81 15.35 26.19
DSP BR Balanced Fund 17.42 9.03 15.34 26.18
UTI Mastershare Fund 19.28 9.42 15.34 26.17
Kotak 50 18.59 9.28 15.22 26.01
Franklin India Opportunities Fund 22.22 10.08 15.15 25.92
Taurus Starshare Fund 18.84 9.33 15.14 25.91
DWS Alpha Equity Fund 19.16 9.40 15.03 25.75
Principal Tax Savings Fund 23.82 10.45 14.86 25.53
ICICI Pru SPIcE Fund Not Rated 18.13 9.18 14.78 25.42
Baroda Pioneer Growth Fund 17.68 9.08 14.74 25.37
SBI Contra Fund 17.43 9.03 14.65 25.25
Taurus Tax Shield Fund 16.12 8.76 14.61 25.20
Sahara Growth Fund 16.29 8.80 14.55 25.12
ICICI Pru Index Fund 17.28 9.00 14.49 25.04
DWS Investment Opportunity Fund 17.41 9.03 14.37 24.88
Birla Sun Life Asset Allocation - Agg. 15.68 8.67 14.36 24.87
Goldman Sachs Nifty ETS Fund 16.97 8.94 14.23 24.71
Principal Personal Tax Saver Fund 18.97 9.36 14.15 24.60
Principal Growth Fund 23.51 10.38 14.06 24.48
Escorts Growth Fund Not Rated 20.88 9.78 13.98 24.38
Principal Dividend Yield Fund 18.52 9.26 13.76 24.11
Franklin India Index - NSE Nifty Plan 16.59 8.86 13.52 23.80
UTI Nifty Index Fund 16.79 8.90 13.47 23.74
Taurus Discovery Fund 24.99 10.74 13.45 23.72
UTI Balanced Fund 16.83 8.91 13.43 23.70
Principal Balanced Fund 17.99 9.15 13.41 23.67
UTI CCP Advantage Fund 18.79 9.32 13.38 23.63
Tata Index Nifty Fund 16.41 8.82 13.36 23.61
Baroda Pioneer ELSS 96 Fund 19.66 9.51 13.24 23.46
Sundaram Select Focus Fund 15.50 8.64 13.19 23.40
ICICI Pru Advisor Sr - LT Savings Plan 14.65 8.47 13.17 23.38
Escorts Balanced Fund Not Rated 19.27 9.42 13.15 23.35
UTI Equity Tax Savings Fund 18.53 9.26 13.13 23.33
Principal Index Fund - Nifty 16.72 8.88 13.06 23.24
Kotak Balance 15.47 8.63 13.05 23.23
Birla Sun Life Index Fund 16.24 8.79 13.04 23.22
Tata Index Sensex Fund 16.50 8.84 13.03 23.20
HSBC Equity Fund 15.64 8.67 12.93 23.08
HDFC Index Fund - Sensex Plan 17.29 9.00 12.92 23.07
SBI Nifty Index Fund 16.29 8.80 12.87 23.01
LIC Nomura MF Growth Fund 18.33 9.22 12.69 22.80
Birla Sun Life Tax Savings Fund 17.76 9.10 12.66 22.77
HDFC Index Fund - Nifty Plan 16.91 8.92 12.63 22.73
LIC Nomura MF Equity Fund 18.41 9.24 12.59 22.69
LIC Nomura MF Index-Sensex Plan 16.75 8.89 12.48 22.55
LIC Nomura MF Tax Plan 19.89 9.56 12.25 22.28
Sundaram Growth Fund 15.05 8.55 12.23 22.26
HDFC Large Cap Fund Not Rated 15.63 8.66 12.11 22.13
LIC Nomura MF Index-Nifty Plan 16.57 8.85 12.11 22.12
LIC Nomura MF Index-Sensex Adv Not Rated 17.05 8.95 11.95 21.95
ICICI Pru Advisor Sr - Very Agg. Plan Not Rated 12.24 8.01 11.89 21.87
JM Balanced Fund 18.75 9.31 11.43 21.36
LIC Nomura MF Balanced Fund 15.90 8.72 11.26 21.17
Taurus Bonanza Fund 15.48 8.63 11.19 21.10
Sundaram Balanced Fund 12.13 7.99 11.10 21.00
Baroda Pioneer Balance Fund 15.21 8.58 10.51 20.37
JM Equity Fund 17.43 9.03 10.14 19.98
LIC Nomura MF Unit Linked Insurance 14.77 8.49 10.06 19.90
Escorts Tax Plan Not Rated 13.16 8.18 7.18 17.17
5 Year 10 Year
5 Year 10 Year
There are 53 funds including diversified equity funds, tax planning funds and balanced funds,
that have a 15-year history. If you had invested `10,000 monthly SIP adding up to `18 lakh
over the past 15 years, it would have grown to `52 lakh in the worst case and `1.76 crore in
the best case.

C
reating a good portfolio is only the first step. To make sure that
you actually achieve those goals, you will need to make sure that
the portfolio stays suitable for your goals over the long-term
continuosly. As time passes, many things change, which need to be
monitored and adjusted. The biggest problem that investors face in
monitoring their portfolios is lack of information. To be able to track
various aspects of your investments that need to be monitored, you need
an easy and automated way of analysing your investments in detail. This
isn’t easy for an individual investor to do.
Fortunately, Value Research provides a set of highly sophisticated,
yet completely free web-based service tools that will do exactly that.
These tools are built into the revolutionary ‘Portfolio Manager’ on
ValueResearchOnline.com. To use it, all you have to do is to visit the site
and register. Once you have registered, just click on the ‘My Portfolio’
link to create your portfolio and enter details of the funds (and stocks)
that you have invested in. You can create up to five different portfolios to
track separate financial goals.
And here’s a list of what you should track, along with details of how
the Value Research Portfolio Manager will help you do that.
How to Track your Portfolio

How to Track your Portfolio
TO TRACK…
Current portfolio value and gains
USE FEATURE…
The ‘Snapshot’ view of the portfolio tells you
the latest value of each individual holding,
as well as the total. Total returns and gains
are also available for the portfolio as a
single entity. This data is updated every
evening soon after the fund companies
release the day’s NAVs. It is based on the
live prices in case of stocks.
The ‘Snapshot’ view gives the internal rate
of return for each investment. You can go to
the ‘Gain & Loss’ view to get a detailed
analysis of returns. The rupee gains, split
into realised and unrealised are available for
each investment.
The ‘Analysis’ view tells how much of your
money is in debt and how much in equity.
The ‘Analysis’ view tells how much of your
money is in which sector and in which
specific company.
The ‘News’ view has links to all news and
articles on ValueResearchOnline.com
related to the funds you have invested.
The ‘Index Compare’ view lets you compare
any of your funds with any stock market
index. The software automatically generates
a graph to help you visualise the difference
to ascertain how your fund has fared
compared to the market index.
The ‘Performance’ view gives you the
returns that each fund generated over
standard periods like 1-week, 1-month,
1-year, 3-years and 5-years besides the
funds’ rank in its own category.
Returns generated by individual
investments. Use this to monitor
whether investments are
generating the rate of return that
you expect and if any investment is
underperforming any other
Whether the target asset allocation
is holding true. Each of your
portfolios should have a target
equity and debt percentage, as
explained in ‘Build a Winning
Portfolio’. As either of the two earn
more than the other, this balance
deviates from what it should be
What your exposure to specific
sectors and companies is
News about the funds you have
invested in
How your funds have done in
comparison to the stock market
indices
Investment performance of various
funds

The over 150 funds in the Yearbook 2015 are selected from a universe
of nearly 2,500 funds that are in operation in India. Value Research
divides this entire universe into 27 categories. The reason for such an
approach is to enable every possible type of investor to build a portfo-
lio from a combination of funds. The investor profile can vary from an
aggressive risk-taker in equities, to a retired person looking for a
monthly income, to a CFO looking to park a huge chunk of cash over
a weekend. In short, anything that an investor needs, funds for that
purpose can be sifted from this list.
Of the 27 categories, 12 are pure equity categories, 6 are hybrids
(equity and debt) and 8 are pure debt categories with the last one
being gold. For equity fund categories, the basic characteristic that is
used to slot funds is the size (market capitalisation) of the companies
that these funds invest in, except the tax planning category which
consists of all funds that are compliant with the section 80C of the
Income Tax Act. For hybrid fund categories, the categorisation is
based on the balance between debt and equity that a fund maintains.
For debt fund categories, funds are slotted according to the residual
maturity of the securities they invest in. Across all these three cate-
gories, the underlying principle is to slice the universe along a risk-
return continuum.
This process serves two goals. First, readers can zero in on the exact
balance of risk and return that they are looking for; and second, funds
can be compared with others that are genuinely their peers without the
comparison getting muddied by whatever marketing positioning a fund
might take. The entire categorisation is based on the actual portfolios
that the fund managers are running, and not their self-stated inten-
tions. The actual portfolios that have been considered are those spread
over the last three years and the Value Research fund rating and both
the fund Scorecard, rest on this fund classification.
Value Research Fund Classification

Value Research Fund Classification
Equity Funds
Large-Cap: Funds with more than 80 per cent
of assets in large-cap companies over the last
three years
Large & Mid-Cap: Funds with between 60 to
80 per cent of assets in large-cap companies
over the last three years
Multi-Cap: Funds with between 40 to 60 per
cent of assets in large-cap companies over the
last three years
Mid & Small-Cap: Funds with at least 60 per
cent of assets in small and mid-cap companies
over the last three years
Tax Planning: Funds which offer a tax rebate
under section 80C of the Income Tax Act
International: Funds with more than 65 per cent
of assets invested abroad
Sector Funds
Banking sector funds: as per declared
objective
FMCG funds: as per declared objective
Infrastructure sector funds: as per declared
objective
Pharma sector funds: as per declared
objective
Technology, IT sector funds: as per declared
objective
Miscellaneous: Other funds, which cannot be
classified in any of the existing categories and
which do not have the numbers to warrant a
separate category such as Birla Sun Life Buy
India, Reliance Diversified Power Sector Retial
and TATA Life Sciences and Technology
amongst others.
Debt Funds
Income: Funds which can
vary their average maturity
widely, as per their declared
objective
Gilt: Medium & Long-term:
Funds which invest in gilt
securities and can vary their
average maturity widely, as
per their declared objective
Short-Term: Funds whose
average maturity over the last
6 months is between 1 year
and 4.5 years
Gilt: Short Term: Funds
which invest in gilt securities
and whose average maturity
over the last 6 months is
between
1 year and 4.5 years
Ultra Short Term: Funds
whose average maturity over
the last 6 months is less than
1 year, but which are not
liquid funds
Liquid: Funds which do not
invest any part of assets in
securities with a residual
maturity of more than 91
days
FMPs: tenure fixed by the
issuer
Hybrid Funds
Equity-oriented: Hybrid
funds whose average equity
exposure over the last one
year is greater than 60 per
cent
Debt-oriented Aggressive:
Hybrid funds whose average
equity exposure over the last
one year is between 25 and
60 per cent
Debt-oriented
Conservative: Hybrid funds
whose equity exposure over
the last one year is less than
25 per cent
Arbitrage: Funds which seek
returns from arbitrage
opportunities between equity
and derivatives, and invest in
debt when no arbitrage is
possible
Asset Allocation: Funds
which may invest fully in
equity or debt depending on
the market conditions
Miscellaneous: Other funds,
which cannot be classified in
any of the existing categories
and which do not have the
numbers to warrant a
separate category such as
Axis Triple Advantage,
Peerless MF Child and
Fidelity India Children’s
Marriage amongst others

Reading a Fund Report - Equity
Quarterly Returns (%)Trailing Returns (%)
Best & Worst Returns (%) Risk Measures
AMC :
Website :
Registrar :
Min Inv (`) :
Min SIP Inv (`) :
Exchange Availability :
Exit Load :
Birla Sun Life Frontline Equity Fund
All data as on 31/12/2014
Investment Information
Birla Sun Life Asset Mgmt Co. Ltd
mutualfund.birlasunlife.com
Computer Age Mgmt Services Ltd
5,000
BSE, NSE
1% for redemption within 365 days
1,000
Strategy & Review
Beating its benchmark in every one of the
last ten years, Birla Sun Life Frontline Equity
has enjoyed an average Value Research rat-
ing of 4-stars over a decade. True to its
name, the fund invests 70-80 per cent of its
portfolio in large-cap stocks and the remain-
ing 20-25 per cent in midcaps. The fund
does not invest in small caps. It has usually
been overweight in large-caps compared to
its peers. The fund has enhanced large-cap
exposure and cut mid-cap allocations as
markets soared in 2014. It pegs sector
weights to the BSE 200 index, only some-
times selecting stocks outside the index.
This discipline has helped ensure that the
fund doesn’t fall much more steeply than the
market during bear phases.
A steady management team has led to
continuity of style and market cap bias.
Whether up, down or sideways market, this
fund has managed to outperform its bench-
mark. A good record at containing downside
in the falling markets has ensured a smooth-
er ride for investors too. The fund’s 5-year
and 7-year returns are both ahead of the
category by a good margin. Returns relative
to category have been a little sluggish in
2014, but beat the benchmark. The fund has
been an easy winner over three different
market cycles and is backed by a stable
management team too.
PORTFOLIO MANAGER
Mahesh Patil (Since November 2005):
Patil has a B.E (Electrical), MMS in Finance
and is Chartered Financial Aanalyst from
ICFAI Hyderabad. Prior to joining Birla Sun
Life AMC he has worked with Reliance
Infocom Ltd., Motilal Oswal Securities and
Parag Parikh Financial Advisory Services
Ltd.
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
NAV (`)
Total Return (%)
+/- CNX Nifty (%)
+/-
Rank (Fund/Category)
52 Week NAV High (`)
52 Week NAV Low (`)
Expense Ratio (%) (Sep.)
Net Assets (` Cr)
157.04
44.72
13.33
9.25
61/119
160.72
102.92
7377.6
5.43
7.97
140.54
2.50
50.13
47.70
7.87
8.12
5/41
50.7633.94
32.2622.34
124.74
2.50
81.34
62.26
7.49
1.82
12/48
81.46
46.06
374.84
2.35
41.89
-48.50
3.29
7.96
12/59
83.52
36.49
367.25
2.31
79.78
90.45
14.69
1.94
14/61
79.78
36.44
1603.8
2.09
94.70
18.70
0.75
2.48
24/65
97.94
74.37
2719.8
1.88
72.99
-22.93
1.69
4.02
34/69
95.16
71.96
2805.9
1.85
99.32
36.07
8.37
5.09
10/73
99.59
72.94
2935.7
1.86 2.21
History
Launch :
Benchmark :
Category :
Net Assets (` Cr) :
Plans & NAV :
August 2002
S&P BSE 200
Equity: Large & Mid Cap
Growth (157.04), Dividend (29.00)
7377.56
S&P BSE 200 (%)
Year Q1 Q2 Q3 Q4
Jan-Mar Apr-Jun Jul-Sep Oct-Dec
2014
2013
2012
2011
2010
7.06
-4.68
13.81
-5.07
1.23
18.65
2.66
1.00
-1.62
2.58
5.45
-0.30
9.87
-11.19
12.88
8.04
11.98
7.75
-7.07
1.27
1-Year
3-Year
5-Year
10-Year
15-Year
Return Rank SIP
Fund Category Fund/Cat Return
44.72
29.04
14.50
20.68
-
45.20
26.15
12.73
18.26
-
61/119
17/62
17/57
5/23
-
35.47
22.76
9.47
14.47
-
45.51
31.23
20.86
18.63
-
Return less than 1-year are absolute and over 1 year are annualised
S&P BSE
200
Best 1-Month
Worst 1-Month
Best 3-Month
Worst 3-Month
Best 1-Year
Worst 1-Year
Period Fund
11/05/09 - 10/06/09
24/09/08 - 24/10/08
09/03/09 - 10/06/09
02/09/08 - 02/12/08
09/03/09 - 11/03/10
04/12/07 - 03/12/08
33.57
-30.85
80.16 94.73
-35.11
117.37
-50.51
35.82
-37.49
-44.03
124.07
-58.90
S&P BSE 200
Standard Deviation
Sharpe Ratio
Beta
R-Squared
Sortino Ratio
Alpha
Fund Cat Average
15.42
1.31
0.99
0.96
2.54
6.40
16.00
0.95 1.17
-
-
1.84
-
15.40
0.95
0.88
2.26
4.64
S&P BSE 200
19.88
95.74
Equity
-0.03
Cash Eq
4.29
Debt
Company Sector 3Y-High 3Y-Low Assets
Top Holdings (%)
Fund 3Y-High 3Y-Low
Top Sector Weights (%)
Financial
Technology
Automobile
Energy
FMCG
Healthcare
Diversified
Engineering
33.35
11.84
11.00
7.99
7.95
5.60
4.32
3.19
29.61
12.31
9.23
11.10
10.36
7.11
4.11
2.61
33.35
16.66
12.83
17.42
11.52
8.86
7.76
4.72
19.71
9.60
6.31
7.00
7.07
5.43
3.95
1.86
S&P BSE 200
Growth Blend Value
Investment Style
FUND STYLE
LargeMediumSmall
Capitalisation
Total Stocks
Avg Mkt Cap (` Cr)
Portfolio P/B Ratio
Portfolio P/E Ratio
3Y Earnings Growth (%)
Portfolio Characteristics
Asset Allocation (%)Top 5 Holdings (%)
33.94
HDFC Bank
ICICI Bank
ITC
Tata Motors
State Bank of India
Infosys
Reliance Industries
HCL Technologies
HDFC
Tech Mahindra
Larsen & Toubro
Axis Bank
Wipro
Indusind Bank
Motherson Sumi Sys
Financial
Financial
FMCG
Automobile
Financial
Technology
Energy
Technology
Financial
Technology
Diversified
Financial
Technology
Financial
Automobile
5.19
6.72
6.42
3.22
3.34
6.35
6.37
3.89
4.97
3.16
4.84
2.55
2.52
3.09
2.11
1.75
3.82
3.61
0.00
0.44
2.18
2.09
0.42
1.72
0.00
2.11
0.00
0.00
1.35
0.00
1.79Federal Bank Financial 1.85 0.00
73
70113
3.19
20.81
6.89
5.05
4.78
3.69
3.21
3.17
3.13
2.73
2.49
2.39
2.36
2.28
2.26
2.16
2.11
2.06
Grasim Industries Diversified 2.86 1.52 2.04
ING Vysya Bank Financial 2.27 1.23 2.00
Cummins India Engineering 2.81 1.59 1.91
Maruti Suzuki India Automobile 2.67 0.00 1.81
108.51
9.25
2.49
4.87
11/74
108.51
88.64
3585.8
2.48
19,000
16,000
13,000
10,000
7,000
Fund
S&P BSE 200
(Index is continuously
rebased to 10,000)
41.77
20/31
Return
Risk
Value Research Rating, Risk and Return
z Fund Rating : The Value Research Fund Rating is a 1 to 5 star rating that is based on the returns that an
equity fund has generated over the previous five years, while taking into account the risks that the fund has
taken. This rating is relative to other fund of the same type.
z Return Grade : A measure of fund’s risk adjusted return compared to its peers
z Risk Grade : A measure of fund’s risk of loss compared to its peers
z Launch : The launch date of the fund
z Benchmark : The index against which the fund compares its performance
z Category : The Value Research category under which the fund is classified.
z Net Assets (` Cr) : The Net Assets of the fund
z Plans & NAV : The NAV under its ‘Growth’ and ‘Dividend’ plans
Fund Performance vs Index
The graph has been prepared to
show the fund’s performance over
the benchmark over the years.
Above the graph, the fund’s invest-
ment style is portrayed in each year
has been shown.
Below the graph is the quartile
position of the fund in each calen-
dar year.
History
Data on the fund’s performance since
its launch.
z NAV (Year End) : The last NAV
of each year.
z Total Return : The percentage
returns that an investor would
have got over the year.
z +/- : In the given year, a compari-
son of the fund’s returns with that
of two stock market indices
z Rank : The fund’s performance
rank within its category for the
year and the total number of
funds out of which it has been
ranked.
z 52-Week NAV Range : The high-
est and the lowest NAV that the
fund recorded during that year
z Expense Ratio : The percentage
of the average daily assets that
the fund charged as its manage-
ment expenses during the year.
z Net Assets : The total amount of
investor’s assets that the fund was
managing at the end of the year.
Quarterly Returns
The funds’ returns over each quarter
of the last five years, along with the
entire year’s returns
Trailing Returns
Performance data for various stan-
dard periods, all ending on December
31st. All returns are in percentage.
Periods greater than a year are annu-
alised, shorter periods are not.
z Fund : The fund’s own returns.
z Category : The average returns
for all funds in the category.
z Rank : The funds rank, out of the
total number of funds in the cate-
gory
z Index : The returns of the fund’s
benchmark index.
z SIP Return (Annualised) : The
return that an investor would
have made by investing in the
fund’s monthly systematic invest-
ment plan over the period.
Best & Worst Returns & Risk
Measures
Best & Worst Returns : The best and
worst one, three and twelve months
periods in the fund’s history, along with
its benchmark index during the period.
All possible periods (rather than just
calendar months, quarters and years)
are evaluated for this.
Risk Measures : A range of statistical
measures that can be used to evaluate
the performance, risk, and return of a
mutual fund
Strategy & Review
Investment Strategy : The structural
guideline that the fund manager will use
to invest in the securities market.
Analysis : A subjective view on the
fund by a Value Research analyst.
The analysis projects the fund’s
prospects and takes a view on the ori-
gins and the attributes of the fund’s
past performance.
Basic investment information for the fund.
AMC : The name of the AMC
Website : The name of the AMC
Registrar : The registrar to be reached for information
Min Inv : Minimum amount to be invested in the fund
Min SIP Inv (`) : Minimum amount required for SIP
Exchange Availability : Fund trades on exchanges
Exit Load : Charges on exit from the fund
Top 5 holdings and Asset
Allocation
Top 5 holdings: The percentage of
allocation to the top 5 holdings of the
fund.
Asset Allocation: The distribution of
its investments between equity, debt
and cash.
Top Sector Weights
The percentage of the equity invest-
ments of the fund that fall under each
sector of the economy.
Portfolio Characteristics & Fund
Style
Portfolio Characteristics: Total num-
ber of stocks and bonds that are part
of the portfolio. Aggregate measures
regarding the fund’s investments. The
market capitalisation, P/B ratio and
P/E ratio are weighted averages of the
latest numbers of the companies that
the fund is invested in. Three Year
Earnings Growth is the weighted aver-
age of the compounded average
growth in the net profits of each com-
pany.
Fund Style : A nine-cell matrix of the
overall style of investment that the
fund follows, based on its latest portfo-
lio. On the vertical axis, the three steps
denote the weighted average market
capitalisation of the fund’s invest-
ments. The horizontal axis denotes, on
a weighted average basis, whether the
companies that the fund has invested
in are value stocks, growth stocks, or a
blend of the two.
Top Holdings
A detailed report about the invest-
ment portfolio of a fund.
Equity Holding: The name of each
company, its sector, the maxi-
mum allocation in the last 3-years
and the minimum allocation in the
company has seen in the last 3-
years. It also has the current allo-
cation of the portfolio as ‘Assets’.

Reading a Fund Report - Hybrid
Risk Measures
Best & Worst Returns (%)
Canara Robeco Balance Fund
Strategy & Review
Canara Robeco Balance is the oldest bal-
anced fund. The period since 2001 has seen
it make its mark as a quintessential balanced
fund, registering substantial gains when the
equity markets are doing well, and limiting
losses in falls. In keeping with its steady
performance, it has underperformed the cat-
egory average only for two calendar years in
the last ten. In the comparison with the
benchmark, this fund comes off even better.
Except for a lag of 2.3 per cent in 2013, it has
always beaten the index. To be sure, in many
of these years it has beaten the benchmark
by only a small margin, but that is character-
istic of a conservative fund. Surely, there are
many investors who prefer the tortoise to the
hare.
This fund is essentially a large cap fund,
with the mid-cap exposure staying within the
20 to 30 per cent range. Sector distribution
has stayed close to that of the benchmark.
The debt-equity ratio is rebalanced not by
the calendar but depending on a number of
macro and micro-level variables. In terms of
actual portfolio choices, a combination of
top-down and bottom up strategy is followed.
All things considered, this is a conservatively
run fund that will deliver mild positive sur-
prises and almost no negative ones.
PORTFOLIO MANAGER
Krishna Sanghvi (Since Sep 2012): He is a
B.Com (H), CWA from ICWAI, Master of
Management Studies (Finance) from
NMIMS, Mumbai and CFA from ICFAI. Prior
to joining Canara Robeco AMC he worked
with Kotak Mahindra AMC and Kotak
Mahindra Old Mutual Life Insurance.
Avnish Jain (Since Oct 2013): He is a
B.Tech from IIT Kharagpur and PGDM from
IIM Kolkata. Prior to joining Canara Robeco
AMC he worked with ICICI Prudential AMC,
Deutsche Asset Management, Misys
Software Solutions, Yes Bank and ICICI
Bank.
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
NAV (`)
Total Return (%)
+/- VR Balanced (%)
+/-
52 Week NAV Low (`)
Net Assets (` Cr)
108.01
45.66
19.71
14.27
21/59
108.89
70.98
268.6
27.60
43.45
18.72
7.11
3/27
27.99
18.25
61.44
-
37.41
35.54
6.69
-4.29
3/28
38.17
27.54
81.45
1.00
53.69
43.52
0.66
-11.25
15/26
53.69
34.65
96.77
1.23
32.93
-38.67
1.09
13.12
8/27
55.54
28.33
101.57
2.44
53.24
61.68
12.38
-14.08
13/24
53.24
28.04
161.54
2.43
62.48
17.36
2.82
-0.59
9/28
64.92
51.36
186.46
2.39
56.38
-9.76
8.36
14.86
5/28
62.80
55.64
179.20
2.38
71.25
26.37
3.83
-1.33
15/29
71.47
56.32
202.95
2.38
74.15
4.07
-2.31
-2.69
23/32
74.15
63.38
194.34
2.76 2.80
History
Launch :
Benchmark :
Category :
Net Assets (` Cr) :
Plans & NAV :
January 1993
Crisil Balanced Fund Index
Hybrid: Equity-oriented
Growth (108.01), Dividend Quarterly
(80.49)
268.60
CNX Nifty (%)
Year Q1 Q2 Q3 Q4
2014
2013
2012
2011
2010
5.34
-5.28
11.33
-3.47
2.99
18.86
0.34
2.53
2.44
5.75
7.48
-0.93
5.48
-4.44
9.90
8.25
10.52
4.95
-4.51
-1.95
1-Year
3-Year
5-Year
10-Year
15-Year
Return Rank SIP
45.66
24.15
15.19
18.82
16.10
40.22 25.95 49.37
23.37 17.94 28.35
12.89 9.01 19.75
15.17 12.26 17.06
15.39 - 19.13
21/59
15/29
7/26
3/22
4/10
VR Bal
Best 1-Month
Worst 1-Month
Best 3-Month
Worst 3-Month
Best 1-Year
Worst 1-Year
Period Fund
28/04/09 - 28/05/09
24/09/08 - 24/10/08
09/03/09 - 10/06/09
02/09/08 - 02/12/08
02/05/05 - 02/05/06
26/10/07 - 27/10/08
25.70
-25.79
63.09
-27.88
95.61
-43.75
19.67
-27.46
50.99
-29.77
56.12
-43.34
VR Bal
Standard Deviation
Sharpe Ratio
Beta
R-Squared
Sortino Ratio
Alpha
Fund Cat AverageVR Bal
Fund 3Y-High 3Y-Low
Financial
Construction
Energy
Technology
Automobile
Engineering
FMCG
Services
19.07
11.16
6.68
5.71
5.19
5.14
4.31
3.83
31.74
2.29
12.83
15.72
9.29
0.86
9.26
0.74
23.42
11.16
11.51
15.69
7.44
5.14
11.33
3.83
12.30
3.19
5.12
4.27
2.23
1.03
1.90
1.38
CNX Nifty
Growth Blend Value
Investment Style
FUND STYLE
LargeMediumSmall
Capitalisation
Total Stocks
Avg Mkt Cap (` Cr)
Portfolio P/B Ratio
Portfolio P/E Ratio
59
14861
2.95
21.86
-4.42
AMC :
Website :
Registrar :
Min Inv (`) :
Min SIP Inv (`) :
Exit Load :
Canara Robeco Asset Mgmt Co Ltd
www.canararobeco.com
Karvy Computershare Pvt Ltd.
5,000
NSE
1,000
13.32
74.89
Equity
0.01
Cash Eq
25.10
Debt
Top Debt Holdings (%)
Company Instrument Assets
ICICI Bank
HDFC Bank
Yes Bank
Indusind Bank
Infosys
Gulf Oil Lubricants India
HPCL
JK Lakshmi Cement
Ahluwalia Contracts
VA Tech Wabag
Tata Motors DVR
Federal Bank
Texmaco Rail & Engg
Credit Analysis & Resear.
CESC
Financial
Financial
Financial
Financial
Technology
Energy
Energy
Construction
Construction
Engineering
Automobile
Financial
Engineering
Financial
Energy
5.20
5.05
2.32
2.17
5.51
2.00
2.28
1.70
1.65
1.98
1.76
1.56
1.51
1.71
1.86
1.38
2.63
0.00
0.00
0.72
0.00
0.00
0.00
0.00
0.62
0.00
0.00
0.00
0.00
0.00
3.36
3.34
2.32
2.17
2.13
2.00
1.76
1.70
1.65
1.54
1.53
1.53
1.51
1.50
1.48
Top Equity Holdings (%)
Tata Sons 9.71% 2016-12-13
GOI 9.20% 2030-09-30
PFC 9.30% 2019-09-04
GOI 8.24% 2033-11-10
Rural Electriﬁcation 9.38% 2018-11-06
Debenture
CGL
Bonds
CGL
Bonds
3.55
2.71
1.80
1.80
4.66
12.15
1.30
0.95
0.81
2.51
5.85
11.57
0.91
-
-
1.79
-
12.41
1.24
0.98
0.84
2.29
4.87
19,000
16,000
13,000
10,000
7,000
Fund
VR Balanced
(Index is continuously
rebased to 10,000)
Risk
Return
z Fund Rating : The Value Research Fund Rating is a 1 to 5 star rating that is based on the returns that an
equity fund has generated over the previous five years, while taking into account the risks that the fund has
z Risk Grade: A measure of fund’s risk of loss compared to its peers
z Launch: The launch date of the fund
z Benchmark: The index against which the fund compares its perfomance
z Category: The Value Research category under which the fund is classified.
z Plans & NAV: The NAV under its Growth and Dividend plans
Fund Performance vs Index
show the fund’s performance with
reapect to the benchmark over the
years. Above the graph, the fund’s
investment style is portrayed in
each year.
dar year.
History
its launch.
z NAV (Year End): The last NAV of
each year.
z Total Return: The percentage
z +/-: In the given year, a compari-
z Rank: The fund’s performance
ranked.
z 52-Week NAV Range: The high-
z Expense Ratio: The percentage
Quarterly Returns
entire year’s returns.
Trailing Returns
z Fund: The fund’s own returns.
z Category: The average returns
z Rank: The funds rank, out of the
gory
z Index: The returns of the fund’s
benchmark index/internal index.
z SIP Return (Annualised): The
return that an investor would
have made by investing in the
fund’s monthly systematic invest-
ment plan over the period.
Measures
Best & Worst Returns: The best and
worst one, three and twelve months
periods in the fund’s history, along with
its benchmark index during the period.
All possible periods (rather than just
calendar months, quarters and years)
are evaluated for this.
Risk Measures: A range of statistical
mutual fund
Strategy & Review
Investment Strategy: The structural
Analysis: A subjective view on the
fund by a Value Research analyst.
The analysis projects the fund’s
prospects and takes a view on the ori-
gins and the attributes of the fund’s
past performance.
AMC: The name of the AMC
Website: Website of the AMC
Registrar: The registrar to be reached for information
Min Inv: Minimum amount to be invested in the fund
Min SIP Inv (`): Minimum amount required for SIP
Exchange Availability: Fund trades on exchanges
Exit Load: Charges on exit from the fund
Top 5 holdings and Asset
Allocation
Top 5 holdings: The percentage of
allocation to the top 5 holdings of the
fund.
its investments between equity, debt
and cash.
Top Sector Weights
Style
Portfolio Characterstic : Total number
of stocks and bonds that are part of the
portfolio. Aggregate measures regard-
ing the fund’s investments. The market
capitalisation, P/B ratio and P/E ratio
are weighted averages of the latest
numbers of the companies that the fund
is invested in. Three Year Earnings
Growth is the weighted average of the
compounded average growth in the net
profits of each company.
Fund Style : A nine-cell matrix of the
blend of the two.
Top Holdings
company, its sector, the maximum
allocation in the last 3-years and
the minimum allocation in the com-
pany has seen in the last 3-years.
It also has the current allocation of
the portfolio as ‘Assets’.
Debt Holding- This has the name
of the company, the sector it rep-
resents, debt instrument it holds,
and the current allocation.

Reading a Fund Report - Debt
Total Securities
Avg Maturity (Yrs.)
Avg Maturity 52W High (Yrs.)
Avg Maturity 52W Low (Yrs.)
Avg Credit Rating
Birla Sun Life Dynamic Bond Fund
Strategy & Review
If you’re confused about interest rates, this is
a good fund to make the most of the interest
rate situation as it unfolds. Though dynamic
bond funds are supposed to actively navi-
gate the rate cycle, quite a few funds in this
category have not managed this feat.
Consistently scoring 4 to 5 stars from its
launch in March 2006, this fund has navi-
gated choppy debt markets very well and
that too over an extended period. A sea-
soned manager at the helm for a long period
has aided predictability of returns mainly
through good calls on portfolio duration. The
fund has not missed out on the recent bond
market rally, and has been a category topper
in 2014. After maintaining a limited portfolio
duration of 1-3 years over much of 2011 and
2012 and relying mainly on an accrual strat-
egy amid a falling rate cycle, the fund began
to slightly increase its maturities from the
end of 2012, with a view to taking advantage
of a further fall in rates. The fund’s average
maturity rose to nearly 7 years by end of
2012, only to moderate to about 4-5 years by
mid-2013. In July 2013, when RBI’s surprise
move to hike overnight rates materialised,
the fund suffered a 2.5 per cent reversal in its
NAV, but quickly bounced back.
Recent changes in the macro environ-
ment, including a stronger rupee, shrinking
current account deficit and a constructive
view on CPI inflation has prompted the fund
to take a more aggressive stance. The fund
manager decided to increase the upper limit
on average maturity from 3.5 to 5 years to
better play the falling rate scenario. The fund
has steadfastly stuck to its bullish rate view
and this has paid off in a big way this year.
PORTFOLIO MANAGER
Maneesh Dangi (Since Sep 2007): He is an
MBA and FRM. Prior to joining Birla Sun Life
Asset Management Company he worked
with Pioneer Investcorp.
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
NAV (Rs)
Total Return (%)
+/- NSE G-Sec
52 Week NAV Low (`)
Net Assets (` Cr)
23.79
14.85
3.12
44/175
23.80
20.72
1.21
10.65
1.92
0.75
10.11
10.65
13/61
5.39
25.00
11.29
6.01
5.25
19/57
11.29
10.65
0.75
5.52
12.32
9.16
3.87
10/52
12.32
11.28
0.15
9.62
14.16
14.96
-5.82
28/54
14.16
12.35
0.28
292.18
15.22
7.45
13.85
4/63
15.22
14.11
1.48
6221.6
16.07
5.55
3.00
19/79
16.07
15.22
0.98
5305.2
17.55
9.24
6.35
15/86
17.55
16.08
0.88
3593.4
19.40
10.53
1.77
29/89
19.40
17.58
1.14
14,481
20.72
6.79
4.10
33/100
20.72
19.43
1.08
12,930 9638.2
History
Fund
(Rebased to 10,000)
Launch :
Benchmark :
Category :
Net Assets (` Cr) :
Plans & NAV :
September 2004
Crisil Short-Term Bond Index
Debt: Income
Growth (23.79), DQ (11.09), DM
(10.84), Dividend (10.34), Discipline
Advantage Plan (16.46)
9638.23
Year Q1 Q2 Q3 Q4
2014
2013
2012
2011
2010
2.42
2.28
2.35
1.89
1.90
3.15
3.37
2.57
1.50
2.22
1.91
-1.55
2.97
1.12
2.36
6.67
2.60
2.25
0.94
2.45
3-Month
6-Month
1-Year
3-Year
5-Year
Return Rank NSE
Fund Category Fund/Cat T-Bill
6.67
8.71
14.85
10.65
9.34
4.99
7.17
13.15
9.61
8.29
43/201
43/195
44/175
8/84
4/67
4.66
7.21
11.73
7.65
5.66
2.20
4.33
8.78
8.52
7.46
NSE
G-Sec
Best & Worst Returns (%)
Best 1-Month
Worst 1-Month
Best 3-Month
Worst 3-Month
Best 1-Year
Worst 1-Year
Period Fund
03/12/08 - 02/01/09
15/07/13 - 14/08/13
06/10/08 - 05/01/09
04/01/08 - 05/01/09
08/06/05 - 08/06/06
21/05/13 - 20/08/13
4.95
-3.02
7.28
15.75
4.54
-3.68
7.43
-4.97
18.82
21.31
-0.74
-8.93
NSE G-Sec
Risk Measures
Standard Deviation
Sharpe Ratio
Fund Cat Average
3.59
0.72
6.51
-0.39
3.99
0.47
NSE G-Sec
AMC :
Website :
Registrar :
Min Inv (`) :
Min SIP Inv (`) :
Exit Load :
Birla Sun Life Asset Mgmt Co Ltd
mutualfund.birlasunlife.com
Computer Age Mgmt Services Ltd
5,000
1,000
Company Instruments Assets
Top Holdings (%)
GOI 8.15% 2026-11-24
GOI 8.12% 2020-12-10
GOI 8.27% 2020-06-09
GOI 8.83% 2023-11-25
GOI 8.32% 2032-08-02
GOI 9.20% 2030-09-30
GOI 8.24% 2033-11-10
GOI 7.80% 2020-05-03
GOI 8.08% 2022-08-02
GOI 9.23% 2043-12-23
Reliance Jio Infocomm 9.25% 2024-06-16
Birla SL Floating Rate ST Direct -G
GOI 8.30% 2040-07-02
GOI 8.33% 2026-07-09
Power Finance Corp. 2019-11-20
GOI 8.40% 2024-07-28
GOI 8.60% 2028-06-02
Punjab State 9.69% 2024-02-12
Assam State 8.84% 2024-06-11
Reliance Gas Transp. Infra. 10.25% 2021
CGL
CGL
CGL
CGL
CGL
CGL
CGL
CGL
CGL
CGL
Debenture
MF-Debt
CGL
CGL
Bonds
CGL
CGL
SDL
SDL
Bonds/NCD
31.17
20.23
8.21
3.74
2.64
2.39
2.35
1.99
1.95
1.91
1.42
0.93
0.92
0.81
0.73
0.60
0.56
0.46
0.29
0.29
Instrument Break-up (%)Credit Rating Break-up (%)
SOV
AAA
P1+
AA
A and Below
Term Deposit
Bill Rediscounting
Cash Equivalent
Unrated / Others
82.11
3.03
0
0.27
0
0
0
13.66
0.93
60
-
-
-
AAA
CGL
Net Receivables
State Development Loan
Debenture
Bonds
Mutual Funds-Debt
Bonds/NCDs
79.66
13.62
2.43
1.85
1.01
0.93
0.29
High Medium Low
Credit Quality
FUND STYLE
HighMediumLow
InterestRateSensitivity
25,000
20,000
15,000
10,000
5,000
NA
NA NA
Risk
Return
z Fund Rating : The Value Research Fund Rating is a 1 to 5 star rating that is based on the returns that the
fund has generated over the previous 18 months, while taking into account the risks that the fund has
z Risk Grade : A measure of fund’s risk of loss compared to its peers
z Launch : The launch date of the fund
z Benchmark : The index against which the fund compares its performance
z Category : The Value Research category under which the fund is classified.
z Plans & NAV : The NAV under its Growth and Dividend plans
Fund Performance
the years. Above the graph, the
fund’s investment style is portrayed
in each year.
dar year.
History
its launch.
z NAV (Year End) : The last NAV
of each year.
z Total Return : The percentage
of index.
z Rank : The fund’s performance
ranked.
z 52-Week NAV Range : The high-
z Expense Ratio : The percentage
investor’s assets that the fund
was managing at the end of the
year.
Quarterly Returns
entire year’s returns.
Trailing Returns
z Fund : The fund’s own returns.
z Category : The average returns
z Rank : The funds rank, out of the
gory
z Index : The returns of the fund’s
benchmark index.
Measures
Best & Worst Returns : The best and
worst, three months and one year peri-
ods in the fund’s history, along with its
benchmark index during the period. All
possible periods are evaluated for this.
Risk Measures : A range of statistical
mutual fund
Strategy & Review
Investment Strategy: The structural
Analysis: A subjective view on the fund
by a Value Research analyst. The
analysis projects the fund’s prospects
and takes a view on the origins and the
attributes of the fund’s past perform-
ance.
AMC : The name of the AMC
Website : Website of the AMC
Registrar : The registrar to be reached for information
Min Inv : Minimum amount to be invested in the fund
Min SIP Inv (`) : Minimum amount required for SIP
Exchange Availability : Fund trades on exchanges
Exit Load : Charges on exit from the fund
Credit Rating & Instrument
Break-up
Credit Rating Break-up : The propor-
tion of the portfolio that is invested in
instruments of different credit quality.
Instrument Break-up : The propor-
tion of the fund’s holdings that are
held in different types if fixed-income
instruments.
Style
Portfolio Characterstic: Aggregate
measures regarding the fund’s invest-
ments. It carries total number of secu-
rities. The average maturity, the 52
week high and low in terms of maturi-
ty. And the average credit rating of the
fund.
Fund Style: A nine-cell matrix of the
blend of the two.
Top Holdings
This has the name of the compa-
ny, the sector it represents, debt
instrument it holds, and the cur-
rent allocation.

Reading a Fund Report - ETF
Trailing Returns (%) Quarterly Returns (%)
AMC :
Website :
Registrar :
Min Inv (`) :
Min SIP Inv (`) :
Exit Load :
Goldman Sachs Banking BeES Fund
Goldman Sachs Asset Mgmt Pvt Ltd
www.gsam.in
Karvy Computershare Pvt Ltd.
10,000
-
Nil
-
OBJECTIVE
The investment objective of GS Bank BeES
is to provide returns that, before expenses,
closely correspond to the total returns of
securities as represented by the CNX Bank
Index.
TRADING STATISTICS
– Trading days: 243
– Trading volume range: 28 and 39,956 units
– Daily average trading volume: 3171 units
– Daily average turnover: `46.08 lakhs
– Average discount: 0.03 per cent
– Range: -1.17 per cent to 4.93 per cent
Fund
Rebased to 10,000)
Launch :
Benchmark :
Category :
Net Assets (` Cr) :
Plans & NAV :
May 2004
CNX Bank Index
Equity: Banking
Dividend (1,890.52)
591.74
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Avg. Premium/Discount (%)
52 Week High - Premium (%)
52 Week Low - Discount (%)
Market Return (%)
NAV (`)
Total Return (%)
+/-
52 Week NAV Low (`)
Expense Ratio (%) (Sep)
Net Asset (` Cr)
-0.03
4.93
-1.17
64.94
1890.5
64.11
-0.46
1023.1
0.53
591.74
1895.9
0.45
2668.4
0.45
7398.6
0.50
5468.2
0.50
1315.9
0.50
91.11
1.20 1.10 1.19 0.66 -2.75 0.78
0.50
44.86
0.53
0.50
52.68
0.52
0.50
71.33
1152.01
-9.12
-0.39
878.80
0.54
37.01
1330.4
3/13 11/23
History
CNX Bank Index (%)
83.44
99.95
Equity
0.05
Cash Eq
ICICI Bank
HDFC Bank
State Bank of India
Axis Bank
Kotak Mahindra Bank
Indusind Bank
Yes Bank
Bank of Baroda
Punjab National Bank
Federal Bank
Bank of India
Canara Bank
Financial
Financial
Financial
Financial
Financial
Financial
Financial
Financial
Financial
Financial
Financial
Financial
30.18
32.39
15.80
11.40
7.38
4.68
3.39
3.92
3.46
1.91
1.89
1.99
26.43
24.07
10.23
7.06
5.34
2.95
0.00
2.46
1.89
0.00
0.82
0.75
27.61
24.07
13.02
11.40
7.33
4.68
3.39
2.75
2.20
1.76
0.87
0.87
Top Holdings (%)
Fund 3Y-High 3Y-Low
CNX Bank
Growth Blend Value
Investment Style
FUND STYLE
LargeMediumSmall
Capitalisation
Total Stocks
Avg Mkt Cap (` Cr)
Portfolio P/B Ratio
Portfolio P/E Ratio
12
140814
2.30
17.54
18.69
Q1 Q2 Q3 Q4
Year Jan-Mar Apr-Jun Jul-Sep Oct-Dec
2014
2013
2012
2011
2010
11.01
-10.37
26.67
4.74
-0.85
20.55
3.49
2.53
0.92
-3.00
0.89
-17.09
11.23
30.49
-15.77
21.55
18.18
8.72
-4.76
-15.92
3-Month
1-Year
3-Year
5-Year
10-Year
Return Rank SIP
21.55
64.11
32.74
15.94
18.96
20.81
63.21
29.80
14.63
19.80
7/23
11/23
4/11
5/10
2/3
21.73
64.57
32.91
15.71
18.26
86.58
74.07
33.81
21.39
18.99
CNX Bank
Strategy & Review
Volume Traded
150000
100000
50000
64,57,972
28,33,937 9,29,859
Premium Discount to NAV (%)
3.0
1.5
0
-1.5
-3.0
Financial 99.95 100 99.95 98.70
-0.59
2.40
-2.35
0.13
7.64
-1.63
-8.66
-1.51
3.08
0.000.05 -0.01 0.32 0.23 -0.01 -0.03
3.91 2.97 2.53 5.57 2.26 1.08
-3.13 -3.13 -2.26 -3.09 -1.31 -1.32
61.56 -48.75 77.07 31.93
463.61 608.75 987.62 507.35 901.96 1184.87
30.85 33.62 65.34 -48.63 77.78 31.37
1/3 1/3 4/4 5/6 5/12 10/12
479.49 640.85 1010.6 1070.88 952.49 1325.5
312.91 350.20 490.35 412.72 335.77 822.76
1267.60
57.09
807.07
-32.46
809.71
1271.48
790.00
1193.43
4/11 7/11
-31.89 57.06
26.06 38.57
60,000
50,000
40,000
30,000
20,000
10,000
0
Risk
Return
z Launch: The launch date of the fund
z Benchmark: The index against which the fund compares its performance
z Category: The Value Research category under which the fund is classified.
z Net Assets (` Cr): The Net Assets of the fund
z Plans & NAV: The NAV under its Growth and Dividend plans
Fund Performance vs Index,
Volume Traded and
Premium/Discount
the benchmark over the years.
Above the graph, the fund’s invest-
ment style is portrayed in each year
has been shown.
Volume Traded: This shows the
volumes traded at the exchange.
Premium/Discount: If the fund is
available at premium or discount.
dar year.
History
its launch.
z NAV (Year End): The last NAV of
each year.
z Total Return: The percentage
z Rank: The fund’s performance
ranked.
z 52-Week NAV Range: The high-
z Expense Ratio: The percentage
z Net Assets: The total amount of
Trailing Returns
Performance data for various standard periods, all ending on
December 31st. All returns are in percentage. Periods greater
than a year are annualised, shorter periods are not.
z Fund: The fund’s own returns.
z Category: The average returns for all funds in the category.
z Rank: The funds rank, out of the total number of funds in the
category
z Index: The returns of the fund’s benchmark index.
z SIP Return (Annualised): The return that an investor would
have made by investing in the fund’s monthly systematic
investment plan over the period.
Strategy & Review
Objective: The scheme objective that the
fund manager will use to invest in the secu-
rities market..
Trading Statistics: Details on all trading
related data for the fund scheme in the past
year such as trading volume, range, number
of trading days and average premium or dis-
count.
AMC: The name of the AMC
Website: The name of the AMC
Registrar: The registrar to be reached for information
Min Inv: Minimum amount to be invested in the fund
Min SIP Inv (`): Minimum amount required for SIP
Exchange Availability: Fund trades on exchanges
Exit Load: Charges on exit from the fund
Portfolio Concentration & Asset
Allocation
Portfolio Concentration: The per-
centage of the portfolio formed by the
top 10, 5 and 3 holdings of the fund.
its investment between equity, debt
and cash
Top Sector Weights
Portfolio Characteristics &
Fund Style
Portfolio Characteristics: Total num-
ber of stocks and bonds that are part
of the portfolio. Aggregate measures
regarding the fund’s investments. The
market capitalisation, P/B ratio and
P/E ratio are weighted averages of the
latest numbers of the companies that
the fund is invested in. Three Year
Earnings Growth is the weighted aver-
age of the compounded average
growth in the net profits of each com-
pany.
Fund Style: A nine-cell matrix of the
blend of the two.
Top Holdings
company, its sector, the maxi-
mum allocation in the last 3-years
and the minimum allocation in the
company has seen in the last 3-
years. It also has the current allo-
cation of the portfolio as ‘Assets’.
Quarterly Returns
entire year’s returns

Mutual fund yearbook 2015

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