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8/3/2019 Birla Sun Life Pure Value Fund
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Birla Sun Life
Pure Value Fund(A 3-year Closed-end Equity Scheme with an Automatic Conversion into an Open-Ended Scheme upon Maturity)
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Value investing
A timeless principal
Focused on the fundamentals
Low volatility & stable returns
The value investors believes that markets are inefficient and looks to turn
this to their advantage
A disciplined value focus allows you to invest wisely, avoiding the
excesses and profiting from collapses
Investing in Ignored Ideas & Opportunities
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Value vs. Glamour
Value Growth*
Value Investing Growth Investing
Focuses on past performance of the
company & the current fundamentals
Investing in stocks with high future
growth potential
Value investors look for bargains, or
stocks that are trading at a discount totheir usual valuation
Growth investors believe in buying
stocks with above-average earningsgrowth, no matter what the price
In the business world, the rearview mirror is always
clearer than the windshield - Warren Buffet
* Growth style of investing has been perceived as glamour investing
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Few quotes
We simply attempt to be fearful when others are greedy and to be greedy when othersare fearful.
Price is what you pay, value is what you get.
By Warren Buffet
I am more concerned about the return of my money than the return on my money.
By Will Rogers
Value Investing is solely concerned with getting the most profit at the lowest cost.
Anonymous
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Why value gets created
&How value gets rewarded
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Creation of value
Markets can be short-sighted
May ignore long term value creation
Otherwise, How do you explain sharp movements in prices based on quarterly results
External issues negatively influencing may be considered permanent
Fertilizer policy if unchanged for 5 years, makes us believe it will not change ever
RBI does not cut rate, markets react as if it will never cut rate
Internal negatives may get overly highlighted
A shutdown for 5 days will have a reaction which is meaningless considered the long
life cycle of an organization
Company could be in a matured stage, leading to nominal growth
Some stocks are just ignored without any reason whatsoever
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You dont need to wait for eternity
Value picks may get rewarded much sooner than you expect You dont have to wait for substantial surprises
Stocks available at bargain prices, just need a positive Nudge
Changes in the external environment
Disappearance of internal issues
Business plans of the companies to chart a higher growth path
Diversification in business activities
There are innumerable instance in the past that should give confidence onthe investment style
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When value got rewarded
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0
500
1,000
1,500
2,000
2,500
3,000
J-07
J-07
J-07
A-07
A-07
S-07
S-07
O-07
O-07
N-07
N-07
D-07
D-07
D-07
J-08
StockPrice
inRs.
Reliance Energy
For most part 2006 & 2007 stock under performed the market
Stock was a strong Value pick as cash on book was to the
extent of 50 to 60% of market cap
Huge cash helped the company bid for infra & power projects
leading to significant re-rating
Source Bloomberg; BSLMF Internal Research; Stocks referred above are illustrative and are not recommended by Birla Sun Life Mutual Fund /
Birla Sun Life Asset Management Company Ltd. The Fund may or may not have any present or future positions in these stocks.
8/3/2019 Birla Sun Life Pure Value Fund
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Neyveli Lignite
0
50
100
150
200
250
300
A-0
6
S-0
6
O-0
6
N-0
6
D-0
6
J-0
7
F-0
7
M-0
7
A-0
7
M-0
7
J-0
7
J-0
7
A-0
7
S-0
7
O-0
7
N-0
7
D-0
7
J-0
8
StockPric
einRs.
As most of the power stocks Neyveli Lignite also under performed the
market for most part of 2006 - 2007
Stock was a strong Value pick as was trading close to its book value
Once the sector got re-rated in later part of 2007, Neyveli was among
the top performers
Source Bloomberg; BSLMF Internal Research; Stocks referred above are illustrative and are not recommended by Birla Sun Life Mutual Fund /
Birla Sun Life Asset Management Company Ltd. The Fund may or may not have any present or future positions in these stocks.
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0
50
100
150
200
250
300
350
A-06
S-06
O-06
N-06
D-06
J-07
F-07
M-07
A-07
M-07
J-07
J-07
A-07
S-07
O-07
N-07
D-07
J-08
StockPric
einRs.
SAIL
During steels down cycle of 2005 & 06, SAIL was a strong Value buy
on account of captive iron ore mines & coal facilities
Once up cycle for the sector started, stock was among the top
performers
Source Bloomberg; BSLMF Internal Research; Stocks referred above are illustrative and are not recommended by Birla Sun Life Mutual Fund /
Birla Sun Life Asset Management Company Ltd. The Fund may or may not have any present or future positions in these stocks.
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Chennai Petroleum
0
50
100
150
200
250
300
350
400
450
500
A-06
S-06
O-06
N-06
D-06
J-07
F-07
M-07
A-07
M-07
J-07
J-07
A-07
S-07
O-07
N-07
D-07
J-08
StockPrice
inRs.
Chennai Petro is fundamentally among the most attractive oil refining
companies
During large part of 2006-07, with PE of 4-5 stock was trading at significant
discount to peers & market
Due to rising crude oil prices Gross Refinery Margins saw a significant
upturn leading to significant re-rating of the stock
Source Bloomberg; BSLMF Internal Research; Stocks referred above are illustrative and are not recommended by Birla Sun Life Mutual Fund /
Birla Sun Life Asset Management Company Ltd. The Fund may or may not have any present or future positions in these stocks.
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Investment process for identifying value
Would be a blend of
Stocks available at discount to intrinsic value
Attractive Price to Book Value Ratio
Lower PE Multiple but with a reasonable growth track record
Lower market cap than the Replacement Cost
Companies having high level of Cash & Liquid Investments compared to
market cap
Companies that reward investors with high & regular dividends
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Sectors & Companies
With Substantial VALUEcurrently
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Fertilizer Sector
Current Scenario
ZERO domestic capacity addition since last one decade
Demand supply imbalance leading to increasing imports
Spiraling prices leading to higher subsidy burden
High replacement cost
1 Million ton of Greenfield fertilizer capacity costs more than USD 1 billion
Stable cash flow aiding diversification into other sectors leading to
earnings stability
Chemicals for vertical & horizontal integration
Other growing sectors like shipping, real estate etc.
Source Bloomberg; BSLMF Internal Research
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Valuations of Fertilizer Companies
Company Market CapReplacement
CostDiscount
Tata Chemical 6,988 10,190 -31%
Coromandel 1,492 6,000 -75%
RCF 5,850 10,000 -42%GNFC 2,936 5,650 -48%
Chambal 1,953 7,680 -75%
Significant Discount to Replacement Cost
Company PE P / B
GNFC 9.20 1.86
GSFC 7.30 1.39
Stocks Available at Attractive Price Multiples
Source Bloomberg; BSLMF Internal Research; The stocks indicated above are illustrative & may or may not
form part of portfolio.
Source Bloomberg; BSLMF Internal Research; The stocks indicated above are illustrative & may or may not
form part of portfolio.
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Why sector may unlock value
Positive Changes in the Fertilizer Policy have improved profitability of thecompanies in the sector over last 9 months.
Improved Gas Availability scenario may reduce the dependence on high
cost imported feedstock.
Policy for Fertilizers under cabinet consideration to decide :
Policy for Greenfield/Brownfield Expansion
Pricing Policy refinements
Further Issuance of Fertilizer Bonds
Source Bloomberg; BSLMF Internal Research
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Oil & Gas (Oil Marketing Companies)
Current Scenario
Oil marketing companies are loosing money due price regulations by
government.
Refineries are enjoying healthy Gross Refining Margins (GRM) on the
back of rising crude oil prices
Global refining capacity is growing inline with global demand and is
expected to do so for next five years
Capacity addition in Asia Pacific to account for 37% of the global capacity
addition Indias capacity addition would be the highest and would account for nearly 29% of
the capacity in Asia Pacific region
Source Bloomberg; BSLMF Internal Research
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Valuations of oil marketing companies
Significant Discount to Replacement Cost
* CDU represents Crude Distillate Unit I.e. refining capacities
Company EV / CDU*Replacement
CostDiscount
BPCL 6,444 15,000 -57%
HPCL 7,733 15,000 -48%
IOC 14,654 15,000 -2%
Indian refineries are trading at a discount to their replacementcost on account of their losses in marketing activities.
Source Bloomberg; BSLMF Internal Research; The stocks indicated above are illustrative & may or may not form part of
portfolio.
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Why sector may unlock value
Capacity addition in Asia Pacific to account for 37% of the global capacity
addition
Indias capacity addition would be the highest and would account for nearly 29% of the
capacity in Asia Pacific region
With mounting marketing losses, we expect the government to take correctiveactions in order to reduce these losses
Indian oil marketing companies have a good mix of refining & marketing
assets and they are aggressively expanding refining capacities
On back of rising crude oil prices & rising GRMs this would act as the main trigger for
value unlocking
Source Bloomberg; BSLMF Internal Research
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Paper Sector
Current Scenario
Low per capita consumption of paper = Tremendous growth opportunity
Rising literacy levels will further push the demand up
India imports around 0.70 million tons of paper per year
Provides tremendous growth opportunity for domestic companies
High replacement cost
1 Million ton of Greenfield integrated paper capacity costs more than USD 900
million
Stable earnings growth & margin due to:
Capacity improvements
Process improvement leading to cost efficiencies
Source Bloomberg; BSLMF Internal Research
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Valuations of Paper CompaniesSignificant Discount to Global Peers Despite
Higher Margins & Returns Ratios
PAT Margins ROCE PE
BILT 11.60% 12.00% 9.30%
TNPL 9.00% 15.00% 9.17%
OJI 2.00% 4.00% 35.20%
Stora 3.00% 4.00% 19.60%
International Paper 2.00% 3.00% 15.75%
UPM-KYMM 4.00% 4.00% 25.14%
Indian Companies
Global Companies
Company Market CapReplacement
CostDiscount
BILT 2,613 6,360 -59%
TNPL 753 1,900 -60%
Significant Discount to Replacement Cost
Source Bloomberg; BSLMF Internal Research; The stocks indicated above are illustrative & may or may not
form part of portfolio.
Source Bloomberg; BSLMF Internal Research; The stocks indicated above are illustrative & may or may notform part of portfolio.
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Why sector may unlock value
Paper sector growth in a new trajectory given the projected GDP growth of
above 10% for Indian Economy.
Paper being proxy to GDP growth rates.
Huge Capex finally paying off as evident in financial results.
Industry looking for international acquisition and exposure.
Valuation Discount against global peers quite significant now.
New deals like BILT PE deal may change the valuations for the sector.
Source Bloomberg; BSLMF Internal Research
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Shipping Sector
Current Scenario
Huge potential for trade growth
Asia accounts for 59% dry bulk imports with India being among the major consumer
Demand for oil, gas & coal for energy requirements will drive the shipping logistics
in the Indian market
Industry is on a capacity addition spree
Freight rates have corrected sharply & may start moving upwards in near
future
Asset prices of the ships have improved or remained firm despite theweak freight rates displaying buoyant long term outlook
Source Bloomberg; BSLMF Internal Research
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Company NAV Price Discount
GESCO 540 414 -23%
SCI 378 250 -34%
Mercator Lines 208 120 -42%
Valuations of Shipping Companies
Significant Discount to NAV per Share
Why sector may unlock value now Indian Shipping Sector in process of being re-rated along the line of global peers.
India and China have increased their dominance on the international trade as
against developed countries.
Recent downturn in shipping cycle beckons another upswing in the shipping cycle
leading to increase in stock prices.
Source Bloomberg; BSLMF Internal Research
Source Bloomberg; BSLMF Internal Research; The stocks indicated above are illustrative & may or may not
form part of portfolio.
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Cement Sector
Current Scenario
Significant slow down in growth of cement consumption
Currently the growth rate is below the 3 Month Moving Average
High base has caught up with cement demand growth
Profitability hit due to rising fuel costs despite high cement prices International coal prices have increased from USD 40 per ton in Jan 06 to over
USD 100 per ton in Jan 08, an increase of over150%
During the same period cement prices have moved from Rs. 165 per bag to Rs.
225 per bag, an increase of36%
Source Bloomberg; BSLMF Internal Research
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FY07 FY08E FY09E FY07 FY08E FY09E1 ACC 798 12.1 10.1 9.9 182 162 144
2 Birla Corporation Ltd 218 5.1 3.5 4.0 70 53 39
3 Grasim Indus 2,961 13.8 10.0 8.4 185 158 96
4 Gujarat Ambuja 115 11.4 12.1 11.3 257 224 166
5 India Cements 205 10.5 7.5 7.7 173 179 145
6 Madras Cements 4,000 15.7 10.0 7.8 232 217 143
7 Mangalam Cement 128 4.3 3.3 3.2 51 49 33
8 Prism Cements 51 24.6 7.9 6.1 136 150 142
9 Shree Cement 1,307 11.1 9.6 8.1 233 221 149
10 Ultratech Cements Ltd. 898 14.3 9.6 9.2 165 157 142
11 Kesoram Industies Ltd 465 8.0 7.4 6.9 118 130 109
12 J K Lakshmi Cement 135 4.2 3.0 3.6 92 71 55
SNP/E EV/T
CMPCompany
Valuations of Cement Companies
Anticipated supply has resulted in stocks being quoted below
current Replacement Cost
Source Bloomberg; BSLMF Internal Research; The stocks indicated above are illustrative & may or may not form part of portfolio.
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Why sector may unlock value
USD 500 billion worth of infrastructure spending envisaged in XIth five year
plan could spur cement demand growth beyond supply increase.
Captive power plants / tie up of coal sources can protect margins
Low valuations could trigger consolidation and M&A drive within the
industry particularly when large MNCs looking to enter the 2nd largest(India) cement market in the world.
Sustained profitability could result in significant free cash flow generation.
Source Bloomberg; BSLMF Internal Research
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Sugar Sector
Current Scenario
Sugar exports were banned by the Government for nearly six months from
July07, due to which supply in the domestic markets increased
As a result, sugar prices fell from the high of nearly Rs.18/kg to Rs.14/kg and below
during the same period.
Companies especially in U.P. suffered more on account of higher sugarcane prices.
Major sugar companies are trading almost at par with their replacement cost,
thus providing attractive valuation opportunities
Company EnterpriseValue (EV)
ReplacementCost
EV / RC
Bajaj Hidustan 6,116 5,233 1.17
Balrampur Chini 3,262 2,922 1.12
Triveni Engineering 3,885 3,413 1.14
Source Bloomberg; BSLMF Internal Research
Source Bloomberg; BSLMF Internal Research; The stocks indicated above are illustrative & may
or may not form part of portfolio.
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Why sector may unlock value
Sugar cycle expected to turn profitable, as the cane supplies for the sugar
season of Oct-08 to Mar-09 is expected to decline.
With the exports ban being removed we expect higher exports in Financial Year
08-09, thus an improvement in domestic sugar prices.
Any reduction in sugar cane prices for Uttar Pradesh based companies would
drive their profitability.
Diversification into ethanol and power would help in improving the overall
performance of the companies.
Source Bloomberg; BSLMF Internal Research
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MNC Pharma Companies
More than 20% of market cap is represented by cash / liquid investments
Consistent dividend payouts
Attractive valuations of around 10x FY08 Vs Market PE of around 20x
FY08E earnings
Introduction of patented products to be key stock driver
CompanyEPS Mar08 /
Dec07
P/E Mar08 /
Dec07
P/E Mar09 /
Dec08
Dividend
Yield (%)
Cash / Mkt
Cap (%)
Glaxo 49.10 17.31 15.26 3.76 23.37
Aventis 66.71 13.64 11.95 3.52 22.99
Pfizer 114.12 5.70 13.83 2.31 35.19
Novartis 29.34 11.11 10.40 3.07 13.71
Wyeth 43.49 10.14 9.26 6.80 23.58
Source Bloomberg; BSLMF Internal Research
Source Bloomberg; BSLMF Internal Research; The stocks indicated above are illustrative & may or may notform part of portfolio.
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Even simple stats tell the same story
A simulation was carried out on BSE 200 index.
Fundamental criterias considered:
Price to Book Value (P/BV) and
Price to Earnings (P/E).
We evaluated stocks based on various parameters:One with low P/E stocks,
Second with Low P/BV Stocks &
Stocks with low P/E & low P/BV.
Investment portfolio consists of top 30 stocks. Costs have not been taken into consideration.
Source Cline; BSLMF Internal Research.
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Rear View Glimpse
Value portfolio outperforms the Benchmark Index.
Source Cline; BSLMF Internal Research.
Performance (%)
P/E P/BV 2007
Low P/E 6.15 132
Low P/BV 1.17 101Low P/E & Low P/BV 7.74 1.31 110
BSE 200 Index 56
Portfolio
Fundamental Traits
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Model Portfolio
We have created a model portfolio of 30 stocks.
Not more than 7% to be allocated to each stock.
Fundamental Traits:
An Return on capital employed (ROCE) of 16.
Return on Equity (ROE) of 24.
Price to Equity (P/E) of 10.
Price to Book Value (P/BV) of 1.50.
EV/EBIDTA of 9.70
Source Bloomberg; BSLMF Internal Research.
Value for an investor.
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A dose of Value can ensure health
If your pre-dominantly high growth portfolio has an average PE of 18 - 20
Even a 20% allocation to value portfolio (assuming avg. PE of 10) can reduce
the overall PE substantially
Will help you compliment your existing portfolio
Portfolio with strong fundamentals
Can act as a shock absorber in your high growth portfolio
Portfolio with low volatility
Value has to get unlocked in good quality companiesThe only question is when? Leave that to us
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Fund Benchmark Fund Benchmark Fund Benchmark Fund Benchmark
Birla SunLife Equity Fund(Inception Date - 27th Aug 1998)
Rs. 253.93 35.89 31.86 47.25 36.93 59.10 42.23 40.89 23.24
Birla SunLife Frontline Equity Fund(Inception Date - 30th Aug 2002)
Rs. 68.12 31.53 31.86 42.42 36.93 46.51 42.23 42.43 38.73
Birla Mid Cap Fund(Inception Date - 3rd Oct 2002)
Rs. 95.34 42.72 38.42 45.75 36.63 55.48 49.39 52.64 48.13
Birla Sunlife Tax Relief 96(Inception Date - 29th Mar 1996)
Rs. 136.15 43.92 31.86 43.56 36.93 49.67 42.23 40.87 17.05
Performance (%)(As on 31st Jan 2008)
1 Year
Fund Facts
3 Year 5 Year Since InceptionScheme Name
NAV(31st Jan 2008)
Proof of our investment expertise
Performance has been calculated on NAV of growth plans. The returns for less than a year are in absolute terms & for more than a
year its CAGR. Past performance is no guarantee of future performance. Sales load not considered for computation of returns.
Benchmark BSE 200
Benchmark BSE 200
Benchmark BSE 200
Benchmark CNX Midcap
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Scheme features
* Refer to the offer document for further details
Type of SchemeA 3-year Closed-end Equity Scheme with an Automatic Conversion into an Open-Ended Scheme
upon Maturity
Investment Objective Birla Sun Life Pure Value Fund seeks to generate consistent long-term capital appreciation byinvesting predominantly in equity and equity related securities by following value investing strategy.
Asset Allocation*:
Equity & Equity Related Instruments 85% to 100%
Fixed Income Secuties (including
money market instruments)0% to 15%
New Fund Offer Price Rs. 10 per unit
Date of opening of NFO 17th January 2008
Date of closing of NFO 1st March 2008
Plans / Options Available Dividend & Growth; Dividend plan will offer Payout & Reinvestment facility
Subscriptions Rs.5,000/- and in multiple of Re. 1 thereafter per application under each plan (during the NFO period)
Load S tructure (including SIP):
Exit Load
Nil** (for all redemptions/switch outs made during the specified redemption period until the scheme
remains closed-end).**Investors offering units for repurchase/ switch out during the specified
redemption periods before maturity of the scheme/conversion of scheme into open ended scheme will
be charged balance proportionate unamortized issue expenses on the applicable NAV.
Benchmark Index BSE 200
Fund Manager Ajay Argal
Entry Load
As per SEBI circular dated April 4, 2006 ref SEBI/IMD/Cir No. 1/64057/06, close end schemes are
not permitted to charge entry load. Hence the scheme being close ended, no entry load is charged
during the new fund offer period.
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Statutory Details & DisclaimersStatutory Details: Constitution: Birla Sun Life Mutual Fund has been set up as a Trust under the Indian Trust Act, 1882. Sponsors: Aditya Birla Nuvo Limited & Sun
Life (India) AMC Investments Inc [liability restricted to seed corpus of Rs. 1 Lac]. Trustee: Birla Sun Life Trustee Company Pvt. Ltd. Investment Manager: Birla Sun
Life Asset Management Company Ltd.
Objective: To generate consistent long-term capital appreciation by investing predominantly in equity and equity related securities by following value investing
strategy. Asset Allocation Pattern: Equity and Equity linked Instruments: 85%-100% and Fixed Income Securities (Including money market instruments): 0%-15%.
Terms of issue: Rs. 10 per unit during the NFO period. Liquidity: The scheme will offer for redemption/switch-out of units at Monthly Intervals only during the
specified redemption period i.e. first five business days of each month after the date of allotment at NAV based prices. The NAVs of the scheme will be announced
on a weekly basis and on all business days during the specified redemption period. Entry Load: N.A.. Exit Load: Nil (all redemptions/switch-outs made during the
specified redemption period until the scheme remains closed-end will be charged balance proportionate unamortized issue expenses on the applicable NAV.) Risk
Factors:Mutual Funds & securities investments are subject to market risks & there can be no assurance or guarantee that the objectives of the Scheme will be
achieved. As with any investment in securities, the NAV of the Units issued under the Scheme may go up or down depending on the various factors & forces
affecting capital markets & money markets. Past performance of the Sponsor / Investment Manager / Mutual Fund does not indicate the future performance of the
Scheme & may not necessarily provide a basis of comparison with other investments. Birla Sun Life Pure Value Fund is only the name of the Scheme & does not, in
any manner, indicate either the quality of the Scheme or its future prospects or returns. Scheme Specific Risk Factors: The Scheme should have a minimum of 20
investors & no single investor should account for more than 25% of its corpus at the time of allotment as per SEBI guidelines. The Scheme is subject to market risks,
investment style risk, risks due to changes in political and economic environment. For further Scheme Specific Risk Factors & other details please read the
Offer Document carefully before investing.
This document is meant for private c irculation only and should not at any point of time be construed to be an invitation to the public for subscribing to the units of BirlaSun Life Mutual Fund. Birla Sun Life Mutual Fund does not solicit any action based on the information contained in the document and does not recommend any
action based on the same. The information/graphs/charts contained in this document are based on certain assumptions and have been compiled from sources, which
Birla Sun Life Asset Management Company Limited (BSLAMC) believes to be reliable, but cannot guarantee its accuracy or completeness. Opinions expressed and
facts referred to in this document are subject to change without notice and BSLAMC is under no obligation to update the same. Please read the offer document
carefully for scheme specific risk factors and other details before investing.
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Other schemes detailsBirla Sun Life Equity FundInvestment Objective: An open-end growth scheme with theobjective of long term growth of capital, through a portfolio with a
target allocation of 90% equity and 10% debt and money marketsecurities.
Load Structure (Incl. for SIP):Entry Load* : < Rs. 5 crores - 2.25%
>= Rs. 5 crores - Nil
Exit Load : < Rs. 5 crores - 0.50% if redeemed /
switched out within 6 months
>= Rs. 5 crores Nil
* Nil for direct investments
Birla Sun Life Frontline Equity FundInvestment Objective: An open-end growth scheme with theobjective of long term growth of capital, through a portfolio with
a target allocation of 100% equity by aiming at being asdiversified across various industries and or sectors as itschosen benchmark index, BSE 200.
Load Structure (Incl. for SIP):Entry Load* : < Rs. 5 crores - 2.25%
>= Rs. 5 crores - Nil
Exit Load : < Rs. 5 crores - 0.50% if redeemed /
switched out within 6 months
>= Rs. 5 crores Nil
* Nil for direct investments
Birla MidCap FundInvestment Objective: An Open-ended growth scheme with theobjective to achieve long-term growth of capital at controlledlevel of risk by primarily investing in midcap stocks.
Load Structure (Incl. for SIP):Entry Load* : < Rs. 5 crores - 2.25%
>= Rs. 5 crores - Nil
Exit Load : < Rs. 5 crores - 0.50% if redeemed /switched out within 6 months
>= Rs. 5 crores Nil
* Nil for direct investments
Birla Sun Life Tax Relief '96An Open-ended Equity Linked Savings Scheme (ELSS) with a lock-inof 3 yearsInvestment Objective: An open-end equity linked savings scheme(ELSS) with the objective of long term growth of capital through aportfolio with a target allocation of 80% equity, 20% debt and moneymarket securities
Load Structure (Incl. for SIP):Entry Load* : < Rs. 5 crores - 2.25%
>= Rs. 5 crores - Nil
Exit Load : NIL
* Nil for direct investments
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Thank You