Factsheet August 2015 Commodity Services Ltd Forbes and Company Ltd Total Fixed rates bonds - Corporate 15.60 Tata BlueScope Steel Ltd. Total ... FACTSHEET AUGUST 2015 A #

AUGUST 2015

FACTSHEET AUGUST 2015

DEBT MARKET COMMENTARY

Inflation

July CPI was a pleasant surprise. It softened significantly more than expected, and came at multi-month low of 3.8% (as against the consensus of 4.4%) from a high of 5.4% in June. Food inflation was the reason for cheer here. The food and beverages group eased to 2.89% in July 2015 from 5.73% in June 2015, a fall of more than 280 bps this month. Given the base effect and government pro-activeness in breaking the poor monsoon-high food inflation equation, by efficient mobilization and utilization of buffer food grains, food inflation was expected to trend lower, but this number beat that expectation also. Wholesale prices declined -4.05% in July, the ninth consecutive monthly fall and the steepest in about four decades, primarily due to cheaper food items, oil and manufactured products. In June, Wholesale Price Index (WPI)-based deflation (the rate of fall in prices) stood at 2.40%.

Macros

Industrial growth, as measured by IIP growth, was higher than market estimates. It strengthened to 3.8% yoy in June, from 2.7% in May. This indicates a slow recovery and improving consumer sentiments. India trade deficit widened sharply in July to the highest in eight months, at USD 12.8 bn. Coming at 7.0% for June 2015 quarter, India�s GDP slowed down as compared to previous quarter number of 7.5% (Jan-Mar 2015).

Liquidity / Rates

Markets are enjoying comfortable liquidity currently. Led by excess liquidity, banks parked on an average approximately 23,500 crores, with RBI during month of august compared to average of 8500 crores in July. The overnight rates were softer and below the operative rate of 7.25% for the most of the days of month. RBI conducted regular variable reverse repos to keep the levels from crashing down, and there by maintained them in an optimal band. Substantial government spending, low credit off take is keeping the system in a very comfortable zone as far as liquidity is concerned. China currency deprecation-by 3%, stunned the markets and shockwaves were felt globally. Indian rupee and equity also faced the brunt to an extent, with bonds actually being supported due to value buying. 10 year sovereign fluctuated in a very narrow range and at month end was 3 bps lower at 7.78% as compared to the open at 7.81%.

RBI Policy

As expected by us, RBI kept the key rates unchanged, i.e. the repo rate was kept unchanged at 7.25 at its bi-monthly monetary policy meeting on 4th August 2015. It mentioned that uncertain monsoon till date, better transmission of by banks of earlier rate cuts and US Fed policy actions, these are the factors it is keeping a watch on to decide on further cuts going ahead. RBI said that it had already front-loaded the cuts in the system and hence there was no need to do further cuts at current juncture.

Outlook

A weaker Chinese yuan, led to rupee depreciation also. From a macroeconomic perspective, this will be advantageous, India with depreciated rupee will benefit in terms of enhance trade competitiveness. Additionally, a stronger US dollar, led by a weaker Chinese yuan, might be adding to the uncertainty of US Fed hike in September. Furthermore, domestic inflation scenario getting more and more comfortable-all this is making gilts attractive.

As we had mentioned in the previous month commentary, a mildly dovish statement will set the stage for returning of positive sentiment to the markets-and that�s what has exactly happened. Markets have turned bullish. 10 year G-Sec at 7.75-7.80% band is an attractive range for investment currently. RBI in the upcoming September is most likely to do a 25 bps cut in the repo rate from 7.25 to 7.00, led primarily by a) lower inflation going ahead, due to falling commodity prices (in light of Chinese slowdown), b) need to kick-start the sluggish economy, to prevent deflation challenge getting initiated due to fears of global slowdown, c) occurrence of monetary transmission of rate cuts, led by some of the major commercial banks, which will be view positively by RBI, and lastly d) structural drivers forcing the interest rate downwards in India in next 12-18 months, led primarily by RBI pushing the banks to a new system of calculating base rates, which is likely to lead in falling base rate and consequent lower rate lending to corporates.

For investors with an appetite for volatility, depending on risk appetite and investment horizon, intermittently elevated levels should be utilized to take enhanced exposure to duration - they are likely to generate smart returns. Risk and volatility averse investors should focus on accrual led constant income created by higher yields. In a falling rate scenario, short-term fund will be a good avenue for those looking to lock high accrual and enjoy a constant and non-volatile high carry, while simultaneously earning higher return as compared to fixed deposits.

Malay ShahHead � Fixed Income

August

10 year G-Sec

3M CDs

6M CDs

12M CDs

Currency

10 Year US Treasury

Month Opening

7.81

7.50

7.65

7.88

64.05

2.20

Intra Month High

7.89

7.50

7.72

7.88

66.65

2.28

Intra Month Low

7.74

7.45

7.60

7.80

63.75

2.01

Month Closing

7.78

7.48

7.64

7.82

66.48

2.19

1


EQUITY MARKET COMMENTARY

Key Domestic News

� India's June-September monsoon rains are likely to be below the prior forecast of 88% of the long-term average, the

IMD said. This could make 2015 the driest year since 2009 and put pressure on farm output and lead to spike in CPI

inflation

� Complete monsoon session of parliament was washed out without any significant work getting done, as opposition

continued with its demand for resignation of Union Minister Ms. Sushma Swaraj & Chief Ministers of MP & Rajasthan

� In a big relief to foreign institutional investors (FIIs), the government accepted recommendation of a high level panel

that minimum alternate tax (MAT) should not be imposed on overseas portfolio investors retrospectively.

Key Domestic Economic Data

� India�s real GDP growth slowed to 7.0% in Q2 2015 from 7.5% in Q1, lower than expected, while GVA growth rose to 7.1%

from 6.1%, above expectations. Real private consumption growth moderated to a still-robust 7.4% y-o-y, while fixed

investment growth picked up to 4.9%, indicating some recovery in the capex cycle.

� India's fiscal deficit for the first four months of 2015-16 stood at Rs 3.85 lakh crore, 69.3% of the full-year target,

compared with 61.2% cent for the same period last year, on the back of a boost in capital expenditure by the

government. The government spent 34% of the budgeted plan expenditure in the first four months of the current

financial year, higher than 23% in the same period last year.

� July 2015 CPI dived lower to 3.8% from 5.4% last month, much below expectation of 4.3-4.5%, led by lower food

inflation. Similarly, Core CPI also fell to 3.7% from 5.0% last month due to lower fuel prices and other services

inflation. WPI for July 2015 dived lower to -4.1% ahead of expectations. Sequential contraction was seen across

segments � fuel inflation was the most, followed by primary articles and manufacturing.

� Growth of Indian manufacturing production waned in August on the back of softer improvements in both domestic and

foreign demand. The Nikkei India Manufacturing Purchasing Managers' Index (PMI) declined to 52.3 in August from

52.7 in July.

Key Global Events

� Hard landing concerns in China came to forefront as China Manufacturing PMI fell below estimates to a 77-month low of

47.1 in August, compared to a final reading of 47.8 in July indicating that despite stimulus, slowdown is gathering pace.

� Greece geared up for its fifth election in six years with an opinion poll showing leftist leader Alexis Tsipras ahead

despite a wave of defections from his Syriza party over the terms of the country's massive new bailout

� US FOMC minutes continue to see an improving economy and labor situation, suggesting the possibility of a hike at the

next meeting (mid-September) is on the table.

Outlook

� Over short term, we continue to expect volatility due to concerns on China, US Fed rate hike decision, slower than

expected economic recovery in India and disappointment over parliament logjam on land acquisition & GST bills.

� However, we believe that economic cycle in India is slowly, steadily turning around and quality of Indian macros has

improved significantly. Investment cycle is picking up gradually, is expected to pick up pace over next few quarters.

GDP growth and corporate earnings should see some improvement over next few quarters. The ongoing correction is

good opportunity for investors with medium to long-term horizon.

� Hard landing in China, weak monsoons, central government�s failure to push through big-ticket reforms and a reversal

in crude oil prices continue to be key risk to our outlook.

Sumit Bhatnagar, CFA

Fund Manager - Equity

2

Credit Risk RatingAAAmfs by CRISIL#

Indiabulls Liquid Fund(An Open-ended Liquid scheme)


To provide a high level of liquidity with returns commensurate with low risk through a portfolio of money market and debt securities with maturity of upto 91days. However, there can be no assurance that the investment objective of the Scheme will be achieved.

Fund Details

Fund Manager

Date of Allotment

Direct Plan

Growth Option: ` 1409.7274

Daily Dividend Option: ` 1000.4324

Weekly Dividend Option: ` 1018.4417

Existing Plan




Options

Default Option / Facility / Frequency

Default Option � Growth

Default dividend facility � Reinvestment

Default dividend frequency � Monthly

Minimum Application Amount

Load Structure

Entry Load: Not Applicable

Exit Load: Nil

SIP/STP/SWP:

25 October 2011

Mr. Malay ShahTotal work experience: More than 12 years

Benchmark Index

The Scheme offers the following Options

across a common portfolio:

- Growth Option

- Dividend Option

(Daily, Weekly, Fortnightly & Monthly)

` 500 and in multiples of ` 1/- thereafter.

Minimum Additional Purchase Amount:


CRISIL Liquid Fund Index

` 3054.36 Crores

SIP/STP/SWP facilities are available

Credit Quality

Hig

hM

idL

ow

High Mid Low

Inte

rest R

ate

Se

nsitivity

Fund Style

NAV as on 31 August 2015

PORTFOLIO

Investment Objective

Name of Instrument/Issue% of

PortfolioRating

Avg. AUM for the quarter (June 2015)

Certificate of DepositsCorporation BankKotak Mahindra Bank LtdIDBI Bank LimitedPunjab & Sind BankICICI Bank LtdIndian Overseas BankING Vysya Bank LtdThe South Indian Bank LtdAxis Bank LimitedAndhra BankDena BankState Bank Of HyderabadVijaya BankState Bank Of Bikaner & JaipurTotalTreasury BillsTreasury BillsTotalFixed DepositHDFC Bank Ltd TotalCommercial PapersRHC Holding Private LtdHDFC LtdBharat Aluminium Company LtdIL&FS Transportation Networks LtdCox & Kings LtdIFCI LtdHCL Infosystems LtdDalmia Cement (Bharat) LtdEdelweiss Commodities Services LtdAspire Home Finance Corporation LtdTVS Credit Services LtdReligare Comtrade LtdSterling AND Wilson Pvt LtdReligare Securities LtdFuture Retail LtdAadhar Housing Finance Private Limited.Adhunik Cement LtdDalmia Cement East Ltd.L & T Infrastructure Finance Co. Ltd.Subros LtdKotak Commodity Services LtdForbes and Company LtdTotalFixed rates bonds - Corporate15.60 Tata BlueScope Steel Ltd.TotalCBLO/Reverse Repo/Net current assetsGRAND TOTAL

9.366.985.484.573.453.422.772.772.061.651.381.381.380.69

47.34

16.0316.03

0.420.42

9.624.104.012.882.742.542.071.641.641.381.381.371.371.181.100.690.690.690.690.680.410.27

43.14

0.560.56

-7.49100.00

A1+A1+A1+A1+A1+A1+A1+A1+A1+A1+A1+A1+A1+A1+

SOV

A1+A1+A1A1

A1+A1+A1

A1+A1+A1+A1+A1+A1

A1+A1+A1+A1

A1+A1+A1+A1+A1+

AA

#Based on investment of Rs. 10,000 made at inception. All returns are for Growth Option only. Since inception returns have been calculated from the date of allotment till 30 June, 2015. Returns shown for 7 days, 15 days and 30 days are computed on Simple Annualised basis, Greater than/ equal to 1 year returns are Compounded Annualised Returns (CAGR). Past performance may or may not be sustained in future.Mr. Malay Shah is also the Fund Manager for Indiabulls Ultra Short Term Fund, Indiabulls Gilt Fund, Indiabulls Income Fund, Indiabulls Short Term Fund and Indiabulls Arbitrage Fund.

Period

Crisil 1 Yr T-Bill Index

(Additional Benchmark)

Indiabulls Liquid Fund

Existing Plan(Growth Option)

Crisil Liquid Fund Index

(Scheme Benchmark)

Indiabulls Liquid Fund Direct Plan

(Growth Option)

8.29

8.19

8.18

8.88

9.09

9.30

13,875.37

1387.5368

8.00

7.96

8.05

8.77

8.85

8.87

13,677.40

2367.53

7.63

8.06

7.58

8.54

7.53

7.69

13,133.43

4210.25

8.39

8.29

8.31

8.98

-

9.17

13,907.34

1390.7341

Last 7 days till 30th June 2015



30th June 2014 till 30th June 2015


Since Inception (CAGR)

Since Inception (Value#) (INR)

NAV/ Index Value (as of 30th June 2015)

Average Maturity

37.83 Days

Modified Duration

35.06 Days

Gross YTM

7.88

Quantitative Indicators

Pursuant to payment of dividend, the NAV of the scheme will fall to the extent of dividend distribution and statutory levy (if any). Past performance may or may not be sustained in future.

Rating Profile

A1+/SOV/Fixed Deposit

AA

A1

88.42%

0.56%

11.02%

Scheme Performance

Dividend History - Monthly Option (Existing Plan)

NAV Dividend/UnitRecord Date Face Value

01-08-2013 ` 1005.8445 ` 5.50571000`

03-06-2013 ` 1007.5394 ` 7.50361000`

02-05-2013 ` 1007.3268 ` 7.29161000`

3

Adjusted for net current assets

PORTFOLIO

Indiabulls Ultra Short Term Fund(An Open-ended Debt scheme)

Fund Details

Fund Manager

Date of Allotment

Options

Default Option / Facility


Default Dividend Facility � Reinvestment



Load Structure


Exit Load: NIL

SIP/STP/SWP:

6 January 2012

Benchmark Index

The Scheme offers the following options


- Growth

- Dividend Option







` 454.08 Crores


Credit Risk RatingAAAmfs by CRISIL#

To provide liquidity with return commensurate with low risk through a portfolio of money market and debt securities. However, there can be no assurance that the investment objective of the scheme will be achieved.

Credit Quality

Hig

hM

idL

ow

High Mid Low

Inte

rest R

ate

Se

nsitivity

Fund Style




Direct Plan



Fortnightly Dividend Option: ` 1002.3592


Monthly Dividend Option: ` 1002.0752

Existing Plan





% of PortfolioRatingName of Instrument/Issue

Certificate of DepositsKotak Mahindra Bank LtdAxis Bank LimitedIDBI Bank LimitedBank Of IndiaCorporation BankCanara BankIndusind Bank LimitedState Bank Of PatialaPunjab & Sind BankTotalTreasury BillsTreasury BillsTotalCommercial PapersHDFC LtdRHC Finance Pvt LtdIL&FS Transportation Networks LtdShapoorji Pallonji & Company Ltd.HCL Infosystems LtdS D Corporation Private Ltd.Dewan Housing Finance Corp. LtdCox & Kings LtdReligare Enterprises LtdRHC Holding Private LtdJK Lakshmi Cement LtdAU Financiers (India) LtdIFCI LtdVedanta LtdTotalFixed Rates Bonds - Corporate10.80% Dewan Housing Finance Corp. Ltd15.60% Tata BlueScope Steel Ltd10.50% Dalmia Cement (Bharat) Ltd10.25% Jyothy Labs Ltd10.81% Writers and Publishers Pvt Ltd9.00% Shriram Transport Fin CoTotalZero Coupon Bonds - CorporateICICI Bank LtdTotalCBLO/Reverse Repo/Net current assets GRAND TOTAL

9.678.567.105.704.262.771.431.390.29

41.17

1.711.71

8.165.695.385.373.653.542.812.801.731.431.411.370.400.29

44.03

3.011.741.451.040.400.297.93

1.261.263.90

100.00

A1+A1+A1+A1+A1+A1+A1+A1+A1+

SOV

A1+A1+A1

A1+A1

A1+A1+A1+A1+A1+A1+A1+A1+A1+

AAAAAAA-AA-AA-AA+

AAA

Average Maturity

103.53 Days

Modified Duration

95.67 Days

Gross YTM

8.22



#Based on investment of Rs. 10,000 made at inception. All returns are for Growth Option only. Since inception returns have been calculated from the date of allotment till 30 June, 2015. Returns shown for 7 days, 15 days and 30 days are computed on Simple Annualised basis, Greater than/ equal to 1 year returns are Compounded Annualised Returns (CAGR). Past performance may or may not be sustained in future.Mr. Malay Shah is also the Fund Manager for Indiabulls Liquid Fund, Indiabulls Gilt Fund, Indiabulls Income Fund, Indiabulls Short Term Fund and Indiabulls Arbitrage Fund.

Period

Crisil 1 Yr T-Bill Index

(Additional Benchmark)

Indiabulls Ultra Short Term Fund

Existing Plan(Growth Option)

Crisil Liquid Fund Index

(Scheme Benchmark)

Indiabulls Ultra Short Term Fund

Direct Plan(Growth Option)

Scheme Performance









8.07

8.59

8.71

9.30

9.23

9.42

13,680.79

1368.0786

8.00

7.96

8.05

8.77

8.85

8.88

13,452.87

2367.53

7.63

8.06

7.58

8.54

7.53

7.53

12,883.78

4210.25

8.82

9.34

9.46

9.77

-

9.59

13,827.80

1382.7798

Rating Profile

A1+/AAA/SOV

AA+AA

AA-

A1

86.05%

0.29%1.74%

2.89%

9.03%

Dividend History - Monthly Option (Existing Plan)


27-04-2015 ` 1010.0839 ` 5.96611000`

25-05-2015 ` 1007.7833 ` 4.39141000`

25-06-2015 ` 1008.7001 ` 5.00491000`

4

Adjusted for net current assets

PORTFOLIO

Indiabulls Short Term Fund(An Open-ended Debt scheme)

Fund Details

Fund Manager

Date of Allotment

Options

Default Option / Facility





Load Structure


Exit Load: 1%, if redeemed/ switched out

within 1 year from the date of allotment;

Nil, if redeemed/ switched out after 1 year

from the date of allotment.

SIP/STP/SWP:

13 September 2013


Benchmark Index

The Scheme offers the following options


- Growth

- Dividend Option

(Weekly, Fortnightly & Monthly)


CRISIL Short Term Bond Fund Index


The Scheme will endeavor to generate stable returns over short term with a low risk strategy while maintaining liquidity through a portfolio comprising debt and money market instruments. However, there can be no assurance that the investment objective of the scheme will be achieved.

Credit Quality

Hig

hM

idL

ow

High Mid Low

Inte

rest R

ate

Se

nsitivity

Fund Style




Direct Plan



Regular Plan




Average Maturity

0.60 Years

Modified Duration

0.54 Years

Gross YTM

10.16



% of PortfolioName of Instrument/Issue

Commercial Papers

HCL Infosystems Ltd

IL&FS Transportation Networks Ltd

Total

Fixed Rates Bonds - Corporate

10.81% Writers and Publishers Pvt Ltd

12.50% Religare Finvest Ltd

11.10% IL&FS Transportation Networks Ltd

Total

CBLO/Reverse Repo/Net Current Assets

GRAND TOTAL

Rating

25.61

11.64

37.25

31.60

15.35

13.51

60.46

2.29

100.00

A1

A1

AA-

AA-

A

#Based on investment of Rs. 10,000 made at inception. All returns are for Growth Option only. Since inception returns have been calculated from the date of allotment till 30 June, 2015. Greater than/ equal to 1 year returns are Compounded Annualised Returns (CAGR). Past performance may or may not be sustained in future.Mr. Malay Shah is also the Fund Manager for Indiabulls Liquid Fund, Indiabulls Ultra Short Term Fund, Indiabulls Gilt Fund, Indiabulls Income Fund and Indiabulls Arbitrage Fund.

Period

Indiabulls Short Term Fund

Regular Plan(Growth Option)

Scheme Performance





8.88

8.99

11,669.85

1166.9847

10.17

10.23

11,930.91

1193.0905

9.56

10.12

11,890.39

2476.46

Crisil Short Term Bond Fund Index

(Scheme Benchmark)

Indiabulls Short term Fund

Direct Plan(Growth Option)

Rating Profile

AA-

A1

A

46.95%

37.25%

13.51%



` 53.56 Crores

Dividend History - Monthly Option (Regular Plan)


27-04-2015 ` 1019.40841000`

25-05-2015 ` 1016.73651000`

25-06-2015 ` 1017.7454

` 6.3083

` 4.4831

` 5.15821000`

5

Indiabulls Income Fund(An Open-ended Debt scheme)


To generate a steady stream of income and/or medium to long term capital appreciation/gain through investment in fixed income securities. However, there can be no assurance that the investment objective of the scheme will be achieved.

Fund Details

Fund Manager

Date of Allotment

Direct Plan



Quarterly Dividend Option: ` 10.4627

Half Yearly Dividend Option: ` 10.4376

Regular Plan



Quarterly Dividend Option: ` 10.6799

Half Yearly Dividend Option: ` 10.3733

Options



Default dividend facility � Reinvestment

Default dividend frequency � Monthly


Load Structure

Entry Load: Not ApplicableExit Load: � 1% if redeemed/switched out within 1 year from the date of allotment;� Nil, if redeemed/ switched out after 1 year from the date of allotment.

SIP/STP/SWP:

4 March 2013


Benchmark Index



- Growth Option

- Dividend Option



CRISIL Composite Bond Fund Index


` 37.59 Crores


Credit Quality

Hig

hM

idL

ow

High Mid Low

Inte

rest R

ate

Se

nsitivity

Fund Style


Average Maturity

5.74 Years

Modified Duration

3.26 Years

Gross YTM

8.82




PORTFOLIO

% of PortfolioName of Instrument/Issue

Fixed Rate Bonds - Corporate

8.35% Petronet LNG Limited

9.40% IFCI Ltd

9.55% Hindalco Industries Ltd

10.81% Writers and Publishers Pvt Ltd

12.25 religare finvest ltd

10.25% Jyothy Labs Ltd

Total

Fixed Rate Bonds - Government

8.60% GOI - 02-Jun-2028

Total


GRAND TOTAL

12.08

11.99

11.95

9.70

8.66

4.86

59.24

25.30

25.30

15.46

100.00

Rating

AA+

A+

AA

AA-

AA-

AA-

SOV

#Based on investment of Rs. 10,000 made at inception. All returns are for Growth Option only. Since inception returns have been calculated from the date of

allotment till 30 June, 2015. Greater than/ equal to 1 year returns are Compounded Annualised Returns (CAGR). Past performance may or may not be sustained in future.Mr. Malay Shah is also the Fund Manager for Indiabulls Liquid Fund, Indiabulls Ultra Short Term Fund, Indiabulls Gilt Fund, Indiabulls Short Term Fund and Indiabulls Arbitrage Fund.

Period

Indiabulls Income FundRegular Plan

(Growth Option)

Scheme Performance





10.65

6.76

11,641.50

11.6415

11.70

7.98

11,951.60

11.9516

11.10

8.54

12,103.43

2360.2900

Crisil Composite Bond Fund Index

(Scheme Benchmark)

Indiabulls Income FundDirect Plan

(Growth Option)



Rating Profile

SOV

AA+

A+

AA

AA-

25.30%

12.08%

11.99%

11.95%

23.22%Dividend History - Monthly Option (Regular Plan)


25-03-2015 ` 10.3443 ` 0.018010.0000`

27-04-2015 ` 10.3813 ` 0.042910.0000`

25-05-2015 ` 10.3348 ` 0.011510.0000`

6

Indiabulls Gilt Fund(An Open-ended Gilt scheme)

Investment ObjectiveFund Style




10 January 2013



Growth Option, Dividend Option &

Bonus Option

I-Sec Composite Index

Fund Details

Fund Manager

Date of Allotment

Options



Load Structure

SIP/STP/SWP:

Benchmark Index



Entry Load: Not ApplicableExit Load: � 1% if redeemed/switched out within 1 year from the date of allotment;� Nil, if redeemed/ switched out after 1 year from the date of allotment.



Direct Plan


Indirect Plan



Fortnightly Dividend Option: ` 1056.7178


Average Maturity

10.30 Years

Modified Duration

6.43 Years

Gross YTM

7.94


The scheme seeks to generate income and capital appreciation by investing predominantly in sovereign securities issued by Central Government (including Treasury Bills) and/or by State Government, without any restriction on the maturity of the portfolio. However, there is no assurance that the investment objective of the scheme will be realized and the scheme does not assure or guarantee any returns.

Credit Quality

Hig

hM

idL

ow

High Mid Low

Inte

rest R

ate

Se

nsitivity

` 26.27 Crores



SOV

97.20%

Rating Profile

PORTFOLIO

% of PortfolioRatingName of Instrument/Issue

Fixed rates bonds - Government

8.60% GOI - 02-Jun-2028

8.28% GOI 21-Sep-2027

8.27% GOI 09-Jun-2020

7.72% GOI 25-May-2025

Total


GRAND TOTAL

SOV

SOV

SOV

SOV



39.71

19.34

19.26

18.89

97.20

2.80

100.00

Period

Indiabulls Gilt FundRegular Plan

(Growth Option)

Scheme Performance

#Based on investment of Rs. 10,000 made at inception. All returns are for Growth Option only. Since inception returns have been calculated from the date of allotment till 30 June, 2015. Greater than/ equal to 1 year returns are Compounded Annualised Returns (CAGR). Past performance may or may not be sustained in future.Mr. Malay Shah is also the Fund Manager for Indiabulls Liquid Fund, Indiabulls Ultra Short Term Fund, Indiabulls Income Fund, Indiabulls Short Term Fund and Indiabulls Arbitrage Fund.





11.03

8.18

12,142.61

1214.2612

11.96

9.43

12,492.65

1249.2645

11.70

8.46

12,238.21

7428.53

I-Sec Composite Index

(Scheme Benchmark)

Indiabulls Gilt FundDirect Plan

(Growth Option)



27-01-2015 ` 1061.6432 ` 14.15521000`

25-02-2015 ` 1046.1175 ` 3.70401000`

28-12-2014 ` 1047.2856 ` 9.81191000`

7

Indiabulls Blue Chip Fund(An Open-ended Equity scheme)

Fund Details

Fund Manager

Date of Allotment

Options






Load Structure

Entry : Not ApplicableExit : 1% if redeemed/switched out within first year, NIL if redeemed/switched out after one year from the date of allotment

SIP/STP/SWP:

10 February 2012

Benchmark Index



Growth Option & Dividend Option


Mr. Sumit Bhatnagar - Fund Manager Total Work Experience: 14 years

S & P CNX Nifty Index

Direct Plan


Dividend Option: ` 15.30

Existing Plan



` 21.30 Crores



To provide long-term capital appreciation from a portfolio that is invested predominantly in equity and equity-related securities of blue-chip large-cap companies. However there can be no assurance that the investment objective of the scheme will be achieved.

Investment Style

La

rge

Me

diu

mS

ma

ll

Growth Blend Value

Ca

pita

lisatio

n

Fund Style





PORTFOLIO

Industry Allocation of Equity Holding% of

Net Assets

IndustryTop 10 Holdings - Company % to NAV

Equity & Equity Related

No Dividend has been declared in this scheme

Petroleum Products

Auto

Consumer Non - Durables

Finance

Industrial Products

Construction Project

Software


Banks

Petroleum Products

Petroleum Products


Banks

Pharmaceuticals

Auto

Software

Finance

Industrial Products

Transportation

Construction Projects

Chemicals

Services

Industrial Capital Goods

Textile Products

Cement

Construction

Total Equity & Equity Related Holdings

Cash & Cash Equivalents and Net Current Assets

GRAND TOTAL

Period

Indiabulls Blue Chip Fund -

Existing Plan (Growth Option)

Scheme Performance

6.31

5.84

5.02

4.47

4.12

3.85

3.84

3.51

3.40

3.29

43.65

13.88

10.93

10.02

8.23

7.57

6.78

5.85

5.03

3.92

3.85

3.29

2.61

2.50

2.30

2.13

1.87

90.77

9.23

100.00

#Based on investment of Rs. 10,000 made at inception. All returns are for Growth Option only. Since inception returns have been calculated from the date of

allotment till 30 June, 2015. Greater than/ equal to 1 year returns are Compounded Annualised Returns (CAGR). Past performance may or may not be sustained in future.Mr. Sumit Bhatnagar is also the Fund Manager for Indiabulls Arbitrage Fund.

S&P CNX Nifty Index (Scheme & Additional

Benchmark)

Indiabulls Blue Chip Fund -

Direct Plan (Growth Option)






10.91

14.71

11.21

14,330.00

14.33

12.50

-

13.73

14,760.00

14.76

9.95

16.58

13.93

15,461.86

8,368.50

Reliance Industries Ltd

Maruti Udyog Ltd

Britannia Industries Limited

Dewan Housing Finance Corp. Ltd

Bharat Forge Ltd

Larsen Toubro Ltd

HCL Technologies

Jyothy Laboratories Ltd

ICICI Bank Ltd

Chennai Petroleum Corporation Ltd

Top 10 Equity & Equity related Holdings

8

Indiabulls Arbitrage Fund(An Open-ended Equity scheme)

Fund Manager

Date of Allotment

Options


Dividend Option

Dividend Payout Facility & Dividend

Reinvestment Facility



Load Structure

Entry: Not Applicable

Exit: 0.25% if redeemed/switched out within

one month from the date of allotment,

Nil - if redeemed/switched out after one

month from the date of allotment

SIP/STP/SWP:

December 19, 2014

Benchmark Index



Growth, Dividend & Bonus Option

` 500 and in multiples of `1/- thereafter

Minimum Additional Purchase Amount

` 500 and in multiples of ` 1/- thereafter

Mr. Sumit BhatnagarTotal Work Experience: 14 years




To generate income by predominantly investing in arbitrage opportunities in the cash and derivative segments of the equity markets and the arbitrage opportunities available within the derivative segment and by investing the balance in debt and money market instruments. There is no assurance or guarantee that the investment objective of the scheme will be realized.

Fund Details



PORTFOLIO

Industry Allocation of Equity Holding% of

Net Assets

Industry / RatingCompany % to NAV

Top 10 Equity & Equity Related Holdings

HDFC Limited

Reliance Industries Ltd

Maruti Udyog Ltd

HDFC Bank Ltd

Larsen Toubro Ltd

ICICI Bank Ltd

Canara Bank

Tech Mahindra Ltd

Sun TV Limited

Axis Bank Ltd

Equity & Equity Related Holdings.

Margin Fixed Deposits

Religare Securities Ltd

Writers and Publishers Pvt. Ltd.

Capital First Limited

IL&FS Transportation Networks Ltd

Dewan Housing Finance Corp. Ltd

Religare Finance Ltd


(including Cash and Cash equivalents)

GRAND TOTAL

Finance

Petroleum Products

Auto

Banks


Banks

Banks

Software

Media & Entertainment

Banks

[ICRA]A1+

BWR AA-

CARE AA+

[ICRA]A

CARE AAA

[ICRA]AA-

Finance

Petroleum Products

Banks

Auto


Software

Media & Entertainment

Pharmaceuticals

Grand Total

9.62

9.38

5.72

3.15

2.66

2.65

1.92

1.46

1.31

1.23

41.90

7.82

3.34

13.71

12.00

9.84

3.86

3.19

4.34

100.00

9.62

9.38

8.96

6.67

2.66

2.17

1.31

1.12

41.90

Mr. Sumit Bhatnagar is also the Fund Manager for Indiabulls Blue Chip Fund.

Mr. Malay Shah is also the Fund Manager for Indiabulls Liquid Fund, Indiabulls Ultra Short Term Fund, Indiabulls Short Term Fund, Indiabulls Income Fund & Indiabulls Gilt Fund.

Since Indiabulls Arbitrage Fund has been in existence for less than 1 year as on June 30, 2015, past performance has not been provided.

Direct Plan



Regular Plan



` 43.73 Crores





23-06-2015 ` 10.3793 ` 0.1010.00`

28-04-2015 ` 10.3398 ` 0.10 10.00`

9

Product Labeling of All Schemes


Name Of Scheme This Product Is Suitable For Investors Who Are Seeking*

RISKOMETER

Indiabulls Liquid Fund(An Open-ended Liquid Scheme)

� High level of liquidity with commensurate returns over short term.

� Through investment in money market & debt securities with maturity of upto 91days.

� Low Risk

Indiabulls Ultra Short Term Fund (An Open-ended Debt Scheme)

� Liquidity with commensurate returns over short term.

� Through investment in money market and debt securities.

� Moderately Low Risk

Indiabulls Gilt Fund(An Open-ended Gilt Scheme)

� Income and capital appreciation over medium to long term.

� Through investment in sovereign securities issued by Central Government (including Treasury Bills) and/ or by State Government, without any restriction on the maturity of the portfolio.

� Moderate Risk

#CRISIL Disclaimer: A CRISIL credit quality rating on a bond fund reflects CRISIL's current opinion on the degree of protection offered by the rated instrument from losses related to credit defaults. It does not constitute an audit by CRISIL of the fund house, the scheme, or companies in the scheme's portfolio. CRISIL ratings are based on information provided by the issuer or obtained by CRISIL from sources it considers reliable. CRISIL does not guarantee the completeness or accuracy of the information on which the rating is based. A CRISIL rating is not a recommendation to buy, sell or hold the rated scheme: it does not comment on the market price or suitability for a particular investor. All CRISIL ratings are under surveillance. CRISIL reserves the right to suspend, withdraw or revise its rating at any time, on the basis of any new information or unavailability of information or any other circumstances, which CRISIL believes may have an impact on the rating. For the latest rating information on any instrument of any company rated by CRISIL, please contact CRISIL RATlNG DESK at [email protected] or at (+91 22) 3342 3001- 09.

Indiabulls Income Fund(An Open-ended Debt Scheme)

Indiabulls Short Term Fund (An Open-ended Debt Scheme)

� Regular income and/or capital appreciation over medium to long term. � Through investment in fixed income securities.

� Moderate Risk

� Stable returns over short term while maintaining liquidity.

� Through investment in debt and money market instruments.

� Moderate Risk

10

Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.

Indiabulls Asset Management Company LimitedCIN: U65991DL2008PLC176627

Registered Office:M - 62 & 63, 1st Floor, Connaught Place, New Delhi - 110 001. Tel: (011) 3025 2900; Fax: (011) 3025 2901Corporate Office:Indiabulls Finance Centre Tower - 1, 11th Floor, Senapati Bapat Marg, Elphinstone West, Mumbai 400 013. Tel: (022) 6189 1300; Fax: (022) 6189 1320

Call: 1800-2666-002 SMS: �IBMF� to 54242Email: [email protected] Website: www.indiabullsamc.com

AMC Branches:Bangalore: Plot No.87/6, Richmond Road, Richmond Town, Bangalore - 560 025Chennai: Apex Chambers, 3rd Floor, No.20, Sir Theyagaraya Road (Pondy Bazar) T. Nagar, Chennai - 600 017Kolkata: 11, Ground Floor, Constantia Complex, Dr U.N Brahmachari Street, Kolkatta - 700 017New Delhi: M- 61 & 62, 1st Floor, Middle Circle, Connaught Place, New Delhi - 110 001Pune: Office No.002, Zenith Complex, Shivajinagar, Pune - 411 005

Note: Risk is represented as:

Indiabulls Blue Chip Fund(An Open-ended Equity Scheme)

� Capital appreciation over long-term

� A portfolio that is invested predominantly in equity and equity-related securities of blue-chip large-cap companies.

� High Risk

Indiabulls Arbitrage Fund(An Open-ended Equity Scheme)

� To generate reasonable returns over short to medium term.

� Investment predominantly in arbitrage opportunities in the cash and derivative segments of the equity markets and the arbitrage opportunities available within the derivative segment and by investing the balance in debt and money market instruments. � Moderately Low Risk

*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

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