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Inv
May
ve
Fa– 201
eSTact11
TAt ShR
heeet
Global Economic Scenario: While Japanese industrial output has sharply declined, worries of slow-down in US and sovereign debt problems in PIIGS (Portugal, Italy, Ireland, Greece and Spain) countries have re-emerged in May’2011. Drop in Japan’s exports by 12.5% (YoY) and increase in imports by 8.9% (YoY) in April, due to disrupted factory production, has pulled the country’s trade balance to(US $5.6 bn.).
Following deceleration in GDP growth rate for the quarter ended March’2011, unemployment rate in US during May’2011 has increased sharply (to 9.1%), apparently putting pressure on consumer spending and fall in the home Sales. Worry of slow down has triggered correction in US equity markets and drop in Bond yields. With QE2 (Quantitative Easing) ending in June, expectations of a fresh QE3 are building up, though many economists believe otherwise.
After approval of bail-out package to Portugal (Euro-78 bn.), European Union and the IMF are considering next tranche of 110bn euro ($159bn) bail-out package and ‘Debt Re-profiling’ for Greece, while the Rating Agencies have down-graded Greek Debt to Junk Status leading to sharp increase in Bond yields (with two-year Greek bonds trading at yields as high as 25%). S & P has cut outlook for Italy from stable to Negative while Portuguese rating has been cut several times since the Socialist minority government collapsed last month, after failing to pass a new round of cutbacks. Moody's warned that the UK was at risk of losing its AAA rating, if growth remains weak and government fails to meet its budget deficit reduction targets.
Indian Economy: GDP Growth As per the revised CSO estimates, Real GDP for FY’11 (at factor cost and constant prices-2004-05)
expanded by 8.5% YoY (slightly lower than the previous official estimate of 8.6% YoY). For FY’11 agriculture (weight-14.4%), Industry (weight-27.9%) and services (weight-57.7%) have registered growth rates of 6.6%, 7.9% and 9.7% respectively.
While the annual GDP growth rate over the last 3 years has shown increasing trend, on quarterly basis it has assumed declining trend mainly due to drop in the growth rate from Industry segment. Slow-down in growth of Industry segment in Q4’2011 to 6.1% was mainly impacted by slow growth in Mining, Querying and Manufacturing sectors.
4Q10 1Q11 2Q11 3Q11 4Q11
Agriculture 1.1% 2.4% 5.4% 9.9% 7.5%
Industry 12.4% 10.2% 8.4% 7.1% 6.1%
Services 10.2% 10.6% 9.9% 8.4% 8.7%
Overall 9.4% 9.3% 8.9% 8.3% 7.8% Growth in Agriculture segment, to some extent, is making-up for the slow-down in Industry. Services sector is maintaining a reasonable growth, though marginally lower than in the previous quarters. In
MONTHLY REPORT –MAY’2011 UPDATE OF ECONOMY AND FINANCIAL MARKETS
Q4’2011, within the services segment, Financing, Insurance, Real Estate & Business Services has witnessed some slow-down. Industrial Production (IIP) From the second half of FY’2010-11, IIP growth rate has started decelerating.
However, after a subdued growth for the last 4 months, IIP growth during March’ 2011 has improved to 7.3% as against 3.7% recorded in February 2011.
User- Based Segmental Growth (YoY)
Basic Goods
Capital Goods
Intermediate Goods
Consumer Goods
Aggregate
Mar-11 4.3% 12.9% 5.4% 7.7% 7.3% Feb-11 6.0% - 18.2% 8.6% 11.7% 3.7% Jan-10 7.6% -18.8% 8.3% 11.9% 3.9% April-Mar-10 6.3% 9.3% 8.8% 7.5% 7.8%
In March’2011, except Capital Goods all the segments (Consumer Goods, Basic Goods and Intermediate Goods) have witnessed slow down as compared to the previous months. IIP growth was pulled up by Capital Goods segment which registered positive growth after contracting in the previous 4 months. However, data for the ensuing months needs to be seen to assess conclusive turn-around in Capex cycle.
Inflation (Based on WPI) For Month-ended Y o Y % Increase April’2011 8.66 March’ 2011 9.02 WPI inflation continues to be well above RBI’s comfort level and to curb Inflationary expectations, RBI hiked policy rates hike by 50 bps in the last monetary policy review and further hikes, though detrimental for economic growth rate, cannot be ruled out. Monsoon Spread of monsoon is a key factor for the expansion of economy of the country and containment of food inflation. South-West Monsoon has arrived before time and the initial forecast of IMD suggests a normal monsoon. Institutional Flows
FII Flows (Rs. Crore) April’11 May’11 Total in CY 2011 Up to 31.05.11 Equity 7,213 -6,614 -1,902 Debt -17 2,338 13,799 Total 7,196 -4,276 11,897
Mutual Funds Flow (Rs. Crore) April’11 May’11 Total in CY 2011 Up to 31.05.11 Equity -271 435 2,569 Debt 66,002 -4,172 156,317 Total 65,732 -3,737 158,886
US$ Vs.INR: After fall in April’2011, US$ strengthened against Rupee in May’2011 to close at about Rs.45.05 (for 1 US$), as against corresponding Rs 44.20 and Rs.44.59 as at the end of April and Mar’2011 respectively. Strengthening US Dollar against Euro during May’2011 has given rise to sharp correction in the US$ denominated commodities (with exception of Gold). During the month, global Silver price corrected by about 21%; Crude Oil by 8%; Aluminum by 6%; and copper by 2%. Debt Markets: During the month, liquidity in the system was tight as compared to the previous month but going forward, advance tax outflows may further tighten
liquidity position. Call Money rates during the month by and large remained close to the Repo rate (7.25%) Bond Yields continued to harden during the month on the back of fragile demand and mounting supply of G-Sec as well as Corporate Bonds. With concern over inflation, high crude oil price and expectation of continued policy rate hike by RBI, G-Sec yields increased almost in a parallel shift across the yield curve. As at May end, 10 Year benchmark yield increased to 8.48 % from 8.22% as at April end.
Going forward, Bond yields are expected to have upward bias, if policy rate hikes continues. Stock Market:
While markets were cautious with concerns over high inflation, elevated crude prices and slow-down in economic growth, margin compression and slow-down in earnings growth witnessed in Q4 results, added to the bearish sentiments and the market continued its downward trend in May’2011. Slow down in global economies and renewed debt problems in Europe triggered correction in Global markets, which till April’2011 were in bullish mode. During May’2011, FIIs pulled out over Rs. 6,600 cr and the benchmark indices (Nifty & Sensex) lost about 3.3%. So far in the calendar year, these indices have lost about 10%. Amongst major sectoral indices, FMCG, Healthcare, Durables and Capital goods sectors gained over the levels of previous month (between 0.4% and 2.7%) and Auto, Metals, Bankex Power & IT indices lost over the levels of previous month (between 2.4% and 6.6%). Corporate results declared so far are mixed bag with earnings growth being relatively lower as compared to the previous year and signs of pressure on operating margins are visible. Increasing input costs and interest rates are perceived to be detrimental
for maintaining operating margins and earnings growth. At current levels, markets appear to be fairly priced and offer attractive returns over medium to long term. In the immediate future, onset and spread of monsoons would have a bearing on the direction of the markets.
Equity Indices Sensex Nifty Close as on 29.04.11 19,136 5,750 Close as on 31.05.11 18,503 5,560
Change during Period -3.3% -3.3%
Performance Summary as on May 31, 2011
Since
NAV Returns
InveSTAR
6 Months 1 Year 2 Year Since
Inception
Equity Fund 25/02/2009 92.83 19.74 ‐6.40% 8.66% 11.64% 34.85%
Growth Fund * 25/02/2009 70.71 17.91 ‐4.47% 6.81% 10.34% 29.09%
Balanced Fund 18/02/2009 53.56 13.75 ‐1.96% 3.09% 7.39% 14.97%
Bond Fund 25/02/2009 21.52 11.12 1.03% 2.59% 4.25% 5.03%
Individual Pension Fund ‐ Equity 31/03/2009 68.63 16.56 ‐6.25% 8.57% 12.45% 26.19%
Scheme Name Inception date AUM (Rs. Cr) NAV (Rs.)
Absolute CAGR
Individual
Life @
Individual Pension Fund ‐ Growth 31/03/2009 73.43 15.07 ‐4.24% 5.84% 9.83% 20.84%
Individual Pension Fund ‐ Balanced 31/03/2009 46.21 13.08 ‐1.38% 3.88% 8.17% 13.20%
Individual Pension Fund ‐ Bond 31/03/2009 11.46 11.07 0.76% 2.56% 4.46% 4.82%
Apex Equity Fund 20/01/2010 208.30 10.77 ‐6.25% 10.32% N.A 5.64%
Apex Growth Fund 20/01/2010 184.53 10.75 ‐4.22% 9.48% N.A 5.50%
Apex Balanced Fund 20/01/2010 106.38 10.80 ‐2.62% 7.05% N.A 5.82%
Apex Bond Fund 20/01/2010 19.32 10.61 1.19% 2.96% N.A 4.46%
Individual
Apex $
Pension Life
@@
Individual Pension Fund ‐ Apex Equity 20/01/2010 93.66 10.60 ‐6.39% 9.25% N.A 4.36%
Individual Pension Fund ‐ Apex Growth 20/01/2010 101.03 10.46 ‐5.04% 6.48% N.A 3.40%
Individual Pension Fund ‐ Apex Balanced 20/01/2010 45.78 10.52 ‐3.04% 5.42% N.A 3.81%
Individual Pension Fund ‐ Apex Bond 20/01/2010 14.62 10.60 1.03% 2.71% N.A 4.35%Individual
Life * Express Balanced Fund 29/04/2011 0.62 10.13 N.A N.A N.A # 1.26%
Pension
Apex $$
@ For Dhan Suraksha, Dhan Suraksha Premium, Prabhat Tara Products # Absolute return
@@ For Dhruv Tara Products
$ For New Dhan Suraksha, New Dhan Suraksha Premium, New Prabhat Tara,
Dhan Suraksha 3, Dhan Suraksha Premium 3 Products.
$$ For New Dhruv Tara Products* For Dhan Suraksha Express
Investment Objective:
Date of Inception :
February 25, 2009
Portfolio % to AUM
`
Equity 90.85% Minimum Maximum
Reliance Industries Ltd 6.07% 80% 100% 90.85%
ITC Ltd. 5.90% 0% 20% 9.15%
Larsen & Toubro Limited 5.85%
State Bank of India 4.77%
Infosys Technologies Ltd. 4.64%
Tata Consultancy Services Limited 4.30%
Housing Development Finance Corporation Ltd. 3.72%
Bharat Heavy Electricals Ltd 3.32%
Dr. Reddys Laboratories Ltd. 2.89%
ICICI Bank Ltd 2.54%
Sterlite Industries ( India ) Limited 2.33%
Crompton Greaves Ltd 2.31%
GAIL (India) Limited 2.14%
Mahindra & Mahindra Ltd. 2.13%
Tata Motors Limited 2.12%
Grasim Industries Ltd. 2.09%
Cipla Ltd. 2.04%
Hindustan Unilever Limited 2.03%
Hindalco Industries Ltd. 1.99%
Bajaj Auto Limited 1.83%
Oil & Natural Gas Corpn Ltd 1.69%
Sun Pharmaceuticals Industries Ltd 1.69%
CRISIL Liquid Fund Index ‐ 10%
To tap growth opportunities for long term capital appreciation through investments primarily in equity
and equity‐related instruments.
Investment PatternActual
Asset Mix
Particulars
Equity
MM & Others
EQUITY FUND - MAY, 2011
Benchmark :
S & P CNX Nifty ‐ 90%
Equity90.85%
MM & Others9.15%
Asset Allocation (% to AUM)
NAV Performance (Since Inception)Ranbaxy Laboratories Ltd 1.58%
HCL Technologies Ltd 1.56%
Aditya Birla Nuvo Limited 1.52%
NTPC Limited 1.50%
Tata Steel Limited 1.47%
Axis Bank Limited 1.31%
HDFC Bank Ltd 1.31%
The Indian Hotels Company Limited 1.27%
Godrej Consumer Products Limited 1.26%
Colgate Palmolive (India) Ltd 1.25%
Bharat Petroleum Corpn. Ltd 1.23%
Limited 1.10%
Power Grid Corporation of India Limited 1.03%
Hindustan Petroleum Corporation Ltd. 1.02%Others (with < 1% exposure) 4.07%
MM & Others 9.15%
Total 100.00%
`
10.83%
10.50%
8.32%
8.19%
6.46%
5.90%
3.72%
3.50%
3.29%
Banking Services
Computer software
Refinery
Drugs & pharmaceuticals
Industrial Construction
Tobacco products
Housing Finance Services
Prime movers
Cosmetics, toiletries, soaps & d t t
Top 10 Industry Exposure (% to AUM)
9
11
13
15
17
19
21
23
25
Feb‐09
Mar‐09
Apr‐09
May‐09
Jun‐09
Jul‐09
Aug‐09
Sep‐09
Oct‐09
Nov‐09
Dec‐09
Jan‐10
Feb‐10
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐10
Aug‐10
Sep‐10
Oct‐10
Nov‐10
Dec‐10
Jan‐11
Feb‐11
Mar‐11
Apr‐11
May‐11
NAV/U
NIT (Rs)
NAV Performance (Since Inception)
Equity Fund Benchmark
2.61%
& detergents
Crude oil & natural gas
Investment Objective :
Date of Inception :
February 25, 2009
Portfolio % to AUM
`
Equity 62.32% Minimum Maximum
Reliance Industries Ltd 4.58% 40% 100% 62.32%
ITC Ltd. 4.55% 0% 60% 37.68%
Larsen & Toubro Limited 3.93%
Tata Consultancy Services Limited 3.26%
Infosys Technologies Ltd. 3.20%
State Bank of India 2.84%
Dr. Reddys Laboratories Ltd. 2.25%
Bharat Heavy Electricals Ltd 2.20%
Housing Development Finance Corporation Ltd. 2.11%
Bajaj Auto Limited 1.83%
Grasim Industries Ltd. 1.81%
Hindustan Unilever Limited 1.79%
GAIL (India) Limited 1.75%
Hindalco Industries Ltd. 1.68%
Ranbaxy Laboratories Ltd 1.54%
HDFC Bank Ltd 1.53%
Oil & Natural Gas Corpn Ltd 1.50%
Aditya Birla Nuvo Limited 1.50%
Crompton Greaves Ltd 1.48%
Power Grid Corporation of India Limited 1.33%
HCL Technologies Ltd 1.21%
Axis Bank Limited 1.18%
Mahindra & Mahindra Ltd. 1.16%
Colgate Palmolive (India) Ltd 1.14%
Benchmark :
S & P CNX Nifty ‐ 70%
CRISIL Composite Bond Index ‐ 30%
To aim for medium to long term capital appreciation by maintaining a diversified portfolio of equity and
equity related instruments and fair exposure to high credit quality portfolio of debt and money market
instruments.
Investment PatternActual
Asset Mix
Particulars
Equity
Debt, MM & Others
GROWTH FUND - MAY, 2011
Debt26.42%
Equity62.32%
MM & Others11.26%
Asset Allocation (% to AUM)
Gilt6.87%AA
0.29%AA+4.94%
Debt Rating Profile (% of Debt)
Colgate Palmolive (India) Ltd 1.14%
NTPC Limited 1.10%
Coal India Limited 1.10%
Others (with < 1% exposure) 8.77%
Debt 26.42%
Gilts & SDL 1.82%GOI 1.82%
Corporate Bonds 24.61%
Power Finance Corporation Limited 3.70%
Housing Development Finance Corporation Ltd. 3.09%
Reliance Capital Limited 1.70%
Indian Oil Corporation Ltd 1.68%
The Great Eastern Shipping Co. Limited 1.61%
Steel Authority of India Ltd. 1.44%
National Housing Bank 1.37%
Reliance Gas Transportation Infrastucture Limited 1.26%
Reliance Industries Ltd 1.17%
Power Grid Corporation of India Limited 1.14%
Others (with < 1% exposure) 6.44%
MM & Others 11.26%
Total 100.00%
`
8.66%
8.08%
7.95%
6.66%
5.39%
5.30%
4.55%
Computer software
Refinery
Banking Services
Infrastructure finance services
Housing Finance Services
Industrial Construction
Tobacco products
Top 10 Industry Exposure ( % to AUM)
< 1 year 1‐3 years 3‐5 years 5‐10 years > 10 years
0.21%
32.63% 32.41% 33.27%
1.47%
Debt Maturity Profile ( % of Debt)
AAA87.90%
10
11
12
13
14
15
16
17
18
19
20
NAV/U
NIT (R
s)
NAV Performance (Since Inception)
Growth Fund Benchmark
4.51%
3.08%
3.01%
Drugs & pharmaceuticals
Cement
LNG storage & distribution
9
Feb‐09
Mar‐09
Apr‐09
May‐09
Jun‐09
Jul‐09
Aug‐09
Sep‐09
Oct‐09
Nov‐09
Dec‐09
Jan‐10
Feb‐10
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐10
Aug‐10
Sep‐10
Oct‐10
Nov‐10
Dec‐10
Jan‐11
Feb‐11
Mar‐11
Apr‐11
May‐11
Investment Objective :
Date of Inception :
February 18, 2009
Portfolio % to AUM
`
Equity 27.61% Minimum Maximum
Reliance Industries Ltd 3.33% 0% 60% 27.61%
Infosys Technologies Ltd. 2.50% 40% 100% 72.39%
ITC Ltd. 2.29%
Larsen & Toubro Limited 1.97%
State Bank of India 1.78%
Housing Development Finance Corporation Ltd. 1.65%
Dr. Reddys Laboratories Ltd. 1.48%
Bharat Heavy Electricals Ltd 1.11%
Aditya Birla Nuvo Limited 1.05%
Others (with < 1% exposure) 10.45%
Debt 62.14%
Gilts & SDL 6.47%
GOI 5.39%
SDL (with < 1% exposure) 1.08%
Corporate Bonds 55.67%
Housing Development Finance Corporation Ltd. 5.68%Power Finance Corporation Limited 5.64%Reliance Capital Limited 4.13%Steel Authority of India Ltd. 3.55%
BALANCED FUND - MAY, 2011
To aim for stable returns over medium to long term through investments in high quality fixed income
and money market instruments and enhance returns through a fair exposure to equity investments.
Investment PatternActual
Asset Mix
Particulars
Equity
Debt, MM & Others
Benchmark :
S & P CNX Nifty ‐ 30%
CRISIL Composite Bond Index ‐ 70%
Debt62.14%
Equity27.61%
MM & Others10.25%
Asset Allocation (% to AUM)
Gilt10.41%AA
0.14%
AA+11.69%
Debt Rating Profile (% of Debt)
yReliance Gas Transportation Infrastucture Limited 3.27%Indian Oil Corporation Ltd 3.17%Larsen & Toubro Limited 2.85%
Dr. Reddy's Laboratories Ltd. 2.78%
Power Grid Corporation of India Limited 2.71%
ACC Limited 2.22%
LIC Housing Finance Ltd 2.17%
Tata Communications Limited 2.10%
National Housing Bank 1.90%
Indian Railway Financial Corporation Ltd. 1.88%
The Great Eastern Shipping Co. Limited 1.85%
Tech Mahindra Limited 1.84%
TATA Sons 1.79%
Aditya Birla Nuvo Limited 1.55%
IDFC 1.20%
Others (with < 1% exposure) 3.39%
MM & Others 10.25%
Total 100.00%
`
12.21%
9.51%
7.16%
5.77%
5.61%
5.14%
4.37%
4.13%
Infrastructure finance services
Housing Finance Services
Refinery
Computer software
Drugs & pharmaceuticals
Industrial Construction
Steel
Other Financial Services
Top 10 Industry Exposure ( % to AUM) < 1 year 1‐3 years 3‐5 years 5‐10 years > 10 years
1.34%
40.19%
28.24%28.39%
1.84%
Debt Maturity Profile (% of Debt)
AAA77.76%
10
11
12
13
14
15
16
NAV/U
NIT (R
s)
NAV Performance (Since Inception)
Balanced Fund Benchmark
3.30%
3.27%
Cement
LNG storage & distribution
9
Feb‐09
Mar‐09
Apr‐09
May‐09
Jun‐09
Jul‐09
Aug‐09
Sep‐09
Oct‐09
Nov‐09
Dec‐09
Jan‐10
Feb‐10
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐10
Aug‐10
Sep‐10
Oct‐10
Nov‐10
Dec‐10
Jan‐11
Feb‐11
Mar‐11
Apr‐11
May‐11
Investment Objective :
Date of Inception :
February 25, 2009
Portfolio % to AUM
`
Debt 92.85% Minimum Maximum
Gilts & SDL 23.03% 80% 100% 92.85%
GOI 21.05% 0% 20% 7.15%
SDL ‐ Gujarat 1.33%
SDL ‐ Other States (with < 1% exposure) 0.65%
Corporate Bonds 69.82%
Housing Development Finance Corporation Ltd. 8.36%
Reliance Gas Transportation Infrastucture Limited 5.36%Indian Railway Financial Corporation Ltd. 4.82%
ACC Limited 4.70%
Aditya Birla Nuvo Limited 4.00%
Reliance Capital Limited 3.86%
Steel Authority of India Ltd. 3.52%
Power Grid Corporation of India Limited 3.48%
MRF Ltd. 3.30%
Larsen & Toubro Limited 3.18%
IDFC 3.12%
The Great Eastern Shipping Co. Limited 2.85%
LIC Housing Finance Ltd 2.67%
BOND FUND - MAY, 2011
To aim for stable returns over medium to long term by judicious mix of investments in Government
securities and high quality corporate debt of varying maturities and also in money market instruments.
Investment PatternActual
Asset Mix
Particulars
Debt
MM & Others
CRISIL Composite Bond Index ‐ 90%
CRISIL Liquid Fund Index ‐ 10%
Benchmark :
Debt92.85%
MM & Others7.15%
Asset Allocation (% to AUM)
Gilt
AA0.23%
AA+12.14%
Debt Rating Profile (% of Debt)
LIC Housing Finance Ltd 2.67%
Tata Communications Limited 2.45%
TATA Sons 2.17%
Power Finance Corporation Limited 2.05%
Tech Mahindra Limited 1.86%
Indian Oil Corporation Ltd 1.67%
National Bank For Agriculture And Rural Development 1.39%
Reliance Industries Ltd 1.30%
National Housing Bank 1.13%
Others (with < 1% exposure) 2.56%
MM & Others 7.15%
Total 100.00%
`
13.45%
11.03%
5.36%
4.70%
4.00%
3.87%
3.86%
3.73%
3.48%
Infrastructure finance services
Housing Finance Services
LNG storage & distribution
Cement
Diversified
Refinery
Other Financial Services
Steel
Electricity distribution
Top 10 Industry Exposure ( % to AUM)
< 1 year 1‐3 years 3‐5 years 5‐10 years > 10 years
1.64%
38.42%
18.54%
34.38%
7.02%
Debt Maturity Profile ( % of Debt)
24.81%
AAA62.83%
9 8
10
10.2
10.4
10.6
10.8
11
11.2
11.4
NAV/U
NIT (Rs)
NAV Performance (Since Inception)
Bond Fund Benchmark
3.30%
y
Tyres and Tubes
9.8
Feb‐09
Mar‐09
Apr‐09
May‐09
Jun‐09
Jul‐09
Aug‐09
Sep‐09
Oct‐09
Nov‐09
Dec‐09
Jan‐10
Feb‐10
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐10
Aug‐10
Sep‐10
Oct‐10
Nov‐10
Dec‐10
Jan‐11
Feb‐11
Mar‐11
Apr‐11
May‐11
Investment Objective :
Date of Inception :
March 31, 2009
Portfolio % to AUM
`
Equity 92.28% Minimum Maximum
Larsen & Toubro Limited 6.46% 80% 100% 92.28%
Reliance Industries Ltd 6.36% 0% 20% 7.72%
ITC Ltd. 5.97%
State Bank of India 5.46%
Housing Development Finance Corporation Ltd. 4.39%
Tata Consultancy Services Limited 4.20%
Infosys Technologies Ltd. 3.53%
Dr. Reddys Laboratories Ltd. 3.24%
Bharat Heavy Electricals Ltd 2.80%
GAIL (India) Limited 2.59%
Bajaj Auto Limited 2.32%
HCL Technologies Ltd 2.31%
Crompton Greaves Ltd 2.26%
Grasim Industries Ltd. 2.19%
Hindalco Industries Ltd. 2.14%
Hindustan Unilever Limited 2.04%
Tata Motors Limited 2.03%
Mahindra & Mahindra Ltd. 1.91%
Hindustan Petroleum Corporation Ltd. 1.83%
Punjab National Bank 1 82%
Equity
MM & Others
To seek consistent long term capital appreciation through investments primarily in equity and equity‐
related instruments by focusing predominantly on well established companies.
Asset Mix
ParticularsInvestment Pattern
Actual
INDIVIDUAL PENSION FUND EQUITY - MAY, 2011
Benchmark :
S & P CNX Nifty ‐ 90%
CRISIL Liquid Fund Index ‐ 10%
Equity92.28%
MM & Others7.72%
Asset Allocation (% to AUM)
Punjab National Bank 1.82%
Aditya Birla Nuvo Limited 1.81%
HDFC Bank Ltd 1.77%
Sun Pharmaceuticals Industries Ltd 1.76%
Sterlite Industries ( India ) Limited 1.70%
Oil & Natural Gas Corpn Ltd 1.70%
Colgate Palmolive (India) Ltd 1.69%
Godrej Consumer Products Limited 1.49%
Ranbaxy Laboratories Ltd 1.45%
NTPC Limited 1.41%
The Indian Hotels Company Limited 1.26%
Tata Steel Limited 1.22%
Infrastructure Development Finance Company Limited 1.22%
Cairn India Limited 1.04%
Others (with < 1% exposure) 6.90%
MM & Others 7.72%
Total 100.00%
`
10.96%
10.05%
9.07%
7.25%
7.12%
5.97%
4.39%
3.73%
Banking Services
Computer software
Refinery
Drugs & pharmaceuticals
Industrial Construction
Tobacco products
Housing Finance Services
Cosmetics, toiletries, soaps & detergents
Top 10 Industry Exposure ( % to AUM)
10
11
12
13
14
15
16
17
18
19
20
21
22
Mar‐09
May‐09
Jun‐09
Jul‐09
Aug‐09
Sep‐09
Oct‐09
Nov‐09
Dec‐09
Jan‐10
Feb‐10
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐10
Aug‐10
Sep‐10
Oct‐10
Nov‐10
Dec‐10
Jan‐11
Feb‐11
Mar‐11
Apr‐11
May‐11
NAV/U
NIT (Rs)
NAV Performance (Since Inception)
Pen Equity Benchmark
3.54%
2.73%
Prime movers
Crude oil & natural gas
Investment Objective :
Date of Inception :
To seek consistent growth over medium to long term by focusing predominantly on well established
companies through investments primarily in equity and equity‐related instruments and fair exposure to
high credit quality portfolio of debt and money market instruments.
INDIVIDUAL PENSION FUND GROWTH - MAY, 2011
Benchmark :ate o cept o
March 31, 2009
Portfolio % to AUM
`
Equity 63.17% Minimum Maximum
Reliance Industries Ltd 4.89% 40% 100% 63.17%
Larsen & Toubro Limited 4.84% 0% 60% 36.83%
ITC Ltd. 4.50%
Tata Consultancy Services Limited 3 27%
Equity
Debt, MM & Others
Asset Mix
ParticularsInvestment Pattern
Actual
e c a
S & P CNX Nifty ‐ 70%
CRISIL Composite Bond Index ‐ 30%
Tata Consultancy Services Limited 3.27%
Infosys Technologies Ltd. 3.05%
State Bank of India 2.85%
Housing Development Finance Corporation Ltd. 2.61%
Dr. Reddys Laboratories Ltd. 2.16%
Bharat Heavy Electricals Ltd 2.08%
Aditya Birla Nuvo Limited 1.91%
Hindustan Unilever Limited 1.64%
Crompton Greaves Ltd 1.57%
Bajaj Auto Limited 1.54%
G i I d t i Ltd 1 52%
Debt26.69%
Equity
MM & Others10.14%
Asset Allocation (% to AUM)
Grasim Industries Ltd. 1.52%
GAIL (India) Limited 1.45%
HCL Technologies Ltd 1.38%
Ranbaxy Laboratories Ltd 1.37%
Mahindra & Mahindra Ltd. 1.32%
HDFC Bank Ltd 1.31%
Sterlite Industries ( India ) Limited 1.23%
Tata Steel Limited 1.21%
Hindalco Industries Ltd. 1.21%
Axis Bank Limited 1.14%
G d j C P d Li i d 1 11%
q y63.17%
Gilt5.61%
AA1.28%
AA+9.68%
Debt Rating Profile (% of Debt)
Godrej Consumer Products Limited 1.11%
ICICI Bank Ltd 1.11%
Tata Motors Limited 1.03%
Others (with < 1% exposure) 9.86%
Debt 26.69%
Gilts & SDL 1.50%
GOI 1.41%
SDL (with < 1% exposure) 0.09%
C t B d 25 19%
AAA83.44%
Corporate Bonds 25.19%
Housing Development Finance Corporation Ltd. 4.32%
Power Grid Corporation of India Limited 3.05%
Steel Authority of India Ltd. 2.72%
Reliance Gas Transportation Infrastucture Limited 1.88%
Tech Mahindra Limited 1.82%
Power Finance Corporation Limited 1.66%
Indian Oil Corporation Ltd 1.65%
Tata Communications Limited 1.30%
ACC Limited 1.23%
36.64%
39.59%
Debt Maturity Profile ( % of Debt)
Aditya Birla Nuvo Limited 1.15%
Reliance Capital Limited 1.02%
Others (with < 1% exposure) 3.39%
MM & Others 10.14%
Total 100.00%
Top 10 Industry Exposure ( % to AUM)
< 1 year 1‐3 years 3‐5 years 5‐10 years > 10 years
0.35%
18.62%
4.80%
f ( )
`
9.52%
7.40%
7.20%
7.09%
5.59%
4.74%
4.50%
Computer software
Banking Services
Refinery
Housing Finance Services
Industrial Construction
Drugs & pharmaceuticals
Tobacco products 12
13
14
15
16
17
18
19
NAV/U
NIT (Rs)
NAV Performance (Since Inception)
Pen Growth Benchmark
4.27%
3.90%
3.33%
p
Steel
Electricity distribution
LNG storage & distribution
10
11
Mar‐09
May‐09
Jun‐09
Jul‐09
Aug‐09
Sep‐09
Oct‐09
Nov‐09
Dec‐09
Jan‐10
Feb‐10
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐10
Aug‐10
Sep‐10
Oct‐10
Nov‐10
Dec‐10
Jan‐11
Feb‐11
Mar‐11
Apr‐11
May‐11
Investment Objective :
Date of Inception :
March 31, 2009
Portfolio % to AUM
`
Equity 28.80% Minimum Maximum
Reliance Industries Ltd 3.13% 0% 60% 28.80%
Infosys Technologies Ltd. 2.84% 40% 100% 71.20%
ITC Ltd. 2.20%
Larsen & Toubro Limited 2.02%
ICICI Bank Ltd 1.65%
State Bank of India 1.58%
Bharat Heavy Electricals Ltd 1.53%Aditya Birla Nuvo Limited 1.49%Housing Development Finance Corporation Ltd. 1.46%
Dr. Reddys Laboratories Ltd. 1.14%
Others (with < 1% exposure) 9.76%
Debt 64.12%
Gilts & SDL 5.74%
GOI 4.70%SDL (with < 1% exposure) 1.04%
Corporate Bonds 58.38%Reliance Capital Limited 5.36%Housing Development Finance Corporation Ltd. 5.18%
Equity
Debt, MM & Others
To aim for stable returns over medium to long term through investments in high quality fixed income
and money market instruments and enhance returns through a fair exposure to equity investments.
Asset Mix
ParticularsInvestment Pattern
Actual
INDIVIDUAL PENSION FUND BALANCED - MAY, 2011
Benchmark :
S & P CNX Nifty ‐ 30%
CRISIL Composite Bond Index ‐ 70%
Debt64.12%
Equity28.80%
MM & Others7.08%
Asset Allocation (% to AUM)
Gilt8.96%
AA
AA+10.94%
Debt Rating Profile (% of Debt)
Indian Oil Corporation Ltd 5.10%Power Grid Corporation of India Limited 4.49%Aditya Birla Nuvo Limited 3.91%ACC Limited 3.61%Power Finance Corporation Limited 3.48%
Steel Authority of India Ltd. 3.38%
LIC Housing Finance Ltd 3.04%
Tata Communications Limited 2.93%
Tech Mahindra Limited 2.72%
Reliance Gas Transportation Infrastucture Limited 2.30%
Larsen & Toubro Limited 2.20%
TATA Sons 1.75%
Tata Steel Limited 1.40%
Indian Railway Financial Corporation Ltd. 1.33%
Reliance Industries Ltd 1.23%
MRF Ltd. 1.06%
Others (with < 1% exposure) 3.90%
MM & Others 7.08%
Total 100.00%
`
9.92%
9.68%
7.99%
6.27%
5.40%
5.36%
5.22%
4.60%
Refinery
Housing Finance Services
Infrastructure finance services
Computer software
Diversified
Other Financial Services
Steel
Electricity distribution
Top 10 Industry Exposure ( % to AUM) < 1 year 1‐3 years 3‐5 years 5‐10 years > 10 years
0.23%
40.38%
31.19%
23.14%
5.05%
Debt Maturity Profile ( % of Debt)
AAA77.92%
AA2.19%
11
12
13
14
15
NAV/U
NIT (Rs)
NAV Performance (Since Inception)
Pen Balance Benchmark
4.60%
4.22%
Cement
Industrial Construction
10
Mar‐09
May‐09
Jun‐09
Jul‐09
Aug‐09
Sep‐09
Oct‐09
Nov‐09
Dec‐09
Jan‐10
Feb‐10
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐10
Aug‐10
Sep‐10
Oct‐10
Nov‐10
Dec‐10
Jan‐11
Feb‐11
Mar‐11
Apr‐11
May‐11
Investment Objective :
Date of Inception :
March 31, 2009
Portfolio % to AUM
`
Debt 94.11% Minimum Maximum
Gilts & SDL 14.30% 80% 100% 94.11%
GOI 8.11% 0% 20% 5.89%
SDL ‐ AP 2.41%
SDL ‐ Gujarat 1.67%
SDL ‐ Kerala 1.64%
SDL ‐ Other States (with < 1% exposure) 0.49%
Corporate Bonds 79.80%
Larsen & Toubro Limited 8.10%
Steel Authority of India Ltd. 6.97%
Indian Oil Corporation Ltd 6.60%
Reliance Gas Transportation Infrastucture Limited 6.14%
Reliance Capital Limited 5.76%
Aditya Birla Nuvo Limited 5.42%
Housing Development Finance Corporation Ltd. 4.47%
Power Grid Corporation of India Limited 4.08%
MRF Ltd. 3.54%
P Fi C ti Li it d 3 50%
Debt
MM & Others
To aim for stable returns over medium to long term by judicious mix of investments in Government
securities and high quality corporate debt of varying maturities and also in money market instruments.
Asset Mix
ParticularsInvestment Pattern
Actual
INDIVIDUAL PENSION FUND BOND - MAY, 2011
Benchmark :
CRISIL Composite Bond Index ‐ 90%
CRISIL Liquid Fund Index ‐ 10%
Debt94.11%
MM & Others5.89%
Asset Allocation (% to AUM)
GiltAA+
Debt Rating Profile (% of Debt)
Power Finance Corporation Limited 3.50%
ACC Limited 3.45%
LIC Housing Finance Ltd 3.30%
IDFC 2.92%
Tata Communications Limited 2.76%
Tech Mahindra Limited 2.42%
Tata Steel Limited 2.01%
Indian Railway Financial Corporation Ltd. 1.71%
National Housing Bank 1.69%
TATA Sons 1.29%
National Bank For Agriculture And Rural Development 1.25%
The Great Eastern Shipping Co. Limited 1.20%
Others (with < 1% exposure) 1.22%
MM & Others 5.89%
Total 100.00%
`
11.44%
8.97%
8.10%
7.77%
7.10%
6.14%
5.76%
5.42%
Infrastructure finance services
Steel
Industrial Construction
Housing Finance Services
Refinery
LNG storage & distribution
Other Financial Services
Diversified
Top 10 Industry Exposure ( % to AUM)
< 1 year 1‐3 years 3‐5 years 5‐10 years > 10 years
0.37%
34.16%
19.89%
41.81%
3.76%
Debt Maturity Profile ( % of Debt)
Gilt15.20%
AAA69.85%
AA2.13%
12.82%
10.0
10.2
10.4
10.6
10.8
11.0
11.2
11.4
NAV/U
NIT (Rs)
NAV Performance (Since Inception)
Pen Bond Benchmark
4.08%
3.54%
Electricity distribution
Tyres and Tubes
9.8
Mar‐09
May‐09
Jun‐09
Jul‐09
Aug‐09
Sep‐09
Oct‐09
Nov‐09
Dec‐09
Jan‐10
Feb‐10
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐10
Aug‐10
Sep‐10
Oct‐10
Nov‐10
Dec‐10
Jan‐11
Feb‐11
Mar‐11
Apr‐11
May‐11
Investment Objective :
Date of Inception :
January 20, 2010
Portfolio % to AUM
`
Equity 88.31% Minimum Maximum
Larsen & Toubro Limited 5.56% 80% 100% 88.31%
Reliance Industries Ltd 5.02% 0% 20% 11.69%
Tata Consultancy Services Limited 4.67%
Infosys Technologies Ltd. 4.36%
ITC Ltd. 4.34%
State Bank of India 4.16%
Housing Development Finance Corporation Ltd. 3.78%
Sun Pharmaceuticals Industries Ltd 3.39%
Axis Bank Limited 3.02%
Tata Motors Limited 2.87%
Hindalco Industries Ltd. 2.65%
Tata Steel Limited 2.60%
Grasim Industries Ltd. 2.45%
Crompton Greaves Ltd 2.40%
Bajaj Auto Limited 2.40%
Oil & Natural Gas Corpn Ltd 2.30%
Hindustan Unilever Limited 2.18%
Mahindra & Mahindra Ltd. 2.12%
HDFC Bank Ltd 2.03%
Sterlite Industries ( India ) Limited 2.01%
APEX EQUITY FUND - MAY, 2011
To tap growth opportunities for long term capital appreciation through investments primarily in equity and
equity‐related instruments.
Investment PatternActual
Asset Mix
Particulars
Equity
MM & Others
Benchmark :
S & P CNX Nifty ‐ 90%
CRISIL Liquid Fund Index ‐ 10%
Equity88.31%
MM & Others11.69%
Asset Allocation (% to AUM)
( )
Dr. Reddys Laboratories Ltd. 1.89%
Bharat Heavy Electricals Ltd 1.86%
Cairn India Limited 1.74%
HCL Technologies Ltd 1.64%
Infrastructure Development Finance Company Limited 1.62%
Coal India Limited 1.53%
GAIL (India) Limited 1.26%
Hindustan Petroleum Corporation Ltd. 1.24%
The Indian Hotels Company Limited 1.24%
Tata Power Co. Ltd. 1.15%
Bharat Petroleum Corpn. Ltd 1.00%
Others (with < 1% exposure) 7.84%
MM & Others 11.69%
Total 100.00%
`
10.68%
10.61%
7.26%
7.08%
6.05%
4.34%
4.04%
3.78%
Computer software
Banking Services
Refinery
Drugs & pharmaceuticals
Industrial Construction
Tobacco products
Crude oil & natural gas
Housing Finance Services
Top 10 Industry Exposure ( % to AUM)
9.0
9.5
10.0
10.5
11.0
11.5
12.0
12.5
13.0
Jan‐10
Feb‐10
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐10
Aug‐10
Sep‐10
Oct‐10
Nov‐10
Dec‐10
Jan‐11
Feb‐11
Mar‐11
Apr‐11
May‐11
NAV/U
NIT (Rs)
NAV Performance (Since Inception)
Apex Equity Benchmark
3.04%
2.87%
Cosmetics, toiletries, soaps & detergents
Commercial vehicles
Investment Objective :
Date of Inception :
January 20, 2010
Portfolio % to AUM
`
Equity 62.95% Minimum Maximum
Larsen & Toubro Limited 4.15% 55% 85% 62.95%
Reliance Industries Ltd 3.74% 15% 45% 37.05%
Tata Consultancy Services Limited 3.36%
State Bank of India 3.20%
ITC Ltd. 2.90%
Infosys Technologies Ltd. 2.81%
Housing Development Finance Corporation Ltd. 2.76%
Sun Pharmaceuticals Industries Ltd 2.38%
Tata Motors Limited 2.05%
Axis Bank Limited 2.01%
Oil & Natural Gas Corpn Ltd 1.91%
Tata Steel Limited 1.90%
Hindalco Industries Ltd. 1.90%
Bajaj Auto Limited 1.80%
Crompton Greaves Ltd 1.72%
Mahindra & Mahindra Ltd. 1.72%
Hindustan Unilever Limited 1.68%
Grasim Industries Ltd. 1.63%
Sterlite Industries ( India ) Limited 1.44%
HDFC Bank Ltd 1.43%
Bharat Heavy Electricals Ltd 1.31%
Coal India Limited 1.18%
APEX GROWTH FUND - MAY, 2011
To aim for medium to long term capital appreciation by maintaining a diversified portfolio of equity and
equity related instruments and fair exposure to high credit quality portfolio of debt and money market
instruments.
Investment PatternActual
Asset Mix
Particulars
Equity
Debt, MM & Others
Benchmark :
S & P CNX Nifty ‐ 70%
CRISIL Composite Bond Index ‐ 30%
Debt25.13%
Equity62.95%
MM & Others11.92%
Asset Allocation (% to AUM)
Gilt21.92%
AA+3.16%
Debt Rating Profile (% of Debt)
Coal India Limited 1.18%
GAIL (India) Limited 1.13%
The Indian Hotels Company Limited 1.09%
HCL Technologies Ltd 1.03%
Dr. Reddys Laboratories Ltd. 1.00%
Others (with < 1% exposure) 9.71%
Debt 25.13%
Gilts & SDL 5.51%
GOI 5.46%
SDL (with < 1% exposure) 0.04%
Corporate Bonds 19.62%Housing Development Finance Corporation Ltd. 5.75%
Power Finance Corporation Limited 2.09%Reliance Gas Transportation Infrastucture Limited 1.92%MRF Ltd. 1.55%
National Housing Bank 1.31%
Reliance Industries Ltd 1.23%LIC Housing Finance Ltd 1.15%Others (with < 1% exposure) 4.62%
MM & Others 11.92%
Total 100.00%
`
9.66%
7.70%
7.45%
6.20%
5.66%
5.12%
4.81%
3 05%
Housing Finance Services
Banking Services
Computer software
Refinery
Drugs & pharmaceuticals
Infrastructure finance services
Industrial Construction
LNG storage & distribution
Top 10 Industry Exposure ( % to AUM)1‐3 years 3‐5 years 5‐10 years > 10 years
55.15%
6.70%
18.49% 19.65%
Debt Maturity Profile ( % of Debt)
AAA74.92%
9.5
10.0
10.5
11.0
11.5
12.0
NAV/U
NIT (Rs)
NAV Performance (Since Inception)
Apex Growth Benchmark
3.05%
2.90%
2.84%
LNG storage & distribution
Tobacco products
Crude oil & natural gas
9.0
Jan‐10
Feb‐10
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐10
Aug‐10
Sep‐10
Oct‐10
Nov‐10
Dec‐10
Jan‐11
Feb‐11
Mar‐11
Apr‐11
May‐11
Investment Objective :
Date of Inception :
January 20, 2010
Portfolio % to AUM
`
Equity 45.53% Minimum Maximum
Larsen & Toubro Limited 3.10% 35% 65% 45.53%
Infosys Technologies Ltd. 2.81% 35% 65% 54.47%
Reliance Industries Ltd 2.75%
ITC Ltd. 2.35%
State Bank of India 2.01%
Housing Development Finance Corporation Ltd. 1.95%
Tata Consultancy Services Limited 1.93%Hindustan Unilever Limited 1.40%Sun Pharmaceuticals Industries Ltd 1.32%
Sterlite Industries ( India ) Limited 1.27%
Axis Bank Limited 1.27%
Oil & Natural Gas Corpn Ltd 1.25%
HDFC Bank Ltd 1.22%Bajaj Auto Limited 1.18%
Bharat Heavy Electricals Ltd 1.09%Hindalco Industries Ltd. 1.05%
Crompton Greaves Ltd 1.03%
HCL Technologies Ltd 1.03%
Cairn India Limited 1.02%
Tata Motors Limited 1.00%
Others (with < 1% exposure) 13.49%
APEX BALANCED FUND - MAY, 2011
Investment PatternActual
Asset Mix
Particulars
Equity
Debt, MM & Others
To optimize returns over medium to long term, by aiming balance between risk and return, through
investments in high quality equity and debt instruments.
Benchmark :
S & P CNX Nifty ‐ 50%
CRISIL Composite Bond Index ‐ 50%
Debt40.69%
Equity45.53%
MM & Others13.79%
Asset Allocation( % to AUM)
Gilt20.99%
AA+2.26%
Debt Rating Profile (% of Debt)
Debt 40.69%
Gilts & SDL 8.54%
GOI 7.58%
SDL (with < 1% exposure) 0.96%
Corporate Bonds 32.15%
Housing Development Finance Corporation Ltd. 6.60%UltraTech Cement Limited 3.95%Reliance Gas Transportation Infrastucture Limited 3.32%Power Finance Corporation Limited 3.10%LIC Housing Finance Ltd 2.44%TATA Sons 2.21%Larsen & Toubro Limited 2.03%MRF Ltd. 1.39%National Housing Bank 1.37%ACC Limited 1.23%Others (with < 1% exposure) 4.51%
MM & Others 13.79%
Total 100.00%
`
10.99%
7.00%
6.26%
6.12%
5.45%
5.16%
4.23%
4.23%
Housing Finance Services
Infrastructure finance services
Computer software
Cement
Industrial Construction
Banking Services
Refinery
LNG storage & distribution
Top 10 Industry Exposure ( % to AUM)
< 1 year 1‐3 years 3‐5 years 5‐10 years > 10 years
2.06%
55.00%
11.78%
20.96%
10.19%
Debt Maturity Profile ( % of Debt)
AAA76.76%
9.5
10
10.5
11
11.5
12
NAV/U
NIT (Rs)
NAV Performance (Since Inception)
Apex Balanced Benchmark
3.97%
2.35%
Drugs & pharmaceuticals
Tobacco products
9
Jan‐10
Feb‐10
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐10
Aug‐10
Sep‐10
Oct‐10
Nov‐10
Dec‐10
Jan‐11
Feb‐11
Mar‐11
Apr‐11
May‐11
Investment Objective :
Date of Inception :
January 20, 2010
Portfolio % to AUM
`
Debt 90.10% Minimum Maximum
Gilts & SDL 36.62% 80% 100% 90.10%
GOI 33.37% 0% 20% 9.90%
State Govt ‐ Maharashtra 1.21%
SDL ‐ Gujarat 1.09%
SDL ‐ Other States (with < 1% exposure) 0.95%
Corporate Bonds 53.48%
Housing Development Finance Corporation Ltd. 8.84%
National Housing Bank 5.11%
Steel Authority of India Ltd. 4.92%
Reliance Industries Ltd 4.63%
TATA Sons 4.56%
Larsen & Toubro Limited 3.76%
UltraTech Cement Limited 3.54%
LIC Housing Finance Ltd 3.33%
MRF Ltd. 2.63%
APEX BOND FUND - MAY, 2011
To aim for stable returns over medium to long term by judicious mix of investments in Government
securities and high quality corporate debt of varying maturities and also in money market instruments.
Investment PatternActual
Asset Mix
DEBT
MM & Others
Particulars
Benchmark :
CRISIL Composite Bond Index ‐ 90%
CRISIL Liquid Fund Index ‐ 10%
Debt90.10%
MM & Others9.90%
Asset Allocation (% to AUM)
AA+Debt Rating Profile (% of Debt)
Power Finance Corporation Limited 2.63%
IDFC 2.60%
Aditya Birla Nuvo Limited 1.50%
Hindustan Petroleum Corporation Ltd. 1.25%
Reliance Gas Transportation Infrastucture Limited 1.05%
Others (with < 1% exposure) 3.14%
MM & Others 9.90%
Total 100.00%
`
12.17%
11.70%
6.11%
4.92%
4.56%
4.25%
3.76%
2.63%
1 50%
Housing Finance Services
Infrastructure finance services
Refinery
Steel
Securities investment services
Cement
Industrial Construction
Tyres and Tubes
Di ifi d
Top 10 Industry Exposure ( % to AUM)
1‐3 years 3‐5 years 5‐10 years > 10 years
28.06%
10.93%
30.09% 30.93%
Debt Maturity Profile ( % of Debt)
Gilt40.64%
AAA54.78%
4.58%
10.2
10.4
10.6
10.8
11.0
NAV/U
NIT (Rs)
NAV Performance (Since Inception)
Apex Bond Benchmark
1.50%
1.05%
Diversified
LNG storage & distribution
9.8
10.0
Jan‐10
Feb‐10
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐10
Aug‐10
Sep‐10
Oct‐10
Nov‐10
Dec‐10
Jan‐11
Feb‐11
Mar‐11
Apr‐11
May‐11
Investment Objective :
Date of Inception :
January 20, 2010
Portfolio % to AUM
`
Equity 89.44% Minimum Maximum
Larsen & Toubro Limited 5.61% 80% 100% 89.44%
Reliance Industries Ltd 4.96% 0% 20% 10.56%
Tata Consultancy Services Limited 4.94%
State Bank of India 4.53%
ITC Ltd. 4.37%
Housing Development Finance Corporation Ltd. 4.26%
Infosys Technologies Ltd. 3.67%
GAIL (India) Limited 3.17%
Tata Motors Limited 3.02%
Bharat Heavy Electricals Ltd 2.83%
Crompton Greaves Ltd 2.79%
Hindalco Industries Ltd. 2.65%
Grasim Industries Ltd. 2.36%
Sun Pharmaceuticals Industries Ltd 2.09%
Mahindra & Mahindra Ltd. 2.07%
Bajaj Auto Limited 2.06%
HCL Technologies Ltd 2.00%
Tata Steel Limited 1.92%
Godrej Consumer Products Limited 1.79%
Hindustan Unilever Limited 1.74%
Colgate Palmolive (India) Ltd 1.72%
Equity
MM & Others
To seek consistent long term capital appreciation through investments primarily in equity and equity‐
related instruments by focusing predominantly on well established companies.
Asset Mix
ParticularsInvestment Pattern
Actual
INDIVIDUAL PENSION FUND APEX EQUITY - MAY, 2011
Benchmark :
S & P CNX Nifty ‐ 90%
CRISIL Liquid Fund Index ‐ 10%
Equity89.44%
MM & Others10.56%
Asset Allocation (% to AUM)
Sterlite Industries ( India ) Limited 1.65%
HDFC Bank Ltd 1.64%
Aditya Birla Nuvo Limited 1.61%
Oil & Natural Gas Corpn Ltd 1.59%
Hindustan Petroleum Corporation Ltd. 1.56%
Glenmark Pharmaceuticals Ltd. 1.54%
The Indian Hotels Company Limited 1.53%
Cairn India Limited 1.52%
Dr. Reddys Laboratories Ltd. 1.48%
Axis Bank Limited 1.37%
Thermax Ltd 1.27%
Punjab National Bank 1.21%
Ranbaxy Laboratories Ltd 1.17%
Cipla Ltd. 1.11%
Others (with < 1% exposure) 4.64%
MM & Others 10.56%
Total 100.00%
`
10.61%
10.16%
7.39%
6.86%
6.30%
4.37%
4.26%
4.10%
Computer software
Banking Services
Drugs & pharmaceuticals
Refinery
Industrial Construction
Tobacco products
Housing Finance Services
Prime movers
Top 10 Industry Exposure ( % to AUM)
9.0
9.5
10.0
10.5
11.0
11.5
12.0
12.5
13.0
Jan‐10
Feb‐10
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐10
Aug‐10
Sep‐10
Oct‐10
Nov‐10
Dec‐10
Jan‐11
Feb‐11
Mar‐11
Apr‐11
May‐11
NAV/U
NIT (Rs)
NAV Performance (Since Inception)
Pen Apex Equity Benchmark
3.46%
3.17%
Cosmetics, toiletries, soaps & detergents
LNG storage & distribution
Investment Objective :
Date of Inception :
January 20, 2010
Portfolio % to AUM
`
Equity 63.81% Minimum Maximum
Larsen & Toubro Limited 4.12% 55% 85% 63.81%
Reliance Industries Ltd 3.99% 15% 45% 36.19%
ITC Ltd. 3.66%
Tata Consultancy Services Limited 3.24%
Infosys Technologies Ltd. 3.13%
Housing Development Finance Corporation Ltd. 3.04%
State Bank of India 2.60%
GAIL (India) Limited 2.25%
Crompton Greaves Ltd 2.21%
Tata Motors Limited 2.12%
Hindalco Industries Ltd. 1.89%
Bharat Heavy Electricals Ltd 1.74%
Grasim Industries Ltd. 1.61%
Punjab National Bank 1.58%
Colgate Palmolive (India) Ltd 1.55%
Bajaj Auto Limited 1.51%
Dr. Reddys Laboratories Ltd. 1.33%
Glenmark Pharmaceuticals Ltd. 1.31%
Tata Steel Limited 1.26%
HDFC Bank Ltd 1.26%
HCL Technologies Ltd 1.24%
Oil & Natural Gas Corpn Ltd 1 22%
Equity
Debt, MM & Others
To seek consistent growth over medium to long term by focusing predominantly on well established
companies through investments primarily in equity and equity‐related instruments and fair exposure to
high credit quality portfolio of debt and money market instruments.
Asset Mix
ParticularsInvestment Pattern
Actual
INDIVIDUAL PENSION FUND APEX GROWTH - MAY, 2011
Benchmark :
S & P CNX Nifty ‐ 70%
CRISIL Composite Bond Index ‐ 30%
Debt28.51%
Equity63.81%
MM & Others7.68%
Asset Allocation (% to AUM)
Gilt19.80%
AA+6.90%
Debt Rating Profile (% of Debt)
Oil & Natural Gas Corpn Ltd 1.22%
Sun Pharmaceuticals Industries Ltd 1.22%
Hindustan Unilever Limited 1.21%
Mahindra & Mahindra Ltd. 1.20%
Cairn India Limited 1.14%
Godrej Consumer Products Limited 1.12%
Kotak Mahindra Bank Limited 1.10%
Others (with < 1% exposure) 8.96%
Debt 28.51%
Gilts & SDL 5.65%
GOI 5.03%SDL (with < 1% exposure) 0.61%
Corporate Bonds 22.86%Power Finance Corporation Limited 5.28%Housing Development Finance Corporation Ltd. 4.29%Dr. Reddy's Laboratories Ltd. 1.97%LIC Housing Finance Ltd 1.89%National Housing Bank 1.39%Tech Mahindra Limited 1.23%Reliance Gas Transportation Infrastucture Limited 1.01%Others (with < 1% exposure) 5.81%
MM & Others 7.68%
Total 100.00%
`
9.22%
8.84%
8.25%
7.86%
7.24%
5.61%
5.54%
3.66%
Housing Finance Services
Computer software
Banking Services
Infrastructure finance services
Drugs & pharmaceuticals
Industrial Construction
Refinery
Tobacco products
Top 10 Industry Exposure ( % to AUM)
< 1 year 1‐3 years 3‐5 years 5‐10 years > 10 years
2.07%
38.24%
22.68%
29.45%
7.56%
Debt Maturity Profile ( % of Debt)
AAA73.30%
9.5
10.0
10.5
11.0
11.5
12.0
NAV/U
NIT (Rs)
NAV Performance (Since Inception)
Pen Apex Growth Benchmark
3.26%
2.75%
LNG storage & distribution
Cosmetics, toiletries, soaps & detergents
9.0
Jan‐10
Feb‐10
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐10
Aug‐10
Sep‐10
Oct‐10
Nov‐10
Dec‐10
Jan‐11
Feb‐11
Mar‐11
Apr‐11
May‐11
Investment Objective :
Date of Inception :
January 20, 2010
Portfolio % to AUM
`
Equity 47.76% Minimum Maximum
ITC Ltd. 2.87% 35% 65% 47.76%
Infosys Technologies Ltd. 2.84% 35% 65% 52.24%
Reliance Industries Ltd 2.63%
Larsen & Toubro Limited 2.43%
Housing Development Finance Corporation Ltd. 1.95%
Mahindra & Mahindra Ltd. 1.88%
Crompton Greaves Ltd 1.85%Bharat Heavy Electricals Ltd 1.80%State Bank of India 1.75%
HCL Technologies Ltd 1.68%
Glenmark Pharmaceuticals Ltd. 1.48%
Godrej Consumer Products Limited 1.47%
Tata Consultancy Services Limited 1.34%Ranbaxy Laboratories Ltd 1.28%
Hindalco Industries Ltd. 1.27%Punjab National Bank 1.15%
Cipla Ltd. 1.14%Hindustan Unilever Limited 1.13%Oil & Natural Gas Corpn Ltd 1.11%Grasim Industries Ltd. 1.08%Tata Steel Limited 1.06%Tata Motors Limited 1.05%
Equity
Debt, MM & Others
To optimize returns over medium to long term, by aiming balance between risk and return, through
investments in high quality equity and debt instruments.
Asset Mix
ParticularsInvestment Pattern
Actual
INDIVIDUAL PENSION FUND APEX BALANCED - MAY, 2011
Benchmark :
S & P CNX Nifty ‐ 50%
CRISIL Composite Bond Index ‐ 50%
Debt44.87%
Equity47.76%
MM & Others7.37%
Asset Allocation (% to AUM)
Gil
AA+6.51%
Debt Rating Profile (% of Debt)
HDFC Bank Ltd 1.05%The Indian Hotels Company Limited 1.04%Others (with < 1% exposure) 9.46%
Debt 44.87%Gilts & SDL 12.43%GOI 9.67%SDL ‐ Gujarat 2.09%SDL ‐ Other States (with < 1% exposure) 0.68%
Corporate Bonds 32.44%
Larsen & Toubro Limited 5.47%
LIC Housing Finance Ltd 4.43%
Power Finance Corporation Limited 3.91%
Hindustan Petroleum Corporation Ltd. 3.59%
Aditya Birla Nuvo Limited 2.53%
Housing Development Finance Corporation Ltd. 2.02%
Indian Railway Financial Corporation Ltd. 1.23%
Reliance Gas Transportation Infrastucture Limited 1.22%
Rural Electrification Corporation Limited 1.19%
Steel Authority of India Ltd. 1.12%
National Housing Bank 1.06%
TATA Sons 1.05%
Others (with < 1% exposure) 3.64%
MM & Others 7.37%
Total 100.00%
`
8.39%
8.39%
7.90%
7.65%
6.82%
5.75%
5 01%
Infrastructure finance …
Housing Finance Services
Industrial Construction
Refinery
Computer software
Banking Services
Drugs & pharmaceuticals
Top 10 Industry Exposure ( % to AUM)
1‐3 years 3‐5 years 5‐10 years > 10 years
31.81%
16.76%
43.33%
8.10%
Debt Maturity Profile ( % of Debt)
Gilt27.70%
AAA65.80%
9 5
10.0
10.5
11.0
11.5
12.0
NAV/U
NIT (Rs)
NAV Performance (Since Inception)
Pen Apex Balanced Benchmark
5.01%
3.46%
2.87%
2.17%
Drugs & pharmaceuticals
Diversified
Tobacco products
Steel
9.0
9.5
Jan‐10
Feb‐10
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐10
Aug‐10
Sep‐10
Oct‐10
Nov‐10
Dec‐10
Jan‐11
Feb‐11
Mar‐11
Apr‐11
May‐11
Investment Objective :
Date of Inception :
January 20, 2010
Portfolio % to AUM
`
Debt 92.78% Minimum Maximum
Gilts & SDL 33.53% 80% 100% 92.78%
GOI 20.97% 0% 20% 7.22%
SDL ‐ Gujarat 5.55%
State Govt ‐ Maharashtra 4.80%
SDL ‐ AP 1.69%
SDL ‐ Other States (with < 1% exposure) 0.52%
Corporate Bonds 59.24%
Housing Development Finance Corporation Ltd. 9.42%
Power Finance Corporation Limited 8.20%
Larsen & Toubro Limited 7.31%
IDFC 6.32%
MRF Ltd. 3.47%
Hindustan Petroleum Corporation Ltd. 3.30%
Reliance Gas Transportation Infrastucture Limited 2.86%
TATA Sons 2.83%
Aditya Birla Nuvo Limited 2 64%
DEBT
MM & Others
To aim for stable returns over medium to long term by judicious mix of investments in Government
securities and high quality corporate debt of varying maturities and also in money market instruments.
Asset Mix
ParticularsInvestment Pattern
Actual
INDIVIDUAL PENSION FUND APEX BOND -MAY, 2011
Benchmark :
CRISIL Composite Bond Index ‐ 90%
CRISIL Liquid Fund Index ‐ 10%
Debt92.78%
MM & Others7.22%
Asset Allocation( % to AUM)
AA+
Debt Rating Profile (% of Debt)Aditya Birla Nuvo Limited 2.64%
Rural Electrification Corporation Limited 2.28%
ACC Limited 1.97%
Reliance Industries Ltd 1.90%
Tech Mahindra Limited 1.81%
Indian Railway Financial Corporation Ltd. 1.73%
Others (with < 1% exposure) 3.20%
MM & Others 7.22%
Total 100.00%
`
19.06%
10.22%
7.31%
5.88%
3.47%
2.86%
2.83%
2.64%
1.97%
Infrastructure finance services
Housing Finance Services
Industrial Construction
Refinery
Tyres and Tubes
LNG storage & distribution
Securities investment services
Diversified
Cement
Top 10 Industry Exposure ( % to AUM)
1‐3 years 3‐5 years 5‐10 years > 10 years
27.40%
21.11%
40.96%
10.53%
Debt Maturity Profile ( % of Debt)
Gilt36.14%
AAA57.27%
AA+6.59%
10.0
10.1
10.2
10.3
10.4
10.5
10.6
10.7
10.8
10.9
11.0
NAV/U
NIT (R
s)
NAV Performance (Since Inception)
Pen Apex Bond Benchmark
1.81%Computer software9.8
9.9
Jan‐10
Feb‐10
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐10
Aug‐10
Sep‐10
Oct‐10
Nov‐10
Dec‐10
Jan‐11
Feb‐11
Mar‐11
Apr‐11
May‐11
Investment Objective :
Date of Inception :
April 29, 2011
Portfolio % to AUM
`
Equity 16.24% Minimum Maximum
Sun Pharmaceuticals Industries Ltd 3.46% 0% 60% 16.24%
State Bank of India 3.33% 40% 100% 83.76%
ITC Ltd. 3.26%
Infosys Technologies Ltd. 3.14%
Reliance Industries Ltd 3.06%
Debt 3.25%Corporate Bonds 3.25%
Reliance Industries Ltd 3.25%
MM & Others 80.51%
Total 100.00%
EXPRESS BALANCED FUND - MAY, 2011
To optimize returns over medium to long term, by aiming balance between risk and return, through
investments in high quality equity and debt instruments.
Asset Mix
Benchmark :
S & P CNX Nifty ‐ 30%
CRISIL Composite Bond Index ‐ 70%
ParticularsInvestment Pattern
Actual
Equity
Debt, MM & Others
Debt3.25%
Equity16.24%
MM & Others80.51%
Asset Allocation( % to AUM)
Debt Rating Profile (% of Debt)
`
6.31%
3.46%
3.33%
3.26%
3.14%
Refinery
Drugs & pharmaceuticals
Banking Services
Tobacco products
Computer software
Top 10 Industry Exposure ( % to AUM)
5‐10 years
100.00%
Debt Maturity Profile ( % of Debt)
AAA100.00%
9.8
9.8
9.9
9.9
10.0
10.0
10.1
10.1
10.2
10.2
NAV/U
NIT (R
s)
NAV Performance (Since Inception)
Express Balanced Fund Benchmark
9.7
29‐Apr‐11
01‐M
ay‐11
03‐M
ay‐11
05‐M
ay‐11
07‐M
ay‐11
09‐M
ay‐11
11‐M
ay‐11
13‐M
ay‐11
15‐M
ay‐11
17‐M
ay‐11
19‐M
ay‐11
21‐M
ay‐11
23‐M
ay‐11
25‐M
ay‐11
27‐M
ay‐11
29‐M
ay‐11
31‐M
ay‐11
Risk Factors
• This document has been prepared for the purpose of providing general information
only.
• Unit Linked Life Insurance products are different from the traditional insurance
products and are subject to various risk factors.
• Customers should take into account their personal investment objectives, risk
appetite and other aspects of their financial situation before making an investment
decision.
• Unit linked policies are subject to market risks associated with capital markets and
NAVs of units may go up or down based on the performance of fund and factors
influencing the capital market and the customers have to consider this aspect while
taking any decision.
• SUD Life shall not be responsible for any losses caused or any claims that arise due to
investments made based on this document.
• Customers are advised to note that the details are based on past performance and
are not indicative of its future prospects or returns.
• All efforts have been made to ensure accuracy of the contents of this document,
however, SUD Life shall not be held responsible for any errors or omissions.
Disclaimers
CRISIL Composite Bond Index and CRISIL Liquid Fund Index
CRISIL has taken due care and caution in compilation of data. Information has been obtained by CRISIL
from sources it considers reliable. However, CRISIL does not guarantee the accuracy, adequacy or
completeness of the information and is not responsible for any errors or omissions or for the results
obtained from the use of such information. CRISIL is not responsible for any errors in data
reproduction. CRISIL especially states that it has no financial liability whatsoever to the subscribers/
users/ transmitters/ distributors of this bulletin.
S&P CNX NIFTY
“The Individual Life, Pension Life, Individual Apex Life and Pension Apex Life funds related to Equity, Balanced and Growth schemes; and also Individual Life Express Balanced Fund, offered by SUD Life Insurance Co. Ltd are not sponsored, endorsed, sold or promoted by India Index Services & Products Limited ("IISL") or S&P and its affiliates.
“S&P®” and “Standard and Poor’s®” are trademarks of Standard & Poor’s Financial Services LLC, and have been licensed for use by India Index Services & Products Limited in connection with the S&P CNX Nifty Index.
Neither IISL nor S&P and its affiliates makes any representation or warranty, express or implied (including warranties of merchantability or fitness for particular purpose or use) to the owners of aforesaid schemes or any member of the public regarding the advisability of investing in securities generally or in aforesaid schemes linked to S&P CNX Nifty Index or particularly in the ability of the said Index to track general stock market performance in India”.