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KARVY’s
January, 2018
INVESTOR JOURNAL
www.karvyvalue.com
What’s Inside
KARVY’sINVESTOR JOURNAL
Fund of the MonthFRANKLIN BUILD INDIA FUND(G)
An open-end growth scheme withthe objective of long term growth of capital...January, 2018
Page 04
Market ReviewPage 01
Karvy Investment InsightPage 03
Fund of The MonthPage 05
Readers CornerPage 06
AMC CornerPage 07
Story of The MonthPage 09
SIP PerformancePage 10
Category Average ReturnsPage 11
Fixed Deposits SchemesPage 12
Equity Funds PerformancePage 13
Debt Funds PerformancePage 14
Global Markets at a GlancePage 15
Indices WatchPage 16
Highlights of the Month » In the monetary policy review this month, RBI left the key rates
unchanged, repo rate at 6% and reverse repo at 5.75%.
» Insurance regulator IRDA allowed private equity investment funds to invest in insurance companies through special purpose vehicles with a lock in of 5 years if they come in as promoters. As an investor a fund can invest up to 10% of paid up capital of an insurance company.
» The Employees’ Provident Fund Organisation (EPFO) last month announced that it would credit exchange traded fund (ETF) units in the provident fund account of subscribers. This means, the equity component of your EPF money will get unitized and you will not only be able to track your EPF investments in equities but also realise the gains from the stock market at the time of withdrawal.
» IDFC Mutual Fund is the latest fund house to join the ranks of those which have restricted heavy lump-sum investments in their funds. It has limited lump-sum investment in IDFC Focused Equity Fund to Rs 2 lakh a day. Similar restrictions have been imposed in the recent past in other funds: DSP BlackRock Micro Cap, Edelweiss Tax Advantage, L&T Emerging Businesses, and SBI Small and Midcap Fund.
» In the revised circular of Mutual fund guidelines, Sebi prescribed that for equity funds, the market capitalization for the previous six months would be considered.
» In addition, for medium and medium-to-long term debt funds, the fund manager is now allowed to reduce the fund duration by one year if there are adverse interest rate movements. Fund houses have been asked to specify asset allocation in case of such adverse situations in their offer documents.
» The circular also clarified that a corporate bond fund can invest only in AA+ and higher-rated instruments while credit risk fund can invest in AA and lower rated securities.
» The board of HDFC Asset Management Co Ltd on November 30th gave its approval to begin the process for launching an initial public offering (IPO) of India’s second-biggest mutual fund manager by assets. Standard Life Aberdeen Plc and mortgage lender Housing Development Finance Corp Ltd will own a minimum 24.99 per cent and 50.01 percent, respectively, in HDFC AMC post IPO, subject to regulatory approvals.
» In contrast, gold ETFs continued to see net outflow of Rs 89 crore.
INVESTOR JOURNALJanuary, 2018
Market Review
The Indian market has rallied to be one of the top performing ones in the world in 2017. The reasons were several - easy availability of money globally, India’s improving economic fundamentals, the government’s demonstration of its serious intent for economic reforms, signs of a turnaround in corporate earnings and state poll results favoring the ruling BJP-led alliance.
The Sensex closed with a 28% gain at while the Nifty was up 29% . According to market experts, the introduction of GST and the Insolvency & Bankruptcy Code (IBC) were the most significant moves by the government. And the emergence of the domestic mutual fund industry as a strong counterbalance to foreign funds was an important shift in the country’s financial space.
It was also the year when real estate stocks made a strong comeback, while pharma stocks - considered by many as a defensive bet - lost substantial ground.
It Should be pointed out that 2018 may not be as smooth as 2017. Already there are increasing macro concerns like growing fiscal deficit and government’s higher borrowing at a time when its revenue collections are faltering, crude oil prices are rallying and inflation is rising. Let’s hope for the best!!!
1.Foreign Trade: India registered a
merchandise trade deficit of USD 13.83
billion in Nov’17 against USD 13.40
billion in Nov’16. It is increasing by
3.24% on Y-o-Y basis.
On an M-o-M basis however, the trade deficit contracted by 1.35% from USD 14.02 billion recorded in Oct’17.
The country’s merchandise exports was reported at USD 26.20 billion in Nov’17 as against USD 20.07 billion recorded in Nov’16, recording an impressive surge of 30.55% Y-o-Y.
Non-petroleum exports constituting around 86% of the total exports, stood at USD 22.61 billion, recording a Y-o-Y growth of 28.42% in Nov’17.
Petroleum exports saw a Y-o-Y growth of 45.71% in Nov’17 with exports worth USD 3.59 billion against USD 2.46 billion in Nov’16. o The country witnessed an improvement in exports during the month of November across the various segments of engineering goods, Gems & Jewellery, Organic & Inorganic Chemicals and Drugs & Pharmaceuticals
among others.
2.Inflation:
Reflecting upward pressures to commodity prices, wholesale inflation quickened to 3.93% in Nov-17 as against 3.59% in Oct-17. Acceleration in food prices significantly contributed to this inflationary bias, supported however by a favorable statistical base. WPI stands at 2.72% for FYTD18 as compared to 3.85% in the corresponding period in the previous year.
Coming in significantly higher than expectations, headline CPI for Nov-17 printed at 4.88% as pricing pressures from most components show no signs of easing. Not only did the food and fuel components surprise on the upside but broad based inflationary pressures
were observed across all components.
Core inflation, however, stood 31 bps higher at 4.86% compared to 4.55% as implementation of HRA under the 7th CPC continued to impact housing prices.
3.Index of Industrial Production (IIP):
Industrial production as measured by IIP saw some moderation standing at 2.2% in Oct-17 as compared to 4.2% in Sep-17. Strong growth impulses emanating from the mining sector aided despite the sequential contraction observed in both manufacturing and electricity sectors. We believe that this growth in these latter sectors will experience a rebound going forward as teething
problems associated with GST ease.
Among the BSE sectoral indices, S&P BSE Health Care Index 5.87%, S&P BSE METAL Index5.77%, were the gainers while S&P BSE BANKEX Index and S&P BSE PSU Index were at 0.70% and 0.72% were on the lowest side.
Amongst the NSE Sector indices, NIFTY PSU BANK Index -2.31%, NIFTY BANK Index 0.65% were the losers where as NIFTY AUTO Index 5.42% NIFTY MNC Index 6.85% were the on the higher side.
It was a low month for the major Asian Indices as Hangseng, Taiwan, Nikkei 225 ended by .065% and -1.31%, 0.74%.
All major European indices ended in positive territory with BEL-20 & FTSE 100 going up by 0.03% and 3.78%.
Apart from FII and MF activity, Key domestic data released in the month of December were:
1
INVESTOR JOURNALJanuary, 2018
S&P BSE SENSEXDate Close Price Points Diff %age Change
30-Nov-17 33,149.35
4-Dec-17 32,869.72 -279.63 -0.84%
7-Dec-17 32,949.21 79.49 0.24%
15-Dec-17 33,462.97 513.76 1.56%
21-Dec-17 33,756.28 293.31 0.88%
28-Dec-17 33,911.81 155.53 0.46%
2.30%
CNX Nifty IndexDate Close Price Points Diff %age Change
30-Nov-17 10,226.55
4-Dec-17 10,127.75 -98.80 -0.97%
7-Dec-17 10,166.70 38.95 0.38%
15-Dec-17 10,333.25 166.55 1.64%
21-Dec-17 10,440.30 107.05 1.04%
28-Dec-17 10,490.75 50.45 0.48%
2.58%
Sensex & Nifty:
MF Activity: (Month Between 01-Dec-2017 to 21-Dec-2017)
EquityDate Gross Purchase (Cr.) Gross Sale (Cr.) Net (Cr.)
1-Dec-17 1,867.73 1,692.69 175.04
8-Dec-17 3,119.42 2,255.04 864.38
14-Dec-17 2,908.25 2,716.77 191.48
20-Dec-17 3,717.38 3,236.17 481.21
21-Dec-17 3,719.87 2,707.82 1012.05
Dec-18 43,520.51 37,406.80 6,113.71
DebtDate Gross Purchase (Cr.) Gross Sale (Cr.) Net (Cr.)
1-Dec-17 5.48 106.58 -101.1
8-Dec-17 8299.63 5,264.41 3035.22
14-Dec-17 8,796.67 9,201.10 -404.43
20-Dec-17 8,750.09 8,456.12 293.97
21-Dec-17 7133.78 8333.18 -1199.4
Dec-18 1,13,820.54 91,408.32 22,412.22
2
FII Activity: (Month Between 04-Dec-2017 to 26-Dec-2017)
EquityDate Gross Purchase (Cr.) Gross Sale (Cr.) Net (Cr.)
4-Dec-17 4,259.38 4,255.53 3.85
11-Dec-17 4,897.42 5,033.63 -136.21
18-Dec-17 4,984.26 4,866.07 118.19
26-Dec-17 3,605.63 2,351.22 1254.41
Dec-18 97,404.95 1,02,685.03 -5280.08
DebtDate Gross Purchase (Cr.) Gross Sale (Cr.) Net (Cr.)
4-Dec-17 876.14 884.31 -8.17
11-Dec-17 1,457.24 776.66 680.58
18-Dec-17 856.83 143.00 713.83
26-Dec-17 1,680.77 1,655.82 24.95
Dec-18 20,744.47 18,220.88 2523.59
-----------------------------------------------------------------------------------------------------------------------------------------------------------Source : stcipd.com
INVESTOR JOURNALJanuary, 2018
12
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INVESTOR JOURNALJanuary, 2018
Karvy Investment Insight
Peace of mind and Wealth Creation ideas for long term
Karvy Insights brings to you investment wisdom to help our investors make sound investment decisions and reach their goals faster. These inputs may not help you become wealthy in a short span of time, but they would definitely give you peace of mind and a roadmap for your financial journey.
Mutual Funds Risk ProfilingMutual fund advertisements carry a disclosure on risks. Mutual fund schemes were labeled as blue (low risk), yellow (medium risk) and brown (high risk). Ever wonder why? These are indicators that help investors take decisions in line with their risk profile and investment objectives.
The Association of Mutual Funds of India has issued broad guidelines to mutual funds to classify the risk profile of funds as follows:
The mutual fund universe is huge and, hence, investors can use the new riskometer to choose schemes which are in sync with their risk appetite. The riskometer will be particularly useful to investors who are new to the world of mutual funds. In addition, investors are advised to consult their financial advisor and check other criteria such as portfolio attributes and performance parameters before investing.
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INVESTOR JOURNALJanuary, 2018
Karvy Investment Insight
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INVESTOR JOURNALJanuary, 2018
5
Amazing! With 150 cr gigabytes per month of mobile data consumption India is now
world’s no 1 mobile data consuming country. It’s mobile data consumption is higher than USA & China’s mobile data
consumption put together.
- Amitabh Kant@amitabhk87
When will equity markets correct - is the
question most investors ask To invest at new highs is not
an easy task Wonder why the urge to do timing When you have an
asset class shining Consider staggered investing To obviate need for
market timing.
- Lakshmi Iyer @Lakshmi1876
Link your SIP to specific financial goal - Let it be “Specific
Investment Plan.” Also do it sincerely “Sincere Investment Plan.” It will then turn out to be “Superb
Investment Plan.”
- Gaurav Mashruwala@GMashruwala
‘Tweets’ of the Month
Fund of The Month
FRANKLIN BUILD INDIA FUND(G)
Investment Objective:
To achieve capital appreciation through investments in companies engaged either directly or indirectly in infrastructure-related activities.
Portfolio:
Top 10 Companies Holdings
Name %age
State Bank Of India 8.7
HDFC Bank Ltd. 8.2
ICICI Bank Ltd. 7.8
Axis Bank Ltd. 7.4
Bharti Airtel Ltd. 4.6
Whirlpool Of India Ltd. 4.3
Indian Oil Corporation Ltd. 3.8
Tata Motors - DVR Ordinary 3.8
NTPC Ltd. 3.4
Idea Cellular Ltd. 3.2
Top 10 Sector Wise Holding
Industry Name (%)
Bank - Private 23.4
Bank - Public 10.3
Telecommunication - Service Provider 7.8
Other 7.3
Refineries 6.1
Bearings 4.5
Pharmaceuticals & Drugs 4.4
Consumer Durables - Domestic Appliances 4.3
Automobiles-Trucks/Lcv 3.8
Power Generation/Distribution 3.4
To read the full Information, Click Here
About Performance of the Scheme:
Franklin build India is a thematic fund, focusing on infrastructure and infra related sectors. The main focus of the fund is on sector stocks not on cyclical...
Indicates an increase or decrease or no change in holding since last profile. Indicates an increase or decrease in holding since last portfolio.
When savers move money from debt to equity since debt is risky
in rising interest rates we are in bubble territory. Savers need to be alert.
- Uday Kotak@udaykotak
INVEST HERE
INVESTOR JOURNALJanuary, 2018
Readers Corner
6
FIVE FACTS ABOUT DEBT MARKET NOT TO MISS OUT
Debt mutual funds invest in debt or fixed income securities. So, what are these securities and what is the significance of them? Here are five important facts on debt markets in India.
1. What is the Debt Market?
The Debt Market is the market where fixed income securities of various types and features are issued and traded. Debt Markets are therefore, markets for fixed income securities issued by Central and State Governments, Municipal Corporations, Govt. bodies and commercial entities like Financial Institutions, Banks, Public Sector Units, Public Ltd. companies and also structured finance instruments.
2. What is the Money Market?
The Money Market is basically concerned with the issue and trading of securities with short term maturities or quasi-money instruments. The Instruments traded in the money-market are Treasury Bills, Certificates of Deposits (CDs), Commercial Paper (CPs), Bills of Exchange and other such instruments of short-term maturities (i.e. not exceeding 1 year with regard to the original maturity).
3. Why should one invest in fixed income securities?
Fixed Income securities offer a predictable stream of payments by way of interest and repayment of principal at the maturity of the instrument. The debt securities are issued by the eligible entities against the moneys borrowed by them from the investors in these instruments. Therefore, most debt securities carry a fixed charge on the assets of the entity and generally enjoy a reasonable degree of safety by way of the security of the fixed and/or movable assets of the company.
The investors benefit by investing in fixed income securities as they preserve and increase their invested...
To read the full Article, Click Here
INVESTOR JOURNALJanuary, 2018
AMC Corner
7
Person of the year 2017
Like every year, there were several contenders.
North Korea’s ‘little rocket man’ can take it easy as Trump, America’s Twitter-in-chief is likely to be occupied with his real agenda on Tehran, Trade and Tax for some time. The pace of hiring and firing makes the White House look like an AirBNB guest house. The costliest guest for Trump could be Special Counsel Mueller investigating Russian involvement in elections. Steve Bannon may be out, the Bannonism lives on. The Americans witnessed a total solar eclipse but the Charlottesville videos were a lot darker. May Jerusalem send the true spirit of holy messages from all religions to United States of Amnesia. That would truly make America great again.
Jacob Zuma and the Mugabe couple’s long honeymoon with power is reaching an end. A classic case of how politician corrupted by cronies can convert a great African safari into a Jungle-Raj.
Crude oil gave a rude shock to those writing obituaries on fossil fuel. Demand grew while Saudi Prince’s determination to arrest OPEC supply as well as other oligarchs fueled the rally. Support of Putin’s Kremlin, Shale producers and geopolitical risks could add more steam.
I thought of the great global equity rally. Risk assets rode high on a concoction of synchronized growth sans inflation, continuing central back largesse and creative stories like a new technological renaissance. No price is considered high enough for FAANG stocks in US or TATS, their Asian equivalents. ETF managers are the new Lords of the Ring. I will now bet on surviving active managers. Dear Warren Buffet, another bet?
Why not Bitcoin? Yes, blockchain technology has massive potential but what stops virtual miners from creating unlimited types of limited edition chit-coin, kit-coin or s*it-coin. What’s in a name? A coin by any other name would sell as sweet. Don’t ask Da Vinci to solve this code, he is busy in heaven painting another $450 million piece.
Jerome Powell may continue to yell dovishly like Yellen, but is well advised to cap the well of liquidity. Other central banks should pay heed. Ballooning asset prices and technological shifts are creating riches for a privileged few while stagnating real income growth for the majority. Divide can make Ed Sheeran a popular star but economic divide will turn popular tide against policy makers. I thought of Xi Jinping, the most powerful leader in China’s recent history. Whether it’s crackdown on pollution, corruption and shadow banking, naval expansion in the South China Sea, One Belt-One Road project or progress in scientific research, the world underestimates China’s ambitions. China is more than willing and working hard to occupy the space vacated by US as the prominent super power. Only time will tell whether it rises on top or crumbles under its debt burden.
Cristiano Ronaldo and Usain Bolt deserve accolades but Roger Federer mesmerized us. What a comeback! With his perfection, agility and calmness, he looked like a meditator on the court. I am looking forward to the Tokyo Olympics as a gracefully aging Japan welcomes us with young robots. Mrs. Watanabe can cheer with Abenomics bringing a cherry blossom of rising growth and stock prices.
Modi’s India cheered Ranking fall (ease of doing business) and Rating rise (Moody’s). The midnight launch of GST is India’s another ‘tryst with destiny’. Hopefully, next year if Gabbar Singh asks “Kitne Tax dete hai”, Kaalia’s answer would be ‘Sarkar, everyone.’ Rahul (RG) had a Hardik desire to win Gujarat. His prayers did ring bells, but couldn’t stop Modi’s chariot reaching the assembly. Yogi is the Nath (lord) of UP, a state with 200 million inhabitants, as
Mr. Navneet MunotCIO - SBI Funds Management Private Limited
INVESTOR JOURNALJanuary, 2018
AMC Corner
8
Person of the year 2017
large as Brazil. The Supreme Court Single-mindedly supported women, set aside Double standards and banned Triple talaaq.
I salute the Indian scientists who discovered a new supercluster, Saraswati, some 4000 million light years away. May the force be with these Jedi knights, the real Guardians of our galaxy. Fake Godmen like Gurmeet saw their stars waning.
Indian Investors are SIPping mutual funds while sapping their connection with real estate and gold. Hope the funds and expectations remain “balanced”. Insurers claimed a hefty equity gain from primary markets. Retail lenders had a wholesome time. Bankers were empowered to deal with bad loans and showered with recap bonds to make good loans next year.
If ‘data’ is the new oil, India can create the biggest OPEC - Open Platform for Entrepreneurs and Civil society. Aadhar will be the Aadhar (foundation) of India’s high-rise in a digitalized world. A billion plus connected citizens can transform India from a ‘data poor’ to the most ‘data rich’ society. Of course, we must protect against cyber-risks like ‘wannacry’, if we wanna try to drill the deepest well. If this data is public property, then it should primarily be used for collective prosperity. We will only be constrained by our imagination.
Harvey Hurricane, Mexican earthquake and floods across the world reminded us the inconvenient truth of climate-change. Wildfires raged across California, while the Supreme Court doused fireworks to ease Delhi’s pollution chamber. Despite getting trumped by US, Bonn COP23 summit promised to power past coal and contain emissions ‘further, faster and together’. We need much more sparks of innovation.
The world may be more prosperous but humanity is facing immense challenges like climate change, inequality and technological disruptions. Amidst deteriorating political discourse and unimaginative policymaking, a breed of entrepreneurs are striving to tunnel alternative solutions. Elon Musk is one such visionary. This immigrant entrepreneur’s batteries are always super-charged with innovative ideas like Hyperloop, electric trucks, Open AI and Neuralink. He shows strands of Nicola Tesla and Thomas Edison. His views on potential of artificial intelligence vs. our natural irrationality are worthy of deeper debate. Tesla’s Model-S may not be the eventual leader in the EV race, the stock may perhaps crash, SpaceX may succumb to financial strains but hopefully Elon’s legacy as an intrepid innovator and dreamer will inspire future generations of entrepreneurs. The sheer ingenuity to change the world (and beyond) makes Elon Musk my ‘Person of the year’. A Standing Innovation!
Navneet Munot
CIO - SBI Funds Management Private Limited
INVESTOR JOURNALJanuary, 2018
Story of The Month
Once a Master had a dog who used to play every evening with the Master. The Master used to throw a stick and the dog would fetch it and bring it back. The same game was played with a ball too.
One particular evening, the Master invited his students to join him. He wanted to teach them a lesson on learning the importance of words only being guideposts.
Master said, “You must understand that words which are used to teach you are just guideposts. Let me demonstrate...”
With this the teacher called his dog and pointing to the moon said,
“Fetch me the moon!”
VISION TO ACHIEVE GOALS
He asked his students “Tell me where my dog is looking?”
One student answered, “He is looking at the moon”.
The Master said to observe carefully.
On careful observation, another student answered, “He is looking at your finger”.
Master looked at the students and said, “Exactly! Do not get confused with the pointing finger and what is being pointed at. You need to understand that every word and sign is only a guidepost to your ultimate goal!”
MORAL OF THE STORY:
Courtesy : Karvy Learning Center
Direct Dil Se…
9
To succeed in your mission you must have a single minded devotion to your goal. The more clear you are about what you want, the more
likely you are to achieve it.
INVESTOR JOURNALJanuary, 2018
SIP Performance
S&P BSE SENSEXCurrent NAV (`)
3 Year SIP 5 Year SIP
Rs.36000 Rs.60000
Profit-SIP XIRR(%) Profit-SIP XIRR(%)
Large Cap
IDFC Focused Equity Fund-Reg(G) 40.41 15206.53 24.44 37283.68 19.48
ICICI Pru Indo Asia Equity Fund(G) 30.41 14164.08 22.94 43415.17 22.02
Reliance Growth Fund(G) 1191.51 13550.43 22.03 45602.96 22.88
Axis Focused 25 Fund(G) 26.34 13357.42 21.75 39465.43 20.40
Templeton India Growth Fund(G) 278.26 13168.16 21.47 40260.23 20.73
Multi Cap
Aditya Birla SL Pure Value Fund(G) 67.20 19407.97 30.31 72674.41 32.51
SBI Magnum Comma Fund-Reg(G) 41.69 18112.11 28.53 44946.17 22.62
MOSt Focused Multicap 35 Fund-Reg(G) 27.26 14880.06 23.97 0.00 0.00
L&T India Value Fund-Reg(G) 38.83 14856.91 23.93 58627.49 27.76
Principal Growth Fund(G) 150.82 15897.14 25.42 48883.27 24.16
Mid Cap & Small Cap
Aditya Birla SL Small & Midcap Fund(G) 44.68 20605.74 31.93 72183.15 32.35
L&T Midcap Fund-Reg(G) 150.18 18654.72 29.28 71741.51 32.21
Mirae Asset Emerging Bluechip-Reg(G) 52.80 18475.45 29.03 75179.38 33.31
SBI Small & Midcap Fund-Reg(G) 62.60 27571.79 40.93 233915.02 39.95
Reliance Small Cap Fund(G) 47.45 23260.63 35.44 93268.57 38.74
ELSS
Principal Tax Savings Fund 222.10 15837.52 25.34 48752.34 24.11
IDFC Tax Advt(ELSS) Fund-Reg(G) 59.28 15097.00 24.28 48062.41 23.84
Reliance Tax Saver (ELSS) Fund(G) 68.60 14126.90 22.88 52152.14 25.40
L&T Tax Saver Fund(G) 39.47 14067.52 22.79 46182.68 23.11
Aditya Birla SL Tax Relief '96(G) 32.31 13949.60 22.62 49326.61 24.33
Sector
DSPBR Natural Res & New Energy Fund-Reg(G) 36.96 24066.25 36.50 67198.16 30.72
L&T Infrastructure Fund-Reg(G) 18.92 20579.45 31.90 65387.19 30.10
IDFC Infrastructure-Reg(G) 19.68 20254.32 31.46 52718.07 25.61
Reliance Diver Power Sector Fund(G) 121.99 18225.26 28.69 49046.60 24.22
Sundaram Infra Advantage Fund(G) 39.38 16711.45 26.58 50284.67 24.69
Index
ICICI Pru Nifty Next 50 Index Fund(G) 27.13 14963.54 24.09 47040.86 23.45
IDBI Nifty Junior Index Fund(G) 23.27 14065.59 22.79 44343.79 22.39
HDFC Index Fund-Sensex Plus(G) 465.65 8978.15 15.11 25801.23 14.34
UTI Nifty Index Fund(G) 67.41 8526.56 14.40 24559.05 13.74
IDFC Nifty Fund-Reg(G) 21.33 8416.28 14.22 24483.86 13.71
As on 28th Dec’17 (Funds have been arranged on 3 years performance)
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Source : ACE MF
INVESTOR JOURNALJanuary, 2018
Category Average Returns
Category Sub Category1 Week Return
1 Month Return
3 Month Return
6 Month Return
1 Year Return
3 Year Return
5 Year Return
Since Inception
Diversified
Large-cap 32.02 20.67 39.53 26.58 35.78 14.32 22.42 44.71
Mid-cap 57.38 38.25 57.93 35.98 47.35 22.36 41.31 51.06
Multi-cap 47.51 31.20 46.54 31.35 40.05 16.56 27.14 62.47
Small-cap 73.96 65.62 77.81 43.54 56.81 28.27 58.81 41.31
Sector Funds
Banks & Financial Services 4.59 -3.62 27.08 19.52 43.45 15.46 20.97 48.38
Energy & Power 83.55 31.19 44.63 40.42 47.64 25.36 29.21 39.92
FMCG -8.67 30.55 58.19 29.18 47.80 18.49 24.40 93.73
Infrastructure 90.47 42.42 67.67 43.49 50.10 18.36 25.76 22.55
Media & Entertainment 90.43 48.63 73.38 25.11 26.36 10.86 16.28 45.49
Pharma & Health Care 140.24 54.83 49.09 18.13 7.38 4.73 21.33 60.43
Service Industry 59.22 31.81 45.60 27.89 32.93 16.16 43.38 41.10
TECk 93.84 37.87 59.24 34.43 19.39 7.00 26.05 40.85
Speciality
Contra 64.36 43.09 63.43 38.85 45.54 18.13 28.76 99.14
Dividend Yield 53.99 29.43 43.31 28.80 38.67 14.55 22.04 50.21
Index - Nifty 26.53 12.80 33.01 22.54 32.85 11.23 17.84 32.81
Index - Sensex 21.14 6.56 35.87 19.95 30.12 8.84 15.84 78.85
MNC 48.87 71.61 57.68 35.89 40.20 18.37 36.97 120.53
Equity Exchange Traded Funds 23.29 9.58 38.54 24.15 33.33 9.67 12.67 13.93
Equity Linked Savings Scheme 42.61 33.64 49.31 31.15 40.45 14.22 18.47 19.00
Arbitrage Funds
Debt-Oriented 7.60 1.20 4.07 4.08 9.19 7.39 8.16 8.00
Equity-Oriented 2.19 7.39 7.50 6.50 6.18 7.03 8.54 9.09
Asset Allocation 18.90 4.46 11.82 9.16 15.22 7.06 7.27 9.27
Balanced Funds
Debt-Oriented 6.50 4.94 13.26 9.86 12.55 6.86 13.17 12.52
Equity-Oriented 27.98 16.40 28.53 19.40 26.15 12.23 20.71 51.22
Category Capital Protection Funds 0.56 3.90 8.93 7.39 9.55 7.11 7.76 7.11
Monthly Income Plans 5.46 4.87 9.87 8.24 11.06 8.91 9.98 9.13
Fund Of Funds
Debt-Oriented 3.83 1.35 7.68 7.13 11.24 9.64 11.88 15.13
Equity-Oriented 12.51 9.38 17.75 13.37 22.43 12.92 19.34 29.24
Hybrid-Oriented 16.92 9.38 16.11 12.94 17.94 10.68 13.62 20.94
Gold - FOF 87.85 -20.66 -12.40 0.11 2.57 1.09 -2.80 -0.17
Gold Exchange Traded Funds 74.33 -21.97 -13.67 0.21 3.84 1.57 -2.06 3.88
Income
Long Term -3.16 -2.69 -0.38 1.77 4.51 8.21 9.51 14.20
Medium Term -1.77 -0.45 2.23 3.98 6.28 8.95 10.33 11.33
Short Term -1.41 0.49 3.07 4.84 6.05 8.52 9.89 11.70
Gilt
Long Term -4.39 -6.43 -5.13 -2.47 3.38 9.01 10.55 16.27
Medium Term -3.86 -4.00 -2.14 0.34 3.09 7.96 9.50 10.97
Short Term -5.61 -0.84 2.26 4.28 5.89 9.03 10.00 12.57
Floating Rate
Long Term Floating Rate -2.23 -0.68 2.57 4.65 6.29 9.08 9.98 12.20
Med Term Floating Rate -0.07 0.19 1.11 3.57 5.36 8.62 8.59 7.85
Short Term Floating Rate 2.27 3.57 5.19 6.10 6.81 8.66 10.06 12.11
Speciality-Debt
Interval Funds - Half Yrly 5.43 5.67 6.20 6.48 6.93 8.18 9.51 11.77
Interval Funds - Monthly 6.22 6.04 6.09 6.20 6.36 7.74 9.28 11.72
Interval Funds - Quarterly 6.16 6.09 6.13 6.24 6.49 7.84 9.43 11.89
Interval Funds - Yearly 5.09 5.37 6.08 6.44 6.77 8.39 9.88 9.97
Liquid 6.20 6.11 6.15 6.35 6.32 7.27 7.94 7.41
Ultra Short Term Plan 2.43 3.61 5.12 6.05 6.45 7.66 8.25 7.55
Returns are as on 28th Dec’1711
Source : ACE MF
INVESTOR JOURNALJanuary, 2018
Fixed Deposits Schemes
FD Name Rating IndustryInterest Rate
* (Up to)
Bajaj Finance Ltd.FAAA by CRISILICRA MAAA
Bajaj Finserv is the most diversifed non-bank in the country, the largest financier of consumer durables in India and one of the most profitable firms in the category.
8.10%
DHFL Aashray DepositPlus
CARE AAA FD, BWR FAAA
Dewan Housing Finance Ltd (DHFL) is the second housing finance company to be set up in the private sector in India.
8.25%
Gruh Finance Ltd.MAAA by ICRA, FAAAby CRISIL
GRUH Finance Ltd is subsidiary of HDFC Ltd is housing finance company (HFC) recognized by National Housing Bank.
7.50%
HDFC Ltd.FAAA by CRISIL, MAAA by ICRA
A pioneer and leader in housing finance in India, since inception, HDFC has assisted more than 4.9 million customers to own a home of their own. HDFC is the Largest mobiliser of public deposits outside the banking system and the HDFC Group has a strong asset base of over Rs.2.97 trillion and a customer base of over 42.5 million.
7.80%
HUDCO‘tAA+(ind)’ by FITCH, ‘CARE AA+(FD)’ by CARE
HUDCO is a premier techno-financing company set up in 1970 by the Government of India to accelerate the pace of housing and urban development in the country.
7.25%
ICICI Home Finance Ltd
CARE FAAA, ICRA MAAA
ICICI Home Finance Company Limited is one of the leaders in the Indian mortgage finance and realty space.
7.75%
LIC Housing Finance Ltd.
FAAA / STABLE by CRISIL
One of India’s largest housing finance companies, having nation-wide network. Consistent record of dividend payments.
7.70%
Mahindra & Mahindra Financial Services Ltd
CRISIL FAAAMahindra and Mahindra Financial Services Limited (MMFSL) commenced its journey two decades back in the rural non-banking finance industry.
7.80%
PNB Housing Finance Ltd.
FAAA by CRISILPNB Housing Finance (PNBHF) is a subsidiary of Punjab National Bank and a partner of Destimoney Enterprises Pvt. Ltd. PNBHF was incorporated in 1988 and is based in New Delhi.
7.65%
Shriram City Union Finance Ltd.
IND +AA- CARE AA FD
As a deposit-accepting non-banking financial company (NBFC), Shriram City is today India’s premier financial services company specializing in retail finance.
8.25%
Shriram Unnati Deposits
FAAA/Stable by CRISIL, MAA+/Stable by ICRA
With a track record of about 30 years in this business, STFC is among the leading organized finance provider for the commercial vehicle industry
8.25%
Sundaram Home Finance Ltd.
ICRA MAA+Sundaram BNP Paribas Home Finance combines its expertise in Home Finance with the Service Orientiation of its promoter Sundaram Finance.
8.25%
* highest rate including additional interest for Senior citizens, employees etc. wherever applicable
12
INVESTOR JOURNALJanuary, 2018
Equity Funds Performance
Scheme NameLatest
NAV (`)
Absolute CAGR
1 Year 3 Year 5 YearSINCE
INCEPTION
Diversified
SBI Small & Midcap Fund-Reg(G) 62.77 80.52 32.45 37.98 24.80
L&T Emerging Businesses Fund-Reg(G) 28.53 67.09 28.42 33.63
Reliance Small Cap Fund(G) 47.45 65.34 26.61 34.54 23.88
Aditya Birla SL Small & Midcap Fund(G) 44.47 58.91 25.67 27.96 15.03
DSPBR Micro-Cap Fund-Reg(G) 70.38 43.52 25.48 32.48 20.36
ELSS
Tata India Tax Savings Fund-Reg(G) 18.42 48.02 19.85 21.08
IDFC Tax Advt(ELSS) Fund-Reg(G) 59.26 54.98 19.04 21.81 21.88
Aditya Birla SL Tax Relief '96(G) 32.21 46.09 18.33 22.40 12.83
L&T Tax Saver Fund(G) 39.54 40.89 18.29 21.07 12.03
Principal Tax Savings Fund 222.58 51.26 18.25 21.52 17.54
Sector
DSPBR Natural Res & New Energy Fund-Reg(G) 36.96 45.67 26.82 14.48
Aditya Birla SL Banking & Financial Services Fund-Reg(G) 28.20 52.06 20.46 29.38
L&T Infrastructure Fund-Reg(G) 18.91 62.26 24.06 23.82 6.42
ICICI Pru Banking & Fin Serv Fund(G) 61.40 48.76 18.41 22.23 21.45
IDFC Infrastructure-Reg(G) 19.66 60.18 21.33 17.80 10.45
Dividend Yield
BNP Paribas Dividend Yield Fund(G) 50.23 44.21 16.32 19.86 14.05
ICICI Pru Dividend Yield Equity Fund(G) 18.57 42.39 14.27 18.73
Principal Dividend Yield Fund(G) 54.47 49.17 15.29 16.14 13.71
Tata Dividend Yield Fund(G) 78.39 29.08 12.34 16.34 17.03
Aditya Birla SL Dividend Yield Plus(G) 183.67 34.48 9.47 14.64 21.61
Global
MOSt Shares NASDAQ-100 ETF 407.68 22.38 14.73 22.75 22.61
Franklin Asian Equity Fund(G) 22.09 36.37 11.33 11.14 8.30
Reliance ETF Hang Seng BeES 2915.60 31.19 10.80 11.32 11.61
Aditya Birla SL Intl. Equity Fund-B(G) 18.19 13.57 3.32 8.61 6.07
Kotak US Equity Fund(G) 14.80 12.12 8.13 10.27
Equity Index
HDFC Index Fund-Nifty(G)(Post Addendum) 93.99 32.04 9.57 13.20 15.37
HDFC Index Fund-Sensex Plus(G) 465.70 32.80 9.49 13.56 28.24
ICICI Pru Nifty Next 50 Index Fund(G) 27.15 48.54 19.48 20.50 14.25
IDBI Nifty Junior Index Fund(G) 23.28 46.39 18.49 19.62 12.35
UTI Nifty Index Fund(G) 67.42 32.23 9.59 13.02 11.31
Equity FOF
Aditya Birla SL Financial Planning FOF Aggressive Plan(G) 22.41 28.05 12.86 14.78 12.95
ICICI Pru Very Aggressive(G) 69.32 19.87 12.11 12.33 14.81
Aditya Birla SL Asset Allocator Multi FoF(G) 28.22 19.06 12.08 14.27 9.56
ICICI Pru Long Term Savings Plan(G) 61.86 21.32 10.50 11.87 13.88
DSPBR US Flexible Equity Fund-Reg(G) 22.18 14.60 9.20 15.93
(Funds has been arranged on the basis of 3 years performance)13
Source : ACE MF
INVESTOR JOURNALJanuary, 2018
Debt Funds Performance
Scheme NameLatest
NAV (`)
Absolute CAGR
1 Year 3 Year 5 YearSINCE
INCEPTION
Gilt Funds
SBI Magnum Gilt-LTP-Reg(G) 4277.80 4.57 9.46 10.84 8.19
Canara Rob Gilt PGS-Reg(G) 3325.15 3.76 9.26 9.62 9.06
Reliance Gilt Securities Fund(G) 3879.95 4.08 9.13 9.74 9.12
ICICI Pru Gilt-Invest-PF(G) 3858.05 4.03 9.12 9.66 9.18
Aditya Birla SL Gilt Plus-PF(G) 3423.70 4.89 9.11 10.06 8.99
Income
Franklin India Dynamic Accrual Fund(G) 60.08 8.56 9.75 9.15 9.00
DHFL Pramerica Credit Opp Fund-Reg(G) 13.52 7.36 9.44 9.78
ICICI Pru Long Term Plan(G) 21.29 5.42 9.40 11.25 10.00
Aditya Birla SL Medium Term Fund(G) 21.57 7.18 9.20 9.95 9.18
Reliance Corporate Bond Fund(G) 13.78 7.04 9.11 9.62
Scheme NameLatest
NAV (`)
Absolute CAGR
1 Year 3 Year 5 YearSINCE
INCEPTION
Balanced
Principal Balanced Fund(G) 76.23 37.87 16.12 17.57 11.98
Reliance Reg Savings Fund-Balanced Option(G) 55.46 31.18 14.21 16.97 14.63
L&T India Prudence Fund-Reg(G) 26.44 29.04 14.07 18.41 15.18
ICICI Pru Balanced Fund(G) 130.61 26.76 13.86 18.82 15.21
DSPBR Balanced Fund-Reg(G) 150.94 29.25 13.86 16.19 15.72
MIP
Aditya Birla SL MIP II-Wealth 25(G) 39.14 16.55 11.79 13.62 10.56
ICICI Pru MIP 25(G) 39.48 14.11 10.49 11.77 10.51
SBI Magnum MIP(G) 38.32 9.18 10.07 10.31 8.35
UTI MIS Adv Plan(G) 39.05 13.19 9.71 11.19 10.20
HDFC MIP-LTP(G) 44.46 11.61 9.54 11.18 11.25
Arbitrage
Reliance Arbitrage Advantage Fund(G) 17.45 5.69 6.82 7.56 8.05
DHFL Pramerica Arbitrage Fund-Reg(G) 12.45 5.98 6.75 6.83
L&T Arbitrage Opp Fund-Reg(G) 12.59 5.92 6.75 6.85
ICICI Pru Equity-Arbitrage Fund(G) 22.63 5.64 6.70 7.66 7.72
Aditya Birla SL Enhanced Arbitrage Fund(G) 17.58 5.69 6.67 7.48 6.93
Gold-FOF
ICICI Pru Regular Gold Savings Fund(G) 48.05 -1.92 3.25 1.51 -0.24
Reliance Gold Savings Fund(G) 698.52 -1.56 3.02 1.08 3.06
HDFC Gold Fund(G) 226.72 -1.01 2.36 1.29 -0.83
IDBI Gold Fund(G) 36.96 -2.56 1.41 -0.15 -3.19
Aditya Birla SL Gold Fund(G) 48.41 -1.16 1.39 0.86 -1.46
(Funds has been arranged on the basis of 1 year performance)
Hybrid Funds Performance
14Source : ACE MF
INVESTOR JOURNALJanuary, 2018
Global Markets at a Glance
15
Exhibit: Nifty
Exhibit: S&P 500
Exhibit: Euro Stoxx 50
Exhibit: Nikkei
Exhibit: Shanghai
Exhibit: INR
Exhibit: Dollar Index
Exhibit: Eur
Exhibit: JPY
Exhibit: CNY
Exhibit: India 10 Yr Yld %
Exhibit: US 10 Yr Yld %
Exhibit: Germany 10 Yr Yld %
Exhibit: Japan 10 Yr Yld %
Exhibit: China 10 Yr Yld %
Source: Bloomber
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INVESTOR JOURNALJanuary, 2018
Indices Watch
Index NameAs on
30-Nov-17As on
27-Dec-17%
Change
S&P BSE 100 10705.43 10984.51 2.61%
S&P BSE 200 4527.44 4656.35 2.85%
S&P BSE 500 14493.58 14922.24 2.96%
S&P BSE AUTO Index 25205.37 26538.49 5.29%
S&P BSE BANKEX 28631.42 28831.60 0.70%
S&P BSE Capital Goods 18455.38 19075.73 3.36%
S&P BSE Consumer Durables 21460.61 22488.10 4.79%
S&P BSE FMCG 10321.18 10631.81 3.01%
S&P BSE GREENEX 2760.38 2856.97 3.50%
S&P BSE Health Care 13990.28 14811.38 5.87%
S&P BSE IPO Index 4777.53 4807.42 0.63%
S&P BSE IT 10730.87 11131.10 3.73%
S&P BSE METAL Index 13902.30 14705.13 5.77%
S&P BSE Mid-Cap 16917.44 17673.64 4.47%
S&P BSE O & G Index 15927.91 16434.03 3.18%
S&P BSE PSU 9182.95 9249.00 0.72%
S&P BSE Power Index 2320.68 2352.41 1.37%
S&P BSE Realty Index 2445.67 2521.53 3.10%
S&P BSE SENSEX 33149.35 33911.81 2.30%
S&P BSE Small-Cap 18228.87 19048.28 4.50%
S&P BSE TECk Index 6080.59 6327.53 4.06%
Indian Indices:
Index NameAs on
30-Nov-16As on
27-Dec-17%
Change
INDIA VIX 13.55 12.49 -7.80%
NIFTY DEFTY 5495.51 5665.49 3.09%
NIFTY 100 10650.75 10937.85 2.70%
NIFTY 200 5618.85 5785.30 2.96%
NIFTY 50 10226.55 10490.75 2.58%
NIFTY 500 9154.50 9438.25 3.10%
NIFTY AUTO 11292.90 11905.50 5.42%
NIFTY BANK 25332.40 25496.05 0.65%
NIFTY COMMODITIES 3928.05 4073.65 3.71%
NIFTY CONSUMPTION 4826.65 5068.90 5.02%
NIFTY DIV OPPS 50 2550.65 2623.90 2.87%
NIFTY ENERGY 14124.65 14332.25 0.0147
NIFTY FINANCE 10324.85 10455.70 1.27%
NIFTY FMCG 25820.05 26637.00 3.16%
NIFTY INFRA 3517.25 3617.75 2.86%
NIFTY IT 11115.35 11509.25 3.54%
NIFTY MEDIA 3318.80 3480.55 4.87%
NIFTY METAL 3678.35 3879.40 5.47%
NIFTY MNC 13741.00 14681.65 6.85%
NIFTY NEXT 50 29768.10 30750.40 3.30%
NIFTY PHARMA 9238.75 9639.85 4.34%
NIFTY PSE 4234.35 4326.80 2.18%
NIFTY PSU BANK 3856.65 3767.55 -2.31%
NIFTY REALTY 325.60 334.90 2.86%
Global Indices:
Index NameAs on
30-Nov-17As on
27-Dec-17%
Change
BEL-20 3984.10 3996.00 0.30%
Bovespa 71971.00 75708.00 5.19%
CAC 40 5372.79 5385.97 0.25%
Dow Jones 24272.35 24746.21 1.95%
FTSE 100 7326.70 7604.00 3.78%
Hang Seng 29177.35 29367.06 0.65%
NYSE 12627.80 12808.90 1.43%
Nasdaq 6873.97 6936.25 0.91%
Nikkei 225 22724.96 22892.69 0.74%
S&P 500 2647.58 2680.50 1.24%
All Ordinaries 6057.20 6156.30 1.64%
DisclaimerThe information and views presented in this report are prepared by Karvy Stock Broking Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Stock Broking nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document.
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Contact PersonPF/MFNL/03012018/48
Ankit ChoradiaE-mail : [email protected]
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