Monthly Update March 12, 20131 Monthly Update March 12, 2013 DearInvestors, TheUnionBudgetpresentedfor2013-14isaprudentVotemanBudget–forWoman,Youthandunder privileged. Being 9th

1

Monthly Update March 12, 2013

Dear Investors,

The Union Budget presented for 2013-14 is a prudent Voteman Budget – for Woman, Youth and underprivileged. Being 9th of all and last of this UPA Government Term, it comes laced with pragmaticpopulism.

Inclusive Growth of various strata of country remains order of the day. Fiscal Deficit targeted at 4.8% ofGDPlooks achievable with lowered expenditure.

Thrust on Infrastructure growth is pronounced in more than one way:

setting up of Cabinet Committee Investment – to monitor investment proposals

increasing limit of Tax Free Bonds upto INR50,000crs

constitute RegulatoryAuthority for Road Sector; apart from awarding 3,000 kms of road projects by

H1FY14

2 new major Ports and newouter harbor to be established, to add 100mn tonnes capacity

proposal to form PPP along with Coal India to increase production of coal and reduce dependence

on imports

enhanced investment allowance of 15% to manufacturing companies that invest > INR 100 crore in

plant and machinery during FY2013-2015, along with regular depreciation

Improving savings rate is imperative and Mr. FM, discouraging India's love for Gold as saving assetclass has proposed to liberalise RGESS, additional deduction of interest of upto INR 100,000 for firsthome buyers' loans upto INR 25lakhs and introduction of Inflation Indexed Bonds or Inflation IndexedNational Security Certificates in due course. Insurance penetration to be improved by allowinginsurance companies' branches in Tier II or lower cities and opening offices of LIC in all towns withpopulation of > 10000.

Being pro Capital Markets; Government has proposed reduction of STT and permitted SMEs to list onSME exchange without an IPO with restricted informed investors.Also Stock Exchanges to introduce adedicated Debt Segment - insurance companies, provident funds and pension funds as directparticipants. Implementation of CTT on non-agri commodities could be a prick however.

However, he has gone ahead to levy 'Luxury Tax' on certain articles like bigger homes, luxury cars,bikes of certain capacity and yachts – with a pretext that 'relatively prosperous' can afford it – evenlevying surcharge of 10% on Income >INR 1crore.

Measures like allowing DPs to register different classes of Portfolio Investors with simplified anduniform registration norms, allowing FIIs to participate in exchange traded currency derivatives areproposed – to facilitate the important FII participation in growth.

Ambitious reforms like rolling out DBT scheme throughout country during term of Government,proposing to pass various Bills like The National Food Security Bill (providing INR 10,000crs for it),The Insurance Laws (Amendment) Bill and The PFRDABill in this session, providing INR 9,000crs tocompensate States for loss due to implementation of proposed GST, DTC Bill by end of Budget Session– sounds off confidence of Government in garnering coalition support in their propositions. However,unlike a usual pre-election budget where giveaways are thrown around generously, Mr. FM has ratheracknowledged need to address Inflation and Growth parameters.

With limited leeway due to growth constraints, this budget statement does very less to either get or giveaway Revenues. Looks like continuation of fine balancing act with no short term steroids but mediumtermpotions – correct dosages of which can help recover ailing economy.

BestWishes,Editor

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Special Review

Mutual Fund Factsheet: How to read the equity fund factsheet

2

If you are a mutual fund investor, then the word “Fund Factsheet” wouldbe known to you. Fund factsheet are loaded with all information

regarding a fund and are circulated every month. It informs us where ourmoney has been invested and how those investments are performing.Many of us have queries regarding the fund; we can get answer of thosequeries if we read the fund factsheet. By evaluating the fund factsheet wecan track the long term and short term performances of the fund whichhelp us in take informed investment decision.

Every fund has a basic investment objective andinvestment style. The investment objective defines the ultimate target ofthe fund. It can also define the investment horizon of the fund managerbased on type of securities. Investment style of the fund indicates thecurrent investment strategy of the fund manager viz- whether the fundmanager is vying for growth/ value/ largecap/ smallcap category ofstocks.

This section of the factsheet presents the pastperformances of the fund. This allows us to trace the fund’s performancevis-à-vis its benchmark index and category average. Though pastperformances cannot guarantee future outlook but it provides a yardstickto measure the fund’s history.Apictorial presentation of NAV graph easesour choice in identifying the outperformers and laggards. Rolling returnsare another set of numbers, which help in identifying how the fund hasperformed across different market cycles.

Asset allocation indicatesus where the fund has invested. It shows us what portion of the total fund’swealth is invested into different asset class like equity, debt and others.Market capitalization is a detailed version of equity allocation. It portrayshow much of the equity portion is allocated to large, mid and small capstocks. A historical view of such data can reveal much about the fundmanager’s strategy across time horizons.

This ratio indicates us how much churning theportfolio has witnessed. This ratio is calculated based on the number ofshares bought and sold by the equity fund over the review period. A highturnover ratio indicates that the portfolio has seen above-averagechurning. However, a high churn does not imply us that the fund is goodor bad as it depends upon the fund’s investment style. A micro cap stockmight have a high churning ratio but a large cap fund should not have veryhigh churning. High churning indicates investment for very short periodsand frequent buying and selling.

The expense ratio of the fund is the totalpercentage of fund assets used for administrative, management,advertising and all other expenses. As per the regulation, equity fundsexpense has been capped at 2.50% and debt funds expense capped at2.25%. Normally, expense ratios are declared every 6 months. This ratiois particularly important because it eats up directly into your returns.

This section reflects the top buys and sells inportfolio over the last month. This allows us to ascertain individual stockswhere the fund manager is focusing.

In this part of the factsheet, we see the top 10sectoral allocation of the fund. It also reflects the indicative allocationinto respective sectors by benchmark index. The index allocation allowsus to decipher whether the fund is over/under weight on any particularsection. It also reflects the sectoral diversification in the fund. While,over/ under allocation does not clearly indicate anything, it generallyreflects the allocation to broad sectors based on the macro environment.The fund manager can make more allocation to any sector if he/sheexpects that such sector can reap him a good return in the near future. Forexample, in falling interest rate scenario banking stocks are preferred.

This represents top 10 stock holdings of the fund.We can also see the % concentration in each individual stocks and thereturn generated by them in the last month.

This table reflects how much portion ofportfolio is concentrated in top few sectors or stocks. We presentconcentration analysis for past 4 months.

The most important part we should all focus is thestatistical ratios of the fund. We present a comparison of statistical ratiosvis-à-vis its benchmark index. Following are some ratios which are givenin our factsheet:

Semi standard deviation which measures the negative fluctuation inreturns from the mean. If the ratio is less than its benchmark index itindicates better protection against any downside movement. ? Beta ofthe fund measures the systematic risk of a fund. Market has a beta of 1. Ascheme’s beta of less than 1 indicates it would be less volatile than themarket, whereas beta of more than 1 indicates that the investments will bemore volatile than market.

Sharpe and Treynor Ratio: Both ratios measure the return per unit of totalrisk/ systematic risk respectively. Higher the sharpe/ treynor, the better itsrisk-adjusted performances.

Jenson alpha: Alpha of a fund denotes the excess return of the fundrelative to the return of the benchmark index.

Scheme Objective:

Return profile of the fund:

Asset allocation and market capitalization:

Portfolio turnover ratio:

Expense Ratio of the fund:

What’s in & what’s out:

Top 10 sector allocation:

Top 10 stock holding:

Concentration Analysis:

Risk Analysis:

March 12, 2013

3

Special Review

Type of a mutual fund portfolio depends upon our needs and risk

appetite. We have no shortage of good mutual fund schemes, so

building a portfolio will only depend on our preference and objectives.

There are several factors to be kept in our mind while designing a

portfolio for us viz. - our age, risk bearing ability, time horizon of

investment, and liquidity. Above all our portfolio should be designed in

such a way that suits our purpose of investment i.e. the reason for which

we are accumulating wealth.

Building a portfolio is a very important task as we invest our hard earned

money into it. However, if we match our investment objective with our

risk appetite then we can easily construct a desired portfolio. By nature, a

portfolio can be aggressive, defensive, regular income generating,

speculative or even hybrid.

We build aggressive portfolio if we are aggressive and have a high risk

bearing capacity. The major portion of the fund’s portfolio should include

those mutual funds that are aggressive. The overall beta of our portfolio

should be more than 1. Ideally the aggressive fund’s beta is greater than

the market’s beta. Beta is the statistical measure that describes how

sensitive a fund is with the market movement. For each movement in

percentage rise/fall in the index, by how much percentage the fund will

rise or fall. Aggressive portfolio includes 60-70% of the investment into

equity funds so we should stay invested over a longer time horizon.

We build defensive portfolio if we are conservative and our risk bearing

capacity is low. The main aim to design such portfolio is to minimize the

risk of loosing money. The overall portfolio’s beta which we design

should be below 1 i.e. for every percentage rise/fall in the index, the fund

will rise/fall less than percentage. Thus we have to sacrifice returns on

investment in order to minimize the risk. Defensive portfolio includes 20-

25% of our invested amount into equity and 50-65% into gilt funds,

income funds, MIP funds, Floating funds and 10% holding in gold funds.

This type of portfolio is ideal for a person who is approaching towards

retirement or retired persons.

Regular Income generating portfolio is a nice instrument for the one who

wants regular income from their investment. Regular Income portfolio

includes Dividend Yield Funds and Monthly Income Plans. Dividend

funds invests major portion of their portfolio into high dividend paying

stocks. The dividend option does not re-invest the profits made by the

fund through its investments. The fund distributes the dividends to its

investors time to time. The other option is monthly income fund that

emphasizes on current income rather than capital appreciation. This

income is intended to be stable and thus this type of portfolio is ideal for

retired person who requires regular income.

This portfolio consists of funds that falls within the sectoral category of

equity funds. Sectoral funds generally have very high beta. High beta

funds have the potential to reap us greater return in comparison to the

market. Conversely, high beta funds fall more than the market, hence the

risk of investing in such funds are comparatively high. Therefore these

funds are best to invest for investors who are young and have

comparatively longer time frame of investment. Longer time period of

investment will reduce the overall volatility in the fund but has the

potential to deliver us better return.

A balanced fund is a fund that invests in both equity and debt funds.

Within the equity portion, it is distributed amongst large cap, mid cap and

small cap funds. The remaining portion of the fund is allocated to debt

instruments. This type of portfolio is ideally suitable for someone who

wants stability in return. Thus by building a portfolio with balanced funds

we can diversify our investment. Portfolio building is a technique of

matching the components of one’s investment mix with predetermined

financial goals. Our selection of funds in the portfolio is only after

assessing their performance in the past and stability of returns. One of us

may aim for rapid growth; another may be seeking safe investments. Thus

everyone’s need varies; hence our portfolio design will also vary based on

our need and present circumstances.

• Determine our asset allocation: The first step is to determine the proper

asset allocation of our portfolio. Based upon our risk bearing ability we

design our portfolio i.e. aggressive, defensive or moderate.

• Use core and satellite portfolio design: This is a common and time

tested portfolio design. Here we first allocate with “core” - large cap

funds which holds greater part of our portfolio. After that we start to

allocate the mid and small cap funds in our portfolio.

• Include funds of different categories: Here we can diversify our

portfolio by including funds of different categories. This may include

large cap funds, mid-cap funds, small cap funds, sectoral funds, money

market funds, debt funds, dividend yield funds etc. •Know our risk

tolerance level: Before investing in any fund, we need to have a good

idea about how much risk we can take. Every one of us should fix our

risk bearing ability based on our age, current financial condition,

number of dependents etc.

TheAggressive Portfolio:

The Defensive Portfolio:

The Regular Income Portfolio:

The Sectoral/ Speculative Portfolio:

The Hybrid/ Balanced Portfolio:

Some of the factors to be considered when we design our portfolio:

Portfolio Building Approaches:

INVESTORS

RETURNS FUND MANAGERS

SECURITES

Passed backto

Pool in theirmoney

Invest inSecurities

Generate

March 12, 2013

4

Fixed Income Update Equities Update

Debt: Liquid 1M 3M 6M

Institutional Activity ( Feb 01- Feb 28 ) (Rs cr)

Fund Performance

Equity: Mid & Small Cap 3M 1Y 3Y

Forex / Call / Economic Indicators

Equity Purchase Sales Net InvDebt Purchase Sales Net Inv

Key Indices 28-Feb 31-Jan %Chg. I Yr Ret Key Indices 28 %Chg. I Yr Ret-Feb 31-Jan

Other -Feb 31-JanIndices 28 %Chg. I Yr Ret

*Less than 1 year Simple Annualized returns, Greater than 1 year Absolute returnsPortfolio as on Feb 28, 2013 & Return as on 11th March 2013

NSE G Sec Composite Index 346.33 343.04 0.96 9.42%

NSE Treasury Bill Index 332.29 330.31 0.60 8.71%

13-Mar 13-Feb

Rupee/$ 54.31 53.82

Call Rate 7.75% 7.85%

Total Forex ($ bn) 290.57 295.15

Inflation 6.84% 6.62%

FIIs 18840.60 14839.50 4001.10

Mutual Funds 128316.60 88224.50 40092.10

Birla Sun Life Cash Plus 8.37 8.49 8.60

DSP BlackRock Liquidity Fund 8.12 8.19 8.25

ICICI Prudential Liquid - Reg 8.34 8.47 8.57

Kotak Floater - ST 8.52 8.55 8.66

Reliance Liquid Fund - TP 8.42 8.50 8.60

BSE Sensex 18861.54 19894.98 -5.19 6.38%

S&P CNX Nifty 5693.05 6034.75 -5.66 5.91%

BSE IT Index 6754.33 6393.63 5.64 9.63%

BSE Healthcare 7810.33 8016.93 -2.58 23.26%

BSE FMCG Index 5669.10 5921.89 -4.27 36.05%

BSE PSU Index 6862.42 7661.77 -10.43 -11.61%

BSE Bankex 13203.87 14580.26 -9.44 10.27%

FIIs 78888.30 54449.10 24439.20

Mutual Funds 10286.10 11134.20 -848.10

Franklin India Prima -4.07 19.11 26.82

HDFC Mid-Cap Opportunities -10.09 10.53 39.72

ICICI Prudential Discovery Reg -4.08 17.66 33.33

IDFC Premier Equity Regular -13.21 17.37 39.57

Reliance Equity Opportunities -5.62 18.85 44.45

Debt: Short Term 1M 3M 6M Equity: Large & Mid Cap 3M 1Y 3Y

Birla Sun Life Short Term 7.46 8.65 9.16

HDFC HIF - S T P 6.14 8.25 8.92

ICICI Prudential STP 7.48 9.55 9.44

JPMorgan India Short Term Income 7.84 9.27 9.40

Kotak Bond Short Term 7.25 9.17 9.38

Birla Sun Life Frontline Equity 6.67 19.93 25.58

Franklin India Flexi Cap 0.59 12.26 21.93

ICICI Prudential Dynamic Reg 9.48 10.81 25.09

SBI Bluechip 10.42 22.13 20.90

UTI Opportunities -9.97 9.52 32.17

Debt: Ultra Short Term 1M 3M 6M Equity: Tax Planning 3M 1Y 3Y

JPMorgan India Treasury Fund 7.67 8.10 8.29

Kotak Floater - LT 8.44 8.36 8.56

Tata Floater Fund 8.12 8.45 8.54

Templeton India Ultra Short Bond Fund 8.03 8.28 8.39

UTI Treasury Advantage Fund 7.76 8.21 8.17

Axis Long Term Equity -5.31 18.01 38.75

Canara Robeco Equity Taxsaver -2.75 13.97 29.79

DSP BlackRock Tax Saver -6.15 16.42 21.28

Franklin India Taxshield 1.57 12.50 30.36

Reliance Tax Saver -20.25 10.52 25.01

Debt: Income 1M 3M 6M Hybrid: Debt-orintd. Conservative 1M 3M 6M

Birla Sun Life Income Plus 9.62 16.66 13.27

HDFC Income Fund 5.66 13.11 11.64

Kotak Bond Deposit 3.00 12.16 11.47

SBI Magnum Income 6.54 15.74 13.21

Tata Income Fund 7.53 14.23 11.84

Birla Sun Life MIP II Savings 5 1.47 7.66 9.62

HDFC Childrens Gift-Sav 1.22 4.19 7.67

HSBC MIP Savings 1.10 7.38 14.48

Reliance MIP 5.15 6.10 11.38

UTI Monthly Income Scheme 3.49 6.27 10.29

Gilt: Medium & Long Term 1M 3M 6M Hybrid: Debt-oriented Aggressive 1M 3M 6M

Birla Sun Life G Sec Fund - LT 10.14 19.06 14.19

HDFC Gilt Fund - L T P 6.44 16.57 13.58

Reliance G Sec Fund 8.23 17.73 14.15

FT India Life Stage FoF 40s 0.36 5.28 13.55

HDFC MIP Long-term 0.67 6.34 12.45

UTI CRTS 81 4.51 4.93 13.39

March 12, 2013

This Month in Debt : This Month in Equity :

5

Emerging market indices suffered losses in Feb 2013 led by three primary reasons-(i) the political deadlock in Italy (ii) doubts over pull back of QE3 from US and

(iii) indications from Chinese central bank over curbing liquidity, all of which wouldhave resulted into a possible pull back of liquidity from emerging markets. As a result,Sensex and Hangseng fell by 5.2% & 3.0% respectively, while all other major indicesended the month with positive returns.Amongst the sectoral indices, IT (5.6%) was theonly index which ended the month with positive returns. The worst performers wereMetal (-14.5%), Capital Goods (12.5%), Power (10.6%) & Realty (10.2%). Over thelast twelve months, Nikkei has outperformed by generating 18.9% returns while Kospi@ -0.2% was the worst performer.

GDP growth for Q3FY13 stood at 4.5% against expectations of 5.2%. Growth amidstServices sector (6.0%) andAgriculture sector (1.1%) was lower than expected. Service& Agriculture sector growth has predominantly been ~9% & ~4% respectively. Theslowdown in these sectors has resulted in a muted GDP growth in this fiscal. On theother hand, manufacturing growth has started to revive over the past 3 quarters from -0.3% in Q4FY12 to 2.5% in Q3FY13.

Industrial production contracted by 0.6% in Dec'12 against expectations of a growth of1.1%. Comparatively growth stood at -0.1% in Nov'12 and 2.7% in Dec'11. Thecontraction in production was led by a slump in consumer & capital goods. Overall, IIPgrowth for Apr-Dec'12 stood at 0.7% in this fiscal against 3.7% in similar period lastyear. Going forward, manufacturing PMI for Jan'13 & Feb'13 continued inexpansionary mode @ 53.2 & 54.2 based on strong order growth from internationalmarkets and reflecting a revival in production activity ahead.

Inspite of a robust order growth from international clients, total export business growthcontinued to be disappointing over the last few months. Exports & Imports grew by6.7% and 12.3% respectively in Jan'13. Comparatively, trade deficit grew by 20.4% toINR 1086.1 bn. Crude and Gold form a major part of our imports and a stable outlookover crude prices with check on gold imports by GOI, would help in calibrating theimport bill ahead.

Indian rupee depreciated against the USD by 1.5% in Feb'13. This took the overalldepreciation in this fiscal to 5.7% from 51.2 in Mar'12 to 54.1 currently.Comparatively, the rupee has appreciated against the Euro (2.3%) and Pound (2.5%)during Feb'13. FII's invested INR 244.4 bn into equities during Feb'13 against INR220.6 bn in Jan'13 and INR 252.1 bn in Feb'12. On the other hand, DII's divested INR4.7 bn in Feb'13 against INR 7.9 bn in Jan'13 and INR 5.7 bn in Feb'13. DII's has beennet sellers of ~INR 580.9 b in this entire fiscal.

The recent macro indicators (IIP, PMI, WPI etc.) reflect a revival in India's economicoutlook. GOI is putting impetus on reviving growth along with active deficitmanagement. Now, if RBI moves ahead with a reduction in policy rates or someliquidity enhancement measures in its forthcoming policy meet, that would help inchanneling additional credit flow to productive sectors of the economy. However, thereare concerns from inflation and deficits management, which may defer RBI's decision.Another major point of concern in last month's data was a slower rate of expansion inPMI's across all major developed and emerging economies.Acontinuation of this trendwould be negative for global economy as a whole.

From valuation perspective, Indian markets are trading at discount to their historicalaverages, which presents immense opportunity ahead. Currently Nifty is trading at aP/E of 18x against its historical average of 20-22 and P/B of 3.1x against its historicalaverage of 3.6-3.9. This presents a favorable investment opportunity currently. Wecontinue with our recommendation to invest in a staggered manner over the comingquarter.Adiversified portfolio allocation across large cap (50%), mid cap (25%), smallcap (15%) and sectoral funds (5%) would be recommended. Diversification reducesthe overall risk in portfolio without limiting the returns. Within sectoral funds,investors may take exposure in Banking & Infrastructure funds.

Recommendation:

Feb 2013 was an eventful month with announcements on Union Budget, Rail budgetand GDP growth. Union budget was a balanced event with lots of fiscal prudence

measures and some populist garnishings. The finance minister kept his promise bykeeping fiscal deficit @ 5.2% of GDP and limiting government borrowings to INR 4.67lakh crores. The budget attempted to provide an overall boost to investment climate byinitiating measures across the investment base. The Railway budget laid primeimportance on financial viability and fiscal discipline of the railways with an impetus onsafety and passenger amenities.

GDP growth for Q3FY13 stood at 4.5% against expectations of 5.2%. The sluggishgrowth in Services (6.0%) & Agriculture sector (1.2%) led to these numbers. Fromexpenditure components of GDP, Private expenditure improved from 61.2% to 61.4% ofGDP while government expenditure declined from 33.8% to 32.4% of GDP. The declinein public expenditure by GOI was in line with the fiscal consolidation moves whichincluded curtailment of budgetary allocations and limiting subsidies and publicborrowings. Going forward, while Govt. expenditure may be limited because of fiscalconstraints but the steady private expenditures may lead to better GDPnumbers.

WPI based inflation stood at 37 months low of 6.62% in Jan'13 against expectation of~7%. This was the fifth consecutive month for WPI moving downwards and finallyfalling below the 7% mark. Overall inflation in this fiscal stood at 5.1% against 6.2% lastyear. Inflation in manufactured non food products has fallen below 5.5% but foodinflation is still hovering above ~9%. Within the food basket, the burden of drivinginflation has now shifted from protein items to cereals.

Average daily LAF borrowings in Feb'13 stood at INR 1105.8 bn against INR 982.4 bnin Jan'12 and INR 1311.1 bn in Feb'12. Overall, LAF borrowings remained elevatedbecause of lower deposits growth and recovering credit growth. Year end tax savingallocations resulted in lower deposits growth but the rating actions of RBI have revivedcredit flow into productive sectors of the economy.

Bond market presented a mixed reaction over the past month with better than expectedfiscal deficit numbers but higher borrowings target for FY14. Short term (1-3 Yr) giltyields declined by ~12 bps and longer term (11-29 Yrs) gilt yields declined by ~2 bpsover Jan-Feb'2013. However, medium term gilt yields (3-11 Yr), which declinedinitially from lower WPI numbers, bounced back near month end over higher borrowingfigures and low GDP growth data. Spread between 10 Yr Gilt and AAA rated corporatebond remained nearly flat at 95 bps. Spreads have declined from their highs of 220 bps inMay'2010 to ~95 bps currently reaping huge capital gains to investors so far. Henceforth, any capital gain opportunity in Income schemes would be purely from reduction ininterest rates as spreads between Gilts and corporate bonds are in line with theirhistorical averages. Some fund houses are already booking profits on their duration callsby reducing positions in long term G-sec's and buying 3-5Yr corporate bonds. Averagematurity of top 15 Income/Gilt schemes declined from 13 Yrs in Dec'12 to 10.6 Yrs inJan'13.

Overall, there is a visible turnaround in investor sentiments with inflation easing, Fiscal& Trade deficit being addressed through policy initiatives and credit growth regainingmomentum over the past few weeks. Concerns over fiscal deficits management has beenaddressed through pass on of subsidies. Outlook on oil prices is firm backed by the shalegas discovery in US, which further address the concern over fiscal deficit and tradedeficit collectively. The curb on gold imports and finance ministries pronouncement toencourage exports may further limit the trade deficit. With these all round measures, RBImay also support growth by reducing policy rates ahead. We expect the benchmark bondyield to touch ~7.75% levels if RBI continues to follow an easy policy stance in its policyreview on 19th Mar. Until then, we continue with our recommendation of 65-70% inlong term & 30-35% in short term debt funds. Long term portion should include GiltFunds/ Income funds. Gilt funds stand to be the primary beneficiary form any ratingaction and thus are expected to remain volatile. Long term investors may stick toIncome/ Dynamic bond funds which would have lower volatility than Gilts. For shortterm portfolio, floating rate/ short term debt funds would be recommended as short terminterest rates may remain elevated because of tight liquidity scenario. Exposure to suchshort term fund may reduce the overall volatility in returns. Investor may also include taxfree bonds like HUDCO/IRFC in long term portion.

Recommendations:

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NSE G Sec Composite Index

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ReturnsHang

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FTSE

100Dow Nikkei Nifty Kospi Nasdaq

TTM 6.18% 6.25% 8.33% 8.51% 18.88% 5.72% -0.19% 6.52%

Fab’13 -2.99% -5.19% 1.34% 1.40% 3.78% -5.66% 3.29% 0.57%

March 12, 2013

6

Mutual Fund Performance Update

Equity: Large Cap

Equity: Large & Mid Cap

Equity: Multi Cap

as on31/12/2012

IT OIL AUTO Fin. Pharma Others FICA AUM Return(%)

& Gas (Cr.) 3M 6M 1Y 3Y


Birla Sun Life Index 13.10 15.49 7.68 25.60 4.59 32.70 0.84 28.53 1.30 18.91 10.69 13.45

Franklin India Bluechip 10.43 18.13 3.90 20.88 8.82 28.73 9.11 5040.43 7.17 21.49 10.89 24.98

JP Morgan India Equity 10.41 10.86 7.18 34.86 5.40 29.78 1.51 280.88 -3.61 15.75 10.92 21.23

Pramerica Equity 11.14 10.94 6.81 29.13 8.18 28.06 5.74 32.62 -11.25 17.83 8.32 --

Reliance Top 200 Retail 11.70 14.21 9.48 22.31 10.61 28.67 3.02 834.96 -1.70 18.50 15.29 24.19

Religare AGILE 10.05 8.27 8.18 35.29 10.51 27.47 0.23 54.43 -2.18 11.54 13.52 19.58

SBI Magnum Equity 16.36 17.70 7.70 30.95 4.70 18.51 4.08 1083.87 4.41 24.20 13.95 25.43

Tata Index Sensex B 15.93 17.95 10.04 25.68 4.60 25.66 0.14 6.73 5.32 20.40 13.55 17.23

UTI Mastershare 9.91 13.32 3.62 23.76 10.52 36.70 2.17 2418.03 0.10 16.51 10.96 19.34

Axis Equity 13.18 11.78 5.18 26.98 7.91 23.76 11.21 571.24 12.13 28.60 20.16 21.21

Birla Sun Life Frontline Equity 12.45 14.04 6.72 25.08 6.83 31.70 3.18 2935.67 6.67 29.76 19.93 25.58

DSPBR Opportunities 14.69 12.49 4.43 30.28 7.87 28.26 1.98 564.69 -3.34 23.51 12.17 18.30

Franklin India Opportunities 12.53 12.71 6.00 19.59 7.83 39.83 1.51 318.33 -9.39 16.58 7.72 10.72

HDFC Growth 11.02 17.82 3.35 21.04 10.35 35.42 1.00 1268.09 -7.53 14.70 7.61 25.72

HDFC Top 200 11.85 16.64 5.52 29.99 5.90 27.39 2.71 12122.23 -2.26 23.88 10.04 23.62

HSBC India Opportunities 11.79 9.97 12.06 26.52 4.02 32.46 3.18 247.69 -7.38 11.22 7.47 16.78

ICICI Prudential Dynamic Reg 10.82 23.03 1.88 10.10 6.37 32.26 15.54 3961.06 9.48 17.24 10.81 25.09

IDFC Classic Equity Plan B 12.42 12.49 6.69 31.65 10.60 23.69 2.46 156.01 -5.68 23.83 18.58 12.84

Kotak Equity FoF 1.74 1.89 2.46 6.19 1.86 84.99 0.87 24.99 -1.94 21.43 11.71 11.21

L&T Equity 12.43 14.64 8.42 29.08 4.03 29.58 1.82 2614.55 -8.77 11.84 7.95 22.55

L&T India Large Cap 15.34 11.50 6.94 29.95 4.78 30.31 1.18 375.25 -4.51 12.97 7.91 21.59

LIC Nomura MF India Vision 11.14 15.21 9.62 24.57 7.01 30.32 2.13 42.39 4.28 22.68 11.64 7.16

Mirae Asset India Opportunities Regular 11.87 11.03 7.75 24.97 8.60 32.73 3.05 279.00 -0.77 19.43 13.67 30.57

Morgan Stanley Growth 11.56 6.43 6.17 25.16 11.85 35.78 3.05 1307.00 6.67 29.29 18.87 14.67

Principal Growth 11.25 10.82 7.22 23.64 7.20 34.52 5.35 273.92 -12.20 22.91 16.12 11.25

Principal Large Cap 16.93 17.52 8.12 23.90 5.13 26.01 2.39 389.64 -10.91 13.49 11.96 15.85

Religare Equity 25.51 12.40 6.57 11.04 7.04 15.16 22.28 17.23 -6.73 24.16 13.69 0.07

Reliance NRI Equity 17.66 2.82 9.16 24.27 13.06 29.06 3.97 93.10 -3.51 26.96 15.40 27.40

Reliance Equity 19.42 10.93 7.03 26.46 10.52 24.48 1.16 1117.08 5.93 23.16 19.24 19.55

SBI Magnum MultiCap 8.42 13.82 5.91 25.26 7.12 32.99 6.48 404.93 1.18 18.04 14.35 5.40

Tata Equity Management 8.87 15.96 5.02 23.14 13.04 26.27 7.70 136.58 -- -- -- --

Tata Pure Equity 17.45 19.24 6.65 26.55 3.43 22.79 3.89 585.97 -1.47 13.27 12.93 19.67

UTI Contra 9.00 13.34 6.66 28.26 4.06 37.37 1.31 148.04 -6.84 22.93 7.50 -2.64

UTI Opportunities 9.77 9.26 5.70 27.26 5.95 38.32 3.74 3406.53 -9.97 15.62 9.52 32.17

BNP Paribas Dividend Yield 11.03 16.35 6.25 22.13 4.17 34.54 5.53 17.08 4.69 21.97 15.56 35.76

DSPBR Equity 11.52 13.27 6.61 20.75 5.26 41.63 0.96 2615.67 -16.40 13.17 5.81 16.94

HDFC Core & Satellite 7.74 21.86 7.15 25.03 0.00 36.43 1.79 318.10 -11.74 16.66 2.94 7.00

ICICI Prudential Nifty Junior Index 4.22 7.06 3.99 25.17 8.87 45.39 5.30 7.14 -4.36 30.98 13.44 --

IDFC India GDP Growth Regular 14.26 8.10 0.00 29.76 14.58 29.93 3.37 24.08 0.55 28.56 16.86 31.78

ING Dividend Yield 12.21 17.57 2.64 35.64 5.49 19.64 6.81 79.48 3.20 23.81 13.49 31.33

Kotak Opportunities 8.24 8.97 11.68 29.39 8.82 24.10 8.80 744.01 -9.23 17.07 11.67 15.88

L&T India Special Situations 11.86 13.07 4.43 28.37 5.34 35.85 1.08 643.49 -0.94 21.34 17.08 29.95

Principal Dividend Yield 11.33 16.83 8.54 25.40 0.87 37.45 -0.42 110.70 -12.95 18.51 10.29 23.25

Reliance Growth 15.63 4.42 2.64 17.91 17.00 39.53 2.87 5686.98 -24.30 14.13 7.45 7.46

Reliance Regular Savings Equity 8.39 2.39 6.68 23.90 18.27 38.42 1.95 2949.19 -27.53 19.80 13.82 11.60

SBI Magnum Multiplier Plus 11.35 11.02 6.59 23.10 7.11 36.22 4.61 1141.24 -4.77 17.06 11.48 15.02

Tata Ethical 15.69 22.38 0.83 0.00 15.06 37.50 8.54 110.55 4.05 13.34 12.38 23.78

Tata Equity Opportunities 17.13 9.71 7.44 27.17 6.34 29.95 2.26 412.04 -1.08 11.59 12.11 11.96

Tata Equity PE 16.70 16.88 11.40 22.30 1.12 31.28 0.32 549.05 -11.13 11.42 3.30 11.95

Templeton India Equity Income 0.43 18.14 0.00 32.57 0.00 47.64 1.22 991.54 3.98 24.77 17.06 26.83

Templeton India Growth 6.06 15.65 6.90 39.22 3.57 27.35 1.25 689.18 1.09 22.64 9.97 11.98

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7


Equity: Mid & Small Cap

Hybrid: Asset Allocation

as on31/12/2012

Equity: Infrastructure

IT OIL Auto Fin. Pharma Others FICA AUM Return(%)

& Gas (Cr.) 3M 6M 1Y 3Y


Equity: Tax Planning

Axis Midcap 10.48 7.79 6.47 23.54 6.01 34.86 10.85 115.51 -14.90 30.12 25.00 --

BNP Paribas Midcap 2.96 0.79 6.12 22.97 6.81 53.05 7.30 34.06 -5.44 23.20 22.28 43.92

Canara Robeco Emerging Equities 12.49 0.00 3.32 16.11 6.76 50.82 10.50 39.94 -23.97 13.79 13.81 34.68

Franklin India Prima 1.69 2.77 3.57 25.91 11.72 46.86 7.48 788.24 -4.07 27.33 19.11 26.82

Franklin India Smaller Companies 2.34 2.94 1.44 21.16 8.11 56.76 7.25 334.97 -1.78 26.54 22.54 27.17

HDFC Mid-Cap Opportunities 8.53 3.20 3.07 16.75 14.24 49.48 4.73 2570.09 -10.09 13.69 10.53 39.72

IDFC Premier Equity 1.36 8.43 3.67 14.90 0.00 68.91 2.73 3396.71 -13.11 25.06 17.40 39.61

IDFC Sterling Equity 1.27 5.73 1.08 20.56 14.95 51.00 5.41 1305.49 -6.56 12.71 17.22 32.40

JP Morgan India Smaller Companies 3.98 5.28 6.26 28.70 14.11 39.28 2.39 138.61 -4.96 22.13 17.36 31.13

Mirae Asset Emerging Bluechip Regular 5.87 8.47 4.00 23.92 11.59 42.07 4.08 127.57 -7.92 19.53 15.76 --

Principal Emerging Bluechip 6.44 5.40 6.74 20.17 12.57 48.66 0.02 283.33 -6.50 27.54 22.93 13.42

Reliance Long Term Equity 7.62 3.67 4.08 13.65 11.20 58.21 1.57 1052.62 -35.97 2.81 10.66 13.59

Reliance Small Cap 12.53 0.00 0.00 6.71 11.94 63.75 5.07 416.59 -38.67 1.37 10.67 --

SBI Magnum Midcap 9.77 4.18 11.00 21.21 9.23 39.39 5.22 224.17 -14.42 29.45 19.03 19.14

Sundaram Select Midcap Reg 5.90 2.50 7.27 21.10 10.93 51.44 0.86 2130.05 -19.36 9.56 11.71 20.63

Sundaram S.M.I.L.E. Reg 7.42 2.11 11.89 19.00 7.03 49.74 2.81 433.97 -41.00 0.03 7.42 0.61

Birla Sun Life Tax Plan 10.36 9.54 9.95 27.63 7.96 32.44 2.12 129.05 -7.83 18.85 13.38 17.26

Birla Sun Life Tax Relief 96 10.41 9.53 10.00 27.83 8.00 32.57 1.66 1510.79 -7.67 19.16 13.65 6.54

BNP Paribas Tax Advantage Plan 11.11 16.21 4.66 17.89 9.77 36.85 3.51 96.46 3.22 22.24 17.35 29.73

BOI AXA Tax Advantage Eco 13.77 9.01 10.71 26.83 11.94 26.68 1.06 40.05 -6.91 12.54 10.12 1.10

BOI AXA Tax Advantage Reg 13.77 9.01 10.71 26.83 11.94 26.68 1.06 40.05 -7.50 11.99 9.72 0.22

Canara Robeco Equity Tax Saver 14.74 12.22 5.83 23.97 5.01 31.74 6.49 506.77 -2.75 19.32 13.97 29.79

DSPBR Tax Saver 15.19 14.59 4.85 25.24 6.94 32.00 1.19 763.16 -6.15 22.06 16.42 21.28

Franklin India Taxshield 9.45 13.21 7.27 23.68 11.52 29.66 5.21 905.21 1.57 19.14 12.50 30.36

HDFC LT Advantage 14.38 8.31 9.52 21.96 6.14 35.67 4.02 857.66 12.86 23.25 11.62 27.61

HDFC Taxsaver 11.37 15.01 5.46 21.97 9.24 32.98 3.97 3447.62 -2.84 18.37 6.49 18.02

HSBC Tax Saver Equity 6.71 4.95 6.75 25.20 6.89 49.24 0.26 207.52 -9.41 21.24 17.57 19.14

ICICI Prudential Tax Plan 5.34 20.77 2.26 18.27 7.58 42.74 3.04 1467.98 -3.55 19.59 13.87 23.63

IDFC Tax Advantage (ELSS) 11.50 14.58 0.00 25.15 17.38 30.81 0.58 160.30 3.01 24.54 17.89 25.30

L&T Tax Advantage 12.80 14.34 7.15 24.25 8.37 31.41 1.68 1202.92 -9.25 12.66 9.10 24.35

Principal Personal Tax Saver 17.26 17.65 8.20 24.38 5.18 25.02 2.31 429.52 -10.94 13.54 12.11 10.44

Reliance Tax Saver 0.00 9.36 23.60 13.09 8.28 43.56 2.11 2104.51 -20.25 13.25 10.52 25.01

Religare Tax Plan 12.31 15.85 3.94 26.19 6.00 29.55 6.16 129.26 0.21 19.80 13.73 26.04

SBI Magnum Taxgain 12.00 11.21 6.87 25.79 6.76 33.84 3.53 4788.61 -7.50 14.42 12.64 14.52

Sundaram Taxsaver 15.31 12.38 4.24 33.36 7.71 25.73 1.27 1427.47 2.01 21.40 12.88 16.13

Tata Tax Saving 13.86 15.16 5.28 28.78 7.50 19.31 10.11 130.77 -3.55 15.02 11.67 22.40

Taurus Tax Shield 11.04 17.01 7.37 25.47 7.48 30.05 1.58 94.34 -3.77 18.98 13.40 18.82

UTI Equity Tax Savings 10.67 10.05 4.52 23.43 12.08 34.71 4.54 475.28 -1.73 15.28 11.02 13.26

HDFC Infrastructure 0.00 25.01 6.28 40.13 0.00 28.28 0.30 647.78 -29.00 14.87 -3.23 -8.27

ICICI Prudential Infrastructure 0.00 23.41 1.03 19.49 0.00 53.92 2.15 1838.46 -12.65 15.19 2.05 -6.94

Tata Infrastructure 0.00 31.84 0.00 23.34 0.00 44.38 0.44 1026.56 -25.10 -0.58 -2.77 -15.31

UTI Infrastructure 0.00 19.65 0.40 29.25 0.00 48.85 1.85 1885.41 -17.47 17.44 1.38 -18.33

ING OptiMix Asset Allocator MMFoF 1.34 1.55 0.77 2.42 0.61 59.49 33.82 3.87 -4.17 15.89 3.23 -7.12

FT India Dynamic PE Ratio FoF 5.90 12.91 3.10 14.60 5.70 19.23 38.56 1298.87 6.29 16.09 10.30 24.65

Pramerica Dynamic 7.97 8.43 5.20 22.64 5.67 22.28 27.81 84.29 -6.34 14.36 9.68 --

Principal Smart Equity 12.43 13.02 6.05 19.03 3.79 23.18 22.50 110.43 -6.06 13.64 12.32 –

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8


Hybrid: Equity-oriented

Debt: Income

Hybrid: Arbitrage

as on31/12/2012

as on31/12/2012


& Gas (Cr.) 3M 6M 1Y 3Y

AAA P1+ Sov. AA & Others Cash AUM Avg. Exp. Return(%)

Below (Cr.) Maturity 7D 1M 3M 6M 1Y


Birla Sun Life 95 9.39 9.60 5.76 20.11 5.63 22.14 27.37 559.40 4.47 20.20 13.33 27.13

Canara Robeco Balance 10.52 5.59 2.56 20.71 3.72 26.76 30.14 202.95 -6.06 13.19 12.62 29.86

DSPBR Balanced 8.21 9.44 4.70 14.78 3.76 29.81 29.30 644.74 -10.01 11.75 6.47 18.36

HDFC Balanced 10.26 4.03 4.38 14.86 6.50 28.75 31.22 991.18 -3.59 12.21 7.73 34.61

HDFC Prudence 4.97 6.88 4.47 24.26 5.28 27.15 26.99 6239.17 -7.05 17.34 7.99 29.23

ICICI Prudential Balanced 6.30 7.56 8.11 13.70 6.46 23.97 33.90 381.15 8.12 23.10 15.57 37.76

Reliance Regular Savings Balanced 10.32 7.30 7.37 17.06 11.71 20.58 25.66 556.47 -6.61 14.57 14.00 22.65

SBI Magnum Balanced 7.39 5.49 7.56 16.44 5.84 29.80 27.48 359.27 5.61 24.01 19.24 18.77

Sundaram Balanced Reg 8.36 12.51 5.39 21.21 4.68 15.17 32.68 50.67 3.76 13.25 8.37 12.07

Tata Balanced 4.66 5.66 4.34 21.38 6.94 28.58 28.44 445.62 -4.38 15.25 15.13 29.01

UTI Balanced 11.41 7.70 4.94 15.73 4.30 29.63 26.29 951.38 -1.06 18.31 11.89 19.25

HDFC Arbitrage Wholesale 0.00 11.64 0.00 14.32 7.93 36.68 29.43 28.08 8.74 8.00 9.21 26.58

HDFC Arbitrage Retail 0.00 11.64 0.00 14.32 7.93 36.68 29.43 28.08 8.66 7.81 8.95 25.66

ICICI Prudential Blended Plan A 0.00 3.58 5.17 13.41 0.00 45.51 32.33 36.54 10.66 9.12 11.15 28.24

ICICI Prudential Equity Arbitrage 0.00 9.00 4.72 15.19 0.00 41.35 29.74 32.14 11.19 9.90 11.10 28.47

IDFC Arbitrage Plan A 0.00 -0.08 -0.03 -0.11 -0.01 -0.33 100.56 83.65 8.55 7.85 9.45 25.86

IDFC Arbitrage Plus Plan A 0.00 -0.03 -0.03 -0.13 0.00 -0.31 100.50 3.24 9.20 8.23 9.35 23.89

JM Arbitrage Advantage 2.23 12.90 0.00 15.37 2.21 26.21 41.08 22.95 9.31 8.17 9.73 25.99

Kotak Equity Arbitrage 0.00 4.25 2.41 12.69 1.65 -21.40 100.40 124.26 9.74 8.72 9.66 26.55

Reliance Arbitrage Advantage -0.02 -0.02 -0.02 -0.03 -0.11 17.04 83.16 3.53 11.08 8.51 10.46 --

Religare Arbitrage 0.00 0.05 0.00 -0.16 -0.03 -0.31 100.45 4.93 9.08 7.81 9.61 25.51

SBI Arbitrage Opportunities 1.90 10.23 0.00 8.58 2.40 44.18 32.71 39.70 9.01 7.71 9.51 26.35

UTI SPrEAD 0.00 4.31 0.00 0.00 0.00 11.61 84.08 27.16 7.80 7.39 8.66 24.54

Birla Sun Life Dynamic Bond Ret 35.05 27.87 12.82 20.92 0.00 3.34 14481.44 3.98 1.14 16.27 7.95 9.73 9.78 10.51

Birla Sun Life Income Plus 10.97 33.61 14.31 37.61 0.00 3.50 1185.67 4.34 1.50 19.91 9.62 16.66 13.27 11.95

BNP Paribas Flexi Debt Reg Plan A 13.29 1.48 72.41 2.20 0.00 10.62 163.24 10.68 1.71 20.10 4.82 14.45 11.88 11.18

DSPBR Bond Ret 11.00 1.12 69.06 3.78 0.00 15.04 68.64 6.41 2.24 15.60 7.23 13.08 11.47 9.55

DWS Premier Bond Reg 82.22 0.00 0.00 6.17 5.83 5.78 974.91 3.53 1.47 16.02 4.05 7.92 8.84 9.02

HDFC High Interest 16.78 0.00 63.13 5.12 0.00 14.97 124.44 8.83 1.50 15.59 5.15 13.45 11.67 10.72

HDFC Income 21.41 0.00 52.74 9.42 0.00 16.43 1179.56 8.74 1.50 18.23 5.66 13.11 11.64 10.32

HSBC Income Investment 5.17 17.26 64.41 6.30 0.00 6.86 54.44 9.11 1.91 15.95 7.78 14.73 11.94 10.97

ICICI Prudential Income 13.01 0.00 77.18 7.78 0.00 2.03 950.83 10.20 1.75 21.99 6.30 13.44 12.45 10.93

IDFC SSI Inv Plan A 31.60 0.00 2.28 3.81 0.00 62.31 516.46 2.00 1.50 10.84 8.53 16.98 13.90 12.13

IDFC SSI Medium-term Plan A 46.99 18.39 0.00 22.62 0.00 12.00 2240.34 1.67 1.38 12.61 6.99 9.42 9.50 10.07

ING Income 11.51 5.46 24.85 0.00 0.00 58.18 11.70 14.16 1.89 14.23 2.95 18.29 12.99 9.68

Kotak Bond Deposit 8.62 7.63 58.10 26.64 0.00 -0.99 3039.74 11.83 1.79 17.53 3.00 12.16 11.47 11.82

Kotak Bond Plan A 8.62 7.63 58.10 26.64 0.00 -0.99 3039.74 11.83 1.79 17.74 3.36 12.17 11.43 11.80

LIC Nomura MF Bond 43.79 6.00 22.77 11.24 0.00 16.20 138.85 4.55 1.57 15.17 15.10 9.15 8.42 9.26

Morgan Stanley Active Bond Reg 11.71 8.87 23.58 1.98 0.00 53.86 8.38 11.17 1.70 19.63 9.63 16.31 14.68 10.85

Pramerica Dynamic Bond 13.29 0.00 55.23 5.94 0.00 25.54 57.26 7.31 1.59 18.17 5.33 13.40 10.21 10.13

Principal Income Long Term 17.37 0.00 57.92 10.95 0.00 13.76 86.93 8.40 1.75 14.97 6.25 12.45 10.31 10.68

Reliance Income 11.01 1.89 57.22 4.61 0.00 25.27 3465.50 8.67 1.72 18.94 7.13 14.43 12.22 11.02

Reliance Regular Savings Debt 7.36 3.01 0.00 81.95 0.00 7.68 2398.72 1.38 1.44 10.22 7.52 8.54 9.23 9.83

SBI Magnum Income 13.66 0.00 53.47 10.87 0.00 22.00 1086.68 13.06 1.81 18.14 6.54 15.74 13.21 13.06

Sundaram Bond Saver Reg 14.34 0.00 54.05 4.89 0.00 26.72 85.46 8.67 1.24 19.57 3.80 13.22 11.06 11.71

Tata Income 8.56 0.00 62.33 0.00 0.00 29.11 367.11 8.30 0.96 15.24 7.53 14.23 11.84 11.69

Tata Income Plus Plan A 0.00 0.00 64.28 0.00 0.00 35.72 12.02 13.26 1.12 13.98 7.45 17.43 13.17 10.47

Templeton India Income Builder 4.46 1.95 37.04 53.32 0.00 3.23 337.34 7.41 1.75 19.95 3.90 8.92 10.64 11.28

UTI Bond 8.17 0.00 67.27 20.33 0.04 4.19 1403.42 11.98 1.81 19.44 2.51 15.53 13.39 11.83

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9

Hybrid: Debt-oriented Conservativeas on

31/12/2012

Debt: Short-termas on

31/12/2012

AAA P1+ Sov. AA & Others Cash Equity Equiry AUM Avg. Exp. Return(%)

Below Range (Cr.) Maturity 1M 3M 6M 1Y




Hybrid: Debt-oriented Aggressiveas on

31/12/2012


& Gas (Cr.) 3M 6M 1Y 3Y

Birla Sun Life MIP II Savings 5 38.61 0.00 0.00 19.69 0.00 33.14 8.56 0.00-8.52 302.44 3.89 1.33 1.47 7.66 9.62 9.83

Birla Sun Life Monthly Income 39.76 0.00 6.58 20.29 0.00 19.48 13.89 0.00-13.28 382.95 4.57 2.05 -0.94 4.45 10.53 9.20

DSPBR MIP 8.62 12.77 43.35 8.48 0.00 7.32 19.46 0.00-22.13 406.69 7.25 2.32 0.13 4.53 9.07 8.83

DWS Income Advantage Reg 14.20 0.00 17.74 47.63 0.00 10.72 9.71 0.00-3.51 9.03 1.66 2.45 3.84 5.65 4.70 6.08

DWS Twin Advantage 5.18 0.00 0.00 52.07 0.00 24.33 18.42 0.00-9.96 10.34 1.25 2.45 5.04 3.10 3.57 5.04

FT India Life Stage FoF 50s Plus 0.00 0.00 80.54 0.00 0.00 -0.12 19.58 0.00-26.56 11.89 0.00 2.74 -0.05 6.43 11.43 9.61

HDFC Childrens Gift-Sav 49.26 0.00 19.13 0.00 0.00 13.48 18.13 0.00-17.72 72.70 3.59 2.25 1.22 4.19 7.67 7.93

HDFC MIP Short-term 42.42 0.41 0.00 28.69 0.00 13.85 14.63 0.00-14.41 252.33 3.01 2.11 -3.82 4.49 8.41 7.84

HSBC MIP Regular 27.93 7.88 31.21 8.99 0.00 9.26 14.73 0.00-11.90 197.45 7.14 2.27 3.91 9.04 12.06 10.88

HSBC MIP Savings 20.29 5.09 30.04 12.62 0.00 7.42 24.54 0.00-23.76 284.35 7.47 2.21 1.10 7.38 14.48 12.40

ICICI Prudential ChildCare-Study 19.49 0.00 40.88 0.00 0.00 17.61 22.02 0.00-24.62 35.41 5.22 1.50 0.82 7.30 12.85 12.68

ICICI Prudential MIP Reg 27.85 0.00 22.34 30.86 0.00 6.20 12.75 0.00-13.31 458.65 5.26 2.03 3.00 7.53 9.97 9.91

Kotak MIP 2.77 1.37 46.15 12.87 0.00 18.93 17.91 0.00-19.96 33.36 9.17 2.25 4.68 9.13 14.06 11.39

L&T MIP 19.25 31.80 25.64 4.72 0.00 2.75 15.84 0.00-18.50 70.85 3.62 2.25 3.34 5.38 9.18 8.87

LIC Nomura MF Floater MIP 0.00 60.86 0.00 26.32 0.00 3.03 9.79 0.00-18.57 64.35 0.47 1.38 5.08 3.70 8.00 7.16

Principal Debt Savings 30.96 0.00 0.28 52.86 0.00 4.62 11.28 2.04-8.25 34.52 2.80 2.32 6.20 8.90 10.19 10.84

Reliance MIP 8.31 0.04 35.13 33.18 0.00 3.57 19.77 0.00-19.48 3341.96 8.27 1.59 5.15 6.10 11.38 10.57

SBI Magnum Children's Benefit Plan 24.10 0.00 39.28 8.33 0.00 5.10 23.19 0.00-24.34 25.07 7.41 2.45 -20.53 -5.16 10.60 9.68

SBI Magnum MIP Floater 0.00 71.45 0.00 0.00 0.00 14.25 14.30 0.00-15.69 7.85 0.35 1.67 3.38 6.35 10.72 10.24

Sundaram MIP Moderate 6.83 81.61 0.03 11.50 0.00 0.03 0.00 0.00-20.02 276.01 0.50 2.03 5.75 7.04 9.43 7.39

Tata MIP Plus 32.46 0.00 33.13 0.00 0.00 15.72 18.69 0.00-20.12 73.19 4.18 2.00 4.80 6.60 11.97 10.43

UTI Monthly Income Scheme 32.75 0.00 17.30 30.40 0.67 4.94 13.94 0.00-15.14 327.93 6.09 1.80 3.49 6.27 10.29 9.53

Birla Sun Life Asset Allocation Moderate 1.88 1.94 2.88 9.94 2.58 36.46 44.32 6.49 -0.86 12.27 9.22 17.00

FT India Life Stage FoF 30s 4.84 9.18 2.31 13.48 4.68 20.30 45.21 7.43 4.67 15.87 10.57 25.93

ICICI Prudential Advisor-Moderate 0.37 0.71 0.42 2.49 0.86 58.76 36.39 5.31 -2.46 9.10 9.62 25.81

Sundaram MIP Aggressive Plan 0.00 0.00 0.00 36.42 0.00 0.00 63.58 8.88 -0.59 8.59 9.78 17.36

Tata Young Citizens 4.20 8.41 4.01 10.34 2.22 20.76 50.06 182.23 1.05 8.89 10.23 23.95

UTI Retirement Benefit Pension 5.76 4.93 3.00 8.21 2.13 13.16 62.81 906.54 4.05 14.45 10.05 19.73

Axis Short Term Retail 60.80 24.36 0.00 8.98 0.00 5.86 745.81 1.71 0.98 14.50 6.77 7.86 8.50 9.91

Canara Robeco Short Term Regular 17.58 52.68 5.90 5.32 0.00 18.52 441.70 1.51 1.20 11.19 6.93 8.15 8.56 9.65

DSPBR Short-term 45.83 28.42 0.00 22.08 0.00 3.67 1036.20 1.78 0.99 11.68 6.01 7.39 8.30 9.71

DWS Short Maturity Premium Plus 5.15 46.54 12.57 28.61 0.00 7.13 946.55 2.51 0.88 18.90 8.61 9.61 9.82 10.97

HDFC Short-term 42.42 20.58 1.44 25.04 0.00 10.52 2480.33 1.92 1.15 11.85 6.01 8.02 8.69 9.71

HSBC Income Short-term 38.50 33.32 0.00 18.11 0.00 10.07 1069.00 1.75 1.25 11.78 5.96 7.38 8.06 9.40

ICICI Prudential Short-term 40.21 3.55 31.10 21.15 0.00 3.99 4509.83 2.73 1.30 13.72 7.48 9.55 9.44 9.95

IDFC SSI Short-term Plan D 56.55 8.57 0.00 27.30 0.00 7.58 3417.74 1.25 0.30 12.74 7.13 8.04 8.95 9.86

Kotak Bond Short-term 22.52 18.04 9.39 35.09 0.00 14.96 1003.48 2.36 1.50 12.10 7.25 9.17 9.38 9.93

Kotak Income Opportunities 4.43 24.58 7.25 40.54 7.36 15.84 304.31 2.16 2.09 11.75 7.14 8.79 9.11 9.73

Pramerica Credit Opportunities 12.04 25.74 6.56 47.07 0.00 8.59 267.02 2.01 2.11 6.61 6.02 8.69 8.71 10.39

Reliance Short-term 20.37 28.13 8.99 25.71 0.00 16.80 2491.09 1.79 0.87 12.39 6.65 8.64 8.96 9.95

SBI Short Horizon Debt Short Term Ret 35.49 14.40 12.09 20.09 0.00 17.93 2249.28 0.00 0.75 14.07 6.71 8.75 9.26 10.31

Templeton India Short-term Income Ret 5.77 9.90 0.00 74.22 0.00 10.11 6035.38 2.46 1.52 15.32 6.90 8.72 9.39 10.47

UTI Short-term Income Regular 20.47 30.27 11.11 26.24 0.00 11.91 2050.79 2.80 1.04 11.85 7.86 11.17 10.58 11.07

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Debt: Ultra Short-term

Debt: Liquid

as on31/12/2012




Axis Treasury Advantage Retail 0.85 80.40 0.00 1.95 0.00 16.80 1492.01 0.09 0.77 7.31 7.27 7.49 7.60 8.63

Baroda Pioneer Treasury Advantage Reg 19.27 53.74 0.05 10.70 0.00 16.24 1185.92 0.52 0.45 10.49 8.11 8.23 8.32 9.69

Birla Sun Life Cash Manager 0.33 75.05 0.00 2.01 0.00 22.61 3755.30 0.17 0.53 8.52 7.46 7.79 7.90 9.02

Birla Sun Life Savings 1.89 66.33 0.00 9.80 0.00 21.98 6156.42 0.18 0.52 8.75 7.89 8.36 8.30 9.39

Birla Sun Life Ultra Short-term 6.61 72.50 0.00 0.00 0.00 20.89 875.64 0.11 0.42 8.60 8.25 8.62 8.71 9.76

BNP Paribas Money Plus Reg 3.77 79.55 9.54 3.35 0.00 3.79 954.95 0.31 0.48 9.02 8.02 8.41 8.54 9.77

DSPBR Money Manager Reg 0.22 92.09 0.03 12.71 0.00 -5.05 1723.42 0.27 1.03 9.94 7.61 7.69 7.79 8.72

DWS Treasury Investment Reg 8.59 76.42 0.00 0.00 0.00 14.99 286.26 0.34 0.52 10.40 7.96 8.34 8.25 9.86

ICICI Prudential Flexible Income Reg 5.17 72.12 2.61 2.94 1.06 16.10 12061.14 0.12 0.90 9.24 8.42 8.62 8.60 9.53

ICICI Prudential Floating Rate Reg 0.00 66.24 3.27 3.65 3.27 23.57 1692.64 0.13 1.10 8.77 8.06 8.35 8.44 9.47

ICICI Prudential Ultra Short Term Reg 11.96 25.99 6.91 0.00 0.00 55.14 1036.05 0.39 0.95 12.00 8.13 7.95 7.88 9.09

IDBI Ultra Short Term 2.62 91.26 0.00 3.27 0.00 2.85 917.90 0.25 0.49 9.34 8.21 8.48 8.56 9.46

IDFC Money Manager Investment A 0.00 96.89 0.00 0.00 0.00 3.11 2000.39 0.79 0.62 12.63 7.40 6.75 7.38 9.49

Indiabulls Ultra Short Term 0.00 67.06 0.00 0.00 0.00 32.94 524.19 0.27 0.29 8.21 8.25 8.74 9.06 9.98

JP Morgan India Treasury Retail 3.10 85.92 0.00 9.92 0.00 1.06 2498.56 0.47 0.98 8.12 7.67 8.10 8.29 9.18

Kotak Flexi Debt Regular 19.98 73.05 0.00 2.08 0.00 4.89 1799.02 0.33 0.74 10.50 7.94 7.98 8.07 8.98

Kotak Floater LT 4.55 86.25 0.00 5.61 0.00 3.59 4084.42 0.26 0.41 10.02 8.44 8.36 8.56 9.56

L&T Floating Rate 0.00 74.33 0.00 0.00 0.00 25.67 90.39 0.21 0.35 8.60 6.84 7.29 9.85 10.11

L&T Ultra Short Term 0.00 84.25 0.00 0.00 0.00 15.75 1041.26 0.11 0.87 7.95 7.05 7.23 7.54 8.78

Peerless Ultra Short Term Retail 3.25 65.12 0.00 18.64 0.00 12.99 1391.44 0.70 2.00 6.74 6.44 6.74 7.20 8.22

PineBridge India Treasury Ret 0.00 0.00 0.00 0.00 0.00 100.00 21.10 0.00 0.69 8.69 5.51 6.39 7.23 9.05

Pramerica Short Term Floating Rate 0.00 88.54 0.00 0.00 10.00 1.46 115.04 0.08 0.22 9.24 8.93 8.47 8.67 9.48

Reliance Medium Term 12.57 75.78 0.00 10.50 0.00 1.15 4828.71 0.60 0.60 10.48 7.14 7.60 8.17 9.81

Reliance Money Manager Retail 4.74 69.54 0.00 20.27 0.00 5.45 9470.64 0.15 0.62 8.51 7.96 8.08 8.16 9.17

Sundaram Ultra ST Ret 21.07 58.20 0.00 15.01 0.00 5.72 1655.26 1.21 0.31 8.24 7.00 7.42 7.34 8.19

Tata Floater 1.46 81.78 2.99 3.86 0.00 9.91 3956.22 0.23 0.28 8.78 8.12 8.45 8.54 9.53

Taurus Ultra Short Term Bond Retail 0.00 95.01 0.09 3.05 0.00 1.85 623.59 0.09 0.55 8.79 8.17 8.27 8.38 9.24

Templeton Floating Rate Ret 4.19 46.21 0.00 13.64 0.00 35.96 752.30 0.18 1.12 8.35 7.42 7.86 8.17 9.51

Templeton India Low Duration 2.11 40.98 0.00 46.65 0.00 10.26 3172.53 0.38 0.77 10.47 8.46 8.43 8.78 10.03

Templeton India Ultra Short Bond Ret 1.36 68.18 0.00 23.49 0.00 6.97 4480.97 0.33 0.86 9.16 8.03 8.28 8.39 9.53

UTI Floating Rate ST Reg 2.08 90.07 0.00 1.00 0.00 6.85 651.23 0.67 0.66 7.98 7.86 8.38 8.29 8.99

UTI Treasury Advantage 3.17 83.02 0.00 9.88 0.00 3.93 12077.06 0.33 0.43 8.78 7.76 8.21 8.17 9.10

Axis Liquid Retail 0.00 76.05 0.00 0.00 0.00 23.95 3869.59 0.09 0.23 7.94 7.90 8.06 8.15 8.96

Birla Sun Life Cash Plus 0.64 70.85 0.00 0.00 0.00 28.51 14651.85 0.09 0.53 7.82 7.71 7.83 7.93 8.75

DSPBR Liquidity Reg 0.00 76.98 0.00 0.00 0.00 23.02 3348.48 0.08 0.39 8.39 8.12 8.19 8.25 9.12

DWS Insta Cash Plus Reg 0.00 78.64 0.66 0.00 0.00 20.70 6260.81 0.07 0.54 8.16 7.95 8.10 8.21 8.78

HDFC Cash Mgmt Savings 0.00 74.34 0.00 0.00 0.00 25.66 3831.73 0.04 0.12 8.34 8.21 8.34 8.49 9.43

HDFC Liquid 0.00 71.59 0.00 0.55 0.79 27.07 9635.16 0.06 0.12 8.31 8.21 8.36 8.50 9.28

ICICI Pru Liquid Ret 0.00 76.43 2.21 0.00 0.00 21.36 16229.38 0.05 1.00 7.45 7.89 8.26 8.85 8.94

IDBI Liquid 0.00 87.55 4.03 0.00 0.00 8.42 3762.58 0.07 0.15 8.35 8.31 8.48 8.59 9.41

IDFC Cash 1.29 82.06 0.00 0.00 0.00 16.65 4424.52 0.07 0.89 7.85 7.60 7.71 7.83 8.67

JP Morgan India Liquid Retail 0.00 57.21 0.00 0.00 0.00 42.79 5534.87 0.05 0.55 8.42 8.19 8.32 8.44 9.23

Kotak Liquid Regular 0.00 74.41 0.00 0.00 0.00 25.59 5173.87 0.07 0.21 7.57 7.39 7.44 7.52 8.34

Morgan Stanley Liquid 0.00 85.42 0.26 0.00 0.00 14.32 535.36 0.09 0.10 8.44 8.31 8.44 8.55 9.41

Pramerica Liquid 0.00 87.32 1.54 0.00 0.00 11.14 939.19 0.07 0.45 8.41 8.41 8.54 8.63 9.47

Reliance Liquidity 0.26 62.53 0.00 0.00 0.00 37.21 5194.81 0.07 0.23 8.57 8.40 8.46 8.55 9.39

Religare Liquid Retail 0.00 79.33 0.00 0.00 0.00 20.67 4539.29 0.11 0.15 7.12 7.01 7.13 7.23 8.14

Tata Liquid RI 0.00 71.88 0.00 0.00 0.00 28.12 5770.47 0.15 0.27 7.80 7.62 7.78 7.81 8.61

Taurus Liquid 0.00 88.48 0.12 0.00 0.00 11.40 2553.28 0.04 0.31 7.65 7.63 7.76 7.84 8.66

UTI Liquid Cash Regular 0.62 78.95 0.00 0.00 0.00 20.43 11852.51 0.04 0.14 7.64 7.51 7.68 7.78 8.65

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11

Debt Gilt: Short-term

Debt Gilt: Medium & Long-termas on

31/12/2012

Sov. Others Cash AUM Avt. Expense Return(%)

(Cr.) Maturity 7D 1M 3M 6M 1Y


Axis Constant Maturity 10 Year 85.03 0.00 14.97 36.61 10.15 1.50 19.12 6.65 14.09 10.79 8.44

Baroda Pioneer Gilt 84.16 0.00 15.84 4.76 11.49 0.00 17.83 6.07 12.64 10.14 10.97

Birla Sun Life GSF Long-term 68.61 0.00 31.39 344.55 7.23 1.50 22.89 10.14 19.06 14.19 11.85

Birla Sun Life Gilt Plus PF 70.02 0.00 29.98 27.67 6.17 2.47 21.06 9.29 16.33 12.02 8.89

Canara Robeco Gilt PGS 60.39 0.00 39.61 21.91 6.37 1.50 17.15 8.12 16.38 12.22 11.26

DSPBR Government Securities 90.05 0.00 9.95 351.86 11.53 1.25 17.32 5.68 16.92 13.50 8.95

DWS Gilt Reg 98.40 0.00 1.60 166.88 9.78 0.73 25.63 15.15 14.94 12.65 9.87

Edelweiss Gilt Fund 89.05 0.00 10.95 7.44 8.39 1.29 19.24 7.86 12.11 8.91 8.60

HDFC Gilt Long-term 88.29 0.00 11.71 278.09 11.27 0.52 16.82 6.44 16.57 13.58 11.57

ICICI Prudential Gilt Investment Reg 94.94 0.00 5.06 322.10 11.77 1.50 21.01 4.75 15.16 11.98 10.53

IDFC GSF Investment Plan A 29.31 0.00 70.69 127.56 4.00 1.35 14.33 10.69 20.01 15.84 13.51

IDFC GSF Investment Plan B 29.31 0.00 70.69 127.56 4.00 1.35 14.66 11.03 20.38 16.21 13.91

IDFC GSF PF Regular 35.43 0.00 64.57 25.36 4.50 1.35 14.54 10.56 20.67 16.16 13.51

ING Gilt PF Dynamic 32.29 0.00 67.71 3.09 14.84 1.57 16.77 5.89 25.63 15.90 11.29

JM G-Sec 41.07 0.00 58.93 22.12 16.76 2.25 8.78 1.01 13.86 11.14 10.79

Kotak Gilt Investment Regular 95.87 0.00 4.13 502.09 15.01 1.85 18.11 3.08 15.39 13.18 12.99

Kotak Gilt Investment PF & Trust 95.87 0.00 4.13 502.09 15.01 1.85 18.12 3.14 15.56 13.26 13.03

L&T Gilt Investment 78.62 0.00 21.38 79.44 10.30 1.50 15.66 5.74 15.61 13.90 14.39

LIC Nomura MF GSF 60.85 0.00 39.15 51.89 7.82 1.26 10.18 3.68 8.30 8.14 8.24

Motilal Oswal MOSt 10 Year Gilt 97.48 0.00 2.52 206.41 9.21 0.99 21.25 8.77 16.00 11.74 8.64

Principal GSF 57.64 0.00 42.36 70.54 11.90 2.00 14.61 6.91 15.11 11.14 8.83

Reliance Gilt Securities 78.83 0.00 21.17 152.38 11.22 1.48 19.72 8.23 17.73 14.15 12.69

Religare Gilt Longer Duration 97.59 0.00 2.41 222.38 13.47 2.00 18.48 13.64 16.11 11.24 8.85

SBI Magnum Gilt Long-term 63.79 0.00 36.21 139.46 13.92 1.27 17.13 8.59 18.75 15.21 11.75

Tata GSF HI 102.86 0.00 -2.86 112.53 12.07 1.60 16.31 6.47 16.05 12.66 10.33

Tata Gilt Mid Term 76.34 0.00 23.66 51.02 10.11 1.60 17.84 8.22 15.39 11.67 9.85

Tata Gilt Retirement280213 81.46 0.00 18.54 112.53 12.07 1.60 -- -- -- -- --

Tata GSF Plan A 81.46 0.00 18.54 112.53 12.07 1.60 16.32 6.47 16.05 12.66 10.33

Taurus Gilt 0.00 0.00 100.00 0.03 0.00 1.52 3.46 3.86 3.93 5.90 2.43

Templeton India GSF Composite 84.08 0.00 15.92 100.07 6.80 1.74 18.76 4.35 8.67 9.20 7.81

Templeton India GSF Long-term 95.16 0.00 4.84 108.33 7.48 1.71 18.51 3.74 9.30 9.76 8.76

UTI Gilt Advantage Long-term 91.79 0.00 8.21 194.09 9.52 1.50 19.90 6.25 17.91 13.81 10.81

UTI Gilt Advantage Long-term Provident 91.79 0.00 8.21 194.09 9.52 1.50 19.90 6.25 17.91 13.81 10.81

Birla Sun Life GSF Short-term 65.47 0.00 34.53 1.09 0.01 0.75 7.09 7.06 7.13 7.27 7.43

Birla Sun Life Gilt Plus Liquid 54.87 0.00 45.13 5.27 0.01 0.95 7.27 7.25 7.48 7.79 7.96

Canara Robeco Gilt Advantage 88.42 0.00 11.58 2.60 0.10 1.35 7.18 6.52 6.67 6.68 7.71

Daiwa Government Securities Short Term 90.32 0.00 9.68 6.08 0.10 1.53 6.13 6.20 6.34 6.41 7.00

DSPBR Treasury Bill 94.78 0.00 5.22 2.52 0.50 0.50 7.91 6.65 7.28 7.16 7.73

HDFC Gilt Short-term 88.17 0.00 11.83 9.98 4.33 0.50 11.69 9.04 11.55 10.09 9.31

ICICI Prudential Gilt Treasury Reg 98.27 0.00 1.73 346.75 4.17 1.25 10.94 9.15 12.29 10.47 8.85

ICICI Prudential Gilt Treasury PF Reg 98.54 0.00 1.46 21.38 4.60 1.25 10.86 8.23 10.78 9.78 7.61

Kotak Gilt Saving 78.61 0.00 21.39 44.22 2.83 1.50 12.30 8.90 10.57 8.06 7.78

SBI Magnum Gilt Short-term 14.30 0.00 85.70 87.60 2.92 0.92 7.38 8.59 10.09 9.33 9.33

Tata GSF Short Maturity 70.08 0.00 29.92 45.22 0.00 1.50 11.65 9.03 11.43 9.69 9.03

UTI G-Sec Short-term 35.13 0.00 64.87 15.96 0.06 0.75 6.83 6.69 10.08 8.60 8.76

March 12, 2013

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Risk Factors/Disclaimers: Mutual Funds and Securities Investments are subject to

market risks and their NAVs / prices can fluctuate on factors affecting capital/debt

markets. Past performance is not an indicator of future performance of the

Investments. Efforts have been made to ensure that the information provided are

accurate, complete and up-to date, irrespective please read the offer document of the

respective schemes before investing. SPA Group is not liable for any inaccurate or

incomplete information. SPA Group also takes no responsibility for any gain/ loss on

any investment made pursuant to the above letter.

SPA Capital Services Ltd.

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Documents

Monthly Update March 12, 20131 Monthly Update March 12, 2013 DearInvestors, TheUnionBudgetpresentedfor2013-14isaprudentVotemanBudget–forWoman,Youthandunder privileged. Being 9th