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NFO Period: Jan 17, 2014 to Jan 31, 2014

dynamic asset allocation fund

open ended fund of funds scheme
This Open ended Fund of Funds Scheme is suitable for investors who are seeking^ Long-term capital growth; Investments in units of one or more equity mutual funds and debt mutual funds of DSP BlackRock Mutual Fund; High Risk (Brown) ^Investors should consult their financial advisors if in doubt about whether the scheme is suitable for them. Note: Risk may be represented as: Investors understand that their principal will be at Low risk (Blue) Investors understand that their principal will be at Medium risk (Yellow) Investors understand that their principal will be at High risk (Brown)

Welcome to todays world of investing!

BUY NOW.
IT S CHEAP

Invest now in fixed income funds?

Where do I begin Equity? Debt?

STOCKS?
MFs? GOLD?

ELECTIONS COMING UP!

WAIT.

How long should I wait before investing?

Investing today is challenging: What? When? Where? How much?

2

What are the typical questions investors ask?

Where should I invest?
I have Rs 2 lakh in my savings account which Im not using for anything. What should I do with this money?

When should I invest?

I have about Rs. 25 lakh from selling my flat. I want to invest now but my friends say I should wait for election results first.

Should I invest in equity funds or xed income funds?

When is the right time to invest my money?

Is it the right time to exit?

I invested in the stock market 3 years ago and have gained a little. I made bad decisions in 2008 so Im a bit worried.

How much should I invest in equity?

Ill get married in 3-4 years and am saving Rs 20,000 every month. But my Dad says I should invest some of that to make more.

Should I book prots now or wait a bit longer?

How can I make sure I make money but not lose any?

New or experienced investors get equally confused with market ups and downs
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Timing the market: Easier said than done

Market sentiment affects investor behavior: Many investors buy high, sell low!
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The need for asset allocation

Trying to time the market is futile for regular investors: Investors inevitably end up making unsuitable decisions Understanding that any one asset class cannot be relied upon exclusively to provide consistent returns is critical The right balance of equities and fixed income in investor portfolios is what matters the most Asset allocation is an investors best friend: It balances risks vs potential rewards for an investor by adjusting the equity-fixed income ratio in a portfolio according to the existing market conditions

Asset allocation is more important than market timing. But how important is it?
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How important is asset allocation?

*Source: From the study titled Determinants of Portfolio Performance, published by Gary P. Brinson, L. Randolph Hood and Gilbert L. Beebower in Financial Analysts Journal in 1986. This study covered 91 large U.S pension plans over the period 1974-1983 and concluded that investment policy (asset classes chosen and their proportion) dominated investment strategy (market timing and security selection), explaining on average 93.60% of the variation in total plan return.

Brinson, Hood & Beebower said this in 1986. Many more said it afterwards.
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Asset allocation is simple in theory, but often difcult in practice

An investor has to : Constantly track markets to identify the appropriate asset allocation and then take relevant action. Invest in an asset class when it is relatively cheap to be able to participate in the upside and exit when relatively expensive, to be able to protect against the downside. Implement the above steps systematically using a process, free from the effects of human biases and/ or market-trend following behavior.

How does one implement asset allocation easily?

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Introducing a rst-of-its-kind Scheme that:

Identies the appropriate asset allocation between equity and debt by comparing the relative merits of investing in either asset class Resets the allocation when required, and that too, automatically Aims to eliminate confusion and hesitation from investors minds Allows investors to invest peacefully

Presenting DSP BlackRock Dynamic Asset Allocation Fund (Scheme)

dynamic asset allocation fund

open ended fund of funds scheme
Allocate automatically. Invest peacefully.
Note: For Scheme specic risk factors and more details, please read the Scheme Information Document of the Scheme.

How will this Scheme work?

Simple principle: Higher the earning potential of an asset class, higher the allocation towards it

tbt be ned h nad t a e h v t i te c v ti tr ca ta tr eta o era r m o s i m s itiy uy q it e u fq e :I 1 If ty : e 1 s a e Equi on C s Ca ati

Debt n atio alloc fund e in th ases e decr alloc fund e in th ases incre

Ca C s a e s2 e:2 If :I d fe d b e tb it s im sm oro era eta tr ta tr ca tc iv te ivt e ht a h n ae nqe u q it u yity Deb

alloc t a in the tion f incre und ases Equi alloc ty a in the tion f decre und ases

The Yield Gap helps in identifying the relative attractiveness between equity and fixed income to determine the appropriate asset allocation
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Equity allocation as recommended by the Yield Gap model

Equity Allocation 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000

Jan
30% 30% 30% 20% 80% 30% 50% 80% 90% 90% 90% 80% 10%

Feb
30% 30% 40% 20% 90% 30% 50% 80% 90% 90% 90% 70% 10%

Mar
30% 30% 40% 20% 90% 10% 50% 70% 90% 90% 90% 70% 10%

Apr
30% 30% 50% 20% 90% 10% 60% 60% 90% 90% 90% 70% 10%

May
30% 30% 50% 30% 90% 20% 50% 60% 90% 90% 90% 70% 20%

Jun
30% 30% 50% 30% 90% 20% 50% 50% 90% 90% 90% 70% 40%

Jul
30% 40% 20% 40% 80% 20% 50% 50% 90% 90% 90% 80% 40%

Aug
20% 40% 20% 40% 70% 20% 50% 50% 90% 90% 90% 90% 50%

Sep
20% 30% 20% 30% 50% 20% 50% 50% 90% 90% 90% 90% 60%

Oct
10% 30% 30% 30% 40% 30% 50% 50% 90% 90% 90% 90% 70%

Nov
10% 30% 30% 30% 30% 40% 40% 50% 90% 90% 90% 90% 70% 10%

Dec
10% 30% 30% 30% 20% 60% 30% 50% 90% 90% 90% 90% 70% 10%

This slide exhibits equity allocation as recommended by the Yield Gap Ratio Model. The colors in the table above depict increase (green) /decrease (red) /no change (white) in allocation from previous month. Data source: Internal.

If one managed asset allocation according to the Yield Gap ratio, what would have happened?
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Superiority of Yield Gap: The evidence

Long term performance: Nov 2000 to Dec 2013
1600 1400 1200 1000 800 600 400 200
Yield Gap (YG) Model NIFTY Price Earnings (PE) Model CRISIL Balanced Fund Index (CRISIL Bal F)

Yield Gap Model

Values rebased to 100

Price Earnings Model Nifty CRISIL Bal F

0 Nov-00 Nov-01 Nov-02 Nov-03 Nov-04 Nov-05 Nov-06 Nov-07 Nov-08 Nov-09 Nov-10 Nov-11 Nov-12 Dec-13 CY Returns* YG Model PE Model CRISIL Bal F NIFTY 2013 3.1% 3.7% 6.0% 6.8% 2012 16.1% 2011 0.7% 2010 9.6% 7.6% 2009 2008 2007 2006 2005 2004 2003 2002 9.6% N.A. 3.3% 2001 8.2% -5.0% N.A. -16.2% Nov - Dec 2000 1.8% 1.3% N.A. 2.2% 63.9% -12.4% 33.6% 30.9% 46.5% 26.3% 113.6% 8.3% 43.4% 71.9%

22.8% -10.5%

41.3% -26.7% 30.2% 23.0% 40.5% 24.9% 110.5% 11.3%

21.3% -14.4% 13.6% 48.6% -34.4% 36.8% 25.2% 23.2%

27.7% -24.6% 17.9% 75.8% -51.8% 54.8% 39.8% 36.3% 10.7%

This slide exhibits long term performance figures from Nov 2000 to Dec 2013. The performance of the YG and PE models is based on select DSP BlackRock Mutual Fund (DSPBR) schemes. Schemes considered for equity allocation: (i) Nov 2000 - March 2003: DSPBR Equity Fund (ii) March 2003 till Dec 2013; DSPBR Equity Fund and DSPBR Top 100 Equity Fund (in equal proportion); for fixed income allocation: (i) Nov 2000 - May 2007: DSPBR Bond Fund (ii) May 2007 till Dec 2013: DSPBR Strategic Bond Fund and DSPBR Short Term Bond Fund (in equal proportion). These figures, however, do not in any manner indicate the future returns/performance of DSP BlackRock Dynamic Asset Allocation Fund. The CRISIL Balanced Fund Index commenced from April 1, 2002 and hence the graph for it has been plotted accordingly. *Calendar Year (CY) performance. Data source: Internal.

The Yield Gap not only provides investors a superior way of investing, but also endeavors to limit downside during market downturns
Note: An exit load of 1% has been considered whenever the asset allocation changes from equity to debt or debt to equity. Past performance may or may not be sustained in future.

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Range of returns over 3 and 5 year time periods

Performance Range: 5 year holding period
Maximum

Performance Range: 3 year holding period

47% 49% 40% 31%
Maximum

37% 26% 25% 18% 8% 3%

Yield Price Gap Earnings Model Model

13%
Minimum

8% 5% -1%
Yield Gap Model Price Earnings Model

-1%
Nifty

3%

5%

4% -7%
Nifty

-1%
CRISIL CRISIL Bal F Short Term Index Index

Minimum

CRISIL CRISIL Bal F Short Term Index Index

This slide exhibits the maximum & minimum returns (rolling CAGR returns) generated by investment made on any date for a 5 and 3 year period during the past 10 years period ending on Dec 31, 2013. The performance of the YG and PE models is based on select DSP BlackRock Mutual Fund (DSPBR) schemes. Schemes considered for equity allocation from Nov 2003 till Dec 2013: DSPBR Equity Fund and DSPBR Top 100 Equity Fund (in equal proportion); for fixed income allocation: (i) Nov 2003 - May 2007: DSPBR Bond Fund (ii) May 2007 till Dec 2013: DSPBR Strategic Bond Fund and DSPBR Short Term Bond Fund (in equal proportion). These figures, however, do not in any manner indicate the future returns/performance of DSP BlackRock Dynamic Asset Allocation Fund. Data source: Internal.

An investment product that utilizes an auto asset allocation strategy based on the Yield Gap Model can be a strong addition to any investors core portfolio
Note: An exit load of 1% has been considered whenever the asset allocation changes from equity to debt or debt to equity. Past performance may or may not be sustained in future.

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Asset allocation is more important than market timing

Consistent performance of Yield Gap: May 2004 to Oct 2008
500 450 400 350 300 250 200 150 100 May-04 Nov-04 May-05 Nov-05 May-06 Nov-06 May-07 Nov-07 May-08 Price Earnings Model Nifty CRISIL Bal F Oct-08 Yield Gap Model
Yield Gap (YG) Model NIFTY Price Earnings (PE) Model CRISIL Balanced Fund Index (CRISIL Bal F)

Market Peak (Jan-08) 3 months before peak 3 months after peak

This slide exhibits the consistent performance of Yield Gap from May 2004 to Oct 2008. The performance of the YG and PE models is based on select DSP BlackRock Mutual Fund (DSPBR) schemes. Schemes considered for equity allocation from May 2004 till Oct 2008: DSPBR Equity Fund and DSPBR Top 100 Equity Fund (in equal proportion); for xed income allocation: (i) May 2004 - May 2007: DSPBR Bond Fund (ii) May 2007 till Oct 2008: DSPBR Strategic Bond Fund and DSPBR Short Term Bond Fund (in equal proportion). These gures, however, do not in any manner indicate the future returns/performance of DSP BlackRock Dynamic Asset Allocation Fund. Data source: Internal.

Following the Yield Gaps recommendations results in low volatility over any market cycle and helps in protecting wealth during market downturns
Note: An exit load of 1% has been considered whenever the asset allocation changes from equity to debt or debt to equity. Past performance may or may not be sustained in future.

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Asset allocation is more important than fund selection

Performance of Yield Gap Model: DSPBR Equity schemes vs Industry Top 2 Equity schemes
YG Model with DSPBR Equity Schemes and DSPBR Fixed Income Schemes YG Model with Industry Top 2 Equity Schemes and DSPBR Fixed Income Schemes 19.9% 19.0% 16.2% 13.1% 9.4% 9.4% 6.4% 6.2% 3.1% 0.8%

Note:
DSP BlackRock Mutual Fund (DSPBR) Equity Schemes considered for equity allocation from Jan 2004 till Dec 2013: DSPBR Equity Fund and DSPBR Top 100 Equity Fund (in equal proportion). Industry Top 2 equity schemes considered for equity allocation: From all the diversied Equity Funds in the industry with AUM greater than Rs. 1,000 crore as at Dec 31, 2013, the Top 2 equity schemes were selected every year based on last one year performance. Thus, Top 2 equity schemes in every calendar year were included in the model on January 1st of the succeeding year. DSPBR Fixed income schemes considered for debt allocation: (i) Jan 2004 - May 2007: DSPBR Bond Fund (ii) May 2007 till Dec 2013: DSPBR Strategic Bond Fund and DSPBR Short Term Bond Fund (in equal proportion). Performance is in CAGR terms for the period ending Dec 31, 2013. These gures, however, do not in any manner indicate the future returns/ performance of DSP BlackRock Dynamic Asset Allocation Fund. Data source: Internal

16.7% 15.7%

10 Years

8 Years

5 Years

3 Years

2 Years

1 Year

The chart above shows that as long as investors implement an asset allocation based investment strategy, the choice of the underlying mutual fund schemes is not the most critical factor dening portfolio performance. If one considers the performance above, even having selected the Industry Top 2 perfoming equity schemes at all times would not have resulted in better portfolio performance over a long term investment horizon.

Over the long term, asset allocation neutralizes the impact of the choice of funds
Note: An exit load of 1% has been considered whenever the asset allocation changes from equity to debt or debt to equity. Past performance may or may not be sustained in future.

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Who can invest in a Scheme such as this?

For the rst time in Indian mutual fund history, the question isnt Who can. It is Who cant!

We believe that the product construct of this Scheme is simple and effective enough to appeal to any investor, whether amateur or experienced
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Summary: Why should an investor consider this Scheme?

Solution focused

1 2

Seeks to offer a bundled investment proposition

Active approach

Achieves tactical asset allocation based on the relative attractiveness of equity and debt markets Automatic rebalancing of portfolios to not only aim for better returns but also to limit downside for investors during market downturns Uses the superior Yield Gap metric to assess market valuations Suitable for investors looking at long-term wealth creation, irrespective of market conditions

In-built risk management

3 4 5

Simple & superior

All-weather fund

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Scheme Features
Features
Name of the Scheme Type of Scheme Underlying Equity Schemes* Underlying Fixed Income Schemes* Fund Managers NFO dates Benchmark Entry load Exit load DSP BlackRock Dynamic Asset Allocation Fund Open-ended Fund of Funds Scheme DSP BlackRock Equity Fund DSP BlackRock Top 100 Equity Fund DSP BlackRock Strategic Bond Fund DSP BlackRock Short Term Fund Apoorva Shah & Dhawal Dalal 17 January 2014 31 January 2014 CRISIL Balanced Fund Index Not Applicable Holding period <= 1 year: 1% Holding period >1 year; <=2 years : 0.5% Holding period >2 years: Nil Regular Plan Direct Plan Growth (default option) Dividend Payout; Dividend Reinvest

Plans Options

*DSP BlackRock Dynamic Asset Allocation Fund also has a provision to invest in three other equity schemes (DSP BlackRock Focus 25 Fund, DSP BlackRock Opportunities Fund and DSP BlackRock India T.I.G.E.R. Fund (The Infrastructure Growth and Economic Reforms Fund) and three other xed income schemes (DSP BlackRock Money Manager Fund, DSP BlackRock Banking & PSU Debt Fund and DSP BlackRock Income Opportunities Fund) of DSP BlackRock Mutual Fund. Please read the SID carefully for more details on these schemes and also for more details on risk factors before investment.

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Disclaimer: In the preparation of the material contained in this document, DSP BlackRock Investment Managers Pvt. Ltd. (the AMC) has used information that is publicly available, including information developed in-house. Information gathered and material used in this document is believed to be from reliable sources. The AMC however does not warrant the accuracy, reasonableness and / or completeness of any information. We have included statements / opinions / recommendations in this document, which contain words, or phrases such as will, expect, should, believe and similar expressions or variations of such expressions that are forward looking statements. Actual results may differ materially from those suggested by the forward looking statements due to risk or uncertainties associated with our expectations with respect to, but not limited to, exposure to market risks, general economic and political conditions in India and other countries globally, which have an impact on our services and / or investments, the monetary and interest policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices, etc. All figures and other data given in this document are dated and the same may or may not be relevant in future. Investors are advised to consult their own legal, tax and financial advisors to determine possible tax, legal and other financial implication or consequence of subscribing to the units of the Scheme. Investment Objective: The investment objective of the Scheme is to seek capital appreciation by managing the asset allocation between specified equity mutual funds schemes and debt mutual funds schemes of DSP BlackRock Mutual Fund. The Scheme will dynamically manage the asset allocation between the specified equity mutual funds schemes and debt mutual funds schemes of DSP BlackRock Mutual Fund based on the relative valuation of equity and debt markets. The Scheme may also invest a certain portion of its corpus in money market securities and/ or money market/liquid schemes of DSP BlackRock Mutual Fund, in order to meet liquidity requirements from time to time. However, there is no assurance that the investment objective of the Scheme will be realized. Asset Allocation: Units of DSP BlackRock Equity Fund and/or DSP BlackRock Top 100 Equity Fund and/or other specified schemes of DSP BlackRock Mutual Fund: 10% - 90%, b) Units of DSP BlackRock Strategic Bond Fund and/or DSP BlackRock Short Term Fund and/or other specified schemes of DSP BlackRock Mutual Fund: 10%-90% and c) Money market securities and/or units of money market/liquid schemes of DSP BlackRock Mutual Fund: 0%-10%. Investment Strategy: The asset allocation of the Scheme shall be based on the Yield Gap Ratio Model. Exit load: Holding period from date of allotment : Less than or equal to one year: 1%; Greater than one year and less than or equal to two years: 0.5%; Greater than two years: Nil. The expenses of the scheme will be over and above the expenses charged by the underlying schemes. For complete details on risk factors, event of suspension of subscriptions and more details, investors are requested to read the Scheme Information Document (SID) of the Scheme. For risk factors and product labeling details of the Underlying Schemes, investors are requested to read the respective SIDs of the Underlying Schemes. Past performance may or may not be sustained in the future.

Mutual fund investments are subject to market risks, read all scheme related documents carefully before investing.
Note: Images used in slides 2,3,7 and 16 of this document are stock images utilized for illustrative purposes only, and statements mentioned next to the images may or may not necessarily reect the actual, real life views of the people appearing on these images.

FOR MORE INFORMATION

Contact Centre: 1800 200 4499 Email: service@dspblackrock.com Website: www.dspblackrock.com

Annexure 1: Basis of asset allocation: Yield Gap

By comparing the earning potential from investing in equities as against that from fixed income, the Yield Gap between investing in these two asset classes will guide the investment pattern of this fund.
How is the Yield Gap identied?

Debt Markets

Equity Markets

10Y G-Sec Yield

The benchmark 10Y G-Sec Yield is a good indicator of the long-term interest rates in the economy

VS

Nifty Earnings Yield (Earnings/Price)

Earnings yield on Nifty is an indicator of the return on investment from equity markets

Yield Gap = 10Y G-Sec Yield / Earnings Yield of Nifty

Comparing the Yield Gap ratio relative to its historical trend will determine the appropriate asset allocation
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Annexure 2: How are the allocation bands identied?

If the difference between the Yield Gap ratio and the Modied Yield Gap ratio is less than 0.05, which is an indicator of a at yield curve, then allocation bands based on a moderate version of the Yield Gap, called the Modied Yield Gap, will be applied.
Yield Gap = 10Y G Sec Yield Earnings Yield of Nifty Modied Yield Gap = 1Y G Sec Yield Earnings Yield of Nifty

Equity Allocation Vs. Yield Gap Levels

Yield Gap Ratio <1.10 1.10 - 1.20 1.20 - 1.30 1.30 - 1.40 1.40 - 1.50 1.50 - 1.60 1.60 - 1.70 1.70 - 1.80 >1.80
Source: Scheme Information Document of the Scheme

Equity Allocation 90% 80% 70% 60% 50% 40% 30% 20% 10%

Modied Yield Gap Ratio <0.7 0.7 - 0.8 0.8 - 0.9 0.9 - 1 1 - 1.1 1.1 - 1.2 1.2 - 1.3 1.3 - 1.4 >1.4

Equity Allocation 90% 80% 70% 60% 50% 40% 30% 20% 10%

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Annexure 3: SIP performance over the long term

SIP investments growth in rupee terms (total investment over the period: Rs 1.20 lakh)
300,000 250,000 200,000 150,000 100,000 50,000 0 Jan-04 Jan-06 Jan-08 Dec-09 Dec-11 Dec-13
Yield Gap (YG) Model NIFTY Price Earnings (PE) Model CRISIL Balanced Fund Index YG Model: Rs 2.86 lakh Nifty: Rs 2.09 lakh PE Model: Rs 2.02 lakh CRISIL Bal F: Rs 1.95 lakh

SIP performance in XIRR terms

18%
16.8%

Yield Gap (YG) Model NIFTY

10.2% 10.8% 9.5% 9.1% 7.2% 8.6% 8.0%

Price Earnings (PE) Model CRISIL Balanced Fund Index (CRISIL Bal F)
9.3%

12%

7.1%

7.9%

8.4%

6%

0%

Last 10 years

Last 5 years

Last 3 years

The above charts assume monthly SIP investments of Rs. 1000 on the last day of each month. The XIRR returns are for the period ending Dec 2013. The performance of the YG and PE models is based on select DSP BlackRock Mutual Fund (DSPBR) schemes. Schemes considered for equity allocation from Jan 2004 till Dec 2013: DSPBR Equity Fund and DSPBR Top 100 Equity Fund (in equal proportion); for xed income allocation: (i) Jan 2004 - May 2007: DSPBR Bond Fund (ii) May 2007 till Dec 2013: DSPBR Strategic Bond Fund and DSPBR Short Term Bond Fund (in equal proportion). These gures, however, do not in any manner indicate the future returns/performance of DSP BlackRock Dynamic Asset Allocation Fund. An exit load of 1% has been considered whenever the asset allocation changes from equity to debt or debt to equity. Past performance may or may not be sustained in future. Data source: Internal.

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Annexure 4: Historical performance over the long term

Performance in CAGR terms
Time Period Last 10 years Last 7 years Last 5 years Last 3 years Last 1 year Yield Gap (YG) Model 19.9% 14.2% 16.7% 6.4% 3.1% Price Earnings (PE) Model 13.6% 7.5% 11.6% 4.5% 3.7% NIFTY 12.9% 6.8% 16.3% 0.9% 6.8% CRISIL Balanced Fund Index (CRISIL Bal F) 10.8% 7.6% 13.2% 3.3% 6.0%

Note: This slide exhibits the CAGR returns generated by investments made for the above mentioned time periods ending Dec 2013. The performance of the YG and PE models is based on select DSP BlackRock Mutual Fund (DSPBR) schemes. Schemes considered for equity allocation from Jan 2004 till Dec 2013: DSPBR Equity Fund and DSPBR Top 100 Equity Fund (in equal proportion); for xed income allocation: (i) Jan 2004 - May 2007: DSPBR Bond Fund (ii) May 2007 till Dec 2013: DSPBR Strategic Bond Fund and DSPBR Short Term Bond Fund (in equal proportion). These gures, however, do not in any manner indicate the future returns/performance of DSP BlackRock Dynamic Asset Allocation Fund. An exit load of 1% has been considered whenever the asset allocation changes from equity to debt or debt to equity. Past performance may or may not be sustained in future. Data source: Internal.

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Annexure 5: History of negative performance

Instances (in percentage) of negative performance
Investment Time Period 5 years 3 years 2 years 1 year Yield Gap (YG) Model 0% 0% 0% 5% Price Earnings (PE) Model 0% 0% 7% 15% NIFTY 3% 8% 26% 21% CRISIL Balanced Fund Index (CRISIL Bal F) 0% 1% 10% 17%

Performance calculated on the basis of daily rolling frequency

Note: This slide shows the history of negative returns generated by investments made for the above mentioned holding periods, during the period Jan 2004 to Dec 2013. The performance of the YG and PE models is based on select DSP BlackRock Mutual Fund (DSPBR) schemes. Schemes considered for equity allocation from Jan 2004 till Dec 2013: DSPBR Equity Fund and DSPBR Top 100 Equity Fund (in equal proportion); for fixed income allocation: (i) Jan 2004 - May 2007: DSPBR Bond Fund (ii) May 2007 till Dec 2013: DSPBR Strategic Bond Fund and DSPBR Short Term Bond Fund (in equal proportion). These figures, however, do not in any manner indicate the future returns/performance of DSP BlackRock Dynamic Asset Allocation Fund. An exit load of 1% has been considered whenever the asset allocation changes from equity to debt or debt to equity. Past performance may or may not be sustained in future. Data source: Internal.

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