Professional Documents
Culture Documents
May 2017 2
Disclaimer
Nifty is the trademark licensed from India Services & Products Ltd.
Below list of Wealthsurance products have been withdrawn and not available for solicitation from October 1, 2013.
1. IDBI Federal Wealthsurance Milestone Plan (UIN: 135L014V01)
2. IDBI Federal Wealthsurance Premier Insurance Plan (UIN: 135L018V01)
3. IDBI Federal Wealthsurance Dreambuilder Insurance Plan (UIN: 135L022V01)
4. IDBI Federal Wealthsurance Maxigain Insurance Plan (UIN: 135L023V01)
May 2017 3
Dear Colleagues,
PMI trends have been gradually improving from the demonetization lows (at 52.3 vs 50.7 for last month); while industrial production print
disappointed (sequential contraction of 1.2%). March WPI inflation surprised positively, printing at 5.7% on lower-than-expected increase in food
prices. CPI predictably accelerated from its February levels but stayed below 4%, printing at 3.8%.
IMD forecasts a normal monsoon in its first seasonal forecast. A private sector forecaster had earlier pointed to the possibility of an El Nino
effect. With good rainfall last year, India would end this year with record 272 million ton of food grain production. If supply is managed effectively,
this would keep food grain prices under check.
The Indian central government has proposed a new model APMC Act called Agricultural Produce and Livestock Marketing Act (APLM) and is
discussing the proposed legislation with the state governments. If the contours of the implemented law remain broadly in line with what has been
proposed, it can change the way agricultural produce are being sold in India. Middlemen will be removed from most of the marketplaces and
farmers income will likely rise. The success of the electronic national agricultural market (e-NAM) is dependent on the successful implementation
of APML. With many states already agreeing on the implementation APML and provision of unified national trading licenses, e-NAM is likely to be
a success.
RBI stays on hold- In the first bi-monthly monetary policy review for FY18, the RBI left the benchmark repo interest rate unchanged (at 6.25%).
However, the monetary policy corridor was narrowed to 25bps (vs. 50bps earlier) on either side of repo rate by taking the reverse repo rates to
6% (vs. 5.75% earlier) to ensure better alignment of call rates with the repo rate. The commentary from the Central Bank was a tad hawkish.
Treasury yields have risen by a sharp 28bps in April to 6.96%, on reverse repo hike by RBI (narrowing of the policy corridor) and concerns
over increase in inflation trajectory for FY18. The move was despite inflation staying well behaved and patchy growth.
INR appreciated by 1% (vs. USD) in April to 64.2 as the USD continued to weaken. Crude prices softened by 2% in April to 51.7$ levels. India
FX reserves increased to US$347Bn.
Q4 Earnings trends mixed so far Early read-through of the Mar-Q results indicates fairly mixed trends. Specifically, Financials sector
continues to witness asset quality pressures and high credit costs; though loan growth trends seem to be improving at the margin. IT sector
earnings have been weak; while cement companies surprised positively on volumes amid demonetization concerns. This trend may lead to
reduction in earnings of financial year ending March 2017.
Nifty was up 1.8% in April, performing in line with peer group. India equities were range-bound for most of the month, before seeing an up-
move towards the end of the month along with the rally in global markets, aided by preliminary results of the French elections. Hopes are on
improvement in corporate profit earnings to sustain market momentum.
Note: The above data has been generated from sources in public domain.
Aneesh Srivastava
Chief Investment Officer
May 2017 4
EQUITY GROWTH FUND (INDIVIDUAL LIFE)
ULIF04111/01/08EQOPP135
Fixed Income (Cash & Money Market) : 0 - 50% Equity-linked Instruments : 50 - 100%
Fund Manager: Surender Khalsa
Investment objective: The investment objective of this fund is to invest in listed stocks and aim to
generate high returns by picking stocks that have growth prospects. It aims to diversify risk by
investing in Large-cap as well as Mid-cap stocks and across multiple sectors.
Fixed Income (Cash & Money Market) : 0 - 50% ;Equity-linked Instruments : 50 - 100%
Fund Manager: Surender Khalsa
Investment objective: The investment objective of this fund is to invest in listed stocks and aim to
generate high returns by picking stocks that have growth prospects. It aims to diversify risk by
investing in Large-cap as well as Mid-cap stocks and across multiple sectors.
Fixed Income (Cash & Money Market) : 0 - 20% Equity-Linked Instruments: 80-100%
Fund Manager: Surender Khalsa
Investment objective: The objective of this fund is to replicate returns generated by the Nifty
Index. The composition of the portfolio of securities invested in this scheme will be similar to the
Nifty Index, subject to IRDA regulations .
ULIF06824/11/09MIDCAP135
Fixed Income (Cash & Money Market) : 0 - 50% ;Mid cap Stocks : 50 - 100%;Large cap
Stocks : 0-50%
Fund Manager: Surender Khalsa
Investment objective: The objective of this fund is to invest in mid cap stocks with attractive
growth prospects. It aims to diversify the risk by investing across midcap stocks and multiple sector
and investing partially in large cap companies .
ULIF06924/11/09MIDCAPPEN135
Fixed Income (Cash & Money Market) : 0 - 50% ;Mid cap Stocks : 50 - 100%;Large cap
Stocks : 0-50%
Fund Manager: Surender Khalsa
Investment objective: The objective of this fund is to invest in mid cap stocks with attractive
growth prospects. It aims to diversify the risk by investing across midcap stocks and multiple sector
and investing partially in large cap companies .
Fixed Income (Cash & Money Market) : 0 - 20% Equity-linked Instruments : 80 - 100%
Fund Manager: Surender Khalsa
Investment objective: The objective of this fund is to invest in listed stocks and aims to generate
high returns with medium to long term perspective by picking stocks that do not belong to certain
sectors engaged in activities which are considered harmful for society at large. Examples of these
activities include gambling, speculative investments, tobacco and alcohol.
Investment objective: The fund seeks to invest in fixed income instruments & aims to generate
returns from interest coupons & the opportunities in changing yield curve. The duration of the
underlying portfolio may be high or low depending upon the market conditions.
Investment objective: The objective of this fund is to generate returns by investing in fixed income
securities and money markets with low to medium market risk.
Investment objective: The objective of this fund is to generate returns by investing in fixed income
securities and money markets with low to medium market risk.
Investment objective: The Aggressive Asset Allocator Fund will take aggressive calls on the
equities market and can take up to 100% exposure in equities. The fund will take aggressive call on
interest rates and can take upto 100% exposure in debt instruments with high duration..
Investment objective: The Moderate Asset Allocator Fund will take moderately aggressive calls
on the equities market and can take upto 50% exposure in equities. The Moderate Asset Allocator
Fund will take moderately aggressive calls on interest rates and can take upto 50% exposure in
debt instruments with high duration.
Investment objective: The Cautious Asset Allocator Fund will take conservative calls on the
equities market and can take up to 25% exposure in equities. The fund will take conservative call
on interest rates and can take up to 25% exposure in debt instruments with high duration.
Investment objective: In view of the guarantee of 4% mandated by IRDA, the investments in this
fund will be in money market instruments and scheduled bank fixed deposits of a maturity of less
than 6 months in order to ensure that NAV of fund grows at a linear fashion without volatility due to
interest rate movement and earn minimum 4.0% per annum on a daily basis
Investment objective: The objective of the fund is to invest in money market and short tenor
instruments so as to generate minimum return as prescribed by IRDAI from time to time (current
prescribed rate 4% per annum).
Note :
a. Returns less than 1 yr are absolute returns otherwise annualized.
b. The past performance is not indicative of future performance.
c. Benchmark for various Asset Allocator Funds were revised from 31st Mar14 .
d. Nifty Index Fund Pension (ULIF05519/02/09NINDEXPEN135) has been closed effective fro m March 15, 2017. Investments in this fund has been switched to
Equity Growth Fund-Pension (SFIN Code - ULIF05419/02/09EQOPPPEN135) on March 15, 2017
May 2017 23