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| EXECUTIVE EDITORS NOTE |
Quality is the best insurance

against market risk
Stock markets have an uncanny ability to prove not likely to give good returns in the medium term.
everyone, including leading market experts, wrong. There is another category of stocks, which are un-
Allen Greenspan, the legendry former chief of the der valued; but their low valuations are due to the
Fed, used the phrase irrational exuberance in many headwinds being faced by their respective
1996, to caution investors about the high market industries. Stocks of PSU banks, telecom, IT and
valuations during the bull-run of nineties in the US. pharma belong to this category. In this segment,
In spite of the formidable reputation of Greenspan, investors may start nibbling at quality stocks availa-
the market ignored his warnings and raced ahead ble cheap, particularly in the IT and pharma seg-
for 3 more years. Indias Chief Economic Advisor ments. There is another category of high quality
Arvind Subramaniam, in the recently published sec- stocks, whose valuations are rich; but these stocks
ond volume of the Economic Survey, has hinted at have robust earnings growth and high earnings visi-
financial market exuberance decoupled from the bility. In this segment, though valuations are high, it
real economy. The CEA went on to explain the can be justified and therefore, long-term investors
exuberance to international excess liquidity and have nothing to worry by holding on to them and
the domestic shift to equity. Some members of the even buying more on declines.
MPC of the RBI have also indicated asset price
inflation as an area of concern. There are some Bull markets can last longer than most people think.
market experts, too, who share the concerns of exu- But ultimately, earnings should justify valuations; if
berance and excessive valuations presently. The 5- that doesnt happen there will be a sell off. It is quite
day losing streak in the market during the second probable that in FY 2018 too, earnings might remain
week of August, when some mid and small caps got subdued due to GST related disruptions. But a
slaughtered, reinforces the valuation concerns. How sharp upswing in economic growth and earnings
should investors respond to these concerns? cycle is a clear possibility starting FY 2019. And, this
upswing in the economic growth and earnings cycle
Valuations that are much higher than normal are may sustain for many years.
regarded as indicators of excesses and exuberance
in the market. It is true that, going by historical index Declining interest costs and operational leverage
valuations, the market is over priced. The average can bring about a sharp upswing in earnings when
Sensex trailing PE since 1991 has been 18. Pres- the cycle turns. It is quite probable that Nifty EPS
ently (mid August) it is around 23 indicating exces- can climb to around 480 and 600 levels for FY 2018
sive valuation. (Trailing PE is a better indicator than and FY 2019 respectively. In a few months, the mar-
forward PE since trailing earnings are actuals while ket will start discounting FY 2019 earnings. If the
forward earnings are estimates.) Going by Sensex expected recovery in earnings happen, the present
or Nifty valuations, one is justified in concluding that valuations would appear reasonable, in retrospect.
there is some disconnect between fundamentals
and valuations. But discerning investors should look The best insurance against risk in the stock market
beyond general index valuations and look at valua- is investing in quality stocks. In the Emerging Mar-
tions of specific segments. When we do that, we will kets, with the exception of China, India has the best
find many categories of stocks: One, stocks with collection of quality stocks, which have delivered
frothy valuations whose market prices cannot be consistent returns over a long time horizon. Inves-
justified. Many small and mid caps fall under this tors should keep in mind the fact that wealth is cre-
category. Here, prices have been driven up partly by ated, not just by buying stocks at relatively low PE,
momentum and partly by relentless money flows but by remaining invested in quality stocks over the
into these segments. Investors should refrain from long run, thereby allowing the power of compound-
investing in this category. Two, stocks whose valua- ing to work its magic to create phenomenal wealth.
tions are higher due to scarcity of floating stocks.
Some stocks of companies, which came out with
IPOs recently, belong to this category. Here valua-
tions are high due to scarcity of stocks relative to
demand. In this segment too, valuations are hard to
justify, even in the case of quality stocks, which
have good potential. Investment in these stocks is Dr.V . K. Vijayakumar
September 5, 2017 I Geojit Insights I 3

COVER STORY
Mail Box
Is there a widening chasm between fundamentals and market valua-
AS INDIA TURNS 70 tions?
Going by Sensex or Nifty valuations, one is justified in concluding that
ECONOMIC PROSPECTS
there is some disconnect between fundamentals and valuations. PE
based on trailing earnings is now around 23, much higher than the 25-
year historical average of 18. But discerning investors should look be- Vol.: 01 | Issue: 08 | September 05, 2017
yond general index valuations and look at valuations of specific seg-
LOOK BRIGHT ments. When we approach the market valuations with that perspective,
we will find many categories of stocks such as: stocks with frothy valua- Printed & Published by: C J George, Director,
tions that cannot be justified by fundamentals; stocks with high valuations Geojit Investment Services Limited
Dr. V. K. Vijayakumar driven by huge demand but low floating stocks; stocks with low valuations
such as stocks from IT, pharma, PSU banks and telecom, where low
34/659- P, Civil Line Road, Padivattom
Kochi - 682 024, Kerala, India
valuations are due to the many headwinds and margin pressures being
faced by their respective industries; and finally high value quality stocks, Owned by: Geojit Investment Services Limited
which have robust earnings and high earnings visibility. Investors should 34/659- P, Civil Line Road, Padivattom
avoid the first category, selectively start nibbling at the third category and Kochi - 682 024, Kerala, India
remain invested/ buy on declines in the last category.
N Nagarajan, Chennai Printed at: S.T. Reddiar & Sons (V.V.Press),

Publishers & Computerised Offset Printers, P.B.No.3627,
Veekshanam Road, Ernakulum 682 035
Is the spike in Domestic Intuitional Investor (DII) investments likely
to continue or is it an aberration? Published at: Geojit Investment Services Limited
34/659- P, Civil Line Road, Padivattom
The most important factor driving the present Indian bull market is the Kochi - 682 024, Kerala, India
sustained domestic investment inflows. This is not an aberration or a
temporary shift; this is a structural shift with profound consequences.
Editor: C J George, Director,
Financialization of savings, and within this financialization, the shift to
equity, is an emerging mega trend in the Indian economy. Stocks are Geojit Investment Services Limited ,
appearing as a superior asset class to an increasing number of investors. 34/659- P, Civil Line Road, Padivattom
Poor returns from real estate and gold, and declining interest rates are Kochi - 682 024, Kerala, India
aiding this shift. Improving financial literacy is also playing an important
role in this structural shift. This is likely to become a sustained trend, Phone: + 91 484 2901000
OUR VIEWS PERSONAL FINANCE which will get entrenched. Consequently, in the short to medium-term,
stocks are likely to have valuations, which are higher than the normal. Website: www.geojit.com
Arun Sharma, Mumbai
Email: communicate@geojit.com
06. A dichotomy of markets performance and 12. Retail investors now more mature, says survey
Source: The Economic Times Wealth Can you advice me about which ELSS is now best to invest? I wish Corporate Identity Number: U52599KL1995PLC008606
economic data - Vinod Nair to invest RS 150000/-. Can I make it a single investment or on 2 or 3
small instalments in 2 or 3 weeks time? I solicit your expert advice Geojit Investment Services Ltd. Is a wholly owned
17. Nail your investments -Anand James 18. Know more: Geojit Online Financial Planner for action. subsidiary of Geojit Financial Services Ltd., (formerly
24. Stock Recommendations 42. IQ CORNER- Mutual Funds known as Geojit BNP Paribas Financial Services Ltd.)
The recommended funds in the ELSS category are as follows:
Birla SL Tax Relief '96 (G) Total Number of Pages: 52 pages (including cover)
Federal Bank Ltd.
Mahindra CIE
GUEST COLUMN

Axis LT Equity Fund (G)
DSP BR Tax Saver Fund (G)
RNI NO: KERENG/2017/72534
An investment of 2 or 3 small instalment over a period of 2 weeks or 3 Geojit Team:

Ultratech Cement Ltd. 10. Current Fixed Income Markets - Amandeep S. weeks may not make much difference when compared to a lump sum Writers:
Chopra, Group President and Head- Fixed in- investment. You can also choose a Systematic Investment Plan (SIP) Dr. V. K. Vijayakumar, Executive Editor
come, UTI Asset Management which is a monthly regular investment. All investments made during the
Ujjivan Financial Services financial year will be taken while calculating the tax benefit for that finan-
Sanil Kumar K. V., Associate Director
Vinod Nair, Head Research
20. SMART TALK- Harsha Upadhyaya, CIO Equity, cial year. All the investments in ELSS will have 3 year lock in from the Anand James, Chief Market Strategist
26. Cement Industry: Demand-Supply mismatch date of investment.
to narrow down - Vincent Andrews Kotak Mahindra
Balasubramanian K, Email Fundamental Research:
Antu Eapen Thomas, Thomas V Abraham, Anil R,
44. Fund Focus: September, 2017 INVESTOR GYAN MAIL BOX:
Vincent K A
ICICI Pru Balanced Advantage Fund Letters must be addressed to:

Investment Advisory:
30. Equity Fund Recommendations Jeevan Kumar K C, Vijayasri Kaimal,
Vijayananda Prabhu, Ranjith V M
Invesco India Growth Fund, The Executive Editor, Geojit Insights, 34/659 -P,
32. Debt Fund Recommendations
Civil Line Road, Padivattom, Kochi-682024, Copy Desk: Elizabeth V,
Templeton India Growth Fund 34. Funds in the limelight Sankar Ramachandran, Jyothi Radhakrishnan
Kerala, India,
L&T India Value Fund 38. SIP Focus: September, 2017 or Art: Sajan Jose, Anoop Mathew, Ashik Basheer
insights@geojit.com
SBI Magnum MidCap Fund 40. Model Portfolio Registered Office:
Submissions should include the writer's name and address. 34/659 - P, Civil Line Road, Padivattom,
Kochi - 682024, Kerala, India.
Views and opinions expressed in the magazine are not necessarily those of Geojit Insights, its publisher and / or editors. We (at Geojit
4 I September 5, 2017 I Geojit Insights Insights) do our best to verify the information published, but do not take any responsibility for the absolute accuracy of the information. Geojit
Insights does not accept responsibility for any investment or other decision taken by readers on the basis of information provided herein.
Vinod Nair
Economic Data v/s BSE Mcap
Monthy CPI Inflation YoY %

12 145
BSE Mcap Rs trillion Cr. 135
10
125
BSE Mcap Rs Trillion Cr.

8 GDP Growth Quarterly YoY% 115
105
6
95
4 85
75
2
65
0 55
July -12 January -13 July -13 January -14 July -14 January -15 July -15 January -16 July -16 January -17 July -17
Source: Bloomberg,Geojit Research
Monthly Manufacturing PMI and IIP data

10 55
IIP % India Manufacturing PMI
54
8
53
6
52
Manufacturing PMI
4 51
50
2
49
0
48
-2 47
Aug -14 Feb-15 Aug -15 Feb-16 Aug -16 Feb-17
Source: Bloomberg,Geojit Research

Jamie Dimon
Rank Company Revenue Rank Company Revenue
(Rs crores) (Rs crores)
1 Indian Oil 18663 1 Indian Oil 359536
2 SAIL 8071 2 RIL 285945
3 HPCL 7217 3 Tata Motors 276542
4 BPCL 6909 4 BPCL 190392
5 BHEL 3249 5 HPCL 188736
6 NTPC 2510 6 ONGC 139364
7 TELCO 2247 7 Tata Steel 128388
8 TISCO 2210 8 TCS 111730
9 Madras Reinery 1645 9 L&T 104172
10 RIL 1509 10 Hindalco 101257
11 Cochin Reinery 1502 11 Bharti Airtel 98069
12 L&T 1451 12 Coal India 83780
13 IBP 1435 13 NTPC 79950
14 MTNL 1318 14 M&M 78561
15 HIND LEVER 1243 15 Vedanta 68887
Total 61184 Total 2295316
Company Market cap (Rs crores) Company Market cap (Rs crores)
1st Jan1991 15th August 2017
TISCO 3193 RIL 511572
TELCO 1685 TCS 472669
RIL 1483 HDFC Bank 452672
Hind Lever 1347 ITC 330152
Century Textiles 998 HDFC 273086
16 I September 5, 2017 I Geojit Insights

Myself
Assessment Goal Setting Plan Creation

Rating: BUY Rating: BUY Rating: BUY Rating: BUY
Federal Bank Ltd (FB) is a mid-sized private commercial Mahindra CIE was earlier known as Mahindra Forgings and
bank having a network of 1252 branches with a loan book name was later changed following integration between
UltraTech Cement Ltd (Ultratech), part of Aditya Birla group is the Ujjivan Financial Services Ltd is among the first group of
size of ~Rs77,000 cr. FB is headquartered at Aluva, Kerala Mahindra and CIE Automotive. The complete integration largest manufacturer of grey cement, Ready Mix Concrete (RMC) companies to procure small finance bank (SFB) license.
and their branches and ATMs are spread across 25 States between them was done in CY15 in which Mahindra Forg- and white cement in India. Ultratech has an installed capacity of Ujjivan has a network of 457 branches across 24 states.
and 5 Union Territories in India. FB has diversified its loan 93MnT (including recent acquisition from Jaiprakash Associates). Loan book comprises of Microfinance (86% of loan book) to
ings (India & Europe), MUSCO, Mahindra Investment
book with high growth retail, SME & corporate. Loan book UltraTech Cement has 18 integrated plants, 1 clinkerisation plant, self help groups and individual loans for Agriculture & animal
(Gears division), Mahindra Hindoy and European forging
25 grinding units and 7 bulk terminals. In white cement segment, it husbandry finance and housing finance. It also offers indi-
has grown at a healthy CAGR of 14% over past 5 years. division of CIE. Now on consolidated basis European oper-
goes to market under the brand name of Birla White. It has a white vidual loans to Micro & Small Enterprises (MSEs).
Retail & SME loans have been driving loan book, helped by ations contribute more than 60% and remaining contribution
the strong retail franchise built through aggressive branch is from Indian operations. MCIE is present across diverse cement plant with a capacity of 0.56 MTPA and 2 WallCare putty
Ujjivans transformation to Small finance Bank will script a
expansion in last decade. FB has a strong NRI client base products in this forging is the largest Segment. Recently the plants with a combined capacity of 0.8 MTPA. UltraTech Cement is
new growth in the coming years through larger ticket size
due to its location advantage in NRI stronghold of South company acquired 100% ownership of Bill Forge Private also India's largest exporter of cement.
loans, new products and deposit mobilization. As an SFB,
India which is supporting the deposit and advance momen- Ltd to the tune of Rs1331cr. Presently CIE automotive hold
Ultratech reported ~7% YoY growth in revenue on consolidated Ujjivan will be moving up the ladder to directly compete with
tum. 51.38% stake in company and M&M hold 18.53% stake and
basis in Q1FY18 driven by strong growth in realisation which NBFCs and Banks and will have advantage over these po-
Bill Forge share holders 8.6%. tential competitors in the unbanked markets due to the
FB has been steadily growing their business in the last few helped offset the impact of flat volumes. While the domestic ce-
quarters. Loan book and deposits grew at healthy 28% YoY strong foothold it already enjoys in these markets. The SFB
During Q2CY17 the MCIE registered a consolidated reve- ment volumes declined by 1% YoY in Q1FY18, Ultratech witnessed
can offer new suite of loan products with higher ticket size
and 18% YoY during Q1FY18. Corporate and retail seg- nue/EBT growth of 15%/58%YoY largely driven by the 23% YoY increase in exports leading to flat volumes of 13.2 MT.
ments have been the major growth pillars, while SME fi- which will drive customer acquisition and enhance the credit
acquisition of Bill Forge and 11%YoY growth from The company reported weak cement volumes mainly due to a)
profile of existing customer base. Transition of branches to
nancing is providing further support. Deposit growth is be- standalone business. MCIE India (Including BFPL) busi- Structural issues on account of scarcity of sand & water b) Chal-
ing driven by low cost CASA which grew 20% YoY and full fledged bank branches is gaining momentum. Ujjivan
ness grew by 51%YoY and MICE Europe de-grew by -2% lenging demand environment due to drought situation in certain has opened 54 SFB branches till date and plans to operate
CASA mix in total deposit has improved to 33%. Higher YoY whereas EBT grew by 164%/27% respectively. MCIE parts of the country. Blended realisation during the quarter in- 171 branches by the year end. SFB branches are currently
interest reversals for NPA loans led to a moderate growth in is well placed to gain the benefit from the changing structur- creased by 7% YoY. Capacity utilisation of the company during the focused on growing the deposits. Deposit base has in-
Net Interest Income during Q1FY18. PAT grew 28% YoY al trends in the industry such as vendor consolidation, di-
which was lower than expected due to higher NPA provi- quarter stood at 78%. creased to Rs404cr from Rs200cr QoQ.
versified product portfolio, broad based customer profile
sions. GNPA and NNPA increased marginally by 8bps and and geographical presence. MCIE can leverage CIEs In line with steady revenue growth, Ultratech reported ~11% YoY
11bps QoQ to 2.42% and 1.39% respectively in Q1FY17. strong relationships with European and US OEMs as MCIE increase in EBITDA leading to 80bps improvement in EBITDA Management has remained conservative on fresh loan dis-
Higher NPA was primarily led by prudent recognition of one India has a low share of revenue from them. We expect bursements post demonetization, due to repayment risks in
margin to 23.2%. EBITDA/tonne increased by 11% YoY to Rs1,238
large corporate loan and impact of dispensation during consolidated revenue to grow at 14%CAGR over CY16-18E some markets. This led to a tepid loan growth of 10% YoY in
as raw material cost/tonne declined by 12% YoY coupled with
demonetisation. led by increase in volume recovery of its key Indian custom- Q1FY18. Fresh loan disbursements de-grew 9% YoY, while
strong growth in realisation and improvement in operational effi-
ers (M&M & TATA) and ramp up of new product/customer. customers per branch grew 2% QoQ. GNPA and NNPA
ciency. This helped to offset increase in the energy and logistics
Loan growth outlook remains robust supported by maturing increased by 247bps and 227bps QoQ to 6.2% & 2.3%
retail network and improving economic activities. Mid-size costs. Power & fuel cost/tonne surged by 34% YoY on account of respectively in Q1FY18, post demonetisation dispensation.
CIE automotive has built the business on acquisitions and 2x rise in pet coke prices (pet coke mix stood at 71% of the overall
corporate and retail loans will continue to be the major then turned them profitable. CIE has a solid track record of Higher NPA provisions & subdued business led to Rs-70cr
growth drivers and we expect the loan book to grow at 19% fuel mix). Further, freight cost/tonne increased by 2% YoY due to loss in Q1FY18 on flat revenue growth.
value creating through consolidation and maintain margin
CAGR over FY17-19E. Robust loan growth and stable sharp rise in diesel prices. In line with robust operating perfor-
resilience even in downturn. CIE cost control initiative, Asset quality deteriorated in Q1FY18 post the RBIs dispen-
margins are likely to revive NII and earnings from Q2FY18. mance coupled with lower interest expense (down 21.7% YoY) and
better utilization of the planned assets through customer sation availed during demonetisation. GNPA and NNPA
higher other income (9.9% YoY), Ultratech reported 15% YoY
profiling, production optimization and select price renegotia- increased by 247bps & 227bps QoQ to 6.2% & 2.3% re-
Asset quality risk from legacy corporate loans is behind us tion have resulted in increase in margins from low single improvement in net profit during the quarter under consideration.
and fresh slippages are expected to be moderate going spectively. Though GNPA will remain elevated in FY18E,
digit to 10% by CY16. We believe that improved perfor- UTCL has completed the acquisition of Jaiprakash Associates the asset quality stress has peaked and would continuously
forward. FB is consciously staying away from risky large mance from the domestic OEM and pick up in the Europe- assets in Q1FY18, thus further strengthening its leadership position improve through FY19E as business environment normaliz-
ticket-size and long-term infrastructure projects. Asset qual- an market will lead to improved utilization of the assets. We
in the cement industry. With the acquisition of cement plants in es and SFB branches gain traction.
ity outlook has further improved due to reduction in large expect the EBITDA margin to improve by 350bps over
risk assets, and we expect fresh slippages to reduce in the Madhya Pradesh, Uttar Pradesh, Himachal Pradesh, Uttarakhand
CY16-18E.
coming quarters. GNPA and NNPA are expected to im- and Andhra Pradesh, the overall capacity of Ultratech increased by Ujjivan has been able to grow its client base at an aggres-
prove by 43bps and 58bps over FY17-19E. The merger with Bill Forge Pvt ltd (BFPL) has been com- 21.2 MT to 93 MTPA. Currently the focus of Ultratech's manage- sive 28% CAGR over FY12-17 and has maintained high
pleted and management has indicated that BFPL is in the ment is to improve the operational efficiency and the utilisation customer retention ratio of 86% over the last three years.
Robust loan growth and lower provision would help earn- process of setting up new Plant in Mexico to provide level of the acquired assets (currently operating at utilization of less Ujjivans branches are geographically spread across the
ings to grow at a robust 35% CAGR in the next two years than 15%) to 60% over the next one year and 70% by FY19. Fur- country with stronghold in rural and unbanked markets.
driveline components to GKN group, supplies to NAFTA
and lead to healthy improvement in RoE. FB issued QIP of ther, Ultratech expects to achieve cash breakeven for the acquired These strengths keep long term business growth outlook
region. Synergies from Bill acquisition opens new custom-
Rs2500cr @ Rs116 per share, which has improved the stable. Loan growth target for FY18E has been revised
ers for MCIE Hero Motorcorp in two wheeler, NSK in assets in the next 12 months. We expect Ultratechs focus on
Capital Adequacy Ratio to 15.3%. Federal Bank is currently downward post demonetization headwinds, while we remain
passenger vehicles and GKN in export markets. The foray production ramp-up of the acquired assets and improvement in
trading at 1.8x one year forward price to adjusted book optimistic on a robust revival in FY19E as business normal-
into the Indian two wheeler space through Bill Forge ena- operational efficiency is a long drawn process and will be earnings
value (Adj. P.B). Robust business growth and improving ises and SFB branches gain traction. We factor 24% CAGR
bles MCIE to use the existing facilities for bill forge expan- dilutive in the short run on account of integration of acquired assets
return ratios on healthy earnings trajectory will support the in loan book over FY17-19E.
sion. (increase in interest and depreciation on its books).
premium valuations. We value Federal Bank at 2x FY19E
adjusted Book value and has a Buy rating with a target At CMP, MCIE is trading at a P/E of 26.1x and 21.0x for We expect revenue/PAT to grow at a CAGR of 21%/18% over Headwinds during transition to SFB from demonetisation will
price of Rs134. CY17E and CY18E EPS. On the back of expected strong FY17-19E owing to steady ramp up in capacities. Further with impact earnings in the medium term, while long term growth
auto outlook in the domestic market and improved perfor- strong capacities in place, we believe Ultratech is in a position to visibility from a full fledged SFB is supporting the valuations.
mance by erstwhile subsidiaries, paints a positive stance benefit from any cyclical demand recovery. Hence, we recommend Ujjivan is currently trading at one year forward Adj. P/B of
for the company. We expect valuation to improve ahead BUY with a Target Price of Rs. 4,514 based on 16x FY19E EV/ 2.2x. We value at 2.5x FY19E Adj.BV and recommend Buy
due to better earnings outlook of 57% CAGR over CY16- EBITDA. with a target price of Rs391.
18E. Hence, we value MCIE at 25x on CY18E EPS.
Analyst: Anil R Analyst: Saji John , Analyst: Abhijit Kumar Das Analyst: Anil R
Geojit Financial Services Ltd., INH200000345 Geojit Financial Services Ltd., INH200000345 Dion Global Solutions Ltd., INH100002771 Geojit Financial Services Ltd., INH200000345
24 I September 5, 2017 I Geojit Insights September 5, 2017 I Geojit Insights I 25

General Disclosures and Disclaimers: Federal Bank Ltd http://bit.ly/2x8wTAi Mahindra CIE http://bit.ly/2vUE4O1 General Disclosures and Disclaimers: UltraTech Cement Ltd http://bit.ly/2vUICnG Ujjivan Financial Services Ltd http://bit.ly/2vUQLsj
In order to cater to the rising demand, India has come down to 98MT during FY12-16 Vs 144MT in
been in a stage of huge capacity additions for the FY09-11. We forecast low addition in new capacity
last one decade. India's capacity has increased over the next 2 years at 25MT. And during this time,
from 157MT in FY06 to 421MT in FY16. The pace most of the state governments and the central
of additions had been very high during FY09-11 government have been investing in various
(144MT in 3 years). However, industry demand infrastructure projects including a focus on afforda-
witnessed a subdued growth since FY11 owing to ble housing which will give the necessary support
slower progress in infrastructure projects, low for the revival in demand. So we expect India's
off-take from housing sector and excess capacities cement demand and supply gap to narrow from
in various industrial sectors. Cement volume which current 36% (FY17) to 30% (FY19E) due to
was growing at 9% CAGR during FY09-11 has enhanced government spending and reduced new
declined to 6% CAGR during FY12-FY16. The capacity additions.
supply side on the other hand continued to reflect We remain positive on the cement sector. India's
over capacity leading to a sharp decline in capacity GDP is expected to grow at ~7% in FY18. Union
utilisation levels to 67% in FY11 from 94% during Budget 2017-18 has allocated Rs23,000cr towards
FY07-08. The capacity utilisation was almost flat government's mission of "Housing for All by 2022"
since then and the current utilisation still stands at and propose to complete 1 crore houses by 2019.
67% (FY16 data). The total capital outlay for infrastructure increased
to Rs3.96lakh crore with allocation to road and
The lower capacity utilisation and pressure in highway projects for Rs64,900cr. But in FY17,
prices due to excess supply affected the profitabili- demonetisation has impacted the demand and the
ty of the industry and the cement companies then industry volume de-grew 1% YoY. Now the
focused on cost efficiencies to improve their situation is coming back to normal and the
Cement capacity, production and utilisation

500 446 459 100%
421 436
450 90%
94% 390
400 88% 350 366 80%
84% 323 336
350 70%
300 69% 71% 70% 69% 70% 60%
241 67% 67% 64% 67%
250 206 50%
200 179
40%
150 297 320 30%
256 270 283 280
216 231 248
100 182 201 20%
168
50 10%
0 0%
FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17E FY18E FY19E
Capacity MT Production MT Capacity utilisation %
Source: IBEF, Geojit Research
margins. Commissioning of captive power plants, government's efforts towards affordable housing is
Waste Heat Recovery (WHR), use of alternative expected to give additional push to the sector.
Top cement producers of the world (FY16) Cement demand drivers Towards the total target of 1crore houses by 2019,
fuels, setting up of split location grinding units to
3000 2483
Mn Ton Housing sector reduce freight costs, railway siding, conveyor belts central government has sanctioned 1.86 million
2500 9%
2000 etc were the major cost reduction measures taken houses under Urban Pradhan Manthri Awas
1500 11% Infrastructure Yojana (PMAY-Urban) and has already released
by the companies. At the same time, the decline in
1000
500 283
80 78 74 73 72 67 67 13% crude and coal prices helped the industry to further the first instalment towards total allocated amount
55 Housing Commercial real
0 sector, 67 estate reduce the cost of production. of Rs300bn. Under, PMAY-Rural, government
%
Industrial targets constructing 4.4mn houses by December
Due to the subdued demand in the industry 2017. Government's projects like AMRUT (Atal
Source: IBEF, Geojit Research thepace of capacity additions subsequently has Mission for Rejuvenation & Urban Transformation),
30.0 Cement industry volume trend in Mn Ton
24.3 25.2 24.1 25.4 24.6
25.0 23.2 22.3 22.9 22.0 22.5
20.5 21.5
20.0
15.0
10.0
5.0
0.0
Jul.16 Aug.16 Sep.16 Oct.16 Nov.16 Dec.16 Jan.17 Feb.17 Mar.17 Apr.17 May.17 Jun.17
Company Mcap(cr) Revenue (cr) EBITDA EBITDA RoE EV/EBITDA EV/EBITDA

Margin% (last 5Yr CAGR) (3Yr Avg) 1Yr Fwd
Ultratech Cement 1,09,042 23,616 21% 1.5% 11.5 15.5 17.3

Shree Cement 60,268 8,429 28% 10.9% 19.3 18.6 18.1
Ambuja Cements 53,464 9,160 18% -9.3% 6.6 15.1 20.2
Acc Ltd 33,343 10,936 13% -10.4% 7.0 13.4 15.6
Dalmia Bharat 23,190 7,404 26% 31.6% 7.7 9.5 11.2
Average 4.9% 10.4 14.4 16.5
Source: Bloomberg, Geojit Research

|MUTUAL FUNDS | |MUTUAL FUNDS |
EQUITY FUND RECOMMENDATIONS: SEPTEMBER 2017 Mid /Mid & Small Cap Funds
Large Cap Equity Mutual Funds Mid Cap funds invest in medium sized companies beyond the top 100 companies by market cap.
They are future large caps. The fund displays higher volatility and has the potential to deliver higher risk
Large Cap Funds invest in industry leaders with stable growth. adjusted returns over longer term.
They are least risky among the equity category due to their large size, lower volatility and high liquidity. Suited for young investors with longer investment horizon.
Suited for first time investors, or for investors with least risk appetite and for conservative investors
looking for small equity allocations.
Scheme Name CAGR %
Data as on 14.08.2017 1 Year 3 Years 5 Years
Scheme Name CAGR % Franklin India Smaller Cos Fund (G) 23.68 25.81 31.74
1 Year 3 Years 5 Years L&T Midcap Fund-Reg (G) 39.18 27.87 28.98
Invesco India Growth Fund (G) 17.90 15.37 18.90 Kotak Emerging Equity Scheme (G) 26.02 26.75 26.47
SBI BlueChip Fund-Reg (G) 13.78 16.05 20.00
HDFC Mid-Cap Opportunities Fund (G) 28.47 23.67 26.32
Birla SL Frontline Equity Fund (G) 15.57 14.29 19.17
Canara Rob Emerg Equities Fund-Reg (G) 32.60 26.72 29.33
ICICI Pru Focused Bluechip Equity Fund (G) 15.79 12.51 17.24 SBI Magnum MidCap Fund-Reg (G) 15.63 23.29 28.59
Reliance Top 200 Fund (G) 20.01 14.53 18.59
Equity Linked Saving Schemes (ELSS)
BNP Paribas Equity Fund (G) 14.08 12.55 18.16
Franklin India Bluechip Fund (G) 11.80 12.66 15.11 The scheme enjoys tax benefit forming the 80 C category with 3 year lock in period
Portfolio is generally multi cap with higher large cap allocation which reduces volatility risk.
DSPBR Focus 25 Fund-Reg (G) 13.90 15.57 18.07
Scheme Name CAGR %
Kotak 50(G) 11.57 12.74 15.77
1 Year 3 Years 5 Years
UTI Equity Fund (G) 9.10 11.56 16.44
Birla SL Tax Relief '96(G) 17.40 18.52 21.66
Flexi Cap / Multi cap Funds Axis LT Equity Fund (G) 13.94 16.06 23.04
ICICI Pru LT Equity Fund (Tax Saving) (G) 8.10 10.69 18.17
The fund manager has the freedom to invest across market caps that increases investment opportunity.
The volatility risk is higher than large cap funds due to presence of mid caps in the portfolio. Balanced Funds
Suited for long term investments in equity without the hassle of constant portfolio restructuring.
These are designed to combine the benefit of equity and debt in the same portfolio
Scheme Name CAGR % Ensures equity taxation on returns due to majority allocation in equity (65%) and 35% in debt. In the
debt portfolio the fund managers mostly hold short term papers to reduce duration related risk.
1 Year 3 Years 5 Years Suited for investors with low risk appetite.
Kotak Select Focus Fund (G) 21.47 19.49 21.76 Scheme Name CAGR %
Birla SL Equity Fund (G) 22.65 18.09 22.81
Tata Equity P/E Fund (G) 26.57 21.58 23.04
HDFC Balanced Fund (G) 18.70 15.75 19.09
DSPBR Opportunities Fund-Reg (G) 20.21 18.80 21.30
ICICI Pru Balanced Fund (G) 17.39 14.68 19.33
L&T India Spl. Situations Fund-Reg (G) 23.60 15.81 19.16
L&T India Prudence Fund-Reg (G) 17.94 16.19 19.42
Franklin India Flexi Cap Fund (G) 12.74 14.28 19.09 SBI Magnum Balanced Fund-Reg (G) 11.94 13.75 18.69
ICICI Pru Value Discovery Fund (G) 7.93 12.57 21.12
The schemes are listed in the above tables according to the position they hold in the quartile ranking for the month of
Tata Equity Opportunities Fund (G) 12.44 14.09 17.93 August 2017.

|MUTUAL FUNDS | |MUTUAL FUNDS |
DEBT FUND RECOMMENDATIONS SEPTEMBER 2017 INCOME FUNDS
L IQUID FUNDS Average Maturity is 5 to 10 years.

Maturity varies from short to long term to benefit from yield curve movements.
Average Maturity is less than 90 days. Dynamically managed portfolio suited for tactical allocation.
Ideal for parking idle funds for very short period.
Least risk of volatility since there is no comparing of the rates with the market. Scheme Name CAGR %
1 year 3 Years 5 Years

Scheme Name Absolute Return CAGR %
ICICI Pru Income (G) 10.05 11.79 9.59
1 Week 1 Month 1 Year
DSPBR Income Opportunities Fund-Reg (G) 8.66 9.97 9.50
L&T Liquid Fund (G) 0.12 0.57 6.82
HDFC Income Fund (G) 5.89 10.48 8.87
Reliance Liquid-Treasury Plan (G) 0.12 0.55 6.83
Kotak Income Opportunities Fund (G) 8.58 9.65 9.33
Tata Liquid Fund-Reg (G) 0.12 0.55 6.76
Birla SL Cash Plus (G) 0.12 0.55 6.80 DYNAMIC FUNDS
Average Maturity 1 to 10 years.

ULTRA SHORT TERM FUNDS Similar to Income funds, with greater flexibility to choose papers of different maturities ,lower Average
Maturity in a bear market and vice versa.
Average Maturity is 3 to 6 months.
Suitable for short term fund parking. Scheme Name CAGR %
Minor volatility in returns due to marking fund rates to market 1 Year 3 Years 5 Years
ICICI Pru Dynamic Bond Fund (G) 9.42 11.30 9.84
Scheme Name Absolute Return CAGR %
IDFC Dynamic Bond Fund-Reg (G) 10.53 11.40 9.90
1 Month 3 Months 1 Year
Birla SL Dynamic Bond Fund-Reg (G) 6.66 11.27 10.17
DHFL Pramerica Low Duration Fund (G) 0.66 1.95 8.02
BNP Paribas Flexi Debt Fund (G) 8.59 10.71 9.95
SBI Savings Fund-Reg (G) 0.60 1.83 7.18
Axis Dynamic Bond Fund (G) 8.70 10.61 9.45
UTI Treasury Advantage-Reg (G) 0.58 1.77 7.42
M ONTHLY INCOME PLANS
SHORT TERM FUNDS
Generally 80% of the portfolio is allocated into debt and 20% into equity.
Preferred by conservative investors who want some allocation in equities.
Average maturity is 1 to 4 years.
Provides accrual returns plus capital appreciation. Scheme Name CAGR %
Suitable for short term investment of around 3 years. Returns subject to volatility in market rates .
Scheme Name Absolute Return CAGR % Birla SL MIP II-Wealth 25 (G) 13.65 15.04 14.70
3 Months 6 Months 1 Year Reliance MIP (G) 10.08 11.20 11.10

Birla SL Treasury Optimizer Plan (G) 2.80 4.78 8.34 SBI Magnum MIP (G) 10.49 12.42 11.42
L&T ST Income Fund-Reg (G) 2.44 4.49 9.70 Sundaram MIP-Aggr Plan (G) 10.34 12.05 10.49
ICICI Pru Regular Savings (G) 2.58 4.26 8.88
The schemes are listed in the above tables according to the position they hold in the quartile ranking for the month
Reliance STF(G) 2.56 4.02 8.03 of August 2017.

FUNDS IN THE LIMELIGHT Data as on 14.08.2017 Equity- Mid Caps CAGR %
The schemes are listed in the below table according to the position they hold in the quartile ranking for the month of August 2017
Equity Large Cap CAGR % Inception Minimum
ISIN Code Scheme Name NAV 1 Year 3 Years 5 Years
Inception Minimum Date Amount
Date Amount INF917K01254 L&T Midcap Fund-Reg(G) 09.08.2004 5000 130.52 34.39 25.59 27.99
INF205K01247 Invesco India Growth Fund(G) 09.08.2007 5000 29.43 17.90 15.37 18.90
INF174K01DS9 Kotak Emerging Equity Scheme(G) 30.03.2007 5000 36.25 19.17 23.46 25.88
INF200K01180 SBI BlueChip Fund-Reg(G) 20.01.2006 5000 36.09 13.78 16.05 20.00
INF179K01CR2 HDFC Mid-Cap Opportunities Fund(G) 25.06.2007 5000 52.54 21.19 21.54 25.76
INF205K01213 Invesco India Dynamic Equity Fund(G) 04.10.2007 5000 27.36 18.33 13.86 17.41 INF760K01167 Canara Rob Emerg Equities Fund-Reg(G) 11.03.2005 5000 85.40 27.94 25.04 29.14
INF209K01BR9 Birla SL Frontline Equity Fund(G) 30.08.2002 1000 208.04 15.57 14.29 19.17 INF200K01560 SBI Magnum MidCap Fund-Reg(G) 29.03.2005 5000 75.43 10.70 20.61 27.81
INF209K01462 Birla SL Top 100 Fund(G) 24.10.2005 1000 55.03 16.92 14.20 19.19 INF209K01363 Birla SL Midcap Fund(G) 03.10.2002 1000 297.51 22.18 22.36 23.52
INF846K01CH7 Axis Focused 25 Fund(G) 29.06.2012 5000 23.65 21.28 17.00 18.47 INF903J01173 Sundaram Select Midcap(G) 19.07.2002 5000 472.29 20.62 23.07 25.38
INF090I01296 Templeton India Growth Fund(G) 05.09.2003 5000 251.46 26.29 15.53 17.73 INF174K01211 Kotak Midcap Scheme(G) 24.02.2005 5000 71.71 17.53 21.64 23.33
INF109K01BL4 ICICI Pru Focused Bluechip Equity Fund(G) 23.05.2008 5000 36.62 15.79 12.51 17.24 INF209K01LF3 Birla SL Pure Value Fund(G) 27.03.2008 1000 55.67 24.81 20.37 28.38
INF204K01562 Reliance Top 200 Fund(G) 08.08.2007 5000 29.84 20.01 14.53 18.59 INF251K01AW3 BNP Paribas Mid Cap Fund(G) 02.05.2006 5000 32.35 17.68 19.36 25.47
INF174K01245 Kotak Classic Equity Scheme(G) 27.07.2005 5000 44.68 19.19 12.94 16.39 INF194K01342 IDFC Sterling Equity Fund-Reg(G) 07.03.2008 5000 49.96 33.43 20.04 20.98
INF205K01304 Invesco India Business Leaders Fund(G) 21.08.2009 5000 25.43 11.91 12.70 16.51 INF205K01BC9 Invesco India Mid Cap Fund(G) 19.04.2007 5000 43.16 17.02 17.56 23.84
INF846K01164 Axis Equity Fund(G) 40,183.00 5000 23.29 16.01 11.45 16.54 Equity- Mid & Small Caps CAGR %
INF663L01GW4 DHFL Pramerica Large Cap Fund(G) 30.01.2003 5000 153.00 13.20 12.19 16.43 Inception Minimum
INF251K01894 BNP Paribas Equity Fund(G) 23.09.2004 5000 80.39 14.08 12.55 18.16 Date Amount
INF752K01016 SBI Small & Midcap Fund-Reg(G) * 09.09.2009 5000 45.42 30.95 30.55 32.18
INF090I01171 Franklin India Bluechip Fund(G) 01.12.1993 5000 431.91 11.80 12.66 15.11
INF109K01431 ICICI Pru Top 100 Fund(G) 09.07.1998 5000 298.94 15.75 11.18 16.78 INF090I01569 Franklin India Smaller Cos Fund(G) 13.01.2006 5000 53.87 18.25 22.23 30.32
INF194K01466 IDFC Focused Equity Fund-Reg(G) 16.03.2006 5000 35.97 29.43 12.88 14.60 INF204K01HY3 Reliance Small Cap Fund(G) 16.09.2010 5000 37.45 33.99 25.50 31.08
INF209K01EN2 Birla SL Small & Midcap Fund(G) 31.05.2007 1000 36.56 23.70 25.02 25.85
INF247L01155 MOSt Focused 25 Fund-Reg(G) 13.05.2013 5000 20.38 21.95 16.21 0.00
INF090I01809 Franklin India Prima Fund(G) 01.12.1993 5000 896.02 16.85 21.10 26.73
INF789F01869 UTI Top 100 Fund(G) 20.05.2009 5000 59.16 15.14 12.34 15.45
INF740K01797 DSPBR Micro-Cap Fund-Reg(G) * 14.06.2007 1000 58.31 17.89 27.44 30.29
INF740K01532 DSPBR Focus 25 Fund-Reg(G) 10.06.2010 5000 21.56 13.90 15.57 18.07
* Subscription Stopped
INF174K01153 Kotak 50(G) 05.02.2003 5000 207.96 11.57 12.74 15.77
ELSS CAGR %
INF789F01513 UTI Equity Fund(G) 01.08.2005 1000 120.50 9.10 11.56 16.44
Inception Minimum
Equity Flexi Cap CAGR % Date Amount
Inception Minimum INF209K01108 Birla SL Tax Relief '96(G) 10.03.2008 500 27.73 17.40 18.52 21.66
Date Amount INF209K01348 Birla SL Tax Plan(G) 03.10.2006 500 34.74 16.87 17.73 20.87
INF174K01336 Kotak Select Focus Fund(G) 11.09.2009 5000 31.25 21.47 19.49 21.76 INF677K01064 L&T Tax Advt Fund-Reg(G) 27.02.2006 500 51.19 25.40 17.33 19.12
INF174K01187 Kotak Opportunities Fund(G) 09.09.2004 5000 110.42 21.66 18.46 19.84 INF194K01292 IDFC Tax Advt(ELSS) Fund-Reg(G) 26.12.2008 500 51.21 25.57 17.87 21.35
INF209K01AJ8 Birla SL Equity Fund(G) 27.08.1998 1000 675.32 22.65 18.09 22.81 INF846K01131 Axis LT Equity Fund(G) 29.12.2009 500 37.63 13.94 16.06 23.04
INF277K01451 Tata Equity P/E Fund(G) 29.06.2004 5000 127.12 26.57 21.58 23.04 INF740K01185 DSPBR Tax Saver Fund-Reg(G) 18.01.2007 500 43.86 18.56 17.67 21.73
INF677K01023 L&T India Value Fund-Reg(G) 08.01.2010 5000 34.76 26.92 22.51 26.56 INF179K01996 HDFC Long Term Adv Fund(G) 02.01.2001 500 316.03 21.51 13.09 19.06
INF090I01239 Franklin India Prima Plus Fund(G) 29.09.1994 5000 549.68 14.17 16.38 19.88 INF205K01270 Invesco India Tax Plan(G) 29.12.2006 500 44.04 14.54 15.38 20.26
INF200K01222 SBI Magnum Multicap Fund-Reg(G) 16.09.2005 1000 43.74 17.92 19.20 21.34 INF090I01775 Franklin India Taxshield(G) 10.04.1999 500 518.84 12.69 15.52 19.19
INF090I01981 Franklin India High Growth Cos Fund(G) 26.07.2007 5000 36.13 16.01 17.04 24.01 INF277K01I60 Tata India Tax Savings Fund-Reg(DP) 31.03.1996 500 70.58 18.85 18.84 20.61
INF251K01951 BNP Paribas Dividend Yield Fund(G) 15.09.2005 5000 44.91 21.24 15.90 19.98
INF174K01369 Kotak Tax Saver Scheme(G) 23.11.2005 500 39.69 19.25 17.68 17.38
INF209K01165 Birla SL Advantage Fund(G) 24.02.1995 1000 414.38 22.27 21.82 23.84 INF336L01BA4 HSBC Tax Saver Equity Fund(G) 05.01.2007 500 35.17 20.36 15.19 19.40
INF740K01094 DSPBR Opportunities Fund-Reg(G) 16.05.2000 1000 204.87 20.21 18.80 21.30 INF109K01464 ICICI Pru LT Equity Fund (Tax Saving)(G) 19.08.1999 500 319.60 8.10 10.69 18.17
INF194K01524 IDFC Classic Equity Fund-Reg(G) 09.08.2005 5000 42.20 22.50 16.00 16.61
Balanced Funds CAGR %
INF179K01426 HDFC Capital Builder Fund(G) 01.02.1994 5000 260.90 20.53 15.24 19.62 Inception Minimum
INF677K01098 L&T India Spl. Situations Fund-Reg(G) 22.05.2006 5000 45.48 23.60 15.81 19.16 Date Amount
INF179K01392 HDFC Balanced Fund(G) 11.09.2000 5000 141.37 18.70 15.75 19.09
INF247L01478 MOSt Focused Multicap 35 Fund-Reg(G) 28.04.2014 5000 25.15 29.55 27.52 0.00
INF109K01480 ICICI Pru Balanced Fund(G) 03.11.1999 5000 119.91 17.39 14.68 19.33
INF205K01189 Invesco India Contra Fund(G) 11.04.2007 5000 39.94 17.78 16.81 21.33
INF917K01LB0 L&T India Prudence Fund-Reg(G) 07.02.2011 5000 24.91 17.94 16.19 19.42
INF090I01205 Franklin India Flexi Cap Fund(G) 02.03.2005 5000 74.47 12.74 14.28 19.09
INF200K01107 SBI Magnum Balanced Fund-Reg(G) 06.01.1996 1000 116.10 11.94 13.75 18.69
INF109K01761 ICICI Pru Dynamic Plan(G) 31.10.2002 5000 235.25 16.78 11.49 17.40
INF090I01841 Franklin India Opportunities Fund(G) 21.02.2000 5000 68.89 13.36 15.39 18.53 INF209K01BT5 Birla SL Balanced '95 Fund(G) 10.02.1995 1000 722.66 14.60 15.79 18.15
INF109K01AF8 ICICI Pru Value Discovery Fund(G) 16.08.2004 1000 132.83 7.93 12.57 21.12 INF090I01817 Franklin India Balanced Fund(G) 10.12.1999 5000 110.00 9.99 14.45 17.05
Reliance Reg Savings Fund-Balanced Plan
INF204K01323 Reliance Growth Fund(G) 08.10.1995 5000 1,046.45 20.38 17.49 19.59 INF204K01FW1 10.06.2005 500 52.08 18.88 14.87 17.78
(G)
INF200K01305 SBI Magnum Multiplier Fund-Reg(G) 28.02.1993 5000 195.96 14.90 15.98 19.83 INF084M01AB8 Birla SL Balanced Advantage Fund(G) 25.04.2000 1000 49.66 16.26 12.55 14.73
INF277K01428 Tata Equity Opportunities Fund(G) 25.02.1993 5000 182.95 12.44 14.09 17.93 INF109K01BH2 ICICI Pru Balanced Advantage Fund(G) 30.12.2006 5000 31.60 10.97 11.55 15.65

Data as on 18.07.2017
Short Term funds Absolute Return % CAGR%
Absolute Inception Minimum
MIP CAGR % ISIN Code Scheme Name NAV 3 Months 6 Months 1 Year
Return % Date Amount
Inception Minimum INF090I01304 Franklin India ST Income Plan(G) 31.01.2002 5000 3,523.96 2.92 5.10 10.47
ISIN Code Scheme Name NAV 6 Month 1 Year 3 Year
Date Amount INF223J01DT4 DHFL Pramerica Short Maturity Fund(G) 27.01.2003 5000 30.87 2.60 4.48 9.06
INF209K01751 Birla SL MIP II-Wealth 25(G) 22.05.2004 1000 38.31 9.56 13.65 15.04 INF109K01654 ICICI Pru Short Term Plan(G) 25.10.2001 5000 35.31 2.74 4.48 8.93
INF204K01FD1 Reliance MIP(G) 12.01.2004 5000 40.50 7.16 10.08 11.20 INF209K01LV0 Birla SL Treasury Optimizer Plan(G) 05.05.2008 1000 215.79 2.80 4.78 8.34
INF109K01902 ICICI Pru MIP 25(G) 30.03.2004 5000 38.32 7.67 11.82 12.29 INF677K01452 L&T ST Income Fund-Reg(G) 04.12.2010 10000 18.01 2.44 4.49 9.70
INF200K01859 SBI Magnum MIP(G) 23.03.2001 5000 37.96 6.19 10.49 12.42 INF209K01785 Birla SL Short Term Fund(G) 03.03.1997 1000 64.38 2.54 4.25 8.61
INF209K01694 Birla SL MIP(G) 20.11.2000 1000 46.19 6.46 8.98 9.85 INF209K01942 Birla SL ST Opportunities Fund(G) 09.05.2003 1000 28.10 2.67 4.50 7.93
INF740K01441 DSPBR MIP Fund-Reg(G) 11.06.2004 1000 35.48 6.39 9.57 10.55 INF109K01GU4 ICICI Pru Regular Savings(G) 03.12.2010 10000 17.96 2.58 4.26 8.88
INF740K01656 DSPBR Short Term Fund-Reg(G) 09.09.2002 1000 28.80 2.70 4.10 7.75
INF209K01728 Birla SL MIP II - Savings 5 Plan(G) 22.05.2004 1000 32.71 5.60 8.06 11.10
INF204K01FL4 Reliance STF(G) 18.12.2002 5000 31.84 2.56 4.02 8.03
INF789F01AA8 UTI MIS(G) 11.10.2002 1000 34.61 6.17 9.40 9.97
INF789F01QA4 UTI ST Income Fund-Inst(G) 18.09.2007 10000 20.57 2.28 4.06 8.55
INF209K01AZ4 Birla SL Monthly Income(G) 14.07.1999 1000 64.77 5.85 7.94 10.94
INF200K01HZ8 SBI Short Term Debt Fund(G) 26.07.2007 5000 19.48 2.34 3.87 8.16
INF179K01AE4 HDFC MIP-LTP(G) 26.12.2003 5000 43.28 7.24 11.10 11.13
INF200K01HZ8 SBI Short Term Debt Fund(G) 26.07.2007 5000 19.48 2.34 3.87 8.16
INF109K01555 ICICI Pru MIP(G) 10.11.2000 5000 46.75 5.49 9.85 10.36
INF194K01NO5 IDFC Money Mgr-IP-Reg(G) 09.08.2004 5000 26.29 2.21 3.82 8.02
INF174K01393 Kotak MIP(G) 02.12.2003 5000 29.06 6.19 9.81 11.30
Ultra Short Term Funds Absolute Return % CAGR%
INF251K01845 BNP Paribas MIP Fund-Reg(G) 23.09.2004 1000 26.32 6.36 8.32 9.57
INF903J01HB0 Sundaram MIP-Aggr Plan(G) 08.03.2010 5000 18.45 5.06 10.34 12.05 Inception Minimum
ISIN Code Scheme Name NAV 1 Month 6 Months 1 Year
Date Amount
Absolute
Income Funds CAGR % INF090I01BU1 Franklin India Low Duration Fund(G) 26.07.2010 10000 19.13 0.82 4.63 9.74
Return %
Inception Minimum INF677K01AE7 L&T Banking and PSU Debt Fund-Reg(G) 20.09.2007 10000 14.93 0.76 3.91 8.36
ISIN Code Scheme Name NAV 6 Month 1 Year 3 Year
Date Amount Franklin India Ultra Short Bond Fund-Super
INF090I01CN4 18.12.2007 10000 23.00 0.75 4.33 9.18
Franklin India Income Opportunities Inst(G)
INF090I01445 11.12.2009 5000 19.80 4.96 10.31 9.75
Fund(G) INF109K01CE7 ICICI Pru Ultra Short Term Plan-Ret(G) 12.06.2009 5000 18.75 0.81 4.08 8.32
INF789F01406 UTI Bond Fund(G) 17.06.1998 1000 51.93 5.59 10.76 11.13 INF109K01AX1 ICICI Pru Savings Fund(G) 17.11.2005 5000 251.51 0.66 3.75 8.19
INF109K01365 ICICI Pru Income(G) 09.07.1998 5000 54.82 6.49 10.05 11.79 INF194K01FU8 IDFC Ultra Short Term Fund-Reg(G) 17.01.2006 5000 23.69 0.68 3.86 7.87
INF200K01719 SBI Regular Savings Fund(G) 05.11.2003 5000 29.39 5.25 11.72 11.11 INF204K01EF9 Reliance Medium Term(G) 14.09.2000 1000 35.10 0.68 3.66 7.84
INF846K01BP2 Axis Regular Savings Fund(G) 28.03.2012 5000 16.35 4.78 9.35 10.65 INF090I01CA1 Franklin India Savings Plus Fund(G) 11.02.2002 10000 30.54 0.66 3.77 7.69
INF109K01BO8 ICICI Pru Income Opportunities Fund(G) 18.08.2008 5000 23.90 4.76 8.37 10.77 INF663L01HV4 DHFL Pramerica Low Duration Fund(G) 22.06.2007 5000 22.82 0.66 3.71 8.02
INF760K01795 Canara Rob Savings Plus Fund-Reg(G) 04.03.2005 5000 26.20 0.65 3.65 7.61
INF209K01579 Birla SL Income Plus(G) 21.10.1995 1000 76.48 5.91 7.87 10.78
INF179K01442 HDFC Cash Mgmt-TA Plan(G) 18.11.1999 5000 35.33 0.64 3.61 7.65
INF090I01DG6 Franklin India IBA-A(G) 23.06.1997 10000 59.05 4.69 9.91 9.78
INF209K01LQ0 Birla SL Cash Mgr Fund(G) 14.05.1998 1000 403.10 0.64 3.58 7.42
INF200K01594 SBI Magnum Income(G) 25.11.1998 5000 41.86 5.28 10.62 10.79
INF917K01AS7 L&T Ultra Short Term Fund(G) 10.04.2003 10000 27.28 0.61 3.66 7.48
INF740K01557 DSPBR Bond Fund(G) 29.04.1997 1000 53.53 4.63 7.73 10.12
INF740K018P2 DSPBR Ultra Short Term Fund-Reg(G) 10.03.2015 1000 12.14 0.63 3.60 7.46
INF204K01CL1 Reliance Income(G) 01.01.1998 5000 55.39 5.51 7.88 10.63 INF277K01998 Tata Corp Bond Fund-Reg(G) 13.07.2007 5000 2,201.90 0.64 3.52 7.23
INF277K01659 Tata Long Term Debt Fund-Reg(G) 28.04.1997 5000 52.43 5.11 8.66 9.97 INF174K01FD6 Kotak Treasury Advantage Fund(G) 13.08.2004 5000 26.75 0.60 3.59 7.39
INF251K01EP9 BNP Paribas Corp Bond Fund(G) 08.11.2008 5000 18.36 4.26 8.77 9.46 INF200K01636 SBI Savings Fund-Reg(G) 14.07.2004 500 26.01 0.60 3.44 7.18
INF277K01717 Tata Medium Term Fund-Reg(G) 26.11.2002 5000 26.46 4.32 8.34 9.39 INF789F01331 UTI Treasury Advantage-Reg(G) 12.07.1999 100000 4,211.86 0.58 3.43 7.42
DSPBR Income Opportunities Fund-Reg
INF740K01599 13.05.2003 1000 27.77 4.11 8.66 9.97 Liquid Funds Absolute Return %
(G)
INF179K01962 HDFC Income Fund(G) 11.09.2000 5000 38.72 4.89 5.89 10.48 Inception Minimum
ISIN Code Scheme Name NAV 1 month 3 month 6 month
Date Amount
INF174K01DY7 Kotak Income Opportunities Fund(G) 11.05.2010 5000 18.48 3.93 8.58 9.65
INF336L01BN7 HSBC Cash Fund(G) 01.06.2004 10000 1,656.93 0.57 1.66 3.28
Absolute INF846K01412 Axis Liquid Fund(G) 09.10.2009 500 1,842.52 0.55 1.66 3.31
Income-Dynamic CAGR %
Return %
INF917K01JH1 L&T Liquid Fund(G) 03.10.2006 10000 2,279.79 0.57 1.67 3.30
Inception Minimum
ISIN Code Scheme Name NAV 6 Month 1 Year 3 Year INF204K01UN9 Reliance Liquid-Treasury Plan(G) 09.12.2003 100 4,051.58 0.55 1.65 3.30
Date Amount
DHFL Pramerica Dynamic Bond Fund INF109K01TX1 ICICI Pru Money Market Fund(G) 08.03.2006 500 229.89 0.56 1.65 3.28
INF663L01484 12.01.2012 5000 1,642.57 6.90 11.55 13.11
(G) INF277K01LQ7 Tata Liquid Fund-Reg(G) 22.05.2003 5000 3,063.39 0.55 1.65 3.28
INF109K01CB3 ICICI Pru Dynamic Bond Fund(G) 12.06.2009 5000 19.62 5.76 9.40 12.62 INF767K01IS9 LIC MF Liquid(G) 13.03.2002 5000 3,010.27 0.55 1.64 3.26
INF789F01JQ5 UTI Dynamic Bond Fund-Reg(G) 23.06.2010 10000 19.94 5.59 11.52 12.49 INF209K01RU9 Birla SL Cash Plus(G) 30.03.2004 1000 266.95 0.55 1.65 3.28
INF174K01FA2 Kotak Flexi Debt Fund-Reg(G) 28.05.2008 5000 21.86 5.26 9.46 11.22 INF194K01VX9 IDFC Cash Fund-Reg(G) 02.04.2004 5000 2,019.00 0.56 1.63 3.25
INF205K01RM4 Invesco India Active Income Fund(G) 02.08.2007 5000 1,990.44 5.33 7.75 10.42 INF109K01VQ1 ICICI Pru Liquid Plan(G) 17.11.2005 500 246.04 0.54 1.64 3.28
INF204K01FI0 Reliance Dynamic Bond(G) 15.11.2004 5000 23.30 5.52 8.48 12.18 INF200K01LJ4 SBI Magnum InstaCash Fund(G) 19.05.1999 5000 3,673.89 0.55 1.64 3.27
INF090I01BP1 Franklin India Dynamic Accrual Fund(G) 05.03.1997 10000 59.00 4.99 10.43 12.15 INF740K01FK9 DSPBR Liquidity Fund-Inst(G) 22.11.2005 1000 2,374.49 0.54 1.63 3.25
INF194K01QG4 IDFC Dynamic Bond Fund-Reg(G) 01.12.2008 5000 20.82 5.23 10.50 12.74 INF200K01MA1 SBI Premier Liquid Fund(G) 11.03.2007 50000 2,607.29 0.54 1.62 3.23
INF209K01793 Birla SL Dynamic Bond Fund-Reg(G) 27.09.2004 1000 30.34 5.89 6.64 12.57 INF204K01VA4 Reliance Liquidity(G) 15.06.2005 5000 2,501.56 0.54 1.63 3.26
INF251K01DW7 BNP Paribas Flexi Debt Fund(G) 23.09.2004 5000 29.58 5.41 8.57 11.89 INF251K01NF1 BNP Paribas Overnight Fund-Reg(G) 02.09.2004 100000 2,415.30 0.55 1.61 3.24
INF846K01917 Axis Dynamic Bond Fund(G) 27.04.2011 5000 17.52 4.54 8.68 11.76 INF179KB1HK0 HDFC Liquid Fund(G) 17.10.2000 5000 3,276.68 0.55 1.61 3.23

SIP Focus Data as on 16.08.2017 3 Year @ Rs.5000 each 5 Year @ Rs.5000 each 10 Year @ Rs.5000 each
3 Year @ Rs.5000 each 5 Year @ Rs.5000 each 10 Year @ Rs.5000 each

Inv. Amount :180000/- Inv. Amount :300000/- Inv. Amount :600000/-
Inv. Amount :180000/- Inv. Amount :300000/- Inv. Amount :600000/-
Present Present Present value
Scheme Name
Present
Return %
Present
Return %
Present value
Return % Scheme Name value(Rs)
Return %
value(Rs)
Return %
(Rs)
Return %
value (Rs) value (Rs) (Rs)
Large Cap Flexicap
Templeton India Growth Fund (G) 2,33,527.59 18.14 4,82,736.30 19.40 13,21,623.67 15.20 Franklin India Prima Plus Fund(G) 2,20,541.35 14.02 4,79,590.78 19.13 14,23,816.59 16.59
SBI BlueChip Fund-Reg(G) 2,23,510.06 14.98 4,77,610.47 18.95 13,64,117.99 15.79 ICICI Pru Multicap Fund(G) 2,18,437.64 13.34 4,66,395.74 17.97 13,17,466.12 15.14
Invesco India Growth Fund(G) 2,27,224.00 16.16 4,75,462.70 18.77 13,29,933.62 15.32 Franklin India Flexi Cap Fund(G) 2,15,184.14 12.27 4,64,737.22 17.82 13,63,719.05 15.78
Birla SL Top 100 Fund(G) 2,25,477.52 15.61 4,74,319.55 18.67 13,80,258.81 16.01 IDFC Classic Equity Fund-Reg(G) 2,34,299.75 18.38 4,63,400.58 17.70 11,76,848.75 13.02
Reliance Top 200 Fund(G) 2,23,789.51 15.07 4,72,738.18 18.53 13,25,446.19 15.25 Tata Equity Opportunities Fund(G) 2,16,834.52 12.81 4,57,299.70 17.15 12,77,921.82 14.57
Birla SL Frontline Equity Fund(G) 2,25,076.51 15.48 4,69,630.45 18.25 13,87,873.07 16.11 ICICI Pru Dynamic Plan(G) 2,22,484.86 14.65 4,55,130.04 16.95 13,33,615.49 15.37
DSPBR Focus 25 Fund-Reg(G) 2,20,020.67 13.85 4,64,551.51 17.80 - - Mid & Small
ICICI Pru Focused Bluechip Equity Fund(G) 2,24,513.07 15.30 4,58,234.12 17.23 - - Reliance Small Cap Fund(G) 2,53,428.18 24.18 6,68,968.41 33.25 - -
BNP Paribas Equity Fund(G) 2,15,956.76 12.53 4,52,465.67 16.71 12,66,248.20 14.39 Canara Rob Emerg Equities Fund-Reg(G) 2,47,916.12 22.54 6,30,894.78 30.72 21,74,357.72 24.48
ICICI Pru Top 100 Fund(G) 2,22,956.70 14.80 4,52,178.85 16.68 12,79,540.53 14.59 L&T Midcap Fund-Reg(G) 2,56,895.25 25.19 6,26,632.83 30.43 19,32,236.22 22.28
SBI Magnum Equity Fund-Reg(G) 2,14,898.32 12.18 4,38,288.57 15.39 12,27,540.84 13.81 Franklin India Smaller Cos Fund(G) 2,37,525.38 19.38 6,02,686.44 28.76 20,71,884.56 23.58
Kotak 50(G) 2,14,528.53 12.06 4,38,019.72 15.37 11,65,858.05 12.84 Kotak Emerging Equity Scheme(G) 2,39,296.27 19.93 5,81,690.83 27.25 17,09,506.09 20.00
UTI Equity Fund(G) 2,11,753.81 11.14 4,37,855.10 15.35 12,96,073.61 14.83 Sundaram Select Midcap(G) 2,39,375.15 19.95 5,73,026.15 26.61 18,51,017.95 21.48
Franklin India Bluechip Fund(G) 2,15,441.71 12.36 4,33,832.26 14.97 12,17,800.05 13.66 HDFC Mid-Cap Opportunities Fund(G) 2,39,859.42 20.10 5,70,213.67 26.40 19,94,331.67 22.87
Flexicap Franklin India Prima Fund(G) 2,33,453.20 18.12 5,56,430.73 25.37 18,34,674.36 21.32
L&T India Value Fund-Reg(G) 2,44,535.13 21.52 5,79,714.31 27.11 - -
SBI Magnum MidCap Fund-Reg(G) 2,22,600.21 14.68 5,48,543.69 24.76 17,11,173.52 20.02
Tata Equity P/E Fund(G) 2,48,267.83 22.64 5,56,883.03 25.40 16,11,894.42 18.91
ELSS
Birla SL Advantage Fund(G) 2,44,453.25 21.50 5,51,073.78 24.96 15,09,641.70 17.69
DSPBR Tax Saver Fund-Reg(G) 2,34,562.79 18.47 5,09,629.54 21.66 14,97,617.81 17.54
Birla SL Equity Fund(G) 2,40,273.67 20.23 5,31,638.82 23.44 14,86,614.66 17.40
Axis LT Equity Fund(G) 2,20,512.16 14.01 5,05,340.48 21.31 - -
Kotak Select Focus Fund(G) 2,35,691.64 18.82 5,16,187.47 22.20 - -
Birla SL Tax Relief '96(G) 2,27,738.83 16.32 5,05,036.73 21.29 - -
SBI Magnum Multicap Fund-Reg(G) 2,32,910.59 17.95 5,13,032.02 21.94 13,72,006.87 15.90
Invesco India Tax Plan(G) 2,21,213.35 14.24 4,82,919.05 19.41 14,75,916.12 17.26
Franklin India High Growth Cos Fund(G) 2,20,069.83 13.87 5,11,151.64 21.79 15,97,817.43 18.74
Franklin India Taxshield(G) 2,17,692.91 13.09 4,72,001.98 18.46 14,33,459.81 16.72
DSPBR Opportunities Fund-Reg(G) 2,37,768.04 19.46 5,07,566.04 21.49 14,29,734.29 16.67
ICICI Pru LT Equity Fund (Tax Saving)(G) 2,07,553.87 9.73 4,45,664.98 16.08 13,78,001.63 15.98
Invesco India Contra Fund(G) 2,26,583.83 15.96 5,07,434.48 21.48 14,93,389.31 17.48
Balanced Funds
Kotak Opportunities Fund(G) 2,34,771.25 18.53 4,98,892.69 20.77 13,84,347.83 16.07
HDFC Balanced Fund(G) 2,26,562.97 15.95 4,83,909.92 19.50 15,10,897.98 17.70
ICICI Pru Value Discovery Fund(G) 2,10,118.02 10.59 4,87,080.41 19.77 17,27,669.35 20.20 L&T India Prudence Fund-Reg(G) 2,24,382.72 15.26 4,77,867.29 18.98 - -
SBI Magnum Multiplier Fund-Reg(G) 2,22,437.16 14.63 4,84,132.60 19.52 13,86,095.03 16.09 ICICI Pru Balanced Fund(G) 2,24,941.84 15.43 4,71,995.35 18.46 14,03,480.36 16.32
Birla SL Balanced '95 Fund(G) 2,23,667.58 15.03 4,68,460.68 18.15 13,72,424.53 15.90
HDFC Capital Builder Fund(G) 2,26,408.88 15.90 4,83,493.23 19.46 14,35,265.06 16.74
SBI Magnum Balanced Fund-Reg(G) 2,14,661.34 12.10 4,52,156.58 16.68 12,73,701.76 14.51
L&T India Spl. Situations Fund-Reg(G) 2,28,199.53 16.47 4,81,503.72 19.29 14,30,731.95 16.68
Franklin India Balanced Fund(G) 2,13,850.89 11.83 4,47,955.41 16.29 12,49,537.62 14.14
The above listed funds are taken from the first two quartiles of mutual fund analysis and ranked on the basis of 5 year SIP return. The above listed funds are taken from the first two quartiles of mutual fund analysis and ranked on the basis of 5 year SIP return.

Aggressive Portfolio*
Recommended Alloca-
Category
tion This portfolio is ideal for investors with
high risk tolerance and those who wish
Large Cap Funds 40% to generate wealth over longer time
Equity Funds Small and Midcap Funds 20% horizon. Minimum investment horizon
recommended is 10 years. The thematic
Thematic Funds 20%
funds could be replaced by sector funds
Income Funds 10%
Debt Funds or gold on opportunity basis.
Dynamic Bond Funds 10%
Moderately Aggressive Portfolio*

Recommended Alloca-
Category
tion This portfolio has potential for higher
long term risk adjusted return with
Multi Cap Funds 30%
downside protection aided by debt port-
Equity Funds Large Cap Funds 15% folio. Suited for investors with longer
investment horizon of 7 years + or
Mid Cap Funds 15%
those who can shoulder higher volatility
Income Funds 20% in returns.
Debt Funds Short Term Funds 10%
Moderate Portfolio*
Recommended Alloca-
Category
tion
Income Funds 20%

This portfolio is ideal for investors who
Debt Funds Dynamic Bond Funds 30% are new to equity investments and
those who want higher tax adjusted
Short Term Funds 10%
returns compared to fixed return invest-
ments. Ideal Investment horizon is 5
years+
Equity Funds Multi Cap Funds 40%
Conservative Portfolio*
Recommended Alloca-
Category
tion
For investors who cannot afford high
Short Term Funds 40% volatility in their portfolio and at the
Debt Funds Income Funds 20% same time wish to earn returns better
than Fixed deposits. Ideal Investment
horizon is 3 years+
Equity Funds Balanced Funds 20%
* Investors are classified in to 4 groups based on their risk tolerance level, age, Objective of investment, time horizon
for which they ready to park funds etc. Schemes could be chosen from our recommended list with respect to Its cate-
gory. In case the investor finds that a fund is removed from the recommended list due to under performance, he/she
may replace that fund with another one in the same category.

FUND FOCUS: September, 2017 FUND FOCUS: September, 2017
ICICI Pru Balanced Advantage Fund CATEGORY: Balanced Invesco India Growth Fund CATEGORY: Large Cap
Inception Date 30.12.2006 AUM as on Jul.2017 ( in Cr) 20,193.19 Inception Date 09.08.2007 AUM as on Jul.2017 ( in Cr) 204.85
CRISIL Balanced Fund - Ag- # #
Benchmark gressive Index
Expense Ratio 2.24 Benchmark S&P BSE 100 Expense Ratio 2.58
NAV as on 16.08.2017 31.81 Risk Status Moderately High NAV as on 16.08.2017 29.84 Risk Status Moderately High
Mr. Manish Banthia& Mr. SankaranNaren :-Mr. Banthia holds B.Com, ACA and MBA. He manag- Mr. Amit Ganatra & Mr. Taher Badshah:-Mr. Ganatra holds B.Com (H), Chartered Accountant
Fund Manager es this fund along with others since Nov.2009. Mr. Naren is a B.Tech from IIT Chennai and MBA Fund Manager and CFA. He manages this fund since Jun 2014. Mr. Taher Badshah holds B.E (Electronics) and
(Finance) from IIM Kolkata. He manages this fund since Jul 2017. MMS (Finance) from University of Mumbai. He manages this fund since Jan 2017.
Investment Dynamics Scheme Performance Investment Dynamics Scheme Performance
The ICICI Pru Balanced Advantage Fund is a Balanced fund Period Returns Category SIP Returns The Invesco India Growth fund is a pure large cap fund which Period Returns Category SIP Returns
which keeps 65.99% of its portfolio in equity, 33.66% in debt holds 96.07% of its portfolio in equity, 3.68%in debt and 0.25% in
and 0.34% in cash. Out of the equity portfolio, it holds 85.91% 6 Months 8.09 10.18 13.32 cash or cash equ. In its equity portfolio the fund holds 79.33% in 6 Months 17.02 13.29 26.06
in large caps, 13.24% in mid-caps and 0.85% in small cap Large caps, 14.96% in mid-caps and 5.71% in small cap stocks.
1 Year 11.73 14.43 15.35 1 Year 19.84 17.62 25.57
The fund has a consistent track record of beating its benchmark
companies. The funds equity exposure can range anywhere
3 Year 11.77 12.42 12.56 with a high margin. In the last three years, the fund had out per- 3 Year 15.87 13.55 16.92
between 30 to 80 percentage. The fund adapts a contrarian
formed its benchmark more than 85% of the time on one year
approach investment strategy, in which the fund manager buy rolling returns. This fund holds more exposure to mid-caps and
5 Year 15.79 15.84 14.65 5 Year 19.28 16.63 18.66
the stocks when the market is low and sell when the market is small cap companies when comparing to its benchmark and the
high. The fund follows this strategy based on the Price to 10 Year 11.35 11.04 13.57 category peer funds. The fund had generated an alpha of 6.63% 10 Year 11.70 11.13 -
Book value ratio (P/B Ratio). The fund uses derivatives to over its benchmark return in three year period and 5.65% in five
hedge against the downside or generate arbitrage returns. Since Inception 11.49 13.66 13.52 year period. Since Inception 11.52 13.09 15.29
Portfolio Moves Investment Strategy Portfolio Moves Investment Strategy

This consistent performing balance fund manages to give two digit The fund follows a growth strategy in which it holds 80-85% of its
The fund holds a large portfolio of 93 stocks and 65 bonds. returns to its investors in almost all the time in its life span. This portfolio in growth oriented stocks. The funs follows a bottom up
The fund rebalance its portfolio on a daily basis, so portfo- This fund usually holds a very concentrated portfolio when
fund is most suitable for a moderate risk investor who wants a approach in selecting stocks depending on their market cap and
lio movement in the fund is very high. The new purchases regular return with less market volatility. The fund has major expo-
compared to its peer funds in the same category. It also has sector. This fund is suitable for an investor with a moderate risk
to the equity portfolio last month were Aegis Logistics Ltd., sure towards debt than any other sector exposure. In the equity, less portfolio movements when comparing to others. The last appetite and a long term investment horizon. It has major expo-
the fund has major exposure towards Banking private as well as month had shown only one new addition to its portfolio Chola- sure towards Private Banking, Refineries and IT- Software. After
Bank Of Baroda, Voltas Ltd. The fund also increased its
public, Pharma and IT software. The Private Banking sector mandalam Investment & Finance Company Ltd., While it has the demonetisation risk faded away and reducing cost of funds
holdings in Bharat Electronics Ltd. (167%), Colgate-
continue to remain positive with an in-line earning growth and exited from LIC Housing Finance Ltd., the fund has increased due to reduced interest rates gives a positive outlook for the Pri-
Palmolive (India) Ltd. (138%), and Asian Paints Ltd. (62%).
improved asset quality. The sector reforms and mergers in the its holding in Larsen & Toubro Ltd.(12%) and reduced its vate sector Banks in a long term perspective. The refineries main-
There were no exit from any equity holding last month. The Public Banking space gives a long term growth prospective. The holding in Shriram Transport Finance Company Ltd.(-49%), tain a positive outlook with a strong demand for crude and market
derivative holding has also shown a lot of movement last Pharma sector still holds a neutral outlook with stocks available at CDSL(-12%) and HCL Technologies Ltd.(-4%) linked pricing in the retail distribution. The IT-software sector does
month. discount with higher valuation. not hold a positive outlook.
Risk Reward Measures (%) Top 10 Holding Risk Reward Measures (%) Top 10 Holding
One year data Category Range Sector Wise (%) Company Wise (%) One year data Category Range Sector Wise (%) Company Wise (%)
HDFC Bank Ltd. SR-1 Bank - Private 28.4 HDFC Bank Ltd. 9.04
Standard Deviation* 0.40 0.36 - 0.72 Other 27.20 4.05 Standard Deviation* 0.73 0.65 - 0.86
8.85%
Sharpe 0.07 0.02 - 0.13 Bank - Private 21.20 HDFC Bank Ltd. 3.42 Sharpe 0.08 0.03 - 0.12 Refineries 9.70 IndusInd Bank Ltd. 8.33
Information Ratio*** 0.02 -0. 01 - 0.06 Motherson Sumi Sys- Information Ratio*** 0.07 -0. 03 - 0.14 IT - Software 7.30 Maruti Suzuki India Ltd. 7.22
Unspecified 7.20 2.92
tems Ltd.
Automobiles - Reliance Industries Ltd.
ICICI Bank Ltd. SR- 7.20 7.15
* Measures the risk, lower the better. Bank - Public 6.60 2.55 * Measures the risk, lower the better. Passenger Cars
DMR17AT 09.20%
Finance - NBFC 6.20 ICICI Bank Ltd. 6.13
Pharmaceuticals &
Measures the excess return (over risk free rate) per unit 4.50 Hindustan Unilever Ltd. 2.49 Measures the excess return (over risk free rate) per unit
** Drugs **
of risk, higher the better. of risk, higher the better. Engineering - Kotak Mahindra Bank
4.50 4.91
Construction Ltd.
IT - Software 2.90 ICICI Bank Ltd. 2.48
Measures the consistency of a fund manager in beating Measures the consistency of a fund manager in beating Consumer Food 4.40 Larsen & Toubro Ltd. 4.54
*** Auto Ancillary 2.80 Infosys Ltd. 2.38 ***
the benchmark, higher the better. the benchmark, higher the better.
Tata Consultancy
State Bank of India SR- Other 4.00 4.21
Finance - NBFC 2.30 2.30 Services Ltd.
III 8.39%
The expense ratio is the total fee charged by the fund. It The expense ratio is the total fee charged by the fund. It Automobiles-Trucks/Lcv 3.20 Tata Motors Ltd. 3.22
# Consumer Food 2.30 State Bank Of India 2.19 #
is expressed as a percentage of total assets. is expressed as a percentage of total assets.
Power Generation/
Finance - Investment 2.10 Bajaj Finserv Ltd. 2.11 3.10 Britannia Industries Ltd. 3.12
Distribution

FUND FOCUS: September, 2017 FUND FOCUS: September, 2017
Templeton India Growth Fund CATEGORY: Large Cap L&T India Value Fund CATEGORY: Flexi Cap
Inception Date 05.09.2003 AUM as on Jul.2017 ( in Cr) 593.51 Inception Date 08.01.2010 AUM as on Jul.2017 ( in Cr) 4,903.11
# #
Benchmark S&P BSE SENSEX Expense Ratio 2.74 Benchmark S&P BSE 200 Expense Ratio 2.02
NAV as on 16.08.2017 254.02 Risk Status Moderately High NAV as on 16.08.2017 35.15 Risk Status Moderately High
Mr. Venugopal M.& Mr. Karan Desai :-Mr. Venugopal holds B.Sc in Mathematics and MBA on
Mr.Vikas Chiranewal :- Mr. Chiranewal holds B.com (H), PGDBM from IIM Lucknow and CFA
Fund Manager from USA. He manages this fund since Sep 2016.
Fund Manager Finance. He manages this fund Since Nov 2012. Mr. Desai has done Bcom from Mumbai Universi-
ty and MSc Investments from University of Birmingham. He manages this fund since Feb2017.
Investment Dynamics Scheme Performance Investment Dynamics Scheme Performance
The Templeton India Growth Fund is a large cap fund with Period Returns Category SIP Returns The L&T India value fund is a Flexi cap fund which holds 95.54% Period Returns Category SIP Returns
95.72% exposure towards equity, 0.20% in debt and 4.08% in of its portfolio in equity, 0.01% in debt and 4.45% in cash or cash
cash. In its equity portfolio the fund holds 47.33% in Large-caps, 6 Months 16.10 13.29 27.08 equal. This fund holds 47.75% of its equity portfolio in Large cap 6 Months 14.73 13.42 28.39
49.59% in Mid-cap and 3.08% in Small-cap stocks. This large companies, 38.05% in Mid-caps and 14.2% in Small-caps. This
cap fund has the indulge character of a Flexi- cap fund. The 1 Year 27.66 17.62 29.49 fund can vary its market cap, with large cap typically falling in the 1 Year 28.73 18.99 30.73
large cap exposure in this fund is low when comparing to its 3 Year 15.88 13.55 18.77 range of 30%-60% based on the valuation. This fund can also take 3 Year 22.93 15.33 24.47
benchmark and category average, while the Mid cap exposure is big calls in cash when needed. The fund had out performed it
more than the benchmark and category average. This veteran 5 Year 18.01 16.63 18.89 benchmark almost all the times in 3,5and 10 years performance. 5 Year 26.72 18.75 26.84
fund had out performed its benchmark in 1, 3, 5 and 10 year Over this period, the performance of the fund over its benchmark
performance with a high margin. The fund has generated an 10 Year 13.51 11.13 14.94 remains arangeof 12-17% points. The fund was able to generate 10 Year - 12.16 -
alpha of 14.52% over its benchmark return in one year period, an alpha9.86% over its benchmark in one year period, while it had
while it had generated 9.13% in 3 years and 5.61% in 5 years. Since Inception 19.73 13.09 16.07 generated 11.10% in three years and 10.14% in five year term. Since Inception 17.97 15.53 22.82
Portfolio Moves Investment Strategy Portfolio Moves Investment Strategy

The fund follows value investing strategy, the process focused on
This fund follows value investment strategy in portfolio selection.
The fund holds a very concentrated portfolio of 26 stocks in its buying growth stocks that are trading at a significant discount to
This fund holds comparatively a large portfolio of 86 stocks.
their earning potential. This process looks for an organic growth in
The fund manager defines value by identifying and investing in
kitty. The portfolio movement in this fund is comparatively less
a long term perspective. A moderate as well as an aggressive
The movement in this portfolio is comparatively high. The new undervalued stocks, typically investing in stocks that are traded
when comparing to its peer group. Trident Ltd. is the only new
investor can park their funds in this consistent performer with a purchases on the portfolio for last month were Aditya Birla at a discount to the market average. This fund typically holds
entry to funds portfolio last month, while the fund had exited
long term investment horizon. This fund has substantial exposure Financial Services Pvt Ltd. and Idea Cellular Ltd. While the cap exposure less than its category average, while it holds the
from Dr. Reddys Laboratories Ltd., Grasim Industries Ltd. and Mid and Small cap above its benchmark average. This fund
towards Private Banks, NBFC and Fertilizers. The Private banking fund exited from Dwarikesh Sugar Industries Ltd. And TNPL.
Mahanagar Gas Ltd. The fund had increased its holding in finds a suitable position in an aggressive investors portfolio as
and NBFC are showing a positive outlook post remonetisation and Last month, the fund increases its holdings in HUDCO
Glenmark Pharmaceuticals Ltd. (65%),Yes Bank Ltd. well as a moderate investor with a long term investment horizon
sectorial reforms. This sectors with healthy credit growth still re- (191%), HDFC Ltd.(104), National Aluminium Company Ltd.
(32%),Vardhman Textiles Ltd.(26%)etc., while it had reduced of more than five years. The major sectorial holdings of the fund
mains attractive investment opportunity. The latest economic (85%) etc. while it reduced its holdings in Triveni Engineering
exposure in The Federal Bank Ltd.(-32%), ICICI Bank Ltd.(- are private banks, Refineries, and Public banks. The Private
19%) and RIL (-8%)
reform through GST and the other sectorial factors are showing a & Industries Ltd. (-60%), Visaka Industries Ltd. (-57%) etc.
positive outlook in the fertilizer sector. banking sector and refineries shows a positive sector outlook.
Risk Reward Measures (%) Top 10 Holding Risk Reward Measures (%) Top 10 Holding
One year data Category Range Sector Wise (%) Company Wise (%) One year data Category Range Sector Wise (%) Company Wise (%)
Bajaj Holdings & Invest- Bank - Private 9.20 Reliance Industries Ltd. 4.73
Standard Deviation* 0.82 0.65 - 0.86 Bank - Private 22.88 9.18 Standard Deviation* 0.97 0.57 - 0.97
ment Ltd.
Sharpe 0.10 0.03 - 0.12 Sharpe 0.09 0.01 - 0.11 Refineries 8.10 ICICI Bank Ltd. 4.50
Finance - NBFC 17.59 HDFC Bank Ltd. 8.25
Information Ratio*** 0.10 -0. 03 - 0.14 Information Ratio*** 0.09 -0. 05 - 0.11 Bank - Public 5.50 ITC Ltd. 4.32
Fertilizers 7.28 Tata Chemicals Ltd. 7.28
Housing Development
Infosys Ltd. Engineering - Construc-
* Measures the risk, lower the better. Tyres & Allied 7.16 6.25 * Measures the risk, lower the better. 4.70 Finance Corporation 3.79
tion
Ltd.
IT - Software 6.25 ICICI Bank Ltd. 6.20
Measures the excess return (over risk free rate) per unit Measures the excess return (over risk free rate) per unit Finance - Housing 4.50 State Bank Of India 3.41
** **
of risk, higher the better. of risk, higher the better.
Refineries 5.77 Reliance Industries Ltd. 5.77 Other 4.50 Axis Bank Ltd. 2.40
Pharmaceuticals &
Measures the consistency of a fund manager in beating 4.99 Apollo Tyres Ltd. 4.59 Measures the consistency of a fund manager in beating Cigarettes/Tobacco 4.30 The Federal Bank Ltd. 2.32
*** Drugs ***
the benchmark, higher the better. the benchmark, higher the better.
Tata Motors - DVR Cement & Construction
Automobiles-Trucks/Lcv 4.41 4.41 3.80 Future Retail Ltd. 2.31
Ordinary Materials
Cement & Construction Chemicals 3.70 Grasim Industries Ltd. 2.19

The expense ratio is the total fee charged by the fund. It 4.31 Yes Bank Ltd. 4.37 The expense ratio is the total fee charged by the fund. It
# Materials #
is expressed as a percentage of total assets. is expressed as a percentage of total assets.
Power Grid Corporation
Other 4.08 JK Cement Ltd. 4.31 Finance - NBFC 3.60 1.84
Of India Ltd.

FUND FOCUS: September, 2017 PAN - INDIA OFFICE NETWORK
SBI Magnum Mid-Cap Fund CATEGORY: Mid Cap ANDHRA PRADESH: Branches: Ananthapur: 08554-274507, 08, 09, 09393222966, Bhimavaram: 08816-221014,15, 09396221014, Chirala: 08594-233627, 628 , 629,
Inception Date 29.03.2005 AUM as on Jul.2017 ( in Cr) 3,855.56 09391151071, Chittoor - Andhra Pradesh:08572-233971, 72, 9396503632,Gajuwaka Main Road: 0891-2549347, 48, 49, 09393925961: Governorpet: 0866 - 2578084,86, 87,
09346841411, Guntur: 0863-2331063, 64, 65, 6533775, 76, 09346697094, Kadapa:08562-245773, 74, 75, 76, Kakinada: 0884 - 2344491, 92, 93, 9392333039, Kurnool: 085818-
228831, 32,33, 08008993217, Nandyal: 08514-225987, 88, 89, 09346682244, Narasaraopet:08647-223134, 35, 36, 38, 9396272677, Nellore: 0861-2311697, 2311712, 735, 736,
Benchmark Nifty MidSmall-cap 400 Index Expense Ratio# 2.03
9347112168, Ongole: 08592 222010,11,12, 09959022564, Rajahmundry: 0883-2448635, 36,37, 9396418771, Station Road Kavali: 08626-244104, 5, 6, 7, 09393239991, Tenali:
08644 -220120, 450, 221860, 840, Tirupati: 0877 - 2220882, 84, 2220879, 8008238872, Vijayanagaram: 08922 - 220163,4, 5, 09346220829, Vijayawada: 0866-6647995, 98,
NAV as on 16.08.2017 76.02 Risk Status Moderately High
09346623964,Visakhapatnam: 0891 - 2717351, 52, 53, 09391288980. Business Associates: Nandyal- Opp. Govt Hospital: 08514 249003; Chodavaram: 08934 245088,
08121742700, 9059909089, 9133682124, 9133682126; Visakhapatnam - Diamondpark Road: 08916666242; Ongole- Gupthas Square Complex : 08592 283010 / 20 BIHAR:
Sohini Andani:-Ms. Andani holds a B.Com (H) and C.A. She has been managing the fund since
Fund Manager Jul 2010.
Branches: Patna: 0612-2216842, 43, 44, 45, 7091099399 GOA: Branches: Margao: 0832 2712696, 693, 2736576, 09326112251 GUJARAT: Branches: Ahmedabad Motera: 079-
23298586, 87, 23294323, 09377642325, Ahmedabad-Shahibaug: 079- 22862522,23,22862535,09377625885, Ahmedabad Ambavadi: 079-40024925, 40024926,26441410,
26441425, 09995800553, Anand: 02692-246931,34,32,33, 09375769982, Bharuch: 02642-226998, 858, 807, Jamnagar: 0288-2553369 , 0288-2553370,028,
Investment Dynamics Scheme Performance Junagadh: 2620386, 9974092324, Karelibaug Vadodara: 0265 -2780541, 2780542, 2780543, 9 3 7 7 5 7 9 7 8 7 , Navsari: 02637-
233472,233473, 233474,233475; 9099053861, Rajkot-Moti Tanki Chok: 0281-2221722, 23, 24, 25 Surat - Empire State Bldg: 09327974008, 0261-2479661, 2479662, 2479663,
The SBI Magnum Mid-cap fund is a pure mid cap fund which Period Returns Category SIP Returns 2479664 ,Vadodara - R C Dutt: 0265-2324586, 2354326, 2354091, 2351795, 9 0 9 9 0 5 3 8 7 2 , Valsad :02632 - 245901, 245902, 245903, 09377501506. Business Associates:
holds 95.86% of its portfolio in equity, 4.43% in debt and -0.29% Keshav Baug: 09898088987; Mehsana: 02762-220314, 02762- 223594, 02762-220708,09824434378, 09925938517; Vadodara - Sarabhai Compound: 0265 2336720 ,21 ,23 ,24.
in cash. In its equity portfolio, the fund has an exposure of HARYANA: Branches: Faridabad: 0129-4142250, 0129-4142251, 0129-4142252,09312199172, Gurgaon: 0110124-2566238, 2566239, 2566240, 4105747, 4257712, 09910025558 .
6 Months 8.11 14.06 12.14
JAMMU & KASHMIR: Branches: Jammu: 2474163, 2474164,9906069423. JHARKHAND: Branches: Dhanbad: 0326-2302405, 06, 07,09304127514,
6.69% in Large-caps, 66.38% in Mid-caps and 26.64% in Small-
1 Year 11.21 21.03 16.68 Jamshedpur: 09386708146, 0657- 2233734, 2442983, 2442984, 985, Ranchi: 0651-2331401, 2331403, 04, 09234611160. KARNATAKA: Branches: Bagalkot: 08354 222557,
cap stocks. The Mid and Small cap exposure in this fund is 222558, 222566, 09341124272, Banashankari: 080-26690875, 26690401, 26691241, 9591996180, Bangalore: 080 40429999, 40984621, 40984070, 9341980773, Basa-
higher than the category average, while the Large cap exposure 3 Year 20.88 20.23 18.78 vangudi: 080 - 26676121, 26676181, 26611243, 26676141, 09980114690, BC Road: 08255 230767, 230769, 9343350687, Belagavi: 09342209326, 2402128, 2402131,
is less than the category average. The fund follows "invest and 2402156, 2422153, 2422154, Bellary: 08392 255393, 94, 95, 09342682887, Bhatkal: 08385 224062, 224063, 226482,226483, 09741329922, Bidar: 08482-222652, 53, 54,
hold strategy", which helps to generate returns more than its 5 Year 27.93 24.75 25.47 9995800543, Bijapur: 08352-242714, 242715, 242716, 240407 ,240408,9343583006, Chickmagalur: 08262 234892, 93, 94, 233564, 230418, 09343574542, Chitradurga:
benchmark in long term. This helped the fund to outperform its 08194 223254, 74, 221270, 71, 09342311341, Davangare: 08192 253671, 08192253575, 08192 253576, 7338461961, Dharwad: 0836 2790031, 2790032,
benchmark in the 3, 5 and 10-year period with a high margin. 10 Year 11.75 14.15 18.98 2790033,9341240048, Frazer Town: 080 25564350,080 25564351,080 25564352, 09995800730, Gadag: 09342808978, 274550, 274551, 274552, 252550, 250250, Gulbarga
Town: 08472-272940, 08472-272941,9379844033, HAL Airport Road: 080 25231243, 25231286, 25231254, 09341051088, Hassan: 08172 233609, 610, 233652, 7760686146,
The one-year performance of the fund was affected due to its
HSR Layout: 080-25723451, 52,, 9108025990,Hubli: 0836 2353371, 72, 73, Indiranagar: 080 25252831, 32, 25252823, 25252841,09343706936, Jayanagar: 080-
higher exposure towards Pharma sector. Since Inception 17.78 16.20 17.51
26562600, 01, 02, 03, 04, 05, 06, 07, 08, 9343706746 Koramangala:080 - 25503462, 25500232, 25503273, 41303691, 7338191374, Majestic: 080 22340067,
68,09341114190, Malleswaram: 080 -23360980,81, 82, 84, 09343706756, Mangalore: 0824 2444531, 2426158, 2446024, 2441535, 2441542, MangaloreCity: 0824 2221434,
Portfolio Moves Investment Strategy 2221435, 2223881, 2223873, Mercara: 08272 221671 221672 220672 220441, 07022255332, Mysore Saraswathipuram: 0821-2344816, 2344817, 2344818, 2344819, 09342183451,
Mysore - V V Mohalla: 0821 2516519, 2415050, 2519309, 2517719,Raichur: 08532 226925, 226926, 226927, 09379059007, Rajaji Nagar: 080-23109739, 23109745,
The fund management team follows a well defined investment 09341805767, Rajarajeshwari Nagar: 080 28606326, 28606327, 09108028854, Shimoga: 08182 271905, 08182 271901, 225597, 09343310824, Tumkur: 0816 2285651, 52, 53,
This fund holds a relatively big portfolio of 59 stocks, even if process and a disciplined approach in its investment process. The 09379222011, Udupi Town: 0820-2529689, 2528269, 2527689, 9740189922, Whitefield: 08028456665, 08028455082, Mob : 9663125104, 9663125104. Business Associates:
the fund holds a big portfolio in its category, the movements in fund follows a Bottom-up approach with a clear focus on compa- Ankola: 08388 232353, 232255, 232455, 231522, Banashankari BDA Complex: 080 26715410, 26715460, 09379337789, 9972099978, BTM Layout Bangalore:080
41506462, 63, 09845730404, Channarayapatna: 08176 - 252161, 09242461911, 09242624222, 8884870989, Gangavati: 08533 234406, 07, 09916136294, 09916134294,
the portfolio are comparatively less. There was no new pur- ny's fundamentals while selecting the stocks. This fund may be
Gulbarga: 9448477078, 08472 324613, Honavar: 08387 221804, 221504, 8904973288, 9972191924, Haveri - Shivajinagar: 08375 233363,8861308596; Ilkal: 09901903375,
chase as well as no exit last month. The fund had increased suitable for an aggressive investor with a high risk appetite, who
08351-271494, Jalahalli Cross: 080 41228351, 40903157, 40903149,09886718394, Jayanagar 9th Block: 080 41301711, 09343509764, Kammanhalli: 080
the holdings in RBL (4649%), which was the only portfolio has a long term investment horizon. The fund has major exposure 41330045, 41330046, 41330048, 41330049, 41330047, 9341066950 Kengeri Satellite Town: 080 28486202, Koppal: 231402, 231202, 9886716394,Kushal
movement last month. The fund's mandate allows the manager towards Pharma, NBFC and Household& Personal Products Nagar- Manglore:08276 272756, 274134, 09448108364, Mangalore - Presidency Zone-1: 0824 2444521,9480974005; Mangalore Town: 0824 2430120,
to invest up to 20% in the Large- cap stocks, it also allows the sectors. The Pharma sector still holds a neutral outlook in long 4288120,9342699120, Marathahalli: 08064522596, 42132181, 09342552077, 09341037912, New BelRoad: 080 23519633, 23519644, 09243164208,Puttur: 08251-
manager to hold up to 30 % in cash, which gives a cushion in term, while in the short term the sector is effected with external 231285, 09449801285, 09449818285, R T Nagar: 115, Sahakara Nagar: 080-48536117, 23620778,79, 8546970778 Sarjapur Road: 080-
terms of additional liquidity. pricing pressure, US norms and high competition. The NBFC 28440711, 28440712, 9886483496, 9845294327, Udupi: 0820 4295656, 4295894, 9845314134, 9916314944,Vidyaranyapura Bangalore: 080 23646724, 41626004,
sector remains positive with a robust earnings outlook. 9448052835, Vijayanagar: 88 8 4 2 4 2 4 2 9, 0 8 0 2 3 2 0 4 2 8 2, 0 8 0 2 3 2 0 4 2 9 3 , Yelahanka: 08041538197, 28561934, 08088038009. KERALA: Branches:
Alapuzha: 0477 2252605, 2252607, 2264853,9995800090, Alwaye: 0484-2630568, 2621205, 2620445, 2624404, 2630796 , 9995800065, Alathur-Palakkad: 04922-
225786,226786,9995855786 Anchal: 0475 - 2270175/76,2270458/59, 9995800120, Angamaly : 0484-2454793, 2454792, 2454791, 9995800142, Attingal-Trivandrum: 0470
2622120, 2622130,2621020, 9995800072, Calicut: 0495 2722387, 2722388, 9995800089, 2723137, 2723237, 2723969, Calicut Nadakkavu: 0495- 2761430, 2761431, 2761432,
9995800081, Chalakudy: 0480 2705048, 2700248, 2709048, 2709095, 9995800092 Changanacherry: 0481- 2429091, 2400294,9995800084, Chittur-Palakkad: 0492 3224591,
3222292, 9995806381, Edapal: 0494 -2689402, 2689404, 9995806385, Edappally: 0484-4014281, 282, 283, 9995800049, Erattupetta: 04822-275993, 275994, 275995,
09995800048, Guruvayoor: 0487 2551798, 2550238, 2555460, 2557775, 9995800061, Hni Kochi: 0484- 2380182 2380189 2363262, 9995800135, Hni Trivandrum: 0471
2539668, 69, Infopark Kochi: 0484-4061991, 4061990, 4023041, 9995800051, Irinjalakuda: 0480 2827734, 2826735, 2829566, 2820111, Kadu-
thuruthy: 04829 322800, 801, 284299, 9995800083, Kaloor: 0484-4046512,13, 2533416, 9995800069, 2534568, Kaloor MES Building: 0484 2405227, 2405229,
9995800425, Kanhangad: 0467- 2200731, 2200733, 2200735, 9995800952, Kanjirapally: 04828 204912, 204914, 204172, Kannur: 0497 2712101, 02, 03, 2761127, 2761276,
Kannur - Fortlight: 0497 2761018, 2768215, 2761514, Kasaragod: 04994 -225245, 225497, 226868, 9995800106, Kattappana: 04868 274783 , 250708, 9995808272, Kochi: 0484
-2355325, 2355327, 2355328, 2350971, 2369074, 2370138, Kolenchery: 0484 2760090, 2761381, 9995800738, Kollam: 0474 2745171, 2746552, 2745706, 2764126,
2763618, 2769081-84,9995800060,Kollam 2 Bishop Jerome Nagar: 0474 2768085, 86, 87,9995800071. Kottakkal: 0483-2741501, 2741502, 2741503, 3203221 , 9995800078,
Kottayam - K K Road: 0481 2567646, 2565311, 2301163, 2303548, Kottayam Nagampadom: 0481 2561145, 46, 47, 48, 9995800075, Kottiyam: 0474 2534093, 89,
2534070, 9995800150, Kozhikode: 0495 2727944, 2724170, 2720132, 3261013, Mala: 9995800077, 0480- 2897700, 2897701, Malappuram: 0483-2735880, 2735881, 2,
9995800156, Mallappally: 0469-2681394, 98, 2681474, 09995800121, Manjeri: 0483-2769011, 2769022, 2769033, 9995806538, Mattancherry: 0484 - 2227337, 7388, 2224688,
4188, 2211391, 2225840, 9995800063, Moonupeedika: 0480-2836980, 2836990, 2836970, 9995800076, Muvattupuzha: 0485- 2835753, 2835795, 2835798, 2835925,
Risk Reward Measures (%) Top 10 Holding 9995800136, Neyyattinkara: 0471- 2220844 ,2220944, 2221044, 9995800149, Nilambur: 0 4 9 3 1 - 2 2 1 1 7 1, 2 2 1 8 6 4, 2 2 1 8 8 5, 9 9 9 5 8 0 0 0 7 4, Pala: 0482 - 2210471,
2211071, 2216245, 46, Palakkad: 0491- 2544576, 2544580, 2544571, 9995800054, Palakkad - Stadium Byepass Road: 0491-2533312, 2533313, 9995800070,Palarivattom:
One year data Category Range Sector Wise (%) Company Wise (%) 0484 2334208, 2348111, 2533390, Pathanamthitta: 0468 2326243, 2326244, 2228486, 2270172, Payyannur : 04985 201901, 02, 03, 9995800147, Piravom: 0485 2243388,
2243988, 9995800041, Ponnani: 0494 - 2664919, 2666808, 9995800073, Sulthan Bathery: 04936 226175, 227411, 224151, 9995800119, Talasserry: 0490 2344511, 2344512,
Pharmaceuticals & Carborundum Universal 2344513, 9995800094, Techno Park Thiruvananthapuram: 9995800068, 0471 2527635, 636, Thamarasseri: 0495 2225425, 26, 27, 9995800117, Thiruvalla: 0469 2604455,
Standard Deviation* 0.79 0.71 - 1.11 12.30 4.34 2634425, 3206887, 2607305, 2636051, Thiruvananthapuram: 0471- 2467710, 2467720, 2467730, 2467726, 2466584, 9995800093, Thrissur Punkunnam: 0487 2385072, 74, 76,
Drugs Ltd.
9995800099, Thrissur - Round North: 2322826, Thrissur - Round South: 459, 2429810, 11, 2427465, 66, 2430016-19, 2427458, Trissur
Sharpe 0.04 0.03 - 0.12 Cholamandalam Invest- - Kokkalai: 0487-2442803, 2442804, 05, 2440973, 2423141, Trivandrum Karamana: 0471 2348165, 66,67, 69, 9995800141, Vadakencherry: 04922- 254249,
Finance - NBFC 11.90 ment & Finance Com- 4.14 254250, 254251, 9995800151, Valanchery Kozhikode: 0494- 2642220, 2642440, 2642660, 9995802149, Varkala: 0470-2611706, 09, 9995800067, Vatakara: 0496 2515783,
pany Ltd. 84, 9995800625, Vytilla: 0484- 2306036,2306049, 2307774, 2302142, Wadakanchery: 04884-232250, 236050, 231611, 9746111187 Business Associates: Adoor: 04734- 220940,
Information Ratio*** -0.01 -0. 03 - 0.13 226307, 9447560081, Angamaly - Church Junction: 0484 - 2456777, 2457444, Athirampuzha: 0481- 2730198, 2730399, Ayyappankavu Ernakulam: 0484-
Household & Personal Manpasand Beverages 2392820, 2391840, 3001006, 9846279195, Bank Junction - Aluva: 0484- 2620962, 9447578610, Calicut - Malabar Gate: 0495- 4050918, 4060461,9895779945, 9447736040,
6.70 3.69 Chavakkad: 0487 - 2502000, 9746760006, Chengannur: 0479- 2457544, 2457545, 9447971343, Cherpu: 0487 2971494, 9946662494, 9895245201, Cherpulassery -Trichur:
Products Ltd.
* Measures the risk, lower the better. 0466 2284054, 2284550, 94473 80233, 9447939434, Cherthala: 0478- 2811877, 9447089891, Cherupuzha: 04985- 240145, 240132, 9495097923, Civil Station Calicut:
0495-2371116, 3253303, 9249122799, Elamakkara: 0484 - 4020969, 2340969, 9497668001, Ernakulam Kadavanthara: 0484- 2324366, 9496305566, Ettumanur: 0481-
Pesticides & Agrochemi- Strides Shasun Ltd.
5.50 3.68 2531924, 2531925, 9142051267, Haripad: 0479- 2410960, 2410961, 9645090257, Irinjalakuda Chanthakunnu: 0480-2833390, 9895880671, Iritty: 0490 - 2494522, 2494523,
cals 9447721122, 9447290050, Kakkanad: 0484- 2428353, 2428354, 9447125354, Kalamassery: 9995824886, 9744793339 , 9895013589, Kaloor - Katrikadavu: 0484 3200525,
Measures the excess return (over risk free rate) per unit 9847325023, Kalpetta: 04936 204670, 205452, 205771, Kanhangad: 0467 2209322, 2209625, 2207878, 2207910, 9447086822, 9495986822, Kannur Town: 0497
** The Ramco Cements
of risk, higher the better. Consumer Food 5.10 3.57 2701570, 9400501571, 9446337789, 9656107789, 8891965789, Karukachal: 0481 2486529, 9447087229, 9446516529, Karunagappally: 047- 2622192, 2620139,
Ltd. Kattappana - Ozhukayil Complex:04868- 274977, , Kizhakkambalam: 0484- 2684632, 2684628, 9446062562, Kodakara: 0480-2622502, 9072741633,
9995695469, Kodungallur: 0480- 2808298, 99, 9447259640, Konny: 0468- 2340701, 3290368, 2248883, 9447074708, Koonammavu: 0484 2512919,6512919, 9567652919,
Hospital & Healthcare 9446135128, Koothattukulam: 0485- 2250461, 2881272, 9745050642, Kothamangalam: 0485- 2824023, 2828874, 2827401, 9447267063, 9745768034, Kottarakara: 0474-
Measures the consistency of a fund manager in beating 4.50 The Federal Bank Ltd. 3.46
Services 2452166, 2450244, 9446556148, Kottayam - Star Junction: 0481- 2561926, Koyilandy: 0496 - 2620099, 8086161216, Kozhencherry: 0468- 2210083, 2210641, 8606012179,
***
the benchmark, higher the better. 9847314385, Kumbanad: 0469- 2663474, 9847365760, Kunnamkulam-Harvest: 04885- 210762, 210412, 210449, Kurisumood:0481- 2728034, 2728033, 2728035,
Abrasives 4.30 Sheela Foam Ltd. 3.11 09447087229, Manarcad Kottayam: 0481- 2371267,9946832777, Manjapra: 0484 2692544, 9446128473, Mannarkkad: 04924-225556, 225656, 9745005638, 9745006238,
Mavelikara: 0479-2340353, 2301343, 9447971343, Mukkam: 0495 - 2298467, 9846297894, Muvatupuzha: 0485-2833501, 2834026, 2832269, 9847221711, Nemmara: 04923
Cement & Construction Shriram City Union 244220, 244340, 9496838029, 9847263902, North Irinjalakuda: 0480- 2825031, 3259370, 94462 32417, North Paravur: 0484- 3290887, 3260887, 4062023, 9349124767, Ottappalam:
4.30 2.96
Materials Finance Ltd. 0466 - 2247702, 2247703, 2249554, 2249664, Pala - Ambady Complex: 04822-216399, Palakkad - Chittur Road: 0491- 2536673, 2536674, Palakkad Jrs: 0491-
The expense ratio is the total fee charged by the fund. It 2533125, 126, 127 Panampilly Nagar: 0484- 2317887, 2317888, 9544700210, Pandalam: 04734252607, 9495823023, 9495823023, Pathanapuram: 0475-2353553,
# Other 4.10 Greaves Cotton Ltd. 2.63
is expressed as a percentage of total assets. 9400892704, 9400654917, Pattam: 0471-2545521, 2545523, 9447427427, Pattambi:0466- 2212640, 2212641, 2211536, 2211537, 9846060299 , Payyannur: 04985- 201922,
201933, 201122, 9447781122, Penta Menaka: 0484 2323232, 2323231, 2323630, 2323631, 9388800188, Perinthalmanna: 04933 227975, 325075, 9446767004, 9446767005,
Bank - Private 3.80 PI Industries Ltd. 2.60

9249901122, Perumbavoor: 0484-2590689, 9809820010, 9809820100, 9562143334, 9447433316, Punalur: 0475 2227556, 8547879132, Quilon Ashramam: 0474-2797940,
9895773259, 9349835356, Ravipuram: 0484-2364172, 2364271, 4028267, 9745678777, Shornur: 0466-2222595, 9846030269, 9567790269, Thaliparamba: 0460-
2204632, 2208794, 2204357, 09249992448,Thaliparamba Bazar: 0460- 2204437, 9846994444, Thiruvankulam: 0484 2787180, 7077, 7977, 9447164942, 9605109990,
Thodupuzha: 0486- 2225263, 2229561, 2229562, 2227232,Thriprayar: 0487 2394545, 3242535, 9567699419, Thrissur Kuriachira: 0487- 2252307, Thrissur -
M.G.Road: Thrissur - Pallikulam Road:0487- 2440457, 3254514, 9847946972, Thrissur Ambaloor: 0480-2757226, 2757227, 32911,9387828851,
Thrissur- East Fort: 0487- 2426507, 9446576505, Thrissur Harvest: 0487- 2330071,72, 2330496, 7034707200 Tirur: 0494- 2431943, 9995894699, 2420414,2420124,Tripu-
nithura: 0484- 2778828, 4066586, 9495983130, 9447708726, Trivandrum Kumarapuram: 0471- 4064164, 9645879326,Trivandrum Sasthamangalam: 0471- 3010405,
9946996002, Trivandrum, East Thampanoor: 0471- 4060329, 3021229, 7293786987, 9633200329, Vadanappilly: 0487- 2604321, 2601116, 2604737, 9495462737,
Vaikom: 04829- 223674, 9447011244, Vatakara: 0496-2513241, 2523496, 09995177955, Vazhakkala: 0484- 2428599, 2428799, 9995808140, Vengara: 0494- 3215353,
9995894599. MADHYA PRADESH: Branches: Bhopal: 09981500822, 0755 - 4083979, 4083973, 4083655, Indore-Sapna Sang eeta: 0731- 2572204, 2571104, 4020889, 4020890,
9752501444, Indore-Y N Road: 0731 -2547224, 2547225, 4245318, 4249021, 09893026647, Jabalpur: 7869915368, 0761-2481002, 2481003, Rewa: 07662- 254166, 254167,
254168, 7 0 2 4 1 0 0 7 5 1, Sagar - Civil Lines: 9893101067, 0758 2227405, 2227406, 2227407, Ujjain: 0734 - 4071528,4061853, 4061674, 9981524244. Business Associates:
Khandwa: 0733 - 2223822, 2225822, 9685036222. MAHARASHTR: Branches: Ahmednagar: 0241 - 2452360, 2452362, 2452363, 2452364, 7028919036, Andheri
East: 022-30082222, 23, 24, 25, 26, 27, 28, 29, 09323104455, Andheri West: 022 26239300, 26200188, 26200154, 26239200, 09323814937, Aurangabad: 0240- 2350390,
2350391, 2350392, 2343650, 7028919031, Bandra: 022-26465144, 26465145, 46, 26001572, 74, 75, 78, 09324276147, Borivili: 022-28989161, 62, 63, 64, 65, 09322302142, Chem-
bur: 022-25253027, 25251072, 25250082, 25251067, 25257449, 25256188, 08452048069, Dadar Prabhadevi: 022- 24384816, 24382909, 24383198, 09322302145,
Dhule: 02562-222284, 222484, 7028919032, Fort Mumbai: 022-66368911, 66368912, 09323814935, Ghatkopar West: 022 25117632, 33, 34, 35, 36, Goregaon: 022 - 28425880,
28423455, 28428548, 9322880135, Jal- gaon: 0257- 2237656, 2237657, 2237658,7028919035, Kalyan Dombivili:0251- 2863446, 2863465, 2862866, 2863206, Kandivali
East: 022-28460200, 28460204, 28846106, Karad: 02164 229730, 229732, 229733, 9860717438, Kolhapur: 0231-2520794, 2520974 , 6679101, 110, 09370329889, Mulund:
022 25927316, 25920563, 09322302146, 25905029, Mumbai: 022 26193813, 26193823, 26100435, 09322660241, Mumbai-Powai: 022 25717107, 25717108, 093223 02144,
Nagpur: 0712 6559714, 6587784, 7028919037, Nanded: 02462 - 245546, 245547, 7028919034, Nasik: 0253-2575505, 2575506, 2580116, 2580245, 7028919039, Nasik
Road: 0253-2453657, 2453658, 7028919038, Nerul: 022 27700559, 27700569, 27700579, 09320822655, Pune Camp: 020-26332985, 26332986, 26332987, 9325503023,
Pune Chinchwad: 020 - 27442281, 27442282, 27442283, 9373777121, Pune Deccan: 020- 25533136, 25532582, 25532583, 09372738393 Pune Marketyard:
09372633033, 24261556, 24261564,Ratnagiri: 02352 271104, 271105, 271106, 271107, 09373466064, Sangli: 0233-2326281,2326282, 09326651235, Satara: 02162
228161, 228162, 228163, 228164, Sholapur: 0217-2316479, 2316303, 9370009957, Sion: 022 24042010, 24042011, 24042012, Thane: 022 25438882, 25437974,
25422190, 25422191, 25454510, 25392112, 25392127, Ulhasnagar:0251-2560763, 2560752, 2560768, 9324966198, Vashi: 022-67911596, 67911597, 67911598,09323814936,
Zaveri Bazar: 022-22095001, 22095003, 22095004, 22093001, 22093002. Business Associates: Diamond Garden Chembur: 022 25247021, 022 25297518, 09820290855, Fort
2: 022 - 22631371, 22631372, 098202 91774, Kolhapur City: 0231 2667030, 2667040, 2667050, 2667041, 2667051, 9326630060, L&T Capital Company Limited: 022- 22
67372852, 09820190742, Malad: 022 28822132, 28822142, 28822138, 28818812, 13, Thane West: 093239 59119, 25308077, 25308766, 25862810. NEW DELHI: Branches:
Connaught Place: 011-43598491, 92, 93, 96, 97, 98, 47340415, 9899047510 Janakpuri: 9958599262, 45508972, 45508973, Kondli: 011 22510450,
22510451,22510453, 22510452, 09599667163, Mayur Vihar: 011-45160313, 43073612, 43073613,43073614, 43073615, 22753936, 48, 52, 43, Nehru Place: 011-
46507571, 46507572,46507573, 09311722844, New Delhi: 011- 26160082, 26160083, 26160084, 09599667158, Pitampura: 27352731, 27352732,
09350344499.Business Associates: Lajpat Nagar: 011-46504139, 32682650, Old Delhi: 011-32466655,23827408,South Delhi: 42603017, 9312439791. ORISSA:
Branches: Berhampur: 0680 2221094, 2221093, 2221092, 09338437956, Bhubaneshwar Janpath: 0674 2573351, 2380551, 2380940, 09337001821, Cuttack: 0671-
2314500, 01, 02,09583625732, Rourkela: 0661 2500099, 2500089, 2500059, 9337243034, 9853398432, Sambalpur: 0663 - 2541669, 2540189, 2541860, 2541830, 09337017219.
PUNJAB: Branches: Amritsar: 0183-5002901, 02, 03, 04, 10, 9317550333, Bhatinda: 0164-2237147, 48, 50, 51, 5006486, 09357705566, Chandigarh: 0172-5046120, 5046121,
5046122, 5046124, 5046127, 8968451220, Jalandhar: 0181-5030046, 5030043, 44, 09356555540, Ludhiana: 09317772226, 0161-5099223, 24, 26, 28, 33, 37, Patiala:
602, 603, 604, 605, 606, 9356662007. RAJASTHAN: Branches: Ajmer: 0145-2633376, 2633377, 09928599280, Bhilwara: 09928599281, 01482-242643, 242644, 242645,
Bikaner: 0151-2530613, 614, 09950040631, Jaipur: 0141- 4011801,02, 03, 04, 9950040674, Jodhpur: 0291-2770450, 2770451,52, 53, 09351517114, Kota: 0744-2365400,
01, 02,0 7073695666, Sikar: 0157-2271234, 251065, 66, 9950330666, Udaipur: 0294-2421485, 86, 87, 9928599282. TAMIL NADU: Branches: Adayar: 044 24422890, 91, 93,
42054296, 07358771601, Anna -26193932 - 36, 9382140258, Anna Nagar Madurai: 0452 - 2521036, 2521037, 2521038, 2521039, 09952423244, Ashok
Nagar: 044 23701025, 23701068, 23701217, 7358771602,Avadi: 044-26375382, 26375391, 26375394, 29035441, 07358065761, Blue Star Anna Nagar: 04426161580, 79, 78,
77, 09381388980, Chengelpet: 044 27429894, 27429895, 27429896, 09381446444, Chennai - T Nagar: 044 24353930, 24353931, 24353933, 42033891, Chidam- baram:
04144-225158, 223060, 223071, 9366672555, Coimbatore: 0422 2222005, 2220718, 2222115, 4351295, 09360322027, Coonoor: 0423 2232572, 2221847, Deva-
kottai: 09364270444, Dharmapuri- Coimbatore: 04342-267411, 267412, 267413, 9345297659, Din- digal: 0451 2434871, 2434971, 2434870, 2434972, 093602 25463, Egmore:
044 28194015, 16,17, 7358771603, Erode: 0424 2241144, 2241155, 2241119, 2264994, 2214470, 2214480, 9364105761, Erode Brough Road Coimbatore: 0424 2226001,
02, 09345298225, George Town: 044 25354564, 25354565, 25354566, 25354567, 09840694951, Gobichettipalayam: 04285- 227242, 227243, 227245, 9790945205, Guindy:
044 22201655, 22201656, 22201657, 7358771607 Hni Chennai: 044-26404435, 36, 9382692004, Hosur: 04344-246828, 246829, 246830, 80, 81, 82, Kanchipuram: 044
27231315, 27231316, 27231317, 09363307787, Karur: 04324 - 260965, 260966, 260241, 260739, 324001, 9367138895, Karur 2: 04324 - 233993, 233728, 233994,
233995, Karur 3: 04324 231991, 231992, 231994, 09344001767, Krishnagiri: 04343-237186, 237187, 237188, 09345040541, Kumbakonam: 0435 - 2400953, 2400954,
2403094, M C Road Royapuram: 044-25955282, 91, 42872879, 08144062710, Madurai -K K Nagar: 0452 2584612 , 2584613, 09345213784, Marthandam: 04651-273775,
205281, 272733, 08754121214, Mayiladuthurai: 04364 222036, 86, 96, 227177, 9344022825, Metha Nagar - Nelson Manickam Road:
09360218188, Mettuppalayam: 04254 225725, 225677, 225645, 225669, 09364638999, Mettur: 04298 242236, 8242238, 8242249, 09364363642, Mint Street Sowcar-
pet: 044-25205333, 25205344, 25205358, 2520536, 09840013165Nagercoil: 04652 234425, 234426, 320922, 09360314712, Namakkal: 04286 274205, 274206, 274207,
09361829444, Neyveli: 04142-251060, 251061, 251062, 09344986500, Nungambakkam: 044 28211056, 58, 59, 9385344449, Perambur: 044 25518831, 25518832,
33, 09363134311, Pudukkottai: 04322-228920, 228922, 228927, 320300, 9345297774, R.A Puram-Chennai: 044 24362059, 069, 089, 09381101190, Ra- japalayam:
04563 223105, 6, 7, 09344045225, Ramanathapuram: 0422- 2310656, 2310671, 2317765, 9363262776, Coimbatore - Ramnagar: 0422 2234319, 2234321, 2236576, 2236577,
9995800706 Salem: 0427 - 2336801, 2336802, 2336803, 2336804, 9362123621,Sivakasi: 227162, 227163, 9677670552, Srirengam-Trichy: 0431 2437006, 2437007,
2437008, 9364483000, T.Nagar (Internet Trading - It): 044 - 28344925 , 42170091, Thanjavur: 04362-274996, 274992, 274993, 09367705556 Theni: 04546 -
250561, 250859, 250285, Thiruvallur: 09380001017, 27662577, 27662522, Tiruchengode: 04288-250057, 250067, 250072, 09791666130, Tirunel- veli: 0462 2503306, 07,
09367165858, Tiruvannamalai: 04175 251067, 251068, 04, 09345175688, Tnagar Usman Road: 044 24352070, 71, 72, 7358771606, Town Hall Coim- batore: 0422 -
2301457, 2301458, 09363109486, Trichy: 0431-2767521, 2766621, 2766276, 3299014, 09345124915, Trichy 2: 0431- 2710627, 2710637, 2710647, 09360179991, Trichy 3
Cantonment: 0431-2414115, 2414116, 09363284848, Vadapalani: 044 23652234, 23652235, 23652238, 7358771609, Velachery - South Chennai: 044 22440755, 22440756,
22440239, 22450236, 22440317, 9380540446, Vellore: 0416 2256133, 233, 433, 7358771608, Vepery: 044 - 26411430, 26411431, 26411432, Villupuram:
250027, 251262, 250037, Virudhunagar: 04562 -246611, 246612, 246613, 246614, 9345223737. Business Associates: Adambakkam: 7299667544,
22600231, 43580069, Ambattur: 044 - 42086962, 09840444375, 09952937774, 9600137165, Annanagar-West: 044 26567483,26567484, Besant Nagar: 044
24917714, 24917715, 42150969, Bhavani: 04256 -234035, 235137, 9788775557, Kumbakonam - Nbs Towers: 0435 2400955, Madurai East: 0452 4353613, 4382861, 90871
44444, Mylapore: 044 42074441, 42088275, 42088274, 09940085959,Nandanam: 044 42640436, 8012760119, Nanganallur: 044 22249943, 22249944, 43588446, 9840366171,
Parrys: 044 25250070, 25249924, 25242922, 09940673388, Pondichery: 0413- 4205253, 6537730, 4205252, 09443050592, Purusawalkam Chennai: 044- 42051118,
09840792535, Tambaram West: 044 - 22262544, 45030123, 9884385113, 7845335113, Tirunelvelli Palayamcottai: 0462-2572111, 2572555, 09443193467, Tirupur: 0421
6549646, 2224660, 4324049, 09363056711, 09363036523, 09363020602, Tuticorin: 0461-2339138, 2339139, 4009137, 09363319837, 9894806936, Washermanpet:
9840029077, 9840710281, West Mambalam: 044-42614182, 42614183, 42614184, 9841390655.TELANGANA: Branches: A S Rao Nagar Hyderabad: 09391055688,
27132872, 27132873, 27132874, Ameerpet Hyderabad: 040 23414686, 23414687, 23414689, 09959022567, Banjara Hills: 040 23391418, 23391419, 23391420, 23370117,
Begum Bazar: 040-24740442,040-24740443,040-24650439, 9642023482, Dilsukh Nagar: 040 - 23447691, 23447692, 23447693, 23447694, 09346623769, 9985641159
Habsiguda: 040 40165414, 40165415, 9392988880, 09985641159, Hitech City Hyderabad: 040 - 23115026, 23114826, 23114821, Hyderabad - Himayat Na- gar: 091-040-
23220316, 23220318, 09399999900, 23220329, 23220327, Karimnagar Hyder- abad: 0878 - 2233073, 2233074, 2234073, 2234074, 9347902061, Khammam: 08742-222240,
222250, 222260, 09393223424, Kukatpally: 040-66665291, 92, 93, 09515107528, Mahbub Nagar: 08542 221256, 221257, 221363, 07673959992, Mehdipatanam:
09395121751, 23521740, 23521750, 23521751, Nizamabad: 9392517766, 08462 220009, 220016, 220030, P G Road Secunderabad: 040-27892465, 27892466, 27892467,
27892468, 9346581118, San- thosh Nagar: 040-24532981, 24532982, 24532973, 24532974, 09347616868, Warangal Hyderabad: 0870 2447145, 2447146, 2447147,
09959022566.UTTAR PRADESH: Branches: Agra: 0562 2525916, 2525875, 2525873, Allahabad: 0532-2260473, 2260474, 09956295252, Bareilly:
2510664, 2510876, 09956295253, Ghaziabad - Rdc Raj Nagar: 0120-2820430, 2820422, 2820423, 2820424, 09560871444, Gorakhpur: 0551- 2204954, 2204631, 2204628,
2204616, 09956295258, Indirapuram: 0120 4159950, 51, 52, 53, 54, 09971015581, Kanpur: 0512 - 3930500, 3930501,3930502, 2332876, 09956295257, Lucknow: 0522-
2629824, 2629826, 2629827, Meerut: 0121-4032101, 4032102, 4032103, 9897514979, Moradabad: 5912410350, 5912410380,Noida: 91, 93, 4340744, 745,
09958698298, 9810068936, Vaishali: 0120-4162545, 4162546, 4162547, 4162548, 4162549, 9560377411, Varanasi: 0542 - 2222828, 2222829, 2222830, 09956342346.
Business Associates: Agra Nehru Nagar : 0562 -2529414, 2529273/ 83, Bareilly Prabhat Nagar: 0581 -2531774 , 75, Lucknow Park Road: Ph: 0522-410370, 4072191,
4007123, 9519385522, UTTARAKHAND: Dehradun: 0135 2711859, 2711854, 2650816, WEST BENGAL: Branches: Asansol: 0341-222014, 2220148, 149, 150,
09332208162, Barasat: 033 25241657, 25241658, 09333874734, Behala: 033-24075054, 24075055, 09831891583, Camac Street- Kolkata: 033 22892784, 22892784,
22892785, 228927846, 22892787, Gariahat: 033 24669641, 24669642, 09330930844, Princep Street: 033 40647868, 40053825, 09339308800, Siliguri: 0353 2541789, 2789, 3789,
08585075633, Tegoria: 033-40647873, 40647874, 09831891765.

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| EXECUTIVE EDITORS NOTE |

Quality is the best insurance

September 5, 2017 I Geojit Insights I 3

N Nagarajan, Chennai Printed at: S.T. Reddiar & Sons (V.V.Press),

An investment of 2 or 3 small instalment over a period of 2 weeks or 3 Geojit Team:

ICICI Pru Balanced Advantage Fund Letters must be addressed to:

Economic Data v/s BSE Mcap

Monthy CPI Inflation YoY %

BSE Mcap Rs Trillion Cr.

Source: Bloomberg,Geojit Research

Monthly Manufacturing PMI and IIP data

Source: Bloomberg,Geojit Research

16 I September 5, 2017 I Geojit Insights

Assessment Goal Setting Plan Creation

September 5, 2017 I Geojit Insights I 19

24 I September 5, 2017 I Geojit Insights September 5, 2017 I Geojit Insights I 25

Cement capacity, production and utilisation

Capacity MT Production MT Capacity utilisation %

Source: IBEF, Geojit Research

Company Mcap(cr) Revenue (cr) EBITDA EBITDA RoE EV/EBITDA EV/EBITDA

Ultratech Cement 1,09,042 23,616 21% 1.5% 11.5 15.5 17.3

Source: Bloomberg, Geojit Research

30 I September 5, 2017 I Geojit Insights September 5, 2017 I Geojit Insights I 31

L IQUID FUNDS Average Maturity is 5 to 10 years.

1 year 3 Years 5 Years

Birla SL Cash Plus (G) 0.12 0.55 6.80 DYNAMIC FUNDS

Average Maturity 1 to 10 years.

3 Months 6 Months 1 Year Reliance MIP (G) 10.08 11.20 11.10

32 I September 5, 2017 I Geojit Insights September 5, 2017 I Geojit Insights I 33

34 I September 5, 2017 I Geojit Insights September 5, 2017 I Geojit Insights I 35

36 I September 5, 2017 I Geojit Insights September 5, 2017 I Geojit Insights I 37

3 Year @ Rs.5000 each 5 Year @ Rs.5000 each 10 Year @ Rs.5000 each

38 I September 5, 2017 I Geojit Insights September 5, 2017 I Geojit Insights I 39

Moderately Aggressive Portfolio*

Dynamic Bond Funds 10%

Income Funds 20%

40 I September 5, 2017 I Geojit Insights

Portfolio Moves Investment Strategy Portfolio Moves Investment Strategy

44 I September 5, 2017 I Geojit Insights September 5, 2017 I Geojit Insights I 45

Portfolio Moves Investment Strategy Portfolio Moves Investment Strategy

Cement & Construction Chemicals 3.70 Grasim Industries Ltd. 2.19

46 I September 5, 2017 I Geojit Insights September 5, 2017 I Geojit Insights I 47

48 I September 5, 2017 I Geojit Insights September 5, 2017 I Geojit Insights I 49

50 I September 5, 2017 I Geojit Insights

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