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Fundcard

HDFC Equity
Value Research Fund Rating as on Mar 31, 2011

Open-end and Equity: Multi Cap

Risk Grade

Below Average

Return Grade High NAV Net Assets Rs. 282.29 as on Apr 18, 2011 Rs. 8404.8 crore as on Mar 31, 2011

The contents of this Value Research Fund Card (the "Fund Card") published by Value Research India Private Limited are not intended to serve as professional advice or guidance and the publisher takes no responsibility or liability, express or implied, whatsoever for any investment decisions made or taken by the readers of this Fund Card based on its contents thereof. You are strongly advised to verify the contents before taking any investment or other decision based on the contents of this Fund Card. The Fund Card is meant for general reading purposes only and is not meant to serve as a professional guide for investors. The readers of this Fund Card should exercise due caution and/or seek independent professional advice before entering into any commercial or business relationship or making any investment decision or entering into any financial obligation based on any information, statement or opinion which is contained, provided or expressed in this Fund Card. The Fund Card contains information, statements, opinions, statistics and materials that have been obtained from sources believed to be reliable and the publishers of the Fund Card have made best efforts to avoid any errors and omissions, however the publishers of this Fund Card make no guarantees and warranties whatsoever, express or implied, regarding the timeliness, completeness, accuracy, adequacy, fullness, functionality and/or reliability of the information, statistics, statements, opinions and materials contained and/or expressed in this Fund Card or of the results obtained, direct or consequential, from the use of such information, statistics, statements, opinions and materials. The publishers of this Fund Card do not certify and/or endorse any opinions contained, provided, published or expressed in this Fund Card. All disputes shall be subject to the jurisdiction of Delhi courts only.

HDFC Equity
Rating: Risk: Below Average Return: High
Fund
S&P CNX Nifty

Fund Performance Vs Fund Performance Vs S&P CNX Nifty

(Rebased to 10,000)

History
NAV (Rs) Total Return (%) +/- S&P CNX Nifty +/- S&P CNX 500 Rank (Fund/Category) 52 Week High (Rs) 52 Week Low (Rs) Net Assets (Rs.Cr) Expense Ratio (%)

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

18.35 -2.81 13.37 20.45 1/27 20.69 14.05 52.49 1.30

22.79 24.20 20.95 13.88 4/30 23.55 18.20 287.32 2.50

51.57 126.30 54.40 28.16 9/32 52.09 22.18 977.98 2.22

65.77 27.53 16.85 9.67 9/25 65.77 42.90 1148.64 2.03

107.01 62.70 26.36 26.45 2/30 107.01 59.92 2185.24 2.00

145.39 35.86 -3.97 1.87 23/39 147.94 97.94 3937.74 1.85

223.32 53.61 -1.16 -8.90 27/44 223.32 134.74 5491.36 1.82

112.38 -49.68 2.11 7.45 14/56 227.61 97.09 2680.36 1.83

231.01 105.57 29.81 17.00 4/51 231.01 91.23 5395.96 1.83

298.50 29.22 11.27 15.09 3/59 315.35 216.96 8709.88 1.79

282.29 -5.43 1.18 1.29 18/63 -

Top Holdings
Company Sector P/E YTD % Assets

Quarterly Returns (%)

Q1 Q2 Q3 Q4 Year

State Bank of India ICICI Bank Tata Consultancy Services Titan Industries Infosys Technologies Bank of Baroda Reliance Industries Coal India Tata Steel ONGC Tata Motors DVR Bharti Airtel CMC BPCL GAIL Punjab National Bank Cipla Motherson Sumi Systems Sterlite Industries Crompton Greaves Bharat Electronics Oil India Lupin Zee Entertainment Ent. ITC

Financial Financial Technology Cons Durable Technology Financial Energy Energy Metals Energy Automobile Communication Technology Energy Energy Financial Healthcare Automobile Metals Engineering Engineering Energy Healthcare Services FMCG

17.30 26.40 32.80 43.50 25.90 9.90 16.90 58.90 8.00 12.40 17.40 20.10 16.20 15.90 8.60 24.70 35.20 34.80 28.10 26.90 11.30 25.60 16.70 31.10

-2.07 -5.46 -1.32 8.20 -15.67 8.68 -4.55 12.00 -9.87 -10.98 -14.32 2.62 -22.69 -10.47 -9.26 -2.69 -14.50 15.15 -8.71 -5.65 4.29 -8.22 -14.58 -15.23 8.85
FUND STYLE Investment Style

7.99 6.76 4.59 4.57 4.47 4.34 4.24 3.43 2.60 2.32 2.31 2.30 2.23 2.04 2.04 2.03 1.73 1.61 1.57 1.52 1.49 1.45 1.34 1.27 1.18

2011 2010 2009 2008 2007

-5.10 2.28 -3.14 -25.76 -1.91

7.20 58.81 -13.64 15.93

17.12 22.53 1.78 10.60

0.62 9.06 -22.88 22.14

29.22 105.57 -49.68 53.61

Trailing Returns (%)

Return Fund Category Rank Fund/Cat S&P CNX Nifty SIP Return

Year-to-Date 18/63 -6.61 -5.43 -6.68 3-Month 1.42 -0.33 11/63 0.09 6-Month 10/63 -5.71 -5.00 -8.06 1-Year 7.76 1/61 17.65 8.86 2-Year 30.11 50.13 37.40 3/52 3-Year 1/48 8.19 18.21 4.93 5-Year 10.67 16.54 10.24 4/34 7-Year 26.11 22.46 4/16 17.36 10-Year 32.63 27.41 2/10 17.91 Return less than 1-year are absolute and over 1 year are annualised

-6.85 17.28 33.42 51.95 40.42 25.73 28.31 34.09

Top 10 Sector Weights (%)

Fund Nifty

Risk Analysis
Volatility Measurements

Portfolio Characteristics
Total Stocks Avg Mkt Cap (Rs.Cr) Portfolio P/B Ratio Portfolio P/E Ratio 3Y Earnings Growth (%) 66 30136 4.92 23.36 -

Growth Blend Value

Financial Energy Technology Healthcare Metals Automobile FMCG Services Cons Durable Engineering

23.83 20.64 11.29 7.26 5.48 5.40 4.96 4.61 4.57 3.01

18.64 28.19 15.50 3.22 8.70 6.02 5.52 3.58

Standard Deviation Sharpe Ratio Beta R-Squared Alpha

33.62 0.57 0.98 0.93 11.16

Returns as on Returns as on April 18, 2011, Portfolio related data as on March 31, 2011

Large Medium Small

Composition (%)
Equity Debt Cash 96.87 0.00 3.13

Capitalisation

Value Research
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Best Performance
YEAR 179.39%

Value Research Analysis

After putting on an impressive show in 2005, it delivered a pretty muted performance in 2006 and 2007. But it also brought to the fore the inherent strength of the fund manager, who sticks by his convictions, irrespective of whoever else is playing the momentum game. HDFC Equity Fund focuses on investing in quality companies that are reasonably valued and have a growth bias, says Jain. So even if it means being temporarily punished, he will stick to good quality businesses, remain diversified and be wary of richly valued investments. In 2007, his high exposure to Financials did not impact as much as Metals or Construction where the fund's exposure was low. Neither did he go overboard on Energy. The portfolio moves were, in my opinion, consistent with our investment approach, says fund manager Jain. The criteria that go into selecting stocks/sectors are quality, our understanding, growth prospects and valuation of businesses. But if investors fretted and critics scorned, Jain turned the tables on them eventually. Known to always provide decent downside protection capabilities in the past, it was the same in 2008. Though its fall of 50 per cent was only marginally lower than that of the category average (53%), Jain accomplished this without plunging into large caps or resorting to aggressive cash calls. The focus on value and not on direction of price movement resulted in the fund being fully invested in the down markets of 2008-09, he Jain. Being fully invested certainly helped when the market picked up in March 2009. Last year it was way ahead of the category average (multi cap) and its benchmark (S&P CNX 500). Over last few years, the fund has preferred bank stocks over cyclicals like Metals as ROE/Growth are better on one hand and valuations cheaper on the other for the former. This hurt performance in 2008 as banks under-performed due to global banks being in stress and the same has helped in 2009 as banks have done well, says Jain. The mid- and small-cap exposure also helped, though Jain has booked profits and is now titling towards large caps. The fund's size has not dampened performance though it has led to a much more diversified offering of around 60 stocks.

Fund Objective & Strategy

The scheme seeks to provide long-term capital appreciation by predominantly investing in high growth companies.

QUARTER

95.14%

MONTH

35.86%

Portfolio Manager
Prashant Jain Since Jun 2003

Worst Performance
YEAR -52.70%

Experience

QUARTER

-40.02%

MONTH

-31.58%

Investment Information
AMC Website Registrar Launch Benchmark Plans (NAV) : HDFC Asset Management Company Ltd : www.hdfcfund.com : Computer Age Management Services Ltd. : December 1994 : S&P CNX 500 : Dividend (47.69) , Growth (282.29) Min Investment (Rs.) : 5000 Min SIP Investment (Rs.) : 500 Entry Load : Nil Exit Load : 1% for redemption within 365 days

All the graphs are rebased to 10,000

NAV

S&P CNX Nifty

Value Research
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How to Read the Fundcard - Equity

Value Research Rating, Risk and Return
Fund Rating The Value Research Fund Rating is a 1 to 5 star rating that is based on the returns that an equity fund has generated over the previous three and five years, while taking into account the risks that the fund has taken. This rating is relative to other fund of the same type. Risk Grade A five-step grading of the riskiness of a fund, based on the losses it has suffered during the past five years. This grade is relative to other fund of the same type. Returns Grade A five-step grading of the returns of a fund. This grade is relative to other fund of the same type.

History
Data on the funds performance since its launch. NAV (Year End) The last NAV of each year. Total Return The percentage returns that an investor would have got over the year. +/- In the given year, a comparison of the funds returns with that of two stock market indices Rank The funds performance rank within its category for the year and the total number of funds out of which it has been ranked. 52-Week NAV Range The highest and the lowest NAV that the fund recorded during that year Net Assets The total amount of investors assets that the fund was managing at the end of the year. Expense Ratio The percentage of the average daily assets that the fund charged as its management expenses during the year.
Birla Sun Life Frontline Equity Fund
Rating: Risk: Low Return: Above Average
Fund S&P CNX Nifty (Rebased to 10,000)

Fund Performance Vs Index

Graph of how an investors money would have grown in the fund since its launch. A similar graph of the funds benchmark index is also given. For ease of comparison, both have been adjusted to start at 10,000.
2001 2002 2003 2004 2005 2006 2007 2008

Fund Performance Vs S&P CNX Nifty

90000 70000

50000

30000

10000

History
NAV (Rs) Total Return (%) +/-S&P CNX Nifty (%) +/-BSE 200 (%) Rank (Fund/Category) 52 Week High (Rs) 52 Week Low (Rs) Net Assets (Rs.Cr) Expense Ratio (%)

1998

1999

2000

10.33 10.33 8.84 51.40 2.49

19.71 90.80 18.90 -3.67 54/70 19.71 9.91 15.15 2.50

23.94 21.46 10.78 5.77 50/79 23.94 16.36 9.11 2.50

33.94 41.77 5.43 7.97 65/101 33.94 22.34 140.54 2.50

50.13 47.70 7.87 8.12 27/145 50.76 32.26 124.74 2.50

81.34 62.26 7.49 1.82 71/162 81.46 46.06 374.84 2.35

41.89 -48.50 3.29 7.96 34/192 83.52 36.49 343.03 2.31

Top Holdings
Company Sector P/E 2008 Ret % Assets

Quarterly Returns (%)

Q1 Q2 Q3 Q4 Year

Quarterly Returns (%)

-14.18 14.53 -7.25 6.52 -13.50 -2.23 16.01 19.39 23.26 15.08 -18.97 23.88 11.70 8.02 21.15 -48.50 62.26 47.70 41.77 21.46

Top Holdings
A detailed report on the latest investment portfolio that the fund is holding. For each company, the sector, the P/E ratio, and the years returns are given. Also stated is the percentage of the funds investments that are invested in that company.

Bharti Airtel Reliance Industries ONGC HDFC Bank HDFC Satyam Computer Services ITC Axis Bank Infosys Technologies United Spirits ICICI Bank Dr. Reddy's Lab State Bank of India Crompton Greaves Indian Oil Cipla Sterlite Industries Reliance Communications Jindal Steel & Power Larsen & Toubro Zee Entertainment CESC Tata Consultancy Services ING Vysya Bank Nestle India

Communication Energy Energy Financial Financial Technology FMCG Financial Technology FMCG Financial Health Care Financial Engineering Energy Health Care Metals Communication Metals Diversified Services Energy Technology Financial FMCG

18.56 11.50 8.31 20.67 17.10 7.86 21.00 10.42 14.29 23.26 9.49 13.61 9.39 12.29 -22.87 11.81 22.87 7.07 17.65 16.01 6.21 12.79 8.89 26.11

-28.10 -57.30 -46.00 -42.26 -48.21 -62.12 -18.47 -47.82 -36.79 -55.48 -63.62 -36.12 -45.67 -65.84 -46.33 -12.09 -74.80 -69.56 -70.31 -62.88 -57.45 -62.11 -55.87 -50.78 -3.14

6.49 5.42 4.50 3.93 3.51 3.16 2.72 2.70 2.64 2.34 2.26 2.19 2.13 2.12 1.95 1.70 1.61 1.51 1.46 1.43 1.41 1.37 1.36 1.35 1.23

2008 2007 2006 2005 2004

-24.24 -1.42 19.42 -0.04 0.71

The funds returns over each quarter of the last five years, along with the entire years returns.

Trailing Returns (%)

Fund Return Category Rank Fund/Cat S&P CNX Nifty SIP Return

Year-to-Date -48.50 -55.29 34/192 -51.79 3-Month -18.97 -22.88 41/213 -24.53 6-Month -20.78 -27.09 38/209 -26.76 1-Year -48.50 -55.29 34/192 -51.79 2-Year -8.59 -16.06 22/158 -13.63 3-Year 7.27 -1.39 12/134 1.42 5-Year 16.27 12.91 19/67 9.50 7-Year 10-Year Return less than 1-year are absolute and over 1 year are annualised

-40.18 -0.86 -33.43 -40.18 -24.19 -9.43 9.90 -

Trailing Returns (%)

Performance data for various standard periods. All returns are in percentage. Periods greater than a year are annualised, shorter periods are not. Fund The funds own returns. Category The average returns for all funds in the category. Rank The funds rank, out of the total number of funds in the category Index The returns of the funds benchmark index. SIP Return (Annualised) The return that an investor would have made by investing in the funds monthly systematic investment plan over the period.

Top 10 Sector Weights (%)

Fund Nifty

Risk Analysis
Volatility Measurements

Portfolio Characteristics
Total Stocks Avg Mkt Cap (Rs.Cr) Portfolio P/B Ratio Portfolio P/E Ratio 39 28180 3.03 13.70

Growth Blend Value

FUND STYLE Investment Style

Large Medium Small

Financial Energy Communication Technology FMCG Health Care Engineering Metals Services Diversified

16.24 14.67 8.00 7.16 6.29 5.00 4.01 3.07 2.93 1.43

11.90 37.49 11.34 10.95 6.85 2.74 5.26 4.43 0.28 2.97

Standard Deviation Sharpe Ratio Beta R-Squared Alpha

28.32 0.21 0.88 0.96 4.77

Composition (%)
Equity Debt Cash 71.37 18.46 10.17

3Y Earnings Growth (%) 9.80 Returns as on 31st December 2008, Portfolio related data as on 30th November 2008

Capitalisation

Portfolio Characterstics
Aggregate measures regarding the funds investments. The market capitalisation, P/B ratio and P/E ratio are weighted averages of the latest numbers of the companies that the fund is invested in. Three Year Earnings Growth is the weighted average of the compounded average growth in the net profits of each company.

Fund Style
A nine-cell matrix of the overall style of investment that the fund follows, based on its latest portfolio. On the vertical axis, the three steps denote the weighted average market capitalisation of the funds investments. The horizontal axis denotes, on a weighted average basis, whether the companies that the fund has invested in are value stocks, growth stocks, or a blend of the two.

Top 10 Sector Weights (%)

The percentage of the equity investments of the fund that fall under each sector of the economy. The top 15 sectors for each fund are given.

Composition (%)
The proportion of the funds holdings that are held in each of the three basic types of assets.

Risk Analysis
A range of statistical measures that can be used to evaluate the performance, risk, and return of a mutual fund.

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