Value Research

w w w. v a l u e r e s e a r c h o n l i n e . c o m

Fundcard

HDFC Arbitrage Retail

Value Research Fund Rating as on May 31, 2011

Open-end and Hybrid: Arbitrage

Risk Grade

Below Average

Return Grade Average NAV Net Assets Rs. 12.67 as on Jun 24, 2011 Rs. 59.4 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 Arbitrage Retail

Rating: Risk: Below Average Return: Average
Fund NSE T Bill (Rebased to 10,000)

Fund Performance Vs NSE T Bill

History
NAV (Rs) Total Return (%) +/- NSE T Bill 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

10.09 357.14 -

11.02 9.12 1.39 4/15 11.02 10.11 217.19 0.81

11.50 4.40 -1.68 6/17 11.51 10.99 977.65 0.83

12.24 6.47 2.00 4/18 12.24 11.51 105.70 0.82

12.67 3.50 -0.09 12/18 0.89

Top Holdings
Equity Holdings
Company Sector P/E 2008 Ret % Assets

Quarterly Returns (%)

Q1 Q2 Q3 Q4 Year

Reliance Infrastructure Pantaloon Retail (India) JSW Steel Power Finance Corp. Reliance Industries Century Textiles & Inds. Reliance Cairn India Jai Prakash Associates Power Grid Corp. Godrej Industries Indian Hotels GTL NTPC Tata Teleservices

Energy Services Metals Services Energy Diversified Communication Energy Diversified Energy FMCG Services Technology Energy Communication

56.03 9.41 8.62 12.91 13.84 17.36 46.90 39.55 8.59 15.93 -

-37.00 -23.55 -25.96 -42.45 -17.75 -17.32 -35.56 -6.74 -25.17 5.55 6.37 -21.07 -73.67 -9.25 -

6.11 6.09 5.08 4.29 4.14 3.49 2.75 2.63 2.54 1.95 1.92 1.91 1.91 1.72 1.71

2011 2010 2009 2008 2007

1.82 0.80 1.33 3.06 -

1.17 1.20 1.78 -

2.06 0.92 1.67 -

2.29 0.89 2.32 -

6.47 4.40 9.12 -

Trailing Returns (%)

Return Fund Category Rank Fund/Cat

NSE T Bill

SIP Return

Debt Holdings
Company Sector Instruments % Assets

Year-to-Date 12/18 3.59 3.65 3.50 3-Month 1.96 13/18 1.88 2.04 6-Month 3.86 3.72 4.01 14/18 1-Year 8.15 7/17 6.61 7.82 2-Year 5.77 6/16 5.40 6.05 3-Year 5/16 6.09 6.24 6.34 5-Year 7-Year 10-Year Return less than 1-year are absolute and over 1 year are annualised

Punjab National Bank Axis Bank State Bank of Hyderabad Others

Financial Financial Financial Others

Certificate of Deposit

3.51

Certificate of Deposit 1.35 Certificate of Deposit 1.32 Short Term Deposit 27.40

Top 10 Sector Weights (%)

Fund

Risk Analysis
Volatility Measurements

Portfolio Characteristics
Total Stocks Total Bonds Avg Mkt Cap (Rs.Cr) Portfolio P/B Ratio Portfolio P/E Ratio 3Y Earnings Growth (%)

37 4 10547 1.73 19.83 -

Growth Blend Value

FUND STYLE Investment Style

Large Medium Small

Energy Services FMCG Diversified Metals Communication Technology Financial Healthcare Chemicals

19.01 14.83 7.89 7.74 5.30 4.46 3.30 1.85 1.47 0.49

Standard Deviation Sharpe Ratio Beta R-Squared Alpha

0.95 1.82 -0.04 0.00 1.80

Composition (%)
Equity Debt Cash

Returns as on Returns as on June 24, 2011, Portfolio related data as on May 31, 2011

Capitalisation

66.62 33.58 -0.20

Value Research
w w w. v a l u e r e s e a r c h o n l i n e . c o m

Best Performance
YEAR 9.38%

Value Research Analysis

Analysis not available

Fund Objective & Strategy

The investment objective of the fund is to generate income by investing predominantly in arbitrage opportunities between cash and derivative market and arbitrage opportunities within the derivative segment and by deployment of surplus cash in debt securities and money market instruments.

QUARTER

3.06%

MONTH

1.78%

Portfolio Manager

Worst Performance
YEAR 3.69%

Anil Bamboli Since Sep 2007

Miten Lathia Since Aug 2010

QUARTER

0.55%

MONTH

-0.09%

Investment Information
AMC Website Registrar Launch Benchmark Plans (NAV) Min Investment (Rs.) : 5000 : HDFC Asset Management Company Ltd Min SIP Investment (Rs.) :: www.hdfcfund.com Entry Load : Nil : Computer Age Management Services Ltd. Exit Load : 0.5% for redemption within 180 days : October 2007 : Crisil Liquid : Dividend Monthly (10.19) , Dividend Quarterly (10.62) , Growth (12.67)

All the graphs are rebased to 10,000

NAV

NSE T Bill

Value Research
w w w. v a l u e r e s e a r c h o n l i n e . c o m

How to Read the Fundcard - Balance

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 a fund has generated over the previous eighteen months, 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 eighteen months. 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 a comparable index 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.
DSP BlackRock Balanced Fund
Rating: Risk: Below Average Return: High
Fund VR Balanced (Rebased to 10,000)

Fund Performance Vs Index

Fund Performance Vs VR Balanced
62000 49000 36000 23000 10000

History
NAV (Rs) Total Return (%) +/-VR Balanced (%) +/-Crisil Balanced (%) Rank (Fund/Category) 52 Week High (Rs) 52 Week Low (Rs) Net Assets (Rs.Cr) Expense Ratio (%)

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

12.84 12.84 9.92 145.94 -

10.41 -18.93 9/15 15.20 9.78 83.77 2.04

9.01 -13.45 -9.63 15/23 11.15 7.79 58.83 1.96

10.19 13.10 6.37 13/28 10.19 8.96 53.08 1.89

18.20 78.61 39.12 35.20 5/29 18.27 10.04 96.71 2.00

22.11 21.48 14.50 13.17 5/29 22.11 16.56 218.44 2.00

29.00 31.16 6.43 8.01 15/28 29.00 21.12 291.17 2.04

38.48 32.70 3.85 7.48 11/30 38.58 27.95 408.02 2.01

58.21 51.26 8.40 14.49 9/33 58.21 35.87 566.54 1.98

36.11 -37.97 1.78 -3.77 9/32 59.75 33.70 423.07 2.09

Graph of how an investors money would have grown in the fund since its launch. Hybrid funds are compared to a syntehtic index created by Value Research. This index is a hybrid of fixed-income and equity indices. For ease of comparison, both have been adjusted to start at 10,000.

Top Holdings
Equity Holdings
Company Sector P/E 2008 Ret % Assets

Quarterly Returns (%)

Q1 Q2 Q3 Q4 Year

Quarterly Returns (%)

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

70

Hindustan Unilever HDFC Bank Infosys Technologies Reliance Industries BPCL Glaxosmithkline Pharma Nestle India Indian Oil ONGC Bharat Electronics Glaxosmithkline Consumer Cipla Tata Consultancy Services Maruti Suzuki India HDFC

FMCG Financial Technology Energy Energy Health Care FMCG Energy Energy Engineering FMCG Health Care Technology Automobile Financial

26.70 20.67 14.29 11.50 -21.91 26.11 -8.31 6.19 11.52 22.87 12.79 10.08 17.10

16.99 -42.26 -36.79 -57.30 -28.19 11.36 -3.14 -46.33 -46.00 -64.23 -22.06 -12.09 -55.87 -47.47 -48.21

5.73 4.81 3.46 3.06 2.88 2.65 2.39 2.20 1.32 1.24 1.07 1.04 1.01 1.00 0.88
% Assets

2008 2007 2006 2005 2004

-19.95 -3.46 17.52 0.36 -0.55

-7.07 17.58 -7.78 3.83 -3.65

-2.18 10.18 11.99 16.62 10.84

-14.77 20.95 9.33 7.93 14.38

-37.97 51.26 32.70 31.16 21.48

Trailing Returns (%)

Return Fund Category Rank Fund/Cat VR Balanced SIP Return

Debt Holdings
Company Sector Instruments

Year-to-Date -37.97 -41.07 9/32 -39.76 3-Month -14.77 -14.63 16/32 -14.15 6-Month -16.62 -17.27 17/32 -16.54 1-Year -37.97 -41.07 9/32 -39.76 2-Year -3.14 -8.62 4/31 -7.23 3-Year 7.58 2.42 2/30 3.51 5-Year 14.68 10.73 6/26 8.15 7-Year 21.93 18.06 2/20 11.94 10-Year Return less than 1-year are absolute and over 1 year are annualised

-32.41 -9.81 -30.30 -32.41 -16.33 -5.17 8.95 17.67 -

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.

IDBI Bank HDFC LIC Housing Fin. Axis Bank Bank of Baroda

Financial Financial Financial Financial Financial

Floating Rate Bond Debentures Floating Rate Notes Fixed Deposits Fixed Deposits
FUND STYLE Investment Style

14.18 13.00 7.63 2.36 1.18

Top 10 Sector Weights (%)

Fund

Risk Analysis
Volatility Measurements

Portfolio Characteristics

Top Holdings
A detailed report on the latest investment portfolio that the fund is holding. For each stock, the sector, the P/E ratio and the years returns are given. For debt holdings, the sector and the type of instrument are given.

Total Stocks Total Bonds Avg Mkt Cap (Rs.Cr) P/B Ratio P/E Ratio 3Y Earnings Growth (%)

67 6 11393 5.36 13.65 4.27

Growth Blend Value

Energy FMCG Health Care Financial Services Technology Engineering Services Automobile Chemicals Communication

11.25 10.55 7.31 5.91 5.54 2.93 2.74 2.00 1.27 1.25

Standard Deviation Sharpe Ratio Beta R-Squared Alpha

22.51 0.21 0.91 0.91 3.71

Composition (%)
Equity Debt Cash 57.03 34.83 8.14

Returns as on 31st December 2008, Portfolio-related data as on 30th November 2008

Large Medium Small

Capitalisation

Portfolio Characterstics
Aggregate measures regarding the funds investments. The market capitalization, 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 is the overall style of equity investment that the fund follows. Vertically, the three steps denote the weighted average market capitalisation of the funds investments. Denoted horizontally, 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.

Yes! Start my subscription to

Period 3-Years (36 Issues) at 35% off 1-Year (12 Issues) at 20% off Cover Price You Pay Only `3,600 `1,200 `2,340 `960

Cheque Number Bank & Branch

Date

Payable to Mutual Fund Insight, New Delhi * Add `30/- for non Delhi cheques

Master Card

Visa

Name Address Phone E-mail

Please note, debit cards are not accepted for payment of subscription

Expiry Signature

Please fax this order form to us at +91-0120-4250113, or mail it to mfi@valueresearch.in

, D-49, 2nd Floor, Sector-63, Noida-201301, India

ValueResearch

Subscribe at www.valueresearchonline.com/subscribe

w w w. v a l u e r e

Value Research
searchonline

MUTUAL FUND YEARBOOK

.com

Rs 495

Price

2011

nning portfolio How to build a wi rts e mutual fund expe Top picks from th funds ion on all Indian Decision informat

Value Research Fund Rating The most recognized fund-rating in India Value Research Analyst View Expert opinion on funds prospects Value Research Risk and Return Grade Manager Strategy Fund Managers Profile Upto 10 years of Performance History Top Holdings, Sector Weightings, Composition Investment Style: Value, Growth and Profitability measures

Cheque Number

Yes!
Name Address

I want my copy at the price of Rs. 495/-

Bank & Branch

Payable to Value Research New Delhi * Add Rs 30/- for non Delhi cheques

Master Card

Visa

Please note, debit cards are not accepted for payment

Expiry Phone E-mail

V alueResearch
Mail it to Value Research nd D-49, 2 Floor, Sector-63, Noida-201301, India Phone: +91-0120-4250112/115, +91-9868891830; Fax: +91-0120-4250113 Buy online at www.valueresearchonline.com/guide/ Mumbai Phone: 022-22838198, 22838665 Fax: 022-66541065 E-mail: guide@valueresearch.in