Value Research

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Fundcard

DSPBR Top 100 Equity Reg

Value Research Fund Rating as on May 31, 2011

Open-end and Equity: Large Cap

Risk Grade

Low

Return Grade Above Average NAV Net Assets Rs. 95.87 as on Jun 21, 2011 Rs. 2700.6 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.

DSPBR Top 100 Equity Reg

Rating: Risk: Low Return: Above Average
Fund (Rebased to 10,000)
S&P CNX Nifty

Fund Performance Vs S&P CNX Nifty

History
NAV (Rs) Total Return (%) +/- S&P CNX Nifty +/- BSE 100 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

21.87 21.87 9.49 144.49 1.61

27.34 25.01 14.33 8.57 14/27 27.34 18.07 109.16 2.34

39.07 42.90 6.56 4.55 5/33 39.07 24.90 82.25 2.38

57.27 46.60 6.77 5.63 7/35 57.32 36.76 306.86 2.40

94.46 64.93 10.16 5.19 4/36 94.46 52.34 748.00 2.26

51.45 -45.54 6.25 9.74 5/39 96.39 46.53 953.08 2.17

91.12 77.13 1.37 -7.91 11/46 91.12 46.97 2507.91 2.06

106.43 16.80 -1.15 1.14 41/55 109.75 84.44 2905.95 1.84

95.87 -9.92 4.08 3.74 8/66 1.86

Top Holdings
Company Sector P/E YTD % Assets

Quarterly Returns (%)

Q1 Q2 Q3 Q4 Year

Tata Consultancy Services ITC HDFC Bank HDFC Larsen & Toubro ONGC ICICI Bank BPCL Tata Motors Siemens Reliance Industries Hindustan Unilever Cairn India Bharti Airtel Grasim Industries Hindalco Inds. Lupin Glaxosmithkline Pharma Kotak Mahindra Bank IDFC Wipro Coal India Tata Power Dabur India Cadila Healthcare

Technology FMCG Financial Financial Diversified Energy Financial Energy Automobile Engineering Energy FMCG Energy Communication Diversified Metals Healthcare Healthcare Financial Financial Technology Energy Energy FMCG Healthcare

28.90 27.40 26.20 26.00 11.60 22.90 14.70

30.20 19.20 15.60 15.10 23.80 46.80 39.10 13.50 53.20 42.20 30.30

-5.23 6.05 -0.70 -11.79 -16.82 -20.91 -11.38 -6.16 -28.21 2.53 -19.82 3.41 -7.90 9.04 -12.66 -31.12 -9.46 -0.79 -3.95 -33.53 -17.94 24.09 -11.49 13.62 16.70
FUND STYLE Investment Style

7.86 7.10 6.62 6.12 5.97 5.39 4.08 3.71 3.61 3.36 3.19 3.14 3.06 3.04 3.02 2.99 2.56 2.34 2.33 2.25 1.94 1.88 1.62 1.37 1.25

2011 2010 2009 2008 2007

-4.55 0.44 1.31 -25.03 -3.61

3.09 39.49 -9.83 18.03

12.24 19.27 -1.12 14.99

0.50 5.09 -18.53 26.06

16.80 77.13 -45.54 64.93

Trailing Returns (%)

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

Year-to-Date 8/66 -14.00 -9.92 -13.12 3-Month 0.13 -0.91 15/66 -1.66 6-Month 8/66 -12.08 -8.41 -11.41 1-Year -0.59 9/59 2.37 -1.45 2-Year 10.59 14.82 11.08 7/53 3-Year 5/46 7.35 11.95 6.66 5-Year 11.96 18.37 12.53 1/36 7-Year 26.19 20.20 1/30 19.89 10-Year Return less than 1-year are absolute and over 1 year are annualised

13.57 21.96 24.85 32.98 26.67 20.13 24.60 -

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 (%) 35 74995 6.17 28.74 -

Growth Blend Value

Financial Energy FMCG Technology Diversified Healthcare Engineering Metals Automobile Communication

21.99 19.47 11.61 10.60 8.99 6.82 5.91 3.73 3.61 3.04

26.70 18.56 8.05 13.70 6.74 3.80 2.29 8.03 7.29 3.06

Standard Deviation Sharpe Ratio Beta R-Squared Alpha

25.96 0.33 0.79 0.97 4.45

Returns as on Returns as on June 21, 2011, Portfolio related data as on May 31, 2011

Large Medium Small

Composition (%)
Equity Debt Cash 97.77 0.00 2.23

Capitalisation

Value Research
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Best Performance
YEAR 143.39%

Value Research Analysis

Consistency of returns is the virtue of this fund. After outperforming the benchmark for five years, this one failed to do so last year. The prime reason was the time taken to hop onto the rally which began in March 2009. The sudden turn in the stock market caught the fund manager by surprise whose portfolio was positioned for a bear market. He admits to losing 24 per cent relative to the benchmark in just three months. Another reason for the lacklustre performance was the low exposure to Metals. BSE Metals was the best performing index in 2009 delivering a scorching 234 per cent. Metal stocks rallied in the first leg of the rally, says fund manager Apoorva Shah. We took a call not to blindly chase returns but focus on risk. Hence, we have decided not to invest heavily in Metals since it is difficult to pinpoint the real demand as speculative demand plays a prominent role too. The fund is mandated to invest in the top 100 companies by way of market cap. The fund manager does so with a liquid portfolio of around 40 stocks. Currently, 81 per cent of its equity portfolio is invested in BSE 100 stocks with the lowest market capitalised company (August 2010) being ColgatePalmolive (market cap of Rs 11,215 crore). A look at the portfolio gives the impression that the fund manager follows a target return based strategy where he picks an undervalued stock only to exit it as soon as the target price is achieved. With no qualms on reentering the same stock the very next month if he sees an opportunity again. As a result we see a lot of churning. However, Shah views it differently. We keep our eyes on inflection points. If it's a range bound market, we see what range we should look at. It is an actively managed portfolio. While the core portfolio remains intact, on the margin we take a call on fund flows or news that will lead to a change in valuation, he says. In such a well researched space, one does not have to buy and hold for long since price targets are achieved rapidly. Derivatives are used when the stock is quoting cheaper than in the cash segment. The fund manager also buys the Nifty to reduce cash levels till he finds a stock to deploy the cash in. This one is the best performer in this space with an annualised 5-year return of 25 per cent (August 31, 2010). A compelling core holding for any portfolio

Fund Objective & Strategy

The scheme seeks to generate capital appreciation from a portfolio that largely consists of equity and equity related securities of the 100 largest corporates, by market capitalisation, listed on either BSE or NSE.

QUARTER

62.10%

MONTH

30.00%

Portfolio Manager
Apoorva Shah Since Apr 2006

Worst Performance
YEAR -47.09%

QUARTER

-30.99%

MONTH

-27.83%

Investment Information
AMC Website Registrar Launch Benchmark Plans (NAV) : DSP BlackRock Investment Managers Ltd. : www.dspblackrock.com : Computer Age Management Services Ltd. : February 2003 : BSE 100 : Dividend (20.34) , Growth (95.87) Min Investment (Rs.) : 5000 Min SIP Investment (Rs.) : 500 Entry Load : Nil Exit Load : 1% for redemption within 364 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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