Fund Fact Sheet Unit Linked Insurance Plans - Individual policyholders December 2019 - IndiaFirst Life Insurance
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Fund Fact Sheet Unit Linked Insurance Plans – Individual policyholders December 2019 Disclaimer: Past performance may or may not be sustained in future and is not a guarantee of future performance. Some of the contents of this document may contain statements / estimates / expectations / predictions, which may be 'forward looking'. The actual outcomes could differ materially from those expressed /implied in this document. These statements, do not intend to provide personal recommendation to any specific individual or any investment needs of an individual. The recommendations / statements / estimates / expectations / predictions are of general in nature and may not take into account the specific investment needs or risk appetite or financial situations of individual clients. Therefore, before acting on any advice or recommendations contained in this document, readers, in their own interest, should consider seeking advice from any authorized and professional investment advisors or financial consultants.’
MarketFirst Monthly Report
December 2019
The month saw the upward momentum in the equity market central banks viz., US Fed’s multiple interest rate cuts and the ECB’s
indices continuing whereas the 10 – year government bond yields re-starting of quantitative easing program to stimulate economic
remained in a volatile range. Frontline equity indices scaled new growth. Frontline US equity indices such as S&P 500 / Nasdaq gained
highs backed by strong global cues whereas fixed income markets 29 percent and 35 percent respectively, their highest gain since 2013.
were impacted by the central bank’s decision to keep policy rates
Commodities also rose in 2019 as renewed optimism on the US-China
unchanged and also conduct an operation aimed at creating a
trade deal is driving demand expectations higher. Crude oil prices
flattening pressure on G-sec yield curve.
gained the most since 2016, backed by OPEC decision to deepen
Below are some key pointers which impacted the markets during supply cuts. Precious metals, gold & silver prices rose 19 percent & 17
the month: percent respectively during the year, registering their best
performances since 2010, backed by safe-haven demand and weaker
• RBI’s MPC kept the policy rates unchanged at 5.15 percent, dollar. Iron ore was best performing commodity, rising 140 percent in
maintaining its ‘accommodative’ stance. 2019.
• Retail inflation, as measured by the CPI, grew 5.54 percent in Domestically, equity market indices continued the momentum during
November 2019 vs 4.62 percent in October 2019, a 3-year high, led the month backed by firm global cues. RBI’s MPC decided to pause
by food prices (particularly vegetables). after a run of five successive policy rate cuts. FM announced details of
• Factory output, as measured by the IIP, de-grew 3.8 percent in government’s $ 1.4 trillion infrastructure build-up for FY20-25 which
October vs de-growth of 4.3 percent in September third consecutive included among other things, setting-up of task force and regular
month of de-growth. monitoring of projects to limit delay / cost overrun. Economic data
remained subdued as industrial production and the core sector data
• April-November FY20 fiscal deficit came at 114.8 percent of BE vs.
(for November) reflected a contraction whereas inflation rose to 3-year
115 percent of BE a year ago.
highs.
• Rabi sowing has picked up, rising by 6.6 percent YoY as on month-
GST collections for November stood at ~ INR 1,03,492 crore (vs ~ INR
end.
1,03,000 crore in October), rising above Rs 1,00,000 crore for second
Movement / Trends in key market variables: consecutive month, hinting at a possible improvement in compliance.
Present Price Change The revenue figure represents a 9 percent YoY rise.
Particulars
Level 3M 6M 1 Year In 2019, Indian frontline equity indices BSE SENSEX & NIFTY crossed
Crude ($ / bbl.) 66 8.59% -0.83% 22.68% all-time highs, ending with gains of 14.4 percent and 12 percent,
Gold ($ / ounce) 1517.3 3.04% 7.64% 18.31%
respectively. At the beginning of the year, geopolitical tensions
USD / INR 71.4 0.72% 3.41% 2.31%
between India and Pakistan had escalated. The BJP–led NDA coalition
MSCI Emerging Market Index 1114.7 11.35% 5.67% 15.42%
won a clear majority in the 2019 General Elections. The new
MSCI World Market Index 2358.5 8.19% 8.27% 25.19%
Nifty 50 12168.5 6.05% 3.22% 12.02%
government took various steps to accelerate consumption to stimulate
economic growth. On the monetary policy front, the RBI cut policy
Equity Market Valuation: rates five times during the year.
Sensex @ 41253 FY19 FY20E FY21E The year also saw a reduction in corporate tax rates, details of $1.4
EPS 1390 1975 2320
trillion infrastructure thrust of the government, cabinet go-ahead for
PE 29.7 20.9 17.8
strategic sale in select PSU’s, moratorium of two years for telecom
Source: Select Brokerage Estimates.
companies towards payment of spectrum related dues along with the
Debt Market Data Points: telecom tariff hikes and build-up of positive sentiments towards
Present Basis Point Change banking sector post the Essar steel verdict.
Particulars
Level (%) 3M 6M 1 Year
India 10 year bond yield
Performance of Sectoral indices during December 2019
6.55 (14) (32) (81)
AAA – 10 year Spread 1.07 (10) (11) (7)
Spread (India 10 year – US
4.63 (39) (23) (4)
10 year)
Market Overview:
Global equities rose to more than a year-highs led by emerging market
indices (such as China, Brazil, Argentina) as risk-assets including
currencies & commodities headed towards the new year on a positive
note. A rally in tech stocks further boosted equities, already buoyed by
the prospect of a phase-one trade deal between the U.S. and China. A
conclusive British election with a clear majority to Boris Johnson’s party
was another positive development. UK’s Lower House of the parliament
finally passed Brexit withdrawal agreement and Britain is all set to leave
With regards to the institutional flows, FPI were net buyers of equities
EU on 31st Jan 2020.
(cash market) worth INR 8089 Cr (USD 1139 mn) and sold debt worth
US Fed left interest rates unchanged in its last policy meet. Macro- INR 4807 Cr (USD 679 mn). DIIs were sellers of equities worth INR
economic data emanating from the US remained strong with the latest 740 Cr (USD 104 mn).
estimate of third-quarter US GDP growth rising, as per a US Commerce
Market Outlook:
Department release whereas the unemployment rate remaining at multi-
decade lows. Equity Market Outlook:
Equities rebounded in 2019 clearly lifted by incremental improvements in At current levels of approx. 41253, SENSEX is trading at 20.9x Mar
new flow on the US-China trade front and the monetary easing by global 2020 earnings estimate (Select brokerage estimates) of INR 1975.India remains a bright spot amid low economic growth expectations for Over the past few days, key telecom service providers have been
major global economies alongside prevalence of negative interest rates raising their tariffs. Telecom charges account for 1.84 percent of the
in some countries. Factors such as; a stable government attempting to CPI inflation basket. A 25-30 percent effective increase in tariffs could,
stimulate economic growth and at the same time treading the path of mathematically, add to headline inflation over the next few months.
fiscal prudence, attractive interest rates vis-à-vis global peers, subdued
April-November FY20 fiscal slippage is a now more alarming as it
inflation, lower crude / commodity price trajectory make India stand out
crossed the budget estimates by 14.80 percent. Fiscal deficit remains
from the rest.
elevated due to significantly lower tax collection growth. FYTD Gross
Going ahead, global cues remain positive as there are indications of tax revenue growth at 0.8 percent is significantly below the budgeted
easing of the trade tensions between the two largest economies, estimates. Gross tax collection continued to be a concern with the
resolution of the Brexit, commodity prices moving in a reasonable impact of corporate tax cut and decline in indirect tax collections as a
range and encouraging global macro-economic data. result of reduction in GST rates and MSME sector refunds.
Domestically, the government is walking the fiscal tight rope as The Monetary Policy Committee (MPC) of RBI, kept the policy rates
subdued economic conditions mean that it remains constrained for unchanged and maintained the “accommodative” stance against the
resources even as it tries to stimulate growth by maintaining market expectation of cut in the policy rates. MPC opted for “pause” in
expenditure. Even the divestment receipts could get pushed ahead in the rates basically on concerns of rising inflation, dipping growth and
the next fiscal. In this scenario, economic growth could gain also inadequate transmission of rate cuts (5 consecutive rate cuts
precedence over fiscal discipline and hence fiscal deficit estimates amounting to 135 bps in the last 5 MPC meetings). Post policy
could get overshot somewhat. On the corporate earnings front, growth announcements, the 10-year G-sec yield rose sharply to 6.65 percent
remains elusive for now. on December 6, 2019. Moreover, the G-sec yield hardened further to
On the brighter side, certain green shoots are visible that indicate 6.78 percent on December 12, 2019 on concerns related to fiscal
improving economic activity viz., improving GST collections (second situation, India’s sovereign rating and the outlook for economic
consecutive month of collections trending above Rs 1 Lac Crore) and growth.
increasing manufacturing PMI (rose to ten-month highs). In the near The Federal Reserve in its meeting held in December 2019, left interest
term, Q3FY20 corporate earnings, upcoming union budget, foreign rates unchanged and signaled it would stay on hold through 2020,
institutional investor flows and RBI’s monetary policy stance would be keeping it on the sidelines in an election year Rupee has been volatile
closely watched. during the month trading in the range of around Rs. 70.60- Rs.71.98
Considering the steep correction witnessed in the broader markets vis- and closing at 71.36 levels at the month end.
à-vis key equity indices (NIFTY / SENSEX), an increase in allocation Oil prices which have been volatile during the previous month amid
towards equity can be considered with a 3 – 5 year perspective. Equity news reports relating to OPEC production cut agreement trading at
as an asset class has proven its ability to deliver superior returns in the around Rs. 68 levels at the month end.
long term.
With a pause expected from the MPC in its February 2020 policy review
Debt Market Outlook: meeting and systemic liquidity likely to remain in surplus, magnitude of
The 10-year G-Sec yields closed at the levels of 6.56 percent against the further “Twist” OMOs to be announced by the RBI could lead to a
the previous month close of 6.64 percent. The yields remained volatile modest cooling off in yields and possibility of announcement of further
throughout the month after MPCs unexpected pause in the Repo rates borrowings by the government in the Q4 2020 would lead to increase in
in the December 2019 policy Review and RBI’s announcement of the yields . Gross tax collections, final decision on the issue of overseas
TWIST Open market operations in the last week of December 19. sovereign bonds, US & China trade deal, oil prices, Rupee movement
and expected fiscal slippages and government measures to bridge this
India’s retail price inflation rate increased sharply to the levels of 5.54 gap might impact bond yields in the near future.
percent y-o-y above the RBIs target of 4 percent compared to previous
months levels of 4.60 percent y-o-y. The increase in the inflation rate is We are keeping a modified duration of around 4 years in our Funds
primarily led by higher food inflation. It was the highest inflation rate keeping a very close watch on the data points and the investments are
since July last year as food prices rose to 3 year high. It is expected concentrated in the medium end of the yield curve in the present
that with the arrival of new crop in January, the prices of vegetables scenario.
would fall leading to fall in the overall food inflation.
Disclaimer
Some of the contents of this document may contain statements/ estimates/ expectations/ predictions, which may be 'forward looking'. The actual outcomes could
differ materially from those expressed / implied in this document. These statements, do not intend to provide personal recommendation to any specific individual or
any investment needs of an individual. The recommendations/ statements/ estimates/ expectations / predictions are of general in nature and may not take into
account the specific investment needs or risk appetite or financial situations of individual clients. Therefore, before acting on any advice or recommendations
contained in this document, readers, in their own interest, should consider seeking advice from any authorized and professional investment advisors or financial
consultants.' The above data has been generated from sources in public domain. IndiaFirst Life Insurance Company Limited. IRDAI Reg. No. 143. Address:
12th/13th Floor, North [C] Wing, Tower 4, NESCO IT Park, Nesco Center Western Express Highway, Goregaon (East), Mumbai - 400 063. CIN:
U66010MH2008PLC183679.Fund Manager’s Comments December 2019 Fund Manager's Comments on Debt Portfolio The 10 year G-Sec yields closed at the levels of 6.56% against the previous month close of 6.64% . The yields remained volatile throughout the month after MPCs unexpected pause in the Repo rates in the December 2019 policy Review and RBI’s announcement of “TWIST” Open Market Operations in the second half of the month. India’s retail price inflation rate increased sharply to the levels of 5.54% y-o-y above the RBIs target of 4% compared to previous months levels of 4.60% y-o-y. The increase in the inflation rate is primarily led by higher food inflation It was the highest inflation rate since July last year as food prices rose to 3 year high. It is expected that with the arrival of new crop in January, the prices of vegetables would fall leading to fall in the overall food inflation. April-November FY20 fiscal slippage is a now more alarming as it crossed the budget estimates by 14.80%. Fiscal deficit remains elevated due to significantly lower tax collection growth. FYTD Gross tax revenue growth at 0.8% is significantly below the budgeted estimates. Gross tax collection continued to be a concern with the impact of corporate tax cut and decline in indirect tax collections as a result of reduction in GST rates and MSME sector refunds. The Monetary Policy Committee (MPC) of RBI, kept the policy rates unchanged and maintained the “accommodative” stance against the market expectation of cut in the policy rates. MPC opted for “pause” in the rates basically on concerns of rising inflation, dipping growth and also inadequate transmission of rate cuts (5 consecutive rate cuts amounting to 135 bps in the last 5 MPC meetings). Post policy announcements, the 10-year G-sec yield rose sharply to 6.65% on December 6, 2019. Moreover, the G-sec yield hardened further to 6.78% on December 12, 2019 on concerns related to fiscal situation, India’s sovereign rating and the outlook for economic growth. The Federal Reserve in its meeting held in December 2019, left interest rates unchanged and signaled it would stay on hold through 2020, keeping it on the sidelines in an election year Rupee has been volatile during the month trading in the range of around Rs. 70.60- Rs.71.98 and closing at 71.36 levels at the month end. Oil prices which have been volatile during the previous month amid news reports relating to OPEC production cut agreement trading at around Rs. 68 levels at the month end. With a pause expected from the MPC in its February 2020 policy review meeting and systemic liquidity likely to remain in surplus, magnitude of the further “Twist” OMOs to be announced by the RBI could lead to a modest cooling off in yields and possibility of announcement of further borrowings by the government in the Q4 2020 would lead to increase in the yields . Gross tax collections, final decision on the issue of overseas sovereign bonds, US & China trade deal, oil prices, Rupee movement and expected fiscal slippages and government measures to bridge this gap might impact bond yields in the near future. We are keeping a modified duration of around 4 years in our Funds keeping a very close watch on the data points and the investments are concentrated in the medium end of the yield curve in the present scenario. Fund Manager's Comments on Equity Portfolio In the month of Dec 2019, Indian markets ended on a positive note with the Sensex (+1.13%) and Nifty (+0.93%) touching all-time highs. The BSE Midcap (-0.78%) ended negatively while the BSE Smallcap (+1.02%) ended positively. The performance of the key Global indices was positive on the back of US Fed’s stance to keep the interest rates unchanged and easing trade tensions between US & China. On the domestic side the markets have gained marginally amid positive global cues and FPI flows. On the Economy front, the data was negative with the CPI inflation inching higher to 5.5% in Nov-19 as against 4.6% in Oct-19, while the IIP growth slumped to (-3.8%) in Oct-19 as against (-4.3%) in Sept-19. Crude prices have creeped +8.3% in the month and can escalate due to adverse geo-political tensions. FPIs bought equity worth US$ 1.1 bn while DIIs sold equity worth US$ 216 mn in cash segment for the month. Going ahead, globally, resolution of US-China trade conflict and key central banks stance on monetary policy would be key factors in determining market directions. On the domestic front governments attempt to strike a fine balance between fiscal prudence keeping intact the reforms agenda would be keenly watched. Moreover, the upcoming union budget, disinvestment of PSUs and Q3FY20 corporate earnings would also be key in determining the market direction in near term. The Boarder market have witnessed significant correction vis-à-vis key indices (Sensex / Nifty). Thus, scouting for opportunities in the broader markets with attractive risk-reward would be more prudent. In light of the changing dynamics, we prefer Rural & Agri themes, corporate banking space and telecom to which we have realigned our portfolio. Going ahead, we may tactically take a call on cash levels based on market movement and attractiveness of individual sectors/ companies.
Summary of performance of Funds vs. Benchmark (As on December 31, 2019)
Unit Linked Insurance Plans - Individual policyholders
Returns in %
Funds Name & Benchmark 1 year 3 years 5 years Since Inception
Equity Fund 11.35 10.16 6.61 8.64
Benchmark (90% Nifty 50 Index & 10% Nifty 1 day Rate Index ) 11.40 13.31 7.83 8.76
Nifty 50 Index 12.02 14.13 7.99 8.97
Equity1 Fund 11.50 12.01 7.87 8.60
Benchmark (90% Nifty 50 Index & 10% Nifty 1 day Rate Index) 11.40 13.31 7.83 8.07
Nifty 50 Index 12.02 14.13 7.99 8.17
Equity Pension Fund 10.93 11.48 7.74 9.28
Benchmark (90% Nifty 50 Index & 10% Nifty 1 day Rate Index) 11.40 13.31 7.83 8.76
Nifty 50 Index 12.02 14.13 7.99 8.97
Index Tracker Fund 10.96 13.31 7.67 7.76
Benchmark (95% Nifty 50 Index & 5% Nifty 1 day Rate Index) 11.71 13.72 7.91 7.89
Nifty 50 Index 12.02 14.13 7.99 7.94
Value Fund 10.72 10.32 8.20 9.31
Benchmark (90% S&P BSE 100 Index & 10% Nifty 1 day Rate Index) 9.25 12.67 7.74 7.89
S&P BSE 100 Index 9.63 13.42 7.89 7.97
Dynamic Asset Allocation Fund 9.56 7.30 6.49 10.87
Benchmark (60% Nifty 50 Index, 10% Nifty 1 day Rate Index & 30%
11.03 11.16 7.90 9.98
NIFTY Composite Debt Index)
Balanced Fund 11.51 9.17 6.95 7.95
Benchmark (60% Nifty 50 Index, 10% Nifty 1 day Rate Index & 30%
11.03 11.16 7.90 8.47
NIFTY Composite Debt Index)
Balanced 1 Fund 9.44 8.72 6.84 7.60
Benchmark (60% Nifty 50 Index, 10% Nifty 1 day Rate Index & 30%
11.03 11.16 7.90 8.17
NIFTY Composite Debt Index)
Balanced Pension Fund 10.27 9.94 7.48 8.36
Benchmark (60% Nifty 50 Index, 10% Nifty 1 day Rate Index & 30%
11.03 11.16 7.90 8.47
NIFTY Composite Debt Index)
Debt Fund 3.81 4.28 6.28 7.02
Benchmark (85% NIFTY Composite Debt Index & 15% Nifty 1 day Rate
10.03 6.81 7.93 7.84
Index)
Debt1 Fund 5.20 2.58 5.22 6.59
Benchmark (85% NIFTY Composite Debt Index & 15% Nifty 1 day Rate
10.03 6.81 7.93 8.12
Index)
Debt Fund Pension 4.31 4.47 6.32 6.92
Benchmark (85% NIFTY Composite Debt Index & 15% Nifty 1 day Rate
10.03 6.81 7.93 7.84
Index)
Liquid Fund 4.11 4.33 4.81 5.40
Benchmark (100% Nifty 1 day Rate Index) 5.76 5.96 6.38 6.94
Liquid Pension Fund 3.85 4.05 4.57 5.46
Benchmark (100% Nifty 1 day Rate Index) 5.76 5.96 6.38 6.85
Note:
1. The above summary is based on the data as on December 31, 2019
2. Equity Fund - Returns less than year are Absolute & Returns over one year are CAGR (Compound Annual Growth Rate)
3. Debt Fund - Returns less than year are simple annualised & Returns over one year are CAGR (Compound Annual Growth Rate)
4. Past performance may or may not be sustained in future and is not a guarantee of future performanceFunds at a Glance
Name of the Fund Equity Fund/Equity Pension Fund Name of the Fund Balanced Fund/Balanced Pension Fund
Balanced Fund with exposure to equity and debt
Nature of the Fund Equity Growth Fund - Primarily invested in equity Nature of the Fund
investments
To provide high growth opportunities with an objective To provide higher growth with reasonable security, by
Investment Objective of long term capital appreciation through investments Investment Objective investing primarily in equity instruments and moderate
primarily in equity and equity related instruments. allocation in debt securities/ bonds.
This fund is positioned as a balanced mix of debt and
This Fund is positioned as a diversified equity fund with
equity, with the asset allocation pattern providing a
a moderate exposure to mid-cap stocks. The aim of the
good opportunity to provide consistent and sustainable
Fund is to provide a stable and sustainable relative out
returns. The equity portion will have a highly diversified
performance vis-à-vis the benchmark. The Fund will
portfolio with high liquidity while the debt portion will
Fund Positioning stick to the theme of discipline, diligence and dividend Fund Positioning
comprise of high rated debt instruments with low to
yield while selecting equity stocks. The Fund will have
moderate liquidity. The asset allocation will follow a
an exposure of upto 30 percent to mid-cap companies.
macro level market scenario and the individual stock
The remaining exposure will continue to be in large-cap
selection will be with micro level performance
companies.
expectations of the stocks and securities.
Asset Allocation Equity Debt Money market Asset Allocation Equity Debt Money market
Minimum 80 0 0 Minimum 50 30 0
Maximum 100 0 20 Maximum 70 50 20
Chief Investment Officer Shri A.K.Sridhar, B.Sc, ACA Chief Investment Office Shri A.K.Sridhar, B.Sc, ACA
Fund Manager Viraj Nadkarni- Fund Manager Debt - Sandeep Shirsat - B.Com, ICWA
M.Com, C.S. ( Company Secretary), MBA ( Finance) Equity - Viraj Nadkarni
Date of Launch November 25, 2009 M.Com, C.S. ( Company Secretary), MBA ( Finance)
Net Asset Value Declared every business day
Fund's Fact Sheet Published monthly Date of Launch November 9, 2011
Benchmark Composition (90% Nifty 50 Index & 10% Net Asset Value Declared every business day
Benchmark
Nifty 1 day Rate Index) Fund's Fact Sheet Published monthly
Benchmark Composition (60% Nifty 50 Index, 10%
Benchmark Nifty 1 day Rate Index & 30% NIFTY Composite Debt
Name of the Fund Debt Fund/Debt Pension Fund Index)
Nature of the Fund Primarily invested in debt instruments
To generate a good level of income and prospects for
Name of the Fund Liquid Pension Fund
capital growth through diversified investment in
Investment Objective
corporate debt instruments, government securities and Nature of the Fund Investment in liquid and money market instruments
money market investments.
This fund is positioned as a pure debt oriented fund, To provide capital protection with growth at short-term
Investment Objective
with asset allocation pattern providing a good interest rates while providing a high level of liquidity.
opportunity to provide consistent and sustainable
returns. The debt portfolio will comprise of high rated
debt instruments with a low to moderate liquidity, This Fund is positioned as a pure debt oriented short
government securities and money market investments term liquid fund with the asset allocation pattern giving
Fund Positioning with very high safety and easy liquidity. The asset a reasonable opportunity to provide consistent and
allocation between corporate debt and government sustainable returns, with very high liquidity. The
securities/money market investments and the portfolio Fund Positioning investment portfolio will primarily comprise of high rated
duration of the fund, will follow a macro level economic short term money market investments with very high
scenario while the individual corporate debt safety and easy liquidity. The maturity profile and the
investments will follow with a micro level credit portfolio duration will follow a macro level economic
worthiness and debt servicing capacity of companies. scenario and the expected liquidity needs of the fund.
Asset Allocation Equity Debt Money market
Minimum 0 70 0 Asset Allocation Equity Debt Money market
Maximum 0 100 30 Minimum 0 0 80
Chief Investment Officer Shri A.K.Sridhar, B.Sc, ACA Maximum 0 20 100
Head – Fixed Income Dr. Poonam Tandon Chief Investment Office Shri A.K.Sridhar, B.Sc, ACA
B.Com ( Hons.), PGDBM( XLRI, Jamshedpur) , CAIIB , Ph.D ( Head – Fixed Income Dr. Poonam Tandon
Financial Management)
B.Com ( Hons.), PGDBM( XLRI, Jamshedpur) , CAIIB , Ph.D (
Fund Manager Sandeep Shirsat- B.Com, ICWA Financial Management)
Date of Launch November 25, 2009 Fund Manager Sandeep Shirsat- B.Com, ICWA
Net Asset Value Declared every business day Date of Launch November 25, 2009
Fund's Fact Sheet Published monthly Net Asset Value Declared every business day
Benchmark Composition (85% NIFTY Composite Debt Fund's Fact Sheet Published monthly
Benchmark
Index & 15% Nifty 1 day Rate Index) Benchmark 100% Nifty 1 day Rate IndexFunds at a Glance
Name of the Fund Value Fund Name of the Fund Dynamic Asset Allocation Fund
Nature of the Fund Growth Fund Nature of the Fund Equity Fund- proportion varies with P/E model
To provide long-term capital appreciation with relatively
To provide high growth opportunities with an objective
lower volatility by dynamically adjusting the capital
Investment Objective of long term capital appreciation through investments Investment Objective
allocation between equity and fixed income
primarily in equity and equity related instruments.
instruments.
This fund will be positioned as a multi-cap pure value
This Fund would be positioned as a dynamic equity
fund with clearly defined investment criteria for
fund aiming to provide a stable and sustainable relative
investing in value stocks. The fund will invest in stocks
Fund Positioning Fund Positioning out performance vis-àvis the benchmark. The asset
that are relatively undervalued to their intrinsic value
allocation between equity and fixed income instruments
and will create wealth for investors in the medium to
will be based on the PE level of the index (Sensex).
long term.
Asset Allocation Equity Debt Money market Asset Allocation Equity Debt Money market
Minimum 70 0 0 Minimum 0 0 0
Maximum 100 0 30 Maximum 80 80 40
Chief Investment Officer Shri A.K.Sridhar, B.Sc, ACA Chief Investment Office Shri A.K.Sridhar, B.Sc, ACA
Fund Manager Viraj Nadkarni Fund Manager Viraj Nadkarni
M.Com, C.S. (Company Secretary), MBA (Finance) M.Com, C.S. (Company Secretary), MBA (Finance)
Date of Launch September 16, 2010 Date of Launch September 09, 2011
Net Asset Value Declared every business day Net Asset Value Declared every business day
Fund's Fact Sheet Published monthly Fund's Fact Sheet Published monthly
Benchmark Composition (60% Nifty 50 Index, 10%
Benchmark Composition (90% S&P BSE 100 Index &
Benchmark Benchmark Nifty 1 day Rate Index & 30% NIFTY Composite Debt
10% Nifty 1 day Rate Index)
Index)
Name of the Fund Index Tracker Fund # Nifty 50/ S&P BSE 100 Index
Equity Fund, Equity Fund Pension, Balanced Fund, Balanced Fund Pension and
Nature of the Fund Equity Index Fund Index Tracker Fund are benchmarked to Nifty 50 Index which is not sponsored
endorsed, sold or promoted by India Index Services & Products Limited (IISL).
IISL is not responsible for any errors or omissions or the results obtained from the
The principal investment objective of the scheme is to use of such index and in no event shall IISL have any liability to any party for any
invest in stocks of companies comprising large cap damages of whatsoever nature (including lost profits) resulted to such party due to
Investment Objective purchase or sale or otherwise of such product benchmarked to such index.
Index stocks and endeavour to achieve return
equivalent to large cap index.
“Standard & Poor's® and “S&P® are trademarks of The McGraw-Hill Companies,
Inc. and have been licensed for use by Bombay Stock Exchange (BSE). The S&P
BSE 100 Index is not compiled, calculated or distributed by Standard & Poor's and
Major portion of this Fund will be invested only in large Standard & Poor's and BSE make no representation regarding the advisability of
cap index equity stocks. The exposure / weightages of investing in products that utilize any such Index as a component. All rights in the
Fund Positioning S&P SENSEX/ S&P BSE 100 vest in Bombay Stock Exchange Ltd. (“BSE”). BSE
investment stocks will, however be subject to and SENSEX are trademarks of BSE and are used by IndiaFirst Life Insurance
regulatory investment guidelines and exposure norms. Company Limited. BSE shall not be liable in any manner whatsoever (including in
negligence) for any loss arising to any person whosoever out of use of or reliance
on the SENSEX by any person.
Asset Allocation Equity Debt Money market
Minimum 90 0 0
Maximum 100 0 10
Chief Investment Officer Shri A.K.Sridhar, B.Sc, ACA
Fund Manager Viraj Nadkarni-
M.Com, C.S. ( Company Secretary), MBA ( Finance)
Date of Launch September 22, 2010
Net Asset Value Declared every business day
Fund's Fact Sheet Published monthly
Benchmark Composition (95% Nifty 50 Index & 5%
Benchmark
Nifty 1 day Rate Index)Fund Options under IndiaFirst ULIP Products - Individual Policyholders & Group Policyholders
As on December 31, 2019
Group
Individual Products
Products
IndiaFirs IndiFirst IndiaFirs IndiaFirs IndiaFirst
IndiaFirs IndiaFirst IndiFirst
IndiaFirst IndiaFirst t Money t t Life IndiaFirst
t Young Happy
Fund Name Savings
Education
India
Future Smart
India
Back Health Money High Wealth Employee
Plan @ Plan@ Save Insurance Balance Life maximizer Benefit Plan
Plan @ Plan @ Plan
Plan Plan@ Plan Plan@ Plan
Equity Fund Y Y N N N N N N N N N
Debt Fund Y Y N N N N N N N N N
Balanced Fund Y Y N N N N N N N N N
Liquid Fund Y Y N N N N N N N N N
Equity Fund Pension N N N Y N N N N N N N
Debt Fund Pension N N N Y N N N N N N N
Balanced Fund Pension N N N Y N N N N N N N
Liquid Fund Pension N N N Y N N N N N N N
Equity1 Fund N N Y N Y Y Y Y N Y N
Balanced1 Fund N N Y N Y Y Y N N Y N
Debt1 Fund N N Y N Y Y Y Y Y Y N
Index Tracker Fund N N Y N N N Y N N Y N
Value Fund N N Y N Y Y Y N N Y N
Dynamic Asset Allocation Fund N N N N N N N N Y Y N
Equity Elite Opportunities Fund N N N N N N N N N Y
Liquid1 Fund # N N Y N Y Y Y N Y N N
Cash Fund N N N N N N N N N N Y
Bond Fund N N N N N N N N N N Y
Equity Advantage Fund N N N N N N N N N N Y
Dynamic Moderator Fund N N N N N N N N N N Y
#
Only available for Settlement Options for the Systematic Transfer of Fund benefit
@
Closed for New business - only renewal premiums now
*The earlier IndiaFirst Smart save Plan and IndiaFirst Money Balance Plan had Index Tracker Fund option. However, they
were relaunched without this optionEquity 1 Fund (SFIN:ULIF009010910EQUTY1FUND143)
Fact Sheet for December 2019 ( based on portfolio as on 31.12.2019 )
Investment Objective Portfolio
Nature of Security/Security Name Percentage
To provide high growth opportunities with an objective of long term capital
appreciation through investments primarily in equity and equity related instruments. Equity
Top 20 Equity Securities
Reliance Industries Ltd 8.49
Name Date of Inception NAV as on December 31, 2019 Infosys Technologies Ltd 5.31
Equity 1 Fund 15-Sep-10 Rs. 21.5432 ICICI Bank Ltd 5.20
ITC Ltd 5.03
AUM Fund Manager Funds managed by the Fund Manager HDFC Bank Ltd 4.58
Rs. 1930 crore Viraj Nadkarni Equity - 7, Debt - 0, Balanced - 5 Reliance ETF Bank BeES 4.21
Kotak Banking ETF 4.20
Tata Consultancy Services Ltd 4.00
Targeted Asset Allocation Pattern in Percentage Larsen & Toubro Limited 3.41
Minimum Maximum Actual Axis Bank Ltd 2.67
Equity Shares 80 100 98 HDFC 2.48
Debt Securities and Bonds 0 10 0 State Bank of India 2.42
Cash and Money Market Investments 0 20 2 Hindustan Unilever Ltd 2.41
The actual asset allocation will remain within the 'minimum' and 'maximum' range based on market Bajaj Finance Ltd 1.92
opportunities and future outlook of the markets Mahindra & Mahindra 1.85
NTPC Ltd 1.77
Fund Positioning Kotak Mahindra Bank Ltd 1.73
This Fund is positioned as a highly diversified equity fund aiming to provide a stable and Bharti Airtel Ltd 1.72
sustainable relative out performance visà-vis the benchmark. The fund will stick to the theme Hero Motocorp Limited 1.70
of discipline, diligence and dividend yield while selecting equity stocks. It will invest at least 70 Ultratech Cement Limited 1.67
percent of its exposure to equity in large cap stocks (from Nifty 50 Index or BSE 100 Index) Others (See Annexure 1 for details) 30.73
and the remaining may be invested in mid/ small-cap equity stocks. Total - Equity Securities 97.50
Money Market Instruments 2.50
MF Units – Liquid Funds 0.00
Grand Total 100.00
Asset Allocation in crore as on December 31, 2019
48.19 Fund Manager's Comments
2%
In the month of Dec 2019, Indian markets ended on a positive note with the Sensex
(+1.13%) and Nifty (+0.93%) touching all-time highs. The BSE Midcap (-0.78%) ended
negatively while the BSE Smallcap (+1.02%) ended positively. The performance of the
key Global indices was positive on the back of US Fed’s stance to keep the interest
rates unchanged and easing trade tensions between US & China. On the domestic
side the markets have gained marginally amid positive global cues and FPI flows. On
1881.91
the Economy front, the data was negative with the CPI inflation inching higher to 5.5%
98% in Nov-19 as against 4.6% in Oct-19, while the IIP growth slumped to (-3.8%) in Oct-19
as against (-4.3%) in Sept-19. Crude prices have creeped +8.3% in the month and can
Equity Money Market Instruments escalate due to adverse geo-political tensions. FPIs bought equity worth US$ 1.1 bn
while DIIs sold equity worth US$ 216 mn in cash segment for the month.
Returns (%) Going ahead, globally, resolution of US-China trade conflict and key central banks
Composite stance on monetary policy would be key factors in determining market directions. On
Period Equity 1 Fund
Benchmark* the domestic front governments attempt to strike a fine balance between fiscal
1 Month 0.75 0.88 prudence keeping intact the reforms agenda would be keenly watched. Moreover, the
6 Months 3.55 3.16 upcoming union budget, disinvestment of PSUs and Q3FY20 corporate earnings would
also be key in determining the market direction in near term. The Boarder market have
1 Year 11.50 11.40
witnessed significant correction vis-à-vis key indices (Sensex / Nifty). Thus, scouting for
2 Years 6.29 7.34 opportunities in the broader markets with attractive risk-reward would be more prudent.
3 Years 12.01 13.31
5 Years 7.87 7.83 In light of the changing dynamics, we prefer Rural & Agri themes, corporate banking
Since Inception 8.60 8.07 space and telecom to which we have realigned our portfolio. Going ahead, we may
*For details please refer "Fund at a Glance; # Annualised Retuns tactically take a call on cash levels based on market movement and attractiveness of
individual sectors/ companies.
Industry -wise Exposure
Cement 3.27%
Cosmetics, toiletries, soaps & detergents 3.56%
Drugs & pharmaceuticals 3.82%
Industrial construction 4.07%
Miscellaneous 4.20%
Asset Management Services (Mutual Funds) 4.21%
Tobacco Products 5.03%
Refinery 8.80%
Computer software 10.96%
Financial and Insurance Activities 24.32%
Others 27.78%
0% 5% 10% 15% 20% 25% 30%
Quantitative Indicators (Equity)
Std Dev (Annualised) Sharpe Ratio Portfolio Beta
13.47% 0.51 1.08Equity Fund (SFIN:ULIF001161109EQUITYFUND143)
Fact Sheet for December 2019 ( based on portfolio as on 31.12.2019 )
Investment Objective Portfolio
Nature of Security/Security Name Percentage
To provide high growth opportunities with an objective of long term capital
appreciation through investments primarily in equity and equity related instruments. Equity
Top 20 Equity Securities
HDFC Bank Ltd 5.96
Name Date of Inception NAV as on December 31, 2019 Reliance Industries Ltd 4.96
Equity Fund 25-Nov-09 Rs. 23.0963 Infosys Technologies Ltd 4.41
ITC Ltd 4.37
AUM Fund Manager Funds managed by the Fund Manager ICICI Bank Ltd 4.31
Rs. 246 crore Viraj Nadkarni Equity - 7, Debt - 0, Balanced - 5 Kotak Banking ETF 4.20
Reliance ETF Bank BeES 3.90
Tata Consultancy Services Ltd 3.24
Targeted Asset Allocation Pattern in Percentage Larsen & Toubro Limited 2.55
Minimum Maximum Actual Manappuram Finance Ltd. 2.35
Equity Shares 80 100 99 Axis Bank Ltd 2.25
Debt Securities and Bonds 0 10 0 State Bank of India 2.11
Cash and Money Market Investments 0 20 1 Bajaj Finance Ltd 2.04
The actual asset allocation will remain within the 'minimum' and 'maximum' range based on market Mahindra & Mahindra 1.94
opportunities and future outlook of the markets Titan Industries Ltd 1.78
NTPC Ltd 1.78
Fund Positioning Glaxosmithkline Pharma Ltd 1.56
This Fund is positioned as a highly diversified equity fund aiming to provide a stable and UPL Ltd 1.49
sustainable relative out performance visà- vis the benchmark.The Fund will stick to the theme Ultratech Cement Limited 1.48
of discipline, diligence and dividend yield while selecting equity stocks. It will invest at least 70 Hero Motocorp Limited 1.42
percent of its exposure to equity in large cap stocks and the remaining may be invested in Others (See Annexure 1 for details) 40.46
mid/ small-cap equity stocks. Total - Equity Securities 98.54
Money Market Instruments 1.46
MF Units – Liquid Funds 0.00
Grand Total 100.00
Asset Allocation in crore as on December 31, 2019
3.59 Fund Manager's Comments
1%
In the month of Dec 2019, Indian markets ended on a positive note with the Sensex
(+1.13%) and Nifty (+0.93%) touching all-time highs. The BSE Midcap (-0.78%) ended
negatively while the BSE Smallcap (+1.02%) ended positively. The performance of the
key Global indices was positive on the back of US Fed’s stance to keep the interest
rates unchanged and easing trade tensions between US & China. On the domestic
side the markets have gained marginally amid positive global cues and FPI flows. On
242.46
the Economy front, the data was negative with the CPI inflation inching higher to 5.5%
99% in Nov-19 as against 4.6% in Oct-19, while the IIP growth slumped to (-3.8%) in Oct-19
as against (-4.3%) in Sept-19. Crude prices have creeped +8.3% in the month and can
Equity Money Market Instruments escalate due to adverse geo-political tensions. FPIs bought equity worth US$ 1.1 bn
while DIIs sold equity worth US$ 216 mn in cash segment for the month.
Returns (%) Going ahead, globally, resolution of US-China trade conflict and key central banks
Composite stance on monetary policy would be key factors in determining market directions. On
Period Equity Fund
Benchmark* the domestic front governments attempt to strike a fine balance between fiscal
1 Month 0.81 0.88 prudence keeping intact the reforms agenda would be keenly watched. Moreover, the
6 Months 3.49 3.16 upcoming union budget, disinvestment of PSUs and Q3FY20 corporate earnings would
also be key in determining the market direction in near term. The Boarder market have
1 Year 11.35 11.40
witnessed significant correction vis-à-vis key indices (Sensex / Nifty). Thus, scouting for
2 Years 4.21 7.34 opportunities in the broader markets with attractive risk-reward would be more prudent.
3 Years 10.16 13.31
5 Years 6.61 7.83 In light of the changing dynamics, we prefer Rural & Agri themes, corporate banking
Since Inception 8.64 8.76 space and telecom to which we have realigned our portfolio. Going ahead, we may
*For details please refer "Fund at a Glance; # Annualised Retuns tactically take a call on cash levels based on market movement and attractiveness of
individual sectors/ companies.
Industry -wise Exposure
Industrial construction 2.55%
Natural Gas Trading & Distribution 2.59%
Cement 3.30%
Asset Management Services (Mutual Funds) 3.90%
Miscellaneous 4.20%
Tobacco Products 4.37%
Drugs & pharmaceuticals 5.32%
Refinery 5.46%
Computer software 10.19%
Financial and Insurance Activities 24.91%
Others 33.20%
0% 5% 10% 15% 20% 25% 30% 35%
Quantitative Indicators (Equity)
Std Dev (Annualised) Sharpe Ratio Portfolio Beta
13.90% 0.49 1.10Equity Fund - Pension (SFIN:ULIF002161109EQUFUNDPEN143)
Fact Sheet for December 2019 ( based on portfolio as on 31.12.2019 )
Investment Objective Portfolio
Nature of Security/Security Name Percentage
To provide higher growth with reasonable security, by investing primarily in equity
instruments and moderate allocation in debt securities/ bonds. Equity
Top 20 Equity Securities
Reliance Industries Ltd 9.38
Name Date of Inception NAV as on December 31, 2019 HDFC 6.36
Equity Fund -
25-Nov-09 Rs. 24.5129 HDFC Bank Ltd 6.10
Pension
Infosys Technologies Ltd 5.86
AUM Fund Manager Funds managed by the Fund Manager ITC Ltd 5.00
Rs. 103 crore Viraj Nadkarni Equity - 7, Debt - 0, Balanced - 5 Tata Consultancy Services Ltd 4.91
Kotak Banking ETF 4.31
Reliance ETF Bank BeES 4.30
Targeted Asset Allocation Pattern in Percentage Larsen & Toubro Limited 3.92
Minimum Maximum Actual ICICI Bank Ltd 3.49
Equity Shares 80 100 99 Hindustan Unilever Ltd 3.38
Debt Securities and Bonds 0 10 0 Kotak Mahindra Bank Ltd 2.65
Cash and Money Market Investments 0 20 1 Maruti Suzuki India Ltd 2.41
The actual asset allocation will remain within the 'minimum' and 'maximum' range based on market Bharti Airtel Ltd 2.12
opportunities and future outlook of the markets Asian Paints Ltd 1.98
Bajaj Finance Ltd 1.51
Fund Positioning HCL Technologies Ltd 1.39
This Fund is positioned as a diversified equity fund with a moderate exposure to mid-cap Axis Bank Ltd 1.37
stocks. The aim of the Fund is to provide a stable and sustainable relative out performance Nestle India Ltd 1.28
vis-àvis the benchmark. The Fund will stick to the theme of discipline, diligence and dividend NTPC Ltd 1.24
yield while selecting equity stocks. The Fund will have an exposure of upto 30 percent to mid- Others (See Annexure 1 for details) 25.75
cap companies. The remaining exposure will continue to be in largecap companies. Total - Equity Securities 98.70
Money Market Instruments 1.30
MF Units – Liquid Funds 0.00
Grand Total 100.00
Asset Allocation in crore as on December 31, 2019
1.34 Fund Manager's Comments
1%
In the month of Dec 2019, Indian markets ended on a positive note with the Sensex
(+1.13%) and Nifty (+0.93%) touching all-time highs. The BSE Midcap (-0.78%) ended
negatively while the BSE Smallcap (+1.02%) ended positively. The performance of the
key Global indices was positive on the back of US Fed’s stance to keep the interest
rates unchanged and easing trade tensions between US & China. On the domestic
side the markets have gained marginally amid positive global cues and FPI flows. On
101.52
the Economy front, the data was negative with the CPI inflation inching higher to 5.5%
99% in Nov-19 as against 4.6% in Oct-19, while the IIP growth slumped to (-3.8%) in Oct-19
as against (-4.3%) in Sept-19. Crude prices have creeped +8.3% in the month and can
Equity Money Market Instruments escalate due to adverse geo-political tensions. FPIs bought equity worth US$ 1.1 bn
while DIIs sold equity worth US$ 216 mn in cash segment for the month.
Returns (%) Going ahead, globally, resolution of US-China trade conflict and key central banks
Equity Fund - Composite stance on monetary policy would be key factors in determining market directions. On
Period
Pension Benchmark* the domestic front governments attempt to strike a fine balance between fiscal
1 Month 0.75 0.88 prudence keeping intact the reforms agenda would be keenly watched. Moreover, the
6 Months 2.65 3.16 upcoming union budget, disinvestment of PSUs and Q3FY20 corporate earnings would
also be key in determining the market direction in near term. The Boarder market have
1 Year 10.93 11.40
witnessed significant correction vis-à-vis key indices (Sensex / Nifty). Thus, scouting for
2 Years 6.85 7.34 opportunities in the broader markets with attractive risk-reward would be more prudent.
3 Years 11.48 13.31
5 Years 7.74 7.83 In light of the changing dynamics, we prefer Rural & Agri themes, corporate banking
Since Inception 9.28 8.76 space and telecom to which we have realigned our portfolio. Going ahead, we may
*For details please refer "Fund at a Glance; # Annualised Retuns tactically take a call on cash levels based on market movement and attractiveness of
individual sectors/ companies.
Industry -wise Exposure
Drugs & pharmaceuticals 2.61%
Telecommunication Services 2.64%
Cosmetics, toiletries, soaps & detergents 3.38%
Industrial construction 3.92%
Asset Management Services (Mutual Funds) 4.30%
Miscellaneous 4.31%
Tobacco Products 5.00%
Refinery 11.12%
Computer software 13.95%
Others 24.32%
Financial and Insurance Activities 24.46%
0% 5% 10% 15% 20% 25% 30%
Quantitative Indicators (Equity)
Std Dev (Annualised) Sharpe Ratio Portfolio Beta
13.13% 0.48 1.06Equity Elite Opportunities (SFIN:ULIF020280716EQUELITEOP143)
Fact Sheet for December 2019 ( based on portfolio as on 31.12.2019 )
Investment Objective Portfolio
Nature of Security/Security Name Percentage
To provide growth opportunities with an objective of long term capital appreciation
through investments primarily in equity and equity related instruments and an active Equity
management of asset allocation between Equity and Money Market instruments. Top 20 Equity Securities
Reliance Industries Ltd 5.54
Name Date of Inception NAV as on December 31, 2019 Infosys Technologies Ltd 4.69
Equity Elite
27-Oct-16 Rs. 13.1785 HDFC Bank Ltd 3.63
Opportunities
Kotak Mahindra Bank Ltd 3.62
AUM Fund Manager Funds managed by the Fund Manager ITC Ltd 3.54
Rs. 16 crore Viraj Nadkarni Equity - 7, Debt - 0, Balanced - 5 Kotak Banking ETF 3.30
State Bank of India 3.29
Reliance ETF Bank BeES 3.29
Targeted Asset Allocation Pattern in Percentage Larsen & Toubro Limited 2.73
Minimum Maximum Actual NTPC Ltd 2.49
Equity Shares 60 100 95 Axis Bank Ltd 2.47
Debt Securities and Bonds 0 0 0 ICICI Bank Ltd 2.10
Cash and Money Market Investments 0 40 5 Mahindra & Mahindra 1.91
The actual asset allocation will remain within the 'minimum' and 'maximum' range based on market Tata Consultancy Services Ltd 1.70
opportunities and future outlook of the markets Bajaj Finance Ltd 1.62
Tata Steel Ltd 1.55
Fund Positioning Manappuram Finance Ltd. 1.49
This Fund is positioned as a diversified equity fund aiming to provide a stable and sustainable LIC Housing Finance Ltd 1.48
relative out performance vis-à-vis the benchmark. The fund would stick to the theme of Bharti Airtel Ltd 1.48
discipline, diligence and dividend yield while selecting the equity stocks. It would invest at Wipro Ltd 1.46
least 70 % of its exposure to equity in the large cap stocks and the remaining could be in mid Others (See Annexure 1 for details) 41.90
/ small cap equity stocks. Total - Equity Securities 95.28
Money Market Instruments 4.72
MF Units – Liquid Funds 0.00
Grand Total 100.00
Asset Allocation in crore as on December 31, 2019
0.78 Fund Manager's Comments
5%
In the month of Dec 2019, Indian markets ended on a positive note with the Sensex
(+1.13%) and Nifty (+0.93%) touching all-time highs. The BSE Midcap (-0.78%) ended
negatively while the BSE Smallcap (+1.02%) ended positively. The performance of the
key Global indices was positive on the back of US Fed’s stance to keep the interest
rates unchanged and easing trade tensions between US & China. On the domestic
side the markets have gained marginally amid positive global cues and FPI flows. On
15.71
the Economy front, the data was negative with the CPI inflation inching higher to 5.5%
95% in Nov-19 as against 4.6% in Oct-19, while the IIP growth slumped to (-3.8%) in Oct-19
as against (-4.3%) in Sept-19. Crude prices have creeped +8.3% in the month and can
Equity Money Market Instruments escalate due to adverse geo-political tensions. FPIs bought equity worth US$ 1.1 bn
while DIIs sold equity worth US$ 216 mn in cash segment for the month.
Returns (%) Going ahead, globally, resolution of US-China trade conflict and key central banks
Equity Elite Composite stance on monetary policy would be key factors in determining market directions. On
Period
Opportunities Benchmark* the domestic front governments attempt to strike a fine balance between fiscal
1 Month 1.01 0.73 prudence keeping intact the reforms agenda would be keenly watched. Moreover, the
6 Months 3.74 2.99 upcoming union budget, disinvestment of PSUs and Q3FY20 corporate earnings would
also be key in determining the market direction in near term. The Boarder market have
1 Year 12.23 9.52
witnessed significant correction vis-à-vis key indices (Sensex / Nifty). Thus, scouting for
2 Years 6.04 6.88 opportunities in the broader markets with attractive risk-reward would be more prudent.
3 Years 10.66 10.86
5 Years - - In light of the changing dynamics, we prefer Rural & Agri themes, corporate banking
Since Inception 9.07 9.27 space and telecom to which we have realigned our portfolio. Going ahead, we may
*For details please refer "Fund at a Glance; # Annualised Retuns tactically take a call on cash levels based on market movement and attractiveness of
individual sectors/ companies.
Industry -wise Exposure
Cement 3.17%
Drugs & pharmaceuticals 3.24%
Asset Management Services (Mutual Funds) 3.29%
Miscellaneous 3.30%
Tobacco Products 3.54%
Industrial construction 3.55%
Natural Gas Trading & Distribution 4.93%
Refinery 6.05%
Computer software 9.35%
Financial and Insurance Activities 24.41%
Others 35.16%
0% 5% 10% 15% 20% 25% 30% 35% 40%
Quantitative Indicators (Equity)
Std Dev (Annualised) Sharpe Ratio Portfolio Beta
13.05% 0.57 1.55Balanced Fund (SFIN:ULIF005161109BALANCEDFN143)
Fact Sheet for December 2019 ( based on portfolio as on 31.12.2019 )
Investment Objective Portfolio
Nature of Security/Security Name Rating Percentage
To provide higher growth with reasonable security, by investing primarily in equity
instruments and moderate allocation in debt securities/ bonds. Equity
Top 10 Equity Securities
HDFC Bank Ltd 5.23
Name Date of Inception NAV as on December 31, 2019 ICICI Bank Ltd 4.04
Balanced Fund 25-Nov-09 Rs. 21.6665 Reliance Industries Ltd 3.48
Infosys Technologies Ltd 2.94
AUM Fund Manager Funds managed by the Fund Manager ITC Ltd 2.91
Sandeep Shirsat Equity - 0, Debt - 7, Balanced - 5 Tata Consultancy Services Ltd 2.17
Rs. 144 crore
Viraj Nadkarni Equity - 7, Debt - 0, Balanced - 5 Axis Bank Ltd 2.08
State Bank of India 2.00
Targeted Asset Allocation Pattern in Percentage Larsen & Toubro Limited 1.70
Minimum Maximum Actual Bajaj Finance Ltd 1.65
Equity Shares 50 70 67 Others (See Annexure 1 for details) 38.90
Debt Securities and Bonds 30 50 31 Total - Equity Securities 67.10
Cash and Money Market Investments 0 20 1
The actual asset allocation will remain within the 'minimum' and 'maximum' range based on market Debt
opportunities and future outlook of the markets
Top Sovereign Securities
8.17% Government of India 2044 3.11
Fund Positioning 8.3% Government of India 2040 1.37
This Fund is positioned as a balanced mix of debt and equity, with the asset allocation 7.26% Government of India 2029 1.25
pattern providing a good opportunity to provide consistent and sustainable returns. The 8.83% Government of India 2041 0.82
equity portion will have a highly diversified portfolio with high liquidity while the debt portion Total - Sovereign Securities 6.55
will comprise of high rated debt instruments with a low to moderate liquidity. The asset
allocation will follow a macro level market scenario and the individual stock selection will be
Top 10 Corporate bonds
with micro level performance expectations of the stocks and securities.
7.17% National Highways Authority of India 2021 AAA 8.07
9.95% Food Corporation of India 2022 AAA 2.22
9.35% Rural Electrification Corp 2022 AAA 2.20
8.48% LIC Housing Finance Ltd 2020 AAA 2.09
Asset Allocation in crore as on December 31, 2019 9.22% LIC Housing Finance Ltd 2024 AAA 1.88
2.10 7.95% India Infradebt Limited 2024 AAA 1.43
2% 7.71% L&T Finance 2022 AAA 1.42
45.33 9.29% Power Finance Corporation Ltd 2022 AAA 1.41
31% 8.5% HDFC 2020 AAA 1.41
10.02% Mahindra & Mahindra Fin. Serv. 2022 AA+ 0.93
96.74 Others (See Annexure 1 for details) 1.84
67% Total - Corporate bonds 24.90
Money Market Instruments 1.46
MF Units – Liquid Funds 0.00
Equity Debt Money Market Instruments 100.00
Grand Total
Returns (%)
Balanced Composite
Period
Fund Benchmark*
1 Month 0.57 0.62
6 Months 3.92 3.63
1 Year 11.51 11.03
2 Years 6.08 7.56 Credit Profile of Debt and Money Market Investments
3 Years 9.17 11.16 Nature Percentage
5 Years 6.95 7.90 GSEC & T Bills 19.90
Since Inception 7.95 8.47 AAA & P1+ & PR1+ & A1+ 70.03
*For details please refer "Fund at a Glance AA+ & AA 5.09
Industry -wise Exposure (%) AA- 0.00
Cement 2.27%
A & Below 0.55
Fixed Deposits with Banks 0.00
Tobacco Products 2.91%
CBLO/TREPS/ Other Money Market Investments 4.43
Drugs & pharmaceuticals 3.37% Total 100.00
Refinery 3.82%
Maturity Profile of Debt Portfolio
Infrastructure Finance Services 5.41%
Period Exposure in Percentage
Housing finance services 5.92% 0 - 3 Months 10.77
Sovereign 6.55% 3 - 12 Months 4.27
Computer software 6.87%
1 - 3 Years 54.43
3 - 5 Years 10.64
Business Services & Consultancy 8.69%
5 - 10 Years 3.81
Financial and Insurance Activities 24.41% > 10 Years 16.09
Others 29.80% Total 100.00
0% 5% 10% 15% 20% 25% 30% 35%
Quantitative Indicators (Equity)
Std Dev (Annualised) Sharpe Ratio Portfolio Beta
8.87% 0.72 1.04
Quantitative Indicators (Debt)
Average Maturity (Years) Modified Duration (Years) Fund Manager's Comments
6.04 3.46 Please refer to the page “Fund Manager's Comments”Balanced 1 Fund (SFIN:ULIF011010910BALAN1FUND143)
Fact Sheet for December 2019 ( based on portfolio as on 31.12.2019 )
Investment Objective Portfolio
Nature of Security/Security Name Rating Percentage
To provide higher growth with reasonable security, by investing primarily in equity
instruments and moderate allocation in debt securities/ bonds. Equity
Top 10 Equity Securities
Reliance Industries Ltd 5.52
Name Date of Inception NAV as on December 31, 2019 HDFC Bank Ltd 4.63
Balanced 1 Fund 14-Sep-10 Rs. 19.7587 ICICI Bank Ltd 4.59
Infosys Technologies Ltd 3.51
AUM Fund Manager Funds managed by the Fund Manager ITC Ltd 3.20
Sandeep Shirsat Equity - 0, Debt - 7, Balanced - 5 Axis Bank Ltd 2.69
Rs. 368 crore
Viraj Nadkarni Equity - 7, Debt - 0, Balanced - 5 Tata Consultancy Services Ltd 2.63
State Bank of India 2.30
Targeted Asset Allocation Pattern in Percentage Larsen & Toubro Limited 2.25
Minimum Maximum Actual Kotak Mahindra Bank Ltd 1.76
Equity Shares 50 70 66 Others (See Annexure 1 for details) 32.93
Debt Securities and Bonds 30 50 31 Total - Equity Securities 66.01
Cash and Money Market Investments 0 20 3
The actual asset allocation will remain within the 'minimum' and 'maximum' range based on market Debt
opportunities and future outlook of the markets
Top Sovereign Securities
8.08% Government of India 2022 4.25
Fund Positioning 7.26% Government of India 2029 1.40
This Fund is positioned as a balanced mix of debt and equity, with the asset allocation 6.79% Government of India 2027 1.36
pattern providing a good opportunity to provide consistent and sustainable returns. The 7.72% Government of India 2025 0.89
equity portion will have a highly diversified portfolio with high liquidity while the debt portion 6.45% Government of India 2029 0.81
will comprise of high rated debt instruments with a low to moderate liquidity. The asset 6.68% Government of India 2031 0.80
allocation will follow a macro level market scenario and the individual stock selection will be 8.97% Government of India 2030 0.31
with micro level performance expectations of the stocks and securities.
Total - Sovereign Securities 9.82
Top 10 Corporate bonds
8.57% Rural Electrification Corp 2024 AAA 4.32
Asset Allocation in crore as on December 31, 2019 9.95% Food Corporation of India 2022 AAA 3.11
12.33 9.05% JK Lakshmi Cement Ltd 2021 AA- 2.77
3% 9.35% Rural Electrification Corp 2022 AAA 1.75
7.95% India Infradebt Limited 2024 AAA 1.40
112.85 7.8% Apollo Tyres Ltd 2022 AA+ 1.11
31% 7.8066% Kotak Mahindra Prime Ltd 2020 AAA 0.96
243.17 8.6% LIC Housing Finance Ltd 2020 AAA 0.82
66% 9.39% LIC Housing Finance Ltd 2024 AAA 0.65
8.5% HDFC 2020 AAA 0.55
Others (See Annexure 1 for details) 3.37
Total - Corporate bonds 20.81
Equity Debt Money Market Instruments
Money Market Instruments 3.35
Returns (%) MF Units – Liquid Funds 0.00
Balanced 1 Composite Grand Total 100.00
Period
Fund Benchmark*
1 Month 0.18 0.62
6 Months 2.63 3.63
1 Year 9.44 11.03
2 Years 5.25 7.56 Credit Profile of Debt and Money Market Investments
3 Years 8.72 11.16 Nature Percentage
5 Years 6.84 7.90 GSEC & T Bills 28.90
Since Inception 7.60 8.17 AAA & P1+ & PR1+ & A1+ 45.75
*For details please refer "Fund at a Glance AA+ & AA 3.69
Industry -wise Exposure (%) AA- 11.36
Industrial construction 2.65%
A & Below 0.45
Fixed Deposits with Banks 0.00
Housing finance services 3.00%
CBLO/TREPS/ Other Money Market Investments 9.85
Tobacco Products 3.20% Total 100.00
Trading 4.21%
Maturity Profile of Debt Portfolio
Cement 4.93%
Period Exposure in Percentage
Refinery 5.71% 0 - 3 Months 13.05
Computer software 7.19% 3 - 12 Months 6.86
Infrastructure Finance Services 8.31%
1 - 3 Years 44.94
3 - 5 Years 18.76
Sovereign 9.82%
5 - 10 Years 13.12
Financial and Insurance Activities 24.20% > 10 Years 3.27
Others 26.77% Total 100.00
0% 5% 10% 15% 20% 25% 30%
Quantitative Indicators (Equity)
Std Dev (Annualised) Sharpe Ratio Portfolio Beta
9.37% 0.48 1.12
Quantitative Indicators (Debt)
Average Maturity (Years) Modified Duration (Years) Fund Manager's Comments
3.48 2.58 Please refer to the page “Fund Manager's Comments”You can also read
