OUTLOOK - 2018 INDIA MARKET - Mirae Asset
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INDIA MARKET OUTLOOK - 2018
Indian Economy
2017 was a year where 2 major reforms, disrupted the GDP Growth
Indian economy - Demonetization (which was enacted at
After declining to a three-year low of 5.7% in Q1 – the fth
end of CY’16) and implementation of GST. However the
straight quarterly decline – GDP nosed up to 6.3% in Q2
Indian economy remained resilient and showed positive
on improvement in industrial growth. The pick-up signals
growth in many parameters. The macro economic
fading impact of demonetization and destocking that
conditions of India have been the best in recent times and
preluded the implementation of the Goods and Services
we see the same continuing in 2018, however there may
Tax (GST).
be some challenges along the way. Global growth is
showing signs of inching up, and should aid the growth in Nuances of GDP growth (at basic prices)
the Indian economy.
The table below highlights what we believe was the At basic prices
Q2 Q3 Q4 Q1 Q2
economic picture for the Indian economy in CY 2017. FY17 FY17 FY17 FY18 FY18
The Good The Not So Good The Bad
Agriculture & allied 4.1 6.9 5.2 2.3 1.7
Domestic Flows Surge in Ination
in H2 of CY17
Industry 5.9 6.2 3.1 1.6 5.8
Economic Reforms GDP Growth
Current Account Fiscal Decit
Manufacturing 7.7 8.2 5.3 1.2 4.0
Decit
Currency FII Flows
Mining -1.3 1.9 6.4 -0.7 5.5
The table below highlights what we believe will be the
economic picture for the Indian economy in CY 2018. Services 7.8 6.9 7.2 8.7 7.1
The Good The Not So Good The Bad
GVA 6.8 6.7 5.6 5.6 6.1
Domestic Flows Ination Volatility due to
state elections Source: CSO, CRISIL research.
Economic Reforms Fiscal Decit Crude Oil
Current Account The MPC forecasts for Gross Value Added (GVA)
Decit growth in scal 2018 at 6.7%. We expect the
Currency growth to pick up and average 7% this scal,
helped by low-base effect of the second half of
GDP Growth scal 2017.
Global Growth
8 GDP growth rate (in %) 2017E 2018E 7.4
6.7 6.8
6.5
6
4.9 5.0
4 3.6 3.7
2.1 1.9 2.2 2.3
1.7 1.5 1.5 1.5 1.8 1.6
2
0.7 0.7
0
Global Emerging Euro US UK Japan Brazil Russia India China
-2 Market Zone
Developed Markets BRICs
-4
Source: IMF.
2017 is the rst year of decent global growth after 5 years, which is a clear evidence of improving economic activity
globally. Major Global economies (especially US) are poised for sustained recovery, as reected in the various central
banks' intentions to hike rates. Geopolitical risk remains a concern.
INDIA MARKET OUTLOOK - 2018 2CPI Ination Current Account Decit
Consumer Price Index (CPI)-based ination surged to a India's Current Account Decit (CAD) was $7.2 billion
fteen-month high of 4.9% in November 2017. CPI (1.2% of GDP) in the second quarter this scal (Q2 FY18),
ination is now nearly 340 basis points (bps) higher than or half of the $15 billion (2.5% of GDP) in Q1, but twice
the lowest point of 1.5% in June - reason why the Reserve the $3.5 billion (0.6% of GDP) in Q2 FY17.
Bank of India remains cautious. Inationary pressures are Foreign direct investment (FDI) contributed more to
again in the spotlight with the crude oil price seeing a foreign capital inows than foreign portfolio investments
sustained rise, impact of payment of higher house rent (FPI) & helps in lowering CAD. We estimate CAD will
allowances to government employees, rising rural wages, remain at manageable levels, which can be
some indication of return of pent up demand in the nanced by FDI/FPI inows.
economy and a weak base.
(CAD in %)
14 CPI - Monthly RBI Repo 8.0 0
(%YoY) Rate (in %)
12 7.5
-0.7
-1
7.0
10 -1.1
-1.3 -1.3
6.5 -1.5
8 -1.7 -1.7
-2
6.0
6.0 -2.3
6
5.5
4.88 -3 -2.8 -2.7
4
5.0
2 CPI - Monthly (%YoY) 4.5 -4
RBI Repo Rate (in %) -4.2
0 4.0
Oct-12 Dec-17 -5 -4.8
Source: Bloomberg as on 31st December 2017.
The MPC forecasts CPI ination to average ~3.6%
FY11
FY09
FY18E
FY13
FY19E
FY15
FY17
FY10
FY16
FY08
FY12
FY14
-6
(actual ination at 2.6% in the rst half and
forecast at 4.3-4.7% in Q3 and Q4).
Source: Bloomberg consensus as on 31st December 2017.
RBI Monetary Stance
FDI - FPI contribution in capital inows
The Reserve Bank of India's (RBI), Monetary Policy
Committee (MPC) made no change in the policy rates in Net FDI Net FPI
December – leaving the repo rate at 6%, the reverse repo Figures In US$ billion
at 5.75%, and the marginal standing facility rate at 6.1
6.25%. So far in the easing cycle, which began in January
2015, the repo rate has been reduced by 200 basis points
(bps), with the last rate cut in August 2017.
US$ billion
12.5 2.1
The MPC maintained its neutral monetary policy stance,
but raised concern on the trajectory of ination, which has 10.8
risen of late. It reiterated focus on maintaining medium- 17.0
term ination at 4%, within a band of +/- 2%, while 12.4
supporting growth. 9.7
7.2
With ination having picked up sharply in recent 5.0
months, oil prices trading at near 3 year high and
possibility of scal slippage, there seems no
headroom for RBI to cut rates in the foreseeable
period. However, with growth momentum yet to -11.3
pick up strongly, RBI may refrain from hiking rates
preemptively in a rush. Thus RBI is likely to remain
on hold for better part of 2018. Any rate action, in
either direction, may materialize only in later part Sep-16 Dec-16 Mar17 Jun-17 Sep-17
of 2018. Source: RBI, CEIC, CRISIL Research.
INDIA MARKET OUTLOOK - 2018 3Currency Fiscal Decit
2017 has been a year of two halves for INR. In H1 CY17, 0
INR appreciated ~6% against USD but in H2 it has
remained at. H1 appreciation driven by overall lower
-1
current decit, strong capital inows and relatively lower
ability with RBI to intervene given a surge in INR liquidity
in the banking system post demonetization. While H2 -2
remained at, led by widening of the current account
decit and relatively lower capital inows compared to H1. -2.5
-3
With no demonetization like event, RBI’s
-3.2
constraint is likely to be relaxed in FY19 as the -3.5
system liquidity inches towards neutral. On the -4
-3.9
other hand if for some reason INR depreciates, the -4.1
more than US$400bn reserves can cushion the fall -4.5
-5
too. Flexibility on two-way intervention can pave -4.9 -4.9
the way for INR currency to remain range-bound.
-6
75 INR/USD Rate -6 -5.9
-7 -6.7
70
63.87
FY11
FY09
FY18E
FY13
FY15
FY17
FY10
FY16
FY08
FY12
FY14
-8
65
Source: Bloomberg as on 31st December 2017.
60
• Inspite of the extra government borrowing announced
in last week of December, central government has
55
shown signicant scal prudence by limiting its scal
decit within guidance / FRBM targets.
50 • Increase in oil & commodity prices will lead to increase
in CAD & impact scal decit and will remain a key risk.
45
40% 1 Year Change
40
Dec-11 Dec-13 Dec-15 Dec-17
st
32%
Source: Bloomberg as on 31 December 2017.
30% 30%
30%
Emerging Market Currency Return in CY17*
12%
10%
10%
8%
6% 20%
6%
4%
2% 14% 14%
2%
0%
-2% 10%
-4%
-6%
-6% -6%
-8%
Africa
China
Russia
Brazil
South
India
0%
Gold Aluminium Copper Oil Zinc
st st
Source: Bloomberg as on 31 December 2017. *Rounded off Source: Bloomberg as on 31 December 2017. Metal prices are LME prices.
INDIA MARKET OUTLOOK - 2018 4Debt Market
Review 2017 7.33%, mostly in last quarter. Headline CPI ination rose
nearly 150bps from 3.4% in December'16 to 4.9% in
Calendar year 2017 commenced on a promising note with
November'17. Fed raised rates 3 times from 0.50-0.75%
huge liquidity ows into banking system due to
to 1.25-1.50% during the year in view of a strong
demonetization, low oil prices and strong scal position.
economy and rising employment. INR appreciated nearly
However, in later part of the year, a strong rise in global
6% for the year from 67.93/$ to below 64/$ driven by
crude oil prices, a spike in ination domestically due to
strong FPI ows. Liquidity remained in surplus for most
rising food, fuel and housing prices, disruption in revenues
part of the year but inched towards neutral by year end
due to GST implementation and a hawkish Fed turned the
due to strong sterilization by RBI including by way of OMO
market sentiments into negative zone. India 10Y govt
sales.
bond yields rose nearly 80bps from 6.52% to
Monthly FPI/FII Net Investments Fixed Income Rates (in %)
(Calendar Year - 2017)
INR crores Fixed Income - Rates 29th Dec’ 2017 31st Dec’ 2016
Calendar Year Equity Debt Total
Call Money 6.10 6.20
January -1,177 -2,319 -3,496
February 9,902 5,960 15,862
CBLO 5.82 6.23
March 30,906 25,355 56,261
April 2,394 20,364 22,758
3 month CD 6.38 6.20
May 7,711 19,155 26,866
June 3,617 25,685 29,302
3 month CP 7.06 6.71
July 5,161 18,867 24,028
August -12,770 15,447 2,677 1 year CD 6.75 6.63
September -11,392 1,349 -10,043
October 3,055 16,064 19,119 1 year CP 7.53 7.34
November 19,728 531 20,258
December -5,883 2,350 -3,544
G-Sec (10 yrs) 7.33 6.52
Total - 2017 51,252 1,48,808 2,00,048
Source: NSDL, 31st December 2017. Source: Bloomberg as on 31st December 2017.
Global Interest Rates
10 (Rates in %) • Post global crisis, Interest rates have been trending
9 US UK Japan India down and now, rates seem to have bottomed out.
8 • Fed and European Central Banks' indications of rate
hike and QE withdrawal points towards their increasing
7 7.3 condence in global economic growth.
6
5
4
3
2.4
2
1.2
1
0 0.05
Dec-16 Dec-17
st
Source: Bloomberg as on 31 December 2017.
INDIA MARKET OUTLOOK - 2018 5Debt Outlook 2018
Its time again for crystal ball gazing, to make assessment On the global front, Fed rmly remains on gradual rate
for what holds in store for xed income investors in 2018. hike path. The balance sheet shrinking exercise by Fed will
Macro economic environment appears pretty challenging step up to $20bn/pm from Q1CY18 and will peak at
for debt markets as we prepare to welcome the new $50bn/pm by end of year sucking out over $300bn of
calendar year. Headline CPI ination at 4.88% for liquidity from global markets in current year. US economy
November'17, already above the higher end of RBI is on a rm footing having grown at 3.3% in last quarter,
assessment of 4.70%, is expected to print near 6% in its' fastest pace in over 3 years. Unemployment rate at
Q1CY18. Pushing higher the ination trajectory are three 4.1% is lowest in over a decade. The likely passing of a tax
crucial variables. First the Brent crude oil prices which are cut bill will further provide a strong stimulus. Similarly,
now trading at near $67/bl, almost a 3 year high. To Euro zone economy is also growing strongly and its not
complicate matters further, even as oil remains on boil, long before that ECB will need to tone down the ongoing
Govt needed to cut excise duty on petroleum products in QE exercise. Thus, global markets are also hinting at
response to public outrage putting pressure on scal higher rates in coming year.
balance (Analyst estimates at ` 13000 crs on this count). The silver lining though amongst this gloomy scenario is
Secondly, increased allowances under 10th pay that interest rates in India have already risen sharply in
commission recommendations have resulted in housing recent months and are benchmark 10Y govt bonds have
component of ination to shoot up. Finally, the vegetable been trading at near 7.35%, the yearly high of 2017. A
prices witnessed a sharp surge in Q4CY17 pushing large section of market believes that all these negatives
headline ination higher. To the extent that the current are already factored in and any further spike in market
surge is partly attributed to normalization of vegetable rates in unlikely. On the other hand, any improvement in
prices, which had collapsed in November last year macro environment may allow rates to ease.
immediately after demonetization, a quick easing of the Given RBI's cautious stance, in the current environment, it
same is unlikely. Core ination that has remained rather may remain on prolonged pause, holding key policy rates
sticky throughout the year has also risen in recent months at current levels. A slowing growth may also hold RBI back
and crossed 5% mark in November. Along side, revenue from hiking rates even if the next few months turn into a
collections have not shown the expected improvement more challenging macro environment.
post implementation of GST and scal decit for April-Oct
In conclusion, H12018 may witness a mild increase in
period has already reached nearly 97% for the budget.
benchmark rates given deteriorating macros. However, if
Even assuming, govt is able to retain the current year's
revenue collections show improvement, as they are
scal decit target of 3.2%, it would be an uphill task to
expected to, as initial glitches of GST stabilizes and if India
retain 3% scal decit target for FY19 as dictated by
has another normal monsoon allowing food prices to
FRBM. In recent months, export growth has been erratic
soften, market rates may start easing in H2CY18.
and imports have shown sharp uptick necessitating a
recast of CAD projection by most analysts. Thus, on macro
front, headwinds to lower rates remain pretty strong in the
form of accelerating ination, possible scal slippage and
widening CAD.
INDIA MARKET OUTLOOK - 2018 6Investment Strategy
Mirae Asset Cash Management Fund*
• Endeavor will be to give stable returns with minimal mark to market and credit risk.
• Liquid portfolio with minimal interest rate risk.
• Invests in high quality Money Market/Debt Instruments.
• Endeavor will be to maintain average maturity upto 91 days (usually between 20-50 days).
Mirae Asset Savings Fund*
• Mirae Asset Savings Fund is positioned between liquid funds and short-term funds with respect to the risk-return
matrix.
• The fund will endeavor to have a portfolio of high quality and medium / low interest rate sensitive debt securities.
• Endeavor will be to maintain average maturity of 9-12 months.
Mirae Asset Dynamic Bond Fund*
• The fund has the exibility to invest across spectrum of debt and money market instruments, based on assessment of
interest rate outlook.
• The fund responds to continuously changing market scenario by actively managing its portfolio.
• Aims to optimize risk adjusted returns.
* The Fund positioning may be changed by Fund Manager, in accordance with the market scenario
Product Labelling
These products are suitable
Name of the Scheme Riskometer
for investors who are seeking*
Moderate Mo
ely de
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• Optimal returns over short term
M
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Mirae Asset Cash
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• Investment in a portfolio of short duration
Low
Management Fund
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money market and debt instruments
Investors understand that their principal
will be at Low Risk
Moderate Mo
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• Optimal returns over medium term
M
ly
Mirae Asset Savings Fund
Hig
Low
• Investment in a portfolio debt and money market
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instruments
Investors understand that their principal
will be at Moderately Low Risk
Moderate Mo
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• Optimal returns over short to medium term od Lo
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Mirae Asset Dynamic • To generate optimal returns through active
Hig
Low
Bond Fund management of a portfolio of debt and money market
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instruments
Investors understand that their principal
will be at Moderate Risk
*Investors should consult their nancial advisers if they are not clear about the suitability of the product.
INDIA MARKET OUTLOOK - 2018 7Equity Market
2017 - Recap Sensex performance for CY17
34,000 (Index Level)
2017 will be remembered for its strong comeback (Sensex
up 27% v/s almost at in 2016) after one of its kind of 33,000
reforms in terms of demonetization and GST which 32,000
disrupted the economy. However, India was also joined by
similar performance in other key indices (US +25%, MSCI 31,000
EM +29%, Japan +19%). On the sectoral performance 30,000
front, all other domestic sectoral indices were positive
with consumer durables being the best performer & 29,000
Health care being the worst performer. 28,000
Equity remained the best performing asset class in
27,000
2017.
26,000
Jan-17 Dec-17
Reforms on Track (2015-2017)
Source: Bloomberg as on 31st December 2017.
Fiscal Prudence
Performance of global indices in CY17
(Return in %)
• J-A-M* architecture 40 36%
*J-A-M: Jandhan-Aadhar-Mobile
35
• Inflation control 30 28% 27% 26%
25 22%
19%
20
15
10 7% 6%
Tax Reforms
5
0
Brazil
India
(Sensex)
US
(Dow Jones)
Korea
Japan
UK
China
Hong Kong
• GST
• Committed to reduce corporate
tax rate
Source: Bloomberg as on 31st December 2017.
Performance of key sectoral indices in CY17
Ease of Doing Business (Return in %)
120
102%
100
• RERA, IBC, UDAY, FDI, etc.
80
• Transparency in auctioning 60%
60 48% 48%
39% 35%
40 32% 32%
20
0%
Aspirational Targets 0
Consumer
Durables
Health Care
BSE Small-Cap
Bankex
BSE 200
S&P BSE
BSE Mid-Cap
S&P BSE Metal
S&P BSE
S&P BSE Auto
S&P BSE FMCG
S&P BSE
• Housing for All
• Doubling of farm income
Source: Bloomberg as on 31st December 2017.
INDIA MARKET OUTLOOK - 2018 82018 Outlook • Corporate earnings recovery
Corporate earnings recovery visibility has improved for Corporate earnings is expected to make a comeback in
2018 with the building blocks for domestic economic 2018 after subdued trend in the last few years. India
recovery seem to be falling in place - led by both structural corporate earnings have started normalizing after the
and cyclical factors. Global economic recovery is expected demonetization / GST led disruptions and would see a
to continue and could revive India exports. In terms of good growth with improving operating conditions and
chronology, key events to watchout for 2018 would be helped by base effect. Two consecutive good
India Annual budget, rate hikes by global central banks', monsoons, improved farm insurance penetration and
monsoon trends, followed by newsow on run up to state farm loan waivers in some states should have a positive
and general elections. Key risks for 2018 include
impact on the rural economy.
(a) Higher-than-expected crude oil prices and weaker-
• Visibility of benets from recent Reforms
than-expected GST revenues,
Indian government has pushed various reforms/
(b) Twin balance sheet stress, schemes over the last few years which include GST
(c) Pace of rate hikes by global central banks, (Goods and service tax), Housing for All and IBC
(d) Upcoming election outcomes and (Insolvency and Bankruptcy Code) among others.
While it would take some time to realize the full
(e) Geopolitical situation. benets of these reforms, we expect some early
The valuation of key Indices (Nifty/Sensex) might appear visibility on benets in 2018. We expect near term
stretched as against the historical averages. However, we benets from “Housing for All” scheme (has a
believe the valuations are optically high as India corporate multiplies effect across value chain) and PSU bank
earnings are at cyclical lows. Corporate prot to GDP is at recapitalization (will support credit growth) along with
a decade low at 2.9%, while RoE’s are almost 10% lower NPA resolutions.
than the peak of 2008. At a broader level, recovery in the
earnings and signs of return in investment cycle will be • Trend towards nancial savings and digitization
keenly watched in 2018. India remains one of the few We expect continued trend towards nancial savings
regions with structural long term growth drivers, and led by (a) Formalization of the economy (GST,
expects market returns to track earnings growth which is Demonetization, Aadhar, RERA), (b) widening social
expected to revive. These coupled with concerted efforts security net (PM Mudra Yojana, Pension Yojana, NPS)
by government to revive the investment cycle, benets of
and (c) strengthening nancial network (Jan Dhan,
decent monsoons and pay hike, will help revive the growth
in corporate earnings, which has been muted for few UPI, DBT). Linking of Aadhar can throw up positive
years. surprises and help in accelerating the pace of
formalization of the economy. Government has already
At a portfolio level we continue to use bottoms-up
saved billions by targeting subsidy schemes under DBT.
approach and invest in companies that have shown good
protability across the cycles and run by competent
management. We would advise to follow a well-crafted DII ows providing strength to markets
balanced allocation towards equites, with a large portion
allocated to multi-cap funds. We would advice investors to FII Equity DII Equity
24.5
invest through SIP route (with a well-dened goal in mind)
USD Billion
or in a staggered manner (through STP) to participate in
20.0
the Indian equity markets.
16.2
14.5
Key themes likely to shape up in 2018
could be… 10.2
8.6
• Balancing forces on the economic front
Macro scenario (ination, scal, interest rates) was 5.3
favourable in 2017, while 2018 could be a more 3.3 2.9
balanced year. We expect economic growth to pick up
as demonetization and GST disruption wanes,
government spends continues and investment cycle
picks up in 2H. However, balancing factors could be (1)
rising ination, (2) hardening global interest rate cycle -4.9
and (3) lower domestic scal space. Recent state
election results and upcoming 2018/19 elections could
-10.9
have some bearing on the upcoming budget.
-13
Government till now has maintained scal discipline
(also led to rating upgrade by Moody's), however we CY12 CY13 CY14 CY15 CY16 CY17
will not be surprised if it allows itself some slack in the
decit targets to increase spending.. Source: RBI, CEIC, CRISIL Research
st
Source: Bloomberg as on 31 December 2017.
INDIA MARKET OUTLOOK - 2018 91. Sensex ROE 4. India well placed in FII Flows
Sensex ROE (%)
FII ows ($bn) 2013 2014 2015 2016 2017
24.4
23.8 India 19.6 16.2 3.3 2.9 8.0
23.0
21.7 Taiwan 9.2 13.2 3.4 11.0 6.0
20.3
South Korea 4.9 5.7 -3.6 10.5 8.1
18.5
17.6 16.9 Indonesia -1.8 3.8 -1.6 1.3 -2.9
16.1
15.2
16.0 16.6 14.9
South Africa 0.1 1.5 0.7 -8.6 -3.9
15.4 14.1
15.2 15.3
Brazil 4.9 9.0 5.7 3.9 3.0
13.6
12.9
Total 36.8 49.3 7.9 20.9 18.4
FY01
FY02
FY03
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18E
FY19E
India's share (%) 53.2 32.8 41.4 13.9 44.5
Source: Ace, Bloomberg. Source: Business Standard.
2. Corporate prots to GDP 5. Nifty P/E
Corporate prots to GDP (%) Nifty P/E (x) 10 Yr avg P/E (x) 5 Yr avg P/E (x)
7.8 30
7.3
6.5
6.2 6.2
25
5.4 5.5
4.6
4.9 4.3 20 18.5
3.8 17.2
3.1
2.9 3.1 3.3
15
10
5
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18E
FY19E
0
Nov-05 Dec-17
Source: Ace, Bloomberg; Data for top 500 companies. Source: Bloomberg as on 31st December 2017.
3. Nifty EPS Growth 6. Sectoral break-up of Nifty EPS (INR)
Nifty EPS YoY (%) 586
31% 26% 26% 23% 477
22%
15% 11% 425
8% 7%
3% -1% 384
12% 12%
586
-5%
-13% 477
408 387 384 425
356
323 346
275
226 238 257
179
160
FY16 FY17 FY18E FY19E
Media Telecom/Utilities Automobiles
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18E
FY19E
Health Care IT Commodities (Oil/Metal)
Consumer Cap Goods & Infra Financials
st st
Source: Bloomberg as on 31 December 2017. Source: Bloomberg as on 31 December 2017.
INDIA MARKET OUTLOOK - 2018 10Investment Strategy
Mirae Asset India Opportunities Fund*
Mirae Asset India Opportunities Fund is a Multicap Equity fund which
• Has exibility to invest across sector, themes & market caps. Portfolio is well diversied across sectors and themes.
• Combines consistency of large caps with conviction idea from midcaps. Typically invest about 75% (± 10%) in large companies in
sync with benchmark.
• Actively Managed portfolio with ‘core’ and ‘tactical’ approach.
• Bottom up approach: driven by value investing, in growth oriented businesses.
Mirae Asset Emerging Bluechip Fund*
• The Fund invests primarily (65%+) in mid-size companies (companies not amongst the Top 100 companies).
• Bottom up approach: driven by value investing, in growth oriented businesses.
• Portfolio is well diversied across sectors and stocks.
• Focus is to compound capital over the long term. Investment approach is centered around participating in high quality businesses
upto a reasonable price and holding the same over an extended period of time.
Mirae Asset Prudence Fund*
Allocation between Equity and Debt - Function of Valuation, Earnings Growth and Interest Rate Outlook
For the Equity portion
• Portfolio of larger companies (atleast 65% investments in top 100 companies by market capitalization) may provide stability to the
fund.
• Diversied portfolio of strong growth companies at reasonable price.
• Has exibility to invest across sector & themes.
For the Debt portion
• Flexibility to invest across all the securities in the debt and money markets.
• Portfolio composition in line with extant outlook on yield curve shape and market spreads.
Mirae Asset Tax Saver Fund*
Mirae Asset Tax Saver Fund is an ELSS equity fund which
• Has exibility to invest across sector, themes & market caps. Portfolio is well diversied across sectors and themes.
• Focus is to compound capital over the long term. Diversied portfolio of strong growth companies at reasonable price.
* The Fund positioning may be changed by Fund Manager, in accordance with the market scenario
Product Labelling
These products are suitable
Name of the Scheme Riskometer
for investors who are seeking*
Mirae Asset India • Long-term capital appreciation
Opportunities Fund • Investment in equities, equity related securities
• Long-term capital appreciation
Mirae Asset Emerging • Predominantly investments in Indian equities and
Bluechip Fund equity related securities of companies which are Moderate Mo
ely de
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not part of the top 100 stocks by market capitalization er w gh e
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M
ly
• Capital appreciation along with current income over
Hig
Low
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long term
Mirae Asset Prudence
Fund • Investment predominantly in equity and equity related Investors understand that their principal
will be at Moderately High Risk
instruments with balance exposure to debt and
money market instruments
• Growth of capital over long term
Mirae Asset Tax
Saver Fund • Investment predominantly in equity and equity
related instruments
*Investors should consult their nancial advisers if they are not clear about the suitability of the product.
INDIA MARKET OUTLOOK - 2018 11Disclaimers: Certain information contained in this document is compiled from third party sources. Whilst Mirae Asset Global Investments (India) Private Limited has to the
best of its endeavor ensured that such information is accurate, complete and up-to-date, and has taken care in accurately reproducing the information, it shall have no
responsibility or liability whatsoever for the accuracy of such information or any use or reliance thereof. This document shall not be deemed to constitute any offer to sell the
schemes of Mirae Asset Mutual Fund. Mirae Asset Global Investments (India) Pvt. Ltd/ Mirae Asset Trustee Co. Pvt. Ltd./ Mirae Asset Mutual Fund/ its Directors or
employees accepts no liability for any loss or damage of any kind resulting out of the unauthorized use of this document. References to particular sectors, securities or
companies are for general information only and are not recommendations to buy or sell a security, or an indication of the author's holdings/ portfolios of the schemes of
Mirae Asset Mutual Fund at any one time.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully
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