Post on 11-Nov-2015
description
GS BeES
Exchange Traded Funds
April 2015
Presentation flow
Indexing as a strategy
GS BeES advantages & buy/sell mechanism
ETF growth international & India
GS BeES product details
About us
1
2
Why you should consider index investing?
Reduce risk
Elimination of non-systemic risks
Investing in an index fund makes no attempt at forecasts and
analysis
Lower expenses Cost of researching stocks, industries, sectors etc eliminated
Broad diversification Exposure to segments of markets and also entire markets
Easier to buy index fund versus individual stocks
Asset allocation Indices across asset classes (equity, fixed income, gold, etc.)
Easy to track portfolio
Benefit from expert opinion Actions of large numbers of active investors set stock prices &
index investors benefit from this at a low cost
Index funds in India
At present, there are 48 index funds, of which 221 are based on the CNX Nifty Index
Total recurring expenses2 vary from 0.25% to 1.70% p.a.
Tracking error3 ranges between 0.08% to 1.65%
3
Data as on 31st March 2015
1 -Source: MFI explorer.
2 Source MFI explorer. Service tax may be charged over and above total expense. 3 Internal calculation done on the basis of NAV data sourced from AMFI This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or
investment advice. Please see additional disclosures.
Features of GS BeES
Simple can be bought/ sold on the NSE like a share in real-time
Buy/ sell the broad Indian market in one ETF unit
Can be used to equitise cash
Economical the annual expense ratio for Index funds is low compared to traditional open-ended equity
or debt fund.
No rebalancing issue for the investor due to corporate action or index changes
Full replication strategy
4
Mechanism
5
Secondary market
Seller
Stock Exchange
GS BeES* Cash
Cash GS BeES*
* GS BeES = Goldman Sachs Exchange Traded Schemes
Exactly like a stock
Primary market
Authorized
participants /
financial
institutions
Subscription/
redemption
in-kind
Behind the scene
Buy / sell
Market making /
arbitrage
Buyer Fund
GS BeES Vs Open Ended Index Funds
6
Parameters Index ETFs Traditional open-ended index funds
Traded throughout the
day Yes No
Low expense ratio Usually lower than traditional
open-ended funds Usually higher than ETFs
Trade at any brokerage
firm Yes No
Tracking Tracks index more closely relative to a
traditional open-ended fund
Tracking errors are usually higher as
compared to ETFs
NAV Real time pricing as compared to a
traditional open-ended fund Daily end of day
Can be used for
derivatives margin Yes No
Liquidity Fund and stock market Fund
Structure Insulates long term investor from short
term trading activity
Does not insulate long term investor from
short term trading activity
ETF Exchange Traded Fund
7
Growth of ETFs Internationally
- AUM in USD Billion. Source: ETFGI Monthly Newsletter March 2015.
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Mar -15
AUM* 74 105 142 212 310 416 579 806 716 1041 1313 1355 1754 2254 2643 2781
No. of ETFs 94 208 283 288 334 440 719 1132 1614 1961 2473 3022 3334 3591 3964 4049
0
500
1000
1500
2000
2500
3000
3500
4000
4500
0
500
1000
1500
2000
2500
3000
No
. of E
TF
s A
UM
$ B
illio
n
Growth of International ETFs
Growth of ETFs in India
Source : Based on data collated from AMFI website i.e. www.amfiindia.com
* - Average AUM for the Quarter. (For other periods amount is Average AUM for Month)
Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09Dec-10*
Dec-11*
Dec-12*
Dec -13*
Dec -14*
Mar -15*
Avg. AUM 7 168 568 2920 7811 7142 2671 2410 4981 10852 13380 10959 12677 14371
No of ETFs 1 5 6 6 6 12 16 18 26 33 34 39 45 48
0
10
20
30
40
50
0
3000
6000
9000
12000
15000
No
. of E
TF
s
Av
g.
AU
M (
Rs. in
Cro
res)
Domestic Equity ETFs
10
CNX Nifty Index
Indias premier benchmark index introduced in November 1995 and was developed as a basis for
introducing index based derivatives
CNX Nifty is calculated using the free float market capitalization weighted method1
Only companies having a high degree of liquidity defined in terms of low impact cost are included as
constituents of the index
Impact cost of the CNX Nifty for March 2015 is 0.06% for a portfolio size of Rs. 50 Lakhs1
Represents about 57.34%2 of the total market capitalization of NSE as on 31st March 2015
11
1 - For criteria of CNX Nifty Index and Impact cost, kindly refer the indices section of NSE website i.e. www.nseindia.com
2 - Source: www.nseindia.com / India Index Services & Products Ltd. (IISL)/ Internal
Goldman Sachs Nifty Exchange Traded Scheme (GS Nifty BeES)
12
Investment objective
The investment objective of GS Nifty BeES is to provide investment returns that, before expenses, closely
correspond to the total returns of the securities as represented by the CNX Nifty Index. However, the
performance of scheme may differ from that of the underlying index due to tracking error.
Investment pattern
The above stated percentages are indicative and not absolute.
Instruments Indicative allocation %
Securities covered by CNX Nifty Index Up to 100%
Money market instruments, convertible bonds & other securities
including cash at call but excluding subscription & redemption cash flow
Up to 10%
There is no guarantee that these objectives will be met.
Goldman Sachs Nifty Exchange Traded Scheme (GS Nifty BeES)
13
Type of scheme
Open ended index scheme, listed on the exchange in the form of an Exchange Traded Fund (ETF)
Product labeling
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
This product is suitable for investors who are seeking*:
long-term capital appreciation.
investment in securities covered by CNX Nifty Index.
high risk. (BROWN)
(BLUE) investors understand
that their principal will be at low
risk
(YELLOW) investors understand
that their principal will be at medium
risk
(BROWN) investors understand that
their principal will be at high risk
Note: Risk may be represented as:
GS Nifty BeES
Combination of a share and a mutual fund unit
Listed and traded on the capital market segment of the NSE
Tracks the CNX Nifty Index and priced at 1/10th of the CNX Nifty Index
Minimum lot-size for real-time in-kind creation/ redemption with the Fund is 10,000 units and in multiples
thereof
Minimum lot-size to buy/ sell on NSE is 1 unit and in multiples thereof
Options: the scheme offers only growth option
Units of the scheme will be issued/ repurchased and traded compulsorily in Demat form
14
GS Nifty BeES - top 10 holdings
15
Data as on 31st March 2015
Portfolio holdings may change by the time you receive this. Portfolio holdings may not be representative of future investments. The securities discussed may not represent all of the portfolio's
holdings and may not be deemed representative of the strategys future portfolio holdings. Future portfolio holdings may not be profitable. Industry allocation as per AMFI classification
Company Industry Weightage (%)
Infosys Ltd Software 7.50
Housing Development Finance Corporation Ltd Finance 7.01
HDFC Bank Ltd Banks 6.73
ICICI Bank Ltd Banks 6.19
ITC Ltd Consumer Non Durables 6.17
Larsen & Toubro Ltd Construction Project 4.76
Reliance Industries Ltd Petroleum Products 4.61
Tata Consultancy Services Ltd Software 4.42
Tata Motors Ltd Auto 3.35
Axis Bank Ltd Banks 3.22
Total 53.98
GS Nifty BeES industry allocation
16
Data as 31st March 2015
Total allocation may not add to 100% due to rounding. Industry allocation as per AMFI classification. Portfolio holdings may change by the time you receive this Portfolio holdings may not be
representative of future investments. Future portfolio holdings may not be profitable
Industry Weightage (%)
23.94
16.42
9.51 8.85
7.76
6.97
5.32
4.76 2.94
2.58 2.54
2.27 1.93 1.27 0.72 0.72 0.63 0.61
Banks Software Consumer Non Durables Auto
Finance Pharmaceuticals Petroleum Products Construction Project
Cement Power Telecom - Services Oil
Minerals/Mining Non - Ferrous Metals Industrial Capital Goods Ferrous Metals
Media & Entertainment Gas
GS Nifty BeES scheme details
17
NSE Symbol : NIFTYBEES
BSE Code : 590103
ISIN : INF732E01011
Reuters : NBES.NS
Bloomberg : NBEES.IN
Total Expense Ratio : 0.49% p.a.1
Tracking Error : 0.11% Annualised2
Impact Cost : 0.083
Entry/ Exit Load : Nil
Data as on 31st March 2015
1 - Financial year to date expense ratio to average AUM. For maximum chargeable expense ratio, please refer to the SID.
2- Tracking error calculated based on monthly rolling returns for last 12 months.
3 - Impact cost calculated for period of 6 months ending on 15th March 2015, Source: NSE Market Tracker, www.nseindia.com
18
GS Nifty BeES - performance
Returns for one year and less than one year are absolute. Returns for more than one year are compounded annualized. Dividends are assumed to be
reinvested at the prevailing NAV. Distribution taxes are excluded while calculating the returns. Bonus declared has been adjusted. In case, the start/end
date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. Point to Point (PTP)
returns in INR is based on standard investment of INR 10,000 made at the beginning of 12 month period as at the end of that period scheme
performance. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other
investments. Inception date is the allotment date which is December 28, 2001. @ Also represents Additional Benchmark
Fund manager: Payal Kaipunjal
For the performance of other schemes managed by the same fund manager please refer to slide 90
Data as on 31st March 2015
Particulars Mar 31, 2014 to Mar 31,
2015
Mar 31, 2013 to Mar 31,
2014
Mar 31, 2012 to Mar 31,
2013 Since Inception
Absolute
Returns (%)
PTP Returns
(INR)
Absolute
Returns (%)
PTP Returns
(INR)
Absolute
Returns (%)
PTP Returns
(INR)
CAGR
Returns (%)
PTP Returns
(INR)
GS Nifty BeES 27.97 12797 19.32 11932 8.68 10868 18.62 96333
CNX Nifty Index (Benchmark)@ 26.65 12665 17.98 11798 7.31 10731 17.21 82134
CNX Nifty Total Returns Index 28.17 12817 19.47 11947 8.72 10872 18.94 99763
CNX Nifty Junior Index
The next rung of liquid securities after CNX Nifty is the CNX Nifty Junior
CNX Nifty and the CNX Nifty Junior make up the 100 most liquid stocks in India
Only companies having a high degree of liquidity defined in terms Impact Cost are included as
Constituents of the Index1
CNX Nifty Junior is calculated using the free float market capitalization weighted method1
Impact cost of the CNX Nifty Junior Index for March 2015 is 0.08% for a portfolio size of Rs. 25 Lakhs1
Represents about 14.08%2 of the total market capitalization of NSE as on 31st March 2015
19
1 - For criteria of CNX Nifty Junior Index and Impact cost, kindly refer the indices section of NSE website i.e. www.nseindia.com
2 - Source: www.nseindia.com / India Index Services & Products Ltd. (IISL)/ Internal
Goldman Sachs Nifty Junior Exchange Traded Scheme (GS Junior BeES)
20
Investment objective
The investment objective of GS Junior BeES is to provide returns that, before expenses, closely
correspond to the returns of securities as represented by CNX Nifty Junior Index. However, the
performance of scheme may differ from that of underlying index due to tracking error.
Investment pattern
The above stated percentages are indicative and not absolute
Instruments Indicative allocation %
Securities covered by CNX Nifty Junior Index 90% - 100%
Money market instruments, convertible bonds & other
securities including cash at call but excluding subscription
& redemption cash flow
0% - 10%
There is no guarantee that these objectives will be met.
21
Goldman Sachs Nifty Junior Exchange Traded Scheme
(GS Junior BeES) Type of scheme
Open ended index scheme, listed on the exchange in the form of an Exchange Traded Fund (ETF)
Product labeling
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
This product is suitable for investors who are seeking*:
long-term capital appreciation.
investment in securities covered by CNX Nifty Junior Index.
high risk. (BROWN)
GS Junior BeES
Tracks the CNX Nifty Junior Index and priced at 1/100th of the CNX Nifty Junior Index
Combination of a share and a mutual fund unit
Listed and traded on the capital market segment of NSE
Minimum lot-size for real-time in-kind creation/ redemption with the fund is 16,000 units and in multiples
thereof
Minimum lot-size to buy/ sell on NSE is 1 unit and in multiples thereof
Options: the scheme offers only growth option
Units of the scheme will be issued/ repurchased and traded compulsorily in demat form
22
GS Junior BeES - top 10 holdings
23
Company Industry Weightage (%)
Bosch Ltd Auto Ancillaries 4.29
Shriram Transport Finance Company Ltd Finance 3.49
United Spirits Ltd Consumer Non Durables 3.46
Bharti Infratel Ltd
Telecom - Equipment &
Accessories 3.09
Aurobindo Pharma Ltd Pharmaceuticals 3.05
Titan Company Ltd Consumer Durables 3.04
Adani Enterprises Ltd Trading 3.00
Adani Ports & Special Economic Zone Ltd Transportation 2.97
Bharat Forge Ltd Industrial Products 2.95
Eicher Motors Ltd Auto 2.95
Total 32.29
Data as on 31st March 2015
Portfolio holdings may change by the time you receive this. Portfolio holdings may not be representative of future investments. The securities discussed may not represent all of the portfolio's
holdings and may not be deemed representative of the strategys future portfolio holdings. Future portfolio holdings may not be profitable. Industry allocation as per AMFI classification
24
GS Junior BeES industry allocation
Industry Weightage (%)
17.77
14.87
8.73
8.58 5.18 5.18
4.61
3.59
3.15
3.09
3.04 3.00
2.95 2.48 2.01
1.95 1.83 1.68
1.45 1.31 1.20 1.15 0.96
Finance Consumer Non Durables Auto Ancillaries
Pharmaceuticals Industrial Products Transportation
Banks Industrial Capital Goods Ferrous Metals
Telecom - Equipment & Accessories Consumer Durables Trading
Auto Pesticides Petroleum Products
Healthcare Services Power Services
Chemicals Software Oil
Telecom - Services Gas
Data as 31st March 2015
Total allocation may not add to 100% due to rounding. Industry allocation as per AMFI classification. Portfolio holdings may change by the time you receive this Portfolio holdings may not be
representative of future investments. Future portfolio holdings may not be profitable
25
GS Junior BeES - scheme details
NSE symbol : JUNIORBEES
BSE code : 590104
ISIN : INF732E01045
Reuters : JBES.NS
Bloomberg : JBEES:IN
Total expense ratio : 1.00% p.a.1
Tracking error : 0.10% Annualised2
Impact cost : 0.273
Entry/ exit load : Nil
Data as on 31st March 2015
1- Financial year to date expense ratio to average AUM. For maximum chargeable expense ratio, please refer to the SID.
2 -Tracking error calculated based on monthly rolling returns for last 12 months
3 - Impact cost calculated for period of 6 months ending on 15th March 2015, Source: NSE Market Tracker, www.nseindia.com
26
GS Junior BeES - performance
Returns for one year and less than one year are absolute. Returns for more than one year are compounded annualized. Dividends are assumed to be
reinvested at the prevailing NAV. Distribution taxes are excluded while calculating the returns. Bonus declared has been adjusted. In case, the start/end
date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. Point to Point (PTP)
returns in INR is based on standard investment of INR 10,000 made at the beginning of 12 month period as at the end of that period scheme
performance. Additional benchmark for equity scheme - source : National Stock Exchange of India. Past performance may or may not be sustained in
future and should not be used as a basis for comparison with other investments. Inception date is the allotment date which is February 21, 2003.
Fund manager: Payal Kaipunjal
For the performance of other schemes managed by the same fund manager please refer to slide 90
Data as on 31st March 2015
Particulars Mar 31, 2014 to Mar 31,
2015
Mar 31, 2013 to Mar 31,
2014
Mar 31, 2012 to Mar 31,
2013 Since Inception
Absolute
Returns (%)
PTP Returns
(INR)
Absolute
Returns (%)
PTP Returns
(INR)
Absolute
Returns (%)
PTP Returns
(INR)
CAGR
Returns (%)
PTP Returns
(INR)
GS Junior BeES 44.21 14421 20.52 12052 7.70 10770 24.56 143013
CNX Nifty Junior Index
(Benchmark) 44.34 14434 20.02 12002 7.39 10739 24.26 138899
CNX Nifty Junior Total Returns
Index 45.62 14562 21.90 12190 8.62 10862 25.97 163795
CNX Nifty Index (Additional
Benchmark) 26.65 12665 17.98 11798 7.31 10731 18.69 79642
CNX Bank Index
CNX Bank Index1 is a sectoral index comprising of stocks pertaining to the Banking Industry
CNX Bank Index consists of 12 key stocks of the banking sector
CNX Bank Index is calculated using the free float market capitalization weighted method
Represents about 10.63%2 of the total market capitalization of NSE as on 31st March 2015
27
1 - For criteria of CNX Bank Index kindly refer the indices section of NSE website i.e. www.nseindia.com
2 - Source: www.nseindia.com / India Index Services & Products Ltd. (IISL)/ Internal
Goldman Sachs Banking Index Exchange Traded Scheme (GS Bank BeES)
28
Investment objective
The investment objective of GS Bank BeES is to provide returns that, before expenses, closely
correspond to the total returns of the securities as represented by the CNX Bank Index. However, the
performance of scheme may differ from that of the underlying index due to tracking error.
Investment pattern
The above stated percentages are indicative and not absolute
There is no guarantee that these objectives will be met.
Instruments Indicative allocation %
Securities covered by the CNX Bank Index 90% - 100%
Money market instruments, G-Secs, bonds, debentures, preference shares
and cash at call
0% - 10%
Goldman Sachs Banking Index Exchange Traded Scheme (GS Bank BeES)
29
Type of scheme
Open ended index scheme, listed on the exchange in the form of an Exchange Traded Fund (ETF)
Product labeling
This product is suitable for investors who are seeking*:
long-term capital appreciation.
investment in securities covered by CNX Bank Index.
high risk. (BROWN)
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
GS Bank BeES
Tracks the CNX Bank Index
Each unit is priced at 1/10th of the CNX Bank Index
Combination of a share and a mutual fund unit
Listed and traded on the capital market segment of NSE
Minimum lot-size for real-time in-kind creation/ redemption with the fund is 10,000 units and in multiple of
thereof
Minimum lot-size to buy/ sell on NSE is 1 unit and in multiples thereof
Options: The scheme offers only growth option.
Units of the scheme will be issued/ repurchased and traded compulsorily in demat form
30
GS Bank BeES - top 10 holdings
31
Data as on 31st March 2015
Portfolio holdings may not be representative of current or future investments. The securities discussed do not represent all of the portfolio's holdings and may represent only a small
percentage of the strategys portfolio holdings. Future portfolio holdings may not be profitable. Holdings and/ or Allocations are subject to change and should not be construed as research or investment advice. Industry allocation as per AMFI classification
Company Industry Weightage (%)
HDFC Bank Ltd Banks 27.30
ICICI Bank Ltd Banks 25.13
Axis Bank Ltd Banks 13.07
State Bank of India Banks 11.34
Kotak Mahindra Bank Ltd Banks 7.76
IndusInd Bank Ltd Banks 5.26
Yes Bank Ltd Banks 3.65
Bank of Baroda Banks 2.11
The Federal Bank Ltd Banks 1.56
Punjab National Bank Banks 1.48
Total 98.66
GS Bank BeES - scheme details
NSE symbol : BANKBEES
BSE code : 590106
ISIN : INF732E01078
Reuters : BBES.NS
Bloomberg :BBEES:IN
Total expense ratio : 0.48% p.a.1
Tracking error : 0.18% Annualised2
Impact cost : 0.233
Entry/ exit load : Nil
32
Data as on 31st March 2015
1 - Financial Year to date Expense Ratio to average AUM. For maximum chargeable expense ratio, please refer to the SID.
2- Tracking Error calculated based on monthly Rolling Returns for last 12 months.
3 - Impact cost calculated for period of 6 months ending on 15th March 2015, Source: NSE Market Tracker, www.nseindia.com
GS Bank BeES - performance
Returns for one year are absolute. Returns for more than one year are compounded annualized. Dividends are assumed to be reinvested at the prevailing
NAV. Distribution taxes are excluded while calculating the returns. In case, the start/end date of the concerned period is non business date (NBD), the
NAV of the previous date is considered for computation of returns. Point to Point (PTP) returns in INR is based on standard investment of INR 10,000
made at the beginning of 12 month period as at the end of that period scheme performance. Additional benchmark for equity scheme - source : National
Stock Exchange of India. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other
investments. Inception date is the allotment date which is May 27, 2004.
Fund manager: Payal Kaipunjal
For the performance of other schemes managed by the same fund manager please refer to slide 90
33
Data as on 31st March 2015
Particulars Mar 31, 2014 to Mar 31,
2015
Mar 31, 2013 to Mar 31,
2014
Mar 31, 2012 to Mar 31,
2013 Since Inception
Absolute
Returns (%)
PTP Returns
(INR)
Absolute
Returns (%)
PTP Returns
(INR)
Absolute
Returns (%)
PTP Returns
(INR)
CAGR
Returns (%)
PTP Returns
(INR)
GS Bank BeES 43.50 14350 13.53 11353 12.90 11290 21.21 80603
CNX Bank Index (Benchmark) 42.89 14289 12.15 11215 11.25 11125 19.95 71975
CNX Bank Total Returns Index 43.98 14398 13.65 11365 12.59 11259 21.66 83914
CNX Nifty Index (Additional
Benchmark) 26.65 12665 17.98 11798 7.31 10731 16.72 53524
CNX PSU Bank Index
CNX PSU Bank Index1 is a sectoral index comprising of stocks pertaining to the PSU Bank Sector
CNX PSU Bank Index consists of 12 key PSU Banking Stocks
CNX PSU Bank Index is a free float market capitalization weighted method
CNX PSU Bank Index Constituents represent about 3.42%2 of the total market capitalization of NSE as
on 31st March 2015
34
1 - For criteria of CNX PSU Bank Index kindly refer the indices section of NSE website i.e. www.nseindia.com
2 - Source: www.nseindia.com / India Index Services & Products Ltd. (IISL)/ Internal
Goldman Sachs PSU Bank Exchange Traded Scheme (GS PSU Bank BeES)
35
Investment objective
The investment objective of GS PSU Bank BeES is to provide returns that, before expenses, closely
correspond to the total returns of the securities as represented by the CNX PSU Bank Index. However,
the performance of scheme may differ from that of the underlying index due to tracking error.
Investment pattern
The above stated percentages are indicative and not absolute
Instruments Indicative allocation %
Securities covered by the CNX PSU Bank Index 90% - 100%
Money market instruments, G-Secs, bonds, debentures
and cash at call
0% - 10%
There is no guarantee that these objectives will be met.
This product is suitable for investors who are seeking*:
long-term capital appreciation.
investment in securities covered by CNX PSU Bank Index.
high risk. (BROWN)
Goldman Sachs PSU Bank Exchange Traded Scheme (GS PSU Bank BeES)
36
Type of scheme
Open ended index scheme, listed on the exchange in the form of an Exchange Traded Fund (ETF)
Product labeling
GS PSU Bank BeES
Tracks the CNX PSU Bank Index
Each unit is priced at 1/10th of the CNX PSU Bank Index
Combination of a share and a mutual fund unit
Listed and traded on the capital market segment of NSE
Minimum lot-size for real-time in-kind creation/ redemption with the fund is 10,000 units and in multiple of
thereof
Minimum lot-size to buy/ sell on NSE is 1 unit and in multiples thereof
Options: The scheme offers only growth option
Units of the scheme will be issued/ repurchased and traded compulsorily in demat form
37
GS PSU Bank BeES - top 10 holdings
38
Company Industry Weightage (%)
State Bank of India Banks 61.20
Bank of Baroda Banks 11.39
Punjab National Bank Banks 7.97
Canara Bank Banks 3.90
Bank of India Banks 3.11
Union Bank of India Banks 2.92
IDBI Bank Ltd Banks 1.98
Oriental Bank of Commerce Banks 1.86
Allahabad Bank Banks 1.66
Syndicate Bank Banks 1.53
Total 97.51
Data as on 31st March 2015
Portfolio holdings may change by the time you receive this. Portfolio holdings may not be representative of future investments. The securities discussed may not represent all of the portfolio's
holdings and may not be deemed representative of the strategys future portfolio holdings. Future portfolio holdings may not be profitable. Industry allocation as per AMFI classification
GS PSU Bank BeES - scheme details
NSE symbol : PSUBNKBEES
BSE code : 590108
ISIN : INF732E01110
Reuters : PSUB.NS
Bloomberg : PSUBBE:IN EQUITY
Total expense ratio : 0.49% p.a.1
Tracking error : 0.10% Annualised2
Impact cost : 0.903
Entry/ exit load : Nil
39
Data as on 31st March 2015
1 - Financial year to date expense ratio to average AUM. For maximum chargeable expense ratio, please refer to the SID.
2- Tracking error calculated based on monthly rolling returns for last 12 months.
3- Impact cost calculated for period of 6 months ending on 15th March 2015, Source: NSE Market Tracker, www.nseindia.com
GS PSU Bank BeES - performance
Returns for one year are absolute. Returns for more than one year are compounded annualized. Dividends are assumed to be reinvested at the prevailing
NAV. Distribution taxes are excluded while calculating the returns. In case, the start/end date of the concerned period is non business date (NBD), the
NAV of the previous date is considered for computation of returns. Point to Point (PTP) returns in INR is based on standard investment of INR 10,000
made at the beginning of 12 month period as at the end of that period scheme performance. Additional benchmark for equity scheme - source : National
Stock Exchange of India. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other
investments. Inception date is the allotment date which is October 25, 2007.
Fund manager: Payal Kaipunjal
For the performance of other schemes managed by the same fund manager please refer to slide 90
40
Data as on 31st March 2015
Particulars Mar 31, 2014 to Mar 31,
2015
Mar 31, 2013 to Mar 31,
2014
Mar 31, 2012 to Mar 31,
2013 Since Inception
Absolute
Returns (%)
PTP Returns
(INR)
Absolute
Returns (%)
PTP Returns
(INR)
Absolute
Returns (%)
PTP Returns
(INR)
CAGR
Returns (%)
PTP Returns
(INR)
GS PSU Bank BeES 24.53 12453 -6.35 9365 -7.68 9232 5.04 14418
CNX PSU Bank Index
(Benchmark) 24.53 12453 -10.15 8985 -9.96 9004 3.56 12973
CNX PSU Bank Total Returns
Index 25.11 12511 -6.82 9318 -8.17 9183 5.53 14925
CNX Nifty Index (Additional
Benchmark) 26.65 12665 17.98 11798 7.31 10731 5.84 15247
CNX Nifty Shariah Index
Constituents of the CNX Nifty index are screened for Shariah compliance
Companies that are Shariah compliant form the CNX Nifty Shariah Index1
The index is calculated using a base-weighted aggregate methodology
At present the CNX Nifty Shariah Index comprises of 17 constituents2 as on 31st March 2015.
CNX Nifty Shariah Index constituents represent about 19016%3 of the total market capitalization of the
NSE as on 31st March 2015
41
1 - For criteria of CNX Nifty Shariah Index kindly refer the indices section of NSE website i.e. www.nseindia.com
2 - Source: India Index Services & Products Ltd. (IISL)
3 - Source: www.nseindia.com / India Index Services & Products Ltd. (IISL)/ Internal
Shariah Index framework providers
Index constituents of the underlying index are screened for Shariah compliance and then included in the
index
India Index Services and Products Limited (IISL) has contracted with Taqwaa Advisory and Shariah
Investment Solutions (TASIS) provides the Shariah screens to filter the stocks based on these screens
TASIS is India based Shariah Advisory institution in the field of business and finance
TASIS is in providing Shariah consultancy, monitoring and certification to many of Indian organizations
42
Shariah screening process
Two main criteria based on which the stocks are screened include:
Business screening
Financial screening
43
Shariah screening process
Business screening
Companies which are primarily into the following activities are screened out on the business parameter :-
Conventional financial services such as banks, insurance companies, finance and investment companies,
stock broking etc.
Production, sale and marketing of non-Halal food and beverages such as Pork, Alcohol, Tobacco and
such other items etc.
Production or distribution of vulgar entertainment, such as film and other recreational activities where
vulgarity, promiscuity is a part and parcel of the business undertaken / promoted
Hotels and restaurants (providing non-Halal products or entertainment)
Advertising and Media (newspapers are allowed, sub-industries are analyzed individually)
Gambling, Narcotic drugs, etc.
44
Shariah screening process
Financial screening
Companies passing the business screening stage are further screened to ensure that their dealings
involving interest-based debt or earnings out of / deployment of funds on interest are within the maximum
tolerance limits set by Shariah scholars.
TASIS has adopted following financial screening norms:-
Interest based-debt should be less than or equal to 25% of Total Assets
Interest income plus returns (currently considered @8%) from interest-based investments should be
less than or equal to 3% of the total income
Receivables plus cash and bank balances should be less than or equal to 90% of Total Assets
45
Goldman Sachs CNX Nifty Shariah Index
Exchange Traded Scheme (GS Shariah BeES)
46
Investment objective
The investment objective of the GS Shariah BeES is to provide returns that, before expenses, closely
correspond to the total returns of the securities as represented by the CNX Nifty Shariah Index by
investing in securities which are constituents of the CNX Nifty Shariah Index in the same proportion as the
Index. However, the performance of the scheme may differ from that of the underlying index due to
tracking error. Investors to note that GS Shariah BeES is not a Shariah compliant scheme.
Investment pattern
The above stated percentages are indicative and not absolute
Instruments Indicative allocation %
Securities covered by the CNX Nifty Shariah Index 90% - 100%
Cash 0% - 10%
There is no guarantee that these objectives will be met.
This product is suitable for investors who are seeking*:
long-term capital appreciation.
investment in securities covered by CNX Nifty Shariah Index.
high risk. (BROWN)
Goldman Sachs CNX Nifty Shariah Index
Exchange Traded Scheme (GS Shariah BeES)
47
Type of scheme
Open ended index scheme, listed on the exchange in the form of an Exchange Traded Fund (ETF)
Product labeling
GS Shariah BeES
Each unit is priced at 1/10th of CNX Nifty Shariah Index
Combination of a share and a mutual fund unit
Listed and traded on the capital market segment of the NSE
Minimum lot-size for real-time in kind creation/ redemption with the fund is 10,000 units and in multiple of
thereof
Minimum lot-size to buy/ sell on the NSE is 1 unit and in multiples thereof
Options: The scheme offers only growth option.
Units of the scheme will be issued/repurchased and traded compulsorily in demat form
48
GS Shariah BeES - top 10 holdings
49
Company Industry Weightage (%)
Reliance Industries Ltd Petroleum Products 17.04
Tata Consultancy Services Ltd Software 16.35
Hindustan Unilever Ltd Consumer Non Durables 7.75
Bharti Airtel Ltd Telecom - Services 6.81
Maruti Suzuki India Ltd Auto 6.17
Lupin Ltd Pharmaceuticals 6.00
Dr. Reddy's Laboratories Ltd Pharmaceuticals 5.55
Tech Mahindra Ltd Software 4.79
Asian Paints Ltd Consumer Non Durables 4.59
Cipla Ltd Pharmaceuticals 4.52
Total 79.58
Data as on 31st March 2015
Portfolio holdings may change by the time you receive this. Portfolio holdings may not be representative of future investments. The securities discussed may not represent all of the portfolio's
holdings and may not be deemed representative of the strategys future portfolio holdings. Future portfolio holdings may not be profitable. Industry allocation as per AMFI classification
50
GS Shariah BeES industry allocation
Industry Weightage (%)
21.14
17.04
16.08
12.34
10.13
8.38
6.81
2.66 2.64 2.26
Software Petroleum Products Pharmaceuticals Consumer Non Durables
Auto Cement Telecom - Services Industrial Capital Goods
Ferrous Metals Gas
Data as 31st March 2015
Total allocation may not add to 100% due to rounding. Industry allocation as per AMFI classification. Portfolio holdings may change by the time you receive this Portfolio holdings may not be
representative of future investments. Future portfolio holdings may not be profitable
GS Shariah BeES - scheme details
NSE symbol : SHARIABEES
BSE code : 590109
ISIN : INF732E01128
Reuters : SBET.NS
Bloomberg : SBEES IN Equity
Total expense ratio : 1.00% p.a.1
Tracking error : 0.08% Annualised2
Impact cost : 4.983
Entry/ exit load : Nil
51
Data as on 31st March 2015
1 - Financial year to date expense ratio to average AUM. For maximum chargeable expense ratio, please refer to the SID.
2 - Tracking error calculated based on monthly rolling returns for last 12 months.
3 - Impact cost calculated for period of 6 months ending on 15th March 2015, Source: NSE Market Tracker, www.nseindia.com
GS Shariah BeES - performance
Returns for one year are absolute. Returns for more than one year are compounded annualized. Distribution taxes are excluded while calculating the
returns. In case, the start/ end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of
returns. Point to Point (PTP) returns in INR is based on standard investment of INR 10,000 made at the beginning of 12 month period as at the end of that
period scheme performance. Additional benchmark for equity scheme - source : National Stock Exchange of India. Past performance may or may not
be sustained in future and should not be used as a basis for comparison with other investments. Inception date is the allotment date which is
March 18, 2009.
Fund manager: Gauri Sekaria
For the performance of other schemes managed by the same fund manager please refer to slide 91
52
Data as on 31st March 2015
Particulars Mar 31, 2014 to Mar 31,
2015
Mar 31, 2013 to Mar 31,
2014
Mar 31, 2012 to Mar 31,
2013 Since Inception
Absolute
Returns (%)
PTP Returns
(INR)
Absolute
Returns (%)
PTP Returns
(INR)
Absolute
Returns (%)
PTP Returns
(INR)
CAGR
Returns (%)
PTP Returns
(INR)
GS Shariah BeES 21.54 12154 21.30 12130 6.04 10604 18.89 28423
CNX Nifty Shariah Index
(Benchmark) 21.19 12119 21.31 12131 5.16 10516 18.36 27668
CNX Nifty Shariah Total Returns
Index 22.88 12288 22.80 12280 6.96 10696 19.93 29970
CNX Nifty Index (Additional
Benchmark) 26.65 12665 17.98 11798 7.31 10731 20.21 30383
CNX Infrastructure Index
Includes companies belonging to telecom, power, port, air, roads, railways, shipping and other utility
service providers
CNX Infrastructure Index1 is calculated using the free float market capitalization weighted method
Base value and base date of index are 1000 and Jan 01, 2004 respectively
53
1 - For criteria of CNX Infrastructure Index kindly refer the indices section of NSE website i.e. www.nseindia.com
Goldman Sachs Infrastructure Exchange Traded Scheme (GS Infra BeES)
54
Investment objective
The investment objective of the GS Infra BeES is to provide returns that, before expenses, closely
correspond to the total returns of the securities as represented by the CNX Infrastructure Index by
investing in the securities in the same proportion as in the Index. However, the performance of scheme
may differ from that of underlying index due to tracking error.
Investment pattern
The above stated percentages are indicative and not absolute
Instruments Indicative allocation %
Securities covered by the CNX Infrastructure Index 95% - 100%
Money market instruments, G-Secs, bonds, debentures
and cash at call
0% - 5%
There is no guarantee that these objectives will be met.
This product is suitable for investors who are seeking*:
long-term capital appreciation.
investment in securities covered by CNX Infrastructure Index.
high risk. (BROWN)
Goldman Sachs Infrastructure Exchange Traded Scheme (GS Infra BeES)
55
Type of scheme
Open ended index scheme, listed on the exchange in the form of an Exchange Traded Fund (ETF)
Product labeling
GS Infra BeES
Combination of a share and a mutual fund unit
Listed and traded on the capital market segment of the NSE
Tracks the CNX Infrastructure Index and priced at 1/ 10th of the CNX Infrastructure Index
Minimum lot-size for real-time in-kind creation / redemption with the Fund is 10,000 units and in multiples
thereof
Minimum lot-size to buy/ sell on the NSE is 1 unit and in multiples thereof
Options: The scheme offers only growth option
Units of the scheme will be issued/ repurchased and traded compulsorily in demat form
56
GS Infra BeES - top 10 holdings
57
Company Industry Weightage (%)
Larsen & Toubro Ltd Construction Project 35.01
Bharti Airtel Ltd Telecom - Services 13.55
Power Grid Corporation of India Ltd Power 7.97
NTPC Ltd Power 7.55
Bharat Heavy Electricals Ltd Industrial Capital Goods 5.30
Idea Cellular Ltd Telecom - Services 5.13
Adani Ports & Special Economic Zone Ltd Transportation 3.97
Tata Power Company Ltd Power 3.48
Siemens Ltd Industrial Capital Goods 3.09
Crompton Greaves Ltd Industrial Capital Goods 1.70
Total 86.19
Data as on 31st March 2015
Portfolio holdings may change by the time you receive this. Portfolio holdings may not be representative of future investments. The securities discussed may not represent all of the portfolio's
holdings and may not be deemed representative of the strategys future portfolio holdings. Future portfolio holdings may not be profitable. Industry allocation as per AMFI classification
GS Infra BeES industry allocation
58
Industry Weightage (%)
37.89
25.09
20.97
10.09 3.97
0.91 0.78
Construction Project Power Telecom - Services Industrial Capital Goods
Transportation Cement Construction
Data as 31st March 2015
Total allocation may not add to 100% due to rounding. Industry allocation as per AMFI classification. Portfolio holdings may change by the time you receive this Portfolio holdings may not be
representative of future investments. Future portfolio holdings may not be profitable
GS Infra BeES - scheme details
NSE symbol : INFRABEES
ISIN : INF732E01268
Reuters : IFRB.NS
Bloomberg : IBEES IN Equity
Total expense ratio : 0.96% p.a.1
Tracking error : 0.10% Annualised2
Impact cost : 1.013
Entry / exit Load : Nil
59
Data as on 31st March 2015
1 - Financial Year to date Expense Ratio to average AUM. For maximum chargeable expense ratio, please refer to the SID.
2 - Tracking Error calculated based on monthly Rolling Returns for last 12 months.
3 - Impact cost calculated for period of 6 months ending on 15th March 2015, Source: NSE Market Tracker, www.nseindia.com
GS Infra BeES - performance
Returns for one year are absolute. Returns for more than one year are compounded annualized. Distribution taxes are excluded while calculating the
returns. In case, the start/ end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of
returns. Point to Point (PTP) returns in INR is based on standard investment of INR 10,000 made at the beginning of 12 month period as at the end of that
period scheme performance. Additional benchmark for equity scheme - source : National Stock Exchange of India. Past performance may or may not
be sustained in future and should not be used as a basis for comparison with other investments. Inception date is the allotment date which is
September 29, 2010.
Fund manager: Gauri Sekaria
For the performance of other schemes managed by the same fund manager please refer to slide 91
60
Data as on 31st March 2015
Particulars Mar 31, 2014 to Mar 31,
2015
Mar 31, 2013 to Mar 31,
2014
Mar 31, 2012 to Mar 31,
2013 Since Inception
Absolute
Returns (%)
PTP Returns
(INR)
Absolute
Returns (%)
PTP Returns
(INR)
Absolute
Returns (%)
PTP Returns
(INR)
CAGR
Returns (%)
PTP Returns
(INR)
GS Infra BeES 24.79 12479 18.97 11897 -11.76 8824 -2.82 8790
CNX Infrastructure Index
(Benchmark) 24.27 12427 18.34 11834 -11.93 8807 -2.95 8739
CNX Infrastructure Total Returns
Index 26.04 12604 20.16 12016 -10.90 8910 -1.79 9218
CNX Nifty Index (Additional
Benchmark) 26.65 12665 17.98 11798 7.31 10731 8.05 14172
ETF investing in Overseas Securities
61
Hang Seng Index
The Hang Seng Index (HSI) was launched on Nov 24, 1969 and is one of the earliest stock market
indices in Hong Kong
The Hang Seng Indexes Company Ltd. compiles and publishes the HSI
The index is widely recognized as the barometer of the Hong Kong Stock market
The HSI measures the performance of the largest and most liquid companies listed in Hong Kong
The HSI adopts free float-adjusted market capitalization weighted methodology with a 15% cap on each
constituent weightage
The HSI currently comprises of 50 stocks1 which are representative of the Hong Kong stock market
The index represents about 58.48% of the total market capitalization of Hong Kongs stock exchange2 as
on 31st March 2015
62
1 - As on 31st March 2015. For criteria of Hang Seng Index kindly visit http://www.hsi.com.hk
2 - The universe comprises all main board primary listings.
Goldman Sachs Hang Seng Exchange Traded Scheme (GS Hang Seng BeES)
63
Investment objective
The investment objective of the Goldman Sachs Hang Seng Exchange Traded Scheme (GS Hang Seng
BeES) is to provide returns that, before expenses, closely correspond to the total returns of securities as
represented by Hang Seng Index of Hang Seng Data Services Limited, by investing in the securities in
the same proportion as in the index. However, the performance of scheme may differ from that of
underlying index due to tracking error.
Investment pattern
The above stated percentages are indicative and not absolute
Instruments Indicative allocation %
Securities constituting Hang Seng Index 90% - 100%
Money market instruments, G-Secs, bonds, debt instruments,
cash at call and mutual fund schemes/ overseas exchange
traded funds based on the Hang Seng Index
0% - 10%
There is no guarantee that these objectives will be met.
This product is suitable for investors who are seeking*:
long-term capital appreciation.
investment in securities covered by Hang Seng Index.
high risk. (BROWN)
Goldman Sachs Hang Seng Exchange Traded Scheme (GS Hang Seng BeES)
64
Type of scheme
Open ended index scheme, listed on the exchange in the form of an ETF investing in overseas Securities
Product labeling
GS Hang Seng BeES
Combination of a share and a mutual fund unit
Listed and traded on the capital market segment of the NSE
Tracks Hang Seng Index and each unit is priced at 1/ 100th of the value of the Hang Seng Index on a
currency adjusted basis
Minimum lot-size for real-time in-kind creation / redemption with the Fund is 10,000 units and in multiples
thereof
Minimum lot-size to buy/ sell on the NSE is 1 unit and in multiples thereof
Options: The scheme offers only growth option
Units of the scheme will be issued/ repurchased and traded compulsorily in demat form
65
GS Hang Seng BeES - top 10 holdings
66
Company Industry Weightage (%)
HSBC Holdings Plc Financials 11.27
Tencent Holdings Ltd Information Technology 9.78
China Mobile Ltd Telecommunications 7.32
AIA Group Ltd Financials 6.95
China Construction Bank Corporation Financials 6.40
Industrial & Commercial Bank of China Ltd Financials 4.99
Bank of China Ltd Financials 4.21
China Life Insurance Co. Ltd Financials 2.99
Ping An Insurance (Group) Co. of China Ltd Financials 2.87
Hutchison Whampoa Ltd Conglomerates 2.71
Total 59.49
Data as on 31st March 2015
Portfolio holdings may change by the time you receive this. Portfolio holdings may not be representative of future investments. The securities discussed may not represent all of the portfolio's
holdings and may not be deemed representative of the strategys future portfolio holdings. Future portfolio holdings may not be profitable. Industry allocation as per AMFI classification
GS Hang Seng BeES industry allocation
67
Industry Weightage (%)
45.85
11.03
10.75
8.15
7.40
4.60 4.23
3.66 2.99 0.46
Financials Properties & Construction Information Technology Telecommunications
Energy Utilities Conglomerates Consumer Goods
Consumer Services Industrials
Data as 31st March 2015
Total allocation may not add to 100% due to rounding. Industry allocation as per AMFI classification. Portfolio holdings may change by the time you receive this Portfolio holdings may not be
representative of future investments. Future portfolio holdings may not be profitable
68
GS Hang Seng BeES industry allocation (cont.)
Data as on 31st March 2015
Industry classification is as per Hang Seng Indexes Company Ltd Portfolio holdings may change by the time you receive this. Portfolio holdings may not be representative of future
investments. The securities discussed may not represent all of the portfolio's holdings and may not be deemed representative of the strategys future portfolio holdings. Future portfolio holdings may not be profitable.
0
2
4
6
8
10
12
14
No
. o
f C
om
pan
ies
GS Hang Seng BeES - scheme details
NSE symbol : HNGSNGBEES
BSE code : 590113
ISIN : INF732E01227
Reuters : HNGS.NS
Bloomberg : HSBEES IN Equity
Total expense ratio : 1.00 % p.a.1
Tracking error : 0.16% Annualised2
Impact cost : 2.633
Entry / exit load : Nil
69
Data as on 31st March 2015
1 - Financial Year to date Expense Ratio to average AUM months. For maximum chargeable expense ratio, please refer to the SID.
2 - Tracking Error calculated based on monthly Rolling Returns for last 12 months.
3 - Impact cost calculated for period of 6 months ending on 15th March 2015, Source: NSE Market Tracker, www.nseindia.com
GS Hang Seng BeES - performance
Returns for one year are absolute. Returns for more than one year are compounded annualized. Distribution taxes are excluded while calculating the
returns. In case, the start/ end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of
returns. Point to Point (PTP) returns in INR is based on standard investment of INR 10,000 made at the beginning of 12 month period as at the end of that
period scheme performance. Additional benchmark for equity scheme - source : National Stock Exchange of India. Past performance may or may not
be sustained in future and should not be used as a basis for comparison with other investments. Past performance does not guarantee future
results, which may vary. Inception date is the allotment date which is March 09, 2010.
Fund managers: Payal Kaipunjal (For debt securities) and Gauri Sekaria (For foreign securities)
For the performance of other schemes managed by the same fund manager please refer to slide 90 and 91.
70
Data as on 31st March 2015
Particulars Mar 31, 2014 to Mar 31,
2015
Mar 31, 2013 to Mar 31,
2014
Mar 31, 2012 to Mar 31,
2013 Since Inception
Absolute
Returns (%)
PTP Returns
(INR)
Absolute
Returns (%)
PTP Returns
(INR)
Absolute
Returns (%)
PTP Returns
(INR)
CAGR
Returns (%)
PTP Returns
(INR)
GS Hang Seng BeES 20.44 12044 12.37 11237 18.59 11859 12.57 18211
Hang Seng Index (Benchmark) 12.41 11241 -0.67 9933 8.48 10848 3.22 11742
Hang Seng Total Returns Index
(INR) 21.95 12195 13.58 11358 19.93 11993 13.63 19094
CNX Nifty Index (Additional
Benchmark) 26.65 12665 17.98 11798 7.31 10731 10.59 16644
Indices facts
71
Source: www.nseindia.com
Index Full Market Cap. (Rs. Crs.) P/E Dividend Yield (%)
Hang Seng Index 12,395,808 10.61 3.59
Source: Hang Seng Indexes Company Limited
P/E Price to Earning ratio
P/B Price to Book ratio
Data as on 31st March 2015
Index Full Market Cap. (Rs Crs.) P/E P/B Dividend Yield (%)
CNX Nifty Index 5,694,238 22.70 3.65 1.28
CNX Nifty Junior 1,398,125 22.81 2.94 1.09
CNX Bank Index 1,055,489 19.01 2.85 0.98
CNX PSU Bank Index 339,302 11.06 1.07 1.71
CNX Nifty Shariah Index 1,902,498 19.54 3.10 1.02
CNX Infrastructure Index 930,331 20.72 2.28 1.09
Gold ETF
72
73
Goldman Sachs Gold Exchange Traded Scheme (GS Gold
BeES)
Investment objective The investment objective of GS Gold BeES is to provide returns that, before expenses, closely
correspond to the returns provided by the domestic price of gold through physical gold.
Investment pattern
1- Gold related instruments that may be permitted by SEBI from time to time
2- Investments in securitized debts can be made by the scheme up to 5% of the net assets.
The above stated percentages are indicative and not absolute
Instruments Indicative allocation %
Physical Gold and Gold Related Instruments1 90% to 100%
Money market instruments, securitized debts2, bonds including
cash at call
0% to 10%
There is no guarantee that these objectives will be met.
74
Goldman Sachs Gold Exchange Traded Scheme (GS Gold
BeES)
Type of scheme An open ended scheme, listed on the exchange in the form of an ETF investing in physical gold
Product labeling
This product is suitable for investors who are seeking*:
portfolio diversification through asset allocation.
investment in Physical Gold.
high risk. (BROWN)
GS Gold BeES
One unit represents approximately one gram of gold
Listed and traded on the capital market segment of NSE
Quotes on the NSE would vary, taking into consideration various aspects such as international market
movements, demand, supply, exchange rate fluctuations, etc
No securities transaction tax
75
GS Gold BeES
Minimum lot-size for real-time in kind creation/ redemption with the fund is 1000 units and in multiples
thereof
Minimum lot-size to buy/ sell on NSE is one unit and in multiples thereof
Options: The scheme offers only growth option
Units of the scheme will be issued/ repurchased and traded compulsorily in demat form
Benchmark for the scheme: Domestic price of gold
76
GS Gold BeES - scheme details
NSE symbol : GOLDBEES
BSE code : 590095
ISIN : INF732E01102
Reuters : GBES.NS
Bloomberg : GBEES IN EQUITY
Total expense ratio : 0.92% p.a.1
Tracking error : 0.06% annualised2
Impact cost : 0.053
Entry / exit load : Nil
77
Data as on 31st March 2015
1 - Financial Year to date Expense Ratio to average AUM. For maximum chargeable expense ratio, please refer to the SID.
2 - Tracking Error calculated based on monthly Rolling Returns for last 12 months.
3 - Impact cost calculated for period of 6 months ending on 15th March 2015, Source: NSE Market Tracker, www.nseindia.com.
GS Gold BeES - performance
Returns for one year are absolute. Returns for more than one year are compounded annualized. Distribution taxes are excluded while calculating the
returns. In case, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of
returns. Point to Point (PTP) returns in INR is based on standard investment of INR 10,000 made at the beginning of 12 month period as at the end of that
period scheme performance. Past performance may or may not be sustained in future and should not be used as a basis for comparison with
other investments. Inception date is the allotment date which is March 08, 2007.
Fund manager: Payal Kaipunjal
For the performance of other schemes managed by the same fund manager please refer to slide 90
78
Data as on 31st March 2015
Particulars Mar 31, 2014 to Mar 31,
2015
Mar 31, 2013 to Mar 31,
2014
Mar 31, 2012 to Mar 31,
2013 Since Inception
Absolute
Returns (%)
PTP Returns
(INR)
Absolute
Returns (%)
PTP Returns
(INR)
Absolute
Returns (%)
PTP Returns
(INR)
CAGR
Returns (%)
PTP Returns
(INR)
GS Gold BeES -6.37 9363 -7.94 9206 3.82 10382 12.43 25734
Domestic Price of Gold
(Benchmark) -5.56 9444 -6.89 9311 4.89 10489 13.57 27910
Money Market ETF
79
Goldman Sachs Liquid Exchange Traded Scheme (GS Liquid BeES)
80
Investment objective
The investment objective of the GS Liquid BeES is to seek to provide current income, commensurate
with relatively low risk while providing a high level of liquidity, primarily through a portfolio of treasury bills,
government securities, call money, collateralised lending and borrowing obligation (CBLO)/ similar
instruments, repos and reverse repos and other money market Instruments.
Investment pattern
There is no guarantee that these objectives will be met.
Instruments Indicative allocation (% of Net Assets)
Maximum Minimum
Treasury bills and government securities Up to 100% 65%
Call money, CBLOs, repos and reverse repos
Other money market instruments Up to 35% 0%
Goldman Sachs Liquid Exchange Traded Scheme (GS Liquid BeES)
81
Type of scheme
An open ended liquid scheme, listed on the exchange in the form of an ETF, with daily Dividend and
compulsory reinvestment of Dividend
Product labeling
This product is suitable for investors who are seeking*:
current income with high degree of liquidity.
investment in Money Market and Debt Instruments.
low risk. (BLUE)
What is GS Liquid BeES?
Mainly suited for capital market investors who wish to park idle cash in most convenient way
The face value of each unit of GS Liquid BeES is Rs.1000 and the fund endeavors to keep the daily NAV
at Rs.1000
The returns accrue to the investors in the form of a daily dividend, which is compulsorily reinvested into
the scheme
The units arising out of a dividend reinvestment are credited to the beneficiary (demat) account of the
investor at least once in 30 days
Units of GS Liquid BeES are uploaded up to 3 decimal points
82
GS Liquid BeES an efficient investment tool
GS Liquid BeES is an extremely efficient and convenient solution for utilizing the cash balance between
trades in the equity market (NSE)
When an investor sells his shares on NSE, he can instruct the broker to purchase GS Liquid BeES of
equal amount
This will ensure that from the date of settlement (T+2) the investor will start earning dividends
Investors do not have to go through the inconvenience of receiving and depositing a cheque into their
bank account, and then waiting for the cheque to clear before they can invest in a liquid fund
83
GS Liquid BeES an efficient investment tool (contd.)
GS Liquid BeES is designed to negate the need for involving a bank in the transaction process, thus
simplifying the process. Normally, money is transferred between a trader and a broker via a cheque or
electronic mode, which involves processing through a bank. In the case of GS Liquid BeES, once a sale
order is executed, the broker buys the equivalent amount of GS Liquid BeES and parks the money rather
than sending a cheque/ electronic transfer to the client.
The only thing an investor needs to do is to instruct a broker to sell shares and buy equivalent amount of
the GS Liquid BeES fund
The only effort required is send a security transfer instruction to the Depository Participant (DP) relating to
GS Liquid BeES (Investor can avoid this if he is using speed-e facility or has given power of attorney to
Broker / DP)
84
GS Liquid BeES
Listed and traded on the capital market segment of the NSE
Constant quotes for any size at Rs. 999.99 to Rs.1000.01 on the NSE
No Securities Transaction Tax (STT)
Can be used as cash equivalent margin for derivatives segment with a 10% hair cut
Minimum creation size (directly with the Fund) of 2500 units and in multiple of 1 unit thereafter
Minimum lot-size to buy/ sell on the NSE is 1 unit and in multiples thereof
Custodian charges have been waived by NSDL & CDSL
Units of the scheme will be issued/ repurchased and traded compulsorily in demat form
Investors can subscribe/ redeem through the mutual fund trading platform viz. BSE StAR MF of BSE and
the Mutual Fund Service System (MFSS) of the NSE. For subscriptions, the minimum amount of Re.1 and
in multiples thereof. For redemption, the minimum is of 0.001 units and in multiples thereof
Benchmark for the scheme: CRISIL Liquid Fund Index
85
GS Liquid BeES scheme details
NSE symbol : LIQUIDBEES
BSE code : 590096
ISIN : INF732E01037
Reuters : LBES.NS
Bloomberg : LBEES IN
Total expense ratio : 0.56% p.a.1
Impact cost : 0.012
Entry / exit load : Nil
86
Data as on 31st March 2015
1 - Financial Year to date Expense Ratio to average AUM. For maximum chargeable expense ratio, please refer to the SID.
2- Impact cost calculated for period of 6 months ending on 15th March 2015, Source: NSE Market Tracker, www.nseindia.com.
GS Liquid BeES - performance
# Returns are based on Gross Dividend per unit declared by the Fund for the respective period of the performance shown above. Actual dividend in the
hands of each investor will vary based on category and rate of dividend distribution tax applicable thereon. Returns for less than one year are simple
annualized. Returns for one year are absolute. Returns for more than one year are compounded annualized. Dividends are assumed to be reinvested at
the prevailing NAV. Distribution taxes are excluded while calculating the returns. In case, the start/end date of the concerned period is non business date
(NBD), the NAV of the previous date is considered for computation of returns. Point to Point (PTP) returns in INR is based on standard investment of INR
10,000 made at the beginning of above mentioned period as at the end of that period scheme performance. Additional benchmark for Liquid scheme
source : Crisil. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other
investments. Inception date is the allotment date which is July 08, 2003.
Fund manager: Siddharth Deb
For the performance of other schemes managed by the same fund manager please refer to slide 92
87
Data as on 31st March 2015
Particulars 7 Days 15 Days 1 Month Mar 31, 2014 to Mar
31, 2015
Mar 31, 2013 to Mar
31, 2014
Mar 31, 2012 to Mar
31, 2013 Since Inception
Simple
Annualis
ed (%)
PTP
Returns
(INR)
Simple
Annuali
sed (%)
PTP
Returns
(INR)
Simple
Annualise
d (%)
PTP
Returns
(INR)
Absolute
Returns
(%)
PTP
Returns
(INR)
Absolute
Returns
(%)
PTP
Returns
(INR)
Absolute
Returns
(%)
PTP
Returns
(INR)
CAGR
Returns
(%)
PTP
Returns
(INR)
GS Liquid BeES# 7.27 10727 6.97 10697 6.85 10685 7.43 10743 7.65 10765 7.23 10723 4.85 17440
CRISIL Liquid Fund Index
(Benchmark) 12.39 11239 9.84 10984 9.22 10922 8.98 10898 9.54 10954 8.17 10817 6.78 21592
CRISIL 1 Year T-Bill Index
(Additional Benchmark) 18.02 11802 14.22 11422 10.85 11085 8.74 10874 5.84 10584 8.33 10833 5.70 19176
Impact cost represents the cost of executing a transaction in a given stock, for a specific predefined order size, at
any given point of time.
Impact cost is a practical and realistic measure of market liquidity; it is closer to the true cost of execution faced by
a trader in comparison to the bid-ask spread.
It should however be emphasised that :
(a) impact cost is separately computed for buy and sell
(b) impact cost may vary for different transaction sizes
(c) impact cost is dynamic and depends on the outstanding orders
(d) where a stock is not sufficiently liquid, a penal impact cost is applied
In mathematical terms it is the percentage mark up observed while buying/ selling the desired quantity of a stock
with reference to its ideal price (best buy + best sell)/ 2.
8
1
Impact cost - definition
Source: www.nseindia.com
89
Impact cost - definition
Example:
Order book snapshot
Buy quantity Buy price Sell quantity Sell price
1000 98 1000 99
2000 97 1500 100
1000 96 1000 101
To buy 1500 shares
Ideal price = =
Actual buy price = =
IMPACT COST (For 1500 shares) = =
99 + 98
2 98.5
(1000 x 99) + (500 x 100)
1500 99.33
(99.33 98.50) x 100
98.50 0.84%
Source: www.nseindia.com
For illustrative purposes only
90
Funds managed by Fund Managers
Returns for one year are absolute. Returns for more than one year are compounded annualized. Dividends are assumed to be reinvested at the prevailing NAV. Distribution taxes are
excluded while calculating the returns. Bonus declared has been adjusted. Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is
considered for computation of returns. Point to Point (PTP) returns in INR is based on standard investment of INR 10,000 made at the beginning of 12 month period as at the end of that
period scheme performance. @ represents Additional Benchmark. Additional benchmark for equity schemes - source : National Stock Exchange of India. Past performance may or may not
be sustained in future and should not be used as a basis for comparison with other investments.
Fund manager: Payal Kaipunjal (Incase of GS Hang Seng BeES, for debt securities)
Particulars Mar 31, 2014 to Mar 31, 2015 Mar 31, 2013 to Mar 31, 2014 Mar 31, 2012 to Mar 31, 2013 Since Inception Allotment
Date Absolute Returns
(%)
PTP Returns
(INR)
Absolute Returns
(%)
PTP Returns
(INR)
Absolute Returns
(%)
PTP Returns
(INR)
CAGR Returns
(%)
PTP Returns
(INR)
GS Junior BeES 44.21 14421 20.52 12052 7.70 10770 24.56 143013 21-Feb-03
CNX Nifty Junior Index (Benchmark) 44.34 14434 20.02 12002 7.39 10739 24.26 138899
CNX Nifty Junior Total Returns Index 45.62 14562 21.90 12190 8.62 10862 25.97 163795
CNX Nifty Index (Additional Benchmark) 26.65 12665 17.98 11798 7.31 10731 18.69 79642
GS PSU Bank BeES 24.53 12453 -6.35 9365 -7.68 9232 5.04 14418 25-Oct-07
CNX PSU Bank Index (Benchmark) 24.53 12453 -10.15 8985 -9.96 9004 3.56 12973
CNX PSU Bank Total Returns Index 25.11 12511 -6.82 9318 -8.17 9183 5.53 14925
CNX Nifty Index (Additional Benchmark) 26.65 12665 17.98 11798 7.31 10731 5.84 15247
GS Hang Seng BeES 20.44 12044 12.37 11237 18.59 11859 12.57 18211 9-Mar-10
Hang Seng Index (Benchmark) 12.41 11241 -0.67 9933 8.48 10848 3.22 11742
Hang Seng Total Returns Index (INR) 21.95 12195 13.58 11358 19.93 11993 13.63 19094
CNX Nifty Index (Additional Benchmark) 26.65 12665 17.98 11798 7.31 10731 10.59 16644
GS Nifty BeES 27.97 12797 19.32 11932 8.68 10868 18.62 96333 28-Dec-01
CNX Nifty Index (Benchmark)@ 26.65 12665 17.98 11798 7.31 10731 17.21 82134
CNX Nifty Total Returns Index 28.17 12817 19.47 11947 8.72 10872 18.94 99763
GS Bank BeES 43.50 14350 13.53 11353 12.90 11290 21.21 80603 27-May-04
CNX Bank Index (Benchmark) 42.89 14289 12.15 11215 11.25 11125 19.95 71975
CNX Bank Total Returns Index 43.98 14398 13.65 11365 12.59 11259 21.66 83914
CNX Nifty Index (Additional Benchmark) 26.65 12665 17.98 11798 7.31 10731 16.72 53524
GS Gold BeES -6.37 9363 -7.94 9206 3.82 10382 12.43 25734 27-May-04
Domestic Price of Gold (Benchmark) -5.56 9444 -6.89 9311 4.89 10489 13.57 27910
91
Particulars
Absolute
Returns (%)
PTP Returns
(INR)
Absolute
Returns (%)
PTP Returns
(INR)
Absolute
Returns (%)
PTP Returns
(INR)
CAGR
Returns (%)
PTP Returns
(INR)
GS CNX 500 Fund - Distributor Plan - Growth 32.81 13281 17.41 11741 5.07 10507 18.78 29232 18-Mar-09
CNX 500 Index (Benchmark) 33.56 13356 17.72 11772 5.13 10513 18.43 28702
CNX 500 Total Returns Index 34.94 13494 19.18 11918 6.40 10640 19.76 30770
CNX Nifty Index (Additional Benchmark) 26.65 12665 17.98 11798 7.31 10731 17.47 27278
GS Infra BeES 24.79 12479 18.97 11897 -11.76 8824 -2.82 8790 29-Sep-10
CNX Infrastructure Index (Benchmark) 24.27 12427 18.34 11834 -11.93 8807 -2.95 8739
CNX Infrastructure Total Returns Index 26.04 12604 20.16 12016 -10.90 8910 -1.79 9218
CNX Nifty Index (Additional Benchmark) 26.65 12665 17.98 11798 7.31 10731 8.05 14172
GS Shariah BeES 21.54 12154 21.30 12130 6.04 10604 18.89 28423 18-Mar-09
CNX Nifty Shariah Index (Benchmark) 21.19 12119 21.31 12131 5.16 10516 18.36 27668
CNX Nifty Shariah Total Returns Index 22.88 12288 22.80 12280 6.96 10696 19.93 29970
CNX Nifty Index (Additional Benchmark) 26.65 12665 17.98 11798 7.31 10731 20.21 30383
GS Hang Seng BeES 20.44 12044 12.37 11237 18.59 11859 12.57 18211 9-Mar-10
Hang Seng Index (Benchmark) 12.41 11241 -0.67 9933 8.48 10848 3.22 11742
Hang Seng Total Returns Index (INR) 21.95 12195 13.58 11358 19.93 11993 13.63 19094
CNX Nifty Index (Additional Benchmark) 26.65 12665 17.98 11798 7.31 10731 10.59 16644
Mar 31, 2014 to Mar 31,
2015
Mar 31, 2013 to Mar 31,
2014
Mar 31, 2012 to Mar 31,
2013Since Inception
Allotment Date
Funds managed by Fund Managers
Returns for one year are absolute. Returns for more than one year are compounded annualized. Dividends are assumed to be reinvested at the prevailing NAV. Distribution taxes are
excluded while calculating the returns. Bonus declared has been adjusted. Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is
considered for computation of returns. Point to Point (PTP) returns in INR is based on standard investment of INR 10,000 made at the beginning of 12 month period as at the end of that
period scheme performance. Additional benchmark for equity schemes - source : National Stock Exchange of India. Past performance may or may not be sustained in future and should
not be used as a basis for comparison with other investments.
Fund manager: Gauri Sekaria (Incase of GS Hang Seng BeES, for foreign securities)
92
Particulars
Absolute
Returns (%)
PTP Returns
(INR)
Absolute
Returns (%)
PTP Returns
(INR)
Absolute
Returns (%)
PTP Returns
(INR)
CAGR
Returns (%)
PTP Returns
(INR)
GSSTF - Distributor Plan - Growth 7.70 10770 7.70 10770 7.38 10738 7.20 13821 4-Aug-10
CRISIL Liquid Fund Index (Benchmark) 9.06 10906 9.46 10946 8.17 10817 8.55 14652
CRISIL 10 Year Gilt Index (Additional Benchmark) 14.63 11463 -1.01 9899 11.25 11125 6.63 13485
Mar 31, 2014 to Mar 31,
2015
Mar 31, 2013 to Mar 31,
2014
Mar 31, 2012 to Mar 31,
2013Since Inception
Allotment Date
Funds managed by Fund Managers
# - Returns are based on Gross Dividend per unit (Inclusive of Distribution Tax) declared by the Fund for the respective period of the performance shown above. Actual dividend in the hands
of each investor will vary based on category and rate of dividend distribution tax applicable thereon. Returns for less than one year are simple annualized. Returns for one year are absolute.
Returns for more than one year are compounded annualized. Dividends are assumed to be reinvested at the prevailing NAV. Distribution taxes are excluded while calculating the returns. In
case, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. Point to Point (PTP) returns in INR is
based on standard investment of INR 10,000 made at the beginning of above mentioned period as at the end of that period scheme performance. Additional benchmark for Liquid scheme
source : Crisil. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments. Inception date is the allotment
date which is July 08, 2003.
Fund manager: Siddharth Deb
Particulars 7 Days 15 Days 1 Month Mar 31, 2014 to Mar
31, 2015
Mar 31, 2013 to Mar
31, 2014
Mar 31, 2012 to Mar
31, 2013 Since Inception
Simple
Annualis
ed (%)
PTP
Returns
(INR)
Simple
Annualis
ed (%)
PTP
Returns
(INR)
Simple
Annualis
ed (%)
PTP
Returns
(INR)
Absolute
Returns
(%)
PTP
Returns
(INR)
Absolute
Returns
(%)
PTP Returns
(INR)
Absolute
Returns
(%)
PTP
Returns
(INR)
CAGR
Returns (%)
PTP
Returns
(INR)
GS Liquid BeES# 7.27 10727 6.97 10697 6.85 10685 7.43 10743 7.65 10765 7.23 10723 4.85 17440
CRISIL Liquid Fund Index
(Benchmark) 12.39 11239 9.84 10984 9.22 10922 8.98 10898 9.54 10954 8.17 10817 6.78 21592
CRISIL 1 Year T-Bill Index
(Additional Benchmark) 18.02 11802 14.22 11422 10.85 11085 8.74 10874 5.84 10584 8.33 10833 5.70 19176
About Goldman Sachs Asset Management (India) Pvt. Ltd.
93
About us
Goldman Sachs Asset Management has a history of providing investment solutions to diverse set of
investors. We pride ourselves on having pioneered many practices and techniques that have since become
standard in the industry.
Our in-depth understanding of local economies, industries and cultures helps us provide a wide range of
investment opportunities with rigorous risk management practices.
Our culture emphasises the value of teamwork while encouraging individual creativity and our professionals
have a clear and unwavering commitment to leadership in asset management.
Average Assets under Management of Goldman Sachs Mutual Fund for the quarter ended December 2013 is
approximately Rs. 384673.94 crores1
94
1 Source: AMFI
Contact us
Customer Care:
Toll free number: 1800-266-1220
E mail id: gsamindia@gs.com
Mumbai (Corporate Office):
951-A, Rational House, Appasaheb Marathe Marg, Prabhadevi, Mumbai 400 025
Tel No. : 91 22 6616 9000(B)
Fax No : 91 22 6627 9245
95
96
Our website www.gsam.in
Track real-time NAV on your mobile at www.gsam.in/mobile
Disclaimers
RISK FACTORS
GS Nifty BeES and GS Shariah BeES are not sponsored, endorsed, sold or promoted by India Index Services & Products Limited ("IISL"). IISL does not make
any representation or warranty, express or implied, to the owners of GS Nifty BeES and GS Shariah BeES or any member of the public regarding the
advisability of investing in securities generally or in GS Nifty BeES and GS Shariah BeES. Please read the full Disclaimers in relation to the CNX Nifty Index
and CNX Nifty Shariah Index in the Scheme Information Document before investing. The Products on CNX Nifty Junior Index, CNX Bank Index, CNX PSU Bank Index and CNX Infrastructure Index are not sponsored, endorsed, sold or promoted by India Index Services & Products Limited (IISL). IISL does not
make and expressly disclaims any representation or warranty, express or implied (including warranties of merchantability or fitness for particular purpose or
use) regarding the advisability of investing in the products linked to CNX Nifty Junior Index, CNX Bank Index, CNX PSU Bank Index and CNX Infrastructure
Index or particularly in the ability of the CNX Nifty Junior Index, CNX Bank Index, CNX PSU Bank Index and CNX Infrastructure Index to track general stock
market performance in India.
The Hang Seng Index (the Index) is published and compiled by Hang Seng Indexes Company Limited pursuant to a license from Hang Seng Data Services Limited. The mark and name Hang Seng Index are proprietary to Hang Seng Data Services Limited. Hang Seng Indexes Company Limited and Hang Seng
Data Services Limited have agreed to the use of, and reference to, the index by Goldman Sachs Asset Management (India) Pvt. Ltd. in connection with
Goldman Sachs Hang Seng Exchange Traded Scheme (GS Hang Seng BeES) (the Product), but neither Hang Seng Indexes Company Limited nor Hang Seng Data Services Limited warrants or represents or guarantees to any broker or holder of the product or any other person (i) the accuracy or completeness
of the index and its computation or any information related thereto; or (ii) the fitness or suitability for any purpose of the index or any component or data
comprised in it; or (iii) the results which may be obtained by any person from the use of the index or any component or data comprised in it for any purpose,
and no warranty or representation or guarantee of any kind whatsoever relating to the index is given or may be implied. The process and basis of
computation and compilation of the index and any of the related formula or formulae, constituent stocks and factors may at any time be changed or altered by
Hang Seng Indexes Company Limited without notice. To the extent permitted by applicable law, no responsibility or liability is accepted by Hang Seng
Indexes Company Limited or Hang Seng Data Services Limited (i) In respect of the use of and/ or reference to the index by Goldman Sachs Asset
Management (India) Pvt. Ltd. in connection with the product; or (ii) for any inaccuracies, omissions, mistakes or errors of Hang Seng Indexes Company
Limited in the computation of the index; or (iii) for any inaccuracies, omissions, mistakes, errors or incompleteness of any information used in connection
with the computation of the index which is supplied by any other person; or (iv) for any economic or other loss which may be directly or indirectly sustained
by any broker or holder of the product or any other person dealing with the product as a result of any of the aforesaid, and no claims, actions or legal
proceedings may be brought against Hang Seng Indexes Company Limited and/ or Hang Seng Data Services Limited in connection with the product in any
manner whatsoever by any broker, holder or other person dealing with the product. Any broker, holder or other person dealing with the product does so
therefore in full knowledge of this disclaimer and can place no reliance whatsoever on Hang Seng Indexes Company Limited and Hang Seng Data Services
Limited.
97
For the avoidance of doubt, this disclaimer does not create any contractual or quasi-contractual relationship between any broker, holder or other person and
Hang Seng Indexes Company Limited and/ or Hang Seng Data Services Limited and must not be construed to have created such relationship. Please read the Scheme Information Documents (SID) and Statement of Additional Information (SAI) carefully before investing. For schemes specific risk factors, please refer SID.
For more details please refer the SID, SAI, Key Information Memorandum and Application Form which are available at the office of the AMC or can be
downloaded from www.gsam.in
NSE Disclaimer : It is to be distinctly understood that the permission given by NSE should not in any way be deemed or construed that the Scheme
Information Document has been cleared or approved by NSE nor does it certify the correctness or completeness of any of the contents of the Draft Scheme
Information Document . The investors are advised to refer to the Scheme Information Document for the full text of the Disclaimer Clause of NSE
Information gathered & material used in this document is believed to be from reliable sources. However, Goldman Sachs Asset Management (India) Private
Limited does not warrant the accuracy, reasonableness and/or completeness of any information.
Confidentiality
No part of this material may, without GSAMs prior written consent, be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to any person that is not an employee, officer, director, or authorized agent of the recipient.
THIS MATERIAL DOES NOT CONSTITUTE AN OFFER OR SOLICITATION IN ANY JURISDICTION WHERE OR TO ANY PERSON TO WHOM IT WOULD BE
UNAUTHORIZED OR UNLAWFUL TO DO SO.
Although certain information has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness or fairness. We have relied upon
and assumed without independent verification, the accuracy and completeness of all information available from public sources.
98
Disclaimers (contd.)
Mutual Fund Investments are subject to market risks,
read all scheme related documents carefully.
Appendix
Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. Views and
opinions are current as of the date of this presentation and may be subject to change, they should not be construed as investment advice.
The website links provided are for your convenience only and are not an endorsement or recommendation by GSAM of any of these websites or the products or services
offered. GSAM is not responsible for the accuracy and validity of the content of these websites.
Index Benchmarks
Indices are unmanaged. The figures for the index reflect the reinvestment of all income or dividends, as applicable, but do not reflect the deduction of any fees or
expenses which would reduce returns. Investors cannot invest directly in indices.
The indices referenced herein have been selected because they are well known, easily recognized by investors, and reflect those indices that the Investment Manager
believes, in part based on industry practice, provide a suitable benchmark against which to evaluate the investment or broader market described herein. The exclusion of
failed or closed hedge funds may mean that each index overstates the performance of hedge funds generally.
This material is issued in or from India by Goldman Sachs Asset Management (India) Private Limited (GSAM India)
References to indices, benchmarks or