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407-408 Abhishilp Opp.Vishweshwar Mahadev Temple Nr. Keshavbag Party Plot Vastrapur, Ahmedabad-380015 Phone: 079-26730583 , 40086763 Email: oswaldhan@gmail.com

INVESTMENT OPPORTUNITIES IN DEBT MARKET

Liquid Fund : Expected returns 8.00 to 9.00%

Low Duration Fund : Investment Horizon 3 Months & above Expected returns 8.50 to 8.75%

Short term Income Plan : Investment horizon 1 year & above Expected returns 9 to 9.5%

FMPs: 6 Months, 1year, 2year, 3year FMP available Expected returns 1 year 8.5 – 8.75% 2 year 8.75 – 8.85% 3 year 8.85 – 9%

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RECOMMENDATION

If the horizon is 9 months to 1 year short term income plan provides the best investment opportunity.

Short term & Medium term plan with duration of 2-3years provides good investment opportunities.

Accrual income funds having high portfolio yield with average maturities 1 to 2 years can give good returns for investors who doesn’t want to take duration risk averse.

Income Fund and Gilt fund with duration of 6 to 10 years provides attractive investment opportunities and will be beneficiary of falling interest rate scenario. Suitable for investments horizon for 12-18 month and for investors ready to take short term volatility.

The FMP also offers attractive yield if someone wants to lock in fund for specified period.

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OUTLOOK FOR DEBT MARKET Looking at the current economics scenario the RBI may

increase repo rate by 25 bps over next 3month .

Short term yield of the curve offers good entry point.

Aggressive investor can invest in the long end of the curve. Currently Yield on 10 year GOI Security has crossed 9% and is very attractive for aggressive investor to invest.

Long term Interest rates will depend on inflation no, fiscal deficit and OMO.

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EQUITY MARKET VALUATIONS

Why Equities now? -Broad Market Valuations

Sensex P/E Ratio

29

26

23

20

17

14

11

8

Sensex P/B Ratio

8

7

6

5 Avg PE Avg PB

4

3

2

1

0

Current valuations below 10 year average, despite some stocks trading at very high valuations

Source:www.bseindia.com 7

Why Equities now? -Polarisation of Valuation

P/E

30.0x

25.0x

20.0x

15.0x

10.0x

5.0x

Defensives vs Cyclicals

Defensives

Cyclicals

• In the past, valuation gap between cyclical and defensives have converged

• Since 2010, the gap has widened and defensives are trading at high valuations

Cyclical - Consumer Discretionary, Energy, Financials, Industrials, IT, Materials Defensives - Consumer Staples, Healthcare, Telecom, Utilities

Source: UBS Securities 8

Identifying Value in the Market

P/B

9

8

7

6

S&P BSE Midcap Index 10000

9000

8000

7000

5

4

3

2

1

0 2006 2007 2008

Current valuations close to 2009 lows

2009 2010 2011 2012

BSE Midcap P/B BSE Midcap

6000

5000

4000

3000

2000

1000

0 2013

• Midcap valuations are currently at 2009 lows. The midcap index rallied from 3300 levels to 8000 levels between 2009-2011.

• The increase in book value of the stocks in the midcap index has not been accompanied by increase in valuations.

Source:www.bseindia.com 17

OSWAL DHAN PVT LTD

Identifying Value in the Market

Top 20 performers vs Rest of the market

350

Values rebased to 100 300

250

200

150

100

50

0

2007 2008 2009 2010 2011 2012 2013

Top 20 performers Bottom 80 performers BSE100

• The top 20 stocks have trebled, now making up 30% of the BSE100 market cap versus barely 10% in Dec-07

• These stocks continue to outperform, providing gloss to the headline indices like Sensex and Nifty

Source: Bloomberg, Jefferies estimates

OSWAL DHAN PVT LTD Why Equities now? - Market Segmented

Mid & Small Cap discount to Sensex

100%

90% Mid cap discount to Sensex

80%

70%

60%

Small cap discount to Sensex

50%

Nov-10 Mar-11 Jul-11 Nov-11 Mar-12 Jul-12 Nov-12 Mar-13 Jul-13

S&P BSE Mid Cap S&P BSE Small Cap

Since the last peak in Nov 2010 the Small and Mid cap stocks are trading at a discount to their Large capcounterparts

Discount is calculated taking Nov’10 index values as base.

Source:www.bseindia.com

Why Equities now? -S&P BSE Sensex & Elections

OSWAL DHAN PVT LTD

Elections Absolute Appreciation

Election Year Date 20%

Sensex Appreciation 50% 70%

Appreciation Appreciation

1991 21-Jun-91 1361.7 Within 1 year Within 1 year Within 1 year

1996 9-May-96 3694.3 Within 2 years The bull phase that started in 1991 ended in 1997.

1998 3-Mar-98 3646.0 Within 2 years Within 2 years

1999 7-Oct-99 4963.1 Within 1 year

2004 13-May-04 5399.5 Within 1 year Within 2 years Within 2 years

2009 16-May-09 12173.4 Within 1 year Within 2 years Within 2 years

Above chart explains how S&P BSE Sensex has performed post elections.

Provided only for reference and understanding of market movement post elections. Nothing in the slide must be construed asfuture performance of S&P BSE Sensex.

Source: www.bseindia.com and Election Commission of India

OUTLOOK FOR EQUITY MARKET• Higher interest cost will impact the earning of corporate over the next two quarters.

• Most of the negatives have been discounted by the market.

• Market available PE of 15 discount the FY-14 earnings which is reasonable.

• Market expected to remain range bound 18,500 -21,000 in short term with not much downside risk barring unexpected events.

• Next two quarters will provide excellent investment opportunity in equity market.

• Market around 19,000 provide good entry point with horizon of 15-18 months.

• Markets are expected to look up from the second half of the current year on back off expected improvement in macro economic fundamentals.

• Good time to build equity portfolio through combination of lumpsump and STP.

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PERFORMANCE OF RECOMMENDED FUNDS

EQUITY FUNDS

MIDCAP FUNDS

BALANCED FUNDS

MONTHLY INCOME PLAN

SYSTEMATIC INVESTMENT PLAN

PERFORMANCE FROM PEAK OF 2008

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PERFORMANCE OF RECOMMENDED FUNDS

EQUITY FUNDS

Inception Scheme Name Type Date 1 Yrs 2 Yrs 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Since Inception

Birla Sun Life Dividend Yield Divid Yield Feb-03 -1.51 2.47 -2.29 20.77 11.01 17.43 - 22.33UTI Dividend Yield Fund Divid Yield May-05 2.35 3.29 -0.48 18.24 11.87 - - 15.25Birla Sun Life Frontline Equity fundLargecap Aug-02 15.63 13.15 4.24 21.11 12.35 20.93 - 24.51DSP BlackRock Top 100 Equity FundLargecap Mar-03 8.79 7.65 2.14 17.09 11.29 20.12 - 26.02Franklin India Bluechip Fund Largecap Dec-93 10.27 7.74 3.06 19.43 10.14 19.48 26.22 23.06HDFC Top 200 Fund Largecap Sep-96 7.61 7.06 0.08 19.64 11.59 21.16 22.81 21.38ICICI Prud. Focussed Bluechip FundLargecap May-08 15.65 11.70 5.29 23.70 - - - 13.31Reliance Regular Savings Fund EquityLargecap Jun-05 -1.61 5.85 -3.39 17.79 10.96 - - 14.31ICICI Prud. Discovery Fund Value Aug-04 7.95 13.05 3.70 28.57 11.39 - - 20.83Templeton India Growth Fund Value Sep-96 3.20 6.35 -3.25 17.44 9.41 17.40 - 17.91ICICI Prud. Dynamic Plan Flexicap Oct-02 16.32 12.54 5.46 21.55 11.71 21.92 - 26.10DSP BlackRock Equity Fund Flexicap Apr-97 3.46 4.44 -1.73 17.46 - - - 8.66Franklin India Prima Plus Flexicap Sep-94 9.46 8.74 3.59 18.73 10.55 20.58 25.01 19.24HDFC Equity Fund Flexicap Jan-95 5.38 6.02 -1.54 21.08 10.87 20.69 26.96 19.89Reliance Equity Opportunities FundFlexicap Mar-05 0.76 9.78 2.96 25.51 11.25 - - 17.87L&T Equity Fund Flexicap May-05 8.25 6.68 0.90 19.39 10.72 - - 17.12Reliance Growth Fund Flexicap Oct-95 -0.36 4.11 -4.27 16.16 9.26 22.79 27.11 23.62UTI Opportunities Fund Flexicap Jul-05 10.02 11.12 6.07 23.09 13.30 - - 15.70

CNX Nifty Index 12.06 8.74 1.54 16.90 7.72 15.01 14.52 -

S&P BSE Sensex 14.29 9.35 1.84 16.68 7.25 15.74 14.4 -

Compounded Annualized (%)DIVERSIFIED EQUITY FUND PERFORMANCE AS ON 31st OCT 2013

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PERFORMANCE OF RECOMMENDED FUNDS

MIDCAP FUNDS

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Scheme Name Inception

Date 1 Year 2 Yrs 3 Yrs 5 Yrs 7 Yrs 10 Yrs Since Inception

Axis Midcap Fund Feb-11 4.36 12.64 - - - - 9.08Birla Sun Life Mid Cap Fund - Plan A Oct-02 -1.59 3.99 -4.14 19.23 8.55 20.07 24.13DSP BlackRock Small and Midcap Fund Nov-06 -1.71 3.67 -2.74 22.52 8.97 - 8.83HDFC Mid-Cap Opportunities Fund Jun-07 5.17 9.18 3.11 23.78 - - 9.78IDFC Premier Equity Fund - Reg Sep-05 7.56 8.36 3.23 25.27 18.59 - 18.09IDFC Sterling Equity Fund Mar-08 4.43 9.66 2.00 25.91 - - 13.83Sundaram Select Midcap - Reg Jul-02 -0.88 6.1 -1.65 21.41 9.26 23.28 27.95

CNX Midcap -2.95 1.82 -6.99 16.53 6.54 15.56

MIDCAP FUND PERFORMANCE AS ON 31st OCT 2013Compounded Annualized

Scheme Name Inception Since Date 1 Yr 2 Yrs 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Inception

Birla Sun Life 95 Feb-95 9.42 8.70 3.52 19.56 11.25 17.82 21.36 21.56DSP BlackRock Balanced Fund May-99 2.78 4.46 -0.03 14.36 9.68 16.25 - 14.33FT India Balanced Fund Dec-99 10.37 8.49 4.46 14.66 8.97 15.32 - 13.37FT India Dynamic PE Ratio FoF Nov-03 8.18 7.62 5.81 15.30 10.13 17.04 - 17.03HDFC Balanced Fund Sep-00 6.09 7.63 4.44 20.49 10.86 15.79 - 15.31HDFC Prudence Fund Feb-94 1.79 5.15 1.15 20.55 11.57 19.01 22.78 18.75ICICI Prudential Balanced Nov-99 13.28 13.01 7.87 18.57 8.81 15.37 - 13.44ICICI Prudential Equity - Volatility Advantage FundDec-06 13.50 15.09 9.30 18.29 - - - 9.14Reliance RSF - Balanced Jun-05 3.40 8.89 1.13 19.11 11.99 - - 11.48Tata Balanced Fund Oct-95 9.15 11.71 6.10 20.15 12.03 18.20 - 16.21

Crisil Balanced Fund Index 12.06 8.74 1.54 16.90 7.72 15.01 14.52 -

BALANCED FUND PERFORMANCE AS ON 31st OCT 2013Compounded Annualized

BALANCED FUNDS

PERFORMANCE OF RECOMMENDED FUNDS

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Scheme Name Inception Debt EquityDate Minimum Maximum 1 Year 2 Yrs 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Since Inception

Canara Robeco MIP Apr 88 75% 25% 7.02 8.18 7.01 11.84 9.86 10.56 9.41 8.80HDFC MIP Long term Dec 03 75% 25% 4.18 6.87 5.21 12.70 9.15 - - 10.45ICICI Prudential MIP 25 38076 70% 30% 7.78 8.92 7.04 12.00 7.82 - - 9.43Kotak Monthly Income Plan 37957 80% 20% 6.58 8.42 6.38 7.45 5.55 - - 6.53Reliance MIP Jan 04 80% 20% 5.02 8.61 6.18 12.29 9.72 - - 10.16

Crisil MIP Blended Index 6.12 7.69 6.21 8.92 7.06 7.19 -

MONTHLY INCOME PLANS PERFORMANCE AS ON 31st OCT 2013Compounded Annualized

MONTHLY INCOME PLAN

PERFORMANCE OF RECOMMENDED FUNDS

9

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PERFORMANCE OF RECOMMENDED FUNDS

9

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SIP( Systematic Investment Plan)

No. of years Type of LaunchAmount invested Fund Date

Value Return Value Return Value Return Value Return(in Rs.) (%) (in Rs.) (%) (in Rs.) (%) (in Rs.) (%)

FT India Dynamic PE Ratio FoF Dynamic PE Oct' 03 40591 7.93 77121 9.97 236193 12.98

HDFC Balanced Fund Balanced Sep' 00 40493 7.77 83219 13.03 244735 13.64HDFC Prudence Fund Balanced Feb' 94 38488 4.38 79046 10.96 260261 14.79 995530 20.45Birla Sun Life Frontline Equity Fund Large Cap Aug' 02 43353 12.42 85183 13.97 284488 16.45DSP BlackRock Top 100 Equity Fund Large Cap Mar 03 40122 7.15 77195 10.00 262243 14.93Franklin India Bluechip Fund Large Cap Dec' 93 40665 8.06 80736 11.81 255143 14.42 905477 19.38HDFC Top 200 Fund Large Cap Oct' 96 39689 6.42 79033 10.95 275416 15.84 1143134 22.01ICICI Prudential Focused Bluechip Equity Fund Large Cap May 08 43190 12.16 88431 15.49Reliance RSF - Equity Fund Large Cap Aug. 02 38003 3.54 74018 8.32

Birla Sun Life Dividend Yield Plus Divi. Yield Feb 03 37101 1.96 75949 9.35 235366 12.91

DSP BlackRock Equity Fund Div. Equity Apr 97 38285 4.03 74713 8.69L&T Equity Fund Div. Equity Mar 05 40135 7.17 80007 11.44Franklin India Prima Plus Div. Equity Sep. 94 41246 9.01 81256 12.07 263951 15.05 1047934 21.03HDFC Equity Fund Div. Equity Jan. 95 38766 4.85 79410 11.14 270832 15.53 1232875 22.86HDFC Growth Fund Div. Equity Sep 00 38069 3.65 75499 9.11 249085 13.97ICICI Prudential Dynamic Plan Div. Equity Oct 02 43254 12.26 86431 14.56 298960 17.37Reliance Equity Opportunities Fund Div. Equity Mar 05 40509 7.80 88400 15.48

ICICI Prudential Discovery Fund Value Fund Aug 04 41716 9.78 91060 16.68Templeton India Growth Fund Value Fund Mar 05 38210 3.90 74190 8.41 228787 12.38

HDFC Mid-Cap Opportunities Fund Mid Cap Jun 07 40702 8.12 88053 15.32IDFC Premier Equity Fund Mid Cap Sep. 05 41201 8.94 88467 15.51Reliance Growth Fund Mid Cap Oct. 95 37737 3.07 72306 7.39 254464 14.37 1503428 25.10

Franklin India Taxshield Fund Tax Saving Apr 99 41429 9.31 83626 13.23 257684 14.61HDFC Long Term Advantage Fund Tax Saving Jun 07 41518 9.46 83632 13.23 244277 13.61HDFC Taxsaver Fund Tax Saving Jan 96 39233 5.65 78751 10.81 256682 14.53 1211878 22.67ICICI Prudential Taxplan Tax Saving Oct. 95 41755 9.85 86301 14.50 263182 15.00

NSE - CNX Nifty Index 41165 8.88 77650 10.24 216981 11.39 550080 13.68

S&P BSE - Sensex Index 41652 9.68 78563 10.71 221889 11.81 570807 14.10

36000 60,000 120,000 180,000

SIP PERFORMANCE AS ON 31st OCT 2013If you had invested Rs. 1000 every month

3 Year 5 Year 10 Year 15 Year

Scheme Name Type of Fund Date Peak NAV Current Date Current NAV Absolute Ret CAGRHDFC Prudence Fund Balanced 08-Jan-08 163.75 31-Oct-13 229.78 40.32% 6.00%HDFC Balanced Fund Balanced 08-Jan-08 41.50 31-Oct-13 65.04 56.73% 8.03%DSP BR Equity Fund Diversified Equity 08-Jan-08 15.42 31-Oct-13 17.03 10.45% 1.72%Franklin India Prima Plus Diversified Equity 08-Jan-08 213.93 31-Oct-13 257.31 20.28% 3.22%L&T Equity Fund Diversified Equity 08-Jan-08 32.37 31-Oct-13 39.01 20.54% 3.26%Reliance Equity Opportunities Fund Diversified Equity 08-Jan-08 32.06 31-Oct-13 42.00 30.98% 4.75%ICICI Pru. Dynamic Plan Diversified Equity 08-Jan-08 94.36 31-Oct-13 128.48 36.16% 5.45%HDFC Equity Fund Diversified Equity 08-Jan-08 225.21 31-Oct-13 287.06 27.47% 4.26%HDFC Growth Fund Diversified Equity 08-Jan-08 81.71 31-Oct-13 90.45 10.71% 1.76%Birla Sun Life Dividend Yield Plus Dividend Yield 08-Jan-08 65.73 31-Oct-13 87.13 32.56% 4.96%Reliance Regular Savings Fund Large Cap 08-Jan-08 30.50 31-Oct-13 30.82 1.04% 0.18%Birla Sun Life Frontline Equity Fund Large Cap 08-Jan-08 82.00 31-Oct-13 106.33 29.67% 4.57%DSP BR TOP 100 Equity Fund Large Cap 08-Jan-08 94.89 31-Oct-13 111.82 17.85% 2.86%Franklin India Bluechip Fund Large Cap 08-Jan-08 194.70 31-Oct-13 243.85 25.24% 3.95%HDFC Top 200 Fund Large Cap 08-Jan-08 172.55 31-Oct-13 226.29 31.15% 4.77%Reliance Growth Fund Mid Cap 08-Jan-08 479.94 31-Oct-13 461.65 -3.81% -0.67%IDFC Premier Equity Fund Mid Cap 08-Jan-08 28.09 31-Oct-13 36.13 28.60% 4.42%HDFC Mid-Cap Opportunites Fund-Gr. Mid Cap 08-Jan-08 13.32 31-Oct-13 18.40 38.13% 5.71%FT India Dynamic PE Ratio Funds PE Ratio Fund 08-Jan-08 32.00 31-Oct-13 47.28 47.74% 6.94%Franklin India Taxshield Tax Saving 08-Jan-08 197.30 31-Oct-13 248.26 25.83% 4.03%HDFC Long Term Advantage Fund Tax Saving 08-Jan-08 131.80 31-Oct-13 157.23 19.29% 3.08%HDFC Taxsaver Tax Saving 08-Jan-08 207.22 31-Oct-13 244.09 17.79% 2.86%ICICI Prudential Taxplan Tax Saving 08-Jan-08 131.35 31-Oct-13 162.59 23.78% 3.74%Templeton India Growth Fund Value Fund 08-Jan-08 107.55 31-Oct-13 119.92 11.51% 1.89%ICICI Pru. Discovery Fund Value Fund 08-Jan-08 37.87 31-Oct-13 57.17 50.96% 7.34%Sensex 08-Jan-08 20873.33 31-Oct-13 21164.52 1.40% 0.24%

PERFORMANCE FROM THE PEAK AS ON 31st OCT 2013

PERFORMANCE FROM PEAK OF 2008

PERFORMANCE OF RECOMMENDED FUNDS22

50

Thank You

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