Factsheet August 2015 Commodity Services Ltd Forbes and Company Ltd Total Fixed rates bonds -...
Transcript of Factsheet August 2015 Commodity Services Ltd Forbes and Company Ltd Total Fixed rates bonds -...
FACTSHEET AUGUST 2015
DEBT MARKET COMMENTARY
Inflation
July CPI was a pleasant surprise. It softened significantly more than expected, and came at multi-month low of 3.8% (as against the consensus of 4.4%) from a high of 5.4% in June. Food inflation was the reason for cheer here. The food and beverages group eased to 2.89% in July 2015 from 5.73% in June 2015, a fall of more than 280 bps this month. Given the base effect and government pro-activeness in breaking the poor monsoon-high food inflation equation, by efficient mobilization and utilization of buffer food grains, food inflation was expected to trend lower, but this number beat that expectation also. Wholesale prices declined -4.05% in July, the ninth consecutive monthly fall and the steepest in about four decades, primarily due to cheaper food items, oil and manufactured products. In June, Wholesale Price Index (WPI)-based deflation (the rate of fall in prices) stood at 2.40%.
Macros
Industrial growth, as measured by IIP growth, was higher than market estimates. It strengthened to 3.8% yoy in June, from 2.7% in May. This indicates a slow recovery and improving consumer sentiments. India trade deficit widened sharply in July to the highest in eight months, at USD 12.8 bn. Coming at 7.0% for June 2015 quarter, India�s GDP slowed down as compared to previous quarter number of 7.5% (Jan-Mar 2015).
Liquidity / Rates
Markets are enjoying comfortable liquidity currently. Led by excess liquidity, banks parked on an average approximately 23,500 crores, with RBI during month of august compared to average of 8500 crores in July. The overnight rates were softer and below the operative rate of 7.25% for the most of the days of month. RBI conducted regular variable reverse repos to keep the levels from crashing down, and there by maintained them in an optimal band. Substantial government spending, low credit off take is keeping the system in a very comfortable zone as far as liquidity is concerned. China currency deprecation-by 3%, stunned the markets and shockwaves were felt globally. Indian rupee and equity also faced the brunt to an extent, with bonds actually being supported due to value buying. 10 year sovereign fluctuated in a very narrow range and at month end was 3 bps lower at 7.78% as compared to the open at 7.81%.
RBI Policy
As expected by us, RBI kept the key rates unchanged, i.e. the repo rate was kept unchanged at 7.25 at its bi-monthly monetary policy meeting on 4th August 2015. It mentioned that uncertain monsoon till date, better transmission of by banks of earlier rate cuts and US Fed policy actions, these are the factors it is keeping a watch on to decide on further cuts going ahead. RBI said that it had already front-loaded the cuts in the system and hence there was no need to do further cuts at current juncture.
Outlook
A weaker Chinese yuan, led to rupee depreciation also. From a macroeconomic perspective, this will be advantageous, India with depreciated rupee will benefit in terms of enhance trade competitiveness. Additionally, a stronger US dollar, led by a weaker Chinese yuan, might be adding to the uncertainty of US Fed hike in September. Furthermore, domestic inflation scenario getting more and more comfortable-all this is making gilts attractive.
As we had mentioned in the previous month commentary, a mildly dovish statement will set the stage for returning of positive sentiment to the markets-and that�s what has exactly happened. Markets have turned bullish. 10 year G-Sec at 7.75-7.80% band is an attractive range for investment currently. RBI in the upcoming September is most likely to do a 25 bps cut in the repo rate from 7.25 to 7.00, led primarily by a) lower inflation going ahead, due to falling commodity prices (in light of Chinese slowdown), b) need to kick-start the sluggish economy, to prevent deflation challenge getting initiated due to fears of global slowdown, c) occurrence of monetary transmission of rate cuts, led by some of the major commercial banks, which will be view positively by RBI, and lastly d) structural drivers forcing the interest rate downwards in India in next 12-18 months, led primarily by RBI pushing the banks to a new system of calculating base rates, which is likely to lead in falling base rate and consequent lower rate lending to corporates.
For investors with an appetite for volatility, depending on risk appetite and investment horizon, intermittently elevated levels should be utilized to take enhanced exposure to duration - they are likely to generate smart returns. Risk and volatility averse investors should focus on accrual led constant income created by higher yields. In a falling rate scenario, short-term fund will be a good avenue for those looking to lock high accrual and enjoy a constant and non-volatile high carry, while simultaneously earning higher return as compared to fixed deposits.
Malay ShahHead � Fixed Income
August
10 year G-Sec
3M CDs
6M CDs
12M CDs
Currency
10 Year US Treasury
Month Opening
7.81
7.50
7.65
7.88
64.05
2.20
Intra Month High
7.89
7.50
7.72
7.88
66.65
2.28
Intra Month Low
7.74
7.45
7.60
7.80
63.75
2.01
Month Closing
7.78
7.48
7.64
7.82
66.48
2.19
1
FACTSHEET AUGUST 2015
EQUITY MARKET COMMENTARY
Key Domestic News
� India's June-September monsoon rains are likely to be below the prior forecast of 88% of the long-term average, the
IMD said. This could make 2015 the driest year since 2009 and put pressure on farm output and lead to spike in CPI
inflation
� Complete monsoon session of parliament was washed out without any significant work getting done, as opposition
continued with its demand for resignation of Union Minister Ms. Sushma Swaraj & Chief Ministers of MP & Rajasthan
� In a big relief to foreign institutional investors (FIIs), the government accepted recommendation of a high level panel
that minimum alternate tax (MAT) should not be imposed on overseas portfolio investors retrospectively.
Key Domestic Economic Data
� India�s real GDP growth slowed to 7.0% in Q2 2015 from 7.5% in Q1, lower than expected, while GVA growth rose to 7.1%
from 6.1%, above expectations. Real private consumption growth moderated to a still-robust 7.4% y-o-y, while fixed
investment growth picked up to 4.9%, indicating some recovery in the capex cycle.
� India's fiscal deficit for the first four months of 2015-16 stood at Rs 3.85 lakh crore, 69.3% of the full-year target,
compared with 61.2% cent for the same period last year, on the back of a boost in capital expenditure by the
government. The government spent 34% of the budgeted plan expenditure in the first four months of the current
financial year, higher than 23% in the same period last year.
� July 2015 CPI dived lower to 3.8% from 5.4% last month, much below expectation of 4.3-4.5%, led by lower food
inflation. Similarly, Core CPI also fell to 3.7% from 5.0% last month due to lower fuel prices and other services
inflation. WPI for July 2015 dived lower to -4.1% ahead of expectations. Sequential contraction was seen across
segments � fuel inflation was the most, followed by primary articles and manufacturing.
� Growth of Indian manufacturing production waned in August on the back of softer improvements in both domestic and
foreign demand. The Nikkei India Manufacturing Purchasing Managers' Index (PMI) declined to 52.3 in August from
52.7 in July.
Key Global Events
� Hard landing concerns in China came to forefront as China Manufacturing PMI fell below estimates to a 77-month low of
47.1 in August, compared to a final reading of 47.8 in July indicating that despite stimulus, slowdown is gathering pace.
� Greece geared up for its fifth election in six years with an opinion poll showing leftist leader Alexis Tsipras ahead
despite a wave of defections from his Syriza party over the terms of the country's massive new bailout
� US FOMC minutes continue to see an improving economy and labor situation, suggesting the possibility of a hike at the
next meeting (mid-September) is on the table.
Outlook
� Over short term, we continue to expect volatility due to concerns on China, US Fed rate hike decision, slower than
expected economic recovery in India and disappointment over parliament logjam on land acquisition & GST bills.
� However, we believe that economic cycle in India is slowly, steadily turning around and quality of Indian macros has
improved significantly. Investment cycle is picking up gradually, is expected to pick up pace over next few quarters.
GDP growth and corporate earnings should see some improvement over next few quarters. The ongoing correction is
good opportunity for investors with medium to long-term horizon.
� Hard landing in China, weak monsoons, central government�s failure to push through big-ticket reforms and a reversal
in crude oil prices continue to be key risk to our outlook.
Sumit Bhatnagar, CFA
Fund Manager - Equity
2
Credit Risk RatingAAAmfs by CRISIL#
Indiabulls Liquid Fund(An Open-ended Liquid scheme)
FACTSHEET AUGUST 2015
To provide a high level of liquidity with returns commensurate with low risk through a portfolio of money market and debt securities with maturity of upto 91days. However, there can be no assurance that the investment objective of the Scheme will be achieved.
Fund Details
Fund Manager
Date of Allotment
Direct Plan
Growth Option: ` 1409.7274
Daily Dividend Option: ` 1000.4324
Weekly Dividend Option: ` 1018.4417
Existing Plan
Growth Option: ` 1406.2481
Daily Dividend Option: ` 1000.5175
Weekly Dividend Option: ` 1001.6058
Options
Default Option / Facility / Frequency
Default Option � Growth
Default dividend facility � Reinvestment
Default dividend frequency � Monthly
Minimum Application Amount
Load Structure
Entry Load: Not Applicable
Exit Load: Nil
SIP/STP/SWP:
25 October 2011
Mr. Malay ShahTotal work experience: More than 12 years
Benchmark Index
The Scheme offers the following Options
across a common portfolio:
- Growth Option
- Dividend Option
(Daily, Weekly, Fortnightly & Monthly)
` 500 and in multiples of ` 1/- thereafter.
Minimum Additional Purchase Amount:
` 500 and in multiples of ` 1/- thereafter.
CRISIL Liquid Fund Index
` 3054.36 Crores
SIP/STP/SWP facilities are available
Credit Quality
Hig
hM
idL
ow
High Mid Low
Inte
rest R
ate
Se
nsitivity
Fund Style
NAV as on 31 August 2015
PORTFOLIO
Investment Objective
Name of Instrument/Issue% of
PortfolioRating
Avg. AUM for the quarter (June 2015)
Certificate of DepositsCorporation BankKotak Mahindra Bank LtdIDBI Bank LimitedPunjab & Sind BankICICI Bank LtdIndian Overseas BankING Vysya Bank LtdThe South Indian Bank LtdAxis Bank LimitedAndhra BankDena BankState Bank Of HyderabadVijaya BankState Bank Of Bikaner & JaipurTotalTreasury BillsTreasury BillsTotalFixed DepositHDFC Bank Ltd TotalCommercial PapersRHC Holding Private LtdHDFC LtdBharat Aluminium Company LtdIL&FS Transportation Networks LtdCox & Kings LtdIFCI LtdHCL Infosystems LtdDalmia Cement (Bharat) LtdEdelweiss Commodities Services LtdAspire Home Finance Corporation LtdTVS Credit Services LtdReligare Comtrade LtdSterling AND Wilson Pvt LtdReligare Securities LtdFuture Retail LtdAadhar Housing Finance Private Limited.Adhunik Cement LtdDalmia Cement East Ltd.L & T Infrastructure Finance Co. Ltd.Subros LtdKotak Commodity Services LtdForbes and Company LtdTotalFixed rates bonds - Corporate15.60 Tata BlueScope Steel Ltd.TotalCBLO/Reverse Repo/Net current assetsGRAND TOTAL
9.366.985.484.573.453.422.772.772.061.651.381.381.380.69
47.34
16.0316.03
0.420.42
9.624.104.012.882.742.542.071.641.641.381.381.371.371.181.100.690.690.690.690.680.410.27
43.14
0.560.56
-7.49100.00
A1+A1+A1+A1+A1+A1+A1+A1+A1+A1+A1+A1+A1+A1+
SOV
A1+A1+A1A1
A1+A1+A1
A1+A1+A1+A1+A1+A1
A1+A1+A1+A1
A1+A1+A1+A1+A1+
AA
#Based on investment of Rs. 10,000 made at inception. All returns are for Growth Option only. Since inception returns have been calculated from the date of allotment till 30 June, 2015. Returns shown for 7 days, 15 days and 30 days are computed on Simple Annualised basis, Greater than/ equal to 1 year returns are Compounded Annualised Returns (CAGR). Past performance may or may not be sustained in future.Mr. Malay Shah is also the Fund Manager for Indiabulls Ultra Short Term Fund, Indiabulls Gilt Fund, Indiabulls Income Fund, Indiabulls Short Term Fund and Indiabulls Arbitrage Fund.
Period
Crisil 1 Yr T-Bill Index
(Additional Benchmark)
Indiabulls Liquid Fund
Existing Plan(Growth Option)
Crisil Liquid Fund Index
(Scheme Benchmark)
Indiabulls Liquid Fund Direct Plan
(Growth Option)
8.29
8.19
8.18
8.88
9.09
9.30
13,875.37
1387.5368
8.00
7.96
8.05
8.77
8.85
8.87
13,677.40
2367.53
7.63
8.06
7.58
8.54
7.53
7.69
13,133.43
4210.25
8.39
8.29
8.31
8.98
-
9.17
13,907.34
1390.7341
Last 7 days till 30th June 2015
Last 15 days till 30th June 2015
Last 30 days till 30th June 2015
30th June 2014 till 30th June 2015
30th June 2012 till 30th June 2015
Since Inception (CAGR)
Since Inception (Value#) (INR)
NAV/ Index Value (as of 30th June 2015)
Average Maturity
37.83 Days
Modified Duration
35.06 Days
Gross YTM
7.88
Quantitative Indicators
Pursuant to payment of dividend, the NAV of the scheme will fall to the extent of dividend distribution and statutory levy (if any). Past performance may or may not be sustained in future.
Rating Profile
A1+/SOV/Fixed Deposit
AA
A1
88.42%
0.56%
11.02%
Scheme Performance
Dividend History - Monthly Option (Existing Plan)
NAV Dividend/UnitRecord Date Face Value
01-08-2013 ` 1005.8445 ` 5.50571000`
03-06-2013 ` 1007.5394 ` 7.50361000`
02-05-2013 ` 1007.3268 ` 7.29161000`
3
Adjusted for net current assets
PORTFOLIO
Indiabulls Ultra Short Term Fund(An Open-ended Debt scheme)
Fund Details
Fund Manager
Date of Allotment
Options
Default Option / Facility
Default Option � Growth
Default Dividend Facility � Reinvestment
Minimum Application Amount
SIP/STP/SWP facilities are available
Load Structure
Entry Load: Not Applicable
Exit Load: NIL
SIP/STP/SWP:
6 January 2012
Benchmark Index
The Scheme offers the following options
across a common portfolio:
- Growth
- Dividend Option
(Daily, Weekly, Fortnightly & Monthly)
` 500 and in multiples of ` 1/- thereafter.
Minimum Additional Purchase Amount:
` 500 and in multiples of ` 1/- thereafter.
CRISIL Liquid Fund Index
Mr. Malay ShahTotal work experience: More than 12 years
` 454.08 Crores
Avg. AUM for the quarter (June 2015)
Credit Risk RatingAAAmfs by CRISIL#
To provide liquidity with return commensurate with low risk through a portfolio of money market and debt securities. However, there can be no assurance that the investment objective of the scheme will be achieved.
Credit Quality
Hig
hM
idL
ow
High Mid Low
Inte
rest R
ate
Se
nsitivity
Fund Style
FACTSHEET AUGUST 2015
NAV as on 31 August 2015
Investment Objective
Direct Plan
Growth Option: ` 1404.2024
Daily Dividend Option: ` 1004.3508
Fortnightly Dividend Option: ` 1002.3592
Weekly Dividend Option: ` 1001.2487
Monthly Dividend Option: ` 1002.0752
Existing Plan
Growth Option: ` 1387.5121
Daily Dividend Option: ` 1002.112
Weekly Dividend Option: ` 1001.1894
Monthly Dividend Option: ` 1002.3553
% of PortfolioRatingName of Instrument/Issue
Certificate of DepositsKotak Mahindra Bank LtdAxis Bank LimitedIDBI Bank LimitedBank Of IndiaCorporation BankCanara BankIndusind Bank LimitedState Bank Of PatialaPunjab & Sind BankTotalTreasury BillsTreasury BillsTotalCommercial PapersHDFC LtdRHC Finance Pvt LtdIL&FS Transportation Networks LtdShapoorji Pallonji & Company Ltd.HCL Infosystems LtdS D Corporation Private Ltd.Dewan Housing Finance Corp. LtdCox & Kings LtdReligare Enterprises LtdRHC Holding Private LtdJK Lakshmi Cement LtdAU Financiers (India) LtdIFCI LtdVedanta LtdTotalFixed Rates Bonds - Corporate10.80% Dewan Housing Finance Corp. Ltd15.60% Tata BlueScope Steel Ltd10.50% Dalmia Cement (Bharat) Ltd10.25% Jyothy Labs Ltd10.81% Writers and Publishers Pvt Ltd9.00% Shriram Transport Fin CoTotalZero Coupon Bonds - CorporateICICI Bank LtdTotalCBLO/Reverse Repo/Net current assets GRAND TOTAL
9.678.567.105.704.262.771.431.390.29
41.17
1.711.71
8.165.695.385.373.653.542.812.801.731.431.411.370.400.29
44.03
3.011.741.451.040.400.297.93
1.261.263.90
100.00
A1+A1+A1+A1+A1+A1+A1+A1+A1+
SOV
A1+A1+A1
A1+A1
A1+A1+A1+A1+A1+A1+A1+A1+A1+
AAAAAAA-AA-AA-AA+
AAA
Average Maturity
103.53 Days
Modified Duration
95.67 Days
Gross YTM
8.22
Quantitative Indicators
Pursuant to payment of dividend, the NAV of the scheme will fall to the extent of dividend distribution and statutory levy (if any). Past performance may or may not be sustained in future.
#Based on investment of Rs. 10,000 made at inception. All returns are for Growth Option only. Since inception returns have been calculated from the date of allotment till 30 June, 2015. Returns shown for 7 days, 15 days and 30 days are computed on Simple Annualised basis, Greater than/ equal to 1 year returns are Compounded Annualised Returns (CAGR). Past performance may or may not be sustained in future.Mr. Malay Shah is also the Fund Manager for Indiabulls Liquid Fund, Indiabulls Gilt Fund, Indiabulls Income Fund, Indiabulls Short Term Fund and Indiabulls Arbitrage Fund.
Period
Crisil 1 Yr T-Bill Index
(Additional Benchmark)
Indiabulls Ultra Short Term Fund
Existing Plan(Growth Option)
Crisil Liquid Fund Index
(Scheme Benchmark)
Indiabulls Ultra Short Term Fund
Direct Plan(Growth Option)
Scheme Performance
Last 7 days till 30th June 2015
Last 15 days till 30th June 2015
Last 30 days till 30th June 2015
30th June 2014 till 30th June 2015
30th June 2012 till 30th June 2015
Since Inception (CAGR)
Since Inception (Value#) (INR)
NAV/ Index Value (as of 30th June 2015)
8.07
8.59
8.71
9.30
9.23
9.42
13,680.79
1368.0786
8.00
7.96
8.05
8.77
8.85
8.88
13,452.87
2367.53
7.63
8.06
7.58
8.54
7.53
7.53
12,883.78
4210.25
8.82
9.34
9.46
9.77
-
9.59
13,827.80
1382.7798
Rating Profile
A1+/AAA/SOV
AA+AA
AA-
A1
86.05%
0.29%1.74%
2.89%
9.03%
Dividend History - Monthly Option (Existing Plan)
NAV Dividend/UnitRecord Date Face Value
27-04-2015 ` 1010.0839 ` 5.96611000`
25-05-2015 ` 1007.7833 ` 4.39141000`
25-06-2015 ` 1008.7001 ` 5.00491000`
4
Adjusted for net current assets
PORTFOLIO
Indiabulls Short Term Fund(An Open-ended Debt scheme)
Fund Details
Fund Manager
Date of Allotment
Options
Default Option / Facility
Default Option � Growth
Default Dividend Facility � Reinvestment
Minimum Application Amount
SIP/STP/SWP facilities are available
Load Structure
Entry Load: Not Applicable
Exit Load: 1%, if redeemed/ switched out
within 1 year from the date of allotment;
Nil, if redeemed/ switched out after 1 year
from the date of allotment.
SIP/STP/SWP:
13 September 2013
Mr. Malay ShahTotal work experience: More than 12 years
Benchmark Index
The Scheme offers the following options
across a common portfolio:
- Growth
- Dividend Option
(Weekly, Fortnightly & Monthly)
` 500 and in multiples of ` 1/- thereafter.
CRISIL Short Term Bond Fund Index
Avg. AUM for the quarter (June 2015)
The Scheme will endeavor to generate stable returns over short term with a low risk strategy while maintaining liquidity through a portfolio comprising debt and money market instruments. However, there can be no assurance that the investment objective of the scheme will be achieved.
Credit Quality
Hig
hM
idL
ow
High Mid Low
Inte
rest R
ate
Se
nsitivity
Fund Style
FACTSHEET AUGUST 2015
NAV as on 31 August 2015
Investment Objective
Direct Plan
Growth Option: ` 1214.4387
Monthly Dividend Option: ` 1019.3529
Regular Plan
Growth Option: ` 1184.3497
Weekly Dividend Option: ` 1010.0667
Monthly Dividend Option: ` 1011.2353
Average Maturity
0.60 Years
Modified Duration
0.54 Years
Gross YTM
10.16
Quantitative Indicators
Pursuant to payment of dividend, the NAV of the scheme will fall to the extent of dividend distribution and statutory levy (if any). Past performance may or may not be sustained in future.
% of PortfolioName of Instrument/Issue
Commercial Papers
HCL Infosystems Ltd
IL&FS Transportation Networks Ltd
Total
Fixed Rates Bonds - Corporate
10.81% Writers and Publishers Pvt Ltd
12.50% Religare Finvest Ltd
11.10% IL&FS Transportation Networks Ltd
Total
CBLO/Reverse Repo/Net Current Assets
GRAND TOTAL
Rating
25.61
11.64
37.25
31.60
15.35
13.51
60.46
2.29
100.00
A1
A1
AA-
AA-
A
#Based on investment of Rs. 10,000 made at inception. All returns are for Growth Option only. Since inception returns have been calculated from the date of allotment till 30 June, 2015. Greater than/ equal to 1 year returns are Compounded Annualised Returns (CAGR). Past performance may or may not be sustained in future.Mr. Malay Shah is also the Fund Manager for Indiabulls Liquid Fund, Indiabulls Ultra Short Term Fund, Indiabulls Gilt Fund, Indiabulls Income Fund and Indiabulls Arbitrage Fund.
Period
Indiabulls Short Term Fund
Regular Plan(Growth Option)
Scheme Performance
30th June 2014 till 30th June 2015
Since Inception (CAGR)
Since Inception (Value#) (INR)
NAV/ Index Value (as of 30th June 2015)
8.88
8.99
11,669.85
1166.9847
10.17
10.23
11,930.91
1193.0905
9.56
10.12
11,890.39
2476.46
Crisil Short Term Bond Fund Index
(Scheme Benchmark)
Indiabulls Short term Fund
Direct Plan(Growth Option)
Rating Profile
AA-
A1
A
46.95%
37.25%
13.51%
Minimum Additional Purchase Amount:
` 500 and in multiples of ` 1/- thereafter.
` 53.56 Crores
Dividend History - Monthly Option (Regular Plan)
NAV Dividend/UnitRecord Date Face Value
27-04-2015 ` 1019.40841000`
25-05-2015 ` 1016.73651000`
25-06-2015 ` 1017.7454
` 6.3083
` 4.4831
` 5.15821000`
5
Indiabulls Income Fund(An Open-ended Debt scheme)
FACTSHEET AUGUST 2015
To generate a steady stream of income and/or medium to long term capital appreciation/gain through investment in fixed income securities. However, there can be no assurance that the investment objective of the scheme will be achieved.
Fund Details
Fund Manager
Date of Allotment
Direct Plan
Growth Option: ` 12.1966
Monthly Dividend Option: ` 10.5772
Quarterly Dividend Option: ` 10.4627
Half Yearly Dividend Option: ` 10.4376
Regular Plan
Growth Option: ` 11.8550
Monthly Dividend Option: ` 10.3256
Quarterly Dividend Option: ` 10.6799
Half Yearly Dividend Option: ` 10.3733
Options
Default Option / Facility / Frequency
Default Option � Growth
Default dividend facility � Reinvestment
Default dividend frequency � Monthly
Minimum Application Amount
Load Structure
Entry Load: Not ApplicableExit Load: � 1% if redeemed/switched out within 1 year from the date of allotment;� Nil, if redeemed/ switched out after 1 year from the date of allotment.
SIP/STP/SWP:
4 March 2013
Mr. Malay ShahTotal work experience: More than 12 years
Benchmark Index
The Scheme offers the following Options
across a common portfolio:
- Growth Option
- Dividend Option
(Daily, Weekly, Fortnightly & Monthly)
` 500 and in multiples of ` 1/- thereafter.
CRISIL Composite Bond Fund Index
Avg. AUM for the quarter (June 2015)
` 37.59 Crores
SIP/STP/SWP facilities are available
Credit Quality
Hig
hM
idL
ow
High Mid Low
Inte
rest R
ate
Se
nsitivity
Fund Style
NAV as on 31 August 2015
Average Maturity
5.74 Years
Modified Duration
3.26 Years
Gross YTM
8.82
Quantitative Indicators
Pursuant to payment of dividend, the NAV of the scheme will fall to the extent of dividend distribution and statutory levy (if any). Past performance may or may not be sustained in future.
Investment Objective
PORTFOLIO
% of PortfolioName of Instrument/Issue
Fixed Rate Bonds - Corporate
8.35% Petronet LNG Limited
9.40% IFCI Ltd
9.55% Hindalco Industries Ltd
10.81% Writers and Publishers Pvt Ltd
12.25 religare finvest ltd
10.25% Jyothy Labs Ltd
Total
Fixed Rate Bonds - Government
8.60% GOI - 02-Jun-2028
Total
CBLO/Reverse Repo/Net Current Assets
GRAND TOTAL
12.08
11.99
11.95
9.70
8.66
4.86
59.24
25.30
25.30
15.46
100.00
Rating
AA+
A+
AA
AA-
AA-
AA-
SOV
#Based on investment of Rs. 10,000 made at inception. All returns are for Growth Option only. Since inception returns have been calculated from the date of
allotment till 30 June, 2015. Greater than/ equal to 1 year returns are Compounded Annualised Returns (CAGR). Past performance may or may not be sustained in future.Mr. Malay Shah is also the Fund Manager for Indiabulls Liquid Fund, Indiabulls Ultra Short Term Fund, Indiabulls Gilt Fund, Indiabulls Short Term Fund and Indiabulls Arbitrage Fund.
Period
Indiabulls Income FundRegular Plan
(Growth Option)
Scheme Performance
30th June 2014 till 30th June 2015
Since Inception (CAGR)
Since Inception (Value#) (INR)
NAV/ Index Value (as of 30th June 2015)
10.65
6.76
11,641.50
11.6415
11.70
7.98
11,951.60
11.9516
11.10
8.54
12,103.43
2360.2900
Crisil Composite Bond Fund Index
(Scheme Benchmark)
Indiabulls Income FundDirect Plan
(Growth Option)
Minimum Additional Purchase Amount:
` 500 and in multiples of ` 1/- thereafter.
Rating Profile
SOV
AA+
A+
AA
AA-
25.30%
12.08%
11.99%
11.95%
23.22%Dividend History - Monthly Option (Regular Plan)
NAV Dividend/UnitRecord Date Face Value
25-03-2015 ` 10.3443 ` 0.018010.0000`
27-04-2015 ` 10.3813 ` 0.042910.0000`
25-05-2015 ` 10.3348 ` 0.011510.0000`
6
Indiabulls Gilt Fund(An Open-ended Gilt scheme)
Investment ObjectiveFund Style
FACTSHEET AUGUST 2015
Default Option � Growth
Default Dividend Facility � Reinvestment
10 January 2013
The Scheme offers the following Options
across a common portfolio:
Growth Option, Dividend Option &
Bonus Option
I-Sec Composite Index
Fund Details
Fund Manager
Date of Allotment
Options
Default Option / Facility / Frequency
Minimum Application Amount
Load Structure
SIP/STP/SWP:
Benchmark Index
NAV as on 31 August 2015
Mr. Malay ShahTotal work experience: More than 12 years
Entry Load: Not ApplicableExit Load: � 1% if redeemed/switched out within 1 year from the date of allotment;� Nil, if redeemed/ switched out after 1 year from the date of allotment.
` 500 and in multiples of ` 1/- thereafter.
SIP/STP/SWP facilities are available
Direct Plan
Growth Option: ` 1274.1194
Indirect Plan
Growth Option: ` 1236.8474
Weekly Dividend Option: ` 1053.7415
Fortnightly Dividend Option: ` 1056.7178
Monthly Dividend Option: ` 1049.3402
Average Maturity
10.30 Years
Modified Duration
6.43 Years
Gross YTM
7.94
Quantitative Indicators
The scheme seeks to generate income and capital appreciation by investing predominantly in sovereign securities issued by Central Government (including Treasury Bills) and/or by State Government, without any restriction on the maturity of the portfolio. However, there is no assurance that the investment objective of the scheme will be realized and the scheme does not assure or guarantee any returns.
Credit Quality
Hig
hM
idL
ow
High Mid Low
Inte
rest R
ate
Se
nsitivity
` 26.27 Crores
Avg. AUM for the quarter (June 2015)
Pursuant to payment of dividend, the NAV of the scheme will fall to the extent of dividend distribution and statutory levy (if any). Past performance may or may not be sustained in future.
SOV
97.20%
Rating Profile
PORTFOLIO
% of PortfolioRatingName of Instrument/Issue
Fixed rates bonds - Government
8.60% GOI - 02-Jun-2028
8.28% GOI 21-Sep-2027
8.27% GOI 09-Jun-2020
7.72% GOI 25-May-2025
Total
CBLO/Reverse Repo/Net Current Assets
GRAND TOTAL
SOV
SOV
SOV
SOV
Minimum Additional Purchase Amount:
` 500 and in multiples of ` 1/- thereafter.
39.71
19.34
19.26
18.89
97.20
2.80
100.00
Period
Indiabulls Gilt FundRegular Plan
(Growth Option)
Scheme Performance
#Based on investment of Rs. 10,000 made at inception. All returns are for Growth Option only. Since inception returns have been calculated from the date of allotment till 30 June, 2015. Greater than/ equal to 1 year returns are Compounded Annualised Returns (CAGR). Past performance may or may not be sustained in future.Mr. Malay Shah is also the Fund Manager for Indiabulls Liquid Fund, Indiabulls Ultra Short Term Fund, Indiabulls Income Fund, Indiabulls Short Term Fund and Indiabulls Arbitrage Fund.
30th June 2014 till 30th June 2015
Since Inception (CAGR)
Since Inception (Value#) (INR)
NAV/ Index Value (as of 30th June 2015)
11.03
8.18
12,142.61
1214.2612
11.96
9.43
12,492.65
1249.2645
11.70
8.46
12,238.21
7428.53
I-Sec Composite Index
(Scheme Benchmark)
Indiabulls Gilt FundDirect Plan
(Growth Option)
Dividend History - Monthly Option (Regular Plan)
NAV Dividend/UnitRecord Date Face Value
27-01-2015 ` 1061.6432 ` 14.15521000`
25-02-2015 ` 1046.1175 ` 3.70401000`
28-12-2014 ` 1047.2856 ` 9.81191000`
7
Indiabulls Blue Chip Fund(An Open-ended Equity scheme)
Fund Details
Fund Manager
Date of Allotment
Options
Default Option / Facility / Frequency
Default Option � Growth
Default Dividend Facility � Reinvestment
Minimum Application Amount
SIP/STP/SWP facilities are available
Load Structure
Entry : Not ApplicableExit : 1% if redeemed/switched out within first year, NIL if redeemed/switched out after one year from the date of allotment
SIP/STP/SWP:
10 February 2012
Benchmark Index
The Scheme offers the following Options
across a common portfolio:
Growth Option & Dividend Option
` 500 and in multiples of ` 1/- thereafter.
Mr. Sumit Bhatnagar - Fund Manager Total Work Experience: 14 years
S & P CNX Nifty Index
Direct Plan
Growth Option: ` 15.30
Dividend Option: ` 15.30
Existing Plan
Growth Option: ` 14.79
Dividend Option: ` 14.79
` 21.30 Crores
Avg. AUM for the quarter (June 2015)
Investment Objective
To provide long-term capital appreciation from a portfolio that is invested predominantly in equity and equity-related securities of blue-chip large-cap companies. However there can be no assurance that the investment objective of the scheme will be achieved.
Investment Style
La
rge
Me
diu
mS
ma
ll
Growth Blend Value
Ca
pita
lisatio
n
Fund Style
Minimum Additional Purchase Amount:
` 500 and in multiples of ` 1/- thereafter.
FACTSHEET AUGUST 2015
NAV as on 31 August 2015
PORTFOLIO
Industry Allocation of Equity Holding% of
Net Assets
IndustryTop 10 Holdings - Company % to NAV
Equity & Equity Related
No Dividend has been declared in this scheme
Petroleum Products
Auto
Consumer Non - Durables
Finance
Industrial Products
Construction Project
Software
Consumer Non - Durables
Banks
Petroleum Products
Petroleum Products
Consumer Non - Durables
Banks
Pharmaceuticals
Auto
Software
Finance
Industrial Products
Transportation
Construction Projects
Chemicals
Services
Industrial Capital Goods
Textile Products
Cement
Construction
Total Equity & Equity Related Holdings
Cash & Cash Equivalents and Net Current Assets
GRAND TOTAL
Period
Indiabulls Blue Chip Fund -
Existing Plan (Growth Option)
Scheme Performance
6.31
5.84
5.02
4.47
4.12
3.85
3.84
3.51
3.40
3.29
43.65
13.88
10.93
10.02
8.23
7.57
6.78
5.85
5.03
3.92
3.85
3.29
2.61
2.50
2.30
2.13
1.87
90.77
9.23
100.00
#Based on investment of Rs. 10,000 made at inception. All returns are for Growth Option only. Since inception returns have been calculated from the date of
allotment till 30 June, 2015. Greater than/ equal to 1 year returns are Compounded Annualised Returns (CAGR). Past performance may or may not be sustained in future.Mr. Sumit Bhatnagar is also the Fund Manager for Indiabulls Arbitrage Fund.
S&P CNX Nifty Index (Scheme & Additional
Benchmark)
Indiabulls Blue Chip Fund -
Direct Plan (Growth Option)
30th June 2014 till 30th June 2015
30th June 2012 till 30th June 2015
Since Inception (CAGR)
Since Inception (Value#) (INR)
NAV/ Index Value (as of 30th June 2015)
10.91
14.71
11.21
14,330.00
14.33
12.50
-
13.73
14,760.00
14.76
9.95
16.58
13.93
15,461.86
8,368.50
Reliance Industries Ltd
Maruti Udyog Ltd
Britannia Industries Limited
Dewan Housing Finance Corp. Ltd
Bharat Forge Ltd
Larsen Toubro Ltd
HCL Technologies
Jyothy Laboratories Ltd
ICICI Bank Ltd
Chennai Petroleum Corporation Ltd
Top 10 Equity & Equity related Holdings
8
Indiabulls Arbitrage Fund(An Open-ended Equity scheme)
Fund Manager
Date of Allotment
Options
Default Option / Facility / Frequency
Dividend Option
Dividend Payout Facility & Dividend
Reinvestment Facility
Minimum Application Amount
SIP/STP/SWP facilities are available
Load Structure
Entry: Not Applicable
Exit: 0.25% if redeemed/switched out within
one month from the date of allotment,
Nil - if redeemed/switched out after one
month from the date of allotment
SIP/STP/SWP:
December 19, 2014
Benchmark Index
The Scheme offers the following Options
across a common portfolio:
Growth, Dividend & Bonus Option
` 500 and in multiples of `1/- thereafter
Minimum Additional Purchase Amount
` 500 and in multiples of ` 1/- thereafter
Mr. Sumit BhatnagarTotal Work Experience: 14 years
Mr. Malay ShahTotal work experience: More than 12 years
CRISIL Liquid Fund Index
Investment Objective
To generate income by predominantly investing in arbitrage opportunities in the cash and derivative segments of the equity markets and the arbitrage opportunities available within the derivative segment and by investing the balance in debt and money market instruments. There is no assurance or guarantee that the investment objective of the scheme will be realized.
Fund Details
FACTSHEET AUGUST 2015
NAV as on 31 August 2015
PORTFOLIO
Industry Allocation of Equity Holding% of
Net Assets
Industry / RatingCompany % to NAV
Top 10 Equity & Equity Related Holdings
HDFC Limited
Reliance Industries Ltd
Maruti Udyog Ltd
HDFC Bank Ltd
Larsen Toubro Ltd
ICICI Bank Ltd
Canara Bank
Tech Mahindra Ltd
Sun TV Limited
Axis Bank Ltd
Equity & Equity Related Holdings.
Margin Fixed Deposits
Religare Securities Ltd
Writers and Publishers Pvt. Ltd.
Capital First Limited
IL&FS Transportation Networks Ltd
Dewan Housing Finance Corp. Ltd
Religare Finance Ltd
CBLO/Reverse Repo/Net Current Assets
(including Cash and Cash equivalents)
GRAND TOTAL
Finance
Petroleum Products
Auto
Banks
Construction Projects
Banks
Banks
Software
Media & Entertainment
Banks
[ICRA]A1+
BWR AA-
CARE AA+
[ICRA]A
CARE AAA
[ICRA]AA-
Finance
Petroleum Products
Banks
Auto
Construction Projects
Software
Media & Entertainment
Pharmaceuticals
Grand Total
9.62
9.38
5.72
3.15
2.66
2.65
1.92
1.46
1.31
1.23
41.90
7.82
3.34
13.71
12.00
9.84
3.86
3.19
4.34
100.00
9.62
9.38
8.96
6.67
2.66
2.17
1.31
1.12
41.90
Mr. Sumit Bhatnagar is also the Fund Manager for Indiabulls Blue Chip Fund.
Mr. Malay Shah is also the Fund Manager for Indiabulls Liquid Fund, Indiabulls Ultra Short Term Fund, Indiabulls Short Term Fund, Indiabulls Income Fund & Indiabulls Gilt Fund.
Since Indiabulls Arbitrage Fund has been in existence for less than 1 year as on June 30, 2015, past performance has not been provided.
Direct Plan
Growth Option: ` 10.6633
Dividend Option: ` 10.4610
Regular Plan
Growth Option: ` 10.6148
Dividend Option: ` 10.4127
` 43.73 Crores
Avg. AUM for the quarter (June 2015)
Dividend History - Monthly Option (Regular Plan)
NAV Dividend/UnitRecord Date Face Value
Pursuant to payment of dividend, the NAV of the scheme will fall to the extent of dividend distribution and statutory levy (if any). Past performance may or may not be sustained in future.
23-06-2015 ` 10.3793 ` 0.1010.00`
28-04-2015 ` 10.3398 ` 0.10 10.00`
9
Product Labeling of All Schemes
FACTSHEET AUGUST 2015
Name Of Scheme This Product Is Suitable For Investors Who Are Seeking*
RISKOMETER
Indiabulls Liquid Fund(An Open-ended Liquid Scheme)
� High level of liquidity with commensurate returns over short term.
� Through investment in money market & debt securities with maturity of upto 91days.
� Low Risk
Indiabulls Ultra Short Term Fund (An Open-ended Debt Scheme)
� Liquidity with commensurate returns over short term.
� Through investment in money market and debt securities.
� Moderately Low Risk
Indiabulls Gilt Fund(An Open-ended Gilt Scheme)
� Income and capital appreciation over medium to long term.
� Through investment in sovereign securities issued by Central Government (including Treasury Bills) and/ or by State Government, without any restriction on the maturity of the portfolio.
� Moderate Risk
#CRISIL Disclaimer: A CRISIL credit quality rating on a bond fund reflects CRISIL's current opinion on the degree of protection offered by the rated instrument from losses related to credit defaults. It does not constitute an audit by CRISIL of the fund house, the scheme, or companies in the scheme's portfolio. CRISIL ratings are based on information provided by the issuer or obtained by CRISIL from sources it considers reliable. CRISIL does not guarantee the completeness or accuracy of the information on which the rating is based. A CRISIL rating is not a recommendation to buy, sell or hold the rated scheme: it does not comment on the market price or suitability for a particular investor. All CRISIL ratings are under surveillance. CRISIL reserves the right to suspend, withdraw or revise its rating at any time, on the basis of any new information or unavailability of information or any other circumstances, which CRISIL believes may have an impact on the rating. For the latest rating information on any instrument of any company rated by CRISIL, please contact CRISIL RATlNG DESK at [email protected] or at (+91 22) 3342 3001- 09.
Indiabulls Income Fund(An Open-ended Debt Scheme)
Indiabulls Short Term Fund (An Open-ended Debt Scheme)
� Regular income and/or capital appreciation over medium to long term. � Through investment in fixed income securities.
� Moderate Risk
� Stable returns over short term while maintaining liquidity.
� Through investment in debt and money market instruments.
� Moderate Risk
10
Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.
Indiabulls Asset Management Company LimitedCIN: U65991DL2008PLC176627
Registered Office:M - 62 & 63, 1st Floor, Connaught Place, New Delhi - 110 001. Tel: (011) 3025 2900; Fax: (011) 3025 2901Corporate Office:Indiabulls Finance Centre Tower - 1, 11th Floor, Senapati Bapat Marg, Elphinstone West, Mumbai 400 013. Tel: (022) 6189 1300; Fax: (022) 6189 1320
Call: 1800-2666-002 SMS: �IBMF� to 54242Email: [email protected] Website: www.indiabullsamc.com
AMC Branches:Bangalore: Plot No.87/6, Richmond Road, Richmond Town, Bangalore - 560 025Chennai: Apex Chambers, 3rd Floor, No.20, Sir Theyagaraya Road (Pondy Bazar) T. Nagar, Chennai - 600 017Kolkata: 11, Ground Floor, Constantia Complex, Dr U.N Brahmachari Street, Kolkatta - 700 017New Delhi: M- 61 & 62, 1st Floor, Middle Circle, Connaught Place, New Delhi - 110 001Pune: Office No.002, Zenith Complex, Shivajinagar, Pune - 411 005
Note: Risk is represented as:
Indiabulls Blue Chip Fund(An Open-ended Equity Scheme)
� Capital appreciation over long-term
� A portfolio that is invested predominantly in equity and equity-related securities of blue-chip large-cap companies.
� High Risk
Indiabulls Arbitrage Fund(An Open-ended Equity Scheme)
� To generate reasonable returns over short to medium term.
� Investment predominantly in arbitrage opportunities in the cash and derivative segments of the equity markets and the arbitrage opportunities available within the derivative segment and by investing the balance in debt and money market instruments. � Moderately Low Risk
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.