Fs Pjt Final

8/4/2019 Fs Pjt Final

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ByBharat Vaid (10AC08) – DSP BlackRock

D Pradeep (10AC21) –

HDFC AMC

SNV Pravin(10AC22)- ICICI Prudential

R Raja Sugirtha(10AC23) – Kotak Mahindra AMC

K Rajeshwaran(10AC24) – Canara

Robeco



HDFC Mutual Funds

- D PRADEEP



Tax Saver Schemes @HDFC AMC

1. HDFC Tax Saver –

**** Zurich India TaxSaver Fund

December 18, 1995

2. HDFC Long Term Advantage - ***

December, 2000

Both Schemes has 2 options:

1. Growth

2. Dividend – offers Dividend payout and

Reinvestment



HDFC Tax Saver•

Objective:o To achieve long term growth of capital

• Open Ended Scheme

• Lock-in Period : 3 years

• No entry and exit load.

•

Systematic Investment Plan:oMinimum

• Rs 500/- per month.

•Rs 1500/- every quarterly.



HDFC Tax Saver• Payout – T+3 or T+4 days

• Expense Ratio : 1.85

•

Investment Policy:• Identifying securities which offer superior levels of

yield at low levels of risk .

• Unique in Investment:

oMax in Large caps

o Indian Depository Receipts (IDR) of Standard

Chartered PLC (UK).



Performance

Net Asset Value Rs 213.14

Assets Under Management Rs 3113.95 Crores

Return since Launch 31.71%

Return Grade Above Average

Risk Grade Below Average

Net Asset Value = Rs 54.15

Growth Option

Total Equity & Equity Related Holdings 94.18

Total Money Market Instrument & Other CreditExposures (aggregated holdings in a single issuer)

0.00

Cash, Cash Equivalents and Net Current Assets 5.82

Grand Total 100.00

Portfolio

Dividend Option



Sector-wise Asset HoldingsSectors % Net Assets

Financial

13.38

Energy 11.43

HealthCare 11.39

FMCG 9.60

Technology 8.84

Engineering 6.09

Communication 4.14

Services 3.94

Automobile 3.64

Metals 3.19

Diversified 2.62

Chemicals 1.24

Construction 1.21

Others 19.29



Equity & Equity RelatedHoldings

Company Industry % to NAVState Bank of India Banks 5.28

ITC Ltd. Consumer Non Durables 5.04

Tata Consultancy Services Ltd. Software 4.77

Sun Pharmaceutical Industries Ltd. Pharmaceuticals 4.32

Bharti Airtel Ltd. Telecom - Services 4.14

Infosys Ltd. Software 4.07

ICICI Bank Ltd. Banks 3.44

Bank of Baroda Banks 2.77

Larsen & Toubro Ltd. Construction Project 2.62

Ipca Laboratories Ltd. Pharmaceuticals 2.45

Total of Top Ten Equity Holdings 38.90

Others 61.10



HDFC Long Term Advantage

• To generate long term capital appreciation from a

portfolio

• Investment - equity and equity related instruments


• Lock-in Period : 3 years

• No entry and exit load.

• Systematic Investment Plan:

o Rs 500/- every month.

o Rs 1500/- every quarterly.

•Expense Ratio : 2.06



Performance




Return Grade Average

Risk Grade Average


Growth Option

Portfolio


Total Credit Exposures (aggregated holdings ina single issuer)

0.14


Grand Total 100.00

Dividend Option



Sector-wise Asset AllocationSectors % Net Assets

Financial 15.28 Technology 14.11

HealthCare 9.21 Energy 7.86

Automobile 5.98

FMCG 5.34Communication 4.71

Services 3.94

Metals 3.92

Diversified 3.90

Chemicals 2.92

Consumer Durables 2.53

Construction 2.40

Engineering 2.29

Others 15.61



Equity & Equity Related HoldingsCompany Industry % to NAV

Tata Consultancy Services Ltd. Software 7.71

ICICI Bank Ltd. Banks 7.26Infosys Ltd. Software 6.40

Reliance Industries Ltd. Petroleum Products 5.17State Bank of India Banks 5.05Bharti Airtel Ltd. Telecom - Services 4.71

Carborundum Universal Ltd. Industrial Products 3.92Balkrishna Industries Ltd. Auto Ancillaries 3.92

Larsen & Toubro Ltd. Construction Project 3.90

Ipca Laboratories Ltd. Pharmaceuticals 3.44

Total of Top Ten Equity Holdings 51.48

Others 48.52



Investment Pattern• HDFC Tax Saver:

• HDFC Long Term Advantage:

Asset Portfolio Risk

Equity & Equity RelatedInstruments

Minimum80%

Medium toHigh

Debt Instruments & MoneyMarket Securities

Maximum20%

Low toMedium

Asset Portfolio Risk

Equity & Equity RelatedInstruments

80% Medium toHigh

Debt Instruments & MoneyMarket Securities

20% Low toMedium



Benefits• Minimizes Tax Liquidity

o Full tax saving without investing 1 lakh.o Profits on the sale of units are treated as long-term capital gains –

No tax

o No dividend distribution tax on equity investments - Dividendsearned are tax free

• Satisfies the purpose of Long-terminvestments – 3 years.

• Maximum returns from investments in

equities

• Redemption proceeds issued within 3-4

business days



Benefits•

Transparency –

NAV, AUM, Entire portfolio• Convenience – Purchase or sell the funds directly or

indirectly – STP & SWAP

• Flexibility

•

Consistency in dividend –

dividend rate >50%• Liquidity – Redeem after 3 years• Fund manager builds the portfolio for the long-term

: 3-year lock-in period

oGreater flexibility to make investment decisionsoNo worries about everyday redemptions.



Competitive Advantage• AUM for HDFC Tax saver is higher than others• Expense ratio is good

• %Return Since launch is high

• Risk is less

• Growth in NAV is higher than others.

• Risk adjusted performance is higher than othersexcept Canara

• Profits are high.



DSP BlackRock

- BHARAT VAID



DSP Blackrock Tax SaverFund• DSP Blackrock Tax Saver Fund

Launched – Dec 2006

•

Optionsa. Growth

b. Dividend – Payout – Reinvestment

• Rating - ***



Contd.• Objective

• Open ended scheme

• No Entry and Exit Load

• Lock in period

• Minimum Investment

SIP – Rs 500/- per month

(Minimum 6 Installments)



PerformanceGrowth Option

NAV Rs 15.1 (as on 31/07/2011)

Net Assets Rs 844.6 Cr

Returns Since Launch 9.34%


Risk Grade Average

Portfolio

Composition %Total Equity and EquityRelated Holdings

96.96

Debt 0.08

Cash 2.99

Total 100

DividendOption

NAV : 10.838



Investment PatternInstrument Allocation Risk Profile

Equity andEquity Related

Securities

80% - 100% Medium toHigh

ADRs, GDRsand Foreign

EquitySecurities

0% - 20% Medium toHigh

Debt 0% - 20% Low to Medium

A All i S



Asset Allocation – SectorWise

E i d E i R l d



Equity and Equity RelatedHoldings

Bonds–

Britannia Industries–

0.08%



Benefits• Tax Liquidity

• Liquidity – Redeem after 3 years

• Transparency – NAV, AUM, Entire portfolio

• Convenience – Purchase or sell the funds directly or indirectly

• Flexibility- Client & Fund Manager

• Purpose of Long-term investments is satisfied.

• Competitive Advantage:

• % Return is higher than Kotak

• Expense Ratio is lower than Canera &Kotak

• AUM is higher than Canera and Kotak

• Risk is less than kotak



CANARA ROBECO

- K RAJESHWARAN

C R b E i T



Canara Robeco Equity TaxSaver

1. Canara Robeco Equity Tax Saver Tax Saving Equity Scheme

March 31, 1993

2. Robeco Advantage

To achieve capital appreciation byfacilitating subscribers to seek taxbenefits.

Schemes has 2 options:

1. Growth

2. Dividend option

C R b E i T




• To achieve long term growth of capital


•

Lock-in Period : 3 years• Lump sum Investment Plan

• Systematic investment plan

• Systematic transfer plan



PerformanceGrowth Option

Net asset value Rs 24.86

Net assets 289.79

Returns since launch 15.10

Return grade High

Risk grade Belowaverage


Total Money Market Instrument & Other CreditExposures (aggregated holdings in a single issuer)

0.00


Grand Total 100.00

Portfolio

Dividend option NAV – 17.43



Equity & Equity Related Holdings

Company Sector Returns to nav

Bharti Airtel Telecommunications 7.08

HDFC Bank Financial 5.61

Infosys Technologies Software 4.45

ICICI Bank Financial 3.52

ITC Fmcg 3.49

BHEL Energy 3.11

State Bank of India Financial 2.42

Ipca Laboratories Diversified 2.38

Tata ConsultancyServices Software 2.31

Power Grid Corp. Energy 2.2

Total pf top ten holdings 36.57



Sector wise investmentFinancial 19.63

Energy 15

Technology 8.9

Construction 8.03

Healthcare 8.02FMCG 7.64

Communication 7.08

Chemicals 5.86

Engineering 5.84

Services 3.27

Diversified 2.72

Automobile 1.14



Benefits•

Tax Liquidity• Transparency – NAV, AUM, Entire portfolio

• Convenience – Purchase or sell the funds directly or indirectly

•

Flexibility- Client & Fund Manager • Liquidity – Redeem after 3 years

• Purpose of Long-term investments is satisfied


• Risk is less and Return is high.

• Risk Adjusted performance is better

• % Returns are consistent

• Return Indicator(Alpha) is better than others.



Kotak Mahindra AssetManagement Company

- R RAJA SUGIRTHA



Kotak Tax Saver• Investment Objective :

o To generate capital appreciation from a diversified portfolio of equity &

equity related securities and enable investors to avail the income tax

rebate.

• Investment Pattern

Investments Indicative Allocation Risk Profile

Equity & 80% to 100% Medium to High

Equity related securities

Debt &

Money Market Instruments 0% to 20% Low



Kotak Tax Saver• Benchmark Index

S & P CNX 500

• Investment Horizon (Lock in Period)

3 yrs

• Estimated Recurring Expenses : 2.50%

• Investment Options

Growth

Dividend - Pay-out & Re-Investment.



Kotak Tax Saver

• Minimum Investment

Initial : Rs 500 and in mulitiples of 500..Additional: Rs 500 and in mulitiples of 500.

Systematic: Rs 500 and in mulitiples of 500. • Minimum Redemption Size

Rs. 1000/- or 100 units

• Payout Schedule

o Transaction day + 3 working days

• Entry Load Nil • Exit Load Nil



PerformanceLaunch Date October 2005

NAV : Rs. 18.054 (Growth Option)

Rs. 11.056 (Dividend Option)

Net Assets 516.74

Return since Launch 9.11Risk Grade Above Average


Portfolio - Asset Allocation

Equity 97.75

Debt 1.41

Cash & Cash Eq. 0.84

Commodities 0.00



Equity & Related InvestmentsCompany Industry

% of NAV Infosys Ltd. Software 6.88%

ICICI Bank Ltd. Banks 6.10%

Reliance Industries Ltd. Petroleum Products 5.55%

HDFC Bank Ltd. Banks 4.84%

ITC Ltd. Consumer Non Durables4.49%

Bharti Airtel Ltd. Telecom - Services 4%

TCS Software 3.92%

Larsen And Toubro Ltd. Construction Project 3.50%

State Bank Of India Banks3.03%

GlaxoSmithkline Consumer Non Durables2.93%

Others 52.51%



Sector Wise InvestmentBanks 18.2

Software 12.31

Consumer Non Durables 9.86

Pharmaceuticals 7.66

Petroleum Products 7.29Finance 4.46

Telecom - Services 4

Construction Project 3.7

Industrial Capital Goods 3.56

Textile Products 3.2

Others 25.76






• Convenience – Purchase or sell the funds directly or

indirectly• Flexibility- Client & Fund Manager



• Expense Ratio is lower than Canara Robeco

• Growth in NAV is better than DSPBR and Canara



- SNV PRAVIN

h



Tax savers scheme at

ICICI Prudential Launch date- August 1999

Type- Open Ended Scheme

Lock in period- 3 years

Two Options – 1.Growth

2.Dividend

AUM – 1,323.19crores

Tax savers scheme at



Investment objective-To generate regular returns by investingin a portfolio of fixed income securities/

debt instruments which mature on or before the date of maturity of the plan

Initial Investment – Rs 500

Additional investment – Rs 500

Tax savers scheme atICICI Prudential



Performance




Return Grade Above Average

Risk Grade Average

Growth Option


Portfolio

Dividend Option

AS ON 31/07/11 % Net AssetsEQUITY 95.54

DEBT 0.00

CASH & CASH EQ 4.46

COMMODITIES 0.00



Sector wise Asset HoldingsEnergy 17.73 Financial 17.16 Technology 11.2 Healthcare 9.35 Engineering 9.12 Metals 7.96 Automobile 6.95 Communication 3.2 Services 1.96 FMCG 1.95 Construction 1.93 Diversified 1.35 Textiles 1.05

Equity & Equity Related Holdings



Equity & Equity Related HoldingsTop10 Holdings As on 31/07/11

Name of Holding Instrument % Net Assets Reliance Industries Equity 9.37 Infosys Technologies Equity 6.3 ICICI Bank Equity 3.92 Sterlite Industries Equity 3.62 Bharti Airtel Equity 3.14 Tata Steel Equity 2.84 Oracle Fin Ser Software Equity 2.81 Cairn India Equity 2.77 Cadila Healthcare Equity 2.53 Kirloskar Brothers Equity 2.28






• Convenience – Purchase or sell the funds directly or

indirectly• Flexibility- Client & Fund Manager


• Competitive Advantage

• AUM is higher than others except HDFC• Expense Ratio is Better than others except HDFC

• %Return is better than others except HDFC



ANALYSIS&

COMPARISON

1 Assets Under Management



1. Assets Under Management(AUM)

Company Rating AUM(Crores)

HDFC Tax Saver **** 3113.95

HDFC Long-TermAdvantage

*** 936.18


***** 289.79

DSPBR Tax Saver *** 844.59

Kotak Tax Saver *** 516.74

ICICI Prudential Tax Saver **** 1323.19

2 % R t



2. % Return

CompanyHDFC

CANARA ROBECO

DSP BlackRock

Kotak AMC

ICICI

Company 1 year 3 years 5 years SinceLaunch

HDFC Tax Saver -8.77 13.47 11.21 31.73


-5.75 10.22 9.58 26.93

Canara Robeco EquityTax Saver

-6.01 19.37 18.50 15.10

DSPBR Tax Saver -13.29 7.96 ---- 9.46

Kotak Tax Saver -12.82 3.82 7.91 9.11

ICICI Prudential TaxSaver

-7.50 12.09 8.40 23.65

k



3. Return & Risk

Company

HDFC Tax Saver



DSPBR Tax Saver

Kotak Tax Saver

ICICI Prudential Tax Saver

ICICI Prudential R.I.G.H.T

Company Risk Return SD Beta Sharpe

Ratio

Alpha

HDFC Tax Saver Below Avg AboveAvg

30.10 0.94 0.44 8.89

HDFC Long-Term Advantage

Below Avg Avg 29.80 0.93 0.33 5.53

Canara RobecoEquity TaxSaver

Below Avg High 31.72 0.96 0.58 13.89

DSPBR TaxSaver

Avg Avg 29.54 0.92 0.27 3.40

Kotak Tax Saver Above Avg Avg 32.26 1.01 0.15 - 0.04

ICICI PrudentialTax Saver

Avg AboveAvg

32.52 0.99 0.39 7.76



4.Net Asset ValueCompany NAV (Rs) Launch

HDFC Tax Saver 214.191 1995


126.738 2000


17.53 1993

DSPBR Tax Saver 15.189 2006

Kotak Tax Saver 16.553 2005

ICICI Prudential Tax Saver 128.96 1999



5. Expense RatioCompanyHDFC

CANARA ROBECO

DSP BlackRock

Kotak AMC

ICICI

Company Expense Ratio

HDFC Tax Saver 1.85


2.06


2.33

DSPBR Tax Saver 2.09

Kotak Tax Saver 2.22

ICICI Prudential Tax Saver 1.97



Conclusion

1. HDFC Tax Saver

2. HDFC Long-term Advantage

3. Canara Robeco Equity Tax Saver 4. ICICI Prudential Tax Saver

5. DSPBR Tax Saver

6. Kotak Tax Saver

Future of Tax Saver



Future of Tax SaverScheme

• TAX Liability ?

Fs Pjt Final

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