IIFL Monthly Investment Strategy Report · 2020. 5. 6. · SBI Small Cap Fund(G) R Srinivasan 2,704...
Transcript of IIFL Monthly Investment Strategy Report · 2020. 5. 6. · SBI Small Cap Fund(G) R Srinivasan 2,704...
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IIFL Monthly Investment Strategy ReportMay 2020
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Table of Contents Page No.
I Market Update & Outlook 4
A Market Update 5
B Equity Outlook 6
C Fixed Income Outlook 7
D Model Portfolio & Returns – Direct Equity 8-9
II Mutual Fund Recommendations 10
A Equity Mutual Funds 11-16
B Balanced Hybrid 17
C Debt Mutual Funds 18-23
D Specific Funds and Themes During Covid-19 24
E Model Portfolio & Returns – Mutual Funds 25-27
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Table of Contents Page No.
III Non-MF Product Recommendations 28
A PMS 29-34
B Purnartha Equity Advisory 35
C Unlisted Shares 36
D Bonds 37
E MLD 38-40
Disclaimer 41
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IIFL MonthlyMarket Update & Outlook
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In April 2020, global equity markets made significant recoveryprimarily on the back of floods of liquidity unleashed by thecentral banks of large economies
Surprisingly, market participants held on to their optimismdespite likeliness of severe destruction to global macroeconomiclandscape due to economic lockdown to fight Covid-19
Indian equities, despite rising Covid cases, too saw notablerecovery during the month, largely in line with the global markets
Nifty 50 rose 19.1%, while BSE Sensex went up 18.6% on MoMbasis in April 2020. Broader markets which were in extremelyoversold territory, recovered partially due to value buying
In April 2020, FIIs bought ₹1,969cr (vs. ₹62,434cr sold MoM) inIndian equities, while DIIs bought ₹579cr worth of equities (vs.₹28,891cr bought MoM) during the month
Markets which are buoyant on the excess liquidity in the globalfinancial system, need to be extremely cautious as the degreeof damage that Covid pandemic is likely to have on the globaleconomy, businesses and markets is yet to be ascertained
10,03228,891
579
(1,521)
(62,434)
1,969
Feb-20 Mar-20 Apr-20
Net Inflows in Equity (₹cr.)
DIIs FIIs
Index 30-Apr-20 1 M (%) 1 YR (%)
NIFTY 50 9,860 19.1 (16.1)
S&P BSE Sensex 33,718 18.6 (13.6)
S&P BSE Mid-Cap 12,013 16.5 (19.3)
S&P BSE Small-Cap 11,102 19.0 (24.1)
Dow Jones 24,346 9.0 (8.5)
Nasdaq-100 9,001 14.1 15.7
S&P 500 2,912 10.9 (1.1)
Hang Seng 24,644 4.9 (17.6)
Nikkei 225 20,194 5.8 (9.3)
Market Update
Note: Data as on April 30, 2020Source: ACE MF, IIFL Research
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Nifty 50 was trading at a discount of ~12% (15.6x) to its10yr rolling avg. PE (17.8x) at the end of April 2020
The index managed to return to -1stdv from -2stdv inMarch 2020 due to stable domestic inflows andmarginal interest by foreign investors
A flood of liquidity unleashed by the large global centralbanks significantly reduced the selling pressure by FIIs
Frontline indices may exhibit bouts of volatility with therelease of various economic and industry related datafor the lockdown period and the pace with whichlockdown would get relaxed over a period of time
Equity investors with significant risk appetite cancontinue to invest in select high quality stocks fromRetail, Consumption, Chemical and Pharma space asthey might be resilient during current scenario.Investors with low risk appetite for direct equities cancontinue to invest in equities through mutual fundsvia. SIP route. Such investors may also consider to topup their SIP amount to bring down their average cost
Equity Outlook
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Note: NIFTY Forward PE data till April 30, 2020Source: ACE Equity, IIFL Research,
9.0
11.0
13.0
15.0
17.0
19.0
21.0
23.0
25.0
Ap
r-1
0
Oct
-10
Ap
r-1
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Oct
-11
Ap
r-1
2
Oct
-12
Ap
r-1
3
Oct
-13
Ap
r-14
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r-1
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Oct
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Oct
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Ap
r-1
7
Oct
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r-1
8
Oct
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Ap
r-1
9
Oct
-19
Ap
r-2
0
Nifty Forward P/E
2Y Fwd P/E Avg. -1 Stdv +1 Stdv -2 Stdv +2 Stdv
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India’s 10-year bond yield ended flat at 6.1% after seeingsignificant amount of volatility as the RBI intervened to addressliquidity scare in the debt market
The RBI cut repo rate by 25bps to 3.75% to discourage banks topark cash in reverse repo. The RBI released more liquidity viaLTRO 2.0 to alleviate liquidity stress among NBFCs including MFIs
Meanwhile, Franklin Templeton Mutual Fund decided to wind upits six credit risk strategy debt funds effective April 23. Massivesell-off by the global investors across the financial instrumentsled to severe shortage of liquidity in the Indian debt marketespecially in the papers of firms with low or weaker credit ratings
In April 2020, Indian rupee was resilient amid positive inflowsand narrowing current account deficit. The Indian currencystrengthened by 0.7% MoM to ~75 vs. the US dollar
Debt investors are recommended to consider short to mediumduration debt instruments as RBI’s commitment to maintainadequate liquidity in the system may keep the interest rateslow. Debt mutual fund investors are advised to invest in theschemes with highest rated papers to ensure liquidity & safety
Fixed Income Outlook
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65
70
75
80
Ap
r-15
Au
g-15
Dec
-15
Ap
r-16
Au
g-16
Dec
-16
Ap
r-17
Au
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Dec
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Ap
r-18
Au
g-18
Dec
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Ap
r-19
Au
g-19
Dec
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r-20
USD/INR
Note: NIFTY 2Y Forward PE & Yield Spread data till April 30, 2020Source: ACE Equity, IIFL Research
3.0
5.0
7.0
9.0
11.0
Apr
-10
Oct
-10
Apr
-11
Oct
-11
Apr
-12
Oct
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Apr
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Oct
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Apr
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Oct
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Apr
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Oct
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Apr
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Oct
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Apr
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Oct
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Apr
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Oct
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Apr
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Oct
-19
Apr
-20
Yield Spread
Earnings Yield (%) Bond Yields (%)
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Aggressive Allocation (%) Moderate Allocation (%) Conservative Allocation (%)
Kotak Mahindra Bank 8 SBI Life 7 Powergrid 8
Gujarat Gas 7 Bajaj Finance 7 Bharti Airtel Ltd 7
Deepak Nitrite Ltd 8 TCS 9 TCS 9
ICICI Bank 8 Bajaj Finserv 7 Hindustan Unilever Ltd. 8
Exide Industries 9 Dr. Reddys Laboratories Ltd. 9 Hero Motocorp 8
Sudarshan Chemicals 8 ICICI Lombard General 9 HDFC Bank 9
Avenue Supermarts 9 Cadila Healthcare 9 ICICI Lombard General 9
Kansai Nerolac 8 HDFC Bank 9 ITC 7
SBI Life 9 Bharti Airtel Ltd 9 IPCA 8
Bajaj Finance 9 Reliance Industries 9 Titan 9
HDFC 8 Hindustan Unilever Ltd. 7 Reliance Industries 9
Quess Corp Ltd 9 ACC 9 Cadila Healthcare 9
Total 100 Total 100 Total 100Risk Reward Statistics Risk Reward Statistics Risk Reward StatisticsPortfolio Beta 0.96 Portfolio Beta 0.89 Portfolio Beta 0.78Sharpe Ratio 0.16 Sharpe Ratio 0.16 Sharpe Ratio 0.16Portfolio Std. Deviation 44.45 Portfolio Std. Deviation 41.27 Portfolio Std. Deviation 39.37
Investment Objective & Portfolio Strategy - Aggressive portfolio targets above market returns using high beta and midcap ideas. Moderateportfolio uses Multi-cap approach to reduce volatility. Conservative portfolio is built with objectives of less volatility and capital protection.
Model Portfolios – Direct Equity
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Absolute % Returns CAGR % Return Valuation Multiples (1Yr Forward))
Portfolios/Index 6 M 1 Yr 2 Yr Since Inception P/E P/BV
Aggressive (21.1) (21.1) (11.6) 1.9 34.6 3.9
Moderate (9.6) (3.5) 0.1 7.0 26.2 5.8
Conservative (9.1) (10.3) (5.4) 1.5 25.2 7.0
NIFTY 50 (16.3) (16.1) (3.6) 3.3 15.6 2.1
Model Portfolio - Returns
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Note: NASource: ACE Equity, IIFL Research, returns as on April 30, 2020
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90
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110
120
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140
150
Feb
-17
Apr
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Jun
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Aug
-17
Oct
-17
Dec
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Feb
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Apr
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Jun
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Aug
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Oct
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Dec
-18
Feb
-19
Apr
-19
Jun
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Aug
-19
Oct
-19
Dec
-19
Feb
-20
Apr
-20
Aggressive NIFTY
85
95
105
115
125
135
145
Feb
-17
Apr
-17
Jun
-17
Aug
-17
Oct
-17
Dec
-17
Feb
-18
Apr
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Jun
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Aug
-18
Oct
-18
Dec
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Feb
-19
Apr
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Jun
-19
Aug
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Oct
-19
Dec
-19
Feb
-20
Apr
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Moderate NIFTY
80
90
100
110
120
130
140
150
Feb
-17
Apr
-17
Jun
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Aug
-17
Oct
-17
Dec
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Feb
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Apr
-18
Jun
-18
Aug
-18
Oct
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Dec
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Feb
-19
Apr
-19
Jun
-19
Aug
-19
Oct
-19
Dec
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Feb
-20
Apr
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Conservative NIFTY
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IIFL MonthlyMutual Fund Recommendations
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Scheme Name Fund Manager AUM (₹cr) 1M (%) 6 M (%) 1 Y (%) 3 Y (%) 5 Y (%)
Mirae Asset Large Cap Fund(G) Gaurav Misra 13,209 14.1 (16.7) (14.0) 2.7 7.1
IIFL Focused Equity Fund (G) Mayur Patel 665 14.3 (11.2) (2.9) 4.9 7.7
Kotak Standard Multicap Fund(G) Harsha Upadhyaya 22,871 12.6 (17.0) (14.7) 0.4 6.6
Axis Midcap Fund(G) Shreyash Devalkar 4,433 10.93 (8.8) (0.1) 7.9 7.9
SBI Small Cap Fund(G) R Srinivasan 2,704 11.4 (14.9) (11.4) 2.0 9.0
Recommended Equity Mutual Funds
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Note: Returns less than 1 year are absolute; Returns greater than 1 year are CAGR; AUM as on March 2020; Returns as on April 30, 2020Source: ACE MF
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Fund Basic Details
Fund Benchmark Nifty 100 – TRI AUM (₹cr) 13,209
Inception Date April 2008 Exit Load 1% on or before 1Y(365D), Nil after 1Y(365D)
Fund Manager Gaurav Misra Expense Ratio 1.7%
Asset Allocation It is an equity fund that primarily invests (at least 80% of AUM) in top 100 Nifty companiesby market capitalization. Remaining 20% is invested in high conviction mid cap ideas
The key investment strategy involves investing in high quality businesses available at areasonable price and holding the same over a period of time
Thus the scheme focuses to identify companies which have sustainable competitiveadvantage in their space and therefore have strong pricing power
As of March 2020, the fund had invested 85% of AUM in large cap stocks while 12% wasinvested in mid cap stocks. The fund has highest allocation to Banks (26.0%) followed byRefineries (11.2%)
Its top stock holdings comprise of HDFC Bank (9.6%), Reliance (8.6%) and ICICI Bank (6.6%)
Investors who prefer to invest in a diversified portfolio of blue chip stocks can invest inthis fund to create wealth in the long term
This scheme is suitable for investors with moderately high risk appetite and at least 5years of investment horizon
Returns (%)
85%12%
1%2%
Large Cap
Mid Cap
Small Cap
Others
-14.0
2.7 7.1
-14.6
2.5 5.4
1 Year 3 Years 5 YearsFund Benchmark
Mirae Asset Large Cap Fund
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Note: Returns less than 1 year are absolute; Returns greater than 1 year are CAGR; AUM as on March 2020; Returns as on April 30, 2020Source: ACE MF
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Focused category mutual fund schemes aim to generate superior return through aconcentrated portfolio of equity & equity related instruments
IIFL Focused Equity Fund’s key objective is to generate long term capital appreciation froma portfolio of equity & equity related securities by investing in maximum 30 stocks ofvarious market capitalization
The scheme follows multi cap approach with orientation towards large cap companies. Itsstock selection criteria is based on three attributes viz. (1) companies which are primebeneficiaries of secular growth, (2) companies which are poised for strong uptick inperformance due to cyclical upturn, (3) defensives which are poised for higher growth
As of March 2020, the fund had invested 59% of AUM in large cap stocks while allocation tomid cap and small cap stocks was 19% and 11% respectively. The fund had highestallocation to Banks (19.1%) followed by Pharma (17.1%). The fund’s top stock holdingsconsist of ICICI Bank (8.6%) followed by Axis Bank (5.7%) and Dr. Reddy’s Labs (5.4%)
Investors with moderately high risk appetite and a investment horizon of at least 5 years,can look to invest in this open ended scheme to accumulate wealth in the long run
59%
19%
11%
11%Large Cap
Mid Cap
Small Cap
Other
-2.9
4.97.7
-14.6
1.85.3
1 Year 3 Years 5 YearsFund Benchmark
IIFL Focused Equity FundFund Basic Details
Fund Benchmark S&P BSE 200 – TRI AUM (₹cr) 665
Inception Date October 2014 Exit Load 1% on or before 12M
Fund Manager Mayur Patel Expense Ratio 2.1%
Asset Allocation
Returns (%)
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Note: Returns less than 1 year are absolute; Returns greater than 1 year are CAGR; AUM as on March 2020; Returns as on April 30, 2020Source: ACE MF
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68%21%
1%
10%Large Cap
Mid Cap
Small Cap
Other
-14.7
0.46.6
-15.4
1.45.0
1 Year 3 Years 5 YearsFund Benchmark
Kotak Standard Multicap FundFund Basic Details
Fund Benchmark Nifty 200 – TRI AUM (₹cr) 22,871
Inception Date October 2014 Exit Load 1% on or before 1Y, Nil after 1Y
Fund Manager Harsha Upadhyaya Expense Ratio 1.5%
Asset Allocation
Returns (%)
14
The scheme aims to generate long term capital appreciation from a diversified portfolio ofequity and equity related instruments of the companies across the market capitalization
The key investment strategy of this scheme is to identify and invest in select few sectorsthat are likely to perform well over the medium term
However, the scheme is open to all types of sectors and it positions it self to capture variousthemes which are in flavor
As of March 2020, the fund had invested 68% of AUM in large cap stocks while 21% wasinvested in mid cap stocks. The fund had highest allocation to Banks (21.4%) followed byCement (8.5%)
Its top stock holdings comprise of Reliance (6.6%), ICICI Bank (6.2%), and HDFC Bank (5.4%)
Investors who prefer to invest in a diversified portfolio of stocks can invest in this fund tocreate wealth in the long term
This scheme is suitable for investors with moderately high risk appetite and at least 5years of investment horizon
Note: Returns less than 1 year are absolute; Returns greater than 1 year are CAGR; AUM as on March 2020; Returns as on April 30, 2020Source: ACE MF
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It is an equity based fund that aims to generate capital appreciation by actively managinga diversified portfolio of mid cap stocks (at least 65% of AUM in companies ranked from101st to 250th by market capitalization)
The fund looks to identify and invest in midcap companies that have the potential todeliver superior returns due to potential of faster earnings growth
As of March 2020, the fund had invested 66% of AUM in mid cap stocks, while 17% wasinvested in large cap stocks. The fund had highest allocation to Pharma (14.3%) followed byRetailing (10.5%)
The scheme’s top holdings comprise of Avenue Supermarts (5.7%), Ipca Labs (4.7%) andBata India (3.7%)
Investors looking for inflation-beating superior returns in the long run can invest in thisscheme
Mid cap funds are suitable for those investors who have high appetite for marketvolatility and investment horizon of at least 5 years
16%
66%
1% 17% Large Cap
Mid Cap
Small Cap
Others
-0.1
7.9 7.9
-18.2
-5.7
4.1
1 Year 3 Years 5 YearsFund Benchmark
Axis Midcap FundFund Basic Details
Fund Benchmark S&P BSE Midcap – TRI AUM (₹cr) 4,433
Inception Date February 2011 Exit Load Nil up to 10% of units within 1Y and 1% for more than 10%
of units within 1Y, Nil after 1Y
Fund Manager Shreyash Devalkar Expense Ratio 1.9%
Asset Allocation
Returns (%)
15
Note: Returns less than 1 year are absolute; Returns greater than 1 year are CAGR; AUM as on March 2020; Returns as on April 30, 2020Source: ACE MF
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The scheme predominantly invests in equity and equity related instruments of small capcompanies (at least 65% of AUM in companies ranked 251st and beyond by marketcapitalization)
The scheme aims to generate alpha from a diversified portfolio of stocks identifiedthrough a blend of growth and value style of investing and follows bottom up approach
As of March 2020, 74% of its AUM was invested in small cap stocks while 14% was investedin mid cap stocks. The fund has highest allocation to Engineering (5.2%) followed byConsumer Food (5.1%)
The fund’s top stock holdings comprise of Hawkins Cookers (5.1%), Dixon Technologies(4.5%) and Hatsun Agro Products (4.1%)
Investors who are seeking to invest in a diversified portfolio of small cap stocks anddesire for superior returns in the long run can invest in this scheme
This open ended scheme is relevant for investors who have high risk appetite withinvestment horizon of at least 7 years
2%
14%
74%
10% Large Cap
Mid Cap
Small Cap
Others
-11.4
2.09.0
-23.0
-9.4
1.2
1 Year 3 Years 5 YearsFund Benchmark
SBI Small Cap FundFund Basic Details
Fund Benchmark S&P BSE Small Cap – TRI AUM (₹cr) 2,704
Inception Date September 2009 Exit Load 1% on or before 1Y, Nil after 1Y
Fund Manager R Srinivasan Expense Ratio 2.3%
Asset Allocation
Returns (%)
16
Note: Returns less than 1 year are absolute; Returns greater than 1 year are CAGR; AUM as on March 2020; Returns as on April 30, 2020Source: ACE MF
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ICICI Pru Asset Allocator Fund is an open ended fund-of-funds (FoF) scheme which investsin equity oriented schemes, debt oriented schemes and gold ETF schemes
It is an actively managed fund that aims to generate better risk-adjusted returns throughoptimum allocation of debt and equity based on their relative attractiveness andopportunities available in respective markets
As of March 2020, the scheme’s portfolio consist of ICICI Pru Blue chip Fund (32.0%), ICICIPru Discovery Fund (17.2%), ICICI Pru Multicap Fund (10.9%), ICICI Pru Floating InterestFund (8.4%), ICICI Pru Large & Mid Cap Fund (8.1%), ICICI Pru All Seasons Bond Fund (7.6%),ICICI Pru Banking & Financial Services Fund (6.4%), ICICI Pru India Opportunities Fund(5.8%), ICICI Pru Infra Fund (2.3%) and rest in others
The scheme is ideal for those investors who struggle around the most critical aspects ofinvesting that is asset allocation, instrument selection and timing the market
Conservative investors with moderately high risk appetite can invest in this scheme togenerate wealth in the long term
-3.7
5.07.1
0.1
5.87.6
1 Year 3 Years 5 YearsFund Benchmark
Fund Basic Details
Fund Benchmark CRISIL Hybrid 50 + 50 - Moderate Index AUM (₹cr) 6,176
Inception Date December 2003 Exit Load Nil up to 10% of units within 1Y and 1% for more than 10%of units within 1Y, Nil after 1Y
Fund Manager Sankaran Naren Expense Ratio 1.2%
ICICI Pru Asset Allocator Fund (FoF) – Balanced Hybrid
Asset Allocation (All the schemes are of ICICI Pru.)
Returns (%)
17
Note: Returns less than 1 year are absolute; Returns greater than 1 year are CAGR; AUM as on March 2020; Returns as on April 30, 2020Source: ACE MF
32%
17%
11%
9%
8%
8% 7% 6%2% Bluechip Fund
Discovery Fund
Multicap Fund
Floating Interest Fund
Large & Mid Cap Fund
All Seasons Bond Fund
Banking & Fin. Srv. Fund
India Opportunities Fund
Infrastructure Fund
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Scheme Name AUM (₹cr)
YTM (%)
1M(%)
6 M(%)
1 Y (%)
3 Y (%)
5 Y (%)
Rating ProfileAAA & Equiv.
HDFC Overnight Fund(G) 15,372 1.0 0.2 2.1 4.8 5.6 6.0 100*
Nippon India Liquid Fund(G) 21,754 5.1 0.5 2.7 6.1 6.8 7.1 83.9
ICICI Pru Corporate Bond Fund(G) 11,736 7.0 0.6 3.7 9.4 7.7 8.2 78.2
IDFC Bond Fund - Medium Term Plan(G) 3,006 6.7 1.3 4.4 10.8 7.5 7.9 46.3
Axis Banking & PSU Debt Fund(G) 13,089 6.5 0.3 3.2 10.0 8.4 8.3 95.6
Recommended Debt Mutual Funds
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Note: *Cash & Cash Equivalent, Returns less than 1 year are absolute; Returns greater than 1 year are CAGR; AUM as on March 2020; Returns as on April 30, 2020Source: ACE MF
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HDFC Overnight Fund aims to generate income through a portfolio of debt and money marketinstruments with overnight maturity
Thus the scheme predominantly invests in Collateralized Borrowing & Lending Obligations(CBLO), overnight reverse repos and fixed income securities / instruments with overnightmaturity
The average yield to maturity (YTM) of the fund is 1.0%
As of March 2020, the fund had invested 100% of the total AUM in cash and cash equivalent
The fund is suitable for investors who are looking to park their corpus for smaller time periodand looking for lower risk compared to liquid funds
Fund also provides liquidity without any exit load
Investors with low risk appetite and investment period of up to 3 months can invest in this fund
100%
Cash & Eq.
0.2
0.9
2.1
0.2
0.9
2.2
1 Month 3 Month 6 Month
Fund Benchmark
Fund Basic Details
Fund Benchmark CRISIL Overnight Index AUM (₹cr) 15,372
Inception Date February 2002 Exit Load Nil
Fund Manager Anil Bamboli Expense Ratio 0.2%
HDFC Overnight Fund
Rating Profile
Returns (%)
19
Note: Returns less than 1 year are absolute; Returns greater than 1 year are CAGR; AUM as on March 2020; Returns as on April 30, 2020Source: ACE MF
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Nippon India Liquid Fund focuses to maximize returns while ensuring adequate liquidity throughinvestments in various debt and money market instruments with maturity up to 91 days
The average maturity of the portfolio will typically be in a range of 30-60 days
The investments in fixed income securities are done in such a manner that the modifiedduration of the constructed portfolio is 0.10 years
The average yield to maturity (YTM) of the fund is 5.1%
As of March 2020, the fund had invested 84% of the total AUM in AAA rated debt instrumentsand 15% in Sovereign securities
The fund is suitable for the investors who are looking for:
Regular income over the short period of time
Income through a portfolio comprising debt and money market instruments
Investors with low risk appetite and investment period of up to 3 months can invest in this fund
84%1%
15%AAA & Eq.
Cash & Eq.
Sov
0.5
1.42.7
0.4
1.42.8
1 Month 3 Month 6 Month
Fund Benchmark
Fund Basic Details
Fund Benchmark CRISIL Liquid Fund Index AUM (₹cr) 21,754
Inception Date December 2003 Exit Load Nil after 7D
Fund Manager Anju Chhajer Expense Ratio 0.3%
Nippon India Liquid Fund
Rating Profile
Returns (%)
20
Note: Returns less than 1 year are absolute; Returns greater than 1 year are CAGR; AUM as on March 2020; Returns as on April 30, 2020Source: ACE MF
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The scheme aims to generate income through investing predominantly in AA+ and above ratedcorporate bonds while maintaining optimum balance of yield, safety and liquidity
The investments in fixed income securities are done in such a manner that the modifiedduration of the constructed portfolio is 2.3 years
The average yield to maturity (YTM) of the fund is 7.0%
As of March 2020, the fund had invested 78% of the total AUM in AAA rated debt instrumentswhile 19% was parked in Sovereign securities
The scheme is ideal for those investors who are looking for:
Alternatives to traditional fixed savings instruments
Short to medium term savings
Investors with moderately low risk appetite and investment horizon of at least 3 years caninvest in this fund
78%
19%
3%
AAA & Eq.
Sov
Cash & Eq.
9.47.7 8.2
9.78.0 8.3
1 Year 3 Years 5 Years
Fund Benchmark
Fund Basic Details
Fund Benchmark CRISIL AAA Short Term Bond Index AUM (₹cr) 11,736
Inception Date August 2009 Exit Load Nil
Fund Manager Anuj Tagra Expense Ratio 0.6%
ICICI Pru Corporate Bond Fund
Rating Profile
Returns (%)
21
Note: Returns less than 1 year are absolute; Returns greater than 1 year are CAGR; AUM as on March 2020; Returns as on April 30, 2020Source: ACE MF
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The fund’s objective is to generate regular income with high degree of liquidity throughinvestments in a portfolio comprising predominantly of debt and money market instruments
The scheme invests in debt instruments such that the Macaulay Duration of the portfolio isbetween 3 years and 4 years
The investments in fixed income securities are done in such a manner that the modifiedduration of the constructed portfolio is 3.7 years
The average yield to maturity (YTM) of the fund is 6.6%
As of March 2020, the fund had invested 46.3% of the total AUM in AAA rated debtinstruments, 51.4% in Sovereign securities and 2.3% in cash and cash equivalent
The fund is suitable for the investors who are looking for:
Regular income over the short period of time
Attractive risk-adjusted returns through active management of credit risk and interestrate risk in the portfolio
Suitable for investors with moderate risk appetite and investment horizon of at least 4 years
46%
52%
2%
AAA & Eq.
Sov
Cash & Eq.
10.8
7.5 7.910.0
7.8 8.2
1 Year 3 Years 5 Years
Fund Benchmark
Fund Basic Details
Fund Benchmark Crisil Short Term Bond Fund Index AUM (₹cr) 3,006
Inception Date July 2003 Exit Load Nil
Fund Manager Suyash Choudhary Expense Ratio 1.4%
IDFC Bond Fund - Medium Term Plan
Rating Profile
Returns (%)
22
Note: Returns less than 1 year are absolute; Returns greater than 1 year are CAGR; AUM as on March 2020; Returns as on April 30, 2020Source: ACE MF
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Axis Banking & PSU Debt Fund aims to generate income through investing in debt instrumentsof Banks, Public Sector Undertakings (PSUs) & Public Financial Institutions (PFIs)
The investments in fixed income securities are done in such a manner that the modifiedduration of the constructed portfolio is 2.1 years
The average yield to maturity (YTM) of the fund is 6.5%
As of March 2020, the fund had invested 96% of the total AUM in AAA rated debt instrumentswhile 2% was parked in cash and cash equivalent
The scheme is ideal for those investors who are looking for:
Alternatives to traditional fixed savings instruments
Medium term savings
Investors with moderately low risk appetite and investment horizon of at least 3 years caninvest in this fund
96%
2%2%
AAA & Eq.
Sov
Cash & Eq.
10.08.4 8.39.6 7.4 7.9
1 Year 3 Years 5 Years
Fund Benchmark
Fund Basic Details
Fund Benchmark Nifty Banking & PSU Debt Index AUM (₹cr) 13,089
Inception Date June 2012 Exit Load Nil
Fund Manager Aditya Pagaria Expense Ratio 0.6%
Axis Banking & PSU Debt Fund
Rating Profile
Returns (%)
23
Note: Returns less than 1 year are absolute; Returns greater than 1 year are CAGR; AUM as on March 2020; Returns as on April 30, 2020Source: ACE MF
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Scheme Name AUM (₹cr) CAGR Returns (%) Asset Allocation (%)
Risk1 Y 3 Y 5 Y Large Cap Mid Cap Small Cap
Equity Linked Savings Scheme (Tax Saver Fund)
Mirae Asset Tax Saver Fund(G) 2,671 (10.8) 4.1 -- 71.2 21.1 5.2 Moderately high
Axis Long Term Equity Fund(G) 17,495 (3.9) 6.3 7.3 76.8 13.5 4.2 Moderately high
Pharma / Healthcare Fund
Nippon India Pharma Fund(G) 2,190 16.8 11.1 6.5 58.8 28.6 11.3 High
ICICI Pru Pharma Health and Diagnostics Fund(G) 1,557 18.0 -- -- 45.3 32.2 22.5 High
FMCG / Consumption Fund
Sundaram Rural and Consumption Fund(G) 1,303 (14.2) (2.8) 7.5 46.0 39.3 12.1 High
ICICI Pru FMCG Fund(G) 461 (8.9) 4.8 7.4 74.2 14.4 6.4 High
Gold Based ETFs / Funds
ICICI Pru Gold ETF(G) 1,209 45.6 15.5 10.0 -- -- -- Moderately high
SBI-ETF Gold(G) 1,010 46.2 15.8 10.2 -- -- -- Moderately high
Nippon India Gold Savings Fund(G) 801 50.8 16.6 10.6 -- -- -- Moderately high
International Equity
Motilal Oswal S&P 500 Index Fund -- -- -- -- 100.0 -- -- High
ICICI Pru US Bluechip Equity Fund(G) 507 12.2 15.4 11.8 100.0 -- -- High
Specific Funds and Themes
24
Note: Returns less than 1 year are absolute; Returns greater than 1 year are CAGR; AUM as on March 2020; Returns as on April 30, 2020Source: ACE MF
-
The objective of the strategy is to generate substantial wealth in the long run for investors from a portfolio of aggressive equity orientedmutual funds.
The strategy takes a concentrated position in mutual funds across different market-cap and sectors and endeavors to strategicallychange allocation between different market-cap and sectors depending on change in the business cycles.
Aggressive Model Portfolios – Mutual Funds
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Sr. No Scheme NameAllocation
(%)
Absolute % Returns CAGR % Return Quant's
6 M 1 Yr 3 Yr 5 Yr Beta NAV
1 Sundaram Large & Mid Cap Fund(G) 15.0 (22.1) (17.1) (0.2) 5.2 0.9 28.6
2 IIFL Focused Equity Fund(G) 15.0 (11.2) (2.9) 4.9 7.7 0.9 15.5
3 Kotak Standard Multicap Fund(G) 20.0 (16.9) (14.6) 0.4 6.5 0.9 30.4
4 IDFC Bond Fund - Medium Term Plan(G) 25.0 4.5 10.8 7.5 7.9 0.6 34.6
5 SBI Small Cap Fund(G) 25.0 (14.1) (11.4) 2.0 9.0 0.6 45.5
Total 100.0
Note: Returns less than 1 year are absolute; Returns greater than 1 year are CAGR; AUM as on March 2020; Returns as on April 30, 2020Source: ACE MF
-
The objective of the strategy is to generate long term capital appreciation for investors from a portfolio of equity oriented mutual fundswith a moderate risk appetite. Primarily to beat inflation without having too much volatility.
The strategy takes a concentrated position in mutual funds across different market-cap and sectors and endeavors to strategicallychange allocation between different market-cap and sectors depending on change in the business cycles.
Moderate Model Portfolios – Mutual Funds
26
Sr. No Scheme NameAllocation
(%)
Absolute % Returns CAGR % Return Quant's
6 M 1 Yr 3 Yr 5 Yr Beta NAV
1 Mirae Asset Large Cap Fund(G) 20.0 (16.1) (14.0) 2.7 7.1 0.9 44.3
2 Kotak Standard Multicap Fund(G) 15.0 (16.9) (14.6) 0.4 6.5 0.9 30.4
3 ICICI Pru Asset Allocator (FoF)(G) 25.0 (8.3) (3.7) 5.0 7.1 0.1 53.1
4 IDFC Bond Fund - Medium Term Plan(G) 25.0 4.5 10.8 7.5 7.9 0.6 34.6
5 Axis Mid Cap Fund(G) 15.0 (8.0) (0.1) 7.9 7.9 0.7 36.1
Total 100.0
Note: Returns less than 1 year are absolute; Returns greater than 1 year are CAGR; AUM as on March 2020; Returns as on April 30, 2020Source: ACE MF
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The objective of the strategy is to generate long term capital appreciation for investors from a portfolio of equity and debt orientedmutual funds. Primarily to avoid any potential loss and preserve capital.
The strategy takes a concentrated position in mutual funds across different market-cap and sectors and endeavors to strategicallychange allocation between different market-cap and sectors depending on change in the business cycles.
Conservative Model Portfolios – Mutual Funds
27
Sr. No Scheme NameAllocation
(%)
Absolute % Returns CAGR % Return Quant's
6 M 1 Yr 3 Yr 5 Yr Beta NAV
1 Axis Bluechip Fund(G) 20.0 (10.5) (2.1) 9.0 8.5 0.8 28.2
2 SBI Magnum Multicap Fund(G) 10.0 (17.3) (14.8) 0.0 5.6 0.8 41.8
3 Axis Banking & PSU Debt Fund(G) 25.0 3.4 10.0 8.4 8.3 0.4 1,917.6
4 IDFC Bond Fund - Short Term Plan(G) 25.0 3.4 9.4 7.5 7.8 0.3 41.7
5 ICICI Pru Asset Allocator(FoF)(G) 20.0 (8.3) (3.7) 5.0 7.1 0.1 53.1
Total 100.0
Note: Returns less than 1 year are absolute; Returns greater than 1 year are CAGR; AUM as on March 2020; Returns as on April 30, 2020Source: ACE MF
-
Non-MF ProductRecommendations
28
-
Investment Philosophy – SCDV Framework
Cyclical (PAT>15%, ROE 15%, ROE >15%) – High growth companies / sectors which show
consistent growth across market cycles
Defensive (PAT15%) – Companies / sectors that show consistent
stable growth across market cycles
Value Trap (PAT
-
Key TermsManagement fee 2.50% per annum. Management fee will be computed on Daily NAV (charged monthly)
Brokerage 0.12% of the transaction value (plus applicable statutory levies)
Other charges Statutory/Other charges as applicable(STT/Demat/Custodial Charges/Service Tax, etc.)
Exit fees If withdrawn: Within 9 months: 4%; 9-18 months: 3% ;18-24 months: 2% ; 24-36 months: 1%
Recommended Investment horizon 36 months and above
Taxation As per equity taxation
Performance
Strategy/Benchmark 1 Month (%) 3 Month (%) 6 Month (%) 1 Year (%) 2 Year (%) 3 Year (%) Since Inception
IIFL Multicap PMS -29.8 -28.9 -23.7 -18.4 -0.2 1.3 10.7
IIFL Multicap Advantage -15.6 -13.9 -8.6 -3.3 6.4 - 3.4
S&P BSE 200 TRI -23.2 -28.6 -24.3 -25.4 -8.5 - -
Fund ManagerMitul Patel, Strategy Manager for IIFL Multicap PMS, has an overall experience of 14 years across areas of Equity Research, Fund Management, PrivateEquity Advisory and Investment banking. Apart from managing the strategies of Portfolio Management Services offered by IIFL Asset Management Limited(IIFL AMC), he also heads research for listed equities and is responsible for generating investment ideas across sectors and market capitalizations. He hasbeen instrumental in setting up the research desk at IIFL AMC and also directly tracks companies in the Chemicals, Auto and Pharma sectors. Prior tojoining IIFL AMC, Mitul spent 7 years with Laburnum capital, a boutique investment management firm.
30
Returns as on March 31, 2020
Returns less than 1 year are absolute; Returns greater than 1 year are CAGR
IIFL Multicap and Multicap Advantage PMS
-
The objective of the strategy is to seek long term capital appreciation with investments in mid-cap companies.
The portfolio manager aims to achieve the investment objective by:-
Taking a bet on Sundaram’s mid & small cap strength but differentiated with a concentrated portfolio and attractive cap curve positioning
Creating a concentrated 20-30 stocks multi sector portfolio
Picking Stocks with less than Rs. 500bn market cap
Identifying stocks in the Mid & Small Cap space that are in early stages of their business cycle and could emerge as tomorrow’s large caps.
3Qs - Quality approach to stock selection
Quality of Business
Pricing power, profitability, growth, brand strength, capital intensity, complexity of
business
Quality of Management
Track record, management bandwidth, corporate governance
Quality of Financials
Capital allocation, leverage, cash flow generation, return on capital
Portfolio to capture India story
31
Sundaram Emerging Leadership Fund (S.E.L.F.) PMS
-
KEY TERMS
Minimum Investment 50 Lakh
Management fee 2.50% per annum
Exit fees If withdrawn: Within 1 year: 4%; 12-24 months: 2%; 24-36 months: 1%
Recommended Investment horizon 36 months and above
Taxation As per equity taxation
Performance
Strategy/Benchmark 1 Month (%) 3 Month (%) 6 Month (%) 1 Year (%) 3 Year (%) 5 Year (%) Since Inception
S.E.L.F. Strategy -29.9 -23.9 -20.3 -21.9 -2.7 - 12.2
NSE Midcap 100 -30.3 -31.6 -27.0 -35.9 -12.0 - 3.8
Fund Manager
Madanagopal Ramu joined Sundaram Asset Management Company Limited (SAMC) in October 2010 as a research analyst, covering industrials,infrastructure, cement and logistics. At SAMC, prior to becoming the Fund Manager of PMS & AIF, he was the Head of Research for the Mutual Funddivision. He has over 12 years of experience in research and over 5 years of experience in Fund Management. Prior to SAMC, he worked with CentrumBroking (P) Ltd. as a Research Analyst tracking power and capital goods. He is an MBA from BIM Trichy and a Cost Accountant.
Sundaram Emerging Leadership Fund (S.E.L.F.) PMS
32
Returns as on March 31, 2020Inception date – June 2010
Returns less than 1 year are absolute; Returns greater than 1 year are CAGR
-
The portfolio manager aims to achieve the investment objective of generating capital appreciation across market cycles by investing:-
Across market Cap – “Multi Cap” approach (skewed towards Large Cap) - in a concentrated high conviction 15-stock portfolio
With Compounding Stories that:
3Qs - Quality approach to stock selection
Quality of Business
Pricing power, profitability, growth, brand strength, capital intensity, complexity of
business
Quality of Management
Track record, management bandwidth, corporate governance
Quality of Financials
Capital allocation, leverage, cash flow generation, return on capital
Portfolio to capture India story
33
Sundaram India Secular Opportunities Portfolio (SISOP) PMS
i. Grow > 1.5x of nominal GDP growth; ii. Potential to generate 20% growth in Cash Flow / Earnings across
market cycles; iii. ROE >20%;
iv. Have a self-funded model i.e. with growth through internal accruals and v. Companies that exhibit high corporate governance standards and have visionary leadership
-
KEY TERMS
Minimum Investment 50 Lakh
Management fee 2.50% per annum
Exit fees If withdrawn: Within 1 year: 4%; 12-24 months: 2%; 24-36 months: 1%
Recommended Investment horizon 36 months and above
Taxation As per equity taxation
Performance
Strategy/Benchmark 1 Month (%) 3 Month (%) 6 Month (%) 1 Year (%) 3 Year (%) 5 Year (%) Since Inception
SISOP Strategy -27.0 -22.2 -17.9 -11.7 2.4 - 19.2
Nifty 500 -24.2 -29.1 -25.1 -27.6 -4.3 - 5.4
Fund Manager
Madanagopal Ramu joined Sundaram Asset Management Company Limited (SAMC) in October 2010 as a research analyst, covering industrials,infrastructure, cement and logistics. At SAMC, prior to becoming the Fund Manager of PMS & AIF, he was the Head of Research for the Mutual Funddivision. He has over 12 years of experience in research and over 5 years of experience in Fund Management. Prior to SAMC, he worked with CentrumBroking (P) Ltd. as a Research Analyst tracking power and capital goods. He is an MBA from BIM Trichy and a Cost Accountant.
Sundaram India Secular Opportunities Portfolio (SISOP) PMS
34
Returns as on March 31, 2020Inception date – February 2010
Returns less than 1 year are absolute; Returns greater than 1 year are CAGR
-
Performance
1 Month (%) 3 Months (%) 6 Months (%) 1 Year (%) 2 Years (%) 3 Years (%) 5 Years (%) Since Inception (%)
Purnartha Portfolio -32.48 -28.82 -26.03 -17.36 -4.46 6.49 10.99 37.32
NIFTY 50 -23.25 -29.34 -25.07 -26.03 -7.93 -2.18 0.25 10.15
Midcap 50 29.61 -32.34 -27.61 -37.36 -20.36 -10.33 -1.19 9.72
Minimum Tenure 1 Year
Minimum Amount 25 Lakh
Plan A (%) Plan B (%) Plan C(%) Plan D (%) Plan E (%) Plan F (%)
Initial Advisory Fee 2.50 2.00 1.75 1.50 1.00 0.60
Profit Sharing Above Hurdle Rate
20.00 20.00 20.00 20.00 20.00 20.00
Hurdle Rate 25.00 15.00 12.00 10.00 6.33 0.00
Min Tenure 3 Year
Min Amount 10 Lakh
IIFL Exclusive Plan (%)
Initial Advisory Fee 7.50
Profit Sharing Above Hurdle Rate
20
Hurdle Rate 75
Investment Advisory Plans
• Purnartha started out as a unique equity investment advisory firm. Their philosophy is based on choosing non-cyclical companies, ensuring that the
investments are poised to reap long-term gains.
• Over the years, Purnartha has consistently outperformed benchmarks such as NIFTY and helped several families grow and prosper together with their
research-backed, clear & unbiased advice.
35
Returns as on March 31, 2020Inception date is April 01, 2009 ;
Purnartha Equity Advisory
-
Unlisted Shares
Many young companies grow much faster than mature companies due to their lower base, and hence tend to significantly
outperform the benchmark returns. However, a lot of this growth happens before the company goes public with an IPO. Hence,
participating in such companies in the Growth / Pre-IPO stage can provide superior returns to the investor.
36
As on May 4th, 2020
Absolute % Return
Stock 3M 6M 9M Current Offer Price#
HDB Financials -28.05 -22.97 -27.41 834.75
HDFC Securities -11.59 2.84 -5.15 7,612.50
Hero Fincorp -21.86 -7.18 -10.27 882.00
Nazara Technologies -12.50 -20.97 -28.54 514.50
One97 Communication (Paytm) -32.45 -38.11 -39.08 10,710.00
TATA Technologies -13.04 -21.15 -32.30 1,155.00
Utkarsh Micro Finance -9.91 -15.61 -16.33 210.00
-
Taxable Bonds
Security Coupon Maturity Interest Payment Yield# (%) Rating
India Infradebt 2024 (Secured) 8.60% 30-Dec-24 30-Dec 7.78% AAA by CRISIL & ICRA
HDFC LTD. 2025 7.50% 08-Jan-25 08-Jan Ann 7.35% AAA by CRISIL , AAA by ICRA
ONGC Petro 2025 8.00% 11-Apr-25 11-Feb 7.25% AAA(CE)/Stable by ICRA & CARE
REC 2029 8.97% 28-Mar-29 28-Mar Ann 7.36% AAA by CRISIL , AAA by ICRA
IRFC 2029 8.23% 29-Mar-29 15-Oct Ann 7.02% AAA by CRISIL , AAA by CARE
NABARD 2030 7.65% 03-Jan-30 03-Jan Ann 7.20% AAA by CRISIL , AAA by ICRA
37
#Yields are as of May 4th, 2020
**Bond yields are subject to availability and market movement. Please confirm yields as well as availability before finalizing any deal.
Bonds
Perpetual Bonds
Security Coupon (%) Call / Put Option Interest Payment Yield# (%) Rating
ICICI Bank Perpetual 9.20% 17-Mar-22 17-Mar 9.20% AA+ ICRA / CARE
BOB Perpetual 8.70% 28-Nov-24 28-Nov 9.20% AA+ CRISIL / IND
State Bank of India 8.50% 22-Nov-24 22-Nov 8.60% AA+ by CRISIL/ICRA
-
A Principal Protected, listed & Rated Market Linked Debenture (Rated AA+r(CE) by CRISIL) Issued by India Infoline Finance Ltd. (Rated AA by CRISIL)backed by Gold loan receivables originated by IIFL and assigned to the SPVwith the below features
Credit Enhancement:• MLD issued is bankruptcy remote i.e. Investor is not subject to the credit risk of
the issuer• Guaranteed by SPV, which will service cash flow if not paid by the issuer• SPV holds Gold Loans worth 1.25x of Nominal Value of the Debentures issued
throughout the tenor of MLD• Extra collateral in the form of Bank Guarantee (@7% of the issue size) will be
provided to the SPV by the issue
Lock-in attractive yields:• MLD offers 9.00% p.a. pre-tax yield which is attractive in medium term• Other AAA rated instruments are currently yielding about 8% p.a. Pre-tax
Tax -Efficient wrapper:• The structured product will be issued as listed secured NCD. Capital Gain arising
from the sale of these NCDs will be taxed at 10% + applicable surcharge andcess
Pay-outs post 12 months of the issue:• Aims to generate regular cash flows from the pay-outs after 12 months of the
issue
38
Pay-off:
Illustrative Cash-flows:
Please Note: the above illustration tables is for representation purpose only. The actual interest payout will be determined based on the actual payout schedule and yield fixed at
9% p.a. (pre-tax, after factoring-in principal payment)
IIFL Credit Enhanced Market Linked Debenture
-
39
IIFL Credit Enhanced Market Linked Debenture
Terms Description
Issuer IIFL Finance
Credit Rating of the Issuer
AA by CRISIL
Instrument Credit Enhanced Market Linked Debenture
Credit Rating of the Instrument
AA+ r (CE) by CRISIL
Tenure 18M/24M
Return (XIRR) 9% p.a. (based on pay-off)*
Benchmark / Underlying
7.26% GS 2029
Collateral Gold Loan Pool and Bank Guarantee
Liquidity Listed on NSE
*The actual interest pay-out will be determined based on the actual pay-out schedule and yield fixed at 9% p.a. (pre-tax, after factoring-in principal payment)
Terms Description
Initial Level Clean Price of underlying security on Trade
Date
Final Level Clean Price of underlying Security on date falling 5 BD prior to the date on which the entire Principal is repaid
Pay-off
If Final Value >50%*Initial Value then Principal + Coupon (TBD); Else only Principal
Initial Value = Clean Price of underlying security on Trade Date
Final Value = Clean Price of underlying Security on Trade Date+18M
Underlying Index / Security : 7.26% GS 2029 (10yr G-Sec)
Face Value per Debenture
10 Lacs
Min Investment Amount
10 Lacs & further in multiple of 10 Lacs
Issue Size Rs. 400 Crores
-
Pure Debt MLD
Issuer India Infoline Finance Limited
Type of Instrument Principal Protected – Market Linked Redeemable Non-Convertible Debenture
Credit Rating CRISIL PP MLD AAr (Stable Outlook)
Product PayoffIf Final Fixing Level>25% of the Initial Fixing level 22.738%If Final Fixing Level
-
Disclaimer
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
Nothing in this document constitutes investment, legal, accounting or tax advice or a representation that any investment or strategy is suitable or appropriate to the investor's specific
circumstances. The details included are based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is itsaccuracy or completeness guaranteed.
Investors should consult their financial advisers if in doubt about whether the product is suitable for them. The fund may or may not be suitable for all investors, who must make their
own investment decisions, based on their own investment objectives, financial positions and needs. This document may not be taken in substitution for the exercise of independentjudgment by any investor. The investor should independently evaluate the investment risks.
India Infoline Ltd. or any of its director/s or principal officer/employees and associate companies (IIFL) does not assure/give guarantee for accuracy of any of the facts/interpretations in
this document, and shall not be liable to any person including the beneficiary for any claim or demand for damages or otherwise in relation to this opinion or its contents.
The aimed returns mentioned anywhere in this document are purely indicative and are not promised or guaranteed in any manner. Returns are dependent on prevalent market factors,liquidity and credit conditions. Instrument returns depicted are in the current context and may be significantly different in the future.
The group company of India Infoline Limited, IIFL Wealth Management Limited is the Sponsor of IIFL Mutual Fund and holding company of the Investment Manager & Trustee Company
of IIFL Mutual Fund.
IIFL or its subsidiaries & affiliates may be holding all or any of the units of the scheme(s), referred in the document. The information contained herein is strictly confidential and meantsolely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any
form, without prior written consent of IIFL. While due care has been taken in preparing this document, IIFL and its affiliates accept no liabilities for any loss or damage of any kindarising out of any inaccurate, delayed or incomplete information nor for any actions taken in reliance thereon.
This document is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction,
where such distribution, publication, availability or use would be contrary to law, regulation or which would subject IIFL or its affiliates to any registration or licensing requirementwithin such jurisdiction. IIFL and/or its associates receive compensation/ commission for distribution of Mutual Funds from various Asset Management Companies (AMCs).
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IIFL or its associates may have received compensation from AMCs whose funds are mentioned in the report during the period preceding twelve months from the date of this report fordistribution of Mutual Funds or for providing marketing advertising support to these AMCs. IIFL group, associate and subsidiary companies are engaged in providing various financial
services and for the said services (including the service for acquiring and sourcing the units of the fund) may earn fees or remuneration in form of arranger fees, referral fees, advisoryfees, management fees, trustee fees, Commission, brokerage, transaction charges, underwriting charges, issue management fees and other fees.
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