The year '07 had begun on an optimistic note with equity...
Transcript of The year '07 had begun on an optimistic note with equity...
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The year '07 had begun on an optimistic note with equity market indices scaling higher. Positivesentiment soon got better on good Q3-FY07 results declared by the index heavy weights. Theinternational money flow also remained positive as the demand continue to be robust in the economywhich is indicated by firm prices of manufactured goods and capacity additions by the industries tomeet the rising demand. The Sensex closed at 14091 for January '07 with positive undertone.
The RBI in its 3rd quarter monetary policy review refrained from changing the reverse repo rate thoughit increased the repo rate by 25 bps to 7.5%. Also RBI increased the provision requirements by Banks for retail loan category including the real estate related loans andcredit card. The intentions of central bank were clear as the aforementioned action is meant to direct the banks to control the quality credit growth without affecting theloan demand by coporates. But the concern still is the rising inflation rate which is at around +6.00% levels. Such levels could warrant further actions by RBI to tightenthe liquidity position in the economy and also certain fiscal measures by the central government like the import duty cuts. Last month GoI reduced the import duty oncertain items like cement and manufactured items to stem the price rise. The act was read by the market as a signal by the government to tackle the general price levelsin the economy though not affecting the demand which is more a function of liquidity levels which in turn is affected by the monetary policy actions by the RBI. Onepositive development was the revision of GDP forecast for FY07 from 8-8.5% to 8.5 - 9.05% by RBI on the back of strong IIP numbers announced for the month ofNovember '06 (a growth of 14.6%) which actually reflects the underlying bullish tone in the economy.
The impressive coporate results for Q3 - FY07 and positive guidance for the next quarter supported the continuity of bull-run in the equity markets. The average profitgrowth for select companies, that have declared their quarterly results, is about 46%, which is above the expectations of the market participants. The figures boostedthe confidence and money inflow from domestic as well as foreign participants was witnessed. Though the expected earnings for FY07 have more or less been discountedin the current valuations, the possibility of positive surprises by India Inc. cannot be ruled out. Yet there remains a slight concern on the liquidity position in the economywhich gets affected to an extent by the international developments. The US economy is expected to experience modest growth for CY07 which could affect the earningsof export based economies which in turn could affect the movement of international money flow. Also as the Japanese economy is experiencing the rebound thespeculation remains high for Bank of Japan to raise the interest rate in its next meet. The implication of these international developments in relation to Indian equitymarkets could have a direct bearing on the FII inflows. But as the demand in the economy remains robust the earnings of the India Inc. may not be affected materially.
The month of February '07 could see the equity markets moving in anticipation of expectations from the forthcoming union budget. Though any major change in the currentfiscal policies is not expected, announcements affecting certain industries, like the recent import duty cut cannot be ruled out. The markets could thus exhibit periodsof volatility and show range bound behaviour not shadowing the posssibilty of another positive move.
The month of January which started on a positive note could not hold on to the gains. The government bond market remained bearish for most part of the month largelydue to the selling induced by the Government decision to allow Reserve Bank of India to decide on SLR requirements of the banks.
The G-Sec market opened on a strong note with the yields falling down across the curve. The ten year yield opened lower at 7.54% against a previous month's closeof 7.62%. The market which had already discounted the second round of CRR hike of 25 bps from Jan 6th turned positive on account of reduction in the size of govtbond auction by Rs.5000 crore and the inflows of the Special Deposit Scheme (SDS) interest payments of Rs.10,000 crore. The yields further came down to touch alow of 7.48%.
The yield curve which had flattened in the previous months witnessed selling in the long end of the curve. The difference in the yields of 10 year and 30 year governmentbond widened from the range of 18-20 bps to 35-40 bps during mid-month before closing the month at 25-30 bps.
The yield remained range bound during the middle of the month before rising substantially to the levels of 7.91%. This was mainly on account of the knee-jerk reactionto the news of the Government to allow RBI the flexibility to decide on SLR requirement of Banks. The value buying resulted in the yield recovering to 7.81% and settlein the range of 7.85-7.90%. Subsequent to the RBI's credit policy, with no change in SLR requirement, the market bounced back with the ten-year closing the month at7.73%.
The liquidity in the system improved significantly as compared to the previous month mainly due to interest payments and government spending in the last week ofDecember. The overnight call rates which were in the range of 11-11.5% gradually came down to 6.50-6.75% in the first week of January. However, due to the increasedCRR requirement of the bank, the market was seen borrowing through the RBI repo window as against higher reverse repo figures in the first week. The infusion of liquidityby RBI for the week ended 27th Jan was Rs.12,149 crore. The overnight call rates also gradually moved up to cross 8% levels and remained in that range.
The WPI inflation numbers continue to draw the market attention as it remained higher than the RBI comfort range of 5.00-5.50%. The inflation numbers which remainedwithin the comfort zone in the month of December crossed psychological mark of 6% for the week ended 6th January and rose to 6.12%. The WPI inflation for the weekended 20th Jan stood at 6.11% against 5.95% for the previous week. The y-o-y bank credit rose by 29.7% (Rs.9012 crore) for the fortnight ending 19th January. Thestrong credit growth was evident in the credit-deposit ratio which stayed firm at 73.91% against 73.79% in the month of December.
The month of January saw yields in the corporate bond market, harden by 40-50 bps. The effect of the easy liquidity in the beginning of the month saw some softeningof yields in the short term papers. However, due to lack of buying interest at lower levels and the overnight rates gradually moving upwards, the yields moved higher.The yield on 1year corporate paper is currently in the range of 9.75-9.85%.
The feature of the month was the RBI's 3rd quarter monetary policy review. The rise of 25 bps in benchmark repo rate to 7.50% is aimed to rein in the high level of credit-deposit ratio by making the money costlier and thereby slowing down the credit growth and inflationary expectations. The GDP growth forecast for the financial year 2007has been revised upwards to 8.5-9.00% from the previous estimate of 8%. The inflation target stood unchanged at 5.00-5.50%. The RBI emphasized on the concernsover the credit quality, growth in retail credit of the banks and elevated inflationary pressures.
The liquidity is expected to remain tight in the remaining part of this financial year with a view to slow down the credit growth and curb inflationary pressures. However,the government securities market is expected to find support at the current levels in view of the increased investment requirement and relatively lesser supply by wayof fresh issuances. The bullish momentum will be further supported by the increased deposit mobilization in the last quarter of the financial year and a slow down in creditgrowth. We expect the yield on ten-year government bond to trade in the range of 7.65-7.85%.
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MARKET RETURNS
Sensex Nifty CNX Midcap 10 Yr G-Sec Yld Range
January 2007 1.07% 1.88% 2.02% 7.48% - 7.92%
1 Year 42.05% 36.04% 22.55% 7.28% - 8.40%
Market Speaks.....Market Speaks.....Market Speaks.....Market Speaks.....Market Speaks.....
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Sahara TAX GAIN FUNDAn Open-Ended Equity Linked Saving Scheme (ELSS)
The objective of the scheme…. Ideal for…. Minimum applicationinvestors seeking high returns at relatively medium riskacross long-term horizon by investing in equity andequity related instruments.
Rs. 500/- and additional investments in multiples ofRs. 500/-.
Systematic Investment Plan Monthly SIP Quarterly SIPEntry Load : 2.25% - for SIP/STP investmentsExit Load : 1 % if redeemed on or before 1 yearfrom date of allotment of SIP/STP investments.
6 postdated cheques forminimum of Rs. 500/- eachand in multiples of Rs. 500/-.
4 postdated cheques for aminimum of Rs. 500/- eachand in multiples of Rs. 500/-.
Industry Security Name % of Grand % of IndustryTotal Total
EQUITY SHARESIndustrial Capital Goods Crompton Greaves Ltd 3.72 12.30
Larsen and Toubro Limited 3.63Bharat Heavy Electricals Ltd 3.36Indo Tech Transformers Ltd. 1.59
Cement Century Textiles & Industries Ltd 3.28 9.00Orient Paper & Industries Ltd 2.71Birla Corporation Ltd 1.65Shri Digvijay Cement Ltd 1.36
Consumer Non Durables ITC Limited 4.99 6.93Hanung Toys & Textiles Ltd 1.94
Software Infosys Technologies Ltd 2.14 6.39HOV Services Ltd 1.93Tata Consultancy Services Ltd 1.223i-Infotech Ltd 1.10
Textile Products Aditya Birla Nuvo (Indian Rayon) * 4.96 6.30Siyaram Silk Ltd 1.34
Auto Mahindra & Mahindra Ltd 3.95 5.54Maruti Udyog Ltd 1.59
Industrial Products SKF India Ltd. 3.29 4.56Bharat Forge Ltd 1.27
Pharmaceuticals Smithkline Glaxo Ltd 2.22 4.10Cipla Ltd 1.88
Auto Ancillaries Ucal Fuel Systems Ltd 1.72 3.67Rico Auto Ltd 1.26Motor Industries Co Ltd 0.69
Finance Reliance Capital Ltd 3.55 3.55Non Ferrous Metals Hindalco Industries Ltd ** 3.49 3.49Chemicals Gujarat Alkalies and Chemicals Ltd 3.45 3.45Media & Entertainment Inox Leisure Limited 3.16 3.41
Global Broadcast News Ltd 0.25Paper Ballarpur Industries Ltd 3.35 3.35Hotels Royal Orchid Hotels Ltd 2.88 2.88Power Torrent Power Ltd 1.72 2.30
Tata Power Company Ltd 0.58Hardware Tulip IT Services Ltd 1.74 1.74Ferrous Metals Technocraft Industries (India) Ltd. 0.47 0.47Equity Total 83.43 83.43Current Assets 16.57 16.57Total 100.00 100.00
Performance (%)Sahara Tax Gain Fund
Industrywise Asset DistributionAsset Allocation (%)
Record Date Rate % of Div Cum DivNAV (Rs)
19.01.2005 Rupees 10 per unit 100.00% 70.6123.03.2005 Rupees 20 per unit 200.00% 66.7524.03.2006 Rupees 2.50 paise per unit* 25.00% 19.4041
Dividend during the year 2005 & 2006
*Post Bonus Dividend DeclaredDividend declared on the face value of Rs. 10/-
Past performance may or may not be sustained in future
Portfolio as on 31.01.2007
* - Including rights entitlement ** - Including partly paid shares
** Adjusted for bonusNote: Annualised Returns
Scheme/ 3 Yrs 5 Yrs IncepIndex NameTax Gain** 36.10% 37.18% 33.42%BSE 200 32.29% 37.01% 17.97%
is to provide immediate tax relief and long-term growthof capital to investors. Unit holders can avail of deductionunder Section 80C of the Income Tax Act 1961 forinvestment up to Rs.1 lakh p.a.
Relative Performance Chart of Growth Optionof Sahara Taxgain Fund since Inception
Inception Date: April 1, 1997
Load Structure Entry Load: 2.25% Exit Load: Nil
Systematic Investment Plan (SIP) ReturnsSahara Tax Gain Fund
XIRR 3 Years 5 Years
Taxgain 40.07% 42.24%
BSE 200 32.29% 37.01%Note: 1) Considering Rs. 1,000/- investment done on the 1st of the month.
2) Load has not be considered for the purpose of calculation.
Investment Option:a) Growthb) Dividend Payout & Dividend Reinvestment Option.
NAV as on January 31, 2007 Dividend - Rs. 18.6468 / Growth - Rs. 21.3469
Bonus Declared (Rec. Dt. - Aug 29, 2005)
Growth Plan - 7:1Dividend Plan - 3:1
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Sahara GROWTH FUNDAn Open-Ended Growth Fund
The objective of the scheme…. Ideal for…. Minimum applicationis to achieve capital appreciation by investing in equityand equity related instruments.
investors seeking high returns at relatively medium riskacross long-term horizon.
Rs. 3000/- and additional investments in multiples ofRs. 500/- and in multiples of Re.1/- thereafter.
Industry Security Name % of Grand % of IndustryTotal Total
EQUITY SHARES
Industrial Capital Goods Bharat Heavy Electricals Ltd 5.33 22.24
Siemens Ltd 4.85
Crompton Greaves Ltd 4.65
Larsen and Toubro Ltd 4.20
Thermax Ltd 3.21
Power National Thermal Power Corp Ltd 5.63 10.43
Tata Power Company Ltd 4.80
Software HCL Technologies Ltd 4.80 10.13
Infosys Technologies Ltd 2.97
Tata Consultancy Services Ltd 2.36
Auto Mahindra & Mahindra Ltd 5.71 9.37
Maruti Udyog Ltd 3.66
Consumer Non Durables ITC Limited 5.54 5.54
Telecom Services Reliance Communication Ventures Ltd 4.87 4.87
Hotels Indian Hotel Company Ltd 4.42 4.42
Pharmaceuticals Smithkline Glaxo Ltd 4.16 4.16
Non Ferrous Metals Hindustan Zinc Ltd 3.74 3.74
Petroleum Products Reliance Industries Ltd 3.61 3.61
Retailing Trent Ltd 3.43 3.43
Textile Products Aditya Birla Nuvo (Indian Rayon) 3.33 3.33
Oil Oil & Natural Gas Corp Ltd 2.41 2.41
Auto Ancillaries Rico Auto Ltd 1.71 1.71
Media & Entertainment Global Broadcast News Ltd 0.30 0.30
Equity Total 89.69 89.69
Current Assets 10.31 10.31
Total 100.00 100.00
Performance (%)Sahara Growth Fund Scheme Returns CNX Nifty Returns
1 year 36.11% 36.04%
2 years 43.31% 40.86%
3 years 36.85% 31.15%
Inception (30.8.2002) 44.52% 37.09%Note: Annualised Returns
Industrywise Asset DistributionAsset Allocation (%)
Relative Performance Chart of Growth Optionof Sahara Growth Fund since Inception
NAV as on January 31, 2007Dividend - Rs. 25.7269
Growth - Rs. 50.8493
Investment Option:a) Growth b) Dividend Payout &Dividend Reinvestment Option.
Record Date Rate % of Div Cum DivNAV (Rs)
13.03.2006 Rupees 7.50 paise per unit 75.00% 28.2228.01.2005 Rupees 3 per unit 30.00% 19.5725.09.2003 Rupees 3 per unit 30.00% 14.95
Dividend since September 2003
Dividend DeclaredDividend declared on the face value of Rs. 10/-
Past performance may or may not be sustained in future
Portfolio as on 31.01.2007
Systematic Investment Plan Monthly SIP Quarterly SIPEntry Load : 2.25% - for SIP/STP investmentsExit Load : 1 % if redeemed on or before 1 yearfrom date of allotment of SIP/STP investments.
6 postdated cheques for minimumof Rs. 1000/ - each.
4 postdated cheques for minimum ofRs. 2000/- each.
< Rs. 1 cr ; Nil, >= Rs. 1 cr: 1%if redeemed on or before 3 months
LoadStructure
2.25%: for investments < Rs. 1 cr ;NIL: for investment >= Rs. 1 crEntry Load Exit Load
Systematic Investment Plan (SIP) ReturnsSahara Growth Fund
XIRR 1 Yr 2 Yrs 3 Yrs
Growth Fund 51.39% 51.80% 47.03%
Nifty 36.04% 40.86% 31.15%Note: 1) Considering Rs. 1,000/- investment done on the 1st of the month.
2) Load has not be considered for the purpose of calculation.
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Sahara WEALTH PLUS FUNDAn Open-Ended Growth Fund
The objective of the scheme…. Ideal for…. Minimum applicationis to invest in equity and equity related instruments ofcompanies that would be wealth builders in the longterm.
investors seeking consistent and growing returns over along period of time.
Rs. 1000/- and additional investments of Rs. 500/- andmultiples of Re. 1/-
Industry Security Name % of Grand % of IndustryTotal Total
EQUITY SHARES
Industrial Capital Goods Thermax Ltd 4.13 18.41
Crompton Greaves Ltd 3.73
Larsen and Toubro Ltd 3.54
Bharat Heavy Electricals Ltd 3.21
Siemens Ltd 2.19
Asea Brown Boveri Ltd 1.61
Software HCL Technologies Ltd 3.09 8.59
Tata Consultancy Services Ltd 2.03
Tech Mahindra Ltd 2.00
Infosys Technologies Ltd 1.47
Auto Mahindra & Mahindra Ltd 4.30 6.24
Maruti Udyog Ltd 1.94
Consumer Non Durables ITC Limited 4.44 5.53
Marico Ltd 1.09
Textile Products Aditya Birla Nuvo (Indian Rayon)* 2.92 4.92
Raymond Ltd 2.00
Industrial Products KSB Pumps Ltd. 1.90 4.10
SKF India Ltd. 1.46
Bharat Forge Ltd 0.74
Cement Grasim Industries Ltd 2.75 4.03
Birla Corporation Ltd 1.28
Petroleum Products Reliance Industries Ltd 3.48 3.48
Ferrous Metals Wellspun Gujarat S R Ltd 3.20 3.20
Consumer Non-Durables Hindustan Lever Ltd 3.18 3.18
Chemicals Gujarat Alkalies and Chemicals Ltd 2.46 2.46
Oil Oil & Natural Gas Corp Ltd 2.32 2.32
Hotels Indian Hotel Company Limited 1.93 1.93
Power National Thermal Power Corp Ltd 1.35 1.35
Pharmaceuticals Ranbaxy Labaratories Ltd 1.30 1.30
Consumer Durables Voltas Ltd 0.99 0.99
Equity Total 72.03 72.03
Current Assets 27.97 27.97
Grand Total 100.00 100.00
Performance (%)Sahara Variable FixedWealth Plus Fund Pricing Pricing CNX 500(Growth Option) Option Option ReturnsInception (1st Sept. 2005) 32.59% 31.80% 38.74%
Note: Annualised Returns
Industrywise Asset DistributionAsset Allocation (%)
NAV as on January 31, 2007Fixed Pricing (Div.) - Rs. 14.7304 Variable Pricing (Div.) - Rs. 14.8541Fixed Pricing (Gr.) - Rs. 14.7304 Variable Pricing (Gr.) - Rs. 14.8541
Investment Option:A) Fixed Pricing Option B) Variable Pricing Option1) Dividend Option incl. Dividend RI 1) Dividend Option incl. Dividend RI2) Growth Option 2) Growth Option
Portfolio as on 31.01.2007
Systematic Investment PlanMonthly SIP Quarterly SIPLoad Structure
Entry Load : 2.25% - for SIP/STP investmentsExit Load : 1 % if redeemed on or before 1 year fromdate of allotment of SIP/STP investments.
6 postdated cheques for minimum of Rs. 1000/ - each. 4 postdated cheques for minimum of Rs. 2000/- each.
Load Structure Entry Load < Rs. 1 cr : 2.25% ; >= Rs. 1 cr : Nil Exit Load < Rs. 1 cr ; Nil, >= Rs. 1 cr: 1% if redeemed on or before 3 months
Return on Equity (RoE) is a combination of profit margin, asset management and
financial leverage. Breaking return on equity into these component parts not only
allows the investor to determine what kind of return is being generated by a
company, but also to examine the quality of that return as well as the amount of
financial risk the company is taking to create it. The Return on Equity trend over
the years tells investors how effectively their capital is being reinvested. Thus, it
serves as a far better gauge of management's fiscal adeptness than the annual
earnings per share. Sahara Wealth Plus fund is the only fund in the Indian Mutual
Fund industry where stock selection for creation and management of a portfolio
wealth is based on Return on Equity (RoE) as the main theme.
RoE-THE THEME OF SAHARA WEALTH PLUS FUND
PortfolioRoE 23.62%
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Sahara MIDCAP FUNDAn Open-Ended Growth Fund
The objective of the scheme…. Ideal for…. Minimum applicationis to achieve long-term capital growth at medium levelof risks by investing primarily in mid-cap stocks.
investors seeking high returns at relatively medium riskacross long-term horizon.
Rs. 1000/- and additional investments of Rs. 500/- andin multiples of Re. 1/- thereafter.
Systematic Investment PlanMonthly SIP Quarterly SIPLoad Structure
Entry Load : 2.25% - for SIP/STP investmentsExit Load : 1 % if redeemed on or before 1 year fromdate of allotment of SIP/STP investments.
6 postdated cheques for minimum of Rs. 1000/ - each. 4 postdated cheques for minimum of Rs. 2000/- each.
Industry Security Name % of Grand % of IndustryTotal Total
EQUITY SHARES
Industrial Capital Goods Crompton Greaves Ltd 3.64 12.44
Thermax Ltd 3.59
Asian Electronics Ltd 1.95
Indo Tech Transformers Ltd. 1.73
Siemens Ltd 1.53
Software HCL Technologies Ltd 3.45 11.98
Tata Infotech Ltd (Now TCS Ltd) 3.40
NIIT Technologies Ltd 2.12
HOV Services Ltd 1.99
3i-Infotech Ltd 1.02
Industrial Products SKF India Ltd. 4.08 9.44
Atlas Copco (India) Ltd 2.81
KSB Pumps Ltd 2.55
Cement Century Textiles & Industries Ltd 3.67 8.63
Orient Paper & Industries Ltd 3.02
Shri Digvijay Cement Ltd 1.94
Textile Products Aditya Birla Nuvo (Indian Rayon) * 5.81 7.25
Raymond Ltd 1.44
Ferrous Metals Wellspun Gujarat S R Ltd 3.00 5.71
Maharashtra Seamless Ltd 2.27
Technocraft Industries (India) Ltd. 0.44
Auto Ancillaries UCAL Fuel Systems Ltd 2.33 4.80
Sundaram Fasteners Ltd 1.38
Rico Auto Ltd 1.09
Pharmaceuticals Smithkline Glaxo Ltd 2.59 4.70
IPCA Laboratories Ltd 2.11
Consumer Non-Durables Tata Tea Ltd 2.53 4.49
Hanung Toys & Textiles Ltd 1.96
Industrywise Asset DistributionAsset Allocation (%)
NAV as on January 31, 2007Dividend - Rs. 16.4652 Auto-payout - Rs. 18.447Growth - Rs. 18.447 Bonus - Rs. 18.447
Investment Option:Growth Option, Dividend Option, Growth Auto-payout Option and Bonus Option.
Record Date Rate % of Div Cum DivNAV (Rs)
20.09.2005 Rs. 1.50 paise per unit 15.00% 14.2829
Dividend History
Dividend DeclaredDividend declared on the face value of Rs. 10/-
Past performance may or may not be sustained in future
Portfolio as on 31.01.2007
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Load Structure Entry Load < Rs. 1 cr : 2.25% ; >= Rs. 1 cr : Nil Exit Load < Rs. 1 cr ; Nil, >= Rs. 1 cr: 1% if redeemed on or before 3 months
Portfolio as on 31.01.2007Industry Security Name % of Grand % of Industry
Total TotalEQUITY SHARES
Chemicals Gujarat Alkalies and Chemicals Ltd 2.31 4.32
Tata Chemicals Ltd. 2.01
Paper Ballarpur Industries Ltd 3.35 3.35
Media & Entertainment Inox Leisure Limited 2.59 2.81
Global Broadcast News Ltd 0.22
Hotels Royal Orchid Hotels Ltd 2.41 2.41
Retailing Trent Ltd 2.16 2.16
Auto Mahindra & Mahindra Ltd 1.84 1.84
Consumer Durables Voltas Ltd 1.83 1.83
Power Torrent Power Ltd 1.53 1.53
Petroleum Products Apar Industries Ltd 1.21 1.21
Equity Total 90.90 90.90
Current Assets 9.10 9.10
Grand Total 100.00 100.00* - Including rights entitlement
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Sahara INFRASTRUCTURE FUNDAn Open-Ended Growth Fund
The objective of the scheme…. Ideal for…. Minimum applicationinvestors seeking consistent and growing returns over along period of time.
Rs. 1000/- under Growth Option and Rs 5000/- underDividend Option and additional investments of Rs. 500and in multiples of Re. 1/- thereafter.
Industry Security Name % of Grand % of IndustryTotal Total
EQUITY SHARES
Industrial Capital Goods Areva T & D India Ltd 4.15 28.58
Larsen and Toubro Ltd 3.80
Crompton Greaves Ltd 3.65
Bharat Heavy Electricals Ltd 3.61
Jyoti Structures Ltd 3.59
Siemens Ltd 3.43
Thermax Ltd 3.25
Asea Brown Boveri Ltd 1.73
Suzlon Energy Ltd 1.37
Telecom - Services Reliance Communication Ventures Ltd 6.76 6.76
Videsh Sanchar Nigam Ltd
Cement Orient Paper and Industries Ltd 6.72 6.72
Grasim Industries Ltd
Power National Thermal Power Corp Ltd 5.66 5.66
Reliance Energy Ltd
Industrial Products KSB Pumps Ltd. 4.32 4.32
Bharat Forge Ltd
Auto Mahindra & Mahindra Ltd 4.31 4.31
Oil Oil & Natural Gas Corp Ltd 3.68 3.68
Great Offshore Ltd
Ferrous Metals Maharashtra Seamless Ltd 3.51 3.51
Construction Jai Prakash Associates Ltd. 2.92 2.92
Petroleum Products Reliance Industries Ltd 2.45 2.45
Software Infosys Technologies Ltd 2.01 2.01
Consumer Durables Voltas Ltd 1.54 1.54
Dredging Dredging Corporation of India Ltd 1.28 1.28
Hotels Indian Hotel Company Ltd 0.18 0.18
Equity Total 73.92 73.92
Debt Instruments/ 6.03Money Market Instruments
Floating Rate NCDs Sterlite Industries Ltd 5.97
Certificate of Deposit Indian Bank 0.06
Current Assets 20.05 20.05
TOTAL 100.00 100.00
Industrywise Asset DistributionAsset Allocation (%)
Portfolio as on 31.01.2007
is to provide income distribution and / or medium tolong term capital gains by investing predominantly inequity/ equity related instruments of companies in theInfrastructure sector.
NAV as on January 31, 2007Fixed Pricing (Div.) - Rs. 11.355 Variable Pricing (Div.) - Rs. 11.4138Fixed Pricing (Gr.) - Rs. 11.355 Variable Pricing (Gr.) - Rs. 11.4138
Investment Option:A) Fixed Pricing Option B) Variable Pricing Option1) Dividend Option incl. Dividend RI 1) Dividend Option incl. Dividend RI2) Growth Option 2) Growth Option
Sahara Infrastructure Fund is an ideal vehicle to ride the economic boom throughthe SIP route. This strategy provides investor dual benefits. Firstly investing in thisfund allows an investor to be a part of the economic boom. The commitment ofthe government to ensure that the GDP growth is over 8% next five years,automatically favours all related sectors and stocks. Our aim is to capture thegrowth of these stocks. Secondly by adopting SIP strategy, an investor is able toinvest in small amounts regularly, providing him the advantage of rupee costaveraging.
Systematic Investment PlanMonthly SIP Quarterly SIPLoad Structure
Entry Load : 2.25% - for SIP/STP investmentsExit Load : 1 % if redeemed on or before 1 year fromdate of allotment of SIP/STP investments.
6 postdated cheques for minimum of Rs. 1000/ - each. 4 postdated cheques for minimum of Rs. 2000/- each.
< Rs. 1 cr ; Nil, >= Rs. 1 cr: 1%if redeemed on or before 3 months
2.25%: for investments < Rs. 1 cr ;NIL: for investment >= Rs. 1 cr
THE CUTTING EDGE.....
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Entry Load Exit LoadLoad Structure
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Sahara GILT FUNDAn Open-Ended Gilt Fund
The objective of the scheme…. Ideal for…. Minimum application
is to generate reasonable returns by investing in sovereigninstruments issued by Central / State governments.
investors with low-moderate risk appetite, PF trusts,Financial Institutions/Banks & Corporates.
Rs. 5000/- and additional investments in multiples ofRs. 1000/- and in multiples of Re.1/- thereafter.
Systematic Investment PlanMonthly SIP Quarterly SIPLoad Structure
Entry Load : Nil - for SIP/STP investmentsExit Load : As per normal Exit Load
5 postdated cheques for minimum of Rs. 1000/- each. 4 postdated cheques for minimum of Rs. 1250/- each.
Portfolio Rating % of Portfolio
Net Current Assets/Reverse Repo Sov. 100.00 100.00
TOTAL 100.00
Performance (%)Sahara Gilt Fund Scheme Returns I Sec Composite
Index1 year 6.75% 5.31%3 years 2.62% 3.68%Inception (22.2.2002) 4.46% N.A.*
*Base date of index being 31/03/2002 Note: Annualised Returns
NAV as on January 31, 2007Dividend - Rs. 11.347 Growth - Rs. 12.4084
Investment Option:a) Growth b) Dividend Option & Dividend Reinvestment Option.
Portfolio as on 31.01.2007
AVERAGE MATURITY TENOR : 0.0027 years
Sahara INCOME FUNDAn open-ended Income Fund
The objective of the scheme…. Ideal for…. Minimum applicationis to generate income by investing in a portfolio of corporateand sovereign debt instruments and at the same time providecontinuous liquidity along with reasonable safety.
investors seeking reasonable returns at relatively lowrisk across a medium to long-term investment horizon.
Rs. 3000/- and additional investments in multiples ofRs. 1000/- and in multiples of Re.1/- thereafter.
Systematic Investment PlanMonthly SIP Quarterly SIPLoad Structure
Entry Load : Nil - for SIP/STP investmentsExit Load : As per normal Exit Load
6 postdated cheques for minimum of Rs. 500/ - each. 4 postdated cheques for minimum of Rs. 750/- each.
Performance (%)Sahara Income Fund Scheme Crisil Composite
Returns Bond Fund Index1 year 6.66% 4.03%3 Years 3.73% 2.92%Inception (22.2.2002) 5.38% N.A.*
* Base date of index being 31/03/2002 Note: Annualised Returns
NAV as on January 31, 2007
Dividend - Rs. 11.6592
Growth - Rs. 12.9552
Investment Option:
a) Growth
b) Dividend Option & Dividend
Reinvestment Option.
Portfolio as on 31.01.2007
Portfolio Rating % of Portfolio
Certificate of Deposits 48.24%
ICICI Bank Ltd A1+ 17.93%
Indian Bank F1+ 9.06%
UTI Bank Ltd P1+ 8.89%
State Bank of Patiala P1+ 4.51%
Allahabad Bank P1+ 4.44%
Federal Bank Ltd P1+ 3.41%
Floating Rate Bonds 41.96%
Blue Star Ltd PR1+ 9.32%
w w w . s a h a r a m u t u a l . c o m
AVERAGE MATURITY TENOR : 94 days
Load Structure Entry Load Nil Exit Load < = Rs. 10 lakhs 0.50% if redeemed before 6 months; > Rs. 10 lakhs: Nil
Load Structure Entry Load Nil Exit Load < Rs. 5 cr ; 1% if redeemed within 1 year, >= Rs. 5 cr: Nil
Madras Cement Ltd A1+ 9.32%
Redington India Ltd P1+ 9.32%
Kotak Mahindra Primus Ltd P1+ 9.32%
Berger Paints Ltd P1+ 4.66%
BONDS/ NCD's / PTC's 9.32%
Power Finance Corporation Ltd AAA 9.32%
Net Current Assets/Reverse Repo 0.48% 0.48%
TOTAL 100.00%
Portfolio Rating % of Portfolio
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Sahara LIQUID FUNDAn Open-Ended Liquid Fund
The objective of the scheme…. Ideal for…. Minimum applicationis to create a portfolio of debt and money marketinstruments with a view to provide high liquidity andreasonable returns.
investors who wish to park their short term surpluses atrelatively low risk. Corporate and High Net Worthinvestors and individual investors who have temporarysurpluses can benefit from this scheme.
Rs. 10000/- and additional investments in multiples ofRs. 5000/- and in multiples of Re.1/- thereafter.
Systematic Investment PlanMonthly SIP Quarterly SIPLoad Structure
Entry Load : Nil for SIP/STP investmentsExit Load : Nil
Rating Profile (%)
Asset Allocation (%)
CRISILRatingAAAf
NAV as on January 31, 2007Fixed Pricing - Daily Dividend Option - Rs. 1024.6757Fixed Pricing - Growth Option - Rs. 1324.8370Fixed Pricing - Weekly Dividend Option - Rs. 1025.9191Fixed Pricing - Monthly Dividend Option - Rs. 1025.4464Variable Pricing - Daily Dividend Option - Rs. 1024.6884Variable Pricing - Weekly Dividend Option - Rs. 1025.9149Variable Pricing - Monthly Dividend Option - Rs. 1026.0400Variable Pricing - Growth Option - Rs. 1328.7419
The face value of the units have been changed from Rs. 10/- per unit toRs. 1000/- per unit by consolidation of units w.e.f. 27th October, 2005.Also, the Variable Pricing Option has been introduced under the scheme w.e.f.27th October, 2005.Rating indicates that the fund portfolio holdings provide very strong protectionagainst losses from credit defaults.Disclaimer clause: The rating of CRISIL is not an opinion of the Asset ManagementCompany's willingness or ability to make timely payments to the Investors. Therating is also not an opinion on the stability of the NAV of the fund, which could varywith market developments.
5 postdated cheques for minimum of Rs. 2000/- each. 4 postdated cheques for minimum of Rs. 2500/- each.
Fixed Pricing Option Variable Pricing Option
(a) (i) Dividend Re-investment Option- (a) (i) Dividend Re-investment Option-Daily Dividend / Weekly Dividend / Daily Dividend / Weekly Dividend /Monthly Dividend Monthly Dividend(ii) Payout – Monthly Dividend (ii) Payout – Monthly Dividend
(b) Growth Option (b) Growth Option
Portfolio Rating % of Portfolio
Certificate of Deposits 36.32%
Federal Bank Ltd P1+ 36.32%
Floating Rate Bonds 31.89%
Madras Cement Ltd A1+ 31.89%
BONDS/ NCD's / PTC's 21.34%
ICICI Bank Ltd PTC AAA(SO) 10.79%
UTI Bank Ltd PTC AAA(SO) 10.55%
Net Current Assets/Reverse Repo 10.45% 10.45%
TOTAL 100.00%
Portfolio as on 31.01.2007
AVERAGE MATURITY TENOR : 108 days
Scheme/ 7 days 14 days 1 Mth 6 Mths 1 Yr Incep
Index Name
Variable Pricing Growth Option 7.612 7.643 7.691 7.018 6.559 6.435
Fixed Pricing Growth Option 7.346 7.374 7.430 6.784 6.306 5.846
Crisil Liquid Fund Index 6.847 7.07 7.35 6.04 6.10 N.A.*
*Base date of index - 31/03/2002 Returns - Annualised (Incep. dt.- 19-02-2002)
Performance (%)
Investment Option
w w w . s a h a r a m u t u a l . c o m
Entry Load Nil Exit Load NilLoad Structure