factsheet november final file 091209 - boi axa mutual fund

November 2009November 2009

Get the latest Equity Market Outlook regularly in your mail box.

Visit www.bhartiaxa-im.com

& subscribe now!

Bharti AXA Investment Managers Pvt. Ltd.2

Sujoy Kumar DasHEAD - FIXED INCOME

EQUITY OUTLOOK

FIXED INCOME OUTLOOK

Prateek AgrawalHEAD - EQUITY

December saw a good start in terms of better than expected GDP numbers. GDP expanded by 7.9% in Q2 and the growth for the first six months now stands at an impressive 7%. Services grew by over 9%. Agriculture, showed some growth but next quarter is would ascertain its impact. Going ahead we may see upward revision coming in GDP numbers. Reacting to the GDP figures Montek Singh Ahluwalia, Deputy Chairman, Planning Commission said, “Economic growth forecast for the year to March 2010 may have to be revised upwards as data showed a faster expansion in September quarter”. He also added that there was no serious concern on inflation as of now and conventional monetary policy was unlikely to be effective in curbing food price rise.

I n d u s t r i a l p r o d u c t i o n g r o w t h h a s turned around a c c e l e r a t i n g 9 . 1 % Y o Y d u r i n g t h e quarter ended S e p t e m b e r 2009 compared to a trough of 0.3% YoY during February 2009. On export front also India’s exports declined the least in 10 months in October as economic recovery in the US and Europe increased demand. Merchandise shipments dropped 6.6% from a year earlier after sliding 13.8% in September. Imports declined 15%. The global export slump is easing as the world begins to recover from its worst recession since the 1930s. India’s economy expanded last quarter at the fastest pace in 1.5 years.

China’s manufacturing (PMI) also grew last month at the fastest pace in five years, helping Asia to lead the recovery from the global economic slump. In US as per the Chicago purchasing managers index released by the Institute for Supply Management of Chicago, more businesses in the Chicago region were expanding in November than at any time in the past 15 months. In Europe manufacturing industry grew for a second month in November. An index of manufacturing in the 16-nation Euro area rose to 51.2, higher than the estimate of 51.

With improving liquidity and the g r o w t h environment in the developed w o r l d , t h e equity f lows

have rebounded back. In fact, India has received US$14.9 billion of equity flows year to date, compared to US$12.8 billion of equity outflows witnessed in 2008. This quick revival in global risk appetite means that Indian corporate sector could access risk capital from international capital markets easily. This is helping the corporate sector to repair their balance sheets faster, thus reducing the risk of large non-performing loans in the banking system, increased risk aversion and slower growth. The worries about recent Dubai's debt crisis eased after the central bank of the United Arab Emirates said that it will make available a special liquidity facility for banks of the city state. Dubai World, the largest corporate entity in the Persian Gulf emirate, asked creditors for a six-month stay on repayment of US$60 billion in debts. Meanwhile, from an increasing hawkish stance of central bankers a month back, the current stance suggests continuation of stimulus measures for some more time.

Overall the data flow in India has been positive and several indicators have gained in strength. This has encouraged policy makers to start withdrawing stimulus measures slowly. We expect the dataflow and corporate results to improve over the next few months as the base effect turns favorable. This should provide support to the market.

We continue to be fully invested as we believe that improving corporate fundamentals and economic growth in a scenario of low interest rates, is conducive for equity asset class performance. We are positive on the IT, infrastructure, metals and midcap pharma sectors and continue to be underweight on telecom and FMCG space.

MACRO ECONOMIC REVIEW

The highlight of the month was the GDP figures announced by the Government. India’s GDP grew by a robust 7.9% for the quarter ended September 2009, pushing up the GDP growth rate to 7% for the first half of 2009-10. The better than expected numbers were on the back of increased government expenditure, private investment and rise in consumer spending.

India’s industrial output (IIP) rose at a faster-than-expected 9.1% in September 09 as Capital Goods Index grew at 12.8% and consumer durables grew at 22%. However, India’s core sector, which is constituted by six key infrastructure industries accounting for 26.7% of IIP, grew by 3.5% in October 09 , slowing down from the previous month’s revised growth rate of 4.1%.

India's Wholesale Price Index (WPI), rose to 1.34% in October, more than double the level it was in the previous month, as prices of minerals, fuels and certain food items

increased. The biggest concern remains rise in food prices as India's food price index was up 17.47% in the 12 months to November 21, 09 as drought conditions as a result of poor monsoons have affected farm output.

The Government has also switched to using monthly inflation data for all commodities, from the earlier practice of announcing weekly price movement.

In global news, world markets were rattled after Dubai World, the government investment firm burdened with $59 billion in liabilities, requested deferment of its debt.

The fixed income market over the month of November went through a rapid change. The 10 Year benchmark security yield fell by about 15 bp from a level of 7.30% to around 7.15% before climbing back to 7.25% towards the month-end.

Sporadic buying was witnessed in the G-Sec market by all participants. Easy liquidity coupled with further decline in credit growth kept the yields soft over the month. The yields of assets upto one year maturity also dropped over the month. The yields in the 6 to 12 month segment dropped by 30 to 40 bp over the month. Towards the month-end, the yields closed 10 to 15 bp higher than the month lows.

The excess liquidity parked with RBI @ 3.25% was above Rs.1.1 lakh crore throughout the month.

Strong GDP data, fears of higher WPI Inflation and expectations of a follow through RBI rate action brought certain nervousness into the market. Yields at the longer end hardened and the shorter end also witnessed some profit booking.

FIXED INCOME UPDATE

OUTLOOK

The G-Sec market is expected to perform during this current environment of easy liquidity, sluggish credit growth and high provisioning norms on loans.

We expect a steady demand for risk-free assets in this climate.

Yields at the shorter end might go through some correction following higher GDP data, come-back of Inflation and possible RBI rate action.

However, liquidity is expected to be comfortable. Continued dollar flows and high domestic savings rate is expected to keep this situation prevalent over the near to medium term.

Market is closely tracking all comments emerging from RBI and MoF authorities. This will keep the yields volatile for longer dated securities but a trend of a gradual decline is expected over the months.

Over the near to medium term we remain positive on the G-Sec market and hence Short Term Income Funds.

GDP showing good bounce back

3.04.05.06.07.08.09.0

10.011.012.0

2QFY

01

2QFY

02

2QFY

03

2QFY

04

2QFY

05

2QFY

06

2QFY

07

2QFY

08

2QFY

09

2QFY

10

%YoY

Industrial Production near V shaped recoveryIndustrial Production near V shaped recovery

-1%

2%

5%

7%

10%

12%

15%

Jan-0

2Jul

-02

Jan-0

3Jul

-03

Jan-0

4Jul

-04

Jan-0

5Jul

-05

Jan-0

6Jul

-06

Jan-0

7Jul

-07Ja

n-08

Jul-0

8Ja

n-09

Jul-0

9

YoY% YoY%, 3MMA

Rs925bn of risk capital raised during the year...

Risk Capital raised, Rs bn

203433

723816

1,603

168

925

-

400

800

1,200

1,600

2,000

FY04FY05FY06FY07FY08FY09FY10(till 7 Nov)

Source: Citigroup

Source: Morgan Stanley Research

Source: Bloomberg, IIFL Research. Note: it includes IPO, rights, ADR/GDR, QIP's and FCCB's

Data Source : Bloomberg LP (Unless indicated otherwise)

Get the latest Fixed Income Market Outlook regularly in your mail box.

Visit www.bhartiaxa-im.com

& subscribe now!

PERFORMANCE (as on November 30, 2009)(Absolute%)

6 Months 25.3586% 13.1211%Since Inception 126.6598% 82.1034%

Bharti AXA Tax Advantage Fund - Regular - Growth*S&P CNX NiftyPeriod

Past performance may or may not be sustained in future.*Performance of the dividend Plan for the investor would be net of the dividend distribution tax, as applicable.

SECTOR ALLOCATION

27.97%13.40%

12.13%8.55%

7.50%5.76%5.67%

4.79%4.72%

3.20%2.39%

2.05%1.87%

ConstructionIT

MetalsServicesPharmaEnergy

AutomobileIndustrial Manufacturing

Financial ServicesConsumer Goods

Cement & Cement ProductsTextiles

Cash & Cash Equivalent

LOAD STRUCTURE

NILNIL

Entry LoadExit Load

Regular Plan Eco Plan Investmentsthrough SIP / STP

EQUITY & EQUITY RELATEDListed / awaiting listing on the stock exchangesReliance Industries Ltd Energy 678.09 5.77Infosys Technologies Ltd IT 524.17 4.46Madhucon Projects Ltd Construction 453.91 3.86Tata Motors Ltd Automobile 378.00 3.22Tata Steel Ltd Metals 365.76 3.11Central Bank of India Financial Services 329.50 2.80Oracle Financial Services Software Ltd IT 326.90 2.78Tata Consultancy Services Ltd IT 312.88 2.66KPIT Cummins Infosystems Ltd IT 307.19 2.61Bharat Petroleum Corpn. Ltd Energy 306.85 2.61BF Utilities Ltd Energy 302.41 2.57Jubilant Organosys Ltd Pharma 294.75 2.51Suzlon Energy Ltd Industrial Manufacturing 294.55 2.51Zensar Technologies Ltd IT 293.42 2.50Zee Entertainment Enterprises Ltd Media & Entertainment 292.39 2.49Maytas Infra Ltd Construction 285.13 2.43Spicejet Ltd Services 279.86 2.38Oriental Bank of Commerce Financial Services 274.00 2.33ICICI Bank Ltd Financial Services 265.57 2.26Sesa Goa Ltd Metals 263.30 2.24Torrent Pharmaceuticals Ltd Pharma 261.63 2.23Sterlite Industries (I) Ltd Metals 260.65 2.22Housing Development and Infrastructure Ltd Construction 257.43 2.19The Great Eastern Shipping Co. Ltd Services 255.67 2.18Punjab National Bank Financial Services 252.02 2.14BGR Energy Systems Ltd Industrial Manufacturing 250.22 2.13Hindustan Construction Co. Ltd Construction 246.66 2.10Karuturi Global Ltd Consumer Goods 244.23 2.08Aurobindo Pharma Ltd Pharma 243.26 2.07Orbit Corporation Ltd Construction 242.93 2.07Adani Enterprises Ltd Services 234.02 1.99PTC India Ltd Energy 230.84 1.96Patni Computer Systems Ltd IT 211.99 1.80Larsen & Toubro Ltd. Construction 209.90 1.79Ajmera Realty & Infra India Ltd Construction 208.62 1.78Kalpataru Power Transmission Ltd Energy 205.84 1.75Bajaj Finserv Ltd Financial Services 119.86 1.02Cox and Kings (India) Ltd # Services 110.11 0.94Total 10,874.51 92.54DERIVATIVESNIFTY Index Future 545.74 4.64Total 545.74 4.64Cash & Cash Equivalent & Fixed Deposit 329.02 2.82GRAND TOTAL 11,749.27 100.00

PORTFOLIO DETAILSPortfolio Holdings AMFI Sector Market Value % to Net

Classification (Rs. lakhs) Assets

Given that performance history is available only for a relatively short period, Standard Deviation, R-Squared, Beta, Sharpe Ratio, and Portfolio Turnover have not been incorporated. For these ratios to be meaningfully computed and interpreted, longer term performance data is required. Total Exposure to illiquid securities is 0.00% of the portfolio,i.e. Rs.0.00 lakh #Pending Listing on Stock Exchange

Bharti AXA Investment Managers Pvt. Ltd.3All data as on November 30, 2009 (Unless indicated otherwise)

MONEYMUNI$4 dividends within

**1 Year !

**Dividend History please refer page no. 6

Bharti AXA Equity Fund

16.81%16.22%

14.66%10.55%

7.57%7.49%

6.81%4.64%4.64%

3.22%2.82%

2.49%2.08%

ITConstruction

EnergyFinancial Services

MetalsServicesPharma

DerivativesIndustrial Manufacturing

AutomobileCash & Cash Equivalent & Fixed Deposit

Media & EntertainmentConsumer Goods

SECTOR ALLOCATION

LOAD STRUCTURE

Regular Plan

NIL

Eco Plan

1 % if redeemed within 1 year from date of allotmentEntry LoadExit Load

Investmentsthrough SIP / STP

Investments through Liq-uity

InstitutionalPlan

PERFORMANCE (as on November 30, 2009)

6 Months 13.2807% 13.1211%Last 1 Year 73.6901% 82.0697%Since Inception 71.5426% 77.4497%

Bharti AXA Equity Fund - Regular - Growth* S&P CNX NiftyPeriod


(<1 Year Absolute% & >1Year Compounded Annualised %)

EQUITY & EQUITY RELATEDListed / awaiting listing on the stock exchangesTata Motors Ltd Automobile 59.68 5.67Madhucon Projects Ltd Construction 57.12 5.43Central Bank of India Financial Services 49.70 4.72Zensar Technologies Ltd IT 44.52 4.23Maytas Infra Ltd Construction 40.39 3.84Tata Steel Ltd Metals 38.52 3.66Hindustan Zinc Ltd Metals 38.49 3.66Oracle Financial Services Software Ltd IT 36.40 3.46KPIT Cummins Infosystems Ltd IT 35.44 3.37Ajmera Realty & Infra India Ltd Construction 35.36 3.36Karuturi Global Ltd Consumer Goods 33.69 3.20Torrent Pharmaceuticals Ltd Pharma 31.62 3.00BF Utilities Ltd Energy 31.37 2.98Orbit Corporation Ltd Construction 30.94 2.94Jubilant Organosys Ltd Pharma 30.20 2.87Hindustan Construction Co. Ltd Construction 30.02 2.85Sterlite Industries (I) Ltd Metals 30.01 2.85Era Infra Engineering Ltd Construction 30.00 2.85PTC India Ltd Energy 29.27 2.78Adani Enterprises Ltd Services 28.60 2.72Housing Development and Infrastructure Ltd Construction 27.43 2.61BGR Energy Systems Ltd Industrial Manufacturing 26.02 2.47Asian Hotels Ltd Services 25.71 2.44The Great Eastern Shipping Co. Ltd Services 25.27 2.40Shree Cements Ltd Cement & Cement Products 25.17 2.39Hinduja Global Solutions Ltd IT 24.65 2.34Suzlon Energy Ltd Industrial Manufacturing 24.43 2.32Simplex Infrastructures Ltd Construction 22.58 2.15Bombay Rayon Fashions Ltd Textiles 21.58 2.05Jindal Steel & Power Ltd Metals 20.65 1.96Gammon India Ltd Construction 20.46 1.94Aurobindo Pharma Ltd Pharma 17.16 1.63Cox and Kings (India) Ltd # Services 10.38 0.99Total 1,032.83 98.13Cash & Cash EquivalentNet Receivables/Payables 9.51 0.92CBLO / Reverse Repo Investments 10.00 0.95Total 19.51 1.87GRAND TOTAL 1,052.34 100.00

PORTFOLIO DETAILSPortfolio Holdings AMFI Sector Market Value % to Net

Classification (Rs. lakhs) Assets

Given that performance history is available only for a relatively short period, Standard Deviation, R-Squared, Beta, Sharpe Ratio, and Portfolio Turnover have not been incorporated. For these ratios to be meaningfully computed and interpreted, longer term performance data is required. Total Exposure to illiquid securities is 0.00% of the portfolio,i.e. Rs.0.00 lakh #Pending Listing on Stock Exchange

Over 100% return since inception!

Past performance may or may no be sustained in the future

Bharti AXA Tax Advantage Fund

• For complete Scheme Information, NAV & Dividend History please refer page no. 6



7 Days 3.4020% 2.6044%15 Days 3.1440% 2.4952%30 Days 3.3901% 2.5552%3 Months 3.8019% 2.7071%6 Months 4.2479% 2.6747%Last 1 Year 5.0952% 5.5239%Since Inception 6.5687% 6.6140%

PERFORMANCE (as on November 30, 2009)(<1 Year Simple Annualised% & >1Year Compounded Annualised %)

Bharti AXA Liquid Fund - Super IP - Growth*CRISIL Liquid Fund IndexPeriod

CREDIT PROFILE

16.62%

11.16%

72.22%

A1+P1+Cash

COMPOSITION BY ASSETS

83.38%

16.62%

Money Market InstrumentsCash & Cash Equivalent*

*Including Debt Instruments with daily put and call option, if applicable

CREDIT PROFILE


LOAD STRUCTURE

NILNIL

Entry LoadExit Load

PERFORMANCE (as on November 30, 2009)(<1 Year Absolute% & >1Year Compounded Annualised %)

6 Months 2.3663% 1.3577%Last 1 Year 5.5912% 5.5454%Since Inception 6.9636% 6.6140%

Bharti AXA Treasury Advantage Fund - IP - Growth*CRISIL Liquid Fund IndexPeriod


49.48%

50.52%

*Including Debt Instruments with daily put and call option, if applicable

Money Market InstrumentsCash & Cash Equivalent*

28.05%45.37%

20.96%4.03%1.59%

A1+P1+PR1+SOVCash

PORTFOLIO DETAILSPortfolio Holdings Rating/ Market Value % to Net

Industries (Rs. lakhs) Assets

DEBT INSTRUMENTSUnlistedPiramal Healthcare Ltd A1+ 1,500.00 2.47Piramal Healthcare Ltd A1+ 500.00 0.82Piramal Healthcare Ltd A1+ 500.00 0.82Total 2,500.00 4.11MONEY MARKET INSTRUMENTSCertificate of Deposit**ICICI Bank Ltd A1+ 2,460.11 4.05Punjab National Bank PR1+ 2,446.56 4.03Corporation Bank P1+ 2,436.50 4.02State Bank of Hyderabad A1+ 2,436.25 4.02Axis Bank Ltd P1+ 2,428.85 4.00State Bank of Mysore A1+ 2,421.20 3.99State Bank of Hyderabad A1+ 2,405.73 3.97State Bank of Bikaner & Jaipur P1+ 1,960.30 3.23Union Bank of India P1+ 1,497.87 2.47Citibank N.A. P1+ 979.90 1.62Standard Chartered Bank P1+ 977.56 1.61Kotak Mahindra Bank Ltd P1+ 956.11 1.58ICICI Bank Ltd A1+ 496.57 0.82Bank of Baroda P1+ 495.51 0.82IDBI Bank Ltd A1+ 490.88 0.81State Bank of Patiala P1+ 490.50 0.81Bank of Baroda A1+ 483.74 0.80Oriental Bank of Commerce P1+ 482.67 0.80Total 26,346.81 43.45Commercial Paper**Reliance Capital Ltd A1+ 1,415.35 2.33Reliance Capital Ltd A1+ 948.28 1.56Sundaram Finance Ltd A1+ 493.56 0.81Tata Capital Ltd A1+ 473.57 0.78Total 3,330.76 5.48Treasury BillTBILL 364 DAY 2010 SOV 963.12 1.59Total 963.12 1.59Cash & Cash EquivalentNet Receivables/Payables 293.41 0.48CBLO / Reverse Repo Investments 27,237.73 44.89Total 27,531.14 45.37GRAND TOTAL 60,671.83 100.00

All corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH.**Thinly traded/Non traded securities and illiquid securities as defined in SEBI Regulations and Guidelines.

LOAD STRUCTURE

NILNIL

Entry LoadExit Load

PORTFOLIO DETAILS

DEBT INSTRUMENTSUnlistedHero Cycles Ltd P1+ 1,000.00 11.16Total 1,000.00 11.16MONEY MARKET INSTRUMENTSCertificate of Deposit**ICICI Bank Ltd A1+ 496.57 5.54Total 496.57 5.54Commercial Paper**Fullerton India Credit Co. Ltd A1+ 993.02 11.08Total 993.02 11.08Cash & Cash EquivalentNet Receivables/Payables 13.16 0.15CBLO / Reverse Repo Investments 6,459.47 72.07Total 6,472.63 72.22GRAND TOTAL 8,962.22 100.00

Portfolio Holdings Rating/ Market Value % to Net Industries (Rs. lakhs) Assets





Since inception invested in high quality paper : 100%

in P1+ and equivalent

Since inception invested in high quality paper : 100%

in P1+ and equivalentBharti AXA Liquid Fund AAAf

by CRISIL

Rated

Invest in Bharti AXA Treasury

Advantage Fund through Liq-uity !

Invest in Bharti AXA Treasury

Advantage Fund through Liq-uity !

Bharti AXA Treasury Advantage FundAAAfby CRISIL

Rated

CREDIT PROFILE

26.74%3.23%3.13%

2.40%2.34%2.22%

1.45%1.30%0.97%0.95%0.87%0.52%

Other Cash & Cash Equivalent

PharmaConstruction

MetalsIT

EnergyIndustrial Manufacturing

Financial ServicesMedia & Entertainment

ServicesConsumer Goods

Automobile

53.88%


##Including Debt Instruments with daily put and call option, if applicable

Equity & equity related securities##Cash & Cash Equivalent

Debt

19.38%

26.74%

53.88%

LOAD STRUCTURE

NIL1% if redeemed before 1 year from date of allotment

Entry LoadExit Load



Bharti AXA Regular Return Fund - Regular - Growth*CRISIL MIP Blended IndexPeriod


EQUITY & EQUITY RELATEDListed / awaiting listing on the stock exchangesJubilant Organosys Ltd Pharma 28.75 1.15Torrent Pharmaceuticals Ltd Pharma 27.67 1.11Maytas Infra Ltd Construction 26.93 1.08Aurobindo Pharma Ltd Pharma 24.28 0.97PTC India Ltd Energy 24.19 0.97Zee Entertainment Enterprises Ltd Media & Entertainment 24.15 0.97Hindustan Zinc Ltd Metals 24.06 0.96Adani Enterprises Ltd Services 23.63 0.95Suzlon Energy Ltd Industrial Manufacturing 22.06 0.88Karuturi Global Ltd Consumer Goods 21.85 0.87Madhucon Projects Ltd Construction 21.31 0.85Sterlite Industries (I) Ltd Metals 18.86 0.75Central Bank of India Financial Services 18.42 0.74Simplex Infrastructures Ltd Construction 18.18 0.73BF Utilities Ltd Energy 17.57 0.70Jindal Steel & Power Ltd Metals 17.21 0.69Oracle Financial Services Software Ltd IT 16.81 0.67Zensar Technologies Ltd IT 16.05 0.64Cummins India Ltd Industrial Manufacturing 14.27 0.57Oriental Bank of Commerce Financial Services 14.00 0.56Cairn India Ltd Energy 13.72 0.55Hinduja Global Solutions Ltd IT 13.37 0.54Tata Motors Ltd Automobile 13.00 0.52Financial Technologies(I) Ltd IT 12.13 0.49Ajmera Realty & Infra India Ltd Construction 11.75 0.47Total 484.22 19.38MONEY MARKET INSTRUMENTSCertificate of Deposit**State Bank of Bikaner & Jaipur 294.04 11.77Total 294.04 11.77Treasury BillTBILL 182 DAY 2010 74.31 2.97Total 74.31 2.97CENTRAL GOVERNMENT SECURITIES6.35% CGL 2020 918.00 36.74Total 918.00 36.74Fixed DepositHSBC Bank 60.00 2.40Total 60.00 2.40Cash & Cash EquivalentNet Receivables/Payables 72.91 2.93CBLO / Reverse Repo Investments 594.97 23.81Total 667.88 26.74GRAND TOTAL 2,498.45 100.00

PORTFOLIO DETAILSPortfolio Holdings Rating/ Market Value % to Net

Industries (Rs. lakhs) Assets

% of Assets Duration

Up to 1 year 100.00

CREDIT PROFILE

LOAD STRUCTURE

NIL0.25% if redeemed within 15 days from date of allotment

Entry LoadExit Load

P1+SOVCash


14.40%

14.68%70.92%




Bharti AXA Short Term Income Fund - IP - Growth*CRISIL Short-Term Bond Fund Index Period

PORTFOLIO DETAILS

MONEY MARKET INSTRUMENTS

Certificate of Deposit**

State Bank of Bikaner & Jaipur P1+ 196.03 14.40

Total 196.03 14.40

Treasury Bill

TBILL 182 DAY 2009 SOV 199.84 14.68

Total 199.84 14.68

Cash & Cash Equivalent

Net Receivables/Payables 5.35 0.40

CBLO / Reverse Repo Investments 959.95 70.52

Total 965.30 70.92

GRAND TOTAL 1,361.17 100.00

Portfolio Holdings Rating/ Market Value % to Net Industries (Rs. lakhs) Assets





This fund offers , an investment for the

conservative you !

This fund offers , an investment for the

conservative you !Bharti AXA Short Term Income Fund

6th consecutive dividend declared on

$$25th Nov 2009 !

6th consecutive dividend declared on

$$25th Nov 2009 !Bharti AXA Regular Return Fund

$$Dividend History please refer page no. 6

INVESTMENT OBJECTIVE To generate income and long-term capital appreciation through a diversified portfolio of predominantly equity and equity-related securities including equity derivatives, across all market capitalizations. The Scheme is in the nature of diversified multi-cap fund. The Scheme is not providing any assured or guaranteed returns.

The Scheme seeks to generate long-term capital growth from a diversified portfolio of predominantly equity and equity-related securities across all market capitalisations. The Scheme is in the nature of diversified multi-cap fund. The Scheme is not providing any assured or guaranteed returns. There can be no assurance that the investment objectives of the Scheme will be realized.

FUND MANAGER Prateek AgrawalExperience : Managing this fund since launch. Total of 14 years of experience in the market on buy and sell side.

Prateek AgrawalExperience : Managing this fund since launch. Total of 14 years of experience in the market on buy and sell side.

An Open Ended Equity Growth Fund

An Open-Ended Equity Linked Savings Scheme

FUND TYPE

S&P CNX Nifty Index S&P CNX Nifty IndexBENCHMARK

Rs. 117.49 Cr Rs. 10.52 CrAUM


Scheme Features

NAV (AS ON NOVEMBER 30, 2009)

NAV (Rs.)Regular Plan

Eco Plan

Growth 17.23 Bonus 17.23 Regular Dividend 13.08 Quarterly Dividend 15.16

Growth 17.28 Bonus 17.28 Regular Dividend 13.11 Quarterly Dividend 15.19


Eco Plan

Growth 21.85Dividend 20.68

Growth 21.88Dividend 20.70

Dividend History

a bP̂ursuant to payment of dividend, NAV of the Dividend Option of the Plan/Scheme will fall to the extent of such dividend payment and applicable statutory levy (taxes, levies, cess etc.), if any. * No Unit Holder Individual/HUFs Others

EQUITY FUNDS

Record Date Dividend/ Unit Dividend/ UnitNAV̂as onDeclared (in %)Declared (in Rs.) Record Date


Bharti AXA Tax Advantage Fund

Regular Plan

Eco Plan

Institutional Plan

Regular PlanEco Plan

Quarterly Dividend (23-Sep-09) 5 0.5 15.73Regular Dividend (23-Sep-09) 10 1.00 15.21Regular Dividend (15-Oct-09) 10 1.00 14.96Regular Dividend (25-Nov-09) 10 1.00 14.31Quarterly Dividend (25-Nov-09) 10 1.00 16.43

Quarterly Dividend (23-Sep-09) 5 0.50 15.76Regular Dividend (23-Sep-09) 10 1.00 15.24Regular Dividend (15-Oct-09) 10 1.00 15.00Regular Dividend (25-Nov-09) 10 1.00 14.35Quarterly Dividend (25-Nov-09) 10 1.00 16.46

Quarterly Dividend* (23-Sep-09) 5 0.5 NilRegular Dividend* (23-Sep-09) 10 1.00 Nil Regular Dividend* (15-Oct-09) 10 1.00 Nil

(04-Jun-2009) 10 1.00 18.84(04-Jun-2009) 10 1.00 18.85

DEBT / INCOME FUNDS


Bharti AXA Treasury Advantage Fund

Bharti AXA Short Term Income Fund

Institutional - Monthly

Institutional Monthly

Regular Monthly

25-September-09 Nil Nil Nil25-September-09 Nil Nil Nil26-October-09 Nil Nil Nil26-October-09 Nil Nil Nil25-November-09 Nil Nil Nil25-November-09 Nil Nil Nil

a25-September-09 Nil Nil 9.9703b25-September-09 Nil Nil 9.9703

a26-October-09 Nil Nil 10.0146b26-October-09 Nil Nil 10.0146a25-November-09 Nil Nil 10.0764b25-November-09 Nil Nil 10.0764

a25-September-09 Nil Nil 9.9530b25-September-09 Nil Nil 9.9530a26-October-09 Nil Nil 9.9952b26-October-09 Nil Nil 9.9952

a25-November-09 Nil Nil 10.0549b25-November-09 Nil Nil 10.0549

HYBRID FUND


Bharti AXA Regular Return FundRegular Monthly Dividend

Regular Quarterly Dividend

Eco Monthly Dividend

Eco Quarterly Dividend

a a a23-September-2009 0.744550.074455010.9911b b b23-September-2009 0.692970.069297010.9911a a a26-October-2009 0.744550.074455010.8233b b b26-October-2009 0.692970.069297010.8233a a a25-November-2009 0.744550.074455010.8337b b b25-November-2009 0.692970.069297010.8337a a a25-Jun-2009 0.744550.0744550 10.7359b b b25-Jun-2009 0.692970.0692970 10.7359a a a23-September-2009 2.233660.223366011.1710b b b23-September-2009 2.078920.207892011.1710a a a23-September-2009 0.744550.074455011.0070b b b23-September-2009 0.692970.069297011.0070a a a26-October-2009 0.744550.074455010.8417 b b b26-October-2009 0.692970.069297010.8417a a a25-November-2009 0.744550.074455010.8545b b b25-November-2009 0.692970.069297010.8545a a a25-Jun-2009 0.744550.0744550 10.7447b b b25-Jun-2009 0.692970.0692970 10.7447a a a23-September-2009 2.233660.223366011.1805b b b23-September-2009 2.078920.207892011.1805

NAV

October 21, 2008 February 25, 2009DATE OF ALLOTMENT


Bharti AXA Tax Advantage

Fund


Bharti AXA Tax Advantage

Fund

• Regular Plan 2.50%• Institutional Plan 1.75%• Eco Plan 2.25%

• Regular Plan 2.50%• Eco Plan 2.25%

TOTAL EXPENSE RATIO

AVERAGE MATURITY (AM)& MODIFIED DURATION (MD)(AS ON NOVEMBER 30, 2009)

The Scheme seeks to generate regular income through investments in fixed income securities and also to generate long term capital appreciation by investing a portion in equity and equity related instruments. However, there can be no assurance that the income can be generated, regular or otherwise, or the investment objectives of the Scheme will be realized.

Fixed Income investments -

Equity investments -

Sujoy Kumar DasExperience: Managing this fund since launch. Total of 13 years of experience in fund management.

Prateek AgrawalExperience : Managing this fund since launch. Total of 14 years of experience in the market on buy and sell side.

An open-ended income Scheme

CRISIL MIP Blended Index

Rs. 24.98 Cr


Eco Plan

Growth 11.2364Monthly Dividend10.7188Quarterly Dividend10.8996Annual Dividend11.2364

Growth 11.2581Monthly Dividend10.7401Quarterly Dividend10.9142Annual Dividend11.2581

March 18, 2009

Bharti AXA Regular Return

Fund

Bharti AXA Regular Return

Fund

• Regular Plan 2.25%• Eco Plan 2.00%

AM - 3.46 yearsMD - 2.42 years

Bharti AXA Liquid Fund

Bharti AXA Treasury

Advantage Fund

Bharti AXA Short Term

Income Fund

Bharti AXA Liquid Fund

Bharti AXA Treasury

Advantage Fund

Bharti AXA Short Term

Income Fund

The Scheme seeks to deliver reasonable market related returns with lower risk and higher liquidity through portfolio of debt and money market instruments. The Scheme is not providing any assured or guaranteed returns.

The Scheme seeks to deliver reasonable market related returns with lower risk and higher liquidity through portfolio of debt and money market instruments. The Scheme is not providing any assured or guaranteed returns.

The Scheme seeks to generate income and capital appreciation by investing in a diversified portfolio of debt and money market securities. However, there can be no assurance that the income can be generated, regular or otherwise, or the investment objectives of the Scheme will be realized. The Scheme is not providing any assured or guaranteed returns.

Ramesh RachuriExperience: Managing this fund since November 2009. Total of 5 years of experience in fund management.



An Open Ended Liquid Scheme

An Open Ended Income Scheme

An Open Ended Income Scheme

CRISIL Liquid Fund Index CRISIL Liquid Fund IndexCRISIL Short Term Bond Fund Index

Rs. 89.62 Cr Rs. 606.72 Cr Rs. 13.61 Cr


Institutional Plan

Super Institutional Plan

Growth 1,082.1279Daily Dividend1,000.0000Weekly Dividend1,000.0000

Growth 1,089.6754Daily Dividend1,000.0000

Growth 1,091.9981Daily Dividend 1,000.0000


Institutional Plan




Institutional Plan

Growth 10.2906Monthly Dividend10.0682Quarterly Dividend10.2906

Growth 10.3138Weekly Dividend10.0033Monthly Dividend10.0900Quarterly Dividend10.2195

July 16, 2008 July 16, 2008 December 18, 2008

• Regular Plan 0.80%• Institutional Plan 0.35%

• Regular Plan 1.30%• Institutional Plan 1.07%

• Regular Plan 0.80%• Institutional Plan 0.35%• Super Institutional Plan 0.20%

AM - 101 daysMD - 96 days

AM - 0.07 yearsMD - 0.07 years

AM - 11 daysMD - 11 days

All data as on November 30, 2009 (Unless indicated otherwise)


AWARD METHODOLOGY: “The CMO (Chief Marketing Officer) Council Innovative Marketing Strategy Award”- Bharti AXA Investment Managers Private Ltd. has been awarded The CMO Council Innovative Marketing Strategy Award in November 2009 by CMO for marketing strategy of Liquity Facility. The award is given in recognition of the achievements in the field of Marketing. The participants were vetted by the Global Jury for CMO Awards based on the merits of the submission of various companies. The winner was decided on the basis of criteria such as marketing campaign, product innovation, marketing strategy. Past Performance is no guarantee of future results. Statutory Details : Bharti AXA Mutual Fund has been set up as a Trust (under the Indian Trust Act, 1882) by AXA Investment Managers, Sponsor of the Fund. Trustee: Bharti AXA Trustee Services Private Limited, a limited liability company. Investment Manager: Bharti AXA Investment Managers Private Limited, a limited liability company. The Sponsor is not responsible for any loss resulting from the operations of the schemes beyond the contribution of an amount of Rs. 1 Lakh made by it towards setting up the Mutual Fund. Risk Factors: All mutual funds and securities investments are subject to market risks and there can be no assurance that the Scheme's objectives will be achieved and the Net Asset Value (NAV) of the Plans under the Scheme(s) may go up or down depending upon the factors and forces affecting the securities market. Past performance of the Sponsors and their affiliates / Asset Management Company (AMC)/ Mutual Fund and its Scheme(s) do not indicate the future performance of the Scheme(s) of the Mutual Fund. Investors in the Scheme(s) are not being offered any guaranteed / assured returns. The names of the Scheme(s) do not in any manner indicate either the quality of the Schemes. their future prospects or returns. Liq-uity: Liq-uity is a facility where daily gains, if any, from Bharti AXA Liquid Fund (BALF) or Bharti AXA Treasury Advantage Fund (BATrAF) get transferred to Bharti AXA Equity Fund (BAEF) on all business days. Bharti AXA Liquid Fund, an open - ended liquid Scheme, Investment Objective: The Scheme seeks to deliver reasonable market related returns with lower risk and higher liquidity through a portfolio of debt and money market instruments. The Scheme is not providing any assured or guaranteed returns. Further, there is also no assurance that the investment objective of the Scheme will be achieved. Bharti AXA Treasury Advantage Fund, an open - ended income scheme. Investment Objective: The Scheme seeks to deliver reasonable market related returns with lower risk and higher liquidity through a portfolio of debt and money market instruments. The Scheme is not providing any assured or guaranteed returns. Further, there is also no assurance that the investment objective of the Scheme will be achieved. Bharti AXA Equity Fund, an open-ended Equity Growth fund. Investment Objective: To generate income and long-term capital appreciation through a diversified portfolio of predominantly equity and equity-related securities including equity derivatives, across all market capitalizations. The Scheme is in the nature of diversified multi-cap fund. The Scheme is not providing any assured or guaranteed returns. There can be no assurance that the investment objectives of the Scheme will be realized. Copy of the Scheme Information Documents / Statement of Additional Information / Key Information Memoranda (“Documents”) can be obtained at any of our Investor Service Center or AMC Website www.bhartiaxa-im.com. Mutual Funds Investments are subject to market risks. Please read the Documents / Addenda carefully before investing.

IN NEWS

This report is as of November 30, 2009. Statements relating to outlook and forecast are the opinions of the Author. The views expressed by the author are personal and are not necessarily that of Bharti AXA Investment Managers Private Limited (AMC). Securities / Mutual fund investments are subject to market risks. There is no assurance or guarantee that the fund’s / scheme’s objectives will be achieved. NAV of the schemes may go up or down depending upon the factors and forces affecting the securities market. Past Performance of the Sponsor/ Mutual Fund/ AMC does not guarantee the future performance of the schemes of the Mutual Fund. The names of the schemes do not in any manner indicate either the quality of the schemes, their future prospects or their returns. For Scheme specific risk factors and other details refer to the Scheme Information Documents of the respective schemes. Please read the Scheme Information Documents and the Statement of Additional Information carefully before investing. This report is for information purpose only and is not intended to be any investment advise. Please make independent research / obtain professional help before taking any decision of investment / sale. Bharti AXA Investment Managers Private Limited (AMC) makes no representation as to the quality, liquidity or market perception on any securities/ issuer / borrower, if described in the report above, nor does it provide any guarantee whatsoever. Information and material used in this report are believed to be from reliable sources. However, AMC does not warrant the accuracy, reasonableness and/or completeness of any information. AMC does not undertake to update any information or material in this report. Decisions taken by you based on the information provided in this report are to your own account and risk. AMC and any of its officers, directors and employees shall not be liable for any loss or damage of any nature, as also any loss of profit in any way arising from the use of this material in any manner. AMC or its directors, officers and employees, including author of this report / persons involved in the preparation or issuance of this report may, from time to time, have long or short positions in, and buy or sell the securities, if any, mentioned herein or have other potential conflict of interest with respect to any recommendation and related information and opinions given in the report /report. This report, or any part of it, should not be duplicated, or contents altered / modified, in whole or in part in any form and or re-distributed without AMC’s prior written consent. © Bharti AXA Investment Managers Private Limited 2009.

This rating indicates that the proposed portfolio holdings of Bharti AXA Liquid Fund and Bharti AXA Treasury Advantage Fund will provide “very strong” protection against losses due to credit defaults. CRISIL's rating is not an opinion on Bharti AXA Investment Managers Private Limited (“AMC”) willingness or ability to make timely payments to investors. The rating is also not an opinion on the stability of the Schemes Net Asset Value (NAV), as the NAV could vary with developments in the market.

Copyright / other Intellectual Property Rights in “Money Muni” character belongs to Bharti AXA Investment Managers Private Limited.

Bharti AXA Mutual Fund has been set up as a Trust (under the Indian Trust Act, 1882) by AXA Investment Managers, Sponsor of the Fund. Trustee: Bharti AXA Trustee Services Private Limited, a limited liability company. Investment Manager: Bharti AXA Investment Managers Private Limited, a limited liability company. The Sponsor is not responsible for any loss resulting from the operations of the schemes beyond the contribution of an amount of Rs. 1 lakh made by it towards setting up the Mutual Fund.

All mutual funds and securities investments are subject to market risks and there can be no assurance that the Scheme's objectives will be achieved and the NAV of the Plans under the Scheme may go up or down depending upon the factors and forces affecting the securities market. Past performance of the Sponsors and their affiliates / AMC / Mutual Fund and its Scheme(s) do not indicate the future performance of the Scheme of the Mutual Fund. Investors in the Scheme are not being offered any guaranteed / assured returns. The NAV of the units of the Plan issued under the Scheme may be affected, interalia by changes in the interest rates, trading volumes, settlement periods, transfer procedures, and performance of individual securities. The names of the Scheme(s) do not in any manner indicate either the quality of the Schemes, their future prospects or returns. For Scheme specific risk factors and other details refer to the offer documents of the respective schemes. Copies of the Scheme Information Documents / Statement of Additional Information / Key Information Memoranda can be obtained at any of our Investor Service Centres or AMC Website www.bhartiaxa-im.com. Mutual Fund Investments are subject to market risks. Investors are requested to read the Scheme Information Document, Statement of Additional Information Document & Addenda carefully before investing.

Disclaimer from CRISIL

$Money Muni

Statutory Details

Risk Factors

Disclaimer/Statutory Details

Ahmedabad: 401-402, 4th Floor, 3rd EYE, Panchvati Cross Road, C.G. Road, Ahmedabad - 380006. Bangalore: N 307, 3rd Floor, Manipal Centre, 47 Dickenson Road, 78th Municipal Division, Bangalore 560042. Baroda: 39 to 45, 2nd Floor, Trident, Near Race course circle Baroda - 390 007. Bhubaneshwar: Gr Floor, Chandan Villa, Plot No. 1258, Road No. 8, Unit IX, Bhubaneswar - 751 022. Chandigarh: SCO-350-351-352, Ist Floor, Sec-34 A, Chandigarh-160 017. Chennai: 2nd Floor, Metro Plaza, 162, Anna Salai, Opp Spencer Plaza, Chennai - 600 002. Cochin: 1st Floor, Gauri Narayan, Near Shenoy Theatre & Jayalskhmi Silks, M.G. Road, Cochin - 682 015. Guwahati: 7th Floor, Dee Tee Towers, Down Town Hospital Complex, G.S Road, Dispur- 781006. Hyderabad: 3rd, Floor, 6-3-666/B/6,Gokul Towers, Punjagutta, Hyderabad - 500082. Indore: 207, B-Block, 2nd Floor, Corporate House, RNT Marg, Indore - 452 001. Jaipur: 2nd Floor, Sun Tower, SB-15A Gandhi Nagar Turn, Bapu Nagar, Tonk Road, Jaipur - 302015. Kanpur: 1st Floor, Padam Tower, Civil Lines, (Stock Exchange Building) Kanpur- 208 001. Kolkata: No. 3rd Floor, Unit No. 3W, The Millenium, 235/2A, A J C Bose Road, Kolkata - 700 020. Lucknow: Ground Floor, Plot No TC-57/ V, Shalimar Tower, Vibhuti Khand, Gomti Nagar, Lucknow - 226010. Ludhiana: G-454 IC Towers, BRS Nagar, Opp Verka Milk Plant, Ferozpur Road, Ludhiana - 141 004. Mumbai: Office No 2 to 13, 1st Floor, Botawala Chambers, P M Road, Fort, Mumbai - 400 001. Mumbai: 51, 5th floor, Kalpataru Synergy, Opp Grand Hyatt, Vakola, Santacruz (E), Mumbai - 400 055. New Delhi: 7th Floor, Prakashdeep Building, 7, Tolstoy Marg, New Delhi - 110001. Noida: 3rd Floor, K-24,Sector 18, Noida - 201301. Panjim: Gr Floor, Magnum Plaza, Zarina Towers - II,ST Inez, Panjim Goa - 403 001. Patna: 4th Floor, Ashiana Chamber, Exhibition Road, Patna - 800001. Pune: 62 & 63, 3rd floor, Shreenath Plaza, Dyaneshwar Paduka Chowk, Off FC road, Shivaji Nagar, Pune 411005. Surat: 5th Floor, International Trade Tower, Ring Road, Majura Gate Junction, Surat, Gujarat - 395002.

Ahmedabad: 201, Shail Buildings, Opp. Madhusudhan House, Off C G Road, Near Navrangpura Telephone Exchange, Ahmedabad - 380006. Asansol: 18, G T Road, 1st Floor, Asansol - 13301. Bangalore: No.51/25, 1st Floor Surya Building Ratna Avenue, Richmond Road, Bangalore - 560025. Baroda: Piccadilly, Office No.5, 1st Floor, Opp. Adani Super Market, Jetalpur Road, Vadodara - 390007. Bhopal: Kay Kay Business Centre, 133 Zone I M P Nagar Bhopal - 462021. Bhubaneswar: 624, Sahid Nagar, 1st Floor, Bhubaneswar - 751007. Chandigarh: Sco-371-372, 1st Floor, Above HDFC Bank, Sector 35B Chandigarh - 160022. Chennai: Flat No. F11, 1st Floor, Akshya Plaza, Opp Chief City Metropolitan Court No.108, Adhithanar Salai, Egmore, Chennai - 600002. Cochin: Shop No.II, 2nd Floor, Jewel Arcade, (Above Oriental Insurance Ltd) Layam Road, Cochin - 682011. Coimbatore: 29/1, 1st Floor, Chinthamani Nagar Opp. IOB, NSR Road, Saibaba Colony, Coimbatore - 641011. Dehradun: Kaulagarh Road, Near Sirmaur Marg, Above Reliance Webworld, Dehradun - 248001. Gorakhpur: Above V.I.P. House Adjacent A.D. Girls Inter College, Bank Road, Gorakpur - 273001. Guwahati: 54 Sagarika Bhawan, RG Baruah Road (AIDC Bus Stop), Guwahati - 781024. Gwalior: Shindi Ki Chawani, Nadi Gate Pul, MIB Road, Gwalior - 474001. Hubli: Giriraja House No.451/B, Ward No.1 Club Road Hubli - 580029. Hyderabad: 8-2-596 Karvy Plaza, Avenue 4, Street No.1, Banjara Hills, Hyderabad - 500034. Indore: Lg-3, Bombay Trade Centre, Lower Ground Floor, Grand Hotel, Opp. Bombay Hospital, Scheme No.54 Indore - 452010. Jabalpur: 43, Naya Bazar Opp Shyam Talkies, Jabalpur. Jaipur: S-16 A, 3rd Floor Land Mark, Opp. Jaipur Club, Mahavir Marg, C- Scheme Jaipur - 302001. Jodhpur: 203, Modi Arcade, Chupasni Road Jodhpur - 342001. Kanpur: 15/46, Opp. Muir Mills, Civil Lines, Kanpur - 208001. Kolhapur: Omkar Plaza, 1st Floor, Unit-F2 & F4, Rajaram Road, Next To ICICI Bank, Kolhapur - 416008. Kolkata: 16, Jatin Bagchi Road, Kolkata - 700 029. Lucknow: Usha Sadan, 24 Prem Nagar, Ashok Marg, Lucknow - 226001. Ludhiana: Sco-3, Bawa Building, Feroze Gandhi Market, Ludhiana - 141001. Mumbai: Das Chambers, Ground Floor, Opp BSE & next to Corporation Bank, Dalal Street, Fort, Mumbai - 400023. Nagpur: 1st Floor, Sadoday Arcade, WHC Road, Above Top N Town, Dharampeth, Nagpur - 440001. Nasik: S-12, 2nd Floor, Suyojit Sankul, Sharanpur Road, Nasik - 422002. New Delhi: 2E / 23, Jhandewalan Extn. New Delhi - 110055. Noida: 307, Jaipuria Plaza, D-68A, 2nd Floor Opp. Delhi Public School, Sector-26, Noida - 201301. Panjim: No.7&8, El Dorado Plaza, Heliodoro Salgado Road, Panjim, Goa - 403001. Patna: 3A, 3rd Floor, Anand Tower, Beside Chankya Cinema, Exhibition Road, Patna - 800001. Pune: Srinath Plaza, C-Wing, Office No.58&59, 3rd Floor, Dyaneshwar Paduka Chowk, Survey No.184/4, F C Road, Pune - 411004. Raipur: Room No.12&13, Ground Floor, Millennium Plaza, Behind Indian Coffee House G E Road, Raipur - 492001. Rajkot: 104, Siddhi Vinayak Complex, Dr. Yagnik Road, Opp. Ramkrishna Ashram Rajkot - 360001. Shillong: Mani Bhawan, Thana Road, Lower Police Bazar, Shillong - 739001. Surat: G-16 Empire State Building, Near Udhna Darwaja, Ring Road Surat - 395009. Varanasi: D-64/132, KA 1st Floor, Anant Complex, Sigra, Varanasi - 221 010. Visakhapatnam: 47-14-5/1, Eswar Paradise, Dwaraka Nagar Main Road, Visakhapatnam - 530016.

Karvy Computershare Private Limited Branches - Investor Service Centers (ISC's)

Bharti AXA Investment Managers’ Branches - Investor Service Centers (ISC)
