kotak mf booklet1...kotak india eq contra fund 31 may, 2019st about kotak mutual fund kotak mahindra...

FUNDS IN FOCUS

June 2019

TH

EPAG

EH

AS

BEEN

LEFT

INTEN

TIO

NALL

YBLA

NK

EQUITY FUNDS: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

HYBRID FUNDS: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

THEMATIC FUNDS: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

DEBT FUNDS: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

Kotak India EQ Contra Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Kotak Tax Saver Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Kotak Standard Multicap Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Kotak Equity Opportunities Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Kotak Emerging Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Kotak Equity Hybrid Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

Kotak Equity Savings Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

Kotak Infrastructure & Economic Reform Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Kotak Low Duration Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

Kotak Credit Risk Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

Kotak Medium Term Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

Kotak Bond Short Term Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

June

2019

Classic Equity

Select Focus

Opp

Balance

Income Opp

EQUITY FUNDS

About Kotak India EQ Contra Fund

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The investment objective of the scheme is to generate capital appreciation from a diversified portfolio of equity

and equity related instruments.

However, there is no assurance that the objective of the scheme will be realized.

Portfolio Action

• The fund has increased weightage on the BFSI sector. Within the BFSI sector, the key positioning has been withrespect to private sector banks and specifically private corporate banks which would be key beneficiaries oflower credit costs and those with a strong capital position and better retail liability franchise.

The fund has also seen some increase in weightage in cement and industrials. With a stable government nowin place at the centre and a possibility of renewed focus on infrastructure growth, we believe that the outlookis gradually improving for these sectors.

The Tech call in CY 2017 benefitted the fund over the past 2 yrs. However, for technology companies at themargin there are some signs of margin pressure given that the cost of doing business has been rising, highattrition leading to higher wage costs and higher visa costs.

There are signs of a slowdown in the consumers sectors with fall in rural demand growth. The weaker demandscenario is far more visible in the auto segment.

•

•

•

Kotak India EQ Contra Fund

Scheme Facts

Structure

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Beta^

Sharpe^

Month end AUM* (as on )

Monthly Average AUM*

NAV (as on )

31st May 2019

31st May 2019

An open ended equity Scheme followingcontrarian investment strategy

852.71 crs

816.89 crs

27th July 2005

Nifty 100 TRI

5000

1000 & in multiples of 1

11.72%

0.92

0.80

*Source: MFI Explorer.

^ as on 31st May, 2019. Source: ICRA

`

`

`

`

`

Growth 53.7740

Direct Growth 58.3490

Dividend 21.9200

Direct Dividend 24.5050

MFIExplorer.

`

`

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`

Portfolio Turnover

41.71%

Market Cap %$

Load Structure

Large cap 81.81

Midcap 11.10

Small cap 0.71

Cash 6.38

$The given market cap data is on the basis of newSEBI circular on scheme rationalisation whereinStocks are categorised as per given AMFI list.

Source: MFI Explorer. Market definition used ismarket capitalisation of the 100th largest scrip (onthe bases of market capitalisation) is the cutoff todetermine the large cap and midcap segment.

NilEntry Load:

Exit Load:

I) For redemptions / switch outs (including SIP/STP)within 1 year from the date of allotment of units,irrespective of the amount of investment:1%

ii) For redemptions / switch outs (including SIP/STP)after 1 year from the date of allotment of units,irrespective of the amount of investment: NIL

Any exit load charged (net off Goods and ServicesTax, if any) shall be credited back to the respectiveScheme. Units issued on reinvestment of dividendsshall not be subject to entry and exit load.

2

31 May, 2019ST

Top 10 Sectors as on 31st May, 2019

Sector % Weight Underweight / Previous Changeoverweight

against (Portfolio % from previousbenchmark Weight) month

Month in portfolioPortfolio Benchmark

(Nifty 100)

Financial Services

Energy

Consumer Goods

Information Technology

Cash & Cash Equivalent

Others

Construction

Automobile

Cement & Cement Products

Services

37.35 37.42 -0.06 28.30 9.05

13.79 13.73 0.06 9.34 4.45

10.22 12.22 -2.01 15.72 -5.51

9.06 12.14 -3.08 16.84 -7.78

6.38 0.00 6.38 7.88 -1.50

6.11 0.00 6.11 6.30 -0.19

4.71 3.70 1.01 2.31 2.41

3.30 6.23 -2.93 5.11 -1.81

2.71 2.58 0.13 1.73 0.98

1.46 1.15 0.31 0.46 1.01

Equity Market Brief

(Formerly Known As Kotak Classic Equity)

�

�

�

Indian equities have staged a decent rally from the lows in second half of 2018. While midcap and smallcaps are still

down, Nifty is close to its all-time highs. While markets may have risen due to FII flows lead by improving prospects of

political stability, one needs to take cognizance that earnings growth now needs to deliver, especially in the context of

elevated valuations. Also, incremental high frequency indicators of automotive, fmcg sales, NBFC liquidity issues,

monsoon etc along with earnings delivery will take the center-stage once the dust settles down after elections.

As we approach general elections, it is important to understand that all events create a level of uncertainty. While near

term uncertainty induces volatility in asset prices, in the long run, wealth creation in equities is a function as how

businesses can profitably grow over their cost of capital sustainably. Given the long-range of reforms introduced, we

believe longer-term prospects of Indian equities is quite encouraging and we would advise investors to benefit from

such induced volatility.

Time in the market more important than timing the market - recently, markets volatility has moved up and investors can

benefit from this volatility by focusing on disciplined investing and asset allocation.

Kotak India EQ Contra Fund31 May, 2019ST

About Kotak Mutual Fund

Kotak Mahindra Asset Management

Company Limited (KMAMC) is a wholly

owned subsidiary of Kotak Mahindra Bank

Limited (KMBL). KMBL has over two decades

of experience in financial services. KMBL has a

market capitalization of 2904.314 bn(as on,

31st May, 2019). KMAMC is the Asset

Manager for Kotak Mahindra Mutual Fund

(KMMF). It started operations in December

1998. KMMF offers schemes catering to

investors with varying risk - return profiles and

was the first fund house in the country to

launch a dedicated gilt scheme. KMAMC

manages assets worth 162843.58 cr as on

31st May, 2019.

`

* The numbers are converted using the Rupee-

USD reference rate published by the Reserve

Bank of India as on the respective dates.

To know more

Call : 1800-222-626 (Toll Free), Mumbai61152100, Delhi 66306900 / 02, Chennai28221333 / 45038171, Kolkata 64509802 /03, Pune 64013395 / 96, Ahmedabad26779888, Bangalore 66128050 / 51,Hyderabad 66178140 / 41.

Visit - assetmanagement.kotak.com

Email - [email protected]

Disclaimer

Kotak Classic Equity

Investment Objective:

Mutual Fund investments are subject to marketrisks, read all scheme related documentscarefully. Scheme Information Document (SID)and Statement of Additional Information (SAI)available on mutualfund.kotak.com

.To generate capital

appreciation from a diversified portfolio of equityand equity related securities.

An open ended equityScheme following contrarian investment strategy

Kotak India EQ Contra Fund* Performance (%) as on 31st May, 2019

Different plans have different expense structure. The performance details provided herein are of regular plan.

^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of thescheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data notavailable. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFIExplorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.

`

*TRI – Total Return Index

With effect from 1st February 2018, we are comparing the performances of the funds with the total return variant of the benchmarkinstead of the price return variant.

^^Kotak Classic Equity is renamed as Kotak India EQ Contra Fund with effect from 1st June 2018.

These materials are not intended for distribution to or use by any person in any jurisdiction where such distribution would be contraryto local law or regulation. The distribution of this document in certain jurisdictions may be restricted or totally prohibited andaccordingly, persons who come into possession of this document are required to inform themselves about, and to observe, any suchrestrictions.

Date SchemeReturns of 10000 in the

Scheme ( ) Benchmark# ( ) Benchmark ## ( )

Nifty 100 Nifty 50 Current Value of Standard Investment

(%) ^ # (%)* ## (%)* Additional

`

` `

Kotak India EQ Contra Fund^^

Since Inception 12.91 14.17 13.94 53,774 62,671 60,987

Last 1 Year 7.28 10.03 12.43 10,728 11,003 11,243

Last 3 Years 15.80 14.91 14.99 15,530 15,171 15,203

Last 5 Years 12.82 12.32 11.92 18,292 17,888 17,571

Scheme Inception date is 27/07/2005. Ms. Shibani Kurian has been managing the fund since 09/05/2019.

TRI TRI

`

3

This product is suitable for investors who are seeking*:

• Long term capital growth

• Investment in portfolio of predominantly equity &equity related securities

* Investors should consult their financial advisors if in doubtabout whether the product is suitable for them.

Investors understand that their principal willbe at moderately high risk

Riskometer

M

oderately Moderate

Low

Hig

h

Low

High

LOW HIGH

ModeratelyMar-23-18 23.714 4.78

Jul-28-17 23.433 0.70

Jul-15-16 19.692 0.50

Jul-25-14 18.227 1.00

Jan-23-14 19.202 4.30

Jul-31-12 15.413 1.00

Nov-20-15 18.540 0.50

Dividend History

Date CUM DividendNAV

Dividend( per unit)`

Top 10 Companies as on , 201931st May

(Formerly Known As Kotak Classic Equity)

Reliance Industries Ltd.

ICICI Bank Ltd.

HDFC Bank Ltd.

Larsen And Toubro Ltd.

HDFC Ltd.

Infosys Ltd.

Axis Bank Ltd

State Bank Of India

Bajaj Finance Limited

Tata Consultancy Services Ltd.

Petroleum Products

Banks

Banks

Construction Project

Finance

Software

Banks

Banks

Finance

Software

7.54%

6.86%

4.73%

4.71%

4.23%

4.00%

3.96%

3.47%

3.24%

3.24%

About Kotak Tax Saver

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The investment objective of Kotak Tax Saver is to generate long term capital appreciation from a diversified

portfolio of equity and equity related securities and enable investors to avail the income tax rebate, as

permitted from time to time.

The scheme thus offers a dual benefit of growth and tax savings.

The scheme although open ended, has a three year lock-in.

The portfolio is generally diversified across sectors and market capitalization segments.

Portfolio Action

• The key overweight sectors in the portfolio are – Cement and Industrials.

The underweight sectors are – Financials, FMCG and Auto.

Underweight in Financials is due to lack of positions in NBFC and PSU Banking space.

We maintain underweight stance on consumer driven sectors such as Auto and FMCG as they are facing

weaker demand outlook.

Telecom sector continues to see headwinds, wherein the portfolio has no exposure.

Large cap allocation in the portfolio is about 61%.

•

•

•

•

•

Kotak Tax Saver31 May, 2019ST

Scheme Facts

Structure

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Beta^

Sharpe^


NAV (as on 2019)

31st May 2019

31st May

An open ended equity linked saving schemewith a statutory lock in of 3 years and taxbenefit

Growth 45.7550


Dividend 19.5650


23 November 2005

Nifty 500 TRI

500


12.98%

0.95

0.67

130.24%


^ as on 31st May. Source: ICRA

`

` `

934.61 crs

`

`

895.06 crs

rd


Portfolio Turnover

`

`

`

`

MFI Explorer.

Market Cap %$

Load Structure

Large cap 60.92

Midcap 25.45

Small cap 12.46

Cash 1.17$The given mar ket cap data is on the basis of newSEBI circular on scheme rationalisation whereinStocks are categorised as per given AMFI list.

KPAX (internal system). Market definitionused is market capitalisation of the 100th largestscrip (on the bases of market capitalisation) is thecutoff to determine the large cap and midcapsegment.

Source:

NilEntry Load:

Exit Load: Exit Load is not applicable for Kotak TaxSaver Scheme. (applicable for all plans)

Units issued on reinvestment of dividends shall notbe subject to exit load (applicable for all plans) 4





(Nifty 500)

Financial Services

Energy


Construction


Consumer Goods

Industrial Manufacturing

Textiles

Chemicals

Metals

28.19 35.16 -6.97 27.93 0.25

13.06 12.35 0.72 13.21 -0.15

8.74 11.00 -2.25 9.41 -0.67

8.41 4.02 4.39 7.47 0.93

8.24 2.47 5.77 7.87 0.37

8.10 12.87 -4.77 9.35 -1.25

7.78 2.31 5.47 8.37 -0.59

4.15 0.50 3.65 3.00 1.15

3.02 0.99 2.03 2.78 0.24

2.74 3.01 -0.27 2.93 -0.19

Equity Market Brief

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�

�













Kotak Tax Saver
















31st May, 2019.

`




To know more




Disclaimer

Kotak Tax Saver

InvestmentObjective:

.To generate long-term capital

appreciation from a diversified portfolio ofequity and equity related securities and enableinvestors to avail the income tax rebate, aspermitted from time to time. The amountinvested in the scheme shall be subject to alock-in of 3 years irrespective of whether theinvestments would be eligible for tax benefitor not. The above does not constitute andadvice or a representation. Investors arerequested to seek professional advice in thisregard. Kotak Mahindra Bank Limited is notliable or responsible for any loss or short fallresulting from the operations of the scheme.

Mutual Fund investments are subject tomarket risks, read all scheme relateddocuments carefully. Scheme InformationDocument (SID) and Statement ofAdditional Information (SAI) available onmutualfund.kotak.com

An open ended equitylinked saving scheme with a statutory lock inof 3 years and tax benefit

5

Kotak Tax Saver* Performance (%) as on 31st May, 2019


^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of thescheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data notavailable. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFIExplorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Please refer page no. 3 for other schemes managed byMr.

`

Harsha Upadhyay.





Date SchemeReturns TRI of 10000 in the


Nifty 500 Nifty 50 Current Value of Standard InvestmentTRI

(%) ^ # (%)* ## (%)* Additional

`

` `

Since Inception 11.90 12.83 13.26 45,755 51,159 53,910

Last 1 Year 11.68 6.46 12.43 11,168 10,646 11,243

Last 3 Years 14.85 14.35 14.99 15,149 14,954 15,203

Last 5 Years 15.42 12.35 11.92 20,499 17,910 17,571

Scheme Inception date is 23/11/2005. Mr. Harsha Upadhyaya has been managing the fund since 25/08/2015.

Kotak Tax Saver

`


• long term capital growth with a 3 year lock in

• Investment in portfolio of predominantly equity &equity related securities.



Riskometer

M

oderately Moderate

Low

Hig

h

Low

High

LOW HIGH

Moderately

Mar-28-19 19.033 0.33Dec-24-18 18.125 0.33Jun-28-18 18.444 0.34

Mar-22-16 16.266 0.65

Mar-23-18 18.583 0.38Dec-29-17 20.848 0.40Jun-29-17 22.144 0.40Mar-29-17 19.432 0.75Jan-27-17 18.889 0.72

Jan-21-16 16.113 0.70

Dividend History



31 May, 2019ST


Reliance Industries Ltd. Petroleum Products 6.60%

Axis Bank Ltd Banks 6.31%

HDFC Bank Ltd. Banks 6.23%

ICICI Bank Ltd. Banks 6.23%

Larsen And Toubro Ltd. Construction Project 4.08%

Tata Consultancy Services Ltd. Software 4.00%

GlaxoSmithkline Consumer Healthcare Ltd Consumer Non Durables 3.56%

Infosys Ltd. Software 3.55%

SRF Ltd. Textile Products 3.20%

AU Small Finance Bank Ltd. Banks 2.94%

About Kotak Standard Multicap Fund

�

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The investment objective of Kotak Standard Multicap Fund scheme is to generate long term capital

appreciation from a portfolio of equity and equity related securities, generally focused on select few sectors.

The scheme endeavors to identify sectors that are likely to do well over the medium term and takes focus

exposures to the same.

There is no restriction on which type of sectors the scheme can take exposure to and the portfolio will be

generally diversified at the stock level across market capitalization.

The scheme is well positioned to capture various themes that are in flavour in a focused manner.

Portfolio Action

• Currently, the portfolio has a good mix of cyclical and defensive bets. Domestic businesses with operating leverage

continue dominate the portfolio as compared to export/ global businesses due to better earnings trajectory.

The top overweight sectors in the fund are Cement, Construction and Industrials. We believe the growth momentum

is gradually building for these sectors that are closely linked to economic activity.

The key underweight sectors are FMCG, IT and Automobiles. Consumer driven sectors such as Auto and FMCG are

facing weaker demand outlook.

Allocation to large cap segment is about 3/4th of the total corpus.

•

•

• Utilities and Telecom sectors are the major exclusions from the fund.

•

Kotak Standard Multicap Fund

Scheme Facts

Structure


NAV (as on 2019)

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Beta^

Sharpe^

31st May 2019

31st May

Multi Cap Fund - An open ended equityscheme investing across large cap, mid cap,small cap stocks

crs

24,373.80 crs

11 September 2009

Nifty 200 TRI

5000 & in multiple of 1 for purchase andfor 0.01 for switches


12.72%

0.96

0.79

56.34%



`

`

`

` `

`

th

`

25,531.08

Growth 36.8150


Dividend 24.5900


MFIExplorer.

`

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Portfolio Turn over

Market Cap %

Load Structure

$

Large cap 75.64

Midcap 19.18

Small cap 2.01

Cash 3.17$The given market cap data is on the basis of newSEBI circular on scheme rationalisation whereinStocks are categorised as per given AMFI list.

Source: KPAX (internal system). Market definitionused is market capitalisation of the 100th largestscrip (on the bases of market capitalisation) is thecutoff to determine the large cap and midcapsegment.

NilEntry Load:

Exit Load:



iii) Any exit load charged (net off Goods and ServicesTax, if any) shall be credited back to the respectiveScheme. (applicable for all plans)

iv) Units issued on reinvestment of dividends shall notbe subject to exit load (applicable for all plans)

6

Top Sectors as on 31st May, 2019




(Nifty 200)

Financial Services

Energy



Consumer Goods

Construction

Automobile

Cash & Cash Equivalent

38.10 36.93 1.17 37.13 0.97

14.04 13.20 0.84 14.35 -0.31

7.50 11.60 -4.10 8.06 -0.57

7.06 2.47 4.58 6.02 1.04

6.59 12.60 -6.01 7.15 -0.56

6.26 3.65 2.61 5.42 0.85

3.91 6.31 -2.39 3.96 -0.05

3.17 0.00 3.17 5.32 -2.15

31 May, 2019ST

Equity Market Brief

(Formerly Known As Kotak Select Focus)

�

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31st May, 2019.

`




To know more

Ccall : 1800-222-626 (Toll Free), Mumbai61152100, Delhi 66306900 / 02, Chennai28221333 / 45038171, Kolkata 64509802 /03, Pune 64013395 / 96, Ahmedabad26779888, Bangalore 66128050 / 51,Hyderabad 66178140 / 41.



Disclaimer

Kotak Standard Multicap Fund

Investment Objective:. Theinvestment objective of the scheme is togenerate long-term capital appreciation froma portfolio of equity and equity relatedsecurities, generally focused on a few selectedsectors.


Multi CapFund - An open ended equity schemeinvesting across large cap, mid cap, small capstocks

7

Kotak Standard Multicap Fund* Performance (%) as on 31st May, 2019


^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of thescheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data notavailable. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFIExplorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Please refer page no. 3 for other schemes managed byMr. Harsha Upadhyaya.

`



^^Kotak Select Focus Fund is renamed as Kotak Standard Multicap Fund with effect from 25th May 2018.


Scheme ( ) Benchmark#( ) Benchmark ## ( )


(%) ^ #(%)* ## (%)* Additional

`

` `

Since Inception 14.34 11.15 11.05 36,815 27,949 27,707

Last 1 Year 11.38 8.27 12.43 11,138 10,827 11,243

Last 3 Years 16.39 14.58 14.99 15,765 15,042 15,203

Last 5 Years 16.81 12.30 11.92 21,769 17,873 17,571


Kotak Standard Multicap Fund^^

TRI

`



• Investment in portfolio of predominantly equity &equity related securities generally focussed on a fewselected sectors.



Riskometer

M

oderately Moderate

Low

Hig

h

Low

High

LOW HIGH

Moderately

Sep-27-17 23.592 1.50

Sep-30-16 21.349 1.25

Sep-26-14 17.791 1.00

Oct-15-10 12.850 1.25

Oct-12-15 19.739 1.00

Dividend History




31 May, 2019ST

Kotak Standard Multicap Fund(Formerly Known As Kotak Select Focus)

These materials are not intended for distribution to or use by any person in any jurisdiction where such distribution would becontrary to local law or regulation. The distribution of this document in certain jurisdictions may be restricted or totally prohibitedand accordingly, persons who come into possession of this document are required to inform themselves about, and to observe, anysuch restrictions

HDFC Bank Ltd. 6.95%

Reliance Industries Ltd. 6.77%

ICICI Bank Ltd. 6.40%

Axis Bank Ltd 5.65%

Larsen And Toubro Ltd. 5.19%

Infosys Ltd. 3.97%

Tata Consultancy Services Ltd. 3.53%

State Bank Of India 2.97%

Ultratech Cement Ltd. 2.74%

RBL Bank Ltd

Banks

Petroleum Products

Banks

Banks


Software

Software

Banks

Cement

Banks 2.70%

About Kotak Equity Opportunities

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Kotak Equity Opportunities looks for opportunities across sectors based on performance and potential of

companies within the sectors.

The fund manager has the flexibility to invest in a mix of large and mid cap stocks from various sectors.

The allocation between large caps & midcaps would broadly depend on the choice of sectors, business

environment & valuations.

Portfolio Action

• The portfolio has seem significant changes in the past few months. In line with revised investment mandate, the

proportion of midcaps in the portfolio has increased. Pro-cyclical bets that have operating leverage continue to

dominate the portfolio.

The top overweight sectors are – Industrials and Cement.

Telecom sector continues to see headwinds, wherein the portfolio has no exposure.

Key underweight sectors are Auto and Financials. Auto industry is witnessing weaker demand outlook. Financials is an

underweight exposure now, with private sector banks dominating the portfolio.

Large, mid and small cap exposures are around 50%, 41% and 7% respectively.

•

•

•

•

Kotak Equity Opportunities31 May, 2019ST

Scheme Facts

Structure

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Beta^

Sharpe^


NAV (as on 2019)

31st May 2019

31st May

Large & Mid Cap Fund- An open ended equityscheme investing in both large cap and midcap stocks

2,592.73 crs

2,491.05 crs

9 September 2004

Nifty 200 TRI

5000


12.76%

0.96

0.66

149.50%



`

`

`

Growth 123.2290

Direct Direct Growth 131.8490

Dividend 24.7490

Direct Direct Dividend 26.7860

MFIExplorer.

`

`

`

`

`

`

th


Portfolio Turn over

Market Cap %$

Load Structure

Large cap 50.34

Midcap 41.31

Small cap 7.35

Cash 1.00

$The given market cap data is on the basis of newSEBI circular on scheme rationalisation whereinStocks are categorised as per given AMFI list.

Source: KPAX (internal system). Market definitionused is market capitalisation of the 100th largestscrip (on the bases of market capitalisation) is thecutoff to determine the large cap and midcapsegment.

NilEntry Load:Exit Load:

I) For redemptions / switch outs (including SIP/STP) within1 year from the date of allotment of units, irrespective ofthe amount of investment:1%

ii) For redemptions / switch outs (including SIP/STP) after1 year from the date of allotment of units, irrespective ofthe amount of investment: NIL

iii) Any exit load charged (net off Goods and Services Tax,if any) shall be credited back to the respective Scheme.(applicable for all plans)

iv) Units issued on reinvestment of dividends shall not besubject to exit load (applicable for all plans)

8





(Nifty 200)

Financial Services

Energy




Consumer Goods

Construction

Textiles

Fertilisers & Pesticides

Pharma

29.71 36.93 -7.22 27.97 1.74

14.94 13.20 1.74 15.40 -0.46

11.76 1.08 10.68 11.55 0.21

10.01 11.60 -1.58 10.47 -0.46

8.37 2.47 5.90 7.93 0.44

6.58 12.60 -6.02 7.84 -1.27

4.64 3.65 0.98 4.14 0.50

3.79 0.31 3.48 2.95 0.85

2.48 0.79 1.69 2.53 -0.04

2.07 4.02 -1.95 2.66 -0.59

Equity Market Brief

(Formerly Known As Kotak Opportunities)

�

�

�













Kotak Equity Opportunities
















31st May, 2019.

`




To know more




Disclaimer

Kotak Equity Opportunities

Investment Objective:.

To generate capitalappreciation from a diversified portfolio ofequity & equity related instruments


Large & MidCap Fund- An open ended equity schemeinvesting in both large cap and mid cap stocks

9

May-27-19 25.2090 0.42

Feb-26-19 23.4300 0.63

Nov-27-18 23.7140 0.55

May-30-18 26.1190 0.70

Feb-27-18 27.3670 0.83

Nov-28-17 28.7004 0.85

Aug-29-17 27.9190 0.85

May-29-17 27.7480 0.85

Feb-28-17 26.2790 0.50

Nov-22-16 24.2460 0.80

Aug-25-14 21.4110 1.00

Nov-11-11 13.6820 0.50

May-28-10 14.6250 1.00

Sept-8-09 14.7330 1.50

Mar-14-08 16.9750 2.00

Aug-28-15 24.3880 1.60

Dividend History



Kotak Equity Opportunities* Performance (%) as on 31st May, 2019


^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of thescheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data notavailable. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFIExplorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Please refer page no. 3 for other schemes managed byMr. Harsha Upadhyaya.

`



^^Kotak Opportunities is renamed as Kotak Equity Opportunities Fund with effect from 1st June 2018.

With Effect from 1st June 2018, the Benchmark Name is changed to Nifty 200 TRI from Nifty 500 TRI. The above performance isbenchmarked to Nifty 500 TRI.

These materials are not intended for distribution to or use by any person in any jurisdiction where such distribution would be contraryto local law or regulation. The distribution of this document in certain jurisdictions may be restricted or totally prohibited andaccordingly, persons who come into possession of this document are required to inform themselves about, and to observe, any suchrestrictions

$




(%) ^ # (%)* ## (%)* Additional

`

` `

Since Inception 18.59 15.55 15.81 1,23,229 84,124 86,940

Last 1 Year 8.06 8.27 12.43 10,806 10,827 11,243

Last 3 Years 14.45 14.58 14.99 14,992 15,042 15,203

Last 5 Years 14.96 12.30 11.92 20,095 17,873 17,571


Kotak Equity Opportunities^^

TRI$

`



• Investment in portfolio of predominantly equity &equity related securities



Riskometer

M

oderately Moderate

Low

Hig

h

Low

High

LOW HIGH

Moderately

31 May, 2019ST


(Formerly Known As Kotak Opportunities)

HDFC Bank Ltd.


ICICI Bank Ltd.


Axis Bank Ltd

Infosys Ltd.


The Ramco Cements Ltd

Gujarat State Petronet Ltd.

AIA Engineering Limited

Banks

Petroleum Products

Banks

Software

Banks

Software


Cement

Gas

Industrial Products

7.02%

5.90%

5.84%

5.08%

4.58%

4.55%

4.21%

2.91%

2.84%

2.76%

About Kotak Emerging Equity

�

�

�

The investment objective of Kotak Emerging Equity is to generate long-term capital appreciation from a

portfolio of equity and equity related securities, by investing predominantly in midcap companies.

These companies are either at their nascent or developing stage and are under researched.

Although relatively volatile in the short run,mid cap companies have the potential to deliver higher growth in

the long term.

Portfolio Action

• The portfolio continues to be pro-cyclical and tilted towards economic recovery. As a result we continue to be

Overweight on sectors such as Industrial Manufacturing, Fertilisers & Pesticides, Cement, Chemicals and Textiles.

• In the near term, valuations on mid-small cap space has corrected significantly and after being cautious for almost a

year we think gradual allocation should be adopted in this space. Sensex/Nifty has outperformed the broader indices

over the past 18months. The divergence of performance of Nifty and Mid-Small cap indices are at historical extremes

and history suggest that after such a big divergence, next 12-18months mid-small caps tend to outperform large

caps.

• On the valuation front, now large caps and midcaps-small caps have come to parity. The carnage in mid-small cap

stocks has been severe. Average Median correction from52 week high by top 1000 companies has been around

15%plus.

• In the Pharma sector we continue to have stock specific approach and continue to have UW stance on the sector.

However during the month we marginally reduced our underweight.

• During the month the broader allocation remains largely unchanged with marginal reduction in Auto ancillaries and

marginal increase in speciality chemicals.

• The current allocation to midcaps (as defined by SEBI i.e. between 101-250th companies in terms of market cap) is

around 72%.

Kotak Emerging Equity

Scheme Facts

Structure

Month end AUM* (as on 31st May 2019)

NAV (as on 31st May 2019)

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Beta^

Sharpe^

Mid Cap Fund - An open ended equity schemepredominantly investing in midcap stocks

Growth 39.2050


Dividend 22.2030


30th March 2007

Nifty Midcap 100

5000


14.99%

0.79

0.47

22.82%


^ as on , 2019. Source: ICRA

`

`

` `

4,326.31 crs

`4,060.74 crs


Portfolio Turnover

`

`

`

`

MFIExplorer.

31st May

Market Cap %

Load Structure

$

Source: Value Research definition.

Large cap 8.09

Midcap 72.19

Small cap 16.97

Cash 2.76

The given market cap data is on the basis ofnew SEBI circular on scheme rationalisationwherein Stocks are categorised as per givenAMFI list.

$

NilEntry Load:

Exit Load:



Any exit load charged (net off Goods and ServicesTax, if any) shall be credited back to the respectiveScheme. Units issued on reinvestment of dividendsshall not be subject to entry and exit load.

10

31 May, 2019st





Financial Services


Consumer Goods

Pharma

Fertilisers & Pesticides


Chemicals

Textiles

Automobile

Metals

20.23 33.03 -12.79 20.20 0.04

15.24 5.63 9.61 15.39 -0.15

11.75 15.65 -3.90 11.72 0.03

6.31 6.47 -0.16 5.72 0.59

6.21 1.80 4.41 6.06 0.15

6.02 1.61 4.41 6.20 -0.17

5.97 1.63 4.35 5.48 0.49

5.21 1.15 4.06 4.64 0.57

4.93 6.91 -1.98 5.45 -0.51

4.38 1.53 2.86 4.70 -0.32

Nifty Midcap100 TRI

Equity Market Brief

�

�

�





























31st May, 2019.

`




To know more




Disclaimer



.The investment objective of the

scheme is to generate long-term capitalappreciation from a portfolio of equity andequity related securities, by investingpredominantly in mid and small capcompanies.


Mid Cap Fund - Anopen ended equity scheme predominantlyinvesting in mid cap stocks

11

Kotak Emerging Equity*Performance (%) as on 31st May, 2019


^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of thescheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data notavailable. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFIExplorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Please refer page no. 3 for other schemes managed byMr. Pankaj Tibrewal.

`



With Effect from 25th May 2018, the Benchmark is changed to Nifty Midcap 100 TRI.


$

31 May, 2019st

Since Inception 11.87 12.77 11.09 39,205 43,223 36,005

Last 1 Year -1.67 -4.19 12.43 9,833 9,581 11,243

Last 3 Years 12.60 11.71 14.99 14,277 13,940 15,203

Last 5 Years 18.65 13.33 11.92 23,535 18,705 17,571



Nifty Nifty 50 Current Value of Standard Investment

(%) ^ ## (%)* Additional

`

`

# (%)* ` `

Midcap

TRI$

100

Scheme Inception date is 30/03/2007. Mr. Pankaj Tibrewal has been managing the fund since 27/05/2010.

Kotak Emerging Equity Fund



• Investment in equity & equity related securitiespredominantly in midcap companies



Riskometer

M

oderately Moderate

Low

Hig

h

Low

High

LOW HIGH

Moderately

May-24-19 23.623 1.61

May-27-16 21.196 1.30

Mar-23-18 26.153 2.67

May-26-17 26.010 1.59

Apr-28-15 21.499 2.10

May-02-14 13.073 0.50

May-02-13 11.491 0.50

Dividend History




PI Industries Ltd

The Ramco Cements Ltd

Atul Ltd.

AU Small Finance Bank Ltd.

Supreme Industries Limited

Schaeffler India Ltd

RBL Bank Ltd

Thermax Ltd.

SRF Ltd.

Solar Industries India Limited

Pesticides

Cement

Chemicals

Banks

Industrial Products

Industrial Products

Banks

Industrial Capital Goods

Textile Products

Chemicals

3.71%

3.58%

3.42%

3.29%

3.20%

3.07%

2.84%

2.83%

2.66%

2.56%

HYBRID FUNDS

EQUITY DEBT

13

About Kotak Equity Hybrid

� The investment objective of Kotak Equity Hybrid is to achieve growth by investing in equity and equity related

instruments, balanced with income generation by investing in debt and money market instruments.

The scheme thus provides capital appreciation potential of equities as well as stable returns of debt.�

Portfolio Action

Equity

Debt:

• The portfolio continues to be pro-cyclical and tilted towards economic recovery. As a result we continue to beoverweight on sectors such as banks, finance, software, cement and petroleum products.

• In the IT and pharma sector we continue to have stock specific approach. The fund continues the underweight stanceon consumer staples and IT.

• During the months we marginally increased weightage to financials (private sector corporate banks), pharma andconsumer discretionary sector.

• This Debt portfolio is designed to provide low volatility and high accrual, however should there be times whenduration becomes extremely attractive we may add duration in the debt portion of the fund.

As communicated earlier we have been managing the debt portion in a very conservative manner i.e accrual strategywith AAA and eqv risk till now.

As the risk reward matrix was turning favorable we have started increasing duration risk slightly through AAA/Gsec/SDL.

As the overall macro picture is becoming better from fixed income perspective however fiscal overhang anduncertainties on election were key risk till may 23rd. Now election risk is behind us moreover it was favorable thus wewill be looking to increase maturity to ~8-10yr from 5yr.

As the RBI has decided to Cut rates and change stance to accommodative opens a window for fresh move across thecurve

The change of stance also indicates the easing cycle to be deeper and longer than anticipated. Due to NBFC crisis theAAA spreads have also widened across the yield curve.

The spreads have normalized in PSU AAA assets upto 5 yr. However the curve remains steep and spreads on longdated PSU are still wide which provides an opportunity.

Normally 10 yr AAA PSU bonds trade around 60 bp over corresponding G sec, however currently they are trading inthe range of 90-135 bp spread (NTPC being lowest and PFC being highest).

On longer end (5-15 years category), the yield curve can move down with a flattening bias. In 1-5 year category thesame can remain steep and move with a steepening bias in the scenario of steeper rate cut than expected by RBI

Assets in 5-10 segment which have been underperforming for some time now will see spread compression thereforewe believe this is the most attractive space on the yield curve on risk adjusted basis.

The YTM of the fund is close to ~8.10% on a fully deployed basis and the average maturity is around 5-6yrs as of Mayend 2019.

•

•

•

•

•

•

•

•

•

•

Kotak Equity Hybrid31 May, 2019ST

Scheme Facts

Structure


NAV (as on

31st May 2019

31st May 2019)

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Beta^

Sharpe^

An open ended hybrid scheme investingpredominantly in equity and equity relatedinstruments.

1,579.44 crs

1,551.05 crs

05 November 2014

NIFTY 50 Hybrid Composite Debt 70:30Index

5000


10.02%

1.04

0.43

41.62%


^ as on 31st May, 2019.

Source: ICRA MFI Explorer.

`

`

`

th

`

`


Portfolio Turn over

Dividend 15.7410


Growth 25.6180


`

`

`

`

Load Structure

Entry Load:

Exit Load:

Nil

I) For redemption / switch out of upto 10% of theinitial investment amount (limit) purchased orswitched in within 1 year from the date of allotment:Nil.

II) If units redeemed or switched out are in excess ofthe limit within 1 year from the date of allotment:1%.

III) If units are redeemed or switched out on or after 1year from the date of allotment: NIL.

Any exit load charged (net off Goods and ServicesTax, if any) shall be credited back to the Scheme.Units issued on reinvestment of dividends shall notbe subject to entry and exit load.


Equity Market Brief

(Formerly Known As Kotak Balance)

25.2413.40

6.165.50

4.994.91

4.093.893.62

3.4724.73

BanksDebentures and Bonds

SoftwareFinanceCement

Government Dated SecuritiesPetroleum Products

Construction ProjectAuto

PharmaceuticalsREST

�

�

�













13

14

Kotak Equity Hybrid31 May, 2019ST



















31st May, 2019.

`

To know more




Disclaimer

Kotak Equity Hybrid



To achieve growth by investing inequity & equity related instruments, balancedwith income generation by investing in debt &money market instruments.

An open ended hybridscheme investing predominantly in equity andequity related instruments.

Kotak Equity Hybrid* Performance (%) as on 31st May, 2019


^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of thescheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data notavailable. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFIExplorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.Please refer page no. 3 for top 3 and bottom 3 schemesmanaged by Mr. Abhishek Bisen & other .


With effect from 1st February 2018, we are comparing the performances of the funds with the total return variant of the benchmarkinstead of the price return variant

*The debt component of the index is TRI since inception. For equity component of the index, as TRI data is not available sinceinception of the scheme, benchmark performance is calculated using composite CAGR of S&P BSE 200 PRI values series is used till31st July 2006 and TRI values is used since 1st Aug 2006.

^^Kotak Balance is renamed as kotak Equity Hybrid with effect from 25th May 2018.

With Effect from 25th May 2018, the Benchmark is changed to Nifty 50 Hybrid Composite Debt 70:30 Index TRI.


`

$

schemes managed by Pankaj Tibrewal

^The existing benchmark “CRISIL Balanced Fund” has been renamed as “CRISIL Hybrid 35+65 - Aggressive Index” as percommunication received from CRISIL.



• Investment in equity & equity related securitiesbalanced with income generation by investing indebt & money market instruments



Riskometer

M

oderately Moderate

Low

Hig

h

Low

High

LOW HIGH

Moderately

Mar-25-19 14.8600 0.09Feb-25-19 14.3260 0.11Jan-25-19 14.4590 0.11Dec-26-18 14.7000 0.11Nov-26-18 14.6040 0.11Oct-25-18 14.0240 0.11Aug-27-18 16.2900 0.12Jul-25-18 15.9800 0.12Jun-25-18 15.8710 0.12May-25-18 16.2170 0.12Apr-25-18 16.5120 0.12Mar-26-18 16.2295 0.14Feb-26-18 16.8210 0.14Jan-25-18 17.6320 0.14Dec-26-17 17.4978 0.14Nov-27-17 17.1870 0.14Oct-25-17 16.8647 0.11Sep-25-17 16.4830 0.11Aug-28-17 16.6866 0.11Jul-25-17 17.1274 0.12Jun-27-17 16.7970 0.11May-25-17 16.8061 0.11Apr-25-17 16.9880 0.11Mar-27-17 16.4515 0.11Feb-27-17 16.3220 0.11Jan-25-17 16.0710 0.11

Dividend History




Date SchemeReturns

#( ) Benchmark##( )

Nifty50 Nifty50 CurrentValueof Standard Investment

` `

Kotak Equity Hybrid - Growth (Erstwhile Kotak Balance), *Name of the Benchmark - CRISIL Hybrid 35+65 - Aggressive Index,Scheme Inception date is 05/11/2014. Mr. Pankaj Tibrewal has been managing the fund since 25/08/2015. Mr. Abhishek Bisenhas been managing the fund since 15/04/2008.

Kotak Equity Hybrid - Growth^^

HybridComposite TRI of 10000 in the

Debt70:30Index Scheme( ) BenchmarkTRI #(%)^

`

(%)^ ##(%)* Additional`$

Since Inception 8.43 9.27 9.46 14,473 14,993 15,112

Last 1 Year 5.86 12.03 12.43 10,586 11,203 11,243

Last 3 Years 10.29 12.90 14.99 13,414 14,390 15,203

(Formerly Known As Kotak Balance)

HDFC Bank Ltd.

ICICI Bank Ltd.

Infosys Ltd.

State Bank Of India

Axis Bank Ltd


Kotak Mahindra Bank Ltd.


HDFC Ltd.


Banks

Banks

Software

Banks

Banks

Petroleum Products

Banks


Finance

Software

6.26%

5.70%

3.75%

3.57%

3.54%

2.81%

2.75%

2.71%

2.50%

2.20%

14

About Kotak Equity Savings Fund

�

�

�

�

�

It is an open-ended equity scheme which aims to generate income from cash- futures arbitrage positions and

at the same time allows you to participate in the equity market growth moderately.

-Aims to provide income from arbitrage opportunities in cash & derivatives segment of the equity

market and debt investments.

- Potential for growth in the long term through moderate exposure in directional equity.

The equity exposure to vary between 20% and 40% based on market valuations and market sentiments.

- No aggressive duration or credit risk taken on debt portion. No aggressive mid

cap/small cap exposure taken. This we feel should lower the volatility of the fund.

- The Fund is treated similar to equity funds for tax purposes .*

* Please consult your tax adviser with respect to the specific tax implications.

Benefits of Kotak Equity Savings Fund

Income

Growth Potential

Conservative Approach

Tax efficiency

:

Portfolio Action

Directional Equity:

Arbitrage:

Debt:

• The directional equity was around 32%.

On the directional equity side, we have been running a conservative portfolio with a max exposure in mid cap stocks

being 15-20% at any point in time. Remaining 80-85% of the directional equity continues to be in large cap stocks.

We have been overweight on sectors like IT and consumers. The major underweight sectors are Cap Goods, Energy

and BFSI.

• The arbitrage portion continues to be managed in the same way we manage our arbitrage fund. In months, when

the arbitrage opportunities provide better returns than the debt papers, we deploy more money into arbitrage

trades.

The benefit is that in months when the arbitrage returns are sub optimal, we can deploy a lower amount in arbitrage

and still maintain the 'equity' taxation status.

We have done some merger arbitrage trades in the past viz. CMC-TCS , Shasun-Strides, Geometric-HCL Tech,

Carin-Vedanta etc. The annualised return on such trades has been very good. We will continue to evaluate and

deploy money in such potential special situation opportunities wherever we find them lucrative.

• We have been managing the debt portion in a very conservative manner till now.

• The term deposits which are to be placed with the exchange for taking exposure in derivatives generally have a

tenure of 1 year.

• On the debt side, we prefer to play accrual as compared to duration. A bulk of exposure on the debt side is into

papers with a residual maturity (or time to put option) of 2-3 years. A significant portion is also invested into our

own Liquid Fund. The benefit of investing in Liquid is that in case the arbitrage spreads expand, we can easily move

the money from liquid into arbitrage trades without worrying about the levels where the debt yields are quoting at

that point in time.

•

•

•

•

Kotak Equity Savings Fund

Scheme Facts

Structure


NAV (as on )

31st May 2019

31st May 2019

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Beta^

Sharpe^

An open ended scheme investing in equity,arbitrage and debt

crs

13 October 2014

75% of Nifty 50 Arbitrage Index &25% in Nifty 50 TRI

5000


3.43%

1.06

0.69

182.73%


^as on 31st May, 2019. Source: ICRA

`2,158.20

`

` `

` `

2,160.05 crs

& in multiples of 1

th


Portfolio Turnover

Growth 14.3756


Monthly Dividend 11.4169

Direct Monthly Dividend 11.7083

Quaterly Dividend 11.2600

Direct Quaterly Dividend 11.3840

MFIExplorer.

`

`

`

`

`

`

Load Structure

Entry Load:

Exit Load:

Nil

i) For redemption / switch out ofupto 10% of the initial investment amount(limit) purchased or switched in within 1 yearfrom the date of allotment: Nil.

ii) If units redeemed or switched out are inexcess of the limit within 1 year from the dateof allotment: 1%.

iii) If units are redeemed or switched out on orafter 1 year from the date of allotment: Nil.

Any exit load charged (net off Goods andServices Tax, if any) shall be credited back tothe respective Scheme. Units issued onreinvestment of dividends shall not be subjectto entry and exit load.

31 May, 2019st

Equity Market Brief

�

�

�













15

Kotak Equity Savings Fund31 May, 2019st
















31st May, 2019.

`




To know more




Disclaimer


Investment objective:


,

. of the scheme isto generate capital appreciation and incomeby predominantly investing in arbitrageopportunities in the cash and derivativessegment of the equity market, and enhancereturns with a moderate exposure in equity &equity related instruments.There is noassurance or guarantee that the investmentobjective of the scheme will be achieved.

An open endedscheme investing in equity, arbitrage anddebt

16

May-13-19 11.2310 0.0461

Apr-12-19 11.3747 0.0440

Feb-12-19 11.1919 0.0550

Jan-14-19 11.2143 0.0421

Dec-12-18 11.1921 0.0432

Nov-12-18 11.1370 0.0451

Oct-12-18 11.1333 0.0444

Sep-12-18 11.4289 0.0446

Aug-13-18 11.4790 0.0448

Jul-12-18 11.4191 0.0441

Jun-12-18 11.3494 0.0361

May-14-18 11.3246 0.0477

Apr-12-18 11.2952 0.0391

Dec-20-18 11.1696 0.1341

Sep-21-18 11.3014 0.1739

Jun-20-18 11.2939 0.1584

Mar-12-18 11.2418 0.0389

Feb-12-18 11.3290 0.0500

Jan-12-18 11.4330 0.0500

Mar-20-18 11.1604 0.1789

Dec-20-17 11.4149 0.1803

Quaterly Dividend Option

Dividend History




• Income from arbitrage opportunities in the equitymarket & long term capital growth

• Investment predominantly in arbitrage opportunitiesin the cash & derivatives segment of the equitymarket and equity & equity related securities

* Investors should consult their financial advisors if in doubtabout whether the product is suitable for them.Investors understand that their principal will

be at moderately high risk

Riskometer

M

oderately Moderate

Low

Hig

h

Low

High

LOW HIGH

Moderately

Portfolio Detail % of Net assets

Cash Futures Arbitrage 34.13

Unhedged Position 32.87

Debt Instruments* 28.87

Cash and Cash equivalent and Net Current Asset 4.13

Total 100.00

*Debt Instruments includes redeemable preference shares

The scheme has been in existence for less than 5 years


^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the thenprevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns inINR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of AdditionalBenchmark.Please refer page no. 3 for top 3 and bottom 3 schemes managed by Mr. Abhishek Bisen &

`

refer page no. 4 for Other schemes managed by Mr.Harish Krishnan.

*TRI – Total Return IndexWith effect from 1st February 2018, we are comparing the performances of the funds with the total return variant of the benchmark instead of the pricereturn variant.These materials are not intended for distribution to or use by any person in any jurisdiction where such distribution would be contrary to local law orregulation. The distribution of this document in certain jurisdictions may be restricted or totally prohibited and accordingly, persons who come intopossession of this document are required to inform themselves about, and to observe, any such restrictions.

Kotak Equity Savings Fund * Performance (%) as on 31st May, 2019

Date SchemeReturns of 10000 in the


75%50 TRI

##

Nifty Current Value of Standard Investment

(%) ^ (%)* Additional# (%)*

`

`

` `


Scheme Inception date is 13/10/2014. Mr. Harish Krishnan has been managing the fund since 09/05/2019. Mr. Abhishek Bisen has beenmanaging the fund since 17/09/2014. Mr. Arjun Khanna has been managing the fund since 09/05/2019.

Nifty 50Arbitrage Index

25% Nifty 50 TRI

Since Inception 8.15 7.40 10.67 14,376 13,920 15,993

Last 1 Year 6.57 7.80 12.43 10,657 10,780 11,243

Last 3 Years 8.65 7.88 14.99 12,826 12,556 15,203

Banks 19.56

Finance 16.82

Software 13.14

Consumer Non Durables 11.47

Petroleum Products 7.61

Sector* % of Weight

*The top 5 sectors pertain to the unhedged equity portion and the figures have been extrapolated to 100%

Reliance Industries Ltd. 9.20

HDFC Bank Ltd. 8.50

Bajaj Finance Limited 7.06

Tata Consultancy Services Ltd. 6.81

Bharat Financial Inclusion Limited 6.33

Hindustan Unilever Ltd. 5.67

Infosys Ltd. 5.33

HDFC Ltd. 5.22

ICICI Bank Ltd. 4.49

Titan Company Ltd. 4.23

Stock* % of Weight

*The top 10 stocks pertain to the unhedged equity portion and the figures have been extrapolated to 100%

THEMATIC FUND

18

31 May, 2019ST

Scheme Facts

Structure

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Beta^

Sharpe^


NAV (as on 2019)

31st May 2019

31st May

An open ended equity scheme followingInfrastructure & Economic Reform theme

crs

crs

27 February 2008

India Infrastructure Index - Customised Indexprepared by IISL


16.40%

0.90

0.36

20.09%



`

`

`

`

399.70

377.12

th

5000 & in multiples of 1`

`


Portfolio Turn over

Standard Growth 21.2030



Standard Dividend 18.7340

MFIExplorer.

`

`

`

`

Load Structure

Entry Load:

Exit Load:

Nil

I) For redemptions / switch outs (including SIP/STP)within 1 year from the date of allotment of units,irrespective of the amount of investment – 1%;

ii) For redemptions / switch outs (including SIP/STP)after 1 year from the date of allotment of units,irrespective of the amount of investment – NIL;

iii) Any exit load charged (net off Goods and ServicesTax, if any) shall be credited back to the Scheme;

iv) Units issued on reinvestment of dividends shall notbe subject to entry and exit load. (applicable for allplans)

About Kotak Infrastructure & Economic Reform Fund

�

�

The investment objective of the Scheme is to generate long-term capital appreciation from a diversified portfolio of

predominantly equity and equity-related securities of companies involved in economic development of India as a

result of potential investments in infrastructure and unfolding economic reforms.

There is no assurance that the investment objective of the Scheme will be achieved.

Portfolio Action

• We believe investment cycle revival in India will be led by spending by government and this has been articulated well

in the government budget, while private developers following public investments with a lag. The current NCLT

resolution plan will likely pave the way for private capex to pick up. However, there has been a delay compared to our

expectations in the resolution of a few large NCLT cases.

While investment cycle is gradually improving with revival in government capex, housing and private sector capex are

yet to see meaningful traction. With capactity utilisation now inching up, we expect a gradual improvement in private

capex theme.

We continue to remain significantly invested in the “flow” of infrastructure theme (i.e. companies that benefit from

spending by various entities towards infrastructure creation) rather than “stock” or asset owners in the portfolio.

We continue to invest along a range of these sectors to play overall improvement in investment cycle.

Public spending has been articulated well in the government budget, while private developers following public

investments with a lag. The current NCLT resolution plan will likely pave the way for private capex to pick up. However,

there has been a delay compared to our expectations in the resolution of a few large NCLT cases.

•

•

•

•

Sector Allocation as on 31st May, 2019

Industrial Products 14.34

Cement 12.89

Industrial Capital Goods 12.48

Construction Project 11.37

Gas 11.25

Construction 11.11

Power 5.07

Chemicals 4.12

Transportation 3.29

Ferrous Metals 3.15

REST 10.93

Equity Market Brief

Sector %

Kotak Infrastructure & Economic Reform Fund(formerly known as “PineBridge Infrastructure & Economic Reform Fund)

�

�

�













18
















31st May, 2019.

`

* The numbers are converted using the

Rupee- USD reference rate published by the

Reserve Bank of India as on the respective

dates.

To know more




Disclaimer

Kotak Infrastructure & Economic ReformFund

investment objective


investment objective of the Scheme isto generate long-term capital appreciationfrom a diversified portfolio of predominantlyequity and equity-related securities ofcompanies involved in economic developmentof India as a result of potential investments ininfrastructure and unfolding economicreforms. There is no assurance that the

of the Scheme will beachieved.

An open ended equity schemefollowing Infrastructure & Economic Reformtheme.

Kotak Infrastructure & Economic Reform Fund Performance (%)as on 31st May, 2019


Scheme ( )Benchmark# ( ) Benchmark ## ( )

India Infrastructure Nifty 50 Current Value of Standard Investment

(%) ^ ## (%)* Additional

`

# (%)* ` `

Scheme Inception date is 25/02/2008. Mr. Harish Krishnan has been managing the fund since 01/02/2015.

Kotak Infrastructure & Economic Reform Fund

Index - customised

`index prepared byIISL

$

Since Inception 6.90 0.46 8.92 21,203 10,533 26,202

Last 1 Year -0.24 1.24 12.43 9,976 10,124 11,243

Last 3 Years 11.19 7.60 14.99 13,747 12,457 15,203

Last 5 Years 13.13 4.10 11.92 18,544 12,230 17,571



• Long term capital appreciation by investing in equityand equity related instruments of companiescontributing to infrastructure and economicdevelopment of India

* Investors should consult their financial advisors if in doubtabout whether the product is suitable for them.Investors understand that their principal will

be at high risk

Riskometer

M

oderately Moderate

Low

Hig

h

Low

High

LOW HIGH

Moderately

Feb-21-2019 16.2520 0.44

Feb-28-2018 20.5820 0.63

Feb-23-2017 17.5640 0.50

June-23-2015 15.2601 0.50

Dividend History



31 May, 2019ST

Top 10 Holdings as on , 201931st May


^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at thethen prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point(PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ##Name of Additional Benchmark. Please refer page no. 3 for other schemes managed by Mr. Harish Krishnan.


With effect from 1st February 2018, we are comparing the performances of the funds with the total return variant of the benchmark instead ofthe price return variant.

With Effect from 25th May 2018, the Benchmark is changed to India Infrastructure Index (Customised Index by IISL)

These materials are not intended for distribution to or use by any person in any jurisdiction where such distribution would be contrary to locallaw or regulation. The distribution of this document in certain jurisdictions may be restricted or totally prohibited and accordingly, persons whocome into possession of this document are required to inform themselves about, and to observe, any such restrictions.

$

Kotak Infrastructure & Economic Reform Fund(formerly known as “PineBridge Infrastructure & Economic Reform Fund)


Shree Cement Ltd.

Ultratech Cement Ltd.

Indraprastha Gas Ltd.

Solar Industries India Limited

JMC Projects (India) Ltd

GE Power India Limited

Thermax Ltd.

Gujarat Gas Ltd

HG Infra Engineering Ltd.


Cement

Cement

Gas

Chemicals

Construction



Gas


6.23%

5.95%

4.76%

4.21%

4.12%

3.69%

3.32%

3.32%

3.22%

2.98%

19

DEBT FUNDS

Kotak Low Duration Fund(formerly known as “PineBridge India Short Term Fund”)

31 May, 2019st

Scheme Facts

Structure

Month end AUM* (as on 31st May )

NAV (as on )

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Portfolio Modified Duration

2019

201931st May

Average Maturity

YTM

An open ended low duration debt schemeinvesting in instruments such that theMacaulay duration of the portfolio is between6 months and 12 months

Growth 2318.4010


Weekly Dividend 1015.8062



Direct Weekly Dividend 1200.5643

6th March, 2008

0.82 years


^ as on 31st May, 2019. Source: ValueResearch.

`

` `

` `

5,146.39 crs

`5,025.09 crs

`

`

`

`

`

`

Nifty Low Duration Index



0.66%

0.97 years

9.18%

0.88


Macaulay Duration

Load Structure

Entry Load:

Exit Load:

Nil

Nil

Any exit load charged (net off Goods andService Tax, if any) shall be credited back to theScheme;

Note - Units issued on reinvestment ofdividends shall not be subject to entry and exitload.

About Kotak Low Duration Plan

�

�

The primary objective of the Scheme is to generate income through investment primarily in low duration debt &

money market securities.

There is no assurance or guarantee that the investment objective of the scheme will be achieved.

Portfolio Action

• Given the above outlook we intend to maintain the average maturity at the higher end of the indicated band.

• The focus is to enhance the portfolio yield while maintaining the liquidity and maturity of the portfolio in theindicated band.

• We intend to maintain the modified duration in the range of 0.75 – 1.25 in June 2019.

21

Asset Allocation as on , 201931st May

Debentures and Bonds 72.79%

Commercial Paper (CP)/Certificate of Deposits (CD) 23.92%

TREP & Term Deposits & Rev.Repo 1.99%

Net Current Assets 1.21%

Treasury Bills 0.09%

Debt Market Outlook

• The most important uncertainty is over with the NDA winning a historic majority with around 353 seats in the lowerparliamentary house. various market estimates suggest the NDA is also inching towards a majority in the Rajya Sabha(Upper House) by Nov-2020 and this will be an even bigger event as it gives the government all the required strengthto carry on fast-paced reforms and development.

• The Government now needs to tackle some critical economic challenges like reviving growth, reinvigorating thefinancial system and kick-starting the private investment cycle.

• We expect broad continuity of policy in several existing schemes (rural, health, etc.) and big focus on infrastructure.The hope of “minimum government” may not be immediately materialized, as the political and economic challengesof fast-tracking privatization might be difficult to overcome

• We will have to wait for the government formation, RBI June policy and the July FY20 union budget before we relookat any directional changes.

• he headline CPI is under control and unlikely to go out of hand in the near future. Given the background of broadmacro stability and a stable Government INR is likely to perform relatively well. We believe OIL has stabilized between65-75 dollars a barrel for the near term. The only visible risk ahead is a possible global currency war, if at all we have toname one. Global growth slowing is also positive for rates. The fact that the Fed is done with hiking rates adds to thepositive sentiments.

• RBI in the recent MPC decided to cut Rates by 25 Bp and change the stance from neutral to accommodative. Thismakes us believe the rate cut cycle is not only longer but also may be deeper than previously expected and priced in theyield curve.

• Given the fiscal back drop, any aggressive cut in rates will call for a bull steepening, thus we favour front end bonds.• As the 10 yr segment has become quite attractive thus would like to keep adding 10 yr AAA PSU and some best quality

corporate bond as if the rate cut cycle is deeper and longer indeed then this segment shall perform the best riskadjusted.


Particulars 31 May 2019

Avg. Maturity (in yrs) 0.97

Duration 0.82

Yield (in %) 9.18

30 Apr 2019

0.79

0.66

9.30

0.70Macaulay Duration 0.88

Bharti Enterprises (Holding) Pvt. Ltd.

U P Power Corporation Ltd ( Guaranteed ByUP State Government )

Rural Electrification Corporation Ltd.

Sarvoday Advisory Services Pvt. Ltd. ( Secured byEquity shares of JSW Energy Ltd. and JSW Steel Ltd. )

BRICKWORKBWR A(SO)

Manappuram Finance Ltd.

LIC Housing Finance Ltd.

Rent A Device Trust ( Underlying customer Reliance Retail )

Piramal Enterprises Ltd.

Reliable Devices Trust ( Underlying customer Reliance Retail )

Aasan Corporate Solutions Pvt. Ltd. ( Guaranteedby a Piramal Group of Company and Shree Krishna Trust )

CRISIL A1+

FITCH IND AA(SO)

CRISIL A1+

ICRA AA-

CRISIL AAA

ICRA AAA(SO)

CRISIL A1+

ICRA AAA(SO)

ICRA AA-(SO)

9.07%

7.57%

5.92%

5.60%

4.86%

3.95%

3.82%

3.58%

3.48%

3.42%
















31st May, 2019.

`




To know more




Disclaimer

Kotak Low Duration Fund


An open ended lowduration debt scheme investing in instruments suchthat the Macaulay duration of the portfolio isbetween 6 months and 12 months.

The primary objective of the Scheme is togenerate income through investment primarily inlow duration debt & money market securities. Thereis no assurance or guarantee that the investmentobjective of the scheme will be achieved.


22

Kotak Low Duration Fund* Performance (%) as on , 201931st May


^Past performance may or may not be sustained in future. *All payouts during the period have been reinvested in the units of thescheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data notavailable. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFIExplorer. Classification of schemes in short term & long term is based on the average maturity of the scheme. # Name of SchemeBenchmark. ## Name of Additional Benchmark. Please refer page no. 3 for top 3 and bottom 3 schemes managed by Mr. DeepakAgrawal.

`

We are comparing the performances of the funds with the total return Index.

With Effect from 1st June 2018, the Benchmark is changed to Nifty Low Duration Index from Crisil Liquid Fund.

These materials are not intended for distribution to or use by any person in any jurisdiction where such distribution would be contraryto local law or regulation. The distribution of this document in certain jurisdictions may be restricted or totally prohibited andaccordingly, persons who come into possession of this document are required to inform themselves about, and to observe, any suchrestrictions

$

Since Inception 7.77 8.51 6.55 23,184 25,056 20,408

Last 1 Year 8.49 8.40 7.86 10,849 10,840 10,786

Last 3 Years 7.88 7.48 6.79 12,554 12,417 12,180

Last 5 Years 8.43 8.00 7.31 14,996 14,699 14,238

Scheme Inception date is 06/03/2008. Mr. Deepak Agrawal has been managing the fund since 01/02/2015.

Rating Profile as on 31st May, 2019

Kotak Low Duration Fund

Current Value of Standard Investmentof 10000 in the`

CRISIL 1 YearT-Bill Index

## (%)

Nifty LowDuration

# (%)Index

$

SchemeReturns(%) ^

Date

Scheme( )`

Benchmark# ( )`

AdditionalBenchmark ## ( )`

Kotak Low Duration Fund(formerly known as )“PineBridge India Short Term Fund”

31 May, 2019st


• Regular income over short term

• Income by focusing on low duration securities


Investors understand that their principal willbe at moderate risk

Riskometer

M

oderately Moderate

Low

Hig

h

Low

High

LOW HIGH

Moderately

47.23

37.08

11.74

1.99

1.21

0.75

A1+, A1+(SO), AAA, AAA(SO), IND AAA, SOV

AA+, IND AA+, AA, AA(SO), IND AA, INDAA(SO), AA-, AA-(SO), BWR AA-(SO)

A+, A+(SO), BWR A(SO)

TREP & Term Deposits & Rev.Repo

Net Current Assets

BBB-

Kotak Credit Risk31 May, 2019st

Scheme Facts

Structure


NAV (as on )

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^


2019

201931st May

Launch Date

Average Maturity

YTM

An open ended debt scheme predominantlyinvesting in AA and below rated corporatebonds (Excluding AA+ rated corporate bonds)

Growth 20.6233


Weekly Dividend 10.0288

Direct Weekly Dividend 10.4544



Quarterly Dividend 10.9849

Direct Quarterly Dividend 10.3774

Annual Dividend 10.4682

Direct Annual Dividend 16.4273

5000/-

1.27%

1.72 years



`

`

4,916.30 crs

`

` `

4,924.21 crs

`

`

`

`

`

`

`

`

`

`

11 May 2010

CRISIL Composite AA Short Term Bond Index


3.11 years

9.79%

1.86

th


Macaulay Duration

Load Structure

Entry Load:Exit Load:

Nil) For redemption / switch out of upto

10% of the initial investment amount (limit)purchased or switched in within 1 year from thedate of allotment: Nil.ii) If units redeemed or switched out are in excessof the limit within 1 year from the date ofallotment: 1%.iii) If units are redeemed or switched out on or after1 year from the date of allotment: Nil.iv) Any exit load charged (net off Goods andService Tax, if any) shall be credited back to therespective Scheme. Units issued on reinvestmentof dividends shall not be subject to entry and exitload.

i

About Kotak Credit Risk

�

�

�

�

�

The investment objective of Kotak Credit Risk is to generate income by investing in debt and money marketsecurities across the yield curve and credit spectrum.The scheme would also seek to maintain reasonable liquidity within the fund.The scheme invests in securities offering high accrual by taking on a marginally higher credit risk.The fund manager may also seek to capitalize on opportunity of potential credit rating upgrades from time totime.The scheme is suitable for investors with a time horizon of 15 months plus.

Portfolio Action

• Given the above outlook we intend to maintain the average maturity at the higher end of the indicated band.• The endeavor is to enhance the portfolio yield by either selling low yielding assets to buy high yielding assets or

by utilizing the cash to acquire high yielding assets.• We intend to maintain the modified duration in the range of 1.5 – 2.5 in June 2019.

23

Asset Allocation as on 31st May, 2019





Debt Market Outlook

Top 10 Companies as on 31st May, 2019

• The most important uncertainty is over with the NDA winning a historic majority with around 353 seats in the lowerparliamentary house. various market estimates suggest the NDA is also inching towards a majority in the Rajya Sabha(Upper House) by Nov-2020 and this will be an even bigger event as it gives the government all the required strength tocarry on fast-paced reforms and development.

• The Government now needs to tackle some critical economic challenges like reviving growth, reinvigorating the financialsystem and kick-starting the private investment cycle.

• We expect broad continuity of policy in several existing schemes (rural, health, etc.) and big focus on infrastructure. Thehope of “minimum government” may not be immediately materialized, as the political and economic challenges of fast-tracking privatization might be difficult to overcome

• We will have to wait for the government formation, RBI June policy and the July FY20 union budget before we relook atany directional changes.

• he headline CPI is under control and unlikely to go out of hand in the near future. Given the background of broad macrostability and a stable Government INR is likely to perform relatively well. We believe OIL has stabilized between 65-75dollars a barrel for the near term. The only visible risk ahead is a possible global currency war, if at all we have to name one.Global growth slowing is also positive for rates. The fact that the Fed is done with hiking rates adds to the positivesentiments.

• RBI in the recent MPC decided to cut Rates by 25 Bp and change the stance from neutral to accommodative. This makesus believe the rate cut cycle is not only longer but also may be deeper than previously expected and priced in the yieldcurve.

• Given the fiscal back drop, any aggressive cut in rates will call for a bull steepening, thus we favour front end bonds.

• As the 10 yr segment has become quite attractive thus would like to keep adding 10 yr AAA PSU and some best qualitycorporate bond as if the rate cut cycle is deeper and longer indeed then this segment shall perform the best riskadjusted.



Duration 1.72

Yield (in %) 9.79

Macaulay Duration 1.86

30 Apr 2019

2.90

1.49

9.94

1.62

CRISIL A+(SO) 8.82%

CARE A+ 5.10%

CRISIL AAA 4.81%

BRICKWORKBWR A(SO) 4.35%

CRISIL AA(SO) 3.93%

CARE A1+(SO) 3.91%

ICRA AA-(SO) 3.76%

BRICKWORKBWR A(SO) 3.51%

CARE AAA 3.33%

U P Power Corporation Ltd ( Guaranteed ByUP State Government )Andhra Bank

HDFC Ltd.

JSW Techno Projects Management Ltd. ( Secured byshares of JSW Energy Ltd. and JSW Steel Ltd. )Equity

Talwandi Sabo Power Ltd. (Guaranteed by Vedanta Ltd.)

Suraksha Realty Ltd. (Secured by Equity shares of SunPharmaceuticals Industries Ltd )Aasan Corporate Solutions Pvt. Ltd. (Guaranteed by a

Group of Company and Shree Krishna Trust )Piramal

Sarvoday Advisory Services Pvt. Ltd. ( Secured by Equityshares of JSW Energy Ltd. and JSW Steel Ltd. )

LIC Housing Finance Ltd.

Coastal Gujarat Power Ltd. (Guarenteedby TATA Power Co. Ltd ) CARE AA(SO) 3.16%

31 May, 2019st
















31st May, 2019.

`




To know more


Visit - assetmanagement.kotak.comEmail - [email protected]

Disclaimer

Kotak Credit Risk


An open ended debt scheme

predominantly investing in AA and below rated

corporate bonds (Excluding AA+ rated corporate

bonds) The investment

objective of the scheme is to generate income by

investing in debt /and money market securities

across the yield curve and credit spectrum. The

scheme would also seek to maintain reasonable

liquidity within the fund. There is no assurance that

or guarantee that the investment objective of the

scheme will be achieved.


24

Kotak Credit Risk Fund - Growth *Performance (%) as on , 201931st May



`


^^Kotak Income Opportunities Fund is renamed as Kotak Credit Risk Fund with effect from 1st June 2018.

With Effect from 1st June 2018, the Benchmark is changed to CRISIL Composite AA Short Term Bond Index from Crisil Short TermBond Fund Index.


$

Since Inception 8.32 8.94 6.84 20,623 21,732 18,207

Last 1 Year 7.82 8.83 7.86 10,782 10,883 10,786

Last 3 Years 7.68 8.43 6.79 12,484 12,749 12,180

Last 5 Years 8.41 8.93 7.31 14,980 15,348 14,238



Kotak Credit Risk Fund - Growth^^


CRISIL 1Year T-Bill

Index## (%)

Crisil CompositeTerm

Bond# (%)

AAShortIndex

$

SchemeReturns(%) ^

Date

Scheme( )`

Benchmark# ( )`


Kotak Credit Risk


• Income over a medium term horizon

• Investment in debt & money market securities


Investors understand that their principal willbe at moderately low risk

Riskometer

M

oderately Moderate

Low

Hig

h

Low

High

LOW HIGH

Moderately

38.86

32.10

23.64

2.81

1.71

0.50

0.38

AA+, IND AA+, AA, AA(SO), BWR AA, BWR AA(SO),IND AA, IND AA(SO), AA-(SO), BWR AA-(SO), IND AA-

A+, A+(SO), IND A+, A, BWR A(SO)

A1+, A1+(SO), AAA, AAA(SO), IND AAA


Net Current Assets

Unrated

BWR BBB(SO)

Kotak Medium Term Fund31 May, 2019st

Scheme Facts

Structure

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^



NAV (as on )

2019

201931st May

Average Maturity

YTM

An open ended medium term debt schemeinvesting in instruments such that theMacaulay duration of the portfolio is between3 years and 4 years

Growth 15.5050


Quarterly Dividend 10.8700

Direct Quarterly Dividend 10.9034

Annual Dividend 10.7298

Direct Annual Dividend 16.2870

21st March, 2014

2.35 years



`

` `

` `

crs3,938.72

3,962.64 crs`

`

`

`

`

`

`

Nifty Medium Duration Debt Index



1.88%

3.65 years

10.36%

2.57


Macaulay Duration

Load Structure

Entry Load:

Exit Load:

Nil

i) For redemption / switch out ofupto 15% of the initial investment amount(limit) purchased or switched in within 18months from the date of allotment: Nil.

ii) If units redeemed or switched out are inexcess of the limit within 18 months from thedate of allotment: 2%.

iii) If units are redeemed or switched out on orafter 18 months from the date of allotment:Nil.

iv) Any exit load charged (net off Goods andService Tax if any) shall be credited back to therespective Scheme. Units issued onreinvestment of dividends shall not be subjectto entry and exit load.






Government Dated Securities 0.41%


About Kotak Medium Term Plan

�

�

�

�

�

Kotak Medium Term Fund, an open-ended debt scheme.

The investment objective of the scheme is to generate regular income and capital appreciation by investing in a

portfolio of medium term debt and money market instruments.

The fund has an average maturity floor of around 3 years and a ceiling of around 7 years.

As a result, the fund occupies a mid-segment space between the long duration and the short duration bonds.

Likewise, the fund's merits also tend to be a balance of the long term and the short term bond funds.

The fund operates largely on a Hold-Till-Maturity (HTM) strategy.

Portfolio Action

• Given the above outlook we intend to maintain the average maturity at the higher end of the indicated band.

• The endeavor is to enhance the portfolio yield by either selling low yield assets or buying high yielding assets byutilizing the cash.

• We intend to maintain a modified duration in the range of 2.00 – 2.50 in June 2019.

25

Debt Market Outlook







• Given the fiscal back drop, any aggressive cut in rates will call for a bull steepening, thus we favour front end bonds.• As the 10 yr segment has become quite attractive thus would like to keep adding 10 yr AAA PSU and some best quality

corporate bond as if the rate cut cycle is deeper and longer indeed then this segment shall perform the best riskadjusted.



Duration 2.35

Yield (in %) 10.36

30 Apr 2019

3.65

2.32

10.21

2.54Macaulay Duration 2.57

Coastal Gujarat Power Ltd. ( Guarenteed by TATA Power Co. Ltd ) 6.74%

Punjab National Bank 6.61%

U P Power Corporation Ltd ( Guaranteed By UP State Government ) 5.90%

Reliance Jio Infocomm Ltd. 5.32%

Sikka Ports & Terminals Ltd. ( Mukesh Ambani Group ) 4.79%

Punjab & Sind Bank 4.58%

Aasan Corporate Solutions Pvt. Ltd. ( Guaranteedby a Piramal Group of Company and Shree Krishna Trust )

4.47%

U P Power Corporation Ltd ( Guaranteed By UP State Government ) 4.25%

JAMNAGAR UTILITIES & POWER PRIVATE LIMITED( Mukesh Ambani Group )

3.64%

Adani Infra (India) Limited. ( Secured by shares of Adani Port,Adani Enterprises & Adani Transmissions )

CARE AA(SO)

FITCH IND A+

FITCH IND AA(SO)

CRISIL AAA

CRISIL AAA

ICRA A+

ICRA AA-(SO)

CRISIL A+(SO)

CRISIL AAA

BRICKWORKBWR AA-(SO)

3.17%
















31st May, 2019.

`




To know more




Disclaimer

Kotak Medium Term Fund

Investment objective:

An open endedmedium term debt scheme investing ininstruments such that the Macaulay durationof the portfolio is between 3 years and 4 years.

of the scheme is togenerate regular income and capitalappreciation by investing in a portfolio ofmedium term debt and money marketinstruments. There is no assurance orguarantee that the investment objective of thescheme will be achieved.


26

Kotak Medium Term Fund *Performance (%) as on , 201931st May



`


With Effect from 1st June 2018, the Benchmark is changed to Nifty Medium Duration Debt Index from Crisil Composite Bond FundIndex.


$




CRISIL 10 YRGilt Index## (%)

NiftyMedium

Duration DebtIndex # (%)

$

SchemeReturns(%) ^

Date

Scheme( )`

Benchmark# ( )`




• Income over a medium term investment horizon

• Investment in debt, government securities & moneymarket instruments with a portfolio weightedaverage maturity between 3-7 years


Investors understand that their principal willbe at moderate risk

Riskometer

M

oderately Moderate

Low

Hig

h

Low

High

LOW HIGH

Moderately

31 May, 2019st

Since Inception 8.80 8.70 8.45 15,505 15,431 15,245

Last 1 Year 7.88 9.48 12.20 10,788 10,948 11,220

Last 3 Years 7.62 7.52 6.75 12,464 12,431 12,165

Last 5 Years 8.55 8.46 8.23 15,080 15,012 14,859


49.90

22.23

20.98

3.59

2.45

0.63

0.22

AA+, IND AA+, IND AA+(SO), AA, AA(SO),BWR AA, BWR AA(SO), IND AA, IND AA(SO),AA-,

AA-(SO), BWR AA-(SO), IND AA-

A+, A+(SO), IND A+, A

A1+, AAA, AAA(SO), SOV

Net Current Assets

BBB-

Unrated


Kotak Bond Short Term31 May, 2019st

Scheme Facts

Structure

Month end AUM* (as on 31st May 2019)

NAV (as on 2019)31st May

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Average Maturity


YTM

An open ended short term debt schemeinvesting in instruments such that theMacaulay duration of the portfolio is between1 year and 3 years

8,993.42 crs

8,825.13 crs

Growth 35.3592




Half Yearly Dividend 12.8841

Direct Half Yearly Dividend 13.1420

Direct Normal Dividend 11.0080

2nd May, 2002

Nifty Short Duration Debt Index

(a) Dividend Re-investment & Growth -5000 & above (b) Dividend Payout (Monthly

Dividend) - 50,000& above


1.53%

2.74 years

2.19 years

8.01%

2.34


^ as on 31st May, 2019. Source: ICRA MFIExplorer. Standard Deviation is calculated onAnnualised basis using 3 years history ofmonthly returns.

`

`

`

`

` `

`

`

`

`

`

`

`


Macaulay Duration

Load Structure

Entry Load:

Exit Load:

Nil

Nil

About Kotak Bond Short Term

�

�

The investment objective of Kotak Bond Short Term is to provide reasonable returns and high level of liquidity by

investing in debt and money market instruments of different maturities so as to spread the risk across different

kind of issuers in the debt market.

The scheme is suitable for investors who may generally want to position themselves at the shorter end of the yield

curve with a time horizon of 6 months and more.

Portfolio Action

• As on May 2019 end, the portfolio duration stood at 2.19; we have maintained duration of the fund in themiddle of the matrix.

• Currently, ~35% of the portfolio has a residual maturity of less than 2 years. Of the balance, ~50% is investedin 2–5 years corporate bonds and ~15% is invested majorly in central and state government securities.

• 99% of the portfolio is invested in government securities and in AAA or equivalent rated securities.

• We intend to maintain the modified duration in the range of 1.00 – 3.00 in June 2019.

27



Government Dated Securities 14.99%



Debt Market Outlook







• Given the fiscal back drop, any aggressive cut in rates will call for a bull steepening, thus we favour front end bonds.

• As the 10 yr segment has become quite attractive thus would like to keep adding 10 yr AAA PSU and some best qualitycorporate bond as if the rate cut cycle is deeper and longer indeed then this segment shall perform the best riskadjusted.



Duration 2.19

Yield (in %) 8.01

Macaulay Duration 2.34

30 Apr 2019

2.67

2.13

8.41

2.28

31 May, 2019st
















31st May, 2019.

`




To know more




Disclaimer

Kotak Bond Short Term is


An open ended short

term debt scheme. The

investment objective of the Scheme is to provide

reasonable returns and high level of liquidity by

investing in debt instruments such as bonds,

debentures and Government securities; and money

market instrume nts such as treasury bills,commercial

papers, certificates of deposit, including repos in

permitted securities of different maturities, so as to

spread the risk across different kinds of issuers in the

debt markets. The Schememay invest in the call

money/termmoney market in terms of RBI guidelines

in this respect. To reduce the risk of the portfolio, the

Scheme may also use various derivative and hedging

products from time to time, in the manner permitted

by SEBI.Subject to the maximum amount permitted

from time to time, the Scheme may invest in offshore

securities in the manner allowed by SEBI/RBI,

provided such investments are in conformity with the

investment objective of the Scheme and the

prevailing guidelines and Regulations.There is no

assurance that the investment objective of the

Scheme will be realised.

Mutual Fund investments are subject to market

risks, read all scheme related documents

carefully. Scheme Information Document (SID)

and Statement of Additional Information (SAI)

available on mutualfund.kotak.com

28

Kotak Bond Short Term

Kotak Bond Short Term* Performance (%) as on , 201931st May


^Past performance may or may not be sustained in future. *All payouts during the period have been reinvested in the units of thescheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available.Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer.Classification of schemes in short term & long term is based on the average maturity of the scheme. # Name of Scheme Benchmark. ##Name of Additional Benchmark. Please refer page no. 3 for top 3 and bottom 3 schemes managed by Mr. Deepak Agrawal.

`


With Effect from 1st June 2018, the Benchmark is changed to Nifty Short Duration Debt Index from Crisil Short Term Bond Fund Index.

These materials are not intended for distribution to or use by any person in any jurisdiction where such distribution would be contrary tolocal law or regulation. The distribution of this document in certain jurisdictions may be restricted or totally prohibited and accordingly,persons who come into possession of this document are required to inform themselves about, and to observe, any such restrictions.

$

Since Inception 7.67 7.87 6.07 35,359 36,513 27,377

Last 1 Year 8.93 9.05 7.86 10,893 10,905 10,786

Last 3 Years 7.35 7.52 6.79 12,370 12,431 12,180

Last 5 Years 7.89 8.13 7.31 14,627 14,788 14,238


Kotak Bond Short Term - Growth


CRISIL 1Year

T-Bill Index## (%)

Nifty ShortDuration

Debt Index(%)

$

#

SchemeReturns(%) ^

Date

Scheme( )`

Benchmark# ( )`



• Income over a medium term horizon

• Investment in debt & money market securities


Investors understand that their principal willbe at moderately low risk

Riskometer

M

oderately Moderate

Low

Hig

h

Low

High

LOW HIGH

Moderately



94.49

2.28

2.25

0.98

AAA, AAA(SO), IND AAA, SOV


Net Current Assets

IND AA+

Mahindra & Mahindra Financial Services Ltd. FITCH IND AAA 8.04%

HDFC Ltd. CRISIL AAA 6.89%

Rural Electrification Corporation Ltd. CRISIL AAA 6.81%

Small Industries Development Bank Of India CARE AAA 6.12%

Power Finance Corporation Ltd. CRISIL AAA 4.58%

Reliable Devices Trust ( Underlyingcustomer Reliance Retail )

ICRA AAA(SO) 4.56%

NABARD CRISIL AAA 4.22%

7.93% State Government-Chattisgarh SOV 4.11%

7.82% State Government-Assam SOV 3.33%

Reliance Jio Infocomm Ltd. CRISIL AAA 3.11%

Other Funds Managed by Mr. Abhishek Bisen**

Kotak Gilt - Investment - Regular - Growth (%) ^ 10.92 7.69 8.78 64,224 9.53 29/12/1998

NIFTY All Duration G-Sec Index # (%) 13.58 7.90 8.74 NA NA

CRISIL 10 Year Gilt ## (%) 12.20 6.75 8.23 NA NA

Kotak Bond - Growth (%) ^ 9.68 6.61 7.71 51,794 8.79 25/11/1999

NIFTY Medium to Long Duration Debt Index # (%) 9.91 7.32 8.61 NA NA

CRISIL 10 Year Gilt ## (%) 12.20 6.75 8.23 NA NA

Kotak Debt Hybrid (%) ^ 6.31 7.68 8.81 31,301 7.64 02/12/2003

CRISIL Hybrid 85+15 - Conservative Index # (%) 10.46 9.03 9.63 34,425 8.30

CRISIL 10 Year Gilt ## (%) 12.20 6.75 8.23 23,319 5.61

29

Current Value ofInvestment of

10000 in the`

Other Mr. Pankaj Tibrewal#Funds managed by

Other Funds managed by Mr. Harish Krishnan$

Annexure - Returns(Fund Manager wise)

1 Year 3 Years 5 Years

Scheme Name Absolute Returns (%) CAGR Returns (%) CAGR Returns (%)

Inceptiondate

Since inception

CAGR

Returns(%)

Top 3 Funds Managed by Mr. Deepak Agarwal*

Top 3 Funds Managed by Mr. Devender Singhal ^^

Bottom 3 Funds Managed by Mr. Devender Singhal ^^

Bottom 3 Funds Managed by Mr. Deepak Agarwal*

Kotak Smallcap Fund - Growth (%) ^ 24/02/2005-7.64 9.62 15.25 72,472 14.89

NIFTY Smallcap 50 TRI # (%)

Nifty 50 TRI ## (%) 12.43

-20.48 3.94 5.37 NA NA

14.99 11.92 69,330 14.53

Kotak Bluechip Fund (%) ^ 7.20 11.21 12.58 1,99,584 20.12 04/02/2003

Nifty 50 TRI # (%) 12.43 14.99 11.92 1,41,836 17.64

S&P BSE SENSEX TRI ## (%) 13.70 15.65 11.91 1,43,298 17.71

KotakNV20 ETF (%) ^ 17.23 17.29 NA 17,207 16.78 01/12/2015

Nifty50 Value20 TRI# (%) 17.53 17.62 NA 16,490 15.37

Nifty50 TRI ## (%) 12.43 14.99 NA 15,664 13.69

Kotak BankingETF (%) ^ 16.37 21.74 NA 17,349 13.10 10/12/2014

NiftyBank TRI# (%) 16.61 22.01 NA 17,483 13.30

Nifty50 TRI ## (%) 12.43 14.99 NA 15,079 9.62

Kotak SensexETF (%) ^ 13.48 14.38 10.55 26,230 9.17 06/06/2008

S&PBSESENSEX TRI# (%) 13.70 15.65 11.91 29,805 10.45

Nifty50 TRI## (%) 12.43 14.99 11.92 29,391 10.31

Kotak Asset Allocator Fund - Growth (%) ^ 7.31 8.81 10.65 81,705 15.23 09/08/2004

NIFTY 50 Hybrid Composite Debt 50:50 Index # (%) 11.69 11.44 10.50 54,591 12.14

S&P BSE SENSEX TRI ## (%) 13.70 15.65 11.91 89,763 15.97

Kotak India Growth Fund - Srs 4 - Growth (%) ^ -5.30 NA NA 9,486 -4.06 20/02/2018

Nifty 200 TRI # (%) 8.27 NA NA 11,143 8.87

Nifty 50 TRI ## (%) 12.43 NA NA 11,703 13.14

Kotak Dynamic Bond Fund - Growth (%) ^ 11.67 8.99 9.06 24,775 8.58 26/05/2008

NIFTY Composite Debt Index # (%) 10.52 7.58 8.65 24,003 8.27

CRISIL 1 Year TBill ## (%) 7.86 6.79 7.31 20,121 6.55

Kotak Corporate Bond Fund - Growth (%) ^ 9.15 8.17 9.12 25,111 8.19 21/09/2007

CRISIL Corporate Bond Composite Index # (%) 8.61 7.91 8.87 28,383 9.33


Kotak Banking and PSU Debt Fund - Growth (%) ^ 9.99 8.04 8.25 43,055 7.41 29/12/1998

CRISIL Banking and PSU Debt Index # (%) 9.74 8.22 8.91 NA NA


Kotak Money Market Scheme - Growth (%) ^ 8.40 7.42 7.87 31,179 7.42 14/07/2003

NIFTY Money Market Index # (%) 7.89 7.24 7.78 32,219 7.64


Kotak Savings Fund - Growth (%) ^ 8.18 7.47 7.95 30,349 7.79 13/08/2004

NIFTY Ultra Short Duration Debt Index # (%) 8.53 7.65 8.06 32,143 8.21


Kotak Liquid - Regular Plan - Growth (%) ^ 7.45 7.07 7.64 30,589 7.44 04/11/2003

NIFTY Liquid Index # (%) 7.45 6.98 7.51 30,658 7.46


Kotak Gold Fund - Growth (%) ^ 2.33 2.43 1.92 13,329 3.57 25/03/2011

Price of Gold # (%) 2.80 3.15 3.77 15,225 5.27

CRISIL 10 Year Gilt ## (%) 12.20 6.75 8.23 17,207 6.85

Kotak Gold ETF (%) ^ 1.88 2.11 2.69 32,146 10.35 27/07/2007

Price of Gold # (%) 2.80 3.15 3.77 36,391 11.52

CRISIL 10 Year Gilt ## (%) 12.20 6.75 8.23 21,672 6.74

Kotak Debt Hybrid (%) ^ 6.31 7.68 8.81 31,301 7.64 02/12/2003

CRISIL Hybrid 85+15 - Conservative Index # (%) 10.46 9.03 9.63 34,425 8.30

CRISIL 10 Year Gilt ## (%) 12.20 6.75 8.23 23,319 5.61

Kotak NV20ETF (%) ^ 17.23 17.29 NA 17,207 16.78 01/12/2015

Nifty50Value20 TRI # (%) 17.53 17.62 NA 16,490 15.37

Nifty50TRI ## (%) 12.43 14.99 NA 15,664 13.69

Kotak NiftyETF (%)^ 12.28 14.39 11.04 24,266 9.97 02/02/2010

Nifty50TRI # (%) 12.43 14.99 11.92 27,651 11.52

S&PBSESENSEXTRI ## (%) 13.70 15.65 11.91 28,087 11.71

Kotak BankingETF (%) ^ 16.37 21.74 NA 17,349 13.10 10/12/2014

NiftyBank TRI# (%) 16.61 22.01 NA 17,483 13.30

Nifty50 TRI ## (%) 12.43 14.99 NA 15,079 9.62

Kotak PSU BankETF (%) ^ 8.41 8.29 -3.46 11,048 0.87 08/11/2007

Nifty PSU BankTRI # (%) 9.38 9.76 -1.67 13,332 2.52

Nifty50 TRI ## (%) 12.43 14.99 11.92 23,966 7.85

Kotak SensexETF (%)^ 13.48 14.38 10.55 26,230 9.17 06/06/2008

S&PBSESENSEX TRI# (%) 13.70 15.65 11.91 29,805 10.45

Nifty50 TRI## (%) 12.43 14.99 11.92 29,391 10.31

Kotak GoldETF (%) ^ 1.88 2.11 2.69 32,146 10.35 27/07/2007

Priceof Gold# (%) 2.80 3.15 3.77 36,391 11.52

CRISIL10 YearGilt ## (%) 12.20 6.75 8.23 21,672 6.74

30

Current Value ofInvestment of

10000 in the`


Scheme Name Absolute Returns (%) CAGR Returns (%) CAGR Returns (%)

Inceptiondate

Since inception

CAGR

Returns

1 Year 3 Years 5 Years

Other Funds managed by Mr. Rukun Tarachandani@

Other Funds managed by Mr. Arjun Khanna~

Top 3 Funds managed by Mr. Satish Dondapati €

Bottom 3 Funds managed by Mr. Satish Dondapati €

Kotak EquityArbitrageFund -Growth (%)^ 6.73 6.41 6.79 26,774 7.47 29/09/2005

Nifty50 Arbitrage Index# (%) 6.03 5.42 6.21 NA NA

Nifty50 TRI## (%) 12.43 14.99 11.92 53,883 13.10

Kotak Asset Allocator Fund - Growth (%) ^ 7.31 8.81 10.65 81,705 15.23 09/08/2004

NIFTY 50 Hybrid Composite Debt 50:50 Index # (%) 11.69 11.44 10.50 54,591 12.14

S&P BSE SENSEX TRI ## (%) 13.70 15.65 11.91 89,763 15.97

Kotak US Equity Fund - Growth (%) ^ 1.39 9.65 9.38 15,797 8.76 20/12/2013

S&P 500 International Total Return Net Index # (%) 7.12 13.07 13.22 19,021 12.53

## (%) 12.43 14.99 11.92 20,307 13.89Nifty 50 TRI

Kotak World Gold Fund - Growth (%) ^ -12.36 -6.68 -2.95 7,794 -2.24 06/06/2008

Financial Times Gold Mines Total - Price # (%) 1.63 -0.31 4.40 8,573 -1.39

## (%) 12.43 14.99 11.92 29,391 10.31Nifty 50 TRI

Kotak Global Emerging Market Fund - Growth (%) ^ -13.00 6.20 1.53 14997 3.53 26/09/2007

MSCI Emerging Market index # (%) -8.08 8.61 2.66 14811 3.42

## (%) 12.43 14.99 11.92 27658 9.10Nifty 50 TRI

#

$

^^

*

Mr. Pankaj Tibrewal manages 3 funds of Kotak Mutual fund.

Mr. Harish Krishnan manages 5 funds of Kotak Mutual fund.

Mr. Devender Singhal manages 8 funds of Kotak Mutual fund.

Mr. Deepak Agrawal manages 12 & All FMPs funds of Kotak Mutual fund.

Kotak Smallcap Fund - Growth (Erstwhile Kotak Midcap), *Name of the Benchmark - Nifty Smallcap 50 TRI, Scheme Inception date is 24/02/2005. Mr. Pankaj Tibrewal has been managing

the fund since 21/01/2010.

Kotak Bluechip Fund - Growth (Erstwhile Kotak 50), *Name of the Benchmark - Nifty 50 TRI, Scheme Inception date is 04/02/2003. Mr. Harish Krishnan has been managing the fund since

15/11/2013.

Kotak NV20 ETF - *Name of the Benchmark Nifty 50 Value 20 TRI, Scheme Inception date is 01/12/2015. Mr. Devender Singhal & Mr. Satish Dondapati has been managing the fund since

09/05/2019.

Kotak Banking ETF, *Name of the Benchmark - Nifty Bank TRI, Scheme Inception date is 10/12/2014. Mr. Devender Singhal & Mr. Satish Dondapati has been managing the fund since

09/05/2019.

Kotak Sensex ETF, *Name of the Benchmark - S&P BSE SENSEX TRI, Scheme Inception date is 06/06/2008. Mr. Devender Singhal & Mr. Satish Dondapati has been managing the fund since

09/05/2019.

Kotak Asset Allocator Fund - Growth, *Name of the Benchmark - NIFTY 50 Hybrid Composite Debt 50:50 Index, Scheme Inception date is 09/08/2004. Mr. Devender Singhal & Mr. Arjun

Khanna has been managing the fund since 09/05/2019.

Kotak Debt Hybrid - Growth (Erstwhile Kotak Monthly Income Plan), *Name of the Benchmark - CRISIL Hybrid 85+15 - Conservative Index, Scheme Inception date is 02/12/2003. Mr.

Abhishek Bisen has been managing the fund since 01/04/2008. Mr. Devender Singhal has been managing the fund since 25/08/2015.

Kotak India Growth Fund - Series 4 - Regular Plan - Growth, *Name of the Benchmark - Nifty 200 TRI, Scheme Inception date is 14/02/2018. Mr. Devender Singhal has been managing the

fund since 24/01/2019.

Kotak Dynamic Bond Fund - Growth (Erstwhile Flexi Debt Fund), *Name of the Benchmark - Nifty Composite Debt Index, Scheme Inception date is 26/05/2008. Mr. Deepak Agrawal has

been managing the fund since 25/11/2012.

Kotak Corporate Bond Fund - Growth, *Name of the Benchmark - CRISIL Corporate Bond Fund Index, Scheme Inception date is 21/09/2007. Mr. Deepak Agrawal has been managing the


Kotak Banking and PSU Debt Fund - Growth, *Name of the Benchmark - CRISIL Banking and PSU Debt Index, Scheme Inception date is 29/12/1998. Mr. Deepak Agrawal has been

managing the fund since 01/08/2008.

31


Kotak Money Market Scheme - Growth (Erstwhile Floater - Short Term), *Name of the Benchmark - NIFTY Money Market Index, Scheme Inception date is 14/07/2003. Mr. Deepak Agrawal

has been managing the fund since 01/11/2006.

Kotak Savings Fund - Growth (Erstwhile Kotak Treasury Advantage Fund), *Name of the Benchmark - NIFTY Ultra Short Duration Debt Index, Scheme Inception date is 13/08/2004. Mr.

Deepak Agrawal has been managing the fund since 01/04/2008.

Kotak Liquid - Regular Plan - Growth, *Name of the Benchmark - NIFTY Liquid Index, Scheme Inception date is 04/11/2003. Mr. Deepak Agrawal has been managing the fund since

01/05/2007.

Kotak Gilt - Investment - Regular - Growth, *Name of the Benchmark -NIFTY All Duration G-Sec Index, Scheme Inception date is 29/12/1998. Mr. Abhishek Bisen has been managing the


Kotak Bond - Regular Plan - Growth, *Name of the Benchmark - NIFTY Medium to Long Duration Debt Index, Scheme Inception date is 25/11/1999. Mr. Abhishek Bisen has been

managing the fund since 01/04/2008.

Kotak Debt Hybrid - Growth (Erstwhile Kotak Monthly Income Plan), *Name of the Benchmark - CRISIL Hybrid 85+15 - Conservative Index, Scheme Inception date is 02/12/2003. Mr.

Abhishek Bisen has been managing the fund since 01/04/2008. Mr. Devender Singhal has been managing the fund since 25/08/2015.

Kotak Gold ETF, *Name of the Benchmark - Price of Gold, Scheme Inception date is 27/07/2007. Mr. Abhishek Bisen has been managing the fund since 15/04/2008. & Mr. Satish Dondapati


Kotak Gold Fund - Growth, *Name of the Benchmark - Price of Gold, Scheme Inception date is 25/03/2011. Mr. Abhishek Bisen has been managing the fund since 04/03/2011.

Kotak Equity Arbitrage Fund - Growth, *Name of the Benchmark - Nifty 50 Arbitrage Index, Scheme Inception date is 29/09/2005. Mr. Rukun Tarachandani has been managing the fundsince 09/05/2019.

Kotak Asset Allocator Fund - Growth, *Name of the Benchmark - NIFTY 50 Hybrid Composite Debt 50:50 Index, Scheme Inception date is 09/08/2004. Mr. Devender Singhal & Mr. ArjunKhanna has been managing the fund since 09/05/2019.

Kotak US Equity Fund - Growth, *Name of the Benchmark - S&P 500 International Total Return Net Index, Scheme Inception date is 20/12/2013. Mr. Arjun Khanna has been managing thefund since 09/05/2019.

Kotak World Gold Fund - Growth, *Name of the Benchmark - Financial Times Gold Mines Total - Price, Scheme Inception date is 06/06/2008. Mr. Arjun Khanna has been managing thefund since 09/05/2019.

Kotak Global Emerging Market Fund - Growth, *Name of the Benchmark - MSCI Emerging Market index, Scheme Inception date is 26/09/2007. Mr. Arjun Khanna has been managing thefund since 09/05/2019.

Kotak NV20 ETF - *Name of the Benchmark Nifty 50 Value 20 TRI, Scheme Inception date is 01/12/2015. Mr. Devender Singhal & Mr. Satish Dondapati has been managing the fund since09/05/2019.

Kotak Banking ETF, *Name of the Benchmark - Nifty Bank TRI, Scheme Inception date is 10/12/2014. Mr. Devender Singhal & Mr. Satish Dondapati has been managing the fund since

09/05/2019.

Kotak Sensex ETF, *Name of the Benchmark - S&P BSE SENSEX TRI, Scheme Inception date is 06/06/2008. Mr. Devender Singhal & Mr. Satish Dondapati has been managing the fund since

09/05/2019.

Kotak Nifty ETF, *Name of the Benchmark - Nifty 50, Scheme Inception date is 02/02/2010. Mr. Devender Singhal & Mr. Satish Dondapati has been managing the fund since 09/05/2019.

Kotak PSU Bank ETF, *Name of the Benchmark - Nifty PSU Bank TRI, Scheme Inception date is 08/11/2007. Mr. Devender Singhal & Mr. Satish Dondapati has been managing the fund since

09/05/2019.

Kotak Gold ETF, *Name of the Benchmark - Price of Gold, Scheme Inception date is 27/07/2007. Mr. Abhishek Bisen has been managing the fund since 15/04/2008. & Mr. Satish Dondapati


@

~

Mr. Rukun Tarachandani manages 2 funds of Kotak Mutual fund.

Mr. Arjun Khanna manages 4 funds of Kotak Mutual fund.

Mr. Satish Dondapati manages 6 funds of Kotak Mutual fund.€

**Mr. Abhishek Bisen manages 9 funds of Kotak Mutual fund.

Different plans have different expense structure. The performance details provided herein are of regular plan

^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV.Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Source: ICRA MFI Explorer.

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kotak mf booklet1...kotak india eq contra fund 31 may, 2019st about kotak mutual fund kotak mahindra...

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