monthly product presentation fixed income

Monthly Product Presentation Fixed IncomeNovember - 2021

Aditya Birla Sun Life AMC Ltd.

Table of Contents


• Key Indices - Fixed Income

• Way Forward: Economy & our Portfolios

• Aditya Birla Sun Life Liquid Fund

• Aditya Birla Sun Life Money Manager Fund

• Aditya Birla Sun Life Savings Fund

• Aditya Birla Sun Life Floating Rate Fund

• Aditya Birla Sun Life Low Duration Fund

• Aditya Birla Sun Life Corporate Bond Fund

• Aditya Birla Sun Life Banking & PSU Debt Fund

• Aditya Birla Sun Life Short Term Opportunities Fund

• Aditya Birla Sun Life Dynamic Bond Fund

• Aditya Birla Sun Life Medium Term Plan

• Aditya Birla Sun Life Credit Risk Fund

• Aditya Birla Sun Life Income Fund

• Aditya Birla Sun Life Government Securities Fund

• Aditya Birla Sun Life Equity Savings

• Special Facilities, Exit Load & Monthly Average AUM

• Disclaimer

4.35

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

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Oct

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Consumer Price Inflation

6.39

5.00

5.50

6.00

6.50

7.00

7.50

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8.50

9.00

9.50

Oct

-14

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10 year G-Sec movement

6.14

6.98

5.00

5.50

6.00

6.50

7.00

7.50

8.00

8.50

9.00

9.50

10.00

Oct

-15

Jan-

16

Ap

r-1

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Jul-

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Oct

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Jan

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Jul-1

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Jul-1

8

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Oct

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AAA 5 Yr

AA 5 Yr

5 Year Corporate Bond Curve Movement

Key Indices - Fixed Income

Aditya Birla Sun Life AMC Ltd. All data as on 31st October 2021unless otherwise specified

Way Forward: Economy & Our Portfolios


Parameter Last UpdateCurrent Update

Impact

Repo Rate 4.40% 4.00% ↑

CPI 5.30% 4.35% ↑

IIP 11.45% 11.90% ↑

WPI 11.39% 10.66% ↓

Trade Deficit $22.59bn $19.90bn ↑

GDP Growth Rate

1.60%(Q4 FY21)

20.10%(Q1 FY22)

↑

Current Account Deficit (CAD)

1.0% of GDP (Q4 FY21)

0.9% of GDP (Q1 FY22)

↑

Fiscal Deficit3.50% of GDP

(2019-20)9.50% of GDP

(2020-21)↑

Our Fixed Income Portfolio Action & Strategy

Local macro is steadily improving and on an aggregate basis we have crossed the pre-covid output levels.Recent high frequency data like PMI, imports, tax collections and retail sales point to recovery gainingmomentum. However, about half the indicators are below pre-covid levels suggesting uneven recovery acrossvarious segments. Policymakers would be mindful of both, the level and distribution of growth, while takingany decision.

September CPI came at 4.35%, slightly below expectation. Food inflation has been the major contributor forthe last few readings printing lower than expectations. The recent petroleum duty cuts by the central govt andmany state governments will also help the headline CPI. However, core inflation continues to remain sticky,though the momentum is slowing down. Regulator’s consistent communication has been that inflation ismainly driven by supply side issues and therefore, we need to be patient with it.

So far, Fiscal is in a very good shape as Tax collections have been very good and spending has been slow. BothIndirect and Direct tax collections have been impressive. Spending is expected to pick up now and we may endup with a fiscal deficit close to the target of 6.8%.

In the October policy, RBI chose to increase the amount of VRRRs while not hiking reverse repo rate, as someof the market participants expected. The VRRR cut-offs since have come very close to 4% mark. Market isbeing prepared for an eventual hike in reverse repo rate, which may come in December policy. We believethan any movement in Repo rate will happen in FY23 only. Liquidity will continue to remain hugely surplus forthe foreseeable future.

We believe that the rates will move up from here slowly as RBI will normalize the policy rates. However, wedon’t agree with the aggressive hikes priced in by the various forward curves. RBI may continue to nurturegrowth going forward and will be more sensitive to the needs of the economy coming out of a big shock.

All data as on 31st October 2021unless otherwise specified


Fund Facts

ABSL Liquid Fund(An open ended liquid scheme)


Positioning

Invests in high quality debt & money market instruments

Self liquidating portfolio built on high credit quality

Low residual maturity to meet short term investment needs

Key Features

Invests in instruments like Certificate of Deposits (CDs),

Commercial Papers (CPs), Treasury Bills (TBills), CBLO, etc with residual maturity profile of <= 91 days

Intends to provide the investor an avenue to park his/her surplus funds for short tenors along with the potential to earn reasonable returns with

investments made in instruments of high credit quality & short maturity.

Highly liquid in nature with liquidity available at T+1 basis and is suitable for an investment horizon of up to 15 days

High

Medium

Low

Style Box

Low Medium High

Credit

Quality

Modified Duration

Category: Liquid Funds

Erstwhile ABSL Cash Plus is renamed as ABSL Liquid Fund

34.0%40.7%

33.0%

51.7%53.4%

62.0%

1.5%

2.6%12.7%

3.4% 5.0%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

Aug-21 Sep-21 Oct-21

Rating Profile

Sovereign AAA Below AA Cash & Current Assets

3.52

3.82

0.120.10

0.00

0.05

0.10

0.15

0.20

0.25

0.30

1.00

1.50

2.00

2.50

3.00

3.50

4.00

May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21

Debt Quants

YTM (LHS) MOD (RHS)


Portfolio Features

All data as on 31st October 2021unless otherwise specified

3.15

3.91

4.97

5.75

7.19 7.19

3.55

4.26

5.24

5.95

7.24

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

1 Year 2 Years 3 Years 5 Years 10 Years SinceInception

Past Performance

Aditya Birla Sun Life Liquid Fund - Retail Plan Crisil Liquid Fund TRI

48.7% 50.3%59.3%

3.0% 3.1%

2.8%7.8%

13.7%8.9%

26.2%26.8% 24.1%

1.6%

2.7%12.7%

3.4% 5.0%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%


Portfolio Composition

Money Market Instruments Corporate Debt Sovereign

TREASURY BILLS Others Cash & Current Assets

ABSL Money Manager Fund(An open ended debt scheme investing in money market instruments)


Key Features

Invests in instruments like Certificate of Deposits (CDs),

Commercial Papers (CPs), Treasury Bills (TBills), CBLO, etc with residual maturity profile of <= 1yr

Intends to provide the investor an avenue to park his/her surplus funds for short tenors along with the potential to earn reasonable returns with

investments made in instruments of high credit quality & short maturity.

Highly liquid in nature with liquidity available at T+1 basis and is suitable for an investment horizon of 7days to 1 month.

High

Medium

Low

Style Box

Low Medium High

Credit

Quality

Modified Duration

Category: Money Manager Funds

Erstwhile ABSL Floating Rate Fund-STP is repositioned as ABSL Money Manager Fund

Positioning

Investment in high quality money market instruments

Residual maturity of the portfolio less than 1yr to meet short term needs.

Low volatility and high liquidity – ideal for parking surplus money.

17.0% 21.9%15.4%

74.7%77.4% 86.5%

1.7%

0.0%

8.3%

-1.0%

-2.0%-10.0%

10.0%

30.0%

50.0%

70.0%

90.0%

110.0%


Rating Profile


3.95 4.17

0.42

0.31

0.00

0.20

0.40

0.60

0.80

1.00

0.00

1.00

2.00

3.00

4.00

5.00


Debt Quants

YTM (LHS) MOD (RHS)

Portfolio Features


3.79

5.36

6.45 6.72

7.777.19

3.60

4.52

5.586.09

7.53

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

1 Year 2 Years 3 Years 5 Years 10 Years Since Inception

Past Performance

Aditya Birla Sun Life Money Manager Fund - Retail Plan NIFTY Money Market TRI

74.7% 77.4%86.5%

15.3%18.3%

12.1%1.5%

3.4%

3.4%

0.21%1.97%

-0.01%

8.3%

-1.0% -2.0%-10.0%

10.0%

30.0%

50.0%

70.0%

90.0%

110.0%



Money Market Instruments Sovereign TREASURY BILLSOthers Cash & Current Assets

ABSL Savings Fund(An open ended ultra-short term debt scheme investing in instruments with Macaulay duration between 3 months and 6 months)


Key Features

Invests in instruments like Certificate of Deposits (CDs), Commercial Papers (CPs), Treasury Bills (T– Bills), CBLO, etc

Intends to provide the investor an avenue to park his/her surplus funds for short tenors along with the potential to earn reasonable returns with investments

made in instruments of high credit quality & short maturity

Highly liquid in nature with liquidity available at T+1 basis and is suitable for an investment horizon of 1month-3 month

High

Medium

Low

Style Box

Low Medium High

Credit

Quality

Modified Duration

Category: Ultra Short Term Funds

Positioning

An ultra short term fund having high credit quality.

Macaulay Duration of the portfolio will be in the range of 3-6 months.

Ideal for short term investments of 1-3 months.

24.8% 19.7% 19.7%

57.7% 63.7% 59.9%

10.8% 11.5%13.0%

0.48%1.93%

0.54%

6.3% 3.1%6.8%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%


Rating Profile

Sovereign AAA AA Below AA Cash & Current Assets

4.28

4.46

0.52

0.56

0.20

0.40

0.60

0.80

1.00

1.20

2.00

2.50

3.00

3.50

4.00

4.50


Debt Quants

YTM (LHS) MOD (RHS)

Portfolio Features


4.01

5.63

6.78 6.94

8.14

7.45

4.18

5.28

6.326.68

7.87

7.35

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00


Past Performance

Aditya Birla Sun Life Savings Fund - Retail Plan CRISIL Ultra Short Term Debt TRI

36.8% 36.5% 37.6%

29.8% 37.0% 33.5%

24.8%19.7% 19.6%

2.4%3.8%

2.4%6.3%

3.1%

6.8%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%



Corporate Debt Money Market Instruments Sovereign Others Cash & Current Assets

ABSL Floating Rate FundAn open ended debt scheme predominantly investing in floating rate instruments (including fixed rate instruments converted to floating rate

exposures using swaps/ derivatives)


Key Features

Invests more than 65% assets in floating rate instruments like interest rate swaps.

Intends to provide the investor an avenue to park his/her surplus funds for short tenors along with the potential to avoid interest rate volatility.

Highly liquid in nature with liquidity available at T+1 basis and is suitable for an investment horizon of 1month-3 month.

High

Medium

Low

Style Box

Low Medium High

Credit

Quality

Modified Duration

Category: Floater Fund

Positioning

The portfolio will follow a Roll-down strategy for the next 9 months, a quasi-passive strategy

Duration to drift lower every quarter by 0.25 years to reach duration of 0.5 years after 1 year

The portfolio shall adopt the run-down strategy with 1.5 years range as a starting point for its duration.

Binding Constraints: There shall be no incremental buying in > 2 year debt securities, non AAA / A1+ debt securities and

perpetual debt instruments

27.4% 23.1% 27.5%

67.2% 71.1% 66.5%

-0.016%

0.40% 0.39%

5.4% 5.4% 5.6%

-20.0%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%


Rating Profile


4.77 4.71

1.31

0.950.80

1.00

1.20

1.40

1.60

1.80

2.00

2.50

3.00

3.50

4.00

4.50

5.00

5.50


Debt Quants

YTM (LHS) MOD (RHS)

Portfolio Features


4.20

6.34

7.37 7.21

8.347.75

3.55

4.26

5.245.95

7.24

6.63

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00


Past Performance

Aditya Birla Sun Life Floating Rate Fund - Retail Plan Crisil Liquid Fund TRI

52.8% 58.1% 52.0%

8.2%6.3%

6.9%

22.7% 20.9%24.9%

6.2% 7.0% 7.9%4.1% 1.5% 1.8%0.7%

0.8% 0.8%5.4% 5.4%

5.6%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%



Corporate Debt Money Market Instruments Sovereign

Floating Rate Note TREASURY BILLS Other

Cash & Current Assets


Key Features

Invests in instruments like Certificate of Deposits (CDs), Commercial Papers (CPs), Treasury Bills (T– Bills), CBLO, etc

Intends to provide the investor an avenue to park his/her surplus funds for short tenors along with the potential to earn reasonable returns with investments

made in instruments of high credit quality & short maturity

Highly liquid in nature with liquidity available at T+1 basis and is suitable for an investment horizon of 3month-12 month

High

Medium

Low

Style Box

Low Medium High

Credit

Quality

Modified Duration

Category: Low Duration Funds

Aditya Birla Sun Life Low Duration FundAn open ended low duration debt scheme investing in instruments with Macaulay duration between 6 months and 12 months

Erstwhile ABSL Cash Manager is repositioned as ABSL Low Duration Fund

Positioning

A low duration portfolio investing in debt & money market instruments.

Macaulay Duration of the portfolio will be in the range of 6-12 months.

Ideal for short term investments of 3-12 months.

3.80

5.76

6.85 6.73

7.897.31

4.07

5.46

6.60 6.69

7.897.63

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00


Past Performance

Aditya Birla Sun Life Low Duration Fund - Institutional Plan NIFTY Low Duration Debt TRI

4.45 4.66

0.74

0.65 0.60

0.70

0.80

0.90

1.00

1.10

1.20

2.00

2.50

3.00

3.50

4.00

4.50

5.00

5.50


Debt Quants

YTM (LHS) MOD (RHS)

Portfolio Features


26.5% 29.7% 31.6%

51.1%52.4% 52.5%

12.0%12.3% 12.4%1.38% 1.47%

1.32%9.0%

4.1% 2.1%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%


Rating Profile


46.4% 46.2% 46.0%

13.7% 15.3% 15.6%

23.5% 24.0% 25.8%

2.7% 5.4% 5.4%4.7%5.1%

5.1%9.0%4.1% 2.1%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%



Corporate Debt Money Market Instruments SovereignTREASURY BILLS Other Cash & Current Assets

Aditya Birla Sun Life Corporate Bond Fund(An open ended debt scheme predominantly investing in AA+ and above rated corporate bonds)


Key Features Investing in a portfolio of corporate bonds and money market instruments with short to medium term maturity Maintains a high credit quality and low maturity & volatility portfolio by investing over 80% of assets in sound credit profile debt securities(AAA/AA+).Owing to this, the scheme features low on credit risk & duration risk. It may be considered by investors with investment horizon of 1yr & above.

High

Medium

Low

Style Box

Low Medium High

Credit

Quality

Modified Duration

Category: Corporate Bond Fund

Erstwhile ABSL Short Term Fund is repositioned as ABSL Corporate Bond Fund

Positioning Invests predominantly in high quality corporate bonds

Invests more than 80% of the assets in the corporate bonds rated AA+ & above.

71.8% 69.8% 69.4%

15.3% 24.6% 26.9%0.57%

0.47% 0.14%1.14%1.22% 1.28%

11.2%3.8% 2.3%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%


Portfolio Compositon

Corporate Debt Sovereign Money Market Instruments

Others Cash & Current Assets

15.3%24.6% 26.9%

69.2%67.3% 66.3%

4.3%4.3% 4.5%

-0.008%

0.012%

-0.002%

11.2%

3.8% 2.3%

-20.0%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%


Rating Profile


5.105.40

2.07

2.29

1.50

2.00

2.50

3.00

3.50

4.00

1.00

2.00

3.00

4.00

5.00

6.00


Debt Quants

YTM (LHS) MOD (RHS)

Portfolio Features


4.76

8.12

9.01

7.94

8.899.25

5.52

8.42

9.43

7.93

8.91

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00


Past Performance

Aditya Birla Sun Life Corporate Bond Fund NIFTY Corporate Bond TRI

Aditya Birla Sun Life Banking & PSU Debt Fund (An open ended debt scheme predominantly investing in Debt instruments of banks, Public Sector Undertakings, Public Financial Institutions)


Key Features

Investing in a diversified portfolio of PSU/PFI bonds, corporate or state/central government bonds and money market instruments with short term maturity

Maintains a high credit quality and low maturity & low volatility portfolio

Features low on credit risk & duration risk.

It may be considered by investors with investment horizon of over 6 months.

High

Medium

Low

Style Box

Credit

Quality

Low Medium High

Modified Duration

Category: Banking & PSU Fund

Erstwhile ABSL Treasury Optimizer Plan is repositioned as ABSL Banking & PSU Debt Fund

Positioning

The portfolio will follow a Roll-down strategy for the next 1 year, a quasi-passive strategy.

The portfolio will continue to run with more than 95% Sovereign, Cash, A1+ and AAA securities.

The portfolio shall adopt the run-down strategy with 2.25 years range as a starting point for its duration.

Binding Constraints: The portfolio aims at capping modified duration at 2.25 yrs. There shall be no incrementalbuying in: > 3 year securities, non-AAA securities and perpetual debt instruments

67.6% 71.4%64.4%

12.5%12.8%

12.6%

12.2% 8.0%11.0%

0.6% 0.8% 0.7%7.2% 7.0% 11.3%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%



Corporate Debt Sovereign Money Market Instruments Other Cash & Current Assets

5.094.90

2.25

1.841.50

2.00

2.50

3.00

3.50

4.00

2.00

3.00

4.00

5.00

6.00


Debt Quants

YTM (LHS) MOD (RHS)

Portfolio Features


13.1% 13.6% 13.4%

77.4% 76.7% 73.0%

2.3% 2.7%2.3%

-0.03% -0.02% -0.03%

7.2% 7.0% 11.3%

-20.0%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%


Rating Profile


4.20

7.34

8.64

7.48

8.93

7.85

4.56

7.42

8.58

7.20

8.397.83

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00


Past Performance

Aditya Birla Sun Life Banking & PSU Debt Fund - Retail Plan NIFTY Banking and PSU Debt TRI

Aditya Birla Sun Life Short Term Fund(An open ended short term debt scheme investing in instruments with Macaulay duration between 1 year and 3 years)


Key Features Short term accrual fund wherein 65% -75% of the portfolio is invested in AAA rated corporate bonds . Stable and disciplined duration profile of around 1.5 - 3 years in the portfolio in order to minimize the return volatility Owing to this the scheme has low credit risk and low duration risk. Suitable for investors with investment horizon of 1-2yrs.

High

Medium

Low

Style Box

Credit

Quality

Low Medium High

Modified Duration

Category: Short Duration Fund

Positioning Invests in debt & money market instruments of a of high credit quality.

A short duration fund running Macaulay Duration in the range of 1-3yrs.

5.17 5.29

1.82 1.74

1.00

2.00

3.00

4.00

5.00

2.00

3.00

4.00

5.00

6.00


Debt Quants

YTM (LHS) MOD (RHS)

Portfolio Features


57.2% 58.4% 54.0%

23.5% 22.9%23.6%

5.6% 7.3% 8.2%6.1%

6.3% 5.1%7.6% 5.1% 9.0%

-20.0%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%



Corporate Debt Sovereign

Money Market Instruments Others

23.9% 23.3% 23.9%

54.2% 57.8% 56.0%

12.1% 11.5% 9.2%2.2% 2.3% 1.8%

7.6% 5.1% 9.0%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%


Rating Profile


4.49

7.37

8.28

7.25

8.85

7.44

4.84

7.36

8.59

7.54

8.408.13

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00


Past Performance

Aditya Birla Sun Life Short Term Fund CRISIL Short-Term Bond TRI

Aditya Birla Sun Life Dynamic Bond Fund(An open ended dynamic debt scheme investing across duration)


Key Features

Largely driven by two guiding factors: (i)“Absolute return bias” where it endeavours to preserve the purchasing power of the capital (ii) Generating “total returns”that comprise of capital gains and interest income

For the purpose of exploring avenues of capital appreciation, it seeks to invest in government securities, corporate bonds etc. To capture higher interest income, itseeks to invest in structured credit instruments.

Has the flexibility of changing the modified duration depending upon fund managers’ view on market conditions

Suitable for investors with investment horizon of 3 years and above

Low

Low Medium High

Modified Duration

Style Box

Credit

Quality

High

Medium

Category: Dynamic Bond Fund

Positioning

An absolute return oriented fund

Invests in corporate debt, G-Secs & money market instruments

Uses a tactical blend of duration & accrual strategy

All-weather fund , suitable for investing across market cycles & time

periods

15.8%23.5% 22.9%

32.0%29.2% 30.0%

37.2% 31.3% 31.3%

12.4% 13.2% 13.3%

2.6% 2.9% 2.5%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%


Rating Profile


6.366.65

2.783.17

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00


Debt Quants

YTM MOD

Portfolio Features


69.0%60.3% 61.0%

15.8% 23.5% 22.9%

4.2% 4.3% 4.3%8.4% 9.1% 9.3%

2.6% 2.9% 2.5%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%


Protfolio Composition

Corporate Debt Sovereign Securitised Debt Amort

Other Cash & Current Assets

5.684.77

5.344.32

7.56 7.72

4.55

8.27

10.04

7.62

8.80

7.45

0.00

2.00

4.00

6.00

8.00

10.00

12.00


Past Performance

Aditya Birla Sun Life Dynamic Bond Fund - Regular Plan NIFTY Composite Debt TRI

Aditya Birla Sun Life Medium Term Plan(An open ended medium term debt scheme investing in instruments with Macaulay duration between 3 years and 4 years)


Positioning An accrual fund Invests predominantly in corporate bonds with exposure across the

credit spectrum. The fund will maintain the Macaulay Duration in the range of 1-4 yrs.

Key Features

Focus on enhancing the portfolio returns by identifying credit opportunities in the market.

Backed with a strong credit research and fund management team, our securities selection process is quite selective. We refrain from deals where risk-returntrade-off is insufficient, in our opinion.

Intended portfolio duration is 1-2.5 years with investments in corporate bonds across the credit spectrum.

Owing to this the fund features low on duration risk but relatively high on credit risk.

Dominant strategy in the portfolio is accrual which involves buying a bond and holding it till maturity thereby earning from the accruing of interest. This enablesin minimizing interest rate risk to a large extent.

Suitable for investors with investment horizon of 3yrs & above.

High

Medium

Low

Style Box

Credit

Quality

Low Medium High

Modified Duration

Category: Medium Duration Fund

72.2% 69.9% 68.7%

15.3% 16.1% 17.3%

9.6% 11.7% 11.9%

2.9% 2.2% 2.0%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%



Corporate Debt Sovereign Others Cash & Current Assets

15.3% 16.1% 17.3%

16.2% 14.2% 15.1%

35.7% 35.0% 34.5%

30.0% 32.5% 31.1%

2.9% 2.2% 2.0%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%


Rating Profile


6.477.00

2.943.13

1.00

2.00

3.00

4.00

5.00

6.00

0.00

2.00

4.00

6.00

8.00

10.00


Debt Quants

YTM (LHS) MOD (RHS)

Portfolio Features


10.53

4.23 3.844.72

7.71 7.56

5.27

8.8510.08

8.179.30

8.85

-2.00

1.00

4.00

7.00

10.00

13.00


Past Performance

Aditya Birla Sun Life Medium Term Plan CRISIL Medium Term Debt TRI

Aditya Birla Sun Life Credit Risk Fund(An open ended debt scheme investing AA & below highest rated corporate bonds)


Positioning An accrual fund that invests in corporate bonds and credit structures with

exposure across the credit spectrum. The fund will not take any exposure in government securities.

Key Features

A Credit fund investing in a portfolio comprising of corporate debt securities with short to medium term maturities across the credit spectrum within theinvestment grade.

Intends to run a modified duration 2-4 years depending on the interest rate scenario and the opportunities available across the yield curves.

No exposure in sovereign bonds helps in minimizing the interest rate risk to a large extent.

Managed as an accrual/carry product with more aggressive credit profile compared to ABSL Medium Term Fund.

Suitable for investors with an investment horizon of 3 years & above.

High

Medium

Low

Modified Duration

Style Box

Credit

Quality

Low Medium High

Category: Credit Risk Fund

Erstwhile ABSL Corporate Bond Fund is repositioned as ABSL Credit Risk Fund

7.4% 7.4% 6.7%

19.5% 24.2% 23.8%

44.7%43.0% 43.2%

19.0% 19.3% 17.0%

9.5% 6.1% 9.4%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%


Rating Profile


6.86

6.37

1.75 1.76

1.0

2.0

3.0

4.0

5.0

4.0

5.0

6.0

7.0

8.0


Debt Quants

YTM (LHS) MOD (RHS)

Portfolio Features


75.5% 78.8% 74.8%

1.3%7.4% 7.4%

6.7%7.6%

7.8% 7.9%9.5% 6.1% 9.4%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%



Corporate Debt Money Market Instruments Sovereign

Others Cash & Current Assets

7.80

6.34 6.31 6.577.36

8.649.50 9.92

8.618.93

0.00

2.00

4.00

6.00

8.00

10.00

12.00

1 Year 2 Years 3 Years 5 Years Since Inception

Past Performance

Aditya Birla Sun Life Credit Risk Fund - Regular Plan NIFTY Credit Risk Bond TRI

Aditya Birla Sun Life Income Fund(An open ended medium term debt scheme investing in instruments with Macaulay duration between 4 years and 7 years)


Positioning Invests predominantly in sovereign bonds & corporate bonds

of high credit quality Duration is capped at 7 yrs which is actively managed based on

fund managers view on market condition.

Key Features

Endeavours to generate income through investments in a variety of debt instruments namely government bonds & corporate bonds.

Intends to maintain a high credit quality in the portfolio by predominantly investing in sovereign debt

Has the flexibility of changing the modified duration within a wide range depending upon fund managers’ view on market conditions.

Modified duration can be in the range of 1-7 years.

Suitable for investors having long term investment goals and moderate appetite for interest rate risk associated with relatively high portfolio duration.

High

Low

Medium

Style Box

Credit

Quality

Low Medium High

Modified Duration

Category: Medium to Long Duration Fund

Erstwhile ABSL Income Plus is repositioned as ABSL Income Fund

5.565.68

3.443.65

2.00

3.00

4.00

5.00

6.00

7.00


Debt Quants

YTM MOD

Portfolio Features


66.0%49.5%

67.3%

23.8%

22.1%

16.2%

-0.014%

10.2%

28.4%16.5%

-20.0%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%


Rating Profile


23.8% 22.1% 16.2%

66.0%

49.5% 67.3%

-0.014%

10.2%28.4%

16.5%

-20.0%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%



Corporate Debt Sovereign Others Cash & Current Assets

4.27

8.24

9.57

6.92

8.389.30

3.87

7.86

9.73

7.57

8.66

0.00

2.00

4.00

6.00

8.00

10.00

12.00


Past Performance

Aditya Birla Sun Life Income Fund Crisil Composite Bond TRI

Aditya Birla Sun Life Government Securities Fund(An open ended debt scheme investing in government securities across maturity)


High

Low

Medium

Style Box

Credit

Quality

Low Medium High

Modified Duration

Category: Gilt Fund

Key Features

Actively managed fund which invests in sovereign bonds of varying tenors

High quality credit profile owing to investment in Sovereign bonds

Ideal for investors having a longer investment horizon of greater than 36 months.

Positioning

The portfolio will follow a Roll-down strategy, a quasi-passive strategy.

The portfolio will be constructed of 100% allocation to Sovereign securities and cash in overnightmarket for liquidity needs.

The portfolio shall adopt the run-down strategy with 4.5 years range as a starting point for its modifiedduration.

Binding Constraint: The portfolio aims at capping modified duration at 4.5 years

Portfolio Features


3.78

7.63

9.95

7.77

9.698.89

3.15

7.05

9.75

7.23

8.31

0.00

2.00

4.00

6.00

8.00

10.00

12.00

1 Year 2 Years 3 Years 5 Years 10 Years SinceInception

Past Performance

Aditya Birla Sun Life Government Securities Fund NIFTY All Duration G-Sec Total Return Index

6.25

6.08

4.29

3.85

3.00

3.50

4.00

4.50

5.00

5.50

6.00

6.50

7.00


Debt Quants

YTM MOD

97.0% 97.5% 95.2%

3.0% 2.5% 4.8%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%


Rating Profile

Sovereign Cash & Current Assets

97.0% 97.5% 95.2%

3.0% 2.5% 4.8%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%



Sovereign Cash & Current Assets

Aditya Birla Sun Life Equity Savings Fund(An open ended scheme investing in equity, arbitrage and debt)


PositioningWell poised to gain benefits of

High growth potential of equities

Stability of fixed income

Downside protection owing to arbitrage positions

Key Features Participates in arbitrage opportunities to generate the capital appreciation for investors.

Provides a tactical blend of Debt, Equity & Arbitrage to provide commensurate returns while limiting the downside.

Effectively 65% exposure to equity makes this fund a tax efficient avenue.

Ideal for conservative equity investors.

Arbitrage

(40%)

Debt

(30%)

Equity

(30%)

Category: Equity Savings

4.05

5.23

1.55

2.53

0.50

1.00

1.50

2.00

2.50

3.00

0.00

1.00

2.00

3.00

4.00

5.00

6.00


Debt Quants

YTM (LHS) MOD (RHS)

Portfolio Features


6.6% 6.2% 4.9%

10.3% 10.3% 9.6%4.0% 4.1% 4.3%

2.6% 2.1% 2.0%8.6% 8.5% 8.6%

3.4% 4.3% 3.3%3.1% 3.1% 2.8%

40.4% 44.9% 48.7%

-24.0% -26.2% -24.7%

45.0%42.6% 40.5%

-40.0%

-20.0%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

140.0%



Finance Banks Consumer Durables

Consumer Non Durables Software Sovereign & Margin FDs

Pharmaceuticals Others Futures and Options

Cash & Current Assets

23.28

12.2811.37

8.20 8.49

20.21

11.12 10.719.03 8.51

0.00

5.00

10.00

15.00

20.00

25.00

1 Year 2 Years 3 Years 5 Years Since Inception

Past Performance

Aditya Birla Sun Life Equity Savings Fund - Regular Plan Customised Index


Annexure

Special Facilities, Exit Load & Monthly Avg AUM


Scheme Special Product Exit LoadMonthly Avg AUM

(Rs Cr)

Aditya Birla Sun Life Liquid Fund STP, SWP Nil 30743.92

Aditya Birla Sun Life Money Manager Fund STP, SWP Nil 13849.23

Aditya Birla Sun Life Savings Fund SIP, STP, SWP Nil 18252.69

Aditya Birla Sun Life Floating Rate Fund SIP, STP, SWP Nil 19299.57

Aditya Birla Sun Life Low Duration Fund SIP, STP, SWP Nil 17566.00

Aditya Birla Sun Life Corporate Bond Fund SIP, STP, SWP Nil 21835.79

Aditya Birla Sun Life Banking & PSU Debt Fund SIP, STP, SWP Nil 16480.75

Aditya Birla Sun Life Short Term FundSIP, STP, SWP, Smart Withdrawal Facility

Nil 8742.07

Aditya Birla Sun Life Dynamic Bond FundSIP, STP, SWP, Smart Withdrawal Facility

Purchase / switch-in, up to 15% of the units = Nil, thereafter <90 days, 0.50%; > 180 days Nil

1573.53

Aditya Birla Sun Life Medium Term PlanSIP, STP, SWP, Smart Withdrawal Facility

Purchase / switch-in, up to 15% of the units = Nil, thereafter<1 Year, 2.00%; >1 Year but <2 Year,1.00%; >2 Years Nil

1612.04

Aditya Birla Sun Life Credit Risk FundSIP, STP, SWP, Smart Withdrawal Facility

Purchase / switch-in, up to 15% of the units = Nil, thereafter<1 Year, 3.00%; >1 Year but <2 Year, 2.00%; >2 but <3 Year, 1.00%; >3 Years Nil

1448.23

Aditya Birla Sun Life Income Fund SIP, STP, SWP Nil 3211.07

Aditya Birla Sun Life Government Securities Fund SIP, STP, SWP, CATP Nil 977.10

Aditya Birla Sun Life Equity Savings Fund SIP, STP, SWPPurchase / switch-in, up to 15% of the units = Nil, thereafter<365 days, 1.00%; > 365 days Nil

535.60

Disclaimer


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unlawful. Views expressed herein should not be construed as investment advice to any party. Wherever possible, all the figures and data given are

dated, and the same may or may not be relevant at a future date. Further the opinions expressed and facts referred to in this document are

subject to change without notice and BSLAMC is under no obligation to update the same. While utmost care has been exercised, BSLAMC or any of

its officers, employees, personnel, directors make no representation or warranty, express or implied, as to the accuracy, completeness or

reliability of the content and hereby disclaim any liability with regard to the same. Recipients of this material should exercise due care and read the

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