mutual fund review - icici direct

Mutual FundReview

October 20 2009 | Mutual Fund October 20 2009 | Mutual Fund October 20 2009 | Mutual Fund

November 19, 2009 | Mutual Fund Mutual Fund Review

September 22, 2015

ICICI Securities Ltd. | Retail MF Research

Note: Whenever, returns for the scheme are shown in the report, they are for the growth option of the scheme.

Mutual Fund Review

Equity Markets ....................................................................................... 2 Debt Markets.......................................................................................... 3 MF industry synopsis ............................................................................ 4 MF Category Analysis............................................................................ 5

Equity funds...................................................................................... 5

Equity diversified funds....................................................................... 6 Equity Infrastructure fund.................................................................... 7 Equity Banking Funds.......................................................................... 8 Equity FMCG........................................................................................ 8 Equity Pharma Funds .......................................................................... 9 Equity Technology Funds.................................................................... 9

Exchange Traded Funds (ETF) ....................................................... 10 Balanced funds ............................................................................... 11 Monthly Income Plans (MIP) .......................................................... 11 Arbitrage Funds .............................................................................. 12 Debt funds ...................................................................................... 13

Liquid Funds ...................................................................................... 14 Income funds..................................................................................... 15 Gilt Funds ........................................................................................ 16 Gold ETFs: Medium term outlook benign......................................... 17 Model Portfolios .................................................................................. 18

Equity funds model portfolio.......................................................... 18 Debt funds model portfolio ............................................................ 19

Top Picks.............................................................................................. 20

September 22, 2015


Page 2

Equity Markets Update

August and September were one of the most volatile months for global equity markets with devaluation of the Chinese currency and the subsequent regulatory actions by them that created shivers in global capital markets. Indian markets were no exception with the Nifty falling 6.6% during the month. Midcap and small cap indices also witnessed a sharp correction and ended the month with a fall of 4.9% and 7.3%, respectively

A strengthening US dollar, falling commodities and an economic slowdown are putting tremendous pressure on emerging market currencies and equities

The risk-off global trade has led FIIs to pull out equities worth US$3 billion from the Indian market in the last month. Domestic mutual funds have, however, been aggressively investing at every correction and have invested more than US$2 billion

Domestically, the political logjam in Parliament led to a delay in the passage of the GST bill. While the government has announced a seven point reform plan for PSU banks post the Parliament session, a delay in the GST bill was a big disappointment

The extremely weak last leg of the monsoon led to an overall increase in rainfall deficit to 16% from 12% earlier. The spatial distribution of rainfall is also weak with Maharashtra and most of northern India registering a higher deficit

Inflation continues to surprise on the positive side. CPI for August 2015 slipped to a nine-month low of 3.66% while WPI came in at -4.95%. CPI food inflation (CFPI) came in low at 2.20% YoY (1.7% MoM). Core CPI is hovering around 3.9% YoY (0.2% MoM). CPI July 2015 was revised downwards to 3.69%. WPI August 2015 continued in the red for the tenth consecutive month. Core WPI at -1.86 signifies slack demand for input commodities

Outlook

While global risk-off sentiments continue to rattle the markets in the short-term, we believe price wise correction is approaching maturity. We do not foresee any major price correction from current levels

Flows from foreign institutional investors hold the key in the near term. Once FII outflows stop, markets will stabilise

Structurally, the outlook for the Indian equity markets has improved significantly. This is on the back of a steep correction in commodities, especially crude oil & industrial metals, a 75 bps repo rate cut and subsequent transmission of the same to the corporate balance sheets along with relatively stable exchange rates

Investors should start accumulating from current levels. Every sharp correction should be used as an incremental buying opportunity from a medium-term perspective

Corporate India is witnessing green shoots in terms of recovery and flow of operating leverage (increase in utilisation levels, change in favourable product mix and lower input costs) and financial leverage (improvement in working capital cycle and lower rates). This may gradually translate to improved profitability in a few quarters

We expect markets to remain in a consolidation mode and undergo a base building process in the coming months amid volatility on global news flows and the result season. Any sharp correction should be utilised to build the equity portfolio

CNX Nifty: Volatility increases in last few months

6500

7000

7500

8000

8500

9000

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Source: Bloomberg, ICICIdirect.com Research

Midcap, small caps underperform BSE Sensex…

-6.9 -7.0

-7.4

-8.1

-9.4

-10.0

-8.0

-6.0

-4.0

-2.0

0.0

BSESensex

BSE 100 BSE 500 BSEMidcap

BSESmall Cap

Retu

rn (%

)

Source: Bloomberg, ICICIdirect.com Research Returns : August 17, 2015– July 16, 2015

All major sectors in negative zone

-3.3 -3.7

-4.3 -6.9

-7.9

-8.1 -8.4

-9.5

-10.

0

-10.

6

-10.

8

-12.

3

-15-10

-505

1015

FMCG IT

Heal

thca

re

Sens

ex

Oil &

Gas

Real

ity

Met

al

Auto

Bank

ing

Con.

Dura

PSU

Cap.

Good

s

Retu

rn (%

)

Source: Bloomberg, ICICIdirect.com Research Returns : August 17, 2015– July 16, 2015

Research Analyst

Sachin Jain [email protected] Sheetal Ashar [email protected] Isha Bansal [email protected]


Page 3

Debt Markets Update

The volatility in global capital markets across asset classes was at elevated levels during August. China was the focal point of this turmoil with a sudden devaluation of its currency Yuan. The same along with shifting market expectations on a US Federal Reserve rate hike in their September 16-17 meeting kept the fixed income market volatile

Emerging market currencies came under severe pressure post the Yuan's devaluation and depreciated in the range of 3-10% in the last month. The rupee depreciated around 3.5% from 64 levels to above 66 levels against the US dollar

Inflation continues to soften with CPI for August printed significantly below market expectations to a nine-month low of 3.66% while WPI came in at -4.95%. CPI food inflation (CFPI) came in low at 2.20% YoY (1.7% MoM). Core CPI is hovering around 3.9% YoY (0.2% MoM). CPI July 2015 was revised downwards to 3.69%. WPI August 2015 continued in the red for the tenth consecutive month. Core WPI at -1.86 signifies slack demand for input commodities

Brent crude oil was extremely volatile during August but was mostly trading below US$50 per barrel

Foreign institutional inflows into the Indian debt market have subsided as the limit of foreign institutional investor’s investment in Government securities has already been exhausted. FII flows have been negative in the last four months since May 2015 to the extent of US$1.1 billion against net inflows of US$27 billion in FY15. The same is keeping some pressure on the markets. Any expectations or news flows on increasing the FII limit will result in renewed buying interest

However, domestic mutual funds have been upbeat on the Indian debt market outlook and have poured in | 1.62 lakh crore in the first five months of FY16

Outlook

Concerns over below normal monsoons have subsided to a large extent. As the fall in crude and industrial commodities is inflationary and fiscal positive, this will keep the outlook for bond markets upbeat

Indian debt markets remain attractive from a medium-term perspective as the inflation trend remains on a downward trajectory and well within RBI’s target range

Investors may consider both duration as well as accrual funds depending on their risk return profile

FII inflows into the Indian debt market have subsided as the limit for FII investment in government securities has already been exhausted. FII flows have been negative since April 2015 as against net inflows of US$27 billion in FY15. With expectations of no increase in the limit in the near term, the same is keeping the pressure on the markets

However, domestic mutual funds have been upbeat on the Indian debt market outlook and are overweight on government bonds on their income and dynamic bonds funds

G-Sec yields turn volatile amid global turmoil

7.5

8.0

8.5

9.0

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Yiel

d (%

)


Fiscal roadmap Fiscal Deficit as % of GDP TargetFY15 (Revised Estimates) 4.1FY16 3.9FY17 3.5FY18 3.0

Source: RBI, ICICIdirect.com Research

G-sec yield curve constant

7.5

7.8 7.97.8

7.5

7.8 7.9

7.7

7.4

7.6

7.8

8.0

1yr 3yr 5yr 10yr

Yiel

d (%

)

16-Sep-15 17-Aug-15


Corporate bond yield becoming flatter

8.48.38.4

8.48.2

8.48.4 8.5

8.08.18.28.38.48.58.6

1yr 3yr 5yr 10 yr

Yiel

d (%

)

16-Sep-15 17-Aug-15



Page 4

MF industry synopsis In August 2015, assets under management (AUM) grew 24% YoY to

| 1254506 crore with share of equity oriented funds at 30% from 26% in August 2014. Total net outflows in MFs were | 46750 crore in August 2015 due to substantial outflows from liquid funds despite handsome inflow into income and equity funds

Inflows into equity schemes were | 9156 crore in August 2015 while of there were net inflows into income funds of | 12671 crore in August 2015. Liquid funds witnessed inflows to the tune of | 70489 crore

Exhibit 1: Equity AUM drives overall AUM

1012

824

9594

15

1095

653

1090

309

1051

343

1181

356

1202

196

1186

364

1173

294

1254

506

1317

267

1203

547

1082

807

1006

452

32% 32%29%

31%

23%

27%31% 31% 31%

25%

19% 20%

31%

24%

0%

5%

10%

15%

20%

25%

30%

35%

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

| Cr

ore

0

200000

400000

600000

800000

1000000

1200000

1400000

Total AUM (RHS) Growth (YoY)

Source: Company, ICICIdirect.com Research

Exhibit 2: AUM share August 2014

Income45%

Gilt1%

Money Market24%

Gold ETFs 1%

Equity26%

Other ETFs1%

FOF(Overseas)0% Balanced

2%

Source: AMFI, ICICIdirect.com Research

Exhibit 3: AUM share August 2015…share of equity AUM increases significantly in past year

Income45%

Gilt1%Money Market

19%

Gold ETFs 1%

Equity30%

Other ETFs1%

FOF(Overseas)0% Balanced

3%


Exhibit 4: HDFC AMC maintains top position, Franklin Templeton records highest YoY growth in AAUM

1650

13

1555

22

1446

93

1255

02

9273

0.2

8369

3

7431

2

5449

7.9

4807

6.6

3603

6.5

1300

36

1180

56

1129

14

9855

6

7944

1

6921

3

5098

7

4369

4

3552

1

3311

3

25000

50000

75000

100000

125000

150000

175000

200000

HDFC

MF

Ipru

MF

Relia

nce

MF

Birla

Sunl

ife M

F

UTI M

F

SBI M

F

Fran

klin

Tem

pelto

n

IDFC

MF

Kota

kM

ahin

dra

DSP

Blac

kRoc

k

| Cr

Jun-15 Jun-14


Exhibit 5: HDFC, Reliance highest contributors to increase in AAUM

HDFC MF15%

Reliance MF16%

Ipru MF13%

Birla Sunlife MF11%UTI MF

6%

SBI MF6%

Franklin Tempelton MF

10%

Kotak Mahindra MF4%

DSP BlackRock MF5%

IDFC MF1%

Others13%



Page 5

MF Category Analysis

Equity funds Midcap funds have significantly outperformed large cap funds in the

last year Among sector funds, pharma funds delivered highest returns in the last

year Exhibit 6: Pharma, midcap clear winners (returns as on September 16, 2015)

28.9

17.6

11.1

9.1

8.5

5.4

5.0

4.4

32.7

29.7

15.8

22.5

19.9

15.2 16

.3

15.6

24.8

15.4 18

.7

13.3

10.0

4.9

8.4

2.8

0

5

10

15

20

25

30

35

Pharma Mid cap FMCG Technology Diversified Banking Large Cap Infrastructure

Retu

rns

(%)

1 year 3 Year 5 year

Source: Crisil Fund Analyser, ICICIdirect.com Research ; Returns over one year are compounded annualised returns

Exhibit 7: Inflow into equity funds increase in August 2015

794656004963

6651 5840

9156

5364 63248481

10584 1007612273

6133

-4500-2500-50015003500550075009500

1150013500

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Net

Inflo

w (

| Cr

)

Net inflow (Equity + ELSS)


Exhibit 8: Equity AUM at high levels

2667

42

2803

97

2971

60

3146

84

3194

78

3409

36

3457

39

3451

39

3451

29

3651

66

3723

13

3936

02

3817

23

150000200000250000300000350000400000450000

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

| la

kh C

rore

Equity +ELSS


Exhibit 9: Deployment of equity funds

Allocation Banks Software Pharma Auto FinanceConsumer

Non-Durables

Construction PetroleumIndustrial

Capital Goods

Industrial Products

| crore 81634 40602 33171 27912 23015 20551 16607 16104 16,027 15270

% of total 20.6 10.3 8.4 7.1 5.8 5.2 4.2 4.1 4.1 3.9

Source: Sebi, ICICIdirect.com Research, Sector Classification (as per Amfi)

Midcap funds gained on multiple re-rating as a fall in

commodity prices helped midcaps post better growth with

improved margins in Q1FY16

Exposure to banks and finance stocks together account for

the highest proportion with 27% of equity assets followed

by technology and pharma


Page 6

Equity diversified funds

Equity diversified funds delivered healthy returns last year. Midcap funds were outperformers with 18% one year average return followed by multicap funds with one year average return of 9% and then large caps with 5% return against BSE Sensex return of -2% as on September 16, 2015

The fact that the markets factored in a slew of negative news surrounding the Greek referendum, Chinese equity meltdown and weak monsoon forecast domestically while overcoming the overhead resistance adds to the significance of this bullish turnaround

Although earnings growth may remain muted in the next couple of quarters, it is expected to improve significantly in FY17 and FY18. The same may keep market sentiments upbeat

The structural medium to long term outlook for the Indian equity market remains positive supported by lower commodity prices, benefit of lower interest rates and policy action by the government to spur investments and, consequently, overall growth

The Sensex is currently trading at 16.2x FY16E EPS of | 1608 and 13.7x FY17E EPS of | 1901, which provides comfort. Investors should accumulate multicap funds following a buy on dips or SIP strategy

Caution is required in midcap and small cap mutual funds as they have significantly outperformed large caps in the current market rally since September 2013. Therefore, if the overall market volatility increases, midcap and small caps funds in the near term may underperform. Investment in the same should only be over a five year investment horizon

Recommended funds Large cap

Axis Equity Birla Sunlife Frontline Equity ICICI Prudential Focused Bluechip Equity SBI Bluechip UTI Opportunities

Diversified

Franklin India Prima Plus Fund ICICI Prudential Dynamic Plan Reliance Equity Opportunities

Midcap

HDFC Mid-Cap Opportunities Fund ICICI Prudential Value Discovery Fund Franklin India Smaller Companies Fund SBI Magnum Global Fund

(Refer to www.icicidirect.com for details of the fund)

View Short term: Positive Long-term: Positive


Page 7

Equity Infrastructure fund After a clear mandate, the government unveiled its 10-year agenda to

focus on infrastructure, especially in road & railways like the dedicated freight corridor (US$80 billion), Diamond Quadrilateral (Mumbai Ahmedabad bullet train preliminary cost pegged at | 65,000 crore), Sagar Mala project (| 1 lakh crore project) and Bharat Mala project (| 55000 crore project). With increased focus on road development, NHIDCL is set to award projects worth | 1.3 lakh crore over the next five years with additional 1500 km of highways under the Bharat Mala project whereas NHAI plans to award 20000 km of road projects (| 1.8 lakh crore) in the next couple of years. This lends comfort that there will be tangible opportunities in the long run for infrastructure players

Secondly, the government's progress towards speeding up the decision

making process towards low hanging fruits/stuck project worth | 8 lakh crore would not only lead to better execution but also improve the liquidity of various infrastructure projects

Also, an increase in allocation to road sector & ports, rationalisation of

capital tax gains regime for sponsors & tax pass through status for infrastructure investment trusts (InvITs) and establishment of National Investment and Infrastructure Fund (NIIF) with initial annual outflow of | 20,000 crore in the recent Union Budget would pave the way for greater opportunities for various infrastructure players

Thirdly, relatively better monsoons than forecasted re-ignites hopes of

softening inflation and interest rates that could lead to possible valuation upgrades due to interest outgo and lower discount rates

Fourthly, with the RBI's recent action allowing banks to issue long term

bonds for infrastructure with benefits such as relaxation of CRR & SLR norms and longer duration of bonds, we believe the pressure on developers to fund infrastructure projects would ease. Hence, cost of funds and strain on cash flow are likely to reduce, going ahead

Going ahead, while we believe there would be opportunities in

infrastructure, we remain selectively positive on the sector Preferred Picks

Franklin Build India Fund L&T Infrastructure Fund ICICI Prudential Infrastructure Fund

Refer www.icicidirect.com for

details of the fund

View Short-term: Positive Long-term: Positive


Page 8

Equity Banking Funds Subdued profitability continued for PSU banks in the quarter ending

June 2015 due to lower growth (loan growth for most PSU banks in single digits), subdued margins and rising NPA provisions. Further, there were no large gains on the treasury investment front, which supported their financials in the last three quarters vs. higher provisions

Slippages i.e. fresh NPAs remain elevated for most PSU banks. During

the quarter, a large part of slippages came from the restructured book. The management has indicated that NPA pain may continue for at least the next two quarters

Private banks, on the other hand, continued with the healthy

performance on profitability The recent reform measures planned under “Indradhanush” for PSU

banks including capitalisation of | 25000 crore for FY16 is positive over the longer term. Appointment of private sector honchos can also be a game changer in overall strategy management of PSU banks

We believe that, going ahead, asset quality woes and, consequently,

growth concerns for PSU banks will continue for the bulk of FY16E. We suggest considering PSU bank stocks for a two-year investment horizon. Though private banks are also seeing moderation, a steady operational performance ahead should provide investors with better returns over the next two or three years. The expected turnaround in the economy should augur well for the banking sector, as a whole. Hence, we remain positive on the sector over the long term

Preferred Picks

ICICI Prudential Banking & Financial Services Reliance Banking Fund UTI Thematic - Banking Sector Fund

Refer to www.icicidirect.com for

details of the fund

Equity FMCG FMCG companies continue to witness muted demand from both rural

and urban India. With the significant correction in commodity prices, the industry has taken price cuts to pass on raw material benefits. This has affected revenue growth mainly due to the absence of a price hike in sales. However, a decline in commodity prices has resulted in a considerable expansion in operating margins despite companies increasing their advertisement & promotion (A&P) spend

In the last few months, the valuation multiples of FMCG companies have seen some contraction in the wake of concerns over a demand revival. We believe recent events would remain an overhang on FMCG stocks. This may result in a further contraction of premium multiples it commands vis-à-vis the market

Preferred Picks

ICICI Prudential FMCG Fund SBI FMCG Fund

Refer www.icicidirect.com

for details of the fund

View Short-term: Neutral Long-term: Positive

View Short-term: Neutral Long-term: Neutral


Page 9

Equity Pharma Funds Strong visibility on the back of a good product basket and a reasonable

base business growth continue to attract buying interest in the pharma sector despite premium valuations

US and Indian formulations remain main growth drivers for the sector on the back of a strong pipeline and incremental product launches. Healthy operating margins, relatively low leverage and strong return ratios are some of the other attributes for most pharma players

However, the pharma sector has significantly outperformed other sectors in the last few years. Therefore, they may undergo some consolidation in the near term

Preferred Picks

Reliance Pharma Fund SBI Pharma Fund UTI-Pharma & Healthcare

Refer to www.icicidirect.com

for details of the fund

Equity Technology Funds

Tier-I IT companies reported average 3.1% QoQ (2.3% estimate) dollar revenue growth in Q1FY16 vs. 1.2% decline in Q4FY15 and 3% in Q1FY15 as Q1 is a seasonally strong quarter and cross currencies were stable. Infosys reported stellar revenue beat, TCS and HCL Tech were in line while Wipro was marginally below. Wage hikes, visa expenses, business investments (S&M, onsite) were key margin headwinds, which were partially offset by currency tailwinds and operational efficiency. The FY16E commentary was upbeat led by healthy deal signings and traction in digital technologies

Operationally, discretionary spending remains healthy in the US and led growth while other markets (Europe, APAC) were soft. Insurance, telecom and oil & gas verticals are structurally challenged and growth continues to be uneven

Average rupee has depreciated ~2.8% in the quarter-to-date in Q2FY16E and could aid margins leading to earnings upgrade in FY16E, FY17E. Upsides could be in line with earnings upgrades given blended valuations are at ~16.5x FY17E. However, sharp sell-offs should be used to accumulate given long-term growth prospects

Preferred Picks

ICICI Prudential Technology Fund DSPBR Technology fund

Refer to www.icicidirect.com for

details of the fund




Page 10

Exchange Traded Funds (ETF) In India, three kinds of ETFs are available: Equity Index ETFs, liquid

ETFs and gold ETFs

An equity index ETF tracks a particular equity index such as the BSE Sensex, NSE Nifty, Nifty Junior, etc

An equity index ETF scores higher than index funds on several grounds. The expense of investing in ETFs is relatively less by 0.50-1.00% in comparison to an index fund. The expense ratio for ETFs is in the range of 0.50-0.75% excluding brokerage while for index funds the expense ratio varies in the range of 1.0-1.5%. However, brokerage (which varies) is applicable on ETFs while there are no entry loads now on index funds

Tracking error, which explains the extent of deviation of returns from the underlying index, is usually low in ETFs as it tracks the equity index on a real time basis whereas it is done only once in a day for index funds

ETFs also provide liquidity as they are traded on stock exchanges and investors may subscribe or redeem them even on an intra-day basis. This is unavailable in index funds, which are subscribed/redeemed only on a closing NAV basis

There are over 400 ETFs traded globally. ETFs are transparent and cost efficient. The decision on which ETF to buy should be largely governed by the decision on getting exposure in that asset class

Volumes are higher only in the Goldman Sachs Benchmark ETFs and tracking error is also lowest at 0.01%. Therefore, it is our top pick for investors wanting Nifty-linked returns

CPSE ETF is a new entry in the Goldman Sachs ETF offering. The ETF invests in selective 10 PSU stocks and has been listed on the exchange since April. It has delivered healthy 45% return since its launch. Also, bonus units at the end of the year will also provide additional benefit

Exhibit 10: CPSE ETF leads inflows

51

-439

429 492

773

128

752623

-579

-334

73

-216

469

-800-600-400-200

0200400600800

1000

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Net

Inflo

w (

| Cr

)


Exhibit 11: AUM moderates

5239

4737 54

65 5997 67

02

7056 77

95

8060

7404

7317

7322

7170

7032

0

2000

4000

6000

8000

10000

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

| Cr

ore

Other ETFs


Traded volumes should be the major criterion that is used

while deciding on investment in ETFs. Higher volumes

ensure lower spread and better pricing to investors...

Tracking error, though it should be considered, is not the

deciding factor as variation among funds is not huge...


Page 11

Balanced funds Balanced funds are hybrid funds. More than 65% of the overall portfolio

is invested in equities. Hence, as per provisions of the Income Tax Act, 1961, any capital gains over one year become tax free. Also, dividends declared by funds are tax free

In case you separately invest 35% of your investible corpus in a debt fund, the same will be subject to higher taxation. However, if the whole corpus is invested in balanced funds, 100% shall have lower taxation applicable as mentioned above

After a sharp rally in equity markets, the funds can be a preferred investment avenue as the debt proportion serves to protect on intermediate relief rallies or the downturn while providing 65% participation on further upsides

Exhibit 12: Moderate inflow…

448732

12351491

1202 1425

2075

879

1789

835 1183

4419

1358

0500

100015002000250030003500400045005000

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Net

Inflo

w (

| Cr

)


Exhibit 13: …leads to AUM growth

1729

3

1827

7

2108

0

2276

9

2449

0

2579

2

2650

7

2636

8

2701

5

2874

9

3225

9

3455

0

3466

0

13000

18000

23000

28000

33000

38000

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

| Cr

ore

Balanced


Preferred Picks

ICICI Prudential Balanced - Advantage Fund

HDFC Balanced Fund

Tata Balanced Fund


Monthly Income Plans (MIP) An MIP offers investors an option to invest in debt with some

participation in equity, ~10-25% of the portfolio. They are suitable for investors who seek higher return from a debt portfolio and are comfortable taking nominal risk. The debt corpus of the portfolio provides regular income while the equity portion of the fund provides alpha. However, returns can also get eroded by a fall in equities

MIPs can be classified into aggressive MIP and conservative MIP based on its equity allocation. Risk averse investors should invest in MIPs with lower equity allocation to avoid capital erosion

The change in taxation announced in the Union Budget 2014, shall be applicable to MIP funds (refer to debt funds section for details)

Preferred Picks

Birla Sun Life MIP II - Savings 5 Plan

ICICI Prudential MIP 25

DSPBR MIP Fund

(Refer www.icicidirect.com for details of the fund)

Investors with a limited investible surplus and a lower risk

appetite but with a willingness to invest in equities can

look to invest in these funds



MIP should be a preferred debt investment for funds that need to be parked for over two years


Page 12

Arbitrage Funds Arbitrage funds seek to exploit market inefficiencies that get manifested

as mispricing in the cash (stock) and derivative markets

Availability of arbitrage positions depends very much on the market scenario. A directional movement in the broader index attracts speculators in the market and cost of funding makes futures positions biased

Arbitrage funds are classified as equity funds as they invest into equity share and equity derivative instruments. Since these are classified as equity funds for taxation, dividends declared by the funds are tax free. No capital gains tax will be applicable if they are sold after a year

These funds can be looked upon as an alternative to liquid funds. However, for these funds, returns totally depend on arbitrage opportunities available at a particular point of time and investors should consider reviewing the same before investing. Returns of arbitrage funds are non-linear and, therefore, unsuitable for investors who want consistent return across time period

Arbitrage funds should be used as a liquid investment and should not be a major part of the investor’s portfolio

Availability of arbitrage positions depends very much on the market scenario. Directional movement in the broader index attracts speculators in the market while cost of funding makes future positions biased

In case of positive movement, long build-up in futures puts pricing in an upward bias and creates a window for direct arbitrage positions

On the other hand, negative bias attracts fresh sellers in the market. Speculators try to sell the stock much cheaper than theoretical prices. In such situations, reverse arbitrage opportunities arise

On the other hand, a range bound market does not give ample room to create arbitrage positions

Preferred Picks

ICICI Prudential Equity - Arbitrage Fund – Regular IDFC Arbitrage Fund - (Regular) Kotak Equity Arbitrage Fund SBI Arbitrage Opportunities Fund




Page 13

Debt funds Exhibit 14: Category average returns

5.30

11.4

6

8.80

5.55

11.0

9

8.76

7.56

9.28

8.76

8.24 8.65 8.86

7.96 8.30 8.68

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

6 months 1 year 3year%

Gilt Funds Income LT Income ST Income UST Liquid

Source: ACE MF, ICICIdirect.com Research Note : Returns as on September 16, 2015; Returns over one year are compounded annualised returns

Exhibit 15: Deployment of funds: August 2015

CP Bank CD

Bank CD

Bank CD

Corporate Debt

0

5000

0

1000

00

1500

00

2000

00

2500

00

3000

00

3500

00

4000

00

4500

00Less than 90 days

90 days to 182days

182 days to 1 year

1 year and above

Government Securities

CP

Bank CD

Treasury Bills

CBLO

Other Money MarketInvestmentsCorporate Debt

PSU Bonds

Securitised Debt

Bank FD

Source: SEBI, ICICIdirect.com Research Note : Holding as percentage of total AUM

Exhibit 16: G-Sec yield curve

7.8

7.9

7.8

7.5

7.87.9

7.7

7.5

7.7

7.9

8.1

1yr 3yr 5yr 10yr

Yiel

d (%

)

16-Sep-15 17-Aug-15


Exhibit 17: Corporate bond curve

8.3

8.48.4

8.2

8.4

8.48.4

8.5

8.0

8.1

8.2

8.3

8.4

8.5

1yr 3yr 5yr 10 yr

Yiel

d (%

)

16-Sep-15 17-Aug-15


With yields correcting over 70 bps in a year gilt and duration funds outperformed

Investment into securities with maturity of less than 90 days and more than one year dominates total investments by mutual funds


Page 14

Liquid Funds Liquid fund returns moderated to 8.1-8.7% pre tax from over 9% earned

in the previous year The Reserve Bank’s proactive liquidity management operations ensured

that Call rates stayed range bound around the policy rate reducing day-to-day volatility. The CBLO rates also hovered just above the repo rate. With an improvement in liquidity conditions, the certificate of deposit and commercial paper rates in the three month bracket also eased over 100 bps to the 7.5-8% range from 9.1-9.3%. The same is likely to moderate returns in liquid funds, going forward

For less than a year, individuals in the higher tax bracket should opt for dividend option as the dividend distribution tax @ 28.325% is marginally lower. Also, though the tax arbitrage has reduced, they still earn better pre-tax returns over bank savings (3-4%) and current accounts (0-3%)

Changes in taxation rules announced in Union Budget 2014 are also applicable to liquid funds, as post tax returns in less than a three-year period gets reduced for individuals falling in the higher tax bracket (30% tax slab) and for corporates

Exhibit 18: Call rates near repo rate

6

7

8

9

10

11

12

Jul-1

4Au

g-14

Sep-

14Oc

t-14

Nov

-14

Dec-

14Ja

n-15

Feb-

15M

ar-1

5Ap

r-15

May

-15

Jun-

15Ju

l-15

Aug-

15Se

p-15

%

Call rate


Exhibit 19: …CP/CD yields increases

7.5

8.0

8.5

9.0

9.5

10.0

Jul-1

4Au

g-14

Sep-

14Oc

t-14

Nov

-14

Dec-

14Ja

n-15

Feb-

15M

ar-1

5Ap

r-15

May

-15

Jun-

15Ju

l-15

Aug-

15Se

p-15

%

3M CD 3M CP


Exhibit 20: Flows into liquid funds remain volatile on institutional activity

-67,

318

100,

611

-52,

460

-50,

786

85,8

48

8,78

4

-112

,810

101,

592

-15,

657

-47,

330-5

,864

89,9

78

-70,

489

-200,000

-160,000

-120,000

-80,000

-40,000

0

40,000

80,000

120,000

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Net

Inflo

w (

| Cr

)


Exhibit 21: AUM declines in August due to net outflow

2450

35

1845

25

2788

07

2281

49

1784

91

2653

58

2760

70

1625

62

2667

22

2538

99

2069

79

3007

38

2341

41

80000

130000

180000

230000

280000

330000

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

| Cr

ore

Money Market


Preferred Picks

HDFC Cash Management Fund - Savings Plan SBI Magnum InstaCash Reliance Liquid Fund - Treasury Plan


View Neutral


Page 15

Income funds In the income funds category, long term debt funds outperformed

delivering 11.5% absolute return in the last year (as on August 16, 2015)

We continue to remain positive on the Indian debt markets as they are well placed to benefit from a structural improvement in macroeconomic data and expect the positive undertone of the debt market to sustain

The corporate bond market segment continues to be attractive, especially with expectations of an improvement in corporate profitability, going ahead, and an improved economic outlook. The credit opportunities funds are better placed due to stable returns and a change in taxation warranting a minimum holding period of three years to avail indexation benefits

The recent sell-off in yields of government securities provides an investment opportunity for aggressive investors to add duration funds with a one or two year investment horizon

Credit opportunities funds can also be looked upon by investors who prefer a stable return profile

Exhibit 22: Income funds witness strong inflows

-12,

696

-10,

567

15,4

46 19,8

44

-1,6

32

12,1

63

-152

-8,9

27

-2,5

10

4,20

5

5,86

1

21,7

1312

,671

-15,000

-10,000

-5,000

0

5,000

10,000

15,000

20,000

25,000

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Net

Inflo

ws

(| .C

r)


Exhibit 23: AUM increases

4611

14

4544

95

4759

68

5005

95

5021

54

5202

34

5223

66

5157

73

5146

28

5221

78

5289

00

5558

84

5710

89

300000350000400000450000500000550000600000

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

| Cr

ore

Income


Recommended funds

Ultra Short Term Funds Birla Sun Life Savings Fund ICICI Prudential Flexible income

Short Term Funds Birla Sunlife short term fund HDFC Short Term Fund ICICI Pru Short Term Plan

Short Term Funds – Credit opportunities Birla Sunlife Medium term HDFC Corporate debt opportunities ICICI Prudential Regular Savings

Long term/Dynamic Birla Sunlife income plus ICICI Prudential Dynamic Bond Fund IDFC dynamic bond fund


View Ultra-short term: Positive

Short-term: Positive Long-term: Positive

Ultra-short-term fund returns are attractive on risk adjusted basis Short-term funds will benefit as the bond curve reverts to an upward slopping curve. Credit opportunities funds earn the highest accrual and are the best in the category Dynamic bond funds are suitable for all types of investors and for longer duration. They can take exposure to all durations as per the interest rate outlook and switch between G secs and corporate bonds


Page 16

Gilt Funds In July 2015, gilt funds delivered 11.7% absolute return in the last year,

the highest among debt funds. We believe the odds remain in favour of the government securities yield trending down over the next one or two years. However, gilt funds will be less attractive due to the longer holding period (more than three years) as lower accrual income will neutralise the impact of moderate capital gains in the near term

The front loaded rate cuts by the RBI can push overall interest rates down depending on how soon banks transmit it into the system by repricing their assets and liabilities lower

The central government has signed a memorandum with the RBI setting out a clear inflation objective to bring the inflation rate to the mid-point of the band of 4 +/- 2%. CPI, as per our assessment, should average close to 5% for FY16 (on assumption of normal monsoons and a stable currency). The government’s commitment towards controlling price shocks and steps taken to improve the supply chain are commendable. Also, global prices have corrected sharply and are supportive ranging from crude, metal to food prices. Hence, inflation should likely stay on the intended path. This creates room for the RBI to cut rates by another 100-150 bps to earn a real return of ~1.5-2%

On the supply front, the Budget has pegged the market borrowing for FY16 at | 6 lakh crore on a gross basis and | 4.56 lakh crore on a net basis. Both gross and net market borrowings were close to market expectations. Borrowing related concern is expected to come down, given the government’s commitment towards reducing the fiscal deficit to 3% of GDP by FY17

Aggressive investors can invest in gilt funds with an investment horizon of one or two years

Recommended funds

Birla Sun Life Gilt Plus - PF Plan - Regular ICICI Prudential LT Gilt Fund - PF Option - Regular

(Refer to www.icicidirect.com for details of the fund) Exhibit 24: Net inflows as low Inflation increases rate cut expectation

-209

132 36

7

814

2090

1813 20

58

1439

164

875

-279

190

143

-500

0

500

1000

1500

2000

2500

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Net

Inflo

w (

| Cr

)


View Short-term: Neutral Long-term: Neutral


Page 17

Gold ETFs: Medium-term outlook remains benign Global gold prices were extremely volatile in the last few months.

Initially, they rose sharply from less than US$1100 per ounce to around US$1160 per ounce as heightened volatility in global capital markets post the Chinese government’s surprise currency devaluation measures increased the demand for the safe haven. In the later part, prices settled down to US$1120 per ounce levels

Indian prices moved in line with global prices and rose to as high as | 24500 per 10 grams before coming down to around | 26400

The near term uncertainty surrounding China government action and deferral of US Fed rate hike may provide some support to global gold prices in the near term

However, the medium-term investment demand for gold is largely governed by the broader economic climate. One of the major determinants of investment demand is inflationary concerns. With a low global economic growth environment adding to deflationary pressure, inflationary demand factor for gold remains absent in the near term

Another major determinant for global gold prices is real interest rates. With the US Federal Reserve likely to raise interest rates, going forward, the opportunity cost of holding gold will increase while the same is likely to put pressure on gold prices from a medium-term perspective

Exhibit 25: International gold price subdued…

1050

1100

1150

1200

1250

1300

1350

1400

Jan-

14Fe

b-14

Mar

-14

Apr-1

4M

ay-1

4Ju

n-14

Jul-1

4Au

g-14

Sep-

14Oc

t-14

Nov

-14

Dec-

14Ja

n-15

Feb-

15M

ar-1

5Ap

r-15

May

-15

Jun-

15Ju

l-15

Aug-

15Se

p-15

Price ($/Ounce)


Exhibit 26: …domestic prices follows global trend

24000

26000

28000

30000

32000

34000

Mar

-14

May

-14

Jul-1

4

Sep-

14

Nov

-14

Jan-

15

Mar

-15

May

-15

Jul-1

5

Sep-

15

|

Price (|/10 grams)


Exhibit 27: Outflows for second year….

-112

-47 -3

8 -32

-111

-131

-74

-111

-69

-86 -7

6

-50

-82

-200

0

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Net

Inflo

w (

| Cr

)

Source: Amfi, ICICIdirect.com Research

Technically, after the multiyear bull phase during 2004-12,

gold prices corrected significantly. The violation of the long

term trend line highlights the breach of a decade long trend

of out performance and signals a period of medium-term

consolidation


Page 18

Model Portfolios

Equity funds model portfolio Investors who are wary of investing directly into equities can still get returns almost as good as equity markets through the mutual fund route. We have designed three mutual fund model portfolios, namely, conservative, moderate and aggressive mutual fund portfolios. These portfolios have been designed keeping in mind various key parameters like investment horizon, investment objective, scheme ratings, and fund management. We have changed the mutual funds portfolio in July, to include midcap funds as we believe an improvement in the growth scenario may generate better alpha in midcap stocks over large cap stocks Exhibit 28: Equity model portfolio Particulars Aggressive Moderate ConservativeReview Interval Monthly Monthly QuarterlyRisk Return High Risk- High Return Medium Risk -

Medium ReturnLow Risk - Low Return

Funds Allocation % AllocationFranklin India Prima Plus 20 20 20Birla Sunlife Frontline Equity 20 20 20ICICI Prudential Dynamic Plan - - 20UTI Opportunites Fund - 20 20Reliance Long term Equity 20 - -ICICI Prudential Value Discovery 20 20 20HDFC Midcap Opportunities 20 20Grand Total(a+b) 100 100 100

Source: ICICIdirect.com Research

Exhibit 29: Model portfolio performance : One year performance (as on July 31,2015)

15%

12%

8%

1%

0%

2%

4%

6%

8%

10%

12%

14%

16%

Aggressive Moderate Conservative BSE 100

%

Aggressive Moderate Conservative BSE 100

Source: Crisil Fund Analyser, ICICIdirect.com Research Portfolio inception date : April 15, 2009


Page 19

Debt funds model portfolio We have designed three different mutual fund model portfolios for different investment duration namely less than six months, six months to one year and above one year. These portfolios have been designed keeping in mind various key parameters like investment horizon, interest rate scenarios, credit quality of the portfolio and fund management, etc.

Exhibit 30: Debt funds model portfolio

Particulars

0 – 6 months 6months - 1 Year Above 1 Year

Objective LiquidityLiquidity with

moderate return Above FDReview Interval Monthly Monthly Quarterly

Risk ReturnVery Low Risk - Nominal Return

Medium Risk - Medium Return

Low Risk - High Return

Funds AllocationUltra Short term FundsBirla SL Savings Fund 20Franklin India Ultra Short Bond Fund 20ICICI Pru Flexible Income Plan 20Short Term Debt FundsBirla Sunlife Medium Term Plan 20Birla Sunlife Short Term Fund 20 20Birla Sunlife Short Term Opportunites Fund 20Franklin India Short Term Income Fund 20HDFC Medium Term Opportunities Fund 20HDFC Short Term Opportunities Fund 20 20ICICI Prudential Regular Savings 20ICICI Prudential Short Term Fund 20IDFC SSI Short TermSundaram Select Debt 20UTI Short Term FundLong Term/Dynamic Debt FundsIDFC Dynamic Bond fund 20Total 100 100 100

Time Horizon

% Allocation

Source: ICICIdirect.com Research

Exhibit 31: Model portfolio performance

8.569.40 9.78

8.349.35

11.50

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

0-6 Months 6Months - 1Year Above 1yr

%

Portfolio Index

Source: Crisil Fund Analyser, , ICICIdirect.com Research

*Index: 0-6 month’s portfolio – Crisil Liquid Fund Index; 6 months-1 year – Crisil Short term Index Above 1 year: Crisil Composite Bond Index


Page 20

Top Picks Exhibit 32: Category wise top picks

Category Top Picks

Largecaps Birla Sunlife Frontline equity Fund

ICICI Pru Focussed Bluechip Equity Fund

UTI Opportunities Fund

SBI Bluechip Fund

Midcaps HDFC Midcap Opportunities Fund

ICICI Prudential Value Discovery Fund

Franklin India Smaller Companies Fund

SBI Magnum Global Fund

Diversified Franklin India Prima Plus

ICICI Prudential Dynamic Plan

Reliance Equity Opportunities

ELSS Axis Long Term Equity

ICICI Prudential Tax Plan

Franklin India Tax shield

Category Top Picks

Liquid Funds HDFC Cash Mgmnt Saving Plan

ICIC Pru Liquid Plan

Reliance Liquid Treasury Plan

Ultra Short Term Birla Sunlife Savings Fund

Franklin India Ultra Short Term Bond Fund

ICICI Pru Flexible Income Plan

Short Term Birla Sunlife Short Term FundHDFC Short Term Opportunities Fund

ICICI Pru Short Term Plan

Credit Opportunities Fund Birla Sunlife Medium Term Plan

Franklin India Short term Plan

ICICI Prudential Regular Savings

Income Funds ICICI PrudenIncome Fund

Birla Sun Life Income Plus - Regular Plan

UTI Bond Fund

Gilts Funds ICICI Pru Gilt Inv. PF Plan

Birla Sunlife Constant Maturity 10 year

gilt plan

MIP Birla Sunlife Savings 5Aggressive ICICI Prudential MIP 25

DSP Blackrock MIP

Equity

Debt



Page 21

Pankaj Pandey Head – Research [email protected]

ICICIdirect.com Research Desk, ICICI Securities Limited, 1st Floor, Akruti Trade Centre, Road No. 7, MIDC, Andheri (East) Mumbai – 400 093

[email protected] Disclaimer ANALYST CERTIFICATION We Sachin Jain, CA, Sheetal Ashar, CA and Isha Bansal, MBA (Fin) Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or Funds. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. Terms & conditions and other disclosures: ICICI Securities Limited (ICICI Securities) AMFI Regn. No.: ARN-0845. Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Centre, H. T. Parekh Marg, Churchgate, Mumbai – 400020. India ICICI Securities Limited is a Sebi registered Research Analyst having registration no. INH000000990. ICICI Securities is a full-service, integrated investment banking and is, inter alia, engaged in the business of stock broking and distribution of financial products. ICICI Securities is a wholly-owned subsidiary of ICICI Bank which is India’s largest private sector bank and has its various subsidiaries engaged in businesses of housing finance, asset management, life insurance, general insurance, venture capital fund management, distribution of financial products etc. (“associates”), the details in respect of which are available on www.icicibank.com. ICICI Securities is one of the leading distributors of Mutual Funds and participate in distribution of Mutual Fund Schemes of almost all AMCs in India. The selection of the Mutual Funds for the purpose of including in the indicative portfolio does not in any way constitute any recommendation by ICICI Securities Limited (hereinafter referred to as ICICI Securities) with respect to the prospects or performance of these Mutual Funds. The investor has the discretion to buy all or any of the Mutual Fund units forming part of any of the indicative portfolios on icicidirect.com. Before placing an order to buy the funds forming part of the indicative portfolio, the investor has the discretion to deselect any of the units, which he does not wish to buy. Nothing in the indicative portfolio constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to the investor's specific circumstances. The details included in the indicative portfolio are based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed. The funds included in the indicative portfolio may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs. This may not be taken in substitution for the exercise of independent judgement by any investor. The investor should independently evaluate the investment risks. ICICI Securities and affiliates accept no liabilities for any loss or damage of any kind arising out of the use of this indicative portfolio. Past performance is not necessarily a guide to future performance. Actual results may differ materially from those set forth in projections. ICICI Securities may be holding all or any of the units included in the indicative portfolio from time to time as part of our treasury management. ICICI Securities Limited is not providing the service of Portfolio Management Services (Discretionary or Non Discretionary) to its clients. Mutual fund investments are subject to market risks, read all scheme related documents carefully. Kindly note that such research recommended funds in indicative portfolio are not based on individual risk profile of each customer unless a customer has opted for a paid Investment Advisory Service offered by I-Sec. Investors should consult their financial advisers if in doubt about whether the product is suitable for them. The information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of ICICI Securities Limited. The contents of this mail are solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments or any other product. While due care has been taken in preparing this mail, I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any inaccurate, delayed or incomplete information nor for any actions taken in reliance thereon. This mail/report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject I-Sec and affiliates to any registration or licensing requirement within such jurisdiction. ICICI Securities and/or its associates receive compensation/ commission for distribution of Mutual Funds from various Asset Management Companies (AMCs). ICICI Securities host the details of the commission rates earned by ICICI Securities from Mutual Fund houses on our website www.icicidirect.com. Hence, ICICI Securities or its associates may have received compensation from AMCs whose funds are mentioned in the report during the period preceding twelve months from the date of this report for distribution of Mutual Funds or for providing marketing advertising support to these AMCs. ICICI Securities also provides stock broking services to institutional clients including AMCs. Hence, ICICI Securities may have received brokerage for security transactions done by any of the above AMCs during the period preceding twelve months from the date of this report

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