november, 2016 investor journal … · 2016-11-07 · september from 3.74% in august, mainly on...

KARVY’s

November, 2016

INVESTOR JOURNAL

www.karvyvalue.com

What’s Inside Highlights of the Month » Driven by addition in equity fund folios, mutual funds (MF) houses have registered

a surge of more than 29 lakh investor accounts in the first six months of the current fiscal, taking the total tally to surpass 5-crore mark. This is on top of an additional 59 lakh folios in 2015-16 and 22 lakh in 2014-15. In the last two years, investor accounts increased mainly due to robust contribution from smaller towns.

» India’s retail inflation eased sharply to 4.31% in September, the slowest in more than a year, from 5.05% from August, mainly on account of a sharp fall in food prices. Not only does it make the Reserve Bank of India (RBI) look prescient, it also gives the central bank room to contemplate another rate cut – especially in the backdrop of the contraction of industrial output in August. Food inflation slowed to 3.88% in September from 5.91% in August s prices of vegetables and pulses fell.

» Among IPOs in October, Endurance Technologies Ltd was subscribed over 2 times, PNB Housing Finance & Varun Beverages over 1 time in the retail category.

» Inflation based on the Wholesale Price Index (WPI) fell marginally to 3.57% in September from 3.74% in August, mainly on account of a sharp fall in food prices though the rise in fuel prices exerted upward pressure on the index.

» Even after several foreign players exiting Indian asset management business in the last few years, Mirae Asset Global Investment (India) plans to remain a foreign player in India. After launching its first equity scheme in 2008, Mirae Asset has managed to grow in the past eight years largely due to its strong fund performance, industry participants said. Last month, Mirae Asset crossed assets under management (AUM) of Rs 6000 crore out of which Rs 5,600 crore is in their equity schemes.

» As valuations in the mid- and small-cap space soar, more mutual funds with mandate to invest in these shares are restricting investments into them. The latest to join the bandwagon is Mirae Asset Emerging Bluechip Fund, one of the best performing mid-cap funds with assets of over Rs 3,000 crore. DSP BlackRock Microcap Fund and SBI Small and Midcap Fund are the other schemes which have already limited money flows. Unabated flows into mutual fund schemes and rich stock valuations have made it tedious for fund managers to deploy money into mid- and small-cap shares.

» In a move that surprised many, Cyrus Mistry was sacked as the Chairman of the Tata Sons on October 24, nearly four years after he took over the reins of the over USD 100 billion salt-to-software conglomerate. The decision was taken at a Board meeting held in Mumbai. Ratan Tata has been appointed as interim Chairman for four months during which a search committee will look for a replacement.

KARVY’sINVESTOR JOURNAL

Fund of the MonthBIRLA SL FRONTLINE EQUITY FUND(G)

An open-end growth scheme with the

objective of long term growth of capital...November, 2016

Page 04

Market ReviewPage 01

Karvy Investment InsightPage 03

Fund of The MonthPage 04

Interview CornerPage 05

Readers CornerPage 07

Story of The MonthPage 08

SIP PerformancePage 09

Category Average Returns0

Fixed Deposits SchemesPage 11

Equity Funds PerformancePage 12

Debt Funds PerformancePage 13

Global Markets at a GlancePage 14

Indices WatchPage 15

INVESTOR JOURNALNovember, 2016

Market Review

In its Fourth Monetary policy, RBI reduced the policy rate by

25 bps to 6.25%. Accordingly, Reverse Repo Rate stands revised at 5.75% and MSF Rate at 6.75%. Maintaining policy continuity, the MPC reiterated ‘accommodative’ stance on liquidity and displayed comfort on improving inflation fundamentals.

September CPI inflation eased to 13-month low of 4.31% as against 5.05% in Aug-16. Food remained a key contributor to this sharp easing of price pressures. However, Core CPI shot up to 4.88% from 4.72% in the previous month.

INR ended the month of Oct at 66.70 against the USD.

Sensex and Nifty both were up by 0.27% and 1.18% respectively.

In the corresponding period, FIIs were net sellers in Equity segment worth around 4122 Crores and in Debt segment worth 6046 Crores respectively.

Mutual Funds were net buyers in Equity to the tune of 8105 Crores and in debt up to 24240 Crores.

1.Foreign Trade: The country’s merchandise exports stood at USD 22.88 billion in Sep’16 as against USD 21.87 billion recorded in Sep’15, recording a marginal growth of 4.62% Y-o-Y.

The country’s merchandise imports bills eased to USD 31.22 billion in Sep’16 from USD 32.04 billion recorded a year ago.

Oil imports displayed a growth on a Y-o-Y basis of 3.13% to USD 6.89 billion in Sep’16, stemming a decline of nearly two years. Oil imports constituted around 22% of the total imports during the month.

The non-oil imports dipped by 4.04% in Sep’16 to USD 24.33 billion vis-à-vis non-oil imports of USD 25.36 billion recorded in the month of September of the previous fiscal.

2.Inflation:

Wholesale Price Index‐ based inflation rose 3.57% year-on-year in September 2016, following a 3.74% gain in August.

Food inflation, which was 8.23% in August rose by 5.75% in Sep’16.

The fuel inflation rose by 5.58% in Sep’16 from 1.62% in the month of Aug’16.

CPI inflation stood at 3.88% in Sep’16 from 5.91% in the month of Aug’16.

3.Index of Industrial Production (IIP):

Index of Industrial Production (IIP) for Aug’16 contracted by 0.74% against a rise of 2.44% in previous month.

Manufacturing production in India contracted by 0.27% for Aug’16 compared to 3.35% rise in previous month.

Basic Goods grew at 3.18% in Aug’16 compared to 2.04% recorded a month ago.

Capital goods grew by 1.05% in Aug’16 against contraction of 29.63% in previous month.

Among the BSE sectoral indices, Oil & Gas, PSU and Metal were the major gainers which ended the month up by 8.08%, 6.03% and 5.35% respectively while IT, Teck and Auto were the major losers ending the month down by 2.29%, 2.23% & 0.28% respectively.

Among the NSE sectoral indices, PSE,Metal and Commodities were the major gainers which ended the month up by 6.88%, 6.20% and 4.14% respectively while major indices VIX, IT and Media ended the month in the negative territory, falling by 14.71%, 2.37% & 0.91% respectively.

Among the major Asian Indices, it was a positive month for Nikkei and Taiwan which ended up by 6.06%, 1.53% whereas Hangseng was down by 1.47%.

It was a positive month for all major European indices with CAC-40, DAX, FTSE 100 and BEL-20 ending up by 2.26%, 1.76%, 1.26% and 0.09% respectively.

It was not a bad month for all Major American Indices with NASDAQ, NYSE, S&P500 and Dow Jones ending down by 4.03%, 2.29%, 1.93% and 0.80% respectively.

Among the major indices across the world, Bovespa, Brazilian index had a great month, going up by 10.18%.

Apart from FII and MF activity, Key domestic data released in the month of October were:

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S&P BSE SENSEXDate Close Price Points Diff %age Change

30-Sep-16 27,865.96

3-Oct-16 28,243.29 377.33 1.35%

10-Oct-16 28,082.34 -160.95 -0.57%

17-Oct-16 27,529.97 -552.37 -1.97%

21-Oct-16 28,077.18 547.21 1.99%

28-Oct-16 27,941.51 -135.67 -0.48%

0.27%

CNX Nifty IndexDate Close Price Points Diff %age Change

30-Sep-16 8611.15

3-Oct-16 8738.1 126.95 1.47%

10-Oct-16 8708.8 -29.30 -0.34%

17-Oct-16 8520.4 -188.40 -2.16%

21-Oct-16 8693.05 172.65 2.03%

28-Oct-16 8638 -55.05 -0.63%

0.31%

Sensex & Nifty:

MF Activity: (Month Between 01-Oct-2016 to 30-Oct-2016)

EquityDate Gross Purchase (Cr.) Gross Sale (Cr.) Net (Cr.)

3-Oct-16 3,796.14 3,687.36 108.78

6-Oct-16 3,628.52 3,267.97 360.55

17-Oct-16 4,762.49 4,982.15 -219.66

21-Oct-16 3,513.20 3,735.14 -221.94

28-Oct-16 4,701.75 5,569.44 -867.69

Oct-16 74,167.24 79,157.36 -4,990.12

DebtDate Gross Purchase (Cr.) Gross Sale (Cr.) Net (Cr.)

3-Oct-16 2,651.44 3,699.39 -1,047.95

6-Oct-16 427.15 1,375.25 -948.10

17-Oct-16 975.82 2,032.53 -1,056.71

21-Oct-16 594.25 381.74 212.51

28-Oct-16 731.61 1,837.10 -1,105.49

Oct-16 23,413.57 30,565.45 -7,151.88

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FII Activity: (Month Between 01-Oct-2016 to 30-Oct-2016)

EquityDate Gross Purchase (Cr.) Gross Sale (Cr.) Net (Cr.)

3-Oct-16 1,821.00 1,218.00 603.00

6-Oct-16 1,505.30 1,479.00 26.30

17-Oct-16 1,553.50 1,309.40 244.10

21-Oct-16 1,782.40 1,255.80 526.60

27-Oct-16 2,344.00 1,783.70 560.30

Oct-16 28,435.50 20,329.90 8,105.60

DebtDate Gross Purchase (Cr.) Gross Sale (Cr.) Net (Cr.)

3-Oct-16 12,952.50 2,041.20 10,911.30

6-Oct-16 8,240.10 8,567.70 -327.60

17-Oct-16 6,355.10 13,144.10 -6,789.00

21-Oct-16 6,337.40 4,540.70 1,796.70

27-Oct-16 5,096.40 4,967.80 128.60

Oct-16 117,888.60 93,648.10 24,240.50


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Karvy Investment Insight

Peace of mind and Wealth Creation ideas for long term

Karvy Insights brings to you investment wisdom to help our investors make sound investment decisions and reach their goals faster. These inputs may not help you become wealthy in a short span of time, but they would definitely give you peace of mind and a roadmap for your financial journey.

An ideal investment should » Beat Inflation

» Fund your future needs by appreciating savings

» Meet all contingencies

» Maintain same standard of living


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When it comes to investing - 2 things matter: Business economics, and Is the

business going to get stronger over the next 5 years

- Deepak Singh@smarket

Chinese Proverb: To open a shop is easy; the difficult

thing is keeping it open.

- Chinese Proverbs@Proverbs_China

Rakesh Jhunjhunwala says take professional advice before investing but those

admiring RJ want everything to be free ;)

- Debashis Basu @Moneylifers

‘Tweets’ of the Month

Fund of The Month

BIRLA SL FRONTLINE EQUITY FUND(G)

Investment Objective:

An open-end growth scheme with the objective of long term growth of capital, through a portfolio with a target allocation of 100% equity by aiming at being as diversified across various industries and or sectors as its chosen benchmark index, BSE 200.

Portfolio:

Top 10 Companies Holdings

Name %age

HDFC Bank Ltd. 6.8

Infosys Ltd. 4.6

Reliance Industries Ltd. 4.1

Clearing Corporation Of India Ltd. 3.8

ITC Ltd. 3.6

Larsen & Toubro Ltd. 3.5

ICICI Bank Ltd. 3.1

Tata Motors Ltd. 2.8

Grasim Industries Ltd. 2.6

IndusInd Bank Ltd. 2.5

Top 10 Sector Wise Holding

Industry Name (%)

Bank - Private 19.4

IT - Software 9.0

Refineries 7.6

Pharmaceuticals & Drugs 6.1

Finance - NBFC 5.2

Engineering - Construction 4.3

Finance - Investment 3.8

Cigarettes/Tobacco 3.6

Finance - Housing 3.2

Household & Personal Products 3.0

To read the full Information, Click Here

About Performance of the Scheme:

It is a large cap fund with a track record of over 12 years. The fund manager aims to invest predominantly in some of India’s finest industries such as Finance, FMCG, Oil & Gas, IT etc. as identified by the S&P BSE 200...

Indicates an increase or decrease or no change in holding since last profile. Indicates an increase or decrease in holding since last portfolio.

To truly invest for the long term, you have to be able to withstand

underperformance in the short term, & [most people can’t] -- David Herro

- Jason Bond@bondj008

“Avoid debt even if you can afford it. It takes away options,

which is your most valuable asset.”- The Motley Fool

- D. Muthukrishnan@dmuthuk

http://www.karvyvalue.com/fund-week.aspx?fow=2


Interview Corner

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Fund Manager Interview withMr. P.V.K.MohanHead, Equity - Principal PNB Asset Management Company

Mr. P.V.K.Mohan has over 23 years of experience in equity research and fund management. In his previous assignments he has worked with ICICI Prudential Mutual Fund as Senior Fund Manager (Equity) in PMS, DSP BlackRock Mutual Fund as Portfolio Manager (Equity) in PMS and IL&FS Investments initially as part of a team providing Advisory Services to CIBC Oppenheimer (now part of Blackstone) and later as Fund Manager of IL&FS Mutual Fund.

He holds a Post Graduate Diploma in Management from The Indian Institute of Management, Bangalore and degree in Electrical Engineering from REC Calicut. Karvy Value caught up with Mr. Mohan. Here are some excerpts from the conversation:

Could you please elaborate your investment philosophy? Which approach would you prefer - Top-down or Bottom-up? Why?

We believe that the way to build a sustainable alpha in the long term is through superior stock selection and that is the prime focus of our investment process. While we do have a view on the economy and sectors, we construct the portfolio more on a bottom-up basis depending upon the investment-worthiness of each stock. This approach in some ways demands greater conviction in the stocks we own and hence greater research, either a differentiated perspective on well-known stocks and many times into less-researched and less-owned stocks.

What sets apart Principal Mutual Fund’s Equity schemes from their counterparts? Why should investors consider them?

The performance of all our schemes in the past five years demonstrates our value proposition. To reiterate, we use bottom-up approach and research that together translate into sustainable, better performance.

The stock market’s bull-run has been unabated so far this year, with the P/E rising 11.25% to almost 24 in October. Small-cap and mid-cap stocks have been particularly rallying attracting investors to funds that focus on these. Do you think the rally is justified and do you expect it to sustain further?

The rally is clearly premised upon India’s improving growth outlook, both at the economic and earnings level and its relatively better prospects compared to other emerging and developed markets. The rally has also been fuelled by the global liquidity into equities due to falling bond yields. While it is tricky to take an aggressive call on the latter, we believe that the former is likely to pan out going forward and hence a sustainable driver of the Indian markets. We do believe that small- and mid-caps tend to have better growth prospects in the growth momentum phase; they also are better placed to benefit from the India growth story as they are more domestic-centric. As a result, we believe that notwithstanding intermediate phases of volatility, this category may outperform over the next 3-5 years.

Standard Deviation and Beta of Principal Growth Fund seem to be on the higher side viz-a-viz category and benchmark. Do you think the returns generated by the fund justify the risk taken?

Given the higher active share, a larger proportion of mid-caps where we believe the prospects of returns are better and a conscious increase in portfolio beta opportunistically, it may be possible that beta and volatility are higher. Higher risk opens up the possibility of higher returns.

OUR FOCUS IS ON THE DOMESTIC SECTORS, MORE SPECIFICALLY CYCLICAL ONES


Interview Corner

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Many international rating agencies expect the Indian economy to grow by almost 8%. What are your focus sectors/industries and which ones would you want to avoid going forward?

Our focus is on the domestic sectors, more specifically cyclical ones such as auto/auto components, financials, cement, construction, consumer, etc. We are underweight on global businesses given the growth headwinds.

Almost half of IPO listings since January have reported a loss/ shown no change since their listing date. What parameters must be kept in mind while investing in an IPO?

The most important things to look out for in IPOs are the track record of the company and management, capital efficiency and return ratios, outlook for the business over the next 3-5 years and relative valuations.

Pledging of shares by promoters of more than 1,000 NSE-listed companies hit a 7-yr high recently? Is this a good sign for investors?

Under normal circumstances, pledging of shares by promoters is seen as a negative. At times where promoters do it to raise funds to reinvest into the same business, especially as part of debt restructuring conditions, it may not be so.

How do you think the global economic scenario will pan out? Where does India stand via-a-vis other countries in terms of defending against global risks?

Global growth remains very sluggish and faces several headwinds. Bond yields have fallen sharply and reflect the sluggish growth outlook and have hardly succeeded in stimulating growth. India is relatively better placed in terms of growth outlook given the government’s thrust on infrastructure, a good monsoon driving improvement in the rural economy and continuation of strong consumption growth, especially urban consumption.

What’s your take on the RBI’s first monetary policy under the aegis of the Monetary Policy Committee? Do you see a downward spiral of interest rates from here on? If yes, which type of schemes would you recommend to investors?

It was a slight positive surprise. Given the good monsoon, food inflation is expected to remain benign and keep consumer price index (CPI) inflation under check. With the 4% (+/-2%) inflation target likely to be more of a medium term target over the next few years, it does open up possibility of further interest rate cuts; though the quantum and timing would depend upon the inflation trajectory.

How will the Goods & Services Tax (GST) impact stock market investors?

GST is a structural reform that is a significant positive for the economy in the long term. The near term impact would depend on the rates which are now in the process of being firmed up, it could also be slightly disruptive in the near term. However long-term investors should view this reform as a significant positive which would bring down prices and enhance growth.

What advice would you give to first-time stock market investors? Which funds/sectors would you suggest for them?

First-time investors should invest in equities for the long term, maintain a healthy allocation between debt and equities depending upon their risk profile and investment objectives, and invest through Mutual Funds to enable better diversification of portfolio. Typical choice could be a large-cap or multi-cap, diversified equity fund.

The views expressed and information herein are independent views of the Fund Manager(s) and for informative purpose only and under no circumstances should be construed as an opinion or Investment advice. The information contained herein is not intended to be an offer to seek solicitation for purchase or sale of any financial product or instrument. Investment involves risk.

Recipient of this article/ information should understand that statements made herein regarding future prospects may not be realised. Investors are requested to consult their investment advisor and arrive at an informed investment decision before making any investments. The Sponsor, Trustee, AMC, Mutual Fund, their directors, officers or their employees shall not be liable in any way for any direct, indirect, special, incidental, consequential, punitive or exemplary damages arising out of the information contained in this document.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.


Readers Corner

‘S’ for Sindhu and Sakshi but don’t miss ‘S’ for SIP

While woman have always proven to be better multi-taskers than men on all fronts - home, office, academics, entrepreneurship, science, technology and politics - they have now taken the lead even in sports despite it being a male bastion. The reason for this zeal is their meticulous and perfectionist approach, a key reason for women from ordinary backgrounds clinching success at premier world events like the Olympics.

These wins are just an example of how the traditional mindset of women playing second fiddle to men is slowly but surely changing. If a sport like wrestling can see girls like Sakshi Malik emerge champions, we can certainly do with more women champions in areas such as investments and household finances where men lead. Women need to come forward and adopt a more collaborative approach to their family’s financial planning process which includes goal setting, investment allocation and portfolio monitoring.

Traditionally, a women’s only investment was gold as most were home-makers. In case of financial distress they supported the family by either selling or pledging part of this gold holding. As women sought formal employment, they began investing in financial assets (mainly assured returns products like bank and postal deposits). Of late, they have, however, realised that (declining) interest rates are not keeping pace with the rising cost of their goals. Mutual funds have emerged as a lucrative investment choice which not only aim to beat inflation but also help to provide higher tax adjusted returns vis-a-vis assured returns products. Mutual funds offer the convenience of a Systematic Investment Plan or SIP which is like a (Good) EMI wherein one can invest even Rs.500-1000 per month and create wealth over the long run. Within mutual funds, equity funds have historically provided higher returns though at a relatively higher risk. The risk can be moderated if the investment is held for the long term of more than 5 years.

Over the last 10 years, monthly SIPs in equity mutual funds have provided 13.84%1returns per annum meaning Rs.10,000 invested every month would have returned Rs.24.72 lakh tax-free on a principal of Rs.1.20 lakh. On the other hand, an 8% deposit would have matured to Rs.18.42 lakh and a 10% deposit would have matured to Rs.20.66 lakh with taxes further reducing these returns.

Coming back to sports, India has no dearth of talent provided they are identified early and trained professionally. We need to start this process in right earnest for the 2020 Olympics in Tokyo and maybe even for the 2024 Olympics if we want to significantly improve our medals tally. Investments are no different. To have sufficient funds for long term goals like retirement and children’s education, we need to start early and save regularly in mutual funds.

SIP returns of the CRISIL-AMFI Equity Fund Performance Index for the 10-year period ended September 30, 2016. For further details of this index refer here

Information contained in these articles is not a complete representation of every material fact and is for informational purposes only. The recipient is

advised to consult its advisor/ tax consultant prior to arriving at any investment decision.

Just like the above article, FT have written over 40 such ‘Good EMI’ articles. Please visit www.thegoodemi.com to read these articles.

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The Rio Olympics have culminated and athletes will now start preparing for the next edition in Tokyo in 2020. India closed with only two medals, a drop from the 6 medals we won in 2012. However, it was women power all the way for India with P V Sindhu winning the silver medal in badminton after fighting hard for gold while Sakshi Malik won the bronze medal in wrestling. Dipa Karmakar - the ace gymnast - may have won the third medal for India but lost her bronze medal match by a thin margin.

Courtesy : An investor education and awareness initiative by Franklin Templeton Mutual Fund

https://www.crisil.com/pdf/capitalmarket/CRISIL-AMFI-Equity-Fund-Performance-Index-Factsheet-June-2016.pdf


Story of The Month

There was once a girl called Bharti, who would trouble everyone in her class. She would talk about everyone and share each one’s secret with the other. A lot of children went and complained to the teacher. So the teacher thought she should help Bharti understand.

The teacher showed three toys to Bharti and asks her to find out the difference between each. All the three toys seemed identical in shape, size, and material. She told the teacher that there was no difference. The teacher tells her to carefully observe. After keen observation, Bharti observes holes in the toys. The first toy had holes in the ears. The second toy had holes in the ear and mouth. The third toy had only one hole in one ear.

Then with the help of the needle, the teacher put the needle into the ear hole of the first toy. The needle came out from the other ear. In the second toy, when the needle was put into the ear the needle

THE THREE TOYS

Never lie or break anyones trust, who have immense faith on you. Trust is like a mirror; you can fix it if broken, but the cracks are stil visible.

Also you should be careful in what is being spoken to the other. People, who listen to what you tell them, are not necessarily always the ones you can count on when you need them the most.

came out of the mouth. And in the third toy, when the needle was put in, the needle did not come out.

With this demosntration, the teacher explained that the first toy represented those people who give an impression that they are listening to you and care for you. But in reality they only pretend to do so. After listening, as the needle comes out from the next ear, the things you said to them by counting on them are gone. So be careful while you are speaking with this type of people, who do not care.

The second toy represented those people who listen and give an impression that they care for you. But as in the toy, the needle comes out from a mouth. These people will use your words you tell them against you by telling it to others and bringing out the confidential issues for their own purpose. They may also twist words for their convenience.

In the third toy, the needle does not come out from anywhere. These kind of people will keep the trust you have in them. They are the ones who you can count on.

The teacher asks Bharti which toy she would prefer.

Bharti now understood and vowed never to break anyones trust and respect everyone.

MORAL OF THE STORY:

Courtesy : Karvy Learning Center

Direct Dil Se…

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SIP Performance

S&P BSE SENSEXCurrent NAV (`)

3 Year SIP 5 Year SIP

Rs.36000 Rs.60000

Profit-SIP XIRR(%) Profit-SIP XIRR(%)Large CapBirla SL Advantage Fund(G) 351.88 13065.93 22.34 47113.59 24.10

Birla SL Frontline Equity Fund(G) 180.21 7912.77 14.06 32105.29 17.70

DSPBR Equity Fund-Reg(G) 30.74 8740.73 15.44 31137.34 17.25

Reliance Growth Fund(G) 911.73 10470.59 18.25 36740.04 19.77

SBI BlueChip Fund-Reg(G) 31.98 9478.45 16.64 36775.65 19.79

Templeton India Growth Fund(G) 216.86 9887.69 17.31 32498.26 17.88

Axis Focused 25 Fund(G) 19.89 8490.60 15.02 0.00 0.00

Multi CapBirla SL Equity Fund(G) 590.33 13099.89 22.39 46698.45 23.94

Birla SL India GenNext Fund(G) 64.14 12801.57 21.93 43994.67 22.84

Birla SL Pure Value Fund(G) 47.36 15365.76 25.84 60880.54 29.31

Birla SL Special Situations Fund(G) 20.86 13041.59 22.30 44467.92 23.03

L&T India Value Fund-Reg(G) 29.51 15066.14 25.39 55506.38 27.34

Principal Growth Fund(G) 109.95 9689.44 16.99 37889.46 20.27

Sundaram Rural India Fund(G) 34.98 16688.68 27.81 48622.29 24.70

UTI Transportation & Logistics Fund(G) 100.16 14916.85 25.17 72415.28 33.28

Mid Cap & Small CapBirla SL Small & Midcap Fund(G) 31.71 17372.21 28.82 58208.54 28.34

Canara Rob Emerg Equities Fund-Reg(G) 71.84 16965.41 28.22 66230.19 31.19

DSPBR Micro-Cap Fund-Reg(G) 53.71 22949.56 36.71 83741.90 36.90

Franklin India Smaller Cos Fund(G) 48.20 17045.36 28.34 71379.28 32.94

Kotak Emerging Equity Scheme(G) 32.24 17540.58 29.06 60912.18 29.32

Mirae Asset Emerging BlueChip-Reg(G) 38.65 18671.68 30.70 71237.82 32.89

Principal Emerging Bluechip Fund(G) 82.52 15288.40 25.73 59542.13 28.82

SBI Small & Midcap Fund-Reg(G) 39.35 21527.80 34.75 79230.86 35.49

ELSSBirla SL Tax Plan(G) 30.53 10207.47 17.82 39576.97 20.99

Birla SL Tax Relief '96(G) 24.29 10753.66 18.70 41635.30 21.86

DSPBR Tax Saver Fund-Reg(G) 38.17 11543.04 19.95 41827.91 21.94

IDBI Equity Advantage Fund-Reg(G) 22.12 10352.49 18.06 0.00 0.00

Kotak Tax Saver Scheme(G) 34.69 10246.07 17.89 33240.55 18.21

L&T Tax Saver Fund(G) 30.89 12111.01 20.85 39959.42 21.16

Reliance Tax Saver (ELSS) Fund(G) 50.42 9749.64 17.08 42348.82 22.16

SectorDSPBR Natural Res & New Energy Fund-Reg(G) 26.00 18053.79 29.76 44900.08 23.19

Franklin Build India Fund(G) 32.84 13481.93 22.98 54942.28 27.13

ICICI Pru Banking & Fin Serv Fund(G) 46.07 15051.82 25.37 50271.27 25.35

Invesco India Banking Fund-Ret(G) 39.17 10509.68 18.31 33754.42 18.45

Kotak Infra & Eco Reform Fund(G) 17.66 11908.57 20.53 39936.58 21.15

L&T Infrastructure Fund-Reg(G) 12.52 11778.80 20.33 39351.09 20.90

Reliance Banking Fund(G) 198.58 10087.73 17.63 34465.22 18.77

IndexGS CNX 500(G) 30.80 5544.04 10.04 21852.03 12.76

HDFC Index Fund-Sensex(G) 239.53 3270.84 6.04 16887.71 10.16

ICICI Pru Nifty Next 50 Index Fund(G) 20.32 10960.98 19.03 38072.39 20.35

IDBI Nifty Junior Index Fund(G) 17.71 10556.49 18.38 36918.21 19.85

R*Shares CNX 100 ETF 89.46 4791.85 8.74 0.00 0.00

As on 03rd Nov’16 (Funds have been arranged on 3 years performance)

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Category Average Returns

Category Sub Category1 Week Return

1 Month Return

3 Month Return

6 Month Return

1 Year Return

3 Year Return

5 Year Return

Since Inception

Diversified

Large-cap 2.24 0.37 5.95 15.89 10.57 18.31 14.22 13.64

Mid-cap 2.41 2.82 9.86 21.63 17.51 34.81 23.18 17.98

Multi-cap 2.06 1.18 7.46 17.52 14.21 24.26 17.30 14.83

Small-cap 2.01 3.01 8.78 20.63 17.87 42.54 27.06 26.15

Sector Funds

Banks & Financial Services 3.22 0.77 8.64 25.93 18.97 24.06 17.24 19.04

Energy & Power 2.37 3.68 10.57 23.53 25.28 28.43 11.07 17.69

FMCG 1.75 -0.03 0.95 12.69 8.22 14.90 19.63 16.29

Infrastructure 2.11 1.91 5.53 16.93 10.85 25.53 12.39 8.61

Media & Entertainment 1.61 2.29 6.33 15.25 14.74 19.72 19.37 16.38

Pharma & Health Care 1.90 -1.57 0.59 5.09 -7.30 23.85 22.76 13.57

Service Industry 2.38 1.48 4.57 11.47 2.49 26.08 25.94 15.78

TECk 1.58 0.02 -1.92 -6.05 -5.85 11.10 14.74 8.34

Speciality

Contra 2.48 1.33 7.63 16.04 13.06 25.66 16.92 17.35

Dividend Yield 2.51 1.47 6.74 16.03 11.55 19.95 14.27 14.56

Index - Nifty 2.24 -0.91 2.81 12.24 7.13 14.16 12.51 12.37

Index - Sensex 2.38 -1.49 1.72 10.17 3.64 11.47 11.29 15.94

MNC 1.00 -0.38 1.61 8.52 3.38 30.41 22.78 18.25

Equity Exchange Traded Funds 2.50 -0.39 4.26 13.90 8.14 15.16 11.72 10.08

Equity Linked Savings Scheme 2.26 1.33 7.31 17.63 13.12 22.91 16.72 16.58

Arbitrage Funds

Debt-Oriented 0.31 -0.20 2.00 5.81 8.77 8.54 8.09 8.78

Equity-Oriented 0.08 0.45 1.74 3.44 6.27 7.94 8.46 7.44

Asset Allocation 0.87 -0.15 2.45 7.63 8.18 9.54 8.90 9.10

Balanced Funds

Debt-Oriented 0.81 0.17 2.34 5.60 5.39 10.89 11.58 6.88

Equity-Oriented 1.56 0.91 5.68 13.37 11.23 19.40 15.23 13.70

Category Capital Protection Funds 0.44 0.34 2.09 4.87 6.15 11.16 7.47

Monthly Income Plans 0.53 0.95 4.00 8.36 10.66 12.36 10.55 9.12

Fund Of Funds

Debt-Oriented 0.47 0.81 3.49 7.37 9.64 11.78 10.23 9.46

Equity-Oriented 1.23 0.61 4.46 11.35 11.31 17.83 13.17 13.67

Hybrid-Oriented 0.95 0.48 4.04 9.89 10.81 11.75 10.31 11.54

Gold - FOF -0.23 -3.94 -2.27 1.90 11.70 -2.67 0.61 0.95

Gold Exchange Traded Funds 0.82 -4.22 -3.90 3.03 10.98 0.45 1.36 5.56

Income

Long Term 0.10 0.91 3.61 6.66 9.91 9.96 9.45 8.61

Medium Term 0.11 0.94 3.19 5.98 9.72 9.85 9.61 8.80

Short Term 0.11 0.89 2.79 5.25 9.27 9.27 9.19 8.48

Gilt

Long Term 0.10 0.97 4.65 8.79 12.06 11.70 10.55 9.12

Medium Term 0.15 0.98 3.86 7.34 10.51 10.45 9.81 9.12

Short Term 0.17 0.97 2.91 5.71 10.45 9.30 8.94 7.02

Floating Rate

Long Term Floating Rate 0.10 0.85 3.04 5.81 10.08 10.12 9.32 7.61

Med Term Floating Rate -0.17 0.18 1.32 3.68 8.31 9.34 9.04 7.09

Short Term Floating Rate 0.11 0.73 2.11 4.19 8.33 8.76 8.95 7.74

Speciality-Debt

Interval Funds - Half Yrly 0.13 0.59 1.81 3.70 7.66 8.23 8.58 8.02

Interval Funds - Monthly 0.12 0.54 1.65 3.36 7.14 8.13 8.56 8.05

Interval Funds - Quarterly 0.12 0.54 1.65 3.36 7.10 8.12 8.61 8.22

Interval Funds - Yearly 0.10 0.66 1.88 3.91 7.93 8.70 8.81 8.63

Liquid 0.12 0.54 1.64 3.42 7.26 7.94 8.27 6.96

Ultra Short Term Plan 0.10 0.73 2.15 4.26 8.35 8.55 8.76 7.88

Returns are as on 02nd Nov’1610


Fixed Deposits Schemes

FD Name Rating IndustryInterest Rate

* (Up to)

Bajaj Finance Ltd.FAAA by CRISILICRA MAAA

Bajaj Finserv is the most diversifed non-bank in the country, the largest financier of consumer durables in India and one of the most profitable firms in the category.

8.50%

DHFL Aashray DepositPlus

CARE AAA FD, BWR FAAA

Dewan Housing Finance Ltd (DHFL) is the second housing finance company to be set up in the private sector in India.

8.90%

Gruh Finance Ltd.MAAA by ICRA, FAAAby CRISIL

GRUH Finance Ltd is subsidiary of HDFC Ltd is housing finance company (HFC) recognized by National Housing Bank.

8.25%

HDFC Ltd.FAAA by CRISIL, MAAA by ICRA

A pioneer and leader in housing finance in India, since inception, HDFC has assisted more than 4.9 million customers to own a home of their own. HDFC is the Largest mobiliser of public deposits outside the banking system and the HDFC Group has a strong asset base of over Rs.2.97 trillion and a customer base of over 42.5 million.

8.20%

HUDCO‘tAA+(ind)’ by FITCH, ‘CARE AA+(FD)’ by CARE

HUDCO is a premier techno-financing company set up in 1970 by the Government of India to accelerate the pace of housing and urban development in the country.

7.75%

ICICI Home Finance Ltd

CARE FAAA, ICRA MAAA

ICICI Home Finance Company Limited is one of the leaders in the Indian mortgage finance and realty space.

8.35%

LIC Housing Finance Ltd.

FAAA / STABLE by CRISIL

One of India’s largest housing finance companies, having nation-wide network. Consistent record of dividend payments.

8.20%

Mahindra & Mahindra Financial Services Ltd

CRISIL FAAAMahindra and Mahindra Financial Services Limited (MMFSL) commenced its journey two decades back in the rural non-banking finance industry.

8.30%

PNB Housing Finance Ltd.

FAAA by CRISILPNB Housing Finance (PNBHF) is a subsidiary of Punjab National Bank and a partner of Destimoney Enterprises Pvt. Ltd. PNBHF was incorporated in 1988 and is based in New Delhi.

8.15%

Shriram City Union Finance Ltd.

IND +AA- CARE AA FD

As a deposit-accepting non-banking financial company (NBFC), Shriram City is today India’s premier financial services company specializing in retail finance.

8.75%

Shriram Unnati Deposits

FAAA/Stable by CRISIL, MAA+/Stable by ICRA

With a track record of about 30 years in this business, STFC is among the leading organized finance provider for the commercial vehicle industry

8.75%

Sundaram Home Finance Ltd.

ICRA MAA+Sundaram BNP Paribas Home Finance combines its expertise in Home Finance with the Service Orientiation of its promoter Sundaram Finance.

8.50%

* highest rate including additional interest for Senior citizens, employees etc. wherever applicable

11


Equity Funds Performance

Scheme NameLatest

NAV (`)

Absolute CAGR

1 Year 3 Year 5 YearSINCE

INCEPTION

Diversified

DSPBR Micro-Cap Fund-Reg(G) 54.6350 29.6632 50.4239 29.6052 19.8182

Reliance Small Cap Fund(G) 32.2525 21.2524 46.0408 28.9017 21.0439

SBI Small & Midcap Fund-Reg(G) 39.9478 23.5783 44.3073 29.9363 21.3715

UTI Transportation & Logistics Fund(G) 101.2210 15.8680 42.8542 29.8597 20.2485

Canara Rob Emerg Equities Fund-Reg(G) 73.0100 19.2562 42.1573 27.5822 18.6033

ELSS

Escorts Tax(G) 76.4704 34.6094 31.2771 13.6165 13.0375

Reliance Tax Saver (ELSS) Fund(G) 51.1806 15.0951 30.7405 21.1501 15.8152

IDBI Equity Advantage Fund-Reg(G) 22.4300 8.9160 28.3946 29.2839

Axis LT Equity Fund(G) 33.7957 9.1885 27.8474 22.0233 19.4660

Birla SL Tax Relief '96(G) 24.4800 14.2222 26.1722 19.6089 11.0566

Sector

Franklin Build India Fund(G) 33.3810 17.4319 33.5937 24.8079 18.3231

Kotak Infra & Eco Reform Fund(G) 17.7990 16.7534 31.4364 15.1394 6.8594

DSPBR Natural Res & New Energy Fund-Reg(G) 25.8960 49.7335 30.9194 12.2221 11.8226

L&T Infrastructure Fund-Reg(G) 12.7500 21.0249 30.5972 15.9066 2.7045

Escorts Power & Energy Fund(G) 21.1337 20.8829 30.4839 11.928 9.6629

Dividend Yield

BNP Paribas Dividend Yield Fund(G) 38.8290 12.1261 21.9163 17.2313 12.9538

Birla SL Dividend Yield Plus(G) 151.3300 10.2707 19.7962 12.9151 21.8741

Tata Dividend Yield Fund(G) 64.8796 10.8704 19.7584 14.6147 16.9378

Principal Dividend Yield Fund(G) 40.5800 17.1760 19.4471 13.8608 12.3213

HSBC Dividend Yield Equity Fund(G) 18.2660 15.5406 17.3383 13.2498 6.4595

Global

MOSt Shares NASDAQ-100 ETF 318.1818 4.9131 15.3253 22.5938 22.2651

Birla SL Intl. Equity Fund-B(G) 15.5338 10.4670 13.7288 11.8823 5.0091

ICICI Pru Global Stable Equity Fund(G) 12.6900 5.4713 8.0416 7.9188

ICICI Pru US Bluechip Equity Fund(G) 18.4400 2.9512 6.8578 15.2361

GS Hang Seng BeES 2342.3863 6.7230 5.0060 12.8466 10.0444

Equity Index

ICICI Pru Nifty Next 50 Index Fund(G) 20.6760 20.0598 23.8878 18.3720 12.1012

IDBI Nifty Junior Index Fund(G) 18.0289 19.2174 23.2601 18.0787 10.1087

GS CNX 500(G) 31.2575 10.4087 15.2440 12.0403 15.6792

R*Shares CNX 100 ETF 90.6921 9.2282 13.4918 14.7524

HDFC Index Fund-Sensex Plus(G) 377.7014 8.5167 12.6412 11.5626 28.9017

Equity FOF

Birla SL Asset Allocator Multi FoF(G) 24.4283 14.2524 19.8465 9.9628 9.1359

Kotak Asset Allocator Fund(G) 67.2920 10.6882 19.1058 14.8913 16.8565

Birla SL Financial Planning FOF Aggressive Plan(G) 18.9533 14.5302 18.8124 14.0333 12.3573

Franklin India Life Stage FOFs-20(G) 70.1427 11.4961 18.2471 14.1704 16.2610

Franklin India Life Stage FOFs-30(G) 50.5288 10.4039 15.4266 12.4282 13.3487

(Funds has been arranged on the basis of 3 years performance)

12


Debt Funds Performance

Scheme NameLatest

NAV (`)

Absolute CAGR


INCEPTION

Gilt Funds

ICICI Pru Gilt-Invest-PF(G) 32.3693 13.4974 13.2763 10.7962 9.4857

HDFC Gilt-Long Term Plan(G) 33.5673 13.9197 13.2099 10.9291 8.2464

Birla SL Gilt Plus-PF(G) 44.9806 13.2030 13.1203 11.6377 9.2076

Birla SL Gilt Plus-PF(G)-Instant Gain 44.9806 13.2030 13.1203 11.6377 9.2076

Franklin India G-Sec-LTP(G) 38.3619 12.8359 12.9059 10.1190 9.4348

Income

ICICI Pru Long Term Plan(G) 19.7028 12.8029 13.4598 11.9291 10.5097

Birla SL Dynamic Bond Fund-DAP(G) 19.9843 12.5246 12.1190 10.8818 9.5740

Birla SL Dynamic Bond Fund-Ret(G) 28.8898 12.5248 12.1189 10.8818 9.1604

HDFC High Interest Fund-Dynamic Plan(G) 56.0007 12.4192 11.6451 10.6766 9.2239

HDFC High Interest Fund-Dynamic Plan(G)54EA 56.0007 12.4192 11.6451 10.6766 9.2239

Scheme NameLatest

NAV (`)

Absolute CAGR


INCEPTION

Balanced

ICICI Pru Child Care Plan-Gift Plan 118.0800 15.9862 23.7975 17.1312 17.6595

HDFC Balanced Fund(G) 124.3710 14.5378 23.7861 17.2695 16.8911

HDFC Prudence Fund(G) 430.1960 15.3051 22.8025 15.7320 19.6585

Escorts Balanced Fund(G) 112.7916 12.0183 22.5640 14.5164 16.7680

DSPBR Balanced Fund-Reg(G) 128.1840 16.6362 22.2869 14.9950 15.7440

MIP

SBI Magnum Children Benefit Plan 44.6827 19.1628 19.7083 13.9826 10.6669

ICICI Pru Child Care Plan-Study Plan 62.6338 12.1072 19.1970 15.9638 12.8465

Birla SL MIP II-Wealth 25(G) 34.9569 16.9909 17.1004 13.7710 10.5708

Sundaram MIP-Aggr Plan(G) 17.5561 13.2281 14.9753 10.7645 8.8215

HDFC MIP-LTP(G) 40.2318 13.1707 14.6108 11.5233 11.4322

Arbitrage

Edelweiss Absolute Return Fund(G) 19.1600 3.5940 12.0097 11.0078 9.4439

ICICI Pru Blended-B-I(G) 23.9631 10.6202 10.1085 9.2868 7.9955

Peerless 3 in 1 Fund(G) 15.9446 8.8954 8.4029 7.9524 8.7190

Kotak Equity Arbitrage Scheme(G) 22.8904 6.5584 7.9513 8.4217 7.7470

ICICI Pru Equity-Arbitrage Fund(G) 21.2368 6.6410 7.7979 8.6033 7.9490

Gold-FOF

Axis Gold Fund(G) 10.3102 1.6084 17.5294 -2.6761 0.6082

ICICI Pru Regular Gold Savings Fund(G) 10.8405 3.1682 16.5564 -0.3859 1.6068

Invesco India Gold Fund(G) 9.5059 -1.2877 14.9136 -2.7963 -1.0262

Reliance Gold Savings Fund(G) 13.5477 3.9325 14.5380 -1.6277 5.5107

Kotak Gold Fund(G) 13.2762 2.9115 14.2149 -1.646 5.1803

(Funds has been arranged on the basis of 1 year performance)

Hybrid Funds Performance

13


Global Markets at a Glance

14

Exhibit: Nifty

Exhibit: S&P 500

Exhibit: Euro Stoxx 50

Exhibit: Nikkei

Exhibit: Shanghai

Exhibit: INR

Exhibit: Dollar Index

Exhibit: Eur

Exhibit: JPY

Exhibit: CNY

Exhibit: India 10 Yr Yld %

Exhibit: US 10 Yr Yld %

Exhibit: Germany 10 Yr Yld %

Exhibit: Japan 10 Yr Yld %

Exhibit: China 10 Yr Yld %

84008500860087008800

24-O

ct

25-O

ct

26-O

ct

27-O

ct

28-O

ct

30-O

ct

1-N

ov

2-N

ov

3-N

ov66.6

66.7

66.8

66.9

25-O

ct

26-O

ct

27-O

ct

28-O

ct

1-N

ov

2-N

ov

3-N

ov

4-N

ov

6.746.766.786.806.826.84

25-O

ct

26-O

ct

27-O

ct

28-O

ct

1-N

ov

2-N

ov

3-N

ov

2,040

2,080

2,120

2,160

25-O

ct

26-O

ct

27-O

ct

28-O

ct

31-O

ct

1-N

ov

2-N

ov

3-N

ov

96.0

97.0

98.0

99.0

100.026

-Oct

27-O

ct

28-O

ct

31-O

ct

1-N

ov

2-N

ov

3-N

ov

4-N

ov

1.75

1.80

1.85

1.90

26-O

ct

27-O

ct

28-O

ct

31-O

ct

1-N

ov

2-N

ov

3-N

ov

4-N

ov

2900

2950

3000

3050

3100

26-O

ct

27-O

ct

28-O

ct

31-O

ct

1-N

ov

2-N

ov

3-N

ov

1.071.081.091.101.111.12

26-O

ct

27-O

ct

28-O

ct

31-O

ct

1-N

ov

2-N

ov

3-N

ov

4-N

ov

0.00

0.05

0.10

0.15

0.20

26-O

ct

27-O

ct

28-O

ct

31-O

ct

1-N

ov

2-N

ov

3-N

ov

16750

17000

17250

17500

26-O

ct

27-O

ct

28-O

ct

31-O

ct

1-N

ov

2-N

ov

4-N

ov

101.0102.0103.0104.0105.0106.0

26-O

ct

27-O

ct

28-O

ct

31-O

ct

1-N

ov

2-N

ov

3-N

ov

4-N

ov

-0.08

-0.06

-0.04

-0.02

0.00

26-O

ct

27-O

ct

28-O

ct

31-O

ct

1-N

ov

2-N

ov

3-N

ov

4-N

ov

3080309031003110312031303140

26-O

ct

27-O

ct

28-O

ct

31-O

ct

1-N

ov

2-N

ov

3-N

ov

4-N

ov

6.7406.7506.7606.7706.7806.790

26-O

ct

27-O

ct

28-O

ct

31-O

ct

1-N

ov

2-N

ov

3-N

ov

4-N

ov

2.680

2.700

2.720

2.740

2.760

26-O

ct

27-O

ct

28-O

ct

31-O

ct

1-N

ov

2-N

ov

3-N

ov

Source: Bloomberg, Karvy Research


Indices Watch

Index NameAs on

03-Oct-16As on

28-Oct-16%

Change

S&P BSE Capital Goods 14581.77 14874.24 2.01%

S&P BSE BANKEX 22045.62 22384.14 1.54%

S&P BSE Power Index 1989.59 2008.43 0.95%

S&P BSE PSU 7462.44 7912.66 6.03%

S&P BSE DOLLEX 30 3433.83 3432.33 -0.04%

S&P BSE AUTO Index 22231.66 22168.45 -0.28%

S&P BSE SENSEX 27865.96 27941.51 0.27%

S&P BSE 100 8863.71 8925.39 0.70%

S&P BSE 200 3719.56 3754.45 0.94%

S&P BSE 500 11700.65 11853.37 1.31%

S&P BSE O & G Index 11377.55 12296.39 8.08%

S&P BSE METAL Index 9763.66 10285.58 5.35%

S&P BSE Mid-Cap 13166.68 13408.27 1.83%

S&P BSE GREENEX 2466.77 2499.77 1.34%

S&P BSE Small-Cap 12780.80 13454.03 5.27%

S&P BSE TECk Index 5630.81 5505.47 -2.23%

S&P BSE Consumer Durables 12548.56 12756.11 1.65%

S&P BSE IT 10229.09 9994.78 -2.29%

S&P BSE Health Care 16181.12 16374.08 1.19%

S&P BSE FMCG 8461.02 8514.96 0.64%

S&P BSE Realty Index 1512.19 1552.16 2.64%

Indian Indices:

Index NameAs on

03-Oct-16As on

28-Oct-16%

Change

NIFTY FMCG 21542.05 21547.95 0.03%

NIFTY MEDIA 2969.80 2942.70 -0.91%

NIFTY COMMODITIES 3029.75 3155.15 4.14%

NIFTY 100 8844.20 8906.05 0.70%

Nifty 500 Shariah index 2380.10 2405.23 1.06%

NIFTY PSE 3497.60 3738.25 6.88%

NIFTY DIV OPPS 50 2109.95 2155.80 2.17%

NIFTY FINANCE 7952.80 8060.50 1.35%

NIFTY IT 10292.30 10048.40 -2.37%

NIFTY REALTY 202.70 210.45 3.82%

Nifty Midcap 50 3959.65 4099.50 3.53%

INDIA VIX 17.18 14.65 -14.71%

NIFTY 100 8844.20 8906.05 0.70%

NIFTY SERV SECTOR 10926.15 10974.30 0.44%

NIFTY 50 8611.15 8638.00 0.31%

NIFTY INFRA 2793.40 2869.75 2.73%

NIFTY PHARMA 11461.00 11571.85 0.97%

NIFTY METAL 2522.05 2678.35 6.20%

NIFTY PSU BANK 3129.65 3177.30 1.52%

NIFTY 500 7394.85 7494.10 1.34%

NIFTY 200 4608.35 4652.25 0.95%

NIFTY CONSUMPTION 3879.20 3846.85 -0.83%

NIFTY BANK 19285.70 19555.95 1.40%

NIFTY ENERGY 9756.20 10092.25 3.44%

Global Indices:

Index NameAs on

03-Oct-16As on

28-Oct-16%

Change

Bovespa 58367.00 64308.00 10.18%

CAC 40 4448.26 4548.58 2.26%

Dow Jones 18308.15 18161.19 -0.80%

Hang Seng 23297.15 22954.81 -1.47%

BEL-20 3555.92 3559.21 0.09%

Nasdaq 5312.00 5098.00 -4.03%

Nikkei 225 16449.84 17446.41 6.06%

S&P 400 1552.26 1499.71 -3.39%

Taiwan Weighted 9166.85 9306.92 1.53%

All Ordinaries 5525.20 5370.90 -2.79%

DisclaimerThe information and views presented in this report are prepared by Karvy Stock Broking Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Stock Broking nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document.

This report is intended for a restricted audience and we are not soliciting any action based on it.

For more information on MUTUAL FUNDS call1800 425 8282 or contact your nearest Karvy branch.

Research TeamPF/MFNL/04112016/36

Ankit ChoradiaE-mail : [email protected]

Phone : 040 3321 7132

Production: Naga Babu K

15

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