sbi equity opportunities fund this product is … · sbi equity opportunities fund ... * dmf -...

SBI Equity Opportunities Fund

*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

Product Labeling

This product is suitable for investors who are seeking*:

Riskometer

Long term investment.

A close ended equity fund that aims to

generate capital appreciation.

NFO Opens: 7th October 2015 NFO Closes: 21st October 2015

SBI EQUITY OPPORTUNITIES FUND – SERIES I

STABILITY IN INDIAN MACRO CONDITIONS

POTENTIAL OPPORTUNITIES: MAKE THE MOST OF IT!

PRODUCT POSITIONING

ABOUT THE SCHEME

Stability in Indian Macro Conditions

Stability in macro conditions when most markets were fragile

Source: RBI, CSO,CMIE, SBIMF Research, Barclays Research

CPI Inflation in a downward trajectory

India‟s growth is higher relative to rest of the world

Current Account Balance – improving substantially

Improving fiscal trajectory

Softer commodity prices and increase in Investment demand

Source: CMIE Economic Outlook, Bloomberg, PPAC, SBIMF Research

Commodity prices have been declining for a year Foreign Direct Investment at all time high

Government taking the lead in driving investment will restore confidence and aid the pick-up in the investment cycle

Earnings Growth – Set To Revive

• Sensex earnings have grown at CAGR of 14% over the last 22 years

• In the recent past, earnings growth have been muted and concentrated in few sectors.

• A new cycle of corporate earnings growth has begun. Also, growth is likely to be far more broad-based.

Data source: Motilal Oswal

Bearishness in China & US rate hike possibility led to capital flight

Equity Market suffered losses across the globe PBOC weakened Chinese Yuan built a narrative of

weakening Chinese economy

Steady decline in US employment rate keeps the possibility of Fed rate hike alive for this year

Performance in 2015 YTD (local currency terms)

Source: Bloomberg, SBIMF Research. PBOC = People’s Bank of China

FIIs continue to pour money into India

• FIIs have pumped approximately USD 64 bn in the last five years and have witnessed large net outflows only twice in last 20 years

• India stands out against other countries in Emerging Markets in terms of both attractiveness and relative performance

• After a long period of concentrated buying in large caps, FIIs have started increasing exposure to mid caps.

• Increased interest from global Private equity players in the mid and small cap space.

• Long term pension funds eyeing opportunities in India.

Source: SEBI, BSE, NSE

* DMF - Domestic Mutual Fund

-40000

-20000

0

20000

40000

60000

80000

100000

120000

140000

Apr-

09

Sep-0

9

Feb-1

0

Jul-

10

Dec-1

0

May-1

1

Oct-

11

Mar-

12

Aug-1

2

Jan-1

3

Jun-1

3

Nov-1

3

Apr-

14

Sep-1

4

Feb-1

5

Jul-

15

FII flows DMF Insurance

-15,000

-10,000

-5,000

0

5,000

10,000

15,000

20,000

25,000

30,000

FY2000

FY2001

FY2002

FY2003

FY2004

FY2005

FY2006

FY2007

FY2008

FY2009

FY2010

FY2011

FY2012

FY2013

FY2014

FY2015

FY2016

FII Flows ($mn)

Domestic investment in equities shows positive signs

• Equity flows lag returns; long term bull case for equities as more money gets diverted to equities

• Initial signs positive, as local institutions witness inflows after a long hiatus

• In recent years Indians savings have gone into physical assets like gold and real estate

• Financial Assets as % of savings are just 45% - Only 4% of these are in equities

• As excess returns of Equity over Gold have turned positive, equity flows likely to rise

Source: Sebi, BSE, NSE, Morgan Stanley, Bloomberg, AMFI

* DMF - Domestic Mutual Fund

0%

1%

2%

3%

4%

5%

6%

7%

F1971

F1973

F1975

F1977

F1979

F1981

F1983

F1985

F1987

F1989

F1991

F1993

F1995

F1997

F1999

F2001

F2003

F2005

F2007

F2009

F2011

F2013

% S

hare

Share of Equity in Total

Household Assets

-200

-100

0

100

200

300

400

Dec-9

9

Dec-0

0

Dec-0

1

Jan-0

3

Jan-0

4

Feb-0

5

Feb-0

6

Mar-

07

Mar-

08

Apr-

09

Apr-

10

May-1

1

May-1

2

May-1

3

Jun-1

4

Jun-1

5

Flows into DMFs(Trailing 3M)

in $mn

The virtuous chain

Better Macro

Better Corporate

Profits Increased Liquidity

Reasonable Valuations

Long term Bull Run

Events to watch out for • Global events – Geo-political events, central bank policies • Corporate earnings • Domestic Money Flows • Government‟s “action on the ground”

Potential Opportunities

Rising income and aspirations driving home improvement

…most categories have shown resilience to the recent softness in the economy

Middleclass disposable expenditure moving to aspirational consumption

Mid-income households likely to increase materially

Home building materials have grown significantly and…

Source: Internal Research , Ambit capital Research

FY05-10 FY10-15 FY05-15Paints 1.3 1.2 1.3 Pipes 2.1 1.8 1.9 Tiles 1.4 1.8 1.6 Plyboards 2.4 1.4 1.9 Light electricals 1.7 1.2 1.4 Adhesives 1.5 1.3 1.4 Sanitaryware 1.4 1.9 1.6 Total 1.5 1.3 1.4

Sectors Sector multiplier to nominal GDP

Increasing Scale and RoCEs* across most sectors

Plyboards- the emerging sector

Home electricals - multiple brands, second largest category Paints- the largest home improvement segment continues to

grow fast

Tile - organised players gaining ground


*Return on Capital Employed

14.6 16.1

21.0

38.6

10

14

18

22

26

30

34

38

-

40

80

120

160

200

FY00 FY05 FY10 FY15

Rsbn/%

Revenue (LHS) RoCE (LHS) One-yr fwd P/E

9.0 10.0

6.7

27.0

5

10

15

20

25

30

-

5

10

15

20

25

30

35

40

FY00 FY05 FY10 FY15

Rsbn/%


14

18

26

10

15

20

25

30

-

20

40

60

80

100

120

FY05 FY10 FY15

Rsbn/%


3.0

6.0

23.0

0

3

6

9

12

15

18

21

24

-

10

20

30

40

50

FY05 FY10 FY15

Rsbn/%


India‟s export potential

The new Government has made significant announcements and commitments and so have MNCs

IT and Pharma have dominated India‟s net exports (based on FY15)

INR has depreciated relatively the most against the USD over the last seven years…

But now Engineering exports are witnessing an increased momentum

The PM has recently stressed on making India a global manufacturing hub: (a) relaxed FDI for defence; (b) special impetus to manufacturing through „Make in India‟; and (c) initiated labour reforms

Global engineering MNCs such as Bombardier, GE and Alstom are making India into a larger manufacturing hub.

Global auto majors (Hyundai, Ford, VW, Toyota and Suzuki) plan to increase sourcing from India.


IT -

Software, 67%

Pharmaceuti

cals, 18%

Automobile,

6%

Castings,

Forgings & Fastners,

2%

Others, 7%

-18% -8%

9%

-1%

51%

26%

54%

-40%

-20%

0%

20%

40%

60%RM

B/U

SD

SG

D/U

SD

TH

B/U

SD

HKD

/USD

IDR/U

SD

KRW

/USD

INR/U

SD

Apr 2010 to Aug 2015

Apr 2007 to Aug 2015

-6%

13%

17%

-10%

-5%

0%

5%

10%

15%

20%

FY13 FY14 FY15

Emerging export sectors

Auto/Auto ancillaries: Growing share of exports

Light industrials: Lower labour costs have led to increasing share of exports

Chemical exports are near all-time highs driven by fine chemical exports


7%

8%

9%

10%

11%

12%

13%

-

500

1,000

1,500

2,000

2,500FY04

FY05

FY06

FY07

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15

Total sales (Rs bn, LHS) Exports-% of Sales (RHS)

9%

11%

13%

15%

17%

19%

21%

(100)

100

300

500

700

900

1,100

1,300

FY04

FY05

FY06

FY07

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15


18%

20%

22%

24%

26%

28%

30%

32%

-

100

200

300

400

FY04

FY05

FY06

FY07

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15


Textiles exports gaining pace over the last few years

40%

42%

44%

46%

48%

50%

-

100

200

300

400

500

600

FY04

FY05

FY06

FY07

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15


Note: The universe for the above charts is BSE500 universe, except Textiles for which the top 15 textile companies have been used.

Defence: Emerging from the junkyard

India‟s defence budget of Rs2 trillion

New government initiatives to encourage manufacturing in India

Despite large industrial base, India is the highest importer

0

1,000

2,000

3,000

4,000

5,000

6,000

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

India China UAE South Korea Pakistan United States

Australia Turkey Algeria Singapore

Va

lue

of I

mp

orts (

US

$ b

n)

% S

ha

re

of to

ta

l im

po

rts

CY11 CY12 CY13 CY11 (% Share) RHS CY12 (% Share) RHS CY13 (% Share) RHS


-60%

-40%

-20%

0%

20%

40%

60%

80%

0

500

1,000

1,500

2,000

2,500

FY02

FY03

FY04

FY05

FY06

FY07

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15

Capital Expenditure (Rs bn)

Revenue Expenditure (Rs bn)

New Government initiatives Details

Relaxed licensing norms for defence

equipment production

Defence license not required to manufacture equipment not used in

the battleground

Hike in FDI Limit to 49%Hike in FDI limit will encourage foreign OEMs to form JV with Indian

companies

Project clearancesThe Government continues to clear projects. For instance, it cleared

orders worth Rs150bn in Sep-15

Emphasis on manufacturing in IndiaProjects cleared by the Government mandate that equiment be

manufactured in India. Imported equipment such as anti-tank

missiles will include technology transfer

Healthcare & Pharma: Evolving Generics Business Models

2011 - 2020

1991 - 2000

2001 - 2010

1984 – Hatch Waxman

Localized, e.g., US-centric

Front-ended

Limited product portfolio

Target simple but large products

Para IV-centric

Global footprints

Fully integrated

Broad product portfolios

Contract Research/Manufacturing

Alliances

Para IVs

Bigger Balance Sheet – Access to Capital

Para IVs

Niche Therapies

Complex Generics

Incremental Innovation - NDDS

Biosimilars

Japan, Africa, Lat Am, Asia

IPR – Global Harmonization

E-commerce: Poised for strong non-linear growth

59% 11%

18%

4% 8%

Cash on Delivery Mastercard Visa

Direct Debit All Others

Source: Kotak

Top 8 Metros

36%

Other

Metros/

Large Towns 29%

Small Towns

(sub-5 mn population)

35%

Well spread internet-user base

Source: Kotak

81.40%

5.80%

5.80% 4.60%

2.40%

Components of E-Commerce in India

Online Travel

E-tailing

Financial Services

Other Online

Services

Digital Downloads

Source: IBEF Report , January 2013

36.4

23.9

12.5 11.4 11.3 10.3

5.2 3.3

4.1

0.4 2.2

6.5 3.4

9.7 5.2 3.9

0

5

10

15

20

25

30

35

40Chin

a

India

Russia

US

Bra

zil

UK

Austr

alia

Japan

%

Growth in e Commerce, 2012-2017 Online retail as % of Total retail

Source: Global e-commerce & retail Logistics, Nov 2013, Jones Lang LaSalle

E-commerce is India‟s new mantra, and is slowly but surely gaining commercial scale in retail, travel, media & entertainment segments

Where do the Opportunities lie?

Large, Mid & Small Caps: The big picture


Small-caps have done well over the long run historically*

… and lower activity levels#

Higher returns attributable to inefficient price discovery owing to lower analyst coverage…#

-

200

400

600

800

1,000

1,200

Sep-0

4

Sep-0

5

Sep-0

6

Sep-0

7

Sep-0

8

Sep-0

9

Sep-1

0

Sep-1

1

Sep-1

2

Sep-1

3

Sep-1

4

Sep-1

5

Large-Cap Mid-Cap Small-Cap

CAGR Returns Smallcaps: 22.9% Midcaps: 20.2% Largecaps: 18.1%

-

10

20

30

40

50

Largecaps Midcaps Smallcaps

Average analysts per stock

-

5.0

10.0

15.0

20.0


Average daily liquidity (US$)

Cyclically small-caps especially attractive today


Experience from last economic upcycle (FY02-08) encouraging for smallcaps

Cyclically, economic revival should imply small cap rerating

0%

10%

20%

30%

40%

50%

60%

70%

Avg ROE improvement,

FY02-FY08

Avg earnings growth, FY02-

FY08

Avg share price performance,

Jun 01-Jun 08


0.30

0.35

0.40

0.45

0.50

0.55

0.60

0.65

0.70

-

2.0

4.0

6.0

8.0

10.0

Jun-12 Mar-13 Dec-13 Sep-14 Jun-15

P/

B r

atio

An

nu

al

GD

P G

ro

wth

(%

)

GDP growth*, LHS Small caps to Large caps (P/B ratio), RHS

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

Apr-

03

Apr-

04

Apr-

05

May-0

6

May-0

7

Jun-0

8

Jun-0

9

Jul-

10

Jul-

11

Aug-1

2

Aug-1

3

Aug-1

4

Sep-1

5

Re-b

ased

to 1

00

S&P BSE Sensex S&P BSE MID CAP S&P BSE SMALL CAP

Performance of large, mid & small cap in different market phases

• In bull markets, mid & small cap stocks have outperformed the large cap stocks • Equity markets have corrected significantly from last years highs • With an expected sustainable bull run in the offing, small and mid cap stocks are poised to outperform large cap stocks

Source: Internal Research, Bloomberg

Large cap

Stock Selection Process & Strategy

Portfolio Construction Process

STEP 1: Qualitative Factors

1. Analysis of business 2. Analysis of business model 3. Impact of Macro-economic variables on the business model 4. 4. External variables and its impact on the company 5. Sell-side research interaction

STEP 2: External Analysis

1. Geo-Politics and its impact on business 2.Competition analysis 3. Channel checks 4.Management Meetings 5. Corporate Governance 6.Plant visits

STEP 3: Quantitative Factors

1. Historical Financial analysis 2.Earnings projection 3. Capital Efficiency projections 4. Application of risk metrics and discount

STEP 4: Investment Thesis

1. Building investment thesis 2. Valuation model 3.Target price 4. Attractiveness vis-a-vis other stocks in the investment universe

STEP 5: Investment Decision

1 Portfolio Composition 2. Continuous Monitoring

What do we look for in a stock?

Alignment of Investment Thesis to Market Opportunities

Capital Efficiency Balance Sheet

Strength

Earnings Growth Management Quality Valuations

Why three year close ended fund?

• SBI Equity Opportunities Fund – Series – IV is a diversified equity fund without bias to any specific segment. However, current opportunities available in the equity market, predominantly lie in the mid & small cap segment. A three year close ended fund would allow the fund manager to manage the portfolio efficiently and to construct a concentrated portfolio with high conviction ideas

• Returns in equity markets are non-linear and to capture them, the fund manager needs to act with patience and discipline, closed ended fund allow the fund manager far more flexibility to ensure a disciplined approach to investing than open ended funds

• Also, a three year closed ended fund offers the flexibility to create a portfolio with long term view and invest into stocks with a three year perspective

Stock Illustrations

0

2000

4000

6000

8000

10000

12000

FY10 FY11 FY12 FY13 FY14 FY15 FY16* FY17*

EBITDA (Rs mn)PAT (Rs mn)

Leading company in the Light Engineering sector

Source: Bloomberg, Internal research

• Beneficiary of being a strong part of the supply chain of the parent due to the available strong and low cost engineering skills

• New opportunities in supplying new products in the low kVA business and expansion into new geographies

• Strong positioning in the domestic market as the power-backup requirements are growing

• Positive traction in the Industrial segments such as compressors, mining, railways/defence and construction

• Profitability growth expectation of 15%+ for the next 3 years and debt-free balance sheet with strong cash flow

This slide is to illustrate the concept of identifying opportune stocks in the market that are likely to benefit from the growth of the economy. There is also a possibility of the expected event not happening or some other unforeseen event that may affect performance of the company. The performance of stocks would ultimately depend on various factors such as prevailing market conditions, global political scenario, exchange rate etc. Investors are requested to note that there are various factors (both local and international) that can have impact on the future performance and expectations of any company. There is no assurance or guarantee of any company being able to sustain its performance in future

* Estimates

90

110

130

150

170

190

210A

ug-

14

Sep

-14

Oct

-14

No

v-1

4

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Sep

-15

Re-

bas

ed

to

10

0

Stock Price

Stock A

S&P BSE 500

0

50

100

150

200

250

300

350

400

450

500



Animal Health Care Company


• Dedicated Animal Health company in the country since 1997 with presence in poultry vaccinations and large-animal healthcare

• Animal health care market in the country is growing at 12% CAGR and is currently at around USD 600mn and offers a big opportunity

• Profitable segment of poultry vaccinations

• Low gearing and high potential for growth with uptick in return ratio


* Estimates

90

140

190

240

290

340

390A

ug-

14

Sep

-14

Oct

-14

No

v-1

4

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Sep

-15

Re-

bas

ed

to

10

0

Stock Price

Stock B

S&P BSE 500

0

200

400

600

800

1000

1200

1400

1600

1800



An Auto Ancillary Company


• Significant presence in the ride control products (inc. shock absorbers) in all the automotive segments

• Large presence in high-growth OEMs and aftermarket segments. High potential for exports

• Strong manufacturing capabilities with presence in all the regional automotive hubs

• Visible margin improvement through internal cost controls and operating leverage

• Strong cash flow management leading to low Debt to Equity and improving Return on Capital Employed


* Estimates

90

110

130

150

170

190

210

Au

g-1

4

Sep

-14

Oct

-14

No

v-1

4

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Sep

-15

Re-

bas

ed

to

10

0

Stock Price Stock C

S&P BSE 500

SBI EQUITY OPPORTUNITIES FUND – SERIES IV


Scheme Name SBI Equity Opportunities Fund – Series IV

Fund Structure A close ended equity scheme

Investment Objective

The investment objective of the scheme is to generate capital appreciation from a diversified portfolio of equity & equity related instruments. However, there can be no assurance that the investment objective of the scheme will be achieved

Plans/Options

The scheme would have two plans viz Direct Plan & Regular Plan. Both plans would offer Growth and Dividend options. Dividend option will have the facility of Payout & Transfer

Minimum Application Amount

Rs. 5000/- and in multiples of Re. 1 thereafter

Benchmark Index S&P BSE 500

Fund Manager Mr. Dharmendra Grover


• The scheme aims to provide long term capital growth by investing in a well-diversified portfolio of equity and equity related securities across market capitalization and sectors • The fund would endeavor to participate in the all-round growth of the Indian economy. For this fund manager will identify the stocks that will benefit from the growth of the Indian economy • The Close-ended nature of the scheme would allow the fund manager the flexibility to execute the investment strategy effectively over the tenure of the scheme and it will help the Fund Manager in selecting companies which have good potential for long term growth prospects • To reduce the risk of the portfolio, the Scheme may also use various derivative and hedging products from time to time for hedging and rebalancing purposes, in the manner permitted by SEBI

Instruments

Indicative allocations (% of total assets)

Risk Profile

Minimum Maximum High/Medium/Low

Equity and Equity related instruments 80 100 High

Debt and Money market instruments*# 0 20 Low to Medium

Investment Strategy

Asset Allocation

* Exposure to securitized debt may be to the extent of 20% of the net assets. #The scheme shall invest in debt and money market instruments which mature only on or before the date of the scheme. The Scheme shall invest in derivatives within the limits, as prescribed by SEBI from time to time. Investment in derivatives will not exceed 50% of the net assets. The cumulative gross exposure through Equity & Equity related instruments, Debt & Money Market Securities including derivative positions will not exceed 100% of the net assets of the scheme The Scheme shall not invest in ADR/ GDR/ foreign securities /foreign securitized debt The Scheme shall invest in repo / reverse repo in corporate debt / bonds The Scheme shall engage in stock lending & borrowing as permitted under regulation The Scheme shall not engage in short selling

Why should an Investor Invest?

Macro indicators : Stable macro indicators while global concerns lead to turmoil in other global markets

Investment driven domestic Government: Central Government taking the lead in driving investment

Investment Themes: Potential opportunities arising from structural trends like home improvement, e-commerce, imports substitution & manufacturing exports, defense, education etc.

Investment Management : Robust stock selection process, tested in various market conditions has potential to identify growth stocks at reasonable valuations

Market Opportunity: Opportunities across market capitalization with bias towards mid and small caps to generate value for investors in next 3 years

Experience: SBI Mutual Fund has an experience of over 25 years in managing asset across market cycles, asset classes and styles

SBIFMPL Equity Product Suite

SBI MAGNUM EQUITY FUND

SBI BLUECHIP FUND

SBI MAGNUM GLOBAL FUND

SBI MAGNUM MIDCAP FUND

SBI FMCG FUND

SBI PHARMA FUND

SBI IT FUND

SBI COMMA FUND

SBI PSU FUND

SBI INFRASTRUCTURE FUND

SBI ARBITRAGE OPPORTUNITIES FUND

(market neutral strategy)

SBI MAGNUM MULTICAP FUND

SBI MAGNUM MULTIPLIER FUND

SBI MAGNUM TAXGAIN SCHEME

SBI CONTRA FUND

SBI MAGNUM SMALL & MIDCAP

FUND

SBI NIFTY INDEX FUND

SBI EMERGING BUSINESSES FUND

* Based on current investment strategy of the respective schemes

SBI BANKING AND FINANCIAL SERVICES

FUND

SBI EQUITY SAVINGS FUND

Investment Team

Navneet joined SBIFM as Chief Investment Officer in 2008. Navneet is responsible for overseeing investments across asset classes worth over $10 billion. His prior stint was with Morgan Stanley Investment Management as Executive Director and head- multi strategy boutique. Prior to that, Navneet was the Chief Investment Officer - Fixed Income and Hybrid Funds at Birla Sun Life Asset Management Company Ltd. Navneet had been associated with the financial services business of the Birla group for 14 years and worked in various areas such as fixed income, equities and foreign exchange. Navneet holds masters in accountancy and business statistics from the University of Ajmer and is a Chartered Accountant from ICAI. He is a charter holder of the CFA Institute USA and CAIA Institute USA. He is also an FRM charter holder of Global Association of Risk professionals (GARP)

Navneet Munot CFA – Chief Investment Officer (Over 20 years of industry experience)

Dharmendra Grover has 17 years of experience in Indian equity markets in various capacities. His experience spans across the Equity Research side as an Analyst with Credit Suisse (India) Securities and Lloyds Securities, and later, as the Head of Research at Tata Securities. He also headed the Investor Relations function for Tata Motors. As part of a research advisory enterprise, he was also involved in providing research on Indian companies for a India-focussed hedge fund. He has also worked as a Fund Manager at SBI Mutual Fund and Principal Mutual Fund, handling equity mutual fund schemes. Dharmendra has done his Bachelor of Commerce (Hons.) from Delhi University and Post Graduate Diploma in Rural Management from Institute of Rural Management, Anand.

Dharmendra Grover Portfolio Manager (Over 20 years of industry experience)

SBI Funds Management Private Limited

63% 37%

• India‟s premier and largest bank with

over 200 years experience (Estd: 1806)

• Asset base of USD 399 bn*

• Pan-India network of ~22,972 branches

and ~ 50,000 ATM‟s as at end of Dec

2014

• Servicing over 256 million customers

• Global leader in asset management

• Backed by Credit Agricole and Société

Générale

• More than 2,000 institutional clients and

distributors in 30 countries

• Over 100 million retail clients via its partner

networks

• € 866 bn AuM as at end of December 2014#

*Source: SBI Analyst Presentation as on end December 2014 # Source : Amundi website as on end December 2014

SBI Funds Management: India‟s First Bank Sponsored Funds

Source: SBI Funds Management Private Limited, AMFI; Average AUM (AAUM) for the quarter ending on June 30, 2015

Established in 1987: A leading asset manager in India

• Expertise in managing assets across mutual funds,

segregated managed accounts, domestic advisory and

offshore advisory business

• Multiple asset classes ranging from equities and debt,

money market to ETFs and structured funds

• Investment team of 33 professionals with strong track

record

• Broad customer base with ~ 4.09 million folios related to

individual, corporate and institutional investors

Broad Investor

Base

AUM

USD 14.09 bn

Wide Distribution

Network

Experienced Investment

Team

Extensive Product Range

Broad Investor

Base

AAUM

Rs. 83693 crs

Wide Distribution

Network

Experienced Investment

Team

Extensive Product Range

Expertise

Highly experienced team

Strong industry relations

Complete in-house research

Processes

Structured & Disciplined

Rigorous investment templates

Agility with Flexibility

Risk Management

Six member independent team

International standards

Coherent monitoring

Group Advantage

25 years of experience

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Disclaimer

This presentation is for information purposes only and is not an offer to sell or a solicitation to buy any mutual fund units/securities. These views alone are not sufficient and should not be used for the development or implementation of an investment strategy. It should not be construed as investment advice to any party. In the preparation of this material, SBI Funds Management Private Limited (the AMC) has used information that is publically available/information researched in-house/ outsourced from various sources. Information gathered and material used in this document is believed to be from reliable sources. The AMC however, does not warrant the accuracy, reasonableness and/or completeness of any information All opinions and estimates included here constitute our view as of this date and are subject to change without notice. Neither SBI Funds Management Private Limited, nor any person connected with it, accepts any liability arising from the use of this information. The recipient of this material should rely on their investigations and take their own professional advice Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

Contact Us

SBI Funds Management Private Limited

(A joint venture between SBI and AMUNDI)

Corporate Office:

9th Floor, Crescenzo, C-38 & 39, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051 Tel: +91 22 6179 3000 Fax: +91 22 6742 5687/88/89/90/91

Website: www.sbimf.com

Call: 1800 425 5425

Visit us @ www.youtube.com/user/sbimutualfund

SMS: “SBIMF” to 56161

Email: [email protected]

Visit us @ www.facebook.com/SBIMF

http://www.sbimf.com/

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