Mirae Asset Head Quarters Building Center 1 (Seoul Korea) FundSpeak F E B R U A R Y
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1 Mirae Asset Head Quarters Building Center 1 (Seoul Korea) FundSpeak F E B R U A R Y
2 Market Commentary Indian Equity Markets Throughout the month, the benchmark indices moved in a very tight range, however individual stocks witnessed sharper movements. Midcap and small cap sectors also witnessed sharp moves with BSE Midcap Index down by 2% and BSE Small cap index down by 4%. Oil marketing companies rallied after the oil ministry has now left it up to the companies to decide on raising the prices. The BSE - IT index was the key gainer in January moving higher by 12.48%, followed by rate sensitive sectors which rallied most of the month. The BSE realty index gained 6% while BSE FMCG index remained pretty flat in January. Foreign institutional investors, continued to invest heavily in our markets with record net flows of $4.1 billion. Indian Debt Markets RBI Policy: In Third Quarter Review of Monetary Policy , the reserve bank of India (RBI) reduced its policy interest rate by a widely expected 25 basis points, taking comfort from cooling inflation as it made the first cut in nine months to support an economy headed for its slowest growth in a decade. RBI has also unexpectedly reduced the cash reserve ratio (CRR) of scheduled banks by 25 basis points from 4.25 per cent to 4.0 per cent of their net demand and time liabilities (NDTL) effective the fortnight beginning February 9, The reduction in the CRR will inject primary liquidity of around `180 billion into the banking system. Growth and Inflation: In its credit policy RBI has lowered the growth projections for further from 5.8% to 5.5%. This is the third successive lower revision of growth projections. RBI started the year with GDP growth projected at 7.3% for This was revised lower to 6.5% in Jul-12 policy and to 5.8% in Oct-12 policy. Politics and Policy dynamics: The government decontrolled diesel prices and allowed oil companies to raise prices to cover their under recoveries. Oil companies immediately raised diesel price for bulk users by ` 9.25/ litre and for retail consumer by ` 0.45/litre. Debt Market Outlook As expected a 25 bps repo cut is well justified amidst the moderating growth - inflation dynamics and subdued investment activities. Further the 25 bps CRR cut though a bit of a surprise, signals limited chances of further OMOs in the rest of the fiscal. We expect the long term bonds to trade range bound because limited chances of further OMOs. After policy the yields of bank certificate of deposits for One year maturity and three month maturity rose by bps after policy. The sharp rise in CD yields despite a 25bps repo rate and 25bps CRR cut by the RBI is a reflection of expected liquidity situation in March Source: Bloomberg, INDIA EQUITY MARKET FII AND MF ACTIVITY (EQUITY ) FII (cr.) 1 Month BSE IT 12.48% BSE Sensex 1.52% BSE Midcap -2.00% BSE SmallCap -4.14% BSE Health Care -1.42% BSE Realty 6.05% BANKEX 1.64% BSE Cons. Durables -1.78% BSE Oil & Gas 9.87% BSE PSU 4.46% BSE Power -1.99% BSE Auto -3.78% BSE FMCG 0.10% BSE Metal -4.20% MF (cr.) Jan -13 YTD 22, (4,746.50) (%) (%) Call Rate CBLO month CD month CP Year CD AAA Corp Bonds (5 yrs) G -Sec (10 years) ) Impact on Interest rates Debt Market Short Long Factors Term Term Growth & Inflation Neutral Positve RBI Policy Neutral Neutral Policy and Policy Neutral Positive dynamics
3 Market Commentary Global Markets Globally US and emerging markets equities remained in favour. Surge in industrial activity in China, demand for the region s equity picked up as well. According to the data from the global fund flow tracker, EPFR global, the cautious tone was set at the start of 2013 with around $40 billion moving into EPFR tracked money market funds. Nevertheless as demand from emerging market equities kept pace, equity funds extended their longest inflow streak since a 10-week ended in the fourth quarter of FY10. On the indices front, Japan's Nikkei was the best performing market which surged by 7.15% followed by MSCI Russia which was up by 6.28%. China Markets China market rose aided by a relatively positive earnings outlook for firms, as well as the recent data showing positive economic momentum. Chinese industrial firms' profits climbed for a fourth consecutive month in December, adding evidence that the world's second-largest economy is gaining steam after seeing its lowest growth rate in 13 years. China posted its weakest growth in 13 years last year, by rising 7.8% year on year, but a rebound in the final quarter pointed to recovery. Combined with other strengthening indicators revealed this month, including exports and industrial output figures for December and a preliminary HSBC reading on January's manufacturing activity, the figures have made many hopeful for an economic turnaround. Commodities Market On the precious metal front, gold prices corrected further last month. This was mainly due to the slackening demand at high prices and a shift in investment demand to other asset classes. On the domestic front, the government has raised the import tax on gold by 2% to 6% to curb purchases and rein in a ballooning fiscal deficit. The LME Nickel index gained 7.4% in the month of January In the month of January the ` surged by 3.22% per US Dollar. Brent Crude Oil surged towards $ 119 per barrel after the release of strong Chinese Economic and Oil import data while Nymex Crude eased below $ 96 per barrel. Outlook - On the domestic front, Now that the import duty on the yellow metal has been increased to 6%, consumption and demand is expected to slow down further. Performance Currency Market 1 Month INR/USD 3.22% India US China Particulars Global Equity Markets Country Index 1 Month SENSEX 2.41% NIFTY 2.20% Hong Hang 4.73% Kong Seng Korea KOSPI -1.76% Brazil BOVESPA -1.95% Japan NIKKEI 7.15% Russia MSCI 6.28% Russia Dow Jones 5.77% NASDAQ 4.06% Shanghai 5.13% Comp. Index MSCI China 4.18% Germany DAX 2.15% France CAC 2.51% UK FTSE 6.43% 1 Month Nymex Crude 5.66% Brent Crude Oil 5.15% LME Aluminium 0.65% LME Copper 2.80% LME Nickel 7.47% LME Zinc 3.70% Gold -0.70% Silver 3.65%
4 Mirae Asset India Opportunities Fund (An open ended equity oriented scheme) st Factsheet data as on 31 January, 2013 Investment Philosophy The Fund is a large cap focused equity diversified fund. The fund is flexible in terms of investing across Investment styles, Themes, Sectors & Market-caps. The fund invests in fundamentally strong & reliable businesses which have sustainable competitive advantages with strong pricing power and are sector leaders. Fund Investment Strategy We are avoiding two pockets in the market, investing in companies with Rich valuation as the Margin of Safety is low and companies which are available at cheap valuations but with weak businesses models as we feel there are enough opportunities available outside these two pockets in the market. Allocation - Top 10 Sectors^ Oil Media & Entmnt. Finance Petroleum Products Auto Auto Ancillaries Pharmaceuticals Cons. Non Durables Software Banks Other Sectors 3.41% 4.18% 4.42% Performance Report Mirae Asset India Opportunities Fund (MAIOF) Portfolio Top 20 Holdings % allocation ICICI Bank Ltd Infosys Ltd ITC Ltd State Bank of India 4.03 HDFC Bank Ltd Reliance Industries Ltd HDFC Ltd Zee Entertainment Enterprises Ltd Amara Raja Batteries Ltd The Federal Bank Ltd Lupin Ltd Bharti Airtel Ltd Tata Motors Ltd DVR Shares 1.99 Larsen & Toubro Ltd Gateway Distriparks Ltd Oil & Natural Gas Corporation Ltd Maruti Suzuki India Ltd Bank of Baroda 1.90 Titan Industries Ltd Cadila Healthcare Ltd Other Equities Equity Holding Total Cash & Other Receivables 3.05 Total NAV at the end of the Value(INR)* period ( ` per unit) MAIOF BSE 200 Sensex** MAIOF BSE 200 Sensex** 30th Dec st Dec % 30.79% 25.54% 13,307 13,079 12,554 31st Dec th Dec % % % 8,031 7,298 7,530 31st Dec st Dec % 16.22% 17.43% 12,312 11,622 11,743 31st Dec st Dec % 88.51% 81.03% 20,933 18,851 18,103 Since Inception % 5.29% 5.10% 18,632 12,769 13,235 Index Value (31st Dec, 2012) Index Value of benchmark is and Index value of Sensex is Date of allotment 04-Apr-08 Scheme Benchmark BSE 200 SIP Performance 4.79% 5.44% 6.67% 7.77% 8.23% 10.61% 20.47% ^Industrywise classification as recommended by AMFI % 0% 5% 10% 15% 20% 25% Dividend History Record Date 22-Mar Dec-10 9-Sep-09 Mirae Asset India Opportunities Fund SIP Investment Since 3 Year 1 Year Inception Total Amount Invested 56,000 36,000 12,000 Mkt Value as of 31 Dec ,628 42,500 13,817 Return(Annualized)*(%) 18.30% 11.07% 29.20% Benchmark Return(Annualized)*(%) (BSE 200) 10.23% 6.00% 25.42% Add. Benchmark Return(Annualized)**(%) (BSE Sensex) 9.40% 5.66% 21.90% Past Performance may or may not sustained in future. *BSE 200 Index. **Sensex Index. SIP Investment Date is taken as 1st of every Month. Dividend (`) 1.50 per Unit 1.50 per Unit 0.90 per Unit Style Box Key Information Fund Managers: Neelesh Surana & Gopal Agrawal. Experience : Neelesh Surana : Over 17 years of experience in Financial Services including Fund Management & Gopal Agrawal: Over 12 years of experience in Fund Management. Allotment Date: April 04, 2008 NAV ( ) : Growth Plan : 18.9 Benchmark Index: BSE 200 Ratios (Annualised) Volatility 29.44% Beta 0.97 R Squared 0.97 Sharpe Ratio 0.24 Information Ratio 1.50 Portfolio Turnover Ratio^ Marketcap Large Mid Small Growth Blend Value Dividend Plan : Quarterly Avg AUM (` Cr) ( ) Minimum Investment: Regular : ` 5,000 (multiples of ` 1 thereafter). Systematic Investment Plan (SIP): ` 1,000/- (multiples of ` 1/- thereafter), minimum 6 installments (Monthly), ` 1,500/- (multiples of ` 1/- thereafter), minimum 4 installments (Quarterly) Load Structure : Entry load - Nil, Exit load- If redeemed within 6 months (182 days) from the date of allotment %. If redeemed after 6 months (182 days) but within 1 year (365 days) from the date of allotment %. If redeemed after 1 year (365 days) from the date of allotment - NIL. Past Performance may or may not sustained in future. Note : The performance of other funds managed by the same fund managers are given in the respective page of the schemes and on page no.10 &11. **Being the last business day times Style The Volatility, Beta, R Squared, Sharpe Ratio & Information Ratio are calculated since Inception date of the fund. Risk free rate is assumed to be the 91 day T bill yield. Average calculated from ^^ February 12 to January 13. Basis last rolling 12 month.
5 Mirae Asset Emerging Bluechip Fund (An open ended equity fund) st Factsheet data as on 31 January, 2013 Investment Philosophy The Fund is a Mid-cap focused fund which gives investors the opportunity to participate in the growth of the emerging companies which have the potential to be tommorrow s large caps. The fund invests in the stocks with atleast 100 crores market cap but not a part of top 100 stocks as per market cap (as per NSE) at the time of Investment. Fund Investment Strategy Our approach is more bottom-up and stock specific, as we believe that deviation in returns within a sector would continue. The fund invest in companies with strong balance sheet and robust cash flows & earning growth expectations that may perform creditably over the medium to long term. Based on our market outlook, we will keep the current balanced portfolio to invest across large, mid and small cap segments and regard market lows as buying opportunities. Allocation - Top 10 Sectors^ Cement Transportation Consumer Durables Finance Media & Entmnt. Software Auto Ancillaries Cons. Non Durables Pharmaceuticals Banks Other Sectors 2.91% 3.07% 3.48% Performance Report Mirae Asset Emerging Bluechip Fund (MAEBF) Portfolio Top 20 Holdings % allocation The Federal Bank Ltd Amara Raja Batteries Ltd ICICI Bank Ltd ING Vysya Bank Ltd IPCA Laboratories Ltd Gateway Distriparks Ltd Zee Entertainment Enterprises Ltd Divi's Laboratories Ltd GMDC Ltd Bank of Baroda 2.56 Cadila Healthcare Ltd Godrej Consumer Products Ltd JK Cement Ltd Aditya Birla Nuvo Ltd Exide Industries Ltd Motherson Sumi Systems Ltd CESC Ltd Hindustan Petroleum Corporation Ltd Polaris Financial Technology Ltd Titan Industries Ltd 1.72 Other Equities Total Equities Cash & Other Receivables 4.08 Total Style Box NAV at the end of the period ( ` per unit) MAEBF CNX Midcap Sensex** 30th Dec st Dec % 38.91% 25.54% 31st Dec th Dec % % % Since Inception % 0.98% 3.51% Index Value (31st Dec, 2012) Index Value of benchmark is and Index value of Sensex is Date of allotment 09-Jul-10 Scheme Benchmark CNX Midcap SIP Performance 4.11% 4.35% 5.00% 9.54% 10.43% 10.73% 20.10% ^Industrywise classification as recommended by AMFI % 0% 5% 10% 15% 20% 25% Dividend History Record Date 29-Oct-12 Mirae Asset Emerging Bluechip Fund SIP Investment Since Inception 1 Year Total Amount Invested 29,000 12,000 Mkt Value as of 31 Dec ,028 14,411 Return(Annualized)*(%) 18.31% 39.20% Benchmark Return(Annualized)*(%)(CNX Midcap Index) 7.72% 30.54% Add. Benchmark Return(Annualized)*(%) (BSE Sensex) 6.19% 21.90% Past Performance may or may not sustained in future. CNX Midcap Index. Sensex Index. SIP Investment Date is taken as 1st of every Month. Dividend (`) 1.10 per Unit Marketcap Large Mid Small Key Information Fund Manager & Experience : Neelesh Surana, 17 years of experience in Financial Services including Fund Management. Allotment Date: July 09, 2010 NAV ( ): Growth Plan: Dividend Plan: Benchmark Index: CNX Midcap Index Quarterly Avg AUM (` Cr) ( ) Minimum Investment: Regular : ` 5,000 (multiples of ` 1 thereafter). Systematic Investment Plan (SIP): ` 1,000/- (multiples of ` 1/- thereafter), minimum 6 installments (Monthly), ` 1,500/- (multiples of ` 1/- thereafter), minimum 4 installments (Quarterly) Load Structure : Entry load - Nil, Exit load - If redeemed within 6 months (182 days) from the date of allotment %. If redeemed after 6 months (182 days) but within 1 year (365 days) from the date of allotment %. If redeemed after 1 year (365 days) from the date of allotment - NIL. Past Performance may or may not sustained in future. Note : With effect from 1st October, 2012 Neelesh Surana has been appointed as sole fund manager for the scheme. **Being the last business day. Ratios (Annualised) Growth Blend Value Volatility 17.27% Beta 0.75 R Squared 0.93 Sharpe Ratio 0.28 Information Ratio 1.61 Portfolio Turnover Ratio^ 0.86 times Style The Volatility, Beta, R Squared, Sharpe Ratio & Information Ratio are calculated since Inception date of the fund. Risk free rate is assumed to be the 91 day T bill yield. Average calculated from ^^ February 12 to January 13. Basis last rolling 12 month.
6 Mirae Asset Global Commodity Stocks Fund (An open ended equity fund) st Factsheet data as on 31 January, 2013 Style Box Marketcap Large Mid Small Growth Blend Value Plays on International diversification Investment Philosophy The Fund offers investors access to commodity as an asset class by way of investments into commodity stocks of leading global companies involved directly or indirectly with the commodities business. The fund primarily invests in stocks in Asia Pacific markets and emerging markets thus offering investors an avenue to diversify beyond local boundaries. Fund Investment Strategy The slowing growth in developed markets and emerging markets has slowed demand across the globe which has impacted the performance of commodities. However global business environment is now showing signs of stabilizing and central governments globally are focused on reviving growth, which should provide good support for commodity prices going forward. We invest in mostly large cap companies in our portfolio which provides stability to our portfolio. Allocation - Top Sectors^ Style Portfolio Top 10 Holdings % allocation Equity Shares (Domestic - Holdings Equities) Reliance Industries Ltd Oil & Natural Gas Corporation Ltd Asian Paints Ltd Hindalco Industries Ltd Coal India Ltd Tata Steel Ltd Jindal Steel & Power Ltd Sterlite Industries (India) Ltd Cairn India Ltd Ultratech Cement Ltd Other Domestic Equities 2.13 Equity Shares (International - Holding) BHP Billiton Ltd Cnooc Ltd Petrochina Company Ltd. 5.14% Rio Tinto Ltd Woodside Petroleum Ltd POSCO (Pohang Iron & Steel Co. Ltd.) 3.94 LG Chemicals Ltd China Petroleum -H Newcrest MMining Ltd SK Innovation Co. Ltd Other International Equities Equity Total Cash & Cash Equivalents 1.33 Total Key Information Fund Manager : Gopal Agrawal & Sumit Agrawal. Experience : Gopal Agrawal : Over 12 years of experience in Fund Management & Sumit Agrawal : (Overseas Investments) : 7 years of experience in Equity Research Analysis. Allotment Date: August 20, 2008 NAV ( ) : Growth Plan : Dividend Plan : Benchmark Index: MSCI AC Asia Pacific Selected Countries and Sectors Special Weighted Index. Minimum Investment: Regular : ` 5,000 and in multiples of ` 1/- thereafter Systematic Investment Plan (SIP): ` 1,000/- (multiples of ` 1/- thereafter), minimum 6 installments (Monthly), ` 1,500/- (multiples of ` 1/- thereafter), minimum 4 installments (Quarterly) Load Structure: Entry load - Nil, Exit load - If redeemed within 6 months (182 days) from the date of allotment %.If redeemed after 6 months (182 days) but within 1 year (365 days) from the date of allotment %. If redeemed after 1 year (365 days) from the date of allotment - NIL. Domestic Equities Sectoral Allocation* (Top 5 holdings) International Equities Sectoral Allocation (Top 5 holdings) Minerals/Mining 3.02% Steel 5.00% Other Sectors 3.85% Commodity Chemicals 5.40% Non - Ferrous Metals 4.24% Integrated Oil & Gas 10.16% Ferrous Metals 4.82% Other Sectors 13.81% Oil 5.28% Oil & Gas Exploration & Production 14.08% Petroleum Products 11.50% Diversified Metals & Mining 17.51% 0% 5% 10% 15% ^Industrywise classification as recommended by AMFI. Country Allocation 32.71% 26.00% 2.11% 9.34% 28.51% India Indonesia Korea Australia China Performance Report Mirae Asset Global Commodity Stocks Fund (MAGCSF) Ratios (Annualised) 0% 5% 10% 15% 20% GICS sub-industry Classification Volatility 27.16% Beta 0.99 R Squared 0.97 Sharpe Ratio 0.01 Portfolio Turnover Ratio^ 0.43 Times The Volatility, Beta, R Squared & Sharpe Ratio are calculated since Inception date of the fund. Risk free rate is assumed to be the 91 day T bill yield. Average ^^ calculated from February 12 to January 13. Basis last rolling 12 month. NAV at the end of the Value period ( ` per unit) MAGCSF Scheme Sensex** MAGCSF Scheme Sensex** Benchmark Benchmark 30th Dec st Dec % 11.75% 25.54% 11,345 11,175 12,554 31st Dec th Dec % % % 8,433 8,481 7,530 31st Dec st Dec % 11.97% 17.43% 10,754 11,197 11,743 31st Dec st Dec % % 81.03% 19,553 20,431 18,103 Since Inception % 7.32% 6.63% 12,671 13,614 13,235 Index Value (31st Dec, 2012) Index Value of benchmark is and Index value of Sensex is Date of allotment 20-Aug-08 Scheme Benchmark MSCI AC Asia Pacific Selected Countries and Sectors Special Weighted Index Past Performance may or may not sustained in future. Note: The benchmark of the fund has been changed to MSCI AC Asia Pacific selected countries & Sectors Special Weighted Index effective from 1 October With effect from 1st October, 2012 Mr. Gopal Agrawal & Sumit Agrawal has been appointed as the fund manager for the scheme. ** Being the last business day.
7 Mirae Asset China Advantage Fund (An open ended Fund of Funds Scheme) st Factsheet data as on 31 January, 2013 Investment Philosophy The Fund invests in an underlying fund, which invests in equities of sector leading companies domiciled in, or exercising a large portion, of their economic activity in China and Hong Kong. The fund gives investors an opportunity to invest in China companies with high investment potential. The emphasis on market leaders gives the fund a bias towards large/mid-cap names. Fund is positioned to take advantages of the growth opportunities related to the secular and structural changes in China. Fund Investment Strategy Investors should enter into China with 3-5 years time horizon as that markets are very volatile for short term investments. Due to cheap valuations, market can see rally in short term if there are policy reforms by the new government, demand improvement from EU, US zone. Allocation - Top Sectors^ Healthcare Telecom Services Utilities Cash Cons. Discretionery Material Industrial Consumer Staples IT Energy Financial 1.1% 1.5% 2.8% 2.8% 4.9% 7.0% 8.4% 9.6% 11.5% 16.4% ^ GICS Sector Classification 34.3% 0% 5% 10% 15% 20% 25% 30% 35% 40% Portfolio Holdings Underlying Fund Top 10 Holdings th as on 30 November, 2012 % allocation Mutual Fund Units & ETF Mirae Asset China Sector Leader Equity Fund Total Alocation to International Mutual Fund Units Cash & Other Receivables 0.50 Total Mirae Asset China Sector Leader Equity Fund Equity Shares Industrial & Commercial Bank of China 7.50 Ping An Insurance Ltd 6.80 Kunlun Energy 6.70 China Construction Bank 5.80 CNOOC Ltd Baidu 4.90 China Overseas Land & Investment 4.70 Tencent Holding 4.30 Tingyi (Cayman Islands) 4.10 China Resources Enterprise 3.60 Ratios (Annualised) Volatility 17.88% Beta 1.01 R Squared 0.88 Sharpe Ratio The Volatility, Beta, R Squared & Sharpe Ratio are calculated since Inception date of the fund. Risk free rate is assumed to be the 91 day T bill yield. Average calculated from February 12 to January 13. Style Box Marketcap Large Mid Small Key Information Fund Manager: Sumit Agrawal Experience: Sumit Agrawal : (Overseas Investments) : 7 years of experience in Equity Research Analysis. Allotment Date: November 05, 2009 NAV ( ) : Growth: Dividend: Benchmark Index: MSCI China (in INR Terms) Minimum Investment: Regular : ` 5,000 (multiples of ` 1 thereafter). Growth Style Blend Value Plays on International diversification Systematic Investment Plan (SIP): ` 1,000/- (multiples of ` 1/- thereafter), minimum 6 installments (Monthly), ` 1,500/- (multiples of ` 1/- thereafter), minimum 4 installments (Quarterly) Load Structure: Entry load - Nil, Exit load - If redeemed within 6 months (182 days) from the date of allotment %. If redeemed after 6 months (182 days) but within 1 year (365 days) from the date of allotment %. If redeemed after 1 year (365 days) from the date of allotment - NIL. Performance Report Mirae Asset China Advantage Fund (MACAF) 30th Dec st Dec % 22.61% 25.54% 11,924 12,261 12,554 31st Dec th Dec % -5.39% % 8,807 9,461 7,530 31st Dec st Dec % -1.68% 17.43% 11,156 9,832 11,743 Since Inception % 4.80% 6.21% 11,705 11,595 12,093 Index Value (31st Dec, 2012) Index Value of benchmark is and Index value of Sensex is Date of allotment 05-Nov-09 Scheme Benchmark MSCI China(INR) NAV at the end of the Value(INR)* period ( ` per unit) MACAF MSCI China Sensex** MACAF MSCI China Sensex** Past Performance may or may not sustained in future. Note : With effect from 1st October, 2012 Sumit Agrawal has been appointed as sole fund manager for the scheme. **Being the last business day.
8 Mirae Asset India-China Consumption Fund (An open ended equity oriented scheme) st Factsheet data as on 31 January, 2013 Style Box Marketcap Large Mid Small Investment Philosophy Growth Blend Value The fund gives the investors a chance to invest in two of the world s fastest growing countries in one go. The fund invests in basket of Consumer Stocks which are going to benefit directly or indirectly from consumption led demand in India & China. India & China are worlds highly populated fast growing countries with increasing income, increasing middle class and urbanization, the consumption theme is expected to be dominant in both the countries over the next decade. Fund Investment Strategy: We are very positive on the consumption theme in India and China and we think this then me is going to play over in long term. In India we are more positive on Auto(we prefer four wheeler over two wheelers), Bank(In banks we prefer private sector banks more than public sector banks) & Media & Entertainment. In China we prefer Telecom Service providers, Retail, Internet companies. Allocation - Top Sectors^ Style Domestic Equities Sectoral Allocation* (Top 5 holdings) Media & Entertainment Auto Ancillaries Banks Auto Consumer Non Durables Other Sectors 5.40% 5.58% 7.63% 8.05% 15.82% 25.23% Portfolio Top 10 Holdings % allocation Equity Shares (Domestic Equities) ITC Ltd ICICI Bank Ltd Zee Entertainment Enterprises Ltd Tata Motors Ltd DVR Shares 3.83 Amara Raja Batteries Ltd Titan Industries Ltd United Spirits Ltd Gateway Distriparks Ltd JK Cement Ltd Tata Motors Ltd Other Equities Equity Shares (International-Top 10 Holdings) China Mobile 5.09 Ind & Comm Bk - H 2.36 Bank of China Ltd Belle Intl. Hldgs Hengan International Group Co. Ltd China Construct BK-H 1.78 China Unicom 1.54 Tingyi (Cayman Islands) Holdings Corp China Overseas Land & Invest Ltd Want Want China Holdings Ltd Other Equities Total Equity Allocation Cash & Other Receivables 6.05 Total International Equities Sectoral Allocation (Top 5 holdings) Apparel Retail Integrated Telecommunication Services Packaged Foods & Meats Wireless Telecommunication Services Diversified Banks Other Sectors 1.86% 2.67% 2.98% 5.09% 6.07% 7.55% Key Information Fund Managers: Gopal Agrawal, Neelesh Surana & Sumit Agrawal. (Overseas Investments.) Experience: Gopal Agrawal : Over 12 years of experience in Fund Management, Neelesh Surana : 17 years of experience in Financial Services including Fund Management. S u m i t A g r a w a l (Overseas Investments) : 7 years of experience in Equity Research Analysis. Allotment Date: March 29, 2011 NAV( ) : Growth: Dividend: Quarterly Avg AUM(Rs Cr):16.29 ( ) Benchmark Index: MSCI India consumption Index (65%) + MSCI China Consumption Index(35%) INR. Minimum Investment: Regular : ` 5,000 and in multiples of Re. 1/- thereafter Systematic Investment Plan (SIP): ` 1,000/- (multiples of ` 1/- thereafter), minimum 6 installments (Monthly), ` 1,500/- (multiples of ` 1/- thereafter), minimum 4 installments (Quarterly). Load Structure: Entry load -Nil, Exit load- If redeemed within 6 months (182 days) from the date of allotment %. If redeemed after 6 months (182 days) but within 1 year (365 days) from the date of allotment %. If redeemed after 1 year (365 days) from the date of allotment - NIL % 6.05% Country Allocation 67.72% India China Cash & Other Receivables 0% 5% 10% 15% 20% 25% 30% ^Industrywise classification as recommended by AMFI. Performance Report Mirae Asset India China Consumption Fund (MAICCF) 30th Dec st Dec % 32.43% 25.54% Since Inception % 19.25% 0.91% Index Value (31st Dec, 2012) Index Value of benchmark is and Index value of Sensex is Date of allotment 29-March 2011 Scheme Benchmark MSCI India consumption Index(65%) + MSCI China Consumption Index(35%) INR Past Performance may or may not sustained in future. **Being the last business day. SIP Performance Mirae Asset India-China Consumption Fund 0% 1% 2% 3% 4% 5% 6% 7% 8% GICS sub-industry Classification SIP Investment Since Inception 1 Year Total Amount Invested 21,000 12,000 Mkt Value as of 31 Dec ,935 14,241 Return(Annualized)*(%) 25.04% 36.33% Benchmark Return(Annualized)*(%) 24.76% 33.01% Add. Benchmark Return(Annualized)*(%) (BSE Sensex) 11.24% 21.90% Past Performance may or may not sustained in future. MSCI India Consumption Index (65%) + MSCI China Consumption Index (35%). Sensex Index. SIP Investment Date is taken as 1st of every Month. NAV at the end of the Return period ( ` per unit) MAICCF Scheme Benchmark Sensex** Ratios (Annualised) Volatility 11.84% Beta 0.87 R Squared 0.88 Sharpe Ratio 0.66 Portfolio Turnover Ratio^ 1.07 times The Volatility, Beta, R Squared & Sharpe Ratio are calculated since Inception date of the fund. Risk free rate is assumed to be the 91 day T bill yield. Average calculated from February 12 to January 13. ^^Basis last rolling 12 month.
9 Fund Performance & SIP for all Equity Funds Performance of funds managed by Gopal Agrawal, Neelesh Surana & Sumit Agrawal (Overseas Investments) Mirae Asset India Opportunities Fund (MAIOF) - Fund Manager - Neelesh Surana & Gopal Agrawal NAV (`per unit) Value (INR)* SIP Investment Since Inception 3 Year 1 Year Total Amount Invested 56,000 36,000 12,000 Mkt Value as of 31 Dec ,628 42,500 13,817 Return(Annualized)*(%) 18.30% 11.07% 29.20% Benchmark Return(Annualized)*(%) (BSE 200) 10.23% 6.00% 25.42% Add. Benchmark Return(Annualized)**(%) (BSE Sensex) 9.40% 5.66% 21.90% BSE 200 Index Sensex Mirae Asset Emerging Bluechip Fund (MAEBF) - Fund Manager - Neelesh Surana Mirae Asset China Advantage Fund (MACAF) - Fund Manager - Sumit Agrawal MAIOF BSE 200 Sensex** MAIOF BSE 200 Sensex** 30th Dec st Dec % 30.79% 25.54% 13,307 13,079 12,554 31st Dec th Dec % % % 8,031 7,298 7,530 31st Dec st Dec % 16.22% 17.43% 12,312 11,622 11,743 31st Dec st Dec % 88.51% 81.03% 20,933 18,851 18,103 Since Inception % 5.29% 5.10% 18,632 12,769 13,235 Index Value (31st Dec, 2012) Index Value of benchmark is and Index value of Sensex is Date of allotment 04-Apr-08 MAEBF CNX Midcap Sensex** 30th Dec st Dec % 38.91% 25.54% 31st Dec th Dec % % % Since Inception % 0.98% 3.51% Index Value (31st Dec, 2012) Index Value of benchmark is and Index value of Sensex is Date of allotment 09-Jul-10 NAV (`per unit) Scheme Benchmark CNX Midcap SIP Investment Since Inception 1 Year Total Amount Invested 29,000 12,000 Mkt Value as of 31 Dec ,028 14,411 Return(Annualized)*(%) 18.31% 39.20% Benchmark Return(Annualized)*(%)(CNX Midcap Index) 7.72% 30.54% Add. Benchmark Return(Annualized)*(%) (BSE Sensex) 6.19% 21.90% CNX Midcap Index Sensex Value (INR)* MACAF MSCI China Sensex** MACAF MSCI China Sensex** 30th Dec st Dec % 22.61% 25.54% 11,924 12,261 12,554 31st Dec th Dec % -5.39% % 8,807 9,461 7,530 31st Dec st Dec % -1.68% 17.43% 11,156 9,832 11,743 Since Inception % 4.80% 6.21% 11,705 11,595 12,093 Since Inception % 5.29% 5.10% 18,632 12,769 13,235 Index Value (31st Dec, 2012) Index Value of benchmark is and Index value of Sensex is Date of allotment NAV (`per unit) 05-Nov-09 SIP Investment Since Inception 3 Year 1 Year Total Amount Invested 37,000 36,000 12,000 Mkt Value as of 31 Dec ,417 41,252 13,538 Return(Annualized)*(%) 8.82% 9.04% 24.64% Benchmark Return(Annualized)*(%) * (MSCI China) 10.65% 11.03% 28.06% Add. Benchmark Return(Annualized)*(%) ** (BSE Sensex) 5.54% 5.63% 21.12% MSCI China(Price in INR) Sensex
10 Fund Performance & SIP for all Equity Funds (Contd.) Performance of funds managed by Gopal Agrawal, Neelesh Surana & Sumit Agrawal (Overseas Investments) Mirae Asset Global Commodity Stocks Fund (MAGCSF) - Fund Manager - Gopal Agrawal & Sumit Agrawal NAV (`per unit) Value (INR)* MAGCSF Scheme Benchmark Sensex** MAGCSF Scheme Benchmark Sensex** 30th Dec st Dec % 11.75% 25.54% 11,345 11,175 12,554 31st Dec th Dec % % % 8,433 8,481 7,530 31st Dec st Dec % 11.97% 17.43% 10,754 11,197 11,743 31st Dec st Dec % % 81.03% 19,553 20,431 18,103 Since Inception % 7.32% 6.63% 12,671 13,614 13,235 Index Value (31st Dec, 2012) Index Value of benchmark is and Index value of Sensex is Date of allotment 20-Aug-08 Scheme Benchmark MSCI AC Asia Pacific Selected Countries and Sectors Special Weighted Index SIP Investment Since Inception 3 Year 1 Year Total Amount Invested 52,000 36,000 12,000 Mkt Value as of 31 Dec ,189 38,202 12,915 Return(Annualized)*(%) 8.94% 3.89% 14.43% Benchmark Return(Annualized)*(%) 9.47% 2.95% 9.67% Add. Benchmark Return(Annualized)*(%) (BSE Sensex) 10.04% 5.66% 21.90% MSCI AC Asia Pacific Selected Countries and Sectors Special Weighted Index. Mirae Asset India China Consumption Fund (MAICCF) - Sumit Agrawal (Overseas Investments) Sensex Fund Manager Gopal Agrawal, Neelesh Surana & MAICCF Scheme Sensex** Benchmark 30th Dec st Dec % 32.43% 25.54% Since Inception % 19.25% 0.91% Index Value (31st Dec, 2012) Index Value of benchmark is and Index value of Sensex is Date of allotment Scheme Benchmark 29-Mar-11 NAV (`per unit) MSCI India consumption Index(65%) + MSCI China Consumption Index(35%) INR SIP Investment Since Inception 1 Year Total Amount Invested 21,000 12,000 Mkt Value as of 31 Dec ,935 14,241 Return(Annualized)*(%) 25.04% 36.33% Benchmark Return(Annualized)*(%) 24.76% 33.01% Add. Benchmark Return(Annualized)*(%) (BSE Sensex) 11.24% 21.90% MSCI India Consumption Index (65%) + MSCI China Consumption Index (35%) Sensex The calculations of returns shall assume reinvestment of all payouts at the then prevailing NAV. provided are of Regular Plan-Growth Option & Absolute returns. CAGR-Compounded Annualised Growth returns. Alternate Scheme Benchmark**. *As per SEBI standard on performance disclosure, returns in INR terms based on a standard investment of ` 10,000/- have been shown only for Schemes that have been in existence for more than three years. NAV ( ` per unit) is at the end of the period. Past performance may or may not be sustained in future. SIP investment date assumed to be the first day of every month. Past performance may or may not be sustained in future. th SIP Investment Amount per Month = ` 1,000. SIP Valuation Date = 30 September, Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.
11
12 For Equity Funds: Current Expense Ratio () (Effective Date 01st October 2012) Regular Plan: On the first 100 crores daily net assets 2.50% On the next 300 crores daily net assets 2.25% On the next 300 crores daily net assets 2.00% On the balance of the net assets 1.75% In addition to the above a charge of 20 bps on the daily net assets; Plus, a proportionate charge in respect sales beyond T-15 cities subject to maximum of 30 bps on daily net assets may also be charged (currently not being charged). Excluding service tax on Investment Management Fee. For Direct Plans (Effective Date 01st January, 2013): The above expense ratio will also be applicable for Direct Plans except that the Direct Plan shall have a lower expense ratio excluding distribution expenses, commission, etc. and no commission for distribution of Units will be paid / charged under Direct Plan. () Any change in the expense ratio will be updated within two working days. For Liquid/Debt Funds: Current Expense Ratio () (Effective Date 01st October 2012) Regular/Institutional Plan On the first 100 crores daily net assets 2.25% On the next 300 crores daily net assets 2.00% On the next 300 crores daily net assets 1.75% On the balance of the net assets 1.50% In addition to the above a charge of 20 bps on the daily net assets; Plus, a proportionate charge in respect sales beyond T-15 cities subject to maximum of 30 bps on daily net assets may also be charged (currently not being charged). Excluding service tax on Investment Management Fee. For Direct Plans (Effective Date 01st January, 2013): The above expense ratio will also be applicable for Direct Plans except that the Direct Plan shall have a lower expense ratio excluding distribution expenses, commission, etc. and no commission for distribution of Units will be paid / charged under Direct Plan. () Any change in the expense ratio will be updated within two working days. For Fund of Funds: Current Expense Ratio () (Effective Date 1st October, 2012 is 2.50%) *Excluding Service Tax on Investment Management Fees, if any. ** includes expenses charged by the underlying fund as well. For Direct Plans (Effective Date 01st January, 2013): The above expense ratio will also be applicable for Direct Plans except that the Direct Plan shall have a lower expense ratio excluding distribution expenses, commission, etc. and no commission for distribution of Units will be paid / charged under Direct Plan. () Any change in the expense ratio will be updated within two working days. Investment Objective: Mirae Asset India Opportunities Fund (An open-ended equity oriented scheme): To generate long term capital appreciation by capitalizing on potential investment opportunities through predominantly investing in equities, equity related securities. There is no assurance or guarantee of returns. Asset Allocation: (1) Indian Equities and Equity Related Securities: 65% to 100% (2) Money market instruments / debt securities Instruments: 0% to 35% (Including up to 25% of corpus in securitized debt).transparency: The NAV will be calculated at the close of every working day and shall be published in two daily newspapers. Investment Objective: Mirae Asset Global Commodity Stocks Fund (An open-ended equity fund): To generate long term capital appreciation through an actively managed portfolio investing in equity and equity related securities of companies that are engaged in commodity and commodities related sectors/sub sectors/industries, with at least 65% of the corpus invested overseas in Asia Pacific and Emerging Markets. There is no assurance or guarantee of returns. Asset Allocation: (1) Asia Pacific and/or Emerging Markets Equities and Equity Related Securities (excluding Indian equities and equities related securities) of companies that are engaged in commodity and commodities related sectors/sub sectors/industries: 65% to 100% (2) Indian Equities and Equity Related Securities, including but not limited to those that are engaged in commodity and commodities related sectors/sub sectors/industries: 0% to 35% (3) Money market instruments / debt securities Instruments** (Including upto 25% of corpus in securitized debt) : 0% to 35%. Transparency: The NAV will be calculated at the close of every working day and shall be published in two daily newspapers. Investment Objective: Mirae Asset China Advantage Fund (An open-ended fund of funds scheme): The investment objective of the scheme is to generate long-term capital appreciation by investing predominantly in units of Mirae Asset China Sector Leader Equity Fund and/or units of other mutual fund schemes, units of exchange traded schemes that focus on investing in equities and equity related securities of companies domiciled in or having their area of primary activity in China and Hong Kong. The Scheme may also invest a certain portion of its corpus in debt and money market securities and/or units of debt/liquid schemes of Domestic Mutual Funds, in order to meet liquidity requirements from time to time. The Scheme does not guarantee or assure any returns. Asset Allocation: (1) Units of Mirae Asset China Sector Leader Equity Fund and/or units of other mutual fund schemes, units of ETFs investing in equities and equity related securities of companies domiciled in or having their area of primary activity in China and Hong Kong*: % (2) Money market instruments / debt securities Instruments** and/or units of debt/liquid schemes of domestic Mutual Funds.: 0-20% (*Equity and Equity related instruments include convertible debentures, equity warrants, convertible preference shares, equity derivatives etc. ** Debt instruments include securitized debt upto 20% of corpus.). Transparency: The NAV will be calculated at the close of every working day and shall be published in two daily newspapers and on the AMFI website by 10 a.m. of the following Business Day. Investment Objective: Mirae Asset Emerging Bluechip Fund (An Open ended Equity Fund) - To generate income and capital appreciation from a diversified portfolio predominantly investing in Indian equities and equity related securities of companies which are not part of the top 100 stocks by market capitalization and have market capitalization of atleast ` 100 Crores at the time of investment. From time to time, the fund manager may also seek participation in other Indian equity and equity related securities to achieve optimal portfolio construction. The Scheme does not guarantee or assure any returns. Asset Allocation: (1) Indian Equities and Equity Related Securities of companies, which are not part of the top 100 stocks by market capitalization and have market capitalization of atleast `100 Crores at the time of investment: 65%-100% (2) Other Indian Equities and Equity Related Securities: 0%-35%; Money market instruments / debt securities Instruments (Including upto 20% of corpus in securitized debt): 0%-35%. Transparency: The NAV will be calculated at the close of every working day and shall be published in two daily newspapers. Investment Objective: Mirae Asset India-China Consumption Fund (An Open ended Equity Oriented Scheme) - The investment objective of the scheme is to generate long term capital appreciation through an actively managed portfolio investing in equity and equity related securities of companies that are likely to benefit either directly or indirectly from consumption led demand in India / China. The Scheme does not guarantee or assure any returns. Asset Allocation : (1) Indian Equities and Equity Related Securities of companies that are likely to benefit either directly or indirectly from consumption led demand: 65%-90% (2) Chinese Equities and Equity Related Securities of companies that are likely to benefit either directly or indirectly from consumption led demand: 10%-35%; (3) Money market instruments / debt securities Instruments and/or units of debt/liquid schemes of domestic Mutual Funds : 0%-25%. Transparency: The NAV will be calculated at the close of every working day and shall be published in two daily newspapers. Load structure of all the schemes : Entry load - Nil, Exit Load: If redeemed within 6 months (182 days) from the date of allotment %. If redeemed after 6 months (182 days) but within 1 year (365 days) from the date of allotment -1.00%. If redeemed after 1 year (365 days) from the date of allotment -NIL. For Mirae Asset China Advantage Fund (MACAF) : Investors should also be aware that the underlying scheme(s) could charge entry load/exit load which may affect the returns to the investors. The load structure of the underlying scheme(s) may change from time to time. The investor shall bear the scheme recurring expenses in addition to the scheme recurring expenses of underlying scheme. Statutory Details: Sponsor: Mirae Asset Investments Company Limited. Trustee: Mirae Asset Trustee Company Private Limited; Investment Manager: Mirae Asset Global Investments (India) Private Limited. Mutual Fund Investments are subject to market risks, read all scheme related documents carefully (Toll free) customercaremiraeasset.com Mirae Asset Global Investments (India) Private Limited th Unit No. 606, 6 Floor, Windsor Building, Off C. S. T. Road, Kalina, Santacruz - (East), Mumbai Distributed by:
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