FundSpeak O C T O B E R Mirae Asset Tower (centre) stands proudly among the high rises dotting the Shanghai Skyline.

Transcription

1 FundSpeak O C T O B E R Mirae Asset Tower (centre) stands proudly among e high rises dotting e Shanghai Skyline.

2 Market Commentary Indian Equity Markets Equity Markets had a strong mon wi Nifty and Sensex up by 8.5% and 7.6% respectively. Strong FII flows buoyed by government restarting e policy reform process drove e markets higher. Global news flow was also positive wi ECB and FED announcing fresh stimulus and more bond buying improved global sentiments. The broader market outperformed wi e BSE Midcap and Smallcap up close to 10%. All e BSE sectors closed wi gains. Interest rate sensitive s like BSE Realty, Bankex and Auto were e best performers wi 22%, 14% and 12.7% gains respectively. Defensive like Healcare and FMCG were e worst performers wi 0.4% & 2.8% gains. BSE IT was also e laggard sector wi 3% gains, as e rupee rebounded strongly against e dollar. Outlook The valuations of e India market are reasonable even after e current rally. Performance of equity markets from hereon would be contingent e government s plan towards fiscal consolidation & steps to spur grow rough economic reforms. We feel investors should not be perturbed by e market movements and should remain focused on eir long term goals. Investors should diversify eir portfolios across asset classes & monitor eir existing asset allocation inline wi eir long term goals for rebalancing eir portfolio. Considering e improvement in e macro conditions/environment, we believe dips should be utilized to increase allocation towards equities. We feel investing systematically (or staggered in tranches) is e best approach to invest in e equity markets. Indian Debt Markets Debt Market in September - Money market securities yields dropping in e face of easing liquidity pressures. One-year CD (certificate of deposit) yields have dropped by 70 bps from highs in April 2012 and are currently trading at around % levels. In e Sept quarter e benchmark 10-year yield benchmark 10-year yield fluctuated between % reflecting e changing sentiments in e bond market. RBI Policy - In its Mid-Quarter Review of Monetary Policy held on 17 Sept., RBI kept e Repo rate unchanged and eased CRR by 25 bps.rbi also clarified at monetary policy also has an important role in supporting e grow revival. However, in e current situation, persistent inflationary pressures alongside risks emerging from twin deficits - current account deficit and fiscal deficit - constrain a stronger response of monetary policy to grow risks. RBI welcomed e hike in diesel prices and rationalization of LPG subsidy regime. In e short-term ese measures will lead to higher inflation but will strengen India s macro economic fundamentals over a medium-term. Grow and Inflation - WPI Index for August was at 7.55%. This is significantly higher an market expectations of 7.10%. The recent inflation reading is also higher at 6.87% inflation seen in July. Core inflation rose to 5.56% in Aug-12 compared to 5.44% seen in Jul-12. The Index of Industrial Production (IIP) for e mon of Jul-12 stood at implying an annual grow rate of just 0.1%. Government Borrowing - RBI in consultation wi e Govt. issued an indicative calendar for issuance of G-Sec. for e second half of FY The government has decided to raise ` 2 lakh cr. rough G-Sec. in e second half of e current fiscal year as per e scheduled borrowing program as outlined in e budget. Systemic liquidity - RBI infused average net liquidity wor ` 71,520 Cr. in is week compared to an infusion of ` 70,679 Cr. in previous week. The liquidity deficit is expected to get widen as e festival season is around e corner, which is trigger of credit off take and would also increase currency in circulation. INDIA EQUITY MARKET Returns 1 Mon YTD (%) (%) BSE Midcap BSE SmallCap BSE Heal Care BSE Realty BANKEX BSE Oil & Gas BSE Power BSE Auto BSE FMCG BSE Metal BSE IT Source: Bloomberg, 30 September 2012 DEBT MARKET 28-Sep-12 (%) 31-Aug-12 (%) Call Rate CBLO mon CD mon CP year CD year CP AAA Corp bonds (5 years) G-Sec (10 years) Source: Bloomberg, 30 September 2012 Impact on Interest rates Debt Market Short Long Factors Term Term Inflation Neutral Positive Grow Neutral Positive RBI Policy Neutral Neutral Fiscal deficit Neutral Negative Bank Credit- Negative Neutral Deposit Grow Systemic liquidity Positive Positive

3 Market Commentary Debt market outlook Going forward it is expected at RBI will soften its stance to support e economy to back on 7.0% grow tragedy. The near term factors for e bond market are bullish. The government has indicated at it will stick to its budgeted borrowing for e fiscal The expectations of a repo rate cut and/or CRR in e 30 October 2012 policy review of e RBI are very high. Based on e facts we are expecting rate cuts from RBI in e next 6-9 mons. Currency Markets The Dollar Index was down by 1.7% is mon which aided Rupee s bounce and gain of 0.5% is mon against e dollar. FII Flows continue to be robust wi FII purchasing stocks wor ` 9,730 Crores in August; however MF continues to be sellers wi net sales of 1,600 Crores is mon FDI inflow in India plunged for e ird mon in a row in June to $1.24 billion from $5.65 bn a year-ago. China Markets China market closed September in positive territory on e prospect at regulators would be announcing measures to spur equities, ough e overall sentiments were weak due to weak macro data coming out in e mon of September. The MSCI China closed is mon wi gains of 5.97% while Shanghai composite Index gained only 1.89%. The following news impacted e market sentiment in china in Sept: China s non-manufacturing industries expanded at e weakest pace since March 2011.The PMI fell to 53.7 from 56.3 in Aug, e NBS disclosed. China s manufacturing contracted for e second consecutive mon. PMI was at 49.8 in Sept after a 49.2 reading in Aug. This is e first time since 2009 e PMI has 2 consecutive mons of reading below 50. China. A reading below 50 means contraction. Outlook: China market gained in e mon of September, however overall investors sentiment is still weak, so market is trading in a narrow range for last few mons. For China Market macro uncertainties are still ere, but valuations are cheap and we ink many negative factors are already reflected in e market. The last time China s stocks were is cheap in 2008, e benchmark index rose 83% in a year. The Shanghai Composite Index trades at 11.4 times e earnings of China s biggest companies, e lowest level since at least Commodities Market The global rate cut spree and liquidity easing by US and ECB boosted commodities in September, however slowdown concerns across e globe dissuaded e sentimemts. On macroeconomic front, HSBC PMI revealed at activity in Chinese manufacturing sector contracted for an 11 straight mon in September. In U.S. factory orders for August witnessed a steepest fall in more an ree years. Gold prices witnessed handsome returns during Q3 12, e best quarter since past two years. Bo gold & silver went up 7.15% & 13.30% respectively in September Crude prices fell in September. Outlook - The price direction of various metals will be decided by china as, market focus will remain accentuated on e political developments in China, where in e incumbent ruling party will appoint new central leaders during November. The crude price can sustain at e current levels in November as Iran is still at e same stand and has denied at it had offered a "nine-step plan" aimed at solving its stand-off wi e West over its disputed nuclear programme. Currency Market Performance 1 Mon YTD INR/USD 4.9% 0.5% FII & MF Activity (Equity) FII MF Sept-12 20,769-3,199 YTD 84,608-13,309 Global Equity Markets Country Index 1 Mon YTD India SENSEX 7.65% 21.40% NIFTY 8.46% 23.33% Hong Hang 6.97% 13.05% Kong Seng Korea KOSPI 4.78% 9.34% Brazil BOVESPA 3.71% 4.27% Japan NIKKEI 0.34% 4.91% Russia MSCI 5.31% 7.38% Russia US China Dow Jones 2.65% 9.98% NASDAQ 1.61% 19.62% Shanghai 1.89% -5.15% Comp. Index MSCI China 5.97% 5.25% Germany DAX 3.52% 22.34% Source: Bloomberg, 30 September 2012 Commodity Market Particulars 1 Mon YTD Nymex Crude -4.72% -6.24% Brent Crude Oil -1.46% 7.81% LME Aluminium 10.67% 4.52% LME Copper 7.96% 8.19% LME Nickel 15.91% -1.59% LME Zinc 13.69% 12.97% Gold 7.15% 13.07% Silver 13.30% 23.80% Source: Bloomberg, 30 September 2012

4 Mirae Asset India Opportunities Fund (An open ended equity oriented scheme) Factsheet data as on 30 September, 2012 Style Box Marketcap Large Mid Small Investment Philosophy Style Performance Report Mirae Asset India Opportunities Fund (MAIOF) Portfolio Top 20 Holdings % allocation ICICI Bank Ltd Infosys Ltd HDFC Bank Ltd ITC Ltd Housing Development Finance Corporation Ltd Reliance Industries Ltd State Bank of India 3.24 Larsen & Toubro Ltd Amara Raja Batteries Ltd Zee Entertainment Enterprises Ltd Oil & Natural Gas Corporation Ltd Federal Bank Ltd Gateway Distriparks Ltd Apollo Tyres Ltd Titan Industries Ltd Maruti Suzuki India Ltd Tata Motors Ltd.(DVR) 1.95 Bharti Airtel Ltd Divis Laboratories Ltd Wipro Ltd Oer Equities Equity Holding Total Cash & Oer Receivables 5.02 Total Key Information Fund Managers: Neelesh Surana & Gopal Agrawal. Bo are managing is fund since April Neelesh Surana : 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 ( ) : Grow Plan : Dividend Plan : Benchmark Index: BSE 200 Quarterly Avg AUM (` Cr) ( ) Minimum Investment: Regular : ` 5,000 (multiples of ` 1 ereafter). Institutional : ` 5 crores (multiples of ` 1 ereafter) Systematic Investment Plan (SIP): ` 1,000/- (multiples of ` 1/- ereafter), minimum 6 installments (Monly), ` 1,500/- (multiples of ` 1/- ereafter), minimum 4 installments (Quarterly) Load Structure : Entry load - Nil, Exit load- Redemption wiin 1 year (365 days) from e date of allotment (including SIP/ STP/SWP) %. Redemption after 1 year (365 days) from e date of allotment - NIL. NAV at e end of e Returns Returns Returns Value(INR)* Value(INR)* Value(INR)* period ( ` per unit) MAIOF BSE 200 Sensex** MAIOF BSE 200 Sensex** 30 Sept Sept 2012* % 13.81% 14.07% 11,802 11,381 11, Sept Sept % % % 8,827 8,015 8, Sept Sept % 20.79% 17.18% 13,234 12,079 11, Sept Sept % 34.66% 33.17% 15,418 13,466 13,317 Since Inception (CAGR) 28 Sept % 4.44% 4.59% 17,678 12,154 12,783 Index Value (28 Sept, 2012) Index Value of BSE 200 is and Index value of Sensex is Date of allotment 04-Apr-08 Scheme Benchmark BSE 200 SIP Performance Grow Value Blend The fund is a largecap 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 wi strong pricing power and are sector leaders. Fund Investment Strategy: Our investments strategy remains to stay focused on high quality businesses, which can wistand current domestic and global headwinds. Our approach is more bottom-up and stock specific, as we believe at deviation in returns wiin a sector would continue. We are avoiding two pockets in e market, investing in companies wi rich valuation as e margin of Safety is low and companies which are available at cheap valuations but wi weak businesses models as we feel ere are enough opportunities available outside ese two pockets in e market. We have increased weightage in Banks, Auto, Petroleum Products while reducing weights to Finance, Consumer Non Durables, Pharma and Telecom. Minerals/Mining Transportation Media & Entertainment Consumer Durables Finance Software Cons. Non Durables Auto Ancillaries Pharmaceuticals Banks Oer Sectors Mirae Asset India Opportunities Fund Allocation - Top 10 Sectors* 2.74% 3.72% 4.22% 4.31% 4.42% 5.79% 8.83% 11.16% 11.74% 0% 5% 10% 15% 20% 25% *Industrywise classification as recommended by AMFI. SIP Investment Since Inception 3 Year 1 Year Total Amount Invested 53,000 36,000 12,000 Mkt Value as of 28 Sept ,280 41,492 13,664 Return(Annualized)*(%) 17.84% 9.48% 27.03% Benchmark Return(Annualized)*(%) 9.07% 3.48% 22.06% Add. Benchmark Return(Annualized)*(%) 8.84% 4.10% 21.12% Past Performance may or may not sustained in future. BSE 200 Index. Sensex Index.SIP Investment Date is taken as 1st of every Mon % 20.55% Dividend History Record Date 22-Mar Dec-10 9-Sep-09 Note : The performance of oer funds managed by e same fund managers are given in e respective page of e schemes. *Being e last business day. Ratios* (Annualised) Dividend ` 1.50 per Unit ` 1.50 per Unit ` 0.90 per Unit Volatility 30.64% Beta 0.96 R Squared 0.97 Sharpe Ratio 0.28 Information Ratio 1.55 Total Expense Ratio 2.35% Portfolio Turnover Ratio^ 0.63 times *The Volatility, Beta, R Squared, Sharpe Ratio & Information Ratio are calculated since Inception date of e fund. Risk free rate is assumed to be e 91 day T bill yield. Average calculated from October 11 to September 12. ^Basis last rolling 12 mon.

5 Mirae Asset Emerging Bluechip Fund (An open ended equity fund) Factsheet data as on 30 September, 2012 Style Box Marketcap Large Mid Small Investment Philosophy The fund is a Mid-cap focused fund which gives investors e opportunity to participate in e grow of e emerging companies which have e potential to be tommorrow s large caps. The fund invests in e stocks wi atleast 100 crores market cap but not a part of top 100 stocks as per market cap (as per NSE) at e time of Investment. The fund invest in companies wi strong balance sheet and robust cash flows & earning grow expectations at may perform creditably over e medium to long term. Fund Investment Strategy: Grow Blend Value Style Funds investment strategy remains to stay focused on high quality businesses, which can wistand current domestic and global headwinds. Our approach in e above context, is more bottom-up and stock specific, as we believe at deviation in returns wiin a sector would continue. Based on our market outlook, we will keep e current balanced portfolio to invest across large, mid and small cap segments and regard market lows as buying opportunities. We are avoiding two pockets in e market, investing in companies wi rich valuation as e margin of Safety is low and companies which are available at cheap valuations but wi weak businesses models. Performance Report Mirae Asset Emerging Bluechip Fund (MAEBF) Portfolio Top 20 Holdings % allocation Amara Raja Batteries Ltd Federal Bank Ltd Divis Laboratories Ltd Gateway Distriparks Ltd IPCA Laboratories Ltd ICICI Bank Ltd Apollo Tyres Ltd Gujarat Mineral Development Corp. Ltd CMC Ltd Bank of Baroda 2.55 Rallis India Ltd Exide Industries Ltd Zee Entertainment Enterprises Ltd Godrej Consumer Products Ltd Cadila Healcare Ltd Titan Industries Ltd Venkys India Ltd Gujarat State Petronet Ltd Tata Chemicals Ltd ING Vysya Bank Ltd Oer Equities Total Equities Cash & Oer Receivables 7.45 Total Allocation - Top 10 Sectors* Key Information Fund Managers: Neelesh Surana & Gopal Agrawal. Bo are managing is fund since July Gopal Agrawal : Over 12 years of experience in Fund Management. Neelesh Surana : 17 years of experience in Financial Services including Fund Management Allotment Date: July 09, 2010 NAV ( ): Grow Plan : Dividend Plan : Benchmark Index: CNX Midcap Index Quarterly Avg AUM (` Cr) ( ) Minimum Investment: Regular : ` 5,000 (multiples of ` 1 ereafter). Institutional : ` 5 crores (multiples of ` 1 ereafter) Systematic Investment Plan (SIP): ` 1,000/- (multiples of ` 1/- ereafter), minimum 6 installments (Monly), ` 1,500/- (multiples of ` 1/- ereafter), minimum 4 installments (Quarterly) Load Structure : Entry load - Nil, Exit load - Redemption wiin 1 year (365 days) from e date of allotment (including SIP/ STP/SWP) %. Redemption after 1 year (365 days) from e date of allotment - NIL. NAV at e end of e Returns Returns Returns period ( ` per unit) MAEBF CNX Midcap Sensex** 30 Sept Sept 2012* % 10.55% 14.07% 30 Sept Sept % % % Since Inception(CAGR) 28 Sept % -2.53% 2.31% Index Value (28 Sept, 2012) Index Value of CNX Midcap is and Index value of Sensex is Date of allotment 09-Jul-10 Scheme Benchmark CNX Midcap SIP Performance Minerals/Mining Transportation Media & Ent. Cons. Durables Finance Software Cons. Non Durables Auto Ancillaries Pharmaceuticals Banks Oer Sectors Mirae Asset Emerging Bluechip Fund 0% 5% 10% 15% 20% 25% *Industrywise classification as recommended by AMFI. SIP Investment Since Inception 1 Year Total Amount Invested 26,000 12,000 Mkt Value as of 28 Sept ,383 14,017 Return(Annualized)*(%) 14.59% 33.00% Benchmark Return(Annualized)*(%) 1.48% 20.14% Add. Benchmark Return(Annualized)*(%) 4.20% 21.12% 2.74% 3.72% 4.22% 4.31% 4.42% 5.79% 8.83% 11.16% 11.74% Past Performance may or may not sustained in future. CNX Midcap Index. Sensex Index. SIP Investment Date is taken as 1st of every Mon 15.07% 20.55% Note : Wi effect from 1st October, 2012 Neelesh Surana has been appointed as sole fund manager for e scheme *Being e last business day. Portfolio Highlights - Sept. 12 We have increased weightage towards Banks, Consumer Durables, Petroleum Products while reducing weights to Finance, Consumer Non Durables and Pharma. Ratios* (Annualised) Volatility 18.08% Beta 0.76 R Squared 0.92 Sharpe Ratio 0.24 Total Expense Ratio 2.47% Information Ratio 1.77 Portfolio Turnover Ratio^ 0.89 times *The Volatility, Beta, R Squared, Sharpe Ratio & Information Ratio are calculated since Inception date of e fund. Risk free rate is assumed to be e 91 day T bill yield. Average calculated from October 11 to September 12. ^Basis last rolling 12 mon.

6 Mirae Asset Global Commodity Stocks Fund (An open ended equity fund) Factsheet data as on 30 September, 2012 Style Box Portfolio Holdings Marketcap Large Mid Small 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 wi e commodities business. The fund primarily invests in stocks in Asia Pacific markets and emerging markets us offering investors an avenue to diversify beyond local boundaries. Fund Investment Strategy: The slowing grow in China and slowed demand across e globe has impacted e performance of commodities. We invest in mostly largecap companies in our portfolio which provides stablity to our portfolio. We prefer e companies engaged in oil & Gas exploration and distribution, Steel companies and cement companies. Allocation - Top Sectors* Grow Blend Value Domestic Equities Sectoral Allocation* Pesticides Gas Oil Metals Minerals/Mining Ferrous Metals Non - Ferrous Metals Cement PetroleumProducts 0.63% 1.90% 3.67% 3.75% 3.96% 4.60% 4.79% Style 10.20% 0% 2% 4% 6% 8% 10% 12% *Industrywise classification as recommended by AMFI. Performance Report Mirae Asset Global Commodity Stocks Fund (MAGCSF) % allocation Equity Shares (Domestic - Holdings Equities) Reliance Industries Ltd Hindalco Industries Ltd Oil & Natural Gas Corporation Ltd Coal India Ltd Jindal Steel & Power Ltd Ultratech Cement Ltd GAIL (India) Ltd Ambuja Cements Ltd Tata Steel Ltd Gujarat Mineral Development Corp. Ltd Oer Domestic Equities 5.60 Equity Shares (International - Holding) BHP Billiton Ltd PT Semen Gresik (Persero) TBK 3.97 Cnooc Ltd Petroleo Brasileiro PFD SHS 3.54 Oil Search Ltd Beijing Enterprises Holdings Ltd Vale SA 3.24 Jiangxi Copper Company Ltd Tambang Batubara Bukit Asam Ltd China National Building Materia Ltd Oer International Equities Equity Total Cash & Cash Equivalents 1.74 Total Key Information Fund Manager : Gopal Agrawal, Neelesh Surana, & Sumit Agrawal. Experience : Gopal Agrawal : Over 12 years of experience in Fund Management, Neelesh Surana : 17 years of experience in Financial Services including Fund Management, Sumit Agrawal : (Overseas Investments) : 7 years of experience in Equity Research Analysis. Allotment Date: August 20, 2008 NAV ( ) : Grow Plan : Dividend Plan : Benchmark Index: MSCI Asia Pacific ex Japan and India Energy & Materials Index (55%),+ MSCI Brazil Energy & Materials Index (10%) + MSCI India Energy & Materials Index (35%) (wi 10/40 Index Meodology). Quarterly Avg AUM(` Cr) : ( ) Minimum Investment: Regular : ` 5,000 and in multiples of ` 1/- ereafter Systematic Investment Plan (SIP): ` 1,000/- (multiples of ` 1/- ereafter), minimum 6 installments (Monly), ` 1,500/- (multiples of ` 1/- ereafter), minimum 4 installments (Quarterly) Load Structure: Entry load - Nil, Exit load - Redemption wiin 1 year (365 days) from e date of allotment (including SIP/ STP/SWP) %. Redemption after 1 year (365 days) from e date of allotment - NIL. NAV at e end of e Returns Returns Returns Value Value Value period ( ` per unit) MAGCSF Scheme Sensex** MAGCSF Scheme Sensex** Benchmark Benchmark 30 Sept Sept % 12.47% 14.07% 11,357 11,247 11, Sept Sept % % % 8,674 8,824 8, Sept Sept % 14.49% 17.18% 10,696 11,449 11, Sept Sept % 35.40% 33.17% 13,285 13,540 13,317 Since Inception(CAGR)28 Sept % 6.73% 6.16% 11,850 13,069 12,783 Index Value (28 Sept, 2012) Index Value of benchmark is and Index value of Sensex is Date of allotment 20-Aug-08 Scheme Benchmark MSCI Asia Pacific ex-japan Energy & Material Index (55%) MSCI India Energy & Material Index - (35%) MSCI Brazil Energy & Material Index - (10%) wi (MSCI s10/40 Equity Index Meodology) Note: The benchmark of e fund has been changed to MSCIAC Asia Pacific selected countries & Sectors Special Weighted Index effective from 1 October Wi effect from 1st October, 2012 Mr. Gopal Agrawal & Sumit Agrawal has been appointed as e fund manager for e scheme. * Being e last working day. SIP Performance Mirae Asset Global Commodity Stocks Fund Ratios* (Annualised) SIP Investment Since Inception 3 Year 1 Year Total Amount Invested 49,000 36,000 12,000 Mkt Value as of 28 Sept ,113 35,877 12,310 Return(Annualized)*(%) 6.60% -0.22% 4.88% Benchmark Return(Annualized)*(%) 8.82% 1.29% 4.57% Add. Benchmark Return(Annualized)*(%) 9.50% 4.10% 21.12% India China Australia Indonesia Past Performance may or may not sustained in future. MSCI Asia Pacific ex Japan and India Energy & Materials Index (55%),+ MSCI Brazil Energy & Materials Index (10%) + MSCI India Energy & Materials Index (35%) (wi 10/40 Index Meodology). Sensex Index. SIP Investment Date is taken as 1st of every Mon % 1.46% 1.74% 2.30% 6.78% 6.93% 19.65% 33.49% Country Allocation Brazil Korea Russia Cash & Cash Equivalents International Equities Sectoral Allocation Oer Sectors Industrial Conglomerates Commodity Chemicals Coal & Consumable Fuels Steel Construction Materials Integrated Oil & Gas Oil & Gas Exploration & Production Diversified Metals & Mining 3.77% 3.27% 3.49% 5.26% 6.06% 6.91% 9.16% 10.94% 15.93% GICS sub-industry Classification Volatility 27.88% Beta 0.99 R Squared 0.97 Sharpe Ratio Total Expense Ratio 2.50% Portfolio Turnover Ratio^ 0.47 Times *The Volatility, Beta, R Squared & Sharpe Ratio are calculated since Inception date of e fund. Risk free rate is assumed to be e 91 day T bill yield. Average calculated from October 11 to September 12. ^Basis last rolling 12 mon.

7 Mirae Asset China Advantage Fund (An open ended Fund of Funds Scheme) Factsheet data as on 30 September, 2012 Style Box Marketcap Large Mid Small Investment Philosophy Grow Style Blend Value Mirae Asset China advantage Fund invests in an underlying fund, which invests in equities of sector leading companies domiciled in, or exercising a large portion, of eir economic activity in China and Hong Kong. The fund gives investors an opportunity to invest in China companies wi high investment potential. The emphasis on market leaders gives e fund a bias towards large/midcap names. Fund is positioned to take advantages of e grow opportunities related to e secular and structural changes in China. Fund Investment Strategy: China market gained in e mon of September, however overall investors sentiment is still weak, so market is trading in a narrow range for last few mons. For China Market macro uncertainties are still ere, but valuations are cheap and we ink many negative factors are already reflected in e market. The last time China s stocks were is cheap in 2008, e benchmark index rose 83% in a year. Underlying fund invests from a longer-term perspective. Underlying fund believe at a concentrated portfolio wi key holdings in leading companies across sectors, reform-related names and beneficiaries in industry consolidation will likely stand out and underlying fund regard any market lows as buying opportunities. Performance Report Mirae Asset China Advantage Fund (MACAF) SIP Performance Mirae Asset China Advantage Fund SIP Investment Since Inception SIP 1 Year SIP Total Amount Invested 34,000 12,000 Mkt. Value as of 28 Sept ,522 12,441 Return(Annualized)*(%) 1.05% 6.98% Benchmark Return(Annualized)*(%) 0.88% 5.16% Add. Benchmark Return(Annualized)*(%) 3.97% 20.62% Past Performance may or may not sustained in future. MSCI China (Price in INR). Sensex Index. SIP Investment Date is taken as 1st of every Mon. Key Information Fund Managers*: Gopal Agrawal & Neelesh Surana. Experience: Gopal Agrawal : Over 12 years of experience in Fund Management. Neelesh Surana : Over 17 years of experience in Financial Services including Fund Management. Bo are Managing is fund since Inception of e fund. Allotment Date: November 05, 2009 NAV ( ) : Grow: Dividend: Quarterly Avg AUM (` Cr):40.49 ( ) Benchmark Index: MSCI China (in INR Terms) Minimum Investment: Regular : ` 5,000 (multiples of ` 1 ereafter). Systematic Investment Plan (SIP): ` 1,000/- (multiples of ` 1/- ereafter), minimum 6 installments (Monly), ` 1,500/- (multiples of ` 1/- ereafter), minimum 4 installments (Quarterly) Load Structure: Entry load - Nil, Exit load - Redemption wiin 1 year (365 days) from e date of allotment (including SIP/ STP/SWP) %. Redemption after 1 year (365 days) from e date of allotment - NIL. 30 Sept Sept 2012* % 23.02% 14.07% 30 Sept Sept % % % Since Inception(CAGR)28 Sept % -0.31% 5.50% Index Value (28 Sept, 2012) Index value for benchmark is while for Sensex is Date of allotment 05-Nov-09 Scheme Benchmark Portfolio Holdings % allocation Mutual Fund Units & ETF Mirae Asset China Sector Leader Equity Fund Total Alocation to International Mutual Fund Units Cash & Oer Receivables 0.68 Total Underlying Fund Top 10 Holdings st as on 31 July, 2012 Mirae Asset China Sector Leader Equity Fund Equity Shares Kunlun Energy 7.00 Ping An Insurance Ltd Tencent Holding 5.90 Industrial & Commercial Bank of China 5.60 Baidu 5.20 China Merchant Bank 5.00 China Mobile 4.80 CNOOC Ltd China Construction Bank 4.60 China Overseas Land & Investment 4.20 Allocation - Top Sectors Healcare 1.3% Utilities 1.7% Cash 4.0% Cons. Discretionery 4.3% Telecom Services 4.8% Material 5.8% Industrial 6.8% Consumer Staples 8.1% IT 11.1% Energy 19.4% Financial NAV at e end of e Returns Returns Returns period ( ` per unit) MACAF MSCI China(INR) Sensex** MSCI China(INR) 0% 5% 10% 15% 20% 25% 30% 35% GICS Sector Classification Note : Wi effect from 1st October, 2012 Sumit Agrawal has been appointed as sole fund manager for e scheme. *Being e last business day. 32.7% Ratios* (Annualised) Volatility 18.07% Beta 1.03 R Squared 0.88 Sharpe Ratio Total Expense Ratio** 2.20 *The Volatility, Beta, R Squared & Sharpe Ratio are calculated since Inception date of e fund. Risk free rate is assumed to be e 91 day T bill yield. Average calculated from October 11 to September 12.** The investors, in addition to e above recurring expense shall also bear e recurring expense of e underlying scheme. However e total recurring expenses (including e recurring expense of e underlying scheme) will not exceed 2.5% p.a.

8 Mirae Asset India-China Consumption Fund (An open ended equity oriented scheme) Factsheet data as on 30 September, 2012 Style Box Marketcap Large Mid Small Investment Philosophy The fund gives e investors a chance to invest in two of e 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 wi increasing income, increasing middle class and urbanization, e consumption eme is expected to be dominant in bo e countries over e next decade. Fund Investment Strategy: In India we are more positive on Auto(we prefer four wheeler over two wheelers), Bank(In banks we prefer private sector banks more an public sector banks) & Media & Entertainment. In China we prefer Telecom Service providers, Retail, Internet companies. We are very positive on e consumption eme in India and China and we ink is ere is going to play over in long term. Allocation - Top Sectors* Grow Blend Value Style Portfolio Holdings % allocation Equity Shares (Domestic -Top 10 Holdings) ITC Ltd Tata Motors Ltd. (DVR) 4.86 Hindustan Unilever Ltd ICICI Bank Ltd Zee Entertainment Enterprises Ltd Amara Raja Batteries Ltd Gateway Distriparks Ltd Maruti Suzuki India Ltd GAIL (India) Ltd Tata Motors Ltd Oer Equities Equity Shares (International-Top 10 Holdings) China Mobile 5.96 Ind & Comm Bk - H 2.15 Hengan International Group Co. Ltd Tingyi (Cayman Islands) Holdings Corp China Unicom 1.82 Belle Intl. Hldgs Bank of China Ltd China Construct BK-H 1.66 Want Want China Holdings Ltd China Overseas Land & Invest Ltd Oer Equities 6.37 Total Equity Allocation Cash & Oer Receivables 3.11 Total 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( ) : Grow: Dividend: Quarterly Avg AUM(Rs Cr):15.03 ( ) Benchmark Index: MSCI India consumption Index (65%) + MSCI China Consumption Index(35%) INR. Minimum Investment: Regular : ` 5,000 and in multiples of Re. 1/- ereafter Systematic Investment Plan (SIP): ` 1,000/- (multiples of ` 1/- ereafter), minimum 6 installments (Monly), ` 1,500/- (multiples of ` 1/- ereafter), minimum 4 installments (Quarterly). Load Structure: Entry load -Nil, E x i t l o a d - Redemption wiin 1 year (365 days) from e date of allotment (including SIP/ STP/SWP) %. Redemption after 1 year (365 days) from e date of allotment - NIL. Domestic Equities Sectoral Allocation* Gas 2.61% Transportation 2.78% Finance 3.10% Consumer Durables 3.58% Pharmaceuticals 4.21% Oer Sectors 4.58% Banks 5.58% Auto Ancillaries 5.96% Media & Entertainment 6.01% Auto 11.79% Consumer Non Durables 18.34% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% *Industrywise classification as recommended by AMFI. Country Allocation 3.11% 28.33% 68.56% India China Cash & Oer Receivables International Equities Sectoral Allocation Life & Heal Insurance Automobile Manufacturers Oer Sectors Department Stores Real Estate Development Apparel Retail Personal Products Integrated Telecommunication Services Packaged Foods & Meats Diversified Banks Wireless Telecommunication Services 1.18% 1.20% 1.29% 1.29% 1.41% 1.76% 1.97% 3.22% 3.52% 0% 1% 2% 3% 4% 5% 6% 7% GICS sub-industry Classification 5.54% 5.96% Performance Report Mirae Asset India China Consumption Fund (MAICCF) 30 Sept Sept 2012* % 25.17% 14.07% Since Inception (CAGR) 28 Sept % 16.14% -1.25% Index Value (28 Sept, 2012) Index Value of benchmark is and Index value of Sensex is Date of allotment 29-March 2011 Scheme Benchmark *Being e last business day. SIP Performance Mirae Asset China Advantage Fund SIP Investment Since Inception 1 Year Total Amount Invested 18,000 12,000 Mkt Value as of 28 Sept ,927 13,805 Return (Annualized)* (%) 20.67% 29.41% Benchmark Return (Annualized)* (%) 20.16% 26.16% Add. Benchmark Return (Annualized)* (%) 9.98% 21.12% 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 Mon. NAV at e end of e Return Return Return period ( ` per unit) MAICCF Scheme Benchmark Sensex** MSCI India consumption Index(65%) + MSCI China Consumption Index (35%) INR Ratios* (Annualised) Volatility 12.41% Beta 0.91 R Squared 0.89 Sharpe Ratio 0.44 Total Expense Ratio 2.50% Portfolio Turnover Ratio^ 1.21 times Risk free rate is assumed to be e 91 day T bill yield. Average calculated from October 11 to September 12. ^Basis last rolling 12 mon.

9 Fund Performance & SIP Returns for all Equity Fund Performance of funds managed by Mr. Neelesh Surana and Mr. Gopal Agrawal Mirae Asset India Opportunities Fund (MAIOF) NAV (`per unit) Returns Returns Returns Value (INR)* Value (INR)* Value (INR)* MAIOF BSE 200 Sensex** MAIOF BSE 200 Sensex** 30 Sept Sept % 13.81% 14.07% 11,802 11,381 11, Sept Sept % % % 8,827 8,015 8, Sept Sept % 20.79% 17.18% 13,234 12,079 11, Sept Sept % 34.66% 33.17% 15,418 13,466 13,317 Since Inception(CAGR)28 Sept % 4.44% 4.59% 17,678 12,154 12,783 Index Value (28Sept, 2012) Index Value of BSE 200 is and Index value of Sensex is Date of allotment 04-Apr-08 Scheme Benchmark BSE 200 SIP Investment Since Inception 3 Year 1 Year Total Amount Invested 53,000 36,000 12,000 Mkt Value as of 28 Sept ,280 41,492 13,664 Return(Annualized)*(%) 17.84% 9.48% 27.03% Benchmark Return(Annualized)*(%) 9.07% 3.48% 22.06% Add. Benchmark Return(Annualized)*(%) 8.84% 4.10% 21.12% BSE 200 Index Sensex Mirae Asset Emerging Bluechip Fund (MAEBF) NAV (`per unit) Returns Returns Returns MAEBF CNX Midcap Sensex** 30 Sept Sept % 10.55% 14.07% 30 Sept Sept % % % Since Inception(CAGR)28 Sept % -2.53% 2.31% Index Value (28Sept, 2012) Index Value of CNX Midcap is and Index value of Sensex is Date of allotment 09-Jul-10 Scheme Benchmark CNX Midcap SIP Investment Since Inception 1 Year Total Amount Invested 26,000 12,000 Mkt Value as of 28 Sept ,383 14,017 Return(Annualized)*(%) 14.59% 33.00% Benchmark Return(Annualized)*(%) 1.48% 20.14% Add. Benchmark Return(Annualized)*(%) 4.20% 21.12% CNX Midcap Index Sensex Mirae Asset China Advantage Fund (MACAF) NAV (`per unit) Returns Returns Returns MACAF MSCI China(INR) Sensex** 30 Sept Sept % 23.02% 14.07% 30 Sept Sept % % % Since Inception(CAGR)28 Sept % -0.31% 5.50% Index Value (28 Sept, 2012) Index value for benchmark is while for Sensex is Date of allotment 05-Nov-09 Scheme Benchmark MSCI China (INR) SIP Investment Since Inception 1 Year Total Amount Invested 34,000 12,000 Mkt Value as of 28 Sept ,522 12,441 Return (Annualized)*(%) 1.05% 6.98% Benchmark Return (Annualized)*(%) 0.88% 5.16% Add. Benchmark Return (Annualized)*(%) 3.97% 20.62% MSCI China(Price in INR) Sensex

10 Fund Performance & SIP Returns for all Equity Fund (Contd.) Performance of funds managed by Mr. Gopal Agrawal, Mr. Neelesh Surana & Mr. Sumit Agrawal (Overseas Investment) Mirae Asset Global Commodity Stocks Fund (MAGCSF) NAV (`per unit) Returns Returns Returns Value (INR)* Value (INR)* Value (INR)* MAGCSF Scheme Benchmark Sensex** MAGCSF Scheme Benchmark Sensex** 30 Sept Sept % 12.47% 14.07% 11,357 11,247 11, Sept Sept % % % 8,674 8,824 8, Sept Sept % 14.49% 17.18% 10,696 11,449 11, Sept Sept % 35.40% 33.17% 13,285 13,540 13,317 Since Inception(CAGR)28 Sept % 6.73% 6.16% 11,850 13,069 12,783 Index Value (28Sept, 2012) Index Value of benchmark is and Index value of Sensex is Date of allotment 20-Aug-08 Scheme Benchmark MSCI Asia Pacific ex-japan Energy & Material Index (55%) MSCI India Energy & Material Index - (35%) MSCI Brazil Energy & Material Index - (10%) wi (MSCI s10/40 Equity Index Meodology) SIP Investment Since Inception SIP 3 Year SIP 1 Year SIP Total Amount Invested 49,000 36,000 12,000 Mkt Value as of 28 Sept ,113 35,877 12,310 Return(Annualized)*(%) 6.60% -0.22% 4.88% Benchmark Return(Annualized)*(%) 8.82% 1.29% 4.57% Add. Benchmark Return(Annualized)*(%) 9.50% 4.10% 21.12% MSCI Asia Pacific ex Japan and India Energy & Materials Index (55%),+ MSCI Brazil Energy & Materials Index (10%) + MSCI India Energy & Materials Index (35%) (wi 10/40 Index Meodology) Sensex Mirae Asset India China Consumption Fund (MAICCF) NAV (`per unit) Returns Returns Returns MAICCF Scheme Benchmark Sensex** 30 Sept Sept % 25.17% 14.07% Since Inception(CAGR)28 Sept % 16.14% -1.25% Index Value (28 Sept, 2012) Index Value of benchmark is and Index value of Sensex is Date of allotment 29-Mar-11 Scheme Benchmark MSCI India consumption Index(65%) + MSCI China Consumption Index(35%) INR SIP Investment Since Inception SIP 1 Year SIP Total Amount Invested 18,000 12,000 Mkt Value as of 28 Sept ,927 13,805 Return(Annualized)*(%) 20.67% 29.41% Benchmark Return(Annualized)*(%) 20.16% 26.16% Add. Benchmark Return(Annualized)*(%) 9.98% 21.12% MSCI India Consumption Index (65%) + MSCI China Consumption Index (35%) Sensex The calculations of returns shall assume reinvestment of all payouts at e en prevailing NAV. Returns provided are of Regular Plan-Grow Option & Absolute returns. CAGR-Compounded Annualised Grow 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 at have been in existence for more an ree years. NAV (` per unit) is at e end of e period. Past performance may or may not be sustained in future. SIP investment date assumed to be e first day of every mon. Past performance may or may not be sustained in future. SIP Investment Amount per Mon = ` 1,000. SIP Valuation Date = 30 September, Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.

11 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 rough 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 e 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 rough an actively managed portfolio investing in equity and equity related securities of companies at are engaged in commodity and commodities related sectors/sub sectors/industries, wi at least 65% of e 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 at 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 ose at 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 e 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 e 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 oer mutual fund schemes, units of exchange traded schemes at focus on investing in equities and equity related securities of companies domiciled in or having eir 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 oer mutual fund schemes, units of ETFs investing in equities and equity related securities of companies domiciled in or having eir 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 e close of every working day and shall be published in two daily newspapers and on e AMFI website by 10 a.m. of e 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 e top 100 stocks by market capitalization and have market capitalization of atleast ` 100 Crores at e time of investment. From time to time, e fund manager may also seek participation in oer 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 e top 100 stocks by market capitalization and have market capitalization of atleast `100 Crores at e time of investment: 65%-100% (2) Oer 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 e 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 e scheme is to generate long term capital appreciation rough an actively managed portfolio investing in equity and equity related securities of companies at are likely to benefit eier 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 at are likely to benefit eier directly or indirectly from consumption led demand: 65%-90% (2) Chinese Equities and Equity Related Securities of companies at are likely to benefit eier 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 e close of every working day and shall be published in two daily newspapers. Load structure of all e schemes : Entry Load: Nil. In terms of SEBI circular no. SEBI/IMD/CIR No.4/ /09 dated June 30, 2009, no entry load will be charged by e Scheme to e investor effective August 1, Upfront commission shall be paid directly by e investor to e AMFI registered Distributors based on e investors' assessment of various factors including e service rendered by e distributor. Exit Load: Redemption wiin 1 year (365 days) from e date of allotment (Including SIP/STP/SWP) %. Redemption after 1 year (365 days) from e date of allotment - NIL. For Mirae Asset China Advantage Fund (MACAF) : Investors should also be aware at e underlying scheme(s) could charge entry load/exit load which may affect e returns to e investors. The load structure of e underlying scheme(s) may change from time to time. The investor shall bear e scheme recurring expenses in addition to e 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. Risk Factors: Mutual fund investments are subject to market risks and ere is no assurance or guarantee at e objectives of e scheme will be achieved. As wi any investment in securities, e Net Asset Value (NAV) of e units issued under e Schemes can go up or down depending on e factors and forces affecting e capital markets. Investments in mutual funds are prone to risks of fluctuation in NAVs, uncertainty of dividend distributions etc. Past performance of e Sponsor / AMC / Mutual Fund does not guarantee e future performance of e Schemes of Mirae Asset Mutual Fund and may not necessarily provide a basis for comparison wi oer investments. Mirae Asset India Opportunities Fund, Mirae Asset Global Commodity Stocks Fund, Mirae Asset China Advantage Fund, Mirae Asset Emerging Bluechip Fund & Mirae Asset India-China Consumption Fund are only e names of e schemes and do not in any manner indicate eier e quality of e schemes or eir future prospects or returns. Please read e respective Scheme Information Document for scheme specific details. Unit holders in e Scheme are not being offered any guaranteed / indicative / assured returns. A copy of SAI / SID / Key Information Memorandum cum Application form will be available at AMC offices / AMC website / Investor Service Centre / Distributors on request. Mutual Fund Investments are subject to market risks, read all scheme related documents carefully. ( (Toll free) *customercare@miraeasset.com Mirae Asset Global Investments (India) Private Limited Unit No. 606, 6 Floor, Windsor Building, Off C. S. T. Road, Kalina, Santacruz - (East), Mumbai Distributed by: