SBI DYNAMIC BOND FUND
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1 SBI DYNAMIC BOND FUND
2 This product is suitable for investors who are seeking: Investment in debt and money- market securities Regular income for medium term Moderate risk SBI Dynamic Bond Fund Disclaimer: Investors should consult their financial advisors if in doubt whether this product is suitable for them.
3 SBI Dynamic Bond Fund Features Actively managed fund with the flexibility to invest in overnight maturity papers to high duration papers, it may move across different asset types from money market to medium/long bonds and G-sec based on the fund manager s outlook Instruments Debt # Instruments including Government Securities and Corporate Debt Money Market Instruments % of Net Assets (Min Max.) Risk Profile 0-100% Medium 0-100% Low The Fund is best suited in volatile markets as it endeavours to capture the best of duration play, interest rate movements& credit spreads. The fund focuses on generating returns by way of market movements rather than through interest accrual Average maturity is dynamically managed based on interest rate view, inflation & credit risk # Debt Instruments may include securitized debt up to 40% of the net assets
4 SBI Dynamic Bond Fund Performance to to to 2015 Since Inception SBI Dynamic Bond Fund - Reg Plan - Growth Scheme Benchmark: - Crisil Composite Bond Fund Index Additional Benchmark: - Crisil 10 Yr Gilt Index 2016 to to 31- Mar to 31- Mar-2015 Since Inception Absolute Returns (%) CAGR Returns (%) PTP Returns (INR) SBI Dynamic Bond Fund ,600 Crisil Composite Bond Fund Index (Scheme Benchmark) ,617 Crisil 10 year Gilt Index (Additional Benchmark) ,995 Past performance may or may not be sustained in future. Returns (in %) other than since inception are absolute, calculated for growth option of regular plan and in INR are point-to-point (PTP) returns calculated on a standard investment of 10,000/-. Additional benchmark as prescribed by SEBI for long-term debt schemes is used for comparison purposes. Data as on March 31, 2017
5 SBI Dynamic Bond Fund Competitive Advantage Strategic Asset Allocation Short term corporate credit Short term Govt Bonds Long term Govt Bonds Long term Corporate Credit Change in systemic liquidity driven by factors such as credit deposit growth and currency in circulation. Policy rate actions. Change in systemic liquidity driven by factors such as credit deposit growth and currency in circulation. Policy rate actions. The issuance calendar of bills. Change in monetary stance. Assessment of fiscal situation. Shape of the yield curve. SLR holdings of banks. RBI's open market operations. Movement in commodity and forex markets. Spread reversion w.r.t medium term levels. Changes in relative attraction between offshore and domestic funding avenues. Appetite from insurance co s and PF's Movement in commodity and forex markets Tactical Asset Allocation Change in systemic liquidity driven by factors such as Supply issues for all segments News flow Global developments Market positioning
6 SBI Dynamic Bond Fund Competitive Advantage - Instances Strategic Asset Allocation Market analysis & call: (March 2012) With the commencement of borrowing by the government in the new financial year, government bonds were expected to underperform With demand for wholesale funds from banks & consequent year end tightness, money market rates were at elevated levels. 1 year CD s during March were at %. The short end corporate bonds (2-3 yrs.) at % levels were also fairly priced vis-à-vis G-Sec considering moderate supply pipeline. On account of above we invested 90% of our assets in 1 year CD and balance in the ST corporate bond segment. Yield on March 10, 2012: Securities 1 Year 2-3 Year 10 Year G Sec Corporate bonds CD 10.80% Yield on April 21, 2012: Securities 1 Year 2-3 Year 10 Year G Sec 8.22% 8.58% Corporate bonds 9.46% 9.35% CD 9.80% Source: SBIMF Internal Analysis & Bloomberg Past performance may or may not be sustained in future.
7 SBI Dynamic Bond Fund Competitive Advantage - Instances Tactical Asset Allocation Market analysis & call: (May- July 13) RBI policy guidance had stressed on external sector factors driving policy actions Weakening external sector variables had impacted Forex market trends, even as markets where anticipating additional policy cuts during this period The newly issued 10 year government bond yield which traded at 7.11% in end May closed at 8.17% on 31 st July post the RBI measures. Considering the broad concerns on Forex trends and remote possibility of rate cuts, we had reduced duration in the fund during this period. Modified duration of the fund Date Average Maturity- Yrs End May End June End July Past performance may or may not be sustained in future. Source: SBIMF Internal Analysis
8 SBI Dynamic Bond Fund Current Strategy Lower GDP growth Monsoon Deficit Chinese Yuan devaluation Fed Rate Hike uncertainty SDBF aims to build mid and long term expectations on rate trajectory Portfolio maturity has been increased through exposure to SDL s and UDAY Bonds (35%), 10 year AAA corporate bonds (9%) and Gsec (35%.) Average maturity of the fund stands at 10.32years. Impact of Forex flows Effects of Geopolitical Events SDBF aims to actively react to tactical opportunities in the market
9 India Rates Snapshot for April 2017 Feb-17 Mar-17 Apr-17 m-o-m change (in bps) Change YTD (in bps) 1 Yr. T-Bill M T-Bill year GSec M CD*** M CD*** Yr Corp Bond* Yr Corp Bond* Yr Corp Bond* Yr IRS Yr IRS Overnight MIBOR Rate INR/USD # Crude Oil Indian Basket** # Indian bond yields rose dramatically in February as RBI changed its monetary policy stance from accommodative to neutral and continues to stay high relative to the start of the year. Money market rates, too, inched up a bit in April, post the RBI s decision to suck out nearly Rs. 1 trillion worth of liquidity via the issuance of CMBs. Crude oil prices rose 2.1% over the month but remains flat on YTD basis. Rupee has appreciated sharply on YTD basis owing to massive FII inflows in the debt and equity market. Source: Bloomberg, PPAC, SBIMF Research; NB: **Crude oil price is average $/barrel for the month, rest of the data are % month end; *Corporate bond rate is for AAA rated bonds,*** Refers to PSU Banks CD rate; # INR and Oil price changes are % change
10 Jun-05 Feb-06 Oct-06 Jun-07 Feb-08 Oct-08 Jun-09 Feb-10 Oct-10 Jun-11 Feb-12 Oct-12 Jun-13 Feb-14 Oct-14 Jun-15 Feb-16 Oct-16 Policy Rate Outlook Monetary Policy Committee (MPC) kept the repo rate unchanged at 6.25% in its latest meeting on 6 th April It has however narrowed the policy corridor from 50bps on either side of the repo rate to 25bps to now. Accordingly, the reverse repo rate stands at 6% (5.75% before) and the rate under the marginal standing facility stands at 6.5% (6.75% before). The narrowing of the corridor has been done in response to the benign liquidity conditions which had led short-term rates to fall below the policy rate. The rate on the 3mth T-bill rate had fallen to almost 50bps below the repo rate in March. The narrowing of the band will increase the lower bound of the yield curve to 6% and also lower the volatility in short-term rates. The central bank has indicated that going forward, it will continue to use its existing bouquet of instruments (LAF, term repos, cash management bills, MSS) to manage the excess liquidity in the near-term. Looking ahead, the RBI remains cautious on the inflation trajectory and believes that achieving the 4% mark will not be easy. Seemingly, the central bank remains wary of upside risks to inflation more even though it highlighted that risks are evenly balanced. On the other hand, it expects the growth to improve in FY18 on the back of government spending, higher consumer spending and transmission of earlier rate cuts Repo Rate (mth end, %) In our opinion, given the current outlook on inflation and growth, additional policy rate cuts are unlikely in Source: RBI, CSO, SBIFM Research
11 Apr-09 Sep-09 Feb-10 Jul-10 Dec-10 May-11 Oct-11 Mar-12 Aug-12 Jan-13 Jun-13 Nov-13 Apr-14 Sep-14 Feb-15 Jul-15 Dec-15 May-16 Oct-16 Mar-17 Debt Market Outlook Indian bond yields rose dramatically in February as RBI changed its monetary policy stance from accommodative to neutral and has continued to stay elevated there since. As of April end, 10 year G-sec yield stands at 6.87%, up 45bps from 6.41% in March. Massive foreign inflow during March and April (due to attractive valuations) also led to the increased demand for Indian G-sec and consequent fall in yields. Going forward, as US Fed is expected to hike rates and Indian inflation is expected to inch up, this attractiveness will likely reduce. Further, with surplus liquidity, no RBI OMO purchases and neutral policy stance, the yield curve would remain steeper in the coming months. For FY18 as a whole, supply-demand dynamics of the government bonds, liquidity situation of the banks once the pace of currency withdrawal normalized, bank credit outlook and, global outlook will take prominence in guiding the bond markets trajectory year GSec yield (mth end, %) Repo Rate (mth end, %) We remain constructive, but with a slightly longer term approach as average CPI settle lower and government s measures to widen the tax base leads to structural improvement in the fiscal balance. Accordingly, we keep taking tactical calls in duration at the opportune time (like last two months). Source: Bloomberg, SBIFM Research
12 Investment Process Top Down Analysis Investment Objective & Internal Guidelines Duration Quantitative Analysis Sector Credit Yield Curve Trading Portfolio Construction Bottom Up Security Selection Risk Management The portfolio construction process is a combination of top-down analysis and bottom up security selection done within the framework of internal risk control system
13 Performance of other schemes managed by Mr. Dinesh Ahuja Managing since January, 2011 SBI Magnum Gilt Fund - Short Term - Growth 2016 to 31- Mar to 2016 Absolute Returns (%) 2014 to 2015 Since Inception CAGR Returns (%) PTP Returns (INR) ,711 Managing since January, 2011 SBI Magnum Gilt Fund - Long Term - Growth 2016 to 31- Mar to 31- Mar-2016 Absolute Returns (%) 2014 to 2015 Since Inception CAGR Returns (%) PTP Returns (INR) ,894 I Sec Si-BEX* N.A. N.A. I Sec Li-BEX* N.A. N.A. Crisil 1 Year T-Bill Index ,994 Crisil 10 Year Gilt Index N.A. N.A. *Returns for scheme benchmark index Isec and SI-BEX is calculated using CRISIL Fund Analyser Managing since January, 2011 Magnum Income Fund Crisil Composite Bond Fund Index 2016 to to 31- Mar-2016 Absolute Returns (%) 2014 to 31- Mar-2015 Since Inception CAGR Returns (%) PTP Returns (INR) , N.A. N.A. *Returns for scheme benchmark index I Sec and Li-BEX is calculated using CRISIL Fund Analyser SBI Regular Savings Fund Crisil MIP Blended Index 2016 to to 31- Mar-2016 Absolute Returns (%) 2014 to 2015 Since Inception CAGR Returns (%) PTP Returns (INR) , ,483 Crisil 10 year Gilt Index Crisil 10 Yr Gilt Index N.A. N.A ,074 Past performance may or may not be sustained in the future. Returns (in %) other than since inception are absolute calculated for growth option and in INR are point-to-point (PTP) returns calculated on a standard investment of 10, 000/-. Additional benchmark as prescribed by SEBI for long-term and short-term debt schemes is used for comparison purposes only. Performance calculated for regular plan.
14 Biographies Mr. Navneet Munot - CIO Navneet Munot joined SBI Funds Management as Chief Investment Officer in December He brings with him over 15 years of rich experience in Financial Markets. In his previous assignment, he was the Executive Director & Head - multi - strategy boutique with Morgan Stanley Investment Management. Prior to joining Morgan Stanley Investment Management, he worked as the CIO - Fixed Income and Hybrid Funds at Birla Sun Life Asset Management Company Ltd. Navneet had been associated with the financial services business of the group for over 13 years and worked in various areas such as fixed income, equities and foreign exchange. Navneet is a postgraduate in Accountancy and Business Statistics and a qualified Chartered Accountant. He is also 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). Mr. Dinesh Ahuja Portfolio Manager Dinesh Ahuja joined SBIFM in Prior to joining SBIFM, Dinesh was a portfolio manager at L&T Asset Management and Reliance Group for four years. Dinesh started his career in 1998 as a fixed income dealer on the sell side. Thereafter he worked in leading broking outfits for eight years before moving on the buy side in Dinesh is a Commerce graduate and holds his Masters degree in Finance from Mumbai University.
15 Disclaimer Mutual Fund investments are subject to market risks, read all scheme related documents carefully. 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. 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 SBI Funds Management Private Limited (A joint venture between SBI and AMUNDI) Registered Office: 9th Floor, Crescenzo, C-38 & 39, G Block, Bandra Kurla Complex, Bandra (E), Mumbai Board line: Fax: Website Call: customer.delight@sbimf.com SMS: SBIMF to Visit Visit
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