FUND FACTSHEET JANUARY 2016

Transcription

1 FUND FACTSHEET JANUARY 2016

2 HOW TO READ THE FACTSHEET? Fund Manager : An employee of the asset management company such as a mutual fund or life insurer, who manages investments of the scheme. He is usually part of a larger team of fund managers and research analysts. Application Amount for Fresh Subscription : This is the minimum investment amount for a new investor in a mutual fund scheme. Minimum Additional Amount : This is the minimum investment amount for an existing investor in a mutual fund scheme. Yield to Maturity : The Yield to Maturity or the YTM is the rate of return anticipated on a bond if held until maturity. YTM is expressed as an annual rate. The YTM factors in the bond s current market price, par value, coupon interest rate and time to maturity. SIP : SIP or systematic investment plan works on the principle of making periodic investments of a fixed sum. It works similar to a recurring bank deposit. For instance, an investor may opt for an SIP that invests Rs 500 every 15th of the month in an equity fund for a period of three years. V : The V or the net asset value is the total asset value per unit of the mutual fund after deducting all related and permissible expenses. The V is calculated at the end of every business day. It is the value at which the investor enters or exits the mutual fund. Benchmark : A group of securities, usually a market index, whose performance is used as a standard or benchmark to measure investment performance of mutual funds, among other investments. Some typical benchmarks include the Nifty, Sensex, BSE200, BSE500, 10-Year Gsec. Entry Load : A mutual fund may have a sales charge or load at the time of entry and/or exit to compensate the distributor/ agent. Entry load is charged at the time an investor purchases the units of a mutual fund. The entry load is added to the prevailing V at the time of investment. For instance, if the V is Rs. 100 and the entry load is 1%, the investor will enter the fund at Rs 101. Exit Load : Exit load is charged at the time an investor redeems the units of a mutual fund. The exit load is deducted from the prevailing V at the time of redemption. For instance, if the V is Rs 100 and the exit load is 1%, the redemption price would be Rs 99 Per Unit. Modified Duration : Modified duration is the price sensitivity and the percentage change in price for a unit change in yield Standard Deviation : Standard deviation is a statistical measure of the range of an investment s performance. When a mutual fund has a high standard deviation, its means its range of performance is wide, implying greater volatility. Sharpe Ratio : The Sharpe Ratio, named after its founder, the Nobel Laureate William Sharpe, is a measure of risk-adjusted returns. It is calculated using standard deviation and excess return to determine reward per unit of risk. Beta : Beta is a measure of an investment s volatility vis-à-vis the market. Beta of less than 1 means that the security will be less volatile than the market. A beta of greater than 1 implies that the security s price will be more volatile than the market. AUM : AUM or assets under management refers to the recent / updated cumulative market value of investments managed by a mutual fund or any investment firm. Holdings : The holdings or the portfolio is a mutual fund s latest or updated reported statement of investments/securities. These are usually displayed in terms of percentage to net assets or the rupee value or both. The objective is to give investors an idea of where their money is being invested by the fund manager. Nature of Scheme : The investment objective and underlying investments determine the nature of the mutual fund scheme. For instance, a mutual fund that aims at generating capital appreciation by investing in stock markets is an equity fund or growth fund. Likewise, a mutual fund that aims at capital preservation by investing in debt markets is a debt fund or income fund. Each of these categories may have sub-categories. Profile : Mutual funds invest in securities after evaluating their creditworthiness as disclosed by the ratings. A depiction of the mutual fund in various investments based on their ratings becomes the rating profile of the fund. Typically, this is a feature of debt funds. 1

3 DEBT MARKET COMMENTARY January Overnight Rate (NSE MIBOR) 10 year Gsec 3 month CDs 6M CDs 12 month CDs Currency 10 Year US Treasury Month Opening Intra Month High Intra Month Low Month Closing Inflation Inflation continues to inch upwards in continuation of what was an upward movement trend since September. December CPI came in at From 4.4 in September to 5.61% now, it s a rise of nearly 120 bps. The December retail inflation headline figure was the highest in 15 months and the highest since the Central Statistics Office (CSO) started releasing data according to the new base year, from January Again as previously, food inflation was causing the spike. Inflation of food and beverages increased to 6.31% in December 2015 from 6.1% in November 2015 contributing to the rise in CPI inflation. Amongst food, price of pulses rose by nearly 46%. WPI continued to th be in negative zone i.e. contract for 14 consecutive month, although at a declining pace. For December it came at as against in November. Primary articles and fuel continued to be the main drivers for this increase in wholesale inflation. Macros India's fiscal deficit during April - December 2015 reached Rs trillion or 88 the target for the fiscal year; for previous year for the same period this was more than 100%. India's trade deficit widened to $11.7 billion in December 2015, compared to $9.2 billion last year. At 51.6, India s composite PMI was a better than previous number of indicating there is steady albeit slow growth. IIP for November contracted by 3.2% as compared to a sharp growing number of 9.8% in October. Among the sub-sectors, manufacturing, which constitutes three-fourths of the Index, fell 4.4 per cent in November after a staggering growth of 10.6 per cent in October. Higher base, lesser working days and partial impact of Chennai floods contributed to this sharply lower number. However the silver lining is, that the cumulative industrial growth for April - November 2015 over the corresponding period of the previous year stands at 3.9 per cent, compared with the 2.5 per cent growth registered in the same period in Liquidity/Rates Barring the initial easy liquidity during the start of the month, January entire month suffered tight liquidity. for month of January, on an average borrowed more than Rs. 1,35,000 crores from RBI s liquidity window as compared to Rs. 1,20,000 crores in December. Rates for instruments shot up substantially as the month progressed due to tightness. However, overnight rates didn t witness huge volatility because of continuous term repos done by RBI. Borrowing from the MSF window stood at more than Rs. 700 crores for month of December as compared to Rs. 400 crores for month of December. Money market instruments show a sharp spike in levels because of tight liquidity conditions. 3 months CDs touched a high and closed at levels above This is a sharp spike as compared to lows of 7.50 seen during the initial sessions off the markets. 10 year benchmark G-Sec witnessed listless trades by being in a narrow 5-7 bps range for entire month. However it s slowly inching upwards, led primarily by weak rupee, heavy anticipated supply led trimming of current positions. Further dip in prices was caused by unexpected devolvement of nearly Rs. 800 crores on Rs crore routine gilt auction. Intermittent value buying, omo purchase auction FII inflows although sporadic, prevented further spike in yields. Outlook With 10 year G-Sec at nearly 100 bps spread over the repo rate, this looks to be interesting level to start accumulating duration, but it is only for those who can digest the intermittent bouts of volatility and range bound movement for extended period of time. Absence of any positive triggers in any immediate term, weak rupee and global uncertainty will prevent any significant rally in immediate terms. Depending on government s fiscal prudence and growth enhancing measures, RBI will initiate rate action. However it s accommodative stance, lower commodity prices led controlled inflation, will keep the levels from spiking sharply. Liquidity might tighten a bit going ahead as start approaching the last month of the financial year. However, RBI with its repo/rev repo and additionally, omo will keep that end managed. Liquid and Ultra Short Term Fund, will continue to remain intelligent alternatives for deploying temporary surpluses. Short Term Fund, with consistent, non-volatile and high accrual based return, is the ideal vehicle for earning smart returns during this volatile times. For risk averse investors with medium term horizon income fund which comprises of AAA securities will be the ideal vehicle to enjoy a steady accrual and earn the roll down led capital appreciation, without taking any risk. Malay Shah Head Fixed Income 2

4 EQUITY MARKET COMMENTARY Key Domestic News The RBI left the repo rate unchanged at 6.75%, in line with consensus expectations. It expects inflation to be around 5% by the th end of FY17. However, it has not factored in the impact of 7 Central Pay Commission. RBI kept its growth forecast for FY16 unchanged at 7.4%; expects GVA growth for FY17 to be 7.6%. It is going to watch for structural reforms and quality of fiscal consolidation in upcoming Union Budget. The IMF kept India's growth projection unchanged at 7.3% in the current fiscal and 7.5% in the next, even as it cut world economic outlook to 3.4% for The Government announced a new crop insurance scheme aimed at providing crop insurance to farmers against natural disasters. A lower premium charged to farmers, full insurance cover and the use of technology for faster claims settlements could drive greater penetration of crop insurance under the new scheme. Key Domestic Economic Data India s manufacturing PMI came in at 51.1 in January, a significant jump from a two year low of 49.1 in December. This reversal indicates that December s weakness was probably due the damage caused by the Chennai floods. It also indicates that economy continues to be on a steady recovery path. CPI inflation rose to 5.6% y-o-y in December from 5.4% in November, broadly in-line with expectations. Core CPI (CPI-ex food, fuel) inflation edged up to 5.0% compared with 4.9% in November. India s IIP contracted 3.2% y-o-y in November after growing 9.8% in October, much weaker than expected led by partial impact of Chennai floods, lesser working days due to Diwali, and higher base. Fiscal deficit for 9MFY16 came in at 88 budgeted estimate, lower than the last two years average pace of 98%. Revenue receipts were up 16% yoy led by higher tax as well as non-tax revenue. Key Global Events US Federal Reserve kept its key interest rates unchanged. The FOMC delivered a very dovish statement, signaling renewed concern about market turbulence and global growth, but it did not change any of its forward guidance, which indicates that a March rate hike is still on the table. ECB President Mario Draghi signaled that the ECB is prepared to launch a fresh round of monetary stimulus as soon as March. The ECB has the power, the willingness, the determination to act, and the fact that there are no limits to our action to bring inflation up to its target of just below 2 per cent he added. The Bank of Japan decided to introduce negative interest rate in order to achieve its 2 percent inflation at the earliest possible time but left its massive asset purchase program unchanged. The board said it will cut the rate further into negative territory, if judged as necessary. Outlook Markets are likely to remain volatile over short term, due to concerns on global economic growth, weakness in commodity prices cascading to other segments of global economy and hard landing in China, continued logjam on land acquisition & GST bills is not making things easier. We believe that India continues to remain the best Investment destination for foreign investors. As the global economy stabilizes, India should be among the first to recover. Current weakness in the markets has made risk to reward very attractive for an investor with medium to long term perspective. Hard landing in China, uncertainty around Spain, central government s failure to push through big ticket reforms and a reversal in commodity prices continue to be key risk to our outlook. Sumit Bhatnagar, CFA Fund Manager - Equity 3

5 Indiabulls Liquid Fund (An Open-ended Liquid Scheme) To provide a high level of liquidity with returns commensurate with low risk through a portfolio of money market and debt securities with maturity of upto 91 days. However, there can be no assurance that the investment objective of the scheme will be achieved. FUND MAGER Mr. Malay Shah Total Work Experience: More than 12 years 25 October 2011 ` Crores ` Crores LATEST V PER UNIT Daily Weekly Existing Plan Daily Weekly ` ` ` ` ` Name of Instrument CERTIFICATE OF DEPOSIT Indusind Bank Limited Canara Bank IDBI Bank Limited Punjab & Sind Bank Oriental Bank Of Commerce Axis Bank Limited Syndicate Bank HDFC Bank Ltd Bank Of India Punjab National Bank Corporation Bank State Bank Of Hyderabad State Bank Of Patiala The South Indian Bank Ltd TREASURY BILLS Treasury Bills FIXED DEPOSIT HDFC Bank Ltd AAA % of 8.29% 7.02% 6.74% 5.46% 4.70% 4.68% 3.12% 3.11% 1.56% 1.56% 0.78% 0.78% 0.78% 0.78% 49.36% 10.06% 10.06% 0.31% 0.31% Name of Instrument Credit Quality CRISIL AAAmfs^ COMMERCIAL PAPERS Small Industries Development Bank of India Shapoorji Pallonji & Company Pvt Ltd. Religare Enterprises Ltd EXIM Tata Steel Limited SBI Global Factor Ltd Cox & Kings Ltd Housing and Urban Development Corporation Ltd Magma ITL Ltd National Bank for Agriculture and Rural Development S D Corporation Private Ltd. HDFC Ltd Kotak Commodity Services Ltd Network18 Media and Investments Ltd. PTC India Financial Services Ltd. Tata Projects Limited Forbes and Company Ltd CBLO/Reverse Repo/Net Current GRAND TOTAL % of 5.46% 3.11% 3.10% 2.35% 2.35% 2.17% 1.56% 1.56% 1.56% 1.56% 1.41% 0.94% 0.94% 0.78% 0.78% 0.78% 0.41% 30.82% 9.45% Exit Load : Nil CRISIL Liquid Fund Index FUND STYLE Credit Quality 0.22% 0.13% MATURITY AND YIELD Average Maturity Modified Duration Gross YTM RATING PROFILE Days Days 7.73% High level of liquidity with commensurate returns over short term. Through investment in money market & debt securities with maturity of upto 91days. Low Risk Interest Rate Sensitivity AAA 10.06% 0.31% 80.18% Note: CBLO/Reverse Repo/ Net Current of 9.45% 4

6 Indiabulls Ultra Short Term Fund (An Open-ended Debt scheme) To provide liquidity with return commensurate with low risk through a portfolio of money market and debt securities. However, there can be no assurance that the investment objective of the scheme will be achieved. FUND MAGER Mr. Malay Shah Total Work Experience: More than 12 years 6 January 2012 Name of Instrument CERTIFICATE OF DEPOSITS Canara Bank Oriental Bank Of Commerce Indusind Bank Limited Punjab & Sind Bank The South Indian Bank Ltd Bank Of India Punjab National Bank Axis Bank Limited IDBI Bank Limited State Bank Of Hyderabad Credit Quality CRISIL AAAmfs^ % of 9.21% 7.09% 5.65% 3.56% 3.55% 3.54% 3.54% 3.53% 3.53% 3.53% 46.73% ` Crores ` Crores LATEST V PER UNIT Daily Fortnightly Weekly Existing Plan Daily Weekly ` ` ` ` ` ` ` ` ` COMMERCIAL PAPERS S D Corporation Private Ltd. Shapoorji Pallonji & Company Pvt Ltd. Tata Steel Limited Cox & Kings Ltd AU Financiers (India) Ltd Small Industries Development Bank of India Tata Projects Limited Religare Enterprises Ltd FIXED RATE BONDS - CORPORATE Capital First Ltd. ICICI Bank Ltd Piramal Enterprises Limited Shriram Transport Fin Co. Ltd. CBLO/Reverse Repo/Net Current AAA AA 4.12% 3.98% 3.55% 3.54% 3.53% 3.53% 3.52% 3.51% 29.28% 7.82% 3.23% 2.85% 0.71% 14.61% 9.38% Exit Load : Nil GRAND TOTAL CRISIL Liquid Fund Index FUND STYLE Credit Quality 1.01% 0.39% MATURITY AND YIELD Average Maturity Modified Duration Gross YTM Days Days 8.22% Liquidity with commensurate returns over short term. Through investment in money market and debt securities. Moderately Low Risk Interest Rate Sensitivity RATING PROFILE AAA 3.23% 8.53% AA 2.85% 76.01% Note: CBLO/Reverse Repo/Net Current of 9.38% 5

7 Indiabulls Short Term Fund (An Open-ended Debt scheme) The Scheme will endeavor to generate stable returns over short term with a low risk strategy while maintaining liquidity through a portfolio comprising debt and money market instruments. However, there can be no assurance that the investment objective of the scheme will be achieved. FUND MAGER Mr. Malay Shah Total Work Experience: More than 12 years Name of Instrument CERTIFICATE OF DEPOSIT Axis Bank Limited COMMERCIAL PAPERS Small Industries Development Bank of India HCL Infosystems Ltd Religare Enterprises Ltd Shapoorji Pallonji & Company Pvt Ltd. A1 7.10% 7.10% 14.25% 14.20% 7.09% 5.80% 41.34% 13 September 2013 ` Crores FIXED RATE BONDS - CORPORATE Capital First Ltd. IL&FS Networks Ltd Piramal Enterprises Limited Trent Ltd Religare Finvest Ltd A AA AA- AA % 12.92% 8.63% 3.99% 1.45% 40.52% ` Crores CBLO/Reverse Repo/Net Current GRAND TOTAL 11.04% LATEST V PER UNIT Weekly Existing Plan Weekly ` ` ` ` ` ` MATURITY AND YIELD Average Maturity Modified Duration Gross YTM 0.60 Years 0.53 Years 9.04% Stable returns over short term while maintaining liquidity. Through investment in debt and money market instruments. Moderate Risk Exit Load : Nil CRISIL Short-Term Bond Fund Index AA AA- A RATING PROFILE 13.53% 8.63% 5.44% 12.92% 34.24% 1.59% 0.51% A % Note: CBLO/Reverse Repo/Net Current of % FUND STYLE Credit Quality Interest Rate Sensitivity 6

8 Indiabulls Income Fund (An Open-ended Debt scheme) To generate a steady stream of income and/or medium to long term capital appreciation/ gain through investment in fixed income securities. However, there can be no assurance that the investment objective of the scheme will be achieved. FUND MAGER Mr. Malay Shah Total Work Experience: More than 12 years 4 March 2013 ` Crores ` Crores LATEST V PER UNIT Quarterly Half Yearly Plan Quarterly Half Yearly CRISIL Composite Bond Fund Index Indiabulls Gilt Fund (An Open-ended Gilt scheme) The scheme seeks to generate income and capital appreciation by investing predominantly in sovereign securities issued by Central Government (including Treasury Bills) and/or by State Government, without any restriction on the maturity of the portfolio. However, there is no assurance that the investment objective of the scheme will be realized and the scheme does not assure or guarantee any returns. FUND MAGER Mr. Malay Shah Total Work Experience: More than 12 years 10 January 2013 ` Crores ` Crores LATEST V PER UNIT Indirect Plan Weekly Fortnightly I-Sec Composite Index ` ` ` ` ` ` ` ` ` ` ` ` ` ` Name Of Instrument CERTIFICATE OF DEPOSIT Indusind Bank Limited COMMERCIAL PAPERS Steel Authority Of India S D Corporation Private Ltd. FIXED RATES BONDS - CORPORATE Capital First Ltd. Rural Electrification Corporation Limited Religare Finvest Ltd Petronet Lng Limited Hindalco Industries Ltd IFCI Ltd IL&FS Networks Ltd FIXED RATE BONDS - GOVERNMENT 7.88% GOI 19-Mar % GOI 09-Jun-2020 CBLO/Reverse Repo/Net Current GRAND TOTAL Credit Quality Name of Instrument FIXED RATES BONDS - GOVERNMENT 7.88% GOI 19-Mar % GOI 25-May-2025 CBLO/Reverse Repo/Net Current GRAND TOTAL MATURITY AND YIELD Average Maturity Modified Duration Gross YTM FUND STYLE Credit Quality High Mid Low High Mid Low Interest Rate Sensitivity Interest Rate Sensitivity AAA AA- AA A+ A 20.11% 20.11% 4.06% 3.91% 7.97% 12.14% 8.32% 8.21% 4.04% 4.01% 4.00% 1.78% 42.50% 5.63% 4.16% 9.79% 19.63% RATING PROFILE AAA AA AA- A+ A % of 54.06% 33.91% 87.97% 12.03% Years 6.61 Years 7.83% RATING PROFILE 87.97% 9.79% 8.32% 16.18% 4.01% 8.21% 4.00% 1.78% 28.08% Note: CBLO/Reverse Repo/ Net Current of 19.63% Note: CBLO/Reverse Repo/ Net Current of 12.03% Exit Load : 1%, if redeemed/ switched out within 1 year from the date of allotment; Nil, if redeemed/switched out after 1 year from the date of allotment MATURITY AND YIELD Average Maturity Modified Duration Gross YTM 2.30% 0.50% 2.22 years 1.40 years 8.52% income and/or capital appreciation over medium to long term. Through investment in fixed income securities. Moderate Risk Exit Load : 1%, if redeemed/ switched out within 1 year from the date of allotment; Nil, if redeemed/ switched out after 1 year from the date of allotment. 1.29% 0.54% Income and capital appreciation over medium to long term. Through investment in sovereign securities issued by Central Government (including Treasury Bills) and/ or by State Government, without any restriction on the maturity of the portfolio. Moderate Risk 7

9 Indiabulls Monthly Income Plan (An Open-ended Debt Scheme) The primary objective of the Scheme is to generate regular monthly returns through investment primarily in debt securities. The secondary objective of the Scheme is to generate long-term capital appreciation by investing a portion of the Scheme's assets in equity securities. Monthly Income is not assured and is subject to availability of distributable surplus. However, there can be no assurance that the investment objective of the scheme will be achieved. FUND MAGERS Mr. Malay Shah Total Work Experience: More than 12 years Mr. Sumit Bhatnagar Total Work Experience: 14 years Company Name EQUITY SHARES Reliance Industries Ltd Bharat Petroleum Ltd National Buildings Construction Corporation Ltd. Aurobindo Pharma Ltd ARVIND LIMITED Jyothy Laboratories Ltd Lupin Laboratories Ltd Infosys Technologies Ltd. HCL Technologies ASIAN PAINTS LTD HDFC Bank Ltd INDUSIND BANK Britannia Industries Limited Grasim Industries Ltd State Bank of India Industry/ 0.49% 0.49% 0.46% 0.46% 0.46% 0.46% 0.45% 0.40% 0.38% 0.38% 0.37% 0.37% 0.36% 0.35% 0.30% 6.18% Company Name COMMERCIAL PAPERS S D Corporation Private Ltd Fixed rate Bonds - Corporate IL&FS Networks Ltd Capital First Limited CBLO/Reverse Repo/Net Current Grand Total Industry/ A 24.03% 24.03% 13.46% 13.45% 26.91% 42.88% 02 December 2015 ` Crores ` Crores LATEST V PER UNIT ` ` SECTORAL ALLOCATION Petroleum Products Construction Textile Products Cement 0.35% 0.46% 0.46% 0.79% 0.91% 0.97% 1.05% 1.19% Existing Plan ` ` Exit Load : 1%, if redeemed/ switched out within 1 year from the date of allotment; Nil, if redeemed/ switched out after 1 year from the date of allotment. CRISIL MIP Blended Index QUANTITATIVE/VOLATILITY MEASURES Standard Deviation Beta Sharpe Ratio Portfolio Turnover MATURITY AND YIELD Average Maturity Modified Duration Gross YTM 0.22 Years 0.20 Years 7.78% Capital appreciation and provide regular income over a long period of time. Investment primarily in debt securities to generate regular returns and investment of a portion of the Scheme's assets in equity securities to generate long-term capital appreciation Medium Risk 2.30% 0.84% RATING PROFILE FUND STYLE Investment Style Growth Blend Value A 13.45% 13.46% Large Medium Small Capitalisation 24.03% Note: CBLO/Reverse Repo/Net Current of 42.88% 8

10 Indiabulls Arbitrage Fund (An Open-ended Equity Scheme) To generate income by predominantly investing in arbitrage opportunities in the cash and derivative segments of the equity markets and the arbitrage opportunities available within the derivative segment and by investing the balance in debt and money market instruments. There is no assurance or guarantee that the investment objective of the scheme will be realized. FUND MAGERS Mr. Sumit Bhatnagar Total Work Experience: 14 years Mr. Malay Shah Total Work Experience: More than 12 years December 19, 2014 ` Crores ` Crores LATEST V PER UNIT Company Name Reliance Industries Ltd Reliance Infrastructure Ltd Aurobindo Pharma Ltd Housing Development Corporation Ltd. IDFC Ltd HDFC Bank Ltd Axis Bank Ltd Infosys Ltd. Vedanta Ltd Tata Motors Limited SKS Microfinance Ltd Reliance Capital Ltd Wockhardt Ltd The India Cements Ltd Oriental Bank Of Commerce Sun TV Network Limited The Karnataka Bank Ltd Tech Mahindra Ltd Larsen & Toubro Ltd MARGIN FIXED DEPOSITS DEBT SECURITIES Housing Development Corporation Ltd. Indusind Bank CBLO/Reverse Repo/Net Current Industry/ Petroleum Products Power Non - Ferrous Metals Cement Media & Entertainment Construction Project ICRA Crisil 9.71% 8.73% 7.99% 6.57% 6.17% 5.03% 3.61% 3.50% 3.27% 2.47% 2.00% 1.72% 1.58% 1.44% 1.16% 0.99% 0.90% 0.37% 0.05% 67.26% 13.28% 9.25% 9.22% 18.47% 0.99% Plan ` ` ` ` Exit Load : 0.25%, if redeemed/ switched out within one month from the date of allotment; Nil, if redeemed/ switched out after one month from the date of allotment. Grand Total SECTORAL ALLOCATION Petroleum Products Power Non-Ferrous Metals Cement Media & Entertainment Construction Project 2.47% 1.44% 0.99% 0.05% 3.87% 3.27% 16.46% 9.71% 9.57% 8.73% 10.70% To generate reasonable returns over short to medium term. Investment predominantly in arbitrage opportunities in the cash and derivative segments of the equity markets and the arbitrage opportunities available within the derivative segment and by investing the balance in debt and money market instruments. Moderately Low Risk CRISIL Liquid Fund Index QUANTITATIVE/VOLATILITY MEASURES 1.02% 0.40% Standard Deviation Beta Sharpe Ratio Portfolio Turnover 9

11 Indiabulls Blue Chip Fund (An Open-ended Equity Scheme) To provide long-term capital appreciation from a portfolio that is invested predominantly in equity and equity-related securities of blue-chip large-cap companies. However there can be no assurance that the investment objective of the scheme will be achieved. FUND MAGER Mr. Sumit Bhatnagar Total Work Experience: 14 years 10 February 2012 ` Crores ` Crores LATEST V PER UNIT Existing Plan Exit Load : 1%, if redeemed/ switched out within 1 year from the date of allotment; Nil, if redeemed/ switched out after 1 year from the date of allotment. S&P CNX Nifty Index QUANTITATIVE/VOLATILITY MEASURES Standard Deviation Beta Sharpe Ratio Portfolio Turnover FUND STYLE Investment Style Growth Blend Value ` ` ` ` % 0.86% Company Name Reliance Industries Ltd HDFC Bank Ltd Maruti Suzuki India Ltd. Infosys Ltd. Housing Development Corporation Ltd. Britannia Industries Limited Indusind Bank Aurobindo Pharma Ltd Larsen & Toubro Ltd Tata Consultancy Services Ltd Hero Honda Motors Ltd Asian Paints Ltd ICICI Bank Ltd Axis Bank Ltd Tech Mahindra Ltd Bliss GVS Pharma Ltd Tata Motors Limited -Dvr Arvind Limited Sun Industries Ltd Lupin Laboratories Ltd State Bank Of India ITC Limited Hindustan Unilever Ltd. Pantaloon Fashions And Retail Limited HCL Technologies Bharat Petroleum Ltd Kansai Nerolac Paints Ltd. SECTORAL ALLOCATION Petroleum Products Construction Project Textile Products Cement Industrial Capital Goods Retailing Telecom - Service Power Services Ferrous Metals Chemicals Non - Ferrous Metals Others Industry Petroleum Products Construction Project Textile Products Retailing Petroleum Products 7.30% 7.09% 5.79% 5.40% 4.82% 4.41% 4.23% 3.18% 3.02% 2.96% 2.75% 2.59% 2.50% 2.47% 2.36% 2.06% 2.02% 2.00% 1.98% 1.89% 1.83% 1.73% 1.53% 1.50% 1.50% 1.50% 1.25% 0.71% Capital appreciation over long-term A portfolio that is invested predominantly in equity and equity-related securities of blue-chip large-cap companies. High Risk Company Name Bharti Airtel Ltd Power Grid Corporation of India Ltd Aditya Birla Nuvo Ltd (Indian Rayon) Tata Steel Ltd Texmaco Rail & Engineering Ltd Ultratech Cement Ltd Mindtree Consulting Ltd Jyothy Laboratories Ltd ACC Ltd Tata Chemicals Ltd Zicom Electronic Security Systems Ltd Dewan Housing Corporation Limited Cox & Kings Ltd Adani Port & Special Economic Zone Ltd Vedanta Ltd Total CB - COLLATERALIZED BORROWING AND LENDIN RESERVE BANK OF INDIA DERIVATIVES Maruti Suzuki India Ltd February 2016 Future Cash & Cash Equivalents Net Receivable/Payable Total GRAND TOTAL 2.00% 1.90% 1.83% 1.52% 1.50% 1.25% 1.20% 1.14% 1.03% 0.86% 3.02% 4.15% Industry Telecom - Services Power Services Ferrous Metals Industrial Capital Goods Cement Cement Chemicals Industrial Capital Goods Non - Ferrous Metals 8.80% 5.64% 10.57% 9.12% 1.25% 1.20% 1.14% 1.03% 1.01% 0.99% 0.99% 0.94% 0.92% 0.86% 0.82% 0.82% 0.82% 0.70% 0.70% 95.85% 1.21% 1.21% -5.74% -5.74% 8.68% 8.68% 18.11% 13.20% 12.45% Capitalisation Large Medium Small 10

12 Indiabulls Value Discovery Fund (An Open-ended Equity scheme) The primary objective of the Scheme is to seek to generate capital appreciation by investing in a portfolio of Equity and Equity related securities of companies that meet the relative value criteria and fall within top 500 by market cap. A company is considered as showing high relative value if it has a combination of higher RoCE and higher earnings yield. However, there can be no assurance that the investment objective of the scheme will be achieved. FUND MAGER Mr. Sumit Bhatnagar Total Work Experience: 14 years 8 September 2015 ` Crores ` Crores Company Name Industry Nilkamal Ltd Industrial products Tata Elxsi Ltd Srikalahasthi Pipes Ltd Ferrous metals Maruti Suzuki India Ltd. Welspun India Ltd Textile products Tvs Srichakra Ltd ancillaries Allcargo Logistics Ltd Supreme Industries Ltd Industrial products Relaxo Footwears Ltd Consumer durables Cadila Healthcare Ltd Titan Company Ltd Consumer durables Gabriel India Limited ancillaries Avanti Feeds Limited Consumer non durables Akzo Nobel India Limited Consumer non durables Procter & Gamble Hygiene And Health Care Ltd. Consumer non durables Whirlpool Of India Limited Consumer durables Bharat Forge Ltd Industrial products Bayer Cropscience Ltd Pesticides Gujarat Pipavav Port Ltd Upl Ltd. Pesticides Hitachi Home & Life Solutions (India) Ltd Consumer durables Tata Chemicals Ltd Chemicals Solar Indusries India Ltd Chemicals 5.13% 3.85% 3.82% 3.78% 3.75% 3.64% 3.47% 3.44% 3.39% 3.27% 3.00% 2.83% 2.80% 2.72% 2.55% 2.54% 2.51% 2.50% 2.50% 2.47% 2.46% 2.43% 2.41% Company Name Bajaj Corp Ltd Ccl Products (India) Ltd. Max Financial Services Limited Shreyas Shipping & Logistics Limited Kitex Garments Limited Torrent Power Ltd Minda Corporation Limited Skipper Limited Gulf Oil Lubricants India Limited Industry Consumer non durables Consumer non durables Textile products Power ancillaries Industrial capital goods Petroleum products Essel Propack Ltd Industrial products D B Corp Ltd Media & entertainment Nrb Bearing Ltd. Industrial products Blue Dart Express Ltd Max India Limited Max Ventures And Industries Limited Total CB - COLLATERALIZED BORROWING AND LENDIN CBLO 01/02/16- MAT Total Cash & Cash Equivalents Net Receivable/Payable Total GRAND TOTAL 2.28% 2.17% 1.94% 1.67% 1.63% 1.19% 1.10% 1.06% 0.98% 0.97% 0.90% 0.90% 0.77% 0.59% 0.07% 89.48% 9.06% 9.06% 1.46% 1.46% 100% LATEST V PER UNIT Existing Plan S&P CNX Nifty Index ` ` ` ` Exit Load : 1%, if redeemed/ switched out within 1 year from the date of allotment; Nil, if redeemed/ switched out after 1 year from the date of allotment. FUND STYLE Investment Style Growth Blend Value Large Medium Small 2.73% 0.48% Capitalisation SECTORAL ALLOCATION Industrial Products Consumer Durables Ancillaries Textile Products Pesticides Chemicals Ferrous Metals Power Industrial Capital Goods Petroleum Products Media & Entertainment Others QUANTITATIVE/VOLATILITY MEASURES Standard Deviation Beta Sharpe Ratio Portfolio Turnover 1.06% 0.98% 0.89% 2.59% 1.18% 3.27% 3.78% 3.82% 3.85% 4.84% 5.37% 4.97% 10.54% 7.58% 12.53% 11.39% 8.41% 12.95% Capital appreciation and provide long-term Capital growth. Investment primarily in companies that offer high relative value vis a-vis other companies and fall within top 500 by market capitalization. Moderately High Risk 11

13 SCHEME PERFORMANCE Indiabulls Liquid Fund(G) Indiabulls Liquid Fund(G)- Crisil Liquid Fund Index Crisil 1 Yr T-Bill Index Indiabulls Ultra Short Term Fund(G) Indiabulls Ultra Short Term Fund(G)- Crisil 1 Yr T-Bill Index Crisil Liquid Fund Index Indiabulls ST Fund(G) Indiabulls ST Fund(G)- Crisil Short Term Bond Fund Index Indiabulls Income Fund(G)- Indiabulls Income Fund-Reg(G) Crisil Composite Bond Fund Index Indiabulls Gilt(G) Indiabulls Gilt(G)- I-Sec Composite Gilt Index Indiabulls Arbitrage Fund Period Indiabulls Value Discovery Indiabulls Monthly Income Indiabulls Blue Chip Fund - Existing Plan () Indiabulls Blue Chip Fund - () S&P CNX Nifty Index (Scheme & Additional Benchmark) Last 7 days till 31st January 2016 Last 15 days till 31st January 2015 Last 30 days till 31st January 2016 Funds Managed by Mr. Malay Shah st January 2015 till 31st January Funds Managed by Mr. Sumit Bhatnagar and Mr. Malay Shah Funds Managed by Mr. Sumit Bhatnagar st January 2013 till 31st Jan * * * * * * Since Inception (CAGR) Since Inception (Value#) (INR) ,863 13,820 14,430 14,054 V/Index Value (As of 31st January, 2016) Notes: - Not Applicable Returns shown for 7 days, 15 days and 30 days are computed only for Indiabulls Liquid Scheme on Simple Annualised basis, Greater than/ equal to 1 year returns are Compounded Annualised Returns (CAGR). Past performance may or may not be sustained in future. # Based on investment of Rs. 10,000 made at inception. All returns are for only. Since inception returns have been calculated from the date of allotment till 31st January, * Since Indiabulls Short Term Fund & Indiabulls Income Fund are in existence for less than 3 years, scheme returns for the period 31st January 2013 till 31st is not Since Indiabulls Value Discovery Fund and Indiabulls Monthly Income Plan has been in existence for less than 1 year as on 31st January, 2016, past performance has not been provided. SIP RETURNS - INDIABULLS BLUE CHIP FUND - REGULAR PLAN (GROWTH OPTION) Period 1-year 3-year 5-year 7-year 10-year Since Inception Total Amount Invested (Rs.) Total Value as on Jan 31, 2016 (Rs.) Returns Total Value of S&P BSE Sensex S&P BSE Sensex Returns Total Value of CNX Nifty CNX Nifty Returns 120, , % 108, % 109, % 360, , % 381, % 386, % 600, ,000 1,200,000 - Not Applicable The above table indicates the results for the scenario of an investor who would have invested Rs.10,000 every month in Indiabulls Blue Chip Fund - Plan () Note: Past performance may or may not be sustained in future. Returns greater than 1 year period are compounded annualized. Dividends assumed to be reinvested. Load is not taken into consideration. On account of difference in the type/category, asset allocation or investment strategy, inception dates, performances of these funds are not strictly comparable. Since Indiabulls Arbitrage Fund & Indiabulls Value Discovery Fund has been in existence for less than 1 year as on January 31, 2016, past performance has not been provided. 470, , % 534, % 539, % 12

14 DIVIDEND HISTORY INDIABULLS LIQUID FUND Record Date DIVIDEND HISTORY - MONTHLY OPTION (EXISTING PLAN) Face Value V ` ` ` Dividend/Unit ` ` ` Pursuant to payment of dividend, the V of the scheme will fall to the extent of dividend distribution and statutory levy (if any). Past performance may or may not be sustained in future. INDIABULLS ULTRA SHORT-TERM FUND Record Date DIVIDEND HISTORY - MONTHLY OPTION (EXISTING PLAN) Face Value V ` ` ` Dividend/Unit ` ` ` Pursuant to payment of dividend, the V of the scheme will fall to the extent of dividend distribution and statutory levy (if any). Past performance may or may not be sustained in future. INDIABULLS SHORT-TERM FUND Record Date DIVIDEND HISTORY - MONTHLY OPTION (REGULAR PLAN) Face Value V ` ` ` Dividend/Unit ` ` ` Pursuant to payment of dividend, the V of the scheme will fall to the extent of dividend distribution and statutory levy (if any). Past performance may or may not be sustained in future. INDIABULLS INCOME FUND Record Date DIVIDEND HISTORY - MONTHLY OPTION (REGULAR PLAN) Face Value V ` ` ` ` ` ` Dividend/Unit ` ` ` Pursuant to payment of dividend, the V of the scheme will fall to the extent of dividend distribution and statutory levy (if any). Past performance may or may not be sustained in future. INDIABULLS GILT FUND Record Date Pursuant to payment of dividend, the V of the scheme will fall to the extent of dividend distribution and statutory levy (if any). Past performance may or may not be sustained in future. INDIABULLS MONTHLY INCOME PLAN No Dividend has been declared in this scheme DIVIDEND HISTORY - MONTHLY OPTION (REGULAR PLAN) Face Value V ` ` ` Dividend/Unit ` ` ` INDIABULLS BLUE CHIP FUND No Dividend has been declared in this scheme INDIABULLS ARBITRAGE FUND DIVIDEND HISTORY (REGULAR PLAN) Record Date Face Value V Dividend/Unit ` ` ` ` ` ` ` ` ` 0.05 ` 0.05 ` 0.05 ` 0.05 Pursuant to payment of dividend, the V of the scheme will fall to the extent of dividend distribution and statutory levy (if any). Past performance may or may not be sustained in future. INDIABULLS VALUE DISCOVERY FUND No Dividend has been declared in this scheme 13

15 Indiabulls Asset Management Company Limited CIN: U65991DL2008PLC Registered Office: M - 62 & 63, 1st Floor, Connaught Place, New Delhi Tel: (011) ; Fax: (011) Corporate Office: Indiabulls Centre Tower - 1, 11th Floor, Senapati Bapat Marg, Elphinstone West, Mumbai Tel: (022) ; Fax: (022) Call: SMS: IBMF to customercare@indiabullsamc.com Website: AMC Branches: Bangalore: Plot No. 87/6, Richmond Road, Richmond Town, Bangalore Chennai: Apex Chambers, 3rd Floor, No. 20, Sir Theyagaraya Road (Pondy Bazar), T Nagar, Chennai Hyderabad: 5 th Floor, Venkat Plaza, Panjagutta, Hyderabad Kolkatta: 11, Ground Floor, Constantia Complex, Dr. U.N. Brahmachari Street, Kolkatta Mumbai: Indiabulls Centre Tower - 1, 11th Floor, Senapati Bapat Marg, Elphinstone (West), Mumbai New Delhi M - 62 & 63, 1st Floor, Connaught Place, New Delhi Ahmedabad: Radhika House, 2nd Floor, Opp. Mayor Bungalow, Law Garden, Navrangpura, Ahmedabad Pune: Off. No. 002, Ground Floor, Zenith Complex, K.M. Gandhi Path, Shivajinagar, Pune ^ CRISIL Disclaimer: A CRISIL credit quality rating on a bond fund reflects CRISIL's current opinion on the degree of protection offered by the rated instrument from losses related to credit defaults. It does not constitute an audit by CRISIL of the fund house, the scheme, or companies in the scheme's portfolio. CRISIL ratings are based on information provided by the issuer or obtained by CRISIL from sources it considers reliable. CRISIL does not guarantee the completeness or accuracy of the information on which the rating is based. A CRISIL rating is not a recommendation to buy, sell or hold the rated scheme: it does not comment on the market price or suitability for a particular investor. All CRISIL ratings are under surveillance. CRISIL reserves the right to suspend, withdraw or revise its rating at any time, on the basis of any new information or unavailability of information or any other circumstances, which CRISIL believes may have an impact on the rating. For the latest rating information on any instrument of any company rated by CRISIL, please contact CRISIL RATlNG DESK at CRISILratingdesk@crisil.com or at (+91 22) Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.