MUTUAL FUND FUND FACTSHEET. June rd Consecutive. Quarter of. ` Crs. AAUM

Transcription

1 FUND FACTSHEET 3rd Consecutive Quarter of ` Crs. AAUM

2

3 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 ` 500 every 15th of the month in an equity fund for a period of three years. NAV : The NAV or the net asset value is the total asset value per unit of the mutual fund after deducting all related and permissible expenses. The NAV 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 NAV at the time of investment. For instance, if the NAV is ` 100 and the entry load is 1%, the investor will enter the fund at ` 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 NAV at the time of redemption. For instance, if the NAV is ` 100 and the exit load is 1%, the redemption price would be ` 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. Rating 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

4 Debt Market Commentary 30th June Month Opening Intra Month Intra Month Month Closing Overnight Rate (NSE MIBOR) 10 year Gsec 3 month CDs 6M CDs 12 month CDs Currency 10 Year US Treasury Inflation & Macros Retail inflation as measured by CPI (consumer price index) for May 2017 declined by 81 bps as compared to April 2017, led by falling food & fuel prices. May CPI came in at 2.18% as compared to 2.99% in April Core CPI inflation (adjusted for food and fuel, but correctly including petrol and diesel) eased further to 3.9% from 4.1% last month. WPI (Wholesale Price Index) under the new series with as base year, dropped sharply to 2.17% as compared to April number of 3.85%. Revised IIP series with as base was released and came in at 3.10% as compared to 2.7% for April India's fiscal deficit touched 3.73 trillion rupees ($57.69 billion) during April-May period or 68.3 percent of the budgeted target for the current fiscal year that ends in March. The fiscal deficit was 42.9 percent of the full-year target during the same period a year ago. FOMC raised rates by 0.25% to 1.25% and is giving indications of trimming its balance sheet albeit gradually. RBI Monetary Policy In the latest policy, as expected, there were no rate changes. RBI preferred to wait out to see the effects of fiscal slippages and core cpi inflation cooling. It however acknowledged that the upside risk to inflation no longer persists and hence lowered its trajectory of inflation to 2.0 to 3.5 in first half and 3.5 to 4.5 in second half. It chooses to remain stay put on rate cuts but suggested that more benign data on CPI headline could open room for further rate cuts. Liquidity and Rates Excess liquidity in the system led to banks parking nearly Rs. 3.2 lakh crores on an average with RBI for the month of June. This surplus liquidity was evident in May as numbers were almost the same. Money markets however were range bound due to issuance of CMBs for liquidity tightening and to maintain overnight rates at policy rates. However dated curve saw quite a bit of rally post CPI numbers. New 10 year saw a rally of 20 bps by moving from 6.68 to 6.48 at the end of month. Forecast of good monsoon, lower inflation estimates, good FPI flows in markets led to a bullish momentum. Aiding the rally was an outlier expectation of rate cut in the upcoming policy and markets saw a good momentum. Outlook Macro economic factors are not pointing to strong growth going ahead, and market is expecting inflation to undershoot RBI s inflation targets. Going ahead there is a stronger case for rate cut in august policy due to near normal monsoon, lower core and headline CPI and tepid growth. Basis all this duration products will be attractive. On a ongoing basis, liquidity looks to be comfortable, with system being flush with funds. This will keep the short end of the curve constantly bought and hence offers a sweet spot. For new investors short term fund offers a wonderful vehicle to earn high constant accrual. Benefit in terms of constant high accrual and effective vehicle as compared to bank fixed deposit (in light of lower and lower rates of FDs in banks) make short term fund a very attractive fund. Liquid and ultra short term fund, as always will be vehicles for smart utilisation of temporary surpluses. Malay Shah Head Fixed Income 2

5 Equity Market Commentary Key Domestic News As the country gets ready to roll out the Goods and Services Tax (GST) from July 1, there are apprehensions about the preparedness and its smooth roll out. For a landmark change like GST, some teething pains are always expected. We believe that implementation should smoothen out in next few quarters if not months. India has recorded 6% above-normal rainfall in the country since June 1, according to IMD data. Monsoon is expected to cover the entire country by July 15. IMD has forecasted a normal monsoon this year with all five regions expected to get normal rains. The government is working on a proposal to merge the Directorate General of Foreign Trade (DGFT) with Central Board for Excise and Customs (CBEC) to promote ease of doing business for exports and imports. The government is finally considering disinvestment in Air India and is looking at all options including 100% disinvestment, even as it is almost certain to take over a large part of the debt burden to make the airline more attractive to buyers. Key Domestic Economic Data India s manufacturing PMI declined to 50.9 in June from 51.6 in May, primarily due to slow down in production and inventory de-stocking ahead of GST implementation, which we believe is transitory. Encouragingly, despite weak June PMI reading, the average manufacturing PMI improved to 51.7 in Q2 from 51.2 in Q1 2017, indicating that slowdown due to demonetization is getting over. CPI inflation fell sharply to 2.2% y-o-y in May from 3.0% in April month and 5.8% last year due to muted food inflation. Current inflation trajectory opens up space for a rate cut by RBI. IIP growth came in at 3.1% y-o-y in April, above consensus expectations of 2.7% growth, from 3.8% in March and 6.5% a year ago. Overall, IIP data was ahead of expectation despite the unfavorable base effect. Core sectors output grew 3.6% in May, higher than the 2.8% growth recorded in April, led by growth in refinery products and electricity output. Key Global Events As expected the US Federal Reserve increased the Fed Funds rate by 25 basis points to 1%-1.25%. Also, the US Fed expects to begin shrinking its balance sheet at some point this year. While the expectation is that the balance sheet is cut "appreciably" below the current level, it will remain above pre-crisis levels. The ECB left its benchmark interest rates unchanged. Refraining guidance regarding further rate cuts the bank said it expects rates to remain at present levels for an extended period of time, indicating the slightly hawkish intent. Later, in a slightly hawkish speech, the ECB President Mario Draghi stated that the central bank could potentially adjust its policy in response to improving economic conditions. According to media reports, President Trump is considering possible trade actions against Beijing over its inaction on North Korea and bilateral trade issues, including imposing tariffs on Chinese imports and placing restrictions on certain Chinese companies. Outlook A reform as huge as GST would certainly have some teething troubles. However, we believe that any disruption would be for a short duration and is certainly bearable considering the long term benefits it accrues to government, corporates and consumers. Monsoon has been above average and reasonably well distributed so far. This is hugely positive for rural economy and food inflation. frequency economic data are suggesting that economy is slowly coming out of drag due to demonetization. We expect strong economic recovery from H2FY18 onwards as economy recovers from disruption due to implementation of GST. Indian equities continue to be an attractive asset class. SIPs should be the preferred mode. Sumit Bhatnagar, CFA Head - Equity 3

6 Indiabulls Liquid Fund (An Open-Ended Liquid Scheme) INVESTMENT OBJECTIVE 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 MANAGER Mr. Malay Shah DATE OF ALLOTMENT 25 October 2011 AVG. AUM MONTHLY ` Crore Portfolio (Top 10 Holdings) Name of Instrument Category Rating % of Assets Treasury Bills Treasury Bills SOV 21.36% HDFC Bank Ltd Certificate of Deposit A % LIC Housing Finance Ltd Commercial Papers A % National Bank for Agriculture Commercial Papers A % and Rural Development Small Industries Development Commercial Papers A % Bank of India Axis Bank Limited Certificate of Deposit A % Edelweiss Commodities Commercial Papers A % Services Ltd IL&FS Ltd Commercial Papers A % ICICI Bank Ltd Certificate of Deposit A % Reliance Jio Infocomm Ltd Commercial Papers A % Total of Top Ten Holdings 75.43% Total Holdings % Cash & Cash Equivalents -3.53% Grand Total % LATEST AUM (as on month-end) ` Crore Latest NAV Per Unit Scheme Options Direct Plan Regular Plan ` ` LOAD INFORMATION Entry Load : Not Applicable Exit Load : Nil Daily Dividend Option Weekly Dividend Option Monthly Dividend Option ` ` ` ` ` ` BENCHMARK CRISIL Liquid Fund Index EXPENSE RATIO Regular 0.12% Direct 0.04% Maturity and Yield Average Maturity Modified Duration Gross YTM Days Days 6.49% THIS PRODUCT IS SUITABLE FOR INVESTORS WHO ARE SEEKING* level of liquidity with commensurate returns over short term. Through investment in money market & debt securities with maturity of upto 91 days. Risk FUND STYLE Credit Quality Mid Mid Interest Rate Sensitivity RATING PROFILE A1+/SOV/FD % AAA 0.93% Note : CBLO/Reverse Repo/Net Current Assets of -3.53% Riskometer Moderate LOW HIGH Investors understand that their principal will be at low risk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. 4

7 Indiabulls Ultra Short Term Fund (An Open-Ended Debt Scheme) INVESTMENT OBJECTIVE 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 MANAGER Mr. Malay Shah DATE OF ALLOTMENT 6 January 2012 AVG. AUM MONTHLY ` Crore LATEST AUM (as on ` Crore month-end) Portfolio (Top 10 holdings) Name of Instrument Category Rating % of Assets HDFC Ltd Fixed rates bonds - AAA 18.04% Shapoorji Pallonji & Commercial Papers A % Company Pvt Ltd. LIC Housing Finance Ltd Fixed rates bonds - AAA 9.80% Murugappa Holdings Ltd Commercial Papers A % Dalmia Bharat Sugar Commercial Papers A % Industries Ltd Dewan Housing Finance Fixed rates bonds - AAA 4.87% Corp. Ltd Power Finance Corporation Ltd Fixed rates bonds - AAA 4.24% Bajaj Finance Limited Fixed rates bonds - AAA 2.65% Indian Railway Finance Fixed rates bonds - AAA 2.64% Corporation Ltd HDFC Bank Ltd Certificate of Deposit A % Total of Top Ten Holdings 76.76% Total Holdings 87.39% Cash & Cash Equivalents 12.61% Grand Total % Latest NAV Per Unit Scheme Options Direct Plan Regular Plan LOAD INFORMATION Entry Load : Not Applicable Exit Load : Nil Daily Dividend Option Weekly Dividend Option Fortnightly Dividend Option Monthly Dividend Option ` ` ` ` ` ` ` ` ` BENCHMARK CRISIL Liquid Fund Index EXPENSE RATIO Regular 0.65% Direct 0.25% Maturity and Yield Average Maturity Modified Duration Gross YTM Days Days 7.40% THIS PRODUCT IS SUITABLE FOR INVESTORS WHO ARE SEEKING* Liquidity with commensurate returns over short term. Through investment in money market and debt securities. Risk FUND STYLE Credit Quality Mid Mid Interest Rate Sensitivity RATING PROFILE A % AAA 48.18% AA+ 2.64% Note : CBLO/Reverse Repo/Net Current Assets of 12.61% Riskometer Moderate LOW HIGH Investors understand that their principal will be at moderately low risk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. 5

8 Indiabulls Short Term Fund (An Open-Ended Debt Scheme) INVESTMENT OBJECTIVE 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 MANAGER Mr. Malay Shah DATE OF ALLOTMENT 13 September 2013 AVG. AUM MONTHLY ` Crore LATEST AUM (as on ` Crore LOAD INFORMATION Entry Load : Not Applicable Exit Load : Nil BENCHMARK CRISIL Short-Term Bond Fund Index EXPENSE RATIO Regular 1.50% Direct 0.50% FUND STYLE Credit Quality Mid month-end) Mid Interest Rate Sensitivity Portfolio (Top 10 holdings) Name of Instrument Category Rating % of Assets Indiabulls Real Estate Ltd Fixed rates bonds - AA % Shapoorji Pallonji & Commercial Papers A % Company Pvt Ltd. Tanglin Developments Ltd Fixed rates bonds - A-(SO) 7.71% LIC Housing Finance Ltd Fixed rates bonds - AAA 6.85% Power Finance Corporation Ltd Fixed rates bonds - AAA 6.14% Reliance Big Entertainment Fixed rates bonds - AA+(SO) 5.77% Private Ltd HCL Infosystems Ltd Commercial Papers A1 5.46% Forbes Technosys Ltd Fixed rates bonds - AA-(SO) 5.30% Reliance Broadcast Network Fixed rates bonds - AA+(SO) 5.12% Ltd Mumbai Janalakshmi Financial Fixed rates bonds - A 4.48% Services Ltd Total of Top Ten Holdings 74.90% Total Holdings % Cash & Cash Equivalents -0.95% Grand Total % Latest NAV Per Unit Scheme Options Weekly Dividend Option Fortnightly Dividend Option Monthly Dividend Option Maturity and Yield Average Maturity Modified Duration Gross YTM RATING PROFILE A % AAA AA+ AA AA- A A- A Years 1.73 Years 9.24% 33.04% 10.89% 3.93% 22.47% 6.55% 7.71% 5.46% Note : CBLO/Reverse Repo/Net Current Assets of -0.95% THIS PRODUCT IS SUITABLE FOR INVESTORS WHO ARE SEEKING* Stable returns over short term while maintaining liquidity. Through investment in debt and money market instruments. Moderate Risk LOW Direct Plan ` ` ` ` Riskometer Moderate Regular Plan ` ` ` HIGH Investors understand that their principal will be at moderate risk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. 6

9 Indiabulls Income Fund (An Open-Ended Debt Scheme) INVESTMENT OBJECTIVE 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 MANAGER Mr. Malay Shah Mr. Kunal M. Jain (Co-Fund Manager) Total Work Experience: 8 years DATE OF ALLOTMENT 4 March 2013 AVG. AUM MONTHLY ` Crore LATEST AUM (as on ` Crore month-end) Portfolio (Top holdings) Dewan Housing Finance Fixed rates bonds - AAA 10.60% Corp.Ltd Indian Railway Finance Fixed rates bonds - AAA 9.68% Corporation Ltd Power Finance Corporation Ltd Fixed rates bonds - AAA 8.40% North Karnataka Expressway Fixed rates bonds - AAA 7.69% HDFC Ltd Fixed rates bonds - AAA 7.35% ONGC Mangalore Fixed rates bonds - AAA 7.25% Petrochemicals Ltd National Bank for Agriculture Fixed rates bonds - AAA 7.23% and Rural Development National ways Fixed rates bonds - AAA 7.23% Authority Of India M & M Financial Services Ltd. Fixed rates bonds - AAA 7.15% Small Industries Development Fixed rates bonds - AAA 7.15% Bank of India Total of Top Ten Holdings 79.73% Total Holdings 97.26% Cash & Cash Equivalents 2.74% Grand Total % Latest NAV Per Unit Scheme Options Name of Instrument Category Rating % of Assets Direct Plan Regular Plan LOAD INFORMATION Entry Load : Not Applicable Exit Load : Nil Monthly Dividend Option Quarterly Dividend Option Half Yearly Dividend Option ` ` ` ` ` ` ` ` BENCHMARK CRISIL Composite Bond Fund Index EXPENSE RATIO Regular 0.75% Direct 0.24% Maturity and Yield Average Maturity Modified Duration Gross YTM 2.68 Years 2.22 Years 7.44% THIS PRODUCT IS SUITABLE FOR INVESTORS WHO ARE SEEKING* Regular income and/or capital appreciation over medium to long term. Through investment in fixed income securities. Moderate Risk FUND STYLE Credit Quality Mid Mid Interest Rate Sensitivity RATING PROFILE AAA 96.05% A 1.16% SOV 0.05% Note : CBLO/Reverse Repo/Net Current Assets of 2.74% LOW Riskometer Moderate HIGH Investors understand that their principal will be at moderate risk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. 7

10 Indiabulls Gilt Fund (An Open-Ended Gilt Scheme) INVESTMENT OBJECTIVE 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 MANAGER Mr. Malay Shah Mr. Kunal M. Jain (Co-Fund Manager) Total Work Experience: 8 years Portfolio (Top holdings) Name of Instrument Category Rating % of Assets 7.61% GOI 09-May-2030 Fixed rates bonds - SOV 42.28% 7.88% GOI 19-Mar-2030 Government Fixed rates bonds - SOV 21.37% 7.73% GOI 19-Dec-2034 Government Fixed rates bonds - SOV 21.36% 6.97% GOI - 06-Sep-2026 Government Fixed rates bonds - SOV 3.39% Government Total Holdings 88.40% Cash & Cash Equivalents 11.60% Grand Total % DATE OF ALLOTMENT 10 January 2013 Latest NAV Per Unit Scheme Options Direct Plan Regular Plan AVG. AUM MONTHLY ` Crore Weekly Dividend Option Fortnightly Dividend Option Monthly Dividend Option ` ` ` ` ` ` ` ` LATEST AUM (as on ` Crore month-end) LOAD INFORMATION Entry Load : Not Applicable Exit Load : Nil BENCHMARK I-Sec Composite Index EXPENSE RATIO Regular 1.25% Direct 0.26% Maturity and Yield Average Maturity Modified Duration Gross YTM Years 7.47 Years 6.89% THIS PRODUCT IS SUITABLE FOR INVESTORS WHO ARE SEEKING* 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 FUND STYLE Credit Quality Mid Mid Interest Rate Sensitivity RATING PROFILE 88.40% SOV Note : CBLO/Reverse Repo/Net Current Assets of 11.60% LOW Riskometer Moderate HIGH Investors understand that their principal will be at moderate risk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. 8

11 Indiabulls Monthly Income Plan (An Open-ended Debt Scheme) (Monthly Income is not assured and is subject to availability of distributable surplus) INVESTMENT OBJECTIVE 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 MANAGER Mr. Malay Shah Mr. Kunal M. Jain (Co-Fund Manager) Total Work Experience: 8 years Mr. Sumit Bhatnagar DATE OF ALLOTMENT 2 December 2015 AVG. AUM MONTHLY ` Crore LATEST AUM (as on month-end) ` Crore LATEST NAV PER UNIT Direct Plan Dividend Option Regular Plan Dividend Option LOAD INFORMATION ` ` ` ` Entry Load : Not Applicable 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. BENCHMARK CRISIL MIP Blended Index EXPENSE RATIO Regular 2.00% Direct 0.65% FUND STYLE Investment Style Growth Blend Value Large Medium Small Capitalisation Portfolio Name of Instrument Sectoral Allocation Maturity and Yield Average Maturity Modified Duration Gross YTM RATING PROFILE A- Note : CBLO/Reverse Repo/Net Current Assets of 19.54% % A 27.28% 5.46 Years 3.88 Years 8.17% Quantitative/Volatility Measures Standard Deviation Beta Sharpe Ratio Portfolio Turnover % of Assets NON - CONVERTIBLE DEBENTURES Forbes Technosys Ltd ICRA AA- 9.71% Tanglin Developments Ltd BWR A- 9.70% Fortis Healthcare Holdings Pvt Ltd ICRA A 5.05% Industrial Finance Corporation Ltd ICRA A 4.90% Janalakshmi Financial Services Ltd ICRA A 4.78% Janalakshmi Financial Services Ltd ICRA A 4.60% National Hydro-Electric Power Corp. ICRA AAA 9.62% Hero Wind Energy Ltd ICRA A 7.95% Sub-Total 56.31% GOVERNMENT SECURITIES 6.79% GOI 26-Dec-2029 SOVEREIGN 24.15% Sub-Total 24.15% EQUITY SHARES Yuken India Ltd Auto Ancillaries 1.18% Reliance Industries Ltd Petroleum Products 0.96% State Bank Of India Banks 0.87% Asian Paints Ltd Consumer 0.87% Non Durables Gail (India) Ltd Gas 0.83% Larsen & Toubro Limited Construction Project 0.82% Petroleum Products Banks Finance Auto Ancillaries Consumer Non Durables Gas Construction Project Textile Products Auto Fertilisers Industrial Products Non - Ferrous Metals Construction AAA 0.46% 0.29% 0.27% Industry/ Rating 0.87% 0.83% 0.82% 0.78% 0.77% 0.63% 9.70% N.A 1.18% Name of Instrument THIS PRODUCT IS SUITABLE FOR INVESTORS WHO ARE SEEKING* 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. Moderate Risk Industry/ Rating % of Assets Castrol India Ltd Petroleum Products 0.79% Arvind Ltd Textile Products 0.78% Capital First Ltd Finance 0.77% Dewan Housing Finance Corp. Ltd Finance 0.76% HDFC Bank Ltd Banks 0.74% Indusind Bank Ltd Banks 0.69% Indian Oil Corporation Ltd Petroleum Products 0.64% Gujarat State Fertilizers & Fertilisers 0.63% Chemicals Ltd. Kirloskar Oil Engines Ltd Industrial Products 0.46% Eicher Motors Ltd. Auto 0.42% SML Isuzu Ltd Auto 0.35% Hindalco Industries Ltd Non - Ferrous Metals 0.29% Somany Ceramics Ltd Construction 0.27% Sub-Total 13.12% COLLATERALIZED BORROWING AND LENDING CBLO 03/07/17- Mat % Sub-Total 2.43% Cash & Cash Equivalents Net Receivable/Payable 3.99% Sub-Total 3.99% Grand Total % 1.53% LOW 2.39% 2.30% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% AA- SOV 9.62% 24.15% Riskometer Moderate HIGH Investors understand that their principal will be at moderate risk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

12 Indiabulls Blue Chip Fund (An Open-ended Equity Scheme) INVESTMENT OBJECTIVE To provide long-term capital appreciation from a portfolio that is invested predominantly in equity and equity-related securities of bluechip large-cap companies. However there can be no assurance that the investment objective of the scheme will be achieved. FUND MANAGER Mr. Sumit Bhatnagar DATE OF ALLOTMENT 10 February 2012 AVG. AUM MONTHLY ` Crore LATEST AUM (as on ` Crore LOAD INFORMATION month-end) Entry Load : Not Applicable 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. BENCHMARK Nifty 50 Index EXPENSE RATIO Regular 2.50% Direct 0.75% FUND STYLE Investment Style Growth Blend Value Portfolio (Top 10 holdings) Company Name Category Industry % of Assets HDFC Bank Ltd Equity Shares Banks 6.69% HDFC Ltd Equity Shares Finance 6.42% Reliance Industries Ltd Equity Shares Petroleum Products 6.00% Maruti Suzuki India Ltd Equity Shares Auto 6.00% Larsen & Toubro Ltd Equity Shares Construction Project 5.66% ICICI Bank Ltd Equity Shares Banks 5.48% ITC Ltd Equity Shares Consumer Non Durables 4.19% Power Grid Corporation Of Equity Shares Power 3.80% India Ltd State Bank Of India Equity Shares Banks 3.62% Hero Motocorp Ltd Equity Shares Auto 3.20% Total of Top Ten Holdings 51.06% Total Holdings 92.72% Cash & Cash Equivalents 7.28% Grand Total % Sectoral Allocation Banks Auto Consumer Non Durables Finance Petroleum Products Construction Project Power Cement Pharmaceuticals Industrial Capital Goods Gas Construction Media & Entertainment Oil Textile Products Non - Ferrous Metals Fertilisers Auto Ancillaries Software Industrial Products Latest NAV Per Unit Scheme Options Quantitative/Volatility Measures Standard Deviation Beta 3.80% 3.27% 2.77% 2.07% 1.80% 1.74% 1.71% 1.53% 1.43% 1.43% 1.39% 1.36% 1.15% 1.02% Dividend Option Monthly Dividend Option Half Yearly Dividend Option Quarterly Dividend Option 5.66% % 9.70% 9.15% 14.10% Direct Plan ` ` ` ` ` Sharpe Ratio Portfolio Turnover Riskometer 17.68% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00% 20.00% Regular Plan ` ` ` ` ` Large Medium Small Capitalisation THIS PRODUCT IS SUITABLE FOR INVESTORS WHO ARE SEEKING* Capital appreciation over long-term A portfolio that is invested predominantly in equity and equity-related securities of blue-chip large-cap companies. Risk Moderate LOW HIGH Investors understand that their principal will be at high risk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. 10

13 Indiabulls Arbitrage Fund (An Open-ended Equity Scheme) INVESTMENT OBJECTIVE 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 MANAGER Mr. Sumit Bhatnagar Mr. Malay Shah DATE OF ALLOTMENT 19 December 2014 AVG. AUM MONTHLY ` Crore LATEST AUM (as on ` Crore LATEST NAV PER UNIT Direct Plan Monthly Dividend Option Half Yearly Dividend Option Regular Plan Monthly Dividend Option Quarterly Dividend Option Half Yearly Dividend Option Yearly Dividend Option LOAD INFORMATION Entry Load : Not Applicable 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. BENCHMARK CRISIL Liquid Fund Index EXPENSE RATIO month-end) ` ` ` ` ` ` ` ` Regular 0.75% Direct 0.15% Portfolio Company Name EQUITY SHARES THIS PRODUCT IS SUITABLE FOR INVESTORS WHO ARE SEEKING* 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. Risk 11 Riskometer Moderate % of Assets Sun Pharmaceuticals Industries Ltd Pharmaceuticals 9.20% Maruti Suzuki India Ltd Auto 9.19% Infosys Ltd Software 8.03% Housing Development Finance Corporation Ltd Finance 4.39% Zee Entertainment Enterprises Ltd Media & Entertainment 3.96% ITC Limited Consumer Non Durables 3.59% JSW Steel Ltd Ferrous Metals 3.52% Tata Steel Ltd Ferrous Metals 3.43% Oil & Natural Gas Corporation Ltd Oil 3.39% Infibeam Incorporation Ltd Software 3.36% Dewan Housing Finance Corp. Ltd Finance 3.21% Indusind Bank Ltd Banks 2.87% Century Textiles & Industries Ltd Cement 1.83% Bharat Electronics Ltd Industrial Capital Goods 1.45% Granules India Ltd Pharmaceuticals 1.39% Gail (India) Ltd Gas 1.35% The Karnataka Bank Ltd Banks 1.20% IDFC Ltd Finance 0.73% Axis Bank Ltd Banks 0.69% IRB Infrastructure Developers Ltd Construction 0.51% Gujarat State Fertilizers & Chemicals Ltd. Fertilisers 0.25% Sub-Total 67.54% MARGIN FIXED DEPOSITS 15.86% Cash & Cash Equivalent / CBLO 16.60% Grand Total % Sectoral Allocation Software Pharmaceuticals Auto Finance Ferrous Metals Banks Media & Entertainment Consumer Non Durables Oil Cement Industrial Capital Goods Gas Construction Fertilisers 3.96% 4.76% 6.95% 1.83% 3.39% 3.59% 0.51% 1.35% 1.45% 0.25% Industry/Rating 11.39% 8.33% 9.19% 10.59% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% LOW HIGH Investors understand that their principal will be at moderately low risk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

14 Indiabulls Value Discovery Fund (An Open-ended Equity Scheme) INVESTMENT OBJECTIVE 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 MANAGER Mr. Sumit Bhatnagar Mr. Malay Shah DATE OF ALLOTMENT 8 September 2015 AVG. AUM MONTHLY ` Crore LATEST AUM (as on month-end) ` Crore LOAD INFORMATION Entry Load : Not Applicable 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. BENCHMARK S&P BSE 500 Portfolio (Top 10 holdings) Company Name Category Industry % of Assets Time Technoplast Equity Shares Industrial Products 3.75% Supreme Petrochem Ltd Equity Shares Chemicals 3.34% Century Plyboards (India) Ltd Equity Shares Consumer Durables 3.31% Maruti Suzuki India Ltd Equity Shares Auto 3.30% Uflex Ltd Equity Shares Industrial Products 3.26% Ashok Leyland Ltd Equity Shares Auto 3.15% Mangalore Refinery Equity Shares Petroleum Products 3.08% Petrochemicals JK Tyre & Industries Ltd Equity Shares Auto Ancillaries 3.06% Finolex Industries Ltd Equity Shares Industrial Products 3.01% MRF Ltd Equity Shares Auto Ancillaries 2.96% Total of Top Ten Holdings 32.22% Total Holdings 87.83% Cash & Cash Equivalents 12.17% Grand Total % Sectoral Allocation Industrial Products Auto Ancillaries Auto Consumer Non Durables Software Consumer Durables Petroleum Products Chemicals Construction Pharmaceuticals Industrial Capital Goods Textile Products Transportation Cement Textiles - Cotton Latest NAV Per Unit Scheme Options 6.45% 6.32% 6.05% 5.94% 5.75% 5.68% 5.23% 4.64% 4.22% 2.90% 2.84% 2.84% 2.23% 11.60% Direct Plan 15.14% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% Regular Plan EXPENSE RATIO Regular 2.70% Direct 0.38% FUND STYLE Investment Style Growth Blend Value Large Medium Small Capitalisation THIS PRODUCT IS SUITABLE FOR INVESTORS WHO ARE SEEKING* Dividend Option Half Yearly Dividend Option Monthly Dividend Option Quarterly Dividend Option Capital appreciation and provide longterm Capital growth. Investment primarily in companies that offer high relative value vis a-vis other companies and fall within top 500 by market capitalization. Risk ` ` ` ` ` Riskometer Moderate ` ` ` ` LOW HIGH Investors understand that their principal will be at moderately high risk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. 12

15 SCHEME PERFORMANCE Period Indiabulls Liquid Fund(G) Indiabulls Liquid Fund(G)-Direct Plan Crisil Liquid Fund Index Crisil 1 Yr T-Bill Index Indiabulls Ultra Short Term Fund(G) Indiabulls Ultra Short Term Fund(G)-Direct Plan Crisil Liquid Fund Index Crisil 1 Yr T-Bill Index Indiabulls ST Fund(G) Indiabulls ST Fund(G)-Direct Plan Crisil Short Term Bond Fund Index Crisil 1 Yr T-Bill Index Indiabulls Income Fund-Reg(G) Indiabulls Income Fund(G)-Direct Plan Crisil Composite Bond Fund Index Indiabulls Gilt(G) Indiabulls Gilt(G)-Direct Plan I-Sec Composite Gilt Index Crisil 1 Yr T-Bill Index Indiabulls Arbitrage Fund-Reg(G) Indiabulls Arbitrage Fund(G)-Direct Plan Crisil Liquid Fund Index Crisil 1 Yr T-Bill Index Indiabulls Value Discovery Fund-Reg(G) Indiabulls Value Discovery Fund(G)-Direct Plan S&P BSE 500 NIFTY 50 Indiabulls Monthly Income Plan Indiabulls Monthly Income Plan(G)-Direct Plan Crisil MIP Blended Index Crisil 1 Yr T-Bill Index Indiabulls Blue Chip Fund(G) Indiabulls Blue Chip Fund(G)-Direct Plan NIFTY 50 S&P BSE SENSEX Last 7 Last 15 Last 30 30th June 30th June 30th June Since Since NAV/Index days till days till days till 2016 till 2014 till 2012 till Inception Inception Value (As of 30th June 30th June 30th June 30th June 30th June 30th June (CAGR) (Value #) 30th June INR 2017 Funds Managed by Mr. Malay Shah , , N.A , , , , , , , , N.A , , , , , , N.A , , N.A , , , , , , Funds Managed by Mr. Malay Shah & Mr. Kunal M. Jain N.A , N.A , , , N.A , , N.A , , , , , , Funds Managed by Mr. Sumit Bhatnagar & Mr. Malay Shah N.A. N.A. N.A N.A. N.A , N.A. N.A. N.A N.A. N.A , N.A. N.A. N.A , , N.A. N.A. N.A , , N.A. N.A. N.A N.A. N.A , N.A. N.A. N.A N.A. N.A , N.A. N.A. N.A , , N.A. N.A. N.A , , N.A. N.A. N.A N.A. N.A , N.A. N.A. N.A N.A. N.A , N.A. N.A. N.A , , N.A. N.A. N.A , , Funds Managed by Mr. Sumit Bhatnagar N.A. N.A. N.A , N.A. N.A. N.A N.A , N.A. N.A. N.A , , N.A. N.A. N.A , , Notes: NA - 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 30th. 13

16 PERFORMANCE DISCLOSURE Disclosure on performance of other schemes managed by the fund manager Name of Fund Manager: Mr. Malay Shah Indiabulls Liquid Fund(G) Period Indiabulls Liquid Fund(G)-Direct Plan Indiabulls Ultra Short Term Fund(G) Indiabulls Ultra Short Term Fund(G)-Direct Plan Indiabulls Short Term Fund(G) Indiabulls Short Term Fund(G)-Direct Plan # Indiabulls Value Discovery Fund-Reg(G) # Indiabulls Value Discovery Fund(G)-Direct Plan * Indiabulls Gilt Fund(G) * Indiabulls Gilt Fund(G)-Direct Plan * Indiabulls Income Fund-Reg(G) * Indiabulls Income Fund(G)-Direct Plan $ Indiabulls Monthly Income Plan $ Indiabulls Monthly Income Plan(G)-Direct Plan # Indiabulls Arbitrage Fund-Reg(G) # Indiabulls Arbitrage Fund(G)-Direct Plan Scheme return % 1 year 3 years 5 years Benchmark return (%) Scheme return % Benchmark return (%) Scheme return % Benchmark return (%) N.A N.A N.A N.A N.A N.A N.A N.A N.A N.A N.A N.A N.A N.A N.A N.A N.A N.A N.A N.A Note: # Managed along with Mr. Sumit Bhatnagar * Managed along with Mr. Kunal Jain $ Managed along with Mr. Kunal Jain and Mr. Sumit Bhatnagar Different plans shall have a different expense structure. The performance details provided herein are of (regular and direct) plan. Benchmark Details: Fund Name Indiabulls Liquid Fund(G) Indiabulls Ultra Short Term Fund(G) Indiabulls Short Term Fund(G) Benchmark Crisil Liquid Fund Index Crisil Short Term Bond Fund Index Indiabulls Value Discovery Fund-Reg(G) S&P BSE 500 Indiabulls Gilt(G) Indiabulls Income Fund-Reg(G) Indiabulls Monthly Income Plan Indiabulls Arbitrage Fund-Reg(G) I-Sec Composite Gilt Index Crisil Composite Bond Fund Index Crisil MIP Blended Index Crisil Liquid Fund Index 14

17 SCHEME PERFORMANCE SIP RETURNS - Indiabulls Blue Chip Fund - Regular Plan () Period 1-year 3-year 5-year 7-year 10-year Since Inception Total Amount Invested ( `) Total Value as on June 30, 2017 (`) Returns (In %) Total Value of S&P BSE Sensex S&P BSE Sensex Returns (In %) Total Value of Nifty 50 Nifty 50 Returns (In %) 1,20,000 3,60,000 6,00,000 8,40,000 12,00,000 6,40,000 1,31,300 4,35,355 8,48,265 N.A. N.A. 9,26, N.A. N.A ,30,881 4,08,394 7,84,765 N.A. N.A. 8,57, N.A. N.A ,30,496 4,12,973 7,98,527 N.A. N.A. 8,72, N.A. N.A SIP Returns - Indiabulls Arbitrage Fund - Regular Plan () Period 1-year 3-year 5-year 7-year 10-year Since Inception Total Amount Invested ( `) Total Value as on June 30, 2017 (`) Returns (In %) Total Value of Crisil Liquid Fund Index Crisil Liquid Fund Index Returns (In %) 1,20,000 3,60,000 6,00,000 8,40,000 12,00,000 3,00,000 1,23,873 N.A. N.A. N.A. N.A. 3,26, N.A. N.A. N.A. N.A ,24,307 N.A. N.A. N.A. N.A. 3,28, N.A. N.A. N.A. N.A SIP Returns - Indiabulls Value Discovery Fund - Regular Plan () Period 1-year 3-year 5-year 7-year 10-year Since Inception Total Amount Invested ( `) Total Value as on June 30, 2017 (`) Returns (In %) Total Value of S&P BSE 500 S&P BSE 500 Returns (In %) Total Value of Nifty 50 Nifty 50 Returns (In %) 1,20,000 3,60,000 6,00,000 8,40,000 12,00,000 2,10,000 1,35,590 N.A. N.A. N.A. N.A. 2,54, N.A. N.A. N.A. N.A ,32,623 N.A. N.A. N.A. N.A. 2,47, N.A. N.A. N.A. N.A ,30,496 N.A. N.A. N.A. N.A. 2,40, N.A. N.A. N.A. N.A N.A. - Not Applicable The above table indicates the results for the scenario of an investor who would have invested ` 10,000 every month in Indiabulls Blue Chip Fund - Regular Plan (), Indiabulls Arbitrage Fund - Regular Plan () & Indiabulls Value Discovery Fund - Regular 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. 15

18 DIVIDEND HISTORY Record Date Face Value (in `) , , ,000 Record Date Face Value (in `) , , ,000 Record Date Face Value (in `) , , ,000 Record Date Face Value (in `) Record Date Face Value (in `) Record Date Face Value (in `) Record Date Face Value (in `) NAV (in `) Dividend/Unit (in `) Regular Direct Regular Direct ,000 1, , ,000 1, , ,000 1, , INDIABULLS ARBITRAGE FUND - DIVIDEND HISTORY Record Date Face Value (in `) NAV (in `) Dividend/Unit (in `) Regular Direct Regular Direct INDIABULLS BLUE CHIP FUND - DIVIDEND HISTORY Record Date Face Value (in `) NAV (in `) Dividend/Unit (in `) Regular Direct Regular Direct INDIABULLS MONTHLY INCOME PLAN - MONTHLY OPTION INDIABULLS VALUE DISCOVERY FUND - MONTHLY OPTION INDIABULLS LIQUID FUND - MONTHLY OPTION NAV (in `) Dividend/Unit (in `) Regular Direct Regular Direct 1, , , , , , INDIABULLS ULTRA SHORT-TERM FUND - MONTHLY OPTION NAV (in `) Dividend/Unit (in `) Regular Direct Regular Direct 1, , , , , , INDIABULLS SHORT TERM FUND - MONTHLY OPTION NAV (in `) Dividend/Unit (in `) Regular Direct Regular Direct 1, , , , , , INDIABULLS INCOME FUND - MONTHLY OPTION NAV (in `) Dividend/Unit (in `) Regular Direct Regular Direct INDIABULLS INCOME FUND - QUARTERLY OPTION NAV (in `) Dividend/Unit (in `) Regular Direct Regular Direct INDIABULLS INCOME FUND - HALF YEARLY OPTION NAV (in `) Dividend/Unit (in `) Regular Direct Regular Direct INDIABULLS GILT FUND - MONTHLY OPTION No Dividend has been declared in this scheme No Dividend has been declared in this scheme For all above, Pursuant to payment of dividend, the NAV 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. 16

19 INDIABULLS VALUE DISCOVERY FUND An open ended equity scheme Driven by Process, Not by Emotions For more information, please refer to page no SMS 'IBAMC' to Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.

20 Indiabulls Asset Management Company Limited CIN: U65991DL2008PLC Registered Office: M - 62 & 63, 1st Floor, Connaught Place, New Delhi Tel: (011) ; Fax: (011) Office: Indiabulls Finance Centre Tower - 1, 11th Floor, Senapati Bapat Marg, Elphinstone West, Mumbai Tel: (022) ; Fax: (022) Call: SMS: IBAMC to customercare@indiabullsamc.com Website: AMC Branches: Ahmedabad: Radhika House, 1st Floor, C/o. Indiabulls Housing Finance Co Ltd., Opp. Mayor Banglow, Law Garden, Navrangpura, Ahmedabad Tel: (079) Bangalore: No. 103, 2nd Floor, Samskruthi Chambers, K. H. Road, Bangalore Tel: (080) Chennai: No. 20, Apex Chambers, 3rd Floor, Sir Theyagaraya Road, Pondy Bazaar, T Nagar, Chennai Tel: (044) Hyderabad: Park City Plaza, 3rd Floor, Road No. 1, Banjara Hills, Hyderabad Tel: (040) Kolkata: 31, Chowringhee Road, 3rd Floor, Park Street Junction, Kolkata Tel: Mumbai: Indiabulls Finance Centre, Tower 1, 11th Floor, Senapati Bapat Marg, Elphinstone (West), Mumbai Tel: : (022) New Delhi: M - 62 & 63, 1st Floor, Connaught Place, New Delhi Tel: (011) Pune: No. 115, City Mall, 1st Floor, University Road, Opp. Pride House, Shivajinagar, Pune Tel: (020) Disclaimer: The NAVs of the schemes may go up or down depending upon the factors and forces affecting the securities market including the fluctuations in the interest rates. The past performance of the mutual funds managed by the Indiabulls Asset Management Company is not necessarily indicative of future performance of the scheme/s. The Mutual Fund is not guaranteeing or assuring any dividend under any of the schemes and the same is subject to the availability of distributable surplus and at the sole discretion of trustees. The views expressed herein represents general market outlook and purely represent the views of the author. This document shall not be deemed to constitute any offer to sell the schemes of Indiabulls Asset Management Company. Investors are requested to review the prospectus carefully and obtain expert professional advice with regard to specific legal, tax and financial implications of the investment/participation in the scheme. Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.