MUTUAL FUND FUND FACTSHEET. August 2017

Transcription

1 FUND FACTSHEET

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 31st August 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 July 2017 started its upward trend because of base effects by 82 bps as compared to June 2017 which was led by falling food & cereal prices. July CPI came in at 2.36% as compared to 1.54% of June This acceleration in headline inflation is predominantly driven by a significant sequential increase in vegetable prices (especially that of tomatoes), house rent allowance adjustment as the recommendations of the 7th pay commission got implemented from 1st July and rising commodity prices. Core CPI inflation came at 3.75% from 3.8% last month. This indicates weakness in pricing power by producers. WPI (Wholesale Price Index) under the new series with as base year, increased by 1% to 1.9% as compared to 0.9% last month. IIP came in at -0.01% as compared to 1.70% for May GDP growth came in at 5.7 v/s 6.10 (Q-on-Q). The lower growth number marked the expectation of markets from RBI to cut rates to spur growth. We believe that since any rate cut takes atleast couple of quarters to seep in to the economy, RBI would not go in for further cut because of dwindling growth numbers. RBI would look at more data points to prove that growth is slowing further and also look at causes of the same rather and would be more objective. Liquidity and Rates Excess of surplus liquidity in the system led to banks parking nearly average of 3 lakh crores with RBI for the month of August. This surplus liquidity was same in July as numbers are almost the same. Money market rates however stayed in the same range of 3 months in the band of and entire money market curve was almost flat in month of August. However dated curve traded in a narrow range with 10 year benchmark range of The range has gone on higher side in yield terms by 5 bps as upward inflation numbers pushed the yields higher which was checked by lower growth numbers to make sure that dated curve and corporate bond traded in a narrow range. We however expect markets to trade in a narrow range ahead of FED policy where UST yields have declined from 2.30 to 2.10 in august which aid's more FII inflow in debt and hence markets would continue to trade in a range. Aug month saw net debt inflow of crs whereas outflow in equity was to the tune of Rs12632 crs making FII inflow in capital markets to neutral. Outlook After RBI's cut of 25 bps we see markets to trade in narrow range. Any further substantial movement will be dependent on data and global news flow. Inflation readings below market estimates albeit on higher side would keep the market in tight range and look for further cues on rate cuts if FED policy is dovish and global liquidity not impacted. However risks especially in form of global factors like geo political risks of US N Korea - China will keep the markets in a less than 100% optimistic mode. Basis on all of the above UST and ST to be most attractive product at current juncture followed by duration products for 6-9 months perspective as we believe there will be one more final rate cut for this year before rate easing cycle stops, however they are suitable only for those investors who can digest volatility. 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 India s Q1FY18 GDP growth slowed to 5.7% y-o-y, from 6.1% in Q4FY17, contrary to consensus expectations of a pick-up to 6.5%, largely due to GST related uncertainty. GST related effects are expected to be transient, a sharp bounce back is expected in next 2-3 quarters. Current Monsoon season is almost 75% over. Cumulative rainfall till August 28th was 5% below LPA, which is within the normal range. Northwest, Central and South India are rain deficient by 4%, 7% and 9%, respectively. East and Northeast India continued to remain normal. Overall, the current progress suggests that monsoon rains should be normal in 2017 and augurs well for rural economy. India and China agreed to an expeditious disengagement of troops in a disputed area of Doklam plateau near the borders of India, Bhutan and China where the soldiers were locked in a stand-off for more than two months. Key Domestic Economic Data India s manufacturing PMI jumped to 51.2 in August from 47.9 in July, indicating that GST related disruption in July are assuaging. India s services PMI improved to 47.5 in August from 45.9 in July, although the pace of improvement was moderate, reflecting the GST related uncertainty on services sector. India s CPI inflation for July came in at 2.36% higher than consensus expectation of 2.05%, and up from 1.5% in June, on higher vegetable prices and a pick-up in core inflation owing to GST. Analyst expect CPI inflation to be within RBI s target range of 4%. India s IIP growth for June 2017 came in at -0.1% vs consensus estimate of +0.1%, de-growing first time in four years. FYTD IIP growth is at 1.8% vs. 7.3% last year, impacted by weak manufacturing growth due to GST related uncertainty. July IIP is also expected to be tepid. Key Global Events Geo-politcal tensions again shot up when North Korea conducted its sixth and most powerful nuclear test which it claimed was a hydrogen bomb for an ICBM. The second estimate of US Q2 GDP growth came in even stronger at 3% vs consensus expectation of 2.8% and 2.6% prior estimate. Minutes of US FOMC meeting indicate that most participants backed starting of balance sheet winding down process at an upcoming meeting. Many FOMC members though had reservations regarding too low inflation and wouldn t mind caution on further rate hikes. Bank of Canada surprised the markets by raising its benchmark overnight rate 25 basis points to 1%. "Recent economic data have been stronger than expected," the Bank of Canada said. It's the 2nd rate hike in as many meetings. Outlook Q1FY18 GDP came in weaker then expectation. Many high frequency economic data for the month of June & July have also registered weakness due to GST implementation issues. However, PMI data for month of August are showing definite signs of improvement. We expect significant recovery over next few months in these indicators. Q2 GDP growth is expected to be weak; we expect strong bounce back from H2FY18 onwards. Q1 FY18 results season ended in disappointment with nearly 2/3rd corporates coming up with below expectation financials. However, we expect Q2 to be much better, as GST related uncertainty ebbs, and early onset of festival season this year should boost demand significantly. We expect strong recovery in corporate earnings from H2FY18 and would be watching September quarter results for early indications. Monsoon is expected to be normal in 2017, though distribution is no longer uniform. On an overall basis, this augurs well for food inflation and rural demand. We continue to be positive on Indian equities over medium to long term. STPs and SIPs should be preferred route. Any escalation of Geo-Political risk involving North Korea is the key risk over short term. Sumit Bhatnagar, CFA Head - Equity 3

6 Interest Rate Sensitivity Mid 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 (Managing Fund Since August 22, 2014) 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 18.07% ICICI Bank Ltd Certificate Of Deposit A % HDFC Bank Ltd Certificate Of Deposit A % Rural Electrification Corporation Ltd Commercial Papers A % Axis Bank Ltd Certificate Of Deposit A % Aditya Birla Finance Ltd Commercial Papers A % Hdfc Credila Financial Services Private Ltd Commercial Papers A % National Bank for Agriculture and Rural Development Commercial Papers A % LIC Housing Finance Ltd Commercial Papers A % Bajaj Finance Ltd Commercial Papers A % Total of Top Ten Holdings 52.84% Total Holdings 85.82% Cash & Cash Equivalents 14.18% 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 Daily Dividend Option Weekly Dividend Option ` ` ` ` Exit Load : Nil Monthly Dividend Option ` ` BENCHMARK CRISIL Liquid Fund Index EXPENSE RATIO Regular 0.15% Direct 0.06% Maturity and Yield Average Maturity Modified Duration Gross YTM Days Days 6.17% 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 RATING PROFILE A1+/SOV/FD 84.77% Riskometer Moderate AAA 1.05% Note : CBLO/Reverse Repo/Net Current Assets of 14.18% 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 Interest Rate Sensitivity Mid 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 (Managing Fund Since August 22, 2014) DATE OF ALLOTMENT 6 January 2012 AVG. AUM MONTHLY ` Crore Portfolio (Top 10 holdings) Name of Instrument Category Rating % of Assets HDFC Ltd Fixed rates bonds - AAA 9.86% Power Finance Corporation Ltd Commercial Papers A % LIC Housing Finance Ltd Fixed rates bonds - AAA 7.34% Shapoorji Pallonji & Commercial Papers A % Company Pvt Ltd Entertainment network India Ltd Commercial Papers A % National Bank for Agriculture Certificate Of Deposit A % and Rural Development Murugappa Holdings Ltd Commercial Papers A % Tata Capital Financial Fixed rates bonds - AA+ 3.49% Services Ltd Dalmia Bharat Sugar Commercial Papers A % Industries Ltd Avanse Financial Services Ltd. Commercial Papers A % Total of Top Ten Holdings 55.33% Total Holdings 89.67% Cash & Cash Equivalents 10.33% Grand Total % LATEST AUM (as on ` Crore month-end) 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 0.90% Direct 0.50% Maturity and Yield Average Maturity Modified Duration Gross YTM Days Days 6.86% 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 RATING PROFILE A % Riskometer Moderate AAA 30.44% AA+ 6.28% Note : CBLO/Reverse Repo/Net Current Assets of 10.33% LOW HIGH Investorsunderstandthattheirprincipalwillbeatmoderatelylowrisk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. 5

8 Interest Rate Sensitivity Mid 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 (Managing Fund Since August 22, 2014) 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 1.51% Direct 0.51% FUND STYLE Credit Quality Mid month-end) Portfolio (Top 10 holdings) Name of Instrument Category Rating % of Assets Power Grid Corporation Fixed rates bonds - AAA 9.98% of India Ltd HDFC Ltd Fixed rates bonds - AAA 9.13% Indiabulls Real Estate Ltd Fixed rates bonds - AA- 7.82% Adani Enterprises Limited Commercial Papers A % HCL Infosystems Ltd Commercial Papers A1 7.58% Housing and Urban Fixed rates bonds - AAA 5.26% Development Corporation Ltd Shapoorji Pallonji & Commercial Papers A % Company Pvt Ltd Small Industries Development Fixed rates bonds - AAA 4.73% Bank of India LIC Housing Finance Ltd Fixed rates bonds - AAA 4.73% Power Finance Corporation Ltd Fixed rates bonds - AAA 3.71% Total of Top Ten Holdings 65.78% Total Holdings 94.38% Cash & Cash Equivalents 5.62% 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 1.73 Years 1.43 Years 7.99% 48.20% THIS PRODUCT IS SUITABLE FOR INVESTORS WHO ARE SEEKING* Direct Plan ` ` ` ` Stable returns over short term while maintaining liquidity. Through investment in debt and money market instruments. Moderate Risk Riskometer Moderate Regular Plan ` ` ` AA+ AA AA- A- A1 4.96% 1.13% 10.91% 3.60% 7.58% Note : CBLO/Reverse Repo/Net Current Assets of 5.62% LOW 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 Interest Rate Sensitivity Mid 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 (Managing Fund Since August 22, 2014) Mr. Kunal M. Jain (Co-Fund Manager) (Managing Fund Since October 07, 2016) Total Work Experience: 8 years Portfolio (Top holdings) Name of Instrument Category Rating % of Assets Janalakshmi Financial Fixed rates bonds - A 40.45% Services Ltd Power Finance Corporation Ltd Fixed rates bonds - AAA 22.92% IFCI Ltd Fixed rates bonds - A % 7.20% Karnataka SDL Fixed rates bonds - SOV 0.74% 7.61% GOI Government Fixed rates bonds - SOV 0.01% Government Total Holdings 86.14% Cash & Cash Equivalents 13.86% Grand Total % DATE OF ALLOTMENT 4 March 2013 AVG. AUM MONTHLY Latest NAV Per Unit ` Crore Scheme Options Direct Plan Regular Plan LATEST AUM (as on ` Crore LOAD INFORMATION Entry Load : Not Applicable Exit Load : Nil BENCHMARK CRISIL Composite Bond Fund Index EXPENSE RATIO month-end) Regular 0.75% Direct 0.24% Monthly Dividend Option Quarterly Dividend Option Half Yearly Dividend Option Maturity and Yield Average Maturity Modified Duration Gross YTM 3.07 Years 2.25 Years 10.05% 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 RATING PROFILE AAA 22.92% Riskometer Moderate A 40.45% A % SOV 0.75% Note : CBLO/Reverse Repo/Net Current Assets of 13.86% LOW 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 Interest Rate Sensitivity Mid 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 (Managing Fund Since August 22, 2014) Mr. Kunal M. Jain (Co-Fund Manager) (Managing Fund Since October 07, 2016) Total Work Experience: 8 years DATE OF ALLOTMENT 10 January 2013 AVG. AUM MONTHLY ` Crore Portfolio (Top holdings) 8.17% GOI - 01-Dec-2044 Fixed rates bonds - SOV 44.66% Government 7.61% GOI 09-May-2030 Fixed rates bonds - SOV 42.25% Government 6.97% GOI - 06-Sep-2026 Fixed rates bonds - SOV 6.80% Government Total Holdings 93.71% Cash & Cash Equivalents 6.29% Grand Total % Latest NAV Per Unit Scheme Options Weekly Dividend Option Fortnightly Dividend Option Monthly Dividend Option Name of Instrument Category Rating % of Assets Direct Plan ` ` ` ` Regular Plan ` ` ` ` LATEST AUM (as on ` Crore LOAD INFORMATION Entry Load : Not Applicable Exit Load : Nil BENCHMARK I-Sec Composite Index EXPENSE RATIO month-end) Regular 1.26% Direct 0.32% Maturity and Yield Average Maturity Modified Duration Gross YTM Years 8.90 Years 7.07% 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 RATING PROFILE 93.71% Riskometer Moderate SOV Note : CBLO/Reverse Repo/Net Current Assets of 6.29% LOW 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 Capitalisation Large Medium Small 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 (Managing Fund Since Inception) Mr. Kunal M. Jain (Co-Fund Manager) (Managing Fund Since October 07, 2016) Total Work Experience: 8 years Mr. Sumit Bhatnagar (Since Inception) DATE OF ALLOTMENT 2 December 2015 AVG. AUM MONTHLY ` Crore LATEST AUM (as on ` Crore LATEST NAV PER UNIT Direct Plan Dividend Option Regular Plan Dividend Option month-end) ` ` ` ` 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 2.02% Direct 0.67% FUND STYLE Investment Style Growth Blend Value Portfolio Name of Instrument Sectoral Allocation Maturity and Yield Average Maturity Modified Duration Gross YTM RATING PROFILE 2.19 Years 1.87 Years 7.70% Quantitative/Volatility Measures Standard Deviation Beta Sharpe Ratio Portfolio Turnover % of Assets NON - CONVERTIBLE DEBENTURES Tanglin Developments Limited BWR A- 9.66% Forbes Technosys Limited ICRA AA- 9.52% National ways Authority CRISIL AAA 9.48% Of India Dewan Housing Finance Corp. Ltd CARE AAA 8.27% Hero Wind Energy Ltd ICRA A 7.89% Mahindra & Mahindra Fin Ser Ltd FITCH AAA 7.09% Fortis Healthcare Holdings Pvt Ltd ICRA BBB+ 4.89% HDFC Ltd CRISIL AAA 4.84% LIC Housing Finance Limited CRISIL AAA 4.77% Janalakshmi Financial Services Ltd ICRA A 4.66% Janalakshmi Financial Services Ltd ICRA A 4.57% Sub-Total 75.64% EQUITY SHARES Yuken India Ltd Auto Ancillaries 8.73% Dewan Housing Finance Corp. Ltd Finance 1.93% Auto Ancillaries Banks Finance Construction Auto Petroleum Products Textile Products AAA 0.97% 0.96% 0.78% Industry/ Rating 1.63% BBB+ 4.89% 34.45% 3.31% 3.22% N.A 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 Indusind Bank Ltd Banks 1.77% NBCC (India) Limited Construction 1.36% Capital First Limited Finance 1.29% Maruti Suzuki India Limited Auto 0.97% Reliance Industries Limited Petroleum Products 0.96% Arvind Limited Textile Products 0.78% State Bank Of India Banks 0.77% HDFC Bank Ltd Banks 0.77% Somany Ceramics Ltd Construction 0.27% Sub-Total 19.60% COLLATERALIZED BORROWING AND LENDING CBLO 01/09/17- MAT % Total 0.62% Cash & Cash Equivalents Net Receivable/Payable 4.14% Sub-Total 4.14% Grand Total % Riskometer Moderate 8.73% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 10.00% A- 9.66% AA- 9.52% A 17.12% Note : CBLO/Reverse Repo/Net Current Assets of 24.36% LOW 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. 9

12 Capitalisation Large Medium Small 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 (Managing Fund Since December 17, 2012) 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 2.57% Direct 0.81% FUND STYLE Investment Style Growth Blend Value Portfolio (Top 10 holdings) Company Name Category Industry % of Assets HDFC Bank Ltd Equity Shares Banks 7.96% HDFC Ltd Equity Shares Finance 7.34% Reliance Industries Ltd Equity Shares Petroleum Products 7.04% Maruti Suzuki India Ltd Equity Shares Auto 6.78% ICICI Bank Ltd Equity Shares Banks 5.67% Larsen & Toubro Ltd Equity Shares Construction Project 5.63% Power Grid Corporation Of India Ltd Equity Shares Power 4.07% Hero Motocorp Ltd Equity Shares Auto 3.34% ITC Ltd Equity Shares Consumer Non Durables 2.96% State Bank Of India Equity Shares Banks 2.61% Total of Top Ten Holdings 53.40% Total Holdings 93.59% Cash & Cash Equivalents 6.41% Grand Total % Sectoral Allocation Banks Auto Finance Petroleum Products Consumer Non Durables Cement Construction Project Power Non - Ferrous Metals Industrial Capital Goods Construction Textile Products Auto Ancillaries Consumer Durables Media & Entertainment Pharmaceuticals Gas Software Latest NAV Per Unit Scheme Options Dividend Option Monthly Dividend Option Half Yearly Dividend Option Quarterly Dividend Option Quantitative/Volatility Measures Standard Deviation Beta 5.67% 5.63% 4.07% 3.50% 2.35% 2.32% 1.91% 1.80% 1.61% 1.51% 1.48% 1.18% 1.13% % 11.36% 9.47% 8.27% Direct Plan ` ` ` ` Sharpe Ratio Portfolio Turnover Riskometer 18.29% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00% 20.00% Regular Plan ` ` ` ` ` 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 (Managing Fund Since Inception) Mr. Malay Shah (Managing Fund Since Inception) 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 0.90% Direct 0.45% THIS PRODUCT IS SUITABLE FOR INVESTORS WHO ARE SEEKING* Portfolio Company Name 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 EQUITY SHARES Sun Pharmaceuticals Industries Ltd Pharmaceuticals 7.74% Infosys Ltd Software 7.69% Maruti Suzuki India Ltd Auto 6.56% Yes Bank Ltd Banks 5.12% JSW Steel Ltd Ferrous Metals 4.24% Axis Bank Ltd Banks 3.98% ICICI Bank Ltd Banks 3.76% Dewan Housing Finance Corp. Ltd Finance 3.50% Infibeam Incorporation Ltd Software 3.31% ITC Ltd Consumer Non Durables 3.17% Century Textiles & Industries Ltd Cement 2.32% IRB Infrastructure Developers Ltd Construction 1.87% Reliance Industries Ltd Petroleum Products 1.84% Indusind Bank Ltd Banks 1.62% Tata Motors Ltd -Dvr Auto 1.56% LIC Housing Finance Ltd Finance 1.56% Oil & Natural Gas Corporation Ltd Oil 1.24% Kotak Mahindra Bank Ltd Banks 1.13% Zee Entertainment Enterprises Ltd Media & Entertainment 0.98% Punjab National Bank Banks 0.82% Ashok Leyland Ltd Auto 0.69% The Federal Bank Ltd Banks 0.39% IDFC Ltd Finance 0.36% Housing Development Finance Corporation Ltd Finance 0.11% Sub-Total 65.56% MARGIN FIXED DEPOSITS 11.84% DEBT SECURITIES Aditya Birla Finance Ltd ICRA A % PTC India Financial Services Limited CRISIL A % India Infoline Finance Ltd ICRA A % Indian Railway Finance Corporation Ltd FITCH AAA 4.16% Sub-Total 17.41% Cash & Cash Equivalent / CBLO 5.19% Grand Total % Sectoral Allocation Banks Software Auto Pharmaceuticals Finance Ferrous Metals Consumer Non Durables Cement Construction Petroleum Products Oil Media & Entertainment 5.53% 4.24% 3.17% 2.32% 1.87% 1.84% 1.24% 0.98% 8.81% 7.74% Industry/Rating 11.00% 16.82% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00% LOW HIGH Investorsunderstandthattheirprincipalwillbeatmoderatelylowrisk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

14 Capitalisation Large Medium Small 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 (Managing Fund Since Inception) Mr. Malay Shah (Managing Fund Since Inception) DATE OF ALLOTMENT 8 September 2015 AVG. AUM MONTHLY ` Crore LATEST AUM (as on ` 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 month-end) Portfolio (Top 10 holdings) Company Name Category Industry % of Assets Time Technoplast Equity Shares Industrial Products 4.44% Uflex Ltd Equity Shares Industrial Products 3.87% Mangalore Refinery Petrochemicals Equity Shares Petroleum Products 3.79% Ashok Leyland Ltd Equity Shares Auto 3.75% Maruti Suzuki India Ltd Equity Shares Auto 3.68% Supreme Petrochem Ltd Equity Shares Chemicals 3.35% Finolex Industries Ltd Equity Shares Industrial Products 3.15% Century Plyboards (India) Ltd Equity Shares Consumer Durables 3.00% The Ramco Cements Ltd. Equity Shares Cement 2.98% KNR Constructions Ltd Equity Shares Construction 2.97% Total of Top Ten Holdings 34.98% Total Holdings 92.15% Cash & Cash Equivalents 7.85% Grand Total % Sectoral Allocation Industrial Products Auto Ancillaries Auto Consumer Non Durables Software Petroleum Products Chemicals Consumer Durables Construction Pharmaceuticals Industrial Capital Goods Cement Transportation Textile Products Textiles - Cotton Latest NAV Per Unit Scheme Options 7.43% 6.77% 6.53% 6.52% 6.01% 5.79% 5.30% 5.29% 4.34% 2.98% 2.93% 2.90% 1.74% 11.23% Direct Plan 16.39% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00% Regular Plan EXPENSE RATIO Regular 2.73% Direct 0.40% FUND STYLE Investment Style Growth Blend Value 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 Investorsunderstandthattheirprincipalwillbeatmoderatelyhighrisk *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 31st Aug 31st Aug 31st Aug Since Since NAV/Index days till days till days till 2016 till 2014 till 2012 till Inception Inception Value (As of 31st Aug 31st Aug 31st Aug 31st Aug 31st Aug 31st Aug (CAGR) (Value #) 31st Aug 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 , , Funds Managed by Mr. Malay Shah, Mr. Kunal M. Jain & 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 , , 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: Indiabulls Arbitrage Fund, Indiabulls Value Discovery Fund, Indiabulls Monthly Income Plan are in existence for more than 1 year but less than 3 years Indiabulls Income Fund, Indiabulls Short Term Fund and Indiabulls Gilt Fund are in existence for more than 3 years but less than 5 years 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 31st. 13

16 PERFORMANCE DISCLOSURE Disclosure on performance of other schemes managed by the fund manager Name of Fund Manager: Mr. Malay Shah Period Indiabulls Liquid Fund(G) 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) * # # 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 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 * $ # * * # $ Note: Indiabulls Arbitrage Fund, Indiabulls Value Discovery Fund, Indiabulls Monthly Income Plan are in existence for more than 1 year but less than 3 years Indiabulls Income Fund, Indiabulls Short Term Fund and Indiabulls Gilt Fund are in existence for more than 3 years but less than 5 years # 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) 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) N.A N.A N.A N.A N.A N.A N.A N.A N.A N.A N.A Benchmark Crisil Liquid Fund Index Crisil Short Term Bond Fund Index I-Sec Composite 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 August 31, 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 6,60,000 1,34,166 4,49,714 8,74,204 N.A. N.A. 9,96, N.A. N.A ,31,188 4,14,093 7,88,573 N.A. N.A. 8,99, N.A. N.A ,32,665 4,24,278 8,14,230 N.A. N.A. 9,28, 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 August 31, 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 3,20,000 1,23,829 N.A. N.A. N.A. N.A. 3,49, N.A. N.A. N.A. N.A ,24,324 N.A. N.A. N.A. N.A. 3,52, 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 August 31, 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 2,30,000 1,29,780 N.A. N.A. N.A. N.A. 2,73, N.A. N.A. N.A. N.A ,34,450 N.A. N.A. N.A. N.A. 2,78, N.A. N.A. N.A. N.A ,32,665 N.A. N.A. N.A. N.A. 2,70, 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 `) , , ,000 Record Date Face Value (in `) Record Date Face Value (in `) NAV (in `) Dividend/Unit (in `) Regular Direct Regular Direct 1, , , , , , INDIABULLS ARBITRAGE FUND - DIVIDEND HISTORY NAV (in `) Dividend/Unit (in `) Regular Direct Regular Direct INDIABULLS BLUE CHIP FUND - DIVIDEND HISTORY 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 * The record date being a non-business day, the NAV is shown of the next following business day i.e. June 19, 2017 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) Chandigarh: 2nd Floor, SCO-2, Phase 5, Sector-59, SAS Nagar, Near Kalyan Jewellers, Mohali Tel: 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) Surat: D119, ITC Building, Majuragate, Surat , Gujarat. Tel: 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.