Highlights. Market. September 18. l Exide Life Insurance Investment Philosophy. l Market Highlights. l Outlook for Markets
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1 September 18 Market Highlights l Insurance Investment Philosophy l Market Highlights l Outlook for Markets l Fund Performance over a 5-year period l Risk Return Profile of Funds l Glossary l Insurance Fact Sheet
2 Insurance Investment Philosophy Our policyholders are investing their hard earned money with specific objectives of protection and longer-term investment returns. Two of the basic expectations of our customers are thus, Safety and Returns, and we need to balance both these expectations in terms of the asset-allocation, underlying investments, and subsequent monitoring. These customer expectations are an important consideration in our investment management philosophy and strategy. The underlying investment philosophy is to ensure safety and deliver consistent, stable returns over the longer-term, for a given level of risk. This is achieved with a well-defined and disciplined investment process. There is an emphasis on compliance and robust risk-management in the investment process, both pre-investment and postinvestment. As a company and as an investment team, we focus on the long-term. Investment Team Profile Shyamsunder Bhat, Chief Investment Officer (CIO) has an experience of 23 years in fund management. He joined Insurance in September Prior to joining Insurance, Shyam has worked with two mutual fund companies - initially as a part of the start-up team in 1994 at Tata Asset Management Ltd. for 10 years ( ), followed by Principal PNB Asset Management, where he then worked for more than 6 years ( ). Shyam is an Electrical Engineer from VJTI (Mumbai) and a post-graduate in Management (M.M.S. Finance) from Narsee Monjee Institute of Management Studies (Mumbai). SHYAMSUNDER BHAT Chief Investment Officer(CIO) Shobit Gupta, Senior Vice President (Investments), Fixed Income, has over 19 years of experience in Fixed Income and Foreign Exchange markets. He has worked extensively in the field of Foreign exchange and Interest Rate derivatives at ABN AMRO Bank and has handled Fixed Income portfolios at Asset Management companies like Kotak Mahindra Mutual Fund and Principal Asset Management Co. He is a Graduate in Economics, Maths, Statistics, PGDBA from ICFAI Delhi and CFA from ICFAI Hyderabad and CFA Institute - USA. SHOBIT GUPTA Senior Vice President (Investments) - Fixed Income Pranav Parekh Fund Manager - Fixed Income portfolio Sumeet Hinduja Fund Managers - Equity portfolio Monthly Report 02
3 Market Highlights The Nifty-50 index closed sharply down by 6.4% for the month of September. The fall was even sharper in mid-caps as reflected by the 13.9% fall in Nifty Midcap-100 index in a single month, the sharpest monthly fall in the last several years! The key factors causing this sharp drop were liquidity concerns for NBFCs/Housing Finance companies which could impact their borrowing ability in the near-term. The rising current account deficit, continuing trade-war announcements, a further rise in crude oil prices and a further fall in the Indian Rupee vs the dollar : this was a month dominated by negative newsflow in terms of the macro-factors, and the concerns on a large part of our financial sector further impacted sentiment. Foreign funds were large sellers (US $ 1.1 billion), but domestic institutions continued to be buyers (US$ 1.7 billion). Bond prices continued their fall in September, with the 10-year G-Sec yields rising by 7 bps to 8.02%. Rising fuel prices, a falling Rupee & rising US treasury yields were the influencing factors. FIIs sold around `10,000 crore worth of debt securities in September. The spreads of corporate bonds over the 10 year G-Sec widened, from 51 bps to 65 bps. Equity Markets While the developments in macro-factors such as currency and crude oil are negative for our country, a large percentage of the companies in the Nifty-50 index are benefitted by this trend, and therefore the impact of the trend in the above factors is not necessarily negative for the earnings of the overall Nifty-50 index. The monsoon ended with a 9% deficit, however the Kharif production is likely to be satisfactory, and a higher Minimum Support Price, too, would aid rural growth. Going forward, markets will take cues from global trade and geopolitical newsflows. While the pick-up in corporate earnings would remain a key factor to watch, it is equally important that the above macro-factors do not further deteriorate significantly from current levels. Upcoming political events, the near-term State Elections as well as the Lok Sabha Elections in 2019 would also influence sentiment. Some of the Nifty-50 stocks, and most of the mid-cap stocks (with the exception of FMCG and IT stocks) have corrected sharply, and this correction does provide entry opportunities in some of the stocks with a good earning visibility, at valuations more reasonable than in the past. However, in the near-term, there could be further pressure on the equity market since there is no appetite for any adverse newsflow. Fixed Income Market Our current account deficit widened to 2.4% of GDP in Q2, from 1.9% of GDP in Q1, while our fiscal deficit for the five-month period between April and August stood at `5.9 lakh crore, 94.7 % of the budgeted figures for the full year. Consumer Price Inflation edged down to 3.7% vs. 4.2% in the previous month, which is heartening as it is after several months that the figure has fallen below 4%. Core inflation also moderated to 5.9% vs 6.3% last month. The currency weakness has added to the sell-off in bonds, and has dominated over other factors such as inflation and growth. We maintain the overweight on Government securities in our portfolios due to a better equation in their demand-supply, and since the ongoing concerns could result in a further widening of corporate spreads. We remain cognizant of the uncertainties in the global and our local markets, and remain positioned to take advantage of opportunities across the curve. If the current momentum in crude price continues and if our currency continues to remain under pressure, we could see yields sustaining at high levels. Monthly Report 03
4 Market Review Fund Performance over a 5-year period Over a 5-year period, our Prime Equity Fund has delivered 13.5% returns on an annualized basis; our Active Asset Allocation Fund has delivered 11% annualized returns and our Preserver Fund (debt fund) has delivered an annualized return of 8.8% over this period. The performance of the above funds, as well as of our other Funds, across various periods, is detailed separately on our website. Market benchmarks over the past year: Indices BSE Sensex Nifty 50 Nifty Freefloat Midcap-100 MSCI World MSCI Emerging Mkt 10 Y GOV Yield * 10 Y AAA Yield* Month-End Level 36,227 10,930 17,154 2,184 1, % 8.84% 1-Month Change -6.3% -6.4% -13.9% 0.4% -0.8% 0.07% 0.24% 3-Month Change 2.3% 2.0% -5.6% 4.5% -2.0% 0.12% 0.24% 1-Year Change 9.9% 8.1% -8.5% 6.7% -9.9% 1.36% 1.37% * As yields rise (fall), bond prices fall (rise); the longer the maturity of the bond, the larger is the change in price for a given change in interest rate. Monthly Report 04
5 Risk Return Profile of Funds Insurance offers a wide range of fund options catering to various risk-return appetite.you can invest either in equity, or in debt or in hybrid fund and even change your investment strategy. You can choose from these funds depending on your risk appetite, age, time horizon for important life stage goals like child education planning, retirement planning, etc. The risk return chart below helps you choose the right fund for your investment needs. High Risk Prime Equity Fund Midcap Fund Equity Pension Fund* Equity Fund* Prime Equity Pension Fund* Risk Balance Fund Guaranteed NAV Fund Growth Fund Exide Life Active Asset Allocation Fund Medium Risk Secure Fund Liquid Pension* Preserver Fund Preserver Pension* Debt Pension Fund* Debt Fund* Low Risk Return *Available for existing customers only subject to product terms and conditions Monthly Report 05
6 Glossary Net Asset Value (NAV): It is defined as the value of one unit of the fund. It is calculated by dividing the total value of all the securities held in the fund portfolio, less any liabilities, by the number of units in the fund. It is calculated once a day based on the closing market prices of the securities in the fund's portfolio. Assets under management (AUM): The market value of financial assets that an investment company manages on behalf of investors. Portfolio Holdings: It refers to the contents of an investment portfolio held by an entity. The contents are the financial instruments like stocks, bonds, Government securities, mutual funds, fixed deposits, corporate deposits, etc. that constitute the fund. Corporate Debt: A debt security issued by a corporation and sold to investors. The backing for the bond is usually the payment ability of the company, which is typically money to be earned from future operations. Government Securities (Gsec): A debt security issued by a Government to raise the funds necessary to pay for its expenses. This includes short-term Treasury bills, medium-term Treasury notes, and long-term Treasury bonds. Benchmark Index: An index that is regarded as a standard and against which the performance of the fund is measured. Nifty 50: The Nifty 50 is a well-diversified 50-stock index accounting for large-sized companies from 13 sectors of the economy. CRISIL Composite Bond Fund Index: CRISIL Composite Bond Fund Index seeks to track the performance of a debt portfolio that includes Government securities and AAA/AA rated corporate bonds. CRISIL Liquid Fund Index: CRISIL Liquid Fund Index seeks to track the performance of a debt portfolio that includes CBLO, Commercial Papers and Certificates of Deposit. 1. ULIP plans are different from the traditional insurance products and are subject to risk factors. 2. The premiums paid in ULIP policies are subject to investment risks associated with capital markets and the Unit Price of the Units may go up or down based on performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. 3. Insurance Company Limited is only the name of the Insurance Company and Insurance ULIP products are only the name of the ULIP contract and does not in any way indicate the quality of the contract its future prospects or returns. 4. Be aware of the associated risks and the applicable charges from your insurance agent or the intermediary or policy document of the insurer. 5. Investments in ULIPs are subject to market and other risks and there can be no assurance that the objectives of the Unit Linked Funds in the ULIP will be achieved. 6. Past performance of the Unit Linked Fund and other Funds of the Company is not indicative of future performance of any of these Funds. 7. The premiums and funds are subject to certain charges related to the fund or to the premiums paid. 8. The names of the Unit Linked Funds do not in any manner indicate the quality of the Unit Linked Fund or their future prospects or returns. 9. The ULIP does not offer a guaranteed return and risk in investment is borne by the policyholder. 10. The purpose of the Fund Review is only to provide a general review about the funds available in the ULIP products. Please refer to the policy terms and conditions of respective products to understand in detail the associated risks, benefits, charges etc. INDICES provided by CRISIL. CRISIL Indices are the sole property of CRISIL. CRISIL Indices shall not be copied, transmitted or redistributed in any manner for any commercial use. CRISIL has taken due care and caution in computation of the Indices, based on the data obtained from sources, which it considers reliable. However, CRISIL does not guarantee the accuracy, adequacy or completeness of the Indices and is not responsible for any errors or for the results obtained from the use of the Indices. CRISIL especially states that it has no financial liability whatsoever to the users of CRISIL Indices. Monthly Report 06
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