September 2018 FUND UPDATE YOUR INVESTMENT PERFORMANCE

Transcription

1 September 2018 FUND UPDATE YOUR INVESTMENT PERFORMANCE

2 CONTENTS S Click on the Fund Name for details MARKET OUTLOOK 2 FUND PERFORMANCE OF ULIP FUNDS 7 PRODUCT - FUND MATRIX 10 CLASSIC OPPORTUNITIES FUND (ULIF /12/09-CLAOPPFND-107) 12 FRONTLINE EQUITY FUND (ULIF /12/09-FRLEQUFND-107) 13 DYNAMIC FLOOR FUND II (ULIF /12/09-DYFLRFND2-107) 14 BALANCED FUND (ULIF /12/09-BALKFND-107) 15 KOTAK OPPORTUNITIES FUND (ULIF /10/08-OPPFND-107) 16 KOTAK AGGRESSIVE GROWTH FUND (ULIF /09/04-AGRGWTFND-107) 17 GUARANTEE FUND (ULIF /02/10-GRTFND-107) 18 MONEY MARKET FUND (ULIF /01/10-MNMKKFND-107) 19 KOTAK DYNAMIC GROWTH FUND (ULIF /06/03-DYGWTFND-107) 20 DYNAMIC FLOOR FUND (ULIF /11/06-DYFLRFND-107) 21 KOTAK DYNAMIC BALANCED FUND (ULIF /06/03-DYBALFND-107) 22 KOTAK DYNAMIC BOND FUND (ULIF /04/04-DYBNDFND-107) 23 KOTAK DYNAMIC GILT FUND (ULIF /06/03-DYGLTFND-107) 24 KOTAK DYNAMIC FLOATING RATE FUND (ULIF /12/04-DYFLTRFND-107) 25 PEAK GUARANTEE FUND I (ULIF /02/10-PKGRTFND1-107) 26 KOTAK GUARANTEED GROWTH FUND (ULIF /06/03-GRTGWTFND-107) 27 KOTAK GUARANTEED BALANCED FUND (ULIF /06/03-GRTBALFND-107) 28 PENSION CLASSIC OPPORTUNITIES FUND (ULIF /01/10-PNCLAOPFND-107) 29 KOTAK PENSION OPPORTUNITIES FUND (ULIF /07/09-PNOPPFND-107) 30 PENSION FRONTLINE EQUITY FUND (ULIF /01/10-PNFRLEQFND-107) 31 PENSION GUARANTEE FUND (ULIF /12/09-PNGRTFND-107) 32 KOTAK PENSION GROWTH FUND (ULIF /01/09-PNGWTFND-107) 33 KOTAK PENSION FLOOR FUND (ULIF /07/09-PNFLRFND-107) 34 PENSION FLOOR FUND II (ULIF /01/10-PNFLRKFND2-107) 35 KOTAK PENSION BALANCED FUND (ULIF /06/03-PNBALFND-107 ) 36 PENSION BALANCED FUND II (ULIF /01/10-PNBALFND2-107) 37 KOTAK PENSION BOND FUND (ULIF /04/04-PNBNDFND-107) 38 KOTAK PENSION GILT FUND (ULIF /06/03-PNGLTFND-107) 39 KOTAK PENSION FLOATING RATE FUND (ULIF /12/04-PNFLTRFND-107) 40 PENSION MONEY MARKET FUND II (ULIF /12/09-PNMNMKFND-107) 41 KOTAK ADVANTAGE MULTIPLIER FUND II (ULIF /04/06-ADVMULFND2-107) 42 DISCONTINUED POLICY FUND (ULIF /03/11-DISPOLFND-107) 43 GROUP FUNDS Click on the Fund Name for details KOTAK GROUP DYNAMIC FLOOR FUND KOTAK GROUP SECURE CAPITAL FUND 45 (ULGF /01/10-DYFLRFND-107) (ULGF /04/11-SECCAPFND-107) 51 KOTAK GROUP BALANCED FUND KOTAK GROUP SHORT TERM BOND FUND 46 (ULGF /06/03-BALFND-107) (ULGF /12/13-SHTRMBND-107) 52 KOTAK GROUP BOND FUND 47 (ULGF /04/04-BNDFND-107) 47 ANNEXURE 53 (ULGF /04/04-BNDFND-107) (ULGF /07/17-KGPFFND-107) KOTAK GROUP GILT FUND 48 DISCLAIMER ANNEXURE (ULGF /06/03-GLTFND-107) KOTAK GROUP FLOATING RATE FUND 49 (ULGF /12/04-FLTRFND-107) KOTAK GROUP MONEY MARKET FUND 50 (ULGF /06/03-MNMKFND-107) KOTAK GROUP PRUDENT FUND (ULGF /12/04-FLTRFND-107) 49 DISCLAIMER 60 MONTHLY UPDATE SEPTEMBER 2018 (based on last business day) 01

3 MARKET OUTLOOK Month Gone By Markets Market Indicators (period ended August 31,2018) Indices Performance 1 month 1 yr 5yr (CAGR) Indices Performance Aug-18 Jul-18 1 month Change Equity Bond Market Sensex 2.8% 21.8% 15.7% 10 yr Gsec 8.0% 7.8% 0.2% Nifty 2.9% 17.8% 16.4% Nifty Midcap % 13.5% 24.7% Currency Nifty SmallCap % -9.0% 23.6% USD/INR % Bond Market Crisil Composite Bond Index Commodities 0.0% 0.9% 9.1% Commodities Brent Crude(USD/bbl) Net Flows (USD Bn) % Aug-18 Jul-18 CY18 FII (Equity) Gold(USD/oz) -2.3% -3.6% -1.6% FII () DII (Equity) Indian equities (nifty 50) was up 2.9% during the month post 6% upmove in July buoyed by a strong Q1FY19 reporting season. During the month, Nifty touched all time high surpassing previous peak registered in Jul 18. On the macro front, Q1 GDP growth was robust at 8.2%. Monsoons saw some deficiency in the month even as Kerala was ravaged by floods. Mid-caps outperformed, while Small caps performed inline with large cap indices during the month. 10 year benchmark yield were up by 18 bps in August to 8.0%. Bond yields broadly tracked the oil price movement (up 4.3%) during the month. Oil traded in a wide range (USD 71-79/bbl) in this period. Oil rallied in the second half of the month as expectations of tighter crude market resulting from American sanctions on Iranian crude outweighed the risk to demand from the ongoing U.S.-China trade dispute. Higher crude prices can potentially put pressure on India s macro-economic variables in terms of inflation and current account deficit. INR depreciated 3.6% in August breaching the all time lows at 71/USD. Flows CY06 CY07 CY08 CY09 CY10 CY11 CY12 CY13 CY14 CY15 CY16 CY17 Net FII Flows (USD b) Net DII Flows (USD b) Net FII (USD b) YTD CY18 MONTHLY UPDATE SEPTEMBER 2018 (based on last business day) 02

4 MARKET OUTLOOK Foreign Institutional Investors (FIIs) turned net buyers of Indian equities in August at USD 0.1bn. YTD FIIs net equity outflows is now at USD 0.3 bn. DIIs remained net equity buyers for the 17th consecutive month at USD 0.4bn. YTD DII inflows are at USD10.5bn. Mutual funds recorded the 25th consecutive month of net buying. However, net equity inflows moderated in August at USD0.5bn vs. YTD monthly average of USD1.4bn. YTD mutual fund inflows are at USD 11.5bn while other DIIs outflows are at USD 1.0 bn. FIIs recorded small net inflows in debt markets at USD0.4bn in August but YTD FIIs are net sellers at USD5.6bn. FII have been seller in other emerging markets as well due to increase in US interest rates and consequent strengthening of US dollar. Economy 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% -1.0% Index for Industrial Production (IIP) 8.4% 7.1% 7.5% 7.1% 7.0% 4.3% 4.4% 4.8% 3.8% 3.2% 2.2% 1.2% -0.1% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% Inflation CPI WPI 1Q GDP growth rose to 8.2% with strong manufacturing & agricultural activity, while growth in services sector fell due to weakness in trade & hotels segment. Index of Industrial Production (IIP) for the month of June rebounded to 4-month high of 7% benefiting from a low base effect of last year when manufacturing had slowed down ahead of the goods and services tax rollout. 19 out of the 23 industry groups in the manufacturing sector recorded positive growth in June. Consumer Price Index (CPI) inflation for July reached 9-month low of 4.2% undershooting market expectations. The surprise was in food inflation, which fell to 12-month low of 1.7%YoY from 3.1% last month. Core CPI inflation was mildly lower at 6.3% versus 6.4% last month, while fuel inflation climbed to 7.2%, the highest level in almost five years. Wholesale Price Index (WPI) eased to 5.1% in July on account of lower food prices. Trade deficit in July deteriorated further to USD 18bn (highest since May 13), despite gold imports standing at USD 3bn in July (vs USD 7.7bn in May 13 when crude prices were also over USD100/bbl). Import growth was at 29% led by crude & minerals, while exports grew at 14%. MONTHLY UPDATE SEPTEMBER 2018 (based on last business day) 03

5 MARKET OUTLOOK Equity Market Outlook Deal activity was muted in August with 6 deals totaling ~USD580mn. Among the key ones were the block deals of Hexaware Technologies (USD160mn) and Mahanagar Gas (USD169mn) and IPO of CreditAccess Grameen (USD163mn). Events impacting markets Monsoon- IMD data reported that more than 40% districts in South India witnessed deficient rainfall, with TN being the worst hit state despite excessive precipitation in Kerala. At country-level, 27% rainfall deficiency was seen in East and N East, -3% & -1% in N West and Central India respectively. Politics- Parliament monsoon concluded on 10 Aug with 20 bills being passed, including 6 financial bills. Crucial bills passed by both the Houses included amendments to the Criminal Law Bill introducing death penalty for rape of minors and CGCT & IGST Bill and inclusion of real estate allotees as financial creditors in resolution under IBC Kerala floods- Kerala witnessed the worst floods in a century on account of days of excessive precipitation causing massive loss of property and life. Large-scale flood relief measures were put into action with aid flowing in from government, national and international agencies. Commerce and tourism in the state have been badly hit GST relook- Few amendments to the existing GST Acts were passed in the Lok Sabha in the recent monsoon session. One of the amendments related to the compensation cess aims to empower the GST Council to allocate the unutilized compensation cess (and IGST) equally between the center and the states in every financial year. It should be noted that earlier the unutilized compensation cess could have been distributed only after the transition period of five years. In FY2018, the center collected cess of around Rs 626 bn and allocated Rs 411 bn to the states. In FYTD19 the center has allocated Rs188 bn out of the total collection of Rs393 bn. At the current rate, the center (and the states too) could have a benefit of Rs bn in FY2019 if the amendment is enacted and the GST Council decides to distribute the unallocated cess. Equities can react in the coming months based on following events The Ongoing Trade War tussle between the United States and China can have repurcussions for the Global trade and markets. Both the sides seem to be unrelenting in their stance as of now, However since the US has a massive Trade deficit with China, it has found more absolute value of goods on which they have applied tariffs. If the issue escalates more, Global GDP growth will also be impacted negatively Geopolitical tensions and lingering risks of large supply disruptions led by US sanctions on Iran adds upward risk bias to oil. However, the US also wants lower Oil prices and it remains to be seen if countries like Saudi Arabia can pump more oil to keep oil prices in checkoil prices in check Corporate earnings growth trajectory would be key factor to determine the path of domestic markets. Markets are now looking forward to the Q2 reportcard from the companies. Given the deteriorating macro, earnings delivery will go a long way in sustaining multiples MONTHLY UPDATE SEPTEMBER 2018 (based on last business day) 04

6 MARKET OUTLOOK For earnings recovery, a recovery in overall capital formation cycle would be a key factor apart from growth in consumption. While the key driver for capex in the economy would continue to be public spend, the private capex cycle should also benefit from three years of low average lending rates, better corporate profitability, easier availability of credit from the banking system, higher equity raising from a buoyant market, more FDI into manufacturing and infrastructure and a renewed focus on housing. Public capex growth is likely to remain healthy with a focus on roads, rural development and affordable housing. Apart from the factors mentioned above, the pace of resolution of NPLs (Non Performing Loans) and the repair of the balance sheets of corporate private sector banks and state owned banks would play a role in the revival of private sector investments in India. In this regard, the plan to infuse Rs 2.11trn of capital into Public sector banks through a mix of recapitalization bonds, capital infusion as planned in the budget and fresh raise from the market, stands in good stead. Over time as the resolution of big ticket NPLs gather pace, the cycle of low capital and low growth could be broken, resulting in a pick-up in credit growth. A busy election calendar, prospects of a higher fiscal deficit and the likelihood of a meaningful rise in equity supply are some of the known headwinds even as household balance sheets rebalancing toward equities is unabated. Key sources of volatility and downside for EM equities are likely to be the US Fed raising rates accompanied by a more hawkish forecast for the policy rate trajectory over CY18 and CY19 and the Trump Administrations protectionist measures and concerns of a trade war. Nifty P/B Peak Min Average Aug-03 Aug-04 Aug-05 Aug-06 Aug-07 Aug-08 Aug-09 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Aug-15 Aug-16 Aug-17 Aug-18 Source: NSE MONTHLY UPDATE SEPTEMBER 2018 (based on last business day) 05

7 MARKET OUTLOOK Market Outlook R markets were in cautious mode as INR breached 71/USD level and crude prices were higher. Higher trade deficit also added to the bearishness as this would aggravate balance of payment issue and also tend to widen current account deficit. However lower CPI gave some respite to the bearish tone set during the month. Heavy second half borrowing calendar for FY19 will be announced in the last week of September. This coupled with heavy supply of state government bonds would tend to further put upward pressure on G-sec yield going forward. It is expected that RBI might turn hawkish in the upcoming policy and might increase repo rate by 25 bps in the next policy for INR stability. The 10yr benchmark G-sec could trade in a range of 7.75% % in the near term. 10.0% 9.0% 8.0% 7.0% 8.7% 7.9% 7.9% 6.0% 5.0% 5.3% 4.0% Aug-08 Aug-09 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Aug-15 Aug-16 Aug-17 Aug Year India G-Sec Yield Source: Bloomberg MONTHLY UPDATE SEPTEMBER 2018 (based on last business day) 06

8 FUND PERFORMANCE OF ULIP FUNDS Funds available with insurance plans launched on & post Sept. 1, Returns As On 31st August 2018 Classic Opportunities Fund (AUM: ` 3,73, Frontline Equity Fund (AUM: ` 69, Dynamic Floor Fund II (AUM: ` 61, Balanced Fund (AUM: ` 12, Guarantee Fund (AUM: ` 3, Kotak Dynamic Bond Fund (AUM: ` 96, Kotak Dynamic Gilt Fund (AUM: ` 4, Kotak Dynamic Floating Rate Fund (AUM: ` 1, Money Market Fund (AUM: ` 33, Discontinued Policy Fund (AUM: ` 21, month months months year years years years years years years years n.a n.a n.a n.a n.a n.a n.a Inception Funds available with insurance plans launched Prior to Sept. 1, Returns As On 31st August 2018 Kotak Opportunities Fund (AUM: ` 1,00, Kotak Aggressive Growth Fund (AUM: ` 30, Kotak Dynamic Growth Fund (AUM: ` 6, Dynamic Floor Fund (AUM: ` 1,01, Kotak Dynamic Balanced Fund (AUM: ` 2, month months months year years years years years years years years n.a Inception Returns As On 31st August 2018 Peak Guarantee Fund I (AUM: ` 1, Kotak Guaranteed Growth Fund (AUM: ` 66, Kotak Guaranteed Balanced Fund (AUM: ` 8, Pension Classic Opportunities Fund (AUM: ` 11, Kotak Pension Opportunities Fund (AUM: ` 2, Pension Frontline Equity Fund (AUM: ` 2, Pension Guarantee Fund (AUM: ` 9, month months months year years years years years years years years n.a n.a n.a n.a n.a Inception MONTHLY UPDATE SEPTEMBER 2018 (based on last business day) 07

9 FUND PERFORMANCE OF ULIP FUNDS Funds available with insurance plans launched Prior to Sept. 1, Returns As On 31st August 2018 Kotak Pension Growth Fund (AUM: ` 1, Kotak Pension Floor Fund (AUM: ` 4, Pension Floor Fund II (AUM: ` 6, Kotak Pension Balanced Fund (AUM: ` 12, Pension Balanced Fund II (AUM: ` Kotak Pension Bond Fund (AUM: ` 5, Kotak Pension Gilt Fund (AUM: ` Kotak Pension Floating Rate Fund (AUM: ` Pension Money Market Fund II (AUM: ` month months months year years years years years years years years n.a n.a n.a 8.8 n.a n.a Inception MONTHLY UPDATE SEPTEMBER 2018 (based on last business day) 08

10 FUND PERFORMANCE OF ULIP FUNDS KOTAK GROUP PLANS Returns As On 31st August 2018 Kotak Group Dynamic Floor Fund (AUM: ` Kotak Group Balanced Fund (AUM:` 75, Kotak Group Bond Fund (AUM: ` 1,24, Kotak Group Gilt Fund (AUM: `4, Kotak Group Floating Rate Fund (AUM: `9, Kotak Group Money Market Fund (AUM: ` 7.68 Kotak Group Secure Capital (AUM: ` 28, Kotak Group Prudent Fund (AUM: ` month months months n.a 1 year n.a 2 years n.a 3 years n.a 4 years n.a 5 years n.a 6 years n.a 8.2 n.a 7 years n.a 8.6 n.a 10 years n.a n.a n.a n.a Inception KOTAK FIXED MATURITY PLANS Returns As On 31st August 2018 Kotak Group Short Term Bond Fund (AUM: ` 4, KOTAK PRIVILEDEGE ASSURANCE PLANS Returns As On 31st August 2018 Kotak Advantage Multiplier Fund II (AUM: ` month month months months months months year year years years years n.a 3 years years n.a 4 years years n.a 5 years years n.a 6 years years n.a 7 years years n.a 10 years 5.3 Inception 6.5 Inception 4.7 Returns less than or equal to a year are absolute. Returns greater than a year are compounded annualised. NO. OF FUNDS MANAGED BY FUND MANAGER Sr No. Equity Balanced 1 Rohit Agarwal 7 NA 19 2 NA Mr. Rohit Agarwal Equity Mr. Rohit Agarwal has over 10 years of experience in capital markets, looks at the Unit Linked Equity funds at Kotak Life Insurance. Before joining Kotak in 2011, Mr. Agarwal was associated with JP Morgan for about 6 years. Rohit is a Bachelor of Commerce (2001) and has done PGDBM, Symbiosis Pune (2005). Mr. CFA Mr. has overall experience of over a decade and has been associated with the Kotak Life Insurance since May His key responsibilities include management of fixed income portfolios in Unit Linked and managing alternative investments for the company. Kunal is a Bachelor of Commerce (2001), MBA (Finance), Sinhgad Institute, Pune (2004) and CFA (CFA Institute, USA) MONTHLY UPDATE SEPTEMBER 2018 (based on last business day) 09

11 PRODUCT - FUND MATRIX* Kotak Wealth Insurance Kotak Ace Investment Kotak Single Invest Advantage Kotak Headstart Child Assure Kotak Platinum Kotak Invest Maxima Classic Opportunities Fund ü ü ü ü ü ü Frontline Equity Fund ü ü ü ü ü ü Balanced Fund ü ü r ü ü ü Funds Dynamic Bond Fund ü ü ü ü ü ü Dynamic Floating Rate Fund ü ü r ü ü r Money Market Fund ü ü ü ü ü ü Dynamic Gilt Fund ü ü ü ü ü r Discontinued Policy Fund ü ü ü ü ü ü *currently active plans MONTHLY UPDATE SEPTEMBER 2018 (based on last business day) 10

12 S CLASSIC OPPORTUNITIES FUND FRONTLINE EQUITY FUND DYNAMIC FLOOR FUND II BALANCED FUND KOTAK OPPORTUNITIES FUND KOTAK AGGRESSIVE GROWTH FUND GUARANTEE FUND MONEY MARKET FUND KOTAK DYNAMIC GROWTH FUND DYNAMIC FLOOR FUND KOTAK DYNAMIC BALANCED FUND KOTAK DYNAMIC BOND FUND KOTAK DYNAMIC GILT FUND KOTAK DYNAMIC FLOATING RATE FUND PEAK GUARANTEE FUND I KOTAK GAURANTEED GROWTH FUND KOTAK GAURANTEED BALANCED FUND PENSION CLASSIC OPPORTUNITIES FUND KOTAK PENSION OPPORTUNITIES FUND PENSION FRONTLINE EQUITY FUND PENSION GUARANTEE FUND KOTAK PENSION GROWTH FUND KOTAK PENSION FLOOR FUND PENSION FLOOR FUND II KOTAK PENSION BALANCED FUND PENSION BALANCED FUND II KOTAK PENSION BOND FUND KOTAK PENSION GILT FUND KOTAK PENSION FLOATING RATE FUND PENSION MONEY MARKET FUND II KOTAK ADVANTAGE MULTIPLIER FUND II DISCONTINUED POLICY FUND MONTHLY UPDATE SEPTEMBER 2018 (based on last business day) 11

13 CLASSIC OPPORTUNITIES FUND (ULIF /12/09-CLAOPPFND-107) Aims to maximize opportunity for you through long-term capital growth, by holding a significant portion in a diversified and flexible mix of large / medium sized company equities Equity Gsec / 16 th December ,73, Equity : : AUM (in Rohit Agarwal Equity - 100% (BSE 200) & Money Market Instruments : EQUITY Infosys Ltd 5.54 Reliance Industries Ltd 5.52 HDFC Bank Ltd 4.78 Kotak Banking ETF - Dividend Payout Option 3.87 Larsen And Toubro Ltd 3.81 SBI ETF Nifty Bank 3.38 I T C Ltd 3.03 Maruti Suzuki India Ltd 2.80 IndusInd Bank Ltd 2.68 Axis Bank Ltd 2.50 Tata Consultancy Services Ltd 2.34 Mahindra & Mahindra Ltd 2.32 Britannia Industries Ltd 2.28 Aurobindo Pharma Ltd 2.28 ICICI Bank Ltd 2.05 Hindustan Unilever Ltd 2.00 GAIL (India) Ltd 1.90 Housing Development Finance Corp. Ltd 1.85 State Bank of India 1.60 Petronet L N G Ltd Corporate % HDFC Bank FD NSE % HDFC Bank FD NSE % HDFC Bank FD BSE MMI 3.71 NCA ,59,722 Ratings Profile AUM (in 13,917 NIC 2008 ** 297 Equity NCA Fixed Deposit Computer programming, consultancy and related 9.24 Mfg of motor vehicles, trailers and semi-trailers 8.11 Classic Opportunities Fund Mfg of coke and refined petroleum products month months months year years years years years years years Civil engineering Mfg of pharmaceuticals, medicinal chemical & botanical products Warehousing and support for transportation Mfg of chemicals and chemical products Mfg of electrical equipment Mfg of tobacco products years n.a n.a Inception MONTHLY UPDATE SEPTEMBER 2018 (based on last business day) 12

14 FRONTLINE EQUITY FUND (ULIF /12/09-FRLEQUFND-107) Aims for a high level of capital growth for you, by holding a significant portion in large sized company equities Equity Gsec / 17 th December , Equity : : AUM (in Rohit Agarwal Equity - 100% (BSE 100) & Money Market Instruments : EQUITY Reliance Industries Ltd 6.68 Infosys Ltd 6.43 I T C Ltd 4.87 HDFC Bank Ltd 4.64 IndusInd Bank Ltd 3.93 Kotak Banking ETF - Dividend Payout Option 3.89 Maruti Suzuki India Ltd 3.41 Reliance ETF Bank Bees 3.31 Larsen And Toubro Ltd 3.28 Hindustan Unilever Ltd 2.83 Mahindra & Mahindra Ltd 2.70 ICICI Bank Ltd 2.60 Britannia Industries Ltd 2.21 Tech Mahindra Ltd 2.19 Axis Bank Ltd 2.17 Sun Pharmaceuticals Ltd 2.09 Havells India Ltd 1.99 Bata India Ltd 1.86 State Bank of India 1.83 Zee Entertainment Enterprises Ltd Corporate % HDFC Bank FD NSE % HDFC Bank FD NSE % HDFC Bank FD BSE MMI 4.25 NCA Ratings Profile , AUM (in 2,938-1,010 Equity NCA NIC 2008 ** Fixed Deposit Computer programming, consultancy and related Mfg of motor vehicles, trailers and semi-trailers 7.94 Frontline Equity Fund Mfg of coke and refined petroleum products month months Mfg of chemicals and chemical products months year years Mfg of tobacco products Mfg of electrical equipment years years Civil engineering years years years years n.a n.a Inception Mfg of food products Mfg of pharmaceuticals, medicinal chemical & botanical products MONTHLY UPDATE SEPTEMBER 2018 (based on last business day) 13

15 DYNAMIC FLOOR FUND II (ULIF /12/09-DYFLRFND2-107) Aims to provide you with stable long-term inflation beating growth over medium to long-term and defend your capital against short-term capital shocks. Equity Gsec / 17 th December , Equity : : AUM (in Rohit Agarwal Equity % (Nifty); % (CRISIL Bond) & Money Market Instruments : Dynamic Floor Fund II 1 month months months year years years years years years EQUITY Infosys Ltd 2.76 Reliance Industries Ltd 2.57 HDFC Bank Ltd 1.98 I T C Ltd 1.85 Kotak Banking ETF - Dividend Payout Option 1.80 IndusInd Bank Ltd 1.70 Reliance ETF Bank Bees 1.63 Maruti Suzuki India Ltd 1.42 Larsen And Toubro Ltd 1.34 Hindustan Unilever Ltd 1.14 Mahindra & Mahindra Ltd 1.10 ICICI Bank Ltd 1.09 Sun Pharmaceuticals Ltd 0.96 Britannia Industries Ltd 0.93 Shree Cement Ltd 0.90 Tech Mahindra Ltd 0.88 Havells India Ltd 0.85 Bata India Ltd 0.78 Zee Entertainment Enterprises Ltd 0.75 Mahindra & Mahindra Financial Services Ltd G-Sec % GOI % GOI % GOI % GOI % NABARD % GOI % GOI % GOI % INFLATION INDEX GS % GOI Corporate % REC % EXIM % EXIM % HDFC % EXIM % HDFC Set Down % % IRFC % PGC % PGC % HDFC Bank CALL MMI NCA ,624 Ratings Profile Govt & Govt 0.07 Guaranteed Bonds AAA AUM (in 37,567 NIC 2008 ** -322 Equity NCA Computer programming, consultancy and related Electricity, gas, steam and air conditioning supply Mfg of coke and refined petroleum products Mfg of motor vehicles, trailers and semi-trailers Mfg of chemicals and chemical products Mfg of tobacco products State Development Loan AA+ Fixed Deposit AA years years n.a n.a Inception Mfg of electrical equipment MONTHLY UPDATE SEPTEMBER 2018 (based on last business day) 14

16 BALANCED FUND (ULIF /12/09-BALKFND-107) Aims for moderate growth for you by holding a diversified mix of equities and fixed interest instruments. Equity Gsec / 21 th December , Equity : : AUM (in Rohit Agarwal Equity - 60% (BSE 100); - 40% (CRISIL Bond) & Money Market Instruments : Balanced Fund 1 month months months year years years years years years EQUITY Reliance Industries Ltd 3.92 Infosys Ltd 3.82 HDFC Bank Ltd 2.96 I T C Ltd 2.91 Kotak Banking ETF - Dividend Payout Option 2.35 IndusInd Bank Ltd 2.24 Larsen And Toubro Ltd 1.91 Maruti Suzuki India Ltd 1.85 Mahindra & Mahindra Ltd 1.60 ICICI Bank Ltd 1.59 Hindustan Unilever Ltd 1.53 Britannia Industries Ltd 1.31 Tech Mahindra Ltd 1.29 Sun Pharmaceuticals Ltd 1.21 Havells India Ltd 1.19 Reliance ETF Bank Bees 1.12 Bata India Ltd 1.11 Mahindra & Mahindra Financial Services Ltd 1.01 Zee Entertainment Enterprises Ltd 1.00 Asian Paints Ltd G-Sec % GOI % GOI % GOI % GOI FCI Bonds % NABARD % GOI % GOI % GOI % GOI % GOI Corporate % HDFC Set Down % % REC % HDFC % EXIM % EXIM % IRFC % PGC % REC % IOT Utkal Energy Services Limited % EXIM MMI 9.53 NCA ,831 Ratings Profile AUM (in 5,515 NIC 2008 ** -40 Equity NCA Computer programming, consultancy and related Mfg of coke and refined petroleum products Mfg of motor vehicles, trailers and semi-trailers Mfg of chemicals and chemical products Mfg of tobacco products Mfg of food products Civil engineering Govt & Govt Guaranteed Bonds AAA AA+ Fixed Deposit years years n.a n.a Mfg of electrical equipment 1.83 Inception MONTHLY UPDATE SEPTEMBER 2018 (based on last business day) 15

17 KOTAK OPPORTUNITIES FUND (ULIF /10/08-OPPFND-107) Aims to maximize opportunity for long term capital growth, by holding a significant portion in a diversified and flexible mix of large/medium sized company equities. Equity Gsec / 02 nd October ,00, Equity : : AUM (in Rohit Agarwal Equity - 100% (BSE 200) & Money Market Instruments : EQUITY Infosys Ltd 5.63 Reliance Industries Ltd 5.62 HDFC Bank Ltd 4.83 Kotak Banking ETF - Dividend Payout Option 3.99 Larsen And Toubro Ltd 3.96 SBI ETF Nifty Bank 3.47 I T C Ltd 3.07 Maruti Suzuki India Ltd 2.89 IndusInd Bank Ltd 2.80 Tata Consultancy Services Ltd 2.67 Axis Bank Ltd 2.52 Mahindra & Mahindra Ltd 2.35 Britannia Industries Ltd 2.32 Aurobindo Pharma Ltd 2.29 ICICI Bank Ltd 2.08 Hindustan Unilever Ltd 2.03 GAIL (India) Ltd 1.96 Housing Development Finance Corp. Ltd 1.90 State Bank of India 1.64 Petronet L N G Ltd Corporate % HDFC Bank FD NSE % HDFC Bank FD NSE % HDFC Bank FD BSE MMI 0.59 NCA ,789 Ratings Profile AUM (in Equity NCA NIC 2008 ** Fixed Deposit Computer programming, consultancy and related 9.66 Mfg of motor vehicles, trailers and semi-trailers 8.23 Opportunities Fund Mfg of coke and refined petroleum products month months Civil engineering months year years years years years years Mfg of pharmaceuticals, medicinal chemical & botanical products Warehousing and support for transportation Mfg of chemicals and chemical products Mfg of electrical equipment years years n.a n.a Mfg of tobacco products 3.07 Inception MONTHLY UPDATE SEPTEMBER 2018 (based on last business day) 16

18 KOTAK AGGRESSIVE GROWTH FUND (ULIF /09/04-AGRGWTFND-107) Aims for a high level of capital growth by holding a significant portion in large sized company equities. Equity Gsec / 13 th September , Equity : : AUM (in Rohit Agarwal Equity - 100% (BSE 100) & Money Market Instruments : EQUITY Infosys Ltd 6.78 Reliance Industries Ltd 5.23 HDFC Bank Ltd 5.00 I T C Ltd 4.51 Kotak Banking ETF - Dividend Payout Option 4.20 Maruti Suzuki India Ltd 4.14 IndusInd Bank Ltd 4.05 Reliance ETF Bank Bees 3.70 Larsen And Toubro Ltd 3.58 ICICI Bank Ltd 2.92 Hindustan Unilever Ltd 2.89 Mahindra & Mahindra Ltd 2.71 Britannia Industries Ltd 2.59 Sun Pharmaceuticals Ltd 2.36 Zee Entertainment Enterprises Ltd 2.23 Havells India Ltd 2.22 Tech Mahindra Ltd 2.18 Shree Cement Ltd 2.08 Asian Paints Ltd 1.89 State Bank of India Corporate % HDFC Bank FD NSE % HDFC Bank FD NSE % HDFC Bank FD BSE MMI 2.10 NCA ,285 Ratings Profile AUM (in Equity NCA NIC 2008 ** Fixed Deposit Computer programming, consultancy and related Mfg of motor vehicles, trailers and semi-trailers 8.06 Aggressive Growth Fund Mfg of coke and refined petroleum products month months Mfg of chemicals and chemical products months year years Mfg of tobacco products Mfg of food products years years years years years years Civil engineering Mfg of pharmaceuticals, medicinal chemical & botanical products Mfg of other non-metallic mineral products Inception MONTHLY UPDATE SEPTEMBER 2018 (based on last business day) 17

19 GUARANTEE FUND (ULIF /02/10-GRTFND-107) Aims to provide stable, long-term inflation beating growth over medium to long-term and defend capital against short-term capital shocks Equity Gsec / 05 th February , Equity : : AUM (in Rohit Agarwal Equity % (Nifty); % (CRISIL Bond) & Money Market Instruments : Guarantee Fund 1 month months months year years years years years years EQUITY Reliance Industries Ltd 4.40 HDFC Bank Ltd 3.36 I T C Ltd 3.15 Infosys Ltd 3.03 Housing Development Finance Corp. Ltd 2.47 Tata Consultancy Services Ltd 2.47 Larsen And Toubro Ltd 2.20 Hindustan Unilever Ltd 1.79 ICICI Bank Ltd 1.74 Maruti Suzuki India Ltd 1.69 Sun Pharmaceuticals Ltd 1.26 Mahindra & Mahindra Ltd 1.26 Oil & Natural Gas Corporation Ltd 0.92 State Bank of India 0.92 UltraTech Cement Ltd 0.89 Axis Bank Ltd 0.88 Asian Paints Ltd 0.87 Hero Honda Motors Ltd 0.84 National Thermal Power Corporation Ltd 0.79 IndusInd Bank Ltd G-Sec % GOI % GOI % GOI % NABARD % GOI % GOI % INFLATION INDEX GS % GOI % GOI % GOI FCI Bonds Corporate % PGC % REC % EXIM % HDFC Bank CALL % EXIM % IRFC % PGC % PGC % PGC % Tata Sons MMI NCA Ratings Profile Guaranteed Bonds Govt & Govt AAA AUM (in 1,653 1,654 NIC 2008 ** -20 Equity NCA Computer programming, consultancy and related Mfg of coke and refined petroleum products Electricity, gas, steam and air conditioning supply Mfg of chemicals and chemical products Mfg of motor vehicles, trailers and semi-trailers Mfg of tobacco products Mfg of pharmaceuticals, medicinal chemical & botanical products AA+ Fixed Deposit years years n.a n.a Inception Mfg of other transport equipment MONTHLY UPDATE SEPTEMBER 2018 (based on last business day) 18

20 MONEY MARKET FUND (ULIF /01/10-MNMKKFND-107) Aims to protect your capital and not have downside risks 05 th January 2010 AUM (in 33, MMI NCA Ratings Profile A1+ Govt & Govt Guaranteed Bonds : 33,753 AUM (in Equity - 0% (NA); - 100% (CRISIL Liquid) & Money Market Instruments : NCA NIC 2008 ** Money Market Fund 1 month months months year years years years years years years Financial and insurance years n.a n.a Inception Mfg of coke and refined petroleum products 8.14 MONTHLY UPDATE SEPTEMBER 2018 (based on last business day) 19

21 KOTAK DYNAMIC GROWTH FUND (ULIF /06/03-DYGWTFND-107) Aims for a high level of capital growth by holding a significant portion in large sized company equities. 27 th June , Equity : : Equity Gsec / AUM (in Rohit Agarwal Equity - 80% (BSE 100); - 20% (CRISIL Bond) & Money Market Instruments : Kotak Dynamic Growth Fund 1 month months months year years years years EQUITY Infosys Ltd 5.17 Reliance Industries Ltd 5.08 HDFC Bank Ltd 4.02 I T C Ltd 3.57 Kotak Banking ETF - Dividend Payout Option 3.51 IndusInd Bank Ltd 3.22 Reliance ETF Bank Bees 3.06 Maruti Suzuki India Ltd 2.82 Larsen And Toubro Ltd 2.63 Hindustan Unilever Ltd 2.25 ICICI Bank Ltd 2.09 Mahindra & Mahindra Ltd 2.08 Sun Pharmaceuticals Ltd 1.84 Britannia Industries Ltd 1.83 Bata India Ltd 1.76 Tech Mahindra Ltd 1.73 Havells India Ltd 1.69 Zee Entertainment Enterprises Ltd 1.42 Mahindra & Mahindra Financial Services Ltd 1.35 State Bank of India G-Sec % GOI % GOI % GOI % GOI % GOI % GOI % GOI % GOI % TN SDL % GOI FCI Bonds Corporate % IDFC Bank % HDFC Bank CALL % REC % PFC % REC % REC % REC % HDFC Bank FD NSE % HDFC Bank FD NSE % HDFC Bank FD BSE MMI 0.89 NCA 0.21 Ratings Profile ,921 AUM (in 1,398 NIC 2008 ** 13 Equity NCA Computer programming, consultancy and related Mfg of coke and refined petroleum products Mfg of motor vehicles, trailers and semi-trailers Mfg of chemicals and chemical products Mfg of tobacco products Mfg of electrical equipment Govt & Govt Guaranteed Bonds AAA AA+ Fixed Deposit years Civil engineering years years Mfg of pharmaceuticals, medicinal chemical & botanical products years Inception MONTHLY UPDATE SEPTEMBER 2018 (based on last business day) 20

22 DYNAMIC FLOOR FUND (ULIF /11/06-DYFLRFND-107) Aims to provide you with stable long-term inflation beating growth over medium to long-term and defend your capital against short-term capital shocks. Equity Gsec / 14 th November ,01, Equity : : AUM (in Rohit Agarwal Equity % (Nifty); % (CRISIL Bond) & Money Market Instruments : Dynamic Floor Fund 1 month months months year years years years years years EQUITY Infosys Ltd 2.71 Reliance Industries Ltd 2.57 HDFC Bank Ltd 1.99 I T C Ltd 1.82 Kotak Banking ETF - Dividend Payout Option 1.72 Reliance ETF Bank Bees 1.63 IndusInd Bank Ltd 1.48 Maruti Suzuki India Ltd 1.42 Larsen And Toubro Ltd 1.35 Mahindra & Mahindra Ltd 1.08 Hindustan Unilever Ltd 1.06 ICICI Bank Ltd 1.01 Sun Pharmaceuticals Ltd 0.98 Britannia Industries Ltd 0.94 Tech Mahindra Ltd 0.88 Bata India Ltd 0.87 Havells India Ltd 0.84 Shree Cement Ltd 0.84 Zee Entertainment Enterprises Ltd 0.74 Mahindra & Mahindra Financial Services Ltd G-Sec % GOI % GOI % GOI % GOI % NABARD % GOI % GOI % GOI % INFLATION INDEX GS % GOI Corporate % REC % EXIM % EXIM % HDFC % HDFC Set Down % % EXIM % IRFC % PGC % PGC Shriram Transport Finance Co Ltd Floater MMI 9.14 NCA ,228 Ratings Profile AUM (in 62,029 NIC 2008 ** -567 Equity NCA Computer programming, consultancy and related Electricity, gas, steam and air conditioning supply Mfg of coke and refined petroleum products Mfg of motor vehicles, trailers and semi-trailers Mfg of chemicals and chemical products State Development Loan Mfg of tobacco products Govt & Govt Guaranteed Bonds AAA AA+ AA- Fixed Deposit years years Inception Mfg of electrical equipment MONTHLY UPDATE SEPTEMBER 2018 (based on last business day) 21

23 KOTAK DYNAMIC BALANCED FUND (ULIF /06/03-DYBALFND-107) Aims for moderate growth by holding a diversified mix of equities and fixed interest instruments. 27 th June , Equity : : Equity Gsec / AUM (in Rohit Agarwal Equity - 60% (BSE 100); - 40% (CRISIL Bond) & Money Market Instruments : Dynamic Balanced Fund 1 month months months year years years years years years EQUITY Infosys Ltd 3.84 Reliance Industries Ltd 3.79 HDFC Bank Ltd 3.00 I T C Ltd 2.65 Kotak Banking ETF - Dividend Payout Option 2.65 IndusInd Bank Ltd 2.37 Reliance ETF Bank Bees 2.31 Maruti Suzuki India Ltd 2.02 Larsen And Toubro Ltd 1.96 Hindustan Unilever Ltd 1.67 Mahindra & Mahindra Ltd 1.54 ICICI Bank Ltd 1.54 Britannia Industries Ltd 1.37 Sun Pharmaceuticals Ltd 1.35 Tech Mahindra Ltd 1.30 Havells India Ltd 1.23 State Bank of India 1.10 Bata India Ltd 1.06 Shree Cement Ltd 1.05 Zee Entertainment Enterprises Ltd G-Sec % GOI % GOI % GOI % GOI % NABARD % GOI FCI Bonds % GOI % GOI % GOI % INFLATION INDEX GS Corporate % REC % REC % EXIM % PGC % PGC % REC % Tata Sons % LIC Housing Finance P % HDFC Bank CALL % IDFC Bank MMI 9.38 NCA ,317 Ratings Profile 2.05 Govt & Govt 0.41 Guaranteed Bonds AAA AUM (in 968 NIC 2008 ** -4 Equity NCA Computer programming, consultancy and related Mfg of coke and refined petroleum products Mfg of motor vehicles, trailers and semi-trailers Mfg of chemicals and chemical products Mfg of tobacco products Mfg of electrical equipment Civil engineering AA+ Fixed Deposit years years Electricity, gas, steam and air conditioning supply 1.91 Inception MONTHLY UPDATE SEPTEMBER 2018 (based on last business day) 22

24 DYNAMIC BOND FUND (ULIF /04/04-DYBNDFND-107) Aims to preserve capital and minimize downside risk, with investment in debt and government instruments. 15 th April , : Gsec AUM (in - 100% (CRISIL Bond) & Money Market Instruments : G-Sec % GOI % GOI % GOI % GOI % NABARD % GOI % GOI % GOI % INFLATION INDEX GS % GOI Corporate % REC % EXIM % EXIM % HDFC % EXIM % HDFC Set Down % % IRFC % PGC % PGC % LIC Housing Finance P MMI NCA Ratings Profile 96, AUM (in NIC 2008 ** Govt & Govt Guaranteed Bonds AAA AA+ AA NCA Dynamic Bond Fund 1 month months months year years years years years years years years Inception Electricity, gas, steam and air conditioning supply Wholesale trade, except of motor vehicles and motorcycles State Development Loan Mfg of basic metals MONTHLY UPDATE SEPTEMBER 2018 (based on last business day) 23

25 KOTAK DYNAMIC GILT FUND (ULIF /06/03-DYGLTFND-107) Aims to preserve your capital and minimize your downside risk, with investment in debt and government instruments. 27th June 2003 AUM (in 4, : - 100% (IBEX) G-Sec % GOI % GOI % GOI % GOI % PN SDL % MP SDL % RJ SDL % GOI % GOI % MP SDL MMI 7.14 NCA 2.66 Ratings Profile , AUM (in Govt & Govt Guaranteed Bonds & Money Market Instruments : NCA NIC 2008 ** Gsec Dynamic Gilt Fund 1 month months months year years State Development Loan years years years years years years Inception Financial and insurance NCA MONTHLY UPDATE SEPTEMBER 2018 (based on last business day) 24

26 KOTAK DYNAMIC FLOATING RATE FUND (ULIF /12/04-DYFLTRFND-107) Aims to preserve capital and minimize downside risk, with investment in debt and government instruments. 07 th December , : AUM (in - 100% (CRISIL Liquid) & Money Market Instruments : 2.61 G-Sec % MAH SDL % RJ SDL % HR SDL % MAH SDL % TN SDL % PN SDL % GJ SDL % TN SDL % TN SDL % GOI Corporate FRB G Shriram Transport Finance Co Ltd Floater L&T Finance Ltd NSE Mibor +2% MMI NCA Ratings Profile , Govt & Govt Guaranteed Bonds AA AAA A1+ AUM (in 28 NCA Gsec NIC 2008 ** State Development Loan Dynamic Floating Rate Fund 1 month months months year years years years years years years years Inception NCA 1.74 MONTHLY UPDATE SEPTEMBER 2018 (based on last business day) 25

27 PEAK GUARANTEE FUND I (ULIF /02/10-PKGRTFND1-107) Aims for a high level of capital growth by holding a significant portion in large sized company equities. Equity Gsec / 14th February , Equity : : AUM (in Rohit Agarwal Equity % (Nifty); % (CRISIL Bond) & Money Market Instruments : Peak Guarantee Fund I 1 month months months year years years years years years EQUITY Reliance Industries Ltd 1.30 HDFC Bank Ltd 0.98 I T C Ltd 0.93 Infosys Ltd 0.90 Tata Consultancy Services Ltd 0.73 Housing Development Finance Corp. Ltd 0.72 Larsen And Toubro Ltd 0.67 Hindustan Unilever Ltd 0.53 ICICI Bank Ltd 0.51 Maruti Suzuki India Ltd 0.50 Sun Pharmaceuticals Ltd 0.37 Mahindra & Mahindra Ltd 0.37 Oil & Natural Gas Corporation Ltd 0.28 State Bank of India 0.27 UltraTech Cement Ltd 0.26 Axis Bank Ltd 0.26 Asian Paints Ltd 0.26 Hero Honda Motors Ltd 0.25 National Thermal Power Corporation Ltd 0.23 IndusInd Bank Ltd G-Sec % MAH SDL % MH SDL % TN SDL % INFLATION INDEX GS % GOI % GOI % PN SDL % KA SDL % PN SDL % MP SDL Corporate % LIC Housing Finance P % REC % REC % REC % PFC % PGC % Tata Sons % HDFC Bank CALL % PFC % REC MMI NCA Ratings Profile Govt & Govt Guaranteed Bonds AAA AUM (in 1,312 NIC 2008 ** 22 Equity NCA State Development Loan Computer programming, consultancy and related Mfg of coke and refined petroleum products NCA Electricity, gas, steam and air conditioning supply Mfg of chemicals and chemical products Mfg of motor vehicles, trailers and semi-trailers AA+ Fixed Deposit years years n.a n.a Inception Mfg of tobacco products MONTHLY UPDATE SEPTEMBER 2018 (based on last business day) 26

28 KOTAK GUARANTEED GROWTH FUND (ULIF /06/03-GRTGWTFND-107) Aims for a high level of capital growth by holding a significant portion in large sized company equities. 27 th June , Equity : : Equity Gsec / AUM (in Rohit Agarwal Equity - 40% (BSE 100); - 60% (CRISIL Bond) & Money Market Instruments : Guaranteed Growth Fund 1 month months months year years years years years years EQUITY Infosys Ltd 4.01 Reliance Industries Ltd 3.46 HDFC Bank Ltd 2.95 I T C Ltd 2.61 Kotak Banking ETF - Dividend Payout Option 2.36 IndusInd Bank Ltd 2.27 Reliance ETF Bank Bees 2.13 Maruti Suzuki India Ltd 2.01 Larsen And Toubro Ltd 1.96 Shree Cement Ltd 1.69 Mahindra & Mahindra Ltd 1.66 Hindustan Unilever Ltd 1.54 ICICI Bank Ltd 1.43 Sun Pharmaceuticals Ltd 1.39 Britannia Industries Ltd 1.37 Tech Mahindra Ltd 1.27 Havells India Ltd 1.23 Bata India Ltd 1.13 Zee Entertainment Enterprises Ltd 1.12 State Bank of India G-Sec % GOI % GOI % GOI % GOI % INFLATION INDEX GS % NABARD % GOI % GOI % GOI % GOI Corporate % REC % EXIM % EXIM % HDFC % HDFC Set Down % % IRFC % PGC % EXIM % REC % PGC MMI 6.05 NCA Ratings Profile 0.34 Govt & Govt Guaranteed Bonds 0.98 AAA 38, AUM (in 28,344 NIC 2008 ** -33 Equity NCA Computer programming, consultancy and related Mfg of motor vehicles, trailers and semi-trailers Mfg of coke and refined petroleum products Mfg of chemicals and chemical products Mfg of tobacco products Electricity, gas, steam and air conditioning supply Mfg of other non-metallic mineral products AA+ Fixed Deposit A1+ AA years years Mfg of electrical equipment 2.04 Inception MONTHLY UPDATE SEPTEMBER 2018 (based on last business day) 27