April 2018 FUND UPDATE YOUR INVESTMENT PERFORMANCE

Transcription

1 April 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 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 PEAK GUARANTEE FUND I (ULIF /02/10-PKGRTFND1-107) 26 GROUP FUNDS Click on the Fund Name for details KOTAK GROUP DYNAMIC FLOOR FUND (ULGF /01/10-DYFLRFND-107) 45 KOTAK GROUP BALANCED FUND (ULGF /06/03-BALFND-107) 46 KOTAK GROUP SECURE CAPITAL FUND (ULGF /04/11-SECCAPFND-107) 51 KOTAK GROUP SHORT TERM BOND FUND (ULGF /12/13-SHTRMBND-107) 52 KOTAK GROUP BOND FUND (ULGF /04/04-BNDFND-107) 47 ANNEXURE 53 KOTAK GROUP GILT FUND (ULGF /06/03-GLTFND-107) 48 DISCLAIMER 59 KOTAK GROUP FLOATING RATE FUND (ULGF /12/04-FLTRFND-107) 49 KOTAK GROUP MONEY MARKET FUND (ULGF /06/03-MNMKFND-107) 50 01

3 MARKET OUTLOOK MARKET OUTLOOK Month Gone By Markets Indices Performance Mar-18 Feb-18 1 month Change Indices Performance Mar-18 Feb-18 1 month Change Sensex 32,968 34, % Nifty 10,113 10, % Nifty Midcap 50 Nifty SmallCap 50 4,975 5, % 3,994 4, % Commodities Gold(USD/oz) 1,325 1, % Brent Crude(USD/bbl) % Bond Market 10 yr Gsec 7.4% 7.7% -0.33% Currency USD/INR % Net Flows (USD Bn) FII () FII () DII () Mar-18 Feb-18 CY Indian equities (-3.6%) saw deepening of the YTD correction in March as concerns over a global trade war escalated during the month and locally political sentiment were choppy on account of the TDP, a long standing ally of the BJP, pulling out of the NDA Government and results to by elections in different parts of the country. Investors preferred large cap stocks in these uncertain times with Nifty outperforming Nifty mid-cap and small-cap Indices by 0.6% and 5.8%, respectively. 10 year benchmark yield eased by a meaningful 33bps towards the end of March to 7.4%. This was on the back of the Government s decision to reduce the annual borrowing program for FY19E by Rs500bn. Despite this rally, bond yields have risen by 100bps since July lows. Crude oil prices rallied to close near USD70, up by 6.8% in March, erasing the decline in February. This was on the back of news of OPEC inventory targeting and extension of production cuts. Crude prices have increased by a sharp 52% since lows in last June. Higher crude prices if sustained can potentially put pressure on India s macroeconomic variables in terms of higher inflation and current account deficit. 02

4 MARKET OUTLOOK 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 Foreign Institutional Investors (FIIs) turned buyers of Indian equities in March at USD 1.9bn and reversed all the outflows witnessed in February. YTD FIIs net equity inflows is now at USD 2.0bn. DIIs remain net equity buyers for the 12th consecutive month at USD 1bn. YTD DII inflows are at USD3.9bn. Mutual funds continued the strong momentum of inflows at USD1.2bn, the 20th consecutive month of net buying. YTD mutual fund inflows are at USD 5.1bn, the largest Jan-Mar inflow since data available from Other Domestic Institutional Investors turned net equity sellers of USD 431mn taking the YTD outflows to USD 1.2 bn. FII flows in debt markets were negative for the second consecutive month at USD1.1bn in March, the largest monthly outflow since December YTD FII flows in debt markets are marginally negative at USD74mn. Economy 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% Index for Industrial Production (IIP) 8.4% 7.1% 7.5% 4.3% 3.8% 3.8% 2.7% 3.1% 2.2% 1.7% 1.2% -0.1% -1.2% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% Inflation CPI WPI Index of Industrial Production (IIP) growth for the month of January stayed strong at 7.5% which was higher than consensus estimates of 6.4%. This was led by capital goods which was up 14.6% and consumer nondurables which was up 10.5%. Consumer Price Index (CPI) inflation eased for the second consecutive month to 4.4% in February (from 5.1% in Jan). This was partly led by a decline in vegetable prices. Besides veggies normalization, the encouraging aspect of Feb data was a decline in preferred underlying measure of CPI that strips out outliers i.e. CPI ex veggies, pulses, transportation and housing, which eased to 4%YoY from 4.3% last month, a third consecutive month of decline. 03

5 MARKET OUTLOOK WPI inflation softened to a 7-month low of 2.4% in February vs. 2.8% in January on lower food prices. Trade deficit in February narrowed to a more normalized level of USD 12bn after the spike to USD 16.3bn in January. However worryingly, exports saw a deceleration to 4.5% growth from 9.1% in January this continues to be a key metric to track in light of the global trade war concerns. Imports also saw a slowdown in February with petroleum products as well as capital goods and machinery seeing a deceleration. Market Outlook Capital market activity saw a pickup in March with 27 deals totaling USD 6.4bn during the month. Among the key ones were the IPOs of Bandhan Bank (USD 685mn), Hindustan Aeronautics (USD 636mn) and ICICI Securities (USD 543mn) as well as the large USD 1.4bn block deal in TCS where Tata Sons sold part of their stake. L&T Finance also did a USD 150mn QIP. Events impacting markets During the month, one of BJPs key allies TDP pulled out of the NDA alliance over the issue of granting special status to the state of Andhra Pradesh. Chief Minister Chandrababu Naidu s party also decided to move a no-confidence motion against the BJP government in the parliament. Other opposition parties like YSR Congress and Congress also filed notices for a no-confidence motion however it is yet to be taken up given continued disruption of the House. While the BJP retains an absolute majority in the lower house for now, this does raise some concerns heading into next year s general elections. The US Fed raised 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. The Trump Administration released its Section 301 report and several protectionist measures. These include: (i) The US intends to impose a 25% duty on at least USD 50bn of a yet-tobe-determined list of imports from China; (ii) The USTR will launch a case against Chinese technology licensing practices in the WTO; (iii) The Department of Treasury will propose restrictions on investment by China in sensitive US technology Equities can react in the coming months based on following events markets will wait for an uptick in GST revenues from H2CY18 and downturn in inflation from 2HCY18 before reacting either way. Any disappointment will lead to lower equity market multiples Corporate earnings growth trajectory would be key factor to determine the path of domestic markets 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 04

6 MARKET OUTLOOK 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 INR2.11Trn 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. Oil prices, 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. The reduction in expansion of global central bank s balance sheets would impact flows in emerging markets. The resultant impact this on Bond and markets remains to be seen Nifty P/B Peak Min Average Median Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Source: NSE Market Outlook markets were in bullish mood during the month as the 10 year benchmark rallied from 7.73% to 7.40%. On 27th March, 10 year benchmark prices went up by INR 1.96, which is around 2% upward movement due to announcement of reduced borrowing plan by government. 05

7 MARKET OUTLOOK H1 FY19 gross G-sec borrowing came in significantly below market expectations at 48% of FY19 budget estimate. Market expected above 60% borrowing in the same period, as seen in last few years. Gross borrowing plunged to INR 2.88 lakh crore was nearly 23% lower as compared to same period of previous fiscal. Trimmed G-sec supply has injected the much needed optimism in the market. It is expected that RBI will maintain status quo or might turn slightly hawkish due to higher deficit, prevailing higher commodity prices, rising global bond yields and higher MSPs. The 10yr benchmark G-sec could trade in a range of % in the near term. 10.0% 9.0% 9.3% 8.0% 7.9% 7.0% 7.4% 6.0% 5.0% 5.3% 4.0% Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar Year India G-Sec Yield Source: Bloomberg 06

8 FUND PERFORMANCE OF ULIP FUNDS Funds available with insurance plans launched on & post Sept. 1, Returns As On 31st March 2018 Classic Opportunities Fund (AUM: ` 3,10, Frontline Fund (AUM: ` 59, Dynamic Floor Fund II (AUM: ` 60, Balanced Fund (AUM: ` 10, Guarantee Fund (AUM: ` 3, Kotak Dynamic Bond Fund (AUM: ` 1,01, Kotak Dynamic Gilt Fund (AUM: ` 4, Kotak Dynamic Floating Rate Fund (AUM: ` 1, Money Market Fund (AUM: ` 32, Discontinued Policy Fund (AUM: ` 17, 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 March 2018 Kotak Opportunities Fund (AUM: ` 1,08, Kotak Aggressive Growth Fund (AUM: ` 28, 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 March 2018 Peak Guarantee Fund I (AUM: ` 1, Kotak Guaranteed Growth Fund (AUM: ` 72, Kotak Guaranteed Balanced Fund (AUM: ` 8, Pension Classic Opportunities Fund (AUM: ` 11, Kotak Pension Opportunities Fund (AUM: ` 2, Pension Frontline 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

9 FUND PERFORMANCE OF ULIP FUNDS Funds available with insurance plans launched Prior to Sept. 1, Returns As On 31st March 2018 Kotak Pension Growth Fund (AUM: ` 1, Kotak Pension Floor Fund (AUM: ` 4, Pension Floor Fund II (AUM: ` 6, Kotak Pension Balanced Fund (AUM: ` 14, 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 8.0 n.a n.a Inception

10 FUND PERFORMANCE OF ULIP FUNDS KOTAK GROUP PLANS Returns As On 31st March 2018 Kotak Group Dynamic Floor Fund (AUM: ` Kotak Group Balanced Fund (AUM: ` 61, Kotak Group Bond Fund (AUM: ` 1,27, Kotak Group Gilt Fund (AUM: ` 4, Kotak Group Floating Rate Fund (AUM: ` 9, Kotak Group Money Market Fund (AUM: ` 7.24 Kotak Group Secure Capital (AUM: ` 49, month months months year years years years years n.a years n.a years n.a n.a 10 years n.a n.a n.a Inception KOTAK FIXED MATURITY PLANS Returns As On 31st March 2018 Kotak Group Short Term Bond Fund (AUM: ` 6, KOTAK PRIVILEDEGE ASSURANCE PLANS Returns As On 31st March 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 4.7 Inception 7.2 Inception 4.9 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. Balanced 1 Rohit Agarwal 7 NA 18 2 NA Mr. Rohit Agarwal Mr. Rohit Agarwal has over 10 years of experience in capital markets, looks at the Unit Linked 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) 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 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 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 GUARANTEED GROWTH FUND KOTAK GUARANTEED 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 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 16 th December 2009 AUM (in 310, AUM (in 15, Ratings Profile : : - 100% (BSE 200) Rohit Agarwal & Money Gsec / Classic Opportunities Fund 1 month months months year years years years years years years years n.a n.a Inception ,986 Holdings % to Fund EQUITY HDFC Bank Ltd 6.69 Infosys Ltd 4.85 Reliance Industries Ltd 4.75 Maruti Suzuki India Ltd 4.07 Kotak Banking ETF - Dividend Payout Option 3.89 IndusInd Bank Ltd 3.55 Larsen And Toubro Ltd 3.36 Britannia Industries Ltd 2.97 ICICI Bank Ltd 2.94 I T C Ltd 2.04 GAIL (India) Ltd 1.76 Hindustan Unilever Ltd 1.75 Titan Industries Ltd 1.74 Tech Mahindra Ltd 1.68 Motherson Sumi Systems Ltd 1.67 Axis Bank Ltd 1.59 SBI ETF Nifty Bank 1.56 Zee Entertainment Enterprises Ltd 1.53 Tata Steel Ltd 1.50 Dalmia Bharat Ltd Corporate % HDFC Bank FD NSE % HDFC Bank FD NSE % HDFC Bank FD BSE MMI Sector Allocation as per Mfg of motor vehicles, trailers and semi-trailers Mfg of coke and refined petroleum products Computer programming, consultancy and related Civil engineering Mfg of basic metals Warehousing and support for transportation Mfg of food products Broadcasting and programming Mfg of other transport equipment Fixed Deposit

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 AUM (in Ratings Profile 17 th December 2009 AUM (in 59, , , Fixed Deposit : : - 100% (BSE 100) & Money Rohit Agarwal Frontline Fund 1 month months months year years years years years years years years n.a n.a Inception Gsec / Holdings % to Fund EQUITY HDFC Bank Ltd 5.78 Infosys Ltd 5.10 IndusInd Bank Ltd 3.95 Maruti Suzuki India Ltd 3.72 Kotak Banking ETF - Dividend Payout Option 3.64 Reliance Industries Ltd 3.60 Reliance ETF Bank Bees 3.29 I T C Ltd 3.29 Larsen And Toubro Ltd 2.74 ICICI Bank Ltd 2.61 Zee Entertainment Enterprises Ltd 2.53 Tech Mahindra Ltd 2.43 Britannia Industries Ltd 2.19 Bharat Petroleum Corporation Ltd 2.16 Hindustan Unilever Ltd 2.01 Mahindra & Mahindra Ltd 1.88 Mahindra & Mahindra Financial Services Ltd 1.62 Havells India Ltd 1.56 Sun Pharmaceuticals Ltd 1.53 Titan Industries Ltd Corporate % HDFC Bank FD NSE % HDFC Bank FD NSE % HDFC Bank FD BSE MMI Sector Allocation as per Mfg of motor vehicles, trailers and semi-trailers Computer programming, consultancy and related Mfg of coke and refined petroleum products Warehousing and support for transportation Mfg of food products Broadcasting and programming Mfg of tobacco products Mfg of electrical equipment Mfg of basic metals

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. 17 th December 2009 AUM (in 60, : : % (Nifty); % (Crisil Bond) & Money Rohit Agarwal Gsec / Dynamic Floor Fund II 1 month months months year years years years years years years years n.a n.a Inception AUM (in 36,119 Holdings ,835 % to Fund EQUITY HDFC Bank Ltd 2.34 Infosys Ltd 2.04 IndusInd Bank Ltd 1.63 Kotak Banking ETF - Dividend Payout Option 1.58 Reliance ETF Bank Bees 1.43 Reliance Industries Ltd 1.41 Maruti Suzuki India Ltd 1.41 I T C Ltd 1.33 ICICI Bank Ltd 1.07 Zee Entertainment Enterprises Ltd 1.04 Tech Mahindra Ltd 1.01 Britannia Industries Ltd 0.91 Larsen And Toubro Ltd 0.88 Bharat Petroleum Corporation Ltd 0.86 Hindustan Unilever Ltd 0.82 Shree Cement Ltd 0.78 Mahindra & Mahindra Financial Services Ltd 0.67 Sun Pharmaceuticals Ltd 0.65 Whirlpool of India Ltd 0.65 Havells India Ltd G-Sec % GOI % GOI % GOI % INFLATION INDEX GS % PFC % GOI % GOI % NABARD % TN SDL % NABARD Corporate % SAIL CALL % REC % EXIM % Tata Sons % EXIM % REC % HDFC Bank CALL % REC % PGC % REC MMI Ratings Profile Govt & Govt Guaranteed Bonds AAA Sector Allocation as per Electricity, gas, steam and air conditioning supply Computer programming, consultancy and related Mfg of motor vehicles, trailers and semi-trailers State Development Loan Mfg of coke and refined petroleum products Mfg of basic metals Mfg of food products Warehousing and support for transportation AA- AA+ Fixed Deposit

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. 21 st December 2009 AUM (in 10, : : Rohit Agarwal - 60% (BSE 100); - 40% (Crisil Bond) & Money Balanced Fund 1 month months months year years years years years years years years n.a n.a Inception Gsec / AUM (in 4,765 Holdings 158 5,704 % to Fund EQUITY HDFC Bank Ltd 3.40 Infosys Ltd 2.94 Kotak Banking ETF - Dividend Payout Option 2.33 IndusInd Bank Ltd 2.31 Reliance Industries Ltd 2.21 Maruti Suzuki India Ltd 2.09 Larsen And Toubro Ltd 1.94 I T C Ltd 1.78 ICICI Bank Ltd 1.65 Zee Entertainment Enterprises Ltd 1.37 Tech Mahindra Ltd 1.35 Britannia Industries Ltd 1.24 Bharat Petroleum Corporation Ltd 1.17 Mahindra & Mahindra Ltd 1.12 Reliance ETF Bank Bees 1.12 Hindustan Unilever Ltd 1.06 Mahindra & Mahindra Financial Services Ltd 0.98 Tata Steel Ltd 0.86 Sun Pharmaceuticals Ltd 0.83 Havells India Ltd G-Sec % GOI % GOI % GOI FCI Bonds % GOI % GOI % GOI % TN SDL % PFC % NABARD % NABARD Corporate % REC % REC % EXIM % IOT Utkal Energy Services Limited % IOT Utkal Energy Services Limited % REC % EXIM % IOT Utkal Energy Services Limited % REC % REC MMI Ratings Profile Sector Allocation as per Mfg of motor vehicles, trailers and semi-trailers Computer programming, consultancy and related Mfg of coke and refined petroleum products Wholesale trade, except of motor vehicles and motorcycles Govt & Govt 0.42 Guaranteed Bonds AAA Electricity, gas, steam and air conditioning supply State Development Loan Mfg of basic metals Mfg of food products AA- AA+ Fixed Deposit

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. AUM (in Ratings Profile 02 nd October 2008 AUM (in 108, ,227 1, , Fixed Deposit : : Rohit Agarwal - 100% (BSE 200) & Money Opportunities Fund 1 month months months year years years years years years years years n.a n.a Inception Gsec / Holdings % to Fund EQUITY HDFC Bank Ltd 6.99 Infosys Ltd 5.04 Reliance Industries Ltd 4.93 Maruti Suzuki India Ltd 4.23 Kotak Banking ETF - Dividend Payout Option 4.04 IndusInd Bank Ltd 3.49 Larsen And Toubro Ltd 3.45 Britannia Industries Ltd 3.16 ICICI Bank Ltd 3.07 I T C Ltd 2.12 Tech Mahindra Ltd 1.82 GAIL (India) Ltd 1.81 Hindustan Unilever Ltd 1.79 Axis Bank Ltd 1.77 Titan Industries Ltd 1.77 Motherson Sumi Systems Ltd 1.74 Eicher Motors Ltd 1.72 SBI ETF Nifty Bank 1.64 Zee Entertainment Enterprises Ltd 1.59 Federal Bank Ltd Corporate % HDFC Bank FD NSE % HDFC Bank FD NSE % HDFC Bank FD BSE MMI Sector Allocation as per Mfg of motor vehicles, trailers and semi-trailers Mfg of coke and refined petroleum products Computer programming, consultancy and related Civil engineering Warehousing and support for transportation Mfg of food products Mfg of basic metals Mfg of other transport equipment Broadcasting and programming

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. AUM (in Ratings Profile 13 th September 2004 AUM (in Fixed Deposit 28, , : : - 100% (BSE 100) & Money Rohit Agarwal Aggressive Growth Fund 1 month months months year years years years years years years years Inception Gsec / Holdings % to Fund EQUITY HDFC Bank Ltd 6.70 Infosys Ltd 5.59 IndusInd Bank Ltd 4.40 Maruti Suzuki India Ltd 4.32 Kotak Banking ETF - Dividend Payout Option 4.03 I T C Ltd 3.75 Reliance ETF Bank Bees 3.62 Reliance Industries Ltd 3.42 Larsen And Toubro Ltd 3.25 ICICI Bank Ltd 3.14 Zee Entertainment Enterprises Ltd 3.08 Bharat Petroleum Corporation Ltd 2.75 Britannia Industries Ltd 2.70 Tech Mahindra Ltd 2.61 Hindustan Unilever Ltd 2.33 Titan Industries Ltd 2.22 Shree Cement Ltd 2.21 Bata India Ltd 1.91 Sun Pharmaceuticals Ltd 1.88 Mahindra & Mahindra Financial Services Ltd Corporate % HDFC Bank FD NSE % HDFC Bank FD NSE % HDFC Bank FD BSE MMI Sector Allocation as per Mfg of motor vehicles, trailers and semi-trailers Computer programming, consultancy and related Mfg of coke and refined petroleum products Mfg of food products Warehousing and support for transportation Broadcasting and programming Mfg of tobacco products Mfg of basic metals Civil engineering

19 GUARANTEE FUND (ULIF /02/10-GRTFND-107) Fund Investment Strategy Objective of The Fund Aims to provide stable, long-term inflation beating growth over medium to long-term and defend capital against short-term capital shocks 05 th February 2010 AUM (in 3, : : % (Nifty); % (Crisil Bond) & Money Rohit Agarwal Guarantee Fund 1 month months months year years years years years years years years n.a n.a Inception Gsec / AUM (in 2,172 Holdings -52 1,151 % to Fund EQUITY Reliance Industries Ltd 2.83 HDFC Bank Ltd 2.55 Infosys Ltd 2.08 I T C Ltd 2.06 Housing Development Finance Corp. Ltd 1.93 Larsen And Toubro Ltd 1.63 Tata Consultancy Services Ltd 1.31 Maruti Suzuki India Ltd 1.25 ICICI Bank Ltd 1.18 Hindustan Unilever Ltd 1.11 Mahindra & Mahindra Ltd 0.73 Sun Pharmaceuticals Ltd 0.70 National Thermal Power Corporation Ltd 0.65 Bharti Airtel Ltd 0.65 Tata Motors Ltd 0.64 Oil & Natural Gas Corporation Ltd 0.63 State Bank of India 0.61 IndusInd Bank Ltd 0.60 Asian Paints Ltd 0.60 Hero Honda Motors Ltd G-Sec % GOI % GOI % GOI % NABARD % INFLATION INDEX GS % PFC % GOI FCI Bonds % GOI % GOI % NABARD Corporate % HDFC Bank CALL % REC % EXIM % EXIM % PGC % PGC % PGC % Tata Sons % LIC Housing Finance % LIC Housing Finance MMI Ratings Profile Govt & Govt Guaranteed Bonds Sector Allocation as per Computer programming, consultancy and related Mfg of coke and refined petroleum products Electricity, gas, steam and air conditioning supply Mfg of motor vehicles, trailers and semi-trailers State Development Loan Mfg of tobacco products Mfg of chemicals and chemical products Mfg of pharmaceuticals, medicinal chemical & botanical products AAA AA- Fixed Deposit

20 MONEY MARKET FUND (ULIF /01/10-MNMKKFND-107) Aims to protect your capital and not have downside risks AUM (in Ratings Profile 05 th January A1+ AUM (in 32, Govt & Govt Guaranteed Bonds , : Holdings % to Fund MMI Sector Allocation as per - 0% (NA); - 100% (Crisil Liquid) & Money Mfg of coke and refined petroleum products 8.28 Money Market Fund 1 month months months year years years years Mfg of motor vehicles, trailers and semi-trailers Wholesale trade, except of motor vehicles and motorcycles years years years years n.a n.a Inception

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. AUM (in Ratings Profile 27 th June 2003 AUM (in 6, , Govt & Govt Guaranteed Bonds AAA Fixed Deposit , : : - 80% (BSE 100); - 20% (Crisil Bond) & Money Rohit Agarwal Kotak Dynamic Growth Fund 1 month months months year years years years years years years years Inception Gsec / Holdings % to Fund EQUITY HDFC Bank Ltd 4.73 Infosys Ltd 3.97 IndusInd Bank Ltd 3.12 Kotak Banking ETF - Dividend Payout Option 3.11 Maruti Suzuki India Ltd 2.83 Reliance Industries Ltd 2.81 Reliance ETF Bank Bees 2.71 I T C Ltd 2.70 Larsen And Toubro Ltd 2.22 ICICI Bank Ltd 2.21 Zee Entertainment Enterprises Ltd 1.86 Tech Mahindra Ltd 1.79 Britannia Industries Ltd 1.77 Bharat Petroleum Corporation Ltd 1.75 Hindustan Unilever Ltd 1.58 Sun Pharmaceuticals Ltd 1.33 Mahindra & Mahindra Financial Services Ltd 1.31 Bata India Ltd 1.31 Havells India Ltd 1.30 Mahindra & Mahindra Ltd G-Sec % GOI % GOI % GOI % GOI % GOI % GOI % TN SDL % GOI FCI Bonds % OMC GOI Special Bond % MAH SDL Corporate % IDFC Bank % HDFC Bank CALL % REC % PFC % REC % REC % REC % HDFC Bank FD NSE % HDFC Bank FD NSE % HDFC Bank FD BSE MMI Sector Allocation as per Mfg of motor vehicles, trailers and semi-trailers Computer programming, consultancy and related Mfg of coke and refined petroleum products Mfg of food products Warehousing and support for transportation Mfg of tobacco products Broadcasting and programming Mfg of basic metals

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. 14 th November 2006 AUM (in 101, : : % (Nifty); % (Crisil Bond) & Money Rohit Agarwal Dynamic Floor Fund 1 month months months year years years years years years years years Inception Gsec / AUM (in 60,987 Holdings 1,378 38,934 % to Fund EQUITY HDFC Bank Ltd 2.30 Infosys Ltd 2.04 IndusInd Bank Ltd 1.59 Kotak Banking ETF - Dividend Payout Option 1.49 Reliance ETF Bank Bees 1.43 Reliance Industries Ltd 1.39 Maruti Suzuki India Ltd 1.39 I T C Ltd 1.25 Larsen And Toubro Ltd 1.07 ICICI Bank Ltd 1.06 Zee Entertainment Enterprises Ltd 1.02 Tech Mahindra Ltd 1.00 Britannia Industries Ltd 0.89 Bharat Petroleum Corporation Ltd 0.85 Hindustan Unilever Ltd 0.81 Shree Cement Ltd 0.72 Mahindra & Mahindra Financial Services Ltd 0.66 Sun Pharmaceuticals Ltd 0.63 Bata India Ltd 0.62 Indraprastha Gas Ltd G-Sec % GOI % GOI % GOI % INFLATION INDEX GS % PFC % GOI % GOI % NABARD % TN SDL % NABARD Corporate % REC % SAIL CALL % EXIM % EXIM % Tata Sons Shriram Transport Finance Co Ltd Floater % REC L&T Finance Ltd NSE Mibor +2% % REC % PGC MMI Ratings Profile Govt & Govt 1.15 Guaranteed Bonds 2.16 AAA Sector Allocation as per Electricity, gas, steam and air conditioning supply State Development Loan Computer programming, consultancy and related Mfg of motor vehicles, trailers and semi-trailers Mfg of coke and refined petroleum products Mfg of basic metals Warehousing and support for transportation Mfg of food products AA- AA+ Fixed Deposit

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. AUM (in Ratings Profile 27 th June 2003 AUM (in Govt & Govt 0.44 Guaranteed Bonds 6.37 AAA 2, , AA- Fixed Deposit : : - 60% (BSE 100); - 40% (Crisil Bond) & Money Rohit Agarwal Dynamic Balanced Fund 1 month months months year years years years years years years years Inception Gsec / Holdings % to Fund EQUITY HDFC Bank Ltd 3.46 Infosys Ltd 3.06 Kotak Banking ETF - Dividend Payout Option 2.41 IndusInd Bank Ltd 2.35 Reliance Industries Ltd 2.15 Reliance ETF Bank Bees 2.14 Maruti Suzuki India Ltd 2.07 I T C Ltd 1.92 ICICI Bank Ltd 1.63 Larsen And Toubro Ltd 1.63 Zee Entertainment Enterprises Ltd 1.52 Tech Mahindra Ltd 1.49 Britannia Industries Ltd 1.33 Bharat Petroleum Corporation Ltd 1.23 Hindustan Unilever Ltd 1.21 Mahindra & Mahindra Financial Services Ltd 0.98 Sun Pharmaceuticals Ltd 0.98 Whirlpool of India Ltd 0.97 Shree Cement Ltd 0.95 Havells India Ltd G-Sec % GOI % GOI % GOI FCI Bonds % GOI % PFC % GOI % GOI % INFLATION INDEX GS % MP SDL % NABARD Corporate % REC % PGC % PGC % PGC % REC % Tata Sons % IDFC Bank % REC % HDFC Bank CALL % REC MMI Sector Allocation as per Computer programming, consultancy and related Mfg of motor vehicles, trailers and semi-trailers Mfg of coke and refined petroleum products Electricity, gas, steam and air conditioning supply State Development Loan Wholesale trade, except of motor vehicles and motorcycles Mfg of food products Warehousing and support for transportation

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 2004 AUM (in AUM (in 1,694 Ratings Profile Govt & Govt Guaranteed Bonds AAA 101, AA , AA- : - 100% (Crisil Bond) & Money Dynamic Bond Fund 1 month months months year Gsec Holdings % to Fund G-Sec % GOI % GOI % GOI % GOI % PFC % GOI % INFLATION INDEX GS % NABARD % NABARD % TN SDL Corporate % REC % EXIM % EXIM % REC % PGC % Tata Sons % REC % SAIL CALL % REC % IOT Utkal Energy Services Limited MMI Sector Allocation as per Electricity, gas, steam and air conditioning supply State Development Loan Wholesale trade, except of motor vehicles and motorcycles years years years years Mfg of basic metals years years years Inception

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. AUM (in Ratings Profile 27 th June 2003 AUM (in Govt & Govt Guaranteed Bonds 4, , : - 100% (IBEX) & Money 5.94 Gsec Holdings % to Fund G-Sec % GOI % GOI % PN SDL % MP SDL % RJ SDL % GOI % MP SDL % MH SDL % GJ SDL % MP SDL MMI Sector Allocation as per State Development Loan Dynamic Gilt Fund month months months year years years years years years years years Inception

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. AUM (in Ratings Profile 07 th December 2004 AUM (in Govt & Govt Guaranteed Bonds AA+ 1, AAA , A1+ : - 100% (Crisil Liquid) & Money Dynamic Floating Rate Fund 1 month months months year years years years years years years years Inception Gsec Holdings % to Fund G-Sec % MAH SDL % RJ SDL % PN SDL % RJ SPL SDL % MAH SDL % HR SDL % MAH SDL % GJ SDL % TN SDL % PN SDL Corporate FRB G Shriram Transport Finance Co Ltd Floater L&T Finance Ltd NSE Mibor +2% MMI Sector Allocation as per State Development Loan

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. AUM (in Ratings Profile 14 th February 2010 AUM (in 1, Govt & Govt Guaranteed Bonds AAA AA , AA+ Fixed Deposit : : % (Nifty); % (Crisil Bond) & Money Rohit Agarwal Peak Guarantee Fund I 1 month months months year years years years years years years years n.a n.a Inception Gsec / Holdings % to Fund EQUITY Reliance Industries Ltd 1.60 HDFC Bank Ltd 1.44 Infosys Ltd 1.19 I T C Ltd 1.17 Housing Development Finance Corp. Ltd 1.08 Larsen And Toubro Ltd 0.93 Tata Consultancy Services Ltd 0.75 Maruti Suzuki India Ltd 0.71 ICICI Bank Ltd 0.67 Hindustan Unilever Ltd 0.64 Mahindra & Mahindra Ltd 0.42 Sun Pharmaceuticals Ltd 0.39 National Thermal Power Corporation Ltd 0.38 Tata Motors Ltd 0.36 Bharti Airtel Ltd 0.36 Oil & Natural Gas Corporation Ltd 0.35 Asian Paints Ltd 0.35 State Bank of India 0.35 Hero Honda Motors Ltd 0.34 IndusInd Bank Ltd G-Sec % MAH SDL % MH SDL % TN SDL % INFLATION INDEX GS % GOI % PFC % NABARD % GOI % GJ SDL % GOI Corporate % REC % LIC Housing Finance P % PFC % PFC % REC % PGC % Tata Sons % REC % HDFC % HDFC Bank CALL MMI Sector Allocation as per State Development Loan Computer programming, consultancy and related Mfg of coke and refined petroleum products Electricity, gas, steam and air conditioning supply Mfg of motor vehicles, trailers and semi-trailers Mfg of basic metals Mfg of tobacco products Mfg of chemicals and chemical products

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. AUM (in Ratings Profile 27 th June 2003 AUM (in 72, , Govt & Govt Guaranteed Bonds AAA Fixed Deposit AA+ AA , : : - 40% (BSE 100); - 60% (Crisil Bond) & Money Rohit Agarwal Guaranteed Growth Fund 1 month months months year years years years years years years years Inception Gsec / Holdings % to Fund EQUITY HDFC Bank Ltd 3.58 Infosys Ltd 3.03 Kotak Banking ETF - Dividend Payout Option 2.42 IndusInd Bank Ltd 2.38 Maruti Suzuki India Ltd 2.26 Reliance Industries Ltd 2.23 Reliance ETF Bank Bees 2.17 I T C Ltd 2.03 ICICI Bank Ltd 1.67 Zee Entertainment Enterprises Ltd 1.41 Shree Cement Ltd 1.40 Britannia Industries Ltd 1.36 Tech Mahindra Ltd 1.35 Larsen And Toubro Ltd 1.35 Bharat Petroleum Corporation Ltd 1.32 Hindustan Unilever Ltd 1.22 Bata India Ltd 1.15 Whirlpool of India Ltd 1.08 Mahindra & Mahindra Financial Services Ltd 1.02 Havells India Ltd G-Sec % GOI % GOI % INFLATION INDEX GS % GOI % GOI % PFC % GOI % NABARD % NABARD % REC Corporate % REC % EXIM % EXIM % IOT Utkal Energy Services Limited % IOT Utkal Energy Services Limited % IOT Utkal Energy Services Limited % REC % HDFC Bank CALL % PGC % Tata Sons MMI Sector Allocation as per Computer programming, consultancy and related Mfg of motor vehicles, trailers and semi-trailers Mfg of coke and refined petroleum products Wholesale trade, except of motor vehicles and motorcycles Electricity, gas, steam and air conditioning supply Warehousing and support for transportation Mfg of food products Mfg of other non-metallic mineral products

29 KOTAK GUARANTEED BALANCED FUND (ULIF /06/03-GRTBALFND-107) Aims for moderate growth by holding a diversified mix of equities and fixed interest instruments. 27 th June 2003 AUM (in 8, : : - 30% (BSE 100); - 70% (Crisil Bond) & Money Rohit Agarwal Guaranteed Balanced Fund 1 month months months year years years years years years years years Inception Gsec / AUM (in 4, ,889 Ratings Profile Holdings % to Fund Sector Allocation as per EQUITY HDFC Bank Ltd 2.71 Infosys Ltd 2.42 Kotak Banking ETF - Dividend Payout Option 1.91 IndusInd Bank Ltd 1.87 Reliance ETF Bank Bees 1.67 Reliance Industries Ltd 1.63 Maruti Suzuki India Ltd 1.62 I T C Ltd 1.47 Larsen And Toubro Ltd 1.26 ICICI Bank Ltd 1.24 Zee Entertainment Enterprises Ltd 1.20 Tech Mahindra Ltd 1.17 Britannia Industries Ltd 1.05 Bharat Petroleum Corporation Ltd 1.00 Hindustan Unilever Ltd 0.95 Mahindra & Mahindra Financial Services Ltd 0.77 Sun Pharmaceuticals Ltd 0.75 Whirlpool of India Ltd 0.74 Havells India Ltd 0.73 Indraprastha Gas Ltd G-Sec % GOI % GOI % GOI % INFLATION INDEX GS % GOI % PFC % GOI % NABARD % NABARD % NABARD Corporate % IOT Utkal Energy Services Limited % IOT Utkal Energy Services Limited % REC % EXIM % IOT Utkal Energy Services Limited % Tata Sons % IOT Utkal Energy Services Limited % REC % REC % EXIM MMI Govt & Govt Guaranteed Bonds AAA Wholesale trade, except of motor vehicles and motorcycles Computer programming, consultancy and related Mfg of motor vehicles, trailers and semi-trailers State Development Loan Electricity, gas, steam and air conditioning supply Mfg of coke and refined petroleum products Warehousing and support for transportation Mfg of food products AA+ Fixed Deposit AA