THE FACT SHEET. Assets Under Management Rs. 16, Crore (As on January 31, 2005)

Transcription

1 THE FACT SHEET Assets Under Management Rs. 16, Crore (As on January 31, 2005)

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3 CONTENTS The Market Overview Equity & Debt 04 Prudential ICICI Power 05 Prudential ICICI Growth Plan 06 Prudential ICICI Discovery Plan 07 Prudential ICICI Emerging S.T.A.R. Fund 08 Prudential ICICI Dynamic Plan 09 Prudential ICICI Tax Plan 10 Prudential ICICI FMCG Fund 11 Prudential ICICI Technology Fund 12 Prudential ICICI Index Fund 13 Prudential ICICI SPIcE Fund 14 Prudential ICICI Balanced Fund 15 Prudential ICICI Child Care Plan - Gift 16 Prudential ICICI Child Care Plan - Study 17 Prudential ICICI Income Multiplier Fund 18 Prudential ICICI Monthly Income Plan 19 Prudential ICICI Income Plan 20 Prudential ICICI Flexible Income Plan 21 Prudential ICICI Long Term Plan 22 Prudential ICICI Gilt Fund 23 Prudential ICICI Gilt Fund PF Option 24 Prudential ICICI Fixed Maturity Plan 25 Prudential ICICI Long Term Floating Rate Plan 27 Prudential ICICI Floating Rate Plan 28 Prudential ICICI Short Term Plan 29 Prudential ICICI Liquid Plan 30 Prudential ICICI Advisor Series 31 Dividend History 32 Funds at a Glance 34 3

4 The Market O v e r v i e w Equity Market Overview esh Shah Chief Investment Officer Fundamentals The CSO pegged FY'04 GDP growth rate at 8.5%. This is one of the highest growth rate since independence. The expected GDP growth rate of FY'05 on a higher base is ranging between 6-6.5%. The good news seems to be flowing from all corners. India has become 5th most attractive tourist destination, as per a newspaper survey. For a country, which has lots of tourism potential but not much tourists, that's great news. The inflation numbers have started falling partly on higher base effect and partly on lower food prices. The government seems to be on track for revenue targets and have controlled expenditure in such a manner that the gross borrowing programme has declined 27% YoY to Rs.960 bln till Jan 20th, The government continues to give surprises (most positive and some negative) on reforms front within the limitation of coalition politics. The 3Q FY'05 corporate results have been encouraging across most of the companies and sectors. The margins have declined due to inflationary pressure but still profitability growth is satisfactory. The YTD credit growth is still strong to suggest that corporates are firing at all cylinders. The Rabi crop prospects are also positive to give better prospects for 2nd half of FY'05. Technicals Investment Jan'05 Dec'04 Nov'04 Flows (Rs.Crs.) (Rs.Crs.) (Rs.Crs.) FIIs Net Equity Investments MFs Net Equity Investments Avg Daily Open Interest Index Futures Stock Futures Index Options Stock Options Total Avg Daily Jan'05 Dec'04 Nov'04 Volumes (Rs.Crs.) (Rs.Crs.) (Rs.Crs.) Cash Segment NSE BSE Total Derivative Segment NSE BSE Total Avg Advance Jan'05 Dec'04 Nov'04 Decline Ratio Sectoral Index Performance (From 31st Dec. 04 to 31st Jan. 05) % Change % Change BSE Sensex -0.71% BSE Healthcare % BSE 100 Index -1.62% BSE PSU Index -3.95% BSE TECk -1.98% BSE Consumer Durables -4.98% BSE Bankex -1.37% BSE FMCG Index 5.95% BSE Capital Goods Index -0.53% Markets have shown sharp volatility with flow momentum. Technically market requires consolidation at current levels to resume upward journey. Market Sentiments Sentiments continue to be flow driven. Retail investors seem to have started participating in the market. FII flows have remained strong with Japanese investors leading the charge. Budget expectation should keep the sentiments positive. We expect flow and events to drive the market from current levels. Global Events Over lent Asia and over borrow USD seems to be the new mantra for making money in The Fed raised Fed funds rate by 0.25% on Feb 2nd, 2005 to 2.50%. It also gave a fair indication that the rates will continue to rise in a measured manner. In the past emerging market asset class have underperformed in rising US interest rates environment. We expect Asian equities to be exception this time based on longer-term growth outlook. We expect equities to be flow and events driven going forward. FOMC meet in 1st week of Feb. and Budget in last week of Feb. will be the major events to watch for. The valuations are fairly priced and it will be difficult to generate returns ahead of profit growth. We recommend investors to be neutral weight equity at current valuations and invest via Systematic Investment Plans to marginalize the impact of likely volatility on their portfolio. In case you find an opportunity like May 17, where market corrects significantly then use that as an opportunity to increase the equity allocation. Fixed Income Market Overview Impact on Interest Rates Factors Short Term Medium Term (1-3 Months) (3-6 Months) Inflation Neutral Neutral WPI inflation continued to fall for last seven weeks and is reported as 5.42% for the week ended 15th January Fall in WPI is mainly due to prices of primary articles coming down and stable or marginal growth in fuel and manufactured product prices. Although, prices of certain commodities such as aluminum and cement were raised in select markets and sugar, tea and coffee prices have risen significantly; their impact on headline WPI number is nullified by high base effect. With successful Iraq election and decision of No output cut by OPEC, oil prices too are likely to soften marginally. Going forward, we expect inflation to be range bound with moderately downward bias. Money Supply Positive Positive YTD M3 growth is 9.2% (PY 12.3%) at Rs trillion as on Jan 07, YTD reserve money growth is 6.7% till Jan (PY 9.5%). Money supply growth has started improving in recent months with healthy growth in forex reserves. GoI had WMA surplus of Rs. 16,000 on 20th Jan Liquidity was comfortable throughout the month with average deployment of about Rs. 20,000 crores in daily Repo. Going forward, liquidity is likely to remain comfortable due to healthy forex inflows and government spending, which accelerates in the last quarter. Credit Demand Negative Negative Credit demand continues to remain healthy with YTD growth of Rs. 1,96,449 cr (23.4%) till Jan Nine-month results of leading banks show that growth in retail advances is driving the credit growth with corporate credit also picking up. IIP growth for Apr-Nov 2004 was 8.4% with manufacturing growing by 8.9% (PY Apr-Nov IIP growth: 6.4% and manufacturing growth: 7.1%). Going forward, credit growth is likely to remain strong with strong manufacturing growth and increasing spending on infrastructure. Government Borrowings Positive Neutral Out of budgeted borrowings of Rs. 90,365 cr for the year, GoI has borrowed only Rs. 45,684 cr till date. Although revenues have not grown in line with estimates, center has been able to lower its borrowings due to significantly lower than budgeted plan capital expenditure as well as healthy inflows in small saving schemes. Fiscal deficit for Apr-Dec 04 period was 65.7% of budget estimates and was down 2.4% YoY. Foreign Exchange Market Positive Positive Rupee depreciated 0.6% MoM in Jan'05 and closed at Rs against US dollar. USD appreciated against Euro by about 3.8% in Jan'05. Worries over slowdown in FII inflows, some of which are likely to be driven by short dollar theme, as well as rising oil prices also weighed down sentiment resulting in rupee depreciation. Forward premia also edged up by about 50 bps. As FII flows have again gathered momentum in past few days, we expect INR to remain strong in short term. RBI Policy Neutral Neutral There has not been any announcements / indications from RBI regarding interest rates in the month of January. However, RBI would continue to watch liquidity situation as well as inflation carefully and would continue to act to prevent sharp volatility in financial markets. Market Sentiment Neutral Neutral Market sentiment is moderately positive due to lower inflation, comfortable liquidity conditions as well as reduced government borrowing. However, most of these positives are more or less factored in prices. On the other hand, strong credit growth and rising interest rates globally continue to be negative factors. We expect market sentiments to be directionless and reacting to auction news and budget. In conclusion, we continue to recommend investors to invest in liquid, floating and short-term funds for protection against rising interest rates. We recommend investors to look at the Hybrid funds like MIP and it's variants and balanced funds to generate higher returns via marginal participation in equity markets. Investors who would like to invest in debt funds alone can look to gradually invest in long-term income funds at above 7 % yield on a 10 year gilt with a one-year investment horizon. However in the near term the volatility will persist and taste the patience of the investors. 4

5 PruICICI Power Indicative Investment Horizon: 5 yrs & more Inception date: Fund Size: Rs crores NAV (As on 31-Jan-05): Growth option: Rs Dividend option: Rs **Expense Ratio for the month of Jan '05: 2.16% Rs invested at inception: Power Vs S&P CNX Nifty 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 - CAGR Power : 13.24%; Benchmark : 4.42% Performance Record* - Cumulative Option % % % % % Oct-94 Oct-95 Sector Allocation* Oct-96 Oct-97 Tobacco Diversified Metals & Mining Broadcasting & Cable TV Motorcycle Manufacturers Footwear Construction & Engineering Paper Products Steel Pharmaceuticals Industrial Machinery Automobile Manufacturers Aluminium Packaged Foods Industrial Conglomerates Heavy Electrical Equipment Fertilizers & Agri. Chemicals Electrical Components & Equipment Commodity Chemicals Oil & Gas Refining & Marketing IT Consulting & Services Banks Oct-98 Power Plan 34.49% 26.06% 25.20% Last 6 Months Last % *Returns < 1Year : Absolute, > = 1Year : CAGR Benchmark is S&P CNX Nifty. 31-Jan-04 & 31-Jul-04 were not Business Days. For Computation of returns the allotment NAV has been taken as Rs % 0.03% 0.31% 1.03% 1.10% 1.21% Oct-99 ICICI Power. 1.83% 1.94% 47.61% 2.50% 3.35% 3.97% Oct % Nifty 24.12% Last 3 Nifty 4.97% 5.83% 6.11% 6.31% 6.34% 7.08% Oct % Style Box Rs Oct-02 Rs Oct % Oct % 13.24% Last % 15.48% 4.42% Since Inception 5.00% % 2 Long term investment of funds for capital appreciation in a concentrated multi sector portfolio Company/Issuer Mkt Value (Rs. Lakh) % to NAV Aluminium 3, % Hindalco Industries Limited 3, % Automobile Manufacturers 2, % Mahindra & Mahindra Limited 2, % Banks 11, % State Bank of India 6, % Union Bank of India 1, % ICICI Bank Limited 1, % Vijaya Bank 1, % UTI Bank Ltd % Broadcasting & Cable TV % New Delhi Television Limited % Commodity Chemicals 5, % Reliance Industries Limited 5, % Gujarat Alkalies & Chemicals Limite % Construction & Engineering % Jai Prakash Industries Limited % Diversified Metals & Mining % Hindustan Zinc Limited % Electrical Components & Equipment 4, % Bharat Electronics Limited 3, % Siemens India Limited 1, % Crompton Greaves Limited % Fertilizers & Agricultural Chemicals 4, % United Phosphorous Limited 3, % Indo Gulf Fertilizers Ltd 1, % Footwear % Bata India Limited % Heavy Electrical Equipment 4, % Bharat Heavy Electricals Limited 2, % Thermax Limited 2, % Industrial Conglomerates 4, % Grasim Industries Limited 4, % Industrial Machinery 2, % Bharat Forge Limited 1, % Laxmi Machine Works Limited 1, % IT Consulting & Services 11, % Infosys Technologies Limited 3, % Satyam Computer Services Limited 3, % Hexaware Technologies Ltd. 2, % HCL Technologies Limited % Hughes Software Systems Limited % Motorcycle Manufacturers % TVS Motor Company Limited % Oil & Gas Refining & Marketing 5, % Bharat Petroleum Corpn. Limited 3, % Hindustan Petroleum Corpn. Limited 2, % Packaged Foods 3, % Britannia Industries Limited 3, % Nestle India Limited % Paper Products 1, % Ballarpur Industries Limited 1, % Pharmaceuticals 1, % Ipca Laboratories Limited 1, % Wyeth Lederle Ltd % Steel 1, % Jindal Steel & Power Company Limited 1, % Tobacco % ITC Limited % Cash, Call, CBLO & Reverse Repo 1, % Other Current Assets % Total Net Assets 73, Top Ten Holdings Quantitative Indicators: Average P/E: Average P/BV: 2.69 Average Dividend Yield: 1.65 Annual Turnover Ratio : 1.98 times turnover has been computed as the ratio of the higher value of average purchase and average sales, to the average net assets in the past one year (since inception for schemes that have not completed a year). The figures are not netted for derivative transactions. SIP Returns: As on 31 Jan, 2005 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns 1 Year SIP 31-Jan-04 12, , % 3 Year SIP 31-Jan-02 36, , , % 5 Year SIP 31-Jan-00 60, , , % Since Inception 1-Oct , , , % Assume Rs invested every month. *Pertains to the equity investments only. 5

6 PruICICI Growth Plan Indicative Investment Horizon: 5 & more Inception date: Fund Size: Rs crores NAV (As on 31-Jan-05) Growth option: Rs Dividend option: Rs **Expense Ratio for the month of Jan '05: 2.34% Rs invested at inception: Growth Plan Vs S & P CNX Nifty 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 CAGR Growth Plan : 24.66%; Benchmark : 12.29% Performance Record *- Growth Option 35.00% % % % *Returns < 1Year : Absolute, > 1Year : CAGR Benchmark is S&P CNX Nifty. 31-Jan-04 & 31-Jul-04 were not Business Days. For computation of returns the allotment NAV has been taken as Rs Sector Allocation* *Pertains to the equity investments only. Style Box Rs Rs Jul-98 Nov-98 Mar-99 Jul-99 Nov-99 Mar-00 Jul-00 Nov-00 Mar-01 Jul-01 Nov-01 Mar-02 Jul-02 Nov-02 Mar-03 Jul-03 Nov-03 Mar-04 Jul-04 Nov % 26.06% Last 6 Months Prudential ICICI Growth Plan 13.62% 12.82% Last % Last 3 Prudential ICICI Growth Plan Construction Materials Electrical Components & Equipments Construction & Engineering Automobile Manufacturers Broadcasting & Cable TV Industrial Machinery Fertilizers & Agricultural Chemicals Oil & Gas Refining & Marketing Oil & Gas Exploration & Production Industrial Conglomerates Commodity Chemicals Steel Pharmaceuticals IT Consulting & Services Banks 1.31% 1.68% 24.12% 2.15% 2.96% 3.03% 3.17% 3.98% 4.02% 5.16% 5.35% Nifty 5.87% 5.70% 5.84% Last 5 Nifty 8.81% 11.33% 24.66% 12.29% Since Inception 19.46% 19.91% 5.00% % 2 Long term investment of funds for capital appreciation Company/Issuer Mkt Value (Rs. Lakh) % to NAV Automobile Manufacturers % Mahindra & Mahindra Limited % Banks 5, % State Bank of India 2, % Union Bank of India 1, % ICICI Bank Limited 1, % Indian Overseas Bank % Broadcasting & Cable TV % New Delhi Television Limited % Commodity Chemicals 1, % Reliance Industries Limited 1, % Construction & Engineering % Jai Prakash Industries Limited % Construction Materials % Associated Cement Companies Ltd % Electrical Components & Equipment % Bharat Electronics Limited % Fertilizers & Agricultural Chemicals 1, % United Phosphorous Limited 1, % Industrial Conglomerates 1, % Grasim Industries Limited 1, % Industrial Machinery % Bharat Forge Limited % IT Consulting & Services 5, % Infosys Technologies Limited 2, % Tata Consultancy Services Limited 1, % I Flex Solutions Limited % Oil & Gas Exploration & Production 1, % Oil & Natural Gas Company Ltd 1, % Oil & Gas Refining & Marketing 1, % Indian Oil Corporation Limited 1, % Pharmaceuticals 3, % Aventis Pharma Ltd. 1, % Glaxo Smithklime Pharma Ltd % Wyeth Lederle Ltd % Divis Laboratories Ltd % Steel 2, % Tata Iron & Steel Co. Ltd 1, % Jindal Steel & Power Company Limited % Cash, Call, CBLO & Reverse Repo % Other Current Assets (94.97) -0.35% Total Net Assets 27, Top Ten Holdings Quantitative Indicators: Average P/E: Average P/BV: 3.28 Average Dividend Yield: 1.56 Annual Turnover Ratio : 2.33 times turnover has been computed as the ratio of the higher value of average purchase and average sales, to the average net assets in the past one year (since inception for schemes that have not completed a year). The figures are not netted for derivative transactions. SIP Returns: As on 31 Jan, 2005 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns 1 Year SIP 31-Jan-04 12, , % 3 Year SIP 31-Jan-02 36, , , % 5 Year SIP 31-Jan-00 60, , , % Since Inception 9-Jul-98 80, , , % Assume Rs invested every month. 6

7 PruICICI Discovery Plan Indicative Investment Horizon: 5 yrs + Inception date: Fund Size: Rs crore NAV (As on 31-Jan-05): Growth option: Rs Dividend option: Rs **Expense Ratio for the month of Jan '05: 2.38% Performance Record *- Growth Option % % % Sector Allocation* Speciality Chemicals Industrial Machinery Diversified Financial Services Agricultural Products Office Services & Supplies Personal Products Textiles Construction & Engineering Pharmaceuticals Construction Materials Motorcycle Manufacturers Diversified Chemicals Telecommunications Equipment Automobile Manufacturers Heavy Electrical Equipment Consumer Finance Highways & Railtracks Electrical Components & Equipment Paper Products Apparel & Accessories Computer Hardware Household Appliances Auto Parts & Equipment Steel Oil & Gas Exploration& Production Fertilizers & Agricultural Chemicals Oil & Gas Refining & Marketing Packaged Foods Commodity Chemicals Banks 27.40% Since Inception Prudential ICICI - Discovery Fund 28.67% Nifty 0.18% 0.27% 0.61% 0.63% 0.69% 0.85% 0.90% 1.02% 1.05% 1.06% 1.08% 1.13% 1.46% 1.49% 1.61% 1.65% 1.67% 1.81% 2.08% 2.15% 2.21% 2.77% 4.39% 6.30% 6.54% 8.98% 9.43% 9.72% 10.29% Style Box *Returns < 1Year : Absolute, > 1Year : CAGR Benchmark is S&P CNX Nifty For computation of returns the allotment NAV has been taken as Rs *Pertains to the equity investments only % 5.00% % 2 Long term investment of funds for capital appreciation following value investment philosophy Company/Issuer Mkt Value (Rs. Lakh) % to NAV Agricultural Products % Rajshree Sugars & Chemicals Ltd % Apparel & Accessories % Titan Industries Limited % Auto Parts & Equipment % Motor Industries Co. Limited % Ucal Fuel Systems Limited % Jay Bharat Maruti Limited % Automobile Manufacturers % Mahindra & Mahindra Limited % Banks 2, % State Bank of India 1, % Union Bank of India % Vijaya Bank % Indian Overseas Bank % Commodity Chemicals 1, % Reliance Industries Limited % Gujarat Alkalies & Chemicals Limited % Indian Petrochemicals Corporation Ltd % Computer Hardware % Tata Elxsi Ltd % Construction & Engineering % Taxmaco Limited % Construction Materials % Sundram Fastners Limited % Hindustan Sanitaryware & Industries Ltd % Consumer Finance % Sundaram Finance Ltd % Diversified Chemicals % Pidilite Industries Limited % Diversified Financial Services % Tata Investment Corporation Limited % Electrical Components & Equipment % Bharat Electronics Limited % Fertilizers & Agricultural Chemicals 1, % E.I.D. Parry (India) Limited % Indo Gulf Fertilizers Ltd % DCM Shriram Consolidated Limited % Gujarat State Fert & Chem Limited % Heavy Electrical Equipment % Thermax Limited % Highways & Railtracks % Containers Corporation of India Ltd % Household Appliances % Voltas Limited % Industrial Machinery % Laxmi Machine Works Limited % Motorcycle Manufacturers % TVS Motor Company Limited % Office Services & Supplies % PSL Ltd % Oil & Gas Exploration & Production 1, % Oil & Natural Gas Company Ltd 1, % Oil & Gas Refining & Marketing 1, % IBP Company Limited 1, % Indian Oil Corporation Limited % Packaged Foods 1, % Tata Tea Limited 1, % Britannia Industries Limited % Paper Products % Ballarpur Industries Limited % Personal Products % Marico Industries Limited % Pharmaceuticals % Wyeth Lederle Ltd % Speciality Chemicals % Ciba Speciality Chemicals (Ind) Ltd % Steel 1, % Tata Iron & Steel Co. Ltd % Jindal Steel & Power Company Limited % Telecommunications Equipment % Finolex Cables Limited % Textiles % Vardhaman Spinning and General Mills limited % Cash, Call, CBLO & Reverse Repo % Other Current Assets (285.32) -1.58% Total Net Assets 18, Top Ten Holdings Quantitative Indicators: Average P/E: Average P/BV: 2.19 Average Dividend Yield: 2.15 Annual Turnover Ratio : 2.03 times turnover has been computed as the ratio of the higher value of average purchase and average sales, to the average net assets in the past one year (since inception for schemes that have not completed a year). The figures are not netted for derivative transactions. 7

8 PruICICI Emerging S.T.A.R. Fund Indicative Investment Horizon: 3 & more Inception date: Fund Size: Rs crore NAV (As on 31-Jan-05): Growth option: Rs Dividend option: Rs **Expense Ratio for the month of Jan '05: 2.40% Performance Record *- Growth Option 18.00% 16.00% 14.00% 12.00% % 6.00% 4.00% 2.00% Sector Allocation* 14.40% Motorcycle Manufacturers Telecommunications Equipment Commodity Chemicals Household Appliances Footwear Agricultural Products Office Services & Supplies Computer Hardware Heavy Electrical Equipment Construction Materials Steel Textiles Electrical Components & Equipment Paper Products Banks Industrial Machinery Broadcasting & Cable TV Pharmaceuticals Auto Parts & Equipment Fertilizers & Agricultural Chemicals IT Consulting & Services Since Inception Prudential ICICI Emerging S.T.A.R. Fund 0.77% 1.36% 1.83% 1.87% 2.11% 2.33% 2.58% 2.72% 2.78% Quantitative Indicators: Average P/E: Average P/BV: 3.17 Average Dividend Yield: 1.90 Annual Turnover Ratio : 1.12 times 3.23% 3.29% 17.09% 3.36% 4.21% 4.31% 4.83% 5.09% 5.44% Style Box *Returns < 1Year : Absolute, > 1Year : CAGR Benchmark is Nifty Junior For computation of returns the allotment NAV has been taken as Rs % 9.88% 11.96% 13.71% 5.00% % turnover has been computed as the ratio of the higher value of average purchase and average sales, to the average net assets in the past one year (since inception for schemes that have not completed a year). The figures are not netted for derivative transactions. Nifty Long term investment of funds for capital appreciation on a mid-cap portfolio Company/Issuer Mkt Value (Rs. Lakh) % to NAV Agricultural Products % Dhampur Sugar Mills Limited % Auto Parts & Equipment 1, % Rico Auto Industries Limited % Premier Instruments Limited % Motherson Sumi Systems Ltd % Banks % Vijaya Bank % Allahabad Bank % Karnataka Bank Limited % Broadcasting & Cable TV % New Delhi Television Limited % Television Eighteen India Ltd % Commodity Chemicals % Sintex Industries % Computer Hardware % HCL Infosystems Ltd % Construction Materials % Sundram Fastners Limited % Electrical Components & Equipment % Crompton Greaves Limited % Fertilizers & Agricultural Chemicals 2, % United Phosphorous Limited % Ralis India Limited % Gujarat State Fert & Chem Limited % Indo Gulf Fertilizers Ltd % RPG Life Science Ltd % Footwear % Bata India Limited % Heavy Electrical Equipment % Thermax Limited % Household Appliances % Blue Star Limited % Industrial Machinery % Bharat Earth Movers Limited % Laxmi Machine Works Limited % IT Consulting & Services 2, % Subex Systems Limited % KPIT Infosystems % Geometric Software Solutions % Hexaware Technologies Ltd % Spanco Telesystems & Solutions Ltd % Motorcycle Manufacturers % TVS Motor Company Limited % Office Services & Supplies % PSL Ltd % Paper Products % Ballarpur Industries Limited % Pharmaceuticals 1, % Aventis Pharma Ltd % Divis Laboratories Ltd % Novartis India Limited % J B Chemicals & Pharmaceuticals Ltd % Vimta Labs Ltd % Steel % Monnet Ispat % Telecommunications Equipment % Tata Telecom Ltd % Textiles % Abhishek Industries Ltd % Cash, Call, CBLO & Reverse Repo % Other Current Assets (100.78) -0.59% Total Net Assets 16, Top Ten Holdings 8

9 Pru ICICI Dynamic Plan Indicative Investment Horizon: 3 yrs & more Inception date: Fund Size: Rs crores NAV (As on 31-Jan-05): Growth option: Rs Dividend option: Rs **Expense Ratio for the month of Jan '05: 2.37% Rs invested at inception: Dynamic Plan Vs S&P CNX Nifty 25,500 23,500 21,500 19,500 17,500 15,500 13,500 11,500 9,500 7,500 Computer Hardware Heavy Electrical Equipment Motorcycle Manufacturers Auto Parts & Equipment Apparel & Accessories Electrical Components & Equip. Diversified Chemicals Construction Materials Textiles Air Freight & Couriers Industrial Conglomerates Steel Diversified Metals & Mining Fertilizers & Agri. Chemicals Construction & Engineering Broadcasting & Cable TV Commodity Chemicals Oil & Gas Refining & Marketing Pharmaceuticals Banks IT Consulting & Services 0.38% 1.02% 1.46% 1.76% 1.78% 1.79% 1.89% 2.00% 2.09% 2.62% 2.73% 2.84% 2.87% 3.42% 4.41% 5.77% 6.50% 7.52% 8.90% 12.62% Rs Rs Oct-02 Dec-02 Feb-03 Apr-03 Jun-03 Aug-03 Oct-03 Dec-03 Feb-04 Apr-04 Jun-04 Aug-04 Oct-04 Dec-04 Dynamic Plan Performance Record *- Cumulative Option Nifty CAGR Dynamic Plan: 51.24%; Benchmark : 40.79% Sector Allocation* 40.83% 26.06% 20.56% 13.62% Style Box *Returns < 1Year : Absolute, > = 1Year : CAGR Benchmark is S&P CNX Nifty. 31-Jan-04 & 31-Jul-04 were not Business Days. For Computation of returns the allotment NAV has been taken as Rs *Pertains to the equity investments only % 40.79% Last 6 Months Last 1 Since Inception Dynamic Plan Nifty 20.04% 5.00% % 2 Medium term investment of funds for capital appreciation by managing cash and equity portfolio Company/Issuer Mkt Value (Rs. Lakh) % to NAV Air Freight & Couriers % Blue Dart Express Limited % Apparel & Accessories % VIP Industries Limited % Blow Plast Limited % Auto Parts & Equipment % Automotive Axles Limited % Banks 2, % State Bank of India 1, % Vijaya Bank % Jammu & Kashmir Bank % Union Bank of India % ICICI Bank Limited % Indian Overseas Bank % Broadcasting & Cable TV 1, % New Delhi Television Limited 1, % Television Eighteen India Ltd % Commodity Chemicals 1, % Reliance Industries Limited % Indian Petrochemicals Corporation Ltd % Sintex Industries % Navin Flourine % Computer Hardware % HCL Infosystems Ltd % Construction & Engineering % Jai Prakash Industries Limited % Taxmaco Limited % Construction Materials % Kesoram Industries Limited % Diversified Chemicals % Tata Chemicals Limited % Diversified Metals & Mining % Hindustan Zinc Limited % Electrical Components & Equipment % Siemens India Limited % Fertilizers & Agricultural Chemicals % E.I.D. Parry (India) Limited % Gujarat State Fert & Chem Limited % Heavy Electrical Equipment % Thermax Limited % Industrial Conglomerates % Grasim Industries Limited % IT Consulting & Services 4, % Tata Consultancy Services Limited 1, % Infosys Technologies Limited 1, % I Flex Solutions Limited % Subex Systems Limited % HCL Technologies Limited % Hexaware Technologies Ltd % Motorcycle Manufacturers % TVS Motor Company Limited % Majestic Auto Ltd % Hero Motors Limited % Oil & Gas Refining & Marketing 1, % Hindustan Petroleum Corpn. Limited 1, % Indian Oil Corporation Limited % Pharmaceuticals 1, % Glenmark Pharmaceuticals Limited % Vimta Labs Ltd % Wyeth Lederle Ltd % Nicholas Piramal India Limited % Divis Laboratories Ltd % Steel % Jindal Steel & Power Company Limited % Textiles % Mahavir Spinning Mills Limited % Vardhaman Spinning and General Mills limited % Abhishek Industries Ltd % Cash, Call, CBLO & Reverse Repo 1, % Other Current Assets (385.66) -1.72% Total Net Assets 22, Top Five Holdings Quantitative Indicators: Average P/E: Average P/BV: 2.81 Average Dividend Yield: 1.66 Annual Turnover Ratio : 3.14 times turnover has been computed as the ratio of the higher value of average purchase and average sales, to the average net assets in the past one year (since inception for schemes that have not completed a year). The figures are not netted for derivative transactions. SIP Returns: As on 31 Jan, 2005 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns 1 Year SIP 31-Jan-04 12, , % Since Inception 31-Oct-02 28, , , % Assume Rs invested every month. 9

10 PruICICI Tax Plan Indicative Investment Horizon: 3 yrs & more Inception date: Fund Size: Rs crore NAV (As on 31-Jan-05): Growth option: Rs Dividend option: Rs **Expense Ratio for the month of Jan '05: 2.15% Rs invested at inception: Tax Plan Vs S&P CNX Nifty 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 Pharmaceuticals Industrial Machinery Commodity Chemicals Paper Products Speciality Chemicals Computer Hardware Air Freight & Couriers Packaged Foods Consumer Finance Oil & Gas Refining & Marketing Electrical Components & Equipment Fertilizers & Agricultural Chemicals IT Consulting & Services Steel Hotels Diversified Metals & Mining Integrated Oil & Gas Oil & Gas Exploration & Production Personal Products Banks Auto Parts & Equipment 1.37% 1.74% 2.28% 2.40% 2.43% 2.45% 2.49% 2.55% 2.69% 3.76% 4.15% 4.30% 4.88% 5.11% 5.56% 5.62% 6.35% 7.96% 8.65% 10.32% 10.67% Rs Rs Aug-99 Nov-99 Feb-00 May-00 Aug-00 Nov-00 Feb-01 May-01 Aug-01 Nov-01 Feb-02 May-02 Aug-02 Nov-02 Feb-03 May-03 Aug-03 Nov-03 Feb-04 May-04 Aug-04 Nov-04 Prudential ICICI Tax Plan Performance Record *- Growth Option Nifty CAGR Tax Plan: 31.22%; Benchmark : 8.10% Sector Allocation* 55.85% 57.25% 54.60% Last 6 Months 26.06% Last % Last 3 Prudential ICICI Tax Plan Style Box *Returns < 1Year : Absolute, > = 1Year : CAGR Benchmark is S&P CNX Nifty. 31-Jan-04 & 31-Jul-04 were not Business Days. For Computation of returns the allotment NAV has been taken as Rs *Pertains to the equity investments only % 24.12% 15.56% 5.87% 8.10% Last 5 Nifty Since Inception 5.00% % Medium term investment of funds with tax benefits for capital appreciation Company/Issuer Mkt Value (Rs. Lakh) % to NAV Air Freight & Couriers % Blue Dart Express Limited % Auto Parts & Equipment % Ucal Fuel Systems Limited % Exide Industries Limited % Rane Engine Valves Ltd % Rico Auto Industries Limited % Banks % State Bank of India % Vijaya Bank % Commodity Chemicals % Gujarat Alkalies & Chemicals Limite % Sintex Industries % Computer Hardware % Numeric Power Systems Ltd % Consumer Finance % Sundaram Finance Ltd % Diversified Metals & Mining % Hindustan Zinc Limited % Nav Bharat Ferro Alloys % Electrical Components & Equipment % Crompton Greaves Limited % Fertilizers & Agricultural Chemicals % Bayer (India) Limited % United Phosphorous Limited % Hotels % Taj Gvk Hotels & Resorts Ltd % Industrial Machinery % Laxmi Machine Works Limited % Integrated Oil & Gas % BOC (I) LTD % IT Consulting & Services % KPIT Infosystems % Oil & Gas Exploration & Production % Aban Lloyd Chiles Offshore Limited % Oil & Gas Refining & Marketing % IBP Company Limited % Packaged Foods % Tata Tea Limited % Paper Products % Ballarpur Industries Limited % Personal Products % Gillette India Ltd % Proctor & Gamble Hygiene and Healthcare Limited % Pharmaceuticals % Wyeth Lederle Ltd % Speciality Chemicals % Ultramarine & Pigments Ltd % Steel % Monnet Ispat % Cash, Call, CBLO & Reverse Repo % Other Current Assets % Total Net Assets 4, Top Five Holdings Quantitative Indicators: Average P/E: Average P/BV: 2.87 Average Dividend Yield: 1.79 Annual Turnover Ratio : 1.01 times turnover has been computed as the ratio of the higher value of average purchase and average sales, to the average net assets in the past one year (since inception for schemes that have not completed a year). The figures are not netted for derivative transactions. SIP Returns: As on 31 Jan, 2005 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns 1 Year SIP 31-Jan-04 12, , % 3 Year SIP 31-Jan-02 36, , , % 5 Year SIP 31-Jan-00 60, , , % Since Inception 19-Aug-99 67, , , % Assume Rs invested every month. 10

11 PruICICI FMCG Fund Indicative Investment Horizon: 5 yrs & more Inception date: Fund Size: Rs crore NAV (As on 31-Jan-05): Growth option: Rs Dividend option: Rs **Expense Ratio for the month of Jan '05: 2.05% Rs invested at inception: FMCG Vs CNX FMCG Index 17,000 16,000 15,000 14,000 13,000 12,000 11,000 10,000 9,000 8,000 7,000 6,000 5,000 4,000 Rs Rs Mar-99 Jun-99 Sep-99 Dec-99 Mar-00 Jun-00 Sep-00 Dec-00 Mar-01 Jun-01 Sep-01 Dec-01 Mar-02 Jun-02 Sep-02 Dec-02 Mar-03 Jun-03 Sep-03 Dec-03 Mar-04 Jun-04 Sep-04 Dec-04 Prudential ICICI FMCG Fund CNX FMCG CAGR FMCG : 9.88%; Benchmark : -1.31% Style Box Long term investment of funds for capital appreciation in FMCG sector Company/Issuer Mkt Value (Rs. Lakh) % to NAV Brewers % Champagne Indage Limited % Commodity Chemicals % Goodlass Nerolac Paints Limited % Asian Paints Limited % Diversified Chemicals % Pidilite Industries Limited % Footwear % Bata India Limited % Household Products % Godrej Consumers % Packaged Foods % Agro Dutch Industries Limited % Smithklin Beecham Consumer Health Ltd % Paper Packaging % Essel Propack Limited % Personal Products 1, % Gillette India Ltd % Proctor & Gamble Hygiene and Healthcare Limited % Performance Record* - Growth Option % Last 6 Months 33.78% 43.73% Last % 9.88% 7.33% 5.72% 6.89% -0.88% -1.31% Last 3 Last 5 Prudential ICICI FMCG Fund CNX FMCG Since Inception Trent Ltd % Marico Industries Limited % Pharmaceuticals % Dabur India Limited % Tobacco % ITC Limited % Cash, Call, CBLO & Reverse Repo % Other Current Assets % Total Net Assets 3, *Returns < 1Year : Absolute, > = 1Year : CAGR Benchmark is CNX FMCG Index 31-Jan-04 & 31-Jul-04 were not Business Days. For Computation of returns the allotment NAV has been taken as Rs Sector Allocation* Paper Packaging Diversified Chemicals Brewers Packaged Foods Footwear Household Products 2.40% 2.59% 4.19% 5.94% 7.05% 8.09% Quantitative Indicators: Average P/E: Average P/BV: 3.75 Average Dividend Yield: 1.79 Annual Turnover Ratio : 0.80 times turnover has been computed as the ratio of the higher value of average purchase and average sales, to the average net assets in the past one year (since inception for schemes that have not completed a year). The figures are not netted for derivative transactions. Pharmaceuticals 8.87% Tobacco 12.70% Commodity Chemicals 13.78% Personal Products 31.18% *Pertains to the equity investments only. SIP Returns: As on 31 Jan, 2005 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns 1 Year SIP 31-Jan-04 12, , % 3 Year SIP 31-Jan-02 36, , , % 5 Year SIP 31-Jan-00 60, , , % Since Inception 31-Mar-99 71, , , % Assume Rs invested every month. 11

12 Pru ICICI Technology Fund Indicative Investment Horizon: 5 yrs & more Inception date: Fund Size: Rs crore NAV (As on 31-Jan-05): Rs. Rs **Expense Ratio for the month of Jan '05: 2.42% Rs invested at inception: Technology Fund Vs BSE Tech Index 12,000 10,000 8,000 6,000 4,000 2, % 24.95% 25.51% 39.49% 28.36% 21.50% Last 6 Months Last 1 Last 3 PRUDENTIAL ICICI TECHNOLOGY FUND Rs Rs Mar-00 May-00 Jul-00 Sep-00 Nov-00 Jan-01 Mar-01 May-01 Jul-01 Sep-01 Nov-01 Jan-02 Mar-02 May-02 Jul-02 Sep-02 Nov-02 Jan-03 Mar-03 May-03 Jul-03 Sep-03 Nov-03 Jan-04 Mar-04 May-04 Jul-04 Sep-04 Nov-04 Jan-05 Tech Fund BSE Tech CAGR Technology Fund: -8.22%; Benchmark : % Performance Record *- Growth Option Style Box -8.22% % Since Inception BSE Tech Long term investment of funds for capital appreciation in technology sector Company/Issuer Mkt Value (Rs. Lakh) % to NAV Broadcasting & Cable TV % New Delhi Television Limited % Computer Hardware % HCL Infosystems Ltd % CMC Ltd % Electrical Components & Equipment % Bharat Electronics Limited % Hardware % Solectron Centum Electronics Ltd % IT Consulting & Services 10, % Satyam Computer Services Limited 1, % Infosys Technologies Limited 1, % Tata Consultancy Services Limited 1, % Hexaware Technologies Ltd. 1, % I Flex Solutions Limited % Hughes Software Systems Limited % KPIT Infosystems % Subex Systems Limited % Geometric Software Solutions % Blue Star Infotech Ltd % Datamatics Technologies Limited % Quality Assurance Institute (I) Ltd % Mediline Equip & Computer Sys Ltd % SIP Technologies Limited 0.00 Ampersand Software Applications Ltd 0.00 Movies & Entertainment % Crest Communication Ltd % Pharmaceuticals % Dishman Pharmaceuticals & Chemicals Ltd % Telecommunications Equipment 1, % Tata Telecom Ltd. 1, % Cash, Call, CBLO & Reverse Repo % Other Current Assets (311.58) -2.16% Total Net Assets 14, Top Five Holdings *Returns < 1Year : Absolute, > = 1Year : CAGR Benchmark is BSE Tech Index. 31-Jan-04 & 31-Jul-04 were not Business Days. For Computation of returns the allotment NAV has been taken as Rs Sector Allocation* Movies & Entertainment Hardware Pharmaceuticals 2.43% 2.69% 2.80% Quantitative Indicators: Average P/E: Average P/BV: 5.72 Average Dividend Yield: 0.90 Annual Turnover Ratio : 1.53 times turnover has been computed as the ratio of the higher value of average purchase and average sales, to the average net assets in the past one year (since inception for schemes that have not completed a year). The figures are not netted for derivative transactions. Broadcasting & Cable TV Computer Hardware Electrical Components & Equipment Telecommunications Equipment 3.27% 4.36% 4.48% 7.17% SIP Returns: As on 31 Jan, 2005 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns 1 Year SIP 31-Jan-04 12, , , % 3 Year SIP 31-Jan-02 36, , , % Since Inception 3-Mar-00 60, , , % Assume Rs invested every month. IT Consulting & Services 69.94% *Pertains to the equity investments only. 12

13 PruICICI Index Fund Indicative Investment Horizon: 5 yrs & more Inception date: Fund Size: Rs crore NAV (As on 31-Jan-05): Rs **Expense Ratio for the month of Jan '05: 1.25% Rs invested at inception: Index Fund Vs S&P CNX Nifty 23,000 21,000 19,000 17,000 15,000 13,000 11,000 9,000 7,000 5, % % % 26.95% 26.06% Hotels Packaged Foods Diversified Chemicals Marine Broadcasting & Cable TV Industrial Conglomerates Construction & Engineering Construction Materials Electric Utilities Consumer Finance Gas Utilities Motorcycle Manufacturers Heavy Electrical Equipment Aluminium Oil & Gas Refining & Marketing Tobacco Automobile Manufacturers Household Products Steel Pharmaceuticals Integrated Telecom Services Commodity Chemicals Banks Oil & Gas Exploration & Production IT Consulting & Services 13.62% 11.90% 0.28% 0.31% 0.38% 0.52% 0.71% 1.36% 1.46% 1.61% 1.99% 2.15% 2.18% 2.36% 2.48% 2.63% 2.81% 3.76% 4.19% 4.22% 5.35% 6.05% 6.53% 20.96% 20.56% Last 6 Months Last 1 Since Inception Prudential ICICI Index Fund Nifty 8.82% Rs Rs Feb-02 Apr-02 Jun-02 Aug-02 Oct-02 Dec-02 Feb-03 Apr-03 Jun-03 Aug-03 Oct-03 Dec-03 Feb-04 Apr-04 Jun-04 Aug-04 Oct-04 Dec-04 Prudential ICICI Index Fund Performance Record *- Cumulative Option Nifty CAGR Index Fund : 20.96%; Benchmark : 20.56% *Returns >= 1 Year are CAGR, < 1 Year are Absolute. Benchmark is S&P CNX Nifty. 31-Jan-04 & 31-Jul-04 were not Business Days. For computation of returns the allotment NAV has been taken as Rs Sector Allocation* *Pertains to the equity investments only % 13.09% 14.32% 5.00% % Long term investment of funds for capital appreciation by replicating S&P CNX Nifty index Company/Issuer Mkt Value (Rs. Lakh) % to NAV Aluminium % Hindalco Industries Limited % National Aluminium Company Limited % Automobile Manufacturers % Tata Motors Ltd % Maruti Udyog Ltd % Mahindra & Mahindra Limited % Banks % State Bank of India % ICICI Bank Limited % HDFC Bank Limited % Punjab National Bank % Oriental Bank of Commerce % Broadcasting & Cable TV % Zee Telefilms Limited % Commodity Chemicals % Reliance Industries Limited % Indian Petrochemicals Corporation Ltd % Construction & Engineering % Larsen & Toubro Limited % Construction Materials % Gujarat Ambuja Cement Limited % Associated Cement Companies Ltd % Consumer Finance % Housing Development Finance Corpn Ltd % Diversified Chemicals % Tata Chemicals Limited % Electric Utilities % Reliance Energy Ltd % Tata Power Company Limited % Gas Utilities % Gas Authority Of India Limited % Heavy Electrical Equipment % Bharat Heavy Electricals Limited % ABB Ltd % Hotels % Indian Hotels Company Limited % Household Products % Hindustan Lever Limited % Colgate Palmolive (India) Limited % Industrial Conglomerates % Grasim Industries Limited % Integrated Telecommunciation Services % Bharati Televentures Ltd % Mahanagar Telephone Nigam Ltd % Videsh Sanchar Nigam Limited % IT Consulting & Services % Infosys Technologies Limited % Wipro Limited % Satyam Computer Services Limited % HCL Technologies Limited % Marine % Shipping Corporation of India Ltd % Motorcycle Manufacturers % Hero Honda Limited % Bajaj Auto Limited % Oil & Gas Exploration & Production % Oil & Natural Gas Company Ltd % Oil & Gas Refining & Marketing % Bharat Petroleum Corpn. Limited % Hindustan Petroleum Corpn. Limited % Packaged Foods % Tata Tea Limited % Pharmaceuticals % Ranbaxy Laboratories Limited % Sun Pharmaceuticals Limited % Cipla Limited % Glaxo Smithklime Pharma Ltd % DR. Reddys Laboratories Limited % Dabur India Limited % Steel % Steel Authority of India Ltd % Tata Iron & Steel Co. Ltd % Tobacco % ITC Limited % Other Current Assets (0.08) -0.03% Total Net Assets Top Ten Holdings Quantitative Indicators: Average P/E: Average P/BV: 3.38 Average Dividend Yield: 1.89 Annual Turnover Ratio : 3.65 times turnover has been computed as the ratio of the higher value of average purchase and average sales, to the average net assets in the past one year (since inception for schemes that have not completed a year). The figures are not netted for derivative transactions. SIP Returns: As on 31 Jan, 2005 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns 1 Year SIP 31-Jan-04 12, , % 3 Year SIP 31-Jan-02 36, , , % Since Inception 26-Feb-02 37, , , % Assume Rs invested every month. 13

14 PruICICI SPIcE Fund Investment Horizon: 5 & more Inception date: Fund Size: Rs crores NAV (As on 31-Jan-05): Rs. Rs **Expense Ratio for the month of Jan '05: 0.80% Rs invested at inception: SPICE Vs BSE Sensitive Index 21,500 19,500 17,500 15,500 13,500 11,500 9,500 7,500 CAGR SPIcE Fund : 39.30%; Benchmark : 38.35% Performance Record* - Growth Option 45.00% % % % % Sector Allocation* 26.27% 26.80% Last 6 Months Last 1 Since Inception Prudential ICICI Spice Fund BSE SENSEX Broadcasting & Cable TV Oil & Gas Refining & Marketing Heavy Electrical Equipment Integrated Telecom Services Aluminium Industrial Conglomerates Electric Utilities Construction Materials Construction & Engineering Motorcycle Manufacturers Automobile Manufacturers Steel Consumer Finance Oil & Gas Exploration & Production Household Products Pharmaceuticals Tobacco Commodity Chemicals Banks IT Consulting & Services 15.78% 15.02% 0.91% 1.60% 1.69% 2.22% 2.35% 2.53% 2.71% 3.04% 3.05% 3.32% 3.87% 4.17% 4.26% 4.56% 4.57% 6.14% 6.18% 10.65% Rs Rs Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Prudential ICICI Spice Fund BSE SENSEX 39.30% 38.35% *Returns < 1Year : Absolute, > = 1Year : CAGR. Benchmark is BSE Sensitive Index 31-Jan-04 & 31-Jul-04 were not Business Days. For Computation of returns the allotment NAV has been taken as Rs % 17.19% 5.00% % 2 Long term investment of funds for capital appreciation by replicating the BSE Sensitive Index Company/Issuer Mkt Value (Rs. Lakh) % to NAV Aluminium % Hindalco Industries Limited % Automobile Manufacturers % Tata Motors Ltd % Maruti Udyog Ltd % Banks % ICICI Bank Limited % State Bank of India % HDFC Bank Limited % Broadcasting & Cable TV % Zee Telefilms Limited % Commodity Chemicals % Reliance Industries Limited % Construction & Engineering % Larsen & Toubro Limited % Construction Materials % Gujarat Ambuja Cement Limited % Associated Cement Companies Ltd % Consumer Finance % Housing Development Finance Corpn Ltd % Electric Utilities % Tata Power Company Limited % Reliance Energy Ltd % Heavy Electrical Equipment % Bharat Heavy Electricals Limited % Household Products % Hindustan Lever Limited % Industrial Conglomerates % Grasim Industries Limited % Integrated Telecommunciation Services % Bharati Televentures Ltd % IT Consulting & Services % Infosys Technologies Limited % Satyam Computer Services Limited % Wipro Limited % Motorcycle Manufacturers % Bajaj Auto Limited % Hero Honda Limited % Oil & Gas Exploration & Production % Oil & Natural Gas Company Ltd % Oil & Gas Refining & Marketing % Hindustan Petroleum Corpn. Limited % Pharmaceuticals % Ranbaxy Laboratories Limited % Cipla Limited % DR. Reddys Laboratories Limited % Steel % Tata Iron & Steel Co. Ltd % Tobacco % ITC Limited % Cash, Call, CBLO & Reverse Repo % Other Current Assets (4.31) -5.96% Total Net Assets Quantitative Indicators: Average P/E: Average P/BV: 3.72 Average Dividend Yield: 1.74 Annual Turnover Ratio : 1.52 times turnover has been computed as the ratio of the higher value of average purchase and average sales, to the average net assets in the past one year (since inception for schemes that have not completed a year). The figures are not netted for derivative transactions. *Pertains to the equity investments only. 14