The Asset Factsheet May 2015
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- Tiffany Christiana Conley
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1 The Asset Factsheet May 2015
2 Index Product Labeling Fund Manager Commentary HSBC Equity Fund HSBC India Opportunities Fund HSBC Midcap Equity Fund HSBC Progressive Themes Fund HSBC Tax Saver Equity Fund HSBC Dynamic Fund HSBC Dividend Yield Equity Fund HSBC Emerging Markets Fund HSBC Asia Pacific (Ex Japan) Dividend Yield Fund HSBC Brazil Fund HSBC Managed Solutions India - Growth HSBC Managed Solutions India - Moderate HSBC Managed Solutions India - Conservative HSBC Global Consumer Opportunities Fund Fund Managers - Equity Comparative Performance of Equity Schemes HSBC MIP - Savings Plan HSBC MIP - Regular Plan HSBC Income Fund - Investment Plan HSBC Income Fund - Short Term Plan HSBC Floating Rate Fund - Long Term Plan HSBC Cash Fund HSBC Gilt Fund HSBC Ultra Short Term Bond Fund HSBC Flexi Debt Fund Fund Managers - MIP & Debt Comparative Performance of MIP & Debt Schemes
3 Product Labeling HSBC Equity Fund (HEF) To create wealth over long term Investment in equity and equity related securities High Risk (Brown) HSBC Managed Solutions India - Moderate To create wealth and provide income over the long term Investments in a basket of debt mutual funds, equity mutual funds, gold & exchange traded funds, offshore mutual funds and money market instruments. Medium risk (Yellow) HSBC India Opportunities Fund (HIOF) To create wealth over long term Invests in equity and equity related securities across market capitalisations High Risk (Brown) HSBC Managed Solutions India - Conservative To create wealth over long term Investing predominantly in units of debt mutual funds as well as in a basket of equity mutual funds, gold & other exchange traded funds and money market instruments. Medium risk (Yellow) HSBC Midcap Equity Fund (HMEF) To create wealth over long term Invests in predominantly mid cap equity and equity related securities High Risk (Brown) HSBC Global Consumer Opportunities Fund - Benefiting from China s Growing Consumption Power (HGCOF) To create wealth over long term Investing predominantly in units of debt mutual funds as well as in a basket of equity mutual funds, gold & other exchange traded funds and money market instruments. Medium risk (Yellow) HSBC Progressive Themes Fund (HPTF) To create wealth over long term Invests in equity and equity related securities, primarily in themes that play an important role in India's economic development High Risk (Brown) HSBC MIP - Savings Plan (HMIP-S) Regular Income over medium term Investment in fixed income (debt and money market instruments) as well as equity and equity related securities Medium risk (Yellow) HSBC Tax Saver Equity Fund (HTSF) To create wealth over long term Invests in equity and equity related securities with no market capitilastion bias High Risk (Brown) HSBC MIP - Regular Plan (HMIP-R) Regular Income over medium term Investment in fixed income (debt and money market instruments) as well as equity and equity related securities Medium risk (Yellow) HSBC Dynamic Fund (HDF) This Product is suitable for investors whoare seeking*: To create wealth over long term Invests in equity and equity related securities and in debt instruments when view on equity markets is negative High Risk (Brown) HSBC Income Fund - Investment Plan (HIF-IP) Regular Income over long term Investment in diversified portfolio of fixed income securities Low risk (Blue) HSBC Dividend Yield Equity Fund (HDYEF) This Product is suitable for investors whoare seeking*: To create wealth over long term Invests in equity and equity related securities of companies facing "out-of-ordinary" conditions High Risk (Brown) HSBC Income Fund - Short Term Plan (HIF-STP) Regular Income over Medium term Investment in diversified portfolio of fixed income securities Low risk (Blue) HSBC Emerging Markets Fund (HEMF) To create wealth over long term Investment in equity and equity related securities of Emerging economies High Risk (Brown) HSBC Floating Rate Fund - Long Term Plan (HFRF-LTP) Liquidity over short term Investment in floating rate and fixed rate Debt and Money Market Instruments Low risk (Blue) HSBC Asia Pacific (Ex Japan)Dividend Yield Fund (HAPDF) To create wealth over long term Investment in equity and equity related securities of Asia Pacific countries (excluding Japan) through fund of funds route High Risk (Brown) HSBC Cash Fund (HCF) Overnight Liquidity over short term Invests in Money Market Instruments Low risk (Blue) HSBC Brazil Fund (HBF) To create wealth over long term Invests in equity and equity related securities through feeder route in Brazilian markets High Risk (Brown) HSBC Managed Solutions India - Growth To create wealth over long term Investing predominantly in units of equity mutual funds as well as in a basket of debt mutual funds, gold & exchange traded funds, offshore mutual funds and money market instruments. High Risk (Brown) *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. Note: Risk may be represented as: Blue:- investors understand thattheir principal will be at low risk. Yellow:- investors understand thattheir principal will be at medium risk. Brown:- investors understand thattheir principal will be at high risk. HSBC Gilt Fund (HGF) Regular Income over long term Investment in Government Securities Low risk (Blue) HSBC Ultra Short Term Bond Fund (HUSBF) Liquidity over short term Investment in Debt / Money Market Instruments Low risk (Blue) HSBC Flexi Debt Fund (HFDF) Regular Income over long term Investment in Debt / Money Market Instruments Low risk (Blue) 01
4 Fund Manager Commentary RBI's Monetary Policy The Reserve Bank of India (RBI) reduced policy rates by 25 bps in its second bi-monthly credit policy. The RBI took comfort from positive developments which happened on various pre-conditions set out by it in last meeting held in April Banks have started passing on the previous rate cuts into their lending rates, headline inflation is along the projected path, and administered price increases have remained muted, normalization of US monetary policy seems to have been pushed back, capacity utilization is low and subdued investment and credit growth all prompted it to act again. This monetary policy emphasises importance of strong food policy to keep inflationary expectations under check. Monetary easing can only create enabling conditions for government policy to take effect which would be implemented through stepping up of public investment in several areas that can attract private investments. This is important to address supply constraints and aid disinflation in medium term. Also infusing bank capital to clean up stressed assets is warranted for adequate credit flow. The policy has emphasised that this cut is front loaded, which means it is ahead of its time. Moreover, it has brought in medium term inflation target and easing supply constraints first time in the consideration set. This shows that we are focusing more on medium term inflation than month on month inflation data release while seasonal triggers will not be large consideration for the RBI going forward. The focus on sharp food policy to manage inflationary expectation also point towards this focus of the RBI. Though, the RBI has stated that the next move is data dependent, which is same as last policy statement, market is interpreting this as a long pause. We feel that monsoon and food inflation numbers going forward may open window for one more cut sometime later in the calendar year (CY2015) % Repo Rate Movement 9.00% 8.00% 7.00% 6.00% 5.00% 4.00% Jul/07 Dec/07 May/08 Oct/08 Mar/09 Aug/09 Jan/10 Jun/10 Nov/10 Apr/11 Sep/11 Feb/12 Jul/12 Dec/12 May/13 Oct/13 Mar/14 Aug/14 Jan/15 Jun/15 Repo Rate Source: Bloomberg ; RBI GDP growth estimates lowered by RBI India's Gross Domestic Product (GDP) for the March 2015 quarter grew by 7.5% year-on-year (YoY) vs 6.6% for December Unlike expenditure side GDP, growth in Gross Value Added (GVA) at basic constant prices moderated in quarter ended in March 2015 to 6.1% (YoY), from 6.8% (YoY) and 8.4% (YoY) in the previous two quarters. The moderation in GVA during quarter ended March 2015 was led primarily by a sharp reduction in "public administration/defense/other services". This could be attributed to weakness in plan spending during fourth quarter financial year (Q4FY15) to meet the headline fiscal deficit target of 4.1% of GDP. Lead Indicators The Consumer Price Index (CPI) eases further Retail inflation in form of Consumer price index (CPI) slowed for second month in a row, supported by a favorable base effect. Food inflation eased to a four month low with vegetable prices continuing to fall. Fuel inflation moved higher along with education, medical and transport expenses. The rural wage growth picked up moderately. Inflation expectation remains in high single digit. Three key issues which currently seem to add pressure on inflation projection are as below: - Projection of below normal monsoon - Inching crude oil prices - Volatile external environment 10 CPI Inflation (%) Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 Consumer Price Index (CPI) Source: Bloomberg ; Central Statistical Organization (CSO) India 02
5 Fund Manager Commentary The Wholesale Price Index (WPI) inflation stays low WPI inflation was lower than expectation. WPI inflation for April 2015 came at negative 2.65%. The sharp deceleration was largely driven by the contraction in prices of fuel, minerals and energy components all of which are directly linked to the global commodity cycle. Index of Industrial Production (IIP) lowers than expectation Industrial production declined to 2.1% for the month of March 2015 vs 5.0% in the previous month. The moderation was driven by consumer goods, which turned negative after registering solid growth last month as the favorable base effects seen in February 2015 dropped out. Index of Industrial Production (IIP) 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% -1.0% -2.0% -3.0% -4.0% Jan/13 Feb/13 Mar/13 Apr/13 May/13 Jun/13 Jul/13 Aug/13 Sep/13 Oct/13 Nov/13 Dec/13 Jan/14 Feb/14 Mar/14 Apr/14 May/14 Jun/14 Jul/14 Aug/14 Sep/14 Oct/14 Nov/14 Dec/14 Jan/15 Feb/15 Mar/15 IIP YoY Growth (New Series; base ) Source: Bloomberg ; Central Statistical Organization (CSO) India External Trade deficit data: Both exports and imports saw a decline (YoY) and the trade deficit saw a sequential decline to ~USD 11 billion for the month of April 2015 (~USD 11.8 billion in March 2015). Exports at ~USD 22.1 billion (vs. ~USD 24 billion in March 2015) declined 14.1% (YoY), while imports saw a decline of 7.5% (YoY) at USD 33 billion (vs. ~USD 35.7 billion in March 2015). Trade deficit moderated mainly due to dip in gold imports on a sequential basis month-on-month (MoM), but it saw a significant increase on a YoY basis. However, exports growth remained on a weak trajectory due to the contraction in both commodity and non-commodity exports. The capital goods imports growth remained in the positive territory for the third consecutive month, implying some domestic recovery process. Data on Institutional Flows: Domestic Institutional Investors (DII) interest revival in equities came to the fore with the segment net buying equities to the tune of ~USD 1.34 billion during May 2015 (~USD 1.82 billion in April 2015) and outpaced the Foreign Institutional Investor (FII) net inflows which slipped into the negative territory during the month. Domestic insurers saw second consecutive month of net inflows while domestic MFs continued on the net buying momentum. The FIIs have so far net bought Indian equities worth ~USD 7.15 billion this calendar year (CY2015), while year-to-date (YTD) net inflows from the DII segment has also been strong at ~USD 2.19 billion (YTD). Global Economic Scenario The Federal Open Market Committee (FOMC) kept policy unchanged at its April meeting. It acknowledged weaker economic growth during the winter months. Nevertheless, it attributes weaker growth to, transitory factors" and did not change its assessment that the economy will gradually "expand at a moderate pace". Dropping the pledge to be patient marks a shift away from the explicit calendar based guidance on the future policy path to be more data dependent guidance. US GDP and inflation forecasts were adjusted downwards. Economic growth for 4Q 15 was cut to %, down from 3% in December. Inflation will range from % by end 2015, down from 1 1.6% projected in December. Equity Market Update Indian equity markets bounced in May 2015, after lacklustre performance of the previous two months. Though muted quarterly earnings season and lack of policy decisions failed to inspire, anticipation of a rate cut kept the market participants engaged. Monthly inflation releases were positive with the trends in both Consumer Price Index (CPI) & Wholesale Price Index (WPI) showing sustained deceleration. While the industrial output data showed volatility, the combination of both these readings revived the hopes of a rate action by the Reserve Bank of India (RBI) in the June Overall quarterly earnings for the Indian corporate sector continued to be sluggish and disappointed even on a low set of expectations. The second leg of the budget session of the Parliament ended without any major policy breakthroughs as the Goods and Service Tax (GST) and Land Acquisition bills were referred to Parliamentary committees for further deliberations. The Government is facing hurdles in passing both these crucial bills in upper house (Rajya Sabha) of the parliament, where it doesn't have enough majority. On the positive side, the productivity of the budget session was among the highest in the recent times with the Lok Sabha & Rajya Sabha clocking 117% & 101% productivity levels respectively. India's Gross Domestic Product (GDP) for the March 2015 quarter grew by 7.5% year-on-year (YoY) vs 6.6% for December 2014, as per the new series data with the base year financial year (FY) On a full year basis, financial year (FY15) GDP accelerated to 7.3% YoY vs 6.9% in FY14, as per the new series. Investments growth picked up but consumption slowed during the March 2015 quarter. Domestic market indices S&P BSE Sensex & Nifty gained 3% and 3.1%, while the broader market indices i.e. S&P BSE Midcap and S&P BSE Small cap also posted similar gains during the month. 03
6 Fund Manager Commentary 4.0% 3.0% 2.0% 1.0% 0.0% -1.0% -2.0% -3.0% -4.0% Indices Performance - May 2015 Sensex BSE100 BSE200 BSE500 BSE BSE MidCap SmallCap Source: Bombay Stock Exchange (BSE) *BSE Midcap & BSE Small has been reconstituted during Apr 2015 and hence the returns for those 2 indices are as per the new constituted indices. Equity Markets Going forward Equity markets saw a bounce in May 2015, after 2 months of subdued performance, though there were not enough fundamental triggers on display during the month. The quarterly earnings season continued to disappoint and the earnings recovery expectations are now getting pushed back further with a higher emphasis on the monetary easing cycle. There were no positive triggers on the legislative reform side too, as the government failed to make any definitive agreement with the opposition on the two crucial reform items viz the GST & Land Acquisition bills. Apart from the RBI policy meet related expectations, there may not be any immediate triggers available for the equity markets as the focus will now shift back to corporate sector performance, earnings growth and other fundamentals. Positive surprises on the key pending legislative reforms could renew confidence of the market participants and monsoon session of the parliament will be looked at with a lot of hopes in that context. A weak monsoon season as estimated by Indian Meteorological Department will be another risk, especially in the context of its impact on inflation and thereby influencing the monetary easing decision of the RBI. Despite these near term factors, the longer term picture for India is unmistakably positive and results from equity investments should be judged from a long term perspective. We can see that regardless of the slow pace of reforms in the past there are significant success stories that bear testimony to the India story and see them as torchbearers for the future and these are Demographics, Deregulation & Domestic Demand. We believe that equities may provide the potential to deliver handsome returns vis-à-vis other alternatives over a longer term investment horizon. Investments in the economy may not have picked up yet, but a gradual return of capital and an enabling environment, can unleash a multi-year up-cycle for equities. We stay positive on equities and urge investors to stay invested & keep investing incrementally too, and look at this asset class as an avenue for long term wealth creation. Debt Market Update Bond yields remained range bound ahead of the monetary policy. The announcement of new benchmark ten year brought in some appetite for bonds at the auctions. Persistent supply of bonds (auctions) and profit booking by banks had declined the appetite for bonds over the last month despite prospects of reduction in benchmark rate at the upcoming monetary policy meet. Post policy, yields moved up across the segment interpreting the RBI's tone as hawkish and signaling long pause going forward. Credit yields continued to trade higher as Foreign Portfolio Investor's (FPI) turned net sellers in this segment. Volumes have remained low owing to lining up of few primary issuances leading to lower appetite for credits. It may be noted that the credit spreads had shrunk on the back of demand from FII investors amidst lower supply. Overnight and money market rates remained high for bulk of the month on back of higher government balances and demand for liquidity by non-banking participants. However, prospects of rate cut and spending by government, rates eased towards the end of the month. Debt Market Going Forward Transmission is the main trigger that RBI is looking at and the same could be achieved now with strong push from the RBI to banks. Also with credit growth at about 10% it is imperative for banks to pass on the rate reduction to borrowers. Rate easing was largely expected and market reacted to its own interpretation of pause in a knee jerk manner. However, we feel that with overnight rate at 7.25%, it is good value to buy 10 year G-sec at around 7.70% levels. Next one month could possibly to witness lower net supply of G-Sec resulting in range-bound bond prices. We expect lower CPI inflation and food management from government to drive next move in bonds. Easing of inflation trends and supply side bottlenecks due to government initiatives/policies, could pave way for rate reduction in second half of the year which augurs well for maintaining duration bias on INR rates. Source: Bloomberg, for all data except where mentioned otherwise 04
7 Fund Manager Commentary Sectors HSBC Equity Fund HSBC India Opportunities Fund HSBC Midcap Equity Fund # Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecommunication Utilities Overweight Underweight Neutral # The S&P BSE Midcap Index was reconstituted in mid of April 2015 and hence the relative sector positioning of the fund vs. the benchmark has changed. Review: HSBC Equity Fund Being overweight information technology and underweight materials, utilities helped performance while being overweight consumer discretionary, financials and underweight consumer staples, industrials, telecommunication hurt performance. Review: HSBC India Opportunities Fund Being overweight industrials, information technology, materials and underweight utilities helped performance while being overweight healthcare and underweight consumer staples, energy, telecommunication hurt performance. Review: HSBC Midcap Equity Fund Being overweight energy and underweight utilities helped performance while being overweight industrials, information technology, materials and underweight consumer staples, healthcare hurt performance. Review: HSBC Progressive Themes Fund Currently focusing on the following themes; 1. Economic Reforms (22%) which includes Financial sector reform- 10.6% & Oil & Gas Sector deregulation sub theme- 11.4% and 2. Infrastructure (63%) which includes Power- 12.3%, Construction 30.9% and Logistics- 19.9%. Well diversified exposure across sectors encompassing the above themes. Review: HSBC Dynamic Fund The cash levels and sector allocation in the fund are likely to change depending on the market conditions and technical factors. Review: HSBC MIP Regular and Savings Plans Our current exposure is 14.02% in HMIP Regular and 23.54%, in HMIP Savings. Currently it is more biased towards large caps than mid or small caps. 05
8 HSBC Equity Fund (HEF) An Open Ended Diversified Equity Scheme Investment Objective: Aims to generate long term capital growth from an actively managed portfolio of equity and equity related securities. Fund Manager Minimum Application Amount Statistical Ratios Standard Deviation R-Squared Beta (Slope) Sharpe Ratio** Regular 2.39% Direct Plan 1.69% Excludes service tax on Investment Management fees of 0.17% Regular 2.39% Direct Plan 1.69% Excludes service tax on Investment Management fees of 0.17% Portfolio Turnover 10-Dec-02 S&P BSE 200 ` Neelotpal Sahai `10,000 `1,000 p.m.() 0.96% Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. Effective from March 1, 2013 for prospective investments. **Risk free rate:7.83% (364 days Treasury bill yield on May 31, 2015). Auto 9.38% AutoAncillaries 2.59% Banks 26.52% Construction Project 1.89% Consumer Non Durables 7.04% Finance 6.00% Minerals/Mining 2.38% Non - Ferrous Metals 2.09% Oil 3.26% Pesticides 2.31% Petroleum Products 1.67% Pharmaceuticals 8.89% Power 1.09% Software 14.78% Telecom - Services 1.52% Transportation 3.97% Other Equity Investments 0.85% Reverse Repos/CBLOs 2.74% Net Current 1.03% Total Net % Upon payment of dividend, the NAV per unit falls to the extent of payout and statutorylevy, if any. Face value: `10 per unit. Auto Tata Motors 2, % Maruti Suzuki India 2, % Hero Motocorp 1, % Auto Ancillaries Motherson Sumi Systems 1, % Banks ICICI Bank 4, % HDFC Bank 4, % Axis Bank 3, % Yes Bank 2, % Indusind Bank 1, % State Bank Of India 1, % Construction Project Larsen & Toubro 1, % Consumer Non Durables ITC 3, % Glaxosmithkline Consumer Healthcare 1, % Finance Housing Development Finance Corporation 1, % Bajaj Finance 1, % Shriram Transport Finance Co % Minerals/Mining Coal India 1, % Non - Ferrous Metals Vedant 1, % Oil Oil & Natural Gas Corporation 2, % Pesticides UPL 1, % Petroleum Products Reliance Industries 1, % Pharmaceuticals Glenmark Pharmaceuticals 2, % Dr. Reddy's Laboratories 1, % Sun Pharmaceutical Industries 1, % Aurobindo Pharma 1, % Power Power Grid Corporation Of India % Software Tata Consultancy Services 3, % HCL Technologies 3, % Infosys 2, % Tech Mahindra 1, % Telecom - Services Bharti Airtel 1, % Transportation Adani Ports & Special Economic Zone 1, % Gujarat Pipavav Port % Other Equity Investments % Reverse Repos 1, % CBLO % Net Current % Total Net as on 31-May , % Dividend Declaration Record Date / period of dividend declared Non-Institutional Institutional NAV ( `) per unit (cum dividend) HSBC Equity Fund - Dividend 19-Nov Feb Jun HSBC Equity Fund - Dividend - Direct Plan 22-Feb Jun
9 HSBC India Opportunities Fund (HIOF) An Open Ended Flexi-Cap Equity Scheme Investment Objective: Seeks long term capital growth through investments across all market capitalisations, including small, mid and large cap stocks. It aims to be predominantly invested in equity & equity related securities. However it could move a significant portion of its assets towards fixed income securities if the fund manager becomes negative on equity markets. Fund Manager Minimum Application Amount Statistical Ratios Standard Deviation R-Squared Beta (Slope) Sharpe Ratio** Regular 2.45% Direct Plan 1.75% Excludes service tax on Investment Management fees of 0.18% Regular 2.46% Direct Plan 1.76% Excludes service tax on Investment Management fees of 0.08% on Regular Plan and 0.09% on Direct Plan of Total Net. Portfolio Turnover 0.39 Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. Effective from March 1, 2013 for prospective investments. **Risk free rate:7.83% (364 days Treasury bill yield on May 31, 2015). 24-Feb-04 S&P BSE 500 ` Neelotpal Sahai `10,000 `1,000 p.m.() 0.92% Auto 4.17% AutoAncillaries 1.24% Banks 25.25% Cement 1.21% Chemicals 2.36% Construction 3.24% Construction Project 2.86% Consumer Non Durables 5.23% Finance 3.39% Industrial Products 3.16% Media & Entertainment 1.47% Minerals/Mining 1.59% Pesticides 2.81% Pharmaceuticals 9.26% Software 15.12% Textile Products 2.93% Transportation 3.58% Other Equity Investments 3.45% Reverse Repos/CBLOs 3.20% Net Current 4.48% Total Net % Upon payment of dividend, the NAV per unit falls to the extent of payout and statutorylevy, if any. Face value: `10 per unit. Auto Tata Motors 2, % Auto Ancillaries Motherson Sumi Systems % Banks ICICI Bank 2, % Axis Bank 2, % HDFC Bank 2, % Yes Bank 1, % Indusind Bank 1, % State Bank Of India % Indian Bank % Cement Ultratech Cement % Chemicals Vinati Organics 1, % Construction IRB Infrastructure Developers % Prestige Estates Project % Construction Project Larsen & Toubro 1, % Consumer Non Durables ITC 1, % Hindustan Unilever % Finance LIC Housing Finance % Shriram Transport Finance Co % Industrial Products Supreme Industries 1, % Finolex Industries % Media & Entertainment D.B.Corp % Minerals/Mining Coal India % Pesticides UPL 1, % Pharmaceuticals Glenmark Pharmaceuticals 1, % Dr. Reddy's Laboratories 1, % Aurobindo Pharma % IPCA Laboratories % Software HCL Technologies 2, % Tata Consultancy Services 1, % Tech Mahindra 1, % Cyient % Infosys % Mindtree % Textile Products Indian Terrain Fashions % Arvind % Transportation Gateway Distriparks % Gujarat Pipavav Port % Other Equity Investments 1, % Reverse Repos 1, % CBLO % Net Current 2, % Total Net as on 31-May , % Dividend Declaration Record Date / period of dividend declared Non-Institutional Institutional NAV ( `) per unit (cum dividend) HSBC India Opportunities Fund - Dividend 04-Feb Jun Mar HSBC India Opportunities Fund - Dividend Direct Plan 04-Feb Jun Mar
10 HSBC Midcap Equity Fund (HMEF) An Open Ended Diversified Equity Scheme Investment Objective: Seeks to generate long term capital growth from an actively managed portfolio of equity and equity related securities primarily being midcap stocks. However, it could move a portion of its assets towards fixed income securities if the fund manager becomes negative on the Indian equity markets. Fund Manager Minimum Application Amount Statistical Ratios Standard Deviation R-Squared Beta (Slope) Sharpe Ratio** Regular 2.51% Direct Plan 1.81% Excludes service tax on Investment Management fees of 0.12% Regular 2.52% Direct Plan 1.82% Excludes service tax on Investment Management fees of 0.12% Portfolio Turnover 0.33 Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. Effective from March 1, 2013 for prospective investments. **Risk free rate:7.83% (364 days Treasury bill yield on May 31, 2015). 19-May-05 S&P BSE Midcap ` Dhiraj Sachdev `10,000 `1,000 p.m.() 1.08% Auto 1.97% AutoAncillaries 7.84% Banks 12.79% Cement 2.97% Chemicals 5.74% Construction 2.66% Consumer Non Durables 3.74% Finance 13.76% Industrial Capital Goods 5.18% Industrial Products 1.57% Media & Entertainment 2.18% Pesticides 7.75% Petroleum Products 5.45% Pharmaceuticals 3.34% Power 1.23% Software 1.79% Textile Products 2.94% Transportation 4.30% Other Equity Investments 11.57% Reverse Repos/CBLOs 1.06% Net Current 0.17% Total Net % Our exposure to midcap stocks in HSBC Midcap Equity Fund (HMEF) is % Upon payment of dividend, the NAV per unit falls to the extent of payout and statutorylevy, if any. Face value: `10 per unit. Auto VST Tillers Tractors % Auto Ancillaries Sundram Fasteners % Balkrishna Industries % Apollo Tyres % Suprajit Engineering % Banks Yes Bank 1, % DCB Bank 1, % Federal Bank % Syndicate Bank % Jammu & Kashmir Bank % Cement Prism Cement % Everest Industries % Chemicals Vinati Organics 1, % Atul % Construction National Buildings Construction Corp % IRB Infrastructure Developers % Consumer Non Durables CCL Products (India) 1, % Finance Dewan Housing Finance Corporation 1, % Indiabulls Housing Finance 1, % Motilal Oswal Financial Services 1, % Cholamandalam Investment & Fin Co. 1, % Industrial Capital Goods BEML 1, % Sanghvi Movers % Industrial Products Finolex Industries % Media & Entertainment HT Media % Jagran Prakashan % Pesticides UPL 1, % PI Industries % Petroleum Products Hindustan Petroleum Corporation 1, % Gulf Oil Lubricants % Pharmaceuticals Aurobindo Pharma 1, % Power Kalpataru Power Transmission % Software Persistent Systems % Textile Products Arvind % Indian Terrain Fashions % Transportation Gujarat Pipavav Port % Gateway Distriparks % Other Equity Investments 4, % Reverse Repos % CBLO % Net Current % Total Net as on 31-May , % Dividend Declaration Record Date / period of dividend declared Non-Institutional Institutional NAV ( `) per unit (cum dividend) HSBC Midcap Equity Fund - Dividend 24-Mar Dec Nov
11 HSBC Progressive Themes Fund (HPTF) An Open Ended Flexi-Theme Equity Scheme Investment Objective: Seeks to generate long term capital growth from an actively managed portfolio of equity and equity related securities by investing primarily in sectors, areas and themes that play an important role in, and/or benefit from India's progress, reform process and economic development. Fund Manager Minimum Application Amount Statistical Ratios Standard Deviation R-Squared Beta (Slope) Sharpe Ratio** 23-Feb-06 S&P BSE 200 ` Dhiraj Sachdev `10,000 `1,000 p.m.() 1.32% Regular 2.63% Direct Plan 1.92% Excludes service tax on Investment Management fees of 0.20% Regular 2.63% Direct Plan 1.93% Excludes service tax on Investment Management fees of 0.20% Portfolio Turnover 0.10 Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. Effective from March 1, 2013 for prospective investments. **Risk free rate:7.83% (364 days Treasury bill yield on May 31, 2015). AutoAncillaries 2.97% Banks 4.84% Cement 8.74% Construction 10.76% Construction Project 2.82% Finance 5.16% Gas 1.75% Industrial Capital Goods 8.32% Industrial Products 8.41% Minerals/Mining 1.91% Petroleum Products 9.42% Power 11.65% Transportation 19.85% Other Equity Investments 2.40% Reverse Repos/CBLOs 1.82% Net Current -0.82% Total Net % Upon payment of dividend, the NAV per unit falls to the extent of payout and statutorylevy, if any. Face value: `10 per unit. Auto Ancillaries Apollo Tyres % Banks Jammu & Kashmir Bank % Karnataka Bank % Cement Everest Industries % Ahluwalia Contracts (India) % HIL % Construction National Buildings Construction Corp % IRB Infrastructure Developers % KNR Constructions % Construction Project Larsen & Toubro % Gammon Infrastructure Projects % Finance Rural Electrification Corporation % Gas Gujarat State Petronet % Industrial Capital Goods BEML % Sanghvi Movers % Industrial Products FAG Bearings India 1, % Minerals/Mining Gujarat Mineral Development Corporation % Petroleum Products Hindustan Petroleum Corporation 1, % Indian Oil Corporation % Power JSW Energy % Power Grid Corporation Of India % Reliance Infrastructure % PTC India % Transportation Gujarat Pipavav Port 1, % Gateway Distriparks % Adani Ports & Special Economic Zone % Other Equity Investments % Reverse Repos % CBLO % Net Current % Total Net as on 31-May , % Dividend Declaration Record Date / period of dividend declared Non-Institutional Institutional NAV ( `) per unit (cum dividend) HSBC Progressive Themes Dividend 11-May May
12 HSBC Tax Saver Equity Fund (HTSF) An Open Ended Equity Linked Savings Scheme (ELSS) Investment Objective: Aims to provide long term capital appreciation by investing in a diversified portfolio of equity & equity related instruments of companies across various sectors and industries, with no capitalisation bias. The Fund may also invest in fixed income securities. Fund Manager Minimum Application Amount Statistical Ratios Standard Deviation R-Squared Beta (Slope) Sharpe Ratio** 05-Jan-07 S&P BSE 200 ` Aditya Khemani `500 (Lumpsum & ) 0.89% Regular 2.58% Direct Plan 1.88% Excludes service tax on Investment Management fees of 0.19% Regular 2.58% Direct Plan 1.88% Excludes service tax on Investment Management fees of 0.19% Portfolio Turnover 0.47 Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. Effective from March 1, 2013 for prospective investments. **Risk free rate:7.83% (364 days Treasury bill yield on May 31, 2015). Auto 5.24% AutoAncillaries 7.01% Banks 27.14% Cement 2.16% Construction Project 3.89% Consumer Non Durables 4.86% Finance 5.27% Industrial Capital Goods 2.10% Industrial Products 5.14% Minerals/Mining 1.58% Oil 2.09% Pesticides 1.34% Pharmaceuticals 8.19% Software 11.74% Textile Products 4.01% Transportation 3.80% Reverse Repos/CBLOs 4.83% Net Current -0.39% Total Net % Upon payment of dividend, the NAV per unit falls to the extent of payout and statutorylevy, if any. Face value: `10 per unit. Auto Maruti Suzuki India % Tata Motors % Auto Ancillaries Amara Raja Batteries % MRF % Motherson Sumi Systems % Apollo Tyres % Banks HDFC Bank 1, % Axis Bank % ICICI Bank % Indusind Bank % Federal Bank % Jammu & Kashmir Bank % State Bank of India % Cement The Ramco Cements % Construction Project Larsen & Toubro % Consumer Non Durables ITC % Mcleod Russel India % Finance LIC Housing Finance % Shriram Transport Finance Co % Housing Development Finance Corporation % Industrial Capital Goods Crompton Greaves % Industrial Products Supreme Industries % Finolex Industries % Orient Refractories % Minerals/Mining Coal India % Oil Oil & Natural Gas Corporation % Pesticides UPL % Pharmaceuticals IPCA Laboratories % Dr. Reddy's Laboratories % Sun Pharmaceutical Industries % Glenmark Pharmaceuticals % Software Tata Consultancy Services 1, % HCL Technologies % Infosys % Tech Mahindra % Textile Products Arvind % Indian Terrain Fashions % Transportation Gateway Distriparks % Gujarat Pipavav Port % Other Equity Investments % Reverse Repos % CBLO % Net Current % Total Net as on 31-May , % Dividend Declaration Record Date / period of dividend declared Non-Institutional Institutional NAV ( `) per unit (cum dividend) HSBC Tax Saver Equity Fund Dividend 19-Feb Oct Mar HSBC Tax Saver Equity Fund Dividend Direct 17-Oct Mar
13 HSBC Dynamic Fund (HDF) An Open Ended Scheme Investment Objective: To provide long term capital appreciation by allocating funds in equity and equity related instruments. It also has the flexibility to move, entirely if required, into debt instruments in times that the view on equity markets seems negative. Fund Managers Minimum Application Amount Statistical Ratios Standard Deviation R-Squared Beta (Slope) Sharpe Ratio** 24-Sep-07 S&P BSE 200 ` Neelotpal Sahai (for Equity portion) Sanjay Shah (for Fixed Income portion) `10,000 `1,000 p.m.() 0.78% Regular 2.69% Direct Plan 1.99% Excludes service tax on Investment Management fees of 0.20% Regular 2.69% Direct Plan 1.99% Excludes service tax on Investment Management fees of 0.20% Portfolio Turnover 0.59 Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. Effective from March 1, 2013 for prospective investments. **Risk free rate:7.83% (364 days Treasury bill yield on May 31, 2015). Auto 6.17% AutoAncillaries 1.56% Banks 19.80% Cement 1.91% Construction Project 3.97% Consumer Non Durables 6.82% Finance 1.98% Minerals/Mining 2.13% Non - Ferrous Metals 1.10% Pesticides 2.66% Petroleum Products 3.51% Pharmaceuticals 6.20% Power 2.30% Software 8.07% Telecom - Services 2.04% Transportation 2.07% Other Equity Investments 0.97% Reverse Repos/CBLOs 27.67% Net Current -0.93% Total Net % Auto Tata Motors % Auto Ancillaries Motherson Sumi Systems % Banks HDFC Bank % ICICI Bank % Yes Bank % Axis Bank % Cement Ultratech Cement % Construction Project Larsen & Toubro % Consumer Non Durables ITC % Hindustan Unilever % Finance Housing Development Finance Corporation % Minerals/Mining Coal India % Non - Ferrous Metals Vedant % Pesticides UPL % Petroleum Products Reliance Industries % Pharmaceuticals Dr. Reddy's Laboratories % Glenmark Pharmaceuticals % Power Power Grid Corporation Of India % Software Tata Consultancy Services % HCL Technologies % Telecom - Services Bharti Airtel % Transportation Adani Ports & Special Economic Zone % Other Equity Investments % Reverse Repos 1, % CBLO % Net Current % Total Net as on 31-May , % 11
14 HSBC Dividend Yield Equity Fund (HDYEF) An Open Ended Equity Scheme Investment Objective: To provide long-term capital growth from a diversified portfolio of equity and equity related instruments. The focus would be to invest in stocks of companies facing "out-of-ordinary" conditions. Fund Managers Minimum Application Amount Statistical Ratios Standard Deviation R-Squared Beta (Slope) Sharpe Ratio** Portfolio Turnover 21-Mar-07 S&P BSE 200 ` Gaurav Mehrotra & Amaresh Mishra `10,000 `1,000 p.m.() 0.88% Regular 2.34% Direct Plan 1.64% Excludes service tax on Investment Management fees of 0.16% Regular 2.34% Direct Plan 1.64% Excludes service tax on Investment Management fees of 0.16% 0.35 Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. Effective from March 1, 2013 for prospective investments. **Risk free rate:7.83% (364 days Treasury bill yield on May 31, 2015). Auto 6.37% AutoAncillaries 4.77% Banks 20.45% Cement 1.63% Construction 2.10% Construction Project 3.65% Consumer Non Durables 9.07% Finance 2.04% Industrial Products 3.10% Media & Entertainment 1.70% Minerals/Mining 3.72% Non - Ferrous Metals 2.54% Oil 3.28% Pharmaceuticals 3.99% Power 2.91% Software 18.40% Transportation 3.10% Other Equity Investments 2.55% Reverse Repos/CBLOs 5.38% Net Current -0.75% Total Net % Auto Auto Ancillaries Banks Cement Construction Construction Project Consumer Non Durables Finance Industrial Products Media & Entertainment Minerals/Mining Non - Ferrous Metals Oil Pharmaceuticals Power Software Transportation Hero Motocorp % Maruti Suzuki India % Tata Motors % Amara Raja Batteries % MRF % ICICI Bank % Axis Bank % Federal Bank % Karur Vysya Bank % HDFC Bank % Jammu & Kashmir Bank % ACC % IRB Infrastructure Developers % Larsen & Toubro % ITC % Hindustan Unilever % Mcleod Russel India % Indiabulls Housing Finance % Supreme Industries % Finolex Industries % Sun TV Network % Coal India % Hindustan Zinc % Oil & Natural Gas Corporation % Lupin % Sun Pharmaceutical Industries % Power Grid Corporation of India % NTPC % Infosys % Tata Consultancy Services % Wipro % HCL Technologies % Eclerx Services % Gateway Distriparks % Other Equity Investments % Reverse Repos % CBLO % Net Current % Total Net as on 31-May , % 12
15 HSBC Emerging Markets Fund (HEMF) An Open Ended Scheme Investment Objective: To provide long term capital appreciation by investing in India and in the emerging markets, in equity and equity related instruments, share classes and units/securities issued by overseas mutual funds or unit trusts. The fund may also invest a limited proportion in domestic debt and money market instruments. Fund Manager Minimum `10,000 Application Amount `1,000 p.m.() Statistical Ratios Standard Deviation 0.72% R-Squared Beta (Slope) Sharpe Ratio** Regular 2.69% Direct Plan 1.99% (inclusive of underlying scheme's expenses) Excludes service tax on Investment Management fees of 0.11% Regular 2.69% Direct Plan 1.99% (inclusive of underlying scheme's expenses) Excludes service tax on Investment Management fees of 0.11% Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. Effective from March 1, 2013 for prospective investments. **Risk free rate:7.83% (364 days Treasury bill yield on May 31, 2015). 17-Mar-08 MSCI Emerging Markets Index ` Anitha Rangan (Dedicated fund manager for overseas investments) Overseas Mutual Fund 98.85% Reverse Repos/CBLOs 1.90% Net Current -0.75% Total Net % Overseas Mutual Fund HSBC GIF Glob Emerg Mkts Eq S1 Dis 1, % Reverse Repos % CBLO % Net Current % Total Net as on 31-May , % Dividend Declaration Record Date / period of dividend declared Non-Institutional Institutional NAV ( `) per unit (cum dividend) HSBC - Emerging Market Fund - Dividend 27-Jun HSBC - Emerging Market Fund - Dividend - Direct Plan 27-Jun Upon payment of dividend, the NAV per unit falls to the extent of payout and statutorylevy, if any. Face value: `10 per unit. 13
16 HSBC Asia Pacific (Ex Japan)Dividend Yield Fund (HAPDF) An Open Ended Fund of Funds Scheme Investment Objective: The primary investment objective of the Scheme is to provide long term capital appreciation by investing predominantly in units of HSBC Global Investment Funds (HGIF) Asia Pacific Ex Japan Equity High Dividend Fund (HEHDF). The Scheme may also invest a certain proportion of its corpus in money market instruments and / or units of liquid mutual fund schemes, in order to meet liquidity requirements from time to time. However, there is no assurance that the investment objective of the Scheme will be achieved. Fund Manager 24-Feb-14 MSCI AC Asia Pacific ex Japan ` Anitha Rangan (for overseas investments), Sanjay Shah (for investments in Indian Market) Overseas Mutual Fund HSBC GIF Asia Pacific EX Japan EQ HD-S9D 2, % Reverse Repos % CBLO % Net Current % Total Net as on 31-May , % Minimum Application Amount Statistical Ratios Standard Deviation R-Squared Beta (Slope) Sharpe Ratio** Regular 2.29% Direct Plan 1.59% (inclusive of underlying scheme's expenses) Excludes service tax on Investment Management fees of 0.08% Regular 2.29% Direct Plan 1.59% (inclusive of underlying scheme's expenses) Excludes service tax on Investment Management fees of 0.08% Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. Effective from March 1, 2013 for prospective investments. **Risk free rate:7.83% (364 days Treasury bill yield on May 31, 2015). `10,000 `1,000 p.m.() 0.52% Overseas Mutual Fund 98.32% Reverse Repos/CBLOs 2.27% Net Current -0.59% Total Net % 14
17 HSBC Brazil Fund (HBF) An Open-Ended Fund of Funds Scheme Investment Objective: The primary investment objective of the Scheme is to provide long term capital appreciation by investing predominantly in units/shares of HSBC Global Investment Funds (HGIF) Brazil Equity Fund. The Scheme may, at the discretion of the Investment Manager, also invest in the units of other similar overseas mutual fund schemes, which may constitute a significant part of its corpus. The Scheme may also invest a certain proportion of its corpus in money market instruments and/or units of liquid mutual fund schemes, in order to meet liquidity requirements from time to time. Fund Manager Minimum Application Amount Statistical Ratios Standard Deviation R-Squared Beta (Slope) Sharpe Ratio** 06-May-11 MSCI Brazil 10/40 Index ` Anitha Rangan (Dedicated fund manager for overseas investments) `10,000 `1,000 p.m.() 1.49% Regular 2.69% Direct Plan 1.99% (inclusive of underlying scheme's expenses) Excludes service tax on Investment Management fees of 0.11% Regular 2.69% Direct Plan 1.99% (inclusive of underlying scheme's expenses) Excludes service tax on Investment Management fees of 0.11% Overseas Mutual Fund HSBC GIF Brazil Equity S3D 3, % Reverse Repos % CBLO % Net Current % Total Net as on 31-May , % Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. Effective from March 1, 2013 for prospective investments. **Risk free rate:7.83% (364 days Treasury bill yield on May 31, 2015). Overseas Mutual Fund 98.34% Reverse Repos/CBLOs 3.40% Net Current -1.74% Total Net % 15
18 HSBC Managed Solutions India - Growth An Open Ended Fund of Funds Scheme Investment Objective: The objective of the Plan is to provide long term total return primarily by seeking capital appreciation through an active asset allocation with diversification commensurate with the risk profile of investments by investing predominantly in units of equity mutual funds as well as in a basket of debt mutual funds gold exchange traded funds (ETFs) and other ETFs, offshore mutual funds and money market instruments. Fund Managers Minimum Application Amount Statistical Ratios Standard Deviation R-Squared Beta (Slope) Sharpe Ratio** 30-Apr-14 Composite Index constituting 80% of BSE 200 Index and 20% of CRISIL Composite Bond Index ` Anitha Rangan (Dedicated Fund Manager for investments in foreign securities) Gaurav Mehrotra (For managing investments in Indian Market Equity Portion) Sanjay Shah (For managing investments in Indian Market Fixed Income Portion) `5,000 `1,000 p.m.() 0.77% Regular 2.29% Direct Plan 2.02% (inclusive of underlying scheme's expenses) Excludes service tax on Investment Management fees of 0.00% of Total Net and of 0.16% on the underlying scheme's in which the fund of fund invests. Regular 2.29% Direct Plan 2.02% (inclusive of underlying scheme's expenses) Excludes service tax on Investment Management fees of 0.00% of Total Net and of 0.16% on the underlying scheme's in which the fund of fund invests. Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. Effective from March 1, 2013 for prospective investments. **Risk free rate:7.83% (364 days Treasury bill yield on May 31, 2015). Mutual Fund HSBC Equity Fund - Growth Direct 7, % HSBC Midcap Equity Fund - Growth Direct 2, % HSBC Income Fund Short Term - Growth Direct 1, % HSBC Income Fund Inv Plan Growth Direct 1, % HSBC Flexi Debt Fund Growth Direct % Reverse Repos % CBLO % Net Current % Total Net as on 31-May , % Mutual Fund 99.48% Reverse Repos/CBLOs 1.10% Net Current -0.58% Total Net % 16
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