Fund Assure. Investment Report, October 2016 ` `

Transcription

1 Fund Assure Investment Report, October 2016

2 INVESTMENT REPORT Investment Report, October 2016 Dear Friends, The month of October 2016 saw the benchmark indices S&P BSE Sensex and Nifty 50 gain around 0.3%. The -cap index, Nifty Free Float -cap 100 surged 2.8% during the same period On the global front, the FOMC of the US Federal Reserve (Fed) left rates unchanged at its November meeting on expected lines while highlighting the strengthening US economy even as it acknowledged higher inflation levels. The Fed opined that the case for an increase in the federal funds rate had continued to strengthen but decided, for the time being, to wait for some further evidence of continued progress toward its objectives. This decision of Fed to hold interest rates had been widely expected owing to the proximity to the US presidential election with the focus now shifting to the Fed meeting in the month of December. On the domestic front, Standard & Poor's (S&P) reiterated India's sovereign rating of BBB- with a stable outlook while ruling out any upgrade for this year and the next. The S&P opined that the stable outlook balanced India's sound external profile and improved monetary credibility against the vulnerabilities stemming from its low per-capita income and weak public finances. S&P expected the economy to grow at 8% on an average over and the RBI to meet its inflation target of 5% by March The Union Cabinet gave in-principle approval for strategic sale and divesting management control in over two dozen public sector units, to be decided on a caseby-case basis largely in line with the recommendations of NITI Aayog. The Department of Investment and Public Asset Management will examine each company, based on merit, including the price and timing. The Centre had spelt out its intent in the Union Budget to raise 205bn from strategic disinvestment this fiscal, out of the disinvestment target of 565bn. The central government's fiscal deficit in India for the first half of fiscal FY 2017 has reached 83.9 % of the full fiscal FY 2017, on the back of a 12.9% increase in the government spending due to higher salaries and capital spends, spending growth led by subsidies, rural development, urban development, and roads. On the positive side the receipts for the first half of fiscal FY 2017 was at a robust 42% of full fiscal FY 2017, on the back of a strong tax receipts offset by weak non-tax receipts. It is expected that the revenues from divestment, black money scheme and sustained tax buoyancy in the second half would help the government to contain the fiscal deficit at the targeted level of 3.5% of the GDP. Trade deficit in the month of September was at USD 8.3 bn; higher than USD7.7 bn in the prior month with the September exports growth at 4.6% on a year on year basis against 0.3% contraction in the prior month. Imports contracted by 2.5% on a year on year basis in September against a much severe contraction of 14.1% in the prior month. In the first half of fiscal 2017, the trade deficit stood at around USD 42 bn with the export growth at a negative 1.4% year on year while import growth was at a negative 14%. The Consumer Price Index (CPI) inflation for September 2016 came in at 4.31%, lower than the market expectation of 4.6% as well as lower than the 5.05% registered in the prior month. Wholesale Price Index (WPI) inflation for September 2016 was at 3.57%, lower than the 3.74% in the prior month on the back of lower food prices. Going forward, many market experts expect food inflation to trend even lower on account of a robust Kharif output as well as various supply management measures from the government. Given the improving macroeconomic backdrop, we believe that the equity market offers a reasonable entry point for a long-term investor with a 3-5 year view. Team Investment 2

3 MARKET OUTLOOK Investment Report, October 2016 Equity Market Outlook The month of October 2016 saw the benchmark indices S&P BSE Sensex and Nifty 50 gain around 0.3%. The -cap index, Nifty Free Float -cap 100 surged 2.8% during the same period. The FII's were net sellers to the tune of USD 0.75 bn in the month of October after being net buyers for the prior seven months. The equity markets in the month of October saw favourable cues such as the RBI nudging the repo rate lower in its monetary policy review, sustained easing of inflationary pressures in India as indicated by the benign September CPI inflation print, US Fed's minutes reiterating a gradual increase in interest rates and the easing of regional geopolitical tensions. However, weak capex outlook as indicated by muted new projects announcements, tepid order books and low capacity utilization were negative cues. Early trends indicate that the second quarter FY 2017 earnings season saw a positive earnings surprise in sectors such as energy and consumer discretionary while sectors such as financials and IT have largely delivered muted results thus far. Some companies in the consumer staples sector reported marginally weak results on lower volume growth but market watchers expect the recovery in their volume growth led by good monsoons, which should support rural demand. The GST Council has proposed GST tax slabs for various goods and services at 0% for essential goods and services including some food items, 5% as threshold rate for goods such as textiles, 12% as a lower rate for goods and services, 18% as the standard GST rate, 28% as rate for luxury items including some consumer durables and additional cess above 28% for ultra-luxury items and demerit goods including luxury cars, SUVs, aerated drinks and tobacco products. Around 50% of the CPI basket is expected to fall in the 0% rate category even as most of the items in the CPI basket is likely to be taxed at a rate close to their current levels except for some services which could move to 18% tax bracket from the existing 15%. The Centre will compensate states for any revenue loss for a period of 5 years from the revenues it generates largely due to the cess imposed on sin goods, where the difference between their current tax rate and the highest tax rate under GST of 28% will be charged in the form of a cess. Moreover the revenues from the clean energy cess will further augment the compensation pool. The next steps in the GST implementation roadmap would be to pass the CGST and IGST bills in the winter session of Parliament, scheduled to start on November th 16 and the SGST bill in state assemblies in their winter sessions. It is expected that the IT infrastructure will be in place in time for testing and integration of GST st infrastructure so that the deadline of the April rollout would be met. The GST is expected to result in meaningful efficiency benefits across sectors by streamlining the supply chain and improving the ease of compliance. While the robust core sector print for the month of September indicates an uptick in economic activity, the Purchasing manager indices of manufacturing & services th for the month of October signal a sustained momentum in the economy in the near term. The 7 central pay commission awards and a nascent revival in the rural demand on the back of better monsoon could support consumption growth. However, the recovery in the investment cycle would need a prolonged boost from the consumption demand which would then help absorb existing unutilized capacities. This trigger for a higher level of consumption demand could be from the states th implementing their version of the 7 pay commission over the next fiscal. Going forward, domestic factors such as a revival in earnings growth as well as global factors such as liquidity and central bank's policy action would shape the trajectory of the Indian equity markets. Given the improving macro-economic backdrop, we believe that the equity market offers a reasonable entry point for a longterm investor with a 3-5 year view. 3

4 MARKET OUTLOOK Investment Report, October 2016 Debt Market Outlook Debt market in the month of October 2016 saw the benchmark 10 year Government security (G-sec) close the month at 6.89%, easing by 7bps over the month even as the 30 year G-sec hardened by 2 bps during the same period. The new 10-year G-sec closed the month at 6.79%, easing by 2 bps over the month. On the corporate bond side, the 10 year AAA corporate bond closed the month at around 7.51%, easing by 2 bps over the month. In the month of October, the Foreign Portfolio Investors (FPIs) turned sellers of Indian debt. The minutes of the Monetary policy committee (MPC) of the RBI in October largely signaled a dovish outlook with members indicating abating near-term inflation risks amid tepid growth as the rationale for the 25 bps repo rate cut in the fourth bi-monthly monetary policy review of the RBI. The MPC expected inflationary pressures to largely remain contained going forward on the back of a good monsoon, low capacity utilization in manufacturing sector holding back corporate pricing power and the effective supply management measures by the government even as some members highlighted the need to be vigilant around the upturn in inflation They noted that the economic activity remained subdued on weak private investments and trade, even though there were signs of a gradual recovery in growth which needed to be further supported. The MPC noted that the liquidity conditions had remained comfortable in the near term, with the RBI absorbing liquidity on a net basis through variable rate reverse repo auctions of varying tenors. Simultaneously, the RBI has also been injecting liquidity through open market purchases in line with the system's requirements. The MPC observed that the weighted average call money rate (WACR) remained tightly aligned with the policy repo rate and, in fact, traded with a soft bias. Additionally, the interest rates on commercial paper (CP) and certificates of deposit (CD) had also eased. The MPC minutes indicate that the October policy reflected a balancing act between inflation and growth even as the RBI still saw some upside risk to 5% inflation by March There could be further space for the RBI to nudge interest rates lower if the CPI inflation is contained especially if the MPC undertakes a flexible approach to inflation targeting and is comfortable with lower real interest rates in the economy. The government announced repurchase of government securities worth 200 bn due to mature in the January-August 2017 period by the reverse auction process. This initiative will utilize the surplus cash balances of the government as well as lower the redemption pressures in the subsequent years. We remain constructive on the fixed income market and believe that the sustained fall in the CPI inflation for the month of September as well as mitigation of inflationary pressures in food, especially pulses, opens up more space for the RBI to nudge the repo rate lower in the medium term, especially if the CPI inflation for the second half of fiscal FY 2017 undershoots the RBI's estimate of 5%. With FCNR outflows continuing and higher demand for currency in the festival season, market watchers expect RBI to undertake more open market purchases. We continue to believe that the RBI's effort to speed up the monetary transmission in the banking system as well as keeping liquidity at near neutral levels on a sustained basis will remain an important factor for bringing down interest rates in the economy. 4

5 Content Fund Assure, Investment Report, October 2016 Equity Fund Short Term Fixed Income Fund Income Fund Liquid Fund Bond Fund Balanced Fund 5

6 EQUITY FUND ULGF /03/04 E1 110 Fund Assure, Investment Report, October 2016 Fund Details Investment Objective: The primary investment objective of the fund is to generate long term capital appreciation from a portfolio that is invested predominantly in equity and equity linked securities. NAV as on 28 October, 16: Benchmark: S&P BSE Sensex - 100% Portfolio Instrument Industry/Rating % Of NAV Equity HDFC Bank Ltd. Banks 7.15 Reliance Industries Ltd. Refineries 6.40 Value Blend Growth Size Large Small Infosys Technologies Ltd. IT - Software 6.38 ICICI Bank Ltd. Banks 5.70 ITC Ltd. Tobacco Products 5.20 HDFC Ltd. Finance 5.14 Tata Motors Ltd. Automobile 4.43 Fund Performance Period Date NAV S&P BSE NAV INDEX Sensex Change Change Last 3 Months 29-Jul % -0.39% Last 6 Months 29-Apr % 9.12% Last 1 Year 30-Oct % 4.82% Last 2 Years 31-Oct % 0.14% Last 3 Years 31-Oct % 9.70% Last 4 Years 31-Oct % 10.85% Last 5 Years 31-Oct % 9.55% Since Inception 29-Mar % 13.66% Note: The investment income and prices may go down as well as up. Since Inception and returns above 1 Year are calculated as per CAGR. Sector Allocation Larsen and Toubro Ltd. Capital Goods-Non Electrical 4.21 Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 2.98 Tata Consultancy Services Ltd. IT - Software 2.90 Oil and Natural Gas Corpn Ltd. Crude Oil & Natural Gas 2.11 Mahindra and Mahindra Ltd. Automobile 2.05 HCL Technologies Ltd. IT - Software 1.91 Hindustan Unilever Ltd. FMCG 1.84 Tata Steel Ltd. Steel 1.78 Other Equity Exchange Traded Funds 4.21 Banks IT - Software Automobile Refineries Pharmaceuticals Finance Tobacco Products Capital Goods-Non Electrical Mining & Mineral Products Crude Oil & Natural Gas Others 17.63% 11.88% 9.76% 7.67% 6.59% 6.33% 5.20% 4.92% 2.59% 2.11% 16.15% Goldman Sachs Banking Index Exchange Traded Scheme 4.21 Total Asset Allocation 4.96% 4.21% 4.96% Exchange Traded Funds 4.21% 0.00% 10.00% 20.00% 30.00% 40.00% 90.83% Equity Exchange Traded Funds 6

7 SHORT TERM FIXED INCOME FUND ULGF /07/06 S1 110 Fund Assure, Investment Report, October 2016 Fund Details Investment Objective: Short Term Fixed Income Fund is a unit linked fund devised with the objective of generating stable returns by investing in fixed income securities having shorter maturity periods. Under normal circumstances, the average maturity of the fund may be in the range of 1-3 years. NAV as on 28 October, 16: Benchmark: CRISIL India Short Term Bond Index -100% High Low Fund Performance Note: The investment income and prices may go down as well as up. Since Inception and returns above 1 Year are calculated as per CAGR. Rating Profile Credit Quality Interest Rate Sensitivity High Low Period Date NAV Crisil Short Term NAV INDEX Bond Index Change Change Last 3 Months 29-Jul % 2.34% Last 6 Months 29-Apr % 5.10% Last 1 Year 30-Oct % 9.38% Last 2 Years 31-Oct % 9.37% Last 3 Years 31-Oct % 9.58% Last 4 Years 31-Oct % 9.26% Last 5 Years 31-Oct % 9.26% Since Inception 03-Jul % 8.17% Portfolio Instrument Industry/Rating % Of NAV Government Securities % GOI 03-Jun-19 Sovereign % GOI 11-Apr-18 Sovereign % GOI 02-Feb-19 Sovereign 5.49 Corporate Bonds % Blue Dart Express Ltd. 20-Nov-17 AA % IOC Ltd. 10-Sep-18 AAA % IDFC Bank Ltd. 02-Feb-18 AAA % PFC Ltd. 15-Apr-19 AAA % Bajaj Finance Ltd. 19-Aug-19 AAA % Bajaj Finance Ltd. 27-Sep-19 AAA % NHB 24-Dec-18 AAA % EXIM Bank 10-Jan-19 AAA UTI MMF - Instn Growth Plan 4.02 L&T Liquid Fund - Growth Total % 7.77% 7.75% 55.56% 2.47% Sovereign AAA AA Asset Allocation Maturity Profile 34.20% % % 89.76% 7.77% 80.00% 60.00% 2.47% 40.00% 20.00% 0.00% 10.24% Less than 1 Year 1-3 Years 55.56% Government Securities Corporate Bonds 7

8 INCOME FUND ULGF /03/04 I1 110 Fund Assure, Investment Report, October 2016 Fund Details Investment Objective: The primary investment objective of the fund is to generate income through investing in a range of debt and money market instruments of various maturities with a view to maximizing the optimal balance between yield, safety and liquidity. The fund will have no investments in equity or equity linked instruments at any point in time. NAV as on 28 October, 16: Benchmark: CRISIL Composite Bond Index -100% High Low Fund Performance Note: The investment income and prices may go down as well as up. Since Inception and returns above 1 Year are calculated as per CAGR. Rating Profile Credit Quality Interest Rate Sensitivity High Low Period Date NAV Crisil Composite NAV INDEX Bond Index Change Change Last 3 Months 29-Jul % 3.28% Last 6 Months 29-Apr % 7.22% Last 1 Year 30-Oct % 11.64% Last 2 Years 31-Oct % 11.30% Last 3 Years 31-Oct % 11.44% Last 4 Years 31-Oct % 9.76% Last 5 Years 31-Oct % 9.76% Since Inception 02-Mar % 6.81% 32.69% 12.24% 6.70% 37.36% 6.28% 3.95% 0.79% Sovereign AAA AA AA+ A1+ Portfolio Instrument Industry/Rating % Of NAV Corporate Bonds % HDFC Bank Ltd. 21-Sep-26 AAA % Tata Steel Ltd. 23-Apr-22 AA % LIC Housing Finance Ltd 30-Sep-24 AAA % Exim Bank 23-Jun-31 AAA % Yes Bank Ltd. 24-Feb-25 AA % Reliance Ports & Terminals Ltd. 18-Jul-21 AAA % NHPC Ltd 27-Jun-31 AAA % NHPC Ltd 27-Jun-31 AAA % IDFC Bank Ltd. 20-May-25 AAA % NTPC Ltd. 27-May-31 AAA % NPCIL 28-Mar-30 AAA % NPCIL 28-Mar-29 AAA % NPCIL 28-Mar-28 AAA % NPCIL 26-Mar-27 AAA % NTPC Ltd. 15-Dec-25 AAA % REC Ltd. 15-Jun-22 AAA % NTPC Ltd. 19-Jan-21 AAA 0.09 Government Securities % GOI 25-Nov-23 Sovereign % GOI 01-Dec-44 Sovereign % GOI 28-Jul-24 Sovereign % GOI 26-Oct-55 Sovereign % GOI 06-Sep-26 Sovereign % GOI 04-Feb-26 Sovereign % GOI 22-Jun-45 Sovereign % GOI 24-Nov-26 Sovereign UTI MMF - Instn Growth Plan 4.25 ICICI Prudential Liquid - Regular Plan - Growth 3.99 L&T Liquid Fund - Growth CD/CP's 0.79 State Bank of Hyderabad CD 24-Feb-17 A Total Asset Allocation Maturity Profile % 37.36% 12.24% % 80.00% 60.00% 40.00% 20.00% 0.00% 70.06% 19.73% 10.21% Less than 1 Year 3-6 Years 6 Years and Above 42.91% 6.70% 0.79% Corporate Bonds Government Securities CD/CP's 8

9 LIQUID FUND ULGF /03/04 L1 110 Fund Assure, Investment Report, October 2016 Fund Details Investment Objective: The primary investment objective of the fund is to provide reasonable returns, commensurate with low risk while providing a high level of liquidity, through investments made primarily in money market and debt securities. The fund will have no investments in equity or equity linked instruments at any point in time. NAV as on 28 October, 16: Benchmark: CRISIL Liquid Fund Index -100% Credit Quality High Low Fund Performance Interest Rate Sensitivity High Low Period Date NAV Crisil Liquid NAV INDEX Fund Index Change Change Last 3 Months 29-Jul % 1.67% Last 6 Months 29-Apr % 3.63% Last 1 Year 30-Oct % 7.59% Last 2 Years 31-Oct % 7.99% Last 3 Years 31-Oct % 8.42% Last 4 Years 31-Oct % 8.53% Last 5 Years 31-Oct % 8.55% Since Inception 25-May % 7.10% Portfolio Instrument Industry/Rating % Of NAV Treasury Bills Days Tbill 28-Sep-17 Sovereign Days Tbill 26-Oct-17 Sovereign Days Tbill 08-Jun-17 Sovereign CD/CP's HDFC Bank CD 29-Dec-16 A Kotak Mahindra Prime Ltd. CP 21-Jun-17 A Exim Bank CD 14-Mar-17 A ICICI Bank CD 28-Jun-17 A UTI MMF - Instn Growth Plan 4.17 L&T Liquid Fund - Growth Total Note: The investment income and prices may go down as well as up. Since Inception and returns above 1 Year are calculated as per CAGR. Rating Profile 32.49% 8.08% 5.60% 53.84% Sovereign A1+ Asset Allocation Maturity Profile 32.49% % % % 8.08% 80.00% 5.60% 60.00% 40.00% 20.00% 0.00% Less than 1 Year 53.84% Treasury Bills CD/CP's 9

10 BOND FUND ULGF /08/07 BO 110 Fund Assure, Investment Report, October 2016 Fund Details Investment Objective: The primary investment objective of the fund is to generate income through investing in a range of debt and money market instruments of various maturities with a view to maximizing the optimal balance between yield, safety and liquidity. The fund will have no investments in equity or equity linked instruments at any point in time. NAV as on 28 October, 16: Benchmark: CRISIL Composite Bond Index -100% High Low Fund Performance Note: The investment income and prices may go down as well as up. Since Inception and returns above 1 Year are calculated as per CAGR. Rating Profile Credit Quality Interest Rate Sensitivity High Low Period Date NAV Crisil Composite NAV INDEX Bond Index Change Change Last 3 Months 29-Jul % 3.28% Last 6 Months 29-Apr % 7.22% Last 1 Year 30-Oct % 11.64% Last 2 Years 31-Oct % 11.30% Last 3 Years 31-Oct % 11.44% Last 4 Years 31-Oct % 9.76% Last 5 Years 31-Oct % 9.76% Since Inception 17-Aug % 8.12% 35.81% 12.20% 38.08% 9.29% 4.01% 0.61% Sovereign AAA AA+ AA Portfolio Instrument Industry/Rating % Of NAV Corporate Bonds % HDFC Bank Ltd. 21-Sep-26 AAA % LIC Housing Finance Ltd. 18-Jul-25 (Put Call-N.A.) AAA % NHPC Ltd 27-Jun-31 AAA % Yes Bank Ltd. 24-Feb-25 AA % Exim Bank 23-Jun-31 AAA % REC Ltd. 10-Aug-21 AAA % Reliance Ports & Terminals Ltd. 18-Jul-21 AAA % NHPC Ltd 27-Jun-31 AAA % IDFC Bank Ltd. 20-May-25 AAA % NPCIL 28-Mar-30 AAA % NPCIL 28-Mar-29 AAA % NPCIL 28-Mar-28 AAA % NPCIL 26-Mar-27 AAA % NTPC Ltd. 15-Dec-25 AAA % Tata Steel Ltd. 23-Apr-22 AA 0.61 Government Securities % GOI 25-Nov-23 Sovereign % GOI 01-Dec-44 Sovereign % GOI 28-Jul-24 Sovereign % GOI 24-Nov-26 Sovereign % GOI 26-Oct-55 Sovereign % GOI 06-Sep-26 Sovereign % GOI 04-Feb-26 Sovereign % GOI 22-Jun-45 Sovereign UTI MMF - Instn Growth Plan 4.23 L&T Liquid Fund - Growth 3.98 ICICI Prudential Liquid - Regular Plan - Growth Total Asset Allocation Maturity Profile 12.20% % 38.08% % 80.00% 72.86% 9.29% 60.00% 40.00% 20.00% 0.00% 21.49% 5.66% Less than 1 Year 3-6 Years 6 Years and Above 40.43% Corporate Bonds Government Securities 10

11 BALANCED FUND ULGF /08/07 BL 110 Fund Assure, Investment Report, October 2016 Fund Details Investment Objective: The objective of the fund is to supplement the income generation from the fixed income instruments with capital appreciation of the equity assets. NAV as on 28 October, 16: Benchmark: Nifty 50-10% Debt Equity CRISIL Composite Bond Index - 90% Credit Quality High Low Value Blend Growth Fund Performance Interest Rate Sensitivity High Low Size Large Small Period Date NAV NAV INDEX Change Change Last 3 Months 29-Jul % 2.95% Last 6 Months 29-Apr % 7.50% Last 1 Year 30-Oct % 11.19% Last 2 Years 31-Oct % 10.36% Last 3 Years 31-Oct % 11.40% Last 4 Years 31-Oct % 9.92% Last 5 Years 31-Oct % 9.80% Since Inception 17-Aug % 8.15% Note: The investment income and prices may go down as well as up. Since Inception and returns above 1 Year are calculated as per CAGR. Sector Allocation Portfolio Instrument Industry/Rating % Of NAV Government Securities % GOI 01-Dec-44 Sovereign % GOI 11-Jan-26 Sovereign % GOI 28-Jul-24 Sovereign % GOI 06-Sep-26 Sovereign % GOI 10-Nov-33 Sovereign % GOI 25-May-25 Sovereign % GOI 03-Jun-19 Sovereign % GOI 25-Nov-23 Sovereign % GOI 24-Nov-26 Sovereign 0.15 Corporate Bonds % REC Ltd. 07-Oct-25 AAA % PFC Ltd. 08-Oct-24 (Put Call-N.A) AAA % NTPC Ltd. 25-Mar-25 AAA % IRFC Ltd. 29-Mar-26 AAA % Reliance Ports & Terminals Ltd. 18-Jul-21 AAA 0.93 Equity HDFC Bank Ltd. Banks 1.05 Infosys Technologies Ltd. IT - Software 1.04 Reliance Industries Ltd. Refineries 0.88 HDFC Ltd. Finance 0.87 ICICI Bank Ltd. Banks 0.82 ITC Ltd. Tobacco Products 0.76 Tata Motors Ltd. Automobile 0.67 Larsen and Toubro Ltd. Capital Goods-Non Electrical 0.62 Tata Consultancy Services Ltd. IT - Software 0.50 Bharat Petroleum Corporation Ltd. Refineries 0.46 Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 0.41 Dr. Reddys Laboratories Ltd. Pharmaceuticals 0.35 Hindustan Unilever Ltd. FMCG 0.29 IndusInd Bank Ltd. Banks 0.25 Maruti Suzuki India Ltd. Automobile 0.24 Other Equity UTI MMF - Instn Growth Plan Total Banks 2.71% IT - Software 1.75% Automobile 1.40% Refineries 1.34% Pharmaceuticals 0.97% Finance 0.87% Tobacco Products 0.76% Capital Goods-Non Electrical 0.62% FMCG 0.29% Crude Oil & Natural Gas 0.24% Others 1.33% Government Securities 63.20% Corporate Bonds 18.22% 4.23% 2.08% 0.00% 10.00%20.00%30.00%40.00%50.00%60.00%70.00% Asset Allocation 18.22% 12.27% 4.23% 2.08% 63.20% Government Securities Corporate Bonds Equity 11

12 Tata AIA Life Insurance s Investment team Harshad Patil Chief Investment Officer Cheenu Gupta Senior Analyst & Fund Manager Nalin Ladiwala Analyst Rajeev Tewari Head of Equities Pankaj Khetan Fund Manager H S Bharath Dealer Jayanth Udupa Head of Credit Analysis & Economist Nimesh Mistry Analyst Pankaj Agarwal Dealer Nitin Bansal Senior Analyst & Fund Manager Anirban Ray Analyst Contact Us: Choose a convenient contact option from the following: For any enquiries Call on helpline no (local charges apply) Just SMS SERVICE to or to get the summary of all short codes within 2 minutes, please send HELP to Write to Us: Customer Services Team B- wing, 9th Floor, I-Think Techno Campus, Behind TCS, Pokhran Road No.2, Close to Eastern Express Highway, Thane (W) Pin Code Disclaimer 1. The fund is managed by Tata AIA Life Insurance Company Ltd. (hereinafter the Company ). 2. Past performance is not indicative of future performance. Returns are calculated on an absolute basis for a period of less than (or equal to) a year, with reinvestment of dividends (if any). 3. All investments made by the Company are subject to market risks. The Company does not guarantee any assured returns. The investment income and price may go down as well as up depending on several factors influencing the market. 4. Every effort is made to ensure that all information contained in this publication is accurate at the date of publication, but no responsibility or liability in respect of any error or omission is accepted by the Company. 5. Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you. 6. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company. 7. Various funds offered are the names of funds and do not, in any way, indicate the quality of the funds, their future prospects & returns. 8. Premium paid in ULIPs are subject to Investment risks associated with capital markets & the NAV of the units may go up or down based on the performance of the fund and factors influencing capital markets & the insured is responsible for his/her decision. 9. Whilst every care has been taken in the preparation of this document, it is subject to correction and markets may not perform in a similar fashion based on factors influencing the capital and debt markets; hence this review note does not individually confer any legal rights or duties. 10. For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. 11. Unit Linked Life Insurance products are different from traditional insurance products and are subject to risk factors. 12. Tata AIA Life Insurance Company Limited is only the name of the Insurance Company & any contract bearing the prefix Tata AIA Life is only the name of the Unit Linked Life Insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS IRDA of India clarifies to public that IRDA of India or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums. IRDA of India does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number. Tata AIA Life Insurance Company Ltd. (IRDA of India Regn. No. 110) CIN: U66010MH2000PLC Registered and Corporate Office: 14th Floor, Tower A, Peninsula Business Park, Senapati Bapat Marg, Lower Parel, Mumbai Website: tataaia.com Call helpline no (local charges apply) Unique Reference Number: L&C/Misc/2016/Nov/515