INVESTOR JOURNAL. Highlights of the Month. What s Inside. Fund of the Month RELIANCE TOP 200 FUND(G) INVESTOR JOURNAL. KARVY s.

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1 KARVY s INVESTOR JOURNAL What s Inside Market Review Page 01 Karvy Investment Insight Page 03 Fund of The Month Page 05 Readers Corner Page 06 Expert View Page 07 Story of The Month Page 08 SIP Performance Page 09 Category Average Returns Page 10 Fixed Deposits Schemes Page 11 Equity Funds Performance Page 12 Debt Funds Performance Page 13 Global Markets at a Glance Page 14 Indices Watch Page 15 Highlights of the Month»» The number of people who filed tax returns surged by 95 lakh as the government turned on the heat against black money with demonetization and various other measures. The figures were in a presentation made before Prime Minister Narendra Modi as part of the revenue department s review on Tuesday.»» The number of mutual fund folio accounts of high networth individuals (HNIs) and institutional investors increased year-on-year by 39% and 23%, respectively, in the March 2017 quarter, data from the Association of Mutual Funds in India (Amfi) show. These two entities have buoyed the inflows into mutual funds after the demonetization drive that began in November 2016.»» The Association of Mutual Funds in India s recent data show that the industry added about 6.26 lakh SIP accounts each month on an average in the financial year , with an average SIP size of about Rs 3,200 an account. The number of folios - individual investor accounts - rose to a record 5.54 crore at the end of March 2017, from 4.77 crore in March 2017, show the AMFI data. The last couple of years saw the number of investor accounts rising, following robust contribution from smaller towns. According to a SEBI survey of April 2017, an early 60 percent of regular mutual fund investors are now investing through the SIP mode.»» Mutual fund (MF) industry s asset base has crossed the Rs 19 lakh crore mark in April on the back of fresh inflows in equity, debt and money market segments. The assets under management (AUM) of the MF industry, comprising 42 players, rose to an all-time high of Rs lakh crore at the end of April from Rs lakh crore at the end of March, as per the data from Association of Mutual Funds in India (AMFI). The industry s AUM had crossed Rs 10 lakh in May 2014, and it is expected to reach Rs 20 lakh crore this year.»» The government added 9.1 million new taxpayers in , an 80% increase over the typical yearly rise, highlighting the impact of India s November demonetization of high-value currencies. This is expected to significantly boost the government s tax revenue. India had only 55.9 million individual taxpayers at the end of »» UTI Asset Management Co. Ltd, India s oldest and the sixth largest asset management company is ready to launch an initial public offering (IPO) and will offer to sell 26-30% of its equity, three people with direct knowledge of the matter said. KARVY s INVESTOR JOURNAL Fund of the Month RELIANCE TOP 200 FUND(G) The primary objective of the scheme is to seek to generate long term capital... Page 04

2 Market Review INVESTOR JOURNAL Gilt prices weakened sharply during the month. Yield of the 10 year 6.97% 2026 paper settled at 6.96%. The IMF retained its forecast for India s economic growth in at 7.2%. Sensex and Nifty ended higher on increased optimism among investors owing to early arrival of monsoon in Kerala. Rupee weakened against US dollar on sustained demand for US dollar by importers and banks. INR ended the month of May at against the USD. Sensex and Nifty both went up by 4.10% and 3.41% respectively. In the corresponding period, FIIs were net buyers in Equity segment worth around Rs crores and in Debt segment worth Rs. 19, Crores respectively. Mutual Funds were net buyers in Equity to the tune of Rs Crores and in debt up to Rs Crores. Apart from FII and MF activity, Key domestic data released in the month of May were: 1.Foreign Trade: The country s merchandise exports was reported at USD billion in Apr 17 as against USD billion recorded in Apr 16, recording a growth of 19.77% Y-o-Y. The country s merchandise imports bills increased to USD billion in Apr 17 from USD billion recorded a year ago, registering an alarming Y-o-Y growth of 49.07%, the highest in nearly 6 years. Oil imports continued to increase, posting a growth on a Y-o-Y basis of 30.12% to USD 7.36 billion in Apr 17. The Oil imports constituted around 20% of the total imports alone, during the month. The non-oil imports also posted a spike of 54.50% to USD billion vis-àvis non-oil imports of USD billion recorded in the month of April of the previous fiscal. 2.Inflation: Wholesale Price Index based inflation declined to 3.85% year-on-year in April, following a 5.29% gain in March. Food inflation, which was 3.82% in March, fell to 1.16% in Apr 17. The fuel inflation decreased to 18.52% in Apr 17 from 23.66% in the month of Mar 17. CFPI stood at 0.61% in Apr 17 from 2.01% in the month of Mar Index of Industrial Production (IIP): Industrial production in India increased by 2.7 percent year-on-year in March 2017, following an upwardly revised 1.9 percent rise in the previous month and beating market expectations of a 1.5 percent gain. Output rose further for both mining (9.7 percent from 4.6 percent in February) and electricity (6.2 percent from 1.2 percent) while manufacturing production grew at a slower pace (1.2 percent from 1.4 percent). In 2016/17 fiscal year, industrial output expanded by 5 percent. Industrial Production in India averaged 6.64 percent from 1994 until 2017, reaching an all time high of 20 percent in November of 2006 and a record low of percent in February of Among the BSE sectoral indices, S&P BSE IT, S&P BSE FMCG and S&P BSE TECk Index were the major gainers which ended the month up by 8.11%, 6.41% and 6.34% respectively while S&P BSE Health Care, S&P BSE Power Index and S&P BSE PSU were in negative zone ending the month down by 9.51%, 3.89% and 3.06% respectively. Among the NSE sectoral indices, IT, FMCG and MNC were the major gainers which ended the month up by 7.96%, 7.74% and 4.71% respectively while major indices Pharma, Media and Midcap 50 ended the month in the negative territory, falling by 10.48%, 5.03% and 3.59% respectively. It was a positive month for the major Asian Indices as Hangseng, Nikkei and Taiwan ended up by 4.16%, 2.55% and 2.33% respectively. All major European indices ended positive with FTSE 100, CAC 40, DAX and BEL-20 ending up by 4.77%, 1.32%, 1.32% and 0.66% respectively. It was a decent month for Major American Indices with S&P 500, NYSE and Dow Jones going up by 1.33%, 0.83% and 0.67% whereas Nasdaq had a disastrous month going down by 15.70%. Among the major indices across the world, Bovespa, Brazilian index was down by 2.02%. 1

3 FII Activity: (Month Between 01-May-2017 to -2017) Equity Date Gross Purchase (Cr.) Gross Sale (Cr.) Net (Cr.) 3-May-17 4, , May-17 3, , May-17 4, , May-17 5, , , , May , , , Debt Date Gross Purchase (Cr.) Gross Sale (Cr.) Net (Cr.) 3-May May-17 1, , May-17 2, , May May-17 30, , , MF Activity: (Month Between 01-May-2017 to -2017) Equity Date Gross Purchase (Cr.) Gross Sale (Cr.) Net (Cr.) 3-May-17 1, , May-17 2, , May-17 1, , May-17 2, , , , , May-17 45, , , Debt Date Gross Purchase (Cr.) Gross Sale (Cr.) Net (Cr.) 3-May-17 8, , May-17 6, , , May-17 6, , , May-17 5, , , , , , May , , , Sensex & Nifty: S&P BSE SENSEX Date Close Price Points Diff %age Change 28-Apr-17 29, May-17 29, % 8-May-17 29, % 12-May-17 30, % 18-May-17 30, % , % 4.10% CNX Nifty Index Date Close Price Points Diff %age Change 28-Apr-17 9, May-17 9, % 8-May-17 9, % 12-May-17 9, % 18-May-17 9, % -17 9, % 3.41% 2

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5 Karvy Investment Insight Peace of mind and Wealth Creation ideas for long term Karvy Insights brings to you investment wisdom to help our investors make sound investment decisions and reach their goals faster. These inputs may not help you become wealthy in a short span of time, but they would definitely give you peace of mind and a roadmap for your financial journey. Capital Gain Bonds: Capital gain bonds are another type of bonds available, where any person can avail exemption in respect of long-term capital gains (arising from the sale of long term capital asset other than equity shares and securities) if the capital gain is invested in Capital Gain bonds u/s 54EC. The exemption will be the amount of capital gain or the amount of investment made, whichever is less. Interest rate offered on these bonds is around 5.25% per annum. RBI 8% Saving (Taxable) Bonds: It is a fixed income product floated by the Government of India. GOI bonds pay a little more than post office time deposits and bank deposits. They are very safe since they are issued by the government of India. This product offers an attractive investment option, especially with interest rates declining further. ELIGIBILITY : The Bonds may be held by an individual, in his or her individual capacity, or on joint basis, or anyone or survivor basis, on behalf of a minor as father/mother legal guardian, a Hindu Undivided Family, Charitable Institutions and Universities. NRIs are not eligible to subscribe. LIMIT : Minimum Rs. 1000/- and in multiple thereof with no maximum limit. REPAYMENT : Repayable on expiry of 6 years from the date of issue. Premature encashment of the Bonds is not allowed. INTEREST : The present rate of interest is 8% per annum. REPAYMENT OF INTEREST Non-cumulative: Interest is paid half yearly intervals at the end of June and December, every year by cheque or to the credit of Bank account. Cumulative: Interest is compounded with half yearly rests, will be paid to the investor on maturity along with the principal. TAX BENEFIT : Deposits are exempted from Wealth tax. Structured Products: Structured Products are Karvy-issued debentures designed to provide alternative exposure to traditional and direct products. Though the returns of structured products are linked to the performance of underlying assets such as equities or commodities, they possess unique risk-return profiles that allow investors to alter their desired level of exposure. While sometimes considered alternative products, Structured Products may also overlap with traditional holdings, so they may be appropriately classified within an equity / commodity or fixed income allocation. Corporate Fixed Deposits: There are various companies which offer Fixed Deposits and the rates on offer are generally higher than the rates offered by Banks. These instruments can be considered based on their rating, interest rates and the cash flows. The corporate fixed deposits are available for various tenures with Interest being paid Monthly,Quarterly, Half Yearly, Annually or at Maturity. Investors looking at regular cash flows and interested in fixed rate of interest can invest in these deposits. 3

6 Karvy Investment Insight Peace of mind and Wealth Creation ideas for long term Karvy Insights brings to you investment wisdom to help our investors make sound investment decisions and reach their goals faster. These inputs may not help you become wealthy in a short span of time, but they would definitely give you peace of mind and a roadmap for your financial journey. NPS: National Pension System (NPS) is a voluntary, defined contribution retirement savings scheme designed to enable the subscribers to make optimum decisions regarding their future through systematic savings during their working life. NPS seeks to inculcate the habit of saving for retirement amongst the citizens. As per the latest announcement, the total available limit available for tax deduction through NPS is Rs. 2 lakh, which includes Rs. 1.5 lakh under Sec 80C. This makes the product one of the best among all other tax saving options. We help investors make selective choice under the available funds in NPS. PMS: Portfolio Management Services (PMS) are meant for high net worth individuals or institutions who want a personalized management of their finances. A team of expert professionals conduct extensive research on markets to provide a customized solution to achieve unique investment objectives. This ensures best selection of investment opportunity within an asset class and active monitoring for optimized results. Investors are provided with an all time access to track their portfolios. Our PMS offerings range across two asset classes - Equity and Debt, with multiple options for each asset class. Gold Saving Plans: Innovative Gold investment options are available for investment, which offer Systematic investment in Gold. These products offer Physical Gold at the time of Redemption and can also be redeemed for Jewellery at some designated stores. Reliance My Gold Plan is one such plan. Bonds & Debentures: Bonds/ NCDs are the products offered by various private and public sector corporate through public issues or on private placement basis. Bonds issued under specified categories will also offer Tax free returns as well as Tax exemption to the investors. The coupon rate offered varies based on the rating of the corporate raising the debentures. Being long term, these bonds are listed on exchange and can be traded on the exchange on listing if invested in Demat mode. 4

7 Fund of The Month RELIANCE TOP 200 FUND(G) Investment Objective: The primary objective of the scheme is to seek to generate long term capital appreciation by investing in equity and equity related instruments of companies whose market capitalization is within the range of highest and lowest market capitalization of BSE 200 Index. The secondary objective is to generate consistent returns by investing in debt and money market securities. Portfolio: Name Top 10 Companies Holdings %age Top 10 Sector Wise Holding Industry Name (%) State Bank Of India 6.6 ITC Ltd. 4.9 HCL Technologies Ltd. 4.3 Larsen & Toubro Ltd. 4.3 Infosys Ltd. 4.2 Mahindra & Mahindra Ltd. 4.1 ICICI Bank Ltd. 3.9 HDFC Bank Ltd. 3.3 TVS Motor Company Ltd. 3.0 Bank - Private 15.1 IT - Software 8.5 Bank - Public 6.6 Pharmaceuticals & Drugs 6 Automobile Two & Three Wheelers 5.4 Cigarettes/Tobacco 4.9 Engineering - Construction 4.3 Automobiles - Passenger Cars 4.1 Electric Equipment 4.1 Castrol India Ltd. 2.8 Finance - NBFC 3.9 Indicates an increase or decrease or no change in holding since last profile. Indicates an increase or decrease in holding since last portfolio. About Performance of the Scheme: Reliance Top 200 Fund is a large cap oriented portfolio which invests in companies whose market capitalization is within the range... INVEST HERE Tweets of the Month To read the full Information, Click Here Gold will remain Gold. Look at co which lends money against Gold. Centuries old business! Existed in 1800, will exist in 2200! - Vijay The big driver of investor returns over the next decade won t be whether you were in low fee ETFs or not, but your behaviour during drawdowns. - David So many greats died so young. Life need not be long to be big. - Vishal It s remarkable how much advantage we have gotten by trying to be consistently not stupid, instead of trying to be very intelligent Munger - Morgan When people have skin in the game, it reduces the supervisory burden and allows for scaling. - Shane 5

8 Readers Corner FUNDS WITH MORE THAN 10K AUM-WHAT DOES IT MEAN FOR AN MF INVESTOR? AUM or Corpus is an important factor while short listing mutual funds for investment. There are about 18 schemes in different categories of Equity and Balanced with AUM crossing the AUM milestone of Rs. 10,000 Crore. Some of these schemes are also the ones which are the most preferred by advisors as well as investors. AUM should not be the only criteria while selecting funds for investment. There are several parameters which play a crucial role in the fund s performance such as Fund Manager s potential, Market situations and so on. There is also a reverse side of this argument that higher AUM schemes should not be preferred as it becomes difficult for the fund manager to manage this scheme. This is also untrue as well. Some of the funds have continued to outperform despite consistent increase in AUMs. A scheme should always fit into your portfolio and should never be forced into. Here are the equity and balanced schemes which have crossed the 10k AUM mark: Scheme Name Category AUM(Cr.) NAV Returns(%) 1 Year 3 Years 5 Years HDFC Prudence Fund(G) Balanced ICICI Pru Balanced Advantage Fund(G) Balanced HDFC Equity Fund(G) Multi-cap SBI-ETF Nifty 50 ETF ICICI Pru Value Discovery Fund(G) Multi-cap Birla SL Frontline Equity (Trigger Facility)(G) Large-cap Birla SL Frontline Equity Fund(G) Large-cap HDFC Mid-Cap Opportunities Fund(G) Mid-cap HDFC Top 200 Fund(G) Large-cap SBI BlueChip Fund-Reg(G) Large-cap ICICI Pru Focused Bluechip Equity Fund(G) Large-cap Axis LT Equity Fund(G) ELSS Franklin India Prima Plus Fund(G) Multi-cap HDFC Balanced Fund(G) Balanced To read the full Article, Click Here 6

9 Expert View STRATEGY FOR BULLISH TIMES- MISTAKES TO AVOID We expect most experts to start competing on how high a Sensex target they can publish, FII inflows will surge, Rupee will appreciate, bond yield would fall and a general climate of positive sentiment will prevail, at least for a few months starting now. Very soon, a slew of new financial products would hit the market targeted at capturing the boom that most believe to extend further. Most investors, faced with all of this, are likely to make investment decisions driven by recency effect and overoptimism. In this article, we explore some likely excesses and ways to steer clear of them. i. Over-exposure to equities While most product manufacturers will be right in their part in launching equity based products (including specific high growth sectors like infrastructure), investors should bear in mind that equities are a risky asset class and they should maintain their asset allocation decisions even in the face of euphoria. Just as few years back, it was not necessarily a good time to prune equity holdings to zero; it is not a good time now to take equity allocation to near 100%. Of course, many retail investors had continued to exit equities through 2012 and 2013 when markets were going south. Hence this advice might be unnecessary for them so long as they choose to return to equities only to the extent of a prudent allocation. ii. Investing aggressively in products with long or very long lock-ins In times of optimism, many products with long lock-in are either introduced or existed ones promoted. Many of these are based on market performance over a 3 or 5 years horizon. While a limited exposure to some of these products can boost returns from long term growth, some of these products also tend to have point of time risk. Closed ended mutual funds which become open ended after a lock-in are safer alternatively since they avoid the point of time risk. However, investors would do well to remember that a lot can change in 3 or 5 years - fundamentally altering an investment thesis. Investment in such products should be limited to less than 10% of the portfolio. To read the full Story, Click Here 7

10 Story of The Month PUT THE GLASS DOWN TODAY The Professor began his class by holding up a glass with some water in it. He held it up for all to see and asked the students How much do you think this glass weighs? 50 gms! gms! gms the students answered. I really don t know unless I weigh it, said the professor, but, my question is: What would happen if I held it up like this for a few minutes? Nothing.. The students said... Ok what would happen if I held it up like this for an hour? the professor asked. Your arm would begin to ache said one of the students. You re right, now what would happen if I held it for a day? Your arm could go numb; you might have severe muscle stress, paralysis and have to go to hospital for sure!.. ventured another student and all the students laughed. Very good. But during all this, did the weight of the glass change? Asked the professor. No. Was the answer. Then what caused the arm ache & the muscle stress? The students were puzzled. What should I do now to come out of pain? asked professor again. Put the glass down! said one of the students. Exactly! said the professor. Life s problems are something like this. Hold it for a few minutes in your head and they seem OK. Think of them for a long time & they begin to ache. Hold it even longer and they begin to paralyze you. You will not be able to do anything. It s important to think of the challenges or problems in your life, But EVEN MORE IMPORTANT is to PUT THEM DOWN at the end of every day before you go to sleep That way, you are not stressed, you wake up every day fresh and strong and can handle any issue, any challenge that comes your way! MORAL OF THE STORY: Direct Dil Se So, when you start your day today, remember to PUT THE GLASS DOWN TODAY! Courtesy : Karvy Learning Center 8

11 SIP Performance S&P BSE SENSEX Large Cap INVESTOR JOURNAL Current NAV (`) 3 Year SIP 5 Year SIP Rs Rs Profit-SIP XIRR(%) Profit-SIP XIRR(%) Templeton India Growth Fund(G) Peerless Equity Fund-(G) DSPBR Equity Fund-Reg(G) HDFC Growth Fund(G) MOSt Focused 25 Fund-Reg(G) Multi Cap Birla SL Small & Midcap Fund(G) Sundaram Rural India Fund(G) Escorts High Yield Eq(G) SBI Small & Midcap Fund-Reg(G) MOSt Focused Multicap 35 Fund-Reg(G) Mid Cap & Small Cap L&T Emerging Businesses Fund-Reg(G) Mirae Asset Emerging Bluechip-Reg(G) DSPBR Micro-Cap Fund-Reg(G) Reliance Small Cap Fund(G) L&T Midcap Fund-Reg(G) ELSS Escorts Tax(G) L&T Tax Saver Fund(G) Principal Tax Saving Fund DSPBR Tax Saver Fund-Reg(G) L&T Tax Advt Fund-Reg(G) Sector DSPBR Natural Res & New Energy Fund-Reg(G) ICICI Pru Banking & Fin Serv Fund(G) Birla SL Banking & Financial Services Fund-Reg(G) L&T Infrastructure Fund-Reg(G) Reliance Banking Fund(G) Index ICICI Pru Nifty Next 50 Index Fund(G) IDBI Nifty Junior Index Fund(G) HDFC Index Fund-Sensex Plus(G) HDFC Index Fund-Sensex Plus(G)(Post Addendum) UTI Nifty Index Fund(G) As on 02 nd Jun 17 (Funds have been arranged on 3 years performance) 9

12 Category Average Returns Category Diversified Sector Funds Speciality Sub Category 1 Week Return 1 Month Return 3 Month Return 6 Month Return 1 Year Return 3 Year Return 5 Year Return Since Inception Large-cap Mid-cap Multi-cap Small-cap Banks & Financial Services Energy & Power FMCG Infrastructure Media & Entertainment Pharma & Health Care Service Industry TECk Contra Dividend Yield Index - Nifty Index - Sensex MNC Equity Exchange Traded Funds Equity Linked Savings Scheme Arbitrage Funds Debt-Oriented Equity-Oriented Asset Allocation Balanced Funds Debt-Oriented Equity-Oriented Category Capital Protection Funds Monthly Income Plans Fund Of Funds Debt-Oriented Equity-Oriented Hybrid-Oriented Gold - FOF Gold Exchange Traded Funds Income Gilt Floating Rate Speciality- Debt Long Term Medium Term Short Term Long Term Medium Term Short Term Long Term Floating Rate Med Term Floating Rate Short Term Floating Rate Interval Funds - Half Yrly Interval Funds - Monthly Interval Funds - Quarterly Interval Funds - Yearly Liquid Ultra Short Term Plan Returns are as on 02 nd Jun 17 10

13 Fixed Deposits Schemes FD Name Rating Industry Interest Rate * (Up to) Bajaj Finance Ltd. FAAA by CRISIL ICRA MAAA Bajaj Finserv is the most diversifed non-bank in the country, the largest financier of consumer durables in India and one of the most profitable firms in the category. 8.30% DHFL Aashray Deposit Plus CARE AAA FD, BWR FAAA Dewan Housing Finance Ltd (DHFL) is the second housing finance company to be set up in the private sector in India. 8.25% Gruh Finance Ltd. MAAA by ICRA, FAAA by CRISIL GRUH Finance Ltd is subsidiary of HDFC Ltd is housing finance company (HFC) recognized by National Housing Bank. 7.75% HDFC Ltd. FAAA by CRISIL, MAAA by ICRA A pioneer and leader in housing finance in India, since inception, HDFC has assisted more than 4.9 million customers to own a home of their own. HDFC is the Largest mobiliser of public deposits outside the banking system and the HDFC Group has a strong asset base of over Rs.2.97 trillion and a customer base of over 42.5 million. 7.65% HUDCO taa+(ind) by FITCH, CARE AA+(FD) by CARE HUDCO is a premier techno-financing company set up in 1970 by the Government of India to accelerate the pace of housing and urban development in the country. 7.25% ICICI Home Finance Ltd CARE FAAA, ICRA MAAA ICICI Home Finance Company Limited is one of the leaders in the Indian mortgage finance and realty space. 7.65% LIC Housing Finance Ltd. FAAA / STABLE by CRISIL One of India s largest housing finance companies, having nation-wide network. Consistent record of dividend payments. 7.75% Mahindra & Mahindra Financial Services Ltd CRISIL FAAA Mahindra and Mahindra Financial Services Limited (MMFSL) commenced its journey two decades back in the rural non-banking finance industry. 7.80% PNB Housing Finance Ltd. FAAA by CRISIL PNB Housing Finance (PNBHF) is a subsidiary of Punjab National Bank and a partner of Destimoney Enterprises Pvt. Ltd. PNBHF was incorporated in 1988 and is based in New Delhi. 7.65% Shriram City Union Finance Ltd. IND +AA- CARE AA FD As a deposit-accepting non-banking financial company (NBFC), Shriram City is today India s premier financial services company specializing in retail finance. 8.50% Shriram Unnati Deposits FAAA/Stable by CRISIL, MAA+/Stable by ICRA With a track record of about 30 years in this business, STFC is among the leading organized finance provider for the commercial vehicle industry 8.50% Sundaram Home Finance Ltd. ICRA MAA+ Sundaram BNP Paribas Home Finance combines its expertise in Home Finance with the Service Orientiation of its promoter Sundaram Finance. 8.25% * highest rate including additional interest for Senior citizens, employees etc. wherever applicable Forthcoming IPOs: CDSL NSE Bharat Matrimony Prataap Snacks Ltd SBI Life Insurance Cochin Shipyard Vodafone 11

14 Equity Funds Performance Scheme Name Diversified Latest NAV (`) Absolute CAGR 1 Year 3 Year 5 Year SINCE INCEPTION DSPBR Micro-Cap Fund-Reg(G) SBI Small & Midcap Fund-Reg(G) Mirae Asset Emerging Bluechip-Reg(G) Reliance Small Cap Fund(G) MOSt Focused Multicap 35 Fund-Reg(G) ELSS Escorts Tax(G) IDBI Equity Advantage Fund-Reg(G) Birla SL Tax Relief '96(ELSS U/S 80C of IT ACT)(G) Birla SL Tax Relief '96(G) Kotak Tax Saver Scheme(G) Sector Franklin Build India Fund(G) DSPBR Natural Res & New Energy Fund-Reg(G) ICICI Pru Banking & Fin Serv Fund(G) Birla SL Banking & Financial Services Fund-Reg(G) ICICI Pru Exports & Other Services Fund(G) Dividend Yield BNP Paribas Dividend Yield Fund(G) Tata Dividend Yield Fund(G) ICICI Pru Dividend Yield Equity Fund(G) Principal Dividend Yield Fund(G) HSBC Dividend Yield Equity Fund(G) Global MOSt Shares NASDAQ-100 ETF Birla SL Intl. Equity Fund-B(G) Kotak US Equity Fund(G) Franklin Asian Equity Fund(G) ICICI Pru US Bluechip Equity Fund(G) Equity Index ICICI Pru Nifty Next 50 Index Fund(G) IDBI Nifty Junior Index Fund(G) GS CNX 500(G) Reliance ETF Nifty HDFC Index Fund-Nifty(G) Equity FOF Birla SL Asset Allocator Multi FoF(G) Birla SL Financial Planning FOF Aggressive Plan(G) Franklin India Life Stage FOFs-20(G) ICICI Pru Very Aggressive(G) Kotak Asset Allocator Fund(G) (Funds has been arranged on the basis of 3 years performance) 12

15 Debt Funds Performance Scheme Name Gilt Funds Latest NAV (`) Absolute CAGR 1 Year 3 Year 5 Year SINCE INCEPTION SBI Magnum Gilt-LTP-Reg(G) UTI Gilt Adv-LTP(G) Birla SL Gilt Plus-PF(G) Birla SL Gilt Plus-PF(G)-Instant Gain ICICI Pru Gilt-Invest-PF(G) Income ICICI Pru Long Term Plan(G) ICICI Pru Income(G) UTI Dynamic Bond Fund-Reg(G) Baroda Pioneer Dynamic Bond Fund(G) ICICI Pru Dynamic Bond Fund(G) Hybrid Funds Performance Scheme Name Balanced Latest NAV (`) Absolute CAGR 1 Year 3 Year 5 Year SINCE INCEPTION L&T India Prudence Fund-Reg(G) DSPBR Balanced Fund-Reg(G) HDFC Balanced Fund(G) ICICI Pru Balanced Fund(G) Franklin India Balanced Fund(G) MIP ICICI Pru Child Care Plan-Study Plan Birla SL MIP II-Wealth 25(G) SBI Magnum Children Benefit Plan ICICI Pru MIP 25(G) SBI Magnum MIP(G) Arbitrage Edelweiss Dynamic Equity Advantage Fund(G) ICICI Pru Blended-B-I(G) Peerless 3 in 1 Fund(G) Edelweiss Equity Savings Advantage Fund(G)(Merged) ICICI Pru Equity-Arbitrage Fund(G) Gold-FOF Reliance Gold Savings Fund(G) ICICI Pru Regular Gold Savings Fund(G) Birla SL Gold Fund(G) Invesco India Gold Fund(G) HDFC Gold Fund(G) (Funds has been arranged on the basis of 1 year performance) 13

16 Global Markets at a Glance Exhibit: Nifty Exhibit: INR Exhibit: India 10 Yr Yld % Exhibit: S&P 500 2,420 2,410 2,400 2,390 2,380 2,370 2,360 Exhibit: Dollar Index Exhibit: US 10 Yr Yld % May 19-May Exhibit: Euro Stoxx 50 3,600 3,590 3,580 3,570 3,560 3,550 Exhibit: Eur Exhibit: Germany 10 Yr Yld % Exhibit: Nikkei 19,850 19,800 19,750 19,700 19,650 19,600 19,550 Exhibit: JPY Exhibit: Japan 10 Yr Yld % Exhibit: Shanghai 3,140 3,120 3,100 3,080 3,060 3,040 3,020 Exhibit: CNY Exhibit: China 10 Yr Yld % May 19-May 19-May Source: Bloomberg, Karvy Research 14

17 Indices Watch INVESTOR JOURNAL Indian Indices: Index Name As on 28-Apr-17 As on 02-Jun-17 % Change S&P BSE Capital Goods % S&P BSE BANKEX % S&P BSE Power Index % S&P BSE PSU % S&P BSE DOLLEX % S&P BSE AUTO Index % S&P BSE SENSEX % S&P BSE % S&P BSE % S&P BSE % S&P BSE O & G Index % S&P BSE METAL Index % S&P BSE Mid-Cap % S&P BSE GREENEX % S&P BSE Small-Cap % S&P BSE TECk Index % S&P BSE Consumer Durables % S&P BSE IT % S&P BSE Health Care % S&P BSE FMCG % S&P BSE Realty Index % Global Indices: Index Name As on 28-Apr-17 As on 02-Jun-17 % Change BEL % CAC % DAX % Dow Jones % FTSE % Hang Seng % Nikkei % NYSE % S&P % Taiwan Weighted % Index Name As on 28-Apr-16 As on 02-Jun-17 % Change NIFTY FMCG % NIFTY MEDIA % NIFTY COMMODITIES % NIFTY % Nifty 500 Shariah index % NIFTY PSE % NIFTY DIV OPPS % NIFTY FINANCE % NIFTY IT % NIFTY REALTY % Nifty Midcap % INDIA VIX % NIFTY % NIFTY SERV SECTOR % NIFTY % NIFTY INFRA % NIFTY PHARMA % NIFTY METAL % NIFTY PSU BANK % NIFTY % NIFTY % NIFTY CONSUMPTION % NIFTY BANK % NIFTY ENERGY % For more information on MUTUAL FUNDS call or contact your nearest Karvy branch. Research Team PF/MFNL/ /42 Ankit Choradia ankit.choradia@karvy.com Phone : Production: Naga Babu K Disclaimer The information and views presented in this report are prepared by Karvy Stock Broking Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Stock Broking nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. This report is intended for a restricted audience and we are not soliciting any action based on it. 15