Mirae Asset Mutual Fund. Annual Report

Transcription

1 Mutual Fund Annual Report

2 Mutual Fund Annual Report Board of Direcrs Trustee Company Private Mr. V. B. Haribhakti Chairman (Independent) Mr. S. T. Gerela Direcr (Independent) Mr. K. Ramasubramanian Direcr (Independent) Mr. M. L. Soneji Direcr (Independent) Asset Company: Global Investments (India) Private Registered & Corporate Office: Unit No. 606, Windsor Building, Off. C.S.T. Road, Kalina, Santacruz (East), Mumbai CIN: U65993MH2006FTC Global Investments (India) Private Mr. B. N. Chakraborty Direcr (Independent) Mr. Yogesh Chadha Direcr (Independent) Mr. Swarup Mohanty Direcr & CEO (Associate) (appointed w.e.f. February 12, 2016) Mr. Junyoung Hong Direcr (Associate) (appointed w.e.f. February 12, 2016) Sponsor: Global Investments Company Registered office: East Tower 18F, CENTER 1, 67 Suha-dong, Jung-gu, Seoul, KOREA Cusdian: M/s. Deutsche Bank AG Block 1, Nirlon Knowledge Park, Off Western Express Highway, Goregaon (East), Mumbai , India. Statury Audir: Chokshi & Chokshi LLP 15/17, Raghavji B Bldg., Gowalia Tank, Off. Kemps Corner, Mumbai Registrar & Transfer Agent: Karvy Computershare Private Karvy Selenium, Tower-B, Plot No. 31 & 32, Financial District, Nankramguda, Serilingampally Mandal, Ranga Reddy District, Hyderabad , India. Trustee: Trustee Company Private Registered Office: Unit No.606, Windsor Building, Off. C.S.T. Road, Kalina, Santacruz (East), Mumbai CIN: U65191MH2007FTC BRANCH OFFICES: Ahmedabad-201, 2 nd Floor, Abhijeet - I, Mithakhali Circle, Near HDFC Bank, Ahmedabad Tel Bangalore-Unit Nos. 308, 2nd Floor, Prestige Meridian-II, No.30, M.G. Road, Bangalore Tel Chennai-Premises No. 206, Challa Mall, A, Sir Theyagaraya Road, T. Nagar, Chennai Tel Kanpur-1 st Floor, Shop No.111, KAN Chambers, 14/113, Civil Lines, Kanpur, Uttar Pradesh Tel Kolkata-Krishna Building, Room No.510, 5 th Floor, 224 A J C Bose Road, Beck Bagan Junction, Kolkata Tel Mumbai (Corporate Office)-Unit No. 606, 6 th Floor, Windsor Bldg., Off. CST Road, Kalina, Santacruz (E), Mumbai Tel New Delhi-Office No.1010, 10 th Floor, Indraprakash Building, 21 Barakhamaba Road, Connaught Place, New Delhi Tel Pune-74, 4 th Floor, Sreenath Plaza, Dnyaneshwar Paduka Chowk, F C Road, Shivaji Nagar, Pune Tel

3 Dear Invesr, We are happy share that your AMC and the schemes of Mutual Fund has continued its good performance in this financial year as well. It has been a year where we have recorded an impressive growth of 85% in Asset Under in FY compared the Industry Asset growth of 13% during the same period. The Total Asset Under of Mutual Fund crossed Rs. 4,500 crores (as on June 30, 2016). As of 30th June, 2016, Global Investments (India) Pvt. Ltd., Asset Company (the AMC) managed 8 schemes of Mutual Fund. The break-up of the schemes are 5 open-ended equity schemes, 1 open-ended fund of funds scheme and 2 open-ended liquid/ debt schemes. In the financial year , launched 2 new equity schemes Prudence Fund (fund which provides flavor of both equity and debt markets) and Tax Saver Fund (a tax savings fund). These products will help fill the gaps in product basket for the AMC and provide more investment options for our invesrs. The funds have seen continuous growth in AUM and increasing invesr appetite. Last year we merged funds Global Commodity Scks Fund with Great Consumer Fund (earlier known as India-China Consumption Fund) and Short Term Bond Fund with Cash Fund. This was considering the best interest of invesrs and providing them with better investment solutions. Your AMC had also changed the fundamental attributes of India-China Consumption Fund and post the change it was renamed Great Consumer Fund. The key change was instead of investing a part of the portfolio in China scks, the fund shall invest in Asia Great Consumer Equity Fund (a Luxemburg based SICAV fund) and/or in other mutual fund schemes of similar objectives. This will increase the investment universe for the fund and also provide better investment options for invesrs. There has been strong increase in AUM for our flagship funds India Opportunities Fund (MAIOF), which completed 8 years in April 2016 and Emerging Bluechip Fund (MAEBF) which completed 6 years in July The AUM of MAIOF has crossed 2,000 crores while MAEBF AUM is close 2,000 crores. We are committed follow our Core Value of Client First. The fund house continues its endeavour generate risk adjusted performance for its invesrs. The growth in assets has been driven by the fund performance displayed by its equity schemes. Our flagship equity scheme, India Opportunities Fund has outperformed its benchmark S&P BSE 200 by close 4% while Emerging Bluechip Fund outpaced its benchmark CNX Midcap by close 6% during June 30, June 30, The Fund house also declared dividends under its various equity schemes as highlighted below. It was the 7th consecutive dividend in India Opportunities Fund (financial year wise). Scheme Name Dividend Amount per unit (Rs.) Record Date India Opportunities Fund - Regular - Dividend /03/2016 Emerging Bluechip Fund - Regular - Dividend /01/2016 Great Consumer Fund - Regular - Dividend /01/2016 Past Performance is no guarantee of future results. Our Invesr folio count has crossed the 2.35 lakh mark and has nearly doubled in the last one year. SIP book has seen more than a 100% increase in the last 1 year and now is almost 33% of the folio count. We have enhanced our online transaction through the website make it user friendly and provide ease of navigation. We are now offering Online SIP registration (through I-SIP), E-KYC from which first time invesrs can also transact in Mutual Funds. First time Invesrs can also transact online on our website. Invesrs can update their contact details, check unclaimed dividend and redemption status and provide transparency we have updated AMC remuneration policy online. We continue update our invesrs on our funds, markets and important events through the website and s and also share insightful articles on invesr education through our Knowledge Academy. As we embark our journey in the new fiscal, we aim at a high octane year of growth through a combination of unique products and performance for the invesrs. Our goal in the long term is become one of major players in the Indian Mutual Fund Industry with a complete product basket across asset classes and deliver risk adjusted returns our invesrs. We would like thank you for investing in our funds and wish you very happy investing in the future. Thanking you, Swarup Mohanty CEO Global Investments (India) Pvt. Ltd. Date : July 14, 2016

4 TRUSTEE REPORT OF FOR THE YEAR ENDED MARCH 31, Dear Unit holder, The Trustee Company presents its Ninth report and the audited financial statements of the Schemes of Mutual Fund (the Fund ), for the year ended March 31, As of March 31, 2016, Global Investments (India) Pvt. Ltd., Asset Company ( the AMC ) managed 8 schemes of Mutual Fund. The break-up of the schemes are 5 open-ended equity schemes, 1 open-ended fund of funds scheme and 2 open-ended liquid/ debt schemes. In the financial year , launched 2 new equity schemes viz., Prudence Fund (fund which provides flavor of both equity and debt markets) and Tax Saver Fund (a tax savings fund with a three year lock-in period) on July 29, 2015 and December 28, 2015, respectively. These products will help fill the gaps in product basket for the AMC and provide more investment options for our partners and invesrs. The funds have seen continuous growth in AUM and increasing invesr appetite. The AMC also merged Global Commodity Scks Fund with Great Consumer Fund (earlier known as India-China Consumption Fund) and Short Term Bond Fund with Cash Fund. This was considering the best interest of invesrs and providing them with better investment solutions. Your AMC had also changed the fundamental attributes of India-China Consumption Fund and post the change it was renamed Great Consumer Fund. The key change was instead of investing a part of the portfolio in Chinese scks, the fund shall invest in Asia Great Consumer Equity Fund (a Luxemburg based SICAV fund) and/or in other mutual fund schemes of similar objectives. This will increase the investment universe for the fund and also provide better investment options for invesrs. Among the key achievements, Mutual Fund recorded an impressive growth of 85% in FY with the Assets Under (AUM) growing from Rs.1, crores (as on March 31, 2015) Rs. 3, crores (as on March 31, 2016). The overall Mutual Fund Industry AUM grew by 13% during the financial year We have also seen some flows in our fixed income funds. Our invesr folio count stands at 199,594 (as on March 31, 2016) twice the count which was 98,938 folios as on March 31, SIP book stands at 65,535 accounts (as on March 31, 2016) with a staggering 49% growth since March 2015 where the count sod at 43,957. Scheme Performance, Future Outlook and Operations of the Schemes 1. PERFORMANCE AND OPERATIONS OF THE SCHEMES: (I) India Opportunities Fund (MAIOF), an open ended equity oriented scheme The performance of India Opportunities Fund on March 31, 2016 is as follows:- Particulars Regular Plan Growth option Direct Plan Growth option Compounded Annualised Growth Returns (CAGR) Scheme returns (%) Benchmark Returns (%) Scheme returns (%) Benchmark Returns (%) Since Inception 15.23% 6.99% 17.80% 9.24% Last 1 year -4.14% -7.84% -3.34% -7.84% Last 3 years 21.06% 12.47% 22.18% 12.47% Last 5 years 13.31% 6.49% - - NAV as on 31/03/ Since Inception date of the Scheme: April 04, 2008; Direct Plan was introduce on January 01, 2013 Past performance may or may not be sustained in future. The calculations of returns shall assume reinvestment of all payouts at the then prevailing NAV. The returns shown above are compounded annualised growth returns (CAGR) and are calculated on Rs.10/- invested at inception. For Regular Plan Growth Option and Direct Plan Growth Option, the Scheme has always outperformed the benchmark returns over 1 year, 3 years, 5 years and since inception returns. The Scheme had outperformed its benchmark on 1 year basis majorly due better Sck picking in Au Ancillaries, Consumer Non-Durables and Healthcare Services secr. Also, the performance over 5 years and since inception continues be healthy. 4

5 The details of the NAV and dividend declared by the fund during the financial year are as follows: Scheme Description NAV per unit March 31, 2016 INDIVIDUAL Dividend Per Unit (Rs.) NON INDIVIDUAL India Opportunities Fund - Regular - Dividend Plan India Opportunities Fund - Regular - Growth Plan NA NA India Opportunities Fund - Direct - Dividend Plan NIL NIL India Opportunities Fund - Direct - Growth Plan NA NA NA Not Applicable The fund investment philosophy is invest across secrs in quality companies which could deliver decent growth. The year was challenging for markets, and the fund focuses on botm up approach for sck picking help generate consistent outperformance over the benchmark. The investment strategy is focused on high quality businesses, which can withstand current domestic and global headwinds. The net assets of India Opportunities Fund sod at Rs Crores as at March 31, 2016 as against Rs Crores as at March 31, 2015 and out of the tal net assets as on March 31, 2016, % was invested in equity shares and balance in CBLO and Others. The Scheme has flexibility invest between 65% 100% of its net asset in Indian Equities and Equity Related Securities and up 35% of its net assets in Money market instruments/debt securities Instruments (Including up 25% of corpus in securitized debt). The exact mix of equity and debt is a function of equity market valuation and outlook, interest rates and the outlook for the same. (ii) EMERGING BLUECHIP Fund (MAEBF), an open ended equity fund The performance of Emerging Bluechip Fund on March 31, 2016 is as follows:- Particulars Regular Plan Growth option Direct Plan Growth option Compounded Annualised Growth Returns (CAGR) Scheme returns (%) Benchmark Returns (%) Scheme returns (%) Benchmark Returns (%) Since Inception 20.89% 7.78% 27.35% 12.89% Last 1 year 1.80% -1.91% 2.75% -1.91% Last 3 years 32.90% 19.80% 34.24% 19.80% Last 5 years 22.62% 9.65% - - NAV as on 31/03/ Since Inception date of the Scheme: July 09, 2010; Direct Plan was introduce on January 01, 2013 Past performance may or may not be sustained in future. The calculations of returns shall assume reinvestment of all payouts at the then prevailing NAV. The returns shown above are compounded annualised growth returns (CAGR) and are calculated on Rs.10/- invested at inception. For Regular Plan Growth Option and Direct Plan Growth Option, the Scheme has always outperformed the benchmark returns over 1 year, 3 years, 5 years and since inception returns. The Scheme had outperformed its benchmark on 1 year basis majorly due better Sck picking in Industrial Products, Banking & Au Ancillary Secr. Also the performance since inception continues be healthy. The details of the NAV and dividend declared by the fund during the financial year are as follows: Scheme Description NAV per unit March 31, 2016 INDIVIDUAL Dividend Per Unit(Rs.) NON INDIVIDUAL Emerging Bluechip Fund - Regular - Dividend Option Emerging Bluechip Fund - Regular - Growth Option NA NA Emerging Bluechip Fund - Direct - Dividend Option NIL NIL Emerging Bluechip Fund - Direct - Growth Option NA NA NA Not Applicable The fund investment philosophy is invest across secrs in high-quality scalable mid-sized companies which could deliver decent growth. The year was challenging for markets, and the fund focuses on botm up approach for sck picking help generate consistent outperformance over the benchmark. The investment strategy is focused on high quality businesses, which can withstand current domestic and global headwinds. The net assets of Emerging Bluechip Fund sod at Rs Crores as at March 31, 2016 as against Rs Crores as at March 31, 2015 and out of the tal net assets as on March 31, 2016, % of the net assets were invested in equity shares, 0.46% in MF Units and balance in CBLO and others. The Scheme has flexibility invest between 65% 100% of its net asset in Indian Equities and Equity Related Securities of companies, which are not part of the p 100 scks by market capitalization and have market capitalization of atleast Rs.100 Crores at the time of investment; up 35% of its net assets in Other Indian Equities and Equity Related Securities and/or; up 35% of its net asset in Money market instruments (including CBLO)/ debt securities Instruments (Including up 20% of corpus in securitized debt). The exact mix of equity and debt is a function of equity market valuation and outlook, interest rates and the outlook for the same. 5

6 (iii) PRUDENCE Fund (MAPF), an open-ended equity oriented asset allocation scheme The performance of Prudence Fund on March 31, 2016 is as follows:- Particulars Regular Plan Growth option Direct Plan Growth option Compounded Annualised Growth Returns (CAGR) Scheme returns (%) Benchmark Returns (%) Scheme returns (%) Benchmark Returns (%) Since Inception -2.21% -2.71% -1.81% -2.71% NAV as on 31/03/ Since Inception date of the Scheme: July 29, 2015 Past performance may or may not be sustained in future. The calculations of returns shall assume reinvestment of all payouts at the then prevailing NAV. The returns shown above are compounded annualised growth returns (CAGR) and are calculated on Rs.10/- invested at inception. For Regular Plan Growth Option and Direct Plan Growth Option, the Scheme has outperformed the benchmark since inception. The Scheme had outperformed its benchmark majorly due better Sck picking in Healthcare Service, Petroleum Products and Transportation secr. The details of the NAV and dividend declared by the fund during the financial year are as follows: Scheme Description NAV per unit March 31, 2016 INDIVIDUAL Dividend Per Unit (Rs.) NON INDIVIDUAL Prudence Fund - Regular - Dividend Option NIL NIL Prudence Fund - Regular - Growth Option NA NA Prudence Fund - Direct - Dividend Option NIL NIL Prudence Fund - Direct - Growth Option NA NA NA Not Applicable The fund investment philosophy is invest in Equity & Equity related instruments for growth and Debt and Money market instruments for stability, the asset allocation between Equity and Debt will be function of Valuation, Earnings Growth and Interest Rate Outlook. The year was challenging for markets and the fund focuses on botm up approach for sck picking help generate consistent outperformance over the benchmark. The fund shall also focus on Top down approach for taking interest rate view and secr allocation view. The investment strategy is focused on high quality businesses, which can withstand current domestic and global headwinds. The net assets of Prudence Fund sod at Rs Crores as at March 31, 2016 and out of the tal net assets as on March 31, 2016, % was invested in equity shares, 27.05% in Debt and Money market instruments and balance in CBLO. The Scheme has flexibility invest between 65% 80% of its net asset in Equities and Equity Related Securities of the p 100 companies by market capitalization, wherein up 15% shall be invested in companies not amongst the p 100 companies by market capitalization; and between 20% 35% of its net asset shall be invested in Debt & Money Market Instruments. The exact mix of equity and debt is a function of equity market valuation and outlook, interest rates and the outlook for the same. (Iv) Great Consumer Fund (MAGCF), an open ended equity oriented scheme The performance of Great Consumer Fund on March 31, 2016 is as follows:- Particulars Regular Plan Growth option Direct Plan Growth option Compounded Annualised Growth Returns (CAGR) Scheme returns (%) Benchmark Returns (%) Scheme returns (%) Benchmark Returns (%) Since Inception 15.39% 13.77% 15.06% 10.73% Last 1 year -8.53% -7.13% -7.33% -7.13% Last 3 years 18.33% 13.82% 19.72% 13.82% Last 5 years 15.25% 13.43% - - NAV as on 31/03/ Inception date of the Scheme: March 29, 2011; Direct Plan was introduce on January 01, 2013 Past performance may or may not be sustained in future. The calculations of returns shall assume reinvestment of all payouts at the then prevailing NAV. The returns shown above are compounded annualised growth returns (CAGR) and are calculated on Rs.10/- invested at inception. For Regular Plan Growth Option and Direct Plan Growth Option, the Scheme has always outperformed the benchmark returns over 3 years, 5 years and since inception returns. The Scheme had underperformed its benchmark on 1 year basis majorly due scks selection in Chinese scks. Also, there is out-performance over 5 years and since inception majorly due overweight in Indian Scks. 6

7 The details of the NAV and dividend declared by the fund during the financial year are as follows: Scheme Description NAV per unit March 31, 2016 INDIVIDUAL Dividend Per Unit (Rs.) NON INDIVIDUAL Great Consumer Fund- Regular - Dividend Option Great Consumer Fund- Regular - Growth Option NA NA Great Consumer Fund- Direct - Dividend Option NIL NIL Great Consumer Fund- Direct - Growth Option NA NA NA Not Applicable The fund philosophy is capitalize on long term secular theme related consumption trend in India and across Asia Pacific region. The focus has been on secular and scalable businesses which would benefit from changing demographics, rising aspiration and other consumption related themes. The net assets of Great Consumer Fund sod at Rs Crores as at March 31, 2016 as against Rs Crores as at March 31, 2015 and out of the tal net assets as on March 31, 2016, 74.16% of the net assets were invested in equity shares, 25.22% in the underlying fund and balance in CBLO. The Scheme has flexibility invest between 65% 80% of its net asset in Indian Equities and Equity Related Securities of companies that are likely benefit either directly or indirectly from consumption led demand; up 20% 35% of its net assets shall be invested in Units of Asia Great Consumer Equity Fund (the underlying fund), and/or in other mutual funds having similar objectives, strategies and attributes of the said underlying fund as well as equities and equity related securities of companies in Asia Pacific region which are expected benefit from growing consumption activities and; up 15% of its net asset in Money market instruments (including CBLO)/debt securities Instruments and/or units of debt/liquid schemes of domestic Mutual Funds. The exact mix of equity and debt is a function of equity market valuation and outlook, interest rates and the outlook for the same. (V) TAX SAVER Fund (MATSF), open ended equity linked saving scheme with a 3 year lock-in period The performance of Tax Saver Fund on March 31, 2016 is as follows:- Particulars Regular Plan Growth option Direct Plan Growth option Compounded Annualised Growth Returns (CAGR) Scheme returns (%) Benchmark Returns (%) Scheme returns (%) Benchmark Returns (%) Since Inception -2.79% -3.08% -2.37% -3.08% NAV as on 31/03/ Since Inception date of the Scheme: December 28, 2015 Past performance may or may not be sustained in future. The calculations of returns shall assume reinvestment of all payouts at the then prevailing NAV. The returns shown above are compounded annualised growth returns (CAGR) and are calculated on Rs.10/- invested at inception. For Regular Plan Growth Option and Direct Plan Growth Option, the Scheme has always outperformed the benchmark returns since inception. The Scheme had outperformed its benchmark on majorly due better Sck picking in Petroleum Products, Power and Industrial Product secr. The details of the NAV and dividend declared by the fund during the financial year are as follows: Scheme Description NAV per unit March 31, 2016 INDIVIDUAL Dividend Per Unit (Rs.) NON INDIVIDUAL Tax Saver Fund - Regular Plan - Growth Option NA NA Tax Saver Fund - Regular Plan - Dividend Option NIL NIL Tax Saver Fund - Direct Plan - Dividend Option NIL NIL Tax Saver Fund - Direct Plan - Growth Option NA NA NA Not Applicable The fund investment philosophy is invest in equity shares, the focus would be build a diversified portfolio of strong growth companies, reflecting most attractive investment ideas, at all points of time. The Fund may not have any bias wards particular theme or style in picking investment opportunities. The Fund will invest in companies that benefit from macroeconomic, industry and secral trends (Top down Theme Overlay) after doing botm up analysis and due diligence, quality of management in terms of corporate governance and commitment minority shareholders etc. The net assets of Tax Saver Fund sod at Rs Crores as on March 31, 2016 and out of the tal net assets as on March 31, 2016, % was invested in equity shares and balance in CBLO and others. 7

8 The Scheme has flexibility invest between 80% 100% of its net asset in Equities and Equity Related Securities and up 20% of its net assets in Debt Instruments, Money Market Instruments, G-Secs, Cash, CBLO, Reverse Repo, etc. The exact mix of equity and debt is a function of equity market valuation and outlook, interest rates and the outlook for the same. (VI) CHINA ADVANTAGE Fund (MACAF), an open ended fund of funds scheme The performance of China Advantage Fund on March 31, 2016 is as follows:- Particulars Regular Plan Growth option Direct Plan Growth option Compounded Annualised Growth Returns (CAGR) Scheme returns (%) Benchmark Returns (%) Scheme returns (%) Benchmark Returns (%) Since Inception 4.21% 3.67% 3.38% 2.65% Last 1 year % % % % Last 3 years 5.86% 4.60% 6.66% 4.60% Last 5 years 3.30% 4.22% - - NAV as on 31/03/ Since Inception date of the Scheme: November 5, 2009; Direct Plan was introduce on January 01, 2013 Past performance may or may not be sustained in future. The calculations of returns shall assume reinvestment of all payouts at the then prevailing NAV. The returns shown above are compounded annualised growth returns (CAGR) and are calculated on Rs.10/- invested at inception. For Regular Plan Growth Option, the Scheme has outperformed the benchmark for since inception returns, 1 year and 3 years, whereas 5 years the Scheme has underperformed the benchmark. For Direct Plan Growth Option, the Scheme has outperformed the benchmark. The Scheme had outperformed its benchmark on 1 year basis due better performance of underlying scheme. However, the performance since inception continues be healthy. The details of the NAV and dividend declared by the fund during the financial year are as follows: Scheme Description NAV per unit March 31, 2016 INDIVIDUAL Dividend Per Unit (Rs.) NON INDIVIDUAL China Advantage Fund - Regular - Dividend Option NIL NIL China Advantage Fund - Regular - Growth Option NA NA China Advantage Fund - Direct - Dividend Option NIL NIL China Advantage Fund - Direct - Growth Option NA NA The fund gives invesrs an opportunity invest in China companies, through the underlying fund, with high investment potential. The emphasis on market leaders gives the fund a bias wards large/mid-cap names. Fund is positioned take advantages of the growth opportunities related the secular and structural changes in China. The net assets of China Advantage Fund sod at Rs Crores as at March 31, 2016 as against Rs Crores as at March 31, 2015 and out of the tal net assets as on March 31, 2016, % of the net assets were invested in the underlying fund and balance in CBLO and others. The Scheme has flexibility invest between 80% 100% of its net asset in Units of China Secr Leader Equity Fund and/or units of other mutual fund schemes, units of ETFs investing in equities and equity related securities of companies domiciled in or having their area of primary activity in China and Hong Kong; and up 0% 20% in Money market instruments/debt securities Instruments and/or units of debt/liquid schemes of domestic Mutual Funds. (VII) MIRAE ASSET CASH MANAGEMENT FUND (MACMF), an open ended liquid fund The performance of Cash Fund on March 31, 2016 is as follows:- Particulars Regular Plan Growth option Direct Plan Growth option Compounded Annualised Growth Returns (CAGR) Scheme returns (%) Benchmark Returns (%) Scheme returns (%) Benchmark Returns (%) Since Inception 5.94% 7.58% 8.43% 8.78% Last 1 year 7.58% 8.04% 8.03% 8.04% Last 3 years 8.21% 8.82% 8.53% 8.82% 8

9 Particulars Regular Plan Growth option Direct Plan Growth option Compounded Annualised Growth Returns (CAGR) Scheme returns (%) Benchmark Returns (%) Scheme returns (%) Benchmark Returns (%) Last 5 years 7.95% 8.63% - - NAV as on 31/03/ Since Inception date of the Scheme: January 12, 2009; Direct Plan was introduce on January 01, 2013 Past performance may or may not be sustained in future. The calculations of returns shall assume reinvestment of all payouts at the then prevailing NAV. The returns shown above are compounded annualised growth returns (CAGR) and are calculated on Rs.10/- invested at inception. For Regular Plan Growth Option and Direct Plan Growth Option, the Scheme has marginally underperformed the benchmark over 1 year, 3 years, 5 years and since inception returns. The Scheme underperformed its benchmark due Underweight on high yielding Commercial Papers and Overweight on Certificate of Deposits, however the fund s credit quality is better than the benchmark. The scheme is meant for invesrs deploy their funds for a short period of time. The intention is offer superior returns at lower level of risk while maintaining the liquidity profile. The details of the NAV and dividend declared by the fund during the financial year are as follows: Scheme Description NAV per unit March 31, 2016 INDIVIDUAL Dividend Per Unit (Rs.) NON INDIVIDUAL Cash Fund - Regular - Daily Dividend Plan Cash Fund - Regular - Weekly Dividend Plan Cash Fund - Regular - Monthly Dividend Cash Fund - Regular - Growth NA NA Cash Fund - Direct - Daily Dividend Cash Fund - Direct - Growth NA NA Cash Fund - Direct - Weekly Dividend Cash Fund - Direct - Monthly Dividend NIL NIL The net assets of Cash Fund sod at Rs Crores as at March 31, 2016 as against Rs Crores as at March 31, 2015 and out of the tal net assets as on March 31, 2016, % of the net assets were invested in money market and balance in CBLO and others. The Scheme has flexibility invest between 20% 100% of its net asset Money Market Instruments (including Cash, Reverse Repo, CBLO) MIBOR & MIBOR linked instruments; and up 0% 80% in Debt Instruments with residual maturity and repricing tenor up 91 days. (VIII)MIRAE ASSET ULTRA SHORT TERM BOND FUND (MAUSTBF), an open ended debt fund The performance of Ultra Short Term Bond Fund on March 31, 2016 is as follows:- Particulars Regular Plan Growth option Direct Plan Growth option Compounded Annualised Growth Returns (CAGR) Scheme returns (%) Benchmark Returns (%) Scheme returns (%) Benchmark Returns (%) Since Inception 5.68% 7.73% 8.36% 8.78% Last 1 year 6.84% 8.04% 7.75% 8.04% Last 3 years 7.55% 8.82% 8.37% 8.82% Last 5 years 7.63% 8.63% - - NAV as on 31/03/ Since Inception date of the Scheme: March 05, 2008; Direct Plan was introduce on January 01, 2013 Past performance may or may not be sustained in future. The calculations of returns shall assume reinvestment of all payouts at the then prevailing NAV. The returns shown above are compounded annualised growth returns (CAGR) and are calculated on Rs.10/- invested at inception. For Regular Plan Growth Option and Direct Plan Growth Option, the Scheme has marginally underperformed the benchmark over 1 year, 3 years, 5 years and since inception returns. The Scheme underperformed its benchmark as it had lower average maturity and due Underweight on high yielding Commercial Papers and Overweight on Certificate of Deposits, however the fund s credit quality is better than the benchmark. 9

10 The scheme is meant for invesrs deploy their funds for a short period of time. The fund will be managed according the investment objective, thereby seeking generate reasonable returns commensurate with low risk. The scheme will invest in money market and other debt securities and shall maintain high liquidity for the purpose of meeting the liquidity of the invesrs. The details of the NAV and dividend declared by the fund during the financial year are as follows: Scheme Description NAV per unit March 31, 2016 Dividend Per Unit(Rs.) INDIVIDUAL NON INDIVIDUAL Ultra Short Term Bond Fund - Savings - Growth Option NA NA Ultra Short Term Bond Fund - Savings - Dividend Plan (Quarterly) Ultra Short Term Bond Fund - Savings - Monthly Dividend Ultra Short Term Bond Fund - Savings - Weekly Dividend Ultra Short Term Bond Fund - Savings - Daily Dividend Ultra Short Term Bond Fund - Direct - Growth NA NA Ultra Short Term Bond Fund - Direct - Quarterly Dividend Ultra Short Term Bond Fund - Direct - Daily Dividend Ultra Short Term Bond Fund - Direct - Weekly Dividend NIL NIL Ultra Short Term Bond Fund - Direct - Monthly Dividend NIL NIL The net assets of Ultra Short Term Bond Fund sod at Rs Crores as at March 31, 2016 as against Rs Crores as at March 31, 2015 and out of the tal net assets as on March 31, 2016, % of the net assets were invested in money market instruments, 22.36% in Corporate Bonds and rest in CBLO and others. The Scheme has flexibility invest between 50% 100% of its net asset in Money Market Instruments and Debt Instruments with residual maturity and repricing tenor not exceeding 1 year; and up 50% in Debt Instruments with residual maturity and repricing tenor exceeding 1 year* (including Securitized Debt up 50% of net assets). 2. FUTURE OUTLOOK The Mutual Fund industry has 41 mutual funds. The Mutual Fund Industry AAUM sod at Rs. 1,233,966 crores (as of March 31, 2016) a growth of 13% from Rs. 1,084,649 crores as on March 31, The AUM grew with strong flows witnessed in Income Funds & Equity Funds. Mutual Fund recorded an impressive growth of 85% in FY16. India has been on the forefront in terms of introducing differentiated products meet the asset allocation needs of its invesrs. We hope build on our existing product basket and offer more differentiated products in the coming years. We hope continue deliver risk adjusted returns invesrs and help create long term wealth. On the distribution front o, India has taken steps and has tied-up with some of the best names in the distribution domain. The fund house has ensured a prudent mix of distribution partners from IFAs (currently around 7,700 + IFA distriburs empanelled), Banks and National distriburs. This has ensured that the distribution model is de-risked as well as equipped take advantages of market opportunities. Both the flagship funds have achieved important AUM milesnes, which will make them qualified be sold by many leading banks and wealth outfits, which may help in faster AUM growth in the next financial year. Mutual Fund is working on leveraging its global presence raise funds from foreign invesrs in Schemes and for providing advisory services. With our domestic funds exhibiting robust performance track record, Mutual Fund is trying get institutional mandates as well. Your AMC has also started a facility wherein invesrs can register their SIP online. Also your AMC has started SIP Top Up facility, wherein in this offering the invesr can decide the amount and frequency by which their SIP amount will increase, which will help them achieve their goals faster. We are also working on numerous initiatives which will increase our communication with invesrs and provide them a strong cusmer satisfaction. India has been able turn challenges in opportunities and in a short period since inception has started making year on year operational profits. As we embark our journey in the new fiscal, we aim at a high octane year of growth through a combination of unique products and superior performance for the invesrs. Our goal in the long term is become one of major players in the Indian Mutual Fund Industry with a complete product basket across asset classes and deliver risk adjusted returns our invesrs. INVESTOR SERVICES The Schemes of Mutual Fund have delivered reasonable adjusted returns invesrs. In our endeavor strengthen the services for invesr services provide them quality and timely service, we have redesign the website of Mutual Fund, make it more user friendly, ease navigate and provides huge knowledge content on markets and financial terms. We have strengthen our Online services and make transacting with us a seamless process allowing the invesrs transact in our funds through our website in a seamless manner. We have started a service wherein first time KYC complied Invesrs will be able transact in our funds through our website in a seamless manner. To keep the invesr informed of his investments, we regularly send transaction updates invesrs through / 10

11 mobile (based on the details filled at the time of account opening). As mandated by SEBI, we have started a facility where invesrs can check the Unclaimed Dividends and Redemption amounts by entering their name, folio no and PAN Card. We have a dedicated cusmer service team, Toll Free number and id for servicing all invesr queries at the earliest. Further, there have been initiatives inform all Invesrs and Distriburs about the latest regulary changes that have happened in the industry. We are also working on numerous initiatives which will increase our communication with invesrs and provide them a strong cusmer satisfaction. In our endeavor educate our invesrs regularly we have set up Knowledge Academy. The sole purpose is increase invesr education and knowledge levels. We are arranging Invesr Awareness Programs through our partners in all our cities or presence, increase knowledge levels of invesrs. We have released invesr booklets, contribute articles in financial websites and national publications explain financial terms in a simple languages. We share newsletters and mailers our invesrs on key financial terms, every week. 3. BRIEF BACKGROUND OF THE TRUST, SPONSORS, TRUSTEE AND ASSET MANAGEMENT COMPANY i. Sponsors: Mutual Fund is sponsored by Global Investments Co., a company incorporated in South Korea. Global Investments Company (MAGICL) is a part of Financial Group (). was established in 1997 and is South Korea s leading independent financial services provider. With Asset as its core activity, is engaged in a broad range of financial services including Investment Banking, Wealth and Life Insurance. Other significant activities of the group include Alternate Investment including Private Equity, Venture Capital and Real Estate. introduced the concept of mutual funds Korea. It is the largest asset manager in Korea and is the pioneer of Systematic Investment Plan (known as Regular Savings Plan) in Korea and over the years has emerged as the undisputed leader in Korea. Korea s largest equity fund manager,, is now a leading invesr in Asian equities, with offices in USA, UK, Canada, China, Columbia, Korea, Taiwan, Hong Kong, Australia, Vietnam, India, Brazil and rapidly expanding other parts of the globe. With its strong foundation in Asia and presence in major financial markets in this region, has established a leadership position in the Asia Pacific region. The Sponsor has entrusted a sum of Rs. 1,00,000/- the Trustee as the initial contribution wards the corpus of the Mutual Fund. The Sponsor holds 100% of the paid up equity capital of the AMC. ii. Mutual Fund (MAMF): Mutual Fund (MAMF) was set up as a Trust by the Sponsor, Global Investments Company (MAGIC) on 11 th Ocber, 2007 with Trustee Company Private (the Trustee) as a Trustee in accordance with the provisions of the Indian Trust Act, 1882 (2 of 1882) and is duly registered under the Indian Registration Act, The Trustee has entered in an Investment Agreement dated Ocber 11, 2007 with Global Investments (India) Private (the AMC) function as the Investment Manager for all the Schemes of MAMF. MAMF was registered with SEBI on 30th November, 2007 vide Registration No. MF/055/07/03. iii. Trustee Company Private : Trustee Company Private (the Trustee) is the exclusive owner of the Trust Fund and holds the same in trust for the benefit of the unitholders. The Trustee through its Board of Direcrs shall discharge its obligations as trustee of Mutual Fund as provided in the Regulations and the Trust Deed. The Trustees shall ensure that the transactions entered in by the AMC are in accordance with the SEBI Regulations and will also review the activities carried on by the AMC. Trustee Company Private is registered under the Companies Act, 1956 and was incorporated on April 23, The Sponsors have executed a Trust Deed on Ocber 11, 2007 appointing Trustee Company Private as Trustee of Mutual Fund. The Trustee seeks ensure that MAMF and the Schemes floated thereunder are managed by the Global Investments (India) Private in accordance with the Trust Deed, the Regulations, directions and guidelines issued by the SEBI, the Sck Exchanges, the Association of Mutual Funds in India and other regulary agencies. Share Capital: During the year under review, there has been no change in the equity shareholding pattern of Trustee Company Private. The shareholding pattern of Trustee Company Private : Sr. No. Shareholder s Name Paid-up capital in Rs. (Equity Shares of Rs.10/- each) Number of shares (Equity Shares of Rs.10/- each) % of Shareholding i. Global Investments Co. Ltd. (MAGI), Korea. (Sponsor) ii. Mr. Jisang Yoo (Nominee shareholder of MAGI) iii. Mr. Mi Seob Kim TOTAL 100,000 10, Change in Composition of Board Members: During the year under review, there has been no change in the composition of the Board of Direcrs of the Trustee. Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 requires that the Board of Trustee Company shall comprise of two-thirds of the Direcrs who are not associated in any manner with the Sponsors. However, none of the Direcrs on the Board of Trustee Company Private are associated with the Sponsors of Mutual Fund. 11

12 iv. Global Investments (India) Private : Global Investments (India) Private, a company registered under the Companies Act, 1956 and having its registered office at Unit 606, 6th Floor, Windsor, off CST Road, Kalina, Santacruz (E), Mumbai Global Investments (India) Private has been appointed as the Asset Company (AMC) of Mutual Fund by the Trustee vide Investment Agreement ( IMA ) dated Ocber 11, 2007 entered in between Trustee Company Private and Global Investments (India) Private. The Investment Manager was approved by SEBI act as the AMC for the Fund vide letter no. IMD/HSV/OTW/109716/2007 dated 30th November, The AMC also provide non-binding Advisory services group companies operating offshore funds domiciled in Korea and Hongkong. Share Capital: During the year under review, there has been no change in the equity shareholding pattern of Global Investments (India) Private. The shareholding pattern of the Global Investments (India) Private as on March 31, 2016 is as follows: Sr. No. Shareholder s Name Paid-up capital in Rs. (Equity Shares of Rs.10/- each) Number of shares (Equity Shares of Rs.10/- each) % of Shareholding 1 Global Investments Co. Ltd. (MAGI), Korea. (Sponsor) 2,031,885, ,188, Mr. Jisang Yoo (Nominee shareholder of MAGI) & TOTAL 2,031,885, ,188, &- less than 0.00% Change in Composition of Board Members: During the year under review, following were the changes in the composition of the Board of Direcrs of the AMC: 1. Mr. Swarup Mohanty and Mr. Junyoung Hong have been appointed as an Associate Direcrs on the Board of the AMC with effect from February 12, Mr. Jisang Yoo and Mr. Thomas Jefferson Park have ceased be Associate Direcr on the Board of the AMC with effect from February 12, As required under the provisions of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, 50% of the Direcrs on the Board of the AMC are Independent Direcrs who are not an associate of or associated in any manner with the sponsor or any of its subsidiaries or the Trustee Company. 4. INVESTMENT OBJECTIVE OF THE SCHEMES: i. India Opportunities Fund: The investment objective of the scheme is generate long term capital appreciation by capitalizing on potential investment opportunities through predominantly investing in equities, equity related securities. The Scheme does not guarantee any returns. ii. Emerging Bluechip Fund: The investment objective of the scheme is generate income and capital appreciation from a diversified portfolio predominantly investing in Indian equities and equity related securities of companies which are not part of the p 100 scks by market capitalization and have market capitalization of atleast Rs.100 Crores at the time of investment. From time time, the fund manager may also seek participation in other Indian equity and equity related securities achieve optimal Portfolio construction. The Scheme does not guarantee or assure any returns. iii. Great Consumer Fund: The investment objective of the scheme is generate long term capital appreciation by investing in a portfolio of companies/funds that are likely benefit either directly or indirectly from consumption led demand in India and across the Asia Pacific region. The Scheme does not guarantee or assure any returns. iv. China Advantage Fund: The investment objective of the scheme is generate long-term capital appreciation by investing predominantly in units of China Secr Leader Equity Fund and/or units of other mutual fund schemes, units of exchange traded schemes that focus on investing in equities and equity related securities of companies domiciled in or having their area of primary activity in China and Hong Kong. The Scheme may also invest a certain portion of its corpus in debt and money market securities and/ or units of debt/liquid schemes of Domestic Mutual Funds, in order meet liquidity from time time. The Scheme does not guarantee or assure any returns. v. Prudence Fund: The investment objective of the Scheme is generate capital appreciation along with current income from a combined portfolio of equity & equity related instruments and debt and money market instruments. The Scheme does not guarantee or assure any returns. 12

13 vi. Tax Saver Fund: The investment objective of the scheme is generate long-term capital appreciation from a diversified portfolio of predominantly equity and equity related instruments. The Scheme does not guarantee or assure any returns. vii. Cash Fund: The investment objective of the scheme is generate consistent returns with a high level of liquidity in a judicious portfolio mix comprising of money market and debt instruments. The Scheme does not guarantee any returns. viii. Ultra Short Term Bond Fund: The investment objective of the scheme is seek generate returns with low volatility and higher liquidity through a portfolio of debt and money market instruments. The Scheme does not guarantee any returns. 5. SIGNIFICANT ACCOUNTING POLICIES: The Significant Accounting Policies form part of the Notes the Accounts annexed the Balance Sheet of the Schemes. The Accounting Policies are in accordance with Securities Exchange Board of India (Mutual Funds) Regulations, UNCLAIMED REDEMPTIONS & DIVIDENDS: Summary of No. of Invesrs & Corresponding amount as at March 31, 2016: Name of the Scheme Unclaimed Redemptions Unclaimed Dividends Amount (Rs.) No. of Invesrs Amount (Rs.) No. of Invesrs India Opportunities Fund 804, , Emerging Bluechip Fund 10, , Greater Consumer Fund 85, China Advantage Fund Ultra Short Term Bond Fund Cash Fund 10, Prudence Fund Details of Invesr Complaints: The Fund is also prompt in redressing the complaints/requests received from the invesrs. The Statement on Status of Redressal of Complaints received against Mutual Fund during the financial year is annexed and forms part of the Trustee Report as Annexure I. In the said statement, details of complaints on data corrections in Invesr details have also been mentioned as per the AMFI Best Practice Circular No. 135/BP/25/11-12 dated March 07, ROLE OF MUTUAL FUNDS IN CORPORATE GOVERNANCE OF PUBLIC LISTED COMPANIES In terms of the Securities and Exchange Board of India ( SEBI ) circular no. SEBI/ IMD/ CIR No. 18/198647/ 2010 dated March 15, 2010 and clarificary received from SEBI on June 23, 2011, the MAMF has framed a general voting policy and procedures for exercising the voting rights in respect of shares held by its Schemes ( Voting Policy ). The Board of Direcrs of Trustee Company Private has adopted the Voting Policy. The Voting Policy and the audir s certification on the voting report for financial year is annexed as Annexure II and Annexure III respectively. Further, in terms of aforementioned circular, the AMC has disclosed the details of actual exercise of proxy votes in the AGMs/ EGMs/ Postal Ballot of the investee companies (based on equity holdings as on the record date across all Schemes of the Fund) for the financial year as Annexure A of detailed Annual Report of the Schemes. Also, the Voting Policy is also displayed on the website of the Fund viz LIABILITY AND RESPONSIBILITY OF TRUSTEE AND SPONSORS The main responsibility of the Trustee is safeguard the interest of the Unitholders and inter-alia ensure that Global Investments (India) Private (the AMC) functions in the interest of invesrs and in accordance with the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, the provisions of the Trust Deed and the Statement of Additional Information, Scheme Information Document/Offer Document of the respective Schemes. From the information provided the Trustee and the reviews the Trustee has undertaken, the Trustee believes the AMC has operated in the interests of the Unitholders. The Sponsors are not responsible or liable for any loss or shortfall resulting from the operation of the Schemes beyond the initial contribution of Rs. 1 lakh made by them wards setting up of Mutual Fund. 9. STATUTORY INFORMATION: (a) The Sponsors are not responsible or liable for any loss resulting from the operation of the Schemes of the Fund beyond their initial contribution ( the extent contributed) of Rs.1 Lakh for setting up the Fund, and such other accretions / additions the same. 13

14 (b) The price and redemption value of the units, and income from them, can go up as well as down with fluctuations in the market value of its underlying investments. (c) Full Annual Report is available on the website ( and shall be available for inspection at the Head Office of the mutual fund. Present and prospective unit holder can obtain copy of the trust deed, the full Annual Report of the Fund / AMC at a price. Acknowledgement The Trustees thanks SEBI, AMFI, the invesrs, Invesrs Service Centers, distriburs, key partners, service providers, Global Investments (India) Private and its employees for their commitment and looks forward their continued support. Invesrs may note that the Full Annual Report shall be disclosed on the website ( and shall also be available for inspection at the Head Office of the Mutual Fund. On written request present and prospective unit holders / invesrs can obtain a copy of the Trust Deed, the Annual Report at a price and the text of the relevant Scheme. The Balance Sheet as at March 31, 2016 and the Revenue Account for the year ended March 31, 2016 for the various schemes are annexed this Report. For Trustee Company Private sd/- V. B. Haribhakti Chairman sd/- S. T. Gerela Direcr Place : Mumbai Date : July 14,