November 2018 FUND UPDATE YOUR INVESTMENT PERFORMANCE

Transcription

1 November 2018 FUND UPDATE YOUR INVESTMENT PERFORMANCE

2 CONTENTS S Click on the Fund Name for details MARKET OUTLOOK 2 FUND PERFORMANCE OF ULIP FUNDS 7 PRODUCT - FUND MATRIX 10 CLASSIC OPPORTUNITIES FUND (ULIF /12/09-CLAOPPFND-107) 12 FRONTLINE EQUITY FUND (ULIF /12/09-FRLEQUFND-107) 13 DYNAMIC FLOOR FUND II (ULIF /12/09-DYFLRFND2-107) 14 BALANCED FUND (ULIF /12/09-BALKFND-107) 15 KOTAK OPPORTUNITIES FUND (ULIF /10/08-OPPFND-107) 16 KOTAK AGGRESSIVE GROWTH FUND (ULIF /09/04-AGRGWTFND-107) 17 GUARANTEE FUND (ULIF /02/10-GRTFND-107) 18 MONEY MARKET FUND (ULIF /01/10-MNMKKFND-107) 19 KOTAK DYNAMIC GROWTH FUND (ULIF /06/03-DYGWTFND-107) 20 DYNAMIC FLOOR FUND (ULIF /11/06-DYFLRFND-107) 21 KOTAK DYNAMIC BALANCED FUND (ULIF /06/03-DYBALFND-107) 22 KOTAK DYNAMIC BOND FUND (ULIF /04/04-DYBNDFND-107) 23 KOTAK DYNAMIC GILT FUND (ULIF /06/03-DYGLTFND-107) 24 KOTAK DYNAMIC FLOATING RATE FUND (ULIF /12/04-DYFLTRFND-107) 25 PEAK GUARANTEE FUND I (ULIF /02/10-PKGRTFND1-107) 26 KOTAK GUARANTEED GROWTH FUND (ULIF /06/03-GRTGWTFND-107) 27 KOTAK GUARANTEED BALANCED FUND (ULIF /06/03-GRTBALFND-107) 28 PENSION CLASSIC OPPORTUNITIES FUND (ULIF /01/10-PNCLAOPFND-107) 29 KOTAK PENSION OPPORTUNITIES FUND (ULIF /07/09-PNOPPFND-107) 30 PENSION FRONTLINE EQUITY FUND (ULIF /01/10-PNFRLEQFND-107) 31 PENSION GUARANTEE FUND (ULIF /12/09-PNGRTFND-107) 32 KOTAK PENSION GROWTH FUND (ULIF /01/09-PNGWTFND-107) 33 KOTAK PENSION FLOOR FUND (ULIF /07/09-PNFLRFND-107) 34 PENSION FLOOR FUND II (ULIF /01/10-PNFLRKFND2-107) 35 KOTAK PENSION BALANCED FUND (ULIF /06/03-PNBALFND-107 ) 36 PENSION BALANCED FUND II (ULIF /01/10-PNBALFND2-107) 37 KOTAK PENSION BOND FUND (ULIF /04/04-PNBNDFND-107) 38 KOTAK PENSION GILT FUND (ULIF /06/03-PNGLTFND-107) 39 KOTAK PENSION FLOATING RATE FUND (ULIF /12/04-PNFLTRFND-107) 40 PENSION MONEY MARKET FUND II (ULIF /12/09-PNMNMKFND-107) 41 KOTAK ADVANTAGE MULTIPLIER FUND II (ULIF /04/06-ADVMULFND2-107) 42 DISCONTINUED POLICY FUND (ULIF /03/11-DISPOLFND-107) 43 GROUP FUNDS Click on the Fund Name for details KOTAK GROUP DYNAMIC FLOOR FUND KOTAK GROUP SECURE CAPITAL FUND 45 (ULGF /01/10-DYFLRFND-107) (ULGF /04/11-SECCAPFND-107) 51 KOTAK GROUP BALANCED FUND KOTAK GROUP SHORT TERM BOND FUND 46 (ULGF /06/03-BALFND-107) (ULGF /12/13-SHTRMBND-107) 52 KOTAK GROUP BOND FUND 47 (ULGF /04/04-BNDFND-107) 47 ANNEXURE 53 (ULGF /04/04-BNDFND-107) (ULGF /07/17-KGPFFND-107) KOTAK GROUP GILT FUND 48 DISCLAIMER ANNEXURE (ULGF /06/03-GLTFND-107) KOTAK GROUP FLOATING RATE FUND 49 (ULGF /12/04-FLTRFND-107) KOTAK GROUP MONEY MARKET FUND 50 (ULGF /06/03-MNMKFND-107) KOTAK GROUP PRUDENT FUND (ULGF /12/04-FLTRFND-107) 49 DISCLAIMER 60 MONTHLY UPDATE NOVEMBER 2018 (based on last business day) 01

3 MARKET OUTLOOK Month Gone By Markets Market Indicators (period ended October 31,2018) Indices Performance 1 month 1 yr 5yr (CAGR) Indices Performance Oct-18 Sep-18 1 month Change Equity Bond Market Sensex -4.9% 3.7% 10.2% 10 yr Gsec 7.9% 8.0% -0.2% Nifty -5.0% 0.5% 10.5% Nifty Midcap % -7.7% 17.8% Currency Nifty SmallCap % -35.2% 12.8% USD/INR % Bond Market Crisil Composite Bond Index Commodities 1.3% 1.7% 8.6% Gold(USD/oz) 2.0% -4.5% -1.7% Commodities Brent Crude(USD/bbl) Net Flows (USD Bn) % Oct-18 Sep-18 CY18 FII (Equity) FII () DII (Equity) Indian equities continued to be weak through October (Nifty 50 down 5.0%). The selloff was driven by both local macro stress, amidst fears of tightening liquidity and additional liability issues particularly in the NBFC segment and the sharp correction in global equities driven by trade war fears. On local front, RBI in its monetary policy meet maintained status quo on policy rates contrary to market expectations. The Central Government announced INR 1.5 per litre cut in both gasoline and diesel excise duties while also asking the oil marketing companies (OMCs) to provide additional relief of Rs1 per litre. The governmant also announced a broad based hike (~5-6%) in Minimum Support Prices (MSPs) for all Rabi (winter) crops such that the MSP is now at least 50% above the production cost for all crops. Nifty Mid-cap 50 and Small cap 50 indicies outperformed Nifty by 7.3% and 4.1% respectively. 10 year benchmark yield fell by 17bps in October to 7.85%. Bond yields broadly tracked oil price movements (down 8.8%) over the month. Bond yields were also supported by RBI s decision to inject liquidity in the system to the tune of INR 400bn in November through OMOs. This comes after INR 360bn infusion in October. INR depreciated by 2% in October and ended at 74/USD, its highest ever monthly close. Flows CY06 CY07 CY08 CY09 CY10 CY11 CY12 CY13 CY14 CY15 CY16 CY17 Net FII Flows (USD b) Net DII Flows (USD b) Net FII (USD b) YTD CY18 MONTHLY UPDATE NOVEMBER 2018 (based on last business day) 02

4 MARKET OUTLOOK Foreign Institutional Investors (FIIs) were net sellers of Indian equities in October at USD 3.7bn; this was the largest monthly outflow since Global Financial Crisis in YTD FIIs net equity outflows is now at USD 5.7 bn. DIIs remained net equity buyers for the 19th consecutive month at USD 3.5bn. YTD DII inflows are at USD15.7bn. Mutual funds recorded the 27th consecutive month of net buying at USD 3.0bn; this was the largest monthly byuing since YTD mutual fund inflows are at USD 16.1bn while other DIIs outflows are at USD 0.6 bn. FIIs also recorded net outflows in debt markets at USD1.3bn in October. YTD FIIs are net sellers at USD8.2bn. FII have been seller in other emerging markets as well due to increase in US interest rates and consequent strengthening of US dollar. Economy 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% Index for Industrial Production (IIP) 8.4% 7.1% 7.5% 7.1% 7.0% 6.6% 4.3% 4.4% 4.8% 4.30% 3.8% 3.2% 2.2% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% Inflation 1.0% 0.0% 0.0% CPI WPI Index for Industrial Production for August came in at 3-month low of 4.3% with sharp decline in mining sector output & poor offtake in capital goods. In terms of industries, 16 out of 23 industry groups saw positive growth. Manufacturing output recorded 4.6% growth while capital goods production decelerated by 5% & mining contracted by 0.4% Consumer Price Index (CPI) inflation for September came in at 3.8%, despite a surge in global oil prices, sharp increase in winter crops MSP & below normal monsoons. Food inflation stood at 1.1%, showing little MSP pass-through yet, while core inflation (extransport) remained elevated at 5.7%. WPI rose to 5.13% in September with hardening of food & fuel prices. Trade deficit for September narrowed to lowest levels in 5 months to USD14bn from USD17.4bn previously, with deceleration in both exports (-2.2% YoY from 19.3% in August) & imports (10.5% from 25.4%). Major commodity groups showed positive export growth with petroleum products (26.8%) & inorganic chemicals leading the pack (16.9%). MONTHLY UPDATE NOVEMBER 2018 (based on last business day) 03

5 MARKET OUTLOOK Equity Market Outlook Deal activity was muted in October with 24 deals totalling USD 500mn including the ~USD 233mn IPO of Aavas Financiers Events impacting markets Earnings- 2Q FY19 earnings season is so far trending largely in line with expectations at the aggregate level for the NIFTY universe. Aggregate earnings for 52% companies that have announced so far are up 12.8% Y/Y, inline (+1.3%) with market expectations for this sub set. State elections- The five crucial states of MP, Chattisgarh, Rajasthan, Telangana and Mizoram are headed into elections starting mid-nov with 83 LS seats at stake. MP and Chattisgarh have been BJP run states for the last 15 years and opinion polls indicate that the scales are tipping in favour of Congress in Rajasthan, with a clear majority expected. MP and Chattisgarh could both prove to be a close fight between BJP and Congress after BJP slipping on opinion polls RBI-Govt tussle- October saw various media articles speculating over the interference of the Ministry of Finance into some of the issues pertaining to the RBI. Things came to a head after Deputy Governor Viral Acharya made a controversial speech and made the spat public. Part of the media was also rife with reports that the Government had decided to invoke Section 7 of the RBI Act which empowers them to issue directions to the RBI in matters of national importance. Later the government. came out with a clarification on this issue highlighting that the autonomy of the central bank is not being compromised. Any escalation of the tussle can lead to markets getting jittery since markets don t like such tussles Global outlook- GDP growth outside the US continues to track softer than expectations, raising questions about the underlying health of the expansion. While 3Q GDP growth surprised positively in US, it surprised negatively in the Euro area and China. Equities can react in the coming months based on following events Macro variables such as inflation, fiscal deficit and the CAD would need close monitoring from here on along with the interest rate policy outlook. Any adverse movement in these macro variables can impact the market negatively. Ongoing Trade War tussle between the United Staes and China can have repurcussions for the Global trade and markets. Both the sides seem to be unrelenting in their stance as of now, However since the US has a massive Trade deficit with China, it has found more absolute value of goods on which they have applied tariffs. If the issue escalates more, Global Gdp growth will also be impacted negatively Geopolitical tensions and lingering risks of large supply disruptions led by US sanctions on Iran adds upward risk bias to oil. However, the US also wants lower Oil prices and it remains to be seen if countries like Saudi Arabia can pump more oil to keep oil prices in check MONTHLY UPDATE NOVEMBER 2018 (based on last business day) 04

6 MARKET OUTLOOK Corporate earnings growth trajectory would be key factor to determine the path of domestic markets. Markets are now looking forward to the Q2 reportcard from the companies. Given the deteriorating macro, earnings delivery will go a long way in sustaining multiples For earnings recovery, a recovery in overall capital formation cycle would be a key factor apart from growth in consumption. While the key driver for capex in the economy would continue to be public spend, the private capex cycle should also benefit from three years of low average lending rates, better corporate profitability, easier availability of credit from the banking system, higher equity raising from a buoyant market, more FDI into manufacturing and infrastructure and a renewed focus on housing. Public capex growth is likely to remain healthy with a focus on roads, rural development and affordable housing. Apart from the factors mentioned above, the pace of resolution of NPLs (Non Performing Loans) and the repair of the balance sheets of corporate private sector banks and state owned banks would play a role in the revival of private sector investments in India. In this regard, the plan to infuse Rs 2.11trn of capital into Public sector banks through a mix of recapitalization bonds, capital infusion as planned in the budget and fresh raise from the market, stands in good stead. Over time as the resolution of big ticket NPLs gather pace, the cycle of low capital and low growth could be broken, resulting in a pick-up in credit growth.a busy election calendar, prospects of a higher fiscal deficit and the likelihood of a meaningful rise in equity supply are some of the known headwinds even as household balance sheets rebalancing toward equities is unabated. Key sources of volatility and downside for EM equities are likely to be the US Fed raising rates accompanied by a more hawkish forecast for the policy rate trajectory over CY18 and CY19 and the Trump Administrations protectionist measures and concerns of a trade war. Nifty P/B Peak Min Average Oct-03 Oct-04 Oct-05 Oct-06 Oct-07 Oct-08 Oct-09 Oct-10 Oct-11 Oct-12 Oct-13 Oct-14 Oct-15 Oct-16 Oct-17 Oct-18 Source: NSE MONTHLY UPDATE NOVEMBER 2018 (based on last business day) 05

7 MARKET OUTLOOK Market Outlook RBI surprised the market participants by keeping policy repo rate by unchanged at 6.50% in its October policy. However, RBI tightened its policy stance from neutral to calibrated tightening, suggesting that the rate cut cycle is over but the rate hike decision will be taken looking at the incremental data. RBI stated that food inflation has remained unusually benign and hence inflation projections were revised downwards. Inflation is now projected at 4.0% in Q2 FY19, % in H2 and 4.8% in Q1 FY20. GDP growth projection for FY19 is retained at 7.4%. Improving capacity utilization, larger FDI inflows and increased financial resources augur well for investment activity. Rise in petroleum product prices and tightening of both global and domestic financial conditions could bring down growth going forward. ICRA s downgrade of credit rating on IL&FS to ICRA D impacted NBFC stocks on concerns of risk aversion from lenders. Due to this event, yields of NBFC bonds went up steeply and created volatility at the shorter end. On Oct 26th, RBI announced OMO of INR40,000cr. for the month of November to infuse durable liquidity due to increase in currency in circulation and FPI outflows from both equity and debt markets. RBI is expected to hold rates in the upcoming policy as crude oil prices have cooled off. The 10yr benchmark G-sec could trade in a range of % in the near term. 10.0% 9.0% 8.0% 7.0% 7.5% 7.9% 7.8% 6.0% 6.3% 5.0% 4.0% Oct-08 Oct-09 Oct-10 Oct-11 Oct-12 Oct-13 Oct-14 Oct-15 Oct-16 Oct-17 Oct Year India G-Sec Yield Source: Bloomberg MONTHLY UPDATE NOVEMBER 2018 (based on last business day) 06

8 FUND PERFORMANCE OF ULIP FUNDS Funds available with insurance plans launched on & post Sept. 1, Returns As On 31st October 2018 Classic Opportunities Fund (AUM: ` 3,38, Frontline Equity Fund (AUM: ` 62, Dynamic Floor Fund II (AUM: ` 58, Balanced Fund (AUM: ` 11, Guarantee Fund (AUM: ` 3, Kotak Dynamic Bond Fund (AUM: ` 95, Kotak Dynamic Gilt Fund (AUM: ` 4, Kotak Dynamic Floating Rate Fund (AUM: ` 1, Money Market Fund (AUM: ` 35, Discontinued Policy Fund (AUM: ` 22, month months months year years years years years years years years n.a n.a n.a n.a n.a n.a n.a Inception Funds available with insurance plans launched Prior to Sept. 1, Returns As On 31st October 2018 Kotak Opportunities Fund (AUM: ` 83, Kotak Aggressive Growth Fund (AUM: ` 26, Kotak Dynamic Growth Fund (AUM: ` 5, Dynamic Floor Fund (AUM: ` 95, Kotak Dynamic Balanced Fund (AUM: ` 2, month months months year years years years years years years years Inception Returns As On 31st October 2018 Peak Guarantee Fund I (AUM: ` 1, Kotak Guaranteed Growth Fund (AUM: ` 60, Kotak Guaranteed Balanced Fund (AUM: ` 7, Pension Classic Opportunities Fund (AUM: ` 9, Kotak Pension Opportunities Fund (AUM: ` 2, Pension Frontline Equity Fund (AUM: ` 2, Pension Guarantee Fund (AUM: ` 9, month months months year years years years years years years years n.a n.a n.a n.a n.a Inception MONTHLY UPDATE NOVEMBER 2018 (based on last business day) 07

9 FUND PERFORMANCE OF ULIP FUNDS Funds available with insurance plans launched Prior to Sept. 1, Returns As On 31st October 2018 Kotak Pension Growth Fund (AUM: ` 1, Kotak Pension Floor Fund (AUM: ` 3, Pension Floor Fund II (AUM: ` 5, Kotak Pension Balanced Fund (AUM: ` 10, Pension Balanced Fund II (AUM: ` Kotak Pension Bond Fund (AUM: ` 5, Kotak Pension Gilt Fund (AUM: ` Kotak Pension Floating Rate Fund (AUM: ` Pension Money Market Fund II (AUM: ` month months months year years years years years years years years n.a n.a n.a 9.9 n.a n.a Inception MONTHLY UPDATE NOVEMBER 2018 (based on last business day) 08

10 FUND PERFORMANCE OF ULIP FUNDS KOTAK GROUP PLANS Returns As On 31st October 2018 Kotak Group Dynamic Floor Fund (AUM: ` Kotak Group Balanced Fund (AUM: ` 73, Kotak Group Bond Fund (AUM: ` 1,25, Kotak Group Gilt Fund (AUM: ` 4, Kotak Group Floating Rate Fund (AUM: ` 11, Kotak Group Money Market Fund (AUM: ` 7.87 Kotak Group Secure Capital (AUM: ` 28, Kotak Group Prudent Fund (AUM: ` month months months n.a 1 year n.a 2 years n.a 3 years n.a 4 years n.a 5 years n.a 6 years n.a 8.0 n.a 7 years n.a 8.8 n.a 10 years n.a n.a n.a n.a Inception KOTAK FIXED MATURITY PLANS Returns As On 31st October 2018 Kotak Group Short Term Bond Fund (AUM: ` 9, KOTAK PRIVILEDEGE ASSURANCE PLANS Returns As On 31st October 2018 Kotak Advantage Multiplier Fund II (AUM: ` month month months months months months year year years years years years years n.a 4 years years n.a 5 years years n.a 6 years years n.a 7 years years n.a 10 years 5.6 Inception 6.5 Inception 4.7 Returns less than or equal to a year are absolute. Returns greater than a year are compounded annualised. NO. OF FUNDS MANAGED BY FUND MANAGER Sr No. Equity Balanced 1 Rohit Agarwal 7 NA 19 2 NA Mr. Rohit Agarwal Equity Mr. Rohit Agarwal has over 10 years of experience in capital markets, looks at the Unit Linked Equity funds at Kotak Life Insurance. Before joining Kotak in 2011, Mr. Agarwal was associated with JP Morgan for about 6 years. Rohit is a Bachelor of Commerce (2001) and has done PGDBM, Symbiosis Pune (2005). Mr. CFA Mr. has overall experience of over a decade and has been associated with the Kotak Life Insurance since May His key responsibilities include management of fixed income portfolios in Unit Linked and managing alternative investments for the company. Kunal is a Bachelor of Commerce (2001), MBA (Finance), Sinhgad Institute, Pune (2004) and CFA (CFA Institute, USA) MONTHLY UPDATE NOVEMBER 2018 (based on last business day) 09

11 PRODUCT - FUND MATRIX* Kotak Wealth Insurance Kotak Ace Investment Kotak Single Invest Advantage Kotak Headstart Child Assure Kotak Platinum Kotak Invest Maxima Classic Opportunities Fund ü ü ü ü ü ü Frontline Equity Fund ü ü ü ü ü ü Balanced Fund ü ü r ü ü ü Funds Dynamic Bond Fund ü ü ü ü ü ü Dynamic Floating Rate Fund ü ü r ü ü r Money Market Fund ü ü ü ü ü ü Dynamic Gilt Fund ü ü ü ü ü r Discontinued Policy Fund ü ü ü ü ü ü *currently active plans MONTHLY UPDATE NOVEMBER 2018 (based on last business day) 10

12 S CLASSIC OPPORTUNITIES FUND FRONTLINE EQUITY FUND DYNAMIC FLOOR FUND II BALANCED FUND KOTAK OPPORTUNITIES FUND KOTAK AGGRESSIVE GROWTH FUND GUARANTEE FUND MONEY MARKET FUND KOTAK DYNAMIC GROWTH FUND DYNAMIC FLOOR FUND KOTAK DYNAMIC BALANCED FUND KOTAK DYNAMIC BOND FUND KOTAK DYNAMIC GILT FUND KOTAK DYNAMIC FLOATING RATE FUND PEAK GUARANTEE FUND I KOTAK GAURANTEED GROWTH FUND KOTAK GAURANTEED BALANCED FUND PENSION CLASSIC OPPORTUNITIES FUND KOTAK PENSION OPPORTUNITIES FUND PENSION FRONTLINE EQUITY FUND PENSION GUARANTEE FUND KOTAK PENSION GROWTH FUND KOTAK PENSION FLOOR FUND PENSION FLOOR FUND II KOTAK PENSION BALANCED FUND PENSION BALANCED FUND II KOTAK PENSION BOND FUND KOTAK PENSION GILT FUND KOTAK PENSION FLOATING RATE FUND PENSION MONEY MARKET FUND II KOTAK ADVANTAGE MULTIPLIER FUND II DISCONTINUED POLICY FUND MONTHLY UPDATE NOVEMBER 2018 (based on last business day) 11

13 CLASSIC OPPORTUNITIES FUND (ULIF /12/09-CLAOPPFND-107) Aims to maximize opportunity for you through long-term capital growth, by holding a significant portion in a diversified and flexible mix of large / medium sized company equities Equity Gsec / 16 th December ,38, Equity : : AUM (in Rohit Agarwal Equity - 100% (BSE 200) & Money Market Instruments : EQUITY Reliance Industries Ltd 6.33 HDFC Bank Ltd 5.92 Infosys Ltd 5.86 Tata Consultancy Services Ltd 4.08 Kotak Banking ETF - Dividend Payout Option 3.88 I T C Ltd 3.76 Larsen And Toubro Ltd 3.71 ICICI Bank Ltd 3.51 SBI ETF Nifty Bank 3.42 Axis Bank Ltd 3.09 Britannia Industries Ltd 2.52 Mahindra & Mahindra Ltd 2.51 Aurobindo Pharma Ltd 2.44 IndusInd Bank Ltd 2.20 Maruti Suzuki India Ltd 2.09 Hindustan Unilever Ltd 2.09 Housing Development Finance Corp. Ltd 2.03 Tech Mahindra Ltd 1.91 Sun Pharmaceuticals Ltd 1.66 Bajaj Finance Ltd Corporate % HDFC Bank FD NSE % HDFC Bank FD NSE % HDFC Bank FD BSE MMI ,19,869 Ratings Profile AUM (in 18,716 NIC 2008 ** 155 Equity Fixed Deposit Computer programming, consultancy and related Mfg of motor vehicles, trailers and semi-trailers 7.70 Classic Opportunities Fund Mfg of coke and refined petroleum products month months Mfg of pharmaceuticals, medicinal chemical & botanical products months year years Civil engineering Mfg of tobacco products years years years years years years n.a n.a Inception Mfg of chemicals and chemical products Mfg of electrical equipment Warehousing and support for transportation MONTHLY UPDATE NOVEMBER 2018 (based on last business day) 12

14 FRONTLINE EQUITY FUND (ULIF /12/09-FRLEQUFND-107) Aims for a high level of capital growth for you, by holding a significant portion in large sized company equities Equity Gsec / 17 th December , Equity : : AUM (in Rohit Agarwal Equity - 100% (BSE 100) & Money Market Instruments : EQUITY Infosys Ltd 6.91 Reliance Industries Ltd 6.55 ICICI Bank Ltd 5.44 I T C Ltd 4.77 HDFC Bank Ltd 4.77 Kotak Banking ETF - Dividend Payout Option 3.88 Larsen And Toubro Ltd 3.63 Reliance ETF Bank Bees 3.29 IndusInd Bank Ltd 3.25 Mahindra & Mahindra Ltd 3.13 Axis Bank Ltd 2.94 Hindustan Unilever Ltd 2.86 Tech Mahindra Ltd 2.77 Sun Pharmaceuticals Ltd 2.22 HCL Technologies Ltd 2.09 Britannia Industries Ltd 2.05 Havells India Ltd 1.96 State Bank of India 1.95 Aurobindo Pharma Ltd 1.91 Bata India Ltd Corporate % HDFC Bank FD NSE % HDFC Bank FD NSE % HDFC Bank FD BSE MMI Ratings Profile , AUM (in 2, Equity NIC 2008 ** Fixed Deposit Computer programming, consultancy and related Mfg of motor vehicles, trailers and semi-trailers 6.85 Frontline Equity Fund Mfg of coke and refined petroleum products month months Mfg of chemicals and chemical products months year years years years Mfg of tobacco products Mfg of pharmaceuticals, medicinal chemical & botanical products Mfg of electrical equipment years years years Civil engineering Mfg of basic metals years n.a n.a Inception MONTHLY UPDATE NOVEMBER 2018 (based on last business day) 13

15 DYNAMIC FLOOR FUND II (ULIF /12/09-DYFLRFND2-107) Aims to provide you with stable long-term inflation beating growth over medium to long-term and defend your capital against short-term capital shocks. Equity Gsec / 17 th December , Equity : : AUM (in Rohit Agarwal Equity % (Nifty); % (CRISIL Bond) & Money Market Instruments : Dynamic Floor Fund II 1 month months months year years years years years years years years n.a n.a Inception EQUITY Infosys Ltd 2.76 Reliance Industries Ltd 2.45 ICICI Bank Ltd 2.15 HDFC Bank Ltd 1.93 I T C Ltd 1.77 Kotak Banking ETF - Dividend Payout Option 1.70 Reliance ETF Bank Bees 1.53 Larsen And Toubro Ltd 1.34 IndusInd Bank Ltd 1.34 Mahindra & Mahindra Ltd 1.22 Hindustan Unilever Ltd 1.10 Axis Bank Ltd 1.08 Tech Mahindra Ltd 1.07 Sun Pharmaceuticals Ltd 0.90 Britannia Industries Ltd 0.82 HCL Technologies Ltd 0.80 Havells India Ltd 0.79 Bata India Ltd 0.74 Aurobindo Pharma Ltd 0.73 State Bank of India G-Sec % GOI % GOI % GOI % NABARD % REC % GOI % TN SDL % GOI % INFLATION INDEX GS % GOI Corporate % Kotak Mahindra Prime Ltd % HDFC % EXIM % PFC % EXIM % REC % REC % PFC % EXIM % HDFC Set Down % MMI ,083 Ratings Profile Govt & Govt AAA AUM (in 35,884 NIC 2008 ** 839 Equity Computer programming, consultancy and related State Development Loan Electricity, gas, steam and air conditioning supply Mfg of coke and refined petroleum products Mfg of motor vehicles, trailers and semi-trailers Mfg of chemicals and chemical products Mfg of tobacco products Mfg of pharmaceuticals, medicinal chemical & botanical products AA+ Fixed Deposit AA MONTHLY UPDATE NOVEMBER 2018 (based on last business day) 14

16 BALANCED FUND (ULIF /12/09-BALKFND-107) Aims for moderate growth for you by holding a diversified mix of equities and fixed interest instruments. Equity Gsec / 21 th December , Equity : : AUM (in Rohit Agarwal Equity - 60% (BSE 100); - 40% (CRISIL Bond) & Money Market Instruments : Balanced Fund 1 month months months year years years years years years EQUITY Infosys Ltd 3.87 Reliance Industries Ltd 3.66 ICICI Bank Ltd 3.24 HDFC Bank Ltd 2.83 I T C Ltd 2.70 Kotak Banking ETF - Dividend Payout Option 2.17 Larsen And Toubro Ltd 1.87 Mahindra & Mahindra Ltd 1.81 Axis Bank Ltd 1.79 IndusInd Bank Ltd 1.73 Tech Mahindra Ltd 1.60 Hindustan Unilever Ltd 1.48 Sun Pharmaceuticals Ltd 1.23 HCL Technologies Ltd 1.19 State Bank of India 1.15 Britannia Industries Ltd 1.13 Havells India Ltd 1.09 Aurobindo Pharma Ltd 1.07 Bata India Ltd 1.03 Reliance ETF Bank Bees G-Sec % GOI % GOI % GOI % GOI FCI Bonds % REC % NABARD % GOI % TN SDL % GOI % GOI Corporate % Kotak Mahindra Prime Ltd % HDFC Set Down % % HDFC % HDFC % HDFC % EXIM % HDFC % PFC % EXIM % REC MMI ,341 Ratings Profile Govt & Govt AA Fixed Deposit AUM (in 5,492 NIC 2008 ** 107 Equity Computer programming, consultancy and related Mfg of coke and refined petroleum products Mfg of motor vehicles, trailers and semi-trailers Mfg of chemicals and chemical products Mfg of tobacco products State Development Loan Mfg of pharmaceuticals, medicinal chemical & botanical products AAA years years n.a n.a Inception Mfg of electrical equipment MONTHLY UPDATE NOVEMBER 2018 (based on last business day) 15

17 KOTAK OPPORTUNITIES FUND (ULIF /10/08-OPPFND-107) Aims to maximize opportunity for long term capital growth, by holding a significant portion in a diversified and flexible mix of large/medium sized company equities. Equity Gsec / 02 nd October , Equity : : AUM (in Rohit Agarwal Equity - 100% (BSE 200) & Money Market Instruments : EQUITY Reliance Industries Ltd 6.39 Infosys Ltd 5.98 HDFC Bank Ltd 5.92 Tata Consultancy Services Ltd 4.12 Kotak Banking ETF - Dividend Payout Option 3.93 I T C Ltd 3.78 Larsen And Toubro Ltd 3.76 SBI ETF Nifty Bank 3.64 ICICI Bank Ltd 3.42 Axis Bank Ltd 3.14 Mahindra & Mahindra Ltd 2.61 Britannia Industries Ltd 2.58 Aurobindo Pharma Ltd 2.45 IndusInd Bank Ltd 2.24 Hindustan Unilever Ltd 2.16 Maruti Suzuki India Ltd 2.15 Housing Development Finance Corp. Ltd 2.11 Tech Mahindra Ltd 1.97 Bajaj Finance Ltd 1.75 Sun Pharmaceuticals Ltd Corporate % HDFC Bank FD NSE % HDFC Bank FD NSE % HDFC Bank FD BSE MMI ,225 Ratings Profile AUM (in 2,907 NIC 2008 ** 154 Equity Fixed Deposit Computer programming, consultancy and related Mfg of motor vehicles, trailers and semi-trailers 7.97 Opportunities Fund Mfg of coke and refined petroleum products month months months year Mfg of pharmaceuticals, medicinal chemical & botanical products Civil engineering years years years years years years years Mfg of tobacco products Mfg of chemicals and chemical products Mfg of electrical equipment Warehousing and support for transportation Inception MONTHLY UPDATE NOVEMBER 2018 (based on last business day) 16

18 KOTAK AGGRESSIVE GROWTH FUND (ULIF /09/04-AGRGWTFND-107) Aims for a high level of capital growth by holding a significant portion in large sized company equities. Equity Gsec / 13 th September , Equity : : AUM (in Rohit Agarwal Equity - 100% (BSE 100) & Money Market Instruments : EQUITY Infosys Ltd 7.43 Reliance Industries Ltd 6.15 HDFC Bank Ltd 5.34 I T C Ltd 4.61 ICICI Bank Ltd 4.46 Kotak Banking ETF - Dividend Payout Option 4.35 Larsen And Toubro Ltd 3.91 Reliance ETF Bank Bees 3.82 IndusInd Bank Ltd 3.49 Mahindra & Mahindra Ltd 3.09 Hindustan Unilever Ltd 3.03 Axis Bank Ltd 2.76 Tech Mahindra Ltd 2.56 Britannia Industries Ltd 2.50 Sun Pharmaceuticals Ltd 2.44 Havells India Ltd 2.27 HCL Technologies Ltd 2.06 Aurobindo Pharma Ltd 2.05 Asian Paints Ltd 1.95 State Bank of India Corporate % HDFC Bank FD NSE % HDFC Bank FD NSE % HDFC Bank FD BSE MMI Ratings Profile , AUM (in Equity NIC 2008 ** Fixed Deposit Computer programming, consultancy and related Mfg of motor vehicles, trailers and semi-trailers 7.83 Aggressive Growth Fund Mfg of chemicals and chemical products month months Mfg of coke and refined petroleum products months year years years years Mfg of tobacco products Mfg of pharmaceuticals, medicinal chemical & botanical products Civil engineering years years years Mfg of basic metals Mfg of food products years Inception MONTHLY UPDATE NOVEMBER 2018 (based on last business day) 17

19 GUARANTEE FUND (ULIF /02/10-GRTFND-107) Aims to provide stable, long-term inflation beating growth over medium to long-term and defend capital against short-term capital shocks Equity Gsec / 05 th February , Equity : : AUM (in Rohit Agarwal Equity % (Nifty); % (CRISIL Bond) & Money Market Instruments : Guarantee Fund 1 month months months year years years years years years EQUITY Reliance Industries Ltd 2.47 HDFC Bank Ltd 1.95 I T C Ltd 1.77 Infosys Ltd 1.76 Tata Consultancy Services Ltd 1.40 Housing Development Finance Corp. Ltd 1.38 Larsen And Toubro Ltd 1.26 ICICI Bank Ltd 1.14 Hindustan Unilever Ltd 1.00 Maruti Suzuki India Ltd 0.80 Sun Pharmaceuticals Ltd 0.70 Mahindra & Mahindra Ltd 0.64 State Bank of India 0.52 Axis Bank Ltd 0.51 Asian Paints Ltd 0.48 Oil & Natural Gas Corporation Ltd 0.47 National Thermal Power Corporation Ltd 0.44 UltraTech Cement Ltd 0.44 Hero Honda Motors Ltd 0.43 HCL Technologies Ltd G-Sec % GOI % GOI % GOI % REC % NABARD % GOI % TN SDL % INFLATION INDEX GS % GOI % GOI FCI Bonds Corporate % Kotak Mahindra Prime Ltd % HDFC % PGC % PFC % EXIM % HDFC Bank CALL % REC % PFC % REC % EXIM MMI Ratings Profile AUM (in 2,217 NIC 2008 ** 34 Equity Computer programming, consultancy and related Electricity, gas, steam and air conditioning supply State Development Loan Mfg of coke and refined petroleum products Mfg of chemicals and chemical products Mfg of tobacco products Mfg of motor vehicles, trailers and semi-trailers Govt & Govt AAA AA+ Fixed Deposit years Mfg of basic metals years n.a n.a Inception MONTHLY UPDATE NOVEMBER 2018 (based on last business day) 18

20 MONEY MARKET FUND (ULIF /01/10-MNMKKFND-107) Aims to protect your capital and not have downside risks 05 th January 2010 AUM (in MMI Ratings Profile 0.69 A1+ 35, Govt & Govt : 35,291 AUM (in Equity - 0% (NA); - 100% (CRISIL Liquid) & Money Market Instruments : NIC 2008 ** Money Market Fund 1 month months months year years years Financial and insurance years years years years years n.a n.a Inception Mfg of coke and refined petroleum products Electricity, gas, steam and air conditioning supply MONTHLY UPDATE NOVEMBER 2018 (based on last business day) 19

21 KOTAK DYNAMIC GROWTH FUND (ULIF /06/03-DYGWTFND-107) Aims for a high level of capital growth by holding a significant portion in large sized company equities. 27 th June , Equity : : Equity Gsec / AUM (in Rohit Agarwal Equity - 80% (BSE 100); - 20% (CRISIL Bond) & Money Market Instruments : Kotak Dynamic Growth Fund 1 month months months year years years years EQUITY Infosys Ltd 5.51 Reliance Industries Ltd 5.09 ICICI Bank Ltd 4.32 HDFC Bank Ltd 4.17 I T C Ltd 3.59 Kotak Banking ETF - Dividend Payout Option 3.52 Reliance ETF Bank Bees 3.07 Larsen And Toubro Ltd 2.79 IndusInd Bank Ltd 2.69 Mahindra & Mahindra Ltd 2.46 Hindustan Unilever Ltd 2.30 Axis Bank Ltd 2.21 Tech Mahindra Ltd 2.21 Sun Pharmaceuticals Ltd 1.83 Bata India Ltd 1.77 Britannia Industries Ltd 1.71 Havells India Ltd 1.68 HCL Technologies Ltd 1.67 Aurobindo Pharma Ltd 1.52 State Bank of India G-Sec % GOI % GOI % GOI % GOI % GOI % REC % TN SDL % GOI % GOI FCI Bonds % GOI Corporate % IDFC Bank % HDFC Bank CALL % PFC % REC % REC % REC % HDFC Bank FD NSE % HDFC Bank FD NSE % HDFC Bank FD BSE MMI ,421 Ratings Profile AUM (in 1,242 NIC 2008 ** -2 Equity Computer programming, consultancy and related Mfg of coke and refined petroleum products Mfg of motor vehicles, trailers and semi-trailers Mfg of chemicals and chemical products Mfg of tobacco products Mfg of pharmaceuticals, medicinal chemical & botanical products Govt & Govt AAA AA+ Fixed Deposit years years years Mfg of electrical equipment Civil engineering years Inception MONTHLY UPDATE NOVEMBER 2018 (based on last business day) 20

22 DYNAMIC FLOOR FUND (ULIF /11/06-DYFLRFND-107) Aims to provide you with stable long-term inflation beating growth over medium to long-term and defend your capital against short-term capital shocks. Equity Gsec / 14 th November , Equity : : AUM (in Rohit Agarwal Equity % (Nifty); % (CRISIL Bond) & Money Market Instruments : Dynamic Floor Fund 1 month months months year years years years years years EQUITY Infosys Ltd 2.75 Reliance Industries Ltd 2.47 ICICI Bank Ltd 2.15 HDFC Bank Ltd 1.96 I T C Ltd 1.76 Kotak Banking ETF - Dividend Payout Option 1.65 Reliance ETF Bank Bees 1.55 Larsen And Toubro Ltd 1.36 Mahindra & Mahindra Ltd 1.22 IndusInd Bank Ltd 1.17 Axis Bank Ltd 1.09 Tech Mahindra Ltd 1.08 Hindustan Unilever Ltd 1.03 Sun Pharmaceuticals Ltd 0.93 Britannia Industries Ltd 0.83 Bata India Ltd 0.83 HCL Technologies Ltd 0.81 Havells India Ltd 0.80 Aurobindo Pharma Ltd 0.74 Maruti Suzuki India Ltd G-Sec % GOI % GOI % GOI % NABARD % REC % GOI % TN SDL % GOI % INFLATION INDEX GS % GOI Corporate % Kotak Mahindra Prime Ltd % HDFC % EXIM % PFC % EXIM % REC % REC % PFC % HDFC Set Down % % EXIM MMI Ratings Profile , AUM (in 57,837 NIC 2008 ** 1,424 Equity Computer programming, consultancy and related State Development Loan Electricity, gas, steam and air conditioning supply Mfg of coke and refined petroleum products Mfg of motor vehicles, trailers and semi-trailers Mfg of chemicals and chemical products Mfg of tobacco products Govt & Govt AAA AA+ AA- Fixed Deposit years years Inception Mfg of pharmaceuticals, medicinal chemical & botanical products MONTHLY UPDATE NOVEMBER 2018 (based on last business day) 21

23 KOTAK DYNAMIC BALANCED FUND (ULIF /06/03-DYBALFND-107) Aims for moderate growth by holding a diversified mix of equities and fixed interest instruments. 27 th June , Equity : : Equity Gsec / AUM (in Rohit Agarwal Equity - 60% (BSE 100); - 40% (CRISIL Bond) & Money Market Instruments : Dynamic Balanced Fund 1 month months months year years years years years years EQUITY Infosys Ltd 4.03 Reliance Industries Ltd 3.74 ICICI Bank Ltd 3.24 HDFC Bank Ltd 3.03 I T C Ltd 2.63 Kotak Banking ETF - Dividend Payout Option 2.59 Reliance ETF Bank Bees 2.26 Larsen And Toubro Ltd 2.02 IndusInd Bank Ltd 1.93 Mahindra & Mahindra Ltd 1.84 Hindustan Unilever Ltd 1.65 Tech Mahindra Ltd 1.65 Axis Bank Ltd 1.64 Sun Pharmaceuticals Ltd 1.31 Britannia Industries Ltd 1.25 HCL Technologies Ltd 1.23 Havells India Ltd 1.19 Aurobindo Pharma Ltd 1.12 State Bank of India 1.09 Bata India Ltd G-Sec % GOI % GOI % GOI % REC % NABARD % GOI % TN SDL % GOI FCI Bonds % GOI % INFLATION INDEX GS Corporate % Kotak Mahindra Prime Ltd % REC % REC % PFC % EXIM % PGC % PGC % REC % HDFC Bank CALL % LIC Housing Finance P MMI ,195 Ratings Profile 2.21 Govt & Govt 0.45 AAA AUM (in 886 NIC 2008 ** 13 Equity Computer programming, consultancy and related Mfg of coke and refined petroleum products Mfg of motor vehicles, trailers and semi-trailers Mfg of chemicals and chemical products State Development Loan Mfg of tobacco products Mfg of pharmaceuticals, medicinal chemical & botanical products AA+ Fixed Deposit years years Mfg of electrical equipment 2.34 Inception MONTHLY UPDATE NOVEMBER 2018 (based on last business day) 22

24 DYNAMIC BOND FUND (ULIF /04/04-DYBNDFND-107) Aims to preserve capital and minimize downside risk, with investment in debt and government instruments. 15 th April , : AUM (in - 100% (CRISIL Bond) & Money Market Instruments : 6.28 Gsec G-Sec % GOI % GOI % GOI % REC % NABARD % GOI % TN SDL % GOI % INFLATION INDEX GS % GOI Corporate % Kotak Mahindra Prime Ltd % HDFC % PFC % EXIM % EXIM % EXIM % REC % REC % PFC % HDFC Set Down % MMI Ratings Profile , AUM (in NIC 2008 ** Govt & Govt AAA AA+ AA- 3, Dynamic Bond Fund 1 month Electricity, gas, steam and air conditioning supply months months State Development Loan year years years years Wholesale trade, except of motor vehicles and motorcycles years years years years Inception Mfg of basic metals 0.06 MONTHLY UPDATE NOVEMBER 2018 (based on last business day) 23

25 KOTAK DYNAMIC GILT FUND (ULIF /06/03-DYGLTFND-107) Aims to preserve your capital and minimize your downside risk, with investment in debt and government instruments. 27th June 2003 AUM (in 4, : - 100% (IBEX) G-Sec % GOI % GOI % GOI % RJ SPL SDL % GOI % PN SDL % MP SDL % TN SDL % GOI % RJ SDL MMI Ratings Profile , AUM (in Govt & Govt & Money Market Instruments : NIC 2008 ** Gsec Dynamic Gilt Fund 1 month months months year years State Development Loan years years years years years years Inception Financial and insurance MONTHLY UPDATE NOVEMBER 2018 (based on last business day) 24

26 KOTAK DYNAMIC FLOATING RATE FUND (ULIF /12/04-DYFLTRFND-107) Aims to preserve capital and minimize downside risk, with investment in debt and government instruments. 07 th December , : AUM (in - 100% (CRISIL Liquid) & Money Market Instruments : 2.20 G-Sec % MAH SDL % RJ SDL % HR SDL % MAH SDL % TN SDL % PN SDL % GJ SDL % TN SDL % TN SDL % GOI Corporate FRB G L&T Finance Ltd NSE Mibor +2% Shriram Transport Finance Co Ltd Floater MMI Ratings Profile 1, AUM (in Govt & Govt AAA AA+ A1+ 37 Gsec NIC 2008 ** State Development Loan Dynamic Floating Rate Fund 1 month months months year years years years years years years years Inception MONTHLY UPDATE NOVEMBER 2018 (based on last business day) 25

27 PEAK GUARANTEE FUND I (ULIF /02/10-PKGRTFND1-107) Aims for a high level of capital growth by holding a significant portion in large sized company equities. Equity Gsec / 14th February , Equity : : AUM (in Rohit Agarwal Equity % (Nifty); % (CRISIL Bond) & Money Market Instruments : Peak Guarantee Fund I 1 month months months year years years years years years EQUITY Reliance Industries Ltd 1.22 HDFC Bank Ltd 1.05 Infosys Ltd 0.89 I T C Ltd 0.88 Housing Development Finance Corp. Ltd 0.74 Tata Consultancy Services Ltd 0.71 Larsen And Toubro Ltd 0.66 ICICI Bank Ltd 0.59 Hindustan Unilever Ltd 0.52 Maruti Suzuki India Ltd 0.40 Sun Pharmaceuticals Ltd 0.37 Mahindra & Mahindra Ltd 0.33 State Bank of India 0.27 Axis Bank Ltd 0.27 Asian Paints Ltd 0.25 Oil & Natural Gas Corporation Ltd 0.25 National Thermal Power Corporation Ltd 0.23 Hero Honda Motors Ltd 0.23 UltraTech Cement Ltd 0.22 Bajaj Auto Ltd G-Sec % MAH SDL % MH SDL % TN SDL % INFLATION INDEX GS % GOI % GOI % PN SDL % KA SDL % PN SDL % MP SDL Corporate % LIC Housing Finance P % REC % REC % PFC % PGC % HDFC Bank CALL % PFC % REC % IDFC Bank % HDFC Bank FD NSE MMI Ratings Profile AUM (in 1,279 NIC 2008 ** 26 Equity State Development Loan Computer programming, consultancy and related Mfg of coke and refined petroleum products Electricity, gas, steam and air conditioning supply Mfg of chemicals and chemical products Mfg of tobacco products Govt & Govt AAA Fixed Deposit AA years years n.a n.a Inception Mfg of motor vehicles, trailers and semi-trailers MONTHLY UPDATE NOVEMBER 2018 (based on last business day) 26