FUNDS IN FOCUS JANUARY 2018
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JANUARY 2018 EQUITY FUNDS:..................................................................... 1 Kotak Classic Equity Fund............................................................ 2 Kotak Tax Saver Fund............................................................... 4 Kotak Select Focus Fund............................................................. 6 Kotak Opportunities Fund............................................................ 8 Kotak Emerging Equity Fund......................................................... 10 HYBRID FUNDS:................................................................... 12 Kotak Balance Fund................................................................ 13 Kotak Equity Savings Fund.......................................................... 15 THEMATIC FUNDS.................................................................. 17 Kotak Infraructure & Economic Reform Fund.......................................... 18 DEBT FUNDS...................................................................... 20 Kotak Duration Fund........................................................... 21 Kotak Income Opportunities Fund.................................................... 23 Kotak Medium Term Fund........................................................... 25 Kotak Bond Short Term Fund........................................................ 27
EQUITY FUNDS
Kotak Classic Equity Scheme Facts Structure An Open Ended Equity Growth Scheme Month end AUM* (as on 31 Dec 2017) `140.49 crs Monthly Average AUM* `133.87 crs NAV (as on 29th Dec 2017) Dividend `24.8670 Direct Dividend `26.8130 Growth `48.7860 Direct Growth `51.9830 Launch Date 27th July 2005 Benchmark Nifty 100 Min. Initial Inv. `5000 Additional Inv. `1000 & in multiples of `1 Standard Deviation^ 13.05% Beta^ 0.96 Sharpe^ 0.45 Portfolio Turnover 103.87% *Source: MFI Explorer. ^ as on 29th Dec, 2017. Source: Value Research. $ Market Cap % Large cap 79.25 Midcap 9.99 Small cap 1.21 Cash 9.55 $ The given market cap data is on the basis of new SEBI circular on scheme rationalisation wherein Stocks are categorised as per given AMFI li. Source: MFI Explorer. Market definition used is market capitalisation of the 100th large scrip (on the bases of market capitalisation) is the cutoff to determine the large cap and midcap segment. Load Structure About Kotak Classic Equity Kotak Classic Equity is an open - ended equity growth scheme. The invement objective of the scheme is to generate capital appreciation from a diversified portfolio of equity and equity related securities. An open-ended diversified equity scheme with a focus on large caps. Market capitalization bias:(a) Largecap focused with normal allocation between 70%-90% and (b) Midcap allocation between 10%-30%. Equity Market Brief GST landmark reform is now implemented, and over the la few months, the government has introduced further changes to help the smaller firms navigate GST better. While there might be some near-term issues in implementing, the longer term benefits are transformative. Mo lied players will benefit, as they form the organised part of the economy. After a prolonged period of under-delivery of Corporate Earnings, we expect earnings trajectory to materially improve in 2HFY18, on the back of favourable base and as GST transitory impacts abilise. PSU recap and continued government spending on infraructure augur well for the medium term growth prospects. India to benefit from such reforms which encourages formalisation of the economy in the medium-to-long-term, significant flow from physical to financial savings to further provide ability to markets. Volatility across global equities is on lower side. Global events Fed hiking, Chinese currency depreciation, geopolitical events like the flare-up between US and North Korea to add to near-term volatility. Time in the market more important than timing the market after a long period of lower volatility, markets volatility may move up. Portfolio Action The fund has an overweight position in Media, Metals, Utilities and Oil and Gas while it is underweight in Pharma, BFSI, Capital Goods, Auto and Infraructure. The conservative ance of the portfolio had benefitted the fund in the early part of FY17 as markets punished value ocks more than the quality ocks. The tilt from then has slowly changed as metal ocks, which represent the value set, found their way into the portfolio. We continue to believe that metals offer the maximum potential for positive earnings surprise in addition to the deleveraging ory going ahead. The lack of exposure to corporate lenders and PSU banks hurt the fund in the month of November as the government went for recapitalisation of PSU Banks. Top 10 Sectors as on 31 Dec, 2017 Sector % Weight Underweight / Previous Change overweight Month in portfolio Portfolio Benchmark again (Portfolio % from previous (Nifty 100) benchmark Weight) month Financial Services Energy Consumer Goods Cash & Cash Equivalent Automobile Information Technology Metals Pharma Telecom Cement & Cement Products 23.40 32.36-8.96 22.09 1.30 18.11 13.75 4.36 19.46-1.35 11.74 12.28-0.54 11.26 0.48 9.68 0.00 9.68 11.40-1.72 9.49 10.55-1.06 8.58 0.91 8.52 9.79-1.26 9.28-0.76 6.93 4.99 1.94 6.72 0.20 4.25 4.55-0.30 4.38-0.13 3.69 2.36 1.33 2.60 1.09 1.89 2.11-0.22 1.97-0.08 Entry Load: Nil Exit Load: Nil. (applicable for all plans) (w.e.f December 01, 2014) 2
Kotak Classic Equity About Kotak Mutual Fund Kotak Mahindra Asset Management Company Limited (KMAMC) is a wholly owned subsidiary of Kotak Mahindra Bank Limited (KMBL). KMBL has over two decades of experience in financial services. KMBL has a market capitalization of `1923.841bn (as on 31 December, 2017). KMAMC is the Asset Manager for Kotak Mahindra Mutual Fund (KMMF). It arted operations in December 1998. KMMF offers schemes catering to inveors with varying risk - return profiles and was the fir fund house in the country to launch a dedicated gilt scheme. KMAMC manages assets worth `1,15,441.51cr as on 31 December, 2017. * The numbers are converted using the Rupee- USD reference rate published by the Reserve Bank of India as on the respective dates. To know more Call : 1800-222-626 (Toll Free), Mumbai 61152100, Delhi 66306900 / 02, Chennai 28221333 / 45038171, Kolkata 64509802 / 03, Pune 64013395 / 96, Ahmedabad 26779888, Bangalore 66128050 / 51, Hyderabad 66178140 / 41. Visit - assetmanagement.kotak.com Email - mutual@kotak.com Disclaimer Kotak Classic Equity is an open - ended equity growth scheme. Invement Objective: To generate capital appreciation from a diversified portfolio of equity and equity related securities. Kotak Classic Equity* Performance (%) as on 29th December, 2017 Date Top 10 Companies as on 31 Dec, 2017 Reliance Induries Ltd. Petroleum Products 5.38% Maruti Suzuki India Limited Auto 4.67% Infosys Ltd. Software 4.57% Hinduan Unilever Ltd. Consumer Non Durables 4.47% Hindalco Induries Ltd Non - Ferrous Metals 3.57% Bajaj Finance Limited Finance 2.67% GAIL (India) Ltd. Gas 2.66% Power Grid Corporation Of India Ltd Power 2.65% IndusInd Bank Ltd. Banks 2.49% Bharti Airtel Ltd. Telecom - Services 2.48% Kotak Classic Equity Fund Scheme Nifty 100 Nifty 50 Current Value of Standard Invement Returns # (%) ## (%) of ` 10000 in the (%) ^ Scheme ( `) Benchmark # ( `) Additional Benchmark ## ( `) Since Inception 13.60 13.39 12.94 48,786 47,683 45,409 La 1 Year 35.39 31.05 28.65 La 3 Years 11.90 9.84 8.34 La 5 Years 15.97 13.45 12.27 Scheme Inception date is 27/07/2005. Mr. Deepak Gupta has been managing the fund since 01/01/2017. Different plans have different expense ructure. The performance details provided herein are of regular plan. ^Pa performance may or may not be suained in future.*all payouts during the period have been reinveed in the units of the scheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A ands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of `10,000/- invement made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Please refer page no. 29 for top 3 and bottom 3 schemes managed by Mr. Deepak Gupta. Mutual Fund invements are subject to market risks, read all scheme related documents carefully. Scheme Information Document (SID) and Statement of Additional Information (SAI) available on mutualfund.kotak.com Dividend Hiory Date CUM Dividend Dividend NAV ( ` per unit) Jul-28-17 23.433 0.70 Jul-15-16 19.692 0.50 Nov-20-15 18.540 0.50 Jul-25-14 18.227 1.00 Jan-23-14 19.202 4.30 Jul-31-12 15.413 1.00 LOW Riskometer Moderate Inveors underand that their principal will be at moderately high risk HIGH This product is suitable for inveors who are seeking*: Long term capital growth Invement in portfolio of predominantly equity & equity related securities * Inveors should consult their financial advisors if in doubt about whether the product is suitable for them. 3
Kotak Tax Saver Scheme Facts Structure About Kotak Tax Saver An Open -Ended Equity Linked Saving Scheme Month end AUM* (as on 31 Dec 2017) `740.08 crs Monthly Average AUM* `728.42 crs NAV (as on 29th Dec 2017) The invement objective of Kotak Tax Saver is to generate long term capital appreciation from a diversified portfolio of equity and equity related securities and enable inveors to avail the income tax rebate, as permitted from time to time. The scheme thus offers a dual benefit of growth and tax savings. The scheme although open ended, has a three year lock-in. The portfolio is generally diversified across sectors and market capitalization segments. Dividend `20.8480 Dividend Direct `24.1390 Growth `43.1610 Growth Direct `46.0440 Launch Date rd 23 November 2005 Benchmark Nifty 500 Min. Initial Inv. `500 Additional Inv. `500 & in multiples of `500 Standard Deviation^ 14.58% Beta^ 1.03 Sharpe^ 0.51 Portfolio Turnover Equity Market Brief GST landmark reform is now implemented, and over the la few months, the government has introduced further changes to help the smaller firms navigate GST better. While there might be some near-term issues in implementing, the longer term benefits are transformative. Mo lied players will benefit, as they form the organised part of the economy. After a prolonged period of under-delivery of Corporate Earnings, we expect earnings trajectory to materially improve in 2HFY18, on the back of favourable base and as GST transitory impacts abilise. PSU recap and continued government spending on infraructure augur well for the medium term growth prospects. India to benefit from such reforms which encourages formalisation of the economy in the medium-to-long-term, significant flow from physical to financial savings to further provide ability to markets. Volatility across global equities is on lower side. Global events Fed hiking, Chinese currency depreciation, geopolitical events like the flare-up between US and North Korea to add to near-term volatility. Time in the market more important than timing the market after a long period of lower volatility, markets volatility may move up. Portfolio Action The key overweight sectors in the portfolio are Cement, Oil&Gas and Capital Goods. The underweight sectors are IT and Pharma, wherein earnings momentum is weak and business headwinds ill persi. Telecom sector continues to see headwinds, wherein the portfolio has no exposure. During the month exposure to Capital Goods and Infraructure sectors was enhanced. Large cap allocation in the portfolio is about 57%. 33.05% *Source: MFI Explorer. ^ as on 29th Dec, 2017. Source: Value Research. $ Market Cap % Large cap 56.51 Midcap 26.70 Small cap 14.45 Cash 2.34 $ The given market cap data is on the basis of new SEBI circular on scheme rationalisation wherein Stocks are categorised as per given AMFI li. Source: KPAX (internal syem). Market definition used is market capitalisation of the 100th large scrip (on the bases of market capitalisation) is the cutoff to determine the large cap and midcap segment. Load Structure Entry Load: Nil Exit Load: Exit Load is not applicable for Kotak Tax Saver Scheme. (applicable for all plans) Units issued on reinvement of dividends shall not be subject to exit load (applicable for all plans) Top 10 Sectors as on 31 Dec, 2017 Sector % Weight Underweight / Previous Change overweight Month in portfolio Portfolio Benchmark again (Portfolio % from previous (Nifty 500) benchmark Weight) month Financial Services Energy Consumer Goods Cement & Cement Products Indurial Manufacturing Conruction Automobile Pharma Services Chemicals 29.86 30.14-0.28 30.77-0.92 16.65 12.08 4.57 18.94-2.29 9.89 12.36-2.46 8.44 1.46 6.83 2.40 4.43 6.69 0.14 6.09 2.95 3.14 5.72 0.37 5.81 4.40 1.40 3.75 2.06 5.49 9.24-3.74 6.41-0.91 3.16 5.02-1.86 3.22-0.05 3.16 2.68 0.48 3.04 0.13 2.86 0.80 2.06 2.90-0.03 4
Kotak Tax Saver About Kotak Mutual Fund Kotak Mahindra Asset Management Company Limited (KMAMC) is a wholly owned subsidiary of Kotak Mahindra Bank Limited (KMBL). KMBL has over two decades of experience in financial services. KMBL has a market capitalization of `1923.841bn (as on 31 December, 2017). KMAMC is the Asset Manager for Kotak Mahindra Mutual Fund (KMMF). It arted operations in December 1998. KMMF offers schemes catering to inveors with varying risk - return profiles and was the fir fund house in the country to launch a dedicated gilt scheme. KMAMC manages assets worth `1,15,441.51cr as on 31 December, 2017. * The numbers are converted using the Rupee- USD reference rate published by the Reserve Bank of India as on the respective dates. To know more Call : 1800-222-626 (Toll Free), Mumbai 61152100, Delhi 66306900 / 02, Chennai 28221333 / 45038171, Kolkata 64509802 / 03, Pune 64013395 / 96, Ahmedabad 26779888, Bangalore 66128050 / 51, Hyderabad 66178140 / 41. Visit - assetmanagement.kotak.com Email - mutual@kotak.com Disclaimer Kotak Tax Saver is an open-ended equity linked savings scheme. Invement Objective: To generate long-term capital appreciation from a diversified portfolio of equity and equity related securities and enable inveors to avail the income tax rebate, as permitted from time to time. The amount inveed in the scheme shall be subject to a lock-in of 3 years irrespective of whether the invements would be eligible for tax benefit or not. The above does not conitute and advice or a representation. Inveors are requeed to seek professional advice in this regard. Kotak Mahindra Bank Limited is not liable or responsible for any loss or short fall resulting from the operations of the scheme. Top 10 Companies as on 31 Dec, 2017 HDFC Bank Ltd. Banks 6.07% Reliance Induries Ltd. Petroleum Products 5.15% Larsen And Toubro Ltd. Conruction Project 4.17% State Bank Of India Banks 3.77% IndusInd Bank Ltd. Banks 3.12% Hero MotoCorp Ltd. Auto 3.07% ICICI Bank Ltd. Banks 3.04% Shree Cement Ltd. Cement 2.93% OCL India Ltd Cement 2.68% GlaxoSmithkline Consumer Healthcare Ltd Consumer Non Durables 2.65% Kotak Tax Saver* Performance (%) as on 29th December, 2017 Date Kotak Tax Saver Scheme Nifty 500 Nifty 50 Current Value of Standard Invement Returns # (%) ## (%) of ` 10000 in the (%) ^ Scheme ( `) Benchmark # ( `) Additional Benchmark ## ( `) Since Inception 12.84 12.60 12.22 43,161 42,078 40,369 La 1 Year 33.76 35.91 28.65 La 3 Years 13.42 11.91 8.34 La 5 Years 16.46 14.89 12.27 Scheme Inception date is 23/11/2005. Mr. Harsha Upadhyaya has been managing the fund since 25/08/2015. Different plans have different expense ructure. The performance details provided herein are of regular plan. ^Pa performance may or may not be suained in future.*all payouts during the period have been reinveed in the units of the scheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A ands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of `10,000/- invement made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Please refer page no. 29 for other schemes managed by Mr. Harsha Upadhyay. LOW Riskometer Moderate Inveors underand that their principal will be at moderately high risk HIGH This product is suitable for inveors who are seeking*: long term capital growth with a 3 year lock in Invement in portfolio of predominantly equity & equity related securities. * Inveors should consult their financial advisors if in doubt about whether the product is suitable for them. Mutual Fund invements are subject to market risks, read all scheme related documents carefully. Scheme Information Document (SID) and Statement of Additional Information (SAI) available on mutualfund.kotak.com Dividend Hiory Date CUM Dividend Dividend NAV ( ` per unit) Dec-29-17 20.848 0.40 Jun-29-17 22.144 0.40 Mar-29-17 19.432 0.75 Jan-27-17 18.889 0.72 Mar-22-16 16.266 0.65 Jan-21-16 16.113 0.70 Dec-30-14 17.542 0.10 Nov-28-14 18.180 0.50 Feb-08-08 15.189 3.50 Feb-20-07 11.640 3.00 5
Kotak Select Focus Scheme Facts Structure An Open Ended Equity Scheme Month end AUM* (as on 31 Dec 2017) `17,040.63 crs Monthly Average AUM* `16,491.82 crs NAV (as on 29th Dec 2017) Dividend `23.9510 Direct Dividend `25.3120 Growth `33.5840 Direct Growth `35.2390 Launch Date th 11 September 2009 Benchmark Nifty 200 Min. Initial Inv. `5000 & in multiple of `1 for purchase and for ` 0.01 for switches Additional Inv. `1000 & in multiples of `1 Standard Deviation^ 13.75% Beta^ 0.99 Sharpe^ 0.63 Portfolio Turn over 20.13% *Source: MFI Explorer. ^ as on 29th Dec, 2017. Source: Value Research. $ Market Cap % Large cap 75.68 Midcap 14.20 Small cap 3.76 Cash 6.37 $ The given market cap data is on the basis of new SEBI circular on scheme rationalisation wherein Stocks are categorised as per given AMFI li. Source: KPAX (internal syem). Market definition used is market capitalisation of the 100th large scrip (on the bases of market capitalisation) is the cutoff to determine the large cap and midcap segment. Load Structure Entry Load: Nil Exit Load: I) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units, irrespective of the amount of invement:1% ii) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units, irrespective of the amount of invement: NIL iii) Any exit load charged (net off Service Tax, if any) shall be credited back to the respective Scheme. (applicable for all plans) iv) Units issued on reinvement of dividends shall not be subject to exit load (applicable for all plans) About Kotak Select Focus The invement objective of Kotak Select Focus scheme is to generate long term capital appreciation from a portfolio of equity and equity related securities, generally focused on select few sectors. The scheme endeavors to identify sectors that are likely to do well over the medium term and takes focus exposures to the same. There is no reriction on which type of sectors the scheme can take exposure to and the portfolio will be generally diversified at the ock level across market capitalization. The scheme is well positioned to capture various themes that are in flavour in a focused manner. Equity Market Brief GST landmark reform is now implemented, and over the la few months, the government has introduced further changes to help the smaller firms navigate GST better. While there might be some near-term issues in implementing, the longer term benefits are transformative. Mo lied players will benefit, as they form the organised part of the economy. After a prolonged period of under-delivery of Corporate Earnings, we expect earnings trajectory to materially improve in 2HFY18, on the back of favourable base and as GST transitory impacts abilise. PSU recap and continued government spending on infraructure augur well for the medium term growth prospects. India to benefit from such reforms which encourages formalisation of the economy in the medium-to-long-term, significant flow from physical to financial savings to further provide ability to markets. Volatility across global equities is on lower side. Global events Fed hiking, Chinese currency depreciation, geopolitical events like the flare-up between US and North Korea to add to near-term volatility. Time in the market more important than timing the market after a long period of lower volatility, markets volatility may move up. Portfolio Action The portfolio continues to have a pro-cyclical tilt. Domeic businesses continue dominate the portfolio as compared to export/ global businesses due to better earnings trajectory. The top overweight sectors in the fund are Cement, Financials, Oil&Gas and Capital Goods. We believe that Government s focus on reviving consumption and spending on infraructure will create positive demand scenario for our portfolio companies in medium term. Metals, Utilities and Telecom sectors are the major exclusions from the fund. The key underweight sectors continue to be IT and Pharma, wherein earnings momentum is weak and business headwinds ill persi. Allocation to large cap segment accounts for about 3/4th of the total corpus. Top Sectors as on 31 Dec, 2017 Sector % Weight Underweight / Previous Change overweight Month in portfolio Portfolio Benchmark again (Portfolio % from previous (Nifty 200) benchmark Weight) month Financial Services Energy Automobile Cement & Cement Products Consumer Goods Cash & Cash Equivalent Conruction Indurial Manufacturing 34.72 31.70 3.02 34.95-0.23 15.42 13.05 2.37 15.53-0.11 10.98 9.86 1.12 10.93 0.05 7.72 2.36 5.36 6.99 0.73 6.78 12.04-5.26 7.01-0.23 6.37 0.00 6.37 7.48-1.11 5.45 3.80 1.65 4.18 1.27 3.23 1.56 1.67 3.43-0.20 6
Kotak Select Focus About Kotak Mutual Fund Kotak Mahindra Asset Management Company Limited (KMAMC) is a wholly owned subsidiary of Kotak Mahindra Bank Limited (KMBL). KMBL has over two decades of experience in financial services. KMBL has a market capitalization of `1923.841bn (as on 31 December, 2017). KMAMC is the Asset Manager for Kotak Mahindra Mutual Fund (KMMF). It arted operations in December 1998. KMMF offers schemes catering to inveors with varying risk - return profiles and was the fir fund house in the country to launch a dedicated gilt scheme. KMAMC manages assets worth `1,15,441.51cr as on 31 December, 2017. * The numbers are converted using the Rupee- USD reference rate published by the Reserve Bank of India as on the respective dates. To know more Ccall : 1800-222-626 (Toll Free), Mumbai 61152100, Delhi 66306900 / 02, Chennai 28221333 / 45038171, Kolkata 64509802 / 03, Pune 64013395 / 96, Ahmedabad 26779888, Bangalore 66128050 / 51, Hyderabad 66178140 / 41. Visit - assetmanagement.kotak.com Email - mutual@kotak.com Disclaimer Kotak Select Focus Fund is an open-ended equity scheme. Invement Objective: The invement objective of the scheme is to generate long-term capital appreciation from a portfolio of equity and equity related securities, generally focused on a few selected sectors. Mutual Fund invements are subject to market risks, read all scheme related documents carefully. Scheme Information Document (SID) and Statement of Additional Information (SAI) available on mutualfund.kotak.com Dividend Hiory Top 10 Companies as on 31 Dec, 2017 HDFC Bank Ltd. Banks 7.03% Larsen And Toubro Ltd. Conruction Project 5.02% Reliance Induries Ltd. Petroleum Products 4.97% State Bank Of India Banks 3.73% HDFC Ltd. Finance 3.71% ICICI Bank Ltd. Banks 3.69% Hero MotoCorp Ltd. Auto 3.67% Maruti Suzuki India Limited Auto 3.43% ITC Ltd. Consumer Non Durables 3.01% IndusInd Bank Ltd. Banks 2.81% Kotak Select Focus* Performance (%) as on 29th December, 2017 Date Kotak Select Focus Fund Scheme Nifty 200 Nifty 50 Current Value of Standard Invement Returns #(%) ## (%) of ` 10000 in the (%) ^ Scheme ( `) Benchmark #( `) Additional Benchmark ## ( `) Since Inception 15.71 10.69 9.84 33,584 23,247 21,805 La 1 Year 34.31 33.43 28.65 La 3 Years 14.82 10.73 8.34 La 5 Years 20.46 13.96 12.27 Scheme Inception date is 11/09/2009. Mr. Harsha Upadhyaya has been managing the fund since 04/08/2012. Different plans have different expense ructure. The performance details provided herein are of regular plan. ^Pa performance may or may not be suained in future.*all payouts during the period have been reinveed in the units of the scheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A ands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of `10,000/- invement made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Please refer page no. 29 for schemes managed by Mr. Harsha Upadhyaya. LOW Riskometer Moderate Inveors underand that their principal will be at moderately high risk HIGH This product is suitable for inveors who are seeking*: Long term capital growth Invement in portfolio of predominantly equity & equity related securities generally focussed on a few selected sectors. * Inveors should consult their financial advisors if in doubt about whether the product is suitable for them. Date CUM Dividend Dividend NAV ( ` per unit) Sep-27-17 23.592 1.50 Sep-30-16 21.349 1.25 Oct-12-15 19.739 1.00 Sep-26-14 17.791 1.00 Oct-15-10 12.850 1.25 7
Kotak Opportunities Scheme Facts Structure An Open Ended Equity Growth Scheme Month end AUM* (as on 31 Dec 2017) `2,337.66 crs Monthly Average AUM* `2,242.37 crs NAV (as on 29th Dec 2017) Dividend `28.4490 Dividend Direct `30.2170 Growth `119.7530 Growth Direct `126.0310 Launch Date th 9 September 2004 Benchmark Nifty 500 Min. Initial Inv. `5000 Additional Inv. `1000 & in multiples of `1 Standard Deviation^ 13.91% Beta^ 0.99 Sharpe^ 0.64 Portfolio Turn over 38.82% *Source: MFI Explorer. ^ as on 29th Dec, 2017. Source: Value Research. About Kotak Opportunities Kotak Opportunities looks for opportunities across sectors based on performance and potential of companies within the sectors. The fund manager has the flexibility to inve in a mix of large and mid cap ocks from various sectors. The allocation between large caps & midcaps would broadly depend on the choice of sectors, business environment & valuations. Equity Market Brief GST landmark reform is now implemented, and over the la few months, the government has introduced further changes to help the smaller firms navigate GST better. While there might be some near-term issues in implementing, the longer term benefits are transformative. Mo lied players will benefit, as they form the organised part of the economy. After a prolonged period of under-delivery of Corporate Earnings, we expect earnings trajectory to materially improve in 2HFY18, on the back of favourable base and as GST transitory impacts abilise. PSU recap and continued government spending on infraructure augur well for the medium term growth prospects. India to benefit from such reforms which encourages formalisation of the economy in the medium-to-long-term, significant flow from physical to financial savings to further provide ability to markets. Volatility across global equities is on lower side. Global events Fed hiking, Chinese currency depreciation, geopolitical events like the flare-up between US and North Korea to add to near-term volatility. Time in the market more important than timing the market after a long period of lower volatility, markets volatility may move up. Portfolio Action The portfolio continues to have a tilt towards pro-cyclicals that have operating leverage. The top overweight sectors are Oil&Gas, Cement and Indurials. Within Oil&Gas sector, we are particularly bullish on gas utilities and downream oil companies. The top underweight sectors in the fund are IT, FMCG and Metals. Telecom sector continues to see headwinds, wherein the portfolio has no exposure. $ Market Cap % Large cap 57.94 Midcap 25.99 Small cap 12.15 Cash 3.92 $ The given market cap data is on the basis of new SEBI circular on scheme rationalisation wherein Stocks are categorised as per given AMFI li. Source: KPAX (internal syem). Market definition used is market capitalisation of the 100th large scrip (on the bases of market capitalisation) is the cutoff to determine the large cap and midcap segment. Load Structure Entry Load: Nil Exit Load: I) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units, irrespective of the amount of invement:1% ii) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units, irrespective of the amount of invement: NIL iii) Any exit load charged (net off Service Tax, if any) shall be credited back to the respective Scheme. (applicable for all plans) iv) Units issued on reinvement of dividends shall not be subject to exit load (applicable for all plans) Top 10 Sectors as on 31 Dec, 2017 Sector % Weight Underweight / Previous Change overweight Month in portfolio Portfolio Benchmark again (Portfolio % from previous (Nifty 500) benchmark Weight) month Financial Services Energy Consumer Goods Cement & Cement Products Indurial Manufacturing Automobile Cash & Cash Equivalent Conruction Fertilisers & Peicides Textiles 29.75 30.14-0.39 30.89-1.14 17.33 12.08 5.25 18.89-1.56 9.45 12.36-2.90 8.96 0.49 7.52 2.40 5.12 6.67 0.85 5.87 2.95 2.93 4.66 1.21 5.31 9.24-3.93 5.39-0.08 4.68 0.00 4.68 4.10 0.58 4.31 4.40-0.09 3.86 0.45 3.70 1.00 2.70 3.47 0.23 2.26 0.73 1.53 2.32-0.06 8
Kotak Opportunities Dividend Hiory Date Nov-28-17 28.7004 0.85 Aug-29-17 27.9190 0.85 May-29-17 27.748 0.85 Feb-28-17 26.279 0.50 Nov-22-16 24.246 0.80 Aug-28-15 24.388 1.60 Aug-25-14 21.411 1.00 Nov-11-11 13.682 0.50 May-28-10 14.625 1.00 Sept-8-09 14.733 1.50 Mar-14-08 16.975 2.00 Jan-25-08 27.090 6.00 Sept-28-07 24.293 3.00 Sept-27-06 17.745 1.50 Mar-21-06 21.783 4.50 About Kotak Mutual Fund Kotak Mahindra Asset Management Company Limited (KMAMC) is a wholly owned subsidiary of Kotak Mahindra Bank Limited (KMBL). KMBL has over two decades of experience in financial services. KMBL has a market capitalization of `1923.841bn (as on 31 December, 2017). KMAMC is the Asset Manager for Kotak Mahindra Mutual Fund (KMMF). It arted operations in December 1998. KMMF offers schemes catering to inveors with varying risk - return profiles and was the fir fund house in the country to launch a dedicated gilt scheme. KMAMC manages assets worth `1,15,441.51cr as on 31 December, 2017. * The numbers are converted using the Rupee- USD reference rate published by the Reserve Bank of India as on the respective dates. To know more CUM Dividend NAV Call : 1800-222-626 (Toll Free), Mumbai 61152100, Delhi 66306900 / 02, Chennai 28221333 / 45038171, Kolkata 64509802 / 03, Pune 64013395 / 96, Ahmedabad 26779888, Bangalore 66128050 / 51, Hyderabad 66178140 / 41. Visit - assetmanagement.kotak.com Email - mutual@kotak.com Dividend ( ` per unit) Top 10 Companies as on 31 Dec, 2017 HDFC Bank Ltd. Banks 6.01% Reliance Induries Ltd. Petroleum Products 4.53% HDFC Ltd. Finance 3.66% Gujarat State Petronet Ltd. Gas 3.41% State Bank Of India Banks 3.18% Hero MotoCorp Ltd. Auto 2.91% Larsen And Toubro Ltd. Conruction Project 2.83% ICICI Bank Ltd. Banks 2.59% ITC Ltd. Consumer Non Durables 2.59% Max Financial Services Ltd. Finance 2.53% Kotak Opportunities* Performance (%) as on 29th December, 2017 Date Kotak Opportunities Scheme Nifty 500 Nifty 50 Current Value of Standard Invement Returns # (%) ## (%) of ` 10000 in the (%) ^ Scheme ( `) Benchmark # ( `) Additional Benchmark ## ( `) Since Inception 20.50 15.47 14.94 119,753 67,870 63,861 La 1 Year 34.87 35.91 28.65 La 3 Years 15.15 11.91 8.34 La 5 Years 19.00 14.89 12.27 Scheme Inception date is 09/09/2004. Mr. Harsha Upadhyaya has been managing the fund since 04/08/2012. Different plans have different expense ructure. The performance details provided herein are of regular plan. ^Pa performance may or may not be suained in future.*all payouts during the period have been reinveed in the units of the scheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A ands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of `10,000/- invement made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Please refer page no. 29 for other schemes managed by Mr. Harsha Upadhyaya. LOW Riskometer Moderate Inveors underand that their principal will be at moderately high risk HIGH This product is suitable for inveors who are seeking*: Long term capital growth Invement in portfolio of predominantly equity & equity related securities * Inveors should consult their financial advisors if in doubt about whether the product is suitable for them. Disclaimer Kotak Opportunities is an open-ended equity growth scheme. Invement Objective: To generate capital appreciation from a diversified portfolio of equity & equity related inruments Mutual Fund invements are subject to market risks, read all scheme related documents carefully. Scheme Information Document (SID) and Statement of Additional Information (SAI) available on mutualfund.kotak.com 9
Kotak Emerging Equity Scheme Facts Structure An Open - Ended Equity Growth Scheme Month end AUM* (as on 31 Dec 2017) `3,021.37 crs Monthly Average AUM* `2,901.38 crs NAV (as on 29th Dec 2017) Dividend `28.7770 Direct Dividend `32.5880 Growth `42.1020 Direct Growth `44.5470 Launch Date 30th March 2007 Benchmark S&P BSE Mid Small Cap Min. Initial Inv. `5000 Additional Inv. `1000 & in multiples of `1 Standard Deviation^ 14.60% Beta^ 0.89 Sharpe^ 0.88 Portfolio Turnover 33.19% *Source: MFI Explorer. ^ as on 29th Dec, 2017. Source: Value Research. $ Market Cap % Large cap 12.95 Midcap 49.52 Small cap 32.58 Cash 4.95 $ The given market cap data is on the basis of new SEBI circular on scheme rationalisation wherein Stocks are categorised as per given AMFI li. Source: Value Research definition. Load Structure Entry Load: Nil Exit Load: I) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units, irrespective of the amount of invement:1% ii) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units, irrespective of the amount of invement: NIL Any exit load charged (net off Service Tax, if any) shall be credited back to the respective Scheme. Units issued on reinvement of dividends shall not be subject to entry and exit load. About Kotak Emerging Equity The invement objective of Kotak Emerging Equity is to generate long-term capital appreciation from a portfolio of equity and equity related securities, by inveing predominantly in mid and small cap companies. These companies are either at their nascent or developing age and are under researched. Although relatively volatile in the short run, small and mid cap companies have the potential to deliver higher growth in the long term. Equity Market Brief GST landmark reform is now implemented, and over the la few months, the government has introduced further changes to help the smaller firms navigate GST better. While there might be some near-term issues in implementing, the longer term benefits are transformative. Mo lied players will benefit, as they form the organised part of the economy. After a prolonged period of under-delivery of Corporate Earnings, we expect earnings trajectory to materially improve in 2HFY18, on the back of favourable base and as GST transitory impacts abilise. PSU recap and continued government spending on infraructure augur well for the medium term growth prospects. India to benefit from such reforms which encourages formalisation of the economy in the medium-to-long-term, significant flow from physical to financial savings to further provide ability to markets. Volatility across global equities is on lower side. Global events Fed hiking, Chinese currency depreciation, geopolitical events like the flare-up between US and North Korea to add to near-term volatility. Time in the market more important than timing the market after a long period of lower volatility, markets volatility may move up. Portfolio Action The portfolio continues to be pro-cyclical and tilted towards economic recovery. As a result we continue to be Overweight on sectors such as Financials, cement, capital goods & engineering, auto ancillary, media, and consumer discretionary. In the short term we believe the GST implementation could be a disruptor for B2C businesses. However from a medium term perspective po GST implementation, we anticipate that the organized players would become ronger as unorganized sector would find it tough to do business in the changed environment and cede market share to more organized players and portfolio is well positioned in those sectors where there is a large portion of unorganized players. The recent rate reduction of lots of items from 28% to 18% pose well for the unorganised to organised theme. 2QFY18 earnings season has come as a breath of fresh air and rekindled hopes of earnings having troughed. Nifty earnings grew by 14%yoy in 2QFY18, highe in la 3 years. More importantly, the quality of earnings was better than the previous few quarters. Mo of the sectors either met or exceeded expectations with very little downgrades. 2HFY18 is expected to benefit from the low base of la year and normalization of supply chain po initial teething issues pertaining to GST. In the IT and pharma sector we continue to have ock specific approach and continue to have UW ance on both the sectors. During the month we have increased allocations consumer goods and marginal reduction in media and financials. Po sharp run in the ocks in la 6 months, the overall view turns a little cautious on this space as valuations are above long term averages. Top 10 Sectors as on 31 Dec, 2017 Sector % Weight Underweight / Previous Change overweight Month in portfolio Portfolio Benchmark again (Portfolio % from previous S&P BSE Mid benchmark Weight) month Small Cap Index Indurial Manufacturing Financial Services Consumer Goods Services Chemicals Pharma Cash & Cash Equivalent Automobile Conruction Cement & Cement Products 20.54 10.65 9.89 20.19 0.35 19.46 17.82 1.64 20.52-1.06 15.65 13.24 2.42 16.16-0.51 5.67 7.37-1.70 6.34-0.67 5.35 3.43 1.92 5.57-0.21 5.35 7.77-2.42 5.63-0.28 4.95 0.00 4.95 3.56 1.39 4.49 6.70-2.20 4.62-0.13 3.99 6.83-2.84 3.91 0.08 2.74 2.76-0.02 2.63 0.10 10
Kotak Emerging Equity About Kotak Mutual Fund Kotak Mahindra Asset Management Company Limited (KMAMC) is a wholly owned subsidiary of Kotak Mahindra Bank Limited (KMBL). KMBL has over two decades of experience in financial services. KMBL has a market capitalization of `1923.841bn (as on 31 December, 2017). KMAMC is the Asset Manager for Kotak Mahindra Mutual Fund (KMMF). It arted operations in December 1998. KMMF offers schemes catering to inveors with varying risk - return profiles and was the fir fund house in the country to launch a dedicated gilt scheme. KMAMC manages assets worth `1,15,441.51cr as on 31 December, 2017. * The numbers are converted using the Rupee- USD reference rate published by the Reserve Bank of India as on the respective dates. To know more Call : 1800-222-626 (Toll Free), Mumbai 61152100, Delhi 66306900 / 02, Chennai 28221333 / 45038171, Kolkata 64509802 / 03, Pune 64013395 / 96, Ahmedabad 26779888, Bangalore 66128050 / 51, Hyderabad 66178140 / 41. Visit - assetmanagement.kotak.com Email - mutual@kotak.com Disclaimer Kotak Emerging Equity Scheme is an openended equity growth scheme. Invement Objective: The invement objective of the scheme is to generate long-term capital appreciation from a portfolio of equity and equity related securities, by inveing predominantly in mid and small cap companies. Mutual Fund invements are subject to market risks, read all scheme related documents carefully. Scheme Information Document (SID) and Statement of Additional Information (SAI) available on mutualfund.kotak.com Kotak Emerging Equity*Performance (%) as on 29th December, 2017 Date Top 10 Companies as on 31 Dec, 2017 IndusInd Bank Ltd. Banks 3.73% Schaeffler India Ltd Indurial Products 3.59% Atul Ltd. Chemicals 2.92% The Ramco Cements Ltd Cement 2.76% Supreme Induries Limited Indurial Products 2.59% RBL Bank Ltd Banks 2.50% Solar Induries India Limited Chemicals 2.48% Finolex Cables Ltd. Indurial Products 2.44% Bata India Ltd. Consumer Durables 2.34% Eveready Induries India Ltd. Consumer Non Durables 2.30% Kotak Emerging Equity Fund Since Inception 14.29 13.57 9.88 42,102 39,332 27,556 La 1 Year 43.00 54.62 28.65 La 3 Years 19.63 20.50 8.34 La 5 Years 24.94 20.83 12.27 Scheme S&P BSE Nifty 50 Current Value of Standard Invement Returns Mid Small ## (%) of ` 10000 in the (%) ^ Cap Index # (%) Scheme ( `) Benchmark # ( `) Additional Benchmark ## ( `) Scheme Inception date is 30/03/2007. Mr. Pankaj Tibrewal has been managing the fund since 27/05/2010. Different plans have different expense ructure. The performance details provided herein are of regular plan. ^Pa performance may or may not be suained in future.*all payouts during the period have been reinveed in the units of the scheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A ands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of `10,000/- invement made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Please refer page no. 29 for other schemes managed by Mr. Pankaj Tibrewal. LOW Riskometer Moderate Inveors underand that their principal will be at moderately high risk HIGH This product is suitable for inveors who are seeking*: Long term capital growth Invement in equity & equity related securities predominantly in mid & small cap companies * Inveors should consult their financial advisors if in doubt about whether the product is suitable for them. Dividend Hiory Date CUM Dividend Dividend NAV ( ` per unit) May-26-17 26.010 1.59 May-27-16 21.196 1.30 Apr-28-15 21.499 2.10 May-02-14 13.073 0.50 May-02-13 11.491 0.50 Apr-29-11 10.573 0.75 11
HYBRID FUNDS EQUITY DEBT
Kotak Balance Scheme Facts Structure An Open- Ended Balanced Scheme Month end AUM* (as on 31 Dec 2017) `2,301.10 crs Monthly Average AUM* `2,245.30 crs NAV (as on 29th Dec 2017) Dividend `17.3710 Direct Dividend `18.7900 Growth `24.9710 Direct Growth `26.5320 Launch Date th 25 November 1999 Benchmark Crisil Balanced Fund - Aggressive Index Min. Initial Inv. `5000 Additional Inv. `1000 & in multiples of `1 Standard Deviation^ 10.64% Beta^ 1.13 Sharpe^ 0.51 Portfolio Turn over 31.71% *Source: Value Research. ^ as on 29th Dec, 2017. Source: Value Research. Load Structure Entry Load: Nil Exit Load: I) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units, irrespective of the amount of invement:1% ii) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units, irrespective of the amount of invement: NIL About Kotak Balance The invement objective of Kotak Balance is to achieve growth by inveing in equity and equity related inruments, balanced with income generation by inveing in debt and money market inruments. The scheme thus provides capital appreciation potential of equities as well as able returns of debt. Equity Market Brief GST landmark reform is now implemented, and over the la few months, the government has introduced further changes to help the smaller firms navigate GST better. While there might be some near-term issues in implementing, the longer term benefits are transformative. Mo lied players will benefit, as they form the organised part of the economy. After a prolonged period of under-delivery of Corporate Earnings, we expect earnings trajectory to materially improve in 2HFY18, on the back of favourable base and as GST transitory impacts abilise. PSU recap and continued government spending on infraructure augur well for the medium term growth prospects. India to benefit from such reforms which encourages formalisation of the economy in the medium-to-long-term, significant flow from physical to financial savings to further provide ability to markets. Volatility across global equities is on lower side. Global events Fed hiking, Chinese currency depreciation, geopolitical events like the flare-up between US and North Korea to add to near-term volatility. Time in the market more important than timing the market after a long period of lower volatility, markets volatility may move up. Portfolio Action Equity The portfolio continues to be pro-cyclical and tilted towards economic recovery. As a result we continue to be overweight on sectors such as cement, capital goods & engineering, auto ancillary, media and consumer discretionary. In the IT and pharma sector we continue to have ock specific approach. The fund continues the underweight ance on consumer aples, IT and Pharma. During the months we marginally increased weightage to financials (insurance companies & PSU banks), FMCG, capital goods, 2W space & Oil & gas sector. In the short term we believe the GST implementation could be a disruptor for B2C businesses. However from a medium term perspective po GST implementation, we anticipate that the organized players would become ronger as unorganized sector would find it tough to do business in the changed environment and cede market share to more organized players and portfolio is well positioned in those sectors where there is a large portion of unorganized players. From an earnings perspective so far 2QFY18 results have been largely in line with expectations and better 1QFY18 results. Sector such as private sector banks, FMCG, consumer discretionary autos have given better than expectation while results of IT. OMCs & Pharma have been below expectation. Next two quarters are likely to retain earnings momentum due to lower base because of demonetisation. The current largecap (above 20,000 crs market cap): midcap ratio remains at 70:30 in the fund. Debt As on 29 Dec, 2017, almo 52% of the Debt portion of the scheme portfolio comprised of government securities (central as well as ate). The remaining 48% was held in the form of Money market securities,corporate bonds and cash. During the pa month, Gilt yields saw a sharp sell-off due to rising fiscal concerns, rising inflation, lack of G sec demand from banks, traders. We have pared duration, as the headwinds were rong. We are awaiting for inflation numbers and clarity from the government on fiscal path. We expect Gilts, PSU bank perpetual bonds and other high yielding credit assets to do well on the risk-reward matrix in the near to mid-term future. We would like to conruct our portfolio accordingly. We intend to maintain the modified duration in the range of 4.00 6.00 for January 2018. iii) Any exit load charged (net off Service Tax, if any) shall be credited back to the respective Scheme. (applicable for all plans) iv) Units issued on reinvement of dividends shall not be subject to exit load (applicable for all plans) Top 10 Sectors as on 31 Dec, 2017 Others Conruction Project Software Indurial Products Cement Consumer Non Durables Finance Auto Government Dated Securities Banks Debentures and Bonds 2.91 3.13 4.42 4.55 5.00 5.00 7.43 11.00 16.51 16.93 23.12 13
Kotak Balance About Kotak Mutual Fund Kotak Mahindra Asset Management Company Limited (KMAMC) is a wholly owned subsidiary of Kotak Mahindra Bank Limited (KMBL). KMBL has over two decades of experience in financial services. KMBL has a market capitalization of `1923.841bn (as on 31 December, 2017). KMAMC is the Asset Manager for Kotak Mahindra Mutual Fund (KMMF). It arted operations in December 1998. KMMF offers schemes catering to inveors with varying risk - return profiles and was the fir fund house in the country to launch a dedicated gilt scheme. KMAMC manages assets worth `1,15,441.51cr as on 31 December, 2017. * The numbers are converted using the Rupee- USD reference rate published by the Reserve Bank of India as on the respective dates. To know more Call : 1800-222-626 (Toll Free), Mumbai 61152100, Delhi 66306900 / 02, Chennai 28221333 / 45038171, Kolkata 64509802 / 03, Pune 64013395 / 96, Ahmedabad 26779888, Bangalore 66128050 / 51, Hyderabad 66178140 / 41. Visit - assetmanagement.kotak.com Email - mutual@kotak.com Disclaimer Kotak Balance is an open-ended balanced scheme. Invement Objective: To achieve growth by inveing in equity & equity related inruments, balanced with income generation by inveing in debt & money market inruments. Top 10 Companies as on 31 Dec, 2017 6.68% Central Government SOV 4.27% U P Power Corporation Ltd (Guaranteed By UP State Government) CRISIL A+(SO) 3.98% U P Power Corporation Ltd (Guaranteed By UP State Government) FITCH IND AA(SO) 3.59% HDFC Bank Ltd. Banks 3.42% United Bank Of India CRISIL AA- 3.19% 6.79% Central Government SOV 2.93% State Bank Of India Banks 2.62% ICICI Bank Ltd. Banks 2.46% Allahabad Bank FITCH IND A 2.26% IndusInd Bank Ltd. Banks 2.05% Kotak Balance* Performance (%) as on 29th December, 2017 Date Kotak Balance Scheme Returns (%)^ Crisil Nifty50 CurrentValueofStandardInvement Balanced Fund ## (%) of`10000 in the AggressiveIndex Scheme( `) Benchmark Additional #(%) #( `) Benchmark##( `) Since Inception 15.18 NA 11.75 129,274 NA 74,757 La 1 Year 23.19 19.82 28.65 La 3 Years 11.69 8.70 8.34 La 5 Years 13.72 11.29 12.27 Scheme Inception date is 25/11/1999. Mr. Abhishek Bisen has been managing the fund since 15/04/2008. Mr. Pankaj Tibrewal has been managing the fund since 25/08/2015. Different plans have different expense ructure. The performance details provided herein are of regular plan. ^Pa performance may or may not be suained in future.*all payouts during the period have been reinveed in the units of the scheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A ands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of `10,000/- invement made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.Please refer page no. 29-30 for top 3 and bottom 3 schemes managed by Pankaj Tibrewal & Mr. Abhishek Bisen. Mutual Fund invements are subject to market risks, read all scheme related documents carefully. Scheme Information Document (SID) and Statement of Additional Information (SAI) available on mutualfund.kotak.com Dividend Hiory Date CUM Dividend NAV Dividend ( ` per unit) Dec-26-17 17.4978 0.14 Nov-27-17 17.1870 0.14 Oct-25-17 16.8647 0.11 Sep-25-17 16.4830 0.11 Aug-28-17 16.6866 0.11 Jul-25-17 17.1274 0.12 Jun-27-17 16.7970 0.11 May-25-17 16.8061 0.11 Apr-25-17 16.9880 0.11 Mar-27-17 16.4515 0.11 Feb-27-17 16.3220 0.11 Jan-25-17 16.0710 0.11 Dec-26-16 14.9970 0.10 Dec-01-16 15.6912 0.11 Oct-25-16 16.4100 0.08 Sep-26-16 16.2900 0.08 Aug-25-16 16.0150 0.08 July-25-16 15.8590 0.08 June-27-16 15.0860 0.08 May-25-16 14.7180 0.07 Apr-25-16 14.7740 0.07 Mar-29-16 14.2410 0.07 Feb-25-16 13.0750 0.07 Jan-27-16 13.9837 0.07 LOW Riskometer Moderate Inveors underand that their principal will be at moderately high risk HIGH This product is suitable for inveors who are seeking*: Long term capital growth Invement in equity & equity related securities balanced with income generation by inveing in debt & money market inruments * Inveors should consult their financial advisors if in doubt about whether the product is suitable for them. 14