April 2013 To know how, visit www.icicipruamc.com/investcorrectly INVEST CORRECTLY An Investor Education Initiative Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
The Market O v e r v i e w Equity Market Outlook Global Economy: The global environment remained volatile during March. Economic indicators out of USA were positive and indicated a steady recovery in the world s largest economy. Euro area continued to be in a recession. While the timely bailout funding in Cyprus helped investor sentiment, the risks of another wave of risk off driven by the Eurozone have been on the rise. During the month, Fitch Ratings had cut Italy s sovereign credit rating to BBB plus from A minus, citing the inconclusive outcome of last month s parliamentary elections and a deeper recession. The outlook on Italy s rating remains negative. The sentiments were also driven by the developments over Cyprus deal; the fact that policy makers discriminated between solvent institutions and insolvent ones, and that uninsured depositors and bond holders were hit rather than taxpayers and insured depositors. This is a step forward in the sense that bail in is a far better way forward than bail out. There is renewed hostile activity in the Korean region with North Korea making the headlines again of late with a number of attention seeking acts, including most notably a nuclear test in February and recent decision to cut off all military hotlines with South Korea. The lack of clarity on the reforms in China after the NPC (National s People s Congress) & CPPCC (Chinese people s political consultative conference) sessions may point to more near-term uncertainties and thus a volatile period in market confidence. While both words and actions regarding reforms will constantly appear in the next a few months from the central government in Beijing, we expect the market to watch closely the actual implementation of such reforms. At home, DMK s exit from the ruling UPA coalition and RBI s hawkish tone kept investors risk averse. Fundamentals and Economics: Growth: The March manufacturing PMI (Purchasing Managers Index) data released on April 1, 2013 pointed towards a weakening economic momentum. Manufacturing PMI weakened to 52.0 in March, from 54.2 in February, dragging the 3-month moving average down to 53.1, from 54.0 in February. Output (51.6 vs. 56.3), new orders (52.8 vs. 56.3), new export orders (50.4 vs.53.2) all sub-components recorded a drop in March compared to February. Input (55 vs. 58.9) and output (53.1 vs. 57.9) prices also fell sharply. (Source: Markit, HSBC) Inflation: The Wholesale Price Index (WPI)-based inflation for February 2013 rose marginally to 6.84% as compared with 6.62% in January 2013. The month-on-month (Mo-M) increase in inflation was primarily due to a steep rise in the fuel group index. Inflation in the primary articles and manufactured goods moderated while the core inflation declined to 3.8% in February 2013 from 4.1% in January 2013. However, the inflation rate for December 2012 was revised upwards to 7.31% from 7.18%, as per the provisional estimate. (Source: MOSPI) Deficit: India s 4Q12 CAD( Current account deficit) surged to 6.7% of GDP(Gross domestic product), rising sharply from the 5.3% of GDP printed in the previous quarter. This was largely due to a sharp increase in the trade deficit from US$48.3 billion (11.5% of GDP) in 3Q to $59.6 billion (12.3% of GDP) in 4Q. While exports just about held up thanks to refined oil exports, imports rose over $13 billion, half of which was due to gold demand. Gold imports increased to a record quarterly high of $17.8 billion. Services surplus remained broadly unchanged at around $27 billion. India s trade deficit in February 2013 improved to $14.9 billion after worsening to $20.0 billion, the second highest ever, in January 2013. The trade deficit declined by 28.3% MoM but was stable on a Y-o-Y basis. Exports increased by 4.2% YoY (down 2.2% in January 2013) to $26.3 billion while imports increased by 2.6% YoY (up 6.3% in January 2013) to $41.2 billion. (Source: J P Morgan Research) Currency: INR was largely unchanged over the month. The pace of FII inflows moderated over the month but fall in Crude Oil price would help INR. Brent Crude Oil is down over 6% from its Feb highs. India s foreign currency reserve remained largely unchanged at US$260 bn over the month. (Source: Reuters) 1 Year CD Rate: One year certificate of deposit (CD) rate stood at 8.87% as on 31st March 2013. (Data Source: FIMMDA) Market Sentiments Flows The pace of FII (Foreign institutional investors) inflows moderated over the month. Compared to an average monthly buying of US$4.4 bn over Dec-Feb, in March FIIs bought US$1.9 bn of Indian equities. CY YTD FIIs have invested US$10.5 bn. DIIs (Domestic institutional investors) were sellers of US$1.6 bn over March. Insurance companies and mutual funds sold US$1.1 bn and US$325 mn respectively. CY YTD insurance companies and mutual funds have sold US$5.0 bn and US$1.3 bn respectively. (Data Source: J P Morgan) Earnings Consensus earnings estimates for the broad market (MSCI India) were cut by 1% and 0.8% for FY13 (E) and FY14(E) over the month. The street now estimates earnings growth of 10% and 15% for FY13(E) and FY14(E) respectively. The breadth of earnings revisions was negative. Upgrades were seen only in IT Services and Energy sectors. (Data Source: J P Morgan) Market performance Indian equities were flat over the month. Mid- and small-caps continued to underperform the large-cap index, losing between 2.5ppt (percentage point) and 6.5ppt relative performance. Low risk appetite was reflected in sector performance. Consumer Staples, Health Care and IT Services outperformed while Telecom, Consumer Discretionary and Utilities underperformed. (Source: CLSA Research) Triggers: Most of the global markets are at an all-time high. In our opinion, if the global situation continues to be positive, it would lend a big support to the Indian market. On the other hand, there are risks of the central banks tightening which could actually have a negative impact on most of the equity markets in the world, including markets which have touched new highs. FIIs selling Indian Equities on account of non-indian reasons (Global risk-off) may result in a situation where markets become very attractive. The Government has taken many good steps in the last 6-7 months to cut both fiscal deficit and current account deficit. Continuity in raising fuel prices will have material impact on the market and may act as a big positive to markets to rally. The Indian economy benefits from lower crude prices and Crude below or at US $ 95 per barrel works in favor for Indian equities. Big negative movement in INR will be worrying. A good monsoon will also be beneficial. Outlook: On account of political uncertainty and pre-election period the equity markets are expected to remain volatile. How the government manages to push through reforms like diesel price hike, increase in FDI (Foreign direct investment) limit in certain sectors, policies on coal and gas etc may have greater impact on the market sentiments. The downside risk to the market seems to be limited by the fact that a fair amount of stocks in the large cap space look attractive on valuation basis and midcaps have already corrected a lot. If we look at the large cap indices, apart from sectors like FMCG and some other high quality names in pharma, IT and banking - the rest of the stocks have not shown any material capital appreciation in the past couple of years. The upside will depend on how long and deep the slowdown is which again is going to depend on a mix of domestic factors like policy reform and external factors like global liquidity and commodity prices. Recommendation: In Indian context, the two big asset classes for retail investors have been Gold and Real Estate for past few years. It is our belief that these two asset classes will unlikely deliver as high returns as they have provided in last 4-5 years time. This may prod retail investors to consider investing in equities. Retail investors have been continuously maintaining very low allocation to equities. In our view, it is extremely important to take steps and increase weight age to equities to maintain appropriate asset allocation. Unfortunately the biggest problem for equity markets is that if you are interested in making money, you have to very aggressively invest when times are bad. Today we are in that bad phase. So retail investors need to invest. Unfortunately we tend to look at the good news and then invest. Investors can consider investing in Balanced Funds which offer an opportunity to participate in equities at relatively lower risks and seeks to generate reasonable risk adjusted returns from both equity and debt components. We also recommend investing through STP in equities over the next 12-18 months. Investors can consider continuing with long term s in ICICI Prudential Midcap Fund, ICICI Prudential Discovery Fund, ICICI Prudential Infrastructure Fund and ICICI Prudential Focused Bluechip Equity Fund. For lump-sum investments investors can consider products that are structured to benefit out of volatility like ICICI Prudential Dynamic Plan and ICICI Prudential Equity Volatility Advantage Fund. Note : None of the aforesaid recommendations are based on any assumptions. These are purely for reference and the Investors are requested to consult their financial advisors before investing. 2
The Market Equity Market Outlook Technicals (Data Source : Bloomberg) O v e r v i e w Investments by Institutions in the cash segment (Rs. Cr) FIIs (Net Purchases / Sales) MFs (Net Purchases / Sales) Jan-13 to Mar-13 Oct-12 to Dec-12 57,050 45,539-7645 (6,407) Avg Daily Open Interest (Rs. Cr) Index Futures 12,163 14,942 Stock Futures 33,520 35,205 Index Options 80,758 82,312 Stock Options 12,269 10,123 Total 1,38,710 1,42,582 Avg Daily Volumes (Rs. Cr) Cash Segment BSE 2,220 2,415 NSE 11,788 11,471 Total 14,009 13,885 Derivative Segment NSE 140553 1,28,600 Total 1,40,553 1,28,600 Avg Advance Decline Ratio BSE 0.88 1.03 NSE 0.84 1.00 Valuation Ratios Mar-13 Dec-12 P/E ratio- Sensex 16.91 17.53 P/E ratio- Nifty 17.57 18.68 Price/Book Value Ratio- Sensex 2.90 2.97 Price/Book Value Ratio- Nifty 3.01 3.13 Dividend Yield-Sensex 1.60 1.56 Dividend Yield-Nifty 1.46 1.40 Indices Movement % Qtr % Qtr change Mar change Dec - 13-12 S&P BSE Sensex -3.04% 3.20% CNX Nifty Index -3.77% 3.26% S&P BSE BSE Mid Cap -13.65% 6.71% S&P BSE BSE Small Cap -21.35% 3.69% S&P BSE BSE Realty -15.67% 14.11% S&P BSE BSE Metals -20.89% 4.83% S&P BSE BSE Consumer -8.09% 10.92% Durables S&P BSE BSE Capital -17.03% -1.47% Goods S&P BSE Bankex -9.14% 9.36% S&P BSE BSE PSU -11.64% -1.35% S&P BSE BSE Auto -12.53% 9.02% S&P BSE BSE Oil & Gas -2.25% -1.40% S&P BSE BSE Teck Index 13.80% -1.17% S&P BSE BSE Healthcare -1.53% 7.55% S&P BSE BSE FMCG 0.05% 6.96% 30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 ATTRACTIVE 11x -12x CHEAP 8x -10x STRETCHED 19x plus Jan-06 Mar-06 May-06 Jul-06 Sep-06 Nov-06 Jan-07 Mar-07 May-07 Jul-07 Sep-07 Nov-07 Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 Sensex(RHS) FAIR VALUE PLUS 16x -18x FAIR 13x -15x Valuations(LHS) 21500 21000 20500 20000 19500 19000 18500 18000 17500 17000 16500 16000 15500 15000 14500 14000 13500 13000 12500 12000 11500 11000 10500 10000 9500 9000 8500 8000 Valuations levels of the Sensex based on earnings estimate of Rs.1375 (4 Quarter Forward) 3
The Market O v e r v i e w Impact on Interest Rates FACTORS Short Term Medium Term (1-3 Months) (3-6 Months) Inflation POSITIVE POSITIVE The Wholesale Price Index-based inflation (WPI) stood at 6.84% for the month of February against last month s reported figure of 6.62% (provisional) and same period last year s figure of 7.56%. After four consecutive months of decline, WPI inched up in February. The headline inflation rose on account of higher fuel costs which increased to 10.47% during the month under review from the last month s reported figure of 7.06%. Fuel inflation increased after four consecutive months of decline. Rising food and fuel prices are preventing a sharper drop in headline inflation numbers. However, core inflation, which excludes volatile food and fuel prices, has been easing since September 2012. This prompted the Reserve Bank of India (RBI) to cut rates by 25 bps. In its mid-quarter monetary policy review, the central bank said that easing of global commodity prices helped the prices of non-food manufacturing products to soften. However, retail inflation still hovers at a much higher level. In February, combined Consumer Price Index based Inflation (CPI) stood at 10.9%. (Data Source: Office of Economic Adviser) Money Supply NEUTRAL NEUTRAL M3 money supply rose at an annualized 13.6% in the two weeks to March 22, compared to 13.2% a year earlier. The currency in circulation grew 11.5% on a Y-o-Y basis in the week to March 29, compared to 12.6% a year earlier. Liquidity deficit in the banking system touched a three-month high in the last week of the current financial year, prompting temporary measures like open market operations from the central bank. Moreover, in view of the anticipated large volume of transactions during the annual closing of accounts for financial year 2012-13, the central bank, in order to facilitate smooth and non-disruptive conduct of banking operations, has announced to conduct additional liquidity operations. Banks net average borrowings from the central bank s Liquidity Adjustment Facility (LAF) stood slightly lower at Rs. 108,882.89 crore (as of March 28, 2013) compared to the previous month s figure of Rs. 109,845.53 crore. To lower the cash deficit in the system, the RBI conducted buyback of bonds through Open Market Operations (OMOs) of Rs. 20,000 crore. Moreover, the RBI eased banks margin requirements for borrowings under its repo window in a bid to help the lenders tide over the cash crunch. Under the central bank s Liquidity Adjustment Facility and Marginal Standing Facility, banks will be able to pledge their Government Bonds and Treasury Bills with a margin requirement of 4% against the current norm of 5%. (Source: www.rbi.org.in) Credit Demand POSITIVE NEUTRAL Credit growth grew to 14.1% as of March 22, from 16.3% recorded on February 22, while deposit growth rose by 14.3% on a Y-o-Y basis. The non-food credit or the amount banks lend to individuals and companies grew at a slower pace falling short of the RBI s projection at 16% for the entire industry in 2012-13. Time deposit growth also slowed down to 15.3% from 15.7% on a Y-o-Y basis, while demand deposits grew by 5.9% against a (-) 1.8% decline a year ago. Credit demand is likely to pick up at the end of the financial year mainly because of seasonal factors such as growth in construction activity and higher consumption. (Source: www.rbi.org.in) Government Borrowings NEGATIVE POSITIVE As per Budget estimates for FY14, the Government is planning to borrow Rs. 5.79 lakh crore (additionally Rs.50,000 crore of borrowing may be there for bond buyback/switch program in the financial year starting April 2013) higher than the Rs. 5.50 lakh crore for the financial year 2012-2013. The Finance Ministry, in consultation with the RBI, had finalised its borrowing calendar. According to that, gross borrowing in the first half will stand at Rs. 3.49 lakh crore, around 60% of the overall target during the first six months of 2013-14. The Government will also sell Rs. 1.40 lakh crore worth of Treasury Bills between April and June. In addition, the Finance Ministry had also lowered the borrowing limit under the Ways and Means Advance (WMA), a tool for temporary cash arrangement. (Data Source: Reuters). Foreign Exchange NEUTRAL NEUTRAL On the currency perspective, sentiments got a boost in the first week of the month, owing to demand from foreign investors, who preferred to invest in the Indian markets. Huge selling of the dollar by foreign banks, exporters and corporates helped the local currency gain further. However, later during the month, the INR remained stable on inflows related to the Government s stake sale in a PSU company. Moreover, the currency Fixed Income Market Outlook gained on expectations of additional foreign inflows built up after the Government eased restrictions for foreign investors in domestic debt. The rupee also rose, tracking gains in the euro, after Cyprus clinched a last-minute bailout deal with its lenders. However, gains were pared on news that another party might withdraw support from the ruling coalition Government in New Delhi. RBI Policy POSITIVE POSITIVE After holding the key policy rates steady for nine months, the central bank opted to ease its stance in its policy review at the end of January 2013. The RBI has followed up the 25 bps cut in key rates with another 25 bps cut in the repo rate at its mid-quarter monetary policy review on March 19. This reduction in key policy rates by 50 bps over January-March period indicates a focus towards pushing growth as inflation has started slowing down especially core inflation. Revival of economic growth was the key trigger for reducing key interest rates. The central bank, at the same time, has outlined the need to focus on lowering food inflation, improving the current account deficit (CAD), reviving investments and improving governance to compliment the rate cut. Data Source: (www. rbi.org.in) Market Sentiment Longer Term Rates Bond yields fell in the first week of the month on hopes that the central bank will cut interest rates later this month. Moreover, improving cash conditions, as seen by a sharp drop in banks borrowings from the central bank, also supported debt markets initially during the month. However, yields rose to its highest level in two-and-a-half months later on better-than-expected Index of Industrial Production (IIP) data and higher Consumer Price Inflation (CPI) numbers. Yields rose further after the Reserve Bank of India (RBI) in its mid-quarter monetary policy review said that there is limited room for further rate cuts. Political uncertainty at the centre also weighed on market sentiments. Short-Term Rates Short term rates went up in March as liquidity tightened on advance tax outflows. Short-term rates are likely to ease in the coming months based on the RBI s liquidity measures. This may benefit the 2-5 year maturity space Outlook Despite the repo rate cut by RBI, the bond markets sold off as RBI noted in the review that room to cut rates was quite limited. Moreover extreme liquidity tightness in later half of March kept market participants on sidelines. The political uncertainty at the center had negative impact on market sentiments. While the Current Account Deficit (CAD) for 3QFY13 widened to record high of 6.7%, Feb-13 trade deficit improved to $14.9 billion after worsening to $20.0 billion in Jan-13 and we expect that Mar-13 trade deficit also to be lower. This in turn will likely bring down the CAD for 4QFY13. While the WPI inflation is getting impacted by high food prices and fuel prices, the core inflation has been steadily inclining downwards reflecting general slowdown in the economy. With growth and inflation slowing down coupled with expectation of lower CAD numbers going forward, will likely give RBI more room to continue its monetary easing. The 10 Year benchmark closed at 7.96% on 31st March 2013. The monetary policy statement for FY 14 will be announced on 3rd of May 2013. Markets may remain volatile in near term due to global cues and pre-election period, but in the next few months we expect 10 year yield to drop by 30-40bps.Furthermore RBI is expected to cut rates by 50-75 bps over the next six months. Product Recommendations We believe current market conditions are likely to benefit investments in duration funds like Income & Gilt Funds with 12-18 months horizon. Investors can also seek to benefit from reasonable risk adjusted returns in near term from investments in ICICI Prudential Regular Savings Fund, ICICI Prudential Corporate Bond Fund and ICICI Prudential Short Term Plan. For investors who are looking for a balance between reasonable accrual and capital appreciation can consider to invest in ICICI Prudential Dynamic Bond Fund with an indicative investment horizon of 9 months and above. Also investors with a horizon of 2 to 3 months may consider ICICI Prudential Ultra Short Term Plan Note : None of the aforesaid recommendations are based on any assumptions. These are purely for reference and the Investors are requested to consult their financial advisors before investing. 4
INDEX Fund Name Brief Description Page No. ICICI Prudential Dynamic Plan Conservative Flexi-cap Opportunities Fund 6 ICICI Prudential Focused Bluechip Equity Fund Focused Large Cap Fund 7 ICICI Prudential Discovery Fund Diversified Value Style Investing Fund 8 ICICI Prudential Infrastructure Fund Thematic Fund encompassing Infrastructure 9 ICICI Prudential Tax Plan Open Ended Equity Linked Savings Scheme 10 ICICI Prudential Top 100 Fund Diversified Large Cap Oriented Fund 11 ICICI Prudential Top 200 Fund Blend of Large & Mid Cap Equity 12 ICICI Prudential US Bluechip Equity Fund International Equity Scheme investing in Companies listed on the US Stock 13 Markets ICICI Prudential Indo Asia Equity Fund Blend of Indian & Asian Equities (through an International Fund) Fund 14 ICICI Prudential Midcap Fund Diversified Mid-Cap Oriented Fund 15 ICICI Prudential Target Returns Fund (Open Ended Diversified Equity Fund. There is no guarantee or assurance of returns.) Large Cap Oriented Fund based on Asset Allocation Trigger 16 ICICI Prudential Services Industries Fund Services Industry Oriented Thematic Fund 17 ICICI Prudential Banking & Financial Services Fund Banking & Financial Services Sector Oriented Fund 18 ICICI Prudential Technology Fund Technology Sector Oriented Fund 19 ICICI Prudential FMCG Fund FMCG Sector Oriented Fund 20 ICICI Prudential Child Care Plan (Gift) Diversified Very Long Term Child Benefit Oriented Plan 21 ICICI Prudential Index Fund Nifty Index Fund 22 ICICI Prudential Nifty Junior Index Fund Index Fund 23 SENSEX Prudential ICICI Exchange Traded Fund Exchange Traded Sensex Fund 24 ICICI Prudential Nifty ETF Exchange Traded Nifty Fund 25 ICICI Prudential R.I.G.H.T (Rewards of investing & Closed Ended ELSS generation of healthy tax savings) Fund 26 ICICI Prudential Blended Plan - Plan A Equity Arbitrage Fund 27 ICICI Prudential Equity - Volatility Advantage Fund (Erstwhile ICICI Prudential Equity & Derivatives Fund Volatility Volatility Management Equity Oriented Fund 28 Advantage Plan) ICICI Prudential Equity - Arbitrage Fund (Erstwhile ICICI Equity Arbitrage Fund Prudential Equity & Derivatives Fund Income Optimiser Plan) 29 ICICI Prudential Balanced Fund Balanced Fund 30 ICICI Prudential Child Care Plan (Study) Child Benefit Oriented Plan 31 ICICI Prudential MIP 25 (An open ended Income fund. Monthly income is not assured and is subject to the availability Hybrid Fund with maximum 30% in Equity 32 of distributable surplus.) ICICI Prudential Monthly Income Plan (An open ended fund. Monthly income is not assured and is subject to the availability Hybrid Fund with maximum 15% in Equity 33 of distributable surplus.) ICICI Prudential MIP 5 (An open ended fund. Monthly income is not assured and is subject to the availability of distributable Hybrid Fund with maximum 10% in Equity 34 surplus.) ICICI Prudential Money Market Fund Open Ended Money Market Fund 35 ICICI Prudential Liquid Plan Open Ended Money Market Fund 36 ICICI Prudential Flexible Income Plan Conservative Ultra Short Term Income Fund 37 ICICI Prudential Floating Rate Plan Ultra Short Term Income Fund 38 ICICI Prudential Blended Plan - Plan B Debt Oriented Fund 39 ICICI Prudential Banking & PSU Debt Fund Ultra Short Term Income Fund predominantly investing in Banking & PSU Debt 40 ICICI Prudential Ultra Short Term Plan Aggressive Ultra Short Term Income Fund 41 ICICI Prudential Short Term Plan Short Term Income Fund 42 ICICI Prudential Long Term Plan Short Term Income Fund 43 ICICI Prudential Regular Savings Fund Retail Debt Savings Fund 44 ICICI Prudential Corporate Bond Fund Medium Term Income Fund 45 ICICI Prudential Income Opportunities Fund Long Term Income Fund 46 ICICI Prudential Income Plan Long Term Income Fund 47 ICICI Prudential Dynamic Bond Fund Actively Managed Medium Term Income Fund 48 ICICI Prudential Gilt Fund Treasury Plan Short Term Gilt Fund 49 ICICI Prudential Gilt Fund Investment Plan Medium to Long Term Gilt Fund 50 ICICI Prudential Gilt Fund Treasury Plan PF Option Short Term Gilt Fund 51 ICICI Prudential Gilt Fund Investment Plan PF Option Medium to Long Term Gilt Fund 52 ICICI Prudential Gold Exchange Traded Fund Gold Exchange Traded Fund 53 ICICI Prudential Regular Gold Savings Fund Open Ended Fund of Funds Scheme investing in Gold ETF 54 ICICI Prudential Fixed Maturity Plans Fixed Maturity Plans 55-73 ICICI Prudential Interval Funds Interval Funds 74-79 ICICI Prudential Multiple Yield Fund Close ended Debt Fund 80-85 ICICI Prudential Capital Protection Oriented Fund Close ended Capital Protection Oriented Fund 86-96 ICICI Prudential Advisor Series Fund of Funds Scheme 97-98 Annexure for Returns of all the Schemes 99-101 Systematic Investment Plan () Performance of Select Schemes 102-104 Annexure - I 105 Annexure - II 106 Dividend History for all Schemes 107-114 Statutory Details & Risk Factors 115 5
ICICI Prudential Dynamic Plan Open Ended Diversified Equity Fund Wealth Creation Oriented Solution WHY SHOULD ONE INVEST? Medium term investment of funds having potential for capital appreciation by managing cash and equity portfolio Style Box Returns of Regular Plan - Growth Option as on Mar 31, 2013 Fund Details Fund Managers** : Sankaran Naren (Managing this fund since Feb, 2012 & Overall 22 years of experience in Fund Management, Equity Research,Operations etc.) Mittul Kalawadia (Managing this fund since Feb, 2012 & Overall 7 years of experience of which 4 years as equity analyst) Indicative Investment Horizon: 5 years and above Inception date: 31-10-2002 AAUM as on 31-Mar-13 : Rs. 3885.34 crores Regular Plan Growth Option : 110.5518 Regular Plan Dividend Option : 16.1232 Direct Plan Growth Option : 110.7188 Direct Plan Dividend Option : 16.1451 Plans : Regular & Direct Options : Growth & Dividend Default Plan: Direct Plan (for application without any distributor code), Regular Plan (for application with distributor code). Default Option : Growth Application Amount for fresh Subscription* : Rs.5,000 (plus in multiples of Re.1) Min.Addl.Investment : Rs.1,000 (plus in multiples of Re.1) Exit load for Redemption / Switch out :- Lumpsum & / STP / SWP Investment Option Upto 6 Months from allotment - 3% of applicable NAV, more than 6 Months upto 18 Months - 2% of applicable NAV, more than 18 Months - Nil : Monthly: Minimum Rs. 1,000/- plus 5 post dated cheques for a minimum of Rs. 1,000/- each; Quarterly: Minimum Rs. 5,000/- plus 3 post dated cheques of Rs. 5,000/- each. SWP : Minimum of Rs.500 and multiples of Re1/- STP : Minimum Amount Rs. 1,000/-; Maximum Period: 10 years : Available. Min.Redemption Amt. : Rs.500 & in multiples thereof Particulars March 31, 2012 to March 31, 2013 Absolute Returns (%) March 31, 2011 to March 31, 2012 Absolute Returns (%) March 31, 2010 to March 31, 2011 Absolute Returns (%) Since inception Current Value of Investment of Rs. 10000 CAGR (%) Scheme 4.17-2.85 14.67 110551.80 25.95 CNX NIFTY Index 7.31-9.23 11.14 59728.30 18.72 NAV (Rs.) Per Unit (as on March 28,2013 : 110.5518) 106.13 109.25 95.27 10.00 Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment. Date of inception:31-oct-02. Performance of dividend option would be Net of Dividend distribution tax, if any. Benchmark is CNX NIFTY Index. For computation of since inception returns (%) the allotment NAV has been taken as Rs. 10.00. Load is not considered for computation of returns. In case, the start/end date of the concerned period is a nonbusiness date (NBD), the NAV of the previous date is considered for computation of returns. The NAV per unit shown in the table is as on the start date of the said period. Total Schemes managed by Mr. Sankaran Naren is 2 and Mr. Mittul Kalawadia is 2. Refer annexure on page no. 99 for performance of schemes currently managed by fund managers. Company/Issuer % to % to NAV NAV Derivatives Auto 1.47% -0.89% Tata Motors Ltd. - DVR 0.87% Tata Motors Ltd.-Futures -0.89% Maruti Suzuki India Ltd. 0.60% Auto Ancillaries 1.57% Balkrishna Industries Ltd. 1.10% Motherson Sumi Systems Ltd. 0.47% Banks 17.21% Standard Chartered PLC - IDR 6.51% ICICI Bank Ltd. 4.41% State Bank Of India 2.45% Bank Of Baroda 2.32% Union Bank Of India 1.14% Allahabad Bank 0.38% Cement 2.11% Jaiprakash Associates Ltd. 0.86% Birla Corporation Ltd. 0.75% Grasim Industries Ltd. 0.50% Construction 0.22% Texmaco Infrastructure & Holdings Ltd. 0.22% Consumer Durables 0.08% Blue Star Ltd. 0.08% Consumer Non Durables 0.62% Nestle India Ltd. 0.62% Ferrous Metals 0.67% 0.32% Tata Steel Ltd. 0.47% Tata Steel Ltd.-Futures 0.32% Usha Martin Ltd. 0.20% Fertilisers 1.02% Coromandel International Ltd. 0.76% Gujarat Narmada Valley Fertilizers & Chemicals Ltd. 0.26% Finance 0.19% Kalyani Investment Co Ltd 0.18% Bajaj Holdings & Investment Ltd 0.00% Gas 1.89% Petronet LNG Ltd. 1.89% Industrial Capital Goods 0.94% Texmaco Rail & Engineering Ltd. 0.57% Crompton Greaves Ltd. 0.24% Gujarat Apollo Inds. Ltd. 0.13% Industrial Products 0.77% Sintex Industries Ltd. 0.65% Electrosteel Castings Ltd. 0.13% Media & Entertainment 0.92% Prime Focus Ltd. 0.51% Jagran Prakashan Ltd. 0.42% Minerals/Mining 7.70% NMDC Ltd 5.02% Coal India Ltd. 2.69% Non - Ferrous Metals 2.69% Portfolio as on Mar 31,2013 Company/Issuer % to % to NAV NAV Derivatives Sterlite Industries (India) Ltd. 2.67% Hindustan Zinc Ltd. 0.02% Oil 9.90% Cairn India Ltd. 9.47% Oil India Ltd 0.42% Pesticides 3.75% United Phosphorus Ltd. 3.75% Petroleum Products 3.59% Reliance Industries Ltd. 3.59% Pharmaceuticals 5.85% Dr Reddy s Laboratories Ltd. 3.01% Cadila Healthcare Ltd. 2.05% Lupin Ltd. 0.55% FDC Ltd. 0.24% Power 5.24% 0.51% Power Grid Corporation Of India Ltd. 2.09% NTPC Ltd. 1.93% NTPC Ltd.-Futures 0.51% SJVN Ltd. 0.89% Kalpataru Power Transmission Ltd. 0.34% Services 0.98% Aditya Birla Nuvo Ltd. 0.98% Software 11.10% 0.36% Infosys Ltd. 6.04% Infosys Ltd.-Futures 0.36% Tech Mahindra Ltd. 2.50% Mahindra Satyam Ltd 1.62% Hexaware Technologies Ltd. 0.94% Telecom - Services 6.72% Bharti Airtel Ltd. 5.88% Tata Communications Ltd 0.84% Textile Products 0.20% Siyaram Silk Mills Ltd. 0.20% Textiles - Cotton 0.74% Vardhman Textiles Ltd. 0.74% Textiles - Synthetic 0.52% JBF Industries Ltd. 0.52% Trading 0.55% Redington (India) Ltd. 0.55% Transportation 1.65% Great Eastern Shipping Company Ltd. 1.41% Container Corporation Of India Ltd. 0.16% ABG Infralogitics Ltd. 0.08% Index Futures/Options -2.81% CNX Nifty Index-Futures -2.81% Short Term Debt and other current assets 11.66% Total Net Assets 100.00% Top Ten Holdings Derivatives are considered at exposure value. Quantitative Indicators Average P/E : 12.08 Average P/BV : 2.08 Average Dividend Yield : 1.53 Annual Portfolio Turnover Ratio : 1.29 times Std Dev (Annualised) : 15.78% Sharpe Ratio : -0.13 Portfolio Beta : 0.79 R squared : 0.90 Portfolio turnover has been computed as the ratio of the lower value of average purchase and average sales, to the average net assets in the past one year (since inception for schemes that have not completed a year). The figures are not netted for derivative transactions. Risk-free rate based on the last 91-day T-Bill cut-off of 8.1857%. *Effective from 1st October 2012, single plan structure has been introduced and therefore, the fresh subscriptions are accepted only under Direct and Regular Plan. Other plans/options will continue till the existing investors remain invested in the plan/option. **In addition to the fund manager managing this fund, the ADR/GDR exposure is managed by Mr. Atul Patel. 6
ICICI Prudential Focused Bluechip Equity Fund Open Ended Equity Scheme Wealth Creation Oriented Solution WHY SHOULD ONE INVEST? Aim to maximize long-term total return by investing in equity and equity related securities of about 25-30 large-cap companies Style Box Returns of Regular Plan - Growth Option as on Mar 31, 2013 Fund Details Fund Managers** : Manish Gunwani (Managing this fund from Jan 2012 & Overall 16 years of experience of which 8 years in Equity Research and 2 years in fund management) Indicative Investment Horizon: 5 years and above Inception date: 23-05-2008 AAUM as on 31-Mar-13: Rs. 4330.73 crores Regular Plan Growth Option : 17.6500 Regular Plan Dividend Option : 15.9100 Direct Plan Growth Option : 17.6700 Direct Plan Dividend Option : 16.8700 Plans : Regular & Direct Options : Growth & Dividend Default Plan: Direct Plan (for application without any distributor code), Regular Plan (for application with distributor code). Default Option : Growth Application Amount for fresh Subscription* : Rs.5,000 (plus in multiples of Re.1) Min.Addl.Investment : Rs.1,000 (plus in multiples of Re.1) Exit load for Redemption / Switch out :- Lumpsum & / STP / SWP Investment Option Upto 1 Year from allotment - 1% of applicable NAV, more than 1 Year - Nil : Monthly: Minimum Rs. 1,000/- plus 5 post dated cheques for a minimum of Rs. 1,000/- each; Quarterly: Minimum Rs. 5,000/- plus 3 post dated cheques of Rs. 5,000/- each. SWP : Rs.500 and in multiples of Re. 1/- STP : Minimum Amount Rs. 1,000/-; Maximum Period: 10 years : Available. Min.Redemption Amt. : Rs. 500 and in multiples of Re. 1/- Particulars March 31, 2012 to March 31, 2013 Absolute Returns (%) March 31, 2011 to March 31, 2012 Absolute Returns (%) March 31, 2010 to March 31, 2011 Absolute Returns (%) Current Value of Investment of Rs. 10000 Since inception CAGR (%) Scheme 8.28-3.66 19.15 17650.00 12.43 CNX NIFTY Index 7.31-9.23 11.14 11487.91 2.90 NAV (Rs.) Per Unit (as on 16.30 16.92 14.20 10.00 March 28,2013 : 17.65) Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment. Date of inception: 23-May-08. Performance of dividend option would be Net of Dividend distribution tax, if any.benchmark is CNX NIFTY Index. For computation of since inception returns (%) the allotment NAV has been taken as Rs. 10.00. Load is not considered for computation of returns. In case, the start/end date of the concerned period is a nonbusiness date (NBD), the NAV of the previous date is considered for computation of returns. The NAV per unit shown in the table is as on the start date of the said period. Total Schemes managed by the Fund Manager is 4. Refer annexure on page no. 99 for performance of schemes currently managed by Mr. Manish Gunwani (fund manager). Company/Issuer % to % to NAV NAV Derivatives Auto 5.75% Bajaj Auto Ltd 3.07% Tata Motors Ltd. - DVR 2.68% Auto Ancillaries 4.06% Motherson Sumi Systems Ltd. 4.06% Banks 25.23% HDFC Bank Ltd. 9.10% ICICI Bank Ltd. 6.34% Kotak Mahindra Bank Ltd. 5.76% State Bank Of India 4.03% Cement 3.13% Grasim Industries Ltd. 1.93% Jaiprakash Associates Ltd. 1.20% Construction Project 1.37% Larsen & Toubro Ltd. 1.37% Consumer Non Durables 8.61% ITC Ltd. 5.49% Nestle India Ltd. 2.00% United Spirits Ltd. 1.12% Gas 4.81% GAIL (India) Ltd. 2.49% Petronet LNG Ltd. 2.32% Minerals/Mining 2.23% NMDC Ltd 2.23% Non - Ferrous Metals 3.51% Hindustan Zinc Ltd. 3.51% Oil 4.91% Cairn India Ltd. 3.69% Oil & Natural Gas Corporation Ltd. 1.22% Petroleum Products 5.22% Reliance Industries Ltd. 3.28% Hindustan Petroleum Corporation Ltd. 1.95% Pharmaceuticals 5.00% 0.30% Dr Reddy s Laboratories Ltd. 2.75% Lupin Ltd. 2.24% Portfolio as on Mar 31,2013 Company/Issuer % to % to NAV NAV Derivatives Lupin Ltd.-Futures 0.30% Power 2.69% Power Grid Corporation Of India Ltd. 2.69% Services 2.86% Aditya Birla Nuvo Ltd. 2.86% Software 12.13% Infosys Ltd. 6.02% Tech Mahindra Ltd. 4.27% HCL Technologies Ltd. 1.84% Telecom - Services 2.37% Bharti Airtel Ltd. 2.37% Short Term Debt and other current assets 5.83% Total Net Assets 100.00% Top Ten Holdings Derivatives are considered at exposure value. Quantitative Indicators Average P/E : 17.22 Average P/BV : 3.76 Average Dividend Yield : 1.24 Annual Portfolio Turnover Ratio : 0.81 times Std Dev (Annualised) : 16.78% Sharpe Ratio : 0.03 Portfolio Beta : 0.87 R squared : 0.97 Portfolio turnover has been computed as the ratio of the lower value of average purchase and average sales, to the average net assets in the past one year (since inception for schemes that have not completed a year). The figures are not netted for derivative transactions. Risk-free rate based on the last 91-day T-Bill cut-off of 8.1857%. *Effective from 1st October 2012, single plan structure has been introduced and therefore, the fresh subscriptions are accepted only under Direct and Regular Plan. Other plans/options will continue till the existing investors remain invested in the plan/option. **In addition to the fund manager managing this fund, the ADR/GDR exposure is managed by Mr. Atul Patel. 7
ICICI Prudential Discovery Fund Open Ended Diversified Equity Scheme WHY SHOULD ONE INVEST? Long term investment of funds having potential for capital appreciation following value investment philosophy Wealth Creation Oriented Solution Style Box Returns of Regular Plan - Growth Option as on Mar 31, 2013 Fund Details Fund Managers** : Mrinal Singh (Managing this fund since Feb 2011 & Overall 11 years experience of which 5 years in Equity Markets) Indicative Investment Horizon: 5 years and above Inception date: 16-08-2004 AAUM as on 31-Mar-13: Rs. 2597.17 crores Regular Plan Growth Option : 53.6100 Regular Plan Dividend Option : 18.5100 Direct Plan Growth Option : 53.7100 Direct Plan Dividend Option : 20.4800 Plans : Regular & Direct Options : Growth & Dividend Default Plan: Direct Plan (for application without any distributor code), Regular Plan (for application with distributor code). Default Option : Growth Application Amount for fresh Subscription* : Rs.5,000 (plus in multiples of Re.1) Min.Addl.Investment : Rs.1,000 (plus in multiples of Re.1) Exit load for Redemption / Switch out :- Lumpsum & / STP / SWP Investment Option Upto 6 Months from allotment - 3% of applicable NAV, more than 6 Months upto 18 Months - 2% of applicable NAV, more than 18 Months - Nil : Monthly: Minimum Rs. 1,000/- plus 5 post dated cheques for a minimum of Rs. 1,000/- each; Quarterly: Minimum Rs. 5,000/- plus 3 post dated cheques of Rs. 5,000/- each. SWP : Minimum of Rs.500 and multiples of Re.1/- STP : Minimum Amount Rs. 1,000/- Maximum Period: 10 years : Available. Min.Redemption Amt. : Rs.500 & in multiples thereof Particulars March 31, 2012 to March 31, 2013 Absolute Returns (%) March 31, 2011 to March 31, 2012 Absolute Returns (%) March 31, 2010 to March 31, 2011 Absolute Returns (%) Since inception Current Value of Investment of Rs.10000 Scheme 11.29 0.12 11.55 53610.00 21.51 Benchmark -4.02-4.09 4.35 35893.16 15.98 CNX NIFTY Index 7.31-9.23 11.14 35534.82 15.85 NAV (Rs.) Per Unit (as on March 28,2013 : 53.61) 48.17 48.11 43.13 10.00 Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment. Date of inception:16-aug-04. Performance of dividend option would be Net of Dividend distribution tax, if any. Benchmark is CNX Midcap Index. For computation of since inception returns (%) the allotment NAV has been taken as Rs. 10.00. Load is not considered for computation of returns. In case, the start/end date of the concerned period is a nonbusiness date (NBD), the NAV of the previous date is considered for computation of returns. The NAV per unit shown in the table is as on the start date of the said period. Total Schemes managed by the Fund Manager is 4. Refer annexure on page no. 99 for performance of schemes currently managed by Mr. Mrinal Singh (fund manager). Portfolio as on Mar 31,2013 Company/Issuer % to % to NAV NAV Derivatives Auto 1.19% Tata Motors Ltd. - DVR 1.19% Auto Ancillaries 8.18% Amara Raja Batteries Ltd. 3.45% Exide Industries Ltd. 2.58% Balkrishna Industries Ltd. 2.15% Banks 12.00% ICICI Bank Ltd. 3.46% ING Vysya Bank Ltd. 2.12% Karur Vysya Bank Ltd. 1.71% State Bank Of India 1.61% Allahabad Bank 1.27% Union Bank Of India 1.16% City Union Bank Ltd. 0.55% City Union Bank Ltd. - Rights 0.11% Cement 3.64% Birla Corporation Ltd. 1.07% Prism Cement Ltd. 0.98% Orient Cement Ltd. 0.83% India Cements Ltd. 0.72% Orient Paper & Inds. Ltd. 0.04% Chemicals 3.24% Rain Commodities Ltd. 3.24% Construction 0.14% BL Kashyap & Sons Ltd. 0.14% Construction Project 2.88% Sadbhav Engineering Ltd. 1.70% Voltas Ltd. 1.18% Consumer Durables 1.00% Blue Star Ltd. 1.00% Consumer Non Durables 0.85% Balrampur Chini Mills Ltd. 0.85% Diversified Consumer Services 0.32% Career Point Infosystems Ltd 0.32% Ferrous Metals 1.22% Godawari Power & Ispat Ltd. 0.61% Usha Martin Ltd. 0.60% Fertilisers 0.29% Gujarat Narmada Valley Fertilizers & Chemicals Ltd. 0.29% Finance 4.13% Bajaj Holdings & Investment Ltd 2.15% Max India Ltd. 1.96% Kalyani Investment Co Ltd 0.03% Gas 5.99% GAIL (India) Ltd. 3.11% Petronet LNG Ltd. 1.84% Gujarat State Petronet Ltd. 1.04% Industrial Capital Goods 2.80% 0.65% Bharat Heavy Electricals Ltd. 1.66% Bharat Heavy Electricals Ltd.-Futures 0.65% Texmaco Rail & Engineering Ltd. 0.57% Elecon Engineering Company Ltd. 0.30% Quantitative Indicators Average P/E : 11.66 Average P/BV : 1.78 Average Dividend Yield : 1.62 Annual Portfolio Turnover Ratio : 0.49 times Std Dev (Annualised) : 17.18% Sharpe Ratio : 0.03 Portfolio Beta : 0.75 R squared : 0.89 Portfolio turnover has been computed as the ratio of the lower value of average purchase and average sales, to the average net assets in the past one year (since inception for schemes that have not completed a year). The figures are not netted for derivative transactions. Risk-free rate based on the last 91-day T-Bill cut-off of 8.1857%. *Effective from 1st October 2012, single plan structure has been introduced and therefore, the fresh subscriptions are accepted only under Direct and Regular Plan. Other plans/options will continue till the existing investors remain invested in the plan/option. **In addition to the fund manager managing this fund, the ADR/GDR exposure is managed by Mr. Atul Patel. CAGR (%) Company/Issuer % to % to NAV NAV Derivatives Voltamp Transformers Ltd. 0.27% Industrial Products 0.97% Sintex Industries Ltd. 0.81% MM Forgings Ltd. 0.16% Minerals/Mining 2.01% NMDC Ltd 2.00% Coal India Ltd. 0.01% Non - Ferrous Metals 3.10% Sterlite Industries (India) Ltd. 3.10% Oil 1.90% Cairn India Ltd. 1.90% Paper 0.63% Tamil Nadu Newsprint & Papers Ltd. 0.37% Ballarpur Industries Ltd. 0.27% Pesticides 4.21% United Phosphorus Ltd. 2.18% PI Industries Ltd. 2.02% Petroleum Products 2.68% Reliance Industries Ltd. 2.10% Hindustan Petroleum Corporation Ltd. 0.31% Indian Oil Corporation Ltd. 0.27% Pharmaceuticals 5.83% Piramal Enterprises Ltd. 1.83% Natco Pharma Ltd. 1.68% Torrent Pharmaceuticals Ltd. 1.31% Aurobindo Pharma Ltd. 0.57% FDC Ltd. 0.44% Power 1.81% Power Grid Corporation Of India Ltd. 1.38% Kalpataru Power Transmission Ltd. 0.42% NTPC Ltd. 0.02% Software 7.94% Mindtree Ltd 2.68% Oracle Financial Services Software Ltd 1.99% Persistent Systems Ltd. 1.37% eclerx Services Ltd 1.13% Tech Mahindra Ltd. 0.50% Nucleus Software Exports Ltd. 0.27% Telecom - Services 3.96% Bharti Airtel Ltd. 3.96% Textile Products 0.17% Siyaram Silk Mills Ltd. 0.17% Textiles - Cotton 2.25% Vardhman Textiles Ltd. 2.25% Transportation 6.33% Container Corporation Of India Ltd. 2.25% Great Eastern Shipping Company Ltd. 2.15% Gujarat Pipavav Port Ltd. 1.93% Short Term Debt and other current assets 7.68% Total Net Assets 100.00% Top Ten Holdings Derivatives are considered at exposure value. 8
ICICI Prudential Infrastructure Fund Open Ended Equity Fund Wealth Creation Oriented Solution WHY SHOULD ONE INVEST? Long term investment of funds having potential for capital appreciation derived from the growth and development of the infrastructure sector Style Box Fund Details Fund Managers** : Yogesh Bhatt (Managing this fund since Feb, 2012 & Overall 21 years of experience of which 15 years as Equity dealer and 6 years in Fund Management) Indicative Investment Horizon: 5 years and above Inception date: 31-08-2005 AAUM as on 31-Mar-13: Rs. 1676.69 crores Regular Plan Growth Option : 24.5700 Regular Plan Dividend Option : 9.9000 Direct Plan Growth Option : 24.6000 Direct Plan Dividend Option : 9.9100 Plans : Regular & Direct Options : Growth & Dividend Default Plan: Direct Plan (for application without any distributor code), Regular Plan (for application with distributor code). Default Option : Growth Application Amount for fresh Subscription* : Rs.5,000 (plus in multiples of Re.1) Min.Addl. Investment : Rs.1,000 (plus in multiples of Re.1) Exit load for Redemption / Switch out :- Lumpsum & / STP / SWP Investment Option Upto 1 Year from allotment - 1% of applicable NAV, more than 1 Year - Nil : Monthly: Minimum Rs. 1,000/- plus 5 post dated cheques for a minimum of Rs. 1,000/- each; Quarterly: Minimum Rs. 5,000/- plus 3 post dated cheques of Rs. 5,000/- each. SWP : Minimum of Rs.500 and multiples of Re.1/- STP : Minimum Amount Rs. 1,000/- Maximum Period: 10 years : Available. Min.Redemption Amt. : Rs.500 & in multiples thereof Particulars Returns of Regular Plan - Growth Option as on Mar 31, 2013 March 31, 2012 to March 31, 2013 Absolute Returns (%) March 31, 2011 to March 31, 2012 March 31, 2010 to March 31, 2011 Absolute Returns (%) Absolute Returns (%) Current Value of Investment of Rs. 10000 Since inception CAGR (%) Scheme -2.42-15.39 1.64 24570.00 12.59 Benchmark -11.93-18.45-10.11 12693.43 3.20 CNX NIFTY Index 7.31-9.23 11.14 23829.70 12.14 NAV (Rs.) Per Unit (as on March 28,2013 : 24.57) 25.18 29.76 29.28 10.00 Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment. Date of inception:31-aug-05. Performance of dividend option would be Net of Dividend distribution tax, if any. Benchmark is CNX Infrastructure Index. For computation of since inception returns (%) the allotment NAV has been taken as Rs. 10.00. Load is not considered for computation of returns. In case, the start/end date of the concerned period is a nonbusiness date (NBD), the NAV of the previous date is considered for computation of returns. The NAV per unit shown in the table is as on the start date of the said period. Total Schemes managed by the Fund Manager is 6. Refer annexure on page no. 99 for performance of schemes currently managed by Mr. Yogesh Bhatt (fund manager). Company/Issuer % to % to NAV NAV Derivatives Auto 1.05% Tata Motors Ltd. - DVR 1.05% Banks 20.61% ICICI Bank Ltd. 7.74% State Bank Of India 5.98% HDFC Bank Ltd. 5.26% Bank Of Baroda 1.63% Cement 6.23% Jaiprakash Associates Ltd. 1.91% Birla Corporation Ltd. 1.78% Orient Cement Ltd. 1.40% Grasim Industries Ltd. 1.12% Orient Paper & Inds. Ltd. 0.02% Construction Project 7.59% Larsen & Toubro Ltd. 4.78% Sadbhav Engineering Ltd. 1.69% Techno Electric & Engineering Co Ltd. 0.63% Voltas Ltd. 0.50% Consumer Durables 0.24% Blue Star Ltd. 0.24% Ferrous Metals 2.73% Tata Steel Ltd. 1.36% Usha Martin Ltd. 1.03% Electrosteel Steels Ltd. 0.34% Gas 0.35% GAIL (India) Ltd. 0.35% Industrial Capital Goods 4.57% 2.31% Texmaco Rail & Engineering Ltd. 1.49% Crompton Greaves Ltd. 1.27% Bharat Heavy Electricals Ltd. 0.96% Bharat Heavy Electricals Ltd.-Futures 2.31% Bharat Electronics Ltd. 0.84% Industrial Products 1.56% Cummins India Ltd. 1.26% Electrosteel Castings Ltd. 0.30% Minerals/Mining 4.73% NMDC Ltd 4.73% Non - Ferrous Metals 6.58% Portfolio as on Mar 31,2013 Company/Issuer % to % to NAV NAV Derivatives Sterlite Industries (India) Ltd. 3.50% Hindustan Zinc Ltd. 3.08% Oil 5.71% Oil India Ltd 2.25% Cairn India Ltd. 2.04% Oil & Natural Gas Corporation Ltd. 1.41% Petroleum Products 6.50% Reliance Industries Ltd. 4.37% Hindustan Petroleum Corporation Ltd. 2.13% Power 14.11% NTPC Ltd. 4.22% Tata Power Company Ltd. 3.50% SJVN Ltd. 2.82% Kalpataru Power Transmission Ltd. 2.48% Power Grid Corporation Of India Ltd. 1.09% Telecom - Services 8.85% Bharti Airtel Ltd. 8.85% Transportation 4.91% Great Eastern Shipping Company Ltd. 2.38% Gujarat Pipavav Port Ltd. 1.85% Container Corporation Of India Ltd. 0.68% Short Term Debt and other current assets 1.38% Total Net Assets 100.00% Top Ten Holdings Derivatives are considered at exposure value. Quantitative Indicators Average P/E : 13.33 Average P/BV : 1.72 Average Dividend Yield : 1.85 Annual Portfolio Turnover Ratio : 0.42 times Std Dev (Annualised) : 19.41% Sharpe Ratio : -0.63 Portfolio Beta : 0.74 R squared : 0.92 Portfolio turnover has been computed as the ratio of the lower value of average purchase and average sales, to the average net assets in the past one year (since inception for schemes that have not completed a year). The figures are not netted for derivative transactions. Risk-free rate based on the last 91-day T-Bill cut-off of 8.1857%. *Effective from 1st October 2012, single plan structure has been introduced and therefore, the fresh subscriptions are accepted only under Direct and Regular Plan. Other plans/options will continue till the existing investors remain invested in the plan/option. **In addition to the fund manager managing this fund, the ADR/GDR exposure is managed by Mr. Atul Patel. 9