Facts March, 2014
Equity and debt review Equity review Indian equities headed for new highs in March (+7%) with the Nifty breaking past 6700 as the sound bites around general elections intensified in favour of the main opposition party and investors aggressively went about attuning their portfolios for a pro growth government. A sector switch away from erstwhile outperforming defensives like IT and Pharma in favour of Infra, Industrials and Financials was fairly evident in the market move. Capital market flows notched up US$1.2bn in March from 8 deals, of which US$910mn was on account of the 9% SUUTI stake sale in Axis Bank. In the secondary market, FIIs upped their ante on India, pumping in an impressive US$3.6bn during the month, taking the YTD net inflow figure to US$4bn. DIIs were on the other side of the trade in March, selling close to US$2.2bn. Mutual funds were net sellers to the tune of US$620mn, with the rest coming from insurers. YTD, DIIs have now net sold US$2.4bn. After three months of contraction, factory output data in January surprised positively coming in at 0.1% against street expectations of -0.9%. This was likely aided by the reduction in excise duties on automobiles. Sector-wise, electricity and mining were positive while manufacturing continued to contract. On a use based classification, capital goods and consumer goods both contracted. Meanwhile, the PMI reading for March came at 51.3 vs 52.5 in February. Positive news on the inflation front continued as February CPI fell to a two-year low of 8.1% (vs 8.8% in January). Most categories saw a fall in prices and vegetable prices in particular eased significantly. Core CPI was recorded at 7.9%. Similarly, February WPI too surprised pleasantly, coming in at sub 5%. Food inflation fell to a 10 month low of 8.1% and fuel inflation too eased to 8.7%. However, core inflation went up marginally to 3.1%. With untimely rainfall during the month of March in some parts of India and talks of a strong El Nino this year, monsoon continued to be a key focus area for the market. RBI held its first bi-monthly policy and maintained status quo on rates as was largely anticipated. The USDINR pair saw a significant move during the month that helped it break past the psychological 60 level. While strong inflows into equity markets aided this development, some panic selling by exporters is also believed to have contributed to this move. Sections of the media also insinuated that the central bank participated on the 'buying dollars' side in order to replenish some of its lost reserves. The positive mood in the equity market continues on the back of a probable BJP victory and improving macro environment. India is one of the few EMs that have managed to address the macro concerns to some extent and that seems to be holding us in good stead on a relative basis. With election results still more than 45 days away, the immediate focus is likely to shift towards corporate results. The market is likely to consolidate around these levels with an upward bias on the back of positive election buzz. We are increasing cyclical bias in our portfolios as we believe that India is on path towards economic recovery. Debt review Month of March remained a crucial month in terms of liquidity standpoint and remained tight. Envisaging pressures from large currency demand and tax outflows from mid-march, a 21-day term repo of INR 500 billion was conducted on March 14 and 7-day term repo auctions of INR 100 billion on March 19 and 26, in addition to the regular 14-day term repo of INR 400 billion on March 21. A 5- day term repo for a notified amount of INR 200 billion was conducted on March 28 to facilitate non-disruptive banking operations during the annual closing of accounts. Access to the MSF on March 29 and 31 (holidays) was also allowed for this purpose. Liquidity conditions have tightened in March, partly on account of year-end 'window dressing' by banks, though an extraordinary infusion of liquidity by the Reserve Bank has mitigated the tightness. The Reserve Bank will propose measures to reduce such practices. Economic releases during the month were as follows: Monetary Policy: Taking under account the current disinflationary glide path in the economy; RBI decided to: 1. Keep the policy repo rate under LAF unchanged at 8.0 per cent highlighting several upside risk towards CPI inflation. 2. Liquidity access under LAF: reduced to 0.25% of NDTL from 0.50% and thereby increasing liquidity access under 7-day and 14-day term repo to 0.75% of NDTL from 0.50% of NDTL. Change in Liquidity Window: Primary objective is to improve the transmission of policy impulses across the interest rate spectrum. Term repo has evolved as a useful indicator of underlying liquidity conditions. Headline Inflation although on a downward trajectory; risks persists on a basis of core retail inflation which has remained sticky at ~8% suggestive of demand pressure. Risk to food inflation: Less-than-normal monsoon due to El Nino effects. Also, pace of decline of vegetable prices may come-off. Setting up of MSPs and Fiscal Outlook along with Geo-political developments and impact on commodity prices can pose a threat to inflation. RBI will have a hawk eye while reading inflation; mentioned It is critical to look through any transient effects, including these base effects, which could temporarily soften headline inflation during 2014. (Base effect from June November likely to show lower inflation). Policy rate will remain on an extended pause if the broad trajectory remains towards 8% mark by January 2015. Inflation February 2014: Yet again repeating the same story, WPI and CPI headline inflation trended downwards at 4.7% and 8.1% for the month of Feb'14 respectively. Food Inflation in both WPI and CPI has fully reversed since last 3 months trending south, however in Food Inflation except Vegetables Prices not many have seen to be trending down. Core inflation remained sticky and lower due to overall weak demand conditions. However, CPI terms, on a 3m/3m, saar basis, core CPI is running at an annualized 8.3% i.e. even higher than the year-on-year print. Note: if growth ticks in second half of the year, core inflation could come under pressure and will bring RBI's attention. India's industrial production (IIP) January 2014: Jan IIP came in at 0.1%, showing the strength of the PMI surveys and trade data for the month. Indicating trends in Feb could be better on account of (1) excise cuts helping the auto numbers, (2) PMI at 12-month high led by both output and new orders and (3) higher electricity out-turn. Source: JPMorgan Research, Citigroup Research Going forward, Policy rate will remain on an extended pause if the broad trajectory remains towards 8% mark by January 2015. Important to note, the RBI also re-iterated that January 2016 CPI inflation target is 6%. This would imply that very limited room for policy easing and an extended pause would be the base case. Source: RBI & Bloomberg
JPMorgan India Equity Holdings as on 31 March 2014 (in %) Equity Holdings ICICI Bank Ltd. 7.14 HDFC Bank Ltd. 7.02 Larsen & Toubro Ltd. 5.33 Reliance Industries Ltd. 5.31 Infosys Ltd. 4.87 Tata Consultancy Services Ltd. 4.75 ITC Ltd. 4.55 Tata Motors Ltd. 3.81 HDFC Ltd. 3.30 Ultratech Cement Ltd. 2.79 Maruti Suzuki India Ltd. 2.78 Axis Bank Ltd. 2.58 State Bank of India 2.26 Oil & Natural Gas Corporation Ltd. 2.23 Sun Pharmaceuticals Industries Ltd. 2.15 Kotak Mahindra Bank Ltd. 1.93 IDFC Ltd. 1.83 HCL Technologies Ltd. 1.76 Shriram Transport Finance Company Ltd. 1.73 Eicher Motors Ltd. 1.71 Motherson Sumi Systems Ltd. 1.63 IndusInd Bank Ltd. 1.62 Bharat Forge Ltd. 1.50 Tech Mahindra Ltd. 1.40 Adani Ports & Special Economic Zone Ltd. 1.34 Cummins India Ltd. 1.25 Lupin Ltd. 1.22 The Great Eastern Shipping Company Ltd. 1.21 Zee Entertainment Enterprises Ltd. 1.07 Bharti Airtel Ltd. 1.06 CRISIL Ltd. 1.03 Punjab National Bank 0.89 Tata Steel Ltd. 0.88 Bank of Baroda 0.86 Thermax Ltd. 0.86 United Spirits Ltd. 0.84 Divi's Laboratories Ltd. 0.83 D.B.Corp Ltd. 0.82 Blue Dart Express Ltd. 0.82 Sesa Sterlite Ltd. 0.80 Info Edge (India) Ltd. 0.75 Sobha Developers Ltd. 0.74 Dr. Reddy's Laboratories Ltd. 0.73 Nestle India Ltd. 0.72 Just Dial Ltd. 0.71 Gujarat Pipavav Port Ltd. 0.59 JK Lakshmi Cement Ltd. 0.53 Bata India Ltd. 0.53 Equity Holdings Total 97.06 CBLO / Repo 0.97 Net Receivables/(Payables) 1.97 2.94 Dividend history Record date Rate CUM (Re/unit) dividend NAV 20 December 07 1.00 14.06 After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Past performance may or may not be sustained Face value of the Unit is Rs. 10/-. Active positive bets Total stocks in portfolio 48 Top 15 stocks 14.4% Total portfolio 36.4% Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark index (BSE-200). Source: BSE, Bloomberg. Quantitative indicators Standard Deviation (%) 7.39 Beta 0.88 Sharpe Ratio 0.79 Portfolio Turnover Ratio* 0.66 (including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities) Portfolio Turnover Ratio (Equity) 0.66 Risk free rate of return (reverse repo)# 7.00% *Last 12 months #As on March 31, 2014 Total expense ratio (year-to-date ratio to average AUM) Regular Plan~ 2.58% Direct Plan~ 1.63% ~Excluding Service Tax. % of total portfolio 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Portfolio analysis: Market cap-wise Large 20.0% 94.5% Liquidity measures 2.3% <1 1-2 2-3 No. of days Mid 11.2% Small 4.0% Mega 64.8% Note: Mega-cap=above USD 10bn, Large cap=usd 3bn to 10bn, Mid-cap=USD 1bn to 3bn and Small-cap=less than USD 1bn Note: Calculated on the basis of the number of days it would take to exit from stocks in the JPMIEF portfolio, assuming 30% of the average daily traded volume for each stock on the NSE/BSE can be transacted. Source: BSE/NSE, Bloomberg. Telecom Metals / Minerals Sector Cement Others Pharma Oil & Gas Consumer Industrials/Infra Portfolio analysis: Sector-wise Auto Technology Financials 1.1% 1.7% 3.3% 4.0% 4.9% 7.5% 8.5% 9.7% 9.9% 14.2% 2.1% 1.1% 0% 5% 10% 15% 20% 25% 30% 35% % of portfolio *Includes industrial capital goods / diversified / construction / industrial products. #Includes chemicals, fertilisers and transportation. >3 32.2% JPMorgan India Equity Regular Plan - 14 June 2007 Direct Plan - 1 January 2013 An open-ended equity growth scheme The investment objective of the Scheme is to generate income and long-term capital growth from a diversified portfolio of predominantly equity and equity-related securities including equity derivatives. However, there can be no assurance that the investment objective of the Scheme will be realised. managers: Equity Harshad Patwardhan & Amit Gadgil (years) Harshad Patwardhan 17 Amit Gadgil 9 Experience managing the scheme Harshad Patwardhan 6 years, 8 months Amit Gadgil 6 years, 8 months Rs.5,000 per application plus in multiples of Re.1/- thereof Rs.1,000 per application plus in multiples of Re.1/- thereof Exit load through SIP - 1%; through SIP - Nil Exit load (SIP) allotment of Units of each installment of SIP purchase 1%; allotment of units of each installment of SIP purchase - Nil Benchmark S&P BSE-200 Index NAV (as at 31 March 2014, in Rs.) Regular Growth 15.961 Regular Dividend 14.822 Direct Growth 16.151 Direct Dividend 14.994 Rs. 194.15 Crore Long Term Capital Growth Investments premdominantly in equity and equity related securities. High Risk. (BROWN)
JPMorgan India Smaller Companies Holdings as on 31 March 2014 (in %) Equity Holdings Motherson Sumi Systems Ltd. 4.05 ING Vysya Bank Ltd. 3.98 Adani Ports & Special Economic Zone Ltd. 3.96 Bharat Forge Ltd. 3.50 Eicher Motors Ltd. 3.43 The Great Eastern Shipping Company Ltd. 2.86 Divi's Laboratories Ltd. 2.85 Power Finance Corporation Ltd. 2.48 Shriram Transport Finance Company Ltd. 2.36 Havells India Ltd. 2.35 Glenmark Pharmaceuticals Ltd. 2.34 IndusInd Bank Ltd. 2.24 Thermax Ltd. 2.17 Lakshmi Machine Works Ltd. 2.16 Bank of India 2.14 Shree Cements Ltd. 2.12 Amara Raja Batteries Ltd. 1.96 Kajaria Ceramics Ltd. 1.95 IPCA Laboratories Ltd. 1.89 Kotak Mahindra Bank Ltd. 1.75 Supreme Industries Ltd. 1.73 Cadila Healthcare Ltd. 1.71 CRISIL Ltd. 1.70 Whirlpool of India Ltd. 1.68 Simplex Infrastructures Ltd. 1.67 KEC International Ltd. 1.64 VA Tech Wabag Ltd. 1.64 Cummins India Ltd. 1.63 Bata India Ltd. 1.61 Union Bank of India 1.60 Blue Dart Express Ltd. 1.59 WABCO India Ltd. 1.54 Greaves Cotton Ltd. 1.47 D.B.Corp Ltd. 1.46 Just Dial Ltd. 1.43 Allahabad Bank 1.39 Ashok Leyland Ltd. 1.32 Gruh Finance Ltd. 1.29 Max India Ltd. 1.24 Bajaj Finance Ltd. 1.23 Sadbhav Engineering Ltd. 1.20 Info Edge (India) Ltd. 1.18 Indian Bank 1.10 JK Lakshmi Cement Ltd. 1.07 Mahindra & Mahindra Financial Services Ltd. 0.99 JK Cement Ltd. 0.97 Persistent Systems Ltd. 0.97 Fag Bearings India Ltd. 0.91 Action Construction Equipment Ltd. 0.88 EIH Ltd. 0.83 Sobha Developers Ltd. 0.77 Solar Industries India Ltd. 0.76 Puravankara Projects Ltd. 0.71 Tech Mahindra Ltd. 0.71 Gujarat Pipavav Port Ltd. 0.59 PI Industries Ltd. 0.53 Emami Ltd. 0.50 Britannia Industries Ltd. 0.50 Navneet Education Ltd. 0.26 MindTree Ltd. 0.26 KPIT Technologies Ltd. 0.25 Equity Holdings Total 99.05 CBLO / Repo 0.96 Net Receivables/(Payables) (0.01) 0.95 Quantitative indicators Standard Deviation (%) 8.78 Beta 0.91 Sharpe Ratio (0.01) Portfolio Turnover Ratio* 0.79 (including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities) Portfolio Turnover Ratio (Equity)* 0.79 Risk free rate of return (reverse repo)# 7.00% *Last 12 months #As on March 31, 2014 & Active positive bets Total stocks in portfolio (%) 61 Top 15 stocks 24.8% Total portfolio 67.9% Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark index (CNX-Mid Cap). Source: BSE, Bloomberg. & Active bets are estimated. Sector Small 34.4% Portfolio analysis: Sector-wise Cement Technology Consumer Pharma Others Auto Industrials / Infra Portfolio analysis: Market cap-wise Note: Large cap=usd 3bn to 10bn, Mid-cap=USD 1bn to 3bn and Small-cap=less than USD 1bn Liquidity measures % of total portfolio 80 70 60 50 40 30 20 10 0 Note: Calculated on the basis of the number of days it would take to exit from stocks in the JPMISCF portfolio, assuming 30% of the average daily traded volume for each stock on the NSE/BSE can be transacted. Source: BSE/NSE, Bloomberg. Financials Mega 1.8% 61.5% 10.2% <1 1-2 2-5 >5 No. of days 4.2% 4.8% 8.4% 8.8% 11.1% 12.3% 25.7% Large 20.3% Mid 43.5% 2.6% 24.0% 0% 5% 10% 15% 20% 25% 30% % of portfolio *Includes industrial capital goods / diversified / construction / industrial products. #Includes chemicals, fertilisers and transportation. Total expense ratio (year-to-date ratio to average AUM) Regular Plan~ 2.67% Direct Plan~ 1.72% ~Excluding Service Tax. Long term capital growth investments premdominantly in equity and equity related securities focused on smaller companies (generally, the universe will be the companies constituting the bottom fourth by way of market capitalization of stocks listed on the National Stock Exchange or Bombay Stock Exchange.)* High Risk. (BROWN) 25.5% JPMorgan India Smaller Companies Regular Plan - 26 December 2007 Direct Plan - 1 January 2013 An open ended equity growth scheme The investment objective is to seek to generate long term capital appreciation from a portfolio that is substantially constituted of equity and equity related securities focused on smaller companies. Generally, the universe will be the companies constituting the bottom fourth by way of market capitalization of stocks listed on the NSE or the BSE. The fund manager may from time to time include other equity and equity related securities outside the universe to achieve optimal portfolio construction. However, there can be no assurance that the investment objective of the scheme will be realised. managers: Equity Harshad Patwardhan & Amit Gadgil (years) Harshad Patwardhan 17 Amit Gadgil 9 Experience managing the scheme Harshad Patwardhan 6 years, 2 months Amit Gadgil 6 years, 2 months Rs 5,000 per application plus in multiples of Re. 1/- thereafter Rs 1,000 per application plus in multiples of Re. 1/- thereafter Exit load through SIP - 1%; through SIP - Nil Exit load (SIP) allotment of Units of each installment of SIP purchase 1%; allotment of units of each installment of SIP purchase - Nil Benchmark ***CNX Mid Cap NAV (as at 31 March 2014, in Rs.) Regular Growth 10.677 Regular Dividend 10.677 Direct Growth 10.805 Direct Dividend 10.803 Rs. 107.41 crore
JPMorgan India Tax Advantage Holdings as on 31 March 2014 (in %) Equity Holdings ICICI Bank Ltd. 6.91 HDFC Bank Ltd. 6.81 Reliance Industries Ltd. 5.30 Larsen & Toubro Ltd. 5.22 Tata Consultancy Services Ltd. 4.65 ITC Ltd. 4.54 Infosys Ltd. 4.44 Tata Motors Ltd. 3.59 HDFC Ltd. 3.29 Maruti Suzuki India Ltd. 2.78 Ultratech Cement Ltd. 2.73 Axis Bank Ltd. 2.57 State Bank of India 2.22 Oil & Natural Gas Corporation Ltd. 2.22 Sun Pharmaceuticals Industries Ltd. 2.14 Kotak Mahindra Bank Ltd. 1.88 IDFC Ltd. 1.81 Shriram Transport Finance Company Ltd. 1.69 HCL Technologies Ltd. 1.65 Motherson Sumi Systems Ltd. 1.60 Eicher Motors Ltd. 1.59 Bharat Forge Ltd. 1.48 IndusInd Bank Ltd. 1.47 Tech Mahindra Ltd. 1.38 Adani Ports & Special Economic Zone Ltd. 1.34 Cummins India Ltd. 1.22 Lupin Ltd. 1.21 The Great Eastern Shipping Company Ltd. 1.19 Zee Entertainment Enterprises Ltd. 1.07 Bharti Airtel Ltd. 1.06 CRISIL Ltd. 1.03 Whirlpool of India Ltd. 0.97 Persistent Systems Ltd. 0.87 Punjab National Bank 0.86 Tata Steel Ltd. 0.86 Thermax Ltd. 0.86 Bank of Baroda 0.84 Divi's Laboratories Ltd. 0.83 Blue Dart Express Ltd. 0.80 Sesa Sterlite Ltd. 0.79 D.B.Corp Ltd. 0.78 Dr. Reddy's Laboratories Ltd. 0.73 Info Edge (India) Ltd. 0.73 Sobha Developers Ltd. 0.71 Just Dial Ltd. 0.70 Havells India Ltd. 0.63 Gruh Finance Ltd. 0.60 Gujarat Pipavav Port Ltd. 0.58 JK Lakshmi Cement Ltd. 0.53 Bata India Ltd. 0.53 Supreme Industries Ltd. 0.53 Equity Holdings Total 96.81 CBLO / Repo 2.68 Net Receivables / (Payables) 0.51 3.19 Active positive bets Total stocks in portfolio 51 Top 15 stocks 13.4% Total portfolio 37.8% Note: Active positive bets are those where the fund has a higher weightage as compared to the benchmark index (BSE-200). Source: BSE, Bloomberg. Quantitative indicators Standard deviation (%) 5.31 Beta 0.69 Sharpe ratio 2.94 Portfolio turnover ratio* 0.74 (including equity, certificate of deposit, commercial paper, floating rate note, non-convertibles debentures, preference shares, futures, options and government securities) Total turnover ratio (Equity)* 0.74 Risk free rate of return (reverse repo)# 7.00% *Last 12 months #As on March 31, 2014 Portfolio analysis: Market cap-wise Large 18.1% Mid 12.2% Small 6.4% Note: Mega-cap=above USD 10bn, Large cap=usd 3bn to 10bn, Mid-cap=USD 1bn to 3bn and Small-cap=less than USD 1bn Regular Plan Dividend History Mega 63.3% Record date Rate CUM (Re/unit) dividend NAV 15-Dec-09 1.50 15.4160 25-Jan-10 1.40 14.0250 01-Jul-13 0.50 15.1530 18-Nov-13 0.30 15.4610 24-Mar-14 0.30 16.4147 Record date Rate CUM (Re/unit) dividend NAV 01-Jul-13 0.50 15.2220 18-Nov-13 0.30 15.5910 24-Mar-14 0.30 16.6040 After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Past performance may or may not be sustained Face value of the Unit is Rs. 10/-. Telecom Metals / Minerals Sector Cement Others Pharma Oil & Gas Consumer Auto Industrials / Infra Portfolio analysis: Sector-wise Technology Financials Direct Plan Dividend History 1.1% 1.7% 3.3% 3.9% 4.9% 7.5% 8.4% 9.6% 10.0% 14.4% 32.0% JPMorgan India Tax Advantage Regular Plan - 27 January 09 Direct Plan - 1 January 2013 An open ended equity linked savings scheme The investment objective of the Scheme is to generate income and long-term capital appreciation from a diversified portfolio of predominantly equity and equity-related Securities. However, there can be no assurance that the investment objective of the Scheme will be realized, as actual market movements may be at variance with anticipated trends. managers: Equity Harshad Patwardhan & Karan Sikka (years) Harshad Patwardhan 17 Karan Sikka 7 Experience managing the scheme Harshad Patwardhan 5 years, 1 month Karan Sikka 2 years, 5 months Rs 500 per application and in multiples of Rs 500 thereafter Rs 500 per application and in multiples of Rs 500 thereafter Exit load - Nil Exit load (SIP) - Nil Benchmark S&P BSE-200 Index NAV (as at 31 March 2014, in Rs.) Regular Growth 21.798 Regular Dividend 16.437 Direct Growth 22.027 Direct Dividend 16.633 Rs. 5.39 crore Total expense ratio (year-to-date ratio to average AUM) Regular Plan~ 2.70% Direct Plan~ 1.75% ~Excluding Service Tax. Long Term Capital Growth Investments premdominantly in equity and equity related securities. High Risk. (BROWN) 0% 5% 10% 15% 20% % of portfolio 25% 30% 35% *Includes industrial capital goods / diversified / construction / industrial products. # Includes transportation.
JPMorgan Greater China Equity Off-shore Details of JPMorgan Greater China Equity Off-shore Holding as on 31 March 2014 International Mutual Units JPMorgan s - Greater China 99.00% International Mutual Units Total 99.00% CBLO / Repo 0.38% Net Receivables (Payable) 0.62% 1.00% Total expense ratio (year-to-date ratio to average AUM) JPMorgan Greater China Equity JPMorgan s - Greater China Offshore (underlying fund) Regular Plan~ 1.70% 1.00% Direct Plan~ 0.57% 1.00% Investors will be bearing the recurring expenses of the Scheme in addition to the expenses of other underlying schemes in which the Scheme is invested. ~Excluding Service Tax. Details of JPMorgan s - Greater China (underlying fund) Equity holding Weight (%) Tencent Holdings (Information Technology) 7.9 Taiwan Semiconductor (Information Technology) 7.0 AIA Group (Financials) 4.8 China Construction Bank (Financials) 4.7 Galaxy Entertainment (Consumer Discretionary) 2.9 China Life Insurance (Financials) 2.8 China Petroleum & Chemical (Energy) 2.8 Hutchison Whampoa (Industrial) 2.7 Industrial & Commercial Bank of China (Financials) 2.6 Ping An Insurance (Financials) 2.5 Total 40.7 Statistical analysis as on 28 February 2014 3 years 5 years Correlation 0.98 0.98 Alpha 2.70 2.34 Beta 1.05 1.02 Geographical breakdown as on 28 February 2014 Country China 52.9% Taiwan 26.9% Hong Kong 19.7% Cash 0.5% Total 100.0% 10 largest holdings as on 28 February 2014 Sector breakdown as on 28 February 2014 Sector Financials 34.1% Information Technology 28.1% Consumer Discretionary 10.3% Industrials 7.3% Energy 6.4% Utilities 4.4% Consumer Staples 3.5% Materials 2.4% Health Care 2.0% Telecommunication Services 1.0% Cash 0.5% Total 100.0% Quarterly Outlook: 2014 should be another positive year for Greater China markets. We expect the reform programme in China to cause stock market volatility (as it involves both deleveraging and substantial policy changes), but to ultimately result in a rerating of depressed stateowned enterprise shares. Taiwan corporate performance should improve as trade continues to pick up and as the US dollar strengthens. In contrast, we see fewer opportunities in Hong Kong given the recent strong performance of Macau shares and Hong Kong's sensitivity to expectations in US interest rates. JPMorgan Greater China Equity Off-shore Regular Plan - 26 August 2009 Direct Plan - 1 January 2013 An open ended fund of funds scheme The primary investment objective of the Scheme is to provide long term capital appreciation by investing in JPMorgan s - Greater China Equity, an equity fund which invests primarily in a diversified portfolio of companies incorporated or which have their registered office located in, or derive the predominant part of their economic activity from, a country in the Greater China region. manager 13 years Experience managing the scheme 4yrs, 6 mths Rs 10,000 per application plus in multiples of Re. 1/- thereafter Rs 1,000 per application plus in multiples of Re. 1/- thereafter Exit load through SIP - 1%; through SIP - Nil Exit load (SIP) allotment of Units of each installment of SIP purchase 1%; allotment of units of each installment of SIP purchase - Nil Benchmark of the underlying fund MSCI Golden Dragon Index (Total Return Net) NAV (as at 31 March 2014, in Rs.) Regular Growth 16.540 Direct Growth 16.773 Rs. 136.28 crore Long Term Capital Growth Investment in JPMorgan s Greater China, an equity fund which invests primarily in a diversified portfolio of companies that are domiciled in, or carrying out the main part of their economic activity in, a country of Greater China region High Risk. (BROWN)
JPMorgan Emerging Europe, Middle East and Africa Equity Off-shore Details of JPMorgan Emerging Europe, Middle East and Africa Equity Off-shore International Mutual Units JPMorgan s - Emerging Europe, Middle East and Africa Equity 96.76% International Mutual Units Total 96.76% CBLO / Repo Net Receivables / (Payables) 3.24% 3.24% 10 largest holdings as on 28 February 2014 Equity holding Weight (%) Naspers (Consumer Discretionary) 6.9 Sberbank of Russia (Financials) 5.9 Gazprom (Energy) 5.8 MTN (Telecommunication Services) 5.5 Lukoil (Energy) 5.3 Sasol (Energy) 3.1 Magnit (Consumer Staples) 2.8 Novatek (Energy) 2.5 PKO Bank Polski (Financials) 2.2 FirstRand (Financials) 2.2 Total 42.2 Geographical breakdown as on 28 February 2014 Country Russia 36.8% South Africa 32.3% Poland 7.3% Turkey 3.7% Saudi Arabia 3.2% Kazakhstan 2.1% Ukraine 1.9% Turkmenistan 1.6% United Kingdom 1.5% Other 4.5% Cash 5.1% Total 100.0% Holding as on 31 March 2014 Total expense ratio (year-to-date ratio to average AUM) JPMorgan Emerging Europe, Middle East and Africa Equity Off-shore Emerging Europe, Middle East and Africa Equity (underlying fund) Regular Plan~ 1.60% 1.10% Direct Plan~ 0.65% 1.10% Investors will be bearing the recurring expenses of the Scheme in addition to the expenses of other underlying schemes in which the Scheme is invested. ~Excluding Service Tax. Details of JPMorgan s - Emerging Europe, Middle East and Africa Equity (underlying fund) Statistical analysis as on 28 February 2014 3 years 5 years Correlation 0.99 0.98 Alpha 2.04 3.24 Beta 0.95 1.00 Sector breakdown as on 28 February 2014 Sector Financials 22.6% Energy 22.4% Consumer Discretionary 16.2% Telecommunication Services 11.3% Consumer Staples 10.4% Materials 6.6% Industrials 2.9% Information Technology 2.5% Health Care 0.0% Utilities 0.0% Cash 5.1% Total 100.0% Quarterly Outlook: Within emerging EMEA, dispersion among markets has been extreme. Turkey suffered as a result of widespread government corruption concerns and its external funding fragility, and saw its market fall sharply. This former investor favourite was among the worst performing markets globally. In stark contrast, the frontier markets in the Middle East and Africa have been strong performers, as investors have sought new areas of growth with low or positive correlations to a prospective rise in US rates and a strengthening dollar. We continue to have a relatively favourable view of Russia, waiting patiently for the market to respond to a number of positive catalysts. We believe resilience in oil prices and rising dividend payouts from stateowned companies will help the Russian market rerate over time. JPMorgan Emerging Europe, Middle East and Africa Equity Off-shore Regular Plan - 8 November 2010 Direct Plan - 1 January 2013 An open-ended fund of funds scheme The primary investment objective of the Scheme is to provide long term capital appreciation investing in JPMorgan s Emerging Europe, Middle East and Africa Equity, an equity fund which invests primarily in a diversified portfolio of companies incorporated or which have their registered office located in, or derive the predominant part of their economic activity from, an emerging market in Central, Eastern and Southern Europe, Middle East or Africa. However, there can be no assurance that the investment objective of the Scheme will be realised. manager 13 years Experience managing the scheme 3 years, 4 months Rs. 5,000 per application and in multiples of Re. 1 Rs. 1,000 per application and in multiples of Re. 1 Exit load through SIP - 1%; through SIP - Nil Exit load (SIP) allotment of Units of each installment of SIP purchase 1%; allotment of units of each installment of SIP purchase - Nil Benchmark of the underlying fund MSCI EMEA (Total Return Net) NAV (as at 31 March 2014, in Rs.) Regular Growth 11.249 Direct Growth 11.385 in future. Rs. 5.28 crore Long Term Capital Growth Investment in JPMorgan s Emerging Europe, Middle East and Africa Equity, an equity fund which invests primarily in a diversified portfolio of companies that are domiciled in, or carrying out the main part of their economic activity from, an emerging market country of central, eastern and southern Europe, Middle East or Africa. High Risk. (BROWN)
JPMorgan ASEAN Equity Off-shore Details of JPMorgan ASEAN Equity Off-shore Holding as on 31 March 2014 International Mutual Units JPMorgan s - ASEAN Equity 100.07% International Mutual Units Total 100.07% CBLO / Repo 1.09% Net Receivables / (Payables) (1.16%) 0.07% Total expense ratio (year-to-date ratio to average AUM) JPMorgan ASEAN Equity Off-shore ASEAN Equity (underlying fund) Regular Plan~ 1.75% 0.95% Direct Plan~ 0.68% 0.95% Investors will be bearing the recurring expenses of the Scheme in addition to the expenses of other underlying schemes in which the Scheme is invested. ~Excluding Service Tax. Details of JPMorgan s - ASEAN Equity (underlying fund) 10 largest holdings as on 28 February 2014 Equity holding Weight (%) DBS (Financials) 5.2% United Overseas Bank (Financials) 4.9% Tenaga Nasional (Utilities) 3.6% Singapore Telecommunications (Telecommunication Services) 3.3% Genting (Consumer Discretionary) 3.2% Kasikornbank (Financials) 3.0% Keppel (Industrial) 2.8% Bank of Central Asia (Financials) 2.7% Siam Cement (Materials) 2.5% PTT (Energy) 2.3% Total 33.5% Geographical breakdown as on 28 February 2014 Country Singapore 32.1% Malaysia 20.7% Indonesia 18.0% Thailand 16.7% Philippines 7.9% Vietnam 1.1% Cash 3.5% Total 100.0% Statistical analysis as on 28 February 2014 3 years 5 years Correlation 0.97 - Alpha 2.88 - Beta 1.03 - Sector breakdown as on 28 February 2014 Sector Financials 41.2% Industrials 12.6% Telecommunication Services 9.7% Consumer Discretionary 8.9% Energy 8.3% Utilities 5.9% Materials 5.3% Consumer Staples 2.3% Health Care 2.3% Cash 3.5% Total 100.0% Quarterly Outlook: With tapering now firmly in place, markets should shift their focus back to economic and corporate earnings growth. We believe that selected sectors in Asean can benefit from a recovery in exports, especially given recent weakness in local currencies. Political developments in Indonesia and Thailand are likely to be key market drivers in the first half of 2014 for these two countries. For now, we prefer externallylinked companies and domestic companies where we see valuations have come off following the recent selling. JPMorgan ASEAN Equity Off-shore Regular Plan - 1 July 2011 Direct Plan - 1 January 2013 An Open-ended of s Scheme The primary investment objective of the Scheme is to provide long term capital growth by investing predominantly in JPMorgan s ASEAN Equity, an equity fund which invests primarily in companies of countries which are members of the Association of South East Asian Nations (ASEAN). However, there can be no assurance that the investment objective of the Scheme will be realized. manager 13 years Experience managing the scheme 2 years, 8 months Rs. 5,000 per application and in multiples of Re. 1 Rs. 1,000 per application and in multiples of Re. 1 Exit load through SIP - 1%; through SIP - Nil Exit load (SIP) allotment of Units of each installment of SIP purchase 1%; allotment of units of each installment of SIP purchase - Nil Benchmark of the underlying fund Morgan Stanley Capital International (MSCI) South East Asia Index NAV (as at 31 March 2014, in Rs.) Regular Growth 15.390 Direct Growth 15.589 in future. Rs. 262.72 crore Long Term Capital Growth Investments predominantly in JPMorgan s ASEAN Equity, an equity fund which invests primarily in companies of countries which are members of the Association of South East Asian Nations High Risk. (BROWN)
JPMorgan US Value Equity Off-shore Details of JPMorgan US Value Equity Off-shore Holding as on 31 March 2014 International Mutual Units JPMorgan s - US Value 99.49% International Mutual Units Total 99.49% CBLO / Repo 1.46% Net Receivables / (Payables) (0.95%) 0.51% Total expense ratio (year-to-date ratio to average AUM) JPMorgan US Value Equity Off-shore US Value Equity (underlying fund) Regular Plan~ 1.85% 0.85% Direct Plan~ 0.75% 0.85% Investors will be bearing the recurring expenses of the Scheme in addition to the expenses of other underlying schemes in which the Scheme is invested. ~Excluding Service Tax. Details of JPMorgan s - US Value Equity (underlying fund) 10 largest holdings as on 28 February 2014 Equity holding Weight (%) Wells Fargo (Financials) 4.3% Exxon Mobil (Energy) 4.2% Pfizer (Health Care) 2.6% Johnson & Johnson (Health Care) 2.5% Chevron (Energy) 2.3% Bank of America (Financials) 2.2% Merck & Co. (Health Care) 2.0% Capital One (Financials) 1.9% Procter & Gamble (Consumer Staples) 1.9% Kohls (Consumer Discretionary) 1.7% Total 25.6% Statistical analysis as on 28 February 2014 3 years 5 years Correlation 0.97 0.94 Alpha 1.18 0.85 Beta 0.91 0.87 Sector breakdown as on 28 February 2014 Sector Financials 29.1% Consumer Discretionary 15.2% Energy 12.6% Health Care 11.4% Information Technology 7.3% Consumer Staples 7.2% Utilities 5.9% Industrials 5.6% Materials 3.6% Telecommunication Services 2.0% Total 100.0% JPMorgan US Value Equity Off-shore 7 August, 2013 An Open-ended of s Scheme To provide longterm capital growth by investing primarily in a value style biased portfolio of US companies. manager 13 years Experience managing the scheme 7 months Rs. 5,000 per application and in multiples of Re. 1 Rs. 1,000 per application and in multiples of Re. 1 Exit load through SIP - 1%; through SIP - Nil Exit load (SIP) allotment of Units of each installment of SIP purchase 1%; allotment of units of each installment of SIP purchase - Nil Benchmark of the underlying fund Russell 1000 Value Index NAV (as at 31 March 2014, in Rs.) Regular Growth 10.6534 Direct Growth 10.7271 Rs. 228.57 crore Quarterly Outlook: Different indicators suggest a constructive view for US equities in 2014, with lower levels of fiscal drag in both the US and Europe, improving prospects for global growth and supportive monetary policy. Volatility could arise from internal factors such as the debt ceiling negotiations in February, or from external factors such as uncertainty over emerging market growth. However, as the US economy and most of the global economy continue to recover from the financial crisis, we believe that both profits and revenues for US companies can grow in 2014. Long Term Capital Growth Investments in equity and equity-related securities of US companies High Risk. (BROWN)
JPMorgan Europe Dynamic Equity Offshore Details of JPMorgan Europe Dynamic Equity Offshore Holding as on 31 March 2014 International Mutual Units JPMorgan Europe Dynamic Equity Offshore 97.50% International Mutual Units Total 97.50% CBLO / Repo 4.05% Net Receivables / (Payables) (1.55%) 2.50% Total expense ratio (year-to-date ratio to average AUM) JPMorgan Europe Dynamic Equity Offshore Europe Dynamic Equity (underlying fund) Regular Plan~ 1.50% 1.00% Direct Plan~ 0.70% 1.00% Investors will be bearing the recurring expenses of the Scheme in addition to the expenses of other underlying schemes in which the Scheme is invested. ~Excluding Service Tax. Details of JPMorgan Europe Dynamic Equity Offshore 10 largest holdings as on 28 February 2014 Equity holding Weight (%) BP (Energy) 3.1% Total (Energy) 2.5% BT (Telecommunication Services) 2.4% Daimler (Consumer Discretionary) 2.4% Valeo (Consumer Discretionary) 2.3% Compagnie de Saint Gobain (Industrials) 2.0% Cap Gemini (Information Technology) 2.0% ING (Financials) 1.8% Societe Generale (Financials) 1.8% Next (Consumer Discretionary) 1.8% Total 22.1% Geographical breakdown as on 28 February 2014 Country United Kingdom 37.9% France 20.3% Germany 12.6% Netherlands 5.6% Denmark 4.6% Switzerland 4.2% Spain 3.5% Ireland 1.8% Italy 1.5% Others 3.2% Cash 4.8% Total 100.0% Statistical analysis as on 28 February 2014 3 years 5 years Correlation 0.97 0.94 Alpha 6.40 3.25 Beta 1.15 1.09 Sector breakdown as on 28 February 2014 Sector Financials 20.5% Consumer Discretionary 19.7% Industrials 15.0% Health Care 11.5% Energy 9.1% Consumer Staples 6.4% Materials 5.3% Telecommunication Services 3.4% Information Technology 2.9% Utilities 1.4% Cash 4.8% Total 100.0% JPMorgan Europe Dynamic Equity Offshore 7 February, 2014 An Open-ended of s Scheme To provide long term capital growth by investing predominantly in the JPMorgan s - Europe Dynamic, an equity fund which invests primarily in an aggressively managed portfolio of European companies. manager 13 years Experience managing the scheme 2 months Rs. 5,000 per application and in multiples of Re. 1 Rs. 1,000 per application and in multiples of Re. 1 Exit load through SIP - 1%; through SIP - Nil Exit load (SIP) allotment of Units of each installment of SIP purchase 1%; allotment of units of each installment of SIP purchase - Nil Benchmark of the underlying fund MSCI Europe Index NAV (as at 31 March 2014, in Rs.) Regular Growth 10.2361 Direct Growth 10.2459 Rs. 196.52 crore Outlook: There are solid grounds for optimism that European economies will accelerate in 2014. Long-term Capital Growth Investments in equity and equity-related securities of European companies High Risk. (BROWN)
JPMorgan India Liquid Holdings as on 31 March 2014 (in %) Name of the instrument Rating % to NAV Money Market Instruments Certificate of Deposit Canara Bank CRISIL A1+ 14.76 IndusInd Bank Ltd. ICRA A1+ 5.43 Kotak Mahindra Bank Ltd. CRISIL A1+ 4.95 ICICI Bank Ltd. ICRA A1+ 4.48 Bank of Baroda CRISIL A1+ 2.62 Dena Bank CRISIL A1+ 2.35 Corporation Bank CRISIL A1+ 0.53 Certificate of Deposit Total 35.12 Commercial Paper ECL Finance Ltd. CRISIL A1+ 23.40 Dewan Housing Fin. Corp. Ltd. CRISIL A1+ 5.92 Reliance Capital Ltd. CRISIL A1+ 2.95 Commercial Paper Total 32.27 Money Market Instruments Total 67.39 Fixed Deposit Bank of India UNRATED 32.64 UCO Bank UNRATED 17.80 Fixed Deposit Total 50.44 CBLO / Repo 1.19 Net Receivables / (Payables) (19.02) (17.83) Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (year-to-date ratio to average AUM) In days Super Institutional Plan Retail Plan Direct Plan 0.07 60 9.97% 0.36%~ 0.58%~ 0.22%~ *The assigned rating AAAmfs is valid only for "JPMorgan India Liquid ". The rating of CRISIL is not an opinion of the Asset Management Company's willingness or ability to make timely payment to the investor. The rating is also not an opinion on the stability of the NAV of the, which could vary with market developments. #Gross yield. ~Excluding Service Tax. Dividend details (Re / Unit) Record Date Gross Dividend CUM Dividend NAV Super Institutional Dividend - Monthly 27-Jan-14 0.07869105 10.1113 25-Feb-14 0.06896639 10.1016 25-Mar-14 0.07028357 10.1029 Retail Dividend - Monthly 27-Jan-14 0.07685361 10.1008 25-Feb-14 0.06729983 10.0912 25-Mar-14 0.06867379 10.0926 Direct Plan - Monthly 27-Jan-14 0.07982711 10.1124 25-Feb-14 0.06997747 10.1026 25-Mar-14 0.07130665 10.1039 After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Past performance may or may not be sustained Face value of the Unit is Rs. 10/-. 60 50 40 30 20 10 0-10 -20-17.83% Rating profile ICRA A1+, CRISIL A1+, UNRATED 35.12% Certificate of Deposit 117.83% Asset allocation (% of total) 32.27% Commercial Paper 50.44% Fixed Deposit Cash and Other Receivables 17.83% JPMorgan India Liquid Super Institutional - 21 September 2007 Retail - 16 September 2008 Direct Plan - 1 January 2013 An open-ended liquid scheme The investment objective of the Scheme is to provide reasonable returns, commensurate with low risk while providing a high level of liquidity, through a portfolio of money market and debt securities. However, there can be no assurance that the investment objectives of the Scheme will be realized. managers & Ravi Ratanpal (in years) 13 Ravi Ratanpal 10 Experience in managing this scheme 5 years, 9 months Ravi Ratanpal 2 years, 6 months Minimum initial application amount: Rs. 10,000 per application and in multiples of Re. 1 Minimum additional application amount: Re. 1 per application and in multiples of Re. 1 Entry Load - Nil Entry Load (SIP) Nil Exit Load Nil Exit Load (SIP) Nil Benchmark CRISIL Liquid Index NAV (as at 28 March 2014, in Rs.) Retail Growth 15.1532 Retail Daily Dividend. 10.0190 Retail Weekly Dividend 10.0282 Retail Monthly Dividend 10.0326 Super Institutional Growth 16.6070 Super Institutional Daily Dividend 10.0279 Super Institutional Weekly Dividend 10.1889 Super Institutional Fortnightly Dividend 10.2179 Super Institutional Monthly Dividend 10.0414 Super Institutional Annual Dividend 11.4879 Direct Growth 16.6310 Direct Daily Dividend 10.0101 Direct Weekly Dividend 10.1415 Direct Bonus 16.6075 Direct Monthly Dividend 10.0415 Rs. 4507.36 crore Income Over Short Term Investments in money market and debt securities Low Risk. (BLUE)
JPMorgan India Treasury Holdings as on 31 March 2014 (in%) Name of the instrument Rating % to NAV Corporate Debt Non-Convertible Debentures Fullerton India Credit Company Ltd. ICRA AA+ 4.20 Bharat Aluminium Company Ltd. CRISIL AA- 2.69 Tata Motors Finance Ltd. CRISIL AA 2.08 Cholamandalam Inv. & Fin. Co. Ltd. ICRA AA 1.14 HDFC Ltd. CRISIL AAA 0.92 LIC Housing Finance Ltd. CRISIL AAA 0.31 Rural Electrification Corp. Ltd. CRISIL AAA 0.23 Power Finance Corporation Ltd. CRISIL AAA 0.06 Non-Convertible Debentures Total 11.63 Corporate Debt Total 11.63 Money Market Instruments Certificate of Deposit Bank of Baroda CRISIL A1+ 6.50 Canara Bank CRISIL A1+ 6.46 HDFC Bank Ltd. CRISIL A1+ 5.28 State Bank of Patiala CRISIL A1+ 5.06 Canara Bank ICRA A1+ 5.05 Axis Bank Ltd. CRISIL A1+ 4.55 ICICI Bank Ltd. ICRA A1+ 4.30 Bank of Baroda ICRA A1+ 4.28 Corporation Bank CRISIL A1+ 4.11 Corporation Bank ICRA A1+ 2.27 Bank of India CRISIL A1+ 2.27 Oriental Bank of Commerce ICRA A1+ 1.72 ING Vysya Bank Ltd. CRISIL A1+ 0.59 Punjab & Sind Bank ICRA A1+ 0.56 Dena Bank CRISIL A1+ 0.46 Oriental Bank of Commerce CRISIL A1+ 0.04 Certificate of Deposit Total 53.50 Commercial Paper Dewan Housing Fin. Corp. Ltd. CRISIL A1+ 16.87 Edelweiss Financial Services Ltd. CRISIL A1+ 4.52 ECL Finance Ltd. CRISIL A1+ 2.26 HDFC Ltd. CRISIL A1+ 1.14 Kotak Mahindra Prime Ltd. ICRA A1+ 0.01 Commercial Paper Total 24.80 Money Market Bonds Apollo Tyres Ltd. CRISIL AA 2.31 Bajaj Finance Ltd. CRISIL AA+ 1.39 Cholamandalam Inv. & Fin. Co. Ltd. ICRA AA 1.15 Kotak Mahindra Prime Ltd. CRISIL AA+ 1.15 Shriram Transport Fin. Co. Ltd. CRISIL AA 1.15 M & M Fin. Services Ltd. CRISIL AA+ 0.92 LIC Housing Finance Ltd. CARE AAA 0.46 Shriram Transport Fin. Co. Ltd. CRISIL AA 0.10 Money Market Bonds Total 8.63 Money Market Instruments Total 86.93 CBLO / Repo 0.06 Net Receivables / (Payables) 1.38 1.44 Dividend details (Re / Unit) Record Date Gross Dividend CUM Dividend NAV Super Institutional Dividend - Monthly 27-Jan-14 0.08047908 10.0870 25-Feb-14 0.05712993 10.0636 25-Mar-14 0.08897940 10.0955 Retail Dividend - Monthly 27-Jan-14 0.07535329 10.1071 25-Feb-14 0.05246657 10.0842 25-Mar-14 0.08457335 10.1163 Direct Plan - Monthly 27-Jan-14 0.08208870 10.1198 25-Feb-14 0.05851696 10.0962 25-Mar-14 0.05389413 10.1281 After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Past performance may or may not be sustained Face value of the Unit is Rs. 10/-. 1.44% Rating profile 98.56% CARE AAA, CRISIL AA, CRISIL AA-, CRISIL AA+, CRISIL AAA, ICRA AA, ICRA AA+, ICRA A1+, CRISIL A1+ Commercial Paper Cash and Other Receivables Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (year-to-date ratio to average AUM) In days Super Institutional Plan Retail Plan Direct Plan 0.56 215 9.76% 0.48%~ 1.08%~ 0.33%~ **The assigned rating AAAmfs is valid only for "JPMorgan India Treasury ". The rating of CRISIL is not an opinion of the Asset Management Company's willingness or ability to make timely payment to the investor. The rating is also not an opinion on the stability of the NAV of the, which could vary with market developments. #Gross yield. Please note that w.e.f. 18th February 2009, the name of JPMorgan India Liquid Plus has been changed to JPMorgan India Treasury. ~Excluding Service Tax. 80 70 60 50 40 30 20 10 0 11.63% Corporate Debt Asset allocation (% of total) 53.50% Certificate of deposit 24.80% 8.63% Money Market Bond 1.44% JPMorgan India Treasury Super Institutional - 21 September 2007 Retail - 16 September 2008 Direct Plan - 1 January 2013 An open-ended income scheme The investment objective is to provide liquidity and optimal returns to the investors by investing primarily in a mix of short-term debt and money market instruments which results in a portfolio having marginally higher maturity and moderately higher credit risk as compared to a liquid fund, at the same time maintaining a balance between safety and liquidity. However, there can be no assurance that the investment objective of the Scheme will be realized. managers & Ravi Ratanpal (in years) 13 Ravi Ratanpal 10 Experience in managing this scheme 5 years, 9 months Ravi Ratanpal 2 years, 6 months Minimum initial application amount: Rs. 10,000 per application and in multiples of Re. 1 Minimum additional application amount: Re. 1 per application and in multiples of Re. 1 Entry Load - Nil Entry Load (SIP) Nil Exit Load Nil Exit Load (SIP) Nil Benchmark CRISIL Liquid Index NAV (as at 28 March 2014, in Rs.) Retail Growth 15.1422 Retail Daily Dividend 10.0353 Retail Weekly Dividend 10.0867 Retail Monthly Dividend 10.0472 Super Institutional Growth 16.7950 Super Institutional Dividend 11.3574 Super Institutional Daily Dividend 10.0089 Super Institutional Weekly Dividend 10.0798 Super Institutional Fortnightly Dividend 10.1179 Super Institutional Monthly Dividend 10.0224 Super Institutional Bonus 11.1968 Direct Growth 16.8253 Direct Bonus 11.2174 Direct Daily Dividend 10.0495 Direct Monthly Dividend 10.0959 Direct Weekly Dividend 10.0799 DIRECT ANNUAL DIVIDEND 10.0537 Rs. 2476.71 crore Optimal Returns Over Short Term Investments primarily in a mix of short term debt and money market instruments Low Risk. (BLUE)
JPMorgan India Active Bond Holdings as on 31 March 2014 (in%) Name of the instrument % to NAV Corporate Debt Non-convertible Debentures LIC Housing Finance Ltd. CRISIL AAA 16.01 Power Finance Corporation Ltd. CRISIL AAA 15.89 Export Import Bank of India CRISIL AAA 15.09 Rural Electrification Corporation Ltd. CRISIL AAA 12.78 HDB Financial Services Ltd. CARE AAA 7.04 Power Grid Corporation of India Ltd. CRISIL AAA 6.75 Tata Sons Ltd. CRISIL AAA 5.86 Housing Development Finance Corporation Ltd. CRISIL AAA 2.23 HDB Financial Services Ltd. CRISIL AAA 1.92 Housing Development Finance Corporation Ltd. ICRA AAA 1.81 Power Grid Corporation of India Ltd. ICRA AAA 1.24 Rural Electrification Corporation Ltd. CARE AAA 0.91 GAIL (India) Ltd. CARE AAA 0.78 IL & FS LTD. FITCH AAA 0.31 National Bank for Agriculture & Rural Development CRISIL AAA 0.06 Non-convertible Debentures Total 88.68 Corporate Debt Total 88.68 State Bank of Patiala CRISIL A1+ 2.95 Canara Bank ICRA A1+ 2.94 Bank of Baroda CRISIL A1+ 0.63 ICICI Bank Ltd. CRISIL A1+ 0.05 Certificate of Deposit Total 6.57 Money Market Instruments Total 6.57 CBLO / Repo 0.02 Net Receivables / (Payables) 4.73 4.75 Dividend details (Re / Unit) Record Date Gross Dividend CUM Dividend NAV Retail Dividend 07-Oct-08 0.20000000 10.2513 22-Jan-09 0.42500000 10.5850 Institutional Dividend 07-Oct-08 0.20000000 10.2747 22-Jan-09 0.30000000 10.6346 After payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy (if applicable). Face value of the Unit is Rs. 10/-. 4.75% Rating profile 95.25% CARE AAA, CRISIL AAA, FITCH AAA, ICRA AAA, ICRA A1+, CRISIL A1+, Modified Average Yield to Total expense ratio duration maturity maturity (YTM)# (year-to-date ratio to average AUM) In days Institutional Plan Retail Plan Direct Plan 4.41 2472 9.52% 0.91%~ 1.63%~ 0.76%~ #The assigned rating AAAmfs is valid only for "JPMorgan India Active Bond ". The rating of CRISIL is not an opinion of the Asset Management Company's willingness or ability to make timely payment to the investor. The rating is also not an opinion on the stability of the NAV of the, which could vary with market developments. #Gross yield. ~Excluding Service Tax. 100 90 80 70 60 50 40 30 20 10 0 Asset allocation (% of total) 88.68% Corporate Debt 6.57% Certificate of Deposit 4.75% Cash & Other Receivables JPMorgan India Active Bond Retail Plan - 27 June 2008 Institutional Plan - 27 June 2008 Direct Plan - 1 January 2013 An open-ended income scheme To generate optimal returns while maintaining liquidity through active management of the portfolio by investing in debt and money market instruments. However, there can be no assurance that the investment objective of the Scheme will be realized. Rs. 5,000 per application and in multiples of Re 1 Re 1 per application and in multiples of Re 1 managers & Ravi Ratanpal (in years) 13 Ravi Ratanpal 10 Experience in managing this scheme 5 years, 8 months Ravi Ratanpal 2 years, 2 months Exit load - (w.e.f. July 2, 2013) Within 12 months from the date of allotment in respect of Lumpsum & Within 12 months from the date of allotment in respect of each purchase made through SIP : 1.00% After 12 months from the date of allotment in respect of Lumpsum & After 12 months from the date of allotment in respect of each purchase made through SIP : Nil Benchmark CRISIL Composite Bond Index NAV (as at 28 March 2014, in Rs.) Direct Plan Dividend 12.6501 Retail Growth 13.4369 Retail Dividend 12.6381 Direct Growth 13.5729 Institutional Growth 11.1143 Institutional Dividend 11.0949 Rs. 1664.59 crore Optimal Returns Over Medium To Long Term Investments in debt and money market instruments with an active management of the portfolio Medium Risk. (YELLOW)