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Fundcard

HDFC Equity
Value Research Fund Rating as on Aug 31, 2012

Open-end and Equity: Multi Cap

Risk Grade

Average

Return Grade

Above Average

NAV

Rs. 273.23 as on Sep 21, 2012

Net Assets*

Rs. 9718.2 crore as on Jun 30, 2012

* Quarterly Average

The contents of this Value Research Fund Card (the "Fund Card") published by Value Research India Private Limited are not intended to serve as professional advice
or guidance and the publisher takes no responsibility or liability, express or implied, whatsoever for any investment decisions made or taken by the readers of this
Fund Card based on its contents thereof. You are strongly advised to verify the contents before taking any investment or other decision based on the contents of this
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should exercise due caution and/or seek independent professional advice before entering into any commercial or business relationship or making any investment decision or entering into any financial obligation based on any information, statement or opinion which is contained, provided or expressed in this Fund Card.
The Fund Card contains information, statements, opinions, statistics and materials that have been obtained from sources believed to be reliable and the publishers
of the Fund Card have made best efforts to avoid any errors and omissions, however the publishers of this Fund Card make no guarantees and warranties whatsoever, express or implied, regarding the timeliness, completeness, accuracy, adequacy, fullness, functionality and/or reliability of the information, statistics, statements,
opinions and materials contained and/or expressed in this Fund Card or of the results obtained, direct or consequential, from the use of such information, statistics,
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HDFC Equity
Rating:
Risk: Average
Return: Above Average

Fund Performance Vs S&P CNX Nifty

Fund
S&P CNX Nifty

(Rebased to 10,000)

History
NAV (Rs)
Total Return (%)
+/- S&P CNX Nifty
+/- S&P CNX 500
Rank (Fund/Category)
52 Week High (Rs)
52 Week Low (Rs)
Net Assets (Rs.Cr)
Expense Ratio (%)

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

22.79
24.20

65.77
27.53
16.85
9.67

223.32
53.61

231.01
105.57

273.23
24.91

9/27
65.77
42.90
1148.64

-2.10
0.47
32/44
299.82
215.06
9178.82

1.84
1.05

9/35
52.09
22.18
977.98

29.81
17.00
4/46
231.01
91.23
5305.02

298.50
29.22
11.27
15.09
3/59
315.35
216.96
8353.26

218.74
-26.72

3/26
287.32

107.01
62.70
26.36
26.45
2/31
107.01

145.39

20.95
13.88

51.57
126.30
54.40
28.16

12/40
273.23
219.41
9718.17

2.35

2.12

1.86

1.81

1.79

1.78

59.92
2185.24

35.86
-3.97
1.87
24/41
147.94
97.94
3937.74

-1.16
-8.90
27/48
223.32
134.74
5491.36

112.38
-49.68
2.11
7.45
16/59
227.61
97.09
2580.84

2.02

1.93

1.83

1.80

Quarterly Returns (%)

Top Holdings
Company

Sector

P/E

State Bank of India

ICICI Bank
ITC
Infosys
Tata Motors DVR
Larsen & Toubro
ONGC
Zee Entertainment Ent.
Bank of Baroda
BPCL
L I C Housing Fin.
Crompton Greaves
Jai Prakash Associates
Tata Consultancy Services
CMC
Oil India
P&G Hygiene & Health Care
Coal India
Tata Steel
Divi's Laboratories
Sterlite Industries
Lupin
Balkrishna Inds.
Bharti Airtel
Others

Financial
Financial
FMCG
Technology
Automobile
Diversified
Energy
Services
Financial
Energy
Financial
Engineering
Diversified
Technology
Technology
Energy
FMCG
Energy
Metals
Healthcare
Metals
Healthcare
Automobile
Communication
Others

10.30
17.00
31.30
17.60
20.40
9.00
28.70
6.00
14.70
14.50
22.10
22.10
20.90
8.10
42.60
28.50
6.60
23.30
49.50
23.80
9.20
17.70

% Assets

36.62
55.60
29.98
-6.16
80.44
59.20
14.17
51.08
17.92
-27.45
20.89
-6.65
59.16
12.23
40.37
0.03
25.20
23.62
22.00
38.71
16.29
30.48
71.57
-18.61

8.55
6.80
6.19
5.47
4.13
4.09
3.31
2.93
2.59
2.49
2.32
2.07
2.07
2.05
1.95
1.94
1.91
1.89
1.86
1.71
1.62
1.51
1.36
1.29
18.72

FUND STYLE
Investment Style

Portfolio Characteristics
32

Capitalisation

43764
3.20
16.22
-

Growth Blend Value

Large Medium Small

Total Stocks
Avg Mkt Cap (Rs.Cr)
Portfolio P/B Ratio
Portfolio P/E Ratio
3Y Earnings Growth (%)

YTD

2012
2011
2010
2009
2008

Q1

Q2

Q3

19.63
-5.10
2.28
-3.14
-25.76

-1.49
-0.73
7.20
58.81
-13.64

Q4

Year

-10.87
0.62
9.06
-22.88

-26.72
29.22
105.57
-49.68

S&P CNX
Nifty

SIP
Return

-12.73
17.12
22.53
1.78

Trailing Returns (%)

Return
Fund Category

Rank
Fund/Cat

Year-to-Date
12/40
23.07
24.91 22.68
3-Month
9.30
7.72
33/40
10.19
6-Month
23/40
6.08
3.29
4.31
1-Year
7.53
24/40
7.14
10.87
2-Year
-2.68
-3.59
17/38
-4.09
3-Year
5/34
6.55
10.01
4.56
5-Year
5.10
8.88
3.30
3/31
7-Year
17.00 13.11
2/20
12.03
10-Year
29.77 27.86
3/9
19.34
Return less than 1-year are absolute and over 1 year are annualised

Risk Analysis

Top 10 Sector Weights (%)

Financial
Energy
Technology
FMCG
Diversified
Automobile
Services
Metals
Healthcare
Engineering

Fund

Nifty

21.50
13.13
9.47
8.10
6.16

27.56
18.13
13.09
12.03
5.99
7.90
4.60

5.49
5.28
4.67
3.22
2.07

-40.81
-10.74
-7.40
-8.83
-0.73
9.47
11.77
21.98

4.49
1.37

Volatility Measurements

Standard Deviation
Sharpe Ratio
Beta
R-Squared
Alpha

19.24
0.25
0.89
0.87
4.22

Composition (%)
Equity
Debt
Cash

99.10
0.00
0.90

Returns as on September 21, 2012, Portfolio related data as on August 31, 2012

Value Research
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Best
Performance
YEAR
179.39%

QUARTER
95.14%

MONTH
35.86%

Worst Performance
YEAR
-52.70%

Value Research Analysis

Fund Objective & Strategy

Though one of the sturdiest players around, it does have its moments
where investors are confounded. Take 2011. Despite holding up pretty
well during the 2008 downturn, its fall this time was higher than that of
the average. The comparatively lower exposure to FMCG could be the
culprit. This comes after a great run in 2009 and 2010. Going back in time,
the returns were pretty muted during the heady days of 2006 and 2007
after an impressive 2005.
Yet, the inherent character of the fund enables it to make a strong
comeback. The fund manager focuses on quality companies that are
reasonably valued with a growth bias. Richly valued investments are not
necessarily pursued even if the short-term returns are lucrative. He follows
his conviction and focuses on value, not the direction of price movement.
That is why the portfolio does not necessarily have momentum stocks or
cyclicals. So when the latter are on a run, the fund manager gets punished
for his stance.
Being almost fully invested during the doom and gloom period of the first
quarter of 2009 paid off handsomely. The market began its upward journey
in March and the fund capitalized on this move and thrashed the
competition with a 106 per cent return (category average: 83%). In 2010
again it was third best fund in its category.
From 1996 right till 2008, HDFC Equity fell into the Equity: Large & Mid
Cap category. It was only from 2009 onwards it got categorized into the
Equity: Multi Cap category. More recently it has been increasing its largecap allocation.
Theres no denying the impressive track record. In its history of 16 years,
the fund has underperformed its category just twice. Not surprisingly, its
assets have surged to make it the biggest fund in the category and the
second largest open-ended equity fund (December 2011).
This has resulted in a much more diversified portfolio from what it was in
2008 though the allocation to the top five holdings hovers around 27 per
cent and is line with the category average. The rising asset base has
resulted in the expenses being among the lowest in the category, currently
at 1.78 per cent.

The scheme seeks to provide

long-term capital appreciation
by predominantly investing in
high growth companies.

Portfolio Manager
Prashant Jain
Since Jun 2003

Rakesh Vyas
Since May 2012

QUARTER
-40.02%

MONTH
-31.58%

All the graphs are rebased to 10,000

NAV

Investment Information
AMC
Website
Registrar
Launch
Benchmark
Plans (NAV)

: HDFC Asset Management Company Ltd

: www.hdfcfund.com
: Computer Age Management Services Ltd.
: December 1994
: S&P CNX 500

Min Investment (Rs.)

: 5000
Min SIP Investment (Rs.)
: 500
Exit Load : 1% for redemption within 365 days

: Dividend (41.95) , Growth (273.23)

S&P CNX Nifty

Value Research
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How to Read the Fundcard - Equity

Value Research Rating, Risk and Return
z
z
z

Fund Rating The Value Research Fund Rating is a 1 to 5 star rating that is based on the returns that an equity fund has generated over the previous three and five years, while taking into account the risks that the fund has taken. This rating is relative to other fund of the same type.
Risk Grade A five-step grading of the riskiness of a fund, based on the losses it has suffered during the past five years. This grade is relative to
other fund of the same type.
Returns Grade A five-step grading of the returns of a fund. This grade is relative to other fund of the same type.

History
Data on the funds performance
since its launch.
z NAV (Year End) The last
NAV of each year.
z Total Return The percentage returns that an investor
would have got over the
year.
z +/- In the given year, a
comparison of the funds
returns with that of two stock
market indices
z Rank The funds performance rank within its category
for the year and the total
number of funds out of
which it has been ranked.
z 52-Week NAV Range The
highest and the lowest NAV
that the fund recorded during that year
z Net Assets The total
amount of investors assets
that the fund was managing
at the end of the year.
z Expense Ratio The percentage of the average daily
assets that the fund charged
as its management expenses during the year.

Top Holdings

Rating:
Risk: Low
Return: Above Average

Graph of how an investors money

would have grown in the fund since
its launch. A similar graph of the
funds benchmark index is also
given. For ease of comparison,
both have been adjusted to start at
10,000.

Fund Performance Vs S&P CNX Nifty

90000
70000

Fund
S&P CNX Nifty
(Rebased to 10,000)

50000
30000
10000

History

2001

2002

NAV (Rs)

10.33

19.71

23.94

33.94

50.13

81.34

41.89

Total Return (%)

1998

90.80

21.46

41.77

47.70

62.26

-48.50

+/-S&P CNX Nifty (%)

1999

2000

2003

2004

18.90

2005

10.78

2006

5.43

7.87

2007

7.49

2008

3.29

+/-BSE 200 (%)

-3.67

5.77

7.97

8.12

1.82

7.96

Rank (Fund/Category)

54/70

50/79

65/101

27/145

71/162

34/192

52 Week High (Rs)

10.33

19.71

23.94

33.94

50.76

81.46

83.52

52 Week Low (Rs)

8.84

9.91

16.36

22.34

32.26

46.06

36.49

Net Assets (Rs.Cr)

51.40

15.15

9.11

140.54

124.74

374.84

343.03

Expense Ratio (%)

2.49

2.50

2.50

2.50

2.50

2.35

2.31

Top Holdings
Company

Sector

Bharti Airtel
Reliance Industries
ONGC
HDFC Bank
HDFC
Satyam Computer Services
ITC
Axis Bank
Infosys Technologies
United Spirits
ICICI Bank
Dr. Reddy's Lab
State Bank of India
Crompton Greaves
Indian Oil
Cipla
Sterlite Industries
Reliance Communications
Jindal Steel & Power
Larsen & Toubro
Zee Entertainment
CESC
Tata Consultancy Services
ING Vysya Bank
Nestle India

Communication
Energy
Energy
Financial
Financial
Technology
FMCG
Financial
Technology
FMCG
Financial
Health Care
Financial
Engineering
Energy
Health Care
Metals
Communication
Metals
Diversified
Services
Energy
Technology
Financial
FMCG

Portfolio Characteristics
Total Stocks

P/E

2008 Ret

% Assets

18.56
11.50
8.31
20.67
17.10
7.86
21.00
10.42
14.29
23.26
9.49
13.61
9.39
12.29
-22.87
11.81
22.87
7.07
17.65
16.01
6.21
12.79
8.89
26.11

-28.10
-57.30
-46.00
-42.26
-48.21
-62.12
-18.47
-47.82
-36.79
-55.48
-63.62
-36.12
-45.67
-65.84
-46.33
-12.09
-74.80
-69.56
-70.31
-62.88
-57.45
-62.11
-55.87
-50.78
-3.14

6.49
5.42
4.50
3.93
3.51
3.16
2.72
2.70
2.64
2.34
2.26
2.19
2.13
2.12
1.95
1.70
1.61
1.51
1.46
1.43
1.41
1.37
1.36
1.35
1.23

FUND STYLE
Investment Style

39

Growth Blend Value

28180

Portfolio P/B Ratio

3.03

Portfolio P/E Ratio

13.70

Capitalisation

Avg Mkt Cap (Rs.Cr)

Quarterly Returns (%)

Quarterly Returns (%)

Large Medium Small

A detailed report on the latest

investment portfolio that the fund
is holding. For each company,
the sector, the P/E ratio, and the
years returns are given. Also
stated is the percentage of the
funds investments that are
invested in that company.

Fund Performance Vs Index

Birla Sun Life Frontline Equity Fund

2008
2007
2006
2005
2004

Q1

Q2

Q3

Q4

Year

-24.24
-1.42
19.42
-0.04
0.71

-14.18
14.53
-7.25
6.52
-13.50

-2.23
16.01
19.39
23.26
15.08

-18.97
23.88
11.70
8.02
21.15

-48.50
62.26
47.70
41.77
21.46

Trailing Returns (%)

Fund

Return
Category

Rank
Fund/Cat

Fund Style

Aggregate measures regarding

the funds investments. The market capitalisation, P/B ratio and
P/E ratio are weighted averages
of the latest numbers of the companies that the fund is invested
in. Three Year Earnings Growth
is the weighted average of the
compounded average growth in
the net profits of each company.

A nine-cell matrix of the overall style

of investment that the fund follows,
based on its latest portfolio. On the
vertical axis, the three steps denote
the weighted average market capitalisation of the funds investments. The
horizontal axis denotes, on a weighted average basis, whether the companies that the fund has invested in
are value stocks, growth stocks, or a
blend of the two.

S&P
CNX Nifty

Year-to-Date
-48.50 -55.29
34/192
-51.79
3-Month
-18.97 -22.88
41/213
-24.53
6-Month
-20.78 -27.09
38/209
-26.76
1-Year
-48.50 -55.29
34/192
-51.79
2-Year
-8.59 -16.06
22/158
-13.63
3-Year
7.27 -1.39
12/134
1.42
5-Year
16.27 12.91
19/67
9.50
7-Year
10-Year
Return less than 1-year are absolute and over 1 year are annualised

Financial
Energy
Communication
Technology
FMCG
Health Care
Engineering
Metals
Services
Diversified

SIP
Return

-40.18
-0.86
-33.43
-40.18
-24.19
-9.43
9.90
-

Risk Analysis

Top 10 Sector Weights (%)

Fund

Nifty

Volatility Measurements

16.24
14.67
8.00
7.16
6.29
5.00
4.01
3.07
2.93
1.43

11.90
37.49
11.34
10.95
6.85
2.74
5.26
4.43
0.28
2.97

Standard Deviation

3Y Earnings Growth (%)

9.80
Returns as on 31st December 2008, Portfolio related data as on 30th November 2008

Portfolio Characterstics

The funds returns over each quarter of the last five years, along with
the entire years returns.

Top 10 Sector
Weights (%)
The percentage of
the equity investments of the fund
that fall under each
sector of the economy. The top 15 sectors for each fund
are given.

28.32

Sharpe Ratio

0.21

Beta

0.88

R-Squared

0.96

Alpha

4.77

Composition (%)
Equity
Debt
Cash

71.37
18.46
10.17

Composition (%)
The proportion of
the funds holdings
that are held in
each of the three
basic types of
assets.

Trailing Returns (%)

Performance data for various standard periods. All returns are in percentage. Periods greater than a
year are annualised, shorter periods are not.
z Fund The funds own
returns.
z Category The average
returns for all funds in the category.
z Rank The funds rank, out of
the total number of funds in the
category
z Index The returns of the
funds benchmark index.
z SIP Return (Annualised)
The return that an investor
would have made by investing
in the funds monthly systematic investment plan over the
period.

Risk Analysis
A range of statistical measures that
can be used to evaluate the performance, risk, and return of a
mutual fund.

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