April 2017

Table of Content Page No.

Review of Indian Market – FY17 3

Outlook FY18 4

Snapshot of Mutual Funds Industry 5

Category-wise Return of Mutual Funds 6

Top Recommended Mutual Funds 7-12

Recommended Mutual Funds – Category-wise 13-14

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Review of Indian Market – FY17

 Fiscal year 2017 was a cherishing year for investors as the market reached an all time high in March 2017, backed by robust FII and
DII flows. FII poured net Rs 50,206 crore into Indian equity market in FY17 compared to net outflow of Rs 17,579 crore in FY16. And
domestic mutual funds pumped Rs 54,735 crore in the equity market, making them a significant contributor in the market besides
FII.

 The Nifty 50 gained ~18.5% in FY17 against a decline of ~8.9% in FY16. Nifty Metal was the top gainer in the sector indices as the
metal prices recovered in FY17 followed by Nifty PSU Banks and Nifty Commodity. Nifty IT and Nifty Pharma were the only indices in
FY17 which ended in red because of US President Donald Trump’s stance on outsourcing of jobs.

 During the fiscal year 2017, many unexpected events happened like Brexit outcome, Trump’s victory and demonetization, which
stunned the financial market. FY18 will be a significant year as Theresa May, the PM of UK, will trigger the Article 50 that will start the
process of leaving the EU by April 2019. Trump’s emphasis on infrastructure spending, optimizing corporate tax and cutting personal
tax rates has brought hopes that US economy will grow at a higher pace. However, whether he will be able fulfill his promises will be
seen in FY18 as he was not able to repeal and replace Obamacare.

 On the night of November 08, 2016 the nation was caught unaware by the unprecedented decision of the Narendra Modi
government to demonetize Rs 500 and Rs 1,000 notes. It was a very significant decision as close to 86% of the money circulating in
the economy was in the denomination of Rs 500 and Rs 1000 notes. The decision hit the Real Estate, Cement, Automobiles and
Consumer Goods while it bring cheers to Banks as it improved their CASA. However, demonetization did not drag down the economy
as it was argument by some scholars.
Net Flows in Equity Market NIFTY 50
120000 108673 9300
100000 9100
80000 8900
63889
60000 50206 54735 8700
40714 8500
40000
8300
20000 8100
0 7900
-20000 7700
-17579 7500
-40000
FY15 FY16 FY17
FIIs Net Flows in equity (Rs cr) Domestic MFs Net Flows in Equity (Rs cr)

*figures and returns as on March 31, 2017. 3

Note: Net FII flows as on March 30, 2017 and net MF flows as on March 30, 2017.
Outlook – FY18

The outlook for FY18 is positive considering strong macroeconomic indicators and the implementation of GST.
However, there are some reports that India may receive below normal monsoon in 2017.

• Implementation of GST: GST is all set to be implemented from July 1, 2017 and will replace the current
cumbersome taxation system in India. As per some estimates, the GDP will rise by 2% after the implementation of
GST. With the implementation of GST, unorganized sector will come under the tax net and will lose the benefit of
non-tax payments. Thus, the companies in the sector with a high market share of unorganized players will gain
more market share. In addition, sectors such as pharma, FMCG, consumer durables etc., which have a long supply
chain spread across multiple states, will be able to save on the transportation cost. However, with the
implementation of GST, service tax is expected to go up from 14.5% which will impact hospitality, airlines, telecom
and insurance in the short-term.

• Below Normal Monsoon and fear of El Nino: According to Skymet, India is expected to receive below normal
monsoon in 2017 because of strengthening of El Nino in Pacific Ocean which has brought the fear of possible
drought. India received normal monsoon in 2016 which revived the rural economy after two consecutive droughts
in 2014 and 2015. But historic data shows that occurrence of 3 drought in 4 years and the occurrence of El Nino
within 2 years after a strong La Nina is very unlikely. In addition, monsoon in India also depends upon Indian
Ocean Dipole(IOD) which is positive and is expected to neutralize the impact of El Nino in India.

• Modi to speedup the reforms: The Modi government will increase the pace of reforms after BJP’s spectacular
performance in the latest five state elections with a behemoth victory in UP has boosting its confidence. The
presence of BJP will rise in the Upper House which will support the government in passing bills. With the UP
victory, PM Narendra Modi has also strengthen his chance to win the 2019 election.

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Snapshot of Mutual Fund Industry

AUM (Type-wise)
 The total AUM of mutual fund industry stood at ~Rs 18.8 lakh
Type Change
crore in Feb 2017 as compared to ~Rs 13 lakh crore in Feb (Rs thousand cr)
Feb-17 Feb-16
(yoy)
2016.
Hybrid Funds 209 132 58%
 Balanced funds have also seen impressive growth of 74% as Debt Funds 1,119 813 38%
investors are getting aware of its tax benefits and moderate
risks. Ultra short term funds and Income funds have seen Equity Funds 543 342 59%
splendid growth in their AUMs in the last 1 year. Commodity Funds 8 8 3%

 Equity mutual funds have given enormous returns in the last 1 Total 1,879 1,295 45%
year, owing to the bounce back of equity markets in March Source: Ace MF
2017 driven by extensive FIIs’ buying in the month. On an
average, equity mutual funds have given returns of ~29% in the AUM (Category-wise)
past 1 year. Whereas, balanced funds have given a return of Category Change
~20% in the last 1 year. Feb-17 Feb-16
(Rs thousand cr) (yoy)

 Gilt fund and long-term debt funds have given an average Income 388 260 49%
return of ~11% in the last 1 year because of their high modified Diversified 369 245 50%
duration. But going forward, the high duration funds may not
be able to give high returns as the RBI has changed its policy Liquid 350 279 26%
stance to neutral from accommodative and the bonds yield
have also declined significantly. There is a high probability that Ultra Short Term Plan 206 129 59%
RBI will not cut the policy rates in 2017.
Balanced Funds 139 80 74%
 According to AMFI, mutual fund houses has added 67 lakh Fixed Maturity Plans 111 92 20%
investor accounts in first 11 months of FY17 to total 5.4 crore
accounts which is already higher than the total account ELSS 60 38 56%
addition in FY16 i.e. 59 lakh accounts. In addition, the average Source: Ace MF
SIP size was ~Rs 3,100 per month per SIP account. 5
Category-wise Return of Mutual Funds

Equity mutual funds category-wise returns

Category 1 M (%) 3 M (%) 6 M (%) 1 Y (%) 3 Y (%) 5 Y (%)
Equity-Oriented 3.0 9.8 5.9 20.3 16.8 15.2
ELSS 4.4 14.7 7.4 25.5 19.9 17.4
Large-cap 3.5 13.1 6.4 22.1 15.6 14.1
Mid-cap 4.9 17.3 8.9 32.2 27.4 22.7
Multi-cap 4.1 14.9 8.2 28.3 22.0 18.2
Small-cap 5.9 16.0 10.9 34.6 31.8 26.0
S&P BSE SENSEX 3.1 11.2 6.3 16.9 9.8 11.2
S&P BSE Mid-Cap 4.0 17.2 7.1 32.7 25.8 17.3
S&P BSE Small-Cap 5.4 19.8 12.9 36.9 26.8 16.8

Debt mutual funds category-wise returns

Category 1 M (%) 3 M (%) 6 M (%) 1 Y (%) 3 Y (%) 5 Y (%)
Liquid funds 0.5 1.4 3.1 6.8 7.9 8.4
Ultra-short term funds 0.6 1.5 3.4 7.8 8.2 8.5
Short-term funds 0.7 1.2 3.2 8.8 9.0 8.9
Medium-term Funds 0.8 1.5 3.7 10.0 9.8 9.3
Long-term funds 1.0 0.4 2.7 9.9 9.8 8.9
Gilt Funds 1.3 0.3 3.2 11.9 11.3 9.7
MIP 1.4 3.2 3.5 12.7 11.6 10.3
Crisil Liquid Fund Index 0.6 1.6 3.3 7.1 8.0 8.4
Crisil Composite Bond Fund
1.3 0.8 3.4 11.1 11.3 9.4
Index
Returns less than 1 year are absolute; Returns greater then 1 year are CAGR.
Corpus as on: Feb 2016; Returns and Ratios as on March 31, 2017 6
Source: ACE MF
Top Recommended Mutual Funds

Corpus
Scheme Name Fund Manager 1 M (%) 6 M (%) 1 Y (%) 3 Y (%) 5 Y (%)
(Rs cr)

HDFC Prudence Fund(G) Prashant Jain 17,776 3.1 10.6 30.8 19.7 16.5

SBI BlueChip Fund-Reg(G) Sohini Andani 11,629 2.9 4.5 21.5 20.4 19.7

IIFL India Growth Fund-Reg(G) Prashasta Seth 345 1.0 5.1 33.0 0.0 0.0

Franklin India Smaller Cos Fund(G) R. Janakiraman 4,860 4.0 8.6 35.6 32.9 30.5

ICICI Pru Infrastructure Fund(G) Sankaran Naren 1,435 3.0 13.4 34.3 17.7 13.6

Returns less than 1 year are absolute; Returns greater then 1 year are CAGR.
Corpus as on: Feb 2016; Returns and Ratios as on March 31, 2017 7
Source: ACE MF
HDFC Prudence Fund

Fund Basic Details

Fund Benchmark CRISIL Balanced Fund - Aggressive Index AUM (Rs cr) 17,776
NIL upto 15% of investment and 1% in excess of 15% of
Inception Date February 1, 1994 Exit Load
investment on or before 1Y, NIL after 1Y
Fund Manager Prashant Jain Expense Ratio 2.26%

 HDFC Prudence Fund is a balanced equity-oriented fund, which has invested Portfolio Characteristics
~74% in equity (~49% in large-cap stocks and ~25% in mid-cap and small-cap Particulars Fund
stocks) and ~24% in debt instrument. PE Ratio 23.1
PB Ratio 3.1
 Fund manager Prashant Jain, is the CIO of HDFC AMC and manages three equity No of Stocks 95
funds. On an average his funds have given ~32% and ~18% CAGR returns in 1
year and 3 years respectively. Top Holdings

Top 5 Stocks % Asset

 From 2016, the fund is giving 1% dividend yield on a monthly basis. In last 15 SBI 6.7
years, its average annual dividend yield is ~12%. Larsen & Toubro 6.5
ICICI Bank 6.4
 In last 5 years, the fund has outperformed its benchmark on yearly basis for Infosys 5.9
Tata Steel 3.3
~60% of the weeks.
Asset Allocation Returns SIP Details - Invested Rs 5000 Every Month

30% Total Investment

2% Period Scheme (Rs)
(Rs)
24% 20%
1 year 60,000 68,699
49% 10%
11% 3 years 1,80,000 225,454
0%
14% 1 Year 3 Years 5 Years 5 years 3,00,000 471,649
Fund
CRISIL Balanced Fund - Aggressive Index 10 years 6,00,000 1,404,744
Large Cap Mid Cap Small Cap Debt Cash
S&P BSE SENSEX
Returns less than 1 year are absolute; Returns greater then 1 year are CAGR.
Portfolio as on: Feb 2016; Returns and Ratios as on March 31, 2017
Source: ACE MF 8
SBI BlueChip Fund

Fund Basic Details

Fund Benchmark S&P BSE 100 AUM (Rs cr) 11,629
Inception Date January 20, 2006 Exit Load 1% on or before 1Y, Nil after 1Y
Fund Manager Sohini Andani Expense Ratio 1.98%

Portfolio Characteristics
 SBI BlueChip Fund is a large-cap equity fund, which has invested ~69% of its Particulars Fund
AUM in large-cap stocks to generate stable returns while ~16% in debt Beta 0.92
instruments to cap the downward risk. PE Ratio 28.3
PB Ratio 5.2
No of Stocks 50
 Fund manager Sohini Andani manages three equity funds. On an average her
funds have given ~31% and ~24% CAGR returns in 1 year and 3 years Top Holdings
respectively. Top 5 Stocks % Asset
HDFC Bank 6.7
 In last 5 years, the fund has outperformed its benchmark on yearly basis for Infosys 3.6
~93% of the weeks. Larsen & Toubro 3.4
Nestle 3.3
Reliance Industries 3.2

Asset Allocation Returns SIP Details - Invested Rs 5000 Every Month

25% Total Investment

16%
Period Scheme (Rs)
20% (Rs)
15%
1 year 60,000 66,073
15% 10%
5% 3 years 1,80,000 224,062
69% 0%
1 Year 3 Years 5 Years 5 years 3,00,000 480,591

Fund S&P BSE 100 S&P BSE SENSEX 10 years 6,00,000 1,315,313
Large Cap Mid Cap Debt & Cash

Returns less than 1 year are absolute; Returns greater then 1 year are CAGR.
Portfolio as on: Feb 2016; Returns and Ratios as on March 31, 2017
Source: ACE MF 9
IIFL India Growth Fund

Fund Basic Details

Fund Benchmark NIFTY 50 AUM (Rs cr) 345
Inception Date October 30, 2014 Exit Load Nil
Fund Manager Prashasta Seth Expense Ratio 1.95%

 IIFL India Growth fund is a multi-cap equity mutual fund, which has invested 90% Portfolio Characteristics
of its AUM in equity, particularly in large-cap companies for capital appreciation Particulars Fund
while ~10% is invested in debt instruments to cap the downside risk. Beta 1.05
PE Ratio 29.3
 The scheme invests in 20-25 high conviction stocks rather than typical 50-70 PB Ratio 6.4
stocks in a mutual funds portfolio. This philosophy has generated significant No of Stocks 19
alpha. Top Holdings

Top 5 Stocks % Asset

 It has no exit load and lowest expense ratio in equity mutual funds, ensuring Kotak Mahindra Bank 6.6
liquidity and flexibility, and higher returns to investors. Sun Pharma Inds. 6.6
HCL Tech. 6.1
 Since its inception, the fund has outperformed its benchmark on yearly basis for Castrol India 6.0
Power Grid Corpn. 5.5
~99% of the weeks.
Market Cap Allocation Returns SIP Details - Invested Rs 5000 Every Month

40% Total Investment

9% Period Scheme (Rs)
1% (Rs)
30%

26% 20%
1 year 60,000 67,648
10%
64%
0%
1 Year
3 years NA NA
Large Cap Mid Cap Small Cap Debt & Cash Fund NIFTY 50 S&P BSE SENSEX
5 years NA NA
Returns less than 1 year are absolute; Returns greater then 1 year are CAGR.
Portfolio as on: Feb 2016; Returns and Ratios as on March 31, 2017
Source: ACE MF 10
Franklin India Smaller Cos Fund

Fund Basic Details

Fund Benchmark Nifty Free Float Midcap 100 AUM (Rs cr) 4,860
Inception Date January 13, 2006 Exit Load 1% on or before 1Y, Nil after 1Y
Fund Manager R. Janakiraman, Hari Shyamsunder Expense Ratio 2.30%

Portfolio Characteristics
 Franklin India Small Cos Fund is a small-cap equity fund, which has invested Particulars Fund
~80% in mid-cap and small-cap companies, ~11% in large-cap companies and Beta 0.85
PE Ratio 28.6
~9% in debt instruments. It has a very well diversified portfolio of 72 stocks.
PB Ratio 4.4
No of Stocks 72
 Fund manager R. Janakiraman manages four equity funds. His funds have given
an average CAGR returns of ~28% and ~25.6% in 1 year and 3 years respectively, Top Holdings
best in their respective category. Top 5 Stocks % Asset
Finolex Cables 3.7
 In last 5 years, the fund has outperformed its benchmark on yearly basis for Equitas Holdings 3.2
~97% of the weeks. HealthcareGlobal 2.8
Yes Bank 2.5
GMDC 2.3

Market Cap Allocation Returns SIP Details - Invested Rs 5000 Every Month
40%
Total Investment
9% 11% Period Scheme (Rs)
30% (Rs)
20%
1 year 60,000 70,002
10%
40%
40% 3 years 1,80,000 255,058
0%
1 Year 3 Years 5 Years
5 years 3,00,000 648,258
Large Cap Mid Cap Small Cap Debt & Cash Fund NIFTY 50 S&P BSE SENSEX
10 years 6,00,000 2,072,402
Returns less than 1 year are absolute; Returns greater then 1 year are CAGR.
Portfolio as on: Feb 2016; Returns and Ratios as on March 31, 2017
Source: ACE MF 11
ICICI Prudential Infrastructure Fund

Fund Basic Details

Fund Benchmark Nifty Infra AUM (Rs cr) 1,435
Inception Date August 2005 Exit Load 1% on or before 1Y, Nil after 1Y
Fund Manager Sankaran Naren, Atul Patel Expense Ratio 2.43%

 ICICI Prudential Infrastructure Fund is an infrastructure fund, which has invested Portfolio Characteristics
~45% of its AUM in large-cap stocks while ~45% in mid-cap and small-cap stocks. Particulars Fund
Beta 0.84
 Fund manager Sankaran Naren, is the CIO of ICICI Pru AMC and manages five PE Ratio 24.3
equity funds. On an average his funds have given ~30% and ~18% CAGR returns PB Ratio 2.6
in 1 year and 3 years respectively. No of Stocks 40

 On the back of significant government spending on infrastructure, particularly on Top Holdings

power sector, this fund is expected to outperform the market since it has Top 5 Stocks % Asset
invested ~27% of its AUM in Energy sector followed by Construction (~17.8%) Bharti Airtel 8.2
and Services (~10.2%). Power Grid Corpn. 6.0
ICICI Bank 4.9
 In last 5 years, the fund has outperformed its benchmark on yearly basis for Coal India 4.5
~88% of the weeks. Tata Power 4.5

Market Cap Allocation Returns SIP Details - Invested Rs 5000 Every Month
40%
Total Investment
10% Period Scheme (Rs)
30% (Rs)

19% 20%
45% 1 year 60,000 70,082
10%

0%
3 years 1,80,000 218,074
26% 1 Year 3 Years 5 Years
5 years 3,00,000 446,120
Large Cap Mid Cap Small Cap Debt & Cash Fund NIFTY INFRA S&P BSE SENSEX
10 years 6,00,000 1,017,477
Returns less than 1 year are absolute; Returns greater then 1 year are CAGR.
Portfolio as on: Feb 2016; Returns and Ratios as on March 31, 2017
Source: ACE MF 12
Recommended Mutual Funds – Category-wise

Corpus
Scheme Name Fund Manager 1 M (%) 6 M (%) 1 Y (%) 3 Y (%) 5 Y (%)
(Rs cr)

Balanced Fund
HDFC Prudence Fund(G) Prashant Jain 17,776 4.0 10.2 29.5 19.9 16.3
ICICI Pru Balanced Fund(G) Sankaran Naren 7,413 2.1 8.8 27.7 19.9 18.6
Large Cap
Reliance Growth Fund(G) Sunil Singhania 5,955 3.7 7.0 33.0 23.9 17.4
SBI BlueChip Fund-Reg(G) Sohini Andani 11,629 3.8 4.5 20.2 20.6 19.5
Multi-Cap
Birla SL Equity Fund(G) Anil Shah 4,214 3.4 7.4 35.0 25.1 21.5
IIFL India Growth Fund-Reg(G) Prashasta Seth 345 1.1 4.0 30.5 0.0 0.0
Mid-Cap
UTI Mid Cap Fund(G) Lalit Nambiar 3,646 4.3 3.8 26.0 28.6 25.6
SBI Magnum MidCap Fund-Reg(G) Sohini Andani 3,376 4.0 5.4 27.6 28.5 27.7
Small-Cap
Franklin India Smaller Cos Fund(G) R. Janakiraman 4,860 6.0 9.3 35.3 33.5 30.4
Reliance Small Cap Fund(G) Sunil Singhania 3,038 6.6 16.4 42.2 37.1 30.5

Returns less than 1 year are absolute; Returns greater then 1 year are CAGR.
Corpus as on: Feb 2016; Returns and Ratios as on March 31, 2017 13
Source: ACE MF
Recommended Mutual Funds – Category-wise

Corpus
Scheme Name Fund Manager 1 M (%) 6 M (%) 1 Y (%) 3 Y (%) 5 Y (%)
(Rs cr)

ELSS
Birla SL Tax Relief '96(G) Mahesh Patil 2,780 6.4 7.0 23.2 23.5 20.7
Reliance Tax Saver (ELSS) Fund(G) Ashwani Kumar 6,916 3.7 10.4 28.4 24.2 20.8
Debt Mutual Funds
HDFC Medium Term Opportunities Fund(G) Anupam Joshi 9,872 0.5 3.7 9.8 9.7 9.6
HDFC Short Term Opportunities Fund(G) Anil Bamboli 9,974 0.5 3.8 8.9 9.2 9.2
Reliance STF(G) Prashant Pimple 17,184 0.5 3.4 9.0 9.3 9.2
Reliance Money Manager Fund(G) Amit Tripathi 16,963 0.6 3.6 8.1 8.5 8.9

Returns less than 1 year are absolute; Returns greater then 1 year are CAGR.
Corpus as on: Feb 2016; Returns and Ratios as on March 31, 2017 14
Source: ACE MF
 Disclosure

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