Post on 03-Jun-2020
transcript
Index
Market Outlook
Fund Managers Profile
Fund Performance
Secure Fund
Stable Fund
Growth Fund
Growth Advantage Fund
Money Market Fund
Income Advantage Fund
Gilt Fund
Bond Fund
Fixed Interest Fund
Short Term Debt Fund
Pg 1
Pg 3
Pg 4
Pg 5
Pg 6
Pg 7
Pg 8
Pg 9
Pg 10
Pg 11
Pg 12
Pg 13
Pg 14
as on 29th November 2013
Market Update
Slowing growth, high inflation and rising interest rates have been serious concerns for some time now. There is
reason to cheer on the growth front as the 2QFY14 gross domestic product (GDP) growth came in at 4.8%, largely in
line with expectations. This was led by agriculture growing by 4.6%, industry growing by 2.3%, and services growing
by 5.9%. However, on the inflation front the news was less positive with the October wholesale price index (WPI) and
core inflation accelerating to 7% and 2.6% YoY, respectively.
The government took several steps on the non-tax revenue front to meet its fiscal deficit target of 4.8%. On the
divestment front, the government raised Rs.1600 from the Power Grid FPO. Stake sales in Indian Oil and Coal India
are on the cards. The government is likely to take a call on the Balco and Hindustan Zinc stake sales soon. The
empowered group of ministries (EGoM) accepted the telecom commission's recommendations on the spectrum
reserve price and the expected spectrum sale will also bring in some revenue to the government. Gradual diesel price
deregulation will also help ease the fiscal pressures on the government.
There has been steady progress on the reform front. The government has set up a “Project Monitoring Group” (PMG)
working with both private entrepreneurs and ministries to facilitate the approval of projects and to speed up stalled
infrastructure projects. It has resolved issues in 117 projects worth US$63bn (3.4% of GDP) since July 2013.
The current account deficit (CAD) situation is improving and the full year CAD estimate are now around US$45bn
(2.5% of GDP). Oil prices are expected to cool off because of positive news on the Iran nuclear deal front. Reserve
Bank of India (RBI) received around $34bn from non-resident Indians under the special scheme floated by it. Both
these will go a long way in easing the CAD problem and funding the deficit.
29-Nov-13 29-Oct-13 % ChangeINDEX
Nifty
Sensex
BSE 100
Dow Jones
Hang Seng
Nikkei
Nasdaq
6176.10 6220.90 -0.72%
20791.93 20929.01 -0.65%
6177.75 6196.89 -0.31%
16086.41 15680.35 2.59%
15661.87 14325.98 9.32%
23881.29 22846.54 4.53%
4059.89 3952.34 2.72%
1
3000
3500
4000
4500
5000
5500
6000
6500
14000
15000
16000
17000
18000
19000
20000
21000
22000BSE NSE
Oct
-12
No
v-1
2
No
v-1
3
De
c-1
2
Jan
-13
Fe
b-1
3
Ma
r-1
3
Ap
r-1
3
Ma
y-1
3
Jun
-13
Jul-
13
Au
g-1
3
Sep
-13
Oct
-13
In U
S $
MN
No
v-1
2
No
v-1
3
De
c-1
2
Jan
-13
Fe
b-1
3
Ma
r-1
3
Ap
r-1
3
Ma
y-1
3
Jun
-13
Jul-
13
Au
g-1
3
Sep
-13
Oct
-13
(2500)
(1500)
(500)
500
1500
2500
3500
4500
5500 FII MF
Oct
-12
No
v-1
2
No
v-1
3
De
c-1
2
Jan
-13
Fe
b-1
3
Ma
r-1
3
Ap
r-1
3
Ma
y-1
3
Jun
-13
Jul-
13
Au
g-1
3
Sep
-13
Oct
-13
45.00
50.00
55.00
60.00
65.00
70.00Rs v/s USD
Market Update
29-Nov-13 29-Oct-13 % ChangeKey Indices
10 year G-Sec
5 Year G-Sec
91 Day T Bill
364 day T-Bill
MIBOR
Call Rates
8.70% 8.60% 1.15%
8.85% 8.70% 1.69%
8.86% 8.74% 1.35%
8.81% 8.52% 3.29%
9.03% 9.06% -0.33%
8.04% 7.81% 2.86%
2
Outlook for equities
Indian equities consolidated in November, post a multiyear high closing in previous month. The BSE Sensex
declined by 1.8% in November 2013. Foreign Institutional Investors (FIIs) continued to be net buyers for the third
consecutive month, with net inflows of $1.1bn, taking their YTD net inflows to $17.5bn. Domestic Institutional
Investors (DIIs) were net sellers to the tune of $1.5bn, taking their YTD net selling to $11.7bn. Market trends in
December will be mainly determined by the stand taken by US Federal Reserve on quantitative tapering . The
“Quantitative tapering “is referred to the anticipated reduction of the Federal Reserve's (FED) quantitative easing,
or bond buying programme. Currently, US Federal Reserve buys around $85bn bonds/month. If tapering happens,
the bond buying will be reduced to $75-80bn and result in lower liquidity which will lead to fund outflow from
emerging markets.
The BSE Sensex, currently trading at 14xFY15e (which means trading at 14 times of the earnings of sensex
companies for the financial year 2015), can be expected to consolidate at current levels. Going forward, global
cues on US tapering, FII flows and domestic policy measures would drive equity markets.
Outlook for debt
Even if the economic growth continues to slow down, we expect RBI’S policy rates to remain elevated to support
positive real interest rates i.e;(interest rate – inflation rate )
A new 10 year security issuance bought some movement in the 10 year GSec benchmark yields. We expect the 10
year government bond to trade in the range of 8.75% to 8.90% in the near term. Corporate bond spreads are
expected to remain tight at 75 basis points as fresh issuances are not expected.
perc
en
tag
e (%
)
bp
s
Oct
-12
No
v-1
2
No
v- 1
3
De
c- 1
2
Jan
- 13
Fe
b- 1
3
Ma
r-1
3
Ap
r-1
3
Ma
y- 1
3
Jun
- 13
Jul-
13
Au
g- 1
3
Sep
- 13
Oct
- 13
25
50
75
100
125
150
5.0
6.0
7.0
8.0
9.0
10 Yr G-Sec yield 5 year AAA Corporate Bond Spread
Fund Managers Profile
Mr. Devendra Singhvi
Mr. Sameer Mistry
Mr. Parin Vora
Mr. Devendra Singhvi has been with BSLI since May 2006. He has over 16 years of experience in markets such as Fixed Income, Treasury, Forex and Derivatives. His previous three assignments have been with Reliance ADA Group Treasury, Prebon Yamane and Hindalco Industries Ltd. Devendra has done his graduation in Mathematics and an MBA in Finance along with a PhD.
Mr. Devendra Singhvi - Head- Fixed Income
Mr. Sameer Mistry joined BSLI in January 2009. He has over 14 years of experience in Equity Research and Fund Management. Prior to joining us, he worked as a Fund Manager with Reliance Capital Asset Management, Tata Mutual Fund and SBI Life Insurance. Sameer has done his BE (Electronics & Telecom) as well as an MBA in Finance.
Mr. Sameer Mistry - Fund Manager – Equity
Mr. Parin S Vora has been with BSLI since October 2007 and is primarily responsible for Fixed Income trading and Fund Management. He has 14 years of experience in Fixed Income Industry and was associated with Birla Sun Life Securities & Mata Securities. Parin has done his MBA in Finance from Welingkar’s Institute of Management and DPMIR from Narsee Monjee Institute of Management studies.
Mr. Parin S Vora - Chief Manager – Investments
3
thFund Performance as on 29 November 2013
Life Funds Figures in percentage (%)
Absolute Return
CAGR
Returns Period
Absolute Return
CAGR
Returns Money Market Fund
Short Term Debt Fund
BM BM BMPeriod
0.63%
2.64%
4.10%
7.99%
8.07%
7.93%
7.01%
6.64%
6.83%
0.45%
3.45%
2.63%
7.26%
8.02%
7.67%
6.76%
-
6.53%
0.04%
3.30%
-2.45%
4.58%
6.95%
6.61%
-
-
6.32%
0.74%
2.28%
4.43%
9.09%
9.41%
9.32%
8.63%
9.87%
9.57%
0.61%
3.26%
3.13%
8.54%
9.61%
9.40%
8.49%
-
8.89%
1 month
3 months
6 months
1 Year
2 Years
3 Years
4 Years
5 Years
Since Inception
Absolute Return
CAGR
Returns Gilt Fund Bond Fund Fixed Interest Fund
BM BMPeriod
0.45%
3.45%
2.77%
7.80%
8.59%
7.69%
6.83%
7.42%
6.79%
0.04%
3.30%
-2.45%
4.57%
6.95%
6.61%
6.03%
6.77%
4.56%
-0.34%
2.17%
-7.66%
2.25%
5.89%
5.43%
4.87%
6.48%
6.09%
0.49%
3.66%
0.10%
7.39%
9.88%
8.90%
8.66%
11.56%
10.97%
0.23%
3.02%
-1.13%
7.36%
10.17%
9.13%
8.81%
12.54%
8.53%
1 month
3 months
6 months
1 Year
2 Years
3 Years
4 Years
5 Years
Since Inception
1 month
3 months
6 months
1 Year
2 Years
3 Years
4 Years
5 Years
Since Inception
Secure Fund
-0.02%
5.39%
-1.63%
4.32%
8.74%
5.65%
6.13%
10.86%
10.46%
BM
-0.03%
5.27%
-1.77%
4.74%
8.06%
5.68%
5.85%
8.91%
6.63%
Stable Fund
-0.04%
7.26%
-1.28%
3.84%
9.44%
4.73%
5.94%
12.20%
13.20%
BM
-0.08%
6.75%
-1.29%
4.81%
8.83%
4.93%
5.66%
10.43%
8.03%
Growth Advantage
-0.12%
10.43%
-0.48%
3.59%
10.74%
3.83%
6.49%
16.59%
11.36%
BM BM
-0.13%
8.24%
-0.85%
4.82%
9.55%
4.13%
5.40%
11.88%
9.57%
-0.17%
9.23%
-0.57%
4.81%
10.01%
3.56%
5.21%
12.80%
5.60%
Growth Fund
-0.12%
9.16%
-0.74%
3.32%
10.08%
3.60%
5.96%
14.51%
14.62%
Income Advantage Fund
0.37%
3.26%
-3.26%
5.18%
8.70%
9.67%
-
-
8.79%
Fund Name Benchmark Composition
Secure
Stable
Growth
Growth Advantage
Money Market
Income Advantage
Fixed Interest
Short Term Debt Fund
Bond Fund
Gilt Fund
BSE 100
BSE 100
BSE 100
BSE 100
-
-
-
-
-
-
Crisil Composite Bond Index
Crisil Composite Bond Index
Crisil Composite Bond Index
Crisil Composite Bond Index
-
Crisil Composite Bond Index
Crisil Composite Bond Index
Crisil Short Term Bond Index
CRISIL Short Term Bond Index
-
Crisil Liquid Fund Index
Crisil Liquid Fund Index
Crisil Liquid Fund Index
Crisil Liquid Fund Index
Crisil Liquid Fund Index
Crisil Liquid Fund Index
Crisil Liquid Fund Index
Disclaimer:
This document is issued by BSLI. While all reasonable care has been taken in preparing this document, no responsibility or liability is accepted for errors of fact or for any opinion expressed herein. This document is for information purposes only. It does not constitute any offer, recommendation or solicitation to any person to enter into any transaction or adopt any investment strategy, nor does it constitute any prediction of likely future movements in NAVs. Past performance is not necessarily indicative of future performance. We have reviewed the report, and in so far as it includes current or historical information, it is believed to be reliable though its accuracy or completeness cannot be guaranteed. Neither Birla Sun Life Insurance Company Limited, nor any person connected with it, accepts any liability arising from the use of this document. You are advised to make your own independent judgment with respect to any matter contained herein.
ULGF00212/06/01BSLGSECURE109
ULGF00312/06/01BSLGSTABLE109
ULGF00112/06/01BSLGGROWTH109
ULGF01026/11/07BSLIGGRADV109
ULGF00824/08/04BSLIGRMMKT109
ULGF01425/02/10BSLGINCADV109
ULGF00416/07/02BSLGFIXINT109ULGF01322/09/08BSLGSHTDBT109
ULGF00530/05/03BSLIGRBOND109
ULGF00630/05/03BSLIGRGILT109
SFIN
4
Assets held as on 3: ` 667.20 cr29th November 201
GOVERNMENT SECURITIES: 30.50%
7.16% Government Of India 2023 4.53%
8.83% Government Of India 2041 3.64%
8.2% Government Of India 2022 3.24%
8.79% Government Of India 2021 2.33%
8.13% Government Of India 2022 2.19%
8.33% Government Of India 2026 2.07%
8.26% Government Of India 2027 2.03%
7.8% Government Of India 2021 1.77%
8.28% Government Of India 2032 1.41%
8.32% Government Of India 2032 1.25%
Other Government Securities 6.04%
8.9% Steel Authority Of India Ltd. 2019 2.82%
9.25% PGC. Of India Ltd. 2019 1.62%
9.15% ICICI Bank Ltd. 2022 1.46%
9.95% Tata Motors Ltd. 2020 1.29%
8.58% HDFC. Ltd. 2018 1.24%
9.15% L&T Ltd. 2019 1.06%
10.25% Tech Mahindra Ltd. 2014 1.05%
8% MVM Limited 2017 0.93%
9.7% Power Finance Corpn. Ltd. 2018 0.90%
5.9% HDFC Bank Ltd. 2014 0.89%
Other Corporate Debt 21.24%
ITC Ltd. 1.66%
Infosys Ltd. 1.52%
Reliance Industries Ltd. 1.23%
HDFC Bank Ltd. 1.06%
Tata Consultancy Services Ltd. 1.02%
HDFC. Ltd. 0.94%
ICICI Bank Ltd. 0.80%
Sun Pharmaceutical Inds. Ltd. 0.56%
Dr. Reddys Laboratories Ltd. 0.52%
Larsen And Toubro Ltd. 0.52%
Other Equity 7.30%
RATING PROFILE
Exposure to Equities has slightly decreased to 17.12 from 17.74%, exposure to G-Secs has increased to 30.50% from 27.54% while that to MMI has decreased to 17.87 from 24.24% on a MOM basis. Over 65% of the debt portfolio remains invested in highest rated instruments.The fund is predominantly invested in large cap stocks and maintains a well diversified equity portfolio.
%
%
Modified Duration: 4.23 years
EQUITY: 17.12%
NAV as on 29th November 2013: ` 34.54
CORPORATE DEBT: 34.50%
Maturity Profile
ASSET ALLOCATION
MMI, : 17.87%Deposits, CBLO & Others
Objective:
Strategy:
To build your capital and generate better returns at moderatelevel of risk, over a medium or long-term period through a balance ofinvestment in equity and debt.
Generate better return with moderate level of risk throughactive management of fixed income portfolio and focus on creating longterm equity portfolio which will enhance yield of composite portfolio withlow level of risk appetite.
Fund Snapshot Know the Fund Better
Group Secure FundManager: Sameer Mistry (Equity) & Parin Vora (Debt) | Total Experience: 9 years & 12 years
ULGF00212/06/01BSLGSECURE109
Benchmark: BSE 100 & Crisil Composite Bond Index & Crisil Liquid Fund Index
5
SECTORAL ALLOCATION
Portfolio as on Friday, Novemberer 29, 2013
0.68%
1.17%
1.18%
1.38%
1.62%
2.36%
3.04%
3.97%
5.92%
7.09%
10.44%
12.91%
13.75%
15.53%
18.94%
OTHERS
ALCOHOL BEVERAGES
MEDIA
POWER
DIVERSIFIED
METAL
CAPITAL GOODS
TELECOMMUNICATION
FINANCIAL SERVICES
AUTOMOBILE
OIL AND GAS
PHARMACEUTICALS
FMCG
BANKING
SOFTWARE / IT
7 years & above2 to 7 years
Less than 2years
44.41%
25.32% 30.27%
17.87%
MMI, Deposits,
CBLO & Others17.12%
Equities
NCD34.50%
G-Secs
30.50%
AA5.07%AAA
37.75%3.10%
AA+
3.76%AA-3.85%
45.15%Sovereign
A1+
1.31%A+
Secure BM
Jul-05
Dec-
05
May-
06
Oct
-06
Mar-
07
Aug-0
7
Jan-0
8
Jun-0
8
Nov-
08
Apr-
09
Sep-0
9
Feb-1
0
Jul-10
Dec-
10
May-
11
Oct
-11
Mar-
12
Aug-1
2
Jan-1
3
Jun-1
3
Nov-
13
Assets held as on 3: ` 231.26 cr29th November 201
GOVERNMENT SECURITIES: 25.18%
8.79% Government Of India 2021 5.33%
8.33% Government Of India 2026 3.75%
8.08% Government Of India 2022 2.53%
8.3% Government Of India 2040 1.98%
8.28% Government Of India 2032 1.87%
7.16% Government Of India 2023 1.72%
7.5% Government Of India 2034 1.64%
7.8% Government Of India 2021 1.53%
8.26% Government Of India 2027 1.52%
7.61% Government Of India 2015 1.36%
Other Government Securities 1.96%
8.65% REC. Ltd. 2019 4.07%
10.1% PGC. Of India Ltd. 2017 2.19%
9.4% National Housing Bank 2013 2.16%
8.9% Power Finance Corpn. Ltd. 2014 2.15%
9.25% LIC Housing Finance Ltd. 2023 1.95%
8.6% Power Finance Corpn. Ltd. 2014 1.72%
9.6% HDFC. Ltd. 2016 1.30%
9.4% NABARD 2016 1.29%
10.48% Ultratech Cement Ltd. 2013 1.25%
10.85% REC. Ltd. 2018 1.13%
Other Corporate Debt 8.22%
ITC Ltd. 2.87%
Infosys Ltd. 2.60%
Reliance Industries Ltd. 2.14%
HDFC Bank Ltd. 1.85%
Tata Consultancy Services Ltd. 1.73%
HDFC. Ltd. 1.69%
ICICI Bank Ltd. 1.43%
Sun Pharmaceutical Inds. Ltd. 0.94%
Larsen And Toubro Ltd. 0.93%
Dr. Reddys Laboratories Ltd. 0.90%
Other Equity 12.75%
RATING PROFILE
Over 97% of the debt portfolio remains invested in highest rated instruments.The fund is predominantly invested in large cap stocks and maintains a well diversified equity portfolio. Top 4 equity sectors remain same as the previous month.
Modified Duration: 3.89 years
EQUITY: 29.83%
NAV as on 29th November 2013: ` 45.70
CORPORATE DEBT: 27.44%
Maturity Profile
ASSET ALLOCATION
MMI, Deposits, CBLO & Others: 17.55%
Stable BM
SECTORAL ALLOCATION
Objective:
Strategy:
Helps you to grow your capital through enhanced returns over a medium to long term period through investments in equity and debt instruments, thereby providing a good balance between risk and return.
To earn capital appreciation by maintaining diversified equity portfolio and seek to earn regular return on fixed income portfolio by active management resulting in wealth creation for policyholders.
Fund Snapshot Know the Fund Better
Group Stable FundManager: Sameer Mistry (Equity) & Parin Vora (Debt) | Total Experience: 9 years & 11 years
ULGF00312/06/01BSLGSTABLE109
Benchmark: BSE 100 & Crisil Composite Bond Index & Crisil Liquid Fund Index
Portfolio as on Friday, Novemberer 29, 2013
6
MMI, Deposits,
CBLO & Others
0.61%
1.10%
1.21%
1.47%
1.64%
2.35%
3.13%
3.84%
6.13%
7.32%
10.52%
12.67%
13.57%
15.68%
18.75%
OTHERS
MEDIA
ALCOHOL BEVERAGES
POWER
DIVERSIFIED
METAL
CAPITAL GOODS
TELECOMMUNICATION
FINANCIAL SERVICES
AUTOMOBILE
OIL AND GAS
PHARMACEUTICALS
FMCG
BANKING
SOFTWARE / IT
7 years & above2 to 7 years
Less than 2years
41.36%
21.15%
37.48%
25.18%17.55%
G-Secs
NCD29.83%27.44%
Equities
AA+
1.76%AA-
0.16%
AA1.64%
AAA48.58%
Sovereign47.86%
Jul-0
5
Dec
-05
May
-06
Oct
-06
Mar
-07
Aug
-07
Jan-
08
Jun-
08
Nov
-08
Apr
-09
Sep
-09
Feb
-10
Jul-1
0
Dec
-10
May
-11
Oct
-11
Mar
-12
Aug
-12
Jan-
13
Jun-
13
Nov
-13
Assets held as on 3: ` 226.98 cr29th November 201
GOVERNMENT SECURITIES: 21.12%
8.33% Government Of India 2026 5.89%
8.79% Government Of India 2021 3.69%
8.2% Government Of India 2022 3.55%
7.16% Government Of India 2023 1.75%
7.95% Government Of India 2032 1.57%
7.8% Government Of India 2021 1.51%
8.08% Government Of India 2022 0.91%
8.3% Government Of India 2040 0.71%
6.9% Government Of India 2019 0.44%
8.28% Government Of India 2032 0.41%
Other Government Securities 0.69%
8.7% Power Finance Corpn. Ltd. 2020 3.54%
5.9% HDFC Bank Ltd. 2014 1.52%
NABARD 2017 1.32%
8.95% Power Finance Corpn. Ltd. 2015 1.22%
7.6% HDFC. Ltd. 2017 1.20%
9.655% 2014 1.19%
11.25% Power Finance Corpn. Ltd. 2018 1.17%
9.05% State Bank Of India 2020 1.11%
8.2% Ashok Leyland Ltd. 2015 0.85%
8.6% Power Finance Corpn. Ltd. 2014 0.79%
Other Corporate Debt 4.47%
NABARD
ITCLtd. 4.09%
Infosys Ltd. 3.72%
Reliance Industries Ltd. 3.06%
HDFC Bank Ltd. 2.63%
Tata Consultancy Services Ltd. 2.46%
HDFC. Ltd. 2.40%
ICICI Bank Ltd. 2.03%
Sun Pharmaceutical Inds. Ltd. 1.34%
Dr. Reddys Laboratories Ltd. 1.30%
Larsen And Toubro Ltd. 1.24%
Other Equity 18.46%
RATING PROFILE
Over 94% of the debt portfolio remains invested in highest rated instruments.The fund is predominantly invested in large cap stocks and maintains a well diversified equity portfolio. Top 4 equity sectors remain same as the previous month.
Modified Duration: 4.03 years
EQUITY: 42.73%
NAV as on 29th November 2013: ` 53.22
CORPORATE DEBT: 18.38%
Maturity Profile
ASSET ALLOCATION
MMI, Deposits, CBLO & Others: 17.77%
Gr. Growth BM
SECTORAL ALLOCATION
Objective:
Strategy:
To achieve optimum balance between growth and stability to provide long-term capital appreciation with balanced level of risk by investing in fixed income securities and high quality equity security.
To ensure capital appreciation by simultaneously investing into fixed income securities and maintaining diversified equity portfolio. Active fund management is carried out to enhance policy holder’s wealth in long run.
Fund Snapshot Know the Fund Better
Group Growth FundManager: Sameer Mistry (Equity) & Parin Vora (Debt) | Total Experience: 9 years & 11 years
ULGF00112/06/01BSLGGROWTH109
Benchmark: BSE 100 & Crisil Composite Bond Index & Crisil Liquid Fund Index
Portfolio as on Friday, Novemberer 29, 2013
0.59%
1.08%
1.33%
1.47%
1.61%
2.29%
2.91%
3.78%
6.25%
7.73%
10.47%
12.86%
13.41%
15.62%
18.60%
OTHERS
MEDIA
ALCOHOL BEVERAGES
POWER
DIVERSIFIED
METAL
CAPITAL GOODS
TELECOMMUNICATION
FINANCIAL SERVICES
AUTOMOBILE
OIL AND GAS
PHARMACEUTICALS
FMCG
BANKING
SOFTWARE / IT
7 years & above2 to 7 years
Less than 2years
41.57%
18.05%
40.38%
NCD18.38%
MMI, Deposits,
CBLO & Others17.77%
42.73%
G-Secs
21.12% Equities
AAA39.41% AA
2.67%A1+
1.13%
A+
3.17% AA+1.59%
Sovereign52.03%
Jul-05
Dec-
05
May-
06
Oct
-06
Mar-
07
Aug-0
7
Jan-0
8
Jun-0
8
Nov-
08
Apr-
09
Sep-0
9
Feb-1
0
Jul-10
Dec-
10
May-
11
Oct
-11
Mar-
12
Aug-1
2
Jan-1
3
Jun-1
3
Nov-
13
7
Assets held as on 3: ` 19.48 cr29th November 201
GOVERNMENT SECURITIES: 22.71%
8.33% Government Of India 2026 12.03%
7.8% Government Of India 2021 3.12%
8.97% Government Of India 2030 2.53%
8.2% Government Of India 2022 1.32%
7.49% Government Of India 2017 1.24%
8.15% Government Of India 2022 0.73%
8.79% Government Of India 2021 0.51%
7.46% Government Of India 2017 0.50%
8.08% Government Of India 2022 0.48%
7.99% Government Of India 2017 0.25%
8.83% Export Import Bank Of India 2023 4.90%
7.6% Power Finance Corpn. Ltd. 2015 2.97%
6.1% NPC. Of India Ltd. 2014 2.54%
8.95% HDFC Bank Ltd. 2022 1.48%
2% Indian Hotels Co. Ltd. 2014 1.35%
8.7% Power Finance Corpn. Ltd. 2020 0.98%
11.95% HDFC. Ltd. 2018 0.56%
ITC Ltd . 4.90%
Infosys Ltd. 4.45%
Reliance Industries Ltd. 3.67%
HDFC Bank Ltd. 3.17%
Tata Consultancy Services Ltd. 2.96%
HDFC. Ltd. 2.88%
ICICI Bank Ltd. 2.41%
L&T Ltd. 1.60%
Sun Pharmaceutical Inds. Ltd. 1.60%
Lupin Ltd. 1.50%
Other Equity 22.00%
RATING PROFILE
Over 97% of the debt portfolio remains invested in highest rated instruments.The fund is predominantly invested in large cap stocks and maintains a well diversified equity portfolio. Top 4 equity sectors remain same as the previous month.
Modified Duration: 5.03 years
EQUITY: 51.15%
NAV as on 29th November 2013: ` 18.63
CORPORATE DEBT: 14.78%
Maturity Profile
ASSET ALLOCATION
MMI, Deposits, CBLO & Others: 11.37%
Gr. Advantage BM
SECTORAL ALLOCATION
Objective:
Strategy:
The Objective of the fund is to provide blend of fixed return by investing in debt & money market instruments and capital appreciation by predominantly investing in equities of fundamentally strong and large blue chip companies.
The Strategy of the fund is to build and actively manage a welldiversified equity portfolio of value & growth driven stocks by following a research-focused investment approach. While appreciating the high risk associated with equities, the fund would attempt to maximize the riskreturnpay-off for the long-term advantage of the policyholders. The nonequity portion of the fund will be invested in high rated debt and money market instruments and fixed deposits.
Fund Snapshot Know the Fund Better
Group Growth Advantage FundManager: Sameer Mistry (Equity) & Parin Vora (Debt) | Total Experience: 9 years & 11 years
ULGF01026/11/07BSLIGGRADV109
Benchmark: BSE 100 & Crisil Composite Bond Index & Crisil Liquid Fund Index
Portfolio as on Friday, Novemberer 29, 2013
8
0.64%
1.08%
1.33%
1.47%
1.77%
2.36%
3.13%
4.02%
6.19%
7.32%
10.44%
12.68%
13.54%
15.50%
18.54%
OTHERS
MEDIA
ALCOHOL BEVERAGES
POWER
DIVERSIFIED
METAL
CAPITAL GOODS
TELECOMMUNICATION
FINANCIAL SERVICES
AUTOMOBILE
OIL AND GAS
PHARMACEUTICALS
FMCG
BANKING
SOFTWARE / IT
7 years & above2 to 7 years
Less than 2years
57.62%
13.83%
28.55%
NCD14.78%
MMI, Deposits,
CBLO & Others11.37%
G-Secs22.71%
51.15%Equities
AA3.46%
AAA34.27%
Sovereign62.28%
Au
g-0
9
No
v-0
9
Fe
b-1
0
Ma
y-1
0
Au
g-1
0
No
v-1
0
Fe
b-1
1
Ma
y-1
1
Au
g-1
1
No
v-1
1
Fe
b-1
2
Ma
y-1
2
Au
g-1
2
No
v-1
2
Fe
b-1
3
Ma
y-1
3
Au
g-1
3
No
v-1
3
Assets held as on 3: ` 274.18 cr29th November 201
100% of the fund is invested in highest rated instruments.The fund continues to maintain very low maturity profile.
Modified Duration: 0.33 yearsNAV as on 29th November 2013: ` 22.10
Objective:
Strategy:
The primary objective of this BSLI Fund Option is to provide reasonable returns, at a high level of safety and liquidity for capital conservation for the Policyholder
The strategy of this BSLI Fund Option is to make judicious investments in high quality debt and money market instruments to protect capital of the Policyholder with very low level of risk.
Fund Snapshot Know the Fund Better
Group Money Market FundManager: Devendra Singhvi | Total Experience: 12 years
ULGF00824/08/04BSLIGRMMKT109
Benchmark: CRISIL Liquid Fund Index
Portfolio as on Friday, Novemberer 29, 2013
9
Maturity Profile
Less than 2 years
100.00%
ASSET ALLOCATION
MMI, Deposits,
CBLO & Others100.00%
RATING PROFILE
A1+100.00%
MMI, Deposits, CBLO & Others: 100.00%
MM BM
May
-10
May
-11
May
-12
May
-13
Aug
-09
Nov
-09
Feb
-10
Aug
-10
Nov
-10
Feb
-11
Aug
-11
Nov
-11
Feb
-12
Aug
-12
Nov
-12
Feb
-13
Aug
-13
Nov
-13
Exposure to Corporate Debt has decreased to 16.63% from 20.24% while that to MMI has increased to 83.37% from 79.76% on a MOM basis. Over 100% of the fund is invested in highest rated instruments.
CORPORATE DEBT: 16.63%
9.75% HDFC. Ltd. 2016 3.97%
8.97% EID-Parry (India) Ltd. 2016 3.07%
8.95% L&T Shipbuilding Ltd 2017 2.63%
8.8% HBD Financial Services Ltd 2016 2.18%
9.8% Power Finance Corpn. Ltd. 2016 1.59%
9.63% Power Finance Corpn. Ltd. 2014 1.58%
10.18% LIC Housing Finance Ltd. 2016 0.80%
9.7% Sundaram Finance Ltd. 2014 0.79%
NAV as on 29th November 2013: ` 15.27
MMI, Deposits, CBLO & Others: 83.37%
Benchmark: CRISIL Short Term Bond Index
Objective:
Strategy:
The objective of the fund is to provide capital preservation at a high level of safety & liquidity through judicious investments in high quality short‐term debt instruments.
To actively manage the fund by building a portfolio of fixed income instruments with short term duration. The fund will invest in government securities, high rated corporate bonds, good quality money market instruments and other fixed income securities. The quality & duration of the assets purchased would aim to minimize the credit risk and liquidity risk of the portfolio. The fund will maintain reasonable level of liquidity.
Fund Snapshot Know the Fund Better
Group Short Term Debt FundManager: Devendra Singhvi | Total Experience: 12 years
ULGF01322/09/08BSLGSHTDBT109
Assets held as on 3: ` 63.15 cr29th November 201 Modified Duration: 0.77 years
Portfolio as on Friday, Novemberer 29, 2013
10
Maturity Profile
2 to 7 years
Less than 2 years
18.03%
81.97%
ASSET ALLOCATION
NCD16.63%
MMI, Deposits,
CBLO & Others
83.37%
RATING PROFILE
A1+49.71%
20.52%AA-
5.50%AA+
1.42%
Sovereign
AAA22.86%
BMShort Term Debt
Aug-1
0
Nov-
10
Feb-1
1
May-
11
Aug-1
1
Nov-
11
Feb-1
2
May-
12
Aug-1
2
Nov-
12
Feb-1
3
May-
13
Aug-1
3
Nov-
13
Assets held as on 3: ` 34.01 cr29th November 201
90% of the fund remains invested in highest rated instruments.
Modified Duration: 5.69 yearsNAV as on 29th November 2013: ` 13.65
9.67% Tata Sons Ltd. 2022 8.85%
9.15% Export Import Bank Of India 2022 5.72%
9.3% PGC. Of India Ltd. 2020 4.34%
9.02% REC. Ltd. 2022 3.98%
9.25% . Of India Ltd. 2020 3.61%
10.18% LIC Housing Finance Ltd. 2016 2.98%
10.32% Sundaram Finance Ltd. 2018 2.97%
9.65% Chola Invt & Fin Co. Ltd. 2018 2.87%
10.6% IRFC. Ltd. 2018 0.31%
9.9% HDFC Ltd. 2018 0.30%
Other Corporate Debt 0.29%
PGC
CORPORATE DEBT: 36.21%
Benchmark: Crisil Composite Bond index & Crisil Liquid Fund Index
Objective:
Strategy:
To provide capital preservation and regular income, at a high level of safety over a medium term horizon by investing in high quality debt instruments.
To actively manage the fund by building a portfolio of fixed income instruments with medium term duration. The fund will invest in government securities, high rated corporate bonds, high quality money market instruments and other fixed income securities. The quality of the assets purchased would aim to minimize the credit risk and liquidity risk of the portfolio. The fund will maintain reasonable level of liquidity.
Fund Snapshot Know the Fund Better
Group Income Advantage FundManager: Devendra Singhvi | Total Experience: 12 years
ULGF01425/02/10BSLGINCADV109
Portfolio as on Friday, Novemberer 29, 2013
Maturity Profile
7 years & above2 to 7 years
Less than 2years
71.25%
17.30%
11.45%
ASSET ALLOCATION
17.53%
MMI, Deposits,
CBLO & Others
NCD
46.25%G-Secs36.21%
RATING PROFILE
AA3.37%AAA
35.65%
A1+3.20%
54.29%Sovereign
AA+
3.49%
GOVERNMENT SECURITIES: 46.25%
8.33% Government Of India 2026 12.41%
8.32% Government Of India 2032 11.13%
8.2% Government Of India 2022 5.94%
9.15% Government Of India 2024 4.42%
7.95% Government Of India 2032 3.93%
8.79% Government Of India 2021 3.91%
7.8% Government Of India 2021 1.51%
9.2% Government Of India 2030 1.48%
8.83% Government Of India 2041 0.85%
8.08% Government Of India 2022 0.41%
Other Government Securities 0.25%
MMI, Deposits, CBLO & Others: 17.53%
Gr. Inc Adv BM
Ma
y-1
1
Au
g-1
1
No
v-1
1
Fe
b-1
2
Ma
y-1
2
Au
g-1
2
No
v-1
2
Fe
b-1
3
Ma
y-1
3
Au
g-1
3
No
v-1
3
11
Assets held as on 3: ` 6.12 cr29th November 201
Exposure to G-Secs has decreased to % from 94.47% while that to MMI has increased to 6.17% from 5.53% on a MOM basis.
93.83
Modified Duration: 7.18 yearsNAV as on 29th November 2013: ` 17.63
Objective:
Strategy:
The fund aims to deliver safe and consistent returns over along-term period by investing in Government Securities.
Active fund management at very low level of risk by having entire exposure to government securities & money market instruments, maintaining medium term duration of the portfolio to achieve capital conservation.
Fund Snapshot Know the Fund Better
Group Gilt FundManager: Devendra Singhvi | Total Experience: 12 years
ULGF00630/05/03BSLIGRGILT109
GOVERNMENT SECURITIES: 93.83%
8.35% Government Of India 2022 15.44%
8.28% Government Of India 2032 15.05%
9.15% Government Of India 2024 13.11%
8.33% Government Of India 2026 11.49%
8.79% Government Of India 2021 9.67%
9.2% Government Of India 2030 8.25%
8.15% Government Of India 2022 7.72%
8.28% Government Of India 2027 7.64%
8.83% Government Of India 2041 3.94%
7.5% Government Of India 2034 1.38%
Other Government Securities 0.15%
MMI, Deposits, CBLO & Others: 6.17%
Maturity Profile
ASSET ALLOCATION
Portfolio as on Friday, Novemberer 29, 2013
RATING PROFILE
Sovereign100.00%
12
7 years & above
Less than 2 years
95.52%
4.48%
MMI, Deposits,
CBLO & Others
6.17%
93.83%G-Secs
Assets held as on 3: ` 236.14 cr29th November 201
Exposure to Corporate Debt has increased to 67.88% from 66.57% while that to MMI has decreased to 32.12% from 33.43% on a MOM basis. Over 100% of the fund remainsinvested in highest rated instruments.
Modified Duration: 3.04 yearsNAV as on 29th November 2013: ` 21.37
Objective:
Strategy:
The fund aims to achieve capital preservation along with stable returns by investing in corporate bonds over medium-term period.
The fund follows a strategy to invest in high credit rated corporate bonds, maintaining a short-term duration of the portfolio at a medium level of risk to achieve capital conservation.
Fund Snapshot Know the Fund Better
Group Bond FundManager: Devendra Singhvi | Total Experience: 12 years
ULGF00530/05/03BSLIGRBOND109
CORPORATE DEBT: 67.88%
10.6% IRFC. Ltd. 2018 4.42%
8.54% NPCorpn. Of India Ltd. 2023 4.03%
9.18% HDFC Ltd. 2018 3.33%
9.15% ICICI Bank Ltd. 2022 2.88%
10.18% LIC Housing Finance Ltd. 2016 2.49%
9.55% Hindalco Industries Ltd. 2022 2.49%
9.95% L&T Finance Ltd. 2016 2.12%
9.57% LIC Housing Finance Ltd. 2017 2.11%
9.4% Export Import Bank Of India 2023 2.09%
8.73% PGC Of India Ltd. 2015 2.09%
Other Corporate Debt 39.82%
MMI, Deposits, CBLO & Others: 32.12%
Benchmark: CRISIL Short Term Bond Index
Maturity Profile
Portfolio as on Friday, Novemberer 29, 2013
13
7 years & above2 to 7 years
Less than 2years
22.68%
46.16%
31.16%
ASSET ALLOCATION
MMI, Deposits,
CBLO & Others32.12%
NCD67.88%
RATING PROFILE
AAA75.16%
11.02%AA+ AA-
8.55%A1+
4.18% AA1.08%
Assets held as on 3: ` 462.07 cr29th November 201
Exposure to Corporate Debt has slightly decreased to 28.65% from 28.65%, to G-Secs it has increased to 41.64% from 40.63% and to MMI, it has decreased to 29.71% from 30.72% on a MOM basis. Over 100% of the fund remains invested in highest rated instruments.
Modified Duration: 4.75 yearsNAV as on 29th November 2013: ` 24.68
Objective:
Strategy:
The Fixed Interest Fund, with full exposure in debt market instrument, aims to achieve value creation at low risk over a long-term horizon by investing into high quality fixed interest securities.
The strategy is to actively manage the fund at a medium level of risk by having entire exposure to government securities, corporate bonds maintaining medium to long-term duration of the portfolio to achieve capital conservation.
Fund Snapshot Know the Fund Better
Group Fixed Interest FundManager: Devendra Singhvi | Total Experience: 12 years
ULGF00416/07/02BSLGFIXINT109
GOVERNMENT SECURITIES: 41.64%
8.33% Government Of India 2026 8.32%
7.8% Government Of India 2021 5.87%
7.16% Government Of India 2023 4.77%
8.83% Government Of India 2023 3.27%
8.32% Government Of India 2032 3.20%
8.28% Government Of India 2032 3.13%
8.2% Government Of India 2022 2.66%
8.97% Government Of India 2030 2.24%
9.2% Government Of India 2030 1.75%
8.83% Government Of India 2041 1.62%
Other Government Securities 4.83%
9.95% State Bank Of India 2026 2.59%
9.64% PGC. Of India Ltd. 2021 2.16%
9.4% Export Import Bank Of India 2023 2.14%
9.55% Hindalco Industries Ltd. 2022 1.91%
8.7% Power Finance Corpn. Ltd. 2020 1.66%
8.95% Power Finance Corpn. Ltd. 2018 1.65%
10.6% IRFC. Ltd. 2018 1.13%
10.32% Sundaram Finance Ltd. 2018 1.09%
9.8% Power Finance Corpn. Ltd. 2016 1.09%
9.27% IRFC. Ltd. 2021 1.08%
Other Corporate Debt 12.16%
CORPORATE DEBT: 28.65%
Maturity Profile
ASSET ALLOCATION
Benchmark: Crisil Composite Bond index & Crisil Liquid Fund Index
MMI, Deposits, CBLO & Others: 29.71%
Portfolio as on Friday, Novemberer 29, 2013
14
MMI, Deposits,
CBLO & Others
7 years & above2 to 7 years
Less than 2years
61.69%
11.68% 26.63%
NCD28.65%
41.64%G-Secs
29.71%
RATING PROFILE
AAA31.83%
55.24%Sovereign
5.25%AA+
6.76%A1+
AA0.90%
0.03%AA-
FIF BM
Jul-05
Dec-
05
May-
06
Oct
-06
Mar-
07
Aug-0
7
Jan-0
8
Jun-0
8
Nov-
08
Apr-
09
Sep-0
9
Feb-1
0
Jul-10
Dec-
10
May-
11
Oct
-11
Mar-
12
Aug-1
2
Jan-1
3
Jun-1
3
Nov-
13