Abridged Annual Report 2017 - 2018 Investors understand that their principal will be at high risk LOW HIGH Moderate Moderately High Moderately Low High Low Investors understand that their principal will be at moderately high risk LOW HIGH Moderate Moderately High Moderately Low High Low Riskometer *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. Scheme Name Revised Name & Type Effective June 6, 2018 This product is suitable for investors who are seeking* Baroda Pioneer ELSS’96 (an open ended tax benefit-cum-growth scheme) Baroda Pioneer ELSS’96 (An open ended equity linked saving scheme with a statutory lock in of 3 years and tax benefit) • Capital growth over long term. • Investment predominantly in equity and equity-related instruments. Investors understand that their principal will be at moderately high risk LOW HIGH Moderate Moderately High Moderately Low High Low Baroda Pioneer Growth Fund (an open ended growth scheme) Baroda Pioneer Multi Cap Fund (Multi Cap Fund - An open ended equity scheme investing across large cap, mid-cap and small cap stocks) • Capital appreciation over long term. • Investment predominantly in equity and equity related instruments. Investors understand that their principal will be at moderately high risk LOW HIGH Moderate Moderately High Moderately Low High Low Baroda Pioneer Balance Fund (an open ended balanced scheme) Baroda Pioneer Hybrid Equity Fund (An open ended hybrid scheme investing predominantly in equity and equity related instruments) • Capital appreciation along with stability over long term. • Investment predominantly in equity and equity related instruments with balance exposure to money market instruments and debt securities. Investors understand that their principal will be at moderately high risk LOW HIGH Moderate Moderately High Moderately Low High Low Baroda Pioneer Large Cap Fund (an open ended equity scheme) Baroda Pioneer Large Cap Fund (Large Cap Fund - An open-ended equity scheme pre-dominantly investing in large cap stocks) • Capital appreciation over long term. • Investment predominantly in a diversified portfolio of equity and equity related securities of Large Cap companies. Baroda Pioneer Mid-Cap Fund (an open ended equity scheme) Baroda Pioneer Mid-Cap Fund (Mid Cap Fund - An open-ended equity scheme pre-dominantly investing in mid cap stocks) • Capital appreciation over long term. • Investment predominantly in equity and equity related securities of growth oriented Mid-Cap stocks. Investors understand that their principal will be at high risk LOW HIGH Moderate Moderately High Moderately Low High Low Baroda Pioneer Banking and Financial Services Fund (an open ended sectoral scheme) Baroda Pioneer Banking and Financial Services Fund (An open ended equity scheme investing in the Banking and Financial Services sector) • Capital appreciation over long term. • Investment predominantly in equity and equity related securities of companies engaged in the Banking & Financial Services Sector. Baroda Pioneer Equity Trigger Fund - Series I (a close ended equity scheme) (Matured on December 28, 2017) Not Applicable - -
Transcript
Abridged Annual Report2017 - 2018
Investors understand that their principal will be at high risk
LOW HIGH
Moderate ModeratelyHighMod
eratel
y
Low
HighLo
w
Investors understand that their principal will be at moderately high risk
LOW HIGH
Moderate ModeratelyHighMod
eratel
y
Low
HighLo
w
Riskometer
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Scheme Name Revised Name & Type Effective June 6, 2018 This product is suitable for investors who are seeking*
Baroda Pioneer ELSS’96(an open ended tax benefit-cum-growth scheme)
Baroda Pioneer ELSS’96
(An open ended equity linked saving scheme with a statutory lock in of 3 years and tax benefit)
• Capital growth over long term.
• Investment predominantly in equity and equity-related instruments.
Investors understand that their principal will be at moderately high risk
LOW HIGH
Moderate ModeratelyHighMod
eratel
y
Low
HighLo
w
Baroda Pioneer Growth Fund(an open ended growth scheme)
Baroda Pioneer Multi Cap Fund
(Multi Cap Fund - An open ended equity scheme investing across large cap, mid-cap and small cap stocks)
• Capital appreciation over long term.
• Investment predominantly in equity and
equity related instruments.
Investors understand that their principal will be at moderately high risk
LOW HIGH
Moderate ModeratelyHighMod
eratel
y
Low
HighLo
w
Baroda Pioneer Balance Fund(an open ended balanced scheme)
Baroda Pioneer Hybrid Equity Fund
(An open ended hybrid scheme investing predominantly in equity and equity related instruments)
• Capital appreciation along with stability over
long term.
• Investment predominantly in equity and
equity related instruments with balance
exposure to money market instruments and
debt securities.
Investors understand that their principal will be at moderately high risk
LOW HIGH
Moderate ModeratelyHighMod
eratel
y
Low
HighLo
w
Baroda Pioneer Large Cap Fund(an open ended equity scheme)
Baroda Pioneer Large Cap Fund
(Large Cap Fund - An open-ended equity scheme pre-dominantly investing in large cap stocks)
• Capital appreciation over long term.
• Investment predominantly in a diversified
portfolio of equity and equity related
securities of Large Cap companies.
Baroda Pioneer Mid-Cap Fund(an open ended equity scheme)
Baroda Pioneer Mid-Cap Fund
(Mid Cap Fund - An open-ended equity scheme pre-dominantly investing in mid cap stocks)
• Capital appreciation over long term.
• Investment predominantly in equity and
equity related securities of growth oriented
Mid-Cap stocks.
Investors understand that their principal will be at high risk
LOW HIGH
Moderate ModeratelyHighMod
eratel
y
Low
HighLo
w
Baroda Pioneer Banking and Financial Services Fund
(an open ended sectoral scheme)
Baroda Pioneer Banking and Financial Services Fund
(An open ended equity scheme investing in the Banking and Financial Services sector)
• Capital appreciation over long term.
• Investment predominantly in equity and
equity related securities of companies
engaged in the Banking & Financial Services
Sector.
Baroda Pioneer Equity Trigger Fund - Series I(a close ended equity scheme)
(Matured on December 28, 2017)
Not Applicable - -
REPORT OF THE BOARD OF DIRECTORS OF BARODA PIONEER TRUSTEE COMPANY PRIVATE LTD. TO THE UNIT HOLDERS OF THE SCHEMES OF BARODA PIONEER MUTUAL FUND FOR THE YEAR ENDED MARCH 31, 2018
The Board of Directors of Baroda Pioneer Trustee Company Private Limited (“Trustee Company” or “Trustee”), trustee to Baroda Pioneer Mutual Fund (“Mutual Fund”), has pleasure in presenting the Twenty Fourth Annual Report and the audited accounts of the schemes of the Mutual Fund for the year ended March 31, 2018.
BRIEF BACKGROUND OF THE SPONSORS, TRUST / MUTUAL FUND, TRUSTEE COMPANY AND AMC
SPONSORS
The Mutual Fund was set up as a trust under the name of BOB Mutual Fund by Bank of Baroda (“BOB”), who was the sole sponsor of the Mutual Fund, and the settlor of the Mutual Fund trust. BOB entrusted a sum of Rs. 10,00,000/- to the Board of Trustees of the Mutual Fund as the initial contribution towards the corpus of the Mutual Fund. Consequent to its acquisition of 51% in Baroda Pioneer Asset Management Company Ltd. (“AMC”) in 2008, Pioneer Global Asset Management S.p.A. (“PGAM”) became a co-sponsor of the Mutual Fund.
Effective November 1, 2017, PGAM has been merged by way of incorporation, pursuant to Italian law, into its controlling company, UniCredit S.p.A. (“UniCredit”). As a consequence, starting from such date, all rights and obligations of PGAM have been transferred to UniCredit by operation of law including, inter alia, those relating to the ownership of 51% of the equity share capital of each of AMC, investment manager to the Mutual Fund, and the Trustee Company.
(i) UNICREDIT S.p.A.
UniCredit is the parent company of the UniCredit Banking Group, one of Europe’s leading banking groups in 14 core markets - including Italy, Germany, Austria and several other Central and Eastern European (“CEE”) countries - and operations in another 18 countries.
UniCredit is incorporated as a joint-stock company under Italian law, with its registered office situated in Milan, Italy (registration number, fiscal code and VAT number 00348170101). As at March 31, 2018, the Group was serving a number of approx. 26 million clients. The Banking Group’s portfolio of activities is highly diversified by segments and geographical areas, with a focus on commercial banking. Its wide range of banking, financial and related activities includes deposit-taking, lending, securities trading and brokerage, investment banking, international trade finance, corporate finance, leasing, factoring, asset management and the distribution of certain life insurance products through bank branches (bancassurance). (Source: UniCredit S.p.A. website)
(B) BANK OF BARODA (“BOB”)
BOB, a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, with its head office at Alkapuri, Baroda, and Central Office at Baroda Corporate Centre, Bandra-Kurla Complex, Bandra (East), Mumbai, is the sponsor of the Mutual Fund.
BOB is one of the premier public sector banks of India with an extensive reach of 5,573 strong branch network as on March 31, 2018. BOB is also one of the few Indian banks with a formidable presence overseas in 25 countries through its 106 branches as on March 31, 2018. (Source : Bank of Baroda website)
By virtue of a Share Purchase Agreement executed between BOB, UniCredit, AMC and Trustee Company on December 28, 2017, BOB is in the process of acquiring the shares held by UniCredit in the AMC and Trustee Company, subject to necessary regulatory approvals. As on date of this report, approvals from the Competition Commission of India and the Reserve Bank of India have been received by BOB, while that from the Securities and Exchange Board of India is in process.
THE MUTUAL FUND / TRUST
The Mutual Fund has been constituted as a trust (established by BOB) in accordance with the provisions of the Indian Trusts Act, 1882, by the execution of trust deed dated October 30, 1992, and is registered with SEBI under Registration No. MF/018/94/2, dated November 21, 1994.
PGAM acquired 51% of the shareholding of the AMC in June 2008 and became the co-sponsor of the Mutual Fund. Consequent to the merger of PGAM with UniCredit in November 2017, all rights and obligations of PGAM have been transferred to UniCredit by operation of law including, inter alia, those relating to the ownership of 51% of the equity share capital of each of AMC, investment manager to the Mutual Fund, and the Trustee Company. As a result, UniCredit is the co-sponsor of the Mutual Fund.
THE AMC
The AMC is a public limited company, which was incorporated under the Companies Act, 1956 on November 5, 1992 under the name, BOB Asset Management Company Limited. It was appointed as the asset management company of the Mutual Fund by the erstwhile Board of Trustees vide Investment Management Agreement (“IMA”) dated November 24, 1992, and was a wholly owned subsidiary of BOB. On June 27, 2008, PGAM acquired a 51% shareholding in the AMC. Subsequently, the name of the AMC was changed to Baroda Pioneer Asset Management Company Limited and a fresh certificate of incorporation was issued by the Registrar of Companies, Mumbai, Maharashtra, on July 8, 2008.
The AMC’s registered office is situated at 501, Titanium, 5th Floor, Western Express Highway, Goregaon (E), Mumbai - 400 063.
THE TRUSTEE COMPANY
Pursuant to the No-Objection Certificate received from SEBI vide its letter no. OW/24482/2011 dated July 28, 2011, the Trustee Company was incorporated on December 23, 2011, with PGAM and BOB holding 51% and 49% respectively of its share capital. As mentioned above, effective November 1, 2017, PGAM has been merged with UniCredit and all rights and obligations of PGAM have been transferred to UniCredit by operation of law.
The Trustee is the exclusive owner of the Trust Fund and holds the same in trust for the benefit of the unitholders. The Trustee has been discharging its duties and carrying out the responsibilities as provided in the SEBI (Mutual Fund) Regulations, 1996 (“SEBI MF Regulations”) and the Trust Deed. The Trustee seeks to ensure that the Fund and the schemes floated thereunder are managed by the AMC in accordance with the Trust Deed, the SEBI MF Regulations, directions and guidelines issued by the SEBI, the Stock Exchanges, the Association of Mutual Funds in India and other regulatory agencies.
OVERVIEW
As on March 31, 2018, the Mutual Fund had 14 open-ended schemes and 1 close-ended scheme. The Average Assets Under Management (“AAUM”) of the Mutual Fund for the year ended March 31, 2018 was Rs. 11,508 crores as compared to Rs. 10,487 crores of AAUM for the year ended March 31, 2017.
SEBI has, vide its circular no. SEBI/HO/IMD/DF3/CIR/P/2017/114 dated October 6, 2017 as amended by circular no. SEBI/HO/IMD/DF3/CIR/P/2017/126 dated December 4, 2017 on rationalization and categorisation of mutual fund schemes, advised mutual funds to categorise their schemes in the prescribed categories in order to bring uniformity in the characteristics of similar type of schemes launched by different mutual funds and to standardize the scheme categories and characteristics of each category.
Accordingly, the open-ended equity schemes of the Mutual Fund have been categorised in the prescribed categories effective June 6, 2018 as given below :
Baroda Pioneer ELSS’96An open ended equity linked savingscheme with a statutory lock in of 3years and tax benefit.
The scheme aims to provide the investor long-term capital growth as also tax benefit under Section 80C of the Income Tax Act, 1961.
Mr. Sanjay Chawla &
Mr. Dipak Acharya
3. Baroda Pioneer Balance Fund(an open ended balancedscheme)
Baroda Pioneer Hybrid Equity FundAn open ended hybrid scheme investing predominantly in equityand equity related instruments.
The scheme is targeted for long-term capital appreciation along with stability through a well balanced portfolio comprising of equity, equity related instruments, money market instruments and debt securities.
Baroda Pioneer Banking andFinancial Services FundAn open ended equity scheme investing in the Banking andFinancial Services sector.
The primary investment objective of the scheme is to generate long-term capital appreciation for unit holders from a portfolio invested predominantly in equity and equity related securities of companies engaged in the Banking & Financial Services Sector.
Mr. Dipak Acharya
5. Baroda Pioneer Mid-Cap Fund(formerly known as Baroda Pioneer PSU Equity Fund) (an open ended equity scheme)
Baroda Pioneer Mid-Cap FundMid Cap Fund - An open-ended equity scheme pre-dominantly investing in mid cap stocks.
The primary objective of the scheme is to generate capital appreciation by investing predominantly in a diversified portfolio of equity and equity related securities of growth oriented mid cap stocks.
Mr. Sanjay Chawla &
Mr. Dipak Acharya
6. Baroda Pioneer Large CapFund (formerly known as Baroda Pioneer Infrastructure Fund) (an open ended equity scheme)
Baroda Pioneer Large Cap FundLarge Cap Fund - An open-endedequity scheme pre-dominantlyinvesting in large cap stocks.
The primary investment objective of the scheme is to generate capital appreciation by investing predominantly in a diversified portfolio of equity and equity related securities of large cap companies. The scheme may also invest in debtand money market securities.
Mr. Sanjay Chawla &
Mr. Dipak Acharya
7. Baroda Pioneer Equity TriggerFund – Series I (a close ended equity scheme) (Matured on December 28, 2017)
Not Applicable The investment objective of the scheme is to provide capital appreciation by investing in a well-diversified portfolio of equity and equity related securities predominantly of midcap and small cap companies.
Mr. Dipak Acharya
3
ABRIDGED ANNUAL REPORT 2017 - 2018
SCHEMES’ PERFORMANCE (as on March 31, 2018)
(A) EQUITY SCHEMES:
(I) Baroda Pioneer Growth Fund (an open ended growth scheme)
Compounded Annualised Return Plan A Plan B (Direct)
Note : “Since Inception” returns are calculated from the date of allotment viz. September 12, 2003 for Plan A and January 1, 2013 for plan B (Direct).. As TRI data is not available since inception of the scheme, benchmark performance is calculated using composite CAGR of the benchmark index Price Return values from 12 Sep 2003 to 29 June 2007, and TRI values since 29 June 2007. Mr. Sanjay Chawla is managing the scheme along with Mr. Dipak Acharya effective November 1, 2015.
The scheme has underperformed its benchmark index over the one year period due to the scheme’s overweight position in metal, construction and media & entertainment sectors and underweight position in financial services, IT, cement and telecom sectors.
(ii) Baroda Pioneer ELSS’96 (an open ended tax benefit-cum-growth scheme)
Compounded Annualised Return Plan A Plan B (Direct)
Note : “Since Inception” returns are calculated from the date of allotment viz., March 31, 1996 for Plan A and January 1, 2013 for Plan B. As TRI data is not available since inception of the scheme, benchmark performance is calculated using composite CAGR of the benchmark index Price Return values from 31 Mar 1996 to 29 June 2007, and TRI values since 29 June 2007. Mr. Sanjay Chawla is managing the scheme along with Mr. Dipak Acharya effective November 1, 2015.
The scheme has underperformed its benchmark index over one year due to overweight position in metals, financial services, construction and media & entertainment sectors and underweight position in IT and telecom sectors.
*CRISIL Hybrid 35+65 -Aggressive Index (renamed effective February 1, 2018)
Note: “Since Inception” returns are calculated from the date of allotment viz. September 12, 2003 for Plan A and January 1, 2013 for Plan B (Direct). Equity component of the index has been changed from Nifty 50 to S&P BSE 200. The index is total return index in the equity component from August 1, 2016 while the debt component is total return since inception. Price return of S&P BSE 200 (equity component) is used for computing index values prior to August 1, 2016.. Mr. Sanjay Chawla is managing the Scheme along with Mr. Dipak Acharya effective November 1, 2015.
The scheme has underperformed its benchmark index over one year period due to overweight position in metal, financial services, consumer goods, energy and media & entertainment sectors and underweight position in IT, automobiles and cement sectors.
(iv) Baroda Pioneer Banking & Financial Services Fund (an open ended sectoral scheme)
Compounded Annualised Return Plan A Plan B (Direct)
Note: “Since Inception” returns are calculated from the date of allotment, viz. June 22, 2012 for Plan A and January 1, 2013 for Plan B..
The scheme has underperformed its benchmark index over one year, three years and five years periods due to underweight position in retail franchisee banks and overweight position in private small banks, mortgage companies and NBFCs.
(v) Baroda Pioneer Mid-Cap Fund (formerly known as Baroda Pioneer PSU Equity Fund), (an open ended equity scheme)
Compounded Annualised Return Plan A Plan B (Direct)
Note: “Since Inception” returns are calculated from the date of allotment, viz. October 04, 2010 for Plan A and January 1, 2013 for Plan B (Direct). Mr. Sanjay Chawla is managing the scheme with Mr. Dipak Acharya effective October 3, 2016.
Effective October 3, 2016, the scheme, was converted into Baroda Pioneer Mid-cap Fund and the scheme benchmark index was also changed to S&P BSE Mid-cap index. Until September 30, 2016, the investment universe of the scheme was restricted to Public Sector Undertakings, as per the investment objective of the scheme.
The scheme has outperformed its benchmark index over one year period due to overweight position in automobiles, industrial manufacturing and consumer goods sectors and underweight position in energy, financial services, healthcare services and telecom sectors.
(vi) Baroda Pioneer Large Cap Fund (formerly known as Baroda Pioneer Infrastructure Fund), (an open ended equity scheme)
Compounded Annualised Return Plan A Plan B (Direct)
Note: “Since Inception” returns are calculated from the date of allotment, viz. June 22, 2010 for Plan A and January 1, 2013 for Plan B (Direct). Mr. Sanjay Chawla is managing the scheme with Mr. Dipak Acharya effective October 3, 2016.
Effective October 3, 2016, the scheme was converted into Baroda Pioneer Large Cap Fund and the scheme benchmark index was also changed to Nifty 100. Until September 30, 2016, the scheme was restricted to invest only in sectors related to infrastructure and prohibited from investing in consumer staples, banking, consumer discretionary, pharmaceutical and IT sectors, as per the investment objective of the scheme.
The scheme has underperformed its benchmark index over one year period due to overweight position in construction, cement and services sectors and underweight position in energy, financial services, IT, telecom and chemicals sectors.
Common notes for the scheme performances given above:
The “Returns” shown are for the growth option for all schemes except in case of Baroda Pioneer ELSS’96, where the returns are for the dividend option and have been computed assuming that all payouts during the period have been re invested in the units of the scheme at the respective prevailing NAVs. Plan A and Plan B (Direct) have different expense structures. The last working day of March has been considered in all cases. Returns are Compounded Annualised and are calculated on the basis of Rs. 10 invested at inception for all schemes. Effective February 1, 2018, performance of the scheme is benchmarked to the Total Return variant of the benchmark / standard benchmark index (TRI). Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.
5
ECONOMIC SCENARIO 2017-18
During the year, the impact of demonetization reduced and the initial challenges of GST implementation were largely addressed. The GST council continued to meet at regular intervals for rate adjustments and smoothen some of the compliance requirements. The year was good for the industry as mutual funds as savings were getting channelled by way of flows. The industry’s advertisement campaign launched by AMFI ‘Mutual Fund Sahi hai’ became popular in the country. The industry added to its equity AUM largely through the SIP route. The number of SIP accounts have crossed the 22 million mark and continue to be robust, helping the domestic financial institutions become stronger in the markets. The Union Budget presented for 2018-19 focuses on uplifting the rural economy and strengthening of the agriculture sector, healthcare for the economically less privileged, infrastructure creation and improvement in the quality of education of the country. As per the budget, the government is committed towards doubling the farmers’ income by 2022. The bank recapitalisation plan by Government of India is expected to push credit growth in the country to 15 per cent, according to a report by Ambit Capital.
India has emerged as the fastest growing major economy in the world as per the Central Statistics Organization (CSO) and International Monetary Fund (IMF) and it is expected to be one of the top three economic powers of the world over the next 10-15 years, backed by its strong democracy and partnerships. India’s GDP grew by 6.6 per cent in 2017-18. The global economy is also stabilizing with favourable global trade and financial conditions. The Government of India, under the Make in India initiative, is trying to give boost to the contribution made by the manufacturing sector and aims to take it up to 25 per cent of the GDP from the current 17 per cent. Besides, the Government has also come up with Digital India initiative, which focuses on three core components: creation of digital infrastructure, delivering services digitally and to increase the digital literacy. In the long run, these initiatives make financial services easily accessible to people in the country, helping sustainable growth of the industry. (Source: Union budget document, AMFI, internal research)
FUTURE OUTLOOK AND OPERATIONS
The global economy is stabilizing with favourable global trade and financial conditions. Domestically, GST promises to deliver positive outcomes as India becomes a single, more competitive market. The economy is expected to grow over 7% per cent in 2018-19. India's gross domestic product (GDP) is expected to reach US$ 6 trillion by FY27 and achieve upper-middle income status on the back of digitisation, globalisation, favourable demographics and reforms. Macro challenges to the economy could arise by way of high crude prices, higher than target inflation, below normal monsoon etc. The rising NPA levels will have impact on the government finances. Government continues to undertake economic reforms and boost growth and productivity.
The Indian mutual fund industry has continued to grow in a robust way, in the last few years. The industry’s AUM has crossed the INR 23 lac crore mark. Flows from the B30 towns have been encouraging. The product categorization and rationalization exercise in the industry, apart from creating a level playing field, will also help investors understand and compare funds of similar type and nature and make an informed decision while investing in mutual funds. The industry continues to be bullish about its growth prospects. For us, B30 cities and towns continue to be a focus area, given the wide presence of BOB’s network in the country Investment in technology and digital tools are an important area as we strive to continuously enhance our processes and deliverables to our clients and distribution partners.
Our growth strategy continues to focus on increased retail participation in our equity and fixed income funds. The share of liquid funds in the asset mix has been coming down. The SIP campaigns launched during the last year have seen an upward shift in the average ticket size. The number of bank branches that are witnessing traction for SIPs has also gone up. We expect similar trend to continue in 2018-19, as we enhance our presence in the Bank’s network and reach out to more retail investors.BOB’s investment in people and technology in creating a top wealth management platform will help us in reaching out to more investors. We will continue to engage and grow partnerships with the IFAs, and National Distributors, to create long-term business relationships and create more awareness of our products, performance and services among the investing community.
BASIS AND POLICY OF INVESTMENT UNDERLYING THE SCHEMES
The basis and policy of investment underlying the schemes are in line with the investment objective of the respective schemes as mentioned above, and as per the asset allocation pattern and investment strategy detailed in the respective Scheme Information Document (SID) of the schemes.
SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies are in accordance with the SEBI MF Regulations. The significant accounting policies form part of the notes to accounts of the scheme(s) in the full annual report.
UNCLAIMED DIVIDEND & REDEMPTION
Investors may refer to the website of the AMC (www.barodapioneer.in), which provides information on the names and addresses of investors in whose folios there are unclaimed amounts, subject to verification of prescribed parameters. The process of claiming the unclaimed amount along with the necessary form / documents is also readily available on the website of the AMC.
Investors are requested to reconcile their bank account statements with the account statements sent by the Mutual Fund and in case of any non-receipt of dividend/redemption proceeds. Investors can approach any of the AMC offices or Investor Service Centres in this regard.
The scheme-wise unclaimed dividend and redemption amounts as at March 31, 2018 were as under:
Scheme Name Unclaimed Dividend Unclaimed Redemption
Amount (Rs.) No. of investors Amount (Rs.) No. of investors
Baroda Pioneer ELSS’96 Fund 10,245,671 2,211 711,245 55
Baroda Pioneer Growth Fund 52,934,454 7,691 5,128,892 156
Baroda Pioneer Balance Fund 91,172 18 98,270 7
Baroda Pioneer Large Cap Fund 20,496 5 134,981 8
Baroda Pioneer Mid-Cap Fund 6,316 4 209,158 13
Baroda Pioneer Banking and Financial Services Fund 11,575 1 101,823 4
REDRESSAL OF INVESTOR COMPLAINTS
Details of investor complaints received during the financial year ended March 31, 2018 in respect of the Mutual Fund are provided under Annexure – I and forms part of this Trustee Report.
DISCLOSURE ON VOTING POLICY AND ACTUAL VOTING RIGHTS EXERCISED BY THE MUTUAL FUND DURING THE FINANCIAL YEAR ENDED MARCH 31, 2018
The Mutual Fund has framed a general voting policy and procedures for exercising the voting rights in respect of shares held by the schemes of the Mutual Fund. The voting policy along with details of the actual exercise of the proxy votes in the AGMs/EGMs of the investee companies of the Mutual Fund during the financial year ended March 31, 2018 forms part of the Annual Report for FY 2017-18 and is also available on the website of the Mutual Fund (www.barodapioneer.in).
A summary of the votes cast across all the investee companies and its break-up in terms of total number of votes cast in favour, against or abstained from, is given below for ready reference of the unit holders :
Quarter Total no. of Resolutions Break-up of Vote decision
For Against Abstained
Apr-Jun, 2017 117 107 0 10
July-Sept, 2017 690 671 16 3
Oct-Dec,2017 46 42 1 3
Jan-Mar,2018 18 18 - -
The unit holders may take note that in terms of the SEBI Circular No. CIR/IMD/DF/05/2014 dated March 24, 2014, M/s. M. P. Chitale & Co., Chartered Accountants, have certified the voting reports being disclosed by the AMC and their certification dated July 6, 2018 forms part of the Annual Report for FY 2017-18. The same is also uploaded on the website of the Mutual Fund (www.barodapioneer.in).
ABRIDGED ANNUAL REPORT 2017 - 2018
6
STATUTORY INFORMATION
a) The Sponsors are not responsible or liable for any loss resulting from the operation of the schemes of the Mutual Fund beyond their initial contribution (to the extent contributed) of Rs. Ten lacs for setting up the Mutual Fund, and such other accretions / additions to the same.
b) The price and redemption value of the units, and income from them, can go up as well as down with fluctuations in the market value of its underlying investments.
c) Full Annual Report shall be disclosed on the website (www.barodapioneer.in) and shall be available for inspection at the Head Office of the Mutual Fund. Present and prospective unit holders can obtain a copy of the trust deed and the full Annual Report of the Mutual Fund / AMC upon request.
d) Unit holders are requested to update their e-mail ids and mobile numbers so as to receive communication electronically as part of the “Go Green” initiative of SEBI.
ACKNOWLEDGEMENT
The Trustee is grateful to the unit holders for reposing faith and confidence in the Mutual Fund and expresses gratitude to the Securities and Exchange Board of India, Association of Mutual Funds in India, Reserve Bank of India, Auditors, Registrars, Custodians, and Bankers for their continued support, advice and co-operation.
The Trustee places on record its appreciation for the services rendered by the Directors and staff of the AMC in managing the affairs of the Mutual Fund.
For and on behalf of the Board of Directors of Baroda Pioneer Trustee Company Private Ltd.
sd/-
R. L. BaxiChairman
Place : MumbaiDate : July 19, 2018
Mutual fund investments are subject to market risks, read all scheme related documents carefully.
Disclaimer for Nifty Bank Index and Nifty 100 : Baroda Pioneer Large Cap Fund and Baroda Pioneer Banking and Financial Services Fund (“said Schemes”) offered by Baroda Pioneer Mutual Fund are not sponsored, endorsed, sold or promoted by India Index Services & Products Limited (“IISL”). IISL does not make any representation or warranty, express or implied (including warranties of merchantability or fitness for particular purpose or use) and disclaims all liability to the owners of the said Schemes or any member of the public regarding the advisability of investing in securities generally or in the said Schemes linked to Nifty 100 and Nifty Bank Index or particularly in the ability of the Nifty 100 and Nifty Bank Index to track general stock market performance in India. Please read the full disclaimers in relation to the Nifty 100 and Nifty Bank Index in the Offer Document / Prospectus / Information Statement.
Complaint Type of (a) No. of (b) No of Resolved Non PendingCode complaint complaints pending complaints Actionable*
at the beginning received during Within 30-60 60-180 Beyond 0-3 3-6 6-9 9-12of the year the year 30 days days days 180 days months months months months
I A Non receipt of Dividend - 7 7 - - - - - - - -on Units
I B Interest on delayed - - - - - - - - - - -payment of Dividend
I C Non receipt of Redemption - 16 16 - - - - - - - -Proceeds
I D Interest on delayed - 2 2 - - - - - - - -payment of Redemption
II A Non receipt of Statement - - - - - - - - - - -of Account/Unit Certificate
II B Discrepancy in Statement - 26 26 - - - - - - - -of Account
II C Data corrections in - 80 79 1 - - - - - - -Investor details
II D Non receipt of Annual - - - - - - - - - - -Report/Abridged Summary
III A Wrong switch between - 8 8 - - - - - - - -Schemes
III B Unauthorized switch - - - - - - - - - - -between Schemes
III C Deviation from Scheme - - - - - - - - - - -attributes
III D Wrong or excess - - - - - - - - - - -charges/load
III E Non updation of changes - 2 2 - - - - - - - -viz. address, PAN, bankdetails, nomination, etc
IV Others ** - 4 4 - - - - - -
V SIP / SWP / STP Related - 27 27 - - - - - - - -Queries
TOTAL - 172 171 1 - - - - - - -
# including against its authorized persons/ distributors/ employees. etc.
* Non actionable means the complaint that are incomplete / outside the scope of the mutual fund.
** Additional complaint category since complaints exceed 10% of overall complaints.
7
ABRIDGED ANNUAL REPORT 2017 - 2018
Baroda Pioneer Mutual Fund#Name of Mutual Fund
Total Number of Folios 360,734
Redressal of complaints received against Baroda Pioneer Mutual Fund during 2017-18
8
INDEPENDENT AUDITORS’ REPORT
To the Board of Directors of
BARODA PIONEER TRUSTEE COMPANY PRIVATE LIMITEDTo the Board of Directors of Baroda Pioneer Trustee Company Private Limited
Report on the Financial Statements
1. We have audited the accompanying financial statements of the under mentioned schemes of Baroda Pioneer Mutual Fund (the “Schemes”), which comprise the Balance Sheet and the related Revenue Account and Cash Flow Statement, where applicable, for the year/period mentioned below, and a summary of significant accounting policies and other explanatory information, which we have signed under reference to this report.
Schemes Year / Period
Baroda Pioneer ELSS 96 April 1, 2017 to March 31, 2018
Baroda Pioneer Growth Fund April 1, 2017 to March 31, 2018
Baroda Pioneer Balance Fund April 1, 2017 to March 31, 2018
Baroda Pioneer Large Cap Fund April 1, 2017 to March 31, 2018
Baroda Pioneer Mid-Cap Fund April 1, 2017 to March 31, 2018
Baroda Pioneer Banking and Financial Services Fund April 1, 2017 to March 31, 2018
Baroda Pioneer Equity Trigger Fund-Series I April 1, 2017 to December 28, 2017
Trustee’s and Management’s Responsibility for the Financial Statements
2. The Trustee of Baroda Pioneer Mutual Fund and the Management of Baroda Pioneer Asset Management Company Limited (the “Management”) are responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows, where applicable, of the Schemes in accordance with the accounting policies and standards specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto (the “Regulations”). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditors’ Responsibility
3. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
4. An audit involves performing procedures to obtain audit evidence, about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Our procedures included confirmation of securities owned and unit capital balances as at the Balance Sheet date by correspondence with the custodian/others and registrar and transfer agent, respectively.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Trustee and the Management, as well as evaluating the overall presentation of the financial statements.
5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
6. In our opinion, and to the best of our information and according to the explanations given to us, the accompanying financial statements give the information required by the Regulations in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:
(a) in the case of the Balance Sheets, of the state of affairs of the Scheme as at the Balance Sheet date;
(b) in the case of the Revenue Account, of the net surplus for the year/period ended on that date; and
(c) in the case of the Cash Flow Statement, where applicable, of the cash flows for the year/period ended on that date.
Report on Other Legal and Regulatory Requirements
7. As required by section 55(4) of the Regulations, we report that:
(a) We have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purposes of our audit; and
(b) In our opinion, the Balance Sheet, Revenue Account and Cash Flow Statement, where applicable, dealt with by this report have been prepared in accordance with the accounting policies and standards specified in the Ninth Schedule of the Regulations.
8. As required by clause 5 (ii)(2) of the Eleventh Schedule to the Regulations, we report that the Balance Sheet, Revenue Account, and Cash Flow Statement, where applicable, dealt with by this Report are in agreement with the books of account of the Scheme.
9. In our opinion, the methods used to value non-traded securities as at the Balance Sheet date, as determined by Baroda Pioneer Asset Management Company Limited under procedures approved by the Trustee of Baroda Pioneer Mutual Fund in accordance with the guidelines for valuation of securities for mutual funds as mentioned in the Eighth Schedule of the Regulations issued by the Securities and Exchange Board of India, are fair and reasonable.
For Price Waterhouse Chartered Accountants LLPFirm Registration Number: 012754N/N500016
BARODA PIONEER ELSS'96 GROWTH FUND BALANCE FUND LARGE CAP FUND
As at As at As at As at As at As at As at As atMarch 31, 2018 March 31, 2017 March 31, 2018 March 31, 2017 March 31, 2018 March 31, 2017 March 31, 2018 March 31, 2017
LIABILITIES
Unit Capital 347,335,831 255,109,606 734,948,616 580,798,935 1,789,283,481 664,610,493 209,151,891 186,942,463
ABRIDGED REVENUE ACCOUNT FOR THE YEAR ENDED MARCH 31, 2018
BARODA PIONEER ELSS'96 GROWTH FUND BALANCE FUND LARGE CAP FUND
April 01, 2017 to April 01, 2016 to April 01, 2017 to April 01, 2016 to April 01, 2017 to April 01, 2016 to April 01, 2017 to April 01, 2016 toMarch 31, 2018 March 31, 2017 March 31, 2018 March 31, 2017 March 31, 2018 March 31, 2017 March 31, 2018 March 31, 2017
NET REALISED GAINS / (LOSSES) FOR THE YEAR (A -B = C) 50,496,791 71,259,958 158,219,530 409,725,785 54,276,240 125,185,205 2,112,056 23,698,570
Change in Unrealised Depreciation in value of investments (D) (1,805,910) - - - (3,202,582) 80,137,663 - 4,270,753
NET GAINS / (LOSSES) FOR THE YEAR (E=(C-D)) 48,690,881 71,259,958 158,219,530 409,725,785 51,073,658 205,322,868 2,112,056 27,969,323
Change in unrealised appreciation in the value of investments (F) 19,500,096 70,571,251 223,450,168 311,621,884 131,515,551 129,116,677 1,940,163 16,043,781
NET SURPLUS / (DEFICIT) FOR THE YEAR (E + F = G) 68,190,977 141,831,209 381,669,698 721,347,669 182,589,209 334,439,545 4,052,219 44,013,104
ABRIDGED REVENUE ACCOUNT FOR THE YEAR ENDED MARCH 31, 2018 (Contd.,)
MID-CAP FUND BANKING AND FINANCIAL EQUITY TRIGGER
SERVICES FUND FUND-SERIES I
April 01, 2017 to April 01, 2016 to April 01, 2017 to April 01, 2016 to April 01, 2017 to April 01, 2016 toMarch 31, 2018 March 31, 2017 March 31, 2018 March 31, 2017 Dec 28, 2017 March 31, 2017
Notes to Accounts - Annexure I to the Abridged Balance Sheet and Revenue Account for the year ended March 31, 20181. Investments:-
1.1. All the investments are held in the name of the Scheme(except for Government Securities and Treasury Bills which are in the name of the Fund), as per clause 7 of the Seventh Schedule under Regulation44(1) of SEBI (Mutual Funds) Regulations, 1996.
1.2. There were no open positions in derivatives as at March 31, 2017 and March 31, 2018.
Details of derivatives as at the year / period ended March 31, 2018 and March 31, 2017 was as under :
a. Hedging Positions through Futures as on March 31, 2018 : Nil (Previous year :NIL)
b. For the period April 01, 2017 to March 31, 2018, hedging transactions through futures which have been squared off/expired :
Scheme Total Number of Total Number of Total Number of Gross Notional Value Gross Notional Gross Notional Net Profit/Losscontracts where contracts where contracts where of contracts where Value of contracts Value of contracts value on all
futures were Sold futures were futures were sold futures were Sold where futures where futures contracts (opening balance) bought (opening balance) were bought were sold combined
Baroda Pioneer Large Cap Fund - 8 8 - 6,139,876 5,482,000 (657,876)
Baroda Pioneer Banking and Financial Services Fund - 40 40 - 30,803,000 27,428,630 (3,374,370)
For the period April 01, 2016 to March 31, 2017, hedging transactions through futures which have been squared off/expired :
Scheme Total Number of Total Number of Total Number of Gross Notional Value Gross Notional Gross Notional Net Profit/Losscontracts where contracts where contracts where of contracts where Value of contracts Value of contracts value on all
futures were Sold futures were futures were sold futures were Sold where futures where futures contracts (opening balance) bought (opening balance) were bought were sold combined
Baroda Pioneer Banking and Financial Services Fund - 20 20 12,791,520 13,145,280 353,760
Baroda Pioneer Large Cap Fund - 8 8 - 4,810,680 4,637,744 (172,936)
c. Other than Hedging Positions through Futures as on March 31, 2018 : Nil (Previous year :NIL)
d. For the period April 01, 2017 to March 31, 2018, other than hedging transactions through futures which have been squared off/expired :
Scheme Total Number of Total Number of Total Number of Gross Notional Value Gross Notional Gross Notional Net Profit/Losscontracts where contracts where contracts where of contracts where Value of contracts Value of contracts value on all
futures were futures were futures were sold futures were Bought where futures where futures contracts bought bought (opening balance) were bought were sold combined
For the period April 01, 2016 to March 31, 2017, other than hedging transactions through futures which have been squared off/expired :
Scheme Total Number of Total Number of Total Number of Gross Notional Value Gross Notional Gross Notional Net Profit/Losscontracts where contracts where contracts where of contracts where Value of contracts Value of contracts value on all
futures were futures were futures were sold futures were Bought where futures where futures contracts bought bought (opening balance) were bought were sold combined
Baroda Pioneer Banking and Financial Services Fund - 87 87 - 62,248,016 61,804,285 (443,731)
e. Hedging Positions through Options as on March 31, 2018 : Nil (Previous year :NIL)
f. For the period April 01, 2017 to March 31, 2018, hedging transactions through Options which have been squared off/expired : Nil (Previous year :NIL)
g. Other than Hedging Positions through Options as on March 31, 2018 : Nil (Previous year :NIL)
h. For the period April 01, 2017 to March 31, 2018, other than hedging transactions through Options which have been squared off/expired : Nil (Previous year :NIL)
1.3. Investment in Associates and Group Companies as at the year ended March 31, 2018 was as under -
Baroda Pioneer Growth Fund Bank of Baroda Equity 70,892,800 613,145,000 86,754,500 105,326,550
Baroda Pioneer Large Cap Fund Bank of Baroda Equity 4,352,100 613,145,000 3,487,280 105,326,550
Baroda Pioneer Mid-cap Fund Bank of Baroda Equity - 613,145,000 6,545,600 105,326,550
Baroda Pioneer Banking and Financial Services Fund Bank of Baroda Equity 2,687,100 613,145,000 17,419,850 105,326,550
Baroda Pioneer ELSS 96 Bank of Baroda Equity - 613,145,000 - 105,326,550
Baroda Pioneer Balance Fund Bank of Baroda Non Convertible Debentures 140,000,000 613,145,000 - 105,326,550
1.4. There was no open position of Securities Borrowed and/or Lent by the schemes as at March 31, 2018 and March 31, 2017.
1.5. There were no Non-Performing Assets as at March 31, 2018 and March 31, 2017.
Scheme Issuer Instrument Type Amount (Rs.) Aggregate Investments Amount (Rs.) Aggregate Investmentsby all schemes (Rs.) by all schemes (Rs.)
2017-18 As on March 31, 2018 2016-17 As on March 31, 2017
’
ABRIDGED ANNUAL REPORT 2017 - 2018
14
Annexure I (Contd.,)
Notes to Accounts to the Abridged Balance Sheet and Revenue Account for the year ended March 31, 2018 (Contd.,)
1. Investments:- (Contd.,)
1.6. Aggregate Unrealised Gain / (Loss) as at the end of the Financial Year March 31, 2018 and March 31, 2017 are as under :
Scheme Name / Security Type Year ended 31-March-2018 Year ended 31-March-2017
Unrealised Gain / (Loss) % to Net Assets Unrealised Gain / (Loss) % to Net Assets
Baroda Pioneer ELSS 96
Equity & Equity Related 91,215,646 6.98 73,521,460 8.46
Baroda Pioneer Growth Fund
Equity & Equity Related 670,785,230 10.56 447,335,062 10.35 \
Notes to Accounts to the Abridged Balance Sheet and Revenue Account for the year ended March 31, 2018 (Contd.,)
2. Transactions covered by Regulation 25(8) of the SEBI (Mutual Funds) Regulations, 1996 with the associates :
a.
Name of associates/related parties/group Nature of Association/ Period Covered Value of % of Total Value of Brokerage % of total Brokeragecompanies of Sponsor/AMC Nature of relation Transaction (Rs) Transaction of the Fund (Rs) paid by the Fund
BOB Capital Markets Ltd. Associate Broker Apr-17 To Mar-18 869,904,358.81 1.50% 980,887.23 3.15%
Name of associates/related parties/group Nature of Association/ Period Covered Value of % of Total Value of Brokerage % of total Brokeragecompanies of Sponsor/AMC Nature of relation Transaction (Rs) Transaction of the Fund (Rs) paid by the Fund
BOB Capital Markets Ltd. Associate Broker Apr-16 To Mar-17 1,188,874,856.11 2.41 1,401,755.37 3.92
SBICAP Securities Ltd Associate Broker Apr 16 To Nov 16* 479,701,116.06 1.38 565,067.98 2.45
* SBICAP Securities Ltd. was associate till November 2016.
b. Commission Paid to Associates/Related Parties/ Group Companies of Sponsor/AMC by all schemes
April 01, 2017 to March 31, 2018
Business % of Total Business Commission % of total commission paid Given (Rs.) received by the fund Paid (Rs.) by the fund
Bank of Baroda Sponsor 40,246,473,858.74 1.73 155,218,587.92 52.78
April 01, 2016 to March 31, 2017
Business % of Total Business Commission % of total commission paid Given (Rs.) received by the fund Paid (Rs.) by the fund
Bank of Baroda Sponsor 22,246,600,000 0.88 67,300,000 38.56
3. Interest on Borrowings & Bank charges :
Scheme Name of Associate Nature of Association Nature of Expenses 2017-18 2016-17
Baroda Baroda Pioneer ELSS 96 Bank of Baroda Sponsor Bank charges 34,395 1,300
Baroda Pioneer Growth Fund Bank of Baroda Sponsor Bank charges 385,180 1,578
Baroda Pioneer Balance Fund Bank of Baroda Sponsor Bank charges 66,089 1,127
Baroda Pioneer Banking and Financial Services Fund Bank of Baroda Sponsor Bank charges 7,103 -
Baroda Pioneer Mid-cap Fund Bank of Baroda Sponsor Bank charges 2,811 100
Baroda Pioneer Large Cap Fund Bank of Baroda Sponsor Bank charges 2,723 100
4. There were no Unitholders over 25% of the NAV of the Scheme as at March 31, 2018 and March 31, 2017.
5 Unit Capital movement during the years ended March 31, 2018 and March 31, 2017 (Refer Annexure II).
6 There were no contingent liabilities for the year ended March 31, 2018 and March 31, 2017.
7 Expenses other than management fee are inclusive of service tax/GST wherever applicable.
8 Other Income includes load income and miscellaneous income (if any)
9 Previous period's figures have been reclassified, wherever necessary, to conform with current year's presentation.
10 The Annual Accounts of the Schemes prepared in accordance with the accounting policies and standards specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations,1996 have been approved by the Board of Directors of AMC and Trustee Company at their meetings held on July 16, 2018 and July 19, 2018 respectively. The audit report attached herewith refers to the said annual accounts. The aforesaid abridged accounts are an extract of the Annual Accounts in accordance with SEBI Circular No. IMD/Cir8/132968/2008 dated July 24, 2008.
Brokerage Paid to Associates/Related Parties/ Group Companies of Sponsor/AMC by all schemes
’
ABRIDGED ANNUAL REPORT 2017 - 2018
16
Annexure IIUnit Capital movement for the year/period.
BARODA PIONEER ELSS 96
Description Face Value (Rs.) Opening Units Subscription Redemption Closing Units
2017-18
Plan A - Bonus Option 10 25,007.398 - 6,577.992 18,429.406
Plan A - Dividend Option 10 15,746,861.468 3,099,444.387 2,221,795.044 16,624,510.811
Plan A - Growth Option 10 8,143,176.867 8,223,140.323 6,753.887 16,359,563.303
Plan B (Direct) - Bonus Option 10 3,762.292 - 2,318.272 1,444.020
Plan B (Direct) - Dividend Option 10 268,797.420 49,014.804 28,324.370 289,487.854
Plan B (Direct) - Growth Option 10 1,323,355.040 118,994.684 2,202.051 1,440,147.673
2016-17
Plan A - Bonus Option 10 25,461.309 - 453.911 25,007.398
Plan A - Dividend Option 10 13,866,063.462 3,252,935.355 1,372,137.349 15,746,861.468
Plan A - Growth Option 10 2,033,136.445 6,110,040.422 - 8,143,176.867
Plan B (Direct) - Bonus Option 10 3,762.292 - - 3,762.292
Plan B (Direct) - Dividend Option 10 212,491.050 59,979.914 3,673.544 268,797.420
Plan B (Direct) - Growth Option 10 698,142.924 625,212.116 - 1,323,355.040
BARODA PIONEER GROWTH FUND
Description Face Value (Rs.) Opening Units Subscription Redemption Closing Units
2017-18
Plan A - Dividend Option 10 9,201,746.262 2,368,747.935 1,363,619.172 10,206,875.025
Plan A - Growth Option 10 42,564,533.373 32,094,934.865 13,821,582.248 60,837,885.990
Plan B (Direct) - Dividend Option 10 5,557,681.617 65,426.477 4,173,887.388 1,449,220.706
Plan B (Direct) - Growth Option 10 755,932.395 521,534.504 276,586.854 1,000,880.045
2016-17
Plan A - Dividend Option 10 10,036,200.533 595,792.898 1,430,247.169 9,201,746.262
Plan A - Growth Option 10 27,610,716.577 23,687,052.100 8,733,235.304 42,564,533.373
Plan B (Direct) - Dividend Option 10 5,542,749.476 42,390.444 27,458.303 5,557,681.617
Plan B (Direct) - Growth Option 10 1,684,879.027 467,162.342 1,396,108.974 755,932.395
BARODA PIONEER BALANCE FUND
Description Face Value (Rs.) Opening Units Subscription Redemption Closing Units
2017-18
Plan A - Bonus Option 10 - -
Plan A - Dividend Option 10 28,544,488.621 73,139,514.210 15,102,310.242 86,581,692.589
Plan A - Growth Option 10 35,854,066.950 64,225,980.712 11,156,470.652 88,923,577.010
Plan B (Direct) - Dividend Option 10 288,485.192 1,727,364.921 88,194.925 1,927,655.188
Plan B (Direct) - Growth Option 10 1,774,008.614 1,523,491.617 1,802,076.773 1,495,423.458
2016-17
Plan A - Bonus Option 10 1,742.910 - 1,742.910 -
Plan A - Dividend Option 10 125,246,436.925 21,591,492.311 118,293,440.615 28,544,488.621
Plan A - Growth Option 10 13,685,393.485 31,754,826.106 9,586,152.641 35,854,066.950
Plan B (Direct) - Dividend Option 10 1,056,208.646 44,892.549 812,616.003 288,485.192
Plan B (Direct) - Growth Option 10 1,550,714.003 284,502.687 61,208.076 1,774,008.614
BARODA PIONEER LARGE CAP FUND
Description Face Value (Rs.) Opening Units Subscription Redemption Closing Units
2017-18
Plan A - Dividend Option 10 1,283,582.666 604,355.873 153,288.521 1,734,650.018
Plan A - Growth Option 10 16,992,077.248 6,574,360.388 4,858,910.196 18,707,527.440
Plan B (Direct) - Dividend Option 10 29,249.415 8,799.152 24,870.468 13,178.099
Plan B (Direct) - Growth Option 10 389,337.075 213,222.409 142,725.931 459,833.553
2016-17
Plan A - Dividend Option 10 1,630,560.127 338,168.173 685,145.634 1,283,582.666
Plan A - Growth Option 10 15,058,095.290 6,228,122.123 4,294,140.165 16,992,077.248
Plan B (Direct) - Dividend Option 10 5,438.637 25,845.212 2,034.434 29,249.415
Plan B (Direct) - Growth Option 10 284,789.909 196,790.141 92,242.975 389,337.075
BARODA PIONEER MID-CAP FUND
Description Face Value (Rs.) Opening Units Subscription Redemption Closing Units
2017-18
Plan A - Dividend Option 10 5,255,320.481 168,711.581 2,607,891.202 2,816,140.860
Plan A - Growth Option 10 32,881,628.807 12,107,631.856 10,452,378.495 34,536,882.168
Plan B (Direct) - Dividend Option 10 38,888.337 39,208.980 12,458.572 65,638.745
Plan B (Direct) - Growth Option 10 860,907.141 412,633.773 91,448.948 1,182,091.966
2016-17
Plan A - Dividend Option 10 5,864,288.864 230,828.921 839,797.304 5,255,320.481
Plan A - Growth Option 10 33,280,456.979 7,365,458.574 7,764,286.746 32,881,628.807
Plan B (Direct) - Dividend Option 10 31,492.380 115,026.648 107,630.691 38,888.337
Plan B (Direct) - Growth Option 10 720,695.140 223,420.656 83,208.655 860,907.141
Annexure IIUnit Capital movement for the year/period.
BARODA PIONEER BANKING AND FINANCIAL SERVICES FUND
Description Face Value (Rs.) Opening Units Subscription Redemption Closing Units
2017-18
Plan A - Bonus Option 10 961.131 - - 961.131
Plan A - Dividend Option 10 1,074,996.340 112,542.334 251,993.714 935,544.960
Plan A - Growth Option 10 20,190,898.348 2,202,173.474 4,574,794.490 17,818,277.332
Plan B (Direct) - Dividend Option 10 58,446.003 12,658.223 30,817.374 40,286.852
Plan B (Direct) - Growth Option 10 496,993.545 130,704.610 135,182.041 492,516.114
2016-17
Plan A - Bonus Option 10 961.131 - - 961.131
Plan A - Dividend Option 10 8,738,839.336 195,263.493 7,859,106.489 1,074,996.340
Plan A - Growth Option 10 22,981,213.503 2,290,747.159 5,081,062.314 20,190,898.348
Plan B (Direct) - Dividend Option 10 35,448.162 46,297.296 23,299.455 58,446.003
Plan B (Direct) - Growth Option 10 363,112.139 242,746.535 108,865.129 496,993.545
BARODA PIONEER EQUITY TRIGGER FUND-SERIES I
Description Face Value (Rs.) Opening Units Subscription Redemption Closing Units
2017-18
Plan A - Dividend Option 10 23,537,939.970 - - 23,537,939.970
Plan A - Growth Option 10 30,568,708.420 - - 30,568,708.420
Plan B (Direct) - Dividend Option 10 7,169,007.979 - - 7,169,007.979
Plan B (Direct) - Growth Option 10 678,931.856 - - 678,931.856
2016-17
Plan A - Dividend Option 10 23,537,939.970 - - 23,537,939.970
Plan A - Growth Option 10 30,568,708.420 - - 30,568,708.420
Plan B (Direct) - Dividend Option 10 7,169,007.979 - - 7,169,007.979
Plan B (Direct) - Growth Option 10 678,931.856 - - 678,931.856
ABRIDGED ANNUAL REPORT 2017 - 2018
18
Key Statistics for the Year/Period ended 31.03.18BARODA PIONEER BARODA PIONEER BARODA PIONEER BARODA PIONEER
ELSS'96 GROWTH FUND BALANCE FUND LARGE CAP FUND
As at March As at March As at March As at March As at March As at March As at March As at March31, 2018 31, 2017 31, 2018 31, 2017 31, 2018 31, 2017 31, 2018 31, 2017
1. NAV per unit (Rs.):Declared NAV excluding LoadOpen
Plan A - Bonus Option 41.72 33.34 - - - 41.21 - - Plan A - Dividend Option 30.11 26.10 33.83 32.05 17.66 16.32 11.86 9.36 Plan A - Growth Option 41.72 33.34 88.53 71.55 49.83 41.21 12.88 10.17 Plan B (Direct) - Bonus Option 43.94 34.85 - - - - - - Plan B (Direct) - Dividend Option 35.01 29.79 33.30 31.39 19.00 17.20 12.19 9.56 Plan B (Direct) - Growth Option 43.94 34.85 91.82 73.62 52.12 42.57 13.22 10.37
HighPlan A - Bonus Option 50.13 41.72 - - - 47.87 - - Plan A - Dividend Option 36.18 32.07 40.10 35.54 19.41 18.26 13.39 11.74 Plan A - Growth Option 50.13 41.72 104.94 87.64 58.16 49.33 14.55 12.75 Plan B (Direct) - Bonus Option 53.26 43.94 - - - - - - Plan B (Direct) - Dividend Option 42.44 36.88 39.80 35.01 21.18 19.35 13.90 12.07 Plan B (Direct) - Growth Option 53.26 43.94 109.73 90.90 61.51 51.60 15.07 13.09
LowPlan A - Bonus Option 41.84 32.79 - - - 40.58 - - Plan A - Dividend Option 28.76 25.67 32.42 29.90 16.93 15.91 11.05 9.13 Plan A - Growth Option 41.84 32.79 88.01 69.57 49.53 40.58 12.65 9.92 Plan B (Direct) - Bonus Option 44.08 34.29 - - - - - - Plan B (Direct) - Dividend Option 34.36 29.31 32.21 29.37 18.67 16.93 11.51 9.33 Plan B (Direct) - Growth Option 44.08 34.29 91.29 71.59 51.83 41.89 13.00 10.12
End Plan A - Bonus Option 45.16 41.72 - - - - - - Plan A - Dividend Option 29.33 30.11 33.32 33.83 17.38 17.66 11.31 11.86 Plan A - Growth Option 45.16 41.72 96.39 88.53 54.68 49.83 13.11 12.88 Plan B (Direct) - Bonus Option 48.07 43.94 - - - - - - Plan B (Direct) - Dividend Option 35.04 35.01 33.12 33.30 19.17 19.00 11.78 12.19 Plan B (Direct) - Growth Option 48.07 43.94 101.01 91.82 58.15 52.12 13.59 13.22
2. Closing Assets Under Management (Rs. in Lakhs) End 13,065.88 8,686.40 63,535.02 43,221.77 64,910.21 23,586.10 2,712.22 2,384.95 Average (AAuM) 11,320.34 6,095.53 55,908.35 32,478.94 40,373.33 14,346.09 2,772.71 1,819.75 3. Gross income as % of AAuM 8.97% 26.26% 9.69% 25.13% 7.38% 26.14% 4.62% 27.26%4. Expense Ratio:
a. Total Expense as % of AAuMRegular Plan 3.01% 3.06% 2.89% 2.97% 2.89% 2.90% 3.16% 3.08%Direct Plan 2.05% 2.29% 1.94% 2.18% 1.08% 1.56% 2.36% 2.41%
b. Management Fee as % of AAuMRegular Plan 1.71% 1.90% 1.60% 1.92% 0.89% 1.26% 1.98% 2.10%Direct Plan 1.71% 1.90% 1.60% 1.92% 0.89% 1.26% 1.98% 2.10%
5. Net Income as % of AAuM 6.02% 23.27% 6.83% 22.21% 4.52% 23.31% 1.46% 24.19%6. Portfolio turnover ratio 1.07 2.20 0.92 1.99 1.26 3.07 1.23 2.817. Total Dividend per unit distributed during the year / period
Individual & HUFPlan A - Dividend Option 3.25 2.50 3.50 6.38 2.00 2.09 0.75 - Plan B (Direct) - Dividend Option 3.25 2.50 3.50 6.38 2.00 2.09 0.75 - Others Plan A - Dividend Option 3.25 2.50 3.50 6.68 2.00 2.15 0.75 - Plan B (Direct) - Dividend Option 3.25 2.50 3.50 6.68 2.00 2.15 0.75 -
1. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year. 2.AAuM=Average daily net assets $$The first NAV of the Growth option under Plan A and Plan B (Direct) was on declared on March 2, 2015 and March 5, 2015 respectively. Plan A and Plan B (Direct) have different expense structures. The last working day of March has been considered in all cases. Returns are Compounded Annualised and are calculated on the basis of Rs. 10 invested at inception for all schemes. Effective February 1, 2018, performance of the scheme is benchmarked to the Total Return variant of the benchmark / standard benchmark index (TRI). Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.
Baroda Pioneer Growth Fund : Since Inception - As TRI data is not available since inception of the scheme, benchmark performance is calculated using composite CAGR of the benchmark index Price Return values from 12 Sep 2003 to 29 June 2007, and TRI values since 29 June 2007. Baroda Pioneer ELSS'96 : Since Inception - As TRI data is not available since inception of the scheme, benchmark performance is calculated using composite CAGR of S&P BSE 200 PRI values from date 12-Sep-2003 to date 29-Jun-2007 and TRI values since date 29-Jun-2007.
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Key Statistics for the Year/Period ended 31.03.18 BARODA PIONEER BARODA PIONEER BARODA PIONEER
MID-CAP FUND BANKING AND FINANCIAL EQUITY TRIGGER SERVICES FUND FUND-SERIES I
As at March As at March As at March As at March As at March As at March31, 2018 31, 2017 31, 2018 31, 2017 31, 2018 31, 2017
1. NAV per unit (Rs.): Declared NAV excluding LoadOpen
Plan A - Bonus Option - - 18.99 13.86 - - Plan A - Dividend Option 8.39 6.68 16.15 12.90 12.47 9.58 Plan A - Growth Option 8.39 6.68 18.99 13.86 12.47 9.58 Plan B (Direct) - Bonus Option - - - - - - Plan B (Direct) - Dividend Option 8.67 6.84 16.76 13.26 12.92 9.78 Plan B (Direct) - Growth Option 8.67 6.84 19.65 14.25 12.92 9.78
HighPlan A - Bonus Option - - 21.87 18.89 - - Plan A - Dividend Option 10.55 8.31 18.59 17.27 14.40 12.47 Plan A - Growth Option 10.55 8.31 21.87 18.89 14.40 12.47 Plan B (Direct) - Bonus Option - - - - - - Plan B (Direct) - Dividend Option 10.97 8.58 19.42 17.86 15.08 12.92 Plan B (Direct) - Growth Option 10.97 8.58 22.77 19.54 15.08 12.92
LowPlan A - Bonus Option - - 18.84 13.40 - - Plan A - Dividend Option 8.21 6.29 14.70 12.46 12.56 9.55 Plan A - Growth Option 8.21 6.29 18.84 13.40 12.56 9.55 Plan B (Direct) - Bonus Option - - - - - - Plan B (Direct) - Dividend Option 8.48 6.45 15.46 12.82 13.01 9.75 Plan B (Direct) - Growth Option 8.48 6.45 19.49 13.77 13.01 9.75
End Plan A - Bonus Option - - 20.02 18.99 - - Plan A - Dividend Option 9.67 8.39 15.26 16.15 14.40 12.47 Plan A - Growth Option 9.67 8.39 20.02 18.99 14.40 12.47 Plan B (Direct) - Bonus Option - - - - - - Plan B (Direct) - Dividend Option 10.08 8.67 16.04 16.76 15.08 12.92 Plan B (Direct) - Growth Option 10.08 8.67 20.87 19.65 15.08 12.92
2. Closing Assets Under Management (Rs. in Lakhs)End 3,738.63 3,277.09 3,818.51 4,120.44 8,975.91 7,761.69 Average (AAuM) 3,511.06 2,803.46 4,154.63 4,792.96 8,427.52 6,822.09
3. Gross income as % of AAuM 16.55% 26.58% 8.62% 34.33% 22.19% 29.46%4. Expense Ratio: a. Total Expense as % of AAuM
Regular Plan 3.11% 3.03% 3.07% 3.03% 2.96% 3.10%Direct Plan 2.38% 2.34% 2.45% 2.33% 2.10% 1.58%
b. Management Fee as % of AAuMRegular Plan 2.00% 2.05% 2.06% 1.99% 1.77% 1.70%Direct Plan 2.00% 2.05% 2.06% 1.99% 1.77% 1.70%
5. Net Income as % of AAuM 13.46% 23.56% 5.56% 31.30% 19.33% 26.56%6. Portfolio turnover ratio 1.37 2.58 0.85 1.99 1.29 2.207. Total Dividend per unit distributed during the year / period
Individual & HUFPlan A - Dividend Option - - 1.75 1.50 - - Plan B (Direct) - Dividend Option - - 1.75 1.50 - - Others Plan A - Dividend Option - - 1.75 1.50 - - Plan B (Direct) - Dividend Option - - 1.75 1.50 - -
b. Since InceptionPlanPlan A - Growth Option -0.45% -2.64% 12.79% 14.19% 12.93% 9.98%Plan A - Dividend Option - - - - - -
Plan B (Direct) - Growth Option 5.84% 3.73% 10.82% 12.18% 14.68% 11.67%Plan B (Direct) - Dividend Option - - - - - - Benchmark (Plan A - Growth Option) 10.75% 8.80% 17.50% 18.96% 21.58% 13.54%Benchmark (Plan A - Dividend Option) - - - - - - Benchmark (Plan B (Direct) - Growth Option) 17.86% 17.15% 14.00% 13.23% 21.58% 13.54%Benchmark (Plan B (Direct) - Dividend Option) - - - - - - Benchmark Index S&P BSE S&P BSE Nifty Bank Nifty Bank S&P BSE S&P BSE
Mid-cap index Mid-cap index Index Index Mid Cap Index Mid Cap Index
(Contd.,)
ABRIDGED ANNUAL REPORT 2017 - 2018
1. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year. 2.AAuM=Average daily net assets. Plan A and Plan B (Direct) have different expense structures. The last working day of March has been considered in all cases. Returns are Compounded Annualised and are calculated on the basis of Rs. 10 invested at inception for all schemes. Effective February 1, 2018, performance of the scheme is benchmarked to the Total Return variant of the benchmark / standard benchmark index (TRI). Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.
