KARVY’s

August, 2019

INVESTOR JOURNAL

www.karvyvalue.com

What’s Inside

KARVY’sINVESTOR JOURNAL

Fund of the MonthMirae Asset Large Cap Fund-Reg(G)The investment objective of the schemeis to generate long term capital...Aug, 2019

Market ReviewPage 01

Karvy Investment InsightPage 03

Fund of The MonthPage 04

Readers CornerPage 05

Story of The MonthPage 06

SIP PerformancePage 07

Category Average ReturnsPage 08

Fixed Deposits SchemesPage 09

Equity Funds PerformancePage 10

Debt Funds PerformancePage 11

Global Markets at a GlancePage 12

Indices WatchPage 13

Highlights of the Month » According to the data released by the Association

of Mutual Funds in India, the Asset under management (AUM) of the mutual fund industry fell by 6.5% from Rs. 25.93 lakh crore in May 2019 to Rs. 24.25 lakh crore in the month of June 2019.

» Systematic investment plans (SIPs) flows slightly decreased by 0.7% to Rs. 8,122 crore in June 2019 from Rs. 8,183 crore in May 2019.

» Liquid funds witnessed a net outflow of Rs.1,52,431.65 crore during the month June 2019 against a net inflow of Rs. 68,582 crore in the month of May 2019.

» Balance Funds witnessed a net inflow of Rs. 862.61 crore in the month June 2019 compared to net inflow of Rs. 1,265 crore in the month of May 2019.

» In June, net inflows into equity mutual funds increased to Rs.7,663 crore from Rs.5,408 crore in the month of May 2019, mainly supported by Large & Multi cap funds.

» The mutual fund industry as a whole saw a net outflow of Rs. 1,59,814 crore in June 2019 compared with a net inflow of Rs. 76,990 crore in May 2019. This outflow was mainly led by liquid funds and other debt oriented funds.

Page 04

INVESTOR JOURNALAug, 2019

Market Review

Exports:

» Exports in June 2019 were USD 25.01 Billion, as compared to USD 27.70 Billion in June 2018, exhibiting a negative growth of 9.71%.

» Iron Ore (154.84%); Electric goods (43.78%); Drugs and Pharmaceuticals (16.17%) and Spices (16.78%) showed a high positive export growth during the month.

» Non-petroleum and Non Gems and Jewellery exports in June 2019 were USD 19.15 Billion, as compared to USD 20.13 Billion in June 2018, exhibiting a negative growth of 4.86%.

Imports:

» Imports in June 2019 were USD 40.29 billion, which was 9.06 per cent lower in Dollar terms over imports of USD 44.30 billion in June 2018.

» Pearls, precious & Semi-precious stones (-23.64%); Petroleum, Crude & products (-13.33%); Machinery, electrical & non-electrical (-9.03%) showed a major negative growth during the month.

Crude Oil and Non-Oil Imports:

» Oil imports in June 2019 were USD 11.03 billion, which was 13.33 percent lower in Dollar terms, compared to USD 12.73 billion in June 2018.

» Non-oil imports in June 2019 were estimated at USD 29.26 billion which was 7.34 per cent lower in Dollar terms, compared to USD 31.58 billion in June 2018.

Trade Balance:The trade deficit for June 2019 was estimated at USD 15.28 billion as against the deficit of USD 16.60 billion in June 2018.

CPI Inflation:CPI inflation in India inched upward by 3.18% in June of 2019 from 3.05% rise in May 2019. It is the highest inflation rate since October last year, mainly led by higher food prices.

WPI Inflation:Wholesale prices in India fell by 2.02% in June 2019 from 2.45% in the prior month. It is the lowest inflation rate since July 2017, mainly supported by slowdown in cost of food, fuel and manufacturing products.

IIP:Index of Industrial Production (IIP) with base 2011-12 for the month of May 2019 stands at 133.6, which is 3.1% higher as compared to the level in the month of May 2018. The cumulative growth for the period April-May 2019 over the corresponding period of the previous year stands at 3.7%.

Apart from FII and MF activity, Key domestic data released in the month of Jul were:

1

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Indian indices Sensex and Nifty 50 ended with negative returns, gave a return of -4.86% and -5.69% respectively during the July month. Among the BSE sectoral indices, S&P BSE IT was the top performers with 0.51%. CPI inflation in India inched upward by 3.18% in June of 2019 from 3.05% rise in May 2019. It is the highest inflation rate since October last year, mainly led by higher food prices. The mutual fund industry as a whole saw a net outflow of Rs. 1,59,814 crore in June 2019 compared with a net inflow of Rs. 76,990 crore in May 2019. This outflow was mainly led by liquid funds and other debt oriented funds. Foreign institutional investors net sellers in july month, sold around Rs. 12,000 crs in equity markets as the government proposed to increase income-tax surcharge on the super-rich, including non-corporate foreign entities.

INVESTOR JOURNALAug, 2019

S&P BSE SENSEX

Date Close Price Points Diff %age Change

28-Jun-19 39,394.64

8-Jul-19 38,720.57 -674.07 -1.7%

15-Jul-19 38,896.71 176.14 0.5%

22-Jul-19 38,031.13 -865.58 -2.2%

29-Jul-19 37,686.37 -344.76 -0.9%

Overall Change for the month -4.86%

NIFTY 50

Date Close Price Points Diff %age Change

28-Jun-19 11,788.85

8-Jul-19 11,558.60 -230.25 -2.0%

15-Jul-19 11,588.35 29.75 0.3%

22-Jul-19 11,346.20 -242.15 -2.1%

29-Jul-19 11,189.20 -157.00 -1.4%

Overall Change for the month -5.69%

Sensex & Nifty: (Month Between 28-Jun-2019 to 31-Jul-2019)

MF Activity: (Month Between 01-Jul-2019 to 31-Jul-2019)

Equity

Date Gross Purchase (Cr.) Gross Sale (Cr.) Net (Cr.)

8-Jul-19 2,490 2,731 -241

15-Jul-19 2,510 1,905 605

22-Jul-19 3,599 1,916 1,683

29-Jul-19 3,760 2,441 1,319

Total 69,200.4 54,116.4 15,084.0

Debt

Date Gross Purchase (Cr.) Gross Sale (Cr.) Net (Cr.)

8-Jul-19 10,360 5,929 4,431

15-Jul-19 7,096 5,615 1,481

22-Jul-19 7,128 5,054 2,074

29-Jul-19 11,304 8,815 2,489

Total 205,007.5 152,208.8 52,798.7

2

FII Activity: (Month Between 01-Jul-2019 to 31-Jul-2019)

Equity

Date Gross Purchase (Cr.) Gross Sale (Cr.) Net (Cr.)

8-Jul-19 4,246 3,646 600

15-Jul-19 4,862 5,585 -723

22-Jul-19 4,816 5,900 -1,084

29-Jul-19 8,016 5,003 3,013

Total 99,776.10 112,194.83 -12,418.73

Debt

Date Gross Purchase (Cr.) Gross Sale (Cr.) Net (Cr.)

8-Jul-19 2,937 959 1,979

15-Jul-19 1,564 912 653

22-Jul-19 1,839 1,112 727

29-Jul-19 727 2,052 -1,325

Total 44,217.82 34,784.97 9,432.85

-----------------------------------------------------------------------------------------------------------------------------------------------------------Source : ACE MF

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INVESTOR JOURNALAug, 2019

Karvy Investment Insight

Peace of mind and Wealth Creation ideas for long term

Karvy Insights brings to you investment wisdom to help you make sound investment decisions to reach your goals faster. These inputs may not help you become wealthy within a short span of time, but they would definitely bring you peace of mind and act as a roadmap for your financial journey.

3

How to overcome regular EMI’s Financial Burden----------------------------------------------------------------------------------------------------------------------------------------------------------

The market today is flooded with a zero percent interest rate buying schemes where appealing offers have led a customer to buy electronic gadgets and costly stuff like vehicles. People find these offers irresistible; the invisible trap set as processing fee and other hidden charges cannot be analyzed. The solution for dealing with such unique costs is to start a SIP.

EMI - Equated Monthly InstallmentThe emergence and maximization of credit card utilization have resulted in a rise in interest rates of zero percent. Unlike the past, where it was deemed a privilege to own one, credit cards are readily accessible today. Having various cards is considered by people as a status symbol. A frequently cited joke is “Credit card is the most valuable gift to humanity from the devil.”

At zero percent interest, a host of services and goods are accessible on EMI. People are overwhelmed by credit card providers’ offers and are fully persuaded of how easy the burden of paying upfront is for EMI. We often fall prey and fail to understand that concealed expenses may be involved. These expenses are rising to interest and are being gathered in advance. For example, if a product worth Rs. 50,000 has a zero percent interest scheme for 6 months and an upfront service charge of 4 percent is levied, the buyer pays up Rs. 2000 upfront.

An important effect of zero percent interest schemes is that it is usually provided on MRP as opposed to an upfront cash payment that entitles us to a discount. Also to be borne by the buyer is the price distinction between MRP and discount.

How investors are influenced by zero percent schemes?While we know the desire to own the latest of our financial constraints, it works in favor of EMI. Leading retail chain stores and consumer durables confirm that after the launch of zero percent EMI, their sales have multiplied.

A Systematic Investment Plan (SIP) is the way to maximize profit and also get extended enjoyment through delayed gratification.

SIP - Systematic Investment PlanStart particular SIPs to buy costly products. For instance, begin a SIP called “LED SIP” to buy a LED TV priced at Rs. 75,000. Set the buy target time, say 10 months. For 10 months, you can invest Rs. 7500 SIP per month.

When initiating a SIP to manage future price modification if any, it is prudent to account for ten percent more than the real cost.

Select the suitable form of SIP-based on economic goals. It can be a debt mutual fund or FD (fixed deposit) or RD for short-term objectives that help to select “debt as an asset class”. “SIP in equity” is the option for long-term objectives (7-9 years) and a mixture of debt and equity works best for mid-term say 5 years.

Generally, once a purchase is made or a change in lifestyle is initiated through an acquired item, we get used to it and after a while; take it for granted, stopping deriving enjoyment. However, we keep thinking/dreaming about it if we opt for future acquisition through SIP. Since our financial goal has already been set, the dream is for a certain era.

Imagine purchasing a vehicle by beginning a SIP. You’d think about driving a brand new vehicle every month. This gives free pleasure. Finally, when you redeem the amount it gives you satisfaction and pride. “I deserve it” will be your thinking, a sense of accomplishment. You do not incur direct/hidden costs. SIP paves the way for delayed, eventually prolonged gratification.

Conclusion

Understanding EMIs, their influence on our ego, their disadvantages, and how to overcome the hurdles of impulsive buying is what we looked at and the solution we chose is SIP. Unlike hidden costs, SIPs guarantee transparency of transactions in zero percent investment schemes. The simplicity of SIP and the values of its operation make it the preferred investment choice.

INVESTOR JOURNALAug, 2019

4

‘Tweets’ of the Month

Fund of The Month

Mirae Asset Large Cap Fund-Reg(G)

Investment Objective:

The investment objective of the scheme is to generate long term capital appreciation by capitalizing on potential investment opportunities by predominantly investing in equities of large cap companies.

Portfolio:

Top 10 Companies Holdings

Name %age

HDFC Bank Ltd. 8.6

ICICI Bank Ltd. 5.7

Reliance Industries Ltd. 4.9

Axis Bank Ltd. 4.6

Larsen & Toubro Ltd. 3.9

State Bank Of India 3.9

Infosys Ltd. 3.9

Tata Consultancy Services Ltd. 3.7

ITC Ltd. 3.3

Housing Development Finance 2.9

Top 10 Sector Wise Holding

Industry Name (%)

Bank - Private 23.8

IT - Software 9.1

Refineries 6.7

Pharmaceuticals & Drugs 6.3

Engineering - Construction 3.9

Bank - Public 3.9

Automobiles - Passenger Cars 3.5

Cigarettes/Tobacco 3.3

Miscellaneous 3.2

Household & Personal Products 3.1

To read the full Information, Click Here

Indicates an increase or decrease or no change in holding since last profile. Indicates an increase or decrease in holding since last portfolio.

INVEST HERESource : ACE MF

There are four ways to invest:

1) Unsuccessfully 2) Long term (varying degrees of

success)3) Short term, successful due to

luck 4) Short term, successful due to

manipulation/fraud

That’s the complete list.

- The Motley Fool @themotleyfool

It is easier to invest a small amount monthly rather than a lump sum amount in the future. #SIP

brings discipline to #investments while reducing the overall cost of purchase through rupee cost averaging.

#YogicInvestor

- Arun Thukral @arun_thukral

1) Mutual funds are subject to market risk

2) Mutual funds Sahi haiIn tough times - we only remember 1)In good times, we only remember 2)

The best way is to always remember both every day

- Kalpen Parekh @KalpenParekh

INVESTOR JOURNALAug, 2019

Readers Corner

5

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A Good Financial Plan

Could Shelter One

During Trying Times

Source : UTI AMC

An emergency fund, a good health cover and a large retirement corpus are all part of an ideal plan

The Monsoon season could be a welcome break for a large number of people but for some these months could also mean some hardship when the use of an umbrella brings some relief.

Just how an umbrella protects a person from rains, likewise a good financial plan could protect an investor and his/her family during trying times. Such a plan could also protect one during market’s cyclical and volatile phases.

If one faces a financial emergency and is need of a large sum of money at a short notice, an emergency fund could be of immense help. According to financial planners, one could invest some amount in a Liquid Fund to build an emergency fund.

There are enough instances of retired people digging into their retirement corpus for sustenance rather than living on the interest income that the fund generates without touching the principal amount. According to financial planners, it’s crucial to build a large enough retirement corpus and one of the most useful investment avenues to build the same is to use the SIP route in mutual funds, provided such investments match with the investor’s risk profile.

People face medical emergencies. In recent years the cost of healthcare has been rising at a fast clip and a serious medical condition could set one back by several years in terms of finances. According to financial planners, having a healthcare policy has become a must for all.

To insulate one’s family financially in case of an eventuality, one needs to have an insurance cover large enough for the smooth sustenance of the family. Financial planners say that a term policy is the best option for most people.

INVESTOR JOURNALAug, 2019

Story of The Month

Once, there lived a pious Priest in a small village. He was an innocent and simple minded person who dutifully performed his religious rituals. On one occasion, he was rewarded with a goat for his services by a wealthy man.

The Priest was happy to receive a goat as the reward. He happily slung the goat over his shoulder and began the journey towards his home. On the way, three cheats (Thugs) saw the Priest taking the goat.

All of them were lazy and wanted to cheat the Priest so that they could take away the goat. They said, “This goat will make a delicious meal for all of us. Let’s somehow get it”.

They discussed the matter amongst themselves and devised a plan to get the goat by fooling the Priest. After deciding the plan, they got separated from one another and took different hiding positions at three different places on the way of the Priest.

As soon as, the Priest arrived at a lonely place, one of the cheats came out of his hiding place and asked Priest in a shocking manner, “Sir, what are you

THE PRIEST AND THE GOAT

MORAL OF THE STORY:

Courtesy : Karvy Learning Center

Direct Dil Se…

6

One should not be carried away by what others say. Don’t be fooled by those who want to take advantage of you.

doing? I don’t understand why a pious man like you needs to carry a dog on his shoulders?” The Priest was surprised to hear such words. He screamed, “Can’t you see? It’s not a dog but a goat, you stupid fool”. The cheat replied, “Sir, I beg your pardon. I told you what I saw. I am sorry if you don’t believe it”. The Priest was annoyed at the discrepancy but started his journey once again.

The Priest had barely walked a distance, when another cheat came out of his hiding place and asked the Priest, “Sir, why do you carry a dead calf on your shoulders? You seem to be a wise person. Such an act is pure stupidity on your part”. The Priest yelled, “What? How can you mistake a living goat for a dead calf?” The second cheat replied, “Sir, you seem to be highly mistaken in this regard. Either you don’t know how does goat look like or you are doing it knowingly. I just told you what I saw. Thank you”. The second cheat went away smiling. The Priest got confused but continued to walk further.

Again the Priest had covered a little distance when the third cheat met him. The third cheat asked laughingly, “Sir, why do you carry a donkey on your shoulders? It makes you a laughing stock”. Hearing the words of the third thug, the Priest became really worried. He started thinking, “Is it really not a goat? Is it some kind of a ghost?”

He thought that the animal he was carrying on his shoulders might really be some sort of ghost, because it transformed itself from the goat into a dog, from a dog into a dead calf and from dead calf into a donkey. The Priest got frightened to such an extent that he hurled the goat on the roadside and ran away. The three tricksters laughed at the gullible Priest. They caught the goat and were happy to feast on it.

INVESTOR JOURNALAug, 2019

SchemesCurrent NAV (`)

3 Year SIP 5 Year SIP

Rs.36000 Rs.60000

Profit-SIP XIRR(%) Profit-SIP XIRR(%)

Large and Large and mid cap

Canara Rob Emerg Equities Fund-Reg(G) 86.40 900.58 1.70 13289.89 8.19

Invesco India Growth Opp Fund(G) 32.27 2761.10 5.12 13279.09 8.18

Mirae Asset Emerging Bluechip-Reg(G) 50.84 3633.77 6.69 21431.03 12.55

Principal Emerging Bluechip Fund(G) 95.09 -589.30 -1.13 10287.01 6.47

Sundaram Large and Mid Cap Fund(G) 32.36 2644.16 4.91 14160.28 8.68

Multi Cap

Aditya Birla SL Equity Fund(G) 677.39 1004.49 1.89 11812.03 7.35

Canara Rob Equity Diver Fund-Reg(G) 127.51 3702.02 6.81 13303.17 8.20

ICICI Pru Multicap Fund(G) 276.54 2210.56 4.12 12333.39 7.65

Parag Parikh Long Term Equity Fund-Reg(G) 24.47 4299.90 7.87 16318.48 9.86

Reliance Multi Cap Fund(G) 89.50 1787.20 3.34 8559.84 5.45

Mid Cap & Small Cap

Axis Midcap Fund(G) 34.65 3601.96 6.63 13709.57 8.43

HDFC Small Cap Fund-Reg(G) 37.44 -663.08 -1.27 11020.34 6.90

L&T Emerging Businesses Fund-Reg(G) 21.28 -2535.46 -4.94 9615.55 6.07

Reliance Small Cap Fund(G) 35.26 -2060.56 -4.00 8930.75 5.67

SBI Small Cap Fund-Reg(G) 47.46 669.41 1.27 15712.53 9.53

ELSS

Aditya Birla SL Tax Relief '96(G) 28.71 483.99 0.92 9807.31 6.19

Axis Long Term Equity Fund(G) 43.67 4405.98 8.06 15960.60 9.67

HDFC TaxSaver(G) 481.37 202.15 0.38 7227.84 4.64

Mirae Asset Tax Saver Fund-Reg(G) 16.96 4687.10 8.55 0.00 0.00

Reliance Tax Saver (ELSS) Fund(G) 48.83 -3699.34 -7.30 -901.27 -0.62

Sector

ICICI Pru Banking & Fin Serv Fund(G) 62.09 4476.45 8.18 22895.91 13.29

ICICI Pru FMCG Fund(G) 233.16 3843.70 7.06 15708.57 9.53

ICICI Pru Technology Fund(G) 57.82 8254.46 14.63 19065.07 11.33

SBI Banking & Financial Services Fund-Reg(G) 17.51 7735.66 13.77 0.00 0.00

SBI Technology Opp Fund-Reg(G) 64.51 8443.28 14.94 18673.01 11.12

Index

HDFC Index Fund-Sensex(G) 330.10 5345.78 9.70 16111.35 9.75

IDFC Nifty Fund-Reg(G) 22.80 4207.55 7.71 14107.88 8.65

Reliance Index Fund - Sensex Plan(G) 18.30 4936.17 8.99 14556.76 8.90

Tata Index Fund-Sensex Plan(G) 91.69 5261.99 9.55 15368.17 9.34

As on 02nd Aug’19

7

Source : ACE MF

SIP Performance

INVESTOR JOURNALAug, 2019

Category Average Returns

Category Sub Category1 Week Return

1 Month Return

6 Month Return

1 Year Return

3 Year Return

5 Year Return

Since Inception

Market Cap

Large-cap -2.59 -7.19 1.24 -3.20 6.76 8.73 8.86

Large and mid cap -2.47 -7.92 -0.17 -6.81 6.62 10.21 12.53

Mid-cap -2.47 -9.24 -4.06 -12.59 4.03 9.87 5.72

Multi-cap -2.33 -7.79 -1.00 -8.60 6.25 9.13 5.08

Small-cap -3.74 -11.58 -6.65 -18.05 2.46 9.58 -1.34

Sector Funds

Banks & Financial Services -2.88 -9.13 6.38 0.22 11.53 12.89 14.13

Consumption -1.91 -6.08 -2.67 -8.00 6.82 8.66 4.38

Energy & Power -3.47 -10.09 -0.38 -11.02 5.46 8.20 11.07

Infrastructure -3.75 -11.01 0.59 -9.74 3.93 6.36 5.49

Pharma & Health Care -2.59 -1.73 -4.51 -5.33 -2.52 6.45 0.63

Service Industry -2.35 -6.13 2.06 -8.07 4.03 9.53 9.78

TECk -1.70 -2.84 -3.71 0.68 11.43 9.97 13.63

Speciality

Contra -2.18 -7.56 -0.70 -6.23 9.77 11.35 12.51

Dividend Yield -2.36 -6.58 -3.22 -10.08 5.90 7.05 10.08

Global -0.94 -0.53 4.44 4.21 9.83 6.89 8.84

MNC -1.48 -4.44 -6.27 -8.97 3.83 12.64 7.38

Equity Exchange Traded Funds -2.59 -7.67 0.12 -2.34 9.43 6.77 6.95

Equity Linked Savings Scheme -2.76 -8.98 -1.62 -9.00 6.74 9.61 6.54

Equity Savings Scheme -0.73 -2.51 2.05 1.01 5.31 6.50 5.26

Focused Fund -2.42 -7.37 1.52 -6.13 7.08 9.89 6.71

Index

Nifty -2.59 -7.46 1.16 -2.39 8.68 7.87 9.82

Nifty Next 50 -2.84 -6.21 -3.61 -12.91 4.96 9.56 2.31

Sensex -1.95 -6.47 2.24 0.33 10.20 8.09 11.63

Others -3.04 -7.86 -3.47 -10.86 4.13 6.17 9.78

Aggressive Hybrid Fund -1.54 -5.36 0.37 -3.54 5.79 8.24 8.14

Balanced Advantage -1.17 -3.53 2.74 2.64 7.68 9.00 9.22

Dynamic Asset Allocation -0.68 -2.58 0.36 -1.65 5.22 6.85 5.78

Multi Asset Allocation -1.08 -3.04 2.31 1.60 5.20 6.70 10.19

Banking and PSU Fund 37.33 22.27 12.34 10.01 7.63 8.20 8.34

Corporate Bond 30.27 19.27 4.50 4.88 5.55 7.24 7.79

Credit Risk Fund 14.12 12.02 -1.83 0.71 4.65 7.46 6.68

Dynamic Bond 35.04 23.23 11.80 9.53 6.66 8.29 7.86

Fixed Maturity Plans 21.14 15.30 9.15 8.05 7.49 8.16 9.07

GiltLong Term 58.75 41.39 23.92 17.76 10.14 10.97 8.92

Short and Medium term 47.72 31.68 19.62 14.55 7.88 9.67 8.56

Floating Rate 15.49 12.38 9.17 8.23 7.25 7.76 7.85

Duration

Long duration 54.92 37.52 25.95 19.63 9.14 10.27 15.59

Low Duration 15.11 11.27 -1.14 3.06 5.55 6.65 7.21

Medium Duration 29.79 18.70 4.99 5.19 6.28 7.74 7.76

Medium to Long Duration 43.40 27.95 13.15 9.92 6.35 8.05 8.29

Money Market 11.51 10.01 8.16 7.61 7.10 7.63 7.74

Overnight 5.39 5.43 5.83 5.99 5.92 6.61 6.03

Short Duration 29.77 18.68 4.42 5.37 6.03 7.11 7.42

Speciality-Debt

Interval Funds - Half Yearly 5.19 5.24 5.57 5.92 6.62 7.28 7.83

Interval Funds - Monthly 5.82 5.91 6.31 6.57 6.61 7.18 7.77

Interval Funds - Quarterly 5.89 5.99 6.50 6.90 6.88 7.40 8.01

Interval Funds - Yearly 9.40 8.41 6.01 6.23 6.82 7.54 8.07

Liquid 6.26 6.23 6.71 6.74 6.70 7.29 7.18

Ultra Short Term Plan 11.47 10.14 6.88 6.20 6.59 7.44 7.55

Note: Debt & Gold funds are annualised for less than 1 years returns.

Returns are as on 02nd Aug’198

Source : ACE MF

INVESTOR JOURNALAug, 2019

Fixed Deposits Schemes

9

FD Name Rating IndustryInterest Rate

* (Up to)

Bajaj Finance Ltd.FAAA by CRISILICRA MAAA

Bajaj Finserv is the most diversifed non-bank in the country, the largest financier of consumer durables in India and one of the most profitable firms in the category.

9.10%

Gruh Finance Ltd.MAAA by ICRA, FAAAby CRISIL

GRUH Finance Ltd is subsidiary of HDFC Ltd is housing finance company (HFC) recognized by National Housing Bank.

8.50%

HDFC Ltd.FAAA by CRISIL, MAAA by ICRA

A pioneer and leader in housing finance in India, since inception, HDFC has assisted more than 4.9 million customers to own a home of their own. HDFC is the Largest mobiliser of public deposits outside the banking system and the HDFC Group has a strong asset base of over Rs.2.97 trillion and a customer base of over 42.5 million.

8.39%

HUDCO‘tAA+(ind)’ by FITCH, ‘CARE AA+(FD)’ by CARE

HUDCO is a premier techno-financing company set up in 1970 by the Government of India to accelerate the pace of housing and urban development in the country.

7.75%

ICICI Home Finance Ltd

CARE FAAA, ICRA MAAA

ICICI Home Finance Company Limited is one of the leaders in the Indian mortgage finance and realty space.

8.50%

LIC Housing Finance Ltd.

FAAA / STABLE by CRISIL

One of India’s largest housing finance companies, having nation-wide network. Consistent record of dividend payments.

8.55%

Mahindra & Mahindra Financial Services Ltd

CRISIL FAAAMahindra and Mahindra Financial Services Limited (MMFSL) commenced its journey two decades back in the rural non-banking finance industry.

9.05%

PNB Housing Finance Ltd.

FAAA by CRISILPNB Housing Finance (PNBHF) is a subsidiary of Punjab National Bank and a partner of Destimoney Enterprises Pvt. Ltd. PNBHF was incorporated in 1988 and is based in New Delhi.

8.70%

Shriram City Union Finance Ltd.

IND +AA- CARE AA FD

As a deposit-accepting non-banking financial company (NBFC), Shriram City is today India’s premier financial services company specializing in retail finance.

9.50%

Shriram Unnati Deposits

FAAA/Stable by CRISIL, MAA+/Stable by ICRA

With a track record of about 30 years in this business, STFC is among the leading organized finance provider for the commercial vehicle industry

9.50%

Sundaram Home Finance Ltd.

ICRA MAA+Sundaram BNP Paribas Home Finance combines its expertise in Home Finance with the Service Orientiation of its promoter Sundaram Finance.

8.50%

* highest rate including additional interest for Senior citizens, employees etc. wherever applicable

Current/Forthcoming NCDs:

S.No Company Lead Managers

1 Kosamattam Finance LimitedKarvy Investor Services Limited and SMC Capitals

Limited

2 Shriram Transport Finance Company Limited

JM Financial Limited, A. K. Capital Services Limited

and SMC Capitals Limited

3 India Infoline Finance LimitedEdelweiss Financial, IIFL Securities, ICICI Securities

and Trust Investment Advisors

4 Indiabulls Consumer Finance Limited

Edelweiss Financial, A. K. Capital, Axis Bank and Trust

Investment Advisors

5 JM Financial Products LimitedA. K. Capital Services Ltd., JM Financial Ltd. & Trust

Investment Advisors Private Ltd.

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INVESTOR JOURNALAug, 2019

Equity Funds Performance

Scheme NameLatest

NAV (`)

Absolute CAGR0

1 Year 3 Year 5 YearSINCE

INCEPTION

Market Cap

Aditya Birla SL Equity Fund(G) 677.39 -5.42 7.48 10.67 22.30

HDFC Small Cap Fund-Reg(G) 37.44 -16.01 8.48 11.95 12.35

HDFC Top 100 Fund(G) 469.23 1.73 9.62 8.91 19.34

Mirae Asset Emerging Bluechip-Reg(G) 50.84 1.40 12.92 18.45 19.63

Reliance Large Cap Fund(G) 32.50 -2.40 9.55 10.71 10.33

ELSS

Aditya Birla SL Tax Relief '96(G) 28.71 -10.39 6.89 11.85 9.81

Axis Long Term Equity Fund(G) 43.67 -2.32 9.49 13.18 16.60

DSP Tax Saver Fund-Reg(G) 46.05 -1.78 7.67 11.68 12.94

ICICI Pru LT Equity Fund (Tax Saving)(G) 357.73 -3.92 6.62 9.19 19.62

Mirae Asset Tax Saver Fund-Reg(G) 16.96 0.86 13.92 - 15.82

Sector

ICICI Pru FMCG Fund(G) 233.16 -3.16 9.13 12.40 16.73

ICICI Pru Technology Fund(G) 57.82 1.67 12.84 10.64 9.45

Reliance Pharma Fund(G) 137.18 -7.82 -0.70 6.45 18.85

SBI Banking & Financial Services Fund-Reg(G) 17.51 1.98 14.84 - 13.47

Tata Digital India Fund-Reg(G) 14.65 0.03 13.70 - 11.19

Thematic

Canara Rob Consumer Trends Fund-Reg(G) 36.99 -5.37 9.70 13.31 14.14

Invesco India Contra Fund(G) 44.48 -8.25 9.64 12.42 12.88

Kotak India EQ Contra Fund(G) 49.83 -4.21 9.89 10.27 12.13

Principal Dividend Yield Fund(G) 49.00 -8.92 8.53 9.10 11.33

Sundaram Rural and Consumption Fund(G) 38.03 -11.22 5.29 12.51 10.62

Value

HDFC Capital Builder Value Fund(G) 266.32 -11.12 7.27 9.74 13.73

IDFC Sterling Value Fund-Reg(G) 44.72 -18.11 5.56 9.12 14.03

JM Value Fund(G) 29.72 -8.06 6.59 11.10 15.40

L&T India Value Fund-Reg(G) 33.34 -9.24 6.47 12.21 13.41

Tata Equity P/E Fund(G) 126.12 -10.69 8.31 11.85 18.28

Index

HDFC Index Fund-NIFTY 50 Plan(G) 100.34 -1.29 9.38 8.55 14.26

HDFC Index Fund-Sensex(G) 330.10 0.72 10.78 8.83 14.63

ICICI Pru Nifty Next 50 Index Fund(G) 22.86 -12.94 5.38 9.97 9.50

IDFC Nifty Fund-Reg(G) 22.80 -1.15 9.38 8.55 9.31

UTI Nifty Index Fund-Reg(G) 72.01 -1.12 9.49 8.62 10.70

Performance as on 02nd Aug’19

10Source : ACE MF

INVESTOR JOURNALAug, 2019

Debt Funds Performance

Scheme NameLatest

NAV (`)

Absolute CAGR

1 Year 3 Year 5 YearSINCE

INCEPTION

Gilt Funds

Aditya Birla SL G-Sec Fund(G) 56.45 15.72 9.16 10.88 9.12

ICICI Pru Gilt Fund(G) 67.96 12.91 8.08 10.18 10.07

Reliance Gilt Securities Fund(G) 26.88 16.53 9.57 11.05 9.45

SBI Magnum Constant Maturity Fund(G) 44.07 16.29 10.87 10.98 8.29

UTI Gilt Fund-Reg(G) 44.48 15.32 9.73 10.95 8.88

Scheme NameLatest

NAV (`)

Absolute CAGR

1 Year 3 Year 5 Year SINCE INCEPTION

Balanced

Aditya Birla SL Balanced Advantage Fund(G) 51.87 1.85 6.38 8.57 8.91

HDFC Balanced Advantage Fund(G) 190.54 2.03 10.19 9.84 16.87

ICICI Pru Balanced Advantage Fund(G) 35.07 3.45 7.25 9.29 10.47

Reliance Balanced Advantage Fund(G) 89.18 2.75 8.71 9.29 16.03

Conservative Hybrid

Aditya Birla SL Regular Savings Fund(G) 39.12 0.51 5.29 9.41 9.39

DHFL Pramerica Hybrid Debt Fund(G) 22.77 4.34 6.34 7.03 7.26

HDFC Hybrid Debt Fund(G) 45.94 5.88 5.94 7.88 10.26

ICICI Pru Regular Savings Fund(G) 43.15 6.70 8.08 9.91 9.99

UTI Regular Savings Fund-Reg(G) 40.49 -0.07 5.54 8.01 9.35

Liquid Funds Latest NAV (`) 1 Month 3 Months 6 Months 1 Year

Aditya Birla SL Liquid Fund(G) 306.29 0.61 1.81 3.61 7.47

Axis Liquid Fund(G) 2114.24 0.57 1.75 3.57 7.45

HDFC Liquid Fund(G) 3746.55 0.56 1.74 3.53 7.31

Reliance Liquid Fund(G) 4650.02 0.58 1.81 3.63 7.52

UTI Liquid Cash Plan-Reg(G) 3122.80 0.57 1.76 3.59 7.45

Arbitrage Latest NAV (`) 1 Month 3 Months 6 Months 1 Year

Edelweiss Arbitrage Fund-Reg(G) 14.05 0.61 1.74 3.33 6.55

ICICI Pru Equity-Arbitrage Fund(G) 24.99 0.63 1.74 3.31 6.55

Indiabulls Arbitrage Fund-Reg(G) 13.47 0.65 1.77 3.24 6.13

Kotak Equity Arbitrage Scheme(G) 27.03 0.64 1.72 3.32 6.65

Reliance Arbitrage Fund(G) 19.40 0.65 1.76 3.43 6.74

Gold-FOF Latest NAV (`) 6 Months 1 Year 3 Years SINCE INCEPTION

Axis Gold Fund(G) 10.98 6.37 17.34 1.72 1.21

Canara Rob Gold Savings Fund-Reg(G) 10.40 5.67 14.88 2.54 0.55

ICICI Pru Regular Gold Savings Fund(G) 11.97 6.81 17.64 2.82 2.32

Invesco India Gold Fund(G) 10.78 5.66 14.75 2.96 0.98

Kotak Gold Fund(G) 14.66 6.28 17.98 3.05 4.68

Performance as on 02nd Aug’19

Hybrid Funds Performance

11Source : ACE MF

INVESTOR JOURNALAug, 2019

Global Markets at a Glance

12

Exhibit: Nifty

Exhibit: S&P 500

Exhibit: Euro Stoxx 50

Exhibit: Nikkei

Exhibit: Shanghai

Exhibit: INR

Exhibit: Dollar Index

Exhibit: Eur

Exhibit: JPY

Exhibit: CNY

Exhibit: India 10 Yr Yld %

Exhibit: US 10 Yr Yld %

Exhibit: Germany 10 Yr Yld %

Exhibit: Japan 10 Yr Yld %

Exhibit: China 10 Yr Yld %

Source: Bloomberg, Karvy Research

11480115001152011540115601158011600

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9-Ju

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11-J

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68.40

68.45

68.50

68.55

68.60

68.65

68.70

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6.45

6.50

6.55

6.60

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11-J

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2,9702,9752,9802,9852,9902,9953,0003,005

8-Ju

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11-J

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96.8

97.0

97.2

97.4

97.6

8-Ju

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10-J

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11-J

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2.05

2.10

2.15

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9-Ju

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11-J

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3,490

3,500

3,510

3,520

3,530

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10-J

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11-J

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1.120

1.121

1.122

1.123

1.124

1.125

1.126

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11-J

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-0.400

-0.300

-0.200

-0.100

0.000

8-Ju

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10-J

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11-J

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21,500

21,550

21,600

21,650

8-Ju

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11-J

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108.5

108.6

108.7

108.8

108.9

8-Ju

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-0.15

-0.14

-0.13

-0.12

-0.11

-0.10

8-Ju

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9-Ju

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10-J

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11-J

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2,905

2,910

2,915

2,920

2,925

2,930

2,935

8-Ju

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9-Ju

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10-J

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11-J

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6.865

6.870

6.875

6.880

6.885

6.890

8-Ju

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9-Ju

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10-J

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11-J

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3.160

3.165

3.170

3.175

3.180

3.185

3.190

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11-J

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INVESTOR JOURNALAug, 2019

Indices Watch

Index NameAs on

28-Jun-19As on

31-Jul-19%

Change

S&P BSE 100 11,909.67 11,210.78 -5.87%

S&P BSE 200 4,926.59 4,634.74 -5.92%

S&P BSE 500 15,291.70 14,324.12 -6.33%

S&P BSE AUTO Index 17,904.15 15,472.03 -13.58%

S&P BSE BANKEX 34,971.86 32,689.44 -6.53%

S&P BSE Capital Goods 19,855.41 17,555.91 -11.58%

S&P BSE Con Durables 26,128.00 22,342.30 -14.49%

S&P BSE DOLLEX 30 4,684.85 4,469.42 -4.60%

S&P BSE FMCG 11,361.92 11,062.33 -2.64%

S&P BSE GREENEX 2,808.16 2,644.92 -5.81%

S&P BSE Health Care 12,889.34 12,704.38 -1.43%

S&P BSE IT 15,654.11 15,733.49 0.51%

S&P BSE METAL Index 11,107.22 9,685.46 -12.80%

S&P BSE Mid-Cap 14,808.34 13,643.38 -7.87%

S&P BSE O & G Index 14,803.26 13,236.95 -10.58%

S&P BSE Power Index 2,093.86 1,966.31 -6.09%

S&P BSE PSU 7,832.33 6,967.88 -11.04%

S&P BSE Realty Index 2,201.44 2,067.13 -6.10%

S&P BSE SENSEX 39,394.64 37,481.12 -4.86%

S&P BSE Small-Cap 14,239.33 12,692.18 -10.87%

S&P BSE TECk Index 7,674.21 7,686.83 0.16%

Indian Indices:

Index NameAs on

28-Jun-19As on

31-Jul-19%

Change

NIFTY PHARMA 8,065.15 7,987.50 -0.96%

INDIA VIX 14.95 13.59 -9.11%

NIFTY IT 15,936.45 15,620.20 -1.98%

NIFTY SERV SECTOR 16,846.85 16,055.25 -4.70%

Nifty Financial Services 13,556.40 12,707.30 -6.26%

NIFTY BANK 31,105.20 28,876.00 -7.17%

NIFTY 50 11,788.85 11,118.00 -5.69%

NIFTY FMCG 29,546.05 29,065.95 -1.62%

NIFTY 100 11,882.10 11,221.20 -5.56%

NIFTY CONSUMPTION 4,755.50 4,488.20 -5.62%

NIFTY 200 6,099.45 5,731.90 -6.03%

NIFTY MNC 13,044.10 12,127.85 -7.02%

NIFTY 500 9,657.95 9,044.95 -6.35%

NIFTY ENERGY 16,046.80 14,559.45 -9.27%

Nifty 500 Shariah 2,943.74 2,807.97 -4.61%

NIFTY DIV OPPS 50 2,668.85 2,512.65 -5.85%

NIFTY AUTO 7,928.05 6,851.65 -13.58%

Nifty Midcap 50 4,872.00 4,355.25 -10.61%

NIFTY PSU BANK 3,205.65 2,756.25 -14.02%

NIFTY MEDIA 2,039.80 1,957.80 -4.02%

NIFTY COMMODITIES 3,635.50 3,270.40 -10.04%

NIFTY METAL 2,980.20 2,588.15 -13.16%

NIFTY INFRA 3,369.20 3,086.65 -8.39%

NIFTY PSE 3,657.25 3,222.05 -11.90%

NIFTY REALTY 284.80 267.45 -6.09%

Global Indices:

Index NameAs on

28-Jun-19As on

31-Jul-19%

Change

All Ordinaries 6,699.20 6,896.70 2.95%

BEL-20 3,547.46 3,701.43 4.34%

Bovespa 100,967.00 101,812.00 0.84%

CAC 40 5,538.97 5,518.90 -0.36%

Dow Jones 26,599.96 26,864.27 0.99%

Dow Jones 8,796.83 8,895.21 1.12%

FTSE 100 7,425.60 7,586.80 2.17%

Nasdaq 8,006.24 8,175.42 2.11%

Nikkei 225 21,275.92 21,521.53 1.15%

NYSE 13,049.71 13,066.60 0.13%

S&P 500 2,941.76 2,980.38 1.31%

Taiwan Weighted 10,730.83 10,823.81 0.87%

DisclaimerThe information and views presented in this report are prepared by Karvy Stock Broking Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Stock Broking nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document.

This report is intended for a restricted audience and we are not soliciting any action based on it.

For more information on MUTUAL FUNDS call1800 425 8282 or contact your nearest Karvy branch.

Contact PersonPF/MFNL/06082019/67

KARVY DistributionE-mail : Karvy.distribution@karvy.com

Phone : 040 3321 7132

Production: Naga Babu K

13

Source : ACE MF