Kotak MF Booklet - Kotak Mahindra Bank

FUNDS IN FOCUS

February 2020

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EQUITY FUNDS: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

HYBRID FUNDS: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

THEMATIC FUNDS: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

DEBT FUNDS: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

Kotak Equity Opportunities Fund (Erstwhile Kotak Opportunities Fund). . . . . . . . . . . . . . . . . . . . . . 2

Kotak Emerging Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Kotak Smallcap Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Kotak Focussed Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Kotak Tax Saver Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Kotak Balanced Advantage Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

Kotak Equity Hybrid Fund (Erstwhile Kotak Balance Fund). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

Kotak Pioneer Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Kotak Low Duration Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

Kotak Corporate Bond Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

Kotak Banking & PSU Debt Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

Kotak Dynamic Bond Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

Kotak Credit Risk Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

January

2020

EQUITY FUNDS

About Kotak Equity Opportunities

Ÿ Kotak Equity Opportunities looks for opportunities across sectors based on performance and potential of

companies within the sectors.

Ÿ The fund manager has the flexibility to invest in a mix of large and mid cap stocks from various sectors.

Ÿ The allocation between large caps & midcaps would broadly depend on the choice of sectors, business

environment & valuations.

Portfolio Action

• The top overweight sectors are – Industrials and Cement.

• Key underweight sectors are Financials, FMCG and Auto. Consumer driven sectors such as Auto and FMCG are

witnessing weaker demand outlook. Financials is an underweight exposure, with private sector banks dominating the

portfolio.

• Telecom sector continues to see headwinds, wherein the portfolio has no exposure.

• The midcap allocation over the past few months has gone up, as the relative valuation comfort is more in this segment

as compared to the large caps.

• Large/Mid/Small cap exposures in the portfolio are 45: 45: 6 respectively

Kotak Equity Opportunitiesst31 January, 2020

Scheme FactsStructure

Month end AUM* (as on )

NAV (as on 31st Jan 2020)

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Beta^

Sharpe^

Large & Mid Cap Fund- An open ended equity scheme investing in both large cap and mid cap stocks

`3,188.39 crs

`3,071.22 crs

Growth `132.9300

Direct Direct Growth `143.1920

Dividend `25.6240

Direct Direct Dividend `27.9230

th 9 September 2004

Nifty 200 TRI

`5000

`1000 & in multiples of `1

12.23%

0.91

0.59

29.19%

*Source: MFI Explorer.

^ as on 31st January, 2020. Source: ICRA MFI Explorer.

31st Jan 2020

Monthly Average AUM*

Portfolio Turn over

$Market Cap %

Load Structure

Large cap 44.91

Midcap 44.97

Small cap 6.35

Cash 3.77

$The given market cap data is on the basis of new SEBI circular on scheme rationalisation wherein Stocks are categorised as per given AMFI list.

Source: KPAX (internal system). Market definition used is market capitalisation of the 100th largest scrip (on the bases of market capitalisation) is the cutoff to determine the large cap and midcap segment.

NilEntry Load: Exit Load: I) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units, irrespective of the amount of investment:1%

ii) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units, irrespective of the amount of investment: NIL

iii) Any exit load charged (net off Goods and Services Tax, if any) shall be credited back to the respective Scheme. (applicable for all plans)

iv) Units issued on reinvestment of dividends shall not be subject to exit load (applicable for all plans)

2

Top 10 Sectors as on 31st January, 2020

Sector % Weight Underweight / Previous Changeoverweight Month in portfolio

Portfolio Benchmark against (Portfolio % from previous(Nifty 200) benchmark Weight) month

Financial Services

Energy

Industrial Manufacturing

Cement & Cement Products

Consumer Goods

Information Technology

Textiles

Construction

Cash & Cash Equivalent

Fertilisers & Pesticides

25.72 38.45 -12.72 28.17 -2.45

15.18 12.22 2.96 15.67 -0.49

11.41 0.81 10.60 12.09 -0.68

7.86 2.43 5.43 7.16 0.70

7.59 13.66 -6.08 6.70 0.89

6.42 10.94 -4.52 6.91 -0.49

5.31 0.38 4.93 5.39 -0.08

4.50 3.34 1.16 4.67 -0.17

3.77 0.00 3.77 1.50 2.27

3.60 0.72 2.88 3.27 0.33

Equity Market Brief

(Formerly Known As Kotak Opportunities)

Ÿ The Budget presented a policy continuum, with focus on fiscal prudence and some steps in capital markets, especially

to help India Inc access global financial markets.

Ÿ The last 18 months have seen risks emerge from wholesale funded NBFC, over-leveraged promoters having difficulty to

roll-over debt etc. Over the few months, lot of these companies have managed to raise capital which is an encouraging

development. With RBI introducing newer measures to help in transmission of interest rates, this fall in borrowing costs

to India Inc will be viewed positively by markets.

Ÿ While near term uncertainty induces volatility in asset prices, in the long run, wealth creation in equities is a function as

how businesses can profitably grow over their cost of capital sustainably. Given the long-range of reforms introduced,

we believe longer-term prospects of Indian equities is quite encouraging and we would advise investors to benefit from

such induced volatility

Ÿ Time in the market is more important than timing the market - recently, markets volatility has moved up and investors

can benefit from this volatility by focusing on disciplined investing and asset allocation.

Kotak Equity Opportunities

To know more

Call : 1800-222-626 (Toll Free), Mumbai 61152100, Delhi 66306900 / 02, Chennai 28221333 / 45038171, Kolkata 64509802 / 03, Pune 64013395 / 96, Ahmedabad 26779888, Bangalore 66128050 / 51, Hyderabad 66178140 / 41.

Visit - assetmanagement.kotak.com

Email - [email protected]

3

Nov-26-19 24.6500 0.45Aug-23-19 22.5480 0.40May-27-19 25.2090 0.42Feb-26-19 23.4300 0.63Nov-27-18 23.7140 0.55May-30-18 26.1190 0.70Feb-27-18 27.3670 0.83Nov-28-17 28.7004 0.85Aug-29-17 27.9190 0.85May-29-17 27.7480 0.85Feb-28-17 26.2790 0.50Nov-22-16 24.2460 0.80Aug-28-15 24.3880 1.60Aug-25-14 21.4110 1.00Nov-11-11 13.6820 0.50

Dividend History

Date CUM Dividend NAV

Dividend(` per unit)

Kotak Equity Opportunities* Performance (%) as on , 202031st January

Different plans have different expense structure. The performance details provided herein are of regular plan.^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Please refer page no. 31 for other schemes managed by Mr. Harsha Upadhyaya.*TRI – Total Return IndexWith effect from 1st February 2018, we are comparing the performances of the funds with the total return variant of the benchmark instead of the price return variant.^^Kotak Opportunities is renamed as Kotak Equity Opportunities Fund with effect from 1st June 2018.$With Effect from 1st June 2018, the Benchmark Name is changed to Nifty 200 TRI from Nifty 500 TRI. The above performance is benchmarked to Nifty 500 TRI.These materials are not intended for distribution to or use by any person in any jurisdiction where such distribution would be contrary to local law or regulation. The distribution of this document in certain jurisdictions may be restricted or totally prohibited and accordingly, persons who come into possession of this document are required to inform themselves about, and to observe, any such restrictions

Scheme Inception date is 09/09/2004. Mr. Harsha Upadhyaya has been managing the fund since 04/08/2012.

This product is suitable for investors who are seeking*:

• Long term capital growth

• Investment in portfolio of predominantly equity & equity related securities

* Investors should consult their financial advisors if in doubt about whether the product is suitable for them.

Investors understand that their principal will be at moderately high risk

Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately

Top 10 Companies as on 31st January, 2020

(Formerly Known As Kotak Opportunities)

Disclaimer

Kotak Equity Opportunities

. Investment Objective: To generate capital appreciation from a diversified portfolio of equity & equity related instruments

Mutual Fund investments are subject to market risks, read all scheme related documents carefully. Scheme Information Document (SID) and Statement of Additional Information (SAI) available on mutualfund.kotak.com

Large & Mid Cap Fund- An open ended equity scheme investing in both large cap and mid cap stocks

Date

Kotak Equity Opportunities^^

Since Inception

Last 1 Year

Last 3 Years

Last 5 Years

Current Value of Standard Investmentof `10000 in the

Nifty 50TRI

## (%)*

Scheme Returns (%) ^ Scheme

#(`)Benchmark

#(`)Additional

Benchmark ## (`)

Alpha

18.29 14.93 3.36 15.17 132,930 85,290 88,025

19.35 10.89 8.46 11.84 11,935 11,089 11,184

12.21 12.00 0.21 13.29 14,129 14,048 14,540

9.66 7.80 1.86 7.67 15,866 14,567 14,476

Nifty 200

# (%)*

$TRI

st31 January, 2020

About Kotak Mutual Fund

Kotak Mahindra Asset Management Company Limited (KMAMC) is a wholly owned subsidiary of Kotak Mahindra Bank Limited (KMBL). KMBL has over two decades of experience in financial services. KMBL has a market capitalization of `3232.41bn(as on, 31st January, 2020). KMAMC is the Asset Manager for Kotak Mahindra Mutual Fund (KMMF). It started operations in December 1998. KMMF offers schemes catering to investors with varying risk - return profiles and was the first fund house in the country to launch a dedicated gilt scheme. KMAMC manages assets worth `1,91,410crs as on 31st January, 2020.

* The numbers are converted using the Rupee-

USD reference rate published by the Reserve

Bank of India as on the respective dates.

ICICI Bank Ltd. Banks 5.94%

HDFC Bank Ltd. Banks 5.77%

Reliance Industries Ltd. Petroleum Products 5.09%

Larsen And Toubro Ltd. Construction Project 4.08%

Infosys Ltd. Software 3.65%

Coromandel International Ltd. Fertilisers 3.60%

Axis Bank Ltd Banks 3.55%

Gujarat State Petronet Ltd. Gas 3.18%

SRF Ltd. Textile Products 3.09%

Tata Consultancy Services Ltd. Software 2.77%

About Kotak Emerging Equity Fund

Ÿ The investment objective of Kotak Emerging Equity Fund is to generate long-term capital appreciation from a

portfolio of equity and equity related securities, by investing predominantly in midcap companies.

Ÿ These companies are either at their nascent or developing stage and are under researched.

Ÿ Although relatively volatile in the short run,mid cap companies have the potential to deliver higher growth in

the long term.

Portfolio Action

•

Overweight on sectors such as Industrial Manufacturing, Fertilisers & Pesticides and Textiles.

• In the near term, valuations on mid-small cap space has corrected significantly and after being cautious for almost a

year we think gradual allocation should be adopted in this space. The Sensex/Nifty has outperformed the broader

indices over the past 18months. The divergence of performance of Nifty and Mid-Small cap indices are at historical

extremes and history suggest that after such a big divergence, next 12-18months mid-small caps tend to outperform

large caps.

• On the valuation front, midcaps-small caps have come discount to largecap. The carnage in mid-small cap stocks has

been severe.

• In the Pharma sector we continue to have stock specific approach. Key underweight sectors are Financial Services,

Consumer Goods and Automobile

• During the month the broader allocation remains largely unchanged with marginal reduction in Financial Services.

• The current allocation to midcaps (as defined by SEBI i.e. between 101-250th companies in terms of market cap) is

around 69.52%.

The portfolio continues to be pro-cyclical and tilted towards economic recovery. As a result, we continue to be

Kotak Emerging Equity Fund


Month end AUM* (as on 31st Jan 2020)


Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Beta^

Sharpe^

Mid Cap Fund - An open ended equity scheme predominantly investing in midcap stocks

`6,732.87 crs

`6,311.72 crs

Growth 43.2290

Direct Growth 46.8930

Dividend 24.4820

Direct Dividend 28.8100

30th March 2007

Nifty Midcap 100

`5000


14.75%

0.77

0.44

14.57%


^ as on , 2020. Source: ICRA


Portfolio Turnover

`

`

`

`

MFI Explorer.31st January

$Market Cap %

Load Structure

Source: Value Research definition.

Large cap 10.59

Midcap 69.52

Small cap 14.21

Cash 5.68


NilEntry Load:

Exit Load:

I) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units, irrespective of the amount of investment:1%


Any exit load charged (net off Goods and Services Tax, if any) shall be credited back to the respective Scheme. Units issued on reinvestment of dividends shall not be subject to entry and exit load.

4

st31 January, 2020



Portfolio Benchmark against (Portfolio % from previousbenchmark Weight) month

Financial Services


Consumer Goods


Cash & Cash Equivalent

Pharma

Automobile


Textiles

Construction

18.11 25.87 -7.76 18.89 -0.78

15.59 5.37 10.21 15.71 -0.12

10.47 17.27 -6.80 10.80 -0.33

7.42 2.39 5.03 7.20 0.21

5.68 0.00 5.68 3.76 1.92

5.61 7.64 -2.02 5.77 -0.16

5.41 8.81 -3.40 5.63 -0.22

5.25 2.51 2.74 5.03 0.22

5.22 1.44 3.79 5.42 -0.20

4.95 4.16 0.79 4.99 -0.04

Nifty Midcap100 TRI

Equity Market Brief













To know more




5

Kotak Emerging Equity Fund*Performance (%) as on 31st January, 2020

Different plans have different expense structure. The performance details provided herein are of regular plan.^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Please refer page no. for other schemes managed by Mr. Pankaj Tibrewal.

31

*TRI – Total Return IndexWith effect from 1st February 2018, we are comparing the performances of the funds with the total return variant of the benchmark instead of the price return variant.$With Effect from 25th May 2018, the Benchmark is changed to Nifty Midcap 100 TRI.These materials are not intended for distribution to or use by any person in any jurisdiction where such distribution would be contrary to local law or regulation. The distribution of this document in certain jurisdictions may be restricted or totally prohibited and accordingly, persons who come into possession of this document are required to inform themselves about, and to observe, any such restrictions.

Scheme Inception date is 30/03/2007. Mr. Pankaj Tibrewal has been managing the fund since 27/05/2010.



• Investment in equity & equity related securities predominantly in midcap companies



Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately

May-24-19 23.623 1.61Mar-23-18 26.153 2.67May-26-17 26.010 1.59May-27-16 21.196 1.30Apr-28-15 21.499 2.10May-02-14 13.073 0.50May-02-13 11.491 0.50

Dividend History




Disclaimer


. Investment Objective: The investment objective of the scheme is to generate long-term capital appreciation from a portfolio of equity and equity related securities, by investing predominantly in mid and small cap companies.


Mid Cap Fund - An open ended equity scheme predominantly investing in mid cap stocks

Date


Since Inception

Last 1 Year

Last 3 Years

Last 5 Years


Nifty 50TRI

## (%)*


#(`)Benchmark

#(`)Additional

Benchmark ## (`)

Alpha

12.07 12.16 -0.09 10.59 43,229 43,684 36,454

21.13 7.56 13.57 11.84 12,113 10,756 11,184

10.93 6.46 4.47 13.29 13,649 12,065 14,540

11.02 7.69 3.33 7.67 16,872 14,487 14,476

Nifty

# (%)*

Midcap$100 TRI

Kotak Emerging Equity Fundst31 January, 2020






Supreme Industries Limited Industrial Products 4.15%

Coromandel International Ltd. Fertilisers 4.04%

P I Industries Ltd Pesticides 3.38%

The Ramco Cements Ltd Cement 3.34%

AU Small Finance Bank Ltd. Banks 3.26%

Schaeffler India Ltd Industrial Products 2.89%

Thermax Ltd. Industrial Capital Goods 2.76%

Atul Ltd. Chemicals 2.43%

Tata Global Beverages Limited Consumer Non Durables 2.37%

Sheela Foam Ltd Consumer Durables 2.32%

About Kotak Smallcap Fund

Ÿ The investment objective of Kotak Smallcap is to generate capital appreciation from a diversified portfolio of equity &

equity related securities by investing predominantly in small companies.

Ÿ The scheme predominantly invests in companies in the small cap market capitalization segment across sectors.

Ÿ The essence is to 'spot them young and watch them grow'.

Ÿ The scheme is well positioned to provide the benefit of potential growth offered by small cap stocks.

Portfolio Action

• The portfolio continues to be pro-cyclical and tilted towards economic recovery. As a result, we continue to be

Overweight on sectors such as Consumer goods, Industrial manufacturing, Automobiles and Chemicals.

During the month we reduced weightage to Construction and Financial Services. We increased marginal weightage

on Services and Consumer Goods.

In Pharma we are adopting a very stock specific approach.

In the near term, valuations on mid-small cap space has corrected significantly and after being cautious for almost a

year we think gradual allocation should be adopted in this space. We have stayed away from cyclicals and continue

the same stance even now. Sensex/Nifty has outperformed the broader indices over the past one year. The divergence

of performance of Nifty and Mid-Small cap indices are at historical extremes and history suggest that after such a big

divergence, next 12-18 months mid-small caps tend to outperform large caps.

The current allocation to Smallcaps (as defined by SEBI i.e. below 250th companies in terms of market cap) is around

65.51%.

•

•

•

•

Kotak Smallcap Fundst31 January, 2020

Scheme Facts

Structure



Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Beta^

Sharpe^

Small Cap Fund- An open ended equity scheme predominantly investing in small cap stocks

`1,592.02 crs

`1,481.80 crs

24th February 2005

NIFTY Smallcap 50

`5000


16.52%

0.68

0.27

19.26%


^ as on 31st January, 2020. Source: ICRA MFI Explorer.


Portfolio Turn over

Growth `79.7080

Direct Growth `87.0270

Dividend `39.9090

Direct Dividend `43.8670

$Market Cap %

Load Structure

Large cap 3.92

Midcap 27.92

Small cap 65.51

Cash 2.64

Nil


I) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units, irrespective of the amount of investment:1%


iii) Any exit load charged (net off Goods and Services Tax, if any) shall be credited back to the Scheme.(applicable for all plans)

iv) Units issued on reinvestment of dividends shall not be subject to exit load (applicable for all plans)

Entry Load:

Exit Load:

6

Top 10 Sectors as on 31st , 2020January


Portfolio (Nifty Smallcap against (Portfolio % from previous 50) benchmark Weight) month

Benchmark

Consumer Goods


Financial Services

Construction

Chemicals

Services

Automobile

Metals



19.98 13.74 6.24 19.77 0.20

12.41 4.79 7.62 12.37 0.04

10.22 20.29 -10.07 10.65 -0.42

9.07 12.45 -3.38 9.88 -0.81

8.37 4.95 3.42 8.69 -0.32

6.73 4.31 2.41 6.13 0.60

5.67 2.17 3.49 5.52 0.15

5.18 1.86 3.32 5.53 -0.35

5.02 3.69 1.32 5.03 -0.02

4.53 4.51 0.02 4.46 0.07

Equity Market Brief

(Formerly Known As Kotak Midcap)













Kotak Smallcap Fund

To know more




Disclaimer

Kotak Smallcap Fund

Investment Objective: To generate capital appreciation from a diversified portfolio of equity & equity related instruments.


Small Cap Fund- An open ended equity scheme predominantly investing in small cap stocks

7

Feb-20-19 33.152 0.89Feb-28-18 45.373 1.27Feb-27-17 36.403 1.45Feb-23-16 26.770 1.00Feb-27-15 30.866 1.00Feb-28-14 17.731 1.00Feb-28-11 15.638 1.50Feb-19-10 16.064 1.50Apr-28-06 19.438 4.00

Dividend History



Kotak Smallcap Fund* Performance (%) as on , 202031st January

Different plans have different expense structure. The performance details provided herein are of regular plan.^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Please refer page no. for other schemes managed by Mr. Pankaj Tibrewal.

31

*TRI – Total Return IndexWith effect from 1st February 2018, we are comparing the performances of the funds with the total return variant of the benchmark instead of the price return variant.^^Kotak Midcap is renamed as Kotak Smallcap Fund with effect from 25th May 2018.$With Effect from 25th May 2018, the Benchmark is changed to Nifty Small cap 50 TRI.These materials are not intended for distribution to or use by any person in any jurisdiction where such distribution would be contrary to local law or regulation. The distribution of this document in certain jurisdictions may be restricted or totally prohibited and accordingly, persons who come into possession of this document are required to inform themselves about, and to observe, any such restrictions.

Scheme Inception date is 24/02/2005. Mr. Pankaj Tibrewal has been managing the fund since 21/01/2010.



• Investment in equity & equity related securities predominantly in mid cap stocks.



Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately


(Formerly Known As Kotak Midcap)

Date

Kotak Smallcap Fund^^

Since Inception

Last 1 Year

Last 3 Years

Last 5 Years


Nifty 50TRI

## (%)*


#(`)Benchmark

#(`)Additional

Benchmark ## (`)

Alpha

14.90 11.68 3.22 13.93 79,708 52,113 70,195

19.58 2.62 16.96 11.84 11,958 10,262 11,184

8.48 0.60 7.87 13.29 12,764 10,182 14,540

9.11 3.68 5.43 7.67 15,471 11,984 14,476

NiftySmallcap

$50 TRI# (%)*

st31 January, 2020






Techno Electric & Engineering Company Limited Construction Project 3.60%

JK Cement Ltd. Cement 3.13%

Sheela Foam Ltd Consumer Durables 2.98%

Galaxy Surfactants Ltd Chemicals 2.94%

Dixon Technologies India Ltd Consumer Durables 2.77%

Ratnamani Metals & Tubes Ltd. Ferrous Metals 2.75%

Century Plyboards (India) Ltd. Consumer Durables 2.71%

Amber Enterprises India Ltd Consumer Durables 2.63%


Nilkamal Ltd Industrial Products 2.54%

About Kotak Focused Equity Fund

Ÿ The investment objective of the scheme is to generate long term capital appreciation/income by investing in equity & equity related instruments across market capitalization of up to 30 companies.

Portfolio Action

• The fund has a multi-cap portfolio with investments in 30 stocks. Allocation to mid and small caps at present is ~30%

of the portfolio.

• The focus is on companies which demonstrate good corporate governance standard, which are gaining market share

in their own industries, have healthy balance sheets and which have return ratios higher than the cost of equity.

• Domestic businesses dominate the portfolio as compared to export/ global businesses due to better visibility of long

term earnings growth.

• The fund is OW on private sector banks (mainly private corporate banks), Life Insurance companies, Gas utility

companies, Cement, Chemicals, and Industrials.

• The Fund is UW metals, pharma, Automobiles and Technology.

• The fund has selective exposure to consumers given the overall valuations in the space.

Kotak Focused Equity FundKotak Focused Equity Fund




Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Total Expense Ratio^

An open ended equity scheme investing in maximum 30 stocks in large-cap, mid-cap and small-cap category

`1,609.70 crs

`1,579.35 crs

16th July 2019

Nifty 200 TRI

`5,000


Regular: 2.17%

Direct: 0.42%


^ Total Expense Ratio includes applicable B30 fee and GST. Source: ICRA


Portfolio Turnover

Dividend `11.0700


Growth `11.0700


MFI Explorer.

26.92%

Load Structure

Entry Load:

Exit Load:

Nil

I) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units:1%

ii) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units: Nil

8

st 31 January, 2020

Sector Allocation as on 31st January, 2020

Sector %

Banks 28.41

Petroleum Products 8.65

Finance 8.40

Software 7.84

Cement 5.82

Gas 5.39

Construction Project 5.07

Textile Products 4.66

Consumer Non Durables 3.36

Industrial Products 3.17

REST 19.23

Equity Market Brief













To know more




Disclaimer

Kotak Focused Equity Fund in

large-cap, mid-cap and small-cap category Investment Objective:


An open ended equity scheme investing in maximum 30 stocks

The investment objective of the scheme is to generate long term capital appreciation/income by investing in equity & equity related instruments across market capitalization of up to 30 companies. However, there is no assurance that the objective of the scheme will be realized.

9



• Investment in equity & equity related securities across market capitalisation in maximum 30 stocks



Riskometer

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M

Moderate

Low

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Low

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LOW HIGH

Moderately


Kotak Focused Equity Fundst 31 January, 2020












Hindustan Unilever Ltd. Consumer Non Durables 3.36%

Supreme Industries Limited Industrial Products 3.17%

Shree Cement Ltd. Cement 3.14%


About Kotak Tax Saver Fund

Ÿ The investment objective of Kotak Tax Saver Fund is to generate long term capital appreciation from a

diversified portfolio of equity and equity related securities and enable investors to avail the income tax rebate,

as permitted from time to time.

Ÿ The scheme thus offers a dual benefit of growth and tax savings.

Ÿ The scheme although open ended, has a three year lock-in.

Ÿ The portfolio is generally diversified across sectors and market capitalization segments.

Portfolio Action

• The key overweight sectors in the portfolio are – Industrials and Cement.

• The underweight sectors continue to be – Financials, FMCG and Auto. Underweight exposure in Financials is

mainly due to lack of exposures in PSU Banks and NBFCs.

• Underweight in Financials is due to lack of positions in NBFC and PSU Banking space.

• We maintain underweight stance on consumer driven sectors such as Auto and FMCG as they are facing

weaker demand outlook.

• Telecom sector continues to see headwinds, wherein the portfolio has no exposure.

• Large cap allocation in the portfolio has further moved down to 56%. Midcap and small cap exposures are

31% and 11% respectively.

Kotak Tax Saver FundScheme Facts

Structure



Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Beta^

Sharpe^

An open ended equity linked saving scheme with a statutory lock in of 3 years and tax benefit

`1,154.61 crs

`1,121.09 crs

Growth 48.3610


Dividend 19.4870

Direct Dividend 23.2710

rd23 November 2005

Nifty 500 TRI

`500


12.45%

0.92

0.58

13.38%


^ as on . Source: ICRA


Portfolio Turnover

`

`

`

`

31st January, 2020MFI Explorer.

$Market Cap %

Load Structure

Large cap 55.58

Midcap 31.44

Small cap 10.64

Cash 2.35$The given mar ket cap data is on the basis of new SEBI circular on scheme rationalisation wherein Stocks are categorised as per given AMFI list.

Source: KPAX (internal system). Market definition used is market capitalisation of the 100th largest scrip (on the bases of market capitalisation) is the cutoff to determine the large cap and midcap segment.

NilEntry Load:

Exit Load: Exit Load is not applicable for Kotak Tax Saver Fund. (applicable for all plans)

Units issued on reinvestment of dividends shall not be subject to exit load (applicable for all plans) 10



Portfolio Benchmark against (Portfolio % from previous(Nifty 500) benchmark Weight) month

Financial Services

Energy

Consumer Goods

Construction



Information Technology

Textiles

Metals

Automobile

26.42 36.35 -9.94 28.23 -1.81

11.49 11.63 -0.13 12.23 -0.74

9.91 13.82 -3.91 9.13 0.78

7.60 3.65 3.95 7.65 -0.05

7.22 2.00 5.22 7.82 -0.60

7.21 2.41 4.80 6.56 0.65

5.39 10.40 -5.01 5.79 -0.40

4.59 0.54 4.06 4.57 0.02

3.89 2.68 1.22 3.72 0.18

3.22 5.86 -2.63 3.36 -0.13

Equity Market Brief

st31 January, 2020













To know more




11

Kotak Tax Saver Fund* Performance (%) as on 31st January, 2020

Different plans have different expense structure. The performance details provided herein are of regular plan.^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Please refer page no. for other schemes managed by Mr. Harsha Upadhyay.

31

*TRI – Total Return IndexWith effect from 1st February 2018, we are comparing the performances of the funds with the total return variant of the benchmark instead of the price return variant.These materials are not intended for distribution to or use by any person in any jurisdiction where such distribution would be contrary to local law or regulation. The distribution of this document in certain jurisdictions may be restricted or totally prohibited and accordingly, persons who come into possession of this document are required to inform themselves about, and to observe, any such restrictions.These materials are not intended for distribution to or use by any person in any jurisdiction where such distribution would be contrary to local law or regulation. The distribution of this document in certain jurisdictions may be restricted or totally prohibited and accordingly, persons who come into possession of this document are required to inform themselves about, and to observe, any such restrictions.

Scheme Inception date is 23/11/2005. Mr. Harsha Upadhyaya has been managing the fund since 25/08/2015.


• long term capital growth with a 3 year lock in

• Investment in portfolio of predominantly equity & equity related securities.



Riskometer

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M

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Low

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LOW HIGH

Moderately

Dec-24-19 19.111 0.33Sep-26-19 18.653 0.31Jun-26-19 19.498 0.35Mar-28-19 19.033 0.33Dec-24-18 18.125 0.33Jun-28-18 18.444 0.34Mar-23-18 18.583 0.38Dec-29-17 20.848 0.40Jun-29-17 22.144 0.40Mar-29-17 19.432 0.75Jan-27-17 18.889 0.72

Dividend History




Disclaimer

Kotak Tax Saver Fund

. Investment Objective: To generate long-term capital appreciation from a diversified portfolio of equity and equity related securities and enable investors to avail the income tax rebate, as permitted from time to time. The amount invested in the scheme shall be subject to a lock-in of 3 years irrespective of whether the investments would be eligible for tax benefit or not. The above does not constitute and advice or a representation. Investors are requested to seek professional advice in this regard. Kotak Mahindra Bank Limited is not liable or responsible for any loss or short fall resulting from the operations of the scheme.


An open ended equity linked saving scheme with a statutory lock in of 3 years and tax benefit

Date

Kotak Tax Saver Fund

Since Inception

Last 1 Year

Last 3 Years

Last 5 Years


Nifty 50TRI

## (%)*


#(`)Benchmark

#(`)Additional

Benchmark ## (`)

Alpha

11.74 12.30 -0.56 12.70 48,361 51,908 54,583

17.98 10.83 7.15 11.84 11,798 11,083 11,184

12.08 11.53 0.55 13.29 14,079 13,875 14,540

8.67 7.86 0.81 7.67 15,162 14,602 14,476

Nifty 500

#(%)*TRI

Kotak Tax Saver Fundst31 January, 2020












GlaxoSmithkline Consumer Healthcare Ltd Consumer Non Durables 3.44%

SRF Ltd. Textile Products 3.44%

Kotak Mahindra Bank Ltd. Banks 2.78%


HYBRID FUNDS

EQUITY DEBT

About Kotak Balanced Advantage

Ÿ An Open Ended Dynamic Asset Allocation fund.

Ÿ The investment objective of the scheme is to generate capital appreciation by investing in a dynamically balanced portfolio of

equity & equity related securities and debt & money market securities. There is no assurance or guarantee that the investment

objective of the scheme will be achieved.

Portfolio Action

Directional Equity:

From high of 51% in October, we have reduced net equity gradually to approx. 38% and closed the month at around 40%.

Over the last 12 months, this is second instance where we have now demonstrated agility, discipline in reducing net

equity below 30% and then adding to equity significantly as markets corrected significantly. The rebalance on a daily

basis gives the fund manager agility to capitalize on such opportunities.

On the directional equity side, we have been running a conservative portfolio with close to 80% in large cap companies

and balance in mid and small caps. Over the course of last few months, we have been gradually increasing our midcap

allocation into the fund.

The portfolio is reasonably well diversified, key bets of the fund are in energy sector (gas companies), retail and corporate

banks and cement.

Given elevated overall valuations, portfolio construction approach is to focus on companies with reasonable visibility of

earnings, with management teams focusing on capitalising on various growth avenues. Thus the style is more akin to

Growth and Quality at a Reasonable Price.

Arbitrage:

• The arbitrage portion continues to be managed in the same way we manage our arbitrage fund. Arbitrage returns in the

last month were sub optimal and consequently we reduced our allocation to arbitrage trades. In months, when the

arbitrage opportunities provide better returns than the debt papers, we deploy more money into arbitrage trades. The

benefit is that in months when the arbitrage returns are sub optimal, we can deploy a lower amount in arbitrage and still

maintain the 'equity' taxation status.

We have done some merger arbitrage trades in the past viz. CMC-TCS, Shasun-Strides, Geometric-HCL Tech,

CarinVedanta etc. The annualised return on such trades has been very good.We will continue to evaluate and deploy

money in such potential special situation opportunities wherever we find them lucrative..

Debt:

• As on Jan 31 2020, ~13% of the scheme portfolio comprised of government securities (central as well as state). ~17% of

the portfolio was invested in corporate securities & FD’s and ~70% invested in Cash and cash Equivalents.

• The benchmark gilt started the month at 6.50%-levels and ended the month around 6.56% levels

• The fund is being dynamically managed and we are currently positioning ourselves in the higher side of the duration

band.

• As envisaged the front end spreads have collapsed and thus we currently do not have any in our portfolio.

• We believe that G-sec remains attractive at the current levels and will continue to add them to our portfolio.

•

•

•

•

•

Kotak Balanced Advantagest31 January, 2020

Scheme Facts

Structure



Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

An Open Ended Dynamic Asset Allocation fund

`3,718.73 crs

`3,574.14 crs

3rd August 2018

Nifty 50 Hybrid Composite Debt 50:50 Index

`1,000 & in multiples of 1 for purchases and Re 0.01 for switches

`1,000 & in multiples of `1



Growth `11.3060


Dividend `11.3060


`

Load Structure

Entry Load:

Exit Load:

Nil (Available for all Plans)

a) For redemption / switch out of upto 10% of the initial investment amount (limit) purchased or switched in within 1 year from the date of allotment: Nil.

b) If units redeemed or switched out are in excess of the limit within 1 year from the date of allotment: 1%.

c) If units are redeemed or switched out on or after 1 year from the date of allotment: Nil.

13

Equity Market Brief













Kotak Balanced Advantage

To know more




Disclaimer

Kotak Balanced Advantage

Investment Objective: Investment in equity, equity related securities & debt, money market instruments while managing risk through active allocation.


An Open Ended Dynamic Asset Allocation fund.

14

This product is suitable for investors who are seeking*:• Wealth creation over a long period of time.• Investment in equity, equity related securities & debt, money market

instruments while managing risk through active allocation.* Investors should consult their financial advisors if in doubt about whether the product is suitable for them.


Riskometer

yletaredo

M

Moderate

Low

High

Low

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LOW HIGH

ModeratelyBanks 28.06

Software 10.80


Finance 10.19

Consumer Non Durables 7.47

Top 5 Sectors * % of Weightas on 31st January, 2020

*The top 5 sectors pertain to the unhedged equity portion and the figures have been extrapolated to 100%

Source: Internal Calculation. Data as on 31st January 2020. It’s Automatic: A fund that gives you freedom from managing equity and debt allocation manually during the market ups and down, giving you a balanced growth. Mutual fund investment are subject to market risk, read all scheme related documents carefully.

HDFC Bank Ltd. 7.75

Reliance Industries Ltd. 7.47

ICICI Bank Ltd. 7.40

Infosys Ltd. 5.01

HDFC Ltd. 4.40

Axis Bank Ltd 4.20

Larsen And Toubro Ltd. 4.05

Kotak Mahindra Bank Ltd. 3.25

Tata Consultancy Services Ltd. 3.20

State Bank Of India 2.52

% of WeightTop 10 Companies as on 31st January, 2020*

*The top 10 stocks pertain to the unhedged equity portion and the figures have been extrapolated to 100%

Asset Allocation as on , 2020 31st January

These materials are not intended for distribution to or use by any person in any jurisdiction where such distribution would be contrary to local law or regulation. The distribution of this document in certain jurisdictions may be restricted or totally prohibited and accordingly, persons who come into possession of this document are required to inform themselves about, and to observe, any such restrictions.

Nifty 50 TRIPortfolio Details % of Net Assets

Net Equity 39.74

Arbitrage 23.50

Debt and Cash 36.76

Au

g-1

8

Sep

-18

Oct

-18

No

v-1

8

Dec-

18

Jan

-19

Feb

-19

Mar-

19

Ap

r-19

May-1

9

Jun

-19

Jul-

19

Au

g-1

9

Sep

-19

Oct

-19

No

v-1

9

Jan

-20

39.7

11962.1

9500.00

10000.00

10500.00

11000.00

11500.00

12000.00

12500.00

15.00

20.00

25.00

30.00

35.00

40.00

45.00

50.00

55.00

st31 January, 2020






Kotak Balanced Advantage Fund * Performance (%) as on 31st January, 2020

The scheme has been in existence for less than 5 years Different plans have different expense structure. The performance details provided herein are of regular plan.^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of ̀ 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.Please refer page no. 31 for top 3 and bottom 3 schemes managed by Mr. Abhishek Bisen & refer page no. for Other schemes managed by Mr. Harish Krishnan & Mr. Hiten Shah31

*TRI – Total Return IndexWith effect from 1st February 2018, we are comparing the performances of the funds with the total return variant of the benchmark instead of the price return variant.These materials are not intended for distribution to or use by any person in any jurisdiction where such distribution would be contrary to local law or regulation. The distribution of this document in certain jurisdictions may be restricted or totally prohibited and accordingly, persons who come into possession of this document are required to inform themselves about, and to observe, any such restrictions.

Scheme Inception date is 03/08/2018. Mr. Harish Krishnan and Mr. Abhishek Bisen have been managing the fund since 03/08/2018. Mr. Hiten Shah has been managing the fund since 03/10/2019.

About Kotak Equity Hybrid Fund

Ÿ

instruments, balanced with income generation by investing in debt and money market instruments.

Ÿ The scheme thus provides capital appreciation potential of equities as well as stable returns of debt.

The investment objective of Kotak Equity Hybrid Fund is to achieve growth by investing in equity and equity related

Portfolio Action

Equity• Presently, India is going through “Samudra Manthan”. Poison of slow growth came as India became fiscally prudent, provided

for NPAs, brought down inflation, cleaned up the real estate sector, improved tax compliance, and plugged leakages in subsidies. The nectar of higher growth will come over a period of time as oil prices are subdued and monsoon has been above average. Corrective steps are being taken by way of improvement in banking liquidity, reduction in interest rates, and capitalisation of PSU banks to improve transmission of credit. The government has done a big-bang reform on corporate tax rate cut. This step is like liberalisation of the 1990s. It has potential to change the growth orbit. To summarise, India is a longterm structural growth story with ups and downs.

There is panic and the pessimism on the Street and today midcaps and small caps have become untouchables. The volatility may remain elevated but this is not the first time in the cycle we are seeing such divergence between midcaps, smallcaps and Nifty 50. We are using this correction and volatility as an opportunity to own quality businesses available at decent valuations from a medium to long term perspective. There is a slowdown in the overall economy but there are opportunities emerging in this space. History suggests that such divergences don't exist for too long. Post such large underperformances, mid-small caps tend to outperform large caps over the next 12-18 months.

We continue to focus on bottom up stock picking opportunity in the fund with an eye on the benchmark. We believe that over the next 12-18 months there is a high probability for mid and small cap segments to outperform large-cap. Hence our allocation of ~25-30% in mid and small cap could contribute in our endeavor to generate alpha.

Therefore, the fund is bullish on the multi-cap strategy to take advantage of the opportunities arising in the market with a 3-5 year investment horizon.

Debt:

• As on Jan 31 2020, ~13% of the scheme portfolio comprised of government securities (central as well as state). ~17% of the portfolio was invested in corporate securities & FD’s and ~70% invested in Cash and cash Equivalents.

• The benchmark gilt started the month at 6.50%-levels and ended the month around 6.56% levels

• The fund is being dynamically managed and we are currently positioning ourselves in the higher side of the duration band.

• As envisaged the front end spreads have collapsed and thus we currently do not have any in our portfolio.

• We believe that G-sec remains attractive at the current levels and will continue to add them to our portfolio.

•

•

•

Kotak Equity Hybrid Fund

Scheme Facts

Structure



Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Beta^

Sharpe^

An open ended hybrid scheme investing predominantly in equity and equity related instruments.

`1,474.28 crs

`1,470.57 crs

th05 November 2014

NIFTY 50 Hybrid Composite Debt 65:35 Index

`5000


10.02%

1.11

0.37

17.03%


^ as on 31st January, 2020.

Source: ICRA MFI Explorer.


Portfolio Turn over

Dividend `16.2330


Growth `27.2100


Load Structure

Entry Load:

Exit Load:

Nil

I) For redemption / switch out of upto 10% of the initial investment amount (limit) purchased or switched in within 1 year from the date of allotment: Nil.

II) If units redeemed or switched out are in excess of the limit within 1 year from the date of allotment: 1%.

III) If units are redeemed or switched out on or after 1 year from the date of allotment: NIL.

Any exit load charged (net off Goods and Services Tax, if any) shall be credited back to the Scheme. Units issued on reinvestment of dividends shall not be subject to entry and exit load.

15

Top Sectors as on 31st January, 2020

Equity Market Brief

(Formerly Known As Kotak Balance)st31 January, 2020













26.09%

10.66%

8.75%

5.22%

5.07%

4.72%

4.39%

4.26%

4.00%

3.16%

23.68%

Banks

TREP & Term Deposits & Rev.Repo

Debentures and Bonds

Cement

Software

Construction Project

Petroleum Products

Finance

Pharmaceuticals

Auto

REST

To know more




Disclaimer

Kotak Equity Hybrid Fund

Investment Objective: To achieve growth by investing in equity & equity related instruments, balanced with income generation by investing in debt & money market instruments.


An open ended hybrid scheme investing predominantly in equity and equity related instruments.

16

Kotak Equity Hybrid Fund* Performance (%) as on 202031st January,

Different plans have different expense structure. The performance details provided herein are of regular plan.

^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.Please refer page no. for top 3 and bottom 3 schemes managed by Mr. Abhishek Bisen & other .

*TRI – Total Return Index

With effect from 1st February 2018, we are comparing the performances of the funds with the total return variant of the benchmark instead of the price return variant

*The debt component of the index is TRI since inception. For equity component of the index, 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 series is used till 31st July 2006 and TRI values is used since 1st Aug 2006.

^^Kotak Balance is renamed as kotak Equity Hybrid Fund with effect from 25th May 2018.$With Effect from 1st November 2019, the Benchmark is changed to Nifty 50 Hybrid Composite Debt 65:35 Index TRI.


31schemes managed by Pankaj Tibrewal

^The existing benchmark “CRISIL Balanced Fund” has been renamed as “CRISIL Hybrid 35+65 - Aggressive Index” as per communication received from CRISIL.



• Investment in equity & equity related securities balanced with income generation by investing in debt & money market instruments



Riskometer

yletaredo

M

Moderate

Low

High

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LOW HIGH

Moderately

Dec-26-19 15.9940 0.14Sep-25-19 15.3390 0.13Jun-25-19 15.5720 0.14Mar-25-19 14.8600 0.09Feb-25-19 14.3260 0.11Jan-25-19 14.4590 0.11Dec-26-18 14.7000 0.11Nov-26-18 14.6040 0.11Oct-25-18 14.0240 0.11Aug-27-18 16.2900 0.12Jul-25-18 15.9800 0.12Jun-25-18 15.8710 0.12May-25-18 16.2170 0.12Apr-25-18 16.5120 0.12Mar-26-18 16.2295 0.14Feb-26-18 16.8210 0.14Jan-25-18 17.6320 0.14Dec-26-17 17.4978 0.14Nov-27-17 17.1870 0.14Oct-25-17 16.8647 0.11Sep-25-17 16.4830 0.11Aug-28-17 16.6866 0.11Jul-25-17 17.1274 0.12Jun-27-17 16.7970 0.11May-25-17 16.8061 0.11Apr-25-17 16.9880 0.11

Dividend History




Kotak Equity Hybrid Fund - Growth (Erstwhile Kotak Balance), *Name of the Benchmark - CRISIL Hybrid 35+65 - Aggressive Index, Scheme Inception date is 05/11/2014. Mr. Pankaj Tibrewal has been managing the fund since 25/08/2015. Mr. Abhishek Bisen has been managing the fund since 15/04/2008.

(Formerly Known As Kotak Balance)

Date

Kotak Equity Hybrid Fund - Growth^^

Since Inception

Last 1 Year

Last 3 Years

Last 5 Years


Nifty 50TRI

## (%)*


#(`)Benchmark

#(`)Additional

Benchmark ## (`)

Alpha

8.55 8.65 -0.10 8.45 15,372 15,449 15,300

18.08 11.76 6.32 11.84 11,808 11,176 11,184

8.61 11.18 -2.57 13.29 12,813 13,744 14,540

7.66 7.97 -0.32 7.67 14,468 14,682 14,476

Nifty 50 Hybrid Composite

Debt 65:35 Index

$TRI # (%)^

Kotak Equity Hybrid Fundst31 January, 2020









Kotak Mahindra Bank Ltd. Banks 3.27%


State Bank Of India Banks 3.19%



HDFC Ltd. Finance 2.64%

JK Cement Ltd. Cement 2.42%

THEMATIC FUND

st31 January, 2020

Scheme Facts

Structure

Month end AUM* (as on )


Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Total Expense Ratio^

Thematic - An open ended equity scheme investing in pioneering innovations theme.

`716.60 crs

`721.02 crs

st31 October 2019

85% IISL Kotak India Pioneering Innovations + 15% MSCI ACWI Information Technology Index TRI.



0.51%


31st Jan 2020


Portfolio Turn over

Growth `10.3860


Dividend `10.3860


Regular: 2.40%

Direct: 0.60%

^ Total Expense Ratio includes applicable B30 fee and GST. Source: ICRA MFI Explorer..

Load Structure

Entry Load:

Exit Load:

Nil (applicable for all plans)

I) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units:1%

II) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units: NIL

18

About Kotak Pioneer Fund

Ÿ The investment objective of the scheme is to generate capital appreciation from a diversified portfolio of equity, equity related instruments and units of global mutual funds which invests into such companies that utilize new forms of production, technology, distribution or processes which are likely to challenge existing markets or value networks, or displace established market leaders, or bring in novel products and/or business models.

Ÿ However, there can be no assurance that the investment objective of the Scheme will be realized.

Portfolio Action

• Over the last 2 months, we have invested approximately 90% of fund into a diversified basket of Indian “pioneering”

businesses and global diversified technology fund.

• We have invested approximately 73% in 39 businesses. These span financial services, auto & auto ancillaries, pharma

& chemicals, retailing, capital goods, materials sector amongst the major sectors. As seen in sectoral break-up of the

portfolio, the fund has little representation in PSU, old economy sectors like utilities, metals, cement, power,

traditional IT services, corporate banks and wholesale funded non-banks, making this portfolio very different from

the broader market portfolios.

• Of the Indian basket, 67% is invested in large caps, 24% in midcaps and 10% in small-cap stocks. We believe Indian

businesses are seeing a “reset” moment. Both changing government regulations and disruption by technology,

Indian businesses that are quick to adapt to this environment will, in our opinion, have a long growth runway. These

investee companies have exhibited either a focus on technology, a differentiated business model that is aiding them

to increase market share and/or improve margins, ROE in a tough environment.

• We have invested approximately 17% in global fund – CI Signature Technology fund. This fund has investments in 56

global technology companies – some of their larger holdings are in Apple, Microsoft, Advanced Micro Devices,

Alphabet, Lightspeed POS, Alibaba, TSMC, Visa, Mastercard, Shopify, Amazon, Samsung, SAP, GDS, Sony, Snap,

Facebook, Tencent etc. These companies are primarily based in US, even as fund has investments in companies based

out of Europe, Japan, Taiwan, Korea, China etc.

Sector Allocation as on 31st January, 2020

Overseas Mutual Fund 16.92

Banks 11.70


Auto 8.02

TREP & Term Deposits & Rev.Repo 7.31

Finance 7.02

Pharmaceuticals 6.87

Industrial Capital Goods 5.98

Transportation 4.43

Industrial Products 4.42

REST 19.20

Equity Market Brief

Sector %

KOTAK PIONEER FUND













Portfolio as on 31st January, 2020

Issuer/Instrument Industry/Rating % to Net Assets

Signature Global Technology Corporate Class Fund Overseas Mutual Fund 16.92%

Triparty Repo 7.31%

Net Current Assets/(Liabilities) -0.67%

To know more




Disclaimer

Kotak Pioneer Fund

investment objective of the scheme is to generate capital appreciation from a diversified portfolio of equity, equity related instruments and units of global mutual funds which invests into such companies that utilize new forms of production, technology, distribution or processes which are likely to challenge existing markets or value networks, or displace established market leaders, or bring in novel products and/or business models. However, there can be no assurance that the investment objective of the Scheme will be realized.


Thematic - An open ended equity scheme investing in pioneering innovations theme.

19



• Investment in equity and equity related securities of companies operating with pioneering innovations theme without any market capitalisation and sector bias.

* Investors should consult their financial advisors if in doubt about whether the product is suitable for them.Investors understand that their principal will

be at high risk

Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately

Top 10 Holdings as on 31st January, 2020

st31 January, 2020






KOTAK PIONEER FUND



Bajaj Finance Limited Finance 4.89%

Maruti Suzuki India Limited Auto 3.62%

Titan Company Ltd. Consumer Durables 2.65%

Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 2.54%

Container Corporation of India Ltd. Transportation 2.37%

Mahindra & Mahindra Ltd. Auto 2.37%

Tata Global Beverages Limited Consumer Non Durables 2.14%

Motherson Sumi Systems Ltd. Auto Ancillaries 2.09%

DEBT FUNDS

Kotak Low Duration Fund(formerly known as “PineBridge India Short Term Fund”) st31 January, 2020

Scheme Facts

Structure



Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Average Maturity

Portfolio Modified Duration

YTM

An open ended low duration debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 6 months and 12 months

`6,780.79 crs

`6,565.75 crs

Growth `2438.6083

Monthly Dividend `1027.0372

Weekly Dividend `1015.0038


Direct Monthly Dividend `1109.4131

Direct Weekly Dividend `1199.6186

6th March, 2008

Nifty Low Duration Index



1.06%

0.91 years

0.74 years

7.41%

0.79


^ as on 31st January, 2020. Source: Value Research.


Macaulay Duration

Load Structure

Entry Load:

Exit Load:

Nil

Nil

Any exit load charged (net off Goods and Service Tax, if any) shall be credited back to the Scheme;

Note - Units issued on reinvestment of dividends shall not be subject to entry and exit load.

About Kotak Low Duration Plan

Ÿ The primary objective of the Scheme is to generate income through investment primarily in low duration debt &

money market securities.

Ÿ There is no assurance or guarantee that the investment objective of the scheme will be achieved.

Portfolio Action

• Given the above outlook we intend to maintain the average maturity at the higher end of the indicated band.

• The focus is to enhance the portfolio yield while maintaining the liquidity and maturity of the portfolio in the

indicated band.

• We intend to maintain the modified duration in the range of 0.75 – 1.25 in Feb 2020.

Asset Allocation as on 31st January, 2020

Debentures and Bonds 66.16%

Commercial Paper (CP)/Certificate of Deposits (CD) 26.51%

Treasury Bills 4.91%

Net Current Assets 2.35%

TREP & Term Deposits & Rev.Repo 0.07%


Particulars 31 Jan 2020

Avg. Maturity (in yrs) 0.91 1.08

Duration 0.74 0.88

Yield (in %) 7.41 7.72

Macaulay Duration 0.79 0.94

31 Dec 2019

21

Debt Market Outlook

• This year started with Geopolitical risk taking centre stage and we saw large movements on both sides of the spectrum. Starting with the United States killing Iranian general Qasem Soleimani which lead to tensions escalating between US and Iran significantly. Oil prices briefly spiked to above $70 per barrel

• Other side of the story we saw the Coronavirus coming to light triggering a major risk off which lead to a selloff in Oil prices, with Brent touching 55 dollars a barrel as fears of the virus spreading rose. Fears of the impact of this virus on trade and travel would seem to only further intensify as the number of counties confirming cases rises.

• Back home the government presented the budget for FY 2021 in the parliament on the 1st of Feb 2020. The fiscal deficit was largely expected lines at 3.8% for FY 2020 and projected 3.5% for FY 2021.

• The government gross and net borrowing figures for FY 2021 were announced at 7800 crs and 5450 crs respectively. Again this was in line with market expectations

• The announcement of opening up certain government bonds for non-resident investors could be seen as an important precursor to index inclusion.

• Over all we are positive and expect yields to remain soft. Spread assets are beginning to look attractive again, and we are looking to opportunities to take advantage of the same.

• All eyes now on the MPC decision at the end of this week and inflation number later in the month. We will however continue following the Coronavirus situation for further updates.

U P Power Corporation Ltd (Guaranteed By UP State Government )

FITCH IND AA(CE)/CRISIL A+(CE)

6.85%

National Bank for Agriculture & Rural Development ICRA A1+/CRISIL A1+ 6.50%

IndusInd Bank Ltd. CRISIL A1+ 6.32%

Nabha Power Ltd. (backed by unconditional and irrevocable guarantee by Larsen & Toubro Ltd)

ICRA AAA(CE) 5.69%

Rural Electrification Corporation Ltd. CRISIL AAA 5.38%

AXIS Bank Ltd. CRISIL A1+ 4.63%

LIC Housing Finance Ltd. CRISIL AAA 4.06%

Reliable Devices Trust (Underlying customer Reliance Retail) ICRA AAA(SO) 3.92%

Reliance Jio Infocomm Ltd. CRISIL AAA 3.78%

Rural Electrification Corporation Ltd. CRISIL A1+ 3.18%

To know more




Disclaimer

Kotak Low Duration Fund An open ended low duration debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 6 months and 12 months. Investment Objective: The primary objective of the Scheme is to generate income through investment primarily in low duration debt & money market securities. There is no assurance or guarantee that the investment objective of the scheme will be achieved.


22

Kotak Low Duration Fund* Performance (%) as on , 202031st January

Different plans have different expense structure. The performance details provided herein are of regular plan.^Past performance may or may not be sustained in future. *All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. Classification of schemes in short term & long term is based on the average maturity of the scheme. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Please refer page no. for top 3 and bottom 3 schemes managed by Mr. Deepak Agrawal.We are comparing the performances of the funds with the total return Index.$With Effect from 1st June 2018, the Benchmark is changed to Nifty Low Duration Index from Crisil Liquid Fund.These materials are not intended for distribution to or use by any person in any jurisdiction where such distribution would be contrary to local law or regulation. The distribution of this document in certain jurisdictions may be restricted or totally prohibited and accordingly, persons who come into possession of this document are required to inform themselves about, and to observe, any such restrictions

31

Scheme Inception date is 06/03/2008. Mr. Deepak Agrawal has been managing the fund since 01/02/2015.

Rating Profile as on 31st January, 2020


• Regular income over short term

• Income by focusing on low duration securities


Investors understand that their principal will be at moderate risk

Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately

Kotak Low Duration Fund(formerly known as “PineBridge India Short Term Fund”)

Date

Kotak Low Duration Fund

Since Inception

Last 1 Year

Last 3 Years

Last 5 Years


CRISIL 1 Year T-Bill Index

## (%)

Nifty Low Duration

$Index # (%)


#(`)Benchmark

#(`)Additional

Benchmark ## (`)

Alpha

7.77 8.47 -0.70 6.57 24,386 26,344 21,347

8.27 8.05 0.21 7.25 10,827 10,805 10,725

7.53 7.43 0.11 6.70 12,435 12,397 12,149

8.11 7.82 0.29 7.08 14,776 14,578 14,082

st31 January, 2020






69.70%

21.20%

6.68%

2.35%

0.07%

A1+, AAA, AAA(CE), AAA(SO), SOV

AA+, AA, AA(CE), IND AA, IND AA(CE), AA-

A+, A+(CE)

Net Current Assets


Kotak Corporate Bond Fund(Formerly known as “PineBridge India Total Return Bond Fund)

st31 January, 2020

Scheme Facts

Structure



Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Average Maturity


YTM

Macaulay Duration

An open ended debt scheme predominantly investing in AA+ and above rated corporate bonds.

`4,523.17 crs

`4,465.33 crs

`

`

`

`

24th September, 2007

CRISIL Corporate Bond Index



1.33%

1.62 years

1.42 years

6.63%

1.51


^ as on 31st January, 2020. Source: ICRA MFI Explorer. Standard Deviation is calculated on Annualised basis using 3 years history of monthly returns.


Growth 2662.0325

Monthly Dividend 1051.0270

Direct Direct Growth 2729.2954

Direct Monthly Dividend 1104.8385

Quarterly Dividend NA

Load Structure

Entry Load:

Exit Load:

Nil

NilTop 10 Companies as on 31st January, 2020

About Kotak Corporate Bond Plan

Ÿ The Fund seeks to generate income and capital appreciation largely through a focus on investments in corporate

debt securities.

Ÿ There is no assurance or guarantee that the investment objective of the scheme will be achieved.

Portfolio Action


• The focus is to enhance the portfolio yield while maintaining the liquidity and maturity of the portfolio in the

band indicated in the matrix above.


23



Avg. Maturity (in yrs) 1.62

Duration 1.42

Yield (in %) 6.63

Macaulay Duration 1.51

31 Dec 2019

1.72

1.50

6.82

1.59



Government Dated Securities 7.06%



Debt Market Outlook








HDFC Ltd. CRISIL AAA 9.34%

Power Finance Corporation Ltd. CRISIL AAA 8.96%

Rural Electrification Corporation Ltd. CRISIL AAA/FITCH IND AAA 7.84%

Nabha Power Ltd. (backed by unconditional and irrevocable guarantee by Larsen & Toubro Ltd )

ICRA AAA(CE) 6.45%

AXIS Bank Ltd. CRISIL A1+/ICRA A1+ 6.43%

LIC Housing Finance Ltd. CRISIL AAA/CARE AAA 6.17%

7.32% Central Government SOV 6.17%

Reliance Industries Ltd. CRISIL AAA 5.80%

HDB Financial Services Ltd. CRISIL AAA 5.27%

National Bank for Agriculture & Rural Development CRISIL AAA 4.78%

To know more


Visit - assetmanagement.kotak.comEmail - [email protected]

Disclaimer

Kotak Corporate Bond Fund scheme predominantly investing in AA+ and above rated corporate bonds. seeks to generate income and capital appreciation largely through a focus on investments in corporate debt securities. There is no assurance or guarantee that the investment objective of the scheme will be achieved.


An open ended debt

24

Kotak Corporate Bond Fund* Performance (%) as on 31st January, 2020

Different plans have different expense structure. The performance details provided herein are of regular plan.^Past performance may or may not be sustained in future. *All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. Classification of schemes in short term & long term is based on the average maturity of the scheme. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Please refer page no. for top 3 and bottom 3 schemes managed by Mr. Deepak Agrawal.We are comparing the performances of the funds with the total return Index.$With Effect from 1st June 2018, the Benchmark is changed to CRISIL Corporate Bond Index from Crisil Composite Bond Fund Index.These materials are not intended for distribution to or use by any person in any jurisdiction where such distribution would be contrary to local law or regulation. The distribution of this document in certain jurisdictions may be restricted or totally prohibited and accordingly, persons who come into possession of this document are required to inform themselves about, and to observe, any such restrictions

31




• Regular income over short term

• Income by investing in fixed income securities of varying maturities & credit


Investors understand that their principal will be at moderately low risk

Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately



Date

Kotak Corporate Bond Fund

Since Inception

Last 1 Year

Last 3 Years

Last 5 Years



## (%)

CRISIL Corporate

Bond $Index # (%)


#(`)Benchmark

#(`)Additional

Benchmark ## (`)

Alpha

8.24 9.40 -1.16 6.53 26,620 30,368 21,874

9.62 11.11 -1.49 7.25 10,962 11,111 10,725

7.93 7.26 0.68 6.70 12,574 12,338 12,149

8.23 8.48 -0.25 7.08 14,855 15,026 14,082

st31 January, 2020






96.83%

2.84%

0.33%

A1+, AAA, AAA(CE), AAA(SO), IND AAA, SOV

Net Current Assets


st31 January, 2020

Scheme Facts

Structure



Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Average Maturity


YTM

An open ended debt scheme predominantly investing in Debt instruments of banks, Public Sector Undertakings, Public Financial Institutions and Municipal Bonds.

` crs

`4,467.41 crs

`

`

`

`

29th December, 1998

CRISIL Banking and PSU Debt Index

Dividend Payout, Dividend Re-investment & Growth `5000 & above.


2.03%

3.29 years

2.42 years

6.93%

2.60


^ as on 31st January, 2020. Source: ICRA MFI Explorer. Standard Deviation is calculated on Annualised basis using 3 years history of monthly returns.

4,553.06


Macaulay Duration

Growth 45.9913




Load Structure

Entry Load:

Exit Load:

Nil

Nil (applicable for all plans)

Note - Units issued on reinvestment of dividends shall not be subject to exit load (applicable for all plans)

Asset Allocation as on 31st January 2020,

About Kotak Banking and PSU Debt Fund

Ÿ Kotak Banking and PSU Debt Fund is an Open Ended Debt Scheme.

Ÿ The investment objective of the scheme is to generate income by predominantly investing in debt & money

market securities issued by Banks & PSUs and Reverse repos in such securities, sovereign securities issued by the

Central Government and State Governments, and / or any security unconditionally guaranteed by the Govt. of

India.

Debt Market Outlook

Portfolio Action



25

Top 10 Companies as on 31st January 2020,



Duration 2.42

Yield (in %) 6.93

31 Dec 2019

3.81

7.09


2.86

Kotak Banking and PSU Debt Fund

Debentures and Bonds 63.55%Commercial Paper (CP)/Certificate of Deposits (CD) 21.01%Government Dated Securities 13.34%TREP & Term Deposits & Rev.Repo 1.11%Treasury Bills 0.55%Net Current Assets 0.44%










State Bank Of India. CRISIL AA+/CRISIL AAA 7.31%

AXIS Bank Ltd. CRISIL A1+/ICRA A1+ 6.86%

ICICI Bank Ltd. CRISIL AA+/ICRA AA+/ 6.61%

Food Corporation of India CRISIL AAA(CE) 6.43%

7.32% Central Government(^) SOV 6.36%

Allahabad Bank CRISIL AA- 4.25%

Indian Railway Finance Corporation Ltd. CRISIL AAA 3.92%

Bank Of Baroda FITCH IND AAA/CARE AA/ICRA AA/FITCH AAA(IND)

3.70%

(^) Fully or Party blocked against Interest Rate Swap (IRS)

Disclaimer

Kotak Banking and PSU Debt Fund An open - ended debt scheme. Investment Objective: To generate income by predominantly investing in debt & money market securities issued by Banks & PSUs and Reverse repos in such securities, sovereign securities issued by the Central Government and State Governments, and / or any security unconditionally guaranteed by the Govt. of India.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully. Scheme Information Document (SID) and Statement of Additional I n f o r m a t i o n ( S A I ) a v a i l a b l e o n mutualfund.kotak.com

26

Rating Profile as on 31st January 2020,



• Income over a short to medium term investment horizon

• Investment in debt & money market securities of PSUs, Banks & government securities



Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately

To know more




Kotak Banking and PSU Debt Fund* Performance (%) as on 31st January, 2020


31

^Past performance may or may not be sustained in future. *All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. Classification of schemes in short term & long term is based on the average maturity of the scheme. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Please refer page no. for top 3 and bottom 3 schemes managed by Mr. Deepak Agrawal.We are comparing the performances of the funds with the total return Index$With Effect from 1st June 2018, the Benchmark is changed to CRISIL Banking and PSU Debt Index from Crisil Short Term Bond Fund Index.These materials are not intended for distribution to or use by any person in any jurisdiction where such distribution would be contrary to local law or regulation. The distribution of this document in certain jurisdictions may be restricted or totally prohibited and accordingly, persons who come into possession of this document are required to inform themselves about, and to observe, any such restrictions.


Date


Since Inception

Last 1 Year

Last 3 Years

Last 5 Years


CRISIL 1 YearT-Bill Index

## (%)

Crisil Banking and PSU

$Debt Index # (%)


#(`)Benchmark

#(`)Additional

Benchmark ## (`)

Alpha

7.50 NA NA 6.68 45,991 NA 39,144

11.03 11.07 -0.05 7.25 11,103 11,107 10,725

7.84 7.89 -0.06 6.70 12,540 12,559 12,149

8.45 8.50 -0.05 7.08 15,010 15,042 14,082

st31 January, 2020






76.67%

21.78%

1.11%

0.44%

A1+, AAA, AAA(CE), AAA(IND), IND AAA, SOV

AA+, AA, IND AA, IND AA(CE), AA-


Net Current Assets

Kotak Dynamic Bond Fund st31 January, 2020

Scheme Facts

Structure



Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Average Maturity


YTM

An open ended dynamic debt scheme investing across duration

`1,132.15 crs

`1,111.67 crs

`

`

`

`

`

`

26th May, 2008

Nifty Composite Debt Index

Regular Plan - `5000/-

`1000 & in multiples of ` 1

2.77%

5.63 years

3.97 years

7.43%

4.24

*Source: MFI Explorer.^ as on 31st January, 2020. Source: ICRA MFI Explorer. Standard Deviation is calculated on Annualised basis using 3 years history of monthly returns.


Macaulay Duration



Growth 26.3536


Quarterly Dividend 11.2787

Direct Quarterly Dividend 11.0793

Load Structure

Entry Load:

Exit Load:

Nil

Nil

Units issued on reinvestment of dividends shall not be subject to entry and exit load.

* In terms of SEBI Circular No. SEBI/IMD/CIR No. 4/168230/09 dated June 30, 2009, no entry load will be charged on purchase / additional purchase / switch-in.

** Any exit load charged (net off Goods and Services Tax, if any) shall be credited back to the Scheme.


About Kotak Dynamic Bond Fund

Ÿ Kotak Dynamic Bond Fund is a debt scheme that seeks to maximize returns through active management of a portfolio of debt and money market securities.

Ÿ It invests dynamically across asset classes in high quality assets and has relatively lower risk / volatility profile, as the mark to market component is low.

Portfolio Action


• We believe there is good earning opportunity in the medium-term government securities, esp. SDLs given their

widened spreads.


27



Government Dated Securities 36.35%




Avg. Maturity (in yrs) 5.63 5.58

Duration 3.97 4.10

Yield (in %) 7.43 7.58


31 Dec 2019

(Formerly Known As Kotak Flexi Debt Fund)

Debt Market Outlook










State Bank Of India. CRISIL AA+ 7.72%

Reliance Jio Infocomm Ltd.(^) CRISIL AAA 7.68%


Indian Railway Finance Corporation Ltd.(^) CRISIL AAA 6.74%


LIC Housing Finance Ltd. CRISIL AAA 6.00%

Sikka Ports & Terminals Ltd. (Mukesh Ambani Group) (^) CRISIL AAA 5.74%



To know more



Disclaimer

Kotak Dynamic Bond Fund

Investment Objective: To maximize returns through an active management of a portfolio of debt and money market securities.

An open ended dynamic debt scheme investing across duration


28

Kotak Dynamic Bond Fund *Performance (%) as on , 202031st January


^Past performance may or may not be sustained in future. *All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. Classification of schemes in short term & long term is based on the average maturity of the scheme. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Please refer page no. for top 3 and bottom 3 schemes managed by Mr. Deepak Agrawal.

We are comparing the performances of the funds with the total return Index.

^^Kotak Flexi Debt Fund is renamed as Kotak Dynamic Bond Fund with effect from 1st June 2018.$With Effect from 1st June 2018, the Benchmark is changed to Nifty Composite Debt Index from Crisil Composite Bond Fund Index.


31



Kotak Dynamic Bond Fund


• Income over a medium term investment horizon

• Investment in debt & money market securities



Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately

(Formerly Known As Kotak Flexi Debt Fund)

Date

Kotak Dynamic Bond Fund - Growth^^

Since Inception

Last 1 Year

Last 3 Years

Last 5 Years



## (%)

Nifty Composite

Debt $Index #(%)


#(`)Benchmark

#(`)Additional

Benchmark ## (`)

Alpha

8.64 8.38 0.26 6.57 26,354 25,619 21,047

11.19 11.12 0.07 7.25 11,119 11,112 10,725

7.82 6.81 1.00 6.70 12,533 12,186 12,149

8.75 7.96 0.79 7.08 15,221 14,673 14,082

st31 January, 2020






81.11%

15.85%

2.40%

0.64%

AAA, SOV

AA+, IND AA

Net Current Assets


Kotak Credit Riskst31 January, 2020

Scheme Facts

Structure



Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Average Maturity


YTM

An open ended debt scheme predominantly investing in AA and below rated corporate bonds (Excluding AA+ rated corporate bonds)

`5,103.83 crs

`5,054.30 crs

Growth `21.9190


Weekly Dividend `10.0146

Direct Weekly Dividend `10.4394

Monthly Dividend `10.3495

Direct Monthly Dividend `10.5784

Quarterly Dividend `10.9723

Direct Quarterly Dividend `10.3619

Annual Dividend `11.1262

Direct Annual Dividend `17.5683

th11 May 2010

NIFTY Credit Risk Bond Index

`5000/-


1.40%

2.44 years

1.83 years

8.71%

1.97

*Source: MFI Explorer.^ as on 31st January, 2020. Source: Value Research.


Macaulay Duration

Load Structure

Entry Load: Exit Load:

Nil) For redemption / switch out of upto

10% of the initial investment amount (limit) purchased or switched in within 1 year from the date of allotment: Nil.ii) If units redeemed or switched out are in excess of the limit within 1 year from the date of allotment: 1%.iii) If units are redeemed or switched out on or after 1 year from the date of allotment: Nil.iv) Any exit load charged (net off Goods and Service Tax, if any) shall be credited back to the respective Scheme. Units issued on reinvestment of dividends shall not be subject to entry and exit load.

i

About Kotak Credit Risk

Ÿ The investment objective of Kotak Credit Risk is to generate income by investing in debt and money market securities across the yield curve and credit spectrum.

Ÿ The scheme would also seek to maintain reasonable liquidity within the fund. Ÿ The scheme invests in securities offering high accrual by taking on a marginally higher credit risk. Ÿ The fund manager may also seek to capitalize on opportunity of potential credit rating upgrades from time to time. Ÿ The scheme is suitable for investors with a time horizon of 15 months plus.

Portfolio Action

• Given the above outlook we intend to maintain the average maturity at the higher end of the indicated band. • The endeavor is to enhance the portfolio yield by either selling low yielding assets to buy high yielding assets or

by utilizing the cash to acquire high yielding assets.• We intend to maintain the modified duration in the range of 1.5 – 2.5 in Feb 2020.

29





Duration 1.83

Yield (in %) 8.71

Macaulay Duration 1.97

31 Dec 2019

2.70

2.04

8.94

2.19




Treasury Bills 0.49%


Debt Market Outlook








U P Power Corporation Ltd (Guaranteed By UP State Government)

CRISIL A+(CE)/FITCH IND AA(CE)

8.65%

Tata Motors Ltd. CARE AA-/ICRA AA- 6.88%

Nirma Ltd. CRISIL AA 5.59%

Power Finance Corporation Ltd.(^) CRISIL AAA 5.58%

Andhra Bank CARE A+ 5.01%

Tata Steel Ltd. CARE AA-/CARE AA 4.31%

HDFC Ltd. CRISIL AAA 4.27%

Talwandi Sabo Power Ltd. (Unconditional and Irrevocable Corporate Guarantee of Vedanta Ltd.)

CRISIL AA(CE) 3.82%

Coastal Gujarat Power Ltd. (Guarenteed by TATA Power Co. Ltd)

CARE AA(CE) 3.16%

Muthoot Finance Ltd. CRISIL AA 2.97%


To know more



Disclaimer

Kotak Credit Risk An open ended debt scheme predominantly investing in AA and below rated corporate bonds (Excluding AA+ rated corporate bonds) Investment Objective: The investment objective of the scheme is to generate income by investing in debt /and money market securities across the yield curve and credit spectrum. The scheme would also seek to maintain reasonable liquidity within the fund. There is no assurance that or guarantee that the investment objective of the scheme will be achieved.


30

Kotak Credit Risk Fund - Growth *Performance (%) as on , 202031st January

Different plans have different expense structure. The performance details provided herein are of regular plan.^Past performance may or may not be sustained in future. *All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of `10,000/- investment made at inception. Source: ICRA MFI Explorer. Classification of schemes in short term & long term is based on the average maturity of the scheme. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Please refer page no. for top 3 and bottom 3 schemes managed by Mr. Deepak Agrawal.We are comparing the performances of the funds with the total return Index.^^Kotak Income Opportunities Fund is renamed as Kotak Credit Risk Fund with effect from 1st June 2018.$With Effect from 1st November 2019, the Benchmark is changed to NIFTY Credit Risk Bond Index from CRISIL Composite AA Short Term Bond Index.These materials are not intended for distribution to or use by any person in any jurisdiction where such distribution would be contrary to local law or regulation. The distribution of this document in certain jurisdictions may be restricted or totally prohibited and accordingly, persons who come into possession of this document are required to inform themselves about, and to observe, any such restrictions.

31



Kotak Credit Risk


• Income over a medium term horizon

• Investment in debt & money market securities



Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately

Date

Kotak Credit Risk Fund - Growth^^

Since Inception

Last 1 Year

Last 3 Years

Last 5 Years


CRISIL 1 Year T-Bill

Index ## (%)

NIFTY Credit Risk

Bond $Index # (%)


#(`)Benchmark

#(`)Additional

Benchmark ## (`)

Alpha

8.40 9.19 -0.79 6.84 21,919 23,531 19,045

9.22 9.40 -0.17 7.25 10,922 10,940 10,725

7.18 7.78 -0.60 6.70 12,311 12,520 12,149

8.22 8.65 -0.43 7.08 14,849 15,146 14,082

st31 January, 2020






45.35%

28.28%

21.62%

3.31%

1.23%

0.21%

AA+, AA, AA(CE), IND AA, IND AA(CE), AA-, AA-(CE), IND AA-

A1+, AAA, IND AAA, SOV

A+, A+(CE), IND A

Net Current Assets

BBB


Bottom 3 Funds Managed by Mr. Deepak Agarwal*

Top 3 Funds Managed by Mr. Abhishek Bisen**

Bottom 3 Funds Managed by Mr. Abhishek Bisen**

Kotak Overnight Fund-Regular Plan-Growth (%) ^ 5.48 NA NA 10,579 5.54 15-01-2019

NIFTY 1D Rate Index # (%) 5.61 NA NA 10,590 5.65

CRISIL 1 Year TBill ## (%) 7.25 NA NA 10,769 7.35

Kotak Gold ETF (%) ^ 22.18 10.87 6.83 40,818 11.89 27/07/2007

Price of Gold # (%) 23.07 11.91 7.91 46,438 13.04

CRISIL 10 Year Gilt ## (%) 10.84 5.04 7.33 23,019 6.88

Kotak Gold Fund - Growth (%) ^ 23.14 11.68 6.51 16,922 6.12 25/03/2011

Price of Gold # (%) 23.07 11.91 7.91 19,429 7.78

CRISIL 10 Year Gilt ## (%) 10.84 5.04 7.33 18,277 7.04

Kotak Bond Fund - Growth (%) ^ 10.77 5.09 6.55 54,745 8.78 25/11/1999

NIFTY Medium to Long Duration Debt Index # (%) 11.43 6.49 7.79 NA NA

CRISIL 10 Year Gilt ## (%) 10.84 5.04 7.33 NA NA

Kotak Medium Term Fund - Growth (%) ^ 7.37 6.29 7.79 16,165 8.53 21/03/2014

NIFTY Medium Duration Debt Index # (%) 10.69 7.14 8.10 16,455 8.86

CRISIL 10 Year Gilt ## (%) 10.84 5.04 7.33 16,193 8.56

Kotak Liquid Fund - Growth (%) ^ 6.28 6.78 7.22 31,764 7.37 04/11/2003

NIFTY Liquid Index # (%) 6.31 6.73 7.11 31,859 7.39

CRISIL 1 Year TBill ## (%) 7.25 6.70 7.08 26,175 6.10

*Top 3 Funds Managed by Mr. Deepak Agarwal*

Kotak Money Market Fund - Growth (%) ^ 7.77 7.44 7.66 32,684 7.41 14/07/2003

NIFTY Money Market Index # (%) 6.93 7.02 7.44 33,619 7.60


Kotak Bond Short Term Fund - Growth (%) ^ 9.55 6.97 7.73 37,465 7.72 02/05/2002

NIFTY Short Duration Debt Index # (%) 9.21 7.35 7.95 38,634 7.91


Kotak Savings Fund - Growth (%) ^ 7.60 7.26 7.69 31,795 7.76 13/08/2004

NIFTY Ultra Short Duration Debt Index # (%) 7.60 7.56 7.83 33,694 8.16


Current Value of Investment of `10000 in the

$Other Funds managed by Mr. Harish Krishnan

Annexure - Returns (Fund Manager wise)

1 Year 3 Years 5 Years

Scheme Name Absolute Returns (%) CAGR Returns (%) CAGR Returns (%)

InceptiondateSince inception

CAGR Returns

(%)

Kotak India Growth Fund - Series 5 - Growth (%) ^ 17.85 NA NA 10,500 2.89 15/05/2018

Nifty 200 TRI # (%) 10.89 NA NA 10,938 5.37

Nifty 50 TRI ## (%) 11.84 NA NA 11,337 7.59

Kotak Infr. & Economic Refrm Fund - Growth (%) ^ 15.92 6.62 6.00 21,039 6.43 25/02/2008

India Infr. Index (Customised Index by IISL) # (%) 8.50 1.48 0.36 9,877 -0.10

Nifty 50 TRI ## (%) 11.84 13.29 7.67 26,529 8.51

Kotak Bluechip Fund - Growth (%) ̂ 15.86 11.33 7.40 209,848 19.61 04/02/2003

Nifty 50 TRI # (%) 11.84 13.29 7.67 143,606 16.97

S&P BSE SENSEX TRI ## (%) 13.59 15.16 8.29 148,145 17.18

^^Top 3 Funds Managed by Mr. Devender Singhal

Bottom 3 Funds Managed by Mr. Devender Singhal ^^

Kotak PSU Bank ETF (%) ̂ -22.56 -10.34 -10.49 8,019 -1.79 08/11/2007

Nifty PSU Bank TRI # (%) -21.80 -9.13 -9.64 9,713 -0.24

Nifty 50 TRI ## (%) 11.84 13.29 7.67 24,265 7.51

Kotak Banking ETF (%) ̂ 13.29 16.85 9.75 17,113 11.01 10/12/2014

Nifty Bank TRI # (%) 13.46 17.05 9.92 17,257 11.19

Nifty 50 TRI ## (%) 11.84 13.29 7.67 15,267 8.57

Kotak Equity Savings Fund - Growth (%) ̂ 8.07 7.92 7.30 14,972 7.91 13/10/2014

75% Nifty 50 Arbitrage + 25% Nifty 50 TRI # (%) 8.09 7.36 6.54 14,375 7.08

Nifty 50 TRI ## (%) 11.84 13.29 7.67 16,193 9.51

Kotak Asset Allocator Fund - Growth (%) ̂ 12.50 8.81 8.62 88,694 15.13 09/08/2004

NIFTY 50 Hybrid Composite Debt 50:50 Index # (%) 11.67 10.23 8.04 56,817 11.87

S&P BSE SENSEX TRI ## (%) 13.59 15.16 8.29 92,799 15.47

Kotak India Growth Fund - Series 4 - Growth (%) ̂ 7.86 NA NA 9,644 -1.85 20/02/2018

Nifty 200 TRI # (%) 10.89 NA NA 11,297 6.47

Nifty 50 TRI ## (%) 11.84 NA NA 11,849 9.12

Kotak NV20 ETF (%) ̂ 3.80 15.09 NA 16,875 13.37 01/12/2015

Nifty 50 Value 20 TRI # (%) 4.15 15.44 NA 16,215 12.29

Nifty 50 TRI ## (%) 11.84 13.29 NA 15,860 11.69

Kotak Sensex ETF (%) ^ 13.23 13.88 7.45 27,058 8.91 06/06/2008

S&P BSE SENSEX TRI # (%) 13.59 15.16 8.29 30,814 10.13

Nifty 50 TRI ## (%) 11.84 13.29 7.67 29,757 9.80

Kotak Debt Hybrid Fund - Growth (%) ^ 11.53 6.30 7.42 33,314 7.72 02/12/2003

CRISIL Hybrid 85+15 - Conservative Index # (%) 11.40 7.80 8.41 36,522 8.34

CRISIL 10 Year Gilt ## (%) 10.84 5.04 7.33 24,769 5.77

31

Kotak PSU Bank ETF (%) ̂ -22.56 -10.34 -10.49 8,019 -1.79 08/11/2007

Nifty PSU Bank TRI # (%) -21.80 -9.13 -9.64 9,713 -0.24

Nifty 50 TRI ## (%) 11.84 13.29 7.67 24,265 7.51

Kotak Banking ETF (%) ̂ 13.29 16.85 9.75 17,113 11.01 10/12/2014

Nifty Bank TRI # (%) 13.46 17.05 9.92 17,257 11.19

Nifty 50 TRI ## (%) 11.84 13.29 7.67 15,267 8.57

Kotak Sensex ETF (%) ̂ 13.23 13.88 7.45 27,058 8.91 06/06/2008

S&P BSE SENSEX TRI # (%) 13.59 15.16 8.29 30,814 10.13

Nifty 50 TRI ## (%) 11.84 13.29 7.67 29,757 9.80

Kotak Nifty ETF (%) ̂ 11.69 12.70 7.05 24,546 9.40 02/02/2010

Nifty 50 TRI # (%) 11.84 13.29 7.67 27,996 10.84

S&P BSE SENSEX TRI ## (%) 13.59 15.16 8.29 29,037 11.25

Kotak NV20 ETF (%) ̂ 3.80 15.09 NA 16,875 13.37 01/12/2015

Nifty 50 Value 20 TRI # (%) 4.15 15.44 NA 16,215 12.29

Nifty 50 TRI ## (%) 11.84 13.29 NA 15,860 11.69

32

Current Value of Investment of `10000 in the


Scheme Name Absolute Returns (%) CAGR Returns (%) CAGR Returns (%)

InceptiondateSince inception

CAGR Returns

1 Year 3 Years 5 Years

~Other Funds managed by Mr. Arjun Khanna

€Top 3 Funds managed by Mr. Satish Dondapati

€Bottom 3 Funds managed by Mr. Satish Dondapati

@Other Funds managed by Mr. Rukun Tarachandani

Kotak Gilt Fund - Growth (%) ̂ 10.74 5.62 7.34 67,922 9.50 29/12/1998

NIFTY All Duration G-Sec Index # (%) 11.02 6.56 7.82 NA NA

CRISIL 10 Year Gilt ## (%) 10.84 5.04 7.33 NA NA



Nifty 50 TRI ## (%) 11.84 13.29 7.67 16,193 9.51

ßOther Funds managed by Ms. Shibani Kurian

~~Other Funds managed by Mr. Hiten Shah

@@Other Funds managed by Mr. Harsha Upadhyaya

Kotak India EQ Contra Fund - Growth (%) ̂ 12.79 13.80 8.63 55,825 12.57 27/07/2005

Nifty 100 TRI # (%) 11.29 12.56 7.97 63,549 13.58

Nifty 50 TRI ## (%) 11.84 13.29 7.67 61,749 13.35



Nifty 50 TRI ## (%) 11.84 13.29 7.67 16,193 9.51



Nifty 50 TRI ## (%) 11.84 13.29 7.67 16,193 9.51

Kotak India Growth Fund - Series 7 - Growth (%) ̂ 10.65 NA NA 10,986 6.85 31/08/2018

Nifty 50 TRI # (%) 11.84 NA NA 10,401 2.81

Nifty 200 TRI ## (%) 10.89 NA NA 10,097 0.68

Kotak Equity Arbitrage Fund - Growth (%) ̂ 6.08 6.16 6.43 27,747 7.37 29/09/2005

Nifty 50 Arbitrage Index # (%) 6.62 5.27 5.92 NA NA

Nifty 50 TRI ## (%) 11.84 13.29 7.67 54,555 12.55

Kotak US Equity Fund - Growth (%) ̂ 15.54 11.70 10.96 18,390 10.47 20/12/2013

S&P 500 International Total Return Net Index # (%) 22.72 16.78 15.59 23,218 14.76

Nifty 50 TRI ## (%) 11.84 13.29 7.67 20,561 12.50

Kotak Asset Allocator Fund - Growth (%) ̂ 12.50 8.81 8.62 88,694 15.13 09/08/2004

NIFTY 50 Hybrid Composite Debt 50:50 Index # (%) 11.67 10.23 8.04 56,817 11.87

S&P BSE SENSEX TRI ## (%) 13.59 15.16 8.29 92,799 15.47

Kotak World Gold Fund - Growth (%) ̂ 29.33 2.39 4.75 10,967 0.79 06/06/2008

Financial Times Gold Mines Total - Price # (%) 32.65 9.94 11.42 12,115 1.66

Nifty 50 TRI ## (%) 11.84 13.29 7.67 29,757 9.80

Kotak Global Emerging Market Fund - Growth (%) ̂ 10.85 7.46 4.19 16,638 4.21 26/09/2007

MSCI Emerging Market index # (%) 2.04 7.39 4.95 16,214 3.99

Nifty 50 TRI ## (%) 11.84 13.29 7.67 28,003 8.69

Kotak Gold ETF (%) ^ 22.18 10.87 6.83 40,818 11.89 27/07/2007

Price of Gold # (%) 23.07 11.91 7.91 46,438 13.04

CRISIL 10 Year Gilt ## (%) 10.84 5.04 7.33 23,019 6.88

$Mr. Harish Krishnan manages 5 funds of Kotak Mutual fund.

Kotak India Growth Fund - Series 5 - Growth, *Name of the Benchmark - Nifty 200 TRI, Scheme Inception date is 15/05/2018. Mr. Harish Krishnan has been managing the fund since

15/05/2018.

Kotak Infrastructure and Economic Reform Fund - Growth, *Name of the Benchmark - India Infrastructure Index (Customised Index by IISL), Scheme Inception date is 25/02/2008. Mr.

Harish Krishnan has been managing the fund since 01/02/2015.

Kotak Bluechip Fund - Growth (Erstwhile Kotak 50), *Name of the Benchmark - Nifty 50 TRI, Scheme Inception date is 04/02/2003. Mr. Harish Krishnan has been managing the fund since

15/11/2013.

Kotak Equity Savings Fund - Growth, *Name of the Benchmark - 75% NIFTY 50 ARBITRAGE + 25% Nifty 50 TRI, Scheme Inception date is 13/10/2014. Mr. Harish Krishnan has been

managing the fund since 09/05/2019. Mr. Abhishek Bisen has been managing the fund since 17/09/2014. Mr. Hiten Shah has been managing the fund since 03/10/2019.

33


^^Mr. Devender Singhal manages 8 funds of Kotak Mutual fund.

*Mr. Deepak Agrawal manages 12 & All FMPs funds of Kotak Mutual fund.

**Mr. Abhishek Bisen manages 9 funds of Kotak Mutual fund.

Kotak Banking ETF, *Name of the Benchmark - Nifty Bank TRI, Scheme Inception date is 10/12/2014. Mr. Devender Singhal & Mr. Satish Dondapati has been managing the fund since

09/05/2019.

Kotak Sensex ETF, *Name of the Benchmark - S&P BSE SENSEX TRI, Scheme Inception date is 06/06/2008. Mr. Devender Singhal & Mr. Satish Dondapati has been managing the fund since

09/05/2019.

Kotak Asset Allocator Fund - Growth, *Name of the Benchmark - NIFTY 50 Hybrid Composite Debt 50:50 Index, Scheme Inception date is 09/08/2004.Mr. Devender Singhal & Mr. Arjun

Khanna has been managing the fund since 09/05/2019.

Kotak India Growth Fund - Series 4- Growth, *Name of the Benchmark - Nifty 200 TRI, Scheme Inception date is 14/02/2018. Mr. Devender Singhal has been managing the fund since

24/01/2019.

Kotak NV20 ETF - *Name of the Benchmark Nifty 50 Value 20 TRI, Scheme Inception date is 01/12/2015. Mr. Devender Singhal & Mr. Satish Dondapati has been managing the fund since

09/05/2019.

Kotak PSU Bank ETF, *Name of the Benchmark - Nifty PSU Bank TRI, Scheme Inception date is 08/11/2007. Mr. Devender Singhal & Mr. Satish Dondapati has been managing the fund since

09/05/2019.

Kotak Bond Short Term Fund - Growth, *Name of the Benchmark - NIFTY Short Duration Debt Index, Scheme Inception date is 02/05/2002. Mr. Deepak Agrawal has been managing the

fund since 11/07/2007.

Kotak Money Market Fund -Growth (Erstwhile Floater - Short Term), *Name of the Benchmark - NIFTY Money Market Index, Scheme Inception date is 14/07/2003. Mr. Deepak Agrawal

has been managing the fund since 01/11/2006.

Kotak Savings Fund - Growth (Erstwhile Kotak Treasury Advantage Fund), *Name of the Benchmark - NIFTY Ultra Short Duration Debt Index, Scheme Inception date is 13/08/2004. Mr.

Deepak Agrawal has been managing the fund since 01/04/2008.

Kotak Medium Term Fund - Growth, *Name of the Benchmark - NIFTY Medium Duration Debt Index, Scheme Inception date is 21/03/2014.Mr. Deepak Agrawal has been managing the


Kotak Liquid Fund - Growth, *Name of the Benchmark - NIFTY Liquid Index, Scheme Inception date is 04/11/2003. Mr. Deepak Agrawal has been managing the fund since 01/05/2007.

Kotak Overnight Fund - Growth, *Name of the Benchmark - NIFTY 1D Rate Index, Scheme Inception date is 15/01/2019. Mr. Deepak Agrawal has been managing the fund since

15/01/2019.

Kotak Gold Fund -Growth, *Name of the Benchmark - Price of Gold, Scheme Inception date is 25/03/2011. Mr. Abhishek Bisen has been managing the fund since 04/03/2011.

Kotak Gold ETF, *Name of the Benchmark - Price of Gold, Scheme Inception date is 27/07/2007. Mr. Abhishek Bisen has been managing the fund since 15/04/2008 & Mr. Satish Dondapati

has been managing the fund since 09/05/2019.

Kotak Debt Hybrid - Growth (Erstwhile Kotak Monthly Income Plan), *Name of the Benchmark - CRISIL Hybrid 85+15 - Conservative Index, Scheme Inception date is 02/12/2003. Mr.

Abhishek Bisen has been managing the fund since 01/04/2008. Mr. Devender Singhal has been managing the fund since 25/08/2015.

Kotak Bond Fund - Growth, *Name of the Benchmark - NIFTY Medium to Long Duration Debt Index, Scheme Inception date is 25/11/1999. Mr. Abhishek Bisen has been managing the


Kotak Gilt Fund - Growth, *Name of the Benchmark - NIFTY All Duration G-Sec Index, Scheme Inception date is 29/12/1998. Mr. Abhishek Bisen has been managing the fund since

15/04/2008.

Kotak Equity Savings Fund - Growth, *Name of the Benchmark - 75% NIFTY 50 ARBITRAGE + 25% Nifty 50 TRI, Scheme Inception date is 13/10/2014. Mr. Harish Krishnan has been

managing the fund since 09/05/2019. Mr. Abhishek Bisen has been managing the fund since 17/09/2014. Mr. Hiten Shah has been managing the fund since 03/10/2019.~ Mr. Arjun Khanna manages 4 funds of Kotak Mutual fund.

Kotak World Gold Fund - Growth, *Name of the Benchmark - Financial Times Gold Mines Total - Price, Scheme Inception date is 06/06/2008. Mr. Arjun Khanna has been managing the fund since 09/05/2019.

Kotak US Equity Fund - Growth, *Name of the Benchmark - S&P 500 International Total Return Net Index, Scheme Inception date is 20/12/2013. Mr. Arjun Khanna has been managing the fund since 09/05/2019.

Kotak Asset Allocator Fund - Growth, *Name of the Benchmark - NIFTY 50 Hybrid Composite Debt 50:50 Index, Scheme Inception date is 09/08/2004.Mr. Devender Singhal &Mr. Arjun Khanna has been managing the fund since 09/05/2019.

Kotak Global Emerging Market Fund - Growth, *Name of the Benchmark - MSCI Emerging Market index, Scheme Inception date is 26/09/2007. Mr. Arjun Khanna has been managing the fund since 09/05/2019.€ Mr. Satish Dondapati manages 6 funds of Kotak Mutual fund.

Kotak Gold ETF, *Name of the Benchmark - Price of Gold, Scheme Inception date is 27/07/2007. Mr. Abhishek Bisen has been managing the fund since 15/04/2008. & Mr. Satish Dondapati has been managing the fund since 09/05/2019.

Kotak Banking ETF, *Name of the Benchmark - Nifty Bank TRI, Scheme Inception date is 10/12/2014. Mr. Devender Singhal & Mr. Satish Dondapati has been managing the fund since 09/05/2019.

Kotak Sensex ETF, *Name of the Benchmark - S&P BSE SENSEX TRI, Scheme Inception date is 06/06/2008. Mr. Devender Singhal & Mr. Satish Dondapati has been managing the fund since 09/05/2019.

Kotak Nifty ETF, *Name of the Benchmark - Nifty 50, Scheme Inception date is 02/02/2010. Mr. Devender Singhal & Mr. Satish Dondapati has been managing the fund since 09/05/2019.

Kotak NV20 ETF - *Name of the Benchmark Nifty 50 Value 20 TRI, Scheme Inception date is 01/12/2015. Mr. Devender Singhal & Mr. Satish Dondapati has been managing the fund since 09/05/2019.

Kotak PSU Bank ETF, *Name of the Benchmark - Nifty PSU Bank TRI, Scheme Inception date is 08/11/2007. Mr. Devender Singhal & Mr. Satish Dondapati has been managing the fund since 09/05/2019.

Ms. Shibani Kurian manages 2 funds of Kotak Mutual fund.

Kotak India EQ Contra Fund - Growth (Erstwhile Classic Equity Fund), *Name of the Benchmark - Nifty 100 TRI, Scheme Inception date is 27/07/2005. Ms. Shibani Kurian has been

managing the fund since 09/05/2019.

Kotak India Growth Fund - Series 7 - Growth, *Name of the Benchmark - Nifty 50 TRI, Scheme Inception date is 31/08/2018. Ms. Shibani Kurian has been managing the fund since

09/05/2019.~~ Mr. Hiten Shah manages 3 fund of Kotak Mutual fund

Kotak Equity Savings Fund - Growth, *Name of the Benchmark - 75% NIFTY 50 Arbitrage + 25% Nifty 50 TRI, Scheme Inception date is 13/10/2014. Mr. Harish Krishnan has been

managing the fund since 09/05/2019. Mr. Abhishek Bisen has been managing the fund since 17/09/2014. Mr. Hiten Shah has been managing the fund since 03/10/2019.

Kotak Equity Arbitrage Fund - Growth, *Name of the Benchmark - Nifty 50 Arbitrage Index, Scheme Inception date is 29/09/2005. Mr. Hiten Shah has been managing the fund since

03/10/2019.@@ Mr. Harsha Upadhyaya manages 3 fund of Kotak Mutual fund

Kotak Standard Multicap Fund - Growth, *Name of the Benchmark - Nifty 200 TRI, Scheme Inception date is 13/10/2014. Scheme Inception date is 11/09/2009. Mr. Harsha Upadhyaya has

been managing the fund since 04/08/2012.

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