Kotak MF Booklet

FUNDS IN FOCUS

MARCH 2018

TH

EPAG

EH

AS

BEEN

LEFT

INTEN

TIO

NALLY

BLAN

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EQUITY FUNDS: 1

HYBRID FUNDS: 12

THEMATIC FUNDS 17

DEBT FUNDS 20

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Kotak Classic Equity Fund 2

Kotak Tax Saver Fund 4

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Kotak Select Focus Fund 6

Kotak Opportunities Fund 8

Kotak Emerging Equity Fund 10

Kotak Balance Fund 13

Kotak Equity Savings Fund 15

Kotak Infrastructure & Economic Reform Fund 18

Kotak Low Duration Fund 21

Kotak Income Opportunities Fund 23

Kotak Medium Term Fund 25

Kotak Bond Short Term Fund 27

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MARCH

2018

EQUITY FUNDS

About Kotak Classic Equity

�

�

�

Kotak Classic Equity is an open - ended equity growth scheme. The investment objective of the scheme is to

generate capital appreciation from a diversified portfolio of equity and equity related securities.

An open-ended diversified equity scheme with a focus on large caps.

Market capitalization bias:(a) Largecap focused with normal allocation between 70%-90% and (b) Midcap

allocation between 10%-30%.

Portfolio Action

• The fund has an overweight position in Media, Metals, Infrastructure and Consumers while it is underweight inPharma, BFSI and Auto.

• The conservative stance of the portfolio had benefitted the fund in the early part of FY17 as markets punished valuestocks more than the quality stocks. The tilt from then has slowly changed as metal stocks, which represent the valueset, found their way into the portfolio. We continue to believe that metals offer the maximum potential for positiveearnings surprise in addition to the deleveraging story going ahead. The fund also had sizeable position in IT whichwas slightly increased during the month.

• The lack of exposure to corporate lenders and PSU banks hurt the fund in the month of November as the governmentwent for recapitalisation of PSU Banks but has over the longer period benefitted the fund.

Kotak Classic Equity

Scheme Facts

Structure

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Beta^

Sharpe^

Month end AUM* (as on 31st Mar )

Monthly Average AUM*

NAV (as on 28th Mar 2018)

2018

An Open Ended Equity Growth Scheme

296.75 crs

213.25 crs

Dividend 19.2430

Direct Dividend 21.1920

Growth 47.2070

Direct Growth 50.4600

27th July 2005

Nifty 100 TRI

5000

1000 & in multiples of 1

12.88%

0.93

0.28

*Source: MFI Explorer.

^ as on 28th Mar, 2018. Source: ValueResearch.

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Portfolio Turnover

62.21%

Market Cap %$

Load Structure

Large cap 76.60

Midcap 12.87

Small cap 1.47

Cash 9.06

$The given market cap data is on the basis of newSEBI circular on scheme rationalisation whereinStocks are categorised as per given AMFI list.

Source: MFI Explorer. Market definition used ismarket capitalisation of the 100th largest scrip (onthe bases of market capitalisation) is the cutoff todetermine 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

Any exit load charged (net off Service Tax, if any) shallbe credited back to the respective Scheme. Unitsissued on reinvestment of dividends shall not besubject to entry and exit load.

2

31 March, 2018st

Top 10 Sectors as on 31st Mar, 2018

Sector % Weight Underweight / Previous Changeoverweight

against (Portfolio % from previousbenchmark Weight) month

Month in portfolioPortfolio Benchmark

(Nifty 100)

Financial Services

Consumer Goods

Information Technology

Energy

Cash & Cash Equivalent

Automobile

Others

Construction

Metals

Pharma

20.32 32.96 -12.64 21.55 -1.23

14.00 12.68 1.31 12.94 1.05

12.88 10.89 1.99 10.19 2.69

9.36 13.36 -3.99 14.50 -5.14

9.12 0.00 9.12 6.76 2.36

8.07 9.92 -1.84 8.29 -0.21

7.59 0.00 7.59 3.61 3.97

5.15 3.70 1.45 2.61 2.54

4.53 4.76 -0.23 6.73 -2.20

3.09 4.12 -1.03 3.33 -0.24

Equity Market Brief

• GST – landmark reform is now implemented, and over the last few months, the government has introduced further

changes to help the smaller firms navigate GST better. While there might be some near-term issues in implementing,

the longer term benefits are transformative. Most listed players will benefit, as they form the organised part of the

economy, especially once the e-way bill is introduced in totality.

• After a prolonged period of under-delivery of Corporate Earnings, earnings are starting to improve across a broad

spectrum of sectors.

• India to benefit from such reforms which encourages formalisation of the economy in the medium-to-long-term,

significant flow from physical to financial savings to further provide stability to markets.

• Volatility across global equities is on lower side. Global events – Fed hiking, trade wars, geopolitical events like the

flare-up between US and North Korea to add to near-term volatility. In India as well, as we approach general elections,

markets are likely to turn more volatile.

• Time in the market more important than timing the market – after a long period of lower volatility, markets volatility

may move up.

Kotak Classic Equity31 March, 2018st

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 1995.45 bn (as on

31st March, 2018). 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 1,16,175.581cr as on

31st March, 2018.

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* The numbers are converted using the Rupee-

USD reference rate published by the Reserve

Bank of India as on the respective dates.

To know more

Call : 1800-222-626 (Toll Free), Mumbai61152100, Delhi 66306900 / 02, Chennai28221333 / 45038171, Kolkata 64509802 /03, Pune 64013395 / 96, Ahmedabad26779888, Bangalore 66128050 / 51,Hyderabad 66178140 / 41.

Visit - assetmanagement.kotak.com

Email - [email protected]

Disclaimer

Kotak Classic EquityInvestment Objective:

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

is an open - ended equitygrowth scheme. Togenerate capital appreciation from a diversifiedportfolio of equity and equity related securities.

Kotak Classic Equity* Performance (%) as on 28th March, 2018

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 thescheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data notavailable. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFIExplorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Please refer page no. 29 for top 3 and bottom 3schemes managed by Mr.

`

Deepak Gupta.

*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 benchmarkinstead of the price return variant.

Date SchemeReturns of 10000 in the

Scheme ( ) Benchmark# ( ) Benchmark ## ( )

Nifty 100 Nifty 50 Current Value of Standard Investment

(%) ^ # (%)* ## (%)* Additional

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` `

Kotak Classic Equity Fund

Since Inception 13.02 14.20 13.71 47,207 53,836 50,992

Last 1 Year 16.42 12.22 11.76 11,642 11,222 11,176

Last 3 Years 9.39 8.62 7.38 13,083 12,810 12,378

Last 5 Years 15.54 14.97 13.63 20,598 20,091 18,954

Scheme Inception date is 27/07/2005. Mr. Deepak Gupta has been managing the fund since 01/01/2017.

TRI TRI

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3

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 doubtabout whether the product is suitable for them.

Investors understand that their principal willbe at moderately high risk

Riskometer

M

oderately Moderate

Low

Hig

h

Low

High

LOW HIGH

Moderately

Mar-23-18 23.714 4.78

Jul-28-17 23.433 0.70

Jul-15-16 19.692 0.50

Jul-25-14 18.227 1.00

Jan-23-14 19.202 4.30

Jul-31-12 15.413 1.00

Nov-20-15 18.540 0.50

Dividend History

Date CUM DividendNAV

Dividend( per unit)`

Top 10 Companies as on 31st Mar, 2018

Maruti Suzuki India Limited Auto 5.44%

Larsen And Toubro Ltd. Construction Project 5.12%

Hindustan Unilever Ltd. Consumer Non Durables 4.97%

HDFC Bank Ltd. Banks 4.94%

Reliance Industries Ltd. Petroleum Products 4.84%

Tata Consultancy Services Ltd. Software 4.33%

Tech Mahindra Ltd. Software 3.31%

Bajaj Finance Limited Finance 3.00%

Titan Company Ltd. Consumer Durables 2.47%

Infosys Ltd. Software 2.35%

About Kotak Tax Saver

�

�

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�

The investment objective of Kotak Tax Saver 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.

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

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

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

Portfolio Action

• The key overweight sectors in the portfolio are – Cement, Oil&Gas and Capital Goods.

• The underweight sectors are – IT and Auto. We are following stock specific approach in these sectors.

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

• Large cap allocation in the portfolio is about 54%.

Kotak Tax Saver31 March, 2018st

Scheme Facts

Structure

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Beta^

Sharpe^



2018

An Open -Ended Equity Linked SavingScheme

Dividend 18.4820

Dividend Direct 21.5850

Growth 39.8260

Growth Direct 42.6150

23 November 2005

Nifty 500 TRI

500


14.48%

1.01

0.19

31.25%



`

` `

717.91 crs

`

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708.33 crs

rd


Portfolio Turnover

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Market Cap %$

Load Structure

Large cap 54.22

Midcap 26.57

Small cap 16.63

Cash 2.57$The given market cap data is on the basis of newSEBI circular on scheme rationalisation whereinStocks are categorised as per given AMFI list.

Source: KPAX (internal system). Market definitionused is market capitalisation of the 100th largestscrip (on the bases of market capitalisation) is thecutoff to determine the large cap and midcapsegment.

NilEntry Load:

Exit Load: Exit Load is not applicable for Kotak TaxSaver Scheme. (applicable for all plans)

Units issued on reinvestment of dividends shall notbe subject to exit load (applicable for all plans)

4





(Nifty 500)

Financial Services

Energy

Consumer Goods

Construction

Cement & Cement Products

Industrial Manufacturing


Metals

Pharma

Services

27.33 30.74 -3.41 28.42 -1.10

15.59 11.69 3.90 16.36 -0.78

10.82 12.82 -2.00 10.59 0.23

6.99 4.51 2.48 7.01 -0.02

6.45 2.26 4.20 6.65 -0.20

5.81 2.79 3.02 5.95 -0.14

3.57 9.65 -6.08 3.24 0.32

3.34 4.13 -0.79 3.50 -0.16

2.87 4.62 -1.75 3.04 -0.17

2.87 2.61 0.26 3.08 -0.21

Equity Market Brief













may move up.

Kotak Tax Saver
















31st March, 2018.

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To know more




Disclaimer

Kotak Tax SaverInvestment

Objective:

is an open-ended equityl inked savings scheme.

To generate long-term capitalappreciation from a diversified portfolio ofequity and equity related securities and enableinvestors to avail the income tax rebate, aspermitted from time to time. The amountinvested in the scheme shall be subject to alock-in of 3 years irrespective of whether theinvestments would be eligible for tax benefitor not. The above does not constitute andadvice or a representation. Investors arerequested to seek professional advice in thisregard. Kotak Mahindra Bank Limited is notliable or responsible for any loss or short fallresulting from the operations of the scheme.

Mutual Fund investments are subject tomarket risks, read all scheme relateddocuments carefully. Scheme InformationDocument (SID) and Statement ofAdditional Information (SAI) available onmutualfund.kotak.com

5

Kotak Tax Saver* Performance (%) as on , 201828th March


^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of thescheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data notavailable. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFIExplorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Please refer page no. 29 for other schemes managed byMr.

`

Harsha Upadhyay.



Date SchemeReturns TRI of 10000 in the


Nifty 500 Nifty 50 Current Value of Standard InvestmentTRI

(%) ^ # (%)* ## (%)* Additional

`

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Since Inception 11.84 13.13 12.97 39,826 45,900 45,075

Last 1 Year 6.25 12.87 11.76 10,625 11,287 11,176

Last 3 Years 8.26 9.83 7.38 12,684 13,240 12,378

Last 5 Years 16.89 16.31 13.63 21,831 21,292 18,954

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

Kotak Tax Saver

`


• long term capital growth with a 3 year lock in

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



Riskometer

M

oderately Moderate

Low

Hig

h

Low

High

LOW HIGH

Moderately

Mar-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

Jan-21-16 16.113 0.70Dec-30-14 17.542 0.10Nov-28-14 18.180 0.50

Mar-22-16 16.266 0.65

Dividend History



31 March, 2018st





HDFC Ltd. Finance 3.81%


IndusInd Bank Ltd. Banks 3.50%

GlaxoSmithkline Consumer Healthcare Ltd Consumer Non Durables 3.40%

ICICI Bank Ltd. Banks 3.23%

Shree Cement Ltd. Cement 2.71%

SKF India Ltd Industrial Products 2.45%

About Kotak Select Focus

�

�

�

�

The investment objective of Kotak Select Focus scheme is to generate long term capital appreciation from a

portfolio of equity and equity related securities, generally focused on select few sectors.

The scheme endeavors to identify sectors that are likely to do well over the medium term and takes focus

exposures to the same.

There is no restriction on which type of sectors the scheme can take exposure to and the portfolio will be

generally diversified at the stock level across market capitalization.

The scheme is well positioned to capture various themes that are in flavour in a focused manner.

Portfolio Action

• The portfolio continues to have a pro-cyclical tilt.

• Domestic businesses with operating leverage continue dominate the portfolio as compared to export/ globalbusinesses due to better earnings trajectory.

• The top overweight sectors in the fund are Cement, Financials and Capital Goods.

• We believe that Government’s focus on reviving consumption and spending on infrastructure will create positivedemand scenario for our portfolio companies in medium term.

• Recent budget proposals are positive for Insurance companies that are significant part of the portfolio.

• The key underweight sectors are IT and FMCG.

• Utilities and Telecom sectors are the major exclusions from the fund.

• Allocation to large cap segment accounts for about 3/4th of the total corpus.

Kotak Select Focus

Scheme Facts

Structure



Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Beta^

Sharpe^

2018

An Open Ended Equity Scheme

crs

17,652.73 crs

Dividend 22.6910


Growth 31.8170


11 September 2009

Nifty 200 TRI

5000 & in multiple of 1 for purchase andfor 0.01 for switches


13.63%

0.97

0.43

14.81%



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th

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17,853.35

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Portfolio Turn over

Market Cap %

Load Structure

$

Large cap 76.51

Midcap 14.51

Small cap 3.08

Cash 5.91$The given market cap data is on the basis of newSEBI circular on scheme rationalisation whereinStocks are categorised as per given AMFI list.


NilEntry Load:

Exit Load:



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

iv) Units issued on reinvestment of dividends shall notbe subject to exit load (applicable for all plans)

6

Top Sectors as on 31st Mar, 2018




(Nifty 200)

Financial Services

Energy

Automobile

Consumer Goods


Cash & Cash Equivalent

Construction


35.19 32.45 2.74 34.93 0.26

13.58 12.57 1.01 14.49 -0.90

9.92 9.41 0.51 10.02 -0.10

7.22 12.43 -5.21 7.20 0.02

6.96 2.21 4.75 7.27 -0.30

5.91 0.00 5.91 6.64 -0.74

5.89 3.99 1.90 5.88 0.01

3.31 10.12 -6.82 2.62 0.69

31 March, 2018st













may move up.

Equity Market Brief

Kotak Select Focus31 March, 2018st
















31st March, 2018.

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To know more

Ccall : 1800-222-626 (Toll Free), Mumbai61152100, Delhi 66306900 / 02, Chennai28221333 / 45038171, Kolkata 64509802 /03, Pune 64013395 / 96, Ahmedabad26779888, Bangalore 66128050 / 51,Hyderabad 66178140 / 41.



Disclaimer

Kotak Select Focus FundInvestment Objective:

is an open-endedequity scheme. Theinvestment objective of the scheme is togenerate long-term capital appreciation froma portfolio of equity and equity relatedsecurities, generally focused on a few selectedsectors.


7

Kotak Select Focus* Performance (%) as on 28th March, 2018


^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of thescheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data notavailable. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFIExplorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Please refer page no. 29 for schemes managed by Mr.Harsha Upadhyaya.

`




Scheme ( ) Benchmark#( ) Benchmark ## ( )


(%) ^ #(%)* ## (%)* Additional

`

` `

Since Inception 14.50 11.08 10.33 31,817 24,547 23,166

Last 1 Year 10.70 12.42 11.76 11,070 11,242 11,176

Last 3 Years 11.76 9.09 7.38 13,949 12,974 12,378

Last 5 Years 21.16 15.56 13.63 26,118 20,613 18,954


Kotak Select Focus Fund

TRI

`



• Investment in portfolio of predominantly equity &equity related securities generally focussed on a fewselected sectors.



Riskometer

M

oderately Moderate

Low

Hig

h

Low

High

LOW HIGH

Moderately

Sep-27-17 23.592 1.50

Sep-30-16 21.349 1.25

Sep-26-14 17.791 1.00

Oct-15-10 12.850 1.25

Oct-12-15 19.739 1.00

Dividend History











Hero MotoCorp Ltd. Auto 3.27%

Maruti Suzuki India Limited Auto 2.98%

State Bank Of India Banks 2.87%

About Kotak Opportunities

�

�

�

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

within the sectors.

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

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

environment & valuations.

Portfolio Action

• The portfolio continues to have a tilt towards pro-cyclicals that have operating leverage.

• The top overweight sectors are – Cement, Oil&Gas and Industrials.

• Partial profit booking was carried out in Oil&Gas sector during the month. However, the sector continues to have an

overweight exposure.

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

• Key underweight sectors are IT, Auto and Pharma.

• Large, mid and small cap exposures are 53%, 33% and 11% respectively.

Kotak Opportunities31 March, 2018st

Scheme Facts

Structure

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Beta^

Sharpe^



2018

An Open Ended Equity Growth Scheme

2,356.05 crs

2,352.87 crs

Dividend 25.6530


Growth 111.3650


9 September 2004

Nifty 500 TRI

5000


13.98%

0.98

0.34

32.07%



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th

`

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Portfolio Turn over

Market Cap %$

Load Structure

Large cap 53.11

Midcap 33.28

Small cap 11.51

Cash 2.10

$The given market cap data is on the basis of newSEBI circular on scheme rationalisation whereinStocks are categorised as per given AMFI list.


NilEntry Load:Exit Load:

I) For redemptions / switch outs (including SIP/STP) within1 year from the date of allotment of units, irrespective ofthe amount of investment:1%

ii) For redemptions / switch outs (including SIP/STP) after1 year from the date of allotment of units, irrespective ofthe amount of investment: NIL

iii) Any exit load charged (net off Service Tax, if any) shallbe credited back to the respective Scheme. (applicablefor all plans)

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

8





(Nifty 500)

Financial Services

Energy

Consumer Goods



Construction

Fertilisers & Pesticides

Automobile


Services

28.96 30.74 -1.78 29.01 -0.05

14.67 11.69 2.98 15.27 -0.60

13.15 12.82 0.33 12.87 0.28

6.69 2.26 4.43 6.83 -0.14

6.19 2.79 3.40 5.74 0.45

5.15 4.51 0.65 5.10 0.05

4.01 0.96 3.05 4.01 0.00

3.95 8.87 -4.92 3.93 0.03

2.65 9.65 -7.00 2.68 -0.03

2.58 2.61 -0.03 2.64 -0.06

Equity Market Brief













may move up.

Kotak Opportunities
















31st March, 2018.




`

`

To know more




Disclaimer

Kotak OpportunitiesInvestment

Objective:

is an open-endedequity growth scheme.

To generate capital appreciationfrom a diversified portfolio of equity & equityrelated instruments


9

Feb-27-18 27.3670 0.83

Nov-28-17 28.7004 0.85

Aug-29-17 27.9190 0.85

May-29-17 27.748 0.85

Feb-28-17 26.279 0.50

Nov-22-16 24.246 0.80

Aug-25-14 21.411 1.00

Nov-11-11 13.682 0.50

May-28-10 14.625 1.00

Sept-8-09 14.733 1.50

Mar-14-08 16.975 2.00

Jan-25-08 27.090 6.00

Sept-28-07 24.293 3.00

Sept-27-06 17.745 1.50

Mar-21-06 21.783 4.50

Aug-28-15 24.388 1.60

Dividend History



Kotak Opportunities* Performance (%) as on 28th March, 2018


^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of thescheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data notavailable. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFIExplorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Please refer page no. 29 for other schemes managed byMr. Harsha Upadhyaya.

`






(%) ^ # (%)* ## (%)* Additional

`

` `

Since Inception 19.46 16.10 15.76 111,365 75,659 72,691

Last 1 Year 9.25 12.87 11.76 10,925 11,287 11,176

Last 3 Years 10.46 9.83 7.38 13,470 13,240 12,378

Last 5 Years 19.26 16.31 13.63 24,141 21,292 18,954


Kotak Opportunities

TRI

`



• Investment in portfolio of predominantly equity &equity related securities



Riskometer

M

oderately Moderate

Low

Hig

h

Low

High

LOW HIGH

Moderately

31 March, 2018st






Gujarat State Petronet Ltd. Gas 3.06%


Coromandel International Ltd. Fertilisers 2.84%

Bharat Financial Inclusion Limited Finance 2.79%


ITC Ltd. Consumer Non Durables 2.28%

About Kotak Emerging Equity

�

�

�

The investment objective of Kotak Emerging Equity 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.

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

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

growth in the long term.

Portfolio Action

�

�

�

�

�

�

The portfolio continues to be pro-cyclical and tilted towards economic recovery. As a result we continue to beOverweight on sectors such as Financials, cement, Industrial Manufacturing, speciality chemicals & consumerdiscretionary.

We believe that this year would be a stock picker’s year. Last year 90% of the BSE 500 stocks gave positive return whichis not going to be repeated in our view. Ground indicators are suggesting strong pick as seen from CV sales, dieselconsumption, bank credit growth, airlines passenger growth, order book of infra/capital good companies, strongcement volumes growth, steel prices rising to 9year high and capacity utilisation at 84%. However would strongearnings lead to better market performance?

In the short term we believe the GST implementation could be a disruptor for B2C businesses. However from amedium term perspective post GST implementation, we anticipate that the organized players would becomestronger as unorganized sector would find it tough to do business in the changed environment and cede market shareto more organized players and portfolio is well positioned in those sectors where there is a large portion ofunorganized players. The portfolio is well positioned to ride on this theme from a medium term perspective.

In the IT and pharma sector we continue to have stock specific approach and continue to have UW stance on both thesectors.

During the month the broader allocation remains largely unchanged with marginal reduction in Industrials andmarginal increase in cement and chemicals.

We expect Kotak Emerging Equity as a portfolio should deliver 30% and 22% earnings growth in FY19E & FY20Ebased on current set of stocks and the portfolio is trading at a P/E 20x and 16.5x for FY19E and FY20E.

Kotak Emerging Equity

Scheme Facts

Structure

Month end AUM* (as on 31st Mar 2018)

NAV (as on 2018)28th Mar

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Beta^

Sharpe^

An Open - Ended Equity Growth Scheme

Dividend 23.9260


Growth 38.9920


30th March 2007

S&P BSE

5000


15.03%

0.86

0.59

32.70%


^ as on , 2018. Source: ValueResearch.

`

`

` `

3,005.06 crs

`2,997.20 crs

Mid Small Cap TRI


Portfolio Turnover

`

`

`

`

28th Mar

Market Cap %

Load Structure

$

Source: Value Research definition.

Large cap 11.94

Midcap 53.82

Small cap 31.83

Cash 2.41

The given market cap data is on the basis ofnew SEBI circular on scheme rationalisationwherein Stocks are categorised as per givenAMFI list.

$

NilEntry Load:

Exit Load:



Any exit load charged (net off Service Tax, if any) shallbe credited back to the respective Scheme. Unitsissued on reinvestment of dividends shall not besubject to entry and exit load.

10

31 March, 2018st





Financial Services


Consumer Goods

Pharma

Chemicals

Automobile

Services

Construction


Textiles

21.11 18.70 2.41 21.11 0.00

19.68 10.38 9.30 20.20 -0.52

15.92 13.82 2.11 15.88 0.05

5.95 7.75 -1.80 5.75 0.19

5.58 3.45 2.12 5.34 0.24

4.57 7.09 -2.53 4.61 -0.05

4.15 7.31 -3.16 4.34 -0.20

4.12 6.31 -2.19 4.06 0.06

2.90 2.74 0.16 2.74 0.16

2.64 2.73 -0.08 2.71 -0.07

S&P BSE MidSmall Cap Index

Equity Market Brief













may move up.

Kotak Emerging Equity
















31st March, 2018.

`

`




To know more




Disclaimer

Kotak Emerging EquityInvestment

Objective:

Scheme is an open-ended equity growth scheme.

The investment objective of thescheme is to generate long-term capitalappreciation from a portfolio of equity andequity related securities, by investingpredominantly in mid and small capcompanies.


11

Kotak Emerging Equity*Performance (%) as on 28th March 2018,


^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of thescheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data notavailable. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFIExplorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Please refer page no. 29 for other schemes managed byMr. Pankaj Tibrewal.

`



31 March, 2018st

Since Inception 13.16 13.46 10.54 38,992 40,137 30,104

Last 1 Year 11.01 16.75 11.76 11,101 11,675 11,176

Last 3 Years 14.86 15.99 7.38 15,140 15,592 12,378

Last 5 Years 26.57 22.73 13.63 32,504 27,858 18,954

Date SchemeReturns Mid Small TRI of 10000 in the


S&P BSE Nifty 50 Current Value of Standard Investment

(%) ^ ## (%)* Additional

`

`

Index # (%)* ` `

Cap TRI

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

Kotak Emerging Equity Fund



• Investment in equity & equity related securitiespredominantly in mid & small cap companies



Riskometer

M

oderately Moderate

Low

Hig

h

Low

High

LOW HIGH

Moderately

Mar-23-18 26.153 2.67

May-26-17 26.010 1.59

Apr-28-15 21.499 2.10

May-02-14 13.073 0.50

May-02-13 11.491 0.50

Apr-29-11 10.573 0.75

May-27-16 21.196 1.30

Dividend History





Schaeffler India Ltd Industrial Products 3.38%

Atul Ltd. Chemicals 3.09%

The Ramco Cements Ltd Cement 2.90%

RBL Bank Ltd Banks 2.81%

Bata India Ltd. Consumer Durables 2.73%

Supreme Industries Limited Industrial Products 2.51%

Solar Industries India Limited Chemicals 2.48%

Finolex Cables Ltd. Industrial Products 2.39%

Shriram City Union Finance Ltd. Finance 2.31%

HYBRID FUNDS

EQUITY DEBT

About Kotak Balance

� The investment objective of Kotak Balance is to achieve growth by investing in equity and equity related instruments, balanced

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

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

Portfolio Action

Equity

Debt:

�

�

�

�

�

�

�

�

�

�

�

�

The portfolio continues to be pro-cyclical and tilted towards economic recovery. As a result we continue to be overweight onsectors such as cement, capital goods & engineering, auto ancillary, media and consumer discretionary.

In the IT and pharma sector we continue to have stock specific approach. The fund continues the underweight stance onconsumer staples, IT and Pharma.

During the months we marginally increased weightage to financials (private sector banks), capital goods, pipe sector,construction and consumer discretionary sector.

In the short term we believe the GST implementation could be a disruptor for B2C businesses. However from a medium termperspective post GST implementation, we anticipate that the organized players would become stronger as unorganized sectorwould find it tough to do business in the changed environment and cede market share to more organized players and portfoliois well positioned in those sectors where there is a large portion of unorganized players.

The current largecap (above 20,000 crs market cap): midcap ratio remains at 65:35 in the fund.

We expect equity portion of Kotak balance fund to deliver 31% and 26% earnings growth in FY19E & FY20E based oncurrent set of stocks and the portfolio is trading at a P/E 20x and 16x for FY19E and FY20E.

As on 31 Mar 2018, ~46% of the debt part of the scheme portfolio comprised of government securities (central as well asstate). The remaining 54% was held in the form of Money market securities, corporate bonds and cash.

In the last week of March 2018, the government announced a reduction in its gross borrowings for FY19 and also slashed itsH1FY19 borrowing to ~47% of the annual target. In addition to this, the RBI at its first bi-monthly policy meeting for FY19, onApril 5th 2018, chose to maintain rates and took a dovish stance. These events combined, caused the sovereign yields to rallyfrom a recent high of 7.80% to as low as 7.10%.

One may presume that reduction of borrowing in an election year may mean that the Government is positive on GSTcollection. Further, the government has changed its pattern of borrowing for FY19. The supply pattern of bonds has shiftedfrom the 10-14 year bucket to the 1-9 year bucket. This is expected to cause some flattening of the sovereign curve in the 3 –12 year bucket.

We expect the headline inflation to peak by June. Monsoons, MSP and crude prices will be the key determinants for H2FY19headline inflation.

Further, ‘Prompt & Corrective Action’ (PCA) category public sector banks recalling their Basel-III compliant Additional Tier Iperpetual bonds, there is going to be a great demand for high yielding assets and especially for the outstanding bankperpetual bonds.

In light of market development, going forward, we will look to run aggressive accrual allocation and would be low on durationas it is causing unwanted volatility in the portfolio. We will look to increase duration as and when there are clear signs ofinflation peaking and a simultaneous peak in yields. We expect this to happen in the next quarter or so. We will be on thelookout for high yielding assets and create an optimal portfolio mix.

Kotak Balance31 March, 2018st

Scheme Facts

Structure

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Beta^

Sharpe^



2018

An Open- Ended Balanced Scheme

2,167.03 crs

2,190.37 crs

25 November 1999

Crisil - Aggressive Index

5000


10.69%

1.15

0.23

33.96%

*Source: Value Research.


`

`

`

Dividend 16.1500


Growth 23.8050


th

`

`


Portfolio Turn over

`

`

`

`

Hybrid 35+65

Load Structure

Entry Load:

Exit Load:

Nil



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

iv) Units issued on reinvestment of dividends shall notbe subject to exit load (applicable for all plans)

13


Equity Market Brief

• GST – landmark reform is now implemented, and over the last few months, the government has introduced further changes tohelp the smaller firms navigate GST better. While there might be some near-term issues in implementing, the longer termbenefits are transformative. Most listed players will benefit, as they form the organised part of the economy, especially oncethe e-way bill is introduced in totality.

• After a prolonged period of under-delivery of Corporate Earnings, earnings are starting to improve across a broad spectrum ofsectors.

• India to benefit from such reforms which encourages formalisation of the economy in the medium-to-long-term, significantflow from physical to financial savings to further provide stability to markets.

• Volatility across global equities is on lower side. Global events – Fed hiking, trade wars, geopolitical events like the flare-upbetween US and North Korea to add to near-term volatility. In India as well, as we approach general elections, markets arelikely to turn more volatile.

• Time in the market more important than timing the market – after a long period of lower volatility, markets volatility may moveup.

18.1615.18

10.176.94

5.485.35

4.964.16

3.343.13

23.13

Debentures and BondsBanks

Government Dated SecuritiesAuto

Consumer Non DurablesCementFinance

Industrial ProductsChemicalsSoftware

Others

Kotak Balance31 March, 2018st



















31st March, 2018.

`

`

To know more




Disclaimer

Kotak BalanceInvestment Objective:


is an open-ended balancedscheme. To achievegrowth by investing in equity & equity relatedinstruments, balanced with incomegeneration by investing in debt & moneymarket instruments.

14

Kotak Balance* Performance (%) as on , 201828th March


^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of thescheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data notavailable. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFIExplorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.Please refer page no. 29 for top 3 and bottom 3schemes managed by & Mr. Abhishek Bisen.


With effect from 1st February 2018, we are comparing the performances of the funds with the total return variant of the benchmarkinstead 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 sinceinception of the scheme, benchmark performance is calculated using composite CAGR of S&P BSE 200 PRI values series is used till31st July 2006 and TRI values is used since 1st Aug 2006.

`

Pankaj Tibrewal

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



• Investment in equity & equity related securitiesbalanced with income generation by investing indebt & money market instruments



Riskometer

M

oderately Moderate

Low

Hig

h

Low

High

LOW HIGH

Moderately

Mar-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 0.11Mar-27-17 16.4515 0.11Feb-27-17 16.3220 0.11Jan-25-17 16.0710 0.11Dec-26-16 14.9970 0.10Dec-01-16 15.6912 0.11Oct-25-16 16.4100 0.08Sep-26-16 16.2900 0.08Aug-25-16 16.0150 0.08July-25-16 15.8590 0.08June-27-16 15.0860 0.08May-25-16 14.7180 0.07Apr-25-16 14.7740 0.07Mar-29-16 14.2410 0.07

Dividend History




Date SchemeReturns

#( ) Benchmark##( )

CRISIL Nifty50 CurrentValueof Standard Investment

` `

Since Inception 14.67 NA 12.91 123,244 NA 92,837

Last 1 Year 6.27 9.96 11.76 10,627 10,996 11,176

Last 3 Years 8.39 9.12 7.38 12,728 12,987 12,378

Last 5 Years 12.77 13.46 13.63 18,245 18,810 18,954

Scheme Inception date is 25/11/1999. Mr. Abhishek Bisen has been managing the fund since 15/04/2008. Mr. Pankaj Tibrewalhas been managing the fund since 25/08/2015.

Kotak Balance

Hybrid35 +65 TRI of 10000 in the

AggressiveIndex Scheme( ) Benchmark#(%)^

`

(%)^ ##(%)* Additional`

Bank of India CRISIL A+ 5.06%

7.17% Central Government SOV 4.77%

Allahabad Bank BRICKWORK BWR A- 3.53%

United Bank Of India CRISIL AA- 3.43%

6.68% Central Government SOV 3.37%



State Bank Of India Banks 2.18%

U P Power Corporation Ltd CRISIL A+(SO) 1.99%


About Kotak Equity Savings Fund

�

�

�

�

�

It is an open-ended equity scheme which aims to generate income from cash- futures arbitrage positions and

at the same time allows you to participate in the equity market growth moderately.

-Aims to provide income from arbitrage opportunities in cash & derivatives segment of the equity

market

- Potential for growth in the long term through moderate exposure in directional equity

(15%25% of net assets)

- - The unhedged equity portion has to be maintained in a small range (15%-

25%), hence the fund manager has to sell in a rising equity market and buy more in a falling equity market to

adopt a constant mix approach.

- The Fund is treated similar to equity funds for tax purposes .*

* Please consult your tax adviser with respect to the specific tax implications.

Benefits of Kotak Equity Savings Fund

Income

Growth Potential

Constant Mix Approach

Tax efficiency

:

Portfolio Action

Directional Equity:

Arbitrage:

Debt:

• The directional equity was around 24.85%.

• On the directional equity side, we have been running a conservative portfolio with a max exposure in mid cap stocksbeing 20-25% at any point in time. Remaining 75-80% of the directional equity continues to be in large cap stocks.

• We have been overweight on sectors like metals and consumers. The major underweight sectors are Cap Goodsand Auto.

• The exposure to metals and Technology has been increased gradually whereas the underweight in Pharmacontinues. Amongst the defensives, utilities carries the maximum overweight.

• The arbitrage portion continues to be managed in the same way we manage our arbitrage fund. In months, whenthe arbitrage opportunities provide better returns than the debt papers, we deploy more money into arbitragetrades.

• The benefit is that in months when the arbitrage returns are sub optimal, we can deploy a lower amount in arbitrageand still maintain the 'equity' taxation status. Stocks like HDFC Bank, IDFC, Maruti, Reliance Industries, etc haveyielded returns which are higher than the average of the entire arbitrage universe.

• We have done some merger arbitrage trades viz. CMC-TCS and Shasun-Strides in the past. The blended annualizedreturns were upwards of 14% in these trades. Recently, we have done merger arbitrage trades in Geometric-HCLTech and Cairn-Vedanta which have an expected return potential of more than 16% annualized. During thedivestment issue of CPSE ETF, we subscribed to the ETFs (at 5% discount) and shorted the futures of individualconstituents to bag more than 5% gain within a month. After one month, we exited this trade. So, a riskless profitof absolute 5% was made within a month in this trade.

• We have been managing the debt portion in a very conservative manner till now.

• The term deposits which are to be placed with the exchange for taking exposure in derivatives generally have atenure of 1 year.

• On the debt side, we prefer to play accrual as compared to duration. A bulk of exposure on the debt side is intopapers with a residual maturity (or time to put option) of 2-3 years. A significant portion is also invested into ourown Liquid Fund. The benefit of investing in Liquid is that in case the arbitrage spreads expand, we can easily movethe money from liquid into arbitrage trades without worrying about the levels where the debt yields are quoting atthat point in time.

Kotak Equity Savings Fund

Scheme Facts

Structure



2018

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Beta^

Sharpe^


crs

13 October 2014

75% of Nifty 50 Arbitrage Index &25% in Nifty 50 TRI (w.e.f. Nov 01, 2016)

5000


3.37%

0.94

0.32

109.01%


^as on 28th Mar, 2018. Source: ValueResearch.

`1,864.09

`

` `

` `

1,838.81 crs


Growth 13.1966

Quarterly Dividend 11.0074

Direct Quarterly Dividend 11.1013

Monthly Dividend 11.1474

Direct Monthly Dividend 11.3996

& in multiples of 1

th


Portfolio Turnover

`

`

`

`

`

`

Load Structure

Entry Load:

Exit Load:

Nil

i) For redemption / switch out ofupto 10% of the initial investment amount(limit) purchased or switched in within 1 yearfrom the date of allotment: Nil.

ii) If units redeemed or switched out are inexcess of the limit within 1 year from the dateof allotment: 1%.

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

Any exit load charged (net off Service Tax, ifany) shall be credited back to the respectiveScheme. Units issued on reinvestment ofdividends shall not be subject to entry and exitload.

31 March, 2018st

Equity Market Brief












Time in the market more important than timing the market – after a long period of lower volatility, markets volatility

may move up.

•

15

Kotak Equity Savings Fund31 March, 2018st
















31st March, 2018.

`

`




To know more




Disclaimer



, an Open endedequity scheme. Investment objective: of thescheme is to generate capital appreciation andincome by predominantly investing inarbitrage opportunities in the cash andderivatives segment of the equity market, andenhance returns with a moderate exposure inequity & equity related instruments.There is noassurance or guarantee that the investmentobjective of the scheme will be achieved.

16

Mar-12-18 11.2418 0.0389Feb-12-18 11.3290 0.0500Jan-12-18 11.4330 0.0500Dec-12-17 11.3254 0.0473Oct-13-17 11.2550 0.0518Oct-12-17 11.3021 0.0497Sep-12-17 11.3260 0.0600Aug-14-17 11.4110 0.0583Jul-12-17 11.1373 0.0500Jun-12-17 11.0760 0.0500May-12-17 10.9370 0.0500Apr-12-17 10.9100 0.0500Mar-14-17 10.7883 0.0500Feb-13-17 10.8090 0.0500Jan-12-17 10.6718 0.0500

Mar-20-18 11.1604 0.1789Dec-20-17 11.4149 0.1803Sep-20-17 11.3680 0.1750Jun-20-17 11.1180 0.1500Mar-20-17 10.8961 0.1500

Quaterly Dividend Option

Dividend History




• Income from arbitrage opportunities in the equitymarket & long term capital growth

• Investment predominantly in arbitrage opportunitiesin the cash & derivatives segment of the equitymarket and equity & equity related securities

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

be at moderately high risk

Riskometer

M

oderately Moderate

Low

Hig

h

Low

High

LOW HIGH

Moderately

Kotak Equity Savings Fund * Performance (%) as on 28th March, 2018

The scheme has been in existence for less than 5 years


^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of thescheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data notavailable. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFIExplorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.Please refer page no. 29 - 30 for top 3 and bottom 3schemes managed by Mr. Deepak Gupta & Mr. Abhishek Bisen.

`

Portfolio Detail % of Net assets

Unhedged Position 24.74

Cash Futures Arbitrage 35.08

Debt Instruments* 32.44

Cash and Cash equivalent and Net Current Asset 7.74

Total 100.00

*Debt Instruments includes redeemable preference shares



Date SchemeReturns of 10000 in the


75%50 TRI

##

Nifty Current Value of Standard Investment

(%) ^ (%)* Additional# (%)*

`

`

` `

Scheme Inception date is 13/10/2014. Mr. Deepak Gupta has been managing the fund since 13/10/2014. Mr. Abhishek Bisenhas been managing the fund since 13/10/2014.


Nifty 50Arbitrage Index

25% Nifty 50 TRI

Since Inception 8.35 7.00 8.77 13,197 12,634 13,372

Last 1 Year 8.31 6.26 11.76 10,831 10,626 11,176

Last 3 Years 7.47 6.26 7.38 12,406 11,994 12,378

THEMATIC FUND

Kotak Infrastructure & Economic Reform Fund(formerly known as “PineBridge Infrastructure & EconomicReform Fund)

31 March, 2018st

Scheme Facts

Structure

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

Beta^

Sharpe^



2018


crs

crs



Standard Dividend 19.3880

Standard Growth 21.2800

27 February 2008

S&P BSE 100 TRI


15.54%

0.97

0.33

35.85%



`

`

`

`

483.31

471.70

th

5000 & in multiples of 1`

`


Portfolio Turn over

`

`

`

`

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,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 Service Tax, if any)shall be credited back to the Scheme;

iv) Units issued on reinvestment of dividends shall notbe subject to entry and exit load. (applicable for allplans)

18

About Kotak Infrastructure & Economic Reform Fund

�

�

The investment objective of the Scheme is to generate long-term capital appreciation from a diversified

portfolio of predominantly (at least 65%) equity and equity-related securities of companies involved in

economic development of India as a result of potential investments in infrastructure and unfolding economic

reforms.

There is no assurance that the investment objective of the Scheme will be achieved.

Portfolio Action

• We believe investment cycle revival in India will be led by spending by government and this has been articulated well inthe government budget, while private developers following public investments with a lag.

• Given that the two biggest costs in an infrastructure project – commodities and interest rates have come down,incremental project ordering will improve.

• While investment cycle is gradually improving with revival in government capex, housing and private sector capex areyet to see meaningful traction.

• We continue to remain significantly invested in the “flow” of infrastructure theme (i.e companies that benefit fromspending by various entities towards infrastructure creation) rather than “stock” or asset owners in the portfolio.

• We continue to invest along a range of these sectors to play overall improvement in investment cycle.

• We believe well managed companies in capital goods, cement, logistics, utilities and EPC companies will be largebeneficiaries with developers still reeling under regulatory uncertainties and/or large debt servicing.

• During the month, we added to our exposure to companies benefitting from government spending in construction,mining sectors.

Sector Allocation as on 31st Mar, 2018

Industrial Products 15.01

Gas 12.77

Cement 10.23

Industrial Capital Goods 9.75

Construction 8.10

Construction Project 7.12

Power 5.06

CBLO & Term Deposits & Rev.Repo 4.14

Chemicals 4.07

Auto Ancillaries 4.05

Others 19.70

Equity Market Brief













may move up.

Sector %
















31st March, 2018.

`

`

* The numbers are converted using the

Rupee- USD reference rate published by the

Reserve Bank of India as on the respective

dates.

To know more




Disclaimer

Kotak Infrastructure & Economic ReformFund

investment objective:


investment objective of the Scheme is togenerate long-term capital appreciation froma diversified portfolio of predominantly (atleast 65%) equity and equity-related securitiesof companies involved in economicdevelopment of India as a result of potentialinvestments in infrastructure and unfoldingeconomic reforms. There is no assurance thatthe of the Schemewill be achieved.

19

Kotak Infrastructure & Economic Reform Fund(formerly known as “PineBridge Infrastructure & EconomicReform Fund)

Kotak Infrastructure & Economic Reform FundPerformance (%) as on 28th March, 2018


Scheme ( )Benchmark# ( ) Benchmark ## ( )

S&P BSE Nifty 50 Current Value of Standard Investment

(%) ^ # (%)* ## (%)* Additional

`

` `

Since Inception 7.77 8.25 8.08 21,280 22,265 21,908

Last 1 Year 10.15 12.12 11.76 11,015 11,212 11,176

Last 3 Years 10.72 8.39 7.38 13,565 12,730 12,378

Last 5 Years 21.78 14.73 13.63 26,798 19,884 18,954

Scheme Inception date is 25/02/2008. Mr. Harish Krishnan has been managing the fund since 01/02/2015.

Kotak Infrastructure & Economic Reform Fund

100 TRI

`



• Long term capital appreciation by investing in equityand equity related instruments of companiescontributing to infrastructure and economicdevelopment of India

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

be at high risk

Riskometer

M

oderately Moderate

Low

Hig

h

Low

High

LOW HIGH

Moderately

Feb-28-2018 20.5820 0.63

Feb-23-2017 17.5640 0.50

June-23-2015 15.2601 0.50

Dividend History



31 March, 2018st

Top 10 Holdings as on 31st Mar, 2018


^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 thethen 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. 29 for other schemes managed by Mr. Harish Krishnan.


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



Indraprastha Gas Ltd. Gas 3.64%

Ultratech Cement Ltd. Cement 3.23%

GAIL (India) Ltd. Gas 3.17%

Solar Industries India Limited Chemicals 3.10%

GE Power India Limited Industrial Capital Goods 3.07%

National Thermal Power Corporation Limited Power 2.98%


Thermax Ltd. Industrial Capital Goods 2.82%

DEBT FUND

7

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

31 March, 2018st

Scheme Facts

Structure

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

YTM

Portfolio Modified Duration


NAV (as on 28th Mar )

2018

2018

Average Maturity

An Open Ended Debt Scheme


N/A

Monthly Dividend Direct 1059.7669

Weekly Dividend Direct 1201.6018

Regular Growth 2121.7330


Weekly Dividend 1016.7244

6th March, 2008

Crisil Liquid Fund Index

8.29%

1.03 years



`

` `

` `

5,179.26 crs

`5,492.51 crs

`

`

`

`

`

`

Growth

Regular

Regular



0.65%

1.22 years


Load Structure

Entry Load:

Exit Load:

Nil

Nil

Any exit load charged (net off Service Tax, ifany) shall be credited back to the Scheme;

Note - Units issued on reinvestment ofdividends shall not be subject to entry and exitload.

About Kotak Low Duration Plan

�

�

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.

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 theindicated band.

• We intend to maintain the modified duration in the range of 0.75 – 1.00 in April 2018.

21

Asset Allocation as on , 201831st Mar

Debentures and Bonds 97.28%

Commercial Paper (CP)/Certificate of Deposits (CD) 4.06%

CBLO & Term Deposits & Rev.Repo 1.51%

Net Current Assets -2.85%

Debt Market Outlook

• Towards the end of March, the government took strong measures to arrest the rise in bond yields. It announced areduction in the gross borrowing by INR 50000 cr and slashed the H1FY19 borrowing program to ~47% of the annualtarget. This fueled a significant rally in the bond yields and the benchmark 10-yr gilt closed the year at 7.39% from itsprevious high of 7.80%.

• The government changed its pattern of borrowing, reducing the overall maturity of bonds supply from 10-14 yearbucket to 1-9 year bucket. We expect some flattening of the sovereign curve in the 3-12 yr space.

• Given that next year is an election year, reduced borrowing is a bold move on the government’s part. Perhaps, thegovt. is positive on GST collection.

• We expect the headline inflation to peak by June; post which monsoon, MSP and crude prices will play keydeterminants for H2FY19 headline inflation.

• PSU banks, classified as PCA, are recalling their perpetual bond issuances and this is likely to create a great demand forhigh yielding assets and particularly for the remaining outstanding bank perpetual bonds.

• The RBI’s Monetary Policy Committee (MPC) had its first bi-monthly policy meet this week. With a dovish stance andunchanged rates, the bond market saw a further rally in sovereign yields with yields rallying to the 7.10% mark post-policy. We expect a long pause in interest rates by the RBI.


Particulars 31 Mar 2018

Avg. Maturity (in yrs) 1.22 1.21

Duration 1.03 1.02

Yield (in %) 8.29 9.18

28 Feb 2018

Vedanta Ltd. CRISIL AA 8.12%

U P Power Corporation Ltd FITCH IND AA(SO) 7.44%

Bank Of Baroda CARE AA 6.89%

Dewan Housing Finance Corporation Ltd. CARE AAA 6.27%

S D Corporation Private Ltd. CARE AA+(SO) 6.09%

Nirma Ltd. CRISIL AA 5.90%

Karelides Traders Private Ltd. ICRA AA-(SO) 4.94%

Manappuram Finance Ltd. ICRA AA- 4.86%

Reliance Jio Infocomm Ltd. CRISIL AAA 4.78%

Sarvoday Advisory Services Pvt. Ltd. BRICKWORK BWR A(SO) 3.92%
















31st March, 2018.

`

`




To know more




Disclaimer

Kotak Low Duration FundInvestment Objective:

is an open - ended debtscheme. The primaryobjective of the Scheme is to generate incomethrough investment primarily in low duration debt &money market securities. There is no assurance orguarantee that the investment objective of thescheme will be achieved.


22

Kotak Low Duration Fund* Performance (%) as on , 201828th March

Rating Profile as on 31st Mar, 2018


^Past performance may or may not be sustained in future. *All payouts during the period have been reinvested in the units of thescheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data notavailable. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFIExplorer. Classification of schemes in short term & long term is based on the average maturity of the scheme. # Name of SchemeBenchmark. ## Name of Additional Benchmark. Please refer page no. 29 for top 3 and bottom 3 schemes managed by Mr. DeepakAgrawal.

`

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

Since Inception 7.76 7.58 6.46 21,217 20,869 18,783

Last 1 Year 7.02 6.79 5.87 10,702 10,679 10,587

Last 3 Years 8.28 7.33 6.91 12,690 12,360 12,217

Last 5 Years 8.33 8.09 7.05 14,923 14,755 14,060

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

Kotak Low Duration Fund

Current Value of Standard Investmentof 10000 in the`

CRISIL 1 YearT-Bill Index

## (%)

CRISILLiquidFund

Index # (%)

SchemeReturns(%) ^

Date

Scheme( )`

Benchmark# ( )`

AdditionalBenchmark ## ( )`

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

31 March, 2018st


• Regular income over short term

• Income by focusing on low duration securities


Investors understand that their principal willbe at moderate risk

Riskometer

M

oderately Moderate

Low

Hig

h

Low

High

LOW HIGH

Moderately

67.77

27.44

6.13

1.51

- 2.85

A1, AA+, AA+(SO), AA, AA(SO),IND AA, IND AA(SO), AA-, AA-(SO)

A1+, AAA, AAA(SO), BWR A1+ (SO),IND A1+(SO), IND AAA

BWR A(SO), A-, BWR A-

CBLO & Term Deposits & Rev.Repo

Net Current Assets

Kotak Income Opportunities31 March, 2018st

Scheme Facts

Structure

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

YTM



NAV (as on 2018)

2018

28th Mar

Launch Date

Average Maturity

An Open- Ended Debt Scheme

Weekly Dividend 10.0394

Weekly Dividend Direct 10.4648


Monthly Dividend Direct 10.6362


Quarterly Dividend Direct 10.1307

Annual Dividend 10.2978

Annual Dividend Direct 15.0673

Growth 19.1146


Crisil Short Term Bond Fund Index

5000/-

1.10%

8.81%

1.63 years


^ as on , 2018. Source: ValueResearch.

`

`

5,229.70 crs

`

` `

5,176.14 crs

`

`

`

`

`

`

`

`

`

`

11 May 2010


2.07 years

th


28th Mar

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 thedate of allotment: Nil.ii) If units redeemed or switched out are inexcess of the limit within 1 year from the date ofallotment: 1%.iii) If units are redeemed or switched out on orafter 1 year from the date of allotment: Nil.iv) Any exit load charged (net off Service Tax, ifany) shall be credited back to the respectiveScheme. Units issued on reinvestment ofdividends shall not be subject to entry and exitload.

i

About Kotak Income Opportunities

�

�

�

�

�

The investment objective of Kotak Income Opportunities 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.

The scheme invests in securities offering high accrual by taking on a marginally higher credit risk.

The fund manager may also seek to capitalize on opportunity of potential credit rating upgrades from time to

time.

The scheme is suitable for investors with a time horizon of 15 months plus.

Portfolio Action


• The endeavour is to enhance the portfolio yield by either selling low yielding assets to buy high yielding assetsor by utilising the cash to acquire high yielding assets.


23

Asset Allocation as on 31st Mar, 2018



Net Current Assets 2.91%


Debt Market Outlook










Duration 1.63 1.71

Yield (in %) 8.81 9.48

28 Feb 2018



Indiabulls Housing Finance Ltd. CRISIL A1+ 5.29%

Andhra Bank CRISIL AA- 4.92%

Sarvoday Advisory Services Pvt. Ltd. BRICKWORK BWR A(SO) 3.92%

HDFC Ltd. CRISIL AAA 3.85%

Suhani Trading and Investment Consultants Pvt Ltd BRICKWORK BWR A+(SO) 3.84%

HPCL Mittal Energy Ltd. ICRA AA 3.24%


Punjab & Sind Bank ICRA A+ 2.74%

31 March, 2018st
















31st March, 2018.

`

`




To know more


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

Disclaimer

Kotak Income Opportunities is an open-endeddebt scheme. Investment Objective: The investmentobjective of the scheme is to generate income byinvesting in debt /and money market securities acrossthe yield curve and credit spectrum. The schemewould also seek to maintain reasonable liquiditywithin the fund. There is no assurance that orguarantee that the investment objective of thescheme will be achieved.


24

Kotak Income Opportunities Fund - Growth *Performance (%) as on , 201828th March




`


Since Inception 8.56 8.17 6.77 19,115 18,577 16,757

Last 1 Year 6.52 6.11 5.87 10,652 10,611 10,587

Last 3 Years 8.55 7.90 6.91 12,786 12,558 12,217

Last 5 Years 8.82 8.56 7.05 15,264 15,082 14,060


Kotak Income Opportunities Fund - Growth


CRISIL 1Year T-Bill

Index## (%)

Crisil ShortTerm

Bond FundIndex # (%)

SchemeReturns(%) ^

Date

Scheme( )`

Benchmark# ( )`


Kotak Income Opportunities


• Income over a medium term horizon

• Investment in debt & money market securities


Investors understand that their principal willbe at moderately low risk

Riskometer

M

oderately Moderate

Low

Hig

h

Low

High

LOW HIGH

Moderately

52.51

22.07

21.12

2.91

0.96

0.43

A1, AA+, AA+(SO), AA, AA(SO), BWR AA, IND AA, IND AA(SO),AA-, AA-(SO), BWR AA-, BWR AA-(SO), IND AA-

A+, A+(SO), BWR A+, BWR A+(SO),BWR A(SO), A-, BWR A-

A1+, AAA

Net Current Assets

Unrated


Kotak Medium Term Fund31 March, 2018st

Scheme Facts

Structure

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

YTM




2018

Average Maturity



Quarterly Dividend Direct 10.6196

Annual Dividend 10.5306

Annual Dividend Direct 15.0172

Growth 14.4250


21st March, 2014

CRISIL Composite Bond Fund Index

8.70%

2.12 years



`

` `

` `

crs4,857.78

`4,809.52 crs

`

`

`

`

`

`



1.51%

2.74 years


Load Structure

Entry Load:

Exit Load:

Nil

i) For redemption / switch out ofupto 15% of the initial investment amount(limit) purchased or switched in within 18months from the date of allotment: Nil.

ii) If units redeemed or switched out are inexcess of the limit within 18 months from thedate of allotment: 2%.

iii) If units are redeemed or switched out on orafter 18 months from the date of allotment:Nil.

iv) Any exit load charged (net off Service Tax ifany) shall be credited back to the respectiveScheme. Units issued on reinvestment ofdividends shall not be subject to entry and exitload.







Government Dated Securities 0.31%

About Kotak Medium Term Plan

�

�

�

�

�

Kotak Medium Term Fund, an open-ended debt scheme.

The investment objective of the scheme is to generate regular income and capital appreciation by investing in a

portfolio of medium term debt and money market instruments.

The fund has an average maturity floor of around 3 years and a ceiling of around 7 years.

As a result, the fund occupies a mid-segment space between the long duration and the short duration bonds.

Likewise, the fund's merits also tend to be a balance of the long term and the short term bond funds.

The fund operates largely on a Hold-Till-Maturity (HTM) strategy.

Portfolio Action


• The endeavour is to enhance the portfolio yield by either selling low yield assets or buying high yielding assetsby utilising the cash.

• We intend to maintain a modified duration in the range of 2.00 – 2.50 in April 2018.

Debt Market Outlook









Duration 2.12 2.22

Yield (in %) 8.70 9.75

28 Feb 2018


U P Power Corporation Ltd FITCH IND AA(SO) 4.96%


Punjab & Sind Bank ICRA A+ 3.79%

Nuvoco Vistas Corporation Ltd. CRISIL AA 3.54%


PNB Housing Finance Ltd. CARE AAA 3.41%

HPCL Mittal Energy Ltd. ICRA AA 3.11%

Adani Infra (India) Limited. BRICKWORK BWR AA-(SO) 3.09%

Edelweiss Commodities Services Ltd. ICRA AA 2.90%

25

26
















31st March, 2018.

`

`




To know more




Disclaimer

Kotak Medium Term Fund an open-endeddebt scheme investment objective: of thescheme is to generate regular income andcapital appreciation by investing in a portfolioof medium term debt and money marketinstruments. There is no assurance orguarantee that the investment objective of thescheme will be achieved.


Kotak Medium Term Fund *Performance (%) as on , 201828th March



`



Kotak Medium Term Fund


CRISIL 10 YRGilt Index## (%)

CRISILCompositeBond FundIndex # (%)

SchemeReturns(%) ^

Date

Scheme( )`

Benchmark# ( )`


Kotak Medium Term Fund


• Income over a medium term investment horizon

• Investment in debt, government securities & moneymarket instruments with a portfolio weightedaverage maturity between 3-7 years


Investors understand that their principal willbe at moderate risk

Riskometer

M

oderately Moderate

Low

Hig

h

Low

High

LOW HIGH

Moderately

31 March, 2018st

Since Inception 9.54 9.75 8.35 14,425 14,535 13,804

Last 1 Year 6.55 5.06 -0.42 10,655 10,506 9,958

Last 3 Years 8.71 8.12 6.36 12,843 12,632 12,029


The scheme has been in existence for less than 5 years.

58.89

23.30

13.52

2.24

1.03

1.02

AA+, AA+(SO), AA, AA(SO), BWR AA, IND AA, IND AA(SO),AA-, AA-(SO), BWR AA-, BWR AA-(SO), IND AA-

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

A+, A+(SO), BWR A+(SO), A-, BWR A-

Net Current Assets

Unrated


Kotak Bond Short Term31 March, 2018st

Scheme Facts

Structure

Launch Date

Benchmark

Min. Initial Inv.

Additional Inv.

Standard Deviation^

YTM


Average Maturity

Month end AUM* (as on 31st Mar 2018)



8,934.80 crs

9,236.67 crs

Dividend 10.1846


Half Yearly Dividend 11.8228

Half Yearly Dividend Direct 11.9597

Growth 32.4212


2nd May, 2002

Crisil Short - Term Bond Fund Index

(a) Dividend Re-investment & Growth -5000 & above (b) Dividend Payout (Monthly

Dividend) - 50,000& above


1.10%

7.71%

1.37 years

1.59 years



`

`

`

`

` `

`

`

`

`

`

`


Load Structure

Entry Load:

Exit Load:

Nil

Nil

About Kotak Bond Short Term

�

�

The investment objective of Kotak Bond Short Term is to provide reasonable returns and high level of liquidity by

investing in debt and money market instruments of different maturities so as to spread the risk across different

kind of issuers in the debt market.

The scheme is suitable for investors who may generally want to position themselves at the shorter end of the yield

curve with a time horizon of 6 months and more.

Portfolio Action


• We believe that short term assets (1-3 yr assets) are at the best point on the yield curve and are poised to deliver

good returns. We shall be incorporating an appropriate mix of these assets in our portfolio.




Government Dated Securities 9.22%




Debt Market Outlook









Duration 1.37 1.43

Yield (in %) 7.71 8.06

28 Feb 2018

27

31 March, 2018st
















31st March, 2018.

`

`




To know more




Disclaimer

Kotak Bond Short Term is

Investment Objective:

an open-ended debt

scheme. The investment

objective of the Scheme is to provide reasonable

returns and high level of liquidity by investing in debt

instruments such as bonds, debentures and

Government securities; and money market instrume

nts such as treasury bills,commercial papers,

certificates of deposit, including repos in permitted

securities of different maturities, so as to spread the

risk across different kinds of issuers in the debt

markets. The Schememay invest in the call

money/termmoney market in terms of RBI guidelines

in this respect. To reduce the risk of the portfolio, the

Scheme may also use various derivative and hedging

products from time to time, in the manner permitted

by SEBI.Subject to the maximum amount permitted

from time to time, the Scheme may invest in offshore

securities in the manner allowed by SEBI/RBI,

provided such investments are in conformity with the

investment objective of the Scheme and the

prevailing guidelines and Regulations.There is no

assurance that the investment objective of the

Scheme will be realised.

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

Kotak Bond Short Term

Kotak Bond Short Term* Performance (%) as on 28th March, 2018



`


Since Inception 7.67 7.22 5.98 32,421 30,314 25,197

Last 1 Year 5.48 6.11 5.87 10,548 10,611 10,587

Last 3 Years 7.50 7.90 6.91 12,419 12,558 12,217

Last 5 Years 7.94 8.56 7.05 14,659 15,082 14,060


Kotak Bond Short Term - Growth


CRISIL 1Year

T-Bill Index## (%)

Crisil ShortTerm BondFund Index

(%)#

SchemeReturns(%) ^

Date

Scheme( )`

Benchmark# ( )`



• Income over a medium term horizon

• Investment in debt & money market securities


Investors understand that their principal willbe at moderately low risk

Riskometer

M

oderately Moderate

Low

Hig

h

Low

High

LOW HIGH

ModeratelyRating Profile as on 31st Mar, 2018


Mahindra & Mahindra Financial Services Ltd. FITCH IND AAA 8.74%

HDFC Ltd. CRISIL AAA 7.70%

Nabha Power Ltd. ICRA AAA 7.58%

ONGC Manglore Petrochemicals Ltd. FITCH IND AAA 6.53%

Power Finance Corporation Ltd. CRISIL AAA 5.93%


LIC Housing Finance Ltd. CRISIL AAA 5.46%

Rural Electrification Corporation Ltd. CRISIL AAA 4.59%

Kotak Mahindra Prime Ltd. CRISIL AAA 4.12%

8.21% State Government SOV 3.54%

95.81

3.62

0.57

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

Net Current Assets


28

29

Current Value ofInvestment of

10000 in the`

Other Mr. Pankaj Tibrewal#Funds managed by

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 (%)

Inceptiondate

Since inception

CAGR

Returns(%)

Top 3 Funds Managed by Mr. Deepak Agarwal*

Top 3 Funds Managed by Mr. Deepak Gupta^

Bottom 3 Funds Managed by Mr. Deepak Gupta^

Bottom 3 Funds Managed by Mr. Deepak Agarwal*

Kotak Midcap - Growth (%) ^ 10.97 14.75 24.30 77,240 16.89 24-02-05

Nifty Free Float Midcap 100 TRI # (%) 10.25 14.39 21.96 75,801 16.73

Nifty 50 TRI ## (%) 11.76 7.38 13.63 57,967 14.36

Kotak 50 - Dividend (%) ^ 9.02 7.30 14.96 289,972 19.11 29-12-98

Nifty 50 TRI # (%) 11.76 7.38 13.63 151,865 15.17

S&P BSE SENSEX TRI ## (%) 12.70 7.14 13.48 126,272 14.07

Kotak India Growth Fund - Series I - Growth (%) ^ 7.74 NA NA 12,663 8.49 06-05-15

Nifty 200 TRI # (%) 12.42 NA NA 13,569 11.12

Nifty 50 TRI ## (%) 11.76 NA NA 12,979 9.42

KotakGlobal EmergingMarket Fund-Growth (%)^ 23.19 5.53 6.60 16,832 5.08 26-09-07

MSCIEmergingMarket index# (%) 21.84 7.66 6.12 16,152 4.67

Nifty50 TRI ## (%) 11.76 7.38 13.63 23,125 8.30

Kotak NV20 ETF (%) ^ 14.75 NA NA 13,754 14.71 01-12-15

Nifty 50 Value 20 TRI # (%) 15.15 NA NA 13,148 12.50

Nifty 50 TRI ## (%) 11.76 NA NA 13,097 12.31

Kotak BankingETF (%)^ 13.69 10.80 NA 13,395 9.26 10-12-14

NiftyBank TRI# (%) 13.88 10.96 NA 13,465 9.44

Nifty50 TRI## (%) 11.76 7.38 NA 12,608 7.28

Kotak World Gold Fund - Growth (%) ^ -10.26 3.47 -6.61 8,257 -1.93 06-06-08

Financial Times Gold Mines Total - Price # (%) -5.16 10.87 -5.09 8,064 -2.17

Nifty 50 TRI ## (%) 11.76 7.38 13.63 24,574 9.59

Kotak Asset Allocator Fund - Growth (%) ^ 5.92 8.75 15.79 75,634 15.99 09-08-04

CRISIL Hybrid 35+65 - Aggressive Index # (%) 9.96 9.12 13.46 55,761 13.43

S&P BSE SENSEX TRI ## (%) 12.70 7.14 13.48 73,504 15.75

Kotak PSU Bank ETF (%) ^ -18.20 -4.96 -0.03 11,860 1.66 08-11-07

Nifty PSU Bank TRI # (%) -17.84 -4.58 0.26 11,817 1.62

Nifty 50 TRI ## (%) 11.76 7.38 13.63 20,038 6.92

Kotak Floater - Short Term - Growth (%) ^ 6.79 7.45 8.15 28,446 7.36 14-07-03

CRISIL Liquid Fund # (%) 6.84 7.33 8.08 26,685 6.89

CRISIL 1 Year TBill ## (%) 5.92 6.91 7.05 23,412 5.95

Kotak Corporate Bond Fund - Growth (%) ^ 6.77 7.98 8.29 22,812 8.15 21-09-07

CRISIL Composite Bond Fund # (%) 5.06 8.12 8.60 21,929 7.75


Kotak Liquid - Regular Plan - Growth (%) ^ 6.75 7.38 8.10 28,151 7.44 04-11-03



Kotak Treasury Advantage Fund - Growth (%) ^ 6.67 7.66 8.27 27,777 7.78 13-08-04



Kotak Banking and PSU Debt Fund - Growth (%) ^ 6.54 8.07 8.72 39,252 7.36 29-12-98

CRISIL Short Term Bond Fund # (%) 6.11 7.90 8.56 NA NA


Kotak Flexi Debt - Regular Plan - Growth (%) ^ 6.17 8.57 8.99 22,282 8.48 26-05-08

CRISIL Composite Bond Fund # (%) 5.06 8.12 8.60 20,996 7.83


30

Top 3 Funds Managed by Mr. Abhishek Bisen**

Current Value ofInvestment of

10000 in the`

Annexure - Returns(Fund Manager wise)

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

Inceptiondate

Since inception

CAGR

Returns

Bottom 3 Funds Managed by Mr. Abhishek Bisen**

1 Year 3 Years 5 Years

Kotak Global Emerging Market Fund - Growth (%) ^ 23.19 5.53 6.60 16,832 5.08 26-09-07

MSCI Emerging Market index # (%) 21.84 7.66 6.12 16,152 4.67

Nifty 50 TRI ## (%) 11.76 7.38 13.63 23,125 8.30

Kotak Monthly Income Plan - Growth (%) ^ 5.86 8.31 10.23 29,627 7.87 02-12-03

CRISIL Hybrid 85+15 - Conservative Index # (%) 6.21 8.42 9.78 31,225 8.27

CRISIL 10 Year Gilt ## (%) -0.42 6.36 6.42 21,114 5.35

KotakGold ETF (%)^ 5.61 4.27 -0.53 30,929 11.15 27-07-07

Priceof Gold# (%) 6.72 5.41 0.58 35,057 12.47

CRISIL10YearGilt ## (%) -0.42 6.36 6.42 19,623 6.52

Kotak Gilt - Investment - Regular - Growth (%) ^ 3.34 6.80 7.48 58,242 9.58 29-12-98

I-SEC Composite Gilt Index # (%) 5.06 8.05 8.68 NA NA

CRISIL 10 Year Gilt ## (%) -0.42 6.36 6.42 NA NA

Kotak Bond - Regular Plan - Growth (%) ^ 2.70 6.01 7.01 47,543 8.87 25-11-99

CRISIL Composite Bond Fund # (%) 5.06 8.12 8.60 NA NA

CRISIL 10 Year Gilt ## (%) -0.42 6.36 6.42 NA NA

Kotak GoldFund -Growth (%) ^ 4.91 3.36 -1.12 12,830 3.62 25-03-11

Priceof Gold# (%) 6.72 5.41 0.58 14,667 5.61

CRISIL10 YearGilt ## (%) -0.42 6.36 6.42 15,580 6.53

#

$

^

*

**

Mr. Pankaj Tibrewal manages 3 funds of Kotak Mutual fund.

Mr. Harish Krishnan manages 3 funds of Kotak Mutual fund.

Mr. Deepak Gupta manages 13 funds of Kotak Mutual fund.

Mr. Deepak Agrawal manages 10 & All FMPs funds of Kotak Mutual fund.

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

Kotak Midcap - Growth, *Name of the Benchmark - Nifty Free Float Midcap 100 TRI, Scheme Inception date is 24/02/2005. Mr. Pankaj Tibrewal has been managing the fund since21/01/2010.

Kotak India Growth Fund - Series I - Regular Plan - Growth, *Name of the Benchmark - Nifty 200 TRI, Scheme Inception date is 06/05/2015. Mr. Harish Krishnan has been managing thefund since 06/05/2015

Kotak Global Emerging Market Fund - Growth, *Name of the Benchmark - MSCI Emerging Market index, Scheme Inception date is 26/09/2007. Mr. Deepak Gupta has been managing thefund since 04/04/2011(Dedicated fund manager for overseas investment) and Mr. Abhishek Bisen has been managing the fund since 04/04/2011.

Kotak NV20 ETF - *Name of the Benchmark Nifty 50 Value 20 TRI, Scheme Inception date is 01/12/2015. Mr. Deepak Gupta has been managing the fund since 08/12/2015.

Kotak Banking ETF, *Name of the Benchmark - Nifty Bank TRI, Scheme Inception date is 10/12/2014. Mr. Deepak Gupta has been managing the fund since 24/11/2014.

Kotak Asset Allocator Fund - Growth, *Name of the Benchmark - CRISIL Balanced Fund – Aggressive Index, Scheme Inception date is 09/08/2004. Mr. Deepak Gupta has been managingthe fund since 01/09/2008.

Kotak World Gold Fund - Growth, *Name of the Benchmark - Financial Times Gold Mines Total - Price, Scheme Inception date is 06/06/2008. Mr. Deepak Gupta has been managing thefund since 01/02/2015.

Kotak Global Emerging Market Fund - Growth, *Name of the Benchmark - MSCI Emerging Market index, Scheme Inception date is 26/09/2007. Mr. Deepak Gupta has been managing thefund since 04/04/2011(Dedicated fund manager for overseas investment) and Mr. Abhishek Bisen has been managing the fund since 04/04/2011.

Kotak Monthly Income Plan - Growth, *Name of the Benchmark - CRISIL Hybrid 85+15 - Conservative Index, Scheme Inception date is 02/12/2003. Mr. Abhishek Bisen has been managingthe fund since 01/04/2008. Mr. Devender Singhal has been managing the fund since 25/08/2015.

Kotak Gilt - Investment - Regular - Growth, *Name of the Benchmark - I-SEC Composite Gilt Index, Scheme Inception date is 29/12/1998. Mr. Abhishek Bisen has been managing the fundsince 15/04/2008.

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. Source: ICRA MFI Explorer.

Kotak 50 - Dividend, *Name of the Benchmark - Nifty 50 TRI, Scheme Inception date is 29/12/1998. Mr. Harish Krishnan has been managing the fund since 15/11/2013.

Kotak PSU Bank ETF, *Name of the Benchmark - Nifty PSU Bank TRI , Scheme Inception date is 08/11/2007. Mr. Deepak Gupta has been managing the fund since 25/02/2011.

Kotak Floater - Short Term - Growth, *Name of the Benchmark - CRISIL Liquid Fund, Scheme Inception date is 14/07/2003. Mr. Deepak Agrawal has been managing the fund since01/11/2006.

Kotak Corporate Bond Fund - Growth, *Name of the Benchmark - CRISIL Composite Bond Fund, Scheme Inception date is 21/09/2007. Mr. Deepak Agrawal has been managing the fundsince 01/02/2015.

Kotak Liquid - Regular Plan - Growth, *Name of the Benchmark - CRISIL Liquid Fund, Scheme Inception date is 04/11/2003. Mr. Deepak Agrawal has been managing the fund since01/05/2007.

Kotak Treasury Advantage Fund - Growth, *Name of the Benchmark - CRISIL Liquid Fund, Scheme Inception date is 13/08/2004. Mr. Deepak Agrawal has been managing the fund since01/04/2008.

Kotak Banking and PSU Debt Fund - Growth, *Name of the Benchmark - CRISIL Short Term Bond Fund, Scheme Inception date is 29/12/1998. Mr. Deepak Agrawal has been managing thefund since 01/08/2008.

Kotak Flexi Debt - Regular Plan - Growth, *Name of the Benchmark - CRISIL Composite Bond Fund, Scheme Inception date is 26/05/2008. Mr. Deepak Agrawal has been managing thefund since 25/11/2012.

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 01/08/2008.

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 Bond - Regular Plan - Growth, *Name of the Benchmark - CRISIL Composite Bond Fund, Scheme Inception date is 25/11/1999. Mr. Abhishek Bisen has been managing the fundsince 01/04/2008.

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