Monthly Market Update (India) – October 2017 |iFAST Research
Monthly Market Update (India) – October 2017 |iFAST Research
2017 2017 2016 P/E P/E P/E Earnings Growth
Earnings Growth
MTD YTD Return (%) Yr 2017 Yr 2018 Yr 2019 2017 (%) 2018 (%)
Asia ex Japan (MSCI Asia ex Japan) -0.27% 28.51% 2.90% 14.1 12.0 10.9 26.30% 17.50%
Emerging Markets (MSCI EM) -0.55% 25.45% 8.60% 13.6 11.6 10.4 25.50% 17.40%
Europe (Stoxx 600) 3.82% 7.40% -1.20% 15.9 14.6 13.5 10.20% 9.00%
Japan (Nikkei 225) 3.61% 6.50% 0.40% 17.5 15.8 14.3 10.70% 10.60%
USA (S&P 500) 1.93% 12.53% 9.50% 19.1 17.2 15.6 10.20% 11.00%
Brazil (IBOV) 4.88% 23.36% 38.90% 14.4 12.9 10.7 29.70% 11.60%
China (HS Mainland 100) -0.15% 28.30% -1.30% 10.6 9.5 8.4 19.30% 11.90%
Hong Kong (HSI) -1.49% 25.24% 0.40% 12.6 11.5 10.5 20.50% 8.80%
India (SENSEX) -1.41% 17.49% 1.90% 20.4 16.3 14.7 8.40% 24.70%
Indonesia (JCI) 0.63% 11.41% 15.30% 17.5 15.5 13.7 11.10% 12.90%
Malaysia (KLCI) -0.99% 6.93% -3.00% 16.5 15.6 15.7 6.80% 6.00%
Russia (RTSI$) 3.73% -1.35% 52.20% 7.2 6.4 6.0 4.30% 11.80%
Singapore (STI) -1.75% 11.77% -0.10% 14.7 13.6 12.7 4.70% 8.30%
South Korea (KOSPI) 1.32% 18.16% 3.30% 10.3 9.2 8.6 30.20% 11.50%
Taiwan (Taiwan Weighted) -1.91% 12.22% 11.00% 14.5 13.5 12.5 15.20% 7.70%
Thailand (SET Index) 3.53% 8.44% 19.80% 16.6 15.0 13.6 4.40% 10.50%
*Returns are as at 29 September 2017. Source: Bloomberg, iFAST Compilations All returns are in respective local currency terms and MSCI Index returns are in USD
MARKETS ACROSS THE GLOBE
Monthly Market Update (India) – October 2017 |iFAST Research
Trade (Aug’17)
India’s exports during August 2017 have shown growth of
10.29 per cent in dollar terms valued at USD 23.81 billion
as compared to USD 21.59 billion during August, 2016.
Imports during August 2017 were valued at USD 35.46
billion which was 21.02 per cent higher in Dollar terms
over the level of imports valued at USD 29.30 billion in
August, 2016.
Taking merchandise and services together, overall trade
deficit for April-August 2017-18 is estimated at USD 39.87
billion as compared to USD 12.72 billion during April-
August 2016-17.
Industrial Production (July‘17)
After a contraction of -0.1% in June’17 the Index of
Industrial Production (IIP) recovered to 1.2% in July’17.
In terms of industries, eight out of twenty three industries
have shown positive growth in the month of July’17.
On a use base classification, manufacture of primary
goods increased by 2.3% while capital goods production
declined by 1% and Intermediate goods production
declined by 1.8%. Infrastructure/construction goods
manufacture increased by 3.7%.
Production of consumer durables declined by 1.3% while
consumer non-durables production increased by 3.4%.
Markets & Valuations
(As on September 29, 2017)
The benchmark Index (Sensex) was at 31,283.72
Estimated PE & earnings growth for BSE Sensex
Inflation (Aug’17)
Consumer price Index (CPI)
India’s Consumer Price Index (CPI) for August 2017 rose to
3.36% year on year against estimates of 3.24% year on
year and 2.36% year on year in July.
The rise in CPI was led by rise in prices of food and
beverages (1.96%), housing (5.58%), fuel and light (4.94%)
and miscellaneous goods and services (3.85%).
Within the food and beverages segment which has a
weightage of 45% in the CPI basket, Vegetable prices rose
by 6.16%, Fruits 5.29%, Milk Products 3.58% and Cereals
3.87% thus driving food inflation higher.
Factors like HRA benefits to central government
employees and farm loan wavers by state governments
pose upside risks to CPI.
Wholesale price Index (WPI)
India’s Wholesale Price Index (WPI) rose to 3.24% in
August’17 from 1.88% in July’17.
The index for manufactured products rose by 0.20%. WPI
Food Index increased from 2.12% in July, 2017 to 4.41% in
August, 2017. The index for primary articles rose by 1.9%.
The index for fuel and power rose by 0.90%.
2017-18 2018-19 2019-20
Price/Earnings 20.53 16.44 14.35
Earnings Growth 13.25% 24.88% 14.60%
ECONOMIC INDICATORS
Monthly Market Update (India) – October 2017 |iFAST Research
BSE Sensex - Top & bottom performers in September 2017. (As on September 29, 2017)
Top Performers MTD Bottom Performers MTD
Dr Reddy's Laboratories Ltd 15% Bharti Airtel Ltd -9%
Coal India Ltd 14% State Bank of India -9%
Bajaj Auto Ltd 11% ITC Ltd -8%
Earnings growth estimates of top weighted stocks:
Stock FY-18 FY-19 FY-20
HDFC Bank Ltd. 18.90% 20.94% 19.79%
Housing Development Finance Corp Ltd 14.19% 16.09% 13.81%
Our view
The S&P BSE Sensex declined by 1.41 percent in the month of September after a decline of 2.41
percent during August. Weak macro data weighed on sentiments of market participants during
September. The GDP growth rate slowed down to 5.7 percent during the first quarter of the
financial year which was the lowest level reported in 3 years. Rise in headline inflation from 2.36
percent in July to 3.36 percent in August with a modest recovery in industrial production reduced
the possibility of a rate cut by the Reserve Bank in the October monetary policy review. India’s
Current Account Deficit (CAD) expanded to 2.43 percent of the GDP during Q1 FY18 from 0.6
percent during the previous quarter due to larger increase in imports relative to exports.
Geo-political tensions between the United States and North Korea continued to impact the
domestic equity market. The announcement by the U.S Fed about shrinking its balance sheet from
the month of October also had a negative impact on the market. On the 27th of September 2017,
the market was impacted by the Indian army surgical strike on terrorist locations around the Indo-
Myanmar border which led to sharp corrections in the indices. The slow pace of economic
recovery and global concerns have led to FII outflows from Indian equity markets during
September.
In the month ahead, the market will be closely watching the second quarter earning numbers of
India Inc and also macro-economic data for signs of recovery. We continue to believe that India is
a Stock Pickers market and hence have gone ahead and recommended funds which play on
themes based on the pure conviction of fund management teams.
Source: Bloomberg, iFAST Compilations. All returns are in respective local currency terms
-1.41
-1.30
-0.67
0.76
-2 -1 0 1
BSE Sensex
Nifty Index
BSE MID CAP
BSE SMALL CAP
Broader Indices (Performance % in September 2017)*
-3.95 -3.38
-2.44 -2.21
-1.78 -1.51
-1.16 -0.92 -0.83
2.07 2.11
2.57
-6.00 -4.00 -2.00 0.00 2.00 4.00
BSE FMCG BSE Realty BSE Power
BSE Oil & Gas BSE TECK
BSE Bankex BSE IT
BSE CG BSE CD
BSE AUTO BSE METAL
BSE-HC
Sectoral Indices (Performance % in September 2017)*
EQUITY MARKET
Monthly Market Update (India) – October 2017 |iFAST Research
Our view
During the month of September 2017, the 10 year G-sec yield moved north by rising from 6.48% at
the beginning of the month to 6.66% by the end of September thus rising by 18 basis points during
the month.
Headline inflation increased from 2.36% YoY in July to 3.36% YoY in August driven higher by rising
food prices. Upside risks to CPI in the form of farm loan waivers by state governments, HRA
benefits to central government employees and rise in international crude prices reduced the
possibility of a rate cut by the Reserve Bank during the fourth bi monthly monetary policy review
in October.
During the September FOMC meet, the U.S Fed kept rates unchanged but indicated the likelihood
of a rate hike by the end of 2017 and three more rate hikes in 2018. The U.S Fed also announced
its decision to commence its bond selling program to the tune of 6 billion U.S Dollars per month
from October. Post the U.S Fed announcement on 20th September, the benchmark 10 year bond
yield rose sharply to 6.68% from 6.58%.
Our Take
We maintain status quo on our recommendations in the fixed income space and continue to
recommend short term funds to our Investors who have a time horizon of 1-3 years. On the other
hand, our moderately aggressive and aggressive investors can still take exposure into dynamic
bond funds.
6.350
6.400
6.450
6.500
6.550
6.600
6.650
6.700
1-S
ep-1
7
3-S
ep-1
7
5-S
ep-1
7
7-S
ep-1
7
9-S
ep-1
7
11
-Sep
-…
13
-Sep
-…
15
-Sep
-…
17
-Sep
-…
19
-Sep
-…
21
-Sep
-…
23
-Sep
-…
25
-Sep
-…
27
-Sep
-…
29
-Sep
-…
10 Year G-sec Yield Curve
DEBT MARKET OUTLOOK
Monthly Market Update (India) – October 2017 |iFAST Research
*Source: Bloomberg, iFAST Compilations. All returns are in respective local currency terms
Our View
US ISM Manufacturing PMI came in at 58.8 in August, up from a prior 56.3 and beating
consensus estimates of 56.5. In terms of employment numbers, August’s nonfarm
payrolls print came in at 156,000, down from July’s downward-revised 189,000 and
falling short of consensus estimates (180,000). Manufacturing payrolls continue to
surprise on the upside, while construction rose the most since February. Wages, as
represented by average hourly earnings, rose 0.1% month-on-month, down from a
prior 0.3% gain (wages rose 2.5% year-on-year in August). The US labour remains
robust, and we expect the pace of job creation to gradually moderate lower moving
forward as the business cycle matures in the US. The potential upside of the US market
is now the lowest among the markets that we cover, and as such, we maintain our
rating of 2.0 Stars “Unattractive” for the US.
Composite PMIs of Germany and France continued to remain firmly in expansionary territory, pointing
to expansion and growth on the continent. Consumer confidence has also continued to improve,
lending support to the outlook for domestic consumption. In their latest monetary policy update, the
European Central Bank (ECB) announced that no changes would be made to benchmark policy rates
and its asset purchases at this juncture, but that it will soon decide on the extent of its stimulus
programme for 2018. European companies are projected to see their earnings grow by 9.9% this year
and by 8.5% in 2018, which is achievable and reasonable given that various indicators and data points
suggest that the ongoing recovery is increasingly entrenched (barring any unforeseen adverse political
developments).We maintain a 2.5 Stars “Neutral” rating for Europe, and advocate investors to
remain an underweight exposure to European equities in their portfolios.
Japanese macroeconomic data points to a favourable earnings environment, as exports grew further
by 18.1% year-on-year, highest since November 2013, while manufacturing PMI stayed at satisfactory
level, with firms signal healthy expansion in both output in new orders. Valuations remain rather
attractive compared with other equity markets under our coverage. Thus, we maintain our star
ratings of the Japanese at an “Attractive” rating of 3.5 stars.
USA
ISM Manufacturing PMI came in at 58.8 in Aug 17, down from 56.3 in Jul 17
Nonfarm payrolls rose by 156,000 in Aug 17, after a downward-revised 189,000 gain in Jul 17
Unemployment rate at 4.4% in Aug 17 from 4.3% in Jul 17
EUROPE
Advance Consumer Confidence at -1.2 in Sep 17, up from a finalised -1.5 reading in Aug 17
Germany- Advance composite PMI at 57.8 in Sep 17, up from a finalised 55.8 in Aug 17
France- Preliminary PMI composite at 57.2 in Sep 17, up from a finalised 55.2 in Aug 17
JAPAN
Sep Manufacturing PMI’s preliminary figure rose to 52.6, up from 52.2 in Aug
Exports rose 18.1% y-o-y in Aug, up from 13.4% in Jul
-0.78%
1.93%
2.91%
3.61%
4.74%
4.80%
6.41%
-2% 0% 2% 4% 6% 8%
UK (FTSE 100)
USA (S&P 500)
Canada (S&P/TSX)
Japan (Nikkei 225)
Italy (FTSE MIB)
France (CAC-40)
Germany (DAX)
G7 Countries - Performance in September 2017*
GLOBAL MARKET UPDATE – GROUP 7 COUNTRIES
Monthly Market Update (India) – October 2017 |iFAST Research
*Source: Bloomberg, iFAST Compilations. All returns are in respective local currency terms
Our View
Singapore’s non-oil domestic exports (NODX) growth maintained its momentum in
August, with total exports rising 17.0% year-on-year, faster than the downward-revised
7.6% growth rate in July and surpassed market expectations for a 11.8% increase.
Singapore’s industrial production grew 19.1% year-on-year, down from the prior
month’s 21.0% expansion but continued to exceed expectations (expected 16.0% year-
on-year in August). All manufacturing clusters, with the exception of the general
manufacturing cluster which contracted a slight -0.6%, had expanded. The electronics
and biomedical manufacturing clusters had led expansion over the month with strong
growth rates of 38.7% and 25.1% year-on-year respectively. Headline inflation rose
0.4% year-on-year in August, down slightly from a prior 0.6% year-on-year increase in
July. The earnings growth of Singaporean corporations are likely to improve from last
year in view of ameliorating global and domestic economic conditions as well as a
possible bottoming out of the private residential real estate sector. We think a 4.0 Stars
“Very Attractive” rating on the Singapore equity market continues to be warranted at
this juncture.
Malaysia’s manufacturing sector returned to expansion territory with Purchasing Managers’ Index
surging to 50.4 points from the previous month’s 48.3 points. August’s data portrayed a strong picture
for the Malaysia manufacturing sector with overall operating conditions improving for the first time
since April 2017. The growth was supported by stronger external demand with improving new demand
orders particularly from China, South East Asia and Middle East. Malaysia's July industrial production
surprised market participants by accelerating 6.1% year-on-year. Local industrial production expanded
at the fastest rate in eight months, underpinned by a broad-based expansion where all three sub-
sectors, namely manufacturing (+8.0%), electricity (+7.9%) and mining (+0.2%) sectors, posted positive
growth rates. With the current fair valuation, the local stock market is expected to deliver a rather
reasonable return for investment horizon over the next 3 years on a relative basis. As such, we
maintained our star ratings for Malaysia at 3.0 stars “Attractive”.
Data from South Korea points to a still favourable earnings environment, especially for semi-conductor
manufacturers and banks, as export stays in high growth territory and market interest rate rises
further. Under our base case assumption that US-North Korean tension will eventually subside with
negotiations taking over, South Korean equities remain to be one of our favoured markets. Valuations
remain rather attractive compared with other equity markets under our coverage. Thus, we maintain
our star ratings of the South Korean markets at a “Very Attractive” rating of 4.5 stars respectively.
SINGAPORE
Non-oil domestic exports surged 17.0% y-o-y in Aug 17, after rising 7.6% y-o-y in Jul 17 CPI rose 0.4% y-o-y in Aug 17, down from a 0.6% y-o-y increase in Jul 17 Industrial production rose 19.10% y-o-y in Aug 17, up from a 21.2% y-o-y increase in Jul 17
Malaysia
Industrial Production grew by 6.1% y-o-y in Jul 17 Nikkei Malaysia PMI improved to 50.4 from previous reading of 48.3
South Korea
Exports rose by 17.4% y-o-y in Aug, compared to 19.5% in Jul
-1.91%
-1.75%
-1.49%
-0.99%
-0.58%
0.63%
1.32%
3.53%
-4% -2% 0% 2% 4%
Taiwan (Taiwan Weighted)
Singapore (STI)
Hong Kong (HSI)
Malaysia (KLCI)
Australia (S&P/ASX 200)
Indonesia (JCI)
South Korea (KOSPI)
Thailand (SET Index)
Asia Pacific (Ex Japan) - Performance in September 2017*
GLOBAL MARKET UPDATE – ASIA PACIFIC (Ex-JAPAN)
Monthly Market Update (India) – October 2017 |iFAST Research
GLOBAL MARKET UPDATE – BRIC (Ex-India)
*Source: Bloomberg, iFAST Compilations. All returns are in respective local currency terms
Our View
Brazil’s GDP exited contractionary territory and grew 0.3% year-on-year in 2Q 2017, up from 1Q 2017’s -0.4% growth. In addition to GDP growth, other economic data releases over the course of September also reflected good progress in the country’s road to economic recovery. Brazil’s industrial production expanded for the third consecutive month in July 2017 and business sentiment (as revealed by a survey released by the National Confederation of Industry Brazil) in the sector has remained generally positive since the beginning of the year, while manufacturing PMIs remained above the 50.0 reading since April 2017. While we retain Brazil’s star rating at 3.5 Stars “Attractive”, we are keeping an eye on overall valuations which currently trades at a notable premium to its fair.
Russia’s GDP numbers had followed an exponential upward trend, with growth coming in at 0.3%, 0.5% and 2.5% year-on-year in 4Q 2016, 1Q 2017 and 2Q 2017 respectively. In September, the central bank of Russia made the decision to cut rates further by -50 basis points to 8.50%, with a mention that the bank deems it “possible to cut the key rate further” over the “next two quarters”, boding well for economic growth in the near term. While Russia’s good progress to economic recovery would likely continue to provide support to the aggregate earnings of Russian companies, structural headwinds facing oil prices coupled with the country’s continued low oil production in the near term (in view of the ongoing oil production cut agreement with OPEC) presents risks to the earnings of oil companies. At this juncture, we believe that a star rating of 3.5 Stars “Attractive” remains warranted for the market.
China’s Industrial production growth declined to 6.0% year-on-year in August from 6.4% in July.
The lower industrial production growth in August may be attributable to the ongoing environmental policy tightening that depressed the output growth of heavy industries and the construction activities, most of which are polluting industries. CPI picked up notably in August. CPI rose 1.8% year-on-year from 1.4% year-on-year in July, partially driven by the lower base but also pushed up by rising food prices. On the other hand, export growth slowed to 5.5% year-on-year, but the exports under ordinary trade and processing trade grew steadily. We maintain our 4.5 Stars “Very Attractive” rating for the offshore Chinese equity market.
BRAZIL
Brazil’s GDP grew 0.3% y-o-y in 2Q 17,up from -0.4% y-o-y in 1Q 17
Manufacturing PMI stood at 50.9 in Aug 17, up from 50.0 in Jul 17
Industrial production rose 2.5% y-o-y in Jul 17 after a 0.5% y-o-y increase in Jun 17
RUSSIA
Russia’s GDP grew 2.5% y-o-y in 2Q 17 (preliminary estimates), up from 0.5% y-o-y in 1Q 17
CBR rate at 8.50% as of 25 September 2017
CHINA
Exports growth slowed to 5.5% y-o-y in August, compared with 7.2% in July 17
CPI came at 1.8% y-o-y in August, higher than 1.4% in July 17
Industrial production growth slowed 6.0% y-o-y in August, down from 6.4% in July 17
-0.15%
3.73%
4.88%
-2% 0% 2% 4% 6%
China (HS Mainland 100)
Russia (RTSI$)
Brazil (IBOV)
BRIC (Ex-India) - Performance in September 2017*
Monthly Market Update (India) – October 2017 |iFAST Research
2,100,194
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
Average Assets Under Management (AAUM) in INR Crores
Source: AMFI, iFAST Compilations
Top and Bottom Five AMCs - By Absolute Change in Assets (Q-o-Q), July- Sep 2017
Scheme Name Q-o-Q Absolute Change in Assets (INR in Crores)
% Change in Assets
Top 5 AMCs
SBI Mutual Fund 19,197.97 11.34%
ICICI Prudential Mutual Fund 18,955.71 7.28%
Aditya Birla Sun Life Mutual Fund 18,937.30 9.19%
HDFC Mutual Fund 16,727.05 6.60%
Kotak Mahindra Mutual Fund 9,417.88 9.29%
Bottom 5 AMCs
IIFCL Mutual Fund (IDF) -1,225.02 -65.92%
DHFL Pramerica Mutual Fund -529.11 -2.06%
IIFL Mutual Fund -65.94 -8.04%
Escorts Mutual Fund -11.08 -4.29%
Taurus Mutual Fund -7.77 -1.33%
Source: AMFI, iFAST Compilations
INDIAN MUTUAL FUND INDUSTRY - ASSET TRENDS
Monthly Market Update (India) – October 2017 |iFAST Research
Fund Category Returns (As on September 2017 end)
1 Month 1 Year
Equity: Large Cap -1.09 14.92
Equity: Multi Cap -0.50 17.27
Equity: Mid Cap & Small Cap 0.36 19.32
Equity: ELSS -0.38 17.27
Equity: Index -1.41 14.19
Equity: Global 3.17 12.22
Hybrid: Balanced Funds -0.18 10.90
Hybrid: MIP 0.01 7.99
Debt: Gilt Long Term -0.33 7.12
Debt: Gilt Short Term 0.02 8.09
Debt: Income 0.07 7.10
Debt: Short Term 0.28 7.27
Debt: Ultra Short Term 0.40 6.89
Debt: Liquid 0.50 6.38
Debt: Floating Rate 0.41 7.24
Source: NAV India, iFAST Compilations
FUND CATEGORY RETURNS
Monthly Market Update (India) – October 2017 |iFAST Research
Top and Bottom Performing Equity Funds on our Platform as on 30th September 2017
Large Cap Funds
Scheme 1 Month 1 Year Scheme 1 Month 1 Year
UTI-Bluechip Flexicap Fund (G) 1.17 16.48 Reliance Regular Savings Fund - Equity (G) 2.56 19.27
Tata Retirement Savings Fund - Progressive (G) 0.86 25.68 Escorts Leading Sectors Fund (G) 2.30 17.89
NSE Nifty 50 Index (Benchmark) -1.30 13.71 NSE Nifty 500 Index (Benchmark) -1.09 16.35
IIFL India Growth Fund (G) -2.90 11.68 Motilal Oswal Most Focused Multicap 35 Fund (G) -2.38 25.84
SBI Magnum Equity Fund (G) -2.71 7.15 HDFC Premier Multi-Cap Fund (G) -2.18 14.41
Mid and Small Cap Funds
Scheme 1 Month 1 Year Scheme 1 Month 1 Year
SBI Small & Midcap Fund (G) 5.64 33.02 Aditya Birla SL Tax Plan (G) 2.65 19.03
Parag Parikh Long Term Value Fund (G) 2.79 20.22 Aditya Birla SL Tax Relief '96 (G) 2.60 19.31
Nifty Free Float Midcap 100 Index (Benchmark) -0.93 17.54 NSE Nifty 500 Index (Benchmark) -1.09 16.35
Sahara Star Value Fund (G) -1.37 19.94 Sahara Tax Gain Fund (G) -2.49 15.47
LIC MF Mid Cap Fund - Regular (G) -1.20 17.72 SBI Magnum Tax Gain Scheme (G) -2.18 11.19
Global Funds
Scheme 1 Month 1 Year
DSP BR World Energy Fund (G) 11.14 1.94
DSP BR World Agriculture Fund (G) 8.56 11.56
MSCI World Index (in INR) (Benchmark) 4.22 13.70
Kotak World Gold Fund - Standard Plan (G) -5.87 -19.26
DSP BR World Gold Fund (G) -2.11 -16.95
Source: NAV India, iFAST Compilations
TOP & BOTTOM EQUITY FUNDS
Monthly Market Update (India) – October 2017 |iFAST Research
Top and Bottom Performing Debt and Hybrid Funds on our Platform as on 30th September 2017
Balanced Funds
Scheme 1 Month 1 Year Scheme 1 Month 1 Year
SBI Magnum Children Benefit Plan 1.77 17.42 SBI Magnum MIP Floater (G) 0.91 7.87
Principal Balanced Fund - (G) 0.89 21.15 Indiabulls Monthly Income Plan (G) 0.72 7.02
CRISIL Balanced Fund - Aggressive Index -0.83 11.80 Crisil MIP Blended Index -0.16 8.87
SBI Dynamic Asset Allocation Fund (G) -2.28 9.53 HDFC Monthly Income Plan - LTP (G) -0.70 8.63
HDFC Prudence Fund - (G) -1.52 15.05 L&T Monthly Income Plan (G) -0.63 6.78
Income Funds
Scheme 1 Month 1 Year Scheme 1 Month 1 Year
Franklin India Income Opportunities Fund (G) 0.49 9.80 Edelweiss Govt Securities Fund (G) 0.31 5.52
Franklin India Corporate Bond Opportunities (G) 0.48 9.43 BNP Paribas Govt Securities Fund (G) 0.13 8.39
Crisil Composite Bond Fund Index 0.04 7.94 Crisil Composite Bond Fund Index 0.04 7.94
Escorts Income Plan - (G) -0.88 5.49 Invesco India Gilt Fund (G) -0.77 7.54
Kotak Bond - Regular (G) -0.54 4.29 Kotak Gilt Invest - PF & Trust Plan (G) -0.64 5.92
Short Term Funds
Scheme 1 Month 1 Year
L&T Short Term Income Fund (G) 0.50 9.13
Escorts Short Term Debt Fund (G) 0.49 7.11
Crisil Short-Term Bond Fund Index 0.32 7.60
ICICI Pru Banking & PSU Debt Fund - Regular (G) 0.03 8.25
ICICI Pru Short Term Plan (G) 0.11 7.97
Source: NAV India, iFAST Compilations
TOP & BOTTOM DEBT and HYBRID FUNDS
Monthly Market Update (India) – October 2017 |iFAST Research
DISCLAIMER: THIS REPORT IS NOT TO BE CONSTRUED AS AN OFFER OR SOLICITATION FOR THE SUBSCRIPTION, PURCHASE OR SALE OF ANY MUTUAL FUND. ANY ADVICE HEREIN IS MADE
ON A GENERAL BASIS AND DOES NOT TAKE INTO ACCOUNT THE SPECIFIC INVESTMENT OBJECTIVE OF THE SPECIFIC PERSON OR GROUP OF PERSONS. PAST PERFORMANCE AND ANY
FORECAST IS NOT NECESSARILY INDICATIVE OF THE FUTURE OR LIKE PERFORMANCE OF THE MUTUAL FUND. THE VALUE OF UNITS AND THE INCOME FROM THEM MAY FALL AS WELL AS
RISE. OPINIONS EXPRESSED HEREIN ARE SUBJECT TO CHANGE WITHOUT NOTICE.
MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.