Mutual Funds Debt Schemes - CF

8/9/2019 Mutual Funds Debt Schemes - CF

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IMT NagpurPGDM 2009-2011

Mutual Fund Debt Schemes

Corporate Finance

Date of Submission: 14th Dec 2009

Submitted to:

Prof. Pavan Jain

Section: D

Submitted By:

Rochit Rajvanshi (2009195)

Rani Treasa Joseph (2009209)

Revati Naik (2009211)

Rijo Jacob Abraham (2009214)

Siddharth Seran (2009237)

Smritti Bansal (2009243)

Ruchika Puri (2009252)

Prakhar Chawla (2009225)

Shalini Singh (2009239)

Shashiraj (2009244)

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TABLE OF CONTENTS:

1. Introduction..3

1. Mutual Funds - Definition2. Operation Of A Mutual Fund3. Types Of Mutual Funds4. Merits Of Debt Fund Investment5. Mutual Fund Market Analysis (Inclusive of Debt

Market)

2. Mutual Fund Debt Scheme features of 10 companies.9

3. Comparative Analysis of 10 Mutual fund Debt

Schemes34

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1. INTRODUCTION

1.1.MUTUAL FUNDS - DEFINITION

A mutual fund is a trust that pools the savings of a number of investors who share a

common financial goal. The money thus collected is then invested in capital market

instruments such as shares, debentures and other securities.

The income earned through these investments and the capital appreciation realized

is shared by its unit holders in proportion to the number of units owned by them.

Thus a Mutual Fund is the most suitable investment for the common man as it offers

an opportunity to invest in a diversified, professionally managed basket of securities

at a relatively low cost.

1.2.OPERATION OF A MUTUAL FUND

1.3.TYPES OF MUTUAL FUNDS

By Structure

Open-ended Fund/ SchemeIt is one that is available for subscription and repurchase on a continuous

basis. These schemes do not have a fixed maturity period. Investors can

conveniently buy and sell units at Net Asset Value (NAV) related prices whichare declared on a daily basis. The key feature of open-end schemes is

liquidity.

Closed-ended Fund/SchemeThese schemes have a pre-specified maturity period. One can invest directly

in the scheme at the time of the initial issue. Depending on the structure of

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the scheme there are two exit options available to an investor after the initial

offer period closes. Investors can transact (buy or sell) the units of the

scheme on the stock exchanges where they are listed. The market price at

the stock exchanges could vary from the net asset value (NAV) of the scheme

on account of demand and supply situation, expectations of unit holder and

other market factors. Alternatively some close-ended schemes provide anadditional option of selling the units directly to the Mutual Fund through

periodic repurchase at the schemes NAV.

Interval SchemeThese combine the features of open-ended and close-ended schemes. The

units may be traded on the stock exchange or may be open for sale or

redemption during pre-determined intervals at NAV related prices

By Nature

Equity FundsThese funds invest a maximum part of their corpus into equities holdings.

The structure of the fund may vary different for different schemes and the

fund managers outlook on different stocks. The Equity Funds are sub-

classified depending upon their investment objective, as follows:

Diversified Equity Funds

Mid-Cap Funds

Sector Specific Funds and

Tax Savings Funds (ELSS)

Equity investments are meant for a longer time horizon, thus Equity

funds rank high on the risk-return matrix.

Debt Funds The objective of these Funds is to invest in debt papers. Government

authorities, private companies, banks and financial institutions are some of

the major issuers of debt papers. By investing in debt instruments, these

funds ensure low risk and provide stable income to the investors.

A debt fund may invest in short-term or long-term bonds, securitized

products, money market instruments or floating rate debt. The fee ratios on

debt funds are lower, on average, than equity funds because the overall

management costs are lower. The main investing objectives of a debt fund

will usually be preservation of capital and generation of income.

Debt funds are further classified as:

Gilt Funds:

Invest their corpus in securities issued by Government, popularly

known as Government of India debt papers. These Funds carry zero

Default risk but are associated with Interest Rate risk. These schemes

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are safer as they invest in papers backed by Government. Gilt funds

stick to high quality-low risk debt, mainly government securities.

Income Funds:

Invest a major portion into various debt instruments such as bonds,

corporate debentures and Government securities.

MIPs:Invests maximum of their total corpus in debt instruments while they

take minimum exposure in equities. It gets benefit of both equity and

debt market. These scheme ranks slightly high on the risk-return

matrix when compared with other debt schemes.

Short Term Plans (STPs):

Meant for investment horizon for three to six months. These funds

primarily invest in short term papers like Certificate of Deposits (CDs)

and Commercial Papers (CPs). Some portion of the corpus is also

invested in corporate debentures.

Liquid Funds:

Also known as Money Market Schemes, These funds provides easy

liquidity and preservation of capital. These schemes invest in short-

term instruments like Treasury Bills, inter-bank call money market, CPs

and CDs. These funds are meant for short-term cash management of

corporate houses and are meant for an investment horizon of 1day to

3 months. These schemes rank low on risk-return matrix and are

considered to be the safest amongst all categories of mutual funds.

Balanced Funds

As the name suggest they, are a mix of both equity and debt funds. They

invest in both equities and fixed income securities, which are in line with pre-defined investment objective of the scheme. These schemes aim to provide

investors with the best of both the worlds. Equity part provides growth and

the debt part provides stability in returns.

1.1.MERITS OF DEBT FUND INVESTMENT

While fixed deposits might appeal to conservative investors, in a growing

economy like India, inflation is a fact of life, which eats into the returns earned on

investments. From an inflation-adjusted perspective, fixed income mutual funds

compare very favorably to fixed deposits.

Comparison with fixed deposits

In the investment world, it is not an either/or scenario between debt and

equity. Basic principle of sound investing postulates a diversified portfolio.

The main advantage of debt funds is relatively lower risk and steady income

additional to liquidity of investments. FDs generally have a lock-in-period

wherein in a pre-mature withdrawal by an investor would mean a monetary

penalty that would be charged to the investor. Moreover, debt funds could

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generate better yields during economic growth, dependent on the kind of

scheme chosen by the investor. A fund invests in range of securities leading

to diversification of risk, an important parameter for an investor.

Better performance in slowdown

Debt funds also tend to perform better in periods of economic slowdown.Analysts believe that debt should be looked upon as an effective hedge

against equity market volatility, which lends stability in terms of value and

income to a portfolio.

Available Options

Debt funds have a fairly wide range of schemes offering something for all

types of investors. Liquid fund, Liquid plus funds, Short term income funds,

GILT funds, income funds and hybrid funds are some of the more popular

categories.

Tax Benefit

For the purpose of determining the attractiveness of the investment, effective

return, that is, post-tax returns should be given more weight. Dividends from

debt mutual funds are taxed at a rate lower than highest marginal tax rate.

1.1.MUTUAL FUND MARKET ANALYSIS (INCLUSIVE OF DEBT MARKET)

In the past decade, Indian mutual fund industry has seen a dramatic

improvement, both quality as well as quantity wise. Putting the AUM of the Indian

Mutual Funds Industry into comparison, it constitutes less than 11% of the total

deposits held by the Indian banking industry. The main reason of its poor growth isthat the mutual fund industry in India is still in its nascent stage. Large sections of

Indian investors are yet to be educated with the concept. Hence, it is the prime

responsibility of all mutual fund companies, to market the product correctly abreast

of selling.

The mutual fund industry can be broadly put into four phases according to the

development of the sector. Each phase is briefly described as under.

First Phase - 1964-87

Unit Trust of India (UTI) was established on 1963 by an Act of Parliament. The first

scheme launched by UTI was Unit Scheme 1964. At the end of 1988 UTI had

Rs.6,700 crores of assets under management.

Second Phase - 1987-1993 (Entry of Public Sector Funds)

This phase saw the entry of non-UTI mutual funds like SBI Mutual Fund followed by

Canbank Mutual Fund (Dec 87), Punjab National Bank Mutual Fund (Aug 89), Indian

Bank Mutual Fund (Nov 89), Bank of India (Jun 90), Bank of Baroda Mutual Fund (Oct

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92), LIC in 1989 and GIC in 1990. The end of 1993 marked Rs.47004 as assets

under management.

Crisis of 1992

The NAV of mutual funds in India declined when stock prices started falling in the

year 1992. Those days, the market regulations did not allow portfolio shifts into

alternative investments. There was rather no choice apart from holding the cash or

to further continue investing in shares. One more thing to be noted, since only

closed-end funds were floated in the market, the investors disinvested by selling at

a loss in the secondary market. The 1992 stock market scandal, the losses by

disinvestments and of course the lack of transparent rules, rocked confidence

among the investors.

Third Phase - 1993-2003 (Entry of Private Sector Funds)

With the entry of private sector funds in 1993, a new era began giving the Indian

investors a wider choice of fund families. Also, 1993 was the year in which the first

Mutual Fund Regulation came into being, under which all mutual funds, except UTI

were to be registered and governed. The erstwhile Kothari Pioneer (now merged

with Franklin Templeton) was the first private sector mutual fund registered in July

1993. At the end of January 2003, there were 33 mutual funds with total assets of

Rs. 121805 crores.

Fourth Phase - since February 2003

This phase had a bitter experience for UTI. It was bifurcated into two separate

entities. One was the Specified Undertaking of the Unit Trust of India with AUM of

Rs.29835 crores (as on January 2003) did not come under the purview of the Mutual

Fund Regulations. The second was the UTI Mutual Fund Ltd, sponsored by SBI, PNB,

BOB and LIC registered with SEBI. The mutual fund industry entered a phase

of consolidation and growth. At the end of September, 2004, there were 29 funds,

which managed assets of Rs.153108 crores under 421 schemes.

Phase V. Growth and Consolidation - 2004 Onwards

The industry also witnessed several mergers and acquisitions recently, examples of

which are acquisition of schemes of Alliance Mutual Fund by Birla Sun Life, Sun F&C

Mutual Fund and PNB Mutual Fund by Principal Mutual Fund. Simultaneously, more

international mutual fund players have entered India like Fidelity, FranklinTempleton Mutual Fund etc.

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Future Growth

It is estimated that by 2010 March-end, the total assets of all

scheduled commercial banks should be Rs 4090000 crore. The annual composite

rate of growth is expected 13.4% during the rest of the decade. In the last 5 years

we have seen annual growth rate of 9%. According to the current growth rate, by

year 2010, mutual fund assets will be double.

Mutual Fund AUMs Growth

Month/Year Mar-98 Mar-

00

Mar-

01

Mar-

02

Mar-

03

Mar-

04

Sep-

04

4-Dec

MF AUM's 68984 9371

7

8313

1

9401

7

7530

6

1376

26

1511

41

1493

00

Change in %

over last yr

26 13 12 25 45 9 1

1.2.SHARPE RATIO

Definition: A ratio developed by Nobel laureate William F. Sharpe to measure risk-adjusted performance. The Sharpe ratio is calculated by subtracting the risk-freerate - such as that of the 10-year U.S. Treasury bond - from the rate of return for aportfolio and dividing the result by the standard deviation of the portfolio returns.

The Sharpe ratio formula is:

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Significance:The Sharpe ratio tells us whether a portfolio's returns are due to smart investmentdecisions or a result of excess risk. This measurement is very usefulbecause although one portfolio or fund can reap higher returns than its peers, it isonly a good investment if those higher returns do not come with too muchadditional risk. The greater a portfolio's Sharpe ratio, the better its risk-adjustedperformance has been. A negative Sharpe ratio indicates that a risk-less assetwould perform better than the security being analyzed.

2. MUTUAL FUND FEATURES OF 10 COMPANIES

1. CompanyName:

CANARA ROBECO INCOME SCHEME GROWTH

Objective:To generate income through investment in Debt and MoneyMarket Securities of different maturity and issuers of differentrisk profiles.

Features: Type of Scheme: Open Ended

Inception Date: 37518

Face Value(Rs/Unit):

10

Fund Size in Rs.Cr.:

231.51 as on Oct 30, 2009

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Expense ratio (%): 2.07

MinimumInvestment:

5000

PurchaseRedemptions:

Daily

NAV Calculation: DailyEntry Load: Entry Load is 0%

Exit Load:If redeemed bet. 0 Months to 6Months; Exit load is 0.5%.

Increase/Decreasein Fund Size sinceSep 30, 2009 (Rs.in crores):

-20.33

NAV: Latest NAV: 19.35 as on Dec 3, 2009

Benchmark Index -Crisil CompositeBond Fund Index:

1,564.77 as on Dec 2, 2009

52 - Week High: 19.37 as on Nov 26, 2009

52 - Week Low: 17.20 as on Dec 5, 2008

Risk and return SCHEME PERFORMANCE (%) AS ON DEC 3, 2009

1Mont

h

3Mont

hs

6Mont

hs

1Yea

r

3Yea

rs

5Year

s

SinceInception

0.71 1.46 2.3713.2

114

11.25

9.59

Risk Mean 0.56

Standard Deviation 0.79

Beta 4.77

Sharpe 0.57

Portfolio P/E NA

P/B NA

Dividend Yield NA

Market Cap NA

Large NA

Mid NA

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Small NA

Top 5 Holding (%) 88.01 as on Oct 2009

No. of Stocks 4

Expense Ratio (%) 2.07

Top 10holdings

Stock P/E

%ageof

NetAsse

ts

Qty Value

%age ofChangewith lastmonth

CBLO NA 54.71 NA 126.67 23.65

TreasuryBill

NA 14.74 NA 34.12 0.41

GOI NA 7.419000

0017.14 -37.15

L & T

FinanceLtd

NA 6.61 150 15.31 1.3

HousingDevelopmentFinanceCorporation Ltd

31.41

4.54 100 10.51 0.59

Indian OilCorporation Ltd.

5.18 4.25 100 9.83 NA

StateBank ofBikanerand JaipurLtd

5.08 4.2 1000 9.72 0.61

CurrentAssets

NA 3.55 NA 8.22 -70.56

Sectorallocation

Banks 4.2

Petroleum, Gasandpetrochemical

products

4.25

HFC 4.54

NBFC 6.61

Sovereign22.1

4

Current Assets58.2

6

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2. Company Name: BIRLA SUN LIFE MIP - SAVINGS 5 - GROWTH

Objective:The scheme aims at long term capital appreciation byinvesting in a judicious mix of high quality fixed incomesecurities and small portion in equity.


Inception Date: May 1, 2004Face Value(Rs/Unit): 10Fund Size in Rs.Cr.: 1174 as on Nov 30, 2009

Expense ratio(%): 2.1Minimum

Investment: 7PurchaseRedemptions:

Daily

NAV Calculation: Daily

Entry Load: Entry Load is 0%.

Exit Load:If redeemed bet. 0 Days to365 Days; Exit load is 1%.


414.17

NAV: Latest NAV: 16.31 as on Dec 4, 2009

Benchmark Index -Crisil CompositeBond Fund Index: 1,912.36 as on Dec 3, 2009

52 - Week High: 16.38 as on Jan 2, 2009

52 - Week Low: 14.68 as on Dec 8, 2008


1Mont

h

3Mont

hs

6Mont

hs

1Yea

r

3Yea

rs

5Yea

rs

SinceInceptio

n

0.82 1.8 4.2111.8

512.3

7 9.75 9.13

Risk Mean 0.35

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StandardDeviation

1.45

Beta 0.56

Sharpe 0.17

Portfolio P/E 21.87 as on Nov - 2009

P/B 5.74 as on Nov - 2009

Dividend Yield 1.59 as on Nov - 2009

Market Cap32,919.47 as on Nov -

2009

Large 2.25 as on Nov - 2009

Mid 2.15 as on Nov - 2009

Small 0.08 as on Nov - 2009

Top 5 Holding (%) 64.17 as on Nov - 2009

No. of Stocks 56


Top 10holding

sStock Sector P/E

%ageof NetAsset

s

QtyValu

e

%age ofChange

withlast

month

CashCurrentAssets

NA 17.92 NA210.38

135.44

IndustrialDevelopment Bankof IndiaLtd

Banks 9.18 12.8 NA 150.28

110.04

ICICI BANKLTD.

Banks 24.47 10.47 NA122.

924.38

GOISoverei

gnNA 7.87 NA

92.34

144.89

GOISoverei

gnNA 7.25 NA

85.15

125.83

RuralElectrificat

ionCorporation

FI 12.98 4.08 NA

47.9

3 16.21

GOISoverei

gnNA 3.72 NA

43.62

15.68

PowerFinanceCorporation Ltd

FI 14.98 3.67 NA43.0

319.46

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AndhraBank

Banks 5.9 3.62 NA42.4

9-58.74

CentralBank ofIndia

Banks 6.91 3.59 NA42.1

715.58

Sector allocation

FI 11.5

Current Assets 17.92

Sovereign 22.51

Banks 37.65

3. Company Name:HDFC MONTHLY INCOME PLAN - LONG TERM PLAN

GROWTH

Objective:

The primary objective of the Scheme is to generateregular returns through investment primarily in Debt andMoney Market Instruments. The Secondary objective ofthe scheme is to generate long term capital appreciationby investing a portion of the Schemes assets in equityand equity related instruments.


Inception Date: Dec 26, 2003

Face Value (Rs/Unit): 10

Fund Size in Rs. Cr.: 3148.57 as on Nov 30, 2009

Expense ratio(%): 1.77

Minimum Investment: 5000

Purchase Redemptions: Daily



Exit Load:If redeemed bet. 0 Year to 1

Year; Exit load is 1%.

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Increase/Decrease in Fund Sizesince Sep 30, 2009 (Rs. in crores):

683.01

NAV: Latest NAV: 20.63 as on Dec 4, 2009Benchmark Index -Crisil Composite BondFund Index: 1,912.36 as on Dec 3, 2009

52 - Week High: 20.67 as on Nov 25, 2009

52 - Week Low: 15.08 as on Dec 8, 2008


Month

3Mont

hs

6Mont

hs

1Yea

r

3Yea

rs

5Yea

rs

SinceInception

2.44 5.72 10.3337.9

812.1

313.5

3 12.95

Risk Mean0.13


Beta 0.01

Sharpe 1.27

Portfolio P/E 21.51 as on Nov - 2009P/B 4.41 as on Nov - 2009


Market Cap (Rs. incrores)

48,573.19 as on Nov - 2009





No. of Stocks 92


Top10holdings

Stock Sector P/E

%ageof

NetAsset

s

QtyValu

e

%age ofChange

withlast

monthCash Current NA 10.96 NA 345. 65.25

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Assets 12HousingDevelopment FinanceCorporationLtd HFC 31.41 7.84 2,450

246.99 3,103.75

PowerFinanceCorporationLtd FI 14.98 7.27 2,195

228.93 19.82

GOI Sovereign NA 4.04125,00,000

127.22 0.38

RuralElectrificationCorporation FI 12.98 3.87 1,200

121.72 15.45

Bharat

PetroleumCorporationLtd

Petroleum,

Gas andpetrochemical products 4.46 2.9 900

91.37 20.46

SundaramFinanceServicesLtd. NBFC 9.03 2.7 850

85.17 71.63

NationalHousingBank FI NA 2.56 800

80.54 302.7

GOI Sovereign NA 2.527,500,00

079.3

9 -37.36

Export-Import Bankof India Ltd FI NA 2.32 700

73.04 53.84

Sector allocation

Auto & AutoAncillaries 4.18

Petroleum, Gas andpetrochemicalproducts 6.73

NBFC 7.73

Sovereign 10.15

Banks 10.8


HFC 11.81

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FI 20.9

4. Company Name:RELIANCE MONTHLY INCOME PLAN

GROWTH

Objective:

The primary objective of the scheme is togenerate regular income in order to makeregular dividend payments to unit holders withthe secondary objective of growth in capital


Inception Date: DebtFace Value

(Rs/Unit):

Growth


1414.48 as on Oct 30,2009


MinimumInvestment:

10000


Daily



Exit Load:If redeemed bet. 0

Year to 1 Year; Exitload is 1%.


567.67

NAV: Latest NAV:19.82 as on Dec 4,2009

Benchmark Index -Crisil Composite

Bond Fund Index:

1,912.36 as on Dec 3,

2009

52 - Week High:19.84 as on Dec 3,2009

52 - Week Low:15.13 as on Dec 8,2008

Risk and SCHEME PERFORMANCE (%) AS ON DEC 3, 2009

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return1

Month

3Mont

hs

6Mont

hs

1Yea

r

3Yea

rs

5Years

SinceInception

2.47 6.41 10.64 32.412.8

4 13.77 12.26

Risk Mean 0.43


Beta 1.15

Sharpe 0.21

Portfolio P/E 23.71 as on Oct - 2009

P/B 4.35 as on Oct - 2009

Dividend Yield0.75 as on Oct - 2009

Market Cap41,798.51 as on Oct -

2009

Large NA

Mid NA

Small NA

Top 5 Holding (%) 39.51 as on Oct - 2009

No. of Stocks 23


Top 10holdings

Stock Sector P/E%age of

NetAssets

Qty

Value

Percentage of

Changewith lastmonth

CashCurrentAssets NA 10.38 NA

146.84 112.47

TataMotors Ltd

Auto & AutoAncillaries

20.18 7.95 NA

112.45 84.98

TreasuryBill Sovereign NA 6.94 NA

98.16 NA

State Bank

of Mysore Banks 5.57 6.76 NA 95.6 NABank ofBaroda Banks 7.13 6.7 NA

94.84 NA

HousingDevelopment FinanceCorporation Ltd HFC

31.41 6.09 NA 86.2 71.23

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OtherEquities

Miscellaneous NA 5.42 NA

76.71 NA

Indian OilCorporation Ltd

Petroleum,Gas andpetrochemical products 5.18 4.52 NA

63.89 160.41

GOI Sovereign NA 4.46 NA63.1

4 -31.27InfrastructureDevelopment FinanceCo. Ltd FI

26.66 4.43 NA

62.61 NA

Sector allocationConstructionmaterials 0.71

Software andConsultancy Services 1.44

FMCG 1.52

Consumer Durablesand Electronics 1.53

Miscellaneous 5.42Petroleum, Gas andpetrochemicalproducts 6.29Auto & AutoAncillaries 8.73


HFC 10.39

FI 15.66

Banks 17.89

Sovereign 20.03

5. CompanyName:

PRINCIPAL MONTHLY INCOME PLAN PLUS GROWTH

Objective:

The scheme aims to generate regular incomethrough investments in fixed income securities soas to make periodical income distribution to theunitholders and also to generate long-term capitalappreciation by investing a portion of the schemesassets in equity and equity related instruments

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Inception Date: Dec 30, 2003Face Value(Rs/Unit): 10Fund Size in Rs.Cr.:

72.73 as on Oct 30,2009

Expense ratio(%): 2.25MinimumInvestment: 5000PurchaseRedemptions: Daily






7.4



1,912.36 as on Dec 3,2009

52 - Week High:17.82 as on Dec 2,

2009

52 - Week Low:14.09 as on Mar 12,2009

Riskandretur

n SCHEME PERFORMANCE (%) AS ON DEC 3, 2009

1Month

3Mont

hs

6Mont

hs

1Year

3Years

5Years

SinceInception

2.07 3.72 6.9625.6

1 11.99 11.12 10.2

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Risk Mean 0.1


Beta 1.01

Sharpe 0

Portfolio P/E 27.04 as on Oct - 2009

P/B 3.67 as on Oct - 2009

Dividend Yield 1.12 as on Oct - 2009

Market Cap (Rs.in crores)

46,323.67 as on Oct -2009

Large NA

Mid NA

Small NA

Top 5 Holding(%)

54.17 as on Oct - 2009

No. of Stocks 44Expense Ratio(%)

2.25

Top10holdings


NetAssets

Qty

Value

%age ofChangewith lastmonth

Cash

Current

Assets NA 17.23 NA 12.53 52.47

Treasury Bill Sovereign NA 13.74 NA 9.99 NAExport-ImportBank of IndiaLtd FI NA 8.53 NA 6.2 0.01

RelianceIndustries Ltd

Petroleum,Gas andpetrochemical products

23.43 7.57 NA 5.51 -0.18

Power FinanceCorporation Ltd FI

14.98 7.11 NA 5.17 0.05

Tata Sons Ltd. Diversified NA 4.29 NA 3.12 -0.08ICICI BANKLTD. Banks

24.47 4.27 NA 3.11 0.22

HousingDevelopmentFinanceCorporation Ltd HFC

31.41 4.15 NA 3.02 -0.37

GOI Sovereign NA 3.96 NA 2.88 -4.78

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State Bank ofMysore Banks 5.57 3.53 NA 2.57 -0.15

Sector Allocation FMCG 2.09

Pharmaceuticals &Biotechnology 2.23

HFC 4.15

Diversified 4.29Petroleum, Gasand petrochemicalproducts 10.02

Banks 10.6

FI 17


Sovereign 21.76

6. Company Name: DBS CHOLA MONTHLY INCOME PLAN

Objective:To generate Income through investments in arange of Debt, Equity and Money MarketInstruments.


Inception Date: July 31,2003

Face Value(Rs/Unit): 10


22.65 as on Nov30,2009


MinimumInvestment:

5000


Daily


Entry Load: Entry Load is 0%

Exit Load:

If redeemed bet. 0

Year to 1 Year; ExitLoad is 1%


0.18

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NAV: Latest NAV:18.59 as on Dec4,2009


1,912.36 as on Dec3,2009

52 - Week High:18.59 as on Dec3,2009

52 - Week Low:16.26 as on Dec8,2008

Riskandreturn SCHEME PERFORMANCE (%) AS ON DEC 3, 2009

1Month

3Mont

hs

6Month

s

1Year

3Years

5Year

s

SinceInception

1.99 2.32 5.59 14.9 11.89 10.3 10.25

Risk Mean -0.02


Beta 0.51

Sharpe -0.18

Portfolio P/E 28.68 as on Nov -2009

P/B 4.54 as on Nov -2009

Dividend Yield 0.84 as on Nov -2009Market Cap (Rs. InCrores)

32,690.79 as on Nov-2009

Large 7.79 as on Nov -2009

Mid 2.56 as on Nov -2009

Small 0.32 as on Nov -2009

Top 5 Holding (%) 75.41 as on Nov -2009

No. of Stocks 38


Top10holdings

Stock Sector P/E

%age ofNetAsse

ts

Qty Value

%age ofChange

withlast

monthBirlaGlobalFinance

NBFC 30.07

23.18

NA 5.25 NA

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LtdCorporation Bank Banks 5.99 19.1 NA 4.33 NANationalHousingBank FI NA

13.33 NA 3.02 0.67

CashCurrentAssets NA

10.97 NA 2.48 -303.16

MagmaShrachiFinanceLtd NBFC 8.87 8.83 NA 2 NA

CBLOCurrentAssets NA 5.49 NA 1.24 -62.2

GOI Sovereign NA 5.47 NA 1.24 -36.26

NiftyMiscellaneous NA 2.78

7,988 0.63 -46.47

Sector allocation Diversified 0.15

Construction Materials 0.21Engineering andCapital Goods 0.43Auto & AutoAncillaries 0.83


Banks 20.84

7. CompanyName:

CANARA ROBECO MONTHLY INCOME PLAN -GROWTH

Objective:

To generate income by investing in a widerange of debt securities and Money MarketInstruments of various maturities and risk

profile and a small portion of investment inequities and equity related instruments.

Features: Type of Scheme: Open EndedInception Date: 4-Apr-88Face Value(Rs/Unit):

10


82.16 as on Nov 30,2009


Minimum 5000

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Investment:


Daily






34.59



1,912.36 as on Dec 3,2009


52 - Week Low:20.62 as on Dec 8,2008


1Month

3Months

6Months

1Year

3Years

5Years

SinceInception

2.03 2.06 3.85 29.56 11.42 14.2 6.94

Risk Mean 0.17


Beta 0.04

Sharpe 0.21

Portfolio P/E23.44 as on Nov -2009

P/B 3.67 as on Nov - 2009


Market Cap73,604.80 as on Nov -2009


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No. of Stocks 42


Top10holdings

Stock Sector P/E%ageof NetAssets

QtyValu

e

%ageof

Change withlast

monthTreasuryBill Sovereign NA 18.18

1,500,000

14.93 NA

ICICIBANK

LTD. Banks

24.4

7 11.82 1,000 9.71 100.88StateBank ofHyderabad Banks NA 11.73 1,000 9.64 NA

IndianOilCorporation Ltd.

Petroleum,Gas andpetrochemicalproducts 5.18 11.65 200 9.57

4,896.39

SundaramFinanceLtd. NBFC 9.03 11.53 200 9.48 NAKarnataka BankLtd Banks 9.19 5.95 500 4.89 NA

CBLOCurrentAssets NA 5.56 NA 4.57 -78.16

CurrentAssets

CurrentAssets NA 2 NA 1.65 -28.32

Sector allocationPharmaceuticals &Biotechnology 2.22

Current Assets 7.57

NBFC 11.53Petroleum, Gasand petrochemicalproducts 15.9

Sovereign 18.18

[26]


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Banks 35.03

8. Company Name: FORTIS FLEXI DEBT FUND - GROWTH

Objective:

To generate income through investments in arange of debt and money market instruments ofvarious maturities with a view to maximise incomewhile maintaining an optimum balance between

yield, liquidity and safety.


Inception Date: 23-Sep-04Face Value(Rs/Unit):

10


506.77 as on Oct 31,2009

Expense ratio(%): 2.06MinimumInvestment:

5000


Daily



Exit Load:If redeemed bet. 0Months to 6 Months;Exit load is 0.75%.

Increase/Decrease

in Fund Size sinceSep 30, 2009 (Rs.in crores):

21.06



1,564.84 as on Dec 3,2009

52 - Week High:

15.68 as on Nov 26,

2009

52 - Week Low:13.68 as on Jan 9,2009


[27]


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1Mont

h

3Mont

hs

6Mont

hs

1Year

3Years

5Years

SinceInception

0.37 0.74 1.3112.6

5 11.32 9.17 8.93

Risk Mean 0.39


Beta 0.17

Sharpe 6.41

Portfolio P/E N/A

P/B N/A

Dividend Yield N/A

Market CapN/A

Large N/A

Mid N/A

Small N/A

Top 5 Holding (%)49.55 as on Oct -2009

No. of Stocks 8


Top 10holdings

Stock Sector

P/E

%ag

e ofNetAsse

ts

Qty

Value

%age of

Changewith lastmonth

IndusIndBankLtd. Banks 19.23

13.73 NA

69.57 602.64

Repo

CurrentAssets NA 12.2 NA

61.83 842.85

Fullert

onIndiaCreditCo.Ltd. NBFC NA 9.72 NA

49.28 NA

AxisBankLtd. Banks 18.48 7.65 NA

38.75 60.57

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Mahindra &MahindraFinancial

Services Ltd. NBFC 11.23 6.25 NA

31.67 -1.05

PunjabNationalBank Banks 7.87 4.93 NA

24.99 0.29

IDBIHomeFinance Ltd. HFC NA 4.92 NA

24.96 NA

ICICIBANKLtd. Banks 24.47 4.92 NA

24.93 652.79

Sector allocation FI 2.63

HFC 4.92

Pharmaceuticals &Biotechnology 4.92


NBFC 28.93

Banks 42.85

9. CompanyName:

ICICI PRUDENTIAL INCOME FUND-GROWTH

Objective: Aims at maximizing income while maintainingoptimum balance of yield, safety and liquidity.


Inception Date: 9-Jul-98

Face Value(Rs/Unit): 10


1432.31 as on Nov 30,2009


MinimumInvestment:

5000

Purchase Daily

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Redemptions:



Exit Load: Exit Load is 0%.

Increase/Decrease

in Fund Size sinceSep 30, 2009 (Rs.in crores):

-43.95



1,564.84 as on Dec 3,2009

52 - Week High:

30.18 as on Nov 26,

2009

52 - Week Low:27.12 as on Dec 8,2008

Riskand

returnSCHEME PERFORMANCE (%) AS ON DEC 3, 2009

1Month

3Mont

hs

6Mont

hs

1Year

3Years

5Years

SinceInception

0.8 1.9 1.75 12.03 11.22 9.04 10.05

Risk Mean 0.48


Beta 0.25

Sharpe 11.85

Portfolio P/E N/A

P/B N/A

Dividend Yield N/A

Market Cap N/ALarge N/A

Mid N/A

Small N/A


No. of Stocks 14


[30]


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Top10holdin

gs

Stock Sector P/E

%ageof NetAsset

s

Qty

Value

%ageof

Change with

lastmonth

GOI Sovereign NA 22.07 NA316.

1 17.07

Indian OilCorporation Ltd.

Petroleum,Gas andpetrochemicalproducts 5.18 15.16 NA

217.21 -8.47

GOI Sovereign NA 12.56 NA179.95 -33.35

StateBank ofIndia Banks

14.15 10.62 NA

152.06 -8.53

NeyveliLigniteCorporation Ltd

Mining andMinerals

19.41 8.88 NA

127.12 -8.59

CurrentAssets

CurrentAssets NA 8.45 NA

121.08 87.84

GOI Sovereign NA 5.06 NA72.4

4 -73.17

GOI Sovereign NA 3.88 NA

55.6

3 -79.4

Sector allocation FI 2.13

Current Assets 8.55Mining andMinerals 8.88

Banks 12.33Petroleum, Gasand petrochemicalproducts 15.16

Sovereign 50.04

10. CompanyName: HSBC MIP - SAVINGS PLAN - GROWTH

Objective: The primary objective is to seek generation ofreasonable returns through investments inDebt and Money Market Instruments. The

[31]


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secondary objective of the Scheme is to investin equity and equity related instruments toseek capital appreciation.


Inception Date: 24-Feb-04Face Value(Rs/Unit):

10


230.3 as on Oct 30,2009


MinimumInvestment:

10000


Daily






39.82



1,912.36 as on Dec 3,2009


52 - Week Low:14.65 as on Dec 8,2008

Riskand

return SCHEME PERFORMANCE (%) AS ON DEC 3, 2009

1Month

3Mont

hs

6Mont

hs

1Year

3Years

5Years

SinceInception

3.61 5.11 8.7925.1

4 11.17 11.55 10.84

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Risk Mean 0.07


Beta -0.04

Sharpe 0.85

Portfolio P/E18.99 as on Oct -2009

P/B 3.48 as on Oct - 2009

Dividend Yield 0.87 as on Oct - 2009

Market Cap8,648.29 as on Oct -2009

Large N/A

Mid N/A

Small N/A

Top 5 Holding (%) 54.58 as on Oct - 2009

No. of Stocks 34Expense Ratio (%) 2.18

Top10holdings


NetAssets

Qty

Value

%ageof

Change

withlast

month

CBLOCurrentAssets

NA 14.64 NA33.7

399.66

ReverseRepo

CurrentAssets

NA 12.79 NA29.4

55.97

GOISovereign NA 9.06 NA

20.86

22.57

HousingDevelopmentFinanceCorporati

on Ltd

HFC31.4

16.52 NA

15.01

NA

VijayaBank

Banks 5.41 6.51 NA14.9

90.28

CanaraBank Ltd.

Banks 5.63 6.42 NA14.7

8NA

Bank ofIndia

Banks 7.78 4.26 NA 9.8 NA

[33]


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BHPCAuto SecTr Nov2007 I -TataMotors

Services


NA 4.01 NA 9.24 NA

Sector allocationConstruction andInfrastructure

1.39

Consumer Durablesand Electronics

1.56


2.39

FI 4.41

HFC 6.52

Sovereign 14.12

Banks 21.05

3. COMPARATIVE ANALYSIS OF THE 10 COMPANIES

A. On the Comparable Scheme Features

1. Fund Size

Maximum Fund Size: HDFC - 3148

Minimum Fund Size: DBS 22.65

2. NAV(Net Asset Value)

Maximum NAV: ICICI 29.84

Minimum NAV: FFD 15.6

3. Standard Deviation

Maximum SD: FFD 1.64

Minimum SD: DBS 0.7

Most of the funds deviation that varies mainly within the range between 0.6

1.6.

4. Beta Value

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Maximum Beta: CRIS 4.77

Minimum Beta: HSBC -0.04

Canara Robeco Income Scheme Growth has the highest beta value,

implying that the companys deft fund value is proportional to approximately4 times that of the market fund value.

5. Sharpe

Maximum Sharpe: ICICI 1.15

Minimum Sharpe: HSBC -0.04

6. Scheme Performance

Maximum Scheme Perf: CRIS 14

Minimum Scheme Perf: HSBC 11.17

Most of the schemes have done well considering the growing market for debt

funds in India.

A. On Company Style Box

Long Mid Short

CREDITQ

UALITY

ICICI PrudentialIncome Fund

-Growth

Fortis Flexi Debt Fund -Growth

1. Canara RobecoIncome Scheme

Growth, 2. Birla SunLife MIP - Savings

Growth, 3. DBS CholaMonthly Income Plan

High

1. HDFC Monthly IncomePlan - Long Term Plan ,

2. Reliance MonthlyIncome Plan - Growth, 3.

PRINCIPAL Monthly

Canara RobecoMonthly Income Plan -

Growth

Medium

[35]


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Income Plan Plus -Growth, 4. HSBC MIP -

Low

AVERAGE MATURITY

3. COMPANY RATING USING SHARPE, SCHEME PERFORMANCE and

CRISIL RATING

The 10 Companies have been rated on the following scheme parameters:

1. Sharpe Weightage 30%

2. Scheme performance (3 years) Weightage 50%

3. CRISIL Rating Weightage 20%

(Annexure 2 shows the data of derivation of Overall Score for CRISIL

rating of the Mutual Funds. The share of the scheme is multiplied by

the rating value and cumulated to derive the score)

The following is the Table that shows the final 10 Company rating:

Company

Sharpe

Weightage

Scheme Perf(3 yrs)

Weightage

RatingScore

Weightage Score

ICICI 11.85 0.3 11.22 0.5 7.0281 0.210.570

62

FFD 6.41 0.3 11.32 0.5 1.65765 0.27.9145

3

CRIS 0.57 0.3 14 0.5 1.6839 0.27.5077

8

REL 0.21 0.3 12.84 0.5 4.6828 0.27.4195

6

HDFC 1.27 0.3 12.13 0.5 2.9714 0.27.0402

8

PRIN 0 0.3 11.99 0.5 4.996 0.2 6.9942

BSLM 0.17 0.3 12.37 0.5 2.7422 0.26.7844

4

HSBC 0.85 0.3 11.17 0.5 2.3927 0.26.3185

4

DBS -0.18 0.3 11.89 0.5 1.6742 0.26.2258

4

CRMI 0.21 0.3 11.42 0.5 1.6839 0.26.1097

8

[36]


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Analysis of ICICIs high scores:

1. 37.46% of Funds in AAA rated Schemes (34.59 inPSU/PFI Bonds)

2. High Sharpe value (11.85) implies high portfolio's returns due tostrategic investment

Appendix 1

Data used to evaluate the scheme CRISIL rating decide weightings for final

comparison

Rating Score

AAA 8

AA 7

A 6

BBB 5

BB 4

B 3

C 2

[37]


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D 1Sovereign 7

1) Canara Robeco Monthly Income Plan - Growth

Name of the Instrument Rating % to NAV

Debt Instruments

L&T Finance Ltd AA+(CARE) 6.61

HDFC Ltd AAA(CRISIL) 4.54

Indian Oil Corporation Ltd AAA(CRISIL) 4.25

Government Securities

6.35% INDIA GOVERNMENT 02-JAN-20 Sovereign 7.4

Money Market Instruments

State Bank Of Bikaner & Jaipur A1+(ICRA) 4.2

CBLO 54.71

TREASURY BILLS 14.74

Other Current Assets 3.55

2) Birla Sun Life MIP - Savings 5 - Growth

Debt Value Rating %

(Rs in cr.)

Government Bond 264.32 22.51

06.90% CGL 2019 92.34 Sovereign 7.87

07.02% CGL 2016 85.15 Sovereign 7.25

07.32% GOI 2014 43.62 Sovereign 3.72

07.40% CGL 2012 35.3 Sovereign 3.01

06.35% CGL 2020 7.9 Sovereign 0.67

PSU/PFI Bonds/Banks 102.04 8.69

[38]


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Rural Electrification Corporation

Ltd.

47.93 AAA 4.08

Power Finance Corporation Ltd. 41.83 AAA 3.56

Indian Oil Corporation Ltd. 8.52 AAA 0.73

IDBI Bank Ltd. 3.76 AA+ 0.32

Floating Rate Instruments 43.03 3.67


Corporate Debt 27.66 2.36

LIC Housing Finance Ltd. 10.05 AAA 0.86

ICICI Home Finance Company Ltd. 4.35 LAAA 0.37

Housing Development Finance

Corporation Ltd

4.34 AAA 0.37

Tata Sons Ltd. 4.02 AAA 0.34

Reliance Industries Ltd. 3.61 AAA 0.31


Corporation Ltd

1.29 AAA 0.11

Securitised Debt 3.48 0.3

Vodafone Essar Digilink Ltd. 3.48 F1+(SO) 0.3

Money Market Value Rating %

(Rs in cr.)

Money Market Instruments 470.42 40.07

IDBI Bank Ltd. 150.28 A1+ 12.8

ICICI Bank Ltd. 122.9 A1+ 10.47

Andhra Bank 42.49 F1+ 3.62

Central Bank of India 42.17 A1+ 3.59

Canara Bank 42.12 P1+ 3.59

Reliance Capital Ltd. 24.5 A1+ 2.09

Oriental Bank of Commerce 14.61 P1+ 1.24

[39]


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Corporation Ltd

14.6 A1+ 1.24

State Bank of Travancore 8.38 A1+ 0.71

Corporation Bank 8.35 P1+ 0.71

Cash / Call Value Rating %

(Rs in cr.)

Cash & Current Assets 210.38 17.92

3) HDFC Monthly Income Plan - Long Term Plan Growth

Top Holdings Nov-30-2009

Debt Value Rating> %

(Rs in cr.)


Corporation Ltd.$

246.993 AAA 7.8


6.57% GOI 2011 127.225 SOV 4

Rural Electrification Corporation Ltd. 121.722 AAA 3.9

Bharat Petroleum Corporation

Limited

91.3696 AAA 2.9

Sundaram Finance Ltd. 85.1658 LAA+ 2.7

National Housing Bank 80.5448 AAA 2.6

9.39% GOI 2011 79.3875 SOV 2.5

Export-Import Bank Of India 73.0448 AAA 2.3

Tata Motors Ltd. (Guaranteed bySBI) 71.6486 AAA(SO) 2.3

4) Reliance Monthly Income Plan Growth

STATE BANK OF MYSORE 95.59 A1+ by ICRA

[40]


41/46

BANK OF BARODA 94.84 A1+ by ICRA

EXPORT IMPORT BANK OF INDIA 47.48 AAA

TATA MOTORS LTD. 112.45 AAA

INDIAN OIL CORPORATION LTD. 63.89 AAALIC HOUSING FINANCE LTD. 60.72 AAA

POWER FINANCE CORPORATION LIMITED 45.19 AAA

RURAL ELECTRIFICATION CORP LTD 40.02 AAA

INDIAN RAILWAY FINANCE CORPN. LTD. 26.27 AAA

BHARAT PETROLEUM CORPORATION LTD. 25.04 AAA

ACC LTD 10 AAA

HOUSING DEVELOPMENT FINANCE COR LTD 86.2 AAA

INFRASTRUCTURE DEVELOPMENT FINANCE

COMPANY LTD.

62.61 LAAA by ICRA

6.35%GOI 2020 (MD 2/01/2020 ) 63.14 Sovereign

7.02% GOI (MD 17/08/2016) 58.91 Sovereign

6.49% GOI (MD 08/06/2015) 28.7 Sovereign

6.90% GOI (MD 13/07/2019) 19.45 Sovereign

8.24% GOI (MD 15/02/2027) 15.01 Sovereign

182 DAYS TBILL (MD 30/04/2010) 98.16 Sovereign

JAMMU & KASHMIR BANK LIMITED 18.89 P1+

ALLAHABAD BANK 12.72 P1+

CERTIFICATE OF DEPOSIT 269.52

GOVT SECURITIES(GSE) 185.21

NON CONVERTIBLE DEBENTURES. 383.58

TREASURY BILLS. 98.16

ZERO COUPON BONDS. 148.81

Others / Unlisted Value

(Rs in cr.) Rating 0

[41]


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Equity Less Than 1% of Corpus 76.71

TATA MOTORS LTD. NOVEMBER 2009 FUTURE 11.01

TATA CONSULTANCY SERVICES LTD NOV 2009

FUTURE

6.25

ORIENTAL BANK OF COMMERCE NOVEMBER

2009 FUTURE

1.16

5) Principal Monthly Income Plan Plus Growth

Debt Value Rating %

(Rs in cr.)

Floating Rate Notes / Bonds 0.95 1.37

Indian Railway Finance Corporation 0.95 AAA 1.37

NCD / Deep Discount Bonds 28.27 40.8

Reliance Industries Ltd 5.25 AAA 7.57

Exim Bank Ltd 4.93 AAA 7.12

Power Finance Corporation Ltd 4.93 AAA 7.11

Tata Sons Ltd (TSL) 2.97 AAA 4.29

ICICI Bank Ltd 2.96 AAA 4.27


Corporation Ltd

2.88 AAA 4.15

State Bank Of Mysore 2.45 AAA 3.53

Exim Bank Ltd 0.98 AAA 1.41

Grasim Industries Ltd 0.93 AAA 1.35

Sovereign 5.56 8.02

7.95% GOI M - 28/08/2032 2.75 Sovereign 3.96

7.95% GOI - 18-Feb-2026 1.86 Sovereig

n

2.68

8.24% GOI-M - 15-Feb-2027 0.95 Sovereig

n

1.38

[42]


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Treasury Bills 9.52 13.7

91 DAYS TBILL 9.52 Sovereig

n

13.7

Securitized Debt 0.86 1.24

Lst Power Grid Corp 0.86 LAAASO 1.24


(Rs in cr.)

Cash and Other Assets 11.94 17.2

6) DBS Chola Monthly Income Plan

Debt Value Rating %

(Rs in cr.)

CORPORATE DEBT 3 13.35

National Housing Bank 3 AAA 13.35

GOVT. DATED SECURITIES 1.95 8.66

CG - 6.90% - 13 Jul 2019 1.95 Sovereign 8.66

Money Market Value Rating %

(Rs in cr.)

MONEY MARKET INSTRUMENTS 12.52 55.68

State Bank of Hyderabad 5.23 A1+ 23.28

Infrastructure Development Fin Co 2.92 A1+ 12.98

HDFC Ltd 2.42 A1+ 10.72

Punjab National Bank 1.95 P1+ 8.7

Collateralised Borrowing And Lending

Obligation

3.28 14.6

Others / Unlisted Value Rating %

(Rs in cr.)

Nifty- NSE - Nov 09 -EQUITY

DERIVATIVES

1.18 5.24

[43]


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Bank Nifty - NSE- Nov 09 -EQUITY

DERIVATIVES

0.34 1.5


(Rs in cr.)

Cash and Current Assets -1.22 -5.43

7) Canara Robeco Monthly Income Plan Growth

8) Fortis Flexi Debt Fund - Growth

Debt Value Rating %

(Rs in cr.)

Corporate Debt 87.75 22.5

Mahindra & Mahindra Fin Ser Ltd. 24.39 AA(IND) 6.25

Sundaram Finance Limited 18.73 AA+ 4.8

Reliance Capital Ltd. 8.15 CAREAAA 2.09

Cholamandalam DBS Finance Ltd. 8.09 LAA- 2.07

I L & F S Ltd. 7.84 CAREAAA 2.01

I L & F S Ltd. 7.76 CAREAAA 1.99

Rural Electrification Corp Ltd 4.17 AAA 1.07

Power Finance Corporation Limited 3.82 AAA 0.98

ICICI Bank Ltd. 2.54 AAA 0.65

Rural Electrification Corp Ltd 2.27 AAA 0.58

9) ICICI Prudential Income Fund -Growth

Debt Value Rating %

(Rs in cr.)

PSU/PFI Bonds 331.76 52.42

Indian Oil Corporation Ltd 101.74 AA+ 16.07

State Bank of India Ltd 71.27 AAA 11.26

Neyveli Lignite Corporation Ltd 59.62 AAA 9.42

[44]


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Corporation Bank Ltd 45.94 AAA 7.26

National Housing Bank Ltd 42.11 AAA 6.65

Steel Authority Of India Ltd 11.09 AAAIND 1.75

Private Corporate Securities 18.19 2.87Reliance Gas Transportation Ltd 18.19 AAA 2.87

Government Securities 250.06 39.51

6.35% GOI 2020 115.76 SOV 18.29

6.90% GOI 2019 44.57 SOV 7.04

10.25% GOI 2021 26.47 SOV 4.18

6.72 % GOI 2014 24.22 SOV 3.83

8.20% GOI 2022 22.83 SOV 3.61

8.24% GOI 2027 11.3 SOV 1.79

11.50% GOI 2011 4.92 SOV 0.78

10) HSBC MIP - Savings Plan - Growth

Debt Value Rating %

(Rs in cr.)

FIXED DEPOSITS 1 0.43

HSBC Bank 1 UNRATED 0.43

Securitised Debt - Fixed 9.24 4.01

BHPC Auto Secu. Trust Nov-07 I

(Tata Motors) PTC

9.24 AAA(SO) 4.01

Corporate/PSU Debt - Fixed 31.32 13.6


Corporation

15.01 AAA 6.52

GE Capital Services India 5.28 AAA 2.29

Indian Railway Finance

Corporation

5.12 AAA 2.22

Power Finance Corporation 3.04 AAA 1.32

National Housing Bank 2.01 AAA 0.87

[45]


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Kotak Mahindra Prime 0.86 LAA 0.37

Government Securities 32.52 14.12

6.90% Government Stock M 13-

July-2019

20.86 Sovereign 9.06

6.35 % Government Stock M 02-

Jan-2020

7.53 Sovereign 3.27


Aug-2016

2.75 Sovereign 1.19


July-2011

1.37 Sovereign 0.6

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