Factsheet May 2017.Cdr
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BOI AXA EQUITY DEBT CROSSES REBALANCER FUND `200 An Open-ended Dynamic Fund CRORES* (*AUM as on May 31, 2017) Thank you for your support Refer Pg. No. 2 for Product Labelling Facts in Figures May 2017 Monthly fund analysis and market reviews PRODUCT LABEL SCHEME THIS PRODUCT IS SUITABLE FOR INVESTORS WHO ARE SEEKING*: RISKOMETER BOI AXA Liquid Fund • Income over short term. Moderate • Investment in Debt and Money Market Instruments. Moder (An Open Ended Liquid Scheme) tely a a High tely ModerLow High Low LOW HIGH Investors understand that their principal will be at low risk BOI AXA Treasury Advantage Fund • Regular income over short term. Moderate Moder (An Open Ended Income Scheme) • Investment in Debt and Money Market Instruments tely a a High tely ModerLow High Low LOW HIGH Investors understand that their principal will be at moderately low risk BOI AXA Short Term Income Fund • Regular income over short to medium term. Moderate • Investment in Debt / Money Market Instruments / Govt. Securities Moder (An Open Ended Income Scheme) tely a a with portfolio average maturity not exceeding 5 years. High tely ModerLow BOI AXA Regular Return Fund • Long term capital appreciation and regular income. (An Open Ended Income Scheme) • Investment in equity and equity related securities (upto 20%) as well as fixed income securities (Debt/ Money Market High Instruments/ Govt.Securities). Low BOI AXA Corporate Credit • Long term capital appreciation Spectrum Fund • Investment primarily in corporate debt securities with medium to LOW HIGH (An Open Ended Debt Scheme) long term maturities across the credit spectrum within the Investors understand that their principal will be at universe of investment grade rating moderate risk BOI AXA Equity Fund • Long-term capital growth. (An Open Ended Equity Growth • Investment in equity and equity-related securities including equity Moderate Moder Fund) derivatives of companies across market capitalisations. tely a a High tely BOI AXA Tax Advantage Fund • Long-term capital growth. ModerLow (An Open-Ended Equity Linked • Investment in equity and equity-related securities of companies Savings Scheme) across market capitalisations. High BOI AXA Equity Debt Rebalancer • Long term capital appreciation Low Fund • Dynamic asset allocation between equity and fixed income based (An Open Ended Dynamic Fund) on equity market valuations LOW HIGH BOI AXA Mid Cap Equity & Debt • Long term capital appreciation and income distribution Investors understand that their principal will be at Fund • Equity fund investing in mid cap equity and equity related moderately high risk (An Open-Ended Equity Fund) securities as well as fixed income securities. BOI AXA Manufacturing & • Long-term capital growth. Moderate Moder Infrastructure Fund • Investment in equity and equity-related securities of companies tely a a (An Open Ended Sector Scheme) engaged in manufacturing & infrastructure related sectors. High tely ModerLow High Low LOW HIGH Investors understand that their principal will be at high risk *Investor should consult their financial advisor if they are not clear about the suitability of the product. Mutual Fund investments are subject to market risks, read all scheme related documents carefully. 2 Alok Singh MARKET UPDATE CHIEF INVESTMENT OFFICER Indian real GDP growth fell to 6.1% yoy in Jan-Mar from 7.0% in the last quarter and Gross Value Added (GVA) growth moderated to 5.6% yoy from 6.7% in the last quarter. For the full year FY16-17, GDP growth moderated to 7.1% yoy from 8.0% last year. Along with the base affect the GDP data somewhere indicate the effect of demonetization on the economy. For Jan-Mar17 quarter the only services sector showed a positive growth probability as it could have adjusted to digital payments better than other part of economy. Agriculture growth moderated to 5.2% yoy from 6.9% in the previous quarter. Industry moderated to 3% vs. 6.2% in the last quarter while services accelerated to 7.2% yoy from 6.9% earlier. We believe that in the FY 17-18 the GDP growth should accelerate significantly as the impact of the currency replacement program is now behind us and statistically, GDP growth rates will be boosted in 2Q17 as the base effects turn favorable (Jun-16 GDP growth was 7.9% yoy, down from 9.2% yoy in Mar-16). The low GDP growth data explain the low core inflation in last quarter. The inflation and GDP data may force RBI to relook at its policy stance but to expect any major change at this stage looks very unlikely. This help us to reaffirm our view that risk reward is no longer in favor of long bond and any money to be made there is thru tactical trading only. As a result the portfolios need to be shifted towards accrual. The front end of the yield curve currently offers decent convexity, this along with the credit curve allow establishing accrual trades. Though it is true the liquidity in the system may distort this equation. Liquidity has been ample in the system for some time now mainly because of continued foreign flows and demonetization. This helped in lower the funding cost for banks, NBFCs and corporates on one side and pushed the stock market to all time high on the other side. The corporate results for the last quarter were a fixed bag and it is very difficult to arrive at any singular trend so far. Therefore bottoms up approach of stock picking shall continue to drive stock selection in our portfolio. Though we see some sign of rural consumption picking up alongside urban consumption, which had recovered earlier. The favorable monsoon may help in maintain the momentum further. This just reassures our positive stance on consumption oriented business for some time now. The governments push towards low cost housing and infrastructure offers also some interesting opportunities for stock picking. The equity valuation currently are higher than its long-term average and therefore can be categorized as marginally expensive, but sustained demand for equities especially by the domestic investors could keep India's relative valuations elevated. At the same time, we think that the growth cycle will inflect higher, starting from 2Q17, supported by three factors: (1) External demand environment will be favorable for growth. (2) Corporate balance sheet repair is already underway. (3) Private capex recovery will be underway by 2018. The economy will be heading towards the "productive growth" phase, which is characterized as a period of improving growth while macro stability remains in check and typically sets the stage for a sustained growth cycle. Source: Bloomberg, RBI (Unless indicated otherwise); Dated: May 31, 2017 3 SIP SHIELD AVAILABLE Equity Fund Hybrid Fund Debt Fund Liquid Fund INVESTMENT STYLE THIS PRODUCT IS SUITABLE FOR INVESTORS WHO ARE Growth Blend Value BOI AXA SEEKING^: •Long-term capital growth. Large Equity Fund •Investment in equity and equity-related securities including tion equity derivatives of companies across market capitalisations. Medium t e An Open Ended Equity Growth Fund alisa Mark All data as on May 31, 2017 Capit (Unless indicated otherwise) ^For details, refer Page 2. Small TOP 15 INDUSTRY ALLOCATION PORTFOLIO DETAILS E Finance 15.41% Portfolio Holdings Industry/ % to Net Q Banks 13.44% Rating Assets Consumer Non Durables 8.75% U Petroleum Products 8.71% EQUITY & EQUITY RELATED I Auto 8.66% Pharmaceuticals 6.45% Listed / awaiting listing on the stock exchanges T Consumer Durables 6.08% Chemicals 5.52% Indian Oil Corporation Limited Petroleum Products 4.42 Y Cement 4.63% Yes Bank Limited Banks 4.05 Non - Ferrous Metals 3.01% Construction Project 2.94% Maruti Suzuki India Limited Auto 4.00 G Media & Entertainment 2.82% HDFC Bank Limited Banks 3.94 Auto Ancillaries 2.40% R Pesticides 2.22% ITC Limited Consumer Non Durables 3.53 O Industrial Products 2.02% IndusInd Bank Limited Banks 3.28 W INVESTMENT OBJECTIVE Housing & Urban Development Finance 3.15 T To generate income and long-term capital appreciation through a diversified portfolio of Corporation Limited predominantly equity and equity-related securities including equity derivatives, across all Motilal Oswal Financial Services Limited Finance 3.02 H market capitalizations. The Scheme is in the nature of diversified multi-cap fund. The Scheme is not providing any assured or guaranteed returns. There is no assurance that the Hindalco Industries Limited Non - Ferrous Metals 3.01 investment objectives of the scheme will be realized. Larsen & Toubro Limited Construction Project 2.94 F WHO SHOULD INVEST Zee Entertainment Enterprises Limited Media & Entertainment 2.82 U The fund is suited to investors with some prior experience in equity investing or even for Procter & Gamble Hygiene and Consumer Non Durables 2.66 N first time equity investors who are aware of the risk associated with investing in equities, particularly with regard to mid and small capitalization companies. Health Care Limited D BENCHMARK Tata Motors Ltd DVR Shares Auto 2.56 Nifty 50 Index Godrej Industries Limited Consumer Non Durables 2.55 DATE OF ALLOTMENT October 21, 2008 Crompton Greaves Consumer Consumer Durables 2.53 FUND MANAGER Electricals Limited Alok Singh: (w.e.f. February 16, 2017) Around 17 years of experience, including 10 years in Aarti Industries Limited Chemicals 2.41 mutual fund industry. Minda Industries Limited Auto Ancillaries 2.40 AVERAGE AUM ` 81.43 Crs. Castrol India Limited Petroleum Products 2.32 LATEST AUM The Ramco Cements Limited Cement 2.31 ` 81.64 Crs. UltraTech Cement Limited Cement 2.31 MINIMUM APPLICATION AMOUNT