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Indepth Aug 2020 1 September 2020 IN-DEPTH INVESTMENT BULLETIN OF AEGON LIFE INSURANCE COMPANY LTD AEGON, toh tension gone. INDEX Description Page No. Enhanced Equity Fund 6 Accelerator Fund 7 Pension Enhanced Equity Fund 8 Pension Index Fund 9 Group Equity Fund 10 Blue Chip Equity Fund 11 Opportunity Fund 12 Debt Fund 14 Pension Debt Fund 15 Secure Fund 16 Pension Secure Fund 17 Conservative Fund 18 Balanced Fund 20 Pension Balanced Fund 22 Stable Fund 24 NAVPF Fund 26 Indepth | Aug 2020 | 2 Indian Securities Market Commentary for the month of August 2020 Indian Equities moved higher (Nifty +2.8%) in August, in line with the region and S&P which touched new highs during the month. Indian Bonds witnessed price decline as yields spiked to 6.20% for 10-year G-Sec during August before recovering to 6.12% at the end of August following announcement of Open Market Operations by RBI. Jump in inflation and a wait & watch mode adopted by the MPC could be cited as major reasons for the spike from a level of 5.76% where we ended July. Bond yields further cooled down in early September as RBI announced further OMOs and other regu- latory measures. Indian rupee appreciated by 1.6% to end the month at Rs.73.62 to a US Dollar. The price of Brent Crude has been in a range and closed the month at Dollar 45 to a barrel. Gold was steady at Dollar 1,968 for an ounce of gold. Dollar weakness, gradual re-opening of the economy and hopes of a vaccine supported sentiments for equities. While the growth rate / doubling rate of virus spread in India moderated over August, absolute daily cases touched new highs stalling the economic recovery. Geopolitical tensions flared up once again along the India-China border spooking the markets. Market Regulator SEBI disallowed extension of new higher margin norms taking effect from 1st September, poten- tially reducing the retail activity going forward. In flow trends, slew of primary capital raises by financials led to a strong FII (Foreign Institutional Investor) net inflow of $6bn in August whereas DIIs (Domestic institutional Investors) continued to remain net sellers, largely contributed by Domestic Mutual Funds that saw their first redemption in net equity flows (-Rs38.5bn in July) since March’16. Growth: 1st Quarter FY21 Real GDP growth contracted by 23.9% Year on Year, weaker than the street estimates. Led by a strict lockdown and labor migration, construction was the worst hit, followed by trade, hotels, transport and communication. Inflation: July’s CPI (Consumer price Inflation) print of 6.9% reduced chances of a rate cut for the rest of this fiscal year. RBI’s recent policy statement had predicted inflation to stay elevated till September and see moderation in 2nd half of FY21. Trade Deficit: India’s trade balance turned to a deficit of $4.8bn in July after a rare surplus of $0.8bn in June, as gold and other imports started to pick-up. Exports in July were down 10% at $23.6bn while imports at $28.4bn. Indepth | Aug 2020 | 3 Fiscal Deficit: India’s fiscal deficit stood at Rs8.2trn at the end of July, at 103% of the budgeted target for the current fiscal year. Sharp fall in tax receipts coupled with resilient government expenditure led to the high deficit in the period. Monetary Policy: MPC (Monetary Policy committee) took a pause in the rate easing cycle while refraining from Indian Equities moved higher (Nifty +2.8%) in August, in line with the region and S&P which touched new highs giving any specific forecasts on growth & inflation given heightened uncertainty. The MPC also announced a plan during the month. to allow restructuring of loans impacted by the pandemic just as the moratorium period was coming to an end in August. To cap bond yields & lower funding cost, RBI increased the HTM (Held to Maturity) limits for banks, Indian Bonds witnessed price decline as yields spiked to 6.20% for 10-year G-Sec during August before recovering announced Rs200bn OMO (Open market operation) and Rs1 lakh crores term repo operations. to 6.12% at the end of August following announcement of Open Market Operations by RBI. Jump in inflation and a wait & watch mode adopted by the MPC could be cited as major reasons for the spike from a level of 5.76% where GST Council Meet: Auto industry was disappointed after the GST Council didn’t cut rates on 2W, especially after the we ended July. Bond yields further cooled down in early September as RBI announced further OMOs and other regu- Finance Minister’s comment on 2-wheelers not being demerit / luxury goods. In response to states plea to release latory measures. compensation cess shortfall of ~Rs2.4trn, the centre gave the states two options, both involving the states to borrow from the RBI. Indian rupee appreciated by 1.6% to end the month at Rs.73.62 to a US Dollar. The price of Brent Crude has been in a range and closed the month at Dollar 45 to a barrel. Gold was steady at Dollar 1,968 for an ounce of gold. Monsoon: After an erratic July, August witnessed excess rainfall of 26%, highest print since 1901 (when the weather office started recording). Rainfall is already at a record in states of Maharashtra, Madhya Pradesh, Dollar weakness, gradual re-opening of the economy and hopes of a vaccine supported sentiments for equities. Gujarat, Odisha. While the growth rate / doubling rate of virus spread in India moderated over August, absolute daily cases touched Unlock 4.0: Centre provided further relaxations under Unlock 4.0 in non-containment zones – Metro rail will be new highs stalling the economic recovery. allowed from 7th September in a graded manner, no restrictions on inter / intra-state movement of people and goods, social / sports / cultural / religious / other congregations will be permitted with a ceiling of 100 persons from Geopolitical tensions flared up once again along the India-China border spooking the markets. 21 September. However, schools, colleges, cinema halls, swimming pools, theatres (except open-air theatres allowed from 21st September) will remain closed. Market Regulator SEBI disallowed extension of new higher margin norms taking effect from 1st September, poten- tially reducing the retail activity going forward. Come September, markets will react to global cues and trajectory of economic recovery. In flow trends, slew of primary capital raises by financials led to a strong FII (Foreign Institutional Investor) net inflow of $6bn in August whereas DIIs (Domestic institutional Investors) continued to remain net sellers, largely contributed by Domestic Mutual Funds that saw their first redemption in net equity flows (-Rs38.5bn in July) since March’16. Growth: 1st Quarter FY21 Real GDP growth contracted by 23.9% Year on Year, weaker than the street estimates. Led by a strict lockdown and labor migration, construction was the worst hit, followed by trade, hotels, transport and communication. Inflation: July’s CPI (Consumer price Inflation) print of 6.9% reduced chances of a rate cut for the rest of this fiscal year. RBI’s recent policy statement had predicted inflation to stay elevated till September and see moderation in 2nd half of FY21. Trade Deficit: India’s trade balance turned to a deficit of $4.8bn in July after a rare surplus of $0.8bn in June, as gold and other imports started to pick-up. Exports in July were down 10% at $23.6bn while imports at $28.4bn. Indepth | Aug 2020 | 4 FUND MANAGEMENT TEAM FUND MANAGER AVINASH AGARWAL Qualification : MBA (IIM-L) Experience : 14 years Number of funds managed : 2 JYOTI PRAKASH Qualification : CFA-1993, PGDRM (IRMA) Experience : 33 years Number of funds managed : 9 ANKUR KHANDELWAL Qualification : B.Tech (IT), MBA (Finance) Experience : 10 years Number of funds managed : 9 Indepth | Aug 2020 | 5 ENHANCED EQUITY FUND SFIN: ULIF00105/07/08EEF0138 Inception Date 24 - 7 - 2008 Fund Manager : Jyoti Prakash Investment Objective : This fund will aim to invest in a well-diversified portfolio of equity instruments, and generate attractive returns in the long term. NAV : 27.6733 AUM : 89.33 Cr Benchmark : NIFTY 50 EQUITY HOLDINGS % of AUM EQUITY HOLDINGS % of AUM RELIANCE INDUSTRIES LIMITED 9.49 BAJAJ FINSERV LIMITED 1.51 INFOSYS LIMITED 8.04 DR REDDYS LABORATORIES LIMITED 1.32 HDFC BANK LIMITED 7.89 MARUTI SUZUKI INDIA LIMITED 1.27 HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED 4.92 CIPLA LIMITED 1.24 HINDUSTAN UNILEVER LIMITED 4.90 CONTAINER CORPORATION OF INDIA LIMITED 1.23 SBI-ETF NIFTY BANK 4.88 AXIS BANK LIMITED 1.23 NIPPON INDIA ETF BANKBEES EXCHANGE TRADED SCHEME 4.44 HCL TECHNOLOGIES LIMITED 1.20 BHARTI AIRTEL LIMITED 4.09 ASIAN PAINTS LIMITED 1.19 ICICI BANK LIMITED 3.77 GAIL (INDIA) LIMITED 1.11 TATA CONSULTANCY SERVICES LIMITED 3.73 HINDALCO INDUSTRIES LIMITED 1.05 LARSEN & TOUBRO LIMITED 3.14 TATA STEEL LIMITED 0.88 KOTAK MAHINDRA BANK LIMITED 2.97 HDFC LIFE INSURANCE COMPANY LIMITED 0.87 ITC LIMITED 2.62 BAJAJ AUTO LIMITED 0.80 NESTLE INDIA LIMITED 2.19 SBI LIFE INSURANCE COMPANY LIMITED 0.76 SUN PHARMACEUTICAL INDUSTRIES LIMITED 2.18 TECH MAHINDRA LIMITED 0.74 BHARAT PETROLEUM CORPORATION LIMITED 2.15 TITAN COMPANY LIMITED 0.72 ULTRATECH CEMENT LIMITED 1.93 WIPRO LIMITED 0.64 BRITANNIA INDUSTRIES LIMITED 1.88 COAL INDIA LIMITED 0.61 MAHINDRA & MAHINDRA LIMITED 1.71 STATE BANK OF INDIA 0.56 NTPC LIMITED 1.68 POWER GRID CORPORATION OF INDIA LIMITED 1.68 INDUSTRY % of AUM INDUSTRY % of AUM FINANCIAL AND INSURANCE ACTIVITIES 24.49 MANUFACTURE OF MACHINERY AND EQUIPMENT N.E.C.
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