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Annual Fund Review 2016.Cdr

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Annual Fund Review 2016.Cdr 2015 - 2016 Contents • Exide Life Insurance Fact Sheet 3-4 • Exide Life Insurance Investment Philosophy 5 • Market Review & Outlook for Markets 7-10 • Risk-Return Profile of Funds 11 • Fund Fact Sheet - Exide Life Debt Fund 12 • Fund Fact Sheet - Exide Life Secure Fund 13-14 • Fund Fact Sheet - Exide Life Balance Fund 15-16 • Fund Fact Sheet - Exide Life Growth Fund 17-18 • Fund Fact Sheet - Exide Life Guaranteed Growth Fund 19-20 • Fund Fact Sheet - Exide Life Equity Fund 21-22 • Fund Fact Sheet - Exide Life Guaranteed NAV Fund 23-24 • Fund Fact Sheet - Exide Life Active Asset Allocation Fund 25-26 • Fund Fact Sheet - Exide Life Prime Equity Fund 27-28 • Fund Fact Sheet - Exide Life Preserver Fund 29-30 • Fund Fact Sheet - Exide Life Pension Prime Equity Fund 31-32 • Fund Fact Sheet - Exide Life Pension Preserver Fund 33 • Fund Fact Sheet - Exide Life Pension Liquid Fund 34 • Fund Fact Sheet - Exide Life Pension Debt Fund 35 • Fund Fact Sheet - Exide Life Pension Equity Fund 36-37 • Glossary 38 Annual Fund Review 02 Annual Fund Review 03 Exide Life Insurance Investment Philosophy Our policyholders are investing their hard earned money with specific objectives of protection and longer-term investment returns. Two of the basic expectations of our customers are thus, Safety and Returns, and we need to balance both these expectations in terms of the asset-allocation, underlying investments, and subsequent monitoring. These customer expectations are an important consideration in our investment management philosophy and strategy. The underlying investment philosophy is to ensure safety and deliver consistent, stable returns over the longer-term, for a given level of risk. This is achieved with a well-defined and disciplined investment process. There is an emphasis on compliance and robust risk-management in the investment process, both pre-investment and post- investment. As a company and as an investment team, we focus on the long-term. Investment Team Profile Shyamsunder Bhat, Chief Investment Officer(CIO), joined Exide Life Insurance (Formerly ING Vysya Life Insurance Company Limited) in September 2010, initially to head the Equity Investments area. He has an experience of 22 years in fund management. Prior to joining Exide Life Insurance, Shyam has worked with two mutual fund companies - initially as a part of the start-up team at Tata Asset Management Ltd. for 10 years (1994- 2004) and later at Principal PNB Asset Management, where he then worked for more than 6 years. He is an Electrical Engineer from VJTI (Mumbai) and a post-graduate in Management (M.M.S. Finance) from Narsee Monjee Institute of Management Studies. SHYAMSUNDER BHAT Chief Investment Officer(CIO) Shobit Gupta, Senior Vice President (Investments), Fixed Income, has over 19 years of experience in Fixed Income and Foreign Exchange markets. He has worked extensively in the field of Foreign exchange and Interest Rate derivatives at ABN AMRO bank and has handled Fixed Income portfolios at Asset Management companies like Kotak Mahindra Mutual Fund and Principal Asset Management Co. He is a Graduate in Economics, Maths, Statistics, PGDBA from ICFAI Delhi and CFA from ICFAI Hyderabad and CFA Institute - USA. SHOBIT GUPTA Senior Vice President (Investments) - Fixed Income Pranav Parekh Sumeet Hinduja & Mahesh Sarda Fund Manager - Fixed Income portfolio Fund Managers - Equity portfolio Annual Fund Review 05 Risk Control Risk management is an integral part of our investment process. The company has well-defined risk policies and processes covering both portfolio and process risk. Further, the company has systems and software in place to monitor compliance of Regulations and Investments norms on a daily basis. The operating policy for each asset class defines the framework within which the investments are made in specific funds. All our current equity investments are in securities within the BSE-500/CNX500 index, and predominantly from within the BSE-200 index. The portfolio is well-diversified across companies and industries as a risk-mitigation measure. The debt portfolio of the company is mostly invested in assets of the highest credit quality i.e. Government of India securities, and AAA rated securities issued by blue-chip companies, and finally, a small exposure to AA rated securities. The key risk management policy adopted is maintaining high standards of credit quality of the portfolio and maintaining optimum duration depending on the market outlook. The exposure to stocks and duration of bonds changes over time based on an in-depth analysis of the factors affecting these markets. Finally, a reasonable level of liquidity is maintained within the respective funds so as to enable smooth redemption process on account of switches or claims, in line with the liquidity norms prescribed in our investment policy. Annual Fund Review 06 Indian And Global Economy : Review And Outlook Key Developments in the Operating environment Macro-Economic background and Outlook India’s GDP growth accelerated in FY16 to 7.6% yoy, higher than 7.2% and 6.9% in the prior two years. The growth in FY16 was driven primarily by private consumption, activities linked to the infrastructure sector and services. GVA was stable at 7.2% yoy. The sharp deceleration in fixed capital formation is a concern. The fiscal deficit for FY16 was within the targeted 3.9% (from 4.1% in Fy15) , and is projected to reduce further to 3.5% in Fy17. Going forward, it is likely that the targeted fiscal deficit figure is likely to be specified as a range. GDP and GVA are expected to rise further in Fy17, but are likely to be within 8%, while the nominal GDP growth is likely to rise to double digits. On an annual basis, there was a 2.4% in Industrial Production in Fy16 vs 2.8% growth in Fy15. Consumer price inflation averaged 4.9% in Fy16 vs an average of 6% in Fy15. Core inflation during Fy16 stood at 4.7% down from, 5.5% in Fy15. Wholesale price inflation remained in the negative territory for 17 months ending March 2016, resulting in the annual figure being -2.5% for Fy16 (as compared to annual +2% in Fy15), the first annual decline in several decades. However, WPI is expected to be in the positive territory in Fy17. India’s trade deficit fell by 14% to US $ 118.5 billion, primarily due to a 35% fall in oil imports, thanks to the sharp fall in international crude prices. The current account deficit narrowed by 17% to US $ 22.1bn (1.1% of GDP) in Fy16, and is the lowest since Fy08. The Indian Rupee weakened by approximately 6% for the year, though the forex reserves rose by 5.5% to $ 360 billion during the year. Annual Fund Review 07 Indian And Global Economy : Review And Outlook Macro-economic Indicators: The Macro Economic Indicators for the last 12 months are as shown: Economic Indicators April, 15 May, 15 Jun, 15 July, 15 Aug, 15 Sept, 15 Oct, 15 Nov, 15 Dec, 15 Jan, 16 Feb, 16 Mar, 16 Trade Balance (US$ billion) -11.4 -10.4 -10.8 -13.1 -12.4 -10.2 -9.7 -10.3 -11.5 -7.7 -6.5 -4.2 Exports (US$ billion) 22.1 22.3 22.3 23.3 21.6 21.8 21.4 19.6 22.6 21.1 20.8 22.8 Exports (YoY) -14.4 -20.2 -14.0 -9.8 -19.6 -24.6 -17.3 -26.2 -13.8 -13.6 -5.5 -5.2 Imports (US$ billion) 33.5 32.8 33.1 36.4 34.0 32.0 31.2 29.9 34.1 28.8 27.3 27.0 Imports (YoY) -6.4 -16.1 -13.7 -9.2 -9.3 -26.1 -21.1 -30.1 -3.6 -10.9 -5.1 -23.8 F oreign Exchange Reserves 351.9 352.5 356.0 353.5 351.4 350.3 354.2 350.2 350.4 349.6 348.4 360.2 (US$ billion) Rs/US$1 (period average) 62.8 63.8 63.9 63.6 65.1 66.2 65.1 66.1 66.6 67.3 68.2 67.0 M1 (YoY) 10.2 9.7 9.2 10.7 10.9 11.1 11.8 11.6 12.3 11.5 13.4 13.9 M3 (YOY) 10.8 10.8 10.6 11.1 11.1 10.7 10.6 10.4 10.7 10.8 11.4 10.5 Bank Loans 8.9 9.0 7.7 8.4 8.4 8.6 8.3 8.8 9.3 9.8 9.9 9.1 (Non-food credit, YOY) Deposit Growth Rate (YoY) 11.0 10.7 10.6 12.3 10.5 9.9 10.4 9.7 10.1 10.4 9.6 8.1 364 day T-Bill Yield 7.9 7.8 7.7 7.6 7.5 7.2 7.2 7.2 7.2 7.2 7.3 7.2 91 day T-Bill Yield 7.9 7.9 7.7 7.5 7.4 7.1 7.1 7.1 7.2 7.2 7.3 7.3 10 yr Government Bond Yield 7.8 7.8 8.0 7.8 7.8 7.6 7.6 7.8 7.8 7.8 7.9 7.5 Industrial Production 3.0 2.5 4.2 4.3 6.3 3.7 9.9 -3.4 -0.9 -1.6 1.9 0.3 Manufacturing (% YOY) 3.9 2.1 5.2 4.8 6.6 2.7 10.6 -4.6 -1.9 -2.9 0.6 -1.0 Consumer Goods 2.8 -2.2 7.2 1.1 6.0 1.2 18.3 1.0 3.2 -0.1 0.6 0.5 Basic Goods 2.6 6.2 5.1 5.4 3.7 4.2 4.2 -0.5 0.7 1.9 5.4 4.4 Capital Goods 5.5 3.0 -2.0 10.1 21.3 10.1 16.5 -24.4 -18.6 -21.6 -9.3 -15.3 Intermediate Goods 2.3 1.2 1.3 2.0 2.8 1.8 6.3 -1.5 1.5 2.8 4.9 4.4 Consumer Price Index (YoY) 4.9 5.0 5.4 3.7 3.7 4.4 5.0 5.4 5.6 5.7 5.3 4.8 Wholesale Price Index -2.4 -2.2 -2.1 -4.0 -5.1 -4.6 -3.7 -2.0 -1.1 -1.1 -0.9 -0.5 (YoY - All commodities) Source: Kotak Securities Equity markets review and outlook After a 26.7% rise during the financial year 2014-2015, the Nifty fell by 8.9% during the financial year 2015-2016.
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