APRIL 2021 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 | Apr 2021 | 2 Commentary on the Indian Securities Market for March 2021 Nifty (up 1.1%) was largely flat this month post the up move in February. For FY21 nifty gave return of 71%. The active covid cases has seen a spike in the month of March leading to some localised lockdowns. The vaccination program has entered the third phase in the country with everyone above the age of 45 being eligible for vaccination from 1st April. The dollar index was up for third month in a row. It was up 2.59% and closed at 93.23 level. This is the highest monthly up move in dollar index since November 2016. Despite the rise in Dollar index, the rupee was strong and appreciated by 35 paise to close at 73.11 level. Brent Crude corrected for the first time after four months of gains. It corrected by almost 4% and ended at 63.54 level. Gold corrected for the third month in a row and ended lower by 1.5% to close at $1707. Foreign institutional investors (FIIs) investment continued to be positive in March with inflow of a little under $1.5 bn. In FY21 FII’s have invested over $37 bn in India. This is the highest FII inflow in a financial year ever. Domestic institutional investors (DIIs) turned net buyers in the month of March. Equity mutual funds continued to see outflows for the eighth month in a row (outflows being lower at 4534 crs in February) Consumer price Index (CPI) witnessed an uptick post three months of correction with increase in food and fuel prices. The CPI came at 5.03% in February vs 4.06% in Janu- ary. The Index of Industrial Production (IIP) contracted marginally by 1.6% in January after growing by 1.6% in December. GST collections continued to be strong with March collections at 1.23 lakh crs, 27% YoY growth. This is the highest collection ever and the fourth month in a row where the collections have crossed 1.1 lakh crs. Indepth | Apr 2021 | 3 In April, markets will react to US infrastructure package and progress of covid and vac- cination in India and across the world. Nifty (up 1.1%) was largely flat this month post the up move in February. For FY21 nifty Bond yields moderated as the country saw an exponential rise in Covid cases through- gave return of 71%. The active covid cases has seen a spike in the month of March out March even as global market variables like crude and US yields climbed. The 10Y leading to some localised lockdowns. The vaccination program has entered the third benchmark yield eased by about 5 basis points to around 6.18%. Long term investors phase in the country with everyone above the age of 45 being eligible for vaccination like pension and provident funds which had held back their investments during the from 1st April. year in search of higher yields resorted to buying in the second half of March, consider- ably helping spread assets. The auction calendar for the first half of the year was The dollar index was up for third month in a row. It was up 2.59% and closed at 93.23 released with about 60% of the annual borrowing being announced for H1. The April level. This is the highest monthly up move in dollar index since November 2016. MPC review is likely to see maintenance of status quo with a dovish bias in the policy Despite the rise in Dollar index, the rupee was strong and appreciated by 35 paise to tone. Going forward, markets will watch out for trends in the trend in the covid case- close at 73.11 level. load, inflation and high frequency growth indicators. Brent Crude corrected for the first time after four months of gains. It corrected by almost 4% and ended at 63.54 level. Gold corrected for the third month in a row and ended lower by 1.5% to close at $1707. Foreign institutional investors (FIIs) investment continued to be positive in March with inflow of a little under $1.5 bn. In FY21 FII’s have invested over $37 bn in India. This is the highest FII inflow in a financial year ever. Domestic institutional investors (DIIs) turned net buyers in the month of March. Equity mutual funds continued to see outflows for the eighth month in a row (outflows being lower at 4534 crs in February) Consumer price Index (CPI) witnessed an uptick post three months of correction with increase in food and fuel prices. The CPI came at 5.03% in February vs 4.06% in Janu- ary. The Index of Industrial Production (IIP) contracted marginally by 1.6% in January after growing by 1.6% in December. GST collections continued to be strong with March collections at 1.23 lakh crs, 27% YoY growth. This is the highest collection ever and the fourth month in a row where the collections have crossed 1.1 lakh crs. Indepth | Apr 2021 | 4 FUND MANAGEMENT TEAM FUND MANAGER AVINASH AGARWAL Qualification : MBA (IIM-L) Experience : 15 years Number of funds : 10 Lovelesh Manocha Qualification : B.E (Chemical), PGDM (IIML) Experience : 12 years Number of funds : 1 Karan Jhaveri Qualification : Chartered Accountant, Chartered Financial Analyst (CFA Institute, USA) Experience : 5 years Number of funds : 9 Indepth | Apr 2021 | 5 ENHANCED EQUITY FUND SFIN: ULIF00105/07/08EEF0138 Inception Date 24 - 7 - 2008 Fund Manager : Avinash Agarwal 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 : 35.0538 AUM : 100.21 Cr Benchmark : NIFTY 50 EQUITY HOLDINGS % of AUM EQUITY HOLDINGS % of AUM INFOSYS LIMITED 9.17 HINDALCO INDUSTRIES LIMITED 1.57 RELIANCE INDUSTRIES LIMITED 8.62 CIPLA LIMITED 1.54 HDFC BANK LIMITED 7.01 SRF LIMITED 1.48 ICICI BANK LIMITED 5.57 TATA STEEL LIMITED 1.47 HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED 4.68 HCL TECHNOLOGIES LIMITED 1.47 LARSEN & TOUBRO LIMITED 3.31 AXIS BANK LIMITED 1.41 SBI-ETF NIFTY BANK 3.30 ITC LIMITED 1.40 NIPPON INDIA ETF BANKBEES EXCHANGE TRADED SCHEME 3.15 BOSCH LIMITED 1.39 DR REDDYS LABORATORIES LIMITED 3.03 DIVIS LABORATORIES LIMITED 1.30 TATA CONSULTANCY SERVICES LIMITED 3.00 ENDURANCE TECHNOLOGIES LIMITED 1.10 HINDUSTAN UNILEVER LIMITED 2.98 DEEPAK NITRITE LIMITED 1.09 ULTRATECH CEMENT LIMITED 2.75 TATA CONSUMER PRODUCTS LIMITED 1.05 BHARAT PETROLEUM CORPORATION LIMITED 2.18 BAJAJ AUTO LIMITED 1.04 NIPPON INDIA MUTUAL FUND - NIPPON INDIA ETF NIFTY IT 2.09 SUN PHARMACEUTICAL INDUSTRIES LIMITED 1.01 BHARAT FORGE LIMITED 2.05 KOTAK MAHINDRA BANK LIMITED 0.77 NESTLE INDIA LIMITED 1.99 HONEYWELL AUTOMATION INDIA LIMITED 0.76 BHARTI AIRTEL LIMITED 1.96 JSW STEEL LIMITED 0.71 MAHINDRA & MAHINDRA LIMITED 1.94 HDFC LIFE INSURANCE COMPANY LIMITED 0.61 STATE BANK OF INDIA 1.84 INDUSIND BANK LIMITED 0.54 TATA MOTORS LIMITED 1.61 OBEROI REALTY LIMITED 0.47 AMBUJA CEMENTS LIMITED 1.58 THE FEDERAL BANK LIMITED 0.47 WIPRO LIMITED 0.44 INDUSTRY % of AUM INDUSTRY % of AUM FINANCIAL AND INSURANCE ACTIVITIES 22.89 MANUFACTURE OF FOOD PRODUCTS 3.03 COMPUTER PROGRAMMING, CONSULTANCY AND RELATED ACTIVITIES 14.08 MFG OF FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & INFRASTRUCTURE 12.76 EQUIPMENTS 2.05 MFG OF PHARMACEUTICALS, MEDICINAL CHEMICAL AND BOTANICAL 6.88 MANUFACTURE OF MACHINERY AND EQUIPMENT N.E.C. 1.94 MANUFACTURE OF CHEMICALS AND CHEMICAL PRODUCTS 5.55 MANUFACTURE OF TOBACCO PRODUCTS 1.40 MANUFACTURE OF OTHER NON-METALLIC MINERAL PRODUCTS 4.33 MANUFACTURE OF OTHER TRANSPORT EQUIPMENT 1.04 MANUFACTURE OF MOTOR VEHICLES, TRAILERS AND SEMI-TRAILERS 4.10 MANUFACTURE OF COMPUTER, ELECTRONIC AND OPTICAL PRODUCTS 0.76 MANUFACTURE OF BASIC METALS 3.75 REAL ESTATE ACTIVITIES 0.47 CIVIL ENGINEERING 3.31 ASSET ALLOCATION PERFORMANCE Period Fund Benchmark F&U ACTUAL Return 1 Month 0.22% 1.11% EQUITIES 75% TO 100% 96.89 % Return 6 Month 29.73% 30.61% FIXED INCOME SECURITIES 0 % TO 25% 3.11% Returns 1 Year 67.13% 70.87% MONEY MARKET INSTRUMENT Returns 2 Year 9.81% 12.38% Returns 3 Year 11.18% 13.23% Inception 10.38% 9.90% Indepth | Apr 2021 | 6 ACCELERATOR FUND SFIN: ULIF01203/09/10ACCELERATE0138 Inception Date 16 - 9 - 2010 Fund Manager : Lovelesh Manocha Investment Objective : This fund will aim at investing in equities of various sectors, to diversify the portfolio and to generate attractive returns in long term. This fund will also have the flexibility to invest in fixed interest assets and money market instruments up to 20%. NAV : 24.2617 AUM : 184.67 Cr Benchmark : S&P BSE 100 EQUITY HOLDINGS % of AUM EQUITY HOLDINGS % of AUM INFOSYS LIMITED 8.81 AXIS BANK LIMITED 0.95 RELIANCE INDUSTRIES LIMITED 7.48 TITAN COMPANY LIMITED 0.91 TATA CONSULTANCY SERVICES LIMITED 5.38 DR REDDYS LABORATORIES LIMITED 0.78 ICICI BANK LIMITED 4.75 JSW STEEL LIMITED 0.66 HINDUSTAN UNILEVER LIMITED 4.74 TATA CONSUMER PRODUCTS LIMITED 0.52 NIPPON INDIA ETF BANKBEES EXCHANGE TRADED SCHEME 4.62 OBEROI REALTY LIMITED 0.50 HONEYWELL AUTOMATION INDIA LIMITED 4.57 DABUR INDIA LIMITED 0.50 HDFC BANK LIMITED 4.29 MAX FINANCIAL SERVICES LIMITED 0.49 HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED 4.13 INFO EDGE (INDIA) LIMITED 0.48 SBI-ETF NIFTY BANK 3.15 CROMPTON GREAVES CONSUMER ELECTRICALS LIMITED 0.26 KOTAK MAHINDRA BANK LIMITED 2.17 DIVIS LABORATORIES LIMITED 2.08 STATE BANK OF INDIA 1.97 INDUSTRY % of AUM BHARAT FORGE LIMITED 1.95 INDUSIND BANK LIMITED 1.89 BHARTI AIRTEL LIMITED 1.82 FINANCIAL