February 2019 1 Table of Contents Market Outlook What is - - PowerPoint PPT Presentation
February 2019 1 Table of Contents Market Outlook What is Value? Value bias Multi-Cap Investment strategy Diversification Resilient performance across cycles Portfolio Composition Scheme Facts &
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GDP Growth % Inflation% 2018 f 2019 f 2020 f 2018 f 2019 f 2020 f World 2.9 2.6 2.4 2.9 3.0 2.9 Developed 2.2 1.8 1.4 2.0 1.6 1.9 Emerging 4.6 4.4 4.7 3.6 4.0 3.6 Eurozone 1.9 1.4 1.3 1.8 1.4 1.8 US 2.9 2.5 1.8 2.4 1.7 2.1 China 6.6 6.6 6.5 2.1 2.1 2.0 Japan 0.8 0.9
1.0 0.9 1.1 India 7.2 7.3 7.4 3.7 4.6 4.3 UK 1.3 1.6 1.6 2.5 1.8 1.8 Russia 1.8 1.5 2.0 2.8 5.1 4.1 Brazil 1.5 2.9 3.0 3.7 4.4 4.4
F-Forecast Source :HSBC forecasts ,(India data :2018=Apr’18 to Mar’19).
Slow Global Growth expected due to slow down in developed economies
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Since 2010, combined balance sheet of these 3 Central banks increased by ~USD 8 trillion, which supported global growth. This phase is now ending and may impact growth US Federal Reserve (US Fed) European Central Bank (ECB) Bank of Japan (BoJ)
Post Global Financial Crisis (GFC) in 2008, US Fed embarked on Quantitative Easing (QE) to support economic growth. ECB embarked on asset purchase program in March 2015. Commenced asset purchase program in 2012. Over 2010-15, US Fed Balance sheet grew by ~USD 3.0 trillion. ECB purchased bonds worth ~EUR 2.6 trillion . BoJ is estimated to have bought bonds worth USD 3 trillion. With US economy strengthening, US Fed began unwinding its Balance sheet in 2017 and is likely to continue in 2019. Though bond purchases have ended in 2018, rollover of bonds on maturity is likely. Likely to continue this program in 2019, though pace might reduce.
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Ranks in terms of size of economy*
United States China Japan Germany India France United Kingdom 19,485 bn 12,015 bn 4,873 bn 3,700 bn 2,602 bn 2,587 bn 2,628 bn 2017 GDP USD
1 3 5 7 9 11 2007 2010 2013 2016 2019 2022
India’s rank to jump from 11th to 5th largest economy in just 12 years
Source: IMF, *From 2018 onwards figures are IMF estimates.
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Improving macros FY13 FY14 FY15 FY16 FY17 FY18 FY19E FY20E Real GDP at market price (% YoY) 5.5 6.4 7.4 8.0 8.2 7.2 7.1 7.2 Centre's fiscal deficit (% GDP) 4.9 4.5 4.1 3.9 3.5 3.5 3.5 3.4 Current Account Deficit (CAD) (% GDP) 4.8 1.7 1.3 1.1 0.7 1.8 2.6 2.5* Balance of Payment 0.2 0.8 3.0 0.9 0.9 1.6
Net FDI (% of GDP) 1.1 1.2 1.5 1.7 1.6 1.1 1.2 1.1 Consumer Price Inflation (CPI) (Average) 9.9 9.4 6 4.9 4.5 3.6 3.6 4.0 Foreign Exchange Reserves (USD bn) 292.6 303.7 341.4 359.8 370 424.4 398.3^ na
Source: CEIC, Kotak Institutional Equities; Economic Survey, E-Estimates, ^ as of 15th ’Feb19. na – not available
* Calculated by assuming crude prices at USD 72.5 per barrel. With oil at USD 60 / barrel, CAD is estimated to be ~2.0% of GDP Key Reforms / Initiatives taken over past 4 years have created a favourable economic environment
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70 72 74 76 78 80
Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 %
Rising capacity utilisation driving capex recovery
Capacity Utilisation Capacity Utilisation (SA) Long term Average
Source: CMIE, RBI, SA: Seasonally Adjusted
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– Food inflation has fallen significantly to 3.1% from 9.7% – Driven by high agriculture growth in India and low global food prices (refer slide 11) , food inflation in India has been low over past 4 years as compared to previous10 years
Source: CMIE, Bloomberg, World Bank
Low food inflation has adversely impacted farmers incomes
% 2000 - 2004 2005 – 2009* 2010 – 2014 2015 – 01/2019 Headline CPI 3.9 6.3 9.4 4.2 Non -Food CPI* 4.8 5.6 9.3 5.0 Food CPI* 2.6 9.4 9.7 3.1 Real Agriculture growth 1.7 3.2 4.1 3.3 *details of 2006 not available. Hence Food and non-food CPI is calculated using average of 2005, 2007-09.
0.0 5.0 10.0 15.0 20.0 25.0 Jan/10 Jul/11 Jan/13 Jul/14 Jan/16 Jul/17 Jan/19 %
Sustained low inflation
Food CPI Headline CPI Average Headline CPI 9
US, on the back of increase in shale oil production, has become largest oil producer in the world
Source: ^British Petroleum (BP), above chart Includes crude oil, shale oil, oil sands and NGLs (natural gas liquids)
7 8 9 10 11 12 13 14
2009 2010 2011 2012 2013 2014 2015 2016 2017
US Russian Federation Saudi Arabia Million barrels per day
Oil demand to peak by 2030 as per BP^ US becomes largest oil producer
Rising shale oil production, peaking global demand driven by EVs indicates moderate long term trends for oil prices. Positive for India
Million Barrels Per Day United States EU China India World 1990 17 14 2 1 66 1995 18 14 3 2 70 2000 20 15 5 2 77 2005 21 15 7 3 84 2010 18 14 9 3 87 2016 19 13 12 4 94 2020 19 12 14 5 99 2025 18 11 16 6 103 2030 18 10 16 8 106 2035 16 9 17 9 106 2040 15 8 16 10 105 1990-2016 (CAGR) 0.3%
6.7% 5.2% 1.4% 2016-2040 (CAGR)
1.0% 3.5% 0.5%
2 4 6 8 10 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
Million barrels per day
OPEC Spare Capacity
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Source: BIS Monthly REER (61 countries). Data available up to 31-Dec-18
INR/USD 40.4 INR/USD 50.7 INR/USD 44.2 INR/USD 68.8 INR/USD 63.9 INR/USD 74 71.09
80 85 90 95 100 105 110 Dec/04 Dec/05 Dec/06 Dec/07 Dec/08 Dec/09 Dec/10 Dec/11 Dec/12 Dec/13 Dec/14 Dec/15 Dec/16 Dec/17 Dec/18
INR-Real Effective Exchange Rate INR close to fair value, adjustment mostly done
led by food inflation
CAD falling by ~0.4% of GDP
neutral rate indicates benign outlook for rise in Fed rates
made in Nov’18 FY16 FY17 FY18 H1FY19 Crude prices (USD /bbl) 50.2 48.8 56.7 75.0 CAD as % of GDP
2.00 2.50 3.00 3.50 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 %
US 10 Year Yield
Source: Bloomberg, RBI, Kotak Institutional research.
4.0 6.0 Jan/03 Jan/07 Jan/11 Jan/15 Jan/19 %
India's Real Yields at near historic high
4.0 6.0 8.0 10.0 Jan/03 Jan/07 Jan/11 Jan/15 Jan/19 %
Spread between US and India Real Yields
Real Yields = Month-end 10Y GSec Yield and CPI; Updated till 31st Jan’ 19. CPI-IW is used to calculate real yields for period before 2012
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Major equity markets delivered negative returns
* Global Market Cap to GDP ratio is calculated using world market cap from bloomberg and GDP from world bank. For 2018, current market cap is divided by world bank’s estimated global GDP. ^Returns for Calendar year 2018; Returns as on 31st Dec 2018. All returns are calculated in local currency. Source: Bloomberg, World Bank, MFI;; LTA – Long term average
India’s equity market (Nifty 50) significantly outperformed despite delivering low returns
S&P 500 (US) Strait Times (Singapore) CAC 40 Index (France) Nikkei (Japan) FTSE (UK) DAX (Germany)
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Developed Markets^
15.0 3.1
Ibovespa Sao Paulo Index (Brazil) Nifty 50 (India) Jakarta Composite Index (Indonesia) KLSE (Malaysia) Taiwan Weighted (Taiwan) HangSeng (Hong Kong) Kospi (South Korea) SSE Composite (China)
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Emerging Markets^
50.0 60.0 70.0 80.0 90.0 100.0 110.0 2018E 2015 2012 2009 2006 2003 %
Global market Cap to GDP Ratio corrected sharply in 2018*
World Market Cap to GDP Ratio LTA
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in the past, Indian equity markets held up well on each of these three occasions as seen in table below
90 Days Period ending FII Outflows (In USD Bn)* Indian Market capitalization (USD bn) FII outflows as % of Market cap Fall in Sensex # 03-Apr-08
1,270 0.4%
03-Dec-08
543 1.1%
24-Oct-11
1,208 0.2%
04-Sep-13
917 0.4%
22-Jan-16
1,362 0.2%
05-Jan-17
1,589 0.3%
24-Oct-17
2,154 0.2% 8.9% 14-Nov-18
1,956 0.3%
A shift in power in capital markets from offshore players to domestic individual investors !
Source: AMFI; ^considering the average flows in past 6 months ending Dec’ 18 Source: Bloomberg * Maximum outflow on a 90 days rolling period and greater than USD 2.5 Bn. # 6 months returns till date
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10.0 15.0 20.0 25.0 Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 NIFTY 500 Blended Forward P/E Average
Source: Bloomberg Data as on January 31, 2019
Blended Forward P/E Average since Aug’05 = 14.6
economic fundamentals and favorable global cues.
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Source: Bloomberg . Calculation reflects the difference between the estimated earnings yield and the prevailing 10 year G-Sec benchmark. For the purpose of estimating the earnings yield, the estimated forward P/E of the NIFTY 500 Index has been used. Data as on January 31, 2019.
0.00 0.50 1.00 1.50 2.00 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
Earnings Yield minus 10 year G-Sec is below long term averages
Earnings Yield-10 Year G-Sec Average
The gap between earnings yields and 10 year G Sec yield is now closer to long term average.
HDFC Mutual Fund/AMC is not guaranteeing any returns
FY13 FY14 FY15 FY16 FY17 FY18 NIFTY EPS CAGR 13- 18 FY19E FY20E FY21E NIFTY EPS CAGR 18- 21E NIFTY EPS 377 410 398 384 439 448 3.5 498 642 750 18.7 Growth % 8.8
14.4 2.0 11.2 28.9 16.8
Earnings - The worst is behind, strong improvement ahead
Source: Kotak Institutional Equities, E: Estimates
Reasons for weak NIFTY Earnings growth in FY13-18 Metals & Mining
Low prices in China and rest of the World Low demand growth & large imports in India
Corporate Banks & Financials
Significant increase in stress in steel, power & infra sectors Higher provisioning on NPAs impacted profitability sharply
Utilities
Change in CERC (Central Electricity Regulatory Commission) regulations
Metals & Mining
across metals & INR depreciation
Corporate Banks & Financials
expected to fall sharply
Utilities
Earnings growth in FY18-21E should be driven by
Interestingly, most of the sectors that witnessed weak profit growth / declining profits are the
NIFTY EPS growth of ~ 19% CAGR expected
between FY18 and FY21 17
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potential earnings or asset values, and/or future cash flow growth.
contrarian view. The Scheme may own good businesses going through a temporary difficult period as they usually present an attractive entry point.
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Being a multi-cap fund benchmarked to the Nifty 500 there is an attempt to have good representation across market capitalizations based on opportunity and risk-reward .
Well diversified across sectors-with a bias towards attractive companies in each sector (Refer slide 22).
stocks in the NSE 500 Index (Refer slide 21).
1. Focus on buying value stocks 2. Bottom-up stock picking within sector 3. Sectoral diversification 4. Ensuring consistency of risk adjusted returns
HDFC Mutual Fund/AMC is not guaranteeing returns on investments made in this scheme. The current investment strategy is subject to change depending on the market conditions.
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What has worked ?
(Refer slide 26)
a Value fund w.e.f. May 23, 2018.
What has worked in the past (value bias) to continue going forward
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The Scheme has maintained exposure to at least 13 sectors in the benchmark (Nifty 500) over last 4 fiscal years. Outperformance generated over benchmark (Refer slide 26) without excessive risk owing to sectoral tilts.
Effective diversification across wide array of sectors to manage risk
Stocks/sectors referred above are illustrative and are not recommended by HDFC Mutual Fund/AMC. The Fund may or may not have any present or future positions in these stocks/sectors. The above statements / analysis should not be construed as an investment advice or a research report or a recommendation to buy or sell any security covered under the respective sector/s .The same has been prepared on the basis of information which is already available in publicly accessible media.
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Average Deviation from benchmark less than +/- 2% in 14 out 18 sectors over last 16 quarters .
Sorted descending as per Dec-18 Overweight/ Underweight
Sectoral presence similar to benchmark, coupled with bottom up stock picking has generated consistent alpha over the years (Refer slide 26)
Stocks/sectors referred above are illustrative and are not recommended by HDFC Mutual Fund/AMC. The Fund may or may not have any present or future positions in these stocks/sectors. The above statements / analysis should not be construed as an investment advice or a research report or a recommendation to buy or sell any security covered under the respective sector/s .The same has been prepared on the basis of information which is already available in publicly accessible media.
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Average Top 10 Holding (%) since December 2015 = 41% Average Number of stocks since December 2018 = 55
10 20 30 40 50 60 70 5 10 15 20 25 30 35 40 45 50 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18
number of stocks Top 10 holding (% )
Top 10 Holding (%) Number of stocks
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Internal study of peer set #
for the past 5 years for each day falling during the period 31st January 2014 to 31st January 2019
category median in 99.8% and 100% instances for 3 year and 5 year investment horizon respectively.
HDFC Capital Builder Value Fund No of Funds in Category No of Observations % times > Median Average CAGR of fund over the period Average CAGR of median returns
3 Year Rolling Returns 51 1232 99.8 18.3% 16.6% 5 Year Rolling Returns 50 1227 100 17.5% 15.3%
Why look at Consistency?
will top the chart in the next one year may not be possible.
points in time.
Source: ICRA Online. # Includes Multi-Cap, Value, Focused, Dividend Yield, Contra and Large & Mid Cap Funds as per SEBI categorization with AUM above Rs 100 crores as of 31-Jan-
the range of CAGR returns for each day of observation for the Schemes under the category. * Past performance may or may not be sustained in the future. The study cited above is for general information and illustrative purposes to explain the concept of consistent performance and should not be construed as an investment advice on minimum returns or guarantee of
5 10 15 20 25 30 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 HDFC Capital Builder Value Fund - Growth Median
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All dividends are on face value of Rs. 10 per Unit. After payment of the dividend, the per Unit NAV falls to the extent of the payout and statutory levy, if any. There is no assurance
Please log on to www.hdfcfund.com for Record Date-wise listing of dividends declared.
Outperformance in 19 out of 24 financial years with consistent outperformance in last 11 years*
14 Year Dividend Track Record 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Dividend per unit (Rs) 5.0 5.0 5.0 3.0 3.5 2.0 2.3 2.5 2.5 2.5 2.5 3.0 2.8 3.0 3.5 2.8 NAV (Record Date) 19.5 22.6 26.6 26.4 30.9 12.9 24.0 24.8 22.6 22.4 21.8 31.4 23.4 28.8 31.8 26.7 Dividend Yield (%) 25.6 22.1 18.8 11.4 11.3 15.5 9.4 10.1 11.1 11.2 11.5 9.6 11.7 10.4 11.0 10.3
Date Mar-95 Mar-96 Mar-97 Mar-98 Mar-99 Mar-00 Mar-01 Mar-02 Mar-03 Mar- 04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar- 17 Mar- 18 HDFC Capital Builder Fund (A) 15.2% -29.7% -23.0% 23.7% 65.6% 7.9% -21.8% 8.0% -9.5% 129.1 % 56.3% 68.3% 0.2% 26.0% -38.7% 108.6 % 14.9% -5.5% 6.9% 23.4% 43.2% -2.5% 27.8% 14.57 % Benchmark (B)
% 21.6% 64.2% 8.1% 21.6% -40.0% 88.0% 7.3% -8.7% 5.1% 17.7% 33.6% -7.5% 23.9% 12.87 % Outperformance (A – B) 30.4% -15.8% -13.2% 10.4% 59.6% -66.5% 21.2% 5.2% 0.0% 21.3% 34.7% 4.2% -7.9% 4.3% 1.4% 20.6% 7.7% 3.2% 1.8% 5.7% 9.6% 5.0% 3.9% 1.7% Returns are for Regular Plan Growth Option. Benchmark-NIFTY 500. As on March 28th 2018 * Scheme taken over from Zurich India Mutual Fund with effect June 20th 2003 . Past performance may or may not be sustained in the future. HDFC AMC is not guaranteeing returns on any investments made in this Scheme. For complete performance details refer slide 33.
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P1-Mid 90s Crash:-01-Feb-94 to 22-Nov-96 P8- Eurozone debt crisis:-09-Nov-10 to 30-Jan-12 P2- Tech Bubble peak:-22-Nov-96 to 11-Feb-00, P9-Policy paralysis:-30-Jan-12 to 31-Aug-13 P3- Tech bubble meltdown -11-Feb-00 to 21-Sep-01, P10-Oil Price correction:-31-Aug-13 to 31-Mar-15 P4- US Fed monetary policy easing:-21-Sep-01 to 14-Jan-04, P11-ECB easing and global growth stabilisation: 31-Mar-15 to 31-Jan-18 P5- India discovery/Emerging market rally:-14-Jan-04 to 08-Jan-08, P12-Since Jan’18:-31-Jan-18 to 31-Jan-19 P6- Global Financial Crisis Lows:-08-Jan-08 to 09-Mar-09, P7- Post Crisis Recovery:-09-Mar-09 to 09-Nov-10, *Data since scheme inception date (1st Feb 1994). # NIFTY 500-As TRI data is not available since inception of the scheme, benchmark performance is calculated using composite CAGR of Nifty 500 PRI values from Feb 01, 94 to Dec 31, 94 and TRI values since Jan 01, 95. ## NIFTY 50 - As TRI data is not available since inception of the scheme, additional benchmark performance is calculated using composite CAGR of Nifty 50 PRI values from Feb 01, 94 to June 29, 99 and TRI values since June 30, 99. Returns are compounded and annualized for more than one year period. Past performance may or may not be sustained in future. Scheme returns are for Regular Plan-Growth Option. For complete performance details refer slide 33. Source:- Publicly available information.
Outperformed Benchmark index (NIFTY 500) in 10 out of 12 periods.
P1 P2 P3 P4 P5 P6 P7 P8 P9 P10 P11 P12 Capital Builder Value
35%
59% 45%
94%
5% 50% 17%
NIFTY 500 TRI #
16%
65% 38%
81%
4% 37% 14%
NIFTY 50 TRI ##
12%
47% 36%
73%
6% 31% 11% 0%
0% 20% 40% 60% 80% 100% 120% Capital Builder Value NIFTY 500 TRI # NIFTY 50 TRI ##
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Type of Scheme An open ended equity scheme following a value investment strategy Inception Date (Date of allotment) February 01, 1994 Investment Objective To achieve capital appreciation/ income in the long term by primarily investing in undervalued stocks Fund Manager $ Mr Miten Lathia Plans Direct Plan Regular Plan Sub-Options Under Each Plan: Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility. Minimum Application Amount (Under Each Plan/Option) Purchase: Rs. 5,000 and any amount thereafter Additional Purchase: Rs. 1,000 and any amount thereafter Load Structure Entry Load:
Distributor) based on the investors’ assessment of various factors including the service rendered by the ARN Holder. Exit Load:
switched-out within 1 year from the date of allotment.
In respect of Systematic Transactions such as SIP, Flex SIP, GSIP, STP, Flex STP, Swing STP, Flex index, etc - Exit Load, if any, prevailing on the date of registration / enrolment shall be levied. For further details on load structure, please refer to the Scheme Information Document/Key information memorandum of the Scheme. Benchmark Index NIFTY 500
For further details, refer Scheme Information Document and Key Information Memorandum and addenda thereto available on www.hdfcfund.com and at Investor Service Centres of HDFC Mutual Fund. $ Dedicated fund manager for overseas investments Mr. Amar Kalkundrikar
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@ Assuming Rs 10,000 invested systematically on the first business day of every month since inception (Feb 01,1994). ^Returns as of Jan 31, 2019. Past performance may or may not be sustained in the future. The performance of the Scheme is benchmarked to the Total Return Index (TRI) Variant of the Indices. CAGR returns are computed after accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. Load is not taken into consideration for computation of performance. Different Plans
promising or forecasting any returns.
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SIP Investments Since Inception 15 year SIP 10 year SIP 5 year SIP 3 year SIP 1 year SIP
Total Amount Invested (Rs.’000)
3,000.00 1,800,00 1,200.00 600.00 360.00 120.00
Market Value as on November 30, 2018 (Rs.’000)
41,679.84 6,229.19 2,541.93 780.16 405.80 115.05
Returns (Annualised)(%)
17.52% 15.11% 14.36% 10.43% 7.93%
Benchmark Returns (Annualised)(%)
N.A. 12.34% 11.76% 9.73% 8.36%
Additional Benchmark Returns (Annualised)(%)
N.A 12.29% 11.40% 10.13% 10.81% 1.57% 30
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* Average AUM for the Month ended January 31, 2019 ** Risk Free Rate 6.5% (Source FIMMDA, MIBOR) For complete portfolio details please visit www.hdfcfund.com
Particulars % To Net Assets Top 10 Equity And Equity Related Holdings 41.11% Total Equity & Equity Related Holdings 96.82% Cash, Cash Equivalents And Net Current Assets 3.18% Average Assets Under Management (Rs. In Crore)* 4,155.78 Standard Deviation** 4.663% Beta** 1.029 Sharpe Ratio** 0.139
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For further details, refer Scheme Information Document and Key Information Memorandum and addenda thereto available on www.hdfcfund.com and at Investor Service Centres of HDFC Mutual Fund. $ Dedicated fund manager for overseas investments Mr. Rakesh Vyas.
Under normal circumstances, the asset allocation (% of net assets) of the Scheme’s portfolio will be as follows. Types of Instruments Normal Allocation (%) Risk Profile Equity and Equity related instruments 65-100 High Debt Securities (including securitised debt) and money market instruments 0-35 Low to Medium Units issued by REITs and InvITs 0-10 Medium to High Non-convertible preference shares 0-10 Low to Medium The Scheme may invest in the schemes of Mutual Funds in accordance with the applicable extant SEBI (Mutual Funds) Regulations as amended from time to time. The Scheme may invest up to 35% of its net assets in foreign
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Value of Rs 10,000 invested Scheme Returns (%) Benchmark Returns (%) Additional Benchmark Returns (%) Scheme Benchmark (Rs) Additional Benchmark (Rs) Last 1 year
9,080 9,405 9,965 Last 3 years 13.76 13.80 14.20 14,738 14,753 14,910 Last 5 years 17.39 15.15 13.61 22,305 20,256 18,930 Since inception (Feb 01,1994) 14.24 N.A. N.A. 279,512 N.A. N.A. The above scheme has been managed by Miten Lathia, the fund manager since May 10, 2012 (Co-managed with Mr Chirag Setalvad up to 19.03.17) The performance of the Scheme is benchmarked to the Total Return Index (TRI) Variant of the Indices. Past performance may or may not be sustained in the future. The above returns are of Regular Plan – Growth Option. Returns greater than 1 year period are compounded annualized (CAGR). Load is not taken into consideration for computation of performance. Different Plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. Returns as on 31st January 2019. 33
Scheme Managing scheme since Returns (%) 1 year 3 year 5 year CAGR (in %) CAGR (in %) Miten Lathia manages total 2 schemes HDFC Dynamic PE Ratio Fund of Funds # 27-Jun-14
11.69 9.51 NIFTY 50 Hybrid Composite Debt 65:35 Index (Benchmark Index) 2.18 12.00 12.11 Past performance may or may not be sustained in the future. The performance of the Scheme is benchmarked to the Total Return Index (TRI) Variant of the Indices. The above returns are of Regular Plan - Growth Option. Load is not taken into consideration for computation of
Plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses/ commission charged in the Regular Plan. On account of difference in the type of the Scheme, asset allocation, investment strategy, inception dates, the performance of these schemes is strictly not comparable. 34
The presentation dated 01st March 2019 has been prepared by HDFC Asset Management Company Limited (HDFC AMC) based on internal data, publicly available information and other sources believed to be reliable. Any calculations made are approximations, meant as guidelines only, which you must confirm before relying on them. The information given is for general purposes only. Past performance may or may not be sustained in future. The statements are given in summary form and do not purport to be complete. The views / information provided do not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this
for the development or implementation of an investment strategy. The statements contained herein are based on our current views and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Stocks/Sectors referred herein are illustrative and not recommended by HDFC Mutual Fund / AMC. The Fund may or may not have any present or future positions in these sectors. HDFC Mutual Fund/AMC is not guaranteeing returns on any investments. The data/statistics are given on the basis of information which is already available in publicly accessible media to explain general market trends in the securities market. The same should not be construed as any research report/research recommendation to buy or sell any security covered under the respective sector/s. Neither the AMC and HDFC Mutual Fund nor any person connected with them, accepts any liability arising from the use of this document. The recipient(s) before acting on any information herein should make his/her/their own investigation and seek appropriate professional advice and shall alone be fully responsible / liable for any decision taken on the basis of information contained herein.
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