Sundaram S.M.I.L.E. Fund - An open end equity scheme Investing is - - PowerPoint PPT Presentation
Sundaram S.M.I.L.E. Fund - An open end equity scheme Investing is a marathon. Run it with a SMILE S.M.I.L.E. denotes S mall and M edium Indian L eading E quities For Private & Internal circulation only Refer Disclaimer on slide 28 &
Sundaram Asset Management www.sundarammutual.com
November 2010
Refer Disclaimer on slide 28 & 29
Investing is a marathon. Run it with a SMILE
S.M.I.L.E. denotes Small and Medium Indian Leading Equities
For Private & Internal circulation only
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Mutual Fund Investments are subject to market risks. Please read the Statement of Additional Information (SAI) and Scheme Information Document (SID) carefully before
www.sundarammutual.com All mutual funds and securities investments are subject to market risks, and there can be no assurance or guarantee that fund's objectives will be achieved. NAV may go up or down, depending on the factors and forces affecting the securities market. Main types are market risk, liquidity risk, credit risk and systemic risks. At times, liquidity of investments may be impaired. There is uncertainty of dividend distribution and risk of capital loss. Past performance of the Sponsor/Asset Management Company/Fund does not indicate the future performance. Investors in the schemes are not being offered any guaranteed or indicated returns.
Sundaram S.M.I.L.E. Fund is only the name of the scheme and does not in any manner indicate
either quality or future prospects and returns.
For detailed disclosures on risk factors and disclaimers refer slide 28 & 29
S.M.I.L.E denotes Small and Medium Indian Leading Equities
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calls.
cushion of large-cap stocks.
to 35%.
stocks . This provides a high limit but in reality, the mid- and small-cap component of the portfolio will normally have a weighted average market cap and median market cap that is substantially lower as compared to the threshold.
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35% in large cap.
launch; outpacing the CNX Mid-Cap Index by 3.4 percentage points on an annualised basis.
now worth Rs 1,30,042.
Past Performance may or may not be sustained in future
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the quality of sector and stock selection. (Beta indicates the extent to which trends in the NAV are influenced by movement in the benchmark)
stocks.
horizon.
Past Performance may or may not be sustained in future All dividends are on the face value of Rs.10 per unit. After declaration of dividend the NAV will decline to the extent of the payout
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All equity schemes
Q1 Q2 Q3 Q4 One Year Two Years Three Years Five Years Q1 Q2 Q3 Q4 One Year Two Years Three Years Five Years
If there are 100 funds: Q 1:ranks 1-25, Q 2: ranks 26-50, Q3: ranks 51-75 and Q4: ranks 76-100
Source: Performance data Value Research November 30, 2010; Quartile Analysis: In house
Peer multi-cap schemes
Past Performance may or may not be sustained in future
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Fund / Indices One Year Two Years Three Years Five Years
S.M.I.L.E Fund 15.0 65.0 4.9 21.0 Average Multi Cap Funds 23.0 55.5 1.7 16.3 All Equity Funds 19.9 49.5 1.8 16.8 Large-Cap Funds 19.2 50.4 3.2 19.8 Mid-Cap Funds 27.4 65.0 1.2 15.4 CNX Midcap 24.6 64.1 3.7 18.4 BSE Mid Cap 21.0 64.0
13.2 BSE Sensex 15.3 46.5 0.3 17.3 S&P CNX Nifty 16.5 45.9 0.6 17.2 S&P CNX 500 15.3 51.1
15.7
Data Source: Value Research; Analysis: In house. Returns in % on a annualised basis as on November 30, 2010
Past Performance may or may not be sustained in future
funds; large-cap funds & all equity funds and broad market
bullish and bearish phases
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Refer Disclaimer on slide: 28 & 29
Past Performance may or may not be sustained in future
December 2009
ending December 2009
December 2009 December 2009
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Value of Rs 100 invested at launch
S.M.I.L.E Fund: Rs 351 S & P CNX Mid-Cap: Rs 299
Value as on November 30, 2010; Data Source: Bloomberg; Analysis: In House
Past Performance may or may not be sustained in future
Nov-10
S&P CNX 500: Rs 263
Sundaram Asset Management www.sundarammutual.com
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Source: Fact Sheet
Cash 1.2 Auto Ancillaries 7.6 Financial Services 8.7 Engineeri ng 15.2 Auto 12.1 Pharma 11.7 Consumer Goods 11.1 Metals 5.9 Others 26.5
Source: Fact Sheet Weight in % ; As of November 30, 2010
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0% 20% 40% 60% 80% 100%
Dec- 06 Mar- 07 Jun- 07 Sep- 07 Dec- 07 Mar- 08 Jun- 08 Sep- 08 Dec- 08 Mar- 09 Jun- 09 Sep- 09 Dec- 09 Mar- 10 Jun- 10 Sep- 10
Cash / Fixed Income Small Cap Mid Cap Large Cap Allocation based on market-cap in relation to stocks in CNX 500
Large-Cap: Top 50 stocks Mid-Cap: Next 50 stocks Small-Cap: The Rest
Weight in % ; As of November 30, 2010 ; Analysis: In House
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Main Active Positions - Stocks Overweight Underweight TVS Motor Crompton Greaves Elgi Equipment Asian Paints Orchid Chemicals Ultratech Cement Polaris Software Shriram Transport Kingfisher Airlines Cummins India
Position status is relative to benchmark
Main Active Positions - Sectors Overweight Fund Benchmark Active Auto 12.1 1.3 10.8 Industrial Manufacturing 15.2 9.0 6.2 Metals 5.9 0.8 5.1 Underweight Fund Benchmark Active Financial Services 8.7 21.1
Consumer Goods 11.1 15.3
Energy – Utilities 1.2 5.4
Position status is relative to benchmark
Weight in %; As of November 30, 2010. Data Source: Fact Sheet
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Weight in %; As of November 30, 2010. Data Source: Fact Sheet
Company Weight TVS Motors 5.3 Lupin 3.9 Elgi Equipment 3.5 Orchid Chemicals 3.4 Polaris Software 3.2 Kingfisher Airlines 3.2 Ashok Leyland 3.1 Bosch Limited 2.6 Deccan Chronicle 2.6 Mahindra & Mahindra 2.5
Company Weight
Equity 98.8 Fixed Income
1.2 Fund Size (Rs Crore) 749 Number of Stocks 66
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10000 30000 50000 70000 90000 110000 130000 De c- 06 Ma r- 07 Ju n- 07 Se p- 07 De c- 07 Ma r- 08 Ju n- 08 Se p- 08 De c- 08 Ma r- 09 Ju n- 09 Se p- 09 De c- 09 Ma r- 10 Ju n- 10 Se p- 10 3000 4000 5000 6000 7000 8000 9000 10000 11000 12000 13000 14000 15000 16000 17000 De c- 06 Ma r- 07 Ju n- 07 Se p- 07 De c- 07 Ma r- 08 Ju n- 08 Se p- 08 De c- 08 Ma r- 09 Ju n- 09 Se p- 09 De c- 09 Ma r- 10 Ju n- 10 Se p- 10 500 1000 1500 2000 2500 3000 3500 4000 4500 De c- 06 Ma r- 07 Ju n- 07 Se p- 07 De c- 07 Ma r- 08 Ju n- 08 Se p- 08 De c- 08 Ma r- 09 Ju n- 09 Se p- 09 De c- 09 Ma r- 10 Ju n- 10 Se p- 10
Large-Cap: Top 50 stocks; Mid-Cap: Next 50 stocks; Small-Cap: The Rest Allocation based on market-cap in relation to stocks in CNX 500
Nov 2010
Average since launch
Large Cap 58,948 73,405 Mid Cap 17,707 10,890 Small Cap 2705 2422 Figures in graph are in Rs. crore
As of November 30, 2010 ; Analysis: In House
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5000 10000 15000 20000 25000 30000 Dec-06 Feb-07 Apr-07 Jun-07 Aug-07 Oct-07 Dec-07 Feb-08 Apr-08 Jun-08 Aug-08 Oct-08 Dec-08 Feb-09 Apr-09 Jun-09 Aug-09 Oct-09 Dec-09 Feb-10 Apr-10 Jun-10 Aug-10 Oct-10
1000 2000 3000 4000 5000 6000 7000 8000 Dec- 06 Mar- 07 Jun- 07 Sep- 07 Dec- 07 Mar- 08 Jun- 08 Sep- 08 Dec- 08 Mar- 09 Jun- 09 Sep- 09 Dec- 09 Mar- 10 Jun- 10 Sep- 10
Nov 2010
Average since launch
7,048 19996
Weighted Average Market Cap Median Market Cap
Figures in graph are in Rs crore Nov 2010
Average since launch
2,499 4,292
As of November 30, 2010; Analysis: In House
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0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% De c- 06 M ar- 07 Ju n- 07 Se p- 07 De c- 07 M ar- 08 Ju n- 08 Se p- 08 De c- 08 M ar- 09 Ju n- 09 Se p- 09 De c- 09 M ar- 10 Ju n- 10 Se p- 10
Cash Less than 100 > 1Lakh 50K – 1Lakh 25k – 50k 10k – 25k 5k – 10k 1k – 5k 100 - 500 500 – 1k
On an average 30% of exposure is in stocks with market cap range between 1k and 5k. 18.6% of allocation in the portfolio is in the range of 5k to 10k
Rs crore
As of November 30, 2010 ; Analysis: In House
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S Krishnakumar is an engineer from REC (now National Institute of Technology), Trichy, he did an MBA from LIBA, Chennai. He has worked for 21 years of which the latest fourteen years relate to the equity markets. Before joining our fund house, he was Vice President (Research) at Anush Shares & Securities. Krishnakumar is the Fund Manager for the S.M.I.L.E Fund and Energy Opportunities
Sundaram Asset Management www.sundarammutual.com
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43.7 81.1 120.4 10.4 35.3 76.9
30.9 99.0 29.0 19.8
2005 2006 2007 2008 2009 YTD - 2010
Fund S&P CNX Mid-Cap
Past Performance may or may not be sustained in future
Returns in % Performance as on November 30, 2010
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Returns in per cent; using NAV of Growth option. Annualised returns are computed using Compounded annual basis Returns as on November 30, 2010
Past Performance may or may not be sustained in future
Since Inception 251.5 199.1 24.2 20.8 3.4 Last 5 years 159.2 132.4 21.0 18.4 2.6 Last 3 years 15.5 11.4 4.9 3.7 1.2 Last 2 years 172.2 169.1 65.0 64.1 0.9 Last 1 year 15.0 24.6 15.0 24.6
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Data Source: Bloomberg; Analysis: In house as of November 30, 2010
Past Performance may or may not be sustained in future
Period Investment Value Benchmark Since Launch 69,000 1,30,042 1,23,629 5 Years 60,000 1,02,525 98,935 3 Years 36,000 54,963 55,393 2 Years 24,000 36,472 37,657 1 Year 12,000 12,854 13,304
launch – a total investment of Rs.64,000 – is now worth Rs 1,15,652
annual return of 22.0 % outpacing the benchmark by 1.8 %
plus period.
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Value as on November 30, 2010; Data Source: Factsheet
%
Unit Record Date Record Date NAV 10.0 1.00 14-10-05 13.0045 10.0 1.00 10-03-06 15.5295 20.0 2.00 23-02-07 15.5046 60.0 6.00 07-12-07 23.8655 20.0 2.00 31-07-09 14.0713 30.0 3.00 26-03-10 14.9741
All dividends are on the face value of Rs.10 per unit. After declaration of dividend the NAV will decline to the extent of the payout
Past Performance may or may not be sustained in future
Rs.15 per unit in total since launch in July 2002.
the time of launch you would have received Rs.15,000 as dividend and your holding still be worth Rs.13,663
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Allotment Date February 2005 NAV (November 30, 2010) Growth: Rs 35.1473 Dividend: Rs 13.6630 Plans / Options Regular & Institutional / Growth, Dividend – Payout, Dividend Re-investment & Dividend sweep Default Option: Growth Default Sub-Option for Dividend: Dividend sweep Minimum Subscription Amount Regular / Institutional Plan First Investment: Rs 5000 Subsequent Purchase: Rs 500 SIP / STP Rs 250 per month Rs 750 per quarter Rs 1000 per week Weekly SIP will be processed on Wednesdays. Asset allocation Equity instruments – small-cap and mid-cap stocks : At least 65% • Other Equities : Not exceeding 35% • Equity Futures & Options including those of indices: Not exceeding 25% • Money market instruments: Not exceeding 15%. • Equity Investments may also include
Objective To primarily achieve capital appreciation by investing in diversified stocks that are generally termed as small and mid-caps and by investing in other equities. Load Structure Terms of Offer NAV Exit Load Redeemed within 12 months: 1 % Redeemed after 12 months: NIL
Source: Fact Sheet & Scheme Information Document
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Mutual Fund Investments are subject to market risks. Please read the Statement of Additional Information (SAI) and Scheme Information Document (SID) carefully before investing. Copy of the SAI, SID, key information memorandum and application form may also be obtained from the offices / investor service centres of Sundaram Asset Management, its distributors and at www.sundarammutual.com Fund Facts: Name: Sundaram S.M.I.L.E Fund (S.M.I.L.E denotes Small and Medium Indian Leading Equities); Type: An open-end equity scheme; Investment Objective: To primarily achieve capital appreciation by investing in diversified stocks that are generally termed as small and mid-caps and by investing in other equities. Asset Allocation: Equity instruments – small-cap and mid-cap stocks (including investments in ADRs and GDRs): At least 65% Other Equities (including investment in ADRs and GDRs): Not exceeding 35% Equity Futures & Options including those of indices: Not exceeding 25% Money market instruments: Not exceeding 15%. Exposure in derivative shall not exceed 25% of the portfolio. Equity Investments may also include overseas securities, up to a maximum of 35% of the net
Institutional Plan. There is no exit load for bonus units and dividend re-investment. NAV publication/sale/redemption is available on business days. Dividend Declared: (Record Date; % declared; Rs per unit; NAV as on record date): 14-10-2005; 10.0; 1.0; 13.0.:: 10-03-2006; 10.0; 1.0; 15.5 :: 23-02-2007; 20.0; 2.0; 15.5:: 07-12-07; 60.0; 6.0; 23.9 : 31-07-09; 20.0; 2.0; 14.07. Dividend is declared on the face value of Rs 10 per
Ratings are a composite measure of historical risk-adjusted returns. In the case of equity and hybrid funds this rating is based on the weighted- verage monthly returns for the past three- and five-year periods. These ratings do not take into consideration any entry or exit load. Five-stars indicate that a fund is in the top 10 per cent of its category in terms of historical risk adjusted returns and four stars indicate that a fund is in the next 22.5 per cent of its category. The number of schemes in the relevant category of Equity Diversified is 177. These fund ratings are as on June 30, 2010 Value Research Ratings are published in Monthly Mutual Fund Performance Report and Mutual Fund Insight. The Ratings are subject to change every month. The Rating is based on primary data provided by respective funds. Value Research does not guarantee the
created by Sundaram Asset Management from the broad category of funds classified as equity diversified by Value Research. This sub-category includes funds that consistently invest across the cap curve. The number of schemes in the multi-cap category is given in the accompanying table. This comparison does not reflect the effect of objectives, style, asset allocation, entry load, exit load and fess & expenses. This is not intended for ranking purposes and does not also constitute ranking. This is only meant for comparison purposes. Comparison with mid-cap funds: The returns for the mid-cap funds is based on the average of returns of a sub-category created by Sundaram Asset Management from the broad category of funds classified as equity diversified by Value Research. This sub-category includes funds that consistently invest in mid-cap stocks. The funds have been chosen in good faith based on the allocation to the 51st stock and above by market cap in descending order and the consistency in largely maintaining such a profile. This comparison does not reflect the effect of objectives, style, asset allocation, entry load, exit load and fess & expenses. This is not intended for ranking purposes and does not also constitute ranking. This is only meant for comparison purposes. Comparison with large-cap funds: The returns for the large-cap funds is based on the average of returns of a sub-category created by Sundaram Asset Management from the broad category of funds classified as equity diversified by Value Research. This sub-category includes funds that consistently invest at least 85%-90% in large-cap stocks. The funds have been chosen in good faith based on the allocation to the top 50 stocks by market cap and the consistency in maintaining such a profile. The number of schemes in the large-cap category is given in the accompanying table. This comparison does not reflect the effect of objectives, style, asset allocation, entry load, exit load and fess & expenses. This is not intended for ranking purposes and does not also constitute ranking. This is only meant for comparison purposes.The number of schemes covered for different periods is given in the accompanying table. Number of 1 2 3 5 schemes Year Years Years Years Multi cap funds 27 25 25 19 Mid-cap funds 24 23 19 13 All-equity funds 370 335 260 170 Large-cap funds 17 16 16 12 The classification does not reflect the effect of objectives, style, asset allocation, entry load, exit load and fees & expenses except the degree of exposure to large-cap stocks. This presentation of returns is not intended for ranking purposes and does not also constitute ranking. This is only meant for comparison purposes. Comparison with all equity funds: The returns for all equity diversified funds comprise all funds classified in Equity Diversified and Tax-Planning categories by Value Research. The funds in the two categories have been considered together and there has been no separate sub-classification by Sundaram Asset Management. The number of schemes covered for different periods is given in the accompanying table. One Two Three Five Year Years Years Years Peer Group Ranking 8/27 4/25 1/25 5/19 All Equity Ranking 77/370 68/335 15/260 38/170 This comparison does not reflect the effect of objectives, style, asset allocation, entry load, exit load and fees & expenses. This is not intended for ranking purposes and does not also constitute ranking. This is only
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meant for comparison purposes. The average of returns for the all equity schemes and mid-cap category has been sourced from the Value Research Daily Performance Report. The average returns are as on June 30, 2010 and is based
Research Fund Ratings are a composite measure of historical risk-adjusted returns. In the case of equity funds, this rating is based on the weighted-average monthly returns for the past three- and five-year periods. These ratings do not take into consideration any entry or exit load. Five-stars indicate that a fund is in the top 10 per cent of its category in terms of historical risk-adjusted returns. Four stars indicate that a fund is in the next 22.5 per cent of its category. The number of schemes in each category as of March 31, 2010 was. Equity Diversified (177) and Equity Tax Planning (28).These fund ratings are as on June 30, 2010 Value Research Ratings are published in Monthly Mutual Fund Performance Report and Mutual Fund Insight. The Ratings are subject to change every month. The Rating is based on primary data provided by respective funds. Value Research does not guarantee accuracy. (Source: Value Research) Past performance is no guarantee of future result. Quartile Disclaimer: The ranks derived on the basis of the methodology described in the Ranking Disclaimer has been used as the basis for categorizing funds into first quartile (top 25%
Quartile 2, 51-75 Quartile 3 and 76-100 Quartile 4. The research on historical performance on which the quartiles and ranking are based has been sourced from Value Research, NAV India (an independent third party vendor of fund intelligence in India) and Bloomberg. The performance for ranking purposes has been reckoned June 30, 2010. The ranking of every fund in the primary category as of the two dates is available in an excel sheet at www.sundarammutual.com The analysis of the information has been carried in good faith in-house by Sundaram Asset Management. The comparison does not take account into scheme-specific features such as specific asset allocation pattern, specific cap-curve or thematic orientation, entry/exit loads, expenses and fees and respective benchmarks for each fund considered for analysis. Attributes such as style and portfolio composition may also differ though the funds invest predominantly in equity and this latter aspect provides a common thread for creating a sub-category of comparable funds. Past performance may or may not be sustained in future. Past performance does not guarantee future result. Peer set excel comparison for each sub-category is also available at www.sundarammutual.com Ranking Disclaimer: The ranking for Sundaram S.M.I.L.E Fund used in this document for quartile computation is based the equity multi-cap schemes category of Value Research. This category comprises 28 schemes. Performance data and ranking for the indicated periods for schemes in this category has been provided by Value Research. In the full category of equity midcap schemes of Value Research, the ranking of Sundaram S.M.I.L.E Fund is given in the accompanying table. The performance for ranking purposes has been reckoned as on June 30, 2010 and is based on compounded annual returns (computed using NAV of the Growth Option and/or NAV adjusted dividend reinvestment) for more than one year. The comparison does not take account into scheme-specific features such as launch period entry/exit loads, expenses and fees, to name a few. Attributes such as style and portfolio composition may also differ. Past performance is no guarantee of future result. CNBC TV18-CRISIL Award: Sundaram S M I L E Fund was the only scheme that won the CNBC TV18 – CRISIL Mutual Fund of the Year Award in the Small and Mid-Cap Funds category. In total 17 schemes were eligible for the award universe. Schemes present in all four quarterly CRISIL CPRs were considered for the award. The award is based on consistency of the scheme’s performance in the four quarterly CRISIL CPR rankings released during the calendar year 2009. The individual CRISIL CPR parameter scores averaged for the four quarters were further multiplied by the parameter weights as per the CRISIL CPR methodology to arrive at the final scores.A detailed methodology of the CRISIL CPR is available at www.crisilfundservices.com. Past performance is no guarantee of future
its 1- year performance till December 31, 2009 and for its 3-years performance till December 31, 2009. The rankings for one year as of December 2009 and for three years as of December 2009, have been arrived at following an in-depth analysis of critical parameters, including risk adjusted return, fund size, company concentration and liquidity. The number of schemes in the open-end diversified equity -defensive category was 98 for one year and 81 for three years. The rank is neither a certificate of statutory compliance nor any guarantee on the future performance of Sundaram SMILE Fund. ICRA 5-Star Fund: The fund is in the top 4.6% of the category on performance. Past performance is no guarantee
Scheme-Specific Risk Factors: Small- and mid-cap stocks are generally more illiquid. Change in Government policy in general and changes in tax benefits applicable to mutual funds may impact the returns to Investors. Tax-free status for long-term capital gains and dividend will depend on the fund investing at least 65% in equity to qualify in accordance with provisions of the Income-Tax Act. If and to the extent, the portfolio includes overseas stocks, investors will be exposed to country risk, currency risk, geo-political risk, legal restrictions and regulation changes in geography other than India. General Risk Factors: All mutual funds and securities investments are subject to market risks, and there can be no assurance or guarantee that fund's objectives will be achieved. NAV may go up or down, depending on the factors and forces affecting the securities market. Main types are market risk, liquidity risk, credit risk and systemic risks. At times, liquidity of investments may be impaired. There is uncertainty of dividend distribution and risk of capital loss. Past performance of the Sponsor/Asset Management Company/Fund does not indicate the future performance. Investors in the schemes are not being offered any guaranteed or indicated returns. Sundaram S.M.I.L.E (Small & Medium Indian Leading Equities) Fund is only the name of the scheme and does not in any manner indicate either quality or future prospects and returns. General Disclaimer: This document is issued by Sundaram Asset Management; an investment manager registered with the Securities and Exchange Board of India in India and is produced for information purposes
evaluation of the instrument discussed or offer to buy. It is neither a solicitation to sell nor shall it form the basis of or be relied upon in connection with any contract or commitment whatsoever or be taken as investment advice. The information and opinions contained in this communication have been obtained from sources that Sundaram Asset Management believes to be reliable; no representation or warranty, express or implied, is made that such information is accurate or complete and it should not be relied upon as such. Sundaram Asset Management neither guarantees its accuracy and/or completeness nor does it guarantee to update the information from time to time. This communication is for private circulation only and for the exclusive and confidential use of the intended recipient(s) only. Any other distribution, use or reproduction of this communication in its entirety or any part thereof is unauthorized and strictly prohibited. By accepting this document you agree to be bound by the foregoing limitations. This communication is for general information only without regard to specific objectives, financial situations and needs of any particular person who may receive it and Sundaram Asset Management is not soliciting any action based on this document. Sundaram Asset Management in the discharge of its functions, may use any of the data presented in this document for its decision-making purpose and is not bound to disclose the same. Copies of the Statement of Additional Information, Scheme Information Document and application form with key information memorandum may be obtained from the offices of Sundaram Mutual offices and its authorized distributors or downloaded from www.sundarammutual.com For scheme specific risk factors, asset allocation, load structure, fund facts and taxation aspects please refer scheme information documents available online and at branches/Investor Service Centres, Statutory: Mutual Fund: Sundaram Mutual Fund is a trust under Indian Trusts Act, 1882 Sponsors. Liability for sponsors is limited to Rs 1 lakh. Sponsors: Sundaram Finance
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