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Equity Fund Analyser
February 2006
Standard Chartered Investment Services
vector
The month that was…(Jan‘06)
BSE Sensex
• Markets continued their 10,500
BSE Sensex
140
positive momentum 10,000 Vol 1-Mth Mov. Avg. (RHS) 130
120
9,500
110
• Heavy inflows from FIIs 9,000
100
continue; with expectations of 8,500
90
further inflows in the pipeline 8,000
80
7,500 70
• Mutual Funds remain on the 7,000
Jul-05 Aug-05 Sep-05 Oct-05 Nov-05 Dec-05 Jan-06 Feb-06
60
sidelines; however new fund
MSCI India v/s MSCI World
offers collect a record total of 1400
over Rs 8,000 cr 1350 MSCI India Index
MSCI World Index
1300
1250
• Quarterly results are largely in 1200
line with expectations; capital 1150
1100
goods and consumer goods 1050
sector outperform while 1000
commodities underperform 950
900
Jul-05 Aug-05 Sep-05 Oct-05 Nov-05 Dec-05 Jan-06
vector
Source: SEBI; MFI database; SCB research
The month that was…(Jan‘06)
Market Breadth 1-Month
•Broad-based rally CNX Nifty
Junior
•Mid-caps mark a CNX Midcap
comeback on the back
CNX500
of domestic buying
BSE Sensex
S&P Nifty
1-Month
1-Month -3% -1% 2% 5% 7%
BSE Oil & Gas
BSE METAL
BSE AUTO • Sectoral Out-performers
BSE CG – Capital Goods
BSE Bankex
– Metal
BSE CD
BSE FMCG • Sectoral Under-performers
BSE-HC – Consumer Durables
BSE PSU
– IT
BSE IT
BSE Sensex
-5% 0% 5% 10% 15% 20% 25%
vector
Source: MFI database
Key Economic Parameters (YTD)
Oil Inflation
70 6.0%
65
5.5%
60
5.0%
55
50 4.5%
45
4.0%
40
3.5%
35
30 3.0%
Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Feb-05 Apr-05 Jun-05 Aug-05 Oct-05 Dec-05
Debt Market
USD/INR
7.5%
43.0
7.0%
44.0 6.5%
6.0%
45.0 5.5%
India 10-Yr
5.0% US 10-Yr
46.0
4.5%
4.0%
47.0
3.5%
Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Feb-05 May-05 Aug-05 Nov-05 Feb-06
vector
Source: SCMF, SCB research
Feb’06 – Factors to watch out
• Run-up to the budget – Focus on announcements and
expectations in the run-up which is traditionally positive for the
markets
• Retail inflows continue – NFOs in January collected a record
sum in line with expectations. The momentum should continue in
February and March with several large fund houses hitting the
market
• Change at the US Fed – With a new chairman taking over, all
eyes will be on indications of future course of action on interest
rates
vector
Equity Fund AUMs
80,000
75,000
70,000
65,000
Equity AUMs
(Rs Cr) 60,000
55,000
50,000
45,000
40,000
35,000
30,000
Feb-05 Mar-05 Apr-05 May-05 Jun-05 Jul-05 Aug-05 Sep-05 Oct-05 Nov-05 Dec-05 Jan-06 vector
Equity Fund Cash Levels
10
9
8
Avg cash 7
holdings 6
% 5
4
3
2
1
-
Jun-05 Jul-05 Aug-05 Sep-05 Oct-05 Nov-05 Dec-05 Jan-06
vector
Equity Funds Sector Choice
Top 15 Sector Holdings
• Reduced Holdings
• Banks Miscellaneous Sep-05
Paints Jan-06
• Steel & Metals
Sugar
• Increased Holdings Fertilizers
• Engineering Electronics
• Auto & Ancillaries Food & Dairy Products
• Pharmaceuticals Metals
• Sugar Engineering
Pharmaceuticals
• Fertilizers
Oil & Gas
Electricals
Banks
Software
Auto & ancilliaries
Diversified
- 2 4 6 8 10 12 14
vector
Equity Funds Index Exposure
Index Exposure
35
Sep-05
30
Dec-05
25
20
15
10
5
0
BSE Sensex BSE MID CAP BSE SMALL CAP
vector
Median Returns: 13.67%
Fund Mapping: 6 months Median SD: 24.46%
34%
HI RISK – LO RETURN HI RISK – HI RETURN
Reliance Growth 32%
Franklin India Prima
(Variability of Returns)
30%
Reliance Vision
Std. Deviation
DSP-ML Ops Fund 28%
Pru ICICI Power
HDFC Equity 26%
Franklin India Prima Plus
HDFC Growth
HDFC Capital Builder 24%
Franklin Blue Chip
HDFC Top 200 22%
Principal Growth
Kotak 30 TIGF 20%
18%
16%
Tata Pure Equity LO RISK – LO RETURN LO RISK – HI RETURN
14%
6% 8% 10% 12% 14% 16% 18% 20%
Mean Return vector
Note: The returns are absolute point to point returns
Median Returns: 32.41%
Fund Mapping: 1 Year Median SD: 39.10%
60%
HI RISK – LO RETURN HI RISK – HI RETURN
Reliance Growth 56%
(Variability of Returns)
Franklin India Prima 52%
DSP-ML Ops Fund
Std. Deviation
Reliance Vision
48%
Pru ICICI Power
HDFC Capital Builder
HDFC Equity
44%
Franklin India Prima Plus
40%
HDFC Growth
TIGF
HDFC Top 200
36%
Kotak 30 Franklin Blue Chip
32%
Principal Growth
28%
Tata Pure Equity
24%
LO RISK – LO RETURN
LO RISK – HI RETURN 20%
10% 15% 20% 25% 30% 35% 40% 45% 50%
Mean Return vector
Note: The returns are absolute point to point returns
MF Performance Metrics Benchmark: Nifty
Risk Free rate: 6%
Scheme Sharpe Fama Treynor Jensen Beta
DSP ML Opportunities Fund 0.569 1.661 4.353 1.814 0.945
Franklin India Bluechip 0.514 1.213 3.863 1.321 0.925
Franklin India Prima Fund 0.630 2.247 6.255 2.978 0.779
Franklin India Prima Plus 0.567 1.416 4.433 1.593 0.797
HDFC Capital Builder Fund 0.622 1.906 5.476 2.329 0.766
HDFC Equity Fund 0.615 1.840 4.817 2.032 0.852
HDFC Growth Fund 0.518 1.229 4.114 1.455 0.866
HDFC Top 200 0.568 1.650 4.419 1.844 0.929
Kotak 30 0.533 1.315 4.198 1.521 0.862
Principal Growth Fund 0.523 1.214 4.162 1.434 0.829
Prudential ICICI Power 0.528 1.340 4.174 1.563 0.898
Reliance Growth 0.663 2.392 5.385 2.788 0.917
Reliance Vision 0.586 1.718 4.504 1.978 0.916
Tata Pure Equity Fund 0.556 1.562 4.313 1.747 0.930
Templeton India Growth Fund 0.502 1.156 3.893 1.336 0.916
Performance Measure Volatility Measure –
- Risk adjusted return measure of
for the fund – higher correlation with
score is better market movements
vector
MF Performance Metrics
Explained
Risk-adjusted-return (RAR)
• Sharpe – Excess return of the scheme over risk free return; divided by the standard
deviation in its returns. Sharpe uses standard deviation as a measure of risk. Higher
ratio means superior RAR
• Treynor – Excess return of the scheme over risk free return; divided by the beta
(market risk) of the scheme. Treynor uses beta as a measure of risk. Higher ratio
means superior RAR
Return Based
• Beta – A risk coefficient which measures the sensitivity of a scheme’s return to the
changes in market conditions. It is a measure of market (non-diversifiable) risk of the
scheme. Greater the beta, more sensitive are the returns on the scheme to changes
in returns on the market.
• Jensen – The extent to which the scheme’s returns exceed the expected returns
based on its market risk. A positive number means that the manager has been able
to give returns higher than the expected returns based on market risk
• Fama – Measures the ‘net selectivity’ of the fund. It is calculated as the difference
between the excess return of the scheme and the weighted excess return of the
market vector
Fund Concentration Analysis
Top 5 Top 10 Top 15 No. of Fund Size Avg.
Scheme Name
Holdings Holdings Holdings Scrips (in Rs Crs.) Exposure
DSP ML Opportunities Fund - Growth 21 35 47 57 902 16
Franklin India Bluechip - Growth 30 52 68 32 2025 63
Franklin India Flexi Cap Fund - Growth 23 41 55 62 2596 42
Franklin India Prima Fund - Growth 22 35 46 62 2425 39
Franklin India Prima Plus - Growth 25 43 57 45 609 14
HDFC Capital Builder Fund - Growth 26 42 55 47 1096 23
HDFC Equity Fund - Growth 41 65 82 29 2509 87
HDFC Growth Fund - Growth 27 51 70 31 302 10
HDFC Premier Multi - Cap Fund - Growth 41 69 85 24 1252 52
HDFC Top 200 - Growth 27 45 59 57 1014 18
HSBC Equity Fund - Growth 28 42 54 60 1280 21
Kotak 30 - Growth 31 52 69 29 276 10
PRINCIPAL Growth Fund - Growth 17 32 44 51 377 7
Prudential ICICI Discovery Fund - Growth 22 38 52 67 1029 15
Prudential ICICI Dynamic Plan - Growth 22 38 51 54 758 14
Prudential ICICI Power - Growth 21 37 51 52 897 17
Reliance Equity Opportunities Fund - Growth 23 38 50 54 2005 37
Reliance Growth - Growth 17 28 37 74 2408 33
Reliance Vision - Growth 26 44 58 35 1618 46
Standard Chartered Classic Equity Fund - Growth 21 37 51 33 809 25
Tata Pure Equity Fund - Growth 23 40 54 49 255 5
vector
Templeton India Growth Fund - Growth 39 68 85 25 378 15
Fund Valuation Analysis
Sales
Average Market P/E (Trailing Dividend Growth (3- Net Profit Growth
Scheme Cap 12 months) Yield year) (3-year)
DSP Merrill Lynch Opportunities Fund - Growth 29,494.3 19.8 1.91% 11.12% 30.73%
Franklin India Bluechip Fund-Growth 31,726.8 20.4 3.29% 14.25% 26.73%
Franklin India Flexi Cap Fund - Growth 25,625.9 22.5 1.27% 10.87% 23.00%
Franklin India Prima Fund-Growth 2,415.4 16.6 1.95% 10.14% 28.27%
Franklin India Prima Plus-Growth 18,769.7 27.4 1.61% 12.58% 28.48%
Grindlays Standard Chartered Classic Equity Fund - Growth 19,446.3 17.5 0.75% 13.70% 33.06%
HDFC Capital Builder Fund-Growth 7,894.8 15.7 1.60% 12.14% 32.77%
HDFC Equity Fund - Growth 36,771.3 23.3 1.21% 18.44% 46.15%
HDFC Growth Fund-Growth 30,958.7 23.0 1.70% 7.54% 30.51%
HDFC Premier Multi-Cap Fund - Growth 22,560.4 24.1 1.91% 13.38% 33.72%
HDFC Top 200 Fund-Growth 40,222.3 24.3 1.93% 11.80% 27.93%
HSBC Equity Fund - Growth 7,105.1 15.4 1.59% 15.83% 34.92%
Kotak 30 - Growth 22,291.3 26.3 1.07% 6.83% 34.24%
Principal Growth Fund - Growth 24,998.4 19.8 1.90% 12.33% 33.80%
Prudential ICICI Discovery Fund - Growth Option 12,126.1 12.7 1.61% 7.81% 30.48%
Prudential ICICI Dynamic Plan - Growth 12,754.2 19.1 1.39% 8.72% 38.36%
Prudential ICICI Power - Growth 18,248.0 17.5 1.23% 12.69% 31.05%
Reliance Equity Opportunities Fund - Growth 23,598.2 19.6 1.27% 11.03% 20.86%
Reliance Growth Fund-Growth 6,552.7 13.4 1.07% 8.65% 21.46%
Reliance Vision Fund - Growth 25,042.0 19.4 1.32% 12.02% 26.91%
Tata Equity Opportunites Fund - Appreciation 15,552.1 19.5 1.92% 13.72% 28.58%
Tata Pure Equity Fund 29,678.1 25.7 1.83% 9.74% 23.98%
Templeton India Growth Fund-Dividend Reinvestment 30,357.5 11.7 3.66% 11.99% 31.56%
vector
DSP ML Opportunities Fund
Corpus and Cash levels 7,000
Relative Performance
900 9
DSP ML Opportunities Fund - Growth
800 8 6,000 BSE Sensex
700 7 SC Active Fund Manager Index - Large Cap Diversified
5,000
600 6
4,000
500 5
400 4 3,000
300 3
2,000
200 2
Corpus 1,000
100 1
% Cash
- - -
Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05
Top 20 holdings Top 15 Sectors
Equity
Miscellaneous
Reliance Industries Ltd 4.92 Average MF Holding
Paints
Bharat Heavy Electricals Ltd 4.68 DSP ML Opportunities Fund - Growth
Infosys Technologies Ltd 4.29 Sugar
State Bank of India 3.56 Fertilizers
Oil & Natural Gas Corpn Ltd 3.20
Electronics
Tata Motors Ltd 3.17
Grasim Industries Ltd 2.92 Food & Dairy Products
Glaxo Smithkline Pharmaceuticals Ltd 2.70 Metals
Bharati Tele - Ventures 2.69
Engineering
Balrampur Chini Mills Ltd 2.67
Crompton Greaves Ltd 2.66 Pharmaceuticals
ICICI BANK LTD. 2.58 Oil & Gas
Larsen & Toubro Limited 2.47
Electricals
Mahindra & Mahindra Ltd 2.37
United Phosphorus Limited (New) 2.31 Banks
Tata Consultancy Services Ltd. 2.31 Software
Amtek Auto Ltd 2.26 Auto & ancilliaries
Hindalco Industries Ltd 2.07
Punjab National Bank 1.93 Diversified
Prithvi Information Solutions Ltd. 1.92 vector
Total 57.69 - 2 4 6 8 10 12 14
Franklin India Blue Chip Fund
Corpus and Cash Levels Relative Performance
7,000
2,500 8
Franklin India Bluechip - Growth
7 6,000 BSE Sensex
2,000 SC Active Fund Manager Index - Large Cap Diversified
6 5,000
1,500 5 4,000
4
3,000
1,000 3
2,000
2
500
Corpus 1,000
1
% Cash
- - -
Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05
Top 20 holdings Top 15 Sectors
Miscellaneous
Equity Average MF Holding
Paints
HCL Technologies Ltd. 7.18 Franklin India Bluechip - Growth
ICICI BANK LTD. 6.48 Sugar
Larsen & Toubro Limited 6.13 Fertilizers
Reliance Industries Ltd 5.64
Electronics
Infosys Technologies Ltd 4.94
Grasim Industries Ltd 4.88 Food & Dairy Products
ITC Ltd 4.88
Metals
Tata Motors Ltd 4.85
Hindalco Industries Ltd 3.76 Engineering
Maruti Udyog Ltd 3.76 Pharmaceuticals
Aditya Birla Nuvo Limited. 3.51
Oil & Gas
Zee Telefilms Ltd 3.28
Bharat Heavy Electricals Ltd 3.18 Electricals
Kotak Mahindra Bank Ltd. 2.86 Banks
Hero Honda Motors Ltd 2.82
Ashok Leyland Ltd 2.67 Software
State Bank of India 2.64 Auto & ancilliaries
TVS Motor Company 2.20
Diversified
Oil & Natural Gas Corpn Ltd 2.19
Jaiprakash Industries Ltd 2.18 vector
Total 80.01 - 2 4 6 8 10 12 14
Franklin India Flexicap Fund
Corpus and Cash Levels
2,500 15
2,000 12
1,500 9
1,000 6
500 3
Corpus (LHS)
% Cash (RHS)
- -
Dec-04 Mar-05 Jun-05 Sep-05 Dec-05
Top 20 holdings Top 15 Sectors
Equity Miscellaneous
Average MF Holding
Paints
HCL Technologies Ltd. 4.92 Franklin India Flexi Cap Fund - Growth
Larsen & Toubro Limited 4.73 Sugar
ICICI BANK LTD. 4.67 Fertilizers
MICO 4.48
Infosys Technologies Ltd 4.23 Electronics
Grasim Industries Ltd 4.21 Food & Dairy Products
Maruti Udyog Ltd 3.73
Metals
State Bank of India 3.68
Bajaj Auto Ltd 3.53 Engineering
Reliance Industries Ltd 3.12 Pharmaceuticals
Tata Motors Ltd 3.01
Oil & Gas
Jaiprakash Industries Ltd 3.00
Hindalco Industries Ltd 2.64 Electricals
Bharat Heavy Electricals Ltd 2.42 Banks
Oil & Natural Gas Corpn Ltd 2.32
Voltas Ltd 2.05 Software
Zee Telefilms Ltd 2.04 Auto & ancilliaries
Kotak Mahindra Bank Ltd. 1.85
Diversified
Federal Bank Ltd 1.68
Indian Oil Corporation Ltd 1.60 vector
Total 63.91 - 2 4 6 8 10 12 14
Franklin India Prima Fund
Corpus and Cash Levels Relative Performance
7,000
2,500 15 Franklin India Prima Fund - Growth
6,000 BSE Sensex
2,000 12 SC Active Fund Manager Index - Midcap
5,000
1,500 9 4,000
1,000 6 3,000
2,000
500 3
Corpus (LHS)
% Cash (RHS) 1,000
- -
Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 -
Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05
Top 20 holdings Top 15 Sectors
Equity Miscellaneous
Average MF Holding
Aditya Birla Nuvo Limited. 5.85 Paints
Franklin India Prima Fund - Growth
Jaiprakash Industries Ltd 5.46 Sugar
Mphasis BFL Ltd. 4.53
Fertilizers
Goodlass Nerolac Paints Ltd 3.76
MICO 2.85 Electronics
IPCA Laboratories Ltd 2.82 Food & Dairy Products
Matrix Laboratories Ltd 2.73
Fag Bearings India Limited 2.47 Metals
Great Eastern Shipping Company Ltd 2.38 Engineering
UTI Bank Ltd 2.35 Pharmaceuticals
Gujarat Gas Company Ltd 2.35
Hindustan Construction Company Ltd 2.34 Oil & Gas
Marico Limited. 2.22 Electricals
Torrent Pharmaceuticals Ltd 2.20
Banks
Cummins India Ltd 2.14
I-Flex Solutions Limited 2.10 Software
Birla Corporation Ltd 2.09 Auto & ancilliaries
Indraprastha Gas Ltd 2.09
Diversified
Ashok Leyland Ltd 2.01
EID Parry (India) Ltd 1.90 vector
Total 56.65 - 2 4 6 8 10 12 14
Franklin India Prima Plus Fund
Corpus and Cash Levels Relative Performance
700 15 7,000
Franklin India Prima Plus - Growth
600 6,000 BSE Sensex
12 SC Active Fund Manager Index - Concentrated
500 5,000
400 9 4,000
3,000
300 6
2,000
200
3 1,000
100 Corpus (LHS)
% Cash (RHS) -
- - Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05
Dec-04 Mar-05 Jun-05 Sep-05 Dec-05
Top 15 Sectors
Top 20 holdings
Miscellaneous
Equity Average MF Holding
Paints
Grasim Industries Ltd 6.10 Franklin India Prima Plus - Growth
Sugar
ICICI BANK LTD. 6.00
HCL Technologies Ltd. 4.95 Fertilizers
New Delhi Television 4.46
Electronics
MICO 3.96
ABB Ltd 3.80 Food & Dairy Products
Kotak Mahindra Bank Ltd. 3.64 Metals
Jaiprakash Industries Ltd 3.57
Siemens Ltd 3.48 Engineering
Larsen & Toubro Limited 3.05 Pharmaceuticals
Madras Cements Ltd 3.01
Oil & Gas
Nestle India Ltd 2.87
Cummins India Ltd 2.87 Electricals
Centurion Bank of Punjab Limited. 2.86 Banks
Television Eighteen India Ltd 2.42
Housing Development Finance Corporation Ltd
2.35 Software
TV Today Network Ltd 2.17 Auto & ancilliaries
Hindalco Industries Ltd 2.16
Diversified
Infosys Technologies Ltd 2.13
Tata Motors Ltd 2.07 vector
Total 67.93
- 2 4 6 8 10 12 14
HDFC Capital Builder Fund
1,200
Corpus and Cash Levels 15 7,000
Relative Performance
HDFC Capital Builder Fund - Growth
6,000 BSE Sensex
1,000
12 SC Active Fund Manager Index - Midcap
5,000
800
9 4,000
600
3,000
6
400
2,000
3
200 Corpus (LHS) 1,000
% Cash (RHS)
- - -
Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05
Top 20 holdings Top 15 Sectors
Equity Miscellaneous
Average MF Holding
Bharat Electronics Ltd 6.90 Paints
HDFC Capital Builder Fund - Growth
Container Corporation Of India Ltd 5.73 Sugar
Hindustan Zinc Ltd 4.66
Fertilizers
Cranes Software International 4.36
Balkrishna Industries Ltd 4.03 Electronics
Carborundum Universal Ltd 3.65 Food & Dairy Products
SKF Bearings India Ltd 3.34
Metals
State Bank of India 3.24
Sintex Industries Ltd 2.93 Engineering
Sesa Goa Ltd 2.90 Pharmaceuticals
Balrampur Chini Mills Ltd 2.87
Hindustan Lever Ltd 2.82 Oil & Gas
Avaya Global Connect Ltd 2.81 Electricals
Bharat Heavy Electricals Ltd 2.79
Banks
Indian Overseas Bank 2.21
Hero Honda Motors Ltd 2.17 Software
Mahavir Spinning Mills Ltd 2.16 Auto & ancilliaries
Jindal Steel and Power Ltd. 2.13
Diversified
Satyam Computer Services Ltd 2.04
Man Industries (India) Ltd 1.98 vector
Total 65.70 - 2 4 6 8 10 12 14
HDFC Equity Fund
Corpus and Cash Levels 7,000
Relative Performance
2,500 15
HDFC Equity Fund - Growth
6,000 BSE Sensex
2,000 12
SC Active Fund Manager Index - Large Cap Diversified
5,000
1,500 9
4,000
1,000 6 3,000
500 3 2,000
Corpus (LHS)
% Cash (RHS) 1,000
- -
Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 -
Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05
Top 20 holdings
Top 15 Sectors
Equity
Miscellaneous
Average MF Holding
Tata Motors Ltd 9.04 Paints
State Bank of India 8.13 HDFC Equity Fund - Growth
Infosys Technologies Ltd 8.04 Sugar
Oil & Natural Gas Corpn Ltd 7.89 Fertilizers
Satyam Computer Services Ltd 7.44 Electronics
Bharat Heavy Electricals Ltd 5.55
Maruti Udyog Ltd 5.23 Food & Dairy Products
Crompton Greaves Ltd 5.17 Metals
Siemens Ltd 4.47 Engineering
Amtek Auto Ltd 3.94
United Phosphorus Limited (New) 3.93 Pharmaceuticals
Mahindra & Mahindra Ltd 3.90 Oil & Gas
I-Flex Solutions Limited 3.65 Electricals
Container Corporation Of India Ltd 2.84
Nestle India Ltd 2.83 Banks
HCL Technologies Ltd. 2.50 Software
Indraprastha Gas Ltd 2.10 Auto & ancilliaries
Indian Seamless Steels & Alloys Ltd 1.85
Balkrishna Industries Ltd 1.73 Diversified
Dishman Pharmaceuticals & Chemicals 1.42 vector
Total 91.63 - 2 4 6 8 10 12 14
HDFC Growth Fund
Corpus and Cash levels Relative Performance
7,000
300 15
HDFC Growth Fund - Growth
6,000 BSE Sensex
290
12 SC Active Fund Manager Index - Concentrated
280 5,000
270 9 4,000
260 3,000
6
250 2,000
3
240 Corpus (LHS) 1,000
% Cash (RHS)
230 - -
Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05
Top 15 Sectors
Top 20 holdings
Miscellaneous
Equity Average MF Holding
Paints
Bharat Heavy Electricals Ltd 5.94 HDFC Growth Fund - Growth
Bharat Electronics Ltd 5.50 Sugar
Bharati Tele - Ventures 5.32 Fertilizers
Thermax Limited 5.29
Electronics
Oil & Natural Gas Corpn Ltd 5.12
Sundaram Clayton Ltd 4.82 Food & Dairy Products
Goodlass Nerolac Paints Ltd 4.80
Metals
Aditya Birla Nuvo Limited. 4.70
State Bank of India 4.69 Engineering
Sun Pharmaceuticals Industries Ltd 4.44 Pharmaceuticals
Birla Corporation Ltd 4.43
Oil & Gas
Reliance Industries Ltd 4.13
Vesuvius India Ltd 3.82 Electricals
Tata Tea Ltd 3.71 Banks
Infosys Technologies Ltd 3.70
Balrampur Chini Mills Ltd 3.48 Software
Crompton Greaves Ltd 3.00 Auto & ancilliaries
TVS Motor Company 2.75
Diversified
Hindustan Lever Ltd 2.58
ITC Ltd 2.56 vector
Total 84.76 - 2 4 6 8 10 12 14
HDFC Premier Multi-cap Fund
Corpus and Cash levels
1,400 15
1,200
12
1,000
800 9
600 6
400
3
200 Corpus (LHS)
% Cash (RHS)
- -
Dec-04 Mar-05 Jun-05 Sep-05 Dec-05
Top 15 Sectors
Top 20 holdings Miscellaneous
Average MF Holding
Equity Paints
HDFC Premier Multi - Cap Fund - Growth
Bharat Heavy Electricals Ltd 10.04 Sugar
Infosys Technologies Ltd 9.09
Fertilizers
Bharati Tele - Ventures 8.29
Maruti Udyog Ltd 7.15 Electronics
Crompton Greaves Ltd 6.59
Food & Dairy Products
Hindalco Industries Ltd 6.17
State Bank of India 6.02 Metals
Satyam Computer Services Ltd 5.96 Engineering
SRF Ltd. 4.96
Amtek Auto Ltd 4.79 Pharmaceuticals
ITC Ltd 4.33 Oil & Gas
Siemens Ltd 3.58
Hindustan Oil Exploration Company Ltd 2.70 Electricals
United Phosphorus Limited (New) 2.59 Banks
HCL Infosystems Ltd 2.44
Software
Deccan Chronicle Holdings Ltd 2.30
Sesa Goa Ltd 2.10 Auto & ancilliaries
Gammon India Ltd 1.73
Diversified
ICICI BANK LTD. 1.46
KEC International Ltd. 1.45 vector
Total 93.73
- 2 4 6 8 10 12 14
HDFC Top 200 Fund
Corpus and Cash levels Relative Performance
1,000 15 7,000
HDFC Top 200 - Growth
900
6,000 BSE Sensex
800 12 SC Active Fund Manager Index - Large Cap Diversified
5,000
700
600 9 4,000
500
3,000
400 6
300 2,000
200 3 1,000
Corpus (LHS)
100
% Cash (RHS) -
- - Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05
Dec-04 Mar-05 Jun-05 Sep-05 Dec-05
Top 20 holdings Top 15 Sectors
Miscellaneous
Equity Average MF Holding
Paints
HDFC Top 200 - Growth
Oil & Natural Gas Corpn Ltd 8.42
Sugar
ITC Ltd 4.73
Infosys Technologies Ltd 4.69 Fertilizers
State Bank of India 4.68 Electronics
Siemens Ltd 4.14
Tata Consultancy Services Ltd. 4.04 Food & Dairy Products
Wipro Ltd 3.79 Metals
Satyam Computer Services Ltd 3.50
Engineering
Tata Motors Ltd 3.49
Bharati Tele - Ventures 3.17 Pharmaceuticals
Bharat Heavy Electricals Ltd 3.10 Oil & Gas
Glaxo Smithkline Consumer Ltd 3.01
Crompton Greaves Ltd 2.91 Electricals
Hindustan Lever Ltd 2.89 Banks
HCL Technologies Ltd. 2.78
Maruti Udyog Ltd 2.54 Software
Container Corporation Of India Ltd 2.51 Auto & ancilliaries
Apollo Tyres Ltd 2.24
Diversified
Dabur India Ltd 2.10
Mahindra & Mahindra Ltd 2.07 vector
Total 70.81
- 2 4 6 8 10 12 14
HSBC Equity Fund
Corpus and Cash levels
1,800 15
Corpus (LHS)
1,600
% Cash (RHS)
1,400 12
1,200
9
1,000
800
6
600
400 3
200
- -
Dec-04 Mar-05 Jun-05 Sep-05 Dec-05
Top 20 holdings Top 15 Sectors
Equity Sugar
Average MF Holding
Jindal Steel and Power Ltd. 6.59 Cement
HSBC Equity Fund - Growth
Mahindra & Mahindra Ltd 5.99
Miscellaneous
HCL Technologies Ltd. 5.81
Amtek Auto Ltd 5.34 Metals
Patni Computer Systems Ltd. 4.43 Chemicals
JSW Steel Limited. 3.07
Electronics
Sterlite Industries (India) Ltd 3.07
Tata Motors Ltd 2.68 Steel
IBP Ltd 2.62 Engineering
Larsen & Toubro Limited 2.54
Electricals
Oriental Bank of Commerce Ltd 2.48
Punjab National Bank 2.48 Pharmaceuticals
Bharat Heavy Electricals Ltd 2.47 Oil & Gas
Bank Of India 2.30
Banks
ICICI BANK LTD. 2.27
Kochi Refinaries Ltd. 2.21 Software
Jain Irrigation Systems Ltd 2.16 Auto & ancilliaries
Mphasis BFL Ltd. 2.06
Diversified
HCL Infosystems Ltd 2.04
Reliance Industries Ltd 2.03 vector
Total 64.63 - 2 4 6 8 10 12 14
Kotak 30 Fund
Corpus and cash levels Relative Performance
300 15 7,000
Kotak 30 - Growth
6,000 BSE Sensex
250
12
SC Active Fund Manager Index - Large Cap Diversified
5,000
200
9
4,000
150
6 3,000
100
2,000
3
50 Corpus (LHS)
1,000
% Cash (RHS)
- -
-
Dec-04 Mar-05 Jun-05 Sep-05 Dec-05
Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05
Top 20 holdings Top 15 Sectors
Miscellaneous
Equity
Paints Kotak 30 - Growth Average MF Holding
Larsen & Toubro Limited 7.88
Punjab National Bank 7.14 Sugar
Bharat Heavy Electricals Ltd 6.41 Fertilizers
4.91
Housing Development Finance Corporation Ltd
Electronics
Sterlite Industries (India) Ltd 4.65
Infosys Technologies Ltd 4.57 Food & Dairy Products
Siemens Ltd 4.39 Metals
Nestle India Ltd 4.29
Bharati Tele - Ventures 4.09 Engineering
Tata Consultancy Services Ltd. 4.00 Pharmaceuticals
Indo Gulf Fertilisers Ltd 3.67
Oil & Gas
Deccan Chronicle Holdings Ltd 3.52
Mahindra & Mahindra Ltd 3.24 Electricals
I-Flex Solutions Limited 3.12 Banks
EID Parry (India) Ltd 3.09
Steel Authority of India Ltd 3.03 Software
Oil & Natural Gas Corpn Ltd 2.95 Auto & ancilliaries
Tata Motors Ltd 2.90
Diversified
Reliance Energy Ltd 2.54
Procter and Gamble Hygiene & Healthcare Ltd.
2.52 vector
Total 82.91
- 2 4 6 8 10 12 14
Principal Growth Fund
Corpus and Cash levels Relative Performance
500 15 7,000
450 PRINCIPAL Growth Fund - Growth
6,000 BSE Sensex
400 12
SC Active Fund Manager Index - Concentrated
350 5,000
300 9
4,000
250
200 6 3,000
150
2,000
100 3
Corpus (LHS) 1,000
50
% Cash (RHS)
- - -
Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05
Top 20 holdings Top 15 Sectors
Equity Miscellaneous
Average MF Holding
Oil & Natural Gas Corpn Ltd 3.75 Paints
PRINCIPAL Growth Fund - Growth
Wockhardt Limited 3.69 Sugar
Larsen & Toubro Limited 3.41
Fertilizers
Hindustan Construction Company Ltd 3.26
Greaves Ltd 3.21 Electronics
Bharat Heavy Electricals Ltd 3.15 Food & Dairy Products
Crompton Greaves Ltd 3.08
Metals
Maruti Udyog Ltd 2.91
ICICI BANK LTD. 2.67 Engineering
Patel Engineering Ltd. 2.61 Pharmaceuticals
Mahindra & Mahindra Ltd 2.59
HCL Technologies Ltd. 2.58 Oil & Gas
Jindal Steel and Power Ltd. 2.50 Electricals
Dr Reddys Laboratories Ltd 2.49
Banks
State Bank of India 2.46
Cummins India Ltd 2.36 Software
Infosys Technologies Ltd 2.25 Auto & ancilliaries
Balrampur Chini Mills Ltd 2.23
Diversified
Godrej Consumer 2.19
KEC International Ltd. 2.17 vector
Total 55.56 - 2 4 6 8 10 12 14
Prudential ICICI Discovery Fund
Corpus and Cash levels
1,000 15
900
800 12
700
600 9
500
400 6
300
200 3
Corpus (LHS)
100 % Cash (RHS)
- -
Dec-04 Mar-05 Jun-05 Sep-05 Dec-05
Top 20 holdings Top 15 Sectors
Equity Sugar
Average MF Holding
Hero Honda Motors Ltd 5.83 Cement
Prudential ICICI Discovery Fund - Growth
National Aluminium Company Ltd 4.24 Miscellaneous
Gas Authority Of India Ltd 3.95
Metals
Reliance Industries Ltd 3.75
MICO 3.75 Chemicals
Gujarat State Fertilizers & Chemicals Ltd 3.73 Electronics
Cadila Healthcare Ltd. 3.47
Steel
Century Textiles & Industries Ltd 3.25
Grasim Industries Ltd 3.11 Engineering
Jaiprakash Industries Ltd 2.98 Electricals
EID Parry (India) Ltd 2.97
Raymond Ltd 2.80 Pharmaceuticals
Tata Steel Ltd. 2.75 Oil & Gas
Exide Industries Ltd 2.70
Banks
State Bank of India 2.58
Oriental Bank of Commerce Ltd 2.44 Software
Kesoram Industries Ltd 2.33 Auto & ancilliaries
Pidilite Industries Ltd 2.08
Diversified
HCL Infosystems Ltd 2.05
Punjab National Bank 1.86 vector
Total 62.63 - 2 4 6 8 10 12 14
Prudential ICICI Dynamic Plan
Corpus and Cash levels
800 15
700
12
600
500 9
400
300 6
200
3
Corpus (LHS)
100
% Cash (RHS)
- -
Dec-04 Mar-05 Jun-05 Sep-05 Dec-05
Top 20 holdings Top 15 Sectors
Equity Sugar
Average MF Holding
Deccan Chronicle Holdings Ltd 7.18 Cement
Prudential ICICI Dynamic Plan - Growth
Subex Systems Ltd 4.02 Miscellaneous
Hindalco Industries Ltd 3.89
Metals
EID Parry (India) Ltd 3.49
State Bank of India 3.37 Chemicals
Bajaj Hindustan Ltd 3.35 Electronics
Reliance Industries Ltd 3.18
Larsen & Toubro Limited 3.12 Steel
Sterlite Industries (India) Ltd 2.98 Engineering
Grasim Industries Ltd 2.98 Electricals
Century Textiles & Industries Ltd 2.85
Associated Cement Companies Ltd 2.65 Pharmaceuticals
National Aluminium Company Ltd 2.58 Oil & Gas
Mahindra & Mahindra Ltd 2.54
Banks
Kalpataru Power Transmission Ltd 2.52
IVRCL Infrastructure & Projects Ltd. 2.48 Software
AIA Engineering Limited. 2.43 Auto & ancilliaries
Punjab National Bank 2.41
Diversified
Amtek Auto Ltd 2.27
Jaiprakash Industries Ltd 2.10 vector
Total 62.41 - 2 4 6 8 10 12 14
Prudential ICICI Power Fund
800
Corpus and Cash levels 15
Relative Performance
7,000
Prudential ICICI Power - Growth
700
6,000 BSE Sensex
12
600 SC Active Fund Manager Index - Large Cap Diversified
5,000
500 9
4,000
400
300 6 3,000
200 2,000
3
100 Corpus (LHS)
1,000
% Cash (RHS)
- -
-
Dec-04 Mar-05 Jun-05 Sep-05 Dec-05
Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05
Top 20 holdings Top 15 Sectors
Equity Miscellaneous
Average MF Holding
State Bank of India 4.93 Paints
Prudential ICICI Power - Growth
Hindalco Industries Ltd 4.50 Sugar
Larsen & Toubro Limited 4.28
Fertilizers
Reliance Industries Ltd 3.95
Jaiprakash Industries Ltd 3.50 Electronics
Bharat Heavy Electricals Ltd 3.26 Food & Dairy Products
Bajaj Hindustan Ltd 3.15
Metals
United Phosphorus Limited (New) 3.05
Mahindra & Mahindra Ltd 3.02 Engineering
Bharat Earth Movers Ltd 3.01 Pharmaceuticals
Triveni Engineering & Industries Ltd 2.92
Grasim Industries Ltd 2.87 Oil & Gas
Deccan Chronicle Holdings Ltd 2.83 Electricals
Punjab National Bank 2.69
Banks
Thermax Limited 2.55
ICICI BANK LTD. 2.48 Software
Amtek Auto Ltd 2.42 Auto & ancilliaries
Jindal Steel and Power Ltd. 2.41
Diversified
Century Textiles & Industries Ltd 2.31
AIA Engineering Limited. 2.29 vector
Total 62.43 - 2 4 6 8 10 12 14
Reliance Equity Opportunities Fund
Corpus and Cash levels
2,000 15
1,800
1,600 12
1,400
1,200 9
1,000
800 6
600
400 3
Corpus (LHS)
200 % Cash (RHS)
- -
Dec-04 Mar-05 Jun-05 Sep-05 Dec-05
Top 20 holdings Top 15 Sectors
Equity
Miscellaneous
Average MF Holding
Reliance Industries Ltd 6.41 Paints
Siemens Ltd 5.90 Reliance Equity Opportunities Fund -
Sugar Growth
Jaiprakash Industries Ltd 3.87
HCL Technologies Ltd. 3.75 Fertilizers
Nirma Ltd 3.32 Electronics
Oil & Natural Gas Corpn Ltd 3.09
Food & Dairy Products
Tata Consultancy Services Ltd. 2.92
Bharat Heavy Electricals Ltd 2.91 Metals
Sterlite Industries (India) Ltd 2.79 Engineering
ITC Ltd 2.70
Pharmaceuticals
Aurobindo Pharma Ltd 2.69
Mahindra & Mahindra Ltd 2.67 Oil & Gas
State Bank of India 2.43 Electricals
Ultra Tech Cement 2.23
Corporation Bank 2.22 Banks
Areva T and D India Ltd. 2.10 Software
Jindal Saw Ltd. 2.07 Auto & ancilliaries
Blue Dart Express Ltd 1.96
Cummins India Ltd 1.94 Diversified
I-Flex Solutions Limited 1.84 vector
Total 59.78 - 2 4 6 8 10 12 14
Reliance Growth Fund
Corpus and Cash levels 7,000
Relative Performance
2,500 15
Reliance Growth - Growth
6,000 BSE Sensex
2,000 12 SC Active Fund Manager Index - Midcap
5,000
1,500 9 4,000
3,000
1,000 6
2,000
500 3 1,000
Corpus (LHS)
% Cash (RHS) -
- - Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05
Dec-04 Mar-05 Jun-05 Sep-05 Dec-05
Top 20 holdings Top 15 Sectors
Equity Miscellaneous
Average MF Holding
Bharat Earth Movers Ltd 4.96 Paints
Reliance Growth - Growth
Kirloskar Brothers Ltd 3.84 Sugar
Crompton Greaves Ltd 2.99
Fertilizers
Hindustan Lever Ltd 2.64
State Bank of India 2.58 Electronics
Strides Arcolab 2.35 Food & Dairy Products
United Phosphorus Limited (New) 2.26
Jindal Saw Ltd. 2.20 Metals
Jaiprakash Industries Ltd 2.11 Engineering
Reliance Industries Ltd 2.08 Pharmaceuticals
ICICI BANK LTD. 2.02
Divis Laboratories Limited 1.98 Oil & Gas
Greaves Ltd 1.89 Electricals
HCL Technologies Ltd. 1.77
Banks
Radico-Khaitan Ltd 1.76
Northgate Technologies Ltd. 1.76 Software
1.62
Bombay Dyeing & Manufacturing Company Ltd Auto & ancilliaries
Tata Chemicals Ltd 1.61
Diversified
KSB Pumps Ltd 1.50
Indian Petrochemicals Corporation Ltd 1.47 vector
Total 45.38 - 2 4 6 8 10 12 14
Reliance Vision Fund
Corpus and Cash levels Relative Performance
1,600 15 7,000
Reliance Vision - Growth
1,400 6,000 BSE Sensex
12
1,200 SC Active Fund Manager Index - Concentrated
5,000
1,000 9
4,000
800
600 6 3,000
400 2,000
3
200 Corpus (LHS)
1,000
% Cash (RHS)
- -
-
Dec-04 Mar-05 Jun-05 Sep-05 Dec-05
Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05
Top 20 holdings Top 15 Sectors
Equity Miscellaneous
Average MF Holding
Siemens Ltd 6.51 Paints
Reliance Vision - Growth
State Bank of India 5.48 Sugar
Reliance Industries Ltd 4.85
Fertilizers
Hindustan Lever Ltd 4.83
Divis Laboratories Limited 4.68 Electronics
ICICI BANK LTD. 4.14 Food & Dairy Products
Infosys Technologies Ltd 3.74
Maruti Udyog Ltd 3.68 Metals
Gujarat State Fertilizers & Chemicals Ltd 3.26 Engineering
Oil & Natural Gas Corpn Ltd 3.06
Pharmaceuticals
Bharat Forge Ltd 2.93
Tata Motors Ltd 2.84 Oil & Gas
Larsen & Toubro Limited 2.65 Electricals
Television Eighteen India Ltd 2.63
Banks
Sterlite Industries (India) Ltd 2.53
Automotive Axles Ltd 2.35 Software
Punjab Tractors Ltd 2.30 Auto & ancilliaries
Suzlon Energy Ltd. 2.16
Diversified
Jet Airways India Ltd 2.16
Century Textiles & Industries Ltd 2.14 vector
Total 68.92 - 2 4 6 8 10 12 14
Standard Chartered Classic Equity Fund
Corpus and Cash levels
1,200 15
1,000
12
800
9
600
6
400
3
200 Corpus (LHS)
% Cash (RHS)
- -
Dec-04 Mar-05 Jun-05 Sep-05 Dec-05
Top 20 holdings Top 15 Sectors
Equity
Sugar
Average MF Holding
Other Equities 7.02 Cement
Reliance Industries Ltd 4.88 Standard Chartered Classic Equity Fund -
Miscellaneous Growth
Bajaj Hindustan Ltd 4.16
Oil & Natural Gas Corpn Ltd 4.13 Metals
Siemens Ltd 4.04 Chemicals
Bharat Heavy Electricals Ltd 3.75
Electronics
ICICI BANK LTD. 3.46
Mahindra & Mahindra Ltd 3.45 Steel
United Phosphorus Limited (New) 3.18 Engineering
Panacea Biotec Ltd 3.12
Electricals
Jaiprakash Industries Ltd 3.11
Amtek Auto Ltd 2.93 Pharmaceuticals
Birla Corporation Ltd 2.83 Oil & Gas
Satyam Computer Services Ltd 2.79
Banks
Subex Systems Ltd 2.79
Shree Cement Ltd 2.70 Software
HCL Technologies Ltd. 2.64 Auto & ancilliaries
Maruti Udyog Ltd 2.56
Punjab National Bank 2.37 Diversified
Larsen & Toubro Limited 2.33 vector
Total 68.23 - 2 4 6 8 10 12 14
Tata Pure Equity Fund
Corpus and Cash levels
250 15 7,000
Relative Performance
Tata Pure Equity Fund - Growth
6,000 BSE Sensex
200 12
SC Active Fund Manager Index - Large Cap Diversified
5,000
150 9
4,000
100 6 3,000
2,000
50 3
Corpus (LHS) 1,000
% Cash (RHS)
- - -
Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05
Top 20 holdings Top 15 Sectors
Equity Miscellaneous
Average MF Holding
Bharat Heavy Electricals Ltd 5.02 Paints
Tata Pure Equity Fund - Growth
Larsen & Toubro Limited 4.86 Sugar
Siemens Ltd 4.46
Gujarat Ambuja Cements Ltd 4.33 Fertilizers
Oil & Natural Gas Corpn Ltd 4.11 Electronics
Associated Cement Companies Ltd 3.48 Food & Dairy Products
Satyam Computer Services Ltd 3.45
Hindustan Lever Ltd 3.43 Metals
Infosys Technologies Ltd 3.43 Engineering
ITC Ltd 3.40
Pharmaceuticals
ABB Ltd 3.24
Mahindra & Mahindra Ltd 2.89 Oil & Gas
HCL Technologies Ltd. 2.70 Electricals
Indian Hotels Co Ltd 2.61
Banks
Bajaj Auto Ltd 2.46
Bharat Earth Movers Ltd 2.46 Software
State Bank of India 2.43 Auto & ancilliaries
Bajaj Hindustan Ltd 2.32
Diversified
KEC International Ltd. 2.30
Maruti Udyog Ltd 1.93 vector
Total 65.32 - 2 4 6 8 10 12 14
Templeton India Growth Fund
Corpus and Cash levels 7,000
Relative Performance
500 15 Templeton India Growth Fund - Growth
450 6,000 BSE Sensex
400 12 SC Active Fund Manager Index - Large Cap Diversified
5,000
350
300 9 4,000
250
3,000
200 6
150 2,000
100 3
Corpus (LHS) 1,000
50
% Cash (RHS)
- - -
Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05
Top 20 holdings Top 15 Sectors
Equity Miscellaneous
Average MF Holding
Paints
Tata Investment Corporation Ltd 10.48 Templeton India Growth Fund - Growth
Grasim Industries Ltd 7.97 Sugar
State Bank of India 7.74 Fertilizers
Satyam Computer Services Ltd 6.67
Tata Motors Ltd 6.57 Electronics
Hindalco Industries Ltd 6.54 Food & Dairy Products
Tata Steel Ltd. 5.88
Metals
Oil & Natural Gas Corpn Ltd 5.86
ING Vysya Bank Ltd 5.48 Engineering
Hindustan Petroleum Corporation Ltd 4.91 Pharmaceuticals
Reliance Industries Ltd 4.72
Oil & Gas
Gas Authority Of India Ltd 4.63
Ranbaxy Laboratories Ltd 2.64 Electricals
Kochi Refinaries Ltd. 2.62 Banks
Ashok Leyland Ltd 2.43
Indian Oil Corporation Ltd 2.33 Software
ITC Ltd 1.43 Auto & ancilliaries
Reliance Communication Ventures Ltd. 1.23
Diversified
ICI (India) Ltd 1.22
Gujarat Gas Company Ltd 1.08 vector
Total 92.43 - 2 4 6 8 10 12 14
Disclaimer
All investments in mutual funds are subject to market risks
and the NAV of the schemes may go up or down depending
upon the factors and forces affecting the securities market.
There can be no assurance that the scheme's investment
objectives
will be achieved. The past performance of mutual funds is not
necessarily
indicative of the future performance of the scheme.
Standard Chartered Group does not guarantee returns
assurance of safety of principal.
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