Equity Funds Analyser by niusheng

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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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