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Personal Finance 11

Q&A
Mutual Funds
VALUE RESEARCH FUND FOR LONG TERM I invest `5,000 every month through a . systematic investment plan (SIP) in HDFC Top 200. Is this fund a good choice for the long term? RAJKUMARDHANUKA@HOTMAIL.COM
This large- and mid-cap fund invests in stocks drawn from companies in the BSE 200 Index as well as the 200 largest capitalised companies in India. With an equity exposure up to 90%, the fund manages to achieve capital appreciation over time. The fund has been the best performer in the category and has a performance history that makes it a preferred investment option. Investing in HDFC Top 200 is a good move and you should invest regularly in this fund. However, do track the progress of your investment as mutual fund investing cannot be based on invest-andforget approach.

Know the PMS Class Before You Choose One

With `5 lakh of investible . funds, you have a variety of portfolio management services to choose from. But youve got to pick the fund that suits you right
PRASHANT MAHESH

The Financial Week

MON TUE WED THU FRI GROWTH INVESTING INCOME INVESTING INSURANCE FINANCIAL PLANNING REAL ESTATE & SPENDING

INVESTMENT FOR SONS FUTURE I want to invest for my sons future and was planning to take Jeevan Anand insurance policy for 14 years. However, I am not very convinced and feel that mutual funds can give better returns. Which funds can I invest in? I can invest `2,000 every month . ABHATNAGAR@HOTMAIL.COM
A life insurance policy is taken to address your insurance needs for protection and not for investment. Jeevan Anand is a combination of endowment assurance and whole life insurance plan. It provides financial protection against death throughout the lifetime of the life assured with the provision of payment of a lump sum at the end of the selected term in case of his survival. A mutual fund, on the other hand, is an investment instrument that earns returns over the long term. If you are looking at investment returns, investing `2,000 every month in a mutual fund is a bet. ter proposition for building a corpus for your sons future than taking an insurance policy. However, make sure that you have adequate insurance cover on yourself to meet the financial needs of your family and financial dependents.

he problem of plenty is haunting individuals looking to park money in portfolio management services (PMS). It is not just the proliferation of the number of players offering these schemes that is making the selection process cumbersome. It is the variety of PMS, which are on offer, that is giving potential customers a headache. Gone are the days when the manager would ask the customer for his or her risk appetite and invest the money accordingly These days one would be bom. barded with prefixes such as fundamental, value, quantitative, event-driven and . so on. In short, if you have a corpus of `5 lakh and upwards and looking to park your money in a PMS, you better get a grip of these prefixes before heading for a meeting with the PMS manager.

SPOILT FOR CHOICE

TAX-SAVER FUNDS Should I invest `2,000 every month in a . single tax-saver fund? Or should the amount be more? SSKEDAR@SIFY.COM
Tax-planning funds seek to provide long-term capital appreciation by predominantly investing in equities and to help investors seek tax benefits. The fund is suitable for investors keen to invest in a diversified portfolio as well as those who want to obtain tax benefits. For the sum you are planning to invest, a single fund, such as Fidelity Tax Advantage or Canara Robeco Equity Tax Saver, will be good funds to invest in. However, remember that under the Direct Tax Code (DTC) regime, which comes into effect from April 1, 2012, no tax deductions will be available for investments in equitylinked savings schemes (ELSS). Plan your investments accordingly to get the most of tax breaks in these funds till then.

Brokerage houses, boutique investment advisors and even asset management companies (AMCs) offer PMS services these days to rich clientele. While some . may ask for a corpus of `5 lakh to start a PMS, most insist on a higher starting amount typically around `25 lakh . and upwards. And here are some of the PMS services offered by players in the market. FUNDAMENTAL PMS: As the name suggests, the fund manager builds a portfolio of stocks on the basis of fundamental research. The portfolio could be made up of large-cap or small-cap stocks or a mix of different market capitalisations. This is the most popular PMS product and it is further customised to investor needs. Karvy Private Wealth, for example, offers a large-cap PMS, a mixture of largeand mid-cap PMS and a mid-cap PMS. The performance of these schemes is generally compared with the benchmark index. The fund managers objective is to outperform the benchmark over a period of time, says Varun Goel, head-PMS, Karvy Private Wealth. VALUE INVESTING: It is a philosophy founded and developed by Sir Benjamin Graham and followed by the likes of

Warren Buffett. It involves buying stocks quoting at a discount to their intrinsic value. It is generally long-term in nature and stocks bought have to be held for as long as 3-5 years. Brokerages like Motilal Oswal offer products based on this style of investment. QUANTITATIVE PMS : We build quantitative models using fundamental and economic data to build a portfolio across different asset classes like equities, gold and debt to generate absolute returns, says Radhika Gupta, founder & director, Forefront Capital. The idea is to deliver consistently positive returns in various market environments, without the volatility you see in the equity market. The fund manager makes dynamic decisions on when to enter and exit equities, debt, and gold, based on fundamental and macroeconomic data like valuations, fund flows, supply and demand, and crisis indicators. EVENT-DRIVEN PMS : Here, the fund manager tries to spot stocks that are likely to turn around in a short period of time, say four to six months. So if there is a stock that has fared poorly this quarter and is expected to bounce back in the

next couple of quarters, it could find a place in the portfolio. Or, if the fund manager expects a lot of orders in the infrastructure sector, companies that could benefit from them would get into the portfolio. MUTUAL FUND PMS : The fund manager creates a portfolio of mutual fund schemes, depending on the risk profile of the investor. For example, a portfolio of large-cap schemes will be provided to someone with moderate risk appetite. Or a combination of large-cap, mid-cap and small-cap funds could be provided for investors with a higher risk appetite. The monthly statement of the scheme won't be just the transaction statement and it goes beyond connoting the net asset value. If the PMS scheme has invested in five funds, we tell the investor his exposure to each stock by combining these five funds, says Hiren Dhakan, associate fund manager, Bonanza Portfolio.
TREAD THE PATH CAREFULLY

Do the prefixes to the PMS schemes make sense to you? If no, you should do some reading and be ready with questions to clear your doubts when you meet

your manager. Also, you should ask yourself: why am I opting for the PMS route? Especially when there are several , mutual funds schemes that will serve the same purpose. We recommend investors to go in for a PMS scheme only when there is a clear distinction on how it is different from a mutual fund scheme, says Vishal Dhawan, founder, Plan Ahead Wealth Managers. Else, he recommends investors to stick with mutual funds. Investors who want higher interaction with a fund manager or prefer concentrated portfolio bets use the PMS route, says Alok Ranjan, portfolio manager, Way2Wealth. Simply put, if you want to be more involved in the decisionmaking process of your investments, you should opt for a PMS service. Also, you can make personalised aggressive calls in a PMS. For example, even if you foresee a crash, you can sit on 100% cash in a PMS, which won't be possible in a mutual fund scheme. Next, shift your focus to the PMS service provider. Remember, unlike mutual funds, where there is vast data available in the public domain, there are no such

details about PMS providers. That is why reference from friends or relatives or existing clients of the PMS provider may play a crucial part in choosing one. Another important aspect is the fee structure. In a mutual fund, the fee structure is as defined by the regulator. But, with a PMS service provider, the fee model could be fixed or variable. The investor even can opt for a combination of fixed and variable. For example, entities like Karvy offer the variable fee model, where the investor shares 20% of his profits with the firm. Some others work on the fixed fee model and the investor has to pay an annual fee. As for the disparate nomenclature of PMS services, try to understand the concept on which a particular scheme works. Remember, you have to choose an investment product based on your risk profile and return expectations. Make sure the fancy name and investment strategy matches your profile.
prashant.mahesh@timesgroup.com Tomorrow Why gold prices will continue to go up

Follow the Top-down Approach Markets in for Some while Choosing a Mutual Fund Testing Times Ahead
Expert Take
cision to invest must be initiated by the need to invest, rather than anything external. Depending on what your approach to investing is, this would either sound quite obvious to you, or not make any sense. This point is an antidote to the approach exemplified by the statement is this a good time to invest?. This question is the reverse of Should I book profits now?. The answer to that always is that whether its a good time to invest depends on whether you have the money to invest. You cant time the markets, so the thing to do is to choose the right investment and invest in it steadily over a long term. That brings us to the main question: how to choose the right fund? The way to approach this is in a top-down manner. The first stage is to choose the type of fund you want to invest in. The type of fund is best defined at the first level by its debt vs equity allocation. Within equity, the type is best defined by the size of the companies whose stocks the fund typically invests in. Value Researchs fund taxonomy is based on this concept. At the first stage, the most important thing that you could do is to map the time frame of your investment to a type of asset. Broadly speaking, you should be invested in fixed income for short-term investments and in equity for long-term investments. Its important to point out that the definition of short- and long-term here is very different from what is used in trading circles. Long-term is at least three years. This bears emphasising. All investments that you might need to redeem within three years should be in fixed income avenues and not in equity. For periods beyond that, choose equity . Equity funds are classified by the capitalisation of the companies in whose stocks they generally invest in. Here, the tradeoff is on risk. Mid-cap and small-cap focussed funds can deliver higher returns but can also result in huge losses. Larger-cap stocks moderate both. This is the general framework of figuring out how one should classify mutual funds and what purpose each serves. Only when you have done this does the question of which particular fund to buy arise. Its crucial to understand that choosing the type of fund that you should be investing in is as important (possibly more important) than the individual fund. If you are investing in an unsuitable type, then thats going to be a problem, even if the actual fund may be the best one within that type. Even though choosing the right type of fund is important, its largely a do-it-yourself activity. The marketing efforts of fund companies, as well as the sales pitches of fund distributors, all concentrate on telling you which individual fund to buy. Unlike choosing an actual product, its not an exciting or an entertaining activity to learn the nitty-gritty of how to plan your investment in this manner. This makes it all the more important to get this right. This brings us to the final stage of actually choosing the right fund (or set of funds). Thats a story by itself and Ill write about it in another column in the near future.

Wealth Monitor
EQUITY MARKETS: Rate hikes by the

FUND FOR NEW INVESTOR I want to invest `1,000 per month in a . mutual fund through the SIP route. Which fund should I select? NIRMAL.THAKUR2008@GMAIL.COM
You are on right in considering to invest through the SIP route in mutual funds. You appear to be new to investing. It will be a good idea to start with an SIP in a balanced fund. Once you gain some experience in investing over six months, you will understand the way investing works and then you can move to a large-cap fund and build a portfolio from there on. You can consider investing in HDFC Prudence or HDFC Balanced fund. Both are highly rated funds with a proven track record and performance history to invest in.

Dhirendra Kumar CEO

Value Research

Our expert guides you in matters relating to mutual funds. Email to etquerymf@indiatimes.com

Last week, I wrote about how and when to exit funds. Id written that one good way to ascertain is if your reasons are exactly opposite to those behind your decision to invest in a fund. Choosing when and in what to invest is a sort of a mirror image of disinvesting. However, it turns out that some of the steps in the investment process have some assumptions that are not very clear. Therefore, this weeks column is about those aspects which tend to be a little less obvious. The first point was that the de-

central bank as well as fears of a default by Greece pushed markets lower, with the Sensex losing 2.18 % to close at 17, 871 last week. The Nifty, too, lost 2.18% to end at 5366. The Reserve Bank of India (RBI), as part of its anti-inflationary measures, raised rates by 25 basis points in its monetary review policy. This is the tenth time in the last 15 months that the central bank has raised rates. Analysts fear this could hit growth in the medium term. Hence, stocks were marked lower during the week. Reliance Industries was the top loser amongst Sensex stocks, touching a 52-week low, falling by . 8% in the process to close at `868. This was on account of reports by the Comptroller and Auditor General of India (CAG) accusing the oil ministry of favouring the company by allowing it to double the development cost of its KG-D6 gas field. Maruti fell 5% to end at Rs 1,167 on account of the labour strike at its plant in Manesar. Also, higher interest rates and higher cost of pet-

rol continue to affect car sales. Till we get indications of a good monsoon and peaking of interest rates, the markets are in for some testing times, says Kaushik Dani, fund manger, Peerless Mutual fund. In the short term, markets are likely to watch out for the progress of the monsoon and movement of oil prices.
DEBT MARKETS: The RBI continued

with its hawkish stand by raising rates by 25 basis points again. With diesel and kerosene prices likely to be raised, inflation is likely to move upwards. Hence, analysts fear the central bank may resort to more rate hikes. They feel another hike of 25-50 basis points is likely in the second quarter, and that is when the inflation could peak out. Hence, retail investors should invest only in liquid and liquid plus funds, they suggest.
GOLD: With the festive and wedding

season over, there is lower demand for the yellow metal domestically . Hence, prices moved down margin. ally by `135 per 10 grams over the . last week to end at `22,290 per 10 grams. However, experts feel that gold prices will continue to rule firm on fears of a potential default by Greece on its sovereign debt.

ULIP NAVs Heres a ready reckoner to track the week-on-week changes in your ULIP portfolio
SCHEME NAV %CHG -1.63 -0.95 0.25 0.22 -1.55 -1.56 -1.00 -1.02 0.17 -1.61 -2.20 0.17 0.16 -1.03 -0.43 0.23 -1.66 0.29 -0.36 0.21 0.28 -0.89 0.18 -0.94 -2.07 0.07 0.16 -0.55 -0.90 -2.04 -2.14 -1.46 -1.18 -0.09 -0.42 -0.76 -0.14 0.15 SCHEME NAV %CHG -0.06 -0.46 0.27 -1.79 -1.30 -2.19 -1.61 -1.20 -0.18 -0.79 0.07 -0.62 -1.23 -0.60 -0.36 -0.32 0.23 -1.88 0.20 0.19 -0.75 -0.59 -0.72 0.23 -1.18 -2.13 -0.49 0.17 -1.70 -0.73 -0.43 0.16 -2.12 0.22 0.16 0.17 -0.23 0.09 SCHEME NAV %CHG SCHEME NAV %CHG -2.30 -1.11 0.19 0.29 0.28 0.20 0.24 0.06 0.06 -1.11 0.33 0.40 -0.34 -0.31 -0.71 -1.29 0.21 0.30 -0.32 -1.13 -0.59 -2.21 -1.11 -0.30 -0.69 -0.05 -2.29 -0.04 -2.27 0.17 0.16 -2.15 -2.27 -2.28 -2.27 SCHEME NAV %CHG SCHEME NAV %CHG 0.19 0.16 0.17 0.16 0.09 0.30 -1.31 -0.67 0.16 -0.94 -2.17 -1.67 -1.92 -0.80 -0.50 0.26 -1.94 -0.93 -0.06 -0.93 0.26 -2.09 0.23 -2.07 -1.94 0.08 0.26 0.08 -0.86 -0.82 -0.12 -0.85 -0.91 -0.76 -0.41 0.10 -0.99 SCHEME Endow +Sec Fortune + Bal Fortune + Bond Fortune + Gr Fortune + Sec Future+ Bal Future+ Bond Future+ Grow Future+ Inc Gratuity+ Bal Gratuity+ Bond Gratuity+ Grow Gratuity+ Inc Health Plus Health Protect J.Saathi +Bal J.Saathi +Bond J.Saathi +Grow J.Saathi +Sec Jeevan+ Bal Jeevan+ Bond Jeevan+ Grow Jeevan+ Sec Market+ Bal Market+ Bond Market+ Grow Market+ Sec MktPlus I Bal MktPlus I Bond MktPlus I Grow MktPlus I Sec Money+ Bal Money+ Bond Money+ Grow Money+ Sec Money+I Bal Money+I Bond Money+I Gr Money+I Sec Pens +Debt Pens +Mixed NAV %CHG 9.83 11.99 13.01 11.60 13.58 17.32 14.31 23.26 16.35 15.53 14.39 14.76 15.32 11.86 11.24 10.59 10.97 11.27 10.89 15.02 14.34 22.30 14.74 14.55 14.75 14.98 14.61 12.15 12.40 13.61 12.15 13.51 13.72 11.83 13.48 14.93 13.23 13.86 14.74 10.33 10.08 -0.30 -0.91 -0.08 -1.36 -0.59 -0.92 -1.52 -0.30 -1.02 -0.28 -0.74 -0.39 -0.67 -0.71 -1.76 -0.09 -2.09 -0.27 -0.86 -1.15 -0.67 -1.02 0.14 -1.51 -0.68 -1.22 -0.16 -1.38 -0.90 -1.10 -1.74 -0.74 -0.80 -0.23 -1.14 -0.74 0.19 -0.69 SCHEME NAV %CHG -0.98 -0.15 -1.48 -0.88 -1.38 -0.36 0.05 -0.81 -0.14 0.27 -0.61 -0.19 0.21 -0.87 -0.96 -1.75 -0.30 -1.20 -1.49 -0.19 -0.07 -0.96 0.22 0.19 0.09 0.27 -1.51 -0.81 -0.86 0.19 -1.73 0.10 -0.43 -0.24 -1.89 -1.82 0.10 SCHEME NAV %CHG 0.07 0.20 0.18 0.09 0.19 -1.90 -1.98 -1.42 -0.85 -0.23 0.07 -0.79 -1.79 0.08 -1.10 -0.84 0.15 -2.00 0.20 -0.29 0.14 0.24 -1.15 0.18 -0.69 -1.08 -0.89 0.16 0.16 -0.17 -1.67 0.08 0.10 0.16 0.24 0.32 -0.24 0.16 SCHEME NAV %CHG 0.09 -1.77 -0.74 0.17 0.16 -0.23 -0.79 -1.71 -1.06 -0.84 0.17 0.17 -2.00 -0.23 0.20 -0.79 -1.76 -0.73 -1.10 -0.84 -2.00 -1.93 -0.73 -1.95 0.25 -0.74 -0.88 -1.02 0.22 -0.18 0.13 -0.79 -1.77 -0.69 -1.10 -0.84 -2.00 SCHEME NAV %CHG -0.19 0.19 -0.75 -1.80 -1.42 -0.84 -0.19 -0.67 -0.84 -1.02 -0.19 -0.67 0.09 -0.67 -1.97 -1.07 -0.89 0.09 -1.97 0.19 0.25 0.08 -0.86 -1.71 -1.06 -0.84 0.17 -2.00 -1.42 -0.85 -0.23 0.07 -0.79 -1.79 0.08 -1.10 -0.84 0.15 -2.00 -0.79 SCHEME NAV %CHG -1.71 -0.25 -0.72 -1.10 -0.84 -2.00 0.16 -0.23 -0.79 -1.79 -0.73 -1.10 -0.84 0.17 -2.00 0.08 -0.92 -1.74 -1.06 -0.87 0.08 -1.95 0.08 -0.92 -1.74 -1.06 -0.87 0.08 -1.95 -0.86 -1.71 -1.06 0.17 -2.00 -0.18 -0.79 -1.79 -0.69 SCHEME NAV %CHG -1.10 -0.84 0.17 -2.00 -0.87 -1.74 0.09 -1.12 -0.84 0.16 -2.00 -0.78 -1.74 -1.12 -0.84 0.16 -2.00 -1.47 -0.88 0.08 -0.79 -1.77 -1.10 -0.84 0.16 -2.00 -0.78 -1.41 -0.47 -1.09 0.30 -0.10 -0.83 0.19 -1.87 SCHEME NAV %CHG -1.31 -0.58 0.27 -1.89 -1.29 -1.04 0.19 -2.09 -1.72 -0.46 0.18 -2.56 -1.46 -0.09 -1.51 -1.80 -1.70 -1.42 -0.44 -1.07 -0.30 -1.37 -1.47 -1.57 -1.66 -1.48 -1.51 -0.30 -0.30 -0.20 -0.40 -1.21 -1.29 -0.08 -0.87 0.26 SCHEME AEGON RELIGARE Accelerator 9.07 Balanced 12.55 Conservative 12.13 Debt 13.76 Enhanced Equity12.70 Group Equity 9.45 NAV Protector 10.89 Pension Balance 13.52 Pension Debt 11.65 Pension Equity 20.17 Pension Index 19.56 Pension Secure 11.87 Secured 12.21 Stable 9.60 AVIVA LIFE Balanced 37.47 Bond 12.84 Enhancer 11.28 GSA GratuityInc 10.20 Group Balanced 13.94 Group Cash 14.59 Group Debt 14.27 Group Growth 14.51 Group ST Debt 11.36 Group Secure 14.66 Growth 31.56 Index 8.97 Pens Profits 14.47 Pens Protector 12.26 Pens UL Bal 2 10.93 Pens UL Growth210.98 Pens UL Index 11.05 Pens UL Index2 10.95 Pens UL Infra 10.14 Pens UL PSU 10.05 PensUL Protect210.88 Pension Bal 28.59 Pension Grow 19.48 Pension Secure 14.70 Protector 13.64 Secure 16.09 UL Balance 2 10.81 UL Bond 2 10.98 UL Enhancer 2 10.97 UL Growth 2 10.59 UL Index 2 10.29 UL Infra 9.79 UL Liquid 10.08 UL PSU 9.89 UL Protector 2 10.82 Wealth Builder 10.06 With Profits 14.60 BAJAJ ALLIANZ Acce.MidCap 20.69 Acce.Midcap-Pen21.61 Acce.Midcap2 11.51 Accelerat Gain 25.01 Asset All.Pens 12.49 Asset Allocat 13.27 Assured Return 10.16 Bluechip Equity 8.89 Bond 15.24 Bond Pension 15.59 Cap Guarant201213.27 Cap Guarant201413.38 Cap Guarant201713.82 Cap Shield-1 13.02 Cap Shield-2 14.27 Eq.Index PensII 16.97 Eqty Gr 2 12.19 Eqty Gr Pens 18.13 Equity Index II 17.32 Equity-G 16.36 Fam.GainPureEq.23.00 Gr Asset Alloca 12.32 Gr Eqty Index 10.16 Group Debt 13.59 Group Liquid 12.79 Group ST Debt 11.71 Growth Plus 2 8.55 Growth Plus I 10.57 Growth Plus III 10.63 -0.47 Life Long Gain 13.33 0.23 Liquid 15.00 0.13 Liquid Pension 15.09 0.20 MaxGain 1 10.94 -1.08 MaxGain 2 10.10 -1.66 Prem.Eqty Gr 16.58 -0.54 Prem.Eqty Index15.96 -2.15 Premier Bond 13.92 0.14 Pure Stock 21.49 -0.42 Pure Stock Pens 17.36 -1.42 Secure Gain 18.16 Shield Plus 1 10.77 0.09 Shield Plus 2 10.57 0.19 Shield Plus 3 10.36 0.10 Shield Plus 4 10.05 0.10 Stable Gain 18.67 0.05 UG Bal 18.52 -1.23 UG Cash 15.19 0.13 UG Debt 14.71 0.27 UG Eqty 24.36 -2.13 UG Eqty Gain 34.28 -1.49 UG Eqty.MidCap 29.25 -0.65 UG Prem.Eq.Gain21.24 -0.47 UG Premier Bal 15.81 -1.00 UG Premier Debt14.78 0.20 UG Premier Eqty17.89 -2.13 UG+ Bal+ 22.04 -1.12 UG+ Bal+ Pens 21.00 -1.36 UG+ Cash+ 16.80 0.12 UG+ Cash+ Pens 16.91 0.18 UG+ Debt+ 16.36 0.25 UG+ Debt+ Pens 16.86 0.24 UG+ Eq MidCap+36.93 -0.59 UG+ EqIndexPens28.41 -2.54 UG+ EqMidCap+Pe41.56 -0.60 UG+ Eqty Index 32.25 -2.12 UG+ Eqty+ 36.95 -1.12 UG+ Eqty+ Pens 38.33 -0.44 BIRLA SUN Balancer 17.91 -0.44 Five Pay1 9.79 Growth 2 50.03 Growth Maximise10.77 Grp Bond 1 17.01 Grp Bond 2 18.07 Grp CapProtect2 10.00 Grp FixInt 1 19.57 Grp FixInt 2 21.24 Grp Floating 1 10.00 Grp Floating 2 10.00 Grp Gilt 1 15.43 Grp Gilt 2 15.43 Grp Growth 1 46.37 Grp ST Debt 12.22 Grp ST Debt 2 12.60 Grp Secure 1 29.39 Grp Secure 2 31.68 Grp Stable 1 39.26 GrpGr Advantage16.13 GrpGr Index+ 10.00 GrpGr Multiplie 10.00 Income Advantag14.07 Income Advantag10.00 Indv Assure 16.69 Indv Builder 27.98 Indv Creator 26.18 Indv Enhancer 33.63 Indv Magnifier 27.02 Indv Multiplier 11.60 Indv Pens-G 23.13 Indv PensEnrich 27.16 Indv PensNouris 18.98 Indv Platinum+111.50 Indv Protector 22.71 Maximiser 14.18 Money Market 117.74 Money Market 218.77 Platinum Advant 9.11 Platinum Plus 2 16.37 Platinum Plus 3 12.45 Platinum Plus 4 11.20 Platinum Prem1 10.99 -2.14 Single Pay1 9.78 -2.30 Stable 2 41.95 -0.69 Super 20 12.76 -2.82 Titanium Plus 1 10.94 -1.88 Titanium Plus 3 9.72 -1.62 Titanium PlusII 10.65 -1.84 CANARA HSBC OBC Bal Plus Life 9.52 -0.94 Balanced 2 Life 10.45 -1.04 Balanced Life 13.19 -1.05 Debt Life 13.09 0.15 Debt Plus Life 10.41 0.29 Equity 2 Life 10.11 -2.13 Equity Life 12.57 -2.26 Growth 2 Life 10.32 -1.71 Growth Life 12.47 -1.73 Growth Plus Lif 8.95 -1.76 Guarantee+ Life 9.89 -0.80 Liquid Life 12.25 0.16 DLF PRAMERICA Balanced 13.53 -0.88 Debt 11.95 0.17 Growth 14.14 -1.33 Large Cap Eqty 14.62 -1.81 Pens Dyna Eqty 17.49 -1.80 Pension Bal 13.20 -0.68 Pension Debt 10.99 0.18 Pension Growth 16.71 -1.36 UL Liquid 10.25 0.10 IDBI FEDERAL Aggresive AA 15.96 -2.15 Bond Pens 11.13 0.18 CGF 07090614 10.01 -0.99 Cautious AA 12.59 -0.24 Eqty Gr Pens 19.26 -1.78 Equity Growth 13.33 -1.84 GRF 13380714 11.04 0.18 GRF 14690413 13.02 0.15 GRF 15030813 12.74 0.16 GRF 19000619 11.14 0.09 GRF 20001219 10.80 Income 12.63 Income Pens 11.58 Liquid 12.17 Liquid Pens 11.35 MaxiNAV Guarant10.03 Midcap 10.57 Midcap Pens 10.35 Mly Interest 12.77 Moderate AA 13.75 Nifty Index 10.39 Nifty Pens 16.44 Pure Fund 9.18 ING VYSYA Active Asset Al 9.95 Indiv. UL Bal 18.09 Indiv. UL Debt 15.63 Indiv. UL Eqty 16.20 Indiv. UL Growt 20.19 Indiv. UL Secur 17.07 Market Shield 9.56 Mkt Shield Guar 8.11 Pens Preserver 11.66 Pens Prime Eqty 9.85 Pension Debt 13.02 Pension Eqty 9.93 Pension Equity 11.14 Pension Liquid 12.58 Pension Liquid 11.61 UL Guar Growth 11.84 LIC Bima+ Bal 41.38 Bima+ Risk 59.05 Bima+ Sec 32.83 Child FP Bal 15.16 Child FP Bond 11.46 Child FP Grow 15.24 Child FP Sec 15.75 Endow +Bal 9.77 Endow +Bond 10.43 Endow +Gr 9.97 Profit + Bal 14.18 Profit + Bond 13.54 Profit + Gr 11.29 Profit + Sec 13.46 Samridhi Plus 10.10 Wealth Plus 10.03 MAX NEW YORK Balanced 22.14 Conservative 18.92 Dynamic Oppor 13.47 Gr SupAnnuat-B 13.95 Gr SupAnnuat-Co11.30 Gr SupAnnuat-G 13.01 GrGratuity Bal 15.77 GrGratuity Cons 14.15 GrGratuity Grow 14.78 Growth 29.88 Growth Super 16.25 Guaranteed Dyna13.26 Guaranteed Inc 12.69 High Growth 12.37 Pens Gr Super 9.91 Pension Bal 15.36 Pension Conserv14.68 Pension Growth 17.48 Pension Secured13.88 Secured 15.69 UL Money Market10.77 UL Secure Plus 11.04 MET Accerlerator 22.89 Balancer 19.63 Balancer 2 10.43 Disconti Policy 10.31 Flexi Cap 10.25 Gratuit Debt 10.44 Gratuity Bal 11.53 Moderator 16.67 Multipler 23.92 Multiplier 2 10.25 NAV Guarantee 10.23 Preserver 14.12 Preserver 2 10.83 Protector 14.90 Protector 2 10.84 Return Guaran2 10.54 Return GuaranI 10.64 Virtue 10.32 Virtue 2 9.91 RELIANCE AIP -A 11.82 AIP -B 12.76 AIP -C 13.14 AIP Corp Bond 13.62 AIP Energy 10.08 AIP Equity 12.04 AIP Gilt 12.18 AIP Infrastruct 8.11 AIP Midcap 10.57 AIP Money Mkt 13.51 AIP Pure Equity 11.78 Discontinued Po 10.11 GG Balanced 13.60 GG Cap Secure 13.96 GG Corp Bond 12.66 GG Equity 12.86 GG Gilt 11.24 GG Growth 13.02 GG Infrastruc 9.16 GG Midcap 12.25 GG Money Market12.48 GG Pure Debt 12.64 GLE Balanced 11.48 GLE Corp Bond 13.43 GLE Equity 9.42 GLE Gilt 12.34 GLE Money Mkt 10.30 GLE Pure Debt 12.82 GRPS1 Insu.Bond12.57 GRPS1 Pens.Bond12.59 GSA Balanced 16.83 GSA Cap Secure 12.46 GSA Corp Bond 11.54 GSA Equity 11.07 GSA Gilt 10.27 GSA Growth 10.70 GSA Money Mkt 12.05 GSA Pure Debt 12.34 GSLI Balanced 12.83 GSLI Corp Bond 12.16 GSLI Energy 15.03 GSLI Equity 18.98 GSLI Gilt 11.07 GSLI Infrastruc 12.08 GSLI Midcap 17.61 GSLI Money Mkt 12.03 GSLI Pure Debt 12.00 GSLI Pure Eqty 18.16 GYP Balanced 17.05 GYP Cap Secure 15.08 GYP Energy 10.08 GYP Equity 13.96 GYP Growth 14.91 GYP Infrastruct 8.11 GYP Midcap 10.57 GYP Pure Equity11.78 High NAV Adv2 10.04 High NAV Advt1 9.13 Highest NAV 10.85 Imaan 13.04 Insu Bond New 11.83 MGP -D 13.38 MGP -E 13.54 MGP -F 13.57 MGP Return Shld13.54 MRP Balanced 17.05 MRP Cap Secure 15.02 MRP Energy 10.08 MRP Equity 28.30 MRP Growth 18.72 MRP Infrastruct 8.11 MRP Midcap 10.57 MRP Pure Equity11.78 New Balanced 10.56 New Corp Bond 10.79 New Energy 9.30 New Equity 10.35 New Fund A 10.43 New Fund B 10.58 New Fund C 10.56 New Fund D 10.42 New Fund E 10.58 New Fund F 10.69 New Fund G 10.56 New Fund H 10.42 New Gilt 10.78 New Growth 10.42 New Indian Trad 9.96 New Infra 8.29 New Midcap 8.95 New Money Mkt 10.96 New Pure Eqty 9.96 New Retu Shield 10.70 Pens Bond New 11.84 RPL Corp Bond 12.16 RPL Energy 15.03 RPL Eqty 18.98 RPL Gilt 11.07 RPL Infrastr 12.08 RPL Midcap 17.61 RPL Money Mkt 12.03 RPL Pure Eqty 18.16 SAIP A 11.82 SAIP B 12.76 SAIP C 13.14 SAIP Corp Bond 13.62 SAIP Energy 10.08 SAIP Equity 12.04 SAIP Gilt 12.18 SAIP Infrastruc 8.11 SAIP Midcap 10.57 SAIP Money Mkt13.51 SAIP Pure Eqty 11.78 SCP Energy 10.08 SCP Equity 9.20 SCP Fund (G) 11.94 SCP Fund (H) 11.03 SCP Infrastruct 8.11 SCP Midcap 10.57 SCP Pure Equity 11.78 SCP Return Shld 12.77 SGYP Balanced 17.05 SGYP Energy 10.08 SGYP Equity 12.04 SGYP Growth 14.91 SGYP Infrastruc 8.11 SGYP Midcap 10.57 SGYP Money Mkt12.05 SGYP Pure Eqty 11.78 SIP Corp Bond 12.59 SIP Energy 10.75 SIP Equity 12.43 SIP Gilt 11.62 SIP Infrastr 8.37 SIP Midcap 10.21 SIP Money Mkt 12.49 SIP Pure Equity 13.04 SIP+ CorpBond 12.59 SIP+ Energy 10.75 SIP+ Eqty 12.43 SIP+ Gilt 11.62 SIP+ Infrastruc 8.37 SIP+ Midcap 10.21 SIP+ MoneyMkt 12.49 SIP+ PureEqty 13.04 SLI Energy 15.03 SLI Equity 18.98 SLI Gilt 11.07 SLI Infrastruct 12.08 SLI Money Mkt 12.03 SLI Pure Equity 18.16 SMRP Balanced 17.05 SMRP Energy 10.08 SMRP Equity 12.04 SMRP Growth 18.72 SMRP Infrastruc 8.11 SMRP Midcap 10.57 SMRP Money Mkt12.05 SMRP Pure Eqty 11.78 TIPS1 Corp Bond12.68 TIPS1 Energy 10.20 TIPS1 Equity 12.43 TIPS1 Gilt 11.57 TIPS1 Infrastr 7.98 TIPS1 Midcap 10.64 TIPS1 MoneyMkt12.71 TIPS1 Pure Eqty 11.78 TIPS2 CorpBond 12.67 TIPS2 Energy 10.21 TIPS2 Equity 12.42 TIPS2 Gilt 11.57 TIPS2 Infrastr 7.97 TIPS2 Midcap 10.67 TIPS2 MoneyMkt12.70 TIPS2 Pure Eqty 11.78 W+HP -A 10.05 W+HP -B 11.21 W+HP Corp Bond12.77 W+HP Energy 10.08 W+HP Equity 10.00 W+HP Gilt 11.62 W+HP Infrastruc 8.11 W+HP Midcap 10.57 W+HP Money Mkt12.78 W+HP Pure Eqty11.78 SAHARA R Smart 13.98 Samanvay R Prim 9.81 Sanchay R -Bal 17.08 Sanchay R -G 16.40 Sanchay R -Sec 13.44 STAR UNION Express Bal 10.14 IA Balanced 10.70 IA Bond 10.71 IA Equity 10.47 IA Growth 10.57 IL Balanced 13.71 IL Bond 11.22 IL Equity 19.22 IL Growth 17.64 IPA Balanced 10.42 IPA Bond 10.69 IPA Equity 10.30 IPA Growth 10.26 IPF Balanced 13.03 IPF Bond 11.16 IPF Equity 16.01 IPF Growth 14.83 TATA AIG 110% CapGuarant11.17 AP 10Ret Lockin10.42 AP 15Ret Lockin10.36 AP 20Ret Lockin10.43 AP Retu Lockin 10.43 AggressiveFlexi 11.29 Aggrresive-G 15.67 Apex Investment10.00 Apex Pens 10-2 9.37 Apex Pens 15-2 9.41 Apex Pens 2 9.42 Apex Pens 20-2 9.47 Apex Plus -2 9.35 Apex+Ret Lockin10.42 ApexPens 10Invt10.00 ApexPens 15Invt10.00 ApexPens 20Invt10.00 ApexPlus Invt 10.00 ApexRet Lock-in 11.46 ApexRet Lockin210.74 Bal GrPens 12.52 Balanced Life 20.40 Bond 11.48

NAVs In `
NAV %CHG 0.16 -0.08 0.10 -2.06 -2.08 -0.09 -2.07 -0.41 0.16 -1.77 -0.80 -1.22 -0.48 -1.40 0.27 0.21 -2.11 -2.09 0.13 0.20 0.30 0.30 -1.94 -0.71 -0.09 -0.40 -2.01 -1.79 -1.79 0.19 -1.85 -1.92 -1.16 -0.94 -0.68 0.31 0.31

Bond GrPens 12.83 CapGuar Life 12.14 Discontinuance 10.22 Eqty Group Pens33.80 Equity Life 31.95 Fut Cap Gur Pen 11.75 Fut Eqty Pen 12.29 Fut Growth Pens12.26 Fut Income Pens12.16 Future Sel.Eqty 17.19 GrEnabler Life 11.23 GrMaximiz Life 9.73 Growth GrPens 12.48 Growth Life 24.67 Inc. Group Pens 15.04 Income Life 14.41 Infrastructure 9.72 Largecap Eq Lif 10.75 Liq. Group Pens 15.34 Liquid Life 15.04 ST FixInc -Life 13.51 ST FixInc-GrPen 13.36 Select Equity 17.66 Stable -G Life 15.35 Stable Flexi 11.30 Sup Invt Fund 10.00 Sup Rtn Lock-in 9.74 SupSel Eqty Pen 10.97 Super Sel. Eqty 11.51 Super110%CG Lif10.54 Top200 18.53 Top50 16.32 WL Midcap Agg G14.53 WL Midcap Eqty 13.64 WL Stable (G) 13.19 WholeLife ST FI 13.09 Wholelife Incom 13.02

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