Home > Wealth Stabiliser

Our View 25-Oct-2019

To know about PersonalFN's outlook on Equities, please refer the October 2019 issue of Investment Ideas Note.

About FundSelect Plus - Wealth Stabiliser

The Wealth Stabiliser Portfolio is designed for investors who are in quest of decent returns from the slightest possible risk levels. This portfolio is meant for investors having conservative risk appetite and willing to satisfy with moderate returns while taking lower risk well within their comfort level.

Objective: To take conservative risk for moderate returns, with an aim to generate stable wealth in the long run, by keeping higher allocation to relatively stable category of funds like large caps along with significant exposure to hybrid funds, offering diversification across asset class.

Suitable Risk Appetite: Conservative

Ideal Time Horizon: 3 to 5 Years

This portfolio is designed to participate in any market upsides but more importantly it has to provide a cushion from extreme downside witnessed during bearish market phases. The portfolio will lag / underperform its aggressive peers during bullish markets and on the contrary witness lower volatility in performance during uncertain markets. The Wealth Stabiliser portfolio is one of the best performing FundSelect Plus equity portfolios and has provided fair premium for the level of risk taken.

This portfolio consists of funds having slow mover advantage and have ability to participate and gain in market upsides while limit losses during market downsides. As a defensive strategy, we hold pure large cap and large cap oriented funds along with hybrid funds which may be slow movers in the upside markets, but limit the downside during uncertain / volatile markets. All funds in the portfolio have the ability to keep volatility under control.

Allocation to schemes in the recommended Wealth Stabiliser portfolio and the alternate scheme to each of the recommended schemes in the portfolio:

Allocation Alternate Schemes 1 Alternate Schemes 2
WEALTH STABILISER 10-Oct-19
Franklin India Equity Fund 19.5% Kotak Standard Multicap Fund
HDFC Hybrid Equity Fund 21.2% Mirae Asset Hybrid - Equity Fund SBI Equity Hybrid Fund
ICICI Pru Bluechip Fund 13.7% HDFC Top 100 Fund Axis Bluechip Fund
ICICI Prudential Multi-Asset Fund 13.5% Mirae Asset Hybrid - Equity Fund SBI Equity Hybrid Fund
L&T Hybrid Equity Fund 13.7% Mirae Asset Hybrid - Equity Fund SBI Equity Hybrid Fund
SBI BlueChip Fund 18.4% HDFC Top 100 Fund Axis Bluechip Fund
Wealth Stabiliser Portfolio Total 100.0%

PersonalFN recommendation as per equity fund selection process as of September 30, 2019.
Green= Buy
Blue= Hold
Red= Sell

  • You are requested to stick to the recommended portfolio as far as possible.
  • PersonalFN has provided alternative schemes (having similar style and mandate) for the convenience of subscribers who do not wish to invest in any of the scheme present in the recommended FundSelect Plus portfolio.
  • While choosing from the alternate schemes to replace the respective scheme for your portfolio, you need to strictly follow the allocation as mentioned above. For best results, you should not swap more than 2 funds in the recommended portfolio.
  • PersonalFN believes that your investment in a single fund house should not exceed 55% of your portfolio; hence if you choose to replace any scheme in the portfolio with the alternate scheme, you need to do it accordingly and consider your weightage to a single fund house as well.
  • Note: Alternate schemes are not the core recommendation under this portfolio. They are optional and may be subject to change / replacement, at the discretion of the research team. The reviews may not be available for alternate schemes.

Categorization of schemes in the Wealth Stabiliser Portfolio:

Scheme Name Category Expected Portfolio Strategy
Franklin India Equity Fund Multicap Will invest across market caps with a large cap bias
HDFC Hybrid Equity Fund Aggressive Hybrid Fund Will follow equity oriented hybrid strategy and invest 65% to 80% of its total assets in equities and 20% to 35% in debt instruments.
ICICI Pru Bluechip Fund Large Cap Will invest predominantly (Minimum 80%) in large cap stocks
ICICI Prudential Multi-Asset Fund Multi Asset Allocation Dynamic call on asset allocation, based on market valuation
L&T Hybrid Equity Fund Aggressive Hybrid Fund Equity oriented hybrid strategy
SBI Blue Chip Fund Large Cap Will invest predominantly in large cap stocks


Performance of FundSelect Plus - Wealth Stabiliser Portfolio (11th September 2019 to 10th October 2019)

Allocation NAV as on NAV as on Returns SD
Wealth Stabiliser 10-Oct-19 11-Sep-19 10-Oct-19 %
Franklin India Equity Fund (Growth) 19.5% 549.43 554.04 0.8
HDFC Hybrid Equity Fund - Direct (Growth) 21.2% 54.53 54.58 0.1
ICICI Pru Bluechip Fund - Direct (Growth) 13.7% 43.06 43.87 1.9
ICICI Prudential Multi-Asset Fund (Growth) 13.5% 261.47 258.68 -1.1
L&T Hybrid Equity Fund - Direct (Growth) 13.7% 27.00 27.36 1.3
SBI BlueChip Fund - Direct (Growth) 18.4% 40.44 41.36 2.3
Wealth Stabiliser - Total 100.0% 3,470,313.00 3,501,032.00 0.9 5.34
Benchmark - Wealth Stabiliser 2,860,402.00 2,868,774.00 0.3 5.73
S&P BSE Sensex 37,270.82 37,880.40 1.6
S&P BSE 200 Index 4,618.68 4,682.00 1.4

Over this review period i.e. 11th September 2019 to 10th October 2019, the recommended Wealth Stabiliser portfolio appreciated 0.9% in value and outperformed its benchmark portfolio (up 0.3%) by 0.6%. However, the recommended portfolio underperformed the S&P BSE 200 index (up 1.4%) by a margin of 0.5%.

Since its inception on July 2, 2007, the Wealth Stabiliser portfolio has delivered returns at around 10.7% CAGR and outperformed its benchmark portfolio by a considerable margin of around 63% on an absolute return basis. Also, since its inception the portfolio has outperformed the broader market index - S&P BSE 200, by a noticeable margin of around 92% on an absolute return basis.

In a trend that continues from the time we started monitoring the volatility of the FundSelect Plus portfolios, the Wealth Stabiliser Portfolio recorded lower volatility vis-a-vis its benchmark portfolio. Based on monthly rolling returns (since inception of the FundSelect Plus service) the Standard Deviation of the portfolio (5.34%) is far lower than that of its benchmark portfolio (5.73%). In other words, the Wealth Stabiliser Portfolio has exposed investors to lower volatility (risk) compared to its benchmark portfolio.
 

How the funds performed

Franklin India Equity Fund (present allocation 19.5%)

Franklin India Equity Fund is positioned under Multicap Funds category. Traditionally the fund has held predominant exposure to largecap stocks, with moderate exposure to mid and small sized companies. Strong investment processes, astute stock picking and sound risk management systems contribute to the superior performance of the fund and make it a dependable proposition. The weightage of equity assets in the fund's portfolio has historically been in the range of 85%-100% of its assets. Following bottom-up approach to stock picking, the fund holds anywhere between 50 to 70 stocks in its portfolio. It follows a combination of growth and value style of investing thereby focusing on growth prospects of the company but at the same time being cautious about the price that is being paid to acquire the stock.

Portfolio Strategy: As on September 30, 2019, Franklin India Equity Fund had an AUM of around Rs 10,761 crore. The fund was invested around 94.4% of its asset in equities, whereas the remaining 5.6% of its assets were in cash equivalent instruments. The fund's portfolio is diversified across market caps, but with a large cap bias. It currently holds about 74.8% allocation to large caps, 13.5% in midcaps and about 6.2% in small caps.

Franklin India Equity Fund held 57 Stocks in its portfolio, with names like HDFC Bank (8.8%), Infosys (6.4%), Bharti Airtel (6.3%), ICICI Bank (5.2%) and Axis Bank (4.5%) appearing among the top 5 stock holdings. These 5 stocks together accounted for around 31% of the portfolio. L&T, HCL Technologies, Mahindra & Mahindra, Kotak Mahindra Bank and Grasim were among the other prominent holdings in the fund's portfolio. Its concentration to the top 10 holdings was at around 46% of its assets. In the previous month, the fund managers have added HDFC Ltd. in the fund's portfolio to the extent of 1.1% of its assets, whereas completely exited from BPCL and Bata India where it had a combined exposure of 1.5%.

Performance: Over this review period, the value of Franklin India Equity Fund appreciated by 0.8%, thereby underperforming the S&P BSE 200 index by around 0.6%.

Our View: As per our latest review process dated September 2019, Franklin India Equity Fund arrives on our 'Hold' list, however the rating on the fund has been downgraded further.

Despite being a superior long term performer, Franklin India Equity Fund has been underperforming its benchmark and the category peers for quite some time. The fund manager's strategy of staying away from overvalued and momentum driven stocks and being invested in reasonably valued companies where they have high conviction has not worked in its favour. Evidently the fund manager's convictions have not rewarded as expected and may even take time to deliver. We have kept Franklin India Equity Fund on our watch list and are closely monitoring the performance and investment strategy of the fund. As the fund has not shown any significant improvement in performance, we are considering replacing this fund with a better performing and our top rated fund in the multi-cap category, like Kotak Standard Multicap Fund. We will be executing a change transaction by the end of this month.

Those investing in Franklin India Equity fund via SIP may consider stopping their ongoing SIP in the fund.


HDFC Hybrid Equity Fund (present allocation 21.2%)

HDFC Hybrid Equity Fund is categorized under aggressive hybrid funds and is mandated to invest 65% to 80% of its total assets in equities and 20% to 35% in debt instruments. This is very much in line with the investment style followed under its older version - HDFC Balanced Fund. The fund has put up a noteworthy achievement across all areas in terms of stock picking, portfolio construction and risk management. Its investment in stocks is based on the concept of economic earning power and cash return on investments. The fund manager looks to invest in "businesses with superior growth prospects and good management, at a reasonable price". Under debt, the fund maintains flexibility to invest in the entire range of debt instruments. Its superior risk-adjusted returns have been an outcome of sound investment processes that have been enhanced over the years. Driven by stringent process, HDFC Hybrid Equity Fund is suitable for investors having moderate risk appetite, and looking for a relatively stable and reliable fund in the aggressive hybrid funds category.

Portfolio Strategy: As per the last disclosed portfolio as on September 30, 2019, HDFC Hybrid Equity Fund held around 70.4% of its assets in equities, 0.2% in rights and 0.7% in Nifty ETF. The fund held around 27.9% of its portfolio in debt instruments consisting of G-secs (8.5%) and corporate debt instruments (19.3%), whereas the remaining 0.8% of its portfolio was in cash and equivalent instruments. The equity portion of the fund's portfolio is diversified across as many as 58 stocks. HDFC Bank (8.6%), ICICI Bank (5.7%), Infosys (5.4%), HDFC Ltd. (4.3%) and L&T (3.6%) were among the top 5 holdings in the portfolio, together accounting for around 27.7% of its assets. In the previous month, the fund manager didn't make any change in the equity holdings, keeping them intact.

Its equity portfolio is biased towards large caps (50.9%) along with significant exposure to mid-caps (12%) and small caps (7.7%). Among its debt holdings, the fund held around 8.5% of its assets in G-secs and about 19.3% in moderate to high rated corporate debt instruments.

Performance: Over the last one month, HDFC Hybrid Equity Fund ended almost flat registering a slight gain of 0.1% in value. While the fund underperformed the S&P BSE 200 index by a wide margin of 1.3%, it also underperformed its benchmark CRISIL Hybrid 35+65 Aggressive Index (up 0.99%) by 0.98%.

Our View: As per our latest review process dated September 2019, HDFC Hybrid Equity Fund arrives on our 'Buy' list. We maintain our Buy / Hold view on the fund.
 

ICICI Prudential Bluechip Fund (present allocation 13.7%)

ICICI Prudential Bluechip Fund is mandated to invest predominantly in large cap stocks and hold minimum 80% of its investment in equity & equity related instruments of large cap companies. The fund follows bottom up approach of stock picking whereby it shortlists companies for their merits. ICICI Prudential Bluechip Fund earlier use to limit its stock universe to top 200 stocks (by Market Capitalisation) listed on National Stock Exchange. However, this has changed. The fund now needs to invest in stocks from the universe of top 100 stocks (by Market Capitalisation), as per the list published by AMFI. The fund holds about 50 to 60 stocks in its portfolio, with no bias towards any particular sector.

Portfolio Strategy: As on September 30, 2019, ICICI Prudential Bluechip Fund had a huge AUM of over Rs 23,000 crore of which it held an allocation of around 89.5% in equities along with an exposure of 4.4% in Derivatives - Futures. Around 6.1% of its portfolio was held in debt and cash. The fund currently has about 52 stocks in its portfolio, with its major focus being towards popular names like HDFC Bank (9.4%), Infosys (6.9%), ICICI Bank (6.4%), Axis Bank (4.6%) and Bharti Airtel (4.0%). While the top 5 holdings accounted for around 31.4% of its assets, the top 10 holdings accounted for about 48.9% of the portfolio. In the previous month, the fund completely exited from Ambuja Cements that it has added recently.

Focusing on bluechip stocks, ICICI Prudential Bluechip Fund held around 86.3% of its assets in large caps and around 3.0% exposure in mid-caps. The fund held slight exposure of 0.2% in small caps.

Performance: Gaining around 1.8% in value over this review period, ICICI Prudential Bluechip Fund outperformed the S&P BSE 200 index by 0.4%. Notably the index appreciated 1.4% over this review period.

Our View: As per the latest review process dated September 2019, ICICI Prudential Bluechip Fund arrives on the 'Buy' list. PersonalFN is hopeful that the fund has the potential to generate better returns under turbulent market conditions. Therefore, PersonalFN recommends that you should stay invested in this fund with a long term view.
 

ICICI Prudential Multi-Asset Fund (present allocation 13.5%)

ICICI Prudential Multi-Asset Fund (erstwhile ICICI Prudential Dynamic Plan) is classified under Multi Asset Allocation category. The fund continues to follow its dynamic asset allocation strategy. It use to hold flexibility to invest upto 100% of its assets in Equity and Equity related securities and upto 100% in Debt and Money market securities (including securitised debt of 15%). However, this range has been changed slightly. The fund now has flexibility to allocate 10% to 80% of its assets in Equity and Equity related securities, 10% to 80% in Debt and Money Market instruments and 10% to80% in Gold /Gold ETF/Units of REITs & INVITs/ such other asset classes as may be permitted by SEBI from time to time.

ICICI Prudential Multi-Asset Fund usually considers its asset allocation after considering the prevailing market conditions, macroeconomic environment, performance of the corporate sector and general liquidity and other considerations in the economy. As a defensive strategy, it also holds privilege to reduce its equity exposure at higher market levels and vice versa. The fund has been consistent in its performance and holds a superior long term track record.

Portfolio Strategy: As of September 30, 2019, ICICI Prudential Multi-Asset Fund held about 69.7% of its corpus in domestic equities, 0.4% in Rights and 0.4% in Preference Shares. Among its non-equity holdings, the fund held 10.5% in corporate debt instruments, 1.9% in G-secs and 2.8% in Cash & Equivalents. The fund also holds a significant allocation of 13.1% into Gold and 1.3% in REITs & InvITs.

ICICI Prudential Multi-Asset Fund usually holds a well-diversified portfolio spread across market caps. As on September 30, 2019, the fund held 66 stocks in its portfolio with NTPC (9.1%), Bharti Airtel (7.3%), ICICI Bank (6.9%), ONGC (5.5%) and Vedanta (4.4%) appearing in its top 5 holdings, together occupying 33.2% in the portfolio, whereas the top 10 stocks accounted for around 48.8% of its assets.

In the previous month, the fund added TCS, Hindustan Zinc and Wheels India into its portfolio. At the same time it completely exited from L&T, Container Corporation Of India, JB Chemicals & Pharmaceuticals, SJVN Ltd. and Bharat Electronics.

Performance: Over this review period, ICICI Prudential Multi-Asset Fund suffered a loss of around 1.1% in NAV, thereby underperforming the S&P BSE 200 index (up 1.4%) by a significant margin of 2.5%.

Our View: As per our last review dated September 2019, ICICI Prudential Multi-Asset Fund commands a 'Buy' rating. Considering its conservative investment strategies and consistent long term track record, one can continue holding the fund with a long term view.

Given the change in its investment mandate due to its classification as multi asset fund, ICICI Prudential Multi-Asset Fund has proposed to now have a minimum 10% exposure to each asset class, including debt and alternate asset class like Gold and units of REITS & INVITs (which can go upto 80%, if the sentiments in equity and debt are not favourable). An over allocation (over 35%) to non-equity portion may have an impact on the fund's performance and even qualify the scheme under non-equity funds category from taxation point of view. We are keeping a close watch on the allocation employed by the fund manager.


L&T Hybrid Equity Fund (present allocation 13.7%)

Being an equity oriented hybrid fund, L&T India Prudence Fund has been classified under Aggressive Hybrid Funds category and renamed as L&T Hybrid Equity Fund. Being an aggressive hybrid fund, it will invest 65% to 80% of total assets in equities and 20% to 35% in debt instruments. This is nearly in line with its current mandate, where it allocates between 65-75% of the total assets to equities with a view to optimise returns and at the same time, maintains an allocation of 25-35% in debt and money market instruments to bring stability to the portfolio. L&T Hybrid Equity Fund adopts fundamentally driven bottom-up approach for stock picking. When it comes to stock selection, the fund house uses a proprietary investment process known as GEM, which comprises three rigorous steps - Generation of ideas, Evaluation of companies and Manufacturing and monitoring of portfolios. On the debt-side, it follows a conservative approach to provide stability to the portfolio.

Portfolio Strategy: As on September 30, 2019, L&T Hybrid Equity Fund held around 74.4% of its assets in equities, with around 19.7% of its assets in debt instruments consisting of G-secs and corporate debt instruments. The remaining 5.9% of its portfolio was in money market and cash equivalent instruments. On the equity side, L&T Hybrid Equity Fund held a well-diversified portfolio of 40 stocks. ICICI Bank (7.5%), HDFC Bank (7.1%), L&T (5.0%), Kotak Mahindra Bank (4.6%) and TCS (4.5%) figured among the top 5 holdings in the fund's portfolio, together accounting for around 28.7% of its assets. At the same time, the top 10 holdings occupied 44.1% of the fund's portfolio. In the previous month, the fund added Dabur India in its portfolio, while it completely exited from ITC Ltd..

Currently, the equity portion of the fund's portfolio is spread across market caps, with higher allocation to large caps. It held 57.3% of its assets in large caps, 13.2% in midcaps and 3.8% in small caps.

On the debt side, the fund held 5.2% of the portfolio in Sovereign rated G-secs and 14.5% in moderate to high rated corporate debt instruments.

Performance: Registering a gain of 1.3% over this review period, L&T Hybrid Equity Fund trailed the S&P BSE 200 index (up 1.4%) by 0.1%.

Our View: As per our latest review process dated September 2019, L&T Hybrid Equity Fund has slipped to our 'Sell' list.

We are putting L&T Hybrid Equity Fund on our watch list and may consider replacing it with better performing peer like Mirae Asset Hybrid - Equity Fund (one of our top rated funds in the aggressive hybrid funds category).

Investors having SIP in L&T Hybrid Equity Fund may consider stopping their future SIP investments in this fund.


SBI Blue Chip Fund (present allocation 18.4%)

SBI Blue Chip Fund is one of the well-managed large-cap funds that has delivered phenomenal performance over longer periods in the past. Categorized as a large-cap fund, SBI Blue Chip Fund will continue to invest a minimum 80% of its assets in large-cap stocks (defined as the top 100 companies in terms of market-cap). It also invests about 15%-20% of its portfolio in mid-cap stocks. This market cap allocation strategy allows investors to benefit from a mix of stability and growth. It also helps the fund boost returns in a bull phase when mid-cap stocks often outperform their large-cap counterparts. The fund dynamically varies the allocation to mid-caps depending on the market outlook and prevailing valuations. This along with other risk management techniques has helped the fund deliver superior risk adjusted returns for its investors.

Portfolio Strategy: As on September 30, 2019, SBI Blue Chip Fund had a huge corpus of around Rs 22,742 crore. The fund held around 93.5% of its assets in equities, whereas the remaining 6.5% of its portfolio was in cash and equivalent instruments. The fund usually holds a fairly diversified portfolio of 50 to 60 stocks. As per its last disclosed portfolio on September 30, 2019, the fund held exposure to 51 stocks, with HDFC Bank (9.7%), ICICI Bank (6.5%), L&T (5.2%), ITC (4.8%) and Infosys (4.1%) appearing among its top 5 holdings, together accounting for around 30.3% of its assets. The top 10 holdings comprised 47.8% of the portfolio. In the previous month, the fund manager added ICICI Lombard General Insurance Co. in its portfolio, whereas continued with its other holdings.

In terms of market cap allocation, SBI Blue Chip Fund usually holds around 80% to 90% of its portfolio in large cap stocks and up to 20% in mid and small caps. As per the last disclosed portfolio, the fund held 82.1% of its assets in large caps, 10.6% in midcaps and 0.8% in small caps.

Performance: Over this review period, the value of SBI Blue Chip Fund appreciated 2.3%, thus outperforming the S&P BSE 200 index (up 1.4%) by a margin of 0.9%.

Our View: As per our latest review process dated September 2019, SBI Blue Chip Fund arrives on our 'Hold' list. We continue to Hold the fund in the recommended portfolio.

Note for SIP Investors: SBI Blue Chip Fund has been a superior long term performer. Therefore, in spite of it being on the 'Hold' list of PersonalFN, existing investors may continue with their SIP investments in SBI Blue Chip Fund.
 

NAV data as on October 10, 2019
 


DISCLOSURE AS PER SECURITIES AND EXCHANGE BOARD OF INDIA (RESEARCH ANALYSTS) REGULATIONS, 2014
 

About the Company including business activity

Quantum Information Services Private Limited (QIS) was incorporated on December 19, 1989.

QIS was promoted by Mr. Ajit Dayal with an objective of providing value-based information / views on news related to equity markets, the economy in general, sector analysis, budget review and various personal products and investments options available to the Public. It was the first company to start equity research on an institutional level.

'PersonalFN' is a service brand of QIS and was started in the year 1999. In 1999, the Company registered the Domain name www.personalfn.com for providing information on mutual funds and personal financial planning, financial markets in general, etc and services related to financial planning and research in various financial instruments including mutual funds, insurance and fixed income products to customers. It offers asset allocation and researched investment recommendations through its financial planning services.

Disciplinary history

There are no outstanding litigations against the Company, it subsidiaries and its Directors.

For the terms and condition for research report click here.

Details of associates

  1. Money Simplified Services Limited;
  2. PersonalFN Insurance Services India Limited ;
  3. Equitymaster Agora Research Private Limited;
  4. Common Sense Living Private Limited;
  5. Quantum Advisors Private Limited;
  6. Quantum Asset Management Company Private Limited;
  7. HelpYourNGO Private Limited;
  8. HelpYourNGO Foundation;
  9. QIEF Management LLC, Mauritius
  10. Natural Streets for Performing Arts Foundation;
  11. Primary Real Estate Advisors Private Limited;
  12. Rahul Goel;
  13. I V Subramaniam.

Disclosure with regard to ownership and material conflicts of interest
 

  1. (a) QIS and its Associates, have financial interest in the subject Company, and QIS receives fees for providing research to Quantum Equity Fund of Fund (QEFoF) which is Fund of Fund scheme managed by Quantum Asset Management Company Private Limited.

    (b) Neither of the Research Analyst of QIS or his/her relative have any financial interest in the subject Company.
  2. Neither QIS, it's Associates, Research Analyst or his/her relative have actual/beneficial ownership of one per cent or more securities of the subject Company, at the end of the month immediately preceding the date of publication of the research report.
  3. Neither QIS, it's Associates, Research Analyst or his/her relative has any other material conflict of interest at the time of publication of the research report except that QIS (PersonalFN) is, as per SEBI (Mutual Funds) Regulations 1996, an associate / group Company of Quantum Asset Management Company Private Limited and Trustees and Sponsor of Quantum Mutual Fund (QMF) and to that extent there may be conflict of interest while recommending any schemes of QMF. However any such recommendation or reference made is based on the standard evaluation and selection process, which applies uniformly for all Mutual Fund Schemes. The payment of commission (upfront /annualized & trail), if any, for any Schemes by QMF to QIS (PersonalFN) is also at arm's length and as per prevailing market practices
     

Disclosure with regard to receipt of Compensation

  1. Neither QIS nor it's Associates have any compensation from the subject Company in the past twelve months.
  2. Neither QIS nor it's Associates have managed or co-managed public offering of securities for the subject Company in the past twelve months.
  3. Neither QIS nor it's Associates have received any compensation for investment banking or merchant banking or brokerage services from the subject Company in the past twelve months.
  4. Neither QIS nor it's Associates have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months, except that QIS had receive fees for services under sponsorship agreement from Franklin Templeton Asset Management India Pvt. Ltd.
  5. Neither QIS nor it's Associates have received any compensation or other benefits from the subject Company or third party in connection with the research report
     

General disclosure

  1. The Research Analyst has not served as an officer, director or employee of the subject Company.
  2. QIS or the Research Analyst has not been engaged in market making activity for the subject Company.
     

Subject Company means Mutual Fund Schemes

Quantum Information Services Pvt. Ltd. 101, Raheja Chambers, 213, Nariman Point, Mumbai - 400021. Tel: +91 22 6136 1200
Website : www.personalfn.com CIN: U65990MH1989PTC054667