Download Mnyl - Funds-apr 2010

MNYL Funds
An Insight
Performance Objective
By the end of the session the participants will be able to
• Describe the Philosophy of MNYL Funds
• Establish functioning of MNYL Investment Team
• Analyze a Fund on Technicals and Fundamentals
• Answer queries related to MNYL Funds from field resources
Asset Class Dispersion
Assets Under Management
3126 Cr
MAX NEW YORK SECURED FUND
400,430,807.80
MAX NEW YORK CONSERVATIVE FUND
265,386,769.91
MAX NEW YORK BALANCED FUND
MAX NEW YORK GROWTH FUND
MAX NEW YORK - GROWTH SUPER FUND
MAX NEW YORK - HIGH GROWTH FUND
MAX NEW YORK - DYNAMIC OPPORTUNITIES FUND
1,655,875,560.97
21,026,517,746.16
5,855,164,290.91
69,713,820.67
300,337,459.01
MAX NEW YORK PENSION SECURED FUND
54,506,971.83
MAX NEW YORK PENSION CONSERVATIVE FUND
30,705,055.89
MAX NEW YORK PENSION BALANCED FUND
119,587,654.23
MAX NEW YORK PENSION GROWTH FUND
724,924,824.98
MAX NEW YORK - PENSION GROWTH SUPER FUND
551,846,781.43
MAX NEW YORK - GROUP GR GROWTH FUND
41,985,061.03
MAX NEW YORK - GROUP GR BALANCED FUND
37,548,285.42
MAX NEW YORK - GROUP GR CONSERVATIVE FUND
113,062,230.34
MAX NEW YORK - GR SUPER BALANCED FUND
81,903.51
MAX NEW YORK - GUARANTEED FD-DYNAMIC
12,570,260.02
Investment Team
Sunil Kakar
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In charge of Finance, Accounts, Investment & Risk mgmt.
20 years of diversified banking experience
Financial Control, Branch Admin, Operations, Risk & Treasury).
Director on Board where Bank of America was a shareholder.
Monitored risk management systems
Introduced new treasury products like currency options.
Prashant Sharma
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•
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Chartered Accountant and CFA from the CFA Institute.
Handling Investment Portfolio since 2001.
Responsible for performance of both Equity & Debt portfolios.
Worked with KPMG in the Assurance division.
Vikas Datt
(AVP) Middle Office
• MBA from CSU Australia and has over 10 years of experience.
• With MNYL since 2002 in Distribution Strategy, Financial
• Risk Management & Compliance Expert.
Sachin Bajaj
• 9 years experience in Treasury, Banking and Fund Mgmt.
• PG diploma in Finance.
• With MNYL for 6 years in Strategy and Investment Function.
Director and CFO
VP (Investments)
& Fund Manager
Manager Investments
Analyst
Fund Philosophy
Growth
Super
Aims at higher returns from predominantly equity instruments.
Rides volatility wave, Profit booking at high levels
Research based individual stock picks
Growth
Diluted reliance on equities compared to Growth Super
Large equity/debt band spread offers a hedge against volatility
Balanced
Proportionate spread in debt & equity for moderate risk takers.
Offers an equity upside while maintains a steady NAV increase from
Fixed Income Instruments
Conservative Timing the market with nil to small equity participation
Predominantly investing in Fixed Income Instruments
Longer investment horizon with focus on steady NAV growth
Secure
Focus on safety with investments in AAA rated debt instruments
Capital preservation is the key driving parameter rather than returns
Money also invested in liquid funds in the varying interest scenario
Investment Indicators (Debt)
Investment grade
Sub investment grade
AAA
Best quality
BB
Speculative
AA
High quality
B
Highly Speculative
A
Upper medium
CCC
Poor
BBB
Lower Medium
D
In default
NR
Not Rated
Cash and Equivalents  Cash and money market instruments
Investment Indicators (Equity)
Growth Stocks
Value Stocks
• Tracked individually based on
Research and Recommendation
• Fundamentally strongest stocks that
are Key market/economy drivers
• Part of the portfolio to ride the
volatility wave
• Generally large caps with a proven
dividend history
• Strong short term upside potential
with profit booking
• Core sectors and Infra based stocks
that form a part of Indices
• Strongly linked to market sentiment
and seasonality
• Short term and long term horizons
taken into consideration
Fund Management Process
Departmental Functions
•
Front office: Responsible for investment decisions
CFO  Fund Manager  Analyst (Sector / Industry Expert)
•
Mid Office: Responsible for compliance issues
Regulator Issues  SEBI Directives  Sectoral / Company Exposure
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Floor and Ceiling limits for investments in equities, bonds, MMI, GS etc
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Min Ratings of investments in bonds;

Market capitalization in case of equity investments; etc.
•
Back Office: Settlement of investment deals and maintains accounts
Deal Settlement  Brokerage Quotes  NAV Calculation  Accounts
•
Dealers: Broking houses of Debt and Equity also offer recommendations
Model Equity Portfolio
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Research based investment tool for Equity, Pension and Debt Funds
•
Signifies investment parameters
•
Proportional allocation to Sectors
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Proportional allocation to companies within the sector
•
Constructed specifically for investment philosophy of underlying fund
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Endeavour is to keep actual portfolio closest to MEP
Growth Super V/s High Growth
Growth Super
• Large diversification of Equity
Portfolio in terms of No. of Scrips
(Around 60 Scrips)
High Growth
• Slightly less diversification with
almost 40 stocks aiming at growth
• Fundamentally strongest stocks in
• Concentration towards Blue Chip and the core sectors
strong value stocks with high dividend
• Select midcap stocks chosen to give
yields as well
that punch of upside with immediate
profit booking
• Strong short term upside potential
with profit booking
• Core sectors and Infra based stocks
• Strongly linked to market sentiment that form a part of Indices
and seasonality
• Short term and long term horizons
taken into consideration
Dynamic Opportunities Fund
•
No constraint on asset classes
•
Gives flexibility to the fund manager
•
Aim of fund manager is to generate NAV growth on a daily basis
•
Offers wide range of risk appetite
•
Allows 100% exposure in equity or 100% in debt
•
Highest possibility of riding the volatility wave
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Ideal for the less savvy investor
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Usage of multiple debt instruments without any restrictions
Fund performance since inception
Period: 54 Months
Since Launch of Growth Super Fund
Growth Super Portfolio
Performance V/s Benchmark
The Following Benchmarks are used for evaluating
the performance of funds.
Asset type
Benchmark
Debt
CRISIL Bond Index
Short term Debt(less than 1
Yr)
CRISIL Short Term Index
Equities
NSE NIFTY
Gov. Securities
I-Sec Gilt Index
Performance V/s Benchmark
MNYL FUND RETURNS
AS ON
16-Mar-09
NIFTY
Fund Return
Fund Name
Benchmark Return
Funds vs Bench Mark Return
YTD
Last 1 year
Since
inception
YTD
Last 1 year
Since
inception
YTD
Last 1 year
Since
inception
SECURE
-1.7%
13.8%
7.4%
-1.9%
10.6%
7.0%
0.2%
3.2%
0.5%
CONSERVATIVE
-1.8%
3.3%
9.2%
-2.2%
2.8%
7.3%
0.4%
0.4%
1.9%
BALANCED
-1.7%
-7.5%
11.2%
-3.0%
-13.4%
8.0%
1.2%
5.9%
3.2%
GROWTH
-3.6%
-19.8%
14.7%
-4.4%
-28.9%
9.3%
0.8%
9.1%
5.4%
GROWTH SUPER
-5.5%
-33.7%
-13.0%
-6.1%
-41.5%
-21.6%
0.7%
7.7%
8.6%
MNYL Fund Performance
Particulars
Value on
1 Oct 2004
Value on
Absolute
20 Apr 2009 Returns (%)
CAGR (%)
Sensex
5587.46
10979.5
196.5
16.0
Growth
10
20.98
209.8
17.7
Balanced
10
17.04
170.41
12.4
Conservative
10
15.54
55.41
10.2
Secure
10
14.02
40.2
7.7
Fundamentals of Fund Analysis
• Investment Objective
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Portfolio
Assets under management
Diversification Matrix (Is your fund really diversified?)
Benchmarking (Is the indexation right?)
Spread
Question time???
Thank You