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Transcript
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 • • • • • • 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 • • • • 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 Floor and Ceiling limits for investments in equities, bonds, MMI, GS etc 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 • Research based investment tool for Equity, Pension and Debt Funds • Signifies investment parameters • Proportional allocation to Sectors • Proportional allocation to companies within the sector • Constructed specifically for investment philosophy of underlying fund • 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 • Ideal for the less savvy investor • 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 • • • • • Portfolio Assets under management Diversification Matrix (Is your fund really diversified?) Benchmarking (Is the indexation right?) Spread Question time??? Thank You