DSP Black Rock Top 100 Equity Fund - Performance June 2011
DSP BlackRock Top 100 Equity Fund Open Ended Growth Scheme JUNE 2011 Scheme Performance (CAGR as on May 31, 2011) Scheme Objective DSP BlackRock Top 100 Equity Fund An Open Ended growth Scheme, seeking to generate Period (DSPBRTEF) - Regular Plan (Growth Option) BSE 100^ capital appreciation, from a portfolio that is Last 1 year 11.13% 7.52% substantially constituted of equity securities and equity related securities of the 100 largest corporates, by Last 3 years 10.15% 3.83% market capitalisation, listed in India. Last 5 years 17.96% 12.53% Since Inception 32.35% 25.03% NAV / Index Value (May 31, 2011) ` 100.401 9,720.96 Why Invest? SIP Returns (As on May 31, 2011) Consistently strong long-term track record, both in l DSPBRTEF BSE 100^ absolute terms and relative to its benchmark, since Period INVESTMENT its inception in 2003 VALUE (Rs.) CAGR VALUE (Rs.) CAGR Portfolio constitutes of blue-chip, large-cap stocks l 1 Year 12,000 12,104 1.62% 11,763 (3.65%) chosen from the 100 largest corporations by market 3 Year 36,000 47,533 18.95% 45,674 16.12% capitalization listed in India 5 Year 60,000 87,136 14.93% 77,433 10.15% Companies in this universe have achieved scale, l have good management resources and generally are Inception 98,000 2,63,242 23.43% 2,01,601 17.15% leaders in their industry categories Start date of SIP 10th March, 2003 l rated by independent analysts Highly l received several awards for its consistent Has^Benchmark. “Since inception” returns are calculated on ` 10/- invested at inception, viz. date ofallotment (10th March, 2003). All returns are for Regular Plan - Growth Option. The SIP investment performancereturns table assumes monthly investments of ` 1,000 being invested since the Date of Allotment.The SIP returns are computed on the assumption that the monthly installments were receivedacross time periods from the start date of SIP. The CAGR is computed based on IRR since the SIPinstalments are received at different intervals across the SIP period. XIRR calculates internal rate Asset Allocationof return for a series of cash flows. The benchmark returns are computed on the assumption thatthe value of the benchmark index is the price of one unit and “Since inception” returns are Equity and Equity related securities - 90% - 100%. Debt,computed from the “Start date of SIP”. Past performance may or may not be sustained in futureand should not be used as a basis for comparison with other investments. Securitised Debt and Money market securities - 0% - 10% Dividend History - DSPBRTEF (Regular Plan) Record Date Dividend per Unit (Rs.) Face Value (Rs.) NAV (Rs.)* Scheme Facts (as on May 31, 2011) 03-Sep-10 1.25 10.000 21.991 24-Jul-09 2.00 10.000 19.339 Scheme AUM (`): 3,020.67 Cr. 23-May-08 5.00 10.000 23.880 Scheme NAV (`): 100.401# 15-Jun-07 5.00 10.000 24.896 10-Apr-06 7.50 10.000 27.430 Launch Date: 10 March 2003 30-Nov-04 2.25 10.000 15.980 Benchmark: BSE 100 10-Feb-04 3.00 10.000 17.410 10-Nov-03 3.00 10.000 17.370 Min. Initial Investment (`): 5,000 (R.P.) 30-Jun-03 0.80 10.000 12.250 Standard Deviation^: 24.14%Post declaration of the dividend, the NAV of the scheme will fall to the extent of the dividendpay out and statutory levy (if any). *NAV at the time of declaration. For complete list of dividends, Beta^: 0.83visit www.dspblackrock.com. Past performance may or may not be sustained in future and R-Squared^: 93.67%should not be used as a basis for comparison with other investments. Sharpe Ratio^: 1.05 DSP BlackRock Mutual Fund: Awards and Accolades Treynor Ratio^: 0.30 ^Since Inception Ratios; #Regular Plan - Growth Option NDTV Profit Mutual Fund Awards 2010 DSP BlackRock Mutual Fund awarded Fiduciary Leadership Award Period: 5 years ending June 30, 2010; 15 fund houses eligible. DSP BlackRock Top 100 Equity Fund – Winner Category: Equity Large Cap. Total 17 Schemes eligible. Period: 3 year performance ending June 30, 2010. CNBC-TV18 CRISIL Mutual Fund Of The Year Awards 2011 DSP BlackRock Small and Mid Cap Fund – Winner Category: Small and Mid Cap Funds Schemes. Total 24 Schemes eligible. Period: 1 year performance ending Dec 31, 2010 Outlook Money Awards 2010 Equity Fund House Of The Year Award Category: Best Wealth Creator Award (Sub-category: Best Equity Fund House) Period: 3 years ending June 30, 2010 No. of eligible fund houses: 12 Past performance is no guarantee of future results.
Equity Market Outlookl market performance during May remained lackluster on the back of weak global cues. The expected withdrawal of the quantitative easing in the US resulted inEquity reversal of equity flows from emerging markets back to developed markets. India was no exception to this phenomenon with FII flows turning negative YTD.Domestically, inflation remains a concern with April end inflation at 8.66% much above the comfort level of the Reserve Bank of India (RBI). The RBI hiked both repo andl reverse repo rates by 50 basis points clearing indicating their intention of controlling inflation even at the cost of slightly lower growth going forward. While Indias GDP grew at 8.5% in FY-2011, the Q4 GDP growth stood at 7.8%, indicating a deceleration. But with softening of commodity prices globally and expectations that the interest rate cycle is peaking out, there could be some respite.The corporate earnings growth has remained in line with expectations, reinforcing India’s strong secular growth dynamics. But on the back of higher input costs and highl wage growth Indian companies are showing some signs of margin pressure.l equity market valuations at 14.4 (x) PE for FY12 looks reasonable with FY12 current earnings growth expectations of around 18%.Indian(Source: Morgan Stanley Research, IIFL Research, Bloomberg, Internal as of May 31, 2011) Portfolio Snapshot (As on May 31, 2011) Features Top 10 Stocks % to Net Assets Top 10 Sectors % To Net Assets • Minimum investment and minimum additional purchase - Regular Plan: Rs. 5,000/- and Rs. 1,000/- thereafter. Tata Consultancy Services 7.86% Banks 13.62% - Institutional Plan: Rs. 1 crore and Rs. 1,000/- thereafter ITC 7.10% Software 10.60% HDFC Bank 6.62% Consumer Non Durables 8.47% • Options available (for both plans) • Growth Housing Development Finance 6.12% Oil 8.45% • Dividend - Payout Dividend - Reinvest Dividend Corporation Finance 8.37% Larsen & Toubro 5.97% Petroleum Products 6.90% • Entry load: Nil Oil & Natural Gas Corpn 5.39% Pharmaceuticals 6.82% • Exit load (both plans): ICICI Bank 4.08% Construction Project 5.97% For holding period < 12 months: 1%; Bharat Petroleum Corpn. 3.71% Industrial Capital Goods 5.91% For holding period >= 12 months - NIL Tata Motors 3.61% Cement 4.23% Siemens 3.36% DisclaimersNDTV PROFIT MUTUAL FUND AWARDS 2010: DSP BlackRock Mutual Fund has won the Fiduciary Leadership Award at NDTV Profit Mutual Fund Award 2010. This award was to identifythe fund family most focused on acting in investors’ interest in its conduct. Top 15 fund houses in terms of assets were considered for the award excluding fund houses penalized bySEBI for any irregularity. The parameters for the award included track record of launching unnecessary new funds, relatively lower expenses compared to other funds in its category,overall investor base (Based on number of folios in relation to assets) and disclosure standards. This was based on five years data as on June 30, 2010. DSP BlackRock Top 100 EquityFund has won the NDTV Profit Mutual Fund Award 2010 in the Category – Equity Large Cap. The basis of the award was superior risk-adjusted performance over the past 3-years andthe past 1-year as on June 30, 2010. The Large Cap Equity Fund category is classified based on their portfolio attributes. Funds with atleast 3-year performance history and more thanRs 50 crore of average AUM in the past 6 months were considered. Funds belonging to the fund houses penalized by SEBI for any irregularity were excluded. Based on this criterion,only 17 Large-Cap Equity Funds were eligible for the award. Ranking Entity: Value Research. CNBC TV18 - CRISIL Mutual Fund of the Year Awards 2011: DSP BlackRock Small andMidcap Fund was the only scheme that won the CNBC TV18 - CRISIL Mutual Fund of the Year Award in the Small and Mid Cap Funds category. In total 24 schemes were eligible for theaward universe. Schemes present in all four quarterly CRISIL Mutual Fund Ranking were considered for the award. The award is based on consistency of the scheme’s performance inthe four quarterly CRISIL Mutual Fund Rankings released during the calendar year 2010. The individual CRISIL Mutual Fund Ranking parameter scores averaged for the four quarterswere further multiplied by the parameter weights as per the CRISIL Mutual Fund Ranking methodology to arrive at the final scores. A detailed methodology of the CRISIL Mutual FundRanking is available at www.crisil.com. Past performance is no guarantee of future results. Rankings and Award Source: CRISIL FundServices, CRISIL Ltd. Outlook Money Awards2010: DSP BlackRock Mutual Fund has won the Best Equity Fund House Award at Outlook Money Awards 2010. Category: Best Wealth Creator Award- This category was subdivided intothree parts: Best Fund House, Best Equity Fund House and Best Debt Fund House. Shortlisting Criteria: AUM of Rs 15,000 crore as on 30 June 2010; At least 40 per cent of the equityfunds (or debt funds if the fund house chose to focus only on debt funds) must have conformed to the tenure and minimum investment eligibility criteria of Outlook Money risk-returnrankings. Alternately, the fund house must have been ranked the previous year; The MF house was to have at least one scheme each in the large- and mid- cap categories for it to beconsidered in the Best Mutual Fund and Best Equity Fund House categories; Minimum track record of three years for all schemes; Returns were adjusted for risk; Sector schemes werenot considered; Outlook Money mutual fund rankings were used for this analysis. Following this, short-listed fund houses/AMCs were mailed questionnaires to gather specificinformation, both quantitative and qualitative. Only fund houses/AMCs that reverted with filled questionnaires competed in these awards. If any question was unanswered, the fundhouse/AMC would be given the lowest mark against that evaluation parameter. Evaluation Criteria: The questionnaires sent to the fund houses/AMCs were based on an evaluationprocess that considered the following parameters: Quantitative- How had the fund house/AMC performed vis-à-vis the category average? How many schemes were in the topquartile?; Qualitative- The facilities that the fund house/AMC offered and the satisfaction level of investors. Disclaimer: Outlook Money does not accept responsibility for anyinvestment decision taken by readers on the basis of information provided herein. The objective is to keep readers better informed and help them decide for themselves. RankingEntity: Outlook Money. DSP BlackRock Top 100 Equity Fund (DSPBRTEF) is an open ended growth Scheme, seeking to generate capital appreciation, from a portfolio that issubstantially constituted of equity securities and equity related securities of the 100 largest corporates, by market capitalisation, listed in India. DSP BlackRock Small and Mid Capfund (DSPBRSMF) is an open ended equity growth scheme, primarily seeking to generate long term capital appreciation from a portfolio substantially constituted of equityand equity related securities, which are not part of top 100 stocks by market capitalization. From time to time, the Investment Manager will also seek participation in otherequity and equity related securities to achieve optimal portfolio construction. Asset Allocation: Equity and equity related securities which are-(A) not part of top 100 stocksby market cap: 65% - 100%, (B) in the top 100 stocks by market cap: 0% - 35%; Of (A) & (B), investments in ADRs, GDRs & foreign securities: 0% - 25%; Debt and Money MarketSecurities: 0% - 10%. Statutory Details: DSP BlackRock Mutual Fund was set up as a Trust and the settlors/sponsors are DSP ADIKO Holdings Pvt. Ltd. & DSP HMK Holdings Pvt. Ltd.(collectively) and BlackRock Inc. (Combined liability restricted to Rs. 1 lakh). Trustee: DSP BlackRock Trustee Company Pvt. Ltd. Investment Manager: DSP BlackRock InvestmentManagers Pvt. Ltd. Risk Factors: Mutual funds, like securities investments, are subject to market and other risks and there can be no assurance that the Scheme’s objectiveswill be achieved. As with any investment in securities, the NAV of Units issued under the Scheme can go up or down depending on the factors and forces affecting capitalmarkets. Past performance of the sponsor/AMC/mutual fund does not indicate the future performance of the Scheme. Investors in the Scheme are not being offered a guaranteed orassured rate of return. Each Scheme/Plan is required to have (i) minimum 20 investors and (ii) no single investor holding>25% of corpus. If the aforesaid point (i) is not fulfilled withinthe prescribed time, the Scheme/Plan concerned will be wound up and in case of breach of the aforesaid point (ii) at the end of the prescribed period, the investor’s holding inexcess of 25% of the corpus will be redeemed as per SEBI guidelines. The names of the Schemes do not in any manner indicate the quality of the Schemes, their future prospectsor returns. For scheme specific risk factors, please refer the SID. For more details, please refer the Key Information Memorandum cum Application Forms, which are available on thewebsite, www.dspblackrock.com, and at the ISCs/Distributors. Please read the Scheme Information Document and Statement of Additional Information carefully beforeinvesting