1 NFO Opens: 10 th March 2015 NFO Closes: 24 th March 2015 Scheme Re-Opens: On or before 10 th April 2015 This product is suitable for investors who are seeking*: Income and capital appreciation Dynamic Asset allocation between equity related Instruments and fixed income instruments so as to provide with long term capital appreciation. High risk. (Brown) *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. Note: Risk may be represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their principal will be at high risk
2 Index The Asset Allocation Puzzle Need for Asset Allocation Why have a Dynamic Asset Allocation Strategy? SBI Dynamic Asset Allocation Fund Key Features Why Invest? Investment Team
3 The Asset Allocation Puzzle
4 The Asset Race: Winners change frequently 2014 Equity Debt Cash Calendar Year Performance 14% 9% 30% Winner Equity % 9% 4% Cash % 9% 26% Equity % 8% 7% Cash % 5% 17% Equity % 4% 81% Equity % 9% 8% Debt The top & bottom performing asset class changes from year to year! Past performance may or may not be sustained in future. Source: Bloomberg, CRISIL Fund Analyzer. Equity refers to S&P BSE Sensex, Debt refers to Crisil Composite Bond Fund Index, Cash refers to Crisil Liquid Fund Index
5 The Asset Allocation Puzzle! What do I do?
6 Need for Asset Allocation
7 Every asset has its place in the puzzle Equity Debt Cash Long term Wealth Generator Higher potential for gain Potential Hedge against Inflation Regular Income Lower risk Potential to preserve capital in times of downturn High Liquidity Safe avenue for parking extra cash High Risk Higher Volatility Conservative Investments Possibility of lower than inflation returns Very low inflation adjusted potential returns
8 In times of crisis, correlation comes to the forefront In the long term, equity, debt & cash have low correlation with each other However, when markets crash, equity has a negative correlation with debt & cash Equity Debt Long Term Correlation (Mar 2002 to Jan 2015) Debt 0.13 Cash Correlation in times of Equity Market Crash Sep 2008 (Lehman Crisis) Debt Cash Aug Sep 2011 (Sovereign Debt Crisis) Debt Cash Past performance may or may not be sustained in future. Source: Bloomberg, CRISIL Fund Analyzer. Equity refers to S&P BSE Sensex, Debt refers to Crisil Composite Bond Fund Index, Cash refers to Crisil Liquid Fund Index. Correlation above has been calculated on daily returns.
9 Diversifying the portfolio leads to stability Combining equity with debt stabilizes the portfolio without compromising on growth 100% 80% 60% Rolling 3 year return (Mar 2002* Jan 2015) Higher Return Higher Risk Lower Return Lower Risk 40% 20% 0% Average Return 19% Average Return 13% Average Return 6% Average Return 7% -20% Equity Simulated Portfolio Debt Cash Past performance may or may not be sustained in future. Source: Bloomberg, CRISIL Fund Analyzer. Equity refers to S&P BSE Sensex, Debt refers to Crisil Composite Bond Fund Index, Cash refers to Crisil Liquid Fund Index Simulated Portfolio refers to 50% S&P BSE Sensex + 25% Crisil Composite Bond Fund Index + 25% Crisil Liquid Fund Index rebalanced on a daily basis. The above chart depicts the high-average-low 3 year return (CAGR) of the specified asset classes/ simulated portfolio.*launch of Crisil Composite Bond Fund Index & Crisil Liquid Fund Index.
10 Diversification solves the Asset Allocation puzzle Return Return Diversifying across asset classes helps generate superior risk adjusted returns under different market cycles 8% 6% 4% 2% Cash Debt Falling Equity markets Risk Return for the period: Dec 07 to Dec 09 Simulated Portfolio 25% 20% 15% Rising Equity markets Risk Return for the period: Dec 12 to Jan 15 Simulated Portfolio Equity 0% 0% 10% 20% 30% 40% 50% -2% -4% Cash 10% 5% Debt -6% -8% Risk Equity 0% 0% 5% 10% 15% 20% Risk Past performance may or may not be sustained in future. Source: Bloomberg, CRISIL Fund Analyzer. Equity refers to S&P BSE Sensex, Debt refers to Crisil Composite Bond Fund Index. Simulated Portfolio refers to 50% S&P BSE Sensex + 25% Crisil Composite Bond Fund Index + 25% Crisil Liquid Fund Index rebalanced on a daily basis. Risk above refers to standard deviation. Standard deviation has been calculated on daily returns. Returns above are CAGR returns for the specified period.
11 Why have a Dynamic Asset Allocation Strategy?
12 Dilemma faced by Investors Asset Allocation is important. But how do I manage my portfolio? How do I control my bias while taking investment decisions? How do I time the markets? How do I allocate assets & rebalance my portfolio in a cost effective manner?
13 Traditionally past performance drives flows Before After Equity returns (Mar 07 Mar 08): 19.7% Equity Fund Inflows in Mar 07 Mar 08: +ve Rs. 46,933 crs What happened Equity returns (Mar 08 Mar 09): -37.9% Equity returns (Mar 11 Mar 13): -3.1% Equity Fund Outflows in Mar 12 Mar 13: -ve Rs. -14,587 crs What happened Equity returns (Mar 13 Jan 15): 54.9% Investors typically make the mistake of buying at peaks & selling at lows An asset allocation model which dynamically allocates will remove the bias of investors Past performance may or may not be sustained in future. Source: Bloomberg, AMFI. Equity refers to S&P BSE Sensex. Returns refers to absolute returns.
14 Dynamic Asset Allocation: The Solution Model driven asset allocation which decides the appropriate allocation to equity, debt & cash No Emotional Bias No need for timing the market Operationally Effective both from cost & tax perspective & reduces transactional hassles
15 SBI Dynamic Asset Allocation Fund
16 SBI Dynamic Asset Allocation Fund at work Objective: To dynamically allocate across asset classes in order to generate superior risk adjusted returns Momentum Rate of Change in Momentum Equity: 0 to 100% Debt & Money Market Instruments: 0 to 100% Market Strengths Exhaustion of Momentum Market Weakness
17 Parameters driving the model Momentum Rate of Change in Momentum Exhaustion of Momentum Purpose Indicates trends & change in the psychology of market participants Mitigates the effect of sharp movements in markets Attempts to pinpoint market peaks or bottoms Identifies likely momentum exhaustion points When does it come into play Under normal market conditions Under normal market conditions At market inflection points Model works on exhaustive checklists & filters to generate buy or sell signals
18 Model dynamically allocates between assets Average Equity Allocation S&PBSE Sensex Index Level Average Equity Allocation along with Index Levels Sensex moved from 20,287 to 9,647 Sensex moved from 15,455 to 19,427 80% 71% 68% Equity markets fell by 52% in 2008 Equity markets rose by 26% in ,000 60% 40% 59% 59% 61% 33% 48% 54% 41% 60% 45% 50% 25,000 20,000 15,000 20% 10,000 0% 5,000 Average Equity Weight S&P BSE Sensex Past performance may or may not be sustained in future. Source: Internal, Bloomberg. The chart above is provided purely to explain the concept of SBI Dynamic Asset Allocation Fund (SDAAF) proprietary model & does not in any manner indicate the future results or asset allocation.
19 Model dynamically allocates between assets Average Debt Allocation Crisil 10 Year Gilt Index 35% 30% Average Debt Allocation with Index Levels 10 year G Sec moved from 5.26% to 7.59% Gilt Index fell by 8.7% in year G Sec moved from 8.82% to 7.86% Gilt Index rose by 14.1% in % 2,800 2,600 26% 2,400 25% 20% 17% 19% 20% 21% 17% 2,200 2,000 15% 10% 12% 10% 9% 13% 10% 1,800 1,600 1,400 5% 1,200 0% 1,000 Average Debt Weight Crisil 10Yr Gilt Index Past performance may or may not be sustained in future. Source: Internal, Bloomberg. The chart above is provided purely to explain the concept of SBI Dynamic Asset Allocation Fund (SDAAF) proprietary model & does not in any manner indicate the future results or asset allocation.
20 Dynamic Asset Allocation Model performs in the long term May-02 Jun-03 Jun-04 Jul-05 Aug-06 Aug-07 Sep-08 Oct-09 Oct-10 Nov-11 Nov-12 Dec-13 Jan-15 Dynamic Asset Allocation Model generates stable risk adjusted returns in the long term Growth of Rs. 100 (Period: May 2002 to Jan 2015) Equity Debt SDAAF Model Past performance may or may not be sustained in future. Source: Internal, Bloomberg. Equity refers to S&P BSE Sensex, Debt refers to CRISIL 10 Year Gilt Index. The chart above is provided purely to explain the concept of SBI Dynamic Asset Allocation Fund (SDAAF) proprietary model & does not in any manner indicate the future results.
21 Optimal Asset Allocation is the key to reducing volatility Dynamic Asset Allocation Model reduces the volatility in the portfolio which in turn minimizes the drawdown 70% Rolling 3 year returns (May 2002 Jan 2015) 60% 50% 40% 30% 20% Average Return 20% Average Return 24% 10% 0% Average Return 5% -10% -20% Equity Debt SDAAF Model Past performance may or may not be sustained in future. Source: Internal, Bloomberg. Equity refers to S&P BSE Sensex, Debt refers to CRISIL 10 Year Gilt Index. The chart above is provided purely to explain the concept of SBI Dynamic Asset Allocation Fund (SDAAF) proprietary model & does not in any manner indicate the future results. The above chart depicts the high-average-low 3 year return (CAGR) of the specified asset classes/ model.
22 Dynamic Asset Allocation helps to navigate volatility Subprime Crisis (Sep 2008) Rupee Crisis (July 2013) Dynamic Asset Allocation Model reduces the period required to recover from market crisis Months to recover from a crisis Equity 32 SDAAF Model 11 Debt 15 SDAAF Model 2 Past performance may or may not be sustained in future. Source: Internal, Bloomberg. Equity refers to S&P BSE Sensex, Debt refers to CRISIL 10 Year Gilt Index. The chart above is provided purely to explain the concept of SBI Dynamic Asset Allocation Fund (SDAAF) proprietary model & does not in any manner indicate the future results.
23 Model helps to minimize drawdowns May-02 Jun-03 Jun-04 Jul-05 Aug-06 Aug-07 Sep-08 Oct-09 Oct-10 Nov-11 Dec-12 Dec-13 Jan-15 Dynamic Asset Allocation Model attempts to minimize the portfolio drawdown in order to generate stable returns 0% 10% 20% 30% 40% 50% 60% Equity Debt SDAAF Model 70% Past performance may or may not be sustained in future. Source: Internal, Bloomberg. Equity refers to S&P BSE Sensex, Debt refers to CRISIL 10 Year Gilt Index. The chart above is provided purely to explain the concept of SBI Dynamic Asset Allocation Fund (SDAAF) proprietary model & does not in any manner indicate the future results.
24 Fund Philosophy & Asset Allocation Aims to provide investors with an opportunity to invest in a portfolio of a mix of equity and equity related securities and fixed income instruments which will be managed dynamically so as to provide investors with long term capital appreciation Invests across equity, debt & cash Aims to generate appreciation through asset allocation Suitable for investors looking for superior risk adjusted returns over the long term Indicative Asset Allocation Instruments Indicative allocations (% of total assets)* Risk Profile Minimum Maximum Equity and equity related instruments including foreign securities# High Debt and Money Market instruments* Low to Medium * Exposure to securitized debt may be to the extent of 20% of the net assets. Exposure in derivatives will not exceed 50% of the net asset of the Scheme. The cumulative gross exposure through Equity & Equity related instruments, Debt & Money Market Securities including derivatives positions will not exceed 100% of the net asset of the Scheme. The Scheme shall not invest in repo in corporate debt. The Scheme may engage in securities lending and short selling in accordance with SEBI (MF) Regulations. #Investments in foreign securities /ADR/GDR/ would comply with the Guidelines and overall limits laid down for Mutual funds by SEBI for investments in foreign securities.
25 Key Features Plans/ Options Benchmark The Scheme has two plans viz. Regular plan & Direct plan. Both plans would offer Growth & Dividend options. Dividend option will have the facility of Reinvestment, Payout & Transfer 50% Crisil 1 year CD Index + 50% BSE S&P Sensex Fund Manager Load Structure Minimum Application Amount For Equity & Equity related, Debt & Money Market Instruments: Mr. Dinesh Balachandran For Foreign Securities: Ms. Nidhi Chawla Entry Load: Not Applicable Exit Load: For exit within 1 year from the date of allotment -2% For exit after 1 year but within 2 years from the date of allotment -1% For exit after 2 years from the date of allotment - Nil Rs. 5,000/- and in multiples of Re. 1 thereafter Additional Purchase Amount Rs. 1,000/- and in multiples of Re. 1 thereafter
26 Clarifications on Tax Query Clarification What will be the category of the fund? How will the category of the scheme be defined? What is the % of equity shareholding required for the fund to be defined as an equity fund? How is the % of equity shareholding calculated? What is the relevant date for tax status purpose? What is the relevance of investment date? How can the investor know about the status of the scheme on the date of their redemption? Can be both Equity Oriented Scheme or Non-equity Oriented scheme Based on the equity shareholding of the fund of last 12 months More than 65% Percentage of equity shareholding will be computed with reference to the annual average of the monthly averages of the opening and closing figures For redemption Date of redemption For dividend Record date of the dividend It is used for calculating the long term or short term capital gains. However, taxation status (Equity or Debt) is defined on the basis of status of the scheme on the day of redemption. On monthly basis, monthly average (average of opening & closing) of equity & debt holdings will be disclosed on the website of SBI Mutual Fund ( A history of past 5 years of these averages will be available on website. Investor can use this data to calculate the status of the scheme on the date of their redemption. The above table has been given for general information only. Investors are advised to consult their Tax/ Financial Advisor before taking decision of Investment.
27 Tax Illustration Date of Investment Date of Sale/ Redemption Tenure of holding in days Average of the monthly averages of percentage equity shareholding Asset class classification for taxation (equity oriented/other than equity oriented) (A) Term classificatio n for taxation (short term /long term) (B) Current applicable tax rates* Scenario 1 06-Nov Feb % Other than Equity Short Marginal tax rate of investor Scenario 2 13-Mar Mar % Other than Equity Short Marginal tax rate of investor Scenario 3 10-Dec Apr % Other than Equity Long 20% with indexation Scenario 4 07-Feb May % Equity Short 15% Scenario 5 05-Jun Jun % Equity Long Nil Scenario 6 18-Jul Jul % Equity Long Nil Based upon the classification in column A and B in the above table, investor can determine their applicable taxes Current tax rates are given on slide no.35 * Plus applicable surcharge & cess The above table has been given for general information only. Investors are advised to consult their Tax/ Financial Advisor before taking decision of Investment. The tax rates shown above are as per the IT slab applicable to Individual/ HUF assesse for FY exclusive of cess & surcharge.
28 Why Invest? 1 Model driven dynamic asset allocation Dynamically allocates between equity, debt & cash based on prevailing market & economic conditions; solves the dilemma of selecting the correct asset class 2 3 No Emotional bias The allocation and rebalancing decisions in this fund are based on well defined and tested processes that removes the short term biases of analysts and fund managers Operationally convenient Allows investment into multiple asset classes without the operational hassles 4 5 Tax Efficiency Movement across asset classes does not lead to tax liability in the hands of the investor Fund for every market cycle Suitable for investors looking for stable risk-adjusted returns irrespective of market conditions
29 SBI Funds Management Private Limited India s premier and largest bank with Global leader in asset management over 200 years experience (Estd: 1806) Backed by Credit Agricole and Société Asset base of USD 404 bn* Générale Pan-India network of ~22,635 branches and ~ 50,000 ATM s as at end of June 2014 Servicing over 256 million customers More than 2,000 institutional clients and distributors in 30 countries Over 100 million retail clients via its partner networks bn AuM as at end of September 2014 # 63% 37% *Source: SBI Analyst Presentation as on end September 2014 # Source : Amundi website as on end September 2014
30 SBI Funds Management: India s First Bank Sponsored Funds Established in 1987: A leading asset manager in India Expertise in managing assets across mutual funds, segregated managed accounts, domestic advisory and offshore advisory business Multiple asset classes ranging from equities and debt, money market to ETFs and structured funds Investment team of 33 professionals with strong track record Broad customer base with ~ 4.02 million folios related to individual, corporate and institutional investors Wide Distribution Network Broad Investor Base Wide Distribution Network Broad Investor Base Extensive Product Range Extensive Product Range AUM USD bn AAUM Rs crs Experienced Investment Team Experienced Investment Team Source: SBI Funds Management Private Limited, AMFI; Average AUM (AAUM) for the quarter ending on December 31, 2014
32 Investment Team Navneet Munot CFA Chief Investment Officer Dinesh Balachandran CFA - Portfolio Manager Navneet joined SBIFM as Chief Investment Officer in Navneet is responsible for overseeing investments across asset classes worth over $10 billion. His prior stint was with Morgan Stanley Investment Management as Executive Director and head- multi strategy boutique. Prior to that, Navneet was the Chief Investment Officer - Fixed Income and Hybrid Funds at Birla Sun Life Asset Management Company Ltd. Navneet had been associated with the financial services business of the Birla group for 14 years and worked in various areas such as fixed income, equities and foreign exchange. Navneet holds masters in accountancy and business statistics from the University of Ajmer and is a Chartered Accountant from ICAI. He is a charter holder of the CFA Institute USA and CAIA Institute USA. He is also an FRM charter holder of Global Association of Risk professionals (GARP) Dinesh has over 12 years of industry experience. Dinesh joined SBIFM in 2012 as a senior credit analyst. He is also the Head of Research. Dinesh started his career with Fidelity USA in 2001 where he covered all major facets of the US fixed income market over 10 years. Dinesh holds a B.Tech degree from IIT, Mumbai and M.S degree from Massachusetts Institute of Technology (MIT). He is also a Charter holder of the CFA Institute, USA.
33 SBIFM: A Complete Framework Expertise Highly experienced team Strong industry relations Complete in-house research Processes Structured & Disciplined Rigorous investment templates Agility with Flexibility Risk Management Six member independent team International standards Coherent monitoring Group Advantage 25 years of experience Both domestic and international strengths Investors trust
34 Current Tax Rates MF Taxation Equity Schemes Debt & Liquid Schemes and FOF Dividend Distribution Tax Capital Gains Dividend Distribution Tax Capital Gains Nil Short Term Capital Gains 15% Individual/ HNI 25% Short Term Capital Gains At marginal tax rate Long Term Capital Gains* - Nil Others 30% Long Term Capital Gains^ 20% with indexation Above tax rates will further increase by applicable surcharge & cess. * For investments held for more than 12 months. ^ For investments held for more than 36 months. The above table has been given for general information only. Investors are advised to consult their Tax/ Financial Advisor before taking decision of Investment. The tax rates shown above are as per the IT slab applicable to Individual/ HUF assesse for FY exclusive of cess & surcharge.
35 Disclaimer Mutual Fund investments are subject to market risks, read all scheme related documents carefully. This presentation is for information purposes only and is not an offer to sell or a solicitation to buy any mutual fund units/securities. The views expressed herein are based on the basis of internal data, publicly available information & other sources believed to be reliable. Any calculations made are approximations meant as guidelines only, which need to be confirmed before relying on them. These views alone are not sufficient and should not be used for the development or implementation of an investment strategy. It should not be construed as investment advice to any party. All opinions and estimates included here constitute our view as of this date and are subject to change without notice. Neither SBI Funds Management Private Limited, SBI Mutual Fund nor any person connected with it, accepts any liability arising from the use of this information. The recipient of this material should rely on their investigations and take their own professional advice
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