Benchmark index Crisil Balanced Fund Index Asset Allocation (close-ended) Minimum investment Rs. 5,000
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1 PF/MFNF/ /056 CONTENTS Introduction :1 Snapshot :1 Analyst s view :1 What does an investor look for? :2 Asset allocation- a smart choice :2 Dynamic asset allocation-a smarter choice :3 Why ING Vysya Dynamic Asset Allocation Fund? :3 Performance of existing funds of ING Vysya MF :4 Fund Manager :4 Risk-return profile :5 Kirti Singh Chinmay Sonika Dheer kirti.s@karvy.com chinmay@karvy.com sonika.dheer@karvy.com : Ext: 304 Oct 13, 2006 ING Vysya Dynamic Asset Allocation Fund: ING Vysya Dynamic Asset Allocation fund is a 3-year close-ended scheme that aims at capital appreciation and principal protection through equity and debt investments. Depending on the asset allocation model, the assets would be dynamically allocated to debt and equity. Snapshot: Offer period September 27, 2006 to October 19, 2006 Investment objective T o generate capital appreciation by actively investing in equity/equity related securities. The scheme may invest in debt, money market instruments, to the extent permitted under the regulations. Exposure to debt securities would be in line with the fund managers caution on the equity markets. In case of a negative view on equity markets the fund managers may choose to have 100% allocation to debt securities. Offer price Rs.10 Benchmark index Crisil Balanced Fund Index Scheme type Asset Allocation (close-ended) Minimum investment Rs. 5,000 Plans offered Growth, dividend and bonus Entry load (during NFO Nil period) Exit load (during NFO Nil* period) Fund Manager Mr. Paras Adenwala & Mr. Ramanathan K. Liquidity Quarterly Source: ING Vysya MF *An early exit charge equivalent to the unamortized NFO expenses will be recovered from the investor in case of redemption before expiry of 3 years from the date of allotment. Analyst s view Suitability: The fund is suitable for an investor who wants to participate in the equity mark et and at the same time it is looking for principal protection. Since the fund would not allocate all its assets to equities, returns offered by the fund may not be as attractive as other equity funds in a bullish market. But in a bearish market, while other equity funds may witness capital erosion, the dynamic allocation model of this fund would protect the capital. Therefore, the risk associated with the fund is low. It has the potential of offering moderately high returns (refer risk-return profile on page 5). Karvy Research Desk For private circulation only 1
2 What drives portfolio performance? Particulars Actual time spent Impact on returns Asset allocation 10% >92% Security selection and fund manager 60-70% < 5% selection Market timing 20-30% < 2% Source: Brinson, Singer & Beebower Asset allocation contributes more than 92% to the performance of portfolio. Stock selection and market timing do not have an impact on portfolio returns beyond 7%. Asset allocation - based on model Stock selection - Fund manager s discretion Rebalancing the portfolio 1: What does an investor look for? An investor has basically two main objectives: Principal protection Returns Instrument type Principal protection Returns Debt Equity The above table depicts that while debt instruments fulfils the objective of capital preservation, the returns offered are also low. On the other hand, investment in equities gives higher potential capital appreciation, but there is no capital protection. The chart below shows the performance of debt and equity funds (on an average): Jan-00 Jun-00 Nov-00 Apr-01 Sep-01 Feb-02 Jul-02 Dec-02 Equity Funds May-03 Oct-03 Mar-04 Aug-04 Debt Funds Jan-05 Jun-05 Nov-05 Apr-06 Sep-06 * Growth of Rs. 10,000 in debt and equity funds Datasource: MFI Explorer Note: Income funds and open-ended equity diversified funds have been used to depict returns on debt and equity funds The investment amount of Rs. 10, 000 in equity funds is reduced to approximately half (giving -50% returns) during the period March, 01 to Jan, 02. On the other hand, debt funds performed well during that period of market fall. However after July, 05 equity funds gave better returns than debt funds. Hence if an investor would have invested in debt funds during March, 2000 to June, 2005 and shifted to equity funds after that, he would not only have protected his capital but would also have made handsome returns. This suggests that switching between debt and equities would have proved to be a better investment style i.e. investing in equities in the bullish markets and investing in debt in the bearish markets. Appropriate asset allocation would allow investors to take care of their investment objectives, viz. capital protection and decent returns. 2: Asset Allocation- a smart choice Asset allocation fund combines different asset classes at one point. Thus 1. It offers the benefit of diversification. 2. It helps in achieving relatively consistent returns. Karvy Research Desk For private circulation only 2
3 3. Dynamic asset allocation- a smarter choice Proposed asset allocation: Equity and equity related securities 0-100% Debt & money market instruments 0-100% Source: ING Vysya MF 1: Dynamic asset allocation offers higher returns than static asset allocation while protecting the capital. 2: It has the flexibility to change the equity and debt asset allocation according to the market movement. 4. Why ING Vysya Dynamic Asset Allocation Fund? The fund is a unique blend of active and disciplined investment style which will offer the dual benefit of principal protection and equity - linked returns by adopting the following strategy: Multiplier of 3: The fund uses a multiplier of 3 to keep the fund in a balanced leveraged position. While multiplier of 2 would be too conservative, multiplier of 4 or 5 would be highly aggressive and increase the portfolio risk. CRISIL Rating ING Vysya Dynamic Asset Allocation Fund has secured AAA (so) rating by Crisil, indicating highest degree of certainty regarding principal payment on maturity. Equity strategies: -The fund will invest at least 50% of the assets in BSE 100 and up to 50% in BSE When the market will go up, investments would be made in midcap stocks to cash upon the high returns associated with them. -If the portfolio value moves towards bond floor, investments will be shifted to largecap stocks since they are associated with high liquidity and low er risk. Debt strategies: -The fund will invest in high quality short term debt papers which provide high liquidity and negligible interest rate risk till the the portfolio value doesn t hit the floor. This would offer the flexibility of higher allocation to equities. -If the bond floor is hit, investments will be shifted to debt papers with maturity similar to tha t of the fund's remaining life, so as to protect the capital. Rebalancing the portfolio: -Rebalancing will be done on a fortnightly basis. -If in between, the portfolio value moves by +/- 5% over last rebalancing, it will be rebalanced (could also be intra-day). Notes: Floor: It is the present value of the protected principal, discounted at a risk-free rate for specified time duration. It is the function of interest rates and time duration of the investment. It acts as a benchmark for allocation of assets in the portfolio between equity and debt. A s the fund nears maturity, the floor value approaches the principal amount. Multiplier : It is an implied leverage which is applied to the portfolio, which decides the risk that a portfolio can be exposed to. It generally varies from 2 to 5. Higher the multiplier, higher will be the portfolio s equity exposure. Karvy Research Desk For private circulation only 3
4 Tax Implications: If it qualifies as an equity-oriented fund, its tax implications : 1. If the investor holds the fund for more than 3 year, his gains will be completely tax-free. However, any redemption made before 1 year will result in short-term capital gains tax at a flat rate of 11.22% (including surcharge and educational cess). 2. Dividends are also tax-free. 3. Securities Transaction Tax of 0.25% will be levied on the redemption value of the units. If it qualifies as a debt-oriented fund, its tax implications: 1. Dividend plan: Dividend receipts will be tax free in the hands of investors as a dividend distribution % (including surcharge and cess) will be deducted at the source. 2. Growth plan: If the investor holds the fund for more than 1 year, his gains (long term) on redemption will be charged at 22.44% (including surcharge and cess) with indexation and 11.22% (including surcharge and cess) without indexation. However, any redemption made before 1 year will result in short-term capital gains tax at the normal slab rate. Whether the fund qualifies as an equityoriented fund or a debt-oriented fund would depend upon its investment pattern for a period preceding the maturity period. However, if an investor redeems before the maturity period, decision whether it is equity-oriented or debt -oriented would depend upon its investment pattern for a period preceding redemption. 5: Performance of existing funds of ING Vysya MF The following table shows the performance of existing equity and debt funds of DSP ML MF over the last 6-months, 1-year and 3-year period. Scheme name Equity schemes Return as on October 10, 2006 Corpus Size (Rs. Crs) as on Sept. 31, 06 6-mnth* 1-year 3-year ING Vysya Domestic Oppor N.A. ING Vysya Equity ING Vysya Midcap N.A. ING Vysya Select Stocks CNX Nifty N.A BSE 100 N.A Debt schemes ING Vysya Income ING Vysya Gilt ING Vysya Select Debt N.A. Crisil Comp BFI N.A I-Sec Comp Index N.A *Absolute returns Datasource: Bloomberg 6: Fund Manager The fund will be managed by Mr. Paras Adenwala and Ramanathan K. Mr. Adenwala will manage the equity component of the portfolio. He has over 13 years of experience spanning research and fund management. He has previously worked with Birla Mutual Fund as Fund Manager & also with SBI Mutual Fund. Funds managed: ING Vysya ATM, ING Vysya Balanced, ING Vysya C.U.B., ING Vysya Dividend Yield, ING Vysya Domestic Opportunities, ING Vysya Equity, ING Vysya LION, ING Vysya Midcap, ING Vysya Nifty Plus and ING Vysya Tax Savings. Mr. Ramanathan will manage the debt component of the portfolio. He has over 10 years of experience predominantly in credit rating and fund management. He has worked with Birla Sunlife AMC for over 5 years and has also worked with CARE Ltd. Funds managed: ING Vysya Floating Rate, ING Vysya Gilt, ING Vysya Gilt PF Dynamic, ING Vysya Income (LT & ST), ING Vysya Liquid, ING Vysya MIP and ING Vysya Select Debt. Note: The fund is one of its kinds and there are no comparable funds. It is the first capital protection fund launched in India. Karvy Research Desk For private circulation only 4
5 Risk-return profile: The fund protects the principal and at the same time offers equity market participation. Therefore, the risk associated with the fund is low. It has the potential of offering moderately high returns. 7: Risk-return profile Low risk-high return High risk-high return Sector & thematic funds R E T U R N ING Vysya Dynamic Asset Allocation Low risk-low return Balanced funds Pure diversified equity funds High risk-low return Debt funds Money market funds RISK For more information on MUTUAL FUNDS call or contact your nearest Karvy branch. Disclaimer The information and views presented in this report are prepared by Karvy Stock Broking Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Stock Broking nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies are required to disclose their individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Stock Broking Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities. Karvy Research Desk For private circulation only 5
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