Fact Sheet for May 2021 - Sundaram Mutual Fund
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Fact Sheet for May 2021
Index
Particulars Page No
Riskometer 2
Performance Track Record Equity Funds 3-6
Equity Market Outlook 7
Fixed Income Market Outlook 8
Open ended Equity Funds Page No
Sundaram Diversified Equity 9
Sundaram Bluechip Fund 10
Sundaram Select Focus 11
Sundaram Mid Cap Fund 12
Sundaram Small Cap Fund 13
Sundaram Large & Mid Cap Fund 14
Sundaram Equity Fund 15
Sundaram Rural and Consumption Fund 16
Sundaram Services Fund 17
Sundaram Infrastructure Advantage Fund 18
Sundaram Financial Services Opportunities Fund 19
Sundaram Global Brand Fund 20
Sundaram SMART NIFTY 100 Equal Weight Fund 21
Sundaram Equity Hybrid Fund 22
Sundaram Equity Savings Fund 23
Sundaram Balanced Advantage Fund 24
Sundaram Arbitrage Fund 25
Close ended Equity Funds
Sundaram Select Micro Cap - Series XIV 26
Sundaram Select Micro Cap - Series XV-XVII 27
Sundaram Emerging Small Cap Series - I 28
Sundaram Emerging Small Cap Series - II-VII 29
Sundaram Multi Cap - Series I-II 30
Sundaram Select Small Cap - Series V-VI 31
Sundaram Value Fund - Series VII - X 32
Sundaram Long Term Tax Advantage Fund - Series I-IV 33
Sundaram Long Term Micro Cap Tax Advantage Fund - Series III-VI 34
Liquid & Fixed Income Funds
Sundaram Money Fund 35
Sundaram Overnight Fund 36
Sundaram Ultra Short Term Fund 37
Sundaram Money Market Fund 38
Sundaram Low Duration Fund 39
Sundaram Banking & PSU Debt Fund 40
Sundaram Short Term Debt Fund 41
Sundaram Medium Term Bond Fund 42
Sundaram Corporate Bond Fund 43
Sundaram Debt Oriented Hybrid Fund 44
IDCW History - Equity & Balanced Funds 45-48
Disclosures 49
Performance Track Record Fixed Income Funds 50
Fund Managers 51
www.sundarammutual.com May 2021 Sundaram Mutual Fund
Designed by Morningstar
Riskometer
Scheme name and Type of scheme This product is suitable for investors who are seeking* Riskometer
• Investment over very short term periods • Income by investing in debt, money market instruments, cash and cash equivalents with overnight maturity and seeking
Sundaram Overnight Fund
returns in line with overnight call / money market rates.
Sundaram Arbitrage Fund • Income over short term • Income through arbitrage opportunities
Sundaram Short Term Debt Fund • Income and capital appreciation by investing in a portfolio comprising of fixed income securities. • Having a macaulay duration is between 1 year and 3 years
Sundaram Money Market Fund • Income over a short term investment horizon • Investment in money market instruments with maturity upto 1 year
Sundaram Money Fund • Short term income • preservation of capital, liquidity and lower level of risk through investments made primarily in money market and debt securities
• Short term income • reasonable returns from a portfolio comprising substantially of fixed income and money market instruments by keeping the interest rate risk of
Sundaram Banking & PSU Debt Fund
the fund low
Sundaram Ultra Short Term Fund • Short term income • liquidity through investments made primarily in money market and debt securities
Sundaram Corporate Bond Fund • Income and Capital appreciation from a portfolio comprising substantially of fixed income and money market instruments of AA + and above rated corporate bonds
Sundaram Low Duration Fund • Short term income • liquidity through investments made primarily in money market and debt securities
• Long term capital appreciation and income • Investment in equity & equity related instruments, arbitrage opportunities, and investments in debt and money market
Sundaram Equity Savings Fund
opportunities
Sundaram Medium Term Bond Fund • Income and Capital appreciation by investing in a portfolio comprising of fixed income securities with Macaulay Duration between 3 to 4 years.
Sundaram Debt Oriented Hybrid Fund • Income over medium to long term • Capital appreciation by investing a portion of the assets in equity and equity related instruments
• Income generation and Long term capital appreciation • Investment in a dynamically managed asset allocation fund, consisting of a portfolio of equities, debt, derivatives
Sundaram Balanced Advantage Fund
and REITs/InvITs
Sundaram Select Small Cap Series V • Long term capital growth • Investment predominantly in equity/equity-related instruments of companies that can be termed as small-caps.
Sundaram Equity Hybrid Fund • Long Term Capital Growth and Income • A mix of investments predominantly in equity and equity related instruments and fixed income securities
Sundaram Select Small Cap Series VI • Long term capital growth • Investment predominantly in equity/equity-related instruments of companies that can be termed as small-caps.
Sundaram Select Micro Cap-Series (XIV-XVII)^ • Long term capital growth • Investment predominantly in equity/equity-related instruments of companies that can be termed as micro-caps.
Sundaram Blue Chip Fund • Capital appreciation over medium to long term. • Investment in equity and equity-related securities of large cap companies.
Sundaram Select Focus • Long term capital growth • Investment in equity & equity related instruments of select large cap stocks
Sundaram Value Fund Series (VII,IX-X)^ • Long term capital growth • Investment in a well diversified portfolio of stocks
Sundaram Smart NIFTY 100 Equal Weight Fund • Long term capital appreciation • Returns that are commensurate with the performance of NIFTY 100 Equal Weighted Index, subject to tracking error
Sundaram Financial Services Opportunities Fund • Long term capital growth • Investment in equity and equity related instruments of companies engaged in Banking & Financial Services
Sundaram Long Term Tax Advantage Fund (I-IV)^ • Capital appreciation over a period of 10 years • Investment in equity and equity related instruments of companies along with income tax benefit
Sundaram Equity Fund • Capital appreciation over medium to long term • Investment in equity & equity-related securities of companies across various market capitalization
Sundaram Diversified Equity • Long term capital growth with 3 year lock-in period • Investment in equity & equity related securities
Sundaram Multi Cap Series I-II^ • Long term investment • A close ended equity fund that aims to generate capital appreciation.
Sundaram Large and Mid Cap Fund • Long term capital growth • Investment in equity & equity related securities in large and mid cap companies
Sundaram Rural and Consumption Fund • Long term capital growth • Investment predominantly in equity and equity related instruments of companies focussing on rural and/or consumption themes
Sundaram Services Fund • Long term capital growth • Investing in equity/equity related instruments of companies who have business predominantly in the Services Sector of the economy.
• Long term capital growth Investment in equity and equity related instruments of companies engaged either directly or indirectly in infrastructure- and infrastructure
Sundaram Infrastructure Advantage Fund
related activities or expected to benefit from the growth and development of infrastructure
Sundaram Mid Cap Fund • Long term capital growth • Investment predominantly in diversified stocks that are generally termed as mid-caps
Sundaram Emerging Small Cap Series - I-VII^ • Long term capital growth • Investment predominantly in equity/equity-related instruments of companies that can be termed as small-caps.
Sundaram Small Cap Fund • Long term capital growth • Investment in diversified stocks that are generally termed as small caps
Sundaram Long Term Micro cap Tax Advantage Sr • Capital appreciation over a period of 10 years • Investment in equity and equity related instruments of companies that can be termed as micro-caps along with income
(III-VI) fund^ tax benefit
Sundaram Global Brand Fund • Long term capital growth • Investment in units of overseas mutual funds & ETFs
^close-ended schemes * Investors should consult their financial advisers if in doubt about whether the product is suitable for them
www.sundarammutual.com May 2021 Page 2 Sundaram Mutual Fund
Designed by Morningstar
Track Record Equity Funds
Fund/Period NAV Per Fund Benchmark TRI Additional Excess Value of 10,000 invested
Unit ( ) (%) (%) Benchmark TRI (%) Points (%) Fund Bmark TRI A.Bmark TRI
Sundaram Emerging Small Cap Series I* Rohit Seksaria & Ratish Varier
Last 1 year 5.9 (29-05-2020) 102.3 118.3 64.4 -16.0
Last 3 years 9.9 (31-05-2018) 6.7 12.1 14.6 -5.4
Since Inception 10.0 (09-03-2018) 5.8 11.1 15.4 -5.4 11,978 14,061 15,866
Sundaram Emerging Small Cap Series II*
Last 1 year 6.1 (29-05-2020) 101.6 123.9 64.4 -22.3
Last 3 years 9.9 (31-05-2018) 7.5 9.1 14.6 -1.6
Since Inception 10.0 (09-04-2018) 6.8 7.0 15.2 -0.3 12,288 12,382 15,604
Sundaram Emerging Small Cap Series III*
Last 1 year 6.6 (29-05-2020) 107.1 123.9 64.4 -16.8
Last 3 years 10.0 (31-05-2018) 10.8 9.1 14.6 1.7
Since Inception 10.0 (11-05-2018) 10.7 7.9 14.1 2.8 13,644 12,621 14,985
Sundaram Emerging Small Cap Series IV*
Last 1 year 7.0 (29-05-2020) 101.9 123.9 64.4 -22.0
Since Inception 10.0 (11-06-2018) 12.1 9.9 14.6 2.3 14,054 13,223 14,980
Sundaram Global Brand Fund (Formerly Sundaram Global
Advantage Fund)*
Last 1 year 18.1 (29-05-2020) 33.8 33.3 64.4 0.5
Last 3 years 17.2 (31-05-2018) 12.1 17.7 14.6 -5.5
Last 5 years 13.0 (31-05-2016) 13.2 18.7 15.3 -5.5
Since Inception 10.0 (24-08-2007) 6.6 14.5 11.3 -7.9 24,132 64,766 43,718
Sundaram Long Term Micro Cap Tax Advantage Fund III*
Last 1 year 6.8 (29-05-2020) 108.4 133.4 64.4 -25.0
Last 3 years 12.8 (31-05-2018) 3.7 7.0 14.6 -3.3
Since Inception 10.0 (18-11-2016) 8.1 12.8 17.0 -4.7 14,208 17,263 20,390
Sundaram Long Term Micro Cap Tax Advantage Fund IV*
Last 1 year 5.8 (29-05-2020) 112.3 133.4 64.4 -21.1
Last 3 years 11.0 (31-05-2018) 3.7 7.0 14.6 -3.3
Since Inception 10.0 (24-03-2017) 5.0 8.8 15.1 -3.8 12,248 14,216 18,030
Sundaram Long Term Micro Cap Tax Advantage Fund V*
Last 1 year 5.6 (29-05-2020) 117.5 133.4 64.4 -15.9
Last 3 years 10.7 (31-05-2018) 4.6 7.0 14.6 -2.4
Since Inception 10.0 (05-07-2017) 5.2 7.1 14.5 -1.8 12,198 13,048 16,960
Sundaram Long Term Micro Cap Tax Advantage Fund VI*
Last 1 year 5.1 (29-05-2020) 119.2 133.4 64.4 -14.2
Last 3 years 10.2 (31-05-2018) 3.2 7.0 14.6 -3.7
Since Inception 10.0 (28-09-2017) 3.1 7.3 14.9 -4.2 11,191 12,947 16,663
Sundaram Select Micro Cap Series XIV*
Last 1 year 5.9 (29-05-2020) 117.6 118.3 64.4 -0.7
Last 3 years 11.0 (31-05-2018) 4.9 12.1 14.6 -7.3
Since Inception 10.0 (28-04-2017) 6.1 12.1 14.9 -6.0 12,723 15,934 17,646
Sundaram Select Micro Cap Series XV*
Last 1 year 5.6 (29-05-2020) 115.1 118.3 64.4 -3.2
Last 3 years 10.9 (31-05-2018) 3.5 12.1 14.6 -8.6
Since Inception 10.0 (31-05-2017) 4.9 12.9 14.3 -8.0 12,123 16,241 17,055
Sundaram Select Micro Cap Series XVI*
Last 1 year 5.3 (29-05-2020) 123.3 118.3 64.4 5.0
Last 3 years 10.3 (31-05-2018) 4.8 12.1 14.6 -7.3
www.sundarammutual.com May 2021 Page 3 Sundaram Mutual Fund
Designed by Morningstar
Track Record Equity Funds
Fund/Period NAV Per Fund Benchmark TRI Additional Excess Value of 10,000 invested
Unit ( ) (%) (%) Benchmark TRI (%) Points (%) Fund Bmark TRI A.Bmark TRI
Since Inception 10.0 (30-08-2017) 4.6 12.1 14.2 -7.6 11,834 15,373 16,478
Sundaram Select Micro Cap Series XVII*
Last 1 year 4.9 (29-05-2020) 127.2 118.3 64.4 8.9
Last 3 years 9.8 (31-05-2018) 4.7 12.1 14.6 -7.4
Since Inception 10.0 (13-10-2017) 3.3 10.6 13.8 -7.3 11,234 14,394 16,010
Sundaram Equity Hybrid Fund* Rahul Baijal & S. Bharath & Sandeep Agarwal
Last 1 year 82.9 (29-05-2020) 43.2 44.0 64.4 -0.8
Last 3 years 85.9 (31-05-2018) 11.4 13.7 14.6 -2.3
Last 5 years 65.5 (31-05-2016) 12.6 13.8 15.3 -1.2
Since Inception 10.2 (23-06-2000) 12.5 - 13.5 - 1,17,003 - 1,41,097
Sundaram Bluechip Fund* Rahul Baijal & S. Bharath
Since Inception 10.0 (08-10-2020) 47.4 51.8 50.6 -4.4 13,052 13,333 13,258
Sundaram Large and Mid Cap Fund*
Last 1 year 28.2 (29-05-2020) 61.9 78.2 64.4 -16.3
Last 3 years 33.5 (31-05-2018) 10.9 14.2 14.6 -3.3
Last 5 years 22.5 (31-05-2016) 15.2 16.8 15.3 -1.6
Since Inception 10.0 (27-02-2007) 11.2 13.0 11.5 -1.8 45,680 57,476 47,409
Sundaram Select Focus*
Last 1 year 159.1 (29-05-2020) 50.9 64.4 62.1 -13.5
Last 3 years 169.2 (31-05-2018) 12.4 14.6 15.0 -2.2
Last 5 years 121.9 (31-05-2016) 14.5 15.3 15.7 -0.7
Since Inception 10.0 (30-07-2002) 18.4 17.5 18.1 0.8 2,40,149 2,10,349 2,30,293
Sundaram Services Fund* Rahul Baijal & Rohit Seksaria
Last 1 year 9.9 (29-05-2020) 74.4 68.5 64.4 5.9
Since Inception 10.0 (21-09-2018) 22.6 15.0 14.5 7.6 17,290 14,569 14,410
Sundaram Financial Services Opportunities* Rahul Baijal & Ratish Varier
Last 1 year 31.9 (29-05-2020) 76.5 75.6 64.4 0.9
Last 3 years 40.3 (31-05-2018) 11.8 14.9 14.6 -3.2
Last 5 years 27.8 (31-05-2016) 15.2 19.1 15.3 -4.0
Since Inception 10.0 (10-06-2008) 14.2 16.8 11.5 -2.5 56,271 74,694 40,925
Sundaram Infrastructure Advantage Fund* Ratish Varier & S. Bharath
Last 1 year 23.7 (29-05-2020) 81.8 65.2 64.4 16.6
Last 3 years 34.3 (31-05-2018) 7.9 14.2 14.6 -6.3
Last 5 years 23.8 (31-05-2016) 12.6 15.3 15.3 -2.8
Since Inception 10.0 (29-09-2005) 9.8 13.5 13.4 -3.7 43,066 72,829 72,143
Sundaram Select Small Cap V* Ratish Varier & Rohit Seksaria
Last 1 year 8.1 (29-05-2020) 65.7 118.3 64.4 -52.6
Last 3 years 10.0 (31-05-2018) 10.3 12.1 14.6 -1.8
Since Inception 10.0 (23-06-2017) 7.9 12.5 14.6 -4.6 13,487 15,917 17,085
Sundaram Select Small Cap VI*
Last 1 year 8.0 (29-05-2020) 69.5 118.3 64.4 -48.8
Last 3 years 9.8 (31-05-2018) 11.1 12.1 14.6 -1.0
Since Inception 10.0 (17-07-2017) 8.0 11.7 13.7 -3.8 13,467 15,371 16,454
Sundaram Small Cap Fund*
Last 1 year 56.8 (29-05-2020) 113.3 133.4 64.4 -20.1
Last 3 years 99.3 (31-05-2018) 6.9 7.0 14.6 -0.1
Last 5 years 68.3 (31-05-2016) 12.2 13.5 15.3 -1.3
www.sundarammutual.com May 2021 Page 4 Sundaram Mutual Fund
Designed by Morningstar
Track Record Equity Funds
Fund/Period NAV Per Fund Benchmark TRI Additional Excess Value of 10,000 invested
Unit ( ) (%) (%) Benchmark TRI (%) Points (%) Fund Bmark TRI A.Bmark TRI
Since Inception 10.0 (15-02-2005) 16.5 13.5 14.5 3.1 1,21,175 78,294 91,298
Sundaram Emerging Small Cap Series V* Rohit Seksaria & Dwijendra Srivastava & Ratish Varier
Last 1 year 7.0 (29-05-2020) 102.2 123.9 64.4 -21.7
Since Inception 10.0 (14-08-2018) 13.5 11.4 12.9 2.0 14,238 13,532 14,056
Sundaram Emerging Small Cap Series VI*
Last 1 year 8.0 (29-05-2020) 102.0 123.9 64.4 -21.9
Since Inception 10.0 (07-09-2018) 19.3 11.0 12.7 8.2 16,174 13,309 13,860
Sundaram Emerging Small Cap Series VII*
Last 1 year 9.0 (29-05-2020) 83.4 123.9 64.4 -40.5
Since Inception 10.0 (28-09-2018) 20.6 18.1 15.5 2.5 16,488 15,587 14,691
Sundaram Long Term Tax Advantage Fund III*
Last 1 year 5.6 (29-05-2020) 112.0 71.6 64.4 40.4
Last 3 years 9.8 (31-05-2018) 6.5 14.0 14.6 -7.5
Since Inception 10.0 (28-03-2018) 5.6 14.8 16.0 -9.2 11,882 15,499 16,013
Sundaram Long Term Tax Advantage Fund IV*
Last 1 year 6.9 (29-05-2020) 100.9 71.6 64.4 29.3
Since Inception 10.0 (05-07-2018) 11.7 15.0 15.0 -3.3 13,790 14,999 14,994
Sundaram Arbitrage Fund* S. Bharath & Rohit Seksaria & Dwijendra Srivastava
Last 1 year 10.2 (29-05-2020) 3.5 2.9 3.6 0.6
Since Inception 10.0 (04-02-2020) 3.8 2.9 5.2 0.9 10,503 10,379 10,693
Sundaram Equity Savings Fund*
Last 1 year 10.1 (29-05-2020) 18.4 23.2 3.8 -4.8
Since Inception 10.0 (07-12-2018) 7.7 11.3 8.9 -3.6 12,009 13,035 12,359
Sundaram Diversified Equity* S. Bharath & Rohit Seksaria
Last 1 year 78.1 (29-05-2020) 64.2 68.5 64.4 -4.3
Last 3 years 103.6 (31-05-2018) 7.4 14.5 14.6 -7.1
Last 5 years 74.4 (31-05-2016) 11.5 15.8 15.3 -4.3
Since Inception 10.0 (22-11-1999) 16.2 13.8 13.5 2.5 2,55,613 1,60,637 1,52,274
Sundaram Rural and Consumption Fund*
Last 1 year 35.2 (29-05-2020) 46.2 70.8 64.4 -24.5
Last 3 years 43.1 (31-05-2018) 6.1 13.7 14.6 -7.6
Last 5 years 29.2 (31-05-2016) 12.0 15.6 15.3 -3.6
Since Inception 10.0 (12-05-2006) 11.5 11.4 11.5 0.1 51,429 50,589 51,348
Sundaram Smart NIFTY 100 Equal Weight Fund*
Last 1 year 9.7 (29-05-2020) 67.2 70.9 64.4 -3.7
Last 3 years 12.0 (31-05-2018) 10.5 12.0 14.6 -1.5
Since Inception 10.0 (12-01-2017) 11.7 13.4 16.6 -1.7 16,219 17,337 19,582
Sundaram Equity Fund* S. Bharath & Ratish Varier
Last 1 year 8.6 (29-05-2020) 65.8 85.7 64.4 -19.9
Since Inception 10.0 (06-09-2019) 22.5 31.5 23.8 -9.0 14,224 16,074 14,481
Sundaram Mid Cap Fund*
Last 1 year 353.8 (29-05-2020) 70.3 95.8 64.4 -25.5
Last 3 years 508.3 (31-05-2018) 5.8 12.0 14.6 -6.1
Last 5 years 350.9 (31-05-2016) 11.4 15.3 15.3 -3.9
Since Inception 10.0 (30-07-2002) 24.3 20.7 17.5 3.6 6,02,448 3,46,838 2,10,349
Sundaram Multi Cap Series I*
Last 1 year 9.4 (29-05-2020) 59.1 71.6 64.4 -12.5
www.sundarammutual.com May 2021 Page 5 Sundaram Mutual Fund
Designed by Morningstar
Track Record Equity Funds
Fund/Period NAV Per Fund Benchmark TRI Additional Excess Value of 10,000 invested
Unit ( ) (%) (%) Benchmark TRI (%) Points (%) Fund Bmark TRI A.Bmark TRI
Since Inception 10.0 (23-06-2018) 14.5 14.3 14.6 0.2 14,876 14,810 14,908
Sundaram Multi Cap Series II*
Last 1 year 9.3 (29-05-2020) 59.1 71.6 64.4 -12.5
Since Inception 10.0 (25-07-2018) 14.9 14.0 13.8 0.9 14,847 14,526 14,457
Sundaram Balanced Advantage Fund* S. Bharath & Rahul Baijal & Dwijendra Srivastava
Last 1 year 10.4 (29-05-2020) 30.3 34.4 64.4 -4.2
Since Inception 10.0 (06-03-2020) 27.9 23.3 34.2 4.6 13,549 12,949 14,380
Sundaram Value Fund Series VII* S. Bharath & Dwijendra Srivastava
Last 1 year 5.7 (29-05-2020) 128.2 71.6 64.4 56.6
Last 3 years 9.8 (31-05-2018) 9.6 14.0 14.6 -4.3
Since Inception 10.0 (07-03-2017) 6.3 15.1 15.5 -8.9 12,941 18,161 18,378
Sundaram Value Fund Series IX*
Last 1 year 8.5 (29-05-2020) 73.0 71.6 64.4 1.4
Last 3 years 9.5 (31-05-2018) 15.5 14.0 14.6 1.6
Since Inception 10.0 (10-11-2017) 11.3 12.4 13.6 -1.1 14,630 15,164 15,751
Sundaram Value Fund Series X*
Last 1 year 8.4 (29-05-2020) 72.8 71.6 64.4 1.2
Last 3 years 9.5 (31-05-2018) 15.1 14.0 14.6 1.1
Since Inception 10.0 (23-11-2017) 11.2 12.4 13.7 -1.2 14,516 15,073 15,710
Sundaram Long Term Tax Advantage Fund I S. Bharath
Last 1 year 11.1 (29-05-2020) 69.5 71.6 64.4 -2.1
Last 3 years 13.6 (31-05-2018) 11.6 14.0 14.6 -2.3
Last 5 years 9.6 (31-05-2016) 14.5 15.8 15.3 -1.3
Since Inception 10.0 (26-03-2015) 10.8 12.7 12.0 -1.9 18,868 20,981 20,175
Sundaram Long Term Tax Advantage Fund II
Last 1 year 12.3 (29-05-2020) 68.0 71.6 64.4 -3.6
Last 3 years 14.6 (31-05-2018) 12.2 14.0 14.6 -1.7
Last 5 years 10.3 (31-05-2016) 14.9 15.8 15.3 -0.9
Since Inception 10.0 (21-03-2016) 14.9 16.6 16.0 -1.7 20,579 22,201 21,602
Common for all the performance related information: Past performance may or may not be sustained in future. Performance information is as of May 31, 2021. Returns are computed on a compounded annual basis for period more
than one year & on an absolute basis for one-year period using NAV of the Regular Plan (Growth Option). Value of 10000/- invested at inception is as on May 31, 2021.The additional benchmark mentioned here is NIFTY 50 while
for Sundaram Select Focus the additional benchmark is SENSEX TRI. The performance summary is provided only for the funds which have completed one year. For Riskometer, please refer Page 2. Disclosures: Page 49.
*Jointly managed
www.sundarammutual.com May 2021 Page 6 Sundaram Mutual Fund
Designed by Morningstar
Market Outlook - Equity
stressed government finances, the RBI also announced a Rs.991bn dividend transfer to the
May was a strong month with the Sensex growing by 6.5% to 51,937. Vaccination progress, government that stemmed from a higher-than-expected forex gain. In other policy measures,
Biden’s $6tr expenditure budget, US macro strength, market’s inflation concerns and China’s the government approved Rs.181bn under the PLI scheme for advance chemistry cell and
commodity crackdown, were the key global highlights. On the domestic front, strong Q4 GDP battery storage; expected to bring in direct investment Rs450bn. May saw S&P, Moody’s, and
momentum, expanded scope for ECLGS, RBI’s continued liquidity focus, and the RBI’s dividend the UN downgrade India's GDP on 2nd wave related concerns.
surprise were the key highlights. FII were net buyers at $0.6bn in inflows. The rupee
appreciated by 2% and closed at Rs.72.6 to the dollar, while the dollar index (DXY) weakened Flows
by 1.6% during the month. The market commentary in May remained dominated by investors second-guessing how the
Fed would react to a surge in inflation. Equity inflows continued. However, the US witnessed
Global outflows while Europe and Japan saw inflows. Inflows into the EM space were largely targeted
Global markets remained relatively muted for the month of May, largely on the back of rising at China. The flows into ETFs continued alongside inflows into commodities. The bond space
inflation and Fed taper related fears. However, select EMs like India and commodity related reacted to the Fed and saw outflows while the near-term uncertainty probably had driven
markets appeared to clock strong returns. On the infections front, while the western world some monies into money market funds. The highlight in the flows space was that of continued
continued to see easing new infections and fatalities, EMs remained mixed with a resurgence large inflows into cash (since Apr’20), a near 4M high inflow into gold and the largest inflow
of COVID-19 cases in some countries and an elevated infections curve in others. This infections into Europe since Feb’18. India saw a marginal net inflow of $0.6bn in May, with $0.7bn equity
divergence was also seen in their macro data, with a rising pace of normalisation and macro outflows and $(0.2)bn debt outflows.
strength emerging in US and Europe. Vaccine news flows were increasingly positive across
the world. The western countries crossed key milestones on their vaccination programs and Outlook
started vaccinating 12-17Y old populations. Asia saw a pickup in its vaccine administration The infections curve in the western world has eased up appreciably. However, the infections
with a ramp-up in supply. In the US, while the Biden administration’s infrastructure plan was and fatality curve in EMs have not eased as much. As a result, both these regions are divergent
heard to be lower than announced, the market focus shifted drastically to Biden's unveiling of with respect to their economic recoveries. The US has crossed a vaccine milestone, with 51%
the US budget, with $6tr spending in the fiscal year 2022. While the markets normally have of its population having received at least one dose of the vaccine. The Eurozone is just behind
not paid too much attention to US budgets, this one was particularly important as the level at 41% and the UK is at 58%. Asia's vaccination rate on the other hand is just under 20%.
of spending announced and the resulting debt/GDP was last seen during World War II. This India's vaccination pace is picking up and India has administered 228mn doses of vaccine so
led to a positive sentiment in equities and some volatility in bond prices. The market narrative far. As a percentage of India's population, around 13.2% have received at least one dose of
revolved around global macro data, with the US in particular. US companies reported strong the vaccine. Those who have been fully vaccinated (both doses) are at 3.2% of the. The daily
results even while many auto and chip companies were heard talking of a continuation of pace of vaccinations has seen appreciable pickup in the first week of June, at 3.4mn/day with
semiconductor shortages into the quarters ahead. US GDP for the first quarter of 2021 stood a one-week average of 2.6mn. With various states at different points on the infections/
much higher than expectations on the back of an increase in consumer spending, fixed vaccinations/reopening curves, the key to note here is where the top states are on vaccination
investment and government spends. Adding momentum to this, US initial jobless claims pace. The top five states by % of vaccinations (at least one dose) are Kerala (29%), Delhi
continued to drop, the labour market recovery continued, manufacturing and services PMIs (28%), Gujarat (26%), Chhattisgarh (24%), Karnataka (23%). Measured by at least one dose,
beat expectations, personal income/spending jumped, and US inflation rose higher as well. Maharashtra is at 19%, Tamil Nadu at 13% and Uttar Pradesh at 9%. We would need these
All of this raised markets expectations of imminent Fed action and kept equity prices in check. states to see an appreciable pickup in vaccination pace, as a hedge of sorts against the
Eurozone also saw an appreciable improvement, but at a more gradual pace. China on the possibility of any further COVID-19 waves and related economic impact. Key districts of
other hand witnessed moderation in its economic momentum and there was increasing Mumbai (21%), Chennai (32%) and Kolkata (30%) are well above the national averages. This
commentary heard around a gradual softening of its credit impulse. This has been linked by is an encouraging sign.
the markets to directional movement in commodities. Staying on commodities, news flows The Fed continues to reiterate its view that the inflation spike seen would be transitory and
through the month indicated that China had strengthened its campaign to cool down the boom one can hear this narrative repeat across global central banks from Europe to India. Judging
in raw materials. The government mentioned that it would maintain a “zero tolerance” policy by bond market reaction, it appears as though the markets have bought into the Fed’s narrative
for monopolies it notices in the spot/futures market, and for hoarding and speculation. of transient inflationary pressures. We continue to expect US yields to not respond in any
disruptive fashion even as the US growth gathers more speed on opening up. We continue to
Central banks remain focused on the US and global market narrative given the Indian markets close directional
The central banking space remained quiet on policy actions. However, the markets focus on relation to them.
the Federal Reserve appeared to heighten with strong US macro data releases. Apart from The RBI continues to remain ahead of the market curve and has been proactive in policy
inflation concerns stemming from large stimuluses from the US government, pent-up demand announcements. Early June saw the RBI extend its on-tap window, add more liquidity
from reopening of the economy, supply bottlenecks and rising commodity prices were seen measures to support MSMEs, expanded the resolution framework and continued to signal a
to add more layers of concern for bond markets. The sharp rise in US CPI, well above pro-growth stance. Its recent move include state development loans also under the G-SAP
expectations fuelled market concerns briefly. The markets read rising inflation as reflective of facility is an added positive that would greatly help states bring down their interest costs when
an overheating economy and expect the Fed to respond by shrinking its balance sheet through borrowing from the markets.
a taper of its bond buying program. However, by mid-May, a host of comments from the Fed The budget signaled a move away from an over reliance on monetary policy and delivered a
greatly helped ease market concerns. The Fed was heard reiterating that it saw elevated larger than expected fiscal impulse to the economy. The pace of government spending appears
inflation to be transitory in nature, something that most central banks were heard mentioning to have witnessed a pickup, with focus on capex and we see this carrying through into the
in May. On taper talk, as seen in the Fed minutes, the markets appear to gradually come to quarters ahead. The government has pulled up growth in the housing sector through various
terms with the act that the talk around this could be heard in upcoming meetings. However, initiatives seen earlier and is setting right the household investment rate. The consumption
the markets do not expect the taper, in itself, to take place in 2021. engine has been reasonably strong over the last few years and with the resumption of the
investment cycle round the corner, India GDP could very well settle back to the 7% CAGR
Domestic handle soon enough.
After a trying month for the markets in April, the month of May came as relief. The infections Looking beyond the near-term challenges on account of the second wave of the pandemic,
curve peaked in the first week of the month and witnessed a sharp drop thereafter that we see medium term domestic macro drivers to remain conducive for corporate earnings to
continued into the month of June. While a bit delayed, the mortality curve also peaked in the grow at a healthy pace. The recovery across developed markets are additional levers for pick-
month. On vaccines, Sputnik V started production in India under the collaboration of the India's up in earnings of global cyclicals. Our portfolios will be fairly diversified given the balanced
Panacea Biotech and the Russian sovereign wealth fund, raising expectations of improved growth expected in the next few years and the broad base recovery across the market cap
vaccine supply into the months ahead. India’s GDP for Q4FY21 was seen to be well above curve.
market expectations with improved momentum across sectors. It is on the back of this that Into 2021, we expect continued growth momentum on the back of good monsoons and
the second wave has hit India. Other macro data witnessed rising wholesale inflation and focused government spends. We see the RBI's pro-growth and comfortable liquidity stances
easing retail inflation, both largely on base effects and some commodity price pressures. Base to remain, which in turn would help give a push to manufacturing on the side-lines. We see
effects were also seen in industrial production numbers. To contain the infections curve, state the structural push to manufacturing coming from the China+1 shift and the successful
governments extended their lockdown measures, and this reflected in a shrinking trade deficit deployment of the PLI schemes across the announced ten sectors. The PLI schemes alone
on account of a sharp drop in imports, seen in early June. With rising crude prices, fuel prices are expected to add 0.3% to annual GDP in the coming years through new sales and value
were also raised. The government announced a number of measures in the month to prop up adds. On the whole, synchronous global stimulus measures, global liquidity, vaccination drives,
activity, alleviate stress and ease the financial system. The center increased the subsidy for restart of the trade engine, a weak dollar and contained commodities are the key global events
DAP fertilizer by Rs.700 per bag. The government also expanded the scope of the Emergency we see expect for the year ahead that would be a positive for EM equities, India in
Credit Line Guarantee Scheme (ECLGS) scheme, by extending the 100% guarantee on select particular.
loans for hospitals/nursing homes/medical colleges for setting up on-site oxygen generation The next few years is expected to be driven by the return of the investment cycle which is
plants. It further extended the validity of the ECLGS scheme/ extended the repayment-tenue expected to add more muscle to economic recovery. The twin cylinders of investment and
for borrowers/ provided additional assistance and made civil aviation eligible for the scheme. consumption is expected to fire up the growth through manufacturing and services. Our
May saw the GST council estimating its shortfall in the GST compensation cess to states, at medium-term approach is to pursue a well-diversified portfolio strategy with focus on growth-
Rs.1.58tr announced that it would borrow this from the market and transfer it to the states. oriented companies, within the above themes of manufacturing, industrials, consumer,
Heard in the news were reports of another stimulus package by the government and reports services, and technology.
of the centre working on a moratorium on the repayments of working capital for street vendors. We remain constructive on India and equities as an asset class. Equities are a long-term asset
Early in the month, in an unscheduled announcement, the RBI provided on-tap liquidity of Rs. class and require patience from investors to reap the benefits of the long-term compounding
500bn to support medical and logistics infrastructure, spoke of small finance bank lending to stories we invest in. Like all investments, we reiterate the short-term volatility is something
MFIs to now be considered as priority sector and opened an SME restructuring window. The that investors must be cognisant of. The flattening pace of the global infections curve, the
RBI provisions now allow banks to create a COVID loan book against which banks can park expected stimulus from the Biden administration and central bank commentaries are key
equal amount of money with the RBI and avail a concessional rate of interest from the RBI. events we look out for. We continue to reiterate that medical solution is providing more
Into early June, the RBI announced more measures in extending liquidity support. Helping confidence and obliterate any current growth constraints.
www.sundarammutual.com May 2021 Page 7 Sundaram Mutual Fund
Designed by Morningstar
Market Outlook - Fixed Income
The month of May lacked any big triggers and bond yields traded in a range bound manner Outlook
with minor movements between various maturity buckets. Most of the action was in 1-5 years As the second Covid wave subsides, we are witnessing a calibrated reopening now across
of the AAA curve where we saw very thin issuances by PSUs and value buying especially in states and high frequency data has started to improve. However, the month of May has
3–5-year corporate bonds where yields dropped by 10-20 bps. witnessed the worst of the economic impact. Various mobility indices took a sever hit during
The 10-year benchmark yield remained range bound and hovered between 5.96% and 6.02% the month. The weakness was apparent in high frequency data like power demand at - 4.8%
in May. It opened the month at 6.00% and closed at 6.02%, down by ~1 basis point (bps) in May vs. +3.2%% in April, a decline in e-way bills by 16.2% vs. +5.7% in April, fall in rail
from April’s close of 6.03%. freight to 4.5% from vs. 5.1% in April. In addition, air passenger traffic and even unemployment
The RBI’s Monetary Policy Committee (MPC) in line with broader market expectations rate worsened. The Goods and Services Tax collection for May came at Rs. 1.03 lakh crores
unanimously voted to keep policy rates unchanged. MPC also reiterated its accommodative vs. record setting Rs. 1.41 lakh crores in April.
policy stance and that they will continue with it as long as necessary to sustain growth on a This contraction has happened at the time when we had just started to see a nascent recovery
durable basis. as GDP growth inched up to 1.6% YoY in QE Mar 21 from 0.4% in QE Dec. This has led to
Banking system liquidity in May averaged around Rs. 4.6 trillion which was lower from the market forecasts largely indicating around 3 to 4 % contraction in GDP for QE June 21. The
previous month’s average of Rs. 5.5 trillion (Rev Repo-Repo-Marginal Standing Facility- reason for this less severe decline when compared to the first lockdowns last year is less
Standing Liquidity Facility + term repo/re-repo). stringent restrictions and lesser linkages between mobility and economic activity as business
INR traded in the range of 72.43/$ to 73.93/$ and closed at 72.62/$ in May vs 74.08/$ in April. have adopted COVID-compatible occupational models.
India’s forex reserves increased to $598 bn in last week of May as compared to $588 bn a The effect of this contraction can be seen on GOI finances where we already have indications
month before. of additional borrowing of Rs. 1.58 tn to fund GST compensation shortfall to states. Further
latest developments like government’s new vaccination policy and an extension of its free
Domestic Macro Factors food program may lead to increase fiscal spending by additional Rs 1.00 tn. On positive side
Industrial Production the Reserve Bank of India (RBI) has approved a Rs 99,122-crore Dividend to GOI which is 73%
The Index of Industrial Production (IIP) for March jumped by 22.4% y-o-y vs. -3.4% in February. higher than entire previous years dividend and around 85% higher than budgeted number for
The improvement in IIP was broad based and across all sectors mainly due to a favorable base the year.
effect. In sectoral classification, manufacturing and electricity sectors posted robust growth In this background RBI has announced G-sec acquisition program (G-SAP 2.0) under which it
respectively by 25.8% and 22.5% in March as compared to -3.7% and 0.1% in February. In will buy INR 1.2tr (for Q2 FY22) government bonds. This 20% increase from G-SAP 1.0 will
used based classification, all the sectors grew substantially posting double-digit growth except continue to provide the much-needed certainty to bond markets. Further The last pending
the primary goods which grew at a slower pace i.e., by 7.7% only in March. The manufacturing tranche of G-SAP 1.0 of INR 0.40 tr was announced with provision for SDLs purchases of INR
PMI number rose by 55.5 in April vs. 55.4 in March. 0.10 tr.
On growth and inflation forecast by MPC we have a 100 bp downward revision in FY 2022
GDP GDP forecast to 9.5% and a 10 bps increase in headline CPI forecast to 5.1%. The quarterly
GDP for the Q4 FY2020-21 came as a positive surprise at 1.64% vs. 0.46% printed in Q3 projections by the MPC shows that largest downward revision is in Q1 & Q2 growth and a
FY2020-21. The growth was mainly led by investment and consumption expenditure. GVA quicker recovery in 2H FY2022, which is in line with what we are seeing in terms of gradual
growth picked up at a strong pace and printed at 3.72% in Q4 FY2020-21 vs. 1.04% in Q3 opening of economy. So, it forecasts Q4 to be a period of start of recovery and normalcy.
FY2020-21. The growth in GVA was led by strong growth in construction and manufacturing This minor adjustment in CPI may have underplayed upside risks from rising crude oil prices,
which came respectively at 14.53% and 6.93% in Q4 FY2020-21 vs. 6.48% and 1.70% in Q3 commodity prices and worsened logistics cost conditions. These factors can keep core inflation
FY2020-21. elevated going ahead. Further the sharp rise in WPI inflation (11-year high in April 2021) which
GDP growth for FY2020-21 printed as -7.3% y-o-y compared to market estimates around captures surge in global commodity prices has raised concerns that cost push pressures could
-7.5%. However, contraction in real GVA growth for FY21 was only 6.2% y-o-y as distortion spill over to CPI inflation. However, till now the MPC has taken these factors to be transient
caused by the payment of arrears of food subsidy dues resulted in higher drag on GDP numbers in absence of demand-pull inflation. We expect this to continue till the time growth finds firm
compared to GVA. Other than government expenditure, all other components viz private footing.
consumption, investments showed contraction during the year due to disruptions caused by Another important data point to note is latest Households' Inflation Expectations Survey where
pandemic. median inflation perception for the current period had shot up to 10.2% in May, up 150 basis
points from March. Further, three-month, and one-year ahead inflation expectations were both
External Trade up 70 bps from March at 10.8% and 10.9%, respectively. This number may not mean anything
India’s external trade deficit narrowed to $6.3 bn in May from a deficit of $15.1 bn in April. by itself but direction and sharp rate of change here is worth a mention as market gauges
Exports grew by 67.4% in May as compared to 195.7% in April and Imports rose by 67.4 % stickiness of high inflation trend.
y-o-y in May as compared to 167.1% y-o-y in April. The sharp rise in y-o-y numbers was again In the coming month, yields are likely to be guided by GSAP program, open market operations
due to favorable base effects as previous year’s lockdown had halted trade activity. On monthly (OMOs) , investor appetite at G-sec auctions, FOMC outlook, foreign portfolio investment (FPI)
basis, imports reduced to $ 38.53 bn in May vs. $ 45.72 bn in April whereas exports increased flows, commodities and crude oil prices.
to $ 32.21 bn in May as compared to $ 30.63 bn in April. Both the oil imports and exports Going ahead amid the debate on global price pressures being transient or permanent, RBIs
witnessed modest rise in the month of May. priority focus will remain to support economic growth with continuation of an easy monetary
policy in an environment presenting conflicting objectives of managing inflation, bond yields
and the rupee. This would mean we will continue to see RBI’s intervention in both GSEC and
Tax Revenue Forex Markets with the objective regulating liquidity and orderly evolution of yield curve.
The Goods and Services Tax collection for May came at Rs. 1.03 lakh crores vs. Rs. 1.41 lakh However, in coming quarters there can be two possible scenarios which can give some space
crores in April. The Rs. 1.03 lakh crore collected includes Central GST of Rs. 17,592 crores, to RBI to allow partial reversal of the extremely monetary policy deployed currently. First,
State GST of Rs. 22,653 crores, Integrated GST of Rs. 53,199 crores and Cess of Rs. 9,265 inflation surprises on the upside consistently (~6%) and fast-tracked vaccination process
crores. results in actual growth beating the current forecast. Second, Growth/ Yield differential
between India and world worsens due to asynchronous recovery leading to fall in BOP surplus.
Inflation The RBI then may not have to intervene heavily in forex market like last financial year resulting
Headline CPI inflation for April moderated to 4.3% vs. 5.5% in March. The moderation in CPI in a kind of cap on domestic liquidity.These scenarios can easily take some quarters to pan
was led by lower food inflation and favorable base effect. The reduction in food inflation was out if not more but in current environment where global economy goes through biggest
driven by reduction in prices of vegetables. The food and beverages inflation reduced to 2.7% monetary experiment in response to severe economic damage inflicted by pandemic, the
y-o-y in April vs. 5.2% y-o-y in March. The Core CPI Inflation (CPI ex-food & beverages, fuel) actual outcomes can easily be the least expected ones. We suggest that investors match
dropped to 5.4% in April compared to 5.9% in March mainly due to slow paced rise in prices their investment horizon with portfolio duration and select strategies which offer lower inherent
of transportation services and education and household goods and services. risk in the portfolio in form roll down opportunities or active duration strategies in lower duration
buckets. Finally, the yield curve is steep as longer maturities offer substantial spread and offer
WPI inflation for April rose to 10.49% compared to 7.39% seen in March and market inherent protection up to a level to the investor on yield rise. A systematic investment in longer
expectation of 9.35%. The rise was led by cost of fuel and power and primary articles which duration buckets can also be suggested for investor with longer investment horizon. These
picked up respectively to 20.9% y-o-y and 10.16% y-o-y in April vs. 10.3% y-o-y and 20.9% y- ideas can be executed with investing our funds like Sundaram Ultra Short term, Sundaram
o-y in March. Low Duration, Short Term Debt, Sundaram Banking and PSU, Sundaram Corporate Bond and
Sundaram Medium Term Fund, depending on your risk-return objective.
www.sundarammutual.com May 2021 Page 8 Sundaram Mutual Fund
Designed by Morningstar
Sundaram Diversified Equity
Category :
ELSS Portfolio NAV*: Regular-Growth: 128.1810 IDCW: 13.1332
Fund Type :
Open ended Fund Security Weight NAV*: Direct-Growth: 132.6724 IDCW: 15.5901
Benchmark TRI :
S&P BSE 200 TRI Index HDFC Bank 7.5
Reliance Industries 7.2 Performance
Fund Manager :
S. Bharath
Rohit Seksaria ICICI Bank 7.1 Performance NAV per Fund Benchmark Nifty 50 Excess
Infosys 6.4 Period Unit ( ) (%) TRI TRI(%) Points
S Bharath has 17 years experience and managing this fund HDFC 5.0
(%)
since July 2020. Rohit Seksaria has 17 years of experience Axis Bank 4.5
Tata Consultancy Servs 3.1 Last 1 year 78.07 64.2 68.5 64.4 -4.3
and managing this fund since Feb 24, 2021.
HCL Technologies 3.1 (29-05-2020)
Investment Objective State Bank of India 3.0 Last 3 years 103.60 7.4 14.5 14.6 -7.1
Grindwell Norton 2.9 (31-05-2018)
To achieve capital appreciation by investing predominantly
Varun Beverages 2.8 Last 5 years 74.39 11.5 15.8 15.3 -4.3
in equities and equity-related instruments. A three-year lock- Navin Fluorine Intl 2.7 (31-05-2016)
in period shall apply in line with the regulation for ELSS UltraTech Cement 2.5 ~Since Inception 10.00 16.2 13.8 13.5 2.5
schemes. Larsen & Toubro 2.3 (22-11-1999)
Quess Corp 2.3
Active Industry Bets versus Benchmark Ramco Cements 2.3
SBI Life Insurance 2.1 10,000 invested
Overweight Underweight
Bharti Airtel 2.1 Period Fund Benchmark TRI Nifty 50 TRI
Industrial Products Finance Emami 2.0 Last 1 year 16,418 16,852 16,443
Banks Power Jubilant Foodworks 2.0 Last 3 years 12,372 15,007 15,053
Other Services Auto Bharat Petroleum Corp 1.7 Last 5 years 17,231 20,828 20,355
Crompton Greaves Consumer 1.7 Since Inception 2,55,613 1,60,637 1,52,274
Industry Classification (%) Mahindra & Mahindra 1.5
Schaeffler India 1.4
Jindal Steel & Power 1.4 Growth of 10,000 since inception
Banks 23.9 Divi's Laboratories 1.3 2,55,613
Software 12.5 Hindustan Unilever 1.2
Petroleum Products 8.9 Century Plyboards (India) 1.2
Consumer Non Durables 7.7 Sun Pharmaceuticals Indus 1.2
HealthCare Global 1.0 1,60,637
Finance 5.0 1,52,274
Cement & Cement Products 4.8 Container Corp of India 1.0
Tata Consumer Products 1.0
Industrial Products 4.4
Bajaj Finserv 1.0
Pharmaceuticals 3.9 Apollo Hospitals 0.9
Insurance 3.8 UPL 0.9
Consumer Durables 2.8 Hindalco Industries 0.9 10,000 10,000 10,000
Chemicals 2.7
Dr Reddy's Laboratories 0.8
ITC 0.8
Construction Project 2.4 GAIL (India) 0.8 Fund Benchmark TRI Additional Benchmark TRI
Other Services 2.3 Kotak Mahindra Bank 0.7
Investment Value as on May 2021
Telecom - Services 2.1 ICICI Lombard General 0.7
Auto 2.0 Cipla 0.7
Leisure Services 2.0 The Federal Bank 0.6 Value of 10,000-a-month SIP
Healthcare Services 2.0
Bank of Baroda 0.6 Period Investment Fund Benchmark Nifty 50 TRI
Siemens 0.5 TRI
Ferrous Metals 1.4
Rane Holdings 0.5
Transportation 1.0 Tata Motors 0.5 Since Inception Returns (%) - 16.87 N.A. 14.83
Pesticides 0.9 ~~Since Inception 25,80,000 2,13,65,053 N.A. 1,62,01,212
Equity 99.2
Since Inception(Benchmark 17,80,000 45,77,143 52,25,235 49,30,138
Non - Ferrous Metals 0.9 Cash, Call, NCA & Primary Mkt Appln 0.8
NULL 0.8 TRI)
No of Stocks 47 Last 5 years 6,00,000 8,07,097 9,28,752 9,20,074
Gas 0.8 Turnover Ratio (%) 46 Last 3 years 3,60,000 4,71,996 5,10,472 4,99,682
Industrial Capital Goods 0.5
Last 1 year 1,20,000 1,52,524 1,55,071 1,52,228
Auto Ancillaries 0.5
0 8 16 24 32 40 48 Performance Analysis (Based on monthly 3 Yrs returns)
Fund Benchmark TRI
Arithmetic Mean 10.2 16.2
Active Stock Allocation versus Benchmark
Standard Deviation 23.9 22.4
Overweight Underweight Correlation 1.0 -
Grindwell Norton Kotak Mahindra Bank Beta 1.0 -
Navin Fluorine Intl Bajaj Finance Sharpe Ratio 0.2 0.5
Varun Beverages Asian Paints Sortino Ratio 0.2 0.8
Quess Corp ITC Alpha -6.8 -
Axis Bank Hindustan Unilever Tracking Error 4.9 -
Information Ratio -1.5 -
Weighted Avg Market Cap: 3,76,323 Cr. Treynor Ratio 3.8 -
Median Market Cap: 87,932 Cr. Past performance may or may not be sustained in future. Return/investment value are as of
May 31, 2021 are computed using an adjusted series of NAV for IDCW declared before separate
Avg AUM: 2,275 Cr. IDCW and Growth Options were introduced in May 2005. Returns are on a compounded annual basis
for period more than one year and absolute for one-year period and computed using NAV of Regular
Month End AUM: 2,345 Cr. Plan-Growth Option. Value of 10,000 invested at inception is as on May 31, 2021. SIP values are
in rupees. Performance Analysis on annualized basis except Beta and Correlation. The risk free Index
IDCW History: Refer page 45-48 is MIBOR Overnight - 3.39.
~~ 'Since inception' SIP performance has not been provided for the benchmark and additional
benchmark since TRI data is not available. Hence, ‘Since Inception of Benchmark TRI’ SIP performance
has been provided.~ As TRI data is not available since inception of the scheme, benchmark
performance is calculated using composite CAGR of S&P BSE 200 PRI values from 22/11/1999 to
01/08/2006 and TRI values since 01/08/2006 as per SEBI regulations.
Fund Facts: • Type: An open-ended equity linked saving scheme with a statutory lock in of 3 years and tax benefits. • The fund was erstwhile known as Sundaram Tax Saver • “ The name change is effective May 02, 2017” • Launch: November 1999
• Bloomberg: SNDTAXG IN • Plans: Regular & Direct • Options: Growth, Pay Out of IDCW, Transfer of IDCW, The reinvestment option of IDCW has been discontinued w.e.f. March 11, 2015. Outstanding units in the Reinvestment option which are under
lock-in shall continue to be so until expiry of three years from the date of original investment • Minimum Amount: 500 • SIP/STP: Daily (STP) – 1000 w.e.f. June 09, 2017, Weekly 1000, Monthly 250, Quarterly 750 Terms of offer: NAV Exit
Load: Nil (lock-in period 36 months). J Venkatesan was the fund manager for the fund till March 31, 2015. Asset Allocation graph as per AMFI Industry Classification. • S.Krishnakumar was jointly managing this fund till Feb 24, 2021. * Fund NAV is as
of last working day of the given month. IDCW - Income Distribution cum Capital Withdrawal. For Riskometer, please refer Page 2. Disclosures: Page 49.
www.sundarammutual.com May 2021 Page 9 Sundaram Mutual Fund
Designed by MorningstarSundaram Bluechip Fund
Category :
Large Cap Portfolio NAV*: Regular-Growth: 13.0519 IDCW: 13.0516
Fund Type :
Open ended Fund Security Weight NAV*: Direct-Growth: 13.2187 IDCW: 13.2173
Benchmark TRI :
Nifty 100 TRI ICICI Bank 7.8
Infosys 7.5
Performance
Fund Manager :
Rahul Baijal
S Bharath HDFC Bank 7.0 Performance NAV per Fund Benchmark Nifty 50 Excess
Rahul Baijal has experience of 19 years and is managing the Reliance Industries 6.8 Period Unit ( ) (%) TRI TRI(%) Points
fund since launch. S Bharath has 17 years of experience and State Bank of India 5.2 (%)
managing this fund since Feb 24, 2021. HDFC 4.5 Since Inception 10.00 47.4 51.8 50.6 -4.4
Tata Consultancy Servs 4.2 (08-10-2020)
Investment Objective Larsen & Toubro 3.8
Axis Bank 3.7 10,000 invested
The investment objective of the scheme is to generate capital HCL Technologies 2.3 Period Fund Benchmark TRI Nifty 50 TRI
appreciation by investing in large cap stocks.
Bharti Airtel 2.2 Since Inception 13,052 13,333 13,258
Active Industry Bets versus Benchmark Bharat Petroleum Corp 2.1
MindTree 2.1 Growth of 10,000 since inception
Overweight Underweight
Gland Pharma 2.1 13,333 13,258
13,052
Banks Consumer Non Procter & Gamble Hygiene 1.8
Software Durables Hindustan Unilever 1.7
Industrial Products Power PI Industries 1.7 10,000 10,000 10,000
Auto Astral 1.6
Ambuja Cements 1.6
Industry Classification (%) Indraprastha Gas 1.5
Bajaj Finserv 1.5
Banks 26.3 Tata Steel 1.4
Software 16.1 Whirlpool of India 1.3
Petroleum Products 9.0 Shriram Transport Finance 1.3
Varun Beverages 1.3
Consumer Non Durables 8.1 Fund Benchmark TRI Additional Benchmark TRI
UltraTech Cement 1.2
Finance 6.4 Sun Pharmaceuticals Indus 1.2 Investment Value as on May 2021
Pharmaceuticals 4.6 Hindalco Industries 1.2
Construction Project 3.8 United Spirits 1.1 Value of 10,000-a-month SIP
Dabur India 1.1
Insurance 3.6 Period Investment Fund Benchmark Nifty 50 TRI
Cement & Cement Products 2.8 IndusInd Bank 1.1 TRI
Tata Consumer Products 1.0 Since Inception Returns (%) - 43.57 47.08 45.06
Auto 2.3
SBI Life Insurance 1.0
Since Inception 70,000 78,968 79,617 79,246
Telecom - Services 2.2 Motherson Sumi Systems 1.0
NULL 2.0 APSEZ 1.0 Past performance may or may not be sustained in future. Returns/investment value are as of
May 31, 2021. Returns are on a compounded annual basis for period more than one year and simple
Consumer Durables 1.9 Kotak Mahindra Bank 1.0 annualised for less than one-year period and computed using NAV of Regular Plan-Growth Option.
Metropolis Healthcare 0.9 Value of 10,000 invested at inception is as on May 31, 2021. SIP values are in rupees. Performance
Pesticides 1.7
Maruti Suzuki India 0.9 Analysis on annualized basis except Beta and Correlation. The risk free Index is MIBOR Overnight
Industrial Products 1.6 3.39.
Ashok Leyland 0.9
Gas 1.5 Cipla 0.8
Ferrous Metals 1.4 Phoenix Mills 0.8
Non - Ferrous Metals 1.2 Bajaj Finance 0.6
Auto Ancillaries 1.0 The Federal Bank 0.6
Titan Co 0.6
Transportation 1.0
ICICI Lombard General 0.6
Healthcare Services 0.9 HDFC Life Insurance 0.5
Construction 0.8 Mahindra & Mahindra 0.5
Alkem Laboratories 0.5
0 9 18 27 36 45 54
Equity 98.0
Cash, Call, NCA & Primary Mkt Appln 2.0
Active Stock Allocation versus Benchmark No of Stocks 48
Overweight Underweight Turnover Ratio (%) 72
State Bank of India ITC
MindTree Kotak Mahindra Bank
Gland Pharma Reliance Industries
ICICI Bank Asian Paints
PI Industries HDFC Bank
Weighted Avg Market Cap: 4,02,552 Cr.
Median Market Cap: 98,987 Cr.
Avg AUM: 1,025 Cr.
Month End AUM: 1,074 Cr.
IDCW History: Refer page 45-48
Fund Facts: Type: An open ended equity scheme predominantly investing in large cap stocks • Launch: October 2020 • Plans: Regular & Direct • Options: Growth, Pay Out of IDCW, Transfer of IDCW, Re-Investment of IDCW • Minimum Amount: 100
• SIP/STP: Daily (STP) – Rs.1000, Weekly 1000, Monthly 100, Quarterly 750 • Terms of offer: NAV; Exit Load : If units purchased or switched in from another scheme of the Fund are redeemed or switched out within 1 Year from the date of allotment:
• for up to 25% of such units - exit load: Nil. • for more than 25% of such units Exit Load: 1% of applicable Net asset Value (NAV). If units purchased or switched in from another scheme of the Fund are redeemed or switched out after 1 Year from the
date of allotment – NIL • S.Krishnakumar was jointly managing this fund till Feb 24, 2021. * Fund NAV is as of last working day of the given month. IDCW - Income Distribution cum Capital Withdrawal.For Riskometer, please refer Page 2. Disclosures:
Page 49.
www.sundarammutual.com May 2021 Page 10 Sundaram Mutual Fund
Designed by MorningstarSundaram Select Focus
Category :
Focused Fund Portfolio NAV*: Regular-Growth: 240.1490 IDCW: 15.6813
Fund Type :
Open ended Fund Security Weight NAV*: Direct-Growth: 255.5346 IDCW: 16.8838
Benchmark TRI :
Nifty 50 Index ICICI Bank 9.9
Infosys 9.4
Performance
Fund Manager :
Rahul Baijal
S Bharath HDFC Bank 9.3 Performance NAV per Fund Benchmark Sensex Excess
Rahul Baijal has experience of 19 years and is managing the Reliance Industries 6.8 Period Unit ( ) (%) TRI TRI(%) Points
fund since October 2016. S Bharath has 17 years of Larsen & Toubro 5.4 (%)
experience and managing this fund since Feb 24, 2021. State Bank of India 5.4 Last 1 year 159.14 50.9 64.4 62.1 -13.5
Axis Bank 5.3 (29-05-2020)
Investment Objective Tata Consultancy Servs 5.2 Last 3 years 169.21 12.4 14.6 15.0 -2.2
HDFC 4.7 (31-05-2018)
To achieve capital appreciation through concentrated HCL Technologies 4.3 Last 5 years 121.87 14.5 15.3 15.7 -0.7
investments in equity and equity related instruments of large
(31-05-2016)
cap companies. Bharat Petroleum Corp 4.1
Sun Pharmaceuticals Indus 2.9 Since Inception 10.00 18.4 17.5 18.1 0.8
Active Industry Bets versus Benchmark Bharti Airtel 2.9 (30-07-2002)
Overweight Underweight PI Industries 2.8
Varun Beverages 2.7 10,000 invested
Banks Finance Indraprastha Gas 2.1 Period Fund Benchmark TRI Sensex TRI
Construction Project Auto Tata Consumer Products 2.0 Last 1 year 15,090 16,443 16,209
Software Consumer Non Bajaj Finserv 1.9 Last 3 years 14,193 15,053 15,230
Durables Hindustan Unilever 1.8 Last 5 years 19,706 20,355 20,721
UltraTech Cement 1.7 Since Inception 2,40,149 2,10,349 2,30,293
Industry Classification (%)
Ashok Leyland 1.3
Tata Steel 1.2 Growth of 10,000 since inception
Banks 31.0 Kotak Mahindra Bank 1.1 2,40,149
Software 18.9
Motherson Sumi Systems 1.0 2,30,293
2,10,349
Cipla 0.8
Petroleum Products 10.9 ICICI Lombard General 0.5
Crompton Greaves Consumer 0.5
Consumer Non Durables 6.5
Phoenix Mills 0.5
Construction Project 5.4 Maruti Suzuki India 0.5
Mahindra & Mahindra 0.0
Finance 4.7
Equity 97.7
Pharmaceuticals 3.7
Cash, Call, NCA & Primary Mkt Appln 2.3 10,000 10,000 10,000
Telecom - Services 2.9 No of Stocks 30
Pesticides 2.8 Turnover Ratio (%) 69 Fund Benchmark TRI Additional Benchmark TRI
Insurance 2.4 Investment Value as on May 2021
NULL 2.3
Value of 10,000-a-month SIP
Gas 2.1
Period Investment Fund Benchmark Sensex TRI
Auto 1.8 TRI
Since Inception Returns (%) - 14.29 14.69 15.08
Cement & Cement Products 1.7
Since Inception 22,60,000 1,02,82,588 1,07,59,243 1,12,49,337
Ferrous Metals 1.2 Last 5 years 6,00,000 8,81,230 9,20,074 9,26,616
Auto Ancillaries 1.0 Last 3 years 3,60,000 4,78,768 4,99,682 4,95,046
Last 1 year 1,20,000 1,47,549 1,52,228 1,49,650
Consumer Durables 0.5
Construction 0.5
Performance Analysis (Based on monthly 3 Yrs returns)
Fund Benchmark TRI
0 11 22 33 44 55 66 Arithmetic Mean 14.1 16.2
Standard Deviation 21.3 22.1
Active Stock Allocation versus Benchmark Correlation 1.0 -
Beta 1.0 -
Overweight Underweight Sharpe Ratio 0.4 0.5
Bharat Petroleum Corp Reliance Industries Sortino Ratio 0.6 0.8
ICICI Bank ITC Alpha -1.3 -
State Bank of India Kotak Mahindra Bank Tracking Error 3.7 -
PI Industries Bajaj Finance Information Ratio -0.6 -
Larsen & Toubro HDFC Treynor Ratio 9.5 -
Past performance may or may not be sustained in future. Returns/investment value are as of
Weighted Avg Market Cap: 4,61,127 Cr. May 31, 2021. Returns are on a compounded annual basis for period more than one year and absolute
for one-year period and computed using NAV of Regular Plan-Growth Option. Value of 10,000
Median Market Cap: 1,90,610 Cr. invested at inception is as on May 31, 2021. SIP values are in rupees. Performance Analysis on
Avg AUM: 1,226 Cr. annualized basis except Beta and Correlation. The risk free Index is MIBOR Overnight 3.39.
Month End AUM: 1,273 Cr.
IDCW History: Refer page 45-48
Fund Facts: Type: An open ended equity scheme investing in maximum 30 stocks with a focus on large cap companies • Launch: July 2002 • Bloomberg: SUNSFOG IN • Plans: Regular & Direct • Options: Growth, Pay Out of IDCW, Transfer of IDCW,
Re-Investment of IDCW • Minimum Amount: 100 • SIP/STP: Daily (STP) – 1000 w.e.f. June 09, 2017, Weekly 1000, Monthly 100, Quarterly 750. • Terms of offer: NAV Exit Load: If up to 25% of the units are redeemed, withdrawn by way of
SWP or transferred by way of STP within 365 days from the date of allotment. – No Exit Load. If more than 25% of the units are redeemed, withdrawn by way of SWP or transferred by way of STP within 365 days from the date of allotment - exit load of
1% of the applicable NAV will be charged. For redemption or transfer by way of STP or withdrawal by way of SWP after 365 days from the date of allotment - Nil (w.e.f. March 02,2020). • Waiver of Exit load on intra -scheme and Inter- schemes
transactions: Presently an exit load of 1% has been charged for intra- scheme and Inter- scheme switch- out transactions. It has been decided to waive the exit load on intra- scheme and Inter -scheme switch -outs for all purchase transactions effected
from March 02, 2020. J Venkatesan was the fund manager for the fund till March 31, 2015. Asset Allocation graph as per AMFI Industry Classification. • Sundaram Growth Fund has been merged with Sundaram Select Focus w.e.f. September 16, 2016
• Shiv Chanani was managing the fund since April 2015 till Sep 2016. * Fund NAV is as of last working day of the given month. IDCW - Income Distribution cum Capital Withdrawal.For Riskometer, please refer Page 2. Disclosures: Page 49.
www.sundarammutual.com May 2021 Page 11 Sundaram Mutual Fund
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