Portfolio Evaluation Report

For

Mr. X**** R****

Prepared by

Mr. Arnik Shah

Certified Financial Planner, CFPCM

Mumbai

Regional Manager: Mr. Mayank Shah, CFPCM

Mumbai

December 13, 2017

Private & Confidential

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Table of Contents
An Important message…………………………………………………….....…………….........3

Detailed Portfolio Analysis........…………………………………….…………...…….........4-35

 Risk Profile
 Current Vis a Vis Recommended Allocation
 Portfolio Risk Vs. Return
 Historical Return of Portfolio
 Portfolio Diversification- Stock
 Consensus View on Stock
 Mutual Fund – Risk/Return

Annexure…………..……………………………..……………………….….....…...............36-45

Disclosures and Disclaimer………………………...………………………………...........46-48

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An Important Message

Dear Dr. R****

We are pleased to present you with your Portfolio Evaluation Report (PER). Based on the
information that you have provided, we have analyzed your portfolio and prepared an action
plan that will help to effectively manage your portfolio.

This report contains an analysis of your portfolio on the following parameters:

1. Risk Profile and Asset Allocation

2. Portfolio Risk-Return against benchmark
3. Historical return of Portfolio
4. Stock Portfolio Diversification Risks
5. Mutual Fund Portfolio – Risk/Returns

Please note that the analysis is based on average daily rolling returns calculated for the period of
last 5 years. The analysis has been done assuming that you have held the same portfolio in the
past and assumed that it is a long term strategic portfolio.

Objective

The objective of the reports is to identify and evaluate the risks in the portfolio. The risks in a
portfolio could be related to inadequate diversification, holding stocks with inadequate expected
returns on risk, sector diversification, over exposure, fund manager risk etc. For direct stock
portfolio, the report looks at rebalancing the current stock allocations and attempts to
recommend a portfolio with a higher reward to risk ratio. The report uses a Mean Variance
Optimization tool with constraints to recommend a rebalanced portfolio. No fresh stock
specific allocations are recommended through this report. Given that the basis of
recommendation is a higher reward to risk ratio, the recommended portfolio does not guarantee
a higher return than the existing portfolio.

Sincerely,

ICICI Securities Ltd.

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Risk Profile

Let’s begin with determining your risk profile. It provides guidelines on which assets to allocate
as per your risk appetite.

Risk profile is determined based on the information provided by you and your responses in the
risk profiling exercise.

High

Aggressive

Return Moderate

Low
Conservative Your Risk Profile

Low Risk High

You have emerged as an investor with a “Moderate” profile. Investors with this profile typically
have the following characteristics.

1. Your primary goal is preservation of capital with some growth

2. You are likely to make investments that have very limited levels of risk and generates moderate
returns

3. You prefer slightly higher returns than in a traditional Bank FD

4. You are not comfortable with large drops in the value of your investments even for a short while

5. You are on the lookout for a cautious mix of capital protection and growth that generates steady
returns

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Asset Allocation
The second step involves determining appropriate Asset Allocation based on your Risk Profile.

Asset Allocation is the most important factor in portfolio evaluation and indicates the distribution
of your investments in different asset classes i.e. equity, debt, cash & alternate

Let’s analyze your current portfolio allocation vis a vis the suggested asset allocation.

Profile Cash# Debt Equity Alternate#

Your Portfolio 0.43% 15.28% 83.22% 1.07%
Moderate (Suggested Allocation) 0.00% 55.00% 45.00% 0.00%
Deviation from Suggested Allocation 0.43% -39.72% 38.22% 1.07%

# Cash and Gold ETF are optional

Note: The suggested asset allocation is as per your risk profile alone & not based on your life goals, we would
recommend you go through financial planning service for knowing the exact asset allocation.

Portfolio Alerts

You are underweight in debt by ~ 40% of the overall portfolio

You are overweight in equity by ~ 38% of the overall portfolio

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Overall Portfolio Analysis

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Portfolio Risk -Return Matrix

The next step involves analyzing the risk taken and returns generated by your portfolio and comparing
the same with Suggested Asset Allocation

The returns on a portfolio should be evaluated with the risk associated with the investments. It is
obvious to expect higher returns from a riskier portfolio.

Portfolio Analysis Based on Rolling Returns Methodology

Average Return Standard
Portfolio Category Asset Allocation (Post Tax) Deviation (Risk)
(%) (%)
Your Portfolio
83.01% Equity; 15.47% Debt;
Your overall Portfolio 20.22 11.16
0.44% Cash; 1.08% Alternate
Market
Nifty-Total Return Index
100% Equity 13.59 14.51
(TRI)
Risk Profiles
Aggressive Risk Profile 60.00% Equity; 40.00% Debt 10.56 8.70
Moderate Risk Profile 45.00% Equity; 55.00% Debt 9.42 6.53
Conservative Risk Profile 30.00% Equity; 70.00% Debt 8.28 4.35
Note: For the above analysis we have excluded Aditya Birla Capital Ltd., Aditya Birla Fashion and Retail Ltd.,
Balkrishna Paper Mills Ltd., CPSE ETF, Mirae Asset Prudence Fund-Reg(G) and MOSt Focused 25 Fund-Reg(G)
as they do not have full 5 year performance history and considered the rest of the portfolio as 100%.

Portfolio Alerts

The standard deviation (Risk) of the portfolio is ~ 11% with 83% equity exposure, which is
higher when compared with the suggested standard deviation for the Moderate risk profile
~ 7% with 45% equity exposure; you can look forward to decrease your equity allocation

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Historical Returns of a Portfolio

This section gives you point to point returns earned by your total portfolio, comprising of investments in
Cash, Debt, Equity and Alternate; over various holding periods.

Point to Point Returns As on December 11, 2017

Your Portfolio 83.01% Equity; 15.47% Debt; 0.44% Cash; 1.08% Alternate
Your Portfolio Returns
Periods (Post Tax)
(%)
3 Months (Absolute) -1.77
6 Months (Absolute) 2.91
Last 1 Year 27.05
Last 3 Years (CAGR) 18.76
Last 5 Years (CAGR) 28.92

Portfolio Alerts

 Your Portfolio has delivered positive returns during most of the time periods

Note: For the above analysis we have excluded Aditya Birla Capital Ltd., Aditya Birla Fashion and Retail Ltd.,
Balkrishna Paper Mills Ltd., CPSE ETF, Mirae Asset Prudence Fund-Reg(G) and MOSt Focused 25 Fund-Reg(G)
as they do not have full 5 year performance history and considered the rest of the portfolio as 100%.

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Performance of Individual Securities in Your Portfolio

Point to Point Returns As on December 11, 2017
3 Months 6 Months 3 Years 5 Years
Sr. % 1 Year
Your Portfolio (absolute) (absolute) (CAGR) (CAGR)
No. Weight (%)
(%) (%) (%) (%)
Stocks
1 Adani Ports and Special Economic Zone 0.05 1.59 8.94 37.17 12.11 23.79
2 Aditya Birla Capital Ltd. 0.49 -3.12 NA NA NA NA
3 Aditya Birla Fashion and Retail Ltd. 0.29 -2.47 -6.56 20.46 15.50 NA
4 AIA Engineering Ltd. 0.28 17.52 12.86 18.77 12.52 35.61
5 Amara Raja Batteries Ltd. 0.31 -0.48 -9.28 -15.80 2.61 25.31
6 Apollo Hospitals Enterprise Ltd. 0.49 8.65 -11.85 -2.77 1.28 8.19
7 Asian Paints Ltd. 1.07 -8.79 -2.27 19.80 13.68 21.28
8 Aurobindo Pharma Ltd. 0.44 -6.93 13.32 -4.62 7.08 48.35
9 Axis Bank Ltd. 1.74 10.20 5.85 19.11 3.47 15.43
10 Bajaj Auto Ltd. 0.48 9.61 12.07 18.10 7.80 9.89
11 Bajaj Finserv Ltd. 0.13 -10.99 20.43 70.04 57.57 40.80
12 Balkrishna Industries Ltd. 0.81 42.23 50.16 104.34 58.73 54.45
13 Balkrishna Paper Mills Ltd. 0.00 -1.28 4.58 -0.25 NA NA
14 Bata India Ltd. 0.15 2.29 32.78 72.62 3.91 10.61
15 Bharat Electronics Ltd. 0.22 5.24 20.08 33.28 27.95 38.45
16 Bharat Forge Ltd. 0.73 18.82 18.81 45.67 14.94 40.67
17 Bharat Heavy Electricals Ltd. 0.14 5.36 -0.86 6.55 -18.51 -10.31
18 Bharat Petroleum Corporation Ltd. 1.73 0.10 9.38 21.13 32.48 33.79
19 Bharti Airtel Ltd. 0.49 32.50 44.74 60.88 15.70 11.13
20 Bosch Ltd. 1.48 -10.02 -16.64 -4.34 0.36 16.62
21 Britannia Industries Ltd. 0.57 13.34 32.84 60.49 40.22 57.68
22 Chennai Petroleum Corporation Ltd. 0.18 -8.39 9.54 51.64 75.84 24.63
23 Coal India Ltd. 0.32 5.02 3.13 -12.16 -9.47 -5.43
24 Dabur India Ltd. 0.87 12.60 23.87 24.60 13.95 21.61
25 Divis Laboratories Ltd. 1.11 45.20 60.56 -9.97 6.96 12.46
26 Dr. Reddys Laboratories Ltd. 0.62 1.58 -16.61 -31.16 -13.83 3.12
27 Eicher Motors Ltd. 4.00 -9.93 -1.70 27.98 27.62 61.10
28 Exide Industries Ltd. 0.39 -7.50 -8.18 14.29 6.06 6.66
29 GAIL (India) Ltd. 0.15 21.96 26.25 49.46 13.05 12.59
30 Glenmark Pharmaceuticals Ltd. 0.11 -5.25 -16.46 -40.11 -12.26 4.08
31 Grasim Industries Ltd. 2.21 -8.09 1.65 28.63 18.89 11.98
32 Gruh Finance Ltd. 0.07 -4.05 17.69 60.41 23.19 36.41
33 Havells India Ltd. 0.51 8.15 6.34 54.18 23.95 34.53
34 HCL Technologies Ltd. 2.06 2.08 2.14 9.73 4.21 23.42
35 HDFC Bank Ltd. 2.64 1.48 10.97 54.39 25.56 21.76
36 Hero MotoCorp Ltd. 0.95 -10.93 -7.01 7.11 4.05 13.69
37 Hindustan Petroleum Corporation Ltd. 0.17 -7.10 20.11 43.06 50.43 46.78
38 Hindustan Unilever Ltd. 2.08 8.31 20.56 56.29 18.34 19.38
39 Housing Development Finance Corp. 0.39 -3.95 4.02 35.02 16.08 14.36
40 ICICI Bank Ltd. 1.07 6.91 6.34 27.52 -0.55 8.79
41 IndusInd Bank Ltd. 0.73 -6.62 9.49 50.38 29.11 32.32
42 Infosys Ltd. 0.92 14.22 5.78 1.64 1.47 11.83
43 ITC Ltd. 1.08 -2.99 -13.26 12.64 0.14 5.58
44 Kabra Extrusiontechnik Ltd. 0.10 -13.42 -16.59 6.93 13.65 28.56
45 Kaveri Seed Company Ltd. 0.07 -5.93 -18.64 28.12 -12.95 14.69
46 Kotak Mahindra Bank Ltd. 0.52 0.25 2.39 35.36 17.39 24.79
47 Larsen & Toubro Ltd. 1.17 0.37 3.12 34.57 5.90 10.50
48 LIC Housing Finance Ltd. 0.50 -14.26 -25.78 -1.06 7.51 15.54

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3 Months 6 Months 3 Years 5 Years

Sr. % 1 Year
Your Portfolio (absolute) (absolute) (CAGR) (CAGR)
No. Weight (%)
(%) (%) (%) (%)
49 Lupin Ltd. 0.86 -14.31 -27.82 -44.74 -16.44 6.86
50 Mahindra & Mahindra Ltd. 1.06 10.82 -0.53 19.33 3.88 8.86
51 Maruti Suzuki India Ltd. 4.43 12.23 22.69 74.59 39.86 43.98
52 Mindtree Ltd. 0.83 22.29 1.35 15.91 -2.59 26.19
53 Monsanto India Ltd. 0.25 -2.63 -11.37 8.72 -6.47 31.31
54 Motherson Sumi Systems Ltd. 1.02 13.77 23.64 76.30 27.08 45.92
55 Natco Pharma Ltd. 0.58 30.33 -10.41 60.50 49.81 59.27
56 Nestle India Ltd. 1.17 7.76 17.88 23.39 7.91 10.27
57 Oil & Natural Gas Corporation Ltd. 0.52 9.49 5.76 -12.56 -8.41 0.37
58 Oil India Ltd. 0.06 8.69 24.36 8.03 -5.47 1.38
59 Petronet LNG Ltd. 0.32 5.53 15.51 29.52 37.68 25.49
60 PVR Ltd. 0.21 -3.88 -12.20 16.79 24.50 33.24
61 Reliance Industries Ltd. 1.30 11.95 37.16 78.47 26.41 17.44
62 State Bank Of India 1.20 17.52 10.33 19.66 0.42 6.68
63 Sterlite Technologies Ltd. 0.07 27.04 84.39 192.51 64.08 55.05
64 Sun Pharmaceutical Industries Ltd. 0.81 12.77 0.71 -21.47 -14.14 8.13
65 Tata Consultancy Services Ltd. 1.87 7.81 5.81 21.09 2.14 16.82
66 Tata Global Beverages Ltd. 0.59 42.69 93.39 140.76 24.27 11.92
67 Tata Motors Ltd. 0.81 9.27 -12.20 -11.60 -6.30 8.31
68 Tata Steel Ltd. 0.96 5.85 38.26 62.68 18.54 12.06
69 Tech Mahindra Ltd. 0.43 13.58 29.31 5.92 -8.53 17.88
70 Titan Company Ltd. 1.53 29.65 56.31 151.28 28.71 22.66
71 Torrent Pharmaceuticals Ltd. 0.13 11.45 10.26 -0.71 8.86 31.88
72 TTK Prestige Ltd. 1.74 16.25 9.13 35.70 26.02 14.01
73 Ultratech Cement Ltd. 0.42 1.81 3.03 18.60 19.51 16.46
74 VA Tech Wabag Ltd. 0.07 -0.64 -9.92 24.98 -6.94 18.87
75 VIP Industries Ltd. 0.21 55.45 82.14 189.24 45.65 32.90
76 VST Industries Ltd. 0.50 14.41 1.58 41.62 18.24 11.58
77 Wabco India Ltd. 0.88 21.11 23.81 37.75 16.23 34.17
78 Yes Bank Ltd. 1.98 -15.44 4.79 27.81 30.22 27.81
Total 63.90
Equity Mutual Funds
1 Aditya Birla SL Frontline Equity Fund(G) 1.94 1.63 7.24 25.98 11.55 17.25
2 Aditya Birla SL Top 100 Fund(G) 0.17 1.87 8.66 26.66 11.19 17.66
3 Axis LT Equity Fund(G) 1.17 2.97 9.59 31.01 12.94 22.24
4 DSPBR Top 100 Equity Fund-Reg(G) 0.48 -1.35 4.74 19.70 8.22 12.36
5 Franklin India High Growth Cos Fund(G) 1.25 11.35 11.83 31.18 13.63 23.66
6 Franklin India Prima Plus Fund(G) 2.13 4.08 7.71 24.52 12.69 18.66
7 Franklin India Smaller Cos Fund(G) 0.95 7.51 11.70 34.85 19.66 29.80
8 HDFC Balanced Fund(G) 0.97 4.01 7.33 23.16 12.96 18.67
9 HDFC Equity Fund(G) 1.40 7.39 10.09 30.02 10.94 17.07
10 HDFC Prudence Fund(G) 1.74 5.66 7.61 22.45 11.46 16.93
11 HDFC Top 200 Fund(G) 0.77 5.23 8.20 26.73 10.01 15.33
12 ICICI Pru Balanced Fund(G) 0.88 6.20 8.97 21.74 13.02 18.59
13 ICICI Pru Value Discovery Fund(G) 0.91 4.26 5.95 18.25 10.68 20.29
14 Kotak Opportunities Fund(G) 0.52 2.38 7.27 28.86 14.68 18.49
15 Kotak Select Focus Fund(G) 0.24 1.79 6.86 29.63 14.54 20.34
16 L&T India Prudence Fund-Reg(G) 0.41 1.84 4.98 23.70 13.19 18.28
17 Mirae Asset Emerging Bluechip-Reg(G) 0.09 5.72 10.43 39.74 23.46 30.43
18 Mirae Asset Prudence Fund-Reg(G) 0.09 2.83 8.32 24.77 NA NA
19 MOSt Focused 25 Fund-Reg(G) 0.11 -0.01 5.47 26.78 12.61 NA
20 SBI BlueChip Fund-Reg(G) 0.59 2.76 7.52 25.07 13.67 18.32
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3 Months 6 Months 3 Years 5 Years

Sr. % 1 Year
Your Portfolio (absolute) (absolute) (CAGR) (CAGR)
No. Weight (%)
(%) (%) (%) (%)
21 SBI Magnum Global Fund-Reg(G) 1.43 15.11 17.44 31.73 14.20 21.97
22 Tata Balanced Fund(G) 0.59 1.25 3.46 15.05 9.69 15.89
23 Templeton India Equity Income Fund(G) 0.26 4.45 10.51 27.85 12.51 15.74
Total 19.09
Debt Mutual Funds
1 Aditya Birla SL Dynamic Bond Fund- (G) 0.11 -1.56 -0.41 1.08 8.08 9.21
2 HDFC Cash Mgmt-Savings(G) 1.92 1.53 3.12 6.48 7.44 8.11
Total 2.03
Cash
1 4% Saving Bank A/c 0.43 0.98 2.01 4.02 4.00 4.00
Total 0.43
Debt
1 8.00% PPF 13.25 1.94 3.98 8.05 8.00 8.00
Total 13.25
Gold ETF
1 UTI Gold Exchange Traded Fund 1.07 -5.65 -3.03 -0.20 0.87 -2.75
Total 1.07
ETF
1 CPSE ETF 0.23 4.78 6.25 14.13 6.06 NA
Total 0.23
Grand Total 100.00

Top Out performers in each time period for risky assets Top Under performers in each time period for risky assets

3 Months 6 Months 3 Years 5 Years

1 Year
Indices (absolute) (absolute) (CAGR) (CAGR)
(%)
(%) (%) (%) (%)
Benchmark Indices
CRISIL Balanced Fund - Aggressive Index 1.96 4.95 17.65 8.26 11.08
Crisil 1 Yr T-Bill Index 1.48 3.03 5.88 7.21 7.19
Crisil 10 Yr Gilt Index -2.42 -1.50 0.46 7.67 7.36
Crisil Short Term Bond Fund Index 0.86 2.71 6.30 8.31 8.76
NIFTY 200 4.16 8.50 28.12 9.95 13.50
NIFTY 50 3.16 6.76 24.94 7.56 11.83
NIFTY 500 4.78 9.22 30.01 11.02 14.37
Nifty Free Float Midcap 100 7.40 11.82 34.75 17.71 19.19
S&P BSE 100 3.57 8.13 26.90 8.89 12.69
S&P BSE 200 4.07 8.65 27.96 10.15 13.65
S&P BSE 500 4.64 9.33 30.04 10.94 14.13
Category wise Mutual Fund Returns
Large Cap Funds 4.22 8.84 27.89 11.70 15.57
Mid Cap Funds 6.50 11.22 35.57 17.45 24.21
Diversified / Multi Cap Funds 4.86 9.86 30.48 13.16 17.91
Small Cap Funds 11.20 15.30 44.16 20.60 29.88

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Portfolio Alerts

 Out of 78 stocks, 36 stocks have delivered positive returns across all the time periods

 Out of 23 equity MF Schemes, 21 have delivered positive returns across all the time periods

Out of 78 stocks, 2 stocks such as Glenmark Pharmaceuticals Ltd. and Lupin Ltd. has
significantly underperformed within your portfolio and delivered negative returns during
most of the time periods (Loss Aversion Bias^ Pg. No. 21)

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Portfolio Stock/Sector Exposure

This section shows your top ten stock holdings and the percentage they represent. This comprises
your stock held directly & indirectly through mutual fund

Ideally, Sectoral cap should be at ~25% of the portfolio & individual stock cap at ~10% of the
portfolio.

Portfolio Alerts

 Your stock and sector exposure is well within the specified limits

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Portfolio’s Top Sectors - Update

1. Banking

 The key highlight of Q2FY18 was lower slippages QoQ reported by most PSU banks. The
absolute GNPA of the PSU banks was almost flat QoQ at ` 7,33,974 crore. This led to slowest
QoQ increase in overall system GNPA by 1.3% to ` 8,40,250 crore
 However, banks made higher provisions in Q2FY18, which increased 44% QoQ. This led to an
improvement in PCR for most banks. Another impact of higher credit cost was fall (by 3% QoQ)
in system NNPA after several quarters to ` 4,52,523 crore
 Stress accretion stayed higher for corporate focused private banks. Overall system GNPA and
RA for sector remained >12% of loans
 On the P&L front, operating earnings of the banking system increased at healthy rate of 12.2%
YoY to ` 75,460 crore mainly led by healthy NII traction (up 9% YoY) & lower growth in Opex of
5% YoY. Higher provisions impacted PAT, which was at ` 6,221 crore
 Despite PSU banks reporting improvement in asset quality, the resolution of accounts referred
to NCLT in ensuing quarters would need to be watched. Further, structure of re-capitalisation of
PSU banks announced by government would also be under watch ahead

2. Auto and Auto ancilliary

 The Q2FY18 was one of the best performing quarters for the auto and auto ancillary space as it
reported strong volume growth of 12% YoY. This was mainly due to 1) re-stocking of vehicles
by dealers post implementation of GST & 2) higher inventory build-up across dealer network
ahead of festive season. The market leaders namely Hero Motocorp (HMCL) and Maruti Suzuki
(MSIL) in the 2-W & PV space, respectively, reported their highest ever quarterly sales volumes
in Q2FY18. The PV volume grew 7.9% YoY mainly driven by the UV space (up 16.6% YoY).
Thus, overall revenues of the I-direct auto universe (ex-Tata Motors - TML) grew ~19.3% YoY,
with OEM & ancillary revenue growth at 17.5% YoY & 23% YoY, respectively

 The EBITDA margin of our universe (Ex-TML) declined 50 bps YoY to ~15.2%. This is
attributable to average prices of key input that moved upwards – steel & aluminium price, up
19% YoY each while lead price increased 20.9% YoY. The higher input cost, to some extent,
was offset by higher utilisation level resulting in better operational efficiency during Q2FY18.
Lower other income (due to lower yield on investments) further impacted the profitability

 Among our coverage OEM universe, TML’s results were above our estimates, JLR revenues &
margin came in £6.3 billion & 11.8% in Q2FY18 vs. £5.6 bn & 7.9%, respectively, in Q1FY18. Its
consolidated margins were at 13.9% above our estimate of 12.9%. M&M’s tractor segment
reported strong EBIT margin (up 255 bps YoY to 21.3%). MSIL’s EBITDA margin was at 16.9%
due to material cost reduction initiatives, economies of scale & lower discount (down ` 1000/car
QoQ). Lower employee & other expense supported margins of HMCL & Bajaj Auto. Eicher
Motors continued its good set of results, with RE & VECV both posted margins above our
estimates

Source: ICICIdirect Research & Institutional Research Desk

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Direct Equity Analysis

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Sectoral Break up - Nifty vs Direct Equity Portfolio

This section compares the percentage exposure you have to sectors via direct equity portfolio
Vis-a Vis sectors weightage in Nifty.
Your Equity Portfolio Nifty Sector Deviation
Sr.
Sectoral Break-Up Sector BreakUp (%) BreakUp (%) (%)
No.
(A) (B) (C=B-A)
1 Automobiles 18.27% 9.84% 8.42%
2 Auto Ancillary 5.27% 0.47% 4.80%
3 Banks 15.42% 26.90% -11.48%
4 Capital goods / Electrical Equipments 1.99% 0.00% 1.99%
5 Cement & construction material 0.66% 1.60% -0.95%
6 Chemicals 0.00% 0.68% -0.68%
7 Cigarettes/Tobacco 2.46% 5.54% -3.09%
8 Construction - Turnkey/Engineering 1.83% 3.81% -1.98%
9 Consumer - Food 2.71% 0.00% 2.71%
10 Consumer durables 2.71% 0.00% 2.71%
11 Diversified 3.45% 0.00% 3.45%
12 Engineering 0.01% 0.00% 0.01%
13 FMCG - Personal care 4.92% 2.31% 2.61%
14 Hospitals/Healthcare Services 0.77% 0.00% 0.77%
15 IT software 9.53% 11.20% -1.67%
16 Jewellery 2.38% 0.00% 2.38%
17 Logistics 0.02% 0.00% 0.02%
18 Media 0.33% 0.79% -0.46%
19 Metals/Mining 2.06% 4.38% -2.32%
20 NBFC 2.50% 8.81% -6.30%
21 Oil and Gas 6.33% 11.86% -5.53%
22 Others 3.73% 0.82% 2.91%
23 Paints 1.66% 1.31% 0.35%
24 Paper 0.00% 0.00% 0.00%
25 Pharmaceutical 7.27% 3.98% 3.29%
26 Power Generation/Distribution 0.00% 2.55% -2.55%
27 Retail 0.68% 0.00% 0.68%
28 Shipping, Shipbuilding and Ports 0.08% 0.80% -0.72%
29 Tea/Coffee 0.92% 0.00% 0.92%
30 Telecommunication - Service Provider 0.77% 2.35% -1.58%
31 Tyres 1.26% 0.00% 1.26%
Total 100.00% 100%
Note: Deviation (+7.50%/-7.50%) from Nifty has been highlighted

Portfolio Alerts

Your equity portfolio has over exposure to sector like Automobiles when compared to Nifty

Your equity portfolio has under exposure to sector like Banks when compared to Nifty

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Analysts’ Consensus on Direct Equity Portfolio

Investor should take their own decision on stocks. To facilitate, we have given the market consensus
from Reuters/Bloomberg & our internal House View (Retail/Institutional) for stocks wherein available
% of Market View
Sr. House
Stocks Value Stock Consensus Consensus Consensus
No. View
Portfolio Buy Hold Sell
Auto Ancillary
1 Bosch Ltd. 357,746 2.32% 4 5 2 Hold
2 Motherson Sumi Systems Ltd. 246,912 1.60% 17 10 3 Hold
3 Wabco India Ltd. 211,281 1.37% 5 2 2 Hold
Automobiles
4 Bajaj Auto Ltd. 115,628 0.75% 18 19 13 Hold
5 Eicher Motors Ltd. 965,012 6.26% 26 1 8 Buy
6 Hero MotoCorp Ltd. 228,446 1.48% 24 15 11 Buy
7 Mahindra & Mahindra Ltd. 255,420 1.66% 36 7 1 Buy
8 Maruti Suzuki India Ltd. 1,069,538 6.93% 39 12 2 Buy
9 Tata Motors Ltd. 194,845 1.26% 32 7 4 Buy
Banks
10 Axis Bank Ltd. 419,582 2.72% 18 16 15 Hold
11 HDFC Bank Ltd. 638,181 4.14% 44 4 2 Buy
12 ICICI Bank Ltd. 259,457 1.68% 40 6 3 NA
13 IndusInd Bank Ltd. 177,243 1.15% 39 8 2 Buy
14 Kotak Mahindra Bank Ltd. 125,073 0.81% 19 13 1 Hold
15 State Bank Of India 290,608 1.88% 33 7 5 Buy
16 Yes Bank Ltd. 478,153 3.10% 35 9 4 Hold
Capital goods / Electrical Equipments
17 AIA Engineering Ltd. 68,740 0.45% 12 6 1 Hold
18 Bharat Electronics Ltd. 53,949 0.35% 13 3 4 Buy
19 Bharat Heavy Electricals Ltd. 32,829 0.21% 8 7 26 Hold
20 Havells India Ltd. 124,116 0.80% 12 14 12 Hold
21 Kabra Extrusiontechnik Ltd. 24,390 0.16% NA NA NA NA
Cement & construction material
22 Ultratech Cement Ltd. 101,786 0.66% 24 11 9 Buy
Cigarettes/Tobacco
23 ITC Ltd. 260,288 1.69% 35 2 1 Buy
24 VST Industries Ltd. 120,008 0.78% NA NA NA Buy
Construction - Turnkey/Engineering
25 Larsen & Toubro Ltd. 283,365 1.84% 30 5 3 Buy
Consumer - Food
26 Britannia Industries Ltd. 136,438 0.88% 19 7 1 NA
27 Nestle India Ltd. 282,940 1.83% 9 6 18 Buy
Consumer durables
28 TTK Prestige Ltd. 419,078 2.72% 0 2 10 Hold
Diversified
29 Grasim Industries Ltd. 534,608 3.47% 10 4 2 Buy*
FMCG - Personal care
30 Dabur India Ltd. 209,400 1.36% 14 13 8 Buy
31 Hindustan Unilever Ltd. 503,053 3.26% 23 12 3 Hold
32 VIP Industries Ltd. 49,686 0.32% 5 0 1 NA
Hospitals/Healthcare Services
33 Apollo Hospitals Enterprise Ltd. 119,180 0.77% 16 3 1 Hold
IT software
34 HCL Technologies Ltd. 496,748 3.22% 32 8 6 Hold
35 Infosys Ltd. 221,774 1.44% 33 14 4 Hold
36 Mindtree Ltd. 200,033 1.30% 8 6 15 Hold
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% of Market View
Sr. House
Stocks Value Stock Consensus Consensus Consensus
No. View
Portfolio Buy Hold Sell
37 Tata Consultancy Services Ltd. 451,520 2.93% 14 25 10 Hold
38 Tech Mahindra Ltd. 105,021 0.68% 28 9 8 Hold
Jewellery
39 Titan Company Ltd. 369,248 2.39% 16 8 6 Buy
Media
40 PVR Ltd. 50,474 0.33% NA NA NA Hold
Metals/Mining
41 Coal India Ltd. 76,907 0.50% 22 7 4 Hold
42 Tata Steel Ltd. 232,400 1.51% 19 6 6 Buy
NBFC
43 Aditya Birla Capital Ltd. 118,719 0.77% NA NA NA NA
44 Bajaj Finserv Ltd. 30,613 0.20% 6 6 2 Buy
45 Gruh Finance Ltd. 17,579 0.11% 3 2 2 Sell*
46 Housing Development Finance Corp. 94,100 0.61% 25 9 3 Buy
47 LIC Housing Finance Ltd. 120,916 0.78% 27 14 5 Hold
Oil and Gas
48 Bharat Petroleum Corporation Ltd. 418,095 2.71% 21 6 9 Hold
49 Chennai Petroleum Corp. Ltd. 43,162 0.28% 4 0 2 NA
50 Hindustan Petroleum Corp. Ltd. 41,031 0.27% 20 6 11 Hold
51 Oil & Natural Gas Corporation Ltd. 126,125 0.82% 24 9 1 Hold
52 Oil India Ltd. 14,356 0.09% 15 9 5 Hold
53 Reliance Industries Ltd. 313,238 2.03% 24 10 3 Hold*
Others
54 Amara Raja Batteries Ltd. 74,962 0.49% 11 4 6 Hold
55 Bharat Forge Ltd. 175,600 1.14% 16 10 5 Buy
56 Exide Industries Ltd. 94,208 0.61% 20 9 4 Buy
57 GAIL (India) Ltd. 36,071 0.23% 19 8 11 Buy
58 Kaveri Seed Company Ltd. 17,929 0.12% NA NA NA NA
59 Monsanto India Ltd. 61,508 0.40% NA NA NA NA
60 Petronet LNG Ltd. 76,311 0.49% 26 4 6 Buy
61 Sterlite Technologies Ltd. 17,226 0.11% 7 0 0 Buy
62 VA Tech Wabag Ltd. 15,976 0.10% 16 1 1 Buy
Paints
63 Asian Paints Ltd. 257,207 1.67% 12 13 8 Hold
Paper
64 Balkrishna Paper Mills Ltd. 81 0.00% NA NA NA NA
Pharmaceutical
65 Aurobindo Pharma Ltd. 106,904 0.69% 33 1 1 Hold
66 Divis Laboratories Ltd. 267,494 1.73% 3 10 3 Hold
67 Dr. Reddys Laboratories Ltd. 149,158 0.97% 9 20 12 Hold
68 Glenmark Pharmaceuticals Ltd. 26,531 0.17% 17 12 4 Hold
69 Lupin Ltd. 207,750 1.35% 24 10 6 Hold
70 Natco Pharma Ltd. 139,302 0.90% 9 2 3 Buy
71 Sun Pharmaceutical Industries Ltd. 196,602 1.27% 21 10 7 Hold
72 Torrent Pharmaceuticals Ltd. 31,976 0.21% 15 9 3 Hold
Retail
73 Aditya Birla Fashion and Retail Ltd. 70,533 0.46% NA NA NA Buy
74 Bata India Ltd. 35,306 0.23% 3 2 2 Buy
Shipping, Shipbuilding and Ports
Adani Ports and Special Economic
75 11,759 0.08% 15 6 1 NA
Zone Ltd.

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% of Market View
Sr. House
Stocks Value Stock Consensus Consensus Consensus
No. View
Portfolio Buy Hold Sell
Tea/Coffee
76 Tata Global Beverages Ltd. 143,184 0.93% 4 1 1 Buy
Telecommunication - Service Provider
77 Bharti Airtel Ltd. 119,280 0.77% 16 6 10 Buy
Tyres
78 Balkrishna Industries Ltd. 195,845 1.27% 11 4 2 Buy
Total 15,427,738 100.00%

Note: 1. Any Stock covered by less than 5 Research Houses is not taken into consideration.
2. Consensus Views: As on June 2017 ending quarter
3. * Institutional Research Desk

Analysts’ Consensus - Snapshot

Value to stock % of stock
Consensus View No. of stocks
portfolio (in `) Portfolio
Buy 58 12,275,733 79.57%
Hold 8 1,753,484 11.37%
Sell 4 934,880 6.06%
NA 8 463,641 3.01%
Grand Total 78 15,427,738 100.00%

House-view - Snapshot
Value to stock % of stock
House-view No. of stocks
portfolio (in `) Portfolio
Buy 31 6,976,230 45.22%
Buy* 1 534,608 3.47%
Add* NA NA NA
Hold 34 6,862,954 44.48%
Hold* 1 313,238 2.03%
Reduce* NA NA NA
Sell NA NA NA
Sell* 1 17,579 0.11%
NA 10 723,129 4.69%
Grand Total 78 15,427,738 100.00%

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Portfolio Alerts

Your direct equity portfolio is over diversified to 78 stocks; ideally it should be restricted to
~ 30 stocks (Naïve Investment Bias^ Pg. No. 21)

Out of 78 direct equity stocks, 43 are tail stocks (< 1.00% of the stock portfolio) Individual
tail stocks do not have any impact on the performance of the portfolio (~ 20% of the direct
equity portfolio amounting to ~ ` 31.39 Lakhs)

Out of 78 direct equity stocks, 10 are not rated by our Research Team, you have to review
the performance of these stocks on your own or refer Consensus View, if available above (~
5% of the stock portfolio amounting to ~ ` 7.23 Lakhs)

Based on House View, you may want to review your exposures to stock like Gruh Finance
Ltd. (0.11% of the stock portfolio amounting to ` 17,579)

You can view the detail research reports:

Login (to your ICICIdirect account)>> Research>> Equity>> ICICIdirect Research

Recommendation>>Investment recommendation>> All company Reports & Updates >>Search by
(Ctrl+F)
Or

Click Here
[Link]

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Applications of Behavioral Finance

Behavioral Finance study the effects of psychological, social, cognitive, and emotional factors on
the economic decisions of individuals and institutions and the consequences for returns and the asset
allocation.

Analysis of the portfolio reveals following biases that may be affecting your investment decision
processes:

1. Loss Aversion Bias^ (Pg. No. 12 & 23)

Investors who generally avoid taking risks, when exhibits this bias, are much more willing to take
risks when they think they might be able to avert a loss. For e.g. an investor might hold on to a
losing stock in the hope to recover the loss.

2. Naive Investment Bias^ (Pg. No. 20 & 30)

Investors who exhibit this bias believe that by simply investing in many stocks / equity MF schemes
will reduce risk sufficiently to make profit; instead it results in increased monitoring costs without
commensurate increase in diversification benefits.

Awareness of these biases and their effects can possibly help you to avoid pitfalls while managing your
portfolio that can impact future performance

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Risk – Return Measures of your Stocks

This section shows exactly the contribution of the individual security risk/return to its overall portfolio
Measures of Returns Measures of Risk
Sr. % Average Relative Return Standard Relative Risk
Stock Portfolio
No. Weight Returns Contribution Deviation Contribution
(%) (%) (%) (%)
1 Adani Ports and SEZ Ltd. 0.08% 21.50% 0.08% 37.63% 0.11%
2 Aditya Birla Fashion and Retail Ltd. 0.46% 1.57% 0.03% 44.05% 0.44%
3 AIA Engineering Ltd. 0.45% 30.88% 0.66% 31.71% 0.26%
4 Amara Raja Batteries Ltd. 0.49% 23.11% 0.54% 31.64% 0.48%
5 Apollo Hospitals Enterprise Ltd. 0.78% 7.86% 0.29% 28.75% 0.62%
6 Asian Paints Ltd. 1.68% 19.42% 1.56% 25.42% 1.61%
7 Aurobindo Pharma Ltd. 0.70% 39.73% 1.33% 37.92% 0.84%
8 Axis Bank Ltd. 2.74% 14.49% 1.90% 32.67% 4.12%
9 Bajaj Auto Ltd. 0.76% 9.03% 0.33% 23.11% 0.65%
10 Bajaj Finserv Ltd. 0.20% 34.85% 0.33% 29.87% 0.18%
11 Balkrishna Industries Ltd. 1.28% 44.17% 2.70% 32.99% 0.84%
12 Bata India Ltd. 0.23% 10.18% 0.11% 28.56% 0.24%
13 Bharat Electronics Ltd. 0.35% 33.12% 0.56% 32.14% 0.38%
14 Bharat Forge Ltd. 1.15% 33.53% 1.84% 33.42% 1.46%
15 Bharat Heavy Electricals Ltd. 0.21% -10.60% -0.11% 39.21% 0.30%
16 Bharat Petroleum Corporation Ltd. 2.73% 29.73% 3.88% 32.26% 3.24%
17 Bharti Airtel Ltd. 0.78% 10.82% 0.40% 29.79% 0.63%
18 Bosch Ltd. 2.34% 15.46% 1.73% 25.33% 2.05%
19 Britannia Industries Ltd. 0.89% 46.30% 1.97% 27.07% 0.67%
20 Chennai Petroleum Corporation 0.28% 22.18% 0.30% 47.81% 0.38%
21 Coal India Ltd. 0.50% -5.62% -0.13% 27.55% 0.39%
22 Dabur India Ltd. 1.37% 20.03% 1.31% 23.49% 0.93%
23 Divis Laboratories Ltd. 1.75% 11.71% 0.98% 32.64% 1.38%
24 Dr. Reddys Laboratories Ltd. 0.97% 3.18% 0.15% 26.74% 0.52%
25 Eicher Motors Ltd. 6.30% 48.07% 14.48% 31.35% 7.75%
26 Exide Industries Ltd. 0.62% 6.99% 0.21% 29.20% 0.65%
27 GAIL (India) Ltd. 0.24% 12.34% 0.14% 28.87% 0.22%
28 Glenmark Pharmaceuticals Ltd. 0.17% 3.77% 0.03% 30.40% 0.13%
29 Grasim Industries Ltd. 3.49% 11.80% 1.97% 26.37% 3.57%
30 Gruh Finance Ltd. 0.11% 31.44% 0.17% 31.85% 0.09%
31 Havells India Ltd. 0.81% 30.17% 1.17% 31.59% 0.85%
32 HCL Technologies Ltd. 3.24% 21.21% 3.29% 26.66% 1.71%
33 HDFC Bank Ltd. 4.17% 19.85% 3.95% 19.73% 3.76%
34 Hero MotoCorp Ltd. 1.49% 12.60% 0.90% 23.90% 1.28%
35 Hindustan Petroleum Corp. Ltd. 0.27% 39.09% 0.50% 37.31% 0.38%
36 Hindustan Unilever Ltd. 3.29% 18.47% 2.90% 23.19% 2.13%
37 HDFC Ltd. 0.61% 13.92% 0.41% 26.08% 0.66%
38 ICICI Bank Ltd. 1.69% 8.70% 0.70% 31.43% 2.51%
39 IndusInd Bank Ltd. 1.16% 28.68% 1.59% 28.72% 1.55%
40 Infosys Ltd. 1.45% 11.27% 0.78% 27.32% 0.79%
41 ITC Ltd. 1.70% 5.35% 0.43% 25.05% 1.19%
42 Kabra Extrusiontechnik Ltd. 0.16% 25.83% 0.20% 48.35% 0.20%
43 Kaveri Seed Company Ltd. 0.12% 14.00% 0.08% 41.48% 0.10%
44 Kotak Mahindra Bank Ltd. 0.82% 22.60% 0.88% 24.90% 0.83%
45 Larsen & Toubro Ltd. 1.85% 10.35% 0.92% 27.96% 2.41%
46 LIC Housing Finance Ltd. 0.79% 14.72% 0.56% 33.25% 1.28%
47 Lupin Ltd. 1.36% 6.53% 0.42% 27.73% 0.94%
48 Mahindra & Mahindra Ltd. 1.67% 8.15% 0.65% 25.29% 1.54%
49 Maruti Suzuki India Ltd. 6.99% 36.89% 12.32% 25.55% 8.32%

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Measures of Returns Measures of Risk

Sr. % Average Relative Return Standard Relative Risk
Stock Portfolio
No. Weight Returns Contribution Deviation Contribution
(%) (%) (%) (%)
50 Mindtree Ltd. 1.31% 22.67% 1.42% 29.76% 0.77%
51 Monsanto India Ltd. 0.40% 27.42% 0.53% 39.85% 0.31%
52 Motherson Sumi Systems Ltd. 1.61% 38.01% 2.93% 36.08% 2.08%
53 Natco Pharma Ltd. 0.91% 47.02% 2.04% 41.72% 0.87%
54 Nestle India Ltd. 1.85% 9.93% 0.88% 22.75% 0.88%
55 Oil & Natural Gas Corporation Ltd. 0.82% 0.66% 0.03% 30.17% 0.87%
56 Oil India Ltd. 0.09% 1.67% 0.01% 26.95% 0.07%
57 Petronet LNG Ltd. 0.50% 22.65% 0.54% 29.18% 0.42%
58 PVR Ltd. 0.33% 29.19% 0.46% 33.39% 0.26%
59 Reliance Industries Ltd. 2.05% 15.96% 1.56% 24.64% 2.00%
60 State Bank Of India 1.90% 6.62% 0.60% 32.68% 2.62%
61 Sterlite Technologies Ltd. 0.11% 44.60% 0.24% 47.97% 0.17%
62 Sun Pharmaceutical Industries Ltd. 1.28% 7.63% 0.47% 29.51% 0.93%
63 Tata Consultancy Services Ltd. 2.95% 15.64% 2.20% 22.58% 1.34%
64 Tata Global Beverages Ltd. 0.94% 11.14% 0.50% 30.30% 1.17%
65 Tata Motors Ltd. 1.27% 8.20% 0.50% 34.11% 1.79%
66 Tata Steel Ltd. 1.52% 11.56% 0.84% 35.67% 2.28%
67 Tech Mahindra Ltd. 0.69% 15.91% 0.52% 27.85% 0.41%
68 Titan Company Ltd. 2.41% 20.14% 2.32% 33.89% 2.67%
69 Torrent Pharmaceuticals Ltd. 0.21% 28.03% 0.28% 29.38% 0.15%
70 TTK Prestige Ltd. 2.74% 13.21% 1.73% 30.16% 1.81%
71 Ultratech Cement Ltd. 0.66% 15.74% 0.50% 26.36% 0.75%
72 VA Tech Wabag Ltd. 0.10% 17.88% 0.09% 33.61% 0.09%
73 VIP Industries Ltd. 0.32% 28.44% 0.44% 42.74% 0.43%
74 VST Industries Ltd. 0.78% 10.92% 0.41% 27.67% 0.38%
75 Wabco India Ltd. 1.38% 28.60% 1.89% 30.90% 1.07%
76 Yes Bank Ltd. 3.12% 24.93% 3.72% 39.00% 5.88%
77 Goldman Sachs Nifty ETF 0.00% 11.85% 0.00% 13.45% 0.00%
Total 100.00% NA 100.00% NA 100.00%
Portfolio Return (%) 20.93% Top 3 Contributors towards Portfolio Return
Portfolio Risk (%) 13.99% Top 3 Contributors towards Portfolio Risk

Note: For the above analysis we have excluded Aditya Birla Capital Ltd. and Balkrishna Paper Mills Ltd. as they
do not have full 3 year performance history and considered the rest of the portfolio as 100%.

Portfolio Alerts:

Out of 77 stocks, 8 stocks have either given negative return or returns less than the Risk -
free Rate; assumed at 6% p.a. The same have been highlighted in red colour (Loss
Aversion Bias^ Pg. No. 21)

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Direct Equity Portfolio - Diversification Risk

This section gives an analysis of the Diversification of your portfolio and tests if the portfolio is on
the efficient frontier. Diversification reduces the company specific risks in your portfolio.

Based on Mean Variance Optimization (MVO) adjusted for House-View

Mean Standard Deviation Sharpe
Portfolios
(Return) (Risk) Ratio
Existing Portfolio 20.93% 13.99% 1.07
Proposed Portfolio 28.77% 14.46% 1.58
Optimization Result Increased Increased Increased

Note: The above graph is based on the simulation of client’s stock portfolio, house view on the same and Nifty Index
wherein all possible combination of weights of the securities in the client’s stock portfolio are used to construct all
possible portfolios, each different portfolio with its own average return & standard deviation (risk) based on the
historical return.

The analysis identifies the best possible portfolio (based on Sharpe) on the efficient curve, with the existing stocks and
Nifty. If the Efficient portfolio shows allocation towards Nifty, it signifies that the securities in the current portfolio are
not good enough to outperform Market (Nifty). We consider client’s direct equity stocks which have completed full
three year history. BSE closing stock prices are taken for calculating return.

Portfolio Alerts
Your stock portfolio does not lie on the efficient frontier. There is a potential to move to
efficient (minimum variance) portfolio

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Mean - Variance Analysis

This section shows us the current portfolio vis a-vis newly created portfolios with their risk/return, it also
shows us how by simply changing the allocation within the current portfolio and by adding Nifty,
increases the risk adjusted return of the portfolio.

Current Recommended Portfolio Portfolio

Sr. House
Stock Portfolio Portfolio (A) Portfolio (B) Action Action
No. View
(%) (%) (C=B-A) (No. of Shares)
1 Adani Ports and SEZ Ltd. NA 0.08% - -0.08% -30
2 Aditya Birla Fashion and Retail Ltd. Buy 0.46% 0.46% - -
3 AIA Engineering Ltd. Hold 0.45% 7.15% 6.70% 671
4 Amara Raja Batteries Ltd. Hold 0.49% - -0.49% -96
5 Apollo Hospitals Enterprise Ltd. Hold 0.78% - -0.78% -100
6 Asian Paints Ltd. Hold 1.68% - -1.68% -228
7 Aurobindo Pharma Ltd. Hold 0.70% 3.64% 2.94% 653
8 Axis Bank Ltd. Hold 2.74% - -2.74% -772
9 Bajaj Auto Ltd. Hold 0.76% - -0.76% -36
10 Bajaj Finserv Ltd. Buy 0.20% 7.50% 7.30% 219
11 Balkrishna Industries Ltd. Buy 1.28% 2.08% 0.80% 51
12 Bata India Ltd. Buy 0.23% 0.23% - -
13 Bharat Electronics Ltd. Buy 0.35% 0.35% - -
14 Bharat Forge Ltd. Buy 1.15% 1.15% - -
15 Bharat Heavy Electricals Ltd. Hold 0.21% - -0.21% -358
16 Bharat Petroleum Corporation Ltd. Hold 2.73% - -2.73% -815
17 Bharti Airtel Ltd. Buy 0.78% 0.78% - -
18 Bosch Ltd. Hold 2.34% - -2.34% -18
19 Britannia Industries Ltd. NA 0.89% 0.98% 0.09% 3
20 Chennai Petroleum Corp. Ltd. NA 0.28% - -0.28% -103
21 Coal India Ltd. Hold 0.50% - -0.50% -285
22 Dabur India Ltd. Buy 1.37% 1.37% - -
23 Divis Laboratories Ltd. Hold 1.75% - -1.75% -256
24 Dr. Reddys Laboratories Ltd. Hold 0.97% - -0.97% -68
25 Eicher Motors Ltd. Buy 6.30% 7.14% 0.83% 4
26 Exide Industries Ltd. Buy 0.62% 0.62% - -
27 GAIL (India) Ltd. Buy 0.24% 0.24% - -
28 Glenmark Pharmaceuticals Ltd. Hold 0.17% - -0.17% -49
29 Grasim Industries Ltd. Buy* 3.49% 3.49% - -
30 Gruh Finance Ltd. Sell* 0.11% 0.11% - -
31 Havells India Ltd. Hold 0.81% - -0.81% -231
32 HCL Technologies Ltd. Hold 3.24% 7.41% 4.16% 725
33 HDFC Bank Ltd. Buy 4.17% 4.17% - -
34 Hero MotoCorp Ltd. Buy 1.49% 1.49% - -
35 Hindustan Petroleum Corp. Ltd. Hold 0.27% 3.91% 3.65% 1292
36 Hindustan Unilever Ltd. Hold 3.29% - -3.29% -381
37 HDFC Ltd. Buy 0.61% 0.61% - -
38 ICICI Bank Ltd. NA 1.69% - -1.69% -834
39 IndusInd Bank Ltd. Buy 1.16% 1.16% - -
40 Infosys Ltd. Hold 1.45% - -1.45% -221
41 ITC Ltd. Buy 1.70% 1.70% - -
42 Kabra Extrusiontechnik Ltd. NA 0.16% - -0.16% -200
43 Kaveri Seed Company Ltd. NA 0.12% - -0.12% -33
44 Kotak Mahindra Bank Ltd. Hold 0.82% - -0.82% -124
45 Larsen & Toubro Ltd. Buy 1.85% 1.85% - -
46 LIC Housing Finance Ltd. Hold 0.79% - -0.79% -215
47 Lupin Ltd. Hold 1.36% - -1.36% -248

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Current Recommended Portfolio Portfolio

Sr. House
Stock Portfolio Portfolio (A) Portfolio (B) Action Action
No. View
(%) (%) (C=B-A) (No. of Shares)
48 Mahindra & Mahindra Ltd. Buy 1.67% 1.67% - -
49 Maruti Suzuki India Ltd. Buy 6.99% 6.99% - -
50 Mindtree Ltd. Hold 1.31% 2.17% 0.86% 242
51 Monsanto India Ltd. NA 0.40% 0.90% 0.50% 31
52 Motherson Sumi Systems Ltd. Hold 1.61% - -1.61% -652
53 Natco Pharma Ltd. Buy 0.91% 7.50% 6.59% 1050
54 Nestle India Ltd. Buy 1.85% 1.85% - -
55 Oil & Natural Gas Corporation Ltd. Hold 0.82% - -0.82% -705
56 Oil India Ltd. Hold 0.09% - -0.09% -40
57 Petronet LNG Ltd. Buy 0.50% 0.50% - -
58 PVR Ltd. Hold 0.33% 4.11% 3.78% 447
59 Reliance Industries Ltd. Hold* 2.05% - -2.05% -342
60 State Bank Of India Buy 1.90% 1.90% - -
61 Sterlite Technologies Ltd. Buy 0.11% 2.14% 2.03% 1083
62 Sun Pharmaceutical Industries Ltd. Hold 1.28% - -1.28% -372
63 Tata Consultancy Services Ltd. Hold 2.95% - -2.95% -170
64 Tata Global Beverages Ltd. Buy 0.94% 0.94% - -
65 Tata Motors Ltd. Buy 1.27% 1.27% - -
66 Tata Steel Ltd. Buy 1.52% 1.52% - -
67 Tech Mahindra Ltd. Hold 0.69% - -0.69% -210
68 Titan Company Ltd. Buy 2.41% 2.41% - -
69 Torrent Pharmaceuticals Ltd. Hold 0.21% 3.01% 2.80% 322
70 TTK Prestige Ltd. Hold 2.74% - -2.74% -57
71 Ultratech Cement Ltd. Buy 0.66% 0.66% - -
72 VA Tech Wabag Ltd. Buy 0.10% 0.10% - -
73 VIP Industries Ltd. NA 0.32% - -0.32% -140
74 VST Industries Ltd. Buy 0.78% 0.78% - -
75 Wabco India Ltd. Hold 1.38% - -1.38% -30
76 Yes Bank Ltd. Hold 3.12% - -3.12% -1535
77 Goldman Sachs Nifty ETF NA 0.00% 0.00% 0.00% 0.00%
Grand Total 100.00% 100.00%
Portfolio Value 15,308,937 15,308,937
Portfolio Return (%) 20.93% 28.77%
Portfolio Risk (Standard Deviation) (%) 13.99% 14.46%
Sharpe Ratio 1.07 1.58
Portfolio Maximum Drawdown (%) 37.70% 36.82%

Note: For the above analysis we have excluded Aditya Birla Capital Ltd. and Balkrishna Paper Mills Ltd. as they
do not have full 3 year performance history and considered the rest of the portfolio as 100%.

Portfolio Alerts:

As per Efficient Frontier analysis, Out of 76 stocks you need to exit / partially reduce
exposure from 34 stocks which have underperformed on risk & return parameter. The same
have been highlighted in red colour (~ 43% of stock portfolio amounting to ~ ` 65.82 Lakhs)

 The Current Portfolio’s maximum drawdown is ~ 38% whereas the proposed portfolio’s
Maximum drawdown is ~ 37%

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Mutual Fund Analysis

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Equity Mutual Fund Portfolio - Risk-Return

This section compares the risk adjusted return (Sharpe) of your current equity mutual fund portfolio vs.
Nifty vs. our suggested equity mutual fund portfolio.

Equity Mutual Fund Portfolio

Average Standard Deviation
Sr. Crisil Sharpe
Portfolio Return (Risk)
No. Ratings Ratio
(%) (%)
Your Portfolio
Your Equity Mutual Fund
1 NA 18.70 12.60 1.01
Portfolio – 21 Schemes
Market
2 Nifty-Total Return Index NA 13.59 14.51 0.52
Ideal Portfolio
Aditya Birla SL Frontline
3 A 12.98 13.81 0.51
Equity Fund(G)
Franklin India Prima Plus
4 C 18.11 12.62 0.96
Fund(G)
ICICI Pru Value Discovery
5 D 24.11 13.67 1.33
Fund(G)
6 HDFC Balanced Fund(G) B 17.82 10.08 1.17
Average 18.26 12.54 0.98

Note: From the overall portfolio we have excluded MOSt Focused 25 Fund-Reg(G) and Mirae Asset Prudence Fund-
Reg(G) as they do not have full 5 year performance history and considered the rest of the portfolio as 100%.

Portfolio Alerts

 Your Mutual Fund Portfolio’s Sharpe of 1.01 is similar when compared with Ideal Mutual
Fund Portfolio’s Sharpe of 0.98

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Crisil Ratings for Mutual Fund Portfolio

Crisil Rating Philosophy
 We are using Crisil Investment manager for in-depth mutual fund research; the parameters for
the same are quantitatively measured like Risk adjusted returns, Portfolio Risk, Fund manager
performance & Fund house performance; the weightings of which are determined by ICICI
securities.
The below table gives a snapshot of your mutual fund holdings and performance outlook as per
our cluster ratings.
 ‘A’ rated funds form the top 10% of the peer group and are very good performing funds
 ‘B’ rated funds form the next 20% and are good performing funds
 ‘C’ rated funds form the next 20%; and are average performing funds
 ‘D’ rated funds form the last 20%; and are below average performing funds
 ‘E’ rated funds form the last 30%; and are poor performing funds
 ‘*’ Funds not rated by us

Equity Mutual Fund Portfolio

Sr. Riskometer Crisil House
Equity Schemes Value %
No. (SEBI Mandate) Ratings View
Balanced Funds
1 HDFC Balanced Fund(G) Moderately High 234,023 5.08% B Buy
2 HDFC Prudence Fund(G) Moderately High 419,367 9.10% C Hold
3 ICICI Pru Balanced Fund(G) Moderately High 212,645 4.61% B Buy
4 L&T India Prudence Fund-Reg(G) Moderately High 99,862 2.17% B Buy
5 Mirae Asset Prudence Fund-Reg(G) Moderately High 20,554 0.45% * NA
6 Tata Balanced Fund(G) Moderately High 143,261 3.11% D Hold
Total 1,129,712 24.52%
Diversified
7 Aditya Birla SL Frontline Equity Fund(G) Moderately High 467,290 10.14% A Buy
8 Aditya Birla SL Top 100 Fund(G) Moderately High 42,124 0.91% A Hold
9 DSPBR Top 100 Equity Fund-Reg(G) Moderately High 115,305 2.50% D Sell
10 Franklin India High Growth Cos Fund(G) Moderately High 302,025 6.55% D Buy
11 Franklin India Prima Plus Fund(G) Moderately High 513,187 11.14% C Buy
12 Franklin India Smaller Cos Fund(G) Moderately High 229,910 4.99% B Buy
13 HDFC Equity Fund(G) Moderately High 337,559 7.33% D Hold
14 HDFC Top 200 Fund(G) Moderately High 186,493 4.05% D Hold
15 ICICI Pru Value Discovery Fund(G) Moderately High 219,839 4.77% D Hold
16 Kotak Opportunities Fund(G) Moderately High 126,574 2.75% B Hold
17 Kotak Select Focus Fund(G) Moderately High 57,237 1.24% A Buy
18 Mirae Asset Emerging Bluechip-Reg(G) Moderately High 21,022 0.46% A Hold
19 MOSt Focused 25 Fund-Reg(G) Moderately High 25,881 0.56% C Buy
20 SBI BlueChip Fund-Reg(G) Moderately High 141,521 3.07% A Buy
21 SBI Magnum Global Fund-Reg(G) Moderately High 345,475 7.50% E Sell
22 Templeton India Equity Income Fund(G) Moderately High 63,947 1.39% * NA
Total 3,195,388 69.34%
Equity Linked Savings Scheme
23 Axis LT Equity Fund(G) Moderately High 283,096 6.14% C Buy
Total 283,096 6.14%
Grand Total 4,608,197 100.00%

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Debt Mutual Fund Portfolio

Sr. Riskometer Crisil House
Debt Schemes Value %
No. (SEBI Mandate) Ratings View
Income
1 Aditya Birla SL Dynamic Bond Fund-Reg(G) Moderate 25,471 5.20% D NA
Total 25,471 5.20%
Liquid
2 HDFC Cash Mgmt-Savings(G) Low 464,220 94.80% D NA
Total 464,220 94.80%
Grand Total 489,691 100.00%

Level of Risk

i. Low - Principal at low risk

ii. Moderately Low - Principal at moderately low risk
iii. Moderate - Principal at moderate risk
iv. Moderately High - Principal at moderately high risk
v. High - Principal at high risk

Crisil Ratings Snapshot:

Value to MF Portfolio
Crisil Rating No. of Funds % of MF Portfolio
(in `)
* 2 84,501 1.66%
A 5 729,194 14.30%
B 5 903,013 17.71%
C 4 1,241,532 24.35%
D 8 1,794,173 35.19%
E 1 345,475 6.78%
Total 25 5,097,888 100.00%

House View Snapshot:

Value to MF Portfolio
House-view No. of Funds % of MF Portfolio
(in `)
Buy 11 2,566,677 50.35%
Hold 8 1,496,239 29.35%
NA 4 574,192 11.26%
Sell 2 460,780 9.04%
Total 25 5,097,888 100.00%

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Portfolio Alert

Your Equity MF Portfolio is over diversified to 25 schemes; ideally it should be restricted to

~ 5 schemes (Naïve Investment Bias^ Pg. No. 21)

Based on House View, you may want to review your exposure to DSPBR Top 100 Equity
Fund-Reg(G) and SBI Magnum Global Fund-Reg(G) (~ 9% of the stock portfolio amounting
to ` 4.60 Lakhs)

1. Sub – Category wise Break up of Existing Equity Mutual Fund Portfolio

Source: Accord Fintech

Portfolio Alert

 ~ 48% of your Equity MF Portfolio is invested into Multi-cap Schemes

2. Fund Manager wise Break up in Existing Equity Mutual Fund Portfolio

Source: Accord Fintech

Portfolio Alert

 ~ 20% of your Equity MF Portfolio is managed by a single fund manager Mr. Prashant Jain
of HDFC Mutual Fund

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Crisil ‘A’ Rated Equity Funds P2P Return

Point to Point Return As on December 12, 2017
Latest 3 6 Since
Sr. 1 Year 3 Years 5 Years
Fund Names Fund Benchmark AUM Months Months Inception
No. (abs) (CAGR) (CAGR)
(Crs.) (abs) (abs) (%)
Balanced Funds
CRISIL Balanced
DSPBR Balanced
1 Fund - 6542.54 3.25 6.63 21.86 12.69 15.63 15.61
Fund-Reg(G)
Aggressive Index
CRISIL Balanced
Principal Balanced
2 Fund - 705.38 5.93 12.84 32.55 15.30 17.28 11.93
Fund(G)
Aggressive Index
Diversified
Aditya Birla SL
1 S&P BSE 200 5190.22 0.52 9.73 33.62 17.33 22.34 19.33
Advantage Fund(G)
Aditya Birla SL Equity
2 S&P BSE 200 7958.50 1.75 8.76 27.09 15.81 21.30 24.75
Fund(G)
Aditya Birla SL
3 NIFTY 50 19935.55 1.63 7.24 25.98 11.55 17.25 22.29
Frontline Equity (G)
Aditya Birla SL India
4 NIFTY 50 721.11 3.43 10.64 34.13 17.28 20.54 18.27
GenNext Fund(G)
Aditya Birla SL Small Nifty Free Float
5 1548.98 11.05 14.75 46.23 24.02 27.17 14.71
& Midcap Fund(G) Midcap 100
Aditya Birla SL Top
6 NIFTY 50 3702.57 1.87 8.66 26.66 11.19 17.66 15.53
100 Fund(G)
DSPBR Micro-Cap S&P BSE Small-
7 6466.76 11.58 8.60 33.83 23.42 30.70 19.89
Fund-Reg(G) Cap
DSPBR Opportunities
8 NIFTY 500 4272.56 5.86 12.22 32.76 17.55 20.35 19.38
Fund-Reg(G)
Invesco India PSU
9 S&P BSE PSU 105.30 1.95 5.52 19.17 14.06 14.44 8.90
Equity Fund(G)
10 JM Multi Strategy (G) S&P BSE 500 150.39 -1.09 6.04 32.62 14.27 18.12 13.03
Kotak Select Focus
11 NIFTY 200 15934.91 1.79 6.86 29.63 14.54 20.34 15.53
Fund(G)
L&T Emerging S&P BSE Small-
12 2891.68 9.40 15.81 55.68 26.50 NA 32.68
Businesses Fund-(G) Cap
L&T India Value Fund-
13 S&P BSE 200 6463.60 3.78 8.86 31.72 19.01 25.58 18.18
Reg(G)
Mirae Asset Emerging Nifty Free Float
14 5030.50 5.72 10.43 39.74 23.46 30.43 24.55
Bluechip-Reg(G) Midcap 100
MOSt Focused
15 NIFTY 500 10508.14 0.52 9.20 36.49 20.85 NA 31.11
Multicap 35 Fund-(G)
16 SBI BlueChip Fund-(G) S&P BSE 100 16943.52 2.76 7.52 25.07 13.67 18.32 11.90
Sundaram Rural India
17 S&P BSE 500 1998.90 4.51 9.46 34.23 21.04 20.70 13.55
Fund(G)
Equity Linked Savings Scheme
DSPBR Tax Saver
1 NIFTY 500 3571.29 3.52 9.72 28.76 15.85 20.32 15.30
Fund-Reg(G)
L&T Tax Advt Fund-
2 S&P BSE 200 2762.38 4.81 10.00 34.94 16.00 18.79 15.68
Reg(G)
Principal Tax Savings
3 S&P BSE 200 382.54 9.19 14.10 42.39 16.79 20.93 17.45
Fund
Tata India Tax S&P BSE
4 981.23 4.96 12.57 38.48 17.93 20.90 20.34
Savings Fund-Reg(DP) SENSEX
Source: Accord Fintech

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Sr. 3 Months 6 Months 1 Year 3 Years 5 Years

Name NAV/Price
No. (abs) (abs) (abs) (CAGR) (CAGR)

Benchmarks
CRISIL Balanced Fund -
1 6463.87 1.96 4.95 17.65 8.26 11.08
Aggressive Index
2 NIFTY 200 5671.40 4.16 8.50 28.12 9.95 13.50
3 NIFTY 50 10322.25 3.16 6.76 24.94 7.56 11.83
4 NIFTY 500 9231.90 4.78 9.22 30.01 11.02 14.37
5 NIFTY FINANCE 10394.70 2.05 7.56 37.03 12.29 15.10
6 NIFTY INFRA 3533.10 4.91 9.16 27.09 5.33 6.18
7 Nifty Free Float Midcap 100 20120.60 7.40 11.82 34.75 17.71 19.19
8 S&P BSE 100 10802.56 3.57 8.13 26.90 8.89 12.69
9 S&P BSE 200 4567.81 4.07 8.65 27.96 10.15 13.65
10 S&P BSE 500 14600.85 4.64 9.33 30.04 10.94 14.13
11 S&P BSE PSU 9151.39 5.77 7.16 14.85 4.14 4.83
12 S&P BSE SENSEX 33455.79 4.94 7.02 25.08 6.61 11.52
13 S&P BSE Small-Cap 18251.77 10.94 17.38 48.15 17.53 19.77

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Crisil ‘A’ Rated Debt Funds P2P Return

Point to Point Return As on December 12, 2017
Latest 3 6 3 5 Since
Sr. 1 Year
Fund Name Fund Benchmark AUM Months Months Years Years Inception
No. (abs)
(Crs.) (abs) (abs) (CAGR) (CAGR) (%)
Gilt
Reliance Gilt
1 I-Sec Li-BEX 1527.95 -1.43 -0.12 3.45 8.98 9.91 9.20
Securities (G)
UTI Gilt Adv-
2 I-Sec Li-BEX 742.54 -1.41 -0.44 4.85 8.73 10.20 8.76
LTP(G)
Income
Baroda Pioneer
Crisil Short Term
1 Credit Opp Fund- 912.25 1.26 3.44 8.72 NA NA 10.20
Bond Fund Index
A(G)
HDFC Medium
Term Crisil Composite
2 14040.90 0.85 3.11 6.81 8.77 9.02 9.01
Opportunities Bond Fund Index
Fund(G)
ICICI Pru Long Crisil Composite
3 3674.20 -0.79 0.69 4.94 9.28 11.35 10.07
Term Plan(G) Bond Fund Index
IDFC SSIF-MT- Crisil Short Term
4 4570.28 0.37 2.18 5.74 7.81 8.08 7.60
Reg(G) Bond Fund Index
Kotak Corporate Crisil Composite
5 1158.36 1.28 3.16 6.99 8.46 8.58 8.21
Bond Fund(G) Bond Fund Index
L&T Banking and
Crisil Short Term
6 PSU Debt Fund- 570.38 0.74 2.89 5.62 7.98 8.18 4.12
Bond Fund Index
Reg(G)
L&T ST Income Crisil Short Term
7 1133.70 1.34 3.65 8.51 9.07 9.06 9.04
Fund-Reg(G) Bond Fund Index
SBI Dynamic Crisil Composite
8 3965.28 -0.85 0.08 4.19 8.40 8.55 5.58
Bond(G) Bond Fund Index
UTI Bond Crisil Composite
9 1724.50 -0.88 0.54 4.12 8.26 8.96 8.79
Fund(G) Bond Fund Index
UTI Dynamic Crisil Composite
10 1880.29 -0.64 0.68 4.67 9.10 9.94 9.63
Bond Fund-(G) Bond Fund Index
Liquid
Baroda Pioneer Crisil Liquid Fund
1 5907.07 1.58 3.24 6.71 7.63 8.25 7.82
Liquid Fund(G) Index
Edelweiss Liquid Crisil Liquid Fund
2 1350.66 1.59 3.25 6.64 7.21 7.98 7.84
Fund-Reg(G) Index
Indiabulls Liquid Crisil Liquid Fund
3 6884.72 1.59 3.27 6.77 7.71 8.28 8.56
Fund(G) Index
JM High Crisil Liquid Fund
4 3496.40 1.58 3.27 6.73 7.67 8.28 7.99
Liquidity Fund(G) Index
Source: Accord Fintech

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Point to Point Return As on December 12, 2017

Latest 3 6 1 3 5 Since
Sr.
Fund Name Fund Benchmark AUM Months Months Year Years Years Inception
No
(Crs.) (abs) (abs) (abs) (CAGR) (CAGR) (%)
Monthly Income Plans
Crisil MIP
Aditya Birla SL MIP
1 Blended Fund 2475.82 -0.53 2.93 12.66 11.41 13.45 10.52
II-Wealth 25(G)
Index
Crisil MIP
2 ICICI Pru MIP 25(G) Blended Fund 1454.42 0.87 2.86 12.03 10.08 11.69 10.49
Index
Crisil MIP
SBI Magnum
3 Blended Fund 1585.05 0.23 2.03 8.01 9.96 10.39 8.36
MIP(G)
Index
Ultra Short Term Plan
Franklin India Low Crisil Short Term
1 5727.99 1.54 3.86 8.63 9.38 9.56 9.49
Duration Fund(G) Bond Fund Index
Crisil 1 Yr T-Bill
IDFC Money Mgr-IP- Index, CRISIL
2 1785.31 0.54 2.80 6.38 8.04 8.35 7.60
Reg(G) AAA Short Term
Bond Index
JM Money Mgr- Crisil Liquid
3 1036.52 1.38 3.26 6.84 7.94 8.42 8.23
Super Plus(G) Fund Index
L&T Ultra Short Crisil Liquid
4 2933.02 1.44 3.32 6.86 7.94 8.50 3.26
Term Fund(G) Fund Index
Crisil Short Term
Bond Fund
MOSt Ultra ST
5 Index, Crisil 1040.04 1.31 2.82 5.64 6.21 NA 6.71
Bond Fund-Reg(G)
Liquid Fund
Index
UTI Treasury
Crisil Liquid
6 Advantage Fund- 12011.00 1.48 3.30 7.20 8.31 8.77 8.35
Fund Index
Inst(G)

Sr. 3 Months 6 Months 1 Year 3 Years 5 Years

Name NAV/Price
No (abs) (abs) (abs) (CAGR) (CAGR)

Benchmarks
Crisil Composite Bond Fund
1 2940.66 -0.33 1.51 4.89 8.90 8.99
Index
2 Crisil Liquid Fund Index 2809.35 1.58 3.27 6.66 7.49 8.14
Crisil MIP Blended Fund
3 3675.67 0.21 2.31 7.75 8.83 9.55
Index
Crisil Short Term Bond Fund
4 3010.02 0.86 2.71 6.30 8.31 8.76
Index

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Annexure

Annexure No. Description

I Overall Portfolio

II Direct Equity Portfolio Analysis

III Equity Mutual Fund Schemes – Detailed Analysis

IV Debt Mutual Fund Schemes – Detailed Analysis

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Annexure I
Overall Portfolio
Total Portfolio size – ` 241.43 Lakhs (As on December 11, 2017)
Amount
Asset Allocation Instrument %
(In `)
Cash Saving Bank 103,805 0.43%
Debt PPF & MF 3,689,691 15.28%
Equity ETF, Stocks & MF 20,092,441 83.22%
Alternate Gold ETF 257,800 1.07%
Total 24,143,737 100.00%

Market Beta/
Sr. CMP/ Value Dividend Total
Your Overall Portfolio Units Cap/ Expense
No. NAV (`) per share Dividends
AUM Ratio
Stocks
1 Adani Ports and SEZ Ltd. 30 391.95 11,759 81,171 1.60 1.3 39
2 Aditya Birla Capital Ltd. 633 187.55 118,719 41,278 0.98 0 0
3 Aditya Birla Fashion & Retail 416 169.55 70,533 13,084 0.72 0 0
4 AIA Engineering Ltd. 45 1527.55 68,740 14,408 0.44 8 360
5 Amara Raja Batteries Ltd. 96 780.85 74,962 13,338 0.70 4.25 408
6 Apollo Hospitals Enterprise 100 1191.80 119,180 16,581 0.67 6 600
7 Asian Paints Ltd. 228 1128.10 257,207 108,207 0.76 10.3 2348.4
8 Aurobindo Pharma Ltd. 155 689.70 106,904 40,408 1.24 2.5 387.5
9 Axis Bank Ltd. 772 543.50 419,582 130,360 1.23 5 3860
10 Bajaj Auto Ltd. 36 3211.90 115,628 92,942 0.75 55 1980
11 Bajaj Finserv Ltd. 6 5102.20 30,613 81,192 1.34 1.75 10.5
12 Balkrishna Industries Ltd. 82 2388.35 195,845 23,085 0.83 8 656
13 Balkrishna Paper Mills Ltd. 1 81.00 81 87 1.20 0 0
14 Bata India Ltd. 48 735.55 35,306 9,454 1.08 3.5 168
15 Bharat Electronics Ltd. 294 183.50 53,949 45,086 1.22 2.25 661.5
16 Bharat Forge Ltd. 251 699.60 175,600 32,573 1.51 7.5 1882.5
17 Bharat Heavy Electricals Ltd. 358 91.70 32,829 33,667 1.30 1.58 565.64
18 Bharat Petroleum Corp. Ltd. 815 513.00 418,095 111,283 0.98 32.5 26487.5
19 Bharti Airtel Ltd. 224 532.50 119,280 212,862 1.11 1 224
20 Bosch Ltd. 18 19874.80 357,746 60,659 0.91 165 2970
21 Britannia Industries Ltd. 28 4872.80 136,438 58,502 0.69 22 616
22 Chennai Petroleum Corp. Ltd. 103 419.05 43,162 6,240 0.99 21 2163
23 Coal India Ltd. 285 269.85 76,907 167,507 0.67 19.9 5671.5
24 Dabur India Ltd. 600 349.00 209,400 61,477 0.77 2.25 1350
25 Divis Laboratories Ltd. 256 1044.90 267,494 27,739 1.39 10 2560
26 Dr. Reddys Laboratories Ltd. 68 2193.50 149,158 36,387 0.59 20 1360
27 Eicher Motors Ltd. 33 29242.80 965,012 79,623 0.91 100 3300
28 Exide Industries Ltd. 460 204.80 94,208 17,408 1.07 2.4 1104
29 GAIL (India) Ltd. 75 480.95 36,071 81,343 0.97 8.5 637.5
30 Glenmark Pharmaceuticals 49 541.45 26,531 15,280 0.64 2 98
31 Grasim Industries Ltd. 473 1130.25 534,608 74,295 0.96 5.5 2601.5
32 Gruh Finance Ltd. 35 502.25 17,579 18,362 0.65 2.8 98
33 Havells India Ltd. 231 537.30 124,116 33,589 0.99 3.5 808.5
34 HCL Technologies Ltd. 565 879.20 496,748 122,390 0.20 24 13560
35 HDFC Bank Ltd. 345 1849.80 638,181 478,740 0.71 11 3795
36 Hero MotoCorp Ltd. 65 3514.55 228,446 70,188 0.83 85 5525
37 Hindustan Petroleum Corp. 95 431.90 41,031 65,814 1.22 30 2850
38 Hindustan Unilever Ltd. 381 1320.35 503,053 285,787 0.83 17 6477
39 HDFC Ltd. 55 1710.90 94,100 273,183 1.03 18 990
40 ICICI Bank Ltd. 834 311.10 259,457 199,706 1.72 2.5 2085
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Market Beta/
Sr. CMP/ Value Dividend Total
Your Overall Portfolio Units Cap/ Expense
No. NAV (`) per share Dividends
AUM Ratio
41 IndusInd Bank Ltd. 106 1672.10 177,243 100,214 0.85 6 636
42 Infosys Ltd. 221 1003.50 221,774 230,503 0.77 25.75 5690.75
43 ITC Ltd. 980 265.60 260,288 323,719 1.30 4.75 4655
44 Kabra Extrusiontechnik Ltd. 200 121.95 24,390 389 1.24 2 400
45 Kaveri Seed Company Ltd. 33 543.30 17,929 3,591 1.41 0 0
46 Kotak Mahindra Bank Ltd. 124 1008.65 125,073 192,090 0.71 0.6 74.4
47 Larsen & Toubro Ltd. 232 1221.40 283,365 171,122 1.33 21 4872
48 LIC Housing Finance Ltd. 215 562.40 120,916 28,382 1.13 6.2 1333
49 Lupin Ltd. 248 837.70 207,750 37,861 0.74 7.5 1860
50 Mahindra & Mahindra Ltd. 180 1419.00 255,420 88,205 0.89 13 2340
51 Maruti Suzuki India Ltd. 117 9141.35 1,069,538 276,142 1.04 75 8775
52 Mindtree Ltd. 367 545.05 200,033 8,935 0.77 10 3670
53 Monsanto India Ltd. 25 2460.30 61,508 4,247 0.51 30 750
54 Motherson Sumi Systems 652 378.70 246,912 79,728 1.18 2 1304
55 Natco Pharma Ltd. 145 960.70 139,302 16,763 0.95 6.75 978.75
56 Nestle India Ltd. 36 7859.45 282,940 75,777 0.42 63 2268
57 Oil & Natural Gas Corp. Ltd. 705 178.90 126,125 229,587 0.71 9.075 6397.875
58 Oil India Ltd. 40 358.90 14,356 27,154 0.67 14.25 570
59 Petronet LNG Ltd. 305 250.20 76,311 37,530 0.97 5 1525
60 PVR Ltd. 39 1294.20 50,474 6,049 0.99 2 78
61 Reliance Industries Ltd. 342 915.90 313,238 580,086 1.12 11 3762
62 State Bank Of India 913 318.30 290,608 274,758 1.95 2.6 2373.8
63 Sterlite Technologies Ltd. 60 287.10 17,226 11,500 1.32 1.25 75
64 Sun Pharmaceutical Indus. 372 528.50 196,602 126,803 1.08 3.5 1302
65 Tata Consultancy Services 170 2656.00 451,520 508,435 0.29 47 7990
66 Tata Global Beverages Ltd. 480 298.30 143,184 18,827 1.43 2.35 1128
67 Tata Motors Ltd. 475 410.20 194,845 118,439 1.55 0 0
68 Tata Steel Ltd. 332 700.00 232,400 67,985 1.58 10 3320
69 Tech Mahindra Ltd. 210 500.10 105,021 48,840 0.58 9 1890
70 Titan Company Ltd. 450 820.55 369,248 72,847 1.37 2.6 1170
71 Torrent Pharmaceuticals Ltd. 24 1332.35 31,976 22,546 0.94 14 336
72 TTK Prestige Ltd. 57 7352.25 419,078 8,485 0.42 27 1539
73 Ultratech Cement Ltd. 24 4241.10 101,786 116,440 1.10 10 240
74 VA Tech Wabag Ltd. 26 614.45 15,976 3,358 0.75 4 104
75 VIP Industries Ltd. 140 354.90 49,686 5,015 1.54 2.4 336
76 VST Industries Ltd. 38 3158.10 120,008 4,877 1.06 75 2850
77 Wabco India Ltd. 30 7042.70 211,281 13,358 0.80 7 210
78 Yes Bank Ltd. 1535 311.50 478,153 71,570 1.05 2.4 3684
Total 15,427,738 0.95 181,746
ETF
1 CPSE ETF 1922 29.40 56,507 5,095 0.07 NA NA
Total 56,507
Equity MF Portfolio
Aditya Birla SL Frontline
1 2153.708 216.97 467,290 19,936 2.12(Nov-17) NA NA
Equity Fund(G)
2 Aditya Birla SL Top 100 (G) 730.149 57.69 42,124 3,703 2.28(Nov-17) NA NA
3 Axis LT Equity Fund(G) 6964.031 40.65 283,096 15,408 1.97(Nov-17) NA NA
4 DSPBR Top 100 Equity-Reg(G) 583.852 197.49 115,305 3,305 2.31(Oct-17) NA NA
Franklin India High Growth
5 7381.432 40.92 302,025 7,638 2.32(Oct-17) NA NA
Cos Fund(G)
6 Franklin India Prima Plus (G) 881.398 582.24 513,187 11,908 2.24(Oct-17) NA NA

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Market Beta/
Sr. CMP/ Value Dividend Total
Your Overall Portfolio Units Cap/ Expense
No. NAV (`) per share Dividends
AUM Ratio
7 Franklin India Smaller Cos (G) 3767.326 61.03 229,910 7,075 2.38(Oct-17) NA NA
8 HDFC Balanced Fund(G) 1570.486 149.01 234,023 18,027 1.96(Oct-17) NA NA
9 HDFC Equity Fund(G) 528.332 638.91 337,559 21,691 2.10(Oct-17) NA NA
10 HDFC Prudence Fund(G) 810.986 517.11 419,367 36,395 2.26(Oct-17) NA NA
11 HDFC Top 200 Fund(G) 408.069 457.01 186,493 15,542 2.08(Oct-17) NA NA
12 ICICI Pru Balanced Fund(G) 1649.69 128.90 212,645 23,954 2.20(Nov-17) NA NA
13 ICICI Pru Value Discovery (G) 1539.811 142.77 219,839 17,188 2.11(Nov-17) NA NA
14 Kotak Opportunities Fund(G) 1086.506 116.50 126,574 2,158 2.09(Nov-17) NA NA
15 Kotak Select Focus Fund(G) 1737.883 32.94 57,237 15,935 1.97(Nov-17) NA NA
16 L&T India Prudence -Reg(G) 3836.283 26.03 99,862 8,313 2.01(Nov-17) NA NA
Mirae Asset Emerging
17 411.364 51.10 21,022 5,031 2.40(Nov-17) NA NA
Bluechip-Reg(G)
18 Mirae Asset Prudence -Reg(G) 1510.319 13.61 20,554 943 2.55(Nov-17) NA NA
19 MOSt Focused 25 -Reg(G) 1219.085 21.23 25,881 870 2.51(Oct-17) NA NA
20 SBI BlueChip Fund-Reg(G) 3714.193 38.10 141,521 16,944 1.97(Oct-17) NA NA
21 SBI Magnum Global -Reg(G) 1915.762 180.33 345,475 3,544 2.04(Oct-17) NA NA
22 Tata Balanced Fund(G) 696.378 205.72 143,261 5,869 2.11(Oct-17) NA NA
Templeton India Equity
23 1360.234 47.01 63,947 1,065 2.54(Oct-17) NA NA
Income Fund(G)
Total 4,608,197
Cash Portfolio
1 4% Saving Bank A/c NA NA 103,805 NA NA NA NA
Total 103,805
Debt Portfolio
1 8.00% PPF NA NA 3,200,000 NA NA NA NA
Aditya Birla SL Dynamic
2 849.967 29.97 25,471 10983.23 1.45(Nov-17) NA NA
Bond Fund-Reg(G)
3 HDFC Cash Mgmt-Savings(G) 131.567 3528.39 464,220 6622.79 0.30(Oct-17) NA NA
Total 103,805 3,689,691
Alternate Portfolio
UTI Gold Exchange Traded
1 100 2578.00 257,800 432 1.06(Sep-13) NA NA
Fund
Total 257,800
Grand Total 24,143,737

Other Observations
 You have 7 volatile stocks in your direct equity portfolio with Beta above 1.50 to Sensex, your overall portfolio
beta to Sensex is at 0.95
 You have 2 stocks in your direct equity portfolio with very low market capitalization of < ` 500 crores
 You have 3 Equity MF scheme in your portfolio with high expense ratio of > 2.50% p.a
 You have 1 Equity MF scheme in your portfolio with negative Information Ratio
 Total Dividend received by your Direct Equity portfolio for last financial year is ` 181,746
(Assuming you were holding all the stocks on the record date)

Note: The alerts are key risk that your portfolio carries while being evaluated with strategic investment portfolio
with long term horizon.

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Annexure II
Direct Equity Portfolio – Detailed Analysis
Portfolio Brief:
The portfolio has 78 stocks with a total value of ~ ` 154.27 Lakhs

Market Capitalization classification:

Portfolio
Portfolio Value
Market Capitalization No. of Stocks Composition
(In `)
(%)
Large Cap (> 30001 crs) 50 12,776,795 82.82
Mid Cap ( between 10001-
16 1,613,312 10.46
30000 crs)
Small Cap ((between 2001-
10 1,013,160 6.57
10000 crs)
Micro Cap (< 2000 crs) 2 24,471 0.16
Total 78 15,427,738 100.00%

We have classified the portfolio into Core & Tail stocks wherein stocks with an allocation of 1% or
more in the overall portfolio are termed as Core stocks & less than 1% as Tail Stocks.

Core Stock (> 1% of Portfolio)

Large Cap Mid Cap Small Cap Micro Cap Total
No. of stocks 30 3 2 NA 35
Value of core portfolio (in `) 10,994,978 674,620 619,112 NA 12,288,709
% of Total portfolio 71.27% 4.37% 4.01% NA 79.65%
Average holding per Core Stock (`) 366,499 224,873 309,556 NA 351,106
Average holding per Core Stock (%) 2.38% 1.46% 2.01% NA 2.28%
Tail Stock (< 1% of Portfolio)
Large Cap Mid Cap Small Cap Micro Cap Total
No. of stocks 20 13 8 2 43
Value of tail portfolio (in `) 1,781,817 938,692 394,048 24,471 3,139,028
% of Total portfolio 11.55% 6.08% 2.55% 0.16% 20.35%
Average holding per Tail Stock (`) 89,091 72,207 49,256 12,236 73,001
Average holding per Tail Stock (%) 0.58% 0.47% 0.32% 0.08% 0.47%

Portfolio Alerts

 Out of 35 core stocks in the direct equity portfolio, 30 are large cap stocks, 3 are mid cap
stocks and 2 are small cap stocks with an average holding of ~ ` 3.51 Lakhs or 2.28% per
stock

 Out of 43 tail stocks in the direct equity portfolio, 20 are large cap stocks, 13 are mid cap
stocks, 8 are small cap stocks and 2 are micro cap stocks with an average holding of `
73,001 or 0.47% per stock

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Annexure III
Equity Mutual Fund Portfolio- Detailed Analysis
Portfolio Brief
The portfolio has 25 funds with total value of ~ ` 50.97 Lakhs

1. Portfolio Bifurcation:
Portfolio
Category No. of Schemes Portfolio Value (in `)
Composition (%)
Equity Funds 23 4,608,197 90.39%
Debt Funds 2 489,691 9.61%
Total 25 5,097,888 100.00%

2. Equity Mutual Fund Portfolio

Mean /
Sr. Fund Standard Sharpe Information
Scheme Name Fund Manager Average
No. Benchmark Deviation Ratio Ratio
Return
Aditya Birla SL Frontline S&P BSE
1 Mahesh Patil 17.07 13.93 0.79 0.25
Equity Fund(G) 200,NIFTY 50
S&P BSE
Aditya Birla SL Top 100
2 Mahesh Patil SENSEX,NIFTY 17.46 14.19 0.81 0.27
Fund(G)
50
S&P BSE
3 Axis LT Equity Fund(G) Jinesh Gopani 21.16 13.02 1.16 0.58
200,NIFTY 50
DSPBR Top 100 Equity S&P BSE
4 Harish Zaveri 13.02 15.72 0.45 -0.04
Fund-Reg(G) 100,NIFTY 50
Anand
Franklin India High NIFTY 500,NIFTY
5 Radhakrishnan, Roshi 22.46 13.99 1.18 0.63
Growth Cos Fund(G) 50
Jain
Anand
Franklin India Prima Plus NIFTY 500,NIFTY
6 Radhakrishnan, R. 18.11 12.62 0.96 0.36
Fund(G) 50
Janakiraman
Nifty Free Float
Franklin India Smaller Cos R. Janakiraman, Hari
7 Midcap 27.28 13.38 1.59 1.02
Fund(G) Shyamsunder
100,NIFTY 50
CRISIL Balanced
Chirag Setalvad, Fund -
8 HDFC Balanced Fund(G) 17.82 10.08 1.17 0.42
Rakesh Vyas Aggressive Index,
NIFTY 50
Prashant Jain, NIFTY 500,NIFTY
9 HDFC Equity Fund(G) 17.41 17.12 0.67 0.22
Rakesh Vyas 50
CRISIL Balanced
Prashant Jain, Fund -
10 HDFC Prudence Fund(G) 16.72 13.40 0.80 0.23
Rakesh Vyas Aggressive Index,
NIFTY 50
S&P BSE
Prashant Jain,
11 HDFC Top 200 Fund(G) SENSEX,S&P BSE 15.85 16.88 0.58 0.13
Rakesh Vyas
200
CRISIL Balanced
Fund -
ICICI Pru Balanced Sankaran Naren, Atul
12 Aggressive Index, 17.78 10.35 1.14 0.40
Fund(G) Patel
NIFTY 50,Crisil 1
Yr T-Bill Index

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Mean /
Sr. Fund Standard Sharpe Information
Scheme Name Fund Manager Average
No. Benchmark Deviation Ratio Ratio
Return
ICICI Pru Value Discovery Mrinal Singh, S&P BSE
13 19.60 13.54 1.00 0.44
Fund(G) Priyanka Khandelwal 500,NIFTY 50
Kotak Opportunities NIFTY 500,NIFTY
14 Harsha Upadhyaya 18.16 14.13 0.86 0.32
Fund(G) 50
Kotak Select Focus NIFTY 50,NIFTY
15 Harsha Upadhyaya 19.70 13.95 0.98 0.44
Fund(G) 200
S&P BSE
Soumendra Nath SENSEX,S&P BSE
L&T India Prudence Fund-
16 Lahiri, Shriram 200,Crisil Short 17.48 9.98 1.15 0.39
Reg(G)
Ramanathan Term Bond Fund
Index
MOSt Focused 25 Fund- Siddharth Bothra,
17 NIFTY 50 NA NA NA NA
Reg(G) Gautam Sinha Roy
S&P BSE
Mirae Asset Emerging SENSEX, Nifty
18 Neelesh Surana 27.93 14.49 1.51 0.99
Bluechip-Reg(G) Free Float Midcap
100
S&P BSE
Mirae Asset Prudence Neelesh Surana, SENSEX,CRISIL
19 NA NA NA NA
Fund-Reg(G) Sudhir Kedia Balanced Fund -
Aggressive Index
S&P BSE
SBI BlueChip Fund-
20 Sohini Andani SENSEX,S&P BSE 17.90 13.26 0.90 0.32
Reg(G)
100
S&P BSE
SBI Magnum Global
21 R. Srinivasan SENSEX,S&P BSE 20.73 11.36 1.30 0.63
Fund-Reg(G)
MidSmallCap
S&P BSE
Pradeep Gokhale, SENSEX,CRISIL
22 Tata Balanced Fund(G) 15.47 10.56 0.90 0.18
Murthy Nagarajan Balanced Fund -
Aggressive Index
Templeton India Equity S&P BSE
23 Vikas Chiranewal 15.54 12.33 0.77 0.16
Income Fund(G) 200,NIFTY 50

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3. Market Cap wise Break up of Existing Equity Mutual Fund Portfolio

Source: Accord Fintech

Portfolio Alert

 ~ 59% of Your Equity Mutual Fund portfolio is invested into Large Cap Stocks

4. AMC wise Break up of Existing Equity Mutual Fund Portfolio

Source: Accord Fintech

Portfolio Alert

 ~ 26% of Your Equity Mutual Fund portfolio is managed by HDFC AMC

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Annexure IV
Debt Mutual Fund Portfolio- Detailed Analysis
1. Debt Mutual Fund Portfolio

Average Mod
Sr. Fund Average
Scheme Name Fund Manager Exit Load/ Remarks Maturity Duration
No. Benchmark YTM (%)
(in years) (in years)
Nil upto 15% of
Aditya Birla SL Maneesh
Crisil 10 Yr Gilt units,0.50% in excess
1 Dynamic Bond Dangi, Pranay 13.52 6.49 7.73
Index of limit on or before
Fund-Reg(G) Sinha
90D and Nil after 90D
HDFC Cash
Anil Bamboli, Crisil 1 Yr T-Bill
2 Mgmt- Nil 0.00 0.00 6.33
Rakesh Vyas Index
Savings(G)
Portfolio Modified Duration 0.70 0.34 6.40

Portfolio Alert

 Your Debt Mutual Fund Portfolio’s weighted average modified duration is 0.34 year,
indicating low sensitivity towards interest rate movements

2. Credit Analysis of Existing Debt Mutual Fund Portfolio

Source: Accord Fintech

Portfolio Alert

 ~ 86% of Your Debt Mutual Fund portfolio is invested into AAA & Equivalent rated Bonds

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Glossary
General Assumption: While analyzing entire portfolio; we have excluded the stock/mf which does not have full 5
year history. All interest income instruments if any is assumed post tax at highest tax slab rate for the above
calculation. Debt & Cash growth rate has been assumed at 6% & 4% (post tax) respectively, wherever applicable.
Debt funds with growth option have been assumed post taxes. Dividend Income is not considered for stock returns
& adjusted NAV are taken for mutual fund with dividend option. Gold ETF’s have been assumed post taxes. BSE
closing stock prices are taken for calculating daily rolling return .Past performance may or may not sustain in the
future.

Mean –Variance Analysis: These are stimulated portfolios of your direct equity portfolio (PMS Excluded) (sample)
that have SD in the range of the portfolio and better expected returns. It also considers Future looking House View
on Stocks, wherein available. Last 5 years data is considered for this analysis

This is the constraint efficient frontier model wherein we have capped individual large cap stocks at 7.5% (10% if
total no. of stocks less than 15), Midcap stocks at 5%, small cap stocks at 2% and microcap stocks at 1%. Also,
individual sector allocations are cap at Nifty allocation + 7.50% or 25% whichever is lower. The quantity of shares
shown under Portfolio Action (no. of shares) is based on the prices on the day of analysis and restructuring may
change as price changes

Point to Point Return: measures the return of the portfolio between two specific dates.

Average return: means the average of Last 5 year daily rolling return. In simple words, it is an average of ~1250
trading days.

Standard deviation: A measure of variability from the mean (average) of the select data. A low standard deviation
indicates that the data points tend to be very close to the mean, whereas high standard deviation indicates that the
data points are spread out over a large range of values.

Sharpe Ratio: is (Portfolio return- Risk free rate)/SD; Risk free is assumed to be 6% (post tax). Higher the Sharpe
higher the fund’s excess return per unit of risk.

Information Ratio: The information ratio (IR) measures a portfolio manager's ability to generate excess returns
relative to a benchmark and also attempts to identify the consistency of the manager. A high ratio means a manager
can achieve higher returns more consistently than one with a low ratio by taking on additional risk.

Nifty TRI: Total Returns Index reflects the returns on the index arising from
(a) Constituent stock price movements and
(b) dividend receipts from constituent index stocks

Maximum Drawdown: Maximum Drawdown (MDD) is the maximum fall from the previous Peak that the portfolio
has experienced during the period under consideration. The lower the Max DD, lower the risk

Absolute Return Contribution: It is the return contribution of individual securities calculated as the weight of the
security multiplied by its average return

Relative Return Contribution: It is percentage return contribution of individual securities to the portfolio return

Absolute Risk Contribution: It is the risk contribution of the individual securities calculated as the weight of the
security multiplied by its marginal risk contribution

Relative Risk Contribution: It is percentage risk contribution of individual securities to the portfolio risk

Marginal Risk Contribution: It measures how much additional risk would be added to the portfolio if an additional
1% were to be invested in a specific stock

Source: Base data from Accord Fintech

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