Investment

newsletter
April
2024
 Monthly Equity Roundup – April 2024

April 2024 – Review

Domestic equity markets rose during the month as India’s strong economic growth outlook, anticipation of upbeat
corporate earnings for the quarter ended Mar 2024 and the prospects of political stability following the outcome of general
elections kept the underlying sentiment positive. The rally in the domestic equities took a breather in the interim as
escalating geopolitical tensions between Iran and Israel dented market sentiment. Domestic equities regained lost
momentum towards the month end as worries over the rising tussle between Iran and Israel eased to some extent after
Iranian officials stated they had no plans to immediately
retaliate against Israel. Upbeat quarterly earning numbers Institutional Flows in Equities
for the quarter ended Mar 2024 from some index 8000 FII (Investment through stock exchange)
4000
Rs. in Crores

heavyweight and hopes of an early Israel-Hamas truce 0

eased fears of a wider conflict in the Middle East which -4000
-8000
also added to the gains. According to data from the -12000
National Securities Depository Ltd, foreign portfolio

16-Apr-24

23-Apr-24

30-Apr-24
9-Apr-24
2-Apr-24

investors were net seller of domestic stocks worth Rs.

23,331.04 crore in Mar 2024 compared with net buy worth
Rs. 29,152.54 crore in Mar 2024 (investment route through stock exchange). Domestic mutual funds remained net buyer
in the equity segment to the tune of Rs. 30,995.440 crore in Apr 2024 (As on April 29, 2024).

Domestic equity markets rose initially during the month under review supported by robust domestic manufacturing and
services data for Mar 2024. Data showed that the seasonally adjusted HSBC India Manufacturing Purchasing Managers’
Index (PMI) climbed to a 16-year high in Mar 2024. India services PMI also rose in Mar 2024, and it was one of the
strongest growth rates seen in over 13-and-a-half years. This can be largely attributed to healthy demand conditions,
efficiency gains and positive sales developments. Gains were extended as India’s strong economic growth outlook,
anticipation of upbeat corporate earnings for the quarter ended Mar 2024 and the prospects of political stability following
the outcome of general elections kept the underlying sentiment positive. The S&P BSE Sensex breached the 75,000-mark
for first time ever while the Nifty 50 also climbed to a new record peak. Market participants remained hopeful of an
acceleration in consumption demand amid election-related spending. There were also expectations that reformatory
measures by the government with a strong focus on digitization and infrastructure will attract significant investments in the
coming months. The rally in the domestic equities took a breather in the interim as escalating geopolitical tensions
between Iran and Israel dented market sentiment. The flare-up between Iran and Israel increased anxiety among the
investors over the possibility that this may disrupt the world's supply of commodities, particularly crude oil and some
industrial metals which may lead to an increase in domestic inflationary pressures. Losses were extended after the
domestic wholesale price index-based inflation accelerated to a 3-month high in Mar 2024. On the global front, strong
U.S. retail sales print for Mar 2024 also led to concerns that an interest rate cut by the U.S. Federal Reserve may be
delayed which also contributed to the market downside.

Domestic equities regained lost momentum towards the month end as worries over the rising tussle between Iran and
Israel eased to some extent after Iranian officials stated they had no plans to immediately retaliate against Israel.
Meanwhile, no major signs of escalation in tensions in West Asia was witnessed which also added to the gains. Upbeat
quarterly earning numbers for the quarter ended Mar 2024 from some index heavyweight and hopes of an early Israel-
Hamas truce eased fears of a wider conflict in the Middle East which further boosted market sentiments.
 S&P BSE METAL 10.83%
S&P BSE PSU 9.98%
S&P BSE Power Index 7.73%
S&P BSE Realty 7.52%
S&P BSE CD 5.59%
S&P BSE Oil & Gas 4.83%
S&P BSE Bankex 4.64%
S&P BSE AUTO 3.92%
S&P BSE CG 3.42%
S&P BSE FMCG 1.52%
S&P BSE HC 1.01%
S&P BSE Teck -1.92%
S&P BSE IT -4.35%

On the BSE sectoral front, S&P BSE Metal rose the most by 10.83% followed by S&P BSE PSU and S&P BSE Power
which rose 9.98% and 7.73% respectively. Metal stocks rose on hopes that People’s Bank of China will ease its monetary
policy to boost the growth prospects of China’s economy. China is considered to be the world's second largest economy
and the largest consumer of metals and hence improved growth prospects of China’s economy tends to have a significant
impact on the demand of metals. S&P BSE PSU also went up on hopes that high demand for capital for infrastructure
development may lead to strong credit growth. State run banks also stand to benefit from the inclusion of Indian bonds in
the global bond index. Power stocks also gained amid rising electricity demand.

Global Economy:

U.S. equity market fell after the Labor Department showed that U.S. non-farm payroll employment spiked by 303,000 jobs
in Mar 2024 after surging by a downwardly revised 270,000 jobs in Feb 2024. However, economists had expected
employment to jump by 200,000 jobs, which sparked worries about the direction of U.S. interest rates in the future. Losses
increased after the Commerce Department showed that U.S. gross domestic product increased by 1.6% in the first
quarter of 2024 after surging by 3.4% in the fourth quarter of 2023. Economists had expected GDP to jump by 2.5%. The
noteworthy slowdown in GDP growth was mainly caused by declines in exports, state and local government spending,
consumer spending, and federal government spending. The sentiment hit further after payroll processor ADP revealed
that private sector employment in the U.S. increased by 184,000 jobs in Mar 2024 after rising by an upwardly revised
155,000 jobs in Feb 2024, which exceeded economists' expectations and raised additional worries that the U.S. Federal
Reserve might delay lowering interest rates.

Economic Update:

Monetary Policy Committee kept interest rates on hold in its monetary policy review

The Monetary Policy Committee (MPC) in its first bi-monthly monetary policy review of FY25 kept key policy repo rate
unchanged at 6.50% with immediate effect for the seventh consecutive time. The standing deposit facility (SDF) rate also
remained unchanged at 6.25%. Five out of six members voted to keep the policy repo rate unchanged. The MPC also
remained focused on withdrawal of accommodation to ensure that inflation progressively aligns with the target, while
supporting growth.

India’s consumer price index-based inflation eased to 10-month low of 4.85% YoY in Mar 2024

The consumer price index-based inflation eased to 10-month low of 4.85% YoY in Mar 2024 compared to 5.09% in Feb
2024, mainly due to cooling food prices. The retail inflation remained below the central bank’s upper tolerance level for
consecutive seven months. Consumer food price inflation also eased to 8.52% in Mar 2024 from 8.66% in Feb 2024.

Outlook

With the general elections 2024 ongoing, domestic equity markets may extend their gains in May as underlying market
sentiment remained upbeat on hopes of political stability and policy continuity following the outcome of the general
elections. In addition, improved incoming domestic macroeconomic data, decent corporate earnings for the quarter ended
Mar 2024, continued domestic investor inflows and overall positive global trends may also aid market sentiment. On the
global front, monetary policy actions by key central banks across the globe will remain in sharp focus. It needs to be noted
that if interest rates in U.S. remains at elevated levels for a prolonged period, the same may lead to some foreign fund
outflow from the domestic capital markets. Developments in the Middle East and global crude oil prices will also be closely
tracked. In addition to the above-mentioned factors, movement of the rupee against the greenback and transaction trends
by foreign institutional investors is also expected to have its impact on the domestic equity markets in the coming months.
 Monthly Debt Roundup – April 2024

Fixed Income Overview

Particulars Apr-24 Mar-24 Apr-23

Exchange Rate (Rs./$) 83.52 83.37 81.78
WPI Inflation (In %) 0.53 0.20 1.41
10 Yr Gilt Yield (In %) 7.20 7.05 7.12
5 Yr Gilt Yield (In %) 7.21 7.05 7.03
5 Yr Corporate Bond Yield (In %) 7.77 7.65 7.44
Source: Reuters, Bharti AXA Life Insurance

Bond yields rose following the surge in U.S. Treasury yields as stronger-than-expected manufacturing data of Mar 2024 in
the U.S. trimmed rate-cut expectations by the U.S. Federal Reserve. In the meantime, the RBI kept the key policy repo
rate unchanged at 6.50% for the seventh consecutive time in Apr 2024 monetary policy meeting and maintained its stance
as widely expected. Losses were extended following the rise in U.S. Treasury yields after strong U.S. non-farm payrolls
data in Mar 2024 along with drop in unemployment rate further pushed back expectations around the timing of the first
rate cut by the U.S. Federal Reserve. Yields rose further as elevated U.S. inflation data of Mar 2024 reaffirmed doubts
over interest rate cuts in the near future by the U.S. central bank.

Meanwhile, yields rose on concerns over escalating tensions in the Middle East. However, losses were restricted following
the decline in crude oil prices as market participants took a breather due to easing geopolitical tensions towards end of
the month.

The central bank of India conducted auctions of 91-, 182- and 364-days Treasury Bills for a notified amount of Rs.
1,08,000 crore in Apr 2024, compared to Rs. 1,36,000 crore in the previous month. The average cut-off yield of 91-, 182-
and 364-days Treasury Bills stood at 6.89%, 7.03% and 7.06%, respectively, during the month under review compared
with the average yield of 6.92%, 7.14% and 7.09%, respectively in the previous month.

The RBI also conducted auction of state development loans (SDL) for a total notified amount of Rs. 51,200 crore
(accepted amount was Rs. 51,200 crore), which is much lower than the scheduled amount of Rs. 98,140 crore during Apr
2024. The average cut-off yield of 10-year SDL rose to 7.49 % during Apr 2024 from 7.10% in the previous month. In
addition, the RBI also conducted auction of government securities for a notified amount of Rs. 1,24,000 crore in Apr 2024,
for which the amount was completely accepted with no devolvement on primary dealers.

On the macroeconomic front, the consumer price index-based inflation eased to 10-month low of 4.85% YoY in Mar 2024
compared to 5.09% in Feb 2024, mainly due to cooling food prices. The retail inflation remained below the central bank’s
upper tolerance level for consecutive seven months. Consumer food price inflation also eased to 8.52% in Mar 2024 from
8.66% in Feb 2024. Industrial production growth in India (IIP) accelerated to 5.7% YoY in Feb 2024, as compared to 4.1%
rise in Jan 2024. Production in the manufacturing industry increased by 5.0%, mining by 8.0% and electricity by 7.5% in
Feb 2024. Merchandise trade deficit narrowed to $15.60 billion in Mar 2024 from $18.96 billion in Mar 2023. Exports
edged down 0.67% to $41.68 billion in Mar 2024 from $41.96 billion of the same month of previous year and imports also
decreased by 5.98% to $57.28 billion from $60.92 billion during the same period. Wholesale price index (WPI) based
inflation accelerated by 0.53% YoY in Mar 2024 as compared to 0.20% in Feb 2024. The positive rate of inflation in Mar
2024 is primarily due to an increase in prices of food articles, electricity, crude petroleum & natural gas, machinery &
equipment and other manufacturing products.

Liquidity remained surplus in the banking system during the month under review. Systemic liquidity considering the
average net India’s banking system liquidity was in surplus at Rs. 0.76 lakh crore in Apr 2024, compared to surplus of Rs.
0.70 lakh crore in Mar 2024.

Spread Analysis:

Yield on 5-year & 10-year gilt papers rose by 18 & 14 bps, respectively. Yield on 5-year & 10-year paper corporate bonds
increased by 13 & 11 bps, respectively. Difference in spread between corporate bond and gilt securities contracted by 5
and 2 bps on 5-year and 10-year papers, respectively. Yield on gilt securities rose between 11 to 18 bps across the
maturities. Yield rose the most on 1- & 5-year papers and least on 30-year paper. Yield on corporate bonds increased
between 10 to 20 bps across the curve. Difference in spread between corporate bond and gilt securities contracted up to
8 bps across the segments, barring 2- & 3-year papers that expanded by 8 & 4 bps, respectively.

Global:

On the global front, The European Central Bank maintained interest rates at record-high levels for a fifth consecutive time
during its Apr 2024 meeting, with the main refinancing operations rate remaining unchanged at a 22-year high of 4.5%
and the deposit facility rate holding at an all-time record of 4%. The bloc's central bank also said it may consider reducing
the level of policy restriction, if it becomes more confident that inflation is moving steadily toward the 2% target. The Bank
of Japan left its key interest rate unchanged near zero and the bank's latest projections showed the underlying inflation
staying around 2%, which further damped expectations for aggressive tightening in the future. The BoJ policy board,
decided to hold the overnight interest rate at around 0 to 0.1%. China left its benchmark lending rates unchanged as
expected after the economy showed signs of improvement at the start of the year. The People's Bank of China kept the
one-year loan prime rate at 3.45%.

Outlook

The U.S. Federal Reserve is going to conclude its monetary policy decision on May 01, 2024. The Fed policy meeting is not
expected to surprise anyone, but market participants will be attentive to the policymakers' remarks for clues about potential
rate cuts. Since the labor market and inflation have continued to surprise to the upside in the U.S., the first rate cut that the
financial markets had anticipated for Mar 2024 has now been pushed back to Jun 2024 and finally to Sep 2024. Domestic
bond yields will continue to remain insulated from global volatility as local fundamentals are strong. While Israel-Hamas
peace talks in Cairo tempered fears of a wider conflict in the Middle East is favorable to the domestic bond yields, but U.S.
inflation data will remain one of the major concerns for the interest rate trajectory.
 Grow Money Fund
SFIN ULIF00221/08/2006EGROWMONEY130

Investment Objective: To provide long term capital appreciation by investing across a diversified high quality equity portfolio.

Fund Performance(%) Asset

Fund
Class
Performance
Wise Exposure
1 Month 6 Month 1 Year 2 Year 3 Year Since Inception Asset Class AUM (In Rs. Lakhs) Exposure (%)
Fund 2.41 25.16 34.06 19.18 17.96 13.53 Equity 22966.96 96.83
Benchmark 2.25 23.12 30.90 15.82 16.57 11.81 Govt Securities -- --
Benchmark: Nifty 100,*Inception Date- 24 Aug 2006, <1yr ABS & >=1yr CAGR -- --
Corporate Bond
Money Market/Cash 750.81 3.17
NAV Modified Duration Total 23717.77 100

94.4494 --
Asset Allocation(%)
Instrument Asset Mix (F&U) Actual
Equity 80 - 100 96.83
Security Name % To Fund Govt Securities - --
Equities 96.83 Corporate Bond - --
HDFC BANK LTD 7.96 Money Market/Cash 0 - 40 3.17
RELIANCE INDUSTRIES LTD 7.71
Sector Allocation % To Fund
ICICI BANK LTD 7.61
INFOSYS TECHNOLOGIES LTD 5.14
Financial And Insurance
BHARTI AIRTEL LTD 2.84 26.93
Activities
NTPC LTD 2.76
Computer Programming,
LARSEN & TOUBRO LTD 2.60 10.09
Consultancy And Related…
TATA CONSULTANCY SERVICES LTD 2.57
Manuf Of Coke And Refined
AXIS BANK LTD 2.49 8.34
Petroleum Products
STATE BANK OF INDIA LTD 2.48
Manuf Of Motor Vehicles,
Others 52.67 6.48
Trailers And Semi-Trailers
Money Market/Cash 3.17
Manuf Of Pharm,Medicinal
Total 100.00 3.00
Chem And Botanical Products

Manufacture Of Basic Metals 2.73

Civil Engineering 2.60

Manuf Of Other Transport

2.51
Equipment
Retail Trade, Except Of Motor
2.47
Vehicles And Motorcycles

Manuf Of Electrical Equipment 2.35

Name of Fund Manager- UMA Venkatraman Others 18.96

Other Funds Managed By fund Manager: Build India Fund,Build India Pension Fund,Grow Money Pension
Fund,Grow Money Pension Plus,Grow Money Plus,Save and Grow Money Pension,Save and Grow
0 5 10 15 20 25 30
Money,Group Balance Fund.
 Growth Opportunities Pension Fund
SFIN ULIF00814/12/2008EGRWTHOPRP130

Investment Objective: To provide long term capital appreciation by investing in stocks across all market capitalization ranges (Large, Mid or small)

Fund Performance(%) Asset

Fund
Class
Performance
Wise Exposure
1 Month 6 Month 1 Year 2 Year 3 Year Since Inception Asset Class AUM (In Rs. Lakhs) Exposure (%)
Fund 3.93 25.85 35.86 20.22 20.09 17.43 Equity 539.27 98.01
Benchmark 3.66 24.98 37.96 19.12 19.29 15.68 Govt Securities -- --
Benchmark: Nifty 500,*Inception Date- 10 Dec 2008, <1yr ABS & >=1yr CAGR -- --
Corporate Bond
Money Market/Cash 10.94 1.99
NAV Modified Duration Total 550.22 100

118.5241 --
Asset Allocation(%)
Instrument Asset Mix (F&U) Actual
Equity 80 - 100 98.01
Security Name % To Fund Govt Securities - --
Equities 98.01 Corporate Bond - --
HDFC BANK LTD 7.77 Money Market/Cash 0 - 40 1.99
ICICI BANK LTD 7.45
Sector Allocation % To Fund
RELIANCE INDUSTRIES LTD 5.98
INFOSYS TECHNOLOGIES LTD 3.81
Financial And Insurance
STATE BANK OF INDIA LTD 3.66 28.62
Activities
LARSEN & TOUBRO LTD 3.57
Manuf Of Motor Vehicles,
BHARTI AIRTEL LTD 2.98 6.22
Trailers And Semi-Trailers
NTPC LTD 2.08
Computer Programming,
ITC LTD 2.02 6.08
Consultancy And Related…
TATA MOTORS LTD. 1.95
Manuf Of Coke And Refined
Others 56.74 5.98
Petroleum Products
Money Market/Cash 1.99
Total 100.00 Manuf Of Electrical Equipment 4.05

Manufacture Of Basic Metals 3.79

Civil Engineering 3.57

Manuf Of Other Transport

3.22
Equipment
Manuf Of Pharm,Medicinal
3.19
Chem And Botanical Products
Manuf Of Chemicals And
3.01
Chemical Products

Name of Fund Manager- Kartik Soral Others 20.02

Other Funds Managed By fund Manager: Growth Opportunities Plus, Growth Opportunities, Growth
Opportunities Pension Plus,Emerging Equity Fund.
0 5 10 15 20 25 30 35
 Grow Money Pension Fund
SFIN ULIF00526/12/2007EGROWMONYP130

Investment Objective: To provide long term capital appreciation by investing across a diversified high quality equity portfolio.

Fund Performance(%) Asset

Fund
Class
Performance
Wise Exposure
1 Month 6 Month 1 Year 2 Year 3 Year Since Inception Asset Class AUM (In Rs. Lakhs) Exposure (%)
Fund 2.40 24.00 32.83 18.84 17.80 10.68 Equity 2537.96 97.13
Benchmark 2.25 23.12 30.90 15.82 16.57 8.64 Govt Securities -- --
Benchmark: Nifty 100,*Inception Date- 03 Jan 2008, <1yr ABS & >=1yr CAGR -- --
Corporate Bond
Money Market/Cash 75.09 2.87
NAV Modified Duration Total 2613.04 100

52.4760 --
Asset Allocation(%)
Instrument Asset Mix (F&U) Actual
Equity 80 - 100 97.13
Security Name % To Fund Govt Securities - --
Equities 97.13 Corporate Bond - --
HDFC BANK LTD 7.56 Money Market/Cash 0 - 40 2.87
RELIANCE INDUSTRIES LTD 7.50
Sector Allocation % To Fund
ICICI BANK LTD 5.29
INFOSYS TECHNOLOGIES LTD 4.91
Financial And Insurance
BHARTI AIRTEL LTD 2.87 24.14
Activities
TATA CONSULTANCY SERVICES LTD 2.86
Computer Programming,
LARSEN & TOUBRO LTD 2.82 10.13
Consultancy And Related…
AXIS BANK LTD 2.52
Manuf Of Coke And Refined
RELIANCE NIPPON LIFE ASSET MANAGEMENT LTD (ETF) 2.45 8.12
Petroleum Products
STATE BANK OF INDIA LTD 2.45
Manuf Of Motor Vehicles,
Others 55.90 6.75
Trailers And Semi-Trailers
Money Market/Cash 2.87
Manuf Of Pharm,Medicinal
Total 100.00 3.18
Chem And Botanical Products

Civil Engineering 2.82

Manufacture Of Basic Metals 2.79

Manuf Of Chemicals And

2.66
Chemical Products
Manuf Of Other Transport
2.29
Equipment
Retail Trade, Except Of Motor
2.21
Vehicles And Motorcycles

Name of Fund Manager- UMA Venkatraman Others 18.96

Other Funds Managed By fund Manager: Build India Fund,Build India Pension Fund,Grow Money
Fund,Grow Money Pension Plus,Grow Money Plus,Save and Grow Money Pension,Save and Grow
0 5 10 15 20 25 30
Money,Group Balance Fund.
 Grow Money Pension Plus Fund
SFIN ULIF01501/01/2010EGRMONYPLP130

Investment Objective: To provide long term capital appreciation by investing across a diversified high quality equity portfolio.

Fund Performance(%) Asset

Fund
Class
Performance
Wise Exposure
1 Month 6 Month 1 Year 2 Year 3 Year Since Inception Asset Class AUM (In Rs. Lakhs) Exposure (%)
Fund 2.41 24.62 33.86 19.45 18.47 13.69 Equity 1159.85 96.28
Benchmark 2.25 23.12 30.90 15.82 16.57 11.48 Govt Securities -- --
Benchmark: Nifty 100,*Inception Date- 22 Dec 2009, <1yr ABS & >=1yr CAGR -- --
Corporate Bond
Money Market/Cash 44.86 3.72
NAV Modified Duration Total 1204.71 100

63.1927 --
Asset Allocation(%)
Instrument Asset Mix (F&U) Actual
Equity 80 - 100 96.28
Security Name % To Fund Govt Securities - --
Equities 96.28 Corporate Bond - --
HDFC BANK LTD 7.34 Money Market/Cash 0 - 40 3.72
RELIANCE INDUSTRIES LTD 7.27
Sector Allocation % To Fund
ICICI BANK LTD 5.93
INFOSYS TECHNOLOGIES LTD 4.54
Financial And Insurance
RELIANCE NIPPON LIFE ASSET MANAGEMENT LTD (ETF) 3.20 24.21
Activities
BHARTI AIRTEL LTD 3.10
Computer Programming,
LARSEN & TOUBRO LTD 2.56 9.50
Consultancy And Related…
TATA CONSULTANCY SERVICES LTD 2.38
Manuf Of Coke And Refined
AXIS BANK LTD 2.36 7.88
Petroleum Products
NTPC LTD 2.21
Manuf Of Motor Vehicles,
Others 55.37 6.01
Trailers And Semi-Trailers
Money Market/Cash 3.72
Manuf Of Pharm,Medicinal
Total 100.00 3.38
Chem And Botanical Products

Manufacture Of Basic Metals 2.86

Manuf Of Other Transport

2.61
Equipment

Civil Engineering 2.56

Manuf Of Chemicals And

2.51
Chemical Products
Retail Trade, Except Of Motor
2.33
Vehicles And Motorcycles

Name of Fund Manager- UMA Venkatraman Others 17.94

Other Funds Managed By fund Manager: Build India Fund,Build India Pension Fund,Grow Money
Fund,Grow Money Pension Fund,Grow Money Plus,Save and Grow Money Pension,Save and Grow
0 5 10 15 20 25 30
Money,Group Balance Fund.
 Growth Opportunities Fund
SFIN ULIF00708/12/2008EGROWTHOPR130

Investment Objective: To provide long term capital appreciation by investing in stocks across all market capitalization ranges (Large, Mid or small).

Fund Performance(%) Asset

Fund
Class
Performance
Wise Exposure
1 Month 6 Month 1 Year 2 Year 3 Year Since Inception Asset Class AUM (In Rs. Lakhs) Exposure (%)
Fund 3.98 26.25 36.46 20.54 20.33 17.84 Equity 4695.50 98.81
Benchmark 3.66 24.98 37.96 19.12 19.29 15.73 Govt Securities -- --
Benchmark: Nifty 500,*Inception Date- 10 Dec 2008, <1yr ABS & >=1yr CAGR -- --
Corporate Bond
Money Market/Cash 56.39 1.19
NAV Modified Duration Total 4751.89 100

125.1926 --
Asset Allocation(%)
Instrument Asset Mix (F&U) Actual
Equity 80 - 100 98.81
Security Name % To Fund Govt Securities - --
Equities 98.81 Corporate Bond - --
HDFC BANK LTD 8.07 Money Market/Cash 0 - 40 1.19
ICICI BANK LTD 6.73
Sector Allocation % To Fund
RELIANCE INDUSTRIES LTD 5.77
INFOSYS TECHNOLOGIES LTD 3.68
Financial And Insurance
STATE BANK OF INDIA LTD 3.64 28.13
Activities
BHARTI AIRTEL LTD 3.18
Manuf Of Motor Vehicles,
LARSEN & TOUBRO LTD 3.06 6.53
Trailers And Semi-Trailers
TATA MOTORS LTD. 2.24
Computer Programming,
TATA STEEL LTD 2.23 6.16
Consultancy And Related…
NTPC LTD 2.16
Manuf Of Coke And Refined
Others 58.04 5.77
Petroleum Products
Money Market/Cash 1.19
Total 100.00 Manufacture Of Basic Metals 4.38

Manuf Of Electrical Equipment 4.33

Manuf Of Pharm,Medicinal
3.56
Chem And Botanical Products
Manuf Of Other Transport
3.23
Equipment

Civil Engineering 3.06

Manuf Of Chemicals And

2.88
Chemical Products

Name of Fund Manager- Kartik Soral Others 20.13

Other Funds Managed By fund Manager: Growth Opportunities Plus, Growth Opportunities Pension,
Growth Opportunities Pension Plus,Emerging Equity Fund.
0 5 10 15 20 25 30
 Growth Opportunities Plus Fund
SFIN ULIF01614/12/2009EGRWTHOPPL130

Investment Objective: To provide long term capital appreciation by investing in stocks across all market capitalization ranges (Large, Mid or small).

Fund Performance(%) Asset

Fund
Class
Performance
Wise Exposure
1 Month 6 Month 1 Year 2 Year 3 Year Since Inception Asset Class AUM (In Rs. Lakhs) Exposure (%)
Fund 3.83 25.13 35.32 20.26 19.90 14.14 Equity 97652.10 99.67
Benchmark 3.66 24.98 37.96 19.12 19.29 11.67 Govt Securities -- --
Benchmark: Nifty 500,*Inception Date- 29 Dec 2009, <1yr ABS & >=1yr CAGR -- --
Corporate Bond
Money Market/Cash 322.08 0.33
NAV Modified Duration Total 97974.18 100

66.7139 --
Asset Allocation(%)
Instrument Asset Mix (F&U) Actual
Equity 80 - 100 99.67
Security Name % To Fund Govt Securities - --
Equities 99.67 Corporate Bond - --
HDFC BANK LTD 7.44 Money Market/Cash 0 - 40 0.33
ICICI BANK LTD 6.51
Sector Allocation % To Fund
RELIANCE INDUSTRIES LTD 6.06
INFOSYS TECHNOLOGIES LTD 3.49
Financial And Insurance
LARSEN & TOUBRO LTD 3.44 27.63
Activities
STATE BANK OF INDIA LTD 3.34
Manuf Of Motor Vehicles,
BHARTI AIRTEL LTD 3.33 6.35
Trailers And Semi-Trailers
ITC LTD 2.93
Computer Programming,
NTPC LTD 2.05 6.18
Consultancy And Related…
TATA STEEL LTD 1.95
Manuf Of Coke And Refined
Others 59.13 6.06
Petroleum Products
Money Market/Cash 0.33
Total 100.00 Manuf Of Electrical Equipment 4.30

Manufacture Of Basic Metals 4.08

Civil Engineering 3.44

Manuf Of Other Transport

3.18
Equipment
Manuf Of Chemicals And
3.17
Chemical Products
Manuf Of Pharm,Medicinal
3.14
Chem And Botanical Products

Name of Fund Manager- Kartik Soral Others 20.29

Other Funds Managed By fund Manager: Growth Opportunities, Growth Opportunities Pension, Growth
Opportunities Pension Plus,Emerging Equity Fund.
0 5 10 15 20 25 30
 Grow Money Plus Fund
SFIN ULIF01214/12/2009EGROMONYPL130

Investment Objective: To provide long term capital appreciation by investing across a diversified high quality equity portfolio.

Fund Performance(%) Asset

Fund
Class
Performance
Wise Exposure
1 Month 6 Month 1 Year 2 Year 3 Year Since Inception Asset Class AUM (In Rs. Lakhs) Exposure (%)
Fund 2.44 24.01 32.03 18.52 17.75 13.65 Equity 42616.04 98.46
Benchmark 2.25 23.12 30.90 15.82 16.57 11.30 Govt Securities -- --
Benchmark: Nifty 100,*Inception Date- 14 Dec 2009, <1yr ABS & >=1yr CAGR -- --
Corporate Bond
Money Market/Cash 668.60 1.54
NAV Modified Duration Total 43284.64 100

63.0120 --
Asset Allocation(%)
Instrument Asset Mix (F&U) Actual
Equity 80 - 100 98.46
Security Name % To Fund Govt Securities - --
Equities 98.46 Corporate Bond - --
HDFC BANK LTD 7.82 Money Market/Cash 0 - 40 1.54
RELIANCE INDUSTRIES LTD 7.26
Sector Allocation % To Fund
ICICI BANK LTD 6.44
INFOSYS TECHNOLOGIES LTD 4.78
Financial And Insurance
BHARTI AIRTEL LTD 2.64 26.36
Activities
AXIS BANK LTD 2.63
Computer Programming,
LARSEN & TOUBRO LTD 2.62 9.55
Consultancy And Related…
NTPC LTD 2.36
Manuf Of Coke And Refined
TATA MOTORS LTD. 2.17 7.88
Petroleum Products
STATE BANK OF INDIA LTD 2.16
Manuf Of Motor Vehicles,
Others 57.58 5.37
Trailers And Semi-Trailers
Money Market/Cash 1.54
Manuf Of Pharm,Medicinal
Total 100.00 3.27
Chem And Botanical Products

Manufacture Of Basic Metals 3.21

Manuf Of Other Transport

2.96
Equipment
Manuf Of Chemicals And
2.80
Chemical Products

Civil Engineering 2.62

Retail Trade, Except Of Motor

2.43
Vehicles And Motorcycles

Name of Fund Manager- UMA Venkatraman Others 19.30

Other Funds Managed By fund Manager: Build India Fund,Build India Pension Fund,Grow Money
Fund,Grow Money Pension Fund,Grow Money Pension Plus,Save and Grow Money Pension,Save and Grow
0 5 10 15 20 25 30
Money,Group Balance Fund.
 Growth Opportunities Pension Plus Fund
SFIN ULIF01801/01/2010EGRWTHOPLP130

Investment Objective: To provide long term capital appreciation by investing in stocks across all market capitalization ranges (Large, Mid or small).

Fund Performance(%) Asset

Fund
Class
Performance
Wise Exposure
1 Month 6 Month 1 Year 2 Year 3 Year Since Inception Asset Class AUM (In Rs. Lakhs) Exposure (%)
Fund 3.81 26.45 37.27 21.07 21.06 14.97 Equity 1896.03 95.54
Benchmark 3.66 24.98 37.96 19.12 19.29 11.79 Govt Securities -- --
Benchmark: Nifty 500,*Inception Date- 25 Jan 2010, <1yr ABS & >=1yr CAGR -- --
Corporate Bond
Money Market/Cash 88.49 4.46
NAV Modified Duration Total 1984.52 100

73.2518 --
Asset Allocation(%)
Instrument Asset Mix (F&U) Actual
Equity 80 - 100 95.54
Security Name % To Fund Govt Securities - --
Equities 95.54 Corporate Bond - --
HDFC BANK LTD 6.94 Money Market/Cash 0 - 40 4.46
ICICI BANK LTD 6.66
Sector Allocation % To Fund
RELIANCE INDUSTRIES LTD 5.24
LARSEN & TOUBRO LTD 3.43
Financial And Insurance
INFOSYS TECHNOLOGIES LTD 3.26 26.81
Activities
STATE BANK OF INDIA LTD 3.26
Manuf Of Motor Vehicles,
BHARTI AIRTEL LTD 2.67 6.20
Trailers And Semi-Trailers
TATA MOTORS LTD. 2.24
Computer Programming,
NTPC LTD 2.13 5.98
Consultancy And Related…
TATA CONSULTANCY SERVICES LTD 2.08
Manuf Of Coke And Refined
Others 57.64 5.24
Petroleum Products
Money Market/Cash 4.46
Total 100.00 Manufacture Of Basic Metals 4.00

Manuf Of Electrical Equipment 4.00

Manuf Of Pharm,Medicinal
3.75
Chem And Botanical Products
Manuf Of Other Transport
3.51
Equipment

Civil Engineering 3.43

Manuf Of Chemicals And

3.20
Chemical Products

Name of Fund Manager- Kartik Soral Others 19.70

Other Funds Managed By fund Manager: Growth Opportunities, Growth Opportunities Pension, Growth
Opportunities Plus,Emerging Equity Fund.
0 5 10 15 20 25 30
 Build India Pension Fund
SFIN ULIF01704/01/2010EBUILDINDP130

Investment Objective: To provide long term capital appreciation, through exposure to equity investments in Infrastructure and allied sectors, and by diversifying investments
across various sub-sectors of the infrastructure sector.

Fund Performance(%) Asset

Fund
Class
Performance
Wise Exposure
1 Month 6 Month 1 Year 2 Year 3 Year Since Inception Asset Class AUM (In Rs. Lakhs) Exposure (%)
Fund 2.63 22.77 31.16 17.81 17.43 12.03 Equity 593.56 97.40
Benchmark 2.25 23.12 30.90 15.82 16.57 11.09 Govt Securities -- --
Benchmark: Nifty 100,*Inception Date- 18 Jan 2010, <1yr ABS & >=1yr CAGR -- --
Corporate Bond
Money Market/Cash 15.84 2.60
NAV Modified Duration Total 609.40 100

50.6794 --
Asset Allocation(%)
Instrument Asset Mix (F&U) Actual
Equity 80 - 100 97.40
Security Name % To Fund Govt Securities - --
Equities 97.40 Corporate Bond 0 - 20 --
HDFC BANK LTD 8.30 Money Market/Cash 0 - 20 2.60
RELIANCE INDUSTRIES LTD 7.92
Sector Allocation % To Fund
ICICI BANK LTD 7.87
INFOSYS TECHNOLOGIES LTD 4.83
Financial And Insurance
BHARTI AIRTEL LTD 3.18 28.56
Activities
LARSEN & TOUBRO LTD 3.01
Computer Programming,
AXIS BANK LTD 2.94 9.40
Consultancy And Related…
ITC LTD 2.77
Manuf Of Coke And Refined
STATE BANK OF INDIA LTD 2.31 8.54
Petroleum Products
MAHINDRA & MAHINDRA LTD 2.13
Manuf Of Motor Vehicles,
Others 52.14 5.48
Trailers And Semi-Trailers
Money Market/Cash 2.60
Manuf Of Pharm,Medicinal
Total 100.00 3.42
Chem And Botanical Products

Civil Engineering 3.01

Manuf Of Chemicals And

2.87
Chemical Products

Manufacture Of Basic Metals 2.85

Manuf Of Tobacco Products 2.77

Manuf Of Other Non-Metallic

2.06
Mineral Products

Name of Fund Manager- UMA Venkatraman Others 17.71

Other Funds Managed By fund Manager: Build India Fund,Grow Money Fund,Grow Money Pension
Fund,Grow Money Pension Plus,Grow Money Plus,Save and Grow Money Pension,Save and Grow
0 5 10 15 20 25 30
Money,Group Balance Fund.
 Build India Fund
SFIN ULIF01909/02/2010EBUILDINDA130

Investment Objective: To provide long term capital appreciation, through exposure to equity investments in Infrastructure and allied sectors, and by diversifying investments
across various sub-sectors of the infrastructure sector.

Fund Performance(%) Asset

Fund
Class
Performance
Wise Exposure
1 Month 6 Month 1 Year 2 Year 3 Year Since Inception Asset Class AUM (In Rs. Lakhs) Exposure (%)
Fund 2.44 22.50 31.13 18.06 18.19 12.96 Equity 3955.76 98.43
Benchmark 2.25 23.12 30.90 15.82 16.57 11.87 Govt Securities -- --
Benchmark: Nifty 100,*Inception Date- 15 Feb 2010, <1yr ABS & >=1yr CAGR -- --
Corporate Bond
Money Market/Cash 62.96 1.57
NAV Modified Duration Total 4018.71 100

56.5175 --
Asset Allocation(%)
Instrument Asset Mix (F&U) Actual
Equity 80 - 100 98.43
Security Name % To Fund Govt Securities - --
Equities 98.43 Corporate Bond 0 - 20 --
HDFC BANK LTD 7.65 Money Market/Cash 0 - 20 1.57
RELIANCE INDUSTRIES LTD 7.41
Sector Allocation % To Fund
ICICI BANK LTD 6.34
INFOSYS TECHNOLOGIES LTD 4.29
Financial And Insurance
RELIANCE NIPPON LIFE ASSET MANAGEMENT LTD (ETF) 3.15 26.80
Activities
ITC LTD 3.08
Computer Programming,
STATE BANK OF INDIA LTD 3.03 9.96
Consultancy And Related…
BHARTI AIRTEL LTD 2.83
Manuf Of Coke And Refined
LARSEN & TOUBRO LTD 2.81 8.04
Petroleum Products
TATA CONSULTANCY SERVICES LTD 2.77
Manuf Of Motor Vehicles,
Others 55.09 5.62
Trailers And Semi-Trailers
Money Market/Cash 1.57
Manuf Of Pharm,Medicinal
Total 100.00 3.60
Chem And Botanical Products

Manuf Of Tobacco Products 3.08

Civil Engineering 2.81

Manuf Of Chemicals And

2.77
Chemical Products
Manuf Of Other Transport
2.38
Equipment

Manufacture Of Basic Metals 2.34

Name of Fund Manager- UMA Venkatraman Others 18.01

Other Funds Managed By fund Manager: Build India Pension Fund,Grow Money Fund,Grow Money
Pension Fund,Grow Money Pension Plus,Grow Money Plus,Save and Grow Money Pension,Save and Grow
0 5 10 15 20 25 30
Money,Group Balance Fund.
 Save and Grow Money Fund
SFIN ULIF00121/08/2006BSAVENGROW130

Investment Objective: To provide steady accumulation of income in medium to long term by investing in high quality debt papers and government
securities and a limited opportunity of capital appreciation. This would be more of a defensively managed fund.

Fund Performance(%) Fund

Asset Performance
Class ( % ToAUM
Fund)
Asset Class Exposure (%)
1 Month 6 Month 1 Year 2 Year 3 Year SI Asset Class AUM (In Rs. Lakhs) Exposure (%)
Fund 0.84 12.47 17.20 11.67 10.89 10.08 Equity 3071.52 45.43

Benchmark 0.95 12.78 17.63 10.66 10.29 9.38

Debt 3492.98 51.67
Benchmark: Nifty 100=45%, Crisil Composite Bond Fund Index=55%,*Inception Date- 21 Aug 2006,
<1yr ABS & >=1yr CAGR
Money Market/Cash 195.75 2.90
NAV Modified Duration Total 6760.26 100
54.7159 5.78 Asset Allocation
Asset Allocation(%)
Instrument Asset Mix (F&U) Actual
Equity 0 - 60 45.43
Security Name % To Fund
Debt 0 - 90 51.67
Equities (AT 1 Bond) 45.43
ICICI BANK LTD 4.29 Money Market/Cash 0 - 40 2.90
RELIANCE INDUSTRIES LTD 4.02
HDFC BANK LTD 2.78
Sector Allocation % To Fund
INFOSYS TECHNOLOGIES LTD 2.54
ITC LTD 2.19 Financial And Insurance… 17.30
BHARTI AIRTEL LTD 1.81 Housing Finance 10.17
LARSEN & TOUBRO LTD 1.66
Construction Of Buildings 5.03
Computer Programming,… 4.66
STATE BANK OF INDIA LTD 1.50 Manuf Of Coke And Refined… 4.02
NTPC LTD 1.50 Manuf Of Tobacco Products 2.19
TATA CONSULTANCY SERVICES LTD 1.40 Manuf Of Pharm,Medicinal… 1.96
Manuf Of Motor Vehicles,… 1.78
Others 21.73
Civil Engineering 1.66
Debt 51.67 Manuf Of Chemicals And… 1.46
7.1% GOI 08/04/2034 15.03 Others 9.37
7.46% GOI 06/11/2073 3.23 0.0 5.0 10.0 15.0 20.0
8.24% NABARD 22/03/2029 2.88
Debt Ratings Profile
7.18% GOI 24/07/2037 1.95
7.18% GOI 14/08/2033 1.54
7.43% STATE GOVERNMENT OF MAHARASHTRA 03/04/2039 1.17 AAA & Eq
8.01% REC LTD 24/03/2028 0.60
38%
Sovereign
6.97% GOI 06/09/2026 0.59 53% AA+
7.19% GOI 15/09/2060 0.53 9%
7.23% GOI 15/04/2039 0.09
6.83% HDFC BANK LTD 08/01/2031 5.55
Debt Maturity Profile (% To Fund)
8.5% GODREJ PROPERTIES LTD 20/09/2028 4.45 40 37.87
7.4% NABARD 30/01/2026 4.41
7.13% LIC HOUSING FINANCE 28/11/2031 4.32 20 8.81
5.00
8.28% AXIS FINANCE LTD. 28/10/2033 4.15
0
7.6% BAJAJ FINANCE Ltd. 25/08/2027 0.87 0-1 Yrs 1-3 Yrs 3-5 Yrs >5 Yrs
7.69% LIC HOUSING FINANCE 06/02/2034 0.30 Name of Fund Manager- Debt: Vishnu Soni Equity: UMA Venkatraman
Money Market/Cash 2.90 Other Funds Managed By fund Manager: Build N Protect Fund Series 1,Safe
Total 100.00 Money Fund,Safe Money Pension Fund,Save N Grow Money PensionFund,Steady
Money Fund,Steady Money Pension Fund,Stability Plus Money Fund,Group Debt
Fund,Group Balance Fund,Discontinuance Life Fund. UMA Venkatraman - Build
India Fund,Build India Pension Fund,Grow Money Fund,Grow Money Pension
Fund,Grow Money Pension Plus,Grow Money Plus,Save and Grow Money
Pension,Group Balance Fund.
 Save and Grow Money Pension Fund
SFIN ULIF00426/12/2007BSNGROWPEN130

Investment Objective: To provide steady accumulation of income in medium to long term by investing in high quality debt papers and government
securities and a limited opportunity of capital appreciation. This would be more of a defensively managed fund.

Fund Performance(%) Fund

Asset Performance
Class ( % ToAUM
Fund)
Asset Class Exposure (%)
1 Month 6 Month 1 Year 2 Year 3 Year SI Asset Class AUM (In Rs. Lakhs) Exposure (%)
Fund 0.85 12.35 16.99 11.19 10.56 9.35 Equity 134.21 47.78

Benchmark 0.95 12.78 17.63 10.66 10.29 8.00 Govt Securities 74.36 26.47
Benchmark: Nifty 100=45%, Crisil Composite Bond Fund Index=55%,*Inception Date- 03 Jan 2008,
<1yr ABS & >=1yr CAGR Corporate Bond 61.30 21.82

Money Market/Cash 11.02 3.92

NAV Modified Duration Total 280.88 100
43.0456 4.95 Asset Allocation
Asset Allocation(%)
Instrument Asset Mix (F&U) Actual
Equity 0 - 60 47.78
Security Name % To Fund Govt Securities 0 - 40 26.47
Equities 47.78 Corporate Bond 0 - 50 21.82
HDFC BANK LTD 4.56 Money Market/Cash 0 - 40 3.92
RELIANCE INDUSTRIES LTD 4.52
ICICI BANK LTD 4.46
Sector Allocation % To Fund
INFOSYS TECHNOLOGIES LTD 2.60
LARSEN & TOUBRO LTD 1.71 Financial And Insurance… 18.46
STATE BANK OF INDIA LTD 1.64 Computer Programming,… 4.91
TATA CONSULTANCY SERVICES LTD 1.59
Manuf Of Coke And Refined… 4.52
Construction Of Buildings 4.40
BHARTI AIRTEL LTD 1.57 Manuf Of Motor Vehicles,… 2.23
AXIS BANK LTD 1.18 Manuf Of Pharm,Medicinal… 1.96
ITC LTD 1.17 Civil Engineering 1.71
Manufacture Of Basic Metals 1.63
Others 22.77
Manuf Of Chemicals And… 1.18
Government Securities 26.47 Manuf Of Tobacco Products 1.17
7.1% GOI 08/04/2034 13.69 Others 7.95
8.24% NABARD 22/03/2029 3.65 0.0 5.0 10.0 15.0 20.0
8.01% REC LTD 24/03/2028 3.61
Debt Ratings Profile
7.43% STATE GOVERNMENT OF MAHARASHTRA 03/04/2039 2.47
7.46% GOI 06/11/2073 1.54 AA+
7.18% GOI 14/08/2033 1.40 7%
7.18% GOI 24/07/2037 0.11 AAA & Eq Sovereign
Corporate Bonds 21.82 38% 55%
8.55% IRFC LTD 21/02/2029 7.34
8.24% PGC LTD 14/02/2029 3.64
8.27% NHAI LTD 28/03/2029 3.64
Debt Maturity Profile (% To Fund)
8.28% AXIS FINANCE LTD. 28/10/2033 3.63 40
25.45 22.84
8.5% GODREJ PROPERTIES LTD 20/09/2028 3.57
Money Market/Cash 3.92 20
Total 100.00
0
0-1 Yrs 1-3 Yrs 3-5 Yrs >5 Yrs
Name of Fund Manager- Debt: Vishnu Soni Equity: UMA Venkatraman
Other Funds Managed By fund Manager: Build N Protect Fund Series 1,Safe
Money Fund,Safe Money Pension Fund,Save N Grow Money PensionFund,Steady
Money Fund,Steady Money Pension Fund,Stability Plus Money Fund,Group Debt
Fund,Group Balance Fund,Discontinuance Life Fund. UMA Venkatraman - Build
India Fund,Build India Pension Fund,Grow Money Fund,Grow Money Pension
Fund,Grow Money Pension Plus,Grow Money Plus,Save and Grow Money
Pension,Group Balance Fund.
 Steady Money Fund
SFIN ULIF00321/08/2006DSTDYMOENY130

Investment Objective: To provide steady accumulation of income in medium to long term by investing in corporate bonds and government securities.

Fund Performance(%) Fund

Asset Performance
Class ( % ToAUM
Fund)
Asset Class Exposure (%)
1 Month 6 Month 1 Year 2 Year 3 Year SI Asset Class AUM (In Rs. Lakhs) Exposure (%)
Fund -0.23 4.54 6.31 5.96 4.70 7.63 Equity -- --

Benchmark -0.12 4.32 6.77 6.43 5.16 7.39

Debt 7364.12 96.61
Benchmark: CRISIL Composite Bond Fund Index,*Inception Date- 05 Sep 2006, <1yr ABS & >=1yr
CAGR
Money Market/Cash 258.19 3.39
NAV Modified Duration Total 7622.31 100
36.6308 6.02 Asset Allocation
Asset Allocation(%)
Instrument Asset Mix (F&U) Actual
Equity - --
Security Name % To Fund
Debt 60 - 100 96.61
Debt 96.61
7.1% GOI 08/04/2034 31.73 Money Market/Cash 0 - 40 3.39
7.45% STATE GOVERNMENT OF MAHARASHTRA 22/03/2038 7.39
7.37% GOI 23/10/2028 5.41
Sector Allocation % To Fund
7.46% GOI 06/11/2073 4.12
7.18% GOI 24/07/2037 2.71
7.18% GOI 14/08/2033 2.60 Housing Finance 12.17
7.72% GOI 15/06/2049 1.38
Financial And Insurance
7.43% STATE GOVERNMENT OF MAHARASHTRA 03/04/2039 1.30 5.37
Activities
8.4% IRFC LTD 08/01/2029 5.92
7.69% LIC HOUSING FINANCE 06/02/2034 5.31 Construction Of Buildings 4.74
6.83% HDFC BANK LTD 08/01/2031 5.04
8.24% PGC LTD 14/02/2029 4.97 Others
8.5% GODREJ PROPERTIES LTD 20/09/2028 4.74
7.6% BAJAJ FINANCE Ltd. 25/08/2027 3.23 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0
7.4% NABARD 30/01/2026 2.61
Debt Ratings Profile
8.28% AXIS FINANCE LTD. 28/10/2033 2.14
7.95% HDFC BANK LTD 21/09/2026 1.71 AA+
7.27% NABARD 14/02/2030 1.42 AAA & Eq
5%
36%
Others 2.89
Money Market/Cash 3.39 Sovereign
Total 100.00 59%

Debt Maturity Profile (% To Fund)

80 66.55
60
40 25.74
20 4.31
0
Name of Fund Manager- Vishnu Soni 0-1 Yrs 1-3 Yrs 3-5 Yrs >5 Yrs
Other Funds Managed By fund Manager: Build N Protect Fund Series
1,Safe Money Pension Fund,Save N Grow Money Fund,Save N Grow
Money Pension Fund,Safe Money Fund,Steady Money Pension
Fund,Stability Plus Money Fund,Group Debt Fund,Group Balance
Fund,Discontinuance Life Fund.
 Build n Protect Series 1 Fund
SFIN ULIF00919/05/2009BBUILDNPS1130

Investment Objective: To protect investments at maturity through steady accumulation of income by investing in government securities while seeking to provide a limited
opportunity for capital appreciation by investing in equities.

Fund Performance(%) Fund

Asset Performance
Class Wise Exposure
1 Month 6 Month 1 Year 2 Year 3 Year SI Asset Class AUM (In Rs. Lakhs) Exposure (%)
Fund 0.46 2.99 5.59 4.55 3.91 6.04 Equity -- --
Benchmark -0.24 0.41 -1.06 -1.83 -2.43 2.57 Govt Securities 187.71 92.75
Benchmark: 7 Years G-Sec*,*Inception Date- 19 May 2009, <1yr ABS & >=1yr CAGR Corporate Bond -- --
Money Market/Cash 14.67 7.25
NAV Modified Duration Total 202.39 100

24.0383 0.70
Fund Performance
Asset Allocation(%)
Instrument Asset Mix (F&U) Actual
Equity 0 - 40 --
Debt portfolio % To Fund
Govt Securities 60 - 100 92.75
Government Securities 92.75 Corporate Bond - --
8.2% GOI 15/09/2024 47.06 Money Market/Cash 0 - 20 7.25
5.22% GOI 15/06/2025 24.23
8% GOI 23/03/2026 8.48 Debt Ratings Profile
364 D TB 23/01/2025 5.54
364 D TB 09/01/2025 5.28
6.97% GOI 06/09/2026 2.16
Money Market/Cash 7.25
Total 100.00

Sovereign
100%

Debt Maturity Profile (% To Fund)

60 57.88

40 34.87

20
Name of Fund Manager- Vishnu Soni
Other Funds Managed By fund Manager: Safe Money Fund, Safe Money Pension Fund, Save N Grow
Money Fund,Save N Grow Money Pension Fund, Steady Money Fund,Steady Money Pension
Fund,Stability Plus Money Fund,Group Debt Fund,Group Balance Fund,Discontinuance Life Fund.
0
0-1 Yrs 1-3 Yrs 3-5 Yrs >5 Yrs
 Safe Money Fund
SFIN ULIF01007/07/2009LSAFEMONEY130

Investment Objective: To provide capital protection through investment in low-risk money-market & short-term debt instruments with maturity of 1 year
or lesser.

Fund Performance(%) Fund

Asset Performance
Class ( % ToAUM
Fund)
Asset Class Exposure (%)
1 Month 6 Month 1 Year 2 Year 3 Year SI Asset Class AUM (In Rs. Lakhs) Exposure (%)
Fund 0.46 2.89 5.94 5.23 4.29 5.81 Equity -- --

Benchmark 0.60 3.68 7.37 6.70 5.70 6.81

Debt 4372.42 71.64
Benchmark: CRISIL Liquid Fund Index,*Inception Date- 08 Jul 2009, <1yr ABS & >=1yr CAGR

Money Market/Cash 1731.21 28.36

NAV Modified Duration Total 6103.64 100
23.0766 0.35 Asset Allocation
Asset Allocation(%)
Instrument Asset Mix (F&U) Actual
Equity - --
Security Name % To Fund
Debt 60 - 100 71.64
Debt 71.64
364 D TB 10/10/2024 9.54 Money Market/Cash 0 - 40 28.36
364 D TB 18/07/2024 8.73
364 D TB 03/04/2025 7.59
Sector Allocation % To Fund
364 D TB 18/04/2025 7.55
364 D TB 09/05/2024 7.36
364 D TB 30/01/2025 6.30
Financial And Insurance
364 D TB 07/11/2024 4.59 15.61
Activities
364 D TB 02/01/2025 4.38
AXIS BANK LTD CD 24/07/2024 7.98
ICICI BANK LTD CD 27/02/2025 7.63
Money Market/Cash 28.36 Others
Total 100.00

0.0 5.0 10.0 15.0 20.0

Debt Ratings Profile

A+ A1+ & Eq
11% 11%

Sovereign
78%

Debt Maturity Profile (% To Fund)

80 71.64
60
40
20
0
Name of Fund Manager- Vishnu Soni 0-1 Yrs 1-3 Yrs 3-5 Yrs >5 Yrs
Other Funds Managed By fund Manager: Build N Protect Fund Series
1, Safe Money Pension Fund, Save N Grow Money Fund, Save N Grow
Money Pension Fund, Steady Money Fund, Steady Money Pension
Fund, Stability Plus Money Fund,Group Debt Fund,Group Balance
Fund,Discontinuance Life Fund.
 Safe Money Pension Fund
SFIN ULIF01107/12/2009LSAFEMONYP130

Investment Objective: To provide capital protection through investment in low-risk money-market & short-term debt instruments with maturity of 1 year
or lesser.

Fund Performance(%) Fund

Asset Performance
Class ( % ToAUM
Fund)
Asset Class Exposure (%)
1 Month 6 Month 1 Year 2 Year 3 Year SI Asset Class AUM (In Rs. Lakhs) Exposure (%)
Fund 0.45 2.83 5.86 5.18 4.26 5.76 Equity -- --

Benchmark 0.60 3.68 7.37 6.70 5.70 6.81 Govt Securities 55.24 56.81
Benchmark: CRISIL Liquid Fund Index,*Inception Date- 08 Jul 2009, <1yr ABS & >=1yr CAGR
Corporate Bond 9.62 9.90

Money Market/Cash 32.36 33.29

NAV Modified Duration Total 97.22 100
22.9255 0.44 Asset Allocation
Asset Allocation(%)
Instrument Asset Mix (F&U) Actual
Equity - --
Security Name % To Fund Govt Securities 0 - 60 56.81
Government Securities 56.81 Corporate Bond 0 - 60 9.90
364 D TB 02/01/2025 13.75 Money Market/Cash 0 - 40 33.29
364 D TB 07/11/2024 9.93
364 D TB 18/04/2025 7.71
Sector Allocation % To Fund
364 D TB 30/01/2025 6.84
364 D TB 03/04/2025 6.76
364 D TB 11/04/2025 6.75
Financial And Insurance
364 D TB 18/07/2024 5.07 9.90
Activities
Corporate Bonds 9.90
AXIS BANK LTD CD 24/07/2024 5.06
ICICI BANK LTD CD 27/02/2025 4.84
Money Market/Cash 33.29 Others
Total 100.00

0.0 2.0 4.0 6.0 8.0 10.0 12.0

Debt Ratings Profile

A+ A1+ & Eq
8% 7%

Sovereign
85%

Debt Maturity Profile (% To Fund)

80 66.71
60
40
20
0
Name of Fund Manager- Vishnu Soni 0-1 Yrs 1-3 Yrs 3-5 Yrs >5 Yrs
Other Funds Managed By fund Manager: Build N Protect Fund Series
1,Safe Money Fund,Save N Grow Money Fund,Save N Grow Money
Pension Fund,Steady Money Fund,Steady Money Pension
Fund,Stability Plus Money Fund,Group Debt Fund,Group Balance
Fund,Discontinuance Life Fund.
 Steady Money Pension Fund
SFIN ULIF00626/12/2007DSTDYMONYP130

Investment Objective: To provide steady accumulation of income in medium to long term by investing in corporate bonds and government securities.

Fund Performance(%) Fund

Asset Performance
Class ( % ToAUM
Fund)
Asset Class Exposure (%)
1 Month 6 Month 1 Year 2 Year 3 Year SI Asset Class AUM (In Rs. Lakhs) Exposure (%)
Fund -0.18 4.44 5.97 5.58 4.41 7.42 Equity -- --

Benchmark -0.12 4.32 6.77 6.43 5.16 7.46 Govt Securities 118.20 57.42
Benchmark: CRISIL Composite Bond Fund Index,*Inception Date- 03 Jan 2008, <1yr ABS & >=1yr
CAGR Corporate Bond 80.24 38.98

Money Market/Cash 7.41 3.60

NAV Modified Duration Total 205.85 100
32.1898 6.09 Asset Allocation
Asset Allocation(%)
Instrument Asset Mix (F&U) Actual
Equity - --
Security Name % To Fund Govt Securities 20 - 80 57.42
Government Securities 57.42 Corporate Bond 20 - 80 38.98
7.1% GOI 08/04/2034 36.43 Money Market/Cash 0 - 40 3.60
7.46% GOI 06/11/2073 5.50
7.37% GOI 23/10/2028 4.89
Sector Allocation % To Fund
7.18% GOI 24/07/2037 4.27
7.43% STATE GOVERNMENT OF MAHARASHTRA 03/04/2039 3.37
Financial And Insurance
7.18% GOI 14/08/2033 2.96 9.73
Activities
Corporate Bonds 38.98
7.13% LIC HOUSING FINANCE 28/11/2031 9.46 Housing Finance 9.46
8.4% IRFC LTD 08/01/2029 4.98
8.24% PGC LTD 14/02/2029 4.97 Construction Of Buildings 4.87
8.27% NHAI LTD 28/03/2029 4.96
8.28% AXIS FINANCE LTD. 28/10/2033 4.95 Others
8.5% GODREJ PROPERTIES LTD 20/09/2028 4.87
7.6% BAJAJ FINANCE Ltd. 25/08/2027 4.78 0.0 2.0 4.0 6.0 8.0 10.0 12.0
Money Market/Cash 3.60
Debt Ratings Profile
Total 100.00

AA+
AAA & Eq
5%
35%

Sovereign
60%

Debt Maturity Profile (% To Fund)

80 66.95
60
40 29.45
20
0
Name of Fund Manager- Vishnu Soni 0-1 Yrs 1-3 Yrs 3-5 Yrs >5 Yrs
Other Funds Managed By fund Manager: Build N Protect Fund Series
1,Safe Money Fund,Safe Money Pension Fund,Save N Grow Money
Fund,Save N Grow Money Pension Fund,Steady Money Fund,Stability
Plus Money Fund,Group Debt Fund,Group Balance
Fund,Discontinuance Life Fund.
 Stability Plus Money Fund
SFIN ULIF02322/02/17STAPLUMONF130

Investment Objective: To provide long term absolute total return through investing across a diversified high quality debt portfolio.

Fund Performance(%) Fund

Asset Performance
Class ( % ToAUM
Fund)
Asset Class Exposure (%)
1 Month 6 Month 1 Year 2 Year 3 Year SI Asset Class AUM (In Rs. Lakhs) Exposure (%)
Fund -0.19 4.15 5.68 6.09 4.82 6.37 Equity -- --

Benchmark -0.12 4.32 6.77 6.43 5.16 7.06

Debt 4325.74 91.50
Benchmark: Crisil Composite Bond Fund Index,*Inception Date- 28 Dec 2017, <1yr ABS & >=1yr
CAGR
Money Market/Cash 401.94 8.50
NAV Modified Duration Total 4727.68 100
14.7969 5.84 Asset Allocation
Asset Allocation(%)
Instrument Asset Mix (F&U) Actual
Equity 0 - 25 --
Security Name % To Fund
Debt 55 - 100 91.50
Debt 91.50
7.1% GOI 08/04/2034 30.74 Money Market/Cash 0 - 20 8.50
7.43% STATE GOVERNMENT OF MAHARASHTRA 03/04/2039 4.95
7.18% GOI 14/08/2033 3.07
Sector Allocation % To Fund
7.46% GOI 06/11/2073 2.98
7.18% GOI 24/07/2037 2.15 Financial And Insurance
17.83
7.27% NABARD 14/02/2030 8.13 Activities
8.28% AXIS FINANCE LTD. 28/10/2033 8.09 Housing Finance 10.81
6.8% STATE BANK OF INDIA LTD 21/08/2035 6.00
8.5% GODREJ PROPERTIES LTD 20/09/2028 5.09 Construction Of Buildings 5.09
7.6% BAJAJ FINANCE Ltd. 25/08/2027 3.75
7.5% IRFC LTD 09/09/2029 2.32 Manufacture Of Basic Metals 2.12
8.7% LIC HOUSING FINANCE 23/03/2029 2.19
Others
8.05% HDFC BANK LTD 22/10/2029 2.16
9.8359% TATA STEEL LTD 01/03/2034 2.12 0.0 5.0 10.0 15.0 20.0
7.25% HDFC BANK LTD 17/06/2030 2.08
Debt Ratings Profile
Others 5.68
Money Market/Cash 8.50 AA+ AA+ & Eq
Total 100.00 6% 2% AAA & Eq
44%
Sovereign
48%

Debt Maturity Profile (% To Fund)

80 78.94
60
40
12.56
20
0
Name of Fund Manager- Vishnu Soni 0-1 Yrs 1-3 Yrs 3-5 Yrs >5 Yrs
Other Funds Managed By fund Manager: Build N Protect Fund Series
1,Safe Money Fund,Safe Money Pension Fund, Save N Grow Money
Fund,Save N Grow Money Pension Fund, Steady Money Fund,Steady
Money Pension Fund,Group Debt Fund,Group Balance
Fund,Discontinuance Life Fund.
 Group Debt Fund
SFIN ULGF00303/08/17GROUPDEBTF130

Investment Objective: To produce better risk adjusted return than the benchmark with priority being given to total return.

Fund Performance(%) Fund

Asset Performance
Class ( % ToAUM
Fund)
Asset Class Exposure (%)
1 Month 6 Month 1 Year 2 Year 3 Year SI Asset Class AUM (In Rs. Lakhs) Exposure (%)
Fund -0.12 4.83 6.80 6.37 5.00 6.52 Equity -- --

Benchmark -0.12 4.32 6.77 6.43 5.16 6.52

Debt 1360.96 96.46
Benchmark: CRISIL Composite Bond Fund Index,*Inception Date- 03 Aug 2017, <1yr ABS & >=1yr
CAGR
Money Market/Cash 49.94 3.54
NAV Modified Duration Total 1410.90 100
15.3149 6.09 Asset Allocation
Asset Allocation(%)
Instrument Asset Mix (F&U) Actual
Equity - --
Security Name % To Fund
Debt 60 - 100 96.46
Debt 96.46
7.1% GOI 08/04/2034 33.70 Money Market/Cash 0 - 40 3.54
7.37% GOI 23/10/2028 5.71
7.46% GOI 06/11/2073 5.40
Sector Allocation % To Fund
7.43% STATE GOVERNMENT OF MAHARASHTRA 03/04/2039 4.92
7.18% GOI 24/07/2037 3.45
7.18% GOI 14/08/2033 2.99 Housing Finance 11.64
7.5% IRFC LTD 09/09/2029 9.18
6.83% HDFC BANK LTD 08/01/2031 7.49 Construction Of Buildings 5.69
8.5% GODREJ PROPERTIES LTD 20/09/2028 5.69
8.28% AXIS FINANCE LTD. 28/10/2033 5.06 Financial And Insurance
5.06
Activities
8.37% REC LTD 07/12/2028 4.38
8.24% PGC LTD 14/02/2029 4.35 Others
7.13% LIC HOUSING FINANCE 28/11/2031 4.14
Money Market/Cash 3.54 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0
Total 100.00
Debt Ratings Profile

AA+
AAA & Eq
6%
36%

Sovereign
58%

Debt Maturity Profile (% To Fund)

80 76.33
60
40 20.13
20
0
Name of Fund Manager- Vishnu Soni 0-1 Yrs 1-3 Yrs 3-5 Yrs >5 Yrs
Other Funds Managed By fund Manager: Build N Protect Fund Series
1,Safe Money Fund,Safe Money Pension Fund,Save N Grow Money
Fund,Save N Grow Money Pension Fund,Steady Money Fund,Steady
Money Pension Fund,Stability Plus Money Fund,Group Balance
Fund,Discontinuance Life Fund.
 Emerging Equity Fund
SFIN ULIF02507/04/23EMERGINGEQ130

Investment Objective: To provide long-term capital appreciation through investing in a portfolio of mid-cap companies

Fund Performance(%) Asset

Fund
Class
Performance
Wise Exposure
1 Month 6 Month 1 Year 2 Year 3 Year Since Inception Asset Class AUM (In Rs. Lakhs) Exposure (%)
Fund 4.37 NA NA NA NA 20.84 Equity 7101.18 91.49
Benchmark 6.34 29.70 NA NA NA 25.11 Govt Securities -- --
Benchmark: Nifty 150,*Inception Date- 28 Sep 2023, <1yr ABS & >=1yr CAGR -- --
Corporate Bond
Money Market/Cash 660.19 8.51
NAV Modified Duration Total 7761.37 100

12.0843 --
Asset Allocation(%)
Instrument Asset Mix (F&U) Actual
Equity 65 - 100 91.49
Security Name % To Fund Govt Securities - --
Equities 91.49 Corporate Bond - --
TUBE INVESTMENTS OF INDIA LTD 2.38 Money Market/Cash 0 - 35 8.51
ICICI BANK LTD 2.36
Sector Allocation % To Fund
JSW ENERGY LTD 2.16
CG Power And Industrial Solutions LTD 2.12
Financial And Insurance
MAX FINANCIAL SERVICES LIMITED 2.03 15.65
Activities
SUZLON ENERGY LTD 2.01
Manuf Of Machinery And
SUPREME INDUSTRIES LTD. 1.90 6.87
Equipment N.E.C.
THE INDIAN HOTELS COMPANY LTD 1.86
SONA BLW PRECISION FORGINGS LTD 1.86 Manuf Of Electrical Equipment 6.09
BALKRISHNA INDUSTRIES 1.80
Others 71.02 Manufacture Of Basic Metals 6.02
Money Market/Cash 8.51
Manuf Of Chemicals And
Total 100.00 5.77
Chemical Products
Manuf Of Pharm,Medicinal
5.20
Chem And Botanical Products
Manufacture of rubber and
4.76
plastics products
Manuf Of Motor Vehicles,
4.65
Trailers And Semi-Trailers
Manuf Of Other Non-Metallic
3.98
Mineral Products
Manuf Of Other Transport
3.97
Equipment

Name of Fund Manager- Kartik Soral Others 21.98

Other Funds Managed By fund Manager: Growth Opportunities Plus, Growth Opportunities, Growth
Opportunities Pension Plus,Growth Opportunities Pension.
0 5 10 15 20 25
 Discontinuance Life Fund
SFIN ULIF02219/01/2011DDISCONTLF130

Investment Objective: To meet the minimum return target as primary objective with total returns being the secondary objective

Fund Performance(%) Fund

Asset Performance
Class ( % ToAUM
Fund)
Asset Class Exposure (%)
1 Month 6 Month 1 Year 2 Year 3 Year SI Asset Class AUM (In Rs. Lakhs) Exposure (%)
Fund 0.52 3.19 6.51 5.70 4.82 5.50 Equity -- --

Benchmark 0.33 2.00 4.00 4.00 4.00 4.00 Govt Securities 10030.59 78.14
Benchmark: Minimum rate as prescribed by the regulator,*Inception Date- 19 Nov 2011, <1yr ABS &
>=1yr CAGR Corporate Bond 962.29 7.50

Money Market/Cash 1843.29 14.36

NAV Modified Duration Total 12836.17 100
20.3705 -- Asset Allocation
Asset Allocation(%)
Instrument Asset Mix (F&U) Actual
Equity 0 - 100 --
Security Name % To Fund Govt Securities 0 - 100 78.14
Government Securities 78.14 Corporate Bond 0 - 100 7.50
364 D TB 12/12/2024 17.18 Money Market/Cash 0 - 100 14.36
364 D TB 30/01/2025 10.27
364 D TB 07/11/2024 9.02
Sector Allocation % To Fund
364 D TB 02/01/2025 8.97
364 D TB 21/11/2024 7.50
364 D TB 16/01/2025 7.42
Financial And Insurance
364 D TB 22/08/2024 5.72 7.50
Activities
364 D TB 18/07/2024 5.03
364 D TB 11/04/2025 3.60
364 D TB 10/10/2024 3.02
Others 0.39 Others
Corporate Bonds 7.50
AXIS BANK LTD CD 24/07/2024 3.83
ICICI BANK LTD CD 27/02/2025 3.66 0.0 2.0 4.0 6.0 8.0
Money Market/Cash 14.36
Debt Ratings Profile
Total 100.00

A+ A1+ & Eq
5% 4%

Sovereign
91%

Debt Maturity Profile (% To Fund)

100 85.64
80
60
40
20
0
Name of Fund Manager- Vishnu Soni 0-1 Yrs 1-3 Yrs 3-5 Yrs >5 Yrs
Other Funds Managed By fund Manager: Build N Protect Fund Series
1,Safe Money Fund,Safe Money Pension Fund,Save N Grow Money
Fund,Save N Grow Money Pension Fund,Steady Money Fund,Steady
Money Pension Fund,Stability Plus Money Fund,Group Debt
Fund,Group Balance Fund.
Disclaimers: 1.This Investment Newsletter is for information purpose only for existing customers and should not be construed as financial
advice, offer, recommendation or solicitation to enter into any transaction. While all reasonable care has been ensured in preparing this
newsletter, Bharti AXA Life Insurance Company limited or any other person connected with it, accepts no responsibility or liability for errors
of facts or accuracy or opinions expressed and Policyholder should use his/her own discretion and judgment while investing in financial
markets. 2. The information contained herein is as on 30th April,2024. 3. Past performance of the funds, as shown above, is not indicative
of future performance or returns. 4. Grow Money Fund, Save n Grow Money Fund, Steady Money Fund, Growth Opportunities Fund, Grow
Money Pension Fund, Save n Grow Money Pension Fund, Steady Money Pension Fund, Growth Opportunities Pension Fund, Build n Protect
Fund Series 1, Safe Money Fund, Safe Money Pension Fund, Grow Money Plus, Grow Money Pension Plus, Growth Opportunities Plus,
Growth Opportunities Pension Plus Fund, Build India Pension, Build India Fund, Stability Plus Money Fund, Group Debt Fund Group and
Balance Fund are only the names of the funds and do not indicate its expected future returns or performance. 5. ABS=Absolute Return,
CAGR=Compounded Annual Growth Rate 6. Sector allocations as shown in the newsletter are only for presentation purpose and do not
necessarily indicate industry exposure.
Bharti AXA Life Insurance Company Limited. (IRDA Regn.No. 130),Regd. Address: Unit No. 1904, 19th Floor,
Parinee Crescenzo,‘G’ Block, Bandra Kurla Complex, Near MCA Club, Bandra East, Mumbai- 400 051.
Toll free: 1800 102 4444
SMS SERVICE to 56677 (We will be in touch within 24 hours to address your query),
Email: service@bharti-axalife.com, www.bharti-axalife.com
Compliance No.: Comp-Apr-2024-7024
CIN – U66010MH2005PLC157108