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Fundcard

AIG India Equity Reg

Value Research Fund Rating as on Mar 31, 2011

Open-end and Equity: Large & Mid Cap

Risk Grade – Average

Return Grade – Average

NAV – Rs. 12.25 as on Apr 29, 2011

Net Assets – Rs. 180.9 crore as on Mar 31, 2011

The contents of this Value Research Fund Card (the "Fund Card") published by Value Research India Private Limited are not intended to serve as professional advice
or guidance and the publisher takes no responsibility or liability, express or implied, whatsoever for any investment decisions made or taken by the readers of this
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The Fund Card contains information, statements, opinions, statistics and materials that have been obtained from sources believed to be reliable and the publishers
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AIG India Equity Reg
Rating: Fund Performance Vs Fund Performance Vs S&P CNX Nifty
Risk: Average
Return: Average

Fund
S&P CNX Nifty
(Rebased to 10,000)

History 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
NAV (Rs) - - - - - - 13.65 5.91 11.56 12.91 12.25
Total Return (%) - - - - - - - -56.74 95.78 11.66 -5.09
+/- S&P CNX Nifty - - - - - - - -4.95 20.02 -6.29 1.19
+/- BSE 100 - - - - - - - -1.46 10.74 -4.00 1.31
Rank (Fund/Category) - - - - - - - 46/56 9/56 59/65 26/72
52 Week High (Rs) - - - - - - 13.65 14.13 11.56 13.27 -
52 Week Low (Rs) - - - - - - 9.52 5.32 5.19 10.96 -
Net Assets (Rs.Cr) - - - - - - 1196.78 398.41 402.62 207.97 -
Expense Ratio (%) - - - - - - 2.05 2.17 2.28 2.33 -

Top Holdings Quarterly Returns (%)

Company Sector P/E YTD % Assets Q1 Q2 Q3 Q4 Year

Infosys Technologies Technology 26.10 -15.65 6.66 2011 -6.86 - - - -

HDFC Bank Financial 27.70 -2.30 5.43 2010 4.21 1.73 4.58 0.70 11.66
Dr. Reddy's Lab Healthcare 28.90 -0.01 5.02 2009 1.54 47.99 22.58 6.29 95.78
Torrent Power Energy 11.50 -10.59 3.97 2008 -27.81 -18.08 -4.32 -23.55 -56.74
Jindal Steel & Power Metals 30.70 -8.41 3.96 2007 - - 14.65 18.05 -
Hero Honda Motors Automobile 16.70 -13.92 3.75
Bharti Airtel Communication 18.30 5.69 3.68 Trailing Returns (%)
Bharat Electronics Engineering 26.80 4.67 3.26 Return Rank S&P CNX SIP
Sun Pharmaceutical Inds. Healthcare 36.70 -4.03 3.05 Fund Category Fund/Cat Nifty Return
Bajaj Auto Automobile 17.30 -5.11 3.05 Year-to-Date -5.09 -5.94 26/72 -6.28 -
Petronet LNG Energy 15.90 5.72 3.03 3-Month 3.84 3.66 39/72 4.31 10.45
Bosch Automobile 22.90 5.14 3.02 6-Month -4.15 -6.19 19/72 -4.46 12.86
Indraprastha Gas Services 18.30 -6.29 2.78 1-Year 1.74 8.06 63/71 9.43 13.49
Coromandel International Chemicals 13.30 3.44 2.59 2-Year 34.63 32.25 25/65 28.65 31.63
Shree Cement Construction 98.30 0.15 2.45 3-Year 4.46 5.50 36/61 3.44 24.88
Castrol India Energy 23.20 1.96 2.42 5-Year - - - - -
Oracle Fin Ser Software Technology 22.10 -13.43 2.37 7-Year - -
- - -
AIA Engineering Metals 32.20 -9.36 2.32 10-Year - - - - -
Andhra Bank Financial 6.70 -7.89 2.10 Return less than 1-year are absolute and over 1 year are annualised
Glaxosmithkline Pharma Healthcare 32.40 -3.69 2.09
GAIL Energy 16.30 -6.87 1.96 Top 10 Sector Weights (%) Risk Analysis
Redington India Technology 27.90 7.20 1.79 Volatility Measurements
Fund Nifty
Power Grid Corp. Energy 19.30 6.21 1.65
Energy 15.74 28.19 Standard Deviation 31.41
Cummins India Engineering 24.90 -9.85 1.65
Eicher Motors Automobile 44.70 0.78 1.61 Technology 11.77 15.50 Sharpe Ratio 0.23
Automobile 11.42 6.02 Beta 0.93
FUND STYLE Healthcare 10.16 3.22 R-Squared 0.94
Portfolio Characteristics Investment Style Metals 7.58 8.70 Alpha -0.24
Growth Blend Value
Total Stocks 35 Financial 7.53 18.64
Large Medium Small

Avg Mkt Cap (Rs.Cr) Composition (%)

Capitalisation

24866 Engineering 6.19 3.58

Portfolio P/B Ratio 5.93 Services 5.15 - Equity 85.71
Portfolio P/E Ratio 25.83 Communication 3.68 4.32 Debt 0.00
3Y Earnings Growth (%) - Chemicals 2.59 - Cash 14.29
Returns as on Returns as on April 29, 2011, Portfolio related data as on March 31, 2011

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Best Performance Value Research Analysis Fund Objective & Strategy
YEAR 127.36%
Though around for just two years, if one looks at its performance, there The scheme would invest in
is a clear demarcation. In all its six quarters till December 2008, the fund equity and equity-related
underperformed its category average every time, barring one quarter
securities of companies which
where it equalled it. It began to put its best foot forward only from 2009.
In all the five quarters since then, it has outperformed. Further, if one fund manager believes have
takes a look at the portfolio, another clear cut distinction emerges in June sustainable business models
2009. Here the transformation was the result of Huzaifa Husain replacing and potential for capital
earlier fund manager Tushar Pradhan. appreciation.
QUARTER 75.30% Husain wasted no time in significantly revamping the portfolio, the result
of which 14 stocks were offloaded which never made an appearance after
that (barring HDFC) and 19 new entrants featured. The portfolio reshuffle
was based on the premise that domestic recovery would be stronger than
global recovery. Hence, stocks dependent on global economic cycles,
such as commodities, were given less attention as the focus shifted to
domestic stocks, especially in the consumption and investment space.
Naturally this resulted in a dramatic alteration of the sector allocations.
MONTH Energy saw its allocation move from 15.26 per cent (May 2009) to 2 per
31.64%
cent (June 2009) with RIL and ONGC exiting. This was based on our view
that global recovery, on which oil price movement is dependent, was
weaker than domestic recovery. Also, the under-utilisation of energy
producing infrastructure globally was a concern as this has a negative
impact on margins. Hence, we decided to avoid the sector, he explains.
Increased allocation to Auto took place on the back of Hero Honda.
Exposure to Services also began to rise. Portfolio Manager
Another significant alteration was a change in the market cap tilt.
Allocation to large caps was lowered by 15 per cent and small caps by 7 Huzaifa Husain
Since Jun 2009
Worst Performance per cent. Mid caps began to corner 46 per cent of the portfolio. Since then
the fund has tilted towards mid caps with a decent exposure to large caps.
YEAR -58.87%
As smaller market caps rallied in 2009, the lowering of the large-cap
exposure helped.
The fund has completely exited Healthcare and Communications. Experience
Currently the top sectors of the fund are Auto, Services and Metals while Mr. Husain is a B.Tech. and holds
the top three of its peer-set are Financials, Energy and Technology. This PGDM. He has earlier worked with
throws up the question of whether Husain is by nature a contrarian investor Tata AIG Life Insurance (May 2004 -
and a top-down one at that. But his demeanour indicates that he is totally Dec 2006), Principal Pnb AMC (Aug
against such branding. In his case, the sector allocations are simply a 2004 - May 2004) and SBI Funds
QUARTER -40.21% result of the process of bottom-up stock picking, which he swears by. No Management (May 1997 - Aug
active sector allocations are done. Typically, we may invest in one or two 2000).
companies in any sector but we then take a big position once we are
convinced of the stock. This individual stock allocation perhaps, at times,
makes it look like a sectoral allocation. For example, the weightage of
Media in the index is very small but if we like a particular stock, our
allocation can be significant and, thereby, the sectoral allocation looks
large.
His underweight stance in Infotech was probably a drag on last year's
MONTH -31.89%
performance and the increased allocation this year is noticeable,

Investment Information
AMC : AIG Global Asset Management Company (India) Pvt.Ltd. Min Investment (Rs.) : 5000
Website : www.aiginvestments.co.in Min SIP Investment (Rs.) : 1000
Registrar : Computer Age Management Services Ltd. Entry Load : Nil
Launch : May 2007 Exit Load : 1% for redemption within 365 days
Benchmark : BSE 100
All the graphs are rebased to 10,000 Plans (NAV) : Dividend (12.25) , Growth (12.25)

NAV S&P CNX Nifty

Value Research
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How to Read the Fundcard - Equity

Value Research Rating, Risk and Return

z Fund Rating — The Value Research Fund Rating is a 1 to 5 star rating that is based on the returns that an equity fund has generated over the pre-
vious three and five years, while taking into account the risks that the fund has taken. This rating is relative to other fund of the same type.
z Risk Grade — A five-step grading of the riskiness of a fund, based on the losses it has suffered during the past five years. This grade is relative to
other fund of the same type.
z Returns Grade — A five-step grading of the returns of a fund. This grade is relative to other fund of the same type.

History
Fund Performance Vs Index
Data on the fund’s performance Birla Sun Life Frontline Equity Fund
since its launch. Graph of how an investors’ money
Rating:  Fund Performance Vs S&P CNX Nifty
z NAV (Year End) — The last Risk: Low 90000
would have grown in the fund since
NAV of each year. Return: Above Average its launch. A similar graph of the
70000
z Total Return — The percent- Fund
fund’s benchmark index is also
age returns that an investor S&P CNX Nifty
50000
given. For ease of comparison,
would have got over the (Rebased to 10,000) 30000 both have been adjusted to start at
year. 10000
10,000.
z +/- — In the given year, a History 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

comparison of the fund’s NAV (Rs) - - - - 10.33 19.71 23.94 33.94 50.13 81.34 41.89
Total Return (%) - - - - - 90.80 21.46 41.77 47.70 62.26 -48.50
returns with that of two stock +/-S&P CNX Nifty (%) - - - - - 18.90 10.78 5.43 7.87 7.49 3.29
market indices +/-BSE 200 (%) - - - - - -3.67 5.77 7.97 8.12 1.82 7.96
Rank (Fund/Category) - - - - - 54/70 50/79 65/101 27/145 71/162 34/192
z Rank — The fund’s perform- 52 Week High (Rs) - - - - 10.33 19.71 23.94 33.94 50.76 81.46 83.52
ance rank within its category 52 Week Low (Rs) - - - - 8.84 9.91 16.36 22.34 32.26 46.06 36.49
Net Assets (Rs.Cr) - - - - 51.40 15.15 9.11 140.54 124.74 374.84 343.03
for the year and the total Expense Ratio (%) - - - - 2.49 2.50 2.50 2.50 2.50 2.35 2.31
number of funds out of Top Holdings Quarterly Returns (%) Quarterly Returns (%)
which it has been ranked. Company Sector P/E 2008 Ret % Assets Q1 Q2 Q3 Q4 Year

z 52-Week NAV Range — The Bharti Airtel Communication 18.56 -28.10 6.49 2008 -24.24 -14.18 -2.23 -18.97 -48.50 The funds’ returns over each quar-
Reliance Industries Energy 11.50 -57.30 5.42 2007 -1.42 14.53 16.01 23.88 62.26
highest and the lowest NAV ONGC Energy 8.31 -46.00 4.50 2006 19.42 -7.25 19.39 11.70 47.70
ter of the last five years, along with
that the fund recorded dur- HDFC Bank Financial 20.67 -42.26 3.93 2005 -0.04 6.52 23.26 8.02 41.77 the entire year’s returns.
HDFC Financial 17.10 -48.21 3.51 2004 0.71 -13.50 15.08 21.15 21.46
ing that year Satyam Computer Services Technology 7.86 -62.12 3.16
ITC FMCG 21.00 -18.47 2.72 Trailing Returns (%)
z Net Assets — The total Axis Bank Financial 10.42 -47.82 2.70 Return Rank S&P SIP
amount of investor’s assets Infosys Technologies Technology 14.29 -36.79 2.64 Fund Category Fund/Cat CNX Nifty Return
United Spirits FMCG 23.26 -55.48 2.34 Year-to-Date -48.50 -55.29 34/192 -51.79 -40.18
that the fund was managing ICICI Bank Financial 9.49 -63.62 2.26 3-Month -18.97 -22.88 41/213 -24.53 -0.86
at the end of the year. Dr. Reddy's Lab
State Bank of India
Health Care
Financial
13.61
9.39
-36.12
-45.67
2.19
2.13
6-Month
1-Year
-20.78 -27.09
-48.50 -55.29
38/209
34/192
-26.76
-51.79
-33.43
-40.18
Trailing Returns (%)
z Expense Ratio — The per- Crompton Greaves Engineering 12.29 -65.84 2.12 2-Year -8.59 -16.06 22/158 -13.63 -24.19

centage of the average daily

Indian Oil Energy -- -46.33 1.95 3-Year 7.27 -1.39 12/134 1.42 -9.43 Performance data for various stan-
Cipla Health Care 22.87 -12.09 1.70 5-Year 16.27 12.91 19/67 9.50 9.90
assets that the fund charged Sterlite Industries Metals 11.81 -74.80 1.61 7-Year - - - - -
dard periods. All returns are in per-
as its management expens-
Reliance Communications
Jindal Steel & Power
Communication
Metals
22.87
7.07
-69.56
-70.31
1.51
1.46
10-Year - - - - - centage. Periods greater than a
Return less than 1-year are absolute and over 1 year are annualised
es during the year. Larsen & Toubro Diversified 17.65 -62.88 1.43
Top 10 Sector Weights (%) Risk Analysis year are annualised, shorter peri-
Zee Entertainment Services 16.01 -57.45 1.41
CESC Energy 6.21 -62.11 1.37 Fund Nifty Volatility Measurements ods are not.
Tata Consultancy Services Technology 12.79 -55.87 1.36 Financial 16.24 11.90 Standard Deviation 28.32 z Fund — The fund’s own
ING Vysya Bank Financial 8.89 -50.78 1.35 Energy 14.67 37.49 Sharpe Ratio 0.21
Nestle India FMCG 26.11 -3.14 1.23 Communication 8.00 11.34 Beta 0.88
returns.
Top Holdings Portfolio Characteristics FUND STYLE
Technology
FMCG
7.16
6.29
10.95
6.85
R-Squared 0.96 z Category — The average
Investment Style
Alpha 4.77
Total Stocks 39
Growth Blend Value Health Care 5.00 2.74 returns for all funds in the cate-
A detailed report on the latest Engineering 4.01 5.26
Large Medium Small

Composition (%)
Avg Mkt Cap (Rs.Cr) 28180 gory.
Capitalisation

investment portfolio that the fund Portfolio P/B Ratio 3.03

Metals 3.07 4.43
Equity 71.37
Services 2.93 0.28
z Rank — The funds rank, out of
is holding. For each company, Portfolio P/E Ratio 13.70 Diversified 1.43 2.97 Debt 18.46
3Y Earnings Growth (%) 9.80 Cash 10.17 the total number of funds in the
the sector, the P/E ratio, and the Returns as on 31st December 2008, Portfolio related data as on 30th November 2008
category
year’s returns are given. Also
z Index — The returns of the
stated is the percentage of the
fund’s benchmark index.
fund’s investments that are
z SIP Return (Annualised) —
invested in that company.
The return that an investor
would have made by investing
in the fund’s monthly systemat-
Portfolio Characterstics Fund Style Top 10 Sector Composition (%) ic investment plan over the
Aggregate measures regarding A nine-cell matrix of the overall style Weights (%) The proportion of
period.
the fund’s investments. The mar- of investment that the fund follows, The percentage of the fund’s holdings
ket capitalisation, P/B ratio and based on its latest portfolio. On the the equity invest- that are held in
P/E ratio are weighted averages vertical axis, the three steps denote ments of the fund each of the three
of the latest numbers of the com- the weighted average market capital- that fall under each basic types of
panies that the fund is invested isation of the fund’s investments. The sector of the econo- assets. Risk Analysis
in. Three Year Earnings Growth horizontal axis denotes, on a weight- my. The top 15 sec-
is the weighted average of the ed average basis, whether the com- tors for each fund A range of statistical measures that
compounded average growth in panies that the fund has invested in are given. can be used to evaluate the per-
the net profits of each company. are value stocks, growth stocks, or a formance, risk, and return of a
blend of the two. mutual fund.
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