Birla Sun Life
Pure Value Fund
(A 3-year Closed-end Equity Scheme with an Automatic Conversion into an Open-Ended Scheme upon Maturity)
Value investing
•
A timeless principal
•
Focused on the fundamentals
•
Low volatility & stable returns
•
The value investors believes that markets are inefficient and looks to turn
this to their advantage
•
A disciplined value focus allows you to invest wisely, avoiding the
excesses and profiting from collapses
Investing in Ignored Ideas & Opportunities
Value vs. Glamour
Value
Value Investing
Focuses on past performance of the
company & the current fundamentals
Value investors look for “bargains”, or
stocks that are trading at a discount to
their usual valuation
Growth*
Growth Investing
Investing in stocks with high future
growth potential
Growth investors believe in buying
stocks with above-average earnings
growth, no matter what the price
In the business world, the rearview mirror is always
clearer than the windshield - Warren Buffet
* Growth style of investing has been perceived as glamour investing
Few quotes…
We simply attempt to be fearful when others are greedy and to be greedy when others
are fearful.
Price is what you pay, value is what you get.
By Warren Buffet
I am more concerned about the return of my money than the return on my money.
By Will Rogers
Value Investing is solely concerned with getting the most profit at the lowest cost.
Anonymous
Why value gets created
&
How value gets rewarded
Creation of value
•
Markets can be short-sighted
• May ignore long term value creation
• Otherwise, How do you explain sharp movements in prices based on quarterly results
•
External issues negatively influencing may be considered permanent
• Fertilizer policy if unchanged for 5 years, makes us believe it will not change ever
• RBI does not cut rate, markets react as if it will never cut rate
•
Internal negatives may get overly highlighted
• A shutdown for 5 days will have a reaction which is meaningless considered the long
life cycle of an organization
•
Company could be in a matured stage, leading to nominal growth
•
Some stocks are just ignored without any reason whatsoever
You don’t need to wait for eternity
•
Value picks may get rewarded much sooner than you expect
•
You don’t have to wait for substantial surprises
• Stocks available at bargain prices, just need a positive “Nudge”
• Changes in the external environment
• Disappearance of internal issues
• Business plans of the companies to chart a higher growth path
• Diversification in business activities
•
There are innumerable instance in the past that should give confidence on
the investment style
When value got rewarded
Reliance Energy
3,000
• For most part 2006 & 2007 stock under performed the market
• Stock was a strong Value pick as cash on book was to the
extent of 50 to 60% of market cap
• Huge cash helped the company bid for infra & power projects
2,000
leading to significant re-rating
1,500
1,000
500
Source – Bloomberg; BSLMF Internal Research; Stocks referred above are illustrative and are not recommended by Birla Sun Life Mutual Fund /
Birla Sun Life Asset Management Company Ltd. The Fund may or may not have any present or future positions in these stocks.
J-08
D-07
D-07
D-07
N-07
N-07
O-07
O-07
S-07
S-07
A-07
A-07
J-07
J-07
0
J-07
Stock Price in Rs.
2,500
Neyveli Lignite
300
• As most of the power stocks Neyveli Lignite also under performed the
market for most part of 2006 - 2007
• Stock was a strong Value pick as was trading close to its book value
• Once the sector got re-rated in later part of 2007, Neyveli was among
200
the top performers
150
100
50
Source – Bloomberg; BSLMF Internal Research; Stocks referred above are illustrative and are not recommended by Birla Sun Life Mutual Fund /
Birla Sun Life Asset Management Company Ltd. The Fund may or may not have any present or future positions in these stocks.
J-08
D-07
N-07
O-07
S-07
A-07
J-07
J-07
M-07
A-07
M-07
F-07
J-07
D-06
N-06
O-06
S-06
0
A-06
Stock Price in Rs.
250
SAIL
350
• During steel’s down cycle of 2005 & 06, SAIL was a strong Value buy
on account of captive iron ore mines & coal facilities
300
performers
250
200
150
100
50
J-08
D-07
N-07
O-07
S-07
A-07
J-07
J-07
M-07
A-07
M-07
F-07
J-07
D-06
N-06
O-06
S-06
0
A-06
Stock Price in Rs.
• Once up cycle for the sector started, stock was among the top
Source – Bloomberg; BSLMF Internal Research; Stocks referred above are illustrative and are not recommended by Birla Sun Life Mutual Fund /
Birla Sun Life Asset Management Company Ltd. The Fund may or may not have any present or future positions in these stocks.
Chennai Petroleum
500
• Chennai Petro is fundamentally among the most attractive oil refining
companies
450
• During large part of 2006-07, with PE of 4-5 stock was trading at significant
discount to peers & market
350
• Due to rising crude oil prices Gross Refinery Margins saw a significant
300
upturn leading to significant re-rating of the stock
250
200
150
100
50
Source – Bloomberg; BSLMF Internal Research; Stocks referred above are illustrative and are not recommended by Birla Sun Life Mutual Fund /
Birla Sun Life Asset Management Company Ltd. The Fund may or may not have any present or future positions in these stocks.
J-08
D-07
N-07
O-07
S-07
A-07
J-07
J-07
M-07
A-07
M-07
F-07
J-07
D-06
N-06
O-06
S-06
0
A-06
Stock Price in Rs.
400
Investment process for identifying value
Would be a blend of…
 Stocks available at discount to intrinsic value
 Attractive Price to Book Value Ratio
 Lower PE Multiple but with a reasonable growth track record
 Lower market cap than the Replacement Cost
 Companies having high level of Cash & Liquid Investments compared to
market cap
 Companies that reward investors with high & regular dividends
Sectors & Companies
With Substantial VALUE
currently
Fertilizer Sector
Current Scenario
• ZERO domestic capacity addition since last one decade
• Demand supply imbalance leading to increasing imports
• Spiraling prices leading to higher subsidy burden
• High replacement cost
• 1 Million ton of Greenfield fertilizer capacity costs more than USD 1 billion
• Stable cash flow aiding diversification into other sectors leading to
earnings stability
• Chemicals for vertical & horizontal integration
• Other growing sectors like shipping, real estate etc.
Source – Bloomberg; BSLMF Internal Research
Valuations of Fertilizer Companies
Significant Discount to Replacement Cost
Company
Market Cap
Tata Chemical
Coromandel
RCF
GNFC
Chambal
6,988
1,492
5,850
2,936
1,953
Replacement
Cost
10,190
6,000
10,000
5,650
7,680
Discount
-31%
-75%
-42%
-48%
-75%
Source – Bloomberg; BSLMF Internal Research; The stocks indicated above are illustrative & may or may not
form part of portfolio.
Stocks Available at Attractive Price Multiples
Company
GNFC
GSFC
PE
9.20
7.30
P/B
1.86
1.39
Source – Bloomberg; BSLMF Internal Research; The stocks indicated above are illustrative & may or may not
form part of portfolio.
Why sector may unlock value …
• Positive Changes in the Fertilizer Policy have improved profitability of the
companies in the sector over last 9 months.
• Improved Gas Availability scenario may reduce the dependence on high
cost imported feedstock.
• Policy for Fertilizers under cabinet consideration to decide :
• Policy for Greenfield/Brownfield Expansion
• Pricing Policy refinements
• Further Issuance of Fertilizer Bonds
Source – Bloomberg; BSLMF Internal Research
Oil & Gas (Oil Marketing Companies)
Current Scenario
• Oil marketing companies are loosing money due price regulations by
government.
• Refineries are enjoying healthy Gross Refining Margins (GRM) on the
back of rising crude oil prices
• Global refining capacity is growing inline with global demand and is
expected to do so for next five years
• Capacity addition in Asia Pacific to account for 37% of the global capacity
addition
• India’s capacity addition would be the highest and would account for nearly 29% of
the capacity in Asia Pacific region
Source – Bloomberg; BSLMF Internal Research
Valuations of oil marketing companies
Significant Discount to Replacement Cost
Company
BPCL
HPCL
IOC
EV / CDU*
6,444
7,733
14,654
Replacement
Cost
15,000
15,000
15,000
Discount
-57%
-48%
-2%
* CDU represents Crude Distillate Unit I.e. refining capacities
Source – Bloomberg; BSLMF Internal Research; The stocks indicated above are illustrative & may or may not form part of
portfolio.
Indian refineries are trading at a discount to their replacement
cost on account of their losses in marketing activities.
Why sector may unlock value …
• Capacity addition in Asia Pacific to account for 37% of the global capacity
addition
• India’s capacity addition would be the highest and would account for nearly 29% of the
capacity in Asia Pacific region
• With mounting marketing losses, we expect the government to take corrective
actions in order to reduce these losses
• Indian oil marketing companies have a good mix of refining & marketing
assets and they are aggressively expanding refining capacities
• On back of rising crude oil prices & rising GRMs this would act as the main trigger for
value unlocking
Source – Bloomberg; BSLMF Internal Research
Paper Sector
Current Scenario
• Low per capita consumption of paper = Tremendous growth opportunity
• Rising literacy levels will further push the demand up
• India imports around 0.70 million tons of paper per year
• Provides tremendous growth opportunity for domestic companies
• High replacement cost
• 1 Million ton of Greenfield integrated paper capacity costs more than USD 900
million
• Stable earnings growth & margin due to:
• Capacity improvements
• Process improvement leading to cost efficiencies
Source – Bloomberg; BSLMF Internal Research
Valuations of Paper Companies
Significant Discount to Global Peers Despite
Higher Margins & Returns Ratios
Indian Companies
BILT
TNPL
Global Companies
OJI
Stora
International Paper
UPM-KYMM
PAT Margins
ROCE
PE
11.60%
9.00%
12.00%
15.00%
9.30%
9.17%
2.00%
3.00%
2.00%
4.00%
4.00%
4.00%
3.00%
4.00%
35.20%
19.60%
15.75%
25.14%
Source – Bloomberg; BSLMF Internal Research; The stocks indicated above are illustrative & may or may not
form part of portfolio.
Significant Discount to Replacement Cost
Company
BILT
TNPL
Market Cap
2,613
753
Replacement
Cost
6,360
1,900
Discount
-59%
-60%
Source – Bloomberg; BSLMF Internal Research; The stocks indicated above are illustrative & may or may not
form part of portfolio.
Why sector may unlock value …
• Paper sector growth in a new trajectory given the projected GDP growth of
above 10% for Indian Economy.
• Paper being proxy to GDP growth rates.
• Huge Capex finally paying off as evident in financial results.
• Industry looking for international acquisition and exposure.
• Valuation Discount against global peers quite significant now.
• New deals like BILT PE deal may change the valuations for the sector.
Source – Bloomberg; BSLMF Internal Research
Shipping Sector
Current Scenario
• Huge potential for trade growth
• Asia accounts for 59% dry bulk imports with India being among the major consumer
• Demand for oil, gas & coal for energy requirements will drive the shipping logistics
in the Indian market
• Industry is on a capacity addition spree
• Freight rates have corrected sharply & may start moving upwards in near
future
• Asset prices of the ships have improved or remained firm despite the
weak freight rates displaying buoyant long term outlook
Source – Bloomberg; BSLMF Internal Research
Valuations of Shipping Companies
Significant Discount to NAV per Share
Company
GESCO
SCI
Mercator Lines
NAV
540
378
208
Price
414
250
120
Discount
-23%
-34%
-42%
Source – Bloomberg; BSLMF Internal Research; The stocks indicated above are illustrative & may or may not
form part of portfolio.
Why sector may unlock value now…
• Indian Shipping Sector in process of being re-rated along the line of global peers.
• India and China have increased their dominance on the international trade as
against developed countries.
• Recent downturn in shipping cycle beckons another upswing in the shipping cycle
leading to increase in stock prices.
Source – Bloomberg; BSLMF Internal Research
Cement Sector
Current Scenario
• Significant slow down in growth of cement consumption
• Currently the growth rate is below the 3 Month Moving Average
• High base has caught up with cement demand growth
• Profitability hit due to rising fuel costs despite high cement prices
• International coal prices have increased from USD 40 per ton in Jan 06 to over
USD 100 per ton in Jan 08, an increase of over 150%
• During the same period cement prices have moved from Rs. 165 per bag to Rs.
225 per bag, an increase of 36%
Source – Bloomberg; BSLMF Internal Research
Valuations of Cement Companies
SN
Company
1
2
3
4
5
6
7
8
9
10
11
12
ACC
Birla Corporation Ltd
Grasim Indus
Gujarat Ambuja
India Cements
Madras Cements
Mangalam Cement
Prism Cements
Shree Cement
Ultratech Cements Ltd.
Kesoram Industies Ltd
J K Lakshmi Cement
CMP
798
218
2,961
115
205
4,000
128
51
1,307
898
465
135
FY07
12.1
5.1
13.8
11.4
10.5
15.7
4.3
24.6
11.1
14.3
8.0
4.2
P/E
FY08E
10.1
3.5
10.0
12.1
7.5
10.0
3.3
7.9
9.6
9.6
7.4
3.0
FY09E
9.9
4.0
8.4
11.3
7.7
7.8
3.2
6.1
8.1
9.2
6.9
3.6
FY07
182
70
185
257
173
232
51
136
233
165
118
92
EV/T
FY08E
162
53
158
224
179
217
49
150
221
157
130
71
Source – Bloomberg; BSLMF Internal Research; The stocks indicated above are illustrative & may or may not form part of portfolio.
Anticipated supply has resulted in stocks being quoted below
current Replacement Cost
FY09E
144
39
96
166
145
143
33
142
149
142
109
55
Why sector may unlock value …
•
USD 500 billion worth of infrastructure spending envisaged in XIth five year
plan could spur cement demand growth beyond supply increase.
•
Captive power plants / tie up of coal sources can protect margins
•
Low valuations could trigger consolidation and M&A drive within the
industry particularly when large MNCs looking to enter the 2nd largest
(India) cement market in the world.
•
Sustained profitability could result in significant free cash flow generation.
Source – Bloomberg; BSLMF Internal Research
Sugar Sector
Current Scenario
• Sugar exports were banned by the Government for nearly six months from
July’07, due to which supply in the domestic markets increased
• As a result, sugar prices fell from the high of nearly Rs.18/kg to Rs.14/kg and below
during the same period.
• Companies especially in U.P. suffered more on account of higher sugarcane prices.
• Major sugar companies are trading almost at par with their replacement cost,
Source – Bloomberg; BSLMF Internal Research
thus providing attractive valuation opportunities
Company
Bajaj Hidustan
Balrampur Chini
Triveni Engineering
Enterprise
Value (EV)
6,116
3,262
3,885
Replacement
Cost
5,233
2,922
3,413
EV / RC
1.17
1.12
1.14
Source – Bloomberg; BSLMF Internal Research; The stocks indicated above are illustrative & may
or may not form part of portfolio.
Why sector may unlock value …
•
Sugar cycle expected to turn profitable, as the cane supplies for the sugar
season of Oct-08 to Mar-09 is expected to decline.
•
With the exports ban being removed we expect higher exports in Financial Year
08-09, thus an improvement in domestic sugar prices.
•
Any reduction in sugar cane prices for Uttar Pradesh based companies would
drive their profitability.
•
Diversification into ethanol and power would help in improving the overall
performance of the companies.
Source – Bloomberg; BSLMF Internal Research
MNC Pharma Companies
•
More than 20% of market cap is represented by cash / liquid investments
•
Consistent dividend payouts
•
Attractive valuations of around 10x FY08 Vs Market PE of around 20x
FY08E earnings
Company
Glaxo
Aventis
Pfizer
Novartis
Wyeth
EPS Mar08 /
Dec07
49.10
66.71
114.12
29.34
43.49
P/E Mar08 /
Dec07
17.31
13.64
5.70
11.11
10.14
P/E Mar09 /
Dec08
15.26
11.95
13.83
10.40
9.26
Dividend
Yield (%)
3.76
3.52
2.31
3.07
6.80
Cash / Mkt
Cap (%)
23.37
22.99
35.19
13.71
23.58
Source – Bloomberg; BSLMF Internal Research; The stocks indicated above are illustrative & may or may not
form part of portfolio.
•
Introduction of patented products to be key stock driver
Source – Bloomberg; BSLMF Internal Research
Even simple stats tell the same story
•
A simulation was carried out on BSE 200 index.
•
Fundamental criteria’s considered:
•Price to Book Value (P/BV) and
•Price to Earnings (P/E).
•
We evaluated stocks based on various parameters:
•One with low P/E stocks,
•Second with Low P/BV Stocks &
•Stocks with low P/E & low P/BV.
•
Investment portfolio consists of top 30 stocks.
•
Costs have not been taken into consideration.
Source – Cline; BSLMF Internal Research.
Rear View Glimpse
Portfolio
Low P/E
Low P/BV
Low P/E & Low P/BV
BSE 200 Index
Fundamental Traits Performance (%)
P/E
P/BV
2007
6.15
132
1.17
101
7.74
1.31
110
56
Source – Cline; BSLMF Internal Research.
Value portfolio outperforms the Benchmark Index.
Model Portfolio
•
We have created a model portfolio of 30 stocks.
•
•
Not more than 7% to be allocated to each stock.
Fundamental Traits:
•
An Return on capital employed (ROCE) of 16.
•
Return on Equity (ROE) of 24.
•
Price to Equity (P/E) of 10.
•
Price to Book Value (P/BV) of 1.50.
•
EV/EBIDTA of 9.70
Value for an investor….
Source – Bloomberg; BSLMF Internal Research.
A dose of “Value” can ensure health
•
If your pre-dominantly high growth portfolio has an average PE of 18 - 20
• Even a 20% allocation to value portfolio (assuming avg. PE of 10) can reduce
the overall PE substantially
•
Will help you compliment your existing portfolio
• Portfolio with strong fundamentals
•
Can act as a shock absorber in your high growth portfolio
• Portfolio with low volatility
Value has to get unlocked in good quality companies
The only question is when? Leave that to us
Proof of our investment expertise
Performance (%)
Fund Facts
Scheme Name
Birla SunLife Equity Fund
(Inception Date - 27th Aug 1998)
(As on 31st Jan 2008)
1 Year
NAV
( 31st Jan 2008)
Fund
3 Year
5 Year
Since Inception
Benchmark
Fund
Benchmark
Fund
Benchmark
Fund
Benchmark
Rs. 253.93 35.89
31.86
47.25
36.93
59.10
42.23
40.89
23.24
Rs. 68.12 31.53
31.86
42.42
36.93
46.51
42.23
42.43
38.73
Rs. 95.34 42.72
38.42
45.75
36.63
55.48
49.39
52.64
48.13
Rs. 136.15 43.92
31.86
43.56
36.93
49.67
42.23
40.87
17.05
Benchmark – BSE 200
Birla SunLife Frontline Equity Fund
(Inception Date - 30th Aug 2002)
Benchmark – BSE 200
Birla Mid Cap Fund
(Inception Date - 3rd Oct 2002)
Benchmark – CNX Midcap
Birla Sunlife Tax Relief 96
(Inception Date - 29th Mar 1996)
Benchmark – BSE 200
Performance has been calculated on NAV of growth plans. The returns for less than a year are in absolute terms & for more than a
year its CAGR. Past performance is no guarantee of future performance. Sales load not considered for computation of returns.
Scheme features
Type of Scheme
A 3-year Closed-end Equity Scheme with an Automatic Conversion into an Open-Ended Scheme
upon Maturity
Investment Objective
Birla Sun Life Pure Value Fund seeks to generate consistent long-term capital appreciation by
investing predominantly in equity and equity related securities by following value investing strategy.
Asset Allocation*:
Equity & Equity Related Instruments 85% to 100%
Fixed Income Secuties (including
money market instruments)
New Fund Offer Price
Date of opening of NFO
Date of closing of NFO
Plans / Options Available
Subscriptions
0% to 15%
Rs. 10 per unit
17th January 2008
1st March 2008
Dividend & Growth; Dividend plan will offer Payout & Reinvestment facility
Rs.5,000/- and in multiple of Re. 1 thereafter per application under each plan (during the NFO period)
Load Structure (including SIP):
Entry Load
As per SEBI circular dated April 4, 2006 ref SEBI/IMD/Cir No. 1/64057/06, close end schemes are
not permitted to charge entry load. Hence the scheme being close ended, no entry load is charged
during the new fund offer period.
Exit Load
Nil** (for all redemptions/switch outs made during the specified redemption period until the scheme
remains closed-end).**Investors offering units for repurchase/ switch out during the specified
redemption periods before maturity of the scheme/conversion of scheme into open ended scheme will
be charged balance proportionate unamortized issue expenses on the applicable NAV.
Benchmark Index
Fund Manager
BSE 200
Ajay Argal
* Refer to the offer document for further details
Statutory Details & Disclaimers
Statutory Details: Constitution: Birla Sun Life Mutual Fund has been set up as a Trust under the Indian Trust Act, 1882. Sponsors: Aditya Birla Nuvo Limited & Sun
Life (India) AMC Investments Inc [liability restricted to seed corpus of Rs. 1 Lac]. Trustee: Birla Sun Life Trustee Company Pvt. Ltd. Investment Manager: Birla Sun
Life Asset Management Company Ltd.
Objective: To generate consistent long-term capital appreciation by investing predominantly in equity and equity related securities by following value investing
strategy. Asset Allocation Pattern: Equity and Equity linked Instruments: 85%-100% and Fixed Income Securities (Including money market instruments): 0%-15%.
Terms of issue: Rs. 10 per unit during the NFO period. Liquidity: The scheme will offer for redemption/switch-out of units at Monthly Intervals only during the
specified redemption period i.e. first five business days of each month after the date of allotment at NAV based prices. The NAVs of the scheme will be announced
on a weekly basis and on all business days during the specified redemption period. Entry Load: N.A.. Exit Load: Nil (all redemptions/switch-outs made during the
specified redemption period until the scheme remains closed-end will be charged balance proportionate unamortized issue expenses on the applicable NAV.) Risk
Factors: Mutual Funds & securities investments are subject to market risks & there can be no assurance or guarantee that the objectives of the Scheme will be
achieved. As with any investment in securities, the NAV of the Units issued under the Scheme may go up or down depending on the various factors & forces
affecting capital markets & money markets. Past performance of the Sponsor / Investment Manager / Mutual Fund does not indicate the future performance of the
Scheme & may not necessarily provide a basis of comparison with other investments. Birla Sun Life Pure Value Fund is only the name of the Scheme & does not, in
any manner, indicate either the quality of the Scheme or its future prospects or returns. Scheme Specific Risk Factors: The Scheme should have a minimum of 20
investors & no single investor should account for more than 25% of its corpus at the time of allotment as per SEBI guidelines. The Scheme is subject to market risks,
investment style risk, risks due to changes in political and economic environment. For further Scheme Specific Risk Factors & other details please read the
Offer Document carefully before investing.
This document is meant for private circulation only and should not at any point of time be construed to be an invitation to the public for subscribing to the units of Birla
Sun Life Mutual Fund. Birla Sun Life Mutual Fund does not solicit any action based on the information contained in the document and does not recommend any
action based on the same. The information/graphs/charts contained in this document are based on certain assumptions and have been compiled from sources, which
Birla Sun Life Asset Management Company Limited (BSLAMC) believes to be reliable, but cannot guarantee its accuracy or completeness. Opinions expressed and
facts referred to in this document are subject to change without notice and BSLAMC is under no obligation to update the same. Please read the offer document
carefully for scheme specific risk factors and other details before investing.
Other schemes details
Birla Sun Life Frontline Equity Fund
Birla Sun Life Equity Fund
Investment Objective: An open-end growth scheme with the
objective of long term growth of capital, through a portfolio with
a target allocation of 100% equity by aiming at being as
diversified across various industries and or sectors as its
chosen benchmark index, BSE 200.
Investment Objective: An open-end growth scheme with the
objective of long term growth of capital, through a portfolio with a
target allocation of 90% equity and 10% debt and money market
securities.
Load Structure (Incl. for SIP):
Entry Load* :
< Rs. 5 crores - 2.25%
>= Rs. 5 crores - Nil
Exit Load
:
< Rs. 5 crores - 0.50% if redeemed /
switched
out within 6 months
>= Rs. 5 crores – Nil
* Nil for direct investments
Load Structure (Incl. for SIP):
Entry Load* :
< Rs. 5 crores - 2.25%
>= Rs. 5 crores - Nil
Exit Load
:
< Rs. 5 crores - 0.50% if redeemed /
switched out within 6 months
>= Rs. 5 crores – Nil
* Nil for direct investments
Birla MidCap Fund
Birla Sun Life Tax Relief '96
Investment Objective: An Open-ended growth scheme with the
objective to achieve long-term growth of capital at controlled
level of risk by primarily investing in midcap stocks.
An Open-ended Equity Linked Savings Scheme (ELSS) with a lock-in
of 3 years
Investment Objective: An open-end equity linked savings scheme
(ELSS) with the objective of long term growth of capital through a
portfolio with a target allocation of 80% equity, 20% debt and money
market securities
Load Structure (Incl. for SIP):
Entry Load* :
< Rs. 5 crores - 2.25%
>= Rs. 5 crores - Nil
Exit Load
:
< Rs. 5 crores - 0.50% if redeemed /
switched
out within 6 months
>= Rs. 5 crores – Nil
Load Structure (Incl. for SIP):
Entry Load* : < Rs. 5 crores - 2.25%
>= Rs. 5 crores - Nil
Exit Load
: NIL
* Nil for direct investments
* Nil for direct investments
Thank You