Eleventh Annual Report of the Trustees of UTI Mutual Fund for the year ended 31st March, 2014
The Trustees of the UTI Mutual Fund are pleased to present the Eleventh Annual Report and audited financial
statements of the schemes of UTI Mutual Fund for the year ended 31st March, 2014.
UTI Mutual Fund (UTI-MF) is one of the largest mutual funds in the country. It is a professionally managed Mutual
Fund with high quality manpower across Fund Management, Operations and Sales & Marketing.
The Average Assets Under Management (AAUM) of UTI-MF for the quarter ended 31st March, 2014 were Rs. 74,234
crores as against Rs. 69,450 crores for the quarter ended 31st March, 2013 showing an increase of 6.89%.
I. (a) Schemes and Performance
As of March 31, 2014 there were115 Schemes/Plans offered by the UTI-MF, out of which 26 were equity funds;
81 were income funds; 2 were liquid funds; and 6 were balanced/hybrid funds. During the period, 47 Income
Schemes were launched which mobilised funds of Rs.8,415.30 crore. On the other hand, 22 debt schemes
matured or were terminated. The total dividend paid out by all the schemes during the financial year 2013-14 was
Rs. 1662.40 crore.
Past performance is not indicative of future results.
The objective of the fund management in UTI Mutual Fund is to deliver stable and consistent returns in the
medium to long term, with a fairly lower level of volatility compared to the broader market. Rigorous in-house
research, a process-based approach to investment management, and a focus on asset allocation and sector
selection along with stock selection, are undertaken in the endeavour to consistently remain in the top quartile of
the peer group of funds.
Performance of the Scheme for the year ended March 31, 2014 under UTI - MID CAP FUND - AN OPENENDED EQUITY ORIENTED SCHEME
Period
Fund performance Vs Benchmark
NAV
CNX Mid CNX Nifty
(%)
Cap Index
(%)
(%)
16.36
17.98
43.28
-4.02
7.31
2.89
-4.09
-9.23
-1.2
14.35
13.77
17.28
Growth of ` 10000
NAV
CNX Mid CNX Nifty
(`)
Cap Index
(`)
(`)
14328
11636
11798
10289
9598
10731
9880
9591
9077
49124
38156
36267
31.03.2011 - 31.03.2012
31.03.2012 - 31.03.2013
31.03.2013 - 31.03.2014
Since inception (7-Apr-04)
as on 31st Mar., 2014
The above value is calculated on the return from Growth Option of the Scheme.
Assuming that all payouts during the period have been reinvested in the units of the scheme at the
immediate ex-div NAV.
Returns are computed on the basis of “Compounded Annual Growth Rate”
N.A. - Not Available
*Compounded annualized Growth Rate.
Schemes in which dividend was declared during year ended March 31, 2014
Dividend Declared under UTI - MID CAP FUND - AN OPEN-ENDED EQUITY ORIENTED SCHEME during
the year ended March 31, 2014.
Category
Option
Record Date
Rate of Dividend
Disclaimer: Pursuant to payment of Dividend/issue of Bonus units, the NAV of the respective Options of
the Schemes would fall to the extent of payout and statutory levy (if applicable)
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Ib Future Outlook
(a) Equity Market
Nifty Index registered a 7% return for Financial Year 13, On surface this appears to have been a benign year for
equities with a modest double-digit return. The year, in actual, was as volatile, as equity markets have been over
the last five years. During the year, there were two intermediate moves of 10%, and another two moves in the
region of 7-9%.
Outlook for Financial Year 2014-15
The Nifty Index closed Financial Year 2013-14, with a sustained up move, at an all time high of 6,704. The move
capped a positive run for two successive fiscal years.
The market movement during Financial Year 2013-14 had three phases – April 2013 to May 2013: hope for RBI
rate cut; May 2013 to September 2013: uncertainties on account of winding up of Federal Reserve Bank’s (USA)
Quantitative Easing program leading to a sharp depreciation in the Indian Rupee; September 2013 to March
2014 - Stabilization on the currency front and a pre-election rally. As can be visualized, in each phase select
sectors outperformed and few consistently outperformed the market in each of the phases.
The key highlights of Financial Year 2013-14 were:
l
For the third year in succession, US market outperformed emerging markets (and India), with the S&P 500
registering a growth of 19.86%. Unlike Financial Year 2012-13, Europe (Euro Stoxx 50) and Japan (Topix) topped
S&P 500 returns for the year. Brazil, China, Turkey and South Africa amongst emerging markets continued to
struggle, underperforming India.
l
This was reflected in Foreign Institutional Investors (FII) flows as well, overall flows into emerging markets (EMs)
were negative, net equity inflows totaled $14 Billion, as against $24 Billion in the previous fiscal.
l
FII proportion of free float of S & P BSE Sensex touched 49.2%, an all time high, as compared to Domestic
Institutional Investors’s (DII) proportion of free float at 23.4%.
l
Market Cap to Gross Domestic Product (GDP) was 66%, lower than its historic average of 69% and way below
the peak of 108% in Financial year 2007-08.
l
As per EPFR Global Inc (Emerging Portfolios Flow Research), which tracks flows into funds globally, EMs during
Calendar Year 2013 have registered an outflow of $12 billion versus an inflow of $24 billion in Calendar year 2012.
For Q1 Calendar year 2014, outflows have already touched $11 billion.
l
Mutual funds remained net sellers of equity with an outflow of Rs.27.05 billion for the financial year 2013-14.
l
India’s GDP growth during the year is estimated to touch 4.7% by the end of March 2014 as against 4.6% for
Financial Year 2012-13. Agricultural sector is expected to register a growth of 4.6%, is the key driver for the
marginal improvement in economic growth over Financial Year 2012-13.
l
Amongst the sectors, Autos (33.9%); Capital Goods (31.0%); Healthcare ( 24.7%); IT services (27.2%)
outperformed the Nifty, while Banks (11.1%); Oil & Gas (13.4%) and Realty (-21.7%) underperformed, Fast
Moving Consumer Goods (FMCG) performed in line.
l
Mid caps came back strongly in the second half of the year, though still underperforming the NIFTY for the year
(15.0%).
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2nd Proof
Elections and Market
Unlike the US, India has a limited history to compare of elections and market movement. The table below depicts the
Nifty Index movement for the previous five elections.
Election
Resulte date
Market Levels
Market Return
09-May-96
180 days
Prior to
Election
949
Election
Result
day
1,091
30 days
Post
Election
1,141
180 days
Prior to
Election
15%
02-Mar-98
1,135
1,098
1,150
-3%
07-Oct-99
993
1,470
1,370
48%
13-May-04
1,563
1,718
1,481
10%
16-May-09
2,800
3,672
4,484
31%
16-May-14
5,907
6694+
13%
13%
Comments
30 days
Post
Election
5%
Inspite of positive election outcome,
market gave marginal return post
election, at it was trading at 52 week high
5%
Market moved in opposite directions
during pre/post election
-7%
Market at 52 week high, corrected post
elections after disppointing election
outcome.
-14% Market corrected sharply, as unfavorable
election outcome led to coalition
government.
22% Pre-election rally driven by recovery from
global financial crisis and not domestic
factor
+
Markets at 52 week high & rallied
pre election on hopes of changes in
Government
+ Closing price as of 4th April 2014
# Election result to be concluded
Market Outlook
Among the key Global factors which could impact emerging markets like India, would be: the impact of US Fed
unwinding its Quantitative Easing (QE) programme, the impact of “Abenomics” in Japan, China’s economic growth
rate, and the revival of growth in Europe, albeit at a tepid pace. Emerging economies like Brazil, Turkey, South Africa
and Indonesia, like India, will have general elections and election results could also impact these markets during
Financial year 2014-15.
With DIIs outflows over the last four fiscal years, FIIs have been the key bulwark , purchasing $96 billion of Indian
equities. The significance of this number is reflected when compared to the total FII flows of $150 billion since opening
up the Indian markets in the mid 1990s.
We believe, a strong pro-active Government at the Centre, post elections, could be a key positive for equities as an
asset class over the medium term. This could reverse the trend of DII outflows, registered over the last four years.
A fear of an El Nino impacting monsoon, sticky inflation impacting the pace at which RBI could cut interest rates (to
revive the investment cycle) and sluggish economic revival could act as a dampener to the positive undertone in the
market currently. Gross Domestic Product (GDP) growth for Financial year 2014-15 are estimated at 5.4%, signaling
a revival of the Indian economy, are based on the forecast of a normal monsoon, which could be under threat in case
of a below-normal monsoon, impacted by El Nino.
The Nifty Index has registered an earnings growth of 13-14% for the period 1995-2013. For the last two fiscal years,
the earnings growth rate has been lower than this long term trend. For Financial year 2014-15, as per Bloomberg
consensus, Nifty Index earnings are expected to grow by 15.1%, translating to a yearend Earnings Per Share (EPS)
of Rs.470, with a P/E of 15-15, this translates into a fiscal year-end target of 7,200-7300. A key risk to this, modest,
year-end target could be a stronger than expected election mandate, an above average monsoon and a sharper than
expected upswing in the economic growth following a change of Government.
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(b) Debt Market Outlook:
Global economy:
Global economic activity, which strengthened during 2013, is expected to continue on its path towards a gradual
recovery led by advanced economies, especially the US. However, the expectation of recovery is tempered by
downside risks emanating from ongoing tapering of Quantitative Easing (QE) by the US Federal Reserve (Fed),
deflation concerns and fragile economic recovery in the Euro area and moderation of growth along with concerns over
rapid credit expansion in China.
While the emerging markets have weathered the initial phase of QE tapering quite well, capital flows to emerging
economies could remain volatile during 2014 if there are any unexpected variations in the pace of withdrawal of
monetary stimulus. Countries with higher inflation and wider current account deficits are more vulnerable.
Indian Economy:
India’s GDP growth, which bottomed at 4.4% in Q1 Financial Year 2014, has shown signs of modest improvement
during Q2 & Q3 Financial Year 20 14 to 4.8% and 4.7% respectively. The recovery, which has largely been supported
by agriculture growth, remains feeble given that there are no signs of pick-up in manufacturing activity. The Index
of Industrial Production (IIP) has remained stagnant during the past 24 months due to subdued investment and
consumption demand.
The gross fiscal deficit and primary deficit were both lower than Budget Estimate by 0.2 percentage points each at
4.6% of GDP and 1.3% of GDP respectively. The fiscal correction was largely achieved by a sharp cutback in plan
expenditure as gross tax collections recorded a shortfall of 6.2 percent (compared to BE) due to the general slowdown.
While fiscal deficit targets were met in FY14, the quality of fiscal correction needs significant improvement especially
towards curtailment of subsidies and lowering dependence on adhoc inflows such as dividends from banks & public
sector undertakings to achieve the fiscal target.
Current Account Deficit (CAD) for fiscal year 2013-14 is expected to drop significantly over the previous fiscal year
largely on account of a decline in imports by 8% during FY14. Imports contracted for nine consecutive months primarily
led by a sharp decline in non-oil imports (declined by 13% during Financial Year 2014) led by gold imports on account
of Government and RBI restrictions on import of gold. A gradual recovery in key partner economies and depreciation
of the INR led to a modest recovery in exports which grew by 4% during FY14. Going forward, with a likely recovery in
global growth, exports are likely to maintain their growth momentum during 2014-15.
The RBI’s swap windows for mobilization of fresh Foreign Currency Non Resident (B) deposits and bank tier-1 capital
led to a surge in capital flows and consequent increase in forex reserves during September-November 2013. The
reserves increased by USD 23 billion between August 2013 and March 2014. The rupee, which came under immense
pressure during May 2013-August 2013 period on account of QE tapering indications by the Fed, has since November
2013 moved in a narrow band of Rs 60-Rs. 63 per USD.
Inflation, as measured by the Consumer Price Index (CPI) declined during the period from December 2013 (9.87%)
to February 2014 (8.03%) largely driven by moderation in food prices. However, in the absence of any significant
supply side policy intervention, risks to inflation are largely on the upside emanating from an adverse outcome on the
monsoon, higher commodity prices on account of geopolitical risks and sharper than anticipated tapering that could
lead to exchange rate pressures.
With the narrowing of the twin deficits, rebuilding of forex reserves and inflation-targeting stance of the RBI, near
term risks to macro-economic stability have diminished. However, much more efforts are needed towards removing
structural bottlenecks in the food supply chain, re-building business confidence to support investments and creating
sustainable fiscal space. The outcome of the General Elections and subsequent policy actions would be critical in
this regard.
Fixed Income Outlook:
Despite fall in aggregate demand, headline CPI continued to remain high and sticky which compelled RBI to neutralize
the policy rates by hiking the rates by 75 basis points since May-13. For Financial Year 2015, a range of factors would
determine the trend in policy rates viz. fiscal policy and discipline of the new government, monsoon and its impact on
food inflation and global perspective towards EM rates/currency/ratings. Deviation of headline CPI (especially core
CPI) from the RBI trajectory i.e. 8% by Financial Year 2014 and 6% by Financial Year 2015 amid fears of inflation
targeting would be closely monitored by the market.
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2nd Proof
(c) Operations of the schemes
Investor Reach and Distribution
As on 31st March, 2014, UTIMF had 9.56 million investor folios. UTI Mutual Fund has always been proactive in its
communication with its investors on announcements, services etc. through various mediums. The online transaction
facility over the internet and the mobile media has been revamped and enhanced. Investors can now generate their
own Personal Identification Number (PIN), after going through security validation. Further, investors can register for
Systematic Investment Plans (SIP) electronically (i-SIP). Similarly, Investors now have the convenience of doing
purchase transactions over mobile phone anytime, anywhere.
II. Brief background of Sponsors, Trust, Trustee Company and Asset Management Company
a. UTI Mutual Fund
UTI Mutual Fund (UTI MF) was set up as a Trust by the “Settlers”, State Bank of India, Life Insurance Corporation of
India, Punjab National Bank and Bank of Baroda on 9th December, 2002 with UTI Trustee Company Private Limited
(the Trustee Company) as Trustee in accordance with the provisions of the Indian Trust Act, 1882 and is duly registered
under the Indian Registration Act, 1908. The Trustees have entered into an Investment Management Agreement
on 9th December, 2002 with UTI Asset Management Company Ltd. (UTI AMC) to function as the Investment Manager
for all the Schemes of UTI Mutual Fund. UTI Mutual Fund was registered with SEBI on 14th January, 2003.
b. UTI Trustee Company Private Limited
The Trustee is the exclusive owner of the Trust Fund and holds the same in trust for the benefit of the unit holders.
The Trustees have been discharging their duties and carrying out the responsibilities as provided in the SEBI (MF)
Regulations, 1996 and the Trust Deed. The Trustees seek to ensure that the Fund and the Schemes floated there
under are managed by the UTI AMC in accordance with the Trust Deed, the Regulations, directions and guidelines
issued by the SEBI, the Stock Exchanges, the Association of Mutual Funds in India and other regulatory agencies.
The liabilities and responsibilities of the Trustees are as contained in the Trust deed dated 9th December 2002 and
Regulation 18 of SEBI (MF) Regulations, 1996.
The Trustees as on 31st March 2014 are Shri Ashok Kini, Shri S Ravi Prof. P G Apte, Prof. P V Ramana, Shri Ashok
Kini is the Chairman of Trustee Company.
c. Board of Directors
The Board of Directors of UTI Trustee Company Pvt. Ltd. comprises of 4 Directors as on 31st March, 2014. All the
Directors are Non-Executive Directors. Two are independent Directors and two are Associate Directors.
The names of the Board members, their attendance at Board Meetings held during the year and the number of
Directorships and Committee Chairmanships / Memberships held by them in other companies is given below (other
directorships do not include alternate directorships, directorships of private limited companies, Section 25 companies
and of companies incorporated outside India):
Name of the Director No of Board Meetings No of Directorships in No of committee positions
held in 2013-14
other public companies
held in other public
companies
Held (during Attended
Chairman
Member
Chairman
Member
their tenure)
Mr. Ashok Kini
6
6
Nil
5
Nil
Nil
Mr. S. Ravi
6
5
Nil
8
Nil
Nil
Prof. P. G. Apte
6
5
Nil
1
Nil
Nil
Prof. P. V. Ramana
6
6
1
1
Nil
Nil
Mr. Janki Ballabh*
3
3
N.A.
N.A.
N.A.
N.A.
Mr. S. P. Oswal **
4
2
N.A.
N.A.
N.A.
N.A.
* Resigned with effect from 1st August, 2013
** Resigned with effect from 28th October, 2013.
Six Board Meetings were held during the year and the gap between two meetings did not exceed three months. The
dates on which the Board Meetings were held are as follows:
April 26, 2013; June 5, 2013; August 1, 2013; October 28, 2013; December 18, 2013, and February 17, 2014.
No Director has any material pecuniary relationship or transactions with UTI Trustee Company Pvt. Ltd.
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d. Audit Committee
The Audit Committee of the Board comprises of two members. The composition is as under:
Name of the Directors
Designation
Chairman of the Audit Committee
Mr. S. Ravi
Prof. P. G. Apte
Member
During the year, 4 meetings of the Audit Committee were held on 26th April, 2013, 16th August, 2013, 28th October,
2013 and 17th February, 2014.
III. Investment objectives of the schemes, performance and policies
UTI - MID CAP FUND - AN OPEN-ENDED EQUITY ORIENTED SCHEME
The scheme aims to provide to investors growth of capital over a period of time as well as to make periodical
distribution of income from investment in stocks of respective sectors of the Indian economy Investment objective
is “capital appreciation” by investing primarily in mid cap stocks.
The Fund would invest, at least 65% of its Net Assets in equity and equity related instruments issued by
companies which are constituents of CNX Midcap Index or S&P CNX 500 but not a part of BSE Sensex (30) or
Nifty (50), at the time of investment. Currently, companies having an annual average market capitalisation of less
than `75 crores would not be considered for investment in the aforesaid portion of the portfolio, in line with the
floor specified in the Benchmark CNX Mid Cap Index. This lower limit of `75 crores would change in line with the
change in the lower limit of the market capitalisation criterion in the Benchmark.
Further, no stocks, which are among the top 50 stocks in terms of market capitalisation, will form part of the
aforesaid 65% of the net assets of UTI Mid Cap Fund, at the time of investment. Upto 35% of the Net Assets
would be invested in equity and equity related instruments issued by companies with a potential for consistent
growth and are relatively undervalued to their expected long-term earning growth. Not more than 20% of net
assets will be invested in money market instruments.
Subject to SEBI Regulations, the asset allocation pattern indicated above may change from time to time, keeping
in view the market conditions, market opportunities, applicable regulations and political and economic factors.
It must be clearly understood that the percentages stated above are only indicative and not absolute. These
proportions may vary substantially depending upon the perception of the AMC; the intention being at all times
to seek to protect the interests of the Unit holders. Such changes in the investment pattern will be for short-term
periods on defensive consideration.
The Quarterly Average Fund Size of the Scheme was Rs. 785.28 crore as on 31st March 2014. As at March 31,
2014, the Scheme had 94.60% of its net assets invested in equities and 5.40% in money market instruments /
net receivables.
IV. Annual Accounts of Schemes of UTI Mutual Fund
The scheme-wise financial statements for the year 2013-14 are enclosed with the report of the auditors. Significant
Accounting Policies form part of the Notes to Accounts, which are annexed to the Balance Sheet of Schemes.
The financial statements, Notes to Accounts and accounting policies have been prepared in accordance with
SEBI (Mutual Funds) Regulations, 1996 and exhibits true and fair view of the operating results.
V. Unclaimed Dividend and Redemptions
Unclaimed Dividend
Unclaimed Redemption
Amount in `
No. of Investors
Amount in `
No. of Investors
32,821,793.28
23,322
13,582,396.10
931
VI. Statutory information
The sponsors are not responsible or liable for any loss resulting from the operation of the Schemes of the Fund
beyond their initial contribution of Rs. 10,000/- for setting up the Fund, and such accretions/additions to the same.
The price and redemption value of the units, and income from them, can go up as well as down with fluctuations
in the market value of its underlying investments.
The Annual report of UTI Mutual Fund for the year ended on 31st March, 2014 is available at http://www.utimf.
com and is also available for inspection at the Corporate Office at UTI Tower, ‘Gn’ Block, Bandra Kurla Complex,
Bandra East, Mumbai – 400051. Present and Prospective unit holders can obtain copy of the trust deed, the full
Annual Report of UTI Mutual Fund/ UTI Asset Management Company Ltd. on application, at a price.
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2nd Proof
New Initiatives
A. Online Initiatives
1. Quick Purchase: A facility called “Quick Purchase” has been introduced in UTI MF under online investment
platform with effect from June 20, 2013, where all existing individual investors (numbering around 9.57 million)
of UTI Mutual Fund can buy additional units in the same or different scheme / plan under his / her existing folio,
with ease and convenience round the clock 24X7. The investors who are investing through this facility need not
undergo any registration formalities, generate PIN or enter password. The investor needs to enter only Folio No,
Permanent Account Number (PAN) & Bank Account Number for validation purpose.
2. Dividend Summary: Dividend Summary has now been enabled as a mail back service in our website with effect
from 21st June 2013. The investor has to input the parameter PAN, select the financial year & mode of dispatch to
get the Dividend Summary. The Dividend Summary is useful to investors while filing their IT returns.
3. invest@uti: Some of the new features have been added in our online investment portal (invest@uti) with effect
from 21st March 2014. In addition to i-SIP registration, now registration of STRIP (Systematic Transfer Investment
Plan) & SWP (Systematic Withdrawal Plan) can also be made online through our website. Cancellation of
Systematic Investment Plan (SIP) can also be made online through our website.
B. Value Added Services
A. Enhancements in Pull SMS services : For the convenience of investors, enhanced Pull SMS facility has
been introduced for Balance (BAL) & Net Asset Value (NAV) service apart from our existing services of ESoA,
BAL <Folio No> & NAV service with effect from 4th July 2013. The investor will receive the information on their
registered mobile number just by sending the pre-defined simple keywords to a dedicated short code 5607090.
The following services are offered to the investors who have registered their mobile number with us:
1. BAL<PAN>: Under this service, the investor can receive the aggregate value of his / her investment. The investor
need not remember the folio numbers where investment was made under multiple folios.
2. FOLIOBAL: This service provides the value of the outstanding units in rupee terms upto 3 folios. The investor
need not remember the folio number and the information may be obtained on the go. For > 3 schemes, the
investor has to SMS the keyword BAL <folio no>.
3. BAL <Scheme code> : Investor can receive the value of a specific scheme in which he / she has invested. The
investor need not remember the folio number to avail this facility
4. FOLIONAV: This service provides the NAV of a specific scheme under the folio where units are live upto 3
schemes. The investor need not remember the scheme code to avail this facility. For > 3 schemes, the investor
has to SMS the keyword NAV <Scheme code>.
C. Transaction through SMS :
Commercial Transactions on SMS (SMS2invest@uti) were introduced with effect from 3rd March 2014.
Investor can Purchase, Redeem & Switch by sending SMS keywords to our short code number 5 60 70 90.
One time registration form is required to be submitted. This facility is available for our existing Know Your Client
(KYC) complied Individual Investors with mode of holding as “Single” or “Anyone or Survivor”. Mobile Numbers
registered in India are eligible for this facility. 37 schemes are covered under this facility. Scheme short codes
have been designed for the above referred schemes.
D. Implementation of National Automated Clearing House (NACH) facility under SIP – ‘Express SIP’
The key features of the NACH are:
a) it reduces the mandate registration time from 30 days to 14 days;
b) It also eliminates the physical movement of mandate forms to destination bank branches;
c) Confirmation of mandate registration is received across participating banks; and
d) Unique mandate registration number (UMRN) is available for better tracking.
E. Folio or Scheme Summary - Summary of Scheme wise value of investment has been incorporated in Account
Statement with effect from 11th Dec 2013. Investors having single folio with multiple schemes can view the
scheme summary on their Account Statement.
F. Customized Birthday Mailers to Investors – Birthday emailers to investors have been commenced with effect
from 6th Dec 2013. Emailers with differentiated creatives are being sent to investors who are below 18 years of
age and 18 years & above.
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G. Hindi Account Statement enabled as a mail back service on our website with effect from 20th February 2014.
Risk Factor
Mutual funds, like securities investments, are subject to market and other risks and there can be no guarantee against
loss resulting from investment in the Schemes nor can there be any assurance that the Scheme’s objectives will be
achieved.
Liability and Responsibility of Trustees and Settler
The main responsibility of the Trustees is to safeguard the interest of the unit holders and, inter-alia, ensure that the
UTI-AMC functions in the interest of investors and in accordance with the SEBI (Mutual Fund) Regulations, 1996; the
provisions of the Trust Deed and the Scheme Information Document of the respective schemes. From the information
provided to the Trustees and the review that the Trustees have undertaken, the Trustees believe that UTI AMC has
operated in the interest of the unit holders.
Acknowledgement
The Trustees thank the investors for their continued support. We also thank the Government of India, the Securities
and Exchange Board of India, Association of Mutual Funds in India, Reserve Bank of India, the Sponsors and the
Board of UTI Asset Management Company Ltd. for their support, co-operation and guidance during the year. Our
thanks are also to our Auditors, Custodian, Registrar and Transfer Agents, Banks, Distributors and service providers
for their services. We value the contribution of the officers and employees of UTI-AMC in the progress of the UTI
Mutual Fund.
For UTI Trustee Company Private Ltd.
Dated: 25th April 2014
Place : Mumbai
sd/(Ashok Kini)
Chairman
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2nd Proof
The Statement on status of Redressal of Complaints received against UTI Mutual Fund during the financial
year 2013-14 is annexed as Annexure 5 and forms part of Trustees’ report.
Annexure 5
Complaint
code
IA
IB
IC
ID
II A
II B
II C
II D
III A
III B
III C
III D
III E
IV
Type of
complaint#
Non receipt of Dividend
on Units
Interest on delayed
payment of Dividend
Non receipt of
Redemption Proceeds
Interest on delayed
payment of Redemption
Non receipt of Statement
of Account/Unit Certificate
Discrepancy in Statement
of Account
Data Corrections in
Investor Details
Non receipt of Annual
Report/Abridged
Summary
Wrong switch between
Schemes
Unauthorized switch
between Schemes
Deviation from Scheme
attributes
Wrong or excess charges/
load
Non updation of changes
viz. address, PAN, bank
details, nomination, etc
Others
Total
(a) No. of
complaints
pending
at the
beginning of
the year
Action on (a) and (b)
0
(b) No of
complaints
received
during the
year
209
0
Resolved
Non
Action30-60 60-180 Beyond
able*
days days 180
days
Within 30
days
Pending as on 16/04/2014
0-3
months
3-6
6-9
9-12
months months months
209
0
0
0
0
0
0
0
0
6
6
0
0
0
0
0
0
0
0
0
280
279
1
0
0
0
0
0
0
0
0
11
11
0
0
0
0
0
0
0
0
0
221
221
0
0
0
0
0
0
0
0
0
45
45
0
0
0
0
0
0
0
0
0
2618
2617
1
0
0
0
0
0
0
0
0
2
2
0
0
0
0
0
0
0
0
0
11
11
0
0
0
0
0
0
0
0
0
11
11
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
12
12
0
0
0
0
0
0
0
0
0
348
348
0
0
0
0
0
0
0
0
0
571
571
0
0
0
0
0
0
0
0
0
4345
4343
2
0
0
0
0
0
0
0
# including against its authorized persons/ distributors/ employees. etc.
*Non actionable means the complaint that are incomplete / outside the scope of the mutual fund
Voting Disclosure:
The general voting policies and procedures of UTI Asset Management Limited for the Schemes of UTI Mutual Fund
and the actual exercise of votes in the general meetings of all the investee companies for the financial year 2013-14
have been disclosed in our website (www.utimf.com) and in the full Annual Report of the Scheme for the financial
year 2013-14.”
9
2nd Proof
Final - File : 160 Mid Cap _OrientPM - 16 - 7 - 2014
INDEPENDENT AUDITORS’ REPORT
To the Trustee of UTI Mutual Fund
Report on the Financial Statements
We have audited the accompanying financial statements of the schemes UTI - MID CAP FUND - AN OPEN-ENDED
EQUITY ORIENTED SCHEME of the UTI Mutual Fund, which comprise the Balance Sheets as at March 31, 2014
and the Revenue Accounts for the year/period then ended and a summary of significant accounting policies and other
explanatory information.
Management’s Responsibility for the Financial Statements
Trustee of UTI Mutual Fund and UTI Asset Management Company Limited are responsible for the preparation of these
financial statements that give a true and fair view of the financial position and financial performance of the Schemes
in accordance with the accounting policies and standards as specified in the Ninth Schedule of the Securities and
Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto (“the Regulations”). This
responsibility includes the design, implementation and maintenance of internal control relevant to the preparation
and presentation of the financial statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in
accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards
require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the
auditor considers internal control relevant to the Scheme’s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Scheme’s internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting estimates made by management, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial
statements give the information required by the Regulations as applicable and give a true and fair view in conformity
with the accounting principles generally accepted in India:
(a) in the case of the Balance Sheets, of the state of affairs of the Scheme as at March 31, 2014; and
(b) in the case of the Revenue Accounts, of the surplus/deficit, as applicable for the year/period ended on that date.
Emphasis of Matter
We draw attention to Note II(A) in Schedule 9 of the financial statements wherein the management of UTI Asset
Management Company Limited has explained its rationale regarding Accounting Standards issued by the Institute of
Chartered Accountants of India as not being applicable to the Schemes of UTI Mutual Fund.
Our opinion is not qualified in respect of this matter.
Report on Other Legal and Regulatory Requirements
As required under the Regulations, we report that:
1. We have obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purpose of our audit;
2. The Balance Sheets and the Revenue Accounts dealt with by this Report are in agreement with the books of
account of the Schemes;
3. In our opinion, the Balance Sheets and the Revenue Accounts dealt with by this report have been prepared in
accordance with the accounting policies and standards as specified in Ninth Schedule of the Regulations.
4. The methods used to value non traded securities, as determined by UTI Asset Management Company Limited
and as approved by the Trustee of UTI Mutual Fund are in good faith and in accordance with the guidelines for
valuation of securities for mutual funds as mentioned in the Eighth Schedule of the Regulations issued by the
Securities and Exchange Board of India, and are fair and reasonable.
For Haribhakti & Co.
Chartered Accountants
Firm Registration No. 103523W
Sd/Chetan Desai
Partner
Membership No. 17000
Mumbai: April 25, 2014
10
Final - File : 160 Mid Cap _OrientPM - 16 - 7 - 2014
2nd Proof
ABRIDGED REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED 31ST MARCH 2014
` in Lacs
UTI - MID CAP FUND
Current
Previous
Year / Period
Year / Period
ended 31.3.2014 ended 31.3.2013
1
1.1
1.2
1.3
1.4
1.5
1.6
1.7
INCOME
Dividend
Interest
Realised Gain / (Loss) on Foreign Exchange Transactions
Realised Gains / (Losses) on Interscheme sale of investments
Realised Gains / (Losses) on External sale / redemption of investments
Realised Gains / (Losses) on Derivative Transactions
Other Income
2
2.1
2.2
2.3
2.4
2.5
2.6
2.7
2.8
2.9
EXPENSES
Management fees
Service tax on Management fees
Transfer agents fees and expenses
Custodian fees
Trusteeship fees
Commission to Agents
Marketing & Distribution expenses
Audit fees
Other operating expenses *
3
4
5
6
7
7.1
7.2
7.3
8
9
9.1
9.2
10
(B)
NET REALISED GAINS / (LOSSES) FOR THE YEAR / PERIOD (A -B = C)
Change in Unrealised Depreciation in value of investments (D)
NET GAINS / (LOSSES) FOR THE YEAR / PERIOD (E = (C-D))
Change in unrealised appreciation in the value of investments (F)
NET SURPLUS / (DEFICIT) FOR THE YEAR / PERIOD (E + F = G)
Add: Balance transfer from Unrealised Appreciation Reserve
Less: Balance transfer to Unrealised Appreciation Reserve
Add / (Less): Equalisation
Total
Dividend appropriation
Income Distributed during the year / period
Tax on income distributed during the year / period
Retained Surplus / (Deficit) carried forward to Balance sheet
(A)
* includes Deferred Revenue Expenditure written off
Notes to Accounts - Annexure I
384.73
85.81
32.97
784.83
85.93
1,374.27
408.35
100.78
(122.61)
2,105.26
9.43
12.56
2,513.77
409.18
50.57
39.12
2.43
0.12
112.96
35.25
0.17
36.67
686.47
687.80
687.80
10,335.82
11,023.62
(10,335.82)
5,376.86
(4,958.96)
375.56
46.73
31.97
3.43
0.13
153.52
20.45
0.40
92.11
724.30
1,789.47
1,789.47
(822.04)
967.43
822.04
(971.22)
(149.18)
6,064.66
0.01
818.24
11
2nd Proof
Final - File : 160 Mid Cap _OrientPM - 16 - 7 - 2014
ABRIDGED BALANCE SHEET AS AT 31ST MARCH 2014
` in Lacs
UTI - MID CAP FUND
As at
As at
31.3.2014
31.3.2013
LIABILITIES
Unit Capital
Reserves & Surplus
Unit Premium Reserves
Unrealised Appreciation Reserve
Other Reserves
Loans & Borrowings
Current Liabilities & Provisions
Provision for doubtful Income/Deposits
Other Current Liabilities & Provisions
TOTAL
ASSETS
1 Investments
1.1. Listed Securities:
1.1.1 Equity Shares
1.1.2 Preference Shares
1.1.3 Equity Linked Debentures
1.1.4 Other Debentures & Bonds
1.1.5 Securitised Debt securities
1.2 Securities Awaited Listing:
1.2.1 Equity Shares
1.2.2 Preference Shares
1.2.3 Equity Linked Debentures
1.2.4 Other Debentures & Bonds
1.2.5 Securitised Debt securities
1.3 Unlisted Securities
1.3.1 Equity Shares
1.3.2 Preference Shares
1.3.3 Equity Linked Debentures
1.3.4 Other Debentures & Bonds
1.3.5 Securitised Debt securities
1.4 Government Securities
1.5 Treasury Bills
1.6 Commercial Paper
1.7 Certificate of Deposits
1.8 Bill Rediscounting
1.9 Units of Domestic Mutual Fund
1.10 Foreign Securities
1.11 Gold
Total Investments
2 Deposits
3 Other Current Assets
3.1 Cash & Bank Balance
3.2 CBLO/ Reverse Repo Lending
3.3 Others
4 Deferred Revenue Expenditure
(to the extent not written off)
TOTAL
Notes to Accounts - Annexure I
1
2
2.1
2.2
2.3
3
4
4.1
4.2
24,650.38
10,854.91
27,043.51
14,589.32
17,338.26
-
(552.80)
4,253.50
11,273.60
-
2,557.20
86,178.67
517.49
26,346.70
78,995.25
-
24,597.00
32.90
-
-
-
104.79
79,100.04
5,707.20
268.55
24,898.45
1,232.78
1,371.43
-
215.47
-
86,178.67
26,346.70
12
Final - File : 160 Mid Cap _OrientPM - 16 - 7 - 2014
2nd Proof
NOTES TO ACCOUNTS - ANNEXURE I TO THE ABRIDGED BALANCE SHEET AND REVENUE
ACCOUNT FOR THE YEAR / PERIOD ENDED 31ST MARCH 2014
1 Investments:1.1 Investments of the Schemes are registered in the name of the Trustees for the benefits of the Schemes
Unitholders.
1.2.
Open Position of derivatives (outstanding market value & % to Net Assets as of the Year end): Nil
1.3.
Investments in Associates and Group Companies
Associates / Sponsors
Nature of
Instruments
Market Value
(` in Lakhs)
as on 31st March 2014
1,159.99
1,134.29
229,210.95
Bank of Baroda
Equity Shares
LIC Housing Finance Ltd. Equity Shares
Vardhman Textiles Ltd.
Equity Shares
Total Aggregate Investment by all scheme
Market Value
(` in Lakhs)
as on 31st March 2013
309.94
374.45
204,964.67
1.4. Open position of Securities Borrowed and / or Lend by the scheme: Nil
1.5. Details of NPA: Aggregate market value and provision thereof (` in Lakhs) Nil
1.6. Aggregate Unrealised Gain / Loss as at the end of the Financial Year / Period and percentage to net assets.
Current Year
Asset Class
Deprecation
Previous Year
Apprecation
Net Amount
` In lakhs % to Net ` In lakhs % to Net
Assets
Assets
Debenture
and Bonds
Equity Shares (1,878.53) (2.25) 16,467.85
Total
(1,878.53) (2.25) 16,467.85
` In lakhs
Deprecation
Apprecation
-
-
19.69
19.69
14,589.32
14,589.32
-
-
-
32.90
17.45 (4,107.76) (15.90)
17.45 (4,107.76) (15.90)
8,328.36
8,361.26
1.7. Aggregate Value of Purchase and Sale with Percentage to average assets.
2013-14
PURCHASE
Net Amount
% to Net ` In lakhs % to Net ` In lakhs % to Net ` In lakhs % to Net
Assets
Assets
Assets
Assets
0.13
32.90
0.13
32.24 4,220.59
32.37 4,253.50
16.34
16.47
(` In Lacs)
2012-13
SALE
PURCHASE
SALE
Amount
%
Amount
%
Amount
%
Amount
%
5,825.57
22.55
11,611.93
44.95
4,484.46
15.78
8,202.84
28.86
1.8. Non-Traded securities in the portfolio: Provide Aggregate Value of Equity, Debt & Money Market Instruments
and percentage to net assets.
Category
Equity
31st March 2014
Market Value
% to Net Assets
(` in Lakhs)
104.79
0.13
31st March 2013
Market Value
% to Net Assets
(` in Lakhs)
268.55
1.04
13
2nd Proof
Final - File : 160 Mid Cap _OrientPM - 16 - 7 - 2014
2. Details of Transaction with Associates under regulation 25 (8)
SBI Bank Charges 2013-14
Name of Sponsor or its
Nature of Association
associate and employees or
/ relation
their relatives
State Bank of India
Sponsor
Period covered
Bank Charges
(` Lakhs)
April 13 to March 14
0.58
Period covered
Bank Charges
(` Lakhs)
April 12 to March 13
1.10
SBI Bank Charges 2012-13
Name of Sponsor or its
Nature of Association
associate and employees or
/ relation
their relatives
State Bank of India
Sponsor
Commission 2013-14*
Name of the Sponsor
or its associate and
employees or their
relatives
Annamma Mathew
Ashok Gaur
B B Sharma
Bank of Baroda
Dhanshree Investments
Durga Kamala Dhulipala
Edelweiss Financial
Services Ltd
Emkay Global Financial
Services Ltd.
ICICI Securities Limited
Kamlesh Kumar Sarathe
M P Singh Chawla
Manila Ekka
N J India Invest Pvt Ltd
Punjab National Bank
Ravindra D Karnani
Nature of Association /
relation
Period
covered
Business
given
(` Lakhs)
Employee's Relatives who
are Agents of UTI MF
Employee's Relatives who
are Agents of UTI MF
Employee's Relatives who
are Agents of UTI MF
Sponsor
April '13 to
March '14
April '13 to
March '14
April '13 to
March '14
April '13 to
March '14
April '13 to
March '14
April '13 to
March '14
April '13 to
March '14
April '13 to
March '14
April '13 to
March '14
April '13 to
March '14
April '13 to
March '14
April '13 to
March '14
April '13 to
March '14
April '13 to
March '14
April '13 to
March '14
4.84
% of total
business
received by
fund
0.01
9.85
Employee's Relatives who
are Agents of UTI MF
Employee's Relatives who
are Agents of UTI MF
Associate
Employee's Relatives who
are Agents of UTI MF
Employee's Relatives who
are Agents of UTI MF
Employee's Relatives who
are Agents of UTI MF
Employee's Relatives who
are Agents of UTI MF
Employee's Relatives who
are Agents of UTI MF
Employee's Relatives who
are Agents of UTI MF
Sponsor
Employee's Relatives who
are Agents of UTI MF
Commission % of total
paid
Commission
` Lakhs
paid by fund
0.02
0.02
0.02
0.05
0.05
-
-
0.01
0.01
13.06
0.02
0.00
0.00
1.16
0.00
-
-
0.77
0.00
0.02
0.02
-
-
0.00
0.00
3.03
0.01
0.01
0.01
295.42
0.53
1.33
1.23
9.25
0.02
0.06
0.05
1.13
0.00
-
-
0.72
0.00
-
-
2.23
0.00
0.16
0.15
369.36
0.66
0.27
0.25
10.96
0.02
0.01
0.01
14
Final - File : 160 Mid Cap _OrientPM - 16 - 7 - 2014
2nd Proof
Name of the Sponsor
or its associate and
employees or their
relatives
Sbicap Securities Ltd
Nature of Association /
relation
Period
covered
Business
given
(` Lakhs)
Associate
6.81
Smt Annapurna Mishra
-
State Bank Of India
Employee's Relatives who
are Agents of UTI MF
Employee's Relatives who
are Agents of UTI MF
Sponsor
State Bank Of Mysore
Group co. of sponsor
State Bank Of Patiala
Group co. of sponsor
State Bank Of Travancore
Group co. of sponsor
Sundaram Finance Ltd.
Associate
Uti - Infrastructure
Technology & Services
Ltd.
Uti International Ltd.
Associate
April '13 to
March '14
April '13 to
March '14
April '13 to
March '14
April '13 to
March '14
April '13 to
March '14
April '13 to
March '14
April '13 to
March '14
April '13 to
March '14
April '13 to
March '14
% of total
business
received by
fund
0.01
Standard Chartered Bank
V Client Wealth Advisory
ServicesPvt Ltd
Vijay ojale
Associate
Employee's Relatives who
are Agents of UTI MF
Employee's Relatives who
are Agents of UTI MF
April '13 to
March '14
April '13 to
March '14
April '13 to
March '14
Commission % of total
paid
Commission
` Lakhs
paid by fund
0.08
0.08
-
0.00
0.00
17.62
0.03
0.03
0.03
394.36
0.70
0.52
0.48
3.98
0.01
0.00
0.00
0.48
0.00
-
-
0.05
0.00
0.00
0.00
14.60
0.03
0.02
0.02
207.50
0.37
0.19
0.18
80.21
0.14
0.01
0.01
80.70
0.14
0.01
0.01
1.88
0.00
0.01
0.01
* Employee’s data declaration as on 31st March 2014 have been considered
Commission 2012-13*
Name of the Sponsor
or its associate and
employees or their
relatives
Annamma Mathew
Annapurna Mishra
Ashok Gaur
Bank Of Baroda
Bharat Bhushan Sharma
D Durga Kamala
Nature of Association /
relation
Period
covered
Business
given
(` Lakhs)
Employee's Relatives who
are Agents of UTI MF
Employee's Relatives who
are Agents of UTI MF
Employee's Relatives who
are Agents of UTI MF
Sponsor
April '12 to
March '13
April '12 to
March '13
April '12 to
March '13
April '12 to
March '13
April '12 to
March '13
April '12 to
March '13
-
% of total
business
received by
fund
-
-
Employee's Relatives who
are Agents of UTI MF
Employee's Relatives who
are Agents of UTI MF
Commission % of total
paid
Commission
` Lakhs
paid by fund
0.02
0.02
-
0.01
0.01
0.07
0.00
0.05
0.05
-
-
0.00
0.00
-
-
0.01
0.01
-
-
0.01
0.01
15
2nd Proof
Final - File : 160 Mid Cap _OrientPM - 16 - 7 - 2014
Name of the Sponsor
or its associate and
employees or their
relatives
Emkay Global Financial
Services Limited
ICICI Securities Limited
Nature of Association /
relation
Period
covered
Employee's Relatives who
are Agents of UTI MF
Employee's Relatives who
are Agents of UTI MF
Employee's Relatives who
are Agents of UTI MF
April '12 to
March '13
April '12 to
March '13
April '12 to
March '13
N J India Invest Pvt.
Ltd.
Employee's Relatives
who are Agents of
UTI MF
Punjab National Bank
13.55
0.46
0.75
0.79
0.06
0.00
0.10
0.10
April '12 to
March '13
22.44
0.76
0.70
0.73
Sponsor
April '12 to
March '13
11.33
0.38
0.22
0.23
Ravindra D Karnani
Employee's Relatives
who are Agents of
UTI MF
April '12 to
March '13
-
-
0.01
0.01
SBICAP Securities
Limited
Associate
April '12 to
March '13
3.00
0.10
0.03
0.03
Standard Chartered
Bank
Employee's Relatives
who are Agents of
UTI MF
April '12 to
March '13
-
-
0.05
0.05
State Bank of India
Sponsor
April '12 to
March '13
34.05
1.15
0.88
0.91
State Bank of Mysore
Group co. of sponsor
April '12 to
March '13
0.17
0.01
0.00
0.00
State Bank of
Travancore
Group co. of sponsor
April '12 to
March '13
0.18
0.01
0.00
0.00
UTI Infrastructure
Technology and
Services Ltd.
Associate
April '12 to
March '13
2.75
0.09
0.12
0.12
UTI Internation Limited
Associate
April '12 to
March '13
-
-
0.08
0.08
Vclient Wealth
Advisory Services
Pvt. Ltd.
Employee's Relatives
who are Agents of
UTI MF
April '12 to
March '13
-
-
0.02
0.03
Vijay Vishnu Ojale
Employee's Relatives
who are Agents of
UTI MF
April '12 to
March '13
-
-
0.01
0.01
Kamlesh Kumar Sarathe
% of total Commission % of total
business
paid
Commission
received by
` Lakhs
paid by fund
fund
0.59
0.02
0.01
0.01
Business
given
(` Lakhs)
* Employee’s data declaration as on 31st March 2013 have been considered
Brokerage 2013-14
Name of the Sponsors
or its associates and
employees or their
relatives
Nature of
Association
/ relation
Period
covered
Value of
transaction
(` Lakhs)
% of total
value of
transaction
of fund
Brokerage
(` Lakhs)
% of total
Brokerage
paid by fund
SBI CAP Securities
Limited
Group co.
of sponsor
April 13 to
March 14
221.71
1.28
0.22
1.24
16
Final - File : 160 Mid Cap _OrientPM - 16 - 7 - 2014
2nd Proof
Brokerage 2012-13
Name of the Sponsors
or its associates and
employees or their
relatives
SBI CAP Securities
Limited
Nature of
Association /
relation
Period
covered
Value of
transaction
(` Lakhs)
Group co.
of sponsor
April 12 to
March 13
80.45
% of
total value of
transaction
of fund
0.62
Brokerage
(` Lakhs)
% of total
Brokerage
paid by fund
0.08
0.58
Other Charges
Transaction charges of Clearing Corporation of India Ltd. (CCIL)
Custody Charges paid to SHCIL in terms of LIC’s holding of more than 10% in SHCIL
0.47
2.43
3. Large holdings in the scheme (i.e. in excess of 25% of the net assets) as on 31st March, 2013; Nil
4. Unit Capital movement during the year ended / period ended. Planwise details of movement in units - opening,
subscription, redemption, closing. Indicate planwise face value of units.
Plans /
Options
Growth Option Direct
Growth Retail
Income Option
- Direct
Income Retail
5.
6.
7.
Face
Value
(`)
10
10
10
10
2013-14
No. of Units in Lakhs
2012-13
No. of Units in Lakhs
Opening
Sold
RepurClosing
Opening
Sold
RepurClosing
balance
during
chased
balance
balance
during
chased
balance
as on
the
during the
as on
as on
the year during the
as on
01.04.2013 year
year
31.03.2014 01.04.2012
year
31.03.2013
0.64
27.34
(0.77)
27.21
0.65
(0.01)
0.64
269.55
421.37
(134.66)
556.26
290.21
75.87
(96.53)
269.55
0.68
7.93
(0.97)
7.64
-
0.69
(0.01)
0.68
814.62 1,247.83
(188.51)
1,873.93
967.32
17.90
(170.61)
814.62
Expenses other than management fee is inclusive of service tax where applicable.
Prior Year Comparison - Previous year figures have been re-grouped / re-arranged whereever necessary
to conform to current years’ presentation.
Contingent Liability: Nil
17
2nd Proof
Final - File : 160 Mid Cap _OrientPM - 16 - 7 - 2014
KEY STATISTICS FOR THE YEAR / PERIOD ENDED 31ST MARCH 2014
` in Lacs
UTI - MID CAP FUND
Current
Previous
Year / Period
Year / Period
ended 31.3.2014 ended 31.3.2013
1. NAV per unit (`):
Open-Growth Option - Direct
31.3264
NA
High-Growth Option - Direct
45.0921
36.7000
Low-Growth Option - Direct
29.1794
30.8802
End-Growth Option - Direct
45.0921
31.3264
Open-Income Option- Direct
21.3624
NA
High-Income Option- Direct
30.7499
25.0300
Low-Income Option- Direct
19.8984
21.0581
End-Income Option- Direct
30.7499
21.3624
Open-Growth Retail
31.2697
30.3900
High-Growth Retail
44.8039
36.7000
Low-Growth Retail
29.0731
28.7900
End-Growth Retail
44.8039
31.2697
Open-Income Retail
21.3177
20.7200
High-Income Retail
30.5438
25.0200
Low-Income Retail
19.8197
19.6300
End-Income Retail
30.5438
21.3177
End
83,621.47
25,829.21
Average (AAuM)
25,832.59
28,422.80
5.32%
8.84%
2. Closing Assets Under Management (`. in Lakhs)
3. Gross income as % of AAuM1
4. Expense Ratio:
a. Total Expense as % of AAuM (plan wise)
Growth Option - Direct
2.26
2.09
2.09
Income Option- Direct
2.26
Growth Option
2.66
2.55
Income Option
2.66
2.55
b. Management Fee as % of AAuM (plan wise)
Growth Option - Direct
1.77
1.78
Dividend Option- Direct
1.77
1.78
Growth Option
1.58
1.32
Dividend Option
5. Net Income as a percentage of AAuM2
1.58
1.32
2.66%
6.30%
18
Final - File : 160 Mid Cap _OrientPM - 16 - 7 - 2014
2nd Proof
UTI - MID CAP FUND
Current
Previous
Year / Period
Year / Period
ended 31.3.2014 ended 31.3.2013
6. Portfolio turnover ratio4
19.60%
18.02%
-
-
7. Total Dividend per unit distributed during the year / period (plan wise)
Dividend Option
8. Returns *:
a. Last One Year
Scheme
43.28%
2.89%
16.36%
-4.02%
Benchmark
b. Since Inception
Scheme
17.28%
14.70%
14.35%
14.13%
Benchmark
1. Gross income = amount against (A) in the Revenue account i.e. Income.
2. Net income = amount against (C) in the Revenue account i.e. Net Realised Gains / (Losses) for the Year / Period
3. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year/period.
4. AAuM=Average daily net assets
*Returns have been computed for growth options.
19
2nd Proof
Final - File : 160 Mid Cap _OrientPM - 16 - 7 - 2014
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2nd Proof
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2nd Proof
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Final - File : 160 Mid Cap _OrientPM - 16 - 7 - 2014
2nd Proof
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2nd Proof
Final - File : 160 Mid Cap _OrientPM - 16 - 7 - 2014
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Final - File : 160 Mid Cap _OrientPM - 16 - 7 - 2014
2nd Proof