Diversified Equity Mutual Funds

An Overview
A Quarterly

March 2004

HOW TO READ THE DATA

Besides the usual information on the fund, we have presented some features that help investors evaluate the fund in better light. Some of these features and their descriptions are presented below: SUB CATEGORY________________________________________________________ The fund's investment objective defines largely its asset allocation pattern and its asset class. However, there could be style differences within this asset allocation- example, Blend Funds, Midcap etc. We arrive at subcategories by regressing the fund's weekly returns against all the relevant indices and arrive at the style that matches it most. The STYLE INDEX is thus the index which approximates the style of management. STYLE DRIFT ______________________________________________________________ Data on styles may often present a different story. We thus reassess the fund's linkage to its SUB CATEGORY and the degree of its correlation over a recent one year time frame to understand whether the SUB CATEGORY is changing over time i.e. whether the benchmark is changing over time so that comparisons can be made with the relevant indices. EXCESS ANNUALISED RETURNS __________________________________________________ This indicates the quarterly performance of the fund vis--vis its peer group averages in annualized returns terms. MARKET CYCLE PERFORMANCE _________________________________________________ We select the best (and worst) 1 year period of performance of returns (thus, a bull and bear market respectively) for the relevant equity and bond indices and assess each fund's performance over the same period. MODERN PORTFOLIO STATISTICS _________________________________________________ BETA: It is the correlation of the NAV to the index, that is, how much does NAV go up when sensex goes up .For example, if the beta is 1.10 and the sensex goes up by 10%, then the NAV of the fund would rise by 1.1times 10% (i.e.) by 11%. STANDARD DEVIATION: It measures the variability of the returns generated by the fund. It is a measure of risk, which would highlight how consistent the returns have been. SHARPE RATIO: This is a method of performance evaluation. This measures, to what extent the fund generates excess returns over the peers taken for comparison after adjusting for the standard deviation, which considers the volatility in earnings. The formula for Sharpe ratio is (Fund returns-peer group returns)/(standard deviation) of the fund. In other words it is called as risk adjusted returns.

Mutual Fund Report

Category Sub Category Style Drift Style Index

Alliance Equity Fund

FUND DETAILS PERFORMANCE Launched in the year 1998 and managing now 255.6 crores, Alliance Equity has its Equity Diversified investment objective of providing long-term growth by having its corpus invested Large Cap only in equities. The fund essentially an equity diversified one is being managed by High Mr.Dhawal Mehta. However, for the past one year the fund is being rapidly managed Bse Sensex as a mid cap fund which is indicated by the style drift. The fund, as it appears from TRADING DATA the portfolio statistics is an aggressively managed one with its volatility and Beta Fund Manager Dhawal Mehta more than its peers. But however the excess return, as measured by Jensens Alpha Inception Date 17-Aug-98 is however lesser when compared to its peers. The fund most of the times has AUM Rs. in Cr Feb-04 255.6034 beaten the sensex but has always been beaten by the performance of its peers in Latest NAV Date 15-Mar-04 terms of returns generated. The fund has however outperformed the peers in the Latest NAV 54.38 Bull Run as identified when it generated 135% returns while its peers generated about MODERN PORTFOLIO STATISTICS 134% returns. However, the fund did not get through the rough weather (bear run), FUND PEERS when its peers generated about 48% returns and Alliance generating about 59% Std Dev 0.28 0.23 returns. Beta 0.98 0.81 Sharpe ratio 0.85 1.42 FUND PORTFOLIO Jenson's Alpha 0.10 0.20 The fund has its maximum exposure to the scrips of banks, finance companies, and Pharma companies. Its focus on banks such as Kotak Mahindra, Jammu & Kashmir Top 5% 36.74% Bank and ING Vysya Bank has paid off Expense ratio 2.33% INVESTMENT DETAILS FUND FACTS Initial investment 5000 The minimum amount of investment is Rs 5,000. Subsequent investment amount is Subsequent investment 1000 Rs 1000. The entry load is 2 per cent. There is no exit load. Systematic investment SIP Amount 1000 planning facility is available in multiples of 6 and the SIP amount is Rs 1000. SIP Multiple 6 RETURNS OVERVIEW FUND PEERS 3 - Month 3.76 3.81 6 - Month 44.13 40.95 MARKET CYCLE PERFORMANCE 1 - Year 121.90 121.45 TYPE FUND BSE SENSEX PEERS 3 - Year 100.22 154.15 Bull 135.82 88.24 134.56 - Inception 428.99 342.61 Bear -59.42 -41.33 -48.93 PORTFOLIO CONSTITUENTS QUARTERLY RETURNS* YEAR QUARTER 1 QUARTER 2 QUARTER 3 QUARTER 4 COMPANY % to NAV 2000 103.65 -15.76 2.35 -13.01 Bharti Televentures Limited 10.23 2001 -34.14 -11.78 54.54 46.73 Divis Laboratories Ltd. 6.18 2002 -22.76 -22.27 -4.66 -8.55 E - Serve International Limited 7.28 2003 -2.16 -10.48 12.56 0.73 Siemens Ltd. 6.52 2004 -24.06 NA NA NA United Phosphorous Ltd. 6.52 *Excess Annualised Returns over Peers INDUSTRY % to NAV Banks 15.84 250 Finance 10.14 Alliance Equity Fund - Growth Miscellaneous 13.25 BSE Sensex 200 Pharmaceuticals 11.49 peers Telecommunication - Services 10.23
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This Research Report is strictly confidential to the recepient and may not be distributed to the press or other media, or reproduced in other form and or be taken, distributed or transmitted in other jurisdictions in which it may be restricted by their law. By accepting this report, you agree to be bound by the foregoing limitations. Information and opinions in this report were prepared by Cholamandalam Distribution Services Limited (CDSL) and CDSL does not undertake to advise you of any changes in its opinions or information. Investors must make their own investment decisions based on their specific objectives and financial resources. Information contained herein is believed to be reliable but CDSL does not warrant its completeness or accuracy.

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Mutual Fund Report

Category Sub Category Style Drift Style Index

Chola Growth Fund

FUND DETAILS PERFORMANCE Chola growth fund was launched in the year 2001 with the investment objective of Equity Diversified providing capital appreciation and growth. The fund is currently being managed by Large Cap Mr. Sashi Krishnan who manages a portfolio of 20 crores. The fund, as it appears High from the figures appears to be a well-managed fund where its Sharpe ratio and Bse Sensex Jensens alpha is more than its peers and the risk measures like volatility and beta TRADING DATA are lower than its peers. The fund as a whole has been performing well for the past Fund Manager Sashi Krishnan one year where its 3 month and 6 month returns generated are more than its peers. Inception Date 10-Aug-01 Though the 3-month and the 6-month returns are well above the average, the fund AUM Rs. in Cr Feb-04 20.72 has not been able to generate above average returns during the identified period of Latest NAV Date 15-Mar-04 Bull Run, where it returned 117% returns while its peers generated an average of Latest NAV 13.13 134%returns. However the fund was not in existence during the identified period of MODERN PORTFOLIO STATISTICS bear run. In a quarterly performance review, the fund except for a few selected FUND PEERS quarters has not been able to generate positive returns. This return is measured as Std Dev 0.19 0.23 the excess returns generated over the peers.the fund, though well established as a Beta 0.70 0.81 large cap fund is now rapidly being managed as a midcap fund. Sharpe ratio 2.31 1.42 FUND PORTFOLIO Jenson's Alpha 0.22 0.20 Though identified as equity diversified fund, the fund has a high exposure to the call markets to the extent of 27% of its portfolio. It has also maximum exposure to the Top 5% 49.49% software sector and the Parma sector. However the maximum exposure to any Expense ratio 2.25% particular scrip is not more than 7%. INVESTMENT DETAILS FUND FACTS Initial investment 5000 The minimum amount of investment is Rs 5,000. Subsequent investment amount is Subsequent investment 1000 Rs 1000. The entry load is 2 percent for investments made upto 10 lacs. There is no SIP Amount 1000 exit load. Systematic investment planning facility is available in multiples of 12 and SIP Multiple 12 the SIP amount is Rs 500. RETURNS OVERVIEW FUND PEERS 3 - Month 9.14 3.81 6 - Month 44.44 40.95 MARKET CYCLE PERFORMANCE 1 - Year 117.90 121.45 TYPE FUND BSE SENSEX PEERS 3 - Year N.A 154.15 Bull 117.28 88.24 134.56 - Inception 164.19 342.61 Bear -41.33 -48.93 PORTFOLIO CONSTITUENTS QUARTERLY RETURNS* YEAR QUARTER 1 QUARTER 2 QUARTER 3 QUARTER 4 COMPANY % to NAV 2000 NA NA NA NA Call 27.45 2001 NA NA -1317.61 -72.38 Hero Honda Motors Ltd. 5.24 2002 -7.89 -32.14 -3.83 21.53 Hindalco Industries Ltd. 5.52 2003 0.07 -37.14 10.20 -11.45 ITC Limited 5.84 2004 -8.15 NA NA NA Larsen & Toubro Ltd. 5.44 *Excess Annualised Returns over Peers INDUSTRY % to NAV Call 27.45 400 Cigarettes 5.84 Chola Growth fund 350 Computers - Software 10.19 Sensex 300 Diversified 10.61 peers Pharmaceuticals 10.86 250
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This Research Report is strictly confidential to the recepient and may not be distributed to the press or other media, or reproduced in other form and or be taken, distributed or transmitted in other jurisdictions in which it may be restricted by their law. By accepting this report, you agree to be bound by the foregoing limitations. Information and opinions in this report were prepared by Cholamandalam Distribution Services Limited (CDSL) and CDSL does not undertake to advise you of any changes in its opinions or information. Investors must make their own investment decisions based on their specific objectives and financial resources. Information contained herein is believed to be reliable but CDSL does not warrant its completeness or accuracy.

Mutual Fund Report

Category Sub Category Style Drift Style Index

Birla Advantage Fund

FUND DETAILS PERFORMANCE Birla AdvantageFund,launchedin the year1995 is one of the earlymoversto enter the Indian mutualfund Equity Diversified industry.The fund is currently being managedbyMr. Parez Andenwalawhomanages a corpus of 490.64 Large Cap crores. The fund, as it appears from the statistics does not appear to be an aggressive fund both in te High risk appetiteandreturns generated.The excess returns, as measuredby Jensensalpha is far lesser than Bse Sensex the peer average. Eventhe Sharpe ratio (risk adjusted returns), is much lesser than the peer groups average. After an exceedinglygood run in the four yearsto 1999,the performancedeterioratedsharplyin TRADING DATA the tech stock collapse of 2000. In 2002, howeverreturns were positive,but the fund again trailed a good Fund Manager Parez Andenwala number of its peers. Returns improvedsharply in 2003, but were not as high as what wasearned bytop Inception Date 17-Feb-95 performingequityfundsthe fundas it appearsfrom the datahas beenon par with the peers in times of bull run but howeverin times of bear run, which has been identified, the fund has generated more negative AUM Rs. in Cr Feb-04 490.6435 returns than the sensexand its peers. In term of risk measurementthe fund has its volatility and Beta Latest NAV Date 15-Mar-04 measuredon par with its peers. This well diversified equity fund,essentiallya large cap fund is however Latest NAV 49.83 now increasingly being managed as a midcap fund, which indicates a style drift. MODERN PORTFOLIO STATISTICS FUND PORTFOLIO FUND PEERS Std Dev 0.23 0.23 The fund has its portfolio skewedmore towards the automobile,banksand refinery sector. The present portfoliois verydiversified,withno stockaccounting for over 7 per cent of the assets andno sector taking Beta 0.81 0.81 up over 13 per cent. Up to 30 per cent of the assets are parked in mid-cap stocks. Sharpe ratio 0.96 1.42 Jenson's Alpha 0.10 0.20 FUND FACTS The minimumamountof investments Rs 5,000.Subsequentinvestment mountis Rs 1000.The entryload i a Top 5% 33.70% is 2 per cent for investments to Rs 1crore and.25%for investments up morethan 2 crores. There is no exit Expense ratio 2.23% load. Systematic investment planning facility is available in multiples of 12 and the SIP amount is Rs 500. INVESTMENT DETAILS Initial investment 5000 Subsequent investment 1000 SIP Amount 500 SIP Multiple 12 RETURNS OVERVIEW FUND PEERS 3 - Month 6.16 3.81 6 - Month 38.72 40.95 MARKET CYCLE PERFORMANCE 1 - Year 117.82 121.45 TYPE FUND BSE SENSEX PEERS 3 - Year 91.29 154.15 Bull 134.57 88.24 134.56 - Inception 539.41 342.61 Bear -62.38 -41.33 -48.93 PORTFOLIO CONSTITUENTS QUARTERLY RETURNS* YEAR QUARTER 1 QUARTER 2 QUARTER 3 QUARTER 4 COMPANY % to NAV 2000 -11.61 -1.10 -27.50 -52.89 Grasim Industries Limited 7.27 2001 -15.88 -28.23 101.37 -5.36 Mahindra & Mahindra Ltd. 6.65 2002 -26.06 -28.46 -10.58 -21.05 Reliance Industries Ltd. 6.59 2003 -0.30 -2.65 5.00 -19.43 State Bank Of India 5.97 2004 -15.88 NA NA NA Tata Iron & Steel Co. Ltd. 7.23 *Excess Annualised Returns over Peers INDUSTRY % to NAV Automobiles - 4 Wheelers 12.52 250.00 Banks 9.43 Birla Advantage Fund - Growth Diversified 7.27 200.00 Electrical Equipment 9.59 BSE Sensex Refineries 9.81 peers
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This Research Report is strictly confidential to the recepient and may not be distributed to the press or other media, or reproduced in other form and or be taken, distributed or transmitted in other jurisdictions in which it may be restricted by their law. By accepting this report, you agree to be bound by the foregoing limitations. Information and opinions in this report were prepared by Cholamandalam Distribution Services Limited (CDSL) and CDSL does not undertake to advise you of any changes in its opinions or information. Investors must make their own investment decisions based on their specific objectives and financial resources. Information contained herein is believed to be reliable but CDSL does not warrant its completeness or accuracy.

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Mutual Fund Report

HDFC Equity Fund

PERFORMANCE FUND DETAILS HDFC Equity- Known as a well-weatheredfund has been one of the most preferred destination of all Category Equity Diversified mutualfundinvestors.The ownershipof the fundhas beenshiftedfrom Zurich to HDFC in the year2003.The Sub Category Large Cap fund, a well diversified equity one waslaunchedin the year1994 andnow it is being currently managedby Style Drift High Mr.Prashant Jain, who manages around 979 crores as its corpus. The fund has been a performer throughoutthe years .The fund has a Sharpe ratio (risk adjustedreturns) more than its peers and has a Style Index Bse Sensex positive Jensens alpha (excess returns), which is placed very much above the peers, which shows the TRADING DATA of superior anddedicatedstockselection.Though the fundsrisk measuresare morethan its peers, its high Fund Manager Prashant Jain performanceover the years has overshadowed risks. The fund, most of the times has outperformedits its peers in terms of returns generatedovera 3 month,12 monthand36 monthperiodhorizon.The fund,withou Inception Date 8-Dec-94 doubt has again beatenthe marketbothin the identified periodsof Bull Run andBear run. During the Bull AUM Rs. in Cr Feb-04 979.1298 Run the fundgenerated137%returns, whichis abovethe returns generated bythe peers during thatperiod. Latest NAV Date 15-Mar-04 Even,in the bear run the fund generated 36% returns where as the peers returned 48%returns. In the Latest NAV 50.382 quarterly performancereview,the fund has for most of the times has generated positive returns.The fund which is essentiallya large cap fund by nature is howevernowincreasingly being managedas a mid cap MODERN PORTFOLIO STATISTICS fund. FUND PEERS FUND PORTFOLIO Std Dev 0.23 0.23 The fund has a high exposureto the banking,software, electrical equipment and software sectors. After Beta 0.85 0.81 more than two yearsof havingno exposureto financestocks, the fund tooka 6.1 per cent exposureto State Sharpe ratio 1.57 1.42 Bank of India in June 2002and has always been increasing its exposure to this sector. FUND FACTS Jenson's Alpha 0.24 0.20 The minimumamountof investmentis Rs 5,000.Subsequentinvestmentamountis Rs 500. The entry load is Top 5% 40.69% 2 percentfor investments madeup to 2 crores and.25%for investments between2 and5 crores and the fund charges no load for investments above5 crores. There is no exitload attachedto the fund. SIP facility is also Expense ratio 2.22% available where the SIP amount is Rs 500 in multiples of four. INVESTMENT DETAILS Initial investment 5000 Subsequent investment 100 SIP Amount 500 SIP Multiple 4 RETURNS OVERVIEW FUND PEERS 3 - Month 4.22 3.81 6 - Month 40.55 40.95 MARKET CYCLE PERFORMANCE 1 - Year 126.14 121.45 TYPE FUND BSE SENSEX PEERS 3 - Year 182.41 154.15 Bull 137.92 88.24 134.56 - Inception 435.98 342.61 Bear -36.16 -41.33 -48.93 PORTFOLIO CONSTITUENTS QUARTERLY RETURNS* YEAR QUARTER 1 QUARTER 2 QUARTER 3 QUARTER 4 COMPANY % to NAV 2000 14.29 30.08 -13.15 21.40 Bharat Heavy Electricals Ltd. 7.07 2001 14.80 15.51 94.81 27.55 Grasim Industries Limited 9.45 2002 17.65 -23.12 -2.49 8.33 Infosys Technologies Ltd. 8.27 2003 11.39 17.26 5.47 -17.42 Satyam Computer Services Ltd. 6.94 2004 -14.77 NA NA NA State Bank Of India 8.95 *Excess Annualised Returns over Peers INDUSTRY % to NAV Automobiles - 4 Wheelers 11.04 300.00 Banks 13.44 Computers - Software 15.22 HDFC Equity Fund - Growth 250.00 Diversified 12.24 BSE Sensex peers Electrical Equipment 10.64 200.00 150.00 100.00 50.00 0.00
This Research Report is strictly confidential to the recepient and may not be distributed to the press or other media, or reproduced in other form and or be taken, distributed or transmitted in other jurisdictions in which it may be restricted by their law. By accepting this report, you agree to be bound by the foregoing limitations. Information and opinions in this report were prepared by Cholamandalam Distribution Services Limited (CDSL) and CDSL does not undertake to advise you of any changes in its opinions or information. Investors must make their own investment decisions based on their specific objectives and financial resources. Information contained herein is believed to be reliable but CDSL does not warrant its completeness or accuracy.

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Mutual Fund Report

Category Sub Category Style Drift Style Index

HDFC Growth Fund

FUND DETAILS PERFORMANCE Equity Diversified HDFC GrowthFund waslaunchedin the year2000.thefundis being managedbyMr. SanjoyBattacharya Large Cap who actively manages around 308 crores as its corpus. The fund has been average performer since High inception in terms of returns generated.The fund has never outperformedthe peer performance over a 3,6month,1,3 year time horizon. The fund though has thrashed the sensexperformance by generating Bse Sensex 128%returns during the Bull Run, but got beatenby the performanceof its peers,which generated134% TRADING DATA returns. Howeverthe fund was not in existenceduring the identified period of bear run. The fund is a Fund Manager Sanjoy Bhattacharyya defensivefund both in terms of risk appetiteand returns generated,where the figures are well belowthe Inception Date 20-Jul-00 peers.The fund,a well establishedequitydiversified large cap fundis nowhastily being managedas mid cap fund.In the quarterly performancereview,the fund has been mostof the times in the negativecategory AUM Rs. in Cr Feb-04 308.0233 of returns generated. Latest NAV Date 15-Mar-04 Latest NAV 17.775 FUND PORTFOLIO MODERN PORTFOLIO STATISTICS The fund has its exposureto the calls andto the banks,refineryand steel sector. Till the fag end of 2000, the fund took a conservative stance by holding an average 44% in cash. However, in the plunging ma FUND PEERS December 2000, the fund sought to bottomfish and emerged with a predominantlyinvested corpus in Std Dev 0.21 0.23 equities. In terms of scrip selection, any individual scrips weight has never breached the 10% level. Beta 0.74 0.81 Sharpe ratio 1.37 1.42 FUND FACTS Jenson's Alpha 0.18 0.20 The minimumamountof investmentis Rs 5,000.Subsequentinvestmentamountis Rs 500.The entryload is 2 per cent for investments to Rs 2 crores and.25%for investments up made between2 and5 crores and Top 5% 34.61% no load for investments morethan5 crores. There is no exit load.Systematicinvestment lanning facilityis p Expense ratio 2.30% available in multiples of 4 and the SIP amount is Rs 500. INVESTMENT DETAILS Initial investment 5000 Subsequent investment 100 SIP Amount 500 SIP Multiple 4 RETURNS OVERVIEW FUND PEERS 3 - Month 1.33 3.81 6 - Month 36.87 40.95 MARKET CYCLE PERFORMANCE 1 - Year 112.25 121.45 TYPE FUND BSE SENSEX PEERS 3 - Year 129.21 154.15 Bull 128.70 88.24 134.56 - Inception 78.88 342.61 Bear -41.33 -48.93 PORTFOLIO CONSTITUENTS QUARTERLY RETURNS* YEAR QUARTER 1 QUARTER 2 QUARTER 3 QUARTER 4 COMPANY % to NAV 2000 NA NA 98.47 -20.85 Call 8.07 2001 -17.95 -12.78 7.28 -4.39 Great Eastern Shipping Co. Ltd., The 6.08 2002 0.64 -18.20 -4.00 -1.22 Hero Honda Motors Ltd. 4.80 2003 -3.33 14.11 NA NA State Bank Of India 6.64 2004 -36.14 NA NA NA Tata Iron & Steel Co. Ltd. 9.02 *Excess Annualised Returns over Peers INDUSTRY % to NAV Banks 13.65 250 Call 8.07 HDFC Growth Fund - Growth Electrical Equipment 8.42 200 BSE Sensex Refineries 8.12 peers Steel And Steel Products 12.91 150

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This Research Report is strictly confidential to the recepient and may not be distributed to the press or other media, or reproduced in other form and or be taken, distributed or transmitted in other jurisdictions in which it may be restricted by their law. By accepting this report, you agree to be bound by the foregoing limitations. Information and opinions in this report were prepared by Cholamandalam Distribution Services Limited (CDSL) and CDSL does not undertake to advise you of any changes in its opinions or information. Investors must make their own investment decisions based on their specific objectives and financial resources. Information contained herein is believed to be reliable but CDSL does not warrant its completeness or accuracy.

Mutual Fund Report

Category Sub Category Style Drift Style Index

Templeton Bluechip Fund

FUND DETAILS PERFORMANCE TempletonBluechipFundwas launchedin the year 1993by KothariPioneer, whichwas later takenoverby Equity Diversified Franklin Templetonin the year 2002. This is the fund close to the hearts of manyinvestors.The fund is Large Cap currently being managedby Mr. K.N. Sivasubramanian who manages around1607 crores as its corpus. Low The fund is a very well managedfund. The fund has alwaysoutperformedits peers in terms of returns generatedandhas generated11% returns, 51% returns, 133%returns overa 3month,6 monthand 1 year Bse Sensex time horizon, which is well abovethe averagereturns generatedby the peers. The fund has outperformed TRADING DATA both the sensex and the peers in terms of returns generated during the identified period of Bull Run. Fund Manager Siva Subramanian the bear run the fundgenerated negativereturns, whichis far below the negativereturns generated bythe Inception Date 1-Dec-93 sensexand its peers. The funds risk ratios, standard deviationand beta are more than its peers, which means it is an aggressively managedfund, howeverits returns are also equally morethan its peers. In a AUM Rs. in Cr Feb-04 1607.228 quarterly performance review, the fund, except for a few quarters has been able to generate positive Latest NAV Date 15-Mar-04 returns. This return is measured as the excess returns generated over the peers. The fund, a wellLatest NAV 52.08 diversified equity fund has been managedas onlya large cap fundand the style drift towards becominga MODERN PORTFOLIO STATISTICS midcap fund is less. FUND PEERS FUND PORTFOLIO Std Dev 0.25 0.23 The fund has a maximumexposureto banks,softwareandrefinery sector. One interesting point aboutits Beta 0.86 0.81 portfolio is that the fund doesnot believein portfoliochurning. The fund has never gone overboardon any .It Sharpe ratio 1.31 1.42 particular sector and hence has not got hurt in the process due to suddendevelopments maintainsits stand as its investment philosophy. Jenson's Alpha 0.20 0.20 FUND FACTS Top 5% 40.78% The minimumamountof investments Rs 5,000.Subsequentinvestment mountis Rs 1000.The entryload i a Expense ratio 2.15% is 2 per cent for all investments be made.There is no exit load.Systematicinvestment lanning facilityis to p available in multiples of 12 and the SIP amount is Rs 1000. INVESTMENT DETAILS Initial investment 5000 Subsequent investment 1000 SIP Amount 1000 SIP Multiple 12 RETURNS OVERVIEW FUND PEERS 3 - Month 6 - Month 51.97 40.95 MARKET CYCLE PERFORMANCE 1 - Year 133.20 121.45 TYPE FUND BSE SENSEX PEERS 3 - Year 140.33 154.15 Bull 148.71 88.24 134.56 - Inception 941.60 342.61 Bear -33.84 -41.33 -48.93 PORTFOLIO CONSTITUENTS QUARTERLY RETURNS* YEAR QUARTER 1 QUARTER 2 QUARTER 3 QUARTER 4 COMPANY % to NAV 2000 -82.68 38.97 -8.05 35.42 Bharat Petroleum Corpn. Ltd. 8.48 2001 27.91 -4.26 58.24 12.33 Grasim Industries Limited 7.67 2002 12.91 -35.25 1.05 10.67 Infosys Technologies Ltd. 7.90 2003 3.17 -15.74 0.93 11.93 ITC Limited 8.05 2004 -1.01 NA NA NA State Bank Of India 8.67 *Excess Annualised Returns over Peers INDUSTRY % to NAV 300.00 Banks 11.71 Cigarettes 8.05 Franklin India Bluechip Fund - Growth 250.00 Computers - Software 14.94 Diversified 12.58 BSE Sensex 200.00 Refineries 14.99
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This Research Report is strictly confidential to the recepient and may not be distributed to the press or other media, or reproduced in other form and or be taken, distributed or transmitted in other jurisdictions in which it may be restricted by their law. By accepting this report, you agree to be bound by the foregoing limitations. Information and opinions in this report were prepared by Cholamandalam Distribution Services Limited (CDSL) and CDSL does not undertake to advise you of any changes in its opinions or information. Investors must make their own investment decisions based on their specific objectives and financial resources. Information contained herein is believed to be reliable but CDSL does not warrant its completeness or accuracy.

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Category Sub Category Style Drift Style Index

Templeton Prima Fund

FUND DETAILS PERFORMANCE Prima Fund,launchedbyKotharipioneerin the year 1993was takenover byFranklin Templetonin the year Equity Diversified 2002.This fund like the bluechip fund is managed by K.N.Sivasubramanian who manages around 64 Mid Cap as its corpus. A midcap fund by nature has not undergoneany style drift till now. The fund is a verywell Low managedfund, whose risk adjustedreturns is more than the peers average. The fund as measuredby Jensensalpha(excess averagereturns) is positive andmore thanits peers,which indicatesthat the fund CNX Midcap 200 manager has perfectlytimed the marketand has extraordinarystock selection skills. The fund has also TRADING DATA outperformedits peers during the identifiedperiodof Bull Run when it generated about163% returns when Fund Manager K.N.Siva Subramanian the sensex generated about 88 % returns and its peers generated about 134% returns. During the Inception Date 1-Dec-93 identified period of bear run the fund generated negativereturns, which is comparativelylesser than the negativereturns generatedbyits peers.The fundhas beenable to beat its peers in terms of returns overa AUM Rs. in Cr Feb-04 641.7033 6month, 12 month and 36 month time horizon. The fund has its standard deviation more than its peer Latest NAV Date 15-Mar-04 implies high volatility,howeverits returns commensuratewiththe risk appetite.In a quarterly performance Latest NAV 71.03 review,the fund, exceptfor a fewquarters has been generating positive returns. Thus, the fund has done MODERN PORTFOLIO STATISTICS well in the past two years as mid-caps havedone well. It is among the top gainers amongall the equity funds. FUND PEERS Std Dev 0.27 0.23 FUND PORTFOLIO Beta 0.80 0.81 The fundhas its exposuretowardscall, banksautoancilliaries, automobilesector. This fundagain doesnot Sharpe ratio 1.60 1.42 believe in aggressively churning its portfolio. Jenson's Alpha 0.32 0.20 FUND FACTS Top 5% 32.77% The minimumamountof investments Rs 5,000.Subsequentinvestment mountis Rs 1000.The entryload i a Expense ratio 2.30% is 2 per cent for all investments be made.There is no exit load.Systematicinvestment lanning facilityis to p available in multiples of 12 and the SIP amount is Rs 1000. INVESTMENT DETAILS Initial investment 5000 Subsequent investment 1000 SIP Amount 1000 SIP Multiple 12 RETURNS OVERVIEW FUND PEERS 3 - Month -3.36 3.81 6 - Month 45.97 40.95 MARKET CYCLE PERFORMANCE 1 - Year 148.86 121.45 TYPE FUND BSE SENSEX PEERS 3 - Year 267.08 154.15 Bull 163.02 88.24 134.56 - Inception 610.30 342.61 Bear -43.97 -41.33 -48.93 PORTFOLIO CONSTITUENTS QUARTERLY RETURNS* YEAR QUARTER 1 QUARTER 2 QUARTER 3 QUARTER 4 COMPANY % to NAV 2000 -63.09 -31.61 81.67 79.52 Call 8.20 2001 32.10 -10.71 6.72 -16.18 Indian Rayon & Industries Ltd. 5.86 2002 53.73 24.88 -21.93 64.26 Lic Housing Finance Ltd. 6.92 2003 2.93 67.71 -21.93 64.26 Motor Industries Co. Ltd. 5.80 2004 -52.01 NA NA NA *Excess Annualised Returns over Peers INDUSTRY % to NAV Auto Ancillaries 8.88 400 Automobiles - 4 Wheelers 11.57 350 Franklin India Prima Fund - Growth Banks 9.78 300 BSE Sensex Call 8.20 peers Finance - Housing 6.92 250
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This Research Report is strictly confidential to the recepient and may not be distributed to the press or other media, or reproduced in other form and or be taken, distributed or transmitted in other jurisdictions in which it may be restricted by their law. By accepting this report, you agree to be bound by the foregoing limitations. Information and opinions in this report were prepared by Cholamandalam Distribution Services Limited (CDSL) and CDSL does not undertake to advise you of any changes in its opinions or information. Investors must make their own investment decisions based on their specific objectives and financial resources. Information contained herein is believed to be reliable but CDSL does not warrant its completeness or accuracy.

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Category Sub Category Style Drift Style Index

Principal Equity Fund

FUND DETAILS PERFORMANCE Principal Equity Fund waslaunchedin the year1995 andit is currently being managedbyMr. Rajat Jain Equity Diversified who manages 57 crores as its corpus. The fund though christened as a diversified equity fund has its Large investmentobjectiveof seeking long-term capital appreciationby investingnot onlyin equities but also in High debenturesandmoneymarketinstruments.The fundoverall has been an average performerover the years in terms of returns generatedsince inceptionThe fundexceptfor the 3 monthreturns has alwaysgenerated Bse Sensex returns lesser than its peers and the fund as it appears from the statistics has alwaysbehavedlike a TRADING DATA defensivefund both in terms of returns generated and risk appetitebecausethe fundssharpe ratio (risk Fund Manager Rajat Jain adjusted returns) and Jensens Alpha (Excess returns) has been arrived at as an positive figure, but Inception Date 1-May-95 comparativelya lesser number than the figures flashed by its peers. The risk measures as indicatedby standarddeviationandbetais lower thanits peers,whichindicatesthe levelof safetyregion, which the fund AUM Rs. in Cr Feb-04 57.8127 wants to operate in. The fund has also failed to display its superior performanceduring the identified Latest NAV Date 15-Mar-04 periods of bull or bear run. During the Bull Run, the fund generated88% returns, which is just abovethe Latest NAV 16.62 returns generatedbythe sensexbut far belowthe returns generated byits peers.During the bear run, the MODERN PORTFOLIO STATISTICS fund generated negativereturns on par withits peers.The fund,though intendedto be a large cap oneis increasingly being managed as a mid cap fund which indicates a style drift. FUND PEERS FUND PORTFOLIO Std Dev 0.22 0.23 The fundhas exposureto sectors like automobiles,banks,Pharma.The fund,in the initial yearshad a very Beta 0.76 0.81 high exposureto the debtinstruments.But howeverthe fundhas reduced its exposureto the extentof 8% in Sharpe ratio 0.99 1.42 GOI as of February 2004. Jenson's Alpha 0.10 0.20 FUND FACTS The minimumamountof investmentis Rs 5,000.Subsequentinvestment mountis Rs 500.The entryload a Top 5% 30.59% is 1.9%percentfor all investmentsmade up to Rs 50 lakhs,.5%for investments between50 and 100lakhs Expense ratio 2.50% and.25%for investment alueexceedingRs 1 crore. There is no exit load attachedto the fund.Systematic v investment planning facility is available in multiples of 2 and the SIP amount is Rs 500.. INVESTMENT DETAILS Initial investment 5000 Subsequent investment 500 SIP Amount 500 SIP Multiple 2 RETURNS OVERVIEW FUND PEERS 3 - Month 6.81 3.81 6 - Month 28.34 40.95 MARKET CYCLE PERFORMANCE 1 - Year 83.44 121.45 TYPE FUND BSE SENSEX PEERS 3 - Year 82.44 154.15 Bull 89.97 88.24 134.56 - Inception 76.06 342.61 Bear -45.30 -41.33 -48.93 PORTFOLIO CONSTITUENTS QUARTERLY RETURNS* YEAR QUARTER 1 QUARTER 2 QUARTER 3 QUARTER 4 COMPANY % to NAV 2000 4.56 17.35 -2.36 0.82 Bharat Heavy Electricals Ltd. 6.84 2001 12.67 -15.41 77.93 -16.32 Bharat Petroleum Corporation Ltd. 5.35 2002 20.70 -41.41 5.00 -9.77 Call 6.21 2003 7.24 -34.67 -25.25 -55.53 Larsen & Toubro Ltd. 7.00 2004 -8.13 NA NA NA Tata Motors Ltd. 5.19 *Excess Annualised Returns over Peers INDUSTRY % to NAV Automobiles - 4 Wheelers 10.20 250 Banks 14.70 Principal Equity Fund - Growth Diversified 10.17 200 BSE Sensex GOI 8.94 Pharmaceuticals 11.29 peers
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This Research Report is strictly confidential to the recepient and may not be distributed to the press or other media, or reproduced in other form and or be taken, distributed or transmitted in other jurisdictions in which it may be restricted by their law. By accepting this report, you agree to be bound by the foregoing limitations. Information and opinions in this report were prepared by Cholamandalam Distribution Services Limited (CDSL) and CDSL does not undertake to advise you of any changes in its opinions or information. Investors must make their own investment decisions based on their specific objectives and financial resources. Information contained herein is believed to be reliable but CDSL does not warrant its completeness or accuracy.

Mutual Fund Report

Category Sub Category Style Drift Style Index

Principal Growth Fund

FUND DETAILS PERFORMANCE The IDBI Principal Growth Fund is an open-enddiversified equity fund, which was launchedin the year Equity Diversified 2000,after Principal group acquired management ontrol in IDBI Mutual fund. The fundis currentlybeing c Large managedby Mr. Tridib Pathakwho manages around 82 crores as its corpus. The fund, again like the Low Principal Equity fund has never outperformedthe marketsince inception. The fundhas beengenerating returns over a 3,6,12,36month holding period which is far below the performance shown by its peers. Bse Sensex Though the fundhas beenable to be on par withits peers on the risk measureside as indicatedby Betaand TRADING DATA standarddeviation,the fundhas neverbeenable to compensatethe risks takenby its absolutereturns. The Fund Manager Tridib Pathak fund has a Sharpe ratio, which is lesser than its peers, and the excess returns as measured by alpha Inception Date 3-Oct-00 trailing with Sharpe. In a measure to compare the funds performanceduring the upturn and during the downturn,the fundhas beenable to beatthe sensexduring the Bull Run but got smashedby the stupendous AUM Rs. in Cr Feb-04 82.1371 performanceshown byits peers. But howeverthe fundwas not in existenceduring the identified periodof Latest NAV Date 15-Mar-04 Bear run. Commenting on its style, the fund has been sticking on to its nature of being a large cap one. Latest NAV 18.35 FUND PORTFOLIO MODERN PORTFOLIO STATISTICS The fund,thoughhas been identifiedas a well diversifiedequity fund,has a maximumexposureof not less than10 % andevenup to 17% in somecases in sectors like automobile,cement,banks,softwaresectors. FUND PEERS The fundin the initial yearshadits portfolioskewedmoretowardsthe FMCG sector. Howeverthatsituation Std Dev 0.22 0.23 has reduced but still its concentration in one sector still seems to be high going by the present standards. Beta 0.83 0.81 FUND FACTS Sharpe ratio 1.10 1.42 The minimumamountof investmentis Rs 5,000. Subsequentinvestmentamountis Rs 500. The entryload Jenson's Alpha 0.13 0.20 is 1. 9%percentfor all investmentsmadeup to Rs 50 lakhs, 5% for investmentsbetween50 and 100lakhs and.25% for investment alueexceedingRs 1 crore. There is no exitload attachedto the fund. Systematic v Top 5% 36.78% investment planning facility is available in multiples of 2 and the SIP amount is Rs 500. Expense ratio 2.25% INVESTMENT DETAILS Initial investment 5000 Subsequent investment 500 SIP Amount 500 SIP Multiple 2 RETURNS OVERVIEW FUND PEERS 3 - Month -0.86 3.81 6 - Month 29.41 40.95 MARKET CYCLE PERFORMANCE 1 - Year 89.69 121.45 TYPE FUND BSE SENSEX PEERS 3 - Year 98.40 154.15 Bull 99.90 88.24 134.56 - Inception 83.50 342.61 Bear -41.33 -48.93 PORTFOLIO CONSTITUENTS QUARTERLY RETURNS* YEAR QUARTER 1 QUARTER 2 QUARTER 3 QUARTER 4 COMPANY % to NAV 2000 NA NA NA 17.95 Associated Cement Companies Ltd. 7.56 2001 26.32 -10.96 84.91 -12.63 Gujarat Ambuja Cements Ltd. 6.72 2002 -0.43 -39.86 19.68 -0.63 Maruti Udyog Ltd. 8.34 2003 0.84 -46.58 4.59 -28.08 Reliance Industries Ltd. 7.29 2004 -27.41 NA NA NA Satyam Computer Services Ltd. 6.87 *Excess Annualised Returns over Peers INDUSTRY % to NAV Automobiles - 4 Wheelers 12.02 250 Banks 17.92 Principal Growth Fund - Growth Cement And Cement Products 17.92 200 BSE Sensex Computers - Software 13.61 peers Petrochemicals 10.20
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This Research Report is strictly confidential to the recepient and may not be distributed to the press or other media, or reproduced in other form and or be taken, distributed or transmitted in other jurisdictions in which it may be restricted by their law. By accepting this report, you agree to be bound by the foregoing limitations. Information and opinions in this report were prepared by Cholamandalam Distribution Services Limited (CDSL) and CDSL does not undertake to advise you of any changes in its opinions or information. Investors must make their own investment decisions based on their specific objectives and financial resources. Information contained herein is believed to be reliable but CDSL does not warrant its completeness or accuracy.

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ICICI Growth Fund

FUND DETAILS PERFORMANCE Launchedin the year 1998 to generate capital appreciationby predominantlyinvesting in equities, ICICI Equity Diversified GrowthFundis currentlybeing managedbyMr.Dileep Madgavkarwhomanages489 crores as its corpus. Large Since launch in 1999, the fund's aim has alwaysbeen to see capital appreciate.In the first year itself, it High made a killing, clocking a whopping188.15%return. But betweenMarch 2000and March 2001, the tech meltdownsuckedit dry, owing to its tech-heavypositioning (about 50% in March 2000). Badly burnt,the Bse Sensex fund was down 45.85%.On account of the tech injury, the fund wasforced to prune its IT exposure,and TRADING DATA movetowardsdiversification.The fundhas beenan averageperformersince inceptionandhas alwaysbeen Fund Manager Dileep Madgavkar beatenby its peers for whatevertime period it has been considered as an investmentoption.The funds Inception Date 4-Jun-98 performancemeasuredin terms of Sharpe ratio and Alphais lesser than its peers andthe risk measures measuredby volatilityand Beta occupya place aboveits peers, which is not encouraging. In an effortto AUM Rs. in Cr Feb-04 489.74 comparethe fundsperformanceduring the bull andthe bear run, the fundhas outperformedthe sensexbut Latest NAV Date 15-Mar-04 got beatenby the performanceof its peers during the Bull Run where it returned 117%returns whilethe Latest NAV 36.3 peers generated around 134% returns. The bear run performance run similarly to the performance MODERN PORTFOLIO STATISTICS highlighted by the bull run.The fund,thougha large cap by naturehas beenrapidly being managedas an mid cap fund which shows a significant style drift in portfolio management. FUND PEERS FUND PORTFOLIO Std Dev 0.24 0.23 The fund has a high exposureto sectors like banks,software,electriacal,steel sectors. The exposureis Beta 0.90 0.81 almost to the extentof 20% in softwaresector. This could be one of the reasonsas to whythe fund is not Sharpe ratio 1.00 1.42 able to reap the benefits of diversification across sectors. Jenson's Alpha 0.11 0.20 FUND FACTS The minimumamountof investments Rs 5,000. Subsequentinvestment mountis Rs 500. The entryload i a Top 5% 36.83% is 3%percent for all investmentsmade up to Rs 3 crores. Systematic investmentplanning facility is Expense ratio 2.33% available in multiples of 6 and the SIP amount is Rs 1000. . INVESTMENT DETAILS Initial investment 5000 Subsequent investment 500 SIP Amount 750 SIP Multiple 6 RETURNS OVERVIEW FUND PEERS 3 - Month 2.11 3.81 6 - Month 38.87 40.95 MARKET CYCLE PERFORMANCE 1 - Year 101.12 121.45 TYPE FUND BSE SENSEX PEERS 3 - Year 94.53 154.15 Bull 117.01 88.24 134.56 - Inception 263.00 342.61 Bear -49.99 -41.33 -48.93 PORTFOLIO CONSTITUENTS QUARTERLY RETURNS* YEAR QUARTER 1 QUARTER 2 QUARTER 3 QUARTER 4 COMPANY % to NAV 2000 12.34 -22.16 0.43 -6.67 Hughes Software Systems Ltd. 6.12 2001 12.27 12.72 75.32 0.43 Infosys Technologies Ltd. 7.24 2002 -17.38 -25.65 -11.47 17.25 Satyam Computer Services Ltd. 6.94 2003 -15.15 -27.73 -8.98 -3.38 State Bank of India 9.55 2004 -29.52 NA NA NA Tata Iron & Steel Co. Ltd. 6.98 *Excess Annualised Returns over Peers INDUSTRY % to NAV Automobiles - 4 Wheelers 8.23 250 Banks 9.55 Computers - Software 20.30 Prudential ICICI Growth Plan - Growth 200 Pharmaceuticals 7.52 BSE Sensex Steel And Steel Products 14.53
150 100 50 0 peers
This Research Report is strictly confidential to the recepient and may not be distributed to the press or other media, or reproduced in other form and or be taken, distributed or transmitted in other jurisdictions in which it may be restricted by their law. By accepting this report, you agree to be bound by the foregoing limitations. Information and opinions in this report were prepared by Cholamandalam Distribution Services Limited (CDSL) and CDSL does not undertake to advise you of any changes in its opinions or information. Investors must make their own investment decisions based on their specific objectives and financial resources. Information contained herein is believed to be reliable but CDSL does not warrant its completeness or accuracy.

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JM Equity Fund

FUND DETAILS PERFORMANCE Launched in the year 1994 with the objective of providing long term capital Equity Diversified appreciation and growth, JM Equity is one of the pioneers to enter the Indian mutual Large fund industry. Though the fund has been around for a long period of time, the fund High has never been able to withstand the rough market conditions and sail smoothly Bse Sensex through the market periods. The fund is being managed by Ms.Jyoti Vaswani who TRADING DATA manages 22 crores as its corpus. The fund has always got beaten by its peer Fund Manager Jyoti Vaswani performance except the absolute returns generated over a 3-month time horizon. The Inception Date 12-Jan-94 funds Sharpe ratio measure much lesser than its peers and it possesses a negligent AUM Rs. in Cr Feb-04 22.0599 alpha. Adding more to its stories, the fund has its risk measures measuring much Latest NAV Date 15-Mar-04 above the average rate. The fund has also not been to put up a good show neither Latest NAV 14.62 during the bull nor the bear run. Needless to mention the fund has again flashed a MODERN PORTFOLIO STATISTICS poor performance while considering the quarterly performance review. Considering FUND PEERS its portfolio the fund has been bestowed to behave like a large cap fund, however Std Dev 0.24 0.23 the fund has been increasingly being managed as a midcap fund. Beta 0.84 0.81 Sharpe ratio 0.85 1.42 FUND PORTFOLIO Jenson's Alpha 0.08 0.20 The fund has an exposure to the Pharma, petrochemical, automobile and to the banking sector. The exposure to the call markets is to the extent of 8%. Top 5% 26.80% Expense ratio 2.50% FUND FACTS INVESTMENT DETAILS The minimum amount of investment is Rs 1,000. Subsequent investment amount is Initial investment 1000 Rs 500. The entry load is 3%percent for all investments made up to Rs 25 lakhs. Subsequent investment 500 Systematic investment planning facility is available in multiples of 12 and the SIP SIP Amount 500 amount is Rs 1000. SIP Multiple 12 RETURNS OVERVIEW FUND PEERS 3 - Month 6.10 3.81 6 - Month 39.24 40.95 MARKET CYCLE PERFORMANCE 1 - Year 103.12 121.45 TYPE FUND BSE SENSEX PEERS 3 - Year 86.48 154.15 Bull 116.90 88.24 134.56 - Inception 51.19 342.61 Bear -61.75 -41.33 -48.93 PORTFOLIO CONSTITUENTS QUARTERLY RETURNS* YEAR QUARTER 1 QUARTER 2 QUARTER 3 QUARTER 4 COMPANY % to NAV 2000 -6.71 -10.28 -27.21 -5.33 Bharat Heavy Electricals Ltd. 3.96 2001 -30.52 -2.68 68.49 -15.78 Call 8.06 2002 -44.81 -5.64 2.25 -3.00 Indian Petrochemicals Corporation Lt 3.99 2003 9.07 -40.32 -3.34 -9.43 State Bank Of India 3.99 2004 -15.73 NA NA NA Tata Motors Ltd. 6.80 *Excess Annualised Returns over Peers INDUSTRY % to NAV Automobiles - 4 Wheelers 10.21 Banks 10.43 250 Call 8.06 JM Equity Fund - Growth 200 Petrochemicals 7.18 BSE Sensex Pharmaceuticals 8.68 peers
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This Research Report is strictly confidential to the recepient and may not be distributed to the press or other media, or reproduced in other form and or be taken, distributed or transmitted in other jurisdictions in which it may be restricted by their law. By accepting this report, you agree to be bound by the foregoing limitations. Information and opinions in this report were prepared by Cholamandalam Distribution Services Limited (CDSL) and CDSL does not undertake to advise you of any changes in its opinions or information. Investors must make their own investment decisions based on their specific objectives and financial resources. Information contained herein is believed to be reliable but CDSL does not warrant its completeness or accuracy.

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ICICI Power Fund

FUND DETAILS PERFORMANCE ICICI Power Fund, launched in the year 1994, is currently being managed by Mr. Equity Diversified Dileep Madvagkar, who manages 661 crores as its corpus. Prudential ICICI Power Large became an open-ended scheme from October 2001. The fund's performance as a High close-ended scheme was unimpressive. The fund has beaten the market when Bse Sensex considering the 1 and the 3-year returns .The funds performance measured in terms TRADING DATA of alpha and Sharpe is worth looking at, as these figures suggest a positive Fund Manager Dileep Madgavkar perception when considering this as an investment alternative. The fund has also Inception Date 28-Aug-94 proved its superior performance during the period of Bull Run when it generated AUM Rs. in Cr Feb-04 661.54 around 135% as its returns while the peers generated 134% as returns. But the smile Latest NAV Date 15-Mar-04 does not stay on the face for a long time when considering its below average Latest NAV 28.51 performance during the period of bear run when it gave 56% negative returns. The MODERN PORTFOLIO STATISTICS fund has for most of the times has been generating positive returns when FUND PEERS considering the quarterly performance of the various diversified equity funds. The Std Dev 0.23 0.23 fund, though a large cap fund, has now been riding a vehicle which takes it nearer to Beta 0.79 0.81 the mid cap style. Sharpe ratio 1.47 1.42 Jenson's Alpha 0.22 0.20 FUND PORTFOLIO The fund has a maximum exposure to sectors like banking, steel, software.The Top 5% 32.20% exposure even extends upto 20% in certain sectors. Expense ratio 2.39% INVESTMENT DETAILS FUND FACTS Initial investment 5000 The minimum amount of investment is Rs 5,000. Subsequent investment amount is Subsequent investment 500 Rs 500. The entry load is 3%percent for all investments made up to Rs 2 crores. SIP Amount 1000 Systematic investment planning facility is available in multiples of 6 and the SIP SIP Multiple 6 amount is Rs 1000. RETURNS OVERVIEW FUND PEERS 3 - Month 2.78 3.81 6 - Month 36.67 40.95 MARKET CYCLE PERFORMANCE 1 - Year 124.38 121.45 TYPE FUND BSE SENSEX PEERS 3 - Year 158.95 154.15 Bull 135.81 88.24 134.56 - Inception 185.10 342.61 Bear -56.16 -41.33 -48.93 PORTFOLIO CONSTITUENTS QUARTERLY RETURNS* YEAR QUARTER 1 QUARTER 2 QUARTER 3 QUARTER 4 COMPANY % to NAV 2000 48.70 -33.03 6.03 -19.14 Hughes Software Systems Ltd. 6.00 2001 -16.89 24.99 115.45 -35.66 Infosys Technologies Ltd. 6.75 2002 -25.28 16.48 -11.06 26.08 Siemens Ltd. 4.68 2003 4.49 1.21 11.64 -9.28 State Bank Of India 9.23 2004 -29.54 NA NA NA Tata Iron & Steel Co. Ltd. 5.56 *Excess Annualised Returns over Peers INDUSTRY % to NAV Banks 10.94 300 Computers - Software 20.67 Prudential ICICI Power - Growth 250 Electrical Equipment 13.29 BSE Sensex Petrochemicals 5.93 peers 200 Steel And Steel Products 15.13
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This Research Report is strictly confidential to the recepient and may not be distributed to the press or other media, or reproduced in other form and or be taken, distributed or transmitted in other jurisdictions in which it may be restricted by their law. By accepting this report, you agree to be bound by the foregoing limitations. Information and opinions in this report were prepared by Cholamandalam Distribution Services Limited (CDSL) and CDSL does not undertake to advise you of any changes in its opinions or information. Investors must make their own investment decisions based on their specific objectives and financial resources. Information contained herein is believed to be reliable but CDSL does not warrant its completeness or accuracy.

Mutual Fund Report

Category Sub Category Style Drift Style Index

Reliance Vision Fund

FUND DETAILS PERFORMANCE Equity Diversified Reliance Fund,one of the best performing fundwas launchedin the year 1995.the fundis currentlybeing Midcap managedbyMr.Kunj Bansalwhomanages around990 crores as its corpus. In the year2002 whenmarke High was not doing well, Reliance Vision Fund was one of the top performing schemes.In the year 2003 too Reliance Vision Fund has performedwell withthe markets.Reliance Vision operates withthe objectiveof CNX Midcap 200 providing provides long-term capital appreciation by primarily investing in growth-oriented stocks. TRADING DATA Everythinggoes positive with this fund. The fund has alwaysbeatenthe market.The fund also showeda Fund Manager Kunj Bansal stupendousperformanceduring the bull and the bear run. The fundgenerated about152% returns during Inception Date 25-Sep-95 the Bull Run and it returned 47% returns during the bear run displaying its superior performance.The fundhas a high sharperatio anda high alpha whichshows an excellentstockpicking skills .The fundhas AUM Rs. in Cr Feb-04 990.28 for most of the times has been generating positive returns when considering its quarterly performance Latest NAV Date 15-Mar-04 fund has alwaysbeenthe preferreddestinationfor most of the mutualfund investors.The investorsalways Latest NAV 62.67 prefer the best andReliance Vision is a right choice.The funddestinedto act like a midcapfund howeveris MODERN PORTFOLIO STATISTICS increasingly being managed as a large cap fund and the style drift is visible. FUND PEERS FUND PORTFOLIO Std Dev 0.24 0.23 The fundinvestsin Pharma,steel, bankingsector. The fundinveststo the extentof 26 % in the call markets Beta 0.80 0.81 also. Howeverin the inception the portfolio was skewedmore towards the FMCG stocks, which did not Sharpe ratio 2.06 1.42 provide much benefit to the fund. Jenson's Alpha 0.39 0.20 FUND FACTS Top 5% 48.75% The minimum amount of investment is Rs 5,000. The entry load is 2%percent for all investments ma Expense ratio 2.50% Rs 50 lakhs, 1% for investmentsbetween50 lakhsand 2 crores and.5% for investmentsbetween2 and5 crores. Systematic investment planning facility is available in multiples of 6 and the SIP amount is Rs 500. INVESTMENT DETAILS Initial investment 5000 Subsequent investment NA SIP Amount 500 SIP Multiple 12 RETURNS OVERVIEW FUND PEERS 3 - Month 0.50 3.81 6 - Month 40.77 40.95 MARKET CYCLE PERFORMANCE 1 - Year 134.77 121.45 TYPE FUND BSE SENSEX PEERS 3 - Year 317.80 154.15 Bull 152.52 88.24 134.56 - Inception 526.70 342.61 Bear -47.82 -41.33 -48.93 PORTFOLIO CONSTITUENTS QUARTERLY RETURNS* YEAR QUARTER 1 QUARTER 2 QUARTER 3 QUARTER 4 COMPANY % to NAV 2000 7.71 17.54 9.58 10.33 Call 29.70 2001 -30.73 18.56 91.87 15.73 ITC Limited 4.24 2002 29.57 129.19 4.28 5.60 Maruti Udyog Ltd. 4.04 2003 17.50 10.84 30.98 19.46 Other Equity 6.43 2004 -39.54 NA NA NA Tata Iron & Steel Co. Ltd. 4.34 *Excess Annualised Returns over Peers INDUSTRY % to NAV Automobiles - 4 Wheelers 9.38 450 Call 29.70 Miscellaneous 6.43 400 Reliance Vision Fund - Growth Pharmaceuticals 7.04 350 BSE Sensex Steel And Steel Products 7.64 peers 300
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This Research Report is strictly confidential to the recepient and may not be distributed to the press or other media, or reproduced in other form and or be taken, distributed or transmitted in other jurisdictions in which it may be restricted by their law. By accepting this report, you agree to be bound by the foregoing limitations. Information and opinions in this report were prepared by Cholamandalam Distribution Services Limited (CDSL) and CDSL does not undertake to advise you of any changes in its opinions or information. Investors must make their own investment decisions based on their specific objectives and financial resources. Information contained herein is believed to be reliable but CDSL does not warrant its completeness or accuracy.

Mutual Fund Report

Category Sub Category Style Drift Style Index

Reliance Growth Fund

FUND DETAILS PERFORMANCE Equity Diversified Reliance Fund,one of the best performing fundwas launchedin the year 1995.the fundis currentlybeing Midcap managedbyMr.Kunj Bansalwhomanages around495 crores as its corpus. The last twoyears havebeen High marvelous for Reliance Growth. After gaining 55.75 per cent in 2002, Reliance Growth is up another per cent this yeartill December1, 2003.It is also unique in the diversityof stocks,be it large- or small-cap, CNX Midcap 200 growth or value stocks. The fund, like the vision fund has alwaysbeen rankedabovethe average marke TRADING DATA performance. The fund has beaten the market for whatevertime period it has been considered as an Fund Manager Kunj Bansal investment lternative.The fund has also shownan extraordinary a performanceduring the Bull Run whenit Inception Date 25-Sep-95 generatedaround171%returns whileits peers generated 134%returns. But howeverduring the bear run the fund generated more negative returns than its peers. Howeverthere are a lot of positives,which AUM Rs. in Cr Feb-04 495.62 overshadowsthis negativeperformance.Adding more to the positive stories, the fund has a high Sharpe Latest NAV Date 15-Mar-04 ratio and a high alpha, which shows its superior performance. The fund has again in the quarterly Latest NAV 73.15 performance review has beaten the market most of the times. MODERN PORTFOLIO STATISTICS FUND PORTFOLIO FUND PEERS The fund has diversified across sectors like steel and software sector. The fund also has a high expo Std Dev 0.24 0.23 the call markets. Beta 0.78 0.81 Sharpe ratio 1.87 1.42 FUND FACTS Jenson's Alpha 0.33 0.20 The minimum amount of investment is Rs 5,000. The entry load is 2%percent for all investments ma Rs 50 lakhs, 1% for investmentsbetween50 lakhsand 2 crores and.5% for investmentsbetween2 and5 Top 5% 35.10% crores. Systematic investment planning facility is available in multiples of 6 and the SIP amount is Rs 500. Expense ratio 2.50% INVESTMENT DETAILS Initial investment 5000 Subsequent investment na SIP Amount 500 SIP Multiple 12 RETURNS OVERVIEW FUND PEERS 3 - Month 0.98 3.81 6 - Month 46.98 40.95 MARKET CYCLE PERFORMANCE 1 - Year 156.16 121.45 TYPE FUND BSE SENSEX PEERS 3 - Year 253.04 154.15 Bull 171.66 88.24 134.56 - Inception 631.50 342.61 Bear -52.56 -41.33 -48.93 PORTFOLIO CONSTITUENTS QUARTERLY RETURNS* YEAR QUARTER 1 QUARTER 2 QUARTER 3 QUARTER 4 COMPANY % to NAV 2000 -22.33 -30.09 -14.76 13.49 Call 10.00 2001 -14.25 11.83 86.37 0.02 Grasim Industries Limited 4.97 2002 15.58 92.06 -4.08 3.24 Hero Honda Motors Ltd. 5.97 2003 -10.22 28.42 40.00 34.12 Jaiprakash Industries Ltd. 3.75 2004 -32.16 NA NA NA Other Equity 10.41 *Excess Annualised Returns over Peers INDUSTRY % to NAV Call 10.00 400 Computers - Software 9.00 350 Diversified 7.45 Reliance Growth Fund - Growth 300 Miscellaneous 10.41 BSE Sensex 250 Steel And Steel Products 7.60 peers 200 150 100 50 0 3/1/2001 6/1/2001 9/1/2001 3/1/2002 6/1/2002 9/1/2002 3/1/2003 6/1/2003 9/1/2003 12/1/2001 12/1/2002 12/1/2003 3/1/2004
This Research Report is strictly confidential to the recepient and may not be distributed to the press or other media, or reproduced in other form and or be taken, distributed or transmitted in other jurisdictions in which it may be restricted by their law. By accepting this report, you agree to be bound by the foregoing limitations. Information and opinions in this report were prepared by Cholamandalam Distribution Services Limited (CDSL) and CDSL does not undertake to advise you of any changes in its opinions or information. Investors must make their own investment decisions based on their specific objectives and financial resources. Information contained herein is believed to be reliable but CDSL does not warrant its completeness or accuracy.

Mutual Fund Report

Category Sub Category Style Drift Style Index

UTI Master Value Fund

FUND DETAILS PERFORMANCE Equity Diversified UTI Master Value Fund was launched in the yea 1998 and it is currently being Large Cap managed by Mr.Viany Kulkarni who manages around 434 crores as its corpus. The Low fund has a high Sharpe ratio and high alpha, which means that the fund has Bse Sensex generated excess returns and these returns attribute to the single factor of TRADING DATA extraordinary stock selection skills. The fund has out performed well both during the Fund Manager Vinay Kulkarni bull and the bear run. The fund has also performed well above the average when Inception Date 30-Jun-98 taking into account the quarterly performance. The fund follows a value-investing AUM Rs. in Cr Feb-04 434.3854 philosophy. Investments in stocks are made based on factors such as low PE ratio, Latest NAV Date 15-Mar-04 high dividend yield and low price to book values. The fund, essentially a large cap Latest NAV 22.29 fund has not moved away from its originally determined style of investing. MODERN PORTFOLIO STATISTICS FUND PEERS FUND PORTFOLIO Std Dev 0.21 0.23 The fund has exposure to the banking, cement, power and the software sector. The Beta 0.59 0.81 exposure to the banking sector is close to around 20% of its corpus. In the initial Sharpe ratio 2.35 1.42 stages the fund held more than 60 stocks in its portfolio. It was not however Jenson's Alpha 0.42 0.20 extensively diversified. The top ten stocks accounted for close to half of the net assets. Along with cash, the top 30 stocks accounted for about 86 per cent of net Top 5% 22.59% assets. Expense ratio 2.00% INVESTMENT DETAILS FUND FACTS Initial investment 5000 The minimum amount of investment is Rs 5,000. Systematic investment planning Subsequent investment NA facility is not available. SIP Amount NA SIP Multiple NA RETURNS OVERVIEW FUND PEERS 3 - Month -1.24 3.81 6 - Month 39.67 40.95 MARKET CYCLE PERFORMANCE 1 - Year 121.09 121.45 TYPE FUND BSE SENSEX PEERS 3 - Year 207.58 154.15 Bull 135.93 88.24 134.56 - Inception 283.95 342.61 Bear -45.26 -41.33 -48.93 PORTFOLIO CONSTITUENTS QUARTERLY RETURNS* YEAR QUARTER 1 QUARTER 2 QUARTER 3 QUARTER 4 COMPANY % to NAV 2000 -35.98 10.96 -2.42 -9.83 Infosys Technologies Ltd. 3.44 2001 6.17 -5.86 91.35 -15.03 Maruti Udyog Ltd. 4.09 2002 12.13 55.60 18.27 -23.39 Oriental Bank Of Commerce 4.44 2003 -12.17 44.10 -49.67 18.44 Reliance Industries Ltd. 4.15 2004 -28.11 NA NA NA State Bank Of India 6.47 *Excess Annualised Returns over Peers INDUSTRY % to NAV Automobiles - 4 Wheelers 6.41 300 Banks 20.98 UTI Master Value Fund Cement And Cement Products 4.34 250 BSE Sensex Computers - Software 9.26 peers Power 7.53 200
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This Research Report is strictly confidential to the recepient and may not be distributed to the press or other media, or reproduced in other form and or be taken, distributed or transmitted in other jurisdictions in which it may be restricted by their law. By accepting this report, you agree to be bound by the foregoing limitations. Information and opinions in this report were prepared by Cholamandalam Distribution Services Limited (CDSL) and CDSL does not undertake to advise you of any changes in its opinions or information. Investors must make their own investment decisions based on their specific objectives and financial resources. Information contained herein is believed to be reliable but CDSL does not warrant its completeness or accuracy.

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Mutual Fund Report

Prima Plus Fund

PERFORMANCE FUND DETAILS Launchedaround the peakof the IPO boom,Prima Plus started as a stockcollector. ByMarch 1996,Prima Category Equity Diversified Plus' portfoliowastotallyde-focusedwithnearly 200stocks in its kitty,including manysmall-cap andilliquid Sub Category Large issues. Despite relentlesscleaning of the portfolio,the fundtooknearlyfour yearsto consolidate.Since 1998, the fund has been focusing on large and mid-caps and to a more manageablenumberof issues. Franklin Style Drift High India Prima Plus is a diversified equityfund from the houseof FranklinTempletonInvestments. he fundis T Style Index Bse Sensex being managedbyMr.Sukumarwhomanages 320crores as its corpus.The fundhas a decent trackrecord TRADING DATA of performance but not to the extentof the performance as highlighted by Bluechip. The fund has been Fund Manager R. Sukumar generating returns, whichare on par withthe performanceas shownbyits peers. Evenwhile considering the performance measure like Beta, Standard Deviation, Sharpe and alpha, the fund has not overriddenthe Inception Date 29-Sep-94 market.While considering the Bull Run performancethe fundhas generatedreturns muchabovethe sensex AUM Rs. in Cr Feb-04 320.9675 but howeverbelow the performanceshown by its peers. Howeverthe fund has generated negativereturns Latest NAV Date 15-Mar-04 muchlower than the negativereturns generated byits peers,which depictsits class performance.The fund Latest NAV 49.48 has on an average has been generating positive returns when its quarterly performancereview wastaken since the year 2000.Thefund is increasingly shifting its style of managing portfolios from large cap to MODERN PORTFOLIO STATISTICS midcap. FUND PEERS FUND PORTFOLIO Std Dev 0.23 0.23 In the past fewyears,the fundhas maintaineda core portfolioandreducedexposureto auto, constructionand Beta 0.87 0.81 basic engineering sectors. It has been able to capitalize on the PSU rally, by increasing its exposureto Sharpe ratio 1.33 1.42 HPCL and BPCL. Now the fund has an exposure to the banking, software, food processing, and to the sector. The has not more than 13 % in any particular sector. Jenson's Alpha 0.18 0.20 FUND FACTS Top 5% 35.82% The minimumamountof investments Rs 5,000.Subsequentinvestment mountis Rs 1000.The entry load is i a 2 per cent for all investmentsto be made.There is no exit load. Systematicinvestmentplanning facility is Expense ratio 2.34% available in multiples of 12 and the SIP amount is Rs 1000. INVESTMENT DETAILS Initial investment 5000 Subsequent investment 1000 SIP Amount 1000 SIP Multiple 12 RETURNS OVERVIEW FUND PEERS 3 - Month 8.65 3.81 6 - Month 42.72 40.95 MARKET CYCLE PERFORMANCE 1 - Year 118.97 121.45 TYPE FUND BSE SENSEX PEERS 3 - Year 143.26 154.15 Bull 130.33 88.24 134.56 - Inception 394.80 342.61 Bear -44.05 -41.33 -48.93 PORTFOLIO CONSTITUENTS QUARTERLY RETURNS* YEAR QUARTER 1 QUARTER 2 QUARTER 3 QUARTER 4 COMPANY % to NAV 2000 -16.52 -1.35 -7.47 13.65 Hindustan Petroleum Corporation Ltd 7.86 2001 28.53 12.82 75.40 25.50 Infosys Technologies Ltd. 6.99 2002 7.15 -33.52 8.06 -3.13 Larsen & Toubro Ltd. 7.19 2003 -0.69 -6.79 -12.03 -14.20 Nestle India Ltd. 6.51 2004 -1.88 NA NA NA State Bank Of India 7.27 *Excess Annualised Returns over Peers INDUSTRY % to NAV Banks 12.22 250 Computers - Software 13.28 Franklin India Prima Plus - Growth Diversified 12.11 200 BSE Sensex Food And Food Processing 6.51 peers Refineries 7.86 150
This Research Report is strictly confidential to the recepient and may not be distributed to the press or other media, or reproduced in other form and or be taken, distributed or transmitted in other jurisdictions in which it may be restricted by their law. By accepting this report, you agree to be bound by the foregoing limitations. Information and opinions in this report were prepared by Cholamandalam Distribution Services Limited (CDSL) and CDSL does not undertake to advise you of any changes in its opinions or information. Investors must make their own investment decisions based on their specific objectives and financial resources. Information contained herein is believed to be reliable but CDSL does not warrant its completeness or accuracy.

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