FUND PHILOSOPHY

Contained headline inflation and slower growth is positive for fixed income market. It will not only help RBI to infuse necessary durable system liquidity but also opens up the possibility of further rate cuts. Global growth inflation dynamics also prompted other key central banks to maintain their growth supportive stance. All these factors are favourable for the domestic fixed income market. Hence, in the near term interest rate movement is likely to be range bound with softer bias. However, over the medium term, Government’s commitment towards fiscal deficit target, crude price movement, progress of monsoon and FII flows are likely to impact the market sentiment.

OVERVIEW OF MARKET

Financial markets in the month of April 2024 were driven by receding hopes of interest rate cuts by the US Federal Reserve, due to still elevated and sticky inflation as well as a strong labour market in the US. Closer home, the RBI reinforced its focus on financial stability and inflation targeting, in-effect ruling out any rate action before US Fed cuts rates. Indian equity markets remained rangebound, creating a fresh lifetime high at 22,783 and briefly testing the 22,000 levels on the downside, before closing +1.1% for the month, just north of 22,600. The volatility indicator of the Indian market, the VIX, rose to 13.5 from 11.5 in Mar’24, indicating some nervousness amongst investors. US equity indices saw bears take hold as rate cut expectations receded and Q1 GDP also came in lower at 1.6%

SIP flows data for Mar’24 reached a new high at Rs 19,271 Cr, (+40% y-o-y), helping offset FII outflows of Rs 36,000 Cr. Corporate earnings for Q4 have been mixed so far, with weakness seen in IT sector offset by reasonably strong numbers from the banking sector. Weakness in external demand and slowdown in domestic capex (on account of elections) are expected to continue in the near term. In the Fixed income markets, India 10Y benchmark traded between 7.10% - 7.20%, moving up 10-15 bps during the month, driven by UST yields moving up 50 bps.

During the period, SEBI reduced the minimum lot size of privately-placed debt securities to Rs 10,000 from Rs 1,00,000, thus paving the way for retail investors to participate in the same. From a sectoral point of view, Metals (~11%), Auto (~5%), Bank (4.8%) and energy (3.4%) were the top gainers, while, IT (~4.9%) was the top loser. During the period, FIIs sold equities to the tune of ~Rs 35,692 Cr and DIIs bought equities to the tune of ~Rs 44,186 Cr. FPIs were net sellers of Indian equities to the tune of Rs 8,671 Cr.

EQUITY

Equity markets could remain rangebound in the nearterm, keenly watching for any emerging trends for the general elections, amid broader global risk-off sentiment More fundamentally, the rally in stock prices over the past 12 months has resulted in stretched valuations, leaving little room for any disappointment in Q4 earnings. India Equity market is trading at a PE of 20.7x at 1-year forward EPS, which is above the historical longterm averages. Returns will continue to be driven by sector and stock selection.

FIXED INCOME

Indian bond yields are expected to remain between 7.10% - 7.25% in the near term, due to elevated UST yields. FPI inflows are expected to moderate due to rising safe-haven demand, even as IGBs (Indian Government Bonds) will be included in global bond indices starting Jun’24. Bond yields remain susceptible to shocks from evolving geopolitical disturbances and associated supply chain and commodity price shocks.

INVESTOR PHILOSOPHY

Provide customers with the best solutions & services

Vision
To be the preferred Life Insurer; to ensure Safety, Liquidity and Profitability of funds, encompassing integrity and transparency in its operations, with an overall objective to meet the Reasonable Expectations of Policyholders.

Objectives

  • To invest the funds in matching assets, to the extent possible, so as to meet the liabilities as and when due
  • To effectively manage the portfolio of investments to yield optimum return
  • To be compliant with all Regulatory norms and to follow prudent practices in operations
  • To carry out the fund management activities in a cost efficient manner

COMPANY INITIATIVE

Constant growth and development

Attract and retain talent and imparts training to the manpower to develop the needed skill sets; In-house Research team and framework for informed fund management decisions. State of the art Investment Management System seamlessly integrating the Front, Mid and Back offices, to effectively manage risks, investment accounting, MIS etc

MODIFIED NAVCOMPUTATION

As per IRDA Circulars ref: IRDA/F&I/CIR/INV/173/08/2011 dated July 29, 2011 and IRDA/F&I/CIR/INV/187/08/2011 dated August 17, 2011, computation of Net Asset Value stands modified with effect from August 18, 2011, as below:

OLD METHOD NEW METHOD

Fund Nav

NAVs (in Rs) as on 27-May-2024

  • Sr. No.1

  • Fund

  • Segregated Fund Identification No.

  • NAV

1 Balanced fundULIF 001 18/02/09 SUD-LI-BL1 14237.3957SD001
2 Equity FundULIF 002 25/02/09 SUD-LI-EQ1 14277.0966SD002
3 Bond FundULIF 004 25/02/09 SUD-LI-BN1 14227.4579SD003
4 Growth FundULIF 003 25/02/09 SUD-LI-GR1 14266.0489SD004
5 Individual Pension Fund - EquityULIF 005 31/03/09 SUD-PI-EQ1 14266.0370SD005
6 Individual Pension Fund - BondULIF 008 31/03/09 SUD-PI-BN1 14227.2974SD006
7 Individual Pension Fund - GrowthULIF 006 31/03/09 SUD-PI-GR1 14252.3899SD007
8 Individual Pension Fund - BalancedULIF 007 31/03/09 SUD-PI-BL1 14236.9225SD008
9 Apex Equity FundULIF 009 20/01/10 SUD-LA-EQ1 14244.3099SD009
10 Apex Bond FundULIF 012 20/01/10 SUD-LA-BN1 14226.9323SD010
11 Apex Growth FundULIF 010 20/01/10 SUD-LA-GR1 14240.5609SD011
12 Apex Balanced FundULIF 011 20/01/10 SUD-LA-BL1 14236.8686SD012
13 Individual Pension Fund - Apex EquityULIF 013 20/01/10 SUD-PA-EQ1 14244.5834SD013
14 Individual Pension Fund - Apex BondULIF 016 20/01/10 SUD-PA-BN1 14225.8946SD014
15 Individual Pension Fund - Apex GrowthULIF 014 20/01/10 SUD-PA-GR1 14239.5692SD015
16 Individual Pension Fund - Apex BalancedULIF 015 20/01/10 SUD-PA-BL1 14235.8856SD016
17 Express Balanced FundULIF 017 29/04/11 SUD-LX-BL1 14228.5695SD017
18 Discontinued FundULIF 018 03/06/11 SUD-UL-DP1 14222.0035SD018
19 Individual Life - Bluechip Equity FundULIF 019 11/12/13 SUD-LI-EQ2 14232.7915SD019
20 Individual Life - Income FundULIF 020 11/12/13 SUD-LI-BN2 14219.8549SD020
21 Individual Life - Growth Plus FundULIF 023 11/12/13 SUD-LI-GR2 14229.8124SD023
22 Individual Life - Balanced Plus FundULIF 024 11/12/13 SUD-LI-BL2 14224.3914SD024
23 Unclaimed Policies Unit Linked FundULIF 025 09/11/16 SUD-LN-UUF14215.0963SD029
24 Group Debt FundULGF 003 20/03/15 SUD-GN-BN1 14217.6344SD027
25 Group Money Market FundULGF 004 20/03/15 SUD-GN-MM1 14212.4643SD028
26 Group Balanced FundULGF 002 20/03/15 SUD-GN-BL1 14214.1005SD026
27 Individual Life - Mid Cap FundULIF 026 14/10/19 SUD-LI-MID 14221.9152SD030
28 Individual Life - Gilt FundULIF 027 14/10/19 SUD-LI-GLT 14212.2099SD031
29 Dynamic FundULIF 028 11/06/21 SUD-LI-DYN 14212.6765SD032
30 Money Market FundULIF 029 11/06/21 SUD-LI-MMF 14211.2808SD033
31 Pension Equity Plus FundULIF 030 08/09/23 SUD-PI-EQ2 14210.6327SD034
32 Pension Growth Plus FundULIF 031 08/09/23 SUD-PI-GR2 14210.5875SD035
33 Pension Balanced Plus FundULIF 032 08/09/23 SUD-PI-BL2 14210.4675SD036
34 Pension Gilt Plus FundULIF 033 08/09/23 SUD-PI-GL2 14210.4527SD037
35 Pension Discontinued Policy FundULIF 021 10/04/13 SUD-PA-DP2 14210.0000SD038
Fund Philosophy

FUND
MANAGEMENT
TEAM

Get to know the
fund management team
at our company

Mr. Prashant Sharma

CHIEF INVESTMENT OFFICER

Qualifications: CA, CFA

Experience: More than two decades of experience of handling Investments. Prashant has been responsible for overall investment portfolios, formulating investment policies, generating reasonable returns and appropriate risk management. He has been also responsible for Corporate Strategy, Products, MIS and Assurance services in his previous roles and has been an active member of Executive Committee and Steering committees.

Prior to joining the company, he was Chief Investment Officer at Aviva Life Insurance. He was also associated with Max Life Insurance in the capacity of Chief Investment Officer in the past.

Mr. Ram Kamal Samanta

HEAD OF FIXED INCOME

Qualifications: Post--graduation in Economics from JNU, PGDBA with specialisation in Finance, Chartered Financial Analyst (CFA – ICFAI India), certified Financial Risk Manager (FRM from GARP USA) and Certified Associate of Indian Institute of Bankers(CAIIB),Fellow of Life Insurance from Insurance Institute of India.

Experience: More than two decades of experience in financial markets (both fixed income and equity) as a research analyst and fund manager. Prior to joining SUD Life, he was with SBI DFHI LTD as Vice President, Investment for 13 years.

Guest speaker at various reputed institutes including Indian Institute of Management (IIM) Kolkata, National Institute of Securities Market (NISM) and National Institute of Bank Management (NIBM) Pune.

Mr. Jagdish Bhanushali

FUND MANAGER – EQUITY

Qualifications: CFA (CFA Institute) & FRM (Global Association of Risk Professional)

Experience: Greater than 13 years’ of Experience in to Indian Equity Market. Prior joining SUD Life, he worked as Senior Equity Analyst with Florintree Advisors.

Along with being Equity Analyst, he was also associated as Guest Faculty with Mithibai College of Science & Commerce and SIES College of Commerce & Economics.

Mr. Sujay Nimkar

FUND MANAGER - FIXED INCOME​

Qualifications: MBA (Finance) & B.E. (Mechanical)

Experience: 10+ years of experience in fixed income markets across rating agencies and Investment banks.

Prior to joining SUD Life, he was working as senior analyst with ICRA Ltd,He has also been associated with Deutsche bank, Credit Suisse and CRISIL Ltd.

Mr. Jimesh Sanghvi

SR EQUITY RESEARCH ANALYST​

Qualifications: Chartered Accountant

Experience: More than 17 years of experience as an Equity Research Analyst for the Indian markets both on the buy side as well as sell side.

Prior to joining SUD Life, he was a senior Equity Research Analyst with Principal Asset Management covering multiple sectors.

He has also been associated with SBICAP Securities and Avendus Securities in the past..

Awarded Reuters Star Mine award for stock picking in Metals and Mining Sector during 2013 and 2014.

Mr. Hasmukh Vishariya

EQUITY RESEARCH ANALYST​

A qualified Chartered Accountant started his career with the company in October 2017

Mr. Rishav Jain

CREDIT ANALYST​

Qualifications: Chartered Accountant, B.Com(H)

Experience: 3 years post qualification experience, with 1.5 years as macro and credit analyst.

Prior to joining SUD Life, he was associated with PwC.

Mr. Meet Kachhy

LEAD ANALYST ON ALTERNATE ASSETS​

Qualifications: MBA, CFA, B.E. (Hons)

Experience: More than a decade’s experience across investing (public & private markets ), corporate finance & strategy.

Prior experience includes stints at Goldman Sachs Asset Management, VC fund Jupiter Capital and education start-up XSeed.

CHANGE IN VALUATION OF EQUITY

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