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 2024 continued the momentum from 2023, with the benchmark domestic (Nifty) and global indices (S&P500) both making fresh highs. Bond markets remained rangebound for most of the month, before two significant events (US Fed meeting and Interim budget announcement in India) around the turn of the month helped drive the markets decisively. Indian G-Sec yields traded within a narrow range between 7.13 – 7.23, closing 4 bps lower for the month. Much of the action in this period was driven by foreign investors building positions in IGB (Indian Government Bonds), ahead of the inclusion in JPM-EMBI.

The interim budget announcement on 1st Feb’24 guiding to 5.1% fiscal deficit for FY25, while steering away from any populist measures drove bond yields lower by ~10 bps across the curve. Equity markets also continued their upwards momentum into the new year, with Nifty breaching 22,000 in mid-January, before settling flat for the month. On the global front, US yields remained rangebound +/15 bps around 4%, before the Fed chairperson pushed out rate cut timeline by a few months in the US Fed meeting on 31st Jan’24. This led to UST yields hardening a bit in early February. Nonetheless, S&P 500 created a new high watermark in January, before retracing briefly around the Fed announcement. More broadly, the Japanese stock market continued its stellar performance from 2023 by gaining 8.4% in January, now only 7% off it’s all-time highs established in late 1980s.

On the macro-economic front, IMF raised the global growth forecast for CY24 from 2.9% to 3.1%, with India expected to grow at 6.5 in FY25%. Retail inflation rose marginally to 5.7% but core inflation came in at a post-pandemic low of 3.8%. From a sectoral point of view, Energy (~10%), Infra (~8%) and Pharma (~7%) were the top gainers, while, Banks (~5%) and FMCG (~3%) were the top losers. During the period, FIIs sold equities to the tune of ~Rs 35,432 Cr and DIIs bought equities to the tune of ~Rs 27,463 Cr. During the month, FPIs were net sellers of Indian equities to the extent of Rs 25,744 Cr.

EQUITY

Equity markets currently trade ~20x their 12m forward earnings, ~10% premium to historical average. Q3 FY24 earnings have come in ahead of expectations for the most, except for the IT sector, as a result of sluggish global demand. In light of the improving fiscal situation, continued government capex, and expectation of rate cuts later in the year, equity markets could see further upwards momentum in the near term even at current elevated valuations.

FIXED INCOME

Indian sovereign bonds are expected to exhibit a downward bias, while being anchored ~7% on account of multiple tailwainds from improving fiscal, robust macrofundamentals, strong investor demand ahead of the inclusion in global bond indices and lower supply of government bonds in the year ahead.

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 23-Feb-2024

  • Sr. No.1

  • Fund

  • Segregated Fund Identification No.

  • NAV

1 Balanced fundULIF 001 18/02/09 SUD-LI-BL1 14236.7296SD001
2 Equity FundULIF 002 25/02/09 SUD-LI-EQ1 14275.5893SD002
3 Bond FundULIF 004 25/02/09 SUD-LI-BN1 14226.9125SD003
4 Growth FundULIF 003 25/02/09 SUD-LI-GR1 14264.7395SD004
5 Individual Pension Fund - EquityULIF 005 31/03/09 SUD-PI-EQ1 14264.7471SD005
6 Individual Pension Fund - BondULIF 008 31/03/09 SUD-PI-BN1 14226.7472SD006
7 Individual Pension Fund - GrowthULIF 006 31/03/09 SUD-PI-GR1 14251.2641SD007
8 Individual Pension Fund - BalancedULIF 007 31/03/09 SUD-PI-BL1 14236.2659SD008
9 Apex Equity FundULIF 009 20/01/10 SUD-LA-EQ1 14243.3727SD009
10 Apex Bond FundULIF 012 20/01/10 SUD-LA-BN1 14226.3588SD010
11 Apex Growth FundULIF 010 20/01/10 SUD-LA-GR1 14239.7083SD011
12 Apex Balanced FundULIF 011 20/01/10 SUD-LA-BL1 14236.1549SD012
13 Individual Pension Fund - Apex EquityULIF 013 20/01/10 SUD-PA-EQ1 14243.5582SD013
14 Individual Pension Fund - Apex BondULIF 016 20/01/10 SUD-PA-BN1 14225.3878SD014
15 Individual Pension Fund - Apex GrowthULIF 014 20/01/10 SUD-PA-GR1 14238.7168SD015
16 Individual Pension Fund - Apex BalancedULIF 015 20/01/10 SUD-PA-BL1 14235.1576SD016
17 Express Balanced FundULIF 017 29/04/11 SUD-LX-BL1 14228.5695SD017
18 Discontinued FundULIF 018 03/06/11 SUD-UL-DP1 14221.6486SD018
19 Individual Life - Bluechip Equity FundULIF 019 11/12/13 SUD-LI-EQ2 14232.1349SD019
20 Individual Life - Income FundULIF 020 11/12/13 SUD-LI-BN2 14219.4280SD020
21 Individual Life - Growth Plus FundULIF 023 11/12/13 SUD-LI-GR2 14229.2161SD023
22 Individual Life - Balanced Plus FundULIF 024 11/12/13 SUD-LI-BL2 14223.9723SD024
23 Unclaimed Policies Unit Linked FundULIF 025 09/11/16 SUD-LN-UUF14214.8558SD029
24 Group Debt FundULGF 003 20/03/15 SUD-GN-BN1 14217.2618SD027
25 Group Money Market FundULGF 004 20/03/15 SUD-GN-MM1 14212.2532SD028
26 Group Balanced FundULGF 002 20/03/15 SUD-GN-BL1 14213.7974SD026
27 Individual Life - Mid Cap FundULIF 026 14/10/19 SUD-LI-MID 14221.1029SD030
28 Individual Life - Gilt FundULIF 027 14/10/19 SUD-LI-GLT 14211.9849SD031
29 Dynamic FundULIF 028 11/06/21 SUD-LI-DYN 14212.4062SD032
30 Money Market FundULIF 029 11/06/21 SUD-LI-MMF 14211.1145SD033
31 Pension Equity Plus FundULIF 030 08/09/23 SUD-PI-EQ2 14210.3914SD034
32 Pension Growth Plus FundULIF 031 08/09/23 SUD-PI-GR2 14210.3484SD035
33 Pension Balanced Plus FundULIF 032 08/09/23 SUD-PI-BL2 14210.2544SD036
34 Pension Gilt Plus FundULIF 033 08/09/23 SUD-PI-GL2 14210.2441SD037
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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