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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

Equity markets (Nifty 50) declined 2% in December, ending +9% for the calendar year at 23,645, down 10% from its all-time peak of 26,277 achieved in Sep’24. Nifty Midcap 100 and Smallcap 100 both gained ~24-25% during the year, while continuing to remain expectedly volatile. During the same period, the yields on the benchmark India 10Y G-sec softened around 40bps, even as there were no rate cuts by the RBI. Globally, the major equity indices in the US created multiple high watermarks, with S&P 500 returning 23% for the calendar year while the tech-heavy Nasdaq returned 29%. For the month, the S&P 500 was -2.2% and the UST 10Y yields were +40 bps once the US Fed indicated that there may be minimal rate cuts in 2025 due to fiscal and inflationary pressures, even as it cut reference rates by 25 bps.

In its MPC during early December, the RBI decided to keep repo rate unchanged while cutting the CRR by 50bps to 4% to infuse some much-needed liquidity into the system. Post the MPC, Shaktikanta Das retired as the RBI governor upon completion of his term and was replaced by Sanjay Malhotra for the next three years. Rising UST yields continued to make the USD the currency of choice, taking the multi-currency Dollar index (DXY) past 108, levels not seen for 5 years except briefly around Oct’22. This has led to continued outflows from emerging markets towards US markets and caused the INR to depreciate by 1.1% during the month.

In the equity markets, Pharma (~5%) was the top gainer, while Energy (~7%), Metal (~4%), Infra (~3%), Auto (~2%) and Bank (2%) were the top losers. In terms of flows into equities, FIIs sold Rs 16,982 Cr, DIIs bought Rs 34,195 Cr and FPIs were net buyers of Rs 15,446 Cr.

EQUITY

The first half of FY25 disappointed on growth and so far, there are mixed signals from 3Q. On the back of increasing raw material prices, margin expansion for corporates looks difficult in the short term. Demand could recover in 4Q, on the back of busy marriage season and a good rabi crop. Catch-up spending by the Central Government in H2FY25 should also support the overall momentum. In the short to medium term, equity markets will take a major cue from the upcoming Union Budget and Trump administration’s trade and tariff policies. Post recent correction Nifty is trading at 20.7x of Dec’25 EPS. Support from rural growth in the second half and easing of monetary policy would continue to attract investors towards the Indian equity market. We believe market returns will be driven by sector and stock selection.

FIXED INCOME

Favorable demand-supply dynamics, combined with decreased government borrowings and robust tax collection, has kept interest rates low. The RBI's latest liquidity measures point to policy easing in Q4 FY25, but with UST-IGB differential near all-time lows, meaningful yield softening is unlikely. Bond yields will also remain impacted by the continued strength of the USD. In the near term, the bond markets will remain rangebound until the union budget on 1st Feb.

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 13-Jan-2025

  • Sr. No.1

  • Fund

  • Segregated Fund Identification No.

  • NAV

1 Balanced fundULIF 001 18/02/09 SUD-LI-BL1 14238.6162SD001
2 Equity FundULIF 002 25/02/09 SUD-LI-EQ1 14277.8751SD002
3 Bond FundULIF 004 25/02/09 SUD-LI-BN1 14228.7989SD003
4 Growth FundULIF 003 25/02/09 SUD-LI-GR1 14267.0304SD004
5 Individual Pension Fund - EquityULIF 005 31/03/09 SUD-PI-EQ1 14266.5289SD005
6 Individual Pension Fund - BondULIF 008 31/03/09 SUD-PI-BN1 14228.5779SD006
7 Individual Pension Fund - GrowthULIF 006 31/03/09 SUD-PI-GR1 14253.3397SD007
8 Individual Pension Fund - BalancedULIF 007 31/03/09 SUD-PI-BL1 14238.0170SD008
9 Apex Equity FundULIF 009 20/01/10 SUD-LA-EQ1 14244.7874SD009
10 Apex Bond FundULIF 012 20/01/10 SUD-LA-BN1 14228.3514SD010
11 Apex Growth FundULIF 010 20/01/10 SUD-LA-GR1 14241.3589SD011
12 Apex Balanced FundULIF 011 20/01/10 SUD-LA-BL1 14237.8305SD012
13 Individual Pension Fund - Apex EquityULIF 013 20/01/10 SUD-PA-EQ1 14245.0292SD013
14 Individual Pension Fund - Apex BondULIF 016 20/01/10 SUD-PA-BN1 14227.1854SD014
15 Individual Pension Fund - Apex GrowthULIF 014 20/01/10 SUD-PA-GR1 14240.2152SD015
16 Individual Pension Fund - Apex BalancedULIF 015 20/01/10 SUD-PA-BL1 14236.8335SD016
17 Express Balanced FundULIF 017 29/04/11 SUD-LX-BL1 14228.5695SD017
18 Discontinued FundULIF 018 03/06/11 SUD-UL-DP1 14222.9087SD018
19 Individual Life - Bluechip Equity FundULIF 019 11/12/13 SUD-LI-EQ2 14233.1490SD019
20 Individual Life - Income FundULIF 020 11/12/13 SUD-LI-BN2 14220.8752SD020
21 Individual Life - Growth Plus FundULIF 023 11/12/13 SUD-LI-GR2 14230.2707SD023
22 Individual Life - Balanced Plus FundULIF 024 11/12/13 SUD-LI-BL2 14225.1373SD024
23 Unclaimed Policies Unit Linked FundULIF 025 09/11/16 SUD-LN-UUF14215.6943SD029
24 Group Debt FundULGF 003 20/03/15 SUD-GN-BN1 14218.5747SD027
25 Group Money Market FundULGF 004 20/03/15 SUD-GN-MM1 14212.9823SD028
26 Group Balanced FundULGF 002 20/03/15 SUD-GN-BL1 14214.7997SD026
27 Individual Life - Mid Cap FundULIF 026 14/10/19 SUD-LI-MID 14221.9940SD030
28 Individual Life - Gilt FundULIF 027 14/10/19 SUD-LI-GLT 14212.8064SD031
29 Dynamic FundULIF 028 11/06/21 SUD-LI-DYN 14212.9954SD032
30 Money Market FundULIF 029 11/06/21 SUD-LI-MMF 14211.6838SD033
31 Pension Equity Plus FundULIF 030 08/09/23 SUD-PI-EQ2 14210.7829SD034
32 Pension Growth Plus FundULIF 031 08/09/23 SUD-PI-GR2 14210.7885SD035
33 Pension Balanced Plus FundULIF 032 08/09/23 SUD-PI-BL2 14210.8216SD036
34 Pension Gilt Plus FundULIF 033 08/09/23 SUD-PI-GL2 14210.9447SD037
35 Pension Discontinued Policy FundULIF 021 10/04/13 SUD-PA-DP2 14210.2000SD038
36 Viksit Bharat FundULIF 039 28/10/24 SUD-LI-VB1 1429.4629SD039
37 New India Leaders FundULIF 038 28/10/24 SUD-LI-NL1 1429.4311SD040
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.

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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.

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Mr. Jimesh Sanghvi

Fund Manager - Equity

Qualifications: Chartered Accountant

Experience: More than 20+ 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.

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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.

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Mr. Meet Kachhy

Fund Manager, Alternate Assets and Lead Analyst, Macro and Credit

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.

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Mr. Anupam Goswami

Fund Manager - Equity

Qualifications: CA, CFA

Experience: More than 7 years of experience as an Equity Research Analyst in Indian markets both in buy side as well as sell side.

Prior to joining SUD Life he has worked in sell side firms like B&K Securities and SMIFS.

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Mr. Harshil Shah

Fund Manager - Fixed Income

Qualifications: Masters in Management Studies (Finance) & M.com

Experience: More than a decade of experience in Fixed income markets across investing and dealing in various debt securities.

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CHANGE IN VALUATION OF EQUITY

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