Star Union Dai-ichi FundNavLatest

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

Indian equity markets had a volatile start to the month, before settling down to scale fresh highs during the latter part of the month. Equity markets took a significant nosedive on election results day (04th June) as initial results seemed to indicate a potentially unstable coalition government. But once the new government was formed, indicating policy continuity, the markets rebounded and continued their relentless march upwards. Nifty’s performance for the month was +6.6%, and +9.7% from the lows of 04th June. The India VIX (Volatility Index) briefly touched 31 around election results, before settling back to 12-13 levels in the following days. On the fixed income side, 10Y G-Sec traded in a small band around 7.0%, dipping below this threshold in the second half of the month. IGB’s made their long-awaited entry into global bond indices on 28th June, with a 1% weight in JP Morgan’s EM Bond Index. The weight will go up by 1% each month, reaching the maximum permissible weight of 10% by Mar’25. This inclusion is expected to bring $25-30 bn inflows in the next 10 months.

In its MPC meeting during 6-8 June, RBI kept the repo rate unchanged, though the committee moved from 5-1 to 4-2 majority. The RBI reiterated its focus on bringing inflation down to 4% on a sustainable basis, and expressed concern about the repeated bouts of food price inflation, which seems prescient in light of the spike in vegetable prices during the second half of June. Rising commodity prices are expected to dent corporate margins and are already reflected in rising WPI inflation.

From a global perspective, Japanese indices (Nikkei 225 and TOPIX) created fresh lifetime highs, last seen in late 1980s. Major US indices also traded close to their all-time highs. From a sectoral point of view, IT (~10%), Auto (~7%), Bank (~6%) and Infra (~5%) were the top gainers. During the period, FIIs sold equities to the tune of Rs 2,037 Cr and DIIs bought equities to the tune of Rs 28,633 Cr. FPIs were net sellers of Indian equities to the tune of Rs 26,565 Cr.

EQUITY

Corporate earnings for Q1FY25 seem to be discounted into the stock prices. We believe that equity markets can consolidate at current levels while having risk-off sentiment driven by 1) Monsoon trajectory and distribution, 2) upcoming earnings season and 3) outcome of the union budget. However, we believe sectors aligned to rural and household demand revival could eventually outperform considering the low base effect, and the expectation of relief in the upcoming budget.

FIXED INCOME

With the bond index inclusion in the rear-view mirror, the market’s focus has shifted squarely onto the union budget, due to be presented sometime after 22nd of July. The dance between addressing rural distress and staying on the fiscal consolidation path will be keenly watched. The initial days post index inclusion haven’t seen any significant new inflows as many investors had built positions ahead of the eventual inclusion. In the near term, IGB yields will be driven by the trajectory and distribution of the monsoon and the outcome of the union budget. Any rate cut is not expected before Q4 CY24, depending to a large extent on whether the US Fed cuts rates.

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 26-Jul-2024

Sr. No.1
Fund
Segregated Fund Identification No.
NAV

1	Balanced fund	ULIF 001 18/02/09 SUD-LI-BL1 142	38.8722	SD001
2	Equity Fund	ULIF 002 25/02/09 SUD-LI-EQ1 142	83.4752	SD002
3	Bond Fund	ULIF 004 25/02/09 SUD-LI-BN1 142	27.9063	SD003
4	Growth Fund	ULIF 003 25/02/09 SUD-LI-GR1 142	70.5865	SD004
5	Individual Pension Fund - Equity	ULIF 005 31/03/09 SUD-PI-EQ1 142	71.4845	SD005
6	Individual Pension Fund - Bond	ULIF 008 31/03/09 SUD-PI-BN1 142	27.7404	SD006
7	Individual Pension Fund - Growth	ULIF 006 31/03/09 SUD-PI-GR1 142	55.9809	SD007
8	Individual Pension Fund - Balanced	ULIF 007 31/03/09 SUD-PI-BL1 142	38.3874	SD008
9	Apex Equity Fund	ULIF 009 20/01/10 SUD-LA-EQ1 142	48.0027	SD009
10	Apex Bond Fund	ULIF 012 20/01/10 SUD-LA-BN1 142	27.4125	SD010
11	Apex Growth Fund	ULIF 010 20/01/10 SUD-LA-GR1 142	43.3346	SD011
12	Apex Balanced Fund	ULIF 011 20/01/10 SUD-LA-BL1 142	38.8652	SD012
13	Individual Pension Fund - Apex Equity	ULIF 013 20/01/10 SUD-PA-EQ1 142	48.2937	SD013
14	Individual Pension Fund - Apex Bond	ULIF 016 20/01/10 SUD-PA-BN1 142	26.3289	SD014
15	Individual Pension Fund - Apex Growth	ULIF 014 20/01/10 SUD-PA-GR1 142	42.2269	SD015
16	Individual Pension Fund - Apex Balanced	ULIF 015 20/01/10 SUD-PA-BL1 142	37.8116	SD016
17	Express Balanced Fund	ULIF 017 29/04/11 SUD-LX-BL1 142	28.5695	SD017
18	Discontinued Fund	ULIF 018 03/06/11 SUD-UL-DP1 142	22.2454	SD018
19	Individual Life - Bluechip Equity Fund	ULIF 019 11/12/13 SUD-LI-EQ2 142	35.2999	SD019
20	Individual Life - Income Fund	ULIF 020 11/12/13 SUD-LI-BN2 142	20.2005	SD020
21	Individual Life - Growth Plus Fund	ULIF 023 11/12/13 SUD-LI-GR2 142	31.8043	SD023
22	Individual Life - Balanced Plus Fund	ULIF 024 11/12/13 SUD-LI-BL2 142	25.3285	SD024
23	Unclaimed Policies Unit Linked Fund	ULIF 025 09/11/16 SUD-LN-UUF142	15.2501	SD029
24	Group Debt Fund	ULGF 003 20/03/15 SUD-GN-BN1 142	17.9689	SD027
25	Group Money Market Fund	ULGF 004 20/03/15 SUD-GN-MM1 142	12.5993	SD028
26	Group Balanced Fund	ULGF 002 20/03/15 SUD-GN-BL1 142	14.5172	SD026
27	Individual Life - Mid Cap Fund	ULIF 026 14/10/19 SUD-LI-MID 142	23.8875	SD030
28	Individual Life - Gilt Fund	ULIF 027 14/10/19 SUD-LI-GLT 142	12.4431	SD031
29	Dynamic Fund	ULIF 028 11/06/21 SUD-LI-DYN 142	13.3419	SD032
30	Money Market Fund	ULIF 029 11/06/21 SUD-LI-MMF 142	11.3868	SD033
31	Pension Equity Plus Fund	ULIF 030 08/09/23 SUD-PI-EQ2 142	11.5026	SD034
32	Pension Growth Plus Fund	ULIF 031 08/09/23 SUD-PI-GR2 142	11.3027	SD035
33	Pension Balanced Plus Fund	ULIF 032 08/09/23 SUD-PI-BL2 142	10.8706	SD036
34	Pension Gilt Plus Fund	ULIF 033 08/09/23 SUD-PI-GL2 142	10.6381	SD037
35	Pension Discontinued Policy Fund	ULIF 021 10/04/13 SUD-PA-DP2 142	10.0000	SD038

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.

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.

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.

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.

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.

EQUITY RESEARCH ANALYST?

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

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.

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.

Funds to maximize
your returns

FUND PHILOSOPHY

OVERVIEW OF MARKET

EQUITY

FIXED INCOME

INVESTOR PHILOSOPHY

COMPANY INITIATIVE

MODIFIED NAVCOMPUTATION

Fund Nav

Sr. No.1

Fund

Segregated Fund Identification No.

NAV

FUND
MANAGEMENT
TEAM

Mr. Prashant Sharma

CHIEF INVESTMENT OFFICER

Mr. Ram Kamal Samanta

HEAD OF FIXED INCOME

Mr. Jagdish Bhanushali

FUND MANAGER – EQUITY

Mr. Sujay Nimkar

FUND MANAGER - FIXED INCOME?

Mr. Jimesh Sanghvi

SR EQUITY RESEARCH ANALYST?

Mr. Hasmukh Vishariya

EQUITY RESEARCH ANALYST?

Mr. Rishav Jain

CREDIT ANALYST?

Mr. Meet Kachhy

LEAD ANALYST ON ALTERNATE ASSETS?

CHANGE IN VALUATION OF EQUITY

Funds to maximize your returns

FUND PHILOSOPHY

OVERVIEW OF MARKET

EQUITY

FIXED INCOME

INVESTOR PHILOSOPHY

COMPANY INITIATIVE

MODIFIED NAVCOMPUTATION

Fund Nav

Sr. No.1

Fund

Segregated Fund Identification No.

NAV

FUND MANAGEMENT TEAM

Mr. Prashant Sharma

CHIEF INVESTMENT OFFICER

Mr. Ram Kamal Samanta

HEAD OF FIXED INCOME

Mr. Jagdish Bhanushali

FUND MANAGER – EQUITY

Mr. Sujay Nimkar

FUND MANAGER - FIXED INCOME?

Mr. Jimesh Sanghvi

SR EQUITY RESEARCH ANALYST?

Mr. Hasmukh Vishariya

EQUITY RESEARCH ANALYST?

Mr. Rishav Jain

CREDIT ANALYST?

Mr. Meet Kachhy

LEAD ANALYST ON ALTERNATE ASSETS?

CHANGE IN VALUATION OF EQUITY

Funds to maximize
your returns

FUND
MANAGEMENT
TEAM