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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

The month of August provided a small glimpse into the stresses from divergent monetary policies across the world, and the less understood impact from long-term zero interest rate regimes in many advanced economies. At the beginning of the month, the Bank of Japan raised rates firmly into positive territory for only the second time since 2007, from 0 – 0.1% to 0.25%. Combined with nearcertain expectations of a rate cut in the US, the Yen strengthened significantly against the USD. This led to unwinding of large yen carry trade positions, which when coupled with fears of an incoming recession in the US, caused significant sell down in equity markets across the globe. The benchmark Nifty dropped 4% across 3 trading sessions, having closed above 25,000 for the first time just one day prior.

Subsequent dovish guidance by the BoJ helped equity markets regain their footing, and the Nifty recovered all its losses, eventually closing the period above 25,200. The period saw record flows of Rs 3.3 T on a rolling 12-month basis from domestic mutual funds, as well as Rs 17,000 Cr being raised by from IPOs (27-month high). On the fixed income side, the India 10Y remained rangebound between 6.84-6.92, closing the month at 6.86, down 6 bps for the month. Due to lower government spending in Q1 due to general elections, Q1 FY25 GDP came in at a 5-quarter low of 6.7%. With government spending picking up and consumption recovery underway, overall FY25 growth estimate of ~7% appears achievable.

Aggregate monsoon has been relatively better than normal in the country. Despite dispersion in rainfall, kharif sowing is ahead of where it was last year. With another round of significant rainfall expected from the La Nina phenomenon, there is risk of damage to the standing crops which are typically harvested around midSeptember. Vagaries around rainfall distribution, timing and impact on crop cycles will significantly impact the outlook on food price inflation. From a sectoral point of view, Pharma (~6%), IT (~5%) and FMCG (~2%) were the top gainers, while Metals (~2%) and Auto (~2%) were the top losers. During the period, FIIs sold equities to the tune of Rs 21,369 Cr and DIIs bought equities to the tune of Rs 48,279 Cr. FPIs were net buyers of Indian equities to the tune of Rs 7,322 Cr.

EQUITY

Nifty currently trades at 22.6x Sep’25 earnings, which prices in all the near-term positive triggers. While Q1 earnings reflected slowing growth momentum, strong monsoons have sown the seeds of a rural recovery, which could provide the necessary growth fillip. Rate action by the US Fed, and its impact on commodity prices will be a key monitorable in the coming days. Sectors aligned to rural demand and household consumption could see better performance going forward.

FIXED INCOME

Unless inflation surprises to the upside, sovereign yields have steadied across the board, waiting for the actual rate cut and subsequent outlook from the US Fed in middle of September. Given improving fiscal, bond inclusion tailwinds and relatively attractive absolute levels, IGBs should continue trading in a narrow band with softening bias.

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 05-Sep-2024

  • Sr. No.1

  • Fund

  • Segregated Fund Identification No.

  • NAV

1 Balanced fundULIF 001 18/02/09 SUD-LI-BL1 14239.3181SD001
2 Equity FundULIF 002 25/02/09 SUD-LI-EQ1 14284.5028SD002
3 Bond FundULIF 004 25/02/09 SUD-LI-BN1 14228.2719SD003
4 Growth FundULIF 003 25/02/09 SUD-LI-GR1 14271.4198SD004
5 Individual Pension Fund - EquityULIF 005 31/03/09 SUD-PI-EQ1 14272.3796SD005
6 Individual Pension Fund - BondULIF 008 31/03/09 SUD-PI-BN1 14228.0919SD006
7 Individual Pension Fund - GrowthULIF 006 31/03/09 SUD-PI-GR1 14256.6561SD007
8 Individual Pension Fund - BalancedULIF 007 31/03/09 SUD-PI-BL1 14238.7916SD008
9 Apex Equity FundULIF 009 20/01/10 SUD-LA-EQ1 14248.6398SD009
10 Apex Bond FundULIF 012 20/01/10 SUD-LA-BN1 14227.8122SD010
11 Apex Growth FundULIF 010 20/01/10 SUD-LA-GR1 14243.8848SD011
12 Apex Balanced FundULIF 011 20/01/10 SUD-LA-BL1 14239.3163SD012
13 Individual Pension Fund - Apex EquityULIF 013 20/01/10 SUD-PA-EQ1 14248.9682SD013
14 Individual Pension Fund - Apex BondULIF 016 20/01/10 SUD-PA-BN1 14226.6937SD014
15 Individual Pension Fund - Apex GrowthULIF 014 20/01/10 SUD-PA-GR1 14242.7704SD015
16 Individual Pension Fund - Apex BalancedULIF 015 20/01/10 SUD-PA-BL1 14238.3169SD016
17 Express Balanced FundULIF 017 29/04/11 SUD-LX-BL1 14228.5695SD017
18 Discontinued FundULIF 018 03/06/11 SUD-UL-DP1 14222.4139SD018
19 Individual Life - Bluechip Equity FundULIF 019 11/12/13 SUD-LI-EQ2 14235.7409SD019
20 Individual Life - Income FundULIF 020 11/12/13 SUD-LI-BN2 14220.4501SD020
21 Individual Life - Growth Plus FundULIF 023 11/12/13 SUD-LI-GR2 14232.1737SD023
22 Individual Life - Balanced Plus FundULIF 024 11/12/13 SUD-LI-BL2 14225.5830SD024
23 Unclaimed Policies Unit Linked FundULIF 025 09/11/16 SUD-LN-UUF14215.3535SD029
24 Group Debt FundULGF 003 20/03/15 SUD-GN-BN1 14218.1960SD027
25 Group Money Market FundULGF 004 20/03/15 SUD-GN-MM1 14212.6915SD028
26 Group Balanced FundULGF 002 20/03/15 SUD-GN-BL1 14214.6728SD026
27 Individual Life - Mid Cap FundULIF 026 14/10/19 SUD-LI-MID 14224.3091SD030
28 Individual Life - Gilt FundULIF 027 14/10/19 SUD-LI-GLT 14212.5974SD031
29 Dynamic FundULIF 028 11/06/21 SUD-LI-DYN 14213.4733SD032
30 Money Market FundULIF 029 11/06/21 SUD-LI-MMF 14211.4591SD033
31 Pension Equity Plus FundULIF 030 08/09/23 SUD-PI-EQ2 14211.6507SD034
32 Pension Growth Plus FundULIF 031 08/09/23 SUD-PI-GR2 14211.4421SD035
33 Pension Balanced Plus FundULIF 032 08/09/23 SUD-PI-BL2 14210.9904SD036
34 Pension Gilt Plus FundULIF 033 08/09/23 SUD-PI-GL2 14210.7665SD037
35 Pension Discontinued Policy FundULIF 021 10/04/13 SUD-PA-DP2 14210.0060SD038
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. 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.

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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. 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.

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Mr. Hasmukh Vishariya

EQUITY RESEARCH ANALYST?

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

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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.

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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.

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CHANGE IN VALUATION OF EQUITY

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