Investment Objective

• This scheme aims to generate continuous returns by investing in
  • Equity securities and equity related securities Infrastructure and other Associated Companies up to 90% of total net assets and
  • Fixed Income securities of Infrastructure and other Associated Companies up to 10% of total net assets
• DSPBR Mutual Fund has been awarded "CRISIL Mutual Fund of the year" for 1 yr performance at CNBC TV-18

Who Should Invest?

• An investor looking at investing for the time horizon of at least 3 - 5 years
• An investor with high risk appetite willing to invest in a sectoral fund
• An investor looking at adding the infrastructure sector in an otherwise diversified portfolio

About the Fund Manager - Anup Maheshwari

• Education: B.Com and MBA (IIM Lucknow)
• Experience: Mr. Anup has been working with DSP BlackRock since 1997 and managing the domestic funds since May 2001. Between Dec 2005 and May 2006, Anup was CIO at HSBC Asset Management before returning to DSP BlackRock Investment Managers.
• Other Schemes Managed: DSP BlackRock Opportunities Fund and DSP BlackRock Small and Midcap Fund

Scheme Details

Performance Review (As on 18th June 2009)

• DSP BlackRock India T.I.G.E.R Fund has out performed its benchmark (BSE 100) by a good margin in last 3 yrs and 5 yrs duration
• The fund has been able to protect the returns in last 1 yr during the market downturn because of exposure in derivatives
• In last 3 months, exposure to derivatives is reduced from 14% to 11% and equity exposure is increased taking the benefit of lower equity valuations

Portfolio Analysis (As on 18th June 2009)

• Oil and Petroleum, Banking and Power Generation sector are the preferred sectors in the portfolio presently.
• The new entrants in the portfolio are GVK Power & Infrastructure Ltd, Suzlon Energy, and Unitech Ltd. Increased exposure is seen in Axis Bank, ICICI Bank Ltd and Cairn India. This ensures increasing exposure in banking and energy sector as shown in the graph above

iTrust Observations

• Why Infrastructure Sector: The efforts from new Government will help in accelerating the infrastructure spending mainly for sectors such as roads, electricity and railways. Such growth is expected to result in strong earnings for infrastructure related sectors and companies. Reducing interest rates, easy finance availability etc are few factors contributing to the infrastructure growth in Indian economy
• Investment Strategy: The broad investment mandate, diversification, and large cap bias are few attributes maintained by the fund manager to perform consistently over the long time period. Attractive returns and huge inflows in the fund have resulted in its asset base rise by 91% in last 2 years

Risk Factors

• The performance of sectors covered such as industrial capital goods, power etc. has been very volatile in last 3 years, thus making the investment more risky.
• Since the portfolio will be concentrated based on infrastructure theme, the investor might not enjoy the benefits of a diversified portfolio
• Interest Rate Risk: The interest rate volatility in Indian markets may impact the NAV of the scheme by impacting the price of debt instruments

Disclaimer

Neither the information, nor any opinion contained in this note constitutes a solicitation or offer by iTrust to buy or sell any mutual fund units. The information contained in this sheet is generic. Please consult your financial advisor for suitability of the product.
- MUTUAL FUNDS ARE SUBJECT TO MARKET RISK. PLEASE READ THE OFFER DOCUMENT CAREFULLY BEFORE INVESTING.