Category Archives: HDFC Mutual Funds

HDFC Mutual Funds December 2013 – updated NAV, Dividends & Bonus Unit

HDFC Mutual Funds NAV Values – Dividends & Bonus Units of HDFC MF As on November 2013

Updated NAV as on December 2013

Scheme NAV (Rs.) per Unit Repurchase Price (Rs.) Sales Price (Rs.)
HDFC Annual Interval Fund – Series 1 – Plan A, B
Plan A Direct Plan – Dividend Option 10.6146 - -
Plan A Direct Plan – Flexi Option 10.0000 - -
Plan A Direct Plan – Growth Option 10.6146 - -
Plan A Direct Plan – Quarterly Dividend Option 10.0000 - -
Plan A Dividend Option 10.6110 - -
Plan A Flexi Option 10.0000 - -
Plan A Growth Option 10.6110 - -
Plan A Quarterly Dividend 10.0000 - -
Plan B Direct Plan – Dividend Option 10.5704 - -
Plan B Direct Plan – Flexi Option 10.5704 - -
Plan B Direct Plan – Growth Option 10.5704 - -
Plan B Direct Plan – Quarterly Dividend Option 10.1436 - -
Plan B Dividend Option 10.5670 - -
Plan B Flexi Option 10.0000 - -
Plan B Growth Option 10.5670 - -
Plan B Quarterly Dividend 10.0000 - -
HDFC Arbitrage Fund
Direct Plan – Dividend Quarterly Option 11.5920 11.5340 11.5920
Direct Plan – Growth Option 15.2980 15.2220 15.2980
Retail Plan – Dividend Option 11.3400 11.2830 11.3400
Retail Plan – Growth option 15.2700 15.1940 15.2700
Retail Plan – Quarterly Dividend Option 10.8520 10.7980 10.8520
Wholesale Plan – Growth option 15.4830 15.4060 15.4830
Wholesale Plan – Quarterly Dividend Option 10.3940 10.3420 10.3940
HDFC Balanced Fund
Direct Plan – Dividend Option 19.3140 19.1210 19.3140
Direct Plan – Growth Option 66.1940 65.5320 66.1940
Dividend Option 19.2310 19.0390 19.2310
Growth Option 65.9160 65.2570 65.9160
HDFC Capital Builder Fund
Direct Plan – Dividend Option 21.3140 21.1010 21.3140
Direct Plan – Growth Option 123.7420 122.5050 123.7420
Dividend Option 21.2310 21.0190 21.2310
Growth Option 123.2980 122.0650 123.2980

HDFC Quarterly Interval Fund 2013

The primary objective of the Scheme is to generate regular income through investments in Debt / Money Market Instruments and Government Securities.
Basic Scheme Information 
Nature of Scheme Open Ended Interval Income Scheme
Inception Date – Plan A March 29, 2007
Inception Date – Plan B April 02, 2007
Inception Date – Plan C May 07, 2007
Option/Plan Existing Plan : Retail Plan – Growth option, Retail Plan with Dividend options. Dividend Option offers Dividend Payout and Reinvestment facility.

Direct Plan (w.e.f. 01 Jan 2013) : Retail Plan – Growth option, Retail Plan with Dividend options. Dividend Option offers Dividend Payout and Reinvestment facility.

Entry Load
(For Lumpsum Purchases and investments through SIP/STP)
Unfront commission shall be paid directly by the investor to the ARN Holder (AMFI registered Distributor) based on the investors’ assessment of various factors including the service rendered by the ARN Holder.
Exit Load During the Specified Transaction Period: Nill.
Other than Specified Transaction Period: Not Applicable. The Units under the respective Plan(s) cannot be directly redeemed with the Funds as the Units are listed on the stock exchange(s). These units can be sold on a continuous basis on the stock exchange(s) where the units are listed during the trading hours on all trading days.
Listing The Units of the Plan(s) under the Scheme will be listed on the Capital Market Segment of the National Stock Exchange of India Ltd. (NSE) or such other recognized stock exchange(s). An investor can buy/sell Units on a continuous basis on the NSE on which the Units are listed during the trading hours like any other publicity trade stock, except during the temporary suspension period.
Minimum Application Amount (Retail Plan): Rs.5000 and any amount thereafter.
Effective 01st October 2012, fresh subscriptions / switch-in have been discontinued under the wholesale option.
Lock-In-Period Nil
Net Asset Value Periodicity Every Business Day.
Redemption Proceeds Normally dispatched within 3-4 Business days
Tax Benefits
(As per present Laws)
Please click for details
Current Expense Ratio (#)
(Effective Date 3rd October 2012) For Plan A 
0.22%
(Effective Date 3rd October 2012) For Plan B 
0.22%
(Effective Date 3rd October 2012) For Plan C
0.22%
 

Excluding Service Tax on Investment Management Fees, if any.

Direct Plan shall have a lower expense ratio by 0.05% for Plan A, B and C.

(#) Any change in the expense ratio will be updated within two working days.

 

Investment Pattern - The asset allocation under the Scheme will be as follows :
Sr.No. Type of Instruments Minimum Allocation
(% Of Net Assets)
Maximum Allocation
(% Of Net Assets)
Risk Profile of
the Instrument
1 Debt and Money Market Instruments (including securitised debt) 60% 100% Low to Medium
2 Government Securities 0% 40% Low

The Scheme will invest in securitised debt upto 75% of net assets. The Scheme may take derivative position (maximum 20% of the net assets of the respective Plans), for Hedging and Portfolio Balancing, based on opportunities available subject to SEBI Regulations.The Scheme may seek investment opportunity in Foreign Debt Securities (maximum 75% of Net Assets) in accordance with the guidelines stipulated in this regard by SEBI and RBI from time to time.

Investment Strategy
The net assets of the Plans will be invested in Debt, Money market instruments and Government Securities which mature on or before the opening of the immediately following Specified Transaction Period. However, in case of securities with put and call options the residual time for exercising the put option of the securities shall not be beyond the opening of the immediately following Specified Transaction Period.

Though every endeavor will be made to achieve the objectives of the Scheme, the AMC/Sponsors/Trustees do not guarantee that the investment objectives of the Scheme will be achieved. No guaranteed returns are being offered under the Scheme.

Risk Control
Investments made from the corpus of the Plans would be in accordance with the investment objective of the Scheme and the provisions of the SEBI (MF) Regulations. The AMC will strive to achieve the investment objective by way of a judicious portfolio mix comprising of debt, money market instruments and government securities. Every investment opportunity would be assessed with regard to credit risk, interest rate risk and liquidity risk.

Credit Risk
A detailed credit evaluation of each investment opportunity will be undertaken. The AMC will utilise ratings of recognised rating agencies as an input in the decision making process. Investments in bonds and debentures will usually be in instruments that have been assigned high investment grade ratings by a recognised rating agency. In line with SEBI Circular No. MFD/CIR/9/120/2000 dated November 24, 2000, the AMC may constitute committee(s) to approve proposals for investments in unrated instruments. The AMC Board and the Trustee shall approve the detailed parameters for such investments. The details of such investments would be communicated by the AMC to the Trustee in their periodical reports. It would also be clearly mentioned in the reports, how the parameters have been complied with. However, in case any security does not fall under the parameters,the prior approval of Board of AMC and Trustee shall be sought.

Interest Rate Risk
An interest rate scenario analysis would be performed on an on-going basis, considering the impact of the developments on the macro-economic front and the demand and supply of funds. The Scheme would keep the maturity of its debt assets within the next specified transaction period. This would limit the market risk of the portfolio.

Liquidity Risk
Since investors can subscribe/ redeem/ Switch units of the Plan(s) under the Scheme only during the Specified Transaction Period (STP) and the assets would also mature on or before the STP, the liquidity risk would be minimised.

HDFC Gold Exchange Traded Funds 2013

The investment objective of the Scheme is to generate returns that are in line with the performance of gold, subject to tracking errors.
Basic Scheme Information 
Nature of Scheme An open ended Exchange Traded Fund
Option/Plan Currently, there are no investment Plans / Options being offered under the Scheme. However, the Trustee reserve the right to introduce investment Plans / Options under the Scheme at a future date in accordance with SEBI (MF) Regulations.
Entry Load
(as a % of the Applicable NAV)
Not Applicable. 
Pursuant to SEBI circular no. SEBI/IMD/CIR No.4/ 168230/09 dated June 30, 2009, no entry load will be charged by the Scheme to the investor. Upfront commission shall be paid directly by the investor to the ARN Holder (AMFI registered Distributor) based on the investors’ assessment of various factors including the service rendered by the ARN Holder.
Exit Load
(as a % of the Applicable NAV)
For Creation Unit Size:

  • No Exit load will be levied on redemptions made by Authorised Participants / Large Investors directly with the Fund in Creation Unit Size.

For other than Creation Unit Size:

  • Not Applicable

The Units of HGETF in other than Creation Unit Size cannot be directly redeemed with the Fund. These Units can be redeemed (sold) on a continuous basis on the NSE and BSE during the trading hours on all trading days.
Please click here to go through the addendum

Minimum Application Amount Authorised Participants: Application for subscription of HGETF Units directly with the Fund in Creation Unit Size at NAV based prices in exchange of Portfolio Deposit and Cash Component.

Large Investors: Application for subscription of HGETF Units directly with the Fund in Creation Unit Size at NAV based prices by payment of requisite Cash as determined by the AMC only by means of payment instruction of Real Time Gross Settlement (RTGS)/National Electronic Funds Transfer (NEFT) or Funds Transfer Letter/ Transfer Cheque of a bank where the Scheme has a collection account.

Other investors (including Authorised Participants and Large Investors): Units of HGETF can be subscribed (in lots of 1 Unit) during the trading hours on all trading days on the NSE and BSE on which the Units are listed.

Lock-In-Period Nil
Net Asset Value Periodicity Every Business Day.
Redemption Proceeds Within 10 working days.
Tax Benefits
(As per present Laws)
Please click for details
Current Expense Ratio (#)
(Effective Date 13th August 2010)
1.00%
(#) Any change in the expense ratio will be updated within two working days.
Plan Name NAV Date NAV Amount
Growth 27 Jan 2013 -
Investment Pattern
The table below provides the broad asset allocation of the portfolio of Scheme to be followed under normal circumstances.

Type of Asset / Instruments Indicative allocations Instruments (% of total assets) Risk Profile
Minimum Maximum
Gold bullion* 90 100 Medium to High
Debt Securities and Money Market Instruments # 0 10 Low

* Investments in gold related instruments (including derivatives) will be made as and when SEBI permits mutual funds to invest in gold related instruments.
# Investment in securitised debt shall not normally exceed 10% of the net assets of the Scheme.

Investment Strategy
The investment objective of the Scheme is to generate returns that are in line with the performance of gold, subject to tracking errors. The Scheme would invest in gold in the domestic market and intends to track the spot price of gold in the domestic market. The Scheme also may engage in gold lending, and /or deposit gold with banks in return for fees as and when permitted by SEBI. The Scheme will also invest in debt and money market securities in order to meet the liquidity requirements.
Though every endeavor will be made to achieve the objectives of the Scheme, the AMC/Sponsors/Trustees do not guarantee that the investment objectives of the Scheme will be achieved. No guaranteed returns are being offered under the Scheme.

RISK CONTROL
Investments made from the net assets of the Scheme would be in accordance with the investment objective of the Scheme and the provisions of the SEBI (MF) Regulations. The AMC will strive to achieve the investment objective by way of a judicious portfolio mix comprising of Gold bullion and instruments related to gold (including derivatives as and when permitted by SEBI), Debt Securities and Money Market Instruments. Investments in gold bullion would be primarily assessed with regard to its fineness. Every investment opportunity in Debt Securities and Money Market Instruments would be assessed with regard to credit risk, interest rate risk and liquidity risk.

Credit Risk
A detailed credit evaluation of each investment opportunity will be undertaken. The AMC will utilise Ratings of recognized rating agencies as an input in the decision making process. Investments in Debt Securities and Money Market Instruments will usually be in instruments that have been assigned high investment grade ratings by a recognised rating agency. In line with SEBI Circular No. MFD/CIR/9/120/ 2000 dated November 24, 2000, the AMC may constitute committee(s) to approve proposals for investments in unrated instruments. The AMC Board and the Trustee shall approve the detailed parameters for such investments. The details of such investments would be communicated by the AMC to the Trustee in their periodical reports. It would also be clearly mentioned in the reports, how the parameters have been complied with. However, in case any security does not fall under the parameters, the prior approval of Board of AMC and Trustee shall be sought.

Interest Rate Risk
An interest rate scenario analysis would be performed on an on-going basis, considering the impact of the developments on the macro-economic front and the demand and supply of funds. Based on the above analysis, the AMC would manage the investments of the Scheme on a dynamic basis to exploit emerging opportunities in the investment universe and manage risks at all points in time.

Liquidity Risk
The AMC will attempt to reduce liquidity risk by investing in securities that would result in a staggered maturity profile of the portfolio, investment in structured securities that provide easy liquidity and securities that have reasonable secondary market activity. In the event of a requirement to liquidate all or a substantial part of these investments in a very short duration of time, the AMC may not be able to realize the full value of these securities to an adverse impact on the Net Asset Value of the Scheme.

TRACKING ERROR 
Tracking error means the variance between daily returns of the underlying benchmark (gold in this case) and the NAV of the Scheme for any given period. NAV of the Scheme is dependant on valuation of gold. Gold has to be valued based on the formula prescribed by SEBI. NAV so computed may vary from the price of Gold in the domestic market. Tracking error could be the result of a variety of factors including but not limited to:

  • Delay in the purchase or sale of gold due to
    - Illiquidity of gold,
    - Delay in realisation of sale proceeds,
    - Creating a lot size to buy the required amount of gold
  • The Scheme may buy or sell the gold at different points of time during the trading session at the then prevailing prices which may not correspond to its closing prices.
  • The potential for trades to fail, which may result in the Scheme not having acquired gold at a price necessary to track the benchmark price.
  • The holding of a cash position and accrued income prior to distribution of income and payment of accrued expenses.
  • Disinvestments to meet redemptions, recurring expenses, dividend payouts etc.
  • Execution of large buy / sell orders
  • Transaction cost (including taxes and insurance premium) and recurring expenses
  • Realisation of Unit holders’ funds

Tracking error due to movement in prices of physical gold will impact the performance of HGETF. However, the Scheme will endeavor to keep tracking error as low as possible by:

  • Use of gold related derivative instruments, as and when allowed by SEBI (MF) Regulations
  • Rebalancing of the portfolio.
  • Setting off of incremental subscriptions against redemptions.

Disclaimer of NSE/BSE:
It is to be distinctly understood that the permission given by NSE/ BSE should not in any way be deemed or construed that the SID has been cleared or approved by NSE/ BSE nor does it certify the correctness or completeness of any of the contents of the Draft Scheme Information Document/ SID. The investors are advised to refer to the SID for the full text of the Disclaimer clause of NSE/ BSE.

HDFC Top 200 Funds 2014

To generate long term capital appreciation from a portfolio of equity and equity-linked instruments primarily drawn from the companies in BSE 200 index.
Basic Scheme Information 
Nature of Scheme Open Ended Growth Scheme
Inception Date October 11, 1996
Option/Plan Existing Plan : Dividend Option,Growth Option. The Dividend Option offers Dividend Payout and Reinvestment Facility.Direct Plan (w.e.f. 01 Jan 2013) : Dividend Option, Growth Option. The Dividend Option offers Dividend Payout and Reinvestment Facility.
Entry Load
(For Lumpsum Purchases and investments through SIP/STP)
NIL 
Unfront commission shall be paid directly by the investor to the ARN Holder (AMFI registered Distributor) based on the investors’ assessment of various factors including the service rendered by the ARN Holder.Please click here to go through the addendum.
Exit Load
(as a % of the Applicable NAV)
  • In respect of each purchase / switchin of units, an Exit Load of 1.00% is payable if Units are redeemed / switched-out within 1 year from the date of allotment..
  • No Exit Load is payable if Units are redeemed / switched-out after 1 year from the date of allotment.
  • Introduction of Direct Plan – modification in the Exit Load provisions, click here to read
Minimum Application Amount
(click here for SIP Details)
For new investors : Rs.5000 and any amount thereafter.
For existing investors : Rs. 1000 and any amount thereafter.
Lock-In-Period Nil
Net Asset Value Periodicity Every Business Day.
Redemption Proceeds Normally dispatched within 3-4 Business days
Tax Benefits
(As per present Laws)
Please click for details
Current Expense Ratio (#)
(Effective Date 01st October 2012)
On the first 100 crores daily net assets 2.50%
On the next 300 crores daily net assets 2.25%
On the next 300 crores daily net assets 2.00%
On the balance of the net assets 1.75%
In addition to the above a charge of 20 bps on the daily net assets plus a proportionate
charge in respect sales beyond T-15 cities subject to maximum of 30 bps on daily net assets

 

Excluding Service Tax on Investment Management Fees, if any. Direct Plan shall have a lower expense ratio by 0.59%.

(#) Any change in the expense ratio will be updated within two working days.

Plan Name NAV Date NAV Amount
Dividend Option 27 Jan 2013 -
Growth Option 27 Jan 2013 -
Direct Plan – Dividend Option 27 Jan 2013 -
Direct Plan – Growth Option 27 Jan 2013 -
 Investment Pattern - The asset allocation under the Scheme will be as follows :
Sr.No. Asset Type (% of Portfolio) Risk Profile
1 Equities and Equity Related Instruments Upto 100% (including use of derivatives for hedging and other uses as permitted by prevailing SEBI Regulations) Medium to High
2 Debt & Money Market Instruments* Balance in Debt & Money Market Instruments Low to Medium

* Investment in Securitised debt, if undertaken, would not exceed 20% of the net assets of the scheme.

The Scheme may also invest upto 25% of net assets of the Scheme in derivatives such as Futures & Options and such other derivative instruments as may be introduced from time to time for the purpose of hedging and portfolio balancing and and other uses as may be permitted under the regulations and guidelines.

The Scheme may also invest a part of its corpus, not exceeding 40% of its net assets, in overseas markets in Global Depository Receipts (GDRs), ADRs, overseas equity, bonds and mutual funds and such other instruments as may be allowed under the Regulations from time to time.

Subject to the Regulations and the applicable guidelines, the Scheme may, engage in Stock Lending activities. Also refer to Section on Stock Lending by the Fund in the SID.

If the investment in equities and related instruments falls below 65% of the portfolio of the Scheme at any point in time, it would be endeavoured to review and rebalance the composition.

Investment Strategy

The investment strategy of primarily restricting the equity portfolio to the BSE 200 Index scrips is intended to reduce risks while maintaining steady growth. Stock specific risk will be minimised by investing only in those companies / industries that have been thoroughly researched by the investment manager’s research team. Risk will also be reduced through a diversification of the portfolio.

The Trustee may from time to time at their absolute discretion review and modify the strategy, provided such modification is in accordance with the Regulations or in the event of a discontinuation of or change in the compilation or the constituents of the BSE 200 Index.

HDFC Long Term Advantage Fund (ELSS) 2014

The primary objective of the Scheme is to generate long term capital appreciation from a portfolio that is invested predominantly in equity and equity related instruments.
Basic Scheme Information 
Nature of Scheme Open Ended Equity Linked Savings Scheme with a lock-in period of 3 years
Inception Date January 02, 2001
Option/Plan Existing Plan : Dividend Option,Growth Option. The Dividend Option offers Dividend Payout and Reinvestment Facility.

Direct Plan (w.e.f. 01 Jan 2013) : Dividend Option, Growth Option. The Dividend Option offers Dividend Payout and Reinvestment Facility.

Entry Load
(For Lumpsum Purchases and investments through SIP/STP)
NIL 
Unfront commission shall be paid directly by the investor to the ARN Holder (AMFI registered Distributor) based on the investors’ assessment of various factors including the service rendered by the ARN Holder.
Exit Load
(as a % of the Applicable NAV)
NIL
No Exit Load shall be levied on bonus units and units allotted on dividend reinvestment.
Minimum Application Amount
(click here for SIP Details)
For new & existing investors :Rs.500 and in multiples of Rs. 500 thereafter.
Lock-In-Period 3 years from the date of allotment of the respective Units
Net Asset Value Periodicity Every Business Day.
Redemption Proceeds Normally dispatched within 3-4 Business days
Tax Benefits
(As per present Laws)
Please click for details
Current Expense Ratio (#)
(Effective Date 01st October 2012)
On the first 100 crores daily net assets 2.50%
On the next 300 crores daily net assets 2.25%
On the next 300 crores daily net assets 2.00%
On the balance of the net assets 1.75%

In addition to the above a charge of 20 bps on the daily net assets plus a proportionate charge in respect sales beyond T-15 cities subject to maximum of 30 bps on daily net assets.

 

Excluding Service Tax on Investment Management Fees, if any.

Direct Plan shall have a lower expense ratio by 0.55%.

(#) Any change in the expense ratio will be updated within two working days.

Plan Name NAV Date NAV Amount
Dividend Option 27 Jan 2013 -
Growth Option 27 Jan 2013 -
Direct Plan – Dividend Option 27 Jan 2013 -
Direct Plan – Growth Option 27 Jan 2013 -
Investment Pattern
The net assets of the Scheme will be invested primarily in equity and equity related instruments. The Scheme may invest a part of its net assets in debt and money market instruments, in order to manage its liquidity requirements from time to time, and under certain circumstances, to protect the interests of the Unit holders.

The asset allocation under the Scheme will be as follows :

Sr.No. Type of Instruments Normal Allocation
(% of Net Assets)
Risk Profile
1 Equities & Equity related instruments 80 High
2 Debt Securities, Money Market instruments(including cash/CBLO Reverse Repos) 20 Low to Medium
Investment Strategy

The funds collected under the Scheme shall be invested in equities, cumulative convertible preference shares and fully convertible debentures and bonds of companies. Investment may be made in partly convertible debentures and bonds including those issued on a rights basis subject to the condition that, as far as possible, the non convertible portion of the debenture so acquired or subscribed shall be disinvested within a period of 12 months.

It shall be ensured that funds of the Scheme shall remain invested to the extent of atleast 80% in securities specified above. In exceptional circumstances, this requirement may be dispensed with by the AMC, in order that the interest of the Unit holders are protected.

Pending investment of funds of the Scheme in the required manner, the AMC may invest the funds of the Scheme in short term money market instruments or other liquid instruments or both. After 3 years from the date of allotment of the Units, the Mutual Fund may hold upto 20% of net assets of the Scheme in short-term money market instruments.

The investment approach will be based on a set of well established but flexible principles that emphasise the concept of sustainable economic earnings and cash return on investment as the means of valuation of companies.

Five basic principles serve as the foundation for
this investment approach. They are as follows :
Focus on the long term
There is substantive empirical evidence to suggest that equities provide the maximum risk adjusted returns over the long term. In an attempt to take full advantage of this phenomenon, investments would be made with a long term perspective.
Investments confer proportionate ownership
The approach to valuing a company is similar to making an investment in a business. Therefore, there is a need to have a comprehensive understanding of how the business operates. The key issues to focus on are growth opportunities, sustainable competitive advantage, industry structure and margins and quality of the management.
Maintain a margin of safety
The benchmark for determining relative attractiveness of stocks would be the intrinsic value of the business. The Investment Manager would endeavor to purchase stocks that represent a discount to this value, in an effort topreserve capital and generate superior growth.
Maintain a balanced outlook on the market
The investment portfolio would be regularly monitored to understand the impact of changes in business and economic trend as well as investor sentiment. While short-term market volatility would affect valuations of the portfolio, this is not expected to influence the decision to own fundamentally strong companies.
Disciplined approach to selling
The decision to sell a holding would be based on either the anticipated price appreciation being achieved or being no longer possible due to a change in fundamental factors affecting the company or the market in which it competes, or due to the availability of an alternative that, in the view of the AMC, offers superior returns.

In order to implement the investment approach effectively, it would be important to periodically meet the management face to face. This would provide an understanding of their broad vision and commitment to the long-term business objectives. These meetings would also be useful in assessing key determinants of management quality such as orientation to minority shareholders, ability to cope with adversity and approach to allocating surplus cash flows. Discussion with management would also enable benchmarking actual performance against stated commitments.

In summary, the Investment Strategy is expected to be a function of extensive research and based on data and reasoning, rather than current fashion and emotion. The objective will be to identify “businesses with superior growth prospects and good management, at a reasonable price”.

The Scheme will retain the flexibility to invest in the entire range of debt instruments and money market instruments.  Investment in Debt securities (including securitised debt) and Money Market Instruments will be as per the limits in the asset allocation table of the Scheme, subject to permissible limits laid under SEBI (MF) Regulatiosns. Please refer to ‘Debt securities’ and ‘Money Market Instruments’ under the section ‘WHERE WILL THE SCHEME(S) INVEST’ in the SID.