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Fundcard

HDFC Equity

Value Research Fund Rating as on Jan 31, 2011

Open-end and Equity: Multi Cap

Risk Grade – Below Average

Return Grade – Above Average

NAV – Rs. 261.10 as on Feb 11, 2011

Net Assets – Rs. 8353.3 crore as on Dec 31, 2010

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HDFC Equity
Rating: Fund Performance Vs Fund Performance Vs S&P CNX Nifty
Risk: Below Average
Return: Above Average

Fund
S&P CNX Nifty
(Rebased to 10,000)

History 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
NAV (Rs) 18.35 22.79 51.57 65.77 107.01 145.39 223.32 112.38 231.01 298.50 261.10
Total Return (%) -2.81 24.20 126.30 27.53 62.70 35.86 53.61 -49.68 105.57 29.22 -12.53
+/- S&P CNX Nifty 13.37 20.95 54.40 16.85 26.36 -3.97 -1.16 2.11 29.81 11.27 0.91
+/- S&P CNX 500 20.45 13.88 28.16 9.67 26.45 1.87 -8.90 7.45 17.00 15.09 1.65
Rank (Fund/Category) 1/27 4/30 9/32 9/25 2/30 23/39 27/44 14/56 4/51 3/59 21/62
52 Week High (Rs) 20.69 23.55 52.09 65.77 107.01 147.94 223.32 227.61 231.01 315.35 -
52 Week Low (Rs) 14.05 18.20 22.18 42.90 59.92 97.94 134.74 97.09 91.23 216.96 -
Net Assets (Rs.Cr) 52.49 287.32 977.98 1148.64 2185.24 3937.74 5491.36 2680.36 5395.96 8709.88 -
Expense Ratio (%) 1.30 2.50 2.22 2.03 2.00 1.85 1.82 1.83 1.83 1.79 -

Top Holdings Quarterly Returns (%)

Company Sector P/E YTD % Assets Q1 Q2 Q3 Q4 Year

State Bank of India Financial 15.70 -8.05 8.40 2010 2.28 7.20 17.12 0.62 29.22
ICICI Bank Financial 23.50 -12.50 6.68 2009 -3.14 58.81 22.53 9.06 105.57
Titan Industries Cons Durable 34.50 -13.46 4.68 2008 -25.76 -13.64 1.78 -22.88 -49.68
Reliance Industries Energy 15.00 -13.95 4.65 2007 -1.91 15.93 10.60 22.14 53.61
Infosys Technologies Technology 28.80 -11.74 4.41 2006 18.82 -10.48 17.56 8.65 35.86
Bank of Baroda Financial 7.80 -4.78 4.24
Tata Consultancy Services Technology 31.10 -6.49 3.88 Trailing Returns (%)
Coal India Energy 49.90 -3.35 3.03 Return Rank S&P CNX SIP
GAIL Energy 15.50 -12.59 2.80 Fund Category Fund/Cat Nifty Return
Larsen & Toubro Diversified 25.60 -21.35 2.53 Year-to-Date -12.53 -13.26 21/62 -13.44 -
ONGC Energy 11.80 -78.54 2.53 3-Month -16.42 -16.83 25/62 -14.28 -6.85
Tata Motors DVR Automobile -11.09 2.34 6-Month -2.29 -6.13 9/61 -2.04 17.28
CMC Technology 18.70 -27.85 2.27 1-Year 18.16 7.81 1/60 10.01 33.42
Bharti Airtel Communication 15.30 -10.84 2.14 2-Year 56.41 40.95 3/50 34.72 51.95
Tata Steel Metals 8.20 -12.36 2.11 3-Year 13.80 4.19 3/45 3.02 40.42
BPCL Energy 16.10 -11.69 2.06 5-Year 17.99 12.49 2/31 11.89 25.73
Cipla Healthcare 24.20 -15.57 1.93 7-Year 25.47 21.47 3/16 15.89 28.31
Punjab National Bank Financial 7.10 -15.49 1.90 10-Year 29.06 22.62 2/10 14.21 34.09
Crompton Greaves Engineering 25.50 -16.04 1.78 Return less than 1-year are absolute and over 1 year are annualised
Sun Pharmaceutical Inds. Healthcare 34.10 -13.55 1.76
Bharat Electronics Engineering 24.20 -5.97 1.65 Top 10 Sector Weights (%) Risk Analysis
Oil India Energy 11.30 -9.69 1.53 Volatility Measurements
Fund Nifty
Lupin Healthcare 24.60 -14.74 1.47
Financial 23.86 17.90 Standard Deviation 34.12
Motherson Sumi Systems Automobile 28.20 -2.56 1.46
HT Media Services 16.00 -3.59 1.22 Energy 20.97 28.37 Sharpe Ratio 0.40
Technology 10.56 15.77 Beta 1.00
FUND STYLE Healthcare 7.54 3.54 R-Squared 0.93
Portfolio Characteristics Investment Style Automobile 5.44 6.04 Alpha 10.40
Growth Blend Value
Total Stocks 60 FMCG 5.13 5.33
Large Medium Small

Avg Mkt Cap (Rs.Cr) Composition (%)

Capitalisation

29217 Services 5.08 -

Portfolio P/B Ratio 4.68 Cons Durable 4.68 - Equity 98.65
Portfolio P/E Ratio 22.56 Metals 3.99 9.03 Debt 0.00
3Y Earnings Growth (%) - Engineering 3.43 4.21 Cash 1.35
Returns as on Returns as on February 11, 2011, Portfolio related data as on January 31, 2011

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Best Performance Value Research Analysis Fund Objective & Strategy
YEAR 179.39%
After putting on an impressive show in 2005, it delivered a pretty muted The scheme seeks to provide
performance in 2006 and 2007. But it also brought to the fore the inherent long-term capital appreciation
strength of the fund manager, who sticks by his convictions, irrespective
by predominantly investing in
of whoever else is playing the momentum game. HDFC Equity Fund
focuses on investing in quality companies that are reasonably valued and high growth companies.
have a growth bias, says Jain. So even if it means being temporarily
punished, he will stick to good quality businesses, remain diversified and
be wary of richly valued investments.
QUARTER 95.14% In 2007, his high exposure to Financials did not impact as much as Metals
or Construction where the fund's exposure was low. Neither did he go
overboard on Energy. The portfolio moves were, in my opinion, consistent
with our investment approach, says fund manager Jain. The criteria that
go into selecting stocks/sectors are quality, our understanding, growth
prospects and valuation of businesses.
But if investors fretted and critics scorned, Jain turned the tables on them
eventually. Known to always provide decent downside protection
MONTH capabilities in the past, it was the same in 2008. Though its fall of 50 per
35.86%
cent was only marginally lower than that of the category average (53%),
Jain accomplished this without plunging into large caps or resorting to
aggressive cash calls. The focus on value and not on direction of price
movement resulted in the fund being fully invested in the down markets
of 2008-09, he Jain. Being fully invested certainly helped when the market
picked up in March 2009. Last year it was way ahead of the category
average (multi cap) and its benchmark (S&P CNX 500). Over last few Portfolio Manager
years, the fund has preferred bank stocks over cyclicals like Metals as
ROE/Growth are better on one hand and valuations cheaper on the other Prashant Jain
Since Jun 2003
Worst Performance for the former. This hurt performance in 2008 as banks under-performed
due to global banks being in stress and the same has helped in 2009 as
YEAR -52.70%
banks have done well, says Jain. The mid- and small-cap exposure also
helped, though Jain has booked profits and is now titling towards large
caps. Experience
The fund's size has not dampened performance though it has led to a
much more diversified offering of around 60 stocks.

QUARTER -40.02%

MONTH -31.58%

Investment Information
AMC : HDFC Asset Management Company Ltd Min Investment (Rs.) : 5000
Website : www.hdfcfund.com Min SIP Investment (Rs.) : 500
Registrar : Computer Age Management Services Ltd. Entry Load : Nil
Launch : December 1994 Exit Load : 1% for redemption within 365 days
Benchmark : S&P CNX 500
All the graphs are rebased to 10,000 Plans (NAV) : Dividend (47.99) , Growth (261.10)

NAV S&P CNX Nifty

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How to Read the Fundcard - Equity

Value Research Rating, Risk and Return

z Fund Rating — The Value Research Fund Rating is a 1 to 5 star rating that is based on the returns that an equity fund has generated over the pre-
vious three and five years, while taking into account the risks that the fund has taken. This rating is relative to other fund of the same type.
z Risk Grade — A five-step grading of the riskiness of a fund, based on the losses it has suffered during the past five years. This grade is relative to
other fund of the same type.
z Returns Grade — A five-step grading of the returns of a fund. This grade is relative to other fund of the same type.

History
Fund Performance Vs Index
Data on the fund’s performance Birla Sun Life Frontline Equity Fund
since its launch. Graph of how an investors’ money
Rating:  Fund Performance Vs S&P CNX Nifty
z NAV (Year End) — The last Risk: Low 90000
would have grown in the fund since
NAV of each year. Return: Above Average its launch. A similar graph of the
70000
z Total Return — The percent- Fund
fund’s benchmark index is also
age returns that an investor S&P CNX Nifty
50000
given. For ease of comparison,
would have got over the (Rebased to 10,000) 30000 both have been adjusted to start at
year. 10000
10,000.
z +/- — In the given year, a History 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

comparison of the fund’s NAV (Rs) - - - - 10.33 19.71 23.94 33.94 50.13 81.34 41.89
Total Return (%) - - - - - 90.80 21.46 41.77 47.70 62.26 -48.50
returns with that of two stock +/-S&P CNX Nifty (%) - - - - - 18.90 10.78 5.43 7.87 7.49 3.29
market indices +/-BSE 200 (%) - - - - - -3.67 5.77 7.97 8.12 1.82 7.96
Rank (Fund/Category) - - - - - 54/70 50/79 65/101 27/145 71/162 34/192
z Rank — The fund’s perform- 52 Week High (Rs) - - - - 10.33 19.71 23.94 33.94 50.76 81.46 83.52
ance rank within its category 52 Week Low (Rs) - - - - 8.84 9.91 16.36 22.34 32.26 46.06 36.49
Net Assets (Rs.Cr) - - - - 51.40 15.15 9.11 140.54 124.74 374.84 343.03
for the year and the total Expense Ratio (%) - - - - 2.49 2.50 2.50 2.50 2.50 2.35 2.31
number of funds out of Top Holdings Quarterly Returns (%) Quarterly Returns (%)
which it has been ranked. Company Sector P/E 2008 Ret % Assets Q1 Q2 Q3 Q4 Year

z 52-Week NAV Range — The Bharti Airtel Communication 18.56 -28.10 6.49 2008 -24.24 -14.18 -2.23 -18.97 -48.50 The funds’ returns over each quar-
Reliance Industries Energy 11.50 -57.30 5.42 2007 -1.42 14.53 16.01 23.88 62.26
highest and the lowest NAV ONGC Energy 8.31 -46.00 4.50 2006 19.42 -7.25 19.39 11.70 47.70
ter of the last five years, along with
that the fund recorded dur- HDFC Bank Financial 20.67 -42.26 3.93 2005 -0.04 6.52 23.26 8.02 41.77 the entire year’s returns.
HDFC Financial 17.10 -48.21 3.51 2004 0.71 -13.50 15.08 21.15 21.46
ing that year Satyam Computer Services Technology 7.86 -62.12 3.16
ITC FMCG 21.00 -18.47 2.72 Trailing Returns (%)
z Net Assets — The total Axis Bank Financial 10.42 -47.82 2.70 Return Rank S&P SIP
amount of investor’s assets Infosys Technologies Technology 14.29 -36.79 2.64 Fund Category Fund/Cat CNX Nifty Return
United Spirits FMCG 23.26 -55.48 2.34 Year-to-Date -48.50 -55.29 34/192 -51.79 -40.18
that the fund was managing ICICI Bank Financial 9.49 -63.62 2.26 3-Month -18.97 -22.88 41/213 -24.53 -0.86
at the end of the year. Dr. Reddy's Lab
State Bank of India
Health Care
Financial
13.61
9.39
-36.12
-45.67
2.19
2.13
6-Month
1-Year
-20.78 -27.09
-48.50 -55.29
38/209
34/192
-26.76
-51.79
-33.43
-40.18
Trailing Returns (%)
z Expense Ratio — The per- Crompton Greaves Engineering 12.29 -65.84 2.12 2-Year -8.59 -16.06 22/158 -13.63 -24.19

centage of the average daily

Indian Oil Energy -- -46.33 1.95 3-Year 7.27 -1.39 12/134 1.42 -9.43 Performance data for various stan-
Cipla Health Care 22.87 -12.09 1.70 5-Year 16.27 12.91 19/67 9.50 9.90
assets that the fund charged Sterlite Industries Metals 11.81 -74.80 1.61 7-Year - - - - -
dard periods. All returns are in per-
as its management expens-
Reliance Communications
Jindal Steel & Power
Communication
Metals
22.87
7.07
-69.56
-70.31
1.51
1.46
10-Year - - - - - centage. Periods greater than a
Return less than 1-year are absolute and over 1 year are annualised
es during the year. Larsen & Toubro Diversified 17.65 -62.88 1.43
Top 10 Sector Weights (%) Risk Analysis year are annualised, shorter peri-
Zee Entertainment Services 16.01 -57.45 1.41
CESC Energy 6.21 -62.11 1.37 Fund Nifty Volatility Measurements ods are not.
Tata Consultancy Services Technology 12.79 -55.87 1.36 Financial 16.24 11.90 Standard Deviation 28.32 z Fund — The fund’s own
ING Vysya Bank Financial 8.89 -50.78 1.35 Energy 14.67 37.49 Sharpe Ratio 0.21
Nestle India FMCG 26.11 -3.14 1.23 Communication 8.00 11.34 Beta 0.88
returns.
Top Holdings Portfolio Characteristics FUND STYLE
Technology
FMCG
7.16
6.29
10.95
6.85
R-Squared 0.96 z Category — The average
Investment Style
Alpha 4.77
Total Stocks 39
Growth Blend Value Health Care 5.00 2.74 returns for all funds in the cate-
A detailed report on the latest Engineering 4.01 5.26
Large Medium Small

Composition (%)
Avg Mkt Cap (Rs.Cr) 28180 gory.
Capitalisation

investment portfolio that the fund Portfolio P/B Ratio 3.03

Metals 3.07 4.43
Equity 71.37
Services 2.93 0.28
z Rank — The funds rank, out of
is holding. For each company, Portfolio P/E Ratio 13.70 Diversified 1.43 2.97 Debt 18.46
3Y Earnings Growth (%) 9.80 Cash 10.17 the total number of funds in the
the sector, the P/E ratio, and the Returns as on 31st December 2008, Portfolio related data as on 30th November 2008
category
year’s returns are given. Also
z Index — The returns of the
stated is the percentage of the
fund’s benchmark index.
fund’s investments that are
z SIP Return (Annualised) —
invested in that company.
The return that an investor
would have made by investing
in the fund’s monthly systemat-
Portfolio Characterstics Fund Style Top 10 Sector Composition (%) ic investment plan over the
Aggregate measures regarding A nine-cell matrix of the overall style Weights (%) The proportion of
period.
the fund’s investments. The mar- of investment that the fund follows, The percentage of the fund’s holdings
ket capitalisation, P/B ratio and based on its latest portfolio. On the the equity invest- that are held in
P/E ratio are weighted averages vertical axis, the three steps denote ments of the fund each of the three
of the latest numbers of the com- the weighted average market capital- that fall under each basic types of
panies that the fund is invested isation of the fund’s investments. The sector of the econo- assets. Risk Analysis
in. Three Year Earnings Growth horizontal axis denotes, on a weight- my. The top 15 sec-
is the weighted average of the ed average basis, whether the com- tors for each fund A range of statistical measures that
compounded average growth in panies that the fund has invested in are given. can be used to evaluate the per-
the net profits of each company. are value stocks, growth stocks, or a formance, risk, and return of a
blend of the two. mutual fund.
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