Fact Sheet April - 2013.cdr - Tata Mutual Fund

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DIVIDEND / BONUS HISTORYTata Monthly Income Fund (Data provided since 2008)Monthly Dividend OptionDividend p.u. (`) on Face Value of ` 10 NAV (`) (Date of Declaration of dividend)0.0468 12.1955 (16/01/2008)0.0452 11.9962 (14/02/2008)0.0499 11.8730 (17/03/2008)0.0452 11.8911 (15/04/2008)0.0468 11.9193 (15/05/2008)0.0499 11.7853 (16/06/2008)0.0515 11.6523 (18/08/2008)0.0336 11.6441 (15/09/2008)0.0348 11.4095 (14/10/2008)0.0187 11.2901 (29/10/2008)0.0230 11.3999 (14/11/2008)0.0595 12.0040 (15/12/2008)0.0595 12.0284 (15/01/2009)0.0384 11.8638 (16/02/2009)0.0336 11.9240 (16/03/2009)0.0432 12.3101 (15/04/2009)0.0418 12.2781 (14/05/2009)0.0614 12.4446 (15/06/2009)0.0447 12.4387 (16/07/2009)0.0557 12.3974 (14/08/2009)0.0614 12.4156 (15/09/2009)0.0418 12.3478 (14/10/2009)0.0475 12.4267 (16/11/2009)0.0418 12.3960 (15/12/2009)0.0447 12.4878 (15/01/2010)0.0447 12.3171 (15/02/2010)0.0403 12.2809 (15/03/2010)0.0448 12.3349 (15/04/2010)0.0419 12.3266 (14/05/2010)0.0462 12.3229 (15/06/2010)0.0505 12.3348 (15/07/2010)0.0462 12.2720 (16/08/2010)0.0433 12.3329 (15/09/2010)0.0419 12.3050 (14/10/2010)0.0400 12.3094 (15/11/2010)0.0433 12.1697 (15/12/2010)0.0400 12.1335 (17/01/2011)0.0419 12.0581 (15/02/2011)0.0337 11.9960 (15/03/2011)0.0598 12.1026 (15/04/2011)0.0449 11.9725 (16/05/2011)0.0434 11.9130 (16/06/2011)0.0434 12.0924 (15/07/2011)0.0463 12.0332 (16/08/2011)0.0580 12.0023 (15/09/2011)0.0463 11.9024 (17/10/2011)0.0420 11.8737 (15/11/2011)0.0434 11.9700 (15/12/2011)0.0463 12.0356 (16/01/2012)0.0434 12.2860 (15/02/2012)0.0420 12.1817 (15/03/2012)0.0463 12.2263 (16/04/2012)0.0420 12.1879 (15/05/2012)0.0449 12.2437 (15/06/2012)0.0449 12.3192 (16/07/2012)0.0449 12.3980 (16/08/2012)0.0463 12.5021 (17/09/2012)0.0405 12.6204 (15/10/2012)0.0449 12.6205 (15/11/2012)0.0463 12.7493 (17/12/2012)0.0560 12.9512 (15/01/2013)0.0580 12.8569 (14/02/2013)0.0541 12.8211 (14/03/2013)0.0523 12.8013 (15/04/2013)DIRECT PLAN (Introduced from 1st January 2013)Tata Equity P/E FundDividend Trigger Option A (5%)Dividend p.u. (`) on Face Value of ` 10 NAV (`) (Date of Declaration of dividend)0.50 30.0014 (11/01/2013)Dividend Trigger Option B (10%)Dividend p.u. (`) on Face Value of ` 10 NAV (`) (Date of Declaration of dividend)0.80 30.1773 (28/01/2013)Tata Pure Equity FundDividend p.u. (`) on Face Value of ` 10 NAV (`) (Date of Declaration of dividend)3.00 37.1342 (22/2/2013)Tata Dividend Yield FundDividend p.u. (`) on Face Value of ` 10 NAV (`) (Date of Declaration of dividend)1.00 19.4666 (31/01/2013)Tata Balanced FundDividend OptionDividend p.u. (`) on Face Value of ` 10 NAV (`) (Date of Declaration of dividend)5.50 56.9342 (05/03/2013)Tata Balanced FundMonthly Dividend OptionDividend p.u. (`) on Face Value of ` 10 NAV (`) (Date of Declaration of dividend)0.3500 48.4404 (14/01/2013)0.3500 46.4936 (08/02/2013)0.3500 45.4322 (05/03/2013)0.3500 44.7321 (03/04/2013)Tata MIP Plus FundMonthly Dividend OptionDividend p.u. (`) on Face Value of ` 10 NAV (`) (Date of Declaration of dividend)0.0580 11.7505 (14/02/2013)0.0541 11.7135 (14/03/2013)0.0523 11.6354 (15/04/2013)Past performance may or may not be sustained in future.• After payment of dividend the NAV will fall to the extent of dividend payout and statutory levy, if any. (Unit face value - ` 10/-).• Pursuant to allotment of bonus units, the NAV of the scheme would fall in proportion to the bonus units allotted & as a result the total value of units held by investor would remain the same.Notes and Data in the Fact Sheet• The Std. Dev., Sharpe Ratio, Jensen’s Alpha, Treynor, Portfolio Beta & R-squared are based on one month return calculated using last 3 years data.• Price/Earning Ratio, Price/Book Value Ratio, are based on the historical earnings and accounting numbers, and have been computed only for the invested portion of the portfolio.• Portfolio turnover has been computed as the ratio of the lower value of average purchase and average sales to the average net assets in the past one year (For schemes that have not completed one year,since inception is considered)• Cash & Cash Equivalents includes CBLO, REPO, Fixed Deposits and Cash & Bank Balance.30
Simplifying Sharpe & Sortino Ratio– By Prof. Simply SimpleTMHow do you select funds?• The simplest approach would be performance i.e. returns, right?!• But is it sufficient to track only returns?There is something more...• The reliability of the scheme too is a critical aspect. Reliability is nothing butconsistency measured by volatility.• A scheme giving good returns but is extremely volatile or unreliable may notfind favor with a larger number of investors.• This call for a measure of performance which takes into accounts returns aswell as volatility / reliability.Understanding Sharpe & Sortino Ratios• Sharpe Ratio expresses the relationship between performance of a schemeand its volatility.• A higher ratio signifies a relatively less risky scheme.• Mathematically it can be expressed as:What does it mean?Sharpe ratio = [(Return on Portfolio - Risk Free Return or BenchmarkReturn) / Volatility (Std. Deviation)]• Thus if the performance is average while the volatility is very low, the ratiobecomes large.• If one were to look at cricket for an example, a consistent Batsman R scoring40 runs more than average batsman's score and a low volatility (let’s say0.5). Hence his Sharpe Ratio would be 40/0.5 =80.On the other hand…• An aggressive Batsman S could have a slightly higher runs above averagebatsman's score than Batsman R (let’s say 45) but his volatility, as we allknow, is quite high.• Either he makes big hundreds or gets out for a very low score. Let’s presumehis volatility is 0.75. His Sharpe ratio will then be 45/.75 = 60 (which islower than the Sharpe Ratio of Batsman R).So what does this suggest?Hence…• Despite a higher average, Batsman S’s Sharpe ratio is lower than that ofBatsman R.• This indicates that simply looking at performance from the average point ofview is not enough to judge a player.• One needs to take a look at different dimensions as well.• It may be wiser to pick up Batsman R for the longer version of the game, sayTest Matches and Batsman S might be a better pick for the shortest versionof the game, say T-20.• Also, the ratio will become large if either the numerator increases or thedenominator decreases.So what is the Sortino Ratio?Thus…• The Sortino ratio is similar to the Sharpe ratio, except while Sharpe ratio usesStandard Deviation in the denominator, Sortino ratio uses downsidedeviation.• It is important to note that while standard deviation does not discriminatebetween upward and downward volatility, Sortino Ratio does so byconsidering only downward deviations.• Standard deviation can be high in the case of excessive upward movementof price and it may result into a lower Sharpe Ratio.• Sharpe ratio will be low because the high standard deviation is thedenominator.• Now we may believe that the scheme is unsuitable and thereforemisrepresent the real picture (since upward movement is desirable from aninvestor’s perspective!).• Hence it was necessary to find another ratio which differentiates harmfulvolatility from volatility in general by replacing standard deviation withdownside deviation in the denominator.• Thus, the Sortino Ratio was calculated by subtracting the risk free rate orbenchmark returns from the return of the portfolio and then dividing it by thedownside deviation.Conceptually speaking…To Sum Up• Sortino Ratio = Performance/Downside deviation. The Sortino ratiomeasures the return to ‘bad’ volatility.• This ratio allows investors to assess risk in a better manner than simplylooking at excess returns to total volatility.• A large Sortino Ratio indicates a low risk of large losses occurring.• To give an example, assume investment A has a return of +10% in year oneand -10% in year two. Investment B has a 0% return in year one and a 20%return in year two.• The total variance in these investments is the same, i.e. 20%. However,investment B is obviously more favorable. Why??• As the Sharpe ratio measures risk using standard deviation only, it does notdifferentiate between positive and negative volatility.• The Sortino ratio, on the other hand, measures performance against thedownward deviation… so it is able to spot the negative volatility associatedwith investment A immediately and help us classify investment B as a morefavourable investment!• Sharpe Ratio: Sharpe Ratio expresses the relationship betweenperformance of a scheme and its volatility. A higher ratio signifies a relativelyless risky scheme.• Sortino Ratio: The Sortino Ratio is calculated by subtracting the risk freerate or benchmark returns from the return of the portfolio and then dividing itby the downside deviation.Hope you have now understood the concept of Sharpe & Sortino RatiosPlease give me your feedback atprofessor@tataamc.comCopyright © 2009Disclaimer: The views expressed in this lesson are for information purposes only and do not construe to be any investment, legal or taxation advice. The contents are topical in natureand held true at the time of creation of the lesson. This is not indicative of future market trends, nor is Tata Asset Management31
Page 1 and 2: FUNDFACTSHEETFor Private Circulatio
Page 3 and 4: MARKET OUTLOOKEquity marketPositive
Page 5 and 6: TATA PURE EQUITY FUNDEQUITYFund pos
Page 7 and 8: TATA MID CAP GROWTH FUNDFund positi
Page 9 and 10: TATA INDEX FUNDFund positioning: A
Page 11 and 12: Fund positioning: Invests 65% to 75
Page 13 and 14: TATA RETIREMENT SAVINGS FUND - MODE
Page 15 and 16: TATA FLOATER FUNDFund positioning:
Page 17 and 18: Fund positioning: An income scheme
Page 19 and 20: Fund positioning: A debt scheme tha
Page 21 and 22: PERFORMANCE OF ALL SCHEMESRETURNS O
Page 23 and 24: FUNDS MANAGED BY FUND MANAGERSName
Page 25 and 26: SCHEMES AT A GLANCEParticularsTata
Page 27 and 28: SCHEMES AT A GLANCEParticularsTata
Page 29: DIVIDEND / BONUS HISTORYTata Balanc

Fact Sheet April - 2013.cdr - Tata Mutual Fund

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