Value Research

w w w. v a l u e r e s e a r c h o n l i n e . c o m

Fundcard

Birla Sun Life Frontline Equity

Value Research Fund Rating as on Mar 31, 2011

Open-end and Equity: Large & Mid Cap

Risk Grade – Below Average

Return Grade – High

NAV – Rs. 91.01 as on Apr 20, 2011

Net Assets – Rs. 2741.9 crore as on Mar 31, 2011

The contents of this Value Research Fund Card (the "Fund Card") published by Value Research India Private Limited are not intended to serve as professional advice
or guidance and the publisher takes no responsibility or liability, express or implied, whatsoever for any investment decisions made or taken by the readers of this
Fund Card based on its contents thereof. You are strongly advised to verify the contents before taking any investment or other decision based on the contents of this
Fund Card. The Fund Card is meant for general reading purposes only and is not meant to serve as a professional guide for investors. The readers of this Fund Card
should exercise due caution and/or seek independent professional advice before entering into any commercial or business relationship or making any investment deci-
sion or entering into any financial obligation based on any information, statement or opinion which is contained, provided or expressed in this Fund Card.
The Fund Card contains information, statements, opinions, statistics and materials that have been obtained from sources believed to be reliable and the publishers
of the Fund Card have made best efforts to avoid any errors and omissions, however the publishers of this Fund Card make no guarantees and warranties whatso-
ever, express or implied, regarding the timeliness, completeness, accuracy, adequacy, fullness, functionality and/or reliability of the information, statistics, statements,
opinions and materials contained and/or expressed in this Fund Card or of the results obtained, direct or consequential, from the use of such information, statistics,
statements, opinions and materials. The publishers of this Fund Card do not certify and/or endorse any opinions contained, provided, published or expressed in this
Fund Card. All disputes shall be subject to the jurisdiction of Delhi courts only.
Birla Sun Life Frontline Equity
Rating: Fund Performance Vs Fund Performance Vs S&P CNX Nifty
Risk: Below Average
Return: High

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

History 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
NAV (Rs) - 10.33 19.71 23.94 33.94 50.13 81.34 41.89 79.78 94.70 91.01
Total Return (%) - - 90.80 21.46 41.77 47.70 62.26 -48.50 90.45 18.70 -3.90
+/- S&P CNX Nifty - - 18.90 10.78 5.43 7.87 7.49 3.29 14.69 0.75 0.71
+/- BSE 200 - - -3.68 5.77 7.97 8.12 1.82 7.96 1.94 2.48 1.11
Rank (Fund/Category) - - 27/32 16/25 20/30 5/39 12/44 11/56 14/56 24/65 21/66
52 Week High (Rs) - - 19.71 23.94 33.94 50.76 81.46 83.52 79.78 97.94 -
52 Week Low (Rs) - - 9.91 16.36 22.34 32.26 46.06 36.49 36.44 74.37 -
Net Assets (Rs.Cr) - 51.40 15.15 9.11 140.54 124.74 374.84 381.20 1603.81 2719.84 -
Expense Ratio (%) - 2.49 2.50 2.50 2.50 2.50 2.35 2.31 2.09 1.88 -

Top Holdings Quarterly Returns (%)

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

Reliance Industries Energy 16.90 -3.08 6.33 2011 -5.07 - - - -

ICICI Bank Financial 26.60 -2.91 5.32 2010 1.23 2.58 12.88 1.27 18.70
Infosys Technologies Technology 25.70 -15.66 4.45 2009 -1.17 50.82 19.55 6.87 90.45
ITC FMCG 30.70 9.23 4.02 2008 -24.24 -14.18 -2.23 -18.97 -48.50
Bharti Airtel Communication 17.80 6.15 3.81 2007 -1.42 14.53 16.01 23.88 62.26
Tata Consultancy Services Technology 33.20 4.61 3.71
Larsen & Toubro Diversified 29.20 -13.79 3.58 Trailing Returns (%)
Tata Steel Metals 8.00 -7.95 2.75 Return Rank S&P CNX SIP
ONGC Energy 12.40 -8.67 2.72 Fund Category Fund/Cat Nifty Return
Mahindra & Mahindra Automobile 17.00 -1.87 2.38 Year-to-Date -3.90 -5.18 21/66 -4.61 -
Dr. Reddy's Lab Healthcare 28.00 0.81 2.29 3-Month 2.26 1.39 17/66 2.45 8.37
Tata Motors Automobile 35.20 -4.21 2.21 6-Month -2.62 -5.05 18/66 -2.18 20.42
Sterlite Industries Metals 34.90 -6.65 2.20 1-Year 12.23 9.69 22/64 11.88 25.46
Cummins India Engineering 24.20 -9.23 2.20 2-Year 39.87 33.75 10/60 31.63 37.87
Wipro Technology 23.30 -5.37 2.17 3-Year 12.55 7.01 10/58 5.68 30.51
BHEL Engineering 20.40 -7.44 2.13 5-Year 16.78 9.20 2/43 10.37 21.71
State Bank of India Financial 17.20 -0.57 2.10 7-Year 23.54 19.59 2/25 17.93 25.07
Bank of Baroda Financial 9.90 9.95 2.02 10-Year - - - - -
HDFC Bank Financial 27.80 1.07 2.00 Return less than 1-year are absolute and over 1 year are annualised
Indusind Bank Financial 22.20 5.12 1.91
Cipla Healthcare 24.80 -12.95 1.81 Top 10 Sector Weights (%) Risk Analysis
Axis Bank Financial 18.50 7.29 1.81 Volatility Measurements
Fund Nifty
Crompton Greaves Engineering 27.30 -9.68 1.78
Financial 21.64 18.64 Standard Deviation 31.20
GAIL Energy 16.20 -6.33 1.77
HDFC Financial 30.70 -1.98 1.70 Energy 16.13 28.19 Sharpe Ratio 0.41
Technology 10.73 15.50 Beta 0.93
FUND STYLE Automobile 6.91 6.02 R-Squared 0.97
Portfolio Characteristics Investment Style Engineering 6.64 3.58 Alpha 5.47
Growth Blend Value
Total Stocks 58 Metals 6.15 8.70
Large Medium Small

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

Capitalisation

57036 FMCG 5.75 5.52

Portfolio P/B Ratio 4.60 Healthcare 5.35 3.22 Equity 94.72
Portfolio P/E Ratio 23.80 Diversified 5.13 3.90 Debt 1.71
3Y Earnings Growth (%) - Services 4.25 - Cash 3.57
Returns as on Returns as on April 20, 2011, Portfolio related data as on March 31, 2011

Value Research
w w w. v a l u e r e s e a r c h o n l i n e . c o m
Best Performance Value Research Analysis Fund Objective & Strategy
YEAR 117.37%
The fund targets the same sectoral weights as BSE 200, subject to The scheme aims to generate
flexibility of selecting stocks within a particular sector to generate long- long-term capital growth,
term capital growth, income generation and distribution of dividend. In its
income generation and
eight year history, the fund under performed only once in 2003 compared
to its benchmark, but it started out performing its category average only distribution of dividend.It
from 2006. This is largely attributed to Mahesh Patil taking over as fund would target the same
manager in November 2005. sectoral weights as BSE 200,
The funds performance during market upswings has been mixed. The subject to flexibility of
QUARTER 80.16% large-cap focus has limited its ability to benefit from rallies led by mid-cap
selecting stocks within a
stocks, such as the one seen towards the second half of 2007. But the
funds ability to quickly change track in sync with market trends, provides particular sector.
a higher salve. For instance, while most equity funds struggled to mirror
market returns in 2009, BSL Frontline despite sporting high cash exposure
in the first few months of the year was quick enough to up its equity ante.
In 2009, it delivered 90.45 per cent when the category average was 80.19
per cent. We got into good quality stocks at distressed valuations. We
MONTH also bought into certain stocks when the de-leveraging story began to
33.57%
play out and firms were able to raise money as liquidity eased, says
Mahesh Patil, Head EquityDomestic Assets, Birla Sun Life Mutual Fund.
While Patil does adhere to this strategy, there have been deviations. For
instance, he was underweight in the Energy and Engineering sectors in
2006 and 2007, which Patil attributes to stretched valuations. And as the
assets in the fund swelled, the fund has diversified its portfolio to 60 stocks
currently. Portfolio Manager
Our View
A long-term track record of good performance, proven ability to ride out Mahesh Patil
Since Nov 2005
Worst Performance corrections better than most peer funds and benchmark, with a focused
exposure to blue-chip equities makes the case for this fund. Over the past
YEAR -50.51%
five years, the fund has delivered an annualised return of over 23 per
cent, placing it among the top funds in the category. That the fund is
among the few to have bettered their respective benchmarks each year Experience
in the last five years also adds to its appeal. Mr. Patil is B.E (Electrical), MMS in
Finance and Chartered Financial
Accountant from ICFAI, Hyderabad.
Prior to joining BSL AMC, he has
worked with Reliance Infocom Ltd. in
QUARTER -35.11% Business Strategy and, as a Senior
Research Analyst with Motilal Oswal
Securities and Parag Parikh
Financial Advisory Services Ltd.

MONTH -30.85%

Investment Information
AMC : Birla Sun Life Asset Management Company Ltd Min Investment (Rs.) : 5000
Website : www.birlasunlife.com Min SIP Investment (Rs.) : 1000
Registrar : Computer Age Management Services Ltd. Entry Load : Nil
Launch : August 2002 Exit Load : 1% for redemption within 365 days
Benchmark : BSE 200
All the graphs are rebased to 10,000 Plans (NAV) : Dividend (21.88) , Growth (91.01)

NAV S&P CNX Nifty

Value Research
w w w. v a l u e r e s e a r c h o n l i n e . c o m
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.
Value Research

Mutual Fund Insight

www.valueresearchonline.com

Where to
the
VALUE

Invest Now 50

Yes, I wish to subscribe to Mutual Fund Insight. Method of Payment

Period Cover Price You Pay only Cheque Number
3-Years (36 Issues) at 35% off Rs 3600 Rs 2,340
Bank & Branch
1-Years (12 Issues) at 20% off Rs 1200 Rs 960
Payable to "Mutual Fund Insight" New Delhi * Add Rs 30/- for non Delhi cheques
Name
Master Card Visa
Address

Please note, debit cards are not accepted for payment

Phone (with STD code) Expiry

E-mail Cardholder's Signature

ValueResearch
www.valueresearchonline.com
MAIL OR FAX THIS FORM NOW
ValueResearch India Pvt. Ltd., 5, Commercial Complex, Chitra Vihar, Delhi-110 092
Phone: 011-22457916/18; Fax: 22531830; E-mail: mfi@valuresearchonline.com