Kotak Liquid

31st July, 2019

Scheme Facts About Kotak Liquid

Structure Ÿ Kotak Liquid is a debt scheme with the objective of providing reasonable returns with high level of liquidity. The
An Open- Ended Liquid Scheme scheme seeks to achieve the investment objective through investments in judicious mix of money market
Month end AUM* (as on 31st July 2019) instruments, corporate bonds and sovereign securities.
`28,161.03 crs
Monthly Average AUM* Debt Market Outlook
`34,494.56 crs
• The month of July started with uncertainty as the union budget loomed at the month beginning. However the
NAV (as on 31st July 2019)
government maintained the overall fiscal discipline.
Growth `3858.8681 • Government also announced a 10 bn USD sovereign bond sale in the offshore markets. This was a positive
Direct Growth `3871.4201 development and was completely unexpected hence the reaction was also sharp.
Daily Dividend `1222.8100 • This event has changed the overall trajectory on the 10 year bond. The market is in a short squeeze kind of
environment and therefore it will continue to appear to be in the overbought zone for some time. On the other hand
Direct Daily Dividend `1222.8100
the environment was still weak from the credit point of view of low rated credit, therefore the spreads remained at
Weekly Dividend `1000.5139 elevated levels while good quality AAA rated PSU assets were mirroring G sec curve movements keeping spreads
Direct Weekly Dividend `1005.4790 constant.
• The positive sentiment from the dollar bond sale along with the short position of the market led the 10 year G sec to
Launch Date
fall to 6.30%.
(a) Regular Plan - 4th November 2003
• The monsoon progress is comfortable and while oil prices are volatile it appears to fluctuate within the budgeted
Benchmark range. INR is performing relatively well.
Nifty Liquid Index • We are positive on interest rate scenario. We have been acting with the same strategy in mind and take positions
keeping the same perspective.
Min. Initial Inv.
• Given the above outlook we would look to adjust the levels of G sec allocation in our portfolio, over time to take
Regular Plan - `5000 & in multiples of `1 advantage of the spread compressions.
Additional Inv.
`1000 & in multiples of `1 Portfolio Action
Standard Deviation^
0.11% • Given the above outlook we intend to maintain the average maturity at the higher end of the indicated band.
• The focus is to enhance the portfolio yield while maintaining the liquidity and maturity of the portfolio in the
Average Maturity
indicated band.
0.08 years • We intend to maintain the modified duration in the range of 0.05 – 0.15 in Aug 2019.
Portfolio Modified Duration
Particulars 31 July 2019 30 June 2019
0.08 years Avg. Maturity (in yrs) 0.08 0.10
YTM Duration 0.08 0.10
5.96 Yield (in %) 5.96 6.50
Macaulay Duration Macaulay Duration 0.08 0.10

0.08
*Source: MFI Explorer.
^ as on 31st July, 2019. Source: Value Asset Allocation as on 31st July, 2019
Research.
Commercial Paper (CP)/Certificate of Deposits (CD) 78.74%
Treasury Bills 15.96%
Load Structure TREP & Term Deposits & Rev.Repo 2.74%
Debentures and Bonds 2.29%
Entry Load: Nil
Net Current Assets 0.27%
Exit Load: Nil
Note - Units issued reinvestment of dividends
shall not be subject to exit load (applicable for Top 10 Companies as on 31st July, 2019
all plans)
AXIS Bank Ltd. CRISIL A1+/ ICRA A1+ 10.11%
Reliance Jio Infocomm Ltd. CRISIL A1+ 7.29%
NABARD CRISIL A1+ /ICRA A1+ 7.19%
91 Days Treasury Bill 12/09/2019 SOV 6.75%
91 Days Treasury Bill 01/08/2019 SOV 6.66%
Bajaj Finance Ltd. CRISIL A1+ 6.18%
National Thermal Power Corporation Ltd. CRISIL A1+ /ICRA A1+ 4.05%
IDFC First Bank Limited CRISIL A1+/ ICRA A1+ 4.04%
Small Industries Development Bank Of India FITCH IND A1+ 3.38%
Reliance Retail Limited CRISIL A1+ 3.30%

1
 Kotak Liquid
st
31 July, 2019

About Kotak Mutual Fund Rating Profile as on 31st July, 2019

Kotak Mahindra Asset Management

Company Limited (KMAMC) is a wholly Net Current Assets 0.27
owned subsidiary of Kotak Mahindra Bank
Limited (KMBL). KMBL has over two decades
of experience in financial services. KMBL has a
market capitalization of 2901.004bn(as on,
TREP & Term Deposits & Rev.Repo 2.74
31st July, 2019). KMAMC is the Asset
Manager for Kotak Mahindra Mutual Fund
(KMMF). It started operations in December
1998. KMMF offers schemes catering to
A1+, AAA, IND A1+, SOV 96.99
investors with varying risk - return profiles and
was the first fund house in the country to
launch a dedicated gilt scheme. KMAMC
manages assets worth `166424.45cr as on
31st July, 2019.

* The numbers are converted using the Rupee-

USD reference rate published by the Reserve Kotak Liquid *Performance (%) as on 31st July, 2019
Bank of India as on the respective dates.

Date Scheme Nifty Liquid Alpha CRISIL 1 Year Current Value of Standard Investment
To know more Returns Index
$
T-Bill Index of `10000 in the
(%) ^ # (%) ## (%) Scheme Benchmark Additional
Call : 1800-222-626 (Toll Free), Mumbai #(`) #(`) Benchmark ## (`)
61152100, Delhi 66306900 / 02, Chennai Kotak Liquid Scheme - Growth
28221333 / 45038171, Kolkata 64509802 /
Since Inception 7.43 7.45 -0.02 6.08 30,924 30,992 25,331
03, Pune 64013395 / 96, Ahmedabad
26779888, Bangalore 66128050 / 51, Last 1 Year 7.29 7.31 -0.02 8.24 10,729 10,731 10,824
Hyderabad 66178140 / 41. Last 3 Years 7.02 6.93 0.10 6.77 12,258 12,225 12,173
Visit - assetmanagement.kotak.com Last 5 Years 7.56 7.44 0.12 7.31 14,401 14,319 14,231
Email - [email protected] Scheme Inception date is 04/11/2003. Mr. Deepak Agrawal has been managing the fund since 01/05/2007.
Different plans have different expense structure. The performance details provided herein are of regular plan.
Disclaimer ^Past performance may or may not be sustained in future. *All payouts during the period have been reinvested in the units of the
scheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not
available. Note: Point to Point (PTP) Returns in INR shows the value of `10,000/- investment made at inception. Source: ICRA MFI
Kotak Liquid An open-ended liquid scheme. Explorer. Classification of schemes in short term & long term is based on the average maturity of the scheme. # Name of Scheme
Investment Objective: To provide reasonable Benchmark. ## Name of Additional Benchmark. Please refer page no. 3 for top 3 and bottom 3 schemes managed by Mr. Deepak
returns and high level of liquidity by investing in debt Agrawal.
and money market instruments of different We are comparing the performances of the funds with the total return Index.
maturities so as to spread risk across different kinds $
of issuers in the debt markets. With Effect from 1st June 2018, the Benchmark is changed to Nifty Liquid Index from Crisil Liquid Fund.
These materials are not intended for distribution to or use by any person in any jurisdiction where such distribution would be contrary
to local law or regulation. The distribution of this document in certain jurisdictions may be restricted or totally prohibited and
Mutual Fund investments are subject to market accordingly, persons who come into possession of this document are required to inform themselves about, and to observe, any such
risks, read all scheme related documents restrictions.
carefully. Scheme Information Document (SID)
and Statement of Additional Information (SAI)
available on mutualfund.kotak.com

Riskometer
Moderate Mo This product is suitable for investors who are seeking*:
t el y d
era Higerat • Income over a short term investment horizon
odLow h e
M

ly

• Investment in debt & money market securities

* Investors should consult their financial advisors if in doubt
Low

High

about whether the product is suitable for them.

LOW HIGH
Investors understand that their principal will
be at low risk

2
 Kotak Liquid
31st July, 2019

Top 3 Funds Managed by Mr. Deepak Agrawal

Period 1 year 3 years 5 years Since Inception

Scheme Benchmark Scheme Benchmark Scheme Benchmark Scheme Benchmark
Returns (%)^ Returns (%)^* Returns (%)^ Returns (%)^* Returns (%)^ Returns (%)^* Returns (%)^ Returns (%)^*
Kotak Dynamic Bond Fund - Growth 13.49 12.84 8.89 7.73 9.43 9.08 8.74 8.47
Kotak Banking and PSU Debt Fund - Growth 11.00 10.55 8.10 8.22 8.45 9.08 7.47 NA
Kotak Bond Short Term Plan - Growth 9.50 9.32 7.24 7.51 8.01 8.20 7.71 7.90

Mr. Deepak Agrawal manages 12 & All FMPs funds of Kotak Mutual fund.
Kotak Dynamic Bond Fund - Growth (Erstwhile Flexi Debt Fund), *Name of the Benchmark - Nifty Composite Debt Index, Scheme Inception date is 26/05/2008. Mr. Deepak
Agrawal has been managing the fund since 25/11/2012.
Kotak Banking and PSU Debt Fund - Growth, *Name of the Benchmark - CRISIL Banking and PSU Debt Index, Scheme Inception date is 29/12/1998. Mr. Deepak Agrawal has
been managing the fund since 01/08/2008.
Kotak Bond Short Term Fund - Growth, *Name of the Benchmark - NIFTY Short Duration Debt Index, Scheme Inception date is 02/05/2002. Mr. Deepak Agrawal has been
managing the fund since 11/07/2007.
Different plans have different expense structure. The performance details provided herein are of regular plan
^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV.
Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Source: ICRA MFI Explorer.
We are comparing the performances of the funds with the total return Index.

Bottom 3 Funds Managed by Mr. Deepak Agrawal

Period 1 year 3 years 5 years Since Inception

Scheme Benchmark Scheme Benchmark Scheme Benchmark Scheme Benchmark
Returns (%)^ Returns (%)^* Returns (%)^ Returns (%)^* Returns (%)^ Returns (%)^* Returns (%)^ Returns (%)^*
Kotak Low Duration Fund - Growth 7.89 8.39 7.59 7.46 8.37 8.00 7.73 8.52
Kotak Credit Risk Fund - Growth 7.83 8.78 7.37 8.24 8.38 8.92 8.33 8.95
Kotak Medium Term Fund - Regular Plan - Growth 5.75 10.54 6.53 7.42 8.12 8.63 8.41 8.86

Mr. Deepak Agrawal manages 12 & All FMPs funds of Kotak Mutual fund.
Kotak Low Duration Fund - Growth, *Name of the Benchmark -NIFTY Low Duration Debt Index, Scheme Inception date is 06/03/2008. Mr. Deepak Agrawal has been
managing the fund since 01/02/2015.
Kotak Credit Risk Fund - Growth (Erstwhile Kotak Income Opportunities Fund), *Name of the Benchmark - CRISIL Composite AA Short Term Bond Index, Scheme Inception
date is 11/05/2010. Mr. Deepak Agrawal has been managing the fund since 12/04/2010.
Kotak Medium Term Fund - Regular Plan - Growth, *Name of the Benchmark - NIFTY Medium Duration Debt Index, Scheme Inception date is 21/03/2014. Mr. Deepak
Agrawal has been managing the fund since 22/06/2015.
Different plans have different expense structure. The performance details provided herein are of regular plan
^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV.
Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Source: ICRA MFI Explorer.
We are comparing the performances of the funds with the total return Index.