FUND PHILOSOPHY

Contained headline inflation and slower growth is positive for fixed income market. It will not only help RBI to infuse necessary durable system liquidity but also opens up the possibility of further rate cuts. Global growth inflation dynamics also prompted other key central banks to maintain their growth supportive stance. All these factors are favourable for the domestic fixed income market. Hence, in the near term interest rate movement is likely to be range bound with softer bias. However, over the medium term, Government’s commitment towards fiscal deficit target, crude price movement, progress of monsoon and FII flows are likely to impact the market sentiment.

OVERVIEW OF MARKET

Equity markets across the globe delivered strong returns in June 2025, with several major indices either creating fresh high watermarks, or trading very close to their all-time highs, rebounding sharply from the volatility seen earlier in the year. Indian equities, too, were strong during the month, with the benchmark Nifty +3.1%, while Midcap and Smallcap counterparts +4.0% and +6.7%, respectively. Rising hopes of bilateral trade deals with the US, abatement of the brief Iran-Israel conflict and benign crude prices were some of the factors driving this momentum.

Closer home, the RBI’s MPC delivered a 50-bps repo rate cut in its June meeting, bringing the cumulative rate cut to 100 bps within 4 months beginning Feb’25. Additionally, the RBI also announced a 100-bps cut in the cash reserve ratio (CRR), to be implemented in 4 equal tranches between September and November. Despite the rate cut and increased liquidity, the yields on the 10-year benchmark paper hardened from 6.13% on the policy meeting date to 6.31% at the end of June as the change of stance from accommodative to neutral effectively was seen to indicate an end to the current rate cut cycle. The RBI also cut its FY26 inflation forecast by 30 bps to 3.7% from 4.0%, as inflation continues to trend downwards. A strong start to the monsoons provides further confidence on this aspect, though the intensity and spatial distribution of the monsoons remain key monitorables.

After 3 years of negotiations, India-UK trade FTA was finalized, which is positive for automobiles and agriculture. A favourable India-US trade pact is also anticipated by the markets soon, providing a further tailwind.From a sectoral point of view, Infra (~5%), IT (~4%), Metal (~4%), Bank (~3%) and Pharma (~3%) were the top gainers, while, FMCG (~1%) was the top loser. During the period, FIIs bought equities to the tune of ~Rs 7,489 Cr and DIIs bought equities to the tune of ~Rs 72,674 Cr. FPIs were net buyers of Indian equities to the tune of Rs 14,590 Cr.

EQUITY

Nifty 50 is trading at 22.9x/19.8x FY26E/FY27E earnings. Mid & small caps have already outperformed, on expectations of better earnings, driven by consumption and margin expansion. Going forward, the focus will be on quarterly earnings and management guidance for the full year. This will bring back the focus of the markets on fundamentals for valuation support. Buoyancy in global markets—especially the US, along with stable domestic cues suggests that the prevailing trend is likely to continue with a strong emphasis on stock selection.

FIXED INCOME

Despite front loaded rate cuts, yields drifted upwards during the month. G-Sec yields are expected to remain rangebound between 6.25% - 6.50%. Given broader fiscal and macroeconomic strength, price of crude, US Treasury yields and inflation trajectory remain the key factors which could influence the yields in the near-term.

INVESTOR PHILOSOPHY

Provide customers with the best solutions & services

Vision
To be the preferred Life Insurer; to ensure Safety, Liquidity and Profitability of funds, encompassing integrity and transparency in its operations, with an overall objective to meet the Reasonable Expectations of Policyholders.

Objectives

  • To invest the funds in matching assets, to the extent possible, so as to meet the liabilities as and when due
  • To effectively manage the portfolio of investments to yield optimum return
  • To be compliant with all Regulatory norms and to follow prudent practices in operations
  • To carry out the fund management activities in a cost efficient manner

COMPANY INITIATIVE

Constant growth and development

Attract and retain talent and imparts training to the manpower to develop the needed skill sets; In-house Research team and framework for informed fund management decisions. State of the art Investment Management System seamlessly integrating the Front, Mid and Back offices, to effectively manage risks, investment accounting, MIS etc

MODIFIED NAVCOMPUTATION

As per IRDA Circulars ref: IRDA/F&I/CIR/INV/173/08/2011 dated July 29, 2011 and IRDA/F&I/CIR/INV/187/08/2011 dated August 17, 2011, computation of Net Asset Value stands modified with effect from August 18, 2011, as below:

OLD METHOD NEW METHOD

Fund Nav

NAVs (in Rs) as on 14-Jul-2025

  • Sr. No.1

  • Fund

  • Segregated Fund Identification No.

  • NAV

1 Balanced fundULIF 001 18/02/09 SUD-LI-BL1 14241.2136SD001
2 Equity FundULIF 002 25/02/09 SUD-LI-EQ1 14282.4349SD002
3 Bond FundULIF 004 25/02/09 SUD-LI-BN1 14230.3151SD003
4 Growth FundULIF 003 25/02/09 SUD-LI-GR1 14271.1197SD004
5 Individual Pension Fund - EquityULIF 005 31/03/09 SUD-PI-EQ1 14270.2496SD005
6 Individual Pension Fund - BondULIF 008 31/03/09 SUD-PI-BN1 14230.0277SD006
7 Individual Pension Fund - GrowthULIF 006 31/03/09 SUD-PI-GR1 14256.3601SD007
8 Individual Pension Fund - BalancedULIF 007 31/03/09 SUD-PI-BL1 14240.7561SD008
9 Apex Equity FundULIF 009 20/01/10 SUD-LA-EQ1 14247.4499SD009
10 Apex Bond FundULIF 012 20/01/10 SUD-LA-BN1 14229.7200SD010
11 Apex Growth FundULIF 010 20/01/10 SUD-LA-GR1 14243.7878SD011
12 Apex Balanced FundULIF 011 20/01/10 SUD-LA-BL1 14239.9551SD012
13 Individual Pension Fund - Apex EquityULIF 013 20/01/10 SUD-PA-EQ1 14247.7364SD013
14 Individual Pension Fund - Apex BondULIF 016 20/01/10 SUD-PA-BN1 14228.6469SD014
15 Individual Pension Fund - Apex GrowthULIF 014 20/01/10 SUD-PA-GR1 14242.6722SD015
16 Individual Pension Fund - Apex BalancedULIF 015 20/01/10 SUD-PA-BL1 14238.9830SD016
17 Express Balanced FundULIF 017 29/04/11 SUD-LX-BL1 14221.5715SD017
18 Discontinued FundULIF 018 03/06/11 SUD-UL-DP1 14223.6307SD018
19 Individual Life - Bluechip Equity FundULIF 019 11/12/13 SUD-LI-EQ2 14235.1793SD019
20 Individual Life - Income FundULIF 020 11/12/13 SUD-LI-BN2 14221.9473SD020
21 Individual Life - Growth Plus FundULIF 023 11/12/13 SUD-LI-GR2 14231.8279SD023
22 Individual Life - Balanced Plus FundULIF 024 11/12/13 SUD-LI-BL2 14226.2005SD024
23 Unclaimed Policies Unit Linked FundULIF 025 09/11/16 SUD-LN-UUF14216.1357SD029
24 Group Debt FundULGF 003 20/03/15 SUD-GN-BN1 14219.5435SD027
25 Growth FundULGF 004 20/03/15 SUD-GN-MM1 14213.3803SD028
26 Group Balanced FundULGF 002 20/03/15 SUD-GN-BL1 14215.7583SD026
27 Individual Life - Mid Cap FundULIF 026 14/10/19 SUD-LI-MID 14223.5308SD030
28 Individual Life - Gilt FundULIF 027 14/10/19 SUD-LI-GLT 14213.3521SD031
29 Dynamic FundULIF 028 11/06/21 SUD-LI-DYN 14213.8955SD032
30 Money Market FundULIF 029 11/06/21 SUD-LI-MMF 14212.1448SD033
31 Pension Equity Plus FundULIF 030 08/09/23 SUD-PI-EQ2 14211.4367SD034
32 Pension Growth Plus FundULIF 031 08/09/23 SUD-PI-GR2 14211.4004SD035
33 Pension Balanced Plus FundULIF 032 08/09/23 SUD-PI-BL2 14211.3790SD036
34 Pension Gilt Plus FundULIF 033 08/09/23 SUD-PI-GL2 14211.4130SD037
35 Pension Discontinued Policy FundULIF 021 10/04/13 SUD-PA-DP2 14210.6220SD038
36 Viksit Bharat FundULIF 039 28/10/24 SUD-LI-VB1 1429.8216SD039
37 New India Leaders FundULIF 038 28/10/24 SUD-LI-NL1 14210.1462SD040
38 Midcap Momentum Index FundULIF 034 27/12/24 SUD-LI-NMM 14210.9197SD041
39 Nifty Alpha 50 Index Pension FundULIF 040 13/05/25 SUD-PI-ALP 1429.9129SD042
Fund Philosophy

FUND
MANAGEMENT
TEAM

Get to know the
fund management team
at our company

Mr. Prashant Sharma

CHIEF INVESTMENT OFFICER

Qualifications: CA, CFA

Experience: More than two decades of experience of handling Investments. Prashant has been responsible for overall investment portfolios, formulating investment policies, generating reasonable returns and appropriate risk management. He has been also responsible for Corporate Strategy, Products, MIS and Assurance services in his previous roles and has been an active member of Executive Committee and Steering committees.

Prior to joining the company, he was Chief Investment Officer at Aviva Life Insurance. He was also associated with Max Life Insurance in the capacity of Chief Investment Officer in the past.

Mr. Ram Kamal Samanta

HEAD OF FIXED INCOME

Qualifications: Post--graduation in Economics from JNU, PGDBA with specialisation in Finance, Chartered Financial Analyst (CFA – ICFAI India), certified Financial Risk Manager (FRM from GARP USA) and Certified Associate of Indian Institute of Bankers(CAIIB),Fellow of Life Insurance from Insurance Institute of India.

Experience: More than two decades of experience in financial markets (both fixed income and equity) as a research analyst and fund manager. Prior to joining SUD Life, he was with SBI DFHI LTD as Vice President, Investment for 13 years.

Guest speaker at various reputed institutes including Indian Institute of Management (IIM) Kolkata, National Institute of Securities Market (NISM) and National Institute of Bank Management (NIBM) Pune.

Mr. Jimesh Sanghvi

Fund Manager - Equity

Qualifications: Chartered Accountant

Experience: More than 20+ years of experience as an Equity Research Analyst for the Indian markets both on the buy side as well as sell side.

Prior to joining SUD Life, he was a senior Equity Research Analyst with Principal Asset Management covering multiple sectors.

He has also been associated with SBICAP Securities and Avendus Securities in the past..

Awarded Reuters Star Mine award for stock picking in Metals and Mining Sector during 2013 and 2014.

Mr. Sujay Nimkar

FUND MANAGER - FIXED INCOME

Qualifications: MBA (Finance) & B.E. (Mechanical)

Experience: 10+ years of experience in fixed income markets across rating agencies and Investment banks.

Prior to joining SUD Life, he was working as senior analyst with ICRA Ltd,He has also been associated with Deutsche bank, Credit Suisse and CRISIL Ltd.

Mr. Meet Kachhy

Fund Manager, Alternate Assets and Lead Analyst, Macro and Credit

Qualifications: MBA, CFA, B.E. (Hons)

Experience: More than a decade’s experience across investing (public & private markets ), corporate finance & strategy.

Prior experience includes stints at Goldman Sachs Asset Management, VC fund Jupiter Capital and education start-up XSeed.

Mr. Anupam Goswami

Fund Manager - Equity

Qualifications: CA, CFA

Experience: More than 7 years of experience as an Equity Research Analyst in Indian markets both in buy side as well as sell side.

Prior to joining SUD Life he has worked in sell side firms like B&K Securities and SMIFS.

Mr. Harshil Shah

Fund Manager - Fixed Income

Qualifications: Masters in Management Studies (Finance) & M.com

Experience: More than a decade of experience in Fixed income markets across investing and dealing in various debt securities.

CHANGE IN VALUATION OF EQUITY

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