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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, both domestic and global, were driven by the news and announcements around the tariffs by the US government. Domestically, equity markets had started correcting in the lead up to the tariff announcement in early April. Subsequently, the indices recovered on the announcement of a 90-day pause in the implementation of the tariffs. The Benchmark Nifty 50 Index gained 3.5% for the month, rising ~11% from its March lows. Broader market indices outperformed even further, with the Midcap and Small cap indices surging 15% and 17%, respectively, from their recent lows.

During the month, the RBI cut the benchmark repo rate by 25 bps for a second successive meeting at its MPC in April. The rate cut was accompanied by a change in stance to accommodative, and further dovish commentary which indicated further rate cuts. Headline inflation Mar’25 was reported to be at a 67-month low of 3.3%, making it two straight months of sub-4% CPI print. All of the above catalyzed in the form of softening bond yields, with the benchmark IGB 10Y dropping 23 bps during the month to close at 6.35%.

On commodities front, gold prices in the international market breached the $3,500 mark for the first time ever, before retracting 7-10%. Notwithstanding the above, Gold continues to trade above $3,100, reflecting rising uncertainties with respect to trade and geopolitics. Weakening demand and a surprising OPEC+ output hike contributed to pushing down oil prices to below $65/bbl. From a sectoral point of view, Banks (~6%), FMCG (~5%), Auto (~5%) and Infra (~4%) were the top gainers, while, Metal (~6%) and IT (~3%) were the top losers. During the period, FIIs bought equities to the tune of ~Rs 2,735 Cr and DIIs bought equities to the tune of ~Rs 28,228 Cr. FPIs were net buyers of Indian equities to the tune of Rs 173 Cr.

EQUITY

The benchmark Nifty is trading ~21.4x of FY26 EPS. The recent rebound in the market reflects some optimism in the market with respect to the global growth and domestic earnings. Lower crude prices, good monsoons, and pick up in the consumption can benefit consumption-led sectors. Near-term price movements will be guided by the results and commentaries from the full year results.

FIXED INCOME

RBI’s monetary easing measures, including rate cuts and open market operation (OMO) purchases, have driven 10-year government bond yields to a three-year low. The liquidity injections have spurred heightened demand for short-term assets, widening the yield spread between 91-day Treasury Bills (T-Bills) and longer-duration bonds (10-year/30-year). Market expectations suggest an additional 50 basis points (bps) of rate reductions in FY26, supported by the RBI’s commitment to sustain liquidity via OMO purchases totaling Rs 1.25 T in month of May alone. These efforts aim to cushion domestic markets against global trade volatility and ensure effective policy transmission. However, further declines in yields face headwinds from narrowing spreads with US Treasuries, potential disruptions from US tariff policies, and geopolitical risks, including on India’s north-western border.

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 19-May-2025

Sr. No.1
Fund
Segregated Fund Identification No.
NAV

1	Balanced fund	ULIF 001 18/02/09 SUD-LI-BL1 142	41.1186	SD001
2	Equity Fund	ULIF 002 25/02/09 SUD-LI-EQ1 142	82.0401	SD002
3	Bond Fund	ULIF 004 25/02/09 SUD-LI-BN1 142	30.2012	SD003
4	Growth Fund	ULIF 003 25/02/09 SUD-LI-GR1 142	70.7782	SD004
5	Individual Pension Fund - Equity	ULIF 005 31/03/09 SUD-PI-EQ1 142	69.9321	SD005
6	Individual Pension Fund - Bond	ULIF 008 31/03/09 SUD-PI-BN1 142	29.9456	SD006
7	Individual Pension Fund - Growth	ULIF 006 31/03/09 SUD-PI-GR1 142	56.0991	SD007
8	Individual Pension Fund - Balanced	ULIF 007 31/03/09 SUD-PI-BL1 142	40.7174	SD008
9	Apex Equity Fund	ULIF 009 20/01/10 SUD-LA-EQ1 142	47.1489	SD009
10	Apex Bond Fund	ULIF 012 20/01/10 SUD-LA-BN1 142	29.8239	SD010
11	Apex Growth Fund	ULIF 010 20/01/10 SUD-LA-GR1 142	43.6670	SD011
12	Apex Balanced Fund	ULIF 011 20/01/10 SUD-LA-BL1 142	40.0343	SD012
13	Individual Pension Fund - Apex Equity	ULIF 013 20/01/10 SUD-PA-EQ1 142	47.4178	SD013
14	Individual Pension Fund - Apex Bond	ULIF 016 20/01/10 SUD-PA-BN1 142	28.5359	SD014
15	Individual Pension Fund - Apex Growth	ULIF 014 20/01/10 SUD-PA-GR1 142	42.4374	SD015
16	Individual Pension Fund - Apex Balanced	ULIF 015 20/01/10 SUD-PA-BL1 142	38.7687	SD016
17	Express Balanced Fund	ULIF 017 29/04/11 SUD-LX-BL1 142	28.5695	SD017
18	Discontinued Fund	ULIF 018 03/06/11 SUD-UL-DP1 142	23.4389	SD018
19	Individual Life - Bluechip Equity Fund	ULIF 019 11/12/13 SUD-LI-EQ2 142	35.0161	SD019
20	Individual Life - Income Fund	ULIF 020 11/12/13 SUD-LI-BN2 142	22.0532	SD020
21	Individual Life - Growth Plus Fund	ULIF 023 11/12/13 SUD-LI-GR2 142	31.7456	SD023
22	Individual Life - Balanced Plus Fund	ULIF 024 11/12/13 SUD-LI-BL2 142	26.2727	SD024
23	Unclaimed Policies Unit Linked Fund	ULIF 025 09/11/16 SUD-LN-UUF142	16.0106	SD029
24	Group Debt Fund	ULGF 003 20/03/15 SUD-GN-BN1 142	19.5805	SD027
25	Growth Fund	ULGF 004 20/03/15 SUD-GN-MM1 142	13.2594	SD028
26	Group Balanced Fund	ULGF 002 20/03/15 SUD-GN-BL1 142	15.6380	SD026
27	Individual Life - Mid Cap Fund	ULIF 026 14/10/19 SUD-LI-MID 142	22.7540	SD030
28	Individual Life - Gilt Fund	ULIF 027 14/10/19 SUD-LI-GLT 142	13.4482	SD031
29	Dynamic Fund	ULIF 028 11/06/21 SUD-LI-DYN 142	13.8466	SD032
30	Money Market Fund	ULIF 029 11/06/21 SUD-LI-MMF 142	12.0553	SD033
31	Pension Equity Plus Fund	ULIF 030 08/09/23 SUD-PI-EQ2 142	11.3881	SD034
32	Pension Growth Plus Fund	ULIF 031 08/09/23 SUD-PI-GR2 142	11.3848	SD035
33	Pension Balanced Plus Fund	ULIF 032 08/09/23 SUD-PI-BL2 142	11.3691	SD036
34	Pension Gilt Plus Fund	ULIF 033 08/09/23 SUD-PI-GL2 142	11.4918	SD037
35	Pension Discontinued Policy Fund	ULIF 021 10/04/13 SUD-PA-DP2 142	10.5594	SD038
36	Viksit Bharat Fund	ULIF 039 28/10/24 SUD-LI-VB1 142	9.7683	SD039
37	New India Leaders Fund	ULIF 038 28/10/24 SUD-LI-NL1 142	9.7547	SD040
38	Midcap Momentum Index Fund	ULIF 034 27/12/24 SUD-LI-NMM 142	10.7254	SD041

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.

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.

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.

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.

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.

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.

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.

Funds to maximize
your returns

FUND PHILOSOPHY

OVERVIEW OF MARKET

EQUITY

FIXED INCOME

INVESTOR PHILOSOPHY

COMPANY INITIATIVE

MODIFIED NAVCOMPUTATION

Fund Nav

Sr. No.1

Fund

Segregated Fund Identification No.

NAV

FUND
MANAGEMENT
TEAM

Mr. Prashant Sharma

CHIEF INVESTMENT OFFICER

Mr. Ram Kamal Samanta

HEAD OF FIXED INCOME

Mr. Jimesh Sanghvi

Fund Manager - Equity

Mr. Sujay Nimkar

FUND MANAGER - FIXED INCOME

Mr. Meet Kachhy

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

Mr. Anupam Goswami

Fund Manager - Equity

Mr. Harshil Shah

Fund Manager - Fixed Income

CHANGE IN VALUATION OF EQUITY

Funds to maximize your returns

FUND PHILOSOPHY

OVERVIEW OF MARKET

EQUITY

FIXED INCOME

INVESTOR PHILOSOPHY

COMPANY INITIATIVE

MODIFIED NAVCOMPUTATION

Fund Nav

Sr. No.1

Fund

Segregated Fund Identification No.

NAV

FUND MANAGEMENT TEAM

Mr. Prashant Sharma

CHIEF INVESTMENT OFFICER

Mr. Ram Kamal Samanta

HEAD OF FIXED INCOME

Mr. Jimesh Sanghvi

Fund Manager - Equity

Mr. Sujay Nimkar

FUND MANAGER - FIXED INCOME

Mr. Meet Kachhy

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

Mr. Anupam Goswami

Fund Manager - Equity

Mr. Harshil Shah

Fund Manager - Fixed Income

CHANGE IN VALUATION OF EQUITY

Funds to maximize
your returns

FUND
MANAGEMENT
TEAM