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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

In the month of February, Indian equity stock markets continued to underperform global indices with Nifty closing in red for the fifth consecutive month, something seen for only the second time in almost 30 years. Nifty fell almost 6% during the month, though the major pain was in small and mid-caps, which fell 13% and 11%, respectively. Foreign portfolio investors (FPIs) have been selling off Indian equities, withdrawing Rs 34,574 crore in February alone and over Rs 2 Lakh Cr in the last 5 months. Volatile global macroeconomic conditions, domestic growth slowdown and stretched valuations have created a perfect storm for the Indian equity markets. On the other hand, the 10-year G-Sec remained rangebound after the RBI cut rates by 25 bps in its February MPC, with expectations of further rate cuts.

The global economy continues to be driven by the rapidly evolving trade and geopolitical scenarios. Tariffs, and potential retaliatory tariffs, bode ill for global trade and growth. Evolving geopolitical dynamics dictate that security and military spending might become the driving factors in capital allocation, as against pure economic returns. Headline inflation for Jan'25 came in at 4.3%, lowest in 5 months, on the back of moderation in food prices. Highlight was the y-o-y vegetable inflation dropping from 27% to 12%. Core inflation inched up a bit to 3.7%. Falling crude oil prices have helped set off the inflationary impact from depreciating INR.

In the equity markets, all indices closed negative with IT (~14%), Energy (~13%), Auto (~12% ), FMCG (~12% ), Infra (~9%) and Pharma (~8%) being the top losers. In terms of flows into equities, Flls sold Rs 58,988 Cr, Dlls bought Rs 64,853 Cr and FPIs were net sellers of Rs 34,574 Cr.

EQUITY

In the month of March, US is expected to impose the proposed tariffs which would determine the strategies of global and domestic companies. India's tight liquidity condition would be keenly watched due to continuous selling by Flls. Nifty is currently trading at 19x of FY26 Earnings. After the recent correction, equity markets are trading closer to their long term historical average P/E multiple. We foresee markets to be range bound with negative bias considering the growth concerns and valuation outside large cap still being at a premium.

FIXED INCOME

The Indian bond market is likely to remain relatively stable, despite anticipations of a potential interest rate cut by the RBI in its April 2025 MPC meeting. While there are anticipations of yields coming down following the rate cut, the optimism is moderated by global uncertainties, particularly with respect to U.S. tariff policies which could impact capital flows, thus affecting bond yields. Additionally, any sharp depreciation of the INR could drive inflation upwards, potentially leading investors to demand higher bond yields. This situation presents opportunities for investors willing to take on duration risk in their fixed income portfolios.

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 02-Apr-2025

  • Sr. No.1

  • Fund

  • Segregated Fund Identification No.

  • NAV

1 Balanced fundULIF 001 18/02/09 SUD-LI-BL1 14239.7879SD001
2 Equity FundULIF 002 25/02/09 SUD-LI-EQ1 14277.8661SD002
3 Bond FundULIF 004 25/02/09 SUD-LI-BN1 14229.5993SD003
4 Growth FundULIF 003 25/02/09 SUD-LI-GR1 14267.5234SD004
5 Individual Pension Fund - EquityULIF 005 31/03/09 SUD-PI-EQ1 14266.3810SD005
6 Individual Pension Fund - BondULIF 008 31/03/09 SUD-PI-BN1 14229.3639SD006
7 Individual Pension Fund - GrowthULIF 006 31/03/09 SUD-PI-GR1 14253.5264SD007
8 Individual Pension Fund - BalancedULIF 007 31/03/09 SUD-PI-BL1 14239.3744SD008
9 Apex Equity FundULIF 009 20/01/10 SUD-LA-EQ1 14244.7452SD009
10 Apex Bond FundULIF 012 20/01/10 SUD-LA-BN1 14229.2256SD010
11 Apex Growth FundULIF 010 20/01/10 SUD-LA-GR1 14241.7763SD011
12 Apex Balanced FundULIF 011 20/01/10 SUD-LA-BL1 14238.6057SD012
13 Individual Pension Fund - Apex EquityULIF 013 20/01/10 SUD-PA-EQ1 14244.9037SD013
14 Individual Pension Fund - Apex BondULIF 016 20/01/10 SUD-PA-BN1 14227.9310SD014
15 Individual Pension Fund - Apex GrowthULIF 014 20/01/10 SUD-PA-GR1 14240.4494SD015
16 Individual Pension Fund - Apex BalancedULIF 015 20/01/10 SUD-PA-BL1 14237.2556SD016
17 Express Balanced FundULIF 017 29/04/11 SUD-LX-BL1 14228.5695SD017
18 Discontinued FundULIF 018 03/06/11 SUD-UL-DP1 14223.2328SD018
19 Individual Life - Bluechip Equity FundULIF 019 11/12/13 SUD-LI-EQ2 14233.2581SD019
20 Individual Life - Income FundULIF 020 11/12/13 SUD-LI-BN2 14221.5285SD020
21 Individual Life - Growth Plus FundULIF 023 11/12/13 SUD-LI-GR2 14230.4119SD023
22 Individual Life - Balanced Plus FundULIF 024 11/12/13 SUD-LI-BL2 14225.6366SD024
23 Unclaimed Policies Unit Linked FundULIF 025 09/11/16 SUD-LN-UUF14215.8989SD029
24 Group Debt FundULGF 003 20/03/15 SUD-GN-BN1 14219.1597SD027
25 Growth FundULGF 004 20/03/15 SUD-GN-MM1 14213.1584SD028
26 Group Balanced FundULGF 002 20/03/15 SUD-GN-BL1 14215.2310SD026
27 Individual Life - Mid Cap FundULIF 026 14/10/19 SUD-LI-MID 14221.3211SD030
28 Individual Life - Gilt FundULIF 027 14/10/19 SUD-LI-GLT 14213.1833SD031
29 Dynamic FundULIF 028 11/06/21 SUD-LI-DYN 14213.2190SD032
30 Money Market FundULIF 029 11/06/21 SUD-LI-MMF 14211.9798SD033
31 Pension Equity Plus FundULIF 030 08/09/23 SUD-PI-EQ2 14210.8061SD034
32 Pension Growth Plus FundULIF 031 08/09/23 SUD-PI-GR2 14210.8833SD035
33 Pension Balanced Plus FundULIF 032 08/09/23 SUD-PI-BL2 14211.0472SD036
34 Pension Gilt Plus FundULIF 033 08/09/23 SUD-PI-GL2 14211.2623SD037
35 Pension Discontinued Policy FundULIF 021 10/04/13 SUD-PA-DP2 14210.4128SD038
36 Viksit Bharat FundULIF 039 28/10/24 SUD-LI-VB1 1429.3186SD039
37 New India Leaders FundULIF 038 28/10/24 SUD-LI-NL1 1429.2237SD040
38 Midcap Momentum Index FundULIF 034 27/12/24 SUD-LI-NMM 1429.8585SD041
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.

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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.

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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.

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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.

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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.

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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.

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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.

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CHANGE IN VALUATION OF EQUITY

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