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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

The final month of fiscal 2024-25 saw the benchmark Nifty break its five-month losing streak, closing the month with a gain of 6.3%. Just like the fall, the recovery was also uneven, as small-cap and mid-cap indices gained 9.5% and 7.8%, respectively. This was in sharp contrast to other major markets across the world which saw equity markets decline during the month, even as Gold crossed $3,000 per ounce for the first time on 14th March, on safe-haven demand, ahead of the announcement of trade tariffs by the US in early April.

Domestically, fixed income markets also rose as the benchmark 10Y IGB softened 14 bps during the month, taking cues from the sustained infusion of liquidity by the RBI through the quarter, backed up further by a 7-month low inflation print of 3.6%, on the back of expected seasonal softening in vegetable prices. Industrial output also showed stronger than expected output, increasing 5% yoy, driven by strong performances in the manufacturing and the mining sectors.

In the equity markets, top gainers were Energy (~11%), Metal (~10%), Infra (~9%), Pharma (~6%), Bank (~6%), FMCG (~5%) and Auto (~4%), while the top loser was IT (~1%). In terms of flows into equities, FIIs bought Rs 2,014 Cr, DIIs bought Rs 37,586 Cr and FPIs were net sellers of Rs 3,973 Cr.

EQUITY

Though Q4FY25 earnings are expected to be better than the previous two quarters, growth continues to remain sluggish and uneven, amidst muted private capital expenditure. In the near-term, markets will be driven primarily by the potential impact from the new tariff structure to be announced by the US in early April. Nifty currently trades at 19.7x FY26E earnings and is expected to remain volatile with a downward bias. Returns will be driven by specific and sector selection, putting a higher premium on active fund management.

FIXED INCOME

The Indian bond market is expected to maintain relative stability in the near term, with the anticipated 25 bps rate cut by the RBI in its April 2025 MPC meeting largely priced in by markets. Yields have already softened following the February 2025 rate cut and subsequent RBI liquidity measures, including OMO purchases and buy-sell swaps. However, future yield movements will hinge on two critical factors being domestic liquidity management and impact of US tariff on global trade including the potential second-order effects from China’s currency devaluation or export rerouting. Current conditions favour duration strategies with medium to long term bonds poised to benefit from easing monetary policy and fiscal prudence.

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 24-Apr-2025

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

1	Balanced fund	ULIF 001 18/02/09 SUD-LI-BL1 142	40.5764	SD001
2	Equity Fund	ULIF 002 25/02/09 SUD-LI-EQ1 142	80.1826	SD002
3	Bond Fund	ULIF 004 25/02/09 SUD-LI-BN1 142	29.9492	SD003
4	Growth Fund	ULIF 003 25/02/09 SUD-LI-GR1 142	69.4403	SD004
5	Individual Pension Fund - Equity	ULIF 005 31/03/09 SUD-PI-EQ1 142	68.3761	SD005
6	Individual Pension Fund - Bond	ULIF 008 31/03/09 SUD-PI-BN1 142	29.7133	SD006
7	Individual Pension Fund - Growth	ULIF 006 31/03/09 SUD-PI-GR1 142	55.0513	SD007
8	Individual Pension Fund - Balanced	ULIF 007 31/03/09 SUD-PI-BL1 142	40.1760	SD008
9	Apex Equity Fund	ULIF 009 20/01/10 SUD-LA-EQ1 142	46.0938	SD009
10	Apex Bond Fund	ULIF 012 20/01/10 SUD-LA-BN1 142	29.6915	SD010
11	Apex Growth Fund	ULIF 010 20/01/10 SUD-LA-GR1 142	42.9598	SD011
12	Apex Balanced Fund	ULIF 011 20/01/10 SUD-LA-BL1 142	39.5527	SD012
13	Individual Pension Fund - Apex Equity	ULIF 013 20/01/10 SUD-PA-EQ1 142	46.4015	SD013
14	Individual Pension Fund - Apex Bond	ULIF 016 20/01/10 SUD-PA-BN1 142	28.2834	SD014
15	Individual Pension Fund - Apex Growth	ULIF 014 20/01/10 SUD-PA-GR1 142	41.6342	SD015
16	Individual Pension Fund - Apex Balanced	ULIF 015 20/01/10 SUD-PA-BL1 142	38.1440	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	23.3352	SD018
19	Individual Life - Bluechip Equity Fund	ULIF 019 11/12/13 SUD-LI-EQ2 142	34.2704	SD019
20	Individual Life - Income Fund	ULIF 020 11/12/13 SUD-LI-BN2 142	21.9249	SD020
21	Individual Life - Growth Plus Fund	ULIF 023 11/12/13 SUD-LI-GR2 142	31.2311	SD023
22	Individual Life - Balanced Plus Fund	ULIF 024 11/12/13 SUD-LI-BL2 142	26.0866	SD024
23	Unclaimed Policies Unit Linked Fund	ULIF 025 09/11/16 SUD-LN-UUF142	15.9510	SD029
24	Group Debt Fund	ULGF 003 20/03/15 SUD-GN-BN1 142	19.4680	SD027
25	Growth Fund	ULGF 004 20/03/15 SUD-GN-MM1 142	13.2053	SD028
26	Group Balanced Fund	ULGF 002 20/03/15 SUD-GN-BL1 142	15.4705	SD026
27	Individual Life - Mid Cap Fund	ULIF 026 14/10/19 SUD-LI-MID 142	22.0544	SD030
28	Individual Life - Gilt Fund	ULIF 027 14/10/19 SUD-LI-GLT 142	13.4058	SD031
29	Dynamic Fund	ULIF 028 11/06/21 SUD-LI-DYN 142	13.6464	SD032
30	Money Market Fund	ULIF 029 11/06/21 SUD-LI-MMF 142	12.0148	SD033
31	Pension Equity Plus Fund	ULIF 030 08/09/23 SUD-PI-EQ2 142	11.1356	SD034
32	Pension Growth Plus Fund	ULIF 031 08/09/23 SUD-PI-GR2 142	11.1829	SD035
33	Pension Balanced Plus Fund	ULIF 032 08/09/23 SUD-PI-BL2 142	11.2624	SD036
34	Pension Gilt Plus Fund	ULIF 033 08/09/23 SUD-PI-GL2 142	11.4508	SD037
35	Pension Discontinued Policy Fund	ULIF 021 10/04/13 SUD-PA-DP2 142	10.5045	SD038
36	Viksit Bharat Fund	ULIF 039 28/10/24 SUD-LI-VB1 142	9.5528	SD039
37	New India Leaders Fund	ULIF 038 28/10/24 SUD-LI-NL1 142	9.5324	SD040
38	Midcap Momentum Index Fund	ULIF 034 27/12/24 SUD-LI-NMM 142	10.3168	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