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 fundULIF 001 18/02/09 SUD-LI-BL1 14240.5764SD001
2 Equity FundULIF 002 25/02/09 SUD-LI-EQ1 14280.1826SD002
3 Bond FundULIF 004 25/02/09 SUD-LI-BN1 14229.9492SD003
4 Growth FundULIF 003 25/02/09 SUD-LI-GR1 14269.4403SD004
5 Individual Pension Fund - EquityULIF 005 31/03/09 SUD-PI-EQ1 14268.3761SD005
6 Individual Pension Fund - BondULIF 008 31/03/09 SUD-PI-BN1 14229.7133SD006
7 Individual Pension Fund - GrowthULIF 006 31/03/09 SUD-PI-GR1 14255.0513SD007
8 Individual Pension Fund - BalancedULIF 007 31/03/09 SUD-PI-BL1 14240.1760SD008
9 Apex Equity FundULIF 009 20/01/10 SUD-LA-EQ1 14246.0938SD009
10 Apex Bond FundULIF 012 20/01/10 SUD-LA-BN1 14229.6915SD010
11 Apex Growth FundULIF 010 20/01/10 SUD-LA-GR1 14242.9598SD011
12 Apex Balanced FundULIF 011 20/01/10 SUD-LA-BL1 14239.5527SD012
13 Individual Pension Fund - Apex EquityULIF 013 20/01/10 SUD-PA-EQ1 14246.4015SD013
14 Individual Pension Fund - Apex BondULIF 016 20/01/10 SUD-PA-BN1 14228.2834SD014
15 Individual Pension Fund - Apex GrowthULIF 014 20/01/10 SUD-PA-GR1 14241.6342SD015
16 Individual Pension Fund - Apex BalancedULIF 015 20/01/10 SUD-PA-BL1 14238.1440SD016
17 Express Balanced FundULIF 017 29/04/11 SUD-LX-BL1 14228.5695SD017
18 Discontinued FundULIF 018 03/06/11 SUD-UL-DP1 14223.3352SD018
19 Individual Life - Bluechip Equity FundULIF 019 11/12/13 SUD-LI-EQ2 14234.2704SD019
20 Individual Life - Income FundULIF 020 11/12/13 SUD-LI-BN2 14221.9249SD020
21 Individual Life - Growth Plus FundULIF 023 11/12/13 SUD-LI-GR2 14231.2311SD023
22 Individual Life - Balanced Plus FundULIF 024 11/12/13 SUD-LI-BL2 14226.0866SD024
23 Unclaimed Policies Unit Linked FundULIF 025 09/11/16 SUD-LN-UUF14215.9510SD029
24 Group Debt FundULGF 003 20/03/15 SUD-GN-BN1 14219.4680SD027
25 Growth FundULGF 004 20/03/15 SUD-GN-MM1 14213.2053SD028
26 Group Balanced FundULGF 002 20/03/15 SUD-GN-BL1 14215.4705SD026
27 Individual Life - Mid Cap FundULIF 026 14/10/19 SUD-LI-MID 14222.0544SD030
28 Individual Life - Gilt FundULIF 027 14/10/19 SUD-LI-GLT 14213.4058SD031
29 Dynamic FundULIF 028 11/06/21 SUD-LI-DYN 14213.6464SD032
30 Money Market FundULIF 029 11/06/21 SUD-LI-MMF 14212.0148SD033
31 Pension Equity Plus FundULIF 030 08/09/23 SUD-PI-EQ2 14211.1356SD034
32 Pension Growth Plus FundULIF 031 08/09/23 SUD-PI-GR2 14211.1829SD035
33 Pension Balanced Plus FundULIF 032 08/09/23 SUD-PI-BL2 14211.2624SD036
34 Pension Gilt Plus FundULIF 033 08/09/23 SUD-PI-GL2 14211.4508SD037
35 Pension Discontinued Policy FundULIF 021 10/04/13 SUD-PA-DP2 14210.5045SD038
36 Viksit Bharat FundULIF 039 28/10/24 SUD-LI-VB1 1429.5528SD039
37 New India Leaders FundULIF 038 28/10/24 SUD-LI-NL1 1429.5324SD040
38 Midcap Momentum Index FundULIF 034 27/12/24 SUD-LI-NMM 14210.3168SD041
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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