Focus Funds

NAV As on 30-Aug-2021

57.690.97 (1.71%)

CAGRSince Inception

15.40%

Canara RobecoREG - G

Flexi Cap Fund

Flexi Cap Fund Equity SchemeS&P BSE 500 TRI

NAV As on 30-Aug-2021

219.934.15 (1.92%)

CAGRSince Inception

18.77%

Canara RobecoDIR - G

Small Cap Fund

Small Cap Fund Equity SchemeNifty Smallcap 250 TRI

NAV As on 30-Aug-2021

20.09-0.85 (-4.06%)

CAGRSince Inception

31.61%

Canara RobecoDIR - G

Equity Hybrid Fund

Aggressive Hybrid Fund Hybrid SchemeCRISIL Hybrid 35+65 - Aggressive Index

NAV As on 30-Aug-2021

109.260.88 (0.81%)

CAGRSince Inception

15.44%

Canara Robeco

Monthly Income Plan (CRMIP)

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Canara Robeco

Capital Protection Oriented Fund-Series 2 (PlanA)

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Funds Suitable for Takers

Canara RobecoREG - G

Ultra Short Term Fund

Ultra Short Duration Fund Debt SchemeCRISIL Ultra Short Term Debt Index

NAV As on 30-Aug-2021

3082.1460.80 (0.03%)

Canara RobecoREG - G

Emerging Equities

Large & Mid Cap Fund Equity SchemeNIFTY Large Midcap 250 TRI

NAV As on 30-Aug-2021

156.183.02 (1.97%)

CAGRSince Inception

18.15%

Canara RobecoREG - G

Infrastructure

Thematic - Infrastructure Equity SchemeS&P BSE India Infrastructure TRI

NAV As on 30-Aug-2021

70.041.22 (1.77%)

CAGRSince Inception

13.15%

Canara RobecoREG - G

Overnight Fund

Overnight Fund Overnight FundCRISIL Overnight Index

NAV As on 30-Aug-2021

1079.021850.09 (0.01%)

Canara RobecoREG - G

Liquid Fund

Liquid Fund Debt SchemeCRISIL Liquid Fund Index

NAV As on 30-Aug-2021

2492.13940.22 (0.01%)

Canara RobecoREG - G

Savings Fund

Low Duration Fund Debt SchemeCRISIL Low Duration Debt Index

NAV As on 30-Aug-2021

33.60510.01 (0.04%)

Canara RobecoREG - G

Gilt Fund

Gilt Fund Debt SchemeCRISIL Dynamic Gilt Index

NAV As on 30-Aug-2021

60.89190.06 (0.10%)

Canara RobecoREG - G

Consumer Trends Fund

Thematic - Consumption & Finance Theme Equity SchemeS&P BSE 100 TRI

NAV As on 30-Aug-2021

63.871.18 (1.88%)

CAGRSince Inception

16.76%

Canara RobecoREG - G

Income Fund

Medium To Long Duration Fund Debt SchemeCRISIL Composite Bond Fund Index

NAV As on 30-Aug-2021

46.12880.06 (0.14%)

Canara RobecoREG - G

Dynamic Bond Fund

Dynamic Bond Debt SchemeCRISIL Composite Bond Fund Index

NAV As on 30-Aug-2021

24.1550.02 (0.08%)

Canara RobecoREG - G

Conservative Hybrid Fund

Conservative Hybrid Fund Hybrid SchemeCRISIL Hybrid 85+15 - Conservative Index

NAV As on 30-Aug-2021

74.24570.42 (0.57%)

CAGRSince Inception

11.34%

Canara RobecoREG - G

Flexi Cap Fund

Flexi Cap Fund Equity SchemeS&P BSE 500 TRI

NAV As on 30-Aug-2021

219.934.15 (1.92%)

CAGRSince Inception

18.77%

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testimonial

Mr. Shridatta Bhandwaldar

Head - Equities

In the month of May21, equity markets posted gains with Nifty 50 growing at 6.5% m-o-m and touching record highs as investor sentiments remained high on consistent fall in coronavirus cases and gradual reopening of economy, though there are restrictions in selected local areas to control the spread of virus. Industrial Production (IIP) was up 22.4% in Mar21 as compared to contraction of 3.4% in Feb21.
Foreign Institutional Investors (FIIs) were net sellers in Indian equities to the tune of RsRs 3,375.22 crore this month.
GST collections at Rs 1.03 lakh crore for May, above Rs 1 lakh crore for 8th consecutive month.
Though during the month, markets witnessed slight correction as India reported record COVID fatalities along with uncertainty over global inflation and slowdown in the vaccination programme amid supply crunch. There were concerns over rising commodity prices and buying interest was affected after one of the global rating agencies slashed Indias growth forecast for FY22.
Upbeat earning numbers for the quarter ended Mar21 lifted market sentiments.
RBIs announcement of COVID-19 healthcare package of Rs 50,000 crore for vaccine makers, medical equipment suppliers, hospitals and patients in need of funds kept the investors sentiments positive.
Globally, US equity markets was in green as investors took positive cues on robust earning numbers for the quarter ended Mar21 of some major companies and data showing a continued decline in first-time claims for U.S. unemployment benefits. Buying interest was found because of upbeat economic data from U.S., eurozone and Asia, including retail sales that surged by much more than expected in Mar21. European market went up as investors reacted positively to quarterly earnings and updates about progress in vaccination programme. Asian markets rose with the encouraging Chinese GDP data, which instilled confidence over solid global economic recovery and projected the U.S. economy to grow 6.5% this year.
testimonial
Equity Outlook
Globally the daily COVID cases came down to 5 lac from 8 lac during the month (driven primarily by India). Good news is that pace of vaccination has gone up significantly, particularly in the developed countries. The vaccine related news flow has kept the hopes alive that at least developed world would be largely vaccinated during 1HCY21/3QCY21 and so the economic activity would continue to expand globally – with the help of additional fiscal support which might be forthcoming, at least in the US on infrastructure side.
Markets are at new high across the globe and this sharp bounce back is driven by four key reasons, –
1) Massive fiscal and monetary stimulus put in place by developed countries – expect more of this on any sign of troubles in economies,
2) Possible vaccination in most of the developed/large developing countries in next 6 months,
3)Opening up of economies across the world and
4) Depreciating dollar bias expected, as it increases pace of printing money – helping EM markets and commodities in terms of flows. The latest indication from Fed only reinforces that interest rates are going to be lower for longer than we think – although in near term the yields have started rising as GDP growth estimates are revised upwards. Given the government handouts, the DMs have experienced strong discretionary demand which will gradually shift to services, once vaccination is in place. Latest data points on unemployment in US (~6%), indicates that we might not get sustained increase in inflationary expectations for some time to come.
Key driver from market perspective has been fiscal stimulus to the tune of 5%-20% of the GDP across developed world. Monetary/fiscal expansion is also driving reflation of assets in the other geographies and commodities. Oil and several other commodity prices have stabilised and have moved up significantly since 2HCY20 (due to depreciation bias in USD and supply chain replenishments) - which augurs well for several ME/ African/ LA and CIS countries. Commodity prices up-move is driven by depreciating dollar, marginal demand shock, supply challenges and Chinas focus on reducing carbon footprint as well as exports of commodities.
Domestically, we have got negative surprise on COVID during March and April, with cases rising rapidly and it looks like a full blown second wave now. However, the numbers have started declining fast and the fatality rate continues to remain under control. While the cases have increased, base case remains that we will not witness broadbased lockdowns like previous one. We are likely to see cases gradually going down over June/July. Risk from domestic perspective remains that of 3rd wave, given slow pace of vaccination on account of short supply. India has only vaccinated ~4.4Cr people fully and 17Cr people have got only single dose. However, it is expected that by July/August, the monthly vaccination will go up to 10-15 Cr people – comforting indication from Government.
India is clearly better positioned post this pandemic given, 1) Many global corporations might now actively seek to diversify the supply chain to countries other than China and 2) Reforms viz. GST, lower corporate tax rates, labour reforms, agri reforms and manufacturing incentives through PLI bodes well for Investments and job creation. Budget was a key turning point in governments tilt towards growth and away from binding itself in aggressive fiscal targets. This might act as an additional driver for both public and private Capex.
With second wave, the earnings upgrades cycle is halted, and we might witness some downgrades in coming months, if the number of cases remain elevated for longer than estimated time of June end. We have seen GDP growth downgrade of ~1% and its earnings impact is likely to be min 3-5% for FY22. The corporate earnings upgrades for last three quarters were driven by, 1) Better than expected top-line, including some pent up demand, 2) Banking sector experiencing lower than expected credit costs and 3) OPM margin expansion driven by cost cuts as well as better pricing environment. The earnings are expected to cyclically good for FY22/23 with nifty eps growth of 25% and 20% respectively.
There are several positives from domestic perspective, viz, 1) Banking sector has witnessed much lower NPAs and restructuring than anticipated till date, 2) Corporate earnings reported during 4QFY21 have been largely along expected lines, 3) EM/India continues to be beneficiary of capital flows (India received ~30bn USD in Oct-April-21, among the highest ever flows), and 4) Banking liquidity and capital access is become easier by the month.
Based on above we are working with 3-4 thesis – 1) Budget has clearly changed focus towards growth and thus domestic investments/cyclicals can witness some improvement in demand, 2) Developed world through aggressive fiscal expansion may lead the aggregate demand recovery and 3) Corporate earnings might continue to surprise given operating and financial leverage play out as economy recovers over next few quarters and 4) Several sectors like Financials, Auto, Retail, Industrials, Cement and commodities (and other export) is expected to be in cyclical earnings uptrend over FY22/23.
Nifty has witnessed both time and price correction over last quarter. Nifty now is trading at 20xFY23 on consensus earnings, in an expensive valuation zone from near term perspective. Market has consolidated for past 6 months and we expect market to do well as economy open up fully over next 6-9months. Expect meaningful divergence within sectoral performance (rotation towards domestic sectors like industrials, financials, discretionary, auto etc.) based on incremental data points, particularly on COVID side.
Key risk still appears to be 1) Earnings downgrades, if COVID leads to sizable economic activity suppression over next 3 months and 2) Pull back of favorable fiscal and monetary policies globally.
Source: ICRA MFI Explorer

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testimonial

Mr. Avnish Jain

Head - Fixed Income

The month of May21 remained range bound, and India 10 Year G-sec yields reduced marginally by 0.8 bps to 6.02%. This was seen despite the high government supply and could be attributed to RBIs bond buying as a part of its regular open market operation (OMOs) along with the recently launched GSAP programme. However, concerns over the likelihood of additional market borrowings by the government to overcome the financial pressures caused by the second wave of the pandemic, and the underlying inflationary concerns with the hardening of global commodity prices, limited the fall in yields.
Globally, economies across regions continued to strengthen with the improving pandemic situation and relaxation of restrictions. However, the economic recovery was hampered in some places due to supply chain challenges and increase in raw material costs. This led to the demand for government securities for safer investments, which in turn moderated their yields. Bond yields somewhat weakened across several major economies during the month as investor concerns over the soaring inflation subsided and uncertainties over the speed and strength of economic recovery grew. The US 10 Year Treasury yields fell by 3 bps to 1.59% at the end of the month as against 1.63% at the end of Apr21. This was mainly due to the reiteration by the FED to continue to maintain an accommodative monetary policy stance for an extended period. In Eurozone, Germany and France saw a rise in bond yields on account of improving economic fundamentals that led to the increase in appetite for riskier asset classes.
In the home ground, GST collections for Apr21 rose to an all-time high of INR 1.41 lakh crs. The fiscal deficit during FY21 stood at INR 18.21 lakhs crs which was 95% higher than FY20. Retail inflation (CPI) fell to 4.29% in Apr21. However, WPI leaped up to an eleven year high of 10.49% in Apr21 as compared to 7.39% in Mar21. This can most likely be attributed to the rise in prices of crude oil, manufactured goods, and minerals. Prices of food products have also seen a steady rise. Foreign exchange reserves were at $593 bn in May21 which was seen to have increased from $584 bn in Apr21. The Rupee strengthened in May21 end by 1.99% to INR 72.62 per USD as compared to INR 74.09 per USD in Apr21 end. This was primarily due to FPI inflows and the absence of RBI intervention with the objective of price stability
Outlook
The global economy has shown initial signs of recovery as countries are experiencing renewed growth, supported by monetary and fiscal stimulus. However, activity remains uneven across countries and sectors and the outlook seems fairly uncertain and clouded with downside risks. The second wave of the pandemic has further impacted countries. Inflation remains benign for major advanced economies and in a few emerging market economies. Nevertheless, it continues to remain above targets on account of rising global food and commodity prices. Central Banks in advanced economies have chosen to maintain accommodative stance despite higher near-term inflation, expecting that inflation will likely moderate by 2022. However, persistent high inflation could force them to change stance sooner than expected.
Domestically, the RBI announced a set of measures in May to create a financial safety net for the economy as the country is battling the second wave of the pandemic. One of the steps is to provide liquidity of INR 50,000 crore for a period of up to three years to banks on tap so that they, in turn, can on-lend and support vaccine manufactures, importers/suppliers of vaccines, priority medical devices and COVID related drugs, which will prove to be instrumental in tackling the current situation and fulfilling the objective of getting the majority of the population vaccinated.
Despite experiencing adverse conditions in the face of the pandemic, harvesting of rabi crops has progressed rapidly which could support the food prices in near term. CPI inflation in Apr21 moderated as compared to Mar21 as food and core inflation eased even as fuel inflation recorded a substantial rise. Large favourable base effects brought about the softening in food and core inflation. International commodity prices registered sharp increases, cutting across agricultural, industrial raw-materials and energy segments. This has led to a decline in domestic cost conditions.
From an investment perspective we continue with our philosophy of taking portfolio exposure in high credit quality papers (AAA) as economic growth remains uneven. Tactical duration strategies are likely to work in current scenario, as RBI continues to support bond markets through large scale purchases which is likely to keep yields suppressed. However, over medium term, rates are expected to rise on the back of high fiscal deficit, inflation and expected start of policy normalization by next year.
Source: **ICRA MFI Explorer, Bloomberg, RBI, MOSPI.

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