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Equity Pitch Book
January 2015
2
Equity Market - Update
• In the month of December 2014, Indian equities reversed its gear from last month and it retreated from its pick. BSE Sensex lost
4.16% during the month and closed at 27499 levels.
• In December, equities started the month on a weak note. Global cues were negative. There was a concern for global slowdown on
the back of sharp correction in oil price, Russian crisis on the back of sanction & lower oil price and probability of interest rate hike
sooner or later in US. However, a dovish statement from Federal Reserve started making up for a lot of bad news from Europe and
other parts of the world. Equities bounced back on the FED’s pledge to be patient on the timing of interest rate hike. At domestic
end, there was sufficient cheer on the macro front, however, as both CPI and WPI inflation continued to ease even as growth
remained a concern. There was an impasse in the winter session of the Parliament without legislative business. However, the
government did its bit to press ahead with reforms via a slew of ordinances after the disappointing end to the Parliamentary
session. Year ending profit booking also observed. At the end of month, Indian equities recovered some earlier losses on the back
of stability in Russian market due to rising ruble, positive global cue and the optimism surrounding the government’s decision to
push through reforms through ordinance leaving aside worries over uncertainty in Greece. Flow wise, FIIs turned marginal sellers of
Indian equities in the month.
• Macro indicators- inflation surprised positively but growth indicators were mixed. Industrial output for October 2014 surprised
negatively as it declined by 4.2% vs against growth 2.8% in the previous month. The sharp decline in global commodity price,
favorable base effect and lower vegetable price led to lower inflation. CPI eased further to 4.4% in November 2014 vs 5.5% last
month. WPI at 0% reached a 64-month low. The fiscal deficit for April-November 2014 is estimated at about 99% of the FY15E
annual budgeted amount.
• FIIs turned marginally sellers of Indian equities to the tune of US$161 mn over December 2014. DIIs turned buyer over the months
and bought equities to the tune of US$ 855mn. In terms of flows, FIIs rounded up the year with a tally of $16.1 bn in equity inflows
while DIIs sold $5.1 bn equities in Indian equity market.
Outlook
In the near-term, market is expected to focus on the quarterly earning numbers of corporates as earning season starts from second
week of January,2015. Global news flow on uncertainty in Greece and Russia may impact the market sentiment. Investors will also
focus on further policy announcements, if any, by the government and news flow on budget for FY16. Government action and
announcement related to the business of reviving economy would boost sentiment. Falling commodity prices is positive for the Indian
economy and is likely to benefit India’s twin deficit and its long battle against inflation. With the investment climate improving, the
investment cycle is likely to pick up slowly. India remains one market with better outlook in emerging markets. The valuations too are
not expensive. For long-term, Indian Equities looks good.
3
Equity Market – Outlook
Data as on 31 December 2014
Source : Bloomberg, MOSPI
Curr. 1M Bac k
BS E S EN S EX 19.95 19.37 Positive Macro indicators are turning better.Falling commodity prices is
positive for the Indian economy. It is likely to benefit India’s twin
deficit and its long battle against inflation.
BS E M ID CAP 24.07 23.19 Positive Macro varibles are turning better. Positive on back of economic
recovery, reforms and likely pick up in investment cycle
BS E AUTO 17.75 17.16 Positive We are positive on four wheelers as the economic upturn will
create new/replacement demand due to favourable demography
and income generation. We are overweight on Auto ancilliaries
who have exposure in India and foreign countries. We are also
positive on high growth companies in the sector who have a
niche product/segment.
BS E BAN KEX 18.20 16.74 Positive We are selectively positive on financials. We prefer private
sector banks due to comfortable capital position, lower stress in
asset quality and diversified stream of fee income. We prefer few
NBFCs who are niche players or about to experience an upturn in
their industry.
BS E CAPITAL G O O D S 39.04 37.94 Positive Economic recovery,reforms and pick up in Investment cycle
BS E CO N S UM ER
D UR ABLES
34.52 35.33 Neutral Neutral on the sector as a whole, overweight on selected stocks
with secular volume growth
BS E FM CG 47.74 46.29 Neutral Growth seems to have bottomed out with some greenshoots
emerging in certain pockets. Fall in input costs is a major
positive for the sector but valuation are still high.
BS E H EALTH CAR E 27.82 26.75 Positive Domestic growth is improving. New launches in US and generics
in emerging markets drilling the growth.
BS E IT 21.04 20.08 Positive Sector is well placed with economic recovery in US. BFSI and
dicretionary spending is likely to increase.
BS E M ETALS 14.24 14.83 Neutral Underweight on ferrous metals as low global iron ore prices may
put pressure on the profitability of captive steel producers,
overweight on non-ferrous due to improved outlook on LME
aluminium and zinc prices, Overweight on ferrous mining as the
domestic demand is very strong
BS E O IL AN D G AS 12.06 12.34 Negative Lower oil prices will impact refining margin and inventory losses
for OMCs. Clarity on subsidy sharing is awaited.
BS E PO W ER 20.05 20.09 Negative Fuel linkage issue is hurting the growth
BS E R EALTY 18.36 16.92 Negative High inventory, high leverage and uncertainity of cash flow.
Index P/ E Bias O ut look
To provide long term capital appreciation from an actively managed portfolio of equity and equity related instruments.
Baroda Pioneer Growth Fund
An Open Ended Growth Scheme
Data as on 31 December 2014 $ Disclaimer : Refer to slide no.13
This product is suitable for investors who are seeking*
 Capital appreciation over long term
 Investment predominantly in equity & equity related instruments.
 High Risk (Brown)
P/E Dividend P/B
Std Dev
(1 yr.)
Sharpe Ratio
(1 yr.)
Correlation
Fundamental Properties Risk Analysis
Fund 24.65 1.02 3.90 13.77 3.10 0.95
Index$
19.49 1.37 2.88 12.82 2.16 1.00
Dividend History
Record Date
Per Unit Value
(on face value ` 10)
Ex-Dividend NAV
17-Feb-2014 2.50 27.1386
4-Mar-2013 1.00 25.8200
3-Aug-2009 3.00 25.0100
28-Apr-2006 10.10 17.9500
Past performance may or not be sustained in future. Pursuant to payment of
dividend, the NAV of the scheme / plan would fall to the extent of payout and
statutory levy (if applicable)
* Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Note: Risk is represented as: ------ (Blue) investors understand that their principal will be at low risk ------
(Yellow) investors understand that their principal will be at medium risk. ------ (Brown) investors understand that
their principal will be at high risk
Date Of Inception: 12/09/2003 Dec 2013 -
Dec 2014&
Dec 2012 -
Dec 2013&
Dec 2011 -
Dec 2012&
Since
Inception@Scheme Name & Benchmark
Nav Per Unit ( Rs.) 51.9100 50.1100 39.8700 10.00
Baroda Pioneer Growth Fund (in %) 46.54 23.21 23.98 19.55
CNX 100 (Scheme Benchmark) (in %) 33.17 19.07 22.78 21.40
S&P Nifty (Standard Benchmark) (in %) 31.34 18.43 21.40 17.23
10,000, if invested in BPGF, would have become NA NA NA 76070
10,000, if invested in CNX 100, would have
become NA NA NA 63301
10,000, if invested in S&P Nifty, would have
become NA NA NA 60365
^Past performance may or may not be sustained in the future.
Data is for Growth Option and the last working day of December has been considered in all
cases. Returns have been computed assuming that all payouts during the period have been
reinvested in the units of the Scheme at the respective prevailing NAVs @Since Inception returns
are Compounded Annualized and are calculated on the basis of `10 invested at inception.
&Absolute Returns, $Standard benchmark as prescribed by SEBI for comparison purposes.
Returns on `10,000 are point-to-point returns for the specific time period, invested at the start of
the period.
To provide the investor long term capital growth as also tax benefit under Section 80C of the Income Tax Act, 1961.
Baroda Pioneer ELSS’96
An Open Ended Tax Benefit –Cum-Growth Scheme
Data as on 31 December 2014 $ Disclaimer : Refer to slide no.13
This product is suitable for investors who are seeking*
 Capital appreciation over long term
 Investment predominantly in equity & equity related instruments.
 High Risk . (Brown)
P/E Dividend P/B
Std Dev
(1 yr.)
Sharpe Ratio
(1 yr.)
Correlation
Fundamental Properties Risk Analysis
Fund 28.07 0.93 3.95 13.75 3.30 0.88
Index$
19.63 1.43 3.05 12.57 1.93 1.00
Dividend History
Record Date
Per Unit Value
(on face value ` 10)
Ex-Dividend NAV
18-Mar-14 2.0 22.73
04-Feb-13 1.5 22.78
18-Feb-11 1.5 23.34
06-Feb-07 6.0 21.44
15-Dec-05 11.0 20.60
25-Mar-05 2.0 23.35
15-Sep-03 1.0 14.23
Past performance may or not be sustained in future. Pursuant to payment of
dividend, the NAV of the scheme / plan would fall to the extent of payout and
statutory levy (if applicable)
* Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Note: Risk is represented as: ------ (Blue) investors understand that their principal will be at low risk ------
(Yellow) investors understand that their principal will be at medium risk. ------ (Brown) investors understand that
their principal will be at high risk
Date Of Inception: 31/03/1996 Dec 2013 -
Dec 2014&
Dec 2012 -
Dec 2013&
Dec 2011 -
Dec 2012&
Since
Inception@
Scheme Name & Benchmark
Nav Per Unit ( Rs.) 24.0800 23.9100 18.9500 10.00
Baroda Pioneer ELSS’ 96 Fund (in %) 35.88 0.71 26.17 13.75
BSE Sensex (Scheme Benchmark) (in %) 29.89 8.98 25.70 11.84
S&P Nifty (Standard Benchmark) (in %) 31.39 6.76 27.70 12.01
10,000, if invested in BPEF, would have become NA NA NA 112174
10,000, if invested in BSE Sensex, would have
become NA NA NA 81683
10,000, if invested in S&P Nifty, would have
become NA NA NA 84063
^Past performance may or may not be sustained in the future.
Data is for Growth Option and the last working day of December has been considered in all cases. Returns
have been computed assuming that all payouts during the period have been reinvested in the units of the
Scheme at the respective prevailing NAVs @Since Inception returns are Compounded Annualized and are
calculated on the basis of `10 invested at inception. &Absolute Returns, $Standard benchmark as prescribed by
SEBI for comparison purposes. Returns on `10,000 are point-to-point returns for the specific time period,
invested at the start of the period.
To provide investors with opportunities for long-term growth in capital along with the liquidity of an open ended scheme through an active
management of investments in a diversified basket of equity stocks of domestic Public Sector Undertaking.
Baroda Pioneer PSU Equity Fund
An Open Ended Equity Scheme
Data as on 31 December 2014 $ Disclaimer : Refer to slide no.13
This product is suitable for investors who are seeking*
 Capital appreciation over long term
 Investment predominantly in equity stocks of domestic Public Sector Undertaking
 High Risk (Brown)
P/E Dividend P/B
Std Dev (1
yr.)
Sharpe Ratio
(1 yr.)
Correlation
Fundamental Properties Risk Analysis
Fund 16.01 2.70 1.45 23.00 2.18 0.97
Index$
11.60 3.01 1.49 23.10 1.63 1.00
Date Of Inception: 04-10-2010 Dec 2013 -
Dec 2014&
Dec 2012 -
Dec 2013&
Dec 2011 -
Dec 2012&
Since
Inception@Scheme Name & Benchmark
Nav Per Unit ( Rs) 6.1800 7.3500 6.4300 10.00
Baroda Pioneer PSU Equity Fund (in %) 44.82 -15.92 14.31 2.58
BSE PSU (Scheme Benchmark) (in %) 39.21 19.43 5.24 5.64
S&P Nifty (Standard Benchmark) (in %) 31.39 6.76 27.70 7.23
10,000, if invested in BPEF, would have
become NA NA NA 8950
10,000, if invested in BSE PSU, would
have become NA NA NA 7816
10,000, if invested in S&P Nifty, would
have become NA NA NA 13447
^Past performance may or may not be sustained in the future.
Data is for Growth Option and the last working day of December has been considered in all cases. Returns
have been computed assuming that all payouts during the period have been reinvested in the units of the
Scheme at the respective prevailing NAVs @Since Inception returns are Compounded Annualized and are
calculated on the basis of `10 invested at inception. &Absolute Returns, $Standard benchmark as prescribed
by SEBI for comparison purposes. Returns on `10,000 are point-to-point returns for the specific time period,
invested at the start of the period.
* Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Note: Risk is represented as: ------ (Blue) investors understand that their principal will be at low risk ------
(Yellow) investors understand that their principal will be at medium risk. ------ (Brown) investors understand that
their principal will be at high risk
To generate long-term capital appreciation by investing predominantly in equity and equity-related securities of companies engaged in
infrastructure and infrastructure-related sectors.
Baroda Pioneer Infrastructure Fund
An Open Ended Equity Scheme
Data as on 31 December 2014 $ Disclaimer : Refer to slide no.13
This product is suitable for investors who are seeking*
 Capital appreciation over long term
 Investment predominantly in equity & equity related securities of companies
engaged in infrastructure & infrastructure related sectors.
 High Risk (Brown)
P/E Dividend P/B
Fundamental Properties
Fund 28.64 0.98 2.53
Index$
23.96 1.08 2.18
Date Of Inception: 22/06/2010 Dec 2013 -
Dec 2014&
Dec 2012 -
Dec 2013&
Dec 2011 -
Dec 2012&
Since
Inception@
Scheme Name & Benchmark
Nav Per Unit ( Rs.) 7.4900 7.9200 6.7400 10.00
Baroda Pioneer Infrastructure Fund (in %) 51.80 -5.43 17.51 2.88
CNX Infra (Scheme Benchmark) (in %) 22.11 8.44 12.65 -2.26
S&P Nifty (Standard Benchmark) (in %) 31.39 18.43 21.40 10.28
10,000, if invested in BPIF, would have
become NA NA NA 11370
10,000, if invested in CNX 100, would have
become NA NA NA 9015
10,000, if invested in S&P Nifty, would have
become NA NA NA 15579
^Past performance may or may not be sustained in the future.
Data is for Growth Option and the last working day of December has been considered in all cases. Returns
have been computed assuming that all payouts during the period have been reinvested in the units of the
Scheme at the respective prevailing NAVs @Since Inception returns are Compounded Annualized and are
calculated on the basis of `10 invested at inception. &Absolute Returns, $Standard benchmark as prescribed
by SEBI for comparison purposes. Returns on `10,000 are point-to-point returns for the specific time period,
invested at the start of the period.
* Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Note: Risk is represented as: ------ (Blue) investors understand that their principal will be at low risk ------
(Yellow) investors understand that their principal will be at medium risk. ------ (Brown) investors understand that
their principal will be at high risk
Std Dev (1
yr.)
Sharpe Ratio (1 yr.) Correlation
Risk Analysis
Fund 21.30 2.63 0.93
Index$
22.30 1.37 1.00
To generate long-term capital appreciation along with stability through a well balanced portfolio comprising of equity ,equity related
instruments , money market instruments & debt securities.
Baroda Pioneer Balance Fund
An Open Ended Balanced Scheme
Data as on 31 December 2014 $ Disclaimer : Refer to slide no.13
This product is suitable for investors who are seeking*
 Capital appreciation along with stability over long term
 Investment predominantly in equity & equity related instruments with balance exposure to
money market instruments & Debt securities
 Medium Risk (Yellow)
P/E Dividend P/B
Fundamental Properties
Fund 20.70 1.29 3.07
* Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Note: Risk is represented as: ------ (Blue) investors understand that their principal will be at low risk ------
(Yellow) investors understand that their principal will be at medium risk. ------ (Brown) investors understand that
their principal will be at high risk
Std Dev (1
yr.)
Sharpe Ratio (1 yr.) Correlation
Risk Analysis
Fund 11.27 2.71 0.89
Benchmark
$
12.57 1.93 1.00
Date Of Inception: 12/09/2003 Dec 2013 -
Dec 2014&
Dec 2012 -
Dec 2013&
Dec 2011 -
Dec 2012&
Since
Inception@Scheme Name & Benchmark
Nav Per Unit ( Rs) 32.0200 30.2000 24.4000 10.00
Baroda Pioneer Balance Fund (in %)
29.17 17.38 19.19
13.38
CRISIL Balanced Fund Index (Scheme
Benchmark) (in %)
25.34 15.29 17.22
13.67
S&P Nifty (Standard Benchmark) (in %) 38.87 0.56 15.38 17.24
10,000, if invested in BPBF, would have
become NA NA NA 41360
10,000, if invested in CRISIL Balanced Fund
Index, would have become NA NA NA 42597
10,000, if invested in S&P Nifty, would have
become NA NA NA 60365
^Past performance may or may not be sustained in the future.
Data is for Growth Option and the last working day of December has been considered in all cases. Returns have
been computed assuming that all payouts during the period have been reinvested in the units of the Scheme at
the respective prevailing NAVs @Since Inception returns are Compounded Annualized and are calculated on the
basis of `10 invested at inception. &Absolute Returns, $Standard benchmark as prescribed by SEBI for
comparison purposes. Returns on `10,000 are point-to-point returns for the specific time period, invested at the
start of the period.
To generate long-term capital appreciation for unit holders from a portfolio invested predominantly in equity and equity related securities of
companies engaged in the Banking & Financial Services Sector.
Baroda Pioneer Banking & Financial
Services Fund Fund
An Open Ended Sectoral Scheme
Data as on 31 December 2014 $ Disclaimer : Refer to slide no.13
This product is suitable for investors who are seeking*
 Capital appreciation over long term
 Investment predominantly in equity & equity related securities of companies engaged in the
Banking & Financial Service sector .
 High Risk (Brown)
Std Dev (1 yr.) Sharpe Ratio (1 yr.) Correlation
Risk Analysis
20.15 3.10 0.97
20.68 2.98 1.00
Date Of Inception: 22/06/2012 Dec 2013 -
Dec 2014&
Dec 2012 -
Dec 2013&
Dec 2011 -
Dec 2012&
Since
Inception@Scheme Name & Benchmark
Nav Per Unit ( Rs) 10.3200 11.8800 NA 10.00
Baroda Pioneer Banking and Financial
Services Fund - Plan A - Growth
59.01 -13.13 NA
-28.03
CNX BANK INDEX (Scheme Benchmark)
(in %)
64.57 -8.73 NA
20.73
CNX Nifty (Standard Benchmark) (in%) 38.87 0.56 NA 21.18
10,000, if invested in BPLF, would have
become NA NA NA 16410
10,000, if invested in CNX BANK INDEX,
would have become NA NA NA 18665
10,000, if invested in CNX Nifty, would
have become NA NA NA 16095
^Past performance may or may not be sustained in the future.
Data is for Growth Option and the last working day of December has been considered in all cases. Returns
have been computed assuming that all payouts during the period have been reinvested in the units of the
Scheme at the respective prevailing NAVs @Since Inception returns are Compounded Annualized and are
calculated on the basis of `10 invested at inception. &Absolute Returns, $Standard benchmark as prescribed by
SEBI for comparison purposes. Returns on `10,000 are point-to-point returns for the specific time period,
invested at the start of the period.
* Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Note: Risk is represented as: ------ (Blue) investors understand that their principal will be at low risk ------
(Yellow) investors understand that their principal will be at medium risk. ------ (Brown) investors understand that
their principal will be at high risk
P/E Dividend P/B
Fundamental Properties
Fund 20.32 1.00 2.31
Index$
16.90 1.04 2.28
Source: Pioneer Investments,
ASSETS UNDER MANAGEMENT €200.0 BN AS ON 31ST DECEMBER 2014
PRODUCTS
&
SERVICES
EXPERIENCE
MARKET KNOWLEDGE
& INVESTOR NEEDS
• Investment experience since
1928
• Pioneer Fund, the third oldest
mutual fund in the U.S.
• Strong team of over 2,070
employees globally, including
nearly 350 investment
professionals
• Presence in 27 countries with
three Global Investment Hubs
Pioneer Investments – A global asset management player
Local knowledge, global perspective
A broad network supporting 4 distinct regions…
C
ASIA
& MIDDLE EAST
• AuM €5.32n
• Lux and local funds
MUMBAI
BEIJING
SINGAPORE
SYDNEY
TAIPEI
TOKYO
• AuM €11bn
• Austrian and Lux
funds
AUSTRIA
VIENNA
• AuM €6.8bn
• Lux and local funds
(mainly Polish)
CEE
BRATISLAVA
BUCHAREST
BUDAPEST
PRAGUE
SOFIA
AUSTRIA
& CEE
Italy
WESTERN EUROPE & LATAM
• AuM €17.6bn
• German, Austrian
and Lux funds
GERMANY
MUNICH
• AuM €100.5bn
• Italian and Lux
funds
ITALY
MILAN
• AuM €16.4bn
• Lux funds and
Hedge funds
INTERNATIONAL
AMSTERDAM
BERMUDA
BUENOS AIRES
DENMARK
GENEVA
LONDON
LUXEMBOURG
MADRID
MEXICO CITY
MIAMI (OFFSHORE)
PARIS
SANTIAGO
ZURICH
US
• AuM €38.3bn
• US funds
BOSTON
OMAHA
NEW YORK
Source: Pioneer Investments, AuM data as at end of September 2014
Bank of Baroda: Key strengths
Bank of Baroda is a 106 years old State-owned
Bank with modern & contemporary personality,
offering banking products and services to Large
Industrial, SME, Retail & Agricultural customers
across India and 25 other countries.
Relatively Strong Presence
in Progressive States like
Gujarat & Maharashtra
Uninterrupted Record
in Profit-making and
Dividend Payment
Overseas Business
Operations extend across
25 countries
through 100 Offices
First PSB to receive
Corporate Governance
Rating (CGR-2)
Robust Technology
Platform with 100%
CBS in Indian Branches
Pioneer in many
Customer-Centric
Initiatives
Strong Domestic
Presence through
4956Branches
Modern & Contemporary
Personality
Provides Financial
Services to over
47 mln Customers
Globally
A well-accepted &
recognised Brand in
Indian banking industry-
Top 20 Best Indian Brand
Key Financial Information*
Global Business – INR 965,900 crores
Deposits – INR 568,894 crores
Global Advances – INR 397,006 crores
Operating Profit – INR 9291 crores
Capital adequacy ratio (Basel III) – 12.28%
*Data as on 31 March 2014
source www.bankofbaroda.com
13
Disclaimers :
Disclaimer CNX Bank Index: The Baroda Pioneer Banking and Financial Services Fund offered by Baroda Pioneer Mutual Fund or its affiliates is not sponsored,
endorsed, sold or promoted by India Index Services & Products Limited (IISL) and its affiliates. IISL and its affiliates do not make any representation or warranty,
express or implied (including warranties of merchantability or fitness for particular purpose or use) to the owners of Baroda Pioneer Banking and Financial Services
Fund or any member of the public regarding the advisability of investing in securities generally or in the Baroda Pioneer Banking and Financial Services Fund linked
to CNX Bank Index or particularly in the ability of the CNX Bank Index to track general stock market performance in India. Please read the full disclaimers in relation
to the CNX Bank Index in the Offer Document
/ Prospectus / Information Statement.
Disclaimer CNX100: Baroda Pioneer Growth Fund and Baroda Pioneer Infrastructure Fund are not sponsored, endorsed, sold or promoted by India Index Services &
Products Limited (“IISL”). IISL does not make any representation or warranty, express or implied, to the owners of Baroda Pioneer Growth Fund, Baroda Pioneer
Infrastructure Fund or any member of the public regarding the advisability of investing in securities generally or in Baroda Pioneer Growth Fund and Baroda Pioneer
Infrastructure Fund particularly or the ability of the CNX 100 Index to track general stock market performance in India. The relationship of IISL to the Issuer is only in
respect of the licensing of certain trademarks and trade names of its Index, which is determined, composed and calculated by IISL without regard to the Issuer or
Baroda Pioneer Growth Fund and Baroda Pioneer Infrastructure Fund. IISL does not have any obligation to take the needs of the Issuer or the owners of Baroda
Pioneer Growth Fund and Baroda Pioneer Infrastructure Fund into consideration in determining, composing or calculating the CNX 100 Index. IISL is not responsible
for nor has participated in the determination of the timing of, prices at, or quantities of Baroda Pioneer Growth Fund and Baroda Pioneer Infrastructure Fund to be
issued or in the determination or calculation of the equation by which Baroda pioneer Growth Fund and Baroda Pioneer Infrastructure Fund is to be converted into
cash. IISL has no obligation or liability in connection with the administration, marketing or trading of Baroda Pioneer Growth Fund and Baroda Pioneer Infrastructure
Fund.
Disclaimer CNX Infra: Baroda Pioneer Infrastructure Fund offered by Baroda Pioneer Mutual Fund is not sponsored, endorsed, sold or promoted by India Index
Services & Products Limited (IISL). IISL does not make any representation or warranty, express or implied (including warranties of merchantability or fitness for
particular purpose or use) and disclaims all liability to the owners of Baroda Pioneer Infrastructure Fund or any member of the public regarding the advisability of
investing in securities generally or in the Baroda Pioneer Infrastructure Fund linked to CNX Infra or particularly in the ability of the CNX Infra index to track general
stock market performance in India. Please read the full disclaimers in relation to CNX Infra in the Offer Document / Prospectus / Information Statement.
Disclaimer S&P BSE Sensex and S&P BSE PSU Index: The S&P BSE PSU Index and S&P BSE Sensex" are products of AIPL, a joint venture among affiliates of S&P Dow
Jones Indices LLC (“SPDJI”) and BSE Limited (“BSE”), and has been licensed for use by Baroda Pioneer Asset Management Company (Pvt.)Ltd. Standard & Poor’s®
and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); BSE® and SENSEX® are registered trademarks of BSE Limited; Dow Jones®
is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by AIPL and sublicensed for certain
purposes by Baroda Pioneer Asset Management Company (Pvt.) Ltd . Baroda Pioneer PSU Equity Fund and Baroda Pioneer ELSS’96 Fund are not sponsored,
endorsed, sold or promoted by SPDJI, BSE, Dow Jones, S&P or their respective affiliates and none of such parties make any representation regarding the advisability
of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P BSE PSU Index and S&P BSE Sensex.
Thank you
Mutual fund investments are subject to
market risks, read all scheme related
documents carefully.

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Equity Pitch Book - Jan

  • 2. 2 Equity Market - Update • In the month of December 2014, Indian equities reversed its gear from last month and it retreated from its pick. BSE Sensex lost 4.16% during the month and closed at 27499 levels. • In December, equities started the month on a weak note. Global cues were negative. There was a concern for global slowdown on the back of sharp correction in oil price, Russian crisis on the back of sanction & lower oil price and probability of interest rate hike sooner or later in US. However, a dovish statement from Federal Reserve started making up for a lot of bad news from Europe and other parts of the world. Equities bounced back on the FED’s pledge to be patient on the timing of interest rate hike. At domestic end, there was sufficient cheer on the macro front, however, as both CPI and WPI inflation continued to ease even as growth remained a concern. There was an impasse in the winter session of the Parliament without legislative business. However, the government did its bit to press ahead with reforms via a slew of ordinances after the disappointing end to the Parliamentary session. Year ending profit booking also observed. At the end of month, Indian equities recovered some earlier losses on the back of stability in Russian market due to rising ruble, positive global cue and the optimism surrounding the government’s decision to push through reforms through ordinance leaving aside worries over uncertainty in Greece. Flow wise, FIIs turned marginal sellers of Indian equities in the month. • Macro indicators- inflation surprised positively but growth indicators were mixed. Industrial output for October 2014 surprised negatively as it declined by 4.2% vs against growth 2.8% in the previous month. The sharp decline in global commodity price, favorable base effect and lower vegetable price led to lower inflation. CPI eased further to 4.4% in November 2014 vs 5.5% last month. WPI at 0% reached a 64-month low. The fiscal deficit for April-November 2014 is estimated at about 99% of the FY15E annual budgeted amount. • FIIs turned marginally sellers of Indian equities to the tune of US$161 mn over December 2014. DIIs turned buyer over the months and bought equities to the tune of US$ 855mn. In terms of flows, FIIs rounded up the year with a tally of $16.1 bn in equity inflows while DIIs sold $5.1 bn equities in Indian equity market. Outlook In the near-term, market is expected to focus on the quarterly earning numbers of corporates as earning season starts from second week of January,2015. Global news flow on uncertainty in Greece and Russia may impact the market sentiment. Investors will also focus on further policy announcements, if any, by the government and news flow on budget for FY16. Government action and announcement related to the business of reviving economy would boost sentiment. Falling commodity prices is positive for the Indian economy and is likely to benefit India’s twin deficit and its long battle against inflation. With the investment climate improving, the investment cycle is likely to pick up slowly. India remains one market with better outlook in emerging markets. The valuations too are not expensive. For long-term, Indian Equities looks good.
  • 3. 3 Equity Market – Outlook Data as on 31 December 2014 Source : Bloomberg, MOSPI Curr. 1M Bac k BS E S EN S EX 19.95 19.37 Positive Macro indicators are turning better.Falling commodity prices is positive for the Indian economy. It is likely to benefit India’s twin deficit and its long battle against inflation. BS E M ID CAP 24.07 23.19 Positive Macro varibles are turning better. Positive on back of economic recovery, reforms and likely pick up in investment cycle BS E AUTO 17.75 17.16 Positive We are positive on four wheelers as the economic upturn will create new/replacement demand due to favourable demography and income generation. We are overweight on Auto ancilliaries who have exposure in India and foreign countries. We are also positive on high growth companies in the sector who have a niche product/segment. BS E BAN KEX 18.20 16.74 Positive We are selectively positive on financials. We prefer private sector banks due to comfortable capital position, lower stress in asset quality and diversified stream of fee income. We prefer few NBFCs who are niche players or about to experience an upturn in their industry. BS E CAPITAL G O O D S 39.04 37.94 Positive Economic recovery,reforms and pick up in Investment cycle BS E CO N S UM ER D UR ABLES 34.52 35.33 Neutral Neutral on the sector as a whole, overweight on selected stocks with secular volume growth BS E FM CG 47.74 46.29 Neutral Growth seems to have bottomed out with some greenshoots emerging in certain pockets. Fall in input costs is a major positive for the sector but valuation are still high. BS E H EALTH CAR E 27.82 26.75 Positive Domestic growth is improving. New launches in US and generics in emerging markets drilling the growth. BS E IT 21.04 20.08 Positive Sector is well placed with economic recovery in US. BFSI and dicretionary spending is likely to increase. BS E M ETALS 14.24 14.83 Neutral Underweight on ferrous metals as low global iron ore prices may put pressure on the profitability of captive steel producers, overweight on non-ferrous due to improved outlook on LME aluminium and zinc prices, Overweight on ferrous mining as the domestic demand is very strong BS E O IL AN D G AS 12.06 12.34 Negative Lower oil prices will impact refining margin and inventory losses for OMCs. Clarity on subsidy sharing is awaited. BS E PO W ER 20.05 20.09 Negative Fuel linkage issue is hurting the growth BS E R EALTY 18.36 16.92 Negative High inventory, high leverage and uncertainity of cash flow. Index P/ E Bias O ut look
  • 4. To provide long term capital appreciation from an actively managed portfolio of equity and equity related instruments. Baroda Pioneer Growth Fund An Open Ended Growth Scheme Data as on 31 December 2014 $ Disclaimer : Refer to slide no.13 This product is suitable for investors who are seeking*  Capital appreciation over long term  Investment predominantly in equity & equity related instruments.  High Risk (Brown) P/E Dividend P/B Std Dev (1 yr.) Sharpe Ratio (1 yr.) Correlation Fundamental Properties Risk Analysis Fund 24.65 1.02 3.90 13.77 3.10 0.95 Index$ 19.49 1.37 2.88 12.82 2.16 1.00 Dividend History Record Date Per Unit Value (on face value ` 10) Ex-Dividend NAV 17-Feb-2014 2.50 27.1386 4-Mar-2013 1.00 25.8200 3-Aug-2009 3.00 25.0100 28-Apr-2006 10.10 17.9500 Past performance may or not be sustained in future. Pursuant to payment of dividend, the NAV of the scheme / plan would fall to the extent of payout and statutory levy (if applicable) * Investors should consult their financial advisers if in doubt about whether the product is suitable for them. Note: Risk is represented as: ------ (Blue) investors understand that their principal will be at low risk ------ (Yellow) investors understand that their principal will be at medium risk. ------ (Brown) investors understand that their principal will be at high risk Date Of Inception: 12/09/2003 Dec 2013 - Dec 2014& Dec 2012 - Dec 2013& Dec 2011 - Dec 2012& Since Inception@Scheme Name & Benchmark Nav Per Unit ( Rs.) 51.9100 50.1100 39.8700 10.00 Baroda Pioneer Growth Fund (in %) 46.54 23.21 23.98 19.55 CNX 100 (Scheme Benchmark) (in %) 33.17 19.07 22.78 21.40 S&P Nifty (Standard Benchmark) (in %) 31.34 18.43 21.40 17.23 10,000, if invested in BPGF, would have become NA NA NA 76070 10,000, if invested in CNX 100, would have become NA NA NA 63301 10,000, if invested in S&P Nifty, would have become NA NA NA 60365 ^Past performance may or may not be sustained in the future. Data is for Growth Option and the last working day of December has been considered in all cases. Returns have been computed assuming that all payouts during the period have been reinvested in the units of the Scheme at the respective prevailing NAVs @Since Inception returns are Compounded Annualized and are calculated on the basis of `10 invested at inception. &Absolute Returns, $Standard benchmark as prescribed by SEBI for comparison purposes. Returns on `10,000 are point-to-point returns for the specific time period, invested at the start of the period.
  • 5. To provide the investor long term capital growth as also tax benefit under Section 80C of the Income Tax Act, 1961. Baroda Pioneer ELSS’96 An Open Ended Tax Benefit –Cum-Growth Scheme Data as on 31 December 2014 $ Disclaimer : Refer to slide no.13 This product is suitable for investors who are seeking*  Capital appreciation over long term  Investment predominantly in equity & equity related instruments.  High Risk . (Brown) P/E Dividend P/B Std Dev (1 yr.) Sharpe Ratio (1 yr.) Correlation Fundamental Properties Risk Analysis Fund 28.07 0.93 3.95 13.75 3.30 0.88 Index$ 19.63 1.43 3.05 12.57 1.93 1.00 Dividend History Record Date Per Unit Value (on face value ` 10) Ex-Dividend NAV 18-Mar-14 2.0 22.73 04-Feb-13 1.5 22.78 18-Feb-11 1.5 23.34 06-Feb-07 6.0 21.44 15-Dec-05 11.0 20.60 25-Mar-05 2.0 23.35 15-Sep-03 1.0 14.23 Past performance may or not be sustained in future. Pursuant to payment of dividend, the NAV of the scheme / plan would fall to the extent of payout and statutory levy (if applicable) * Investors should consult their financial advisers if in doubt about whether the product is suitable for them. Note: Risk is represented as: ------ (Blue) investors understand that their principal will be at low risk ------ (Yellow) investors understand that their principal will be at medium risk. ------ (Brown) investors understand that their principal will be at high risk Date Of Inception: 31/03/1996 Dec 2013 - Dec 2014& Dec 2012 - Dec 2013& Dec 2011 - Dec 2012& Since Inception@ Scheme Name & Benchmark Nav Per Unit ( Rs.) 24.0800 23.9100 18.9500 10.00 Baroda Pioneer ELSS’ 96 Fund (in %) 35.88 0.71 26.17 13.75 BSE Sensex (Scheme Benchmark) (in %) 29.89 8.98 25.70 11.84 S&P Nifty (Standard Benchmark) (in %) 31.39 6.76 27.70 12.01 10,000, if invested in BPEF, would have become NA NA NA 112174 10,000, if invested in BSE Sensex, would have become NA NA NA 81683 10,000, if invested in S&P Nifty, would have become NA NA NA 84063 ^Past performance may or may not be sustained in the future. Data is for Growth Option and the last working day of December has been considered in all cases. Returns have been computed assuming that all payouts during the period have been reinvested in the units of the Scheme at the respective prevailing NAVs @Since Inception returns are Compounded Annualized and are calculated on the basis of `10 invested at inception. &Absolute Returns, $Standard benchmark as prescribed by SEBI for comparison purposes. Returns on `10,000 are point-to-point returns for the specific time period, invested at the start of the period.
  • 6. To provide investors with opportunities for long-term growth in capital along with the liquidity of an open ended scheme through an active management of investments in a diversified basket of equity stocks of domestic Public Sector Undertaking. Baroda Pioneer PSU Equity Fund An Open Ended Equity Scheme Data as on 31 December 2014 $ Disclaimer : Refer to slide no.13 This product is suitable for investors who are seeking*  Capital appreciation over long term  Investment predominantly in equity stocks of domestic Public Sector Undertaking  High Risk (Brown) P/E Dividend P/B Std Dev (1 yr.) Sharpe Ratio (1 yr.) Correlation Fundamental Properties Risk Analysis Fund 16.01 2.70 1.45 23.00 2.18 0.97 Index$ 11.60 3.01 1.49 23.10 1.63 1.00 Date Of Inception: 04-10-2010 Dec 2013 - Dec 2014& Dec 2012 - Dec 2013& Dec 2011 - Dec 2012& Since Inception@Scheme Name & Benchmark Nav Per Unit ( Rs) 6.1800 7.3500 6.4300 10.00 Baroda Pioneer PSU Equity Fund (in %) 44.82 -15.92 14.31 2.58 BSE PSU (Scheme Benchmark) (in %) 39.21 19.43 5.24 5.64 S&P Nifty (Standard Benchmark) (in %) 31.39 6.76 27.70 7.23 10,000, if invested in BPEF, would have become NA NA NA 8950 10,000, if invested in BSE PSU, would have become NA NA NA 7816 10,000, if invested in S&P Nifty, would have become NA NA NA 13447 ^Past performance may or may not be sustained in the future. Data is for Growth Option and the last working day of December has been considered in all cases. Returns have been computed assuming that all payouts during the period have been reinvested in the units of the Scheme at the respective prevailing NAVs @Since Inception returns are Compounded Annualized and are calculated on the basis of `10 invested at inception. &Absolute Returns, $Standard benchmark as prescribed by SEBI for comparison purposes. Returns on `10,000 are point-to-point returns for the specific time period, invested at the start of the period. * Investors should consult their financial advisers if in doubt about whether the product is suitable for them. Note: Risk is represented as: ------ (Blue) investors understand that their principal will be at low risk ------ (Yellow) investors understand that their principal will be at medium risk. ------ (Brown) investors understand that their principal will be at high risk
  • 7. To generate long-term capital appreciation by investing predominantly in equity and equity-related securities of companies engaged in infrastructure and infrastructure-related sectors. Baroda Pioneer Infrastructure Fund An Open Ended Equity Scheme Data as on 31 December 2014 $ Disclaimer : Refer to slide no.13 This product is suitable for investors who are seeking*  Capital appreciation over long term  Investment predominantly in equity & equity related securities of companies engaged in infrastructure & infrastructure related sectors.  High Risk (Brown) P/E Dividend P/B Fundamental Properties Fund 28.64 0.98 2.53 Index$ 23.96 1.08 2.18 Date Of Inception: 22/06/2010 Dec 2013 - Dec 2014& Dec 2012 - Dec 2013& Dec 2011 - Dec 2012& Since Inception@ Scheme Name & Benchmark Nav Per Unit ( Rs.) 7.4900 7.9200 6.7400 10.00 Baroda Pioneer Infrastructure Fund (in %) 51.80 -5.43 17.51 2.88 CNX Infra (Scheme Benchmark) (in %) 22.11 8.44 12.65 -2.26 S&P Nifty (Standard Benchmark) (in %) 31.39 18.43 21.40 10.28 10,000, if invested in BPIF, would have become NA NA NA 11370 10,000, if invested in CNX 100, would have become NA NA NA 9015 10,000, if invested in S&P Nifty, would have become NA NA NA 15579 ^Past performance may or may not be sustained in the future. Data is for Growth Option and the last working day of December has been considered in all cases. Returns have been computed assuming that all payouts during the period have been reinvested in the units of the Scheme at the respective prevailing NAVs @Since Inception returns are Compounded Annualized and are calculated on the basis of `10 invested at inception. &Absolute Returns, $Standard benchmark as prescribed by SEBI for comparison purposes. Returns on `10,000 are point-to-point returns for the specific time period, invested at the start of the period. * Investors should consult their financial advisers if in doubt about whether the product is suitable for them. Note: Risk is represented as: ------ (Blue) investors understand that their principal will be at low risk ------ (Yellow) investors understand that their principal will be at medium risk. ------ (Brown) investors understand that their principal will be at high risk Std Dev (1 yr.) Sharpe Ratio (1 yr.) Correlation Risk Analysis Fund 21.30 2.63 0.93 Index$ 22.30 1.37 1.00
  • 8. To generate long-term capital appreciation along with stability through a well balanced portfolio comprising of equity ,equity related instruments , money market instruments & debt securities. Baroda Pioneer Balance Fund An Open Ended Balanced Scheme Data as on 31 December 2014 $ Disclaimer : Refer to slide no.13 This product is suitable for investors who are seeking*  Capital appreciation along with stability over long term  Investment predominantly in equity & equity related instruments with balance exposure to money market instruments & Debt securities  Medium Risk (Yellow) P/E Dividend P/B Fundamental Properties Fund 20.70 1.29 3.07 * Investors should consult their financial advisers if in doubt about whether the product is suitable for them. Note: Risk is represented as: ------ (Blue) investors understand that their principal will be at low risk ------ (Yellow) investors understand that their principal will be at medium risk. ------ (Brown) investors understand that their principal will be at high risk Std Dev (1 yr.) Sharpe Ratio (1 yr.) Correlation Risk Analysis Fund 11.27 2.71 0.89 Benchmark $ 12.57 1.93 1.00 Date Of Inception: 12/09/2003 Dec 2013 - Dec 2014& Dec 2012 - Dec 2013& Dec 2011 - Dec 2012& Since Inception@Scheme Name & Benchmark Nav Per Unit ( Rs) 32.0200 30.2000 24.4000 10.00 Baroda Pioneer Balance Fund (in %) 29.17 17.38 19.19 13.38 CRISIL Balanced Fund Index (Scheme Benchmark) (in %) 25.34 15.29 17.22 13.67 S&P Nifty (Standard Benchmark) (in %) 38.87 0.56 15.38 17.24 10,000, if invested in BPBF, would have become NA NA NA 41360 10,000, if invested in CRISIL Balanced Fund Index, would have become NA NA NA 42597 10,000, if invested in S&P Nifty, would have become NA NA NA 60365 ^Past performance may or may not be sustained in the future. Data is for Growth Option and the last working day of December has been considered in all cases. Returns have been computed assuming that all payouts during the period have been reinvested in the units of the Scheme at the respective prevailing NAVs @Since Inception returns are Compounded Annualized and are calculated on the basis of `10 invested at inception. &Absolute Returns, $Standard benchmark as prescribed by SEBI for comparison purposes. Returns on `10,000 are point-to-point returns for the specific time period, invested at the start of the period.
  • 9. To generate long-term capital appreciation for unit holders from a portfolio invested predominantly in equity and equity related securities of companies engaged in the Banking & Financial Services Sector. Baroda Pioneer Banking & Financial Services Fund Fund An Open Ended Sectoral Scheme Data as on 31 December 2014 $ Disclaimer : Refer to slide no.13 This product is suitable for investors who are seeking*  Capital appreciation over long term  Investment predominantly in equity & equity related securities of companies engaged in the Banking & Financial Service sector .  High Risk (Brown) Std Dev (1 yr.) Sharpe Ratio (1 yr.) Correlation Risk Analysis 20.15 3.10 0.97 20.68 2.98 1.00 Date Of Inception: 22/06/2012 Dec 2013 - Dec 2014& Dec 2012 - Dec 2013& Dec 2011 - Dec 2012& Since Inception@Scheme Name & Benchmark Nav Per Unit ( Rs) 10.3200 11.8800 NA 10.00 Baroda Pioneer Banking and Financial Services Fund - Plan A - Growth 59.01 -13.13 NA -28.03 CNX BANK INDEX (Scheme Benchmark) (in %) 64.57 -8.73 NA 20.73 CNX Nifty (Standard Benchmark) (in%) 38.87 0.56 NA 21.18 10,000, if invested in BPLF, would have become NA NA NA 16410 10,000, if invested in CNX BANK INDEX, would have become NA NA NA 18665 10,000, if invested in CNX Nifty, would have become NA NA NA 16095 ^Past performance may or may not be sustained in the future. Data is for Growth Option and the last working day of December has been considered in all cases. Returns have been computed assuming that all payouts during the period have been reinvested in the units of the Scheme at the respective prevailing NAVs @Since Inception returns are Compounded Annualized and are calculated on the basis of `10 invested at inception. &Absolute Returns, $Standard benchmark as prescribed by SEBI for comparison purposes. Returns on `10,000 are point-to-point returns for the specific time period, invested at the start of the period. * Investors should consult their financial advisers if in doubt about whether the product is suitable for them. Note: Risk is represented as: ------ (Blue) investors understand that their principal will be at low risk ------ (Yellow) investors understand that their principal will be at medium risk. ------ (Brown) investors understand that their principal will be at high risk P/E Dividend P/B Fundamental Properties Fund 20.32 1.00 2.31 Index$ 16.90 1.04 2.28
  • 10. Source: Pioneer Investments, ASSETS UNDER MANAGEMENT €200.0 BN AS ON 31ST DECEMBER 2014 PRODUCTS & SERVICES EXPERIENCE MARKET KNOWLEDGE & INVESTOR NEEDS • Investment experience since 1928 • Pioneer Fund, the third oldest mutual fund in the U.S. • Strong team of over 2,070 employees globally, including nearly 350 investment professionals • Presence in 27 countries with three Global Investment Hubs Pioneer Investments – A global asset management player
  • 11. Local knowledge, global perspective A broad network supporting 4 distinct regions… C ASIA & MIDDLE EAST • AuM €5.32n • Lux and local funds MUMBAI BEIJING SINGAPORE SYDNEY TAIPEI TOKYO • AuM €11bn • Austrian and Lux funds AUSTRIA VIENNA • AuM €6.8bn • Lux and local funds (mainly Polish) CEE BRATISLAVA BUCHAREST BUDAPEST PRAGUE SOFIA AUSTRIA & CEE Italy WESTERN EUROPE & LATAM • AuM €17.6bn • German, Austrian and Lux funds GERMANY MUNICH • AuM €100.5bn • Italian and Lux funds ITALY MILAN • AuM €16.4bn • Lux funds and Hedge funds INTERNATIONAL AMSTERDAM BERMUDA BUENOS AIRES DENMARK GENEVA LONDON LUXEMBOURG MADRID MEXICO CITY MIAMI (OFFSHORE) PARIS SANTIAGO ZURICH US • AuM €38.3bn • US funds BOSTON OMAHA NEW YORK Source: Pioneer Investments, AuM data as at end of September 2014
  • 12. Bank of Baroda: Key strengths Bank of Baroda is a 106 years old State-owned Bank with modern & contemporary personality, offering banking products and services to Large Industrial, SME, Retail & Agricultural customers across India and 25 other countries. Relatively Strong Presence in Progressive States like Gujarat & Maharashtra Uninterrupted Record in Profit-making and Dividend Payment Overseas Business Operations extend across 25 countries through 100 Offices First PSB to receive Corporate Governance Rating (CGR-2) Robust Technology Platform with 100% CBS in Indian Branches Pioneer in many Customer-Centric Initiatives Strong Domestic Presence through 4956Branches Modern & Contemporary Personality Provides Financial Services to over 47 mln Customers Globally A well-accepted & recognised Brand in Indian banking industry- Top 20 Best Indian Brand Key Financial Information* Global Business – INR 965,900 crores Deposits – INR 568,894 crores Global Advances – INR 397,006 crores Operating Profit – INR 9291 crores Capital adequacy ratio (Basel III) – 12.28% *Data as on 31 March 2014 source www.bankofbaroda.com
  • 13. 13 Disclaimers : Disclaimer CNX Bank Index: The Baroda Pioneer Banking and Financial Services Fund offered by Baroda Pioneer Mutual Fund or its affiliates is not sponsored, endorsed, sold or promoted by India Index Services & Products Limited (IISL) and its affiliates. IISL and its affiliates do not make any representation or warranty, express or implied (including warranties of merchantability or fitness for particular purpose or use) to the owners of Baroda Pioneer Banking and Financial Services Fund or any member of the public regarding the advisability of investing in securities generally or in the Baroda Pioneer Banking and Financial Services Fund linked to CNX Bank Index or particularly in the ability of the CNX Bank Index to track general stock market performance in India. Please read the full disclaimers in relation to the CNX Bank Index in the Offer Document / Prospectus / Information Statement. Disclaimer CNX100: Baroda Pioneer Growth Fund and Baroda Pioneer Infrastructure Fund are not sponsored, endorsed, sold or promoted by India Index Services & Products Limited (“IISL”). IISL does not make any representation or warranty, express or implied, to the owners of Baroda Pioneer Growth Fund, Baroda Pioneer Infrastructure Fund or any member of the public regarding the advisability of investing in securities generally or in Baroda Pioneer Growth Fund and Baroda Pioneer Infrastructure Fund particularly or the ability of the CNX 100 Index to track general stock market performance in India. The relationship of IISL to the Issuer is only in respect of the licensing of certain trademarks and trade names of its Index, which is determined, composed and calculated by IISL without regard to the Issuer or Baroda Pioneer Growth Fund and Baroda Pioneer Infrastructure Fund. IISL does not have any obligation to take the needs of the Issuer or the owners of Baroda Pioneer Growth Fund and Baroda Pioneer Infrastructure Fund into consideration in determining, composing or calculating the CNX 100 Index. IISL is not responsible for nor has participated in the determination of the timing of, prices at, or quantities of Baroda Pioneer Growth Fund and Baroda Pioneer Infrastructure Fund to be issued or in the determination or calculation of the equation by which Baroda pioneer Growth Fund and Baroda Pioneer Infrastructure Fund is to be converted into cash. IISL has no obligation or liability in connection with the administration, marketing or trading of Baroda Pioneer Growth Fund and Baroda Pioneer Infrastructure Fund. Disclaimer CNX Infra: Baroda Pioneer Infrastructure Fund offered by Baroda Pioneer Mutual Fund is not sponsored, endorsed, sold or promoted by India Index Services & Products Limited (IISL). IISL does not make any representation or warranty, express or implied (including warranties of merchantability or fitness for particular purpose or use) and disclaims all liability to the owners of Baroda Pioneer Infrastructure Fund or any member of the public regarding the advisability of investing in securities generally or in the Baroda Pioneer Infrastructure Fund linked to CNX Infra or particularly in the ability of the CNX Infra index to track general stock market performance in India. Please read the full disclaimers in relation to CNX Infra in the Offer Document / Prospectus / Information Statement. Disclaimer S&P BSE Sensex and S&P BSE PSU Index: The S&P BSE PSU Index and S&P BSE Sensex" are products of AIPL, a joint venture among affiliates of S&P Dow Jones Indices LLC (“SPDJI”) and BSE Limited (“BSE”), and has been licensed for use by Baroda Pioneer Asset Management Company (Pvt.)Ltd. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); BSE® and SENSEX® are registered trademarks of BSE Limited; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by AIPL and sublicensed for certain purposes by Baroda Pioneer Asset Management Company (Pvt.) Ltd . Baroda Pioneer PSU Equity Fund and Baroda Pioneer ELSS’96 Fund are not sponsored, endorsed, sold or promoted by SPDJI, BSE, Dow Jones, S&P or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P BSE PSU Index and S&P BSE Sensex.
  • 14. Thank you Mutual fund investments are subject to market risks, read all scheme related documents carefully.