Our Investment Outlook

Whether you are an individual or group customer, the first thing you want to know is how well IndiaFirst Life manages your money. At IndiaFirst Life, we strive to balance your portfolio and meet your investment expectations.

Investments,
Creating a bigger impact

At IndiaFirst Life, we carefully select our investments, regularly monitor their performance, and take corrective action when necessary. We adhere to an institutional policy that aligns with the IRDAI regulations, mandated by the Board, overseen by the Investment Committee, and executed by our team.

CIO Speak
Investment Philosophy
Investment Team
Fund Portfolio
Events

Market Matters – March 2025

Indian equity market indices surged, after five consecutive monthly decline as US Fed indicated two interest rate cuts this year leading to a revival of foreign institutional inflows into equity / debt. US President Trump's aggressive tariff policies and their potential economic fallout adversely impacted market sentiment post month close. Indian fixed income markets saw easing of yields to more than three-year lows, on expectations of continued monetary easing and liquidity support by the RBI. Indian rupee appreciated vis-à-vis USD from all-time lows.

Global equities remained volatile due to elevated uncertainty as the US administration adopted aggressive trade policy measures which has hampered US growth expectations. European fiscal response has been more forceful than expected. Emerging market equities continued to outperform developed market peers. Post month closing, US government announced country-specific tariffs benchmarked against existing tariff and non-tariff rates. Global Fixed income markets continued to see varied bond yield movement as the US 10-Year yields moderated on rising recession risks whereas Japanese and European sovereign bond rose on expectations of higher inflation and issuances. Domestically, Inter-bank liquidity turned surplus. Headline CPI moderated as food price inflation eased on the back of vegetable inflation falling into negative territory led by better winter harvest arrivals. WPI inflation rose. GST collections were steady.

Global economic growth trends remain largely mixed as the US economy has displayed strength whereas Eurozone and Chinese economic growth has broadly fallen short of expectations. Macroeconomic impact of Trump tariffs could severely affect the global economy through supply chain disruptions and exchange rate changes. Major central banks (US Fed, ECB, Bank of Canada and BoE) are all amidst their respective rate cut cycles. ECB and Bank of Canada have been the most aggressive by cutting rates six times this year to stimulate their economic growth. However, in the latest US Fed meeting, it came out with more hawkish projections for next year. The Bank of Japan (BoJ) last rate hike was in-line with its efforts to normalise monetary policy and push up rates in the world's fourth largest economy. China’s PBoC guided that there is room for further easing post its aggressive rate reductions. Moreover, elevated geopolitical tensions remain a concern area as armed conflict in many regions in the Middle East have compounded global uncertainties even as Russia-Ukraine military conflict continues. Domestically, RBI MPC cut policy rates after being in pause mode for the eleventh consecutive time with its stance being ‘neutral’. Food inflation trends would be monitored. However, slowing domestic economic growth momentum and recent weakness in the rupee on dollar strength has contributed to FPI equity outflows in recent months. RBI FX intervention has also partly arrested the slide in the USDINR. Its CRR cut and other such measures viz., USD/INR buy/sell swaps and OMO purchases (OMO purchases in FY25 was the highest in about four years) have all tried to address liquidity situation. Union Budget saw somewhat muted growth in the allocation of government capital spending with steps taken to address weaker consumption.

In the near term, upcoming corporate earnings season, tariff related news flow, trajectory of institutional flows, geopolitical tensions, inflation trajectory, RBI monetary policy action, key global central bank monetary policy actions and global bond yields, currency and commodity price movement would be eyed.

Global macro and market volatility would remain high due to ongoing trade war escalation, geopolitical tensions and emerging signs of weakness in corporate earnings. Resilient global economy and the prospect of more rate cuts in H2 could be supportive for the markets in the near term but the positives are increasingly getting priced in. We have been highlighting frothy valuations in few pockets, especially in the mid and small cap end of the spectrum and our broadly conservative stance in light of the same. Our approach remains stock specific with preference for quality companies that can navigate this turbulent macro environment with ability to maintain margins backed by a healthy balance sheet. Market corrections can provide opportunities to accumulate quality stocks. Range bound to lower crude oil prices, firm external balance are positives as it reduces external vulnerabilities. However, elevated trade and geopolitical tensions and foreign capital outflows need to be monitored. Considering these factors, we would closely track domestic G-sec and global bond movement. We would carefully monitor portfolio duration and look to take tactical buy/sell calls.

Dr. Poonam Tandon

Chief Investment Officer

Whether you are a retail or institutional customer, the first thing you want to know is how well we manage your money? Everyone has two basic expectations - Safety and Returns. Both are opposite goals, but we work hard to achieve both in a balanced way. Your money can be safe if –

We choose our investments carefully
Watch their performance regularly
Take corrective action when needed

We have an institutional policy within the regulations of IRDAI, which is mandated by the Board monitored by Investment Committee and delivered by the team. This is the framework in which we operate. This framework is tight as well as practical enough to allow room for judgmental exceptions which are not taken just by one individual but by the whole team involving the CEO, CFO, CIO and the Appointed Actuary.

Rest assured, Our Fund Managers will take utmost care of your returns.

Equity Investment Strategy

We invest in equity and exchange traded funds with the objective of providing sustainable long-term capital appreciation, while pursuing high growth opportunities. We own equity in companies in a wide range of industries, including banking and finance, information technology, manufacturing, telecommunications and others. As of March 31, 2022, 68.28% of our equity investments (including Bank Nifty Exchange-Traded Funds) were in companies forming part of the Nifty 50 Index and the rest of our equity investments were in companies forming part of the larger listed market.

Fixed Income Investment Strategy

Our fixed income portfolio majorly consists of government securities, debentures and bonds, and money market instruments. We aim to maintain a fixed income portfolio of high asset quality. As of March 31, 2022, 98.02% of our total fixed income portfolio comprised domestic AAA-rated instruments, including sovereign instruments, and as of June 30, 2022, 98.51% of our total fixed income portfolio comprised domestic AAA-rated instruments. All our money market instruments had sovereign/A1+ or equivalent rating as of March 31, 2022 and June 30, 2022. We have not had any defaults or delayed payments in our fixed income portfolio in the last three years.

Meet Our Investment Team

Dr. Poonam Tandon
Chief Investment Officer

Dr. Poonam Tandon is the Chief Investment Officer of our Company. She holds a bachelor’s degree in commerce (honours) from the University of Delhi, a post graduate diploma in business management from the Xavier School of Management, Jamshedpur and a doctorate of philosophy in management studies from the Narsee Monjee Institute of Management Studies,Mumbai. She is a certified associate of the Indian Institute of Bankers. She joined our Company with effect from February 25,2010.Previously, she was associated with MetLife India Insurance Company Limited as chief manager (investments). She is inter alia responsible for overseeing the investment function in our Company.

Viraj M Nadkarni
Fund Manager - Equity

Viraj is a Company Secretary, MBA (Finance) from Symbiosis, Pune, and he also holds a Master’s degree in commerce from Pune University. He has more than 10 years of experience in the financial sector, mainly in equities. He has experience in analytics and understands equity market dynamics. Prior to this stint, he was with Angel Broking, Fortune Financials as a Senior Research Analyst. There he handled fundamental research on the institutional front and was involved in tracking multiple sectors. Here,

Viraj is the Fund Manager for Equity.

Sandeep Shirsat
Fund Manager - Fixed Income

Sandeep is a BCom graduate and qualified Cost accountant (ICWAI). He has worked in the fields of mutual funds, banking, PMS as well as insurance for over 22 years. In the past, he has worked with Multi-Act Equity Research (PMS), Matrix AMC, HSBC (Institutional Fund Services), and UTI AMC Pvt Ltd (UTI MF) . He has experience in Fund management - debt and balanced Funds, Treasury Management, Fund accounting, Investment Operations, Mutual Fund compliance and IT projects relating to Investment Functions as domain expert.
Today, he is a part of our company as a Fund Manager for Fixed Income. Today, he is a part of our company as a Fund Manager for Fixed Income.

This section will tell you more about the kind of funds that we invest your money in. Each fund has a different type of risk and return associated with it.
Read through this, it will help you understand and pick a Fund that suits your risk appetite best. As an existing customer, you may choose to shift from one Fund to another to optimise your returns. Always remember, take into account the market condition and changes in your risk profile before making these decisions.
Our way of valuing equity shares is as prescribed by Insurance and Regulatory Development Authority of India (IRDAI) through its circular number IRDA/F&I/INV/CIR/213/10/2013 dated October 30, 2013. It has mandated insurers to select either NSE or BSE as the primary and secondary exchange for valuation of its equity shares.

We have selected NSE as the primary and BSE as the secondary exchange. Accordingly, the equity shares held by us are valued at the closing price of NSE. In case a security is not listed or traded on NSE, we use the closing price of BSE.
Click on any of the links below to read more on different types of Funds we offer and why:

Life Unit Linked Funds
Pension Linked Funds

To generate a good level of income and prospects for capital growth through diversified investment in corporate debt instruments, government securities and money market investments.

Debt Fund Pension

SFIN No: ULIF003161109DEBTFUND00143

0-00%

Equity Composition

To provide high growth opportunities with an objective of long-term capital appreciation through investments primarily in equity and equity-related instruments.

Equity Fund

SFIN No: ULIF001161109EQUITYFUND143

80-100%

Equity Composition

To provide higher growth with reasonable security, by investing primarily in equity instruments and moderate allocation in debt securities/bonds.

Balanced Fund

SFIN No: ULIF005161109BALANCEDFN143

50-70%

Equity Composition

To generate a good level of income and prospects for capital growth through diversified investments in corporate debt instruments, government securities and money market investments.

Debt 1 Fund

SFIN No: ULIF010010910DEBTO1FUND143

0-00%

Equity Composition

To provide high growth opportunities with an objective of long-term capital appreciation through investments primarily in equity and equity-related instruments.

Value Fund

SFIN No: ULIF013010910VALUEFUND0143

70-100%

Equity Composition

To provide high growth opportunities with an objective of long-term capital appreciation through investments primarily in equity and equity-related instruments.

Index Tracker Fund

SFIN No: ULIF012010910INDTRAFUND143

90-100%

Equity Composition

To provide high growth opportunities with an objective of long-term capital appreciation through investments primarily in equity and equity-related instruments.

Equity 1 Fund

SFIN No: ULIF009010910EQUTY1FUND143

80-100%

Equity Composition

To provide long-term capital appreciation with relatively lower volatility by dynamically adjusting the capital allocation between equity and fixed income instruments.

Dynamic Asset Allocation Fund

SFIN No: ULIF012010910INDTRAFUND143

20-80%

Equity Composition

To provide higher growth with reasonable security, by investing primarily in equity instruments and moderate allocation in debt securities/bonds.

Balanced 1 Fund

SFIN No: ULIF011010910BALAN1FUND143

50-70%

Equity Composition

To provide growth opportunities with an objective of long term capital appreciation through investments primarily in equity and equity related instruments and an active management of asset allocation between Equity and Money Market instruments.

Equity Elite Opportunities Fund

SFIN No:

60-80%

Equity Composition

To generate a good level of income and prospects for capital growth through diversified investment in corporate debt instruments, government securities and money market investments.

Debt Fund - Pension

SFIN No: ULIF004161109DEBFUNDPEN143

0-00%

Equity Composition

To provide high growth opportunities with an objective of long-term capital appreciation through investments primarily in equity and equity-related instruments.

Equity Fund - Pension

SFIN No: ULIF002161109EQUFUNDPEN143

80-100%

Equity Composition

To provide higher growth with reasonable security, by investing primarily in equity instruments and moderate allocation in debt securities/bonds.

Balanced Fund - Pension

SFIN No: ULIF006161109BALFUNDPEN143

50-70%

Equity Composition

To provide capital protection with growth at short term interest rates while providing a high level of liquidity.

Liquid Fund - Pension

SFIN No: ULIF008161109LIQFUNDPEN143

0-00%

Equity Composition

Select Year

Disclaimer

Linked Insurance Products are different from the traditional insurance products and are subject to risk factors. The Premium paid in unit-linked life insurance policies are subject to investment risks associated with capital markets and NAVs of the units may go up or down, based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. IndiaFirst Life Insurance Company Limited is only name of the Insurance Company and does not in any way indicate the quality of the contract, its future prospects, or returns.

Please know the associated risks and the applicable charges from your Insurance Agent or the Intermediary or policy document issued by the Insurance Company. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns. Past performance may or may not be sustained in future and is not a guarantee of future performance. Some of the contents of this document may contain statements / estimates / expectations / predictions, which may be 'forward looking'.

The actual outcomes could differ materially from those expressed /implied in this document.These statements, do not intend to provide personal recommendation to any specific individual or any investment needs of an individual. The recommendations / statements / estimates / expectations / predictions are of general in nature and may not take into account the specific investment needs or risk appetite or financial situations of individual policyholder / clients. For more details on risk factors and terms and conditions, please read the sales brochure carefully before concluding the sale. Tax benefits are subject to changes in the tax laws.