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 – November 2024

Indian equity market indices declined marginally during the month led by weaker corporate results and continued selling by foreign institutional investors. Global markets led by the US, rose to record highs on growing investor optimism. Indian fixed income markets saw easing of yields tracking subdued economic growth numbers. Indian rupee depreciated further vis-à-vis USD to all-time lows.

Developed market equities led by the US markets surged to record highs amid strong inflows on growing investor optimism even as Donald Trump won the US Presidential elections. US 10-Yr Treasury yields were volatile on concerns surrounding President elect Trump’s likely policy proposals could reignite inflation in 2025. Dollar Index (DXY) rose to almost 1-Year highs. Crude oil prices were lower, gas prices rose. Gold and Silver prices declined on profit booking. Domestically, Q2FY25 Real GDP growth came well below consensus estimates as industrial growth fell. Rating agency S&P Global Ratings revised down its India's economic growth estimate for FY26/FY27. GST collections remained steady. PMI fell marginally. Retail inflation rose sharply.

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. Major central banks (US Fed, ECB, Bank of Canada and BoE) have all embarked on their respective rate cut cycle. The Bank of Japan (BoJ) rate hike in March 2024 is only its second time in 17 years. Governor Ueda has maintained that further hikes are on the table basis economic performance. China’s PBoC also guided that there is room for further easing post its aggressive rate reductions. 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 has been in pause mode for last ten monetary policy meetings and has finally changed its stance to ‘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.

In the near term, currency and commodity price movement, trajectory of institutional flows, RBI monetary policy action, key global central bank monetary policy actions and global bond yields, current geopolitical tensions and inflation trajectory would be eyed.

Global macro and market volatility would remain high on emerging signs of weakness in corporate earnings and escalation of geopolitical tensions into a full-scale war in the Middle East which are risk factors. 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. Strong tax collections, lower borrowing figure, range bound crude oil prices, firm external balance and rising forex reserves are positives as it reduces external vulnerabilities. However, depreciating rupee, rise in inflation alongside elevated geopolitical tensions and foreign outflows need to be monitored. Considering these factors, there could be a rise in volatility amid range bound benchmark bond yield movement and we would 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.