Quarterly Recap: January-March 2015

world.2014-12-31.2015-3-31

Equities

Major
DAX(DEU)	+22.03%
CAC(FRA)	+17.81%
UKX(GBR)	+3.15%
NKY(JPN)	+9.07%
SPX(USA)	-0.39%

MINTs
JCI(IDN)	+4.42%
INMEX(MEX)	+1.58%
NGSEINDX(NGA)	-8.38%
XU030(TUR)	-6.67%

BRICS
IBOV(BRA)	+2.29%
SHCOMP(CHN)	+17.47%
NIFTY(IND)	+2.28%
INDEXCF(RUS)	+16.44%
TOP40(ZAF)	+4.66%

Commodities

Energy
Natural Gas	-10.56%
RBOB Gasoline	+23.79%
Brent Crude Oil	-3.03%
Ethanol	-7.64%
Heating Oil	-8.72%
WTI Crude Oil	-10.42%

Metals
Gold 100oz	-0.07%
Palladium	-7.66%
Platinum	-5.79%
Silver 5000oz	+5.73%
Copper	-3.17%

Currencies

USDEUR:+12.23% USDJPY:-0.20%

MINTs
USDIDR(IDN)	+5.09%
USDMXN(MEX)	+3.29%
USDNGN(NGA)	+8.49%
USDTRY(TUR)	+10.93%

BRICS
USDBRL(BRA)	+20.28%
USDCNY(CHN)	-0.15%
USDINR(IND)	-0.87%
USDRUB(RUS)	+0.00%
USDZAR(ZAF)	+4.56%

Agricultural
Cocoa	-3.70%
Lean Hogs	-23.73%
Lumber	-16.98%
Soybean Meal	-9.07%
Cattle	-2.64%
Coffee (Arabica)	-21.60%
Corn	-5.31%
Feeder Cattle	-0.42%
Orange Juice	-11.80%
Sugar #11	-17.63%
White Sugar	-9.27%
Coffee (Robusta)	-10.31%
Cotton	+3.69%
Soybeans	-3.67%
Wheat	-12.19%

Credit Indices

Index	Change
Markit CDX EM	-2.01%
Markit CDX NA HY	+1.59%
Markit CDX NA IG	-1.99%
Markit iTraxx Asia ex-Japan IG	-2.45%
Markit iTraxx Australia	-11.70%
Markit iTraxx Europe	-12.30%
Markit iTraxx Europe Crossover	-79.11%
Markit iTraxx Japan	-13.85%
Markit iTraxx SovX Western Europe	-4.07%
Markit LCDX (Loan CDS)	+0.17%
Markit MCDX (Municipal CDS)	+6.37%

The Nifty managed to squeeze out a dribble of green but was nowhere near the best performing market Germany that clocked in a QE induced +22.03% whopper.

Index Returns

Advance Decline

advance.decline.line2.2014-12-31.2015-3-31

Market Cap Decile Performance

Decile	Mkt. Cap.	Adv/Decl
1 (micro)	-16.75%	60/74
2	-9.15%	54/79
3	-8.44%	55/78
4	-5.13%	55/78
5	-2.03%	52/81
6	+1.01%	65/68
7	+6.19%	69/64
8	+6.27%	76/57
9	+5.97%	72/61
10 (mega)	+5.01%	68/66

Large-caps out-performed small-caps.

Top Winners and Losers

BHARATFORG	+35.22%
LUPIN	+40.65%
SIEMENS	+53.97%
BANKINDIA	-35.11%
UNIONBANK	-34.63%
PNB	-34.09%

PSU banks got rightfully pummeled. You know shit is bad when government employees stage a dharna on NPAs.

ETF Performance

INFRABEES	+9.96%
JUNIORBEES	+4.03%
NIFTYBEES	+1.43%
GOLDBEES	-2.65%
CPSEETF	-3.16%
BANKBEES	-4.48%
PSUBNKBEES	-19.79%

Infrastructure was a surprise winner…

Yield Curve

Bond Indices

Sub Index	Change in YTM	Total Return(%)
GSEC TB	-0.30	+2.03%
GSEC SUB 1-3	-0.53	+1.43%
GSEC SUB 3-8	-0.10	+2.45%
GSEC SUB 8	-0.19	+2.27%

Rate cuts and lower inflation gave bonds a boost…

Investment Theme Performance

Financial Strength Value	+18.69%
Low Volatility	+14.57%
Next Trillion	+12.92%
Momentum	+12.32%
ASK Life	+10.93%
Media, Health, IT, Telecom, Services, Pharma Quality To Price	+4.56%
Auto and Consumer Goods Quality to Price	+3.93%
Balance Sheet Strength	+3.06%
Tactical CNX 100	+2.06%
CNX 100 Enterprise Yield	+1.06%
Quality to Price	+0.62%
Magic Formula	-1.63%
Textile, Metals, Chemicals, Paper and Energy Quality to Price	-3.34%
PPFAS Long Term Value	-3.78%
High Beta	-9.78%
NSE & BSE Mix	-13.43%
ADAG stocks	-15.08%

Momentum worked, low volatility worked better. High beta was left behind. Quality-to-price out-performed midcaps…

Equity Mutual Funds

Best
Birla Sun Life MNC Fund-Plan B (Growth)	+15.05%
UTI – MNC Fund (UGS 10000)-Growth Option	+12.28%
MOSt Focused Midcap 30-Regular Plan-Growth Option	+11.43%
MOSt Focused Multicap 35-Regular Plan-Growth Option	+10.94%
IDFC Tax Advantage (ELSS) Fund-Regular Plan-Growth	+10.94%
Escorts High Yield Equity Plan – Growth Option	+10.76%
BNP PARIBAS Equity Fund-Growth Option	+10.01%

Worst
SaharaTax Gain-Growth	-3.26%
Bsl Comm Eq Fund – Global Agri Plan – Growth	-4.08%
Sundaram PSU Opportunities Growth Option	-4.43%
Mirae Asset Global Commodity Stocks – Growth Option	-5.57%
Sahara Star Value Fund-Growth Option	-6.61%
Baroda Pioneer PSU Equity Fund- Plan A – Growth Option	-6.93%
SBI PSU Fund – REGULAR PLAN -Growth	-8.29%

Bond Mutual Funds

Best
L&T Gilt Fund-Growth	+3.80%
SBI MAGNUM GILT FUND – LONG TERM – REGULAR PLAN – GROWTH	+3.63%
BNP Paribas Government Securities Fund – Growth	+3.50%
Tata Gilt Retirement Plan 28/2/25 Growth Option	+3.40%
Tata Gilt High Fund – Growth	+3.40%
L&T Flexi Bond Fund – Growth Option	+3.32%
Tata Gilt Securities Fund – Growth	+3.31%

Worst
DWS Premier Bond Fund – Regular Plan-/-Growth Plan	+2.11%
HDFC Gilt Fund-Short Term-Growth	+2.10%
JM Short Term Fund..-Growth Plan	+1.93%
DWS PREMIER BOND FUND INST PLAN GROWTH	+1.91%
HDFC Inflation Indexed Bond Fund – Regular Growth	-0.90%
DWS Inflation Indexed Bond Fund- Regular Plan- Growth	-1.30%
SBI INFLATION INDEXED BOND FUND – REGULAR PLAN – GROWTH	-1.78%

Refactored Indices

Equally Weighted		Market Cap. Weighted
CNX PHARMA (EQUAL)	+14.13%	CNX PHARMA (CAP)	+18.64%
CNX MNC (EQUAL)	+12.11%	CNX MNC (CAP)	+11.90%
CNX IT (EQUAL)	+11.05%	CNX IT (CAP)	+7.72%
NI15 (EQUAL)	+9.50%	CNX INFRA (CAP)	+6.92%
CNX FMCG (EQUAL)	+8.40%	CNX REALTY (CAP)	+6.45%
CNX AUTO (EQUAL)	+5.19%	NI15 (CAP)	+5.08%
CNX CONSUMPTION (EQUAL)	+3.85%	CNX AUTO (CAP)	+4.30%
CNX REALTY (EQUAL)	+2.93%	CNX SERVICE (CAP)	+3.04%
CNX INFRA (EQUAL)	+1.47%	CNX FINANCE (CAP)	+1.12%
CNX ENERGY (EQUAL)	-1.06%	CNX CONSUMPTION (CAP)	-0.71%
CNX COMMODITIES (EQUAL)	-1.41%	LIX 15 (CAP)	-1.09%
CNX SERVICE (EQUAL)	-1.94%	CNX FMCG (CAP)	-1.28%
CNX PSE (EQUAL)	-1.97%	CNX PSE (CAP)	-2.56%
CPSE INDEX (EQUAL)	-2.93%	CNX BANK (CAP)	-2.82%
CNX FINANCE (EQUAL)	-3.64%	NV20 (CAP)	-3.25%
LIX 15 (EQUAL)	-4.94%	LIX15 Midcap (CAP)	-3.31%
NV20 (EQUAL)	-6.02%	CNX COMMODITIES (CAP)	-3.64%
CNX MEDIA (EQUAL)	-6.79%	CNX ENERGY (CAP)	-4.33%
LIX15 Midcap (EQUAL)	-6.83%	CPSE INDEX (CAP)	-6.20%
CNX BANK (EQUAL)	-9.35%	CNX MEDIA (CAP)	-8.33%
CNX METAL (EQUAL)	-14.72%	CNX METAL (CAP)	-13.38%
CNX PSU BANK (EQUAL)	-25.23%	CNX PSU BANK (CAP)	-20.36%

Housekeeping

A number of cool things happened on StockViz this quarter:

We released our Android app. It is plain torture to develop. Hope you find it useful.
We moved our website to SSL to ensure that your browsing is encrypted.
We have a tax report that our investors will find useful during filing time. We will soon have tools that will optimize your trades with taxes in mind.