The Asset Factsheet September 2015

(1)

The Asset

(2)

Index

Fund Manager Commentary

HSBC Equity Fund

HSBC India Opportunities Fund

HSBC Midcap Equity Fund

HSBC Progressive Themes Fund

HSBC Tax Saver Equity Fund

HSBC Dividend Yield Equity Fund

HSBC Emerging Markets Fund

HSBC Brazil Fund

HSBC Managed Solutions India - Growth

HSBC Managed Solutions India - Moderate

HSBC Managed Solutions India - Conservative

Fund Managers - Equity

Comparative Performance of Equity Schemes

HSBC MIP - Savings Plan

HSBC MIP - Regular Plan

HSBC Income Fund - Investment Plan

HSBC Income Fund - Short Term Plan

HSBC Floating Rate Fund - Long Term Plan

HSBC Cash Fund

HSBC Gilt Fund

HSBC Ultra Short Term Bond Fund

HSBC Flexi Debt Fund

Fund Managers - MIP & Debt

Comparative Performance of MIP & Debt Schemes

HSBC Dynamic Fund

HSBC Asia Pacific (Ex Japan) Dividend Yield Fund

HSBC Global Consumer Opportunities Fund

SIP Performance of Equity Schemes

Section II - How to read Factsheet

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RBI's Monetary Policy

The Reserve Bank of India (RBI) reduced overnight Repo rate by 50 basis points (bps) to 6.75% in the recently held monetary policy review

meeting on September 29, 2015. The RBI has cut interest rate by 125 bps in the current cycle. Benign inflation outlook and pressure of

economic growth paved path for this move.

Rate cut action by the RBI was necessitated to provide impetus to domestic growth on back of weaker global demand. Further, given the

Government's commitment to respect its fiscal deficit target, onus fell on monetary policy to be accommodative. The RBI has used March

2017 inflation target of 5% as the goal post. Expecting, 1.5-2% real interest rates in 1 year Treasury bill, it has frontloaded rate reduction to 50

bps, which is appropriate at this stage of recovery.

The RBI also drew comfort from lower food inflation due to resolute supply management by Government, postponement of policy

normalization by the Federal Open Market Committee (FOMC) in the United States (US) and partial transmission of interest rate cuts till date

by banks in their lending rates.

Other major change was policy on FPI investments. FPI investment in Government Securities (G-Sec) will be increased to 5% in a phased

manner till March 2018 from 3.7% of current outstanding. Additionally 2% of limits in State Development Loan (SDL) will also be opened up.

About INR 130 billion in G-sec and INR 35 billion in SDL will be opened up in each of the next two quarters

Fiscal deficit for April-August 2015 was lower at 66.5% of budgeted estimate against 79.3% last year on back of higher year-on-year (YoY)

disinvestment proceeds (though far from annual target), higher indirect taxes and lower oil subsidy. Capital expenditure continues in top gear

to provide boost to economy. However, weak direct tax collections and higher spending on food and fertilizer subsidy continues to be key

concerns.

India's inflation reading continued to get benefitted by weak commodity prices. The CPI reading for the month of August 2015 came at 3.66%,

in line with market expectations and marginally lowers than previous month print of 3.69%. Though there was broad based sequential uptick

in food items on back of insufficient monsoon, decline in commodity prices and second round impact of earlier softening in prices resulted in

number under-shooting RBI's projected print of 4%. The core inflation declined to 5.5% against 5.7% a month ago.

Source: Bloomberg, RBI

Source: Bloomberg; Central Statistical Organisation (CSO) India

The Consumer Price Index (CPI) continues to reap benefits from lower commodity prices

The Wholesale Price Index (WPI) inflation moved further into negative territory with August 2015 reading coming at -4.9% against -4.1% a month ago. Most of commodity linked components continue to show negative inflation.

Government front-loading capital expenditure

Lead Indicators

Fund Manager Commentary

01

Repo Rate

Consumer Price Index (CPI)

4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 10.00%

Jul/07 Oct/07 Jan/08 Apr/08 Aug/08 Nov/08 Feb/09 May/09 Sep/09 Dec/09 Mar/10 Jul/10 Oct/10 Jan/1

1 May/1 1 Aug/1 1 Nov/1 1

Feb/12 Jun/12 Sep/12 Dec/12 Mar/13 Jul/13 Oct/13 Jan/14 May/14 Aug/14 Nov/14 Mar/15 Jun/15 Sep/15

Repo Rate Movement

0

1

2

3

4

5

6

7

8

9

10 Jan-14

_Feb-14

_Mar-14

Apr-14

_Ma

y-14

Jun-14

Jul-14

_Aug-14

Sep-14

Oct-14

_No

v-14

Dec-14

Jan-15

Feb-15

_Mar-15

Apr-15

_Ma

y-15

Jun-15

Jul-15

_Aug-15

(4)

Index of Industrial Production (IIP) building up

Data on Institutional Flows:

Industrial production growth at 4.2% in July 2015 is indicative of nascent signs of uptick in growth impulses. June 2015 IIP has been revised

higher by 60 bps at 4.4%, primarily driven by pickup in manufacturing segment. On the usage front, capital goods note a sharp 10.6% surge

while consumer durables grew at 11.4%.

The net inflows from the Foreign Institutional Investors (FIIs) remained in the negative zone though their pace of selling moderated during the

month. FIIs net sold Indian equities worth ~USD 861 million during the month taking their YTD tally down to ~USD 3.6 billion of net inflows.

However, FII outflows were more than compensated by continuing strong momentum from the domestic segments. Domestic Institutional

Investors (DIIs) led by MFs (~USD 1.3 billion net inflows) notched up ~USD 1.5 billion of net inflows during September 2015. The DIIs have so

far net bought equities worth ~USD 8.2 billion this year, entirely led by ~USD 8.9 billion net inflows from the domestic MFs.

Trade deficit for the month of August 2015 registered a marginal decline at ~USD 12.5 billion (~USD 12.8 billion in July 2015), but was higher

than the consensus estimate of ~USD 10.7 billion. Exports at ~USD 21.3 billion (-20.7% YoY) continued to remain weak with declines in both

commodity and non-commodity segments and this was the ninth consecutive month of decline for exports overall. Total imports at ~USD 33.7

billion (-9.9% YoY) also contracted led by a decline in oil imports though non-oil imports saw an expansion due to pick-up in gold imports.

The Fed decided to hold the Fed Funds target rate at the 0.00 0.25% range. The move was not unanimous as there were voices to begin the

normalization process. The FOMC statement and press conference was modestly dovish given the strong focus on the inflation outlook and

concerns over global developments, but left the door open for an interest rate increase later this year. Although, the FOMC retains its positive

assessment of US economic activity, it said "recent global economic and financial developments may restrain economic activity somewhat

and are likely to put further downward pressure on inflation in the near term.” The Fed added that the risks to the US economy remained

nearly balanced but it was "monitoring developments abroad."

Source: Bloomberg; Central Statistical Organisation (CSO) India

‐

External

Trade deficit data:

Global Economic Scenario

Fund Manager Commentary

Equity Market Update

Equity markets recovered after a weak start

Equity markets recovered after a weak start to the month and subsequently traded in a range bound manner. The markets closed marginally

lower, after the significant decline seen during the previous month. The Monsoon season of recorded a deficit of ~14%, which was slightly

higher than the Indian Meteorological Department (IMD) forecast for the full season (12%).

After a sharp depreciation seen in the previous month, the INR recovered and appreciated by ~1.3% during the month of September 2015 vs.

USD. Despite the volatility in August 2015, INR has been the third best-performing amongst the major Emerging Market currencies on a

year-to-date (YTD) basis

Market indices S&P BSE Sensex and NSE CNX Nifty were down at -0.5% and -0.3% respectively during the month of September 2015. S&P

BSE Midcap & Small cap indices closed higher and gained 0.6% and 0.5% respectively during September 2015.

IIP YoY Growth (New Series; base 2004- 05)

02

-4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0%

Jan/13 _Mar/13 _May/13 Jul/13 Sep/13 No

v/13

Jan/14 _Mar/14 _May/14 Jul/14 Sep/14 No

v/14

Jan/15 _Mar/15 _May/15 Jul/15

(5)

-1.0% -0.8% -0.6% -0.4% -0.2% 0.0% 0.2% 0.4% 0.6% 0.8%

Sensex BSE100 BSE200 BSE500 BSE MidCap BSE

SmallCap Indices Performance - September 2015

03 Source: Bombay Stock Exchange (BSE)

From a near term perspective, the Bihar assembly elections, June – September 2015 quarter earnings season trends and

global cues are likely to influence market movements. Bihar election is a crucial event for the ruling NDA coalition from a Rajya

Sabha standpoint and will be looked through the lens of whether the government is able to sustain its popularity after the Lok

Sabha and other recent state assembly victories.

While there could be volatility in the near term, we do view this as an opportunity to build a case for a longer term exposure to

India equities on a strategic basis, given the relative attractiveness for the Indian economy vis-à-vis its emerging market

counterparts.

Estimates for earnings growth remain subdued for a year forward and the monsoon too has been below normal this year. Credit

growth continues to be sub-par for the year and the much anticipated government investment push remains elusive. The

market however is relatively much better in comparison to its emerging market peers that are more export and commodity

oriented and may be a preferred play among foreign investors as a safe haven. We stay positive on equities and and look at this

asset class as an avenue for long term wealth creation.

Bond prices witnessed significant rally during the month of September 2015. Lower than expected Gross Domestic Product

(GDP) growth laid down foundation for the month. However, caution prevailed as in-line inflation release and Current Account

Deficit (CAD) numbers failed to steer market in bullish mode ahead of FOMC meeting. Markets rallied post US Federal Reserve

(Fed) meeting outcome as rates were left un-changed with marginally dovish tone. Markets rallied significantly post, higher

than expected easing in benchmark rates with 10 year Government Securities (G-sec) touching low of 7.51% against previous

month close of 7.79%. Shorter end bond yields rallied more with spreads between 5 years and 10 years compressing from 10

bps to 5 bps whereas 10- 30 years spreads expanded to 28 bps from 22 bps signifying shorter end discounting bulk of recent

cut.

The corporate bond curve witnessed expansion of spreads during the month, particularly in lower than AAA papers.

Participants went into caution mode post few downgrades by rating agencies.

Overnight and money market rates continued to trade actively as system liquidity remained positive. Front loading of

expenditure by Government and pro-active liquidity management by the RBI kept overnight rates in close proximity to repo

rate.

Growth with eye on the inflation target is the focus of the RBI now. With credit growth still in single digit and with capital infusion

by the government, it is imperative for banks to pass on the rate reduction to borrowers. This may help build some demand and

expand capacities in the long run. This coupled with softer commodity prices may result in further easing in inflation outlook

paving way for future rate cuts.

Policy rates being reduced by 50 bps, emphasis will now shift to reduction in other rates in the economy viz. small savings rate

and bank lending rates that have not reduced commensurately. With lower inflation, in the immediate term, the RBI can afford

to focus on the medium term inflation target. This entails more accommodative policy and to be data dependent to build up the

supply side rather than just curbing demand. Effectively, with growth pressures being transmitted across boundaries, central

banks are being forced to focus on stimulating domestic growth in the absence of demand support from external markets.

With overnight at 6.75%, current level of gilts still presents good value. The next few months are going to witness demand and

supply in gilts getting balanced due to incremental FPI demand and maturities. This also takes into account the marginal front

loading of the borrowing calendar in the second half of the financial year. The borrowing buckets are in line with expectations

with additional first time maturity of a 40 year G-sec. With gold monetization expected at INR 150 billion, government borrowing

is scheduled to be lower by that amount. With ample liquidity and credit off-take at its low, it makes sense for investors to

continue to invest in duration.

Equity market outlook

Debt Market Update

Debt market outlook

Source: Bloomberg, for all data except where mentioned otherwise

Fund Manager Commentary

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04 Fund Manager Commentary

Consumer Discretionary

Consumer Staples

Energy

Financials

Healthcare

Industrials

Information Technology

Materials

Telecommunication

Utilities

Sectors

HSBC

Equity

Fund

HSBC India

Opportunities

Fund

HSBC

Midcap

Equity Fund #

Overweight Underweight Neutral

# The S&P BSE Midcap Index was reconstituted in mid of April ’2015 and hence the relative sector positioning of the fund vs. the benchmark has changed.

Review: HSBC Equity Fund

Being overweight consumer discretionary, information technology and underweight consumer staples helped performance while being

underweight materials, utilities hurt performance.

Review: HSBC India Opportunities Fund

Being overweight consumer discretionary and underweight consumer staples helped performance while being overweight information

technology and underweight utilities hurt performance.

Review: HSBC Midcap Equity Fund

Being overweight consumer discretionary and underweight consumer staples, healthcare helped performance while being overweight

industrials, materials and underweight financials, utilities hurt performance.

Review: HSBC Progressive Themes Fund

Currently focusing on the following themes :

1. . Economic Reforms (22%) which includes Financial sector reform– 10.3% and Oil & Gas Sector deregulation sub theme- 11.8% and

2. Infrastructure (61.7%) which includes Power- 9.1%, Construction– 33.2% and Logistics- 19.5%. Well diversified exposure across

sectors encompassing the above themes.

Review: HSBC Dynamic Fund

The cash levels and sector allocation in the fund are likely to change depending on the market conditions and technical factors.

Review: HSBC MIP Regular and Savings Plans

Our current exposure is 13.48% in HMIP Regular and 22.40% in HMIP Savings plan. Currently it is more biased towards large caps

than mid or small caps.

(7)

HSBC Equity Fund (HEF)

An Open Ended Diversified Equity Scheme

Investment Objective:

Aims to generate long term capital growth from an actively managed portfolio of equity and equity

related securities.

05 FUND DETAILS

Weighted Average Monthly Total Expenses ratios (Annualized)

Portfolio Turnover

Regular 2.39%

Direct Plan 1.69%

0.83

Excludes service tax on Investment Management fees of 0.20% of Total Net Assets.

Asset Allocation

Auto 7.09% Auto Ancillaries 1.30% Banks 25.48% Cement 1.65% Construction 2.33% Construction Project 3.24%

Consumer Non Durables 6.34%

Finance 5.46% Minerals/Mining 2.65% Pesticides 1.86% Petroleum Products 3.68% Pharmaceuticals 9.81% Services 2.21% Software 18.11% Telecom - Services 2.36% Textile Products 2.80%

Other Equity Investments 2.56%

Reverse Repos/CBLOs 1.13%

Net Current Assets -0.06%

Total Net Assets 100.00%

Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later.

@ Effective from March 1, 2013 for prospective investments. **Risk free rate:7.04 (FIMMDA-NSE Mibor) as on September 30, 2015)

Upon payment of dividend, the NAV per unit falls to the extent of payout and statutory levy, if any. Face value: 10 per unit.`

FUND PORTFOLIO

Auto Auto Ancillaries Banks Cement Construction Construction Project

Consumer Non Durables

Finance Minerals/Mining Pesticides Petroleum Products Pharmaceuticals Services Software Telecom - Services Textile Products

Other Equity Investments 1,740.42 2.56%

Cash Equivalents

CBLO 765.25 1.13%

Net Current Assets -31.41 -0.06%

Total Net Assets as on 30-Sep-2015 67,930.75 100.00%

Maruti Suzuki India 2,577.08 3.79%

Tata Motors 2,239.50 3.30% MRF 880.65 1.30% HDFC Bank 5,344.00 7.87% ICICI Bank 3,784.90 5.57% Axis Bank 2,973.90 4.38% Yes Bank 2,371.53 3.49% Indusind Bank 1,884.90 2.77%

State Bank of India 948.60 1.40%

Ultratech Cement 1,122.83 1.65%

J.Kumar Infraprojects 1,582.60 2.33%

Larsen & Toubro 2,199.38 3.24%

I T C 3,288.00 4.84% Hindustan Unilever 1,018.44 1.50% HDFC 2,425.50 3.57% Bajaj Finance 1,282.81 1.89% Coal India 1,801.80 2.65% UPL 1,260.33 1.86% Reliance Industries 1,724.60 2.54%

Hindustan Petroleum Corporation 773.95 1.14%

Sun Pharmaceutical Industries 1,563.12 2.30%

Divi's Laboratories 1,337.94 1.97%

Glenmark Pharmaceuticals 1,259.04 1.85%

Cadila Healthcare 1,255.02 1.85%

Dr. Reddy's Laboratories 1,248.71 1.84%

Aditya Birla Nuvo 1,500.84 2.21%

Infosys 4,938.29 7.27%

Tata Consultancy Services 3,105.66 4.57%

HCL Technologies 2,946.45 4.34%

Tech Mahindra 1,309.77 1.93%

Bharti Airtel 1,604.79 2.36%

Welspun India 1,901.59 2.80%

Issuer Market Value_{( in Lacs)}`

% to Net Assets

Dividend Declaration

Record Date / period of dividend declared

Dividend ( per unit) Non-Institutional

` Dividend ( per unit) Institutional

` NAV ( ) per unit (cum dividend)

`

HSBC Equity Fund - Dividend

19-Nov-10 2.00000 2.00000 29.3244

22-Feb-13 2.50000 2.50000 26.1962

27-Jun-14 2.50000 2.50000 31.2065

HSBC Equity Fund - Dividend - Direct Plan

22-Feb-13 2.50000 2.50000 26.2505 27-Jun-14 2.50000 2.50000 31.5845 Date of Allotment Benchmark NAV (Growth) (as on 30.09.15) Monthly Average AUM (In Lakhs) Fund Manager SIP Minimum Application Amount Exit Load Standard Deviation R-Squared Beta (Slope) Sharpe Ratio** per unit @ Statistical Ratios 10-Dec-02 S&P BSE 200 144.2977 64,308.37 Neelotpal Sahai Available 10,000 1,000 p.m.(SIP) Nil 0.98% ` ` ` 0.9486 1.0258 0.0230

Investors understand that their principal will be at Moderately High risk

Riskometer Mod erately Moderate Low High Low High LOW HIGH Mod_era tely

This product is suitable for investors who are seeking*:

• To create wealth over long

term

• Investment in equity and

equity related securities

HSBC Equity Fund (HEF)

* Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

(8)

HSBC India Opportunities Fund (HIOF)

This product is suitable for investors who are seeking*:

Overnight liquidity over short term Investment in Money Market Instruments Low risk

LOW RISK (BLUE)

Note: Risk is represented as

-*Investors should consult their financial advisers if in doubt whether the product is suitable for them

06 FUND DETAILS

Regular 2.44%

Direct Plan 1.74%

0.56

Asset Allocation

Auto 6.46% Auto Ancillaries 1.62% Banks 24.21% Cement 1.45% Chemicals 1.64% Construction 5.29% Construction Project 4.08%

Finance 2.48% Industrial Products 1.67% Minerals/Mining 1.77% Pesticides 1.86% Petroleum Products 2.33% Pharmaceuticals 8.62% Software 17.57% Telecom - Services 2.44% Textile Products 5.82%

FUND PORTFOLIO

Auto Auto Ancillaries Banks Cement Chemicals Construction Construction Project

Finance Industrial Products Minerals/Mining Pesticides Petroleum Products Pharmaceuticals Software Telecom - Services Textile Products

CBLO 1,278.02 2.31%

Eicher Motors 1,423.33 2.57%

Tata Motors 1,358.63 2.45%

Maruti Suzuki India 796.55 1.44%

Apollo Tyres 899.75 1.62% HDFC Bank 4,008.00 7.23% ICICI Bank 3,244.20 5.85% Axis Bank 2,329.56 4.20% Yes Bank 2,189.10 3.95% Indusind Bank 1,649.29 2.98% Ultratech Cement 802.02 1.45% Vinati Organics 910.60 1.64%

Ahluwalia Contracts (India) 804.30 1.45%

MBL Infrastructures 723.15 1.30%

IRB Infrastructure Developers 712.05 1.28%

KNR Constructions 701.13 1.26%

Larsen & Toubro 1,686.19 3.04%

Power Mech Projects 577.15 1.04%

I T C 1,972.80 3.56% Hindustan Unilever 733.28 1.32% Bajaj Finance 769.69 1.39% HDFC 606.38 1.09% Supreme Industries 927.75 1.67% Coal India 982.80 1.77% UPL 1,031.18 1.86% Reliance Industries 1,293.45 2.33% Glenmark Pharmaceuticals 1,311.50 2.37% Torrent Pharmaceuticals 1,126.69 2.03% IPCA Laboratories 927.25 1.67% Divi's Laboratories 836.21 1.51% Aurobindo Pharma 576.90 1.04% Infosys 3,660.14 6.60% HCL Technologies 2,357.16 4.25%

Tech Mahindra 836.03 1.51%

Cyient 558.65 1.01%

Bharti Airtel 1,351.40 2.44%

Arvind 838.05 1.51%

Indian Terrain Fashions 699.77 1.26%

Dividend Declaration

`

HSBC India Opportunities Fund - Dividend

HSBC India Opportunities Fund - Dividend Direct Plan

04-Feb-13 1.50000 1.50000 17.7319 27-Jun-14 1.50000 1.50000 23.2323 17-Mar-15 2.70000 2.70000 27.0820 04-Feb-13 1.50000 1.50000 17.7519 27-Jun-14 1.50000 1.50000 23.5020 17-Mar-15 1.50000 1.50000 27.5575

An Open Ended Flexi-Cap Equity Scheme

Investment Objective:

Seeks long term capital growth through investments across all market capitalisations, including small,

mid and large cap stocks. It aims to be predominantly invested in equity & equity related securities. However it could move a

significant portion of its assets towards fixed income securities if the fund manager becomes negative on equity markets.

Date of Allotment Benchmark NAV (Growth) (as on 30.09.15) Fund Manager SIP Minimum Application Amount Exit Load Standard Deviation R-Squared Beta (Slope) Sharpe Ratio** per unit Monthly Average AUM (In Lakhs) @ Statistical Ratios 24-Feb-04 S&P BSE 500 61.7008 52,261.22 Neelotpal Sahai Available 10,000 1,000 p.m.(SIP) Nil 0.95% 0.9278 0.9962 0.0453 ` ` `

Riskometer Mod erately Moderate Low High Low High LOW HIGH Mod_era te_ly

term

• Invests in equity and equity

related securities across market capitalisations

HSBC India Opportunities Fund (HIOF)

(9)

HSBC Midcap Equity Fund (HMEF)

LOW RISK (BLUE)

07 FUND DETAILS

Regular 2.51%

Direct Plan 1.81%

0.42

Excludes service tax on Investment Management fees of 0.22% on Regular Plan and 0.21% on Direct Plan of Total Net Assets.

Asset Allocation

FUND PORTFOLIO

Auto Auto Ancillaries Banks Cement Chemicals Construction Construction Project Consumer Durables

Finance

Industrial Capital Goods

Industrial Products

Media & Entertainment

Pesticides Petroleum Products Pharmaceuticals Power Software Textile Products Textiles - Synthetic Transportation

CBLO 529.12 1.27%

Vst Tillers Tractors 711.19 1.71% Apollo Tyres 1,115.69 2.68% Ceat 1,025.56 2.46% Sundram Fasteners 444.48 1.07% Suprajit Engineering 433.92 1.04% DCB Bank 1,393.37 3.34% Yes Bank 1,043.47 2.50% Everest Industries 422.46 1.01% Vinati Organics 1,293.84 3.10%

National Buildings Construction Corp 664.83 1.59%

Power Mech Projects 750.30 1.80%

Mirza International 1,209.10 2.90%

CCL Products (India) 1,932.02 4.63%

Indiabulls Housing Finance 1,679.42 4.03%

Motilal Oswal Financial Services 1,276.81 3.06%

Dewan Housing Finance Corporation 1,269.11 3.04%

Cholamandalam Investment & Fin Co. 1,219.67 2.93%

Sanghvi Movers 1,070.69 2.57%

BEML 712.94 1.71%

Ramkrishna Forgings 1,049.86 2.52%

Finolex Industries 582.54 1.40%

Jagran Prakashan 799.02 1.92%

Hindustan Media Ventures 621.40 1.49%

UPL 1,494.06 3.58%

PI Industries 909.48 2.18%

Hindustan Petroleum Corporation 1,091.27 2.62%

Gulf Oil Lubricants India 909.37 2.18%

Aurobindo Pharma 1,235.44 2.96%

Torrent Pharmaceuticals 676.01 1.62%

Wockhardt 625.56 1.50%

Kalpataru Power Transmission 605.60 1.45%

Sonata Software 797.09 1.91%

Arvind 670.44 1.61%

Sarla Performance Fibers 709.81 1.70%

Adani Ports & Special Economic Zone 717.60 1.72%

Gateway Distriparks 667.95 1.60%

Gujarat Pipavav Port 576.07 1.38%

Dividend Declaration

`

HSBC Midcap Equity Fund - Dividend

24-Mar-08 0.75 0.75 13.3797

11-Dec-09 1.00 1.00 13.8927

19-Nov-10 2.00 2.00 15.4864

An Open Ended Diversified Equity Scheme

Investment Objective:

Seeks to generate long term capital growth from an actively managed portfolio of equity and equity

related securities primarily being midcap stocks. However, it could move a portion of its assets towards fixed income securities

if the fund manager becomes negative on the Indian equity markets.

Date of Allotment Benchmark NAV (Growth) (as on 30.09.15) Fund Manager SIP Minimum Application Amount Exit Load Standard Deviation R-Squared Beta (Slope) Sharpe Ratio** per unit Monthly Average AUM (In Lakhs)

@

Statistical Ratios

19-May-05 S&P BSE Midcap 38.8273 40,534.78 Dhiraj Sachdev Available 10,000 1,000 p.m.(SIP) Nil 1.10% 0.8448 1.0333 0.0369 ` ` `

Riskometer Mod eratel y Moderate Low High Low High LOW HIGH Mod_era te_ly

term

• Invests in predominantly mid

cap equity and equity related securities

HSBC Midcap Equity Fund (HMEF)

Auto 1.71% Auto Ancillaries 7.25% Banks 5.84% Cement 1.01% Chemicals 3.10% Construction 4.66% Construction Project 1.80% Consumer Durables 2.90%

Finance 13.06%

Industrial Capital Goods 4.28%

Industrial Products 3.92%

Media & Entertainment 3.41%

Pesticides 5.76% Petroleum Products 4.80% Pharmaceuticals 6.08% Power 1.45% Software 1.91% Textile Products 7.12% Textiles - Synthetic 1.70% Transportation 4.70%

(10)

HSBC Progressive Themes Fund (HPTF)

LOW RISK (BLUE)

08 FUND DETAILS

Date of Allotment Benchmark NAV (Growth) (as on 30.09.15) Fund Manager SIP Minimum Application Amount Exit Load Standard Deviation R-Squared Beta (Slope) Sharpe Ratio** per unit Monthly Average AUM (In Lakhs) @ Statistical Ratios 23-Feb-06 S&P BSE 200 17.7233 12,582.65 Dhiraj Sachdev Available 10,000 1,000 p.m.(SIP) Nil 1.34% 0.7357 1.2338 0.0059 ` ` `

Regular 2.64%

Direct Plan 1.94%

0.15

Asset Allocation

Auto Ancillaries 4.13% Banks 4.50% Cement 7.36% Construction 16.14% Construction Project 1.15% Ferrous Metals 1.51% Finance 5.17% Gas 1.85%

Industrial Products 8.18% Minerals/Mining 1.50% Oil 1.38% Petroleum Products 8.55% Power 7.58% Transportation 19.45%

FUND PORTFOLIO

Auto Ancillaries Banks Cement Construction Construction Project Ferrous Metals Finance Gas

Industrial Products Minerals/Mining Oil Petroleum Products Power Transportation

Other Equity Investments 493.79 3.88%

CBLO 135.20 1.06%

Apollo Tyres 525.45 4.13%

Jammu & Kashmir Bank 364.18 2.86%

Karnataka Bank 208.73 1.64%

Everest Industries 627.42 4.93%

HIL 308.95 2.43%

National Buildings Construction Corp 818.40 6.43%

KNR Constructions 223.62 1.76%

Larsen & Toubro 146.63 1.15%

Jindal Saw 191.55 1.51%

Rural Electrification Corporation 657.72 5.17%

Gujarat State Petronet 235.40 1.85%

BEML 693.79 5.45%

Sanghvi Movers 239.03 1.88%

FAG Bearings India 1,040.05 8.18%

Gujarat Mineral Development Corp. 190.18 1.50%

Aban Offshore 175.64 1.38%

Hindustan Petroleum Corporation 816.52 6.42%

Indian Oil Corporation 270.28 2.13%

Power Grid Corporation of India 363.96 2.86%

Reliance Infrastructure 220.92 1.74%

PTC India 191.09 1.50%

JSW Energy 188.40 1.48%

Gujarat Pipavav Port 861.88 6.78%

Dividend Declaration

`

HSBC Progressive Themes Dividend

11-May-07 1.00 1.00 12.2390

26-May-08 1.00 1.00 13.7160

An Open Ended Flexi-Theme Equity Scheme

Investment Objective:

Seeks to generate long term capital growth from an actively managed portfolio of equity and equity

related securities by investing primarily in sectors, areas and themes that play an important role in, and/or benefit from India's

progress, reform process and economic development.

Investors understand that their principal will be at High risk

term

related securities, primarily in themes that play an important role in India's economic development

HSBC Progressive Themes Fund (HPTF)

(11)

HSBC Tax Saver Equity Fund (HTSF)

09 FUND DETAILS

Date of Allotment Benchmark NAV (Growth) (as on 30.09.15) Fund Manager SIP Minimum Application Amount Exit Load Standard Deviation R-Squared Beta (Slope) Sharpe Ratio** per unit Monthly Average AUM (In Lakhs) @ Statistical Ratios 05-Jan-07 S&P BSE 200 26.5443 17,724.59 Aditya Khemani Available 500 (Lumpsum & SIP) Nil 0.92% 0.8882 0.9337 0.0487 ` `

Regular 2.59%

Direct Plan 1.89%

0.58

Asset Allocation

Auto 5.38% Auto Ancillaries 4.16% Banks 24.40% Cement 3.76% Construction Project 2.98%

Finance 4.40%

Industrial Products 1.60%

Minerals/Mining 1.37%

Non - Ferrous Metals 1.84%

Oil 1.51% Pesticides 1.15% Petroleum Products 1.28% Pharmaceuticals 7.13% Services 2.33% Software 13.73% Textile Products 9.05% Transportation 4.21%

FUND PORTFOLIO

Auto

Tata Motors 418.80 2.34% MRF 439.49 2.45% Apollo Tyres 305.92 1.71% HDFC Bank 1,026.05 5.73% Axis Bank 810.39 4.52% ICICI Bank 806.99 4.50% Indusind Bank 659.72 3.68% Federal Bank 417.03 2.33%

State Bank of India 296.44 1.65%

The Ramco Cements 357.86 2.00%

Ultratech Cement 315.46 1.76%

I T C 546.13 3.05%

Kaveri Seed Company 343.40 1.92%

LIC Housing Finance 425.51 2.37%

HDFC 363.83 2.03%

Crompton Greaves 396.14 2.21%

Finolex Industries 286.07 1.60%

Coal India 245.70 1.37%

Hindustan Zinc 328.96 1.84%

Oil & Natural Gas Corporation 270.63 1.51%

UPL 206.24 1.15%

Reliance Industries 228.51 1.28%

Sun Pharmaceutical Industries 529.72 2.96%

IPCA Laboratories 473.82 2.64%

Dr. Reddy's Laboratories 274.72 1.53%

Aditya Birla Nuvo 418.09 2.33%

Infosys 1,020.19 5.69%

HCL Technologies 392.86 2.19%

Welspun India 591.06 3.30%

Arvind 382.71 2.14%

SRF 346.07 1.93%

Auto Ancillaries

Banks

Cement

Construction Project

Finance

Industrial Products

Minerals/Mining

Non - Ferrous Metals

Oil Pesticides Petroleum Products Pharmaceuticals Services Software Textile Products Transportation

CBLO 454.57 2.54%

Dividend Declaration

`

HSBC Tax Saver Equity Fund Dividend

HSBC Tax Saver Equity Fund Dividend Direct

19-Feb-10 1.00000 1.00000 12.8713

17-Oct-14 1.50000 1.50000 22.1053

17-Mar-15 2.50000 2.50000 23.9029

17-Oct-14 1.50000 1.50000 22.4083

17-Mar-15 2.50000 2.50000 24.3256

An Open Ended Equity Linked Savings Scheme (ELSS)

Investment Objective:

Aims to provide long term capital appreciation by investing in a diversified portfolio of equity & equity

related instruments of companies across various sectors and industries, with no capitalisation bias. The Fund may also invest

in fixed income securities.

term

related securities with no market capitilastion bias

HSBC Tax Saver Equity Fund (HTSF)

(12)

HSBC Dynamic Fund (HDF)

10 FUND DETAILS

Date of Allotment Benchmark NAV (Growth) (as on 30.09.15) Fund Managers SIP Minimum Application Amount Exit Load Standard Deviation R-Squared Beta (Slope) Sharpe Ratio** per unit Monthly Average AUM (In Lakhs) @ Statistical Ratios 24-Sep-07 S&P BSE 200 13.3197 5,764.71 Neelotpal Sahai (for Equity portion) Sanjay Shah (for Fixed Income portion) Available 10,000 1,000 p.m.(SIP) Nil 0.8172 0.0166 ` ` ` 0.79% 0.9330

Regular 2.69%

Direct Plan 1.99%

0.77

Asset Allocation

Auto 6.67% Auto Ancillaries 1.04% Banks 18.55% Cement 1.39% Construction Project 4.46%

Finance 5.27% Minerals/Mining 1.99% Pesticides 1.99% Petroleum Products 4.34% Pharmaceuticals 7.32% Power 2.37% Software 11.31% Telecom - Services 1.88% Transportation 2.08% Reverse Repos/CBLOs 19.86%

FUND PORTFOLIO

An Open Ended Scheme

Investment Objective:

To provide long term capital appreciation by allocating funds in equity and equity related instruments. It

also has the flexibility to move, entirely if required, into debt instruments in times that the view on equity markets seems negative.

Auto

Tata Motors 209.02 3.63%

Hero Motocorp 71.84 1.25%

Motherson Sumi Systems 59.89 1.04%

HDFC Bank 480.96 8.35%

ICICI Bank 243.32 4.23%

Axis Bank 198.26 3.44%

Yes Bank 145.94 2.53%

Ultratech Cement 80.20 1.39%

I T C 295.92 5.14%

Hindustan Unilever 130.36 2.26%

Asian Paints 100.99 1.75%

Colgate Palmolive (India) 57.69 1.00%

HDFC 303.19 5.27%

Coal India 114.66 1.99%

UPL 114.58 1.99%

Glenmark Pharmaceuticals 183.61 3.19%

Cipla 85.87 1.49%

Power Grid Corporation Of India 136.32 2.37%

Infosys 348.59 6.05%

Tata Consultancy Services 155.28 2.70%

HCL Technologies 147.32 2.56%

Bharti Airtel 108.11 1.88%

Auto Ancillaries

Banks

Cement

Construction Project

Finance Minerals/Mining Pesticides Petroleum Products Pharmaceuticals Power Software Telecom - Services Transportation Cash Equivalents CBLO 1,143.76 19.86%

term

related securities and in debt instruments when view on equity markets is negative

HSBC Dynamic Fund (HDF)

(13)

HSBC Dividend Yield Equity Fund (HDYEF)

LOW RISK (BLUE)

11 FUND DETAILS

Date of Allotment Benchmark NAV (Growth) (as on 30.09.15) Fund Managers SIP Minimum Application Amount Exit Load Standard Deviation R-Squared Beta (Slope) Sharpe Ratio** per unit Monthly Average AUM (In Lakhs) @ Statistical Ratios 21-Mar-07 S&P BSE 200 15.8045 4,202.95 Gaurav Mehrotra & Amaresh Mishra Available 10,000 1,000 p.m.(SIP) Nil 0.89% 0.9259 0.9184 0.0274 ` ` `

Regular 2.34%

Direct Plan 1.64%

0.26

Asset Allocation

Auto 6.37% Auto Ancillaries 3.02% Banks 19.99% Cement 1.59% Chemicals 1.34% Construction 2.21% Construction Project 3.54%

Finance 5.21%

Minerals/Mining 5.05%

Non - Ferrous Metals 2.29%

Oil 2.49% Petroleum Products 3.79% Pharmaceuticals 4.41% Power 2.75% Software 19.99% Textile Products 1.76% Transportation 3.38%

FUND PORTFOLIO

An Open Ended Equity Scheme

Investment Objective:

To provide long-term capital growth from a diversified portfolio of equity and equity related

instruments. The focus would be to invest in stocks of companies facing "out-of-ordinary" conditions.

Auto

Hero Motocorp 120.92 2.83%

Tata Motors 49.12 1.15%

MRF 129.16 3.02%

ICICI Bank 319.28 7.46%

Axis Bank 173.48 4.05%

HDFC Bank 149.63 3.50%

Karur Vysya Bank 148.07 3.46%

ACC 68.01 1.59%

Tata Chemicals 57.26 1.34%

I T C 253.54 5.92%

Hindustan Unilever 83.13 1.94%

Indiabulls Housing Finance 127.05 2.97%

IDFC 95.91 2.24%

Coal India 216.22 5.05%

Hindustan Zinc 98.00 2.29%

Oil & Natural Gas Corporation 106.65 2.49%

Bharat Petroleum Corporation 119.10 2.78%

Lupin 110.36 2.58%

NTPC 117.56 2.75%

Infosys 409.70 9.57%

Tata Consultancy Services 219.98 5.14%

Wipro 130.93 3.06% Eclerx Services 95.21 2.22% Welspun India 75.22 1.76% Gateway Distriparks 144.49 3.38% Auto Ancillaries Banks Cement Chemicals Construction Construction Project

Finance

Minerals/Mining

Non - Ferrous Metals

Oil Petroleum Products Pharmaceuticals Power Software Textile Products Transportation

CBLO 112.66 2.63%

Riskometer Mod erately Moderate Low High Low High LOW HIGH Mod_er ate_ly

term

r e l a t e d s e c u r i t i e s o f

companies facing "out-of-ordinary" conditions

HSBC Dividend Yield Equity Fund (HDYEF)

(14)

HSBC Emerging Markets Fund (HEMF)

LOW RISK (BLUE)

12 FUND DETAILS

Regular 2.69%

Direct Plan 1.99%

(inclusive of underlying scheme's expenses)

Asset Allocation

Overseas Mutual Fund 98.23%

FUND PORTFOLIO

Overseas Mutual Fund

HSBC GIF Global Emerg Mkts Eq S1 Dis 828.87 98.23%

CBLO 20.55 2.44%

Total Net Assets as on 30-Sep-2015 843.83 100.00%

An Open Ended Scheme

Investment Objective:

To provide long term capital appreciation by investing in India and in the emerging markets, in equity

and equity related instruments, share classes and units/securities issued by overseas mutual funds or unit trusts. The fund may

also invest a limited proportion in domestic debt and money market instruments.

Date of Allotment Benchmark NAV (Growth) (as on 30.09.15) Fund Manager SIP Minimum Application Amount Exit Load Standard Deviation R-Squared Beta (Slope) Sharpe Ratio** per unit Monthly Average AUM (In Lakhs) @ Statistical Ratios 17-Mar-08 MSCI Emerging Markets Index 9.5721 873.84 Anitha Rangan (Dedicated fund manager for overseas investments) Available 10,000 1,000 p.m.(SIP) Nil 0.74% 0.5560 0.9510 -0.0310 ` ` `

Dividend Declaration

`

HSBC - Emerging Market Fund - Dividend

HSBC - Emerging Market Fund - Dividend - Direct Plan

27-Jun-14 0.50000 0.50000 11.5335

27-Jun-14 0.50000 0.50000 11.6656

term

• Investment in equity and

equity related securities of Emerging economies

HSBC Emerging Markets Fund (HEMF)

(15)

HSBC Asia Pacific (Ex Japan)Dividend Yield Fund (HAPDF)

LOW RISK (BLUE)

13 FUND DETAILS

Regular 2.29%

Direct Plan 1.59%

Asset Allocation

FUND PORTFOLIO

HSBC GIF ASIA PACIFIC EX JAPAN EQ HD-S9D 2,018.77 98.01%

CBLO 52.90 2.57%

An Open Ended Fund of Funds Scheme

Investment Objective:

The primary investment objective of the Scheme is to provide long term capital appreciation by

investing predominantly in units of HSBC Global Investment Funds (HGIF) Asia Pacific Ex Japan Equity High Dividend Fund

(HEHDF). The Scheme may also invest a certain proportion of its corpus in money market instruments and / or units of liquid

mutual fund schemes, in order to meet liquidity requirements from time to time. However, there is no assurance that the

investment objective of the Scheme will be achieved.

@ Statistical Ratios

24-Feb-14 MSCI AC Asia Pacific ex Japan 9.2610 2,140.31 Anitha Rangan (for overseas investments), Sanjay Shah (for investments in Indian Market) Available 10,000 1,000 p.m.(SIP) Nil 0.63% 0.7150 0.7440 -0.0460 ` ` `

Riskometer Riskometer Mod erately Mod erately Moderate Moderate LowLow High High Low Low High High LOW

LOW HIGHHIGH

Mod_era

tely

Mod_era

tely

term

• Investment in equity and equity

related securities of Asia Pacific countries (excluding Japan) through fund of funds route

HSBC Asia Pacific (Ex Japan)Dividend Yield Fund (HAPDF)

(16)

HSBC Brazil Fund (HBF)

LOW RISK (BLUE)

14 FUND DETAILS

Regular 2.69%

Direct Plan 1.99%

Asset Allocation

FUND PORTFOLIO

HSBC GIF BRAZIL EQUITY S3D 2,297.89 99.47%

CBLO 42.99 1.86%

An Open-Ended Fund of Funds Scheme

Investment Objective:

The primary investment objective of the Scheme is to provide long term capital appreciation by

investing predominantly in units/shares of HSBC Global Investment Funds (HGIF) Brazil Equity Fund. The Scheme may, at the

discretion of the Investment Manager, also invest in the units of other similar overseas mutual fund schemes, which may

constitute a significant part of its corpus. The Scheme may also invest a certain proportion of its corpus in money market

instruments and/or units of liquid mutual fund schemes, in order to meet liquidity requirements from time to time.

06-May-11 MSCI Brazil 10/40 Index 4.3222 2,445.97 Anitha Rangan (Dedicated fund manager for overseas investments) Available 10,000 1,000 p.m.(SIP) Nil 1.57% 0.4780 0.7520 -0.0540 ` ` `

Riskometer Mod erately Moderate Low High Low High LOW HIGH Mod_er ate_ly

term

related securities through feeder route in Brazilian markets

HSBC Brazil Fund (HBF)

(17)

HSBC Managed Solutions India - Growth (HMSG)

LOW RISK (BLUE)

15 FUND DETAILS

Regular 2.27%

Direct Plan 2.00%

Excludes service tax on Investment Management fees of 0.00% of Total Net Assets and of 0.19% on the underlying scheme's in which the fund of fund invests.

Asset Allocation

Mutual Fund 97.23%

Net Current Assets 0.48%

FUND PORTFOLIO

Mutual Fund

HSBC Equity Fund - Growth Direct 7,092.05 53.31%

HSBC Midcap Equity Fund - Growth Direct 2,333.92 17.54%

HSBC Income Fund Short Term - Growth Direct 1,741.06 13.09%

HSBC Income Fund Inv Plan Growth Direct 1,380.29 10.37%

HSBC Flexi Debt Fund Growth Direct 389.12 2.92%

CBLO 304.68 2.29%

Net Current Assets 63.16 0.48%

An Open Ended Fund of Funds Scheme

Investment Objective:

The objective of the Plan is to provide long term total return primarily by seeking capital appreciation

through an active asset allocation with diversification commensurate with the risk profile of investments by investing

predominantly in units of equity mutual funds as well as in a basket of debt mutual funds gold exchange traded funds (ETFs) and

other ETFs, offshore mutual funds and money market instruments.

Date of Allotment Benchmark NAV (Growth) (as on 30.09.15) Fund Managers SIP Minimum Application Amount Exit Load Standard Deviation R-Squared Beta (Slope) Sharpe Ratio** per unit Monthly Average AUM (In Lakhs)

30-Apr-14 Composite Index constituting 80% of S&P BSE 200 Index and 20% of CRISIL

Bond Index 12.7273 12,879.16

Anitha Rangan (Dedicated Fund Manager for investments in foreign securities) Gaurav Mehrotra (For managing investments in Indian Market – Equity Portion) Sanjay Shah (For managing investments in Indian Market – Fixed Income Portion) Available 5,000 1,000 p.m.(SIP) Nil 0.77% 0.9404 0.7930 0.0394 Composite ` ` `

• To create wealth over long term

• Investing predominantly in units

of equity mutual funds as well as in a basket of debt mutual funds, gold & exchange traded funds, offshore mutual funds and money market instruments.

HSBC Managed Solutions India - Growth

(18)

HSBC Managed Solutions India - Moderate (HMSM)

LOW RISK (BLUE)

16 FUND DETAILS

Regular 2.08%

Direct Plan 1.83%

Excludes service tax on Investment Management fees of 0.00% of Total Net Assets and of 0.15% on the underlying scheme's in which the fund of fund invests.

Asset Allocation

Mutual Fund 99.16%

FUND PORTFOLIO

Mutual Fund

HSBC Equity Fund - Growth Direct 8,739.58 36.25%

HSBC Income Fund Short Term - Growth Direct 6,086.42 25.25%

HSBC Flexi Debt Fund Growth Direct 4,180.19 17.34%

HSBC Midcap Equity Fund - Growth Direct 2,937.25 12.18%

HSBC Income Fund Inv Plan Growth Direct 1,962.31 8.14%

CBLO 554.09 2.30%

An Open Ended Fund of Funds Scheme

Investment Objective:

The objective of the fund is to provide long term total return aimed at capital appreciation and providing

income through an active asset allocation with diversification commensurate with the risk profile of investments by investing in a

basket of debt mutual funds, equity mutual funds, gold ETFs and other ETFs, offshore mutual funds and money market

instruments.

Date of Allotment Benchmark NAV (Growth) (as on 30.09.15) Fund Managers SIP Minimum Application Amount Exit Load Standard Deviation R-Squared Beta (Slope) Sharpe Ratio** per unit Monthly Average AUM (In Lakhs)

@

Statistical Ratios

30-Apr-14 CRISIL Balanced Fund Index 12.4157 24,129.35 Anitha Rangan (Dedicated Fund Manager for investments in foreign securities) Gaurav Mehrotra (For managing investments in Indian Market – Equity Portion) Sanjay Shah (For managing investments in Indian Market – Fixed Income Portion) Available 5,000 1,000 p.m.(SIP) Nil 0.54% 0.6289 0.5769 0.0484 ` ` `

• To create wealth and provide

income over the long term

• Investments in a basket of debt

mutual funds, equity mutual funds, gold & exchange traded funds, offshore mutual funds and money market instruments.

HSBC Managed Solutions India - Moderate