Tarakki Times English February 2021

\"The information contained herein is solely for private circulation for reading/understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.\" A COMPILATION OF ICICI PRUDENTIAL AMC MEDIA VIEWS MUMBAI | FEBRUARY 2021| PAGES 16 Professional Views Stepping stones in place to invest in cyclical sectors Pg. 2 Economic Times | February 02, 2021 We are in midst of strong earnings catch-up Hindu BusinessLine | February 07, 2021 Pg. 3 Mfs gain the most from run-up in cyclical, PSU stocks Hindu BusinessLine February 19, 2021 S Naren ED & CIO Pg. 4 Shorter-duration accrual products today make better investments Mutual Fund Insight March 2021 Manish Banthia Senior Fund Manager - Fixed Income Pg. 5 Sankaran Naren FY22. This, we believe, will markets are not as cheap as they ED & CIO support growth and take it to a were during the 2003-2005 34% returns in one year; ICICI Prudential Mutual Fund high level. This is one of the period, and we are in an environ- ICICI Prudential Value Discovery reasons the budget has been ment where some quality stocks Fund is back with a bang With the Indian economy looking well-received by the markets. are expensive. Hence, the quality Economic Times | February 10, 2021 to recover from a global The government's expenditure is side of the market may not pandemic, Finance Minister higher than what was initially deliver as much as the cyclical Pg. 6 Nirmala Sitharaman has expected, but that should be side of the economy, and it has delivered an unparalleled budget seen as a positive. Higher played out exactly as we thought ICICI Prudential AMC appoints that is pro-growth and deve- spends from the budget are it would. Anand Shah as head of PMS and lopment. We had this view that primarily toward capital expen- AIF investments India had the potential to deliver ditures, which are up 26% year- One of the important things Economic Times | February 08, 2021 a pro-growth budget in many on-year. This is phenomenal. people have to remember is that years, and this was a perfect people investing in debt have to Large or small caps? If it is a tough time to deliver on that. India does One test that could come either accept the lower returns choice for you, rest easy with FoFs not have the problem of fiscal towards the end of 2021 is when they will get, or choose asset Economic Times | February 19, 2021 sustainability because it has inflation begins to inch up in allocation products, which is the better demographics with good many countries across the best way to look in this part of the Fund Review growth potential. Once you world. We may see some risks cycle. We have been of the view Pg. 7 decide to put growth in fourth coming up then, but that seems for some time that defensive gear, even if the rest of the world still some distance away. investing in duration and debt ICICI Prudential India Opportunities Fund slows down, Indian growth has funds may be over, and the Play cyclical upswing with value bias sustainability that is far better Over the next few years, the budget was in-line with our view. Hindu BusinessLine | February 13, 2021 than in any other part in the stepping stones have been laid It is quite satisfying that the world. for investing in pro-growth and budget is supportive of our Pg. 8 cyclical sectors. In the domes- stance. For a developing nation Given that growth suffered tic side, consumer durables, like India, this is the most pro- ICICI Prudential Medium-Term significantly in 2020 due to covid- banking, auto, capital goods and growth oriented budget seen Bond Fund 19, the finance minister's infrastructure sectors are poised over the last decade. Outlook Money | February 2021 accelerated spending has kept a to receive huge benefits from the high level of fiscal support for pro-growth budget. Maybe, the Tarakki Corner Pg. 9 One of the important things people have to remember is that people investing in debt Jennifer Mendes have to either accept the lower returns they Mutual Fund Distributor will get, or choose asset allocation products, which is the best way to look in Distributor Client Corner this part of the cycle. Pg. 10 Nikhil Thakkar Director, We Care Investments Distributor Insights Pg. 11 Identifying The Turning Point Pg. 12 Allocate The Right Assets Fund Review Pg. 13 List of ICICI Prudential Funds in Mint ETW Funds 100 Pg. 14 List of ICICI Prudential Funds in Star Track Mutual Fund

\"The information contained herein is solely for private circulation for reading/understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.\" 2 TARAKKI TIMES, FEBRUARY 2021 Interview We are in midst of strong earnings catch-up Hindu BusinessLine| February 07, 2021 Returning inflation is the only cloud on the horizon, says, Executive Director and CIO, ICICI Prudential Mutual Fund S Naren risks to our investment thesis in Reading between the lines, managers is the top-down ED & CIO these sectors and stocks. We what you’re telling us is that approach that helps you take ICICI Prudential Mutual Fund found none in the Budget, and there’s a good possibility of the macro calls on themes and the Budget announcements actuals for FY22 being better sectors. What are some of the A top-down stock-picker who is actually support our bets. than the Budget projections, in themes that investors should prone to thinking very differently terms of revenue collections be positioning their portfolios from the consensus, Sankaran Which are the sectors - deemed and deficit. Is that correct? for, today? Naren, Executive Director and cyclicals or beaten down - on Chief Investment Officer of ICICI which you have increased your Absolutely. The Budget assump- We think that one should be very Prudential Mutual Fund, has a bets? tions are also quite conservative. worried about any sector or well-deserved reputation for This year, no one is complaining theme that did too well between calling the turning points in Sectors such as metals, banking, about stretched assumptions on 2008 and 2020. This, in my view, assets and business cycles. infrastructure, power utilities fit tax revenues, or expenditure. will consist of most consumer- into this description. To put it Except for the public sector facing stocks including When BusinessLine caught up differently, the position we have disinvestment number, there’s consumer staples, retail NBFCs with him for an exclusive taken is anti-consumer staples no other area where people have and very high-quality stocks. interview post-Budget, his views and has no connection to infor- said that the Budget assum- remained contrarian as ever, for mation technology or pharma. ptions seem unrealistic. To my Now, I believe that all other he believes the stock markets Our portfolio view today is also mind, this means less worry themes outside these should are set for good times ahead on that debt will underperform about not meeting Budget do well, particularly cyclical the back of a sharp economic equities going ahead. projections. equities. In debt, I believe the recovery and a visible earnings easy gains from owning safe, rebound. Returning inflation, he The Budget has also, for the So far, the key impediment to long-duration securities are over. cautions, is the only cloud on the first time, provided a roadmap the bull market continuing in Now, it is time to look to accrual horizon. for fiscal deficits going up to India has been the poor Nifty debt funds. FY26, saying that they will earnings growth underlying it. Here are excerpts from the remain elevated until then. A Does the Budget provide You mentioned the return of conversation over the telephone: record borrowing programme triggers for India Inc’s earnings inflation. Globally, agricultural has been announced. Do you rebound? and industrial commodity Despite the excitement over think the bond outlook has prices have been rallying in the Budget, it is only a worsened post-Budget? That trigger is coming from the recent months. So, is this a document that contains the economy. What I’ve been telling secular trend? How should one government’s promises for the It is always safer when all the people in the last 3-6 months is position one’s portfolio for it? next fiscal year. So, do you information is disclosed to you that in the last 4-5 years, we’ve usually revisit your portfolio upfront. If you look at the actual been in a deflationary economy. I think this is a secular trend and allocations or stock choices Budget numbers, have they A deflationary economy means that the bull market will even- because of Budget announce- offered any major income-tax that output prices go down tually end because of it. Let me ments? Is this year special exemptions? The answer is no. steadily. When output prices be clear - that point may not be because people are calling this Have they reduced corporate trend down, companies find it anytime soon. I am not talking of a landmark Budget? taxes? No. Have they reduced difficult to deliver top-line and three months, six months, a year excise duty or GST rates? No. earnings growth - in fact, they or even 2021. But at some point, You’re right. We don’t revisit our They’ve only increased their show degrowth. inflation can get out of hand. portfolio choices because of only fiscal deficit projections for the that. But we took a call, about next fiscal. To me, that means Now, I believe we’ve moved out Then, central bankers will be two years ago, that we will bet on fewer reasons to worry. of a deflationary scenario into an forced to increase rates and the sectors and stocks that the inflationary one. This means that remove liquidity from the Street deems as ‘non-quality’. Now, if you look at recent macro output prices now have room markets in the Western world. data, the day prior to the Budget, to improve, which can be This will be the trigger for stock We have been increasing we had the highest ever GST supportive of company revenues valuations to correct, signalling weights on cyclicals and on the collections for January at ₹1.2- and earnings. In fact, if you’ve an end to this bull market. sectors which are under-perfor- lakh crore. The week before the noticed, after the September and ming badly. Budget, we had the highest ever December earnings season, very But let me caution again. It is not power demand in the country. few are complaining about possible for equity fund mana- We have also increased the PMI (Purchasing Managers the lack of earnings growth. gers to determine when this will intensity of those bets over time. Index) data in recent times has Earnings are, in fact, beating happen, as it is in the hands of been strong. expectations. To my mind, there- global central banks. Right now, So, we do keep looking for any fore, the problem about lack of quality equities are quite With the low base effect, we’re earnings growth for India Inc is expensive. Non-quality stocks going to see the economy fading away. and cyclicals will eventually growing at the strongest rate catch up, too. Once that we’ve seen in recent history, in One of the factors that happens, you will find that you FY22. So, I’m not worried. distinguishes your investment will end up in a situation where style from most other fund inflation is back for good, leading

\"The information contained herein is solely for private circulation for reading/understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.\" Interview 3TARAKKI TIMES, FEBRUARY 2021 to rate increases and eventually, At some point, inflation can raise their dividend payouts. an equity correction. That will get out of hand. Then, Many of the PSUs are very strong lead to rate increases - that will central bankers will be companies, fundamentally. If you eventually trigger an equity forced to increase rates and increase shareholder rewards, correction. remove liquidity from the that in itself will help stock markets in the Western valuations with a lag. We are quite clear that one can’t world. This will be the time this call. This is why we trigger for stock valuations Today, the market doesn’t pay keep emphasising the need for to correct, signalling an end attention to factors like divi- investors need to maintain to this bull market. dend payouts... balanced asset allocation to both equities and debt, based on they’ve had a bull market and a Do you see signs of a bubble, Yes, but that’s exactly how I one’s risk profile and relative retail investor frenzy, which looking at retail investor believe deep value emerges in valuations of different asset you’re seeing evidence of, in behaviour in India? the stock market. People don’t classes. episodes like the GameStop pay attention to positives for a In India, can this interest rate saga. You need to remember that I would say no. Equity mutual long time, and that keeps increase happen sooner than in the US also has far lower interest funds in India, which are mainly strengthening a case for a stock global markets. Can that lead rates than India. retail, have been reporting net or sector. A few months ago, to a stock market correction? redemptions in recent months. markets were not willing to So, it is more likely that risks to Yes, there is direct equity-buying even look at metal stocks or No. Today, if we look at the Indian this rally could emerge out of the by retail investors to com- commercial vehicle stocks - but situation, most industries have US markets. Even if Indian pensate. But I don’t see a buying the gains on some of these slack capacity in India. Power interest rates were to move, it frenzy of the scale like we saw in stocks have been impressive. generators are at 60-65 per cent would be not as important for 2007. In 2007, equity funds For 4-5 years, no one would plant load factor. Indian equities, which are driven received massive net inflows. touch real-estate stocks, but mainly by foreign portfolio flows. now there’s interest emerging in Automobile makers have higher PSUs have been the last- the sector in the last 3-6 months. spare capacities. Cement benchers in India’s stock makers also have spare capacity. market rally, even as the Centre Everything is a cycle. A long So, as demand picks up, this is looking to sell stakes. If you period of negativity actually spare capacity must be used up were the government’s creates the right conditions for a in full first, before it leads to transaction advisor, what sector or stock to outperform. inflation. would you suggest to improve On debt, I feel it is time to stick to Whether inflation arrives first in PSU stock valuations? short-duration and look to India or the rest of the world, it’s accrual and credit risk for better hard to say. returns. The time for duration bets is over. To me, the US economic and market cycles look far more You are more bullish now than advanced than the ones for India. I’ve seen you on most occa- In the US, for the last eight years, sions in the past! As the owner, the first step That’s been true for a while now. would be for them to announce Right from October, I have been substantial stock buybacks and quite bullish in my media interviews. I think we are in the midst of a strong economic recovery right now, which will support an earnings rebound and strengthen the case for owning equities. MFs gain the most from run-up in cyclical, PSU stocks Hindu BusinessLine | February 19, 2021 The recent run-up in cyclical up 17 per cent and 68 per cent to Franklin Templeton India had stepping stones have been laid stocks and PSUs has turned out ₹103 and ₹143 a share. turned positive on cyclical for investing in pro-growth and to be a money-spinner for most stocks. cyclical sectors over the next few leading mutual funds which have ICICI Prudential Equity & Debt years”. In the domestic front, turned bullish on these stocks Fund, Multi-Asset Fund and India Contra bet consumer durables, banking, since last October. For instance, Opportunities Fund had an auto, capital goods and infra- ICICI Prudential Mutual Fund had exposure of 5-6 per cent to Sector wise, power, telecom, structure sectors are poised to bought NTPC, ONGC and GAIL ONGC. metal and mining were some of receive huge benefits from the among others stocks since late the contra bets taken by the fund pro-growth Budget, he said. last year. Similarly, these schemes have manager. Global cyclicals, such as metals exposure of 7-9.2 per cent and mining, and even oil are in a From a low of ₹65 in October, towards NTPC. Many schemes S Naren, Chief Investment better shape and look attractive, ONGC has almost doubled to of HDFC Asset Management Officer, ICICI Pru MF in his post- he added. ₹111 while NTPC and GAIL were Company, Nippon India MF and Budget interaction said, “The

\"The information contained herein is solely for private circulation for reading/understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.\" 4 TARAKKI TIMES, FEBRUARY 2021 Interview Shorter-duration accrual products today make better investments Mutual Fund Insight | March 2021 reversal at some point in time. team, without any return targets. Manish Banthia There have been some adjust- All of the due-diligence work Senior Fund Manager - We speak to Manish Banthia, ments in the market in the last when it comes to on boarding Senior Fund Manager - Fixed one month. We expect markets credit is carried out in accor- Fixed Income Income, ICICI Prudential Mutual to be more volatile from here and dance with our Debt Investment ICICI Prudential Mutual Fund Fund, about his views on the therefore products which can Policy, i.e., SLR (safety, liquidity debt market, the funds that he handle volatility and with a and return). This structure has short-duration and equity- manages, the yield curve and the reasonable carry and a shorter- helped us to mitigate credit risks savings fund (15 per cent). fund house's risk-management duration profile are better suited thus far. practices, among other things. for investors in the current The approach largely is to have environment. Across debt funds, you take up to 20 per cent of the portfolio What's your view on debt swap exposures against some allocated to the AA asset class markets and yield curve from We see you actively take portions of the portfolio, which and the remaining part of the here on? Do you expect more exposure to perpetual bonds we don't see in many other portfolio is invested across rate cuts going forward? When across debt and hybrid AMCs. Can you explain the highest-rated category papers can we expect a rate reversal? categories (in your short- rationale behind this? (sovereign, SDLs and AAA duration fund, the exposure is 6 corporate bonds). Being a very- We don't expect a rate cut, given per cent). In the context of The overnight interest swap is short-duration fund, the ultra- the fact that the economy has some of the recent events, how used as a strategy to hedge short fund has higher exposure rebounded out of the pandemic- risky are these bonds? Are some of the duration risk. At to AA+ and below rated papers caused slowdown and the there any guidelines that you certain points in time, hedging as compared to the short-term overall policy response both on follow for investing in such with an overnight interest swap plan. Being a very short-duration the monetary and fiscal sides has instruments, such as maximum is a much more attractive asset class, the ultra-short fund been very supportive. In the allocation, select list of issuers, strategy than selling the bond. has more flexibility to have Budget announcements made etc.? So, depending on the risk- higher exposure to AA assets. recently, the government has reward, the fund uses this prioritised growth over fiscal We are very conservative while strategy to hedge portfolio Your short-duration fund has consolidation for the next year as selecting AT1 bonds for invest- duration risk. As an additional tended towards the higher end well, which clearly indicates that ments. The papers that we invest strategy, it aids in generating of the permitted duration band. in the future, we will see better in are of those banks where we alpha for the fund. What could be the implications growth numbers. are comfortable in terms of the of the current portfolio existing capitalisation, quality of The performance of your positioning if the interest rates In terms of rate reversal, while assets and ability to raise capital. short-duration fund has been were to rise? What are the risks we believe that in the initial part, Perpetual bonds of good-quality exceptional over the past one for an investor with a near-term there may be some slack in the banks have been instruments year. What has contributed to horizon of, say, 1.5 to two economy, it is very difficult to pin- which have rendered a rea- its outperformance? years? point exactly at which point the sonable carry to the funds, given rate reversal will happen. At that the short-term yields on the ICICI Prudential Short Term Fund The portfolio positioning since some point, as the slack in the AAA bonds were low. was overweight on AA assets April has changed by reducing economy gets covered, the RBI since April-end, which was also the overall duration. The fund will need to move back towards a We have risk-management the time when the AA asset class was running a higher duration. normal interest-rate regime. The guidelines across asset classes looked very attractive. The other The fund currently is running a current interest regime largely and across individual credits in factor which aided the fund medium duration, given that the factors the pandemic slowdown terms of sector limits, asset performance was the fund's expectation of recovery has and interest rates will have to limits and specific-issuer limits overweight stance on duration at changed over the last three normalise at some point in time. and these are monitored closely a time when the yields corrected months. by the risk-management team. and reducing duration as the What's your advice to fixed- yields bottomed out. As of January 2021, the fund has income investors from here on? At ICICI Prudential, we were a Macaulay duration of 1.84 The gap between the trailing among the early ones in the What is your approach towards years and a modified duration of one-year returns and the mutual fund industry to establish credit exposures in different 1.76 years, with an average current YTMs is pretty wide. an in-house, independent risk- funds? Your ultra- short- maturity at 2.67 years. Since management team. The idea duration fund has a higher the fund has reduced duration, The short-duration accrual here is to have a team which is exposure to AA+ and below the duration risk has been products today make better independent of the investment rated papers (32 per cent) than neutralised. investments, given that we expect the RBI to start rate The current interest regime largely factors the pandemic slowdown and interest rates will have to normalise at some point in time.

\"The information contained herein is solely for private circulation for reading/understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.\" Interview 5TARAKKI TIMES, FEBRUARY 2021 34% returns in one year; ICICI Prudential Value Discovery Fund is back with a bang Economic Times | February 10, 2021 After a long rough phase of undervalued in price based on “Our Value Discovery Fund Pharmaceutical sector and underformance, ICICI Prudential their fundamental charac- follows value style of investment subsequently the invest-ments Value Discovery Fund is back teristics. But what makes this approach. Many of my global have started delivering hand- with a bang. The scheme has scheme different from the other investments gurus have found some returns over past one year, being critised by many investors value funds in the market? value investment style to be \" Naren adds. and advisors for a stretched low- most rewarding for long term return phase. However, many The portfolio of the scheme wealth creation. We are of the V i s h a l D h a w a n , Fo u n d e r, investors who stayed invested in shows that unlike its peers, it view that if investors are taught PlanAhead Wealth Manage- the scheme during the bad invests less in small cap stocks what value investing stands for, ment, a financial planning firm, phase are reaping the benefits and more in large cap stocks at then they will become patient based in Mumbai, says that now. The scheme has offered the moment. The scheme, unlike investors and not worry about investor with patience and 34.09% returns in the last one its peers, is also underweight on short term performance but longer investment horizon year compared to -3.32% returns financial stocks and overweight focus on long term outperfor- should have value funds in their in 2018 and 1.21% returns in on technology stocks. mance. Most value investment portfolio. \"The value style of 2019. The Scheme made a turn gurus propagate demonstrating investing that the scheme around by offering 23.55% Let's take a look at the top five such investment behaviour,\" follows has made a comeback returns in 23.55% returns in holdings of the scheme (Table 2): says S Naren, ED & CIO, ICICI vis a vis the growth style that was 2020, according to data on Value Prudential MF. in favour till a few months ago. Research. Let's look at the year- Another important update about We continue to believe that both on-year performance of the the scheme is the exit of the fund \"One year back, both Pharma- value and growth styles have a scheme (Table 1): manager. Mrinal Singh recently ceutical and IT sector had been place in client portfolios. A moved on from ICICI Prudential underperforming for nearly a recent fund manager change will The scheme follows a value style Fund and the scheme is now period of five year and many need to be tracked closely for investing and hunts for value managed by Sankaran Naren and good names in these sectors any possible impacts,\" says opportunities in the market. Dharmesh Kakkad. Here's what were available at cheaper Dhawan. Value funds seek to invest in the fund manager says about the valuations. The fund became stocks that are deemed to be recent performance of the fund: overweight select stocks in Many of my global investments gurus have found value investment style to be most rewarding for long term wealth creation. We are of the view that if investors are taught what value investing stands for, then they will become patient investors and not worry about short term performance but focus on long term outper-formance. Table 1 Table 2 Year Returns (%) Stock Sector Allocation 2020 (%) 2019 23.55 Sun Pharmaceutical Healthcare 2018 1.21 Inds. Automobile 9.34 2017 -3.32 Mahindra & Mahindra 2016 25.16 9.25 2015 5.97 6.57 Infosys Technology 8.28 Bharti Airtel Communication 5.98 PI Industries Chemicals 5.16

\"The information contained herein is solely for private circulation for reading/understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.\" 6 TARAKKI TIMES, FEBRUARY 2021 Interview ICICI Prudential AMC appoints Anand Shah as head of PMS and AIF investments Economic Times | February 08, 2021 ICICI Prudential Asset retail and institutional clients and Shah, Nimesh Shah, MD and Management Company on also for foreign investors. I am CEO of ICICI Prudential AMC Monday announced the appoin- confident of contributing to the said, “Anand has a wealth of fund tment of Anand Shah as head of existing strong PMS investment management experience. With PMS and AIF investments. Shah management capabilities and Anand's presence, we expect to was previously the CEO of NJ robust processes and add value strengthen our PMS and AIF Asset Management. to our investors and partners.” investment management capa- bilities and continue on our Speaking about his appointment, Shah brings with him more than journey of delivering good Shah said, “ICICI Prudential has two decades of fund manage- investment experience to our emerged as one of most trusted ment experience in the asset clients.” brands in the investment management industry. Speaking management space in India for on the appointment of Anand Anand has a wealth of fund management experience. With Anand's presence, we expect to strengthen our PMS and AIF investment management capabilities and continue on our journey of delivering good investment experience to our clients. Nimesh Shah MD & CEO, ICICI Prudential AMC Large or small caps? If it is a tough choice for you, rest easy with FoFs Economic Times | February 19, 2021 Fund of Funds (FoF) may have Nippon India Flexicap FoF, Mirae accounting for a very small Thematic FoF is that a pro- been around for half a century, Asset Equity Allocator FoF, Axis portion,\" says Pratik Oswal, Head fessional fund manager takes the but they have registered their All Season Debt FoF, and Axis - Passive Funds, Motilal Oswal decision of asset allocation and presence as a bold investment Global Equity Alpha Fund of Fund Asset Management. shifting between sectors at the hedging tool only in the past are some new FoFs launched right time,\" says Sankaran Naren, couple of decades. over the last one year. Motilal Thematic funds often help CIO, ICICI Prudential MF. Oswal has launched NFO of its investors generate that addi- And their best application is in Multi Asset Passive Fund of tional alpha in portfolios, but Wealth managers say the two settings where the investor Funds. investors have stayed away as disadvantages of using FoF is faces decision dilemmas - on they do not know when to enter that you do not get equity more fronts than one. For Global and domestic equities and exit such themes. Such taxation and an additional layer instance, where the answer on have surged to record highs and opportunities area available of expense ratio. asset allocation would require valuations are rich, returns from through thematic FoF, where the introspection, FoF comes in debt are very low and gold is in a fund manager decides the handy. Within an asset class too, consolidation phase. In this allocation, entry and exit of the say equities, retail investors are backdrop, financial planners theme. \"One of the bigger unable to decide the amount of believe investors should not be advantages for investing in a large, mid or small cap percen- carried away by greed and place tage they should hold in their a strong emphasis on asset portfolios. Many are unable to allocation. decide whether their interna- tional allocation should be to a The FoF route, which helps in US-based fund or emerging automatic asset allocation, is market fund, or which sectoral one of the best ways to optimise theme they should choose. returns and minimise risks. Over the past one year, fund \"About 91% returns can be houses have launched new attributed to asset allocation, funds or repositioned their old with other factors like security offerings. selection and market timing

\"The information contained herein is solely for private circulation for reading/understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.\" Fund Review 7TARAKKI TIMES, FEBRUARY 2021 ICICI Prudential India Opportunities Fund Play cyclical upswing with value bias Hindu BusinessLine | February 13, 2021 The fund follows a buy-and-hold strategy and is suitable for high-risk investors The Centre has put the pedal to the metal on account of the long gestation nature of its benefits from the improvement in growth with a special focus on accelerating investment strategy. commodity prices. infrastructure spending through the announcements in the latest Budget. This Portfolio and strategy ONGC and GAIL will power the broadening stance emboldens our view in favour of of economic recovery and benefit from industrials and materials sectors (for their The scheme usually has 30-35 stocks in its rebound in oil/gas prices. Corporate lenders undervaluation), financials (for being a play portfolio and is suitable for investors who such as Axis Bank and ICICI Bank on macro revival/loan growth) and PSUs (for would like to benefit from a concentrated demonstrate good asset-liability manag- their re-rating prospects). stock selection (top 10 stocks form 64 per ement, while having high CASA (current cent of the portfolio). account, savings account) franchises. Plus, Thus, investors with a high risk appetite the stress on banking balance sheets seem can consider ICICI Prudential India While the fund has the flexibility to invest to be stabilising. Opportunities, a thematic fund whose across market-caps, it has maintained more concentrated portfolio can be used to play than 70 per cent allocation in large-caps. The fund tends to maintain an exposure of the imminent cyclical upswing in the Bharti Airtel (10.67 per cent) is the top 90-95 per cent to equities. economy. holding at present. Airtel, a beneficiary of the data demand across the globe, is poised to Waiting for the themes to play out, the fund While the economy picks up pace, investors grow in light of sector consolidation and follows a buy-and-hold strategy. Hence, the can take advantage of market volatility by waning competitive intensity. portfolio turnover stands at a moderate 44 investing a lump sum, in two or three per cent. tranches, in the fund. NTPC, Tata Power and PowerGrid are expected to benefit from the Centre’s push However, it is important to time the entry as for reforms in the power sector. well the exit. Thematic funds must form part of your ‘satellite’ portfolio and should never Metal and mining stock picks, such as be used to save for long-term goals. Hindalco, is a beneficiary of improving non- ferrous global demand outlook; Coal India Turnaround in sight offers good dividend yield, and is a vehicle to benefit from higher coal demand. Vedanta The Covid-induced economic morass is beginning to end. Due to the pandemic impact, defensives such as healthcare and IT were the clear winners last year, while cyclicals such as banking and financials were the key laggards. This year and beyond will likely see a change in sectoral leadership. From a purely equity perspective, the renewed focus on capital spending to boost infrastructure spend is a key positive from the Budget. Plus, domestic manufacturing has already got a leg-up from the ambitious PLI (production-linked incentive) schemes. The RBI expects FY22 GDP to grow by 10.5 per cent from an estimated contraction of 7.7 per cent in FY21. In this backdrop, a large-cap-biased portfolio with beaten-down cyclicals, industrials and under-valued PSUs should do well. It is also important to stay away from over-valued segments. With allocations to power, banks, telecom services, non-ferrous metals, and oil and gas, ICICI Prudential India Oppor- tunities, an open-ended equity scheme investing in special situations theme, can be a good investment. The two-year-old fund, managed by industry veteran S Naren, has given 6.5 per cent returns since launch on

\"The information contained herein is solely for private circulation for reading/understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.\" 8 TARAKKI TIMES, FEBRUARY 2021 Fund Review ICICI Prudential Medium-Term Bond Fund Outlook Money | February 2021 The focus is on investing in companies that have strong Investment Strategy management teams with proven track records, the financial strength ICICI Prudential Corporate Bond of the promoter group, and good Fund was renamed as ICICI corporate governance standards. Prudential Medium Term Fund in This is followed by rigorous 2018. Manish Banthia, who has been quantitative analysis in which various the comanager here since November financial ratios are considered. A 2016, now leads the fund. The credit is added in the investment list investment team on the credit side is only after getting approval from the experienced and has a well board and the risk management organised structure with defined team. The idea is to focus on responsibilities. achieving long-term sustainable and consistent performance, rather than Manish Banthia emphasises security chasing short-term trends. Duration selection and portfolio construction calls are taken after considering over making substantial adjustments macroeconomic factors such as to the duration on a regular basis. gross domestic product, inflation, The team prefers investing in stable and RBI borrowings. companies having higher certainty of returns than targeting uncertain higher returns. Hence, fundamental research is the key to the investment process and combines qualitative aspects with quantitative analysis. The idea is to focus on achieving long-term sustainable and consistent performance, rather than chasing short-term trends. @2017. All rights reserved. The Morningstar name and logo are registered marks of Morningstar, Inc. This report is issued by Morningstar Investment Adviser India (\"Morningstar\"), which is registered with SEBI (Registration number INA000001357) and provides investment advice and research. Please visit www.outlookindia.com/outlookmoney/invest/picking-the-right-mutual-fund-2542 and read important statutory disclosures, as mandated by SEBI, regarding the information, data, analyses and opinions given in this report.

\"The information contained herein is solely for private circulation for reading/understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.\" Tarakki Corner 9TARAKKI TIMES, FEBRUARY 2021 Your YTouar TraarakkkikCoirnCer orner TARAKKI SUCCESS STORY Jennifer Mendes Mutual Fund Distributor Challenging yourself for higher limits is the key to growth! From humble beginnings to becoming one of Goa's largest mutual fund distributors, Jennifer has witnessed several market cycles during her journey that started 22 years ago in 1999. She had indeed lived through mutual funds' growth story as a preferred investment option by the retail investors. However, her career with mutual funds was a sheer coincidence as she stumbled onto an invite from one of the mutual fund houses regarding a workshop titled 'Mutual Funds: An idea whose time has come.'She thought to participate in the workshop to get some insights into the relatively new investment option. Still, her outlook towards mutual funds as investment products changed after attending the workshop. She fondly recalls, \"When I attended that workshop, I found myself surrounded by Chartered Accountants (CAs), and I was the only non-CA attending that workshop. Initially, I was not much convinced to attend the workshop, but probably, I was destined to attend it.\" Talking about her professional background, she was not new to the world of finance. Jennifer took a break from her banking career in the early 1980s and shifted to Goa in 1986 in pursuit of a better quality of life. While in Goa, Jennifer planned to use her banking experience and applied for an agency for Post Office Recurring Deposits (RDs). The agents had to be product-specific, which meant that an RD agent could not promote and open Savings Account or sell National Savings Certificates (NSCs). Jennifer used her interpersonal skills to expand her clientele and offer door-to- door services for collecting monthly installments. While her experience as an agent for Post Office schemes came in handy for Jennifer with an existing client network, selling mutual funds was not easy. She shares her experience, \"Goans preferred safer investments which gave assured returns. In contrast, mutual funds were subject to market movements, and returns were also not assured. However, the clients were used to monthly savings, and that helped me put forward the idea of Systematic Investment Plans (SIPs) to my clients.\" Apart from the conservative investment approach, Jennifer faced several administrative challenges as well. While Goa businesses are used to have a lunch hour break from 1 to 4 PM, Jennifer offered to have her office opened across the day. She managed this with staggered office hours for her employees. This ensured that someone at the reception desk was always there to take care of the clients. With offices across four locations in Goa now, Jennifer is helped by her eldest son Schubert, who has been working almost since the inception of the mutual fund distribution business. Her husband has supported her with administration and marketing functions and advising her on expanding her business further. With making investing simpler for Goans, Jennifer pushed herself through her journey to set higher targets for herself. Presently, Jennifer has an investor base of 8,000 clients, of which 4,000 are active investors making regular investments. Her monthly SIP book is more than ` 2 crores with an average monthly installment of ` 7,000 from the clients. She also has customers putting as little as ` 100 every month in SIPs, which in itself is a testimony to her philosophy of promoting the idea of regular savings. Jennifer is also a great believer in the SIP top-up strategy for wealth accumulation and wealth creation. When ICICI Prudential Mutual Fund launched top-up SIPs in 2011, Jennifer claims to have promoted It to heart. \"Top-up SIPs are helpful to balance the proportion of savings with the increase of the income. This pushes the monthly savings and serves as a great investment strategy over the long term.\" When it comes to guiding her clients for a better investment experience, Jennifer shares, \"retail investors prefer to look for stability and consistency. As such, sectoral funds, which perform in cycles should be avoided for long-term wealth creation goals and instead, one should look towards diversified equity funds.\" ARN - 1739

\"The information contained herein is solely for private circulation for reading/understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.\" 10 TARAKKI TIMES, FEBRUARY 2021 Channel Partners Distributor Client Corner Nikhil Thakkar Financial Happiness Coach Director, We Care Investments Case Study Over the past couple of years, Mr. Patel has been employed with Elecon Engineering. During the Covid-19 pandemic, however, he was demoted and only partial salary was paid. This proved to be a wakeup call for a household consisting of one kid, aged parents and his wife who was working as a teacher. During one of our (We Care Investments) campaign, we happened to meet Mr. Patel and discuss about financial planning as a concept. It was clear that they were confused about how to start investing and the road ahead. We explained to them how they can start small and save for the long term and build a portfolio comprising of various asset classes over the years. The family was introduced to Freedom SIP, a concept which they understood and consented to be a part of. They found Freedom SIP interesting given that it would meet their requirement almost perfectly. As both of the couple were into private jobs and had to build up their pension source, they signed up for a monthly SIP of ` 20,000 for the next 25 years. The idea here is to help them generate a monthly income of ` 1, 60,000 after 25 years from now. Along with this, they also started a Freedom SIP of ` 10,000 for their child's education. The aim here is to generate an income stream of ` 30,000 per month, 15 years from now. This arrangement will ensure that the family will face no hiccups in terms of managing education related expenses. The beauty about Freedom SIP is that it is a concept which is easy to understand and implement. There are several investors who do not wish to go into finer details of financial planning and are only looking at generating a future income stream which will take care of their financial needs. Thank you ICICI Prudential Mutual Fund for conceptualizing such a wonderful feature and powering the dreams of several investors on their road to financial freedom.

\"The information contained herein is solely for private circulation for reading/understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.\" Channel Partners 11TARAKKI TIMES, FEBRUARY 2021 Distributor Insights Identifying The Turning Point Business cycle investing can help in building a portfolio that is in sync with the economy Outlook Money | January 2021 Biju Chakraborty and spending is postponed. Village average PE, PB; historical Factories consequently have idle returns; track record of dividend Mutual Fund Distributor capacities, businesses cut cost Conditions when economy is in a yield and flows to that category, and capex. Layoffs become recessionary zone is similar to compared to leading indicators. Different roads lead to different popular and salary freeze is the driving on a village road. Its Meanwhile, business cycle destinations. Yes, when the path buzzword. Consumers also highlights are poor macros, investing gives more preference followed is different, outcomes spend less. On the other hand insipid prospects and low to forward signals like economic will be different too. For exam- when business cycle turns up, demand. This is similar to driving indicators, future earnings ple, in the world of investing, companies feel confident. on a narrow road where the potential, future market share anyone who chose not to invest Factories run at full capacity, journey is uncomfortable, more growth and future project in 2003-04, missed the wealth businesses go for expansion, travel time required and high fuel pipeline. creation opportunity which workers have multiple job offers, consumption. When markets are emerged over the next few salaries rise and consumers buy in such slowlane, your invest- Business cycle investing when years. discretionary goods and take ment portfolio is best-aligned employed properly helps holidays. towards Technology, Pharma- investment managers identify Someone who did invest in 2018 ceuticals, Power and Telecom. If turning points. For example: In saw their investments coincide From an investor perspective, the last decade was positive for the current context, we are at a with growth seen in recovery navigating business cycle is equities, this decade is going to crucial juncture when macro- from global financial crisis. This similar to navigating various be different. Over the next 10 economic factors are going to be leads to a question, how does types of roads. When the going years, investors need to be critical. In the last decade, global one identify the turning point in is good, one can drive at high nimble as the macro environ- Central Banks have expanded the market? How can an investor speed. However, in case if the ment may change. Heightened their balance sheets manifold build a portfolio which is in sync path is crowded, slowing down volatility could be more common thereby increasing liquidity. with the evolving conditions in is the only option at hand. Let us ensuring that funds which can Because of this liquidity, equity the economy? illustrate. move between themes quickly markets delivered decent returns will emerge as winners. So, one in a relatively less volatile period. This is where ‘business cycle Expressway should be invested in a Scheme With limited room for rate cuts investing’ helps in a big way. which has the ability to shift and fiscal stimulus going Stock markets behave differently Conditions when economy is in easily between themes. forward, any change in the during phases which are full swing are similar to condi- stance on quantum or a decline identified as growth, recession, tions when driving on the Unique style in stimulus may trigger Busi- slump or recovery. With an expressway. Good macros, low ness Cycle phase change. investing framework based on interest rate environment and Traditional investing ways and Furthermore, except for the US, identifying and investing as per robust demand are similar to business cycle investing differ in COVID-19 infection curve business cycle, one will always broad and smooth roads, a number of ways. Simply appears to be flattening. be in the driver’s seat no matter comfortable journey, less travel put, business cycle investing Vaccines have already been what the road is. time and efficient fuel consump- employs windshield mirror more approved and are being used in tion. During such times, Banks, than the rear view mirror which is some countries already. All of Understanding Business Infra-structure, Real Estate and the case in traditional investing. these put together could trigger Cycles Capital Goods do well in the Traditional investing styles rely a change in business cycle. market. on historical data like long term When the business cycle is down, companies are nervous City Business cycle investing when employed properly Conditions when economy is in helps investment managers moderate zone are similar to identify turning points. driving on a city highway. Average roads, less comfortable journey and more travel time due to traffic are witnessed. This is similar to average macros, relatively high interest rate envi- ronment and average demand. It is seen when markets are in 40- 60 kmph mode, Energy, Metals and Technology do well.

\"The information contained herein is solely for private circulation for reading/understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.\" 12 TARAKKI TIMES, FEBRUARY 2021 Channel Partners Distributor Insights Allocate The Right Assets Be dynamic and spread your assets across multiple class for an assured corpus Outlook Money | January 2021 Vikas Sharma point is when to be fearful and Equity, debt, real estate, commo- Creating a good asset allocation when to be greedy, arguably the dities including bullions, are the is a very personal and custo- CFP, Co-Founder & CEO, most successful investor Warren major asset classes. It is an mized process. Investor’s life Goalchi Capital Solutions LLP Buffet codified it beautifully, ‘Be established fact that asset stage, goals, risk profile and their fearful when everyone is greedy classes have distinct perfor- financial strength are key deter- The investment world is the and be greedy when everyone is mance during a set time miners of an optimal asset playground of human senti- fearful’. But to err is human, not period and a given economic allocation. However, investors ments and emotions, and everyone is bestowed with the environment. can achieve their desired asset nowhere except in this field, it is ability to control their fears and allocation as well as automate explicitly proven that our vices greed. Sometimes equities come on portfolio rebalancing through and virtues are both important top, while at other times bonds innovative mutual funds offer- attributes for our survival. Fear The solution then is to rely upon a or gold generate better returns. ings, such as, the dynamically and greed which are normally proven strategy which can be Proper asset allocation performs managed asset allocation considered vices, but in the applied like clockwork to attain two important functions it diver- schemes. investment sphere, it is both that investment objectives. Asset sifies the portfolio and make it we need, to succeed. The key allocation is one such strategy attune with the investors’ expec- Investing in such a scheme, which is both effective and more tations of risk and returns. In assures that the corpus will be importantly it is backed by simple terms asset allocation is spread across multiple asset empirical researches which to put your money in many classes, as per the opportunities suggest that portfolio perfor- different assets, more precisely presented by any of the asset mance heavily depend upon the assets that are inversely cor- class. The aim here of such funds right asset allocation. related to each other. This not is to make the right allocation to only protects the downside the right asset class at the right Market is full of investible assets, during bear run in any of the time. Asset allocation funds are among these assets, those that assets but also indicates the an excellent product for risk- have similar characteristics, risk right time to exit an asset class averse investors to add attractive and return profile, are clubbed that is overvalued or on which growth assets like equities and together and form an asset class. the investor is over exposed. gold in their portfolio. Salient Features of Asset Allocation Funds 1) Nimble approach to asset allocation The equity markets have been through a rough ride in the year 2020 due to the onset of the pandemic which resulted in a spike in market volatility. The fund by its design is able to tide over equity volatilities by buying low and selling high. That is when the equity valuations are cheap the fund adds more of equities in the portfolio and if the equity valuations are expensive, the fund sells equities and allocate more towards debt and gold. As a result of this structure, the investors are freed from the worries of market movements. 2) One stop solution Asset Allocation funds create portfolios with optimal exposure to equity, debt and gold asset classes, enabling investors to reap the benefits of superior diversification without going through multiple transactions. 3) Takes away the stress of portfolio rebalancing Portfolio re-balancing is a necessity but for individual investors it can be a tedious and literally taxing task. By contrast, in an asset allocation fund, the fund managers regularly monitors and rebalances the portfolio according to the events unfolding in the market. Furthermore, these rebalancing transactions when done, as part of the fund, induce no tax incidence on the investors, they are only liable for the usual debt taxation. In effect, an investor gets to re-balance her portfolio in the most tax efficient manner without any stress. If you want to create an investment system that frees you from the pitfalls of behavioural biases and asset market volatilities, then implement an asset allocation strategy and simply harness the advantages of asset allocation funds. An investor gets the benefit of an actively-managed portfolio, diversified across asset classes, constant monitoring and re-balancing, better risk adjusted returns, and tax efficiency amongst several others.

\"The information contained herein is solely for private circulation for reading/understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.\" Fund Review 13TARAKKI TIMES, FEBRUARY 2021 mint List of ICICI Prudential Funds in Mint 50BEST FUNDS Mint | February 2021 FUND CORE 3-year return (%) 5-year return (%) 10-year return (%) Corpus (Rs cr) EQUITY-LARGE CAP ICICI Prudential Bluechip Fund 11.49 16.81 13.44 25,514 INTERNATIONAL ICICI Prudential Global Stable Equity Fund 9.94 8.98 NA 88 ICICI Prudential US Bluechip Equity Fund 20.11 18.08 NA 1075 FUND CORE Corpus (Rs cr) DEBT-ORIENTED 1-year return (%) 3-year return (%) 5-year return (%) CORPORATE BOND 8.54 8.64 8.36 21,156 ICICI Prudential Corporate Bond Fund ETW Funds 100 List of ICICI Prudential Funds in the Economic Times Wealth ET Wealth | February 2021 FUND Value Research Returns (%) Fund Rating 6-month 1-year EQUITY: LARGE CAP ICICI Prudential Senex Index Fund 3-month 3-year 5-year HYBRID: EQUITY SAVINGS - ICICI Prudential Equity Savings Fund 11.56 32.06 45.45 16.13 HYBRID: CONSERVATIVE 9.35 ICICI Prudential Regular Savings Fund 4.80 10.46 13.28 7.65 10.78 DEBT: MEDIUM- TO LONG-TERM 8.22 ICICI Prudential Bond Fund 2.49 7.73 13.43 9.54 8.10 DEBT: MEDIUM-TERM ICICI Prudential Medium Term Bond Fund -1.37 1.08 6.69 8.48 - ICICI Prudential Retirement Fund 8.35 DEBT: SHORT-TERM 0.25 3.70 7.50 8.01 9.78 ICICI Prudential Short Term Fund -0.60 8.25 DEBT: DYNAMIC BOND 1.93 6.33 - ICICI Prudential All Seasons Bond Fund 0.10 DEBT: CORPORATE BOND 2.60 8.04 8.33 ICICI Prudential Corporate Bond Fund -0.03 2.78 7.68 9.15 0.11 2.43 8.19 8.47

\"The information contained herein is solely for private circulation for reading/understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.\" 14 TARAKKI TIMES, FEBRUARY 2021 Fund Review List of ICICI Prudential Funds in Star Track Mutual Fund HBL | February 2021 Scheme Name BL Rating YTD Absolute Trailling Returns (%) 5 Year CAGR 8.0 1 Year CAGR 3 Year CAGR 15.5 ICICI Prudential Bluechip Fund 8.4 13.0 ICICI Prudential Large & Mid Cap Fund 9.4 24.3 10.2 14.2 ICICI Prudential Multicap Fund 8.5 21.6 7.2 14.1 ICICI Prudential Midcap Fund 8.3 20.6 8.5 13.4 ICICI Prudential Smallcap Fund 9.7 26.2 6.7 14.6 ICICI Prudential Focused Equity Fund 9.7 25.7 5.2 13.0 ICICI Prudential Value Discovery Fund 7.8 36.8 10.4 13.7 ICICI Prudential Long Term Equity Fund 34.9 9.3 (Tax Saving) 5.3 23.9 10.6 12.1 ICICI Prudential Dividend Yield Equity Fund 3.1 12.8 ICICI Prudential FMCG Fund 10.5 21.8 1.7 10.6 ICICI Prudential Infrastructure Fund 12.3 11.8 8.4 18.8 ICICI Prudential Banking & Financial Services 5.5 15.7 1.5 20.5 ICICI Prudential Technology Fund -0.3 8.5 6.5 ICICI Prudential P.H.D Fund 9.1 69.5 26.9 - ICICI Prudential Equity & Debt Fund 3.1 65.1 - 14.0 ICICI Prudential Equity Savings Fund 0.2 20.7 8.6 9.5 ICICI Prudential Ultra Short Term Fund 0.1 7.2 7.2 7.8 ICICI Prudential Savings Fund 0.3 6.0 7.4 8.0 ICICI Prudential Money Market Fund -0.2 7.9 8.1 7.1 ICICI Prudential Short Term Fund -0.3 5.9 7.1 8.4 ICICI Prudential Medium Term Bond Fund -1.0 9.3 8.5 8.1 ICICI Prudential Bond Fund -1.7 8.8 8.1 8.5 ICICI Prudential Long Term Bond Fund -0.3 9.3 8.7 9.7 ICICI Prudential All Seasons Bond Fund -0.2 7.7 9.6 10.0 ICICI Prudential Corporate Bond Fund 0.2 10.0 9.3 8.4 ICICI Prudential Credit Risk Fund -0.2 9.2 8.7 8.4 ICICI Prudential Banking & PSU Debt Fund 8.7 8.6 8.5 8.1 8.2 ICICI Prudential Gilt Fund -0.6 10.4 10.2 10.1 ICICI Prudential Regular Savings Fund 1.2 11.4 9.2 10.6 ICICI Prudential Balanced Advantage Fund 3.6 15.3 9.9 12.1 ICICI Prudential Child Care Fund (Gift Plan) 5.9 14.3 7.6 12.0 Source: NAV India; NAV for the growth option as on 05-02-2021. Past performance may or may not sustain in the future. It is requested to note that in accordance with SEBI Circular No. SEBI/HO/IMD/DF3/CIR/P/2017/114 dated October 06, 2017 and SEBI/HO/IMD/DF3/CIR/P/2017/126 dated December 04, 2017, certain Schemes of ICICI Prudential Mutual Fund are undergoing Fundamental Attribute change and mergers, as applicable. These changes will be effective from May 28, 2018. For further information please refer to notices and addendums available on our website in this regard. The portfolio of the scheme is subject to changes with in the provisions of the Scheme Information Document (SID) of the respective schemes. Please refer to the SID for investment pattern, strategy and risk factors. Tarakki Times is compilation of articles published in various newspapers/magazines. Due credit is given by disclosing the source for such articles/publication. The articles covered are excerpts of publication by an independent agency and is circulated to the empanelled Advisors/Distributors of ICICI Prudential Asset Management Company Limited (the AMC). ICICI Prudential Mutual Fund (the Fund) does not warrant the accuracy, reasonableness and/or completeness of any information. All data/information used in the preparation of this material is specific to a time and may or may not be relevant in future post issuance of this material. The AMC takes no responsibility of updating any data/information in this material from time to time. The AMC (including its affiliates), the Mutual Fund, The Trust and any of its officers, directors, personnel and employees, shall not liable for any loss, damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential, as also any loss of profit in any way arising from the use of this material in any manner. The sector(s)/stock(s) mentioned in this communication do not constitute any recommendation of the same and ICICI Prudential Mutual Fund may or may not have any future position in these sector(s)/stock(s). The recipient alone shall be fully responsible/are liable for any decision taken on this material. Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

\"The information contained herein is solely for private circulation for reading/understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.\" Fund Review 15TARAKKI TIMES, FEBRUARY 2021

\"The information contained herein is solely for private circulation for reading/understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.\" 16 TARAKKI TIMES, FEBRUARY 2021 Fund Review