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Home Explore Tarakki Times English September 2017

Tarakki Times English September 2017

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A COMPILATION OF ICICI PRUDENTIAL MUTUAL FUND MEDIA VIEWS Professional Views MUMBAI | SEPTEMBER 2017 | PAGES 8Pg. 2 FY19 to be good for earnings growth;We are clearly a flows may keepcouple of years market supportedaway from peakequity valuations S Naren, ED & CIO ICICI Prudential Mutual FundPg. 4Way to approachfixed income Manish Banthia, Senior Fund Manager Nimesh Shah CNBC TV-18 | September 05, 2017 with bank interest rates going ICICI Prudential Mutual Fund MD & CEO below 7 percent, there are more ICICI Prudential Mutual Fund 5000 crore plus and growing at people wanting to put money Fund Reviews Rs 200-300 crore every month, into market related instruments. Nimesh Shah of ICICI Prudential says Shah. Debt related funds are seeingPg. 5 AMC says when you are mana- good traction, he adds. ging money in fiduciary capacity According to him, there does notICICI Prudential Focused Bluechip it is important to have a balanced seem to be any headwinds for Shah says there is ampleEquity Fund approach while investing in the Indian macros - so till potential for the mutual fund market. With inflows systema- elections in May 2019, there is market to growth because theA top large-cap offering tically coming into the market time for earnings to catch up and deposit market stands at Rs 100 one cannot afford to remain out even if they do not catch up, the lakh crore, while MFs are only RsPg. 6 of the market - so one must flows are strong. FY19 is expec- 20 lakh crore today. Money isOne Fund Review participate but be conservative ted to be good for earnings, he systematically coming into the while participating, he adds. adds. MF market, he adds.ICICI Prudential Balanced FundICICI Prudential Value Discovery Fund Systematic Investment Plan (SIP) It is very heartening to know thatICICI Prudential Long Term Equity at current juncture is around Rs people are moving towardsFund (Tax Saving) financial savings and within thatPg. 7ICICI Prudential Long Term PlanSafe choice for the risk-averseTarakki CornerPg. 8 Pankaj Ladha ARN - 63097 KotaThe information contained herein is solely for private circulation for reading/understanding of registered Advisors/ Distributors and should not be circulated to investors/prospective investors.

2 TARAKKI TIMES, SEPTEMBER 2017 Interview We are clearly a couple of years away from peak equity valuations The Economic Times | August 02, 2017S Naren is at a top when capacity make their biggest mistakes. However, pharma was veryED & CIO utilisation is high, interest rate cheap in 2007, but not veryICICI Prudential Mutual Fund cycle has turned and there are Where are you allocating cheap now compared to that only chances of rate hikes. On money now? time.S Naren, executive director at that basis it looks like it will takeICICI Prudential AMC , believes two years for the capex cycle to Oil PSUs, power PSUs look very SBI cut savings rates onthat asset allocation is very come and for capacity utilisation cheap at this point. These are the Monday. Many of the smallerimportant as shares race to to be higher than where we are. only few sectors trading at 15x PSU banks have been hit byrecord highs almost every day. trailing price-to-earnings and NPAs. Can the smaller PSUThe lights are not flashing red On the third parameter, namely with a price-to-book below 1.5. banks survive?yet, he says using a traffic light sentiment, you have to be Six months back we were bullishanalogy. But they are not green careful. Foreigners are investing on telecom, but they got re- Indian banks are an uncon-either. and domestic investors are rated. solidated industry with a fair investing with gusto. So amount of competition fromThey are yellow, which means sentiment is the most worrying Some of the corporate banks are NBFCs. Challenge exists for allinvestors need to look on all part. in the process of re-rating.We the smaller PSU banks. Sincesides and invest carefully. In a have had four years of money they are sovereign, it is easier towide-ranging interview with In December and January, FII coming in, so there is no cheap collect money. Its only on lendingPrashant Mahesh, Naren says flows were negative, but now bargain. We are not in a phase of they have to do a good job.peak equity valuations will come locals and FIIs both are investing risk aversion. You are in thein the next few years and worries and locals are investing with fourth year of continuous money They have to create a goodthat a rapid rise in earnings gusto. Finally, on the last inflow, so pockets of deep value business model and able togrowth could make valuations become more local and focus onlose touch with reality. what worries me most SMEs as an area and handle is earnings coming them well, it could be a goodThe market has been moving quickly. The day it area. The moment theup almost one way from Feb comes, investors will government supports them and2016, with the Nifty moving give high multiples on gets them out of this problem offrom 7,000 to 10,000. Is the rally high earnings and NPLs, there is scope for banks.overdone? make their biggest mistakes. Retail investors are pouringActually, we try to look at the money into equities. `4,850market on four parameters, parameter, namely trigger, I do not exist. Three sectors have crore is flowing into equitiesnamely valuation, cycle, believe till earnings come we are not moved up namely IT, pharma through SIPs every month.sentiment and triggers. Today, on safe. The moment earnings and PSU banks. Each of these What has changed? Can thevaluation basis, we are in a come, that is the time when you areas has its own fundamental flow intensify further?situation where on a price-to- have to be most worried. issues in the short term. In caseearnings (PE) basis we are Earnings growth is the biggest of IT, it is growth; in pharma, it is Corporate profit as a percentagecostly; on price-to-book (PB) we risk to the market. Bubbles get the US FDA issues; and in PSU of GDP has come down fromare above average; on market formed when you have excellent banks, it is the NPL problems. 7.1% to 2.9%. We believe thiscap to GDP, we are just above fundamentals with irrational The one which we like most is 2.9% will go to 4%, which meansaverage and if you look at extrapolation. pharma, because pharma as a 30% growth. There will be ainterest rates and take the percentage of GDP goes up as a cyclical rebound in earnings. Youinverse of interest rates and So what worries me most is country prospers, and we also have high ROE, high PE stocksearnings yields it is slightly above earnings coming quickly. The day feel the FDA issues will be now in Nifty. Today equity is in athe average. it comes, investors will give high resolved over the next two years. TINA (there is no alternative) multiples on high earnings and factor. In India, investors have aSo on a valuation basis markets feeling that anything that givesare not cheap but not extremely less than 8% is low. Hence youexpensive in our framework. On have reached a TINA situation,the second parameter, namely driving money into equities. SIPscycles, we are clearly two years can go even higher, but it isaway from the market top. From important for us to communicatea cyclical perspective, the market to investors, that past returns were high and this may not be replicated in the future. From these valuation levels, three and five-year returns will not be high and are a worry; while one-year returns will still be high. How to make investorsThe information contained herein is solely for private circulation for reading/understanding of registered Advisors/ Distributors and should not be circulated to investors/prospective investors.

Interview 3TARAKKI TIMES, SEPTEMBER 2017understand this is a challenge. which are hybrid funds having a feel that the inter est rate cycle You have low fiscal deficit, low mix of debt, equity and arbitrage. has only 3-6 months to go, after current account deficit, lowThe structural fundamental We believe that the equity cycle that the leveraging cycle will inflation and a concerted effort toproblem is that there is no will peak when capacity start. In that cycle, banks will do reduce wasteful subsidies. Ialternative asset class. As utilisation goes up, a few years well. Hence near to medium- have seen 1991 and now. Youinvestors, we would like to see later. Already the market is term outlook for banks is good. have low fiscal and currentmore volatility. We have seen five accounting for earnings growth. One of places where we feel account deficits, low inflation,years without a 10% correction. The lesson of every boom is that profits will rebound in the next 2- concerted effort to reduceWhen we tell investors that people forget asset allocation. In 3 years will be financials. This is wasteful subsidies, a low creditequities are riskier than debt, any boom, the single rule people because NPL recognition has growth environment.they say show me a 10% should apply is do asset happened, provisioning willcorrection. allocation. We are no longer in a happen, it will peak and then I would want to see a weaker phase where we can invest only come down. rupee and lower interest rates asWe would like to see volatility, as in equities. these are important to stimulatethat will ensure investors remain So the medium-term outlook is production and exports.careful. In 2015-16, there was Financials are a large part of the good, and the long-term outlookvolatility, so people realised the Nifty. Can growth continue is dependent on how equity In August 2013, the rupee was atrisks. If markets go up fast, there? markets move. If equities see a a higher level than today, so thepeople violate risk rules and that correction, financials will rupee has appreciated since thencauses a correction. One of the worries is that two participate in that correction. and there is clearly an inflation years from now, it is possible that differential between India andWhat is your call on the market 40% of the benchmark will be in What is your biggest worry the US. I believe that $390 billionnow? What should investors financial services. That worries from the market perspective of forex reserves is more thando? us because historically now? what India needs. We can have whenever any sector touches lower foreign reserves and lowerInvest more carefully as the 40%, that sector turns volatile. If people say equity is the only goes up. The general When money goes out of the asset class and say we want toperception among investors is market in the future, they will invest all our money only in Are you worried about thethat when it goes up, you tend to have to sell financials and that equities and not in other asset short-term disruption due toinvest more recklessly. If you will lead to a situation where the class. Investors should follow GST?take any road signal, you have sector becomes high beta. asset, red and yellow. GST will create a national The fact that 35% of the Nifty is A lot of the money which is network. With all the steps theIn green, valuations are cheap, in financials makes it a riskier coming in is coming in hybrid government is taking to speednow valuations are not cheap, so sector, that is our worry. The funds which have both equity up logistics, etc the positiveyou are in yellow. Red is when near-term situation looks good, and debt. However, the good impact of GST over three yearsyou hit a bubble, we are not but the high weightage makes us thing is that there are no big will far outweigh the short-termseeing signs of a bubble yet. In worry about the beta of the flows in mid and small-cap problems. India has launched ityellow, you have to look around sector. funds. at a time when it is easier to getand be careful, you cannot invest an internet connection. It isblindly. We had a thesis that while How are the macros looking? easier to implement from a interest rates come down and technology perspective.We have been marketing our credit growth does not pick up, In my 28 years of working, I havedynamic asset allocation funds financials will not do well. We not seen a better macro picture.The information contained herein is solely for private circulation for reading/understanding of registered Advisors/ Distributors and should not be circulated to investors/prospective investors.

4 TARAKKI TIMES, SEPTEMBER 2017 Interview Way to approach fixed income Outlook Money | September 12, 2017 The close relation of debt instruments with the various macro parameters make them an intriguing investmentManish Banthia tenor and risk profile, suitable to are the type of funds which aim funds are known as dynamicSenior Fund Manager match every investor’s to generate returns primarily in duration funds, which areICICI Prudential Mutual Fund requirement. Duration (short, the form of accrual income as it dynamically managed to match medium, long term) and accruals holds papers with moderate the market trend.It is a widely known fact that a are the most prevalent type of duration.well-defined asset allocation is funds. These dynamic duration fundsthe key to wealth creation. Often, Income Funds invest mostly in can be model based too. Whatindividuals tend to focus on Liquid Funds are ideal for fixed income securities like this essentially means is that thegetting the equity portfolio investors wanting instant access bonds and debentures, wherein fund manager will use the modelallocation right, given the to their money, which is typically the fund manager manages the to take duration calls. Forplethora of options available. set aside for contingencies, portfolio based on interest rate example: ICICI Prudential Long making them one of the best movements, with an eye for Term Plan is a model basedHowever, when it comes to alternatives to idle money. What capital appreciation. Here, an income fund that aims todeciding the debt portion, makes this category even more investor can opt for funds as per dynamically manage duration ininvestments are often relegated attractive is the instant one’s investment horizon. Within the range of 1 to 10 years basedto traditional investment withdrawal option available in these, dynamically managed on an in-house debt valuationavenues; giving debt market these funds, making the invested income fund is the most popular. index model.instruments a miss. The close sum easily accessible.relation of debt instruments with Investment approach: Being a model based fund, thethe various macro parameters, Ultra Short Term Funds are like structure allows the fund to tradeespecially interest rates, make liquid funds and provide an ideal Most often while making debt market volatilities by buying lowthem an intriguing investment. investment option for very short investments, investors tend to and selling high. As a result, term investment. Investors who second guess what the Reserve dynamic duration funds canOptions available: have short term surplus for a Bank of India (RBI) is likely to do follow different portfolio time period of approximately 1 to in the next Monetary Policy and strategies in different marketSimilar to the equity universe, 9 months could consider these then make a choice of scenarios.debt market too offers funds. investment.investment options for varying This effectively means that one Short Term Funds are ideal if you This approach can prove to be need not time their investments don’t need instant liquidity but rather erroneous. However, there and hence, this fund can be may need the money over a is a category of fund which is considered to be a part of one’s period of the next one year to positioned to tap into all the core portfolio, irrespective of the fulfill a short term goal, like opportunities available in the market cycle. paying off a loan or making a debt market, irrespective of the purchase. Credit Opportunities interest rate direction. SuchThe information contained herein is solely for private circulation for reading/understanding of registered Advisors/ Distributors and should not be circulated to investors/prospective investors.

Fund Review 5TARAKKI TIMES, SEPTEMBER 2017 ICICI Prudential Focused Bluechip Equity Fund A top large-cap offeringET Wealth | August 07, 2017 ET Wealth collaborates with Value Research to analyse top mutual funds. We examine the key fundamentals of the fund, its portfolio and performance to help you make an informed investment decision.HOW HAS THE FUND PERFORMED? BASIC WHERE DOES THE FACTSWith a 7-year return of 14%, the fund has outperformed the FUND INVEST?category (average return: 10.99%) and the benchmark (9.46%) DATE OF LAUNCHby a wide margin. Portfolio asset Fund style 23 May 2008 allocation boxGrowth of `10,000 vis-a-vis category and benchmark CATEGORY Debt & cash Equity 2.61% Fund TYPE Growth Blend Value `25,020 Large Cap 4.65% Small Medium Large Category AVERAGE AUM MID CAP CAPITALISATION `20,751 `13,497.24 cr`10,000 BENCHMARK 95.35% Nifty 50 Index Equity LARGE CAP INVESTMENT STYLE WHAT IT 97.39% COSTS Index I The fund is a true-blue large-cap offering with NAVs* more than 95% of its investment in large-caps. `18,825 GROWTH OPTIONJuly 2010 July 2012 July 2014 July 2016 July 2017 `38.01I The fund has comfortably beaten its peers As on 2 August, 2017 DIVIDEND OPTlON Top 5 sectors in portfolio (%) and the benchmark over the last seven years. `23.92 Financial 34.42 AutomobileAnnualised performance (%) Fund MINIMUM INVESTMENT 12.66 Index Energy 10.71 Category average `5,000 Technology 7.61 7.45 MINIMUM SIP AMOUNT Healthcare 19.79 18.87 18.60 `500 I The fund portfolio is heavily invested in financials. 16.22 EXPENSE RATIO (%)16.38 16.04 16.60 17.11 14.05 2.10 14.50 13.07 EXIT LOAD Top 5 stocks in portfolio (%) 1% for redemption 9.97 within 365 days *As on 31 July , 2017 HDFC Bank 7.35 ICICI Bank 7.20 1 year 3 year 5 year 4.88 As on 2 August, 2017 State Bank of India 4.19 ITC 4.04 Maruti Suzuki India6 monthI The fund has outperformed across I The fund portfolio is well diversified with a most time frames. healthy exposure in its top bets. HOW RISKY IS IT?Yearly performance (%) Fund Category Index 13.19 13.61 13.4241.10 31.39 35.21 23.49 23.56 24.58 Standard Deviation (%) 0.72 0.60 0.39 2017 Sharpe Ratio 13.96 12.66 9.78 Mean Return (%) 7.74 3.01 4.46 FUND Based on 3-year performance. As on 31 July 2017 2016 MANAGER2014 -0.21 -4.06 -1.84 I The fund’s risk-return profile remains 2015 Sankaran Naren superior to many of its peersI The fund's return profile has been As on 2 August, 2017 TENURE: JUST TOOK OVER healthy in recent years. Education: B.Tech, MBA Wherever not specified, data as on 30 Jun 2017. Source: Value ResearchSHOULD This true-to-label large-cap fund has space for past few years, but this extend beyond 5% of its portfolio. While its fund manager recentlyYOU an impressive track record. Several fund has stuck to its mandate. The The skew towards financials space is moved on, investors can takeBUY? peers in the large-cap category have fund prefers a high alignment with an outcome of this approach. The comfort that the reins have been been found dipping into the mid-cap the benchmark index-cash calls and portfolio remains well diversified taken over by a highly skilled veteran. segment to ride the uptick in that sector deviations from index do not with healthy exposure to top bets. It remains a top large-cap fund.The information contained herein is solely for private circulation for reading/understanding of registered Advisors/ Distributors and should not be circulated to investors/prospective investors.

6 TARAKKI TIMES, SEPTEMBER 2017 Fund Review One Fund Review ICICI Prudential Balanced FundMint | August 2017mint Return50BEST Mint 50 is a curated list of 50 How ` 10,000 has grownFUNDS investment-worthy funds. 1,30,000ICICI Prudential Balanced Fund 1,10,000 ICICI Prudential Balanced Fund 1,22,898 Hybrid: Equity-oriented 90,000 1,06,472Corpus (` cr) (as on 31 Jul 2017) 16,393.78 120.43 70,000 18 Aug 2017NAV (as on 23 Aug 2017) 2.25Expense ratio (as on 31 Jul 2017) 50,000 Source: Value ResearchCategory average expense ratio 2.38(as on 31 Jul 2017) 30,000Minimum Investment ` 5,000 10,000 19 Nov 1999 Base value taken as 10,000 ICICI Prudential Value Discovery FundMint | August 2017 Return mint How ` 10,000 has grown 50BEST Mint 50 is a curated list of 50 1,60,000 FUNDS investment-worthy funds. 1,30,000 1,00,000ICICI Prudential Value Discovery Fund ICICI Prudential Value Discovery Fund 1,38,004 S&P BSE 500 Index 66,831Corpus (` cr) (as on 30 Jun 2017) 17,231.64 138.28 70,000NAV (as on 26 Jul 2017) 2.11Expense ratio (as on 30 Jun 2017) 40,000Category average expense ratio 2.42(as on 30 Jun 2017) 10,000 19 Aug 2004 26 Jul 2017Minimum Investment ` 1,000 Base value taken as 10,000 Source: Value Research ICICI Prudential Long Term Equity Fund (Tax Saving)Mint | August 2017 Mint 50 is a curated list of 50 Return investment-worthy funds. mint How ` 10,000 has grown 50BEST FUNDSICICI Prudential Long Term Equity Fund 3,60,000 ICICI Prudential Long Term Equity Fund (Tax Saving)(Tax Saving) 3,10,000 Nifty 500 Index 2,60,000Corpus (` cr) (as on 31 Jul 2017) 2411.60 2,10,000 3,16,130NAV (as on 11 Aug 2017) 21.3593 1,60,000Expense ratio (as on 30 Jun 2017) 1.26 1,10,000Category average expense ratio 1.67 60,000 19 Aug 1999 87,574(as on 30 Jun 2017) 10,000 11 Aug 2017Minimum Investment ` 5,000 Base value taken as 10,000 Source: Value ResearchThe information contained herein is solely for private circulation for reading/understanding of registered Advisors/ Distributors and should not be circulated to investors/prospective investors.

Fund Review 7TARAKKI TIMES, SEPTEMBER 2017 ICICI Prudential Long Term PlanSafe choice for the risk-averseHindu Business Line | August 07, 2017The fund scores across rate cycles through active management of durationAfter holding rates through four the fund has delivered 12-12.5 per cent The fund has also made the best of rallies. In policies, the RBI finally cut the repo return, outperforming the category by 2-3 the 2014 bond rally, for instance, the fund rate by 25 basis points last week. But percentage points. delivered a strong 19 per cent return, bythe G-Sec yield, that fell by 70 bps over the taking the duration all the way up to sevenpast year, has not moved much. It continues Active calls hover in the 6.4-6.5 per cent range. This isbecause, bond markets have already The NAV on debt funds rises or falls along While retaining a high duration hurt itsfactored in the rate cut and possibility of with the underlying bond prices. One of the returns in 2015, the fund managed to beatfurther cuts remain uncertain. While the factors that impact bond prices is the the category by 3 percentage points in 2016,recent data has forced the RBI’s hands, the interest rate movements in the economy. If delivering around 17 per cent return. So farcentral bank continues to retain its neutral interest rates move up, bond prices fall. This in 2017, the fund has delivered 5.9 per centstance (it had changed its stance from is because investors flock to newer bonds return, beating the category’s 4.2 per centaccommodative to neutral in February this that offer higher rates. This reduces the return.year). attractiveness of older bonds and hence their prices decline. While active calls on duration help the fundHow the monsoon pans out, HRA increase manage the rate risk well, investments inunder the Seventh Pay Commission, The reverse holds true under a falling rate mainly high-rated bonds and governmentadverse impact of base effect, and fiscal scenario; bond prices move up. Thus rates securities mitigate the credit risk as well.risks emanating from state farm loan and bond prices have an inversewaivers - that can still exert upside pressure relationship. This is where ‘duration’ comes Portfolioon inflation in the second half of this fiscal - into play. As longer duration bonds are moreleave little headroom for further rate cut. sensitive to interest rates, the fund manager Currently (as of June 2017) the fund holds 68Given the uncertainty over rates, investors increases duration to cash in on the rally in per cent in government securities, 18.6 peraverse to taking risk could consider dynamic bonds in a falling rate scenario. In a rising cent in AAA rated bonds and 10.6 per cent inbond funds that have the flexibility to switch rate environment, the fund manager AA rated securities. It has a duration of 6.9between short-term and long-term debt reduces the duration of the fund, to cap years. This can help it cash in on the rally ifinstruments. losses. bond yields move lower.ICICI Prudential Long Term Plan is one such Active duration has helped ICICI Prudential Given the RBI’s recent cut and uncertainityfund that has dynamically managed duration Long Term Plan tide over various rate cycles. over rate action, the fund manager mayacross rate cycles to deliver category- When the RBI hiked rates abruptly in 2013, decide to lower the duration to cap losses.beating returns across rate cycles and the fund managed to deliver a return of 9.6tenures. Over the last three and five years, per cent return that year. Steady run Annual returns (in %)Assets as on June 30, 2017: ` 2,337 crore ICICI Prudential Long Term Plan Fundas Category 68.0% Government securities Category-beating returns 18.6% AAA rated bonds 12.0 12.5 12.1 10.7% AA rated bonds 9.2 10.5 9.3 Mainly invests in G-Secs and AAA rated bonds 2.7% Cash and equivalent Consistent performance across cycles 1 year 3 years 5 yearsThe information contained herein is solely for private circulation for reading/understanding of registered Advisors/ Distributors and should not be circulated to investors/prospective investors.

8 TARAKKI TIMES, SEPTEMBER 2017 Tarakki CornerYour YToaur rTaarakkkki CiornCer ornerPankaj Ladha Knowledge can take you places. He who has knowledge well as the financial world.” He says Investor education isARN - 63097 will always find a right way. Pankaj Ladha hails from Kota, his passion and he does it for personal satisfaction. In theKota Rajasthan, India - the education City of India. He is a last one year, he has conducted over 60 financial literacy commerce graduate working in the financial markets since programs that was attended by over 10,000 people. His 1991. target is to financially educate 25,000 people by 2020. He is a stock broker since 1991 having over 3000 investors Even though the conversion ratio is comparatively low, he in broking as well as mutual funds. He has joined mutual has had people who have approached him after 9 to 10 fund industry since 2015. On this 15th August he was months. For him an educated investor is a win-win awarded by Rajasthan Government for spreading financial situation. education and educating people which helps them make informed financial decisions. As on today Pankaj manages over approximately ` 100 crores of financial assets. According to him, a good When he started out as a professional, he found that portfolio would include proper allocation of funds and investors had bad experiences due to lack of discipline and rebalancing backed with proper research. emotional quotient. So he went on to plan portfolios that would create a sense of discipline and empower them to To the aspirants of financial advisory and research, he manage their investment portfolios professionally. His advises to focus on learning, reading and interacting with focus always is on undertaking research and planning investors to exchange knowledge. “Learning should never properly. stop. The more learning takes place, the better is your business.” He concludes. Investors are a big source of inspiration for him. They've also supported and motivated him throughout his professional life of over 25 years as family does. That helps him derive business without aggressively taking up any marketing initiatives. He acquires new clients through references from existing investors. He believes a happy investor helps you grow. “We offer advise that broadens their horizon in the investment asThe information contained herein is solely for private circulation for reading/understanding of registered Advisors/ Distributors and should not be circulated to investors/prospective investors.Mutual Fund investments are subject to market risks, read all scheme related documents carefully. Tarakki Times is compilation of articles published in various newspapers/magazines. Due credit isgiven 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 ICICIPrudential Asset Management Company Limited (the AMC). ICICI Prudential Mutual Fund (the Fund) does not warrant the accuracy, reasonableness and/or completeness of any information. Alldata/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 tak es no responsibility of updating anydata/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. Thesector(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 thesesector(s)/stock(s). The recipient alone shall be fully responsible/are liable for any decision taken on this material.

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