Going Forward - RBI Expected to Ease Liquidity PurOcMhaOses Cash Reserve RBI Tools Accommodative Dividend & Ratio Foreign Stance Reserve Exchange SWAP 51 The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors & should not be circulated to investors/prospective investors.
Segment of yield curve, which stands to benefit 52 As repo rate moves down from here, the yield curve tends to steepen making the short end of the yield curve attractive The corporate bond is at elevated levels and we expect compression of corporate bond spreads over repo to happen Liquidity conditions improving is positive more for the short end space as compared to the longer end space. The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors & should not be circulated to investors/prospective investors.
Spread compression in Corporate Bonds 9.0 8.5 Corporate Bond 8.0 S spread over Repo 7.5 P rate are at an R elevated levels. E Going forward, we 7.0 A expect spread D compression in 6.5 6.0 corporate bond space. 5.5 3 Year 5 Year 10 Year 1 Year AAA AA Gsec Repo Source: CRISIL Research; Data as of July 05, 2019 53 The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors & should not be circulated to investors/prospective investors.
Improvement in Liquidity Conditions & Short End Space 2009 Phase 2017 Phase Surplus Zone -6,00,000 14 -5,00,000 Deficit Zone -4,00,000 13 Liquidity -3,00,000 conditions is -2,00,000 12 -1,00,000 11 expected to - 10 improve as 1,00,000 9 discussed in the 2,00,000 previous slides. 3,00,000 8 This shift is 4,00,000 7 positive for the 6 short term rates 5 Liquidity (In Crs.) 1 Year AAA Yield (%) 10 Year AAA Yield (%) Source : RBI, Data as on 24-May-2019 54 The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors & should not be circulated to investors/prospective investors.
High Quality Portfolio Scheme Name Yield to Maturity Modified Exposure to (YTM) Duration (Yrs.) AAA* ICICI Prudential Money Market Fund securities 7.12% 0.40 100.0% ICICI Prudential Savings Fund 7.92% 0.74 85.2% ICICI Prudential Short Term Fund 8.31% 1.89 82.4% ICICI Prudential Corporate Bond Fund 8.07% 1.58 100.0% ICICI Prudential Banking & PSU Debt Fund 7.93% 2.29 82.9% Data as of June 30, 2019; Past performance may or may not be sustained in future. *AAA, G-Sec and Cash 55 The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors & should not be circulated to investors/prospective investors.
Play on Carry – Strong case for investment in Credit Risk Funds Valuations are attractive Industry Flows are slowing Sentiments are Negative down 56 The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors & should not be circulated to investors/prospective investors.
ICICI Prudential Credit Risk Fund – Current Spread : Spread Over Repo (Since Inception) 4.91 6 Average Spread : 5 2.9 4 3 2 1 0 Dec-10 Apr-11 Aug-11 Nov-11 Mar-12 Jul-12 Oct-12 Feb-13 May-13 Sep-13 Jan-14 Apr-14 Aug-14 Nov-14 Mar-15 Jul-15 Oct-15 Feb-16 Jun-16 Sep-16 Jan-17 Apr-17 Aug-17 Dec-17 Mar-18 Jul-18 Oct-18 Feb-19 Jun-19 Data as on 30-June-2019, YTM values taken since scheme inception. Past Performance may or may not be sustained in future. 57 The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors & should not be circulated to investors/prospective investors.
ICICI Prudential Medium Term Bond Fund– Current Spread : Spread Over Repo (Last 10 Year Trend) 4.36 5 Average : 2.13 4 3 2 1 0 -1 -2 Jun-09 Oct-09 Feb-10 Jun-10 Oct-10 Feb-11 Jun-11 Oct-11 Feb-12 Jun-12 Oct-12 Feb-13 Jun-13 Oct-13 Feb-14 Jun-14 Oct-14 Feb-15 Jun-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 Jun-17 Oct-17 Feb-18 Jun-18 Oct-18 Feb-19 Jun-19 Data as on 30-June-2019, YTM values taken for the last 10 years. Past Performance may or may not be sustained in future. 58 The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors & should not be circulated to investors/prospective investors.
Returns Analysis for ICICI Prudential Credit Risk Fund Phase 1: 31-July-2013 till 28-Feb-2014 Particulars Yield/ Returns (%) Average YTM^ in this phase 11.3% Average Spread in this phase 3.6% Average Repo rate in this phase 7.7% Average 1 Year return in this phase* 11.1% Phase 2: 30-June-2015 till 31-Oct-2016 Particulars Yield/ Returns (%) Average YTM^ in this phase 10.1% Average Spread in this phase 3.4% Average Repo rate in this phase 6.7% Average 1 Year return in this phase* 9.3% Source: MFI Explorer, Past performance may or may not be sustained in the future, Returns – Simple Annualized, * 1 Year rolling returns with daily frequency for investment made in the period in 59 consideration. ^Yield to Maturity The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors & should not be circulated to investors/prospective investors.
Returns Analysis for ICICI Prudential Medium Term Bond Fund Phase 1: 31-July-2013 till 28-Feb-2014 Particulars Yield/ Returns (%) Average YTM^ in this phase 11.3% Average Spread in this phase 3.6% Average Repo rate in this phase 7.7% Average 1 Year return in this phase* 12.0% Phase 2: 30-June-2015 till 31-Oct-2016 Particulars Yield/ Returns (%) Average YTM^ in this phase 10.1% Average Spread in this phase 3.4% Average Repo rate in this phase 6.7% Average 1 Year return in this phase* 9.6% Source: MFI Explorer, Past performance may or may not be sustained in the future, Returns – Simple Annualized, * 1 Year rolling returns with daily frequency for investment made in the period in 60 consideration. ^Yield to Maturity The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors & should not be circulated to investors/prospective investors.
Invest when Flows are Muted 95,000 Credit Risk Funds Category AUM (In Crs) - Industry Level 90,000 85,000 90,924 80,000 75,000 76,195 70,000 65,000 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Source: MFIE. The funds considered are only Credit Risk Funds as per SEBI classification. Data as of May 31, 2019 61 The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors & should not be circulated to investors/prospective investors.
Why ICICI Prudential Accrual Funds Investment Robust Strong Credit Better Risk Philosophy Investment Selection Adjusted Process Returns Process 62 The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors & should not be circulated to investors/prospective investors.
Investment Philosophy 01 Safety Liquidity 02 The investment team seeks to achieve Safety, Liquidity and Returns (SLR) in order of priority for managing variety of our fixed income schemes. 03 Returns 63 The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors & should not be circulated to investors/prospective investors.
Robust Investment Process CREDIT RESEARCH PORTFOLIO CONSTRUCTION PORTFOLIO MONITORING Involves assessment of : • Based on investment • Regular review of macro- • Past track record of the mandate of the scheme economic variables, liquidity and credit risk company • Yield and interest rate risk • Cash flows management based on • Regular monitoring of • Asset Quality interest rate view and financial and business • Assessment of Management technical factors profile of issuers risk & Business risk • Liquidity risk management • Regular meetings with • Credit Ratings by external to avoid asset-liability company managements mismatch credit rating agencies • Performance and portfolio analysis 64 The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors & should not be circulated to investors/prospective investors.
Strong Credit Selection Process No individual signing authority Target list filters • Independent research team Focus not just on • Self-origination model credit and liquidity • External credit rating risk but also on Head of Risk with diversification independent CREDIT reporting to CEO SELECTION 65 The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors & should not be circulated to investors/prospective investors.
Outlook – Play on Liquidity & Carry 66 We continue to remain sanguine towards the short end of the yield curve and on spread assets We may tactically alter duration based on the spread opportunity available in different market segment We believe the next rate cut would be data-dependent Accrual schemes have moved into „buy‟ territory with attractive valuations, reduced flows, and negative sentiments (NBFC liquidity crunch). Risk-reward benefit has turned favourable; good time to earn carry with high credit spreads available in the corporate bond space NBFC – Non-Banking Financial Companies The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors & should not be circulated to investors/prospective investors.
Debt Valuation Index 10 9 Aggressively in High Duration • We recommend investors to invest in Short Duration 8 High Duration schemes (1-3 yrs) or accrual 7 High Duration schemes such as ICICI Prudential Credit Risk Fund. 6 5 • For those investors who aim 4 Moderate Duration to benefit from volatility we 3 Low Duration recommend investment in 2 UltraULltorwa LDouwraDtiuornation 2.422.50 ICICI Prudential All Seasons 1 Bond Fund. Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Debt Valuation Index considers WPI, CPI, Sensex YOY returns, Gold YOY returns and Real estate YOY returns over G-Sec yield, Current Account Balance and Crude Oil Movement for calculation. WPI – Wholesale Price Index; 67 CPI – Consumer Price Index. None of the aforesaid recommendations are based on any assumptions. These are purely for reference and the investors are requested to consult their financial advisors before investing. The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors & should not be circulated to investors/prospective investors.
Fixed Income Recommendations ICICI Prudential Floating Interest Fund Cash Management Solution ICICI Prudential Ultra Short Term Fund (which benefits from better risk adjusted returns) ICICI Prudential Medium Term Bond Fund ICICI Prudential Credit Risk Fund Accrual Schemes ICICI Prudential All Seasons Bond Fund (which benefits from capturing yields at elevated levels) ICICI Prudential Short Term Fund Dynamic Duration Schemes ( which benefits from volatility by actively managing duration) Low/Short Duration Schemes (which benefits from mitigating interest rate volatility) 68 The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors & should not be circulated to investors/prospective investors.
Our Equity Schemes Scheme Name Type of Scheme ICICI Prudential Bluechip Fund An open ended equity scheme predominantly investing in large cap stocks ICICI Prudential Large & Mid Cap Fund ICICI Prudential Midcap Fund An open ended equity scheme investing in both large cap and mid cap stocks. ICICI Prudential Smallcap Fund ICICI Prudential Value Discovery Fund An open ended equity scheme predominantly investing in mid cap stocks. ICICI Prudential Multicap Fund An open ended equity scheme predominantly investing in small cap stocks. ICICI Prudential India Opportunities Fund An open ended equity scheme following a value investment strategy. ICICI Prudential US Bluechip Equity Fund An open ended equity scheme investing across large cap, mid cap, small cap stocks. An Open Ended Equity Scheme following Special Situation theme An open ended equity scheme investing predominantly in securities of large cap companies listed in the United States of America. 69 The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors & should not be circulated to investors/prospective investors.
Our Hybrid Schemes / Fund of Funds Scheme Scheme Name Type of Scheme ICICI Prudential Balanced Advantage Fund An open ended dynamic asset allocation fund ICICI Prudential Regular Savings Fund ICICI Prudential Equity Savings Fund An open ended hybrid scheme investing predominantly in debt instruments ICICI Prudential Equity & Debt Fund An open ended scheme investing in equity, arbitrage and ICICI Prudential Multi-Asset Fund debt. An open ended hybrid scheme investing predominantly in equity and equity related instruments An open ended scheme investing in Equity, Debt, Gold/Gold ETF/units of REITs & InvITs and other asset classes as may be permitted from time to time. Scheme Name Type of Scheme ICICI Prudential Asset Allocator Fund An open ended fund of funds scheme investing in equity oriented schemes, debt oriented schemes and gold ETFs/schemes. 70 The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors & should not be circulated to investors/prospective investors.
Our Debt Schemes Scheme Name Type of Scheme ICICI Prudential Ultra Short Term Fund An open ended ultra-short term debt scheme investing in instruments such that the Macaulay ICICI Prudential Short Term Fund duration of the portfolio is between 3 months and 6 months. An open ended short term debt scheme investing in instruments such that the Macaulay ICICI Prudential Medium Term Bond Fund duration of the portfolio is between 1 Year and 3 Years. An open ended medium term debt scheme investing in instruments such that the Macaulay ICICI Prudential Credit Risk Fund duration of the portfolio is between 3 Years and 4 Years. The Macaulay duration of the portfolio ICICI Prudential Floating Interest Fund is 1 Year to 4 years under anticipated adverse situation. ICICI Prudential All Seasons Bond Fund An open ended debt scheme predominantly investing in AA and below rated corporate bonds. ICICI Prudential Savings Fund ICICI Prudential Banking & PSU Debt Fund An open ended debt scheme predominantly investing in floating rate instruments (including ICICI Prudential Corporate Bond Fund fixed rate instruments converted to floating rate exposures using swaps/derivatives). ICICI Prudential Money Market Fund An open ended dynamic debt scheme investing across duration. An open ended debt scheme with Macaulay Duration between 6 - 12 months An open ended debt scheme predominantly investing in Debt instruments of banks, Public Sector Undertakings, Public Financial Institutions An open ended debt scheme predominantly investing in AA+ or above rated securities. An open ended debt scheme investing in money market instruments 71 The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors & should not be circulated to investors/prospective investors.
Riskometers 72 ICICI Prudential Multi-Asset Fund is suitable for investors who are seeking*: Long term wealth creation An open ended scheme investing across asset classes. *Investors should consult their financial advisers if in doubt about whether the product is suitable for them ICICI Prudential Equity & Debt Fund is suitable for investors who are seeking*: Long term wealth creation solution A balanced fund aiming for long term capital appreciation and current income by investing in equity as well as fixed income securities. *Investors should consult their financial advisers if in doubt about whether the product is suitable for them ICICI Prudential Balanced Advantage Fund is suitable for investors who are seeking*: Long term wealth creation solution An equity fund that aims for growth by investing in equity and derivatives. *Investors should consult their financial advisers if in doubt about whether the product is suitable for them The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors & should not be circulated to investors/prospective investors.
Riskometers 73 ICICI Prudential Bluechip Fund is suitable for investors who are seeking*: Long term wealth creation An open ended equity scheme predominantly investing in large cap stocks. *Investors should consult their financial advisers if in doubt about whether the product is suitable for them ICICI Prudential Value Discovery Fund is suitable for investors who are seeking*: Long term wealth creation An open ended equity scheme following a value investment strategy *Investors should consult their financial advisers if in doubt about whether the product is suitable for them ICICI Prudential Large & Mid Cap Fund is suitable for investors who are seeking*: Long term wealth creation An open ended equity scheme investing in both largecap and mid cap stocks *Investors should consult their financial advisers if in doubt about whether the product is suitable for them The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors & should not be circulated to investors/prospective investors.
Riskometers 74 ICICI Prudential Regular Savings Fund is suitable for investors who are seeking*: Medium to long term regular income solution A hybrid fund that aims to generate regular income through investments primarily in debt and money market instruments and long term capital appreciation by investing a portion in equity. *Investors should consult their financial advisers if in doubt about whether the product is suitable for them ICICI Prudential Credit Risk Fund is suitable for investors who are seeking*: Medium term savings A debt scheme that aims to generate income through investing predominantly in AA and below rated corporate bonds while maintaining the optimum balance of yield, safety and liquidity *Investors should consult their financial advisers if in doubt about whether the product is suitable for them ICICI Prudential Medium Term Bond Fund is suitable for investors who are seeking*: Medium term savings A debt scheme that invests in debt and money market instruments with a view to maximize income while maintaining optimum balance of yield, safety and liquidity *Investors should consult their financial advisers if in doubt about whether the product is suitable for them The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors & should not be circulated to investors/prospective investors.
Riskometers 75 ICICI Prudential Smallcap Fund is suitable for investors who are seeking*: Long Term wealth creation An open ended equity scheme that seeks to generate capital appreciation by predominantly investing in equity and equity related securities of small cap companies. *Investors should consult their financial advisers if in doubt about whether the product is suitable for them ICICI Prudential Short Term Fund is suitable for investors who are seeking*: Short term income generation and capital appreciation solution A debt fund that aims to generate income by investing in a range of debt and money market instruments of various maturities. *Investors should consult their financial advisers if in doubt about whether the product is suitable for them ICICI Prudential All Seasons Bond Fund is suitable for investors who are seeking*: All duration savings A debt scheme that invests in debt and money market instruments with a view to maximize income while maintaining optimum balance of yield, safety and liquidity *Investors should consult their financial advisers if in doubt about whether the product is suitable for them The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors & should not be circulated to investors/prospective investors.
Riskometers 76 ICICI Prudential Floating Interest Fund is suitable for investors who are seeking*: Short term savings An open ended debt scheme predominantly investing in floating rate instruments *Investors should consult their financial advisers if in doubt about whether the product is suitable for them ICICI Prudential Ultra Short Term Fund is suitable for investors who are seeking*: Short term regular income An open ended ultra-short term debt scheme investing in a range of debt and money market instruments *Investors should consult their financial advisers if in doubt about whether the product is suitable for them ICICI Prudential Midcap Fund is suitable for investors who are seeking*: Long Term wealth creation An open-ended equity scheme that aims for capital appreciation by investing in diversified mid cap companies. *Investors should consult their financial advisers if in doubt about whether the product is suitable for them The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors & should not be circulated to investors/prospective investors.
Riskometers 77 ICICI Prudential India Opportunities Fund (The scheme is suitable for investors who are seeking*) Long term wealth creation An equity scheme that invests in stocks based on special situations theme. *Investors should consult their financial advisors if in doubt about whether the product is suitable for them. ICICI Prudential Infrastructure Fund is suitable for investors who are seeking:* Long term wealth creation An open-ended equity Scheme that aims for growth by primarily investing in companies belonging to infrastructure and allied sectors *Investors should consult their financial advisors if in doubt about whether the product is suitable for them. ICICI Prudential Banking & Financial Services Fund is suitable for investors who are seeking:* Long term wealth creation An open-ended equity Scheme that that predominantly invests in equity and equity related securities of companies engaged in banking and financial services *Investors should consult their financial advisors if in doubt about whether the product is suitable for them. The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors & should not be circulated to investors/prospective investors.
Riskometers 78 ICICI Prudential Equity Savings Fund is suitable for investors who are seeking*: Long term wealth creation An open ended scheme that seeks to generate regular income through investments in fixed income securities, arbitrage and other derivative strategies and aim for long term capital appreciation by investing in equity and equity related instruments. *Investors should consult their financial advisers if in doubt about whether the product is suitable for them ICICI Prudential Multicap Fund is suitable for investors who are seeking*: Long term wealth creation An open ended equity scheme investing across largecap, mid cap and small cap stocks. *Investors should consult their financial advisers if in doubt about whether the product is suitable for them ICICI Prudential US Bluechip Equity Fund is suitable for investors who are seeking*: Long term wealth creation An open ended equity scheme primarily investing in equity and equity related securities of companies listed on recognized stock exchanges in the United States of America *Investors should consult their financial advisers if in doubt about whether the product is suitable for them The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors & should not be circulated to investors/prospective investors.
Riskometers 79 ICICI Prudential Savings Fund is suitable for investors who are seeking*: Short term savings An open ended low duration debt scheme that aims to maximize income by investing in debt and money market instruments while maintaining optimum balance of yield, safety and liquidity *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. ICICI Prudential Banking & PSU Debt Fund is suitable for investors who are seeking*: Short term savings An open ended debt scheme predominantly investing in Debt instruments of banks, Public Sector Undertakings, Public Financial Institutions and Municipal Bonds *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. ICICI Prudential Corporate Bond Fund is suitable for investors who are seeking*: Short term savings An open ended debt scheme predominantly investing in highest rated corporate bonds *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors & should not be circulated to investors/prospective investors.
Riskometers ICICI Prudential Money Market Fund is suitable for investors who are seeking*: Short term savings A money market scheme that seeks to provide reasonable returns, commensurate with low risk while providing a high level of liquidity *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. ICICI Prudential Asset Allocator Fund (An open ended fund of funds scheme investing in equity oriented schemes, debt Moderate oriented schemes and gold ETFs/ schemes) is suitable for investors who are seeking*: • Long Term wealth creation LOW HIGH • An open ended fund of funds scheme investing in equity oriented schemes, debt oriented schemes and gold ETF/schemes. *Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 80 The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors & should not be circulated to investors/prospective investors.
Disclaimer For Mutual Funds Mutual Fund investments are subject to market risks, read all scheme related documents carefully. All figures and other data given in this document are dated. The same may or may not be relevant at a future date. The AMC takes no responsibility of updating any data/information in this material from time to time. The information shall not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of ICICI Prudential Asset Management Company Limited. Prospective investors are advised to consult their own legal, tax and financial advisors to determine possible tax, legal and other financial implication or consequence of subscribing to the units of ICICI Prudential Mutual Fund. Past Performance may or may not be sustained in future. Disclaimer: In the preparation of the material contained in this document, ICICI Prudential Asset Management Company Ltd. (the AMC) has used information that is publicly available, including Budget speech and information developed in-house. The stock(s)/sector(s) mentioned in this slide do not constitute any recommendation and ICICI Prudential Mutual Fund may or may not have any future position in this stock(s). Some of the material used in the document may have been obtained from members/persons other than the AMC and/or its affiliates and which may have been made available to the AMC and/or to its affiliates. Information gathered and material used in this document is believed to be from reliable sources. The AMC however does not warrant the accuracy, reasonableness and / or completeness of any information. We have included statements / opinions / recommendations in this document, which contain words, or phrases such as “will”, “expect”, “should”, “believe” and similar expressions or variations of such expressions, that are “forward looking statements”. Actual results may differ materially from those suggested by the forward looking statements due to risk or uncertainties associated with our expectations with respect to, but not limited to, exposure to market risks, general economic and political conditions in India and other countries globally, which have an impact on our services and / or investments, the monetary and interest policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices etc. ICICI Prudential Asset Management Company Limited (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. Further, the information contained herein should not be construed as forecast or promise or investment advice. The recipient alone shall be fully responsible/are liable for any decision taken on this material. 81 The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors & should not be circulated to investors/prospective investors.
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