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Tarakki Times English July 2020

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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. A COMPILATION OF ICICI PRUDENTIAL AMC MEDIA VIEWS Professional Views MUMBAI | JULY 2020 | PAGES 14 Pg. 2 Reset 2020: Recover, Revive and Recreate with ICICI Prudential Mutual Fund Central banks, more than fundamentals, driving market rally NIMESH SHAH KV KAMATH Money Control | August 03, 2020 Pg. 4 Fundamentally sound stocks are still available at inexpensive valuation Business Standard | July 05, 2020 Pg. 5 Lessons from Naren's investment journey The Economic Times July 22, 2020 S Naren ED & CIO Pg. 6 Credit risk funds look attractive at this juncture Morningstar | July 28, 2020 Manish Banthia Senior Fund Manager Pg. 7 ET Markets - Rahul Oberoi | August 16, 2020 Where is the opportunity in debt KV Kamath, a veteran of Indian not such a worry for the global least 25 years,” he said. “But market? banking, says a new set of stocks economy as it being projected, execution is going to be the key. will drive markets and deliver says Kamath. “Government debt India can focus on modernising Manish Banthia Amit Bhosale growth to investors in the levels will go down with the cities, agriculture infrastructure, coming decade, and they may pickup in growth. They can housing and digitalisation going Senior Fund Manager- Head - Risk Management not be from among the harvest the fruits of growth in the ahead.” Fixed Income companies that flourished during form of taxes, etc,” he said. 2002 or 2007. He said the government’s Pg. 9 He said rapid digital adoption is support during the crisis in the “A blend of good and old players shifting the paradigm for Indian form of reforms in the agriculture अ छे शेयर महंगे मू यांकन पर उपल ध will drive the rebound,” he said. financial services sector, and the space and moratorium on loan ones who adopt to these EMIs were excellent steps. िबजनेस टडड | 05 जुलाई, 2020 He was addressing a virtual conditions faster would emerge However simplification of the conference, RESET 2020, winners. process is something, which is ,l- ujsu organised by ICICI Prudential still required. Mutual Fund, India’s third largest “Faster transformation to digital bZMh vkSsj lhvkbZvks fund house. due to the pandemic is going to Kamath said from how own drive the Indian economy going experience from the ground the Tarakki Corner The founder and former forward. Financial institutions painful problem of migrants Pg. 10 Managing Director & CEO of have to keep strengthening their seems to be behind us. “The Abhijit Sawant ICICI Bank said India Inc is much digital offerings. As long as your informal sector is back to the pre- less leveraged today compared apps look like website, you are at Covid level. However, self- AbhiGanesh Financial Planners with what the situation was a risk. However, if you are a digital employed and MSMEs are still in Pvt Ltd. decade back, and it would help company, there is nothing to a painful state,” he said. industry rebound faster from the fear,” Kamath said. Pg. 11 Covid-19 disruption. He said sectors like power, rail, He said three factors would help road and port are back to 85 per Chandrakant Amritkar “India is a far better place than economies bounce back fast cent capacity, while the agricul- Amritkar Insurance and Financial what it was in 2000. Debt-to- from the Covid-19 disruption: tural supply chain also come Services equity ratio of Sensex com- low commodity prices, unprece- back extremely fast. panies, which is a bunch to large dented liquidity and falling Fund Review corporate houses, was at 3.8:1 interest rates. “Construction, real estate, hotel, Pg. 12 back then. It came down to 1.8:1 travel tourism may continue to in 2010 and today, 85 per cent of Kamath believes the ongoing feel the pain. I don’t know when ICICI Prudential Equity Savings companies in the 30-share pack disruption is an opportunity to they will come back. Besides, Fund hardly have any debt,” Kamath make a new India. “Opportunities massive balance sheet restruc- The able navigator said. are aplenty, and a country like turing might be required in the India has unending space to financial space,” said the former Pg. 13 Even rising government debt is grow for a minimum period of at chief of the New Development List of ICICI Prudential Funds in Mint Contd. on page 2 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 Advisors/Distributors and should not be circulated to investors/prospective investors. 2 TARAKKI TIMES, JULY 2020 Interview Bank of BRICS countries. good and old players will drive “The correlation between spent a couple of years in that the rebound,” he said. inflation and interest rates broke country, said, “The outcome of Later in an interaction with the long back. Regulators are money spent is visible in China. fund house’s MD & CEO Nimesh Fund managers have to identify a watchful on inflation and may Besides, every single activity is Shah and CIO S Naren, Kamath new set of stocks, which will take appropriate steps whenever seen as a growth enhancer and said fund managers have to drive the market during 2020- required. The financial system the speed of execution is rethink what will deliver growth 2030, Kamath said. should not worry about these remarkable there.” going ahead. “This may not be two high frequency indicators,” the same set of investment He said interest rates are likely to he said. Asked about the good opportunities you had invested remain low going forward things India should learn from its during 2002-2007. A blend of despite higher inflation figures. neighbour China, Kamath, who Central banks, more than fundamentals, driving market rally Money Control | August 03, 2020 We are at the worst point possibly in the economic cycle but not the market cycle, says S Naren S Naren steroids in recent times. What had observed across media Basically, the difference is the ED & CIO is driving the rally? channels that there was a clear world is now flush with money ICICI Prudential Mutual Fund opportunity to invest in equities. unlike at any other time in the Equity markets are being driven Valuations were very cheap and past. Even if there is a problem VatsalaKamat by the accommodative monetary there was panic. It was a clear the markets do not correct. You policy pursued by central banks “value opportunity.” have managed to take down The current market rally not- of developed countries. They interest rates to zero. We are in a withstanding, Sankaran Naren, have reduced interest rates to In fact, the situation was akin to central bank driven stock market. Executive Director & Chief zero and backstopped several when the World Trade Centre One of the risks that every Investment Officer of ICICI credits. This, in turn, has reduced was bombed or Lehman investor should keep in mind is Prudential Asset Management the effective risk-free rate and Brothers went bust. There was that post 2008 stock markets are Company Ltd, feels investors cut the equity risk premium. The uncertainty on whether more controlled by the central banks of should not be over optimistic size of monetary base that these such events would follow. the developed world. If they get about equities and must diversify central banks have created something wrong, the impact their asset allocation. Known to through quantitative easing has As a value investor, you believe in will be on the markets. be a contrarian and value touched a record high after valuation mean reversion. This investor, the alumnus of IIT March. time also, a similar kind of No fund manager will be able to Madras and IIM Kolkata prefers opportunity to invest in equities explain what has happened debt funds, value funds and Put together, zero interest rates, cropped up in March 20. because the markets have kept dynamic asset allocation funds substantial money printing and rallying primarily due to global for now. Speaking to Vatsala guaranteeing of various types of How does it matter when you get central banks rather than Kamat, Naren shares his views credit led to a good rally in global a 40 per cent return in four anything to do with valuation or on interest rates, potential of equities. So, in India too, with months or three years? In effect, economy or companies in some different asset classes, the COVID-19 cases on the rise and a value-investing helped buy in cases. banking sector and the economy. four-month lockdown in 2001, 2008 and now in March Edited excerpts: Mumbai, I don't think anyone 2020 as it looks for low What could go wrong for would have believed that equity valuations and panic as entry markets and investors? Equity markets have been on markets would rally. points in equity. The present situation is rather Being a believer in deep-value How is the present market rally peculiar. The problem is because investing, how do you handle a different from the global we don't have a cycle where we rally like this? financial crisis of 2008 or any have seen zero interest rates for other steep correction seen 10-12 years, and central banks In March when markets fell, we earlier? printing money. Central banks One of the risks that every investor should keep in mind is that post 2008 stock markets are controlled by the central banks of the developed world. If they get something wrong, the impact will be on the markets. Contd. on page 3

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. Interview 3TARAKKI TIMES, JULY 2020 have even been buying stocks in simple reason. The rally in the fund. At that point, we used to We see a few more rate cuts. I some countries. The risk of yellow metal is being fuelled by tell people that it was the best think the actual interest rates significant central bank inter- the negative interest rate cycle of asset class. Today when the US paid by all quality companies vention in markets is not known the developed world central looks over-valued, people want have already come down to the to most of us. banks. In most countries, to invest in that asset class lowest levels seen in the last 20 especially the developed ones, because it had done very well years. Liquid funds have The best way to handle this is to interest rates are negative and over the last eight years. generated low single-digit have a wide diversified asset investment in debt does not yield returns. Therefore, I think there is allocation involving all the asset interest. Currently, gold is the In 2018, we told everyone to limited space for significant rate classes and not be over confi- replacement for AA debt in rest invest in debt mutual funds. Over cuts. dent of what will happen in the of the world. the past two years, debt funds market tomorrow, or in the have delivered very good returns These low rates should give a medium term. This means You are a strong proponent of with the only exception being fillip to the economy. Look at the spread your money across asset following market cycles in those debt schemes which had 2002-04 and 2009-10 cycles. In classes (debt, equity, gold, global investing. In India, where are credit problems. At ICICI most cycles, it is low interest equities), so that you are well various asset classes poised at Prudential, we did not have any rates that trigger the bull run. protected at all points of time. this point in time? credit related problems. As retail loans get cheaper, it Also, taking loan to buy a In the US, equity is in end cycle. Investors, however, preferred pushes people to buy more worthwhile asset class is ok, but The Indian mega-cap (large) equity then. Today they want to goods or a home. Housing loan one should not have excess stocks could be on the same invest in mega-cap funds, liquid can be taken because of low leverage or excess allocation to page as it seems they are linked funds and overnight funds, when rates and gap between housing any single asset class, as the to the US cycle. However, small we are recommending value loan and rental yields have fallen, approach can prove to be risky. and midcaps are in a different funds and debt funds investing in a trend which can lead to revival league. Their end cycle a broader range of debt assets. in demand in areas of the In view of such heady returns in happened in 2017 after which economy. Such buying will have equities, is it time for investors they fell. They are now in the Do you expect a wave of a multiplier effect benefitting the to focus on preservation of accumulation cycle when it is bankruptcies after the economy. capital than returns? best to invest through a moratorium is lifted? What will systematic investment plan, be the impact on banks? What impact will low rates have Absolutely. I think most investors which will give good returns in on various debt fund categories? who want to deploy money today the long run. Listed companies are in a We believe both equity and debt must focus on preservation of comfortable situation. However, delivered returns. Returns in capital. But the challenge is Gold appears to be in end cycle we don't know the problem in the liquid and overnight categories how? Equities have rallied and too. But there can be big unlisted universe. The govern- have already come off. We think gold has risen significantly. You parabolic moves before a cycle ment has, however, come out investors should invest in can preserve capital only by ends. One must keep in mind with a SME guarantee scheme categories focused on moderate following a proper asset that for any asset class in end for unlisted firms, which gives duration and debt funds allocation model. cycle, the uptrend may continue them a lot of breathing space. investing in a broader range of for some time. debt assets. What broad based asset As far as financial companies allocation strategy would you India's residential real estate, in lending to smaller entities is What about credit-risk funds? suggest in the present market most urban parts, is in the bust concerned, there could be some and economic context? cycle. It is an interesting asset problem. However, some of We are very positive on the credit class to look at over the next few them are well capitalised and risk category. The rationale It is difficult to give a straight- years. It has given no returns many of them are raising a lot of being, spreads that an investor forward answer. One should between 2013 and 2020. If it money as capital. So, problems gets in this category are very invest in debt and dynamic asset remains stagnant for another are smaller than what people attractive when compared to allocation funds while following three years, then it would be a think. repo, reverse repo at this point of a value-oriented equity strategy. I decade of hardly any returns. time. strongly recommend investing in What is your view on the debt, dynamic asset allocation Also, to invest in this asset class banking sector? In the absence of spending, be funds and value-oriented funds. one could avail of home loans it retail or capital expenditure, from banks at low interest rates. Our view is that the top five how and when will earnings Then, one could look at non-US If we combine the two factors of banks have a good five-year recovery happen? global equity investing as neither low home loan rates and low opportunity. Though the near- Europe nor Japan has done returns in the past, it makes this term is not clear, the stronger We are at the worst point well so far and as such both sector attractive from a market banks are raising capital. They possibly in the economic cycle currencies Euro and Yen are cycle point of view. perhaps think that with the but not the market cycle. The undervalued. excess capital they will be able to market cycle was at its worst Also, if you have high-interest You are known for your meet the problems at this point point in March. We think over the loans it is meaningful to repay contrarian strategy and in time and emerge stronger next few years, lending will occur them now. We would suggest investing style. Any insights for going forward. at very low rates, which in turn holding on to your investments in investors? will cause the earnings recovery government saving schemes/ The near-term challenge of to take place. provident fund. The characteristic of the course, is low interest rates and contrarian style is that you are credit demand not picking up. What about gold? Where is it considered to be wrong at that headed? point of time but recognised as Will interest rates fall further? right later. For example, way back What about transmission of Gold has done well for one in 2012 we had launched a US rates by banks?

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, JULY 2020 Interview Fundamentally sound stocks are still available at inexpensive valuation Business Standard | July 05, 2020 S Naren get back to normal slowly and next decade. business as usual for fund ED & CIO steadily. Meanwhile, investors houses with good quality ICICI Prudential Mutual Fund should keep a tab on the Will US equities continue to underlying debt paper. Credit as infection trend. rise until the presidential an asset class remains attractive S NAREN, Executive Director and elections are over? due to valuation comfort owing Chief Investment Officer at ICICI Where do you see oppor- to the high spread between Prudential AMC, speaks with tunities in the current market? The US equity market is heading accrual schemes and repo, Puneet Wadhwa about the road towards a bubble with the US which provides a good margin of ahead for the markets, investing In India - and globally - a few large-cap and tech names safety for investments made. strategies in the equity and debt stocks have delivered the bulk of currently transitioning from segment. Edited excerpts: the returns. We believe these boom to a bubble phase. It is very The gap between yield to stocks are meaningfully easy to bring down interest rates maturity of credit funds and the The markets, you said in March, overvalued relative to the market. to zero, but how do you take repo and the reverse repo rates presented a once-in-a-decade Cyclically, it appears these them up is something that the of the Indian market is at its chance to invest for the long stocks are in the end-cycle, world is still thinking about, and widest, signifying that credit term. Leading indices have whereas the rest of the market is that is a challenge at this point. funds are at their lowest surged since then. What is your not. Value, small-, and mid-caps valuation and make it one of the advice to investors now? are in the early stages of the In 2012, US equities were in the most interesting categories to cycle. early stages of the market cycle. invest in a lump sum for the long Investor sentiment in March Unfortunately, investors are now term. When asset classes are at after the market correction was Fundamentally sound stocks are interested in investing in US the bottom of the cycle and that of panic. At the same time, still available at inexpensive funds, which, we believe, is valuation, it is the best time for a equity valuations were cheap valuation, providing good close to the top of the cycle. At lump-sum investment in an and presented a once-in-a- dividend yield and reasonable some point, the US Federal aggressive way. decade opportunity, akin to 2008 earnings visibility. Long-term Reserve will try to cut its and 2001. In the near-to-medium investors looking for lump sum accommodative stance and Where do you see oppor- term, market volatility cannot be investment opportunities can reduce the amount of liquidity. tunities in the debt segment? ruled out owing to geo- consider value funds. Small- and One can then expect a correction political and Covid-19-related mid-cap funds are another across markets, including India. Both the duration and credit offer developments. segment close to its cyclical attractive investment oppor- bottom. This market segment Your sector preference? tunities. For those looking to park The best approach to investing is can deliver outsized returns over money for a short span can through multi-asset, dynamic the long term. Software, pharmaceuticals, consider the liquid-plus and ultra- asset allocation funds/balanced power, telecom, metal, and short category of funds. Since advantage category funds, Will global central banks mining are some sectors we are the yield curve continues to which will be well placed to make continue with their ‘easy overweight on. We remain very remain steep due to high risk the most of opportunities money’ policy? selective in banks and finance, aversion, shortand medium- present across asset classes. and have been underweight on duration funds present an Further, one should continue The equities markets globally the consumer non-durables interesting investment with the existing systematic have done well over the last 1 2 space for a while. After the opportunity. investment plans (SIPS). years, largely due to the role of Covid-19 pandemic, personal Unlocking the economy in a central banks. In the future, there mobility oriented thinking may From a longer-term investment phased manner is a prudent exists a risk of their inability to give a fillip to the auto sector. horizon, investing in dynamic step. This will help the economy control an equity market decline. duration schemes can be The only way to guard against There have been massive considered. Investors, who do this risk is by having adequate outflows in credit funds during not invest in debt mutual funds, exposure to debt mutual funds, April and May. Is the worst are missing a very important and besides gold and equity over? a stable asset class in their exposure governed by asset portfolio. allocation rules. However, no Investors have realised the fund manager can predict when trouble in the debt markets is not this risk can play out over the systemic and it has been When asset classes are at the bottom of the cycle and valuation, it is the best time for a lump-sum investment in an aggressive way.

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. Interview 5TARAKKI TIMES, JULY 2020 Lessons from Naren's investment journey The Economic Times | July 22, 2020 S Naren, chief investment officer to sell? investment theory. So far, it S Naren of ICICI Prudential Mutual Fund, hasn't. My view is if zero interest ED & CIO the country’s third largest asset You don't try to time a sell. rate benefits FANGMAN stocks ICICI Prudential Mutual Fund management company, opens Instead, you try to time a switch. (Facebook, Apple, Google, up about the importance of There are such good indicators. NVIDIA, Microsoft, Amazon and have been very moderate. selling or booking profits . He For example, in 1990s, the Netflix), it must benefit other advises investors to use the Imperial Palace in Tokyo of the things as well. The intuitive thing is you will word ‘switch’ instead of ‘sell’ that Japanese Emperor was worth know when an asset class has will make it easier for them to more than all combined real My thesis is if zero interest rates done very well. So that is why move out of an overheated asset estate in California. It told you remain forever, money will trickle today we struggle to tell people at the right time. Edited that Japanese real estate was into other asset classes like to buy gold simply because gold excerpts: extremely overvalued. Similarly, Japanese equities, cyclical has done too well. We cannot tell in 1999, Infosys NSE -0.41 % was stocks and commodities. people to buy large mega cap Everybody is talking about worth more than the entire stocks today. buying but there's been very market cap of the cement and How much of a role should little discussion about selling. steel sector in 1999. Wipro NSE financial ratios play in selling On the other end, a lot of people 0.34 % was worth more than the decisions in the current worry about credit but we never I have seen bull markets since market cap of the entire cement scenario? worry about credit because most 1992. Looking back from 1997, I and steel sector. In 2007, DLF people are scared at this point. felt that one of the biggest was worth more than the market Many of these ratios have got The gap between yield to mistakes made by investors was cap of the entire pharma sector. distorted by monetary policy. maturity of credit funds and the not selling in 1994-1995. But all Today, for example, FANGMAN Robert Shiller’s CAPE (Cyclically repo, reverse repo rate of the funds are not permanently stocks are worth more than the Adjusted Price to Earnings) is not Indian market is at its highest. closed ended like the one run by GDP of different countries, put working these days. Warren This indicates that credit risk the ultimate investment guru together. The dilemma for an Buffett used market cap to GDP funds are at their lowest Warren Buffett. His investment investor today is how to sell a quite a bit. But, three years ago, valuation making it one of the theory has been to buy very FANGMAN stock, which keeps he said this ratio will not work most interesting categories to carefully, and then never sell. We rising every day. But when you when interest rates are at zero. invest in lump sum for the long all learnt from him that we have start doing this comparison, you We find that switching is a better term. to buy carefully and never sell. will be able to take a more indicator to us than selling in this The lesson we learnt in 1997-98 rational call. world distorted by monetary Similarly, if we add another two was that if we had sold in '94-95, policy. or three more years from now, we would have been very happy. People say Buffett never sells, Mumbai real estate would have There is very little theory which but he buys high quality We believe that the biggest risk gone nowhere for a decade. tells you about the selling businesses cheap. And then he to the entire market over the next After that, Mumbai real estate decision here. has to pay huge capital gains tax. decade will be that if central will start looking interesting. It is That is part of the reason he banks of the Western world lose not possible for everyone to Now, one thing that one of my never sells. even one of all the battles they understand all the financial friends taught me was based on are fighting, all the markets will numbers. So, it is better to use a behavioral problem. You sell Some people say selling has correct substantially. simple logic. part of your holding at Rs 100, become a tricky concept in the another part at Rs 110, another easy monetary policy The only way to guard from this You seem to be focussed on part at Rs 120 and then at Rs 130. framework that started in 2008. risk is by following asset timeframes for switching from Then, if the stock goes to Rs 140, allocation techniques; having one asset class to another. you normally freeze. What he That we will come to know five adequate exposure to debt, gold taught me was never evaluate a years or 10 years later because and equity of all types with no You don't need to do switches sale. He said convert the word monetary policy has completely extra risk taken in any single every month. A lot of people buy ‘sell’ to ‘switch’. He said once distorted investment theory. This asset class. options today and sell that you decide that you are doing a is an issue which I'm also tomorrow. That is pure trading switching decision, you won't debating. My view is if zero How can a retail investor and that is not part of what is realize whether you're made percent interest rate had no implement a switch or a sell what we consider as the money or lost money in that negatives, why was it not effectively? switching framework. If you have decision. Because you should pursued from 1950? Why was it to make money, you have to book never think, “I've sold the stock at pursued only from 2008? Retail investors over a period of profits after an asset class has Rs 130”. You should say, “I have Logically, zero percent interest time can compare market gaps. outperformed significantly. sold the share at around Rs 130 rate and doing quantitative They can intuitively guess what to buy gold, or this bond fund or easing have some negatives, are the things that have gone out this plot of land”. which we are yet to see. Clearly, of favour. Common sense and the person who has assets has financial literacy help. That is It's very difficult for you to made more money. The person why we tell people if there is an understand whether you're done who does not have assets has asset class that has done very a proper switch or not. So, you not made any money. well for a long period of time, have to evaluate a switch. And they should switch out of that once you evaluate the switch We do not have an answer to the asset class. decision, it becomes very, very question whether the monetary easy to actually handle the policy which is pursued by the We have been saying that when decision. central banks of the Western SIPs are done in big bull markets, world has permanently des- they don't deliver good returns. How do you time your decision troyed or completely changed That is why returns from SIPs

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, JULY 2020 Interview Credit risk funds look attractive at this juncture Morningstar | July 28, 2020 Manish Banthia market based). class remains attractive due to management processes Senior Fund Manager valuation comfort owing to the followed has held us in good ICICI Prudential Mutual Fund The other advantage of a model- high spread between accrual stead till date. But, as an industry, driven strategy is that they are at schemes and repo, which the current debt market situation Credit as an asset class remains certain points in time counter- provides a good margin of safety has sharply brought into focus attractive due to valuation cyclical to the market direction for investments made. the importance of robust risk comfort owing to the high and effectively help in managing management practices. Our spread between accrual funds better, especially in terms Your fund house has thus far process of credit due diligence schemes and repo. According to of portfolio sizing. has not faced any challenges which considers both qualitative Manish Banthia, Senior Fund (downgrades/defaults) in and quantitative factors has Manager, ICICI Prudential Mutual Do you reckon now is the time terms of portfolio quality. What helped navigate the credit Fund, this provides a good to add duration to one’s have you done differently when ecosystem for delivering better margin of safety for investments. portfolio? compared to other industry risk-adjusted returns to our peers? investors. Across your fixed income We have been positive on schemes, there has been a duration category since the latter We were one of the early movers With the interest rate on a reasonable exposure to AA part of April 2020. We believe this among the fund houses having decline, many new investors rated papers. What’s your will play out in the near term; so instituted an in-house indepen- may be looking to invest into strategy? is most suitable for funds with dent risk management team debt mutual funds. What are shorter time frames. From a entrusted with overseeing credit the various aspects such an Due to heightened risk aversion, medium-term perspective, we evaluation and approval proce- investor should be mindful select good quality corporate are of the view that one should sses. The Risk Management about? bonds AA names were trading at look at carry on the portfolio for a team is independent of the attractive valuations. Currently, meaningful return. I n v e s t m e n t Te a m a n d t h e Currently, both duration and the Indian economy is getting decision to onboard a credit is credit offer attractive investment into a deleveraging cycle and Credit risk as a category has taken after detailed due diligence opportunities. Since the yield credit growth is likely to remain been the most affected by the and in accordance with Debt curve is steep, short and medium muted. In the absence of credit developments over the past Investment Policy. duration funds present an growth, we expect the prevailing few months. Do you think the interesting investment high spreads to reduce worst is behind us? We were always of the view that opportunity. substantially. So, the move to external credit rating is one of the increase exposure to AA papers From April end till mid-May, the inputs in investment decision, Those looking to invest with a was with an aim to tap into segment saw huge outflows but not the sole determinant in longer-term investment horizon investment opportunities that mainly due to the panic around decision making. Focus on client can consider investing in are available at a high carry over winding up of debt schemes selection and avoiding con- dynamic duration schemes, repo with a reasonable risk- incident. However, investors centration are the two key tenets wherein the fund manager can reward profile. have realized that the trouble in of our credit decision-making invest based on the evolving debt markets is not systemic in which has helped us to keep environment in the debt What is the thought process nature and it has been business away from trouble debt papers, segment. behind such the model-driven as usual for fund houses with thereby aiding our endeavour to fixed income portfolio? good quality underlying debt deliver a positive investment Those with a higher risk appetite paper. experience. can consider investing in the We are of the view that a model- credit space. This space remains driven portfolio helps inculcate From a cyclical point of view, How has the debt fund attractive due to valuation com- an investing discipline that is Indian credit is going through a strategies changed in the wake fort owing to the high spread devoid of individual biases. burst phase. If one invests in this of the recent setbacks faced between accrual schemes and period, we believe it is difficult to within the debt mutual fund repo, which provides a good Our experience with ICICI lose money, making it an universe? margin of safety for investments. Prudential Balanced Advantage opportune time to invest in this Fund and ICICI Prudential All asset class. Credit as an asset At ICICI Prudential AMC, our risk Investors should be mindful of Seasons Bond Fund, both of the fact that the key to better which are model based, is that Indian credit is going through a investment experience lies in the discipline followed has aided burst phase. If one invests in selecting a well-managed fund us to take research calls on the this period, we believe it is that matches one’s goals and basis of certain set parameters difficult to lose money, making risk appetite. To identify such and not be affected by it an opportune time to invest funds requires certain skill sets, sentiments (both individual and in this asset class. which retail investors may not necessarily have. Here, financial advisers play a very important role in the value chain by guiding investors to choose the right funds.

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. Interview 7TARAKKI TIMES, JULY 2020 Webinar - Edited Excerpts August 13, 2020 WHERE IS THE OPPORTUNITY IN DEBT MARKET? Manish Banthia Bijoy Sankar Saikia Amit Bhosale Senior Fund Manager- Editor Head - Risk Management ICICI Prudential Mutual Fund Fixed Income ET Markets ICICI Prudential Mutual Fund Host: Hello everyone. I am Bijoy finds opportunities in debt When it comes to Fixed Income in AA segment and below. As a Sankar Saikia, the Editor of market currently. market, one should watch out for result, the spread between AAA and the host for interest rate as it is the and AA, A part of the market has this webinar. Manish Banthia: Thank you underlying instrument which been pretty large. Bijoy. generates return for investors. Today we have with us two fund For an investor, correction in management team members Debt market largely tends to Post NBFC crises in September interest rates or bond yields from ICICI Prudential Mutual move in line with economic 2018, the financial economic leads to capital appreciation. Fund - Mr. Manish Banthia, cycle, which is one of the factors condition tightened. As a result, This has enabled several bond Senior Fund Manager - Fixed which determine the interest RBI started reducing interest portfolios to deliver good returns Income and Amit Bhosale - Head rate trajectory. Whenever the rates. Since then, the RBI has cut over the past two years. Risk Management. Before we go economy slows down, policy interest rates by almost 3.25%, However, at this point it is any further, there are two points makers such as the Reserve which is very well reflected in important to reflect how much to be highlighted. First, when- Bank of India (RBI) deals with the overnight rate and AAA part of more can the rates be lowered to ever we meet the leadership interest rate tool, while the the curve across maturity boost demand? Is there room for team at ICICI Prudential be it Government deals with the fiscal buckets, which is down by 200- the fiscal policy maneuvering Mr. Nimesh Shah, MD & CEO of policy tool to prop-up growth. At 250 bps. The shorter end of the such the Government can shape the company or Mr. S. Naren, ED any point in time, both these government security curve too the economic growth? & CIO, they have always been tools can act either individually or moved lower by similar very confident about their debt together to help revive the m a g n i t u d e . H o w e v e r, t h i s The current pandemic presents a investments. economy. transmission is yet to take place unique economic situation. The The other interesting fact is and ICICI Prudential AMC have always been very this is on record that unlike other mutual funds which faced confident about their debt investments. problems on the debt side, ICICI Prudential has never faced any Unlike other mutual funds which faced such troubled in their debt portfolio. In fact, just the other problems on the debt side, ICICI Prudential day, Economic Times published a report stating how the market AMC has never faced any such trouble in their is averse to credit risk funds but ICICI Prudential Credit Risk Fund debt portfolio. Bijoy Sankar Saikia has delivered 11% over the last one year. Manish who is with us Editor, ET today manages that fund and will be taking us through where he Contd. on page 8

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. 8 TARAKKI TIMES, JULY 2020 Interview announcement of pandemic compression on AA assets. When it comes to debt induced lockdown and its Also, these assets offer higher investments, the devil is aftereffects sharpened the pace carry compared to AAA always in the details. So, you of slowdown which was ongoing assets. Example: A 2-year AA have to approach it bottom-up. since September 2018. This has asset trades at 6.5%-7.5% further challenged the strength where a 2- year AAA asset Asset Liability Mismatch accidents; people should not of bank balance sheets, which is trades at 4.5%. give up driving all together. There a stumbling block in the rate What this means is the short is speed limit for that very transmission part. Growth, both Ironically, over the last four term asset funding gap. This has reason. globally and in India is likely to be month, investors have been one of the key reasons why gradual. As a result, interest rate increasingly moved towards the a lot of accidents occur. This is where our often articu- is likely to remain low for AAA part of the market due to lated strategy of SLR - Safety, extended period. Furthermore, risk aversion. The opportunity Is AAA really AAA? Liquidity and Return comes in. the current situation is not similar here, as of now, is very limited. to 2008, where a V- shaped The expected return in AAA In the days ahead, we anticipate There was a phase when the recovery was possible. We are segment now is likely to be YTM - a rush for yields as AAA curve investment community as a currently in an economic cycle expenses. Now is the time to has flattened significantly. whole was chasing YTMs, a which is more domestic in nature look towards the longer end of Owing to this rush, the diver- trend we refrained from, as it than international. In effect, the yield curve where there are gence between credit rating and was not worth the risk. while the rates may not go down opportunities for it to flatten. market rates will come to the much, the chase for yields may Alternatively, one can consider fore. What this means is that How does a lay investor look at continue. the AA part of the curve which there will names which may be credit for investment? offers compression possibility. rated AAA but the rates offered We are amidst a deleveraging Both of these provide higher would be very high. This clearly The answer here is the twin cycle both by corporates and carry and stand to gain from indicates that the market is pillars of any investment households. Because of this the compression whenever that implying that the paper does not strategy- client selection and credit creation stops and which takes place. have the characteristics of AAA diversification with a bottom-up is where we start to see the paper. This divergence was approach. spreads in different parts of Host: Thank you Manish for that visible 4-5 years back as well and economy start to compress. detailed explanation. Now we we made a conscious effort to When it comes to debt invest- will be hearing from Mr. Amit shun away from these. ments, the devil is always in the All of these scenarios present Bhosale who will be helping us details. So, you have to approach two opportunities - understand risk and how to Do not chase YTMs (yield to it bottom-up. You cannot out- navigate through the challenges maturity) source due diligence or rely on 1) The shape of the yield curve is in debt mutual fund basket. just rating agencies judgement very steep. Steep yield curve Investors often forget that which is a subjective opinion. means shorter end of the Amit Bhosale: Thank you Bijoy. returns can't exist without com- curve (3 months, 1or 2 years) mensurate risk. The question To sum up, approach debt has come down substantially When it comes to investing, fund managers need to ask is - investment like test cricket. while longer end (7,10 or 12 along with opportunities comes are we taking risk which inves- There is no pressure to hit sixers years) continues to be very threats. While there is tors really want to underwrite? and fours. Know which balls to high. If an investor invests in a opportunity in the AA space, An unfortunate development in a leave or play, and how you wish longer end of the curve, for there are risks as well. However, peer group fund house should to hit them. him the carry opportunity it is important to understand not scare away investors from compared to the short end of where is risk and how does one credit risk funds. The analogy the curve is larger. mitigate that? here is just because there are 2) The other opportunity lies in Over the past 2 years, debt AA space. Owing to the markets have witnessed several prevailing systemic liquidity accidents. There are three broad coupled with deleveraging trends one has to be mindful of in cycle, there is room for spread order to avoid credit events. Growth, both globally and in India is likely to be gradual. As a result, interest rate is likely to remain low for extended period. Furthermore, the current situation is not similar to 2008, where a V- shaped recovery was possible. We are currently in an economic cycle which is more domestic in nature than international.

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. Interview 9TARAKKI TIMES, JULY 2020 अ छे शेयर महंगे मू यांकन पर उपल ध िबजनेस टडड | 05 जुलाई, 2020 ,l- ujsu धारणा भािवत हई थी। साथ ही, इि वटी शानदार ितफल िदया ह।ै हमारा मानना है िक इसम क ीय बक का बड़ा योगदान रहा ह।ै bZMh vkSsj lhvkbZvks मू यांकन स ता था और उसने 2008 और ये शये र बाजार के मकु ाबले यादा वै यू वाले भिव य म, पंजू ी बाजार क िगरावट को vkbZlhvkbZlhvkbZ 2001 क तरह दशक म एक बार जैसा अवसर ह। च य तौर पर, ऐसा लग रहा है िक ये शये र िनयंि त करने क इनक िवफलता का जोिखम izwMsaf'k;y E;wpqvy QaM पेश िकया। अ पाविध से म याविध म, भ-ू अिं तम च म ह जबिक शषे बाजार के मामले बना हआ ह।ै इस जोिखम से बचने का एकमा राजनीितक और कोिवड-19 से संबंिधत म ऐसा नह ह।ै वै य,ू मॉल, और िमड-कै प रा ता सोने और इि वटी िनवशे के साथ साथ बीएस बातचीत घटना म क वजह से बाजार म अिनि तता से च यता के शु आती चरण म ह। बिु नयादी डेट यचु अु ल फं ड के िलए पया िनवेश करना इनकार नह िकया जा सकता। िनवशे का े आधार पर मजबतू शये र अभी भी महगं े ह।ै हालांिक फं ड बंधन इसका अनमु ान नह आईसीआईसीआई डू िशयल एएमसी के ि कोण म टी-ऐसेट, डायनिे मक ऐसटे मू यांकन पर मौजदू ह और अ छा लाभांश लगा सकते िक अगले दशक के दौरान यह कायकारी िनदशे क एवं िनवेश अिधकारी एस फं ड /बैल ड एडवांटेज कै िटगरी फं ड के ज रये ितफल तथा मजबतू आय संभावना महु यै ा जोिखम कब दरू हो सकता ह।ै नरेन ने पनु ीत वाधवा के साथ बातचीत म पैसा लगाना ह,ै जो सभी प रसंपि वग म करा रहे ह। एकमु त िनवशे अवसर पर िवचार बाजार क आगामी राह, इि वटी और डेट मौजदू ा यादातर अवसर के िलहाज से करने वाले दीघाविध िनवशे क वै यू फं ड पर आपके पसदं ीदा े कौन से ह? सगे मट म िनवेश रणनीितय आिद के बारे म उपयु होगा। इसके अलावा आपको मौजदू ा यान दे सकते ह। िव तार से बताया। पेश ह उनसे हई बातचीत के एसआईपी के साथ बने रहना चािहए। सॉ टवेयर, फामा यिु टक स, िबजली, मु य अशं : या वैि क क ीय बक अपनी 'आसान दरू संचार, धातु और खनन ऐसे कु छ मखु े मौजूदा बाजार म आप अवसर कहां देख पंूजी' नीित पर कायम रहगे? ह िजन पर हम सकारा मक बने हए ह। बाजार ने माच म दीघाविध िनवेश के िलए रहे ह? अ छा मौका पेश िकया था। मुख विै क प से इि वटी बाजार ने िपछले 12 सचू कांक तब से तेजी से चढ़े ह। िनवेशक भारत म- और वैि क प से कु छ शये र ने वष के दौरान अ छा दशन िकया है और के िलए अब आपक या सलाह है? िनवेश का े ि कोण म टी-ऐसेट, डायनेिमक ऐसेट फं ड /बैल ड एडवांटेज कै िटगरी फं ड के ज रये पैसा लगाना है, जो सभी प रसपं ि वग म मौजूदा यादातर अवसर के िलहाज से उपयु होगा। इसके अलावा आपको मौजूदा एसआईपी के साथ बने रहना चािहए। बाजार म िगरावट के बाद माच म िनवेशक सॉ टवेयर, फामा युिटक स, िबजली, दूरसचं ार, धातु और खनन ऐसे कु छ मुख े ह िजन पर हम सकारा मक बने हए ह।

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. 10 TARAKKI TIMES, JULY 2020 Tarakki Corner Your YTouar TraarakkkikCoirnCer orner TARAKKI SUCCESS STORY Abhijit Sawant AbhiGanesh Financial Planners Pvt Ltd., Margao Imparting knowledge is the way forward for Abhijit Sawant The general public's lack of understanding when it comes to financial products and financial planning is what drove Abhijit Sawant to be a financial advisor. However the path has not been an easy one. Starting with explaining how savings and investing is not the same to explaining that making investments on one's behalf is not a chartered accountant's job, Abhijit has come a long way. Post his graduation, the inability to complete chartered accountancy led Abhijit to take up his Master's degree in financial services from Goa University. It is at that time he realised the rampant lack of financial understanding even about the basics among insurance agents like himself. After carefully observing the market conditions and the gaps in knowledge prevailing in the market, he took financial advisory as a full-time profession. One of the earliest observations on his journey as a financial advisor was the lack of mutual fund being considered as an investment product. He decided to address this concern and started working on explaining the basic about the product among masses. He believes the word 'guarantee' is of great importance to an investor. Hence, it is relatively easier to sell an insurance product as compared to a mutual fund product. None the less, he developed concepts in order to improve stock market related understanding among the masses. He tirelessly reached out to the masses and explained how one can bean investor in a company instead of being just being its consumer. And that approach has proved to be the holy grail thus far i.e. to not sell the product but simply explain the concepts. According to him, reaching out to newer clients has never been much of a challenge since the penetration rates are abysmally low and the country as a whole offers a huge market. Over the past decades, for the purpose of spreading financial literacy, he has interacted with human resource, finance heads of various companies, bank staff, members of public works department etc. Currently, he has close to `120 crores worth of assets under advisory, and offers comprehensive financial planning including term insurance policy, mediclaim advisory amongst others. On his crusade to improve financial literacy, he derives immense satisfaction when he gets an opportunity to help a client achieve his financial goals. He is of the view that an investor tends to becomes disciplined once they receive guidance in a positive direction. Patience, to him has been the key driving force in this journey. Given the uncertain times owing to Coronavirus related developments, he believes technology has emerged as a key enabler in guiding his clients through their respective financial plan. ARN - 37997

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. Tarakki Corner 11TARAKKI TIMES, JULY 2020 Your YTouar TraarakkkikCoirnCer orner TARAKKI SUCCESS STORY Chandrakant Amritkar Amritkar Insurance and Financial Services, Aurangabad Working way through being authentic Chandrakant Amritkar started his journey in the personal finance space through his association with the insurance industry since 1986. Thereafter, with UTI he entered the mutual fund market and gradually expanded into services too. As the business and the offerings were expanding, he started cold canvasing, his existing set of investors on mutual funds and why one should consider making long term investments through these investment vehicles. As the journey progressed, referrals came by amongst several other things. Having been a part of the industry for over three decades, his clients repose a strong sense of faith in him. As a result, the entire process of on boarding a client becomes very easy. At the same time, he had challenging times too which came in the form of periods of unsatisfactory returns. However, through his calm demeanour Chandrakant has managed to overcome each of those challenges and has always aimed at getting back to work with much greater enthusiasm. Based in Aurangabad, Chandrakant manages clients in and around the city, and mutual funds is one of the evergreen and omnipresent suggestions as far as wealth creation is concerned. Currently, he manages `218 crores plus worth of assets and offers life insurance, mutual funds, and company deposits, among others. The customer base currently is a healthy mix of HNIs and retail, which he believes helps provide stability to the business. Apart from these, he spends a considerable amount of time in conducting workshops and awareness programmes for spreading knowledge regarding mutual funds. For this purpose, he has a dedicated conference room within the office premise to hold such gatherings. These interactions, according to him, play a vital role in providing correct information to potential clients. When it comes to customer service, over the years, what he has learned, believed, and followed at work is to ensure authenticity i.e. to provide trustworthy services. The motto that he and his team have rigorously followed is to provide outstanding after sales experience, which is largely through investor meets and other activities. This approach has helped them to attract several new customers as well. Given the volatile times right now, or even otherwise, his advice to his clients has always been to first understand what's causing market turbulence. He believes that once the COVID-19 situation improves, things will gradually return to normalcy. ARN - 1847

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. 12 TARAKKI TIMES, JULY 2020 Fund Review ICICI Prudential Equity Savings Fund The able navigator Mutual Fund Insight | August 2020 Regular Direct The fund boosts its returns and contains the downside by altering its equity allocation as per the prevailing Expense Ratio (%) market conditions Direct 0.70 1.02 MAX Launched in 2014, this fund ranks The debt portion is mainly made up of FUND MEDIAN 1.77 among the better and bigger funds in AA+ bonds and term deposits. The MIN the category. Owing to its consistent fund has steadily increased exposure performance, the fund has been able to the medium-grade bonds while 0.17 to retain its good ratings. exiting the top-rated ones, but it hasn’t gone below those rated AA-. Regular Management style Like many other funds in this category, MIN 1.36 2.16 MAX As per its stated asset allocation, the the duration in this fund is dynamically FUND MEDIAN net (unhedged) equity allocation can managed. Since its start, the fund’s vary in a wide range of 15-50 per cent. average maturity has shuffled bet- 1.36 2.56 The fund does make use of flexibility ween eight years to less than one year. Data as of May 2020 and the asset allocation is managed fairly dynamically. In the last five years, Performance and expenses Fund vs Category the net equity allocation has touched a low of 15 per cent but also gone up to The fund’s methodical approach to Since February 2018, the fund has 48 per cent. lower the net equity allocation with stayed ahead of the category. every rise in the market has helped it As the equity market ticks up, the fund contain the downside better than its 12% Fund Category Average pares down the net equity exposure, peers over short periods. Barring the and as and when a sharp correction recent market fall after the announce- 9 occurs, it re-deploys swiftly. This ment of lockdown, the fund has approach has worked well for the fund. generally fallen less than the category 6 It ensures that by the time the market in most three-month periods. But that peaks out, the fund’s net equity hasn’t come at the cost of perfor- 3 allocation is already trending in lower mance over a medium term of three ranges. As a result, it has been able to years. 0 protect the downside better than peers while beating them over longer Its low expense ratio adds further to its -3 Apr 2020 time frames. appeal. The expense ratio of the Dec 2017 regular plan (1.36 per cent) is currently It doesn’t have a style bias while the lowest in the category, while the Based on 3Y rolling returns picking stocks. However, some degree direct plan (0.70 per cent) is also of value orientation, which the equity amongst the cheapest. In categories Asset Allocation franchise at ICICI Prudential Mutual which have a moderate return profile, Fund very closely aligns with, is visible such as this one, expenses do make a Since September 2018, the fund has in its over-weight positions in the difference. cut its arbitrage exposure and raised its energy sector and select telecom equity exposure. picks. Fund Managers 60 % of AUM Arbitrage Debt & Equity Cash 50 40 30 In terms of spread across market- cap • Kayzad Eghlim since Apr-17 segments, the fund’s equity allocation • Manish Banthia since Nov-14 20 resembles a true multi-cap portfolio. • Prakash Gaurav Goel since Oct-17 Of late, some of the largecap • Sankaran Naren since Nov-14 10 investments have made way for May 2015 smaller stocks. May 2020

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. Fund Review 13TARAKKI TIMES, JULY 2020 mint List of ICICI Prudential Funds in Mint 50BEST FUNDS Mint | July 2020 FUND CORE 3-year return (%) 5-year return (%) 10-year return (%) Corpus (Rs cr) EQUITY-LARGE CAP ICICI Prudential Bluechip Fund 2.70 6.56 10.33 22,881 INTERNATIONAL ICICI Prudential Global Stable Equity Fund 7.00 6.49 NA 87 ICICI Prudential US Bluechip Equity Fund 17.01 13.15 NA 692 FUND CORE Corpus (Rs cr) DEBT-ORIENTED 1-year return (%) 3-year return (%) 5-year return (%) CORPORATE BOND 11.48 8.51 8.67 15,799 ICICI Prudential Corporate Bond Fund ETW Funds 100 List of ICICI Prudential Funds in the Economic Times Wealth ET Wealth | July 2020 FUND Value Research Returns (%) Fund Rating 6-month 1-year EQUITY: LARGE CAP ICICI Prudential Bluechip Fund 3-month 3-year 5-year HYBRID: EQUITY SAVINGS 5.50 ICICI Prudential Equity Savings Fund 16.27 -13.79 -7.94 1.61 6.44 HYBRID: AGGRESIVE 5.85 ICICI Prudential Equity & Debt Fund 6.80 -6.12 -0.57 4.07 8.59 HYBRID: CONSERVATIVE 8.98 ICICI Prudential Regular Savings Fund 9.95 -12.84 -7.88 0.96 9.99 DEBT: MEDIUM- TO LONG-TERM 8.75 ICICI Prudential Bond Fund 6.15 1.44 6.50 6.44 DEBT: DYNAMIC BOND ICICI Prudential All Seasons Bond Fund 7.05 8.52 12.98 8.37 DEBT: CORPORATE BOND ICICI Prudential Corporate Bond Fund 5.89 8.32 11.93 8.22 5.86 7.15 11.64 8.63

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. 14 TARAKKI TIMES, JULY 2020 Fund Review List of ICICI Prudential Funds in Star Track Mutual Fund HBL | July 2020 Scheme Name BL Rating Trailling Returns (%) 5 Year CAGR YTD Absolute 1 Year CAGR 3 Year CAGR ICICI Prudential Bluechip Fund -11.6 -7.5 2.0 5.5 ICICI Prudential Large & Mid Cap Fund -14.1 -12.2 -2.3 3.9 ICICI Prudential Multicap Fund -16.1 -14.5 -1.2 3.8 ICICI Prudential Midcap Fund -13.5 -12.4 -3.5 2.1 ICICI Prudential Smallcap Fund -15.5 -12.7 -6.0 0.7 ICICI Prudential Focused Equity Fund 1.4 -1.6 2.6 4.9 ICICI Prudential Value Discovery Fund -1.5 -3.6 1.1 3.6 ICICI Prudential Long Term Equity Fund -12.7 -9.8 1.4 4.4 (Tax Saving) -10.8 -12.1 -6.2 2.6 ICICI Prudential Dividend Yield Equity Fund ICICI Prudential FMCG Fund -2.6 2.1 4.3 8.4 ICICI Prudential Infrastructure Fund -20.4 -22.4 -7.2 -1.8 ICICI Prudential Banking & Financial Services -29.7 -27.6 -5.8 4.6 ICICI Prudential Technology Fund 9.9 7.0 16.6 10.0 ICICI Prudential P.H.D Fund 31.9 38.4 - - ICICI Prudential Equity & Debt Fund -11.0 -8.0 1.1 5.8 ICICI Prudential Equity Savings Fund -4.8 -0.6 4.1 6.4 ICICI Prudential Ultra Short Term Fund 4.0 7.7 7.5 8.1 ICICI Prudential Savings Fund 5.4 9.1 8.1 8.3 ICICI Prudential Money Market Fund 4.3 7.6 7.6 7.6 ICICI Prudential Short Term Fund 7.4 11.3 8.2 8.8 ICICI Prudential Medium Term Bond Fund 5.9 10.5 7.3 8.2 ICICI Prudential Bond Fund 8.7 12.8 8.4 9.0 ICICI Prudential Long Term Bond Fund 8.8 9.8 9.0 10.1 ICICI Prudential All Seasons Bond Fund 8.3 11.7 8.2 10.0 ICICI Prudential Corporate Bond Fund 7.5 11.5 8.6 8.8 ICICI Prudential Credit Risk Fund 5.5 10.1 8.0 8.4 ICICI Prudential Banking & PSU Debt Fund 6.3 9.8 7.8 8.9 ICICI Prudential Gilt Fund 10.5 12.3 8.5 10.3 ICICI Prudential Regular Savings Fund 2.0 6.5 6.5 8.6 ICICI Prudential Balanced Advantage Fund -5.0 0.6 4.8 6.7 ICICI Prudential Child Care Fund (Gift Plan) -9.3 -8.0 1.2 4.8 Source: NAV India; NAV for the growth option as on 17-07-2020. 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.

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