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Tarakki Times English March 2019

Published by tarakkitimes, 2019-05-03 01:46:12

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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 MUTUAL FUND MEDIA VIEWS Professional Views MUMBAI | MARCH 2019 | PAGES 15 Pg. 3 Midcaps, smallcaps The Mutual Fund Show fairly valued Why Nimesh Shah has S Naren, ED & CIO a boring portfolio ICICI Prudential Mutual Fund BloombergQuint| March 02, 2019 Awards Pg. 6 Nimesh Shah An ideal asset manager, Shah midcaps. When there is a two- The Business Today - MD & CEO said, also needs to have enough year negative return on mid-cap Money Today Financial Services ICICI Prudential Mutual Fund security of a good quality SIPs, some SIPs will stop. People Awards company as guarantee so that who are not comfortable with it, Tarakki Insights For Nimesh Shah, this is the corporate or promoter debt they should stop. I am not seeing Pg. 7 season for “boring portfolios”- issues-such as promoter those signals coming. If you see How to Sell without Selling not chasing spectacular returns standstills-won’t hurt. “Funds in last three-four months, the Shweta Jain, Founder & CEO but picking stocks that are less faltered in some of the worst number is steady. It is around Rs volatile. The verdict of the cases in the industry because of 8,100 crore to 8,200 crore. The Investography Pvt. Ltd. general election in May-end will their high exposure to a single growth has stopped but it has be the biggest risk for debt and security.” not started coming down. Even if Tarakki Talk Series mutual funds alike, according to it comes down, I will not be extra Pg. 8 the Managing Director and Chief Here’s the edited transcript worried because flows will slow Tarakki Talk Executive Officer of ICICI from the interview: down when a one-year return is Nisreen Mamaji , Founder Prudential Asset Management negative, which is normal. Today Company. “ICICI Prudential AMC There are comparisons being one-year return is not that great. MoneyWorks Financial Advisors is looking to make its portfolios made of how the flows used to It is good that people think or re- as boring as possible to be less be in equity mutual funds and think. In euphoria, people always Tarakki Corner impacted by any uncertainty that mutual funds at large in 2017 make bad financial decisions. In Pg. 9 may arise around elections.” and 2018 too, compared to this kind of environment, people Mohit Handoo what is happening right now. are rethinking which is good. Diversification is the only way to Should an investor be worried? They are taking assessment that Wealth Engineers mitigate risk, Shah said on mutual funds are subject to BloombergQuint’s weekly Nimesh Shah: If you see the market risk. Fund Review series, The Mutual Fund Show. flows in last 10 years, till May Pg. 10 “If funds don’t want any risk, then 2014 whatever you do, the flows December data show that the ICICI Prudential Multicap Fund all investments should be only in were negative. From August SIP registration came off but Healthy risk-return profile government papers.” 2009 to May 2014 till April 2014, also SIP closures picked up. the mutual fund flows were What could be the reasons for Pg. 11 Mutual funds’ investments in negative. In those times, the the same? debt triggered concerns after markets went up and down. ICICI Prudential Bluechip Fund defaults by ‘AAA’-rated Infras- There was a phase where when Nimesh Shah: Mid-caps SIPs’ Fund invests predominantly in tructure Leasing and Financial foreigners would get money, two-year returns are negative. If large-cap stocks Services Ltd. market could go up and when people are re-thinking, it is a foreigners would take out good sense for people to take Pg. 12 An asset management company money, markets go down. In whether they want to continue must provide for any liquidity risk 2018, foreigners have taken $2 with mid-cap SIPs or not. They ICICI Prudential Regular Savings that may arise, Shah said, adding billion and there is no impact on are getting more units with same Fund that it can be realised with a markets because there was a money now. It is like I came in an For a steady stream of income lower concentration of investors counter lobby which was buying expensive market, when market and distributors. India’s second- it out. Mutual funds gave a lot of became cheaper, I am getting Pg. 13 largest asset manager has an stability. more units for same money and exposure of less than 3 percent then I will stop it. So, it is counter List of ICICI Prudential Funds to securities rated lower than ‘AA’ One year earlier, I had said red to intuitive to do it. But people in Mint to curb risk. “Larger AMCs with midcaps. But the maximum should do their risk assessment SIP Top UP better risk practices won’t number of inflows which used to themselves. I can’t do it for encounter shocks because of happen at that time was in everybody as I don’t know their Pg. 14 any credit-related issue.” ETW Funds 100 Systematic Investment Plans Pg. 15 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, MARCH 2019 Interview allocation. If you have got 15 after three years there was clear? AAA, we can see there is risk. percent of money towards problem in that company. So, if The risk will increase if you go midcaps, you will continue. But if we tell them give the money Nimesh Shah: Mutual fund is lower the yield curve. AA, the risk you are a primary investor and tomorrow, if we do that, we will not only about equity investing. is more than AAA. Single A, the you have started investing. So, never get the money. It is better Worldwide, it is about debt risk is more than AA. The only there is no one advice which you to work with the company at that investing. Debt investing is much way to ensure that the risk is can give people. It depends on time and find a mutually- bigger than equity investing. In managed in credit risk fund is, how much allocation you have agreeable solution. It is in India, huge money is sitting in you will do credit check and done towards midcap, large cap, investors’ interest that you work debt products. Equity investing assuming the fund house is and how much overall allocation out a solution at that point of is not even 10 percent of debt doing it, one essential thing for to equity. If somebody is coming time. That’s what bankers do. investing. So, we want to investor is that the fund is fresh and investing in mid-cap You have to work with those encourage people to invest in diversified. The concentration SIP and not anything else, then I companies over a period of time debt funds and that is why lot of risk should not be there in a debt would say you have only got and make sure that the money communication is necessary. We fund. That is very important midcap and why don’t you go for comes back. In Jindal Steel and are much better off in our equity when you go lower in risk. large-cap SIP. I may not ask him Power Ltd., we have decreased communication than what we to remove but switch to large- the valuation. When it was rated were five to 10 years back. We JP Morgan Mutual Fund had cap SIP. down to ‘D’, my Rs 100 was are essentially much more Amtek Auto Ltd. Out of Rs 100, valued in my book as Rs 67. competitive than traditional Rs 84 were eventually paid. So, Would the recency bias hurt the 15 percent was going bad. debt funds? The liquidity is not only in Suppose 25 percent goes bad. In asset side, you should 3 percent of my portfolio, 75 Nimesh Shah: There was a understand the liability side basis points go away. Instead of ‘AAA’-rated company which went too. When we look at liquidity getting a return of 10 percent, we to D in this country. Mutual funds in fund, know what my get a return of 9.25 percent. So, have only Rs 3,000 crore - Rs vulnerable assets are. We that is the difference. In JP 4,000 crore of exposure in it. Till assume all the assets are Morgan, the exposure was 14-15 date, no TV channel has vulnerable. There is lot of percent which created a complimented mutual fund diagnostics which happen on problem. If you do not have industry on it. One lakh crore liability side. We don’t allow concentration risk, it is not an balance sheet goes into question concentration of distributor issue. If out of Rs 100, you have mark and out of top five mutual and investor to happen. given Rs 3, having challenges on funds in the country, four don’t the credit side is normal risk of have it. Slowly, the valuation is coming instruments because we work life. The only way we can avoid back. The Rs 67 today may be Rs on a very small margin. The that challenge is by diversifying In last 20 years, we didn’t have a 94-95 and the repayments have margin charged to customer is and concentrating not single case of derail. When we been happening. There has not 1.6-1.7 percent in credit risk concentration risk. buy equity stocks, not all 40 been a single day delay in that fund. So, retail potential of debt stocks go up. Some go up and company. But there were some funds is 10 times bigger than the What about the questions some go down. For debt funds, 40 media headlines which we retail potential of equity funds. around liquidity of paper being there can be times when we buy h a v e t o a n s w e r. We a r e held by funds? ‘AA’ company which can become managing public money and we Would you believe that there ‘AAA’ and there can be times are answerable. It is not could be certain schemes or Nimesh Shah: The liquidity is when we buy a ‘AA’ debenture abnormal that when you give houses which could have risk not only in asset side, you should and it will become ‘A’ also. Crisil money to ‘A+’ or ‘AA-’ company, because they are not well understand the liability side too. comes out with data of upgrades then you have to resolve the diversified? Would you believe When we look at liquidity in fund, to downgrades ratio. issues. that the industry at large is know what my vulnerable assets insulated from any kind of are. We assume all the assets are If, as an AMC, ICICI Prudential Investors who invest in liquidity risk in portfolios it vulnerable. There is lot of has bought the bonds, so what balanced funds and credit risk has? diagnostics which happen on percentage of bonds have funds believe that this is liability side. We don’t allow upgraded and downgraded. slightly better return-giving Nimesh Shah: In credit risk fund, concentration of distributor and Upgrading and downgrading is instrument compared to my when you invest in less than AAA investor to happen. normal course of life. The minute fixed deposit and let me put it or even AAA, then there is some you say that company is ‘AA’ and here as it is 100 percent safe. Do probability of delays and Then there is another comfort not ‘AAA’, then there is some you think that messaging is defaults. Even when we invest in whether it is completed three probability of default. A single ‘A’ years or not. For taking tax company has got more advantage, you need three years. probability of default than ‘AA’. Vulnerable assets start from ‘AA’ has got more probability of three years. Then there is a exit default than ‘AAA’. Otherwise, load, taxation, diversification of we should invest all our money distributor, diversification by with Government of India if you investors. Those are parameters don’t want risk. If you invest in a from where I can know how credit risk fund, there can be much money can go out of fund. issues which have to be To that extent, I will have liquid resolved. assets in my portfolio. SEBI allows 20 percent of portfolio We had a company in steel where I can do borrowings. sector. In first three years, the There are various avenues steel sector will have a problem. available where I can keep If I give money for five years, sufficient liquidity. Contd. on page 5

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, MARCH 2019 Midcaps, smallcaps fairly valued ET Markets | March 07, 2019 Largecap is generally a more defensive theme, says CIO of ICICI Prudential AMC. In a conversation with like that. Once oil has corrected, mega caps look slightly S Naren, S Naren, we are in a framework, but if you overvalued and there are a ED & CIO Executive Director and Chief ask me we are very comfortable number of largecaps which are ICICI Prudential Mutual Fund Investment Officer at ICICI with credit as a category, accrual cheap also at this point of time. Prudential Asset Management as a category, along with the earnings growth. I think next year says he believes PSUs as a pack equities. In equities, there were Any particular sector which will be a very good year for is cheap. Naren, who helps times when we used to be looks really overvalued? earnings. FY20 would be very oversee around Rs. 3.2 lakh crore negative on small and midcaps, good year for earnings that is our of assets, is of the view that but right now we are positive on S Naren: See, we have been view. I think more than 20% to earnings are due for a strong almost all the categories. believing that consumer pack is 30% earnings growth we expect rebound in fiscal year 2020. overvalued for quite some time, in largecap indexin 2020. I think Edited excerpts: Smallcap and midcap stocks but it hasn’t worked. While we earnings is due for a good have seen a significant rebound have been saying it for the past rebound. Mutual fund inflows have in the last few sessions. Do you two years or three years, frankly slowed down off late, we have think it is a temporary thing or consumer pack has never What is the basis of this seen equity inflows fall to two- do you think it is here to stay in corrected meaningfully. earnings rebound? year low. How does it impact the run up to elections? you? I think PSUs as a pack has been S Naren: The market repair, the S Naren: See, that is very very cheap and it has corrected e c o n o m y r e p a i r, t h e n o n - S Naren: Our view has been that difficult to say, but we have been very meaningfully. That is the performing loan repair -- all those the best type of inflow is the SIP recommending five-year SIP for kind of situation we are in and things have happened. So, now and STP and that flow has all investors in small and barring the consumer pack and a we are in a phase where earnings continued and that is the best midcaps. Since Diwali we have few quality stocks I think the rest growth is something which is type of inflow if you look at the been continuously doing of the market of fairly valued. just about to come. mutual fund industry. If you look campaigns on that saying that at our five-year SIP from here, I please invest in SIPs in mid and You spoke about PSU pack, What impact do you think think it is one of the best smallcaps over the next five apart from Bharat 22 have you different election scenarios can products to invest in. So I think as years. So do we think that there meaningfully deployed funds have on the Indian stock long as the SIP remains a big part will be volatility this year? The into state-run companies’ markets and why, what are the of the inflow we would be pretty answer is yes. Are we at a time stocks? different scenarios you think happy. SIPs have grown when we are worried about mid we can see, and what will be significantly over the last few and smallcap valuations? The S Naren: We have big holdings their likely impact on the stock years. They have been growing. answer is no. Can mid and in many of the select PSUs. We market? And we would be even smallcaps become undervalued pick PSUs where the outlook for comfortable if the quantum of at some point of time? It is the next five years looks good. S Naren: No fund manager has SIPs remains at this kind of level, possible. They are now fairly These stocks are all trading at any clarity on elections or how but it is very important that valued. So that is the kind of single-digit price-to-earnings markets respond to elections people do not stop SIPs when situation. with dividend yields of more than etc. So, our view is that India is a the markets are down, that is our 4-5% and we think that kind of a good growth story and from a hope and I hope the investors Is Nifty a correct benchmark to segment is something for us to long-term view India is an stay with that. play the India story at this point look at. There are no sector attractive market. Is the market or do you think that there is biases, in fact, it is non sectoral. dirt cheap like what it was in Do you fear that investors some sort of a decoupling in We would like to look at all the 2013-2014? The answer is no. could stop SIPs as we draw that sense? sectors, we are not looking at So, clearly we are not seeing as closer to elections? only financials. attractive market as it was in S Naren: See, our view is that 2013-2014. So, from our point of S Naren: We do not fear, but largecap is generally a more Have you added PSUs in your view what we also do is we what we always have to keep defensive theme, but if you are portfolio off late? recommend funds which are stating that because end of the asking me what is the way which more defensive compared to the day what we want to explain is I prefer personally over the next S Naren: Yes, certainly I think we funds we would have that SIPs are the best products in five, 10, 20 years it would be out would have our highest holding recommended in 2013-2014 the investment market provided of a 500-stock index kind of of PSUs in the last three to four because we are in a different you invest when the markets are portfolio because if you look at it years. phase in the market. volatile and not only when the even globally it is the 500-stock markets are up. portfolio, which has actually Talking of earnings, they have But you have seen many been most favoured, no one talks still not really caught up the What theme do you think is the of Dow Jones, everyone talks of way people wanted and best play in the Indian market S&P 500. downgrades are still at this point of time and why? continuing. So, when do you Do you think largecaps are think we can see a concrete S Naren: See frankly, till oil fairly valued at this point of earnings recovery in earnings? corrected we were worried time? about themes which required a S Naren: If you see sectors such lot of borrowing costs and things S Naren: I would say some of the as financials, they are seeing

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, MARCH 2019 Interview election cycles. So, what are you very good opportunities. On CASA franchise These are the positive on sectors which have your thoughts? the equity side we are much two things that we look at not done well like telecom. So more positive in favour of banks because, we think that banks these are some of the sectors S Naren: We are in the middle of vis-à-vis NBFCs at this point of who have a very good CASA where I would say we have a the road in the election cycle this time. So the view is mixed and franchise have a very very good meaningful position. year if you ask me because debt we are reasonably positive long term outlook. valuations are not cheap, the based on specific work that we You mentioned healthcare but positioning is not very very have done in each NBFC so itis What are your thoughts on healthcare has been reeling negative towards equities. rather more specific than defensive place, particularly IT under pressure for the last two- individual. In the case of equity where we have seen decent three years. Sentiment towards credit has we have been underweight rally for the year to date? been negative and I think there there. S Naren: So frankly, as a clearly the opportunity is much S Naren: In IT, we moved to an framework we like sectors which more immediate. In the case of Has it called for more due underweight position but now have done badly where the equity, we believe that middle of diligence than before? after the recent rally, it has outlook is good for the long term the road funds which are hybrid underperformed meaningfully. rather than sectors which have kind of funds where you look at S Naren: We have always Now, in the last few weeks again done very well and are asset allocation kind of funds -- believed in it. We have always it has underperformed continuing to do well. they are the best kind of been careful. We have done our meaningfully so we are looking categories at this point of time So do you think it is a good time other than SIPs. Sentiment towards credit has for investors to pick up pharma been negative and I think space? Of late are you seeing more there clearly the opportunity fund inflows towards your is much more immediate. In S Naren: Yes with a long-term midcap and small cap schemes the case of equity, we believe view I think it is a very interesting for the last few days? that middle of the road funds sector at this point of time. As which are hybrid kind of funds India ages, more and more S Naren: Nothing like that. We where you look at asset money will be spent on pharma have been marketing SIPs in the allocation kind of funds -- and that will help. last four-five months, we will they are the best kind of continue to market SIPs, we think categories at this point of Which sectors are you clearly that is a way to invest. time other than SIPs. avoiding, clearly staying away from? What do you think the market is own work on all the NBFCs. whether to go from some of the already discounting in terms of Historically, we believe that if winners in the IT pack. S Naren: Right now, we are not election results any thoughts there is any sector where growth in that camp because we are no there? is just too much you have to be a Apart from banks that we longer in the euphoria kind of bit more cautious that is our spoke about, which sectors are situation. There is no euphoria in S Naren: Election is not broad view. Similarly, any area you overweight currently and the market. So, if there is something I have a mandate to where there is no growth, you why? euphoria, we will be negative on talk about, I believe that we are in have to be much more positive something. If you look back at the middle in everything at this that is our basic principle. On that S Naren: If you look at our our interviews a year back, we point of time. In equity we are in principle that is why we have portfolio, we are overweight used to be pretty negative on the middle, in debt we are very moved to more cautious power utilities because we think small and midcap. But now we very positive. products within equity and we that the power utility sector has are broadly neutral on all the have been cautious on NBFCs seen 10 years of no growth. We equity segments. Recently we saw carnage in and HFCs and that is a are positive on corporate banks certain pack as pledge shares framework we have at this point. because we think that corporate One macro question that I were sold off by lenders how banks have a huge outlook missed out, economic growth intense you think the situation Within banks private banks, potential over the next three to has been slowing down, what can I mean currently there is a PSU banks where is the five years given that they have is bothering it and what are poise but do you think the preference? lesser competition from NBFCs, I your concerns around it? situation can really arise from believe that it is another very it? S Naren: We have been positive interesting sector. We are very S Naren: I think it is a cyclical on all the banks which have got a positive on the healthcare sector problem. What happened was S Naren: I do not think there are good corporate book with a good in the long run and we have been many of the NBFCs were the any major systemic problems in ones which were actually lending this year. I do not think there is large sums of money and anything much to worry about n creating growth in some of the that area and I believe that in any sectors. With NBFCs having their economy there will be some own funding challenges, there leverage. Without leverage, has been a slowdown. So I think there is no economy so I do not it is only a cyclical slowdown think it is something that we which frankly we do not worry really worry about. about when I look at the economy on a three to five year What are your views on NBFCs basis. I think this kind of cyclical at this point of time? slowdown is something which we were expecting. We did not S Naren: NBFCs in our opinion know when it did come but it has on the debt side we have to come and now I do not think we selective look at them. They give worry about it over the next three Contd. on page 5

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, MARCH 2019 to five years. view and not a one year view this. I think once you look at the huge scam? because one year has lot of five to ten year view the way Do you have any projections for constraints like how elections Indian corporates are, I think S Naren: The point is that you FY20 in terms of economic move, what happens in the US, most of the foreign institutional should have more and more growth? what happens to US interest investors are pretty positive on asset classes which can actually rates, what does the Fed do, Indian corporate from that deliver the money for the S Naren: We do not have what happens to US, India, China horizon. investor. I believe that we have a because I find this entire concept trade treaty. So that is why if you lot to learn in commodity of GDP and gross value added ask me what we have been trying The regulator has allowed derivatives and given the and this and that, factor costing to do is recommend investing mutual funds to invest in problems that have happened in and all that very complicated and through SIPs over the next one commodity derivatives, what the commodity derivative I feel that economics has used all year with a three to five year are your plans on launching markets. We will approach it kinds of jargons to calculate GDP horizon. products in that asset class? slowly and carefully and invest which I find difficult to use. because we already have a lot of We have seen FII inflows which S Naren: Yes, we look at what investor money so we look at all By how much do you see Nifty, are relatively lower than options we have and what kind of such new opportunities. Sensex growing in FY20 if you emerging market peers. So products to look at at this point of can? what are your thoughts there time. Are you seeking more clarity considering that domestic from the regulator on aspects S Naren: I actually believe that flows have also slowed down? Do you think the area is very such warehousing, quality investors should look at the next challenging considering there control? three to five years in equity. I S Naren: I think last year China are lot of things to be looked at believe that if you are looking to was doing very-very badly and in terms of warehousing, S Naren: The circular has just invest with one-year view, debt is people had been massively quality control? Do you think come so we will do it at some a great asset class. If you are underweight China. So, I think it we are far away compared to point of time. looking in equity, I would ideally is part of that cyclical recovery in developed markets considering invest with a three to five year China which is responsible for that we have just digested a The Mutual Fund Show: Why Nimesh Shah has a boring portfolio Contd. from page 2 Do you believe that mutual from same product. So, it is portfolio, what is the biggest Nimesh Shah: Depends on what fund as an industry would not beautiful time to invest in credit risk? you have. As an AMC, say in a encounter any kind of shocks? risk fund. We are contra- particular company, do I have investors. Nimesh Shah: I go by sufficient security of good Nimesh Shah: I have seen the fundamental thing that whether quality base company? Have we bigger funds, the funds which Last year, I told you don’t invest in the profitability is coming back or done advance against shares? we are competing with, they midcap but invest in large cap. In not. In the short term, political We have been doing the bonds have got their institutional set up the three-year paradigm, when risk is coming up in May. We are secured by shares of promoter which are managing the credit the yields have gone beyond 10 preparing our portfolio for any company and it is one of the best risk well. I am comfortable. percent, it is beautiful time to kind of situation. Whatever business we have with not a invest in credit risk fund from risk happens in May, I am not going single day delay till now. The yields currently are very high. return point of view. to subject my investors to For the same credit risk you take abnormal risk in May. I will be The quality of securities which earlier the yields were lower. For mutual fund investor, more neutral as we approach ICICI Prudential has is one of the Today, I am getting better yields equities, debt or a combined May. best companies in India in media. If the base company is The quality of securities which In debt side, it is even more good and I have got security ICICI Prudential has is one of important that your portfolio cover only on it. I am sufficiently the best companies in India in would become as boring as covered on that. My break-even media. If the base company is possible as we approach May. In price is low. I feel that I have got good and I have got security a uncertain environment, I don’t more than 1.5-1.6 cover on the cover only on it. I am sufficiently know there will be uncertainty or good quality on zero debt covered on that. My break-even certainty. When I plan a portfolio, company. It depends on security price is low. I feel that I have got I plan for uncertain situation and cover which you have. I have got more than 1.5-1.6 cover on the in that uncertain situation too I filters on doing advance against good quality on zero debt should be okay. shares. One of the filters which company. It depends on we use is we should be very security cover which you have. Would you believe that comfortable with base uncertainty that could arise not companies at current price. necessarily out of the papers When we took it, we were that has been in the schemes of comfortable with that company funds, but because the at that point at that price. I have promoter entities, the case that 1.5-1.6 cover. With that cover, I happened between Anil would be comfortable with Rs Ambani-led Reliance Group 400, then I would be comfortable and Edelweiss or L&T Finance at Rs 250. So, it is comfort on or the case with Zee and some zero debt company with which of the others. Do you reckon we have given advance. that those issues will not be big issues by and large?

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, MARCH 2019 Awards

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 Insights 7TARAKKI TIMES, MARCH 2019 How to Sell without Selling A Certified Financial Planner with 15 years in with their financial goals. But as their Shweta Jain the financial service space across financial advisor, I always make sure that I financial planning, research and client am listening to the customers' needs before Founder & CEO service. She is passionate about financial offering a solution to them. The need may Investography Pvt. Ltd. literacy and has been conducting also be unsaid sometimes, but it is indeed workshops for the last 7+ years, conducting our job to diagnose, isn't it? We are indeed about the right way to go and if they can see over200 workshops for more than 10,000 here to offer what suits them best, that the advisor is giving them an advise individuals and advisors for corporates like sometimes it may even not be recognized without an ulterior motive, they know they Google, HP, Accenture, JP Morgan, J C by them as a goal but they definitely “need” are in good hands. Penney, Accenture, HPCL etc. She has also it and it is our job to ensure that they are conducted sessions on behalf of SEBI taking the right step forward. (Securities and Exchange Board of India). Since we constantly interact with different She has done courses on wealth mana- clients in various stages of their lives, gement and behavioral finance from IIM different professions etc., we are in a much Band IIM A respectively. You can find various better position to be able to talk about how articles by her www.moneycontrol people like them have taken decisions and .com and Outlook Money. She is featured how it has impacted them - these could be a and oft quoted in print(Money Today, few years old or a few months old. Our Economic Times, Mint) and on television. clients are certainly in for getting assured We, as financial advisors, are not in the business of selling a mutual fund, but instead making an impact into their lives. Just imagine, the next time you reach out to your client saying, “I have something wonderful to offer to the world and if they don't get their hands on it, they will be at a huge disadvantage.” Will it make a difference? Definitely, it will. We might not feel like a salesperson, but we definitely sell dreams to our clients, their dreams, their aspirations that are associated Handholding Clients want to be led, not managed. the Clients Help them navigate through various life stages, goals and market cycles. Assuring Educating Clients need assurance that their investments are not unreasonably risky the Clients the Clients Risk-reward ratio must be tilted for the benefit of the clients Mutual fund investments are tax-efficient than traditional investment avenues Traditional investment avenues may offer guaranteed but lower returns Focusing on how the money is losing its purchasing power if not invested smartly Here is how the purchasing power of rupee is slowly decreasing While you could have filled your We must work with our clients to help them and building trust is the last. You don't close engine tank with 23 litres of petrol build a portfolio that they would not only be a deal with signed application forms and with ` 1,000 10 years back, it can comfortable with but also something that cheques, you close a deal every time the now be refilled with 11 litres with the same works to address their need of ensuring client asks you to be his trusted friend, amount of money. This is how the their purchasing power throughout their advisor, the voice of reason who he knows purchasing power of money decreases over lifetime. will always act in his best interest. time. Building credibility is the first step to selling

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, MARCH 2019 Tarakki Talk Series Tarakki Talk Morningstar | March, 2019 Nisreen Mamaji cally tend to outsource their reward. This can be inculcated in ambitions. It is much easier for Founder financial decisions, as they have their investing strategy by women to talk about these MoneyWorks Financial generally been used to getting spreading more awareness and things with other women rather Advisors that managed within their family financial literacy amongst than with men. Such informal e.g. fathers/ husband etc. While women investors. talks help to gather important Nisreen Mamaji of MoneyWorks this mindset needs to change details about their finance issues Financial Advisors shared her from the early years of life, it is It has also been seen that as well. thoughts on 'women taking the not late anytime whenever you women tend to outlive men. As charge of their finances' live on wish to take your first step. such, there might be a time When the talk is about being a Facebook on International Women can also take help of when their financial support Wo m e n f i n a n c i a l a d v i s o r, Women's Day 2019. Her journey financial advisors in this journey. system may not be present and Nisreen feels that women are started with an initial foray into Taking charge of the finances one needs to take care about best fit for this career, as they are advertising and insurance and allows you to be in control of healthcare, household expen- better listeners, caregivers and she finally entered into financial your financial future and lets ses, estate and succession have empathy. In financial advisory in 2000. While the Men you have a confident outlook planning for themselves and advisory, you have to listen to dominated the industry then, towards life. Parents need to their family. Thus, it is always people's concerns, whether it is another major challenge was to groom their kids, especially girls, better to start early. related to marriage, education or overcome the typical mindset so that they value money and holiday. While the numbers may prevailing, if Women could even think responsibly while dealing Unfortunately, the awareness frighten the aspiring advisors, understand the numbers. It used with money. about retirement planning one must understand that it to take a couple of meetings and among women is also low. While is all basic mathematics and rounds of discussions before the Similarly, when it comes to some amount of savings are calculations and no rocket clients could get convinced. investing, some studies suggest always there, be it a homemaker science. Further, getting oneself Another challenge was to that women investors tend to or a working woman, it is equally professionally updated perio- educate the clients about the have lower return expectations important to invest such savings dically is equally important. One utility of mutual funds, as the than men, even while they are in right products. While volatility needs to make efforts to up their awareness about the product more patient and invest for the is not something to avoid, having game and continue to learn, was quite low. However, she long-term. This is primarily a better understanding about since the world is changing kept facing such challenges with because women are more risk- volatility allows you to focus on rapidly and every day is different. positive attitude. averse and do not like volatility in your financial goals. their portfolio. While setting the When it comes to taking charges expectations in line with the risk Taking an initiative towards of their finances, women typi- may be missing in majority of financial literacy and awareness today's investors, this comes amongst Women, Nisreen has naturally to women. Having said also started the concept of that, women need to acknow- 'Nimbu Paani with Nisreen' ledge the long-term growth wherein she interacts with small potential of equities and have an groups over nimbu paani and efficient balance of risk and share their concerns, goals and When it comes to investing, some studies suggest that women investors tend to have lower return expectations than men, even while they are more patient and invest for the long- term. This is primarily because women are more risk-averse and do not like volatility in their portfolio. While setting the expectations in line with the risk may be missing in majority of today's investors, this comes naturally to women. Data has been given to you - Published by Morningstar India.

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 9TARAKKI TIMES, MARCH 2019 Your YTouar TraarakkkikCoirnCer orner TARAKKI SUCCESS STORY MARCH 2019 MWoheitaHlatnhdooExpert Wealth Engineers of the East The expanse of the financial world is such that a layman is caught unaware most of the times as to how to invest using the right tools at the right time and make money work for them instead of vice versa. With almost a decade of experience in portfolio construction and advisory, he has acted as a single point of contact for Private Banking clients & catering to their banking & investment requirements. His previous experience included portfolio management of HNI clients, recommending investments in products such as Mutual funds, Portfolio Management, Insurance, Structured Products, Real Estate Funds and property deals, Commodities, evolving & executing sales strategies to acquire HNW clients. His expertise lies in the areas of structured products, Private Equity, Mutual Funds and NCDs/Bonds. Having completed his MBA, & relevant professional certifications, Mohit has the knowledge, skill set, and understanding to his credit. He has worked with some of the best companiesin the financial world. As on today, he stands proud as the founder of Wealth Engineers, that is catering to over 500 families which include retail investors, HNIs, UHNIs, NRIs and corporates. 'Wealth Engineers' follows a diligent process to understand client objectives and gauge risk profiles. Diagnosis of the financial health, understanding risk, and reward analytics, following asset allocation patterns, constant up gradation and learning of market dynamics are part of his approach to portfolio building. When asked about client acquisition, answered Mohit, “We majorly acquire clients through references; conduct investor awareness sessions, AMC meets, and create awareness through our social interactions and networks” The total assets under his advisory are nearly Rs 250 Cr, and his SIP Book is worth Rs 1.5 cr as on December 2017. He considers his role as a social responsibility considering the lack of awareness concerning financial investments. He lays strong emphasis on educating investors to set clear goals, stick to the predefined strategies and invest for a longer tenure, such that short term volatilities do not affect their portfolio. To all those wanting to venture out as future advisors, he advises newbies to 'never to follow the herd.' ARN - 100424 Location - Indore

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, MARCH 2019 Fund Review ICICI Prudential Multicap Fund Healthy risk-return profile The Economic Times | March 04, 2019 ET Wealth collaborates with Value Research to analyse top mutual funds. We examine the key fundamentals of the fund, its portfolio and performance to help you make an informed investment decision. HOW HAS THE FUND PERFORMED? BASIC WHERE DOES THE FACTS FUND INVEST? With a 10-year return of 17.52%, the fund has outperformed the benchmark index (16.21%) and mirrors the category average (17.36%). Growth of `10,000 vis-a-vis FUND DATE OF LAUNCH Portfolio asset Fund style category and benchmark allocation box `50,253 1 OCT 1994 CATEGORY Equity 92.32% Growth Blend Value CATEGORY Small Medium Large `49,552 Large-cap INVESTMENT STYLE EQUITY CAPITALISATION `10,000 INDEX 77.56% TYPE `44,910 Mid-cap MULTI CAP 18.75% AVERAGE AUM Small-cap `3,102.98 CR 3.69% BENCHMARK Debt & Cash S&P BSE 500 TOTAL RETURN INDEX 7.68% WHAT IT The fund has hiked exposure COSTS I NAVs* GROWTH OPTION to large-caps in recent years. FEB 2009 FEB 2012 FEB 2015 12 FEB 2019 `270 The fund delivered return on par with DIVIDEND OPTlON Top 5 sectors in portfolio (%) I `21 Energy 18.89 its category average over the past decade. MINIMUM INVESTMENT `5,000 Financial 18.88 Annualised performance (%) MINIMUM SIP AMOUNT Automobile 8.67 FUND INDEX CATEGORY AVERAGE `100 Metals 7.59 EXPENSE RATIO** (%) FMCG 7.23 15.40 16.69 14.81 16.54 14.94 15.76 2.39 Relative to the index, the fund has large EXIT LOAD I 1% for redemption overweight position in the energy segment. within 365 days -7.06 -7.81 -8.41 -3.03 -3.30 -6.00 Top 5 stocks in portfolio (%) *AS ON 12 FEB 2019 6 MONTHS 1 YEAR 3 YEARS 5 YEARS ^AS ON 31 DEC 2019 ITC 5.39 HDFC Bank 5.10 The fund has underperformed peer AS ON 12 FEB 2019 NTPC 4.76 ONGC 3.84 I Vedanta 3.82 better over shorter periods. Yearly performance (%) The fund takes healthy I positions in its top bets. FUND INDEX CATEGORY AVERAGE 37.65 36.70 How risky is it? 28.01 Fund Category Index 15.31 14.80 Standard Deviation 13.62 0.53 14.10 10.14 Sharpe Ratio 0.53 0.41 5.12 4.02 3.08 0.22 3.16 0.20 -2.12 -5.14 Mean Return 13.51 12.56 FUND 2015 2016 2017 2018 MANAGERS BASED ON 3-YEAR PERFORMANCE. AS ON 12 FEB 2019 SANKARAN NAREN The fund’s risk-return profile TENURE: 3 MONTH I Education: B.TECH, MBA is superior to many peers. The fund lagged far behind peers in 2017 but WHEREVER NOT SPECIFIED, DATA AS ON 31 JAN 2018. SOURCE: VALUE RESEARCH. I held strong last year even as others slipped SHOULD This multi-cap fund has outper- fund’s portfolio has also grown in manager prefers companies that peers, the fund has consistently YOU formed consistently over the years. size from 40-odd stocks to around are currently out of favour owing ranked in the top two quartiles BUY? It has substantially hiked its 70 now. While this has not diluted to short-term blips, but with since 2012. With its healthy risk- presence in large-caps in recent its exposure in its top bets, the competitive advantages and return profile compared to many years, paring back its earlier portfolio has taken tiny positions in scalable business models. Barring peers, the fund is a worthy bet in sizeable mid-cap exposure. The several companies. The fund 2017, when it lagged far behind its the multi-cap segment.

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 11TARAKKI TIMES, MARCH 2019 ICICI Prudential Bluechip Fund Fund invests predominantly in large-cap stocks DNA | March 11, 2019 Investors with a two- to three-year horizon can invest in the dynamic bond fund ICICI Prudential Bluechip Fund (erstwhile cap funds' category in CMFR) across all Risk-reward matrix ICICI Prudential Focused Bluechip Equity the trailing periods under analysis. It Fund) provides an opportunity for long- outperformed its benchmark (Nifty 100 TRI) During the past three years, the fund term wealth creation by predominantly in the long run during five, seven and ten delivered higher returns over its peers, while investing in large-cap stocks. It has been a years. maintaining marginally higher volatility. rank 2 fund in the large-cap funds category of CRISIL Mutual Fund Rankings (CMFR) for An investment of Rs 10,000 in the fund on Portfolio analysis the three quarters ended December 2018. May 23, 2008, (since inception of the fund) would have grown to Rs 39,940 (13.72% During the past three years, the fund Rajat Chandak and Anish Tawakley have CAGR) on March 01, 2019, vis-à-vis the invested in 87 stocks and maintained been managing the fund since July 2017 and benchmark's Rs 26,719 (9.55% CAGR) and average allocation of 88.64% to large-cap September 2018, respectively. They have a the category's Rs 25,780 (9.19% CAGR). stocks, 3.51% to mid-caps and no allocation combined experience of over 31 years. to small-cap stocks. SIP returns The fund's month-end assets under The fund invested in 26 sectors in the past management (AUM) more than doubled A monthly investment of Rs 10,000 through three years. The top five sectors constituted from Rs 8,884 crore in February 2016 to Rs a systematic investment plan (SIP) for 10 52.09% of the fund's portfolio in January 19,863 crore in January 2019. years since April 2009 would have grown to 2019. Sectors such as banks, finance, Rs 23.13 lakh (XIRR 12.8%) as on March 01, consumer non-durables, and software were Trailing returns 2019. A similar investment in the benchmark some of the top contributors to the fund's would have grown to Rs 21.69 lakh (XIRR performance. The fund has outperformed its peers (large- 11.57%). The fund consistently held 21 of the 87 ICICI Prudential Bluechip Fund provides an stocks that it invested in during the three opportunity for long-term wealth creation by years. The exposure to consistently-held predominantly investing in large-cap stocks. It stocks was 59.86%, reflecting high has been a rank 2 fund in the large-cap funds conviction stock picking. HDFC Bank, Bajaj Finserv, ICICI Bank, Axis Bank, and Reliance Industries have been key contributors to the fund's performance amongst the consistently held stocks which also outperformed the fund's benchmark index. category of CRISIL Mutual Fund Rankings (CMFR) for the three quarters ended December 2018.

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, MARCH 2019 Fund Review ICICI Prudential Regular Savings Fund For a steady stream of income The Hindu Business Line | March 09, 2019 The fund scores over its peers on generating higher returns in terms of SWP performance ICICI Prudential Regular Savings (formerly SWP allows you to withdraw from your 2018), the fund has reduced its equity known as ICICI Prudential MIP 25), which mutual fund scheme every month, or exposure and maintained it at 11-17 per falls under the conservative hybrid fund periodically, on a fixed date. With SWP, you cent. category, is suitable for investors with a can customise the cash flow as per your medium-risk profile wanting some equity requirement. On the equity side, the scheme follows a exposure. multi-cap approach. Given its large-cap Data sourced from NAV India show that ICICI orientation in equities, it has delivered The funds under the conservative hybrid Prudential Regular Savings scores over its relatively higher returns in bear phases, but category invest primarily in debt securities peers on generating higher returns in terms registered moderate returns in bull phases. and money market instruments with of SWP performance. moderate exposure to equities. On the debt side, the fund follows active For SWP pay-outs in three-, five- and seven- duration strategy by investing primarily in As per SEBI’s categorisation mandate, these year time-frames, the scheme generated government securities and corporate funds are allowed to invest 10-25 per cent of pre-tax annualised yields of 11.6, 12.5 and bonds. their total assets in equity and the rest in 10.8 per cent, respectively, while the debt instruments. average of the top-quartile funds in the The fund has gradually pruned exposure to category generated yields of 10, 11.5 and 10 government securities while increasing The higher allocation to debt helps steady per cent during the same periods. exposure to non-convertible debentures the growth of the principal with minimal risk, (NCDs). while the marginal equity component helps We calculated the SWP return (internal rate spice up returns. of return) with an initial investment amount It has added exposure to lowrated debt of ₹1 lakh and a monthly pay-out of ₹1,000. instruments (around 44 per cent in AA rated SWP and below). Single bond exposure is at 5-6 Since the fund belongs to the non-equity per cent in a few cases, which increases the Investors nearing their retirement stage or category as far as taxation is concerned, credit risk of the debt portfolio. retirees wanting a regular stream of income starting an SWP after three years from the can invest a part of their retirement corpus in date of investment will help you claim Over the past three years, the average ICICI Prudential Regular Savings and opt for indexation benefit (currently taxed at 20 per maturity of the portfolio has come down to the Systematic Withdrawal Plan (SWP) cent on gain after indexation). two years from 9-10 years in the past. route. Portfolio composition The scheme has a high yield to maturity But remember that investments in debt (YTM) of 9.8 per cent as of January 30. funds are not completely risk-free as these The fund used to actively shift its equity funds invest in market-linked debt allocation between 18 per cent and 25 per instruments. Hence, they can suffer capital cent depending on market phases. loss. So, park only a portion of your retirement corpus in debt funds. However, post re-categorisation (from May Fund facts SWP performance (%) Fundas Assets as of Jan 31, 2019: `1,584 crore ICICI Prudential Regular Savings Fund Multi-cap approach for Average of the top quartile funds in the category equity 68.6% Corporate debt 11.6 10.0 12.5 11.5 10.8 10.0 Active duration strategy 13.7% Equity for debt YTM of 9.85% 5.6% Cash 12.1% Other debt securitied 3 year 5 years 7 years

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, MARCH 2019 mint List of ICICI Prudential Funds in Mint 30BEST FUNDS Mint | March 2019 FUND CORE 3-year return (%) 5-year return (%) 10-year return (%) Fund size (Rs cr) EQUITY-LARGE CAP ICICI Prudential Bluechip Fund 14.86 14.3 18.78 20,100.84 ICICI Prudential Nifty Next 50 Index Fund 14.04 16.19 NA 379.67 ELSS ICICI Prudential Long Term Equity Fund 13.04 15.28 21.21 5,614.47 (Tax Saving) AGGRESSIVE HYBRID 13.82 15.24 17.62 25,466.67 Fund size (Rs cr) ICICI Prudential Equity & Debt Fund 3-mth return (%) 6-mth return (%) 1-year return (%) FUND CORE 2.44 5.03 6.8 7,325.62 DEBT-ORIENTED SHORT DURATION ICICI Prudential Short Term Fund SIP Top Up A monthly Systematic Investment Plan (SIP) of Rs.10,000 with an annual Top Up of 10% in these schemes has generated returns as stated below. Scheme Name Return (%) 5 Years 10 Years Return (%) 9,32,102 38,87,037 ICICI Prudential Return (%) Midcap Fund Return (%) 9.94 15.82 Return (%) 9,64,000 35,25,939 ICICI Prudential Return (%) Bluechip Fund Return (%) 11.14 13.65 Return (%) 9,64,560 36,67,796 ICICI Prudential Equity Return (%) & Debt Fund Return (%) 11.23 14.55 9,13,254 32,67,848 ICICI Prudential Large & Mid Cap Fund 8.83 12.06 9,52,028 34,73,803 ICICI Prudential Multi-Asset Fund 10.59 13.33 9,73,465 36,18,940 ICICI Prudential Multicap Fund 11.63 14.12 9,25,252 33,06,242 ICICI Prudential Balanced Advantage Fund 9.36 12.33 9,10,975 -- ICICI Prudential -- Focused Equity Fund 8.63 8,99,355 38,13,711 ICICI Prudential 15.69 Value Discovery Fund 8.25 9,48,939 36,37,068 ICICI Prudential Long Term 14.39 Equity Fund (Tax Saving) 10.43 Data in XIRR (%) terms and as of March 31, 2019 Past performance may or may not sustain in the future.

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, MARCH 2019 Fund Review ETW Funds 100 List of ICICI Prudential Funds in the Economic Times Wealth ET Wealth | March 2019 FUND Value Research Returns (%) Fund Rating EQUITY: LARGE CAP ICICI Prudential Bluechip Fund 3-month 6-month 1-year 3-year 5-year 14.54 4.17 -4.57 4.65 15.3 17.05 -8.44 -3.72 15.22 ICICI Prudential Nifty Next 50 Index Fund 2.66 - HYBRID: EQUITY SAVINGS 2.74 2.35 5.47 9.78 15.24 ICICI Prudential Equity Savings Fund 4.25 HYBRID: AGGRESIVE 2.43 -1.81 2.79 14.07 11.52 ICICI Prudential Equity & Debt Fund HYBRID: CONSERVATIVE 3.46 7.91 10.87 10.3 ICICI Prudential Regular Savings Fund DEBT: DYNAMIC BOND ICICI Prudential All Seasons Bond Fund 1.56 3.55 7.01 9.38 Systematic Investment Plans A monthly Systematic Investment Plan (SIP) of Rs. 10,000 in these schemes has generated returns as stated below Scheme Name 3 Years 5 Years 7 Years 10 Years ICICI Prudential Midcap Fund Return (%) 399,160 769,837 1,507,748 2,745,369 6.86 9.94 16.45 15.82 (An open ended equity scheme predominantly investing in midcap stocks) ICICI Prudential Bluechip Fund Return (%) 423,079 793,203 1,359,607 2,444,138 10.84 11.14 13.55 13.65 (An open ended equity scheme predominantly investing in large cap stocks) ICICI Prudential Equity & Debt Fund Return (%) 417,513 794,822 1,390,576 2,564,670 Return (%) 9.92 11.23 14.18 14.55 (An open ended hybrid scheme investing predominantly Return (%) 748,948 in equity and equity related instruments) 402,125 8.83 1,273,750 2,245,931 7.36 782,414 11.72 12.06 ICICI Prudential Large & 10.59 Mid Cap Fund 417,986 1,345,678 2,403,248 10.00 13.26 13.33 (An open ended equity scheme investing in both large cap and mid cap stocks) ICICI Prudential Multi-Asset Fund (An open ended scheme investing in Equity, Debt, Gold/Gold ETF/units of REITs & InvITs and such other asset classes as may be permitted from time to time) ICICI Prudential Multicap Fund Return (%) 420,829 802,804 1,422,445 2,505,880 10.47 11.63 14.82 14.12 (An open ended equity scheme investing across large cap, mid cap and small cap stocks) ICICI Prudential Balanced Return (%) 409,278 758,764 1,268,169 2,278,273 Advantage Fund 8.56 9.36 11.59 12.33 -- (An open ended dynamic asset allocation fund) 407,334 745,211 1,249,386 -- 8.24 8.63 11.17 ICICI Prudential Return (%) 2,726,738 Focused Equity Fund Return (%) 394,799 738,265 1,393,554 15.69 Return (%) 6.12 8.25 14.24 (An open ended equity scheme investing in maximum 30 2,542,906 stocks across market-capitalisation i.e. focus on multicap) 418,858 779,354 1,388,938 14.39 10.15 10.43 14.15 ICICI Prudential Value Discovery Fund (An open ended equity scheme following a value investment strategy) ICICI Prudential Long Term Equity Fund (Tax Saving) (An open ended equity linked saving scheme with a statutory lock in of 3 years and tax benefit) Data in XIRR (%) terms and as of March 31, 2019 Past performance may or may not sustain in the future.

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 15TARAKKI TIMES, MARCH 2019 List of ICICI Prudential Funds in Star Track Mutual Fund HBL | March 2019 Scheme Name BL Rating Trailling Returns (%) YTD Absolute 1 Year CAGR 3 Year CAGR 5 Year CAGR 4.0 14.1 ICICI Prudential Bluechip Fund 3.4 5.9 15.4 11.9 ICICI Prudential Large & Mid Cap Fund 4.5 16.1 ICICI Prudential Multicap Fund 1.1 2.2 13.3 18.1 ICICI Prudential Midcap Fund 6.1 11.5 ICICI Prudential Smallcap Fund 5.4 7.2 15.7 11.5 ICICI Prudential Focused Equity Fund 3.9 15.7 ICICI Prudential Value Discovery Fund 5.4 -6.2 14.5 14.7 ICICI Prudential Long Term Equity Fund (Tax Saving) 3.5 -12.6 10.1 - ICICI Prudential Dividend Yield Equity Fund 1.5 14.6 ICICI Prudential FMCG Fund 5.6 7.7 12.9 12.0 ICICI Prudential Infrastructure Fund 8.1 22.0 ICICI Prudential Banking & Financial Services 5.1 3.3 10.7 14.0 ICICI Prudential Technology Fund 3.6 ICICI Prudential P.H.D Fund 4.9 7.2 14.2 - ICICI Prudential Equity & Debt Fund 3.5 15.1 ICICI Prudential Equity Savings Fund 2.4 -3.7 14.4 ICICI Prudential Ultra Short Term 2.5 6.8 15.5 - ICICI Prudential Savings Fund 2.4 -1.6 13.4 9.7 ICICI Prudential Money Market Fund 2.7 11.3 26.4 8.3 ICICI Prudential Short Term Fund 2.1 16.3 12.9 7.8 ICICI Prudential Medium Term Bond Fund 2.7 -- 8.5 ICICI Prudential Bond Fund 1.6 5.7 14.6 8.4 ICICI Prudential Long Term Bond Fund 2.2 6.7 9.7 8.9 ICICI Prudential All Seasons Bond Fund 2.9 7.6 8.0 9.7 ICICI Prudential Corporate Bond Fund 2.5 7.6 7.8 10.4 ICICI Prudential Credit Risk Fund 2.5 8.1 7.4 8.2 ICICI Prudential Banking & PSU Debt Fund 1.8 6.6 7.4 8.5 ICICI Prudential Gilt Fund 2.9 5.2 7.0 8.6 ICICI Prudential Regular Savings Fund 2.8 6.0 6.9 10.0 ICICI Prudential Balanced Advantage Fund 4.5 7.4 7.7 11.4 ICICI Prudential Child Care Fund (Gift Plan) 6.4 8.4 11.9 7.1 7.5 13.4 6.9 7.8 6.2 7.6 5.8 7.7 7.0 10.4 5.4 11.3 4.1 12.7 Source : NAV India; NAV for the growth option as on 12-04-2019. 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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