Tarakki Times English January 2023

\"The information contained herein is solely for private circulation for reading/understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.\" A COMPILATION OF ICICI PRUDENTIAL AMC MEDIA VIEWS MUMBAI | JANUARY 2023 | PAGES 16 Professional Views India offers a secular growth story to international investors Pg. 2 A multi-asset approach will pay good dividends Business India January 23 - February 05, 2023 Nimesh Shah MD & CEO Pg. 3 Keeping India in fastest- growing economies' club The Economic Times | February 02, 2023 Sankaran Naren ED & CIO Pg. 4 Budget 2023 is supportive of Mint | February 02, 2023 economic recovery same time is probably going to Money Control | February 02, 2023 result in a continuation of the growth in a positive way. The Pg. 5 Nimesh Shah Indian equity markets have cap if one is using a systematic MD & CEO underperformed the other mar- investment plan (SIP) and has a 3- Budget 2023 and debt market: ICICI Prudential Mutual Fund kets in recent months. If Indian 5-year investment horizon. Prefer shorter duration assets, equities continue to under- stay cautious at longer end perform for a few more months, Currently, the 1-2-year portion of they will be valuation wise well- the curve, which is the shorter Money Control | February 01, 2023 With the government attempting positioned for the long term and end, looks fairly priced. The offer a promising long-term Reserve Bank of India (RBI) is Pg. 6 to achieve a balance between investment opportunity. now content with inflation hover- Q3 results in line with fiscal priorities, minimum popu- ing around 6% unlike previously expectations, banks only outliers list initiatives, and capex drive, As a fund house, during the when RBI’s monetary policy Business Standard | February 24, 2023 the FY24 budget has been in line course of this year, we have been actions were focused on 4% with expectations. Prior to the advising investors to invest inflation. With an additional 25 Pg. 7 budget, we were seeking for a systematically in equities, follow bps rate hike, at a repo rate of asset allocation plans and invest 6.5% and average inflation of Good time to enter IT sector from growth-oriented expenditure in debt mutual funds. The 6%, we don’t believe that rates 2-4 year perspective that could support maintaining government has taken a number are restrictive enough to cause the growth momentum, which of actions over the last three an economic slowdown. In fact, The Economic Times | February 13, 2023 this budget has succeeded in years that have helped level the the economy will continue to doing. The government’s macro- playing field for debt invest- expand with overall monetary Pg. 8 economic policies have been ments. Due to this, investing in policy being supportive of excellent thus far. The fact that debt mutual funds over the long growth. How to beat volatility in silver India had lower inflation in 2022 term has become quite alluring. through SIPs In light of that, we believe the RBI Given that equity markets are not will not reduce rates any time Deccan Herald | February 20, 2023 cheap, it may be preferable for an soon and so adding duration investor considering a lump sum through the long end of the curve Pg. 9 than even the USA and as a result investment to choose offers may not be fruitful. Given this was in a strong macroeconomic from the asset allocation-orien- scenario, we prefer investments ICICI Pru Thematic Advantage Fund position is proof of this. ted or hybrid category, such as with a shorter duration as there is the multi-asset or balanced no additional yield available on The Hindu BusinessLine | February 04, 2023 advantage category. We believe the longer-duration assets. The macro investing will be vital over other category an investor may Pg.10 Further strengthening India’s the next 10 years, making consider is the dynamic bond ICICI Pru Value Discovery Fund macroeconomic position is the products like business cycle fund category. A savvy investor Business Standard | February 20, 2023 decline in crude oil prices and the funds essential. On a valuation may consider adding credit to perspective, large caps are the portfolio in a staggered Distributor Insights near-peaking of the global better positioned in terms of manner. Pg.11 SIP your way towards interest rate cycle. The actions market capitalization than mid- implemented in tax adminis- caps, and midcaps are better In conclusion, the budget is financial goals tration that have boosted direct positioned than small-caps. The pragmatist and growth-oriented, tax revenue and goods and potential volatility in these areas helping India maintain its posi- Outlook Business | January 2023 service tax, or GST, collection are can be taken advantage of by tion as one of the world’s fastest- investing in aggressive cate- growing economies. Pg.12 Tide over market volatility gories like mid cap, flexi cap, value, special situation, or small Nimesh Shah is Managing with multi-asset strategy yet another significant advan- Director & CEO at ICICI Prudential tage. This has been extremely AMC. DSIJ | February 13, 2023 Tarakki Corner beneficial to the economy and Pg.13 Pankaj Bansal improved income collection. India continues to be one of the Kolkata, Mutual Fund Distributor most structural markets in the world because of all these Pg.14 Parmanand Devnani Ahmedabad, Mutual Fund Distributor initiatives. As a result, India Fund Review offers a secular growth story that is unique among emerging and Pg.15 developed economies to inter- national investors. List of ICICI Prudential Funds in Star Track Mutual Fund Pg.16 So far, the government’s actions have supported growth momen- List of ICICI Prudential Funds tum while concentrating on in Mint reducing the fiscal deficit. Giving help to the middle classes at the ETW Funds 100

\"The information contained herein is solely for private circulation for reading/understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.\" 2 TARAKKI TIMES, JANUARY 2023 Interview A multi-asset approach will pay good dividends Business India | January 23 - February 05, 2023 Nimesh Shah path initiated by global central these will be transient in nature. significant role over the next MD & CEO banks caused mayhem among decade, which makes the ICICI Prudential Mutual Fund the advanced economies, owing What is the expectation on business cycle fund attractive. In to which global markets saw a corporate earnings for 2023? debt, given that short term rates Nimesh Shah MD & CEO, ICICI sharp correction. In comparison are likely to remain high due to Prudential Mutual Fund is to global markets, Indian equities We are now more positive about restricted liquidity, categories optimistic about the Indian remain richly valued. Given that the rate of total earnings growth like liquid, ultra-short and short market and is not rattled by the India is poised to emerge among for India Inc. The strengthening duration debt funds are likely to noise emanating from global the growth leaders (GDP-wise) of the India Inc balance sheet be great investments for events. The impact of global for the current decade, such high coupled with robust policy investors in this evolving events will be minimal. He says valuation is unlikely to be a measures and execution indicate scenario. For longer term debt that the overall corporate results deterrent for investors, domestic a robust earnings season. Fur- allocation, one can consider will be positive. He speaks to as well as global. thermore, many sectors in India categories like the dynamic bond Daksesh Parikh about the mar- over the last decade have gone and credit risk. We also believe kets and investment strategies On the other hand, several through a consolidation phase. gold as an asset class is likely to that can work in these times. developed economies are likely This means better pricing power perform well. to face the possibility of a and larger market share for Everyone feels 2023 will be a recession. Even if a global existing players. Will gold as a commodity challenging year for investors. recession were to play out, the continue to give good returns What do you feel? impact on India is believed to be What theme will succeed in even at these rates? minimal. However, short-term 2023? India is one of the few struc- volatility cannot be ruled out as Post the structural failings in turally sound marketplaces markets will be reacting to the Our big call for 2023 is multi- crypto currencies combined with which today offers a secular developments in the global asset investing and our long- the tapering of global central growth story with a long-term arena. Given this backdrop, we term structural call remains asset banks, commodities like gold view. Our government's manage- believe it is better for investors to allocation. We are entering a new and silver are becoming interes- ment of the macroeconomic stick to asset allocation and era marked by high inflation, high ting. Another aspect which condition since the start of continue with their investments interest rates, low liquidity, works well for the yellow metal is pandemic has been exceptional in a staggered manner through elevated volatility and geo-poli- that crypto currencies are no and praiseworthy. It has been SIPs. Investors may consider a tical concerns. So, it is impera- longer a source of comfort successful in navigating the multi-asset approach to inves- tive to adopt a multi-asset for investors globally. In this economy in a stable manner, ting and invest in debt, given its approach to investing. scenario, an increased alloca- reining in inflation, along with the current attractiveness as an tion to gold is likely as it is support of the RBI through its asset class. What investment strategies are not dependent on any central monetary policy. All of these you recommending to exchange or individuals. factors have aided in the rally of How far will global events investors? Indian equities. On the other weigh on the markets? One of the tactical ways to hand, the quantitative tightening To begin with, investors should allocate to gold is via a multi- Investors should focus on adopt a multi-asset approach to asset fund where the fund investing towards their goals and investing. This can be achieved manager will allocate invest- overlook short-term volatility. through a multi-asset scheme ments across equity, debt, gold Policy stance by global central which invests in three and more and any other asset classes. In banks, rise in crude oil price, geo- asset classes. In equity, we this manner, an investor can have political tensions, Covid-related prefer large cap and flexi cap a calibrated exposure to gold. news - all are factors which could over mid and small caps. Macro weigh in on markets from time to investing is going to play a time. We believe, any impact of We believe it is better for investors to stick to asset allocation and continue with their investments in a staggered manner through SIPs. Investors may consider a multi-asset approach to investing and invest in debt, given its current attractiveness as an asset class.

\"The information contained herein is solely for private circulation for reading/understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.\" Interview 3TARAKKI TIMES, JANUARY 2023 Keeping India in fastest-growing economies' club The Economic Times | February 02, 2023 FY24 budget has largely been in turally well positioned for the offerings such as the multi-asset, Sankaran Naren line with expectation of the long term and could present a given that equity markets are not ED & CIO government trying to strike a good long-term investment cheap. We believe macro inves- balance between fiscal priorities, opportunity. As a fund house, ting will be crucial over the ICICI Prudential Mutual Fund minimal populistic measures and we have been recommending coming decade, making cate- capex push. investors to invest systematically gories like business cycle funds mies globally. We are positive on into equities, adhere to asset crucial. In terms of market capi- manufacturing, healthcare, Thus far, the steps taken by the allocation strategies, and invest talisation, on a valuation basis, financial services and infra- government continue to support in debt mutual funds, over the large caps are better placed than structure as a theme. Both infra growth momentum and focus on course of this year. mid cap and midcaps are better and manufacturing are seg- bringing down the fiscal deficit. placed than small-caps. If one is ments which have the potential At the same time, giving support Over the past three years, the investing through SIP with a 3-5- to create a ripple effect among to the middle classes is likely to government has initiated various year investment horizon, they various other sectors. result in a continuation of the steps which have been instru- can consider investing in aggre- growth in a meaningful way. mental in creating a level-playing ssive categories like mid cap, field for debt investments. This flexi cap, value, special situation We believe that the Indian has made long-term investing or small cap to benefit from markets have not been cheap in in debt mutual funds very the potential volatility in these terms of valuation, and have attractive. pockets. been underperforming other markets over the past few If an investor is considering lump To conclude, the budget is a months. With a few more sum investment, then it may be pragmatic and growth-oriented months of underperformance, better to opt for asset allocation one, which will help India remain Indian equities will be struc- oriented or hybrid category amongst fastest-growing econo- SECTORS TO WATCH OUT FOR MANUFACTURING HEALTHCARE FIN SERVICES INFRASTRUCTURE We are positive on manufacturing, healthcare, financial services and infrastructure as a theme. Both infra and manufacturing are segments which have the potential to create a ripple effect among various other sectors.

\"The information contained herein is solely for private circulation for reading/understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.\" 4 TARAKKI TIMES, JANUARY 2023 Interview Budget 2023 is supportive of economic recovery The government should ensure that the growth in revenue expenditure remains restrained Money Control | February 02, 2023 Anish Tawakley flat and declines by 0.5 per- unts allocated to transportation - believe macro investing is likely Deputy CIO Equity & Head of centage points as a proportion of both railways, highways and to take centre stage, unlike the Research GDP). Fiscal restraint, in turn, urban infrastructure. previous years. This makes ICICI Prudential Mutual Fund reduces the pressure on RBI to categories like the business raise rates. The prevalence of With a Rs 10 trillion allocation for c y c l e a t t r a c t i v e . H o w e v e r, Union Budget 2023 was presen- lower rates will help support FY24 capital expenditure, capex investors should be cognizant ted amidst high expectations. revival in private investment, outlay saw a 33 percent jump on that investing in such a scheme The government had to strike a both from a business investment a year-on-year basis. should be considered with at good balance between suppor- and housebuilding point of view least a five-year horizon. This is ting growth and not disturbing which is bound to have a Keeping up with the capex spirit, because the themes at play the fiscal math. In this context, multiplier effect on the economy. we hope to see a revival in could take time to play out. In the Budget should be seen from In conjunction with the supply construction and home-building terms of market capitalisation, both a cyclical and a longer- side (particularly RERA) and activity. This will be a prominent we are positive on large caps term perspective. financial sector (IBC)reforms driver towards creating jobs for over mid and small caps. already carried out one can be the large pool of unskilled labour. Overall, the economy is already optimistic that the economic Also, this will help start a positive The other categories in equity are well positioned and the budget recovery builds and sustains flywheel effect for manufactured those set of schemes which further supports the recovery. momentum. goods in the form of increased have a flexi-cap orientation. From a cyclical viewpoint, we demand for durable goods, Given that markets are likely to have an economy that is now Restrain revenue expenditure leading to a pick-up in manu- be volatile in the near term, it is recovering from external shocks facturing activity. better to opt for schemes after a gap of three years. In the At the same time, the govern- wherein the fund manager has interim, the economy was under ment should ensure that the Investment Opportunities the flexibility to invest across pressure from weak demand and growth in revenue expenditure market capitalisation. This needed both fiscal and monetary remains restrained. By res- In terms of valuation, the Indian enables the fund manager to support. But as the economy training, we mean, a substantial equity market is not cheap as manoeuvre the portfolio basis enters the recovery path and increase in capital expenditure compared to global markets. But the relative attractiveness of the private demand gathers pace, and a substantial cut in subsi- if the current trend of correction various market capitalisations. reducing fiscal support will be a dies, which is likely to be a seen over the past few months prudent step. challenge for the government. were to continue, we believe Anish Tawakley is Deputy CIO Revenue expenditure excluding Indian equities will once again Equity & Head of Research - ICICI In this context, targeted fiscal interest, grants in aid of capex become attractive. Investors can Prudential Mutual Fund. Views restraint makes sense (fiscal and subsidies is budgeted to consider investing systema- are personal and do not repre- deficit in nominal rupee terms is remain flat next year. tically via SIPs with a long-term sent the stand of this publication. perspective. For lumpsum in- The government in this Budget vestments, one may consider has continued with its expen- asset allocation categories like diture towards capex, which the balanced advantage or multi- from a longer-term perspective is asset category of schemes. very important. The capex is well directed with significant amo- Over the medium term, we Investors can consider investing systematically via SIPs with a long-term perspective. For lumpsum investments, one may consider asset allocation categories like the balanced advantage or multi-asset category of schemes.

\"The information contained herein is solely for private circulation for reading/understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.\" Interview 5TARAKKI TIMES, JANUARY 2023 Budget 2023 and debt market: Prefer shorter duration assets, stay cautious at longer end Money Control | February 01, 2023 While the government is consolidating the fiscal deficit, the pace of consolidation seems very nuanced especially when FY 2023 nominal growth is estimated to be higher than 16 percent Budget 2023 appears to be an year is the best year to conso- combined fiscal in FY 2023 is Manish Banthia extension of previous 2 budgets. lidate the fiscal position as tax also expected to be 7.5%. Senior Fund Manager - The government has been using collections get a positive boost Therefore, gross borrowing of fiscal deficit as a tool to support from high nominal growth. Centre and State combined in FY Fixed Income growth and continues to do However, the GDP deflator is 2024 will be significantly higher ICICI Prudential Mutual Fund that in the current budget as expected to be low next year as than FY 2023. well. Ideally fiscal deficit should base effects on WPI inflation will take a pause. As fiscal deficit be counter cyclical i.e. fiscal kick, nominal growth is expected Among various positive announ- continues to support growth, RBI deficit should be increased when to drop to 10 to 11%, reducing cements, one thing which stand is expected to remain in a pause the private sector growth is overall growth in tax receipts. out for the budget is that the mode for a long time. Currently weak and fiscal deficit should Also, the budget estimates for government has allocated a huge the curve is very flat and the 1-2 be reduced to normal levels revenue growth were very amount of spending towards year portion of the curve, which when private sector demand conservative last year, but this capital expenditure. The quality is the shorter end, looks attrac- normalises. year they seem to be more of spending in FY 2024 definitely tive. The longer end, however, is balanced. Therefore, it seems is much better than the current expected to struggle due to This is because the private sector like a huge ask to expect a financial year where subsidies higher supply and looks expen- and the public sector compete positive revenue surprise yet took a large share of incremental sive at this point of time. Also, for the resources in the economy again. expenditure. In FY 2024, these changes in taxation structure for and a high fiscal deficit runs the subsidies will be substituted by insurance investments will be an risk of crowding out the private Additionally, from the standpoint higher capital expenditure to a additional dampener for demand sector. Therefore, when the of SDL issuance, the current year whopping Rs. 10 lac crore. at the longer end. private sector demand nor- saw a significant advantage to Capital expenditure has an malises the government should the states due to the strong tax overall higher multiplier than We continue to prefer invest- pass on the baton to the private collections, and overall state subsidies and therefore, the ments within the shorter dura- sector and take a back seat. fiscal deficit expected to drop to government expenditure will tion assets and remain cautious 2 percent. For FY 2024, as continue to support growth next on the long end of the curve. While the government is conso- nominal GDP drops, the state year and substitute the effect of lidating the fiscal deficit, the fiscal deficit will go back up to global slowdown. pace of consolidation seems 2.5-2.7%, which means the very nuanced especially when FY combined deficit of Centre and Takeaways for investors 2023 nominal growth is esti- States will be around 7.5 mated to be higher than 16 percent. This is hardly any RBI is expected to hike interest percent. A high nominal growth consolidation from FY 2023 as rate by another 25 bps and then The budget estimates for revenue growth were very conservative last year, but this year they seem to be more balanced. Therefore, it seems like a huge ask to expect a positive revenue surprise yet again.

\"The information contained herein is solely for private circulation for reading/understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.\" 6 TARAKKI TIMES, JANUARY 2023 Interview Q3 results in line with expectations, banks only outliers Business Standard | February 24, 2023 Anand Shah that we see significantly playing exception, as they exceeded companies with good business Head - PMS & AIF Investments out over the next few years. expectations on all fronts. Apart quality. ICICI Prudential Mutual Fund Companies in manufacturing from this, there were very few space hold the potential to positive surprises. We also consider companies Investing is now about finding improve both in terms of earn- that are operating with high entry the businesses that are inhe- ings growth and return on equity. In your note, you talked about barriers but delivering subdued rently good and triggers that using the ‘BMV strategy’ for profits as well as low return on could change outlook for a Apart from this, as manu- portfolio creation. How does it equities. Watch out for triggers specific sector or companies, facturing activity gathers steam, work? that hold the potential to change says Anand Shah, head of the outlook for industries related the outlook of such companies. portfolio management services to manufacturing such as cor- BMV stands for business, For example, China’s crackdown (PMS) and alternative investment porate banking, logistics, and management, and valuation. on pollution was a game changer fund (AIF) investments, ICICI utilities is also improving. BMV is a strategy for identifying for the Indian specialty chem- Prudential AMC, in an interview businesses that can grow icals industry. with Abhishek Kumar. Edited Do you see an increased risk for earnings sustainably over long excerpts: export-oriented sectors in the periods, and be a part of our The other set of businesses that near term because of a global investable universe. Each of interest us are those where Which sectors do you prefer slowdown? these aspects is important in a investments have already been right now? Has there been a company we look to invest in. If made and now it is time to major shift in the last 2-3 The export-oriented sectors have we do not like the business, generate returns, i.e. reverting to months? been under pressure since last there is no point in considering normalised returns like telecom. year owing to global slowdown management and valuation as We have a bottom-up approach concerns, which are visible those alone cannot yield returns What investment strategy when selecting companies. At through sectors like textiles, over the long term. would you like to share with present, we like many com- metals, IT, etc. At the same time, retail investors? panies in the manufacturing domestic-focused companies, Is it becoming difficult to find theme, as the risk-reward app- too, witnessed softening of good businesses at the right The most important aspect is the ears to be favourable. demand due to persistent infla- valuation? ability to differentiate between tion and a high base effect. In volatility and risk. Volatility is a Manufacturing activity might effect, India too saw a certain Over the years, the market has temporary loss of capital, while have improved in two ways- amount of slowing down. Since definitely become more efficient risk is a permanent loss of through import substitution and this was on expected lines, there and so good businesses today capital. Once the investment growth in exports. Import was not much of a loss in share are largely fairly priced. However, horizon is determined, an inves- substitution will lead to higher prices, at least in those sectors there will always be businesses tor should endeavour to avoid gross domestic product (GDP) where valuations were not tra- that are inherently good and are permanent loss of capital. growth rate even at similar ding at a premium. In sectors getting better - for example, the consumption levels as imports where valuations were expen- manufacturing basket. This can be achieved by avoiding replace domestic manufac- sive (like IT services), the price businesses one is unable to turing. Export is another lever correction was sharp. Over the last decade, the cycle or understand, avoiding specu- certain management decisions lation, and refraining from inves- Most firms’ December quarter were such that even strong ting based on hearsay. So, (Q3) results are out. What businesses suffered and were always check the portfolio’s conclusion have you drawn de-rated. quality of businesses, mana- from them? gement quality, and valuation. This does not necessarily make Q3 has been subdued and them bad quality businesses. earnings were largely in line with This is where research becomes expectations. Banks were an relevant as it helps identify The most important aspect is the ability to differentiate between volatility and risk. Volatility is a temporary loss of capital, while risk is a permanent loss of capital. Once the investment horizon is determined, an investor should endeavour to avoid permanent loss of capital.

\"The information contained herein is solely for private circulation for reading/understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.\" Interview 7TARAKKI TIMES, JANUARY 2023 Good time to enter IT sector from 2-4 year perspective The Economic Times | February 13, 2023 IT or technology funds are show- Due to issues with inflation in the be somewhat moderated over Vaibhav Dusad ing signs of revival. Technology US and EU markets, the global the coming quarters, but on the Fund Manager funds were up on the budget day. macroeconomic environment plus side, we should see pres- They were up even in the last one continues to be unclear. In 2024, sure on margins progressively ICICI Prudential Mutual Fund week and one-month horizons this might have an effect on the slack off, which will help opera- even as the broad market big corporations' technological ting margins. investments in the IT sector or remained volatile. budgets. However, we think that technology funds? Should they this effect would probably only The recent quarters have been temper their expectations? Surbhi Khanna of ETMutual last a short time and would extremely difficult due to the Funds reached out to Vaibhav become apparent in 1HFY24. increase in delivery prices. Given that post-Covid returns Dusad, Fund Manager, ICICI Future increases in the pro- from the Tech sector till end of Prudential Technology Fund, to We think that the current techno- portion of junior personnel, in- 2022 have been very high, find out what is happening and logical upgrading cycle is under- creased outsourcing, better investors need to temper their what are the prospects of the way. After Covid, this trip gained utilisation, salary rationalisation, expectations accordingly and sector. Edited interview. tremendous speed. It started price increases, and INR devalua- remain invested from a 2-4 year slowly in 2018. The upgrade tion are all potential levers for perspective. Investing syste- 1. What is the reason behind cycle normally lasts 4-5 years, increasing margins. matically through SIPs over this the uptrend? therefore from a medium term course may prove to be fruitful. viewpoint (2-4 years), the growth In terms of cost competitive- Current up move is due to runway should be stronger than ness, when it comes to customer 6. What is your advice to new temporary sector rotation. Inves- it was before COVID. delivery, Indian businesses con- entrants to these schemes? tors are switching out of banks tinue to enjoy a competitive and reinvesting in technology. The core components of the advantage globally. Therefore, It is a good time to enter into the Technology sector has under- growth theme would be auto- we think these businesses will IT sector from a 2-4 year pers- performed by 25-30% in CY22 mation, big data analytics, and keep expanding their market pective. The sector could remain while banking has outperformed the cloud. Only 30% of busi- share in the global market for volatile in the near term and it is and hence the rotation. nesses worldwide have made technology services. This is our advisable to invest through SIPs the switch to the cloud as of medium to long term view on the and do a lump sum if one sees 2. The IT sector was supposed today, but what's more signi- sector decent correction in the sector. to be under pressure because ficant is that many of the clients of the likely spending cuts. Has who have already made the 4. ICICI Prudential Technology anything changed? switch are still in the very early Fund has posted 8.07% in past stages of adoption. Thus, cloud one month. Over 3 and 5 years, IT sector demand is dependent migration and cloud penetration the fund has been the topper in on the economic conditions in would continue to be significant the category. What is your the US and EU markets. We growth drivers over the next few strategy? expect some moderation in years. technology budgets in CY23 and Invest in high quality, high not a sharp pullback. Current rally Since 2015, Indian IT companies dividend, strong balance sheet in India IT is also partly driven by have quickly modernised them- and relative market share gainers the relief seen in Nasdaq in view selves for the new digital era. and players. We place high of the possibility of soft landing They are in fact leading this reliance on corporates with in the US and the peak of Fed rate global technological transition, equal focus on growth as well hike behind us. and their business models are turnaround stories. largely resilient to upheaval. 3. What is your view on the 5. What is your advice for prospects of the IT sector? The difficulty is that growth will investors who have Tech sector till end of 2022 have been very high, investors need to temper their expectations accordingly and remain invested from a 2-4 year perspective. Investing systematically through SIPs over this course may prove to be fruitful.

\"The information contained herein is solely for private circulation for reading/understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.\" 8 TARAKKI TIMES, JANUARY 2023 Interview How to beat volatility in silver through SIPs Deccan Herald | February 20, 2023 Chintan Haria as its prices are highly linked to improve. the demand for silver exceeds Head - Product Development general price levels in the supply. & Strategy economy. SIP your way ICICI Prudential Mutual Fund Given that it is not easy to ramp Apart from this, the industrial So, if you want to capitalise on up the supply of silver, prices are Investment returns are often not metal is also an effective port- the gains silver brings over the likely to find good support. a straight line. There are crests folio diversifier given that the long-term while hedging your Consumption of silver is highest and troughs. Volatility is a given asset classes’ price movements portfolio from the volatility, SIP is for electronic mobility and app- in most of the asset classes and have very little co-relation to a smart way to buy and hold the liances, indicating increased it is this volatility which adds equities and other asset classes. precious metal for longer future demand as more rene- dynamism to an investment Ease of transacting (buy/sell) periods. Systematic Investment wable energy and mobility solu- experience. through the stock exchanges Plans offer a good opportunity to tions are adopted. and its highly liquid nature are all accumulate gains from physical Commodities such as silver are factors which work in favor of silver in small amounts through Investor take highly volatile, but for investors silver. periodic installments. who stayed invested with their From an investment perspective, allocation to the industrial metal And given that, the world is Consider the phases of the worst silver is a good portfolio diver- over the last one year, the probably moving into a silver- returns for silver, such as August sifier along with being an effec- experience would have been intensive future, investors could 2019 to February 2020, or more tive hedge against inflation. rewarding. The 3-month return gain from a measured exposure recently, June 2021 to October Given its limited co-relation with on silver (domestic price of silver to silver. Silver has extensive 2021 - SIPs done during these equities, the presence of silver as derived from the LBMA application in modern environ- periods would have generated aids in improving the overall risk- prices) was 25% and the 6- ment friendly manufacturing, good returns thereafter as silver adjusted return of the portfolio. month gains were 27.3%. This is electric vehicles, solar panels, found its feet. more than a silver lining to an medical instruments, switches, Investors can consider a 5% to individual’s portfolio. But, what if satellites etc. This apart, silver performance, 10% allocation to silver as a part gains lose lustre? This is where a even during the last three global of their portfolio. Investors with a Systematic Investment Plan (SIP) H o w e v e r, w h a t m a y d e t e r negative equity periods, has demat account can consider can aid your purpose. investors with low risk-appetite been better. During the subprime investing in the Silver ETF and is a fair degree of volatility in mortgage crisis, silver gained those without a demat can Why silver? returns accompanied while 13%, during the taper tantrum consider investing in Silver Fund investing in silver. A rolling- and the Covid-19 pandemic as of Fund (FoF) route. Investors can Silver is known for its ability to returns analysis based on LBMA well, silver outperformed equi- consider doing SIP in Silver FoF. provide a hedge against inflation Silver prices converted into ties. For an investor who would rupee terms, rolled daily over 10 have invested via SIP, the returns (The writer is the head of years, ended 2022, shows silver would be even better, given the investment strategy at ICICI returns can be very volatile. One- lower average cost of silver Prudential AMC) year return for silver fluctuated holdings. within a band of minus 35% to 111% over this decade. Bright outlook During the last 10 years, 1-year The demand for silver is likely to returns on silver have been remain elevated given the impro- negative as much as 56% of the ving global economic growth. A time. If you increase the period recent report from the Silver of investment, then returns Institute indicated that at present Investors with a demat account can consider investing in the Silver ETF and those without a demat can consider investing in Silver Fund of Fund (FoF) route. Investors can consider doing SIP in Silver FoF.

\"The information contained herein is solely for private circulation for reading/understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.\" Fund Review 9TARAKKI TIMES, JANUARY 2023 On auto-pilot mode The Hindu BusinessLine | February 04, 2023 Fund Call. Good track record of returns and robust theme selection are positives for ICICI Pru Thematic Advantage In the stock market’s game of snakes and Auto-pilot route TAKE NOTE ladders, winners and losers change every Better returns than category and few months and hence themes working An FoF route to thematic investing can be an benchmark. today may not click tomorrow. optimal way to gain from attractive themes Dynamic theme/sector allocation as the FoF can choose themes to be bullish has worked well. Many join the bandwagon of a theme only on and leave out the not-so-promising ones. Currently bullish on BFSI, tech, after the train has left the station or exit healthcare, global equities. when the theme is about to come in Robust theme selection becomes important currency. The over-100 thematic and in this context. Also, FoFs can adopt a style volatility). Transportation and logistics is a sectoral funds make it confusing even for that is neither too concentrated nor too new entrant in its portfolio. It has also hiked MF investors to choose the right one from. diversified, thus striking a good balance. exposure to US stocks on global equities In this backdrop, ICICI Prudential Thematic ICICI Pru Thematic Advantage Fund comes relatively cheaper valuations compared with Advantage Fund offers a simple auto-pilot from a fund house that has a track record of domestic ,and also better position of US method of investing in emerging delivering right calls. Some examples are the amongst developed markets. opportunities across sectors and themes calls of global funds (in Fy13), infra, banking Investing for long-term in the FoF is eligible through a fund of funds (FoF) structure. (FY14), tech funds (2017), sell small- and for indexation benefits as per prevailing tax mid-caps, and buy gold (both 2018). laws. The regular plan has a total expense Its good track record of returns, robust ratio of 1.6 per cent and direct plan is theme selection, balance between Returns and portfolio available for 0.25 per cent. concentration and diversification, while also taking care of rebalancing of portfolio in a The Rs. 900-crore ICICI Pru Thematic tax-efficient way, are positives. Advantage, which can choose from over 10 in-house thematic / sectoral funds, has Challenges shown good performance too. In the one- year period, it has comfortably beaten A theme is a combination of allied sectors / thematic category average. In the three- and stocks, which are interwoven around a five-year period, the fund has given 23.9 per common idea or opportunity. Popular cent CAGR and 15.2 per cent CAGR, about themes include financialisation, 500-600 basis points higher than thematic infrastructure, consumption, digital etc. But category average. It has also beaten its there are some key problems one will face stated benchmark (Nifty 200 TRI) in one-, while doing thematic investing. One, three-, and five-year periods. understanding the correlation of sectoral performance and macros is a daunting task As per latest factsheet (December 2022), due to time constraint and limited the FoF has 95.8 per cent in MF units and 4.2 resources. per cent in short-term debt and net current assets. The fund right now has highest Winner keeps changing if you tracked allocations to BFSI, tech, healthcare, global sectoral performance (calendar year). Power equities, exports etc. The top-5 highest fund did well in 2021 and 2022. But, in 2020 it was weights are in ICICI Pru Banking & Financial healthcare stocks that ruled the roost, post Services (24.66 per cent), ICICI Pru the world waking up to Covid. The years Technology (17.10 per cent), ICICI Pru 2017 and 2019 had seen Consumer Pharma Healthcare and Diagnostics (16.45 Durables stocks coming to the fore. And per cent), ICICI Pru Transportation and 2018 was all about IT stocks. Secondly, even Logistics (10.33 per cent) and ICICI Pru sophisticated investors find it difficult to Bharat Consumption (7.96 per cent). control greed and fear emotions during market extremes. IT sector (Nifty IT) which Its least equity fund weights are in ICICI Prud returned over 700 per cent between Commodities (2.66 per cent) and ICICI Pru February 1999 and February 2000, trapped Exports and Services Fund (7.25 per cent). investors who got in afterwards and during The fund also has 9.4 per cent in ICICI Prud March 2000 to March 2001, the sector Floating Interest. Its dynamic theme/sector crashed nearly 65 per cent once the dot-com allocation moves include hiking BFSI bubble burst. exposure from 4 per cent in October 2021 to about 25 per cent in December 2022 on In 2013, Taper Tantrum phase, most of the strong credit offtake, good asset quality and investors missed the export-oriented theme margins. (IT and Pharma), even though certain markers such as weaker domestic macro Similarly, for healthcare, the fund upped environment and expensive currency allocation from 4 per cent in January 2022 to existed. Three, direct thematic investing over 16 per cent in December 2022 on approach faces issues related to exit reasonable valuations, strong product strategy and taxation on rebalancing. pipeline and defensive nature (against

\"The information contained herein is solely for private circulation for reading/understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.\" 10 TARAKKI TIMES, JANUARY 2023 Fund Review Fund Pick: ICICI Prudential Value Discovery Fund Business Standard | February 20, 2023 10-year trailing periods. allocating predominantly to large-cap stocks (averaging 72.52 per cent). Allocations to Launched in August 2004, the ICICI To put this into perspective, Rs 10,000 mid-cap and small-cap stocks averaged Prudential Value Discovery Fund has invested in the fund on August 16, 2004, i.e., 11.87 per cent and 4.90 per cent, featured in the top 30 percentile of the since its inception, would have increased to respectively. value/contra funds category of CRISIL Rs 2.81 lakh on February 16, 2023, at an Mutual Fund Ranking (CMFR) for three annualised rate of 19.75 per cent, compared The portfolio was diversified across 16 consecutive quarters through December with the category and benchmark which sectors. The energy sector dominated, with 2022. would have grown to Rs 1.74 lakh (16.69 per an average allocation of 15.29 per cent, cent per annum) and Rs 1.42 lakh (15.45 per followed by financial services (14.65 per The fund’s month-end assets under cent per annum), respectively. cent), information technology (11.84 per management increased to Rs 27,515 crore cent), automotive (11.54 per cent), and in December 2022, from Rs 14,912 crore in A systematic investment plan is a mode of pharmaceutical (10.98 per cent) sectors. December 2019. disciplined investment offered by mutual funds, through which one can invest a fixed During the analysis period, the fund took The scheme's investment objective is to sum at regular intervals. exposure to 142 stocks and held 13 seek long-term wealth creation by actively consistently. investing in equity/equity-related securities, A monthly investment of Rs 10,000 in the following a value investment strategy. fund over the past 10 years, totalling Rs 12 Sun Pharmaceutical Industries, Mahindra & lakh, would have grown to Rs 28.22 lakh Mahindra, Infosys, Bharti Airtel, and NTPC Sankaran Naren and Dharmesh Kakkad have (16.41 per cent annualised returns), (formerly National Thermal Power been managing the fund since January compared with Rs 24.24 lakh (13.56 per cent Corporation) were the key contributors to its 2021. annualised returns) in the benchmark as on performance. February 16, 2022. Trailing returns Portfolio analysis The fund has outperformed the benchmark (Nifty 500 Total Return Index) and its peers In the past three years, the fund took (funds ranked under the value/contra exposure across market capitalisations, category in the December 2022 CMFR) in the past one-, two, three-, five-, seven-, and The scheme's investment objective is to seek long-term wealth creation by actively investing in equity/equity- related securities, following a value investment strategy.

\"The information contained herein is solely for private circulation for reading/understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.\" Channel Partners 11TARAKKI TIMES, JANUARY 2023 Distributor Insights SIP your way towards financial goals Outlook Business | January 2023 Vana Krishna G and factor it in all your calcu- to your retirement 15-25 years you must start saving for your lations. After you decide how away when you have a good idea silver years soon, even with CEO, much you need for each goal by of where you will eventually small sums. If you start at 25 and Veekay Finserve LLP either using a financial calculator settle down. The alternate not-so retire at 60, you get a good 35 or by taking help from an advisor, popular approach would be to years for compounding to work. The raging popularity of SIPs you can invest for each goal in buy a house without taking a loan You can gradually step-up SIPs as (systematic investment plan) for different funds via the SIP route. a decade to two into your career. other goals get accomplished investing in mutual funds can be Consequently, you can manage In such case, you can consider and your surplus increases. On seen from the fact that over Rs your monthly cashflows better additional SIPs (apart from your the other hand, if you wish to 13,000 crore are ploughed via by juggling expenses, EMIs and large and flexicap investments) retire early at, say, 45, you must this route every month. While investments smartly. in mid, multi-cap and small-cap save a lot more, which you can if SIPs are great means of investing funds as well, given that these your income keeps increasing at in mutual funds, especially Investing for specific life goals categories can generate higher a fast clip. equity schemes, they can be returns over the long term. made even more potent when International vacation or car Other key aspects for SIPs to directed towards specifically purchase: Children’s education and succeed planned financial goals. These are typically goals that at marriage: 1-3 years away. You cannot take Ideally you must start saving for You must review your SIP In general, your SIP must be high risks with such invest- these goals when your children investments once a year. All your decided basis your money goals, ments. Here, one has the option are born, thus giving a long time SIP investments must follow time horizon, available surplus of investing in debt schemes horizon for your SIPs to deliver. your overall asset allocation and risk appetite. Goal-planning such as money market or ultra- Given that you would have 17-25 framework based on your own via SIPs will help channelise your short term funds or hybrid years for saving up, you can calculations or as directed by savings smartly. SIPs offer the category offerings like the con- invest in small and midcap funds, your advisor. When you get benefit of rupee-cost averaging servative hybrid or balanced and balance your portfolio closer salary hikes, you must look to (by buying units in rising and advantage funds. to your goal or when you reach increase your SIP instalments. falling markets), help you gain the target well ahead of time. For As mentioned earlier, you must from the power of compounding House purchase: your children’s marriage, you can take inflation into consideration over the long term by remaining There can be two approaches also invest in gold ETFs instead and also account for any lifestyle invested across cycles, and offer here. One, you can save for the of buying physical gold. You can upgrades that you have, so the ease of investing small to down payment of a home loan thus hedge for inflation. that your SIPs can be altered large sums periodically via SIPs for 4-5 years, in which accordingly. case large-cap and flexicap Retirement: Before starting your SIP in any funds can be of help. The second Given that most of us would not mutual fund, ensure that you tag approach is to buy a house closer get any pension after retirement, that investment to a specific financial goal. That will help you For example: If one decides to invest Rs.10,000 on 1st day of every month through SIP, then decide the appropriate invest- the investment value across various tenors and return assumptions are as follows. CAGR ment amount and tenure for that returns are computed by using XIRR method. particular financial goal. While at it, do take inflation – the rate of No. of years Rate of Return price rise – into consideration 5 8% 10% 12% 14% 10 7.34 lakh 8.52 lakh 15 18.13 lakh 7.72 lakh 8.11 lakh 24.93 lakh 20 33.98 lakh 56.52 lakh 25 52.27 lakh 20.15 lakh 22.41 lakh 30 91.48 lakh 1.17 cr 40.16 lakh 47.59 lakh 2.34 cr 1.42 cr 4.60 cr 72.40 lakh 91.99 lakh 1.24 cr 1.70 cr 2.08 cr 3.08 cr

\"The information contained herein is solely for private circulation for reading/understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.\" 12 TARAKKI TIMES, JANUARY 2023 Channel Partners Distributor Insights Tide over market volatility with multi-asset strategy Dalal Street Investment Journal | February 13, 2023 Nikhil G Vats which performed the best in the the other hand, in 2022, gold valuation, allocation to equities past would continue to do so in rallied and outperformed all the can be on the lower end of the Designated Partner, the future as well. other popular asset classes like allocation spectrum. Such a Wealth Impression LLP equity and debt. In effect, an diversified asset allocation not Also, they will believe that an investor who had allocation only only reduces asset concen- The past one year has been very asset class which performed to equities would have had a tration risks but makes your challenging for equity investors poorly in the recent past will tough year. Conversely, if an investments tax-efficient while given the heightened equity remain a laggard in the future investor had allocation to equity, offering inflation-beating returns market volatility. Also, the returns too. This situation is known as debt and gold, i.e. a multi-asset in the long term. have been lacklustre. As a result, recency bias in investment strategy, then such an investor’s investors are in two minds: terminology. Such a situation has experience would have been As a result, investors can con- whether to stay invested or book the potential to inflict irreparable good despite the lacklustre sider making lump sum invest- profits as a means to minimise damage to the portfolio. One of equity performance. ment in this type of offering. To the harm that market volatility the easiest ways to circumvent conclude, an investment port- could inflict on the overall such a situation is by adhering to Understanding Multi-Asset folio based on a multi-asset portfolio. Equity, as an asset asset allocation. Asset allocation Fund strategy can help an investor class, has attracted a sea of is the practice of investing overcome several investment- investors over the past few across various asset classes like As a means to help more and related hiccups - be it valuations, years. Be it through direct equity equity, debt, gold, etc. This more investors access this timing or financial behaviour. or through equity mutual funds, ensures that the portfolio is strategy, mutual fund houses Given the fact that volatility is statistics show a historically high adequately diversified and over have launched the multi-asset part and parcel of the investment interest in equity investments. the long term ensures a good fund. Such a fund has the process and the scenario can Equity, no doubt, is one of the investment experience. flexibility to invest in three and change overnight as has recently best performing asset classes more asset classes at any given happened in the wake of the over the long term. Irrespective of the market condi- point in time. Here, typically, fund Adani Group incident, it is best to tions, be it extreme volatility, houses tend to invest 60-70 per stick to a strategy that spreads Hence, investors tend to think uptrend or downtrend in the cent in equity, 20-25 per cent in the risk. This evergreen invest- that equity is the only asset class market, or a prolonged conso- debt and the rest is allocated to ment strategy will not only help which can give returns but a lidation phase, a multi-asset gold and infrastructure-related you attain your financial goals majority of them fail to strategy tends to yield optimal instruments like infrastructure but also ensure that the invest- understand the short-term risk results in the long term. By investment trusts and real estate ment experience remains a associated with equity at any adhering to this strategy one can investment trusts. Given the happy one. given point of time. Also, keep investment-related stress prevailing elevated equity market investors fail to understand their at bay as the portfolio will not be own risk appetite as a result of adversely impacted under any An investment portfolio which when the market turns market condition. The other based on a multi-asset volatile, they suddenly discover benefit of such an approach is strategy can help an they lack the power to withstand that it effectively takes care of investor overcome several equity market volatility. Time and investors’ irrational financial investment-related hiccups again, we have seen that behaviour which keeps appea- - be it valuations, timing or investors tend to succumb to ring along the course of one’s financial behaviour. recency bias. Here, an investor investments. tends to think that the asset class Multi-Asset Strategy As an investor, one must realise that none of the asset classes can be an evergreen performer. Be it equity, debt, gold or real estate-related investments - all are different asset classes and have distinct market cycles which may or may not be in sync with each other. For example, in 2020, post the pandemic, Indian equities rallied while debt and gold were under pressure. On

\"The information contained herein is solely for private circulation for reading/understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.\" Tarakki Corner 13TARAKKI TIMES, JANUARY 2023 Your YTouar TraarakkkikCoirnCer orner TARAKKI SUCCESS STORY Pankaj Bansal Kolkata, Mutual Fund Distributor Pankaj Bansal, 40, a Kolkata-based MFD manages investors' assets worth ` 100 crore and caters to nearly 300 families with an SIP book of ` 65 lakh. He is well versed in the financial services space given his work experience spread across banking, brokerage houses and mutual fund houses from 2005 to 2012. It was in 2012 that an accolade distributor had advised him to try his hands at the mutual fund distribution space and so it was. \"Since being in financial firms endures one to solely focus on meeting targets, I was more product-oriented rather than client-centric,\" says Bansal. However, he was uncomfortable with this approach and realised that it would be a great way to nurture one's own entrepreneurship skills and start a distribution business. Having had the financial work experience and being a witness to the rally before the 2008 crisis and what followed thereafter; Bansal was clear headed about the power of mutual funds for long-term wealth creation. \"My past learnings suggested that mutual fund distribution is the only business wherein I can create wealth for investors and fulfill their dreams and thus for myself,\" he says emphatically. Back in 2012, despite having an industry background, Bansal did not have a smooth start. \"Investors trusted big financial institutions and I, being an individual, was resisted by many,\" he explains. However, it did not stop him from meeting people. His continuous approach to prospective clients helped him gain trust. \"Once the trust factor was in place, business soon took off,\" Bansal adds. The much needed support came from the family and Bansal joined hands with the distributor who advised him and thus the journey began. However, the partnership could not last long. After five years he parted ways for betterment and started on his own company - Avid Future Care LLP- in 2018. Barely a year old in this business, mutual funds launched direct plans. But Bansal was unmoved as from day one he did not go to big corporates for mutual fund distribution. His client base majorly remained retail and HNIs. Given his consistent services ensured that there was no impact of direct plans on his business. \"No investor asked about my commission pay out and they opportunely continued with me,\" he says proudly. After going solo in 2018, upfront commission was abolished which changed the dynamics of mutual fund distribution. \"There was a thought, what next? But I never felt like leaving this business nor will I ever do so,\" says Bansal. \"What I knew was that the faster I adapt to regulatory changes, the better it would be for my business,\" he elaborates. Bansal considers himself as not a salesman but as a solution provider. When he approaches clients he goes empty handed and focuses only on basic concepts about why one should invest. \"This is my way of generating trust among individuals. I know very well that if my clients make money so would I. Customers' interest is always first,\" he says confidently. Handholding, offering unconditional services and his unceasing thrust on educating clients made Bansal a trustworthy name among clients. This tremendously helped him during the Covid times when markets moved southwards. \"I requested clients not to redeem only because of the fall in the market. Believing me, they stayed put. Only for those investors who genuinely needed money, I advised for redemptions and did so,\" says Bansal happily. What worked in his favour during Covid period was his online presence. Despite the lockdown, client services remained unabated. Though his AUM had dipped to ` 65 crore from ` 80 crore in a matter of few months, neither did he panic nor did he let his clients feel the same. \"Proactive hand holding was the need of the hour and it would not have been possible had I not embraced technology,\" explains Bansal. Bansal strongly believes that anybody in our country can be a millionaire provided one knows what needs to be done. Majority of the masses do not even know what should be done to create wealth, he adds. \"If a distributor can reach out to people and convince them about the benefits of mutual funds, it will be a great successful journey. For this, what is necessary is consistent hard work and keeping away from any shortcuts or having the desire to become an overnight success,\" he signs off.

\"The information contained herein is solely for private circulation for reading/understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.\" 14 TARAKKI TIMES, JANUARY 2023 Tarakki Corner Your YTouar TraarakkkikCoirnCer orner TARAKKI SUCCESS STORY Parmanand Devnani Ahmedabad, Mutual Fund Distributor Parmanand Devnani, 51, an Ahmedabad-based MFD has an asset base of ` 390 crore with a monthly SIP book of ` 3 crore, but more than the assets, he values the trust of the nearly 2000 clients he services - mostly retail and HNIs. Founder of the firm Indus Capital, Devnani hails from the Sindh Province of Pakistan. He migrated to India in 1995 and his journey from thereon has been on a tough note. Owing to the place he hailed from, no one was keen to employ him or provide a residence. “Somehow I got a job in a plastic packaging unit to which I clung to till 2002,\" an emotional Devnani reminisces. While being in the plastic factory, he thought of doing a business of his own. His elder brother, who stayed back in his native land, told Devnani that starting his own business will provide him freedom and give him opportunities where he can utilise his capabilities in a better way. \"Amidst those difficult times, my brother who I consider my friend and father showed me the light,\" says Devnani while trying to hold back tears. After quitting his job, Devnani started with insurance distribution. As his professional circle increased, he got introduced to mutual funds. In the year 2005, he got his ARN and started distributing mutual funds. However, his short-term approach made him sell insurance more while mutual funds continued to be a secondary business. Entry load ban in 2009, post the 2008 financial crisis, was the first major challenge for him. \"I was not very enthused with the trail-based model as I failed to recognise the power that approach held,” says Devnani. The global financial crisis of 2008 showed him that managing investment behaviour is more important than managing their money. \"As a result of the 2008 crisis, I matured as a professional,\" he explains. However, the turning point came in 2013, when his fellow senior distributor Nitin Patel, whom he considers his Guru, advised him to focus on mutual funds. He convinced Devnani that mutual fund distribution will help add more value to clients and trail-based payments would be a great business opportunity going forward. \"Following his advice, I limited myself to only term and health insurances and my primary focus shifted to mutual funds and it was only then that my real journey began,\" he recollects. Devnani, who defines himself as workaholic, disciplined, passionate and punctual; focused on references to grow the mutual fund side of his business. He has never engaged in active marketing, as his business grew organically through referrals and word of mouth, which he believes brings more \"loyal customers through reference of happy clients\". It is interesting to note that despite being in the mutual fund business for 9 years, Devnani had an AUM of only ` 25 crore till 2013. His hard work and persistence with mutual funds thereafter has helped him reach a whopping AUM size of 390 crore. But the journey had its challenges. Direct Schemes made him dither a bit. \"I realised that if clients keep away from goal based investing and invest based on past returns, their experience may not be good. Ultimately, they will come back to me after burning their fingers elsewhere,\" he explains. He believes it is his Guru which aided him in not going off track due to the impact of direct schemes. After going big in mutual funds, the first major correction came in 2020. His past client handholding of 2008-2013 phase came in handy. \"I managed to control clients' emotions. I told investors to either top up their existing equity investment or stay patient with them. Exiting would be nothing but financial suicide. Those who didn't listen now admit it was a blunder. These phases create more trust between us and the client.\" says Devnani. Summing up his success mantra, Devnani says that a distributor's wellbeing is in keeping clients' interest first. His message to newcomers - there is no overnight success in this zero capital business. Nothing can stop a distributor from becoming successful if keeps up the passion for at least 4-5 years, builds trust based relationships, is honest and endeavours to tap the untapped market, he signs off by thanking his wife for the incredible support she has also provided in his journey along with the noteworthy figures.

\"The information contained herein is solely for private circulation for reading/understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.\" Fund Review 15TARAKKI TIMES, JANUARY 2023 List of ICICI Prudential Funds in Star Track Mutual Fund HBL | January 2023 Scheme Name BL Rating Trailling Returns (%) 10 Year CAGR 1 Year CAGR 3 Year CAGR 5 Year CAGR 14.0 14.2 ICICI Prudential Bluechip Fund 9.6 16.2 11.2 14.6 ICICI Prudential Large & Mid Cap Fund 15.5 20.3 12.1 17.3 ICICI Prudential Multicap Fund 12.1 16.2 10.7 15.8 ICICI Prudential Midcap Fund 9.3 18.5 9.3 13.1 ICICI Prudential Smallcap Fund 15.3 24.4 12.5 17.4 ICICI Prudential Focused Equity Fund 10.6 21.0 11.8 ICICI Prudential Value Discovery Fund 15.6 25.8 13.8 14.3 ICICI Prudential Long Term Equity Fund 6.1 15.1 10.6 - (Tax Saving) 14.3 14.3 ICICI Prudential Dividend Yield Equity Fund 14.8 24.4 10.2 14.6 ICICI Prudential FMCG Fund 20.5 ICICI Prudential Infrastructure Fund 25.7 16.1 12.4 15.8 ICICI Prudential Banking & Financial Services 11.9 ICICI Prudential Technology Fund 28.9 27.4 12.9 9.8 ICICI Prudential Equity & Debt Fund 12.3 ICICI Prudential Balanced Advantage Fund 10.4 7.9 7.8 ICICI Prudential Regular Savings Fund - ICICI Prudential Nifty Next 50 Index Fund -5.8 30.9 21.5 - ICICI Prudential Nifty Private Bank ETF Fund - ICICI Prudential Midcap Select ETF Fund 12.2 20.9 13.3 - ICICI Prudential Nifty 100 Low Vol 30 ETF Fund - ICICI Prudential Alpha Low Vol 30 ETF Fund 8.7 11.4 9.7 - ICICI Prudential Silver ETF Fund 15.4 ICICI Prudential Global Stable Equity Fund (FOF) 5.8 8.0 8.2 12.0 ICICI Prudential US Bluechip Equity Fund 1 Year CAGR ICICI Prudential Child Care Fund (Gift Plan) 1.6 9.9 4.9 5.2 4.5 ICICI Prudential Liquid Fund 14.9 6.6 - 5 Year CAGR ICICI Prudential Equity-Arbitrage Fund 6.2 -0.5 11.8 5.7 6.6 ICICI Prudential Ultra Short Term Fund 6.0 ICICI Prudential Savings Fund 8.5 15.8 11.5 6.9 ICICI Prudential Money Market Fund 6.9 ICICI Prudential Short Term Fund 6.3 - - 6.7 ICICI Prudential Medium Term Bond Fund 6.5 ICICI Prudential Bond Fund -6.1 - - 7.5 ICICI Prudential Long Term Bond Fund 7.1 ICICI Prudential All Seasons Bond Fund 10.0 9.6 9.5 7.4 ICICI Prudential Corporate Bond Fund 6.7 ICICI Prudential Credit Risk Fund 5.4 13.2 14.6 8.3 ICICI Prudential Banking & PSU Debt Fund 7.9 ICICI Prudential Constant Maturity Gilt Fund 4.0 9.6 7.6 6.5 ICICI Prudential Gilt Fund 1 Month Absolute 3 Month Absolute 6 Month Absolute ICICI Prudential Floating Interest Fund 6.3 6.4 6.1 6.9 7.1 6.1 1 Year CAGR 2 Year CAGR 3 Year CAGR 4.9 4.5 4.9 5.3 4.5 5.5 5.1 4.5 4.9 5.2 4.8 5.9 4.4 5.2 6.0 3.9 4.0 5.1 2.0 2.4 3.1 5.2 4.9 6.2 5.1 4.9 6.0 4.6 5.8 6.5 4.9 4.7 5.5 2.3 3.2 4.9 4.9 4.6 5.8 5.3 4.3 5.6 Source: NAV India; NAV for the growth option as on 24-02-2022. Past performance may or may not sustain in the future.

\"The information contained herein is solely for private circulation for reading/understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.\" 16 TARAKKI TIMES, JANUARY 2023 Fund Review mint List of ICICI Prudential Funds in Mint 20BEST FUNDS Mint | January 2023 HYBRID 3-year return (%) 5-year return (%) Corpus (Rs cr) BALANCED ADVANTAGE ICICI Prudential Balanced Advantage Fund 11.23 9.84 44,513 DEBT Corpus (Rs cr) CDREBEDT-IOTRRIIESNKTED 1-year return (%)* 3-year return (%) ICICI Prudential Credit Risk Fund 4.50 6.46 7,741 *Absolute Returns ETW Funds 100 List of ICICI Prudential Funds in the Economic Times Wealth ET Wealth | January 2023 FUND Value Research Returns (%) Fund Rating 6-month 1-year 3-month 3-year 5-year -0.96 11.21 EQUITY: LARGE CAP -0.81 4.10 5.01 15.73 12.71 ICICI Prudential Bluechip Fund -4.19 3.26 5.88 14.78 1.43 - ICICI Prudential S&P BSE Sensex Index Fund -0.58 0.23 -0.46 17.04 13.75 EQUITY: FLEXI CAP 0.47 13.16 ICICI Prudential Retirement Fund 1.76 7.59 9.63 24.63 8.15 EQUITY: VALUE ORIENTED 1.66 6.88 ICICI Prudential Value Discovery Fund 1.72 5.03 7.15 19.72 6.93 HYBRID: AGGRESSIVE (EQUITY ORIENTED) 1.52 7.42 ICICI Prudential Equity & Debt Fund 2.84 4.81 8.09 7.05 HYBRID: CONSERVATIVE (DEBT ORIENTED) ICICI Prudential Regular Savings Fund 3.04 5.07 6.17 DEBT: MEDIUM-TERM ICICI Prudential Medium Term Bond Fund 3.41 5.38 6.01 DEBT: SHORT-TERM ICICI Prudential Short Term Fund 3.65 5.65 6.35 DEBT: DYNAMIC BOND ICICI Prudential All Seasons Bond Fund 3.54 5.30 6.03 DEBT: CORPORATE BOND ICICI Prudential Corporate Bond Fund 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.