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Tarakki Times English April 2021

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\"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 | APRIL 2021 | PAGES 14 Professional Views Asset Allocation schemes best suited for investors to benefit Pg. 2 from current volatility A 60-40 split between large, mid/ Sankaran Naren Business Standard | April 22, 2021 rated over the last one year. The small-cap is optimal amid ED & CIO question now is how much of it is uncertainty ICICI Prudential Mutual Fund rolls back quantitative easing. already built into the prevailing Moneycontrol | April 28, 2021 Any of these developments has stock prices. Further, we believe The Indian equity market has the potential to bring down US there is room for commodity Pg. 3 been under pressure off late with and global markets significantly. companies to perform well. Our the rampant spread of the Since we are living in a globalised belief stems from the fact that if Market scenario optimal coronavirus across the country. world, what matters to equity there is a long period of under for buy & hold approach Given that this is an evolving sit- markets is not just local condi- investment in any commodity, a uation, the near-term equity tions but also global conditions. surge in price is likely. At this Business Standard market sentiment remains weak. Therefore, Indian markets too point, there has hardly been any April 09, 2021 Since we went through a similar will face a correction as and big investment coming out of situation last year, we believe when this plays out. So, essen- any commodity related industry. Anand Shah both the corporate houses and tially from here on, the room for investors are better prepared to volatility is high and it is our belief Investors looking to take expo- Head - PMS & AIF Investments face the challenges that could that the only way an investor can sure to equities can consider possibly come our way. In some address this risk is by following doing so through systematic Pg. 4 time, we expect to see more a dynamic asset allocation investment plans (SIPs) with a focus on vaccination numbers approach. long-term (10-year) investment Can you generate alpha than rising cases as witnessed in horizon. Those with an invest- without beta? These the developed world. In terms of macros, a slight spike ment horizon lesser than 5 years funds promise to do in inflation should not be worri- should consider hybrid schemes exactly that Once the pandemic is under some. Historically, a manageable such as asset allocation or Economic Times | April 29, 2021 control, the recovery should level of inflation has led to more balanced advantage category Chintan Haria again start gathering momen- economic activity and busi- schemes. These are well placed tum. We believe there will be a nesses have managed to sell to take advantage of market Head- Product Development & Strategy period of cyclical economic goods faster at such times. The volatility and based on the recovery as the US Federal recent example for this is the changing market conditions, Pg. 5 Reserve's accommodative uptick in real estate sales. So, fund managers have the flexi- stance is likely to continue for the inflation should not be seen as a bility to move assets between COVID correction an foreseeable future. But this is negative for transactions or for equity and debt, based on their opportunity to hike unlikely to last long. The real risk advancement of transactions. relative attractiveness. exposure to specific to the market, apart from the sectors from a 3-year pandemic-induced challenges, Among the sectors, we are The author is ED & CIO, ICICI perspective will emerge when the US Fed positive on select banks, power, Prudential AMC. Moneycontrol | April 27, 2021 turns hawkish or raises rates or telecom, software, and metals. We believe, information Prakash Goel technology (IT) is one of the few sectors that got drastically re- Senior Fund Manager Investors looking to take exposure to Pg. 6 equities can consider doing so through systematic investment plans (SIPs) with a Value stocks outperform bluechips. long-term (10-year) investment horizon. Is it just another fleeting moment of success? Economic Times | April 19, 2021 Pg. 8 ICICI Pru Nifty 100 Low Volatility 30 ETF FOF Just what doctor ordered Hindu BusinessLine | April 03, 2021 Tarakki Corner Pg. 9 Atul Surana Mutual Fund Distributor Pg. 10 S Saravanan, Sundara Easwar B Director, Purplepond Investment Advisory Pvt Ltd. Distributor Insights Pg. 11 A Disciplined way of attaining Financial Freedom Pg. 12 Focused Funds: For those looking for a concentrated portfolio Fund Review Pg. 13 List of ICICI Prudential Funds in Mint ETW Funds 100 Pg. 14 List of ICICI Prudential Funds in Star Track Mutual Fund

\"The information contained herein is solely for private circulation for reading/understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.\" 2 TARAKKI TIMES, APRIL 2021 Interview A 60-40 split between large, mid/small- cap is optimal amid uncertainty Moneycontrol | April 28, 2021 Anand Shah belief is that the impact of the travel and tourism and hospi- and are currently available at Head - PMS & AIF Investments second wave on market is likely tality-related sectors. attractive valuations. ICICI Prudential Mutual Fund to be far lower than what we have seen in the first wave. The size and scale of the So, one can take exposure to Anand Shah, Head of PMS and industry/sectors which are going these names, the caveat being to AIF Investments at ICICI Last year, it was the fear of the to be impacted by the second maintain balance in allocation Prudential AMC, said that unknown which unnerved all the wave of the pandemic is likely to between large, mid and small- investors should maintain stakeholders which is no longer be relatively smaller. cap names. A 60-40 split balance in allocation between the case now. It is widely between large and mid/small large, mid, and small-cap names. expected that the second wave The earnings cycle of companies could be optimal especially given A 60-40 split between large and is likely to peak out within the related to domestic recovery has the uncertainty the market is mid/small could be optimal next month and we believe the been delayed by a couple of facing. especially given the uncertainty market will find support around quarters owing to the second the market is facing. that time. wave. In effect, there will be Q) Which sectors will get sectors that will continue to impacted the most from the Shah has over 20 years of fund If this is the case, any negative report better earnings while second COVID wave and why? management experience in the impact on the market will be pockets such as consumer non- Asset Management industry. He short-term in nature. Going durables FMCG are likely to A) The businesses which are had previously served as CEO of forward, the focus will shift to report neutral earnings. dependent on opening up of the NJ Asset Management and was vaccination numbers. economy will be the most also the Deputy CEO and Head of In fact, we could expect positive affected. So, sectors such as Investments at BNP Paribas With the Government lowering earnings surprise from sectors restaurants, malls, airlines, Asset Management Company. the age threshold and making like metals and mining and core hotels, and travel-related and to arrangements to improve IT services. Hence, we expect some extent commercial real In an interview with vaccine availability from June/ more upgrades than down- estate will be under pressure in Moneycontrol's Kshitij Anand, July onwards, we believe the grades from a medium-term the near term. Shah said that from a risk-to- most vulnerable section of the outlook. reward perspective, several population will be fairly covered. The same is true for certain strong mid and small-cap names So the fear of the pandemic Q) Which sectors will be back in pockets in construction, be- have corrected and are currently too will retreat leading to focus amid the lockdown like cause of labour non-availability available at attractive valuations. an improvement in market scenario? Which sector(s) or because of delay in obtaining sentiment. should one add on corrections? requisite permission. edited excerpts: Q) After Goldman Sachs and A) Segments of the market such Q) Do you think the volatility Q) The second wave of COVID Nomura, economists warn of as IT, pharmaceutical, textiles caused by the second wave of has gripped India fast and has more cuts in FY22 GDP which are net exporters and are COVID has given the forced many states into forecasts. It seems like the dependent on global recovery opportunity to get into stocks lockdowns in April. Do you clock is ticking backwards. If are likely to remain robust. for the long term? How deep think the market could undergo the economy fails to grow in a the cut could be? What is the some consolidation or the manner that is discounted by Given the support of global kind of fall you foresee in near worst is already factored in? the market, it will also hurt the commodity prices, metals and future due to COVID? earnings of India Inc. Your take? mining and chemicals to is A) While the second wave was expected to do well. Telecom A) The chance of a steep not completely unexpected, the A) Today, a significant portion of and consumer non-durables are correction in the Indian equity pace at which the number of the profitability of Nifty 50 the other sectors we are positive market looks very unlikely for active cases spiked has been a companies is from global on. now. As we have witnessed in surprise. As a result, we saw markets. So, the earnings of the past, stronger companies some restrictions being these companies are linked to We are selectively positive on emerge stronger, propelling the announced in different parts of global recovery as well. To that banking and financial services, market to new highs, every time the country. extent, recovery in earnings given that many of the players post a crisis. depends on both global and here have made significant The period of weakness we are domestic recovery. While India is provisioning last year and asset This occurs because strong seeing in the market is largely on still reeling under the COVID quality behaviour has been companies improve their market account of the change in market effect, there has been a better than expected. share leading to a stronger set of sentiment. Having said that, our significant ramp-up in vacci- earnings. This has been the case nation across global markets So, in case of a market correc- post the global financial crisis, such as the US, UK, Europe etc. tion, if any of these pockets taper tantrums etc. witness meaningful correction, So, companies with significant we would consider taking As an investor, one cannot risk exposure to developed markets exposure to fundamentally blindly investing in equities as it such as IT, metals and mining, strong names in these spaces. may lead to a negative textiles, pharma, chemicals are investment experience. Hence, it on a better footing than com- From a risk-to-reward pers- is advisable to invest through panies that are dependent on pective, several strong mid and mutual funds or PMS. domestic recoveries such as small-cap names have corrected Contd. on page 3

\"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, APRIL 2021 Market scenario optimal for buy & hold approach Business Standard | April 09, 2021 Rising Covid cases and related How big a threat are the rising The rise in bond yields is a Anand Shah developments in Maharashtra cases and sporadic lockdowns reflection of the market expec- Head - PMS & AIF Investments have put brakes on the market to the stability of the markets? tation of a probable rise in rally. ANAND SHAH, head of inflation. Investors today are ICICI Prudential Mutual Fund portfolio management services The instances of rising cases in seeing resurgence in the eco- and AIF investments at ICICI India are largely concentrated in nomy, demand and commodity How should investors position Prudential AMC tells Puneet two-three states. So, even with a prices, all of which indicate themselves in the financial Wadhwa, in an interview, that lockdown in these specific areas, higher inflation in the times sector? impact on the economy and the economic impact will not be ahead. At the same time, some market could be contained, felt in the same manner as was believe that in case there is a The recent Supreme Court deci- unless the magnitude of the during last year. Further, the steep rise in inflation, central sion on moratorium removes the second wave is far bigger than economy, government, busi- banks globally could resort to uncertainty surrounding the the first. Edited excerpts: nesses and individuals are better some tapering of the monetary sector, which is a positive. We prepared and well aware of stimulus. This may negatively continue to look for opportuni- How should investors appro- the associated risks. In case of impact liquidity in the markets to ties within this space, especially ach the stock market now? equity markets, too, the inves- some extent. names which stand to benefit Where do you see investment ting community is unlikely to from infrastructure, manu- worthy opportunities? panic now. From an equity investor's lens, a facturing and industrial recovery, rise in bond yields is not such a both in terms of ability to Market valuation is no longer So, impact on the economy and bad news. As long as this lend more and lowering non- cheap and the days of easy market is likely to be well trend coincides with economic performing asset (NPA) provi- money are behind us. The cur- contained unless the magnitude recovery and inflation, such an sioning. We like banks that offer rent market conditions are of the second wave is far bigger occurrence is positive for a combination of corporate and optimal for an investor with a buy than the first one. Given that it is corporate earnings but negative retail as far as lending is and hold approach, having an an evolving situation, it remains from a liquidity point of view. In concerned. investment horizon of over five to be seen how the second wave the last 12 months, in a market years and wants to benefit from pans out. Currently, we do not fuelled by liquidity, almost every secular growth in the economy. see rising cases in two-three other stock would rally. Now, Investors should continue their specific pockets as a major risk since liquidity could be cons- systematic investment plans to the market. trained, going forward, stock (SIPs), too. Among sectors, the picking becomes very important. focus is on companies that stand What's your view on bond It is imperative that investors are to benefit from the opening up of yields after the Reserve Bank of aware as to which companies/ the economy. India (RBI) policy measures? sectors they are buying. A 60-40 split between large, mid/small-cap is optimal amid uncertainty Contd. from page 2 Rather than concentrating on can lead you to take wrong Q) If one were to look beyond well, the outlook remains largely which direction the market is decisions. the pandemic times, how is positive. The various reform headed in the near term, focus India placed as an investment measures introduced by the on investing for the long term. In Q) What is your call on the destination? Government and the Reserve the near term, there will always rupee? What is the range you Bank of India’s accommodative be some of the other risks see for the currency in the near A) To begin with, if one were to stance to spur growth is likely to playing out and the market could future? look at macros, India is on a aid in the country registering remain volatile. strong footing with record decent growth numbers. All A) India’s situation in terms of foreign reserves, stable currency of it put together makes India Despite this, from an investor’s forex reserves this time around is is comfortably placed in terms of an attractive investment point of view, equity remains one far more superior when current account and fiscal destination. of the promising asset classes to compared to paper tantrum grounds and inflation being create wealth over the long term times. It is widely expected that largely under control. as it generates an inflation- in the US interest rates will inch adjusted return, is liquid and tax- higher and the US Dollar will Off late, the spike in inflation has efficient. strengthen in the times ahead. been because of demand surge coupled with supply constraints. The flip side is that this asset Hence, there is a bias toward the Over the next 12 months, supply class is very volatile when rupee to depreciate. However, constraints would be addressed compared to other asset classes. we believe that the Indian owing to which inflation will be If you are prepared for market currency will be relatively benign, under control again. volatility, it can be a friend but if trading in a tight range. you are not prepared, volatility In terms of corporate earnings as

\"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, APRIL 2021 Interview Can you generate alpha without beta? These funds promise to do exactly that Economic Times | April 29, 2021 Chintan Haria relative to the return on the active fund managers is to passively replicating indices that Head- Product Development benchmark index at a given risk exceed benchmark returns. To have been formed based on & Strategy level. achieve this, they follow an certain criteria. ICICI Prudential Mutual Fund active strategy of stock selec- Risk indicates the inherent tion. As a result, an actively- From an investor’s perspective, As an investor, you must have volatility of an asset and can be managed portfolio may have a smart beta funds can be a part of often been told to be smart about measured by beta. Similar to beta higher than 1. the core portfolio. That is your investment, to take performance, when it comes to because, such funds combine emotions out of the equation and volatility, some stocks are more Does that mean that you can the benefits of both passive and invest in a non-reactive and volatile than the benchmark, generate higher returns only if active investment strategies, informed manner. At the same some are less, and some are the you take on more risk? That is while being a relatively low-cost time, we all know how cha- same. If a stock’s performance, where smart beta strategies way to get some exposure to llenging it is to be smart about on an average, has been more come in. They offer the middle quasi-active funds. However, do our investments and consis- volatile than the benchmark, path. They aim to maximise remember, any allocation to tently generate good returns then its beta will be higher than 1. returns while attempting to smart beta equity funds should while staying within our risk minimise risk. be considered only as part of parameters. For example, a stock with a beta your overall asset allocation of 1.2 would be 20% more At the core, smart beta stra- strategy. Reining in volatility volatile than the market. Thus, if tegies passively follow select the benchmark goes up by 10%, smart beta indices. Smart Beta The popularity of smart beta The performance of the stock the stock is likely to go up by indices select stocks based on funds are growing globally, and market is measured by the 12%. The reverse is true as well: one or more factors like volatility, are finding acceptance across all performance of the benchmark if the benchmark falls by 10%, momentum, value, dividend categories of investors in India indices. For example, in India, if the stock will witness a steeper yield, quality etc. This means too. It’s worth trying out these S&P BSE Sensex and Nifty50 fall of 12%. from within the investable innovative smart beta funds as gain, then it is said that the universe, these strategies give part of your overall equity market has performed well and The middle ground more importance to certain allocation. vice-versa. Then, there is the factors and the stocks linked to performance of individual stocks Generally, fund managers are those factors generally tend to that comprise the benchmark known to either follow a passive have a higher weightage in the indices. Some stocks generate fund management strategy or an portfolio. returns in line with the bench- active fund management stra- mark; while other generate tegy. In a passive strategy, fund For example, a smart beta higher or lower returns. managers replicate the bench- strategy focused on the factor mark portfolio, i.e. hold the same ‘value’ selects stocks which Alpha refers to the excess return securities that are there in the have relatively lower valuations that an investment generates benchmark and in the same compared with the rest of the proportion. Thus, the beta of stocks in the investable universe. passive funds would usually be Similarly, a smart beta strategy close to 1. The goal of passive focused on low volatility will strategies would be to gene- overweigh stocks that have rate returns in line with the lower volatility compared with benchmark. the other stocks in the universe. This way, smart beta strategies On the other hand, the goal of seek to enhance returns by In India, if S&P BSE Sensex and Nifty50 gain, then it is said that the market has performed well and vice-versa. Then, there is the performance of individual stocks that comprise the benchmark indices. Some stocks generate returns in line with the benchmark; while other generate higher or lower returns.

\"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, APRIL 2021 COVID correction an opportunity to hike exposure to specific sectors from a 3-year perspective Moneycontrol | April 27, 2021 Senior Fund Manager, Prakash mid-caps, we still continue to In ICICI Prudential Focused Prakash Goel Gaurav Goel, gives his take on see incremental opportunities. Equity Fund, the changes were Senior Fund Manager the mid-cap space and the path After the recent correction due to few. To benefit from an eco- ICICI Prudential Mutual Fund for revival in corporate earnings. the second wave, many stocks nomic recovery, we increased across sectors are well-placed allocation to financials over the though they might be index Mid and small-cap funds have for an uptick. So, this correction last three months. heavyweights. When our re- done well over the past year, is an opportunity to increase search calls play out, that’s when partly on account of a broader exposure to specific sectors In ICICI Prudential Midcap Fund, we outperform the benchmark market recovery and partially due from a three-year perspective. till a year back, the fund’s indices by a large margin. to expectations of an economic portfolio had significant expo- recovery. ICICI Prudential Mid- You appear optimistic about sure to public sector units Must an investor own a mid- cap Fund has been one of the the equity markets (PSUs), travel and tourism cap fund? Is the risk worth the better schemes within the stocks, to name a few. Also, while? category. Over the next couple of quarters, the weightage assigned to volatility is likely to persist. But, chemicals and pharmaceuticals Some companies or industries Prakash Gaurav Goel, who is the compared to last year, this time was low. We shuffled the can only be found in the mid-cap Senior Fund Manager at ICICI around, we have a vaccine in portfolio and increased weight- segment. For instance, many Prudential AMC, takes care of the sight. There has been significant ages in some high-quality industry leaders in businesses mid-cap as well as the ICICI improvement in countries such companies and some others, like air-conditioners, diagnostics Prudential Focused Equity Fund. as the UK and US, where vacci- where we saw promise from a or hotels, are mid-sized com- He took charge last year. He talks nation has been widespread, medium-term perspective. panies. Many of these com- to Vatsala Kamat and explains indicating that India too will soon panies have a large scope to the resurgence in mid-cap funds follow suit. The moment we have In the current markets, isn’t it increase their market share; their and why investors cannot afford a glide path visible, the senti- challenging to manage a growth potential is tremendous. to ignore this segment. ment in Indian markets is likely to concentrated fund and deliver We must not be stuck with just improve. alpha, when there is limited one type of market capitalization. ICICI Prudential Midcap Fund ability to diversify the portfolio gave 79 percent return over the What leads you to book profits and risk? Over last decade, about 34 mid past one year. But now, the in your mutual funds? and small-cap companies have second wave of COVID-19 is Sometimes, market movements become large-caps. While there threatening to derail economic We focus on risk-adjusted return. are fairly narrow where some is better liquidity in large caps, growth. Would you change If the stock has done well, we stocks are over-rewarded and multi-baggers are generally from courses in your funds? evaluate the potential for incre- others are ignored. Here’s where midcaps, provided the stock mental return over the next three a fund manager can generate selection is right and investors Given the overall low growth years. Bottom-up analysis will returns far higher than the have patience. seen over the last four to five help determine whether to sell or benchmark. A lot also depends years, we are in the midst of a to adjust the stock weightages. on how well we assess the recovery cycle in sectors such as That apart, we also evaluate the incremental return over a three- metals and real estate. These sector. year or five-year period. sectors are supported by large spends in infrastructure to boost For example, at this juncture, Having just 30 stocks (the the economy, coupled with an hotels are under pressure, but maximum a focused fund can accommodative monetary hospitals are benefitting, given hold, as per SEBI rules) forces us policy. This situation is similar to prevailing pandemic and this is to ignore certain stocks, even that of 2003-05. reflected in their respective stock prices. I believe this trend The last one year has been From here, corporate profitability will reverse and hotels as a space favourable for mid-caps, is likely to improve. Meanwhile, I will do well eventually and would we still continue to see see a few trends panning out lead to good reversal in stock incremental opportunities. such as consolidation in sectors prices. After the recent correction such as multiplexes, aviation and due to the second wave, diagnostics, leading to efficient Being mindful of these trends many stocks across sectors companies emerging stronger. and opportunities is the key to are well-placed for an uptick. Another trend could be lower booking profits or switching credit cost for the financial between stocks. sector, as and when the cycle turns for metals and real estate. You took over managing the As a result, over a period, Mid-cap fund a little over a year tapering of non-performing ago. ICICI Prudential Focussed assets (NPAs) will lead to better Equity Fund has nearly doubled earnings. its mid-cap holdings. Any other changes that you’ve made in In this backdrop, while the last the two schemes? one year has been favourable for

\"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, APRIL 2021 Interview Value stocks outperform bluechips. Is it just another fleeting moment of success? Economic Times | April 19, 2021 As fundamental factors get priced into stocks faster, it’s been challenging for value investors to find strong businesses at great prices. Even Warren Buffett, who popularised the cigar-butt style of investing, has moved away from it. But value stocks have proved many wrong, delivering superior returns in the last fiscal. Will the rally continue? “The value investor of today managers want to have a more ves picking stocks that appear to these businesses are available at should dig in with an open mind flexible investment strategy. be trading for less than their a far cheaper value as compared and a desire to deeply under- intrinsic value or book value. to their future growth. stand things, knowing that in the The top performers among Investors who follow this philo- world we live in, there’s likely value-oriented mutual funds for sophy dig out undervalued “Value investing is very simple. more to the story than what FY21 are IDFC Sterling Value stocks. However, when it comes There is an intrinsic value of the appears on the Bloomberg Fund, SBI Contra Fund, and to actual implementation, every stock, and you are buying it screen,” Oaktree Capital Templeton India Value Fund, fund manager will have subtle cheaper than intrinsic value. Management co-founder returning 115.93%, 103.10%, variations in their definition of People wrongly interpret it as Howard Marks wrote in a and 96.20%, respectively, as per value. buying cheap stocks. That is the January 11 memo to clients. Value Research data. kind of definition we have The cigar-butt style of investing, believed in,” says S Naren, CIO of After a long hiatus, value stocks Incidentally, the Nifty 500 Value practised by Benjamin Graham ICICI Prudential Asset have staged a strong comeback 50 Index itself has not outper- and popularised by Warren Management. The fund house’s to reclaim their position among formed the Nifty 50 for the last Buffett, is built on buying quality ICICI Prudential Value Discovery the top performers despite being three as well as five years. On a businesses that are trading at a Fund returned 82.21% in the written off by many on the Street. three-year basis, the benchmark deep discount to their book FY21 and is the assets index has returned 48% against values. They are just like management company’s top A quick look at index returns Value 50’s -16%. On a five-year discarded cigar butts found on fund by assets under manage- shows that value stocks have basis, Nifty is up by 90% while the roadside, but with huge ment (AUM) in the category. outperformed the benchmark. In the Value 50 index has gained value. However, he has no qualms in FY21, the Nifty 500 Value 50 only 42%. admitting that value investing as Index recorded a 108% gain However, with information a strategy does not work during against the Nifty 50’s 77%. To be The question is, will value stocks getting priced into stocks faster all times. sure, value-oriented funds don’t continue their rally and make up in the age of technology, value benchmark themselves to the for their underperformance over investors have found it difficult to “If you want value to work every Nifty 500 Value 50 Index, and on the last few years? If that find ‘quality cigar butts’. Even the time, it won’t happen. Recently, an average, the managers of happens, the sheer magnitude of Oracle of Omaha, despite until September 2020, value value funds have generated a gains itself would be enough to popularising it, has gravitated [stocks] underperformed. Similar robust 82% return. propel them into the league of towards high-quality businesses was the case even during growth stocks. that are market leaders with a periods such as 1988-89 and All the 18 value funds have high return on equity. Today, fund 2007-2008,” he says. outperformed the Nifty 50 Index, But before we get there, what managers across the world but only one fund has outper- exactly is value investing? include quality stocks in their Naren adds that in the stock formed the Nifty 500 Value 50 portfolios as they believe that market, periodically things go Index. But then, these funds are Picking up the ‘cigar butts’ not marked to the index in the Simply put, value investing is an Value investing is very classic fashion as the fund investment strategy that invol- simple. There is an intrinsic value of the stock, and you are buying it cheaper than intrinsic value. People wrongly interpret it as buying cheap stocks. That is the kind of definition we have believed in.

\"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, APRIL 2021 extremely out of favour, and only year and value stocks outper- improving margins in the viscose managing partner of QED Capital sometimes they are all in favour. forming the benchmark index, staple fibre business. Advisors. “When the former happens, we the line that separates value and get an opportunity with the value growth is fast getting blurred. Tata Chemicals, meanwhile, is After the steep fall in equities last style to buy something, because setting up a manufacturing year, the principles of value and at the end of the day, we can buy When value becomes growth facility to produce lithium-ion growth investing have over- something cheap relative to While value investors look for batteries for electric vehicles and lapped to an extent, since quality intrinsic value.” undervalued stocks, followers of will work closely with Tata stocks that offered high growth growth investing pick companies Motors. potential have been available at Historically, market crashes have that offer strong earnings growth relatively cheaper valuations. presented value investors with prospects. A classic value All three stocks have hand- such opportunities. The rally in investor, however, is one who somely rewarded their investors. “The whole concept of value and beaten-down infrastructure looks for the stocks of com- In FY21, while Tata Motors growth investing has been very stocks after the global financial panies that are going through a galloped 325%, Tata Chemicals different from each other. To meltdown in 2008 and the sharp change. It could be a change in jumped 236% and Grasim some extent, it is a forced one, rebound in equities following the regulations, on the technological gained 205%. Will they continue because at the end of the day, pandemic-triggered March 2020 front, or even the foray into a new to rally? regardless of the company you crash are classic examples. business. But the key criterion is want to buy, you are trying to buy that the stock should be available The probability is high, provided a company that you think will While a meltdown in stock prices at a relatively cheaper valuation. the broader market sentiment fetch you a higher price and give over an extended period is stays upbeat. The fact is that a you good returns going difficult to navigate, fund Making an interesting obser- change is underway at the forward,” says Balachandran. managers were quick to lap up vation on the shift in Warren fundamental level, and investors stocks at cheap valuations in the Buffett’s investment philosophy, who buy such stocks at a bargain That brings us to the most market crash last year and have Marc Andreessen, co-founder can potentially make decent important question: is value immensely benefitted from the and general partner of Silicon returns. And that’s where the line investing here to stay? liquidity-fuelled rally that Valley venture-capital firm between value and growth gets followed. Andreessen Horowitz, said, blurred. When a value stock is The bottom line “We’re wired completely oppo- bought at a deep discount, it can Going by historical data, there is Striking a balance site. Basically, he’s betting deliver returns just like a growth no evidence that value investing On the basis of market against change. We’re betting stock. as a strategy can be the capitalisation, small- and mid- for change. When he makes a consistent winner over contin- cap stocks form a significant mistake, it is because something Here, it is important to note that uous periods of time. chunk of the value funds’ changed that he didn’t expect. the Value 50 index concentrates portfolios in some cases. When we make a mistake, it is on earnings per share, book Vidya Bala, co-founder of mutual because something doesn’t value, sales to price, and divi- fund research firm Prime “While the top few positions are change that we thought would.” dend yield with equal weights. It Investor, points out that while all sort of pretty much consensus doesn’t factor in return on equity, mutual funds have delivered holdings (for the category funds), The top three stocks in the Nifty a key parameter for quality such high returns over the past the real story is what lies 500 Value 50 Index are Tata stocks. year on a low base, it is beneath. A huge chunk of the Motors, Grasim Industries, and specifically true for value funds. portfolio is small- and mid-cap Ta t a C h e m i c a l s . A l l t h e s e So, are yesterday’s value stocks stocks,” says Dinesh companies are going through today’s momentum picks? “The bounce back in value funds Balachandran, fund manager, some significant changes. For over the past year notwith- SBI Mutual Fund, who started Tata Motors, JLR sales are “If you run the momentum standing, they still have some adding more small-cap stocks to growing and its electric car Tata screens now, you will get the catch up to do if one looks at his fund’s portfolio in 2019. Nexon is a success. same stocks which were value three to five-year returns, given stocks last year. So, yes is the their prolonged underper- Balachandran is of the view that Grasim Industries is on a growth answer. These are the momen- formance,” says Bala. real estate and associated path too. According to ICICI tum stocks of today. But in the sectors such as building Securities, the company is next three-six months, this list She adds that in a bull market, materials and the likes are set to expected to report a standalone will change to something investors often run out of stock deliver higher returns over the year-on-year Ebitda growth of else. Momentum investors will ideas and start looking for next few years. He argues that 1.45x to INR800.7 crore in the change their portfolios accor- depressed stocks. realty companies, which have March quarter owing to d i n g l y, ” s a y s A n i s h Te l i , been quite a dominant “To some extent, you can say investment theme for the most We get an opportunity with there is mean reversion, but its part of last decade, are expected the value style to buy sustainability is in question given to witness strong growth in top something, because at the some value stocks still have line and bottom-line numbers. end of the day, we can buy concerns and that some growth something cheap relative stocks have also corrected, Meanwhile, ICICI’s Naren is to intrinsic value. providing a window of betting on select state-owned opportunity,” Bala says, adding, companies and is of the view that “We will know better once the there is good value in upstream low-base effect wanes off.” oil companies, utilities, and in the pharma pack. But with the markets delivering stellar gains over the last one

\"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, APRIL 2021 Fund Review ICICI Pru Nifty 100 Low Volatility 30 ETF FOF Just what doctor ordered Hindu BusinessLine | April 03, 2021 Ability to contain losses brings stability to your portfolio As markets get more volatile, funds that cent and 16 per cent respectively in this On a point- to-point basis, over three- ,five- contain downside better could bring a index. Besides, dividend yield stocks - which and ten-year periods, the Low Vol 30 index balancing factor to your portfolio. ICICI Pru investors turn to in volatile market phases has beaten the average returns of large-cap Nifty 100 Low Volatility 30 Fund (Low Vol 30) for some cushion from a fall - are also funds by 1.2-3.5 percentage points. could be just what the doctor ordered. prominent in this index. The index holds 3-4 Investors with low to medium risk appetite Launched as an ETF (Exchange Traded Fund) per cent each in Power Grid, Indian Oil and can consider this smart beta fund over in mid-2017, the NFO of the ‘Fund of funds’ NTPC, which are consistent dividend actively managed large-cap funds that entail (FOF) of this ETF is open until April 6. The payers. On the other hand, the Nifty 100 higher expense ratios. FOF will, nevertheless, reopen for index is tilted towards cyclicals and utilities investments shortly afterwards. The such as financials and oil and gas, with Other points advantage of the FOF structure is that it Reliance Industries and the HDFC twins allows investors to take exposure without among the top holdings. The Low Vol 30 With the Low Vol 30 ETF, trading volume has worrying about the liquidity of the ETF as index trumps the Nifty 100 in terms of PE been a concern. Average daily turnover was also take the SIP route to investing. (24.5 times vs 39.5 times for Nifty 100 as of just ₹61 lakh in the past year. The FoF Investors who don’t have a high appetite for end February 2021), dividend yield (1.89 % structure helps overcome this challenge. At risk can sign up for this fund. vs 1.08 % for Nifty 100) and standard 0.42 per cent as of end-Feburary 2021, the deviation (25.7 vs 30.76 for Nifty 100) too. SD expense ratio of the ETF is on the higher side Complementary to Nifty 100 here is calculated as average daily SD for the when compared to most. The expense ratio last one year, annualised. for the regular plan of the FOF is at 0.6 per The selection of the stocks for the Low Vol cent. However, this number is comfortably 30 index is based on their volatility score. Restricted losses in bear markets lower than for actively managed funds. Volatility is calculated as the standard deviation of daily price returns for the last Back-tested data available for the Low Vol 30 one year. The top 30 stocks from the Nifty index from April 2005 shows that the fund 100 index with least volatility form part of the has contained losses vis-à-vis the Nifty 100 Low Vol 30 index. Additionally, these TRI and the Nifty 50 TRI in absolute bear securities should have a minimum listing markets such as those witnessed in 2008 history of one year and be available for and 2011. Expectedly, its track record in bull trading in the derivative segment as well. markets is mixed. For instance, it has not The Low Vol 30 index is reviewed on a outperformed its plain vanilla counterpart in quarterly basis. bull markets such as 2017, though it did do so in 2014. However, true to its label, it A look at the current composition of the Low displays better consistency in returns. On a Vol 30 index shows that it complements the one-year rolling return basis over three, five Nifty 100 well. Defensive segments of the and ten-year periods, the Low Vol 30 index market, such as consumer goods and IT - trumps the Nifty 50 as well as the Nifty 100 known to contain losses - constitute 26 per by 1.1-3.3 percentage points. Fundas • FoF structure removes ETF liquidity worries • Reasonable exposure to defensive segments • Ideal for investors who don’t have high-risk appetite

\"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 9TARAKKI TIMES, APRIL 2021 Your YTouar TraarakkkikCoirnCer orner TARAKKI SUCCESS STORY Atul Surana Mutual Fund Distributor Building and Sustaining trust is of utmost importance Life has its own weird ways, ask Mr. AtulSurana. In 1997, he was the batch topper in chemical engineering. No wonder he landed a high-paying job right away. For the next 10 years, life was comfortable for him, but something was missing: Freedom! Atul had always imagined life of content, so it was clear he needed a shift. In the year 2006, Atul's interest peaked in financial knowledge, and he undertook CFP ( Certified Financial Planner) a new program! Even before he could give his final exam, he founded his own financial advisory - ProCatalyst Financial Services. As exciting and fresh as things were, it wasn't really a walk on a flower bed. Financial planning was a lesser-known stream. In fact, he was one of the first 100 Certified Financial Planners to have passed this examination in India. Surana would sit for days storming through phonebooks, directories, yellow pages, and cold calling people to inform them that one could plan their finances better if they had some help. For the first 5 years, he now recalls, there was only struggle and no business. “I remember, it was such a relatively new space that even the planners didn't know much. Someone asked me in 2011, what my AUM was, and to be honest, I didn't even know what AUM was”. Now, of course, he has over 200 crores in his AUM. It didn't happen overnight, but it was a gradual process, and till date, he commits to having lesser clients but serving them full. His business model includes everything a client may need. From investments to risk management &Insurance planning to budgeting to Retirement Planning and 'Will' preparation and succession planning. Atul Surana can handle it all for you. He believes in giving as much time as the client needs, and for this reason, he doesn't manage any more than 40 families. “You should know where to stop.”, he believes. “I do not believe in achieving some higher number, I do believe in setting the right targets, giving the right results, and maintaining trust”, which could also be why he is so successful today. Most of his business has come from happy customers, and so he plays utmost importance in building and sustaining trust. To all young investors, he advises that nothing good comes easy. It's important we set practical goals and stick with them regardless of how the market churns. “Always remember, bad times will bring good investors”, he concludes. ARN - 34364

\"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, APRIL 2021 Tarakki Corner Your YTouar TraarakkkikCoirnCer orner TARAKKI SUCCESS STORY Opportunity is often disguised in Market Volatility S Saravanan Sundara Easwar B Director, Purplepond Investment Advisory Pvt Ltd. Purplepond found its humble beginnings in Sundara Easwar B and S Saravanan's thoughts when they noticed that the lack of financial awareness led many of their colleagues to make wrong money choices. No wonder lack of awareness and exposure to good education emerges as a key differentiator in life's journey. Easwar and Saravanan are the directors in Purplepond Investment Advisory Private Limited, but their bond dates even earlier than the birth of Purplepond itself. As Saravanan shares, \"we come from rural India, and our parents were teachers/ Government servants. They believed in providing qualitative education to us. We were admitted into a Military School, which laid a strong foundation for us to have a well-rounded outlook to life and aspire for better things in life.\" Easwar was into medical equipment manufacturing, while Saravanan was into manufacturing, starting as a Plant Engineer, then a Plant Manager, and finally a Vertical Head. While both hail from a non-financial background, their zeal towards the noble cause of spreading financial awareness led them to this path. With a strong belief in building trust and transparency, they built a team and leveraged technology to provide continuous support and access to their clients' investment data. They also ensured that the front end and support teams were well-qualified, and advice was extended only from well-tested and vetted data. While the initial set of clients were from personal references and networks, expanding the network chain was easy with a pleasant investment experience for their clients. The company strictly focussed on the process and educated its clients on the prudent approach. It was only a matter of time before the existing customers started referring new customers, and this stream of referrals continues to date. The initial hiccups and challenges were to stand out amongst the peers. The company overcame the challenges by prodding the customers to undertake a comprehensive Financial Planning approach and by strictly maintaining an agnostic approach in both Risk Mitigation and Investments. As Saravanan shares, \"Purplepond is known for building a Team, providing genuine Advisory, embracing Technology and a Process-oriented Approach.\" Easwar shares more insights about their offerings as he says, \"We strongly believe in providing comprehensive and agnostic services to all our customers. We provide our customers with Risk Mitigation, Investment Planning, and Estate Planning Services, and we manage these through our Insurance Broking, Financial Distribution, and Estate Planning arms. We treat and advise our customers the way we do it to our family. We believe that we are doing no favour to them by being genuine and providing good service to our customers; that is our job.\" Being a firm believer in putting clients' trust before the business, the company currently has around Rs. 360 Crores of (Assets Under Management) as of now. Purplepond has a ritual of interacting with their clients regularly, more frequently when the markets are volatile. During such interactions and meetings, the team discusses the changes in financial goals with the clients. Additionally, their concerns are given patient hearings. Such insights helped the advisory team adapt the financial plans with the changed circumstances, changed risk appetite, and changed expectations. Easwar shares, \"when the times are volatile, we get more queries regarding SIP discontinuation and redemption of existing investments. We always tell them to keep the emotions at bay in their investment journeys and instead listen to their rational minds. We use past data and occurrences to explain that patience is a virtue of the brave and opportunity lies in volatility. If one acknowledges such opportunity, one can utilize market corrections to increase the investors at better valuations.\" Putting clients first, Purplepond has had an eventful journey, and both the pillars, Easwar and Saravanan, have stood strong with the company. ARN - 98012

\"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, APRIL 2021 Distributor Insights A Disciplined way of attaining Financial Freedom Outlook Money | March 2021 CA Jitendra Agarwal Getting Basics Right automatically prepare for life’s regularly in a disciplined manner commitments such as home through Systematic Investment [email protected] Systematic Investment Plan (SIP) purchase, marriage, and educ- Plan (SIP) and enjoy the bene- is an investment plan that allows ation for children, in a planned fits of regular cash flows via It is often said that the secret of an investor to invest a fixed manner. Well begun is half the Systematic Withdrawal Plan success can be found in the amount in a mutual fund scheme job done. Target a goal, and (SWP) post completion of SIP regular actions of a successful periodically, at fixed intervals. SIP begin a new SIP. period, thereby aiming for person. It is not about the magic is similar to a recurring deposit financial freedom. At the time of of the so called secret ingredient. where you deposit a small /fixed Systematic Invest Plans are signing in for this product the In fact, when it comes to amount every month. Common simple to maintain. Over an investor has to make some activities like investing for wealth sense suggests that “Buying low extended period, SIPs can deliver choices in terms of the SIP creation, it is a journey spanning and selling high” is perhaps the great returns. Plus, there are Amount, the tenure for invest- several years. best way to generate decent ways to obtain a much steadier ments, with the least being eight returns on your investments. But performance and build wealth at years and finally the investor has There is no secret formula for this is easier said than done, the same time using the SIP to choose the scheme into which wealth creation. It is the little even for some of the most route. As your income rises, you one wants to things that we do right consis- experienced investors. This is can boost your monthly SIP or do invest into. tently, year after year, decade why a tool as simple as SIP a top-up SIP to plan for bigger after decades that matter. By comes in handy. goals or reach a goal faster. It is In a nut-shell, Freedom SIP doing the right thing consis- always up to you. allows investors to do financial tently, it transforms into a habit Systematize for life goal based investing by helping over time. Here, we are going to Smart SIP = Freedom SIP you decide monthly investing discuss about one such habit The SIP way of investing allows amount, inculcates the habit of that needs to be adhered to, you to automate saving and When it comes to meeting long long term investing, and also across decades for effortlessly investing for life. You just have to term financial goals such as the makes suitable combinations meeting long term financial decide how much you want to retirement it is important to have based on your personal require- goals. The habit here is that of save/ invest every month, where a steady passive income to enjoy ment and risk appetite. In effect, SIPing. you want to invest and for how financial freedom in the sunset investing through Freedom SIP is long...that’s it. At your chosen years of one’s life. If not planned the easiest approach to achieve interval, the SIP money gets for, there could be negative any long term goals without automatically transferred from surprises which could disrupt all breaking a sweat. your bank account and invested the plans we have. In order in the mutual fund of your choice. to automate investments for You are kept informed all along meeting such critical goals, one the way. of the leading mutual fund houses has launched a feature SIP is just a common sense way called Freedom SIP. to invest. But it is a habit that leaves a positive impact from the Freedom SIP is a feature that day you start. SIP helps you allows the investor to invest The SIP way of investing allows you to automate saving and investing for life. You just have to decide how much you want to save/ invest every month, where you want to invest and for how long...that’s it.

\"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, APRIL 2021 Channel Partners Distributor Insights Focused Funds: For those looking for a concentrated portfolio Outlook Money | March 2021 Raj Talati nature. However, if one were to translates into sub-optimal re- even from good companies that do some number crunching, turns. The calibrated diversi- have run up beyond of its (CFP), ABM Investment then one would realise that fication, disproportionate over- fundamentals and where the standard deviation - which is a weightage or under-weightage, margin of safety is low. An equity market which is at measure of risk- of focus funds and dynamic nature of sectoral record high tends to typically and large cap funds is not very switches results in low- As of January 2021, the top five instil confidence among different. correlation with market returns. bet for the fund includes Infosys investors about the degree of (IT giant and strong balance- superior returns. This is particu- Moreover, top-down approach Why ICICI Prudential’s Focus sheet), ITC (FMCG behemoth larly at a time, when yields on acts as a hedge against the Fund Stands Out and market leader in cigarettes), fixed deposits which have been a business cycles. This has been Bharti Airtel (lowest cost conventional way of parking one of prime reasons why focus To begin with ICICI Prudential producer in telecom space), surplus income, is sapping. funds have been able to attract Focused Fund follows a rule- M&M (High rural exposure being Investing at a time when com- disproportionate attention in the based stock selection criterion, a market leader in tractor munication platforms are filled last one year. The cumulative coupled with theme-based industry) and Sun Pharma with headlines such as liquidity flow in the focus funds in the last investment. Such an approach (market leader in pharma space). driven rally, market richly valued-- one year has been Rs 4,167 crore aids the portfolio in capturing make investors cagey for new as compared with Rs 8,028 crore superior returns with low risk. The dynamic nature of sectoral investments due to the fear of outflow for the industry. The The companies which are part of weightage can be gauged from deploying their money at a time asset under management of the the portfolio have the following the fact that the banks pro- when markets are peaking. focused funds rose 59% to Rs features – it is likely to be a portion, to the sectoral exposure, 62,154 crore in the past one year, market leader with a strong increased to 17.43% in February Bottom-Up Approach to compared with 54% of the network, one that enjoys size- 2021 as compared with a mere Investing equity MF industry in the same able moat in the industry. 4.84% in the month of December period. 2020. The fund is currently So, how can this investors’ The companies which are a part overweight on telecom, power, precipice be resolved? The Structure of Focus Funds of the portfolio will have a strong software, auto and transpor- answer lies within Focus Funds. balancesheet typically having tation, while underweight on The investment portfolio of such The focus fund portfolio can low debt, or these may be banks, capital goods, oil & gas, a fund is constructed based on comprise a maximum number of companies with lowest cost retailing and consumer durables. bottom-up approach. The idea 30 stocks across market capita- producer in their respective here is to spot stocks have the lization, and is sector agnostic. sector. Such an arrangement The ICICI Prudential Focus Fund potential to emerge as steady This provides flexibility to the creates tough entry barrier for has been able to outperform its compounders with a low fund manager to raise an competition and most impor- benchmark index and category volatility and can sail through overweight position in order to tantly such a company should be average by 11.3% and 14.7% business cycles without being reap maximum benefits when available at a reasonable valua- respectively in the last one year, a excessively affected by the earnings potential of a company tion with a high margin of safety. period which has been one of the intermittent volatility. or a sector starts converging The valuation margin of safety is most volatile periods of the with the fund managers’ so sacrosanct that the fund equity market. The common perception about expectations. The strength of the manager tends to keep away focused funds is that it is meant focus funds is– stringent bottom- for high-risk investors, owing to up stock selection criteria-- to Given the fact that focus the concentrated portfolio find companies that offer funds take concentrated superior earnings visibility. bets, the room for error in judgement regarding the Given the fact that focus funds earnings potential should be take concentrated bets, the minimal. room for error in judgement regarding the earnings potential should be minimal. The basic tenet of a focus fund is to build a concentrated portfolio without overdoing diversification. It is a welldocumented fact that diversification beyond a point

\"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 13TARAKKI TIMES, APRIL 2021 mint List of ICICI Prudential Funds in Mint 50BEST FUNDS Mint | April 2021 FUND CORE 3-year return (%) 5-year return (%) 10-year return (%) Corpus (Rs cr) EQUITY-LARGE CAP ICICI Prudential Bluechip Fund 10.31 13.88 12.71 26,468 INTERNATIONAL ICICI Prudential Global Stable Equity Fund 11.77 9.09 NA 94 ICICI Prudential US Bluechip Equity Fund 22.68 18.22 NA 1,282 FUND CORE Corpus (Rs cr) DEBT-ORIENTED 1-year return (%) 3-year return (%) 5-year return (%) CORPORATE BOND 8.89 8.65 8.10 19,146 ICICI Prudential Corporate Bond Fund ETW Funds 100 List of ICICI Prudential Funds in the Economic Times Wealth ET Wealth | April 2021 FUND Value Research Returns (%) Fund Rating 6-month 1-year EQUITY: LARGE CAP ICICI Prudential Sensex Index Fund 3-month 3-year 5-year ICICI Prudential Nifty Index Fund - HYBRID: CONSERVATIVE 5.96 24.30 55.26 13.11 ICICI Prudential Regular Savings Fund 7.57 26.68 58.56 12.05 13.98 DEBT: MEDIUM- TO LONG-TERM 10.01 ICICI Prudential Bond Fund 2.18 6.74 17.47 8.92 8.06 DEBT: MEDIUM-TERM 8.00 ICICI Prudential Medium Term Bond Fund 0.59 1.15 8.77 9.02 - 1.54 3.06 11.03 8.31 8.10 9.17 ICICI Prudential Retirement Fund 0.64 1.47 8.88 - 8.10 DEBT: SHORT-TERM 0.88 ICICI Prudential Short Term Fund 1.11 2.11 9.29 8.56 DEBT: DYNAMIC BOND 0.94 ICICI Prudential All Seasons Bond Fund 2.30 9.15 9.26 DEBT: CORPORATE BOND ICICI Prudential Corporate Bond Fund 2.02 8.95 8.67

\"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, APRIL 2021 Fund Review List of ICICI Prudential Funds in Star Track Mutual Fund HBL | April 2021 Scheme Name BL Rating Trailling Returns (%) 5 Year CAGR YTD Absolute 1 Year CAGR 3 Year CAGR ICICI Prudential Bluechip Fund 8.3 60.7 10.8 14.4 ICICI Prudential Large & Mid Cap Fund 14.1 69.3 9.5 13.4 ICICI Prudential Multicap Fund 11.3 64.5 9.7 13.0 ICICI Prudential Midcap Fund 16.0 90.7 8.2 14.6 ICICI Prudential Smallcap Fund 19.1 106.5 9.5 14.8 ICICI Prudential Focused Equity Fund 12.6 63.0 11.8 13.5 ICICI Prudential Value Discovery Fund 17.0 72.8 12.0 13.1 ICICI Prudential Long Term Equity Fund 9.5 64.0 10.9 13.1 (Tax Saving) 14.7 76.8 5.2 12.7 ICICI Prudential Dividend Yield Equity Fund ICICI Prudential FMCG Fund 1.7 34.4 6.5 11.9 ICICI Prudential Infrastructure Fund 22.5 85.1 6.3 12.0 ICICI Prudential Banking & Financial Services 11.4 72.5 6.7 16.3 ICICI Prudential Technology Fund 13.6 129.4 28.5 22.4 ICICI Prudential P.H.D Fund 9.1 61.3 - - ICICI Prudential Equity & Debt Fund 16.2 57.3 11.6 14.3 ICICI Prudential Equity Savings Fund 4.3 23.1 7.4 8.7 ICICI Prudential Ultra Short Term Fund 1.5 6.2 7.1 7.4 ICICI Prudential Savings Fund 0.9 7.3 7.7 7.7 ICICI Prudential Money Market Fund 1.3 5.2 6.9 6.9 ICICI Prudential Short Term Fund 1.2 8.6 8.6 8.1 ICICI Prudential Medium Term Bond Fund 2.1 10.6 8.3 8.0 ICICI Prudential Bond Fund 0.6 8.0 9.0 8.1 ICICI Prudential Long Term Bond Fund -0.5 3.9 9.6 8.8 ICICI Prudential All Seasons Bond Fund 1.4 8.4 9.2 9.2 ICICI Prudential Corporate Bond Fund 1.2 8.3 8.6 8.1 ICICI Prudential Credit Risk Fund 1.9 9.7 8.6 8.3 ICICI Prudential Banking & PSU Debt Fund 1.0 7.7 8.1 8.0 ICICI Prudential Gilt Fund 0.5 5.4 9.4 9.0 ICICI Prudential Regular Savings Fund 2.2 17.6 8.9 10.0 ICICI Prudential Balanced Advantage Fund 5.2 39.3 10.0 11.5 ICICI Prudential Child Care Fund (Gift Plan) 6.1 42.1 7.6 10.5 Source: NAV India; NAV for the growth option as on 07-05-2021. 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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