Tarakki Times English March 2021

\"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 | MARCH 2021| PAGES 15 Professional Views We recommend dynamic asset Pg. 3 allocation funds to tackle volatility Asset allocation funds prune equity exposure Economic Times March 04, 2021 S Naren, ED & CIO Pg. 4 D-St’s riding the wave; what’s in it for you? Economic Times | March 24, 2021 Dynamic asset allocation funds gain currency Business Standard | March 22, 2021 Pg. 5 Stay invested in comp. Sankaran Naren Economic Times | April 01, 2021 growth is really low. In my 31 that can deliver strong ED & CIO years of working, how many earnings recovery ICICI Prudential Mutual Fund significantly. It is outside the years have we had where credit Moneycontrol domain of anyone in India but growth is at 5-6%? Instead, all March 01, 2021 I believe that the current cycle from an India angle, economies the top corporate are just Anish Tawakley, Senior Fund Manager resembles the 2002-2008 cycle are improving and earnings deleveraging. where commodities did well and should certainly be much better Pg. 6 while the commodity user than what we have seen in this The business cycle in India is industry did not do that well, they 2013 to 2020. The 2013-2020 much more tepid than what we Small, Mid Caps Biggest did not give bad absolute phase was dominated by see in the US. The central bank Contrarian Play For ICICI returns. But overall, when the deflation which is basically a has been rightly telling the Prudential AMC commodity industry does well, problem of one person’s output markets that we have got the economy somehow does when one person’s output price liquidity, we have got so much of Bloomberg Quint | March 26, 2021 well. During 2002-2008, oil went comes down and earnings are dollars and we have got all these up but the economy also did bad. But now prices of commo- things, so please do not worry Anand Shah, Head - PMS & AIF pretty well. And this baffles me,\" dities like steel, aluminium and too much. But the reality is that says S Naren, CIO, ICICI zinc are going up and we have a all of us are so fixated globally Investments Prudential AMC. situation where it leads to and the global situation is very fantastic earnings. That is why different because the US has How to play equity amid Covid Overall on the domestic front, we will have a much better pumped so much of money into second wave how do you see things earnings period at this point of the market and a new infra- ET Market | March 20, 2021 improving? time than in 2013-2020. structure bill is coming out of the US. Pg. 7 The economy is picking up To sum up, we are in a different compared to where we were six environment than one year back. The rising US 10-year yields are Financial planning and or nine months back and from We are going to see volatility giving rise to this situation. But I smart beta that point of view, things are in a which is a reason why we have would not worry so much. Look DSIJ | March 31, 2021 much better shape. Clearly one been recommending dynamic at the surplus money sitting with does not know how the second asset allocation. The real the Reserve Bank. There is a lot Chintan Haria, Head- Product wave of Covid, which seems to problems will come when the of scope for interest rates to go be focussed significantly on global central banks decide to down in various ways in India. Development & Strategy Maharashtra, will shape up. The spoil the party by taking a But somehow it does not go reality is that valuations are not hawkish stand. down and I would say that India’s A low-cost product more suited what used to be one year back economic cycle or business for HNIs when the market was really What about our own central cycle is behind the US and I do Economic Times | March 26, 2021 cheap. Now markets are not that banks? Do you see any shift not think there is much scope as cheap and clearly we are going to when it comes to policy back so we do not see the evidence of Pg. 8 see volatility ahead. That will home over the next couple of any exuberance in the Indian continue as long as there is news quarters? business cycle. Rather, we have ICICI Prudential Focused Equity Fund of Covid. to worry about the exuberance in Returns of focused funds put other If you look at the statements the American business cycle. scheme in shade made in the monthly bulletin of Hindu BusinessLine | March 10, 2021 Reserve Bank of India or the If you look at the last one week, numerous interviews given by although there was no impact on Pg. 9 the Reserve Bank Governor, he is the Indian equity market, but if actually telling the markets to be you look at the Don Wang issue, ICICI Prudential Multicap Fund more dovish and the markets are you will find that a small family Multi-cap funds back in the spotlight actually more hawkish than the Hindu BusinessLine | March 30, 2021 central bank. In India, credit Tarakki Corner Pg. 10 Saravanan S (CFP) Director, Purplepond Investment Advisory Pvt Ltd. Distributor Insights Pg. 11Spread saves you from shocks Pg. 12Blueprint to spread your sssets Fund Review But the real risk will come when Pg. 13 List of ICICI Prudential the US will decide to go more Funds in Mint hawkish or want to stop quan- ETW Funds 100 titative easing or want to hike Pg. 14 List of ICICI Prudential Funds rates. That is the real risk which in Star Track Mutual Fund will finally bring down the market

\"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, MARCH 2021 Interview office managed to take $30-40 be volatility in Indian equity day the market fell 10% to But I think again we are in this billion of leverage and invested in markets. The only way in which communicate to everybody that cycle from March 2020 where so many companies that it all these issues can be handled is today is the day to invest. How we are seeing inflation and caused losses to two or three by careful asset allocation. can I not thank you for it? inflation is a slightly good word banks. I do not know much for the entire world because beyond that and so I believe that If one is trading directly in Assuming that we are in a somehow inflation leads to more it is the exuberance of the US equities, be disciplined and if strong patch for commodities economic activity and people business cycle which is some- you are not capable of being whether it is steel, copper, actually sell goods faster. Take thing which worries us at this disciplined yourself, then you sugar, coco or even coffee -- for example real estate. Look at point of time. have to go through the mutual what will happen to the the kind of real estate deals that fund route because otherwise consumer? At what point in have happened in the last six If you look at the macro in India, there have been so many periods time will it start effecting the months. we have a situation where the of time when the markets were consumer and also some of current account deficit is hardly very volatile and it appeared that those haloed consumer stocks? It has come out of the fact that there, inflation is reasonable and the markets will keep going inflation has come in real estate there is no high credit growth. down. Suddenly, the markets We have always been in the and therefore people have just We do not have any evidence of recovered. We are in a frame- camp that all these commodity gone ahead and booked flats or extreme risk taking at this point work where you are going to see companies can do very well and bought flats or done something of time. The only risk taking that I volatility and unless you are that comes out of our belief that like that. saw was that some of the IPOs disciplined you have got a lot of if you have a long period of saw very high QIPs and HNI challenges ahead. underinvestment in any commo- So inflation is good for transac- subscriptions. But there also we dity, you are going to see those tions and for advancement of have seen IPOs opening below We understand from your peers prices go up. If you look at it transactions. Deflation is bad for issue prices. So any evidence of that the pressure on redemp- today, there are hardly any big transactions because it tends to exuberance is less at this point of tion has minimised. It is not investments coming out of any delay transactions. This is what I time. We are in a comfortable that the net inflow is positive commodity industry at this point have learnt. So I think yes stage of the Indian business but the numbers that we were of time. You are seeing chronic commodity users are affected cycle but not so globally. looking at in December and underinvestment in commo- but I think even in the 2002-2008 January, have come down dities. In fact, some of the cycle, we saw steel prices While it is impossible to predict dramatically. What has been commodities where I see shooting up. None of the com- liquidity, the truth here is when the experience at ICICI chronic underinvestment inclu- modity companies collapsed and FIIs sell, the back of the market Prudential? des oil and that has been my none of the auto companies gets broken. There have been biggest worry at this point of collapsed, none of the users of instances in a few days in I am impressed by the way Indian time. auto companies or steel March and plenty of days in investors have been behaving companies like the capital good February. The biggest concern because last March frankly when Thanks to all these various other companies collapsed. right now is what happens if the markets were panicking they things that are happening even the FII flows reverse? did not take money and we got oil is a commodity where there is So somehow, when metal the opportunity to invest aggre- underinvestment. In between, companies do very well, while That is the risk at this point of ssively, particularly in our asset shale had overinvestment but the user companies may do time which prompts us to allocation strategies and when now there is chronic under- relatively badly compared to the recommend asset allocation and the markets went to records and investment even in oil and this is metal companies, nothing much dynamic asset allocation kind of crossed 50,000, they took out a big risk. I believe that the happens to them. They manage products to investors. We are money. So people have shown current cycle resembles the because metal companies are living in a globalised world and in that level of discipline. I must 2002-2008 cycle where commo- doing well because demand is a globalised world what matters thank all mutual fund distributors dities did well and while the good. So I do not think you have to equity markets is not just local and investors in this whole commodity user industry did not to fear it. conditions but also global journey because that is why we do that well, they did not give bad conditions. One cannot say I am saw redemptions when markets absolute returns. They gave bad As far as all these consumer living in some isolated mar- crossed 50,000. When the relative returns at some points of companies and all these things ket unconnected to what is market corrected in February and time in the cycle. But overall, are concerned, they look over- happening in the world. We are March, they actually reduced when the commodity industry valued to me. They have looked connected to the world and we their redemptions. Luckily now does well, the economy some- overvalued to me three years can see that finally one day when we have daily data. So what I am how does well. During 2002- back. They looked overvalued to the Fed decides to become telling you is public information 2008, oil went up but the me one year back but they are hawkish, you are going to see technically. I believe that it is very economy also did pretty well. quality companies and so they global markets fall all across the healthy development and I have And this baffles me. On the other tend to be overvalued most of world including India signi- seen that this is a positive. As hand, in the 2008-2020 period, the time. With my kind of ficantly. The only way the risk can long as investors take out money when oil did badly, the economy investing mindset, I have to look be addressed is by following when markets rally significantly did not do well. Why is it that the for other stocks which outper- a dynamic asset allocation and invest when markets correct economy tends to do well when form them. So while they are approach. significantly, they are going to commodity does well is quality companies and they are have a very good investing something which has baffled me great companies, I have to find I was very happy to see that experience through mutual but somehow I think that other stocks which can do better when the Don Wang event funds. inflation is something which is than them. Luckily the last one happened Asian markets and the slightly good for the world and I year has been very good for such Indian market did not fall. But I do How about thanking the did not know that till 2008 that styles but we have gone through not think that is going to be the media? We have been big deflation is a bad word. a period where it was very bad situation in future. The global advocatories of buying fear and for such styles but we have come central banks have pumped in selling greed. After that, thanks to Ben out of it. I hope it continues like trillions of dollars. At some point Bernanke and many of the global this for quite some time. of time, when the trillions of No, no I am sorry. In March 2020 central banks, I realised that dollars is taken away, there will you gave me a platform on the deflation is a bad word.

\"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, MARCH 2021 Asset allocation funds prune equity exposure Economic Times | March 04, 2021 One of the country’s biggest markets fell on fears of the investing in the market through S Naren asset allocating mutual funds pandemic. Post that as the equity balanced advantage funds as ED & CIO has cut its exposure to equities market continued to move these protect the downside. ICICI Prudential Mutual Fund to the lowest in 22 months with upwards, the scheme has been share valuations rich after the gradually reducing its equity Most balanced advantage funds Edelweiss Balanced Advantage sharp run-up in the markets. allocation bringing it down to 68 which follow a countercyclical Fund, however, is an exception. per cent by June 2020 to 59 per mode have reduced equity The scheme, which follows ICICI Prudential Balanced cent in October 2020, then to 43 allocation in the space. “When- market momentum, had an Advantage Fund, with assets of per cent in January 2021. ever markets are at a premium to equity exposure of 40 per cent in ₹30,000 crore, has brought down our fair value we reduce equity March 2020. This has now risen its equity allocation to 37.91 per Dynamic asset allocation or allocation,” said G Pradeep to 66 per cent. cent as of February. The last time balanced advantage funds kumar, CEO, Union Mutual Fund, this scheme, which invests in a allocate less to equities when which runs one of the top- mix of stocks and bonds, had valuations turn expensive and performing balanced advantage equity exposure around these vice versa. The equity compo- funds. Union Balanced Advan- levels was in April 2019 at 38.3 nent in this category varies tage Fund has reduced its equity per cent. “Given that equity between 30-80 per cent depend- allocation to 30 per cent in valuations are no longer cheap ing on market conditions. February from 75 per cent in after the sharp run in the markets March 2020. and in line with the model, we Fund managers have been have reduced equity allocation, S worried about the market pros- Other funds such as Kotak Naren, CIO, ICICI Prudential MF pects as valuations turned rich Balanced Advantage Fund and told ET. The fund had increased buoyed by a flood of liquidity Aditya Birla Sun Life Balanced its equity allocation to 74 per from foreign funds. Many first Advantage have lowered equity cent in March 2020, when the time investors have been allocations along similar lines. Latest Performance : % CAGR (NAV as on 31st March 2021) 3 4 5 6 7 89 10 11 Since 2nd Scheme Name / Indices Years Years Years Years Years Years Years Years Years March 2010 ICICI Prudential Balanced Advantage 10.0 10.0 11.5 9.7 12.0 13.0 13.0 12.3 12.1 12.3 Fund (Growth Option) CrisilHybrid 50+50– Moderate Index 12.3 11.4 12.6 10.6 12.4 12.4 11.9 10.7 10.4 10.7 (Benchmark) Nifty 50 TRI 14.3 13.9 15.1 10.9 13.2 14.0 13.4 11.0 11.2 11.5 Performance over Benchmark -2.3 -1.4 -1.1 -0.9 -0.5 0.6 1.1 1.6 1.6 1.6 Performance over Nifty 50 TRI -4.3 -3.9 -3.6 -1.2 -1.3 -1.0 -0.4 1.2 0.9 0.8 49.2 47.4 49.8 52.5 51.7 53.0 54.3 55.3 55.4 55.4 Average Monthly Net Equity Levels (%) Journey Till Date… ICICI Prudential Balanced Rs. 361 Advantage Fund - Growth (12.29% CAGR) Average Monthly Net Equity Levels of IPRU BAF: Rs. 335 (11.52% CAGR) 55.4% Nifty 50 TRI Rebased to 100 Mar'10 Jun'10 Sep'10 Dec'10 Mar'11 Jun'11 Sep'11 Dec'11 Mar'12 Jun'12 Sep'12 Dec'12 Mar'13 Jun'13 Sep'13 Dec'13 Mar'14 Jun'14 Sep'14 Dec'14 Mar'15 Jun'15 Sep'15 Dec'15 Mar'16 Jun'16 Sep'16 Dec'16 Mar'17 Jun'17 Sep'17 Dec'17 Mar'18 Jun'18 Sep'18 Dec'18 Mar'19 Jun'19 Sep'19 Dec'19 Mar'20 Jun'20 Sep'20 Dec'20 Mar'’21

\"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, MARCH 2021 Interview D-St’s riding the wave; what’s in it for you? Look beyond fast & furious stocks, get mix right Economic Times | March 24, 2021 Better to keep equities at the margins and lean on debt until valuations offer an attractive entry point, say advisers Here’s one decision point you’d set weighs on the latter - even if advantage funds, which allocate Rs 30,000 crore, has brought rather leave to the expert: just a bit. So, investors looking to to equities based on market down its equity allocation to Whether to take or leave build low-cost equity portfolios valuations. “The markets are 37.91 per cent as of February, the equities. By any measure, through passive funds could trading at a price higher than the lowest in the past 22 months. predicting the future isn’t easy - start by allocating only a third to fair value,” said Vinay Paharia, The fund had increased its equity and it’s mighty difficult now, equities and increasing the CIO, Union Mutual Fund. Union allocation to 74 per cent in March given the equal weights in favour commitments in line with a Balanced Advantage Fund has 2020. As valuations surged, or against. decline in the headline indices. reduced equity allocation to the equity allocations were brought The rest of the cash should go to lowest possible 30 per cent, with down to 68 per cent by June, 59 Sample this: Valuations are rich, fixed income and gold. the rest in debt and arbitrage. per cent in October, and then to there’s a likely second wave of 43 per cent in January. the pandemic, and bond yields in “Investors could consider their Financial planners believe the the US are beginning to harden. equity allocation in a mix of Nifty equity allocation in a balanced Motilal Oswal Dynamic Fund And then there are counter- 50, Nifty Next 50 and Nifty advantage fund conveys a fund uses an in-house MOVI indicator arguments of a V-shaped Midcap 150 funds. However, it is manager’s view on the market. (Motilal Oswal Value Index) to recovery, documented Federal important to be disciplined and These funds typically allocate gauge valuations. Currently, the Reserve commitment of make sure that allocation between 30 and 80 per cent to 30-day moving average is at 135, sufficient notice ahead of a increases, when the markets fall, equities. After the recent sharp suggesting that the markets are ‘tapering’, and a stable rupee to generate alpha,” said rally, most funds have 30-40 per overvalued: The scheme has a cushioned by a healthy forex Harshvardhan Roongta, CFP, cent as of February end, which 37.1 per cent allocation to equity. cover. Roongta Securities. indicates valuations are rich. On balance, however, mutual For readymade portfolios, savers I C I C I Pr u d e n t i a l B a l a n c e d fund experts believe the former c o u l d o p t f o r b a l a n c e d Advantage Fund, with assets of Dynamic asset allocation funds gain currency Getting the balance right Business Standard | March 22, 2021 Schemes that dynamically invest in debt and equity are back on investor radar With both equity and debt strategy involves investing in scheme seems to be the best arbitrage (derivatives). However, markets seeing bouts of vol- equity, debt, and derivatives. approach,\" said S Naren, CIO at returns of the category have atility, investors are increasingly When the equity markets are ICICI Prudential MF. been poor in the past year. The looking at dynamic asset high, these funds increase their data from Value Research allocation funds offered by the allocation to debt and vice versa. For example, ICICI Prudential shows, on average, dynamic mutual fund industry. These Dynamic asset allocation funds Balanced Advantage Fund uses asset allocation funds have given funds invest actively across have seen net inflows, whereas an in-house asset allocation returns of 37 per cent over the equity and debt depending on equity-oriented schemes have model to maintain an effective past year. the prevailing market conditions. con-tinued to witness net equity investment level between outflows for eight months in a 30 per cent and 80 per cent. The \"Several funds may have reduced The dynamic asset allocation row. scheme uses a model with a exposure in equities due to the fund category - also known as track record of 11 years, based surge in the markets and that is balanced advantage funds - saw \"Currently, we are in an predominantly on a long-term the reason for underper- net inflows of `2,006 crore in environment where both asset historical mean price-to-book formance. Such funds suit February and about `660 crore in classes - equity and debt - are not value (P/BV), which aims to investors who want to gain from the previous month. This was a cheap and hence, investors can increase equity exposure when volatility and pro-tect money sharp reversal from the pre- potentially bene-fit from returns valuations are attractive and when there is a fall in the market,\" ceding months when investors out of volatility. We are not in aims to reduce equity exposure said a fund manager from the shunned such schemes amid a 2017-18 when there were when valuations are expensive. leading fund house. strong rally in the equity market. expectations that interest rates Between September and will come down substantially. Equity exposure of ICICI December, the dynamic asset Even the current valuations in the Prudential Balanced Advantage allocation fund category logged equity mar-kets are expensive. Funds was at its lowest in 22 net out-flows of `2,000 crore. So, for investors to make money months at 37.91 per cent at the in such a scenario, investing in a end of February. The rem-aining The dynamic asset allocation dynamic asset allocation assets were invested in debt and

\"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, MARCH 2021 Stay invested in companies that can deliver strong earnings recovery Moneycontrol | March 01, 2021 Senior Fund Manager Anish Tawakley says that it is better to invest in companies on the verge of earnings recovery, rather than take exposure to firms hoping for an expansion in valuation multiples Anish Tawakley policy. Real estate prices have in nature, sector selection is the the multiples tend to be rich. For Senior Fund Manager corrected, paving the way for primary driver for alpha creation. any company to be a part of this ICICI Prudential Mutual Fund construction activity to restart, The portfolio will consist of three portfolio, the following three which is a big driver for the to five sectors within an requirements have to be met:- Indian equity markets have economy. Thus, corporate overarching view of the stage of Should be an industry leader or turned volatile after scaling dizzy earnings are likely to rebound. economic cycle. But, we among the top two or three highs. Is it time for investors to We believe that one must stay diversify as much as possible players in its industry- Should restructure their portfolios? invested in the earnings recovery within the sector. have a track record of profitability Anish Tawakley, senior fund theme right now, rather than on - Should have compounding manager, ICICI Prudential Mutual the multiple expansion theme. Which sectors fit into your potential. Fund gives his views on the However, we must be mindful cyclical theme and how are markets, shares insights on about fund flows. US bond yields they poised at this point in If I have Rs 10 lakh to invest asset allocation and highlights are likely to rise, as the economy Indian markets? now in equity markets, what the risks associated with the there is recovering well and the are the options available? nascent economic recovery. bond market is sure to price that While multiples are rich in the With over two decades of in. Therefore, the idea is to stay cyclical sectors now, earnings We keep emphasizing the need experience in equity markets, he invested in companies that can are depressed. In sectors such for investors maintaining a is the guiding force for a team of deliver strong earnings recovery. as capital goods, auto and balanced asset allocation investment analysts. corporate banks, earnings are towards both equities and debt, How different are the depressed or at the cyclical based on one’s risk profile and In a conversation with Vatsala investment strategies for the bottom. For instance, in capital relative valuations of different Kamat, he talks about the Bluechip Fund and the Business goods and corporate banks, the asset classes. business cycles in some of the Cycle Fund? earnings trough looks to be sectors, his stock picking deeper. But, in FMCG, margins In the present environment, the strategies and the different The two schemes follow very are at cyclical peaks and investor must create a portfolio approaches taken in managing different strategies. ICICI multiples are high. So, margins with the aim of benefitting from the asset management Prudential Bluechip Fund is a will have to revert to the mean. fast-changing macros and to company’s Bluechip Fund and large-cap equity scheme that manage volatility. To begin with, Business Cycle Fund. focuses on stocks in which the As a fund manager, what call do invest in asset allocation fund manager has high you take when you face such schemes that help make the Indian equity markets are conviction. The investment dizzy price-to-earnings (PE) most in volatile market rising, but there is heavy universe is the top 100 stocks by multiples, with frontline stocks conditions. For those seeking to intermittent volatility lately. market capitalisation. Here, we having rallied substantially? make equity allocation, the How do you read these events? do not take big sector bets. The business cycle fund can be portfolio is aligned with the In Bluechip, where the considered, as the fund has the India seems well placed, when it benchmark indices. Alpha investment level is always above ability to be aggressive or comes to economy and policy. creation is through stock 90 percent, we do not take major defensive, depending on where Rates are supporting fiscal selection. cash calls. In any sector, large we are in an economic cycle. companies benefit from The strategy is the opposite in economies of scale. So, we the Business Cycle Fund. Being a believe it is better to opt for high- thematic fund, which is flexi-cap quality companies, even though We must be mindful about fund flows. US bond yields are likely to rise, as the economy there is recovering well and the bond market is sure to price that in. Therefore, the idea is to stay invested in companies that can deliver strong earnings recovery.

\"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, MARCH 2021 Interview Small, Mid Caps Biggest Contrarian Play For ICICI Prudential AMC Bloomberg Quint | March 26, 2021 Anand Shah and alternate investment fund at have the best in-class as indicators. Head - PMS & AIF Investments the asset manager, who said management and balance ICICI Prudential Mutual Fund small and medium-sized sheets, adding a bottom-up Other Portfolio Picks businesses that have survived investing approach would be The biggest contrarian strategy disruptions like the goods and suitable. Shah said he’s looking to include at ICICI Prudential Asset service tax and the pandemic metal stocks in his portfolios as Management Company is clearly indicate their strong Addressing the frenzy the sector stands to gain from betting on the mid- and small- fundamentals and offer a huge surrounding rising U.S. yields, increasing commodity prices, cap stocks. value. commodity inflation and rising helping them pare debt. crude oil prices, Shah said short- That’s according to Anand Shah, “There’s a lot more alpha and a term market corrections don’t He also expects banks to be head of portfolio management lot more intrinsic value in the worry him and he’d focus on the primary beneficiaries of small- and mid-cap space versus underlying fundamentals. economic recovery and the large the current price at which they provisions will help them emerge are trading,” he told “India’s fundamentals exhibit stronger. BloombergQuint’s Niraj Shah in firepower to support long-term an interview. market growth,” he said, citing its demographic history, Stock picking, he said, must be consumption levels and fiscal done with caution since deficits provided by the budget companies in this space may not to support infrastructure growth Small and medium-sized businesses that have survived disruptions like the goods and service tax and the pandemic clearly indicate their strong fundamentals and offer a huge value. How to play equity amid Covid second wave ET Market | March 20, 2021 Hi there! Some investors have even second wave of Covid infections do you prefer? started to wonder if it is time to and its implications for the Welcome to ETMarkets’ build some cushion in their domestic economy, will you be Thank you Mr. Goel, that was Investors Guide, a show about portfolios by loading up on less optimistic about midcap and indeed an insightful asset classes, market trends, defensive stocks. We caught up smallcap space right now? conversation that will surely help and investment opportunities. with Prakash Goel, a senior fund our listeners to take an informed This is Nikhil Aggarwal. manager at ICICI Prudential Q. Cyclicals remain the hot picks portfolio decision. AMC, to try and find out if currently, but given the The week gone by was a defensive stocks may become expectation of increased That’s it in this week’s edition of forgettable one for the domestic the flavour of the season going volatility do you see merit in the special weekend podcast. market, with the benchmarks ahead and what is his outlook for increasing exposure to defensive Do come back next Saturday for bleeding profusely in four out of the midcap and smallcap sectors like IT, Pharma? this weekly special. You can the five sessions. Rising global universe. check out our regular podcasts bond yields and surging Covid Q. How bullish are you about on the equity market twice every cases back home have made Welcome to the show, Mr. Goel. value style finally outperforming week day. investors dial back their Q. With the emergence of a growth and quality this year and optimism for equities. within that factor which 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.\" Interview 7TARAKKI TIMES, MARCH 2021 Financial planning and smart beta DSIJ | March 31, 2021 What is your take on current classes. index generated returns to the Chintan Haria market valuation and what tune of 14.9 per cent as com- Head- Product Development should be the approach of MF You have recently launched pared to 12 per cent return by investors for equity funds at the your ICICI Prudential Nifty Low Nifty 50, during the same period. & Strategy current market levels? Vol 30 ETF FOF, what made you ICICI Prudential Mutual Fund launch this at the current However, given that, it was an Given that equity as an asset juncture? ETF, only investors with a Demat yields, and rising inflation, class has rallied continuously, account had access to this market volatility is likely to be valuations are no longer cheap. In 2017, we had launched ICICI product. With the intent to allow heightened. As a result, one's So, while investing in such a Prudential Low Vol ETF for other retail investors to partici- allocation to equities will be market condition, one has to be allowing investors to have pate in the ETF, we decided to impacted. By having a low cautious. Currently, we are exposure to the least volatile launch ICICI Prudential Nifty Low volatility factor-based fund in the balanced between the risk of stock from the large-cap Vol 30 ETF FOF. Since the onset portfolio, an investor has an inflation, yields, and crude oil universe. Since then, there were of the pandemic, we have opportunity to cushion the port- prices, all going up. Thus, market several bouts of market volatility, seen a rise in demand for such folio from the potential downside volatility is likely to persist. For an but Nifty Low Vol 30 ETF products. risk. Over time, it can help build investor looking to make a fresh delivered encouraging returns. confidence to stay invested in investment in the current market, Over the last decade, while Nifty Talking about low volatility the market for the long-term. the optimal approach would be 50 delivered 10.1 per cent CAGR, smart beta fund, tell us to invest through asset allocation Nifty Low Volatility 30 index something about how As far as expense ratio is schemes such as balanced delivered 12.9 per cent CAGR. investors should allocate this concerned, how ICICI advantage and multi-asset On a total-return basis, which fund to achieve their financial Prudential Nifty Low Vol 30 ETF category of schemes, which includes dividends and capital goals from a financial planning FOF is placed against peers? invests across multiple asset appreciation, the low volatility perspective. As per the regulation, the For an investor looking to From a financial planning expense is capped at 1 per cent, make a fresh investment in perspective, this FOF can be a which is applicable to passive the current market, the part of one's equity allocation. funds i.e. ETFs/index funds and optimal approach would be FOFs investing in passive funds. to invest through asset From an asset allocation allocation schemes. standpoint, tell us how low volatility smart beta fund fits in asset allocation strategy. It is impossible to predict how markets will pan out in the near to medium term. At a time when markets could witness correc- tions owing to factors such as lockdown fears, hardening bond ICICI Prudential Nifty Low Vol 30 FoF A low-cost product more suited for HNIs Economic Times | March 26, 2021 High-net-worth investors eyeing Low Volatility 30 Index that cap portfolios offering better for that they may have to give up a low-cost, smart beta product provides exposure to a portfolio risk-adjusted returns could some upside,” says S Shankar, for their large-cap equity of 30 least volatile stocks in the consider an allocation to this CFP, Credo Capital. portfolio can consider the ICICI Nifty 100. The new fund offer is space,” says Vijay Kuppa, Prudential Nifty Low Vol 30 FoF. open and closes on April 6. It f o u n d e r, O r o w e a l t h . V i j a y Financial planners believe retail Retail investors could stay away aims to limit the impact of market believes such a portfolio will investors should keep it simple and go for simple passive volatility and gain exposure to carry the lowest risk in the equity and stick to plain vanilla products linked to Nifty 50 or the least volatile blue-chip firms. large-cap space. Rule-based diversified equity MFs only or Nifty Next 50, or opt for actively- smart beta strategies remove passive index funds. \"Such managed, diversified equity The weights of stocks in the Nifty fund manager bias and come products work well for mutual funds. 100 Low Volatility 30 Index are with a low cost. sophisticated investors who based on volatility with individual understand market trends and ICICI Prudential Nifty Low Vol 30 stock weight capped at 3%. The However, financial planners take decision to move fast from FoF is an open-ended fund of index is rebalanced on a point out that low volatility could one fund to another or can time funds that will invest in ICICI quarterly basis. impact returns. “This makes the markets,\" says Amol Joshi, Prudential Nifty Low Vol 30 ETF, sense for investors who are keen founder, Plan Rupee. which in turn replicates Nifty 100 “HNIs looking for stable large- to avoid volatility and understand

\"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, MARCH 2021 Fund Review ICICI Prudential Focused Equity Fund Returns of focused funds put other scheme in shade Hindu BusinessLine | March 10, 2021 ICICI Prudential tops the list with 49 per cent returns, followed by Mirae Asset at 46% The sharp rally in the equity market during (Equity), Mirae Asset Investment Managers invested for at least three to five years so the last few months has focused funds India, said the portfolio of 30 stocks that the benefit of investment themes play delivering much better returns than other judiciously spread across sectors out completely. Now that the markets have category of mutual fund schemes. adequately mitigates unsystematic risk and rallied and valuations are at a different zone, helps in meeting investor objectives of risk- fund managers are tweaking the portfolio to As per the SEBI Scheme categorisation return. identify the next set of winners. The mandate, the portfolio in focused fund flexibility to move across themes and market should be not more than 30 stocks. The Each investment idea in focused fund is capitalisation and relatively smaller fund size objective of focused funds is to deliver well-represented by weight in the portfolio provide ample opportunities for stock higher returns by investing in a limited to adequately capture the investment selection. number of high conviction stocks with opportunities on offer and it is appropriate strong growth prospects. for investors who already have exposure to Most of the schemes in this category are the equity asset class, he added. now focusing on sectors that will benefit During the pandemic, the fund manager from the overall economic recovery steered the focus of the portfolio on themes ICICI Prudential Focused Equity Fund has including companies that would ride on pick- that could benefit from the disruption been a steady performer over long term up in credit growth, recovery in capex cycle caused by Covid pandemic. The focus was delivering CAGR of 13 per cent and 15 per and real estate. These funds are also eyeing to invest in companies with strong balance cent over three and five year. large financial companies and consolidation sheets and better earnings visibility. The in PSU space. The current portfolios are portfolio was overweight on companies that Next Opportunities more biased towards financials and had the potential to tide over the supply consumer non-durables, which was chain dislocation caused by Covid. Most of Given the nature of the portfolio of focused neglected sectors a year ago. the schemes had a sizeable exposure to funds, it is important for investors to stay rural economy in order to benefit from sustained demand growth. Given the nature of the portfolio of focused funds, it is important for Top performers investors to stay invested for at least three to five years so that the benefit of ICICI Prudential Focused Equity and the investment themes play out completely. recently launched Mirae Asset Focused Fund topped the list with 49 per cent and 46 per cent returns, respectively, while Franklin India Focused Fund delivered 44 per cent in last one year. The other funds in the category of Aditya Birla, Axis and SBI mutual funds have also delivered returns in the range of 25-30 per cent. Gaurav Misra, Co-Head

\"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, MARCH 2021 ICICI Prudential Multicap Fund Multi-cap funds back in the spotlight Hindu BusinessLine | March 30, 2021 Deliver 65-80% return in last one year, thanks to a strong rally in mid- & small-cap stocks A sharp rally in small- and mid-cap stocks generate industry-leading cash flows. It December, multi-cap funds has seen a net has put multi-cap funds on the spotlight should work well in the current environment outflow of ₹9,430 crore. In November, SEBI once again, for the right reasons this time and investors with a longer-term outlook approved a new category of flexi-cap funds around. should consider investing in this fund,” he with the freedom to invest across market said. caps. Of the 35 multi-cap funds with AUM of Though most of the multi-cap funds have ₹1.68 lakh crore as of December-end, 25 underperformed the benchmark, they have Regaining lost ground have reclassified as flexi-cap fund in the last delivered returns of 65-80 per cent in the last two months. However, multi-caps have one year, led by Mahindra Manulife Multi The multi-cap funds have seen huge regained most of its lost ground by Cap Badhat Yojana and ICICI Prudential outflows ever since market regulator SEBI recording an inflow of ₹6,936 crore in last Multicap, with respective annual return of 80 last September issued a circular mandating two months. Pankaj Jain, Partner, Money's per cent and 78 per cent as on March 26. The multi-cap funds to allocate at least 25 per Worth Finserv, said the multi-cap funds in benchmark Nifty 500 Multi Cap Index has cent of their portfolio in large-, mid- and last one year have been able to reallocate delivered return of 92 per cent in the last one small-caps each to ensure that they are true some of the sectorial positions in line with year. to label by February. Till then, most of the the evolving macro-economic scenario, multi-cap funds were heavy on large-cap both in India and globally. Rajat Chandak, Fund Manager, ICICI stocks and low on mid- and small-cap Prudential Multicap, said higher exposure to stocks. Between last September and auto ancillaries, financials, consumer durables and retail boosted ICICI Multicap’s Going forward, the banking sector is performance. Going forward, he said, the well-poised for robust performance as banking sector is well-poised for robust credit costs are likely to be lower while performance as credit costs are likely to be lower while higher allocation to mid- and small-cap will aid to make the most of expected cyclical economic recovery. Pranav Gokhale, Fund Manager, Invesco higher allocation to mid- and small-cap Mutual Fund, said while the fund had to take will aid to make the most of expected the distress call when mid-, small-caps cyclical economic recovery. corrected in 2018-19, the conviction backed by bottom-up stock picking worked in favour over the last one year. “Our philosophy is identifying scalable businesses which

\"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, MARCH 2021 Tarakki Corner Your YTouar TraarakkkikCoirnCer orner TARAKKI SUCCESS STORY Saravanan S (CFP) Director, Purplepond Investment Advisory Pvt Ltd. Opportunity is often disguised in Market Volatility 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. ^éêç~ÅÜK?mÉëJáåíÇ=~~åÇ=qÉÅÜåçäÖó=ãÄê~Åáå^ÇîëçêóI=ÖÉåìáéêçîÇáåÖ=qÉ~ãI~=ÄìáäÇåÖ=Ñçê=âåçï=áë=?mìêéäÉçåÇ=ëÜ~êIpî~å=^ëfåîÉíãëK=~åÇjáíÖ~çå=oáëâÄçíÜ=áå=~éêçÅÜ=~ÖåëíáÅ~å=ãáåí~Ö=ëêáÅíäóÄó=~åÇ=éêç~ÅÜ=mäåáÖc~åÅáä=çãéêÉÜëî~=ìåÇÉêí~â=íçÅìëíçãÉê=íÜÉéêçÇáåÖ=Äó=ÅÜ~äÉåÖë=íÜÉçîêÅ~ãÉ=çéåóqÜÉ=éÉêëK=íÜÉ=~ãçåÖëí=çìí=ëí~åÇ=íç=ïÉê=ÅÜ~äÉåÖë=~åÇÜáÅìéë=áåí~ä=qÜÉ=Ç~íÉK=íç=ÅçåíáìÉë=êÑ~äçÑ=ëíêÉ~ã=íÜáë=~åÇ=ÅìëíçãÉêI=åïêÉÑáåÖ=ëí~êÉÇ=ÅìëíçãÉê=ñáëíåÖíÜÉ=ÄÉÑçê=íáãÉ=çÑ=ã~íÉê=~=çåäó=ï~ë=fí=~éêçÅÜK=éìÇÉåíÜÉ=çå=ÅäáÉåíë=áíë=ÉÇìÅ~í=~åÇ=éêçÅÉë=íÜÉ=çå=ÑçÅìëÉÇ=íêáÅäó=çãé~åó=qÜÉ=ÅäáÉåíëK=íÜÉáê=Ñçê=ÉñéêáåÅ=îÉëíãéä~ëåí=~=ïáíÜ=É~ëó=ï~ë=ÅÜ~áå=Éíïçêâ=íÜÉ=ñé~åÇáÖ=ÉíïçêâëI~åÇ=êÉÑåÅë=éÉêçå~äÑêçã=ïÉê=ÅäáÉåíë=çÑ=ëÉí=áåí~ä=íÜÉ=tÜáäÉ= 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, MARCH 2021 Distributor Insights Spread Saves You From Shocks Outlook Money | February 2021 Datta Prabhakar In fact, asset allocation, if done difficult to follow. One cannot financial situation. Of course, Kanbargi right, can act as a shock absorber always buy the dip or sell the this can change driven by your during volatile times, and at the highs in the stock market. But a goals, your age, and your current Datta Anita Financial Services same time deliver a decent risk proper asset allocation strategy financial situation. On the other adjusted return for investors. that is tune with your goals is far hand, asset allocation strategies Investing in financial markets is simpler and easier execute. In are also based on market not always straightforward. That In fact, one of the best ways to fact, one can even do the asset dynamics and movements of is because there are several reduce your risk with investing allocation on autopilot these various asset classes. In fact, factors influencing stock money in financial assets is to days, thanks to the mutual funds sometimes stocks can become markets and it is not easy to practice asset allocation. One that follow this discipline, and to inexpensive or some sectors can understand each one of them. can do this by investing in a wide systematic investment plans of have low valuations, while debt range of assets such as bonds, mutual funds. investing or other asset classes For example, equities can stocks, and even financial could be expensive. sometimes unnerve particularly commodities. You can do this Ignores the noise if one can recall the March fall either all by yourself. But the Hence, sometimes investors when covid-19 roiled the stock easiest way to follow diversi- With the way things are moving, may find it difficult to make these markets all over the world. But at fication is to invest in mutual investors need to fit in a lot of asset allocation decisions on that time another asset class did funds that do the asset allocation jigsaw pieces together to craft a their own keeping price factors in quite well for investors, for you. portfolio. Some of these include mind. particularly for investors who had watching how interest rates are taken care to invest in some of it, Indeed, asset allocation can be a moving, how expensive equities During these times you need to i.e. gold. Indeed, gold picked up wonderful and simple tool for are, or which asset classes are have a strategy that tilts your pace during the turmoil and investors because it helps inexpensive. This often makes it portfolio towards equities and helped cushion the impact of balance the risks of all asset difficult to follow and incorporate reduces debt. This is also called a choppy equities during that time. classes, and tends to reduce the all these thoughts and opinions dynamic asset allocation stra- overall risk of sharp movements in one’s investment decision. tegy, and it can work very well for This shows that investors who in financial markets. a conservative investor, helping had a sufficiently diversified To top it, listening and jumping preserve returns in the imme- asset allocation are a step ahead Maintains discipline from one asset class to another diate term during volatility. In the when navigating the ups and could be more harmful, than longer run, this strategy helps downs of the financial markets. Since different asset classes are good, if something goes wrong. enhance your portfolio’s perfor- influenced by events, or policy Asset allocation helps you focus mance with balanced risk. changes, having a good array of on the big picture, and reach your strategically chosen investments goals. Your investments are that significantly reduce the made with a framework in mind, choppiness of your portfolio. and not randomly or driven by the spur of the moment It uses time, not timing investments. An asset allocation strategy Suits your investing needs harnesses the power of time for your portfolio. It does not rely on An asset allocation strategy can timing, which is often very be chalked up depending on your One of the best ways to reduce your risk with investing money in financial assets is to practice asset allocation. One can do this by investing in a wide range of assets such as bonds, stocks, and even financial commodities.

\"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, MARCH 2021 Channel Partners Distributor Insights Blueprint To Spread Your Assets Outlook Money | February 2021 Vishesh Gandhi all of these together and building years forcing people to re-think challenges the investor will face an asset allocation plan that the way they invest their is one’s own behavioural biases. Founder, MMW Financial matches these requirements is a hardearned money. Historically, At a time when the stock market Services LLP task that need to be well thought Indians are blessed with Savings is steadily rallying it is close to Samyag Financial Services out. habit, however they are less impossible to book profits or trim LLP - Co-Founder privileged to find optimum allocation to equity because one Ashvakalp Financial Services Also, one has to remember that investment ideas with well fears on missing out the poten- LLP- Co-Founder once asset allocation is decided, diversified asset mix. tial gains if the market rally the investor cannot tinker around continues. Conversely, if any of For an investor looking to create with these plans regularly or on a Further, with probable long-term the investment decisions is wealth over long term, a monthly basis. falling interest rate cycle, ever doing badly and calls for booking successful asset allocation plan volatile equity markets, credit losses, that again turns out to be is of paramount importance. Why Allocate Across Assets defaults of banks and cor- challenging as one hopes that Research has time and again Classes? porates, poor rental yield and there will be a change in fortune shown that good asset allocation stagnant growth in real estate in the near future. As a result, the is the key to long term success of Each asset class has a unique and crude commodities beha- decision we take at such times any investment portfolio. This risk and return profile. Also, the viour, investors are in soup to find may prove to be counter- brings us to the question what is corelation between most of the ideal portfolio mix to balance productive, hurting our portfolios asset allocation? Essentially, asset classes is minimal or risk reward graph. “Unbiased in the long run. asset allocation is the process of negative. What this means is that mentor” working with sole dividing the money in your no two assets class will react to a objective of servicing investor’s The other which is often not investment portfolio among development whether economic objective is need of an hour. much talked about is the taxation various asset classes such as or market related in the same element. There is no running equity, debt, gold and cash. manner. So, because a portfolio Practical Challenges away from paying the taxes on is made up of various asset the gains made over short and Also, not all of an investor’s classes, the negative develop- While all of this reads fine and long term. Each time when one financial goal will be long term in ment in one asset class will not even when a plan is made shifts between asset classes, nature. There is bound to be have an adverse impact on the executing it may prove to be you are bound to incur taxes. some short-term financial overall portfolio return. challenging. This is because an Keeping a track of all of these objectives such as buying a car asset allocation may call for transactions over the year can or going on an international The perfect example to this was change when there are some prove to be a cumbersome task. holiday. On the other hand, one seen during March 2020 and drastic changes in one’s life such may have other goals such as thereabouts, a time when equity as having a child, losing a job etc. Solution buying a house will may be markets across the globe medium term in nature. Putting reacted sharply owing to the At other times, there may be a Seek help of a qualified and well spread of the pandemic. While need to rebalance because a experienced financial mentor equity markets corrected in certain asset class may have who is well equipped to hand double digits, gold rallied at the rallied very much and would have hold you through the asset same time. So, hypothetically, if distorted the allocation profile. allocation and reallocation a portfolio held equity, debt and All of this calls for active journey. “One of the greatest gold, then the net impact of the participation of the investors if he values of mentors is the ability to equity market correction would or she is to do it on their own. see ahead what others cannot have been dented by the Also, one would have to be see and to help them navigate a resilience of gold. mindful of the developments course to their destination.” - across equity and debt markets. John C. Maxwell. Further, India has undergone disruptive changes in last 4-5 While at it, one of the major Asset allocation is the process of dividing the money in your investment portfolio among various asset classes such as equity, debt, gold and cash.

\"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, MARCH 2021 mint List of ICICI Prudential Funds in Mint 50BEST FUNDS Mint | March 2020 FUND CORE 3-year return (%) 5-year return (%) 10-year return (%) Corpus (Rs cr) EQUITY-LARGE CAP ICICI Prudential Bluechip Fund 12.29 15.77 13.14 25,514 INTERNATIONAL ICICI Prudential Global Stable Equity Fund 9.34 8.27 NA 88 ICICI Prudential US Bluechip Equity Fund 18.70 17.00 NA 1,075 FUND CORE Corpus (Rs cr) DEBT-ORIENTED 1-year return (%) 3-year return (%) 5-year return (%) CORPORATE BOND 8.25 8.49 8.27 21,156 ICICI Prudential Corporate Bond Fund ETW Funds 100 List of ICICI Prudential Funds in the Economic Times Wealth ET Wealth | March 2020 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 Savings Fund - HYBRID: CONSERVATIVE 3.20 24.50 65.58 14.51 ICICI Prudential Regular Savings Fund 4.85 26.38 68.60 13.20 14.79 DEBT: MEDIUM- TO LONG-TERM 10.21 ICICI Prudential Bond Fund 1.17 6.74 17.88 8.64 8.04 DEBT: MEDIUM-TERM 7.96 ICICI Prudential Medium Term Bond Fund -0.20 2.49 9.39 8.25 - 1.02 3.74 9.48 7.83 8.10 9.15 ICICI Prudential Retirement Fund -0.01 2.45 8.70 - 8.13 DEBT: SHORT-TERM 0.43 ICICI Prudential Short Term Fund 0.62 2.90 9.64 8.14 DEBT: DYNAMIC BOND 0.60 ICICI Prudential All Seasons Bond Fund 3.38 10.22 8.73 DEBT: CORPORATE BOND ICICI Prudential Corporate Bond Fund 2.92 9.64 8.33

\"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, MARCH 2021 Fund Review List of ICICI Prudential Funds in Star Track Mutual Fund HBL | March 2021 Scheme Name BL Rating YTD Absolute Trailling Returns (%) 5 Year CAGR 9.3 1 Year CAGR 3 Year CAGR 15.8 ICICI Prudential Bluechip Fund 13.2 14.2 ICICI Prudential Large & Mid Cap Fund 13.3 56.3 11.8 14.8 ICICI Prudential Multicap Fund 14.9 56.7 9.9 15.5 ICICI Prudential Midcap Fund 16.8 58.3 10.7 15.3 ICICI Prudential Smallcap Fund 11.6 68.2 9.2 14.5 ICICI Prudential Focused Equity Fund 12.6 66.0 9.2 13.6 ICICI Prudential Value Discovery Fund 10.9 68.0 11.8 14.7 ICICI Prudential Long Term Equity Fund 72.3 11.3 (Tax Saving) 13.0 60.1 12.1 13.5 ICICI Prudential Dividend Yield Equity Fund 0.5 12.4 ICICI Prudential FMCG Fund 20.5 68.1 5.1 12.7 ICICI Prudential Infrastructure Fund 15.4 28.4 7.8 19.3 ICICI Prudential Banking & Financial Services 10.2 69.1 6.0 22.5 ICICI Prudential Technology Fund -1.6 44.5 9.9 ICICI Prudential P.H.D Fund 13.9 119.8 27.9 - ICICI Prudential Equity & Debt Fund 3.3 81.1 - 14.8 ICICI Prudential Equity Savings Fund 0.7 51.8 10.9 9.3 ICICI Prudential Ultra Short Term Fund 0.1 17.8 7.4 7.7 ICICI Prudential Savings Fund 0.6 5.9 7.2 7.9 ICICI Prudential Money Market Fund -0.3 7.5 7.8 7.0 ICICI Prudential Short Term Fund 0.1 5.7 7.0 8.3 ICICI Prudential Medium Term Bond Fund -1.6 8.6 8.3 8.1 ICICI Prudential Bond Fund -3.5 8.3 8.0 8.2 ICICI Prudential Long Term Bond Fund -0.3 7.6 8.4 9.0 ICICI Prudential All Seasons Bond Fund -0.2 3.4 8.8 9.8 ICICI Prudential Corporate Bond Fund 0.6 8.6 9.0 8.2 ICICI Prudential Credit Risk Fund -0.2 8.6 8.4 8.5 ICICI Prudential Banking & PSU Debt Fund -1.7 8.5 8.4 8.4 1.6 7.8 7.9 9.5 ICICI Prudential Gilt Fund 4.9 7.2 9.6 10.7 ICICI Prudential Regular Savings Fund 6.0 15.6 9.3 12.4 ICICI Prudential Balanced Advantage Fund 35.0 10.4 12.2 ICICI Prudential Child Care Fund (Gift Plan) 34.2 8.1 Source: NAV India; NAV for the growth option as on 12-03-2021. 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.\" Fund Review 15TARAKKI TIMES, MARCH 2021 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.