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Tarakki Times English January 2018

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The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors and should not be circulated to investors/prospective investors. A COMPILATION OF ICICI PRUDENTIAL MUTUAL FUND MEDIA VIEWS Professional Views MUMBAI | JANUARY 2019 | PAGES 15 Pg. 2 In 2019, invest in 10 equal In 2019, invest in a instalments and then wait systematic manner and accumulate S Naren, ED & CIO ICICI Prudential Mutual Fund Pg. 3 Patience Pays Nimesh Shah, MD & CEO The Economic Times | January 02, 2019 ICICI Prudential Mutual Fund Nimesh Shah skill sets are involved. In 2013, it We know what are the sources of Pg. 4 MD & CEO was very easy to come and give a volatility. 100 people would have ICICI Prudential Mutual Fund crying buy call because those come on your channel and said How to gain from special situation midcaps were available at 4 PE. that 2019 is going to be a volatile investments When we met exactly a year year. So, there is one common ago, you said beware of It was very easy to come on your agreement. Because of the Pg. 5 mid and smallcap stocks. channel and say that buy and various macro features whether Valuations were hogwash. The launch fund every month it is Indian politics or US markets 'With special situations' script has panned out the way practically to collect the midcap or US- China trade or whatever, fund, ICICI Prudential you predicted in small and money. That is what we did in we are going to see a lot of on new path midcap stocks. What has been 2013. It was different. Midcaps volatility. When the 90 days are you big reflexion point for were at 4 PE. Today even after over, again we will see some S Naren, ED & CIO 2018? the correction, midcaps are still news headlines and all. So, will ICICI Prudential Mutual Fund not that cheap. I am not worried there be continuous news flows? We were pretty sure because of as I was worried one year back There is going to be continuous Tarakki Insights the numbers involved. We went but it is not in the cheap zone. news flow. Will there be Pg. 6 wrong in 2017 in midcaps. Right Nothing is in the cheap zone. volatility? We believe in volatility. Prospecting Art Science or Math from 2017 we have been saying And is the market fairly valued? Shweta Jain, Founder & CEO that midcaps are too overvalued. As fund managers, 2019 is going Market is fairly valued. 2018 was the peak and we to be tremendously interesting Investography Pvt. Ltd. decided to exit. I am very for us because it is a stock But what is the positive? We satisfied when I reflect on 2018. pickers’ market. Which stocks believe that corporate earnings Tarakki Talk Series The best thing that we did in and which sectors to bet on now are coming back. We are seeing Pg. 8 January 2018 was we returned is going to be very important those signs and we are seeing Tarakki Talk smallcap, midcap money and because in a 2013 kind of market, various sectors where we Suresh Sadagopan, Founder those investors are super happy. it was very easy to pick stocks believe corporate earnings are They went out with 41-42% IRR because whatever you picked coming. So in 2019, I cannot Ladder7 Financial Advisories and that created a very happy set up, even if you were inefficient, thump the table and say invest all of customers. So, that was very went up. your money today! I cannot say Tarakki Corner satisfying. In 2018, we had that. But 2019 is a very simple Pg. 9 always believed that we need to In 2017, it was very difficult call. Whatever you want to be very cautious in our stance because you only had to pick up invest, invest in 10 different parts Sashi Sekhar Saha and that is where all our funds what will fall less. Now, it is a very and finish your investment by Niwesh Wealth Advisors LLP had a relatively cautious stance interesting time. Whatever is October. I do not know what is especially till the time when oil happening to macro situations, the political reality that is going to Fund Review was very high. how we convert that into our come up in May. But I do not stock picking is what is going to think it matters because we are Pg. 10 As oil has been coming down, define us. working for corporate our view has been changing. In profitability to come back, ICICI Prudential Long Term Equity 2018, we entered everything. Crude has got crushed. Interest profitability which has now Fund The PEs were too high, the rates are unlikely to move grown well in the last five years, Impressive long-term record midcap and small cap PEs were higher. Rupee has stabilised. will grow well in the next three at ridiculous level. Foreign selling has reduced and years. Pg. 11 domestic institutional inves- Now it is a very interesting time tors are supporting the market. That is our call and we are talking ICICI Prudential All Seasons Bond for markets. We are entering From a positioning standpoint, corporate by corporate even Fund 2019 when the markets are you had argued this is a without the banking sector. Consistency across rate cycles neither very expensive nor very picture perfect scenario. What cheap. The trailing PE or even the happens when the picture The banking sector is an obvious Pg. 12 forward PE is at average level. takes an ugly turn? recovery that all of us are playing This is where a fund manager’s ICICI Prudential Savings Fund Contd. on page 2 Fund focuses on firms with strong management Pg. 13 List of ICICI Prudential Funds in Mint SIP Top UP Pg. 14 ETW Funds 100 Systematic Investment Plans Pg. 15 List of ICICI Prudential Funds in Star Track Mutual Fund

The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors and should not be circulated to investors/prospective investors. 2 TARAKKI TIMES, JANUARY 2019 Interview In 2019, invest in a systematic manner and accumulate ET Wealth | December 03, 2018 S Naren systematic manner and accu- accumulation using SIPs and in our import bill. This will bring ED & CIO mulate through products like STPs in 2019. They can also down inflation, reduce pressure ICICI Prudential Mutual Fund SIPs and STPs as those models invest through categories like on the currency and support work better in volatile years. balanced advantage and equity financial stability. Historically, election years are savings funds. volatile for Indian markets. What is the second important If crude prices coming down is Systematic investment plans factor? What are your segmental views good for the economy, why is and systematic transfer plans now? the current situation not so work better for investors in such Continued rate increase by the positive? situations, Sankaran Naren tells US Fed is the next big headwind. Our earlier large-cap bias helped ET Wealth. We are now in a phase where us because the recent correction When oil goes up significantly, oil both the US and Europe have was largely in mid- and small- exporting nations start investing You were cautious on the stock stopped printing money. With US caps. As a result, the worry about in emerging markets like India. market earlier. What is your rates going up, money will keep overvaluation in mid- and small- On the other hand, when oil stance now? going to the US and conse- caps has also come down. prices slump these nations quently there may not be much Across market cap segments, on withdraw money from the We have shifted from being allocations to emerging markets an average, valuations remain markets like India by selling their cautious to cautiously optimistic. like India. That is why we are slightly above average. Just like stocks. But we are still not in a thumping keeping our near-term outlook as the large-cap space, we see the table bullish mode. neutral to mildly positive. opportunity in the mid- and Some PSU banks are still small-cap spaces now as there reporting losses. Will the The market mood has changed Your base case view is that US are pockets that are cheap while corporate NPA issues drag significantly in the last few will keep on increasing rates? some continue to remain further? months. What are the factors expensive. In other words, we still forcing you to be cau- Yes, and if that changes, you can have shifted from a large-cap We are of the view the NPA cycle tiously optimistic? turn clearly positive on Indian bias to a multicap bias now. has bottomed out. We have equities. If the US Fed states that more of corporate facing banks I agreed that there is a significant rate hike is over in its next If all segment valuations are in our portfolios now. Regarding change in the market mood. In meeting, then emerging markets not cheap, what kind of returns the losses, lot of it is because of September, we feared quite a including India are likely to head should one expect in 2019? NPA provisioning recognised few things, but most of those towards a bull market. However, earlier. The operating profits of fears are gone. However, two this situation is unlikely as per We are in a middle territory corporate banks are steadily major factors are still loaded our assessment. Since the US because the current valuation is improving. against our market now. economy is doing well, they slightly above its long term need higher interest rates. average. It means that the What is your debt market Is the upcoming elections the High valuation was one reason downside risk has abated, but outlook? first one? for your earlier caution. Where the immediate upside potential is the market placed in terms of is not very high in percentage We have been positive on debt Historically election year in India valuations? terms either. So, an investor and continue to remain so. The is volatile. If you look at the last should invest in 2019 with near- returns of all the moderate three general elections, all were Our valuation-based caution and term moderate return expec- duration funds are good. The very volatile years for the market. keeping higher cash component tation but with a clear three-year yield differential between G-Sec So we see 2019 as a year where helped us to buy during Sep- view. Sizeable returns will be and AAA is placed now at 90 bps investors should invest in a tember-October when major made only when the US interest for both three-year and five-year indices corrected by around rate cycle finally turns. buckets and the gap is much 15%. The broader market more for AA and A papers. I think valuation too has corrected and What about the recent cut in the debt risk is overblown in is now close to its long-term crude oil prices? Will it not many of the sectors and the high average, so you can term it as improve market outlook? risk spread prevalent now may moderate valuation. If the come down in coming months. valuation was cheap, you could The fall in crude price is an have a larger allocation to extremely positive development Contd. from page 1 equities. Since it is moderate, it is for India as it will translate into a better for investors to go for savings of roughly `2 lakh crore In 2019, invest in 10 equal instalments and then wait for and some very good bets are I have never heard you that have worked very hard to create whether it is in corporate banking available. With the NBFC crisis bullish on banks for the longest a retail liability franchise and I or retail banking. also, a lot of opportunities have time I have interacted with you. have got a brand with them. come to the banks. Now going Is this secretly the banker People want money. NBFCs If the corporate banks do not could not have been better for speaking or a fund manager’s would not be able to reach them capitalise at this time, they can the banks right now. Looking at view? because NBFCs will have to never capitalise it. I believe those opportunities that I see in consolidate. They have grown nothing can. Within next two or 2000 in the three-year corporate Eleven-twelve years I am in this very fast over the last three-four three quarters, you will see the turnaround that I expect to job. It means whichever bank has years. They have to get their write-offs going up as high as 60- happen, I would say invest in liability is now king. Those banks liabilities side right. So who is 70%. I do not think new NPAs are 2019 in 10 equal instalments and that have managed to create going to benefit out of that? happening. then wait. liabilities have done well over the People will need money and last many years. These banks banks which are positioned well

The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors and should not be circulated to investors/prospective investors. Interview 3TARAKKI TIMES, JANUARY 2019 Patience Pays The Telegraph | December 17, 2018 Don't get spooked by the free fall in the stock market. Stay invested to benefit in long run, says Nimesh Shah When it comes to investing, one long term wealth but may also 15.7 per cent in three years, 12.2 Nimesh Shah of the factors that clouds an end up missing one's financial per cent in five years and 16.8 per MD & CEO individual's decision making skill goals. So, mathematically, cent in 10-years. is one's own emotional bias. As a what's the cost of delaying one's ICICI Prudential Mutual Fund means to circumvent this, SIP just because the market is Conversely, if the same purchase financial advisers advocate the not trading in a favourable way? was made after the market rallied Will the experience be any use of Systematic Investment 10 per cent, the return profile different for a diversified equity Plan (SIP). What an SIP does is Make the most of it would be 7.9 per cent in three fund? For a diversified equity that it regulates one's investment years, 9.7 per cent over five years fund universe too S]Ps over a 10- into mutual funds without the Recently, Value Research, an and 13.2 per cent in 10-years. year period yielded negative individual taking a conscious independent mutual fund Please note: All the figures here returns in just 0.3 per cent of the move to invest. In short, the research house, did an analysis are in CAGR terms. cases. Further, there is a 90 per investment goes on, on an auto- taking into consideration Sensex cent probability of making pilot mode. returns since 1980. In the said The above numbers clearly show positive returns if one is invested time there was a plethora of that buying during the downtime for four years and above. But there are times when negative incidents which in market can prove to be investors are jolted out of this affected the market from time- beneficial for a long term patient Now for those investors, who well-set arrangement. It typically to-time. investor. However, investors had initiated investments into a happens when markets are tend to do the reverse and miss diversified equity fund at the either rallying or correcting Some of the major ones would out on the favourable opportuni- market peak of 2007, 60 per cent sharply. In case of a market rally, be assassination of key political ties presented by the market. of the funds in this category had greed comes in and investors leaders, major financial scandals The lesson to be learnt from moved into green at the end of look to increase their equity (Harshad Mehta, Ketan Parekh, these numbers would be: It pays two years and at the end of four allocation, without taking into years, 99 per cent of the consideration their total asset What an SIP does is that it investors would made gains. allocation strategy. Historical regulates one's investment into This clearly shows that even if data also points to the fact that mutual funds without the one ends up investing at a investors tend to invest more individual taking a conscious market peak, one need not worry during the late phase of the bull move to invest. In short, the if they are in the market for a long market when the markets may investment goes on, on an auto- haul. have already rallied considerably. pilot mode. Stay invested On the other hand, if the markets Satyam fraud), financial crisis to be a patient in-vestor. are in a correction mode, inves- (Dot Com bubble, Sub-prime To sum up, staying invested tors in a bid to protect their crisis), terrorist attacks and war Positive experience through the negative times in the investments from the downfall (Iraq War, 9/11 attack, Mumbai stock market is bound to yield tend to either discontinue SIPs or 26/11 attack), natural disasters Now, coming to the next point; positive investment experience redeem their investment, irre- (earthquake, tsunami), comm- the chances of making a over the long run. spective of whether the financial odity crash to name a few. negative return. Fora retail goal for which the investment investor, the biggest put-off Then again, investments are was being made is achieved or So, what would have been the re- when reviewing one's portfolio is made keeping in view a financial not. turn scenario if an investor looking at negative returns. goal; so investors need not decided to stay invested through clamp down during market There are two often heard argu- all these years? Even though it may be temporary corrections or volatile times. ments. First, this is not a good in nature, it is the investments Instead, if possible under the time to invest as the market is in Analysis shows that across that are in negative that tend to guidance of a financial adviser an a free-fall and second, the market phases, Sensex gene- capture our collective attention investor should look forward to investor always thinks of coming rated a return of at least 10.3 per immediately. This is where time such opportunities to increase back to the market when the cent over a three year timeframe, spent in the market be-comes the quantum of investment correction is over. In both the 10.5 per cent in five years and important. during such phases such that cases, what the investor is 14.7 per cent over 10 years, irre- one gets to accumulate more invariably trying to achieve is to spective of the time you have Data from Sensex shows that if units. time the market. entered since 1980. Now if one one is ready to stay invested for a would have decided to purchase decade in the market, the The writer is managing director It is a well-known and under- after the market corrected for 10 chances of making a negative and CEO of ICICI Prudential AMC stood fact that timing the market per cent in the said time-frame, return is close to zero. is next to impossible but inves- the returns would have been tors invariably end up taking investing decision based on their intuition rather than financial prudence. As a result, not only does one loses the opportunity to create

The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors and should not be circulated to investors/prospective investors. 4 TARAKKI TIMES, JANUARY 2019 Interview How to gain from special situation investments DNA | January 01, 2019 In the animation film Kung Fu lead to very large returns equity space. In the PMS space, example, in June 2017 Warren Panda, Po the Giant Panda's compared to conventional Multi-Act Equity Consultancy Buffett made a quick $12 billion adoptive goose father, Mr. Ping, investments, and investment runs the Moat & Special on a clever Bank of America while disclosing the secret results of special situations are Situations Portfolio. Even, investment. It all started in 2011 ingredient of his popular noodle either completely immune, or mutual funds like ICICI Prudential when Buffett's Berkshire dish tells something that almost immune from market risk. AMC through ICICI Prudential Hathway invested $5 billion in sophisti-cated investors and It is usually seen the special India Opportunities Fund offer preferred shares of Bank of fund managers know too well. situations in India evolve out of retail investors the chance to try America, which at the time was \"To make something special you takeover, buyback, delisting, their hand at special situations in struggling with numerous legal just have to believe it's special\" - open offers, mergers, corporate India through listed firms only. issues in the wake of the the special-ness of any investing restructurings, local & global Brokers also regularly sound out subprime mortgage crisis,\" says situation lies in the response of events, government/regulatory investors about special situation the head of a Singapore-based the investor. action, changes in economic opportunities. private equity fund targetting scenario and company or sector distressed assets. Special situations are out of the specific developments. Be aware of the risks ordinary situations that comp- In India there are a set of High anies find themselves in from It could be an event like Brexit, As per Katalyst Wealth data, Net worth Individuals and retail time to time. These situations reports of excess lead content in special situations in India have investors who eagerly await present an investment oppor- Maggi, a corporate demerger come at regular intervals. The special situations and benefit out tunity for somebody who can leading to a listing of a subsi- equity research service provider of them. \"These investors would foresee and interpret the diary, and even something as a gave out 54 special situations/ typically want to earn near fixed implications of that opportunity common as sudden rupee risk arbitrage reports in last 6.5 returns that are higher than bond early enough. depreciation/appreciation. Such years, with an average holding or deposit returns and carry low events can have ramifications for time of three to four months and risk. However, the fact that more When the MD & CEO of Infosys a stock or specific stocks. Often, as many as 40 opportunities with investors are now participating in resigned abruptly, the stock price the beneficiaries are not imme- more than 20% annualised these means that returns are fell 14% amid negative diately seen. For instance, the return. But, direct investments in getting lower (than earlier). In sentiment, but over the next one crisis like liquidity scare in non- special situations is fraught with most cases of demerger, over year gave 70% returns. Inves- banking finance companies extra execution risk too. the past year, returns have been tor sentiment changed when (NBFCs) put retail and corporate small or even negative. Bonus as Diageo bought a stake in lenders in a sweet spot. The Gaurav Dua, Head of Research, a tax-postponing device has now November 2012 in United Spirits, China slowdown in 2015-16 Sharekhan by BNP Paribas says: lost most of its charm after and over the next three years, the dragged down fundamentally \"Market volatility and changes in introduction of 10% long-term stock nearly tripled in value. strong Indian metal firms who policies or macro environment capital gains in the last Budget,\" Similarly, a big strike in Maruti bounced back very soon. offers investment opportunities points out Deepak Jasani, head Suzuki pushed down share price that can be targeted through of retail research, HDFC by 10%, but within the next three Fund route to investing in special situation kind of investing Securities. years the stock rose 286%. DNA special situations style or products. Usually, clients Money talks to experts about the prefer to allocate a small part of Buybacks remain attractive for pros and cons of special Both direct and passive routes of their investments into special small shareholders holding situations investing in India. investing are used when it situation investment oppor- shares worth Rs 2 lakh or below. comes to taking positions in tunities as part of overall port- While insiders may make the Price dislocation is key in special situations. Alternatives folio allocation.\" Yes, given the highest returns out of special special situations asset managers like Bain Capital thematic nature of special situations, lay investors have to or investment groups like situations investing, such do proper due diligence consi- At the heart of any special Samena Capital give sophis- investments cannot be the dering the period of investment situation is price dislocation. The ticated investors the scope to mainstay of a portfolio. and downside possibilities, says market price of an asset trades play special situations through Jasani. below what it should be. So, distressed funds. Private equity Globally, many renowned special situations investing funds from players like Tata investors have made a killing Returns are not linear needs razor-sharp stock-picking Capital tap turnaround oppor- through opportunistic special skills. Successful execution can tunities through the private situations investing. \"For While returns could be great in special situation investment Special situations are out of the ordinary situations vehicles, they come with their that comp-anies find themselves in from time to own set of challenges. Firstly, the time. These situations present an investment returns will not be remotely opportunity for somebody who can foresee and linear. This is because the returns interpret the implications of that opportunity early depend on available special enough. situations in the market. Also, not every situation would have big payoffs. In a raging bull market, such special situations would be limited. Two, swings would be part and parcel of such investment products. The volatility could be much higher in Contd. on page 5

The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors and should not be circulated to investors/prospective investors. Interview 5TARAKKI TIMES, JANUARY 2019 'With special situations' fund, ICICI Prudential on new path HBL | December 31, 2018 Aims at capitalising on (read bottom fishing) adverse events that result in share price crash market cap-agnostic. Manesar plant was one such their portfolio. But during the event. Maggi controversy there was a S Naren Globally, special situation special situation opportunity to ED & CIO investors try to outperform Two, government or regulatory buy it. Similarly, in contra ICICI Prudential Mutual Fund markets by swooping in on actions can lead to special investing, you do the opposite of companies that are beaten down situations for some sectors. The what others in the market are Majority of equity mutual funds due to one-off negative events fund believes that demoneti- doing. But in special situations in India follow the growth, quality such as restructuring, debt sation turned out to be good for investing, one need not do that. or growth at a reasonable price distress or demerger. But ICICI insurance and NBFC stocks. For instance, if NBFCs are in styles of investing. ICICI Prudential plans to run this fund crisis, I may not buy NBFC stocks Prudential Asset Management with a broader mandate and will Three, exaggerated worries but other sectors that are likely to Company is hoping to try out a capitalise on three types of about the impact of global benefit from this.” different strategy with a new special situations. events sometimes cause Indian special situations fund (SSF). stocks to suffer disproportionate Naren, however, cautions that Named ICICI Prudential India One, it will look for a temporary falls. For instance, the battering investors in this fund should be Opportunities Fund, this open- crisis in good companies due received by cash-rich commodity prepared for a concentrated end scheme will be sector- and to events such as a strike, companies in India in 2015-16 on portfolio as it may hold multiple regulatory issues, management China slowdown worries, made exposures in a single sector. This change or takeover that lead to for a good entry point into these fund will also be making a buying opportunities. Selling stocks. sizeable number of active calls pressure on the Maruti Suzuki which can peg up its short-term stock in 2012 due to a strike at its So, how is this different from that volatility. used by the value or contrarian In value investing, you buy a funds in the market, which also The fund will be benchmarked to stock that is at a discount to look for out-of-favour stocks? the Nifty 500 index and managed its intrinsic value. But special Sankaran Naren, Executive by Sankaran Naren and Roshan situations can arise in stocks that Director and CIO of ICICI Pru Chutkey. The new fund offer is are not trading at a discount too. AMC, explains, “In value open from December 26, 2018 to investing, you buy a stock that is January 9, 2019. Earlier, Fidelity, at a discount to its intrinsic value. L&T MF and Aditya Birla Sun Life But special situations can arise in have managed SSFs which were stocks that are not trading at a later merged or restructured with discount too. For instance, most different mandates. value investors will not consider Nestle India as an addition to How to gain from special situation investments Contd. from page 4 case of special situation funds, that aren't correlated to other investing is mostly about going offering a bonus issue usually says Dua. So, naturally, returns stocks. And if done right, it gives against consensus view, that is, rise in market value. Companies would vary every year. In one probabilities of high returns to purchasing and selling in con- low on cash may issue bonus year, returns could be fantastic, the investor despite the under- trast to the prevailing sentiment shares rather than cash divi- but they could be flat or even performance of the stock of the time. dends to provide income to negative next year. Three, cash market. Besides, I would always shareholders. percentage in such vehicles advise investors to check with a Some special situations: could be high compared to consultant before making Buybacks-Promoters use traditional investment vehicles. investments in such situations.\" Demerger- Stock of old entity buyback more often than not as a Since the mandate is 'special can go up if demerger leads to signalling mechanism. Irres- situations', such investment Do remember special situations segregating assets with low pective of the stock being products may not invest in investing shares some common operating performance and buoyant or weak, a buyback tells ordinary situations. threads with value investing and improving return on capital you that the company thinks it contrarian investing. In value employed in the remaining shares are under-valued and Some experts feel that special investing, the stock or asset business. Separation leads to hence it wants to buy it from situations are apt for smaller being targetted has to be cheap profits of a successful unit get exiting shareholders. However, if companies. Rachit Chawla, CEO, to be called 'value'. Also, value not getting sucked in by the the buyback price is not as per Finway says: \"Special situations investing results can be seen inefficiency of the other. market expectations, the stock are best for small and mid-cap only after devoting some time to can fall due to disappointment. investors. Although fluctuations it. In special situations investing, Bonus-A bonus issue is a signal are inevitable, investors should once the special situation has that the company is in a position always be fearless to invest in passed over and the profit has to service its larger equity. such situations. Situations of made, there is no point Unless there is information akin nature create investments in hanging around. Contra leakage, stocks of companies

The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors and should not be circulated to investors/prospective investors. 6 TARAKKI TIMES, JANUARY 2019 Tarakki Insights Prospecting Art Science or Math Shweta Jain Prospecting, I am told is the most painful part of doing business. Why? Because you get rejected, Founder & CEO far too many times. And trustme, nobody likes being Investography Pvt. Ltd. rejected. When I experience rejection,people tell me how Jack Ma got rejected and how someone elsewho is famous now, got rejected. Not what I want to hear at all! So,what should you do when you get rejected? Stop trying, so that youdon’t get rejected anymore? Or let it not affect you? My answer, both. When you get rejected, you get feedback. What are you going to with that feedback, is up to you. You could either scorn or take it in your stride or just ignore. I do, all three- depending on who has given the feedback, how it was given and what was the intent behind it. If it was given constructively, I can work on it, if it was given cruelly - to put me down- I ignore it and if it was given just to refuse what I was offering, I take it in my stride and move on. You will need to do 2 things: Know your beliefs Communicate what you believe in If a person Is going to become your customer, it should be someone who knows what you believe in and he should be inspired by it. For example: If you believe that investments do well in the long term and that equities in the short term will be volatile- he will also believe it. This way, you will not focus on people who aren’t aligned with yours. If you think that the prospect needs this to succeed in their life, ensure that you communicate it well so that while they may not believe it at first, they know your conviction in it and encourage a healthy dialogue around it, which by itself is a big win. Prospecting is an art and math. It is know- ing how to connect with people, on what matters to them. It helps if you’re authentic, it helps if you have something in common with the prospect so that the trust building process is faster.

The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors and should not be circulated to investors/prospective investors. Tarakki Insights 7TARAKKI TIMES, JANUARY 2019 SEGMENTING: T he only successful way to prospect- know your product, know yourself and whom you enjoy connecting with. If you enjoy connecting with young people who just started working because you are young too- do that. You will only succeed at prospecting if it is something that you absolutely enjoy doing or talking about. For example, if you like Bolly- wood movies, you will enjoy spending time with someone who also enjoys Bollywood movies. So, irrespective of whether he becomes your customer or not, you will feel good at the end of the meeting. So, think of every meeting as one where you have to find atleast something common with your prospect. Life stage, movie, sport, travel- I’m sure you will find something. Ask first, don’t offer your answers. The idea is to get to know them; while we all like talking about ourselves, offering to listen rather than speak here goes a long way. Sellers talk, Advisors listen. You are establishing trust every second you listen to him and ask more questions about him/ his interest rather than talk about yourself. Be authentic with whatever information you provide because that I have learnt is the only way to build long term relationships- on and off business. Business, people say isn’t personal; but I have learnt that there is noth- ing more personal than business. Prospecting is also Math. It is a numbers game. The more number of people you talk to, the faster you get to your golden number. Suppose your strike rate in prospect- ing is 1:70. Reach the 70th prospect fast so that you have your Win! So, take each prospect who says No, as a stepping stone to the 70th one. Focus on the Win, rather than the Loss. Although prospecting can be painful, let me assure you there are far more painful things in business ;) Shweta Jain Founder +91 9880 511 320 IndiQube at The Leela Palace - 4th Floor, Bengaluru

The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors and should not be circulated to investors/prospective investors. 8 TARAKKI TIMES, JANUARY 2019 Tarakki Talk Series Tarakki Talk Morningstar | December 11, 2018 Suresh Sadagopan also knew that suddenly a new • Offering direct plans was kind from SEBI creating confusion Founder class of fee-only advisers of an enabler for a fee-only in the minds of investors, Ladder7 Financial cannot spring up from the advisory service. clarity awaited. Advisories ground. They have given the option to do both - advisory • Direct plan intended to sepa- What are the major trends that Why did you choose to become and distribution within the rate advisory from distribution. you foresee coming in the an Investment Adviser? same entity. financial advisory space? • While direct plans can offer • In the distribution led model, • SEBI's intention is to create a cost savings, one should not • Technology may be the way we are representing a class of fee-only advisers in venture into direct plans forward for the basic stuff, but principle. the true sense of the word. unless they can understand personalized advice can never the product. be replaced. • We are all supposed to be • Difficult to make clients under- doing the right thing but there stand that paying an upfront • Most of the population require • The younger generation is are conflicts. fee is better as you are saving proper aligned advice, which tech savvy and very comfor- your future returns . is the client we wish to target. table getting advice online, but • Advisory helps preserve your we need to set our standards ethics and integrity, as it helps • We are now offering only • Colleting upfront fee and higher. in staying independent, direct plans and all the legacy changing the related consu- representing the client 100% assets are being transitioned mer psyche is a challenge, but • We can use technology and and with no other paymaster from the regular to direct. people have been doing that dedicate our time on our apart from the client. when consulting a profess- strengths - business develop- You have been charging fee ional like doctor, lawyer, or an ment and meeting clients. • Advisory a more difficult since 2004. How did you go architect. model to adopt but a logical about convincing clients to pay • Diversifying the business progression towards growth. fee? So far only 1,000 RIAs are services into personalized registered with SEBI. What can services is another area we The regulator has given the • Clients always look for a value be done to grow the advisory need to focus upon. We have option of both execution and proposition. community? introduced life planning, will distribution model to operate making services and life within RIA. Why have you been • A reasonable fee is generally • Advisory model is definitely a transition services. transitioning your clients acceptable. tougher model, but the only towards direct plans when you way to grow. • The second trend is that the have the option of offering • The scaling up of our plan and TER has gone down and regular plans? advice we gave enabled us to • Need to eliminate regulatory hence, distributors need to charge higher fees. uncertainty also. scale up their practice. • I operated on a hybrid model when direct plans were • A hybrid model allowed us the • Regulators across the world • RIAs also have to be more introduced. time for transition. are trying to bring in fiduciary innovative to remain relevant. responsibility, while protecting • Feeds were offered to us only • RIA need to upgrade the kind the investors' interest too. What would be your advice to in 2016. of knowledge and expertise to someone who wants to enter be deserve their advisory fee What would be your advice for this financial advisory space. • MF Utility started offering before charging it. budding distributors and RIAs? Should he become a distributor direct plans in 2016 which or RIA? enabled us to launch our- • Clients are looking for an • Both RIA and distribution selves into a fee-only advisory. advisor who talks and plans for model can co-exist, as they • It is relatively easy for a new- them. both cater to different custo- comer to make the choice. • Our clients also understood mer segments. that going direct is a superior • It's all about what kind of value • Existing legacy portfolio model. we deliver to the client and not • A fee-only advisory model makes it very difficult to make about the quantum of fee. brings the respect and the the transition. • While the regulator came up business alike. with RIA model in 2013, SEBI What would be your advice to • New advisers in a much better distributors who want to • Transition from being a position to start fee-only advis- recommend direct plans. Is distributor to RIA is a mindset ory and build the business recommending direct plan and change, for which they have to over a period of time. charging an advisory fee a take the leap of faith. solution? • Multiple consultation papers Data has been given to you - Published by Morningstar India.

The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors and should not be circulated to investors/prospective investors. Tarakki Corner 9TARAKKI TIMES, JANUARY 2019 Your YTouar Tarraakkki CkorineCr orner TARAKKI SUCCESS STORY JANUARY 2019 Sashi Sekhar Saha Niwesh Wealth Advisors LLP Wealth Expert of the East The most successful people in the world are quite simple and humble at heart. A successful financial professional with 13 years of experience in Banking and wealth management, Sashi Saha comes across a down to earth advisor with a keen insight into his client's needs. Armed with a post graduate accreditation from ICFAI Business school, Sashi has worked in myriad of financial institutions including HSBC, Oriental Bank of Commerce, HDFC Bank, CITI Bank and ING Vysya Bank. His experience, in various cities and encountering different experiences with customers, has led him to focus on the investor rather than on the various schemes and products. With this in mind, he began Niwesh Wealth Advisors, a limited liability partnership along with his wife Smt Sweta Sekhar. Integrity, honesty and a sense of ethics were the three cornerstones of the advisory business. The fourth pillar was occupied by Investor centricity as the guiding principle for the firm. With a team of three ex-bankers, the firm operates in Bhubaneswar, Odisha. A well-recognised name, Niwesh Wealth also has an established presence on the internet. Sashi is a staunch believer in customer centricity. This was the original impetus to start his own firm. During his early days as a wealth manager, he learned that sometimes in the interest of the investor, it is also required to say 'No'. This practice of putting their needs first, his advisory distinct from competition. And this also created a valuable and intangible relationship with his clientele. And this can be seen in is growing business, with a SIP booking of ` 50 lakhs and an AUM of ` 90 crores for an investor base of 650 plus. The key to his business growth in simple with a moto that Wealth creation is a journey and it has to be done with care. Sashi does not elaborate and set any lofty goals. His objective remains of growing his investor base and doing good work for his investors. ARN - 31528 Location - Chandigarh Email id - [email protected]

The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors and should not be circulated to investors/prospective investors. 10 TARAKKI TIMES, JANUARY 2019 Fund Review ICICI Prudential Long Term Equity Fund Impressive long-term record The Economic Times | January 07, 2019 ET Wealth collaborates with Value Research to analyse top mutual funds. We examine the key fundamentals of the fund, its portfolio and performance to help you make an informed investment decision. HOW HAS THE FUND PERFORMED? BASIC WHERE DOES THE FACTS FUND INVEST? With a 10-year return of 19.64%, the fund has fared significantly better the benchmark index (15.67%) and the category average (16.43%). Growth of `10,000 vis-a-vis FUND DATE OF LAUNCH Portfolio asset Fund style category and benchmark allocation box `60,081 19 AUG 1999 CATEGORY Equity 96.08% Growth Blend Value CATEGORY Small Medium Large `45,763 Large-cap INVESTMENT STYLE EQUITY CAPITALISATION `10,000 66.62% INDEX TYPE Mid-cap `42,876 ELSS 27.14% 2 JAN 2019 AVERAGE AUM Small-cap `5,486.14 CR 6.24% BENCHMARK Debt & Cash NIFTY 500 TOTAL RETURN INDEX 3.92% WHAT IT The fund is currently tilted COSTS I NAVs* GROWTH OPTION towards large-caps. DEC 2009 DEC 2012 DEC 2015 `357 The fund has comfortably beaten both DIVIDEND OPTlON Top 5 sectors in portfolio (%) I `21 Financial 22.85 index and peers over the last decade. MINIMUM INVESTMENT `500 Energy 13.75 Annualised performance (%) MINIMUM SIP AMOUNT Healthcare 10.74 FUND INDEX CATEGORY AVERAGE `500 Automobile 10.32 EXPENSE RATIO** (%) FMCG 8.50 15.70 14.74 15.97 2.27 The fund’s largest exposure is in financials, 9.12 11.84 10.08 EXIT LOAD I 0 but still significantly lower relative to index. *AS ON 2 JAN 2019 1.19 0.56 -0.68 0.39 -2.10 -6.36 Top 5 stocks in portfolio (%) 6 MONTHS 1 YEAR 3 YEARS 5 YEARS ITC 6.61 HDFC Bank 5.67 The fund has underperformed AS ON 2 JAN 2019 NTPC 5.24 4.41 I HDFC 4.06 SBI over 3- and 5-year periods. Yearly performance (%) The fund portfolio is reasonably diversified I with healthy positions in top bets. FUND INDEX CATEGORY AVERAGE 37.65 38.85 How risky is it? 26.00 Fund Category Index 15.58 15.24 Standard Deviation 13.70 0.42 12.78 Sharpe Ratio 0.28 0.32 4.33 0.22 3.05 3.92 5.12 4.37 0.50 -2.12 -6.33 Mean Return 10.11 11.28 2015 2016 2017 2018 FUND BASED ON 3-YEAR PERFORMANCE. DATA AS ON 31 DEC 2018 MANAGERS The fund’s risk-return profile has SANKARAN NAREN I TENURE: 1 MONTH Education: B.TECH, MBA taken a hit in the past few years. The fund’s return profile fell in 2016 and 2017, AS ON 2 JAN 2019 I WHEREVER NOT SPECIFIED, DATA AS ON 30 SEP 2018. SOURCE: VALUE RESEARCH. but was better than that of peers last year. SHOULD This tax-saver fund takes a value- an outcome of the fund’s value its top picks. The fund has an contained downside well last year, YOU conscious approach and has no bias. This value bias is also visible impressive long-term track record, even as peers struggled. The fund’s BUY? particular market-cap bias. It is in its positions in energy and but has seen its return profile dip superior track record during currently tilted towards large-caps, pharma firms. The fund manger after bouts of underperformance in market declines makes it suitable while a year age mid-caps made runs a reasonable diversified 2016 and 2017, at time when the for investors willing to stay put for up almost half its portfolio. This is portfolio, with healthy positions in market was rising. However, it the entire market cycle.

The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors and should not be circulated to investors/prospective investors. Fund Review 11TARAKKI TIMES, JANUARY 2019 ICICI Prudential All Seasons Bond Fund Consistency across rate cycles The Hindu Business Line | January 14, 2019 Investors with a two- to three-year horizon can invest in the dynamic bond fund After a rocky 2018, bond markets are in Dynamic bond funds essentially ride on rate bonds in a falling-rate scenario. for a bumpy ride in 2019 as well. movements, and the fund manager alters the duration of the fund portfolio depending In a rising-rate environment, the fund On the one hand, a lower inflation reading on the expectation of rate movements. manager pares the duration of the fund, to over the past several months, the sudden cap losses. change of guard at the RBI re-kindling hopes ICICI Prudential All Seasons Bond Fund of a softer monetary policy, and increasing (earlier ICICI Prudential Long Term Plan) is a ICICI Prudential All Seasons Bond, even in its pace of open-market operations (buying of dynamic bond fund that has consistently earlier avatar (before undergoing the name government bonds) are positives for the delivered across rate cycles. change under SEBI's new categorisation bond market. norms) had been taking active duration calls For instance, while the fund made by in-vesting predominantly in G-Secs. On the other hand, the larger-than-expected handsome returns of 16-19 per cent in the market borrowings announced by State good years of 2014 and 2016, it managed to The fund's average maturity has been governments for the January-March 2019 deliver 5 per cent returns in 2017, a sombre varying from four years to as high as 20 years quarter, the Centre's fiscal position, and year for long-term gilt funds that delivered in the past three years. Such active manage- possible risks to inflation are headwinds in just 2-3 per cent returns. Actively managing ment of duration has helped the fund deliver the coming months. duration has helped the fund cap losses in top-notch returns within the category. volatile markets, while cashing in on the Hence, if you have a moderate risk appetite rallies in good times. After bringing down its average maturity to and want a piece of the action when bond about 1.5-2 years in July-October 2018, the prices rally, dynamic bond funds that invest The fund has delivered annual returns of 9- fund has increased it slightly to about 3.5 across duration is a good bet. 10 per cent over longer three-, five- and 10- years in the past two months, which could year periods, beating category per-formance help it participate in the interim bond rally. If you have a moderate by 2-2.5 percentage points. Investors with a two- to three-year horizon can invest in the Still, the relatively lower maturity should help risk appetite and want fund. cap losses if bond markets turn volatile. a piece of the action Tweaking duration Portfolio when bond prices Debt fund NAVs rise or fall along with the In the past, the fund has invested a chunk of underlying bond prices. Interest-rate its assets in G-Secs and high-rated (AA+ and rally, dynamic bond movements in the economy impact bond above) bonds. As of December 2018, the prices. fund has invested 22.8 per cent in G-Secs funds that invest and 25.7 per cent in AAA rated debt If the interest rates move up, bond prices instruments. The scheme carries an average across duration is a fall, and vice versa. maturity of 3.5 years and a yield-to-maturity of 8.6 per cent. good bet. As longer-duration bonds are more sensitive to interest rates, the fund manager increases duration, to cash in on the rally in Fund facts Fundas Annual returns (in %) Top-quartile fund ICICI Pru Focussed All Seasons Bond Fund Delivers across rate cycles Category Active management of 9.1 10.4 duartion 7.2 8.4 5.7 4.9 1 year 3 years 5 years

The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors and should not be circulated to investors/prospective investors. 12 TARAKKI TIMES, JANUARY 2019 Fund Review ICICI Prudential Savings Fund Fund focuses on firms with strong management DNA | January 06, 2019 with a focus on SLR which is safety, liquidity conducting a detailed analysis of various and returns. They begin their investment influencing factors such as inflation, GDP This fund is managed by Rohan Maru process by combining both top-down growth, trade deficit, money supply, private and Rahul Goswami. Though both are macroeconomic analysis on interest rates sector and government borrowings, the named co-managers of this fund, and yield curve as well as bottom-up credit currency market movement, commodity Rohan takes the lead when it comes to research focusing on undervalued securities prices, local fiscal and monetary policy and managing day-to-day activities of the fund. and sectors. global factors. However, this does not dilute Goswami's The focus is on investing in those companies Trailing returns involvement as he continues to co-manage with a strong management background and this fund. His role here involves overseeing track record, and is also based on the The fund has beaten the benchmark, over the investment process and contributing financial strength of the promoter group. one-year, three-year, five-year and 10-year towards forming a macroeconomic view. This is followed by quantitative analysis periods. Maru joined ICICI Prudential AMC in wherein future cash flows and financial November 2012 and has been managing this ratios (leverage, coverage and solvency Portfolio composition fund since September 2013. ratios) are considered. The fund invests in short term corporate Investment strategy The interest rate direction is determined by debt papers, Company Deposits, money market and G-Secs of one-year maturity and The fund employs an investment process does not carry significant interest risk. In this fund, the managers maintain a credit profile ICICI Prudential Savings Fund of 80:20 in their portfolio where, they invest 80% of their in AAA/G Sec/cash and the Morningstar Category India Fund Low Duration balance 20% in sub AAA rated instruments. Fund Size (Rs billion) 148.2 Inception Date 9/27/2002 The execution of the strategy has been Annual Report Net Expense Ratio 0.45 good, which is successfully demonstrated Morningstar Rating Overall ***** through the fund's superior risk adjusted Manager Name Multiple returns. Minimum Investment 100 Morningstar Analyst Rating Silver Some of the corporate bonds the fund has invested in are Bharti Airtel, Indiabulls Housing Finance, HDFC, Piramal Housing Finance, REC, Reliance Industries, Axis Bank and Bharti Telecom.

The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors and should not be circulated to investors/prospective investors. Fund Review 13TARAKKI TIMES, JANUARY 2019 mint List of ICICI Prudential Funds in Mint 30BEST FUNDS Mint | January 2019 FUND CORE 3-year return (%) 5-year return (%) 10-year return (%) Fund size (Rs cr) EQUITY-LARGE CAP ICICI Prudential Bluechip Fund 12.35 14.83 18.93 19,458.34 ICICI Prudential Nifty Next 50 Index Fund 12.66 16.87 NA 327.42 ELSS ICICI Prudential Long Term Equity Fund 9.58 15.66 20.16 5,486.14 (Tax Saving) AGGRESSIVE HYBRID 11.62 15.62 16.59 26,566.2 Fund size (Rs cr) ICICI Prudential Equity & Debt Fund 3-mth return (%) 6-mth return (%) 1-year return (%) FUND CORE 2.38 3.81 5.81 7,259.38 DEBT-ORIENTED SHORT DURATION ICICI Prudential Short Term Fund SIP Top Up A monthly Systematic Investment Plan (SIP) of Rs.10,000 with an annual Top Up of 10% in these schemes has generated returns as stated below. Scheme Name Return (%) 5 Years 10 Years Return (%) 9,53,040 40,28,867 ICICI Prudential Return (%) Midcap Fund Return (%) 11.77 16.74 Return (%) 9,44,655 35,37,641 ICICI Prudential Return (%) Bluechip Fund Return (%) 11.08 13.99 Return (%) 9,38,509 36,21,385 ICICI Prudential Equity Return (%) & Debt Fund Return (%) 10.9 14.5 8,95,887 32,69,189 ICICI Prudential Large & Mid Cap Fund 8.88 12.33 9,29,665 34,69,482 ICICI Prudential Multi-Asset Fund 10.39 13.57 9,54,892 35,98,145.3 ICICI Prudential Multicap Fund 11.63 14.24 9,12,013 33,18,073 ICICI Prudential Balanced Advantage Fund 9.53 12.61 8,77,142 -- ICICI Prudential -- Focused Equity Fund 7.93 8,93,508 39,22,431 ICICI Prudential 14.75 Value Discovery Fund 10.25 9,25,706 36,46,545 ICICI Prudential Long Term 16.57 Equity Fund (Tax Saving) 8.95 Data in XIRR (%) terms and as of December 31, 2018 Past performance may or may not sustain in the future.

The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors and should not be circulated to investors/prospective investors. 14 TARAKKI TIMES, JANUARY 2019 Fund Review ETW Funds 100 List of ICICI Prudential Funds in the Economic Times Wealth ET Wealth | January 2019 FUND Value Research Returns (%) Fund Rating EQUITY: LARGE CAP ICICI Prudential Bluechip Fund 3-month 6-month 1-year 3-year 5-year ICICI Prudential Nifty 100 ETF 15.11 ICICI Prudential Nifty Next 50 Index Fund 6.11 1.3 -1.63 13.69 13.67 HYBRID: EQUITY SAVINGS 5.68 0.24 0.82 13.45 17.06 ICICI Prudential Equity Savings Fund 8.32 -2.29 -12.57 12.71 HYBRID: AGGRESIVE - ICICI Prudential Equity & Debt Fund 3.09 3.41 3.01 8.96 15.87 HYBRID: CONSERVATIVE ICICI Prudential Regular Savings Fund 5.2 3.16 -2.61 12.68 11.47 DEBT: MEDIUM- TO LONG-TERM ICICI Prudential Bond Fund 3.99 3.28 4.72 9.74 8.7 DEBT: DYNAMIC BOND 3.12 3.99 4.37 6.91 ICICI Prudential All Seasons Bond Fund 10.45 DEBT: CORPORATE BOND 2.7 3.94 5.93 9.12 ICICI Prudential Corporate Bond Fund 8.15 2.39 3.85 6.47 7.47 Systematic Investment Plans A monthly Systematic Investment Plan (SIP) of Rs. 10,000 in these schemes has generated returns as stated below Scheme Name 3 Years 5 Years 7 Years 10 Years ICICI Prudential Midcap Fund Return (%) 406,332 806,343 1,560,636 2,888,490 8.02 11.77 17.38 16.74 (An open ended equity scheme predominantly investing in midcap stocks) ICICI Prudential Bluechip Fund Return (%) 421,016 792,688 1,353,766 2,492,057 10.44 11.08 13.39 13.99 (An open ended equity scheme predominantly investing in large cap stocks) ICICI Prudential Equity & Debt Fund Return (%) 410,955 789,177 1,377,843 2,561,763 Return (%) 8.79 10.90 13.89 14.50 (An open ended hybrid scheme investing predominantly Return (%) 750,363 in equity and equity related instruments) 400,793 8.88 1,275,090 2,280,089 7.10 779,232 11.72 12.33 ICICI Prudential Large & 10.39 Mid Cap Fund 415,670 1,340,154 2,436,737 9.56 13.11 13.57 (An open ended equity scheme investing in both large cap and mid cap stocks) ICICI Prudential Multi-Asset Fund (An open ended scheme investing in Equity, Debt, Gold/Gold ETF/units of REITs & InvITs and such other asset classes as may be permitted from time to time) ICICI Prudential Multicap Fund Return (%) 416,270 803,648 1,414,562 2,525,768 9.66 11.63 14.63 14.24 (An open ended equity scheme investing across large cap, mid cap and small cap stocks) ICICI Prudential Balanced Return (%) 408,783 762,699 1,278,883 2,314,889 Advantage Fund 8.43 9.53 11.80 12.61 -- (An open ended dynamic asset allocation fund) 399,264 732,765 1,226,278 -- 6.84 7.93 10.63 ICICI Prudential Return (%) 2,595,437 Focused Equity Fund Return (%) 410,959 776,474 1,379,432 14.75 Return (%) 8.79 10.25 13.92 (An open ended equity scheme investing in maximum 30 751,662 2,861,858 stocks across market-capitalisation i.e. focus on multicap) 390,392 8.95 1,411,299 16.57 5.33 14.56 ICICI Prudential Value Discovery Fund (An open ended equity scheme following a value investment strategy) ICICI Prudential Long Term Equity Fund (Tax Saving) (An open ended equity linked saving scheme with a statutory lock in of 3 years and tax benefit) Data in XIRR (%) terms and as of December 31, 2018 Past performance may or may not sustain in the future.

The information contained herein is solely for private circulation for reading/understanding of registered Advisors/Distributors and should not be circulated to investors/prospective investors. Fund Review 15TARAKKI TIMES, JANUARY 2019 List of ICICI Prudential Funds in Star Track Mutual Fund HBL | January 2019 Scheme Name BL Rating Trailling Returns (%) YTD Absolute 1 Year CAGR 3 Year CAGR 5 Year CAGR -4.7 14.9 ICICI Prudential Bluechip Fund -9.6 1.1 10.6 13.6 ICICI Prudential Large & Mid Cap Fund -3.4 17.7 ICICI Prudential Multicap Fund -16.6 -3.2 9.8 23.6 ICICI Prudential Midcap Fund -26.2 12.0 ICICI Prudential Smallcap Fund -2.1 3.8 9.8 13.5 ICICI Prudential Focused Equity Fund -4.1 20.7 ICICI Prudential Value Discovery Fund -3.5 -8.4 7.8 17.2 ICICI Prudential Long Term Equity Fund (Tax Saving) -14.0 -15.6 3.3 - ICICI Prudential Dividend Yield Equity Fund 0.6 13.6 ICICI Prudential FMCG Fund -19.3 4.7 9.4 14.0 ICICI Prudential Infrastructure Fund -10.9 22.2 ICICI Prudential Banking & Financial Services 21.7 2.2 7.4 16.5 ICICI Prudential Technology Fund - ICICI Prudential P.H.D Fund -5.0 5.0 8.7 - ICICI Prudential Equity & Debt Fund 1.2 16.4 ICICI Prudential Equity Savings Fund 5.5 -8.0 9.4 ICICI Prudential Ultra Short Term 5.3 6.2 11.3 - ICICI Prudential Savings Fund 5.8 -8.8 4.2 9.3 ICICI Prudential Money Market Fund 3.7 -8.6 13.9 8.4 ICICI Prudential Short Term Fund 3.3 38.8 11.0 7.9 ICICI Prudential Medium Term Bond Fund 1.8 -- 8.3 ICICI Prudential Bond Fund 1.3 0.9 10.4 8.4 ICICI Prudential Long Term Bond Fund 3.5 3.7 7.7 8.4 ICICI Prudential All Seasons Bond Fund 4.3 6.4 7.9 8.4 ICICI Prudential Corporate Bond Fund 4.5 6.4 7.7 10.4 ICICI Prudential Credit Risk Fund 3.7 7.2 7.3 8.1 ICICI Prudential Banking & PSU Debt Fund 4.1 4.0 7.2 8.5 ICICI Prudential Gilt Fund 1.8 3.5 7.0 8.6 ICICI Prudential Regular Savings Fund -1.8 1.6 6.3 9.2 ICICI Prudential Balanced Advantage Fund -5.4 0.5 6.5 11.3 ICICI Prudential Child Care Fund (Gift Plan) 3.2 8.1 12.8 4.8 7.3 16.9 5.1 7.4 3.8 7.6 2.6 7.5 3.4 8.4 2.0 7.9 2.7 8.6 Source : NAV India; NAV for the growth option as on 12-10-2018. 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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