Asset Allocation€¦ · Scan the barcode on your smartphone to download the HDFC Bank AAG App JULY 2020 222 Asset Allocation Allocation THE KEY TO SUCCESSFUL INVESTING

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JULY 2020 222

AssetAllocation

Allocation

THE KEY TO SUCCESSFUL INVESTING

1

CONTENTS

Equity Market Overview...................................................................................................... 02

Debt Market Overview ....................................................................................................... 03

Economic Insight................................................................................................................ 04

Forex Technicals................................................................................................................. 05

Bullion Review................................................................................................................. ... 06

Mutual Funds - A Roundup

Equity Oriented Funds................................................................................................... 08

Debt Oriented Funds...................................................................................................... 10

Mutual Funds Synopsis

Equity Funds................................................................................................................. 12

Debt Funds................................................................................................................... 16

Fund Factsheet

Large Cap / Multi Cap Funds......................................................................................... 18

Large & Mid Cap / Contra / Value Funds........................................................................ 20

Aggressive Hybrid / Dynamic Asset Allocation or Balanced Advantage Funds............. 22

Equity Savings Funds.................................................................................................... 24

Medium to Long Duration / Long Duration / Dynamic Bond Funds............................... 26

Short Duration / Medium Duration Funds..................................................................... 27

Banking and PSU Funds.............................................................................................. 28

Corporate Bond Funds................................................................................................... 29

Ultra Short Duration / Low Duration / Money Market / Floater Funds.......................... 30

Market Overview - Life Insurance....................................................................................... 32

Insurance - A Round Up..................................................................................................... 33

Product of the Month

Life Insurance............................................................................................................... 34

General Insurance......................................................................................................... 36

Health Insurance........................................................................................................... 37

Parivartan - A CSR Initiative............................................................................................... 38

Expert Talk.......................................................................................................................... 40

Research Corner................................................................................................................. 41

Glossary.............................................................................................................................. 42

Tickle Your Brain................................................................................................................. 43

2

Domestic Indices Close Absolute Change % Change

S&P BSE Sensex 36694 2,913 8.6%Nifty 50 10803 830 8.3%Nifty Next 50 26275 1,256 5.0%Nifty 500 8834 638 7.8%S&P BSE 200 4539 321 7.6%S&P BSE 100 10878 783 7.8%Nifty Midcap 100 15217 878 6.1%Nifty Smallcap 100 4873 479 10.9%S&P BSE Bankex 24995 1,497 6.4%S&P BSE IT 15996 1,624 11.3%S&P BSE Auto 16051 1,201 8.1%S&P BSE FMCG Sector 11527 641 5.9%S&P BSE Oil&Gas 12932 402 3.2%S&P BSE Healthcare 16654 524 3.2%S&P BSE Cap Goods 13024 438 3.5%S&P BSE Metal 7632 514 7.2%S&P BSE Power 1560 15 1.0%S&P BSE Cons Durable 20596 150 0.7%S&P BSE Infra. 139 1 0.8%S&P BSE Realty 1595 8 0.5%

Overseas Indices Close Absolute Change % Change

S&P 500 3155 114 3.7%Dow Jones Ind Avg 26086 480 1.9%Dax (Germany) 12800 851 7.1%FTSE (UK) 6176 71 1.2%Hang Seng 25772 1,471 6.1%Nikkei 22785 479 2.1%Shanghai Composite 3443 524 17.9%

Source: Bloomberg, Note: Closing prices of all the above indices are as on 13 July 2020

Equity MarkEt OvErviEw:15 JunE 2020 tO 13 July 2020Indian equity markets ended on a positive note during the above-mentioned period as the S&P BSE Sensex index and Nifty 50 index ended with the gain of 8.6% MoM and 8.3% MoM, respectively. The S&P BSE Midcap index and S&P BSE Smallcap index were also up by 6.4% MoM and 7.9% MoM, respectively. On the sectoral indices front, S&P BSE IT index and S&P BSE Auto index were top two outperformers, as they gained by 11.3% MoM and 8.1% MoM, respectively. The S&P BSE Realty index and S&P BSE Cons. Durable index were top two underperformers as they gained by 0.5% MoM and 0.7% MoM, respectively. During the month of June’20, Foreign Portfolio Investors (FPIs) were net buyers to the tune of ` 218 bn and Domestic Institutional Investors (DIIs) were net sellers to the tune of ` 5 bn.

Most of the global equity markets ended on a positive note during the above-mentioned period, as many large economies started to witness improvement in economic activities as they lifted the coronavirus (Covid-19) related lockdown. The economic data like manufacturing PMI across major developed and developing nations have also shown improvement on month on month basis. In addition, major central banks continued with their monetary support to push the economic growth in their respective regions. Amidst weak quarterly earnings season and rise in geo-political tension, Indian equity market continued their upward momentum owing to strong global inflows and revival in economic activity as witnessed in incremental reduction in intensity of fall in exports, core sector data and manufacturing activities, etc. Well distributed above normal monsoon rainfall and better kharif sowing on YoY basis also raised the hopes for faster revival in rural India, which led to improvement in investor sentiments.

Amid sharp volatility, US markets ended on a positive note during the above-mentioned period as the S&P 500 index and the Dow Jones index rose by 3.7% MoM and 1.9% MoM, respectively. The volatility was driven by the concerns about a second wave of coronavirus cases as the new Covid-19 cases started to rise in some of the states in the US. However, on the data front, rate of jobless claims has started to moderate and manufacturing activity started to improve post the partial opening up of the US economy, which along with contemplation of additional stimulus by the government helped investor sentiment to remain positive. Meanwhile, US Federal Reserve Chair Jerome Powell indicated that the country is facing an uncertain, uneven and prolonged economic recovery from the novel coronavirus crisis that will likely require continued monetary and fiscal support. In its recent policy, the US Fed kept the interest rate unchanged and hinted at no increase in rates until 2022. While mixed news flow on new Covid-19 cases is creating uncertainty in near term, fiscal and monetary stimulus by the US would be determining the future movement in the US as well as other equity markets dependent on US liquidity flows.

Indian macro-economic data points, released during the above-mentioned period, had also indicated improvement from their recent low levels. Index of Industrial Production (IIP) contracted by 34.7% YoY in May’20, compared to a revised contraction of 57.6% YoY in Apr’20. As per CMIE, unemployment rate in India fell to 7.44% in the week ended July 12, 2020. As per the RBI’s weekly statistical supplement, India’s forex reserves increased by USD 6.416 bn to all time high levels of USD 513.254 bn for the week ended July 3, 2020. As per Commerce Minister, India’s exports are showing signs of improvement in Jun’20 as it reached to 80-90% of last year’s level. As per India Meteorological Department, seasonal cumulative rainfall during current year’s southwest monsoon season was 13% higher than long period average as on July 8, 2020. The sowing of the kharif crops, as on July 10, 2020, have been 44.1% higher as compared to the same period last year, driven by early sowing of many crops compared to last year due to good monsoon rainfall so far. India’s current account turned surplus by USD 0.6 bn, or 0.1% of GDP, in Q4FY20 vs a deficit of USD 4.6 bn, or 0.7% of GDP in Q4FY19. Fitch Ratings revised its outlook on India’s sovereign ratings to Negative from Stable but retained its rating at ‘BBB-‘.

The Q4FY20 quarterly earnings reported by corporates were subdued and below market expectations. The net sales of companies in CNX 200 index was down by 3.4% YoY, while the EBITDA and Reported PAT fell by 30.0% YoY and 73.2% YoY, impacted by lower operating efficiency across the sectors especially in the Oil & Gas sector along with onetime expenses in few companies in Auto and Telecom sector. While the results have been largely impacted by the Covid-19 related lockdown imposed by the government in the month of March, a major impact is likely to be seen in Q1FY21 as the period of lockdown was extended and return to normalcy was gradual, thereby impacting businesses for a longer period in Q1FY21. The commentary from most of the

management indicated that the business operation had partially started and was ramping up gradually, but they were uncertain on how demand would pan out in coming times, as a result many refrained from giving any future outlook. However, some of the early positives like low crude oil prices, high forex reserve, lower interest rate, higher kharif crop sowing and well-distributed above normal monsoon, may support Indian economy in near to medium term and in turn may support corporate earnings, especially for the rural focused corporates. While the recovery in overall demand is uncertain till the number of new Covid-19 cases comes down drastically and normalcy of operation returns, sharp rise in global liquidity, strong fiscal and monetary stimulus in domestic market and low base effects are likely to aid demand recovery, which would be key levers for improvement in corporate earnings going ahead.

As per the fund managers, performance of equity market in the near term is likely to be driven by factors like development over spread of Covid-19, resumption of economic activities, border dispute with China, news flows from global markets, and execution of policy measures by RBI and the government to boost the economic growth. However, the fund managers expect the market to perform better over the long term on back of optimism over earnings growth trajectory, falling interest costs and various measures by RBI and the government to support the economic growth.

Mutual Fund Investment Strategy: Given the up move in the equity markets in the recent past, in the current evolving situation related to Covid-19, we continue with the investment strategy to 50% lumpsum and the rest 50% staggered over the next 4-5 months. From an Equity Mutual Fund perspective, investors could look at investing in Largecap Funds, Multicap Funds and Hybrid Equity funds with investment horizon for 2-3 years, in line with their risk profiles.

3

Period Interest Rate (p.a.) 7 - 14 Days 2.75%15 - 29 Days 3.00%30 - 45 Days 3.25%46 - 60 Days 4.00%61 - 90 Days 4.00%91 Days - 6 Months 4.10%6 Months 1 Days - 9 Months 4.50%9 Months 1 Day < 1 Year 4.75%1 Year 5.25%1 Year 1 Day - 2 Years 5.25%2 Years 1 Day - 3 Years 5.35%3 Year 1 Day- 5 Years 5.50%5 Years 1 Day - 10 Years 5.50%

Domestic banking system liquidity continued to remain in the surplus zone; however the liquidity surplus declined as compared to the previous period. Liquidity as measured by the RBI’s net Liquidity Adjustment Facility (LAF) stood at a daily average surplus of ` 3.79 trillion during the period, as compared to ` 4.35 trillion in the previous month. Towards the later part of June 2020, the RBI allowed banks to continue borrowing the additional amount under Marginal Standing Facility (MSF) by dipping into the prescribed SLR, from 2% to 3% of banks’ Net Demand and Time Liabilities (NDTL) till September 2020; which the RBI had earlier allowed till 30 June 2020. Additionally, the RBI allowed the minimum daily maintenance of the Cash Reserve Ratio (CRR) to be at 80% of the prescribed CRR instead of 90%, up to September 25, 2020, which was earlier allowed till 26 June 2020.Domestic G-secs closed almost flat after witnessing volatility during the above mentioned period. Yield on the 10 year benchmark G-sec the 5.79% 2030 bond closed at 5.79% on 13 July 2020, as against 5.80% on 12 June 2020. G-sec yields rose during the first half of the period, as lack of any G-sec supply absorption measures by the RBI and escalation in geo-political tensions between India and China led to negative sentiments, which resulted the yields at the longer end of the yield curve to rise. Additionally, Moody’s Investors Service downgraded the Government of India’s foreign-currency and local-currency long-term issuer ratings to Baa3 from Baa2. Moody’s also downgraded India’s local-currency senior unsecured rating to Baa3 from Baa2, and its short-term local currency rating to P-3 from P-2. The outlook was maintained as ‘negative’. Another global rating agency Fitch Ratings Ltd. revised India’s long-term outlook to ‘negative’ from ‘stable’. The sovereign rating however, was retained at ‘BBB-’. However, during the second half of the month the G-sec yields declined tracking RBI’s announcement of the much awaited Open Market Operations (OMOs). The RBI conducted a Special OMO of simultaneous purchase and sell G-secs to the tune of ` 100 bn each on 2 July 2020. While securities to be sold in the OMO were T-bills maturing in the year 2020 and 2021, securities to be purchased included dated G-sec maturing between the years 2027 and 2033. RBI’s OMO led to expectations of more such measures by the RBI, which continued to aid the decline in G-sec yields. Better than expected GST collection data for June 2020 also aided sentiments. During the period the RBI released the indicative calendar of market borrowings by state governments for the quarter July - September 2020; which showed the state governments are scheduled to borrow ̀ 1.78 trillion on Q2FY21. In April-June 2020 quarter the scheduled borrowing for states was ` 1.27 trillion. In another positive development, the government approved a scheme to improve the liquidity position of NBFCs/HFCs through a Special Purpose Vehicle (SPV) to avoid any potential systemic risks to the financial sector. The SPV would purchase the short term papers from eligible NBFCs/HFCs, who shall utilise the proceeds under this scheme solely for the purpose of extinguishing existing liabilities.On the international front, the US Federal Reserve left the Federal Funds rate unchanged at the level of 0-0.25% and also pledged to continue with its asset purchase programme. In another development, Bank of England (BoE) also kept the interest rates unchanged, wherein Bank Rate was maintained at 0.1%. However, the BoE increased the target stock of purchased UK government bonds, by an additional 100 bn Pounds, to take the total stock of asset purchases to 745 bn Pounds. Apart from keeping the policy rates low, the global central banks also continued to provide support through various tools.On macro-economic data front, India’s retail inflation measured by Consumer Price Index (CPI) for June 2020 stood at 6.09% YoY as against 5.84% YoY in March 2020. Data for April and May 2020 headline inflation were not release due to data collection difficulties in the current health crisis situation. Retail food inflation stood at 7.87% YoY in June 2020. India’s Index of Industrial Production (IIP) for the month of May 2020 contracted by 34.7% YoY as against a contraction of 57.6% YoY for the month of April 2020 (revised from -55.5% YoY released earlier). Manufacturing sector output contracted by 39.3% YoY in May 2020 as against a contraction of 67.1% YoY in April 2020. On the Current Account Balance, domestic Current Account registered a surplus of USD 0.6 bn in Q4FY20 (0.1% of GDP) as against a deficit of USD 4.6 bn (0.7% of GDP) in Q4FY19. Government’s fiscal deficit for the period April-May 2020 stood at ` 4.66 trillion, or 58.6% of the budgeted estimate as against 52% of the budgeted estimate during the same period last year.Future OutlookBanking system liquidity is likely to remain in the surplus zone, for as long as it takes for the economic growth to revive. The RBI is likely to continue providing liquidity support through various tools available. Apart from ensuring ample liquidity in the banking system, the RBI and government are also likely to continue with measures to make liquidity available to corporate sector as well.On the inflation front a sharp rise in Covid-19 cases may impact the supply side, which can lead to temporary rise in food prices. Additionally, increase in fuel prices may also put some pressure on inflation. Also, limited capacity utilization under current health crisis conditions need to be tracked closely. That being said, subdued demand conditions and better monsoon are likely to continue to provide downward bias to inflation. Thus, inflation outlook seems to be balanced at the current juncture. Additionally, any transient uptick in inflation is likely to be looked through by the RBI, as supporting growth takes precedence.After having reduced policy interest rates sharply, the RBI may use other available tools to provide support to economic growth. While policy rate cuts may happen going forward also, as indicated by the RBI in the recent past, the RBI could be more selective in reducing interest rates further, as rate reduction alone may not be sufficient to push economic growth. The monetary policy is likely to remain accommodative for longer, to hand hold the economy till sustained recovery in growth is achieved.We expect the government to announce further measures which is likely to have a material impact on the fiscal deficit. This is also likely to result in further increase in government borrowings probably in H2FY21. That said, we also expect the RBI to be more active in supply absorption measures when that happens. Though the shorter end of the yield curve has declined even in June 2020, the longer end has moved in a narrow range. Should the longer end of the yield curve move up, the RBI could put a cap on it. While the long of the yield curve may move down given RBI’s supportive stance, the trajectory of longer end yields is likely to depend upon the extent of supply pressure and level of RBI’s support.Fund Managers’ OutlookMost of the fixed income fund managers believe, that at the current juncture, focus should be on high credit quality and sovereign securities. The fund managers are of the view, that the upto 5 years’ segment on the yield curve continues to be relatively more attractive from risk reward perspective. The fund managers are of the view, that while duration strategy is also attractive given the higher terms spreads, a lot will depend upon the RBI’s support to the government’s fiscal deficit.

Indicative Quotes October'20 - T Bill 3.18%January'21 - T Bill 3.35%

Note:-The above rates are for amount below R2 Cr, and are subject to change. (There are differential rates for Senior Citizens)

HDFC Limited FD - (12-23 Months) – 6.15% (Reg. Monthly Income) (Interest Rates on Deposits upto R2 Crore (p.a.)

HDFC Bank FD Interest Rate (p.a.). Applicable from 12 June 2020

Call Rates range for June’20 - July’20 High – 4.10%Low – 3.45%

DEbt MarkEt OvErviEw :15 JunE 2020 tO 13 July 2020

Key Rates Current1 Month

ago6 Months

ago1 Year

ago1 Year G-Sec 3.67% 3.77% 5.68% 6.11%5 Years G-Sec 4.83% 5.41% 6.67% 6.48%10 Years G-Sec 5.79% 5.80% 6.60% 6.49%5 Years AAA Bonds 5.35% 5.70% 7.02% 7.25%

Yields

Source:-RBI, Bloomberg and IDFC MF

Source:- in.reuters.com

Government Securities Yield Curve

Source:- IDFC MF

The G-sec yield curve continued to remain steep during the above period. While yields declined across the yield curve, the medium term segment of the yield curve declined more as compared to the other segments. Term spreads also remained elevated. Term spread between the 1 year and the 14 years G-secs stood at ~247 bps as against ~244 bps in the previous period. The spread between the 1 and the 10 years G-secs stood at ~212 bps compared to ~203 bps. Spread between the 1 and the 5 years G-sec was at ~116 bps during the period as against ~164 bps in the previous period.

Fixed Income Mutual Fund Strategy:- Investors who want to invest at the relatively shorter end of the yield curve and are looking to benefit from relatively better accruals, can look at Banking and PSU Funds and Corporate Bond Funds that have allocation to higher credit quality bonds, with an investment horizon of 15 months and above. Investors who want to take advantage of relatively higher term spreads and can take volatility, may look at Medium Duration Funds for a horizon of 15 months and above; and Dynamic Bond Funds with an investment horizon of 24 months and above. Investors who want to invest for a shorter horizon can continue to look at Ultra Short Duration Funds/Low Duration Funds/Money Market Funds for a horizon of 3 months and above. Whereas, for a horizon of upto 3 months investors can consider Overnight Funds and Liquid Funds.

4

Current Account Balance Registered a Surplus in 13 Years

The current account balance surprised on the upside and recorded a marginal surplus in Q4FY20, primarily on account of an improvement in invisible receipts. In USD terms, Q4FY20 current account balance came in at USD 0.6 bn vs. a deficit of USD 4.6 bn in Q4FY19 and USD 2.6 bn in the Q3FY20. To highlight, remittances and receipts from travel and software services stayed robust in Q4FY20, indicating full impact of the pandemic is yet to be seen.

On the flip side, risk aversion related Foreign Institutional Investors (FII) outflows weighed on the capital account surplus which slowed to USD 17.3 bn from USD 19.2 bn in Q4FY19. However, Foreign Direct Investments (FDI) remained robust and registered an improvement in both sequential and y-o-y terms. On the balance, overall Balance of Payment (BoP) surplus increased to USD 18.8 bn from USD 14.2 bn in Q4FY19.

Going forward, we expect current account balance to record a deficit of 0.3% of GDP in FY21 (vs. 0.9% in FY20) on account of a slowdown in software exports and remittances receipts. On the capital account front, investment in Reliance-Jio, sale of Kotak Mahindra stake will support FDI but with a 30-40% contraction in global FDI flows as predicted by UNCTAD, a steady flow of FDI seems unlikely. Furthermore, improvement in global liquidity and the search for yield could bring in portfolio flows, although corona related news flow could add to volatility. Our forecasts are premised on the assumption that the USD will lose ground against G-7 free floaters and selected EM currencies (including the INR) going into H2CY20. Hence, we expect BoP to clock in a surplus of ~ USD 40-45 bn in FY21 (compared to USD 59.5 bn in FY20).

While the current account print is broadly INR supportive, it is unlikely to lead to a breakout from the current trading range, although a mild upside in the USD/INR pair taking the exchange rate below 75.50 is possible.

Current account balance recorded a surplus

• ThetradebalanceremainedlargelysteadyinQ4FY20atUSD35.0bn(vs. USD 35.2 bn in Q4FY19), as both exports and imports contracted significantly in Q4FY20. To highlight, while exports contracted by 12.4% YoY, imports declined by 9.0% YoY in Q4FY20.

• However, invisibles receipts increasedsharply toUSD35.6bn fromUSD 30.6 bn in Q4FY19, with a pick up in remittances and services receipts. Remittances increased to USD 18.4 bn in Q4FY20 compared to USD 16.2 bn in the same quarter last year. This is likely to change going forward as the impact of a global recession particularly in the Middle-East oil producing countries have led to job losses for Indian blue-collar workers.

• Within services, travel and software segment improved in Q4FY20 vis-à-vis Q4FY19. As a result, net services receipts increased to USD 22.0 bn in Q4FY20 from USD 21.3 bn in the same period last year. Again software exports could decelerate on the back of a global recession.

FII outflows led slowdown in capital surplus• Onaccountofrisingriskaversion,foreignportfolioinvestmentrecorded

an outflow of USD 13.7 bn, with net sales in both debt and equity segment. This compares to a net inflow of USD 9.4 bn in Q4FY19 and USD 7.8 bn in Q3FY20.

• FDIinvestmentsremainedstrongandincheduptoUSD12.0bnrelativeto USD 6.4 bn in Q4FY19 and USD 9.7 bn in Q3FY20.

• External commercial borrowings accelerated to an all time high ofUSD 10.3 bn in Q4FY20 with support from monetary easing around the world. To recall, major central banks delivered emergency rate

EcOnOMic insight

Source: CEIC, HDFC Bank

cuts during Jan-March 2020 to arrest the economic impact of the pandemic.

• However,NRIdepositsslowedtoUSD2.8bn fromUSD3.4bn inQ4FY19, a trend that is likely to continue.

The CAD recorded a marginal surplus in Q4FY20....

....with a pickup in invisibles receipts

Overall BoP tracked in surplus for the fifth consecutive quarter in Q4FY20USD Bn Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20Current Account Balance -17.8 -4.6 -15.0 -7.6 -2.6 0.6

Merchandise -49.3 -35.2 -46.8 -39.6 -36.0 -35.0Exports 83.1 87.4 82.7 80.0 81.2 76.5Imports 132.4 122.6 129.5 119.6 117.3 111.6Invisibles 31.5 30.6 31.8 32.1 33.4 35.6Services 21.7 21.3 20.1 20.9 21.9 22.0Remittances 17.4 16.2 18.0 20.0 18.9 18.4Capital Account Balance 13.8 19.2 28.6 13.6 23.6 17.4

Net FDI 7.3 6.4 14.0 7.3 9.7 12.0FII -2.1 9.4 4.8 2.5 7.8 -13.7Loans 2.9 10.3 9.6 3.1 3.1 9.9Banking Capital 4.9 -8.1 3.4 -1.8 -2.3 -4.6NRI Deposit 0.1 3.4 2.8 2.3 0.8 2.8Overall BoP -4.3 14.2 14.0 5.1 21.6 18.8% of GDPCurrent Account Balance -2.7% -0.7% -2.1% -1.1% -0.4% 0.1%

Capital Account Balance 2.1% 2.7% 4.0% 1.9% 3.3% 2.4%

Overall BoP -0.6% 2.0% 2.0% 0.7% 3.0% 2.6%



PB 5

EUR/USD

This month the pair continues to trade below the thick cloud indicating downwards movement and has found support near 107.20. The pair has broken the range of 107.80 to 110.20 and can trade below this range for now. Initial support is at 107.73 which is at 61.80% retracement of High/Low (H/L) (112.21/104.446). On the downside a break of 106.54 would again retest levels of 104.80. MACD continues to be in negative territory indicating sideways movement on a daily basis. On the other hand, Tenkan-sen line in weeklies remains a strong resistance for now, at 107.91. Key Pivot Levels would be 106.54 (S1) and 108.84 (R1).

USD/JPY

The pair continues to trade below the CY18 downtrend line indicating lower lows in the near term. On the weeklies key fibonacci level at 23.60% retracement of 1.2812 / 1.1404 (H/L) at 1.2480 is a key support, break of which we can test 1.2274 and below. On the upside, key initial resistance of 1.2736 holds the key, break of which could test 1.3147 again. MACD trades in a negative territory indicating downwards movement in the near term. On the other hand, Tenkan-sen line in weeklies remains a strong support for now, at 1.2440. Key Pivot Levels would be 1.2812 (R1) and 1.2274 (S1).

GBP/USD USD/INR

This month the pair has seen some decent correction but continues to trade way above the thick Ichimoku cloud, whereas the MACD in positive territory also indicating upside movement. On the weeklies Kinjun sen line at 73.8400 is the -crucial and strong resistance in the near term which should hold for now. Key fibonacci level at 23.60%% retracement of (H/L) 68.2900 to 76.9200 at 74.9500 is a crucial support, break of which should test 73.9500 followed by 72.5450. However, on the upside the pair needs to convincingly close above 76.2000 (Pivot) for 77.1000 levels and above.

The pair is stuck in a tight range of 1.1120 to 1.1280 broadly since the Mid-June 2020 and continues to trade slightly above the thick Ichimoku cloud. The MACD on the weeklies continues to be in the neutral to positive territory indicating upside movement. On the weeklies key fibonacci level-- at 61.80% retracement of 1.2555 (CY18 High) to 1.0339 (CY17 Low) at 1.1186 remains a key resistance now. Break of 1.1447 (50% Fibo) should give way to 1.1620 and higher in the medium term. On the downside a convincing break of 1.1080 would test 1.0820. Key Pivot levels are 1.1280(R1) and 1.0820(S1).

FOrEx tEchnicals

Note: *Views as on 03-July-2020S1: Support, R1: Resistance

6

The Month

Gold investors continue to smile all through the COVID-19 pandemic as price of the yellow metal rallied to make recent high to just shy of USD 1800/oz. Although some distinct signs of economic activity picking up have emerged in the US with improved economic indicators such as manufacturing and labour market leading to return of some risk appetite, however, investor’s sentiment for yellow metal still looks quite tenable. During the month of June 2020 alone, gold prices rose by 7% (about USD 120/oz) from a low of USD 1670/oz to USD 1790/oz.

While jewellry sales across the globe remained subdued, Gold investment demand through ETFs and retail segments kept prices moving in upward trajectory. Investment into Gold ETFs is considered medium to long term in nature and provides lot of stability to Gold prices. During April-June 2020 quarter 467 tons equivalent to USD 2.6 bn worth of gold investment has flown into ETFs. All major Gold ETFs put together hold approximately 3600 tons equivalent to USD 204 bn worth of gold on behalf of their investors.

The weekly Commitment Of Traders (COT) report of the U.S Commodity Future Trading Commission (CFTC) indicates that institutional money managers have been adding long positions in comex gold futures to their portfolio. However, surprisingly, the non-commercial long positions (short term & speculative positions) remained low as per week on week reports in the month of June 2020.

13-Jul-20June-20

High LowUSD - 1802.76 1780.96 1685.06INR - 49324.00 48575.00 46479.00

Gold Movement in June 2020

Physical demand from two largest Gold markets India and China continue to remain subdued during the month of May-June. China, which is a net importer of Gold, reported net export of Gold for the second consecutive month in May 2020. Due to poor demand in mainland China, Gold prices traded at a discount of USD 20/oz to the international Spot price.

On the other hand, India reported 86% drop (provisional) in Gold import in the month of June 2020 as compared to same month last year. Gold discount in the domestic market in India improved from USD 20 to USD 5/oz as look-down restrictions were removed in many part of the country and business activities started picking up. Despite of gold price rise in the International market, prices were capped below ` 50000/10gm in India, thanks to some appreciation in rupee against dollar which kept prices around ` 48000-49000/10gm. Jewellers in India are pinning their hopes on upcoming festival seasons starting Sep-October 2020 followed by marriage season in the country.

Projection

A gradual uptick in the month of June 2020 and with no sign of correction takes gold to critical levels near USD 1790-1800/oz and holding firm as if investors are still expecting more from the rally. While any dip is likely to counter strong buying, a break of USD 1800/oz would attract more buyers which can potentially fuel prices to all time high USD 1925/oz. The trade-off between rising gold prices in the international market and rupee appreciation against dollar will keep gold prices around ` 48000/10gm, upward bias.

Disclaimer:

This communication is for informational purposes and is not guaranteed as to accuracy, nor is it a complete statement of the financial products or markets referred to therein. This is not a recommendation, offer or solicitation to buy or sell any instrument pertaining to any asset class including, but not limited to currencies, interest rates, commodities and equities in underlying market or any form of derivatives on any of them or a combination of any of them. Neither HDFC Bank Ltd. (including its group companies) nor any employees of HDFC Bank Ltd. (including those of its group companies) accepts any liability arising from the use of this communication.

Sources:- Bloomberg and India Bullion and Jewellery Association LTD.

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25-J

un26

-Jun

27-J

un28

-Jun

29-J

un30

-Jun

Gold - USD Per Ounce

8

Mutual FunDs-a rOunD-up OF Equity OriEntED FunDs Funds Recommended based on Long Term Trends As on 30 June, 2020

Name of Scheme Inception Date SEBI Categorisation Riskometer** NAV

rReturns for

6 m 1 yr 3 yrs 5 yrs IncepS&P BSE Sensex Index -15.98% -11.28% 4.13% 4.67% --Nifty 50 Index -15.94% -12.51% 2.66% 4.24% --Nifty 50 TRI Index -15.54% -11.51% 3.95% 5.55% --Nifty 100 TRI Index -14.71% -10.64% 3.42% 5.78% --Axis Bluechip Fund 5-Jan-10 Large Cap Fund Moderately High 28.69 -11.09% -4.24% 8.82% 8.19% 10.57%ICICI Prudential Bluechip Fund 23-May-08 Large Cap Fund Moderately High 38.07 -14.98% -11.78% 2.14% 5.59% 11.67%

Source for entire data stated above is ICRA Analytics Ltd. (For Disclaimer of ICRA Analytics Ltd, refer https://icraanalytics.com/home/disclaimer) Note: Return figures for all schemes are absolute for <= 1 year and compounded annualised for > 1 year. Past returns cannot be taken as an indicator of future performance. All the NAVs and return calculations are for the Growth Oriented Plans, unless mentioned otherwise.** As disclosed by the respective Asset Management Companies. Refer to the Disclaimer page for Riskometer index.

Large Cap Funds

Multi Cap / Dividend Yield Funds

Large & Mid Cap Funds


rReturns for

6 m 1 yr 3 yrs 5 yrs IncepS&P BSE 500 TRI Index -14.11% -10.93% 1.88% 5.58% --Nifty 200 TRI Index -14.58% -11.17% 2.51% 5.50% --Canara Robeco Equity Diversified Fund 16-Sep-03 Multi Cap Fund Moderately High 130.46 -8.20% -4.98% 5.51% 6.54% 16.52%Kotak Standard Multicap Fund 11-Sep-09 Multi Cap Fund Moderately High 32.31 -13.96% -10.94% 2.22% 7.15% 11.46%SBI Magnum Multi Cap Fund 29-Sep-05 Multi Cap Fund Moderately High 43.14 -15.66% -13.85% 0.73% 6.02% 10.41%


rReturns for

6 m 1 yr 3 yrs 5 yrs IncepNifty 200 TRI Index -14.58% -11.17% 2.51% 5.50% --NIFTY Large Midcap 250 TRI Index -12.52% -10.37% 1.26% 6.33% --Kotak Equity Opportunities Fund 9-Sep-04 Large & Mid Cap Fund Moderately High 114.54 -10.56% -5.22% 2.36% 6.76% 16.67%Sundaram Large and Mid Cap Fund 27-Feb-07 Large & Mid Cap Fund Moderately High 30.26 -18.14% -13.68% 1.43% 5.86% 8.65%


rReturns for

6 m 1 yr 3 yrs 5 yrs IncepS&P BSE Mid Cap TRI Index -12.21% -10.56% -2.71% 5.33% --Nifty Midcap 100 TRI Index -13.46% -15.58% -5.07% 3.64% --Axis Midcap Fund 18-Feb-11 Mid Cap Fund Moderately High 37.53 -5.66% 2.05% 8.52% 7.86% 15.16%Kotak Emerging Equity Fund 30-Mar-07 Mid Cap Fund Moderately High 35.42 -12.20% -9.22% -0.76% 6.55% 10.01%

Mid Cap Funds

Small Cap Funds

Value / Contra Funds


rReturns for

6 m 1 yr 3 yrs 5 yrs IncepNifty Smallcap 100 TRI Index -12.21% -10.56% -2.71% 5.33% --Axis Small Cap Fund 29-Nov-13 Small Cap Fund Moderately High 27.84 -13.27% -4.88% 3.39% 7.84% 16.81%HDFC Small Cap Fund 3-Apr-08 Small Cap Fund Moderately High 31.95 -16.71% -24.36% -4.47% 4.68% 9.95%


rReturns for

6 m 1 yr 3 yrs 5 yrs IncepS&P BSE 500 TRI Index -14.11% -10.93% 1.88% 5.58% --Nifty 500 Index -14.61% -12.15% 0.57% 4.20% --Invesco India Contra Fund 11-Apr-07 Contra Fund Moderately High 44.88 -8.82% -6.93% 4.48% 7.86% 12.02%UTI Value Opportunities Fund 20-Jul-05 Value Fund Moderately High 56.84 -12.10% -7.20% 2.52% 3.54% 12.32%

9

Mutual FunDs-a rOunD-up OF Equity OriEntED FunDsFunds Recommended based on Long Term Trends As on 30 June, 2020Focused Funds


rReturns for

6 m 1 yr 3 yrs 5 yrs IncepS&P BSE 500 TRI Index -14.11% -10.93% 1.88% 5.58% --Nifty 50 TRI Index -15.54% -11.51% 3.95% 5.55% --SBI Focused Equity Fund 17-Sep-04 Focused Fund Moderately High 136.90 -10.96% -5.65% 6.54% 8.93% 18.02%Axis Focused 25 Fund 29-Jun-12 Focused Fund Moderately High 27.01 -12.73% -5.48% 5.64% 8.31% 13.21%

Arbitrage Funds

Aggressive Hybrid Funds

Dynamic Asset Allocation / Balanced Advantage Funds

Equity Savings Funds

Equity Linked Saving Schemes

Index Funds


rReturns for

6 m 1 yr 3 yrs 5 yrs IncepNifty 50 Arbitrage Index 1.35% 4.30% 4.93% 5.30% --Kotak Equity Arbitrage Fund 29-Sep-05 Arbitrage Fund Moderately Low 28.38 2.84% 5.68% 6.08% 6.17% 7.32%Aditya Birla Sun Life Arbitrage Fund 24-Jul-09 Arbitrage Fund Moderate 20.36 2.78% 5.69% 5.95% 6.01% 6.71%IDFC Arbitrage Fund 21-Dec-06 Arbitrage Fund Moderately Low 24.94 2.43% 5.22% 5.86% 5.96% 6.99%


rReturns for

6 m 1 yr 3 yrs 5 yrs IncepNIFTY 50 Hybrid Composite Debt 65:35 Index -6.59% -2.06% 6.23% 7.30% --Canara Robeco Equity Hybrid Fund (New*) 1-Feb-93 Aggressive Hybrid Fund Moderately High 161.49 -4.21% -0.21% 5.67% 7.72% 10.82%Sundaram Equity Hybrid Fund 23-Jun-00 Aggressive Hybrid Fund Moderately High 87.09 -10.00% -5.39% 4.01% 6.37% 11.33%


rReturns for

6 m 1 yr 3 yrs 5 yrs IncepNIFTY 50 Hybrid Composite Debt 65:35 Index -6.59% -2.06% 6.23% 7.30% --

IDFC Dynamic Equity Fund (New*) 10-Oct-14 Dynamic Asset Allocation or Balanced Advantage Moderately High 13.83 -2.05% 2.58% 5.57% 5.18% 5.83%

ICICI Prudential Balanced Advantage Fund 30-Dec-06 Dynamic Asset Allocation or Balanced Advantage Moderately High 35.30 -7.57% -2.22% 4.41% 6.65% 9.79%


rEquity

ExposureArbitrage Exposure

Returns for6 m 1 yr Incep

34% NIFTY Short Duration Debt Index, 33% Nifty 50 Index & 33% Nifty 50 Arbitrage Index -2.81% 0.93% --

ICICI Prudential Equity Savings Fund 5-Dec-14 Equity Savings Moderately High 13.85 41.12% 34.08% -5.72% -1.76% 6.02%Axis Equity Saver Fund 14-Aug-15 Equity Savings Moderately High 12.87 44.00% 22.20% -4.53% -0.92% 5.30%


rReturns for

6 m 1 yr 3 yrs 5 yrs IncepS&P BSE 200 TRI Index -14.18% -10.41% 2.89% 5.82% --Nifty 500 TRI Index -14.19% -11.13% 1.76% 5.45% --Axis Long Term Equity Fund 29-Dec-09 ELSS Moderately High 43.36 -12.55% -5.44% 5.80% 7.15% 14.98%Kotak Tax Saver Fund 23-Nov-05 ELSS Moderately High 41.04 -12.39% -10.09% 1.95% 5.67% 10.15%


rReturns for

6 m 1 yr 3 yrs 5 yrs IncepNifty 50 Index -15.94% -12.51% 2.66% 4.24% --Nifty 50 TRI Index -15.54% -11.51% 3.95% 5.55% --UTI Nifty Index Fund 14-Feb-00 Index Funds Moderately High 67.66 -15.90% -11.97% 3.56% 5.15% 9.83%HDFC Index Fund-NIFTY 50 Plan 17-Jul-02 Index Funds Moderately High 93.95 -16.07% -12.27% 3.39% 4.97% 13.08%

Source for entire data stated above is ICRA Analytics Ltd. (For Disclaimer of ICRA Analytics Ltd, refer https://icraanalytics.com/home/disclaimer) All the NAVs and return calculations are for the Growth Oriented Plans, unless mentioned otherwise.As per SEBI circular dated September 13, 2012, fresh subscriptions/switch-ins will be accepted only under a single plan for all the schemes w.e.f from 1st October 2012. Equity Oriented Scheme recommendations have been made based on the methodology, which assigns weightages to parameters like FAMA, Sharpe Ratio, Sortino Ratio, Corpus,Past Performance, Beta and Volatility. * Recently included in recommendations.** As disclosed by the respective Asset Management Companies. Refer to the Disclaimer page for Riskometer index.

10

Funds Recommended based on Long Term Trends As on 30 June, 2020

Medium to Long Duration / Long Duration Funds

Dynamic Bond Funds

Name of SchemeInception

DateSEBI Categorisation Riskometer**

NAVR

Returns for

6 m 1 yr 3 yr Incep

ICRA Composite Bond Fund Index 8.54% 14.07% 9.44% --

IDFC Bond Fund - Income Plan 14-Jul-00 Medium to Long Duration Fund Moderate 52.22 8.37% 13.08% 8.05% 8.63%

ICICI Prudential Long Term Bond Fund 9-Jul-98 Long Duration Fund Moderate 69.60 7.33% 12.09% 8.59% 9.22%



NAVR

Returns for

6 m 1 yr 3 yr IncepICRA Composite Bond Fund Index 8.54% 14.07% 9.44% --NIFTY Short Duration Debt Index 5.89% 10.71% 8.18% --IDFC Bond Fund - Short Term Plan 14-Dec-00 Short Duration Fund Moderately Low 43.18 6.23% 11.41% 8.32% 7.77%ICICI Prudential Short Term Fund 25-Oct-01 Short Duration Fund Moderate 43.81 6.07% 11.16% 7.90% 8.22%IDFC Bond Fund - Medium Term Plan 8-Jul-03 Medium Duration Fund Moderate 35.70 7.35% 11.64% 8.12% 7.78%

Gilt Funds / Gilt Funds with 10 year Constant Duration

Conservative Hybrid Funds

Short Duration / Medium Duration Funds



NAVR

Returns for

6 m 1 yr 3 yr Incep

IDFC Government Securities Fund - Investment Plan 3-Dec-08 Gilt Fund Moderate 26.99 9.75% 15.51% 9.61% 8.95%

ICICI Prudential Constant Maturity Gilt Fund 12-Sep-14 Gilt Fund with 10 year constant duration Moderate 18.45 9.45% 15.41% 10.49% 11.13%



NAVR

Returns for

6 m 1 yr 3 yr Incep

NIFTY 50 Hybrid Composite Debt 15:85 Index 4.72% 9.81% 8.17% --

Canara Robeco Conservative Hybrid Fund 24-Apr-88 Conservative Hybrid Fund Moderately High 62.33 3.25% 8.23% 6.47% 11.16%

IDFC Regular Savings Fund 25-Feb-10 Conservative Hybrid Fund Moderately High 22.57 -0.32% 3.59% 4.29% 8.18%



NAVR

Returns for

6 m 1 yr 3 yr Incep


IDFC Dynamic Bond Fund 3-Dec-08 Dynamic Bond Moderate 26.48 9.14% 14.47% 8.66% 8.77%

Kotak Dynamic Bond Fund 26-May-08 Dynamic Bond Moderately Low 27.97 6.90% 11.70% 9.08% 8.87%

Mutual FunDs-a rOunD-up OF DEbt OriEntED FunDs

Source for entire data stated above is ICRA Analytics Ltd. (For Disclaimer of ICRA Analytics Ltd, refer https://icraanalytics.com/home/disclaimer) As per SEBI circular dated September 13, 2012, fresh subscriptions/switch-ins will be accepted only under a single plan for all the schemes w.e.f from 1st October 2012. Note: Return figures for all schemes are absolute for <= 1 year and compounded annualised for > 1 year. Past returns cannot be taken as an indicator of future performance. All the NAVs and return calculations are for the Growth Oriented Plans, unless mentioned otherwise. Debt Oriented Scheme recommendations have been made based on the methodology, which assigns weightages to parameters like Sharpe Ratio, Performance Consistency, Corpus, Past Performance, Expenses, Credit Risk and Volatility. ** As disclosed by the respective Asset Management Companies. Refer to the Disclaimer page for Riskometer index.

11

Name of Scheme Inception Date SEBI Categorisation Riskometer**

NAVR

Returns for 6 m 1 yr 3 yr Incep


NIFTY Short Duration Debt Index 5.89% 10.71% 8.18% --

DSP Banking & PSU Debt Fund 14-Sep-13 Banking and PSU Fund Moderate 18.08 7.15% 12.62% 8.59% 9.11%

Kotak Banking and PSU Debt Fund 29-Dec-98 Banking and PSU Fund Moderately Low 48.43 6.19% 11.67% 8.75% 7.61%


NAVR


NIFTY Corporate Bond Index 6.53% 12.15% 8.37% --


NIFTY Short Duration Debt Index 5.89% 10.71% 8.18% --

HDFC Corporate Bond Fund 29-Jun-10 Corporate Bond Fund Moderate 23.91 7.22% 12.22% 8.90% 9.10%

ICICI Prudential Corporate Bond Fund 11-Aug-09 Corporate Bond Fund Moderate 21.72 6.30% 11.41% 8.37% 7.38%


NAVR


ICRA Liquid Index 0.35% 1.25% 2.64% 5.66%

IDFC Low Duration Fund 17-Jan-06 Low Duration Fund Moderately Low 29.32 1.12% 2.71% 4.45% 8.64%

Invesco India Treasury Advantage Fund (New*) 18-Jan-07 Low Duration Fund Moderately Low 2868.03 0.89% 2.88% 4.39% 8.85%


NAVR



Aditya Birla Sun Life Money Manager Fund 12-Oct-05 Money Market Fund Low 275.78 0.61% 2.49% 4.18% 8.08%

Kotak Money Market Fund 14-Jul-03 Money Market Fund Moderately Low 3364.43 0.52% 1.99% 3.47% 7.30%


NAVR



Axis Liquid Fund 9-Oct-09 Liquid Fund Low 2219.81 0.32% 1.21% 2.65% 5.62%

SBI Liquid Fund 22-Mar-07 Liquid Fund Low 3129.11 0.33% 1.18% 2.57% 5.48%



NAVR

Returns for

6 m 1 yr 3 yr IncepPhysical Gold 23.44% 40.66% 18.87% --Kotak Gold Fund 25-Mar-11 FoF - Domestic Moderately High 20.12 24.21% 42.39% 18.24% 7.83%HDFC Gold Fund 1-Nov-11 FoF - Domestic Moderately High 15.59 24.53% 41.87% 18.05% 5.25%

Funds Recommended based on Long Term TrendsGold Funds

Funds Recommended based on Long Term Trends

Funds Recommended based on Long Term Trends

Banking and PSU Funds As on 30 June, 2020

Corporate Bond Funds

Liquid / Overnight Funds

Ultra Short Duration / Low Duration Funds

Money Market / Floater Funds

Mutual FunDs-a rOunD-up OF DEbt OriEntED FunDs

Source for entire data stated above is ICRA Analytics Ltd. (For Disclaimer of ICRA Analytics Ltd, refer https://icraanalytics.com/home/disclaimerSource for Physical Gold returns is Kotak Asset Management Company Limited.All the NAVs and return calculations are for the Growth Oriented Plans, unless mentioned otherwise* Recently included in recommendations.** As disclosed by the respective Asset Management Companies. Refer to the Disclaimer page for Riskometer index.

12

This product is suitable for investors who are seeking*:• Capitalappreciationoverlongterm.• Investmentinadiversifiedportfoliopredominantlyconsistingofequity

and equity related instruments of large cap companies.*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

^ Returns are Absolute for <= 1 year and Compounded Annualised for > 1 year. # CYTD as on 30 June 2020Source for entire data stated above is ICRA Analytics Ltd. (For Disclaimer of ICRA Analytics Ltd, refer https://icraanalytics.com/home/disclaimer)

Axis Bluechip Fund

Investment Objective The fund aims to achieve long term capital appreciation by investing in a diversified portfolio predominantly consisting of equity and equity related securities of large cap companies including derivatives. Fund CharacteristicsThe fund is a large cap equity fund that invests minimum 80% in large caps and can take upto 20% exposure in mid cap stocks. The fund manager maintains a concentrated portfolio of large cap stocks with bottom up investment approach and invests in quality companies which have high growth potential.Fund CommentaryIndian equity markets were volatile and closed on a positive note in June 2020 with Nifty 50 index rising by around 8%. As per the fund manager, initial signs of recovery in some of the macroeconomic data announced during the month and buying by PFIs in equity markets boosted investors’ sentiments. Positive news flows around development over clinical trial for treatment of Covid-19 infection also added gains in the market. As per the fund manager, India’s corporate earnings and GDP growth for Q4FY20 have been weak due to crisis led by outbreak of Covid-19. Corporate earnings are likely to normalize once the lockdown ends and people get back to their normal lives over the next few quarters, as the fund manager believes that the current situation is more of a health crisis and not a major financial crisis as of now. Initial signs of revival in economic activities are already visible due to easing of lockdown restrictions by the government in select regions of the economy. As per the fund manager, market leaders across various sectors have been raising capital in an attempt to shore up their capital. This in turn is likely to help companies to reduce their finance cost, improve health of the balance sheets and to build adequate capital buffers for weak economic conditions.From a valuations standpoint, the fund manager is of the view that valuation metrics based on earnings may not work for many segments of the markets due to lower business output especially in the manufacturing sector. The fund manager believes that longer term valuation methodologies like discounted cash flows may allow investors to look more logically in the current market scenario. The fund manager remains cautious on equity market in the near term due to mixed set of macroeconomic data and contagion impact of Covid-19 outbreak on global trade and domestic economy. However, the fund manager is positive on Indian equity market from medium to long term perspective on back of reasonable valuations considering cyclical low levels in earnings and potential for earnings revival going ahead. The fund manager is positive on Private Sector Banks and while he has highest weights in the Banking & Financial Services sector, it is lower than the benchmark weights. Apart from Banking, the other top sectoral holdings are FMCG, IT, Pharma and Oil & Gas. Currently, the fund has around 87% exposure in large cap stocks and close to 13% exposure in debt & cash. The fund is recommended for investors with an investment horizon of 2-3 years.

Ratios Average P/E Value 45.24 Beta (Slope)* 0.70Average P/B Value 13.42 Sharpe* 0.11Average Dividend Yield 0.86 Std.Dev* 4.78Average Market Capitalization (in rsCrs) 3,50,841*Ratios are calculated on three years monthly rolling returnsAdditional Scheme Features

Fund Quarterly Performance (+/-) Absolute Returns (%) v/s Benchmark (%)

Top Holdings

Company (%) Fund HDFC Bank Ltd. 8.46Infosys Ltd. 7.20Kotak Mahindra Bank Ltd. 7.04Bajaj Finance Ltd. 6.37Reliance Industries Ltd. 6.16Total 35.23

Sector (%) Fund Banks & Finance 30.58FMCG 19.83IT 12.54Pharma 7.91Oil & Gas, Energy 6.29Total 77.16

Portfolio Composition (%)

Option : Growth and Dividend

Exit Load : If redeemed within 12 Months from the date of allotment, upto 10% of the original cost: Nil, for remaining investments: 1%.

Benchmark : Nifty 50 TRIFund Size in RCrs [Jun 2020 ] : 14,522.34NAV - 52 Week High / Low (R) : 33.63 / 23.48

Fund Manager: Shreyash Devalkar SEBI Categorisation: Large Cap Fund

Returns (%) in various market cycles ^Period Fund Nifty 50 TRI

Up Phase 19/08/2013 to 02/03/2015 42.14 40.1411/02/2016 to 17/07/2017 25.14 29.84Down Phase03/03/2015 to 11/02/2016 -18.31 -21.6505/11/2010 to 20/12/2011 -24.60 -24.62

Trailing Returns (%) ^Period Fund Nifty 50 TRI

3 Months 13.00 24.596 Months -11.09 -15.541 Year -4.24 -11.513 Year 8.82 3.955 Year 8.19 5.55Since Inception 10.57 --

Calendar Year Returns (%) Period Fund Nifty 50 TRI

2020# -10.48 -14.932019 18.57 13.482018 6.51 4.612017 38.13 30.35

Mutual FunD synOpsis - Equity OriEntED FunD as On 30 JunE, 2020

-15.00-10.00

-5.000.005.00

10.0015.00

86.78

0.00 0.0013.22

Large Cap Mid Cap Small Cap Debt & Cash

INVESTORS UNDERSTAND THAT THEIR PRINCIPAL WILL BE AT MODERATELY HIGH RISK

13


Investment Objective The fund is a large cap equity fund that aims for growth by investing in companies in the large cap category.

Fund CharacteristicsThe fund invests in large cap companies which have proven track record, quality management and have good growth potential. As a stock selection process, the fund manager applies bottom-up investment approach and mainly invests in companies that offer good growth potential over the long term. The fund manager may also take aggressive positions in high conviction stocks with an aim to generate higher alpha. The fund manager may look at factors such as strong fundamentals, future turnaround in the business cycle and revival in economic growth to select stocks in the portfolio. Further, to maintain diversification at sector level, the fund manager follows benchmark hugging approach with a deviation of +/-5% as compared to sector weight in benchmark index.

Fund CommentaryAs per the fund manager, Indian economy is expected to contract in the FY21 as extensive lockdown measures have continued to remain in place for more than two months and has brought economic activities to a sudden halt. As a result of this, private consumption demand and investment activities have remained weak. While, coordinated policy efforts from the government and the RBI have provided some cushion to the economic crises led by outbreak of Covid-19, fiscal stimulus announced by the government has provided only a marginal impetus to the economic growth in the near term. In the meanwhile, monetary measures announced by the RBI have been comprehensive including cut in interest rates, an extension of loan moratorium and additional liquidity injections. However, near-term growth revival could face challenges from weak credit flows and rising number of Covid-19 cases in the country.The fund manager expects the Indian equity market to perform better over the medium to long term on back of reasonable valuations (with long term perspective), optimism over bottoming-out of business cyclical and corporate earnings growth trajectory.However, concern regarding rapid spread of the Covid-19 and its anticipated impact on global economic growth will be closely tracked by market participants in the near term. Pace of government reforms and muted consumption demand in domestic market are also some of the important variables to watch out for by market participants in the near term. Currently, the fund manager is focusing on companies which have strong balance sheets, ability to generate regular cash flows, and are trading at reasonable valuations with better earnings visibility over the medium term. The fund manager has underweight stance on sectors like Banking & Financial Services, FMCG, Retail etc, while having overweight stance on sectors like Auto, Telecom, Oil & Gas etc.The fund manager is positive on Private Sector Banks and while he has highest weights in the Banking & Financial Services sector, it is lower than the benchmark weights. Apart from Banking, the fund has high exposure to sectors like Oil & Gas, FMCG, IT and Auto & Auto Ancillaries. Currently, the fund has around 91% exposure in large cap stocks, around 4% exposure in mid cap stocks and around 5% in debt & cash. The fund is recommended for investors with an investment horizon of 2-3 years.

Ratios

*Ratios are calculated on three years monthly rolling returnsAdditional Scheme Features


Top Holdings


Option : Growth and Dividend Exit Load : If redeemed between 0 Year to 1 Year; Exit Load is 1%Benchmark : Nifty 100 TRIFund Size in RCrs [Jun 2020 ] : 22,880.65NAV - 52 Week High / Low (R) : 45.21 / 28.32

ICICI Prudential Bluechip FundFund Manager: Anish Tawakley and Rajat Chandak SEBI Categorisation: Large Cap Fund

Avg P/E Value 34.91 Beta (Slope)* 0.88Avg P/B Value 6.22 Sharpe* 0.01Avg Dividend Yield 1.41 Std.Dev* 5.71Average Market capitalization (in R Crs) 2,83,446

Returns (%) in various market cycles ^Period Fund Nifty 100 TRI

Up Phase 19/08/2013 to 02/03/2015 46.02 42.0111/02/2016 to 17/07/2017 32.00 31.76Down Phase03/03/2015 to 11/02/2016 -19.39 -20.4905/11/2010 to 20/12/2011 -17.90 -26.23

Trailing Returns (%) ^Period Fund Nifty 100 TRI

3 Months 24.01 24.946 Months -14.98 -14.711 Year -11.78 -10.643 Year 2.14 3.425 Year 5.59 5.78Since Inception 11.67 --

Calendar Year Returns (%) Period Fund Nifty 100 TRI

2020# -14.43 -14.112019 9.77 11.832018 -0.80 2.552017 32.84 32.97

Sector (%) Fund Banks & Finance 28.03Oil & Gas, Energy 15.00FMCG 12.57IT 11.31Auto & Auto Ancillaries 8.15Total 75.05

Company (%) Fund HDFC Bank Ltd. 9.19Infosys Ltd. 7.25Reliance Industries Ltd. 6.53Bharti Airtel Ltd. 5.94ICICI Bank Ltd. 5.67Total 34.58


This product is suitable for investors who are seeking:*• Longtermwealthcreation.• Anopenendedequityschemepredominantlyinvestinginlargecap

stocks*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.


-4.00-3.00-2.00-1.000.001.002.00

91.19

3.98 0.33 4.50



14

Type & Investment Objective The fund is a multi cap equity fund that invests across market capitalisation with a large cap bias.

Fund CharacteristicsWith top down investment approach, the fund manager endeavours to identify sectors that are likely to do well over the medium term and takes large exposure to select sectors. The fund manager generally maintains concentrated exposure to 4-9 sectors in its portfolio. There is no restriction on the type of sectors that the fund can take exposure in and the portfolio is generally diversified at stock level across market capitalisations with a large cap bias.

Fund CommentaryIndian equity markets closed on a positive note in June 2020 with Nifty 50 index rising by around 8%. As per the fund manager, rebound in some of the macroeconomic data announced during the month led by easing of lockdown restrictions and positive news flows around treatment of Covid-19 infection boosted market sentiments. As per the fund manager, going forward, Indian equity market is likely to take cues from how the Covid-19 spread would play out in India and impact of global growth slowdown on Indian economy. The fund manager believes that equity markets would start to stabilize once cure for Covid-19 is found. Post the Covid-19 issue, equity market is likely to react positively mainly on the back of lower crude oil prices, rebound in economic activities, lower interest rates and higher liquidity in financial market. The fund manager believes that economic growth is likely to be driven by revival in rural economy on the back of higher MSP, better food grain production and various measures by the government to boost the rural income.As per the fund manager, performance of equity market in the near term is likely to be driven by factors like movement in Rupee and crude oil prices, development over spread of Covid-19, resumption of economic activities, border dispute with China, news flows from global markets, and execution of policy measures by RBI and the government to boost the economic growth. The fund manager expects the market to perform better over the long term on back of optimism over earnings growth trajectory, falling interest costs and various measures by RBI and the government to support the economic growth. The fund manager is of the views that companies which are from organized segment, have low leveraged balance sheets and have ability to manage working capital requirement, are more likely to be the early beneficiaries of economic recovery.The fund manager is positive on Private Sector Banks and while he has highest weights in the Banking & Financial Services sector, it is lower than the benchmark weights. The other top sectoral holdings are Oil & Gas, FMCG, Cement and IT.Currently, the fund has around 69% exposure to top five sectors in the portfolio, while top five stocks constitute around 26% of the portfolio. The fund manager maintains higher allocation towards large cap stocks and has around 71% exposure in them. The fund is recommended for investors with an investment horizon of 2-3 years.

Ratios

*Ratios are calculated on three years monthly rolling returnsAdditional Scheme Features


Top Holdings


Option : Growth and Dividend Exit Load : If redeemed within 12 Months from the date of allotment, upto

10% of the original cost: Nil, for remaining investments: 1%. Benchmark : Nifty 200 TRIFund Size in RCrs [Jun 2020 ] : 27,975.82NAV - 52 Week High / Low (R) : 38.61 / 24.16

Kotak Standard Multicap FundFund Manager: Harsha Upadhyaya SEBI Categorisation: Multi Cap Fund

Average P/E Value 38.09 Beta (Slope)* 0.91Average P/B Value 8.53 Sharpe* 0.01Average Dividend Yield 1.02 Std.Dev* 5.90Average Market capitalization (in RCrs) 2,56,320

Returns (%) in various market cycles ^Period Fund Nifty 200 TRIUp Phase 19/08/2013 to 02/03/2015 57.38 44.1911/02/2016 to 17/07/2017 36.92 32.52Down Phase03/03/2015 to 11/02/2016 -16.34 -20.3505/11/2010 to 20/12/2011 -24.63 -27.67

Trailing Returns (%) ^Period Fund Nifty 200 TRI3 Months 23.92 25.316 Months -13.96 -14.581 Year -10.94 -11.173 Year 2.22 2.515 Year 7.15 5.50Since Inception 11.46 --

Calendar Year Returns (%) Period Fund Nifty 200 TRI2020# -13.56 -14.052019 12.28 10.032018 -0.88 0.312017 34.40 35.31

Sector (%) Fund Banks & Finance 25.87Oil & Gas, Energy 15.82FMCG 11.90Cement 8.58IT 6.89Total 69.06

Company (%) Fund Reliance Industries Ltd. 8.22ICICI Bank Ltd. 5.46HDFC Bank Ltd. 4.25Ultratech Cement Ltd. 4.21Hindustan Unilever Ltd. 4.05Total 26.20


This product is suitable for investors who are seeking*:• Longtermcapitalgrowth• Investment in portfolio of predominantly equity & equity

related securities generally focussed on a few selected sectors

* Investors should consult their financial advisors if in doubt about whether the product is suitable for them.


-3.00-2.00-1.000.001.002.00

70.90

21.91

1.24 5.96



15

Type & Investment Objective The fund aims to seek capital appreciation by investing predominantly in equity and equity related instruments in large and mid-cap stocks.Fund CharacteristicsThe fund is a large and mid-cap fund that invests minimum 35% each in – large cap and mid cap companies. As a stock selection process, the fund manager applies mix of top-down and bottom-up investment approach and mainly invests in around 40-45 high conviction stocks.Fund CommentaryIndian equity markets were volatile and closed on a positive note in June 2020 with S&P BSE Sensex index rising by around 8%. As per the fund manager, improvement in some of the macroeconomic data announced during the month, gradual easing of lockdowns globally, positive developments over the treatment of Covid-19 infection and supportive monetary policies by central banks globally, boosted investors’ sentiments. However, border tensions between India and China, and concerns over rising number of Covid-19 cases in India, capped further gains in the market.As per the fund manager, gradual easing of lockdown restrictions by government towards the end of May 2020 resulted in pickup of economic activities. As a result of this, high frequency indicators including Manufacturing and Services PMI, electricity demand, vehicle registration, Apple mobility index, traffic congestion, air quality index, GST collections etc indicated initial signs of pickup in economic activities.Going ahead, the fund manager expects the economy to contract in H1FY21 and see a recovery in FY22, aided by low base effect and supportive fiscal and monetary stimulus measures by the government and the RBI to support the economic growth.Moreover, India has seen improved competitiveness on corporate taxes, accommodative monetary policy, ample skilled labour supply, stable currency and improvement in ease of doing business. Hence, global manufacturing companies are increasingly considering India as an investment destination to diversify part of their operations away from China. This is likely to bode well for structural economic growth over the long term. While, the fund manager is positive on equity market over the medium term on the back of reasonable valuations (on trailing P/BV basis), impact of Covid-19 outbreak on the economic activities, movement in INR and crude oil prices, and geo political tensions between India and China are likely to dictate the performance of equity market in the near term. The fund manager has cautious stance on sectors like Consumer Discretionary and Industrials while has overweight stance on sectors like FMCG, Pharma and Utilities. Currently, the fund has highest exposure in FMCG sector. Apart from FMCG sector, the other top sectoral holdings are Banks & Financial services, Pharma, Oil & Gas and IT.Currently, the fund has around 61% exposure in large cap stocks, around 36% exposure in mid cap stocks and close to 1% exposure in debt & cash. The fund is recommended for investors with an investment horizon of 2-3 years.

Ratios

*Ratios are calculated on three years monthly rolling returns

Additional Scheme Features


Top Holdings


Option : Growth and Dividend

Exit Load :If redeemed within 365 days from the date of allotment, up to 25% of investments: Nil, for remaining investments: 1%.

Benchmark : NIFTY Large Midcap 250 TRIFund Size in RCrs [Jun 2020] : 1,113.33NAV: 52 Week High / Low (R) : 38.19 / 23.62

Average P/E Value 39.79 Beta (Slope)* 0.93Average P/B Value 7.30 Sharpe* 0.01Average Dividend Yield 1.08 Std.Dev* 6.28Average Market Capitalization (in RCrs) 1,88,173

Sundaram Large And Mid Cap FundFund Manager: S Krishnakumar SEBI Categorisation: Large & Mid Cap Fund

Company (%) Fund Reliance Industries Ltd. 6.33Bharti Airtel Ltd. 4.26HDFC Bank Ltd. 3.82Tata Consumer Products Ltd. 3.67ICICI Bank Ltd. 3.32Total 21.40

Sector (%) Fund FMCG 26.79Banks & Finance 23.04Pharma 11.69Oil & Gas, Energy 10.15IT 6.23Total 77.90

Calendar Year Returns (%) Period Fund NIFTY Large

Midcap 250 TRI2020# -17.73 -12.292019 10.31 6.032018 0.41 -5.132017 36.21 44.19

Returns (%) in various market cycles ^Period Fund NIFTY Large

Midcap 250 TRIUp Phase 19/08/2013 to 02/03/2015 52.50 53.6311/02/2016 to 17/07/2017 32.56 36.09Down Phase03/03/2015 to 11/02/2016 -14.42 -17.1605/11/2010 to 20/12/2011 -25.89 -30.87

Trailing Returns (%) ^Period Fund NIFTY Large Midcap

250 TRI3 Months 21.41 26.686 Months -18.14 -12.521 Year -13.68 -10.373 Year 1.43 1.265 Year 5.86 6.33Since Inception 8.65 --

Mutual FunD synOpsis - Equity OriEntED FunD as On 30 JunE, 2020 Mutual FunD synOpsis - Equity OriEntED FunD as On 30 JunE, 2020

This product is suitable for investors who are seeking*:•Longtermcapitalgrowth•Investmentinequity&equityrelatedsecuritiesinlargeand

mid cap companies*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.


-6.00-4.00-2.000.002.004.006.00

61.08

36.36

1.33 1.24



16

Investment Objective

The scheme seeks to invest in a diversified set of debt and money market securities with the aim of generating optimal returns over medium term such that the Macaulay duration of the portfolio is between 3 years and 4 years.

Fund Commentary

According to the fund house, on account of the Covid-19 crisis, for India particularly because of previous growth constraints, related vulnerabilities in the lending system, and a somewhat bloated public deficit, the post Covid-19 situation will require a careful navigation. While challenges look daunting currently, there are obvious starting advantages including a largely domestically financed debt profile and a stable external account. These advantages have to be leveraged and sustained in the time ahead, even as public policy needs to be decisive and precise in order to optimize growth, given the constraints. As pre the fund house, RBI has been quite proactive so far in conventional policy with respect to interest rates and liquidity. However, the fund house assess that further moves in this direction may be down the path of diminishing marginal utility. While addressing credit spreads would have been trickier, the general assessment has been that the RBI could have been more proactive in the market for sovereign financing and hence on term spreads. According to the fund house, the RBI is ensuring that the higher government financing requirement goes through without incremental

tightening to financial conditions, which may be evidenced as a rise in yields. However, given that the bulk of the bond supply lies ahead of us, and with a strong likelihood of a further upward revision in the borrowing calendar, RBI’s firepower may be better used later than now. As per the fund house, instead of looking for active support from the RBI, the markets may have to settle for a strong passive support that prevents the yields across the yield curve from rising. As per the fund house, currently the best risk versus reward segments on the yield curve seem to be the 6 -7 years’ segment on the sovereign curve, and these now constitute the fund house’s most overweight positions for the active duration funds. According to the fund house, currently the focus has to be on best quality AAA and sovereign / quasi sovereign bonds. As per the fund house, the best risk versus reward continues to be in the front end of the yield curve (upto 5 years). The fund house also believes that while duration is attractive, given the wider term spreads and when compared to nominal growth rate expectations, sustained performance here is still dependent upon the unveiling of a credible financing plan from the RBI for the enhanced borrowing program of the government. In IDFC Bond Fund-Medium Term Plan, the average maturity of the portfolio stood at 4.34 years in June 2020 as compared to 4.38 years in May 2020. The fund’s exposure to G-secs stood at 60.42% in June 2020 as against 57.19% in the previous month. The fund’s exposure to Corporate Debt securities stood at 36.51% in June 2020. Amongst Corporate Debt, the scheme had significant exposure to PSU Bonds and Other Corporate Debt. The fund had 100% of the portfolio in AAA & equivalent rated securities as of June 2020. The YTM of the fund was 5.49% as of June 2020.

Modified Duration – 3.57 years

Features of the scheme: Load structure – Exit load is Nil. AUM (June 2020) – ` 3144.52 Crs. Launch date – 08-Jul-2003.

Performance as on 30 June 2020

Fund Snapshot

Portfolio Composition as on 30 June 2020

Sectoral Composition as on 30 June 2020

Month G Sec AAA Sub AAA Cash & Others Money Market Instruments

Average Maturity (Years)

June-20 60.42% 37.76% 0.00% 1.82% 0.00% 4.34May-20 57.19% 40.96% 0.00% 1.88% 0.00% 4.38Apr-20 48.22% 44.42% 0.00% 7.35% 0.00% 4.71Mar-20 51.37% 46.28% 0.00% 2.35% 0.31% 4.73Feb-20 40.41% 56.35% 0.00% 3.25% 8.61% 4.28Jan-20 60.37% 38.04% 0.00% 1.59% 0.00% 4.86

Gilts/T-bills CD/CP Securitized Debt Corporate debt Cash & Others60.42% 0.00% 1.25% 36.51% 1.82%

FI & Bank Papers PSU Bonds NBFC Papers Other Corporate Debt Gilts/T-bills Cash & Others3.53% 23.24% 0.00% 11.00% 60.42% 1.82%

Scheme Name 1 Month 3 Months 6 Months 1 Year 2 Years 3 YearsSince

InceptionIDFC Bond Fund - Medium Term Plan 1.49% 4.77% 7.35% 11.64% 10.62% 8.12% 7.78%IndexNifty Short Duration Debt Index^ 1.30% 3.70% 5.89% 10.71% 9.77% 8.18% --

Mutual FunD synOpsis - DEbt OriEntED FunD as On 30 JunE, 2020IDFC Bond Fund - Medium Term PlanFund Manager: Suyash Choudhary SEBI Categorisation: Medium Duration Fund

This product is suitable for investors who are seeking* :• Togenerateoptimalreturnsovermediumterm.• InvestmentsinDebt&MoneyMarketsecuritiessuchthattheMacaulaydurationoftheportfolioisbetween

3 years and 4 years. *Investors should consult their financial advisers if in doubt about whether the product is suitable for them

Returns are absolute for =< 1 year and CAGR for > 1 year. Returns are for Growth Oriented Plans ^Returns of Benchmark Index NIFTY AAA Medium Duration Bond Index are not available. Source for entire data stated above is ICRA Analytics Ltd. (For Disclaimer of ICRA Analytics Ltd, refer https://icraanalytics.com/home/disclaimer)

INVESTORS UNDERSTAND THAT THEIR PRINCIPAL WILL BE AT MODERATE RISK

17

Investment Objective

The font seems to be different compared to the Fund Commentary Font. Please make it uniform

Fund Commentary

According to the fund house, the yield of 10-year benchmark (5.79% G-sec 2030) ended the month of June 2020 at 5.89%, up 13 bps over the previous month end. The average net interbank liquidity surplus remained high supported by high government spending, soft credit growth vis-a-vis deposit growth and foreign exchange purchases by RBI. However, increase in pace of withdrawals over the past couple of months and repayment of Ways & Mean Advances (WMA) by central government to RBI reduced the interbank liquidity to a certain extent. The minutes of Monetary Policy Committee’s (MPC) latest meeting were in line with expectations with all members highlighting their concerns about economic growth. Over the past few months, apart from reduction in policy rates, RBI has been conducting operation TWIST, LTROs, TLTROs, open markets purchases, etc. to ease the financial conditions and improve liquidity. These actions along with RBI governor’s statement about benign inflation and challenging growth outlook indicates that RBI is open to take further conventional and unconventional policy measures to counter the impact of slowdown due to the pandemic. Further, weak oil prices, positive

Modified Duration – 3.18 years

Features of the scheme: Load structure – Exit load is Nil. AUM (June 2020) – R 18,360.32 Crs. Launch date – 29-Jun-2010.

Performance as on 30 June 2020

Fund Snapshot

Portfolio Composition as on 30 June 2020

Sectoral Composition as on 30 June 2020

outlook on Balance of Payment, benign inflation outlook, low global interest rates and easing liquidity by major central banks bodes well for yields in India and there is some more room for yields to decline in the fund house’s opinion. However, overhang of large supply of government securities (central as well as state governments) especially at the longer end of the yield curve, excess SLR (Statutory Liquidity Ratio) investments within banking system, any sharp reversal in oil prices, high near term inflation, etc. are key risks to the fund house’s view. As per the fund house, in view of the above, yields at the longer end of the curve are likely to trade within a range in the foreseeable future. Considering the aforesaid factors, the fund house maintains the view that the short to medium end of the yield curve offers better risk adjusted returns. Further, in the fund house’s opinion, the prevailing high credit spreads also create a favourable risk reward opportunity in select pockets. In HDFC Corporate Bond Fund, the average maturity of the portfolio stood at 4.19 years in June 2020 as against 3.78 in May 2020. The fund’s exposure to G-secs stood at 16.56% in June 2020 as against 12.22% in the previous month. The fund’s exposure to Corporate Debt securities stood at 73.72% in June 2020. Amongst Corporate Debt, the scheme has significant exposure to PSU Bonds, FI & Bank Papers and Other Corporate Debt. The fund had 100% of the portfolio in AAA & equivalent rated securities as of June 2020. The YTM of the fund was 5.76% as of June 2020.

Month G Sec AAA Sub AAA Cash & Others Money Market Instruments

Average Maturity (Years)

June-20 16.56% 80.08% 0.00% 3.36% 2.50% 4.19May-20 12.22% 84.01% 0.00% 3.77% 6.94% 3.78Apr-20 13.85% 80.80% 0.00% 5.35% 3.15% 3.78Mar-20 16.71% 79.30% 0.00% 3.99% 0.37% 4.37Feb-20 13.65% 82.20% 0.00% 4.15% 0.56% 4.08Jan-20 15.32% 80.93% 0.00% 3.74% 0.80% 4.18

Gilts/T-bills CD/CP Securitized Debt Corporate debt Cash & Others16.56% 2.50% 3.86% 73.72% 3.36%

FI & Bank Papers PSU Bonds NBFC Papers Other Corporate Debt Gilts/T-bills Cash & Others

25.95% 37.34% 5.50% 11.30% 15.56% 3.36%

Scheme Name 1 Month 3 Months 6 Months 1 Year 2 Years 3 Years Since InceptionHDFC Corporate Bond Fund 1.76% 4.60% 7.22% 12.22% 11.12% 8.90% 9.10%IndexNIFTY Corporate Bond Index 1.77% 4.32% 6.53% 12.15% 10.44% 8.37% --

The product is suitable for investors who are seeking:*• Incomeovershorttomediumterm.• To generate income/capital appreciation through investments predominantly in AA+ and above rated

corporate bonds*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

Mutual FunD synOpsis - DEbt OriEntED FunD as On 30 JunE, 2020HDFC Corporate Bond Fund Fund Manager: Anupam Joshi SEBI Categorisation: Corporate Bond Fund

Returns are absolute for =< 1 year and CAGR for > 1 year. Returns are for Growth Oriented Plans.Source for entire data stated above is ICRA Analytics Ltd. (For Disclaimer of ICRA Analytics Ltd, refer https://icraanalytics.com/home/disclaimer)

Mutual FunD synOpsis - DEbt OriEntED FunD as On 30 JunE, 2020


18

Large Cap / Multi Cap Funds As On 30 June, 2020

FunD Fact shEEt

Key Details Axis Bluechip Fund

ICICI Prudential Bluechip Fund

Canara Robeco Equity Diversified Fund

Kotak Standard Multicap Fund

SBI Magnum Multi Cap Fund

Inception Date 5-Jan-10 23-May-08 16-Sep-03 11-Sep-09 29-Sep-05Corpus (in RCr) 14522.34 22880.65 2106.83 27975.82 8290.45NAV (R) 28.69 38.07 130.46 32.31 43.14

SEBI Categorisation Large Cap Fund Large Cap Fund Multi Cap Fund Multi Cap Fund Multi Cap Fund

Riskometer** Moderately High Moderately High Moderately High Moderately High Moderately HighReturns

S&P BSE Sensex Index1 Month 7.44% 5.72% 5.80% 5.75% 7.47% 6.19%3 Months 22.77% 13.00% 24.01% 19.96% 23.92% 20.64%6 Months -15.98% -11.09% -14.98% -8.20% -13.96% -15.66%1 Year -11.28% -4.24% -11.78% -4.98% -10.94% -13.85%3 Years 4.13% 8.82% 2.14% 5.51% 2.22% 0.73%5 Years 4.67% 8.19% 5.59% 6.54% 7.15% 6.02%Since Inception -- 10.57% 11.67% 16.52% 11.46% 10.41%Exit Load 1%# 1%* 1%* 1%^ 0.1% $Dividend Pay-out (Latest) 13.30% 16.82% 25.23% 12.02% 19.00%Dividend Date 12-Mar-2020 15-Jan-2020 24-Oct-2019 24-Sep-2019 09-Mar-2018Portfolio Composition - SectorsAuto & Auto ancillaries 1.21% 8.15% 6.84% 4.47% 6.21%Banks & Finance 30.58% 28.03% 27.76% 25.87% 27.41%Capital Goods 0.00% 0.35% 2.26% 3.37% 3.23%Cement 0.91% 1.97% 2.91% 8.58% 4.70%Chemicals & Fertilizers 2.21% 0.00% 2.65% 0.94% 2.59%Housing & Construction 0.00% 2.40% 1.85% 4.76% 3.27%IT 12.54% 11.31% 8.81% 6.89% 9.85%Media 0.00% 0.17% 0.00% 0.00% 0.00%Metals 0.00% 3.84% 0.00% 1.27% 2.31%Oil & Gas, Energy 6.29% 15.00% 10.41% 15.82% 12.23%Telecom 5.29% 6.36% 4.27% 0.00% 3.79%Textiles 0.00% 0.00% 0.00% 3.19% 1.34%Transport & Shipping, Logistics & Services 0.00% 1.83% 1.48% 2.71% 0.82%Defensive 27.74% 15.59% 25.84% 14.48% 19.84%FMCG 19.83% 12.57% 16.44% 11.90% 13.23%Pharma 7.91% 3.03% 9.40% 2.59% 6.61%Other Equities 0.00% 0.51% 0.00% 1.70% 0.00%Fixed Income Investments 1.62% 1.24% 0.00% -2.97% 0.48%Current Assets 11.60% 3.26% 4.92% 8.92% 1.91%Market Capitalization (%) Large Cap 86.78% 91.19% 72.12% 70.90% 75.63%Mid Cap 0.00% 3.98% 19.16% 21.91% 14.06%Small Cap 0.00% 0.33% 3.80% 1.24% 7.92%Concentration of Stocks% of AssetsTop 5 35.23% 34.58% 27.82% 26.20% 29.10%Top 10 61.55% 49.76% 42.25% 42.72% 46.25%

Top 5 Stocks

HDFC Bank Ltd. HDFC Bank Ltd. HDFC Bank Ltd. Reliance Industries Ltd. HDFC Bank Ltd.

Infosys Ltd. Infosys Ltd. Reliance Industries Ltd. ICICI Bank Ltd. Tata Consultancy Services Ltd.

Kotak Mahindra Bank Ltd.

Reliance Industries Ltd. Infosys Ltd. HDFC Bank Ltd. ICICI Bank Ltd.

Bajaj Finance Ltd. Bharti Airtel Ltd. ICICI Bank Ltd. Ultratech Cement Ltd. ITC Ltd.

Reliance Industries Ltd. ICICI Bank Ltd. Bharti Airtel Ltd. Hindustan Unilever

Ltd. Bharti Airtel Ltd.Source for entire data stated above is ICRA Analytics Ltd. (For Disclaimer of ICRA Analytics Ltd, refer https://icraanalytics.com/home/disclaimer)Note: Return figures for schemes are absolute for <= 1 year and compounded annualised for > 1 year. Past returns cannot be taken as an indicator of future performance.As per SEBI circular dated September 13, 2012, fresh subscriptions/switch-ins will be accepted only under a single plan for all the schemes w.e.f from 1st October 2012.All the NAVs and return calculation are for the Growth Oriented Plans, unless mentioned otherwise.# If redeemed within 12 months from the date of allotment, upto 10% of the original cost: Nil, for remaining investments: 1%.* If redeemed between 0 Year to 1 Year; Exit Load is 1%.^ If redeemed within 1 year from the date of allotment, upto 10% of the original cost: Nil, for remaining investments: 1%.$ If redeemed between 0 Day to 30 Day; Exit Load is 0.1%.** As disclosed by the respective Asset Management Companies. Refer to the Disclaimer page for Riskometer index.

20

Large & Mid Cap / Contra / Value Funds As On 30 June, 2020

Key Details Kotak Equity Opportunities Fund

Sundaram Large and Mid Cap Fund

Invesco India Contra Fund

UTI Value Opportunities Fund

Inception Date 9-Sep-04 27-Feb-07 11-Apr-07 20-Jul-05Corpus (in RCr) 3298.27 1113.33 4661.88 4016.75NAV (R) 114.54 30.26 44.88 56.84

SEBI Categorisation Large & Mid Cap Fund Large & Mid Cap Fund Contra Fund Value Fund

Riskometer** Moderately High Moderately High Moderately High Moderately High

Returns S&P BSE Sensex Index

1 Month 7.44% 7.60% 7.06% 7.41% 6.77%3 Months 22.77% 23.79% 21.41% 26.99% 25.12%6 Months -15.98% -10.56% -18.14% -8.82% -12.10%1 Year -11.28% -5.22% -13.68% -6.93% -7.20%3 Years 4.13% 2.36% 1.43% 4.48% 2.52%5 Years 4.67% 6.76% 5.86% 7.86% 3.54%Since Inception -- 16.67% 8.65% 12.02% 12.32%Exit Load 1%$ 1%* 1%# 1%#Dividend Pay-out (Latest) 3.87% 2.83% 20.72% 9.74%Dividend Date 26-May-2020 21-Jan-2020 28-Mar-2019 24-Jul-2019Portfolio Composition - SectorsAuto & Auto ancillaries 1.53% 5.26% 10.78% 9.83%Banks & Finance 17.19% 23.04% 23.62% 26.28%Capital Goods 10.80% 2.57% 2.28% 0.97%Cement 8.55% 4.41% 1.49% 2.01%Chemicals & Fertilizers 5.20% 0.00% 2.78% 2.67%Housing & Construction 2.98% 2.36% 1.47% 4.45%IT 6.03% 6.23% 11.83% 11.24%Media 0.01% 0.00% 0.00% 0.00%Metals 2.45% 0.00% 0.79% 1.41%Oil & Gas, Energy 16.12% 10.15% 18.47% 10.06%Telecom 0.00% 4.26% 4.93% 4.88%Textiles 5.20% 0.00% 0.00% 0.00%Transport & Shipping , Logistics & Services 0.00% 2.00% 1.60% 2.43%Defensive 18.60% 38.48% 15.56% 21.46%FMCG 13.47% 26.79% 6.21% 10.23%Pharma 5.12% 11.69% 9.36% 11.23%Other Equities 0.00% 0.00% 0.00% 0.00%Fixed Income Investments -3.83% 0.00% 1.83% 0.30%Current Assets 9.16% 1.24% 2.57% 2.02%Market Capitalization (%)Large Cap 49.53% 61.08% 65.36% 68.14%Mid Cap 41.69% 36.36% 18.78% 22.23%Small Cap 3.45% 1.33% 11.46% 7.32%Concentration of Stocks% of AssetsTop 5 20.99% 21.40% 36.19% 32.64%Top 10 37.00% 35.58% 48.61% 46.24%

Top 5 Stocks

Reliance Industries Ltd. Reliance Industries Ltd. Reliance Industries Ltd. HDFC Bank Ltd.

Coromandel International Ltd. Bharti Airtel Ltd. HDFC Bank Ltd. Infosys Ltd.

Hindustan Unilever Ltd. HDFC Bank Ltd. ICICI Bank Ltd. ICICI Bank Ltd.

HDFC Bank Ltd. Tata Consumer Products Ltd. Infosys Ltd. Bharti Airtel Ltd.

ICICI Bank Ltd. ICICI Bank Ltd. Bharti Airtel Ltd. ITC Ltd.

FunD Fact shEEt

Source for entire data stated above is ICRA Analytics Ltd. (For Disclaimer of ICRA Analytics Ltd, refer https://icraanalytics.com/home/disclaimer)Note: Return figures for schemes are absolute for <= 1 year and compounded annualised for > 1 year. Past returns cannot be taken as an indicator of future performance.As per SEBI circular dated September 13, 2012, fresh subscriptions/switch-ins will be accepted only under a single plan for all the schemes w.e.f from 1st October 2012.All the NAVs and return calculation are for the Growth Oriented Plans, unless mentioned otherwise.$ If redeemed within 1 year from the date of allotment, upto 10% of the original cost: Nil, for remaining investments: 1%.* If redeemed within 365 days from the date of allotment, upto 25% of the investments: Nil, for remaining investments: 1%.# If redeemed within 1 year from the date of allotment, upto 10% of the units alloted: Nil, for remaining investments: 1%.** As disclosed by the respective Asset Management Companies. Refer to the Disclaimer page for Riskometer index.

22

Aggressive Hybrid / Dynamic Asset Allocation or Balanced Advantage Funds As On 30 June, 2020

Name of FundCanara Robeco Equity

Hybrid FundSundaram Equity Hybrid

Fund IDFC Dynamic Equity Fund ICICI Prudential Balanced Advantage Fund

Inception Date 1-Feb-93 23-Jun-00 10-Oct-14 30-Dec-06Corpus (in RCr) 3040.53 1560.63 869.18 25408.54NAV (R) 161.49 87.09 13.83 35.30

SEBI Categorisation Aggressive Hybrid Fund Aggressive Hybrid Fund Dynamic Asset Allocation or Balanced Advantage

Dynamic Asset Allocation or Balanced Advantage

Riskometer** Moderately High Moderately High Moderately High Moderately High Returns

NIFTY 50 Hybrid Composite Debt 65:35 Index1 Month 5.39% 4.69% 4.86% 6.03% 5.30%3 Months 17.79% 15.57% 16.99% 19.22% 18.34%6 Months -6.59% -4.21% -10.00% -2.05% -7.57%1 Year -2.06% -0.21% -5.39% 2.58% -2.22%3 Years 6.23% 5.67% 4.01% 5.57% 4.41%5 Years 7.30% 7.72% 6.37% 5.18% 6.65%Since Inception -- 10.82% 11.33% 5.83% 9.79%Exit Load 1%* 1%# 1%* 1%*Dividend Pay-out (Latest) 6.00% 1.14% 1.00% 11.07%Dividend Date 25-Jun-2020 10-Feb-2020 15-Jun-2020 15-Oct-2019

Portfolio Composition - SectorsAuto & Auto ancillaries 4.50% 1.96% 3.37% 6.84%Banks & Finance 19.16% 15.70% 19.51% 18.92%Capital Goods 2.11% 3.52% 2.58% 0.19%Cement 2.75% 0.78% 3.00% 1.15%Chemicals & Fertilizers 2.77% 2.37% 0.78% 0.61%Housing & Construction 1.77% 2.37% 2.58% 1.31%IT 6.27% 3.60% 6.51% 7.15%Media 0.00% 0.00% 0.00% 0.93%Metals 0.00% 0.00% 0.00% 1.12%Oil & Gas, Energy 8.31% 8.83% 7.01% 11.25%Telecom 3.07% 5.35% 4.51% 3.18%Textiles 0.00% 0.00% 0.91% 0.00%Transport & Shipping, Logistics & Services 0.43% 2.67% 0.00% 1.63%Defensive 17.62% 22.65% 15.03% 13.55%FMCG 11.25% 17.38% 7.79% 9.71%Pharma 6.37% 5.27% 7.24% 3.84%Other Equities 0.00% 0.00% -0.88% -0.15%Fixed Income Investments 23.43% 26.68% 31.48% 27.43%Current Assets 7.81% 3.52% 3.63% 4.89%Market Capitalization Large Cap 51.96% 50.80% 47.62% 59.96%Mid Cap 14.06% 15.65% 12.95% 6.92%Small Cap 2.74% 3.35% 4.31% 0.80%Concentration of Stocks% of EquitiesTop 5 21.84% 22.59% 23.32% 21.51%Top 10 32.91% 34.07% 35.13% 32.41%

Top 5 Stocks

HDFC Bank Ltd. HDFC Bank Ltd. Reliance Industries Ltd. Reliance Industries Ltd.Reliance Industries Ltd. Bharti Airtel Ltd. HDFC Bank Ltd. HDFC Bank Ltd.

Infosys Ltd. Reliance Industries Ltd. Bharti Airtel Ltd. ICICI Bank Ltd.ICICI Bank Ltd. Hindustan Unilever Ltd. ICICI Bank Ltd. Infosys Ltd.

Bharti Airtel Ltd. Varun Beverages Ltd. Infosys Ltd. Bharti Airtel Ltd.

FunD Fact shEEt

Source for entire data stated above is ICRA Analytics Ltd. (For Disclaimer of ICRA Analytics Ltd, refer https://icraanalytics.com/home/disclaimer)Note: Return figures for schemes are absolute for <= 1 year and compounded annualised for > 1 year. Past returns cannot be taken as an indicator of future performance.As per SEBI circular dated September 13, 2012, fresh subscriptions/switch-ins will be accepted only under a single plan for all the schemes w.e.f from 1st October 2012. All the NAVs and return calculation are for the Growth Oriented Plans, unless mentioned otherwise.# If redeemed within 365 days from the date of allotment, upto 25% of the investments: Nil, for remaining investments: 1%.*If redeemed within 1 year from the date of allotment, upto 10% of the investments: Nil, for remaining investments: 1%** As disclosed by the respective Asset Management Companies. Refer to the Disclaimer page for Riskometer index.

24

Equity Savings Funds As On 30 June, 2020

Key Details ICICI Prudential Equity Savings Fund Axis Equity Saver Fund

Inception Date 5-Dec-14 14-Aug-15

Corpus (in RCr) 1159.49 688.17

NAV (R) 13.85 12.87

SEBI Categorisation Equity Savings Equity Savings

Riskometer** Moderately High Moderately High

Returns 34% NIFTY Short Duration Debt Index,33% Nifty 50 Index & 33% Nifty 50 Arbitrage Index

1 Month 2.75% 3.10% 4.00%

3 Months 9.32% 10.80% 8.79%

6 Months -2.81% -5.72% -4.53%

1 Year 0.93% -1.76% -0.92%

3 Years 5.29% 4.09% 4.71%

Since Inception -- 6.02% 5.30%

Exit Load 1%# 1%*

Asset Allocation

Equity (Unhedged) 41.12% 44.00%

Arbitrage 34.08% 22.20%

Debt, Cash & Others 24.80% 33.80%

Debt Quants

Average Maturity (in Years) 2.53 3.50

Modified Duration (in Years) 1.88 2.50

Yield To Maturity (%) 8.92% 6.67%

Source for entire data stated above is ICRA Analytics Ltd. (For Disclaimer of ICRA Analytics Ltd, refer https://icraanalytics.com/home/disclaimer)Note: Return figures for schemes are absolute for <= 1 year and compounded annualised for > 1 year. Past returns cannot be taken as an indicator of future performance.As per SEBI circular dated September 13, 2012, fresh subscriptions/switch-ins will be accepted only under a single plan for all the schemes w.e.f from 1st October 2012. All the NAVs and return calculation are for the Growth Oriented Plans, unless mentioned otherwise.# If redeemed between 0 Day to 15 Day; Exit Load is 1%.* If redeemed within 12 Month from the date of allotment, upto 10% of investment: Nil, for remaining investment, Exit Load is 1%.** As disclosed by the respective Asset Management Companies. Refer to the Disclaimer page for Riskometer index.

FunD Fact shEEtFunD Fact shEEt

26

Name of FundIDFC Bond

Fund - Income PlanICICI Prudential Long Term

Bond FundIDFC Dynamic

Bond FundKotak Dynamic

Bond Fund

Inception Date 14-Jul-00 9-Jul-98 3-Dec-08 26-May-08Corpus (in RCrs) 685.18 1010.52 2311.43 1321.52NAV (R) 52.22 69.60 26.48 27.97

SEBI Categorisation Medium to Long Duration Fund Long Duration Fund Dynamic Bond Dynamic Bond

Riskometer** Moderate Moderate Moderate Moderately Low

Returns ICRA Composite Bond Fund Index3 Months 4.77% 5.34% 3.98% 5.69% 4.70%6 Months 8.54% 8.37% 7.33% 9.14% 6.90%1 Year 14.07% 13.08% 12.09% 14.47% 11.70%3 Years 9.44% 8.05% 8.59% 8.66% 9.08%Since Inception -- 8.63% 9.22% 8.77% 8.87%

Exit Load 1%# Nil Nil Nil

Portfolio CompositionGilts/T-Bills 97.81% 74.04% 99.48% 40.07%CDs/CPs 0.00% 0.00% 0.00% 0.00%Securitised Debt 0.00% 0.00% 0.00% 3.86%Corporate Debt 0.83% 24.30% 0.00% 41.16%Cash & Others 1.36% 1.66% 0.52% 14.91%

Sectoral Composition

FI and Bank Papers 0.00% 7.50% 0.00% 15.90%

PSU Bonds 0.83% 7.82% 0.00% 22.39%

NBFC Papers 0.00% 0.00% 0.00% 0.00%

Other Corporate Bonds 0.00% 8.98% 0.00% 6.73%

Gilts/T-Bills 97.81% 74.04% 99.48% 40.07%

Cash & Others 1.36% 1.66% 0.52% 14.91%

Average Maturity (in Years) 6.82 11.46 6.70 8.20

Asset QualityAAA/Equivalent 100.00% 94.78% 100.00% 88.00%AAA/P1+/A1+ 0.83% 19.08% 0.00% 33.02%Call/Cash/FD/G-Secs/Others 99.17% 75.70% 100.00% 54.98%

Sub AAA 0.00% 5.22% 0.00% 12.00%AA+ 0.00% 5.22% 0.00% 6.79%AA 0.00% 0.00% 0.00% 5.21%Below AA 0.00% 0.00% 0.00% 0.00%

Unrated 0.00% 0.00% 0.00% 0.00%

Medium to Long Duration / Long Duration / Dynamic Bond Funds As On 30 June, 2020

FunD Fact shEEt

Source for entire data stated above is ICRA Analytics Ltd. (For Disclaimer of ICRA Analytics Ltd, refer https://icraanalytics.com/home/disclaimer) Note: Return figures for schemes are absolute for <= 1 year and compounded annualised for > 1 year. Past returns cannot be taken as an indicator of future performance. As per SEBI circular dated September 13, 2012, fresh subscriptions/switch-ins will be accepted only under a single plan for all the schemes w.e.f from 1st October 2012. All the NAVs and return calculations are for the Growth Oriented Plans, unless mentioned otherwise # For exit within 365 Days from the date of allotment - For 10% of investment : Nil - For remaining investment : 1.00%** As disclosed by the respective Asset Management Companies. Refer to the Disclaimer page for Riskometer index.

27

FunD Fact shEEtShort Duration / Medium Duration Funds As On 30 June, 2020

Name of FundIDFC Bond

Fund - Short Term PlanICICI Prudential Short Term Fund

IDFC Bond Fund - Medium Term Plan

Inception Date 14-Dec-00 25-Oct-01 8-Jul-03

Corpus (in RCrs) 12715.90 15234.37 3144.52

NAV (R) 43.18 43.81 35.70

SEBI Categorisation Short Duration Fund Short Duration Fund Medium Duration Fund

Riskometer** Moderately Low Moderate Moderate

Returns NIFTY Short Duration Debt Index3 Months 3.70% 4.16% 4.16% 4.77%6 Months 5.89% 6.23% 6.07% 7.35%1 Year 10.71% 11.41% 11.16% 11.64%3 Year 8.18% 8.32% 7.90% 8.12%Since Inception -- 7.77% 8.22% 7.78%

Exit Load Nil Nil Nil

Portfolio CompositionGilts/T-Bills 2.15% 26.44% 60.42%CDs/CPs 2.13% 2.08% 0.00%Securitised Debt 0.87% 4.83% 1.25%Corporate Debt 91.12% 61.26% 36.51%Cash & Others 3.73% 5.38% 1.82%

Sectoral CompositionFI and Bank Papers 35.48% 13.84% 3.53%PSU Bonds 41.35% 20.47% 23.24%NBFC Papers 3.11% 6.68% 0.00%Other Corporate Bonds 14.18% 27.18% 11.00%Gilts/T-Bills 2.15% 26.44% 60.42%Cash & Others 3.73% 5.38% 1.82%

Average Maturity (in Years) 2.08 3.68 4.34

Asset QualityAAA/Equivalent 100.00% 83.82% 100.00%AAA/P1+/A1+ 94.12% 52.00% 37.77%Call/Cash/FD/G-Secs/Others 5.88% 31.82% 62.24%

Sub AAA 0.00% 16.18% 0.00%AA+ 0.00% 7.95% 0.00%AA 0.00% 5.04% 0.00%Below AA 0.00% 3.19% 0.00%

Unrated 0.00% 0.00% 0.00%Source for entire data stated above is ICRA Analytics Ltd. (For Disclaimer of ICRA Analytics Ltd, refer https://icraanalytics.com/home/disclaimer) Note: Return of all schemes are absolute for <= 1 year and compounded annualised for > 1 year. Past returns cannot be taken as an indicator of future performance. As per SEBI circular dated September 13, 2012, fresh subscriptions/switch-ins will be accepted only under a single plan for all the schemes w.e.f from 1st October 2012. All the NAVs and return calculations are for the Growth Oriented Plans, unless mentioned otherwise** As disclosed by the respective Asset Management Companies. Refer to the Disclaimer page for Riskometer index.

28

FunD Fact shEEt

Name of Fund DSP Banking & PSU Debt Fund Kotak Banking and PSU Debt Fund

Inception Date 14-Sep-13 29-Dec-98

Corpus (in RCrs) 3142.66 7146.37

NAV (R) 18.08 48.43

SEBI Categorisation Banking and PSU Fund Banking and PSU Fund

Riskometer** Moderate Moderately Low

Returns Nifty Short Duration Debt Index 3 Months 3.70% 4.69% 4.01%

6 Months 5.89% 7.15% 6.19%

1 Year 10.71% 12.62% 11.67%

3 Years 8.18% 8.59% 8.75%


Exit Load Nil Nil

Portfolio CompositionGilts/T-Bills 11.33% 32.02%CDs/CPs 0.00% 7.10%

Securitised Debt 0.00% 3.79%

Corporate Debt 88.14% 54.19%

Cash & Others 0.53% 2.90%


FI and Bank Papers 37.63% 38.68%

PSU Bonds 50.51% 25.40%

NBFC Papers 0.00% 0.00%

Other Corporate Bonds 0.00% 1.00%

Gilts/T-Bills 11.33% 32.01%



Asset Quality

AAA/Equivalent 100.00% 83.07%

AAA/P1+/A1+ 88.14% 48.15%

Call/Cash/FD/G-Secs/Others 11.86% 34.92%

Sub AAA 0.00% 16.93%

AA+ 0.00% 4.00%

AA 0.00% 7.49%

Below AA 0.00% 5.45%

Unrated 0.00% 0.00%

Banking and PSU Funds As On 30 June, 2020

Source for entire data stated above is ICRA Analytics Ltd. (For Disclaimer of ICRA Analytics Ltd, refer https://icraanalytics.com/home/disclaimer) Note: Return of all schemes are absolute for <= 1 year and compounded annualised for > 1 year. Past returns cannot be taken as an indicator of future performance. As per SEBI circular dated September 13, 2012, fresh subscriptions/switch-ins will be accepted only under a single plan for all the schemes w.e.f from 1st October 2012. All the NAVs and return calculations are for the Growth Oriented Plans, unless mentioned otherwise** As disclosed by the respective Asset Management Companies. Refer to the Disclaimer page for Riskometer index.

29

FunD Fact shEEt

Name of Fund HDFC Corporate Bond Fund ICICI Prudential Corporate Bond Fund

Inception Date 29-Jun-10 11-Aug-09

Corpus (in RCrs) 18360.32 15799.11

NAV (R) 23.91 21.72

SEBI Categorisation Corporate Bond Fund Corporate Bond Fund

Riskometer** Moderate Moderate

Returns NIFTY Corporate Bond Index 3 Months 4.32% 4.60% 4.48%

6 Months 6.53% 7.22% 6.30%

1 Year 12.15% 12.22% 11.41%

3 Years 8.37% 8.90% 8.37%


Exit Load Nil Nil

Portfolio CompositionGilts/T-Bills 16.56% 29.31%CDs/CPs 2.50% 0.00%

Securitised Debt 3.86% 5.60%

Corporate Debt 73.72% 62.04%



FI and Bank Papers 25.95% 10.96%

PSU Bonds 37.34% 21.67%

NBFC Papers 5.50% 9.79%

Other Corporate Bonds 11.30% 25.22%

Gilts/T-Bills 16.56% 29.31%



Asset Quality

AAA/Equivalent 100.00% 100.00%

AAA/P1+/A1+ 80.08% 67.64%

Call/Cash/FD/G-Secs/Others 19.92% 32.36%

Sub AAA 0.00% 0.00%

AA+ 0.00% 0.00%

AA 0.00% 0.00%

Below AA 0.00% 0.00%

Unrated 0.00% 0.00%

Corporate Bond Funds As On 30 June, 2020

Source for entire data stated above is ICRA Analytics Ltd. (For Disclaimer of ICRA Analytics Ltd, refer https://icraanalytics.com/home/disclaimer) Note: Return of all schemes are absolute for <= 1 year and compounded annualised for > 1 year. Past returns cannot be taken as an indicator of future performance. As per SEBI circular dated September 13, 2012, fresh subscriptions/switch-ins will be accepted only under a single plan for all the schemes w.e.f from 1st October 2012. All the NAVs and return calculations are for the Growth Oriented Plans, unless mentioned otherwise ** As disclosed by the respective Asset Management Companies. Refer to the Disclaimer page for Riskometer index.

30

FunD Fact shEEtUltra Short Duration / Low Duration / Money Market / Floater Funds As On 30 June, 2020

Name of FundIDFC Low

Duration FundInvesco India Treasury

Advantage FundAditya Birla Sun Life

Money Manager FundKotak Money Market Fund

Inception Date 17-Jan-06 18-Jan-07 12-Oct-05 14-Jul-03

Corpus (in RCrs) 4575.41 1982.14 9213.78 7969.61

NAV (R) 29.32 2868.03 275.78 3364.43

SEBI Categorisation Low Duration Fund Low Duration Fund Money Market Fund Money Market Fund

Riskometer** Moderately Low Moderately Low Low Moderately Low

Returns ICRA Liquid Index1 Week 0.07% 0.23% 0.15% 0.07% 0.10%

1 Month 0.35% 1.12% 0.89% 0.61% 0.52%

3 Months 1.25% 2.71% 2.88% 2.49% 1.99%

6 Months 2.64% 4.45% 4.39% 4.18% 3.47%

1 Year 5.66% 8.64% 8.85% 8.08% 7.30%

Exit Load Nil Nil Nil Nil

Portfolio Composition

Gilts/T-Bills 22.23% 7.72% 9.13% 21.26%

CDs/CPs 27.98% 7.34% 91.17% 80.06%

Securitised Debt 0.00% 6.24% 0.00% 0.00%

Corporate Debt 43.18% 69.47% 0.00% 0.00%

Cash & Others 6.61% 9.23% -0.30% -1.31%


FI and Bank Papers 34.74% 21.35% 41.90% 36.58%PSU Bonds 18.71% 25.27% 6.35% 8.54%NBFC Papers 2.73% 17.70% 17.82% 16.81%Other Corporate Bonds 14.98% 18.74% 25.10% 18.12%Gilts/T-Bills 22.23% 7.72% 9.13% 21.26%Cash & Others 6.61% 9.23% -0.30% -1.31%

Average Maturity (in Days) 368 357 212 190

Asset QualityAAA/Equivalent 100.00% 100.00% 100.00% 100.00%AAA/P1+/A1+ 71.16% 83.06% 91.17% 80.06%Call/Cash/FD/G-Secs/Others 28.84% 16.94% 8.83% 19.94%

Sub AAA 0.00% 0.00% 0.00% 0.00%AA+ 0.00% 0.00% 0.00% 0.00%AA 0.00% 0.00% 0.00% 0.00%Below AA 0.00% 0.00% 0.00% 0.00%

Unrated 0.00% 0.00% 0.00% 0.00%Source for entire data stated above is ICRA Analytics Ltd. (For Disclaimer of ICRA Analytics Ltd, refer https://icraanalytics.com/home/disclaimer) Note: Return of all schemes are absolute for <= 1 year and compounded annualised for > 1 year. Past returns cannot be taken as an indicator of future performance As per SEBI circular dated September 13, 2012, fresh subscriptions/switch-ins will be accepted only under a single plan for all the schemes w.e.f from 1st October 2012. All the NAVs and return calculations are for the Growth Oriented Plans, unless mentioned otherwise. ** As disclosed by the respective Asset Management Companies. Refer to the Disclaimer page for Riskometer index.

32

HDFC Life Insurance Company Limited.

MarkEt OvErviEw - liFE insurancE

Equity Market Update and Outlook

Indian benchmark indices gained in June 2020 led by a gradual resumption in business activities and an earlier-than-expected normalization in certain consumption sectors. The Nifty 50 index gained by 7.5% and S&P BSE Sensex index gained by 7.7% in the month, despite the escalating tensions between India and China, continuous rise in Covid-19 infections and a weak set of Q4FY20 results. FIIs were net buyers in equities to the tune of USD 2.9 bn whereas mutual funds were net sellers to the tune of ` 612crs in cash segment for the month.

Large global economies, too, are seeing a recovery in activity as the pandemic is peaking and the people are learning to live with it. Hopes of a vaccine or a medical breakthrough has also kept the optimism going.

Moody’s downgraded India’s sovereign credit rating to Baa3 from Baa2 and maintained a negative outlook. Fitch also revised its outlook on India to ‘negative’ from ‘stable’, and affirmed the rating at ‘BBB-’.

Meanwhile the government has extended the free food program for poor for another 5 months - till Nov’20. This is estimated to cost the government ` 900 bn, which is 40bps of estimated FY21E GDP.

Crude oil prices continue to rise (~12% in June 2020) on optimism about a recovery in fuel demand worldwide, despite a surge in coronavirus infections. However, the persistent oversupply of oil in the markets capped the rise.

While the macroeconomic indicators for major economies are improving, Indian economic recovery may be slower as the Covid-19 cases have not yet peaked. Equity markets, however, have made a good recovery driven by the pickup in sentiments globally towards risk assets. The monetary and fiscal stimulus provided and the global liquidity have also been the major factors for the recovery. However, we are yet to see an improvement in the macro indicators and earnings growth and we remain skeptical of the sharp market up move and expect bouts of volatility from time to time.

The consensus earnings for FY21 have seen sharp cuts. However, the markets are factoring in strong rebound in FY22 if there are no further shocks. Nifty 50 index valuations are expensive at 24x FY21 and 19x FY22 consensus estimates. While weak macroeconomic indicators and valuation concerns will continue to exert downward pressure, the hopes of a vaccine/cure for the Covid-19 and the strong global stimulus and liquidity are expected to support the up move. We therefore expect markets to be volatile. We believe investors should use correction in the market as opportunity to increase allocation to equities gradually.

Fixed Income Market Update and Outlook

Bond yields traded in a narrow range throughout the month as the large bond supply was balanced by the hope of RBI intervention to support the market. The 10-year benchmark government security ended at 5.88%, higher than the 5.78% at the end of the previous month, while the old 10-year benchmark barely moved as it ended the month at 5.99% from the 6.01% at the end of the previous month. During the month, spreads between corporate and sovereign bonds and those between liquid and illiquid bonds, compressed, leading to differential returns for different segments of the market.

RBI Monetary Policy Committee’s (MPC) policy minutes highlighted that the deteriorating macro-financial conditions prompted the MPC to meet earlier than scheduled and cut interest rates further. Most members felt that the demand side of the economy would take longer to recover compared to the supply side owing to labour migration, job losses and a dent to consumer confidence. Moody’s downgraded India’s credit rating to Baa3 from Baa2 with a ‘negative’ outlook premised on a prolonged weakness in growth and deterioration in fiscal health.

India’s Nikkei Markit Manufacturing PMI increased to 47.2 in June 2020 from 30.8 in May 2020, and the Services PMI increased to 33.7 from 12.6 in May 2020, highlighting the recovery from the lockdown. For the second straight month India did not release consolidated CPI for the month of May 2020 owing to lack of sufficient data. However, food inflation which was released, tapered down from 10.5% YoY to 9.3% YoY as vegetable price inflation cooled down. Goods and Services Tax (GST) revenue collection in June 2020 stood at ` 90,917 crore, up from ` 62,009 crore mopped up in May 2020 and ` 32,294 crore in April 2020.

India’s gradual unlocking in June 2020, and buoyant tax collection provided some respite from the heightened fears of fiscal health deterioration. With RBI announcing Operation Twist (RBI buying longer dated securities and selling short dated securities) at the end of the month, the market is expecting more such measures in the coming month to support the bond market. Significant liquidity in the range of ` 3.5-4.5 Trillion has kept the short end of the yield curve anchored and is aiding in monetary transmission.

The RBI is widely expected to cut interest rates again in the forthcoming policy meeting in August 2020. This rate cut is expected to steepen the curve further as the short end adjusts to the rate cut, while the long end yields are expected to move in tune with the large supply of bonds, though balanced by expectations of RBI’s measures to support the markets.

Please note that the above views are sourced from the respective Life Insurance company.

33

Fund Performance As on 30 June, 2020

Note: Return figures for all schemes are absolute for <=1 year and compounded annualised for > 1 year. The above fund performance is given by the respective life insurance company. Past performance is not indicative of future performance. HDFC Bank Ltd. is a Corporate Agent (IRDAI Reg. No. CAOO10) of HDFC Life Insurance Co. Ltd., Tata AIA Life Insurance Co. Ltd. and Aditya Birla Sun Life Insurance Co. Ltd. for distribution of life insurance products and does not underwrite the risk or act as an insurer. The contract of insurance is between the respective insurance company and the insured and not between HDFC Bank and the insured.”

insurancE - a rOunD-up

Equity Funds

Insurer Fund Category Inception Date

AUM (` in Cr.)

NAV `

Returns for

1 Yr 3 Yr 5 Yr Since Inception

HDFC Life Insurance Co. Ltd.

Opportunities Fund Mid Cap diversified 5-Jan-10 15766.90 25.23 -10.97% -2.20% 5.03% 9.22%

BlueChip Fund Large Cap diversified 5-Jan-10 5,330.14 21.28 -9.46% 3.10% 5.75% 7.47%

Tata AIA Life Insurance Co. Ltd.

India Consumption Fund Large + Mid Cap 05-Oct-15 74.45 16.96 1.55% 8.35% N.A. 11.80%

TOP 200 Fund Large Cap 12-Jan-09 154.71 46.57 -0.52% 5.79% 7.11% 14.35%

Multi Cap Fund Large + Mid Cap 05-Oct-15 159.55 17.13 -0.21% 8.56% N.A. 12.03%

Aditya Birla Sun Life Insurance Co. Ltd.

BSLI Super 20 Large cap 06-Jul-09 975.31 28.74 -4.99% 5.69% 5.94% 10.08%

BSLI Capped Nifty Invested in all equity shares forming part of the Nifty 50 index

24-Sep-15 84.87 12.90 -10.79% 2.35% N.A. 5.48%

Balanced / Hybrid Funds


AUM (` in Cr.)

NAV `

Returns for


HDFC Life Insurance Co. Ltd. Balanced Fund - 8-Sep-10 6,867.39 20.67 -3.47% 3.66% 5.95% 7.68%


Whole Life Aggressive Growth Fund - 08-Jan-07 392.66 35.73 -1.33% 5.86% 8.44% 9.91%

Whole Life Stable Growth Fund - 08-Jan-07 103.61 30.97 6.43% 7.42% 8.82% 8.76%


BSLI Creator - 23-Feb-04 468.85 57.50 1.48% 6.01% 7.62% 11.28%

BSLI Enrich - 12-Mar-03 123.79 60.54 4.44% 6.47% 8.53% 10.96%

Money Market / Short Term Debt Funds


AUM (` in Cr.)

NAV `

Returns for


HDFC Life Insurance Co. Ltd. Conservative Fund - 11-Jul-14 103.29 15.66 9.99% 7.17% 7.44% 7.80%


Whole Life Short Term Fixed Income Fund - 08-Jan-07 162.21 26.95 9.60% 7.72% 7.80% 7.69%

Debt Funds


AUM (` in Cr.)

NAV `

Returns for


HDFC Life Insurance Co. Ltd.

Bond Fund - 23-Jun-14 181.83 16.51 10.90% 7.48% 8.26% 8.67%

Income Fund - 5-Jan-10 2,846.75 23.03 11.33% 7.14% 8.27% 8.27%Tata AIA Life Insurance Co. Ltd. Whole Life Income Fund - 08-Jan-07 543.49 30.08 13.27% 9.11% 9.79% 8.56%


BSLI Income Advantage - 22-Aug-08 746.11 31.35 12.85% 8.89% 9.43% 10.11%BSLI Income Advantage

Guaranteed - 01-Jan-14 156.24 17.73 11.88% 8.35% 8.76% 9.21%

34

ABSLI Child’s Future Assured Plan is a life insurance savings plan, which offers Assured Benefits to take care of the important milestones in your child’s life – Education and Marriage. You can plan to receive funds in future for your child’s education or grand wedding. In case of an unfortunate event, the remaining premiums will be waived off. So, you can be rest assured that the key milestones of your child’s future are secured with a guarantee even in your absence.

Features: • TheplanofferscompletefinancialSecurity• Flexibilitytosaveforchild’sEducation,Marriageorforboththelife

goals• Worry-freegoalachievementthroughPolicyContinuanceBenefit• OptiontoavailofEnhancedInsuranceCover• Optiontoenhanceyourriskcoverwithappropriaterideroption• Loyaltyadditionstoenhanceassuredbenefitpayabletoyou• FlexibilitytodeferanyoftheAssuredBenefitpaymentby1,2or3

years

Assured Income BenefitYou can choose one of the following options at inception to receive Assured Benefits. The chosen assured benefit option cannot be changed during the term of the policy.

•Education Milestone BenefitYou can choose the Assured Benefit Payment Term such that the payouts shall preferably commence on the policy anniversary when the beneficiary Child attains age between 15 years to 21years. The Assured benefit will be payable annually at the end of each year over the Education Milestone Benefit Period of 3, 6 or 9 years as opted by you. The Education Milestone Benefit as a percentage of Sum Assured will be payable as per the table below:

Education Milestone Benefit payable at the end of the year

Benefit Year 1st 2nd 3rd 4th 5th 6th 7th 8th 9th

3 years 30% 30% 40%

6 years 15% 15% 15% 15% 25% 25%

9 years 10% 10% 10% 10% 10% 15% 15% 20% 20%

•Marriage Milestone BenefitPlan to get funds for your child’s marriage anytime while your child’s age is preferably between 24 to 32 years. This option will give you guaranteed lump sum payout at the end of policy term as chosen by you.

•Education and Marriage Milestones BenefitsUnder this option both Education as well as Marriage Milestone Benefit can be chosen. The Education Milestone Benefit will be paid as defined above on their respective due dates and the Marriage Milestone Benefit will be paid at the end of Policy Term. Marriage Milestone Benefit payout date should be on or after the last instalment of Education Milestone Benefit. You will also have the choice to receive 100% or 150% or 200% of the Sum Assured as assured benefit for Marriage Milestone under this option.

Maturity Benefit:The Maturity Benefit shall be the amount of Assured Benefit payable at the end of the Policy Term.

Death Benefit: In the event of death of the Life Insured during the Policy Term, Nominee will receive death benefit as below: • AssuredBenefitsaspertheoptionchosenbyyoushallbepaidon

their respective due dates; plus• AnyexcessamountofSumAssuredonDeathoverthediscounted

value of the Assured Benefits payable in future will be paid immediately as lump sum.

• Allfutureinstalmentpremiumsshallbewaivedoff.

Alternatively, Nominee can also opt for immediate payment of death benefit.

Eligibility Criteria:

Life Insured Entry Age (age last birthday)

Minimum :18 YearsMaximum: 65 Years (50 years if Enhanced Insurance cover is chosen)

Maximum Maturity Age(age last birthday) 75 Years

Policy Term (PT)

Education Milestone Benefit: 10 to 29 yearsMarriage Milestone Benefit: 8 to 32 yearsEducation and Marriage Milestone Benefit: 11 to 32 years

Premium Paying Term (PPT)

Minimum: •Education Milestone Benefit/ Marriage

Milestone Benefit: 5 years•Education and Marriage Milestone

Benefit :6 years Maximum : 12 years

Minimum Annualized Premium ` 30,000

Minimum Sum Assured ` 4,00,000

Maximum Sum Assured No Limit (subject to Board Approved Underwriting Policy)

Payment Mode Annual, Semi Annual, Quarterly and Monthly

Aditya Birla Sun Life Insurance Child’s Future Assured Plan

Disclaimer -For more details on risk factors, terms and conditions, please read the respective product sales brochure carefully before concluding the sale.This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a non-participating traditional insurance plan. All terms & conditions are guaranteed throughout the policy term. This product shall also be available for sales through online channel. GST and any other applicable taxes will be added (extra) to your premium and levied as per extant tax laws. An extra premium may be charged as per our then existing underwriting guidelines for substandard lives, smokers or people having hazardous occupations etc. The insurance cover for the life insured (including minors) will commence on the policy issue date. For further details, please refer to the policy contract. Tax benefits are subject to changes in the tax laws.Aditya Birla Sun Life Insurance Company Limited (Formerly Birla Sun Life Insurance Company Limited) Registered Office: One Indiabulls Centre, Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400 013. Call Centre: 1-800-270-7000 www.adityabirlasunlifeinsurance.com IRDAI reg no.109 CIN: U99999MH2000PLC128110 UIN: 109N124V01HDFC Bank Ltd. is a corporate agent (IRDAI Reg. No. CAOO10) of Aditya Birla Sun Life Insurance Co. Ltd. and does not underwrite the risk or act as an insurer. The contract of insurance is between Aditya Birla Sun Life Insurance Co. Ltd. and the insured and not between HDFC Bank and the insured.Registered Address: HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai, Maharashtra, 400013. Participation by bank’s client in the insurance products is purely on voluntary basis.

BEWARE OF SPURIOUS / FRAUD PHONE CALLS!

IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

pRODUCT OF tHE MONTH - liFE insurancE

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS• IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums.

Public receiving such phone calls are requested to lodge a police complaint.

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*HDFC Bank is no.1 based on Retail Loan book size (excluding mortgages). Source: Annual Reports FY 18-19 and No.1 on market capitalisation based on BSE data as on 31 Dec, 2019. ^ This option is available to the customer aged 50-60 years# As per Income Tax Act, 1961. Tax benefits are subject to changes in tax laws.1. Illustration for 50 year old healthy individual paying 1 Crore per annum for 10 years. Policy Term is 11 years. Payouts will start from end of 12th year. Premium amount excludes the underwriting extra premiums, loadings for modal premiums, taxes, and other statutory levies.2. Provided all due premiums have been paid and policy is in force.3. On death of Life Assured during the Payout Period (i.e. after the Policy Term), the future payouts shall continue to be paid to the nominee till the end of the Payout Period. Nominee also has an option to take a lump sum in lieu of future payouts. In case of death of Life Assured during the policy term, death benefit shall be paid as lump sum to the nominee. For more details, please refer to the product brochure.4. For more details, please refer to the enhanced benefit section in the product brochure.HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245. IRDAI Registration No. 101.Registered Office: 13th Floor, Lodha Excelus, Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi, Mumbai - 400 011.Email: [email protected], Tel. No: 1860 267 9999 (Mon-Sat 10 am to 7 pm) Local charges apply. Do NOT prefix any country code. e.g. +91 or 00. Website: www.hdfclife.comThe name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited.HDFC Life Sanchay Plus (UIN: 101N134V05) is a non-participating, non-linked savings insurance plan. Life Insurance Coverage is available in this product. For more details on risk factors, associated terms and conditions and exclusions please read sales brochure carefully before concluding a sale. HDFC Bank Limited is the Corporate Agent (IRDAI Reg. No. CA0010) of HDFC Life. Insurance policies are underwritten by HDFC Life. Purchase of Insurance policy is voluntary. ARN: MC/06/20/19578.

Sanchay Plus Life Long Income Option^

Plan for guaranteed2 incometo secure your future.

Life cover to protect your family's future

#Enhanced benefits4 for premium above ` 1.5 Lacs p.a.

Pay

(pay total 10 Cr over the premium payment term of 10 years)

Get

Guaranteed2 Income

Return of Premiumalong with last payout3

Total Benefit

`10 Cr

` 44.01 Cr

`89.50 L p.a.till age 99 years3`1 Cr p. a.

1

AAG IMPERIA 210X277.indd 1 7/11/2020 11:35:49 AM

36

pRODUCT OF tHE MONTH - gENERAL insurancE

Overview If you have been seeking that one insurance cover for your multiple needs, your search ends here, with HDFC ERGO’s Sampoorna Suraksha – that has been carefully devised to offer 8 products, flexible enough to be customized to meet the needs of your family and you, at every stage of life.

CoveragesMy: Health Suraksha:• MedicalExpensesCoverincludingMentalHealthCare• PreandPostHospitalizationExpenses (60 Days before & 180 Days after)• Suminsuredrebound• HomeHealthcare• DayCareprocedures• RecoveryBenefit• PreventiveHealthCheckupBoosters• My:HealthActivefitnessdiscountatrenewalsMy: Health Critical Suraksha Plus• MultipleclaimpayoutunderdifferentgroupsofCriticalIllness• CoverageforCancersofspecifiedsites• ReducedPremiumBenefit• My:HealthActivefitnessdiscountatRenewals• Option to get an expert second medical opinion from our

network Providers• PreventiveHealthcheckup• 25%ofsuminsured(maximum` 10 lakhs) paid for Angioplasty

Travel Insurance - Annual Multi-Trip Insurance

• PerTripLimits:30or45days• Geographycovered:Worldwide• Nodeclarationsrequired.• Nopre-medicalcheck-uprequired.

Personal Accident Insurance• Coverageavailablefrom10Lakhsto1Crore• DependentChildEducationBenefit-Payablefor1year• MedicalInsurancePremiumIndemnitypayableupto1year• DependentGirlChildWeddingBenefit• In-HospitalMedicalExpenses-AccidentOnly• HospitalDailyCash-AccidentonlyMy: Health Medisure Super Top Up• Highersuminsuredatanaffordablepremium.• Pre-hospitalization covers medical expenses 30 days

immediately before hospitalization.• Post-hospitalization covers medical expenses 60 days

immediately after hospitalization.• Day care procedures cover medical expenses for existing &

upcoming day care procedures which do not require 24 hours hospitalization due to technological advancement in medical science.

• Nomedical check-up up to 55 years (subject to nomedicalhistory).

• Constantpremiumfromtheageof61years&above.

My: health Hospi Cash Benefit – Add on• MultipleHospitalCashoptionsrangingfrom` 500 - ` 10000

available.• UniqueplanwithcoverageforHospitalCashbenefitanywhere

in the world.• Longtermpolicyoptionsupto3yearswithattractivepremium

rates.• Paymentofsuminsuredformedicallynecessaryhospitalization

of an insured person due to illness or injury sustained or contracted during the policy period. The payment is subject to sum insured as specified on the schedule.

Home Insurance

• Contents cover includes Personal Effects – ‘Personal Effects’means clothing, spectacles, umbrellas, footwear, etc. gets covered under Home Insurance.

• Jewellery&valuablesalsogetcoveredunderHomeInsurance– Jewellery & valuables are covered up to ` 10,000/- per single article.

• Nilclaimsdeductibles–Nocompulsorydeductibles/excessinclaim.

• Contentscover includesTheftandLarceny (asdefined in theIndian Penal Code) – Theft is an umbrella term that includes all acts of stealing, while Larceny is a theft of personal property. However, some states define the terms quite differently. If a theft is by force from a person, it is burglary. These all gets covered under Home Insurance.

E@secure Insurance

• Covernotrestrictedtoanyparticulardeviceorlocation.• Covers ‘family’asan ‘add-on’cover.Ability tocover teenage

children as well.• Coverslossduetofraudulentuseofaperson’sbankaccount,

credit / debit card or e-wallet by a third party for purchases made over the internet.

• Coversdamagetopersonalreputationduetoharmfulpublicationby a third party on the internet.

• Coverswheninsured’spersonalinformationisstolenovertheinternet by third party to obtain money, goods or services.

• Covers monetary loss due to unauthorized obtaining of anindividual’s confidential personal or access information by a third party by imitating a website, email or other electronic communication.

• Coversfinancial losssufferedduetoextortionthreatreceivedfrom third party over the internet.

• Coversifathirdpartydefamesorpostsunwarrantedstatementsabout an individual on the internet which results in lower self-esteem & depression

Claims Process

Get in touch with HDFC ERGO over email or call • CustomerService:02262346234(AccessiblefromIndiaonly)• Email:[email protected]

HDFC ERGO Sampoorna Suraksha

37

pRODUCT OF tHE MONTH - hEalth insurancE

Max Bupa’s Health Premia is a comprehensive health insurance plan which provides the perfect coverage for you and your family according to your needs and lifestyle.

Features

• Comprehensivecoverageupto` 3 Crs.• Maternity(worldwide)andnewbornbabycover• New Age treatment coverage - Cyber knife/Robotics

surgery, Laser surgery cover, Weight loss (Bariatric) surgery

• Internationalcoverageforspecifiedillnessandmedicalemergencies

• In-builttravelinsurancecoverageformultipletripsinayear

• Annualhealthcheck-upofyourchoicefromDay1• Refillbenefitforanyillnessinapolicyyear• Loyaltyadditionsof10%insuminsuredperyear

What all is covered?

• Inpatientcare• Roomrentwithoutanycapping• Livingorgandonortransplant• Child care benefits (vaccinations for children up to

12 years including one consultation for nutrition and growth during the visit for vaccination)

• Specified illness cover (outside the geographicalboundaries of India for worldwide excluding USA & Canada)

• Emergencyassistanceservices(onlywithinIndia)• WorldwideMaternitybenefit• Newbornbaby(covereduptilltheendofpolicyyear)• Vaccinationofthenewbornbaby• Emergencyambulance• HIV/AIDS(postwaitingperiodof4years)• Weightloss(Bariatric)surgery(postwaitingperiodof

3 years)• LASERsurgerycover(postwaitingperiodof3years)• Cyberknife/Roboticssurgery• Mental disorder treatment (post waiting period of

3 years)• Secondmedicalopinion• PharmacyandDiagnosticservices• e-Consultation• International coverage (outside the geographical

boundaries of India for worldwide excluding USA & Canada)

• Emergencyhospitalization• Emergencymedicalevacuation

Disclaimer: Insurance is a subject matter of solicitation. Max Bupa Health Insurance Company Limited (IRDAI Registration Number 145), ‘Max’, ‘Max Logo’, ‘Bupa’ and ‘HEARTBEAT’ logo are registered trademarks of their respective owners and are being used by Max Bupa Health Insurance Company Limited under license. Registered office:- B-1/I-2, Mohan Cooperative Industrial Estate, Mathura Road, New Delhi – 110044, Customer Helpline: 1860-500-8888. Fax: +91 11 30902010. Website: www.maxbupa.com. CIN: U66000DL2008PLC182918. Product Name: Heartbeat. Product UIN: MAXHLIP20065V051920. For more details on risk factors, terms and conditions, please read the Sales Brochure carefully before concluding a sale.

Max Bupa – Health Premia Platinum Plan

• Careand/ortransportationofminorchildren• Medicalreferral• Medicalrepatriation• OPDcover• Lossofpassport• Delayofchecked-inbaggage• OPDtreatmentanddiagnosticservices• Healthcheck-up(fromday1)

What other benefits are available?

Our care comes with additional benefits you can opt for by paying additional premium as per below details:

Personal Accident Cover: Through this optional cover, a lump sum payout is offered in case of accidental death, permanent total or partial disability. This cover can be opted by any member of your family who is aged 18 years or above.

Critical Illness Cover: An optional coverage against 20 major critical illnesses like cancer, open heart surgery, kidney failure, strokes etc. is available. Upon first diagnosis of any of these illnesses you get an additional coverage as a one-time lump sum payout.

Enhanced Loyalty Addition: You get an additional coverage of 20% of the expiring base sum insured every year as loyalty addition, subject to a maximum of 200% of the base sum insured.

International Coverage Extension: While travelling abroad, we give you the option to increase your international coverage sum insured from ` 1 Cr to ` 2 Cr to cover all your international travel needs. In case you travel to USA/Canada, you can opt for enhanced geographical coverage.

Hospital Cash: We know there are loved ones who spend day and night by your side at the hospital. Which is why, our plan provides additional payout to cover miscellaneous expenses that you may incur during hospitalization.

Health Coach: To keep yourself healthy, you need a way to track your health parameters on a daily basis. With Max Bupa Health Coach App you get to track your calorie intake, calculate BMI and more.

What will not be covered?

Refer to the policy document for detailed permanent, personal accident and critical illness cover exclusions.

38

The #COVID19 #pandemic had created difficulties for those living in rural regions, due to lack of livelihood and limited logistics, impacting the livelihood of the villagers of Rayagada district, Odisha. In this distressing situation, tomato farming emerged as a viable source of income, as the crop is suitable to the region. So, under the #HRDP, in conjunction with the Village Development Committee, farmers were selected to undergo training in sustainable, modern farming techniques, along with benefits of organic agriculture. This undertaking generated a bumper tomato crop production and benefitted 35 families. This program was implemented by PrayatnSanstha in association with HDFC Bank Parivartan.

Parivartan on Ground : Training to Farmers on Modern Farming Techniques - Rayagada District - Odisha

parivartan - A CSR INITIATIVE

To bring about a positive Parivartan during this pandemic, HDFC Bank Parivartan distributed 1,000 PPE Kits to PMC Pune, Maharashtra. HDFC Bank Parivartan also provided 500 PPE Kits to aid the efforts of Pimpri Municipal Corporation, Maharashtra in monitoring Coronavirus. This initiative was carried out successfully by HDFC Bank Parivartan in association with the municipal corporation. The bank received a letter of appreciation from Shekhar Gaikwad, CommissionerPMC Punefor the support.

HDFC Bank Parivartan Activity for Pandemic - Distribution of 1000 PPE Kits to Pune Municipal Corporation

40

The year 2020 is proving to be a wild ride for the markets. At the worst point in March 2020 the Nifty-50 index was down over 37% for the year. But the losses have been cut to less than 15% YTD as of June 30, 2020.

During this period of the Pandemic driven panic, almost every asset class - equit ies, commodit ies, emerging market currencies and bonds came under pressure with only the US

Dollar gaining from a flight to safety. However, governments and central banks around the world have provided significant fiscal support and large-scale monetary intervention and this appears to have turned the tide. The US Federal Reserve led the way by expanding its balance sheet by USD 3 trillion (a near 75% increase in 10 weeks) by buying assets including private bonds. And the US government announced an over USD 1 trillion economic package. The speed and extent of the monetary and fiscal intervention so early into the crisis turned the tide in the US markets. As a result, from late March 2020 the US Dollar has been in decline, giving back all the gains from the panic and every other asset class - commodities, equities and Emerging Market (EM) currencies and bonds has rebounded, cutting losses significantly. Gold was the only asset class to hold out during the period of panic and has done well during the subsequent rebound. US Equities as measured by the tech heavy Nasdaq 100 index have climbed back to record highs.

India’s monetary intervention has been sizeable, but the credit support is limited. Our fiscal intervention targets the immediate humanitarian issues stemming from the lockdown. Our situation is complicated because growth was sluggish even before this Covid-19 setback and the financial system has been experiencing stress from late 2018. The good news is, that government efforts to implement reform in the agriculture sector, change labour laws and provide incentives to domestic manufacturing are a welcome supply side initiatives to boost our growth potential. More fiscal stimulus to boost demand may be called for later, in order to provide

Mr Vetri SubramaniamGroup President & Head- Equity, UTI Asset Management Company Limited

the economy with velocity as we exit the lockdown. The good news is, that inflation appears well contained, the current account deficit is likely to be less than 1% of GDP and the outlook for the agriculture sector appears positive.

Corporate earnings based on Bloomberg consensus are likely to be poor in FY21 due to the lockdown. Focusing on the FY21 earnings as the guide to valuations for stocks is not appropriate. After all, stocks are not valued solely on a single year’s earnings - a company’s value is the value of the cash flow it generates over its lifetime. And the impact of a fall in one year’s earnings is limited in that larger context. The bigger challenge is how well the company can navigate the trying period of the lockdown and subsequent exit. Akin to the Darwinian theory of survival of the fittest, companies that can navigate a challenging period, are often well placed to accelerate and gain market share and profitability in the subsequent period as they face less competition. However, we must also watch out for businesses that find their future trajectory significantly disrupted due to changes in policies, attitudes and lifestyles after Covid-19.

As regards valuations, the market is no longer as cheap as it was in March 2020. At its low point in March 2020, the market was testing a valuation trough last seen only during the Global Financial Crisis (GFC). We are now well off those lows and valuations are back in the fair value territory. We are finding opportunities in companies across sectors and market caps at reasonable valuations relative to their long-term growth prospects. But what is also true is that the baton now passes from valuations to visibility of growth and earnings. The virus is not behind us yet, but with the world’s best and brightest trying to find cures and vaccines, we are hopeful that human ingenuity will see us through this crisis. The recent events are a reminder that we cannot predict the future, but we can prepare for uncertainty by adopting prudent rules of diversification, research driven stock selection and disciplined portfolio construction.

EXPERT TALK

Disclaimer:Views given by the author are personal.Mutual fund investments are subject to market risks, read all scheme related documents carefully.

41

What is Arbitrage?

Arbitrage describes the act of buying a security in one market and simultaneously selling it in another market at a higher price, thereby enabling investors to profit from the temporary difference in cost per share.

An arbitrage fund is a type of mutual fund that appeals to investors who want to profit from volatile markets without taking on too much risk. These mutual fund schemes look to exploit the price difference between the spot and futures market to earn risk free returns.

Why is there gap between cash price & futures price?

• Stockfutureshaveamonthlyexpirycycleandexpireonthe last Thursday of every month.

• Instock-futuresarbitrageyoubuyinthecashmarketandsell the same stock in the same quantity in the futures market. Since the futures price expires at the same price as the spot price on the Future & Option (F&O) expiry

Understanding Arbitrage

Understanding Roll Spread

rESEARCH - cORNER

day, the difference becomes the risk-free spread for the arbitrageur.

• Futurespricepertain tosumof theprevailingspotpriceand a cost of carry; generally known as the interest cost.

• So, let's assume, if the annual risk-free rate of interest is12% then the1-month future'spricemustbeata1%(12% / 12) premium to the cash price. Of course, in reality the futures price is determined by a variety of other factors, but this is one of the key factors. Therefore, by buying in the cash market and selling in the futures, you lock in that 1% returns per month.

• ForExample:theCashpriceofCYZstockson30thJune2020, is ` 100, while price for Futures contract expiring on 30 July 2020 is ` 101. So,the Arbitrage spread is {(101-100)/100}, which is 1% that is return of 30 days. So annualised return in this case is 1% × (365/30) =12.16%.

Source:- Kotak Asset Management Company Limited

What is a rollover?

Rollover involves carrying forward of futures positions from one series, which is nearing expiry date, to the next one. On expiry, Fund Managers can either let a position lapse or enter into a similar contract expiring at a future date. Rollovers happen only in futures and not in options.

Roll Spread

A roll spread is a difference between the price of a stock and the price of its futures contract.

Equity derivatives contracts in India are settled on the last Thursday of every month (If Thursday is a holiday, the settlement happens on Wednesday).

Rollover is expressed as a percentage of total positions.

Broadly, rollover is an indicator of traders’ willingness to carry forward their bets on the market. But, the figures will not tell you on which direction traders have bet.

Source:- Kotak Asset Management Company Limited

42

GlossaryAccidental Death Benefit (ADB):

This benefit is optional with many policies today. It provides an additional death benefit when the insured’s death is caused by an accident.

Age Limits:

The ages above or below which an insurer will not issue an insurance policy or continue a policy presently in force.

Effective Date:

The date an insurance policy goes into effect. This is sometimes referred to as the Policy Date.

Expiration Date:

The date on which an insurance policy ceases to provide coverage on the insured.

Top-up Premium:

Top-Up Premium refers to unscheduled premium that you may pay into the Policy at any time after the Issue Date while the Policy is in force. It does not form part of the Regular Premium, is subject to certain rules, and limits which may be revised at the sole discretion of the insurance company from time to time.

Critical Illness Cover:

Insurance which covers the insured against pre-defined critical illnesses such as cancer, heart attack and multiple sclerosis etc. is called critical illness cover. In the event that the insured contracts one of the specified illnesses, policy benefit becomes payable.

Guaranteed Additions:

The Guaranteed Addition is an additional sum which is paid over and above the Sum Assured. The method under which the additional sum is determined depends on product to product. It is payable on Maturity Date or on death of the Insured during policy term, whichever is earlier.

Compound Reversionary Bonus:

A with-profits life assurance bonus, normally added annually to the policy, which is based on the profits of the life insurance company’s investments. The compound reversionary bonus is normally calculated on the sum assured (or basic sum assured) plus bonuses to date and is payable at the maturity of the policy or prior death. Once declared, reversionary bonuses are guaranteed.

43

T ICKLE YOUR BRAIN

Powered by HDFC ERGO General Insurance Company Ltd.

Disclaimer: This section has been authored by Rite KnowledgeLabs, HDFC Bank doesn't influence any views of the author in any way. HDFC Bank & Rite KnowledgeLabs shall not beresponsible for any direct or indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisorbefore making any financial decision.

Down1.2.3.4.5.8.9.

12.13.15.16.18.20.

A portfolio with many classes of investments (5,5) Probability of a loss or a volatile outcome (4) A useful or valuable thing, person, or investment (6) To protect the portfolio from market volatility, also used in the context of insurance (5) A market in which financial instruments are traded for immediate delivery (4) A standard against which the performance of securities is measured (9) An irregular rise and fall of a value (11) Complimentary or without charge (4) An institution’s slogan (5) A fund that can issue unlimited shares, priced daily based on current NAV (4,5) To put money in a bank (7) Acronym of a state-owned enterprise in India (3) Acronym of a strategic planning technique that assesses a company’s competitive position (4)

Across1.2.

6.

7.9.

10.

Face coverings worn as protection against COVID-19 (5) To buy and sell portions of your portfolio, such that the weight of each asset reverts to the original state (9) Acronym of a statement that summarises a company’s revenues and expenditures over the financial year (3) The possibility or likelihood of something occurring in the future (plural) (9) Contracts bought at a predetermined price but delivered and paid for later (7) Money that is owed to a lender (4)

Answers - June 2020

Across 1. Basis points 6. HNI 8. Revival 9. Pension 11. Premium 12. Seed 13. MNC 14. Tariff 18. Lungs 20. Grant 21. ILO 22. Private equity 24. Asymptomatic

Down 2. Savings 3. Service 4. Self-reliant 5. Wisdom 6. Herd immunity 7. Amphan 10. Spend 15. Annuity 16. ULIP 17. Locust 19. Stamp 23. UIT

A market is bullish if prices are on the ____ (4) Accumulation of income-generating assets over a period of time (6,8) An increase in the market value of an investment (12) The sum total of all the money invested in a scheme (6) A passive investment strategy in which you purchase stocks and retain them for a long period (3,3,4) Point of view on the likely future (7) To ____ someone for his/her good work (6)

11.14.17.19.21.

22.23.

Test Your Grey CellsThe Prime Minister of which country was fined Rs. 13,000/- for not wearing a mask in public?

x Bulgaria

Spain

Norway

Australia

Bubonic plague cannot be transmitted from one person to another in its original form.

True False

Buy shares of a company which is trading less than its book value and sell when share price increases due to any reason and take profits.

What does the ’Cigar Butt Strategy’ of investing mean? `

Actively ferret out stocks underestimated by the stock market because their stock price movements that do not correspond to a company's long-term fundamentals.

Buy stocks experiencing an uptrend and choose to short-sell those securities.

India was recently elected as a non-permanent member of the United Nations Security Council for the 8th term. How many votes did we secure?

128

130

184

187

1

5

1

22

19

16

20

11

2

18

3 4

6 7

23

14 15

17

16

13

21

98

10

12

Investments that offer substantial upside potential when it comes to the future earnings of stocks.

COVID-19 has spread to all seven continents.

True False

ticklE yOur brainCrossword


INVESTORS UNDERSTAND THAT THEIR PRINCIPAL WILL BE AT HIGH RISK

INVESTORS UNDERSTAND THAT THEIR PRINCIPAL WILL BE AT LOW RISK


INVESTORS UNDERSTAND THAT THEIR PRINCIPAL WILL BE AT MODERATELY LOW RISK

Riskometer Index :

Disclaimer :

This document has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. HDFC Bank Limited (“HDFC Bank”) does not warrant its completeness and accuracy. This information is not intended as an offer or solicitation for the purchase or sale of any financial instrument / units of Mutual Fund. Recipients of this information should rely on their own investigations and take their own professional advice. Neither HDFC Bank nor any of its employees shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way from the information contained in this material. HDFC Bank and its affiliates, officers, directors, key managerial persons and employees, including persons involved in the preparation or issuance of this material may, from time to time, have investments / positions in Mutual Funds / schemes referred in the document. HDFC Bank may at any time solicit or provide commercial banking, credit or other services to the Mutual Funds / AMCs referred to herein.

Accordingly, information may be available to HDFC Bank, which is not reflected in this material, and HDFC Bank may have acted upon or used the information prior to, or immediately following its publication. HDFC Bank neither guarantees nor makes any representations or warranties, express or implied, with respect to the fairness, correctness, accuracy, adequacy, reasonableness, viability for any particular purpose or completeness of the information and views. Further, HDFC Bank disclaims all liability in relation to use of data or information used in this report which is sourced from third parties.

HDFC Bank House, 1 st Floor, C.S. No. 6 \ 242, Senapati Bapat Marg, Lower Parel, Mumbai 400 013. Phone: (91)-22-66527100, ext 7111, Fax: (91)-22-24900983 \ 24900858

Documents

Asset Allocation€¦ · Scan the barcode on your smartphone to download the HDFC Bank AAG App JULY 2020 222 Asset Allocation Allocation THE KEY TO SUCCESSFUL INVESTING