1

HDFC Equity Fund(An Open Ended Multicap Scheme)

Consistent performance across market cycles

July 2019

RiskometerThis product is suitable for investors who are seeking*:

Capital appreciation over long term

Investment predominantly in equity and equity related instruments of medium to large

sized companies

*Investors should consult their financial advisers if in doubt about whether the product

is suitable for them.

**Past Performance may or may not be sustained in future. For detailed performance

please refer Slide 19

19.0% CAGR for over

24years** vs. NIFTY 500 TRI

CAGR of 11.6%

Wealth has grown

nearly 70 times in 24

years**

HDFC Equity Fund – Proven track record across market cycles over 24 years

2

Disclaimer: Past Performance may or may not be sustained in the future. Returns as on 31st May 19. The above returns are of regular plan - growth option. HDFC Mutual Fund/AMC is not

guaranteeing any returns on investments made in this Fund. In view of the individual circumstances and risk profile, each investor is advised to consult his / her professional advisor before

making a decision to invest in the Scheme. Historical performance indications and financial market scenarios are not reliable indicators of current or future performance. HDFC Mutual

Fund/AMC is not guaranteeing returns on investments made in the Scheme and/or should not be construed as an advice for investing in the above stocks/sectors. The Fund may or may not

have any present or future positions in the Stocks/Sectors. NAV as on 31st May’19 – 696.471

Period

Leading

Sectors

Jan 95 – Mar 01

IT stocks

Mar 01- Mar 08

Capex / Banking /

Commodities

Mar 08 – Mar 18

Auto /FMCG/

NBFC

Since Mar 18

Next cycle -- Corporate

Banks / Capex ?

Refer to slide 28 for full performance details

Rs 10,000 invested in

HDFC Equity Fund at

inception has grown to

~Rs 6.96 lacs at a CAGR

of 19.0%

Rs 10,000 invested in

NIFTY 500 TRI at scheme

inception has grown to ~Rs

1.46 lacs at a CAGR of

11.6%

HDFC Equity Fund NAV is up 70 times since inception i.e 1st Jan 95’ vs 15 times for benchmark NIFTY 500 TRI during the same period

HDFC Equity Fund – Correct positioning in each cycle since inception

3

Jan 95 – Mar 00 : IT lead the market, NIFTY IT Index up 70 times^, old economy stocks/sectors out of flavor; flat !

HDFC Equity Fund stance – The Fund was an early investor in IT, NAV up 2.5 times vs. 1.5 times of benchmark

Outperformance vis-a-vis benchmark. Past Performance may or may not be sustained in the future. In view of the individual circumstances and risk profile, each

investor is advised to consult his / her professional advisor before making a decision to invest in the Scheme. Historical performance indications and financial market

scenarios are not the reliable indicator for current or future performance. HDFC Mutual Fund/AMC is not guaranteeing returns on investments made in the Scheme

and/or should not be construed as an advice for investing in the above stocks/sectors. The Fund may or may not have any present or future positions in the

Stocks/Sectors. . For detailed performance please refer Slide 19. ^ 1st jan 1996 to 31st Mar 2000

Mar 00 – Mar 08 : Capex / Banking / Commodities lead the market, Power EPC Co. up 33 times. Industrial Conglomerate up 15 times; FMCG major down 6%!

HDFC Equity Fund stance – The Fund was overweight in old economy stocks, NAV up 6.5 times vs. 3.3times of benchmark

Mar 08 – Mar 18 : Auto / FMCG / NBFC stocks lead the market. Nifty Auto up 5.76 times, NIFTY FMCG up 4.49 times, NIFTY Consumption up 3.15 times;

NIFTY Metals and NIFTY Energy up only 0.95 times and 1.5 times respectively !

HDFC Equity Fund stance – The Fund was an early investor in FMCG / Auto, NAV up 3.6 times vs. 2.6 times of benchmark

HDFC Equity Fund is currently overweight on Corporate Banks, Industrials, Energy, Utilities, IT

Cycle 1 Since Inception Jan

95 - Mar 00 Cycle 2 Mar 00 - Mar 08 Cycle 3 Mar 08 - Mar 18

Since

Mar 18

Total from

Since

Inception

Jan 95Leading sectors IT stocks Leading sectors

Capex /

Banking /

Commodities

Leading sectors

Auto /

NBFC /

FMCG

(x) times (x) times (x) times (x) times (x) times

NIFTY 500 TRI 1.5 NIFTY 500 TRI 3.3 NIFTY 500 TRI 2.6 1.1 14.6

HDFC Equity Fund 2.5 HDFC Equity Fund 6.5 HDFC Equity Fund 3.6 1.2 69.6

HDFC Equity Fund – Consistent alpha generation for over 24 years

4

HDFC Equity Fund has a history of generating

alpha in each of 10 year fiscal periods since

inception.

Similarly, Fund has generated alpha in more

than 90% of 3, 5 year fiscal periods

Outperformance / Alpha is the return generated by the scheme over the returns generated by NIFTY 500 TRI

Disclaimer:. Past Performance may or may not be sustained in future. For detailed performance please refer. Slide 27 and 28 The above outperformance is based on returns of regular plan -

growth option.

HDFC Equity Fund - Outperformance vs NIFTY 500 TRI (CAGR)

Year ended 1 year 3 year 5 year 10 year

Mar 96

Mar 97 -10.4

Mar 98 14.3 -4.0

Mar 99 60.6 16.6

Mar 00 20.0 32.5 10.0

Mar 01 8.5 26.7 15.2

Mar 02 30.0 18.4 25.0

Mar 03 6.3 13.5 22.7

Mar 04 17.4 18.0 15.9

Mar 05 4.9 8.5 13.1 11.6

Mar 06 23.0 14.0 16.0 15.7

Mar 07 2.2 8.4 9.3 17.8

Mar 08 -6.6 4.1 6.1 15.6

Mar 09 4.8 1.2 4.7 10.1

Mar 10 27.0 5.9 7.5 10.4

Mar 11 11.5 11.7 6.2 10.6

Mar 12 0.1 10.1 5.6 7.3

Mar 13 -2.8 2.6 6.1 6.2

Mar 14 3.3 0.1 5.8 5.2

Mar 15 6.6 1.9 3.4 5.4

Mar 16 -4.7 0.9 -0.1 3.0

Mar 17 5.0 1.3 0.8 3.3

Mar 18 -4.1 -1.8 0.6 3.5

Mar 19 5.4 2.0 1.0 3.3

Periods HDFC Equity Fund

outperformed18 20 19 15

Total Number of periods 23 22 20 15

Outperformance of periods

HDFC Equity Fund (%)78% 91% 95% 100%

Market scenarios are not the reliable indicators for current or future performance. The same should not be construed as investment advice or as any research report/research recommendation.

Above chart is for illustrative purpose only.

A track record of consistent dividends^

5

“It's not what we do once in a while that shapes our lives. It's what we do consistently.”

― Anthony Robbins

Good years, bad years, 23 Dividends in 20 years since 1999

^Past performance may or may not be sustained in the future.

All dividends are on face value of Rs 10 per unit. After payment of the dividend, the per Unit NAV falls to the extent of the payout and statutory levy (if applicable). There is no assurance or

guarantee to Unit holders as to rate/quantum of dividend distribution or that the dividends will be paid regularly. Dividend payout is subject to availability of distributable surplus.

Dividend was declared twice in year 2000 (March and December), 2003 (July and September) and 2004 (March and November)

For complete dividend history details visit www.hdfcfund.com

CY (since 1999) 1999 1999 2000 2000 2002 2003 2003 2004 2004 2006 2007 2008 2009

Dividend per unit (Rs) (A) 1.6 2.0 3.0 1.7 1.2 2.0 2.5 1.5 3.0 5.0 5.0 5.5 3.0

NAV (Record Date) (B) 16.0 19.1 21.5 12.7 13.5 17.1 18.8 20.8 23.4 41.9 40.4 45.4 23.3

Dividend Yield (%) ( A / B ) 10.0 10.5 14.0 13.4 8.9 11.7 13.3 7.2 12.8 11.9 12.4 12.1 12.9

CY (since 1999) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Dividend per unit (Rs) (A) 4.0 4.0 4.0 4.0 4.0 5.5 4.5 5.0 5.5 5.3

NAV (Record Date) (B) 46.9 49.0 44.0 41.4 43.8 59.8 41.9 54.9 55.5 56.4

Dividend Yield (%) ( A / B ) 8.5 8.2 9.1 9.7 9.1 9.2 10.7 9.1 9.9 9.3

NAV of the Regular Plan - Dividend Option has been considered for calculating dividend yield

HDFC Equity Fund – A Multicap Fund with dynamic yet controlled exposure to midcaps

6

• Fund takes controlled exposure to midcaps / smallcaps both at stock and aggregate level

• Asset allocation to midcaps / small caps is a function of outlook and valuations

HDFC Equity Fund reduced allocation to Midcap / Small cap stocks from 27% in Mar 2014 to 17% in Mar 2019

Source: MFI Explorer, Bloomberg. From Mar 18: SEBI Classification, Before Mar 18: First 100 companies in the NIFTY listed companies in terms of Market Capitalisation on the

respective date are considered Large Caps, Next 150 companies are considered Mid Caps and companies beyond it are considered as Small Caps. Ddisclaimer: The exposure to

various caps are subject to change depending on the market conditions.

HDFC Equity Fund – Differentiated Marketcap positioning vs Peers

7

Large Mid Small

Cash, Foreign

Equity, Debt

Instruments &

Net Current

Assets

HDFC Equity Fund 82.0 11.9 5.7 0.4

Average of Peer Multicap Funds 65.6 16.7 10.4 7.3

Median of Peer Multicap Funds 67.3 16.67 9.6 5.0

Large cap earnings as reflected by NIFTY50 EPS growth is estimated at 17.5% CAGR over FY18-21E compared to 3.5%

between FY13 -18

HDFC Equity Fund is positioned well to benefit from the same due to a predominantly large cap portfolio

Source: MFI Explorer (As per SEBI Categorization) Data is for all the funds in the Multi Cap category. (32 other funds) Portfolio details as on May 31, 2019. It includes Universe is

SEBI category for open ended Multi-cap schemes as per MFI Explorer.

The allocation between different caps is subject to change depending on the market conditions.

HDFC Equity Fund – Differentiated Portfolio positioning vs other Multicap schemes

8

HDFC Mutual Fund/AMC is not guaranteeing any returns on investments made in this Fund. The above statements / analysis should not be construed as an investment advice or aresearch report or a recommendation to buy or sell any security covered under the respective sector/s . In view of the individual circumstances and risk profile, each investor is advised to

consult his / her professional advisor before making a decision to invest in the Scheme. Sectors referred above are illustrative and are not recommended by HDFC Mutual Fund/AMC. TheFund may or may not have any present or future positions in these sectors. For Compete portfolio please visit www.hdfcfund.com

Source: MFI Explorer, Portfolio details as on May 31, 2019. Universe is SEBI category for open ended Multi-cap schemes as per MFI Explorer

Sector HDFC Equity Fund Average of Other

Multi cap schemes

Corporate Bank & Financials 32.2 13.2

Utilities 10.1 2.0

Energy 10.9 4.7

Information Technology 13.6 9.2

Industrials 15.2 11.0

Real Estate 0.3 0.5

Communication Services 1.9

Health Care 2.8 4.7

Materials 4.9 8.8

Consumer Staples 3.4 7.3

Consumer Discretionary 9.6

Retail Bank & Financials 6.3 20.4

Cash, Foreign Equity, Debt

Instruments & NCA0.4 6.6

100.0 100.0

HDFC Equity Fund portfolio is positioned differently from average of other Multi cap schemes

Key overweight sectors

Corporate Banks & Financials

• Recognition phase of NPAs is largely over

• With falling slippages and increasing resolution of NPAs

provisioning costs are expected to fall sharply

Utilities

• Attractive valuations

Key underweight sectors

Consumer Discretionary

• Weak demand growth

• Rich valuations

Consumer Staples

• Rich valuations

Retail Banks and Financials

• Corporate banks are more attractiveOverweight Underweight

HDFC Equity Fund – Differentiated Portfolio positioning vs Benchmark

9

HDFC Equity Fund is overweight in sectors with

earnings recovery and is underweight in expensive

P/E sectors generally

HDFC Mutual Fund/AMC is not guaranteeing any returns on investments made in this Fund. The above statements / analysis should not be construed as an investment advice or a research report or a recommendation to buy or sell any security covered under the respective sector/s . In view of the individual circumstances and risk profile, each investor is advised to consult his /

her professional advisor before making a decision to invest in the Scheme. Sectors referred above are illustrative and are not recommended by HDFC Mutual Fund/AMC. The Fund may or

may not have any present or future positions in these sectors. For Compete portfolio please visit www.hdfcfund.com. The current investment strategy is subject to change depending on the

market conditions. The AMC/Mutual Fund may, keeping in view the market conditions and the interest rate scenario, alter the above investment strategy without notice, within the overall

investment objective of the scheme.

Source: MFI Explorer, Bloomberg, Portfolio & Benchmark details as on May 31, 2019

SectorHDFC Equity

Fund

Benchmark –

NIFTY 500

Corporate Banks & Financials 32.2 10.8

Industrials 15.5 7.6

Utilities 10.1 3

Information Technology 13.6 10.8

Energy 10.9 9.9

Real Estate NIL 0.6

Health Care 2.8 4.6

Communication Services NIL 2.2

Materials 4.9 8.4

Consumer Staples 3.4 8.9

Consumer Discretionary NIL 8.8

Retail Banks & Financials 6.3 24.3

Cash, Foreign Equity, Debt

Instruments & NCA0.4 NIL

100 100

Overweight Underweight

Rationale for HDFC Equity Fund’s large overweight in Corporate banks

10

• Corporate banks asset quality stress peaked in FY18. Gross & Net NPA’s have declined between Mar-18 & Mar-19

• Asset resolution through NCLT is gaining traction – NPA’s worth INR 1.28tn have got resolved till Dec-18 (10.6% of system NPA)

• Of the total cases worth INR ~4tn referred to NCLT, NPA cases worth INR 1.4tn are at advanced stages of resolution (12% of

system gross NPA - includes steel and power assets)

Source: RBI, IBBI, Kotak Institutional Equities NPA – Non Performing Assets

Profitability of Corporate Banks is expected to revert back to normal

HDFC Equity Fund is presently overweight by 20% in Corporate Banks and thus positioned well

PAT (Rs crs) FY17 FY18 FY19 FY20E FY21E

Corporate Banks (forming part of NIFTY 50)

27,096 4,730 10,622 61,903 84,155

Net NPA (%) & Profit After Tax (PAT) - Corporate Banks in NIFTY 50

The current investment strategy is subject to change without prior notification. For latest scheme portfolio visit our website www.hdfcfund.com Stocks/Sectors referred above are illustrative

and are not recommended by HDFC Mutual Fund/AMC. The Fund may or may not have any present or future positions in these sectors performance. The AMC/Mutual Fund may, keeping in

view the market conditions and the interest rate scenario, alter the above investment strategy without notice, within the overall investment objective of the scheme.

Rationale for HDFC Equity Fund large underweight in Consumer discretionary

11

• Slowdown in discretionary consumption

• Significant increase in household leverage

• Jobs generated primarily in lower income categories

• Urban and Semi-urban markets maturing for certain discretionary categories

• Overestimation of demand led to excess inventory in channels

HDFC Equity Fund is presently underweight consumer discretionary

Source: Kotak Institutional Equities; RBI, 3MMA – 3 month moving average

The current investment strategy is subject to change without prior notification. For latest scheme portfolio visit our website www.hdfcfund.com .Sectors referred above are illustrative and are not

recommended by HDFCMutual Fund/AMC. The Fund may or may not have any present or future positions in these sectorsperformance.

HDFC Equity Fund - Investment Philosophy

12

Steadfast adherence to few principles has worked well for HDFC Equity Fund over medium to long periods

• A predominantly large cap portfolio with limited exposure to mid caps / small caps

• Preference for strong & growing companies - Strong companies not only survive, but emerge stronger in

challenging times, reducing permanent losses

• Effective diversification of portfolio – The portfolio has always been diversified across key sectors and

variables across the economy to reduce risk

• A long term approach to investing and

Low portfolio turnover

"We don't have to be smarter than the rest. We have to be more disciplined than the rest."

- Warren Buffet

For latest scheme portfolio visit our website – www.hdfcfund.com

Portfolio Turnover (%)

FY13 FY14 FY15 FY16 FY17 FY18 FY19

32.3 36.5 39.2 36.7 23.1 30.5 18.0

Why HDFC Equity Fund? Whom is it suited for?

13

*Past Performance may or may not be sustained in the future. HDFC Mutual Fund/AMC is not guaranteeing any returns on investments made in this Fund. In view of the individualcircumstances and risk profile, each investor is advised to consult his / her professional advisor before making a decision to invest in the Scheme. Refer Slide No.19 for detailed performance

For complete dividend history please refer slide 5. All dividends are on face value of Rs 10 per unit. After payment of the dividend, the per Unit NAV falls to the extent of the payout andstatutory levy (if applicable). There is no assurance or guarantee to Unit holders as to rate/quantum of dividend distribution or that the dividends will be paid regularly.

• HDFC Equity Fund is a good investment vehicle for those who believe in the growth

prospects of India and understand the power of compounding

• The Fund offers :

• Consistent returns across several economic & market cycles

• Long term oriented, disciplined and consistent approach to investments

• Unbroken dividend track record for last 17 years (7-14% dividend yield)*

The best time to invest was yesterday, the second best is today !

Indian Economy - Steady economic growth, stable macro economic parameters

14

• Consumption grew faster than capex between FY12 - FY17; it is now

moderating

• Capex grew faster than consumption in FY18 and FY19; should

accelerate further in FY20

• Infrastructure capex has improved over last few years led by roads etc.

• Signs of private capex recovery with capacity utilization increasing;

Cement and Steel majors have announced significant capex

Improving macros FY13 FY14 FY15 FY16 FY17 FY18 FY19E FY20E

Real GDP at market price (% YoY) 5.5 6.4 7.4 8.0 8.2 7.2 6.8 6.8

Centre's fiscal deficit (% GDP) 4.9 4.5 4.1 3.9 3.5 3.5 3.4 3.4

Current Account Deficit (CAD) (% GDP) 4.8 1.7 1.3 1.1 0.7 1.8 2.2 2.1*

Balance of Payment (% of GDP) 0.2 0.8 3.0 0.9 0.9 1.6 0.0 0.6

Net FDI (% of GDP) 1.1 1.2 1.5 1.7 1.6 1.1 1.2 1.2

Consumer Price Inflation (CPI) (Average) 9.9 9.4 6 4.9 4.5 3.6 3.4 3.7

Foreign Exchange Reserves (USD bn) 292.6 303.7 341.4 359.8 370 424.4 411.9 421.9^

Source: CEIC, Kotak Institutional Equities; Economic Survey, E-Estimates, ^ as of 31St May 19. na – not available

-5.0%

0.0%

5.0%

10.0%

15.0%

FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19

Signs of capex reviving, consumption stable

Real GDP Growth

Consumption

Gross Capital Formation

70.0

72.0

74.0

76.0

78.0

80.0

Se

p-1

1

Ma

r-12

Se

p-1

2

Ma

r-13

Se

p-1

3

Ma

r-14

Se

p-1

4

Ma

r-15

Se

p-1

5

Ma

r-16

Se

p-1

6

Ma

r-17

Se

p-1

7

Ma

r-18

Se

p-1

8

Ma

r-19

%Rising capacity utilisation driving capex

recovery Capacity UtilisationCapacity Utilisation (SA)Long term Average

Source: CMIE, RBI. All opinions, figures, charts/graphs, estimates and data included in this presentation are as on date and are subject to change without notice. The statements contained herein are based

on our current views and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements.

Equity Markets Review

15

• Improving profit growth outlook and a stable political environment

• Post correction in 2018, midcaps valuations have converged with largecaps

• NIFTY50 EPS growth is estimated at 17.3% CAGR over FY18-21E compared to 3.5%

between FY13 -18

• Markets are trading at FY21(E) P/E of ~16.4x and Marketcap to GDP ratio of 67% CY20E

India market cap to GDP ratio, PE multiples, calendar year-ends 2005-20E (%)

Data Source: Kotak Institutional Equities, updated till 31st May, 2019, From 2005-18, NIFTY50 PE is based on 12 month forward estimated EPS; For 2019E, PE is based on EPS numbers as of Mar-20

end and for 2020E it is based on EPS of Mar-21 end. E - Estimated

Improving profit growth outlook

16

NIFTY50 EPS growth: The worst is behind, strong improvement ahead

Source: Kotak Institutional Equities

NIFTY 50PAT growth

(CAGR %)

Sector Mar 18-21E

Consumer Discretionary 8.0

Consumer Staples 13.2

Corporate Banks & Financials 161.8

Energy 10.3

Health Care 23.0

Industrials 12.5

Information Technology 11.3

Materials 8.9

Retail Banks & Financials 18.7

Utilities 11.8

Communication Services -25.3

Capital Goods

• Weak capex in economy

• Stretched working capital cycle and high interest rates

Utilities

• Change in CERC (Central Electricity Regulatory Commission)

regulations

Corporate Banks & Financials

• Significant increase in stress in steel, power & infra sectors

• Higher provisioning on NPAs impacted profitability sharply

Healthcare

• Scaling up of specialty products and complex generic products

(respiratory, injectibles, etc.) in the United States to improve margins

Utilities

• Capacity led growth

Corporate Banks & Financials

• Recognition phase of NPAs is largely over, GNPA provisioning is

at 62% as on Mar 19

• With falling slippages and increasing resolution of NPAs

provisioning costs are expected to fall sharply

Reasons for weak NIFTY50 Earnings

growth in FY13-18

Earnings growth in FY18-21E expected

to be driven by

PAT (Rs crs) Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21

Corporate Banks & Financials

(forming part of NIFTY 50)28,911 28,537 33,758 30,440 27,096 4,730 10,622 61,903 84,155

FY13 FY14 FY15 FY16 FY17 FY18NIFTY50 EPS

CAGR 13-18FY19E FY20E FY21E

NIFTY50 EPS

CAGR 18-21E

NIFTY EPS 377 410 398 384 439 4493.5

481 613 72417.3

Growth % 8.8 -2.9 -3.5 14.4 2.0 7.1 27.4 18.1

Summary

17

• Macro economic indicators are stable and healthy; slowdown in discretionary spending, capex is improving

• Strong earnings growth outlook with NIFTY EPS growth estimated at 17.3% CAGR over FY18-21E

• FY21(E) P/E of ~16.4x and Marketcap to GDP ratio of 67% CY20E is reasonable

• Post correction in 2018, midcaps valuations have converged with largecaps

• HDFC Equity Fund has a differentiated portfolio positioning vs. average of other Multicap Funds and vs benchmark ; Fund is

overweight in sectors etc. with improving outlook like Corporate Banks, Industrials etc (slide 8, 9)

Source: Kotak Institutional Equities; Economic Survey, E-Estimates

**Past Performance may or may not be sustained in future. For detailed performance please refer Slide 20-22

HDFC Equity Fund highlights

19.0% CAGR for over 24 years** vs. NIFTY 500 TRI CAGR of 11.6%

HDFC Equity Fund has been able to generate alpha in each of 10 year fiscal periods since inception.

Similarly, Fund has generated alpha in more than 90% of 3, 5 year fiscal periods

The fund has declared 23 dividends in last 20 years (since 1999)

HDFC Equity Fund – Asset Allocation Pattern

18

Types of Instruments

Minimum

Allocation (% of

Total Assets)

Maximum

Allocation (% of

Total Assets)

Risk Profile

Equity and Equity related

instruments65 100 High

Debt Securities (including

securitised debt) and

money market instruments

035

Low to Medium

Units issued by REITs and

InvITs0 10 Medium to High

Non-convertible preference

shares0 10 Low to Medium

The Scheme may invest in the schemes of Mutual Funds in accordance with the applicable extant SEBI (Mutual Funds)

Regulations as amended from time to time. The Scheme may invest up to 35% of its total assets in foreign securities. The

Scheme may invest upto 100% of its total assets in Derivatives. For further information, kindly refer to the Scheme

Information Document of HDFC Equity Fund available on our website www.hdfcfund.com

Under normal circumstances, the asset allocation (% of total assets) of the Scheme’s

portfolio will be as follows :

HDFC Equity Fund – Scheme Performance summary

19

Value of Rs 10,000 invested

PeriodScheme

Returns (%)

Benchmark

Returns #

(%)

Additional

Benchmark

Returns ##

(%)

Scheme

(Rs.)

Benchmark

(Rs)#

Additional

Benchmark

(Rs)##

Last 1 year 13.74 6.46 12.43 11,374 10,646 11,243

Last 3 years 15.89 14.35 14.99 15,563 14,954 15,203

Last 5 years 12.23 12.35 11.92 17,818 17,910 17,571

Since inception (Jan 01,

1995)18.97 11.60 NA 696,471 145,910 NA

# NIFTY 500 (Total Returns Index). ## NIFTY 50 (Total Returns Index). N.A. – Not Available.

The above scheme is managed by Prashant Jain, the fund manager since June 20, 2003.

Past performance may or may not be sustained in the future. The above returns are of Regular Plan – Growth Option. Returns greater than 1 year

period are compounded annualized (CAGR). Load is not taken into consideration for computation of performance. Different Plans viz. Regular Plan and

Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses

/ commission charged in the Regular Plan. Returns as on 31st May, 2019.

HDFC Equity Fund – SIP Performance summary

20

The above scheme is managed by Prashant Jain, the fund manager since June 20,2003.Past performance may or may not be sustained in the future. CAGR returns are computed after accounting for the cash flow by using XIRR method (investmentinternal rate of return) for Regular Plan - Growth Option. The above investment simulation is for illustrative purposes only and should not be construed as a promiseon minimum returns and safeguard of capital. Load is not taken into consideration for computation of performance. Different Plans viz. Regular Plan and Direct Planhave a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission chargedin the Regular Plan. Scheme Inception Date – January 1, 1995. # NIFTY 500 Total Returns Index. ## NIFTY 50 Total Returns Index. Returns as on 31st May, 2019.

Particulars 1 year 3 Years 5 Years 10 Years Since Inception

Total Amount Invested (`’000) 120 360 600 1,200 2,930

Mkt Value As on May 31, 2019 (`000) 132.56 436.49 811.56 2,442.92 75,841.05

Returns (Annualised) (%) 20.06 12.95 12.04 13.63 21.85

Benchmark Returns (Annualised) (%) # 11.44 10.91 11.24 12.23 14.79

Addl. Benchmark Ret. (Annualised) (%)

##16.44 14.19 12.37 12.18 NA

HDFC Equity Fund – Assuming Investment of Rs. 10,000 systematically on the first Business Day of every Month.

Other schemes managed by Prashant Jain, fund manager of HDFC Equity Fund

21

Scheme

Managing Scheme

Since

Returns (%) as on May 31, 2019

Last1 year (%)Last 3 years Last 5 years

CAGR (in %) CAGR (in %)

HDFC Top 100 Fund June 20, 03 15.55 15.85 11.99

NIFTY 100 Total Returns Index 10.03 14.91 12.32

HDFC Balanced Advantage Fund June 20, 03 11.86 13.99 12.08

NIFTY 50 Hybrid Composite Debt

65:35 Index11.95 12.54 10.97

HDFC Hybrid Debt Fund (Equity

Assets) Dec 26, 038.07 8.28 8.63

NIFTY 50 Hybrid Composite Debt

15:85 Index10.91 8.77 9.25

Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualised (CAGR). The above returns are calculated using the Time Weighted Rate of Return

(TWRR) methodology, to make them comparable with mutual fund scheme returns. Inception date is March 22, 2016. The performance is not comparable with the performance of the aforementioned scheme(s) of

HDFC Mutual Fund due to differing investment objective/s and fundamental differences in asset allocation, investment strategy and the regulatory environment. The said disclosure is pursuant to SEBI Circular no.

Cir/IMD/DF/7/2012 dated February 28, 2012 pertaining to Regulation 24(b) of SEBI (Mutual Funds) Regulations, 1996. FPI - Foreign Portfolio Investor.

Managing

Portfolio Since

Returns (%) (As on May 31, 2019)

Last 1 year (%)Last 3 years Last 5 years

CAGR (in %) CAGR (in %)

Category I - FPI Portfolio (managed

under a bilateral agreement under

Regulation 24(b) and subject to

applicable laws)

Mar 22, 16 19.90 16.01 NA

Benchmark- MSCI India (Total Returns) 0.31 12.45 NA

PERFORMANCE OF CATEGORY I - FPI PORTFOLIO

On account of difference in type of scheme, asset allocation, investment strategy, inception dates, the performance of these schemes is strictly not comparable. ^Effective close of business

hours of June 1, 2018, HDFC Prudence Fund merged with HDFC Growth Fund (HDFC Balanced Advantage Fund after changes in fundamental attributes). As the portfolio characteristics

and the broad investment strategy of HDFC Balanced Advantage Fund is similar to that of erstwhile HDFC Prudence Fund, the track record (i.e. since inception date) and past performance

of erstwhile HDFC Prudence Fund has been considered, in line with SEBI circular on Performance disclosure post consolidation/merger of scheme dated April 12, 2018.

Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualised (CAGR).Load is not taken into consideration for computation of

above performance(s). Different plans viz. Regular Plan and Direct Plan have different expense structures. The expenses of the Direct Plan under the scheme will be lower to the extent of the

distribution expenses/commission charged in the Regular Plan. Returns as on 31st May, 2019. The above returns are of Regular Plan- Growth Option.

Scheme Performance Summary

The presentation dated 1st July, 2019 has been prepared by HDFC Asset Management Company Limited (HDFC AMC)

based on internal data, publicly available information and other sources believed to be reliable. Any calculations made

are approximations, meant as guidelines only, which you must confirm before relying on them. The information given is

for general purposes only. Past performance may or may not be sustained in future. The current investment strategies

are subject to change depending on market conditions. The statements are given in summary form and do not purport

to be complete. The views / information provided do not have regard to specific investment objectives, financial

situation and the particular needs of any specific person who may receive this information. The information/ data herein

alone are not sufficient and should not be used for the development or implementation of an investment strategy. The

statements contained herein may include statements of future expectations and other forward-looking statements that

are based on our current views and involve known and unknown risks and uncertainties that could cause actual results,

performance or events to differ materially from those expressed or implied in such statements. Stocks/Sectors referred

in the presentation are illustrative and should not be construed as an investment advice or a research report or a

recommended by HDFC Mutual Fund / AMC. The Fund may or may not have any present or future positions in these

sectors. HDFC Mutual Fund/AMC is not guaranteeing any returns on investments made in the Scheme(s). The

data/statistics are given to explain general market trends in the securities market, it should not be construed as any

research report/research recommendation. Neither HDFC AMC and HDFC Mutual Fund nor any person connected with

them, accepts any liability arising from the use of this document. The recipient(s) before acting on any information

herein should make his/her/their own investigation and seek appropriate professional advice and shall alone be fully

responsible / liable for any decision taken on the basis of information contained herein.

MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY

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Thank You

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