ICICI Prudential PMS Contra Portfolio · NIFTY 50 NSE Midcap 100 Midcap valuation at discount compared to Large caps Midcap Index performance against Large caps 12 The Stock(s)/Sector(s)

ICICI Prudential PMS Contra Portfolio A series under “Deep Value" Portfolio

All data/information used in the preparation of this material is dated and may or may not be relevant any time after the issuance of this material. ICICI Prudential Asset Management Company Limited (the

Portfolio Manager/ the AMC) takes no responsibility of updating any data/information in this material from time to time. The recipient of this material is solely responsible for any action taken based on this

material. The information contained herein are strictly confidential and are meant solely for the benefit of the addressee and shall not be altered in any way, transmitted to, copied or distributed, in part or in

whole, to any other person or to the media or reproduced in any form, without prior written consent of the AMC. Further, the information contained herein should not be construed as forecast or promise. Past

performance of the Portfolio Manager may not be indicative of the performance in the future. Please refer to page 22 & 23 for risk factors and disclaimers.

Global Indices Performance – China surges ahead

• Chinese equities have been

steadily rising (up about 18%)

since the start of this year

backed by policy reform

announcements

• Indian markets, on the other

hand, remained nervous

largely on account of domestic

macro and security issues.

Germany - DAX Index; China - SSE Composite Index; France - CAC 40 Index; Japan - Nikkei; Eurozone - Euronext 100; Hong Kong - HangSeng; US - Dow Jones; Singapore - Strait Times; Russia - RTS Index; Indonesia - Jakarta Composite Index; U.K. - FTSE;

South Korea - Kospi; Brazil - Ibovespa Sao Paulo Index; Indonesia – Jakarta Composite Index; Switzerland – Swiss Market Index; Taiwan – Taiwan Stock Exchange Corporation; India – S&P BSE Sensex; Returns in % terms. Data Source: MFI; Returns are

absolute returns for the PRI variant of the index calculated between Jan 31, 2019 – Feb 28, 2019. Past performance may or may not be sustained in future

13.8

5.0 4.8 4.7 4.6 3.7

3.1 2.9 2.5 1.5

0.7

-0.4 -1.1 -1.4

-1.9 -2.2 -4

-2

0

2

4

6

8

10

12

14

16C

hin

a

Fran

ce

Eurozone

Sw

itzerla

nd

Taiw

an

US

Germ

any

Japan

Hong K

ong

UK

Sin

gapore

South K

orea

India

Indo

nesia

Brazil

Russia

Returns (

%)

Returns Performance – Feb 2019

Sectoral Indices Performance

All indices are of S&P BSE and carry the prefix of S&P BSE; Abbreviated CD - S&P BSE Consumer Durables; CG - S&P BSE Capital Goods; FMCG - S&P BSE Fast Moving Consumer Goods; HC

- S&P BSE Health Care; Infra. - S&P BSE India Infrastructure; IT - S&P BSE Information Technology, NBFC – Non-banking Finance Companies. Data Source: MFI; Returns are absolute returns for

the PRI variant of the index calculated between Jan 31, 2019 – Feb 28, 2019; Past performance may or may not be sustained in future. The Stock(s)/Sector(s) mentioned in this material do not

constitute any recommendation of the same and the portfolios may or may not have any future positions in these Stock(s)/Sector(s).

1.7 1.4

1.2 1.1

0.7 0.6

0.1

-0.1

-0.8 -0.9

-1.3 -1.6 -1.8

-2.3 -2.3

-2.8 -3.2

-2.2

-1.2

-0.2

0.8

1.8

2.8A

uto

Oil &

Gas

Realt

y

Tele

com

CD

Energy

Basic

Materia

ls IT

Infra

HC

CG

Fin

an

ce

Metal

FM

CG

Bankex

Pow

er

Returns (

%)

Returns Performance – Feb 2019

• Companies in the auto, oil

& gas, realty, and telecom

saw muted Q3FY19 results

• However, the stock

performances of

companies in these

sectors performed well

during the month

Earnings Recovery

Source: Company data, Morgan Stanley Research, Data as of Dec 31, 2018; Data related to MS coverage universe

20%

30%

40%

50%

60%

70%

80%

90%

100%

Jun-99

Dec-00

Jun-02

Dec-03

Jun-05

Dec-06

Jun-08

Dec-09

Jun-11

Dec-12

Jun-14

Dec-15

Jun-17

Dec-18

Revenue G

row

th

% of Cos with >10% Revenue

Growth

30%

40%

50%

60%

70%

80%

Jun-99

Dec-00

Jun-02

Dec-03

Jun-05

Dec-06

Jun-08

Dec-09

Jun-11

Dec-12

Jun-14

Dec-15

Jun-17

Dec-18

Profit

Grow

th

% of Cos with >10% Net Profit Growth

Revenue growth has been rising steadily while profit growth has only recently started on its

upward trajectory

Growth Numbers

Indian Economy slowed

down in Q3FY19 to 6.6%

from 7.0% in Q2FY19

and 7.7% in Q3FY18. The

slowdown in GDP was

mainly due to drag in

capital expenditure even

as consumption

increased

7.0%

7.7% 8.0%

7.0% 6.6%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

Q3 FY18 Q4 FY18 Q1 FY19 Q2 FY19 Q3 FY19

GD

P (

%)

GDP Data

Source: CRISIL Research; Data as of Dec 2018: GDP – Gross Domestic Product

Contrarian Investing: How it works?

Out of the Flavour: Investing into

companies where prevailing

sentiments are not positive. Contrarian

Investing

Focus: Widespread pessimism

about a company can drive prices

low. Prices tend to overstate the

risk and understate the prospects

of recovery.

Avoids: Widespread optimism results in

high valuation that may lead to correction

when valuations are not justified by

fundamentals.

6

The aforesaid points are only indicative. There may be other factors that may be relevant for identification of a contrarian investing opportunity.

What is Contrarian Investing?

Behavioural Finance View:

Prices of stocks are pushed

by investors to

unsustainable levels in both

direction.

Over reaction by market

participants leads to

underperformer become

under valued and

outperformer become over

valued.

Efficient Markets View:

Prices follow a random

walk, though when prices

fluctuates to extremes, they

are generally brought back

to equilibrium in time.

Investor behaviour causes

market to deviate from

fundamental values

creating inefficient markets.

7

Performance of Sectors: Contrarian Opportunities

Source: MFI Explorer, Edelweiss Research. Returns of Auto are of :S&P BSE AUTO, Bankex: S&P BSE Bankex, FMCG:S&P BSE FMCG, CG(Capital Goods): S&P BSE CG, IT: S&P BSE IT, Metal: S&P

BSE METAL, HC: S&P BSE HC, CD(Consumer Discretionary): S&P BSE CD, Oil & Gas: S&P BSE Oil & Gas, Power: S&P BSE Power, Telecom: S&P BSE Telecom. Returns are of calendar year and

are in absolute terms. Past Performance may or may not sustain in future. 8

The Stock(s)/Sector(s) mentioned in this material do not constitute any recommendation of the same and portfolio may or may not have any future positions in these stock(s)/Sector(s).

Source: Internal. Past Performance may or may not sustain in future. Prices Rebased at 100

METAL

234%

CD

68%

FMCG

10%

Bankex

57%

IT

60%

Bankex

65%

CD

24%

METAL

37%

CD

102%

IT

26%

AUTO

204%

AUTO

38%

HC

-13%

FMCG

47%

HC

23%

CD

66%

HC

15%

Oil & Gas

27%

Telecom

49%

FMCG

15%

IT

133%

HC

34%

IT

-16%

CD

46%

Telecom

18%

AUTO

52%

IT

5%

AUTO

9%

METAL

48%

BANKEX

6%

CG

104%

Bankex

33%

Telecom

-16%

AUTO

40%

FMCG

11%

CG

50%

Telecom

3%

BANKEX

7%

CG

40%

CG

-1%

CD

98%

IT

32%

CD

-17%

HC

39%

AUTO

7%

HC

47%

FMCG

1%

FMCG

3%

BANKEX

39%

HC

-6%

Bankex

84%

FMCG

32%

AUTO

-20%

CG

35%

Oil & Gas

4%

Power

23%

AUTO

-1%

Power

2%

Oil & Gas

34%

Power

-15%

Power

74%

CG

9%

Oil & Gas

-29%

METAL

19%

CG

-6%

FMCG

18%

Oil & Gas

-3%

CG

-3%

FMCG

32%

CD

-15%

Oil & Gas

73%

Telecom

2%

Bankex

-32%

Oil & Gas

13%

Bankex

-9%

IT

17%

Power

-6%

CD

-6%

AUTO

32%

Oil & Gas

-16%

Health Care

69%

Oil & Gas

1%

Power

-40%

Power

11%

METAL

-12%

Oil & Gas

12%

CG

-9%

IT

-8%

Power

20%

METAL

-21%

FMCG

40%

METAL

1%

CG

-48%

IT

-1%

Power

-15%

Telecom

9%

Bankex

-10%

HC

-13%

IT

11%

AUTO

-21%

Telecom

-7%

Power

-6%

METAL

-48%

Telecom

-3%

CD

-25%

METAL

8%

METAL

-31%

Telecom

-21%

HC

0%

Telecom

-40%

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Broad Investment Process

9

The investment process mentioned above are indicative in nature. There may be other investment process for stock selection.

Identification:

Identification of sectors or

companies which are facing

temporary headwinds.

Selection

Criteria:

Parameters such as ROE,

ROCE, Market Cap by Cash

Profit, P/E, Corporate

Governance & Capital

Allocation Track Record are

used to determine

investability.

Portfolio

Construction:

Basis results of screeners,

the portfolio is constructed

by choosing

sectors/companies which

are facing temporary stress

and are expected to survive

in long run.

Contrarian Investment: Investing in ‘’Out of the flavour’’

FMCG Sector underperformed during 2006-07 Phase Valuation: Lower than their long term average

90

110

130

150

170

190

210

Jan/2006 Jul/2006 Jan/2007 Jul/2007

Nifty 50 S&P BSE FMCG

Dec-2007

15

20

25

30

35

40

45

Jan/2006 Jul/2006 Jan/2007 Jul/2007

S&P BSE FMCG P/E Ratio

Dec-2007

10

The Stock(s)/Sector(s) mentioned in this material do not constitute any recommendation of the same and portfolio may or may not have any future positions in these

stock(s)/Sector(s). Source: Internal. Past Performance may or may not sustain in future. Prices Rebased at 100

Pric

e M

ovem

en

t. R

e-B

ased

at 100


75.3

169.9

35

55

75

95

115

135

155

175

195Nifty 50 S&P BSE FMCG

Investing Out of the

flavour may help

limiting downside

Captured Upside

Out of the flavour

investment aims to

provide margin of

safety.

Nifty 50 fell by 59%

while S&P BSE FMCG

fell by 28%.

In recovery phase S&P

BSE FMCG captured

the upside.

Since Jan 2008 till Dec 2011 Nifty 50 delivered -6.9% CAGR against S&P BSE FMCG Index delivered 14.18% CAGR.

11


stock(s)/Sector(s). Source: Internal. Past Performance may or may not sustain in future.

Pric

e M

ovem

en

t. R

e-B

ased

at 100


Since Jan 2014 till Dec 2015 Nifty 50 delivered 12.31% CAGR against Nifty Midcap 100 index delivered 28.54% CAGR.

-25%

-20%

-15%

-10%

-5%

0%

5%

10

11

12

13

14

15

16

17

18

Spread Midcap PE NIFTY 50 PE

123.17

164.47

80.00

100.00

120.00

140.00

160.00

180.00

Jan

/20

14

Feb

/20

14

Mar/2

01

4

Ap

r/201

4

May/20

14

Ju

n/2

014

Ju

l/201

4

Au

g/2

01

4

Sep

/20

14

Oct/201

4

No

v/201

4

Dec/2

014

Jan

/20

15

Feb

/20

15

Mar/2

01

5

Ap

r/201

5

May/20

15

Ju

n/2

015

Ju

l/201

5

Au

g/2

01

5

Sep

/20

15

Oct/201

5

No

v/201

5

Dec/2

015

NIFTY 50 NSE Midcap 100

Midcap valuation at discount compared to Large caps Midcap Index performance against Large caps

12


stock(s)/Sector(s). Source: Internal. Past Performance may or may not sustain in future.

Pric

e M

ovem

en

t. R

e-B

ased

at 100


From Jan 2018 to 31st July 2018, a leading IT company delivered 32% absolute return in 2018 YTD against 26% of Nifty IT

index and 8.8% of Nifty 50 Index.

Valuation in IT sector went from premium to discount

compared to broad market. Stock Price movement of Leading IT company

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

0

5

10

15

20

25

30

Spread NSE IT Index PE NIFTY 50 P/E

873.4

1365.1

800

900

1000

1100

1200

1300

1400

1500

56.3%

Unfavourable business

cycle, strong rupee and

management issues

13


stock(s)/Sector(s). Source: Internal. Past Performance may or may not sustain in future. Performance as on 31st July 2018


Leading FMCG company underperformed S&P BSE FMCG Index Holding in existing portfolios managed by the Portfolio

Manager

100

110

120

130

140

150

160Leading FMCG company S&P BSE FMCG

3.0

2.7

2.6

2.5

2.5 3

.6

3.7

3.6

4.0

3.8

5.1

5.5

3.1

2.9

2.9

2.7

2.6

2.8

2.8

2.7

5.4

8.29

8.32

8.31

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0ICICI Prudential PMS Largecap

Portfolio

ICICI Prudential PMS Flexi-Cap

Portfolio

14


stock(s)/Sector(s). Source: Internal. Past Performance may or may not sustain in future. Portfolio as on month end. Further, the portfolio holding of the existing portfolios managed

by the Portfolio Manager mentioned above are the holding of the oldest client of the respective Portfolios.

From Jan 2018 to 31st July 2018, a leading FMCG company delivered 13.5% absolute return in against 12.6% of S&P BSE

FMCG index and 8.8% of Nifty 50 Index.

Pric

e M

ovem

en

t. R

e-B

ased

at 100

%

Contrarian Investment: Opportunities

High Entry Barriers:

Unfavourable business cycle

Consolidation in Industry Special Situations

• Industry challenges

leading to reduction

in players.

• Company with strong

balance sheet and

successful execution

in the last cycle can

emerge stronger and

bigger.

• Distress exits can

create opportunity for

existing players to

consolidate.

• Companies enjoying

Moats.

• Strong competitive

advantage.

• Competitive advantage

due to product, pricing,

service, distribution

network , favourable

infrastructure and

logistics network.

• Mergers

• Acquisitions

• Holding – Subsidiary

company, reduction

in discount.

• Product or

department spin offs.

15


Contrarian Investment: Selection Criteria

Economic Moat

• Market leadership position in categories they operate.

• Dominant position in bottom-line and not only in top-line.

• Better Corporate Governance

• Companies with prudent debt and consistent shareholder’s return performance.

• History of stable earnings, relative high return ratios(i.e Return on Equity, Return on Capital

Employed). High free cash flow(i.e Operating Cash Flow) generation.

Thematic

• Companies likely to benefit from macro economic tailwinds i.e Government’s reforms.

• Reforms like Jandhan Yojana(Financial Inclusion), Bharatmala( Road construction Project),

DBT(Direct Benefit Transfer) or consolidation in industry leading to improvement in pricing

power within the industry.

• Depressed RoCE but could see sharp improvement led by higher returns on incremental return

employed.

• Great execution capabilities of the companies.

16


Shift due to policy change

• Companies having large distribution network vs. regional distribution.

• Superior Quality of Product.

• Better Tax Compliance

• Economies of Scale.

Mean Reversion

• Companies going through rough patch. Depressed earnings, Negative near term outlook.

• RoEs are in trough cycle but not a major balance sheet risk. (i.e. Low Net Debt/EBITDA)

• Significant gap between intrinsic value and market price of stock.

• Under invested sector/company.

Unorganized Organised

17

Contrarian Investment: Selection Criteria


Portfolio Strategy

ICICI Prudential PMS Contra Portfolio aims to provide long term capital

appreciation and generate returns by investing in underperforming

stocks or sectors, which are available at intrinsic valuations and are

expected to perform well in the long run.

To strike an appropriate balance of concentration and diversification

Portfolio Manager retains the flexibility to invest across market

capitalization and sectors.

A focused portfolio of

20-25 stock ideas

Investment Horizon :

4 Years & Above

Benchmark Index: S

& P BSE 200

Minimum Investment

Amount: Rs.

25,00,000

Key Features

The investment strategy, approach and the structure of the portfolio herein involves risk and there can be no assurance that specific objectives will be met under differing market conditions or cycles.

The investment strategy and the composition of the portfolio as stated herein is only indicative in nature and is subject to change within the provisions of the disclosure document and client

agreement without any prior notice to investors. Please refer to the disclosure document & client agreement for details and risk factors.

18

18

The investment process mentioned above are indicative in nature. There may be other investment process for stock selection.

The Stock(s)/Sector(s) mentioned in this material do not constitute any recommendation of the same and the portfolios may or may not have any future positions in these Stock(s)/Sector(s). Data as on 28th

Feb, 2019.

Current Positioning

Market Capitalization Break-up

The data mentioned above is of a benchmark client and data of an individual client may vary significantly from the above.

19

Large

Cap

69%

Mid Cap

21%

Small

Cap

10%

Top 10 Holdings

Stocks % to Net Assets

ICICI Bank Ltd 7.95

ITC Ltd 7.47

Asian Paints Ltd 5.88

Sun Pharmaceutical Industries Limited 5.11

Vedanta Ltd 4.70

S. P. Apparels Limited 4.60

Coal India Ltd 3.82

ACC Ltd 3.54

The Phoenix Mills Limited 3.41

IDFC First Bank Limited 3.23

Portfolio Statistics

No of Stocks: 37

Top 5 Sectors: 67%

Top 10 holdings: 50%

PE Ratio (TTM): 17.91 PB Ratio (TTM): 2.39

Valuation Parameters

P/S Ratio (TTM): 1.64

Top 5 Sector Exposure

Stock – In / Stock - Out

Persistent

Systems Ltd

ACC Ltd

Bharat Forge Ltd

ICICI Prudential Life

Insurance Ltd

S.P. Apparels Ltd

Tata Chemicals Ltd

Tata Steel Ltd

The Phoenix Mills Ltd

The Ramco Cements

Ltd

The data mentioned above is of a benchmark client and data of an individual client may vary significantly from the above. Valuation Parameters Source: ICICI Prudential PMS Contra Portfolio Factsheet

PE: Price to Earning. PB: Price to book, P/S: Price to Sales. The Stock(s)/Sector(s) mentioned in this material do not constitute any recommendation of the same and the portfolios may or may not have any

future positions in these Stock(s)/Sector(s). Data as on Feb 28, 2019. Past performance may or may not be sustained in future.

20

23%

16%

14%

9%

6%

Banks & Finance

Consumer Non Durables

Metals & Mining

Auto

Textiles

Value rebased to INR 1,00,00,000. Data as on Feb 28, 2019. Past performance may or may not be sustained in future. The return mentioned above is the return of the oldest client of the portfolio.

Further, the portfolio value is re-based as and when applicable.

Portfolio Performance

INR 92,26,017

INR 1,06,02,100

1 Month (%) 3 Months (%) Since Inception (%)

ICICI Prudential PMS Contra Portfolio 0.63 2.11 7.32

S&P BSE 200 (0.55) (1.38) (7.74)

The portfolio performance mentioned above is of benchmark client and the performance of an individual clients may vary significantly from the above.

21

8000000

8500000

9000000

9500000

10000000

10500000

11000000

14-Sep-18 14-Oct-18 14-Nov-18 14-Dec-18 14-Jan-19 14-Feb-19

ICICI Prudential PMS Contra Portfolio S&P BSE 200

An Irrational

Market

Sentiment

Risk Factors & Disclaimers

Investing in securities involves certain risks and considerations associated generally with making investments in securities. The value of the portfolio investments may be affected

generally by factors affecting financial markets, such as price and volume, volatility in interest rates, currency exchange rates, changes in regulatory and administrative policies of the

Government or any other appropriate authority (including tax laws) or other political and economic developments. Consequently, there can be no assurance that the objective of the

Portfolio would be achieved. The value of the portfolios may fluctuate and can go up or down. The Stock(s)/Sector(s) mentioned in this material do not constitute any

recommendation of the same and the portfolios may or may not have any future positions in these Stock(s)/Sector(s).

The composition of the portfolio is subject to changes within the provisions of the disclosure document. The benchmark of the portfolios can be changed from time to time in the

future. The inability of the Portfolio Manager to make intended securities purchases due to settlement problems could cause the portfolio to miss certain investment opportunities. By

the same rationale, the inability to sell securities held in the portfolio due to the absence of a well-developed and liquid secondary market for securities would result, at times, in

potential losses to the portfolio. Please note that past performance of the financial products, instruments and the portfolio does not necessarily indicate the future prospects and

performance thereof. Such past performance may or may not be sustained in future. Portfolio Manager’s investment decisions may not be always profitable, as actual market

movements may be at variance with anticipated trends. The investors are not being offered any guaranteed or assured returns. The AMC may be engaged in buying/selling of such

securities. Please refer to the Disclosure Document and Client Agreement for portfolio specific risk factors.

Individual returns of Clients for a particular portfolio type may vary significantly from the data on performance of the portfolios as may be depicted by the Portfolio Manager from

time to time. This is due to factors such as timing of entry and exit, timing of additional flows and redemptions, individual client mandates, specific portfolio construction

characteristics or structural parameters, which may have a bearing on individual portfolio performance. No claims may be made or entertained for any variances between the

performance depictions and individual portfolio performance. Neither ICICI Prudential Asset Management Company Ltd. (the AMC) nor its Directors, Employees or Sponsors shall be

in any way liable for any variations noticed in the returns of individual portfolios.

The Client shall not make any claim against the Portfolio Manager against any losses (notional or real) or against any loss of opportunity for gain under various PMS Products, on

account of or arising out of such circumstance/ change in market condition or for any other reason which may specifically affect a particular sector or security.]

22

An Irrational

Market

Sentiment

Risk Factors & Disclaimers

23

The Portfolio Manager shall have the sole and absolute discretion to invest in respect of the Client’s investment in any type of security subject to the Agreement and as stated in the

Disclosure Document and make such changes in the investments and invest some or all of the Client’s investment amount in such manner and in such markets as it deems fit would

benefit the Client. The Portfolio Manager’s decision (taken in good faith) in deployment of the Clients’ account is absolute and final and can never be called in question or be open to

review at any time during the currency of the agreement or any time thereafter except on the ground of malafide, fraud, conflict of interest or gross negligence. This right of the

Portfolio Manager shall be exercised strictly in accordance with the relevant Acts, rules and regulations, guidelines and notifications in force from time to time.

By their nature, certain market risk disclosures are only estimates and could be materially different from what actually occurs in the future. As a result, actual future gains or losses

could materially differ from those that have been estimated. The recipient(s) alone shall be fully responsible/are liable for any decision taken on the basis of this material. All recipients

of this material should before dealing and/or transacting in any of the products referred to in this material make their own investigation, seek appropriate professional advice. The

investments discussed in this may not be suitable for all investors. Financial products and instruments are subject to market risks and yields may fluctuate depending on various

factors affecting capital/debt markets. There is no assurance or guarantee that the objectives of the portfolio will be achieved. Please note that past performance of the financial

products, instruments and the portfolio does not necessarily indicate the future prospects and performance thereof. Such past performance may or may not be sustained in future.

Portfolio Manager’s investment decisions may not be always profitable, as actual market movements may be at variance with anticipated trends. The investors are not being offered

any guaranteed or assured returns.

In the preparation of this material the AMC has used information that is publicly available, including information developed in-house. Some of the material used herein may have

been obtained from members/persons other than the AMC and/or its affiliates and which may have been made available to the AMC and/or to its affiliates. Information gathered and

material used herein is believed to be from reliable sources. The AMC however does not warrant the accuracy, reasonableness and/or completeness of any information. For data

reference to any third party in this material no such party will assume any liability for the same. We have included statements/opinions/recommendations in this material, which

contain words, or phrases such as “will”, “expect”, “should”, “believe” and also PE ratios, EPS and Earnings Growth for forthcoming years and similar expressions or variations of

such expressions, that are “forward looking statements”. Actual results may differ materially from those suggested by the forward looking statements due to risk or uncertainties

associated with our expectations with respect to, but not limited to, exposure to market risks, general economic and political conditions in India and other countries globally, the

monitory and interest policies of India, inflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices, the performance of the financial markets in India and

globally, changes in domestic and foreign laws, regulations and taxes and changes in competition in the industry.

All data/information used in the preparation of this material is dated and may or may not be relevant any time after the issuance of this material. The Portfolio Manager/ the AMC

takes no responsibility of updating any data/information in this material from time to time. The Portfolio Manager/ the AMC (including its affiliates), and any of its officers directors,

personnel and employees, shall not liable for any loss, damage of any nature, including but not limited to direct, indirect, punitive, exemplary, consequential, as also any loss of profit

in any way arising from the use of this material in any manner

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ICICI Prudential PMS Contra Portfolio · NIFTY 50 NSE Midcap 100 Midcap valuation at discount compared to Large caps Midcap Index performance against Large caps 12 The Stock(s)/Sector(s)