ITI - Cover Page - Final Low MF... · through lumpsum and not by SIP and STP. Our endeavour is to keep the ITI small cap fund open for subscription only for next 6months or 1000 Crores

Your partner for long-term wealth creation

JANUARY 2020FUND FACTSHEET

Our Equity Investment Philosophy

SMARGIN

OF SAFETY

QQUALITY OF

THE BUSINESS

LLOW

LEVERAGE

Mutual fund investments are subject to market risks, read all scheme related documents carefully.

George Heber JosephCEO & CIO

"Always take the high road, it’s far less crowded."

- Charlie Munger

The High Road visible today in markets is towards Small Cap stocks, it is far less crowded. Our believe is that there is a great opportunity to invest in small cap stocks at this point of time. This opportunity generally comes once in 5-6 years period and now is the time to capitalise on it. Especially in small caps timing is the key and buying at appropriate time is essential. This ideally to be done by tactical allocation through lumpsum and not by SIP and STP. Our endeavour is to keep the ITI small cap fund open for subscription only for next 6months or 1000 Crores whichever is earlier, so that the amount collected can be managed well and make sure investors have a fabulous experience.

UNION BUDGET

Overall a decent budget but nothing to enthuse the animal spirits in the near term. Corona virus attack is a risk in winter but will die down in summer as March'20 summer starts in China.

Budget has clearly focused on Agri, Infra, increasing rural income and through taxation tweaking is done in favour of large pool of middle class salaried employees. Few measures are long term oriented and will benefit the economy in the long run.

Equity market was expecting near term measures to spur demand and growth in the economy which was missing and therefore the disappointment seen in markets immediately after the budget announcement. Added to the sentiment the corona virus impacting China and fear of an epidemic outbreak to other nations also created scare in the markets which accentuated the fall on the budget day. We have to remember that fundamentals of the markets will prevail over the long term compared to any other near term technical or emotional factors.

Bond markets will be jubilant as the fiscal deficit targets for FY'20 and FY'21 are on the expected lines. Gross and net borrowing announced also was in synch with the market expectations. Borrowing money from outside India and attracting sovereign funds for infra development is a good move and also increasing FII corporate bond limits to 15% is also a welcome move which can infuse interests in the bond markets. This will put a check on INR depreciation against USD in the near term as well.

JANUARY 2020 1FUND FACTSHEET

“If we avoid the losers, the winners will take care of themselves.”

’

‘Our economy is coming out of a prolonged downturn in capex cycle, protracted impacts of continued government interventions to formalise the economy, interest rates bottoming out and banking sector coming out of the prolonged non-performing loans cycle, we have to be more constructive on markets than before. Latest quarterly results of many big companies & small companies in various sectors have been encouraging. With this construct we are bullish on our Indian economy as well as equity markets with a 3-5 year perspective and we believe this is not the time to reduce equity allocation whereas this is the time to increase equity allocation. We see many pockets of opportunities to invest money in the equity markets and many sectors & stocks are at very attractive valuations which we can’t ignore. We strongly believe the next decade will be a brilliant period to create long term wealth for our investors as our country GDP is expected to gallop from USD 2.7trillion to USD 8-10 trillion and the per capita income also bound to move up. Many companies will create huge market caps and the opportunities also could be large that we cannot miss.


- Charlie Munger


UNION BUDGET






Infra spending increase is a good measure and can potentially create many jobs in the country. This can in-turn help us to revive the rural economy along with many other measures announced in the budget.

OUR INVESTMENT PHILOSOPHY - SQL

Based on mine and Pradeep Gokhale's combined investment learnings of more than 50 years, we have institutionalised very strong and unique investment philosophy SQL, this is core to our fund management framework and approach to all of our portfolios be it is Equity or Debt category.

We strongly believe that good quality (Q), low leverage companies (L) and bought with a reasonable good margin of safety (S) makes the investment rewarding for our investors.

OUR COMMITMENT TO INVESTORS & FOCUS AREAS

Our commitment to investors is that we will be launching the right product to the investors at the right time and keep good quality portfolios at all points of time. Our entire focus will be on asset management and asset gathering should be an outcome of the good work that we do.

As the managers of public money our main focus in fund management is to avoid the losing periods in the market, avoid losing bets in the market and at the same time have the portfolio excellently managed well to generate superior risk adjusted performance.

We are quite enthused with the kind of response that we have received in the last 8 months of operations from our partners. We are quite happy that we are able to partner with more than 8000 IFAs, through them have onboard more than 17000 unique investors.

OUR PHYSICAL PRESENCE

We are already present in 25 cities and have 17 branches already established up and running. It gives us immense pleasure to be present in the market with seven unique mutual fund products. They are positioned well from a long term prospective and would enable our investors to generate long term wealth and plan their financial goals.

We are seeing lots of opportunities to create significant alpha in specific market cap segments. We are committed at our fund house level to come up with very innovative and investor centric solutions only to enable our investors a smooth wealth creation journey.

Our promoters long term commitment to the business is quite promising and that makes the journey far more interesting and enabling us to invest in infrastructure, people, processes and systems.

S

Q

L

Margin of Safety

Quality of the Business

Low Leverage

Safety

Quality of the Business

Liquidity

Investment Philosophy Equity Fixed Income


- Charlie Munger


UNION BUDGET






OUR RISK MANAGEMENT FRAMEWORK

Our risk management frame work & our unique investment philosophy are well thought out and institutionalised to generate superior investment performance and creating a smooth investment experience for all our investors. They are framed based on our own investment experience and also imbibed learnings from some of the great investment houses and investment managers globally, which will stand the test of time and keep our investors interest at high standards. We have put risk limits based on fund mandates, market cap segments, sectors and stocks.

OUR ECONOMY

Our economy is going through a trough growth period

GDP is at 4.5%

Corporate Profitability to GDP is at a 15 year low

Credit growth is anaemic at 8%

IIP growth is low

All of the above points suggests that our economy is cyclically at a multiyear low and we are clearly at the bottom of the economic cycle which is bound to mean revert in the years to come.

Lots of sectors are at multi decade low growth rates which is not sustainable at current levels and therefore offering great investment opportunities in the equity markets.

SMALL CAP STOCKS INVESTMENT OPPORTUNITY

Our expectations is that in next 3-5 years the earnings growth of various sectors and stocks will improve substantially and that is when the economy will do very well and broad markets starts performing. This brings to the point that this is the time to invest into small cap stocks and the case is quite promising according to us.

A) Absolute valuations are cheap

B) Differential valuations between large caps and small caps are at decade high.

C) Interest rates have come off by 250bps from peak

D) Earnings yield of small caps is much higher than large caps

E) Market capitalisation of small caps as percentage of overall market cap coming down below 10% in Dec'19 shows that the bottom of small caps is somewhere near.

With the economy improving, earnings growth will pick up and the broad market will start performing well which can potentially give very attractive returns in the small cap segment in the next 3-4years’ time.


- Charlie Munger


UNION BUDGET






WE ARE BULLISH ON MARKETS

Our economy is coming out of a prolonged downturn in capex cycle, protracted impacts of continued government interventions to formalise the economy, interest rates bottoming out and banking sector coming out of the prolonged non-performing loans cycle, we have to be more constructive on markets than before. Latest quarterly results of many big companies & small companies in various sectors have been encouraging. With this construct we are bullish on our Indian economy as well as equity markets with a 3-5 year perspective and we believe this is not the time to reduce equity allocation whereas this is the time to increase equity allocation. We see many pockets of opportunities to invest money in the equity markets and many sectors & stocks are at very attractive valuations which we can’t ignore. We strongly believe the next decade will be a brilliant period to create long term wealth for our investors as our country GDP is expected to gallop from USD 2.7trillion to USD 8-10 trillion and the per capita income also bound to move up. Many companies will create huge market caps and the opportunities also could be large that we cannot miss.

Equity Market Outlook

We believe Indian economy is close to the bottom of economic cycle. We have seen some early signs of economic recovery in the last three months. We expect recovery to be very gradual as the credit flow to broader economy /SMEs is still weak due to the credit events of the last two years. Corporate India’s profitability as a % of GDP is also at cyclical low, and at levels last seen in 2003. In this back drop, we feel the risk reward of investing in broader markets and in mid & small cap stocks is attractive. We have over the last three months added such stocks in our portfolios and made them more diversified.

We believe our equity funds meet the needs of an investor. ITI Multi Cap funds is one fund for long term equity allocations across market capitalisations. ITI Long Term Equity Fund is for tax savings & long term equity allocations, ITI Balanced Advantage Fund for consistent returns from asset allocation between Debt & Equity - who doesn't need to bother about markets and ITI Small Cap Fund suits for tactical allocations for significant alpha over other segments of the market.

Debt Market Outlook

Bond yields fell post Union Budget on Feb 1, 2020 after the government announced a slew of measures to deepen the domestic debt market. The fiscal deficit targets were in line with estimates which bodes well for the debt markets. As we move forward the bond yield trajectory will be dependent on retail/core inflation in the coming months. Growth recovery and MPCs guidance are also important monitorables which can impact bond yield trajectory.

We believe interest rates have bottomed out and as growth picks up inflation also is likely to pick up. There is a possibility of government loosening fiscal policy to improve growth. We believe, it is advisable to reduce duration risk and invest in high credit quality debt papers with short to medium term maturities.

“The most important thing you can have is a good strategic asset allocation mix. So, what the investor needs to do is to have a balanced, structured portfolio – a portfolio that does in different environments… we don’t know that we’re going to win. We have to have diversified bets”– Ray Dalio

Market ReviewJanuary 2020

Equity Market Update

Net inflows in Equity funds (including ELSS, close-ended and interval schemes) increased sharply to Rs. 4,432 crore in Dec 2019 from a low level of Rs 933 crs in November 2019.

Corporate earnings for the quarter ended December 2019 declared so far, have been in line with expectation.

Benchmark indices viz. BSE Sensex and Nifty declined by 1.29% and 1.70% in January 2020, after a strong rally in the last quarter of 2019. However, broader markets continued to perform well with NSE Midcap and NSE Small cap indices rising by 5.3% and 6.7% respectively. Real estate, FMCG and IT sectors were key outperformers while metals and banking underperformed.

The news of outbreak of Corona Virus in China impacted sentiments towards risk assets. MSCI Emerging Markets Index fell by over 4% in January 2020. Industrial commodities and crude also fell due to fears of the virus outbreak impacting economic growth.

According to data from the National Securities Depository Ltd, foreign portfolio investors (FPIs) were net buyers of domestic stocks worth Rs. 12,122.58 crore compared with net purchase of Rs. 7,338.40 crore in Dec 2019.

3M 6M 1Y

Change in %

S&P BSE SensexNifty 50S&P BSE 200Nifty 500Nifty Mid CapS&P BSE Small Cap

1.480.711.161.777.088.19

1MMonth End

ValueIndex

-1.29-1.70-0.73-0.115.317.07

40723.4911962.10

5041.179861.45

18010.2014667.96

8.657.598.779.03

13.1215.57

12.3210.44

9.899.526.545.33

3Y

13.7711.8010.8510.15

5.334.28

5Y

6.886.306.726.586.535.30

1M3M6M1Y3Y5Y

12,12344,69247,015

117,505133,046157,323

1,384-1,63230,24046,898

288,133411,548

Net Flows

Domestic Indices Performance

Net Institutional Flows - Equity (in Rs. Crore)

Source: NSE & BSE

Source: SEBI

FII Flows MF Flows

3M 6M 1Y

Change in %

DJIAS&P 500FTSEDAXCACNikkeiHang SengKOSPIShanghaiMSCI EMMSCI India

4.476.190.520.901.331.21

-2.211.711.621.950.00

1MMonth End

ValueIndex

-0.99-0.16-3.40-2.02-2.87-1.91-6.66-3.58-2.41-4.69-1.31

28256.033225.527286.01

12981.975806.34

23205.1826312.63

2119.012976.531062.34

18.98

5.188.23

-3.966.515.217.82

-5.274.671.502.443.84

13.0319.28

4.5516.1916.3011.71-5.83-3.8915.53

1.186.81

3Y

12.4612.28

0.874.026.936.814.030.82

-1.975.327.71

5Y

10.4710.07

1.543.954.745.591.431.68

-1.512.011.83

Global Indices Performance

Source: Thomson Reuters Eikon

3M 6M 1Y

Change in %

Nifty AutoNifty BankNifty EnergyNifty FMCGNifty India ConsumptionNifty InfrastructureNifty ITNifty MetalNifty CommoditiesNifty PharmaNifty PSENifty Realty

-4.302.55

-9.99-4.78-2.08-2.123.762.73

-4.043.31

-12.6323.07

1MMonth End

ValueIndex

-1.96-4.13-6.722.172.13

-0.103.14

-8.29-4.091.22

-6.6110.89

8086.5530833.6014838.8030775.30

5062.253252.00

16144.152569.003291.708138.603013.45

331.05

18.026.781.925.88

12.795.363.35

-0.740.651.89

-6.4723.78

-1.6012.96

2.483.277.359.244.16

-11.900.76

-7.78-6.0644.85

3Y

-6.3316.4711.6112.1210.19

3.4217.91-5.79-0.32-7.36-9.1722.62

5Y

-1.969.20

10.707.777.47

-0.266.420.443.46

-6.98-3.746.92

Sectoral Performance

Source: NSE

Nifty 50 - P/E

Nifty 50 - P/B

Source: NSE

Source: NSE


22

25

28

31

Jan-19 May-19 Sep-19 Jan-20

3.10

3.40

3.70

4.00

Jan-19 May-19 Sep-19 Jan-20

Yiel

d (%

)


Debt Market Update

Market ReviewJanuary 2020

According to the Economic Survey, the economic growth of the Indian economy is expected to improve to 6% to 6.5% in FY21 from 5% in the current fiscal. The economic growth is expected to go up on the back of increase in foreign direct investment, pick-up in demand, improvement in rural consumption, growth of industrial activity, higher foreign exchange reserves and growth in merchandise exports. However, the economic survey also warned that global trade tensions, geopolitical tensions between U.S. and Iran, rise in short-term interest rates in advanced economies and slow progress in implementation of the insolvency and bankruptcy code. The government in the Union Budget pegged India’s fiscal deficit target at 3.8% of GDP for FY20. For FY21, India’s fiscal deficit target is pegged at 3.5%. Nominal GDP for FY21 projected at 10%. Net borrowings for FY20 were projected at Rs. 4.74 lakh crore and for FY21 at Rs. 5.45 lakh crore. This was in line with the market expectations.To attract foreign capital and incentivise foreign investments, budget announced exemption in infrastructure & other priority sectors by Sovereign Wealth Funds by way of extension of concessional withholding tax. Corporate bond FPI limits have been increased to 15% from 9% along with proposal to float a new Debt-ETF for G-sec. This may help in Global Bond Index inclusions.India’s Index of Industrial Production (IIP) grew 1.8% in Nov 2019 compared with 0.2% in Nov 2018. Mining and manufacturing grew 1.7% and 2.7%, respectively,

in Nov 2019, while electricity contracted 5.0%. From Apr to Nov 2019, IIP growth came in at 0.6% YoY from 5.0% recorded in the corresponding period last year.GST collections rose to a 9-month high of Rs 1.1 lakh crores, 8.1% higher from a year ago. Total GST collections during April’19 – January’20 was at Rs 10.2 lakh crs, 4.7% higher from a year ago.After considering the entire gamut of LAF, MSF, term repo auction, and reverse repo auction, OMO and market stabilization scheme the average net liquidity of the banking system stood at a surplus of Rs. 3.13 lakh crore in Jan 2020 compared to a net surplus of Rs. 2.61 lakh crore in Dec 2019.Yields on the 10-year U.S. Treasury bond plunged 39 bps to close at 1.52% compared with the previous month’s close of 1.91%. The paper moved in a range of 1.52% to 1.88%. Concerns about the spreading of coronavirus boosted the safe haven appeal of the U.S. Treasuries. Yield on gilt securities fell across the maturities by up to 15 bps barring 10, 11 and 13 to 15-year paper which increased in the range of 4 bps to 12 bps. Yield on corporate bonds fell across 1 to 7-year maturities in the range of 5 bps to 48 bps and increased across the remaining maturities in the range of 4 bps to 89 bps. Difference in spread between corporate bond and gilt securities contracted across 1 to 6-year maturities in the range of 6 bps to 37 bps and expanded across the remaining maturities in the range of 2 bps to 84 bps.

India Yield Curve Shift (Year- on- Year)

1M

3M

6M

1Y

3Y

5Y

-11,648

-18,622

-4,271

15,533

117,562

96,685

32193.26

117258.87

240466.2

516894.27

1249198.03

2007004.93

Net Flows

Net Institutional Flows - Debt (in Rs. Crore)

Source: SEBI, NSDL

FII Flows MF Flows

3M 6M 1Y

Change in BPS

10Y GSEC CMT10Y AAA CMT10Y SPREAD*1Y CD3M CD1Y CP3M CP

-51418

815

-1025

1MMonth End

ValueIndex

51915-715

033

6.718.09

148.995.955.506.705.75

2410

-13-91-71-90-50

-92-4840

-210-177-180-185

3Y

206950

-59-93-80

-133

5Y

-116-1594

-269-302-228-305

Key Domestic Yield Indicators

Source: Thomson Reuters Eikon; *Absolute Change

3M 6M 1Y

Change in %

CPIFOOD & BEVERAGESFUEL & LIGHTHOUSINGCORE CPI

3.367.462.88

-0.45-0.24

1MDec

2019Index

1.813.432.63

-0.190.25

7.3512.16

0.704.303.75

4.179.79

-1.54-0.54-0.38

5.2413.80-3.77-1.02-1.91

3Y

3.9410.18-3.07-0.68-1.08

5Y

3.077.77

-2.70-0.94-0.53

Inflation Indicators

Source: Thomson Reuters Eikon, Bloomberg

3M 6M 1Y

Change in %

US 2Y CMT YIELD (Change in BPS)US 10Y CMT YIELD (Change in BPS)BrentUSD/INRIIPManufacturing PMIService PMI

Trade DeficitNet Oil ImportsNet Non-Oil Trade DeficitNet Gold ImportsTrade Deficit ex Oil & GoldNET of Principal CommoditiesElectronic Goods

-20-17

-1.190.993.204.706.30

1MIndex

-23-39

-15.370.335.802.602.20

1.331.52

58.3671.51

1.8055.3055.50

-56-50

-7.193.85

-2.702.801.70

-113-112

-7.220.671.601.403.30

3Y

13-93

5.555.45

-3.30N.A.N.A.

5Y

86-16

24.4115.79-5.60

N.A.N.A.

147.5964.8982.7029.2253.4845.54

182.6992.3490.3524.1066.25

49.6

153.3084.6468.6619.6848.9844.93

97.4647.3750.09

4.6445.4534.69

125.7657.6368.1320.1947.9434.52

140.4095.8444.5717.6626.9129.13

150.59100.08

50.5119.8030.7124.14

Key Indicators

Source: Thomson Reuters Eikon, Bloomberg

2017 2016 20152018Jan to Dec2019 2014 2013

10-Yr Benchmark Gsec Bond

Source: Thomson Reuters Eikon

Source: CCIL

US $ Billion

Change in bps Jan-20 Jan-19

Month EndValue

-150

-100

-50

0

5.00

6.00

7.00

8.00

1 Yr 5 Yr 10 Yr 20 Yr 30 Yr

Yiel

d (%

)

6.0

6.8

7.6

8.4

Jan- 17 Jan- 18 Jan- 19 Jan- 20

THIS PRODUCT IS SUITABLEFOR INVESTORS WHO ARE SEEKING^

Face Value per Unit: Rs. 10 unless otherwise specified; Data is as of January 31, 2020 unless otherwise specified.

* Includes TREPs,Marginal Fixed Deposits and Net Current Assets

FUND FACTSHEET JANUARY 2020 7

PORTFOLIO

ITI Multi Cap Fund(An open-ended equity scheme investing acrosslarge cap, mid cap, small cap stocks)

CATEGORY OF SCHEME: Multicap Fund

INVESTMENT OBJECTIVEThe investment objective of the Scheme is to generate long-term capital appreciation from a diversified portfolio that predominantly invests in equity and equity-related securities of companies across various market capitalisation. However, there can be no assurance that the investment objective of the Scheme will be realised.

SCHEME DETAILS

FUND MANAGER

Inception Date(Date of Allotment):Benchmark:

15-May-19Nifty 500 TRI

Minimum ApplicationAmount:

Load Structure:Entry Load:

Mr. George Heber Joseph (Since 15-May-19)Total Experience: 17 years

AUM (in Rs. Cr): 99.7689.2520.43%34.46%99

NAV as on January 31, 2020

Regular Plan(in Rs.)

11.447511.4475

Growth:Dividend:

Direct Plan(in Rs.)

11.619111.6191

AAUM (in Rs. Cr):

NA

% of top 5 holdings:% of top 10 holdings:No. of scrips:

Mr. Pradeep Gokhale (Since 15-May-19)Total Experience: 24 years

Rs. 1,000/- and in multiples of Re. 1/- thereafter

Nil

Exit Load: If units are redeemed/switched out within 12 months - 1%. Nil thereafter

Name of the Instrument % toNAV

% to NAVDerivatives

2.43

0.560.73

0.53

0.33

Equity & Equity Related TotalAutoMaruti Suzuki India Ltd.Mahindra & Mahindra Ltd.TVS Motor Company Ltd.V.S.T Tillers Tractors Ltd.Escorts Ltd.Hero MotoCorp Ltd.Auto AncillariesJtekt India Ltd.Motherson Sumi Systems Ltd.Exide Industries Ltd.Suprajit Engineering Ltd.MRF Ltd.BanksState Bank of IndiaHDFC Bank Ltd.ICICI Bank Ltd.Kotak Mahindra Bank Ltd.Axis Bank Ltd.City Union Bank Ltd.The Karnataka Bank Ltd.Bank of BarodaThe South Indian Bank Ltd.Yes Bank Ltd.CementUltratech Cement Ltd.Grasim Industries Ltd.Shree Cement Ltd.ChemicalsRain Industries Ltd.Atul Ltd.ConstructionSobha Ltd.Mahindra Lifespace Developers Ltd.KNR Constructions Ltd.NBCC (India) Ltd.Godrej Properties Ltd.Construction ProjectLarsen & Toubro Ltd.Ashoka Buildcon Ltd.Consumer DurablesV-Guard Industries Ltd.Crompton Greaves Consumer Electrical LtdJohnson CtrlsHitachi Air Cond India Ltd.Titan Company Ltd.Consumer Non DurablesITC Ltd.Marico Ltd.Nestle India Ltd.Jubilant Foodworks Ltd.Hindustan Unilever Ltd.United Spirits Ltd.Asian Paints Ltd.Godrej Industries Ltd.Ferrous MetalsTata Steel Ltd.FinanceHousing Development Finance Corp Ltd.Max Financial Services Ltd.Equitas Holdings Ltd.Cholamandalam Investment & Fin Co Ltd.Can Fin Homes Ltd.Geojit Financial Services Ltd.Mahindra & Mahindra Financial Serv Ltd.Nippon Life India Asset Management Ltd.

91.72

1.780.850.560.430.190.17

0.900.590.420.370.22

3.982.942.211.661.540.880.840.620.420.23

1.580.510.45

0.400.18

1.310.850.680.620.23

3.240.91

1.270.850.750.57

5.993.711.030.570.460.450.370.15

0.56

2.432.071.181.171.041.020.960.65

Name of the Instrument

Bajaj Holdings & Investment Ltd.HDFC Life Insurance Co. LtdICICI Prudential Life Insrnce Co. Ltd.ICICI Lombard General Insurance Co. Ltd.ICRA Ltd.GasGAIL (India) Ltd.Aegis Logistics Ltd.Healthcare ServicesDr. Lal Path labs Ltd.Industrial Capital GoodsSiemens Ltd.Bharat Heavy Electricals Ltd.ABB India Ltd.ABB Power Products & Systems India Ltd.Industrial ProductsCummins India Ltd.Supreme Industries Ltd.Schaeffler India Ltd.Time Technoplast Ltd.Bharat Forge Ltd.Media & EntertainmentSun TV Network Ltd.Minerals/MiningCoal India Ltd.Non - Ferrous MetalsHindustan Zinc Ltd.PesticidesPI Industries Ltd.Petroleum ProductsReliance Industries Ltd.Mangalore Refinery and Petrochem Ltd.Hindustan Petroleum Corporation Ltd.PharmaceuticalsLupin Ltd.Natco Pharma Ltd.Alembic Pharmaceuticals Ltd.Torrent Pharmaceuticals Ltd.Cipla Ltd.PowerNTPC Ltd.RetailingAvenue Supermarts Ltd.Trent Ltd.ServicesQuess Corp Ltd.Thomas Cook (India) Ltd.SoftwareInfosys Ltd.Oracle Financial Services Software Ltd.Tata Elxsi Ltd.Tata Consultancy Services Ltd.Larsen & Toubro Infotech Ltd.HCL Technologies Ltd.Hexaware Technologies Ltd.Cyient Ltd.Telecom - ServicesBharti Airtel Ltd.Textiles - CottonVardhman Textiles Ltd.TransportationBlue Dart Express Ltd.Short Term Debt & Net Current Assets

Market Capitalisation Wise Exposure

FUND FEATURES

Top Ten HoldingsDerivatives are considered at Exposure Level and included in Portfolio Aggregates

Long-term capital growthInvestment in equity and equity-related securities of companies across various market capitalization

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

Computed for the 3-yr period ended January 31, 2020. Based on month-end NAV. * Risk free rate: NA (Source: FIMMDA MIBOR)

QUANTITATIVE DATA

PORTFOLIO DETAILS

Total Expense Ratio (TER):

Direct Plan: 0.45%Regular Plan: 2.56%

Including Additional Expenses and Goods and Service Tax on Management Fees

Portfolio Allocation (%)

January 2020

Fresh, no legacy/no baggage portfolio

Smooth investing experience for the investor

Long term wealth creation focus

Portfolio TurnoverRatio (Last 1 year):

NANANA

RISK RATIO

Standard Deviation:Beta:Sharpe Ratio :*

% toNAV0.590.530.420.320.28

0.550.17

0.59

0.470.350.230.03

0.650.480.410.390.32

0.40

0.31

1.220.000.31

2.961.550.43

1.970.990.890.860.22

0.71

0.240.17

1.090.67

3.021.680.980.840.780.540.460.33

0.77

0.38

0.175.85

% to NAVDerivatives

0.28

Strong expertise in equity research

Differently positioned as a flexi cap within the multicap segment

SQL investment philosophy

When markets are expensive, the fund generally reduces risk and when markets are undervalued fund increases the risk in the portfolio so that risk adjusted return and investor experience becomes smooth and rewarding

Large Cap63.15%

Mid Cap19.45%

Small Cap17.40%

0.17%0.31%0.31%0.38%0.40%0.41%0.56%0.59%0.59%0.71%0.72%0.77%1.07%1.22%

1.76%2.25%2.50%2.54%

3.44%3.68%3.97%4.15%

4.92%5.23%

5.85%8.64%

12.72%12.99%

17.14%

0.00% 5.00% 10.00% 15.00% 20.00%Transportation

Minerals/MiningPesticides

Textiles - CottonMedia & Entertainment

RetailingFerrous Metals

ChemicalsHealthcare Services

PowerGas

Telecom - ServicesIndustrial Capital Goods

Non - Ferrous MetalsServices

Industrial ProductsAuto Ancillaries

CementConsumer Durables

ConstructionAuto

Construction ProjectPharmaceuticals

Petroleum ProductsCash and Cash Equivalent*

SoftwareConsumer Non Durables

FinanceBanks

87-19

LTEF Ad - A4

Available on BSE StAR MF, NSE-MFSS, platforms. NSE NMF II and MFU



* Includes TREPs,Marginal Fixed Deposits and Net Current Assets


PORTFOLIO

ITI Long Term Equity Fund(An open ended equity linked saving scheme with a statutory lock-inof 3 years and tax benefit)

CATEGORY OF SCHEME: ELSS Fund

INVESTMENT OBJECTIVETo provide long-term capital appreciation by investing predominantly in equity and equity related securities. However, there is no assurance or guarantee that the investment objective of the Scheme will be achieved. The scheme does not assure or guarantee any returns.

SCHEME DETAILS

FUND MANAGER


18-Oct-19Nifty 500 TRI



Mr. George Heber Joseph (Since 18-Oct-2019)Total Experience: 17 years

AUM (in Rs. Cr): 22.6520.4419.92%31.64%101



10.750910.7509

Growth:Dividend:

Direct Plan(in Rs.)

10.818210.8182

AAUM (in Rs. Cr):

NA

% of top 5 holdings:% of top 10 holdings:No. of scrips:

Mr. Pradeep Gokhale (Since 18-Oct-2019)Total Experience: 24 years

Rs. 500/- and in multiples of Rs. 500/- thereafter

NilExit Load: Nil


% to NAVDerivatives

Equity & Equity Related TotalAutoMaruti Suzuki India Ltd.Mahindra & Mahindra Ltd.V.S.T Tillers Tractors Ltd.TVS Motor Company Ltd.Auto AncillariesMinda Industries Ltd.Motherson Sumi Systems Ltd.Amara Raja Batteries Ltd.Jtekt India Ltd.Subros Ltd.Endurance Technologies Ltd.BanksICICI Bank Ltd.State Bank of IndiaHDFC Bank Ltd.Kotak Mahindra Bank Ltd.Axis Bank Ltd.Bank of BarodaIndian BankDCB Bank Ltd.The Karnataka Bank Ltd.CementRamco Industries Ltd.Ultratech Cement Ltd.Ambuja Cements Ltd.Shree Cement Ltd.Grasim Industries Ltd.JK Cement Ltd.ChemicalsAtul Ltd.Commercial ServicesNESCO Ltd.3M India Ltd.ConstructionSobha Ltd.KNR Constructions Ltd.Mahindra Lifespace Developers Ltd.Godrej Properties Ltd.The Phoenix Mills Ltd.Ashiana Housing Ltd.Construction ProjectLarsen & Toubro Ltd.Consumer DurablesOrient Electric Ltd.Blue Star Ltd.V-Guard Industries Ltd.Crompton Greaves Consumer Electrical LtdConsumer Non DurablesITC Ltd.Marico Ltd.Godrej Agrovet Ltd.Nestle India Ltd.United Spirits Ltd.Godrej Industries Ltd.Jubilant Foodworks Ltd.Ferrous MetalsRatnamani Metals & Tubes Ltd.Tata Steel Ltd.FinanceHousing Development Finance Corp Ltd.Max Financial Services Ltd.Cholamandalam Financial Holdings Ltd.Equitas Holdings Ltd.

94.39

1.160.860.300.20

0.800.710.610.520.400.29

2.762.021.761.421.360.970.940.450.41

0.690.580.540.510.460.29

0.65

0.570.25

1.540.790.620.510.340.14

3.07

1.500.570.520.18

5.970.900.860.710.680.510.42

0.840.77

3.292.462.452.04


Mahindra & Mahindra Financial Serv Ltd.Bajaj Holdings & Investment Ltd.Central Depository Services (I) Ltd.Cholamandalam Investment & Fin Co Ltd.Can Fin Homes Ltd.ICICI Prudential Life Insrnce Co. Ltd.Sundaram Finance Ltd.Kalyani Investment Company Ltd.Tata Investment Corporation Ltd.Healthcare ServicesAster DM Healthcare Ltd.Industrial Capital GoodsABB India Ltd.Bharat Heavy Electricals Ltd.ABB Power Products & Systems India Ltd.Industrial ProductsCummins India Ltd.Swaraj Engines Ltd.Supreme Industries Ltd.Media & EntertainmentSun TV Network Ltd.Non - Ferrous MetalsHindustan Zinc Ltd.PesticidesPI Industries Ltd.Petroleum ProductsReliance Industries Ltd.Hindustan Petroleum Corporation Ltd.Mangalore Refinery and Petrochem Ltd.Chennai Petroleum Corporation Ltd.PharmaceuticalsCipla Ltd.Dishman Carbogen Amcis Ltd.Alembic Pharmaceuticals Ltd.Natco Pharma Ltd.Divi's Laboratories Ltd.Lupin Ltd.Glaxosmithkline Pharmaceuticals Ltd.Sanofi India Ltd.Indoco Remedies Ltd.PowerNTPC Ltd.Torrent Power Ltd.Power Grid Corporation of India Ltd.SJVN Ltd.RetailingAditya Birla Fashion and Retail Ltd.ServicesQuess Corp Ltd.Thomas Cook (India) Ltd.SoftwareInfosys Ltd.Oracle Financial Services Software Ltd.Nucleus Software Exports Ltd.HCL Technologies Ltd.Tata Consultancy Services Ltd.Larsen & Toubro Infotech Ltd.Cyient Ltd.Hexaware Technologies Ltd.Persistent Systems Ltd.Telecom - ServicesBharti Airtel Ltd.Short Term Debt & Net Current Assets

Market Capitalisation Wise Exposure


Capital appreciation over long termInvestment in equity and equity related securities



QUANTITATIVE DATA

PORTFOLIO DETAILS




Portfolio Allocation (%)

January 2020


NANANA

RISK RATIO


% toNAV1.741.040.980.920.740.670.530.150.15

0.39

0.770.170.09

1.230.340.30

0.81

1.44

0.21

4.201.530.920.41

0.670.670.620.570.520.450.350.340.25

0.890.850.590.25

0.64

0.750.60

3.381.681.560.940.890.810.760.560.35

0.555.61

% to NAVDerivatives

Large Cap54.65%

Mid Cap23.71%

Small Cap21.64%

Long term wealthcreation potential

Benefits of Investing

Tax benefits up toRs. 46,800 underSection 80C*

3yrs

Investors get an opportunity to invest in equities across market caps and sectors

Lowest lock in period of 3 years among all 80C investments

Strong expertise in equity research

Tax saving through SIP builds discipline

0.21%0.39%0.55%0.64%0.65%0.81%0.82%1.03%1.34%1.44%1.61%1.86%

2.53%2.58%2.77%3.07%3.09%3.32%

3.93%4.45%

5.61%7.06%

10.05%10.94%

12.09%17.17%

0.00% 5.00% 10.00% 15.00% 20.00%Pesticides

Healthcare ServicesTelecom - Services

RetailingChemicals

Media & EntertainmentCommercial Services

Industrial Capital GoodsServices

Non - Ferrous MetalsFerrous Metals

Industrial ProductsAuto

PowerConsumer Durables

Construction ProjectCement

Auto AncillariesConstruction

PharmaceuticalsCash and Cash Equivalent*

Petroleum ProductsConsumer Non Durables

SoftwareBanks

Finance




PORTFOLIO

ITI Balanced Advantage Fund(An open ended dynamic asset allocation fund)

CATEGORY OF SCHEME: Balanced Advantage

INVESTMENT OBJECTIVEThe investment objective of the Scheme is to seek capital appreciation by investing in equity and equity related securities and fixed income instruments. The allocation between equity instruments and fixed income will be managed dynamically so as to provide investors with long term capital appreciation. However, there can be no assurance that the investment objective of the scheme will be realized.

SCHEME DETAILS

FUND MANAGER


31-Dec-19CRISIL Hybrid 50+50– Moderate Index

Minimum ApplicationAmount:Load Structure:Entry Load:

Mr. George Heber Joseph (Since 31-Dec-19)Total Experience: 17 years

AUM (in Rs. Cr)AAUM (in Rs. Cr)% of Top 5 holdings% of Top 10 holdingsNo. of scrips

204.04184.1212.95%20.41%101


Regular Plan(in Rs.)10.23610.236

Growth:Dividend:

Direct Plan(in Rs.)

10.254510.2545

NA

Mr. Pradeep Gokhale (Since 31-Dec-19)Total Experience: 24 years

Rs.5,000/- and in multiples of Re.1/- thereafter

NilExit Load: 10% of the units allotted may be

redeemed without any exit load, on or before completion of 12 months from the date of allotment of units. Any redemption in excess of such limit in the first 12 months from the date of allotment shall be subject to the following exit load: 1% if redeemed or switched out on or before completion of 12 months from the date of allotment of units; Nil thereafter.


% to NAVDerivatives

-14.83

-0.84

-0.03

-0.79

-4.35-1.96-0.19

-0.95

-0.38-0.52

-0.45-0.40

-0.41

-1.17

-0.61

-0.09

-0.38

Equity & Equity Related TotalAutoMahindra & Mahindra Ltd.V.S.T Tillers Tractors Ltd.Escorts Ltd.Ashok Leyland Ltd.Auto AncillariesExide Industries Ltd.Jtekt India Ltd.Jamna Auto Industries Ltd.Suprajit Engineering Ltd.Subros Ltd.WABCO India Ltd.BanksHDFC Bank Ltd.Kotak Mahindra Bank Ltd.State Bank of IndiaThe Karnataka Bank Ltd.Indian BankAxis Bank Ltd.DCB Bank Ltd.City Union Bank Ltd.Bank of BarodaCementACC Ltd.Ultratech Cement Ltd.Birla Corporation Ltd.Shree Cement Ltd.Ambuja Cements Ltd.JK Lakshmi Cement Ltd.Grasim Industries Ltd.ChemicalsRain Industries Ltd.BASF India Ltd.Solar Industries India Ltd.Atul Ltd.ConstructionSobha Ltd.Mahindra Lifespace Developers Ltd.Ashiana Housing Ltd.ITD Cementation India Ltd.Godrej Properties Ltd.Construction ProjectLarsen & Toubro Ltd.Ashoka Buildcon Ltd.Engineers India Ltd.Consumer DurablesCrompton Greaves Consumer Electrical LtdVoltas Ltd.V-Guard Industries Ltd.Blue Star Ltd.Consumer Non DurablesITC Ltd.Hindustan Unilever Ltd.Nestle India Ltd.Marico Ltd.United Spirits Ltd.DCM Shriram Ltd.Bajaj Consumer Care Ltd.Godrej Industries Ltd.Ferrous MetalsRatnamani Metals & Tubes Ltd.Jindal Saw Ltd.FinanceMahindra & Mahindra Financial Serv Ltd.Sundaram Finance Ltd.Max Financial Services Ltd.ICRA Ltd.Can Fin Homes Ltd.BSE Ltd.Cholamandalam Investment & Fin Co Ltd.SBI Life Insurance Company Ltd.ICICI Prudential Life Insrnce Co. Ltd.HDFC Life Insurance Co. LtdGeojit Financial Services Ltd.

67.61

0.850.740.250.03

0.810.640.260.070.070.03

5.261.981.121.061.040.940.410.400.21

0.990.540.510.450.410.100.01

0.800.630.480.10

1.100.320.170.140.04

0.500.460.18

0.700.610.570.02

5.692.801.631.441.220.500.190.10

0.300.21

2.411.671.611.341.240.650.650.410.410.380.05


GasGujarat Gas Ltd.Aegis Logistics Ltd.GAIL (India) Ltd.Healthcare ServicesFortis Healthcare Ltd.Industrial Capital GoodsLakshmi Machine Works Ltd.ABB India Ltd.Bharat Electronics Ltd.Triveni Turbine Ltd.Industrial ProductsCummins India Ltd.Bharat Forge Ltd.Supreme Industries Ltd.Swaraj Engines Ltd.Kirloskar Oil Engines Ltd.MM Forgings Ltd.Finolex Cables Ltd.SKF India Ltd.Media & EntertainmentJagran Prakashan Ltd.Sun TV Network Ltd.Minerals/MiningCoal India Ltd.Gujarat Mineral Development Corp Ltd.Non - Ferrous MetalsHindustan Zinc Ltd.Petroleum ProductsCastrol India Ltd.Chennai Petroleum Corporation Ltd.Mangalore Refinery and Petrochem Ltd.Indian Oil Corporation Ltd.PharmaceuticalsLupin Ltd.Alembic Pharmaceuticals Ltd.Natco Pharma Ltd.PowerNTPC Ltd.Power Grid Corporation of India Ltd.ServicesQuess Corp Ltd.Thomas Cook (India) Ltd.SoftwareOracle Financial Services Software Ltd.MindTree Ltd.Cyient Ltd.Hexaware Technologies Ltd.Persistent Systems Ltd.Nucleus Software Exports Ltd.Textiles - CottonVardhman Textiles Ltd.TransportationBlue Dart Express Ltd.

Capital appreciation while generating income over medium to long termDynamic Asset allocation between equity, equity related Instruments and fixed income instruments so as to provide with long term capital appreciation


QUANTITATIVE DATA

PORTFOLIO DETAILS




Portfolio Allocation (%) Portfolio Classification by Rating Class (%)

January 2020


% toNAV

0.250.210.00

0.46

0.390.210.200.03

0.830.590.490.260.140.060.010.01

0.400.00

1.530.19

0.72

0.630.560.440.44

1.560.650.49

0.470.15

0.260.09

1.300.650.470.430.250.19

0.33

0.40

% to NAVDerivatives

Name of the Instrument Market ValueRs. Lakhs

Ratings % toNAV

-0.18

-0.43-0.56

-0.14

Debt InstrumentsFixed DepositsAxis Bank Ltd.Non Covertible DebenturesSIDBINational Bank for Agri & Rural DevelopExport-Import Bank of IndiaShort Term Debt & Net Current Assets

250.00

1528.671008.63

533.07

CARE AAACRISIL AAACRISIL AAA

1.23

7.494.942.61

16.12


:::::

Fixed Deposit1.23%

AAA/A1+ Equivalent15.05%

Cash & CashEquivalent16.12%

Equity 67.61%

0.33%0.35%0.40%0.40%0.46%0.46%0.51%0.62%0.72%0.82%1.13%1.23%

1.72%1.77%1.87%1.87%1.91%2.02%2.07%2.40%2.69%3.00%3.29%

10.81%12.42%

13.57%15.05%

16.12%

0.00% 5.00% 10.00% 15.00% 20.00%Textiles - Cotton

ServicesMedia & Entertainment

TransportationHealthcare Services

GasFerrous Metals

PowerNon - Ferrous Metals

Industrial Capital GoodsConstruction Project

Fixed DepositsMinerals/Mining

ConstructionAuto Ancillaries

AutoConsumer Durables

ChemicalsPetroleum ProductsIndustrial Products

PharmaceuticalsCement

SoftwareFinance

BanksConsumer Non Durables

Non Convertible DebenturesCash and Cash Equivalent*




PORTFOLIO

ITI Arbitrage Fund(An open ended scheme investing in arbitrage opportunities)

CATEGORY OF SCHEME: Arbitrage Fund

INVESTMENT OBJECTIVEThe investment objective of the Scheme is to generate income by predominantly investing in arbitrage opportunities in the cash and the derivative segments of the equity markets and the arbitrage opportunities available within the derivative segment and by investing the balance in debt and money market instruments. However, there is no assurance that the investment objective of the scheme will be realized.

SCHEME DETAILS

FUND MANAGER


09-Sep-19Nifty 50 Arbitrage Index



Mr. George Heber Joseph (Since 09-Sep-19)Total Experience: 17 years

AUM (in Rs. Cr): 28.1028.95



10.205810.2058

Growth:Dividend:

Direct Plan(in Rs.)

10.236310.2363

AAUM (in Rs. Cr):

NA

Mr. Milan Mody (Since 09-Sep-19)Total Experience: 17 years


NilExit Load: If the Units are redeemed/ switched out on or

before 30 days from the date of allotment - 0.25%If the Units are redeemed/switched out after 30 days from the date of allotment - NIL (w.e.f. Nov 1, 2019)


% to NAVDerivatives

-63.80

-5.93

-8.44-4.79

-1.04

-2.57

-1.11-0.77

-9.49-2.82-2.11-0.82

Equity & Equity Related TotalAutoMaruti Suzuki India Ltd.BanksAxis Bank Ltd.The Federal Bank Ltd.CementGrasim Industries Ltd.Construction ProjectLarsen & Toubro Ltd.Consumer Non DurablesUnited Spirits Ltd.Asian Paints Ltd.FinanceHousing Development Finance Corp Ltd.Manappuram Finance Ltd.Bajaj Finserv Ltd.Muthoot Finance Ltd.

63.56

5.90

8.414.78

1.04

2.56

1.100.77

9.452.812.100.81


Non - Ferrous MetalsVedanta Ltd.PesticidesUPL Ltd.Petroleum ProductsReliance Industries Ltd.PowerTata Power Company Ltd.SoftwareTata Consultancy Services Ltd.TradingAdani Enterprises Ltd.TransportationAdani Ports & Special Economic Zone Ltd.Short Term Debt & Net Current Assets

To generate income by predominantly investing in arbitrage opportunitiesInvestments predominantly in arbitrage opportunities in the cash and derivative segments of the equity markets and the arbitrage opportunities available within the derivative segment and by investing the balance in debt and money market instruments



QUANTITATIVE DATA

PORTFOLIO DETAILS




January 2020


NANANA

RISK RATIO


% toNAV

0.52

3.20

8.54

0.93

1.48

6.21

2.9636.44

% to NAVDerivatives

-0.52

-3.22

-8.58

-0.93

-1.49

-6.21

-2.97

Lowest risk product in Equity segment

Fully hedged portfolio Better liquidity

Reasons to Invest

Zero credit risk on Arbitrage investments

Ideal investment option forinvestors with short tomedium term investmenthorizon

Tax efficient returns with low volatility

Alternate option toLiquid Fund andBank FD

Market neutral strategy

Note for ICRA A1 + mfs: Schemes with this rating are considered to have very strong degree of safety regarding timely receipt of payments from the investments that they have made. This rating should however, not be construed as an indication of the performance of the Mutual Fund scheme or of volatility in its returns.

January 2020

JANUARY 2020 11

Top Ten Holdings

PORTFOLIO

ITI Overnight Fund(An open ended debt scheme investing in overnight securities)

INVESTMENT OBJECTIVE

The investment objective of the Scheme is to provide reasonable returns commensurate with low risk and providing a high level of liquidity, through investments made primarily in overnight securities having maturity of 1 business day. However there can be no assurance or guarantee that the investment objective of the scheme would be achieved.

SCHEME DETAILS

FUND MANAGER

PORTFOLIO DETAILS

Benchmark:25-Oct-19CRISIL Overnight Index


Load Structure:


Entry Load: NilExit Load: Nil


Mr. George Heber Joseph (Since 25-Oct-19)Total Experience: 17 yearsMr. Milan Mody (Since 25-Oct-19)Total Experience: 17 years

AUM (in Rs. Cr): 52.0820.81


THIS PRODUCT IS SUITABLEFOR INVESTORS WHO ARE SEEKING

AAUM (in Rs. Cr):

Average Maturity:Macaulay Duration:Yield to Maturity:

2.98 Days2.02 Days4.89%


Name of the Instrument Ratings % toNAV

99.44

0.56

100.00

Debt Instruments

Reverse Repo/TREPS

The Clearing Corporation of India Ltd.

Net Current Assets

Total Net Assets

NA

NA

Market Value(Rs. Lakhs)

5178.61

29.05

Portfolio Composition by Asset Class (%) Portfolio Classification by Rating Class (%)

CATEGORY OF SCHEME: Overnight Fund

QUANTITATIVE DATA


1012.87011001.00001001.30941001.34471001.38341012.9580

GrowthDaily DividendWeekly DividendFortnightly DividendMonthly DividendAnnual Dividend

Direct Plan(in Rs.)

1013.14601001.00181001.33371001.42401001.42331005.7960

Regular income with low risk and high level of liquidityInvestment in money market and debt instruments with overnight maturity


FUND FACTSHEET


Face Value per Unit: Rs. 1000 unless otherwise specified; CD - Certificate of Deposit; CP - Commercial Papers;Data is as of January 31, 2020 unless otherwise specified.

^

Inception Date(Date of Allotment):

Triparty Repo99.44%

Net CurrentAssets 0.56%

Cash & cashequivalent, 100.00%

ICRARating:

A1+ mfs

Key Benefits of Overnight Funds

Enables investors to earn same day returns since purchase takes place on previous day’s NAV

Same day returns

The fund provides highest liquidity within the fixed income mutual fund product segment with redemption on T+ 1

Highest liquidity

Positioned to deliver consistent and reasonable risk adjusted performance compared to traditional saving instruments

Efficient risk adjustedperformance

Carries effectively least interestrate/mark to market risk & lowest credit default risk

Lowest risk fund

Offers overnight liquidity without any exit load

No lock in period& no exit load

January 2020

Comparatively higher risk adjusted returns vis a vis savings accounts

Disciplined risk management

Low Risk

Hedge in rising interest rate scenario

Daily accrual

High liquidity

High credit qualitydebt papers

JANUARY 2020 12

FUND FEATURES

Top Ten Holdings

PORTFOLIO

ITI Liquid Fund(An open-ended liquid Scheme)

INVESTMENT OBJECTIVE

The investment objective of the Scheme is to provide reasonable returns, commensurate with low risk while providing a high level of liquidity, through a portfolio of money market and debt securities. However, there can be no assurance that the investment objective of the scheme will be realised.

SCHEME DETAILS

FUND MANAGER

PORTFOLIO DETAILS

Benchmark:24-Apr-19CRISIL Liquid Fund Index


Load Structure:


Entry Load: NilExit Load: Investor exit upon

subscriptionUp to Day 1Day 2Day 3Day 4Day 5Day 6Day 7 onwards

Exit Load %0.0070%0.0065%0.0060%0.0055%0.0050%0.0045%0.0000%


Mr. George Heber Joseph (Since 24-Apr-19)Total Experience: 17 yearsMr. Milan Mody (Since 24-Apr-19)Total Experience: 17 years

AUM (in Rs. Cr): 99.2148.70


THIS PRODUCT IS SUITABLEFOR INVESTORS WHO ARE SEEKING

AAUM (in Rs. Cr):

Average Maturity:Macaulay Duration:Yield to Maturity:

22.33 Days21.83 Days4.80%


Name of the Instrument Ratings % toNAV

60.20

59.86

-20.05

100.00

Debt Instruments

Treasury Bills

Reserve Bank of India

Reverse Repo/TREPS

The Clearing Corporation of India Ltd.

Net Current Assets

Total Net Assets

Sovereign

NA

NA

Market Value(Rs. Lakhs)

5972.42

5938.41

-1989.53

Portfolio Composition by Asset Class (%) Portfolio Classification by Rating Class (%)

CATEGORY OF SCHEME: Liquid Fund

QUANTITATIVE DATA


1040.59891001.00001001.33101003.42771001.33341041.4256

GrowthDaily DividendWeekly DividendFortnightly DividendMonthly DividendAnnual Dividend

Direct Plan(in Rs.)

1041.48491001.32331001.34021001.37991001.34351041.4933

Income over short term.Investment in money market and debt instruments.


FUND FACTSHEET


Face Value per Unit: Rs. 1000 unless otherwise specified; CD - Certificate of Deposit; CP - Commercial Papers;Data is as of January 31, 2020 unless otherwise specified.

^

Inception Date(Date of Allotment):

Sovereign60.20%

Cash & CashEquivalent 39.80%

ICRARating:

A1+ mfs

Note for ICRA A1 + mfs: Schemes with this rating are considered to have very strong degree of safety regarding timely receipt of payments from the investments that they have made. This rating should however, not be construed as an indication of the performance of the Mutual Fund scheme or of volatility in its returns.

Reasons to Invest

Differentiation with a fresh thinking and no baggage portfolio

Stringent Internal research will prevail over external ratings by credit rating agencies. As per our internal research, only select AAA/A1+ rated papers available in the market would pass muster of our credit criteria as part of SQL philosophy

Ideal Short Term Parking Avenue and also for smart risk efficient asset allocation strategies with the objective of long term wealth creation

SQL Investment Philosophy - Safety, Quality and Liquidity are primary focus to enable smooth investing experience

Debt fund with lowest risk and no legacy

Overnight Liquidity Smooth investing experience for the investor

Treasury Bills60.20%

Triparty Repo59.86%

Net Current Assets -20.05%

Glossary

How to read factsheet

Average MaturityWeighted average maturity of the securities in scheme.

Macaulay Duration (Duration)Macaulay Duration (Duration) measures the price volatility of fixed income securities. It is often used in the comparison of interest rate risk between securities with different coupons and different maturities. It is defined as the weighted average time to cash flows of a bond where the weights are nothing but the present value of the cash flows themselves. It is expressed in years. The duration of a fixed income security is always shorter than its term to maturity, except in the case of zero-coupon securities where they are the same.

Portfolio Yield (Yield To Maturity)Weighted average yield of the securities in a scheme portfolio.

Total Expense Ratio (TER)Total expenses charged to scheme for the month expressed as a percentage to average monthly net assets.


Portfolio Turnover RatioPortfolio Turnover Ratio is the percentage of a fund’s holdings that have changed in a given period. This ratio measures the fund’s trading activity, which is computed by taking the lesser of purchases or sales and dividing it by average monthly net assets.

Tracking ErrorTracking error indicates how closely the portfolio return is tracking the benchmark index return. It measures the deviation between portfolio return and benchmark index return. A lower tracking error indicates portfolio is closely tracking benchmark index and higher tracking error indicates higher deviation of portfolio returns from benchmark index returns.

Risk Free ReturnThe theoretical rate of return of an investment with safest (zero risk) investment in a country.

Growth and Cumulative optionGrowth and Cumulative words are used alternatively.

Fund ManagerAn employee of the asset management company such as a mutual fund or life insurer, who manages investments of the scheme. He is usually part of a larger team of fund managers and research analysts.

Application Amount for Fresh SubscriptionThis is the minimum investment amount for a new investor in a mutual fund scheme.

Minimum Additional AmountThis is the minimum investment amount for an existing investor in a mutual fund scheme.

SIPSIP or systematic investment plan works on the principle of making periodic investments of a fixed sum. It works similar to a recurring bank deposit. For instance, an investor may opt for a SIP that invests Rs. 500 on every 15th of a month in an equity fund for a period of three years.

NAVThe NAV or the net asset value is the total asset value per unit of the mutual fund after deducting all related and permissible expenses. The NAV is calculated at the end of every business day. It is the value at which an investor enters or exits the mutual fund.

BenchmarkA group of securities, usually a market index, whose performance is used as a standard or benchmark to measure investment performance of mutual funds. Some typical benchmarks include the NIFTY, Sensex, BSE200, NSE500, Crisil Liquid Fund Index and 10-Year Gsec.

Entry LoadA mutual fund may have a sales charge or load at the time of entry and/or exit to compensate the distributor/agent. Entry load is charged when an investor purchases the units of a mutual fund. The entry load is added to the prevailing NAV at the time of investment. For instance, if the NAV is Rs. 100 and the entry load is 1%, the investor will enter the fund at Rs. 101.(Note: SEBI, vide circular dated June 30, 2009 has abolished entry load and mandated that the upfront commission to distributors will be paid by the investor directly to the distributor, based on his assessment of various factors including the service rendered by the distributor).

Exit LoadExit load is charged when an investor redeems the units of a mutual fund. The exit load is reduced from the prevailing NAV at the time of redemption. The investor will receive redemption proceeds at net value of NAV less Exit Load. For instance, if the NAV is Rs. 100 and the exit load is 1%, the investor will receive Rs. 99.

Yield to Maturity (YTM)The Yield to Maturity or the YTM is the rate of return when a bond is held until maturity. YTM is expressed as an annual rate. The YTM factors in the bond’s current market price, par value, coupon interest rate and time to maturity.

Modified DurationModified duration is the price sensitivity and the percentage change in price for a unit change in yield.

Standard DeviationStandard deviation is a statistical measure of the range of an investment’s performance. When a mutual fund has a high standard deviation, it means its range of performance is wide, implying greater volatility.

Sharpe RatioThe Sharpe Ratio, named after its founder, the Nobel Laureate William Sharpe, is a measure of risk-adjusted returns. It is calculated using standard deviation and excess return to determine reward per unit of risk.

Beta Ratio (Portfolio Beta)Beta is a measure of an investment’s volatility vis-a-vis the market. Beta of less than 1 means that the security will be less volatile than the market. A beta of greater than 1 implies that the security’s price will be more volatile than the market.

AUMAUM or assets under management refers to the recent / updated cumulative market value of investments managed by a mutual fund or any investment firm.

HoldingsThe holdings or the portfolio is a mutual fund’s latest or updated reported statement of investments/securities. These are usually displayed in terms of percentage to net assets or the rupee value or both. The objective is to give investors an idea of where their money is being invested by the fund manager.

Nature of SchemeThe investment objective and underlying investments determine the nature of the mutual fund scheme. For instance, a mutual fund that aims at generating capital appreciation by investing in stock markets is termed an equity fund or growth fund. Likewise, a mutual fund that aims at capital preservation by investing in debt markets is a debt fund or income fund. Each of these categories may have sub-categories.

Rating ProfileMutual funds invest in securities after evaluating their creditworthiness as disclosed by the ratings. A depiction of the mutual fund in various investments based on their ratings becomes the rating profile of the fund. Typically, this is a feature of debt funds.

Available on BSE StAR MF, NSE-MFSS platforms., NSE NMF II and MFU

169-20

Documents

ITI - Cover Page - Final Low MF... · through lumpsum and not by SIP and STP. Our endeavour is to keep the ITI small cap fund open for subscription only for next 6months or 1000 Crores