(An open ended retirement solution oriented scheme having a

lock‐in of 5 years or till retirement age (whichever is earlier))

Investment strategy

Scheme would invest across Large Cap, Mid Cap

and Small Cap Stocks.

Portfolio of stocks would be selected with a

combination of top down and bottom up approach.

Stock selection and Top down views would drive

sector allocation.

Scheme aims to remain invested in a diversified

portfolio.

Scheme would endeavour to refrain from taking

cash calls.

Note: This is the current investment strategy and may change without notice but would be in accordance
with the requirements of the scheme documents.
 Portfolio Allocation Factors

Stock Selection: Sector Allocation: Capitalization:

Growth/Bargain Free Large / Mid / Small

Concentration: Asset Allocation:

Diversified Equity

Note: This is the current investment strategy and may change without notice but would be in accordance with the requirements of the scheme documents.
Portfolio Update

Asset Under Management

Date Of Inception Month end: ₹ 149.25 crore
22nd September 2022 Average: ₹ 144.71 crore

Fund Manager(s)
Co-managed by Mr. Hardick Bora Benchmark Index
(since January 25, 2023) and Mr. BSE 500 Index (TRI)^^
Sanjay Bembalkar (since inception (For benchmark disclaimer refer page no. 21)

of the fund)

(Data is as of August 31, 2024)

 Union Retirement Fund - Key Statistics (Data is as of August 31, 2024)

RANGE OF MARKET CAP OF TOP 10 HOLDINGS

STOCKS IN PORTOLIO (₹ CRS)

Scheme Benchmark HDFC Bank Ltd. 6.72%

Highest
Market Cap 2,042,891 2,042,891 ICICI Bank Ltd. 4.76%

Wtd Avg
Market Cap 422,543 484,378 Reliance Industries Ltd. 4.31%

Lowest Infosys Ltd.

3,034 5,269
3.49%
Market Cap

Larsen & Toubro Ltd. 3.16%

CONCENTRATION ANALYSIS
Bharti Airtel Ltd. 3.00%

TVS Motor Company Ltd. 2.49%

Scheme Benchmark

Tata Consultancy Services Ltd.

No. of Stocks 63 500
2.32%

Top 5 Holdings Godrej Properties Ltd.

22% 22%
1.97%
(as % of Total Holdings)

Top 10 Holdings 33%

Kesoram Industries Ltd.
34%
1.88%
(as % of Total Holdings)

(Data is as of August 31, 2024) For complete monthly portfolio, kindly visit [Link]
Market Capitalisation (as % of Net Assets)

72.27%

54.30% Scheme
Benchmark

20.41% 18.64%
17.86%
9.88%

Large Cap Mid Cap Small Cap

Note: As per the latest Market Capitalization data provided by AMFI (In line with the applicable SEBI guidelines)

(Data is as of August 31, 2024)

 Key Statistics

GICS* SECTOR OVERWEIGHT/UNDERWEIGHT TOP 5 ACTIVE STOCK POSITIONS IN SCHEME PORTFOLIO

SCHEME V/S BSE 500 INDEX (TRI)^^ VIS-À-VIS BSE 500 INDEX (TRI) ^^

4.42% CONSUMER DISCRETIONARY 2.14% TVS Motor Company Ltd.

3.29% INDUSTRIALS 1.88% Kesoram Industries Ltd.

2.80% COMMUNICATION SERVICES 1.80% Godrej Properties Ltd.

0.72% REAL ESTATE 1.53% Bharti Hexacom Ltd.

0.58% INFORMATION TECHNOLOGY 1.48% KALYAN JEWELLERS INDIA LTD.

-0.13% HEALTH CARE Kotak Mahindra Bank Ltd.

-1.37%

-2.23% UTILITIES
-1.30% Hindustan Unilever Ltd.

-3.09% MATERIALS
-1.30% Mahindra & Mahindra Ltd.

-3.33% ENERGY
-1.22% Tata Motors Ltd.

-3.33% CONSUMER STAPLES

-1.05% Bajaj Finance Ltd.

-6.33% FINANCIALS

*GICS: Global Industry Classification Standard; ^^ For disclaimers, refer slide 21. Note: For sector allocation as per AMFI classification, refer slide no. 19
(Data is as of August 31, 2024)
INVESTMENT
PROCESS AT
UNION MUTUAL FUND
Investment Philosophy

We believe that stock price tends to track fair business value over the medium to long-term

Long-term is a series of short-terms

More things might happen in the future than will

Listening to market/street signals complements fundamental analysis

While a top-down view is necessary, it’s not a substitute for bottom-up stock-picking

Identification of superior growth, compounded over long periods of time, within an appropriate valuation

framework, is the primary way in which we seek to add value to the client portfolios
Fair Value Drivers

MULTIPLE
VALUE DRIVER
Projected Return on Equity
Projected Core
Earnings Future Growth
expectations in Value Fair
Projected Core Driver Value
Book Value
Risk Free Rate

Riskiness of Cash Flow

Long Term Is A Series Of Short Terms

• Everything is cyclical or has phases

• Where are we in the cycle…

➢Dictates Research Approach &

➢ Portfolio positioning
More Things Might Happen In The Future Than Will

• Probabilistic thinking

• Bull case, bear case, and probability-

weighted expected value framework

• Position sizing of bets

• Risk reward analysis

Investment Process

• The Investment Process is divided into two parts.

• Stock Research Process: It includes New Stock Selection and Monitoring the existing stocks

• Portfolio Management: Based on research, portfolio is constructed and rebalanced

Research Portfolio
Process Management
• Monitoring Existing • Portfolio Construction
Stocks • Rebalancing Portfolio for New Information/
• New Stock Ideas Development
• Considering & Incorporating New Stock
Ideas
 Investment Process: Research Process

Corporate Interactions/ Annual Reports/

Sell Side Research/ Others BACKDROP

Macros

Government Policies
Understand
Business
Conviction Economy Regulations
Building
Assessing
Management/ Global Events
Due Diligence, Promoters/ Business
Interaction with Industry
Players, Customers, Judicial Actions
Reinvestment
Dealers etc.
Opportunity
Valuations:
Growth Prospects Politics
Absolute & Relative;
Understanding Financials:
Source of Return Dividend Policy, Others
ROE & Growth

Select Stock Ideas

For Portfolio
• The flow of Research process is a funnel like structure with
multiple sieves where we examine various aspects in a sequence
• The extent of time and efforts expended on a particular idea is a
function of how many filters the idea qualifies through
Investment Process: Portfolio Management

Resizing the Bets Portfolio

• Incorporating new • Selectivity
information & Stock ideas. • Scrutiny
• High Conviction

Mandate
Independent
Risk
Stock Selection
Assessment
• Focus on total sectoral
active exposure &
diversification Probabilistic Approach Liquidity
• Take Defensive Bets

Expected Return
Sizing the Bets

Understanding • Earning Procession

Sources of • Valuation Changes
Return • Dividend
 Stock Classification Framework
The stocks in a portfolio can be classified into categories where each one has a specific role and
may have the potential to meet certain expectations in terms of delivery:

Strategic
These are typically ‘buy & hold’ compounding stocks. They are generally characterized by good quality
business and competent managements with a long track record. These businesses normally do not
experience significant deterioration in their financials even during downcycles.

Tactical
These are not ‘buy & hold’ stocks. For these stocks, exiting at the right time is as important as getting in
at the right time. They are generally from more cyclical industries and need to be part of the portfolio
only during the upcycle.

Option
These stocks appear very promising from a top-down perspective. However, they generally do not have
long-term business or management track record. They are inherently riskier in nature but can have the
potential to offer higher returns. The potential payoff could be of the nature of 1 or 0.

Defensive
These stocks are generally big benchmark stocks where investment manager has low conviction about
their outperformance. However, not owning them at all may be deemed too risky from relative
performance standpoint. These are generally neutral or underweight relative positions.
Salient Features of our Investment Style

❖ Long term view

❖ Focus on business value accretion
❖ Growth & Quality Orientation
❖ Conscious of current market dynamics
❖ Not going down the quality curve even as we go down the market cap curve for
small/mid-cap mandates
❖ Benefiting from compounding of earnings and valuation re-rating for
small/mid-cap mandates
❖ Extent of active bets ....function of conviction level
❖ True to mandate
❖ Clarity through stock classification
❖ Conscious of liquidity
Fund Facts

Type of Scheme An open ended retirement solution oriented scheme having a lock‐in of 5 years or till retirement age (whichever is earlier).

The investment objective of the Scheme is to generate long term capital gains by investing in a mix of securities comprising of
equity, equity related securities and debt instruments as per the asset allocation pattern of the Scheme with a view to
Investment Objective
provide a retirement investment solution to investors.
However, there is no assurance that the Investment Objective of the Scheme will be achieved.

• Direct Plan for investors who purchase units directly with Union Mutual Fund.
Plans
• Regular Plan for investors who purchase units through a Distributor.

• Growth Option
Options
• Income Distribution cum Capital Withdrawal (IDCW) Option

Minimum Application Amount: ₹1,000 and in multiples of ₹ 1 thereafter

Minimum Additional Investment: ₹1,000 and in multiples of ₹ 1 thereafter
Application Amount
Minimum Redemption Amount: ₹1,000 or the balance in the account of the unitholder, whichever is lower. The redemption
request should meet the above minimum redemption amount criteria and should be in multiples of ₹ 1 thereafter.

Load Structure Entry Load: Not Applicable, Exit Load: Nil

Retirement Age Retirement Age for the purpose of the Scheme shall be 60 years of age.

Please refer the Scheme Information Document for complete details about the Scheme.
Sector Composition of Portfolio-AMFI

SECTOR OVERWEIGHT/UNDERWEIGHT SCHEME V/S BSE 500 INDEX (TRI)^^

-4.04% OIL, GAS & CONSUMABLE FUELS

-2.95% FAST MOVING CONSUMER GOODS

-2.60% METALS & MINING

-1.49% POWER

-0.77% SERVICES

-0.19% MEDIA, ENTERTAINMENT & PUBLICATION

-0.16% CONSTRUCTION MATERIALS

-0.12% HEALTHCARE

-0.07% FOREST MATERIALS

0.70% DIVERSIFIED

0.72% REALTY

0.76% AUTOMOBILE AND AUTO COMPONENTS

1.03% CHEMICALS

1.06% CONSUMER DURABLES

1.11% CONSTRUCTION

1.29% CAPITAL GOODS

1.66% TELECOMMUNICATION

2.71% CONSUMER SERVICES

Sector classification as per AMFI. For complete portfolio details visit [Link].
^^For disclaimers, please refer to slide no. 21.
(Data is as of August 31, 2024)
Scheme Product Label & Benchmark Riskometer

This product is suitable for investors who are

Riskometer Benchmark Riskometer
seeking*

• Long Term Capital Appreciation

• Investment in a mix of securities comprising of
equity, equity related securities and debt
instruments as per the asset allocation pattern of
the Scheme with a view to provide a retirement
As per AMFI Tier I Benchmark i.e.:
investment solution to investors BSE 500 Index (TRI) ^^

*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Note: The Scheme and Benchmark riskometers are evaluated on monthly basis and the current riskometers are based on the
evaluation of portfolios as on August 31, 2024.
Disclaimer

^^ Benchmark BSE 500 Index disclaimer: The "Index" viz. “BSE 500 Index”, is a product of Asia Index Private Limited (AIPL), a wholly owned subsidiary of BSE Limited
(“BSE”), and has been licensed for use by Union Asset Management Company Private Limited. BSE® and SENSEX® are registered trademarks of BSE Limited; and these
trademarks have been licensed to use by AIPL and sublicensed for certain purposes by Union Asset Management Company Private Limited. BSE, AIPL or their respective
affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors,
omissions, or interruptions of the Index.. For the detailed disclaimer in this regard please refer to the Scheme Information Document (SID) of the Scheme.

Disclaimer: The views, facts and figures in this document are as of August 31, 2024, unless stated otherwise, and could change without any notice.

The information in this document alone is not sufficient and should not be used for the development or implementation of an investment strategy. Neither the
Sponsors/the AMC/ the Trustee Company/ their associates/ any person connected with it, accepts any liability arising from the use of this information. While utmost care
has been exercised while preparing this document, the Sponsors/ the AMC/ the Trustee Company/ their associates/ any person connected with it, do not warrant the
completeness or accuracy of the information and disclaim all liabilities, losses and damages arising out of the use of this information. The recipients of this material
should rely on their investigations and take their own professional advice. In view of the individual nature of the tax consequences, Investors are requested to consult
their own professional advisor before investing.

Statutory Details: Constitution: Union Mutual Fund has been set up as a Trust under the Indian Trusts Act, 1882; Sponsors: Union Bank of India and Dai-ichi Life
Holdings, Inc.; Trustee: Union Trustee Company Private Limited, [Corporate Identity Number (CIN): U65923MH2009PTC198198], a company incorporated under the
Companies Act, 1956 with a limited liability; Investment Manager: Union Asset Management Company Private Limited, [Corporate Identity Number (CIN):
U65923MH2009PTC198201], a company incorporated under the Companies Act, 1956 with a limited liability. Registered Office: Unit 503, 5th Floor, Leela Business Park,
Andheri Kurla Road, Andheri (East), Mumbai - 400059. Toll Free No. 18002002268/18005722268 • Non Toll Free. 022-67483333 • Fax No: 022-67483402 • Website:
[Link] • Email: investorcare@[Link]

Please refer the Scheme Information Document for complete details about the scheme. Copy of all Scheme related documents along with the application form can be
obtained from any of our AMC offices / Customer Service Centres/ distributors as well as from our website [Link].

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