Fund Select

Q3 2024

AMFI-registered Mutual Fund Distributor

Contents
Page Page
Nos Nos.

2
2 Fund Select Reader’s Guide - Equity
3 Fund Select Reader’s Guide - Debt
4 Overview
5 Market Outlook

Hybrid
1 Aggressive Hybrid
22
23
HDFC Hybrid Equity Fund
Mirae Asset Aggressive Hybrid Fund
Equity Dynamic Asset Allocation / Balanced
Advantage fund
Largecap Funds 24 Baroda BNP Paribas Balanced
6 ICICI Prudential Bluechip Fund Advantage Fund
7 Nippon India Large Cap Fund 25 Edelweiss Balanced Advantage Fund
8 SBI Bluechip Fund 26 ICICI Prudential Balanced Advantage Fund
9 Aditya Birla SL Frontline Equity Fund 27 Kotak Balanced Advantage Fund
Large & Midcap Funds Multi Asset Allocation
10 Kotak Equity Opportunities Fund 28 SBI Multi Asset Fund
11 Bandhan Core Equity Fund
Equity Savings
Flexicap Funds 29 Kotak Equity Savings Fund
12 Franklin India Flexicap Fund
Arbitrage
13 HDFC Flexicap Fund
30 Kotak Equity Arbitrage Fund
Midcap Funds 31 Edelweiss Arbitrage Fund
14 Nippon India Growth Fund 32 Bandhan Arbitrage Fund
15 Motilal Oswal Midcap Fund
16 Mirae Asset Midcap Fund
Smallcap Funds
17 Edelweiss Small Cap Fund
Contra & Value Funds
3
18
19
Invesco India Contra Fund
ICICI Prudential Value Discovery Fund Fixed Income
Thematic - ESG Short Term Bond Funds
20 SBI ESG Exculsionary Strategy Fund 33 ICICI Prudential Short Term Fund
International 34 Bandhan Bond Short Term Fund
21 Baroda BNP Paribas Funds Aqua FoF 35 Axis Short Term Fund
Dynamic Bond Funds
36 ICICI Prudential All Seasons Bond Fund
Medium Term Bond Funds
37 Axis Strategic Bond Fund
Medium to Long Term Bond Funds
38 SBI Magnum Income Fund
Corporate Bond Funds
39 Aditya Birla Sun Life Corporate Bond Fund
40 HDFC Corporate Bond Fund
41 ICICI Prudential Corporate Bond Fund
Banking & PSU Debt Funds
42 Kotak Banking & PSU Debt Fund
43 Axis Banking & PSU Debt Fund
Credit Risk Funds
44 ICICI Prudential Credit Risk Fund
46 Disclaimer & Glossary Page 1
 Fund Select Readers Guide - Equity
Nippon India Large Cap Fund
Why this fund?
l Bottom-up approach to stock-selection with a focus on leaders and
FundSelect
potential leaders available at reasonable valuations. PRR 4
l Well defined fund casing and robust risk management.
Key Fund Characteristics
What is this fund all about? Portfolio Manager Sailesh Raj Bhan & Kinjal Desai

l
Investing in Businesses with Dominant Market Share: The fund Inception Date 8th August, 2007
identifies opportunities with growing brand value and market position. Fund Size (INR Mio.) 295,337
l
Diversified But Not Diluted High Conviction Plays: Top 30 stocks Benchmark S&P BSE 100 India TR INR
allocation of 80%-90% withKey features
holdings like
~ 55-65 idea generation &
stocks.
research process, portfolio Fund ISIN INF204K01562
l
Right Risk Not overpaying for growth: Differentiated approach of
owning dominant businesses construction and risk
at reasonable management
valuation while being Expense ratio 1.61%
Benchmark aware. system in place that make the fund’s 3Y Standard Deviation 12.66%
performance consistent and reliable.
l
Robust risk management: The fund has a well-defined casing to ensure 3Y Sharpe Ratio 1.39
process consistency. Broadly the fund has the following constraints 1)
3Y Beta Term 0.95
explained in
Active share < 60% 2) Defined Deviation Range 3) Ceiling on Low
conviction ideas. Exit Fee Glossary
1.00% section on

Portfolio Date: 30th June, 2024

Page Nos. 50
What is the key risk?
Communicaon Ulies Energy
Services 7% 7%
Materials
The scheme invests primarily in large cap companies with a quality tilt. The Informaon 2% 4%
scheme can take sector and stock level deviations from the benchmark which Technology
7%
can result in higher tracking-error. In addition to being exposed to market Industrials
9%
risks, the performance of the scheme may be impacted during periods of
broader market rally and/or if the quality and growth themes do not perform.
Financials
How has the fund performed? 38%
Consumer
Discreonary
13%
Last 1 year Top Contributors Top Detractors
Risks that
1. Consumer are inherent
Discretionary while
1. Communication Services
Consumer Staples
Sector investing in the fund2.that
2. Financials Energyyou 10%
3. Industrials
should aware of 3. Real Estate
Sector / Industry
Healthcare
1. GE T&D India 1. Zee Entertainment Entp. Ltd. 3%
Stock 2. HDFC AMC Ltd. 2. Trent Ltd. Portfolio Date: 30th June, 2024 allocation
3. State Bank of India 3. Adani Enterprises Ltd.
Morningstar Equity Style BoxTM
What the Manager Says: Performance attribution analysis: Market Cap %
Large

Positioning in Financials Breakdown

and Consumer ofDiscretionary is visible in last 3
fund performance Market Cap Giant 69.4
months, as there has been growth upcycle sustainability,
identifying sector allocation and Urbanization
stock and
shift in standard of living. Large banks have a positive outlook but currently Market Cap
Market capLarge
tilt v/s25.2
selection contributing to the
Mid

they have been the biggest underperformers in the last few quarters despite investment
Market Cap Midstyle 5.4
being relatively cheap andoutperformance
good results. / underperformance.
Market Cap Small 0.0
Small

In the last 3 months they have increased overweight position in Financials

Services primarily through Large Banks. Better Valuations, Improved asset Market Cap Micro 0.0
quality, Earnings visibility and expected turnaround in Corporate Credit Value Blend Growth
Fund manager’s market
demand. They added exposure to Power Segment/ Utilities Energy Portfolio Date: 30th June, 2024
outlook
transition, relative valuations and theand keyincrease
likely changes in to the demand given
power
fund’s cap / sector / holdings
the manufacturing push. Reduced overweight position in Industrials and Top 10 Holdings
Portfolio
Weighting %
Consumer discretionary plays Expensive valuations factoring in very high
growth rated which need to be monitored in the backdrop of likely global HDFC Bank Ltd. 9.8

slowdown Reliance Industries Ltd. 7.7

ITC Ltd. 5.4

ICICI Bank Ltd. 5.2

State Bank of India 4.9

Since Axis Bank Ltd. 4.3
YTD 1 Year 3 Years 5 Years Inception
Infosys Ltd. 4.2
Nippon India Large Cap Gr. 17.8 39.4 24.8 19.1 13.7
Larsen & Toubro Ltd. 3.2
S&P BSE 100 India TR INR 14.2 31.4 18.2 17.9 12.3 Tata Power Co. Ltd. 3.2
Fund’s official
India Fund Large-Cap 15.4 31.8
benchmark 17.2
performance15.9 11.0 Bajaj Finance Ltd. 2.9

Source: Morningstar, Portfolio Date: 30th June, 2024

Peer group median performance
(category average)
Page 2
 Fund Select Readers Guide - Debt
ICICI Prudential Short Term Fund
Why this fund?
l The fund is focused on accrual income and capital appreciation while
FundSelect
keeping the duration of the portfolio in 1-to-3-year range and tactically PRR 3
taking G-Sec calls.
l The Fund manager has been running this strategy since 2009 and is Key Fund Characteristics
one of the top performing funds in the category. Portfolio Manager Manish Banthia, Nikhil Kabra
l He is running a Benchmark agnostic strategy to play a high conviction Inception Date 25th October, 2001
strategy on the macro play and view on the curve as the primary driver.
Fund Size (INR Mio.) 183,958
What is this fund all about? Benchmark CRISIL Short Term Bond TR INR

Fund ISIN INF109K01654

l
It proposes to predominantly invest in debt instruments of good credit
quality. The Fund also aimsKeytofeatures
capture like idea
credit generation
spread &
opportunities to Expense ratio 1.07%
generate returns. research process, portfolio
Modified Duration (Yrs) 2.24
l
construction
It seeks to invest in corporate and are
securities that riskat management
reasonable spreads Average Maturity (Yrs) 4.26
system in place that make the
over G-Sec and offer reasonable yield at commensurate fund’s
risks with an aim
to generate accrual returns.performance consistent and reliable. Yield to Maturity Term7.94%
explained in
l
The Fund shall have tactical, calibrated, and opportunistic approach to Exit Fee Glossary
0.00% section on
government securities with varying maturities based on the underlying Portfolio Date: 30th June, 2024
Page Nos. 50
interest rate view. AA
l
The Fund will actively manage duration with an aim to generate potential 20%
capital appreciation. AAA
80%
What is the key risk?
Although the fund maintains a very
Risksclean
thatportfolio, it is still
are inherent subjected to credit
while
risk which may arise from any downgrade
investing in/ default
the fund bythat
the issuer
you of the bond.
Fund is also subjected to duration
should risk which
aware of is dependent on change in
interest rates on account of RBI monetary policy, demand v/s supply factors
etc.

How has the fund performed?

Credit rating split
The Fund has delivered returns of 7% over a 5Yr
Performance period ending
attribution May 31, 2024
analysis: Portfolio Date: 30th June, 2024 of underlying
outperforming its benchmark and peer category average
Breakdown of fund performance Morningstar Fixed Income Style BoxTM holdings
What the Manager Says: identifying sector allocation and stock Fixed-Income Stats %
High

selection contributing to the

The Scheme predominantly invests in short- to medium-term debt Average Eff Duration —
Credit Quality

outperformance / underperformance.
instruments issued by the corporates, financial entities and banks. It may also Credit profile v/s
Med

take view based exposure to government securities. Average Eff Maturity

duration style box 4.3

The Scheme will actively manage duration with an aim to generate potential Average Coupon 7.8
capital appreciation.
Low

Fund manager’s market Average Price —

It seeks to invest in corporate securities
outlook andthatkey
are changes
at reasonable
to thespreads over
G-Sec and offer reasonable fund’s
yield atcap
commensurate risks
/ sector / holdings with an aim to Ltd Mod Ext
Interest-Rate Sensitivity
generate accrual returns. The Scheme shall have tactical, calibrated and Portfolio Date: 30th June, 2024
opportunistic approach to government securities with varying maturities
based on the underlying interest rate view. The Scheme endeavours to Portfolio
Top 10 Holdings
Weighting %
generate risk adjusted returns by maintaining a fair balance between duration
and yield. 8.34% Govt. Stock 2033 9.0

7.18% Govt. Stock 2033 8.1

8% Govt. Stock 2034 5.0

7.06% Govt. Stock 2028 3.6

7.1% Govt. Stock 2034 2.2

Since SIDBI 2.0
YTD 1 Year 3 Years 5 Years Inception
NABARD 1.9
ICICI Pru Short Term Gr. 3.7 7.3 6.0 7.0 7.8
HDFC Bank Ltd. 1.7
CRISIL Short Term Bond TR INR 3.8 7.3 5.8 6.9 — SIDBI 1.6
Fund’s official
India Fund Short Duration 2.7 5.4
benchmark 5.2
performance 5.7 6.3 Muthoot Finance Ltd. 1.6

Source: Morningstar, Portfolio Date: 30th June, 2024

Peer group median performance
(category average)
Page 3
Overview
Foreword
The Fund Select publication leverages on the internal selection and review process of Standard Chartered Bank’s Fund
Select Team. The team endeavours to highlight high quality funds in which the team has conviction that the manager will add
value going forward. Further by qualifying the risk characteristics of the fund, we hope to provide insight into adequately
diversifying portfolio and managing investment risk.

The Fund Select publication is designed to provide you with our best fund ideas as per your risk profile (viz Client Risk Rating)
– highlighting the basis for our positive view, key characteristics of the funds, the risks and performance attributes of the
Funds.

Our proprietary Fund Select* tool (* refer disclaimer) helps us generate the best funds for you using both qualitative and
quantitative analysis in the 3 pillars mentioned below:-

FundSelect
Fund Select Pillars

People Process Performance

l Experience of the Fund l Idea Generation & l Based on proprietary
Manager Research Process of quantitative model
l Portfolio knowledge of the Portfolio Manager l Model based on excess
the Fund Manager l Portfolio Construction & return and information
l Turnover in the core Risk Management of the ratio compared to peers
team Fund l Persistency of
l Portfolio Consistent with performance
Stated Investment
Process of the Fund

Weighted score generated using these factors

supplemented by analyst views to identify the top picks

This list of offering is not exhaustive by any means, and should be used as a reference. Additional funds may be added on a
monthly/quarterly basis. Funds may be removed from the Fund Select publication because of changes in the investment team
or process, unexplainable underperformance, diminished analyst conviction or if a higher conviction alternative product is
identified by the Fund Select team.

The information contained in this publication has been obtained from respective fund house factsheet. While all reasonable
care has been taken in preparing this communication, no responsibility or liability of any kind is accepted for errors of fact or for
any opinion expressed herein or with respect to the accuracy or completeness of the information. The information is provided
on a best efforts basis.

Page 4
Market Outlook:
Adapting to shifting winds
l As we enter H2 2024, the start of major central bank rate cuts marks a key turning point for investors as policymakers
switch their focus towards supporting growth. Domestic economic growth and corporate earnings momentum is likely to
normalise from its strong pace but stay above-trend and ahead of peers.
l We see it as a good time to adapt to these shifting winds through (i) a diversified asset-allocation, (ii) overweight large-cap
equities, (iii) overweight medium- and long-maturity bonds, (iv) owning gold as a diversifier and (v) keeping cash as dry
powder for any opportunities.
l Our opportunistic allocations continue to favour government policy beneficiaries – manufacturing and infrastructure
sectors, a barbell sector strategy with a preference for domestic cyclicals, balanced with a defensive overlay. We prefer
corporate bonds over government bonds on cyclically high spreads.

Our tactical asset allocation views (12m) INR

Summary View Detail
INR Cash u + Safety, yields || - Reinvestment risk, Risk of missing higher returns
elsewhere

Bonds u
Short-term Bonds u + Low sensitivity to rising rates || - Elevated inflation
Mid- to long- term Bonds s + High absolute yields, improving government bond demand-supply
balance || - sensitive to rising yields

Equities u
DM Equities u + Strong earnings growth, room for rate cuts || - Elevated valuations
Asia ex-Japan / Other EM u + Earnings rebound, China policy support || - China growth concerns
India - Large cap s + Robust growth, stable earnings || - weaker exports amid slow global
growth, stretched valuation premiums
India - Mid / Small cap t + Higher relative earnings || - cyclically high relative valuations, negative
earnings revisions

INR Gold u + Portfolio hedge, central bank demand, falling real rates || - Resilient USD

Legend s Overweight u Neutral t Underweight

Source: Standard Chartered India Investment Committee. || Green: upgrade from prior view || Red: downgrade form prior view

Page 5
 Equity - Largecap

ICICI Prudential Bluechip Fund

Why this fund?
l Benchmark hugging approach for lower tracking error.
FundSelect
l Bottom-up approach to identify potential future compounders. PRR 4
l Active positioning in high conviction ideas, aimed at generating long
term alpha. Key Fund Characteristics
Portfolio Manager Anish Tawakley & Vaibhav Dusad
What is this fund all about? Inception Date 23rd May, 2008
l
Low churn: Adopts a ‘buy & hold’ strategy in high conviction ideas which Fund Size (INR Mio.) 593,644
have a proven track record, quality management & high growth potential. Benchmark IISL Nifty 100 TR INR
l
Robust portfolio construction methodology: The portfolio follows a Fund ISIN INF109K01BL4
Barbell strategy focusing on 1) Value stocks 2) Growth stocks 3) Market
leaders 4) Industries with high compounding potential. Expense ratio 1.47%

l
Low systematic risk: The fund avoids sectoral bets, however within the 3Y Standard Deviation 11.54%
sector can take large active bets. Aims for lower concentration risk, lower 3Y Sharpe Ratio 1.27
volatility and lower beta than the market.
3Y Beta 0.86
What is the key risk? Exit Fee 1.00%

Portfolio Date: 30th June, 2024

This largecap oriented scheme has a slight value tilt. In addition to being
exposed to market risks, the performance of the scheme may be impacted Communicaon
Services
during periods of broader market rally and/or if the value theme does not Real Estate
4% Energy
Ulies 1%
perform. High active calls within sectors can cause mid-term pain, if market 4%
13%
Informaon
goes against the ideas, as the fund will find it difficult to tilt away due to its size. Technology
8% Materials

How has the fund performed? 8%

Last 1 year Top Contributors Top Detractors Financials

26% Industrials
1. Indst. Prod. & Cap. Goods 1. Consumer Non Durables 12%
Sector 2. Auto & Auto Anc. 2. Banks & Finance
3. Real Estate 3. Software
1. Larsen & Toubro Ltd. 1. Kotak Mahindra Bank Consumer
Stock 2. Lupin 2. Zee Entertainment Entp. Ltd. Discreonary
Healthcare Consumer
Staples 12%
3. Tata Motors Ltd. 3. Cash 6%
6%

What the Manager Says: Portfolio Date: 30th June, 2024

They are constructive on Indian equity with a long term view, as globally Morningstar Equity Style BoxTM
countries look to de-risk their supply chains which may benefit India. Capex Market Cap %
Large

spending remains healthy, providing much needed thrust to manufacturing.

Market Cap Giant 76.2
Infra and economic activity continues to expand. Hence, Bluechip category
may do well, as it consists of established companies that are expected to do Market Cap Large 22.8
Mid

well with intermittent volatility over long term. Market Cap Mid 1.1
The scheme has an overweight position in Auto, Industrial Products and Market Cap Small 0.0
Small

Capital Goods and selected service sectors like Cement, Telecom and
Market Cap Micro 0.0
Pharma & Healthcare Services. ICICI Prudential Bluechip has successful
track record of 15 years with portfolio consisting of established companies Value Blend Growth

and good fundamentals. Portfolio Date: 30th June, 2024

. Top 10 Holdings
Portfolio
Weighting %

ICICI Bank Ltd. 8.2

Reliance Industries Ltd. 7.6

Larsen & Toubro Ltd. 6.1

HDFC Bank Ltd. 5.4

Axis Bank Ltd. 4.8

Since Maruti Suzuki India Ltd. 4.5
YTD 1 Year 3 Years 5 Years Inception
Infosys Ltd. 4.4
ICICI Pru Bluechip Gr 16.6 38.4 21.4 19.1 15.6
UltraTech Cement Ltd. 4.2
IISL Nifty 100 TR INR 14.8 32.4 17.5 17.4 12.4 Bharti Airtel Ltd. 3.9
India Fund Large-Cap 15.4 31.8 17.2 15.9 11.3 Sun Pharmaceuticals Industries Ltd. 2.6

Source: Morningstar, Portfolio Date: 30th June, 2024

Page 6
 Equity - Largecap

Nippon India Large Cap Fund

Why this fund?
l Bottom-up approach to stock-selection with a focus on leaders and
FundSelect
potential leaders available at reasonable valuations. PRR 4
l Well defined fund casing and robust risk management.
Key Fund Characteristics
What is this fund all about? Portfolio Manager Sailesh Raj Bhan & Kinjal Desai

l
Investing in Businesses with Dominant Market Share: The fund Inception Date 8th August, 2007
identifies opportunities with growing brand value and market position. Fund Size (INR Mio.) 295,337
l
Diversified But Not Diluted High Conviction Plays: Top 30 stocks Benchmark S&P BSE 100 India TR INR
allocation of 80%-90% with holdings ~ 55-65 stocks.
Fund ISIN INF204K01562
l
Right Risk Not overpaying for growth: Differentiated approach of
owning dominant businesses at reasonable valuation while being Expense ratio 1.61%
Benchmark aware. 3Y Standard Deviation 12.66%
l
Robust risk management: The fund has a well-defined casing to ensure 3Y Sharpe Ratio 1.39
process consistency. Broadly the fund has the following constraints 1)
3Y Beta 0.95
Active share < 60% 2) Defined Deviation Range 3) Ceiling on Low
conviction ideas. Exit Fee 1.00%

Portfolio Date: 30th June, 2024

What is the key risk?
Communicaon Ulies Energy
Services 7% 7%
Materials
The scheme invests primarily in large cap companies with a quality tilt. The Informaon 2% 4%
scheme can take sector and stock level deviations from the benchmark which Technology
7%
can result in higher tracking-error. In addition to being exposed to market Industrials
9%
risks, the performance of the scheme may be impacted during periods of
broader market rally and/or if the quality and growth themes do not perform.
Financials
How has the fund performed? 38%
Consumer
Discreonary
13%
Last 1 year Top Contributors Top Detractors
1. Consumer Discretionary 1. Communication Services
Sector 2. Financials 2. Energy Consumer Staples
10%
3. Industrials 3. Real Estate Healthcare
1. GE T&D India 1. Zee Entertainment Entp. Ltd. 3%
Stock 2. HDFC AMC Ltd. 2. Trent Ltd. Portfolio Date: 30th June, 2024
3. State Bank of India 3. Adani Enterprises Ltd.
Morningstar Equity Style BoxTM
What the Manager Says: Market Cap %
Large

Positioning in Financials and Consumer Discretionary is visible in last 3

Market Cap Giant 69.4
months, as there has been growth upcycle sustainability, Urbanization and
shift in standard of living. Large banks have a positive outlook but currently Market Cap Large 25.2
Mid

they have been the biggest underperformers in the last few quarters despite Market Cap Mid 5.4
being relatively cheap and good results.
Market Cap Small 0.0
Small

In the last 3 months they have increased overweight position in Financials

Services primarily through Large Banks. Better Valuations, Improved asset Market Cap Micro 0.0
quality, Earnings visibility and expected turnaround in Corporate Credit Value Blend Growth
demand. They added exposure to Power Segment/ Utilities Energy Portfolio Date: 30th June, 2024
transition, relative valuations and the likely increase in power demand given
Portfolio
the manufacturing push. The fund has reduced overweight position in Top 10 Holdings
Weighting %
Industrials and Consumer discretionary plays Expensive valuations factoring
in very high growth rated which need to be monitored in the backdrop of likely HDFC Bank Ltd. 9.8

global slowdown Reliance Industries Ltd. 7.7

ITC Ltd. 5.4

ICICI Bank Ltd. 5.2

State Bank of India 4.9

Since Axis Bank Ltd. 4.3
YTD 1 Year 3 Years 5 Years Inception
Infosys Ltd. 4.2
Nippon India Large Cap Gr. 17.8 39.4 24.8 19.1 13.7
Larsen & Toubro Ltd. 3.2
S&P BSE 100 India TR INR 14.2 31.4 18.2 17.9 12.3 Tata Power Co. Ltd. 3.2
India Fund Large-Cap 15.4 31.8 17.2 15.9 11.0 Bajaj Finance Ltd. 2.9

Source: Morningstar, Portfolio Date: 30th June, 2024

Page 7
 Equity - Largecap

SBI Bluechip Fund

Why this fund?
l Focus on identifying stocks that are perceived to be relatively stable
FundSelect
and have the potential to perform across cycles, thus having very low PRR 4
churn.
l Opportunistic allocation across market segments, midcap exposure Key Fund Characteristics
decided based on growth prospects and valuations compared to their Portfolio Manager Pradeep Kesavan & Saurabh Pant
large cap peers.
Inception Date 14th February, 2006

What is this fund all about? Fund Size (INR Mio.) 491,766

Benchmark S&P BSE 100 India TR INR

l
Multi-pronged Bottom-up stock selection: Focused on 1) Long term
growth prospect 2) Management’s past track record on execution 3) Fund ISIN INF200K01180
Efficient capital allocation and 4) Price/ Value Gap. Expense ratio 1.51%
l
Opportunistic allocation to broader markets: Exposure to midcaps 3Y Standard Deviation 11.72%
when growth prospects are expected to be better than largecap peers and
3Y Sharpe Ratio 0.92
valuations are not fully factoring the same.
l
Backed by a large research team: one of the largest research teams in 3Y Beta 0.88

India. Exit Fee 1.00%

Portfolio Date: 30th June, 2024

What is the key risk?
Communicaon
Services
Informaon
The scheme invests primarily in large-cap stocks with higher sensitivity to Technology 3%
Energy
5%
economics growth so the relative return could lag the market if economic 7% Materials
7%
recovery faulters. In addition to being exposed to market risk, opportunistic
exposure to certain sectors of the market can expose the scheme to higher Industrials
Financials 12%
volatility. 30%

How has the fund performed?

Last 1 year Top Contributors Top Detractors Consumer
Discreonary
1. Automobile & Auto Compo. 1. Power 17%
Sector 2. Realty 2. Textile
Healthcare Consumer
3. Capital Goods 3. Fast Moving Consumer Goods 7% Staples
1. Cummins India Ltd. 1. Page Industries Ltd. 12%

Stock 2. Thermax 2. Bajaj Finance Ltd. Portfolio Date: 30th June, 2024

3. DLF 3. NTPC Ltd. Morningstar Equity Style BoxTM

What the Manager Says: Market Cap %

Large

The fund is overweight on Automobile and Auto Components and Healthcare Market Cap Giant 62.5
and underweight on Information Technology, and Oil, Gas & Consumable Market Cap Large 36.6
Fuels. They believe Automobile and Auto Components are in the early stages
Mid

of a cyclical upcycle (after the slowdown seen since late 2018), and also due Market Cap Mid 0.9
bottom-up ideas. In Healthcare, earnings are likely to accelerate on back of Market Cap Small 0.0
Small

ease in pricing pressure in US generic plays. Domestic opportunities in

Market Cap Micro 0.0
Healthcare are more structural in nature.
Value Blend Growth
They are underweight Information Technology as valuations do not reflect
Portfolio Date: 30th June, 2024
muted growth outlook. Limited scope for absolute upside and their
underweight in Oil, Gas & Consumable Fuels is for various reasons including Top 10 Holdings
Portfolio
Weighting %
ownership concerns, long-term demand destruction on account of
disruptions and regulatory concerns. They have done some profit booking in HDFC Bank Ltd. 8.4
Capital Goods but continue to expect the sector to benefit from a cyclical ICICI Bank Ltd. 7.1
uptick in the economy. They continue to focus on stock selection, which they
Reliance Industries Ltd. 5.0
believe is the best way to generate alpha
Larsen & Toubro Ltd. 4.5

Infosys Ltd. 4.4

Since ITC Ltd. 4.3
YTD 1 Year 3 Years 5 Years Inception
Tata Consultancy Services Ltd. 3.6
SBI Bluechip Reg Gr 12.4 25.7 16.8 16.7 12.5
Kotak Mahindra Bank Ltd. 3.4
S&P BSE 100 India TR INR 14.2 31.4 18.2 17.9 — Britannia Industries Ltd. 2.9
India Fund Large-Cap 15.4 31.8 17.2 15.9 12.2 Cholamandalam Invest. & Fin. Co. Ltd. 2.7

Source: Morningstar, Portfolio Date: 30th June, 2024

Page 8
 Equity - Largecap

Aditya Birla Sun Life Frontline Equity Fund

Why this fund?
l A true to label large cap fund with a vintage across multiple market
FundSelect
cycles and history of consistent performance. PRR 4
l The fund adopts a pure blended approach – 1) uses GARP for its
bottom-up stock selection process, 2) Retains the flexibility to add Key Fund Characteristics
Value/Cyclical ideas based on their relative attractiveness. Portfolio Manager Mahesh Patil & Dhaval Joshi
l Managed by the CIO of the AMC since 2005, an industry veteran with Inception Date 30th August, 2002
over 30 years of experience.
Fund Size (INR Mio.) 291,044
What is this fund all about? Benchmark Nifty 100 TR INR

Fund ISIN INF200K01180

l
The funds focus is to provide investors with the opportunity to capitalize on
the growth potential of the industry-leading companies, with a minimum Expense ratio 1.64
80% allocation to large cap companies (top 100 stocks my market 3Y Standard Deviation 12.15%
capitalization in India).
3Y Sharpe Ratio 0.97
l
The fund adopts a blended approach – 1) uses GARP as on overarching
philosophy for its bottom-up stock selection process, 2) Retains the 3Y Beta 0.92

flexibility to add Value/Cyclical ideas based on its relative attractiveness Exit Fee 1.00%
and visibility of returns playing out within the investment horizon. This Portfolio Date: 30th June, 2024
allows the fund to perform consistently across market cycles.
Real Estate
l
Robust risk management: The scheme limits the active weight to 10% for Ulies 1% Energy
Communicaon 3% 7% Materials
a single stock, in line with SEBI mandate. They prefers an Active Services
6%
Management Style - 1) High Active share ~40%-45% 2) Low Active risk – Informaon
5%

by limiting sectoral deviations to ~2%-3% from benchmark weights. For Technology Industrials
8%
large sectors, the absolute deviation has a limit of 5% or 30% of the 9%

benchmark weight.
What is the key risk? Financials Consumer
Discreonary
32%
Broader correction in the market may impact the fund, else it is well positioned 15%

from a long-term standpoint.

The fund manager uses hedging to mitigate the stock or market-based Consumer Staples
8%
movement. Healthcare
6%

How has the fund performed? Portfolio Date: 30th June, 2024

Last 1 year Top Contributors Top Detractors Morningstar Equity Style BoxTM

1. Realty 1. Oil, Gas & Cons. Fuels Market Cap %

Large

Sector 2. Automobile & Auto Compo. 2. Consumer Services

Market Cap Giant 71.7
3. FMCG 3. Metals & Mining
1. Kotak Bank 1. Trent Ltd Market Cap Large 21.4
Mid

Stock 2. Hindustan Unilever Ltd. 2. Coal India Ltd. Market Cap Mid 6.9
3. DLF 3. Bandhan Bank Ltd.
Market Cap Small 0.0
Small

What the Manager Says: Market Cap Micro 0.0

India’s high frequency indicators suggest that growth momentum remains Value Blend Growth
strong, and we have seen consistent GDP growth. The growth in this cycle
Portfolio Date: 30th June, 2024
has been initially led by government capex and housing sector. Indian equity
markets have delivered strong returns in the run-up to the national elections. Top 10 Holdings
Portfolio
Weighting %
Given the recent run-up, we believe market expectations of policy continuity
seem priced in. Going forward, foreign flows could improve post the election HDFC Bank Ltd. 8.5
outcome. From a sectoral viewpoint, they believe earnings growth will be ICICI Bank Ltd. 7.8
driven by Banks, Autos, Capital Goods and Real Estate. Discretionary
Reliance Industries Ltd. 5.8
consumption is still below its pre-Covid peak and with inflation on a declining
trend, we should see a pickup in discretionary consumption as well. Infosys Ltd. 5.4

Larsen & Toubro Ltd. 4.6

Since Bharti Airtel Ltd. 3.3
YTD 1 Year 3 Years 5 Years Inception
Axis Bank Ltd. 3.3
Aditya BSL Frontline Equity Gr 15.4 32.2 18.0 17.1 19.6
Mahindra & Mahindra Ltd. 3.1
Nifty 100 TR INR 14.2 31.4 18.2 17.9 — State Bank of India 2.8
India Fund Large-Cap 15.4 31.8 17.2 15.9 17.3 NTPC Ltd. 2.7

Source: Morningstar, Portfolio Date: 30th June, 2024

Page 9
 Equity - Large & Midcap

Kotak Equity Opportunities Fund

Why this fund?
l Market Capitalization agnostic- offers exposure across sectors and
FundSelect
market cap segments. PRR 4
l Process-backed investment style with top-down thematic overlay and
bottom-up stock selection. Key Fund Characteristics
l Long-term performance track-record, with reasonably lower volatility Portfolio Manager Harsha Upadhyaya & Arjun Khanna
due to prudent portfolio construction. Inception Date 9th September, 2004

What is this fund all about? Fund Size (INR Mio.) 240,553

Benchmark Nifty LargeMidcap 250 TR INR

l
Aggressively looks for investment opportunities without any market cap or
Fund ISIN INF174K01187
sectoral bias while avoiding active cash calls. GARP model for selection
based on the growth patterns in the economy. Expense ratio 1.60%
l
Allocates 35%-45% to large & midcap each with a diversified 50-60 stocks 3Y Standard Deviation 12.07%
having around ~40% in Top 10 stocks. Large and Midcap selection 3Y Sharpe Ratio 1.35
decision based on valuations, bottom-up research and market outlook.
3Y Beta 0.85
l
Flexibility to move across market capitalization ranges within the mandate
to participate in ideas with scalable & competitive business model, Exit Fee 1.00%

management bandwidth, steady cash-flow and efficient capital allocation. Portfolio Date: 30th June, 2024

Communicaon
What is the key risk? Services UliesEnergy
Real Estate 3% 4%
1% 3%
Informaon Materials
The fund is mandated to invest minimum 35% each in Large and midcap, rest Technology 15%
7%
can be across the market capitalization spectrum. Performance may be
negatively affected during periods where the mid and small cap segments
Financials
lag. FM follows a mix of top-down and bottom-up investing style which might 21%
lead to large sector deviations from benchmark, subjecting the fund to higher Industrials
20%
volatility v/s the benchmark.

How has the fund performed? Healthcare

5%
Last 1 year Top Contributors Top Detractors Consumer
Consumer
Staples
Discreonary
1. Capital Goods 1. Power 5%
16%
Sector 2. Consumer Durables 2. Financial Services Portfolio Date: 30th June, 2024
3. Chemicals 3. Oil, Gas & Consum. Fuels
1. Linde India Ltd. 1. Bharat Heavy Electricals Morningstar Equity Style BoxTM
Stock 2. Blue Star Ltd. 2. REC Ltd. Market Cap %
Large

3. Exide Industries Ltd. 3. Power Finance Corp.

Market Cap Giant 39.7
What the Manager Says: Market Cap Large 52.2
Mid

Indian Equity market has remained quite resilient and is trading near highs on
Market Cap Mid 8.1
the back of improving fundamentals and surge in liquidity. Once the inflation
pressures cool off, we expect economy to gain momentum and earnings Market Cap Small 0.0
Small

growth to remain strong. Currently, the investment focus is on businesses Market Cap Micro 0.0
that can get rerated with economic revival. Value Blend Growth
The key overweight sectors in the portfolio are – Auto & Auto Components Portfolio Date: 30th June, 2024
and Capital Goods.The key underweight sectors are – Financial Services and
Portfolio
IT. Large/ mid and small cap allocations in the portfolio are about 52%, 41% Top 10 Holdings
Weighting %
and 5% respectively.
HDFC Bank Ltd. 4.9

State Bank of India 3.9

Bharat Electronics Ltd. 3.6

Axis Bank Ltd. 3.3

ICICI Bank Ltd. 3.2

Since Bharat Forge Ltd. 3.1
YTD 1 Year 3 Years 5 Years Inception
Reliance Industries Ltd. 3.1
Kotak Equity Opp. Gr 24.2 46.2 23.2 22.5 19.3
Linde India Ltd. 2.8
Nifty LargeMidcap 250 TR INR 10.6 41.2 21.1 20.7 14.6 Zomato Ltd. 2.8
India Fund Large & Mid-Cap 10.8 38.4 19.9 19.2 18.1 Larsen & Toubro Ltd. 2.7

Source: Morningstar, Portfolio Date: 30th June, 2024

Page 10
 Equity - Large & Midcap

Bandhan Core Equity Fund

Why this fund?
Bandhan Core Equity Fund is a diversified equity fund with a large-mid cap
FundSelect
bias, and the approach is to use small cap judiciously to create reasonable PRR 4
alpha over the large-mid benchmarks (up to 20%).
Key Fund Characteristics
What is this fund all about? Portfolio Manager Manish Gunwani, Rahul Agarwal
l
The fund intends to maintain a 40-70% active share range. Since the Inception Date 9th August, 2005
benchmark is reasonably fragmented, active share most of the time is Fund Size (INR Mio.) 53,605
likely to be above 50%.
Benchmark Nifty LargeMidcap 250 TR INR
l
The fund intends to invest in High-Growth/ Quality stocks (sectors with
higher than nominal GDP growth over the medium term), with a mix of Fund ISIN INF194K01524

thematic/ cyclicals and optional & value stocks. Expense ratio 1.85%
l
Given the sizeable mid-small cap exposure, the fund may have a 3Y Standard Deviation 13.12%
reasonable amount of cash (up to 10%).
3Y Sharpe Ratio 1.41

What is the key risk? 3Y Beta 0.89

Exit Fee 1.00%

The fund invests across the market capitalization spectrum including in mid
and small cap stocks, which are generally more volatile and less liquid than Portfolio Date: 30th June, 2024

large caps. Performance may inevitably be negatively affected during periods Ulies
Other 3%
where the mid and small cap segments lag. Energy 3%
6% Financials
24%
How has the fund performed?
Last 1 year Top Contributors Top Detractors
Industrials
1. Capital Goods 1. Media, Entertn. & Publication 19%
Sector 2. Financial Services 2. Construction
3. Automobile & Auto Compo. 3. Power Materials
9%
1. Suzlon Energy Ltd. 1. Dixon Technologies India Ltd. Communicaon
Services
Stock 2. Exide Industries Ltd. 2. Mahindra & Mahindra Ltd. 4%
3. Power Finance Corp. 3. Bharat Forge Ltd. Healthcare
8% Consumer
Informaon Discreonary
What the Manager Says: Technology Consumer Staples 17%
4% 3%
Union election results and subsequent market reaction have been Portfolio Date: 30th June, 2024
unexpected. Union budget, FED rate cuts, and US elections are going to be
Morningstar Equity Style BoxTM
key events impacting markets in the next 1 year. They have increased their
large cap exposure within defensives. Market Cap %
Large

Their preference for domestic-focused sectors continues to be high given Market Cap Giant 32.1
global growth challenges have persisted and with the US seeing headwinds Market Cap Large 46.8
Mid

related to rising unemployment.

Market Cap Mid 18.1
They continue to like power equipment, Real estate and Consumer Auto but
have selectively increased weights in IT and Pharma to have a balanced Market Cap Small 1.3
Small

portfolio before budget. Market Cap Micro 1.7

Value Blend Growth

Portfolio Date: 30th June, 2024

Portfolio
Top 10 Holdings
Weighting %

ICICI Bank Ltd. 4.6

HDFC Bank Ltd. 3.9

Reliance Industries Ltd. 3.5

Infosys Ltd. 2.6

Larsen & Toubro Ltd. 2.1

Since Zomato Ltd. 1.8
YTD 1 Year 3 Years 5 Years Inception
Maruti Suzuki India Ltd. 1.7
Bandhan Core Equity Gr 16.3 53.7 24.1 20.7 14.0
Bharat Heavy Electricals Ltd. 1.7
Nifty LargeMidcap 250 TR INR 10.6 41.2 21.1 20.7 15.9 InterGlobe Aviation Ltd. 1.7
India Fund Large & Mid-Cap 10.8 38.4 19.9 19.2 16.3 Bharti Airtel Ltd. 1.6

Source: Morningstar, Portfolio Date: 30th June, 2024

Page 11
 Equity - Flexicap

Franklin India Flexicap Fund

Why this fund?
l The fund has a blended investment style with focus on quality and
FundSelect
value, where quality is at the right price. PRR 4
l It focuses on stocks with long term growth higher than market growth
and having strong balance sheets. Key Fund Characteristics
l Key investment themes are 1. Consolidation theme- large players with Portfolio Manager R. Janakiraman & Sandeep Manam
significant market share growing larger 2. Emerging Investment Inception Date 29th September, 1994
opportunities in the sectors benefitting from tech led disruption.
Fund Size (INR Mio.) 166,772
What is this fund all about? Benchmark Nifty 500 TR INR

Fund ISIN INF090I01239

l
A Blend of top-down (macro analysis to identify sectors) and bottom-up
approach (micro analysis to pick stocks within these sectors) to stock Expense ratio 1.73%
selection is followed. Bottom-up stock selection accounts 80% of the 3Y Standard Deviation 12.54%
selection criteria and rest is based on sectoral preference.
3Y Sharpe Ratio 1.28
l
The fund is benchmark aware and positions the sectoral calls by creating
OW and UW positions compared to the BM. It has soft and hard limits 3Y Beta 0.91

present for stock and sector level deviations. The fund allows the FM to Exit Fee 1.00%
have 7% absolute sectoral deviation from the BM sectoral weight with Portfolio Date: 30th June, 2024
minimum 20% of the BM sectoral weight. Real Estate
Communicaon 1% Energy
l
Stocks are graded basis QSG parameters (Quality, Sustainability, Services
5% Materials
Growth) and Valuation parameters. Ulies 6% 5%
5%
l
The fund aims to have about 50-60 stocks and targets to generate 200 bps Informaon Industrials
over the BM. Technology 17%
9%

What is the key risk?

The fund is running a relatively higher concentration in its top 10 stocks at 50-
52%, so any large movements in these stocks can have sizeable impact. The Financials
29% Consumer
category average of concentration is 47%. The fund is OW sensitive sectors Discreonary
12%
which can cause impact. The fund gives 20% weightage to sectoral calls and
Consumer
that can impact the performance. Being BM aware the volatility has been in Healthcare Staples
line with the BM. 4% 7%

Portfolio Date: 30th June, 2024

How has the fund performed?
Morningstar Equity Style BoxTM
Last 1 year Top Contributors Top Detractors
Market Cap %
Large

1. Industrials 1. Financials
Sector 2. Consumer Staples 2. Real Estate Market Cap Giant 63.5
3. Consumer Discretionary 3. Healthcare Market Cap Large 27.1
Mid

1. Kirloskar Oil Engines Ltd. 1. Devyani International Ltd.

Market Cap Mid 8.9
Stock 2. Bharat Electronics Ltd. 2. ICICI Bank
3. Kalyan Jewellers India Ltd. 3. Marico Ltd. Market Cap Small 0.6
Small

What the Manager Says: Market Cap Micro 0.0

Focus on high quality stocks with long-term higher than market growth Value Blend Growth
prospects and strong balance sheets. Other key investment themes being Portfolio Date: 30th June, 2024
followed in the portfolio include (i) consolidation theme - large players with
Portfolio
significant market share growing larger and (ii) emerging investment Top 10 Holdings
Weighting %
opportunities in the sectors benefiting from technology-led disruption.
ICICI Bank Ltd. 7.8
Fund maintains overweight exposure to industrials, communication services,
utilities and consumer discretionary while holding an underweight exposure HDFC Bank Ltd. 7.4
to energy, healthcare, materials, financials, real estate sectors and marginal Bharti Airtel Ltd. 4.9
underweight to staples.
Larsen & Toubro Ltd. 4.5

Infosys Ltd. 4.3

Since Axis Bank Ltd. 4.0
YTD 1 Year 3 Years 5 Years Inception
State Bank of India 3.6
Franklin India Flexi Cap Gr 18.1 44.9 22.8 21.6 18.5
Reliance Industries Ltd. 3.3
Nifty 500 TR INR 16.7 38.7 20.0 19.8 18.7 HCL Technologies Ltd. 2.8
India Fund Flexi Cap 17.5 39.6 19.3 20.0 19.2 NTPC Ltd. 2.8

Source: Morningstar, Portfolio Date: 30th June, 2024

Page 12
 Equity - Flexicap

HDFC Flexi Cap Fund

Why this fund?
FundSelect
l Bottom-up stock picking with well defined metrics.
l Value tilted portfolio based on strong fundamentals and business PRR 4
models.
Key Fund Characteristics
l Diversified multicap strategy with a long-term approach to investing
and maintaining low portfolio turnover. Portfolio Manager Roshi Jain & Dhruv Muchhal

Inception Date 1st January, 1995

What is this fund all about?
Fund Size (INR Mio.) 591,234
l
Consistent approach in measuring valuation 1) comprehensive Benchmark Nifty 500 TR INR
assessment of the company's competitive business advantages and
Fund ISIN INF179K01608
industry position 2) visible runway for sustained growth 3) available at a
reasonable price. Expense ratio 1.46%

l
Mindful of the price paid for a company and avoids buying if multiples are 3Y Standard Deviation 12.40%
not justified by the DCF model and business outlook. 3Y Sharpe Ratio 1.55
l
Focus on companies with good visibility of sustained cash flow, disciplined 3Y Beta 0.87
balance sheets and being run by a management team with proven track
Exit Fee 1.00%
record.
Portfolio Date: 30th June, 2024
l
Understanding that a value company may take longer than usual for
realizing its true intrinsic value, but over a cycle it will make up for any Real EstateEnergy
Ulies 4%
relative underperformance. 1% Industrials
3% 7%
Communicaon Consumer
Discreonary
What is the key risk? Services
6% 9%
Consumer
Informaon
The fund invests across the market capitalization spectrum including in mid Technology
Staples
1%
and small cap stocks, which are generally more volatile and less liquid than 11%
large caps. Performance may inevitably be negatively affected during periods Healthcare
where the mid and small cap segments lag. Value tilted portfolio may lag in 14%
periods where markets are directional and quality stocks are doing well.
How has the fund performed?
Last 1 year Top Contributors Top Detractors Financials
44%
1. Healthcare 1. Materials Portfolio Date: 30th June, 2024
Sector 2. Utilities 2. Consumer Staples
3. Industrials 3. Discretionary Morningstar Equity Style BoxTM
1. HAL 1. Coal India Market Cap %
Large

Stock 2. NTPC 2. Bajaj Auto

3. HCL Tech 3. HDFC Bank Market Cap Giant 63.6

Market Cap Large 25.0

What the Manager Says:
Mid

Market Cap Mid 11.3

The Fund aims to invest in stocks/ sectors that are available at reasonable
valuations and the fund manager avoids paying aggressive price for any Market Cap Small 0.0
Small

stock. With Funds focus on value and quality of the business, it has Market Cap Micro 0.1
successfully navigated meltdowns / sharp underperformance in the past like Value Blend Growth
IT in 2000, Power / Infra / Real Estate in 2007, Pharma post 2015, Midcaps
Portfolio Date: 30th June, 2024
post 2018, etc. The Fund has maintained a low portfolio turnover which
shows fund managers conviction in stocks and his long term approach to Top 10 Holdings
Portfolio
Weighting %
investing.
The Scheme has a predominantly large cap portfolio with ~77.5 % of the HDFC Bank Ltd. 9.8
equity exposure being invested in Large-Caps. The Scheme is overweight in ICICI Bank Ltd. 9.7
sectors with prospects of earnings recovery with reasonable valuations and is
Axis Bank Ltd. 8.1
generally underweight in expensive sectors. The Scheme aims to invest in
stocks/ sectors that are available at reasonable valuations. Cipla Ltd. 4.8

HCL Technologies Ltd. 4.4

Since Bharti Airtel Ltd. 4.4
YTD 1 Year 3 Years 5 Years Inception
Kotak Mahindra Bank Ltd. 4.3
HDFC Flexi Cap Gr. 19.7 43.8 26.7 20.8 19.3
SBI Life Insurance Co. Ltd. 4.0
Nifty 500 TR INR 16.7 38.7 20.0 19.8 19.7 Infosys Ltd. 3.3
India Fund Flexi Cap 17.5 39.6 19.3 20.0 19.2 State Bank of India 2.9

Source: Morningstar, Portfolio Date: 30th June, 2024

Page 13
 Equity - Midcap

Nippon India Growth Fund

Why this fund?
l Fund is backed by the largest stock research coverage in the industry
FundSelect
with analysts dedicated to mid & small cap stocks. PRR 4
l Value tilted Bottom-up stock selection with Growth at Reasonable Price
(GARP) investing style. Key Fund Characteristics
l Avoids investing in companies with fractured balanced sheets or asset Portfolio Manager Rupesh Patel & Dhrumil Shah
quality concerns. Inception Date 8th October, 1995

What is this fund all about? Fund Size (INR Mio.) 308,389

Benchmark Nifty Midcap 150 TR INR

l
The portfolio is sliced to ascertain sensitivity to macro variables like
Fund ISIN INF204K01323
interest rate sensitivity, commodity & currency by classifying the industries
into cyclicals, semi-cyclicals and structural industries, for better Expense ratio 1.60%
assessment of risk. 3Y Standard Deviation 14.38%
l
While the fund adopts a stock specific or largely bottom-up investment 3Y Sharpe Ratio 1.54
approach, they do recalibrate the portfolio weights as and when large
macroeconomic variables (oil prices, interest rates, world growth etc.) 3Y Beta 0.90

change. Exit Fee 1.00%

l
The portfolio has a long tail (more stocks with lower allocation) as: 1) Portfolio Date: 30th June, 2024
Building or reducing positions in midcaps takes fair amount of time and Real Estate
price changes are quite significant. 2) Corporate actions can result in Communicaon
Ulies 2%
Materials
Services 5%
small demerged companies which are quite illiquid. 4%
9%
Informaon
What is the key risk? Technology
3%

Industrials
The fund is mandated to invest over 65% in midcap stocks. It follows a 16%
bottom-up strategy with significant sector deviation which can result in higher Financials
23%
tracking error. In addition to being exposed to liquidity risks associated with
lower market capitalization companies, the schemes performance can be
further impacted during periods of flight to safety (to large cap) and/or if the
value theme is not performing. Consumer
Healthcare Discreonary
How has the fund performed? 11%
Consumer Staples
23%
4%
Last 1 year Top Contributors Top Detractors Portfolio Date: 30th June, 2024

1. Consumer Discretionary 1. Energy Morningstar Equity Style BoxTM

Sector 2. Industrials 2. Real Estate
Market Cap %
Large

3. Consumer Staples 3. Utilities

1. Power Finance Corp. Ltd. 1. REC Ltd. Market Cap Giant 8.8
Stock 2. Angel One Ltd. 2. Indian Railway Fin. Corp. Ltd.
Market Cap Large 70.4
3. Zomato Ltd. 3. Adani Power
Mid

Market Cap Mid 20.0

What the Manager Says:
Market Cap Small 0.8
Well capitalized balance sheets, comfortable asset quality and valuations
Small

makes large banks an attractive space. With rapidly advancing technologies, Market Cap Micro 0.0
rising consumer expectations and incomes the consumer industry is on the Value Blend Growth
cusp of substantial change. They have substantial exposure to domestic Portfolio Date: 30th June, 2024
discretionary consumption like Autos, multiplex, QSR, etc . and consumer
Portfolio
products (Household durables, FMCG, etc). FMCG’s growth will be fuelled by Top 10 Holdings
Weighting %
rural markets. Consumer market driven by a younger population composition
and increasing disposable income. Cash continues to be high due to broader Power Finance Corp. Ltd. 3.3

market valuations. Risks include adverse elections, global market slowdown, Cholamandalam Financial Holdings Ltd. 2.9
energy prices. Governments thrust on public capex is visible while policy Supreme Industries Ltd. 2.3
measures have also been introduced to revive private capex.
Prestige Estates Projects Ltd. 2.3

Persistent Systems Ltd. 2.2

Since Voltas Ltd. 2.2
YTD 1 Year 3 Years 5 Years Inception
The Federal Bank Ltd. 2.1
Nippon India Growth Gr 20.5 57.2 30.0 27.9 23.1
Fortis Healthcare Ltd. 2.0
Nifty Midcap 150 TR INR 22.3 56.4 27.9 27.9 — Varun Beverages Ltd. 2.0
India Fund Mid-Cap 23.3 52.7 25.5 25.8 17.2 NTPC Ltd. 1.9

Source: Morningstar, Portfolio Date: 30th June, 2024

Page 14
 Equity - Midcap

Motilal Oswal Midcap Fund

Why this fund?
l Fund seeks to identify high-growth prospects that have the potential to
FundSelect
become leaders of tomorrow. PRR 4
l High conviction concentrated portfolio strategy to maximize potential
outperformance. Key Fund Characteristics
l Stock selection based on QGLP Philosophy that screens new ideas for Portfolio Manager Niket Shah & Ankush Sood
– Quality of business, Growth in earnings, Longevity of business and Inception Date 24th February, 2014
Priced reasonably.
Fund Size (INR Mio.) 126,277
What is this fund all about? Benchmark Nifty Midcap 150 TR INR

Fund ISIN INF247L01411

l
Broad Framework based on QGLP Philosophy
l
Quality of Business - (i) Stable business, preferably consumer facing Expense ratio 1.69%
(ii) Sizable business opportunity (iii) Sustainable competitive 3Y Standard Deviation 15.03%
advantage (iv) Competent management team (v) Healthy financials & 3Y Sharpe Ratio 1.93
ratios.
3Y Beta 0.82
l
Growth in earnings – Observed through (i) Volume growth (ii) Price
growth (ii) Mix change (iv) Operating leverage (v) Financial leverage. Exit Fee 1.00%
l
Longevity – of both Q & G factors – Observed through (i) Long-term Portfolio Date: 30th June, 2024

relevance of business (ii) Extending competitive advantage period (iii) Ulies Materials
Sustenance of growth momentum. Real Estate 4% 4%
6% Industrials
l
Price – (i) Reasonable valuation, relative to quality & growth prospects 12%
Communicaon
(ii) High margin of safety. Services
l
Bottom-up approach – Sector agnostic approach to build a concentrated 12%

portfolio of high conviction ideas that maximize potential outperformance.

What is the key risk? Informaon
Technology
14%
The fund is mandated to invest over 65% in midcap stocks. The fund follows a Consumer
bottom-up strategy with significant sector deviation from the benchmark Discreonary
30%
which can result in higher tracking error. In addition to being exposed to Financials
liquidity risks associated with lower market capitalization companies, the 12%
Healthcare
6%
schemes performance can be further impacted during periods of flight to
Portfolio Date: 30th June, 2024
safety ( to large cap). Further, high-conviction nature of the scheme can
induce heightened cyclicality in performance. Morningstar Equity Style BoxTM

Market Cap %
How has the fund performed?
Large

Market Cap Giant 12.6

Last 1 year Top Contributors Top Detractors
Market Cap Large 84.6
1. Consumer Services 1. Consumer Durables
Mid

Sector 2. Information Technology 2. Construction Materials Market Cap Mid 2.8

3. Realty 3. Financial Services
Market Cap Small 0.0
Small

1. Zomato Ltd. 1. Campus Activewear Ltd.

Stock 2. Persistent Systems Ltd. 2. Ambuja Cements Ltd. Market Cap Micro 0.0
3. CG Power & Ind. Sol. Ltd. 3. Bharat Dynamics Ltd. Ord. Sh. Value Blend Growth

What the Manager Says: Portfolio Date: 30th June, 2024

The portfolio has high conviction companies picked bottom up. Earnings Top 10 Holdings
Portfolio
growth potential in small/mid cap continues to be better than large cap aided Weighting %
by supportive govt. policies and should continue till policy environment Jio Financial Services Ltd. 9.5
remains supportive. Exposure is in IT, Auto Components, Retailing, Capital
Vodafone Idea Ltd. 9.5
Goods, etc and is underweight healthcare and banks. Overweight in
Services, IT, Realty have contributed positively to the fund performance while Persistent Systems Ltd. 9.1
overweight in Autos and underweight in Telecom, Power dragged the Kalyan Jewellers India Ltd. 7.6
performance of the fund.
Zomato Ltd. 7.1
Since Tube Investments of India Ltd. Ord. Share 7.1
YTD 1 Year 3 Years 5 Years Inception
Coforge Ltd. 5.0
Motilal Oswal Midcap Gr 33.4 64.1 39.1 30.7 24.3
Polycab India Ltd. 4.8
Nifty Midcap 150 TR INR 22.3 56.4 27.9 27.9 23.9 KPIT Technologies Ltd. 3.9
India Fund Mid-Cap 23.3 52.7 25.5 25.8 22.4 Balkrishna Industries Ltd. 3.6

Source: Morningstar, Portfolio Date: 30th June, 2024

Page 15
 Equity - Midcap

Mirae Asset Midcap Fund

Why this fund?
l A pure play Midcap fund that focuses on companies that are likely to
FundSelect
become the next large caps in India. PRR 4
l Bottom-up stock selection from a ununiverse of growth companies,
having robust business models, enjoying sustainable competitive Key Fund Characteristics
advantages as compared to their competitors and have high return Portfolio Manager Ankit Jain
ratios.
Inception Date 29th July, 2019

What is this fund all about? Fund Size (INR Mio.) 166,673

Benchmark Nifty Midcap 150 TR INR

l
The fund provides access to emerging companies that are likely to
become the next large caps in India and managed by promoters with good Fund ISIN INF769K01EY2
integrity and proven track record of running successful businesses. Expense ratio 1.66%
l
The fund uses a two-pronged approach to portfolio construction 1) High- 3Y Standard Deviation 14.12%
conviction ides selected through pure bottom-up stock picking with a
3Y Sharpe Ratio 1.18
focus on quality businesses (typically above average ROE/ROCE etc.)
and 2) Value trade - Prefers companies that are available at acceptable 3Y Beta 0.89
valuations (usually at or below average PE/PB, EV/EBITDA (relative & Exit Fee 1.00%
absolute).
Portfolio Date: 30th June, 2024
l
The fund has a relatively low turnover ratio than peers, signifying FM
Ulies Energy
conviction in stock selection. Real Estate
3% 2%
3% Materials
Communicaon 11%
What is the key risk? Services
4%
Informaon
The fund is mandated to invest over 65% in midcap stocks. It follows a Technology
6% Industrials
bottom-up strategy with significant sector deviation which can result in higher 16%
tracking error. In addition to being exposed to liquidity risks associated with Financials
lower market capitalization companies. The schemes performance can be 22%
further impacted during periods of flight to safety (to large cap) and/or if the
value theme is not performing.
How has the fund performed? Consumer
Discreonary
Healthcare 18%
Consumer Staples
Last 1 year Top Contributors Top Detractors 14%
1%
1. Telecommunications 1. Consumer Durables Portfolio Date: 30th June, 2024
Sector 2. Services 2. Construction Materials
Morningstar Equity Style BoxTM
3. Healthcare 3. Forest Materials
1. Power Finance Corp. 1. Federal Bank Ltd. Market Cap %
Large

Stock 2. Ceat Ltd. 2. Axis Bank Ltd. Market Cap Giant 7.1
3. Lupin Ltd. 3. NTPC Ltd.
Market Cap Large 61.3
What the Manager Says:
Mid

Market Cap Mid 29.7

They prefer bottom up stock selection while being cognizant of the
benchmark. For mid cap, 3 to 5 years horizon is recommended. Framework Market Cap Small 1.9
Small

includes (1) business selection (2) management evaluation and (3) intrinsic Market Cap Micro 0.0
value. For business selection the priority is investing in growth-oriented Value Blend Growth
businesses – not just top-line growth but profits and cash flow. Secondly,
Portfolio Date: 30th June, 2024
management evaluation is about both qualitative as well as quantitative
factors. The third is about the valuation, involves building a longer-term Top 10 Holdings
Portfolio
Weighting %
growth forecast. All three parameters are required for a name to come into the
portfolio along with some subject to the underlying benchmark weights, Prestige Estates Projects Ltd. 2.6
particularly at a sectoral level. Lupin Ltd. 2.6

Bharat Forge Ltd. 2.6

Axis Bank Ltd. 2.5

Indian Bank 2.5

Since Delhivery Ltd. 2.3
YTD 1 Year 3 Years 5 Years Inception
Indus Towers Ltd. Ordinary Shares 2.3
Mirae Asset Midcap Gr. 18.6 47.5 23.3 — 28.9
The Federal Bank Ltd. 2.3
Nifty Midcap 150 TR INR 22.3 56.4 27.9 27.9 30.9 HDFC AMC Co. Ltd. 2.2
India Fund Mid-Cap 23.3 52.7 25.5 25.8 28.4 Mphasis Ltd. 2.2

Source: Morningstar, Portfolio Date: 30th June, 2024

Page 16
 Equity - Smallcap

Edelweiss Small Cap Fund

Why this fund?
l Growth tilted Bottom-up stock selection with Growth at Reasonable
FundSelect
Price (GARP) investing style. PRR 4
l The fund invests in small businesses that aim to deliver exponential
business and earnings growth by buying businesses benefiting from Key Fund Characteristics
economic growth owing to their cyclical nature. Portfolio Manager Sahil Shah, Trideep Bhattacharya
l It uses the FAIR investment framework (Forensics, Acceptable Price, Inception Date 7th February, 2019
ESG Informed, Robustness) which helps in identifying robust and clean
Fund Size (INR Mio.) 38,163
businesses available at acceptable price and keeps informed on their
ESG standings. Benchmark Nifty Smallcap 250 TR INR

Fund ISIN INF754K01JJ4

What is this fund all about?
Expense ratio 1.76%
l
It makes no compromise on quality by doing a higher degree of due 3Y Standard Deviation 14.69%
diligence and constantly monitors portfolio liquidity to handle market
3Y Sharpe Ratio 1.32
fluctuations and redemption pressures.
l
The scheme allows investor to diversify portfolio holdings and play their 3Y Beta 0.81

constructive view on broader markets. Exit Fee 1.00%

l
The FM does not take outsized sector bets, or Macro based calls or Cash Portfolio Date: 30th June, 2024
calls, all of which provide in a well diversified portfolio able to run across Real Estate
cycles while being fully invested. Informaon 4% Materials
Technology 13%
l
Fund limits positions to 75 stocks and not more than 5% deviation from BM 8%
sectoral allocations, while keeping high liquidity which provides a well-
balanced play.
What is the key risk? Financials Industrials
18% 28%
The fund is mandated to invest over 65% in smallcap stocks. The fund follows
a bottom-up strategy with significant sector deviation from the benchmark
which can result in higher tracking error. In addition to being exposed to Healthcare
10%
liquidity risks associated with lower market capitalization companies, the
Consumer Staples
schemes performance can be further impacted during periods of flight to 6%
Consumer
Discreonary
safety (to large cap). Further, high-conviction nature of the scheme can 13%
induce heightened cyclicality in performance. Portfolio Date: 30th June, 2024

How has the fund performed? Morningstar Equity Style BoxTM

Market Cap %
Large

Last 1 year Top Contributors Top Detractors

Market Cap Giant 0.0
1. Capital Goods 1. Chemicals
Sector 2. Financial Services 2. Construction Materials Market Cap Large 28.0
Mid

3. Healthcare 3. Consumer Services

Market Cap Mid 62.9
1. Birlasoft Ltd. 1. Navin Fluorine International
Stock 2. KEI Industries Ltd. 2. Cera Sanitaryware Ltd. Market Cap Small 9.1
Small

3. Action Construction Equip. 3. Home First Finance Co. India

Market Cap Micro 0.0
What the Manager Says: Value Blend Growth
Higher volatility in small caps has been compensated by higher returns. Small Portfolio Date: 30th June, 2024
caps should be considered with an investment horizon of more than 5 years.
Portfolio
Most of the emerging themes and stocks have started as small caps. A lot of Top 10 Holdings
Weighting %
alpha generating opportunities in this space. Small-cap companies are now
KEI Industries Ltd. 3.1
sizeable in terms of Market cap, Revenues and Profits with long term track
record of performance. Unlike past, lot of companies are available in small- UNO Minda Ltd. 3.1
cap space which have good disclosures and with good management intent J.B. Chemicals & Pharmaceuticals Ltd. 2.3
towards minority shareholders. Over long term small caps will outperform
Kirloskar Pneumatic Co. Ltd. 2.2
supported by faster earnings growth.
Brigade Enterprise Ltd. 2.1
Since Can Fin Homes Ltd. 2.0
YTD 1 Year 3 Years 5 Years Inception
APL Apollo Tubes Ltd. 2.0
Edelweiss Small Cap Gr 18.1 48.4 26.7 31.0 30.8
Voltas Ltd. 2.0
Nifty Smallcap 250 TR INR 22.1 63.4 27.6 28.4 27.0 Birlasoft Ltd. 1.9
India Fund Small-Cap 19.0 48.6 26.1 29.1 28.1 Ajanta Pharma Ltd. 1.9

Source: Morningstar, Portfolio Date: 30th June, 2024

Page 17
 Equity - Contra & Value

Invesco India Contra Fund

Why this fund?
l Contrarian fund looking for deep value, value, turnaround and derated
FundSelect
picks. PRR 4
l Top down thematic overlay with bottom up stock selection.
Key Fund Characteristics
What is this fund all about? Portfolio Manager Taher Badshah, Amit B. Ganatra

l
Fund uses following three levers to generate alpha over the benchmark: Inception Date 11th April, 2007
1) Stock Selection: (a) Contrarian bias, (b) Preference for companies in a Fund Size (INR Mio.) 161,881
turnaround phase and trading below fundamental value, (c) Growth
Benchmark S&P BSE 500 TR INR
companies available at attractive valuations and 2) Sector Allocation:
Active OW/ UW sector positions w.r.t benchmark. 3) Capitalization Bias: Fund ISIN INF205K01189
Across market-cap spectrum. Expense ratio 1.67%
l
Backed by a process-oriented AMC which classifies stocks basis growth 3Y Standard Deviation 12.70%
prospects relative to industry, unique company attribute and financial
3Y Sharpe Ratio 1.17
parameters to label as Growth, Value and Event based.
l
Proprietary stock categorization framework enables them to filter the 3Y Beta 0.92

universe and identify the best investment opportunities. Exit Fee 1.00%

Portfolio Date: 30th June, 2024

What is the key risk?
Real Estate
Ulies
1% Energy
The fund can invest across a broad market spectrum including companies Communicaon
7% 2% Materials
4%
with lower market consensus. Though the fund tries to avoid value traps, it Services
2%
Informaon
may risk investing in stocks which would remain under-appreciated by the Technology Industrials
market for long periods. The fund is likely exposed to stock selection and 9% 17%

industry specific risks in addition to being exposed to volatility associated with

relatively less liquid lower market capitalization companies.

How has the fund performed? Financials Consumer

Discreonary
Last 1 year Top Contributors Top Detractors 30%
15%

1. Industrials 1. Energy Consumer Staples

Sector 2. Consumer Staples 2. Financial 3%
Healthcare
3. Utilities 3. — 10%
1. Hindustan Aeronautics Ltd. 1. CIE Automotive India Ltd. Portfolio Date: 30th June, 2024
Stock 2. Multi Com. Exchange India 2. Kajaria Ceramics Ltd.
Morningstar Equity Style BoxTM
3. Zomato Ltd. 3. Cholamandalam IN Apr24
Market Cap %
Large

What the Manager Says:

Invesco India Contra Fund is value-oriented strategy following contrarian Market Cap Giant 49.9

style, investing across sectors and market capitalization. Market Cap Large 37.0
Mid

It owns ~65% large cap and 34% mid & small caps. The fund has held an Market Cap Mid 11.7
over-weight stance on ‘Consumer Discretionary’ and ‘Industrials’ for now
Market Cap Small 1.3
Small

over a 12-18 month period. While industrials are beneficiaries of a relatively

buoyant Indian investment and industrial cycle, our consumer discretionary Market Cap Micro 0.0
exposure focuses on likely recovery in certain parts of the consumption Value Blend Growth
basket and cheap absolute/relative valuations in consumer durables. Over- Portfolio Date: 30th June, 2024
weight ‘Healthcare’ and ‘Utilities’ are a play on likely strong earnings cycle
Portfolio
relative to the past few years. We are now underweight in IT sector and Top 10 Holdings
Weighting %
overweight in Financials after having opposite positions in last year.
ICICI Bank Ltd. 6.7
Commodity sectors like ‘Materials’ and ‘Energy’ have been key under-
weights. HDFC Bank Ltd. 5.5
During the past few months, in addition to its top-down sector selection, the Infosys Ltd. 4.8
fund has enhanced its bottom-up focus – reflecting in its higher exposure to Axis Bank Ltd. 4.0
the SMID segment of the market
NTPC Ltd. 4.0
Since Bharat Electronics Ltd. 3.1
YTD 1 Year 3 Years 5 Years Inception
Mahindra & Mahindra Ltd. 2.9
Invesco India Contra Gr 21.8 46.5 21.5 21.1 15.7
State Bank of India 2.8
S&P BSE 500 TR INR 16.7 38.3 19.9 20.0 13.2 Zomato Ltd. 2.3
India Fund Contra 21.5 49.4 25.9 24.1 15.0 Coforge Ltd. 2.2

Source: Morningstar, Portfolio Date: 30th June, 2024

Page 18
 Equity - Contra & Value

ICICI Prudential Value Discovery Fund

Why this fund?
l Fund philosophy centered around economic recovery, with an aim to
FundSelect
perform well during periods of economic turnaround. PRR 4
l Takes active position in fundamentally strong companies that are
currently trading below their intrinsic value. Key Fund Characteristics
l Managed by an industry veteran, CIO of ICICI Prudential AMC. Portfolio Manager Sankaran Naren, Dharmesh K.

Inception Date 16th August, 2004

What is this fund all about?
Fund Size (INR Mio.) 454,709
l
Fund seeks to identify fundamentally strong, low leverage companies with Benchmark Nifty 500 TR INR
strong balance sheets that are currently out of favor and trading below
Fund ISIN INF109K01AF8
their intrinsic value. Value assessed in terms of business fundamentals
over traditional price or valuation ratios. Expense ratio 1.56%
l
The scheme follows a bottom-up stock selection investment approach 3Y Standard Deviation 11.04%
along with a blend of other styles such as Value and Dividend yield. 3Y Sharpe Ratio 1.66
l
Dynamic risk management: 1) Avoid value-traps at the portfolio
3Y Beta 0.75
construction level. 2) Limit overall scheme exposure to promoter groups to
less than 20% 3) Substitute overvalued sectors/companies with Exit Fee 1.00%
reasonably valued ones 4) Can take counter-cyclical positions when Portfolio Date: 30th June, 2024
macroeconomic situation turns less conducive for economic growth. Communicaon
Services Ulies Energy
4%
What is the key risk? Informaon 3%
Technology
1%
Materials
9% 15%
The scheme invests across the market capitalization spectrum,
predominantly in stocks which a value orientation or currently trading out of
market favor. In addition to being exposed to value-traps, the performance of Financials
Industrials
22%
the scheme may be impacted during periods of weak broader market 13%

performance and/or if the value theme does not perform in line with
expectation.

How has the fund performed? Healthcare Consumer

10% Discreonary
Last 1 year Top Contributors Top Detractors Consumer Staples 17%
6%
1. Pharma 1. Consumer Non Durables Portfolio Date: 30th June, 2024
Sector 2. Power 2. Banks & Finances
3. Oil & Gas 3. Software Morningstar Equity Style BoxTM
1. NTPC Ltd. 1. UPL Ltd. Market Cap %
Large

Stock 2. Tata Motors Ltd. 2. Infosys

3. ONGC Ltd. 3. Cash Market Cap Giant 72.8

Market Cap Large 19.3

What the Manager Says:
Mid

Market Cap Mid 7.3

Market valuations continue to remain in neutral zone while Business Cycle
continues its positive momentum. There are certain pockets available with Market Cap Small 0.5
Small

reasonable valuations with strong re-rating potential. They are constructive Market Cap Micro 0.0
on Indian equity with a long term view, as globally countries look to de-risk Value Blend Growth
their supply chains which may benefit India.
Portfolio Date: 30th June, 2024
Capex spending remains healthy, providing much needed thrust to
manufacturing. Infra and economic activity continues to expand. The scheme Portfolio
Top 10 Holdings
Weighting %
invests in companies with higher intrinsic values leading to better alpha
generation and hence the fund is expected to do well. HDFC Bank Ltd. 8.7

Infosys Ltd. 7.2

ICICI Bank Ltd. 6.8

Reliance Industries Ltd. 6.1

Sun Pharmaceuticals Industries Ltd. 5.5

Since Bharti Airtel Ltd. 3.4
YTD 1 Year 3 Years 5 Years Inception
NTPC Ltd. 3.4
ICICI Pru Value Discovery Gr 16.9 41.6 25.8 23.9 20.8
Hindustan Unilever Ltd. 3.1
Nifty 500 TR INR 16.7 38.7 20.0 19.8 16.6 ITC Ltd. 2.9
India Fund Contra 21.5 49.4 25.9 24.1 19.5 Oil & Natural Gas Corp. Ltd. 2.5

Source: Morningstar, Portfolio Date: 30th June, 2024

Page 19
 Equity - ESG

SBI ESG Exculsionary Strategy Fund

Why this fund?
l Investment approach based on Environmental, Social & Governance
FundSelect
(ESG) considerations in combination with financial parameters. PRR 4
l Focus on “Triple Bottom” (People, Planet & Profits), balancing positive
social impact in addition to investment performance. Key Fund Characteristics
l Backed by one of the largest equity fund management team. Portfolio Manager Rohit Shimpi, Mohit Jain

Inception Date 27th November, 2006

What is this fund all about?
Fund Size (INR Mio.) 58,742
l
ESG analysis process: 1) Evaluate each investee companies on ESG Benchmark Nifty 100 ESG TR INR
factors 2) Voting Practices - communicating with investee companies
Fund ISIN INF200K01214
before and after the AGM 3) Integrate ESG philosophy into entire
investment decision making process Expense ratio 1.92%
l
The fund avoids companies which have a negative spill over impact on 3Y Standard Deviation 12.76%
environment and companies with excessive leverage. 3Y Sharpe Ratio 0.84
l
FM Team engage with companies and all stakeholders, to influence their
3Y Beta 0.87
decision in favour of sustainable practices and policies.
Exit Fee 1.00%
l
They endeavor to invest in companies with Positive ESG standards for it
to lead to long term value creation for investors. Portfolio Date: 30th June, 2024

Ulies Energy Materials

What is the key risk? 2% 2% 6%

Informaon
The scheme invests across the market capitalization spectrum. In addition to Technology
14%
being exposed to equity market risks, the performance of the scheme may be Industrials
21%
impacted in case value realization of ESG compliant companies are delayed
or the theme does not perform in line with expectations.

How has the fund performed?

Financials
Last 1 year Top Contributors Top Detractors 35% Consumer
Discreonary
1. Financial Services 1. Consumer Services 16%
Sector 2. Capital Goods 2. Power Consumer Staples
3. Construction 3. Automobiles & Auto Compo. Healthcare 3%
2%
1. TVS Motor Co. Ltd. 1. Adani Green Energy Ltd. Portfolio Date: 30th June, 2024
Stock 2. ABB India Ltd. 2. Tata Motors Ltd.
3. Cummins India Ltd. 3. Page Industries Ltd. Morningstar Equity Style BoxTM

Market Cap %
Large

What the Manager Says:

Market Cap Giant 62.0
The portfolio is well diversified and spread about 36 stocks, wherein top 10
holdings account for 53.23% of the portfolio. The fund has a large cap bias Market Cap Large 33.0
Mid

and is actively managed. Large cap constitutes71.62% of the portfolio, mid Market Cap Mid 5.1
cap20.13%, and small cap is 2.38%.
Market Cap Small 0.0
Small

The fund is overweight on Capital Goods, and Construction and underweight

on FMCG and Oil, Gas & Consumable Fuels. They are positive on Industrials Market Cap Micro 0.0
due to expectations of bottoming out of corporate capex, government’s thrust Value Blend Growth
on manufacturing and infrastructure. They believe the sector is gradually Portfolio Date: 30th June, 2024
emerging out of a multi-year slowdown that began in 2013, and new
Portfolio
opportunities in manufacturing and new energy are expected to also drive Top 10 Holdings
Weighting %
growth over next few years. The fund is UW on FMCG mainly due to
HDFC Bank Ltd. 7.6
availability of better investment opportunities in other sectors, in their view.
their underweight in Oil, Gas & Consumable Fuels is for various reasons Infosys Ltd. 7.2
including ownership concerns, long-term demand destruction on account of ICICI Bank Ltd. 7.1
disruptions and regulatory concerns.
Axis Bank Ltd. 4.9

Larsen & Toubro Ltd. 4.9

Since Kotak Mahindra Bank Ltd. 4.5
YTD 1 Year 3 Years 5 Years Inception
UltraTech Cement Ltd. 4.3
SBI ESG Exclusinary Stategy Gr. 14.3 31.2 16.6 16.7 12.9
TCS Ltd. 3.9
Nifty 100 ESG TR INR 13.6 32.7 15.7 18.2 — State Bank of India 3.5
India Fund Equity - ESG 13.3 31.9 16.0 — — Maruti Suzuki India Ltd. 3.3

Source: Morningstar, Portfolio Date: 30th June, 2024

Page 20
 Equity - International

Baroda BNP Paribas Funds Aqua FoF

Why this fund?
l Capture long-term investment returns via a diversified water strategy.
FundSelect
l Managed by Impax, specialist in environmental markets investing. PRR 4
l Established track record, outperformed global equities since inception
in 2008. Key Fund Characteristics
Portfolio Manager Miten Vora
What is this fund all about? Inception Date 7th May, 2021
l
Long term drivers continue to drive superior growth: Global trends in Fund Size (INR Mio.) 515
water regulations, innovation & technology, water infrastructure, weather Benchmark MSCI World Index
patterns provide a diverse set of opportunities through the full economic
Fund ISIN INF251K01QQ1
cycle encompassing both defensive and cyclical businesses.
l
Gain access to water-related investment opportunities: Invest in high Expense ratio 1.60%
conviction stocks of companies whose activities are related to water, 3Y Standard Deviation 19.30%
categorised under 1) water infrastructure, 2) water treatment & efficiency 3Y Sharpe Ratio 0.05
and 3) utilities.
3Y Beta —
l
Managed by Impax, a leader in thematic equity investing: Dedicated
to environmental investing since 1998, Impax currently manages EUR Exit Fee 1.00%
20bn in AUM across multiple strategies. They are benchmarked against Portfolio Date: 30th June, 2024
established frameworks that are aligned to Standard Chartered's Ulies
positions and evaluated across dimensions including ESG strategy, Materials 20%
integration, expertise and measurement. 14%

What is the key risk? Informaon

Technology
2%
This fund is primarily exposed to stock selection specific risks, which includes Healthcare
implicit industry and market selection risks arising out of the aggregate views 4%
Consumer
from stock selection. The fund invests in global equities, hence is also Discreonary
exposed to market specific (i.e. political, growth) and currency risks. The 2%

India Feeder’s performance may vary from the underlying fund’s

performance due to currency exchange rate movements. Industrials
58%
How has the fund performed?
Portfolio Date: 30th June, 2024
Last 1 year Top Contributors Top Detractors
Morningstar Equity Style BoxTM
1. Water Treatment & Eff. 1. Water Treatment & Eff.
Sector 2. Water Infrastructure 2. Water Infrastructure Market Cap %
Large

Market Cap Giant 0.0

1. Veolia Environment 1. Sika
Stock 2. Cia Saneamento Basico 2. American Water Works Market Cap Large 30.0
Mid

3. Wienerberger 3. Geberit
Market Cap Mid 54.7
What the Manager Says: Market Cap Small 15.3
Small

Positive actions related to (1) increased infrastructure spending and (2) Market Cap Micro 0.0
regulatory developments are expected. Investment programs aiming to
Value Blend Growth
modernise water infrastructure agreed (Infrastructure Investment and Jobs
Act, the Inflation Reduction Act and the CHIPS Act), including more than Portfolio Date: 30th June, 2024

$100b to improve infrastructure, reduce water contaminants and protect Top 10 Holdings
Portfolio
against droughts, heat, floods and wildfires. The Fund is invested in (1) Weighting %
companies providing infrastructure solutions including pipes, meters pumps BNP Paribas Aqua U18 USD C 98.0
and valves and (2) companies across the value chain addressing the PFAs
(or “forever chemicals”). At the Fund level, recent months have seen an uptick
in 12M earnings growth forecasts for the strategy vs broader market. The
long-term drivers for the theme and the strategy remain in place, despite
recent slowdown.
.
Since
. YTD 1 Year 3 Years 5 Years Inception

Baroda BNP Paribas Aqua FoF Gr. 0.2 8.8 4.9 — 5.1

MSCI World Index 12.2 22.3 11.1 — 11.7

India Fund Global - Other 7.2 16.7 2.2 — 3.0

Source: Morningstar, Portfolio Date: 30th June, 2024

Page 21
 Hybrid - Aggressive Hybrid

HDFC Hybrid Equity Fund

Why this fund?
l The fund has a market agnostic blended investment style with focus on
FundSelect
reasonable quality businesses. PRR 3
l Maintain a judicious mix of equity exposure: Large Cap (70-90%), Mid
Cap (5 -20%) and Small Cap (5 -20%). Key Fund Characteristics
l In Fixed Income, active duration and credit management based on fund Portfolio Manager Chirag Setalvad - Equity
Anupam Joshi - Debt
manager’s view on interest rate and credit outlook. Inception Date 11th September, 2000

What is this fund all about? Fund Size (INR Mio.) 240,910
NIFTY 50 Hybrid Composite
Benchmark Debt 65:35 Index
l
A Blend of top-down (macro analysis to identify sectors) and bottom-up
Fund ISIN INF179K01AS4
approach (micro analysis to pick stocks within these sectors) to stock
selection is followed. Bottom-up stock selection accounts 80% of the Expense ratio 1.68%
selection criteria. 3Y Standard Deviation 8.75%
l
The fund is benchmark aware and positions the sectoral calls by creating 3Y Sharpe Ratio 1.08
overweight and underweight positions compared to the benchmark.
3Y Beta 0.93
l
The investments are driven by fundamental research with a medium to
long-term view. Further, with an objective to create wealth over time, they Exit Fee 1.00%
aim to minimize mistakes, particularly large ones and therefore Portfolio Date: 30th June, 2024
emphasize the price of purchase and avoid buying assets, overvalued Cash
from a long-term view and poor-quality businesses/ managements. 2%

What is the key risk?

Bond
Fund invests 65-75% in equity across the market capitalization spectrum and 28%
rest in fixed income securities across the credit-rating profile. In addition to
being exposed to liquidity risks associated with lower market capitalization
companies, the scheme also takes position in high-yielding (non-AAA rated)
and credit enhanced securities. The schemes performance can be further
impacted during periods of flight to safety (to large cap companies or higher- Stock
rated fixed income securities) 70%

How has the fund performed?

Last 1 year Top Contributors Top Detractors Portfolio Date: 30th June, 2024

1. Industrials 1. Materials Morningstar Equity Style BoxTM

Sector 2. Financials 2. Energy
Market Cap %
Large

3. Communication Services 3. Consumer Discretionary

1. Bharat Electronics Ltd. 1. Sharda Cropchem Ltd. Market Cap Giant 63.6
Stock 2. Aurobindo Pharma Ltd. 2. Kotak Mahindra Bank Ltd.
Market Cap Large 10.2
3. Hindustan Petroleum Corp. 3. SKF India Ltd.
Mid

Market Cap Mid 23.9

What the Manager Says:
Market Cap Small 1.8
The fund, broadly targets returns greater than debt schemes with lower
Small

volatility than equity schemes. While selecting stocks, the fund follows a Market Cap Micro 0.5
bottom-up stock picking, focus on reasonable quality businesses, typically Value Blend Growth
above average ROE/ROCE and acceptable valuations. The Fund maintain a Portfolio Date: 30th June, 2024
judicious mix of equity exposure and continuously rebalances between
Portfolio
market cap. Currently Large Cap is 73%, Mid Cap is 8% and Small Cap 19%. Top 10 Holdings
Weighting %
Within debt, the fund focusses on AAA and actively manages duration.
Equity ~67.99%, Debt ~26.72% while others incl Cash, compulsory ICICI Bank Ltd. 7.3

Convertible Debentures, MF Units, ReIT and InVIT is ~5.29%, thus qualifies HDFC Bank Ltd. 6.6
for equity taxation. Reliance Industries Ltd. 4.8

Larsen & Toubro Ltd. 4.6

State Bank of India 3.9

Since Axis Bank Ltd. 3.7
YTD 1 Year 3 Years 5 Years Inception
Bharti Airtel Ltd. 3.6
HDFC Hybrid Fund Eq. Gr. 12.0 21.9 15.4 15.4 15.7
Infosys Ltd. 3.4
NIFTY 50 Hybrid Composite Debt 65:35
Index 13.0 19.8 12.8 13.8 — ITC Ltd. 3.3
India Fund Aggressive Allocation 14.4 31.3 15.8 16.1 12.4 SKF India Ltd. 2.7

Source: Morningstar, Portfolio Date: 30th June, 2024

Page 22
 Hybrid - Aggressive Hybrid

Mirae Asset Aggressive Hybrid Fund

Why this fund?
l The fund follows a disciplined asset-allocation strategy with equity
FundSelect
exposure in the range of 72% +/-5%, aiming to generate long term PRR 3
growth by increasing the equity exposure based on market cycles and
valuations. Key Fund Characteristics
l Debt portion is managed through high quality debt instrument Portfolio Manager Harshad Borawake - Equity
Mahendra K. Jajoo - Debt
predominantly in AAA rated and Sovereign Bonds. The fund broadly
Inception Date 29th July, 2015
follows a Buy-&-Hold strategy.
Fund Size (INR Mio.) 89,627
What is this fund all about? Benchmark CRISIL Hybrid 35+65 - Aggressive
Index
l
Large-cap biased equity portfolio which helps in performing across market Fund ISIN INF769K01DE6
cycles and are typically first to react to economic revival. Portfolio Expense ratio 1.71%
construction focus remains on generating alpha over medium to long-
3Y Standard Deviation 9.27%
term with high liquidity.
3Y Sharpe Ratio 0.87
l
Disciplined Asset-allocation between equity and debt is a function of
macroeconomic outlook and multiple variables such as earnings growth 3Y Beta 1.00
outlook, price-multiples and interest rate outlook. Exit Fee 1.00%
l
No credit calls taken, and debt portion is managed with high quality debt Portfolio Date: 30th June, 2024
instrument predominantly in AAA rated and Sovereign Bonds through a
Cash
buy-&-hold approach. 5%

What is the key risk?

Bond
Fund can invest ~75% in equity across the market capitalization spectrum 21%

and ~25% in fixed income securities across the credit-rating profile. In

addition to being exposed to liquidity risks associated with lower market
capitalization companies, the scheme can also take position in high-yielding
(non-AAA rated) fixed income securities which can be subject to credit
downgrade and default risks.
Stock
How has the fund performed? 74%

Last 1 year Top Contributors Top Detractors

Portfolio Date: 30th June, 2024
1. Services 1. Financial Services
Sector 2. Automobile & Auto Compo. 2. Textiles Morningstar Equity Style BoxTM
3. Healthcare 3. Consumer Durables
Market Cap %
Large

1. State Bank of India 1. Prince Pipe & Fittings Ltd.

Stock 2. Shriram Finance Ltd. 2. Tatva Chintan Pharma Chem. Market Cap Giant 55.1
3. Greenply Industries Ltd. 3. Craftsman Automation Ltd.
Market Cap Large 30.1
Mid

What the Manager Says:

Market Cap Mid 10.6
Portfolio is Large cap biased which helps in performing in all market cycles,
Market Cap Small 4.0
more liquid and are typically first to react to economic revival. Their
Small

investment philosophy is to keep ~72% (+/-5%) in Equity, buy strong Market Cap Micro 0.1
companies, run by competent management but up to a reasonable price. Value Blend Growth

The Fund is overweight on sectors like Financials, Auto and Healthcare. Portfolio Date: 30th June, 2024
While IT, FMCG and O&G remain underweight. Post pandemic, many Portfolio
sectors are witnessing cyclical turnaround and their positioning is to capture Top 10 Holdings
Weighting %
these trends. Financials is the largest position in their portfolio given that NPA
HDFC Bank Ltd. 6.4
issues are behind us, capital adequacy for portfolio companies is strong and
valuations are still reasonable. Reliance Industries Ltd. 4.0

The recent fund performance is driven by Auto, Services and healthcare, ICICI Bank Ltd. 4.0
while sectors like consumer durables and Financial Services have been drag State Bank of India 3.5
on the performance.
Infosys Ltd. 3.4
Since Axis Bank Ltd. 2.6
YTD 1 Year 3 Years 5 Years Inception
NTPC Ltd. 2.5
Mirae Asset Aggressive Hybrid Reg Gr 12.1 26.2 13.9 14.8 13.2
Bharti Airtel Ltd. 2.3
CRISIL Hybrid 35+65 - Aggressive Index 11.9 26.2 14.3 15.3 12.9 7.1% Govt. Stock 2034 2.2
India Fund Aggressive Allocation 14.4 31.3 15.8 16.1 12.4 Larsen & Toubro Ltd. 2.1

Source: Morningstar, Portfolio Date: 30th June, 2024

Page 23
 Hybrid - Dynamic Asset Allocation

Baroda BNP Paribas Balanced Advantage Fund

Why this fund?
l The fund has a blended investment style using Bottom-up stock picking
FundSelect
with Focus on reasonable quality businesses and prefers companies PRR 3
that are available at acceptable valuations.
l To maintain a judicious mix of equity exposure: Large Cap (70% -90%), Key Fund Characteristics
Mid Cap (5% -20%) and Small Cap (5% -20%). Portfolio Manager Sanjay Chawla, Pratish Krishnan,
Prashant Pimple
l In FI, it has 87% allocation to AAA/ Sov and rest in AA with no exposure Inception Date 14th November 2018
to A category currently.
Fund Size (INR Mio.) 39,674
What is this fund all about? Benchmark NIFTY 50 Hybrid Composite
Debt 50:50 Index
Fund ISIN INF955L01HC4
l
In Equity, for sectoral allocation, the PM works on a Top-down approach,
using the EIC model to ascertain from the Economic indicators and the Expense ratio 1.88%
macro views, which determines the appropriate sectoral weights while 3Y Standard Deviation 8.91%
ensuring BM consciousness. For security selection it is GARP based
3Y Sharpe Ratio 1.00
bottom-up stock picking using the BMV model.
l
In Debt, the PM uses Duration management and Credit Allocation to 3Y Beta —

determine the appropriate security mix. Exit Fee 1.00%

l
The allocation between the two is created using a 4-factor asset allocation Portfolio Date: 30th June, 2024
model which tracks factors of PE, PB, Earnings Yield Gap and Dividend Other
yield in a weighted model to define the right mix (this number is calculated Cash 1%
monthly and deviation of only +/-2% is allowed). Since the fund cannot go 12%

below 65% gross equity it uses arbitrage to lower the net equity when the
model throws a number lower than 65% for equity.
What is the key risk? Bond
24%
The fund is running higher MC/SC compared to peers and that has helped the
fund performance, basis which the volatility has been higher than peer
Stock
median. Fund is running a higher PE compared to the category. In debt the 63%
fund is aggressive on the credit calls and takes 1/3 AA exposure while
duration is on the shorter end of 1-3 years, giving it the highest YTM in the
category.
Portfolio Date: 30th June, 2024
How has the fund performed?
Morningstar Equity Style BoxTM
Last 1 year Top Contributors Top Detractors
Market Cap %
Large

1. Capital Goods 1. Metals & Mining

Sector 2. Power 2. Others Market Cap Giant 56.6
3. Information Technology 3. Services
Market Cap Large 30.9
Mid

1. Maruti Suzuki 1. Bharti Airtel Ltd.

Stock 2. CIE Automotive India Ltd. 2. Vodafone Market Cap Mid 11.0
3. Schaeffler India Ltd. 3. Tata Communication Market Cap Small 1.5
Small

What the Manager Says: Market Cap Micro 0.0

Equity exposure reduced during the month as dictated by our proprietary Value Blend Growth
model. Net Equity exposure as of last month stood at 58% vs 60.5% the Portfolio Date: 30th June, 2024
previous month.
Portfolio
Compared to the last month, we have increased exposure to Healthcare, Top 10 Holdings
Weighting %
Industrials, Utilities and reduced exposure to Information technology and ICICI Bank Ltd. 4.7
Financials.
Reliance Industries Ltd. 4.6
Mid and small cap exposure stands at 33% last month. Large Cap exposure
stands at 67%. They are overweight industrials, Utilities, consumer HDFC Bank Ltd. 4.5
discretionary, and communications, in the fund while being Underweight on Larsen & Toubro Ltd. 3.8
Materials, Energy, Financials and Staples.
NTPC Ltd. 2.6
Since Piramal Capital & Housing Finance Ltd. 2.5
YTD 1 Year 3 Years 5 Years Inception
TCS Ltd. 2.4
Baroda BNP P Bal Adv Req Gr 11.4 25.0 15.0 16.4 15.8
Axis Bank Ltd. 2.2
NIFTY 50 Hybrid Composite Debt 50:50
Index 7.8 16.9 11.2 12.4 13.0 IndusInd Bank Ltd. 2.2
India Fund Dynamic Asset Allocation 10.7 24.9 12.6 12.6 12.1 Bharat Electronics Ltd. 2.1

Source: Morningstar, Portfolio Date: 30th June, 2024

Page 24
 Hybrid - Dynamic Asset Allocation

Edelweiss Balanced Advantage Fund

Why this fund?
l A dynamic asset allocation fund which aims to generate absolute
FundSelect
returns with low volatility over a longer tenure using a pro-cyclical PRR 3
approach.
l Asset-allocation based on proprietary Edelweiss Equity Health Index. Key Fund Characteristics
l Growth oriented Bottom-up stock selection. Portfolio Manager Bhavesh Jain - Equity
Bharat Lahoti - Debt
Inception Date 20th August, 2009
What is this fund all about?
Fund Size (INR Mio.) 117,205
l
Fund uses a mix of core factors indicating short-term and medium-term Benchmark Nifty 50 Hybrid Composite
Debt 50:50 Index
market strengths and long-term volatility trends using various moving
Fund ISIN INF754K01285
averages. It couples these signals with macro/fundamental factors and
valuations to arrive at the net equity exposure the fund should take on the Expense ratio 1.59%
equity front. The net equity exposure ranges anywhere between 30% to 3Y Standard Deviation 7.43%
80% based on the outcome of this model.
3Y Sharpe Ratio 1.00
l
4 pillar investment approach 1) Universe Selection through business
quality & management 2) Stock Selection – focused on consistency, 3Y Beta —

growth at reasonable price, high terminal growth 3) Portfolio Construction Exit Fee 1.00%
– market-cap exposure internally evaluated via various quantitative Portfolio Date: 30th June, 2024
parameters 4) Risk Management – maintain a highly diversified portfolio
Cash
with a bias towards large cap stocks. On the debt side, the fund mainly 9%
invests in AAA -rated papers.
Bond
What is the key risk? 13%

The scheme largely utilizes a pro-cyclical approach (with an overlay for

macro / fundamental factors). This approach works best in trending markets
(both on the upside and downside) but may have mixed performance during
range bound markets.

How has the fund performed? Stock

78%
Last 1 year Top Contributors Top Detractors
1. Bank 1. Oil & Gas
Portfolio Date: 30th June, 2024
Sector 2. Financial Services 2. Consumer Durables
3. Auto Ancillary 3. Telecom Morningstar Equity Style BoxTM
1. HDFC Bank Ltd. 1. Larsen & Toubro Ltd.
Market Cap %
Large

Stock 2. MCX 2. Reliance Industries Ltd.

3. Brigade 3. Bajaj Auto Market Cap Giant 56.0

Market Cap Large 38.0

What the Manager Says:
Mid

AI and FED interest cuts propelled global markets. India is bullish after state Market Cap Mid 6.0
election results and the rally would continue in the medium term. Surging Market Cap Small 0.1
Small

forex reserves, narrowing current account deficit, surplus liquidity, positive

Market Cap Micro 0.0
momentum in the capex cycle, GST collection growth and cooling inflation
Value Blend Growth
are pointing to a strong recovery. High-frequency indicators show that
economic activity is gaining momentum. A dynamic asset allocation fund Portfolio Date: 30th June, 2024

should deliver outcomes. The core equity portfolio continues to focus on Portfolio
Top 10 Holdings
companies that have shown high visibility of earnings and strong balance Weighting %
sheets. Consequently, they have OW stance on Auto, Consumer and Capital HDFC Bank Ltd. 6.2
Goods while being UW in BFSI, Technology and Oil & Gas. Debt portfolio
ICICI Bank Ltd. 4.7
remains conservative and will actively seek ideas on open
offer/buybacks/delisting/IPO listings to enhance their non-equity linked Reliance Industries Ltd. 3.2
returns Axis Bank Ltd. 2.7

Bharti Airtel Ltd. 2.5

Since Infosys Ltd. 2.3
YTD 1 Year 3 Years 5 Years Inception
Maruti Suzuki India Ltd. 2.1
Edelweiss Balanced Adv Gr 11.9 24.8 13.5 15.4 11.2
Larsen & Toubro Ltd. 1.8
Nifty 50 Hybrid Composite Debt 50:50
Index 7.8 17.0 11.2 12.4 10.9 State Bank of India 1.8
India Fund Dynamic Asset Allocation 10.7 24.9 12.6 12.6 12.6 7.1% Govt. Stock 2029 1.7

Source: Morningstar, Portfolio Date: 30th June, 2024

Page 25
 Hybrid - Dynamic Asset Allocation

ICICI Prudential Balanced Advantage Fund

Why this fund?
l Dynamic asset-allocation between debt and equity based on an in-
FundSelect
house model that utilizes metrics such as P/B, P/E and interest rate PRR 3
volatility etc.
l The fund uses derivatives strategy to Manage portfolio risk exposures. Key Fund Characteristics
l Managed by an industry veteran, CIO with over 29 years of Portfolio Manager S. Naren - Equity
Manish Banthia - Debt
experience. Inception Date 30th December, 2006

What is this fund all about? Fund Size (INR Mio.) 585,622

Benchmark CRISIL 50+ 50 - Moderate Index

l
The portfolio construct of the scheme is dependent on various factors
Fund ISIN INF109K01BH2
such as market conditions, economic scenarios, global events, valuation
parameters such as price to book value, price to earnings, interest rate Expense ratio 1.47%
movement, etc. 3Y Standard Deviation 4.61%
l
The Scheme uses an in-house model, which aims to increase equity 3Y Sharpe Ratio 1.57
exposure when valuations are attractive and aims to reduce equity
exposure when valuations are expensive. 3Y Beta —

l
The Scheme will use derivative instruments for the purpose of hedging, Exit Fee 1.00%
portfolio rebalancing or for any other stock and/or index strategies as Portfolio Date: 30th June, 2024
allowed under the SEBI Regulations. Cash
21%
What is the key risk?
The scheme utilizes a an in-house model to balance equity and debt
allocations and also implements a derivatives overlay to manage risk
exposures. In addition to being to exposed equity market risks, the scheme
could also be subject to model risks and basis risks which can impact relative
performance during adverse market conditions.
Bond Stock
20%
How has the fund performed? 59%

Last 1 year Top Contributors Top Detractors

1. Auto & Auto Ancillaries 1. Consumer Non Durables
Sector 2. Internet 2. Banks & Finance
Portfolio Date: 30th June, 2024
3. Power 3. Software
1. NTPC Ltd. 1. HDFC Ltd. Morningstar Equity Style BoxTM
Stock 2. TVS Motor Co. Ltd. 2. HUL Market Cap %
Large

3. Zomato 3. Zee Entertainment

Market Cap Giant 65.3
What the Manager Says: Market Cap Large 32.7
Mid

Indian macros continue to remain resilient given healthy capex spend, clean
Market Cap Mid 1.9
corporate and government balance sheets and structural reforms. Hence,
long term view on markets is positive but one needs to move cautiously in the Market Cap Small 0.1
Small

near term. ICICI Prudential Balanced Advantage Fund has successful track Market Cap Micro 0.0
record of 17 years and manages its net equity level depending upon market Value Blend Growth
valuations. Hence, scheme may do well in such volatile markets
Portfolio Date: 30th June, 2024
The fund has a current net equity level of 38.8%. Equity exposure trimmed as
markets run up. The Fund follows a buy low sell high approach to investing. Portfolio
Top 10 Holdings
Weighting %
The fund remained overweight on Auto, Retailing, Internet, Cement and
remained underweight on Banks & Finance, Oil Gas and Petroleum TVS Motor Co. Ltd. 4.9
Products, Consumer Non-Durables, Software. ICICI Bank Ltd. 4.7
Fund has successful track record of 17 years and manages its net equity level Maruti Suzuki India Ltd. 4.1
depending upon market valuations. Hence, scheme may do well in such
8.34% Govt. Stock 2033 3.8
volatile markets
Infosys Ltd. 3.3
Since HDFC Bank Ltd. 3.0
YTD 1 Year 3 Years 5 Years Inception
ITC Ltd. 2.7
ICICI Pru Balanced Adv Gr 9.4 21.2 13.4 13.3 11.5
8% Govt. Stock 2034 2.6
CRISIL 50+ 50 - Moderate Index 9.3 21.2 12.5 13.5 10.8 Larsen & Toubro Ltd. 2.6
India Fund Dynamic Asset Allocation 10.7 24.9 12.6 12.6 14.2 Embassy Office Parks Reit 2.4

Source: Morningstar, Portfolio Date: 30th June, 2024

Page 26
 Hybrid - Dynamic Asset Allocation

Kotak Balanced Advantage Fund

Why this fund?
l A dynamic asset allocation fund with an objective to generate stable
FundSelect
long-term returns. PRR 3
l The fund uses on an internal two-factor, counter-cyclical model to
adjust debt and equity exposures while reducing human bias. Key Fund Characteristics
l Equity exposure large-cap biased, debt allocation focused on high Portfolio Manager Rohit Tandon
Abhishek Bisen
quality. Inception Date 3rd August, 2018

What is this fund all about? Fund Size (INR Mio.) 163,445

Benchmark Nifty 50 Hybrid Composite

l
Two–factor model approach to optimize risk through counter-cyclical Debt 50:50 Index
approach using two parameters to 1) Valuation 2) Sentiment. Both factors Fund ISIN INF174KA1186
look at long range input parameters to keep noise factor limited. Expense ratio 1.65%
l
Focus on trailing 12-month price-to-earnings ratio as a gauge of valuation 3Y Standard Deviation 5.83%
as it exhibits lower variation compared to price-to-book. The AMC also
3Y Sharpe Ratio 1.00
uses earnings yield (inverse of P/E) of top 100 stocks over time and adjust
the report P/E data for any anomaly that may rise subsequently. 3Y Beta —
l
Gauge changes in sentiment through 1) Long-term rolling returns 2) Exit Fee 1.00%
Short-term rolling returns of asset class 3) Breadth of market 4) Volatility of Portfolio Date: 30th June, 2024
market.
Cash
l
These are all long-range indicators (other than short-term rolling returns) 21%
and don’t change very often, but when they do change, convey some
useful information.
What is the key risk?
The scheme utilizes an in-house model to balance equity and debt
allocations. In addition to being to exposed equity market risks, the scheme Bond
19% Stock
could also be subject to model risks which can impact relative performance 60%
during adverse market conditions.
How has the fund performed?
Last 1 year Top Contributors Top Detractors
1. Automobile & Auto Compo. 1. Power Portfolio Date: 30th June, 2024
Sector 2. Healthcare 2. Consumer Durables
3. Services 3. Construction Materials Morningstar Equity Style BoxTM
1. Mahindra & Mahindra Ltd. 1. HDFC Bank Ltd. Market Cap %
Large

Stock 2. Larsen & Toubro Ltd. 2. Kotak Mahindra Bank Ltd.

Market Cap Giant 56.4
3. Interglobe Aviation Ltd. 3. Hindustan Unilever Ltd.
Market Cap Large 35.8
Mid

What the Manager Says:

Market Cap Mid 7.7
On the directional equity side, they have been running a conservative
portfolio with close to 77% in large cap companies and balance in mid and Market Cap Small 0.2
Small

small caps. The net equity allocation stands at 52.4%. On MoM basis the Market Cap Micro 0.0
allocation hasn’t changed much. Value Blend Growth
The portfolio is reasonably well diversified, key positive tilts of the fund vs. Portfolio Date: 30th June, 2024
Benchmark are in autos, IT, capital goods. Key negative tilts are in oil and gas.
Portfolio
They remain invested in arbitrage trades, as they expect returns from such Top 10 Holdings
Weighting %
strategies to benefit the unit holder over the coming few quarters.
HDFC Bank Ltd. 7.1
On the fixed income portfolio, they have started increasing duration slowly.
8.25% Govt. Stock 2033 4.5
They are likely to maintain the modified duration in the range of 5 – 7 years.
They are likely to be at the end of rate hiking cycle and rate cuts seem to be on ICICI Bank Ltd. 3.7
the cards ahead both globally as well as India, they shall look to keep duration Reliance Industries Ltd. 3.1
at optimal levels. Infosys Ltd. 2.6
Since 7.41% Govt. Stock 2036 2.4
YTD 1 Year 3 Years 5 Years Inception
Adani Ports & SEZ Ltd. 2.2
Kotak Balanced Advantage Fund
Reg. Gr. 20.0 20.1 11.8 12.5 11.6
Axis Bank Ltd. 2.1
Nifty 50 Hybrid Composite Debt 50:50
Index 7.8 17.0 11.1 12.4 11.8 Larsen & Toubro Ltd. 1.8
India Fund Dynamic Asset Allocation 10.7 24.9 12.6 12.6 12.6 7.1% Govt. Stock 2029 1.8

Source: Morningstar, Portfolio Date: 30th June, 2024

Page 27
 Hybrid - Multi Asset Allocation

SBI Multi Asset Allocation Fund

Why this fund?
l A pure play dynamic asset-allocation with an objective to improve the
FundSelect
risk adjusted return. PRR 3
l The asset allocation is decided based on a quantitative model with
macro signal with a qualitative overlay. Key Fund Characteristics
l Market capitalization agnostic equity exposure. On debt, the scheme Portfolio Manager Dinesh Balachandran
limits exposure to g-secs and corporate bonds. Inception Date 21st December, 2005
What is this fund all about? Fund Size (INR Mio.) 39,906
l
The fund invests across Equity, Debt, Commodities, and International Benchmark Multi Asset Allocation Fund Index
Equities, with an aim to improve the risk adjusted return. The asset
Fund ISIN INF200K01800
allocation is decided based on a quantitative model with macro signal with
a qualitative overlay. Expense ratio 1.60%
l
Market capitalization agnostic equity exposure: The fund has a good mix 3Y Standard Deviation 6.88%
across large, midcap and small cap allocation compared to the peers in 3Y Sharpe Ratio 1.31
the category, decided based on the relative attractiveness.
3Y Beta —
l
On the debt side, the fund invests in a combination of G-sec and
Corporate papers The fund has a higher allocation to the longer end of the Exit Fee 1.00%

curve (10 years and above) which is different compared to peers in the Portfolio Date: 30th June, 2024
category. This strategy is in place to potentially benefit with a softening in Other
interest rates in the current cycle. 11%
Cash
What is the key risk? 10%

The scheme is exposed to inherent risks of each asset classes that it has
exposure to. In addition to these risks, the fund is exposed to model Stock
uncertainty i.e the risk of underperformance in case the optimized asset 41%
allocations do not perform in line with expectations.
How has the fund performed? Bond
38%
Last 1 year Top Contributors Top Detractors
1. Metals & Mining 1. Financial Services
Sector 2. Oil, Gas & Consu. Fuels 2. Consumer Services
3. Realty 3. Information Technology Portfolio Date: 30th June, 2024
1. Hindustan Copper 1. HDFC Bank Ltd.
Stock 2. Gail (India) Ltd. 2. Trent Ltd. Morningstar Equity Style BoxTM
3. CESC Ltd. 3. REC Ltd. Market Cap %
Large

What the Manager Says: Market Cap Giant 20.0

Corp profits to GDP higher last three years after 10y+ of decline –shows a Market Cap Large 38.9
Mid

medium-term earnings upcycle. However, valuations (yield spreads vs bond) Market Cap Mid 30.8
stay expensive even with some softening in bond yields (~6 bps). SBI’s equity
sentiment measure indicated complacency in the markets. Fixed Income Market Cap Small 9.6
Small

market has broken links with Treasury yields. With treasury yields retracing Market Cap Micro 0.7
higher, Indian rates stayed supported with a significant flattening of the curve. Value Blend Growth
The RBI policy reiterated the stance of withdrawal of accommodation. Portfolio Date: 30th June, 2024
Beyond policy easing expectations, sound macro fundamentals as well as
well matched demand- supply equation has supported the move lower in long Portfolio
Top 10 Holdings
Weighting %
term yields. Stance is to stay cautious on Indian equities and relatively biased
towards large cap. The asset allocation between equity, fixed income and SBI Gold ETF 11.9
gold has not changed significantly in the last three months : 40.47% is in Nippon India Silver ETF 4.3
Equities including 15.3% in Large Cap, 9.9% in Mid Cap, and 15.2% in Small
7.3% Govt. Stock 2053 3.7
Cap, 37.8% in bonds, 10.7% in Gold through Gold ETF and remaining in
Cash Equivalents, Real Estate Investment Trust and Infrastructure Infopark Properties Ltd. 2.9
Investment Trust. SBI Silver ETF 2.0
Since VRL Logistics Ltd. 2.0
YTD 1 Year 3 Years 5 Years Inception
Embassy Office Parks Reit 1.9
SBI Multi Asset Allocation Reg Gr 11.1 28.7 15.6 14.8 9.6
GAIL (India) Ltd. 1.9
Multi Asset Allocation Fund Index 11.8 21.9 12.4 12.9 12.7 7.18% Govt. Stock 2037 1.8
India Fund Multi Asset 13.2 27.6 16.9 18.5 — ZF Commercial Vehicles Control Systems 1.8

Source: Morningstar, Portfolio Date: 30th June, 2024

Page 28
 Hybrid - Equity Savings

Kotak Equity Savings Fund

Why this fund?
l True-to-label equity savings fund that aims to deliver stable risk-
FundSelect
adjusted returns compared to peers. PRR 3
l Directional equity exposure limited to ~25%-30%, debt allocations
managed. Key Fund Characteristics
l Proven long-term performance track record of risk-adjusted returns. Portfolio Manager Abhishek Bisen, Devender Singhal,
Hiten Shah
Inception Date 13th October, 2014
What is this fund all about?
Fund Size (INR Mio.) 60,768
l
Idea generation blends external research along with strong in-house Benchmark Nifty Equity Savings Index
capabilities to arrive at decision on inducting new ideas. Top-down
Fund ISIN INF174K01C78
sectoral view is supplemented with bottom-up stock selection for final
portfolio construction. Expense ratio 1.81%
l
The portfolio construct of the scheme is to keep the directional equity 3Y Standard Deviation 3.89%
exposure to ~25%-30% (large-cap biased), balance is allocated to 3Y Sharpe Ratio 1.61
arbitrage opportunities (to qualify as equity-oriented fund). Debt allocation
is managed in the safest quadrant ~ no credit risk or duration-risk. 3Y Beta —

l
Fund categorizes stocks from A- E (E is to be avoided) to reflect Exit Fee 1.00%
descending levels of exposure that can be taken on the stock as a % of Portfolio Date: 30th June, 2024
portfolio, and depends on its benchmark weight, market cap and liquidity. Other
1%
What is the key risk?
The scheme invest across equity, debt and arbitrage. In addition to being Cash
exposed to equity market risks, the scheme is also exposed to basis risks 42%

arising due to its use of derivatives, credit risk from allocations into lower
credit papers and interest rate risks. The scheme can underperform peers Stock
51%
during extended bull-runs due to the relatively lower directional equity
exposure.

How has the fund performed?

Last 1 year Top Contributors Top Detractors Bond
6%
1. Financial Services 1. Media, Entertn. & Pub.
Portfolio Date: 30th June, 2024
Sector 2. Services 2. Construction
3. Construction Materials 3. Telecommunication Morningstar Equity Style BoxTM
1. Power Finance Corp. 1. ICICI Bank Ltd. Market Cap %
Large

Stock 2. Adani Ports May24 2. Maruti Suzuki India Ltd.

3. Ambuja Cements May24 3. Punjab National Bank Market Cap Giant 56.0

Market Cap Large 31.9

What the Manager Says:
Mid

Market Cap Mid 11.7

In the near term, they are mindful of valuations especially in the mid and small
cap segments. While large caps are trading at a slight premium to their long- Market Cap Small 0.0
Small

term average valuations, the premium for mid and small caps are significantly Market Cap Micro 0.4
higher. Hence, they are currently Overweight large caps, marginally
Value Blend Growth
underweight mid and underweight small cap on the back of relative
Portfolio Date: 30th June, 2024
valuations.
They remain positive on domestic facing sectors such industrials, Top 10 Holdings
Portfolio
Weighting %
manufacturing, infrastructure and cement. Some of other sectors where we
are positive on are auto and auto ancillaries and select banks where HDFC Bank Ltd. 8.9
valuations appear reasonable. Kotak Liquid Dir Gr 4.7

Adani Ports & SEZ Ltd. 3.9

Kotak Money Market Dir Gr 3.7

Bharti Airtel Ltd. 3.3

Since Maruti Suzuki India Ltd. 2.6
YTD 1 Year 3 Years 5 Years Inception
Reliance Industries Ltd. 2.2
Kotak Equity Savings Reg. Gr. 8.4 19.4 12.3 11.3 9.7
Hindustan Unilever Ltd. 2.1
Nifty Equity Savings Index 6.6 14.9 9.7 10.1 9.3 NTPC Ltd. 2.1
India Fund Equity Savings 7.3 14.5 9.7 9.5 14.7 Power Finance Corp. Ltd. 2.0

Source: Morningstar, Portfolio Date: 30th June, 2024

Page 29
 Hybrid - Arbitrage

Kotak Equity Arbitrage Fund

Why this fund?
l The scheme aims to generate low volatility return using arbitrage and
FundSelect
other derivatives strategies in equity markets and investments in debt PRR 3
and money market instruments.
l Diversified long equity exposure (fully-hedged) to realize opportunities Key Fund Characteristics
across the market capitalization spectrum. Portfolio Manager Hiten Shah
l Debt allocation predominantly in securities with less than two-months Inception Date 29th September, 2005
maturity.
Fund Size (INR Mio.) 479,997
What is this fund all about? Benchmark NIFTY 50 Arbitrage

Fund ISIN INF174K01302

l
The scheme enters simultaneous transactions of a long position in cash
and exactly off-setting short position in futures. Towards the expiry or Expense ratio 1.01%
before the expiry of the derivatives contract, the positions are reversed or 3Y Standard Deviation 0.71%
rolled over (if spread is available for the next month).
3Y Sharpe Ratio 0.43
l
All long equity exposures are completely hedged at trade initiation. The
scheme can participate across the market-cap spectrum, wherever good 3Y Beta —

spread is available. The AMC has pre-trade agreement with Exit Fee 0.25%
borers/dealers to ensure minimum execution price impact on the scheme. Portfolio Date: 30th June, 2024
Debt allocation is predominantly into high quality, managed through
MF/Gilts/T-bills/cash ~with less than two-months maturity.

What is the key risk?

Stock
The scheme invests in derivatives and long equities. In addition to being 43%
exposed to equity market risks, the scheme is also exposed to basis risks Cash
arising due to its use of derivatives. The scheme’s performance can be 55%

impacted during bouts of intermittent volatility and during periods of

excessive inflows into arbitrage segment.

How has the fund performed?

The scheme has outperformed its peer group and benchmark over the 5Yr Bond
2%
period ending 30th June, 2024. The scheme has outperformed its peers Portfolio Date: 30th June, 2024
across all time frames.
Morningstar Equity Style BoxTM
What the Manager Says: Market Cap %
Large

The arbitrage spreads are approximately 7.2% (annualized). Including debt

Market Cap Giant 49.8
and money market instruments gross yield would be 7.2%. There are
uncertainties around dividend in couple of stocks which may lead to further Market Cap Large 45.1
Mid

increase in yield if it comes in May expiry. Market Cap Mid 5.1

They have maintained cash future arbitrage exposure ~80.49%. The rest Market Cap Small 0.0
Small

~19.51% of corpus is invested in debt and money market instruments.

Market Cap Micro 0.0
Average arbitrage spreads on the expiry day were trading in the range of 80-
Value Blend Growth
85 bps compared to 70-75 bps during the expiry week.
Portfolio Date: 30th June, 2024

Portfolio
Top 10 Holdings
Weighting %

Kotak Money Market Dir Gr 9.8

Kotak Savings Fund Dir Gr 6.5

HDFC Bank Ltd. 5.6

Kotak Liquid Dir Gr 3.7

TCS Ltd. 2.6

Since Reliance Industries Ltd. 2.5
YTD 1 Year 3 Years 5 Years Inception
Hindustan Aeornautics Ltd. Ord. Shares 1.8
Kotak Equity Arbitrage Reg Gr 8.0 8.0 6.0 5.4 6.9
Bharat Electronics Ltd. 1.6
Nifty 50 Arbitrage 7.9 8.1 6.0 5.1 5.6 Adani Enterprises Ltd. 1.6
India Fund Arbitrage 7.8 7.5 5.5 5.0 5.9 Bharti Airtel Ltd. 1.6

Source: Morningstar, Portfolio Date: 30th June, 2024

Page 30
 Hybrid - Arbitrage

Edelweiss Arbitrage Fund

Why this fund?
l The scheme aims to generate low volatility return using arbitrage and
FundSelect
other derivatives strategies in equity markets and investments in debt PRR 3
and money market instruments.
l Diversified long equity exposure (fully-hedged) to realize opportunities Key Fund Characteristics
across the market capitalization spectrum. Portfolio Manager Dhawal Dalal & Bhavesh Jain
l Debt allocation predominantly in securities with less than 1-year Inception Date 27th June, 2014
maturity.
Fund Size (INR Mio.) 118,762
What is this fund all about? Benchmark NIFTY 50 Arbitrage

Fund ISIN INF754K01EF3

l
The scheme enters simultaneous transactions of a long position in cash
and exactly off-setting short position in futures. Towards the expiry or Expense ratio 1.04%
before the expiry of the derivatives contract, the positions are reversed or 3Y Standard Deviation 0.69%
rolled over (if spread is available for next month).
3Y Sharpe Ratio 0.10
l
All long equity exposures are completely hedged at trade initiation. The
scheme can participate across the market-cap spectrum, wherever good 3Y Beta —

spread is available. Debt allocation is strictly in AAA papers/FDs, with avg. Exit Fee 0.10%
maturity less than 1-year (no investment in Edelweiss Group Cos). Portfolio Date: 30th June, 2024

What is the key risk?

Stock
43%
The scheme invests in derivatives and long equities. In addition to being
exposed to equity market risks, the scheme is also exposed to basis risks
arising due to its use of derivatives. The scheme’s performance can be Cash
54%
impacted during bouts of intermittent volatility and during periods of
excessive inflows into arbitrage segment.

How has the fund performed?

The scheme has outperformed its peer group and benchmark over the 5Yr
period ending 30th June, 2024. The scheme has outperformed its peers
across all time frames. Bond
3%
Portfolio Date: 30th June, 2024
What the Manager Says:
Historically, markets tend to be more volatile in the month of March, driven by Morningstar Equity Style BoxTM
profit-taking by treasury books and HNIs ahead of the fiscal year-end closing. Market Cap %
Large

Considering client category positioning, increased opportunities for churning Market Cap Giant 37.8
due to heightened volatility resulting from buildup leading to general
Market Cap Large 54.2
elections, tightened liquidity environment and HNI activity as mentioned
Mid

above, they anticipate that arbitrage returns will continue to outperform other Market Cap Mid 8.0
similar products. Therefore, they have increased their Cash-Future exposure Market Cap Small 0.0
Small

in the fund to ~76%.

Market Cap Micro 0.0
They anticipate increased volatility in the run up to budget, leading to a higher
Value Blend Growth
turnover. Numerous PSU companies declare dividends.
Portfolio Date: 30th June, 2024

Portfolio
Top 10 Holdings
Weighting %

Edelweiss Liquid Dir Gr 9.2

HDFC Bank Ltd. 3.1

Vodafone Idea Ltd. 2.1

Indus Towers Ltd. Ordinary Shares 2.1

Adani Enterprises Ltd. 2.0

Since Hindustan Aeronautics Ltd. Ord. Shares 1.9
YTD 1 Year 3 Years 5 Years Inception
Bank of Baroda 1.8
Edelweiss Arbitrage Fund Reg Gr 8.2 7.8 5.8 5.4 6.1
Reliance Industries Ltd. 1.7
Nifty 50 Arbitrage 7.9 8.1 5.9 5.1 5.6 Coal India Ltd. 1.5
India Fund Arbitrage 7.8 7.5 5.5 5.0 5.9 Vedanta Ltd. 1.5

Source: Morningstar, Portfolio Date: 30th June, 2024

Page 31
 Hybrid - Arbitrage

Bandhan Arbitrage Fund

Why this fund?
l The scheme aims to generate low volatility return using arbitrage and
FundSelect
other derivatives strategies in equity markets and investments in debt PRR 3
and money market instruments.
l Large-cap biased equity exposure (fully-hedged) to improve risk- Key Fund Characteristics
reward. Portfolio Manager Nemish Sheth & Harshal Joshi;
l Debt allocation is predominantly in securities with less than one year Inception Date 21st December 2006
maturity.
Fund Size (INR Mio.) 63,665
What is this fund all about? Benchmark NIFTY 50 Arbitrage

Fund ISIN INF194K01649

l
The scheme maintains equity exposure at a min ~66%-67% (to qualify as
equity-oriented fund). All long exposures are completely hedged. The Expense ratio 1.11%
debt allocation is predominantly into low duration securities ~les than 1 3Y Standard Deviation 0.69%
year maturity.
3Y Sharpe Ratio -0.28
l
All long equity exposures are completely hedged. The scheme can
participate across the market-cap spectrum, but generally maintains 3Y Beta —

large-cap exposure around ~75-80% to ensure good risk-reward. The Exit Fee 0.25%
objective is to roll-over trades as much as possible to minimize the cost of Portfolio Date: 30th June, 2024
exiting and re-entering new contracts. Overall churn is kept low and
unless warranted.

What is the key risk?

Cash
The scheme invests in derivatives and long equities. In addition to being 51% Stock
exposed to equity market risks, the scheme is also exposed to basis risks 43%
arising due to its use of derivatives. The scheme’s performance can be
impacted during bouts of intermittent volatility and during periods of
excessive inflows into arbitrage segment.

How has the fund performed?

The FM follows a conservative ideology with limited churn in the portfolio. The Bond
6%
fund’s long-term performance has been consistent, though some Portfolio Date: 30th June, 2024
underperformance can be seen in the short term. The scheme has
outperformed its peers across all time frames. Morningstar Equity Style BoxTM

Market Cap %
Large

What the Manager Says:

Market Cap Giant 43.5
Pre dominantly invest with allocation of more than 65% towards Equity
(Arbitrage).Fund Manager balances the allocation between equity and debt Market Cap Large 46.4
Mid

depending on wherever the spreads are higher/better. Market Cap Mid 10.1
In last 3 month, the spreads on equity arbitrage has been in the range of 8.50- Market Cap Small 0.0
Small

9.50%; hence the fund manager has moved higher allocation towards Equity.
Market Cap Micro 0.0
Value Blend Growth

Portfolio Date: 30th June, 2024

Portfolio
Top 10 Holdings
Weighting %

Bandhan Money Manager Dir Gr 12.8

Bandhan Low Duration Dir Gr 5.7

HDFC Bank Ltd. 3.6

TCS Ltd. 2.1

Bandhan Ultra Short Term Dir Gr 2.1

Since Reliance Industries Ltd. 2.0
YTD 1 Year 3 Years 5 Years Inception
Bajaj Finance Ltd. 2.0
Bandhan Arbitrage Fund Reg Gr 7.8 7.6 5.6 5.1 6.5
Hindustan Aeronautics Ltd. Ord. Shares 1.7
Nifty 50 Arbitrage 7.9 8.1 5.9 5.1 5.6 Bank of Baroda 1.7
India Fund Arbitrage 7.8 7.5 5.5 5.0 5.9 Bajaj Housing Finance Ltd. 1.6

Source: Morningstar, Portfolio Date: 30th June, 2024

Page 32
 Debt - Short Term Bond

ICICI Prudential Short Term Fund

Why this fund?
l The fund is focused on accrual income and capital appreciation while
FundSelect
keeping the duration of the portfolio in 1-to-3-year range and tactically PRR 3
taking G-Sec calls.
l The Fund manager has been running this strategy since 2009 and is Key Fund Characteristics
one of the top performing funds in the category. Portfolio Manager Manish Banthia, Nikhil Kabra
l He is running a Benchmark agnostic strategy to play a high conviction Inception Date 25th October, 2001
strategy on the macro play and view on the curve as the primary driver.
Fund Size (INR Mio.) 183,958
What is this fund all about? Benchmark Nifty Short Duration Index A - II

Fund ISIN INF109K01654

l
It proposes to predominantly invest in debt instruments of good credit
quality. The Fund also aims to capture credit spread opportunities to Expense ratio 1.07%
generate returns. Modified Duration (Yrs) 2.24
l
It seeks to invest in corporate securities that are at reasonable spreads Average Maturity (Yrs) 4.26
over G-Sec and offer reasonable yield at commensurate risks with an aim
to generate accrual returns. Yield to Maturity 7.94%

l
The Fund shall have tactical, calibrated, and opportunistic approach to Exit Fee 0.00%
government securities with varying maturities based on the underlying Portfolio Date: 30th June, 2024
interest rate view. AA
l
The Fund will actively manage duration with an aim to generate potential 20%
capital appreciation. AAA
80%
What is the key risk?
Although the fund maintains a very clean portfolio, it is still subjected to credit
risk which may arise from any downgrade / default by the issuer of the bond.
Fund is also subjected to duration risk which is dependent on change in
interest rates on account of RBI monetary policy, demand v/s supply factors
etc.

How has the fund performed?

The Fund has delivered returns of 7% over a 5Yr period ending June 30, 2024 Portfolio Date: 30th June, 2024
outperforming its benchmark and peer category average Morningstar Fixed Income Style BoxTM

What the Manager Says: Fixed-Income Stats %

High

The Scheme predominantly invests in short- to medium-term debt Average Eff Duration —
Credit Quality

instruments issued by the corporates, financial entities and banks. It may also
Med

take view based exposure to government securities. Average Eff Maturity 4.3

The Scheme will actively manage duration with an aim to generate potential Average Coupon 7.8
capital appreciation.
Low

Average Price —
It seeks to invest in corporate securities that are at reasonable spreads over
G-Sec and offer reasonable yield at commensurate risks with an aim to Ltd Mod Ext
Interest-Rate Sensitivity
generate accrual returns. The Scheme shall have tactical, calibrated and Portfolio Date: 30th June, 2024
opportunistic approach to government securities with varying maturities
based on the underlying interest rate view. The Scheme endeavours to Portfolio
Top 10 Holdings
Weighting %
generate risk adjusted returns by maintaining a fair balance between duration
and yield. 8.34% Govt. Stock 2033 9.0

7.18% Govt. Stock 2033 8.1

8% Govt. Stock 2034 5.0

7.06% Govt. Stock 2028 3.6

7.1% Govt. Stock 2034 2.2

Since SIDBI 2.0
YTD 1 Year 3 Years 5 Years Inception
NABARD 1.9
ICICI Pru Short Term Gr. 7.5 7.4 6.0 7.0 7.8
HDFC Bank Ltd. 1.7
Nifty Short Duration Index A - II 7.5 7.2 5.5 6.4 7.5 SIDBI 1.6
India Fund Short Duration 7.3 6.8 5.4 6.5 7.1 Muthoot Finance Ltd. 1.6

Source: Morningstar, Portfolio Date: 30th June, 2024

Page 33
 Debt - Short Term Bond

Bandhan Bond Short Term Fund

Why this fund?
l Low credit risk with entire portfolio being in AAA/Sovereign which could
FundSelect
bring stability to a portfolio. PRR 3
l Robust credit selection process comprising of financial, operating &
management analysis. Key Fund Characteristics
l Consistency of processes and fund management (Industry leaders in Portfolio Manager Suyash Choudhary
Risk Management Framework adopted). Inception Date 14th December, 2000

What is this fund all about? Fund Size (INR Mio.) 86,180

Benchmark NIFTY Short Duration

Debt Index A-II
l
The fund's philosophy is to generate returns by investing in high quality
Fund ISIN INF194K01HF5
papers (AAA or equivalent). Hence, the investible universe for the fund is
all front-end AAA corporate bonds. The fund manager gives credit quality Expense ratio 0.78%
utmost importance while preparing the portfolio. Modified Duration (Yrs) 2.85
l
Endeavors to keep its portfolio liquid at any point of time. Hence the fund Average Maturity (Yrs) 3.50
eschews products like structures which have no liquidity in secondary
market. The fund also has a good history investing into NHAI, REC, etc. Yield to Maturity 7.57%

which are highly liquid in secondary market. Exit Fee 0.00%

l
They have an investment risk committee which convenes every month in Portfolio Date: 30th June, 2024
order to discuss & mitigate key risks. The fund also has internal policies
covering liquidity, client profile, concentration of investors, concentration
of papers, etc.

What is the key risk?

Although the fund maintains a very clean portfolio, it is still subjected to credit
risk which may arise from any downgrade / default by the issuer of the bond.
Fund is also subjected to duration risk which is dependent on change in
interest rates on account of RBI monetary policy, demand v/s supply factors
etc.
AAA
How has the fund performed? 100%

The fund posted annualized returns of 6.3% over 5 years ending June 30, Portfolio Date: 30th June, 2024
2024, which is in line with benchmark. Morningstar Fixed Income Style BoxTM

What the Manager Says: Fixed-Income Stats %

High

The fund continues to invest in 100% AAA & equivalent instruments. The fund Average Eff Duration —
Credit Quality

has increased allocation to government bonds which has helped secure

Med

outperformance over the past few months. Average Eff Maturity 3.4
Once the cycle reverses, they expect G-sec yield to come down further. Average Coupon 7.3
Considering the current macro-economic environment, The fund has
Low

increased its modified duration from 2.48 (31 Jan., 2024) to 2.85 (30 June, Average Price 99.6
2024). Ltd Mod Ext
Interest-Rate Sensitivity
Portfolio Date: 30th June, 2024

Portfolio
Top 10 Holdings
Weighting %

7.32% Govt. Stock 2030 34.0

Punjab National Bank 9.6

Bajaj Housing Finance Ltd. 8.04% 5.4

HDFC Bank Ltd. 4.0

Indian Railway Finance Corp. Ltd. 4.0

Since Bajaj Finance Ltd. 3.4
YTD 1 Year 3 Years 5 Years Inception
7.17% Govt. Stock 2030 3.2
Bandhan Bond Short Term Fund 7.3 7.0 5.1 6.3 7.3
Tata Capital Housing Finance Ltd. 2.8
NIFTY Short Duration Debt Index A-II 7.5 7.2 5.5 6.4 7.5 HDFC Bank Ltd. 2.6
India Fund Short Duration 7.3 6.8 5.4 6.5 7.1 NABARD 2.4

Source: Morningstar, Portfolio Date: 30th June, 2024

Page 34
 Debt - Short Term Bond

Axis Short Term Fund

Why this fund?
l Maintains high quality portfolio with over 85% of holdings rated
FundSelect
AAA/Sovereign at all times as per mandate. PRR 3
l Axis AMC is reputed in the industry for employing robust risk
management framework with strong credit analysis process. Key Fund Characteristics
l Portfolio construction focused on the shape of the yield curve. Portfolio Manager Devang Shah & Aditya Pagaria

Inception Date 22nd January, 2010

What is this fund all about?
Fund Size (INR Mio.) 76,981
l
AMC follows 3-pronged approach (1) Financial parameters, (2) Benchmark NIFTY Short Duration
Debt Index B-II
Management track record and (3) Management flexibility and sector risk
Fund ISIN INF846K01644
basis which they arrive at a rating for the right valuation and spreads
attractiveness. Expense ratio 0.88%
l
Leads to the fund having a long tail on credits and is an effective risk Modified Duration (Yrs) 2.74
management tool. FM seek diversification at group/issuer level. Average Maturity (Yrs) 3.69
l
Uses 'self-liquidating' portfolios for liquidity management where certain
Yield to Maturity 7.75%
portion of portfolio matures regularly and hence, can protect performance
due to AUM outflow. Exit Fee 0.00%

Portfolio Date: 30th June, 2024

What is the key risk? AA
16%
The portfolio is primarily invested in AAA/Sovereigns, hence, missing out
alpha arising from any credit spread compression in lower rated papers upon
improvement of credit scenario. The fund is exposed to duration risk and may
get impacted by interest rate movements if yields rise.

How has the fund performed?

AAA
84%
The Fund posted annualized returns of 6.6% over 5 years period ending June
30, 2024 outperforming its category average return of 6.5%. The fund has
had a consistent performance while maintaining a high-quality low risk
strategy.
What the Manager Says: Portfolio Date: 30th June, 2024
The fund is a combination of short duration as well as carry that can help Morningstar Fixed Income Style BoxTM
mitigate interest rate risk and deliver a balanced return over a long run. The
fund follows a high quality & low-risk strategy endeavouring to generate Fixed-Income Stats %
High

stable returns. It aims to capture opportunities in the yield curve spreads in Average Eff Duration —
Credit Quality

the short duration segment. The fund is actively managed strategy with an
Med

incremental addition of 2-4 year corporate bonds and G-Secs Average Eff Maturity 3.7

Average Coupon 7.7

Low

Average Price —

Ltd Mod Ext

Interest-Rate Sensitivity
Portfolio Date: 30th June, 2024

Portfolio
Top 10 Holdings
Weighting %

7.18% Govt. Stock 2033 13.1

7.32% Govt. Stock 2030 4.3

Power Finance Corp. Ltd. 2.6

Rural Electrification Corp. Ltd. 2.6

7.04% Govt. Stock 2029 2.5

Since NABARD 2.0
YTD 1 Year 3 Years 5 Years Inception
8.34% Govt. Stock 2033 1.9
Axis Short Term Gr 7.5 6.9 5.4 6.6 7.5
Bharti Telecom Ltd. 1.6
NIFTY Short Duration Debt Index B-II 7.5 7.2 5.5 6.4 7.5 India Grid Trust 7.88% 1.6
India Fund Short Duration 7.3 6.8 5.4 6.5 7.1 Bajaj Housing Finance Ltd. 1.6

Source: Morningstar, Portfolio Date: 30th June, 2024

Page 35
 Debt - Dynamic Bond

ICICI Prudential All Seasons Bond Fund

Why this fund?
l Generates capital appreciation through active interest rate strategy.
FundSelect
l Utilizes in-house CAD-model, which compares multiple PRR 3
macroeconomic indicators vs. their historical average for ideal duration
bands. Key Fund Characteristics
l Focus on capturing interest rate cycles from both sides over long time Portfolio Manager Manish Banthia & Nikhil Kabra
periods while maintaining optimum balance of yield safety and liquidity. Inception Date 20th January, 2010

What is this fund all about? Fund Size (INR Mio.) 126,330

Benchmark Nifty Composite Debt Index A- III

l
Portfolio is constructed on the Internal Model based on 3 Key pillars : (1)
Fund ISIN INF109K01GN9
Credit Growth (2) Fiscal Deficit (3) Current account deficit. The model-
makers believe that these 3 factors succinctly capture both internal and Expense ratio 1.31%
external factors that are key to arriving at ideal duration zones. Based on Modified Duration (Yrs) 3.52
the current macroeconomic situation, the model compares the throughput
Average Maturity (Yrs) 5.84
with current interest rates and indicates the duration for the portfolio.
l
Active Duration Management used where the fund will start increasing Yield to Maturity 7.92%

duration when index starts moving into positive territory and will reduce Exit Fee 0.25%
duration when index starts moving into negative territory. Portfolio Date: 30th June, 2024
l
The fund endeavors to generate income through investing in a range of
debt and money market instruments of various duration, credit profile
while maintaining yield, safety and liquidity. AAA
AA 71%
29%
What is the key risk?
The Fund has an actively managed duration strategy based on
macroeconomic variables. In addition to being exposed to interest rate
volatility, the scheme is exposed to model-risks. The fund also takes active
credit risk exposure (below AAA/Sovereign) which can impacts funds
performance due to any downgrade / default by the issuer of the bond or
during periods of elevated credit risk sentiment.

How has the fund performed?

Portfolio Date: 30th June, 2024
The fund posted annualized returns of 7.4% over 5 years ending June 30, Morningstar Fixed Income Style BoxTM
2024, outperfoming its benchmark return while beatings its category average
return of 6.6%. The fund has been among the top performers in its category Fixed-Income Stats %
High

and beaten it’s peer category average across time periods. Most of the long- Average Eff Duration —
Credit Quality

term relative outperformance can be attributed to active duration

Med

management and credit selection. Average Eff Maturity 7.7

What the Manager Says: Average Coupon 7.4

Low

The scheme has its modified duration of 3.52 years Average Price —
The scheme is maintaining 71.7% in AAA and equivalent, cash and net Ltd Mod Ext
current assets and government securities Interest-Rate Sensitivity
Portfolio Date: 30th June, 2024
Future Outlook for the fund-RBI stance is shifting to a phase of continuous
pause and sideways interest rate movement. This period is suitable for both Top 10 Holdings
Portfolio
Weighting %
duration and accruals, which augurs well considering the scheme’s strategy.
The outlook for the fund is good owing to its flexibility to toggle across a wide 7.18% Govt. Stock 2033 19.7
duration and build exposure in accrual segment of the market. The 7.1% Govt. Stock 2034 14.7
compression in credit spreads indicates higher demand for investment grade
corporate debt by the market 8.34% Govt. Stock 2033 6.0

8% Govt. Stock 2034 3.6

7.18% Govt. Stock 2037 1,8

Since Nirma Ltd. 1.6
YTD 1 Year 3 Years 5 Years Inception
7.26% Govt. Stock 2033 1.3
ICICI Pru All Seasons Bond Gr 7.6 7.4 6.1 7.4 8.8
Bharti Telecom Ltd. 1.3
Nifty Composite Debt Index A- III 7.7 7.4 5.4 6.9 7.6 SEII Energy India Ltd. 1.2
India Fund Dynamic Bond 9.0 7.4 5.7 6.6 7.3 Uttar Pradesh (Government of) 1.1

Source: Morningstar, Portfolio Date: 30th June, 2024

Page 36
 Debt - Medium Term Bond

Axis Strategic Bond Fund

Why this fund?
l Alpha generation through active duration management as well as
FundSelect
conscious calls on credit. PRR 3
l The fund has also accomplished an upgrade to downgrade ratio of
nearly 2 since inception which has added alpha to the fund. Key Fund Characteristics
l Robust credit-risk management framework in place. Portfolio Manager Devang Shah, Akhil Thakker

Inception Date 28th March, 2012

What is this fund all about?
Fund Size (INR Mio.) 19,392
l
Bottom-up approach to credit evaluation which Includes a study of the Benchmark NIFTY Medium Duration
Debt Index C-III
operating environment of the issuer, the past track record as well as the
Fund ISIN INF846K01BP2
prospects of the issuer and the short term / long term financial health of the
issuer. Expense ratio 1.03%
l
The Scheme segregates companies/groups based on risk associated Modified Duration (Yrs) 3.73
with them (low risk, moderate risk & high risk). Frequency of review is Average Maturity (Yrs) 6.10
decided basis this risk rating (Extensive tracking of high-risk credit).
Yield to Maturity 8.19%
l
They Scheme has a credit team who is responsible for approving credits
at an AMC level. The Scheme also has an investment team headed by the Exit Fee 1.00%
FM who do a second level check on each credit before including it in the Portfolio Date: 30th June, 2024
portfolio. A
7%
What is the key risk? AAA
59%
The Fund has an actively managed duration strategy and is subjected to
interest rate volatility risk which is dependent on change in interest rates on
account of RBI monetary policy, inflation, demand v/s supply factors etc. The AA
fund is also subject to credit risk which may arise from any downgrade / 34%

default by the issuer of the bond.

How has the fund performed?

The Fund posted annualized returns of 7.2% over 5 years period ending June
30, 2024, outperforming its category average return of 6.1%. The fund has
been among the top performers in its category across various time horizons. Portfolio Date: 30th June, 2024
Most of the relative outperformance can be attributed to active interest rate Morningstar Fixed Income Style BoxTM
management and credit selection.
Fixed-Income Stats %
High

What the Manager Says:

Average Eff Duration —
Credit Quality

Axis Strategic Bond Fund aims to invest 50-60% of its portfolio in AAA bonds
with overall portfolio duration target range of 3-4 years as a part of its
Med

Average Eff Maturity 6.1

investment mandate
Average Coupon 8.1
The fund allocates to short non-AAA asset securities on an incremental basis
Low

depending on how attractive the spreads are over AAA assets. Average Price —
The portfolio design should help generate stable returns while bringing down Ltd Mod Ext
volatility relative to a longer duration fund Interest-Rate Sensitivity
Portfolio Date: 30th June, 2024

Portfolio
Top 10 Holdings
Weighting %

7.18% Govt. Stock 2037 12.6

7.23% Govt. Stock 2039 3.4

Nirma Ltd. 3.1

7.34% Govt. Stock 2064 2.9

7.18% Govt. Stock 2033 2.9

Since Aadhar Housing Finance Ltd. 8.65% 2.9
YTD 1 Year 3 Years 5 Years Inception
DLF Cyber City Developers Ltd. 8.4% 2.8
Axis Strategic Bond Gr 8.4 7.4 6.1 7.2 8.0
7.26% Govt. Stock 2033 2.8
NIFTY Medium Duration Debt Index C-III 8.1 7.1 5.1 7.1 8.0 Rajasthan (Government of) 7.52% 2.6
India Fund Medium Duration 7.7 7.0 6.5 6.1 7.8 Mahanagar Telephone Nigam Ltd. 2.6

Source: Morningstar, Portfolio Date: 30th June, 2024

Page 37
 Debt - Medium to Long Term Bond

SBI Magnum Income Fund

Why this fund?
l Balanced focus on duration management (60%) with accrual play
FundSelect
(40%). PRR 3
l Flexible duration and credit quality mandate helps to manoeuvre timely
to capitalize on value adding opportunities. Key Fund Characteristics
l Proven risk management framework helps avoid adverse credit events. Portfolio Manager Rajeev Radhakrishnan

Inception Date 25th November, 1998

What is this fund all about?
Fund Size (INR Mio.) 17,810
l
Aims to have a balanced mix of corporate bonds with a minimum rating of Benchmark CRISIL Medium to Long Duration
Debt A-III INDEX
AA- providing stable accrual and government bonds providing duration to
Fund ISIN INF200K01594
the fund.
l
The AMC has an investment committee comprising of senior members Expense ratio 1.46%
from both SBI AMC & AMUNDI who approve the credits to be placed in the Modified Duration (Yrs) 6.47
fund and can also leverage upon its parent – SBI Bank. Average Maturity (Yrs) 13.19
l
Independent Risk Management team monitors the quality and liquidity of
Yield to Maturity 7.88%
all securities, deviations from internal limits and highlights in case of any
slippages. Additional covenants include put options based on events such Exit Fee 1.00%
as credit migration, management change, defaults etc. Portfolio Date: 30th June, 2024

What is the key risk?

The scheme has an actively managed duration strategy (60%) and is AA
subjected to interest rate volatility risk which is dependent on change in 35% AAA
interest rates on account of RBI monetary policy, inflation, demand v/s supply 65%
factors etc. The fund has an accrual strategy(40%) and is also subject to
credit risk which may arise from any downgrade / default by the issuer of the
bond.

How has the fund performed?

The Fund posted annualized returns of 7.2% over 5 years period ending June
30, 2024, beating its category average return of 6.3%. The fund enjoys a
stellar performance vis-a-vis its Peer group average return and has Portfolio Date: 30th June, 2024
outperformed it across all time periods. Cautious credit selection and tactical Morningstar Fixed Income Style BoxTM
duration management has contributed to its outperformance.
Fixed-Income Stats %
High

What the Manager Says:

Average Eff Duration —
Credit Quality

SBI Magnum Income Fund is a medium to long duration fund with an optimal
Med

blend of carry to ensure steady accrual with flexibility to benefit from capital Average Eff Maturity 13.2
appreciation through moderate long duration exposure.
Average Coupon 7.6
The fund will invest based on a continuous evaluation of macro-economic
Low

factors, market dynamics and debt issuer specific factors. The scheme will Average Price 100.8
invest its corpus in the entire range of debt and money market securities in Ltd Mod Ext
line with the investment objective to provide attractive risk-adjusted returns to Interest-Rate Sensitivity

its investors through active management of credit risk and interest rate risk in Portfolio Date: 30th June, 2024

its portfolio. Portfolio

Top 10 Holdings
Weighting %

7.1% Govt. Stock 2034 16.5

7.3% Govt. Stock 2053 15.7

7.23% Govt. Stock 2039 8.6

7.25% Govt. Stock 2063 5.8

7.18% Govt. Stock 2033 5.7

Since Torrent Power Ltd. 4.3
YTD 1 Year 3 Years 5 Years Inception
Godrej Properties Ltd. 4.2
SBI Magnum Income Reg Gr 4.1 7.0 5.5 7.2 7.6
Tata Housing Development Co. Ltd. 3.7
CRISIL Medium to Long Duration
Debt A-III INDEX 4.1 7.1 5.4 7.0 9.9 7.34% Govt. Stock 2064 3.5
India Fund Medium to Long Duration 8.7 7.2 5.7 6.3 — Uttar Pradesh (Government of) 7.52% 3.4

Source: Morningstar, Portfolio Date: 30th June, 2024

Page 38
 Debt - Corporate Bond

Aditya BSL Corporate Bond Fund

Why this fund?
l Maintains high quality portfolio with >90% of holdings rated
FundSelect
AAA/Sovereign across periods. PRR 3
l Fund seeks to generate ~90% of its returns through accrual strategy
and balance through duration strategy. Key Fund Characteristics
l Backed by the largest debt fund management teams in the industry. Portfolio Manager Kaustabh Gupta
Dhaval Joshi
Inception Date 3rd March, 1997
What is this fund all about?
Fund Size (INR Mio.) 203,015
l
Over 90% of investments into corporate bonds and G-Secs rated AAA / Benchmark NIFTY Corporate Bond Index A-II
Sovereign. Fund maintains its duration between 1 and 3 years depending
Fund ISIN INF209K01785
on its interest rate outlook and yield curve attractiveness.
l
All 15 team members including the CIO and 5 FMs serve as Analysts with Expense ratio 0.52%
domain expertise in researching either a sector(s) (credits) or macro- Modified Duration (Yrs) 3.92
economic variables such as liquidity and interest rates. Average Maturity (Yrs) 5.79
l
While credit rating agencies focus on probability of default, ABSL AMC
Yield to Maturity 7.81%
focuses on 'Loss Given Default’ helping prevent recent ‘accidents’.
Exit Fee 0.00%
What is the key risk? Portfolio Date: 30th June, 2024

Though the scheme is primarily invested in AAA/Sovereigns securities, it is

still exposed to credit risk. The fund can miss out alpha arising from any credit
spread compression in lower rated papers upon improvement of credit
scenario. The fund is also exposed to duration risk which can impact funds
performance due to mark-to-market valuation impact on underlying
securities.

How has the fund performed?

The Fund posted annualized returns of 7.2% over 5 years period ending June
30, 2024, inline with the benchmark and beating the category average return
AAA
of 6.6%. The fund has beaten its category average across most time periods. 100%
What the Manager Says:
Portfolio Date: 30th June, 2024
ABSL Corporate Bond Fund invests predominantly in a portfolio comprising
of corporate debt securities with 80% investment in highest rated corporate Morningstar Fixed Income Style BoxTM

bonds (AA+ & above). Currently nearly 99% of the portfolio is in AA+ and Fixed-Income Stats %
High

above securities.
Average Eff Duration —
Credit Quality

The scheme offers a high credit quality, low volatility portfolio which offer
superior levels of yield at lower levels of interest rate risks. It may be
Med

Average Eff Maturity 5.8

considered by investors with investment horizon of 1 yr & above.
Average Coupon 7.2
Low

Average Price 99.9

Ltd Mod Ext

Interest-Rate Sensitivity
Portfolio Date: 30th June, 2024

Portfolio
Top 10 Holdings
Weighting %

7.18% Govt. Stock 2033 11.2

7.18% Govt. Stock 2037 6.4

SIDBI 3.4

7.26% Govt. Stock 2033 3.4

8% Govt. Stock 2034 3.2

Since SIDBI 2.9
YTD 1 Year 3 Years 5 Years Inception
7.32% Govt. Stock 2030 2.8
Aditya BSL Corp. Bond Reg Gr 7.6 7.6 5.9 7.2 8.9
Bajaj Housing Finance Ltd. 7.8% 2.7
NIFTY Corporate Bond Index A-II 7.5 7.1 5.4 6.6 — NABARD 2.4
India Fund Corporate Bond 7.6 7.1 5.4 6.6 7.3 Bajaj Finance Ltd. 2.2

Source: Morningstar, Portfolio Date: 30th June, 2024

Page 39
 Debt - Corporate Bond

HDFC Corporate Bond Fund

Why this fund?
l Fund has been a top quartile performer across time periods with
FundSelect
outperformance v/s both its Benchmark and Peer group average. PRR 3
l An alpha generating strategy employed is capturing the spread of
sovereign vs corporate bonds. Key Fund Characteristics
l Interest rate play through G-secs to add alpha rather than credit route. Portfolio Manager Anupam Joshi & Dhruv Muchhal

Inception Date 29th June, 2010

What is this fund all about?
Fund Size (INR Mio.) 290,243
l
Employs vigorous internal research model based on 4 Cs (1) Character Benchmark Nifty Corporate Bond Index A-II
of Management (2) Capacity to repay (3) Collateral (of good quality and
Fund ISIN INF179K01DC2
adequate to aid recovery capability) (4) Covenants (to ring-fence in dire /
unforeseen events). Expense ratio 0.61%
l
AMC maintains group and issuer limits stricter than that prescribed by Modified Duration (Yrs) 3.52
SEBI. Ex: SEBI limit of 20% exposure at Group level and 10% exposure at Average Maturity (Yrs) 5.56
issuer level while AMC keeps it at 15% and 7-9%.
Yield to Maturity 7.69%
l
Dedicated Risk team including the Risk Head report to the CEO directly.
Their role is to see compliance to internal and external mandates, enforce Exit Fee 0.00%
checks and balances. Portfolio Date: 30th June, 2024

What is the key risk?

Fund’s robust performance over the last 1 year has been aided partly by
higher carry (1 year back) and significant easing of yields in high quality (AAA
& sovereign) bonds due to market’s preference for safety and quality. High
absolute performance may be difficult to sustain given lower current yields or
reversal in interest rate levels. Relative performance can get impacted if there
is a pick-up in risk appetite for high yield bonds

How has the fund performed?

AAA
The Fund posted annualized returns of 7% over 5 years, beating its category 100%
average return of 6.6%. The fund has been in the top quartiles over longer
term periods with outperformance v/s its Peer group average. Portfolio Date: 30th June, 2024

What the Manager Says: Morningstar Fixed Income Style BoxTM

Yields are likely to trade with a downward bias and the long end of the yield Fixed-Income Stats %
High

curve is likely to outperform over the medium term. As highlighted in the past,
Average Eff Duration —
Credit Quality

for investors with a relatively longer investment horizon, it is a good time to

increase allocation to longer duration funds in line with individual risk
Med

Average Eff Maturity 5.6

appetite.
Average Coupon 7.6
Fund focuses on generating generate income by investing predominantly in
Low

corporate bonds rated AA+ and above rated corporate bonds Developing a Average Price 100.0
well-diversified portfolio of debt (including securitised debt) and money
Ltd Mod Ext
market instruments, with a short to medium term view. The Fund focuses on Interest-Rate Sensitivity
maximising income while maintaining an optimal balance of yield, safety, & Portfolio Date: 30th June, 2024
liquidity. Better credit quality portfolio with ~99.8 exposure to AAA & Portfolio
Equivalent. Top 10 Holdings
Weighting %

8.34% Govt. Stock 2033 4.5

7.23% Govt. Stock 2039 3.2

7.1% Govt. Stock 2034 3.1

7.18% Govt. Stock 2033 3.0

8% Govt. Stock 2034 2.6

Since NABARD 2.1
YTD 1 Year 3 Years 5 Years Inception
Mangalore Refinery & Petrochemicals Ltd. 1.9
HDFC Corporate Bond Gr 7.7 7.5 5.7 7.0 8.1
Reliance Industries Ltd. 1.8
Nifty Corporate Bond Index A-II 7.6 7.1 5.4 6.6 7.9 HDFC Bank Ltd. 1.7
India Fund Corporate Bond 7.6 7.1 5.4 6.6 7.3 Bajaj Housing Finance Ltd. 1.7

Source: Morningstar, Portfolio Date: 30th June, 2024

Page 40
 Debt - Corporate Bond

ICICI Prudential Corporate Bond Fund

Why this fund?
l The Scheme seeks to predominantly invest in a basket of AA+ and
FundSelect
above rated corporate bonds of short maturity. PRR 3
l Buy & Hold strategy with maturity range of 12 to 24 months.
l The scheme maintains an optimum balance of yield, safety and Key Fund Characteristics
liquidity. Portfolio Manager Anuj Tagra & Rohit Lakhotia

Inception Date 11th August, 2009

What is this fund all about?
Fund Size (INR Mio.) 269,442
l
The Scheme seeks to predominantly invest in in a basket of AA+ and Benchmark Nifty Corporate Bond Index A-II
above rated corporate bonds of short maturity. At present, the scheme is
Fund ISIN INF109K01CQ1
maintaining 25.0% in government securities, 71.3% in corporate
securities, 0.35% in Certificate of Deposit/Commercial Papers and 3.7 % Expense ratio 0.57%
in TREPs/Net current assets. Modified Duration (Yrs) 2.39
l
The scheme aims to invest some portion of the portfolio in 1 to 5 years debt Average Maturity (Yrs) 4.06
securities predominantly in AA+ and above rated corporate bonds and
some portion in money market instruments. Yield to Maturity 7.86%

l
The scheme seeks to generate accrual income predominantly through Exit Fee 0.00%
buy & hold strategy. Portfolio Date: 30th June, 2024

What is the key risk?

Fund’s robust performance over the last 1 year has been aided partly by
higher carry (1 year back) and significant easing of yields in high quality (AAA
& sovereign) bonds due to market’s preference for safety and quality. High
absolute performance may be difficult to sustain given lower current yields or
reversal in interest rate levels. Relative performance can get impacted if there
is a pick-up in risk appetite for high yield bonds

How has the fund performed?

AAA
The Fund posted annualized returns of 7.1% over 5 years ending June 30, 100%
2024, outperforming its category average return of 6.6%. The fund has been
in the top quartiles over longer term periods with outperformance v/s its Peer Portfolio Date: 30th June, 2024
group average. Morningstar Fixed Income Style BoxTM
What the Manager Says: Fixed-Income Stats %
High

The Scheme is currently fully invested in a basket of AAA rated corporate

bonds, sovereign and money market instruments. Average Eff Duration —
Credit Quality

Corporate bond yields have become attractive due to the rise in interest rates
Med

Average Eff Maturity 4.1

and strong economic growth. This bodes well for the future outlook of the
scheme as a higher carry may support overall performance. The scheme Average Coupon 7.6
Low

seeks to generate accrual income predominantly through buy & hold Average Price 100.0
approach.
Ltd Mod Ext
Interest-Rate Sensitivity
Portfolio Date: 30th June, 2024

Portfolio
Top 10 Holdings
Weighting %

8.34% Govt. Stock 2033 8.3

7.18% Govt. Stock 2033 7.3

NABARD 3.2

Pipeline Infrastructure Ltd. 3.0

HDFC Bank Ltd. 2.6

Since HDFC Bank Ltd. 2.4
YTD 1 Year 3 Years 5 Years Inception
SIDBI 2.4
ICICI Pru Corporate Bond Gr 7.7 7.5 6.1 7.1 7.9
SIDBI 2.3
Nifty Corporate Bond Index A-II 7.6 7.1 5.4 6.6 7.9 Bharat Petroleum Corp. Ltd. 2.2
India Fund Corporate Bond 7.6 7.1 5.4 6.6 7.3 LIC Housing Finance Ltd. 1.9

Source: Morningstar, Portfolio Date: 30th June, 2024

Page 41
 Debt - Banking & PSU Bond

Kotak Banking & PSU Debt Fund

Why this fund?
l Investment in low-risk debt securities issued by Banks, Public Sector
FundSelect
Undertakings, Public Financial Institutions and Municipal Bonds. PRR 3
l Nimble footed interest rate and credit risk management.
l Can invest up to 25% in AA and below rated papers including perpetual Key Fund Characteristics
bonds. Portfolio Manager Deepak Agrawal, Abhishek Bisen
& Palha Khanna
Inception Date 29th December, 1998
What is this fund all about?
Fund Size (INR Mio.) 56,706
l
The fund endeavors to generate income by predominantly investing in Benchmark CRISIL Banking and PSU
debt & money market securities issued by Banks & PSUs and Reverse Debt A-II Index
Fund ISIN INF174K01FO3
repos in such securities, sovereign securities issued by the Central.
Government and State Governments, and / or any security Expense ratio 0.76%
unconditionally guaranteed by the Govt. of India. Modified Duration (Yrs) 3.99
l
The fund endeavors to maintain an overall exposure of the scheme to Average Maturity (Yrs) 7.69
minimum of 75% in AAA rates securities. Additionally, the fund avoids
exposure to private sector (Non-Banking &PSU entities) despite a SEBI Yield to Maturity 7.66%

limit of 0-20% exposure of the scheme AUM. Exit Fee 0.00%

l
The fund endeavors to limit the exposure of individual issuer/security to Portfolio Date: 30th June, 2024
below 8% against a SEBI limit of 10%. AA
2%
What is the key risk?
The Fund invests in Banking & PSU/PFC securities, given the narrow
universe of such securities, the fund may at times have concentrated
positions subject to 10% limit. The fund is also subject to interest rate,
prepayment and credit risk which may arise from any downgrade / default by
AAA
the issuer of the bond. The fund also takes active exposure in Perpetual 98%
Bonds which has a higher risk compared to ordinary bonds.

How has the fund performed?

The Fund posted annualized returns of 6.6% over 5-year period ending June
30, 2024, outperforming its category average return of 5.8% over the same Portfolio Date: 30th June, 2024
period. The fund has been among the top performers in its category and Morningstar Fixed Income Style BoxTM
consistently beaten its benchmark and peer category across all time periods:
short, medium and long. Fixed-Income Stats %
High

Average Eff Duration —

Credit Quality

What the Manager Says:

Med

Fed kept its key interest rate unchanged and maintained that they will wait Average Eff Maturity 7.7
until they see durable signs of easing in inflation. US Treasury yields
Average Coupon 6.5
exhibited volatility, reaching levels above ~4.70% in April due to mixed US
Low

macroeconomic data. The Indian economy is undergoing a structural shift, Average Price 100.0
bolstered by strong economic fundamentals this may lead to structural shift in
Ltd Mod Ext
rates and spreads. Interest-Rate Sensitivity

Investors are advised to increase the duration of their fixed income portfolios Portfolio Date: 30th June, 2024

to capitalize on potential benefits from the ongoing structural shift in the Portfolio
Top 10 Holdings
Indian bond market. Weighting %

The fund is likely to maintain modified duration in the range of 3–5 years. 7.18% Govt. Stock 2033 12.4

NABARD 6.8

8.25% Govt. Stock 2033 5.2

National Housing Bank 4.8

HDFC Bank Ltd. 3.7

Since Power Grid Corp. of India Ltd. 3.5
YTD 1 Year 3 Years 5 Years Inception
Rural Electrification Corp. Ltd. 2.7
Kotak Banking & PSU Debt Reg Gr 7.1 7.2 5.7 6.6 7.3
Rural Electrification Corp. Ltd. 2.7
CRISIL Banking and PSU Debt A-II Index 7.4 7.1 5.5 6.7 — LIC Housing Finance Ltd. 2.6
India Fund Banking & PSU 7.8 8.0 6.9 5.8 6.8 Power Finance Corp. Ltd. 0.076% 2.6

Source: Morningstar, Portfolio Date: 30th June, 2024

Page 42
 Debt - Banking & PSU Bond

Axis Banking & PSU Debt Fund

Why this fund?
l Fund has been a top quartile performer over longer periods with
FundSelect
outperformance v/s its Benchmark and Peer average. PRR 3
l Scheme’s construct mandates the portfolio to run a credit profile ~
100% AAA and short duration maturity ~ 2years. Key Fund Characteristics
l Avoids non-AAA, perp exposures and limits NBFC exposure. Portfolio Manager Aditya Pagaria & Hardik Shah

Inception Date 8th June, 2012

What is this fund all about?
Fund Size (INR Mio.) 136,859
l
Top-Down Approach to Credit Selection, starting with the macro view, the Benchmark NIFTY Banking & PSU Debt Index
interest rated, growth rates and inflation are some of the key parameters
Fund ISIN INF846K01CB0
that determine credit selection.
l
Each credit idea is assigned A,B,C rating. “A” being the best rating Expense ratio 0.63%
assigned to large institutions and are reviewed every year. B and C rated Modified Duration (Yrs) 2.80
securities are reviewed every 6 months and Quarterly respectively. Average Maturity (Yrs) 3.61
l
Key internal systems in place to issue ‘soft’ alerts at appropriate levels
Yield to Maturity 7.68%
basis SEBI investment restrictions, thereby ensuring pre-emptive
monitoring of portfolio. Exit Fee 0.00%

Portfolio Date: 30th June, 2024

What is the key risk?
Given the narrow universe of Banking & PSU/PFC securities, the fund may at
times be constrained to take concentrated positions, subject to internal limit.
The fund has a high credit quality (100% AAA) and low maturity mandate (2.5
years) with a roll down approach. Given the restricted mandate, it may miss
out on any alpha opportunities in a favourable interest / credit risk
environment and underperform its nimble footed peers.

How has the fund performed?

The Fund posted annualized returns of 6.5% over 5 years ending June 30,
2024, in line with the benchmark return of 6.5% and outperforming its AAA
100%
category average return of 5.8%. The fund has been among the top
performers in its category and consistently met/ beaten its benchmark and Portfolio Date: 30th June, 2024
peer category across most time periods: medium and long. Morningstar Fixed Income Style BoxTM

What the Manager Says: Fixed-Income Stats %

High

Axis Banking & PSU Debt is being repositioned to a 4-year high grade
Average Eff Duration —
Credit Quality

corporate bond strategy predominantly investing in bonds issued by banking

companies and public sector undertakings (PSUs). The fund will largely
Med

Average Eff Maturity 3.6

consist of AAA rated papers.
Average Coupon 7.3
The fund manager believe there will be an additional demand for corporate
Low

bonds due to inclusion in HTM portfolio of banks. Both factors lead to Average Price 99.5
favourable demand supply dynamics for corporate bonds and may lead to
Ltd Mod Ext
spread compression over the medium term. Interest-Rate Sensitivity

Given their constructive view on interest rates and the macro setting for India, Portfolio Date: 30th June, 2024

they believe that the biggest risk that investors may face is the reinvestment Portfolio
Top 10 Holdings
risk and it can be mitigated by an active investment strategy. Further, they Weighting %
believe, currently, the 3-5 year corporate bond segment may be attractive 7.18% Govt. Stock 2033 11.0
from valuation perspective. The fund intends to adopt a short duration active
Export Import Bank of India 6.5
approach for Axis Banking & PSU Debt Fund, moving away from the tactical
roll down approach. Rural Electrification Corp. Ltd. 5.5

Indian Railway Finance Corp. Ltd. 5.2

SIDBI 5.2
Since Bajaj Finance Ltd. 4.4
YTD 1 Year 3 Years 5 Years Inception
HDFC Bank Ltd. 3.7
Axis Banking & PSU Debt Gr 7.0 6.6 5.2 6.5 7.6
NABARD 3.3
NIFTY Banking & PSU Debt Index 7.6 7.0 5.2 6.5 7.6 National Housing Bank 2.7
India Fund Banking & PSU 7.8 8.0 6.9 5.8 6.8 State Bank of India 2.5

Source: Morningstar, Portfolio Date: 30th June, 2024

Page 43
 Debt - Credit Risk

ICICI Prudential Credit Risk Fund

Why this fund?
l Invests in well researched AA & below rated corporate bonds, offering
FundSelect
higher yield, with a view to generate credit alpha. PRR 3
l Active risk management process focusing on diversification at Issuer
and Group level while keeping a close eye at fund’s liability franchise. Key Fund Characteristics
l ‘Skin in the Game’ both key investment management personnel and the Portfolio Manager Manish Banthia, Ritesh Lunawat
& Sharmila D’mello
AMC itself are invested in the fund, demonstrating conviction in the Inception Date 3rd December, 2010
fund.
Fund Size (INR Mio.) 67,247
What is this fund all about? Benchmark CRISIL Credit Risk Debt B - II

Fund ISIN INF109K01GU4

l
ICICI AMC supports the 2 Fund Managers at the helm of this fund with a
10-member independent Risk team, selected from diverse background Expense ratio 1.45%
like Risk, Credit or Research functions from various industries Banking, Modified Duration (Yrs) 2.01
AMC, Rating agencies.
Average Maturity (Yrs) 2.63
l
Diversified across issuers groups to avoid concentration risk minimize risk
from unforeseen 'black swan' events. Yield to Maturity 8.82%

l
Strictly monitor their AUM (susceptible to churn) comprising 1) AUM Exit Fee 1.00%
beyond exit load period 2) AUM beyond tax holding period 3 years) They Portfolio Date: 30th June, 2024
mandate maximum investment of 50 Cr at investor level while monitoring A
AUM mobilized through top 5 distributors. 17%
AAA
What is the key risk? 24%

The fund is subject to credit risk which may arise from any downgrade of/or
default by the issuer of the bond. In adverse credit and ‘risk off’ environments,
its performance could also bear the brunt of credit spread widening in its lower
rated securities. Fund is also subjected to duration risk which depends on
changes in interest rates.

How has the fund performed? AA

59%
The Fund posted annualized returns of 7.5% over 5 years ending June 30,
2024, outperforming its category peers by a significant margin. The fund has Portfolio Date: 30th June, 2024
been among the top performers in its category and consistently met / beaten Morningstar Fixed Income Style BoxTM
its peer category across most time periods: short, medium and long.
Fixed-Income Stats %
High

What the Manager Says:

Average Eff Duration —
Credit Quality

The fund aims to invest predominantly in AA and below rated corporate

bonds.
Med

Average Eff Maturity 2.6

Accruals continue to remain the predominant source of return for fixed income
Average Coupon 8.4
investments. The compression in credit spreads indicates higher demand for
Low

investment grade corporate debt by the market. On monetary policy, we Average Price —
believe that the RBI is unlikely to change its policy stance as the economy is
Ltd Mod Ext
growing favorably and inflation growth is also within the RBI’s expectations. Interest-Rate Sensitivity
Additionally, the boost in credit growth in the economy may also offer potential Portfolio Date: 30th June, 2024
of capital appreciation in bond price due to improvement in issuer’s rating. Portfolio
Top 10 Holdings
Weighting %

7.18% Govt. Stock 2033 8.8

Embassy Office Parks REIT 4.4

Varroc Engineering Ltd. 3.7

Millennia Realtors Pvt. Ltd. 3.1

Aadhar Housing Finance Ltd. 2.6

Since Nirma Ltd. 2.2
YTD 1 Year 3 Years 5 Years Inception
DLF Home Developers Ltd. 2.2
ICICI Pru Credit Risk Gr 8.1 7.8 6.4 7.5 8.2
Kalpataru Projects International Ltd. 2.2
CRISIL Credit Risk Debt B - II 8.0 7.6 6.7 8.0 8.8 Aadharshila Infratech Pvt. Ltd. 2.1
India Fund Credit Risk 7.8 8.0 6.9 5.8 6.8 Nuvoco Vistas Corp. Ltd. 1.8

Source: Morningstar, Portfolio Date: 30th June, 2024

Page 44
 Disclaimer
This document is for information purposes only and is not independent research. It is meant only for use as a reference tool. It has not
been prepared for any particular person or category of persons. The fund/s referred to in this document constitute only a portion of the
fund/s that are available for distribution from Standard Chartered Bank (SCB) and references to such fund/s in this document do not
constitute recommendations over any other fund available from SCB. That is, comparison of funds across asset classes may not be
meaningful. The information, data and any expression of opinion in connection with the funds referred to in this document
(information): (a) are the property of SCB; (b) are not intended to provide financial, legal, accounting or tax advice to any person and
should not be relied upon in that regard.; (c) may not be copied or distributed without the prior consent of SCB; (d) are based on
sources believed by SCB to be reliable but it is not expressly or impliedly represented, warranted or guaranteed by SCB as to its
accuracy or completeness. Information contained in this document is current only as at its date and may no longer be true or
complete when read by an investor. Opinions are subject to change without notice to you. SCB accepts no liability and will not be
liable for any loss or damage arising directly or indirectly (including special, incidental or consequential loss or damage) from your
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error, imperfection, fault, mistake or inaccuracy with this document, its contents or associated services, or due to any unavailability of
the document or any part thereof or any contents or associated services. Any investment decision by you should not be made based
solely on the information contained in this document, and you accept that SCB has no responsibility or obligation in connection with
your decision to invest in the funds referred to in this document. This document does not constitute a prediction of the likely future
movements in rates or prices or any representation that such future movements will exceed those shown in this document. Investors
may be exposed to exchange rate fluctuations which may cause the value of investments to go up or down. The value and income of
your investment can fall as well as rise and you may get back less than invested.
This document is not intended to be an offer or solicitation of an offer to buy or sell funds and is not intended to constitute investment
advice. Some funds may not be available for distribution to you depending on your location, domicile, nationality or the SCB entity
you are dealing with. Please contact the relevant SCB entity you normally deal with for more information. You should refer to the
relevant offering documents for detailed information before you decide whether to invest or not, and you are recommended to seek
independent professional advice that takes into account considerations such as your financial situation and risk tolerance before
making any investment decisions. Do not invest in investment products unless you fully understand and are willing to assume the
risks associated with them. Past performance is not indicative of future performance. These investments involve risks, the prices of
units or shares of the funds referred to in this document fluctuate, sometimes dramatically, and you may lose your entire investment.
Some of the funds may invest extensively in financial derivatives instruments or emerging markets and may have leveraged
exposure, which may lead to higher risk of capital loss. The funds product risk label may differ from SCB's Product Risk Rating (PRR)
and the SCB PRR may indicate a risk, lower or higher than the funds product risk label.
SCB is a distributor of the fund/s referred to in this document. Nothing in this document should be construed as 'Investment Advice' as
defined under the Securities and Exchange Board of India (Investment Advisors) Regulations, 2013 or otherwise. SCB receives fees
including trail commissions for the funds that it distributes. The contents of this document are compiled by the Fund Select team
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this document.

Glossary
Sharpe Ratio – is arrived at by dividing the returns in excess of risk-free return with the standard deviation of portfolio
returns and is a measure of risk adjusted returns. This ratio helps in identifying whether the fund returns are the result of
good investment decisions or greater risk taken by the fund manager. Higher the Sharpe ratio, the better it is.
Beta – is a measure of volatility of the portfolio with respect to the market, also known as systematic risk. A beta measure
of 1 indicates that the portfolio volatility will be same as that of the benchmark/market. Any value greater than 1 indicates
that the portfolio is more volatile than the index and vice versa.
Information Ratio – measures a fund manager's ability to generate excess returns per unit of risk, relative to a
benchmark, Information ratio is measured as differential returns divided by standard deviation of differential returns with
respect to benchmark of the fund. Higher the Information ratio, the better it is.
Fund Volatility / Standard Deviation - The statistical measurement of dispersion about an average, which depicts how
widely a stock or portfolio's returns varied over a certain period of time. Investors use the standard deviation of historical
performance to try to predict the range of returns that is most likely for a given investment. When a stock or portfolio has a
high standard deviation, the predicted range of performance is wide, implying greater volatility.
Average Maturity - The average length of maturity for all fixed-rate debt instruments held in a portfolio. A bond fund or
mutual fund with a short average maturity is more sensitive to current interest rate fluctuations than one with longer
average maturity.
Modified Duration - is a measure of the sensitivity of the price of a fixed-income investment to a change in interest rates.
Duration is expressed as a number of years. Rising interest rates mean falling bond prices, while declining interest rates
mean rising bond prices.

Page 46