As Geo-political tensions rise in Russia & Ukraine, global and Indian markets responded accordingly. To know more, read our Monthly Market Outlook.

1. CURRENCY DEFICIT
GROWTH
INFLATION INTEREST RATES
POLICIES
March
2022 MONTHLY
MARKET
OUTLOOK
The above factors are not exhaustive

2. Global Indices Performance
2
• Most Global Markets
ended the month on a
negative note due to
volatility & weak
sentiments on the back
of geo-political tensions
between Russia-Ukraine
• Indian Markets too
followed suit with
negative returns
Germany - DAX Index; China - SSE Composite Index; France - CAC 40 Index; Japan - Nikkei; Eurozone - Euronext 100; Hong Kong - HangSeng;US - Dow Jones; Singapore - Strait Times; Russia - RTS Index; Indonesia - Jakarta
Composite Index;U.K. - FTSE; South Korea - Kospi; Brazil - Ibovespa Sao Paulo Index; Indonesia – Jakarta Composite Index; Switzerland – Swiss Market Index; Taiwan – Taiwan Stock Exchange Corporation; India – S&P BSE
Sensex; Data Source: MFI & ACEMF, Returns are absolute returns for the index calculated between Jan 31, 2022 – Feb 28, 2022. Past performance may or may not sustain in future. MFI Explorer is a tool provided by ICRA
Online Ltd.For their standard disclaimerplease visit http://www.icraonline.com/legal/standard-disclaimer.html
4 3 1 1
0 0 0 -2 -2 -3 -3 -4 -5 -5 -7
-35
-40
-30
-20
-10
0
Indonesia
China
South
Korea
Brazil
UK
Taiwan
Singapore
Japan
Switzerland
India
US
Europe
Hong
Kong
France
Germany
Russia
Absolute
Returns
(%)
Returns Performance – Feb 2022

3. India – Sectoral Indices Performance
3
Most of the sectoral
indices were in
negative as markets
plunged except for
metals which rose on
the fear of supply
disruptions due to
sanctions on Russia
All indices are of S&P BSE and carry the prefix of S&P BSE; Abbreviated CD - S&P BSE Consumer Durables; CG - S&P BSE Capital Goods; FMCG - S&P BSE Fast Moving Consumer Goods; HC - S&P BSE Health Care; Infra. -
S&P BSE India Infrastructure; IT - S&P BSE Information Technology, NBFC – Non-banking Finance Companies. Data Source: MFI, ACEMF ; Returns are absolute returns for the TRI variant of the index (except Infrastructure
Index) calculated between Jan 31, 2022 – Feb 28, 2022; Past performance may or may not sustain in future. The sector(s)/stock(s) mentioned in this slide do not constitute any recommendation and ICICI Prudential Mutual
Fundmay or may not have any future positionin thissector(s)/stock(s).MFI Explorer is a tool providedby ICRA OnlineLtd.For theirstandard disclaimerplease visit http://www.icraonline.com/legal/standard-disclaimer.html.
10
3
-1 -2
-3 -3 -3 -4
-4 -5 -5
-6 -7 -7
-8
-9
-12
-8
-4
0
4
8
12
Metal
CD
Power
Basic
Mat.
Energy
FMCG
HC
IT
Bankex
CG
Finance
Infra
Auto
Oil
&
Gas
Telecom
Realty
Absolute
Returns
(%)
Returns Performance – Feb 2022

4. 4
EQUITY OUTLOOK:
India – Resilient Recovery
Add equities with a long term view

5. Our ‘VCTS’ Framework
5
Market V aluations
P/E or PBV helps in
ascertaining whether the
market is expensive or
cheap
Business C ycle
Indicators like capacity
utilization or credit growth
help in understanding the
strength of business cycle
T riggers
Triggers are events
which can have impact
on the overall equity
market
S entiments
Sentiments helps in
understanding investors
affinity towards the
equity market
Buy – Valuations Cheap
Sell – Valuations
Expensive
Buy – Cycle is
weak
Sell – Cycle is
Strong
Unpredictable event
like COVID-19,
Geo-Political Tensions
Buy – Negative Sentiments
Sell – Positive Sentiments
The ‘VCTS’ (Valuations, Cycle, Trigger, Sentiments) framework is a market checklist which can be used to
determine market valuations/conditions across asset classes for investment at any given point in time
PE – Price-to-Earnings; PBV– Price to BookValueRatio; COVID-19is Coronavirus disease 2019.

6. ‘V’aluations – High
6
With recent market corrections, Valuations appear to have moderated.
Overall Valuations are not cheap
Source – NSE, Dataas of Feb 28, 2022. P/E– Price toEarnings, P/B – Priceto Book. Past performancemay or may not sustainin future
21.6
15
20
25
30
35
40
45
Feb-12
Feb-13
Feb-14
Feb-15
Feb-16
Feb-17
Feb-18
Feb-19
Feb-20
Feb-21
Feb-22
Nifty 50 P/E Ratio
Nifty 50 P/E Average
Average: 23.9
4.2
2
3
4
5
Feb-12
Feb-13
Feb-14
Feb-15
Feb-16
Feb-17
Feb-18
Feb-19
Feb-20
Feb-21
Feb-22
Nifty 50 P/B Ratio
Nifty 50 P/B Average
Average: 3.4

7. Business ‘C’ycle – Early stage
7
With overall NPAs decliningand a subdued trend in Credit Growth,
Domestic Business cycle appearsto be in an early stage
Source –JM Financial.NPA – Non Performing Assets
7.50%
2.40%
0%
5%
10%
15%
20%
FY94
FY96
FY98
FY00
FY02
FY04
FY06
FY08
FY10
FY12
FY14
FY16
FY18
FY20
Banks Gross & Net NPAs
Gross NPAs/Gross Advances (%) Net NPAs/Net Advances (%)
7%
9%
0%
2%
4%
6%
8%
10%
Feb-20
Apr-20
Jun-20
Aug-20
Oct-20
Dec-20
Feb-21
Apr-21
Jun-21
Aug-21
Oct-21
Dec-21
Credit Growth (YoY)
Recent
uptick

8. Business ‘C’ycle – Early stage
8
Despite of the recent pick-up, Capacity Utilization too is well below its long term average
indicating that the Business Cycle is in an early stage
Source –JM Financial
68
45
55
65
75
85
Sep-11
Sep-12
Sep-13
Sep-14
Sep-15
Sep-16
Sep-17
Sep-18
Sep-19
Sep-20
Sep-21
Capacity Utilization Rate
Average: 73

9. Potential ‘T’riggers/Risks
9
Markets may remain watchful of following triggers/risks
US FED RATE HIKE
ROADMAP
GEO-POLITICS
EscalatingGeo-
political tensions &
Rise in Oil prices
INFLATION
Stickierinflation
profile on the back
of supplyside
bottlenecks
Quantum of rate hikes
by US Fed

10. Potential ‘T’riggers/Risks - Geo Politics
10
Given current tensions between Russia-Ukraineand concerns around
its impact on Indian economy, presenting some facts and figures
• India’s import exposure to Russia (ex-defense) is limited and
accounts for ~1.5% of total Imports. Other major imports
include precious metals (~5%) & petroleum products (~1.7%)
• Defense import dependence though large, has declined from
~62% share in 2010, to ~51% between 2016 and 2020
• Russia’s share in Indian Exports was merely 0.8% of total
Indian Exports over last 5 years. Ukraine’s share in total India
Imports is merely ~0.5%
• The ongoing Russia-Ukraine crisis may keep Global markets
volatile but may not impact Indian markets significantly as
trade exposure is limited
0.1
0.8
0.5
1.5
0.0
0.5
1.0
1.5
2.0
Ukraine Russia
India's Trade Exposure
Share in India's Total Exports Ex Defense (2017-21)
Share in India's Total Imports Ex Defense (2017-21)
Source –Citi Research.Data ason Feb 2022

11. Potential ‘T’riggers/Risks - Geo Politics
11
Indian Economy stands relatively less affected
Source –Morgan Stanley.FDI – Foreign DirectInvestment,FPI – Foreign Portfolio Investors
INDIA
Oil consumption
relative to GDP is
at low & has been
on a steady
decline since 2014
Oil & GDP
India’s real policy
rates relative to
Global economies
remains high (better
to tackle inflation arising
from high oil prices)
Rates
Rising share of FDI
to FPI in external
balances makes
economy less
sensitive to such
events
FDI to FPI
INR has been
relatively more
stable compared
to previous oil
shocks
Currency
India’s policy
environment is
much more certain
& strong aimed at
driving Growth
Policy

12. 12
Resilient Economic Recovery

13. Economic Revival post COVID
13
Multiple High Frequency Indicators highlight that Indian economy
is in much better shape even post COVID 3rd wave
-110%
-80%
-50%
-20%
10%
-60%
-40%
-20%
0%
20%
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
High Frequency Indicators 2Y CAGR (%)
Exports Vaahan Vehicle Registration E-Way Bills GST Collections
Power Demand Rail Freight Two Wheeler Sales, RS Passenger Vehicles, RS
COVID 1.0
COVID 2.0
COVID
3.0
Source –Morgan Stanley.RS – Right hand side, GST – Goods & ServicesTax

14. Manufacturing pick-up
14
Rate of projects under implementation& order flows of Engineering and Construction companies have improved
Source –Morgan Stanley.
-10%
0%
10%
20%
30%
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
Dec-19
Dec-20
Dec-21
Projects Under Implementation
Public Private Total
-35%
-25%
-15%
-5%
5%
15%
25%
35%
Dec-16
Apr-17
Aug-17
Dec-17
Apr-18
Aug-18
Dec-18
Apr-19
Aug-19
Dec-19
Apr-20
Aug-20
Dec-20
Apr-21
Aug-21
Dec-21
Order Book, Quarterly Order Inflows, Quarterly
Engineering companies order book (2Y-CAGR)

15. Strong Corporate & Govt. Balance Sheet
15
Healthy corporate revenue growth & declining govt. debt indicate sound fundamentals
Source –Morgan Stanley,JM Financial.Past performance mayor may not sustain in future.Fin – Financials, GDP – Gross Domestic Product.
-30%
-15%
0%
15%
30%
45%
60%
Dec-16
Jun-17
Dec-17
Jun-18
Dec-18
Jun-19
Dec-19
Jun-20
Dec-20
Jun-21
Dec-21
S&P BSE 500 Corporate Revenue (ex energyfin)
YoY% 2Y-CAGR (%)
16%
8%
5%
3%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
FY90
FY92
FY94
FY96
FY98
FY00
FY02
FY04
FY06
FY08
FY10
FY12
FY14
FY16
FY18
FY20
Govt. External Debt as a % of GDP
FY21

16. Govt. Reforms
16
Source - https://www.indiabudget.gov.in/economicsurvey.GDP – Gross Domestic Product
KEY SUPPLY SIDE REFORMS
Production Linked Incentive
Scheme approved for 13 sectors Banking sector reforms:
Deposit insurance, introduction of
interim payments, etc.
National Monetization pipeline,
privatization of Public Sector
Enterprises
Retrospective tax repealed to
promote tax certainty
& foreign investment

17. Capex Push & Fiscal Deficit
17
Source - https://www.indiabudget.gov.Capex–CapitalExpenditure,A – Actual, RE– Revised Estimate, BE – Budgeted Estimate
Govt.’s strong Capex push has resulted in a dent in Fiscal Deficit numbers in last few years.
However, such structural reforms often tend to prove beneficial for the economy in long run
3.9 3.5 3.5 3.4
4.6
9.2
6.9
6.4
0
2
4
6
8
10
FY
16
FY
17
FY
18
FY
19
FY
20
FY
21
FY
22
RE
FY
23
BE
Fiscal Deficit as a % of GDP
% of GDP Long Term Average (%)
3077 3357
4263
6027
7502
0
2000
4000
6000
8000
FY19
(A)
FY20
(A)
FY21
(A)
FY22
(RE)
FY
23
(BE)
Capex (Rs. Bn)

18. Summary & Outlook
18
• Rising Geo-political tensions, crude oil prices and high inflation globally may keep markets volatile
in near term
• Further, quantum of US Fed’s rate hikes may be another major factor contributing to market
volatility
• Indian fundamentals and economic recovery however, appear sound relative to Global economies.
This, coupled with multiple pro-growth measures and supply side reforms, initiated by the Govt,
we believe that it may contribute to the long term growth story
• We continue to remain positive on sectors which are closely linked to economy like Auto, Banks,
Capital Goods, Infrastructure, etc.
• Due to expected market volatility in near term owing to various factors mentioned above, we
continue to recommend schemes which have the flexibility to manoeuvre across different Asset
classes, Marketcap & Themes

19. 19
Product Recommendations

20. Investment Approach
Asset Allocation & Active Management approach may be better able to manage expected volatility in near term.
Hence, we recommend schemes having flexibility to invest across Asset classes, Marketcap & Sectors/Themes
• ICICI Prudential Asset Allocator Fund (FOF)
• ICICI Prudential Balanced Advantage Fund
• ICICI Prudential Multi-Asset Fund
• ICICI Prudential Passive Multi-Asset Fund of
Funds
Asset Allocation
Flexibility across
Sector/Theme
Marketcap
Flexibility
• ICICI Prudential Business Cycle Fund
• ICICI Prudential Thematic Advantage
Fund (FOF)
• ICICI Prudential Value Discovery Fund
• ICICI Prudential Flexicap Fund
• ICICI Prudential Focused Equity
Fund
• ICICI Prudential Dividend Yield Fund
The asset allocation and investment strategy will be as per Scheme Information Document
18
Recommend Booster STP

21. Asset Allocation Approach –
ICICI Prudential Passive Multi-Asset Fund of Funds
21
The scheme provides exposure to Global equities along with different asset classes like Equity, Debt & Gold*
* The exposure to different asset classes is through ETFs/Index schemes. Data as of Feb 28, 2022. The portfolio of the scheme is subject to changes within the provisions of the Scheme Information document of the scheme.
Please refer to the SID for investment pattern,strategy andrisk factors. The asset allocation and investment strategy will be as per Scheme Information Document. For more scheme related details and disclosures,refer website
www.icicipruamc.com
27%
28%
31%
3%
11%
Portfolio Allocation
Domestic Equity ETF
Foreign ETF
Domestic Debt ETF
Gold ETF
Short Term Debt and net
current assets

22. Sector/Theme Flexibility –
ICICI Prudential Business Cycle Fund
22
The scheme deploys a top down approach with an aim to identify and invest in
sectors/themes basis prevailingBusiness Cycle
Source – MFIE, Data as on Feb 28, 2022. Cash includes T-Bills & Short term debt and Net Current Assets. *The data is calculated post adjusting for derivatives. The sector(s)/stock(s) mentioned in this slide do not constitute
any recommendation and ICICI Prudential Mutual Fundmay or may not have any future position in these sector(s)/stock(s). The portfolio of the scheme is subject to changes within the provisions of the Scheme Information
document of the scheme.Please refer to the SID for investment pattern,strategy andrisk factors. The asset allocation andinvestment strategy will be as per Scheme Information Document. MFI Explorer is a tool provided by
ICRA Online Ltd.For theirstandarddisclaimerpleasevisit http://www.icraonline.com/legal/standard-disclaimer.html
~48% of the total equity
exposure*is investedin
Domestic cyclicalsectors
with expectationsof
continuedeconomic
recovery
Current Portfolio Positioning – Overweight Domestic Cyclical sectors
Cash: ~15%
2%
3%
3%
8%
8%
23%
0% 10% 20% 30%
Power
Cement & Cement Products
Telecom - Services
Construction Project
Auto
Banks, Finance & Insurance
Domestic Cyclicals Exposure

23. Value Outperforms
23
Universe considered is all listed stocks as of Feb 28, 2022. Stocks are arranged in descending order as per Marketcap. Source: Edelweiss Research. Past performance may or may not sustain in future
Post 2018 market fall, market rally was concentrated and led by Growth stocks.
However, post Sep-2020, we have seen a more broad based rally and
going forward we expect this rally to continue
60%
4%
-2%
2% 1%
-24%
-57%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
Top
10
Top
11-20
Top
21-50
Top
51-100
101-250
251-500
>=501
Marketcap Change (Since Feb'18 till Sep'20)
41%
66%
94%
68%
62%
87%
78%
0%
20%
40%
60%
80%
100%
Top
10
Top
11-20
Top
21-50
Top
51-100
101-250
251-500
>=501
Marketcap Change (Since Sep'20 till Feb'22)

24. Value Outperforms
24
Source: Morgan Stanley. TimePeriod considered – Sep 30, 2020 to Feb 28, 2022. Past performance may or may not sustain in future. EM – Emerging Markets. Index Values have been re-based to 100
98
120
90
100
110
120
130
140
Sep-20
Dec-20
Feb-21
Apr-21
Jun-21
Aug-21
Oct-21
Dec-21
Feb-22
MSCI EM Value Vs. MSCI EM Growth Index
MSCI EM Growth Index MSCI EM Value Index
Value has clearly
outperformed growth
significantly and is
expected to continue
with the same trend

25. ICICI Prudential Value Discovery Fund
25
The asset allocation and investment strategy will be as per Scheme Information Document
Fundamentally strong, low leveraged
companies with strong balance sheets
are looked at
Value in terms of business fundamentals
and viability is considered over price or
valuation ratios
The portfolio is placed at the center of
economic recovery i.e. it aims to perform
well during periods of economic turnaround
Overvalued companies/sectors are
substituted with reasonably valued ones
The portfolio is flexicap in Nature which
seeks value opportunities across market caps
FLEXICAP
ECONOMY
SUBSTITUTE
VALUE
STRONG

26. 26
FIXED INCOME OUTLOOK:
A Year of Active Management

27. Yield Curve Movement
27
3
4
5
6
7
1M 3M 6M 1 Yr 2 Yrs 3 Yrs 5 Yrs 10 Yrs
Yield Curve – Gsec (%)
03-Mar-22 31-Jan-22
3
4
5
6
7
8
1M 3M 6M 1 Yr 2 Yrs 3 Yrs 5 Yrs 10 Yrs
Yield Curve – Corporate Bond (%)
03-Mar-22 31-Jan-22
Data as on Mar 03,2022, CRISIL Research
The yield curve continues to remain steep. The belly of the curve (1-3 Years)
moved higher compared to the rest of the segments.

28. Case for Active Management
28
Shifting
Sands
RBI Policy Measures
HighValuations on
shorter end
Macros at a Divergence
Active
Management

29. RBI Policy Measures - Expected Roadmap
29
CEASE INJECTING LIQUIDITY
RBI STATUS
INITIATED
INITIATED
PENDING
PENDING
PENDING
LIQUIDITY ABSORPOTION
NARROWINGLAF CORRIDOR
CHANGEIN STANCE
REPO RATE HIKE
01
02
03
04
05
LAF – Liquidity AdjustmentFacility
RBI STATUS
We expect RBI to normalize stimulusmeasures& take below steps
to strike a balance between Growth & Inflation

30. Yield Curve - Valuations
30
3.0
3.5
4.0
4.5
5.0
5.5
6.0
6.5
7.0
7.5
1M 3M 6M 1 Yr 2Yrs 3 Yrs 5 Yrs 10 Yrs
Gsec Yield Curve (%) Corporate Bond Yield Curve (%)
High term premium
but follow tactical
approach due to
rising interest-rate
cycle
Risk reward
benefit
moderate to
low
Low carry
High valuations at the
short-end of the yield curve,
which still trades below or
close to repo-rate. Belly of
the curve, offers low
risk-rewardbenefit.
Long-end term premium is
reasonable but need to be
managed actively based
on RBI measures
KEY TAKEAWAY:
Data as on Mar 03,2022,CRISIL Research

31. Investment Approach
31
Shifting
Sands
Shifting
Sands
We are here
Accrual Strategy
Interest Rate Hike
Period:
Low duration funds
Interest Rate Pause
Period:
Active Duration
Management
Interest Rate Fall Period:
High Duration Fundsand
Passive Long Duration
Funds
Interest Rate Pause Period:
Active Duration Management
Time
Interest
Rate
Current Interest rate-rise cycle & Product Strategy (Illustration)

32. Ways to navigate Fixed Income Markets
32
Shifting
Sands
Floating Rate
Instruments
Active
Management
Spread
Assets

33. Active Duration Approach
33
Shifting
Sands
-3
-2
-1
0
1
2
3
4
Feb-02
Feb-03
Feb-04
Feb-05
Feb-06
Feb-07
Feb-08
Feb-09
Feb-10
Feb-11
Feb-12
Feb-13
Feb-14
Feb-15
Feb-16
Feb-17
Feb-18
Feb-19
Feb-20
Feb-21
Term Premium (10 Yr Gsec - 1 Yr Tbill) % Long Term Average Premium %
Average 88 bps
220 bps
Currently, the term
premium is at one of the
highest levels seen in the
last 10 years and active
duration may help in
capturing the same with
adequate risk management
Source:CRISIL Research,Data as on Feb28,2022.Past performance mayor may not sustain in future

34. Accrual Strategy
34
Shifting
Sands
Shifting
Sands
100 101 115
-32
-7
-45
-100
-50
0
50
100
150
200
250
AAA(3
Year)
A1+(6Mnth
CD)
Repo
Rate
Cut
Gsec(10
Year)
AA(3
Year)
A(3
Year)
Rate Transmission (bps) for from 31-Dec-2019
Value Zone
Expensive Zone
Instrument Type
Yields (%)
31-Dec-19 03-Mar-22
AAA(3 Year) 6.80 5.80
A1+(6Mnth CD) 5.56 4.55
Repo Rate Cut 5.15 4.00
Gsec(10 Year) 6.51 6.83
AA(3 Year) 7.85 7.92
A(3 Year) 9.47 9.92
Source:CRISIL Research,Data as on Mar 3,2022,CD – CertificateofDeposit,bps – basispoints,Pastperformance may or may not sustain in future

35. Scheme Recommendations
35
Shifting
Sands
Shifting
Sands
Approach Scheme Name Call to Action Rationale
Short Duration
ICICI Prudential Savings Fund
ICICI Prudential Ultra Short Term Fund
ICICI Prudential Floating Interest Fund
Invest for parking
surplus funds
Accrual + Moderate
Volatility
Accrual Schemes
ICICI Prudential Credit Risk Fund
ICICI Prudential Medium Term Bond Fund
Core Portfolio with >1 Yr
investment horizon
Better Accrual
Dynamic Duration ICICI Prudential All Seasons Bond Fund
Long Term Approach with
>3 Yrs investment
horizon
Active Durationand
Better Accrual

36. Our Valuation model for Duration Risk Management
36
Shifting
Sands
Shifting
Sands
Our Debt Valuation
Index suggests
caution on high
duration as the
interest rates are
expected to
remain volatile
Data as on Feb28, 2022. Debt Valuation Index considersWPI,CPI,Sensex returns,GoldreturnsandReal estatereturns overG-Secyield,CurrentAccount Balance,Fiscal Balance,CreditGrowth andCrude Oil Movementfor calculation.
1.86
0
1
2
3
4
5
6
7
8
9
10
Very Cautious
Aggressive
Highly Aggressive
Cautious
Moderate

37. Summary – Fixed Income Outlook
37
• In the Fixed Income space, currently there are lot of dynamic elements at play
• Margin of safety remains low and hence risk-management should be given importance
• Post the pricing-in of rate hikes and liquidity normalization, yields may appear reasonable
• RBI is giving precedence to growth, which may lead to longer and volatile cycle
• We expect RBI to narrow LAF corridor as the next step of withdrawing stimulus
• We are in a interest-rate rise cycle and hence recommend exposure towards floating rate
instruments
• In the current phase, more nimble and active duration management approach is recommended
• We recommend investing in spread assets with an aim to benefit from higher carry

38. Active Duration & Spread Assets
38
Shifting
Sands
Shifting
Sands
Scheme Name
Cash* +
Gsec^
AAA/A1+ AA Below AA-
YTM
Modified
Duration
(% Holding) (% Holding) (% Holding)
ICICI Prudential Overnight Fund 100.0% 0.0% 0.0% 0.0% 3.4% 1 Day
ICICI Prudential Liquid Fund 68.8% 31.2% 0.0% 0.0% 3.6% 22 Days
ICICI Prudential Money MarketFund 50.7% 49.3% 0.0% 0.0% 4.0% 71 Days
ICICI Prudential Ultra Short Term Fund 32.5% 40.1% 25.5% 2.0% 4.5% 83 Days
ICICI Prudential Savings Fund 66.7% 25.6% 7.7% 0.0% 4.6% 278 Days
ICICI Prudential Floating Interest Fund 63.2% 19.3% 17.5% 0.0% 5.3% 575 Days
ICICI Prudential Corporate Bond Fund 29.7% 70.3% 0.0% 0.0% 5.1% 2.7 Yrs
ICICI Prudential Short Term Fund 41.7% 41.2% 17.1% 0.0% 5.1% 1.6 Yrs
ICICI Prudential Banking & PSU Debt Fund 29.1% 53.8% 17.1% 0.0% 5.8% 3.9 Yrs
ICICI Prudential Medium Term Bond Fund 29.8% 12.9% 57.3% 0.0% 6.3% 2.5 Yrs
ICICI Prudential Credit Risk Fund#
23.2% 6.9% 56.5% 9.9% 6.8% 1.6 Yrs
ICICI Prudential All Seasons Bond Fund 54.8% 11.0% 34.1% 0.0% 5.6% 2.3 Yrs
Spread Assets
Data as on Feb 28, 2022,Past performance may or may not be sustained in future, * Includes TREPS& Net Current Assets, ^ Includes Treasury Bills,# - Excludes REITs and InvITs which stands at 3.3%

39. ICICI Prudential Floating Interest Fund
39
Shifting
Sands
Shifting
Sands
Floating Rate Bonds (FRB) are bonds that have a variable coupon, equal to a
money market reference rate, like MIBOR or T-bill, plus a quoted spread.
These bonds aim to hedge against rising interest rate risk and provide market linked returns
5% 5% 5%
0%
1%
2%
3%
4%
5%
6%
1 Year 2 Year 3 Year
Normal Bonds
5.0%
5.5%
6.0%
4%
5%
6%
1 Year 2 Year 3 Year
Floating Rate Bonds

40. 40
Shifting
Sands
Shifting
Sands
ICICI Prudential Equity Savings Fund
(Illustration: Layered Portfolio Break-up )
LAYER
1
~63.6% ~48.3% ~36.4%
GROSS EQUITIES STOCK ARBITRAGE DEBT/CASH
(For Hedging) (Incl. Margin Money)
LAYER
2 ~15.2% NET EQUITIES#
(Concentrated exposure to handful of stocks)
LAYER
3
WRITING CALL OPTION^ ~ 4.6%
(30% of net equity)
The above representation is for illustration purpose and actual result may vary. The portfolio of the scheme is subject to changes within the provisions of the Scheme Information document of the
Scheme. The asset allocation and investment strategy will be as per the Scheme Information Document. ^ An option strategy, usually deployed in a range bound market. It helps in generating
income in the form of premiums. A covered call is constructed by holding a long position in a stock and then selling (writing) call options on that same asset. # - These are open equity position
which are not hedged through arbitrage. Data as of Feb 28, 2022
The Scheme may also take exposure to derivativeinstruments from time to time. The exposure to thederivative instruments shall be computed in accordance with the SEBI prescribed norms. .

41. 2022 – Avoid Investing Mistakes
41
Reacting to temporary under-
performance due to active management
Not following Asset Allocation
Not giving due respect to valuations
Investing based on past
returns
Investing in IPOs without
understanding the business
Not opting for debt as a capital
preservation tool
01
06 02
04
05 03

42. 42
Riskometer & Disclaimers

43. Our Equity Schemes
43
Scheme Name Type of Scheme
ICICI Prudential Bluechip Fund An open ended equity scheme predominantly investing in large cap stocks
ICICI Prudential Large &Mid Cap Fund An open ended equity scheme investing in both large cap and mid cap stocks.
ICICI Prudential Midcap Fund An open ended equity scheme predominantly investing in mid cap stocks.
ICICI Prudential SmallcapFund An open ended equity scheme predominantly investing in small cap stocks.
ICICI Prudential Value Discovery Fund An open ended equity scheme following a value investmentstrategy.
ICICI Prudential Multicap Fund An open ended equity scheme investing across large cap, mid cap, small cap stocks.
ICICI Prudential India Opportunities Fund An Open Ended Equity Scheme following Special Situations theme
ICICI Prudential BusinessCycle Fund An open ended equity scheme following BusinessCyclesbased investing theme
ICICI Prudential Focused Equity Fund
An open ended equity scheme investing in maximum 30 stocks across market-capitalization i.e.
focuson multicap
ICICI Prudential Dividend Yield Equity Fund An open ended equity scheme predominantly investing in dividend yielding stocks
ICICI Prudential Infrastructure Fund An open ended equity scheme following infrastructure theme
ICICI Prudential Flexicap Fund An open ended dynamic equity schemeinvesting acrosslarge cap, mid cap & small cap stocks

44. Our Hybrid Schemes / Fund of Funds Scheme
44
Scheme Name Type of Scheme
ICICI Prudential Asset Allocator Fund (FOF)*
An open ended fund of funds scheme investing in equity oriented
schemes, debt oriented schemes and gold ETFs/schemes.
ICICI Prudential Passive Multi-Asset Fund Of
Funds*
An open ended fund of funds scheme investing in equity, debt, gold &
global index funds/exchange traded funds
Scheme Name Type of Scheme
ICICI Prudential Balanced Advantage Fund An open ended dynamic asset allocation fund
ICICI Prudential Regular Savings Fund An open ended hybrid scheme investing predominantlyin debt instruments
ICICI Prudential Equity Savings Fund An open ended scheme investing in equity, arbitrage and debt.
ICICI Prudential Equity & Debt Fund
An open ended hybrid scheme investing predominantlyin equity and equity related
instruments
ICICI Prudential Multi-AssetFund
An open ended scheme investing in Equity, Debt and Exchange Traded
Commodity Derivatives/units of Gold ETFs/units of REITs & InvITs/Preference
Shares
*Investors may please note that they will be bearing the recurring expenses of this Scheme in addition to the expenses of the underlying Schemes in which this Scheme makes investment.

45. Our Fixed Income Schemes
45
Scheme Name Typeof Scheme
ICICI PrudentialUltra Short Term Fund
An open ended ultra-short term debt schemeinvesting in instruments suchthat the Macaulay duration of the portfolio is between 3 months and 6
months.A moderate interest rate risk and moderate credit risk.
ICICI Prudential Short Term Fund
An open ended short term debt schemeinvesting in instruments suchthat theMacaulay duration of theportfolio is between 1 Year and 3
Years. A relatively high interest rate risk and moderatecredit risk.
ICICI Prudential Medium Term Bond Fund An open ended medium term debt schemeinvestingin instruments suchthat the Macaulay duration of the portfolio is between 3 Years and 4 Years. The
Macaulay duration of the portfolio is 1 Year to 4 years under anticipated adverse situation.A relatively high interest rate risk and moderatecredit risk.
ICICI PrudentialCredit Risk Fund
An open ended debt schemepredominantly investingin AA and below rated corporate bonds. A relatively high interest rate risk and relatively high credit
risk.
ICICI Prudential Floating Interest Fund
An open ended debt schemepredominantly investingin floatingrate instruments (including fixedrate instruments converted tofloating rate
exposures usingswaps/derivatives).A relatively highinterest rate riskand moderate credit risk.
ICICI PrudentialAll Seasons Bond Fund An open ended dynamic debt schemeinvestingacross duration. A relatively high interest rate risk and moderate credit risk.
ICICI Prudential Savings Fund
An open ended low duration debt schemeinvesting in instruments suchthat theMacaulay duration of the portfolio is between 6 months and 12
months.A relatively high interest rate risk and moderate credit risk.
ICICI PrudentialBanking & PSU Debt Fund
An open ended debt schemepredominantly investingin Debt instruments of banks, Public Sector Undertakings,Public Financial Institutions and
Municipal Bonds.A relatively high interest rate risk and moderate credit risk.
ICICI PrudentialCorporate Bond Fund
An open ended debt schemepredominantly investingin AA+ and above rated corporate bonds. A relatively high interest rate risk and moderate credit
risk.
ICICI Prudential Money Market Fund An open ended debt schemeinvestingin money market instruments.A relatively low interest rate risk and moderate credit risk.
ICICI Prudential Liquid Fund An open ended liquid scheme. A relatively lowinterest rate risk and moderatecredit risk.
ICICI Prudential Bond Fund
An open ended medium tolong term debt schemeinvestingin instruments suchthat the Macaulay duration of the portfoliois between4 Years and 7
Years. TheMacaulay duration of the portfoliois 1 Year to7 years under anticipated adversesituation. A relatively high interest rate risk and moderate
credit risk.
ICICI Prudential Gilt Fund An open ended debt schemeinvestingin government securities across maturity.A relatively high interest rate risk and relatively lowcredit risk.
ICICI Prudential Overnight Fund An open ended debt schemeinvestingin overnight securities.A relatively lowinterest rate riskand relatively low credit risk.
ICICI Prudential Long Term Bond Fund An open ended debt schemewithMacaulay duration greater than7 years. A relatively high interest rate riskand relatively lowcredit risk.
Macaulay duration is the weightedaverage termtomaturityofthe cash flows from a bond.The weight ofeach cash flowis determinedby dividingthe presentvalueofthe cash flowby the price

46. Riskometer
46
ICICI PrudentialMulti-AssetFund is suitable for investors whoare seeking*:
 Longterm wealthcreation
 Anopen ended scheme investingacross asset classes.
*Investors should consulttheir financial advisers if in doubt about whether the product is suitable for them
ICICI PrudentialEquity & DebtFundis suitable for investors who are seeking*:
 Longterm wealthcreation solution
 A balancedfundaimingfor longterm capital appreciation andcurrent income by investinginequity as well as fixedincome
securities.
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
ICICI PrudentialBalancedAdvantageFundis suitable for investors who are seeking*:
 Longterm capital appreciation/income
 Investinginequity and equity related securities anddebt instruments.
*Investors should consulttheir financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential BluechipFund is suitable for investors who are seeking*:
 Long term wealthcreation
 Anopen ended equity scheme predominantly investinginlarge cap stocks.
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them

47. Riskometer
47
ICICI Prudential ValueDiscovery Fund is suitable for investors who areseeking*:
 Longterm wealthcreation
 Anopen ended equity scheme followinga value investment strategy
*Investors should consulttheir financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential Large &Mid Cap Fundis suitable for investors who are seeking*:
 Longterm wealthcreation
 Anopen ended equity scheme investinginbothlargecapand midcap stocks
*Investors should consulttheir financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential Regular Savings Fundis suitable for investors who are seeking*:
 Medium to long term regular income solution
 A hybrid fund that aims togenerate regular income throughinvestments primarily indebt andmoney market instrumentsand
long term capital appreciationby investinga portioninequity.
*Investors should consulttheir financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential CreditRisk Fundis suitable for investors who are seeking*:
 Medium term savings
 A debt scheme that aims to generate income through investingpredominantly inAA and below rated corporate bonds
while maintainingthe optimum balance of yield, safety andliquidity
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them

48. Riskometer
48
Macaulay duration is the weightedaverage termtomaturityofthe cash flows from a bond.The weight ofeach cash flowis determinedby dividingthe presentvalueofthe cash flowby the price
ICICI Prudential MediumTermBond Fund is suitablefor investors whoare seeking*:
 Medium term savings
 A debt scheme that invests indebt and money market instruments witha view tomaximize income while maintaining
optimum balance of yield,safety and liquidity
*Investors should consulttheir financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential Smallcap Fundis suitable for investors who are seeking*:
 LongTerm wealthcreation
 Anopen ended equity scheme that seeks togenerate capital appreciationby predominantly investinginequity andequity
related securities of small capcompanies.
*Investors should consulttheir financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential ShortTermFund is suitable for investors who areseeking*:
 Short term income generationand capital appreciationsolution
 A debt fund that aims togenerate income by investingina range of debt andmoney market instruments of various
maturities.
*Investors should consulttheir financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential All Seasons Bond Fund is suitable for investors who are seeking*:
 All durationsavings
 A debt scheme that invests indebt and money market instruments witha view to maximize income while maintaining
optimum balance of yield, safety and liquidity
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them

49. Riskometer
49
Macaulay duration is the weightedaverage termtomaturityofthe cash flows from a bond.The weight ofeach cash flowis determinedby dividingthe presentvalueofthe cash flowby the price
ICICI Prudential Floating InterestFund is suitable for investors who areseeking*:
 Short term savings
 Anopen ended debt scheme predominantly investinginfloatingrate instruments
*Investors should consulttheir financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential Ultra ShortTerm Fund is suitable for investors who are seeking*:
 Short term regular income
 Anopen ended ultra-short term debt scheme investingina range of debt and money market instruments
*Investors should consulttheir financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential MidcapFund is suitable for investors who areseeking*:
 LongTerm wealthcreation
 Anopen-ended equity scheme that aims for capital appreciationby investingindiversifiedmidcapcompanies.
*Investors should consulttheir financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential India Opportunities Fund(The scheme is suitable for investors who are seeking*)
 Long term wealthcreation
 Anequity scheme that invests instocks basedon special situations theme.
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them

50. Riskometer
50
Macaulay duration is the weightedaverage termtomaturityofthe cash flows from a bond.The weight ofeach cash flowis determinedby dividingthe presentvalueofthe cash flowby the price
ICICI Prudential Multicap Fundis suitable for investors who are seeking*:
 Longterm wealthcreation
 Anopen ended equity scheme investingacrosslargecap,midcapandsmall capstocks.
*Investors should consulttheir financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential Savings Fundis suitable for investors who are seeking*:
 Short term savings
 Anopen ended low durationdebt scheme that aims tomaximize income by investingindebt and money market instruments
while maintainingoptimum balance of yield,safety andliquidity
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential Banking &PSU DebtFundis suitable for investors who are seeking*:
 Short term savings
 Anopen ended debt scheme predominantly investinginDebt instruments of banks,Public Sector Undertakings,Public
Financial Institutions andMunicipal Bonds
*Investors should consult their financialadvisers if in doubt about whether the product is suitable for them
ICICI Prudential Corporate BondFund is suitable for investors who are seeking*:
 Short term savings
 Anopen ended debt scheme predominantly investinginhighest rated corporate bonds
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them

51. Riskometer
51
Macaulay duration is the weightedaverage termtomaturityofthe cash flows from a bond.The weight ofeach cash flowis determinedby dividingthe presentvalueofthe cash flowby the price
ICICI Prudential Equity Savings Fundis suitable for investors who areseeking*:
 Longterm wealthcreation
 Anopen ended scheme that seeks togenerate regular income through investments infixedincome securities,arbitrage and
other derivative strategies andaim for longterm capital appreciationby investinginequity andequity relatedinstruments.
*Investors should consulttheir financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential AssetAllocator Fund (FoF)is suitable for investors who are seeking*:
 LongTerm wealthcreation
 Anopen ended fund of funds scheme investinginequity orientedschemes,debt orientedschemes andgoldETF/schemes.
*Investors should consulttheir financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential FocusedEquity Fund is suitablefor investors whoare seeking*:
 Longterm wealthcreation
 Anopen ended equity scheme investinginmaximum 30 stocksacross market-capitalisation.
*Investors should consulttheir financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential GiltFund is suitable for investors who are seeking*:
 Long term wealth creation
 A Gilt scheme that aims to generate income through investment inGilts of various maturities.
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
Investorsmay pleasenote thatthey will be bearingthe recurringexpensesofthis Scheme in addition to the expensesofthe underlying Schemesin which thisScheme makes investment.

52. Riskometer
52
Macaulay duration is the weightedaverage termtomaturityofthe cash flows from a bond.The weight ofeach cash flowis determinedby dividingthe presentvalueofthe cash flowby the price
ICICI Prudential LiquidFund is suitable for investors who areseeking*:
 Short term savings solution
 A liquidfund that aims toprovide reasonable returns commensurate withlow risk andprovidinga highlevel of liquidity
*Investors should consulttheir financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential OvernightFund is suitable for investors who are seeking*:
 Short term savings solution
 Anovernight fund that aims to provide reasonable returns commensurate withlow riskandprovidinga highlevel of liquidity
*Investors should consulttheir financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential LongTermBond Fund is suitable for investors who areseeking*:
 Longterm wealth creation
 A debt scheme that invests indebt and money market instruments withanaim tomaximise income while maintainingan
optimum balance of yield,safety and liquidity
*Investors should consulttheir financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential BondFund is suitable for investors who are seeking*:
 Medium to Longterm savings
 A debt scheme that invests indebt and money market instruments withanaim to maximise income while maintainingan
optimum balance of yield, safety andliquidity.
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them

53. Riskometer
53
ICICI Prudential Business Cycle Fundis suitable for investors who areseeking*:
 LongTerm wealthcreation
 Anequity scheme that invests inIndianmarkets withfocus onridingbusiness cyclesthroughdynamic allocationbetween
various sectors andstocks at different stagesof businesscycles
*Investors should consulttheir financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential Equity Arbitrage Fund is suitable for investors who are seeking*
 Short Term Income Generation
 A hybrid scheme that aims togenerate low volatility returns by usingarbitrage andother derivative strategiesinequity
markets andinvestmentsindebt and money market instruments
*Investors should consulttheir financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential Infrastructure Fundis suitable for investors who are seeking*
 LongTerm WealthCreation
 Anopen ended equity scheme that aims for growthby primarily investingincompanies belongingtoinfrastructure & allied
sectors
*Investors should consulttheir financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential DividendYield Equity Fund is suitable for investors who are seeking*:
 Long Term wealthcreation
 Anopen ended equity scheme that aims for growth by primarily investinginequity and equity relatedinstruments of
dividendyieldingcompanies.
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them

54. Riskometer
54
ICICI Prudential Flexicap Fundis suitable for investors who are seeking*:
 LongTerm wealthcreation
 Anopen ended dynamic equity scheme investingacrosslarge cap,midcapand small capstocks
*Investors should consulttheir financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential Passive Multi-AssetFund ofFunds is suitable for investors who are seeking*:
 LongTerm wealthcreation
 Anopen ended fund of funds scheme investinginequity,debt,gold and global index funds/exchange tradedfunds
*Investors should consulttheir financial advisers if in doubt about whether the product is suitable for them
Please note thatthe Risk-o-meter(s) specifiedabove willbe evaluatedandupdatedona monthly basis.The above riskometersare as onJan 31,2022Please refer to https://www.icicipruamc.com/news-and-updates/all-news
for more details.

55. Potential Risk Class Matrix
55
Sr No Scheme Name Position in the Matrix
1 ICICIPrudential Medium TermBond Fund
2 ICICIPrudential All Seasons Bond Fund
3 ICICIPrudential Savings Fund
4 ICICIPrudential Floating Interest Fund
5 ICICIPrudential Corporate Bond Fund
6 ICICIPrudential Banking & PSU Debt Fund
7 ICICIPrudential Short TermFund
8 ICICIPrudential Bond Fund
9 ICICIPrudential Long Term Bond Fund
10 ICICIPrudential Gilt Fund
11 ICICIPrudential Ultra Short TermFund

56. Potential Risk Class Matrix
56
Sr No Scheme Name Position in the Matrix
12 ICICIPrudential Overnight Fund
13 ICICIPrudential Liquid Fund
14 ICICIPrudential Money Market Fund
15 ICICIPrudential CreditRisk Fund
Disclaimer:
As per SEBI Circular dated , June 07, 2021; the potential risk class (PRC) matrix basedon interest rate risk and credit risk,is as above

57. Mutual Fund Disclaimer
57
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
All figures and other data given in this document are dated. The same may or may not be relevant at a future date. The AMC takes no responsibility of updating any data/information in
this material from time to time. The information shall not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or
reproduced in any form, without prior written consent of ICICI Prudential Asset Management Company Limited. Prospective investors are advised to consult their own legal, tax and
financial advisors to determine possible tax, legal and other financial implication or consequence of subscribing to the units of ICICI Prudential Mutual Fund. Past Performance may or
may not be sustained in future.
ICICI Prudential Booster Systematic Transfer Plan (“Booster STP”) is a facility wherein unit holder(s) can opt to transfer variable amount(s) from designated open ended Scheme(s) of the
Fund [hereinafter referred to as “Source Scheme”] to the designated open-ended Scheme(s) of the Fund [hereinafter referred to as “Target Scheme”] at defined intervals. The Unitholder
would be required to provide a Base Installment Amount that is intended to be transferred to the Target Scheme. The variable amount(s) or actual amount(s) of transfer to the Target
Scheme will be linked to the Equity Valuation Index (hereinafter referred to as EVI). The EVI is derived by assigning equal weights to Price to Earnings (PE), Price to book (PB), (G-Sec x
PE) and Market Cap to Gross Domestic Product (GDP) or such other factors as may be determined by the AMC from time to time. For list of source and target schemes investors are
requested to refer to application form.
Disclaimer: In the preparation of the material contained in this document, ICICI Prudential Asset Management Company Ltd. (the AMC) has used information that is pub- licly available,
including Budget speech and information developed in-house. The stock(s)/sector(s) mentioned in this slide do not constitute any recommendation and ICICI Prudential Mutual Fund
may or may not have any future position in this stock(s). Some of the material used in the document may have been obtained from mem- bers/persons other than the AMC and/or its
affiliates and which may have been made available to the AMC and/or to its affiliates. Information gathered and material used in this document is believed to be from reliable sources.
The AMC however does not warrant the accuracy, reasonableness and / or completeness of any information. We have included statements / opinions / recommendations in this
document, which contain words, or phrases such as “will”, “expect”, “should”, “believe” and similar expressions or variations of such expressions, that are “forward looking
statements”. Actual results may differ materially from those suggested by the forward looking statements due to risk or uncertainties associated with our expectations with respect to,
but not limited to, exposure to market risks, general economic and political conditions in India and other countries globally, which have an impact on our services and / or investments,
the monetary and interest policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices etc. ICICI Prudential
Asset Management Company Lim- ited (including its affiliates), the Mutual Fund, The Trust and any of its officers, directors, personnel and employees, shall not liable for any loss,
damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential, as also any loss of profit in any way arising from the use of this material
in any manner. Further, the information contained herein should not be construed as forecast or promise or investment advice. The recipient alone shall be fully responsible/are liable for
any decision taken on this material.