Amidst global tensions, the global economies might be taking the strain but Indian economy continues the Goldilocks streak. Take a holistic view at what that might mean for you as an investor with the Monthly Market Outlook. #ICICIPrudentialMutualFund #MonthlyMarketOutlook

1. O U T L O O K
ONTHLY
MARKET
NOVEMBER 2023

2. Global Indices Performance
2
• Markets declined for second
consecutive month globally
amidst intensifying Middle East
tensions
• Russian stocks retreated after
the central bank remained
steadfast to hike interest rates
ending sharp slide of Russian
currency
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. Returns are absolute returns for the index calculated between Sep 30,
2023 to Oct 31,2023. Past performance may or may not sustain in future. MFI Explorer is a tool provided by ICRA Online Ltd. For their standard disclaimer please visit
http://www.icraonline.com/legal/standard-disclaimer.html.
-8%
-5%
-5%
-4% -4% -4% -3% -3% -3% -3% -3% -3% -3%
-2%
-1%
7%
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
South
Korea
Switzerland
Singapore
Hong
Kong
UK
Germany
France
Japan
India
China
Brazil
Eurozone
Indonesia
Taiwan
US
Russia
Absolute Returns -October 2023

3. India – Sectoral Indices Performance
3
FPI: Foreign Portfolio Investors. RBI: Reserve Bank of India. 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, Govt: Government, RBI: Reserve Bank of
India. Data Source: MFI, BSE ; Returns are absolute returns for the TRI variant of the index (except Infrastructure Index) calculated between September 30.2023 to October 31,2023. 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 Fund may or may not have any future
position in this sector(s)/stock(s). MFI Explorer is a tool provided by ICRA Online Ltd. For their standard disclaimer please visit http://www.icraonline.com/legal/standard-disclaimer.html.
• Sectoral indices ended in red
mirroring decline in global
stocks
• Concerns over high interest
rates & geo-political conflicts
prompted widespread selling
by FPIs across sectors
• Rate sensitive sector like
Realty rallied after RBI
remained status quo on policy
rates
-6%
-5%
-4% -4% -4% -4%
-3% -3% -3%
-3% -2% -2%
-1% -1%
4%
-9%
-6%
-3%
0%
3%
6%
9%
Telecom
Power
HC
Metal
Oil
&
Gas
CG
Bankex
Infra
Financials
IT
CD
Energy
Auto
FMCG
Realty
Absolute Returns - October 23

4. India: The ‘Goldilocks’ story continues
(For the long term)

5. Tracking weak global cues and softening domestic macro indicators have put questions on ‘Goldilocks’
story of Indian Economy. Goldilocks is a state of Economy wherein the country experiences period of ‘High
Growth’ & ‘Low Inflation’
In the long run, while India’s Goldilocks story may remain intact. But in near-term that may not be the case
as inflation though on its downtrend but continues to remain on higher side and Growth may soften in the
near-term. We believe that in near-term volatility may persist as rural growth continues to lag urban
growth, deficient rainfall may impact inflation & demand, global slowdown may affect exports etc. may
contribute to external sector risks. Hence, near-term ‘Goldilocks’ picture looks hazy
However, with strong capex momentum, sustained government revenues, decent corporate profitability,
indigenization, favorable demographics & strong bank balance-sheets, the long term picture looks bright
and clear
Goldilocks: Still in the game!

6. Near Term Picture –
Rural Growth playing a catch down
6
Data as Sep 30, 2023. Source – Avendus Spark Capital. Mn: Million, Covid refers to Coronavirus Disease 2019.
Rural indicators are trending below Pre-Covid average indicating a lag in Rural Recovery
12.2
0
2
4
6
8
10
12
14
Apr-17
Nov-17
Jun-18
Jan-19
Aug-19
Mar-20
Oct-20
May-21
Dec-21
Jul-22
Feb-23
Sep-23
Air Passenger Traffic: Domestic (Mn)
Pre-Covid Average: 11.3
569.7
-50
50
150
250
350
450
550
650
750
Apr-17
Nov-17
Jun-18
Jan-19
Aug-19
Mar-20
Oct-20
May-21
Dec-21
Jul-22
Feb-23
Sep-23
Railway Passenger Traffic (Mn)
Pre-Covid Average: 696.5
Urban Growth Indicator Rural Growth Indicator

7. Near Term Picture –
Deficient Monsoon
7
Data as on Sep 30,2023. Data Source: Equirus Research. IMD: Indian Metrological Department.
India reports higher rainfall deficit (approx. 6%) in 2023 against IMD estimates of 4%
75
80
85
90
95
100
105
110
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
MONSOON RAINS TRENDING BELOW LONG PERIOD AVERAGE
Deficient Rains may
further weaken rural
demand, spur high
inflation & compel
government to curb
export of commodities

8. 14,300
16,300
18,300
20,300
22,300
24,300
26,300
Jan-20
May-20
Sep-20
Jan-21
May-21
Sep-21
Jan-22
May-22
Sep-22
Jan-23
May-23
Sep-23
Central Bank Balance Sheets (FED, ECB, BoJ)($BN)
Central Bank Balance Sheets (FED, ECB,BoJ)($BN)
Near Term Picture –
Higher for Longer Interest rates
8
Data as Sep 30, 2023. Data Source: ICICI Securities, JP Morgan, Equirus Research &FRED (https://fred.stlouisfed.org/series/WALCL) . Fed: Federal Reserve System of US,
ECB: European Central Bank, BoJ: Bank of Japan, USA: United States of America, UK: United Kingdom. Estimates refer to JP Morgan Estimates. Past performance may or
may not sustain in future.
Expectations of high Interest Rates + shrinking Central Bank Balance sheets likely to decelerate global growth engine
0.0
1.0
2.0
3.0
4.0
5.0
6.0
Mar-20
Jul-20
Nov-20
Mar-21
Jul-21
Nov-21
Mar-22
Jul-22
Nov-22
Mar-23
Jul-23
Nov-23
Mar-24
Global Central Bank Policy Rates
Eurozone USA UK
Estimates
Reducing Balance sheet size
since beginning of rate hikes
Jun-24

9. -19%
-9%
1%
11%
21%
31%
41%
Jun-14
Feb-15
Oct-15
Jun-16
Feb-17
Oct-17
Jun-18
Feb-19
Oct-19
Jun-20
Feb-21
Oct-21
Jun-22
Feb-23
3MMA Services Exports (YoY %)
Near Term Picture –
Moderating Service Exports
9
Data as on Sep 30,2023 is considered. Source – Equirus Research, MMA: Month Moving Average. Past performance may or may not sustain in future.
Downtrend of services export may continue in the near-term as
Global slowdown is likely to have a bearing on India’s Services exports
Services Exports continue to
paint downtrend picture
Sep-23

10. Zooming out a little…

11. Long term picture –
Indian Govt. sustains its firepower
11
For Govt. Debt to GDP: Data as on March 31,2022 is considered. For Central Govt. Tax Revenues: Data as on Sep 30,2023 is considered. Source: Morgan Stanley & Avendus
Spark Capital. GDP: Gross Domestic Product, FY: Financial Year, M: Months, Bn: Billion, Govt.: Government. Past performance may or may not sustain in future.
India stands relatively less scathed
to high global interest rates
Buoyant Tax collection likely to help the Govt.
keep its fiscal deficit in check
Japan
261.3
Govt. Debt to GDP(%)
US
121.4
France
111.7
UK
101.4
India
83.1
China
77.1
Taiwan
27.5
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
6M
FY13
6M
FY14
6M
FY15
6M
FY16
6M
FY17
6M
FY18
6M
FY19
6M
FY20
6M
FY21
6M
FY22
6M
FY23
6M
FY24
Central Govt. Revenues (INR Bn)
Direct Tax (Rs. bn) Indirect Tax (Rs. bn) GST Collections
Total Revenue for 6M FY24 jumped
by 14%, marked by buoyant
corporate tax collection

12. Long Term Picture –
Banking Health
12
FY: Financial Year. Source: Morgan Stanley Research & Avendus Spark Capital. Green color represents best value and red color represents worst value
Indian banks remain relatively stable amidst Global banking Crisis due to
i) Improved management of Non Performing Loans and ii) Constantly rising Net Interest Margins
FY-18
11.5%
FY-19
9.3%
FY-20
8.5%
FY-21
7.5%
FY-22
5.9%
FY-23
3.9%
Years
Bank's Net Interest
Margins (%)
FY-22 3.3
FY-21 3.3
FY-20 3.2
FY-19 3.1
FY-18 2.8
Gross Non Performing Loans (%) Net interest Margins (%)

13. Long term picture –
Corporate Profitability
13
Data Source: Morgan Stanley and Avendus Spark. F: Financial Year. FY: Financial Year. E: Estimates. Past performance may or may not sustain in future.
India’s Economic growth has bolstered Corporate Profits and reduced corporate’s reliance on large finances
62%
52%
55%
45%
50%
55%
60%
65%
F2013
F2014
F2015
F2016
F2017
F2018
F2019
F2020
F2021
F2022
F2023E
F2024E
F2025E
Corporate Debt (% of GDP)
3.7%
1.4%
5.2%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
Corporate Profit to GDP (%)
Corporate Debt reduced over the
years reflect lower reliance on
external finances
Steady GDP momentum creates conducive
environment for businesses

14. Long term picture –
Household Demand
14
Data Source: Morgan Stanley and Macquarie Research. GDP: Gross Domestic Product, F: Forecasts, Mn: Million, For High Income Group, Annual income per household is >30L, for Upper Mid: Annual
income above 6 L but below 30L, For Lower Mid, Annual income below 6L and above 3L and for Lower Income, Annual Income lower than 3L is considered. L: Lakhs. Past performance may or may not
sustain in future.
Lower Household Debt and changing Income Distribution Dynamics
create conducive environment for blooming consumer demand
China
Hong Kong
India
Indonesia
Korea
Phillipines
Singapore
Taiwan
Thailand
0%
20%
40%
60%
80%
100%
120%
0 20000 40000 60000 80000 100000
Household
Debt,
%
of
GDP
GDP per capita (2021)
Household Debt to GDP
Household Income Distribution
(No. of Households in each level group)
2005 2018 2030F
High Income
Group
1 Mn (1%)
Upper-Mid
Income Group
16 Mn (7%)
Lower-Mid
Income Group
51 Mn (23%)
Low Income
Group
151 Mn (69%)
8 Mn (3%)
61 Mn (21%)
97 Mn (33%)
127 Mn (43%)
29 Mn (7%)
168 Mn (44%)
132 Mn (33%)
57 Mn (15%)

15. Long Term Picture –
India’s PMI remains brightest
15
Source – Axis Capital and Equirus Research. PMI – Purchasing Managers Index, US – United States, UK – United Kingdom. PMI >50 indicates expansion and <50 indicates
contraction. Readings above 50 are shown in green color and below 50 are shown in red color.
India is consistently outperforming major economies in terms of manufacturing activity
India US Eurozone UK China Japan
Sep-22 55.1 52.0 48.4 48.2 48.1 50.8
Oct-22 55.3 50.4 46.4 46.2 49.2 50.7
Nov-22 55.7 47.7 47.1 46.5 49.4 49.0
Dec-22 57.8 46.2 47.8 45.3 49.0 48.9
Jan-23 55.4 46.9 48.8 47.0 49.2 48.5
Feb-23 55.3 47.3 48.5 49.3 51.6 47.7
Mar-23 56.4 49.2 47.3 47.9 50.0 49.2
Apr-23 57.2 50.2 45.8 47.8 49.5 49.5
May-23 58.7 48.4 44.8 47.1 50.9 50.6
Jun-23 57.8 46.3 43.4 46.5 50.5 49.8
Jul-23 57.7 49 42.7 45.3 49.2 49.6
Aug-23 58.6 47.9 43.5 43 51.0 49.6
Sep-23 57.5 49.8 43.4 43.3 50.6 48.5

16. Long term picture –
Favorable Demographics
16
Data is shown on calendar year basis. Data Source: Macquarie Equity Research and Morgan Stanley. Past performance may or may not sustain in future.
Confluence of having more younger population mix and lower wage rates
braces for higher manufacturing growth in India
40.4
39.6
38.4
33.5
31.5
29.7
29.2
28.4
27.6
30.9
0
5
10
15
20
25
Singapore
South
Korea
Taiwan
China
Thailand
Vietnam
Indonesia
India
Manufacturing Wage(US$/hr)
2020 2021 2022
Lower Manufacturing
Wages as compared to
other countries

17. Long term picture –
Going from strength to strength
Data Source: Macquarie Research. GDP: Gross Domestic Product. Average data of 2019 to 2021 is considered.
India’s overall gross savings rate remains competitive with major emerging economies
Effective mobilization of savings in an economy roots for higher growth
China: 44.3 Indonesia: 31.0 Thailand: 29.1 India: 28.8 Russia: 27.7
Philippines: 25.6 Malaysia: 24.8 Mexico: 24.3 Brazil: 15.0 South Africa: 14.6
Gross Domestic Savings (% of GDP)

18. Valuations Update

19. Market goes through Phases…
19
Boom Phase
• Lehman Crisis 2008
• Dot com burst – 2001
Burst Phase
• Equity Markets in 2013-16
• Equity Markets in 2009-11
• Debt Accrual Schemes in 2019
• Equity Markets in 2020
Good Time to Invest
• Equity Markets in 2011 &
2017
• Equity Markets currently
• Real Estate in 2013
• e-Commerce in 2014
• Bitcoin in 2017
• Equity in 2007 & 2000
Bubble Phase
• Equity Markets in 2012
Boring Phase
We are here!

20. Why are we in a Boom Phase?
20
Indicators Current Status Fit for Boom Phase
Market Returns High
Market Valuations Rising
Sentiments Positive
Earnings Growth High
Production Growth High

21. Boom Phase: Markets yielding higher returns
21
Markets have rebounded at a faster pace in last 6 months
Source : MFIE. Data as on October 31, 2023. Past performance may or may not sustain in future.
(0.6) (0.3)
2.0
(6.9)
5.9
13.4
22.7
28.3
-10
-5
0
5
10
15
20
25
30
35
Nifty 50 NIFTY Large Midcap 250 Nifty Midcap 150 Nifty Smallcap 250
Absolute Returns (%)
1Yr Returns as on Mar-23 1Yr Returns as on Oct-23
Gains have been the
highest in Midcap &
Smallcap space

22. 105
-
20
40
60
80
100
120
Mar-17
Sep-17
Mar-18
Sep-18
Mar-19
Sep-19
Mar-20
Sep-20
Mar-21
Sep-21
Mar-22
Sep-22
Jan-23
Mar-23
May-23
Jul-23
Sep-23
Indian Market Cap to GDP (%)
0
5
10
15
20
25
30
35
40
45
Nov-01
Nov-03
Nov-05
Nov-07
Nov-09
Nov-11
Nov-13
Nov-15
Nov-17
Nov-19
Nov-21
Nov-23
Nifty 50 P/E (x)
Nifty 50 P/E Average
Boom Phase: Valuations on the higher end
22
Following the recent correction, valuations though have moderated but
continue to trade close to its long term averages
Source : NSE and Nuvama Research. Data as on November 06, 2023 for PE valuations. Data as on Oct 31,2023 for Indian Market Cap to GDP. Past performance may or may not
sustain in future. P/E – Price to Earning, GDP: Gross Domestic Product.
Average: 93
Average: 21
Oct-23

23. Boom Phase: Valuations on the higher end
23
India’s valuations cooled off between Sep-22 & Mar-23
Source : MFIE. Past performance may or may not sustain in future. For indices considered for each country, please refer to slide 2 disclaimers.
29%
27%
22%
18% 18%
16% 15%
11%
8% 8% 8%
4%
3%
-3%
-6%
-7%
-10%
0%
10%
20%
30%
Germany
France
Eurozone
Hong
Kong
Taiwan
US
South
Korea
UK
China
Switzerland
Japan
Singapore
India
Indonesia
Russia
Brazil
Absolute Returns (Sep 30, 2022-Mar 31, 2023)
However, valuations are again on the rise…
11%10%
8% 8%
1%
-1%-1%
-4%-5%-5%-6%-6%-6%-8%-8%
-16%
-25%
-15%
-5%
5%
15%
25%
Brazil
Japan
Russia
India
Taiwan
US
Indonesia
UK
Germany
Eurozone
Singapore
France
Switzerland
China
South
Korea
Hong
Kong
Absolute Returns (Mar 31, 2023 - Oct 31, 2023)

24. Boom Phase: Valuations on the higher end
24
Share of Market Cap – (as a % of Total Market Cap)
Source: NSE. Data as on Oct 31,2023. Past performance may or may not sustain in future. Red indicates high valuations, Amber indicates neutral valuations and Green indicates attractive
valuations.
Period Large Cap Mid Cap Small Cap Sum of Mid & Smallcap
2004 87.1 9.3 3.6 12.9
2005 83 11.3 5.6 16.9
2006 81.9 11.5 6.7 18.2
2007 77.7 13.2 9.1 22.3
2008 82.7 10.9 6.4 17.3
2009 79.8 12.3 7.9 20.2
2010 78 12.5 9.4 21.9
2011 79.8 12.1 8.1 20.2
2012 77.9 13.4 8.7 22.1
2013 80.3 12.4 7.2 19.6
2014 76.8 14.1 9.1 23.2
2015 73.8 15.2 11 26.2
2016 72.9 15.3 11.8 27.1
2017 68.1 17.3 14.6 31.9
2018 72 16.3 11.7 28
Dec-19 74.9 15.6 9.5 25.1
Dec-20 74.2 15.5 10.2 25.7
Dec-21 68.7 16.8 14.5 31.3
Dec-22 69.2 16.1 14.7 30.8
Jun-23 67.5 16.9 15.6 32.5
Aug-23 64.7 17.7 17.6 35.3
Sep-23 65 17.7 17.3 35
Oct-23 64.5 17.7 17.7 35.4

25. Equity Valuation Index
25
Our Equity Valuations Index following recent market correction have although moderated
but continue to remain in the neutral zone
Equity Valuation index is calculated by assigning equal weights to Price-to-Earnings (PE), Price-to-Book (PB), G-Sec*PE and Market Cap to GDP ratio and any other factor which the AMC may
add/delete from time to time.. G-Sec – Government Securities. GDP – Gross Domestic Product, Data as on October 31, 2023 has been considered. Equity Valuation Index (EVI) is a proprietary model
of ICICI Prudential AMC Ltd. (the AMC) used for assessing overall equity market valuations. The AMC may also use this model for other facilities/features offered by the AMC.
104.3
50
70
90
110
130
150
170
Oct-05
Oct-06
Oct-07
Oct-08
Oct-09
Oct-10
Oct-11
Oct-12
Oct-13
Oct-14
Oct-15
Oct-16
Oct-17
Oct-18
Oct-19
Oct-20
Oct-21
Oct-22
Oct-23
Aggressively Invest in Equities
Neutral
Incremental Money to Debt
Book Partial Profits
Invest in Equities

26. (600.00)
(400.00)
(200.00)
-
200.00
400.00
600.00
Jan-20
Apr-20
Jul-20
Oct-20
Jan-21
Apr-21
Jul-21
Oct-21
Jan-22
Apr-22
Jul-22
Oct-22
Jan-23
Apr-23
Jul-23
Oct-23
FPI Equity Flows (INR Bn)
Boom Phase: Investor Sentiments –
Positive to Neutral
26
Consistent SIP flows are driving the buying spree for Mutual Fund Houses
However, FPI Flows continued to remain negative marked by heavy selling across sectors
Data as on Sep 30, 2023 for Mutual Fund Flows. Data as on October 31,2023 for FPI Equity Flows. Data Source: Morgan Stanley Research and NSDL. SIP: Systematic Investment Plan. FPI; Foreign
Portfolio Investors.
0
60
120
180
-250
-150
-50
50
150
250
Jan-20
May-20
Sep-20
Jan-21
May-21
Sep-21
Jan-22
May-22
Sep-22
Jan-23
May-23
Sep-23
SIP
Flows
(INR
Bn)
Mutual
Fund
Houses
Flows
(Ex-SIP)
INR
Bn
Consistent SIP Flows
Mutual Fund Houses Flows (Ex-SIP) Monthly SIP flows

27. 5.9 6.8
-10.5
-1.6
6.9
15.8
33.3 33.9
29.7
15.7 15.7 15.7
-15
-10
-5
0
5
10
15
20
25
30
35
40
Jun-19
Dec-19
Jun-20
Dec-20
Jun-21
Dec-21
Jun-22
Dec-22
Jul-23
Aug-23
Sep-23
Oct-23
2 Yrs Earnings Growth (Y-o-Y %)
-1.1
14.8
-19.0
-15.7
41.0
59.0
41.9
12.7
8.3
13.9
9.8
13.9
-30
-20
-10
0
10
20
30
40
50
60
70
Jun-19
Dec-19
Jun-20
Dec-20
Jun-21
Dec-21
Jun-22
Dec-22
Jul-23
Aug-23
Sep-23
Oct-23
1 Yr Earnings Growth (Y-o-Y %)
Boom Phase: Earnings Trajectory Climbing Up
27
Data as on October 31, 2023. Data Source: Crisil Research and NSE, Earnings for Nifty 50 Companies have been considered. Returns for 1 year are calculated on absolute basis
and more than 1 year are calculated on CAGR basis. Covid- Coronavirus Disease 2019.
Corporate Earnings continue to gain traction at levels ahead of Pre-covid results
GDP gaining momentum bodes well for corporate earnings growth

28. 7.3 7.2
5.3 5.2 4.8 4.8
3.7 3.5 3.4 3 2.9 2.8
2.1 2 1.7 1.7 1.6 1.3
-0.1
-3.2
-4
-2
0
2
4
6
8
Saudi
Arabia
India
Indonesia
Argentina
Spain
EU
Australia
Mexico
Canada
Brazil
China
Italy
South
Africa
South
Korea
UK
France
United
States
Japan
Germany
Russia
FY23 GDP Growth (%)
Boom Phase: India’s GDP shining bright
28
Data Source: ICICI Securities. GDP: Gross Domestic Product, UK: United Kingdom, YoY: Year on Year and EU: European Union. Percentages shown above have been calculated on
Year on Year basis. The G20 or Group of 20 is an intergovernmental forum comprising 19 countries and the European Union.
Indian Economy is emerging as one of the fastest growing economy amongst the G20 Nations

29. Summary & Outlook
29
• With changing global macro dynamics, near term vision of ‘Goldilocks’ for Indian Economy is hazy but a clear
vision can be seen in the long term
• With sound fundamentals and multiple structural reforms underway, the economy is at the cusp of further up-
cycle in the long run
• Favorable demographics and demand too bodes well for the economy
• Long term structural story remains intact albeit with near term volatility owing to global growth-inflation
dynamics and evolving geo-political factors and uncertainties
• Post March-23, Indian equity market valuations have become richer with upbeat sentiments on growth and
profitability
• We believe that markets are in a boom phase and prefer large caps given the recent outperformance of mid and
small cap stocks
• We recommend investing in diversified equity schemes having flexibility to move across market caps/ sectors
/themes coupled with Hybrid schemes that allocate across different asset classes with an aim to navigate
volatility
The sector(s)/stock(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 sector(s)/stock(s).

30. Fixed Income Outlook

31. The Month Gone By
31
• The month was marked by a sharp rise in yields on long-dated government bonds. Yields tracked the fast rise in
US Treasury bond yields, which had touched the critical 5% mark on Oct 23, 2023, before rebounding lower.
• Rise in US bond yields was attributed to US growth still surprising to the upside; a hawkish Federal Reserve
signaling higher rates for longer and loose fiscal policy in preparation for the US presidential election in 2024.
• The RBI’s monetary policy committee met on Oct 6 to 8, 2023, and as anticipated, announced no change to key
policy rates. However, bond yields reacted to the RBI’s decision to conduct bond sales to adjust liquidity.
• Growing tensions in the Middle East in the backdrop of Israel-Hamas war increased worries of potential supply
disruptions of energy commodities in a supply-tight market. In a contradictory move, international oil prices
corrected in Oct 2023, pushed lower after weak economic data coming out of Europe.
Source: RBI; US Federal Reserve; Refinitiv

32. The Month Gone By – Yield Movement
32
The benchmark 10-year bond yield rose sharply during the month on the back of bond sale comments by the RBI and
rise in US Treasury yields. The 10-year G-Sec yield settled at 7.36% on Oct 31, 2023, up 15 bps from Sep 30, 2023.
Data as on Oct 31, 2023. Source – RBI.
RBI suggests
bond sales for
managing
liquidity
Yields fell
tracking fall in US
Treasury yields
10-year US
Treasury yields
close at 4.99% Yields fell
tracking fall in US
Treasury yields
India’s inflation
cools to 5.02% in
Sep 2023
7.15%
7.20%
7.25%
7.30%
7.35%
7.40%
30-Sep
1-Oct
2-Oct
3-Oct
4-Oct
5-Oct
6-Oct
7-Oct
8-Oct
9-Oct
10-Oct
11-Oct
12-Oct
13-Oct
14-Oct
15-Oct
16-Oct
17-Oct
18-Oct
19-Oct
20-Oct
21-Oct
22-Oct
23-Oct
24-Oct
25-Oct
26-Oct
27-Oct
28-Oct
29-Oct
30-Oct
31-Oct
India Benchmark 10-year G-Sec Yield

33. Yield Curve and Credit Spreads
33
Data as on Oct 31, 2023. Source – RBI; CCIL, Internal Sources.
Credit spreads compressed in the shorter-end of the curve due to
greater rise in G-Sec yields of comparable tenure.
Rise in bond yields was visible across the yield curve. The short-
end was affected by tighter liquidity conditions.
7.00
7.10
7.20
7.30
7.40
7.50
1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0
G-sec
Bond
Yield
(%)
Bond Maturity in Years
G-Sec Yield Curve
31-Oct-23 30-Sep-23
20
30
40
50
60
70
01/Oct
04/Oct
07/Oct
10/Oct
13/Oct
16/Oct
19/Oct
22/Oct
25/Oct
28/Oct
31/Oct
in
bps
Credit Spreads Over G-Sec of Comparable Tenure
1Yr-AAA 3Yr-AAA 5Yr-AAA

34. Overnight Interest Rates Touch the Ceiling
34
System Liquidity remained in deficit for major part of Oct 2023. Cash-deficit banks tapped the RBI’s marginal standing facility (MSF)
window to borrow cash overnight at the penal rate of 6.75%, which, in turn, pushed up overnight yields to the same level.
Data as on Oct 31, 2023. Source – RBI.
-150,000
-100,000
-50,000
-
50,000
100,000
150,000
6.00%
6.25%
6.50%
6.75%
7.00%
01/Oct /23 06/Oct /23 11/Oct /23 16/Oct /23 21/Oct /23 26/Oct /23 31/Oct /23
System
Liquidity
(Rs.
Cr)
Call
Rate
System Liquidity and Impact on Call Rate
Liquidity Call Rate

35. Key Highlights
35
Data as on Oct 31, 2023. Source – Investing.com; RBI’s Lending and Deposit Rates of Scheduled Commercial Banks - October 2023 . Data lags by 1 month
The 10-year US Treasury bond yield hit a 16-year high of 5.0%
during the month before settling slightly lower.
The gap between deposit rate and loan rate has narrowed owing
to greater rise in deposit rates amid tighter liquidity conditions
4.5%
4.6%
4.7%
4.8%
4.9%
5.0%
5.1%
29/Sep
01/Oct
03/Oct
05/Oct
07/Oct
09/Oct
11/Oct
13/Oct
15/Oct
17/Oct
19/Oct
21/Oct
23/Oct
25/Oct
27/Oct
29/Oct
31/Oct
10-year US Treasury Bond
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Interest Rate on Outstanding Deposits and Loans
Deposit Rate Lending Rate

36. The Big Picture
36
• On the currency front, the Indian Rupee saw some weakness on the back of a stronger dollar index. The RBI’s forex
reserves were down $3.4 billion between Sep 29, 2023 and Oct 31, 2023.
• Fiscal data, which comes with a 1 month lag, showed fiscal deficit reaching 39.3% of Budget Estimates up till Sep 30,
2023. Deficit was at 37.3% in the corresponding period of the previous year.
• Bank credit growth reported a jump of 15.2% on-year as on Oct 20, 2023, excluding the balance sheet impact from
the HDFC twin merger.
• Globally, the UK economy continued to skirt with recession after a third month of lower output, blamed widely on the
increased cost of living, higher interest rates and falling exports. Capital outflow pressures have risen amid decade-
high yields on US Treasury bonds. Hopes of a soft landing for the US economy were encouraged by an improved
situation seen in October, with headline flash PMI rising to a three-month high.
Source – spglobal.com , rbi.org.in , cga.nic.in . PMI – purchasing managers’ index; It is a measure of the prevailing direction of economic trends in manufacturing

37. Fiscal – Favorable Tax Collection
37
Fiscal data lags by 1 month. Data shown is as on Sep 30, 2023. Source: cga.nic.in. FY – financial year.
Corporate tax receipts also saw marked improvement, especially
in Sep 2023, on the back of strong earnings
Income Tax receipts showed robust growth on-year due to
increased compliance and a widening tax base.
-
50,000
100,000
150,000
200,000
250,000
April
May
June
July
Aug
Sep
Oct
Nov
Dec
Jan
Feb
March
Monthly Corporate Tax Receipts (Rs. Cr)
FY22-23 FY23-24
-
30,000
60,000
90,000
120,000
150,000
180,000
April
May
June
July
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Monthly Income Tax Receipts (Rs. Cr)
FY22-23 FY23-24

38. Monetary - RBI’s MPC Decision
38
MPC Meet Decision Stance
April 6, 2023 Status Quo
Withdrawal of
Accommodation
June 8, 2023 Status Quo
August 10, 2023 Status Quo
October 6, 2023 Status Quo
December 8, 2023 --
February 8, 2023 --
Data as on Oct 31, 2023. Source – rbi.org.in. Credit figures are ex of HDFC twin merger.
The Oct 2023 meeting of the MPC members concluded with no
changes to key policy rates and stance
Cash-deficit banks are tapping the RBI’s MSF window to borrow
funds even when there is surplus cash parked in SDF
-
40,000
80,000
120,000
160,000
200,000
01/Oct/23
03/Oct/23
05/Oct/23
07/Oct/23
09/Oct/23
11/Oct/23
13/Oct/23
15/Oct/23
17/Oct/23
19/Oct/23
21/Oct/23
23/Oct/23
25/Oct/23
27/Oct/23
29/Oct/23
31/Oct/23
Bank’s Cash Movement in RBI’s Liquidity Facilities
(in Rs. Cr)
Marginal Standing Facility (MSF)
Standing Deposit Facility (SDF)

39. Economic – Expansion Mode On
39
Data as on Oct 31, 2023. Source – CEIC. S&P Global. Residential Overhang data is available as on Sep 30, 2023
India’s purchasing manager index continued to trail above 50,
indicating sustained expansion and increase in factory activity.
Time taken for clearing residential real estate listings has
reduced, close to where it used to be in 2009-11.
50
52
54
56
58
60
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
India's Manufacturing PMI
10
15
20
25
30
35
40
Q1-2008
Q4-2008
Q3-2009
Q2-2010
Q1-2011
Q4-2011
Q3-2012
Q2-2013
Q1-2014
Q4-2014
Q3-2015
Q2-2016
Q1-2017
Q4-2017
Q3-2018
Q2-2019
Q1-2020
Q4-2020
Q3-2021
Q2-2022
Q1-2023
Residential Overhang (in Months)
Q3-2023

40. Global – India Stands Out
40
Data as on Oct 31, 2023. Source – OECD ; RBI;
Competitively domestic yields are seen as a positive for
attracting foreign flows into Indian bond markets
OECD projects India to grow at 6.3% on-year in 2023; among the
highest globally.
-2.0% 0.0% 2.0% 4.0% 6.0% 8.0%
India
China
Indonesia
Brazil
World
United States
Japan
Canada
Euro area
United Kingdom
Germany
OECD's 2023 Growth Forecasts (Sep ’23; YoY)
7.36%
0% 2% 4% 6% 8% 10% 12%
Brazil
India
United States
United Kingdom
Canada
Germany
China
Switzerland
Japan
10-year Government Bond Yield

41. Our Assessment
41
ECONOMIC
MONETARY
FISCAL
GLOBAL
The ‘FMEG’ Framework shows a consolidated view of the factors affecting debt markets
STRONG
STRONG NEUTRAL
NEUTRAL

42. Outlook on Fixed Income
42
• We believe that monetary policy will continue to remain neutral, with a relatively low chance of major shift in policy stance.
• Economic indicators have shown steady growth, and hence, monetary policy can maintain a hands-off approach for the
time being.
• Over the past one year, the yield curve has flattened from its steep levels. This is in sync with the change in phase of the
economic growth cycle, moving from recovery and into expansion phase.
• We believe the expansion cycle could go on for long, unless growth-inflation dynamics shift considerably. Like-wise,
interest rates could also remain elevated and range-bound during the expansion phase.
• We suggest keeping moderate duration; taking tactical calls on long-duration and focusing on accrual assets.
Yields data source : CCIL

43. Why We Think We Are in Expansion Phase
43
INDICATOR VALUE SIGNALS
GDP Forecast for FY24 6.5% Among the fastest globally
Inflation Forecast for FY24 5.4% Within tolerable range
Capacity Utilization (Sep 2023) 74% At Long Term Average
Credit Growth (Oct 2023) >15% YoY Above Recovery Levels
G-Sec Yield Curve Change
(Mar 31, 2022 to Oct 31, 2023)
+263 bps (1Y);
+52 bps (10Y)
Moving from Steep to Flattish
This shows that we are indeed in the Middle of the Expansion Phase and
As Growth remains strong there is a Low Probability of Rate Cuts

44. 3.20
0
1
2
3
4
5
6
7
8
9
10
Apr
2014
Nov
2015
Jun
2017
Jan
2019
Aug
2020
Mar
2022
Oct
2023
Fixed-Income Approach: Duration or Accruals?
44
Data as on Oct 31, 2023. Debt Valuation Index considers WPI, CPI, Sensex returns, Gold returns and Real estate returns over G-Sec yield, Current Account Balance, Fiscal Balance, Credit
Growth and Crude Oil Movement for calculation. RBI – Reserve Bank of India. Debt Valuation Index is a proprietary model of ICICI Prudential AMC Ltd. (the AMC) used for assessing
overall debt valuations. The AMC may also use this model for other facilities/features offered by the AMC.
Due to rise in bond yields,
our model suggests adding
some duration.
Overall, however, our
stance remains CAUTIOUS
towards duration.
This means ACCRUALS +
Limited Duration seems
suitable in the current
scenario.
Aggressive
Highly Aggressive
Very Cautious
Cautious
Moderate

45. Our Choice for Accruals + Limited Duration
45
IPRU – ICICI Prudential. The Yield to Maturity (YTM) mentioned is based on scheme portfolio dated Oct 31, 2023. YTM is the rate of return of a bond if held until maturity.
This should not be considered as an indication of the returns that maybe generated by the scheme. The securities bought by the scheme may or may not be held till their
respective maturities. Past performance may or may not be sustained in future.
Investment Avenues for Savings Core Portfolio Allocation
4.76%
5.44%
5.75%
6.75% 6.88%
7.19%
7.76% 7.79%
8.20% 8.10%
8.35%
8.68%
3%
4%
5%
6%
7%
8%
9%
ICICI Prudential Ultra
Short Term Fund
ICICI Prudential Savings
Fund
ICICI Prudential Floating
Interest Fund
ICICI Prudential All
Seasons Bond Fund
ICICI Prudential Medium
Term Bond Fund
ICICI Prudential Credit
Risk Fund
Change in YTM of Accrual Focused Debt Schemes of ICICI Prudential Mutual Fund
30-Apr-22 31-Oct-23
YTMs of most of the debt mutual fund categories have improved, making the risk-reward attractive

46. 46
Data as on Oct 31, 2023. The Macaulay duration is the weighted average term to maturity of the cash flows from a bond. The weight of each cash flow is determined by
dividing the present value of the cash flow by the price. Modified Duration is the price sensitivity and the percentage change in price for a unit change in yield.
Our Current Portfolio Positioning – Limited Duration
Scheme Average Maturity Macaulay Duration Modified Duration
ICICI Prudential Liquid Fund 0.12 Years 0.12 Years 0.11 Years
ICICI Prudential Money Market Fund 0.39 Years 0.38 Years 0.36 Years
ICICI Prudential Ultra Short Term Fund 0.47 Years 0.44 Years 0.4 Years
ICICI Prudential Savings Fund 2.41 Years 0.82 Years 0.76 Years
ICICI Prudential Floating Interest Fund 7.26 Years 1.07 Years 1.01 Years
ICICI Prudential Corporate Bond Fund 3.76 Years 1.89 Years 1.78 Years
ICICI Prudential Credit Risk Fund 3.62 Years 2.02 Years 1.91 Years
ICICI Prudential Banking & PSU Debt Fund 4.47 Years 2.26 Years 2.13 Years
ICICI Prudential Short Term Fund 4.78 Years 2.33 Years 2.22 Years
ICICI Prudential Medium Term Bond Fund 5.18 Years 3.33 Years 3.18 Years
ICICI Prudential All Seasons Bond Fund 5.65 Years 3.46 Years 3.31 Years

47. Our Current Portfolio Positioning – Focus on Accruals
47
Data as on Oct 31, 2023. The Yield to Maturity (YTM) mentioned is based on scheme portfolios dated Oct 31, 2023. YTM is the rate of return anticipated on a bond if held until maturity.
This should not be considered as an indication of the returns that maybe generated by the scheme. The securities bought by the scheme may or may not be held till their respective
maturities. Past performance may or may not be sustained in future, *Includes TREPS & Net Current Assets, ^ Includes Treasury Bills.
Shiftin
g
Sands
Shiftin
g
Sands
Scheme
AAA & Equivalent
Exposure
AA & Equivalent and
Below Exposure
YTM
ICICI Prudential Credit Risk Fund 11.5% 62.7% 8.68%
ICICI Prudential Medium Term Bond Fund 14.7% 42.2% 8.35%
ICICI Prudential Floating Interest Fund 23.5% 9.1% 8.20%
ICICI Prudential All Seasons Bond Fund 11.8% 25.4% 8.10%
ICICI Prudential Short Term Fund 38.4% 12.7% 7.97%
ICICI Prudential Savings Fund 66.9% 3.6% 7.79%
ICICI Prudential Ultra Short Term Fund 73.7% 13.2% 7.76%

48. To Summarize…
Term spreads remain modest
and hence one portfolio
duration should be limited
Fixed income space
continues to remain
attractive
Short to moderate duration schemes
are preferred as we are in an
interest-rate-pause cycle
Dynamic duration scheme
remains our top
recommendation
Focus on accruals in the
current scenario of high
interest rates
Global central banks action may
keep the market volatile
48

49. Investment Approach and Scheme
Recommendations

50. Investment Playbook for 2023 –
An era of Multiple Asset Classes
50
Category Outlook Our View Scheme Recommendations
Equity
Valuations moderated but remains in
NEUTRAL zone.
Long term ‘POSITIVE’
IPRU Business Cycle Fund, IPRU Flexicap Fund,
IPRU Focused Equity Fund, IPRU Value Discovery Fund
Asset Allocation/
Hybrid
Volatility expected to persist
IPRU Balanced Advantage Fund, IPRU Multi-Asset Fund,
IPRU Equity & Debt Fund
Fixed Income
High yields making the space
attractive
IPRU Ultra Short Term Fund, IPRU Short Term Fund,
IPRU Credit Risk Fund, IPRU All Seasons Bond Fund
Positive
Neutral
IPRU – ICICI Prudential. Asset allocation and investment strategy will be as per Scheme Information Document.

51. 51
Riskometers
ICICI Prudential Business Cycle Fund (An open ended equity scheme following business cycles based
investing theme) is suitable for investors whoare seeking*:
 Long term wealth creation
 An equity scheme that invests in Indian markets with focus on riding business cycles through dynamic
allocation between various sectors and stocks at different stages of business cycles
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential Flexicap Fund (An open ended dynamic equity scheme investing across large cap,
mid cap & small cap stocks) is suitable for investors who are seeking*:
 Long term wealth creation
 An open ended dynamic equity scheme investing across large cap, mid cap and small cap stocks
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential Focused Equity Fund (An open ended equity scheme investing in maximum 30 stocks across
market-capitalization i.e. focus on multicap) suitable for investors who are seeking*:
 Long term wealth creation
 An open ended equity scheme investing in maximum 30 stocks across market-capitalisation
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
Please note that the Risk-o-meter(s) specified above will be evaluated and updated on a monthly basis. The above riskometers are as on October 31, 2023 Please refer to
https://www.icicipruamc.com/news-and-updates/all-news for more details.
ICICI Prudential Multi-Asset Fund (An open ended scheme investing in Equity, Debt and Exchange
Traded Commodity Derivatives/units of Gold ETFs/units of REITs & InvITs/Preference shares) is suitable
for investors who are seeking*:
 Long Term Wealth Creation
 An open ended scheme investing across asset classes

52. 52
Riskometers
ICICI Prudential Value Discovery Fund (An open ended equity scheme following a value investment
strategy.)is suitable for investors who are seeking*:
 Long term wealth creation
 An open ended equity scheme following a value investment strategy
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
Please note that the Risk-o-meter(s) specified above will be evaluated and updated on a monthly basis. The above riskometers are as on October 31, 2023 Please refer to
https://www.icicipruamc.com/news-and-updates/all-news for more details.
ICICI Prudential Balanced Advantage Fund (An open ended dynamic asset allocation fund) is suitable
for investors who are seeking*:
 Long term capital appreciation/income
 Investing in equity and equity related securities and debt instruments
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential Equity & Debt Fund (An open ended hybrid scheme investing predominantly in equity
and equity related instruments) is suitable for investors whoare seeking*:
 Long term wealth creation solution
 A balanced fund aiming for long term capital appreciation and current income by investing in equity
as well as fixed income securities
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them

53. Please note that the Risk-o-meter(s) specified above will be evaluated and updated on a monthly basis. The aboveriskometers are as on October 31, 2023 Please refer to
https://www.icicipruamc.com/news-and-updates/all-news for more details.
ICICI Prudential Overnight Fund
(An open ended debt scheme investing in overnight securities. A relatively low interest rate risk
and relatively low credit risk.)
ICICI Prudential Liquid Fund
(An open ended liquid scheme. A relatively low interest rate risk and moderate credit risk.)
This product is suitable for investors who
are seeking*:
• Short term savings
• An overnight fund that aims to provide
reasonable returns commensurate with
low risk and providing a high level of
liquidity
This product is suitable for investors who
are seeking*:
• Short term savings solution
• A liquid fund that aims to provide
reasonable returns commensurate with
low risk and providing a high level of
liquidity
ICICI Prudential Money Market Fund
(An open ended debt scheme investing in money market instruments. A relatively low interest
rate risk and relatively low credit risk.)
ICICI Prudential Savings Fund
(An open ended low duration debt scheme investing in instruments such that the Macaulay
Duration of the portfolio is between 6 months and 12 months. A relatively high interest rate risk
and moderate credit risk.)
This product is suitable for investors who
are seeking*:
• Short term savings
• A money market scheme that seeks to
provide reasonable returns,
commensurate with low risk and
providing a high level of liquidity
This product is suitable for investors who
are seeking*:
• Short term savings
• An open ended low duration scheme
that aims to maximize income by
investing in debt and money market
instruments while maintaining
optimum balance of yield, safety and
liquidity.
Riskometers
53

54. ICICI Prudential Banking & PSU Debt Fund
(An open ended debt scheme predominantly investing in Debt instruments of banks, Public
Sector Undertakings, Public Financial Institutions and Municipal bonds. A relatively high interest
rate risk and moderate credit risk.)
ICICI Prudential Bond Fund
(An open ended medium to long term debt scheme investing in instruments such that the
Macaulay duration of the portfolio is between 4 Years and 7 years. The Macaulay duration of
the portfolio is 1 Year to 7 years under anticipated adverse situation. A relatively high interest
rate risk and moderate credit risk.)
This product is suitable for investors who
are seeking*:
• Short term savings
• An open ended debt scheme
predominantly investing in debt
instruments of banks, Public Sector
Undertakings, Public Financial
Institutions and Municipal Bonds.
This product is suitable for investors who
are seeking*:
• Medium to long term savings
• A debt scheme that invests in debt and
money market instruments with a view to
maximize income while maintaining
optimum balance of yield, safety and
liquidity.
ICICI Prudential Floating Interest Fund
(An open ended debt scheme predominantly investing in floating rate instruments (including
fixed rate instruments converted to floating rate exposures using swaps/derivatives). A relatively
high interest rate risk and moderate credit risk.)
ICICI Prudential Constant Maturity Gilt Fund
(An open ended debt scheme investing in government securities having a constant maturity of
10 Years. A relatively high interest rate risk and relatively low credit risk.)
This product is suitable for investors who
are seeking*:
• Short term savings
• An open ended debt scheme
predominantly investing in floating rate
instruments.
This product is suitable for investors who
are seeking*:
• Long term wealth creation
• A gilt fund that aims to provide
reasonable returns by investing in
portfolio of Government Securities
while maintaining constant maturity
of the portfolio at 10 years.
Please note that the Risk-o-meter(s) specified above will be evaluated and updated on a monthly basis. The aboveriskometers are as on October 31, 2023 Please refer to
https://www.icicipruamc.com/news-and-updates/all-news for more details.
Riskometers
54

55. ICICI Prudential Long Term Bond Fund
(An open-ended debt scheme investing in instruments such that the Macaulay duration of the portfolio
is greater than 7 Years. A relatively high interest rate risk and relatively low credit risk.)
ICICI Prudential All Seasons Bond Fund
(An open ended dynamic debt scheme investing across duration. A relatively high interest rate risk and
moderate credit risk.)
This product is suitable for investors who
are seeking*:
• Long term wealth creation
• A debt scheme that invests in debt and
money market instruments with a view
to maximize income while maintaining
optimum balance of yield, safety and
liquidity.
This product is suitable for investors who
are seeking*:
• All duration savings
• A debt scheme that invests in debt and
money market instruments with a view
to maximize income while maintaining
optimum balance of yield, safety and
liquidity.
ICICI Prudential Gilt Fund
(An open ended debt scheme investing in government securities across maturity. A relatively
high interest rate risk and relatively low credit risk.)
ICICI Prudential Credit Risk Fund
(An open ended debt scheme predominantly investing in AA and below rated corporate bonds. A
relatively high interest rate risk and relatively high credit risk.)
This product is suitable for investors who
are seeking*:
• Long term wealth creation
• A gilt scheme that aims to generate
income through investment in Gilts of
various maturities.
This product is suitable for investors who
are seeking*:
• Medium term savings
• A debt scheme that aims to generate
income through investing in AA and
below rated corporate bonds while
maintaining the optimum balance of
yield, safety and liquidity.
Please note that the Risk-o-meter(s) specified above will be evaluated and updated on a monthly basis. The above riskometers are as on October 31, 2023 Please refer to
https://www.icicipruamc.com/news-and-updates/all-news for more details.
Riskometers
55

56. ICICI Prudential Corporate Bond Fund
(An open ended debt scheme predominantly investing in AA+ or above rated corporate bonds.
A relatively high interest rate risk and moderate credit risk.)
ICICI Prudential Short Term Fund
(An open ended ultrashort term debt scheme investing in instruments such that the Macaulay
duration of the portfolio is between 3 months and 6 months. A moderate interest rate risk and
moderate credit risk.)
This product is suitable for investors who
are seeking*:
• Short term savings
• An open ended debt scheme
predominantly investing in highest
rate corporate bonds.
This product is suitable for investors who are
seeking*:
• Short term income generation and capital
appreciation solution
• A debt fund that aims to generate income by
investing in a range of debt and money
market instruments of various maturities.
ICICI Prudential Ultra Short Term Fund
(An open ended ultra-short term debt scheme investing in instruments such that the Macaulay
duration of the portfolio is between 3 months and 6 months. A moderate interest rate risk and
moderate credit risk.)
ICICI Prudential Medium Term Bond Fund
(An open ended medium term debt scheme investing in instruments such that 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 moderate credit risk)
This product is suitable for investors who
are seeking*:
• Short term regular income
• An open ended ultra-short debt
scheme investing in a range of debt
and money market instruments.
This product is suitable for investors who are
seeking*:
• Medium term savings
• A debt scheme that invests in debt and
money market instruments with a view to
maximize income while maintaining
optimum balance of yield, safety and
liquidity.
Please note that the Risk-o-meter(s) specified above will be evaluated and updated on a monthly basis. The aboveriskometers are as on October 31, 2023 Please refer to
https://www.icicipruamc.com/news-and-updates/all-news for more details.
Riskometers
56

57. YTM Disclaimer
Scheme
Name
ICICI Prudential
Money Market Fund
ICICI Prudential
Savings Fund
ICICI Prudential
Floating Interest Fund
ICICI Prudential
Banking & PSU Debt
Fund
ICICI Prudential
Corporate Bond Fund
ICICI Prudential All
Seasons Bond Fund
Description
An open ended debt
scheme investing in
money market
instruments. A
relatively low interest
rate risk and moderate
credit risk
An open ended low
duration debt scheme
investing in
instruments such that
the Macaulay
duration of the
portfolio is between 6
months and 12
months. A relatively
high interest rate risk
and moderate credit
risk.
An open ended debt
scheme predominantly
investing in floating rate
instruments (including
fixed rate instruments
converted to floating rate
exposures using
swaps/derivatives). A
relatively high interest
rate risk and moderate
credit risk.
An open ended debt
scheme predominantly
investing in Debt
instruments of banks,
Public Sector
Undertakings, Public
Financial Institutions and
Municipal bonds. A
relatively high interest
rate risk and moderate
credit risk.
An open ended debt
scheme predominantly
investing in AA+ and
above rated corporate
bonds. A relatively high
interest rate risk and
moderate credit risk.
An open ended dynamic
debt scheme investing
across duration. A
relatively high interest
rate risk and moderate
credit risk.
Annualised
Portfolio
YTM*:
7.51% 7.79% 8.20% 7.86% 7.95% 8.10%
Macaulay
Duration
139.33 Days 0.82 Years 1.07 Years 2.26 Years 1.89 Years 3.46 Years
Residual
Maturity
140.68 Days 2.41 Years 7.26 Years 4.47 Years 3.76 Years 5.65 Years
As per AMFI Best Practices Guidelines Circular No. AMFI/ 35P/ MEM-COR/ 72 / 2022-23 dated December 31, 2022 on Standard format for disclosure Portfolio YTM for Debt Schemes,
Yield of the instrument is disclosed on annualized basis as provided by Valuation agencies. *in case of semi annual YTM, it will be annualized.
The Yield to Maturity (YTM) mentioned is based on scheme portfolio dated Oct 31, 2023. YTM is the rate of return of a bond if held until maturity. This should not be considered as an
indication of the returns that maybe generated by the scheme. The securities bought by the scheme may or may not be held till their respective maturities.
57

58. YTM Disclaimer
Scheme
Name
ICICI Prudential
Short Term Fund
ICICI Prudential
Overnight Fund
ICICI Prudential Liquid
Fund
ICICI Prudential Credit
Risk Fund
ICICI Prudential
Medium Term Bond
Fund
ICICI Prudential Ultra
Short Term Fund
Description
An open ended short
term debt scheme
investing in
instruments such
that the Macaulay
duration of the
portfolio is between 1
Year and 3 Years. A
relatively high
interest rate risk and
moderate credit risk.
An open ended debt
scheme investing in
overnight securities.
A relatively low
interest rate risk and
relatively low credit
risk.
An open ended liquid
scheme. A relatively low
interest rate risk and
moderate credit risk.
An open ended debt
scheme predominantly
investing in AA and
below rated corporate
bonds. A relatively high
interest rate risk and
relatively high credit risk.
An Open Ended medium
term debt scheme
investing in instruments
such that 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
moderate credit risk
An open ended ultra-
short term debt scheme
investing in instruments
such that the Macaulay
duration of the portfolio is
between 3 months and 6
months. A moderate
interest rate risk and
moderate credit risk.
Annualised
Portfolio
YTM*:
7.97% 6.78% 7.22% 8.68% 8.35% 7.76%
Macaulay
Duration
2.33 Years 0.60 Days 0.12 Years 2.02 Years 3.33 Years 0.44 Years
Residual
Maturity
4.78 Years 1.59 Days 0.12 Years 3.62 Years 5.18 Years 0.47 Years
As per AMFI Best Practices Guidelines Circular No. AMFI/ 35P/ MEM-COR/ 72 / 2022-23 dated December 31, 2022 on Standard format for disclosure Portfolio YTM for Debt Schemes,
Yield of the instrument is disclosed on annualized basis as provided by Valuation agencies. *in case of semi annual YTM, it will be annualized.
The Yield to Maturity (YTM) mentioned is based on scheme portfolio dated Oct 31, 2023. YTM is the rate of return of a bond if held until maturity. This should not be considered as an
indication of the returns that maybe generated by the scheme. The securities bought by the scheme may or may not be held till their respective maturities.
58

59. ICICI Prudential Overnight Fund ICICI Prudential Credit Risk Fund ICICI Prudential Ultra Short Term Fund
ICICI Prudential Liquid Fund
ICICI Prudential Money Market Fund
ICICI Prudential Long Term Bond Fund
ICICI Prudential Gilt Fund
ICICI Prudential Constant Maturity Gilt Fund
ICICI Prudential Savings Fund, ICICI Prudential
Floating Interest Fund, ICICI Prudential Medium
Term Bond Fund, ICICI Prudential All Seasons
Bond Fund, ICICI Prudential Corporate Bond
Fund, ICICI Prudential Banking & PSU Debt
Fund, ICICI Prudential Short Term Fund, ICICI
Prudential Bond Fund
The Potential risk class (PRC) matrix based on interest rate risk and credit risk.
Potential Risk Class Matrix
59

60. 60
Riskometers
All figures and other data given in this document are dated as of October 31, 2023 unless stated otherwise. The same may or may not be relevant at a future date.
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 (the AMC). 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
Disclaimer: In the preparation of the material contained in this document, the AMC has used information that is publicly available, including information developed in-
house. Some of the material(s) used in the document may have been obtained from members/persons other than the AMC and/or its affiliates and which may have
been made available to the AMC and/or to its affiliates. Information gathered and material used 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 Limited (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. The recipient alone shall be fully responsible/are liable for any decision taken on this material
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.