An asset coveted all over the world, investing in gold can potentially hedge and generate better returns in the current market scenario. Check out the PDF for more.

1. ALL THAT GLITTERS IS GOLD
The information contained herein is solely for private circulation for reading / understanding of registeredMutual Fund Distributorsand should not be circulated to investors/prospective investors.

2. Asset Class Performance
De-Growth
Inflation
Growth
Gold Commodities, Cyclical
Stocks (Value Bias)
Long Duration Govt.
bonds
Growth Stocks
Dis-Inflation
Only for illustration
2
HIGH INFLATION, HIGH GROWTH
HIGH INFLATION, DE-GROWTH
DIS-INFLATION, DE-GROWTH DIS-INFLATION, HIGH GROWTH

3. Asset Class Performance
Only for illustration
3
De-Growth
Inflation
Currently, US Business Cycle is here
Growth
Commodities, Cyclical
Stocks (Value Bias)
Dis-Inflation
Gold
Long Duration
Govt. bonds
Growth Stocks
Gold as an Asset class has a Global Presence. To Analyze it further, we have considered the US Business Cycle

4. De-Growth
Inflation
Currently, US Business Cycle is here
US Business Cycle is expected to
move here
Gold
Growth
Asset Class Performance
Dis-Inflation
Only for illustration
4
Commodities, Cyclical
Stocks (Value Bias)
Long Duration
Govt. bonds Growth Stocks

5. Why Invest in Gold now?
Inflationary
pressures being
high
US Govt. debt close
to all time high
(Similar to World
War II Level)
Geopolitical
Tensions
Valuations
US Business Cycle is
at the fag-end so
limited growth
possibility
5

6. 6
CASE FOR INVESTING IN GOLD

7. US Business Cycle at a developedstage
Source – JP Morgan.
Rising US Capacity Utilization and declining unemployment rate highlights that US Business Cycle is not in a nascent
stage thereby indicating limited room for further growth
7
78
63
66
69
72
75
78
Feb-11
Feb-12
Feb-13
Feb-14
Feb-15
Feb-16
Feb-17
Feb-18
Feb-19
Feb-20
Feb-21
Feb-22
US Capacity Utilization Rate
3.8
0
2
4
6
8
10
12
14
Apr-04
May-05
Jun-06
Jul-07
Aug-08
Sep-09
Oct-10
Nov-11
Dec-12
Jan-14
Feb-15
Mar-16
Apr-17
May-18
Jun-19
Jul-20
Aug-21
US Unemployment Rate

8. High Inflationary pressures in the US
US inflation is at 40-Year high and US Fed has limited room for rate-hike due to rising Debt to GDP. This may lead to
lower growth whichbodes well for Gold
8
11
8.5
-4
-2
0
2
4
6
8
10
12
1981
1982
1983
1985
1986
1987
1988
1990
1991
1992
1993
1995
1996
1997
1998
2000
2001
2002
2003
2005
2006
2007
2008
2010
2011
2012
2013
2015
2016
2017
2018
2020
2021
US Consumer Price Index %
Source –JP Morgan.Data as on 31st Mar,2022

9. US Government Debt – All Time High
US Government Debt/ GDP ratio has ballooned to near the All time High level which was last
observed during the World War II
9
20
40
60
80
100
120
140
1940
1943
1946
1949
1952
1955
1958
1961
1964
1967
1970
1973
1976
1979
1982
1985
1988
1991
1994
1997
2000
2003
2006
2009
2012
2015
2018
2021
US Debt to GDP Ratio
US Debt to GDP Ratio
120%
125%
Source –Edelweiss Research,GDP – Gross Domestic Product

10. S&P 500 Valuations– High
US Market valuations relative to Gold (S&P 500/Gold Price) are high and we believe Gold may continue its uptrend which
may lead to normalization of this ratio
10
212
222
50
100
150
200
250
300
350
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
S&P 500/Gold Price Ratio
Source –Edelweiss Research.Data ason 31st Mar,2022

11. To Sum Up…
Last decade created a
conducive environment with
rate cuts and abundant
liquidity for bond and equities
In the coming decade,
rising inflation would
make Gold as an
important asset class
Geopolitical Tensions which
are at a rise provides much
needed boost to Gold
11

12. Gold as a FinancialAsset
12
A fundamental feature of India’s household savings is the
emphasis on ‘physical’ assets – real estate, gold
Why not Switch to Gold
as a Financial Asset?
Source: Macquarie Research

13. *In addition to the above, the Scheme may also participate in Exchange Traded Commodity Derivatives (ETCDs) with gold as underlying to the extent of 50% of net asset value of the scheme.
Such investments shall be made in line with the SEBI regulations.
Product Recommendations
The asset allocation and investment strategy will be as per Scheme Information Document
#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 the Scheme makes investment.
ICICI PRUDENTIAL MUTUAL FUND SCHEMES WITH GOLD EXPOSURE
13
Scheme Gold Allocation (% of Total Assets)
ICICI Prudential Regular Gold Savings (FOF)# 95-100% in units of ICICI Prudential Gold ETF
ICICI Prudential Gold ETF
95-100% in gold bullion & instrumentswithGold as underlying that may
be specified by SEBI*
ICICI Prudential Multi-Asset Fund 10-30% in units of Gold ETFs/ETCDs
ICICI Prudential Asset Allocator Fund (FOF)# 0-50% in Gold ETFs/schemes
ICICI Prudential Passive Multi-Asset Fund of Funds# 0-15% in units of Domestic Gold ETFs

14. ICICI Prudential Regular Gold Savings Fund (FOF) (An open ended fund of funds scheme investing in ICICI Prudential Gold ETF) is
suitable for investors who are seeking*:
• Long term wealth creation solution
• An open ended fund of fund scheme with primary objective to generate returns by investing in units of ICICI Prudential Gold ETF
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
ICICI Prudential Gold ETF (An open ended exchange traded fund replicating domestic prices of gold)is suitable for investors who are
seeking*:
• Long term wealth creation solution
• A Gold exchange traded fund that seeks to provide investment returns that closely track domestic prices of Gold, subject to tracking
error
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
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 solution
• An open ended scheme investing across asset classes
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Riskometers
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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 March 31, 2022. Please refer to https://www.icicipruamc.com/news-and-updates/all-news for more details.

15. 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) is suitable for investors who are seeking*:
• Long term wealth creation solution
• An open ended fund of fund scheme investing in equity oriented schemes, debt oriented schemes and gold ETF/schemes
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Riskometers
15
Please note thatthe Risk-o-meter(s) specifiedabove willbe evaluatedandupdatedona monthly basis.The above riskometersare as onMarch 31,2022.Please referto https://www.icicipruamc.com/news-and-updates/all-newsfor more details.
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) is suitable for investors who are seeking*:
• Long Term wealth creation
• An open ended fund of funds scheme investing in equity, debt, gold and global index funds/exchange traded funds
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

16. 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 besustained in future.
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 liablefor any decision taken on this material.
Mutual Fund Disclaimer
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