Looking for long term wealth creation?
Introducing ICICI Prudential Business Cycle Fund!
Stay on the course and ride out the business cycle.
Know More: http://bit.ly/IpruBusinessCycleFund
#NFOLaunch #BusinessCycleFund
ICICI Prudential Business Cycle Fund_1 pagericiciprumf
Now get the opportunity to Invest in ICICI Prudential Business Cycle Fund and aim to stay on the course and ride out the business cycles.
NFO Open: 29th December, 2020 - 12th January, 2021.
Know More: http://bit.ly/IpruBusinessCycleFund
#NFOLaunch #BusinessCycleFund
Know more on the benefits of investing in ICICI Prudential Quant Fund:
● Limited Human Intervention to avoid any biases.
● Diversification across various sectors, styles and businesses.
● Systematic approach of investing by combining investing experience and avoiding human error.
● Passive Investing through a model using a combination of factors.
● Team with prior experience in managing quantitative models for asset allocation.
As there has been a trend of performance concentration across market cycles, different investment styles may perform at different phases of a market cycle. Our Market Outlook for November 2020
ICICI Prudential NASDAQ 100 Index Fund - Brochureiciciprumf
Here’s your chance to invest in global markets with ICICI Prudential NASDAQ 100 Index Fund. Invest in a diversified portfolio of global market leaders and work towards your potential wealth creation.
Hurry! NFO closes on 11th October 2021.
Don’t miss out! Know more at https://bit.ly/3zTORWE
ICICI Prudential Business Cycle Fund_1 pagericiciprumf
Now get the opportunity to Invest in ICICI Prudential Business Cycle Fund and aim to stay on the course and ride out the business cycles.
NFO Open: 29th December, 2020 - 12th January, 2021.
Know More: http://bit.ly/IpruBusinessCycleFund
#NFOLaunch #BusinessCycleFund
Know more on the benefits of investing in ICICI Prudential Quant Fund:
● Limited Human Intervention to avoid any biases.
● Diversification across various sectors, styles and businesses.
● Systematic approach of investing by combining investing experience and avoiding human error.
● Passive Investing through a model using a combination of factors.
● Team with prior experience in managing quantitative models for asset allocation.
As there has been a trend of performance concentration across market cycles, different investment styles may perform at different phases of a market cycle. Our Market Outlook for November 2020
ICICI Prudential NASDAQ 100 Index Fund - Brochureiciciprumf
Here’s your chance to invest in global markets with ICICI Prudential NASDAQ 100 Index Fund. Invest in a diversified portfolio of global market leaders and work towards your potential wealth creation.
Hurry! NFO closes on 11th October 2021.
Don’t miss out! Know more at https://bit.ly/3zTORWE
ICICI Prudential NASDAQ 100 Index Fund - One Pagericiciprumf
Give your portfolio access to leading global companies and work towards your potential wealth creation by investing in ICICI Prudential NASDAQ 100 Index Fund.
Hurry! NFO starts today and closes on 11th October 2021.
Get more information at https://bit.ly/3zFdHJy
Steeper the climb sweeter the view- Fixed Income Updateiciciprumf
We believe that the current steepness in bond markets should not make investors wary, instead it could be an opportune time to add duration as the longer end of the yield curve becomes attractive.
Add a bit of flexibility to your portfolio by investing across sectors with ICICI Prudential Flexicap Fund. Aim for liquidity and consistency by investing in largecap companies and long-term growth potential with mid, and smallcap companies and work towards your wealth creation goals. NFO launches on 28th June 2021.
To know more, head to https://bit.ly/3xZP4qB
ICICI Prudential Mutual Fund- Valuations Perspective November 2020iciciprumf
Our Valuation perspective note indicates that Equity investing can be looked at from a staggered approach with a minimum horizon of ‘3-5 Yrs’ coupled with ‘Dynamic Asset Allocation Schemes’ that aim to manage equity exposure basis market valuations.
Make the most of every opportunity that comes your way with the ICICI Prudential Flexicap Fund. Maintain a flexible portfolio that invests across sectors and works towards a better future for you.
Know more at https://bit.ly/3hegzFX
We recommend adding equities through Asset allocation schemes and Fund of fund schemes like
ICICI Prudential Balanced Advantage Fund and ICICI Prudential Asset Allocator Fund (FOF)
Read the full doc to know more
ICICI Prudential NASDAQ 100 Index Fund - One Pagericiciprumf
Give your portfolio access to leading global companies and work towards your potential wealth creation by investing in ICICI Prudential NASDAQ 100 Index Fund.
Hurry! NFO starts today and closes on 11th October 2021.
Get more information at https://bit.ly/3zFdHJy
Steeper the climb sweeter the view- Fixed Income Updateiciciprumf
We believe that the current steepness in bond markets should not make investors wary, instead it could be an opportune time to add duration as the longer end of the yield curve becomes attractive.
Add a bit of flexibility to your portfolio by investing across sectors with ICICI Prudential Flexicap Fund. Aim for liquidity and consistency by investing in largecap companies and long-term growth potential with mid, and smallcap companies and work towards your wealth creation goals. NFO launches on 28th June 2021.
To know more, head to https://bit.ly/3xZP4qB
ICICI Prudential Mutual Fund- Valuations Perspective November 2020iciciprumf
Our Valuation perspective note indicates that Equity investing can be looked at from a staggered approach with a minimum horizon of ‘3-5 Yrs’ coupled with ‘Dynamic Asset Allocation Schemes’ that aim to manage equity exposure basis market valuations.
Make the most of every opportunity that comes your way with the ICICI Prudential Flexicap Fund. Maintain a flexible portfolio that invests across sectors and works towards a better future for you.
Know more at https://bit.ly/3hegzFX
We recommend adding equities through Asset allocation schemes and Fund of fund schemes like
ICICI Prudential Balanced Advantage Fund and ICICI Prudential Asset Allocator Fund (FOF)
Read the full doc to know more
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Does your portfolio have a blend of reasonable stability and potential growth?
Just as how a Sturdy Suspension and Powerful Engine together contribute to a smoother car ride, investing in a combination of Large and Mid cap stocks can offer the best of both worlds – Reasonable Stability + Potential Growth.
Know more: https://bit.ly/3UuS9x8
#ICICIPrudentialMutualFund #LargeCapFund #MidCapFund #MutualFunds #Investment
The rising sun of 2024 brings new hope for global markets! This sun shines a little brighter on the Indian economy as it gets off the tag of a 'fragile economy' to emerge as a robust one. The world economy is headed towards a 'Paradigm Shift' with India leading the way.
Explore this shift further with our Annual Outlook Report 2024!
#ICICIPrudentialMutualFund #AnnualOutlook #ETF
Equity Valuations Perspective | January 2024iciciprumf
Navigate Equity Markets better through our VCTS (Valuations, Cycle, Triggers and Sentiments) framework. The document below highlights the impact of various dynamic variables on the equity market across time periods. Read on to know more!”
#ICICIPrudentialMutualFund #Equity #Investments #MutualFunds
Stepping into 2024 with resilience and foresight!
New year has begun with a Paradigm Shift in trends of global and domestic macros.
While the global economies remain fragile, the Indian economy emerges as robust, defying the label of a fragile economy.
Explore the 2024 Outlook for insights on this Paradigm Shift!
#ICICIPrudentialMutualFund #MutualFunds #Investments #NewYear #2024
While there is some decline in China, there are positive market situations for India. What does that mean for an investor like you? See in December's Monthly Market Outlook here.
#ICICIPrudentialMutualFund #Investment #December2023 #MonthlyMarketOutlook #MutualFunds
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
ICICI Prudential Equity Valuation Index | Nov 2023 iciciprumf
Our latest Equity Valuation Index remains in the Neutral Index even after market corrections. But how do you smartly navigate through the market's volatility? Allocating your funds across different classes may help you. Have a look to understand better!
#ICICIPrudentialMutuaFund #Equity #EquityValuationIndex #Market #Investments
How can we prepare for the mood of the market? Use micro indicators for a comprehensive look at the market in this month's Market Outlook!
#ICICIPrudentialMutualFund #MonthlyMarketOutlook #October #Investment #MutualFunds
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
1. An open ended equity scheme following business cycles based investing theme
2. Phases of a Business Cycle
2
The chart is for illustrative purpose only
Output
Capacity Growth
TrendGrowth
Recession
Slump
Recovery
Time
3. How Business Cycle Actually Works
Output
Time
Growth
Recession
Slump Recovery
Capacity
Growth
Trend
Macro Economic
conditions and the Fiscal &
Monetary Policy response
by the Govt. & Central Banks,
during an on-going Business
Cycle may extend or shorten a
Business Cycle basis
conditions prevailing at the
time. Such distortions often
provides appropriate
opportunities to invest
3
The chart is for illustrative purpose only
4. Characteristics of Business Cycle Phases
GROWTH RECESSION SLUMP RECOVERY
Economic Conditions
• Capacity utilisation above
normal
• Output growth strong
• Corporate profitability also
peaks.
• Strong tax revenues
• Markets not focussing on risk
Appropriate Monetary
Policy Response:
Tightening/ Contractionary
Economic Conditions
• Capacity utilisation still
above normal but falling
• Output growth below trend
• Tax revenues moderating
Appropriate Monetary
Policy Response:
Moving from contractionary
to neutral
Economic Conditions
• Capacity utilization below
normal.
• Growth also below trend.
• Risk aversion very high.
• Demand weak
Appropriate Monetary
Policy Response:
Accommodative policy
Economic Conditions
• Growth – Picks Up
• Credit Growth – Improves
• Inflation – starts to increase
• Govt. tax collection –
starts picking up
Appropriate Monetary
Policy Response:
Move from accommodative to
neutral
4
The above list is illustrative and not exhaustive, there may be several other characteristics observed during each phase
5. How To Identify A Business Cycle? – Few Examples
Business Cycle in Growth Phase Business Cycle in Slump Phase
Consumers and businesses feel
confident
Factories run at full capacity across all shifts
Businesses plan expansion
Employees have multiple job offers, Salary
hikes
Consumers buy discretionary goods, plan
vacations (growth in tourism)
Consumers and businesses nervous.
Postponing spending
Factories have idle capacity. Not operating
all shifts
Businesses cutting cost and capex
Layoffs and Salary Freeze
Consumers opt for spending cut
5
The above list is illustrative and not exhaustive. Capex – Capital Expenditure. The stocks/sectors mentioned in this slide do not constitute any recommendation and ICICI Prudential Mutual Fund may or may not
have any future position in these stocks/sectors.
7. Sector Impact – Business Cycle
Sector Performance across Business Cycle phases
SECTORS RECOVERY EXPANSION RECESSION SLUMP
Financials
Technology
Consumer Discretionary
Consumer Staples
Pharmaceuticals
Energy
Real Estate
Metals
Utilities
7
Green shade indicates good performance, Amber shade indicates neutral performance and Red shade indicates poor performance. The stocks/sectors mentioned in this slide do not constitute any recommendation and
ICICI Prudential Mutual Fund may or may not have any future position in these stocks/sectors
8. Sector Impact – Business Cycle
SLUMP
ILLUSTRATION 1 – CEMENT INDUSTRY (CYCLICAL SECTOR)
Particulars Remarks
Cement bag capacity
(Daily)
100 units
Actual Demand (Daily) 40 units
Revenue (Daily)
40*100 =
Rs. 4,000
Fixed Cost (Daily) Rs. 1,000
Net Profit Rs. 3,000
GROWTH
Particulars Remarks
Cement bag capacity
(Daily)
100 units
Actual Demand (Daily) 90 units
Revenue (Daily)
90*100 =
Rs. 9,000
Fixed Cost (Daily) Rs. 1,000
Net Profit Rs. 8,000
• Capacity of Producing:
100 Cement Bags Daily
• Sales Value of Cement
Bag – INR 100
8
The above table is for illustrative purpose only. The stocks/sectors mentioned in this slide do not constitute any recommendation and ICICI Prudential Mutual Fund may or may not have any future position in these
stocks/sectors
9. Sector Impact – Business Cycle
RECOVERY / GROWTH PHASE
ILLUSTRATION 2 – BANKING (CYCLICAL SECTOR)
• Increased Capex by
companies
• Increased requirement for
raw materials, resources
etc. by companies
• Rise in income,
discretionary spending by
individuals, corporates
Pick up in Sentiments,
Demands, Credit. Banks
tend to do well
Strong GDP growth rate
High inflation
Rising interest rates
9
Capex – Capital Expenditure. The above explanation is for illustrative purpose only. The stocks/sectors mentioned in this slide do not constitute any recommendation and ICICI Prudential Mutual Fund may or may not have
any future position in these stocks/sectors
10. Sector Impact – Business Cycle
WHEN THE GOING GETS TOUGH (SLUMP)
ILLUSTRATION 3 – PHARMA & FMCG (DEFENSIVE SECTOR)
Hey, despite this pandemic I still need…
Medicines
Food to
survive
Medicines Food
10
The above explanation is for illustrative purpose only. The stocks/sectors mentioned in this slide do not constitute any recommendation and ICICI Prudential Mutual Fund may or may not have any future position in these stocks/sectors
Defensive sectors like Pharma
& FMCG tend to do well even
when economy is in slump
12. Business Cycle Investing – Akin To Driving
CONDITIONS WHEN DRIVING ON EXPRESSWAY
Broad & Smooth roads
Comfortable Journey
Less Travel Time
Efficient fuel consumption
CONDUCIVE FOR SPEED @ 80-100 KMPH
• Banks
• Infrastructure
• Real Estate
• Capitall Goods
CONDITIONS WHEN ECONOMY IS IN FULL SWING
Good Macros
Low interest rate environment
Good Demand
CONDUCIVE FOR INVESTMENT PORTFOLIO
TO ALIGN TOWARDS
12
The above explanation is for illustrative purpose only. The stocks/sectors mentioned in this slide do not constitute any recommendation and ICICI Prudential Mutual Fund may or may not have any future position in these
stocks/sectors. The asset allocation and investment strategy will be as per Scheme Information Document. The portfolio of the scheme is subject to changes within the provisions of the Scheme Information document of the
Scheme.
13. Business Cycle Investing – Akin To Driving
CONDITIONS WHEN DRIVING ON A CITY HIGHWAY
Average roads
Less Comfortable Journey
More travel time due to traffic
Inefficient fuel consumption
CONDUCIVE FOR SPEED @ 40-60 KMPH
• Energy
• Metals
• Technology
CONDITIONS WHEN ECONOMY IS
IN MODERATE ZONE
Average Macros
Relatively high interest rate environment
Average Demand
CONDUCIVE FOR INVESTMENT PORTFOLIO
TO ALIGN TOWARDS
13
The above explanation is for illustrative purpose only. The stocks/sectors mentioned in this slide do not constitute any recommendation and ICICI Prudential Mutual Fund may or may not have any future position in these
stocks/sectors. The asset allocation and investment strategy will be as per Scheme Information Document. The portfolio of the scheme is subject to changes within the provisions of the Scheme Information document of the
Scheme.
14. Business Cycle Investing – Akin To Driving
CONDITIONS WHEN DRIVING IN A VILLAGE
Narrow roads
Uncomfortable Journey
More Travel Time
High fuel consumption
CONDUCIVE FOR SPEED @ 10-30 KMPH
• Technology
• Pharmaceuticals
• Power
• Telecom
CONDITIONS WHEN ECONOMY IS
IN A RECESSIONARY ZONE
Poor Macros
Poor Growth prospects
Low Demand
CONDUCIVE FOR INVESTMENT PORTFOLIO
TO ALIGN TOWARDS
14
The above explanation is for illustrative purpose only. The stocks/sectors mentioned in this slide do not constitute any recommendation and ICICI Prudential Mutual Fund may or may not have any future position in these
stocks/sectors. The asset allocation and investment strategy will be as per Scheme Information Document. The portfolio of the scheme is subject to changes within the provisions of the Scheme Information document of the
Scheme.
16. P/E – Price to Earnings, P/B – Price to Book
Windshield Mirror Vs. Rear View Mirror
WINDSHIELD MIRROR REAR VIEW MIRROR
Future earnings potential
AIMS TO FOCUS ON WAY FORWARD
Economic indicators Future market share growth
Future project pipeline Historical returns
AIMS TO FOCUS ON HISTORICAL DATA
Long term average PE + PB Track record of dividend yield
Category Flows
16
17. BOTTOM-UP APPROACH ORIENTED FUND BUSINESS CYCLE ORIENTED FUND
(TOP-DOWN APPROACH)
BUSINESS CYCLE INVESTING – An Investment Style
Which Focuses on Macros
WAY FORWARD
• Economic indicators
• Future earnings potential
• Future market share
growth
• Future project pipeline
HISTORICAL DATA
• Long term average
PE + PB
• Historical returns
• Track record of
dividend yield
• Flows to that category
WAY FORWARD
• Economic indicators
• Policy response
• Growth
• Inflation
HISTORICAL DATA
17
Heavy
Light
Heavy
Light
• Management
track record
• Valuations
(P/E & P/B)
P/E – Price to Earnings, P/B – Price to Book
Weightage Weightage
19. Strong recovery in Domestic + Global Growth = Strong Recovery Phase
2003-2004: Turning Point
CONTRIBUTING FACTORS TO
DOMESTIC GROWTH
• Low Interest Rates, 10 year G-sec at 5%,
Current Account Surplus @ 2.3%, Low
Inflation ~ 3.5%, Currency valuations cheap
• Low Household & Corporate leverage
• Bank NPAs and resolution
• Cheap land and labor
Banking & Capital Goods performed well post 2003,
as the leveraging cycle, capex and infrastructure picked-up
19
408
100
846
0
200
400
600
800
Dec/03
Dec/04
Dec/05
Dec/06
Dec/07
IndexValuesRe-basedto100
S&P BSE Bankex & Capital Goods
S&P BSE Bankex S&P BSE CG
Source: MFIE. NPA – Non Performing Assets. Time period for performance considered is from 31-Dec-03 to 31-Dec-07. The stocks/sectors mentioned in this slide do not constitute any recommendation and ICICI Prudential Mutual
Fund may or may not have any future position in these stocks/sectors. 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.
20. Slow Domestic Growth + Weak Global Growth = Slowdown/Recession Phase
2011-2012: Turning Point
CONTRIBUTING FACTORS TO
DOMESTIC GROWTH
• Weaker macro environment – Pro cyclically
High fiscal deficit, High Inflation, High Current
Account Deficit
• Expensive Currency
• High corporate leverage, neutral household
leverage
Pharmaceuticals & Technology performed well post 2012,
as INR depreciated & Current Account Deficit was high
20
127
100
160
90
110
130
150
170
Dec/12
Jan/13
Feb/13
Mar/13
Apr/13
May/13
Jun/13
Jul/13
Aug/13
Sep/13
Oct/13
Nov/13
Dec/13
IndexValuesarere-basedto100
Nifty Pharma & S&P BSE IT Index
Nifty Pharma S&P BSE IT
Source: MFIE. Time period for performance considered is from 31-Dec-12 to 31-Dec-13. The stocks/sectors mentioned in this slide do not constitute any recommendation and ICICI Prudential Mutual Fund may or may not have any
future position in these stocks/sectors. 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.
21. Weak Domestic Growth + Strong Global Growth = Global Recovery / Domestic Slowdown Phase
2018: Turning Point
CONTRIBUTING FACTORS TO
DOMESTIC GROWTH
• Demonetization – a massive regulatory
tightening, however weaker policy response
to counter it including tight monetary
conditions
• Pro-cyclical regulatory environment – NBFCs
loan book expansion driving household
leverage in a weak income environment
• Low corporate leverage but low earnings
Pharmaceuticals & Technology performed well post
2018, due to strong Global Cycle
21
133
154
70
90
110
130
150
Dec/18
Mar/19
May/19
Aug/19
Oct/19
Jan/20
Mar/20
Jun/20
Aug/20
Nov/20
IndexValuesarere-basedto100
Nifty Pharma & S&P BSE IT Index
Nifty Pharma S&P BSE IT
Source: MFIE, NBFC – Non Banking Financial Company. Time period for performance considered is from 31-Dec-18 to 30-Nov-20. The stocks/sectors mentioned in this slide do not constitute any recommendation and ICICI Prudential
Mutual Fund may or may not have any future position in these stocks/sectors. 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.
23. Shift From High To Low Interest Rates
Over the last decade, Global Central Banks including India & US, have supported growth by maintaining a
low interest rate environment
Any change in the interest rate stance may trigger Business Cycle Phase change
23
8.0
4.0
3.5
4.5
5.5
6.5
7.5
8.5
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
India Repo Rate (%)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
US 3Y, 5Y, 10Y Treasury Yields (%)
USGG3YR Index USGG5YR Index USGG12M Index
Source: RBI, Edelweiss Research. Data as of Nov 30, 2020
24. Shift In The Amount Of Fiscal Stimulus
Global Economies have expanded their balance sheets manifold in the last decade
thereby increasing liquidity.
Any change in the stance on quantum or a decline in stimulus may trigger Business Cycle phase change
24
15236
27405
15000
19000
23000
27000
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
US Treasury Public Debt Outstanding (USD Bn)
8.5
15.1
4.0
6.0
8.0
10.0
12.0
14.0
16.0
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Global broad money supply growth
(US, Europe & China)
Source: Edelweiss Research. Data as of Nov 30, 2020
25. Shift In Volatility
Equity markets delivered decent returns in relatively less volatile period due to ample liquidity.
With limited room for rate cuts and fiscal stimulus going forward, Business Cycle Phase
may change with reversal in stance
25
-60%
-30%
0%
30%
60%
90%
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2000-2009 Equity Market Returns
(Nifty 50 Index)
Avg. Returns:
21%
-30%
-10%
10%
30%
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2010-2019 Equity Market Returns
(Nifty 50 Index)
Avg.
Returns:
10%
Source: MFIE. 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.
26. Shift In Number of COVID Cases – Peak To Trough
Except for the US, COVID-19 Infection curve appears to be flattening. Vaccines have already been approved and
are being used in some countries. Business Cycle may change going forward with mass availability of COVID
vaccine & on-going development around COVID vaccine
26
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
200000
0
10000
20000
30000
40000
50000
60000
Day1
Day8
Day15
Day22
Day29
Day36
Day43
Day50
Day57
Day64
Day71
Day78
Day85
Day92
Day99
Day106
Day113
Day120
Day127
Day134
Day141
Day148
Day155
Day162
Day169
Day176
Day183
Day190
Day197
Day204
Day211
Day218
Day225
Day232
Day239
Day246
Day253
Day260
Day267
Day274
Day281
Day288
Day295
Day302
Day309
Italy France Spain Iran Russia UK US - RHS India - RHS Brazil - RHS
Source: JM Financial. Data as of Nov 30, 2020
27. To Sum Up…
LAST DECADE
Scenario
Easy Monetary Policy + Interest Rate Cuts
=
led to Lower Volatility
NEXT DECADE
Scenario
Limited room for rate cut + Elevated Global equity valuations
=
May result in Volatility
Strategy
Positive for equities as an asset class and
long duration schemes
Strategy
1) Be nimble as the macro environment may change
2) Schemes which aim to move between sectors swiftly
3) Volatility may be high. Hence a portfolio capable of prudently
positioning between various sectors may be suitable
27
29. Business Cycle InvestingOutput
Time
Invests across Marketcap
No capping / minimum requirements
Invests across Themes
No capping / limits towards a particular theme
Invests across Sectors
No capping / limits towards a particular sector
Top Down Approach of investing
Not a Value / Contra / Special Situation/
Growth style of investment
02
03
04
29
01
The asset allocation and investment strategy will be as per Scheme Information Document. The portfolio of the scheme is subject to changes within the provisions of the Scheme Information document of the Scheme.
30. About ICICI Prudential Business Cycle Fund
INVESTMENT
PHILOSOPHY
Aim to identify and invest in opportunities
across sectors/themes/market caps, based
on prevailing business cycle
INVESTMENT
PROCESS
• The Fund Manager & Analysts decide the
investment theme basis prevailing market cycle
• The Fund Management team identifies
opportunities in that particular sector
INVESTMENT
APPROACH
Pure top-down approach based on various
macro indicators – inflation, growth, deficit, etc.
INVESTMENT
UNIVERSE
Opportunities from Nifty 500 TRI universe
will be considered for investment
SECURITY
SELECTION
Post identifying sectors based on the
Business Cycle, aim to select stocks basis
various financial parameters
EVALUATION
Periodic/event based assessment of the
macro economic environment and subsequent
investment approach
30
The asset allocation and investment strategy will be as per Scheme Information Document. The portfolio of the scheme is subject to changes within the provisions of the Scheme Information document of the Scheme.
31. Robust Investment Process & Portfolio Construct
ICICI PRUDENTIAL
BUSINESS CYCLE FUND
Monitor macro indicators –
GLOBAL & DOMESTIC
Aims to identify Business
Cycle –
GLOBAL & DOMESTIC
Aims to identify suitable
Theme / Sectors
Meeting of the Fund
Managers & Analysts
Finalize
Theme/Sectors/Stocks
Aims to identify
stocks
31
The asset allocation and investment strategy will be as per Scheme Information Document. The portfolio of the scheme is subject to changes within the provisions of the Scheme Information document of the Scheme.
32. Below parameters are aimed at ascertaining the phase of Business Cycle
and subsequently an investment approach is devised
Parameters For Identifying Business Cycles
Capex – Capital Expenditure, DM – Developed Markets. The above list its not exhaustive and above mentioned indicative indicators are used to ascertain business cycle and the same may change based on the evolving environment. The
asset allocation and investment strategy will be as per Scheme Information Document. The portfolio of the scheme is subject to changes within the provisions of the Scheme Information document of the Scheme.
32
MACRO
PARAMETERS
• Current Account Deficit
• Interest Rates
• Fiscal Deficit
• Inflation
• Capex Investments • New Projects cleared, etc
• Purchasing Manager Index • Business Confidence Index
• Sales of various consumer discretionary products, etc.
• DM Growth Outlook
• DM Policy Outlook
• China Growth Outlook
• China Policy Stance
INVESTMENT
INDICATORS
BUSINESS &
CONSUMER
SENTIMENT
GLOBAL
FACTORS
• IIP Growth
• Credit Growth
33. Investment Approach – Themes
The investment approach
is then determined by
classifying investment
themes basis Global &
Domestic Growth and
Business Cycle
33
GlobalGrowth
Domestic Growth
Global Growth: Strong
Domestic Growth: Strong
Global Growth: Strong
Domestic Growth: Weak
Global Growth: Weak
Domestic Growth: Weak
Global Growth: Weak
Domestic Growth: Strong
BLUE SKYPIGGY BACKING
DARK CLOUD RIDER
34. BLUE SKY – STRONG GLOBAL GROWTH + STRONG DOMESTIC GROWTH
Investment Portfolio
GLOBAL
CYCLICALS
SECTORS TO LOOK OUT FOR
• Metals • Mining • Oil, etc.
GLOBAL CYCLICALS (Sectors to look out for)
DOMESTIC
CYCLICALS
SECTORS TO LOOK OUT FOR
• Consumer Durables
• Capital Goods
• Banking • Auto
• Infrastructure
DOMESTIC CYCLICALS (Sectors to look out for)
34
The stocks/sectors mentioned in this slide do not constitute any recommendation and ICICI Prudential Mutual Fund may or may not have any future position in these stocks/sectors. The asset allocation and investment strategy will be
as per Scheme Information Document. The portfolio of the scheme is subject to changes within the provisions of the Scheme Information document of the Scheme.
35. DARK CLOUD –
WEAK GLOBAL GROWTH + WEAK DOMESTIC GROWTH
RIDER –
WEAK GLOBAL GROWTH + STRONG DOMESTIC GROWTH
Investment Portfolio
DOMESTIC DEFENSIVES (Sectors to look out for)
DOMESTIC
DEFENSIVES
SECTORS TO LOOK OUT FOR
DOMESTIC
CYCLICALS
SECTORS TO LOOK OUT FOR
• Consumer Durables
• Capital Goods
• Banking • Auto
• Infrastructure
• Telecom
• Utilities
• Power
• FMCG, etc.
DOMESTIC CYCLICALS (Sectors to look out for)
35
The stocks/sectors mentioned in this slide do not constitute any recommendation and ICICI Prudential Mutual Fund may or may not have any future position in these stocks/sectors. The asset allocation and investment strategy will be
as per Scheme Information Document. The portfolio of the scheme is subject to changes within the provisions of the Scheme Information document of the Scheme.
36. Investment Portfolio
The stocks/sectors mentioned in this slide do not constitute any recommendation and ICICI Prudential Mutual Fund may or may not have any future position in these stocks/sectors. The asset allocation and investment
strategy will be as per Scheme Information Document. The portfolio of the scheme is subject to changes within the provisions of the Scheme Information document of the Scheme.
36
SECTORS TO LOOK OUT FOR
GLOBAL CYCLICALS
(Sectors to look out for)
• Metals
• Mining
• Oil, etc.
EXPORT
ORIENTED
SECTORS TO LOOK OUT FOR
EXPORT ORIENTED
(Sectors to look out for)
• IT
• Pharmaceuticals
• Auto Ancillaries, etc.
SECTORS TO LOOK OUT FOR
DEFENSIVES
(Sectors to look out for)
• Telecom
• FMCG
• Utilities, etc.
PIGGY BACKING – STRONG GLOBAL GROWTH + WEAK DOMESTIC GROWTH
DOMESTIC
DEFENSIVESGLOBAL
CYCLICALS
37. Alpha Generation Strategy
The stocks/sectors mentioned in this slide do not constitute any recommendation and ICICI Prudential Mutual Fund may or may not have any future position in these stocks/sectors. The asset allocation and investment
strategy will be as per Scheme Information Document. The portfolio of the scheme is subject to changes within the provisions of the Scheme Information document of the Scheme.
Dec/03
May/06
Oct/08
Mar/11
Aug/13
Jan/16
Jun/18
(2003-2004)
Global Outlook: Growth
Domestic Outlook: Recovery
Sectors that performed:
Banks & Capital Goods
(2008-2009)
Global Outlook:
Weak Growth
Domestic Outlook:
Strong Recovery
Sectors that
performed:
Banks & Auto
(2011-2012)
Global Outlook:
Weak Growth
Domestic Outlook:
Slowdown
Sectors that
performed:
Tech, Pharma, FMCG
(2013-2014)
Global Outlook: Neutral
Domestic Outlook: Recovery
Sectors that performed:
Banks & Auto
(2018-2020)
Global Outlook:
Strong Growth
Domestic
Outlook:
Recession
Sectors that
performed:
Tech, Pharma,
FMCG
BLUE SKY RIDER
DARK
CLOUD
RIDER
PIGGY
BACKING
Sep/20
37
39. Repo Rates in India are at significantly low levels. Low capacity utilization numbers indicate that India has
excess capacity if demand picks up pace
Abundant Liquidity & Excess Capacity
39
8.0
4.0
3.5
4.5
5.5
6.5
7.5
8.5
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
India Repo Rate (%)
79.0
63.7
60.0
65.0
70.0
75.0
80.0
2011
2012
2012
2013
2013
2014
2014
2015
2015
2016
2016
2017
2017
2018
2018
2019
2019
2020
Capacity Utilization (%, 4QMA)
Source: Edelweiss Research, RBI. Data as of June 30, 2020.
40. Percentage of Cases Testing
Positive Have Dropped
Recovery Rate Has Improved Coupled with
Declining Death Rate
Subsiding COVID Cases
40
0%
2%
4%
6%
8%
10%
0
20
40
60
80
100
120
140
160
6-Mar
13-Apr
21-May
28-Jun
5-Aug
12-Sep
20-Oct
27-Nov
%testedpositive
CasesinMillions
Cumulatived Tested % tested positive (RS)
-0.5%
0.5%
1.5%
2.5%
3.5%
4%
24%
44%
64%
84%
6-Mar
13-Apr
21-May
28-Jun
5-Aug
12-Sep
20-Oct
27-Nov
DeathRate
RecoveryRate
Recovery rate (recovered to gross cases)
Death rate (Deaths to gross cases) - RS
Source: Morgan Stanley Research. Data as of Nov 27, 2020. RS- Right Side denotes what Y axis stands for in the graph
41. Improving GDP Growth Rate Correction in Real Estate Prices
Economic Growth & Real Estate
41
7.0% 6.6% 5.8% 5.0% 4.5% 4.7%
3.1%
-23.9%
-7.5%
-30.0%
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
Q2FY19
Q3FY19
Q4FY19
Q1FY20
Q2FY20
Q3FY20
Q4FY20
Q1FY21
Q2FY21
India GDP Data
2,618
2,292
1000
1500
2000
2500
Dec/17
May/1
8
Oct/18
Mar/19
Aug/19
Jan/20
Jun/20
Nov/20
S&P BSE Realty Index
Source: MFIE, NSO. 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.
42. Current Macro Economic Scenario
• Significant Monetary and Fiscal Stimulus has been delivered by Global economies in CY2020 in the
wake of COVID-19 crisis
• This was primarily to deal with growth slowdown resulting from COVID-19 led lockdowns
• Monetary Policy support from Global Central Banks is expected to continue
• With significant global liquidity, India among other emerging markets is expected to do well
• Indian Economy seems to be getting back on track with improvement in growth, better than anticipated
Q2FY21 results, earnings upgrades and subsiding COVID cases
• Since Domestic growth is expected to improve further given good liquidity and global growth is
expected to be neutral due to increase in second wave of COVID infections in select developed
economies and subdued earnings, we believe we are in the „Rider‟ Phase
• Hence, we believe, investment in Domestic Cyclicals like Corporate Banks, Capital Goods, Metals &
Infrastructure and Real Estate is expected to do well
42
The stocks/sectors mentioned in this slide do not constitute any recommendation and ICICI Prudential Mutual Fund may or may not have any future position in these stocks/sectors
43. Investment Portfolio – Current Business Cycle
Rider – Neutral Global Growth + Recovery in Domestic Growth
DOMESTIC
CYCLICALS
SECTORS TO LOOK OUT FOR
43
Metals are considered as Global Cyclicals. he stocks/sectors mentioned in this slide do not constitute any recommendation and ICICI Prudential Mutual Fund may or may not have any future position in these stocks/sectors. The asset
allocation and investment strategy will be as per Scheme Information Document. The portfolio of the scheme is subject to changes within the provisions of the Scheme Information document of the Scheme.
METALS BANKING CAPITAL GOODS INFRASTRUCTURE
44. Our Experience In Macro Calls
YEAR CALL RATIONALE OUTCOME
2012-13 Invest in Global Funds
Inflation and Current Account Deficit at
alarming levels
Launched ICICI Prudential US Bluechip Equity Fund and
gave a strong buy call on Exports and Services sector.
S&P 500 delivered 20% CAGR from Dec-12 to Dec-14
2013-14
Invest in Infrastructure,
Banking, Small & Midcap Funds
Strong Govt. Mandate, expectations of NPA
resolution, expectation of fall in interest rates
Launched ICICI Prudential Value Fund - Series. S&P
BSE Midcap TRI & S&P BSE Smallcap TRI delivered
31% & 36% CAGR respectively from Dec-13 to Dec-15
2017 Invest in Technology Fund
Expensive currency, global growth expected
to be better than domestic growth
S&P BSE IT TRI delivered 36% absolute returns from
Nov-17 to Nov-18
2018 Invest in Gold
NBFC loan book expansion in weak income
environment, low earnings growth & market
volatility
Gold delivered 10% absolute returns from Jan-18 to
Jan-19
2020 Aggressively invest in G-Sec
Slowdown in growth and inflation. RBI
interventions increase in the wake of COVID-19
Crisil Dynamic Gilt Index delivered 3% absolute returns
from May 1, 2020 to July 17, 2020
44
ETF – Exchange Traded Funds. Source – MFIE. The stocks/sectors mentioned in this slide do not constitute any recommendation and ICICI Prudential Mutual Fund may or may not have any future position in these stocks/sectors. 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.
45. Key Takeaways About The Scheme
45
Pure Top Down Approach
Macro based fund
Not a Value/Contra/Special Situation etc.
Opportunistic and Nimble in terms of sector allocation
No cap on market cap/sector/themes
Hassle free approach – No stress of changing themes basis Business Cycle
Long Term Approach
The stocks/sectors mentioned in this slide do not constitute any recommendation and ICICI Prudential Mutual Fund may or may not have any future position in these stocks/sectors. The asset allocation and investment strategy will be
as per Scheme Information Document. The portfolio of the scheme is subject to changes within the provisions of the Scheme Information document of the Scheme.
46. Portfolio Features
46
Type of Scheme An open ended equity scheme following business cycles based investing theme
Plans
ICICI Prudential Business Cycle Fund &
ICICI Prudential Business Cycle Fund – Direct
Options Growth & Dividend
Minimum Application Amount Rs. 5,000 (plus in multiples of Re.1)
Minimum Additional Application Amount Rs. 1,000 (plus in multiples of Re.1)
Minimum Redemption Amount Any amount
Entry Load Not applicable
Exit Load
Upto 12 Months 1% of applicable NAV
More than 12 Months Nil
Fund Manager Anish Tawakley, Ihab Dalwai & Manish Banthia (involved in identifying business cycles)
Benchmark Index Nifty 500 TRI
SIP / SWP / STP Available
In addition to the fund managers managing this fund, overseas investment will be managed by Ms. Priyanka Khandelwal
47. Riskometers
47
ICICI Prudential US Bluechip Equity Fund (an open ended equity scheme investing predominantlyin securities of large cap companies listed in the
United States of America) is suitable for investors who are seeking*:
Long term wealth creation
An open ended equity scheme primarily investing in equity and equity related securities of companies listed on recognized stock
exchanges in the United States of America
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
48. Riskometer & Disclaimer
ICICI Prudential Business Cycle Fund (An open ended equity scheme following business
cycles based investing theme) is suitable for investors who are 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.
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 finan- cial implication or consequence of subscribing to
the units of ICICI Prudential Mutual Fund. Data source: Bloomberg, except as mentioned specifically.
Disclaimer: In the preparation of the material contained in this document, ICICI Prudential Asset Management Company Ltd. (the AMC) has used information that is publicly available, including informa- tion developed in-
house. Some of the material 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.
48
49. The Greatest Lessons Regarding Cycles Are Learned Through
Experience…as In The Adage “Experience Is What You Got
When You Didn‟t Get What You Wanted”
Howard Marks
(Mastering the Market Cycle)
THANK YOU
49