This document provides an overview of the ICICI Prudential Growth Fund - Series 1, a close-ended equity fund. The fund aims to provide capital appreciation by investing in 40-60 stocks across market caps with a focus on mid and small caps as well as infrastructure and banking. It will identify companies with potential earnings growth over 3 years. The fund follows a high conviction approach and conducts rigorous research and risk management. It aims to outperform the CNX Nifty Index over the long run through investing in quality companies with strong fundamentals and earnings growth potential. Investors should be aware that the principal investment is of high risk.
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
Diversify into debt funds with ICICI Prudential Floating Interest Fund and aim to generate income by investing in floating rate instruments while maintaining the optimum balance of yield, safety and liquidity.
Annual Fixed Income Outlook 2022 | ICICI Prudential Mutual Fundiciciprumf
Shifting Sands, a year of active management - In the Fixed Income space, currently there are lot of dynamic elements at play. With limited scope for rate cuts, we recommend investing in Floating Rate Bonds which may benefit from rising interest rates. We recommend investing in spread assets with an aim to benefit from higher carry.
Our ‘VCTS’ framework (Valuations, Cycle, Trigger, Sentiments) is currently indicating that Valuations are reasonable, Business Cycle has bottomed out, Trigger would be the trajectory of COVID-19 growth curve, Sentiments are negative since FPIs are withdrawing money and past returns have been muted. This suggests that it is a good time to invest in equities
Indian equity indices ended lower in May 2020 owing to
concerns about rise in domestic Covid-19 cases and extension of the nationwide lockdown. Benchmarks S&P BSE Sensex and Nifty 50 declined 3.84% and 2.84%, respectively in May 2020.
Interbank call money rates remained mostly below the RBI‟s repo rate of 4% in May owing to comfortable liquidity in the system. However, some pressure was seen on the rates following intermittent spike in demand for funds from banks.
Currency in circulation rose 18.4% on-year in the week ended May 22, 2020, compared with 14.2% growth a year ago. The RBI, via its liquidity window, absorbed Rs 5114.71 billion on a net daily average basis in May 2020, compared with net liquidity absorption of Rs 4751.55 billion in April 2020.
Bank credit growth rose 6.5% on-year in the fortnight ended May 8, 2020, compared with 7.2% on-year growth reported in the fortnight ended April 10, 2020.
This document provides a 6-month report for the HPAM Ultima Ekuitas-1 fund as of June 2018. The key points are:
1) The fund's net asset value grew 8.58% year-to-date as of June 2018, outperforming the Jakarta Composite Index which fell 8.75% over the same period.
2) The fund maintains a diversified portfolio with a focus on companies with strong fundamentals, and employs strategies like tactical allocation and momentum trading.
3) The top 5 sector allocations are trade and services, basic industry, property, consumer goods, and miscellaneous industry, making up over 70% of the portfolio.
- The key Indian equity indices, the S&P BSE Sensex and NSE Nifty 50, closed higher by 0.95% and 0.82% respectively, driven by gains in automobile and IT stocks.
- Most global indices also closed higher taking cues from better than expected Chinese GDP data and optimism over the Greek bailout agreement.
- Bond yields rose marginally due to lack of triggers ahead of this week's bond auction while the rupee ended flat against the US dollar.
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
Diversify into debt funds with ICICI Prudential Floating Interest Fund and aim to generate income by investing in floating rate instruments while maintaining the optimum balance of yield, safety and liquidity.
Annual Fixed Income Outlook 2022 | ICICI Prudential Mutual Fundiciciprumf
Shifting Sands, a year of active management - In the Fixed Income space, currently there are lot of dynamic elements at play. With limited scope for rate cuts, we recommend investing in Floating Rate Bonds which may benefit from rising interest rates. We recommend investing in spread assets with an aim to benefit from higher carry.
Our ‘VCTS’ framework (Valuations, Cycle, Trigger, Sentiments) is currently indicating that Valuations are reasonable, Business Cycle has bottomed out, Trigger would be the trajectory of COVID-19 growth curve, Sentiments are negative since FPIs are withdrawing money and past returns have been muted. This suggests that it is a good time to invest in equities
Indian equity indices ended lower in May 2020 owing to
concerns about rise in domestic Covid-19 cases and extension of the nationwide lockdown. Benchmarks S&P BSE Sensex and Nifty 50 declined 3.84% and 2.84%, respectively in May 2020.
Interbank call money rates remained mostly below the RBI‟s repo rate of 4% in May owing to comfortable liquidity in the system. However, some pressure was seen on the rates following intermittent spike in demand for funds from banks.
Currency in circulation rose 18.4% on-year in the week ended May 22, 2020, compared with 14.2% growth a year ago. The RBI, via its liquidity window, absorbed Rs 5114.71 billion on a net daily average basis in May 2020, compared with net liquidity absorption of Rs 4751.55 billion in April 2020.
Bank credit growth rose 6.5% on-year in the fortnight ended May 8, 2020, compared with 7.2% on-year growth reported in the fortnight ended April 10, 2020.
This document provides a 6-month report for the HPAM Ultima Ekuitas-1 fund as of June 2018. The key points are:
1) The fund's net asset value grew 8.58% year-to-date as of June 2018, outperforming the Jakarta Composite Index which fell 8.75% over the same period.
2) The fund maintains a diversified portfolio with a focus on companies with strong fundamentals, and employs strategies like tactical allocation and momentum trading.
3) The top 5 sector allocations are trade and services, basic industry, property, consumer goods, and miscellaneous industry, making up over 70% of the portfolio.
- The key Indian equity indices, the S&P BSE Sensex and NSE Nifty 50, closed higher by 0.95% and 0.82% respectively, driven by gains in automobile and IT stocks.
- Most global indices also closed higher taking cues from better than expected Chinese GDP data and optimism over the Greek bailout agreement.
- Bond yields rose marginally due to lack of triggers ahead of this week's bond auction while the rupee ended flat against the US dollar.
The Economic Survey of India 2008-2009 makes several predictions and assessments:
1) It predicts GDP growth of 7.75% if the global economy improves, or 6.25% if the global recession persists.
2) It claims high savings and investment, rural growth, and resilient services exports have protected India's economy despite global conditions.
3) It argues the worst effects may be over and recent measures could facilitate a quick "U-shaped recovery", subject to some factors outside India's control.
The policy decisions are in line with our expectation on repo rate and stance. However, we were expecting a hike in reverse repo rate. We are in an interest-rate rise cycle and hence recommend active duration management.
We believe that the divergence between Value & Growth stocks continues to prevail. Currently, fundamentally sound value stocks are available at inexpensive valuations & have better earnings visibility. Read our Equity Update for August 2020
Aim to make the most of the potential of smaller companies by investing in their beginnings with ICICI Prudential Smallcap Index Fund. More information at https://bit.ly/3B6BmmK
Currently, valuations seem reasonable for long term investment, Business Cycle has bottomed out and relatively low FII flows have been recorded. Our framework suggests that it is time to accumulate equities and stay invested for long term.
The document provides an economic update and outlook for India. It notes that India's GDP growth was 4.8% in the last quarter, slightly higher than the previous quarter's 4.7% but below the previous year's 6.2%. Industrial production growth slowed to 2% in April 2013. While inflation tapered to 4.7% due to fuel prices, food inflation increased to 7.64% due to higher vegetable prices. The RBI kept interest rates unchanged and will focus on inflation and the current account deficit over growth. Bank credit growth was lower and the rupee depreciated due to reversal of foreign institutional investment inflows.
Our ‘VCTS’ framework (Valuations, Cycle, Trigger, Sentiments) is currently indicating that Valuations are reasonable for long term investments, Business Cycle has bottomed out, Trigger would be the trajectory of COVID-19 growth curve and vaccine development, Sentiments are negative since FPI flows are low and past returns have been muted. This suggests that it is a good time to accumulate equities and hold for long term.
• Owing to growth concerns, Global Central Banks are reducing interest rates. The Reserve Bank of India
(RBI) too is expected to follow suits and may deliver 25-50 bps rate cut
• Central Banks are expected to continue with the loose monetary policy
• Food inflation is beginning to see some moderation although CPI Inflation continues to remain above
RBI‟s comfort zone. RBI‟s operation twist and LTRO too bodes well for the bond markets
• In light of the above factors, we have added duration across our portfolios as we have become positive
on the duration segment in the near term
• We continue to believe that the best strategy would be to create portfolio maturity in the range of 2-5
years
• We also continue to remain positive on the accrual space, as the divergence between Gsec/AAA & AA/A
yields persist.
The document provides an outlook and analysis of the Indian stock market for August 2021 from Kotak Securities. Some key points:
- The Nifty index was flat in July despite volatility, with markets focusing on corporate earnings. Select sectors like metals and IT performed well while autos and banks lagged.
- Globally, major central banks like the US Fed and ECB maintained accommodative monetary policies. However, inflation concerns emerged.
- In India, reforms by the government are expected to continue supporting economic recovery, though risks remain from a potential third COVID wave and rising commodity prices.
- The document recommends several stocks as investment ideas and provides rationale and recent earnings updates for each. It maintains an overall positive
Annual Outlook 2022 | ICICI Prudential Mutual Fundiciciprumf
The current environment is akin to shifting sands, where dynamism is at its peak. Hence, it would be prudent to have an active management approach. Read our annual outlook 2022, to know more.
Factsheet for Axis Mutual Fund- WishfinAnvi Sharma
The scheme aims to generate regular long term capital growth from a diversified portfolio of equity and equity related securities. The Scheme Will invest in companies with strong growth & a sustainable business model.
The document provides an economic and market update for investors. It discusses positive macroeconomic data from India including rising industrial production and falling inflation. The budget focuses on infrastructure growth. Globally, the US and Europe are recovering while emerging markets are benefiting from foreign inflows. The document recommends remaining invested in equities and outlines positive views for several sectors like banking, energy, and automobiles. It provides a target of 29,300 for the Sensex by the end of the year based on earnings growth expectations.
1. The document provides a quarterly update on the IDFC Sterling Value Fund for January 2021.
2. During the quarter, the fund outperformed its benchmark index and maintained its focus on companies that benefit from positive liquidity, low interest rates, and attractive valuations.
3. Top positive contributors were commodities, cement/building materials, and consumer discretionary, while top negative contributors were utilities, information technology, and financials.
This document provides information on IDFC Floating Rate Fund, an open-ended debt scheme that predominantly invests in floating rate instruments including fixed rate instruments converted to floating rate exposures using swaps/derivatives. The summary is as follows:
1) The fund is positioned in the "Satellite" bucket, meant for a minimum recommended investment horizon of 6 months.
2) The fund's strategy includes investing 65-100% in floating rate instruments and fixed rate instruments converted to floating rates using swaps/derivatives.
3) The fund may invest across the credit spectrum including additional tier 1 bonds, but aims to maintain a minimum of 70% in highest rated instruments at the time of investment.
• Interbank call money rates remained mostly below the RBI’s repo rate of 4% in June as overall systemic liquidity remained surplus.
• Currency in circulation rose 20.6% on-year in the week ended June 19, 2020, compared with 12.7% growth a year ago. The RBI, via its liquidity window, absorbed Rs 3770.33 billion on a net daily average basis in June 2020, compared with net liquidity absorption of Rs 5114.71 billion in May 2020.
• Bank credit growth rose 6.2% on-year in the fortnight ended June 5, 2020, compared with 6.5% on-year growth reported in the fortnight ended May 8, 2020.
• Historically, financial crisis have generally occurred due to endogenous factors – economic imbalances like high crude prices, high inflation, etc. This time it is different since macros being stable, the current crisis is the result of an external factor i.e. COVID-19
• India’s long term growth story remains intact since it is better placed in terms of fundamentals
• We believe, Emerging Markets have the potential to recover better than Developed Markets & that Value as a theme performs better than Growth during recovery phase. Hence, we recommend investing in ICICI Prudential Value Discovery Fund
• Owing to the temporary economic crisis due to COVID-19, we recommend investing in ICICI Prudential India Opportunities Fund
• Given further uncertainty regarding the spread of COVID-19, volatility is expected to prevail. We recommend investing in ICICI Prudential Balanced Advantage Fund to manage volatility • We remain positive on the Smallcap space as valuations are reasonable & recommend investing in ICICI Prudential Smallcap Fund
• Post any crisis, sectoral leadership has changed in the past. Aim to invest in future potential leaders through ICICI Prudential Focused Equity Fund
The document provides an economic and market update and outlook for November 2012. It discusses recent performance and trends in global equity markets, the Indian economy and key sectors. The overall outlook is cautiously positive. The Indian economy is seen to have bottomed out, and further monetary easing and fiscal policy actions are expected to revive growth going forward. Private sector banks are favored over public sector banks based on better Q2 results.
This document provides an overview and outlook on the Indian economy and equity markets for 2014. It discusses that many macroeconomic and geopolitical issues from 2013 are now behind us, presenting opportunities in equity markets. Key themes for 2014 include maintaining a balanced approach to investing, allocating to mid and small cap funds and sectors like infrastructure. The document also notes risks like a weak coalition government or higher inflation. It recommends duration and accrual fixed income strategies for 2014 given the current economic environment. In summary, it presents a positive outlook for Indian markets in 2014, noting various economic and policy improvements that could support a recovery, while also outlining some risks.
ICICI Prudential Mutual Fund Monthly Market Outlook- August 23,2013iciciprumf
Most global indices ended July in positive territory, with technology performing better than other sectors. The S&P BSE Sensex returned 3.66% while mid and small caps underperformed. Inflation accelerated due to higher food prices and fuel cost adjustments, but the trade deficit declined 30% year-over-year in July. The document recommends lump sum investments in volatility funds and step investments in equity funds focusing on the discovery, bluechip, top 100, US bluechip, and infrastructure sectors. It expresses a cautiously optimistic outlook for India given an excellent monsoon and expectations of gradual economic recovery.
O documento é uma apresentação sobre o pintor Vincent Van Gogh através da música "Vincent" de Don McLean. Resume a vida e obra de Van Gogh, incluindo sua luta com a saúde mental e como tentou expressar suas visões através da arte. No final, tirou a própria vida aos 37 anos.
The Economic Survey of India 2008-2009 makes several predictions and assessments:
1) It predicts GDP growth of 7.75% if the global economy improves, or 6.25% if the global recession persists.
2) It claims high savings and investment, rural growth, and resilient services exports have protected India's economy despite global conditions.
3) It argues the worst effects may be over and recent measures could facilitate a quick "U-shaped recovery", subject to some factors outside India's control.
The policy decisions are in line with our expectation on repo rate and stance. However, we were expecting a hike in reverse repo rate. We are in an interest-rate rise cycle and hence recommend active duration management.
We believe that the divergence between Value & Growth stocks continues to prevail. Currently, fundamentally sound value stocks are available at inexpensive valuations & have better earnings visibility. Read our Equity Update for August 2020
Aim to make the most of the potential of smaller companies by investing in their beginnings with ICICI Prudential Smallcap Index Fund. More information at https://bit.ly/3B6BmmK
Currently, valuations seem reasonable for long term investment, Business Cycle has bottomed out and relatively low FII flows have been recorded. Our framework suggests that it is time to accumulate equities and stay invested for long term.
The document provides an economic update and outlook for India. It notes that India's GDP growth was 4.8% in the last quarter, slightly higher than the previous quarter's 4.7% but below the previous year's 6.2%. Industrial production growth slowed to 2% in April 2013. While inflation tapered to 4.7% due to fuel prices, food inflation increased to 7.64% due to higher vegetable prices. The RBI kept interest rates unchanged and will focus on inflation and the current account deficit over growth. Bank credit growth was lower and the rupee depreciated due to reversal of foreign institutional investment inflows.
Our ‘VCTS’ framework (Valuations, Cycle, Trigger, Sentiments) is currently indicating that Valuations are reasonable for long term investments, Business Cycle has bottomed out, Trigger would be the trajectory of COVID-19 growth curve and vaccine development, Sentiments are negative since FPI flows are low and past returns have been muted. This suggests that it is a good time to accumulate equities and hold for long term.
• Owing to growth concerns, Global Central Banks are reducing interest rates. The Reserve Bank of India
(RBI) too is expected to follow suits and may deliver 25-50 bps rate cut
• Central Banks are expected to continue with the loose monetary policy
• Food inflation is beginning to see some moderation although CPI Inflation continues to remain above
RBI‟s comfort zone. RBI‟s operation twist and LTRO too bodes well for the bond markets
• In light of the above factors, we have added duration across our portfolios as we have become positive
on the duration segment in the near term
• We continue to believe that the best strategy would be to create portfolio maturity in the range of 2-5
years
• We also continue to remain positive on the accrual space, as the divergence between Gsec/AAA & AA/A
yields persist.
The document provides an outlook and analysis of the Indian stock market for August 2021 from Kotak Securities. Some key points:
- The Nifty index was flat in July despite volatility, with markets focusing on corporate earnings. Select sectors like metals and IT performed well while autos and banks lagged.
- Globally, major central banks like the US Fed and ECB maintained accommodative monetary policies. However, inflation concerns emerged.
- In India, reforms by the government are expected to continue supporting economic recovery, though risks remain from a potential third COVID wave and rising commodity prices.
- The document recommends several stocks as investment ideas and provides rationale and recent earnings updates for each. It maintains an overall positive
Annual Outlook 2022 | ICICI Prudential Mutual Fundiciciprumf
The current environment is akin to shifting sands, where dynamism is at its peak. Hence, it would be prudent to have an active management approach. Read our annual outlook 2022, to know more.
Factsheet for Axis Mutual Fund- WishfinAnvi Sharma
The scheme aims to generate regular long term capital growth from a diversified portfolio of equity and equity related securities. The Scheme Will invest in companies with strong growth & a sustainable business model.
The document provides an economic and market update for investors. It discusses positive macroeconomic data from India including rising industrial production and falling inflation. The budget focuses on infrastructure growth. Globally, the US and Europe are recovering while emerging markets are benefiting from foreign inflows. The document recommends remaining invested in equities and outlines positive views for several sectors like banking, energy, and automobiles. It provides a target of 29,300 for the Sensex by the end of the year based on earnings growth expectations.
1. The document provides a quarterly update on the IDFC Sterling Value Fund for January 2021.
2. During the quarter, the fund outperformed its benchmark index and maintained its focus on companies that benefit from positive liquidity, low interest rates, and attractive valuations.
3. Top positive contributors were commodities, cement/building materials, and consumer discretionary, while top negative contributors were utilities, information technology, and financials.
This document provides information on IDFC Floating Rate Fund, an open-ended debt scheme that predominantly invests in floating rate instruments including fixed rate instruments converted to floating rate exposures using swaps/derivatives. The summary is as follows:
1) The fund is positioned in the "Satellite" bucket, meant for a minimum recommended investment horizon of 6 months.
2) The fund's strategy includes investing 65-100% in floating rate instruments and fixed rate instruments converted to floating rates using swaps/derivatives.
3) The fund may invest across the credit spectrum including additional tier 1 bonds, but aims to maintain a minimum of 70% in highest rated instruments at the time of investment.
• Interbank call money rates remained mostly below the RBI’s repo rate of 4% in June as overall systemic liquidity remained surplus.
• Currency in circulation rose 20.6% on-year in the week ended June 19, 2020, compared with 12.7% growth a year ago. The RBI, via its liquidity window, absorbed Rs 3770.33 billion on a net daily average basis in June 2020, compared with net liquidity absorption of Rs 5114.71 billion in May 2020.
• Bank credit growth rose 6.2% on-year in the fortnight ended June 5, 2020, compared with 6.5% on-year growth reported in the fortnight ended May 8, 2020.
• Historically, financial crisis have generally occurred due to endogenous factors – economic imbalances like high crude prices, high inflation, etc. This time it is different since macros being stable, the current crisis is the result of an external factor i.e. COVID-19
• India’s long term growth story remains intact since it is better placed in terms of fundamentals
• We believe, Emerging Markets have the potential to recover better than Developed Markets & that Value as a theme performs better than Growth during recovery phase. Hence, we recommend investing in ICICI Prudential Value Discovery Fund
• Owing to the temporary economic crisis due to COVID-19, we recommend investing in ICICI Prudential India Opportunities Fund
• Given further uncertainty regarding the spread of COVID-19, volatility is expected to prevail. We recommend investing in ICICI Prudential Balanced Advantage Fund to manage volatility • We remain positive on the Smallcap space as valuations are reasonable & recommend investing in ICICI Prudential Smallcap Fund
• Post any crisis, sectoral leadership has changed in the past. Aim to invest in future potential leaders through ICICI Prudential Focused Equity Fund
The document provides an economic and market update and outlook for November 2012. It discusses recent performance and trends in global equity markets, the Indian economy and key sectors. The overall outlook is cautiously positive. The Indian economy is seen to have bottomed out, and further monetary easing and fiscal policy actions are expected to revive growth going forward. Private sector banks are favored over public sector banks based on better Q2 results.
This document provides an overview and outlook on the Indian economy and equity markets for 2014. It discusses that many macroeconomic and geopolitical issues from 2013 are now behind us, presenting opportunities in equity markets. Key themes for 2014 include maintaining a balanced approach to investing, allocating to mid and small cap funds and sectors like infrastructure. The document also notes risks like a weak coalition government or higher inflation. It recommends duration and accrual fixed income strategies for 2014 given the current economic environment. In summary, it presents a positive outlook for Indian markets in 2014, noting various economic and policy improvements that could support a recovery, while also outlining some risks.
ICICI Prudential Mutual Fund Monthly Market Outlook- August 23,2013iciciprumf
Most global indices ended July in positive territory, with technology performing better than other sectors. The S&P BSE Sensex returned 3.66% while mid and small caps underperformed. Inflation accelerated due to higher food prices and fuel cost adjustments, but the trade deficit declined 30% year-over-year in July. The document recommends lump sum investments in volatility funds and step investments in equity funds focusing on the discovery, bluechip, top 100, US bluechip, and infrastructure sectors. It expresses a cautiously optimistic outlook for India given an excellent monsoon and expectations of gradual economic recovery.
O documento é uma apresentação sobre o pintor Vincent Van Gogh através da música "Vincent" de Don McLean. Resume a vida e obra de Van Gogh, incluindo sua luta com a saúde mental e como tentou expressar suas visões através da arte. No final, tirou a própria vida aos 37 anos.
ICICI Prudential Value Fund-Series 1 Presentationiciciprumf
1) The document describes a new close-ended equity fund called ICICI Prudential Value Fund Series 1 that will invest in undervalued stocks using a value investing strategy.
2) The fund will take a focused approach, investing in 25-30 high conviction stocks, in order to benefit more from potential price increases in these stocks compared to broader funds.
3) It will use fundamental analysis to identify stocks trading at low price-to-earnings or price-to-book valuations, with strong dividends, and attractive returns on equity and capital employed. The strategy aims to find good companies at reasonable prices.
A story is told about making aloo paratha that ends up getting burnt. The story does not provide any details about what happens in the story or how it ends, only mentioning that it is about making a burnt aloo paratha and then stating "The End" twice to indicate the story has been completed.
ICICI Prudential Global Stable Equity Fund presentationiciciprumf
1) The document describes the NFO period and investment strategy of the ICICI Prudential Global Stable Equity Fund, an open-ended fund of funds scheme.
2) The fund seeks to provide consistent returns through diversification by investing in one or more overseas mutual funds that invest globally in fundamentally strong and stable companies with consistent earnings.
3) The underlying fund, Nordea 1 - Global Stable Equity Fund, aims to identify lower risk, stable companies through fundamental factors and proprietary models, and constructs a portfolio of 100-120 stocks with roughly two-thirds the volatility of the MSCI World Index.
This document discusses the importance of sensemaking for business analysts. It defines sensemaking as the process of interpreting and contextualizing events to understand what is happening, especially in ambiguous situations. Sensemaking involves using past experiences and assumptions to structure unknown situations and enable comprehension. The document argues that sensemaking is crucial for business analysts as they investigate requirements, consider different perspectives, and guide organizations through change. It discusses how sensemaking relates to perspective making and taking between various communities within organizations. Effective communication and understanding diverse viewpoints are important for knowledge sharing and innovation in knowledge-intensive firms.
This document provides instructions for formatting assignments in Microsoft Word, including:
- Setting margins to 1 inch on all sides
- Using 12-point Times New Roman font
- Including name, date, assignment name and instructor in the top left of the first page
- Left-justifying text and including name and page number in the top right of subsequent pages
- Double spacing the entire document with no extra spacing between paragraphs or around the title.
ICICI Prudential Dividend Yield Equity Fund - Presentationiciciprumf
This document provides an overview of the ICICI Prudential Dividend Yield Equity Fund. It discusses why investing in dividend yielding stocks may provide opportunities given the current market environment. The fund aims to invest at least 80% of assets in companies with dividend yields greater than the CNX Nifty Index. It describes the fund's investment approach, screening process, risk management process and portfolio management team. Key details about the fund such as investment objective, options available, minimum investment amounts and benchmark are also summarized.
Voor de fans van de hilarische serie Het leven van een Loser van Jeff Kinney: hier is NIEK DE GROOT, onverbeterlijke grapjurk en absoluut NIET het lievelingetje van de juf!
Modul ini membahas tentang langkah-langkah mengadministrasi server dalam jaringan, mulai dari mengidentifikasi pengguna dan aplikasi, mengatur layanan server, mengecek kondisi server berdasarkan log file, mengisi laporan hasil administrasi, mengamankan server, hingga melaporkan hasil administrasi server. Modul ini terdiri atas 6 kegiatan belajar.
ICICI Prudential Growth Fund - Series 2 (Presentation)iciciprumf
This document summarizes an investment product called the ICICI Prudential Growth Fund - Series 2. The following points are highlighted:
1. It is a 3.5 year close-ended diversified equity fund that aims to provide capital appreciation by investing in 40-60 stocks across market caps with a focus on mid and small caps.
2. The fund maturity is set to end 1 year before the elected government's term to potentially benefit from large deliveries in the last 1-2 years of their term when market valuations may reflect government efforts.
3. A high conviction portfolio will be created using screens for data integrity, company characteristics like competitive edge and financial strength. Valuations will also be
The document provides an overview of the Indian macroeconomic environment and corporate performance. Some key points:
- Interest rates are expected to remain higher than the last decade, with implications for economic growth and asset valuations.
- Indian corporate earnings growth has averaged around 11% annually over the last three decades, with periods of higher and lower growth. Sustaining 12-13% earnings growth over the next decade is possible given factors like government spending and economic reforms.
- Valuations of Indian equities have moderated and are at more reasonable levels compared to historical averages. Small and mid-cap stocks remain attractively valued relative to large caps.
The fund focuses on investing in companies with strong fundament
The document provides an overview of the Indian macroeconomic environment and corporate performance. Some key points:
- Interest rates are expected to remain higher than the last decade, with implications for economic growth and asset valuations.
- Indian corporate earnings growth has averaged around 11% annually over the last three decades, with periods of higher and lower growth. Sustaining 12-13% earnings growth over the next decade is possible given factors like government spending and economic reforms.
- Valuations of Indian equities have moderated and are at more reasonable levels currently compared to historical averages. Small and mid-cap stocks remain at a valuation discount to large caps.
The fund focuses on investing in companies with strong
The document provides an overview of the Indian macroeconomic environment and corporate performance. Some key points:
- Interest rates are expected to remain higher than the last decade, with implications for economic growth and asset valuations.
- Indian corporate earnings growth has averaged around 11% annually over the last three decades, with periods of higher and lower growth. Sustaining 12-13% earnings growth over the next decade is possible given factors like government spending and economic reforms.
- Valuations of Indian equities are high relative to history but have corrected and become more reasonable recently. Small and mid-cap stocks remain attractively valued relative to large caps.
- The fund focuses on investing in companies with strong
ICICI Prudential Equity Savings Fund Series 1- Presentationiciciprumf
This product is suitable for investors seeking a long term wealth creation solution through a close-ended equity scheme that invests in stocks specified under the Rajiv Gandhi Equity Savings Scheme and aims to generate capital appreciation. It carries a high risk as per the product labeling.
The quarterly letter provides an update on portfolio performance and the manager's views. It notes that portfolio performance remains healthy but expectations for future returns should be realistic given high valuations. Specifically, the manager expects the index to return 10-12% annually over the next 5 years as valuations decline from monetary policy changes and normalization in private markets. The manager prefers positions in private banks, life insurance, and select industries and remains underweight consumer and IT given rich valuations.
The document summarizes the key points from the Financial Stability Report 2015 presented by Reserve Bank of India. It highlights that while India's macroeconomic fundamentals are relatively strong, continued global growth uncertainty remains a risk. The banking sector shows improvement with credit growth of 9.7% and asset quality stable, but stressed advances are still high. The report also covers trends in financial inclusion, insurance and pension sectors regulation aimed at strengthening stability.
This document provides an overview and outlook across various sectors in the Indian economy and globally. It begins with a note from the CEO discussing current economic conditions and opportunities from innovation and disruption. Several sections then analyze domestic and global equity markets, debt markets, key economic indicators, and provide outlooks for various sectors in India and globally. The document aims to inform investors on current economic and market conditions.
The document provides an overview of the Quantum Long Term Equity Value Fund. Some key points:
- The fund aims to achieve long-term capital appreciation by investing in companies that will typically be included in the S&P BSE 200 Index and benefit from India's economic growth.
- It takes a value-oriented approach, holding between 25-40 stocks across sectors, with a low portfolio turnover.
- The presentation discusses the fund's investment process, macroeconomic assumptions, portfolio characteristics including its performance over market cycles.
- Risks to the ongoing economic recovery are also highlighted, such as a potential third COVID wave and rising inflation pressures.
Ride the Short Duration Wave - June 2019iciciprumf
Triggers to watch out for -
Current situation in the Fixed Income space
Our Outlook on what lies ahead
Segment of the yield curve, which stands to benefit
Read the full document to know more.
SBI Long Term Advantage Fund Series V - A Close-Ended Equity Linked Savings S...SBI Mutual Fund
SBI Long Term Advantage Fund Series V aims to generate capital appreciation over a period of ten years by investing predominantly in equity and equity-related instruments of companies along with income tax benefit under 80C of the Income Tax Act, 1961. Key benefits of SBI Long Term Advantage Fund - Series V include Tax Savings, Potential Capital Appreciation and Tax Free Returns. Know more about this mutual fund at https://www.sbimf.com/en-us/sbi-long-term-advantage-fund-series-v
- The Reserve Bank of India (RBI) kept its policy rates unchanged at 4% for repo rate and maintained its accommodative stance.
- RBI revised its inflation forecast higher for the second half of FY21 but acknowledged that economic growth is recovering faster than expected.
- RBI expects the economy to contract by 7.5% in FY21, a lower contraction than previously estimated, and for inflation to remain elevated in the near future.
This document describes a new fund offering (NFO) for the DSP Banking & Financial Services Fund, an open-ended equity scheme that invests in the banking and financial services sector in India. The NFO period is November 20th to December 4th. The document outlines the strong historical performance of the banking and financial services sector compared to broader markets and highlights growth opportunities across sub-sectors. It also discusses risks related to the fund's sectoral focus and concentration.
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
The document predicts that the Sensex, India's stock market index, will reach 100,000 by 2020 due to strong economic growth and stock market returns in India over the next several years. It cites improving domestic macros, supportive global markets, expected governance improvements, and foreign investment as reasons for optimism about 2014. It predicts 6% GDP growth in fiscal year 2015 and revival of the growth and earnings cycle. Infrastructure projects, manufacturing growth, prolonged economic expansion, and 15-25% annual earnings growth could lead to 25% compound stock market returns reaching Sensex 100,000 by 2020.
Myers Industries, Inc. held an investor presentation in May 2015 to discuss the company's goals, strategies, and financial results. The presentation focused on how Myers has realigned its business segments, strengthened its balance sheet, and increased returns through acquisitions and operational improvements. It also highlighted the company's goals of growing earnings faster than sales, maintaining financial strength, and allocating capital to both investments and returning cash to shareholders.
Intact Financial Corporation is Canada's largest personal and commercial property and casualty insurer. Some key points from the document:
- Intact has over $7.3 billion in annual premiums and leads the market in several Canadian provinces.
- The company has a diversified business across personal and commercial lines as well as different distribution channels.
- Intact aims to outperform the industry in key metrics like return on equity by at least 500 basis points annually through initiatives like pricing segmentation, claims management, and investments.
- The company has an $13.4 billion investment portfolio and a strategy to generate higher returns than peers from active management and preferred exposures.
- Intact will pursue growth organically and through
Similar to ICICI Prudential Growth Fund - Series 1 (Presentation) (20)
- Weighted average yields are provided for various Indian government securities (G-Secs) and treasury bills (T-Bills) with maturities from 1 to 30 years, as well as commercial paper (CP) and certificates of deposit (CD), based on data from CRISIL Research.
- Yields have decreased over the past day, week and month for most securities, with the largest decreases seen in 10-30 year G-Secs and lower rated corporate bonds.
- The US 10-year Treasury yield has increased over the past day but remains up significantly compared to one year ago.
- The document provides weighted average yield rates for various Indian government securities (G-secs) and treasury bills (T-bills) over different time periods, ranging from 1 day to 1 year. It also includes commercial paper (CP) and certificate of deposit (CD) rates.
- Most yields decreased over the past day but increased from 1 month ago. The 10-year G-sec yield saw the largest month-over-month increase of 16 basis points.
- US 10-year Treasury yields increased 14 basis points in the past day but remain higher than 1 month ago.
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 document provides weighted average yield rates for various Indian government securities (G-secs) and treasury bills (T-bills) over different time periods, ranging from 1 day to 1 year. It also includes commercial paper (CP) and certificate of deposit (CD) rates.
- Most yields declined over the past day, week and month except for shorter term T-bills and CPs. Rates remain lower than one year ago, except for the US 10-year yield which is higher by 45 basis points from a year ago.
- The source is CRISIL Research and performance shown may not indicate future yields.
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
- The document provides weighted average yields for various Indian government securities (G-secs) and treasury bills (T-bills) over different time periods, ranging from 1 day to 1 year.
- It also lists current call money rates, repo rates set by the RBI, and yields on certificates of deposit (CDs), commercial paper (CP), and corporate bonds of different credit ratings and maturities.
- The source is CRISIL Research and all figures are in basis points, with most yields down from 1 day to 1 month ago but higher than the last day of the previous fiscal year.
This document provides weighted average yield data for various Indian government securities (G-secs) and treasury bills (T-bills) over different time periods, as well as commercial paper (CP) and certificate of deposit (CD) rates. It shows small decreases in most short-term rates over the past day and larger decreases over the past month. Long-term government bond yields have increased slightly over the past day but remain lower than one month ago.
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
- The document provides weighted average yield rates for various Indian government securities (G-secs) and treasury bills (T-bills) over different time periods, ranging from overnight to 30 years. It also lists commercial paper (CP) and certificate of deposit (CD) rates across tenors.
- Yield rates decreased slightly over the past day for most securities, but were down more substantially from a month ago. The largest monthly decreases were seen in 1-month CP (down 42 basis points) and 1-year AAA corporate bonds (down 25 basis points).
- US 10-year Treasury yields increased 6 basis points from the previous day but remain lower than a month ago, when they were 49 basis points higher
- The document provides weighted average yield data for various Indian government securities (G-secs) and treasury bills (T-bills) with maturities ranging from 1 day to 30 years, as well as commercial paper (CP) and certificates of deposit (CD), for the last day, 1 day ago, 1 week ago, 1 month ago, and the last day of the previous fiscal year.
- Yields have generally decreased over the past month for most tenors of G-secs, T-bills, CPs and CDs, while corporate bond yields have shown mixed movements depending on credit rating.
- The US 10-year Treasury yield has fallen 45 basis points over the past month but risen
The document provides weighted average yield data for various Indian government securities (G-secs) and treasury bills (T-bills) with maturities ranging from 1 day to 30 years. It also includes commercial paper (CP) and certificate of deposit (CD) rates across different durations as well as corporate bond yields segmented by credit ratings. The yields have decreased over the past week and month but are higher than the last day of the previous fiscal year for most instruments.
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
The document provides weighted average yield data for various Indian government securities (G-secs) and treasury bills (T-bills) with maturities ranging from 1 day to 30 years. It also includes commercial paper (CP) and certificate of deposit (CD) rates as well as corporate bond yields across rating categories. Yields have increased over the past month but remain lower than 1 year ago, with the exception of 30-year G-secs which have risen, and US 10-year treasury yields which are substantially higher than last fiscal year.
The document provides weighted average yields for various Indian government securities (G-Secs) and treasury bills (T-Bills) with tenors ranging from 1 day to 30 years. It also lists yields on commercial paper (CP), certificates of deposit (CD), and corporate bonds (CB) of different credit ratings and maturities from the previous day, week, month, and fiscal year. Yields on most instruments decreased in the past day but increased from the last day of the previous fiscal year.
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
- The document provides weighted average yield rates for various Indian government securities (G-secs) and treasury bills (T-bills) over different time periods, ranging from 1 day to 1 year.
- It also lists commercial paper (CP) and certificate of deposit (CD) rates, as well as corporate bond yields of different credit ratings.
- The source is CRISIL Research and yields are as of November 1st, with changes shown in basis points compared to various prior periods.
- US 10 year bond yields are also provided for comparison.
- The document provides weighted average yield rates for various Indian government securities (G-secs) and treasury bills (T-bills) with maturity periods ranging from 1 day to 30 years. It also lists rates for commercial paper (CP), certificates of deposit (CD), and corporate bonds (CB) of different credit ratings and maturity periods.
- The yields are shown as of October 27th, 2022 along with changes over the past 1 day, 1 week, 1 month, and compared to the last day of the previous fiscal year (March 31st, 2023).
- US 10 year bond yields are also provided, showing a 25 basis point increase over 1 month but 136 basis point rise compared to
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
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
South Dakota State University degree offer diploma Transcriptynfqplhm
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
ICICI Prudential Growth Fund - Series 1 (Presentation)
1. • Long term wealth creation solution
• A close-ended diversified equity fund that aims to provide capital appreciation by investing in equity
and equity related instruments.
* Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
HIGH RISK
(BROWN)
This product is suitable for investors who are seeking*:
(BLUE) investors understand that
their principal will be at low risk
(YELLOW) investors understand that
their principal will be at medium risk
(BROWN) investors understand that
their principal will be at high risk
Note: Risk may be represented as:
Growth Fund - Series1Growth Fund - Series1NFO Period: June 02, 2014 to June 16, 2014
3. Prelude
3
• New government emerges with clear majority after 3 decades.
• This event is a big structural change for equities.
• With clear majority at the centre, the decision making could be on a fast track
mode and pave its way for structural reforms.
• This can lead to potential re-rating/upgrades of earnings of the corporates in
several sectors.
Hence, it is important for investors to consider investing in equities at this point of time.
4. 4Source: Bloomberg
Sensex performance post 1984
0
100
200
300
400
500
600
700
800
900
1983 1984 1985 1986 1987 1988 1989
S&P BSE Sensex
Clear Majority in 1984
The last time the market saw a clear majority for any govt. was way back in 1984.
6. GDP: Gross Domestic Product; IIP: Index of Industrial Production 6
EQUITY INVESTING - FRAMEWORK
• MACRO INDICATORS
• Invest when GDP growth is low
• Invest when IIP is low
• Invest when Fiscal Deficit is improving
• VALUATIONS
• Invest when earnings have bottomed out
• SENTIMENT
• Invest when investors are under allocated towards equities
8. 8
WHY EARNINGS ARE IMPORTANT?
• Sign of good corporate management and efficient use of capital
• High correlation between earnings and real GDP growth rate
• Increasing market share leads to high earnings
• Healthy margins; good financial health echoes in earnings
• Stock prices are lead indicators of earnings
Effectively, increasing earnings means increase in shareholders’ wealth
9. 9
There is a high correlation between Sensex Earnings and India’s real GDP growth
rate & Sensex movement
Source: Edelweiss Securities Ltd; Motilal Oswal; ROE – Return on Equity
EARNINGS, GDP GROWTH AND MARKET
PERFORMANCE
0
5000
10000
15000
20000
25000
10
12
14
16
18
20
22
24
FY97
FY98
FY99
FY00
FY01
FY02
FY03
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
Sensex ROE (%, LHS) S&P BSE Sensex
-5.0
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
12.0 Sensex EPS Growth (%) GDP Growth (%)
Sensex EPS
growth
GDP growth
10. RELATIONSHIP BETWEEN EARNINGS
AND STOCK PRICES
10Source: Motilal Oswal
This illustration is to explain the concept of stock price movement basis the change in earnings of the Company. Actual results may vary significantly from the ones mentioned
here. The stocks given above should not in any manner be construed as recommendation and ICICI Prudential Mutual Fund/AMC may or may not have any future position in
these stocks. The performance of stocks would ultimately depend on various factors such as prevailing market conditions, global political scenario, exchange rate etc.
Increasing Earnings and stock price
outperformance
0
100
200
300
400
500
600
-60%
-40%
-20%
0%
20%
40%
60%
FY08 FY09 FY10 FY11 FY12 FY13 FY14
BHEL EPS Growth (%) Stock Price (RHS)
Decreasing Earnings and stock price
underperformance
BHELICICI Bank
60
310
560
810
1060
1310
-20%
-10%
0%
10%
20%
30%
40%
FY08 FY09 FY10 FY11 FY12 FY13 FY14
ICICI Bank EPS Growth (%) Stock Price (RHS)
11. OPPORTUNITIES FOR EARNINGS EXPANSION
11
Identifying companies where there could be a turnaround based on above parameters, leading to
increase in Earnings
Economic
Revival
Regulatory
Changes
Favourable
Industry
Dynamics
Company
Specific
Factors
12. ECONOMIC REVIVAL
12Source: Motilal Oswal and Bloomberg; GNPA & NNPA – Gross & Net Non Performing Assets
0.0
5.0
10.0
15.0
20.0
FY98
FY99
FY00
FY01
FY02
FY03
FY04
FY05
GNPA (%) NNPA(%)
Improvement in NPA’s during NDA regime
• The new government can take steps to clear
supply side bottlenecks, which may lead to
lower inflation.
• It is expected that NDA Govt. may take
initiatives to bring down NPA’s in the banking
sector as they had done in the 98-04 period.
GDP growth and CNX Bankex
• Reversal in the interest rate cycle and
improvement in NPA’s may lead to increase
the earnings in the banking sector.
Banking
4%
5%
6%
7%
8%
9%
10%
0
1000
2000
3000
4000
5000
6000
7000
FY02 FY03 FY04 FY05 FY06 FY07 FY08
GDP Growth (RHS)
CNX Bankex (LHS)
13. 13
• Implementation of infra projects during the
NDA (98-04) regime was firm.
• Past trend shows that there has been strong
correlation between infra spending and GDP
growth.
GDP growth and CNX Infra Index
• Softening of interest rates along with the
expected clearance of stalled projects may
lead to growth in earnings of the infra
companies
Infrastructure
ECONOMIC REVIVAL
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
10.00%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
FY93 FY97 FY01 FY05 FY09 FY13
GDP growth (LHS) Infra Spend (% of GDP)
4%
5%
6%
7%
8%
9%
10%
0
500
1000
1500
2000
2500
3000
3500
4000
4500
FY04 FY05 FY06 FY07 FY08
GDP Growth (RHS)
CNX Infra (LHS)
Source: Macquarie Research and Bloomberg
14. 14
REGULATORY CHANGES
• Increase in global crude prices and depreciation of INR led to increase in under
recoveries for the Oil marketing companies
• Deregulation of diesel prices can reduce subsidy burden and improve earnings of PSU
Oil and Gas companies
MSCI Oil and Gas
Source: Edelweiss Securities Ltd
10
12
14
16
18
20
22
24
26
28
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
ROE (%)
15. INDUSTRY DYNAMICS
15Source: Edelweiss Securities Ltd
• Debottlenecking projects – which involves lesser capital outlay but which can improve
capacity utilization, can be the main focus of the new government.
• This may lead to spurt in growth in the coming years.
• Further, fall in the interest rates may also lead to improvement in the earnings for
industrial sector.
MSCI Industrials
10
12
14
16
18
20
22
24
26
28
30
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
ROE (%)
16. COMPANY SPECIFIC FACTORS
16Source: Bloomberg; CAD – Current Account Deficit
This illustration is to explain company specific factors that can impact earnings. It is necessary to note that the list given above is not exhaustive and
there may be other factors impacting earnings. Past performance may or may not be sustained in future. The stock mentioned above does not
constitute any recommendation and ICICI Prudential Mutual Fund/AMC may or may not have any future position in this stock. The performance of
stocks would ultimately depend on various factors such as prevailing market conditions, global political scenario, exchange rate etc.
• Due to curbs on gold imports in 2013, the
stock price of the company was immediately
impacted on the expectations of fall in
earnings.
• We believe that with the CAD situation under
control, the regulator is likely to reverse the
restrictions.
• This may have positive impact on the
earnings.
A Consumer Discretionary company
170
190
210
230
250
270
290
310
30-Apr-13 31-Jul-13 31-Oct-13 31-Jan-14 30-Apr-14
18. 18Source: Bloomberg
IDENTIFYING GROWTH STOCKS IN
THE MARKET
This slide is to illustrate the concept of identifying growth stocks in the market. There is also a possibility of the expected event not happening or some
other unforeseen event that may affect performance of the company. The performance of stocks would ultimately depend on various factors such as
prevailing market conditions, global political scenario, exchange rate etc.Investors are requested to note that there are various factors (both local and
international) that can have impact on the future performance and expectations of any company. Information given is available in public domain.
There is no assurance or guarantee of any company being able to sustain its performance in future.
• Markets had expected a recovery on
passenger car segment.
• The expectations were that strengthening of
INR can be beneficial for the company.
• The company had invested in new plant,
which could help in meeting demand
whenever there is recovery in the economy.
An Auto Company
1500
1600
1700
1800
1900
2000
2100
2200
2300
19. 19Source: Bloomberg
This slide is to illustrate the concept of identifying growth stocks in the market. There is also a possibility of the expected event not happening or some
other unforeseen event that may affect performance of the company. The performance of stocks would ultimately depend on various factors such as
prevailing market conditions, global political scenario, exchange rate etc.Investors are requested to note that there are various factors (both local and
international) that can have impact on the future performance and expectations of any company. Information given is available in public domain.
There is no assurance or guarantee of any company being able to sustain its performance in future.
• Markets had expected a recovery in
Economy.
• There was an opportunity in the counter
when stock price slumped as large amount
of NPA and restructured loans were
recognized in the financials.
• The banks backed with professional
management and which are well capitalized;
could participate in growth when the credit
demand picks up.
A Large Cap Bank
IDENTIFYING GROWTH STOCKS IN
THE MARKET
1400
1600
1800
2000
2200
2400
2600
2800
20. 20Source: Bloomberg
IDENTIFYING GROWTH STOCKS IN
THE MARKET
This slide is to illustrate the concept of identifying growth stocks in the market. There is also a possibility of the expected event not happening or some
other unforeseen event that may affect performance of the company. The performance of stocks would ultimately depend on various factors such as
prevailing market conditions, global political scenario, exchange rate etc.Investors are requested to note that there are various factors (both local and
international) that can have impact on the future performance and expectations of any company. Information given is available in public domain.
There is no assurance or guarantee of any company being able to sustain its performance in future.
• The company has high debt on its balance
sheet and is in the process of deleveraging
cycle.
• Softening of interest rates and improvement
in demand for the cement industry may help
improve earnings.
A Cement Company
30
40
50
60
70
80
90
01-Jan-14 01-Feb-14 01-Mar-14 01-Apr-14 01-May-14
21. 21
ICICI Prudential Growth Fund - Series 1
# The number of stocks provided is to explain the investment philosophy and the actual number may go up or down depending on then prevailing market
conditions at the time of investment.
* Dividends will be declared subject to availability of distributable surplus and approval from Trustees
• A 3 year close ended equity fund investing in 40-60 stocks#
• Aims to provide long-term capital appreciation by:
• Identifying companies which are likely to see growth in earnings over
next 3 years period.
• Investing across market cap with a bias towards mid & small cap space,
Infrastructure and Banking sector.
• Being adequately diversified, while not restricting it to benchmark sector
weights.
• Declare commensurate dividends*.
22. 22
High Conviction Portfolio (40-60* stocks)
Data Integrity Screens
Company Characteristics
• Strong competitive edge • Sustainable market position
Investable Universe
(Companies with Potential Profit or EPS growth > Sensex Profit or EPS growth)
Valuation & Fundamental verification
Valuation Parameter
• Increasing trend in Earnings • Improving B/S structure
Recurringprocess
Daily Risk control
• Proven business model • Financial Strength • Business Durability
Investment Approach
* The number of stocks provided is to explain the investment philosophy and the actual number may go up or down depending on then prevailing market
conditions at the time of investment.
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SCHEME FEATURES
Type of scheme A Close ended equity scheme
Investment Objective The investment objective of the Scheme is to provide capital appreciation
by investing in a well-diversified portfolio of equity and equity related
securities.
However, there can be no assurance that the investment objective of the
Scheme will be realized.
Options Direct Plan – Dividend payout Option
Regular Plan – Dividend payout Option
Minimum Application Amount Rs 5,000 (plus in multiple of Rs.10)
Entry & Exit Load Not Applicable
Benchmark Index CNX Nifty Index
Fund Manager* Manish Gunwani & Venkatesh Sanjeevi
* Mr. Ashwin Jain for investment in ADR/GDR/ Foreign securities
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All figures and other data given in this document are as on 30th April 2014 unless stated otherwise. 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.
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 information 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.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
Disclaimers