Market outlook April 2021 - ICICI Prudential Mutual Fund

Global Indices Performance
2
• Major Global Indices
surged with positive
economic data and pace of
vaccination campaigns
particularly in US & Europe
• Indian Markets too gained
taking cues from its Global
peers and hopes of faster
vaccination drive
Germany - DAX Index; China - SSE Composite Index; France - CAC 40 Index; Japan - Nikkei; Eurozone - Euronext 100; Hong Kong - HangSeng; US - Dow Jones; Singapore - Strait Times; Russia - RTS Index; Indonesia - Jakarta
Composite Index; U.K. - FTSE; South Korea - Kospi; Brazil - Ibovespa Sao Paulo Index; Indonesia – Jakarta Composite Index; Switzerland – Swiss Market Index; Taiwan – Taiwan Stock Exchange Corporation; India – S&P BSE
Sensex; Returns in % terms. GDP – Gross Domestic Product. Data Source: MFI & ACEMF, Returns are absolute returns for the index calculated between Feb 28, 2021 – Mar 31, 2021. Past performance may or may not sustain in
future. COVID – Coronavirus Disease. MFI Explorer is a tool provided by ICRA Online Ltd. For their standard disclaimer please visit http://www.icraonline.com/legal/standard-disclaimer.html
9
7
7 6 6 6
5 5
4 3
2
1 1
-2 -2
-4
-6
-4
-2
0
2
4
6
8
10
Germany
Singapore
US
Europe
France
Brazil
Switzerland
Russia
UK
Taiwan
South
Korea
India
Japan
China
Hong
Kong
Indonesia
Absolute
Returns
(%)
Returns Performance - March 2021

India – Sectoral Indices Performance
3
Due to a surge in COVID
cases, defensives like IT &
FMCG performed. Metals
did well due to expected
demand growth. Rate
sensitive sectors like
Banks, Auto, etc. were
laggards due to rise in US
& India bond yields
All indices are of S&P BSE and carry the prefix of S&P BSE; Abbreviated CD - S&P BSE Consumer Durables; CG - S&P BSE Capital Goods; FMCG - S&P BSE Fast Moving Consumer Goods; HC - S&P BSE Health Care; Infra. - S&P BSE India
Infrastructure; IT - S&P BSE Information Technology, NBFC – Non-banking Finance Companies. Data Source: MFI, ACEMF ; Returns are absolute returns for the TRI variant of the index (except Infrastructure Index) calculated between Feb
28, 2021 – Mar 31, 2021; Past performance may or may not sustain in future. The sector(s)/stock(s) mentioned in this slide do not constitute any recommendation and ICICI Prudential Mutual Fund may or may not have any future position
in this sector(s)/stock(s). MFI Explorer is a tool provided by ICRA Online Ltd. For their standard disclaimer please visit http://www.icraonline.com/legal/standard-disclaimer.html.
9 8
8
5
3 3 2
-1
-2
-3 -3 -3 -4 -4 -4
-7
-10
-6
-2
2
6
10 IT
Basic
Mat.
FMCG
Metal
CD
Power
HC
Infra
CG
Finance
Energy
Auto
Bankex
Oil
&
Gas
Realty
Telecom
Absolute
Returns
(%)
Returns Performance - March 2021

EQUITY OUTLOOK:
COVID resurgence temporary impediment to Growth
Long term Structural Growth drivers in place
Add equities with a long term view
4

India is now witnessing the second wave of COVID-19 infections. However, vaccination drive across the
world and India has led to a belief that the pandemic and resulting economic risks are manageable
COVID-19 Resurgence
5
Source: Morgan Stanley Research. Data as Mar 31, 2021
0
20000
40000
60000
80000
100000
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Covid-19 cases: Trend in India
Daily New Cases Daily New Cases, 7 day average

Despite the resurgence of Pandemic, Indian economy continues to remain on the track to recovery
Power Demand increased 23% YoY and Passenger Vehicle Sales increased by 129% YoY
Economic Recovery on Strong Footing
6
Source: Morgan Stanley Research. Data as Mar 31, 2021
5% 4%
23%
-25%
-15%
-5%
5%
15%
25%
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Power Demand, YoY (%)
129%
-100%
-50%
0%
50%
100%
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Passenger Vehicles Sales, YoY (%)

GST Collections touched a record high in Mar-21at Rs. 1239 Bn, a growth of 27% YoY.
Manufacturing PMI held the fort steady with a reading above 50 for the 8th consecutive month
Economic Recovery on Strong Footing
7
Source: Morgan Stanley Research. Data as Mar 31, 2021. GST – Goods & Services Tax, PMI – Purchasing Manager’s Index
8%
27%
-80%
-60%
-40%
-20%
0%
20%
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
GST Collections, YoY (%)
55.4
0
10
20
30
40
50
60
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Manufacturing PMI

Current Macro environment and Policies
favourable for further recovery
8

The RBI has been highly supportive of Growth since the beginning of the Pandemic.
Having slashed a total of 115 bps of Repo Rate and providing surplus liquidity in the system to encourage growth,
RBI’s accommodative stance is expected to continue for some time
Domestic Monetary Policy
9
Source: RBI, Morgan Stanley Research.
29%
19%
22%
25%
28%
May-15
Dec-15
Jun-16
Dec-16
Jun-17
Jan-18
Jul-18
Jan-19
Jul-19
Feb-20
Aug-20
Feb-21
RBI Balance Sheet Expansion (%)
5.15
4.00
3.5
4.0
4.5
5.0
5.5
Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
RBI Repo Rate (%)

Union Budget 2021-2022 clearly indicated Govt.’s intent to bolster growth with a projected increase in
capital expenditure & spending which may lead to increase in demand
Domestic Fiscal Policy
10
Source: Morgan Stanley Research. Data as of Mar 31, 2021. RE – Revised Estimate, BE – Budgeted Estimate, Capex – Capital Expenditure
30.8%
26.2%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
F2010
F2011
F2012
F2013
F2014
F2015
F2016
F2017
F2018
F2019
F2020
F2021RE
F2022BE
Govt. Capex, YoY%
1.8%
2.5%
1.5%
1.8%
2.1%
2.4%
F2010
F2011
F2012
F2013
F2014
F2015
F2016
F2017
F2018
F2019
F2020
F2021RE
F2022BE
Govt. Capex, % of GDP

Union Budget – Key Highlights
11
Source: Budget Document (https://www.indiabudget.gov.in/index.php). Capex – Capital Expenditure, GIC – General Insurance Company, DISCOMS – Distribution Companies, TDS – Tax Deducted at Source, REIT – Real Estate Investment Trust,
InvITs – Infrastructure Investment Trust.
Bank Recapitalization
Rs. 20,000 Crs allocated
to Bank Recapitalization
plan in FY22
Power & Gas
• Liquidity support for
DISCOMS
• 100 cities to be
added to city gas
distribution network
Disinvestment
• Receipts from
disinvestment targeted
at Rs. 1.75 Lakh Cr in
FY22
• Privatization of 2
Public Sector Banks &
1 GIC
Tax Benefits
• No TDS on dividend
distribution by REIT &
InvITs
• Tax deduction benefits
for affordable housing
extended to FY22
Increase in Capex
• Allocate ~Rs. 5.54
Lakh Cr in FY22 Vs. Rs.
4.39 Lakh Cr in FY21
• Rs. 2 Lakh Crs to
states & Autonomous
bodies for Capex
Infrastructure
• ~1 Lakh Crs allocated
to both Railways and
Road Transport &
Highways each
• Development Finance
Institution will target to
lend at least Rs. 5 Tn in
next 3 years

Govt. & RBI efforts to support Growth
12
Source: Spark Capital. Gross Borrowing includes repayment of past loans
Govt. is funding the large fiscal deficit caused by COVID
driven stimulus measures through aggressive market
borrowings this year
The RBI too has been providing full support through
aggressive OMO purchase of Rs. 2.3tn in 8M FY21
6.3
4.7
10.5
8.5
Gross market borrowings Net market borrowings
Central Govt. market borrowings (Rs. tn)
Apr-Jan FY20 Apr-Jan FY21
910
295
0 37 17
225
463
328
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
RBI's Open Market Operations:
Net purchase (Rs. bn)

13
Source: Morgan Stanley Research, RBI. 3MMA – 3 Month Moving Average
Developed Markets especially the US and Europe are reporting strong set of economic activity numbers.
Demand recovery is expected in these markets which may benefit Indian exports.
A continued recovery in exports coupled with expected recovery in domestic demand may favour growth
External Demand Environment
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
Dec-15
Apr-16
Aug-16
Dec-16
Apr-17
Aug-17
Dec-17
Apr-18
Aug-18
Dec-18
Apr-19
Aug-19
Dec-19
Apr-20
Aug-20
Dec-20
Developed Nation Imports (YoY%, 3MMA)
US Euro Area Japan
Improving Developed Nation Imports good for Indian exports Overall demand is improving as capacity utilization rate improves
47.3
63.3
40.0
50.0
60.0
70.0
80.0
Sep-17
Dec-17
Mar-18
Jun-18
Sep-18
Dec-18
Mar-19
Jun-19
Sep-19
Dec-19
Mar-20
Jun-20
Sep-20
Capacity Utilization %

Long Term Growth Drivers in Place
14

Growth & Demographics
15
Source: Morgan Stanley Research, LATAM – Latin America, Rest of AXJ – is 10 AXJ (Asia Pacific ex Japan) economies ex India, Indonesia, China, Africa is a sum of 58 countries, GDP – Gross Domestic Product. Data as of Mar 31, 2021
India has inched to the 6th position in terms of GDP, compared to a rank of 12 in 1990.
This has been possible due to favourable demographics and increased consumption. As per IMF, India
will add ~23% of working age population in next 10 years
20807
15222
4911
3781
2638 2593 2551 1848 1600 1587
0
5000
10000
15000
20000
USA
China
Japan
Germany
UK
India
France
Italy
Canada
Korea
GDP, US$ bn
-26 (-6%)
--24(-5%)
-5 (-1%)
5(1%)
3 (1%)
17(4%)
33(7%)
101 (23%)
-80 -30 20 70 120 170
China
Europe
Japan
US
Rest of AXJ
Indonesia
LATAM
India
Africa
World 5084
753
439
206
215
75
185
928
448(100%)
236(53%)
Figures in () indicate share in world
working age population addition
1012
485
Working Age Population as
of 2020 (People in Mn)
Additions to Working Age
Population, People mn
(2020-2030E)

Key Structural Reforms
16
Key Reforms Measures introduced by the Government
Source: Morgan Stanley Research
Production Linked Incentive
Insolvency & Bankruptcy Code
Corporate Tax Rate
Goods & Services Tax
Land Reforms
Boost domestic manufacturing with an aim to bring import substitution &
increase Global Market Share
The Insolvency & Bankruptcy Code 2016 considered one of the biggest
insolvency reforms in India, enabled insolvency resolution in a time bound
manner
To encourage ‘Make in India’ policy, corporate tax rate was reduced from
25% to 15% for new manufacturing firms in line with other Asian
Countries
This tax, introduced in 2016, simplified tax system by subsuming all
indirect taxes which is easy to administer
Creation of Land banks to make land easily identifiable for industrial
projects coupled with provision of details about logistics

Govt. Policy Measures –
(Growth) GDP = C + I + G + NX
17
Source: Budget Document (https://www.indiabudget.gov.in/index.php). NCLT – National Company Law Tribunal, PSU – Public Sector Undertaking, IPO – Initial Public Offering, LIC – Life Insurance Corporation of India, ULIP – Unit Linked
Insurance Plan, FDI – Foreign Direct Investment, * Please consult your tax advisor for more details
In an environment wherein Consumption, Investment and Net Exports are muted, the Govt. has aptly taken steps to
ramp up spending in sectors such as Infrastructure, Banks & Finance, etc. which are integral to Economic Growth
C I G NX
CONSUMPTION INVESTMENT GOVT. SPENDING NET EXPORTS
Significantly
hit post
COVID-19
Due to muted
demand,
businesses are
not investing
Govt. is aptly
taking steps to
spur Growth
(refer to the Union Budget slides)
Due to Global
slowdown &
lockdowns, Net
Exports i.e. (Exports-
Imports) is yet to pick up

Value Vs. Growth
19
Source: Morgan Stanley. Time Period considered – Sep 30, 2020 to Mar 31, 2021. Past performance may or may not sustain in future. EM – Emerging Markets. Index Values have been re-based to 100
MSCI EM Value has
begun outperforming
Growth in the last few
months
117
127
100
110
120
130
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
MSCI EM Value Vs. MSCI EM Growth Index
MSCI EM Growth Index MSCI EM Value Index

Value Vs. Growth
20
Total Universe considered is 1657 listed stocks. Stocks are arranged in descending order as per Marketcap. Marketcap change is considered for period between 28-Feb-18 and 31-Mar-21. Source: Edelweiss Research. Past
performance may or may not sustain in future
Post 2018 market fall, market
rally was concentrated and led
by Growth stocks. However,
post Oct-2020, we have seen a
more broad based rally and
going forward we expect this
rally to continue as the
economy further opens up
94%
39%
20%
33%
25%
-16%
-51%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
Top
10
Top
11-20
Top
21-50
Top
51-100
101-250
251-500
>=501
Marketcap Change (Since Feb'18 till Mar'21)

Value Investing
Value Vs. Dollar movement
21
Source: Morgan Stanley. Data as of Mar 31, 2021. Past performance may or may not sustain in future. EM - Emerging Markets
• Historically, MSCI EM Value
Index has performed when
US Dollar depreciates
• As can be seen, MSCI EM
Value Index has begun
performing
• Going forward, we expect
the Dollar to depreciate
further and Value to continue
performing
60
70
80
90
100
110
100
150
200
250
300
Dec-07
Feb-09
Mar-10
Apr-11
May-12
Jul-13
Aug-14
Sep-15
Oct-16
Dec-17
Jan-19
Feb-20
Mar-21
US
Dollar
Index
MSCI
EM
Value
Index
MSCI EM Value Index Vs US Dollar Index
MSCI EM Value Index US Dollar Index

Value Investing through
ICICI Prudential Value Discovery Fund
22
The portfolio of the scheme is subject to changes within the provisions of the Scheme Information Document of the Scheme. The asset allocation and investment strategy will be as per the Scheme Information Document. Investors are
requested to take note of proposed changes in fundamental attributes of the scheme and proposed merger with ICICI Prudential Value Fund - Series 18 w.e.f. May 17, 2021
PORTFOLIO POSITIONING

23
ICICI Prudential Asset Allocator Fund (FOF) aims to allocate across Equity, Debt & Gold
basis relative valuations
Asset Allocation Strategies –
Better equipped to handle Turning Points
Source: MFI. Net Equity levels are as on month ends,. The portfolio of the scheme is subject to changes with in the provisions of the Scheme Information document of the scheme. Please refer to the SID for investment pattern, strategy and risk factors. Data as on
Mar 31, 2021. The asset allocation and investment strategy of the Scheme will be as per Scheme Information Document. 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. Investors may please note that they will be bearing the recurring expenses of this Scheme in addition to the expenses of the underlying Schemes in which this Scheme makes investment.
36%
83%
40%
41,254
29,468
49,509
25,000
30,000
35,000
40,000
45,000
50,000
30%
40%
50%
60%
70%
80%
90%
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
S&P
BSE
Sensex
Levels
ICICI
Prudential
Asset
Allocator
Fund
(FOF)
Net
Equity
Levels
S&P BSE Sensex Levels Vs ICICI Prudential Asset Allocator Fund (FOF) net equity exposure (%)
Net Equity Level S&P BSE Sensex

Triggers to Current Market Rally
We believe the current market rally may last till below triggers come into action
and that Macros are going to be utmost important going forward
24
US INFLATION
CRUDE
The US has expressed
its comfort in high
inflation at the moment
in a bid to spur Growth
US Treasury Yields
reaching 2%
Crude Oil touching
60-65$/bbl may lead
to high inflation
US 10Y TREASURY
YIELDS
BREACHED CURRENTLY AT 1.6% WATCHFUL

ICICI Prudential Business Cycle Fund –
Navigating Business Cycles with Nimbleness
25
With macro environment expected to be highly dynamic, there arises a need for scheme that is
nimble enough to participate across different Business Cycles at any given point in time
Output
Capacity
Growth
Trend
Growth
Recession
Slump
Recovery
Time
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.

History suggests –
Sectoral Leadership has changed with every Crisis
26
2000 (Dot Com Bubble) 2008 (Lehman Crisis) Now (COVID-19 Pandemic)
Sector Weightage
CONSUMER GOODS 27.5%
OIL & GAS 24.2%
IT 12.2%
FINANCIAL SERVICES 10.1%
PHARMA 7.2%
Sector Weightage
OIL & GAS 19.3%
TELECOM 9.7%
POWER 5.5%
CONSTRUCTION 3.6%
Sector Weightage
IT 16.8%
OIL & GAS 11.8%
CONSUMER GOODS 11.5%
AUTOMOBILE 5.4%
Nifty 50 Index Constituents – The Great Churn
Aim to invest in potential future leaders
Data as of Mar 31, 2021. Source: NSE. The stock(s)/sector(s) mentioned in this slide do not constitute any recommendation and ICICI Prudential Mutual Fund may or may not have any future position in this stock(s)/sector(s). Since
COVID-19 is an on-going pandemic, further change in sectoral leadership can be expected

ICICI Prudential Focused Equity Fund –
Focused on future potential leaders
27
Portfolio Data is as of Mar 31, 2021. The portfolio of the scheme is subject to changes within the provisions of the Scheme Information Document of the Scheme. The asset allocation and investment strategy will be as per the Scheme Information Document
Macro Vs. Micro
The portfolio currently focuses on micro theme by investing in companies which
have strong fundamentals and better earnings
Overall Macro Recovery
The scheme has exposure towards sectors which may benefit from overall
macro recovery like pick up in Credit Growth and Capex cycle, Real Estate, etc.
Disruption and Dislocation
The scheme has good exposure to companies which may benefit from
temporary disruption due to COVID-19 impact or which can tide over the
dislocation of supply chain
Large Financial Companies
The portfolio also has good exposure towards large financial companies which
may benefit from economic recovery cycle (better credit growth + lower credit
cost) and from consolidation in PSU space

28
ICICI Prudential Balanced Advantage Fund aims to allocate between Equity & Debt basis market valuations
Asset Allocation Strategies –
Better equipped to handle Turning Points
Source: BSE India & MFI, Data as of Mar 31, 2021. The in-house valuation model starts from March 2010 onwards. The asset allocation and investment strategy will be as per Scheme Information Document. MFI Explorer is a tool
provided by ICRA Online Ltd. For their standard disclaimer please visit http://www.icraonline.com/legal/standard-disclaimer.html Scheme benchmark is Crisil Hybrid 50+50 – Moderate Index
41254
29468
49509
46
74
38
35
45
55
65
75
28000
32000
36000
40000
44000
48000
Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
ICICI
Prudential
Balanced
Advantage
Fund
Net
Equity
Fund
Levels
(%)
S&P
BSE
Sensex
S&P BSE Sensex Levels Vs. ICICI Prudential Balanced Advantage Fund Net Equity Levels (%)
S&P BSE Sensex Net Equity Exposure %

29
Multi-Asset Allocation Strategy –
An array of opportunities across asset classes
Data as of Mar 31, 2021, Equity portion is excluding the derivative exposure and including preference shares. The portfolio has exposure of 7.83% to Gold ETCDs (Exchange Traded Commodity Derivatives)
78%
4%
2%
16%
Equity
Gold
Units of Real Estate Investment Trusts
(REITs) & Infrastructure Investment
Trusts (InvITs)
Debt Holdings & Net Current Assets

Why ICICI Prudential Multi-Asset Fund Now?
30
* Consult your tax advisor for more details. REITs – Real Estate Investment Trusts; InvITs – Infrastructure Investment Trusts. The portfolio of the scheme is subject to changes within the provisions of the Scheme Information Document
of the Scheme. The asset allocation and investment strategy will be as per the Scheme Information Document
• Valuations – Equity Valuations are not cheap. Also, the way forward will depend on various macro factors
like inflation, interest rates, economic activity pick-up, timely vaccine roll-out, Global Central Banks fiscal
and monetary stance etc.
• Interest Rates – The interest rates are lower, hence debt as an asset class is expected to deliver average
returns
• Macro Uncertainty – In such a scenario of rising uncertainty with regards to various macro factors and low
interest rate environment, allocating funds in various asset classes is recommended
• The strategy of ICICI Prudential Multi-Asset Fund is to invest in various asset classes with an aim to provide:
 Capital appreciation by investing in equities,
 Consistent and Accrual returns by investing in debt,
 Hedge against inflation by investing in gold
 Yield enhancement by investing in REITs & InVITs and by writing covered call option.
• The scheme maintains its equity taxation* even after taking exposure to various asset classes

Our Equity Outlook
31
• Indian Economy is recovering better than Developed Nations post pandemic
• With Govt.’s focus mainly on Growth, we believe economic environment is becoming more conducive for a
Business Cycle recovery and hence for Equities
• We continue to remain positive on sectors which are closely linked to economy like Banks, Capital Goods,
Infrastructure, Metals/Mining etc.
• Market volatility too may continue given uncertainty related to COVID and Global Central Bank policies
• Macro economic environment is going to be critical and we may witness change in sectoral leaderships
• Recent market rally was narrow driven by select Growth stocks. Going forward, we expect broad-based
reasonably valued companies to perform
• We are in a boom phase and our recommendations can be summed up using the acronym A-B-C-D (Please
refer next slide for more details)

Investment Themes: ABCD
ICICI Prudential Asset Allocation Strategies –
ICICI Prudential Asset Allocator Fund (FOF)
ICICI Prudential Multi-Asset Fund
ICICI Prudential Balanced Advantage Fund –
Dynamically manages equity & debt allocation basis
Market Valuations
ICICI Prudential Business Cycle Fund – Invest in
scheme which is nimble enough to move across
sectors/marketcap as Business Cycles change
32
A
B D
C
The asset allocation and investment strategy will be as per Scheme Information Document.
Strategies which are available at a Discount to the
broader markets – ICICI Prudential Focused Equity Fund,
ICICI Prudential Value Discovery Fund, ICICI Prudential
India Opportunities Fund, ICICI Prudential Dividend Yield
Equity Fund, ICICI Prudential Infrastructure Fund

Our Top SIP Recommendations
SIP
ICICI Prudential
Asset Allocator
Fund (FOF)
ICICI Prudential
Balanced
Advantage Fund
ICICI Prudential
Business Cycle Fund
33
SIP – Systematic Investment Plan. The asset allocation and investment strategy will be as per Scheme Information Document.
ICICI Prudential
Multi-Asset Fund

Our Long term SIP Recommendations with Freedom SIP
34
SIP
ICICI Prudential
Value Discovery
Fund
ICICI Prudential
Smallcap Fund
ICICI Prudential
Midcap Fund
ICICI Prudential
Focused Equity Fund
SIP – Systematic Investment Plan, SWP – Systematic Withdrawal Plan. ICICI Prudential Freedom SIP is an optional feature that allows initial investments through SIP, switch to another scheme after a pre- defined tenure and
SWP post that. ^The SWP will be processed either till Dec2099 or till units are available in target scheme, whichever is earlier. Please read the terms and conditions in the application form before investing .For source and
target scheme names, refer the Application Form of ICICI Prudential Freedom SIP. ICICI Prudential Mutual Fund reserves the right to make changes in the source and target schemes. Investor may please note that ICICI
Prudential Freedom SIP is different from ICICI Prudential Freedom SWP.The asset allocation and investment strategy will be as per Scheme Information Document. *For more information visit www.icicipruamc.com
ICICI Prudential Freedom SIP* is a combination of Smart Features, to help investors achieve their Financial Goals. Freedom SIP allows investors
to switch the SIP investments to a target scheme, post completion of the SIP tenure & monthly SWP will continue from the target scheme

Our Equity Valuation Index
Our Equity Valuation at
this juncture
recommends long term
investment with a
minimum horizon of 3-5
Yrs coupled with
‘Dynamic Asset
Allocation Scheme’ to
manage volatility
35
Equity Valuation index is calculated by assigning equal weights to Price-to-Earnings (PE), Price-to-Book (PB), G-Sec*PE and Market Cap to GDP ratio. G-Sec – Government Securities. GDP – Gross Domestic Product, Data as of Mar 31, 2021
119.55
50
70
90
110
130
150
170
Mar-05
Mar-06
Mar-07
Mar-08
Mar-09
Mar-10
Mar-11
Mar-12
Mar-13
Mar-14
Mar-15
Mar-16
Mar-17
Mar-18
Mar-19
Mar-20
Mar-21
Aggressively invest in Equities
Neutral
Incremental Money to Debt
Book Partial Profits
Invest in Equities

FIXED INCOME OUTLOOK:
AA Strategy (Active Duration & Accrual)
expected to do well
36

Longer end of the yield curve came down post the RBI Monetary Policy April-2021, in which, the
MPC highlighted certain measures which were positive for long term yields
Yield Curve Movement
37
Data as on April 7, 2021, CRISIL Research, MPC – Monetary Policy Committee
3
4
5
6
1M 3M 6M 1 Yr 2 Yrs 3 Yrs 5 Yrs 10 Yrs
Yield Curve – Gsec (%)
07-Apr-21 04-Mar-21
3
4
5
6
7
1M 3M 6M 1 Yr 2 Yrs 3 Yrs 5 Yrs 10 Yrs
Yield Curve – Corporate Bond (%)
07-Apr-21 04-Mar-21

Inflation & Interest Rates
38
Source: GDP - MOSPI. Data as of Dec 31, 2020. Credit Growth – RBI. Data as of Mar 12, 2021
Higher Fiscal support with credit pick-up may result in stronger recovery. This may come with a risk of
elevated inflation and likely result in interest rate volatility
7.0% 6.6% 5.8% 5.0% 4.5% 4.7%
3.1%
-23.9%
-7.5%
0.4%
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
Q2
FY19
Q3
FY19
Q4
FY19
Q1
FY20
Q2
FY20
Q3
FY20
Q4
FY20
Q1
FY21
Q2
FY21
Q3
FY22
India GDP Data
4%
8%
12%
16%
Jan-19
Mar-19
May-19
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
Credit Growth (YoY)

Impact Analysis on RBI Monetary Policy – April 2021
39
• Overall policy had a dovish bias
• We continue to believe for a gradual withdrawal of monetary stimulus
• The MPC dropped the time based guidance and instead focused on growth revival on a sustainable basis keeping in
mind the objective of inflation
• We believe the recent resurgence of COVID infection resulting in restriction in certain regions may delay the
economic recovery; however the extent of impact is still uncertain
• The growth uptick in the coming quarters would result in narrowing of the policy rate corridor
• The decision to conduct Variable Reverse Repo Rate (VRRR) auctions of longer maturity greater than existing 14-
day may help RBI to anchor the short term rates and in-turn may allow market to value short-term rates above the
reverse repo rate
• In an attempt to ensure orderly evolution of yield curve, RBI announced G-SAP 1.0 which may remain supportive for
longer term yields, and may result in flattening of the yield curve
MPC – Monetary Policy Committee. Source: RBI

Fixed Income Outlook
40
• The longer end of the yield curve came down sharply post the monetary policy, due to the measures announced by
MPC to support longer term yields.
• We believe aggressive vaccine roll-out measures, easy liquidity conditions and fiscal support may provide support
to growth recovery. This may come with risk of elevated inflation and likely interest rate volatility
• In our Outlook 2021*, we have highlighted that the capital gains strategy has played out meaningfully and going
forward return expectations need to be rationalized
• RBI expected to continue gradual normalization of liquidity management operations as the growth & economic
activity picks-up
• As communicated earlier, we believe that we are at the fag end of interest rate cycle and in the current phase,
more nimble and active duration management strategy is recommended to benefit from high term premium and
to manage portfolios from expected high interest rate sensitivity
• We continue to recommend Accrual strategy with an aim to benefit from higher carry
Term Premium is the premium of 10Yr G-Sec over 1Yr T-Bills. MPC – Monetary Policy Committee, RBI – Reserve Bank of India. *Please click on following link for detailed outlook 2021document –
https://www.icicipruamc.com/docs/default-source/default-document-library/icici-prudential-outlook-2021---investor-ppt.pdf?sfvrsn=f9a51a98_2,

Fixed Income Space – Pick your side!
41
Instrument Type
Yields (%)
31-Dec-19 7-Apr-21
AAA(3 Year) 6.80 5.10
A1+(6Mnth CD) 5.56 3.75
Repo Rate 5.15 4.00
Gsec(10 Year) 6.51 6.09
AA(3 Year) 7.85 7.86
A(3 Year) 9.47 9.11
Source: CRISIL Research, Data as on Apr 7, 2021, CD – Certificate of Deposit, bps – basis points, Past performance may or may not sustain in future
170 181
115
42
-1
36
-50
0
50
100
150
200
AAA(3
Year)
A1+(6Mnth
CD)
Repo
Rate
Cut
Gsec(10
Year)
AA(3
Year)
A(3
Year)
Rate Transmission (bps) for from 31-Dec-2019
Value Zone
Expensive Zone

Some Basics with illustrations
42
Steeper the yield curve, higher the term premium,
which may make the longer end of the
yield curve more attractive
Yield 1
Yield 2
Yield 3
Rate
(%)
Duration (Years)
Term Premium
Higher the spread premium, higher would be the risk
reward benefit to move to higher spread assets
Instrument Name Yield (%) Premium (%)
3 Year -GSEC X -
3 Year- AAA Y Y minus X
3 Year- AA Z Z minus X
Credit Spread/Spread Premium

Current Scenario
43
Currently, the term premium is at one of the highest
levels seen in the last 10 years
Term Premium
Currently, the spread premium is reasonably high
compared to repo rate
Credit Spread/Spread Premium
Avg. 75
bps
Avg.
47 bps
S
P
R
E
A
D
Avg. 365 bps
Source: CRISIL Research, Data as on Mar 31, 2021. Past performance may or may not sustain in future
-3
-2
-1
0
1
2
3
4
Mar-02
Mar-03
Mar-04
Mar-05
Mar-06
Mar-07
Mar-08
Mar-09
Mar-10
Mar-11
Mar-12
Mar-13
Mar-14
Mar-15
Mar-16
Mar-17
Mar-18
Mar-19
Mar-20
Mar-21
Term
Premium
(%)
Term Premium (10 Yr Gsec - 1 Yr Tbill) % Long Term Average Premium %
Average 80 bps
240 bps
3
4
5
6
7
8
9
6 Months 1 Yr 3 Yr 5 Yr
Yields
(%)
AA AAA Gsec Repo Rate

Product Recommendations –
Surplus Parking Space
44
Maintain Duration and add spread assets to the portfolio
Data as of Mar 31, 2021., Past performance may or may not sustain in future. This graph is used to indicate current YTM and does not indicate in any manner performance of the scheme.
Repo Rate
Low carry zone over repo
3.4
3.4
3.9
5.0 4.9
5.5
2.5
3.0
3.5
4.0
4.5
5.0
5.5
6.0
6.5
7.0
7.5
ICICI Prudential
Overnight Fund
ICICI Prudential
Liquid Fund
ICICI Prudential
Money Market Fund
ICICI Prudential
Savings Fund
ICICI Prudential Ultra
Short Term Fund
ICICI Prudential
Floating Interest
Fund
Yield To Maturity on 31-Mar-2021 (%)

Product Recommendations –
Short Term Parking Space
45
Maintain Duration and add spread assets to the portfolio
Data as of Mar 31, 2021., Past performance may or may not sustain in future. This graph is used to indicate current YTM and does not indicate in any manner performance of the scheme.
Repo Rate
Modified
Duration :
2.6 Yrs.
Modified
Duration :
3.0 Yrs.
5.01
5.51 5.39
7.04
6.29
7.82
3.0
4.0
5.0
6.0
7.0
8.0
ICICI Prudential
Corporate Bond Fund
ICICI Prudential
Banking & PSU Debt
Fund
ICICI Prudential Short
Term Fund
ICICI Prudential
Medium Term Bond
Fund
ICICI Prudential All
Seasons Bond Fund
ICICI Prudential Credit
Risk Fund
Yield To Maturity 31-Mar-2021 (%)

Portfolio Positioning
46
• Across our portfolios we aim to manage duration actively
• In short duration schemes, we aim to run Barbell Strategy to benefit from term premium
and to reduce interest rate volatility
• In Schemes which aim to invest in short end of the yield curve, we have added
exposure towards Floating Rate Bonds (FRB)
• We have added good quality AA Corporate Bond in select portfolios, due to higher
spread premium

Why Active Duration now ?
47
• We are at the fag end of
interest rate cut cycle. Hence,
it is prudent to keep portfolios
nimble
• We expect interest rate
volatility due to moderation in
RBI stance on liquidity
• High term premium
(difference in yield between
the long and short end of the
curve) provides opportunity to
create returns by active
management of duration

Active Duration Management
48
Data as on Mar 31, 2021, Past performance may or may not be sustained in future, Mod. Duration is Modified Duration
Scheme Name
(A) (B) (C)
Change in Mod.
Duration (C-A)
Mod. Duration (Yrs)
(Nov 30,2020)
Mod. Duration (Yrs)
(Feb 28, 2021)
Mod Duration (Yrs)
(Mar 31, 2021)
ICICI Prudential Liquid Fund 0.10 0.10 0.10 0.00
ICICI Prudential Money Market Fund 0.33 0.24 0.44 0.11
ICICI Prudential Ultra Short Term Fund 0.39 0.38 0.39 0.00
ICICI Prudential Savings Fund 0.89 0.55 0.84 -0.05
ICICI Prudential Floating Interest Fund 1.19 0.54 0.82 -0.37
ICICI Prudential Credit Risk Fund 2.09 1.38 1.54 -0.55
ICICI Prudential Short Term Fund 2.41 1.61 2.03 -0.38
ICICI Prudential Corporate Bond Fund 2.94 1.76 1.90 -1.04
ICICI Prudential Banking & PSU Debt Fund 3.30 1.79 1.89 -1.41
ICICI Prudential Medium Term Bond Fund 3.23 2.14 2.60 -0.63
ICICI Prudential Bond Fund 5.05 3.96 4.54 -0.51
ICICI Prudential All Seasons Bond Fund 4.34 2.44 2.99 -1.35
ICICI Prudential Long Term Bond Fund 7.82 7.14 7.88 0.06
ICICI Prudential Gilt Fund 7.66 5.53 5.20 -2.46

Add Spread Assets
49
Data as on Mar 31, 2021, Past performance may or may not be sustained in future, * Includes TREPS & Net Current Assets, ^ Includes Treasury Bills, # - Excludes unrated which stands at 3.7%
Scheme Name
Cash* +
Gsec^
AAA/A1+ AA Below AA-
YTM
Modified
Duration
(% Holding) (% Holding) (% Holding)
ICICI Prudential Overnight Fund 100.0% 0.0% 0.0% 0.0% 3.4% 1 Day
ICICI Prudential Liquid Fund 40.8% 59.2% 0.0% 0.0% 3.4% 22 Days
ICICI Prudential Money Market Fund 27.1% 73.0% 0.0% 0.0% 3.9% 160 Days
ICICI Prudential Ultra Short Term Fund 19.4% 41.5% 36.5% 2.6% 4.9% 143 Days
ICICI Prudential Savings Fund 56.3% 29.5% 14.2% 0.0% 5.0% 308 Days
ICICI Prudential Floating Interest Fund 50.4% 24.0% 25.2% 0.4% 5.5% 301 Days
ICICI Prudential Corporate Bond Fund 28.8% 71.2% 0.0% 0.0% 5.0% 1.9 Yrs
ICICI Prudential Short Term Fund 33.0% 50.1% 16.9% 0.0% 5.4% 2.0 Yrs
ICICI Prudential Banking & PSU Debt Fund 28.9% 51.9% 19.2% 0.0% 5.5% 1.9 Yrs
ICICI Prudential Medium Term Bond Fund 23.1% 14.2% 62.7% 0.0% 7.0% 2.6 Yrs
ICICI Prudential Credit Risk Fund#
14.2% 5.5% 57.6% 16.6% 7.8% 1.5 Yrs
ICICI Prudential All Seasons Bond Fund 46.2% 13.3% 40.5% 0.0% 6.3% 3.0 Yrs
Spread Assets

Our Debt Valuation Index
50
We continue to remain very
cautious on duration as the
interest rates are expected to
remain volatile due to higher
bond supply, RBI normalizing
liquidity and upside risk to
inflation due to economic
recovery
Data as on Mar 31, 2021. Debt Valuation Index considers WPI, CPI, Sensex returns, Gold returns and Real estate returns over G-Sec yield, Current Account Balance, Fiscal Balance, Credit Growth and Crude Oil
Movement for calculation. RBI – Reserve Bank of India
Very Cautious
Cautious
Moderate
Aggressive
Highly Aggressive
1.50
0
1
2
3
4
5
6
7
8
9
10
Mar-18
May-18
Jul-18
Sep-18
Nov-18
Jan-19
Mar-19
May-19
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
Very Cautious
Cautious
Moderate
Aggressive
Highly Aggressive

Scheme Recommendations – Fixed Income/Arbitrage
51
Approach Scheme Name Call to Action Rationale
Arbitrage ICICI Prudential Equity Arbitrage Fund
Invest with 3 Months &
above horizon
Spreads at
reasonable levels
Short Duration
ICICI Prudential Savings Fund
ICICI Prudential Ultra Short Term Fund
ICICI Prudential Floating Interest Fund
Invest for parking surplus
funds
Accrual +
Moderate Volatility
Accrual Schemes
ICICI Prudential Credit Risk Fund
ICICI Prudential Medium Term Bond Fund
Core Portfolio with >1
Yr investment horizon
Better Accrual
Dynamic Duration ICICI Prudential All Seasons Bond Fund
Long Term Approach
with >3 Yrs investment
horizon
Active Duration
and Better Accrual

Our Equity Schemes
52
Scheme Name Type of Scheme
ICICI Prudential Bluechip Fund An open ended equity scheme predominantly investing in large cap stocks
ICICI Prudential Large & Mid Cap Fund An open ended equity scheme investing in both large cap and mid cap stocks.
ICICI Prudential Midcap Fund An open ended equity scheme predominantly investing in mid cap stocks.
ICICI Prudential Smallcap Fund An open ended equity scheme predominantly investing in small cap stocks.
ICICI Prudential Value Discovery Fund An open ended equity scheme following a value investment strategy.
ICICI Prudential Multicap Fund An open ended equity scheme investing across large cap, mid cap, small cap stocks.
ICICI Prudential India Opportunities Fund An Open Ended Equity Scheme following Special Situations theme
ICICI Prudential Business Cycle Fund An open ended equity scheme following Business Cycles based investing theme
ICICI Prudential Focused Equity Fund
An open ended equity scheme investing in maximum 30 stocks across market-
capitalization i.e. focus on multicap
ICICI Prudential Dividend Yield Equity Fund An open ended equity scheme predominantly investing in dividend yielding stocks
ICICI Prudential Infrastructure Fund An open ended equity scheme following infrastructure theme

Our Hybrid Schemes / Fund of Funds Scheme
53
ICICI Prudential Asset Allocator Fund (FOF)*
An open ended fund of funds scheme investing in equity oriented schemes,
debt oriented schemes and gold ETFs/schemes.
ICICI Prudential Balanced Advantage Fund An open ended dynamic asset allocation fund
ICICI Prudential Regular Savings Fund An open ended hybrid scheme investing predominantly in debt instruments
ICICI Prudential Equity Savings Fund An open ended scheme investing in equity, arbitrage and debt.
ICICI Prudential Equity & Debt Fund
An open ended hybrid scheme investing predominantly in equity and equity related
instruments
ICICI Prudential Multi-Asset Fund
An open ended scheme investing in Equity, Debt and Exchange Traded Commodity
Derivatives/units of Gold ETFs/units of REITs & InvITs/Preference shares
*Investors may please note that they will be bearing the recurring expenses of this Scheme in addition to the expenses of the underlying Schemes in which this Scheme makes investment.

Our Fixed Income Schemes
54
Macaulay duration is the weighted average term to maturity of the cash flows from a bond. The weight of each cash flow is determined by dividing the present value of the cash flow by the price
ICICI Prudential Ultra Short Term Fund
An open ended ultra-short term debt scheme investing in instruments such that the Macaulay duration of the portfolio is
between 3 months and 6 months.
ICICI Prudential Short Term Fund
An open ended short term debt scheme investing in instruments such that the Macaulay duration of the portfolio is
between 1 Year and 3 Years.
ICICI Prudential Medium Term Bond Fund An open ended medium term debt scheme investing in instruments such that the Macaulay duration of the portfolio is between
3 Years and 4 Years. The Macaulay duration of the portfolio is 1 Year to 4 years under anticipated adverse situation.
ICICI Prudential Credit Risk Fund An open ended debt scheme predominantly investing in AA and below rated corporate bonds.
ICICI Prudential Floating Interest Fund
An open ended debt scheme predominantly investing in floating rate instruments (including fixed rate instruments
converted to floating rate exposures using swaps/derivatives).
ICICI Prudential All Seasons Bond Fund An open ended dynamic debt scheme investing across duration.
ICICI Prudential Savings Fund
An open ended low duration debt scheme investing in instruments such that the Macaulay duration of the portfolio is
between 6 months and 12 months
ICICI Prudential Banking & PSU Debt Fund
An open ended debt scheme predominantly investing in Debt instruments of banks, Public Sector Undertakings, Public
Financial Institutions and Municipal Bonds
ICICI Prudential Corporate Bond Fund An open ended debt scheme predominantly investing in AA+ and above rated corporate bonds.
ICICI Prudential Money Market Fund An open ended debt scheme investing in money market instruments
ICICI Prudential Liquid Fund An open ended liquid scheme
ICICI Prudential Bond Fund
An open ended medium to long term debt scheme investing in instruments such that the Macaulay duration of the portfolio is
between 4 Years and 7 Years. The Macaulay duration of the portfolio is 1 Year to 7 years under anticipated adverse situation
ICICI Prudential Gilt Fund An open ended debt scheme investing in government securities across maturity
ICICI Prudential Overnight Fund An open ended debt scheme investing in overnight securities
ICICI Prudential Long Term Bond Fund An open ended debt scheme with Macaulay duration greater than 7 years

Riskometers
55
ICICI Prudential Multi-Asset Fund is suitable for investors whoare seeking*:
 Long term wealth creation
 An open ended scheme investing across asset classes.
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential Equity & Debt Fund is suitable for investors who are seeking*:
 Long term wealth creation solution
 A balanced fund aiming for long term capital appreciation and current income by investing in equity as well as fixed income securities.
ICICI Prudential Balanced Advantage Fund is suitable for investors who are seeking*:
 Long term wealth creation solution
 An equity fund that aims for growth by investing in equity and derivatives.
ICICI Prudential Bluechip Fund is suitable for investors who are seeking*:
 An open ended equity scheme predominantly investing in large cap stocks.

Riskometers
56
ICICI Prudential Value Discovery Fund is suitable for investors who are seeking*:
 An open ended equity scheme following a value investment strategy
ICICI Prudential Large & Mid Cap Fund is suitable for investors whoare seeking*:
 An open ended equity scheme investing in both largecap and mid cap stocks
ICICI Prudential Credit Risk Fund is suitable for investors who are seeking*:
 Medium term savings
 A debt scheme that aims to generate income through investing predominantly in AA and below rated corporate bonds while
maintaining the optimum balance of yield, safety and liquidity
ICICI Prudential Regular Savings Fund is suitable for investors who are seeking*:
 Medium to long term regular income solution
 A hybrid fund that aims to generate regular income through investments primarily in debt and money market instruments and long term
capital appreciation by investing a portion in equity.

Riskometers
57
ICICI Prudential Medium Term Bond Fund is suitable for investors who are seeking*:
 Medium term savings
 A debt scheme that invests in debt and money market instruments with a view to maximize income while maintaining optimum
balance of yield, safety and liquidity
ICICI Prudential Short Term Fund is suitable for investors who are seeking*:
 Short term income generation and capital appreciation solution
 A debt fund that aims to generate income by investing in a range of debt and money market instruments of various maturities.
ICICI Prudential All Seasons Bond Fund is suitable for investors who are seeking*:
 All durationsavings
 A debt scheme that invests in debt and money market instruments with a view to maximize income while maintaining optimum balance
of yield, safety andliquidity
ICICI Prudential Smallcap Fund is suitable for investors who are seeking*:
 Long Term wealth creation
 An open ended equity scheme that seeks to generate capital appreciation by predominantly investing in equity and equity related
securities of small cap companies.

Riskometers
58
ICICI Prudential Floating Interest Fund is suitable for investors who are seeking*:
 Short term savings
 An open ended debt scheme predominantly investing in floating rate instruments
*Investors should consult their financial advisers if in doubt about whether the product is suitable forthem
ICICI Prudential Ultra Short Term Fund is suitable for investors who are seeking*:
 Short term regular income
 An open ended ultra-short term debt scheme investing in a range of debt and money market instruments
ICICI Prudential Midcap Fund is suitable for investors who are seeking*:
 An open-ended equity scheme that aims for capital appreciation by investing in diversified mid cap companies.
ICICI Prudential India Opportunities Fund (The scheme is suitable for investors who are seeking*)
 An equity scheme that invests in stocks based on special situations theme.
*Investors should consult their financial advisors if in doubt about whether the product is suitable forthem.
ICICI Prudential Equity Savings Fund is suitable for investors who are seeking*:
 An open ended scheme that seeks to generate regular income through investments in fixed income securities, arbitrage and
other derivative strategies and aim for long term capital appreciation by investing in equity and equity related instruments.

Riskometers
59
ICICI Prudential Multicap Fund is suitable for investors who are seeking*:
 An open ended equity scheme investing across largecap, mid cap and small cap stocks.
ICICI Prudential Savings Fund is suitable for investors who are seeking*:
 An open ended low duration debt scheme that aims to maximize income by investing in debt and money market instruments
while maintaining optimum balance of yield, safety and liquidity
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
ICICI Prudential Banking & PSU Debt Fund is suitable for investors who are seeking*:
 An open ended debt scheme predominantly investing in Debt instruments of banks, Public Sector Undertakings, Public Financial
Institutions and Municipal Bonds
ICICI Prudential Corporate Bond Fund is suitable for investors whoare seeking*:
 An open ended debt scheme predominantly investing in highest rated corporate bonds

Riskometers
60
ICICI Prudential Money Market Fund is suitable for investors who are seeking*:
 A money market scheme that seeks to provide reasonable returns, commensurate with low risk while providing a high level of
liquidity
*Investors should consult their financial advisors if in doubt about whether the product is suitable for them.
•Long Term wealth creation
•An open ended fund of funds scheme investing in equity oriented schemes, debt oriented schemes and gold ETF/schemes.
*Investorsshouldconsulttheirfinancialadvisorsif in doubtaboutwhetherthe productis suitablefor them.
ICICI Prudential Asset Allocator Fund (FoF) (An open ended fund of funds scheme investing in equity oriented schemes, debt oriented
schemes and gold ETFs/ schemes) is suitable for investors who are seeking*:
Investors may please note that they will be bearing the recurring expenses of this Scheme in addition to the expenses of the underlying Schemes in which this Scheme makes investment.
ICICI Prudential Focused Equity Fund (An open ended equity scheme investing in maximum 30 stocks across market-capitalisation
i.e focus on multicap) is suitable for investors who are seeking*:
• Long term wealth creation
• An open ended equity scheme investing in maximum 30 stocks across market-capitalisation.
ICICI Prudential Gilt Fund is suitable for investors who are seeking*:
 A Gilt scheme that aims to generate income through investment in Gilts of various maturities.

Riskometers
61
ICICI Prudential Liquid Fund (an open ended liquid fund) is suitable for investors who are seeking*:
 Short term savings solution
 A liquid fund that aims to provide reasonable returns commensurate with low risk and providing a high level of liquidity
ICICI Prudential Overnight Fund (an open ended debt scheme investing in overnight securities) is suitable for investors who are
seeking*:
 Short term savings solution
 An overnight fund that aims to provide reasonable returns commensurate with low risk and providing a high level of liquidity
ICICI Prudential Long Term Bond Fund is suitable for investors who are seeking*:
 A debt scheme that invests in debt and money market instruments with an aim to maximise income while maintaining an optimum balance of
yield, safety and liquidity.
ICICI Prudential Bond Fund is suitable for investors who are seeking*:
 Medium to Long term savings
 A debt scheme that invests in debt and money market instruments with an aim to maximise income while maintaining an optimum balance of
yield, safety and liquidity.

Riskometers
62
ICICI Prudential Business Cycle Fund (An open ended equity scheme following business cycles based investing theme) is suitable for
investors who are seeking*:
 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
ICICI Prudential Dividend Yield Equity Fund (An open ended equity scheme predominantly investing in dividend yielding stocks) suitable
for investors who are seeking*:
 An open ended equity scheme that aims for growth by primarily investing in equity and equity related instruments of dividend yielding companies.
ICICI Prudential Equity Arbitrage Fund (An open ended scheme investing in arbitrage opportunities) is suitable for investors who are seeking*
 Short Term Income Generation
 A hybrid scheme that aims to generate low volatility returns by using arbitrage and other derivative strategies in equity markets and investments in
debt and money market instruments
ICICI Prudential Infrastructure Fund (An open ended equity scheme following Infrastructure theme) is suitable for investors who are seeking*
 Long Term Wealth Creation
 An open ended equity scheme that aims for growth by primarily investing in companies belonging to infrastructure & allied sectors
Please note that the Risk-o-meter(s) specified above will be evaluated and updated on a monthly basis as per SEBI circular dated October 05, 2020 on Product Labelling in Mutual Fund schemes - Risk-o-meter. Please
refer to https://www.icicipruamc.com/news-and-updates/all-news for more details.

Disclaimer
63
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
All figures and other data given in this document are dated. The same may or may not be relevant at a future date. The AMC takes no responsibility of updating any
data/information in this material from time to time. The information shall not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other
person or to the media or reproduced in any form, without prior written consent of ICICI Prudential Asset Management Company Limited. Prospective investors are
advised to consult their own legal, tax and financial advisors to determine possible tax, legal and other financial implication or consequence of subscribing to the units
of ICICI Prudential Mutual Fund. Past Performance may or may not be sustained in future.
Disclaimer: In the preparation of the material contained in this document, ICICI Prudential Asset Management Company Ltd. (the AMC) has used information that is pub-
licly available, including Budget speech and information developed in-house. The stock(s)/sector(s) mentioned in this slide do not constitute any recommendation and
ICICI Prudential Mutual Fund may or may not have any future position in this stock(s). Some of the material used in the document may have been obtained from mem-
bers/persons other than the AMC and/or its affiliates and which may have been made available to the AMC and/or to its affiliates. Information gathered and material
used in this document is believed to be from reliable sources. The AMC however does not warrant the accuracy, reasonableness and / or completeness of any informa-
tion. We have included statements / opinions / recommendations in this document, which contain words, or phrases such as “will”, “expect”, “should”, “believe” and
similar expressions or variations of such expressions, that are “forward looking statements”. Actual results may differ materially from those suggested by the forward
looking statements due to risk or uncertainties associated with our expectations with respect to, but not limited to, exposure to market risks, general economic and
political conditions in India and other countries globally, which have an impact on our services and / or investments, the monetary and interest policies of India, inflation,
deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices etc. ICICI Prudential Asset Management Company Lim-
ited (including its affiliates), the Mutual Fund, The Trust and any of its officers, directors, personnel and employees, shall not liable for any loss, damage of any nature,
including but not limited to direct, indirect, punitive, special, exemplary, consequential, as also any loss of profit in any way arising from the use of this material in any
manner. Further, the information contained herein should not be construed as forecast or promise or investment advice. The recipient alone shall be fully responsible/are
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Market outlook April 2021 - ICICI Prudential Mutual Fund

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Market outlook April 2021 - ICICI Prudential Mutual Fund