Triggers to watch our for:
1. Global & Domestic Macro Scenario
2. Equity Valuations Update
3. Decoding Union Budget 2019-20
4. Why ICICI Prudential Accrual Funds
Have a detailed insight into a monthly equity and fixed income market outlook.
Read the full document to know more.
Triggers to watch out for:
1. Breaking down GDP Numbers
2. Equity Valuations Update
3. Why ICICI Prudential Accrual Funds
4. Investment Philosophy
Have a detailed insight into a monthly equity and fixed income market outlook.
Read the full document to know more.
Triggers to watch out for -
1. General Election Outcome
2. Key Reforms Implemented over 5 years
3. Analysis of market returns post-election
4. High-frequency indicators
5. FPI flows trend
A detailed insight into a monthly equity and fixed income market outlook.
Read the full document to know more.
Triggers to watch out for:
1. Our Equity Outlook
2. Market Cap Valuations
3. Our SIP Recommendations
4. Our Fixed Income Outlook
5. Investment Philosophy
Have a detailed insight into a monthly equity and fixed income market outlook.
Read the full document to know more.
Indian equity benchmarks recorded
splendid performance in September 2019 and clocked their
biggest single-day jump in 10 years on September 20, 2019,
following the announcement of corporate tax cut and other
measures by the government to boost the economy.
Benchmark S&P BSE Sensex and Nifty 50 ended the month with nearly 4% gains.
Read the full document to know more.
- Globally, markets ended in positive terrain on renewed hopes of positive outcome from high level US-China trade talks scheduled this month.
- Indian Markets cheered the announcement of substantial cuts in the corporate tax rate.
- Sectors which may benefit from lower corporate taxes – Consumer, Energy, Finance, etc. ended on positive note
- Sectors like Healthcare, IT, etc. are likely to benefit relatively less as they have a lower effective tax rate due to export / investment related exemptions
Have a detailed insight into a monthly equity and fixed income market outlook.
Read the full document to know more.
Triggers to watch out for:
1. Breaking down GDP Numbers
2. Equity Valuations Update
3. Why ICICI Prudential Accrual Funds
4. Investment Philosophy
Have a detailed insight into a monthly equity and fixed income market outlook.
Read the full document to know more.
Triggers to watch out for -
1. General Election Outcome
2. Key Reforms Implemented over 5 years
3. Analysis of market returns post-election
4. High-frequency indicators
5. FPI flows trend
A detailed insight into a monthly equity and fixed income market outlook.
Read the full document to know more.
Triggers to watch out for:
1. Our Equity Outlook
2. Market Cap Valuations
3. Our SIP Recommendations
4. Our Fixed Income Outlook
5. Investment Philosophy
Have a detailed insight into a monthly equity and fixed income market outlook.
Read the full document to know more.
Indian equity benchmarks recorded
splendid performance in September 2019 and clocked their
biggest single-day jump in 10 years on September 20, 2019,
following the announcement of corporate tax cut and other
measures by the government to boost the economy.
Benchmark S&P BSE Sensex and Nifty 50 ended the month with nearly 4% gains.
Read the full document to know more.
- Globally, markets ended in positive terrain on renewed hopes of positive outcome from high level US-China trade talks scheduled this month.
- Indian Markets cheered the announcement of substantial cuts in the corporate tax rate.
- Sectors which may benefit from lower corporate taxes – Consumer, Energy, Finance, etc. ended on positive note
- Sectors like Healthcare, IT, etc. are likely to benefit relatively less as they have a lower effective tax rate due to export / investment related exemptions
Have a detailed insight into a monthly equity and fixed income market outlook.
Read the full document to know more.
ICICI Pru MF - Annual Market Outlook 2020iciciprumf
Why Divergence as the theme?
Several polarizing trends have been observed on the Global as well as Domestic front
Divergence is observed in Markets and Economy, Value and Growth theme, Yields on G-Sec and AAA over AA/A, etc
The outlook aims to highlight such divergent trends and ways to navigate the same
Brief on our Equity Outlook
Union Budget, real estate debt de-leveraging and credit growth pick-up key triggers for the markets in 2020
Stark divergence between Value and Growth themes makes Value and Special Situations themes attractive
Asset Allocation schemes may be considered to address near term volatility
Recommend Small and Multicap schemes due to reasonable valuations
Recommend adding equities in a staggered manner through SIP/STP
Our Recommendations
To benefit from Value Vs. Growth divergence - ICICI Prudential Value Discovery Fund
To benefit from Special Situations Theme - ICICI Prudential India Opportunities Fund
To benefit from reasonable valuations - ICICI Prudential Smallcap Fund
To benefit from Volatility - ICICI Prudential Balanced Advantage Fund and ICICI Prudential Asset Allocator Fund
For Long Term Wealth Creation - SIP/STP in ICICI Prudential Multicap Fund and ICICI Prudential Smallcap Fund
Brief on our Debt Outlook
Continue to remain positive on accrual space/spread assets
Recommend combination of short term assets and long term assets with a portfolio maturity range of 2-5 years
Extreme short end (less than 3 months), due to ample liquidity may give lower real returns
Fiscal concerns and inflation in the first half may keep longer end volatile. Hence, use the longer end of the yield curve for trading strategy
Our Recommendations
To earn higher accrual - ICICI Prudential Credit Risk Fund and ICICI Prudential Medium Term Bond Fund
Short/Medium Duration Scheme - ICICI Prudential Banking and PSU Debt Fund and ICICI Prudential Short Term Fund
To benefit from Volatility - ICICI Prudential All Seasons Bond Fund
Short Term Solution - ICICI Prudential Ultra Short Term Fund and ICICI Prudential Floating Interest Fund
JUNE MARKET: INVESTORS UPBEAT, BUT CAUTIOUS AMIDST BUDGET SIGNING, ECONOMIC D...Akan Udofia
MARKET ROUNDUP FOR MAY 2017
The month of May 2017 again defiled the popular saying that “sell in May and return in October,” which has in the past held true repeatedly as the Nigerian Stock Exchange (NSE) closed the month higher. This time around, the nation’s equity market galloped in May which ended on Wednesday with the Nigeris Stock Exchange among the globe and Africa’s best performing markets.
We at Alps Venture Partners are constantly contributing towards research in Mergers & Acquisitions across geographies.
This is first in series of 2020-21 M&A Tearsheet which provides detail on the Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers, Country based multiples & other transaction data observed in South East Asia.
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.
After the uncertainty of the Brexit verdict got over, the market rallied in the last week. The market got off on the
wrong foot on the day of the Referendum results and corrected by almost 1000 points. But the market soon
realized that the renewal in trade agreement between UK and Euro is not going to happen anytime soon and it will
take around 1-2 years. India being an emerging nation, the impact of this event is quite limited. After this the
market resumed its upt uptrend. Since budget, the nifty is up by 1000 points, and in percentage terms it has gained
22%. We should remember that it is still 10% off of the it’s all time high, which was achieved in March 2015.
• Despite the fact that the PE multiple of the Indian Markets is 17 – 18 times, the FIIs continue to invest in India on
account of better growth prospects, better earning visibility. India is the only trillion dollar economy which is
growing on 7.5%, which makes it a lucrative long term story.
From the Desk of the CEO.
The heat is on. While many of us have been vacationing in cooler climes, the Sensex has kept itself rather busy, gaining another 4% during the month of May. The upmove has come largely on the back of better-than-expected corporate results and expectations of a good monsoon. Markets are also taking cognisance of various indicators like improved auto sales, higher steel and cement offtake, public infrastructure spending, etc. which are positive signs of an imminent economic recovery.
Crude prices have silently crept up and are currently hovering at the $50 level, almost double from the January lows. So despite the adverse implications of higher crude prices on the Indian economy, there seems to be some positive correlation between crude prices and the equity markets. Though this pattern may not have always played out in the last few decades, the first few months of 2016 certainly seem to indicate so. The main reason for this is the significantly high weightage that the Energy sector has in indices the world over. When oil plummeted to sub-$30 levels, it seriously impacted the profitability of some of the world’s biggest corporations, not only causing their stock prices to fall sharply, but also impacting the broader markets in general. It also indicated a global recessionary trend, thus affecting investor sentiment and causing them to become nervous and risk-averse. The bounce back in crude has brought the price to a level that makes it profitable for companies to drill, creating a sense of well-being for both, the Energy sector as well as the countries whose economies are dependent solely on oil. Where crude prices go from here remains to be seen.
After several quarters of benign inflation, the WPI rose to 0.34% while retail inflation soared to 5.39% in April 2016. This, coupled with higher oil prices would make it difficult for Governor Rajan to announce a rate cut at the next RBI policy meeting on 7th June. Across the globe however, Janet Yellen’s comments on improving economic data in the US has the markets believing that a rate hike by the US Federal Reserve is a high possibility during its next meeting in mid-June. The outcome of Britain’s referendum on Brexit is also an event that we will be closely watching.
With markets factoring in all the good news for now, conventional logic says that short term investors need to be cautious. But when the stock market catches momentum, all negative predictions may be proven wrong.
There are of course, many more bulls than bears when it comes to a 1 year plus view. Long term investors may continue their investments and look to buy into any dips.
Wish all of you a happy monsoon season.
The Asia Pacific Capital Markets report provides an in-depth look at the performance of the region’s property markets, examining the economic backdrop, key occupier markets, investment performance and trends affecting the geographies across the region.
Global bond yields are at historical lows which mean global bond prices have rallied across developed markets while S&P 500 is close to its historical high. This by itself is a dichotomy as bond prices and equity prices are not expected to rally together at the same point. Either of the two has to be true.
•Bond prices and yields are inversely related therefore, bond prices rally when yields and interest rates are expected to be low. Interest rates are expected to be low because growth prospects are low. This would entail the central banks to cut rates and because the demand for credits will be low due to the low growth prospects, the yields are expected to be low which explains the rally in bond prices. Considering this, the rally in the equity markets is not possible as there is no expectation for growth. This is the dichotomy that the global world is at particularly in the developed markets. In the light of the current scenario, either of the two has to give in i.e. either bond prices correct leading to normalcy in yields or equity markets give in.
Equity Outlook: Long-term view on equity remains positive, however the medium-term view has turned cautious due to valuations moving higher.
Fixed Income: In the current phase, a more nimble and active duration management strategy is recommended
Dear Investors,
Billionaire investor Wilbur Ross said "Ultimately, I think it will be the world's most expensive divorce. But like most divorces, it's probably going to take a lot longer than it should." The Brexit vote to leave the European Union sent shock waves across the globe. Though the pre-poll surveys had indicated a close call, it was largely expected that sanity would prevail on referendum day and the British populace would vote to Remain. The ramifications of an eventual Brexit are likely to be long-drawn and far-reaching. Apart from the impact it has had on the currency markets, there is an imminent danger of other countries wanting to follow suit. This may lead to the ultimate breakdown of the EU, causing geo-political chaos with the danger of recession.
The equity markets seemed to have temporarily shrugged off the event. While the Sensex tanked by over 1000 points when the Brexit result was declared, it has since recovered all its losses and closed the month of June at a YTD high of almost 27,000. Though there may be individual stocks and sectors where revenues are likely to be directly impacted, the market as a whole has shown significant resilience, waiting as it were for Britain to formally initiate the process of exit before assessing its overall impact.
The S&P 500 edged up and the Nasdaq reached another
record closing high on Thursday after the European Central
Bank said it would avoid raising interest rates until mid-
2019, and data showed US economic strength.
Indian equity market performance in election year - challenges and drivers (2...Niteen S Dharmawat
2018 is a special year. It is a pre-election year. This presentation covers analysis of last 7 Loksabha spanning over 25+ years. It talks about various challenges and drivers during the election year and how the markets performed.
I did this analysis 5 years ago on pre-election year performance of the market. The market was hovering around 18500-19000 levels that time. Many were predicting that it will go down to 12,000. However, it went off exactly I talked about in my presentation. The market gave 22% absolute return in 2014 election year.
I see current situation no different. There is always an uncertainty about the future and fear of unknown. The fear could be legitimate as we have seen huge market up move during the last couple of quarters.
I have updated my presentation with the performance of 2014 and with current numbers. Will this year be different from others, only time will tell us.
As always, I eagerly look forward to your feedback.
Amidst a global slowdown, a bearish market arrives. How can we be ready for it? Take insights from the Monthly Market Outlook that expands on the scenario across industries, sectors and regions and more as per investor concern!
#ICICIPrudentialMutualFund #MonthlyMarketOutlook #Investment #MutualFunds #Market
Triggers to watch out for -
General Election Outcome
Budget to be presented post elections
Re-balancing of MSCI Indices
Monsoon
Crude price volatility
FII flows trend
Rich Market Valuations
A detailed insight into a monthly equity and fixed income market outlook.
Read the full document to know more.
"Sell in May and go away‟ this old Wall Street adage has once again proved correct for most of the Global Markets which have witnessed a correction in the month of May. However, Indian markets took no cue from the above saying and continued to chug along through the month ending in a positive territory
( 1.7%).
Read the full document to know more.
ICICI Pru MF - Annual Market Outlook 2020iciciprumf
Why Divergence as the theme?
Several polarizing trends have been observed on the Global as well as Domestic front
Divergence is observed in Markets and Economy, Value and Growth theme, Yields on G-Sec and AAA over AA/A, etc
The outlook aims to highlight such divergent trends and ways to navigate the same
Brief on our Equity Outlook
Union Budget, real estate debt de-leveraging and credit growth pick-up key triggers for the markets in 2020
Stark divergence between Value and Growth themes makes Value and Special Situations themes attractive
Asset Allocation schemes may be considered to address near term volatility
Recommend Small and Multicap schemes due to reasonable valuations
Recommend adding equities in a staggered manner through SIP/STP
Our Recommendations
To benefit from Value Vs. Growth divergence - ICICI Prudential Value Discovery Fund
To benefit from Special Situations Theme - ICICI Prudential India Opportunities Fund
To benefit from reasonable valuations - ICICI Prudential Smallcap Fund
To benefit from Volatility - ICICI Prudential Balanced Advantage Fund and ICICI Prudential Asset Allocator Fund
For Long Term Wealth Creation - SIP/STP in ICICI Prudential Multicap Fund and ICICI Prudential Smallcap Fund
Brief on our Debt Outlook
Continue to remain positive on accrual space/spread assets
Recommend combination of short term assets and long term assets with a portfolio maturity range of 2-5 years
Extreme short end (less than 3 months), due to ample liquidity may give lower real returns
Fiscal concerns and inflation in the first half may keep longer end volatile. Hence, use the longer end of the yield curve for trading strategy
Our Recommendations
To earn higher accrual - ICICI Prudential Credit Risk Fund and ICICI Prudential Medium Term Bond Fund
Short/Medium Duration Scheme - ICICI Prudential Banking and PSU Debt Fund and ICICI Prudential Short Term Fund
To benefit from Volatility - ICICI Prudential All Seasons Bond Fund
Short Term Solution - ICICI Prudential Ultra Short Term Fund and ICICI Prudential Floating Interest Fund
JUNE MARKET: INVESTORS UPBEAT, BUT CAUTIOUS AMIDST BUDGET SIGNING, ECONOMIC D...Akan Udofia
MARKET ROUNDUP FOR MAY 2017
The month of May 2017 again defiled the popular saying that “sell in May and return in October,” which has in the past held true repeatedly as the Nigerian Stock Exchange (NSE) closed the month higher. This time around, the nation’s equity market galloped in May which ended on Wednesday with the Nigeris Stock Exchange among the globe and Africa’s best performing markets.
We at Alps Venture Partners are constantly contributing towards research in Mergers & Acquisitions across geographies.
This is first in series of 2020-21 M&A Tearsheet which provides detail on the Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers, Country based multiples & other transaction data observed in South East Asia.
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.
After the uncertainty of the Brexit verdict got over, the market rallied in the last week. The market got off on the
wrong foot on the day of the Referendum results and corrected by almost 1000 points. But the market soon
realized that the renewal in trade agreement between UK and Euro is not going to happen anytime soon and it will
take around 1-2 years. India being an emerging nation, the impact of this event is quite limited. After this the
market resumed its upt uptrend. Since budget, the nifty is up by 1000 points, and in percentage terms it has gained
22%. We should remember that it is still 10% off of the it’s all time high, which was achieved in March 2015.
• Despite the fact that the PE multiple of the Indian Markets is 17 – 18 times, the FIIs continue to invest in India on
account of better growth prospects, better earning visibility. India is the only trillion dollar economy which is
growing on 7.5%, which makes it a lucrative long term story.
From the Desk of the CEO.
The heat is on. While many of us have been vacationing in cooler climes, the Sensex has kept itself rather busy, gaining another 4% during the month of May. The upmove has come largely on the back of better-than-expected corporate results and expectations of a good monsoon. Markets are also taking cognisance of various indicators like improved auto sales, higher steel and cement offtake, public infrastructure spending, etc. which are positive signs of an imminent economic recovery.
Crude prices have silently crept up and are currently hovering at the $50 level, almost double from the January lows. So despite the adverse implications of higher crude prices on the Indian economy, there seems to be some positive correlation between crude prices and the equity markets. Though this pattern may not have always played out in the last few decades, the first few months of 2016 certainly seem to indicate so. The main reason for this is the significantly high weightage that the Energy sector has in indices the world over. When oil plummeted to sub-$30 levels, it seriously impacted the profitability of some of the world’s biggest corporations, not only causing their stock prices to fall sharply, but also impacting the broader markets in general. It also indicated a global recessionary trend, thus affecting investor sentiment and causing them to become nervous and risk-averse. The bounce back in crude has brought the price to a level that makes it profitable for companies to drill, creating a sense of well-being for both, the Energy sector as well as the countries whose economies are dependent solely on oil. Where crude prices go from here remains to be seen.
After several quarters of benign inflation, the WPI rose to 0.34% while retail inflation soared to 5.39% in April 2016. This, coupled with higher oil prices would make it difficult for Governor Rajan to announce a rate cut at the next RBI policy meeting on 7th June. Across the globe however, Janet Yellen’s comments on improving economic data in the US has the markets believing that a rate hike by the US Federal Reserve is a high possibility during its next meeting in mid-June. The outcome of Britain’s referendum on Brexit is also an event that we will be closely watching.
With markets factoring in all the good news for now, conventional logic says that short term investors need to be cautious. But when the stock market catches momentum, all negative predictions may be proven wrong.
There are of course, many more bulls than bears when it comes to a 1 year plus view. Long term investors may continue their investments and look to buy into any dips.
Wish all of you a happy monsoon season.
The Asia Pacific Capital Markets report provides an in-depth look at the performance of the region’s property markets, examining the economic backdrop, key occupier markets, investment performance and trends affecting the geographies across the region.
Global bond yields are at historical lows which mean global bond prices have rallied across developed markets while S&P 500 is close to its historical high. This by itself is a dichotomy as bond prices and equity prices are not expected to rally together at the same point. Either of the two has to be true.
•Bond prices and yields are inversely related therefore, bond prices rally when yields and interest rates are expected to be low. Interest rates are expected to be low because growth prospects are low. This would entail the central banks to cut rates and because the demand for credits will be low due to the low growth prospects, the yields are expected to be low which explains the rally in bond prices. Considering this, the rally in the equity markets is not possible as there is no expectation for growth. This is the dichotomy that the global world is at particularly in the developed markets. In the light of the current scenario, either of the two has to give in i.e. either bond prices correct leading to normalcy in yields or equity markets give in.
Equity Outlook: Long-term view on equity remains positive, however the medium-term view has turned cautious due to valuations moving higher.
Fixed Income: In the current phase, a more nimble and active duration management strategy is recommended
Dear Investors,
Billionaire investor Wilbur Ross said "Ultimately, I think it will be the world's most expensive divorce. But like most divorces, it's probably going to take a lot longer than it should." The Brexit vote to leave the European Union sent shock waves across the globe. Though the pre-poll surveys had indicated a close call, it was largely expected that sanity would prevail on referendum day and the British populace would vote to Remain. The ramifications of an eventual Brexit are likely to be long-drawn and far-reaching. Apart from the impact it has had on the currency markets, there is an imminent danger of other countries wanting to follow suit. This may lead to the ultimate breakdown of the EU, causing geo-political chaos with the danger of recession.
The equity markets seemed to have temporarily shrugged off the event. While the Sensex tanked by over 1000 points when the Brexit result was declared, it has since recovered all its losses and closed the month of June at a YTD high of almost 27,000. Though there may be individual stocks and sectors where revenues are likely to be directly impacted, the market as a whole has shown significant resilience, waiting as it were for Britain to formally initiate the process of exit before assessing its overall impact.
The S&P 500 edged up and the Nasdaq reached another
record closing high on Thursday after the European Central
Bank said it would avoid raising interest rates until mid-
2019, and data showed US economic strength.
Indian equity market performance in election year - challenges and drivers (2...Niteen S Dharmawat
2018 is a special year. It is a pre-election year. This presentation covers analysis of last 7 Loksabha spanning over 25+ years. It talks about various challenges and drivers during the election year and how the markets performed.
I did this analysis 5 years ago on pre-election year performance of the market. The market was hovering around 18500-19000 levels that time. Many were predicting that it will go down to 12,000. However, it went off exactly I talked about in my presentation. The market gave 22% absolute return in 2014 election year.
I see current situation no different. There is always an uncertainty about the future and fear of unknown. The fear could be legitimate as we have seen huge market up move during the last couple of quarters.
I have updated my presentation with the performance of 2014 and with current numbers. Will this year be different from others, only time will tell us.
As always, I eagerly look forward to your feedback.
Amidst a global slowdown, a bearish market arrives. How can we be ready for it? Take insights from the Monthly Market Outlook that expands on the scenario across industries, sectors and regions and more as per investor concern!
#ICICIPrudentialMutualFund #MonthlyMarketOutlook #Investment #MutualFunds #Market
Triggers to watch out for -
General Election Outcome
Budget to be presented post elections
Re-balancing of MSCI Indices
Monsoon
Crude price volatility
FII flows trend
Rich Market Valuations
A detailed insight into a monthly equity and fixed income market outlook.
Read the full document to know more.
"Sell in May and go away‟ this old Wall Street adage has once again proved correct for most of the Global Markets which have witnessed a correction in the month of May. However, Indian markets took no cue from the above saying and continued to chug along through the month ending in a positive territory
( 1.7%).
Read the full document to know more.
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
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
Indian equity indices remained in the
positive terrain for the second consecutive month in October
2019, amid hopes of tax realignment on equities, foreign inflows
and upbeat global cues. The benchmark S&P BSE Sensex hit the
intraday record high of 40,392 on October 31, 2019. The S&P
BSE Sensex and Nifty 50 ended the month with around 4%
gains each.
Read the full document to know more.
The Nifty 50 Index was up by 1.1%. The positive returns of the index hides the heightened volatility witnessed in the month
of April. This was reflected in India NSE volatility index which spiked by ~27%. The outcome of the ongoing general
elections, concerns around oil prices and global geo-political developments mainly weighed on the investor sentiments.
Read the full document to know more.
• India‟s macroeconomic scenario remains positive
• There is a huge spread between policy rates of India and Global Central Banks
• There is low FPI ownership of debt compared to other countries
• Inflation expected to moderate significantly in the current environment
• Fiscal Deficit not a concern in the absence of private credit demand (No crowding-out effect)
ICICI Prudential Monthly Market Outlook | September 2022 iciciprumf
Our September Monthly Market Outlook is out! Find out who delivered positive returns in the Indian as well as global market sectors and why we recommend you to invest in schemes across different Asset classes.
• 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.
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.
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
On the domestic front, Indian equities corrected sharply post the FY20 Union Budget announcement on 5th July 2019 due to uncertainty emanating from a couple of proposals pertaining to: 1) Increase in taxes for FPIs accessing the Indian equity markets through the ‘Trust’ route; and 2) potential supply side pressures for equity markets (increase in free float requirement from 25% to 35% coupled with relaxation on minimum threshold of 51% Government ownership for PSUs including the shareholding of Government controlled institutions). Post the budget, equity and bond markets have witnessed divergent trends.
Read the full document to know more.
October 2018 saw the Indian markets tumble by about 5 per cent, in a month that saw heavy volatility in the equity markets owing to on-going concerns regarding weakening currency, rising crude oil prices, widening fiscal deficit, along with muted earnings performance and the liquidity crunch-woes in the NBFC sector.
We believe that the divergence between Value and Growth stocks continues to prevail, & that volatility is a factor which is inherent in equity as an asset class.
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
Market outlook April 2021 - ICICI Prudential Mutual Fundiciciprumf
The resurgence of the pandemic may delay the recovery and growth of the Indian Economy. And with limited room for rate cuts going forward, investors could benefit from active duration management and accrual strategies.
To know more, read our Market Outlook for April 2021.
Interim Budget 2019, presented on Feb 1, held a few good surprises for the farmer community and the salaried classes but was largely in line with market expectations. Markets, which had already ended January 2019 on a flat note (up 0.5% for the month), remained largely unaffected by the Budget announcements. Read the document to know more.
Similar to Monthly Market Outlook - July 2019 (20)
Does your portfolio have a blend of reasonable stability and potential growth?
Just as how a Sturdy Suspension and Powerful Engine together contribute to a smoother car ride, investing in a combination of Large and Mid cap stocks can offer the best of both worlds – Reasonable Stability + Potential Growth.
Know more: https://bit.ly/3UuS9x8
#ICICIPrudentialMutualFund #LargeCapFund #MidCapFund #MutualFunds #Investment
The rising sun of 2024 brings new hope for global markets! This sun shines a little brighter on the Indian economy as it gets off the tag of a 'fragile economy' to emerge as a robust one. The world economy is headed towards a 'Paradigm Shift' with India leading the way.
Explore this shift further with our Annual Outlook Report 2024!
#ICICIPrudentialMutualFund #AnnualOutlook #ETF
Equity Valuations Perspective | January 2024iciciprumf
Navigate Equity Markets better through our VCTS (Valuations, Cycle, Triggers and Sentiments) framework. The document below highlights the impact of various dynamic variables on the equity market across time periods. Read on to know more!”
#ICICIPrudentialMutualFund #Equity #Investments #MutualFunds
Stepping into 2024 with resilience and foresight!
New year has begun with a Paradigm Shift in trends of global and domestic macros.
While the global economies remain fragile, the Indian economy emerges as robust, defying the label of a fragile economy.
Explore the 2024 Outlook for insights on this Paradigm Shift!
#ICICIPrudentialMutualFund #MutualFunds #Investments #NewYear #2024
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
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
Here the telegram contact of my personal vendor.
@Pi_vendor_247
#pi network #pi coins #legit #passive income
#US
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
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.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
2. Global Indices Performance
• Russian markets rose 7.3%
during the month owing to a rise
in crude prices (Russia’s key
export) and on easing tensions
of US sanctions on Russia.
• Globally, markets ended in a
positive terrain except India
which declined by 0.8%. The
markets were in the
consolidation phase as the focus
shifted towards the upcoming
budget and measures to counter
growth concerns.
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. Data Source: MFI & ACEMF; Returns are absolute returns for the index calculated between May 31, 2019 – June 30, 2019. Past performance may or may not be sustained in future 2
7.3 7.2
6.5 6.4 6.1 5.7
4.8
4.4 4.1 3.9 3.7
3.3 2.8 2.4 2.2
-0.8-2
0
2
4
6
8
Russia
US
Singapore
France
HongKong
Germany
Europe
SouthKorea
Brazil
Switzerland
UK
Japan
China
Indonesia
Taiwan
India
Returns(%)
Returns Performance - June 2019
3. Sectoral Indices Performance - India
All indices are of S&P BSE and carry the prefix of S&P BSE; Abbreviated CD - S&P BSE Consumer Durables; CG - S&P BSE Capital Goods; FMCG - S&P BSE Fast Moving Consumer Goods; HC - S&P BSE Health Care; Infra. - S&P BSE
India Infrastructure; IT - S&P BSE Information Technology, NBFC – Non-banking Finance Companies. Data Source: MFI, ACEMF ; Returns are absolute returns for the TRI variant of the index calculated between
May 31, 2019 – June 30, 2019; YTD – Year To Date. Past performance may or may not be sustained in future
3
• Power sector outperformance
was largely driven by decline
in overdues by few power
generating companies
• Oil & Gas Sector
underperformed owing to low
refining margins and
moderation of margins on a
YTD basis
5.8
4.4
3.3
0.0
0.0 -0.3 -0.6 -0.7 -1.2 -1.2 -1.9 -2.7 -2.9 -3.1
-5.1 -5.7-8
-4
0
4
8
CD
Power
Metal
Realty
IT
CG
Finance
Bankex
FMCG
Infra
BasicMaterials
Telecom
Auto
HC
Energy
Oil&Gas
Returns(%)
Returns Performance - June 2019
6. Short Term Concerns
6
Burgeoning Fiscal
Deficit
Rise in Crude Oil
Prices
Slow Progression
of Monsoon
Consumption
Slowdown & Ongoing
Agrarian Crisis
Slowdown in
Global Growth
Geo-Political Tensions
i.e. US -China Trade
Issues, US-Iran Issues
7. 7
Source: Yes Securities. US – United States of America. PMI – Purchasing Managers’ Index
Global Growth
• In the US, weakness is
currently seen in Housing, Car
Sales & Manufacturing
• Consumer Spending rose at
1.2% in Q1, down from 2.5% in
Q4 2018
• Fed Atlanta Projects US Q2
GDP is estimated to grow 2%
(q/q) compared to 3% in the
quarter prior
• China is looking at a calibrated
weakening in Yuan to
counterbalance the pain of US
tariffs
• The PMI reading for June was
below 50 (49.4) lowest reading
since January indicating a
slowdown
• New orders fell whereas exports
are showing a downward trend
• European Commission projects
Eurozone GDP to grow at 1.2%
below the 1.9% growth in 2018
• European Central Bank is now
open to rate cuts and new
asset purchases
9. German Bund 10 Year Yields
9
German bund yields declined well below the ECB‟s deposit rate
-0.36
-1
0
1
2
3
4
5
6
Jul-01
Jul-03
Jul-05
Jul-07
Jul-09
Jul-11
Jul-13
Jul-15
Jul-17
Jul-19
German Bund 10 Year Yield (%)
ECB – European Central Bank. Source: Barclays Research. Data as of July 05, 2019
11. World Market Cap – Equity
11
81.07
40
45
50
55
60
65
70
75
80
85
90
Jul-10
Jul-11
Jul-12
Jul-13
Jul-14
Jul-15
Jul-16
Jul-17
Jul-18
Jul-19
World Market Cap (US $ Trillion)
Negative yields in the debt space, created a conducive environment for other aggressive
assets like Equity despite valuations and growth concerns
Source: Barclays Research. Data as of July 05, 2019
12. Equity can turn volatile, if debt yields turn
positive (US 10 Year Yields)
12
The show can
continue until the
yields do not spike
back, like what
happened during
2013 taper tantrums
1.3
1.8
2.3
2.8
3.3
3.8
Jul-12
Jul-13
Jul-14
Jul-15
Jul-16
Jul-17
Jul-18
Jul-19
US 10-Y Yields
Taper
Tantrums
US – United States of America. Source: Barclays Research. Data as of July 05, 2019
13. 13
Source: CRISIL Research; Data as of March 31, 2019; GDP – Gross Domestic Product
7.0%
7.7% 8.0%
7.0% 6.6%
5.8%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
Q3 FY18 Q4 FY18 Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19
GDP(%)
GDP Data
Indian Economy slowed down in Q4FY19 to 5.8% from 6.6% in Q3FY19 and 7.7% in Q4FY18. Activities related to
capital expenditure slowed down which led to the fall in GDP
Domestic Growth
14. 14
Source: J P Morgan; LPA – Long Period Average
Though the El-Nino conditions have reportedly weakened, the countrywide rainfall deficit stands at
33% on aggregate basis (June 1 - June 30), stoking further growth concerns
Slow Progression of Monsoon
Region wise Rainfall Trends - % Departure from Long Period Average (June 1 - June 30, 2019)
Actual (mm) Normal (mm) % Departure from LPA
All India 112.1 166.9 -33%
East & North East India 218.2 347.1 -37%
North West India 51.0 75.3 -32%
Central India 117.3 169.2 -31%
South Peninsula 112.8 160.2 -30%
15. 15Source: Morgan Stanley Research.
Private Consumption showing a downtrend in growth
High Frequency Indicators – Private Consumption
22.3%
17.2%
-6.7%
37.5%
1.6%
-20.5%-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
YoYGrowth(%)
Auto Sales (YoY Growth)
Domestic 2 Wheeler Sales (YoY Growth) Domestic Passenger Vehicle Sales (YoY Growth)
16. 16
Source: Morgan Stanley Research.
Number of Air Passengers Flying have been declining Year-On-Year
High Frequency Indicators – Air Traffic
21.7%
15.6%
-5.4%
-10%
-5%
0%
5%
10%
15%
20%
25%
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
YoYGrowth
Air Passengers Flown
17. 17
Source: CRISIL Research; Data as of June 30, 2019; GDP – Gross Domestic Product
Crude oil prices have been on the rise +9% from the lows of June. This might lead to inflation and may also
impact trade & current account deficit
Crude Prices
50
60
70
80
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Brent Crude (In USD/bbl)
66.6
53.8
19. Narrow Rally for Nifty
19
Source: NSE; Returns Data is from Feb 16, 2017 to June 30 , 2019. Past performance may or may not be sustained in future. The stocks/sectors mentioned in this slide do not constitute any recommendation and ICICI Prudential
Mutual Fund may or may not have any future position in these stocks/sectors. The above data is for information purpose only which highlights that the broader market in the past has rallied due to handful of stocks.
Over the last 28 months, Nifty performance (3000 points
rally) was driven by a handful stocks
70
73
82
84
86
111
132
135
215
236
0 50 100 150 200 250
Britannia Industries
ICICI Bank
TCS
HDFC Bank
Kotak Mahindra Bank
Hindustan Unilever
Bajaj Finserve
Reliance Industries
Titan Company
Bajaj Finance
Nifty Gainers over last 28 Months (3000 points rally)
-17
-17
-20
-24
-27
-34
-35
-38
-62
-64
-70 -60 -50 -40 -30 -20 -10 0
IOCL
Hero Motocorp
Coal India
Eicher Motors
Indiabulls Hsg Finance
Vedanta
Zee Entertainment
Sun Pharma
Yes Bank
Tata Motors
Nifty Losers over last 28 months (3000 points rally)
Over the last 28 months, despite 3000 points rally in Nifty,
these constituents saw their market cap shrink
Current Equity Market Performance is driven by select few growth stocks making value as a theme attractive
20. Nifty 50 Valuations & Earnings Growth
20
-30
-20
-10
0
10
20
30
40
50
0
5
10
15
20
25
30
Mar-07
Dec-08
Sep-10
Jun-12
Mar-14
Dec-15
Sep-17
Jun-19
EPSGrowthYoY(%)
Nifty50PE
Valuations Vs. Earnings Growth
Nifty 50 PE EPS Growth YoY (%)
P/E: Price to Earnings. Source : Motilal Oswal, Data as of June 30, 2019
Post the rally in the large cap space, valuations are fully priced in and earnings
growth is yet to pick-up
21. Nifty Midcap Valuations
21
PBV – Price to Book Value. Source : Motilal Oswal, Data as of June 30, 2019
1.96
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
Jun-05
Jun-06
Jun-07
Jun-08
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Jun-19
NiftyMidcapP/BV
Nifty Midcap 100 Price to Book Value
Nifty Midcap PBV Long Term Average
Post the recent correction in the Mid & Smallcap space (refer subsequent slide), we
recommend Mid and Smallcap allocation in a staggered manner.
22. Market Cap Analysis
22
Share in the Overall Market Cap (%)
Index 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Mar-19 Jun-19
Top-100 79 79 75 74 71 79 77 78 79 78 81 75 74 72 65 70 73 73
101-250 9 11 12 12 13 11 12 13 13 14 13 14 15 15 16 16 16 16
Above
250
12 11 13 14 16 10 11 9 8 8 6 10 11 14 18 14 12.1 11.7
Top 100 indicates top 100 companies by market capitalization,101-250 indicates next 150 companies by market cap and above 250 indicates 251st onwards by marketcap.
Source : Kotak Research , Data as of June 30, 2019
23. Valuations –
Divergence between Growth and Value Stocks
23
Source: Morgan Stanley; Data as of June 30, 2019
Value and special
situation themes
expected to play out
due to significant
disconnect between
price and value in
many „Growth‟ and
„Value‟ stocks
31.5
21.7
10
15
20
25
30
35
Jun-14
Sep-14
Dec-14
Mar-15
Jun-15
Sep-15
Dec-15
Mar-16
Jun-16
Sep-16
Dec-16
Mar-17
Jun-17
Sep-17
Dec-17
Mar-18
Jun-18
Sep-18
Dec-18
Mar-19
Jun-19
P/E ratio of MSCI India growth and MSCI India value
indices, 2010-19 (%)
MSCI Growth Index MSCI Value Index
25. Key Budget Announcements
25
FPI – Foreign Portfolio Investors, FDI – Foreign Direct Investment, KYC – Know your Customer, NBFC – Non-Banking Financial Companies, RBI – Reserve Bank of India. Source: Budget Document
26. Analysis
26
Increase in surcharge on 2 Individual income tax
categories – Surcharge on Taxable income between INR
2-5 cr increased by 3% and INR 5 cr & above by 7%. Now
the highest tax rate in India is 42%*
Government guarantee for the purchase of high-rated
pooled assets of up to INR 1trn indicates that the
Government seeks to address the NBFC concerns
Relaxation of FDI restrictions on certain sectors, easier KYC
norms for FPIs & external borrowing is a positive for foreign
flows
The proposal to increase public shareholding coupled with Government
willing to go below 51% for select CPSEs could lead to an increase in
India‟s weightage in global indices
Government focus on fiscal discipline and low inflation indicates the
probability of further rate cuts. This measure is expected to revive
growth.
Focus on Long Term Growth
More incremental equity on offer
Investor Confidence
NBFC relief
Rich to get more taxed
FPI – Foreign Portfolio Investors, FDI – Foreign Direct Investment, NBFC – Non-Banking Financial Companies, CPSE - Central Public Sector Enterprises, MSCI - Morgan Stanley Capital International, KYC – Know Your
Customer.*Consult your tax advisor for more details on taxation and applicable tax
27. Impact on Sectors
27
Increase in minimum public shareholding
and a proposal to levy 20% tax on share
buybacks may have a negative impact on
cash rich IT Sector
IT
A Rs. 700 Bn recapitalization budget for
PSU banks and increase in free float due
to proposed rise in public shareholding
could be positive for PSU Banks
PSU Banks
No initiatives on boosting
consumption. Hence less focus
Consumption
Credit Guarantee for high rated NBFCs and
change in Housing Finance Companies regulator
to RBI shows a greater focus on the sector
NBFCs
For high end housing, higher income taxes for
individuals earning Rs. 20 Mn. Is expected to
have a negative impact
Housing
28. Case for Long Term Investing &
Managing Volatility
28
Staggered investments over long term in the form of SIP in
Equity Schemes may help in wealth creation
Short term volatility to prevail given the current economic
scenario. Asset Allocation Schemes to benefit from
volatility recommended
Implementation of reforms measures and the subsequent
results to take ~3-5 years. A minimum investment horizon
of 3-5 years is recommended
Reforms Continuity & Initiatives to ensure long term
growth story remains intact
Reforms
Implementation
Asset Allocation
SIP for Wealth Creation
29. Outlook – Asset Allocation, Value &
Special Situations Theme
29
Volatility may
prevail due to
global and
domestic factors
Equity accumulation, in
mid/small/multicaps,
should be in a staggered
manner via SIP/STP
Neutral stance on
equities as valuations
look completely priced
in. However the outlook
has improved.
Recommend lump
sum investment in
Asset Allocation
Schemes to benefit
out of volatility
Value and special
situation themes
expected to play
out during 2019
30. Schemes to manage Volatility:
Our Asset Allocation Bouquet
30
These schemes aim to benefit from volatility and manage equity exposure based on valuations
ICICI Prudential
Regular Savings Fund*
Conservative
Hybrid Fund
Equity
Savings
Fund
Dynamic Asset
Allocation or
Balanced
Advantage
Fund
Multi
Asset
Allocation
Aggressive
Hybrid
ICICI Prudential
Equity Savings Fund
ICICI Prudential Balanced
Advantage Fund
ICICI Prudential
Multi-Asset Fund
ICICI Prudential
Equity & Debt Fund
Net Equity–
10-25%
Net Equity–
15-50%
Net equity –
30-80%
Net Equity –
10-80%
Net Equity–
65-80%
ICICI Prudential
Asset Allocator Fund*^
Net Equity Level*:
0-100%
Fund of
Funds
Debt Taxation Debt TaxationEquity Taxation
The asset allocation and investment strategy will be as per the Scheme Information Document, *This scheme will attract debt taxation. ^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.
31. ICICI Prudential Balanced Advantage Fund*
31
Source: BSE India & MFIE, Data as of June 30 2019. The in-house valuation model starts from March 2010onwards. ICICI Prudential BAF stands for ICICI Prudential Balanced Advantage Fund.
* An open ended dynamic asset allocation fund. The investment strategy will be as per Scheme Information Document
18,620
29,183
23002
35,965
39,395
Net Equity
77.4
Net Equity
34.3
Net Equity
77.7
Net Equity
31.7
45.9
30
35
40
45
50
55
60
65
70
75
80
15,000
20,000
25,000
30,000
35,000
40,000
Mar'10
Apr'13
May'16
Jun'19
ICICIPrudentialBalancedAdvantageFund
NetEquityExposure(%)
SensexLevels
S&P BSE Sensex Levels vis-a-vis ICICI Prudential BAF Net Equity Exposure (%)
Sensex Level Net Equity Exposure %
32. ICICI Prudential Asset Allocator Fund#
*On change in allocation by the scheme. For more details on tax please consult with your tax advisor. The asset allocation and investment strategy will be as per Scheme Information Document. ) Investors may note that they will
be bearing the recurring expenses of this scheme in addition to the expenses of the underlying Schemes in which the scheme makes investment.
(# An open ended fund of funds scheme investing in equity oriented schemes, debt oriented schemes and gold ETFs/ schemes
To hedge against inflation or in adverse market situations, the Scheme may invest up to 50% in gold mutual fund schemes. Note: Subscriptions under the dividend plan of the scheme have been discontinued w.e.f. March 06, 2019
32
“Allocate between equity and debt at right time without tax impact*”
ICICI Prudential Asset Allocator Fund is an open ended Fund of Funds which has a flexibility to invest across
equity and debt schemes#
Investment Universe:
•Up to 100% in equity mutual fund schemes managed by ICICI Prudential Mutual Fund or any other Mutual
Fund(s)
•Up to 100% in debt mutual fund schemes managed by ICICI Prudential Mutual Fund or any other Mutual
Fund(s)
Allocation between asset classes
•The Scheme will be actively managed by experienced Fund Managers.
•The Scheme allocates between equity and debt mutual fund schemes based on in-house valuation model.
33. Schemes to benefit from Value & Special
Situations Theme
33
Fund of
Funds
*An open ended equity scheme following special situations theme. ^An open ended equity scheme following a value investment strategy. The investment strategy of the schemes will be as per the Scheme
Information Document
01
02
Value Fund with Equity Levels –
65 - 100%
ICICI Prudential Value Discovery Fund^
Special Situations Fund with Equity & Equity related
instruments of special situations theme of around
80 - 100%.
ICICI Prudential India Opportunities Fund*
These schemes aim to create wealth over long term by investing in opportunities at
reasonable valuations
34. ICICI Prudential India Opportunities Fund
34
The investment strategy will be as per Scheme Information Document
(1) Special Situation due to temporary Crisis in
a. Company b. Sectors c. Economy
(2) Government
Action/Regulatory Changes
(3) Global Events/Uncertainties
Situations that can be turned into opportunities
35. Schemes to benefit from growth story
35
These schemes aim to benefit from the long term growth story
* An open ended equity scheme predominantly investing in small cap stocks. ^ An open ended equity scheme predominantly investing in mid cap stocks. # An open ended equity scheme investing across
large cap, mid cap, small cap stocks. The investment strategy of the schemes will be as per the Scheme Information Document
GROWTH
ICICI Prudential
Midcap Fund^
A Midcap fund with
equity levels: 65-100%
ICICI Prudential
Multicap Fund#
A Multicap fund with
equity levels: 65-100%
ICICI Prudential
Smallcap Fund*
A Smallcap fund with
equity levels: 65-100%
36. ICICI Prudential Smallcap Fund
36The investment strategy of the scheme will be as per the Scheme Information Document
Robust Investment
Process
Portfolio Construction
and Investment Strategy
Large & Midcap Exposure:
Generally, 10 – 30% for
tactical allocation &
liquidity purpose
Strong Research and
Screening Process
No. of Stocks: 40 – 65
Smallcap Exposure:
Generally, 70 – 90% of portfolio
Young and agile
(AUM as on June 30,
2019 is Rs. 368.62 Crs)
37. ICICI Prudential Midcap Fund –
Investment Universe
37The investment strategy of the scheme will be as per the Scheme Information Document
Compounders with
Stable Growth
Long Term Wealth Creators
with Stable Growth
Consumption ideas, Brands
& High moat businesses
Structural
Growth
Long Term Wealth creators
Beneficiaries of Structural
changes in economy
Cyclical
Growth
Tactical Compounders
Beneficiary of Economic
Cycles
38. ICICI Prudential Multicap Fund
38
The investment strategy of the scheme will be as per the Scheme Information Document
Flexibility to invest
across market
capitalization
Well diversified
across various
sectors and stocks
Mix of Value and
Growth Strategy
Top down and
bottom up
approach
Less sector skewness &
Midcap/Smallcap allocation
based directionally as per our
In-House Market Cap Model
39. Our SIP Recommendations
39
ICICI Prudential
Value Discovery
Fund
(An open ended equity
scheme following a
value investment
strategy)
ICICI Prudential
Large & Midcap
Fund
(An open ended equity
scheme investing in both
largecap and midcap
stocks)
ICICI Prudential
Smallcap Fund
(An open ended equity
scheme predominantly
investing in smallcap
stocks)
ICICI
Prudential
Midcap Fund
(An open ended equity
scheme predominantly
investing in mid cap
stocks)
ICICI Prudential
US Bluechip Equity
Fund
(An open ended equity
scheme investing
predominantly in
securities of large cap
companies listed in
the United States of
America.)
40. Equity Valuation Index
40
Equity valuations show that
the market valuations are in
the zone where investors are
recommended to invest in
Asset Allocation / Balanced
Advantage Funds & Credit
Risk/Medium Duration Funds
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; Asset Allocation – Schemes that
invest both in equity and fixed income
115.35
50
70
90
110
130
150
170
Jun-06
Jun-07
Jun-08
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Jun-19
Invest in Equities
Aggressively invest in Equities
Neutral
Incremental Money to Debt
Book Partial Profits
42. Macro Economic Situation – Broad Parameters
42
Source: CRISIL Research; FY refers to fiscal year ends Apr - Mar; *Inflation (CPI) is for the month of May-19, Currency, Crude Oil prices as on 05 July 2019 , Forex Reserves as on April-2019, US 10Yr G-sec(%)
as on 04 July 2019; CAD is Q3FY19 print; FD Estimates from Budget Documents for FY20; GDP is for Q4FY19.
Fiscal Year Ends FY13 FY14 FY15 FY16 FY17 FY18 FY19 Latest*
Inflation (CPI%) 10.2 9.5 5.9 4.9 3.8 3.6 3.4 3
Current Account (% GDP) -4.8 -1.7 -1.3 -1.1 -0.6 -1.9 -2.4 -2.5
Fiscal Deficit (% GDP) 4.9 4.5 4.1 3.9 3.5 3.5 3.4 3.4
Crude Oil (USD/barrel) 109 107 53 39 60 57.8 64.5 64.23
GDP Growth (%) 5.6 6.6 7.2 7.9 7.9 7.3 6.8 5.8
Forex Reserves (USD bn) 292 304 342 356 370 424 413 419
Currency (USD/INR) 54.3 59.9 62.5 66.3 64.9 64.5 69.9 68.40
US 10YR G-sec Yields (%) 1.85 2.72 1.92 1.77 2.39 2.78 2.41 2.03
43. Current Fixed Income Market Scenario
43
RBI has delivered 75 bps rate cut in CY’19
Despite the rate cuts, the corporate bond rates & spreads continue to remain high
Rate Transmission channel are broken due to credit concern, NBFC slowdown and
crowding-out effect.
Banks Marginal Cost of Lending Rates (MCLR) continue to remain elevated, which has
further hampered the rate transmission process
High small savings rate has been a deterrent for banks to reduce deposit rate even with
75 bps rate cuts.
45. Transmission channels are broken –
Corporate bond spread
45
Corporate Bond spreads remain elevated due to crowding out effect and due to credit concerns. This
has resulted into limited transmission of rates
Source : CRISIL Research, Data as on 02-Jul-2019
7.83
8.42
5.75
5
6
7
8
9
10
Jun-14
Dec-14
Jun-15
Dec-15
Jun-16
Dec-16
Jun-17
Dec-17
Jun-18
Dec-18
Jun-19
AAA - 3 Year AA - 3 Year Repo Rate
46. What lies ahead?
46
Currency in circulation(CIC) before the festival season is expected to remain low
Govt. surplus is expected to remain low post the increase in non-discretionary spending
which is positive for system liquidity
Additionally, RBI is expected to pass on dividend income to the GOI, which will add to
core liquidity surplus
Finally, RBI has been maintaining accommodative stance for liquidity and has proactively
used various liquidity easing tools. We expect the stance to continue
Core liquidity may further increase depending on Reserves committee recommendations
and implementation
47. Play on Liquidity –
System Liquidity likely to turn positive
47Source : RBI, Data as on June 8, 2019
Liquidity
Conditions have
moved into the
surplus mode and
we believe system
liquidity will
continue to
improve
-40
-20
0
20
40
60
80
100
Dec-14
Mar-15
Jun-15
Sep-15
Dec-15
Mar-16
Jun-16
Sep-16
Dec-16
Mar-17
Jun-17
Sep-17
Dec-17
Mar-18
Jun-18
Sep-18
Dec-18
Mar-19
Jun-19
Daily Interbank Liquidity (in US$, Bn)
48. Currency in Circulation (CIC )Trend Seasonal Trend
48
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Currency in Circulation MoM% 5Y Avg
Currency in circulation dips in
sequential terms between Jun-Sept Seasonally, the
May-September
period is when the
CIC reduces due to
lower demand, this
is positive for the
liquidity.
Source : RBI, Data year on year for the last 5 Year average
49. RBI Dividend to Government
49
Source: RBI, Budget, Morgan Stanley Research *Includes Interim dividend of INR100bn in F2018. ** Includes interim dividend of INR 280bn in F2019. Note the years are as per GoI's fiscal year
accounting (Apr-Mar)
RBI usually
transfers the
surplus dividend to
the government in
August. This will
further boost the
system liquidity
54.5
71.4
65.3
39.5
73.0
0
10
20
30
40
50
60
70
80
F2015 F2016 F2017 F2018* F2019**
Surplus Transferable to the Government of India (INR '000cr)
50. Going Forward - RBI Expected to Ease Liquidity
50
RBI Tools
OMO
Purchases
Cash Reserve
Ratio
Foreign
Exchange
SWAP
Accommodative
Stance
Dividend &
Reserve
51. Segment of yield curve, which stands to benefit
51
As repo rate moves down from here, the yield curve tends to steepen
making the short end of the yield curve attractive
The corporate bond is at elevated levels and we expect compression of
corporate bond spreads over repo to happen
Liquidity conditions improving is positive more for the short end space as
compared to the longer end space.
52. 5.5
6.0
6.5
7.0
7.5
8.0
8.5
9.0
1 Year 3 Year 5 Year 10 Year
AAA AA Gsec Repo
Spread compression in Corporate Bonds
52
Corporate Bond
spread over Repo
rate are at an
elevated levels.
Going forward, we
expect spread
compression in
corporate bond
space.
S
P
R
E
A
D
Source: CRISIL Research; Data as of July 05, 2019
54. High Quality Portfolio
Data as of June 30, 2019; Past performance may or may not be sustained in future. *AAA, G-Sec and Cash
54
Scheme Name
Yield to Maturity
(YTM)
Modified
Duration (Yrs.)
Exposure to
AAA*
securities
ICICI Prudential Money Market Fund 7.12% 0.40 100.0%
ICICI Prudential Savings Fund 7.92% 0.74 85.2%
ICICI Prudential Short Term Fund 8.31% 1.89 82.4%
ICICI Prudential Corporate Bond Fund 8.07% 1.58 100.0%
ICICI Prudential Banking & PSU Debt Fund 7.93% 2.29 82.9%
55. Play on Carry –
Strong case for investment in Credit Risk Funds
55
Valuations are attractive
Industry Flows are slowing
down
Sentiments are Negative
56. ICICI Prudential Credit Risk Fund –
Spread Over Repo (Since Inception)
56
Average Spread :
2.9
Data as on 30-June-2019, YTM values taken since scheme inception. Past Performance may or may not be sustained in future.
Current Spread :
4.91
0
1
2
3
4
5
6
Dec-10
Apr-11
Aug-11
Nov-11
Mar-12
Jul-12
Oct-12
Feb-13
May-13
Sep-13
Jan-14
Apr-14
Aug-14
Nov-14
Mar-15
Jul-15
Oct-15
Feb-16
Jun-16
Sep-16
Jan-17
Apr-17
Aug-17
Dec-17
Mar-18
Jul-18
Oct-18
Feb-19
Jun-19
57. ICICI Prudential Medium Term Bond Fund–
Spread Over Repo (Last 10 Year Trend)
57
Average : 2.13
Data as on 30-June-2019, YTM values taken for the last 10 years. Past Performance may or may not be sustained in future.
Current Spread :
4.36
-2
-1
0
1
2
3
4
5
Jun-09
Oct-09
Feb-10
Jun-10
Oct-10
Feb-11
Jun-11
Oct-11
Feb-12
Jun-12
Oct-12
Feb-13
Jun-13
Oct-13
Feb-14
Jun-14
Oct-14
Feb-15
Jun-15
Oct-15
Feb-16
Jun-16
Oct-16
Feb-17
Jun-17
Oct-17
Feb-18
Jun-18
Oct-18
Feb-19
Jun-19
58. Invest when Flows are Muted
58
Source: MFIE. The funds considered are only Credit Risk Funds as per SEBI classification. Data as of May 31, 2019
90,924
76,195
65,000
70,000
75,000
80,000
85,000
90,000
95,000 Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Credit Risk Funds Category AUM (In Crs) - Industry Level
59. Why ICICI Prudential Accrual Funds
59
Investment
Philosophy
Strong Credit
Selection
Process
Robust
Investment
Process
Better Risk
Adjusted
Returns
61. Robust Investment Process
61
Involves assessment of :
• Past track record of the
company
• Cash flows
• Asset Quality
• Assessment of Management
risk & Business risk
• Credit Ratings by external
credit rating agencies
• Based on investment
mandate of the scheme
• Yield and interest rate risk
management based on
interest rate view and
technical factors
• Liquidity risk management
to avoid asset-liability
mismatch
• Regular review of macro-
economic variables, liquidity
and credit risk
• Regular monitoring of
financial and business
profile of issuers
• Regular meetings with
company managements
• Performance and portfolio
analysis
CREDIT RESEARCH PORTFOLIO CONSTRUCTION PORTFOLIO MONITORING
62. Strong Credit Selection Process
62
CREDIT
SELECTION
Independent
evaluation by Risk
Team
Target list filters
• Independent research team
• Self-origination model
• External credit rating
Decision making is
not concentrated to
one person
Focus not just on
credit and liquidity
risk but also on
diversification
63. Outlook – Play on Liquidity & Carry
63
We continue to remain sanguine towards the short end
of the yield curve and on spread assets
We may tactically alter duration based on the spread
opportunity available in different market segment
We believe the next rate cut would be data-dependent
Accrual schemes have moved into „buy‟ territory with
attractive valuations, reduced flows, and negative
sentiments (NBFC liquidity crunch).
Risk-reward benefit has turned favourable; good time to
earn carry with high credit spreads available in the
corporate bond space
NBFC – Non-Banking Financial Companies
64. Debt Valuation Index
Debt Valuation Index considers WPI, CPI, Sensex YOY returns, Gold YOY returns and Real estate YOY returns over G-Sec yield, Current Account Balance and Crude Oil Movement for calculation. WPI – Wholesale Price Index;
CPI – Consumer Price Index. None of the aforesaid recommendations are based on any assumptions. These are purely for reference and the investors are requested to consult their financial advisors before investing.
• We recommend investors to
invest in Low Duration
schemes or accrual schemes
such as ICICI Prudential
Credit Risk Fund.
• For those investors who aim
to benefit from volatility we
recommend investment in
ICICI Prudential All Seasons
Bond Fund.
64
Ultra Low Duration
High Duration
2.502.42
1
2
3
4
5
6
7
8
9
10
Jun-16
Sep-16
Dec-16
Mar-17
Jun-17
Sep-17
Dec-17
Mar-18
Jun-18
Sep-18
Dec-18
Mar-19
Jun-19
Ultra Low Duration
Low Duration
Moderate Duration
High Duration
Aggressively in High Duration
65. Fixed Income Recommendations
65
ICICI Prudential Floating Interest Fund
Cash Management Solution
(aims to benefit from better risk adjusted returns)
ICICI Prudential Ultra Short Term Fund
ICICI Prudential Medium Term Bond Fund
Accrual Schemes
(aims to benefit from capturing yields at elevated levels)
ICICI Prudential Credit Risk Fund
ICICI Prudential All Seasons Bond Fund
Dynamic Duration Schemes
( aims to benefit from volatility by actively managing duration)
ICICI Prudential Short Term Fund
Low/Short Duration Schemes
(aims to benefit from mitigating interest rate volatility)
66. Our Equity Schemes
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 Situation theme
ICICI Prudential US Bluechip Equity Fund
An open ended equity scheme investing predominantly in securities of large cap
companies listed in the United States of America.
66
67. Our Hybrid Schemes / Fund of Funds Scheme
Scheme Name Type of Scheme
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, Gold/Gold ETF/units of REITs &
InvITs and other asset classes as may be permitted from time to time.
67
Scheme Name Type of Scheme
ICICI Prudential Asset Allocator Fund
An open ended fund of funds scheme investing in equity oriented schemes, debt
oriented schemes and gold ETFs/schemes.
68. Our Debt Schemes
Scheme Name Type of Scheme
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
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
68
Macaulay Duration - The Macaulay duration is the weighted average term to maturity of the cash flows from a bond. The weight of each cash flow is determined by dividing the present value of the cash flow by the price.
69. Riskometers
ICICI Prudential Multi-Asset Fund is suitable for investors who are 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.
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
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.
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
69
70. Riskometers
ICICI Prudential Bluechip Fund is suitable for investors who are seeking*:
Long term wealth creation
An open ended equity scheme predominantly investing in large cap stocks.
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential Value Discovery Fund is suitable for investors who are seeking*:
Long term wealth creation
An open ended equity scheme following a value investment strategy
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential Large & Mid Cap Fund is suitable for investors who are seeking*:
Long term wealth creation
An open ended equity scheme investing in both largecap and mid cap stocks
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
70
71. Riskometers
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
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
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
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
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.
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
71
72. Riskometers
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.
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential All Seasons Bond Fund is suitable for investors who are seeking*:
All duration savings
A debt scheme that invests in debt and money market instruments with a view to maximize income while maintaining optimum balance
of yield, safety and liquidity
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
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.
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
72
73. Riskometers
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 for them
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
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential Midcap Fund is suitable for investors who are seeking*:
Long Term wealth creation
An open-ended equity scheme that aims for capital appreciation by investing in diversified mid cap companies.
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
73
74. Riskometers
ICICI Prudential India Opportunities Fund (The scheme is suitable for investors who are seeking*)
Long term wealth creation
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 for them.
74
ICICI Prudential Equity Savings Fund is suitable for investors who are seeking*:
Long term wealth creation
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.
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential Multicap Fund is suitable for investors who are seeking*:
Long term wealth creation
An open ended equity scheme investing across largecap, mid cap and small cap stocks.
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
75. Riskometers
ICICI Prudential US Bluechip Equity Fund is suitable for investors who are seeking*:
Long term wealth creation
An open ended equity scheme primarily investing in equity and equity related securities of companies listed on recognized stock
exchanges in the United States of America
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
75
ICICI Prudential Savings Fund is suitable for investors who are seeking*:
Short term savings
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*:
Short term savings
An open ended debt scheme predominantly investing in Debt instruments of banks, Public Sector Undertakings, Public Financial Institutions
and Municipal Bonds
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
76. Riskometers
76
ICICI Prudential Corporate Bond Fund is suitable for investors who are seeking*:
Short term savings
An open ended debt scheme predominantly investing in highest rated corporate bonds
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
ICICI Prudential Money Market Fund is suitable for investors who are seeking*:
Short term savings
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 advisers 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.
*Investorsshould consulttheir financial advisorsif in doubt about whethertheproductis suitablefor them.
ICICI Prudential Asset Allocator Fund (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.
77. Disclaimer For Mutual Funds
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 publicly 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 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 or investment
advice. The recipient alone shall be fully responsible/are liable for any decision taken on this material.
77