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
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A Study of ratios as a Tool of Financial Statement Analysis GK Plastics Bhala...Avinash Labade
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Summer Training Report on Fundamental AnalysisFellowBuddy.com
FellowBuddy.com is an innovative platform that brings students together to share notes, exam papers, study guides, project reports and presentation for upcoming exams.
We connect Students who have an understanding of course material with Students who need help.
Benefits:-
# Students can catch up on notes they missed because of an absence.
# Underachievers can find peer developed notes that break down lecture and study material in a way that they can understand
# Students can earn better grades, save time and study effectively
Our Vision & Mission – Simplifying Students Life
Our Belief – “The great breakthrough in your life comes when you realize it, that you can learn anything you need to learn; to accomplish any goal that you have set for yourself. This means there are no limits on what you can be, have or do.”
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A Study of ratios as a Tool of Financial Statement Analysis GK Plastics Bhala...Avinash Labade
If any have Need Project Report please call +919011888598 and i will provide only Word File.
and
Project Cost is Rs 500/- Per Project
Send Me Payment Phone Pay or Google Pay
Financial Statement Analysis With The Help of Ratios (Suyesh Metel Pressing p...Avinash Labade
If any have Need Project Report please call +919011888598 and I will provide only Word File.
and
Project Cost is Rs 500/- Per Project
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REPORT ON SUMMER TRAINING A FINANCIAL STATEMENT ANALYSIS AND INTERPRETATION...priya bansal
REPORT ON SUMMER TRAINING
A FINANCIAL STATEMENT ANALYSIS AND INTERPRETATION OF B.K. TRADING CO.
I HELP'S U HOW TO PREPARE INTERNSHIP TRAINING REPORT ON A FINANCIAL STATEMENT ANALYSIS AND INTERPRETATION
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Grand Project Report on “A Study of Investor’s Perception on IPO And IPOs Per...Manoj Muliya
A Grand Project Report on “A study of Investor’s Perception on IPO And IPOs Performance in Stock Market”.
This project is related is Stock Market in MBA 4th Semester and comparison between IPO and Share related how they react Before and After.
Black Book Project Report on Digital IndiaRabina Yesmin
This is a BLACK BOOK PROJECT REPORT. This BLACK BOOK PROJECT is having all the required & desirable elements, qualities & characteristics, as good as it is possible to be as per University of Mumbai. Please do not copy the Project. This project will help you to accomplished your black book project report effectively. Thank you !
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This Project report will give you a glance to see where India will going to stand after 5-10 years as digitally. The objective of research of the Digital India project is to come out with knowledge of innovative ideas and practical solutions to realize Hon’ble Prime Minister Narendra Modi’s vision of a digital India. Prime Minister Modi envisions transforming our nation and creating opportunities for all citizens by harnessing digital technologies
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As digital India is being an Umbrella Programme, that is covering many departments.The programme weaves together a large number of ideas and thoughts into a single, comprehensive vision, so that each of them is seen as part of a larger goal. Each individual element stands on its own, but is also part of the larger picture.
Hello! Find more information about short presentation topics for MBA in 2018-2019. More https://www.mbadissertation.org/presentation-topics-for-mba-students/
While there is some decline in China, there are positive market situations for India. What does that mean for an investor like you? See in December's Monthly Market Outlook here.
#ICICIPrudentialMutualFund #Investment #December2023 #MonthlyMarketOutlook #MutualFunds
Amidst global tensions, the global economies might be taking the strain but Indian economy continues the Goldilocks streak. Take a holistic view at what that might mean for you as an investor with the Monthly Market Outlook.
#ICICIPrudentialMutualFund #MonthlyMarketOutlook
REPORT ON SUMMER TRAINING A FINANCIAL STATEMENT ANALYSIS AND INTERPRETATION...priya bansal
REPORT ON SUMMER TRAINING
A FINANCIAL STATEMENT ANALYSIS AND INTERPRETATION OF B.K. TRADING CO.
I HELP'S U HOW TO PREPARE INTERNSHIP TRAINING REPORT ON A FINANCIAL STATEMENT ANALYSIS AND INTERPRETATION
Dear Students
We can help you to write total dissertation/project report.
Our 9 step method of project writing:-
Step 1) Helping you in Selection of topic.
Step 2) Group discussion / conference call with in team of professors.
Step 3) Helping you in Preparation of Synopsis/ proposal & sent to project guide
Grand Project Report on “A Study of Investor’s Perception on IPO And IPOs Per...Manoj Muliya
A Grand Project Report on “A study of Investor’s Perception on IPO And IPOs Performance in Stock Market”.
This project is related is Stock Market in MBA 4th Semester and comparison between IPO and Share related how they react Before and After.
Black Book Project Report on Digital IndiaRabina Yesmin
This is a BLACK BOOK PROJECT REPORT. This BLACK BOOK PROJECT is having all the required & desirable elements, qualities & characteristics, as good as it is possible to be as per University of Mumbai. Please do not copy the Project. This project will help you to accomplished your black book project report effectively. Thank you !
Summary:
This Project report will give you a glance to see where India will going to stand after 5-10 years as digitally. The objective of research of the Digital India project is to come out with knowledge of innovative ideas and practical solutions to realize Hon’ble Prime Minister Narendra Modi’s vision of a digital India. Prime Minister Modi envisions transforming our nation and creating opportunities for all citizens by harnessing digital technologies
To know about the making technology central to enabling change. We can see the changing and developing technology of India in a digital way.
As digital India is being an Umbrella Programme, that is covering many departments.The programme weaves together a large number of ideas and thoughts into a single, comprehensive vision, so that each of them is seen as part of a larger goal. Each individual element stands on its own, but is also part of the larger picture.
Hello! Find more information about short presentation topics for MBA in 2018-2019. More https://www.mbadissertation.org/presentation-topics-for-mba-students/
While there is some decline in China, there are positive market situations for India. What does that mean for an investor like you? See in December's Monthly Market Outlook here.
#ICICIPrudentialMutualFund #Investment #December2023 #MonthlyMarketOutlook #MutualFunds
Amidst global tensions, the global economies might be taking the strain but Indian economy continues the Goldilocks streak. Take a holistic view at what that might mean for you as an investor with the Monthly Market Outlook.
#ICICIPrudentialMutualFund #MonthlyMarketOutlook
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
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!
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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.
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.
How are the recent developments in global and domestic markets going to affect the coming future? What is in store when it comes to equities, fixed incomes and other securities as and when the market moves? Explore in May's Monthly Market Outlook!
#ICICIPrudentialMutualFund #MarketOutlook #May #MutualFund #Market
As there has been a trend of performance concentration across market cycles, different investment styles may perform at different phases of a market cycle. Our Market Outlook for November 2020
ICICI Prudential 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.
Despite setbacks, the market is on a positive note. What else is in store and how is it going to perform under pressure? Explore all that in our Monthly Market Outlook for April.
#ICICIPrudentialMutualFund #MonthlyMarketOutlook #April #Global #India #MutualFund
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.
• 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.
Monthly Market Outlook (November 2021) | ICICI Prudential Mutual Fundiciciprumf
Equity Outlook: Equity markets pacing ahead now the Economy prepares to catch up.
Fixed income: RBI policy normalisation process may result in short-term rates moving higher and reduction in steepness of yield curve.
• Historically, financial crisis have generally occurred due to endogenous factors – economic imbalances like high crude prices, high inflation, etc. This time it is different since macros being stable, the current crisis is the result of an external factor i.e. COVID-19
• India’s long term growth story remains intact since it is better placed in terms of fundamentals
• We believe, Emerging Markets have the potential to recover better than Developed Markets & that Value as a theme performs better than Growth during recovery phase. Hence, we recommend investing in ICICI Prudential Value Discovery Fund
• Owing to the temporary economic crisis due to COVID-19, we recommend investing in ICICI Prudential India Opportunities Fund
• Given further uncertainty regarding the spread of COVID-19, volatility is expected to prevail. We recommend investing in ICICI Prudential Balanced Advantage Fund to manage volatility • We remain positive on the Smallcap space as valuations are reasonable & recommend investing in ICICI Prudential Smallcap Fund
• Post any crisis, sectoral leadership has changed in the past. Aim to invest in future potential leaders through ICICI Prudential Focused Equity Fund
Asset Outlook and Economic View in the Current Market ScenarioQuantum Mutual Fund
Fund managers of Quantum Mutual Fund give their perspective on the asset outlook for the mid-year 2021 for the three assets of equity, debt and gold. Find answers to questions like how is the performance post-Covid 2nd wave? What are the underlying macroeconomic indicators that could determine future prospects? How do you allocate across different assets to mitigate downside risk?
www.Quantumamc.com
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
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.
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
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
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
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.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
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.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
2. Global Indices Performance
2
• Markets declined as Global
central banks signaled their
‘Higher for Longer’ narrative for
interest rates
• Subdued business surveys across
major economies and China’s
growth engine showing alarming
data further stoked bearish
sentiments
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; Data Source: MFI. Returns are absolute returns for the index calculated between August 31, 2023 to
Sep 30,2023. 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.
-5%
-4% -4% -3%
-3%
-2% -2% -2%
-2% -1%
-0.5%
-0.3%
-0.2%
1%
2%
2%
-7%
-5%
-3%
-1%
1%
3%
5%
Russia
South
Korea
Germany
US
Hong
Kong
France
Eurozone
Japan
Taiwan
Switzerland
Singapore
China
Indonesia
Brazil
India
UK
Absolute Returns -September 2023
3. India – Sectoral Indices Performance
3
DoT: Department of Telecommunication. 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, Govt: Government, RBI: Reserve Bank of India. Data Source:
MFI, BSE ; Returns are absolute returns for the TRI variant of the index (except Infrastructure Index) calculated between August 31, 2023 to September 30.2023. 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.
• All the sectoral indices gained with
Telecom sector leading the race
• DoT’s recommendations for
strengthening telecom
infrastructure in the country
enticed investors for telecom
stocks
• While power sector witnessed
gains due to high coal production
levels, Oil & gas stocks rallied on
the back of rising crude oil prices
1%
2% 2% 2% 2%
2%
3% 3% 3%
4%
6%
6%
7%
8%
9%
0%
3%
6%
9%
FMCG
Bankex
IT
CD
Financials
HC
Auto
Realty
Oil
&
Gas
Energy
CG
Metal
Power
Infra
Telecom
Absolute Returns - September 23
5. Tracking weak global cues and softening domestic macro indicators have put questions on ‘Goldilocks’
story of Indian Economy. Goldilocks is a state of Economy wherein the country experiences period of ‘High
Growth’ & ‘Low Inflation’
In the long run, while India’s Goldilocks story may remain intact. But in near-term that may not be the case
as inflation though on its downtrend but continues to remain on higher side and Growth may soften in the
near-term. We believe that in near-term volatility may persist as rural growth continues to lag urban
growth, deficient rainfall may impact inflation & demand, global slowdown may affect exports and rising
crude prices may contribute to external sector risks. Hence, near-term ‘Goldilocks’ picture looks hazy
However, with strong capex momentum, sustained government revenues, decent corporate profitability,
indigenization, favorable demographics & strong bank balance-sheets, the long term picture looks bright
and clear
Goldilocks: Still in the game!
6. Near Term Picture –
Rural Growth playing a catch down
6
Data as April 30, 2023. Source – Equirus Research. YoY: Year on Year.
Weak rural wage growth may trickle down to rural consumption which is already lagging behind
0%
4%
8%
12%
16%
Sep-13
Dec-13
Mar-14
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
Sep-19
Dec-19
Mar-20
Jul-20
Oct-20
Jan-21
May-21
Aug-21
Nov-21
Feb-22
Jun-22
Sep-22
Dec-22
Mar-23
Rural Wage Growth (YoY %)
High rural inflation is
likely to keep wage
growth contained in
the near-term thereby
slowing rural
consumption
7. Near Term Picture –
Deficient Monsoon
7
Data as on Sep 30,2023. Data Source: Equirus Research. IMD: Indian Metrological Department. LPA: Long Period Average
India reports higher rainfall deficit (approx. 6%) in 2023 against IMD estimates of 4%
75
80
85
90
95
100
105
110
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
MONSOON RAINS TRENDING BELOW LONG PERIOD AVERAGE
Deficient Rains may
weaken rural demand,
spur high inflation &
compel government to
curb export of
commodities
LPA: 100
8. 94.8
96.2
65
75
85
95
105
115
125
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
Jan-23
Mar-23
May-23
Jul-23
Sep-23
Brent Crude Prices ($/bbl)
Near Term Picture –
Oil on the boil
8
Data as of September 30, 2023. Source: ICICI Securities. Bbl: Barrel of oil
India being net importer of oil, high crude prices may result in rupee depreciation & higher trade deficits in the near-term
Spike due to
Russia-
Ukraine
Geo-political
conflicts
79.5
83.0
73
75
77
79
81
83
85
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
Jan-23
Mar-23
May-23
Jul-23
Sep-23
Rupee Movement (USD/INR)
Rupee Depreciation tends
to result in widening
Trade Deficit
9. Near Term Picture –
Higher for Longer Interest rates
9
Data as Aug 21, 2023 for Central Bank Balance Sheets. Data as on Sep 30,2023 is considered for Central Bank Policy Rates. Data Source: ICICI Securities & JP Morgan.
Fed: Federal Reserve System of US, ECB: European Central Bank, BoJ: Bank of Japan, PBoC: People’s Bank of China, USA: United States of America, UK: United Kingdom.
Estimates refer to JP Morgan Estimates. Past performance may or may not sustain in future.
19,000
21,000
23,000
25,000
27,000
29,000
31,000
33,000
Jan-20
May-20
Sep-20
Jan-21
May-21
Sep-21
Jan-22
May-22
Sep-22
Jan-23
May-23
Central Bank Balance Sheets (FED,
ECB,PBoC,BoJ)($BN)
Central Bank Balance Sheets (FED, ECB,PBoC,BoJ)($BN)
Aug-23
Expectations of high Interest Rates + shrinking Central Bank Balance sheets likely to decelerate global growth engine
0.0
1.0
2.0
3.0
4.0
5.0
6.0
Mar-20
Jul-20
Nov-20
Mar-21
Jul-21
Nov-21
Mar-22
Jul-22
Nov-22
Mar-23
Jul-23
Nov-23
Mar-24
Global Central Bank Policy Rates
Eurozone USA UK
Estimates
Reducing Balance sheet size
since beginning of rate hikes
Jun-24
10. Near Term Picture –
Moderating Service Exports
10
Data as on Aug 31,2023 is considered. Source – Equirus Research, MMA: Month Moving Average. Past performance may or may not sustain in future.
Downtrend of services export may continue in the near-term as
Global slowdown is likely to have a bearing on India’s Services exports
-19%
-9%
1%
11%
21%
31%
41%
Jun-14
Nov-14
Apr-15
Sep-15
Feb-16
Jul-16
Dec-16
May-17
Oct-17
Mar-18
Aug-18
Jan-19
Jun-19
Nov-19
Apr-20
Sep-20
Feb-21
Jul-21
Dec-21
May-22
Oct-22
Mar-23
Aug-23
3
MMA
Services
Exports
(YoY
%)
Slowing Services Exports of India
Services Exports continue to
paint downtrend picture
12. Long term picture –
Indian Govt. sustains its firepower
12
For Govt. Debt to GDP: Data as on March 31,2022 is considered. For Central Govt. Tax Revenues: Data as on Aug 31,2023 is considered. Source: Morgan Stanley & Avendus
Spark Capital. GDP: Gross Domestic Product, FY: Financial Year, M: Months, Bn: Billion, Govt.: Government. Past performance may or may not sustain in future.
India stands relatively less scathed
to high global interest rates
Buoyant Tax collection likely to help the Govt.
keep its fiscal deficit in check
Japan
261.3
Govt. Debt to GDP(%)
US
121.4
France
111.7
UK
101.4
India
83.1
China
77.1
Taiwan
27.5
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
5M
FY
12
5M
FY
13
5M
FY
14
5M
FY
15
5M
FY
16
5M
FY
17
5M
FY
18
5M
FY
19
5M
FY
20
5M
FY
21
5M
FY
22
5M
FY
23
5M
FY
24
Central Govt. Tax Revenues (INR Bn)
Direct Tax Indirect Tax GST
13. Long Term Picture –
Banking Health
13
FY: Financial Year. Source: Morgan Stanley Research & Avendus Spark Capital. Green color represents best value and red color represents worst value
Indian banks remain relatively stable amidst Global banking Crisis due to
i) Improved management of Non Performing Loans and ii) Constantly rising Net Interest Margins
FY-18
11.5%
FY-19
9.3%
FY-20
8.5%
FY-21
7.5%
FY-22
5.9%
FY-23
3.9%
Years
Bank's Net Interest
Margins (%)
FY-22 3.3
FY-21 3.3
FY-20 3.2
FY-19 3.1
Fy-18 2.8
Gross Non Performing Loans (%) Net interest Margins (%)
14. Long term picture –
Corporate Profitability
14
Data Source: Morgan Stanley and Avendus Spark. F: Financial Year. FY: Financial Year. E: Estimates. GDP: Gross Domestic Product. Past performance may or may not sustain in
future.
India’s Economic growth has bolstered Corporate Profits and reduced corporate’s reliance on large finances
62%
52%
55%
45%
50%
55%
60%
65%
F2013
F2014
F2015
F2016
F2017
F2018
F2019
F2020
F2021
F2022
F2023E
F2024E
F2025E
Corporate Debt (% of GDP)
3.7%
1.4%
5.2%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
Corporate Profit to GDP (%)
Corporate Debt reduced over the
years reflect lower reliance on
external finances
Steady GDP momentum creates conducive
environment for businesses
15. Long term picture –
Household Demand
15
Data Source: Morgan Stanley and Macquarie Research. GDP: Gross Domestic Product, F: Forecasts, Mn: Million, For High Income Group, Annual income per household is >30L, for Upper Mid: Annual
income above 6 L but below 30L, For Lower Mid, Annual income below 6L and above 3L and for Lower Income, Annual Income lower than 3L is considered. L: Lakhs. Past performance may or may not
sustain in future.
Lower Household Debt and changing Income Distribution Dynamics
create conducive environment for blooming consumer demand
China
Hong Kong
India
Indonesia
Korea
Phillipines
Singapore
Taiwan
Thailand
0%
20%
40%
60%
80%
100%
120%
0 20000 40000 60000 80000 100000
Household
Debt,
%
of
GDP
GDP per capita (2021)
Household Debt to GDP
Household Income Distribution
(No. of Households in each level group)
2005 2018 2030F
High Income
Group
1 Mn (1%)
Upper-Mid
Income Group
16 Mn (7%)
Lower-Mid
Income Group
51 Mn (23%)
Low Income
Group
151 Mn (69%)
8 Mn (3%)
61 Mn (21%)
97 Mn (33%)
127 Mn (43%)
29 Mn (7%)
168 Mn (44%)
132 Mn (33%)
57 Mn (15%)
16. Long Term Picture –
India’s PMI remains brightest
16
Source – Axis Capital and Equirus Research. PMI – Purchasing Managers Index, US – United States, UK – United Kingdom. PMI >50 indicates expansion and <50 indicates
contraction. Readings above 50 are shown in green color and below 50 are shown in red color.
India is consistently outperforming major economies in terms of manufacturing activity
India US Eurozone UK China Japan
Sep-22 55.1 52.0 48.4 48.2 48.1 50.8
Oct-22 55.3 50.4 46.4 46.2 49.2 50.7
Nov-22 55.7 47.7 47.1 46.5 49.4 49.0
Dec-22 57.8 46.2 47.8 45.3 49.0 48.9
Jan-23 55.4 46.9 48.8 47.0 49.2 48.5
Feb-23 55.3 47.3 48.5 49.3 51.6 47.7
Mar-23 56.4 49.2 47.3 47.9 50.0 49.2
Apr-23 57.2 50.2 45.8 47.8 49.5 49.5
May-23 58.7 48.4 44.8 47.1 50.9 50.6
Jun-23 57.8 46.3 43.4 46.5 50.5 49.8
Jul-23 57.7 49 42.7 45.3 49.2 49.6
Aug-23 58.6 47.9 43.5 43 51.0 49.6
Sep-23 57.5 49.8 43.4 43.3 50.6 48.5
17. Long term picture –
Favorable Demographics
17
Data is shown on calendar year basis. Data Source: Macquarie Equity Research and Morgan Stanley. Past performance may or may not sustain in future.
Confluence of younger population mix and lower wage rates
braces for high manufacturing growth in India
40.4
39.6
38.4
33.5
31.5
29.7
29.2
28.4
27.6
30.9
0
5
10
15
20
25
Singapore
South
Korea
Taiwan
China
Thailand
Vietnam
Indonesia
India
Manufacturing Wage(US$/hr)
2020 2021 2022
Lower Manufacturing
Wages as compared to
other countries
19. Market goes through Phases…
19
Boom Phase
• Lehman Crisis 2008
• Dot com burst – 2001
Burst Phase
• Equity Markets in 2013-16
• Equity Markets in 2009-11
• Debt Accrual Schemes in 2019
• Equity Markets in 2020
Good Time to Invest
• Equity Markets in 2011 &
2017
• Equity Markets currently
• Real Estate in 2013
• e-Commerce in 2014
• Bitcoin in 2017
• Equity in 2007 & 2000
Bubble Phase
• Equity Markets in 2012
Boring Phase
We are here!
20. Why are we in a Boom Phase?
20
Indicators Current Status Fit for Boom Phase
Market Returns High
Market Valuations Rising
Sentiments Positive
Earnings Growth High
Production Growth High
21. Boom Phase: Markets yielding higher returns
21
Markets have rebounded at a faster pace in last 6 months
Source : MFIE. Data as on September 30, 2023. Past performance may or may not sustain in future.
14.7 14.9
21.1
30.0
33.0
0.7
-0.6 -0.3
2
-6.9
-10
-5
0
5
10
15
20
25
30
35
S&P BSE Sensex Nifty 50 NIFTY Large Midcap
250
Nifty Midcap 150 Nifty Smallcap 250
Market Indices Absolute Returns (%)
1 Yr Returns as on Sep 23 1 Yr Returns as on Mar 23
22. Boom Phase: Valuations on the higher end
22
Equity Market Valuations continue to trade above long term average
Source : NSE and Nuvama Research. . Data as on September 30, 2023. Past performance may or may not sustain in future. P/E – Price to Earning, GDP: Gross Domestic Product.
22
0
5
10
15
20
25
30
35
40
45
Jan-00
Jan-02
Jan-04
Jan-06
Jan-08
Jan-10
Jan-12
Jan-14
Jan-16
Jan-18
Jan-20
Jan-22
Nifty 50 P/E (x)
Nifty 50 P/E Average Sep-23
108
-
20
40
60
80
100
120
Mar-17
Sep-17
Mar-18
Sep-18
Mar-19
Sep-19
Mar-20
Sep-20
Mar-21
Sep-21
Mar-22
Sep-22
Jan-23
Mar-23
May-23
Jul-23
Sep-23
Indian Market Cap to GDP (%)
Average: 93
Average: 21
23. Boom Phase: Valuations on the higher end
23
India’s valuations cooled off between Sep-22 & Mar-23
Source : MFIE. Past performance may or may not sustain in future. For indices considered for each country, please refer to slide 2 disclaimers.
29%
27%
22%
18% 18%
16% 15%
11%
8% 8% 8%
4%
3%
-3%
-6%
-7%
-10%
0%
10%
20%
30%
Germany
France
Eurozone
Hong
Kong
Taiwan
US
South
Korea
UK
China
Switzerland
Japan
Singapore
India
Indonesia
Russia
Brazil
Absolute Returns (Sep 30, 2022-Mar 31, 2023)
However, valuations are again on the rise…
14%14%
12%
3% 2% 1% 1%
0% 0% -1%-1%-2%-3%-3%
-5%
-13%
-18%
-13%
-8%
-3%
2%
7%
12%
17%
22%
Brazil
Japan
India
Taiwan
Indonesia
Russia
US
UK
South
Korea
Singapore
Switzerland
Germany
France
Eurozone
China
Hong
Kong
Absolute Returns (Mar 31, 2023 - Sep 30, 2023)
24. Boom Phase: Valuations on the higher end
24
Share of Market Cap – (as a % of Total Market Cap)
Source: NSE. Data as on Sep 30,2023. Past performance may or may not sustain in future. Red indicates high valuations, Amber indicates neutral valuations and Green indicates
attractive valuations.
Period Large Cap Mid Cap Small Cap
2004 87.1 9.3 3.6
2005 83.0 11.3 5.6
2006 81.9 11.5 6.7
2007 77.7 13.2 9.1
2008 82.7 10.9 6.4
2009 79.8 12.3 7.9
2010 78.0 12.5 9.4
2011 79.8 12.1 8.1
2012 77.9 13.4 8.7
2013 80.3 12.4 7.2
2014 76.8 14.1 9.1
2015 73.8 15.2 11.0
2016 72.9 15.3 11.8
2017 68.1 17.3 14.6
2018 72.0 16.3 11.7
Dec-19 74.9 15.6 9.5
Dec-20 74.2 15.5 10.2
Dec-21 68.7 16.8 14.5
Dec-22 69.2 16.1 14.7
Mar-23 68.9 16.4 14.6
Jun-23 67.5 16.9 15.6
Aug-23 64.7 17.7 17.6
Sep-23 65.0 17.7 17.3
25. 107.9
50
70
90
110
130
150
170
Sep-05
Sep-06
Sep-07
Sep-08
Sep-09
Sep-10
Sep-11
Sep-12
Sep-13
Sep-14
Sep-15
Sep-16
Sep-17
Sep-18
Sep-19
Sep-20
Sep-21
Sep-22
Sep-23
Aggressively Invest in Equities
Neutral
Incremental Money to Debt
Book Partial Profits
Invest in Equities
Equity Valuation Index
25
Our Equity Valuations Index continues to remain in the neutral zone
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 and any other factor which the AMC may
add/delete from time to time. G-Sec – Government Securities. GDP – Gross Domestic Product, Data as on September 30, 2023 has been considered. Equity Valuation Index (EVI) is a proprietary
model of ICICI Prudential AMC Ltd. (the AMC) used for assessing overall equity market valuations. The AMC may also use this model for other facilities/features offered by the AMC.
26. Boom Phase: Investor Sentiments –
Positive to Neutral
26
Consistent SIP flows are driving the buying spree for Mutual Fund Houses
However, FPI Flows turned negative, snapping six month buying trends
Data as on August 31, 2023 for Mutual Fund Flows. Data as on Sep 30,2023 for FPI Equity Flows. Data Source: Morgan Stanley Research. SIP: Systematic Investment Plan. FPI; Foreign Portfolio
Investors.
-600.0
-400.0
-200.0
0.0
200.0
400.0
600.0
Jan-20
Apr-20
Jul-20
Oct-20
Jan-21
Apr-21
Jul-21
Oct-21
Jan-22
Apr-22
Jul-22
Oct-22
Jan-23
Apr-23
Jul-23
FPI Equity Flows (INR Mn)
Sep-23
0
60
120
180
-250
-150
-50
50
150
250
Jan-20
Jun-20
Nov-20
Apr-21
Sep-21
Feb-22
Jul-22
Dec-22
May-23
SIP
Flows
(INR
Bn)
Mutual
Fund
Houses
Flows
(Ex-SIP)
INR
Bn
Consistent SIP Flows
Mutual Fund Houses Flows (Ex-SIP) Monthly SIP flows
Aug-23
27. 5.9 6.8
-10.5
-1.6
6.9
15.8
33.3 33.9
29.7
15.7 15.7
-15
-10
-5
0
5
10
15
20
25
30
35
40
Jun-19
Dec-19
Jun-20
Dec-20
Jun-21
Dec-21
Jun-22
Dec-22
Jul-23
Aug-23
Sep-23
2 Yrs Earnings Growth (Y-o-Y %)
-1.1
14.8
-19.0
-15.7
41.0
59.0
41.9
12.7
8.3 9.8 9.8
-30
-20
-10
0
10
20
30
40
50
60
70
Jun-19
Dec-19
Jun-20
Dec-20
Jun-21
Dec-21
Jun-22
Dec-22
Jul-23
Aug-23
Sep-23
1 Yr Earnings Growth (Y-o-Y %)
Boom Phase: Earnings Trajectory Climbing Up
27
Data as on September 30, 2023. Data Source: Crisil Research and NSE, Earnings for Nifty 50 Companies have been considered. Returns for 1 year are calculated on absolute basis
and more than 1 year are calculated on CAGR basis. Covid- Coronavirus Disease 2019.
Corporate Earnings continue to gain traction at levels ahead of Pre-covid results
GDP gaining momentum bodes well for corporate earnings growth
28. 7.3 7.2
5.3 5.2 4.8 4.8
3.7 3.5 3.4 3 2.9 2.8
2.1 2 1.7 1.7 1.6 1.3
-0.1
-3.2
-4
-2
0
2
4
6
8
Saudi
Arabia
India
Indonesia
Argentina
Spain
EU
Australia
Mexico
Canada
Brazil
China
Italy
South
Africa
South
Korea
UK
France
United
States
Japan
Germany
Russia
FY23 GDP Growth (%)
Boom Phase: India’s GDP shining bright
28
Data Source: ICICI Securities. GDP: Gross Domestic Product, UK: United Kingdom, YoY: Year on Year and EU: European Union. Percentages shown above have been calculated on
Year on Year basis. FY: Financial Year. The G20 or Group of 20 is an intergovernmental forum comprising 19 countries and the European Union.
Indian Economy is emerging as one of the fastest growing economy amongst the G20 Nations
29. Summary & Outlook
29
• With changing global macro dynamics, near term vision of ‘Goldilocks’ for Indian Economy is hazy but long term
view remains bright & clear
• With sound fundamentals and multiple structural reforms underway, the economy is at the cusp of further up-
cycle in the long run
• Favorable demographics and demand too bodes well for the economy
• Long term structural story remains intact albeit with near term volatility owing to global growth-inflation
dynamics and evolving geo-political factors and uncertainties
• Post March-23, Indian equity market valuations have become richer with upbeat sentiments on growth and
profitability
• We believe that markets are in a boom phase and prefer large caps given the recent outperformance of mid and
small cap stocks
• We recommend investing in diversified equity schemes having flexibility to move across market caps/ sectors
/themes coupled with Hybrid schemes that allocate across different asset classes with an aim to navigate
volatility
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).
31. India’s Fixed Income Markets : Then & Now
Post 2014, India’s business cycle never entered expansion cycle mainly due to: 1. Impairment of
financial sector balance sheets due to outflow of large corporate loans and 2. Real estate loans in the
NBFC balance sheet. Both kept the banking balance sheet distressed and effective loan rates high for
the borrowers despite RBI bringing down interest rates in the pre-demonetization period.
Also, before 2018 monetary conditions remained tight due to RBI’s inflation targeting framework. As a
result, capacity utilization started trailing and credit growth started falling. Residential real estate
market too saw an inventory built up.
However, things changed post-pandemic as 1. RBI changed the pace of monetary easing and 2. the
fiscal balance sheet of the government started to expand to support growth. Due to Fiscal and
Monetary support, economy moved from slow phase of growth to the expansion cycle.
NBFC: Non Banking Financial Companies.
32. 32
In 2018-2020 phase RBI used to focus on inflation for monetary action. And when economy moved into
slower growth resulting into lower inflation, RBI had the room to cut interest rates.
GROWTH
High Inflation
Low Inflation
High Growth
Low Growth
INFLATION
Slow Growth Phase
of Economic Cycle:
2018 to 2020
Phases of Economic Cycle
33. 33
GROWTH
High Growth –
Low Inflation
Low Growth –
Low Inflation
High Growth –
High Inflation
Low Growth –
High Inflation
INFLATION
The above is based on various calculations and assumptions. Actual scenarios may vary.
No Policy
Action
Rate Cut
Rate Hike
No Policy
Action
Now, RBI has shifted its focus from inflation only to interplay between growth and inflation. Hence, going forward for
policy action, trajectory of inflation & growth would become important. Currently, growth being strong and inflation
in RBI’s tolerable zone, possibility of rate action is low
Phases of Economic Cycle and Policy Action
34. 34
Recovery Late Cycle
Expansion Slowdown
Steep Inverted
Flattish Low
We are Here
Economic Cycle
Shape of the
Yield Curve
Phases of Economic Cycle and Yield Curves
35. 35
The capacity utilization levels have gone up for first time in the last 9 years. This is evident in various
sectors like power, cement, steel where the overall capacity utilizations are at a much higher point.
65
67
69
71
73
75
77
79
81
83
85
Mar-08
Sep-08
Mar-09
Sep-09
Mar-10
Sep-10
Mar-11
Sep-11
Mar-12
Sep-12
Mar-13
Sep-13
Mar-14
Sep-14
Mar-15
Sep-15
Mar-16
Sep-16
Mar-17
Sep-17
Mar-18
Sep-18
Mar-19
Sep-19
Mar-20
Sep-20
Mar-21
Sep-21
Mar-22
Sep-22
Mar-23
All India Capacity Utilization Levels
Data as on March 31,2023. Source: RBI; https://www.rbi.org.in/Scripts/PublicationsView.aspx?id=20650.
Economic Cycle :
All India Capacity Utilization Levels
38. 38
During 2016-2020, most banks did not have their balance sheets capitalized which reflected in overall
high weighted average lending rates for the borrowers. Currently, the effective loan rates have come
down despite rake hikes due to healthy banking balance sheets
Data Source: CRISIL Research. Weighted Average Lending Rate is the interest rate charged on all the outstanding loans of banks.
Economic Cycle :
Weighted Average Lending Rate (WALR)
-4
-2
0
2
4
6
8
10
12
14
Aug-2013
Feb-2014
Aug-2014
Feb-2015
Aug-2015
Feb-2016
Aug-2016
Feb-2017
Aug-2017
Feb-2018
Aug-2018
Feb-2019
Aug-2019
Feb-2020
Aug-2020
Feb-2021
Aug-2021
Feb-2022
Aug-2022
Feb-2023
Aug-2023
Real WALR Nominal weighted avg. lending rate (WALR)
Nominal v/s Real
39. 39
4.1 3.9 3.5 3.5 3.4
4.6
9.2
6.7 6.4 5.9
- - 0.5
1.8 1.8
1.5
1.0
0.4
- 0.5
2.6 3.1 3.5
2.4 2.4
2.6
4.1
2.7
2.8 3.2
-
0.7
0.7
6.7
7.7 8.2 7.7 7.7
8.7
14.2
9.8
9.2 9.6
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24BE
COMBINED FISCAL DEFICIT
State off-budget (UDAY bonds)
State govt. fiscal deficit
Centre off-budget (FCI IEBR, GOI Services bonds, NSSF loans, Air India, Recap Bonds)
The combined fiscal deficit of centre, state and center off budget has gone up as compared to FY2015-20. In FY2021-
22, it was required to run a high fiscal deficit to support the private sector. The fiscal deficit looks high even now and
on a total basis there is hardly been any consolidation between the 3 years.
Data Source: CRISIL Research. FY: Financial Year. FCI: Food Corporation of India, IEBR: Internal & Extra Budgetary Resources, GOI: Government of India, NSSF: National Small Savings Fund, UDAY: Ujjwal
DISCOM Assurance Yojana. BE: Budgeted Estimate.
Economic Cycle :
Fiscal Deficit Elevated v/s Pre-Pandemic Levels
40. 40
RBI’s Monetary Policy Highlights
3.5
4.5
5.5
6.5
Feb-22
Apr-22
Jun-22
Aug-22
Oct-22
Dec-22
Feb-23
Apr-23
Jun-23
Aug-23
Oct-23
Repo Rate
Monetary Policy Committee (MPC) of the RBI kept
the policy repo rate unchanged at 6.50%.
This is the fourth consecutive pause by the MPC,
after increasing the repo rate from 4.00% to 6.50%
in six consecutive meetings in the last financial year.
Real GDP growth projection and inflation projections
for FY2023-24 was maintained at 6.5% and 5.4%
respectively.
Going forward, the RBI may consider OMO-sales
(Open Market Operation sales) to manage system
liquidity.
Our View
We believe RBI would keep policy rates unchanged till March 2024 to avoid rocking the boat when Growth-
Inflation dynamic is moving as expected.
Rate Pause
42. 42
2.9
4
5 5.9
7.9
10.2 29%
0.7
1.1
1.4
1.6
1.8
2.1 25%
0
2
4
6
8
10
12
14
FY18 FY19 FY20 FY21 FY22 FY23 5 yr
CAGR
Unsecured credit system (INR trn)
Personal loans Credit cards
1.31
1.87
2.34
2.59
2.85
3.15 19%
0
0.5
1
1.5
2
2.5
3
3.5
FY18 FY19 FY20 FY21 FY22 FY23 5 yr
CAGR
MFI system level(INR trn)
Over the last 5 years, the unsecured rate in the system has grown by ~29% and the MFI credit has grown
at the pace of ~19%. Unless income growth in the lower middle and the lower strata of the population
picks up, there is a risk that the credit parameters for this pace will worsen and can turn into NPAs.
Source – Morgan Stanley Research. NPA: Non-Performing Assets; Trn: Trillion; CAGR: Compounded Annual Growth Rate; MFI: Micro Finance Institutions.
Unsecured Lending
43. 43
COVID has impacted the lower strata of the society more, which is visible in the consumption trends of
two wheeler and four wheeler sales
Data as on August 31,2023. Source – Morgan Stanley Research. PV: Private Vehicles. Covid: Coronavirus Disease 2019.
Divergent Consumption Trends
-
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
Feb-20
May-20
Aug-20
Nov-20
Feb-21
May-21
Aug-21
Nov-21
Feb-22
May-22
Aug-22
Nov-22
Feb-23
May-23
Aug-23
Motorcycle sales indexed to Dec-19
Motorcycles Premium segment (200cc+)
Motorcycles Economy segment (below 125cc)
-
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
Feb-20
May-20
Aug-20
Nov-20
Feb-21
May-21
Aug-21
Nov-21
Feb-22
May-22
Aug-22
Nov-22
Feb-23
May-23
Aug-23
PV sales indexed to Dec-19
Premium cars
Micro and compact cars
44. 44
There are a lot of catalysts which are at play like government spending's, fiscal and monetary support,
improved balance sheets for corporates and banks etc. which has helped India to move into the mid stage of
business cycle.
In this phase, economic growth may continue to remain strong without inflation sustainably breaching the
RBI’s tolerance band.
Effectively, this phase is a neutral zone for the RBI as the economy can thrive without policy action.
We will, however, keep a watch on the forward looking data as any shift in the growth trajectory could
change the RBI’s status quo.
We continue to remain positive on accrual assets due to stable macros and elevated interest rates.
Floating rate bonds too, may continue to see improved demand for their attractive spreads.
We recommend shorter-duration schemes and also dynamic duration schemes as they can actively manage
instruments with credit ratings^ and actively manage duration to handle interest-rate fluctuations.
India Outlook
^As required under regulations
45. 45
Our model remains
cautious on long-duration
and recommends tactical
exposure, as the term
premium remains modest
coupled with an
expectation of interest rate
pause for an extended
period
KEY TAKEAWAYS
Data as on September 30, 2023. 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, Crude Oil Movement for calculation any other factor which the AMC may add/delete from time to time. Debt Valuation Index is a proprietary model of ICICI Prudential AMC Ltd. (the AMC)
used for assessing over all debt valuations. The AMC may also use this model for other facilities/features offered by the AMC.
Case for low to moderate duration –
In-House Debt Duration Valuation Index
2.69
0
1
2
3
4
5
6
7
8
9
10
Sep
2014
Sep
2015
Sep
2016
Sep
2017
Sep
2018
Sep
2019
Sep
2020
Sep
2021
Sep
2022
Sep
2023
Very Cautious
Aggressive
Highly Aggressive
Cautious
Moderate
46. 46
Scheme
Modified Duration (Years)
Dec 2021 Sept 2023 Difference
ICICI Prudential Liquid Fund 0.1 0.2 0.1
ICICI Prudential Money Market Fund 0.2 0.4 0.2
ICICI Prudential Ultra Short Term Fund 0.2 0.5 0.3
ICICI Prudential Savings Fund 0.8 0.8 0.0
ICICI Prudential Floating Interest Fund 1.6 0.9 -0.7
ICICI Prudential Credit Risk Fund 1.6 1.7 0.1
ICICI Prudential Short Term Fund 1.6 2.0 0.4
ICICI Prudential Corporate Bond Fund 2.7 1.7 -1.0
ICICI Prudential Banking & PSU Debt Fund 3.9 2.0 -1.9
ICICI Prudential Medium Term Bond Fund 2.5 3.0 0.5
ICICI Prudential Bond Fund 4.2 4.0 -0.2
ICICI Prudential All Seasons Bond Fund 2.3 2.7 0.4
ICICI Prudential Long Term Bond Fund 8.3 7.3 -1.0
ICICI Prudential Gilt Fund 7.0 1.7 -5.3
Data as on September 30, 2023.
Our Current Portfolio Positioning –
Exposure to Low to Moderate Duration
47. 47
Scheme Name
Cash* +
Gsec^
AAA/A1+ AA Below AA-
YTM
Modified
Duration
(%
Holding)
(% Holding) (% Holding)
ICICI Prudential Overnight Fund 100.00% 0.00% 0.00% 0.00% 6.85% 3 Days
ICICI Prudential Liquid Fund 11.82% 88.18% 0.00% 0.00% 7.09% 62 Days
ICICI Prudential Money Market Fund 15.30% 84.70% 0.00% 0.00% 7.38% 152 Days
ICICI Prudential Ultra Short Term Fund 12.36% 72.23% 15.41% 0.00% 7.69% 167 Days
ICICI Prudential Savings Fund 27.00% 69.20% 3.80% 0.00% 7.74% 279 Days
ICICI Prudential Floating Interest Fund 61.96% 29.91% 8.13% 0.00% 8.05% 339 Days
ICICI Prudential Corporate Bond Fund 29.91% 70.09% 0.00% 0.00% 7.85% 1.7 Yrs
ICICI Prudential Short Term Fund 42.03% 45.69% 12.28% 0.00% 7.88% 2.0 Yrs
ICICI Prudential Banking & PSU Debt Fund 26.90% 73.10% 0.00% 0.00% 7.74% 2.0 Yrs
ICICI Prudential Medium Term Bond Fund 40.45% 15.76% 43.78% 0.00% 8.24% 3.0 Yrs
ICICI Prudential Credit Risk Fund# 25.01% 14.13% 44.23% 11.60% 8.52% 1.7 Yrs
ICICI Prudential All Seasons Bond Fund 55.39% 18.53% 26.08% 0.00% 8.00% 2.7 Yrs
Data as on September 30, 2023. The Yield to Maturity (YTM) mentioned is based on scheme portfolios dated September 30, 2023. YTM is the rate of return anticipated on a bond
if held until maturity. This should not be considered as an indication of the returns that maybe generated by the scheme. The securities bought by the scheme may or may not be
held till their respective maturities. Past performance may or may not be sustained in future, *Includes TREPS & Net Current Assets, ^ Includes Treasury Bills, # - Excludes REITs
and InvITs which stands at 5.04%.
Spread Assets
Our Current Portfolio Positioning –
Exposure to spread assets
48. 48
Actively managed portfolios
should be preferred
Mid-Cycle means fixed
income rates are at
attractive levels
Interest rates are expected to
remain in a range and RBI can
afford for an elongated pause
Floating rate bond call in
various portfolios has
played out well
Short Duration schemes
preferable for managing
interest rate volatility
Tactical trading in long duration
Outlook & Summary
49. 49
Long-Term
(More than 3 Years)
• IPRU All Seasons Bond Fund
Parking Option
(3-12 Months)
• IPRU Ultra Short Term
• IPRU Savings Fund
Short Term
(1-3 Years)
• IPRU Short Term Fund
• IPRU Corporate Bond Fund
• IPRU Banking & PSU Debt
Fund
Our Key Recommendations
IPRU: ICICI Prudential. The period mentioned above is the indicative investment horizon
51. Investment Playbook for 2023 –
An era of Multiple Asset Classes
51
Category Outlook Our View Scheme Recommendations
Equity
Valuations moderated but remains in
NEUTRAL zone.
Long term ‘POSITIVE’
IPRU Business Cycle Fund, IPRU Flexicap Fund,
IPRU Focused Equity Fund, IPRU Value Discovery Fund
Asset Allocation/
Hybrid
Volatility expected to persist
IPRU Balanced Advantage Fund, IPRU Multi-Asset Fund,
IPRU Equity & Debt Fund
Fixed Income
High yields making the space
attractive
IPRU Ultra Short Term Fund, IPRU Short Term Fund,
IPRU Credit Risk Fund, IPRU All Seasons Bond Fund
Positive
Neutral
IPRU – ICICI Prudential. Asset allocation and investment strategy will be as per Scheme Information Document.
52. 52
Riskometers
ICICI Prudential Business Cycle Fund (An open ended equity scheme following business cycles based
investing theme) is suitable for investors whoare seeking*:
Long term wealth creation
An equity scheme that invests in Indian markets with focus on riding business cycles through dynamic
allocation between various sectors and stocks at different stages of business cycles
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential Flexicap Fund (An open ended dynamic equity scheme investing across large cap,
mid cap & small cap stocks) is suitable for investors who are seeking*:
Long term wealth creation
An open ended dynamic equity scheme investing across large cap, mid cap and small cap stocks
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential Focused Equity Fund (An open ended equity scheme investing in maximum 30 stocks across
market-capitalization i.e. focus on multicap) suitable for investors who are seeking*:
Long term wealth creation
An open ended equity scheme investing in maximum 30 stocks across market-capitalisation
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
Please note that the Risk-o-meter(s) specified above will be evaluated and updated on a monthly basis. The above riskometers are as on September 30, 2023 Please refer to
https://www.icicipruamc.com/news-and-updates/all-news for more details.
53. 53
Riskometers
ICICI Prudential Value Discovery Fund (An open ended equity scheme following a value investment
strategy.)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
Please note that the Risk-o-meter(s) specified above will be evaluated and updated on a monthly basis. The above riskometers are as on September 30, 2023 Please refer to
https://www.icicipruamc.com/news-and-updates/all-news for more details.
ICICI Prudential Balanced Advantage Fund (An open ended dynamic asset allocation fund) is suitable
for investors who are seeking*:
Long term capital appreciation/income
Investing in equity and equity related securities and debt instruments
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
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). A
relatively high interest rate risk and moderate credit risk ) 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
54. 54
Riskometers
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 Gilt Fund (An open ended debt scheme investing in government securities across
maturity. A relatively high interest rate risk and relatively low credit risk.) is suitable for investors who
are seeking*:
Long term wealth creation
A Gilt scheme that aims to generate income through investment in Gilts of various maturities
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
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. A relatively high
interest rate risk and moderate credit risk) 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 All Seasons Bond Fund (An open ended dynamic debt scheme investing across duration.
A relatively high interest rate risk and moderate credit risk) 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
Please note that the Risk-o-meter(s) specified above will be evaluated and updated on a monthly basis. The above riskometers are as on September 30, 2023 Please refer to
https://www.icicipruamc.com/news-and-updates/all-news for more details.
55. 55
Riskometers
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 Corporate Bond Fund (An open ended debt scheme predominantly investing in AA+ and
above rated corporate bonds. A relatively high interest rate risk and moderate credit risk) 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 Liquid Fund (An open ended liquid scheme. A relatively low interest rate risk and
moderate credit risk) 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
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential Ultra Short Term (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. A moderate interest
rate risk and moderate credit risk) 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
Please note that the Risk-o-meter(s) specified above will be evaluated and updated on a monthly basis. The above riskometers are as on September 30, 2023 Please refer to
https://www.icicipruamc.com/news-and-updates/all-news for more details.
56. Short term savings
A money market scheme that seeks to provide reasonable returns, commensurate with low risk while
providing a high level of liquidity
56
Riskometers
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 Money Market Fund (An open ended debt scheme investing in money market instruments.
A relatively low interest rate risk and moderate credit risk) is suitable for investors who are seeking*:
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
Please note that the Risk-o-meter(s) specified above will be evaluated and updated on a monthly basis. The above riskometers are as on September 30, 2023 Please refer to
https://www.icicipruamc.com/news-and-updates/all-news for more details.
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. A
relatively high interest rate risk and moderate credit risk) 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
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. A relatively high interest rate
risk and moderate credit risk) 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
57. 57
Riskometers
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 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. A relatively high interest rate risk and
moderate credit risk) 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
Please note that the Risk-o-meter(s) specified above will be evaluated and updated on a monthly basis. The above riskometers are as on September 30, 2023 Please refer to https://www.icicipruamc.com/news-and-
updates/all-news for more details.
ICICI Prudential Credit Risk Fund (An open ended debt scheme predominantly investing in AA and below rated
corporate bonds. A relatively high interest rate risk and relatively high credit risk) 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 Equity & Debt Fund (An open ended hybrid scheme investing predominantly in equity
and equity related instruments) is suitable for investors whoare 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
58. 58
Riskometers
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. A relatively high interest rate risk and
moderate credit risk) 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 maximize income while
maintaining an optimum balance of yield, safety and liquidity
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
Please note that the Risk-o-meter(s) specified above will be evaluated and updated on a monthly basis. The above riskometers are as on September 30, 2023 Please refer to https://www.icicipruamc.com/news-and-
updates/all-news for more details.
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 Long Term Bond Fund (An open-ended debt scheme investing in instruments such that the
Macaulay duration of the portfolio is greater than 7 Years A relatively high interest rate risk and relatively low
credit risk) is suitable for investors who are seeking*:
Long term wealth creation
A debt scheme that invests in debt and money market instruments with an aim to maximize income while
maintaining an 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 Multi-Asset Fund (An open ended scheme investing in Equity, Debt and Exchange
Traded Commodity Derivatives/units of Gold ETFs/units of REITs & InvITs/Preference shares) is suitable
for investors who are seeking*:
Long Term Wealth Creation
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
59. 59
Riskometers
Please note that the Risk-o-meter(s) specified above will be evaluated and updated on a monthly basis. The above riskometers are as on September 30, 2023 Please refer to
https://www.icicipruamc.com/news-and-updates/all-news for more details.
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 Overnight Fund (An open ended debt scheme investing in overnight securities. A
relatively low interest rate risk and relatively low credit risk) is suitable for investors who are seeking*:
Short term savings
An overnight fund that aims to provide reasonable returns commensurate with low risk and
providing a high level of liquidity.
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
60. 60
YTM disclaimers
As per AMFI Best Practices Guidelines Circular No. AMFI/35P/MEM-COR/72/2022-23 dated December 31, 2022 on Standard format for disclosure of portfolio YTM for debt
schemes. Yield of the instrument is disclosed on annualized basis as provided by Valuation agencies. *in case of semi-annual YTM it will be annualized
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
YTM Disclaimer: Portfolio Information
Scheme Name : ICICI Prudential Credit Risk Fund
Description (if any)
An open ended debt scheme predominantly investing in AA and below rated corporate
bonds. A relatively high interest rate risk and relatively high credit risk.
Annualised Portfolio YTM* : 8.52%
Macaulay Duration 1.82 Years
Residual Maturity 3.28 Years
As on (Date) Sep 30, 2023
YTM Disclaimer: Portfolio Information
Scheme Name : ICICI Prudential Overnight Fund
Description (if any)
An open ended debt scheme investing in overnight securities. A relatively low interest
rate risk and relatively low credit risk
Annualised Portfolio YTM* : 6.76%
Macaulay Duration 0.0077 Years
Residual Maturity 0.0104 Years
As on (Date) Sep 30, 2023
YTM Disclaimer: Portfolio Information
Scheme Name : ICICI Prudential Liquid Fund
Description (if any) An open ended liquid scheme. A relatively low interest rate risk and moderate credit risk
Annualised Portfolio YTM* : 7.15%
Macaulay Duration 0.18 Years
Residual Maturity 0.19 Years
As on (Date) Sep 30, 2023
61. 61
YTM disclaimers
As per AMFI Best Practices Guidelines Circular No. AMFI/35P/MEM-COR/72/2022-23 dated December 31, 2022 on Standard format for disclosure of portfolio YTM for debt
schemes. Yield of the instrument is disclosed on annualized basis as provided by Valuation agencies. *in case of semi-annual YTM it will be annualized
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
YTM Disclaimer Portfolio Information
Scheme Name : ICICI Prudential Money Market Fund
Description (if any)
An open ended debt scheme investing in money market instruments. A relatively low interest rate risk
and moderate credit risk
Annualised Portfolio YTM* : 7.38%
Macaulay Duration 0.45 Years
Residual Maturity 0.45 Years
As on (Date) Sep 30, 2023
YTM Disclaimer: Portfolio Information
Scheme Name : ICICI Prudential Ultra Short Term Fund
Description (if any)
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 A moderate interest rate risk and
moderate credit risk
Annualised Portfolio YTM* : 7.69%
Macaulay Duration 0.49 Years
Residual Maturity 0.53 Years
As on (Date) Sep 30, 2023
YTM Disclaimer: Portfolio Information
Scheme Name : ICICI Prudential Savings Fund
Description (if any)
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. A relatively high interest rate risk and moderate
credit risk
Annualised Portfolio YTM* : 7.74%
Macaulay Duration 0.82 Years
Residual Maturity 2.59 Years
As on (Date) Sep 30, 2023
62. 62
YTM disclaimers
As per AMFI Best Practices Guidelines Circular No. AMFI/35P/MEM-COR/72/2022-23 dated December 31, 2022 on Standard format for disclosure of portfolio YTM for debt
schemes. Yield of the instrument is disclosed on annualized basis as provided by Valuation agencies. *in case of semi-annual YTM it will be annualized
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
YTM Disclaimer: Portfolio Information
Scheme Name : ICICI Prudential Floating Interest Fund
Description (if any)
An open ended debt scheme predominantly investing in floating rate instruments
(including fixed rate instruments converted to floating rate exposures using
swaps/derivatives). A relatively high interest rate risk and moderate credit risk
Annualised Portfolio YTM* : 8.05%
Macaulay Duration 0.99 Years
Residual Maturity 6.87 Years
As on (Date) Sep 30, 2023
YTM Disclaimer: Portfolio Information
Scheme Name : ICICI Prudential Corporate Bond Fund
Description (if any)
An open ended debt scheme predominantly investing in AA+ and above rated
corporate bonds. A relatively high interest rate risk and moderate credit risk
Annualised Portfolio YTM* : 7.85%
Macaulay Duration 1.83 Years
Residual Maturity 3.79 Years
As on (Date) Sep 30, 2023
63. 63
YTM disclaimers
As per AMFI Best Practices Guidelines Circular No. AMFI/35P/MEM-COR/72/2022-23 dated December 31, 2022 on Standard format for disclosure of portfolio YTM for debt
schemes. Yield of the instrument is disclosed on annualized basis as provided by Valuation agencies. *in case of semi-annual YTM it will be annualized
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
YTM Disclaimer: Portfolio Information
Scheme Name : ICICI Prudential Short Term Fund
Description (if any)
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. A relatively high interest rate risk and moderate credit risk
Annualised Portfolio YTM* : 7.88%
Macaulay Duration 2.14 Years
Residual Maturity 4.60 Years
As on (Date) Sep 30, 2023
YTM Disclaimer: Portfolio Information
Scheme Name : ICICI Prudential Banking & PSU Debt Fund
Description (if any)
An open ended debt scheme predominantly investing in Debt instruments of banks, Public Sector
Undertakings, Public Financial Institutions and Municipal bonds. A relatively high interest rate risk and
moderate credit risk
Annualised Portfolio YTM* : 7.74%
Macaulay Duration 2.14 Years
Residual Maturity 4.31 Years
As on (Date) Sep 30, 2023
YTM Disclaimer: Portfolio Information
Scheme Name : ICICI Prudential Medium Term Bond Fund
Description (if any)
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. A relatively high interest rate risk and moderate credit risk
Annualised Portfolio YTM* : 8.24%
Macaulay Duration 3.12 Years
Residual Maturity 4.86 Years
As on (Date) Sep 30, 2023
64. 64
YTM disclaimers
As per AMFI Best Practices Guidelines Circular No. AMFI/35P/MEM-COR/72/2022-23 dated December 31, 2022 on Standard format for disclosure of portfolio YTM for debt
schemes. Yield of the instrument is disclosed on annualized basis as provided by Valuation agencies. *in case of semi-annual YTM it will be annualized
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
YTM Disclaimer: Portfolio Information
Scheme Name : ICICI Prudential All Seasons Bond Fund
Description (if any)
An open ended dynamic debt scheme investing across duration. A relatively high
interest rate risk and moderate credit risk
Annualised Portfolio YTM* : 8.00%
Macaulay Duration 2.81 Years
Residual Maturity 4.86 Years
As on (Date) Sep 30, 2023
YTM Disclaimer: Portfolio Information
Scheme Name : ICICI Prudential Bond Fund
Description (if any)
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. A
relatively high interest rate risk and moderate credit risk
Annualised Portfolio YTM* : 7.58%
Macaulay Duration 4.16 Years
Residual Maturity 6.87 Years
As on (Date) Sep 30, 2023
65. 65
YTM disclaimers
As per AMFI Best Practices Guidelines Circular No. AMFI/35P/MEM-COR/72/2022-23 dated December 31, 2022 on Standard format for disclosure of portfolio YTM for debt
schemes. Yield of the instrument is disclosed on annualized basis as provided by Valuation agencies. *in case of semi-annual YTM it will be annualized
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
YTM Disclaimer: Portfolio Information
Scheme Name : ICICI Prudential Long Term Bond Fund
Description (if any)
An open-ended debt scheme investing in instruments such that the Macaulay duration
of the portfolio is greater than 7 Years. A relatively high interest rate risk and relatively
low credit risk
Annualised Portfolio YTM* : 7.52%
Macaulay Duration 7.53 Years
Residual Maturity 11.28 Years
As on (Date) Sep 30, 2023
YTM Disclaimer: Portfolio Information
Scheme Name : ICICI Prudential Gilt Fund
Description (if any)
An open ended debt scheme investing in government securities across maturity. A
relatively high interest rate risk and relatively low credit risk
Annualised Portfolio YTM* : 7.49%
Macaulay Duration 1.79 Years
Residual Maturity 5.52 Years
As on (Date) Sep 30, 2023
66. 66
Potential Risk Class Matrix
Sr No
1
Scheme Name
ICICI Prudential Medium Term Bond Fund
Position in the Matrix
2 ICICI Prudential All Seasons Bond Fund
3 ICICI Prudential Savings Fund
4 ICICI Prudential Floating Interest Fund
5 ICICI Prudential Corporate Bond Fund
6 ICICI Prudential Banking & PSU Debt Fund
7 ICICI Prudential Short Term Fund
8 ICICI Prudential Bond Fund
9 ICICI Prudential Long Term Bond Fund
10 ICICI Prudential Gilt Fund
11 ICICI Prudential Ultra Short Term Fund
Disclaimer: The potential risk class (PRC) matrix based on interest rate risk and credit risk, is as above:
67. 67
Potential Risk Class Matrix
Disclaimer: The potential risk class (PRC) matrix based on interest rate risk and credit risk, is as above:
Sr No
12
Scheme Name
ICICI Prudential Overnight Fund
Position in the Matrix
13 ICICI Prudential Liquid Fund
14 ICICI Prudential Money Market Fund
15 ICICI Prudential Credit Risk Fund
68. 68
Mutual Fund Disclaimer
All figures and other data given in this document are dated as of September 30, 2023 unless stated otherwise. The same may or may not be relevant at a future date.
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 (the AMC). Prospective investors are advised to consult their own legal,
tax and financial advisors to determine possible tax, legal and other financial implication or consequence of subscribing to the units of ICICI Prudential Mutual Fund
Disclaimer: In the preparation of the material contained in this document, the AMC has used information that is publicly available, including information developed in-
house. Some of the material(s) used in the document may have been obtained from members/persons other than the AMC and/or its affiliates and which may have
been made available to the AMC and/or to its affiliates. Information gathered and material used in this document is believed to be from reliable sources. The AMC
however does not warrant the accuracy, reasonableness and / or completeness of any information. We have included statements / opinions / recommendations in this
document, which contain words, or phrases such as “will”, “expect”, “should”, “believe” and similar expressions or variations of such expressions, that are “forward
looking statements”. Actual results may differ materially from those suggested by the forward looking statements due to risk or uncertainties associated with our
expectations with respect to, but not limited to, exposure to market risks, general economic and political conditions in India and other countries globally, which have
an impact on our services and / or investments, the monetary and interest policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign
exchange rates, equity prices or other rates or prices etc. ICICI Prudential Asset Management Company Limited (including its affiliates), the Mutual Fund, The Trust
and any of its officers, directors, personnel and employees, shall not liable for any loss, damage of any nature, including but not limited to direct, indirect, punitive,
special, exemplary, consequential, as also any loss of profit in any way arising from the use of this material in any manner. Further, the information contained herein
should not be construed as forecast or promise. The recipient alone shall be fully responsible/are liable for any decision taken on this material
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.