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ESTATE FIXED DEPOSITS

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DEBT FUNDS

DECEMBER 2019 215

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1

CONTENTS

Equity Market Overview...................................................................................................... 02

Debt Market Overview ....................................................................................................... 03

Economic Insight................................................................................................................ 04

Forex Technicals................................................................................................................. 05

Bullion Review................................................................................................................. ... 06

Mutual Funds - A Roundup

Equity Oriented Funds................................................................................................... 08

Debt Oriented Funds...................................................................................................... 10

Mutual Funds Synopsis

Equity Funds................................................................................................................. 12

Debt Funds................................................................................................................... 16

Fund Factsheet

Large Cap / Multi Cap Funds......................................................................................... 18

Large & Mid Cap / Value / Contra Funds........................................................................ 20

Aggressive Hybrid / Dynamic Asset Allocation or Balanced Advantage Funds............. 22

Equity Savings Funds.................................................................................................... 24

Medium to Long Duration / Long Duration / Dynamic Bond Funds............................... 26

Short Duration / Medium Duration / Banking and PSU Funds........................................ 27

Corporate Bond Funds................................................................................................... 28

Low Duration / Money Market Funds........................................................................... 30

Market Overview - Life Insurance....................................................................................... 32

Insurance - A Round Up..................................................................................................... 33

Product of the Month

Life Insurance............................................................................................................... 34

General Insurance......................................................................................................... 36

Health Insurance........................................................................................................... 37

Health and Well-Being......................................................................................................... 38

Parivartan - A CSR Initiative............................................................................................... 40

Expert Talk.......................................................................................................................... 41

Research Corner................................................................................................................. 42

Glossary.............................................................................................................................. 43

Tickle Your Brain................................................................................................................. 44

2

Domestic Indices Close Absolute Change % Change

S&P BSE Sensex 40582 466 1.2%Nifty 50 11972 131 1.1%Nifty Next 50 27794 (505) -1.8%Nifty 500 9691 57 0.6%S&P BSE 200 4990 35 0.7%S&P BSE 100 12020 87 0.7%Nifty Midcap 100 16772 73 0.4%Nifty Smallcap 100 5605 (84) -1.5%S&P BSE Bankex 36134 1,549 4.5%S&P BSE IT 14758 (401) -2.6%S&P BSE Auto 17799 (472) -2.6%S&P BSE FMCG Sector 11434 (526) -4.4%S&P BSE Oil&Gas 14769 (432) -2.8%S&P BSE Healthcare 13368 411 3.2%S&P BSE Cap Goods 16757 (1,269) -7.0%S&P BSE Metal 9568 53 0.6%S&P BSE Power 1876 (59) -3.1%S&P BSE Cons Durable 25042 (15) -0.1%S&P BSE Infra. 173 (6) -3.6%S&P BSE Realty 2166 39 1.8%

Overseas Indices Close Absolute Change % Change

S&P 500 3169 75 2.4%Dow Jones Ind Avg 28132 348 1.3%Dax (Germany) 13222 (8) -0.1%FTSE (UK) 7273 (78) -1.1%Hang Seng 26994 423 1.6%Nikkei 23425 105 0.5%Shanghai Composite 2916 10 0.4%

Source: Bloomberg, Note: Closing prices of all the above indices are as on 12 December 2019

EQUITY MARKET OVERVIEW : 14 NOV 2019 - 12 DEC 2019Indian equity markets continued their upward journey during the above-mentioned period and ended on a positive note as S&P BSE Sensex index and Nifty 50 index ended with the gains of 1.2% MoM and 1.1% MoM, respectively. The S&P BSE Midcap index also ended higher by 0.2% MoM, while S&P BSE Smallcap index fell by 0.9% during the same period. On the sectoral indices front, S&P BSE Bankex index and S&P BSE Healthcare index were top two outperformers with a gain of 4.5% MoM and 3.2% MoM, respectively. The S&P BSE Capital Goods index and S&P BSE FMCG index were top two underperformers as they declined by 7.0% MoM and 4.4% MoM, respectively. During the month of Nov’19, Foreign Portfolio Investors (FPIs) were net buyers to the tune of ~R252 bn, while Domestic Institutional Investors (DIIs) were net sellers to the tune of ~R56 bn.Amid mixed news flow from both domestic as well as global markets, Indian markets surged to new all-time high levels in the first half of the above-mentioned period owing to strong inflow from the FPIs after series of big ticket reform announced and some positivity emerged in consumption demand during festive season with improvement seen in retail sales of automobiles, consumer durable goods and FMCG products. However, weak macro-economic data like Index of Industrial Production (IIP), Consumer Price Index based (CPI) inflation and weak GDP growth led to some profit booking in the second half. Globally, while both US Fed and ECB kept interest rates unchanged, some positivity emerged with US-China coming closure to signing phase one trade deal, rise in possibility of Brexit and improvement seen in few economic data points for developed markets, which led to improvement in positive sentiments in world markets. The US markets also made new all-time high levels as the S&P 500 index and the Dow Jones index rose by 2.4% MoM and 1.3% MoM, respectively. On the economic data front, the US market is witnessing some improvement like upward revision in GDP growth, improvement in PMI and weekly jobless claims. In addition, the recent media reports indicating final review pending from the US President Donald Trump on US-China phase one trade deal also led US indices to scale to new all-time high levels. While the US Fed kept the interest rate unchanged at 1.5% to 1.75%, it does not expect any policy changes through at least 2020. Hence, going ahead, foreign policies of the US administration and stance of the US Fed on the interest rate would be key events to watch out.The domestic macro-economic data points were largely mixed during the above-mentioned period. As per RBI data, Scheduled Commercial Banks (SCBs) credit growth moderated to 8.0% YoY as on Nov. 22, 2019, compared with 9.0% YoY growth a fortnight ago and aggregate deposits growth also moderated to 9.7% YoY compared with 10.4% YoY growth a fortnight ago. According to Ministry of Finance, Goods and Services Tax (GST) collections grew by ~6.0% YoY to R1.03 trillion in Nov’19. As per a report by the Federation of Automobile Dealers Associations (FADA), vehicle registration numbers at regional transport offices, which are a proxy for retail sales, improved by 2% YoY in Nov’19. As per the DGCA data, domestic air passenger traffic has grown in double-digits, clipping at 11.2% YoY in Nov’19. As per MoSPI, IIP contracted by 3.8% YoY in Oct’19 vs contraction of 4.3% YoY in Sept’19. As per MoSPI, the CPI based inflation rate in Nov’19 stood at 5.54% YoY vs 4.62% YoY in Oct’19. India’s Gross Domestic Product (GDP) growth hit an over six-year low of 4.5% YoY in Q2FY20 and Gross Value Added growth stood at 4.3% YoY in Q2FY20. RBI maintained Repo and Reverse repo rate at 5.15% and 4.9%, respectively and lowered GDP growth outlook to 5% YoY for FY20 from 6.1% YoY earlier.The Q2FY20 aggregate corporate earnings were mixed where subdued growth was witnessed in topline while bottom line (ex-telecom) grew at double-digit due to lower tax provision and lower base for BFSI companies. The net sales of companies in CNX 200 index grew by 2.0% YoY. However, EBITDA fell by 8.4% YoY and reported PAT fell by 45.7% YoY owing to sharp losses in telecom sector. These losses were largely due to provisions created by these companies to pay old fees and penalties in relation to license fees and spectrum-use charges. Excluding Telecom sector data, EBITDA would have grown by 7.4% YoY due to lower commodity prices and cost cutting initiative by some of the corporates, while reported PAT would have grown by 12.6% YoY owing to lower tax provisions. While Automobile Sector’s topline declined due to subdued demand environment and weak sentiments, most of automobile manufacturing companies have indicated that demand during festive season was upbeat with improvement seen in retail sales

of vehicles. Metal and Capital Goods companies also reported decline in topline owing to subdued commodity prices and general slowdown. FMCG companies witnessed steady volume growth, however, indicating that rural demand was lower as compared to urban demand. While the management commentaries indicated improvement in consumption demand owing to festive season led demand recovery, sustainability of the same in the backdrop of above-normal monsoon rainfall, hike in Rabi crop MSP, 135 bps reduction in interest rate by RBI in CY19 and recent measures by the government would be key levers for further improvement going ahead. The fund managers are of the view that equity market in the near term is likely to take cues from movement in rupee and crude oil prices, policy decision by the RBI and news flows from global market. However, the fund managers believe that, optimism over earnings trajectory, policy measures by government, cyclical recovery in domestic market and effective transmission of lower interest rates are likely to support the performance of equity market over the medium to long term.Mutual Fund Investment Strategy: We believe that in the next five years the government would accelerate the process of reforms and decision making to take advantage of the solid base that has been built over the past five years. Given the huge tax stimulus announced by the government, we believe economy should start to revive from hereon and hence we maintain our investment strategy of 50% lump sum and rest 50% staggered over the next 4-5 months. From an Equity Mutual Fund perspective, investors should look at Large Cap and Multicap Funds for fresh investments and SIP into Midcap and Small cap funds can begin with a longer horizon (12-15 months), with an investment time horizon of 2-3 years.

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Period Interest Rate (p.a.) 7-14 Days 3.50%15-29 Days 4.00%30-45 Days 4.90%46-60 Days 5.40%61-90 Days 5.40%91 Days-6 Months 5.40%6 Months 1 Day- 9 Months 5.80%9 Months 1 Day- < 1 Year 6.05%1 Year 6.30%1 Year 1 Day- 2 Years 6.30%2 Years 1 Day- 3 Years 6.40%3 Year 1 Day- 5 Years 6.30%5 Years 1 Day- 10 Years 6.30%

Domestic system liquidity continued to remain in the surplus mode during the above mentioned period. Liquidity as measured by the RBI’s Liquidity Adjustment Facility (LAF) stood at a daily average surplus of R~2.56 trillion during the period, as compared to a daily average surplus of R~2.09 trillion during previous period.Domestic G-secs closed on a negative note during above mentioned period, wherein yield on the 10 year benchmark G-sec 6.45% 2029 bond closed higher at 6.78% on 12 December 2019 as against 6.53% on 13 November 2019. At the start of the period, the benchmark bond yield declined tracking high frequency macro-economic data points (Index of Industrial Production-IIP, Consumer Price Index-CPI based inflation and Inflation based in Wholesale Price Index-WPI) which led to rise in expectations of another interest rate cut by the RBI in December 2019 monetary policy, to support economic growth. Hopes of interest rate cut by the RBI continued as the market participants expected the Q2FY20 GDP growth data to remain muted. Accordingly, in line with expectations, India’s Gross Domestic Product (GDP) growth for Q2FY20 came in at over a six year low of 4.5% YoY compared to 5% YoY in Q1FY20. GDP growth for Q2FY19 was at 7% YoY. The Gross Value Added (GVA) growth also declined and came in at 4.3% YoY in Q2FY20 as against 4.9% YoY in Q1FY20. While disappointing data on economic growth front, provided positive momentum to the bond yields, data on fiscal deficit for April-October 2019 period prevented the yields from declining. Data on India’s Fiscal Deficit showed that government’s fiscal deficit for the period April-October 2019 stood at about R7.20 trillion which is about ~102% of the budgeted estimates for FY20. While fiscal deficit rose above the budgeted estimates, it remained lower than that for the same period last year, at ~104% of the budgeted target for FY19. Movement in the US treasury yields and the Crude oil prices also continued to influence the movement in the domestic bond yields. However, on the day of the monetary policy, bond yields rose sharply tracking negative sentiments, as the RBI decided to keep the policy Repo rate unchanged at 5.15%, and decided to continue with the accommodative stance. G-secs rose, as the markets were expecting a cut in the Repo rate, given that incoming data on economic growth continued to remain muted. The interest rates were kept unchanged by the RBI citing evolving growth-inflation dynamics. The MPC revised the inflation forecast to 5.1-4.7% for H2FY20 and 4.0-3.8% for H1FY21, with risks broadly balanced; from a forecast of 3.4% for Q2FY20, 3.5-3.7% for H2FY20 and 3.6% for Q1FY21 given in October 2019 monetary policy. On the economic growth projections, again in line with expectations, the MPC revised the same downwards from 6.1% in the October 2019 policy to 5.0% – 4.9-5.5% in H2FY20 and 5.9-6.3% for H1FY21. Towards the end of the period, bond yields rose further, tracking expectations that the RBI may contiue to pause on interets rates, tracking higher CPI inflation for the month of November 2019.Domestic Consumer Price Index (CPI) based inflation, rose in November 2019 and came in at 5.54% YoY compared with 4.62% YoY in October 2019. Rise in CPI inflation was largely driven by increase in yearly food inflation. Retail Food Inflation came in sharply higher at 10.01% YoY compared to 7.89% YoY. Core CPI inflation also rose and came in at 3.50% YoY vs 3.46% YoY in the previous month. India’s Index of Industrial Production (IIP) contracted for the third month in a row in October 2019, by 3.8% YoY as against a contraction of 4.3% YoY in September 2019. Production in the manufacturing segment contracted by 2.1% YoY in October 2019 as against a contraction of 4% YoY in September 2019. In case of Electricity the output contracted by 12.2% YoY in October 2019 as against a contraction of 2.6% in the previous month.Future OutlookWhile the positive liquidity stance of the RBI has led the liquidity surplus to remain at higher levels; muted credit growth given economic slowdown also contributed to high liquidity surplus. Since growth recovery may take time and that RBI is likely to continue with its accommodative monetary policy stance to support economy, liquidity is likely to remain comfortable for the time being. Rise in the CPI food inflation needs to be tracked very closely, as a sustained rise in the food inflation could find its way into the Core CPI inflation, which so far has been on a declining trend due to economic slowdown. Progress of Rabi crop sowing would be a key in the near term as far as food inflation is concerned. Additionally the impact of sustained surplus liquidity on inflation in a scenario of lack of growth recovery currently, also needs to be kept a watch on. The possibility of a fiscal deficit slippage cannot be ruled out in times of economic growth slowdown. Given that government has announced measures to support economic growth which are likely to put a strain the revenues of the government, the government might revise the fiscal deficit possibly in the last quarter of the fiscal year. In terms of the RBI’s monetary policy, the RBI could be wanting to see how the government’s fiscal deficit pans out and the quality of the same as well. Secondly, the RBI has stated that it is prudent to carefully monitor incoming data to gain clarity on the inflation outlook. This could mean that while the RBI recognizes that there is monetary policy space for future action, it is also cautious about the trajectory of inflation and has thus kept the room open to pause further if inflationary pressures continue to persist on a sustained basis. Thus, while the interest rate trajectory is expected to remain on the lower side for longer until meaningful economic growth recovery takes place; however, future interest rate cuts may happen in a gradual manner as opposed to pace of the rate cuts seen so far. Fund Managers’ Outlook:Most of the fixed income fund managers are of the view that post the recent monetary policy in December 2019, the RBI’s interest rate decisions in the near term are likely to be dependent on the incoming data on CPI inflation and the government’s fiscal deficit. The fund managers believe that while there is still room to lower interest rates, given the muted economic growth, there may not be sharp interest rate cuts. Additionally, the fund managers believe that the RBI is likely to keep liquidity in the surplus mode to enable rate cut transmission and support growth, and this is likely to be beneficial for the shorter end of the yield curve.

Indicative Quotes Mar'20 - T Bill 5.00%June'20 - T Bill 5.19%

Note:-The above rates are for amount below R 2 Cr. And are subject to change. (There are differential rates for Senior Citizens)

HDFC FD - (12-23 Months) – 7.15% (Reg. Monthly Income)Interest Rates on Deposits upto R2 Crore (p.a.)

HDFC Bank FD Interest Rate (p.a.) Applicable from 16 November 2019

Call Rates range for Nov 2019 - Dec 2019 High – 5.25 %Low – 4.95 %

DEBT MARKET OVERVIEW : 14 NOV 2019 - 12 DEC 2019

Key Rates Current 1Mth ago 6 Mth ago 1 Yr ago1 Yr G-Sec 5.56% 5.23% 6.11% 7.00%5 Yr G-Sec 6.58% 6.24% 6.48% 7.34%10 Yr G-Sec 6.78% 6.53% 6.49% 7.41%5 Yr AAA Bonds 7.06% 6.90% 7.39% 8.39%

Yields

Source:-RBI, Bloomberg and IDFC MF

Government Securities Yield Curve

Source - RBI and IDFC MF

The G-sec yield curve witnessed a parallel upward shift due to negative sentiments tracking RBI’s monetary policy outcome. However, the very short end of the curve declined marginally tracking liquidity surplus. The yield curve continued to remain steep during the period. Term spread between the 1 and 10 years G-secs during the above mentioned period stood at 122 bps compared to 150 bps in the previous period. Spread between 1 and 5 years G-secs stood at 101 bps as against 100 bps in the previous period.

Fixed Income Mutual Fund Strategy: Investors who are looking to benefit from relatively better accruals can look at Corporate Bond Funds and Banking and PSU Funds for a horizon of 15 months and above. Investments in Medium Duration Funds can be considered with a horizon of 15 months and above. Investments into Short Duration Funds can be considered with an investment horizon of 12 months and above. Investors who are comfortable with intermittent volatility, can also look at strategies that have allocation to the longer end of the yield curve, through Dynamic Bond Funds with an investment horizon of 24 months and above. Investors looking to invest with a horizon of up to 3 months can consider Liquid Funds, while Ultra Short Duration Funds and Arbitrage Funds can be considered for a horizon of 3 months and above.

4

RBI Policy Review: Pauses as inflation concerns return

Growth revised down:

Inflation revised up:

The pause in the rate cycle comes as a surprise given the dismal growth for the Q2FY20 and the likely persistence of a slowdown. Clearly the RBI has responded to hardening headline inflation and rising inflation expectations of households.

This suggests two things. Any sustained increase in headline CPI inflation (whether or not it is primarily driven by supply shortages that the RBI itself acknowledges as transitory) above the median of the target range of 2%-6% will make the MPC anxious and translate into a pause. It also seems that the RBI wishes to see the lagged impact of its front-loaded 135 basis point cut in the policy rate along with how some of the fiscal measures play out for future growth.

The governor seems to suggest that there is an optimum timing for further rate cuts. In the absence of any indicators that define this “timing”, it makes the policy path from here on somewhat uncertain. Given the RBI’s focus on recent inflation spikes and its near-term forecasts (4.7-5.1% YoY in H2FY20), there is a possibility that the RBI might stay on hold even at its next policy meeting in February 2020. We expect the inflation readings until February 2020 to remain above 5%. Moreover, if fiscal policy is expansionary in the upcoming budget and provides some support for growth, the RBI could further be convinced to hold back rate cuts.

So, what could lead to further rate cuts by the RBI? The absence of any significant counter cyclical measures in the budget, signs of some flattening out of food inflation and undershooting growth numbers could build a case for further rate cuts.

We expect some tightening in bond yields in response to this surprise. The markets had priced in a rate cut before the policy meeting and a pause in the policy rate is likely to keep yields elevated in the near-term, within a range of 6.50-6.60%. That said, over the medium term, we expect yields to come down somewhat and trade in the range of 6.40-6.50% by March 2020-end. The current level of the yield has significant fiscal slippage and consequently additional market borrowings in Q4FY20 priced in. However, we believe that additional market borrowings by the government could be lower than the actual fiscal slippage (our estimate of R840 bn) as the government could tap into the small savings fund.

On credit growth, given the paucity of loan demand, banks are likely to chase assets and the transmission process could gain traction. However, the flight to safety and large risk premiums for risky borrowers will persist.

ECONOMIC INSIGHT

5

EUR/USD

The pair continues to trade below the cloud this month also indicating downward movement and has found support near 108.20. The pair also failed to break the range of 108.37 to 109.55 since the past five weeks. Initial resistance is at 109.55 which is at 50.00% retracement of High/Low (114.54/104.55). Tenkan-sen line in weeklies remains a strong resistance for now at 108.80. On the downside a break of 108.37 would again retest levels of 106.40. MACD continues to be on a slightly neutral to negative territory indicating sideways movement on a daily basis. Key Pivot Levels would be 108.20 (S1) and 109.55 (R1).

USD/JPY

The pair continues to trade above the CY18 downtrend line indicating higher highs in the near term. On the weeklies key fibonacci level at 61.80% retracement of 1.4376 (CY18 High so far) to 1.1979 (CY17 Low) at 1.2895 has been broken putting the initial bias on the upside towards 1.3178. On the upside, key intital resistance of 1.3258 holds the key, break of which could test 1.3460 again. MACD also continues to trade in the positive territory. On the other hand, Tenkan-sen line in weeklies remains a strong support for now, at 1.2847. Key Pivot Levels would be 1.3258 (R1) and 1.3080 (S1).

GBP/USD USD/INR

This month the pair has seen some correction and trades slightly within the thick Ichimoku cloud, whereas the MACD in neutral territory indicating sideways movement. On the weeklies Kinjun sen line 70.3500 is the -crucial and strong support in the near term which should hold for now. Key fibonacci level at 23.60% retracement of 63.2450 (CY18 Low) to 74.4850 (CY18 High) at 71.8500 is a crucial resistance, break of which should test 72.2000 followed by 73.1000. However, on the downside the pair needs to convincingly close below 70.8000 (Pivot) for 70.2000/69.5000.

This month the pair not only trades marginally above the consolidation zone of 1.0940-1.1020 seen last month but trades well below the thick Ichimoku cloud. It also trades below the 55DMA at 1.1210. The MACD on the weeklies continues to be in the negative to neutral territory indicating downside movement. On the weeklies key fibonacci level at 61.80% retracement of 1.2555 (CY18 High) to 1.0339 (CY17 Low) at 1.1186 remains a key resistance now. On the other hand, Tenkan-sen line in weeklies remains a strong resistance for now, at 1.1079. Key Pivot levels would be 1.1186 (R1) and 1.0920(S1).

FOREX TECHNICALS

*Views as on 10-Dec-2019Note: S1: Support, R1: Resistence

BULLION REVIEW B

6

The Month

Gold prices shifted the trading range over the last couple of weeks lower to USD 1450-1480/oz. Safe haven bids in the yellow metal took backstage as US-China trade deal deadline is coming closer with some optimism on a likely deal. Also, as the US Federal Reserve indicated a pause on lowering interest rate further after the third 25 bps cut in CY19, the US treasury yields moved upward putting pressure on the yellow metal. Gold maintains a high negative correlation with yields and dollar.

A drop in price towards first support zone around USD 1450/oz, investors’ exits countered strong bids from physical markets of India & China consolidating the price in the tight range. Physical demand from the world’s largest Jewelry consuming nation, India, picked up during the month of November 2019 as prices cooled off in the domestic market. As per market estimates, India imported approximate 70 tons in the month of November 2019.

Gold ETFs maintain high positive correlation with metal price and no surprises on some redemption from the Gold

Gold Movement in November 2019

ETFs taking place over the last one month in tandem with fall in gold prices. The gold investment holding of SPDR Gold ETF, the world’s largest Gold fund reduced by about 20 tons (USD 90 mn) during the month. The fund holds USD 42 bn worth of gold as investment into Gold ETF. On the other hand, global central banks continue to add gold into their reserves during CY19. As per the World Gold Council, central banks purchased USD 26 bn worth of gold so far this year, which is 12% higher than the last year. The commercial and non-commercial (speculative) long & short positions on comex futures are fairly balanced around current levels of USD 1460/oz as per the latest COT (Commitments of Traders) report of CFTC (Commodity Futures Trading Commission).

Projections:

December 2019 being a month of thin liquidity, we may see increased volatility in prices. Technicals still suggest some more room for the metal on the downside as long as metal prices are trading below USD 1480-85, levels which is also coinciding with 50 & 100 day moving average. US-China trade deal development will be keenly awaited for directions and a positive outcome next week will make investors’ reassess portfolios allocations into Gold. We see prices trading in the range of USD 1440-1480/oz in short term.

Disclaimer:

This communication is for informational purposes and is not guaranteed as to accuracy, nor is it a complete statement of the financial products or markets referred to therein. This is not a recommendation, offer or solicitation to buy or sell any instrument pertaining to any asset class including, but not limited to currencies, interest rates, commodities and equities in underlying market or any form of derivatives on any of them or a combination of any of them. Neither HDFC Bank Ltd. (including its group companies) nor any employees of HDFC Bank Ltd. (including those of its group companies) accepts any liability arising from the use of this communication.

November-1912-Dec-19 High Low

USD - 1469.80 1514.34 1454.44INR - 37763.00 38703.00 37751.00

Sources:- Bloomberg and MCX

1,440

1,448

1,456

1,463

1,471

1,479

1,487

1,495

1,502

1,510

1,518

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Gold - USD Per Ounce

Note:- Article was written on 7 December 2019

8

MUTUAL FUNDS-A ROUND-UP OF EQUITY ORIENTED FUNDS Funds Recommended based on Long Term Trends As on 29 November, 2019

Name of Scheme Inception Date SEBI Categorisation NAV

rReturns for

6 m 1 yr 3 yrs 5 yrs IncepS&P BSE Sensex Index 3.27% 12.78% 15.62% 7.28% --Nifty 50 Index 1.64% 11.03% 13.98% 7.01% --Nifty 50 TRI Index 2.55% 12.53% 15.49% 8.39% --Nifty 100 TRI Index 2.74% 11.55% 14.83% 8.78% --Axis Bluechip Fund 5-Jan-10 Large Cap Fund 31.62 7.30% 18.29% 19.28% 9.91% 12.33%ICICI Prudential Bluechip Fund 23-May-08 Large Cap Fund 43.99 2.16% 10.03% 12.67% 8.44% 13.71%HDFC Top 100 Fund 11-Oct-96 Large Cap Fund 501.49 -2.23% 9.25% 12.33% 7.10% 19.44%

Source for entire data stated above is ICRA Online Ltd. (For Disclaimer of ICRA Online Ltd, refer http://www.icraonline.com/legal/standard-disclaimer.html) Note: Return figures for all schemes are absolute for <= 1 year and compounded annualised for > 1 year. Past returns cannot be taken as an indicator of future performance. All the NAVs and return calculations are for the Growth Oriented Plans, unless mentioned otherwise.

Large Cap Funds

Multi Cap / Dividend Yield Funds

Large & Mid Cap Funds


rReturns for

6 m 1 yr 3 yrs 5 yrs IncepNifty 200 TRI Index 2.14% 10.22% 14.01% 8.60% --Nifty 500 TRI Index 1.45% 9.41% 13.31% 8.52% --S&P BSE AllCap TRI Index 1.04% 8.56% 12.79% 8.30% --Kotak Standard Multicap Fund 11-Sep-09 Multi Cap Fund 37.25 1.65% 13.17% 13.98% 10.94% 13.73%HDFC Equity Fund 1-Jan-95 Multi Cap Fund 672.75 -3.04% 8.82% 12.02% 6.73% 18.39%Aditya Birla Sun Life Equity Fund 27-Aug-98 Multi Cap Fund 757.78 2.72% 8.50% 10.87% 10.35% 22.56%


rReturns for

6 m 1 yr 3 yrs 5 yrs IncepNIFTY Large Midcap 250 Index 0.28% 6.25% 11.43% 8.37% --Nifty 200 TRI Index 2.14% 10.22% 14.01% 8.60% --Sundaram Large and Mid Cap Fund 27-Feb-07 Large & Mid Cap Fund 36.92 5.32% 12.75% 15.24% 11.18% 10.78%Kotak Equity Opportunities Fund 9-Sep-04 Large & Mid Cap Fund 126.20 3.09% 13.83% 12.17% 9.85% 18.11%


rReturns for

6 m 1 yr 3 yrs 5 yrs IncepS&P BSE Mid Cap TRI Index 1.34% 1.89% 7.98% 9.19% --Nifty Midcap 100 TRI Index -2.80% -0.03% 6.57% 7.97% --Axis Midcap Fund 18-Feb-11 Mid Cap Fund 39.69 8.89% 15.92% 17.33% 10.55% 16.99%Kotak Emerging Equity Fund 30-Mar-07 Mid Cap Fund 40.16 3.21% 11.68% 10.21% 11.24% 11.59%

Mid Cap Funds

Small Cap Funds

Value / Contra Funds


rReturns for

6 m 1 yr 3 yrs 5 yrs IncepNifty Smallcap 100 TRI Index -11.07% -4.74% 1.31% 3.34% --Axis Small Cap Fund 29-Nov-13 Small Cap Fund 31.40 8.39% 20.45% 13.58% 11.56% 21.00%HDFC Small Cap Fund 3-Apr-08 Small Cap Fund 38.75 -12.28% -7.13% 9.91% 9.15% 12.31%


rReturns for

6 m 1 yr 3 yrs 5 yrs IncepS&P BSE Sensex TRI Index 4.10% 14.08% 17.03% 8.70% --S&P BSE 500 TRI Index 1.57% 9.41% 13.39% 8.62% --Tata Equity P/E Fund 29-Jun-04 Value Fund 138.15 1.49% 7.29% 10.89% 10.10% 18.55%Invesco India Contra Fund 11-Apr-07 Contra Fund 48.90 0.78% 6.82% 14.04% 10.59% 13.38%

9

MUTUAL FUNDS-A ROUND-UP OF EQUITY ORIENTED FUNDSFunds Recommended based on Long Term Trends As on 29 November, 2019Focused Funds


rReturns for

6 m 1 yr 3 yrs 5 yrs IncepS&P BSE 500 TRI Index 1.57% 9.41% 13.39% 8.62% --

Nifty 50 TRI Index 2.55% 12.53% 15.49% 8.39% --SBI Focused Equity Fund 17-Sep-04 Focused Fund 152.69 4.74% 19.54% 15.38% 12.06% 19.63%

Axis Focused 25 Fund 29-Jun-12 Focused Fund 30.50 7.70% 16.01% 17.92% 12.41% 16.21%

Arbitrage Funds

Aggressive Hybrid Funds

Dynamic Asset Allocation / Balanced Advantage Funds

Equity Savings Funds

Equity Linked Saving Schemes

Index Funds


rReturns for

6 m 1 yr 3 yrs 5 yrs IncepNifty 50 Arbitrage Index 3.15% 6.57% 5.18% 6.05% --

Aditya Birla Sun Life Arbitrage Fund 24-Jul-09 Arbitrage Fund 19.75 3.09% 6.28% 6.01% 6.47% 6.79%

IDFC Arbitrage Fund 21-Dec-06 Arbitrage Fund 24.28 2.93% 6.32% 6.07% 6.42% 7.09%

Kotak Equity Arbitrage Fund 29-Sep-05 Arbitrage Fund 27.52 2.98% 6.22% 6.15% 6.57% 7.40%


rReturns for

6 m 1 yr 3 yrs 5 yrs IncepNIFTY 50 Hybrid Composite Debt 65:35 Index 3.95% 12.68% 12.50% 8.63% --

ICICI Prudential Equity & Debt Fund 3-Nov-99 Aggressive Hybrid Fund 138.54 1.67% 9.57% 9.79% 9.17% 13.98%Sundaram Equity Hybrid Fund 23-Jun-00 Aggressive Hybrid Fund 96.21 4.72% 11.90% 11.19% 8.09% 12.26%


rReturns for

6 m 1 yr 3 yrs 5 yrs IncepNIFTY 50 Hybrid Composite Debt 65:35 Index 3.95% 12.68% 12.50% 8.63% --

ICICI Prudential Balanced Advantage Fund 30-Dec-06Dynamic Asset

Allocation or Balanced Advantage

37.83 5.11% 11.56% 10.18% 9.00% 10.84%

HDFC Balanced Advantage Fund 1-Feb-94Dynamic Asset

Allocation or Balanced Advantage

201.38 -1.61% 9.00% 9.15% 7.41% 18.16%


rEquity

ExposureArbitrage Exposure

Returns for6 m 1 yr Incep

34% NIFTY Short Duration Debt Index, 33% Nifty 50 Index & 33% Nifty 50 Arbitrage Index 3.28% 9.27% --

ICICI Prudential Equity Savings Fund 5-Dec-14 Equity Savings 14.57 28.97% 37.53% 4.44% 10.46% 7.84%

Axis Equity Saver Fund 14-Aug-15 Equity Savings 13.46 42.00% 23.50% 2.98% 9.08% 7.16%


rReturns for

6 m 1 yr 3 yrs 5 yrs IncepS&P BSE 200 TRI Index 2.53% 10.58% 14.18% 8.92% --

Nifty 500 TRI Index 1.45% 9.41% 13.31% 8.52% --

Axis Long Term Equity Fund 29-Dec-09 ELSS 48.63 6.82% 15.21% 16.29% 11.38% 17.28%

Kotak Tax Saver Fund 23-Nov-05 ELSS 46.29 1.38% 12.96% 12.22% 9.28% 11.55%


rReturns for

6 m 1 yr 3 yrs 5 yrs IncepNifty 50 Index 1.64% 11.03% 13.98% 7.01% --

Nifty 50 TRI Index 2.55% 12.53% 15.49% 8.39% --UTI Nifty Index Fund 14-Feb-00 Index Funds 79.15 2.45% 12.28% 15.09% 8.01% 11.01%HDFC Index Fund-NIFTY 50 Plan 17-Jul-02 Index Funds 110.14 2.30% 12.01% 14.96% 7.96% 14.59%

Source for entire data stated above is ICRA Online Ltd. (For Disclaimer of ICRA Online Ltd, refer http://www.icraonline.com/legal/standard-disclaimer.html) All the NAVs and return calculations are for the Growth Oriented Plans, unless mentioned otherwise.As per SEBI circular dated September 13, 2012, fresh subscriptions/switch-ins will be accepted only under a single plan for all the schemes w.e.f from 1st October 2012. Equity Oriented Scheme recommendations have been made based on the methodology, which assigns weightages to parameters like FAMA, Sharpe Ratio, Sortino Ratio, Corpus, Past Performance, Beta and Volatility.

10

Funds Recommended based on Long Term Trends As on 29 November, 2019

Medium to Long Duration Funds / Long Duration Funds

Dynamic Bond Funds

Name of SchemeInception

DateSEBI Categorisation

NAVR

Returns for

6 m 1 yr 3 yr Incep

ICRA Composite Bond Fund Index 6.65% 13.87% 7.50% --

IDFC Bond Fund - Income Plan 14-Jul-00 Medium to Long Duration Fund 48.12 5.95% 12.12% 5.94% 8.44%

ICICI Prudential Long Term Bond Fund 9-Jul-98 Long Duration Fund 64.53 6.45% 13.87% 6.78% 9.10%



NAVR

Returns for

6 m 1 yr 3 yr Incep

ICRA Composite Bond Fund Index 6.65% 13.87% 7.50% --NIFTY Short Duration Debt Index 4.99% 10.18% 7.37% --IDFC Bond Fund - Short Term Plan 14-Dec-00 Short Duration Fund 40.60 5.25% 10.65% 7.32% 7.67%ICICI Prudential Short Term Fund 25-Oct-01 Short Duration Fund 41.17 5.08% 10.29% 6.88% 8.13%IDFC Bond Fund - Medium Term Plan 8-Jul-03 Medium Duration Fund 33.33 5.24% 10.48% 6.83% 7.61%

Gilt Funds

Conservative Hybrid Funds

Short Duration / Medium Duration Funds



NAVR

Returns for

6 m 1 yr 3 yr Incep

IDFC Government Securities Fund - Investment Plan 3-Dec-08 Gilt Fund 24.42 7.09% 14.93% 6.97% 8.46%Nippon India Gilt Securities Fund 22-Aug-08 Gilt Fund 27.22 6.90% 14.29% 7.03% 9.29%



NAVR

Returns for

6 m 1 yr 3 yr Incep

NIFTY 50 Hybrid Composite Debt 15:85 Index 5.77% 12.58% 7.98% --

Canara Robeco Conservative Hybrid Fund 24-Apr-88 Conservative Hybrid Fund 60.04 4.99% 10.86% 6.83% 11.25%

IDFC Regular Savings Fund 25-Feb-10 Conservative Hybrid Fund 22.65 4.42% 9.26% 6.17% 8.73%

MUTUAL FUNDS-A ROUND-UP OF DEBT ORIENTED FUNDS



NAVR

Returns for

6 m 1 yr 3 yr Incep


IDFC Dynamic Bond Fund 3-Dec-08 Dynamic Bond 24.16 6.16% 12.48% 6.24% 8.35%

Kotak Dynamic Bond Fund 26-May-08 Dynamic Bond 26.18 6.07% 12.98% 7.49% 8.71%

Source for entire data stated above is ICRA Online Ltd. (For Disclaimer of ICRA Online Ltd, refer http://www.icraonline.com/legal/standard-disclaimer.html) As per SEBI circular dated September 13, 2012, fresh subscriptions/switch-ins will be accepted only under a single plan for all the schemes w.e.f from 1st October 2012. Note: Return figures for all schemes are absolute for <= 1 year and compounded annualised for > 1 year. Past returns cannot be taken as an indicator of future performance. All the NAVs and return calculations are for the Growth Oriented Plans, unless mentioned otherwise. Debt Oriented Scheme recommendations have been made based on the methodology, which assigns weightages to parameters like Sharpe Ratio, Performance Consistency, Corpus, Past Performance, Expenses, Credit Risk and Volatility.

11

Name of Scheme Inception Date SEBI Categorisation

NAVR

Returns for 6 m 1 yr 3 yr Incep


NIFTY Short Duration Debt Index 4.99% 10.18% 7.37% --

Nippon India Banking & PSU Debt Fund 15-May-15 Banking and PSU Fund 14.51 6.12% 11.84% 7.47% 8.53%

Kotak Banking and PSU Debt Fund 29-Dec-98 Banking and PSU Fund 45.54 5.99% 11.88% 7.74% 7.51%


NAVR

Returns for 6 m 1 yr 3 yr Incep


NIFTY Short Duration Debt Index 4.99% 10.18% 7.37% --

ICICI Prudential Corporate Bond Fund 11-Aug-09 Corporate Bond Fund 20.36 5.11% 10.36% 7.25% 7.14%

HDFC Corporate Bond Fund 29-Jun-10 Corporate Bond Fund 22.28 5.41% 11.31% 7.55% 8.87%


NAVR

Returns for 1 m 3 m 6 m 1 yr

ICRA Liquid Index 0.46% 1.43% 3.10% 6.92%

IDFC Low Duration Fund 17-Jan-06 Low Duration Fund 27.98 0.68% 1.93% 4.30% 8.83%

ICICI Prudential Savings Fund 27-Sep-02 Low Duration Fund 379.99 0.77% 2.20% 4.57% 9.18%


NAVR



UTI Money Market Fund 10-Jul-09 Money Market Fund 2209.41 0.55% 1.71% 3.92% 8.34%

Aditya Birla Sun Life Money Manager Fund 12-Oct-05 Money Market Fund 263.59 0.55% 1.68% 3.98% 8.45%


NAVR



HSBC Cash Fund 1-Jun-04 Liquid Fund 1936.31 0.46% 1.42% 3.10% 6.87%

Nippon India Liquid Fund 9-Dec-03 Liquid Fund 4736.55 0.46% 1.42% 3.13% 6.94%

MUTUAL FUNDS-A ROUND-UP OF DEBT ORIENTED FUNDS

Funds Recommended based on Long Term Trends

Funds Recommended based on Long Term Trends

Banking and PSU Funds As on 29 November, 2019

Corporate Bond Funds

Liquid / Overnight Funds

Ultra Short / Low Duration Funds

Money Market / Floater Funds

Source for entire data stated above is ICRA Online Ltd. (For Disclaimer of ICRA Online Ltd, refer http://www.icraonline.com/legal/standard-disclaimer.html) All the NAVs and return calculations are for the Growth Oriented Plans, unless mentioned otherwise.

12

Investment Objective The fund aims to achieve long term capital appreciation by investing in a diversified portfolio predominantly consisting of equity and equity related securities of large cap companies including derivatives. Fund CharacteristicsThe fund is a large cap equity fund that invests minimum 80% in large caps and can take upto 20% exposure in mid cap stocks. The fund manager maintains a concentrated portfolio of large cap stocks with bottom up investment approach and invests in quality companies which have high growth potential.Fund CommentaryAs per the fund manager, weakness in some of the high frequency indicators and muted GDP growth of 4.5% YoY for Q2FY20 indicated signs of weakness in the economic activities. While some positivity emerged from pick-up in government spending and private consumption, slump in investment activities weighed on economic growth. However, as per the fund manager, favourable base effect, increased pace of government spending, lower short term rates, easier liquidity conditions and expected revival in rural consumption demand post the Rabi crop could provide some support to economic growth going forward.In the meanwhile, corporate earnings growth for Q2FY20 were better than market expectations. The BFSI sector reported strong earnings growth driven by healthy operating profit growth and improvement in asset quality whereas, companies from sectors like Auto & Auto ancillaries (weak volumes), Metals & Mining (lower realization and weak domestic demand) and Oil & Gas (weak supply-demand metrics) witnessed weakness in earnings growth. The fund manager believes that reduction of corporate taxation is likely to have positive impact on earnings growth of Indian corporates. Deleveraging of balance sheets by Indian corporates and expected pickup in consumption demand would further improve corporate earnings over the next few quarters and may help the companies to initiate capex in a staggered manner. The fund manager is positive on Indian equity market from medium to long term perspective on back of reasonable valuations considering cyclical low levels in earnings and potential for earnings revival going ahead. However, the fund manager remains cautious on equity market in the near term.The fund manager is positive on Private Sector Banks and has highest exposure in Banking & Financial Services sector. Apart from Banking, the other top sectoral holdings are FMCG, IT, Oil & Gas, and Auto. Currently, the fund has around 84% exposure in large cap stocks and close to 16% exposure in debt & cash. The fund is recommended for investors with an investment horizon of 2-3 years.Ratios

Average P/E Value 42.60 Beta (Slope)* 0.79Average P/B Value 9.35 Sharpe* 0.30Average Dividend Yield 0.65 Std.Dev* 3.38Average Market Capitalization (in rsCrs) 3,78,095

*Ratios are calculated on three years monthly rolling returns

Additional Scheme Features

This product is suitable for investors who are seeking*:

of equity and equity related instruments of large cap companies.*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

^ Data as on 29 November 2019. Returns are Absolute for <= 1 year and Compounded Annualised for > 1 year. # CYTD as on 29 November 2019Source for entire data stated above is ICRA Online Ltd. (For Disclaimer of ICRA Online Ltd, refer http://www.icraonline.com/legal/standard-disclaimer.html)

Axis Bluechip Fund

Fund Quarterly Performance (+/-) Absolute Returns (%) v/s Benchmark (%)

Top Holdings

Company (%) Fund HDFC Bank Ltd. 9.05Reliance Industries Ltd. 7.69ICICI Bank Ltd. 7.62Kotak Mahindra Bank Ltd. 7.38Bajaj Finance Ltd. 7.37Total 39.10

Sector (%) Fund Banks & Finance 41.83FMCG 15.69IT 8.68Oil & Gas, Energy 7.69Auto & Auto Ancillaries 4.10Total 77.99

Portfolio Composition (%)

Option : Growth and Dividend Exit Load : If redeemed within 12 Months from the date of allotment,

upto 10% of original cost of investments: Nil, for remaining investments: 1%.

Benchmark : Nifty 50 TRIFund Size in RCrs [Nov 2019] : 9,481.19NAV: 52 Week : High / Low: Rs : 31.49 / 25.20

Fund Manager: Shreyash Devalkar SEBI Categorisation: Large Cap Fund

INVESTORS UNDERSTAND THAT THEIR PRINCIPAL WILL BE AT MODERATELY HIGH RISK

Returns (%) in various market cycles^Period Fund Nifty 50 TRI

Up Phase 19/08/2013 to 02/03/2015 42.14 40.1411/02/2016 to 17/07/2017 25.14 29.84Down Phase03/03/2015 to 11/02/2016 -18.31 -21.6505/11/2010 to 20/12/2011 -24.60 -24.62

Trailing Returns (%)^Period Fund Nifty 50 TRI

3 Months 9.26 10.326 Months 7.30 2.551 Year 18.29 12.533 Year 19.28 15.495 Year 9.91 8.39Since Inception 12.33 --

Calendar Year Returns (%) Period Fund Nifty 50 TRI

2019# 16.98 12.422018 6.51 4.612017 38.13 30.352016 -3.62 4.39

MUTUAL FUND SYNOPSIS - EQUITY FUND AS ON 29 NOV, 2019

13


Investment Objective The fund is a large cap equity fund that aims for growth by investing in companies in the large cap categoryFund CharacteristicsThe fund invests in large cap companies which have proven track record, quality management and have good growth potential. As a stock selection process, the fund manager applies bottom-up investment approach and mainly invests in companies that offer good growth potential over the long term. The fund manager may also take aggressive positions in high conviction stocks with an aim to generate higher alpha. The fund manager may look at factors such as strong fundamentals, future turnaround in the business cycle and revival in economic growth to select stocks in the portfolio. Further, to maintain diversification at sector level, the fund manager follows benchmark hugging approach with a deviation of +/-5% as compared to sector weight in benchmark index.Fund CommentaryIndian equity markets closed on a positive note in November 2019 with Nifty 50 index rising by 1.5% MoM. As per the fund manager, new set of reforms including announcement of a major strategic disinvestment plan by the government on domestic front and expectations of resolution of US-China trade war on the global front lifted investors’ sentiments. Hopes of cut in interest rate by the RBI in its December 2019 monetary policy meeting also aided gains to the market. However, weakness in domestic macroeconomic data including contraction in the industrial output in September 2019 and Consumer Price Index (CPI)-based inflation breaching the RBI’s medium-term inflation target of 4% in October 2019 restricted further gains in the market. India’s GDP growth for Q2FY20 declined to 4.5% YoY from 5.0% YoY growth seen in Q1FY20. As per the fund manager, slower economic growth in domestic market was mainly due to ongoing concerns over liquidity issues in NBFCs and spilling effect of slower global growth into domestic growth via manufacturing and exports, and lower investment-to-GDP ratio. In the meanwhile, government announced reduction in corporate tax rates to boost the capital spending and revive stalled growth cycle in the economy. As per the fund manager, on back of government’s attempts to lift investors’ sentiments, some green shoots can be seen like Current Account Deficit turning positive, export growth and improvement in foreign flows.The fund manager expects the Indian equity market to perform better over the medium to long term on back of optimism over economic recovery and corporate earnings growth. However, US-China trade issues, movement in crude oil prices, slowing consumption demand in rural area and monetary policy action by central banks globally are some of the important variables to watch out for by market participants in the near term. The fund manager is positive on Private Sector Banks and has highest exposure in Banking & Financial Services sector. Apart from Banking, the fund has high exposure to sectors like Oil & Gas, IT, FMCG and Auto & Auto Ancillaries. Currently, the fund has around 89% exposure in large cap stocks, around 3% exposure in mid cap stocks and around 8% in debt & cash. The fund is recommended for investors with an investment horizon of 2-3 years.Ratios




Top Holdings


This product is suitable for investors who are seeking:*

cap stocks*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

^ Data as on 29 November 2019. Returns are Absolute for <= 1 year and Compounded Annualised for > 1 year. # CYTD as on 29 November 2019

Option : Growth and Dividend Exit Load :Benchmark : Nifty 100 TRIFund Size in RCrs [Nov 2019] : 24,639.80NAV: 52 Week High / Low: R : 43.72 / 38.52

ICICI Prudential Bluechip FundFund Manager: Anish Tawakley and Rajat Chandak SEBI Categorisation:

Avg P/E Value 34.17 Beta (Slope)* 0.83Avg P/B Value 5.63 Sharpe* 0.18Avg Dividend Yield 1.46 Std.Dev* 3.27Average Market capitalization (in RCrs) 2,76,933






2019# 8.54 11.052018 -0.80 2.552017 32.84 32.972016 7.73 5.01

Sector (%) Fund Banks & Finance 32.39Oil & Gas, Energy 11.90IT 9.64FMCG 9.59Auto & Auto Ancillaries 7.33Total 70.85

Company (%) Fund 8.667.075.934.814.03

Total 30.51

14

Investment Objective The fund is a multi cap equity fund that invests across market capitalisation with a large cap bias.Fund CharacteristicsWith top down investment approach, the fund manager endeavours to identify sectors that are likely to do well over the medium term and takes large exposure to select sectors. The fund manager generally maintains concentrated exposure to 4-9 sectors in its portfolio. There is no restriction on the type of sectors that the fund can take exposure in and the portfolio is generally diversified at stock level across market capitalisation with a large cap bias.Fund CommentaryAs per the fund manager, weakness in consumption related indicators, investment activities, liquidity issues in financial market, exports etc, reflected in slower economic growth. Meanwhile, the corporate earnings growth have also been muted due to tight liquidity, high real interest costs led by lack of transmission of cut in interest rates and slowdown in consumption demand. The consumption demand has been impacted due to distress in rural area and weak consumer sentiments. As per the fund manager, economic growth may remain slower for few more quarters. However, the fund manager believes that clean-up of banks and corporate balance sheets, recapitalization of Public Sector Banks (PSBs) and various reform measures by government including cut in corporate tax rates are likely to have positive impact on economic activities over the medium to long term.As per the fund manager, performance of equity market in the near term is likely to be driven by factors like movement in Rupee and crude oil prices, news flows from global markets, development over global trade issues and monetary policy action by central banks of developed economies. The fund manager expects the market to perform better over the long term on back of optimism over earnings growth trajectory led by expected improvement in domestic consumption demand, falling interest costs and likely improvement in capacity utilisation. The fund manager is of the view that correction in mid & small caps has created opportunities to invest with long term perspective however, it may witness intermittent volatility in the near term. Furthermore, accelerating clean-up of banks and corporate balance sheets, recapitalization of Public Sector Banks (PSBs) and various reform measures by government including GST, RERA, IBC etc are likely to have positive impact on economic activities going ahead. Subdued crude oil prices, normal monsoon, direct benefit transfer and improved tax compliance are also likely to support economic recovery over the next few quarters. The fund manager is positive on Private Sector Banks and has highest exposure in Banking & Financial Services sector. The other top sectoral holdings are Oil & Gas, Cement, FMCG and IT.Currently, the fund has around 70% exposure to top five sectors in the portfolio, while top five stocks constitute around 30% of the portfolio. The fund manager maintains higher allocation towards large cap stocks and has around 74% exposure in them. The fund is recommended for investors who have an investment horizon of 2-3 years.Ratios




Top Holdings



related securities generally focussed on a few selected sectors* Investors should consult their financial advisors if in doubt about whether the product is suitable for them.

^ Data as on 29 November 2019. Returns are Absolute for <= 1 year and Compounded Annualised for > 1 year. # CYTD as on 29 November 2019

Option : Growth and Dividend Exit Load :Benchmark : Nifty 200 TRIFund Size in RCrs [Nov 2019] : 29,095.76NAV: 52 Week : High / Low: Rs:

MUTUAL FUND SYNOPSIS - EQUITY FUND AS ON 29 NOV, 2019 Kotak Standard Multicap FundFund Manager: Harsha Upadhyaya SEBI Categorisation: Multi Cap Fund

Avg P/E Value 33.48 Beta (Slope)* 0.93

Avg P/B Value 4.96 Sharpe* 0.19

Avg Dividend Yield 0.89 Std.Dev* 3.60

Average Market capitalization (in R Crs) 2,64,825






2019# 11.91 9.422018 -0.88 0.312017 34.40 35.312016 9.44 5.08

Sector (%) Fund Banks & Finance 35.95Oil & Gas, Energy 14.54Cement 6.72FMCG 6.50IT 6.39Total 70.10

Company (%) Fund 7.227.206.414.784.66

Total 30.27

15

Investment Objective The fund aims to seek capital appreciation by investing predominantly in equity and equity related instruments in large and mid-cap stocks.Fund CharacteristicsThe fund is a large and mid-cap fund that invests minimum 35% each in – large cap and mid cap companies. As a stock selection process, the fund manager applies mix of top-down and bottom-up investment approach and mainly invests in around 40-45 high conviction stocks.Fund CommentaryAs per the fund manager, government has been working for structural economic growth over the long term through various measures and effective administration. The government announced various measures including subsequent capitalization of Public Sector Banks, liquidity measures for Housing Finance Companies, addressing concerns around Automobile sector, strategic divestment plan to deal with fiscal situation and reduction of corporate tax rates to boost economic activities. As per the fund manager, reduction in corporate tax rates and incentive to new manufacturing companies with lower taxation could kick start the corporate capex cycle and support the economic growth. Furthermore, twin deficit remaining reasonably under control, softer than historic inflation level and declining interest costs are also likely to bode well for structural economic growth over the long term.Government’s commitment to boost the infrastructure investment cycle, focus on rural income and higher spending by government are likely to support broad-based recovery, driven by expected improvement in consumption demand. As per the fund manager, softer than historic inflation and better growth prospect would gradually lead to a shift in the saving pattern of Indian households from physical to financial assets with a sharp bias towards equities. This is also likely to provide support to performance of equity market over the medium to long term. Furthermore, the fund manager expects the RBI to sustain sufficient domestic liquidity, enable strong rate cut transmission and provide confidence for stability in financial market. However, news flows from global market, development over ongoing trade issues amongst the nations and liquidity issues in financial market would be closely watched by market participants in the near term.The fund manager is positive on Banks & Financial services sector and has highest exposure in it. Apart from Banks & Financial services sector, the other top sectoral holdings are FMCG, Oil & Gas, Capital Goods and Cement.Currently, the fund has around 54% exposure in large cap stocks, around 38% exposure in mid cap stocks and close to 7% exposure in debt & cash. The fund is recommended for investors with an investment horizon of 2-3 years.Ratios



Top Holdings


^ Data as on 29 November 2019. Returns are Absolute for <= 1 year and Compounded Annualised for > 1 year. # CYTD as on 29 November 2019Source for entire data stated above is ICRA Online Ltd. (For Disclaimer of ICRA Online Ltd, refer http://www.icraonline.com/legal/standard-disclaimer.html)

Option : Growth and Dividend Exit Load : If redeemed between 0 Month to 12 Months; Exit Load is 1%Benchmark : NIFTY Large Midcap 250Fund Size in R Crs [Oct 2019] : 953.32NAV: 52 Week : High / Low: R : 36.84 / 31.21


mid cap companies* Investors should consult their financial advisers if in doubt about whether the product is suitable for them.


Average P/E Value 47.11 Beta (Slope)* 0.98Average P/B Value 7.07 Sharpe* 0.20Average Dividend Yield 0.60 Std.Dev* 3.89Average Market Capitalization (in RCrs) 1,84,793

INVESTORS UNDERSTAND THAT THEIR PRINCIPAL WILL BE AT MODERATELY HIGH RISK

Sundaram Large And Mid Cap FundFund Manager: S Krishnakumar SEBI Categorisation: Large & Mid Cap Fund

Company (%) Fund Reliance Industries Ltd. 6.13ICICI Bank Ltd. 5.80Bajaj Finance Ltd. 4.85HDFC Bank Ltd. 3.75Larsen & Toubro Ltd. 3.74Total 24.27

Sector (%) Fund Banks & Finance 31.22FMCG 21.14Oil & Gas, Energy 6.13Capital Goods 5.70Cement 5.36Total 69.54

Calendar Year Returns (%)

Period Fund NIFTY Large Midcap 250

2019# 10.72 4.502018 0.41 -6.172017 36.21 42.552016 7.56 4.70

Returns (%) in various market cycles^



Trailing Returns (%)^




16

Investment ObjectiveThe scheme seeks to invest in a diversified set of debt and money market securities with the aim of generating optimal returns over medium term such that the Macaulay duration of the portfolio is between 3 years and 4 years.

Investment Features According to the fund house, in the fifth Bi-Monthly Monetary Policy, the Monetary Policy Committee (MPC) kept interest rates on hold and maintained the accommodative stance. However, the MPC acknowledged that there is monetary policy space for future action. As per the fund house, the decision to wait and watch seems to have been driven by the some factors like: Firstly, Consumer Price Index (CPI) forecast for H2FY20 has turned up sharply. The RBI also seems worried about the impact of the recent hikes in telecom charges on CPI. Secondly, the MPC wants to give more time for measures already taken both by government and RBI to show their impact. There is also optimism that banks transmission will improve with external benchmarking of rates. Thirdly, there is also a sense that further monetary action should wait to see what countercyclical measures, if any, the government announces in the Union Budget for FY21. As per the fund house, the RBI also downplayed the point about broader transmission, as transmission to government bond market has been partial, while credit

Modified Duration – 3.74 years

Features of the scheme: : Load structure – Exit load is Nil. AUM (November 2019) – R2,957Crs. Launch date – 08-Jul-2003.

Performance as on 29 November 2019

Fund Snapshot

Portfolio Composition as on 29 November 2019

Sectoral Composition as on 29 November 2019

market transmission remains delayed but is picking up. Between fiscal and monetary policy for supporting economic growth, it is quite clear that there is next to no room in the former. It is thus evident, that there is a greater role for monetary policy here. According the fund house, the investors should probably breathe a sigh of relief insofar that this provides a longer window to keep locking into front end quality interest rates. A ~175 bps spread between overnight to 4 year AAA bonds is there for the receiving, given the fund house’s high conviction view of a ‘lower for longer’ policy regime. Longer end rates will struggle for now, but are also cheap, given almost 200 bps spread between overnight and long duration government bonds. However, a sustained move here will depend upon the government not over-exerting the fiscal lever and fresh risk capital entering the system. In IDFC Bond Fund - Medium Term Plan, the average maturity of the portfolio stood at 4.80 years in November 2019 as compared to 4.09 years in October 2019. The fund’s exposure to G-secs stood at 50.74% in November 2019 as against 45.24% in the previous month. The fund’s exposure to Corporate Debt securities stood at 46.41% in November 2019. Amongst Corporate Debt, the scheme has significant exposure to PSU Bonds, Other Corp Bonds and FI & Bank papers. The fund had 100% of the portfolio in AAA & equivalent rated securities as of November 2019. The YTM of the fund was 6.69% as of November 2019.

IDFC Bond Fund - Medium Term Plan G Sec AAA Sub AAA Cash & Others Money Mkt Instruments

Average Maturity (Yrs)

Nov-19 50.74% 46.73% 0.00% 2.53% 0.33% 4.80Oct-19 45.24% 51.82% 0.00% 2.94% 0.33% 4.09Sept-19 42.51% 54.28% 0.00% 3.20% 3.84% 3.75Aug-19 41.14% 56.37% 0.00% 2.48% 11.76% 3.76Jul-19 38.11% 63.36% 0.00% -1.47% 14.57% 4.04Jun-19 7.77% 88.78% 0.00% 3.45% 15.29% 3.96

Gilts/T-bills CD/CP Securitized Debt Corporate debt Cash & Others50.74% 0.33% 0.00% 46.41% 2.53%

FI & Bank Papers PSU Bonds NBFC Papers Other Corp. Debt Gilts/T-bills Cash & Others

8.05% 23.91% 3.40% 11.37% 50.74% 2.53%

Scheme Name 1 Month 3 Months 6 Months 1 Year 2 Years 3 YearsSince

InceptionIDFC Bond Fund - Medium Term Plan 0.86% 1.76% 5.24% 10.48% 7.58% 6.83% 7.61%IndexNifty Short Duration Debt Index^ 0.92% 2.18% 4.99% 10.18% 7.86% 7.37% --

This product is suitable for investors who are seeking*

is between 3 years and 4 years.*Investors should consult their financial advisers if in doubt about whether the product is suitable for them

MUTUAL FUND SYNOPSIS - DEBT ORIENTED FUND AS ON 29 NOV, 2019

Fund Manager: Suyash Choudhary SEBI Categorisation: Medium Duration Fund

Returns are Absolute for <= 1 year and Compounded Annualised for > 1 year. Returns are for Growth Oriented Plans.^Returns of Benchmark Index NIFTY AAA Short Duration Bond Index are not available.Source for entire data stated above is ICRA Online Ltd. (For Disclaimer of ICRA Online Ltd, refer http://www.icraonline.com/legal/standard-disclaimer.html)

IDFC Bond Fund - Medium Term Plan

INVESTORS UNDERSTAND THAT THEIR PRINCIPAL WILL BE AT MODERATE RISK

17

MUTUAL FUND SYNOPSIS - DEBT ORIENTED FUND AS ON 29 NOV, 2019

Investment ObjectiveTo generate income through investing predominantly in AA+ and above rated corporate bonds while maintaining the optimum balance of yield, safety and liquidity. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved.

Investment Features According to the fund house, the RBI kept the policy rates unchanged in the December 2019 monetary policy. The Monetary Policy Committee’s (MPC) decision to maintain existing rates was brought on in line with the evolving growth-inflation dynamics. Despite recognizing monetary policy space for further action, the MPC felt appropriate to take a pause at this juncture and continued to maintain its “accommodative” policy stance, implying the next policy action is either a hold or a cut. RBI has revised its inflation projections upwards to 4.7-5.1% for H2FY20 and 3.8-4.0% for H1FY21. Growth projection for FY20 was reduced to 5% from earlier 6.1%. According to the fund house, the environment remains conducive for RBI to maintain its accommodative stance on the back of domestic factors like growth slowing down and inflation within RBI’s comfort zone and global central banks likely to remain dovish.

Modified Duration – 1.85 years

Features of the scheme: Load structure – Exit load is Nil. AUM (November 2019) – R11,096 Crs. Launch date – 12-Jun-2009.

Performance as on 29 November 2019

Fund Snapshot

Portfolio Composition as on 29 November 2019

Sectoral Composition as on 29 November 2019

The fund house believes that the next rate cut would be data dependent as the RBI may want to see certain risks to play out, such as growth and consumption data, inflation and fiscal deficit. Going forward, the fund house believes that the 4C’s i.e. Credit growth, Current Account Balance, Central Bank Action and Crude may guide the trajectory of long term rates. System liquidity remained in surplus on the back of government spending and RBI’s forex purchases. The pain of transmission of rates is expected to continue, due to broken transmission channels. Going forward, the fund house expects liquidity to remain in the surplus zone; and this bodes well for shorter end of the yield curve. Hence, the fund house remains sanguine towards the short end of the yield curve i.e. the 2-5 years segment of the yield curve where the risk-reward benefit is favourable. In ICICI Prudential Corporate Bond Fund the average maturity of the portfolio stood at 2.58 Years in November 2019 as compared to 2.45 years in October 2019. The fund’s exposure to Corporate Debt securities stood at 76.44% in November 2019. Amongst Corporate Debt, the scheme has significant exposure to PSU Bonds, FI & Bank Papers, Other Corp. Bonds and NBFC papers. The fund had 100% of the portfolio in AAA & equivalent rated securities as of November 2019. The YTM of the fund was 6.80% as of November 2019.

ICICI Prudential Corporate Bond Fund G Sec AAA Sub AAA Cash & OthersMoney Mkt Instruments

Average Maturity (Yrs)

Nov-19 11.41% 82.78% 0.00% 5.81% 2.18% 2.58Oct-19 9.68% 83.09% 0.00% 7.23% 2.28% 2.45Sept-19 8.19% 88.32% 0.00% 3.49% 3.69% 2.36Aug-19 7.57% 88.57% 0.00% 3.86% 3.73% 2.28Jul-19 8.80% 91.84% 0.00% -0.64% 2.48% 2.51Jun-19 1.70% 95.68% 0.00% 2.62% 2.68% 2.16

Scheme Name 1 Month 3 Months 6 Months 1 Year 2 Years 3 Years Since Inception

ICICI Prudential Corporate Bond Fund 0.93% 2.34% 5.11% 10.36% 7.90% 7.25% 7.14%IndexNifty Short Duration Debt Index^ 0.92% 2.18% 4.99% 10.18% 7.86% 7.37% --

Returns are Absolute for <= 1 year and Compounded Annualised for > 1 year. Returns are for Growth Oriented Plans.^Returns of Benchmark CRISIL Medium Term Corporate Bond Index are not available.ource for entire data stated above is ICRA Online Ltd. (For Disclaimer of ICRA Online Ltd, refer http://www.icraonline.com/legal/standard-disclaimer.html)

This product is suitable for investors who are seeking^:

^Investors should consult their financial advisers if in doubt about whether the product is suitable for them.INVESTORS UNDERSTAND THAT THEIR PRINCIPAL

WILL BE AT MODERATE RISK

ICICI Prudential Corporate Bond FundFund Manager: Rahul Goswami, Chandni Gupta & Rohan Maru SEBI Categorisation: Corporate Bond Fund

Gilts/T-bills CD/CP Securitized Debt Corporate debt Cash & Others11.41% 2.18% 4.15% 76.44% 5.81%

FI & Bank Papers PSU Bonds NBFC Papers Other Corp. Debt Gilts/T-bills Cash & Others

15.04% 33.01% 13.60% 21.13% 11.41% 5.81%

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FUND FACT SHEET Large Cap / Multi Cap Funds As on 29 November, 2019

Source for entire data stated above is ICRA Online Ltd. (For Disclaimer of ICRA Online Ltd, refer http://www.icraonline.com/legal/standard-disclaimer.html) Note: Return figures for schemes are absolute for <= 1 year and compounded annualised for > 1 year. Past returns cannot be taken as an indicator of future performance. As per SEBI circular dated September 13, 2012, fresh subscriptions/switch-ins will be accepted only under a single plan for all the schemes w.e.f from 1st October 2012. All the NAVs and return calculation are for the Growth Oriented Plans, unless mentioned otherwise. * If redeemed within 12 Months from the date of allotment, upto 10% of original cost of investments: Nil, for remaining investments: 1%.** If redeemed between 0 Year to 1 Year; Exit Load is 1%

Name of Fund Axis Bluechip Fund ICICI Prudential Bluechip Fund

Kotak Standard Multicap Fund HDFC Equity Fund

Inception Date 5-Jan-10 23-May-08 11-Sep-09 1-Jan-95Corpus (in RCr) 9481.19 24639.80 29095.76 23674.08NAV (R) 31.62 43.99 37.25 672.75SEBI Categorisation Large Cap Fund Large Cap Fund Multi Cap Fund Multi Cap FundReturns

S&P BSE Sensex Index1 Month 2.42% 0.60% 1.88% 2.54% 2.70%3 Months 10.05% 9.26% 9.56% 10.45% 8.81%6 Months 3.27% 7.30% 2.16% 1.65% -3.04%1 Year 12.78% 18.29% 10.03% 13.17% 8.82%3 Years 15.62% 19.28% 12.67% 13.98% 12.02%5 Years 7.28% 9.91% 8.44% 10.94% 6.73%Since Inception -- 12.33% 13.71% 13.73% 18.39%Exit Load 1%* 1%** 1%** 1%**Dividend Pay-out (Latest) 13.28% 17.71% 12.02% 52.50%Dividend Date 14-Mar-2019 21-Jan-2019 24-Sep-2019 20-Mar-2019Portfolio Composition - SectorsAuto & Auto ancillaries 4.10% 7.33% 3.68% 0.00%Banks & Finance 41.83% 32.39% 35.95% 38.14%Capital Goods 0.38% 0.15% 2.59% 3.48%Cement 0.92% 1.84% 6.72% 0.70%Chemicals & Fertilizers 0.76% 0.18% 0.72% 0.20%Housing & Construction 1.60% 2.89% 5.56% 8.29%IT 8.68% 9.64% 6.39% 8.83%Media 0.00% 0.23% 0.00% 0.01%Metals 0.00% 3.96% 0.91% 6.60%Oil & Gas, Energy 7.69% 11.90% 14.54% 21.33%Telecom 0.50% 4.28% 0.00% 0.00%Textiles 0.00% 0.00% 2.16% 0.00%Transport & Shipping , Logistics & Services 0.00% 1.95% 3.36% 0.77%Defensive 16.61% 11.66% 8.30% 10.60%FMCG 15.69% 9.59% 6.50% 5.60%Pharma 0.92% 2.07% 1.80% 5.00%Other Equities 1.00% 4.01% 2.90% 0.00%Fixed Income Investments 0.83% 1.46% -1.94% 0.00%Current Assets 15.11% 6.13% 8.16% 1.05%Market Capitalization Large Cap 83.69% 88.87% 73.98% 88.52%Mid Cap 0.38% 3.26% 18.40% 6.31%Small Cap 0.00% 0.27% 1.40% 4.12%Concentration of Stocks% of AssetsTop 5 39.10% 30.51% 30.27% 39.70%Top 10 60.57% 48.59% 45.07% 59.87%

Top 5 Stocks

HDFC Bank Ltd. HDFC Bank Ltd. ICICI Bank Ltd. State Bank of IndiaReliance Industries Ltd. ICICI Bank Ltd. Reliance Industries Ltd. ICICI Bank Ltd.

ICICI Bank Ltd. Infosys Ltd. HDFC Bank Ltd. Larsen & Toubro Ltd.Kotak Mahindra Bank Ltd. Axis Bank Ltd. Axis Bank Ltd. Reliance Industries Ltd.

Bajaj Finance Ltd. Bharti Airtel Ltd. Larsen & Toubro Ltd. Infosys Ltd.

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Large & Mid Cap / Value / Contra Funds As on 29 November, 2019

Source for entire data stated above is ICRA Online Ltd. (For Disclaimer of ICRA Online Ltd, refer http://www.icraonline.com/legal/standard-disclaimer.html) Note: Return figures for schemes are absolute for <= 1 year and compounded annualised for > 1 year. Past returns cannot be taken as an indicator of future performance. As per SEBI circular dated September 13, 2012, fresh subscriptions/switch-ins will be accepted only under a single plan for all the schemes w.e.f from 1st October 2012. All the NAVs and return calculation are for the Growth Oriented Plans, unless mentioned otherwise. $ If redeemed between 0 Month to 12 Months; Exit Load is 1% * If redeemed between 0 Year to 1 Year; Exit Load is 1% #If redeemed within 12 Months from the date of allotment, upto 12% of original cost of investments: Nil, for remaining investments: 1%.^If redeemed within 1 Year from the date of allotment, upto 10% of original cost of investments: Nil, for remaining investments: 1%.

Name of Fund Sundaram Large and Mid Cap Fund

Kotak Equity Opportunities Fund Tata Equity P/E Fund Invesco India Contra

Fund

Inception Date 27-Feb-07 9-Sep-04 29-Jun-04 11-Apr-07Corpus (in RCr) 953.32 2837.06 5336.36 4557.63NAV (R) 36.92 126.20 138.15 48.90SEBI Categorisation Large & Mid Cap Fund Large & Mid Cap Fund Value Fund Contra FundReturns

S&P BSE Sensex Index1 Month 2.42% 1.00% 3.34% 1.04% 2.52%3 Months 10.05% 13.27% 11.00% 8.88% 9.89%6 Months 3.27% 5.32% 3.09% 1.49% 0.78%1 Year 12.78% 12.75% 13.83% 7.29% 6.82%3 Years 15.62% 15.24% 12.17% 10.89% 14.04%5 Years 7.28% 11.18% 9.85% 10.10% 10.59%Since Inception -- 10.78% 18.11% 18.55% 13.38%Exit Load 1%$ 1%* 1%# 1%^Dividend Pay-out (Latest) 2.66% 4.50% 13.50% 20.72%Dividend Date 17-Oct-2019 26-Nov-2019 18-Jan-2018 28-Mar-2019Portfolio Composition - SectorsAuto & Auto ancillaries 4.03% 1.22% 9.95% 10.93%Banks & Finance 31.22% 28.77% 46.18% 30.28%Capital Goods 5.70% 11.86% 0.92% 1.11%Cement 5.36% 7.15% 2.49% 1.42%Chemicals & Fertilizers 2.00% 4.20% 1.42% 1.67%Housing & Construction 3.74% 4.18% 4.49% 5.18%IT 1.63% 6.76% 2.00% 10.63%Media 0.91% 0.02% 1.92% 0.13%Metals 0.00% 2.27% 0.52% 1.76%Oil & Gas, Energy 6.13% 16.38% 14.05% 13.38%Telecom 1.63% 0.00% 0.00% 2.99%Textiles 0.00% 4.33% 0.00% 0.00%Transport & Shipping , Logistics & Services 4.77% 0.00% 1.08% 1.33%Defensive 25.86% 10.56% 13.69% 17.57%FMCG 21.14% 6.65% 11.63% 9.16%Pharma 4.73% 3.91% 2.06% 8.41%Other Equities 0.00% 0.53% 0.00% 0.00%Fixed Income Investments 5.46% 0.07% 0.00% 0.00%Current Assets 1.57% 1.69% 1.27% 1.61%Market Capitalization Large Cap 54.53% 48.53% 69.61% 67.81%Mid Cap 38.44% 40.19% 23.03% 21.76%Small Cap 0.00% 9.52% 6.08% 8.82%Concentration of Stocks% of AssetsTop 5 24.27% 27.19% 39.74% 32.52%Top 10 40.45% 42.79% 55.54% 48.59%

Top 5 Stocks

Reliance Industries Ltd. HDFC Bank Ltd. HDFC Ltd. ICICI Bank Ltd.ICICI Bank Ltd. ICICI Bank Ltd. Reliance Industries Ltd. HDFC Bank Ltd.

Bajaj Finance Ltd. Reliance Industries Ltd. HDFC Bank Ltd. Reliance Industries Ltd.HDFC Bank Ltd. Axis Bank Ltd. ICICI Bank Ltd. Infosys Ltd.

Larsen & Toubro Ltd. Larsen & Toubro Ltd. ITC Ltd. Larsen & Toubro Ltd.

FU ND FACT SHEET

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FU ND FACT SHEETAggressive Hybrid / Dynamic Asset Allocation or Balanced Advantage Funds As On 29 November, 2019

Name of Fund ICICI Prudential Equity & Debt Fund

Sundaram Equity Hybrid Fund

ICICI Prudential Balanced Advantage Fund

HDFC Balanced Advantage Fund

Inception Date 3-Nov-99 23-Jun-00 30-Dec-06 1-Feb-94Corpus (in RCr) 23500.62 1833.21 28382.95 44345.12NAV (R) 138.54 96.21 37.83 201.38

SEBI Categorisation Aggressive Hybrid Fund Aggressive Hybrid Fund Dynamic Asset Allocation or Balanced Advantage

Dynamic Asset Allocation or Balanced Advantage

Returns NIFTY 50 Hybrid Composite Debt 65:35 Index1 Month 1.86% 2.68% 1.73% 1.53% 2.35%3 Months 7.31% 8.98% 8.83% 7.69% 7.49%6 Months 3.95% 1.67% 4.72% 5.11% -1.61%1 Year 12.68% 9.57% 11.90% 11.56% 9.00%3 Years 12.50% 9.79% 11.19% 10.18% 9.15%5 Years 8.63% 9.17% 8.09% 9.00% 7.41%Since Inception -- 13.98% 12.26% 10.84% 18.16%Exit Load 1%* 1%* 1%* 1%$Dividend Pay-out (Latest) 2.04% 1.13% 11.07% 3.10%Dividend Date 02-Dec-2019 26-Nov-2019 15-Oct-2019 25-Nov-2019

Portfolio Composition - SectorsAuto & Auto ancillaries 3.58% 1.88% 6.66% 0.73%Banks & Finance 18.67% 28.39% 22.98% 28.62%Capital Goods 0.46% 3.72% 0.24% 2.18%Cement 0.86% 1.49% 0.98% 0.51%Chemicals & Fertilizers 1.55% 2.46% 0.59% 2.06%Housing & Construction 2.63% 3.64% 2.09% 7.11%IT 4.91% 1.89% 7.32% 7.71%Media 0.57% 1.31% 1.25% 0.02%Metals 6.84% 0.00% 1.42% 6.10%Oil & Gas, Energy 15.17% 7.09% 6.58% 18.33%Telecom 6.79% 2.16% 1.60% 0.00%Textiles 0.02% 0.00% 0.00% 0.00%Transport & Shipping , Logistics & Services 0.73% 3.41% 1.71% 0.54%

Defensive 10.17% 16.83% 12.23% 7.61%FMCG 4.95% 15.35% 8.75% 4.78%Pharma 5.22% 1.48% 3.48% 2.82%Other Equities -1.08% 0.00% -18.29% 0.03%Fixed Income Investments 24.35% 23.96% 28.32% 16.44%Current Assets 3.78% 1.78% 24.32% 2.00%Market Capitalization Large Cap 59.55% 52.59% 57.41% 70.48%Mid Cap 6.69% 18.89% 5.97% 5.66%Small Cap 5.64% 2.79% 2.28% 5.41%Concentration of Stocks% of EquitiesTop 5 27.67% 26.05% 17.00% 35.79%Top 10 43.61% 39.22% 27.77% 51.70%

Top 5 Stocks

ICICI Bank Ltd. HDFC Bank Ltd. HDFC Bank Ltd. State Bank of IndiaBharti Airtel Ltd. ICICI Bank Ltd. HDFC Ltd. ICICI Bank Ltd.

NTPC Ltd. Reliance Industries Ltd. ICICI Bank Ltd. Larsen & Toubro Ltd.State Bank of India Axis Bank Ltd. Reliance Industries Ltd. Infosys Ltd.

ITC Ltd. Larsen & Toubro Ltd. Axis Bank Ltd. Reliance Industries Ltd.Source for entire data stated above is ICRA Online Ltd. (For Disclaimer of ICRA Online Ltd, refer http://www.icraonline.com/legal/standard-disclaimer.html) All the NAVs and return calculation are for the Growth Oriented Plans, unless mentioned otherwise. Note: Return figures for schemes are absolute for <= 1 year and compounded annualised for > 1 year. Past returns cannot be taken as an indicator of future performance. As per SEBI circular dated September 13, 2012, fresh subscriptions/switch-ins will be accepted only under a single plan for all the schemes w.e.f from 1st October 2012. * If redeemed within 1 Year from the date of allotment, upto 10% of investments: Nil, for remaining investments: 1%.$ If redeemed within 1 year from the date of allotment, upto 15% of investments: Nil, for remaining investments: 1%.

24

FUND FACT SHEETEquity Savings Funds As on 29 November, 2019

Source for entire data stated above is ICRA Online Ltd. (For Disclaimer of ICRA Online Ltd, refer http://www.icraonline.com/legal/standard-disclaimer.html) Note: Return figures for schemes are absolute for <= 1 year and compounded annualised for > 1 year. Past returns cannot be taken as an indicator of future performance. As per SEBI circular dated September 13, 2012, fresh subscriptions/switch-ins will be accepted only under a single plan for all the schemes w.e.f from 1st October 2012. All the NAVs and return calculation are for the Growth Oriented Plans, unless mentioned otherwise. #If redeemed between 0 Day to 15 Days; Exit Load is 1%*If redeemed within 12 Months from the date of allotment, upto 10% of original cost of investments: Nil, for remaining investments: 1%.

Name of Fund ICICI Prudential Equity Savings Fund Axis Equity Saver Fund

Inception Date 5-Dec-14 14-Aug-15Corpus (in RCrs) 1480.89 812.85NAV (R) 14.57 13.46SEBI Categorisation Equity Savings Equity Savings

Returns 34% NIFTY Short Duration Debt Index, 33% Nifty 50 Index & 33% Nifty 50 Arbitrage Index

1 Month 1.18% 1.39% 0.30%3 Months 4.53% 4.82% 4.83%6 Months 3.28% 4.44% 2.98%1 Year 9.27% 10.46% 9.08%3 Year 8.83% 7.68% 9.15%Since Inception -- 7.84% 7.16%

Exit Load 1%# 1%*

Asset AllocationEquity (Unhedged) 28.97% 42.00%Arbitrage 37.53% 23.50%Debt & Cash 33.50% 34.50%

Debt QuantsAverage Maturity (in Years) 2.30 3.90Modified Duration (in Years) 1.74 2.90Yield To Maturity 8.32% 7.77%

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FUND FACT SHEET

Name of Fund IDFC Bond Fund - Income Plan

ICICI Prudential Long Term Bond Fund IDFC Dynamic Bond Fund

Kotak Dynamic Bond Fund

Inception Date 14-Jul-00 9-Jul-98 3-Dec-08 26-May-08Corpus (in Crs) 680.61 819.14 2083.76 972.93NAV (R) 48.12 64.53 24.16 26.18

SEBI Categorisation Medium to Long Duration Fund Long Duration Fund Dynamic Bond Dynamic Bond

Returns ICRA Composite Bond Fund Index3 Months 2.11% 0.96% 1.02% 1.10% 2.31%6 Months 6.65% 5.95% 6.45% 6.16% 6.07%1 Year 13.87% 12.12% 13.87% 12.48% 12.98%3 Years 7.50% 5.94% 6.78% 6.24% 7.49%Since Inception -- 8.44% 9.10% 8.35% 8.71%

Exit Load 1%# Nil Nil Nil

Portfolio CompositionGilts/T-Bills 96.50% 54.42% 97.59% 31.48%CDs/CPs 0.00% 0.00% 0.00% 0.00%Securitised Debt 0.00% 0.00% 0.00% 0.00%Corporate Debt 0.79% 42.09% 0.00% 62.43%Cash & Others 2.71% 3.49% 2.41% 6.09%

Sectoral Composition

FI and Bank Papers 0.00% 9.29% 0.00% 19.03%PSU Bonds 0.80% 21.49% 0.00% 27.44%NBFC Papers 0.00% 0.00% 0.00% 0.00%Other Corporate Bonds 0.00% 11.31% 0.00% 15.96%Gilts/T-Bills 96.50% 54.42% 97.59% 31.48%Cash & Others 2.71% 3.49% 2.41% 6.09%

Average Maturity (in Years) 9.89 11.38 10.43 6.05

Asset Quality AAA/Equivalent 100.00% 93.20% 100.00% 81.18%AAA/P1+/A1+ 0.80% 35.29% 0.00% 43.62%Call/Cash/FD/G-Secs/Others 99.21% 57.91% 100.00% 37.57%

Sub AAA 0.00% 6.80% 0.00% 18.82%AA+ 0.00% 6.80% 0.00% 16.96%AA 0.00% 0.00% 0.00% 1.86%Below AA 0.00% 0.00% 0.00% 0.00%

Unrated 0.00% 0.00% 0.00% 0.00%

Medium to Long Duration / Long Duration / Dynamic Bond Funds As on 29 November, 2019

Source for entire data stated above is ICRA Online Ltd. (For Disclaimer of ICRA Online Ltd, refer http://www.icraonline.com/legal/standard-disclaimer.html) Note: Return figures for schemes are absolute for <= 1 year and compounded annualised for > 1 year. Past returns cannot be taken as an indicator of future performance. As per SEBI circular dated September 13, 2012, fresh subscriptions/switch-ins will be accepted only under a single plan for all the schemes w.e.f from 1st October 2012. All the NAVs and return calculations are for the Growth Oriented Plans, unless mentioned otherwise # For exit within 365 Days from the date of allotment - For 10% of investment : Nil - For remaining investment : 1.00%

27

FUND FACT SHEETShort Duration / Medium Duration / Banking and PSU Funds As on 29 November, 2019

Source for entire data stated above is ICRA Online Ltd. (For Disclaimer of ICRA Online Ltd, refer http://www.icraonline.com/legal/standard-disclaimer.html) Note: Return of all schemes are absolute for <= 1 year and compounded annualised for > 1 year. Past returns cannot be taken as an indicator of future performance. As per SEBI circular dated September 13, 2012, fresh subscriptions/switch-ins will be accepted only under a single plan for all the schemes w.e.f from 1st October 2012. All the NAVs and return calculations are for the Growth Oriented Plans, unless mentioned otherwise

Name of Fund IDFC Bond Fund - Short Term Plan

ICICI Prudential Short Term Fund

IDFC Bond Fund - Medium Term Plan

Nippon India Banking & PSU

Debt Fund

Kotak Banking and PSU Debt Fund

Inception Date 14-Dec-00 25-Oct-01 8-Jul-03 15-May-15 29-Dec-98Corpus (in Crs) 11355.67 11813.21 2956.66 4689.07 3552.45NAV (R) 40.60 41.17 33.33 14.51 45.54

SEBI Categorisation Short Duration Fund

Short Duration Fund

Medium Duration Fund

Banking and PSU Fund

Banking and PSU Fund

Returns NIFTY Short Duration Debt Index3 Months 2.18% 2.38% 2.41% 1.76% 2.52% 2.64%6 Months 4.99% 5.25% 5.08% 5.24% 6.12% 5.99%1 Year 10.18% 10.65% 10.29% 10.48% 11.84% 11.88%3 Year 7.37% 7.32% 6.88% 6.83% 7.47% 7.74%Since Inception -- 7.67% 8.13% 7.61% 8.53% 7.51%

Exit Load Nil Nil Nil Nil Nil

Portfolio CompositionGilts/T-Bills 0.00% 10.80% 50.74% 13.52% 14.36%CDs/CPs 5.32% 4.81% 0.33% 16.21% 14.50%Securitised Debt 0.00% 3.97% 0.00% 0.00% 6.39%Corporate Debt 90.62% 75.38% 46.41% 67.68% 58.89%Cash & Others 4.07% 5.04% 2.53% 2.59% 5.86%

Sectoral CompositionFI and Bank Papers 31.08% 21.63% 8.05% 48.88% 43.68%PSU Bonds 43.00% 26.98% 23.91% 30.56% 32.82%NBFC Papers 9.09% 10.67% 3.40% 0.00% 0.00%Other Corporate Bonds 12.76% 24.88% 11.37% 4.46% 3.27%Gilts/T-Bills 0.00% 10.80% 50.74% 13.52% 14.36%Cash & Others 4.07% 5.04% 2.53% 2.59% 5.86%

Average Maturity (in Years) 2.12 2.84 4.80 2.81 3.88

Asset Quality AAA/Equivalent 100.00% 82.55% 100.00% 100.00% 79.13%AAA/P1+/A1+ 95.93% 66.70% 46.73% 83.89% 58.90%Call/Cash/FD/G-Secs/Others 4.07% 15.84% 53.27% 16.11% 20.23%

Sub AAA 0.00% 17.45% 0.00% 0.00% 20.87%AA+ 0.00% 5.50% 0.00% 0.00% 17.29%AA 0.00% 7.50% 0.00% 0.00% 3.58%Below AA 0.00% 4.46% 0.00% 0.00% 0.00%

Unrated 0.00% 0.00% 0.00% 0.00% 0.00%

28

Name of Fund ICICI Prudential Corporate Bond Fund HDFC Corporate Bond Fund

Inception Date 11-Aug-09 29-Jun-10Corpus (in Crs) 11095.97 12341.25NAV (R) 20.36 22.28SEBI Categorisation Corporate Bond Fund Corporate Bond Fund

Returns Nifty Short Duration Debt Index 3 Months 2.18% 2.34% 2.04%6 Months 4.99% 5.11% 5.41%1 Year 10.18% 10.36% 11.31%3 Years 7.37% 7.25% 7.55%Since Inception -- 7.14% 8.87%

Exit Load Nil Nil

Portfolio CompositionGilts/T-Bills 11.41% 15.28%CDs/CPs 2.18% 0.80%Securitised Debt 4.15% 4.73%Corporate Debt 76.44% 73.34%Cash & Others 5.81% 5.85%

Sectoral CompositionFI and Bank Papers 15.04% 19.96%PSU Bonds 33.01% 32.81%NBFC Papers 13.60% 12.06%Other Corporate Bonds 21.13% 14.03%Gilts/T-Bills 11.41% 15.28%Cash & Others 5.81% 5.85%

Average Maturity (in Years) 2.58 4.17

Asset Quality AAA/Equivalent 100.00% 98.20%AAA/P1+/A1+ 82.78% 77.06%Call/Cash/FD/G-Secs/Others 17.22% 21.13%

Sub AAA 0.00% 1.80%AA+ 0.00% 1.80%AA 0.00% 0.00%Below AA 0.00% 0.00%

Unrated 0.00% 0.00%

FUND FACT SHEETCorporate Bond Funds As on 29 November, 2019

Source for entire data stated above is ICRA Online Ltd. (For Disclaimer of ICRA Online Ltd, refer http://www.icraonline.com/legal/standard-disclaimer.html) Note: Return of all schemes are absolute for <= 1 year and compounded annualised for > 1 year. Past returns cannot be taken as an indicator of future performance. As per SEBI circular dated September 13, 2012, fresh subscriptions/switch-ins will be accepted only under a single plan for all the schemes w.e.f from 1st October 2012. All the NAVs and return calculations are for the Growth Oriented Plans, unless mentioned otherwise

30

FUND FACT SHEET Low Duration / Money Market Funds As on 29 November, 2019

Source for entire data stated above is ICRA Online Ltd. (For Disclaimer of ICRA Online Ltd, refer http://www.icraonline.com/legal/standard-disclaimer.html) Note: Return of all schemes are absolute for <= 1 year and compounded annualised for > 1 year. Past returns cannot be taken as an indicator of future performance As per SEBI circular dated September 13, 2012, fresh subscriptions/switch-ins will be accepted only under a single plan for all the schemes w.e.f from 1st October 2012. All the NAVs and return calculations are for the Growth Oriented Plans, unless mentioned otherwise.

Name of FundIDFC Low Duration

FundICICI Prudential Savings Fund

UTI Money Market Fund

Aditya Birla Sun Life Money Manager

FundInception Date 17-Jan-06 27-Sep-02 10-Jul-09 12-Oct-05Corpus (in Crs) 5204.43 21987.41 7901.67 11144.63NAV (R) 27.98 379.99 2209.41 263.59SEBI Categorisation Low Duration Fund Low Duration Fund Money Market Fund Money Market Fund

Returns ICRA Liquid Index1 Week 0.11% 0.15% 0.18% 0.13% 0.13%1 Months 0.46% 0.68% 0.77% 0.55% 0.55%3 Months 1.43% 1.93% 2.20% 1.71% 1.68%6 Months 3.10% 4.30% 4.57% 3.92% 3.98%1 Year 6.92% 8.83% 9.18% 8.34% 8.45%

Exit Load Nil Nil Nil Nil

Portfolio CompositionGilts/T-Bills 0.03% 2.45% 0.00% 0.00%CDs/CPs 42.63% 30.54% 98.56% 99.86%Securitised Debt 0.00% 2.77% 0.00% 0.00%Corporate Debt 54.34% 57.50% 0.00% 0.00%Cash & Others 3.00% 6.74% 1.44% 0.14%

Sectoral CompositionFI and Bank Papers 48.93% 32.78% 58.02% 49.16%PSU Bonds 24.57% 21.87% 1.50% 6.61%NBFC Papers 10.21% 7.74% 23.76% 23.10%Other Corporate Bonds 13.26% 28.41% 15.28% 20.99%Gilts/T-Bills 0.03% 2.45% 0.00% 0.00%Cash & Others 3.00% 6.74% 1.44% 0.14%

Average Maturity (in Years) 330 343 134 131

Asset Quality AAA/Equivalent 100.00% 85.97% 100.00% 100.00%AAA/P1+/A1+ 96.98% 76.78% 98.56% 99.86%Call/Cash/FD/G-Secs/Others 3.02% 9.19% 1.44% 0.14%

Sub AAA 0.00% 14.03% 0.00% 0.00%AA+ 0.00% 6.98% 0.00% 0.00%AA 0.00% 7.05% 0.00% 0.00%Below AA 0.00% 0.00% 0.00% 0.00%

Unrated 0.00% 0.00% 0.00% 0.00%

32

MARKET OVERVIEW - LIFE INSURANCETata AIA Life Insurance Company Limited

Fixed Income Market Update and OutlookDebt market in the month of November 2019 saw the benchmark 10 year Government security (G-sec) ease by 1 bp over the month to close at 6.64%. The new 10 year benchmark closed the month at 6.46%, hardening by 3 bps. The 30 year Gsec closed the month at 7.17%, hardening by 2 bps. On the corporate bond side, the 10 year AAA corporate bond closed the month at around 7.45%, easing by 12 bps over the month. The fixed income market in November saw a mixed performance with G-secs being in a narrow range even as there was easing in the AAA corporate bond segment. The global interest rate environment remained benign on the back of ultra-low interest rates of the global central banks. However, concerns in the domestic economy of a possible fiscal slippage and a surge in CPI inflation on the back of elevated food inflation kept the Indian fixed income market rangebound. Monetary Policy Committee (MPC) of the RBI in its fifth Bi-monthly monetary policy review kept the policy repo rate under the Liquidity Adjustment Facility (LAF) unchanged at 5.15 %. The MPC also decided to continue with the accommodative stance as long as it is necessary to revive growth, while ensuring that inflation remains within the target. These decisions were in consonance with the objective of achieving the medium-term target for CPI inflation of 4% within a band of +/- 2%, while supporting growth.The MPC noted that the CPI inflation outcome for Q2FY20 evolved broadly in line with projections – averaging 3.5% but the inflation print for October 2019 was much higher than expected. Going forward, the MPC expected the inflation outlook to be influenced by factors such as the recent upsurge in prices of vegetables continuing into the immediate months; the sustained price pressures seen in other food items such as milk, pulses, and sugar impacting the trajectory of food inflation and the rise in the 3-month and 1-year ahead inflation expectations of households polled by the Reserve Bank. The RBI took comfort from the softening of inflation excluding food and fuel on the back of a slowing domestic demand as well as largely range bound crude oil prices. Taking into account the overall impact of these factors, the MPC revised the CPI inflation projection upwards to 5.1-4.7% for H2FY20 and 4-3.8 % for H1FY21, with risks broadly balanced.The MPC guided for more monetary policy space for future policy action. However, given the evolving growth-inflation dynamics, the MPC felt it appropriate to pause even as it continued with the accommodative stance as long as it was necessary to revive growth, while ensuring that inflation remained within the target. The fiscal deficit for the seven month period April-October 2019 stood at an elevated 102.4% of GDP on the back of anemic growth in tax revenue. The gross tax revenues in April-October 2019 has grown at a disappointing pace of 1.2%, with 3.5% growth in direct taxes and a 1% contraction in indirect taxes. Meanwhile, the government’s expenditure growth has been robust at 13.6%. The total GST collection was at R1,035 bn for the month of October 2019 as against R954 bn in the prior month on the back of festive demand. The CPI inflation in October 2019 rose sharply to 4.62% YoY from 3.99% YoY in the prior month led by higher food inflation of 7.9% YoY as broad-based gains were seen across vegetables, pulses, meat & fish and eggs. However, core CPI inflation fell sharply to 3.4% YoY in October 2019 as against 4.2% YoY in the prior month as transportation & communication entered the deflation zone. In addition, other sub-categories such as health, personal care, household goods & services, education, and recreation registered lower inflationary pressures during the month.Going forward, the MPC of the RBI would need to factor in the elevated food inflation and softer core inflation as it continues to support economic activity. Overall, we remain constructive on the Indian fixed income space on the back of sustained accommodative monetary policy of the MPC of the RBI which offers the scope for nudging the repo rate lower to support growth if the inflation softens along the RBIs projected trajectory in the H1FY21.

Equity Market Update and OutlookThe month of November 2019 saw the benchmark index S&P BSE Sensex gain 1.7% while the Nifty 50 index gained 1.5%. The Mid-cap index, Nifty Mid-cap100 gained 2.4% during the same period.In the month of November 2019, the Indian equities benefitted from continued tailwinds in the form of a positive global sentiments on the back of news flow regarding the possible limited trade deal by US & China as well as strong economic data from the US. On the domestic front, the market sentiment improved on positive news flow on various key events such as the Supreme Court affirming the primacy of the committee of creditors comprising financial creditors in resolutions under the IBC mechanism, the inclusion of NBFCs under the IBC mechanism, Cabinet approval for privatization of a slew of PSUs and the government’s announcement of a R250 bn booster package for the real estate sector. The FIIs were net buyers of Indian equity in the month of November 2019 while the DIIs were net sellers of Indian equities.The Q2FY20 earnings season saw an acceptable increase in PAT of the companies making up the Nifty 50 index, albeit on the back of corporate tax rate cut along with a lower tax outgo to make up for higher tax payment in the prior quarter. The PAT for the Q2FY20 was impacted by large one-offs in the telecom sector on account of AGR provisioning related losses and large base-effect in PSU banks on the back of sharply lower provisioning on a year on year basis. Across many sectors such as autos, staples and cement, operating profits fared better than expected on the back of lower input costs. The results of commodities were impacted by weak prices and volumes.The government approved the setting up of a R250 bn alternative investment fund (AIF) to provide debt financing for the completion of stalled housing projects that were in the affordable and middle-income housing sector. While the government will contribute up to R100 bn, State Bank of India (SBI) and Life Insurance Corporation of India (LIC) would provide an additional R150 bn for the fund. The funding will be directed to projects which are net worth positive and registered under RERA. This initiative of the government is expected to facilitate last mile funding to unlock the real estate inventory in various stalled housing projects.The economic activity had moderated sharply in the Q2FY20 with the manufacturing sector in contraction. Indicators such as credit growth, electricity generation and coal production have extended their tepid performance in the month of October 2019 as well. Auto sales remained muted with a modest uptick in the passenger vehicles even as two-wheeler and commercial vehicles sale remained sluggish. However, petroleum consumption and foreign tourist arrivals registered an uptick in the month of October 2019. We believe that the Indian equity market would benefit from the lag impact of the outsized rate cuts from the MPC of the RBI on stimulating demand and increasing economic activity. Going forward, the policy announcements around stress asset resolutions in the NBFC sector as well as a broad timeline for PSU privatization should sustain the improvement in market sentiment. On the global front, a partial resolution of the US-China trade war could improve EM sentiments and drive FII inflows. We continue to believe that the substantial benefits of the far reaching reforms would accrue in the medium term. The equity market offers a reasonable entry point for a long-term investor with a 3-5 year view.

Please note that the above views are sourced from the respective Life Insurance company.

33

Fund Performance As on 30 November, 2019

INSURANCE - A ROUND-UP

Insurer Fund Category Inception Date

AUM (R in Cr.)

NAVr

Returns for

1 Yr 3 Yr 5 Yr Incep

HDFC Life Insurance Co. Ltd.Opportunities Fund Mid Cap diversified 5-Jan-10 16173.54 28.54 3.77% 8.12% 9.38% 11.17%

BlueChip Fund Large Cap diversified 5-Jan-10 5696.57 24.08 10.26% 12.95% 8.68% 9.28%

Tata AIA Life Insurance Co. Ltd.

Large Cap Equity Fund Large Cap 07-Jan-08 1109.65 27.38 12.15% 14.10% 8.36% 8.84%Whole Life Mid Cap

Equity Fund Mid Cap 08-Jan-07 4317.42 48.24 9.57% 10.43% 11.37% 12.98%

Super Select Equity Fund Large Cap 16-Oct-09 596.19 31.90 2.57% 11.18% 8.95% 12.15%Multi Cap Fund Large + Mid Cap 05-Oct-15 85.55 18.39 16.02% 18.55% N.A. 15.79%

Aditya Birla Sun Life Insurance Co. Ltd.

BSLI Super 20 Large cap 6-Jul-09 1076.51 31.48 11.34% 14.45% 8.07% 11.65%

BSLI Capped Nifty Invested in all equity shares forming part

of the nifty index24-Sep-15 84.80 14.64 7.54% 11.70% - 9.54%

Balanced / Hybrid Funds

Equity Funds

Money Market / Short Term Debt Funds

Debt Funds


AUM (R in Cr.)

NAVr

Returns for

1 Yr 3 Yr 5 Yr IncepHDFC Life Insurance Co. Ltd. Balanced Fund - 8-Sep-10 7233.68 22.01 9.96% 9.58% 7.61% 8.93%

Tata AIA Life Insurance Co. Ltd.

Whole Life Aggressive Growth Fund

- 08-Jan-07 417.01 38.04 12.30% 12.92% 10.15% 10.92%

Whole Life Stable Growth Fund

- 08-Jan-07 93.38 30.51 12.00% 9.90% 8.94% 9.05%


BSLI Creator - 23-Feb-04 489.18 58.45 11.00% 9.59% 8.55% 11.84%BSLI Enrich - 12-Mar-03 133.13 59.89 10.90% 8.42% 8.98% 11.29%


AUM (R in Cr.)

NAVr

Returns for

1 Yr 3 Yr 5 Yr IncepHDFC Life Insurance Co. Ltd. Conservative Fund - 11-Jul-14 71.35 14.78 9.14% 5.57% 7.07% 7.53%

Tata AIA Life Insurance Co. Ltd. Whole Life Short Term Fixed Income Fund

- 08-Jan-07 157.20 25.30 9.35% 6.85% 7.69% 7.62%


AUM (R in Cr.)

NAVr

Returns for

1 Yr 3 Yr 5 Yr Incep

HDFC Life Insurance Co. Ltd.Bond Fund - 23-Jun-14 108.92 15.44 10.87% 5.03% 7.61% 8.32%

Income Fund - 5-Jan-10 2578.63 21.45 10.53% 4.93% 7.50% 8.01%

Tata AIA Life Insurance Co. Ltd. Whole Life Income Fund

- 08-Jan-07 437.87 27.70 12.03% 6.55% 9.04% 8.27%


BSLI Income Advantage

- 22-Aug-08 696.78 29.05 12.92% 6.39% 8.67% 9.92%

BSLI Income Advantage Guaranteed

- 1-Jan-14 160.28 16.54 12.27% 6.34% 8.17% 8.88%

Note: Return figures for all schemes are absolute for <=1 year and compounded annualised for > 1 year.

The above fund performance is given by the respective life insurance company. Past performance is not indicative of future performance. HDFC Bank Ltd. is a Corporate Agent (IRDAI Reg. No. CAOO10) of HDFC Life Insurance Co. Ltd., Tata AIA Life Insurance Co. Ltd. and Aditya Birla Sun Life Insurance Co. Ltd. for distribution of life insurance products and does not underwrite the risk or act as an insurer. The contract of insurance is between the respective insurance company and the insured and not between HDFC Bank and the insured.”

34

HDFC Life Sanchay Par Advantage is a participating product that provides a holistic solution to generate a regular income from as early as the 1st month to achieve planned goals of your loved ones without any compromises and a lump sum amount on policy exit to help create a legacy for your future generations.

Key Features:

Eligibility Criteria:

Eligibility Criteria Minimum Maximum

Premium Payment

Minimum Sum Assured R

R

Maximum Sum Assured R

Benefits:

1.) Immediate Income: An option that provides regular income

loved one.

a) Survival Benefit:

1x Annualized Premium1

policyholder during the next year on policy termination date and as per the date chosen Annualized Premium is the

b) Maturity Benefit: For a policy where all due premiums have

HDFC Life Sanchay Par Advantage

PRODUCT OF THE MONTH - LIFE INSURANCE

c) Death Benefit$: On death of the life assured during the policy

2.) Deferred Income –

a) Survival Benefit:

x Annualized Premium.

b) Maturity Benefit:

if not paid earlier plus

c) Death Benefit$:

$ as on date of

36

PRODUCT OF THE MONTH - GENERAL INSURANCE

Overview

Worried about your health, home, financial & digital security? We cover all these in a single policy! This Combo Product gives a 360 ° protection to all our esteemed customers.

Key Features

liability.

R R

Policies

Family Health Care Gold: Covers you and your Family form

Personal Accident (GPGP): Protection from all possible outcomes

My Home content insurance: Total protection for all the potable and non-potable contents in Home.

Corporate Travel policy:

Extra care plus:

Cyber safe policy:

Exclusions

public authority or any act or condition incident to any of the

Bajaj Allianz 360 Degree Protection Policy

37

Aditya Birla Capital Activ Health - Platinum Enhanced

PRODUCT OF THE MONTH - HEALTH INSURANCE

I. Key Benefits:

a. Stay fit and healthy and Earn HealthReturnsTM upto 30 % of Premium

b. Day 1 cover for medical management of chronic diseases such as diabetes, hypertension, high cholesterol and asthma

c. Choice of Hospital Room category between shared, single and any room

d. 100% Reload of Sum Insured for subsequent claims due to unrelated illness

e. Cumulative Bonus of 20% of sum insured for every claim free year, maximum up to 100%

II. Key Features

Product Features Platinum Enhanced

Policy Term 1, 2 or 3 years

Sum Insured R2 Lakh, 3 Lakh, 4 Lakh, 5 Lakh, 6 Lakh, 7 Lakh, 8 Lakh, 9 Lakh, 10 Lakh, 15 Lakh, 20 Lakh, 25 Lakh, 30 Lakh, 40 Lakh, 50 Lakh, 100 Lakh, 150 Lakh, 200 Lakhs

Basic Covers

In - patient Hospitalization Covered up toa) Any room (Available for Sum Insured > 7 Lakhs)b) Single Private Roomc) Shared Room (available for Sum Insured’s < 5 Lakhs)

Pre - hospitalization Medical Expenses

60 days

Post - hospitalization Medical Expenses

180 days

Day care Treatment 527 day care procedures are covered

Domiciliary Hospitalization

Available

Road Ambulance Cover Actuals in network, Up to R5,000 in non - network

Organ Donor Expenses Available

Reload of Sum Insured 100% of SI for subsequent claims due to unrelated illnesses

Additional Benefits

Cumulative Bonus 20% of SI for every claim-free year, maximum up to 100%. (up to maximum of 50 Lakhs )No reduction on claim, unless utilized

Health Check - up program Available, once in a policy year

Recovery Benefit 1% of Sum Insured, max of INR 10,000 (10 days of hospitalization)

Second E - Opinion on Critical Illness

Available

Worldwide Emergency Assistance Services

Available

Value Added Benefits

Chronic Management Program

Day 1 cover for medical management of chronic diseases such as diabetes, hypertension, high cholesterol and asthma

HealthReturnsTM Stay fit and healthy and Earn HealthReturnsTM upto 30 % of Premium

Wellness Coach Available

Please check with your Relationship Manager for details on optional covers.

Eligibility:

The minimum Age at entry is 91 days and there is no maximum entry age under the Policy.a. Children from Age - 91 days to 5 years will be covered only if one

adult is covered under the Policyb. Children up to 25 years can be covered under the floater as

dependents c. Children beyond 25 years if dependent on the parents can be

covered under an individual policy.

You shall be eligible for Renewals for lifetime.

Proposed Insured Member): Self, lawfully wedded spouse, son, daughter, mother, father, brother, sister, mother in-law, father in-law, grandfather, grandmother, grandson, granddaughter, son in-law, daughter in-law, brother in-law, sister in-law, nephew, niece.

Sum Insured. Relationships covered - Self, spouse, dependent parents, dependent in-laws, children up to 25 years (up to 3)

+3 children.

This is an indicative list. Please refer to policy wordings / product benefit table for detailed list benefits, limits, exclusions and waiting periods.

38

Today, India is sitting on the threshold of economic prosperity. When I refer to economic prosperity, I am not talking about the stock market. There are six hundred million people in this country who have not eaten properly their entire life. You will see that sixty percent of the rural people have underdeveloped skeletal systems, which have not grown full size. This means they have not eaten properly their entire life.

If we do the right things in the next five to ten years, we can move this huge mass of people from one level of living to another – not by philanthropy but simply by progress. Something like this has never happened in the history of humanity, where such a large mass of people have been moved from one level of living to another, without using physical force, but through a democratic process.

We are sitting on the threshold and we are on the right track. The problem is, we have been sitting on the threshold too long. Especially when you are on the right track, if you sit there for too long, you will get run over. So, it is important that we walk and walk fast.

If we have to cross the threshold, the business in the country needs to be reborn in many ways. The old ideas that you make money and keep it somewhere, should go. There was a time just after my graduation when I went into farming as an entrepreneur. I bought these very expensive seeds and they told me, “You got to throw it.” But it took some courage to throw it. I hesitated, “I paid so much money for this. If I just throw it like that and the birds eat it all up, what will happen?” But only if you throw it, it will sprout and come up as a crop. Otherwise, you will end up with a seed that will never sprout.

If you want to have an economic revolution, people should be empowered to participate. Unless larger sections of population are involved and the economy is more inclusive, unless people are educated, trained and fit to participate in the economic process, we are never going to cross the threshold.

It is time Indian business thinks not in terms of families or accumulating wealth, but in terms of generating wealth. It is not about how much we have. It is about how much is in circulation and what progress we are creating around us, because in terms

Indian Businesses as Wealth Creators BY SADHGURU, ISHA FOUNDATION

of human activity, no matter what you do in your life, the only thing that will truly fulfill you is how profoundly you touch another life. You wouldn’t want to cook food that no one wants to eat. You wouldn’t want to build a building that no one wants to enter. You want to do something that touches another life.

But this has been carefully avoided in business cultures around the world – not entirely, but partially – because people are dividing their work and life. Most people spend at least sixty percent of their waking life at work. If you think that is separate from life, it is a tragic way to live. There is no work and life, there is just life and life. There are many things we do in life. Maybe we have a family, a business or a job to do – all this is life. Unless we make this our life, we will always think in terms of hoarding something because that is work and this is life.

There is only life and life, no work and life. Work should not be seen just in terms of the money you earn. It is about the privilege that you have been allowed to create something. For survival, we need money, and it is necessary to that extent. But we should not assess ourselves in terms of how much money we earn. You should look at it in terms of what you are being asked to do. What responsibility is being offered to you, and what opportunities are being made for you to create something worthwhile – for yourself and those around.

If this division of work and life is taken away in our minds, and if we look at business as a possibility to touch lives in ways beyond people’s imagination, it can be done. Businesses can touch and transform people’s lives in so many different ways.

It is my wish and my blessing that everyone who lives and breathes in this land will use your capabilities and resources to make this happen. This should not happen as charity. I don’t believe in charity. This must happen by multiplying what we have, by creating the possibility for everyone to make a living in this country and the world.

HEALTH AND WELL-BEING

Ranked amongst the fifty most influential people in India, Sadhguru is a yogi, mystic, visionary and a New York Times bestselling author. Sadhguru has been conferred the Padma Vibhushan by the Government of India in 2017, the highest annual civilian award, accorded for exceptional and distinguished service.

40

Parivartan’s Read India programme has benefitted 929 students in Haryana

Parivartan is helping communities learn the importance of sanitation and hygiene

Through Parivartan’s Read India and Read India Plus programmes, students of schools in rural India are supported in Language, Math and Science subjects. In the state of Haryana,

Parivartan, our Bank’s CSR brand, has constructed over 21,000 toilets in schools and villages across India. Parivartan is actively working towards bring a behavioural change in the communities

this programme has been initiated in one district, covering 30 schools and benefiting 929 students.

we partner with, ensuring people understand why sanitation and hygiene are so important.

PARIVARTAN - A CSR INITIATIVE

41

EXPERT TALK

Ms. Lakshmi IyerChief Investment Officer ( Debt ) & Head ProductsKotak Asset Management Company Limited

continue possibly into February 2020 as well. By early FY21, we could see some reversal in food prices and the path to rate easing could then resume. Since the GDP growth is likely to remain subdued over this period, all attention would be on the inflation numbers to decide the policy rate trajectory.

Key risk factor continues to be the potential overshoot on the fiscal side, which could tamper sentiments of some MPC members as well. In the tug of war between carry v/s potential capital gains, the likelihood of earning carry could gain momentum for now. Preference for short to mid-end of the curve (1-5 year); which has reasonable anchor due to comfortable banking system liquidity, continues. This end of the curve could potentially act as shock absorber strategy on a relative basis.

Foreign portfolio investors (FPIs) have net sold approx. R5000 crs in 2019 (YTD). With real rates in India looking attractive, vis-a-vis most countries, it is a matter of time some reallocation happens to India bonds. INR has displayed some resilience and is likely to remain stable in the near future. Comfortable forex reserves would likely come to the rescue of INR; should there be a rout on EM currencies. Credits can be looked at selectively, more from bottom-up picking point of view, than a top-down sector view (as quality bonds space tend to get over bought)

In conclusion, we do not view this as a reversal of trend in rate actions. But more a breather to absorb more data points. So stay belted and remain invested

Twist in the tale..markets turn pale

The Monetary Policy Committee (MPC) voted to keep status quo on the policy Repo rate at 5.15% - even while maintaining the accommodative stance on 5th December 2019. This was in contrast to the market and our expectations of a 15-

25 bps cut in rates. It was natural for bond yields to spike by 10-15 bps across the curve since the rate cut was almost priced into bond yields. The 10 year benchmark government bond yield closed at around 6.61% (up from 6.45% levels pre policy)

The real party spoiler was actually the recent uptick in headline CPI. This led the RBI to revise the CPI estimates higher. CPI inflation for H2FY20 was projected at around 5.1% - 4.7% and for H1FY21 it was expected at around 4.0% - 3.8%

Alongside this, real GDP growth for 2019-20 was also revised downwards from 6.1% to 5.0% – 4.9-5.5% in H2FY20 and 5.9-6.3 % for H1FY21. It seems quite apparent now that RBI would want to see some transmission of earlier policy cuts before rushing to press the accelerator on rates yet again.

As a result, the 1-year median Marginal Cost of funds-based Lending Rate (MCLR) has declined by 49 basis points.

Going forward, the MPC is likely to study two CPI prints before the February 2020 policy. Hence the wait and watch stance may

Disclaimer: The views expressed in the article are personal and do not reflect the views of Kotak Mahindra Asset Management Co. Ltd.

42

What is Money Multiplier ?RBI creates money in banks via reserve money (M0). As mandated by RBI, banks keep aside some money as part of reserve requirement (CRR) and lends out the excess reserves (excess money in form of deposits in banks).Money multiplier is the process through which banks create more money through its excess reserves, thereby expanding money supply.In other words, its process of creating more money by banks from reserve money.Chart below shows how banks create more money through excess reserves.

Understanding Money MultiplierRESEARCH - CORNER

Source: RBI, Data till 31 March 2019.

Source: IDFC Asset Management Company Limited

For illustration purpose.

How Money Multiplier impacts Money Supply?Money supply is a function of money multiplier and reserve money.Changes in money multiplier will have impact on the money supply.Factors determining money multiplier are reserve ratio, currency to deposit ratio, credit-deposit ratio.Low reserve ratio, would require banks to keep aside less reserves as CRR, thereby increasing its excess reserves to lend out which increases money supply. Higher reserve ratio will have reverse effect on money supply. Currency to deposit ratio (currency leakage) tells how much public is holding as cash and not re depositing in banks. More cash held by public means lesser deposits thereby reducing the amount bank can lend out resulting in lower money supply. Reverse holds true when less cash is held by public.Credit-deposit ratio indicates how much banks are lending out rather than keeping with themselves. High ratio means banks are lending out more money which in turn would increase money supply.Chart below gives a snap shot of the money supply.

Money Multiplier Statistics

The above charts show the Money supply growth and Reserve Money growth and the Money Multiplier trend.We can observe from these charts that the Money supply growth has been supported by increase in money multiplier.Post 2008, creation of reserve money reduced and increase in money supply (via money multiplier) has predominantly led to growth in money supply.Since 2011, RBI has reduced CRR, which has led to money multiplier increase, thereby increasing money supply. In November 2016, due to demonetization the creation of reserve money reduced drastically. This happened because, money in circulation came back into the banking system, resulting in reuse of the existing money, in turn increasing the money multiplier.Snapshot: Money Supply ComponentsSr. No. Description Components

1 Currency with public currency in circulation – cash on hand with banks2 M0 (reserve money) currency with public + cash on hand with banks + “other”

deposits with RBI + bankers’ deposits with RBI3 M1(high-powered

money) currency with public + deposit money of public; where, deposit money of public = demand deposits with banks + “other” deposits with Reserve Bank

4 M2 M1 + post office savings deposits5 M3 M2+ net time deposits with banks6 M4 M3 + total post office deposits

Disclaimer:MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.The Disclosures of opinions/in house views/strategy incorporated herein is provided solely to enhance the transparency about the investment strategy / theme of the Scheme and should not be treated as endorsement of the views / opinions or as an investment advice. This document should not be construed as a research report or a recommendation to buy or sell any security. This document has been prepared on the basis of information, which is already available in publicly accessible media or developed through analysis of IDFC Mutual Fund. The information/ views / opinions provided is for informative purpose only and may have ceased to be current by the time it may reach the recipient, which should be taken into account before interpreting this document. The recipient should note and understand that the information provided above may not contain all the material aspects relevant for making an investment decision and the stocks may or may not continue to form part of the scheme’s portfolio in future. The decision of the Investment Manager may not always be profitable; as such decisions are based on the prevailing market conditions and the understanding of the Investment Manager. Actual market movements may vary from the anticipated trends. This information is subject to change without any prior notice. The Company reserves the right to make modifications and alterations to this statement as may be required from time to time. Neither IDFC Mutual Fund / IDFC AMC Trustee Co. Ltd./ IDFC Asset Management Co. Ltd nor IDFC, its Directors or representatives shall be liable for any damages whether direct or indirect, incidental, punitive special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information.

Money supply refers to broad money (M3) which is currency with public + Deposits with bank (time+ demand deposits)

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Reserve Money & Money Supply Vs Money Multiplier

Reserve Money Money Supply

Money Multiplier

YOY G

rowth

4.00

4.50

5.00

5.50

6.00

6.50

7.00

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

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2019

Money MultiplierMoney Multiplier

43

Indemnity:

Legal principle that specifies an insured should not collect more than the actual cash value of a loss but should be restored to approximately the same financial position as existed before the loss.

Earned income:

Gross salary, wages, commissions, fees, etc., derived from active employment. This does not include unearned income, such as income from investments, rents, annuities, insurance policies, etc.

Moral Hazard:

Risk depends on the need for insurance, state of health, personal habits, standard of living and income of the insured person. Moral hazard is the risk factor that affects the decision of the insurance company to accept the risk.

Non-forfeiture options:

Choices available to a policyholder when he or she discontinues a cash value policy after several years but before maturity. It may be in a cash payment, extended term insurance, or as reduced paid-up term insurance.

Net Asset Value (NAV):

Net Asset Value refers to the present-day value of the fund. Net asset value is typically represented as the per

unit value of the fund. The total value of the holding is divided by the total number of units to derive the net asset value per unit. In life insurance NAV is referred to in unit linked plans.

Claim:

Amount paid by the Life Insurance company to the insured or nominee on the occurrence of the event (death/maturity) specified in the policy contract.

Maturity Claim refers to the amount paid out to the policyholder (as mentioned in the policy contract) at the end of the policy term.

Death Claim means the benefit payable on death of the Life Insured to the nominee as specified in the Policy Contract.

Salary Saving Scheme:

This scheme provides for payment of premiums by deducting money from the salary of the employees by one employer.

Reinsurance:

When an insurance company does not want to bear the entire risk of a policy and shares the risk with another insurer. Here, part of the premiums will be paid to the other insurance company. The objective is to reduce the payout / loss from one insurance company that results from a large insurance claim. In doing so, it indirectly protects its customer(s) as well.

GLOSSARY

44

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Disclaimer: This section has been authored by Rite KnowledgeLabs, HDFC Bank doesn't influence any views of the author in any way. HDFC Bank & Rite KnowledgeLabs shall not beresponsible for any direct or indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisorbefore making any financial decision.

Down1.2.3.4.5.6.7.9.10.11.14.

16.17.24.25.

A type of card that lets you purchase now and pay later (6)Not wholesale (6)Day-to-day business activities (10)A bill that gets parliamentary approval and presidential nod to become a law (3)Remuneration in exchange for work done (4)Prejudice (4)An acronym that stands for a score of how clean or polluted the air is (3)The first dog in space, launched on Soviet Union’s Sputnik 2 (5)A negotiable instrument a drawer can sign, to pay a drawee (6) A machine that runs programs and performs a wide range of tasks (8)What remains after all expenses have been deducted from a company's total revenue (3,6)An account with no activity for extended periods (7)Acronym of a body that governs cricket in India (4) To score excellent grades in an examination (3) Crude ___ is unrefined petroleum (3)

Across1.6.8.12.13.15.18.

19.20.21.22.

23.26.

27.28.

The tax imposed on a company’s net income (9,3)Involving or related to two parties, especially countries (9)A union or association between organisations or countries (8)An slang or informal word for business (3)Very interested in something (4)Empty space (4)You keep your money there and the bank allows you to take it out when you need to (7)To fund an event or activity (7)Profit made on a sale (6)The night sky is full of this celestial object (4)An acronym that denotes the process of offering shares of a private company to the public (3) Ho ho ho! It’s the season of joy with this jolly old man (5)Acronym of India’s foreign intelligence agency (3)

Acronym of the Head of Indian Judiciary and the Supreme Court (3)A business pact (4)

Answers - November 2019

Across 1. Wealth 5. Business 8. Fundraising 10. Crore 11. Analyst 13. Map 16. Ramp 18. Index 20. Agreement 21. Stake 23. Collateral 24. Fame 25. Preview

Down 1. WHO 2. Acquire 3. Tend 4. Digital 6. Sweet 7. Encumbrance 9. Reporate 12. Streak 14. Payroll 15. Monetary 17. Mortgage 19. Drama 22. Elect 24. Fee

1

8 9

18

19

21 22

10

11

26 27

15 16

20

12 13 14

6 7

17

5

2 3

23 24

28

25

4

Test Your Grey Cells

Which item damaged the windows of Tesla’s upcoming electric truck during the launch presentation?

Sledgehammer Steel ballWooden bat None of the above

Which was the advanced earth imaging satellite launched by India on 27 November 2019?

CARTOSAT-3 Chandrayaan-2Rohini GSAT-15

What is the name of Tesla’s upcoming all-electric battery-powered light commercial vehicle?

Cybertruck Lordstown EnduranceRivianR1T Bollinger B2

By 2050, how much is climate change estimated to cost the global economy annually?

USD 5.2 trillion USD 7.9 trillion USD 8.5 trillion USD 11.7 trillion

Recently, the Parliament passed a bill to merge which of these two union territories?

Pondicherry and Andaman & Nicobar Diu & Daman and Dadra & Nagar HaveliJammu, Kashmir and LadakhLakshadweep and Andaman & Nicobar

Down

Across

Test Your Grey Cell

TICKLE YOUR BRAIN

AHMEDABAD | Tarunendra Lachhwani HDFC Bank Ltd., 1st Floor, BPL House,Sumangalam Housing Co-operative Society, Beside Asia School, Drive In Road,Ahmedabad – 380054Tel: +91-(0)79-40086254Fax: +91-(0)79-40086258Email: [email protected] Mobile: +91-(0)9327576310 AMBALA | Vishal Pillania HDFC Bank Limited | Shingar Palace, Nicholson Road, Ambala Cantt, Haryana - 133001, India Mobile : +91-(0)9888602898 Email: [email protected] BENGALURU | Samrat Bose | Saroj SwainHDFC Bank Ltd - Private Banking GroupMSR West Park No 3, 4th Floor, Church Street Bangalore -560001 Tel: +91-(0)80-41148196Email: [email protected]: +91-(0)9341947849Email: [email protected]: +91-(0)9342139147BARODA | Jayesh Ahuja HDFC Bank Ltd., Arun Complex,36,Alkapuri Society, R.C. Dutt Road, Baroda – 390007Tel: +91-(0)265-392 6606Email: [email protected]: +91-(0)9377736373BHUBANESHWAR | Upendra Swain Plot No 381/5/A & 381/5/C Unit - 3, Janpath, Kharvel Nagar, Bhubaneshwar - 751001 Mobile: +91 7894419937 Email: [email protected] CHANDIGARH | Ishvindersingh Chugh HDFC Bank House, 2nd Floor, 28, Industrial Area, Phase 1,Chandigarh – 160002.Tel: +91-(0)172-3924850Fax: +91-(0)172-3924997Email: [email protected] Mobile:+91-(0)9888871122 CHENNAI | Sriram Renganathan HDFC Bank Ltd., Old No:34, New No: 105, “S.G.Mahal”, Habibullah Road,T-Nagar, Chennai – 600017. Tel: +91-(0)44-28346477 Fax:+91-(0)44-28346478 Email: [email protected] Mobile: +91-(0)9840028561 COIMBATORE | V KasiramHDFC Bank Ltd., Sri Sai Towers,592, D.B. Road, RS Puram, Coimbatore – 641002.Mobile: +91-(0) 9381284722Email: [email protected] |Guneet Singh| Nidhie Grewal / Akul Juneja HDFC Bank Limited, IInd Floor, Vasant Square Mall, Sector B - Pocket 7,Vasant Kunj, New Delhi -110070| India Tel : +91-(0)11-41392116Tel : +91-(0)11-41392134 Fax : +91-(0)11-41392118 Email : [email protected] Email : [email protected] Email : [email protected] Mobile : +91-(0)9167900332Mobile : +91-(0)9811403521 Mobile :+91-(0) 9888429888

DEHRADUN | Chanchal Gupta HDFC BANK Ltd 102,Nehru Colony Branch Dehradun -Uttrakhand - 248001 Mobile: +91 8107025510 Email : [email protected] GOA | Silvestre PereiraHDFC Bank Ltd., Manguirish Prasad, Opp. Babu Naik House, Aquem Alto Margao, Goa – 403601Tel: +91-(0)832-6694607Fax: +91-(0)832-2733580Email: [email protected] Mobile: +91-(0)9325637678 GUWAHATI | Vikram Kakati HDFC Bank Limited,G.S. Road, Bhangagarh, Guwahati 781005, AssamTel: +91 9864113637 E-mail: [email protected] Mobile: +91 9864113637HYDERABAD | Sitaram Reddy HDFC Bank Ltd - Private Banking GroupHDFC Bank House, 8th Floor Road no 1 Banjarahills, Hyderabad - 500 034Tel: +91-(0)40-66103354Email: [email protected] Mobile: +91-(0)9392887122 INDORE | Atul Bakshi HDFC Bank Ltd., Indore Service Branch,PSP, Scheme No: - 94 Sector B, Ring Road, Behind Bombay Hospital, Indore, Madhya Pradesh - 452010 Email: [email protected] Mobile: +91-(0) 9713034655JAIPUR| Deepak Agarwal HDFC Bank Limited, 3rd FloorO-10, Ahinsa Circle, Ashok Marg C-Scheme, Jaipur– 302001|Rajasthan | India Email ID: [email protected] Mobile : +91-(0)9929599298JAMMU AND KASHMIR | Farhan Bashir HDFC Bank Ltd., CB-13,Rail-Head Commercial Complex,Bahu Plaza, Gandhi Nagar, Jammu – 180004.Email: [email protected] Mobile:+91-(0)8800936601 HDFC Bank LtdHDFC Private Banking,1st Floor I MS MallResidency Road I Srinagar- 190001JALANDHAR | Bhaskar Singh HDFC Bank Ltd. # 911- GT Road, Jalandhar Mobile: +91-(0)9876764802 Email: [email protected] JODHPUR | Bhoomika Banerjee HDFC Bank Ltd., 57 B, 9th Chopasani Road, Jodhpur, Rajasthan - 342003 Email: [email protected] Mobile: +91-(0) 9828582850 KANPUR | Kumar SaurabhHDFC Bank Ltd., Krishna Tower,15/63, Civil Lines, Kanpur – 208001.Email: [email protected]: +91-(0)9839177708

KOCHI | Thomson Abraham HDFC Bank Ltd., Choice Towers,Manorama Junction, Kochi – 682016.Tel: +91-(0)048 - 44433103 Fax: +91-(0)484-2312772Email: [email protected] Mobile: +91-(0)9388336748 KOLKATA | Niloy DeyPrivate Banking Group, HDFC Bank Limited,Central Plaza, Ground Floor2/6 Sarat Bose Road, Kolkata – 700020Email: [email protected] Mobile: +91-(0)9331281695 KOTA | Mukesh Chaudhary HDFC Bank Ltd., Showroom No: - 13-14, Jhalawar Road, Kota -324007 Email: [email protected] Mobile: +91-(0) 7665223888 LUCKNOW | Abhishek M Srivastava HDFC Bank Ltd, 31/31 M.G Road Hazratganj, Lucknow – 226001 Email: [email protected]: +91-(0)7499190228 LUDHIANA | Paramvir Singh |Gopal Bansal HDFC Bank Ltd, First Mall, The Mall, Ludhiana-141001 Mobile: +91-(0) 9888475751 Mobile: +91-(0) 9780038104 Email: [email protected] Email: [email protected] MUMBAI | Guneet Singh | Parvez Kumar | Sharad Rungta HDFC Bank Limited | Peninsula Business Park B Wing 5th FloorSenapati Bapat Marg, Lower Parel,Mumbai – 400 013. Tel: +91-(0)22-66521000 ext. 1045Fax: +91-(0)22-24900983 +91-(0)22-24900858E-mail: [email protected] [email protected]: [email protected]: +91-(0)9167900332Mobile: +91-(0)8291008866Mobile: +91-(0)9699080001PANIPAT | Abhishek MHDFC Bank Ltd., Harmony Towers, G T Road, Panipat – 132103.Email: [email protected] Mobile:+91-(0)8295622544 PUNE | Amit MaratheHDFC Bank Ltd, HDFC Bank House, Private Banking Group, 5th floor,21/6, Marathon IT Park, Bund Garden Road, Opp Sun & Sand Hotel, Pune - 411001.Tel: +91-(0)020-39524636.Email: [email protected]: +91-(0)9325102533PATNA| Danish Ata HDFC Bank Ltd Ground Floor | Shri Ram Enclave15-A, Arya Kumar Road, Rajendra Nagar | Patna - 800016Mobile:+91 8692873000 [email protected]

RANCHI | Chandan Thakur HDFC Bank Ltd1st floor,Rohini ComplexCircular RoadRanchi - 834001 Mobile: - 7004500040Email- [email protected] | Shaurya Singh HDFC Bank Ltd #Aloka Cottage, Below Scandal Point, The Mall, Shimla - 171001 M. No. 9316099099 Email- [email protected] VISAKHAPATNAM | Murali GHDFC BANK Ltd,48/14/9 - First Floor, Potluri Castle, Dwaraka Nagar, Visakhapatnam - 530016 Email: [email protected] Mobile: +918099552266 HDFC BANK LtdDUBAI | International Finance Center 401 Gate Village 2, Level 4 P. O. Box 64546 Dubai U.A.ETel: +9714 703 8700Email: [email protected] “HDFC Bank, DIFC Branch is regulated by the DFSA”

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does not warrant its completeness and accuracy. This information

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information should rely on their own investigations and take their own

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