TRUSTEES REPORT I. SCHEME PERFORMANCE, FUTURE OUTLOOK AND OPERATIONS OF THE SCHEMES

Transcription

1 TRUSTEES REPORT Dear Unitholder, We have pleasure in presenting the 24 th Annual Report of the Schemes of ICICI Prudential Mutual Fund ( the Mutual Fund or the Fund ) for the year ended March 31, 2017, along with the audited financial statements of the Schemes. I. SCHEME PERFORMANCE, FUTURE OUTLOOK AND OPERATIONS OF THE SCHEMES A. Performance of the Schemes and Investment Folios 1. Performance of the Schemes ICICI Prudential Trust Limited ( the Company/Trustee ) is acting as the Trustee to all the Schemes/Plans of the Fund. The net asset values (NAVs) and other pertinent details of the various Schemes are given in Annexure A. 2. Investment Folios The total number of live folios as at March 31, 2017 were lakh. B. Market Review and Outlook Market Review FY 17 1 Global Economy: The US Federal Reserve (Fed) hiked interest rates for second time in the three months (Jan- Mar 2017) by 25 bps to a range of 0.75%-1% amid steady economic growth, improvement in jobs and rise in inflation. During the period, European Central Bank has kept its key interest rates and bond buying programme unchanged at its latest monetary policy meeting and also raised the European Union bloc s growth forecast. Meanwhile, UK submitted a formal request to exit the European Union (EU), invoking Article 50 of the Treaty on EU, commencing two years of negotiations with its European partners. The Bank of England held interest rates steady at 0.25% at its monetary meeting. China achieved 6.7% GDP growth in 2016, the lowest in over 26 years. 1 FY represents a financial year from April 1 to March 31 of the following year. FY 17 represents the financial year ended in FY 18 and FY 19 represent financial year ending in 2018 and 2019 respectively. ICICI Prudential Trust Limited Corporate Identity Number: U74899DL1993PLC Registered Office: 12th Floor, Narain Manzil, 23, Barakhamba Road, New Delhi Corporate Office: One BKC, A Wing, 13th Floor,, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra , Phone: id: enquiry@icicipruamc.com Central Service Office: 2nd Floor, Block B-2, Nirlon Knowledge Park, Western Express Highway, Goregaon (East), Mumbai , Tel No.: , Fax No.:

2 Indian economy: According to the Central Statistics Office (CSO), the Indian economy is estimated to expand by 7.1% in FY 17. Inflation over the last one year has remained range bound. Retail inflation has remained in 3-4% range, meanwhile, wholesale prices have remained suppressed for major part of the year. Current Account Deficit (CAD) has widened modestly and is around 1.4% for FY 17. India s Fiscal deficit in the April February 2017 period stood at ` 6.06 trillion or 113.4% of budget estimate for , as against 107.1% of budget during the same period last year. Indian equity market: Indian equity markets witnessed a rally with Sensex crossing the 30,000 mark for the first time and Nifty 50 touched a record high. The market was mainly boosted by solid macro stability and strengthening of the rupee against dollar. Indian debt market: Reserve Bank of India s (RBI) Monetary Policy Committee continued with the interest rate cut cycle, by reducing the repo rate by 50 bps in FY 17 and it also took various other measures to increase the market liquidity. Meanwhile, the government too supported RBI's effort by keeping a check on its borrowing. In its Union Budget, the government pegged the gross borrowing for FY 18 at ` 5.8 trillion, largely unchanged from FY 17. The net borrowing for FY 18 is pegged at ` 3.48 trillion, lower than the FY 17 figure of ` 4.07 trillion. Despite the pressures on the Government budgets, the Government has gone ahead with a fiscal deficit target of 4% of GDP for FY 18 vis-à-vis 3.5% of GDP for FY 17. Gold review: Indian gold prices closed the year at ` 28,590 per 10 grams on March 31, 2017 as against ` 29,080 per 10 grams on March 31, 2016 on the MCX (Multi-Commodity Exchange). Gold prices have fallen down. Key Statistics of FY 17 Domestic Indices March 31, 2017 March 31, 2016 % change Nifty 50 9,173 7, S&P BSE MID CAP 14,096 10, S&P BSE Sensex 29,620 25, S&P BSE SMALL CAP 14,433 10, International Indices March 31, 2017 March 31, 2016 % change Dow Jones 20,663 17, FTSE 7,322 6, HangSeng 24,111 20, Nasdaq 5,911 4,

3 Nikkei 19,217 16, SSE Composite Index 3,222 3, Strait Times 3,175 2, Currency Movement March 31, 2017 March 31, 2016 % change INR/USD INR/GBP INR/EUR INR/YEN Commodity Price Movement March 31, 2017 March 31, 2016 % change Brent ($/bbl) Gold ($/ounce) 1, , Silver ($/ounce) Fixed Income March 31, 2017 March 31, 2016 % change Call Rate 6.04% 12.00% day T-Bill 5.78% 7.69% Days T-Bill 6.10% 7.06% CBLO 5.47% 7.38% Repo 6.25% 6.75% Reverse Repo 5.75% 5.75% Yr G Sec 6.68% 7.5% Yr CD 6.65% 8.20% G Sec Volume (` bln) 47, , US 10 Yr Bond 2.39% 1.77% Institutional Flow as on March 31, 2017 (Equity) Pur (` Cr.) Sales (` Cr.) Net (` Cr.) YTD (` Cr.) FII Flows 12,232 11, ,631 MF Flows 5,563 3,704 1,859 9,893 March 31, 2017 March 31, 2016 % change S&P BSE Consumer 15,257 11, Durables S&P BSE Mid cap 14,096 10, S&P BSE IT 10,365 11, S&P BSE FMCG 9,270 7, S&P BSE Oil & Gas 13,563 9, S&P BSE Small Cap 14,433 10, S&P BSE Auto 22,013 18,

4 S&P BSE Bankex 24,221 18, S&P BSE HealthCare 15,312 15, S&P BSE Power 2,274 1, Index S&P BSE PSU 8,596 6, S&P BSE Metals 11,804 7, S&P BSE Capital 16,446 12, Good S&P BSE Realty 1,600 1, So how is FY 18 shaping up? Economic outlook India is amongst the fastest growing countries in the world, along with political stability. Therefore, over the next two years or so there are investment opportunities in the equity market. We expect markets to provide reasonable returns in FY 18. However, the same is subject to an earnings upgrade cycle, which is critical for the current valuations to sustain and the volatility, which may arise due to uncertainty of global events. With the macroeconomic indicators largely positive, we expect their effect to trickle down to the microeconomic level in FY 18. Key microeconomic indicators such as pick-up in consumer durable goods production, automobile sales, and capital expenditure have been quite constructive. The government s focus on policy implementation is leading to an economic revival. Further, sustained foreign direct investments and stability in crude oil prices could boost markets. We believe global investors will continue to focus on India as its long-term economic growth story remains intact. Equity market outlook: Fundamentally, a good structural bull market plays out when the three economic production factors land, labour and capital bottom out. Post demonetisation, land prices are likely to decrease, interest rates have already come off and labour costs have reduced over the last three to four years. This means we are currently in a situation where all the three factors are on a downward trajectory, which can be a big positive. Further, we expect the deleveraging cycle to continue, thus leading to a rise in capacity utilisation and corporate earnings. Valuations on parameters such as market capitalisation to GDP (gross domestic product) are reasonable and profit as a percentage of GDP has reduced substantially. Going forward, we expect these matrices to improve which in turn could translate to better equity returns over the next two years. While equities sound promising over the long term, the short term could be paved by heightened volatility. Debt market outlook: Debt asset class has generated returns during the process of deleveraging. In line with this view, we believe that the outlook of fixed income can be reasonably good for the next sixto-twelve months. 4

5 Furthermore, we believe that more investors are likely to turn to fixed income investments, as traditional investment avenues could lose their lustre. The Reserve Bank of India and the Government also took various steps to make financial assets attractive. Over the last five years, gold has given negative returns in US dollar terms while real estate too has hardly delivered any returns globally. On the other hand, financial savings have witnessed an unprecedented spurt since We believe that interest rates can come down further, however larger part of the rally is now behind us and hence, incremental returns from fixed income may moderate hereon. C. Operations of the Schemes 1. Average Assets under Management (AAUM) The AAUM of the Mutual Fund for the quarter ended March 31, 2017 stood at ` 2,43, crore, while for the quarter ended March 31, 2016 the AAUM of the Mutual Fund was ` 1,75, crore. As of March 31, 2017, the Fund comprised 44 open ended schemes, 1 international fund, 6 exchange traded funds (including 1 Gold ETF), 18 interval funds, 1 fund of funds scheme investing overseas, 6 fund of fund schemes investing domestically and 267 close ended schemes. During the year under review, the Fund launched 2 Equity Exchange Trade Funds, 26 Fixed Maturity Plans, 7 Capital Protection Oriented Schemes, 4 Multiple Yield Funds, 5 Close Ended Equity Funds. 2. Operations and Consumer Service With a view to rendering timely and efficient customer service, the Investment Manager of the Fund, viz., ICICI Prudential Asset Management Company Ltd. ( the AMC ) has been effectively leveraging on its 162 branches including 67 functioning as official points of acceptance of transactions, as on March 31, 2017, effectively servicing the large client base. Additionally a dedicated contact center has been effective in providing investor support and redressing their grievances. The AMC s focus has always been on technological innovation for facilitating investors convenience. 3. Scheme-wise commentary A. Diversified Equity Schemes i. ICICI Prudential Dynamic Plan ICICI Prudential Dynamic Plan is an open ended flexi-cap opportunities fund that seeks to generate capital appreciation by actively investing in equity and equity related securities. For defensive considerations, the scheme may invest in fixed income securities, derivatives and hold cash. 5

6 The Growth option of the scheme posted a return of 31.17% in FY 17, better than 18.55% posted by the benchmark Nifty 50 Index for the year. The AAUM of the scheme during the last quarter of FY 17 was ` 6, crore. ii. ICICI Prudential Focused Bluechip Equity Fund ICICI Prudential Focused Bluechip Equity Fund is an open ended equity scheme that seeks to generate long term capital appreciation and income distribution to unitholders from a portfolio that is invested predominantly in equity and equity related securities of large cap companies and the balance in debt securities, money market instruments and cash. The Growth option of the scheme posted a return of 24.78% in FY 17, better than the 18.55% posted by the benchmark Nifty 50 Index for the year. The AAUM of the scheme during the last quarter of FY 17 was ` 12, crore. iii. ICICI Prudential Value Discovery Fund ICICI Prudential Value Discovery Fund is an open ended equity scheme that seeks to generate returns through a combination of dividend income and capital appreciation by investing primarily in a well-diversified portfolio of value stocks. Value stocks are those, which have attractive valuations in relation to earnings or book value or current and/or future dividends. The Growth option of the scheme posted a return of 20.67% in FY 17. The benchmark S&P BSE 500 Index posted a return of 24.02% for the year. The AAUM of the scheme during the last quarter of FY 17 was ` 16, crore. iv. ICICI Prudential Top 100 Fund ICICI Prudential Top 100 Fund is an open ended diversified large cap equity scheme for long term growth. To generate long-term capital appreciation from a portfolio that is invested predominantly in equity and equity related securities. The Growth option of the scheme posted a return of 30.98% in FY 17 better than the 18.55% posted by the benchmark Nifty 50 Index for the year. The AAUM of the scheme during the last quarter of FY 17 was ` 1, crore. v. ICICI Prudential Multicap Fund ICICI Prudential Multicap Fund is an open ended diversified equity scheme that invests in a blend of large and midcap stocks in core and associated feeder industries. The portfolio comprises predominantly of large caps. The Growth option of the scheme posted a return of 32.16% in FY 17, better than the 22.47% posted by the benchmark S&P BSE 200 Index for the year. The AAUM of the scheme during the last quarter of FY 17 was ` crore. 6

7 vi. ICICI Prudential Midcap Fund ICICI Prudential Midcap Fund is an open ended equity scheme that predominantly invests in diversified mid cap stocks which have the potential to emerge as large cap stocks in the future. The Growth option of the scheme posted a return of 33.11% in FY 17. The benchmark Nifty Free Float Midcap 100 Index, posted a return of 34.85% for the year. The AAUM of the scheme during the last quarter of FY 17 was ` 1, crore. vii. ICICI Prudential Select Large Cap Fund ICICI Prudential Select Large Cap Fund is an open ended equity scheme that seeks to generate long term capital appreciation to unit holders from a portfolio that is invested predominantly in equity and equity related securities of large market capitalization companies constituting the S&P BSE 100 Index and providing investors with options to withdraw their investment automatically based on triggers for pre-set levels of return as and when they are achieved. The Growth option of the scheme posted a return of 23.17% in FY 17, better than 21.17% posted by the benchmark, S&P BSE 100 Index, for the year. The AAUM of the scheme during the last quarter of FY 17 was ` crore. viii. ICICI Prudential Indo Asia Equity Fund ICICI Prudential Indo Asia Equity Fund is an open ended diversified equity scheme. The Scheme aims to generate long term capital appreciation by investing in equity, equity related securities and/or share classes/units of equity funds of companies, which are incorporated or have their area of primary activity, in the Asia Pacific region. The Growth option of the scheme posted a return of 31.76% in FY 17, better than the benchmark, 65% Nifty % MSCI Asia ex-japan Index that posted a return of 16.37% for the year. The AAUM of the scheme during the last quarter of FY 17 was ` crore. ix. ICICI Prudential US Bluechip Equity Fund ICICI Prudential US Bluechip Equity Fund is an open ended scheme which primarily invests in equity and equity related securities of bluechip companies listed on the stock exchanges of the United States of America (New York Stock Exchange and/or NASDAQ). The Growth option of the scheme posted a return of 10.86% in FY 17.The benchmark S&P 500 Index posted a return of 12.12% return for the year. The AAUM of the scheme during the last quarter of FY 17 was ` crore. 7

8 x. ICICI Prudential Dividend Yield Equity Fund ICICI Prudential Dividend Yield Equity Fund an open ended scheme that aims to provide medium to long term capital gains and/or dividend distribution by investing in a well-diversified portfolio of predominantly equity and equity related instruments, which offer attractive dividend yield. The Growth option of the scheme posted a return of 35.68% in FY 17 better than the 28.41% returns posted by the benchmark Nifty Dividend Opportunities 50 Index for same period. The AAUM of the scheme during the last quarter of FY 17 was ` crore. xi. ICICI Prudential Balanced Advantage Fund ICICI Prudential Balanced Advantage Fund an open ended scheme seeks to generate capital appreciation and income distribution to unit holders by using equity derivative strategies, arbitrage opportunities and pure equity investments. The scheme aims to generate risk controlled equity linked returns. The Growth option of the scheme posted a return of 17.94% in FY 17, better than the return of 16.10% posted by the benchmark Crisil Balanced Fund-Aggressive Index (Formerly known as Crisil Balanced Fund Index). The AAUM of the scheme during the last quarter of FY 17 was ` 17, crore. B. Equity-linked Savings Schemes i. ICICI Prudential Long Term Equity Fund (Tax Saving) ICICI Prudential Long Term Equity Fund is an open ended Equity Linked Savings Scheme (ELSS) that aims to generate long term capital appreciation by primarily investing in equity and related securities. The Growth option of the scheme posted a return of 26.99% in FY 17, better than the 23.91% posted by the benchmark Nifty 500 Index for the year. The AAUM of the scheme during the last quarter of FY 17 was ` 3, crore. ii. ICICI Prudential R.I.G.H.T. (Rewards of Investing & Generation of Healthy Tax Savings) Fund ICICI Prudential R.I.G.H.T. (Rewards of Investing & Generation of Healthy Tax Savings) Fund is a ten year close ended Equity Linked Savings Scheme that seeks to generate long term capital appreciation to unit holders from a portfolio that is invested predominantly in equity and equity related securities of large capitalization companies and emerging mid cap companies along with income tax benefit. The Growth option of the scheme posted a return of 28.31% in FY 17, better than the benchmark, Nifty 50 Index, which posted returns of 18.55% for the year. The AAUM of the scheme during the last quarter of FY 17 was ` crore. 8

9 C. Thematic and Sector Funds i. ICICI Prudential Infrastructure Fund ICICI Prudential Infrastructure Fund is a thematic fund encompassing infrastructure. It is an open ended equity scheme that seeks to generate capital appreciation and income distribution to unit holders by investing predominantly in equity or equity related securities of the companies belonging to the infrastructure development and balance in debt securities and money market instruments. The Growth option of the scheme posted a return of 32.65% in FY 17, better than the 21.53% posted by the benchmark Nifty Infrastructure Index for the year. The AAUM of the scheme during the last quarter of FY 17 was ` 1, crore. ii. ICICI Prudential Banking & Financial Services Fund ICICI Prudential Banking & Financial Services Fund is an open ended sectoral scheme that seeks to generate long term capital appreciation to unit holders from a portfolio that is invested predominantly in equity and equity related securities of companies engaged in banking and financial services. The Growth option of the scheme posted a return of 57.26% in FY 17, better than the 32.78% posted by the benchmark S&P BSE Bankex Index for the year. The AAUM of the scheme during the last quarter of FY 17 was ` 1, crore. iii. ICICI Prudential Technology Fund ICICI Prudential Technology Fund is an open ended technology sector oriented fund. The Scheme predominantly invests in equity and equity related securities of technology and technology dependent companies. The Growth option of the scheme posted a return of -3.52% in FY 17, better than the -8.98% posted by the benchmark S&P BSE Information Technology for the year. The AAUM of the scheme during the last quarter of FY 17 was ` crore. iv. ICICI Prudential FMCG Fund ICICI Prudential FMCG Fund is an open ended FMCG sector oriented fund. The scheme primarily invests in a select group of companies in the FMCG sector. The Growth option of the scheme posted a return of 22.77% in FY 17, better than the benchmark index, Nifty FMCG Index, which posted returns of 19.12% for the year. The AAUM of the scheme during the last quarter of FY 17 was ` crore. v. ICICI Prudential Exports and Other Services Fund ICICI Prudential Exports and Other Services Fund is an open ended equity scheme that seeks to generate capital appreciation and income distribution to unit holders by investing predominantly in equity/equity related securities of the companies 9

10 belonging to the service industry and balance in debt securities and money market instruments. The Growth option of the scheme posted a return of 18.20% in FY 17. The benchmark Nifty Service Sector Index posted a return of 19.25% for the year. The AAUM of the scheme during the last quarter of FY 17 was ` crore. D. Close Ended Equity Schemes i. ICICI Prudential Value Fund-Series 1 ICICI Prudential Value Fund Series 1 is a close ended equity scheme that aims to provide capital appreciation by investing in a well-diversified portfolio of stocks through fundamental analysis. The Dividend option of the scheme posted a return of 32.57% for FY 17, better than the 24.02% posted by the benchmark S&P BSE 500 Index for the year. The scheme had original maturity of November 7, 2016 and got roll over with an extended maturity of December 31, The AAUM of the scheme during the last quarter of FY 17 was ` crore. ii. ICICI Prudential Value Fund-Series 2 ICICI Prudential Value Fund Series 2 is a close ended equity scheme that aims to provide capital appreciation by investing in a well-diversified portfolio of stocks through fundamental analysis. The Dividend option of the scheme posted a return of 31.47% in FY17, better than the 24.02% posted by the benchmark S&P BSE 500 Index for the year. The scheme had original maturity of December 5, 2016 and got roll over with an extended maturity of December 31, The AAUM of the scheme during the last quarter of FY 17 was ` crore. iii. ICICI Prudential Value Fund-Series 3 ICICI Prudential Value Fund Series 3 is a close ended equity scheme that aims to provide capital appreciation by investing in a well-diversified portfolio of stocks through fundamental analysis. The Dividend option of the scheme posted a return of 30.99% in FY 17, better than the 24.02% posted by the benchmark S&P BSE 500 Index for the year. The scheme matured had original maturity of March 20, 2017 and got roll over with an extended maturity of March 25, The AAUM of the scheme during the last quarter of FY 17 was ` crore. 10

11 iv. ICICI Prudential Value Fund-Series 4 ICICI Prudential Value Fund Series 4 is a close ended equity scheme that aims to provide capital appreciation by investing in a well-diversified portfolio of stocks through fundamental analysis. The Growth option of the scheme posted a return of 23.87% in FY 17.The benchmark S&P BSE 500 Index posted a return of 24.02% for same period. The AAUM of the scheme during the last quarter of FY 17 was ` crore. v. ICICI Prudential Value Fund-Series 5 ICICI Prudential Value Fund Series 5 is a close ended equity scheme that aims to provide capital appreciation by investing in a well-diversified portfolio of stocks through fundamental analysis. The Growth option of the scheme posted a return of 29.22% in FY 17, better than the benchmark, S&P BSE 500 Index that posted a return of for the year. The AAUM of the scheme during the last quarter of FY 17 was ` crore. vi. ICICI Prudential Value Fund-Series 6 ICICI Prudential Value Fund - Series 6 is a close ended equity scheme that aims to provide capital appreciation by investing in a well-diversified portfolio of stocks through fundamental analysis. The Growth option of the scheme posted a return of 24.81% in FY 17. The benchmark, S&P BSE 500 Index, posted a return of 24.02% for the year. The AAUM of the scheme during the last quarter of FY 17 was ` crore. vii. ICICI Prudential Value Fund-Series 7 ICICI Prudential Value Fund - Series 7 is a close ended equity scheme that aims to provide capital appreciation by investing in a well-diversified portfolio of stocks through fundamental analysis. The Dividend option of the scheme posted a return of 38.05% in FY 17 better than the S&P BSE 500 Index that posted a return of 24.02% for the same period. The AAUM of the scheme during the last quarter of FY 17 was ` crore. viii. ICICI Prudential Value Fund-Series 8 ICICI Prudential Value Fund - Series 8 is a close ended equity scheme that aims to provide capital appreciation by investing in a well-diversified portfolio of stocks through fundamental analysis. The Dividend option of the scheme posted a return of 31.67% in FY 17 better than the 24.02% posted by the benchmark S&P BSE 500 Index for the same period. The AAUM of the scheme during the last quarter of FY 17 was ` crore. 11

12 ix. ICICI Prudential Value Fund-Series 9 ICICI Prudential Value Fund - Series 9 is a close ended equity scheme that aims to provide capital appreciation by investing in a well-diversified portfolio of stocks through fundamental analysis. The Growth option of the scheme posted a return of 8.30% from the inception date (October 29, 2016) till March 31, 2017.The benchmark S&P BSE 500 Index posted a return of 6.57% for the same period. The AAUM of the scheme during the last quarter of FY 17 was ` crore. x. ICICI Prudential Value Fund-Series 10 ICICI Prudential Value Fund - Series 10 is a close ended equity scheme that aims to provide capital appreciation by investing in a well-diversified portfolio of stocks through fundamental analysis. The Growth option of the scheme posted a return of 11.60% from the inception date (January 9, 2017) till March 31, 2017.The benchmark S&P BSE 500 Index posted a return of 12.75% for the same period. The AAUM of the scheme during the last quarter of FY 17 was ` crore. xi. ICICI Prudential Value Fund-Series 11 ICICI Prudential Value Fund - Series 11 is a close ended equity scheme that aims to provide capital appreciation by investing in a well-diversified portfolio of stocks through fundamental analysis. The Growth option of the scheme posted a return of 1.80% from the inception date (January 25, 2017) till March 31, 2017.The benchmark S&P BSE 500 Index posted a return of 7.82% for the same period. The AAUM of the scheme during the last quarter of FY 17 was ` crore. xii. ICICI Prudential Growth Fund-Series 1 ICICI Prudential Growth Fund Series 1 is a close ended equity scheme that seeks to provide capital appreciation by investing in a well-diversified portfolio of equity and equity related securities. The Dividend option of the scheme posted a return of 28.72% in FY 17, better than the 18.55% posted by the benchmark, Nifty 50 Index, for the year. The AAUM of the scheme during the last quarter of FY 17 was ` crore. xiii. ICICI Prudential Growth Fund-Series 2 ICICI Prudential Growth Fund Series 2 is a close ended equity scheme that seeks to provide capital appreciation by investing in a well-diversified portfolio of equity and equity related securities. The Dividend option of the scheme posted a return of 33.42% in FY 17, better than the 18.55% posted by the benchmark, Nifty 50 Index, for the year. 12

13 The AAUM of the scheme during the last quarter of FY 17 was ` crore. xiv. ICICI Prudential Growth Fund-Series 3 ICICI Prudential Growth Fund Series 3 is a close ended equity scheme that seeks to provide capital appreciation by investing in a well-diversified portfolio of equity and equity related securities. The Dividend option of the scheme posted a return of 26.38% in FY 17, better than the 18.55% posted by the benchmark, Nifty 50 Index, for the year. The AAUM of the scheme during the last quarter of FY 17 was ` crore. xv. ICICI Prudential Growth Fund-Series 4 ICICI Prudential Growth Fund Series 4 is a close ended equity scheme that seeks to provide capital appreciation by investing in a well-diversified portfolio of equity and equity related securities. The Dividend option of the scheme posted a return of 31.99% in FY 17, better than the 18.55% posted by the benchmark, Nifty 50 Index, for the year. The AAUM of the scheme during the last quarter of FY 17 was ` crore. xvi. ICICI Prudential Growth Fund-Series 5 ICICI Prudential Growth Fund Series 5 is a close ended equity scheme that seeks to provide capital appreciation by investing in a well-diversified portfolio of equity and equity related securities. The Dividend option of the scheme posted a return of 30.07% in FY 17, better than the 18.55% posted by the benchmark, Nifty 50 Index, for the year. The AAUM of the scheme during the last quarter of FY 17 was ` crore. xvii. ICICI Prudential Growth Fund-Series 6 ICICI Prudential Growth Fund Series 6 is a close ended equity scheme that seeks to provide capital appreciation by investing in a well-diversified portfolio of equity and equity related securities. The Dividend option of the scheme posted a return of 28.69% in FY 17, better than the 18.55% returns posted by the benchmark Nifty 50 Index for the same period. The AAUM of the scheme during the last quarter of FY 17 was ` crore. xviii. ICICI Prudential Growth Fund-Series 7 ICICI Prudential Growth Fund Series 7 is a close ended equity scheme that seeks to provide capital appreciation by investing in a well-diversified portfolio of equity and equity related securities. The Dividend option of the scheme posted a return of 29.80% in FY 17 better than the 18.55% posted by the benchmark, Nifty 50 Index, for the year. The AAUM of the scheme during the last quarter of FY 17 was ` crore. 13

14 xix. ICICI Prudential Growth Fund-Series 8 ICICI Prudential Growth Fund Series 8 is a close ended equity scheme that seeks to provide capital appreciation by investing in a well-diversified portfolio of equity and equity related securities. The Dividend option of the scheme posted a return of 29.78% in FY 17, better than the 18.55% posted by the benchmark, Nifty 50 Index, for the year. The AAUM of the scheme during the last quarter of FY 17 was ` crore. xx. ICICI Prudential India Recovery Fund Series 1 ICICI Prudential India Recovery Fund Series 1 is a close ended equity scheme that seeks to provide capital appreciation by investing in equity and equity related securities that are likely to benefit from recovery in the Indian economy. The Dividend option of the scheme posted a return of 32.41% in FY 17, better than the 24.02% returns posted by the benchmark S&P BSE 500 for the year. The AAUM of the scheme during the last quarter of FY 17 was ` crore. xxi. ICICI Prudential India Recovery Fund-Series 2 ICICI Prudential India Recovery Fund Series 2 is a close ended equity scheme that seeks to provide capital appreciation by investing in equity and equity related securities that are likely to benefit from recovery in the Indian economy. The Dividend option of the scheme posted a return of 28.67% in FY 17, better than the 24.02% returns posted by the benchmark, S&P BSE 500 Index for the same period. The AAUM of the scheme during the last quarter of FY 17 was ` crore. xxii. ICICI Prudential India Recovery Fund Series 3 ICICI Prudential India Recovery Fund Series 3 is a close ended equity scheme that seeks to provide capital appreciation by investing in equity and equity related securities that are likely to benefit from recovery in the Indian economy. The Growth option of the scheme posted a return of 31.95% in FY 17, better than the 24.02% returns posted by the benchmark, S&P BSE 500 Index for the same period. The AAUM of the scheme during the last quarter of FY 17 was ` crore. xxiii. ICICI Prudential India Recovery Fund Series 4 ICICI Prudential India Recovery Fund Series 4 is a close ended equity scheme that seeks to provide capital appreciation by investing in equity and equity related securities that are likely to benefit from recovery in the Indian economy. The Growth option of the scheme posted a return of 26.65% in FY 17, better than the 24.02% returns posted by the benchmark, S&P BSE 500 Index for the same period. 14

15 The AAUM of the scheme during the last quarter of FY 17 was ` crore. xxiv. ICICI Prudential India Recovery Fund Series 5 ICICI Prudential India Recovery Fund Series 5 is a close ended equity scheme that seeks to provide capital appreciation by investing in equity and equity related securities that are likely to benefit from recovery in the Indian economy. The Growth option of the scheme posted a return of 22.40% from the inception of the fund (May 12, 2016) till March 31, The S&P BSE 500 Index, posted a return of 14.98% for the same period. The AAUM of the scheme during the last quarter of FY 17 was ` crore. xxv. ICICI Prudential India Recovery Fund Series 7 ICICI Prudential India Recovery Fund Series 7 is a close ended equity scheme that seeks to provide capital appreciation by investing in equity and equity related securities that are likely to benefit from recovery in the Indian economy. The Dividend option of the scheme posted a return of 19.31% from the inception of the fund (June 22, 2016) till March 31, The S&P BSE 500 Index, posted a return of 16.40% for the same period. The AAUM of the scheme during the last quarter of FY 17 was ` crore. xxvi. ICICI Prudential Business Cycle Fund Series 1 ICICI Prudential Business Cycle Fund Series 1 is a close ended equity scheme that aims to provide capital appreciation by investing in equity and equity related securities with focus on riding business cycles through dynamic allocation between various sectors and stocks The Growth option of the scheme posted a return of 23.56% in FY 17. The benchmark S&P BSE 500 Index, posted a return of 24.02% for the same period. The AAUM of the scheme during the last quarter of FY 17 was ` crore. xxvii. ICICI Prudential Business Cycle Fund Series 2 ICICI Prudential Business Cycle Fund Series 2 is a close ended equity scheme that aims to provide capital appreciation by investing in equity and equity related securities with focus on riding business cycles through dynamic allocation between various sectors and stocks. The Growth option of the scheme posted a return of 32.23% in FY 17, better than the S&P BSE 500 Index, which posted a return of 24.02% for the same period. The AAUM of the scheme during the last quarter of FY 17 was ` crore. 15

16 xxviii. ICICI Prudential Business Cycle Fund Series 3 ICICI Prudential Business Cycle Fund Series 3 is a close ended equity scheme that aims to provide capital appreciation by investing in equity and equity related securities with focus on riding business cycles through dynamic allocation between various sectors and stocks The Growth option of the scheme posted a return of 38.60% in FY 17 better than 24.02% returns posted by the benchmark, S&P BSE 500 Index for the same period. The AAUM of the scheme during the last quarter of FY 17 was ` crore. xxix. ICICI Prudential Equity Savings Fund-Series 1(Tax benefits available under Rajiv Gandhi Equity Savings Scheme) ICICI Prudential Equity Savings Fund Series 1 is a close ended equity scheme that seeks to generate capital appreciation by investing in equity securities which are specified as eligible securities for Rajiv Gandhi Equity Savings Scheme (RGESS). The scheme has matured as on February 22, The AUM of the scheme as on February 22, 2017 was ` crore. The Growth option of the scheme posted a return of 27.82% for the period April 1, 2016 till maturity (February 22, 2017). The benchmark, Nifty 100 Index posted return of 17.97% for the same period. E. Balanced/Hybrid & Arbitrage Schemes i. ICICI Prudential Balanced Fund ICICI Prudential Balanced Fund is an open ended Balanced Fund that invests a minimum of 65% into equity & equity related securities and remaining in fixed income securities. The Growth option of the scheme posted a return of 27.68% in FY 17, better than the 16.10% posted by the benchmark Crisil Balanced Fund-Aggressive Index (Formerly known as Crisil Balanced Fund Index). The AAUM of the scheme during the last quarter of FY 17 was ` 6, crore. ii. ICICI Prudential Equity Arbitrage Fund ICICI Prudential Equity Arbitrage Fund an open ended scheme seeks to generate low volatility returns by using arbitrage and other derivative strategies in equity markets and investments in short term debt securities. The Growth option of the scheme posted a return of 6.51% in FY 17, better than the benchmark Nifty 50 Arbitrage Index (Earlier benchmark of the Scheme was Crisil Liquid Fund Index) which posted a return of 6.07% for the year. ICICI Prudential Blended Plan Plan A has been merged with ICICI Prudential Equity- Arbitrage Fund with effect from April 22, 2016 (the Merger date). The AAUM of the scheme during the last quarter of FY 17 was ` 7, crore. 16

17 iii. ICICI Prudential Blended Plan Plan A ICICI Prudential Blended Plan Plan A focuses on generating returns from a blend of equity and equity arbitrage (at least 65%) and low volatility returns from a minimum debt exposure of 20% for short time horizon. The scheme has been merged with ICICI Prudential Equity-Arbitrage Fund with effect from the close of business hours on April 22, iv. ICICI Prudential Equity Income Fund ICICI Prudential Equity Income Fund an open ended scheme seeks to generate regular income through investments in fixed income securities and using arbitrage and other derivative strategies. The Scheme also intends to generate long-term capital appreciation by investing a portion of the Scheme s assets in equity and equity related instruments. The Growth option of the scheme posted a return of 16.46% in FY 17, better than the benchmark, 30% Nifty % CRISIL Liquid Fund Index + 30% CRISIL Short Term Bond Fund Index which posted returns of 11.21% for the year. The AAUM of the scheme during the last quarter of FY 17 was ` 1, crore. v. ICICI Prudential Child Care Plan Gift Plan ICICI Prudential Child Care Plan Gift Plan is an open ended fund with a blend of large and midcap stocks and a maximum of upto 35% in fixed income securities. The Growth option of the scheme posted a return of 29.10% in FY 17, better than the benchmark, Crisil Balanced Fund-Aggressive Index (Formerly known as Crisil Balanced Fund Index) which posted returns of 16.10% for the year. The AAUM of the scheme during the last quarter of FY 17 was ` crore. vi. ICICI Prudential Child Care Plan Study Plan ICICI Prudential Child Care Plan Study Plan is an open ended fund which can invest a maximum of 25% in equity and equity related securities and a minimum of 75% in fixed income securities. The equity portion is multicap. The Growth option of the scheme posted a return of 16.16% in FY 17, better than the benchmark, CRISIL MIP Blended Index which posted 12.30% returns for the year. The AAUM of the scheme during the last quarter of FY 17 was ` crore. 17

18 F. Monthly Income Plans i. ICICI Prudential MIP 25 (An open ended income fund. Monthly income is not assured and is subject to availability of distributable surplus) ICICI Prudential MIP 25 is a debt oriented fund which invests primarily in debt and money market instruments. As a secondary objective, the scheme also seeks to generate long term capital appreciation from the portion of equity investments under the Scheme. The Growth option of the scheme posted a return of 15.90% in FY 17, better than the benchmark, CRISIL MIP Blended Index which posted returns of 12.30% for the year. The AAUM of the scheme during the last quarter of FY 17 was ` 1, crore. ii. ICICI Prudential Monthly Income Plan (An open ended income fund. Monthly income is not assured and is subject to availability of distributable surplus) ICICI Prudential Monthly Income Plan is a debt oriented fund which invests primarily in debt and money market instruments. As a secondary objective, the scheme also seeks to generate long term capital appreciation from the portion of equity investments under the Scheme. The Growth option of the scheme posted a return of 13.20% in FY 17, better than the benchmark, CRISIL MIP Blended Index which posted 12.30% for the year. The AAUM of the scheme during the last quarter of FY 17 was ` crore. iii. ICICI Prudential Regular Income Fund (An open ended income fund. Monthly income is not assured and is subject to availability of distributable surplus) ICICI Prudential Regular Income Fund is a debt oriented fund that seeks to generate regular income through investments in fixed income securities so as to make regular dividend distribution to unit holders seeking the Dividend Option. The Growth option of the scheme posted a return of 9.44% in FY 17.The benchmark CRISIL MIP Blended Index posted a return of 12.30% for the same period. The AAUM of the scheme during the last quarter of FY 17 was ` 2, crore. G. Index Funds i. ICICI Prudential Nifty Index Fund ICICI Prudential Nifty Index Fund is an open ended index-linked growth scheme that seeks to track the returns of Nifty 50 Index through investments in a basket of stocks drawn from the constituents of the above index. The Growth option of the scheme posted a return of 18.82% in FY 17, better than the 18.55% posted by benchmark Nifty 50 Index for the year. The AAUM of the scheme during the last quarter of FY 17 was ` crore. 18

19 ii. ICICI Prudential Nifty Next 50 Index Fund ICICI Prudential Nifty Next 50 Index Fund is an open ended Index fund that invests in companies whose securities are included in Nifty Next 50 Index. The endeavor is to achieve the returns of the above index as closely as possible, subject to tracking error. The Growth option of the scheme posted a return of 34.70% in FY 17 better than the benchmark as Nifty Next 50 Index posted a return of 33.92% for the year. The AAUM of the scheme during the last quarter of FY 17 was ` crore. H. Money Market Funds i. ICICI Prudential Liquid Plan ICICI Prudential Liquid Plan is open ended liquid income fund that invests in money market and debt securities. It endeavors to provide returns in line with scheme objective by investing in securities having short maturity, low risk and high level of liquidity. The Growth option of the scheme posted return of 7.28% in FY 17 better than 7.11% posted by the benchmark CRISIL Liquid Fund Index for the year. The AAUM of the scheme during the last quarter of FY 17 was ` 33, crore. ii. ICICI Prudential Money Market Fund ICICI Prudential Money Market Fund is an open ended money market fund with an objective to provide reasonable returns, commensurate with low risk while providing a high level of liquidity, through investments made primarily in money market and debt securities. The Growth option of the scheme posted a return of 7.30% in FY 17. The benchmark CRISIL Liquid Fund Index posted a return of 7.11% for the year. The AAUM of the scheme during the last quarter of FY 17 was ` 10, crore. I. Ultra Short Term Debt Schemes i. ICICI Prudential Flexible Income Plan ICICI Prudential Flexible Income Plan is an open ended debt scheme for relatively steady returns with low market volatility. The scheme invests in a range of debt and money market instruments of various maturities with a view to maximizing income while maintaining the optimum balance of yield, safety and liquidity. The Growth option of the scheme posted a return of 8.78% in FY 17, better than 7.11% posted by the benchmark CRISIL Liquid Fund Index for the year. The AAUM of the scheme during the last quarter of FY 17 was ` 21, crore. 19

20 ii. ICICI Prudential Savings Fund ICICI Prudential Savings Fund is an open ended debt scheme that invests in a range of debt and money market instruments of various maturities with a view to maximizing income while maintaining the optimum balance of yield, safety and liquidity. The Growth option of the scheme posted a return of 8.86% in FY 17, better than the 7.11% posted by the benchmark CRISIL Liquid Fund Index for the year. The AAUM of the scheme during the last quarter of FY 17 was ` 7, crore. iii. ICICI Prudential Ultra Short Term Plan ICICI Prudential Ultra Short Term Plan is an open ended income fund that invests in a basket of debt and money market instruments of very short maturities with a view to providing reasonable returns, while maintaining an optimum balance of safety, liquidity and yield. The Growth option of the scheme posted a return of 9.25% in FY 17, better than 9.10% posted by the benchmark, CRISIL Short Term Bond Fund Index, for the year. The AAUM of the scheme during the last quarter of FY 17 was ` crore. iv. ICICI Prudential Regular Savings Fund ICICI Prudential Regular Savings Fund an open ended fund intends to provide reasonable returns through investments in a basket of debt and money market instruments with a view to deliver consistent performance. The Growth option of the scheme posted a return of 10.00% in FY 17. The benchmark, CRISIL Composite Bond Fund Index, posted a return of 11.09% for the year. The AAUM of the scheme during the last quarter of FY 17 was ` 6, crore. J. Income Funds (short term, medium term and long term) i. ICICI Prudential Short Term Plan ICICI Prudential Short Term Plan is an open ended short term income fund that aims to generate income through investments in a range of debt and money market instruments of various maturities with a view to maximizing income while maintaining the optimum balance of yield, safety and liquidity. The Growth option of the scheme posted a return of 10.24% in FY 17, better than the benchmark, CRISIL Short Term Bond Fund Index, posted 9.10% for the year. The AAUM of the scheme during the last quarter of FY 17 was ` 9, crore. 20

21 ii. ICICI Prudential Long Term Plan ICICI Prudential Long Term Plan is an open ended income fund that seeks to generate income through investments in a range of debt and money market instruments with a view to maximizing income while maintaining an optimum balance of yield, safety and liquidity. The Growth option of the scheme posted a return of 13.58% in FY 17, better than the benchmark, CRISIL Composite Bond Fund Index which posted 11.09% for the year. The AAUM of the scheme during the last quarter of FY 17 was ` 2, crore. iii. ICICI Prudential Dynamic Bond Fund ICICI Prudential Dynamic Bond Fund an open ended fund is a medium term income fund that aims to generate regular income through investments in debt and money market instruments with a view to provide regular dividend payments and secondary objective of growth in capital. The Growth option of the scheme posted a return of 11.11% in FY 17, better than the benchmark, CRISIL Composite Bond Fund Index which posted a return of 11.09% for the year. The AAUM of the scheme during the last quarter of FY 17 was ` 1, crore. iv. ICICI Prudential Corporate Bond Fund ICICI Prudential Corporate Bond Fund an open ended fund is a debt fund that aims to invest in debt and money market instruments of various maturities with a view to maximise income while maintaining optimum balance of yield, safety and liquidity. The Growth option of the scheme posted a return of 9.93% in FY 17, better than the benchmark, CRISIL Short Term Bond Fund Index which posted 9.10% for the year. The AAUM of the scheme during the last quarter of FY 17 was ` 5, crore. v. ICICI Prudential Banking & PSU Debt Fund ICICI Prudential Banking & PSU Debt Fund is an open ended income scheme that aims to generate regular income by investing in debt and money market instruments predominantly issued by Banks & Public Sector Undertaking (PSU). The Growth option of the scheme posted a return of 11.02% in FY 17 better than 9.10% returns posted by the benchmark CRISIL Short Term Bond Fund Index for the year. ICICI Prudential Blended Plan Plan B has merged with ICICI Prudential Banking & PSU Debt Fund with effect from October 7, 2016 (the Merger date). The AAUM of the scheme during the last quarter of FY 17 was ` 8, crore. 21

22 vi. ICICI Prudential Blended Plan-Plan B ICICI Prudential Blended Plan-Plan B is an open ended scheme seeking to generate income and capital appreciation by investing predominantly in debt securities. The scheme has been merged with ICICI Prudential Banking & PSU Debt Fund with effect from the close of business hours on October 7, vii. ICICI Prudential Income Plan ICICI Prudential Income Plan is an open ended income fund which invests in a range of debt and money market instruments of various maturities with a view to maximising income while maintaining optimum balance of yield, safety and liquidity. The Growth option of the scheme posted a return of 12.65% in FY 17, better than the benchmark, CRISIL Composite Bond Fund Index which posted 11.09% returns for the year. The AAUM of the scheme during the last quarter of FY 17 was ` 2, crore. viii. ICICI Prudential Income Opportunities Fund ICICI Prudential Income Opportunities Fund is an open ended income fund which invests in a range of debt and money market instruments of various credit ratings and maturities with a view to maximising income while maintaining optimum balance of yield, safety and liquidity. The Growth option of the scheme posted a return of 10.21% in FY 17. The benchmark, CRISIL Composite Bond Fund Index, posted 11.09% returns for the year. The AAUM of the scheme during the last quarter of FY 17 was ` 3, crore. K. Gilt Funds i. ICICI Prudential Gilt Fund-Investment Plan PF Option ICICI Prudential Gilt Fund-Investment Plan PF Option is an open ended dedicated government securities scheme that seeks to generate regular returns through investments made in liquid, high quality, low risk debt i.e. government securities of various maturities. The Growth option of the scheme posted a return of 13.76% in FY 17, better than the benchmark, I Sec Li-BEX, posted 12.47% returns for the year. The AAUM of the scheme during the last quarter of FY 17 was ` crore. 22

23 ii. ICICI Prudential Long Term Gilt Fund ICICI Prudential Long Term Gilt Fund is an open ended dedicated government securities fund that seeks to generate regular returns through investments made in liquid, high quality, low risk debt i.e. government securities of various maturities. The Growth option of the scheme posted a return of 13.15% in FY 17 better than the benchmark I-SEC I-BEX posted a return of 11.22% for the year. The AAUM of the scheme during the last quarter of FY 17 was ` crore. iii. ICICI Prudential Short Term Gilt Fund ICICI Prudential Short Term Gilt Fund is an open ended dedicated government securities fund that seeks to generate income through investments in government securities of various maturities. The Growth option of the scheme posted a return of 10.13% in FY 17, better than the benchmark I-SEC Si BEX posted a return of 8.38% for the year. The AAUM of the scheme during the last quarter of FY 17 was ` crore. iv. ICICI Prudential Gilt Fund Treasury Plan PF Option ICICI Prudential Gilt Fund Treasury Plan PF Option is an open ended dedicated government securities fund that seeks to generate income through investments in government securities of various maturities. The Growth option of the scheme posted a return of 11.09% in FY 17 better than the 8.38% returns posted by the benchmark I-SEC Si BEX for the year. The AAUM of the scheme during the last quarter of FY 17 was ` crore. v. ICICI Prudential Constant Maturity Gilt Fund ICICI Prudential Constant Maturity Gilt Fund is an open ended fund that aims to provide reasonable returns by investing in portfolio of government securities with average maturity around 10 years. The Growth option of the scheme posted a return of 11.60% in FY 17. The benchmark Crisil 10 year Gilt Index posted a return of 11.87% for the year. The AAUM of the scheme during the last quarter of FY 17 was ` crore. L. Exchange Traded Funds i. ICICI Prudential Gold iwin ETF (Formerly, known as ICICI Prudential Gold Exchange Traded Fund) ICICI Prudential Gold iwin ETF is an open ended fund that seeks to provide investment returns that, before expenses, closely track the performance of domestic prices of Gold derived from the LBMA AM fixing prices. 23