Equity Market Outlook. Inflation

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2 The Market O v e r v i e w Equity Market Outlook Technicals (as on Feb 28, 2018) s by Institutions in the cash segment (Rs. billion) Feb-18 Jan-18 FIIs (Net Purchases / Sales) MFs (Net Purchases / Sales) * Avg Advance Decline Ratio Feb-18 Jan-18 BSE NSE Valuation Ratios Indices Movement Feb-18 Feb Year Average P/E ratio- Sensex P/E ratio- Nifty Price/Book Value Ratio-Sensex Price/Book Value Ratio-Nifty Dividend Yield-Sensex Dividend Yield-Nifty Last 1 Yr S&P BSE Sensex -4.95% 18.93% Nifty % 18.17% S&P BSE Auto -4.29% 15.57% S&P BSE Bankex -8.62% 20.57% S&P BSE Capitalgoods -6.32% 24.41% S&P BSE Consumerdurables -5.74% 53.77% S&P BSE Fast Moving Consumer Goods -1.91% 19.39% S&P BSE Healthcare -3.07% -8.27% S&P BSE Information Technology -0.41% 20.52% S&P BSE Metal -1.64% 27.59% S&P BSE MidCap -4.62% 22.21% S&P BSE Oil & Gas -5.27% 14.56% S&P BSE PSU -8.56% -1.52% S&P BSE Realty -5.39% 65.10% S&P BSE SmallCap -3.15% 32.41% S&P BSE Teck -1.31% 16.95% Data Source: SEBI, NSDL, BSE, NSE, Crisil Research, *as on February 26, 2018 Global economy US GDP climbed by 2.5% in Q following a 3.2% growth in Q3. The minutes of the Fed's January meeting suggest more rate increases are in the offing. European Central Bank (ECB) President Mario Draghi said policy makers must continue with the stimulus even as the economy is expanding robustly. He added that the central bank anticipates headline inflation will resume its upward trajectory, supported by monetary policy measures. The bloc recorded economic growth of 2.7% year-on-year in Q compared with 2.8% growth in Q3. In the UK, the Bank of England (BoE) kept interest rate unchanged at 0.5% in its February meeting, but signaled the need for interest rate rise earlier and higher than previously estimated to bring inflation back to the 2% target. Meanwhile, the country's growth projection for Q was revised down to 1.4%. Japan's economy expanded at 0.5% annualised rate in Q against 2.2% increase in Q The government, in its monthly economic report, has maintained that the economy is gradually recovering. China's central bank, the People's Bank of China, said it has achieved initial results in financial deleveraging, but will continue to fend off systemic risks as debt in the economy remain relatively high. Source: CRISIL Research Fundamentals and economics: Growth India's GDP grew at five-quarter high of 7.2% in Q compared with 6.5% in Q As per the second advanced estimates of the Central Statistics Office (CSO), the economy is expected to grow at 6.6% in compared to the earlier estimate of 6.5% and against 7.1% in The gross value added (GVA) growth stood at 6.7% in Q compared with 6.2% in Q The GVA for manufacturing grew 8.1% in Q compared to 6.9% in Q The agriculture sector GVA grew at 4.1% compared to 2.7% in the previous quarter. The services sector including financial services grew at rate of 6.7% up from 6.4% in previous quarter. The Index of Industrial Production (IIP) grew 7.1% in December 2017 against 8.8% growth in November The manufacturing sector was once again the key contributor to growth, growing 8.4% in December 2017, slightly lower than 10.7% in the previous month. Mining and electricity the other two components of IIP continued their slow pace of growth. Q3 IIP and manufacturing growth stood at 6.0% and 7.1% against 3.9% and 3.2%, respectively, in the same period a year ago. According to the use-based classification, infrastructure and construction goods displayed strong buoyancy, growing a healthy 6.7%. While capital goods grew 16.4%, it was mostly on account of the low base of last year. Within the consumer goods segment, the durables subsegment displayed muted growth (0.9%) while non-durables maintained their high pace of growth (16.5%). The core sector output grew at 6.7% in January 2018 compared to 4.2% in December Cumulative growth rate for the April-January 2017 period was 4.3% as against 5.1% in year-ago period. Source: Mospi.nic.in, CRISIL Centre for Economic Research (CCER) Inflation Consumer Price Index (CPI)-based inflation fell slightly to 5.07% in January 2018 from 5.21% in December 2017, mildly pulling back the northward trajectory seen since July Food inflation fell to 4.7% in January 2018 from 5.0% in December The fall was led by a decline in inflation in cereals, milk and products and vegetables. Fuel inflation fell to 6.4% from 7% in December. Core inflation (CPI excluding food, fuel and light, petrol and diesel) None of the aforesaid recommendations are based on any assumptions. These are purely for reference and the investors are requested to consult their financial advisors before investing. 2

3 The Market O v e r v i e w Equity Market Outlook maintained 5.1% rise - same as in the previous month. Housing inflation rose further (to 8.3% from 8.2%) due to the impact of revision of house rent allowance paid to government employees. Inflation in recreation & amusement, and personal care & effects also continued to rise. Wholesale Price Index (WPI) fell for the second consecutive month in January 2018 to 2.84% compared with 3.58% in December The steep fall was led by a decline in food and fuel inflation, and some easing in core inflation. % Inflation Intermittent weakness in the euro against the US dollar and strength in the greenback, following the release of some US economic indicators, also put the rupee under more pressure. Fed's minutes boasting hopes for a faster pace of interest rate hikes this year, weighed on the local currency. However intermittent dollar sales and weakness in the greenback ahead of Jerome Powell's first House testimony since taking over as the US Federal Reserve chair, helped the rupee recoup some losses. Source: CRISIL Research Market sentiment Flows Foreign Portfolio investors (FPIs) were sellers of equities in February 2018 after robust buying in the January They sold equities worth Rs billion in February 2018 compared to buying of Rs billion in the previous month. Mutual fund remained buyers of equities in February 2018 with buying of Rs billion until February 26, 2018 compared with buying of Rs billion in January FPI Flows CPI WPI 300 Source: Mospi.nic.in, CCER Brent Global crude oil prices retreated 4.7% in February to close at $65.78 per barrel on February 28, 2018 vis-à-vis $69.05 per barrel on January 31, 2018 mainly on the back of larger than expected rise in US weekly crude stockpiles and concerns over growth in US oil production. Source: CCER Deficit India's fiscal deficit was Rs 6.77 trillion for April-January period or 113.7% of the full year target set for the FY18. India's current account deficit (CAD) was $7.2 billion (1.2% of GDP) in Q This is half of $15 billion (2.5% of GDP) seen in Q , but twice the $3.5 billion (0.6% of GDP) seen in Q The narrowing CAD on a quarterly basis can be attributed to decrease in trade deficit and marginal increase in services trade surplus. India's trade deficit widened to a $16.3 billion in January 2018 from $14.8 billion in the previous month driven by rise in imports and slowing exports. Export growth slowed at 9.1% ($24.38 billion) in January 2018 from 12.5% in the previous month. The muted growth of gems and jewellery and negative growth of readymade garments led to low export growth. Growth of engineering goods the top export item by value moderated this month. Import growth in January 2018 rose to 26.1% at $40.68 billion from 21% growth in the previous month owing to rise in oil imports. This was notwithstanding the 22% decline in gold imports compared with 71.5% growth in the previous month. Imports of industrial and investment-related goods also increased which could be construed as some revival in domestic investment activity. However, consumption-related imports have been on a downward trend for the past three months, growing 2.3 percentage points lower than the previous month. Services exports rose marginally for the third consecutive month in December. Imports climbed 18.9% compared with 15.9% in November Trade surplus stood at $6.1 billion, which is $401 million higher month-on-month and $636 million higher year-on-year. Source: Ministry of Commerce and Industry, CRISIL Research, RBI Currency The rupee weakened against the US dollar in February, with the exchange rate settling at Rs per dollar on February 28 as against Rs per dollar on January 31. Sentiment for the local unit was dented after the Centre announced it would widen its fiscal deficit target for the next fiscal. MF data till February 26, 2018 Source: SEBI, NSDL Market Performance Domestic equities plummeted in February 2018 after the central government unveiled a proposal to levy 10% long-term capital gains (LTCG) tax on equity investments in the Union Budget and mirroring a sell-off in global equities. S&P BSE Sensex and NSE Nifty 50 lost around 5% each. Discouraging global cues included a sharp fall in US equities amid worries about rising US inflation and further interest rate hike by the US Fed. In its latest meeting minutes, US Fed officials hinted at more interest rate hike given the strong domestic economic state. Hawkish comments by the new US Fed Chief Jerome Powell during his congressional testimony also revived the rate hike fears. Rebound in the global crude oil prices also impacted the market. More losses were seen after a public-sector bank reported a suspected fraud of around $1.8 billion at one of its branches in Mumbai. Sentiments weakened further for the state-run banks after the Reserve Bank of India (RBI) announced a new bad-loan-resolution framework and abolished a slew of existing loan-restructuring mechanisms. Depreciating rupee and selling by the foreign institutional investors (FIIs) also acted as a dampener. Further losses were, however, prevented due to value buying in the recently beaten-down stocks. Rebound in the US equities and comments from a US Fed official, which intermittently eased worries about faster rate hikes in the US, also boosted sentiments. None of the aforesaid recommendations are based on any assumptions. These are purely for reference and the investors are requested to consult their financial advisors before investing. Rs. in billion Rs. in billion MF Flows 3

4 The Market All the S&P BSE sectoral indices fell in February S&P BSE BANKEX index and S&P BSE PSU index plunged 8.62% and 8.56%, respectively, owing to a suspected bank fraud reported recently. Heavy selling pressure was witnessed in capital goods, consumer durables and realty shares. Oil marketing companies were under pressure owing to strengthening of crude oil prices. S&P BSE Oil and Gas index lost 5.27%. Source: NSE, BSE Market Outlook and Triggers Benchmark indices - S&P BSE Sensex and Nifty 50 corrected by 5% in February 2018 owing to the spike in 10-yr US bond yields, widening trade deficit and the unravelling of suspected bank fraud. Following this correction, we continue to remain neutral on equity as valuations are not cheap and upside surprises to growth could impact the market range. Earnings growth outlook seems positive led by supportive global growth, improving capex, fiscal spending, and buoyant consumer demand. We believe earnings outlook is key for equity markets to sustain high valuations. However, it must be noted that headwinds such as higher short-term rates brought on by an increase in inflation numbers, higher global interest rates, crude oil supply shock, limited fiscal flexibility as reflected by rising bond yields, and events in the run-up to the 2019 elections could keep markets volatile. Investors who wish to benefit from this volatility in the medium-term could opt for asset allocation schemes. Investors who wish to maintain asset allocation by taking adequate exposure in debt could consider investing in conservative hybrid schemes. Considering the attractiveness of largecap valuations over mid and smallcap, we recommend investing in largecap-oriented schemes for those investors wishing to take pure equity exposure. O v e r v i e w Our Recommendations Investors may continue with their s in pure equity schemes. For new investors, we recommend in Asset Allocation Schemes. As uncertainty regarding global events and state elections cannot be ruled out, we believe the markets could be volatile in the near term. Hence we recommend investments in asset allocation schemes or conservative hybrid schemes. Investors with high risk appetite could invest in thematic schemes encompassing infrastructure sector and export and services sectors. Our Recommendations Equity Schemes Pure Equity Schemes ICICI Prudential Value Discovery Fund ICICI Prudential Top 100 Fund ICICI Prudential Multicap Fund ICICI Prudential Focused Bluechip Equity Fund Asset Allocation Schemes ICICI Prudential Balanced Advantage Fund ICICI Prudential Balanced Fund ICICI Prudential Dynamic Plan ICICI Prudential Equity Income Fund Conservative Hybrid Schemes ICICI Prudential MIP 25 (An Open Ended Income Scheme. Monthly income is not assured and is subject to the availability of distributable surplus.) Theme-based Schemes ICICI Prudential Infrastructure Fund ICICI Prudential Exports and Other Services Fund These schemes are positioned aggressively to gain from recovery in the economy. These Schemes aim to generate long term wealth creation. These schemes aim to benefit from volatility and can be suitable for investors aiming to participate in equities with low volatility. This scheme predominantly invests in fixed income securities and a portion in equity and equity related securities Investors could invest in these thematic schemes for tactical allocation. It would be a high risk investment option. Equity Valuation Index Equity valuations show that the market valuations are in the zone where investors are recommended to invest in schemes with low net equity levels within the asset allocation schemes category. 170 Equity Valuation Index 150 Book Partial Profits Stay Invested EIF/BAF Dynamic/Balanced 90 Multicap Schemes 70 Midcap Schemes 50 Feb-05 Feb-06 Feb-07 Feb-08 Feb-09 Feb-10 Feb-11 Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 Feb-17 Feb-18 Equity valuation index is calculated by assigning equal weights to Price to equity (PE), Price to book (PB), G-Sec*PE and Market Cap to Gross Domestic Product (GDP). EIF ICICI Prudential Equity Income Fund; BAF ICICI Prudential Balanced Advantage Fund; Dynamic ICICI Prudential Dynamic Plan; Balanced ICICI Prudential Balanced Fund None of the aforesaid recommendations are based on any assumptions. These are purely for reference and the investors are requested to consult their financial advisors before investing. 4

5 The Market O v e r v i e w Fixed Income Market Outlook Average Liquidity Support by RBI Rs 74.7 billion (till February 27) Includes: LAF, MSF, SLF & Term Repo Bank Credit Growth 11.0% Money Market Tenure 1M 3M 6M 12M Bond Market CD Tenure G-Sec Change 1Y 3Y 5Y 10Y Macro Economy Data Release Latest Indicator Update IIP GDP USD/INR WPI CPI Month Overview (as on February 28, 2018) Credit Markets INDICATORS Credit Spreads Bank Deposit Growth 5.7% Change in basis points (bps) Change CP Change % (Dec) 7.2% (3QFY18) (Feb) 2.84% (Jan) 5.07% (Jan) Change in basis points AAA CB Credit Spreads as on February 28, 2018 Change Previous Update % (Nov) 6.5% (2QFY18) (Jan) 3.58% (Dec) 5.21% (Dec) Data Source RBI, Mospi.Nic.in, CRISIL Fixed Income Database, LAF Liquidity Adjustment Facility, MSF Marginal Standing Facility, SLF Standing Liquidity Facility, CP - Commercial Paper, CD Certificate of Deposit, CB Corporate Bond, IIP India Industrial Production, CPI Consumer Price Index, WPI Wholesale Price Index, CAD Account Deficit, GDP Gross Domestic Product Tenure 6M 1Y 2Y 3Y 5Y 7Y 10Y 15Y AAA 1.32% 1.23% 0.85% 0.58% 0.51% 0.67% 0.58% 0.31% AA+ 1.54% 1.50% 1.10% 0.88% 0.87% 1.00% 0.92% 0.66% AA 1.79% 1.75% 1.35% 1.15% 1.16% 1.29% 1.40% 1.10% AA- 1.93% 1.90% 1.57% 1.47% 1.49% 1.65% 1.80% 1.52% A+ 2.19% 2.14% 1.78% 1.76% 1.78% 1.91% 2.14% 1.86% A 2.36% 2.31% 2.10% 2.08% 2.12% 2.25% 2.39% 2.11% A- 2.68% 2.63% 2.49% 2.75% 2.72% 2.91% 3.00% 2.77% Source: CRISIL Credit Ratio CRISIL's credit ratio the number of rating upgrades to downgrades improved to 1.88 in six months to September 2017 from 1.22 times in March For the rolling 12 months, the credit ratio was 1.59 and the debt-weighted credit ratio debt upgrades to downgrades was at 1.94, indicating that the trend of recovery in credit quality has sustained for a year now. Source: CRISIL Our Outlook A credit ratio in first-half FY18 has printed at a healthy 1.88 times. This improvement goes on to show that the credit cycle is bottoming out. As capacity utilisation is low, we do not expect further investment in capital expenditure. We believe these companies will repay their loans and reduce debt, thereby improving their balance sheet. Credit profile of many corporates has been improving and we have witnessed upgrades in our portfolios of companies engaged in various sectors. Therefore, we believe this reflects that economic recovery cycle is well underway, and that the credit market is still improving. Money Markets INDICATORS Liquidity Currency in circulation rose 57.1% year on year in the week ended February 16, 2018 against 30.3% de-growth a year ago. The RBI, via its liquidity window, injected Rs 74.7 billion on a net daily average basis in February 2018 (till 27th of the month) compared with net liquidity absorption of Rs billion in January Interbank call money rates remained below the repo rate for most of the month amid ample liquidity in the banking system. Surplus funds prompted the RBI to conduct sporadic reverse repo auctions to drain away excess liquidity. However, some stress was seen in the call rates on account of excise-related outflows. A further jump in the call rate was restrained, as the RBI conducted intermittent repo auctions to infuse liquidity. Meanwhile, the central bank will soon have greater flexibility in terms of managing liquidity operations with the addition of one more tool Standing Deposit Facility Scheme. Source: RBI, CRISIL Fixed Income Database Inflation Consumer Price Index (CPI)-based inflation fell slightly to 5.07% in January 2018 from 5.21% in December Food inflation fell to 4.70% in January 2018 from 4.96% in December Fuel inflation fell to 6.4% from 7% in December. Core inflation (CPI excluding food, fuel and light, petrol and diesel) maintained 5.1% rise - same as in the previous month. Wholesale Price Index (WPI) fell for the second consecutive month in January 2018 to 2.84% compared with 3.58% in December The steep fall was led by a decline in food and fuel inflation, and some easing in core inflation. Source: Mospi.Nic.in, CRISIL Centre for Economic Research (CCER) Bank Credit / Deposit Growth Bank credit growth rose 11% year on year in the fortnight ended February 02, 2018 versus 11.1% year on year in the fortnight ended January 05, Non-food bank credit rose to Rs trillion as on February 02, 2018 compared with outstanding credit of Rs trillion as on January 05, Time deposit growth rose to 5.4% in the fortnight ended February 02, 2018 versus 4.4% in the fortnight ended January 05, Demand deposits witnessed 8.1% year on year growth in the fortnight ended February 02, 2018 versus 5.2% year on year growth in the fortnight ended January 05, India's M3 money supply rose 10.6% year on year in the fortnight ended February 02, 2018 versus 6.2% a year ago. Reserve money rose 41.9% year on year in the week ended February 16, 2018 versus de-growth of 22.2% a year ago. Source: RBI Bond Markets INDICATORS Account India's current account deficit (CAD) was $7.2 billion (1.2% of GDP) in the second quarter this fiscal (Q ), or half of the $15 billion (2.5% of GDP) in Q1, but twice the $3.5 billion (0.6% of GDP) in Q The narrowing CAD can be attributed to trade deficit - which decreased $9.2 billion from Q to $32.8 billion in Q and services trade surplus - which increased a marginal $137 million to $18.4 billion. Net income receipts from abroad declined to $7.2 billion in Q2 from $8.7 billion in Q1, as net outflows from primary income increased $2.7 billion to $8.5 billion. Net capital inflows into both capital account and financial account were $6.9 billion in Q2. The biggest contributor to inflows was FDI. Net FDI inflows increased to $12.4 billion in Q2 from $7.2 billion in the previous quarter. Note: None of the aforesaid recommendations are based on any assumptions. These are purely for reference and the investors are requested to consult their financial advisors before investing. 5

6 The Market O v e r v i e w Fixed Income Market Outlook Owing to lower capital inflows in Q2, the RBI's foreign exchange hoard increased at a lesser pace of $9.5 billion compared with $11.4 billion in Q1. Consequently, the rupee appreciated by 0.3%, on average, to 64.3 per dollar in Q2, which is less than 3.8% appreciation in Q1. Source: RBI Physical assets Indian gold prices saw modest gains in February 2018 to close at Rs 30,413 per 10 grams on February 28, 2018 vis-à-vis Rs 30,220 per 10 grams on January 31, 2018 on the National Commodity and Derivatives Exchange (NCDEX), on mild buying demand from jewelers following the end of wedding season. Source: NCDEX The RBI's policy The RBI's Monetary Policy Committee (MPC) left the policy rates unchanged at its review meeting on February 7, It maintained the repo rate at 6%, the reverse repo at 5.75%, and the marginal standing facility rate at 6.25%.The MPC maintained its neutral monetary policy stance with a focus on maintaining medium-term inflation at 4%, while supporting growth. Source: RBI, CCER Government Borrowing In the Union Budget , the government pegged net market borrowings at Rs 4.07 trillion in fiscal 2019 compared with Rs 4.79 trillion in fiscal However, gross borrowing for the next fiscal has been raised to Rs 6.05 trillion from Rs 5.99 trillion in fiscal Source: Union Budget , RBI Fixed Income Outlook The 10-year G-Sec yield rose to a two-year high of 7.77% in the month of February, up 60 bps from January 2018 while the USD-INR breached the Rs 65-level with the INR down 1.8% month-on-month. The rise in the 10-year G-sec yield was brought on by multiple factors including low participation by PSU banks in the bond market, rise in 10- year US treasury yields, volatility in oil prices and minutes of the February RBI policy review indicating a gradual hardening of views around inflation risks. We expect inflation to average around 5.5% in the first half of FY19 with a mild upside risk. For the medium-term, we continue to maintain a neutral stance on yields and would continue to evaluate the movement in crude oil prices, impact of higher Minimum Support Price on inflation and global bond yields movement. Given the current market conditions, it's very important that investors maintain their asset allocation by taking adequate exposure into debt schemes. We recommend investors to invest in accrual schemes such as ICICI Prudential Regular Savings Fund as they offer relatively high yieldto-maturity. Further, we expect bond yields to be volatile on the back of concerns arising out of higher inflation. Hence we recommend investors to invest to short duration schemes or invest in Systematic Plans (s) in medium to long duration schemes. But for those investors who wish to benefit from volatility may invest in ICICI Prudential Long Term Plan. Our Recommendation For new allocations we recommend short to medium duration, accrual based schemes or dynamically managed schemes. Our Recommendations Accrual Schemes ICICI Prudential Corporate Bond Fund ICICI Prudential Regular Savings Fund ICICI Prudential Savings Fund ICICI Prudential Regular Income Fund (An open ended income scheme. Income is not assured and is subject to the availability of distributable surplus) Dynamic Duration Schemes ICICI Prudential Long Term Plan Short Duration Schemes ICICI Prudential Short Term Plan These schemes are better suited for investors looking for accrual strategy. This scheme can dynamically change duration strategy based on market conditions. This scheme maintains short-duration maturity. Debt Valuation Index Debt Valuation Index Aggressively High Duration in High Duration High Duration Moderate Duration Low Duration Ultra Low Duration 4.10 Debt Valuation Index considers WPI, CPI, Sensex year on year returns, Gold year on year returns and Real estate year on year returns over G-Sec yield, Account Balance and Crude Oil Movement for calculation. Note: None of the aforesaid recommendations are based on any assumptions. These are purely for reference and the investors are requested to consult their financial advisors before investing. 6

7 Index Fund Name Abbreviations Brief Description Page No. Equity Funds Large Cap ICICI Prudential Focused Bluechip Equity Fund IPFBEF Diversified Largecap Equity fund focussed on Top 200 stocks by Market capitalisation 8 ICICI Prudential Select Large Cap Fund IPSLCF Concentrated Large Cap Fund 9 Large & Mid-cap ICICI Prudential Top 100 Fund IPT100F A large and mid cap equity Fund with high variation in sector allocation 10 compared to benchmark Multi-cap ICICI Prudential Dynamic Plan IPDP Conservative multi-cap Fund investing in equity and debt. 11 ICICI Prudential Multicap Fund IPMULTIF Diversified equity fund investing in a mix of large, mid and small cap stocks 12 Value Style ICICI Prudential Value Discovery Fund IPVDF Diversified Value Style Investing with flexicap approach 13 Mid Cap ICICI Prudential Midcap Fund IPMIDF Diversified Mid-Cap Oriented Fund 14 Thematic/Sectoral ICICI Prudential Infrastructure Fund IPIF Thematic Fund encompassing Infrastructure 15 ICICI Prudential Exports and Other Services Fund IPEOSF Exports and Services Industry Oriented Thematic Fund 16 Tax Planning ICICI Prudential Long Term Equity Fund (Tax Saving) IPLTEF(TS) Open Ended Equity Scheme with Tax Saving advantage 17 Balanced ICICI Prudential Balanced Fund IPBF A balanced Fund with allocation to equity (ranging from 65-80%) and Debt. 18 ICICI Prudential Child Care Plan (Gift Plan) IPCCP(GP) Diversified Long Term Child Benefit Oriented Plan 19 Equity Oriented Dynamic Asset Allocation ICICI Prudential Balanced Advantage Fund IPBAF Asset Allocation Fund with equity exposure ranging between 30-80% and has exposure to debt. 20 ICICI Prudential Equity Income Fund IPEIF Asset Allocation Fund with allocation to equity (range 20% -40%), arbitrage and fixed income. 21 Hybrid Funds ICICI Prudential MIP 25 (An open ended Income fund. Monthly income is not assured and is subject to the availability of distributable surplus.) IPMIP25 Hybrid Fund which generally invests 0-25% in Equity 22 ICICI Prudential Regular Income Fund (An open ended income fund. Income is not assured and is subject to the availability of distributable surplus.) IPRIF A hybrid debt Fund which generally invests 0-5% in Equity 23 Debt Funds Liquid ICICI Prudential Money Market Fund IPMMF Open Ended Money Market Fund 24 Ultra Short Term ICICI Prudential Savings Fund IPSF Ultra Short Term Income Fund with exposure to Floating rate instruments 25 ICICI Prudential Ultra Short Term Plan IPUSTP Ultra Short Term Income Fund with moderate duration 26 Short Term ICICI Prudential Dynamic Bond Fund IPDBF Actively Managed Dynamic Bond Fund with 1-5 years Modified duration range 27 ICICI Prudential Short Term Plan IPSTP Short Term Income Fund 28 Credit Opportunities ICICI Prudential Regular Savings Fund IPRSF Retail Debt-Accrual Fund 29 ICICI Prudential Corporate Bond Fund IPCBF Medium Term Income Fund investing in Corporate Bonds 30 Income ICICI Prudential Income Plan IPIP Long Term Income Fund with high duration strategy 31 ICICI Prudential Long Term Plan IPLTP Dynamic Income Fund with 1 to 10 years Modified Duration range 32 Annexure for Returns of all the Schemes Systematic Plan () Performance of Select Schemes Annexure - I 59 Annexure - II 60 Dividend History for all Schemes Objective of all the schemes 65 Riskometer's 66 Schedule 1: One Liner Definitions 67 Schedule 2: How To Read Factsheet Statutory Details & Risk Factors 70 7

8 ICICI Prudential Focused Bluechip Equity Fund An Open Ended Equity Fund This Product is suitable for investors who are seeking*: Long term wealth creation solution A focused large cap equity fund that aims for growth by investing in companies in the large cap category Riskometer *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. Style Box Fund Details Fund Managers** : Sankaran Naren (Managing this fund since Jul, 2017 & Overall 26 years of experience) Rajat Chandak (Managing this fund since Jul, 2017 & Overall 8 years of experience) Indicative Horizon: 5 years and above Inception/Allotment date: 23-May-08 Monthly AAUM as on 28-Feb-18 : Rs. 16, crores Closing AUM as on 28-Feb-18 : Rs. 16, crores NAV (As on 28-Feb-18): IPFBEF Growth Option : IPFBEF Dividend Option : IPFBEF Direct Plan Growth Option : IPFBEF Direct Plan Dividend Option : Options : Growth & Dividend (dividend payout*** and re-investment facility available) Application Amount for fresh Subscription : Rs.5,000 (plus in multiples of Re.1) Min.Addl. : Rs.500 (plus in multiples of Re.1) (w.e.f. 10-January-17) Entry load : Not Applicable Exit load for Redemption / Switch out :- Lumpsum & / STP / SWP Option Upto 1 Year from allotment - 1% of applicable NAV, more than 1 Year - Nil : Monthly Frequency: Rs. 500/- and in multiple of Rs. 1/- Quarterly Frequency: Rs. 5,000/- and in multiple of Rs. 1/- SWP : Rs. 500/- and in multiples of Rs. 1/- STP/ Flex STP/ Value STP *: Daily Frequency: Rs. 250/- and in multiples of Rs. 50/- Weekly, Monthly and Quarterly Frequency: Rs. 1,000/- and in multiples of Rs. 1/- Min.Redemption Amt. : 500/- or all units where amount is below 500/- Dividend History : Refer page no. from 60 to 64 Returns : Refer page no. from 57 to 58 Total Expense : IPFBEF : 2.21% p. a. IPFBEF Direct Plan : 1.10% p. a. Objective : Refer page no. from 65 Particulars Returns of ICICI Prudential Focused Bluechip Equity Fund - Growth Option as on February 28, (IPFBEF) Scheme Nifty 50 Index (Benchmark) NAV (Rs.) Per Unit (as on February 28,2018 : 39.97) Notes: 1. Different plans shall have different expense structure. The performance details provided herein are of ICICI Prudential Focused Bluechip Equity Fund. 2. The scheme is currently managed Sankaran Naren and Rajat Chandak. Mr. Sankaran Naren has been managing this fund since Jul Total Schemes managed by the Fund Manager is 34 (34 are jointly managed). Refer annexure from page no. 33 for performance of other schemes currently managed by Sankaran Naren. Mr. Rajat Chandak has been managing this fund since Jul Total Schemes managed by the Fund Manager is 10 (6 are jointly managed). Refer annexure from page no. 33 for performance of other schemes currently managed by Rajat Chandak. 3. Date of inception:23-may Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment. 5. Load is not considered for computation of returns. 6. In case, the start/end date of the concerned period is a nonbusiness date (NBD), the NAV of the previous date is considered for computation of returns. The NAV per unit shown in the table is as on the start date of the said period 7. The performance of the scheme is benchmarked to the Total Return variant of the Index Portfolio as on February 28, 2018 Auto 9.20% Maruti Suzuki India Ltd. 3.49% Eicher Motors Ltd. 2.59% TVS Motor Company Ltd. 1.77% Ashok Leyland Ltd. 0.57% Tata Motors Ltd. 0.43% Tata Motors Ltd. - DVR 0.34% Auto Ancillaries 3.63% Motherson Sumi Systems Ltd. 3.63% Banks 24.92% -0.36% ICICI Bank Ltd. 7.42% HDFC Bank Ltd. 6.22% -0.36% State Bank Of India 4.12% Axis Bank Ltd. 2.96% IndusInd Bank Ltd. 2.64% The Federal Bank Ltd. 0.71% Kotak Mahindra Bank Ltd. 0.53% Bank Of Baroda 0.32% Cement 0.75% Ultratech Cement Ltd. 0.75% Construction Project 3.61% Larsen & Toubro Ltd. 3.61% Consumer Non Durables 6.71% 0.74% ITC Ltd. 3.65% 0.74% Britannia Industries Ltd. 2.06% Dabur India Ltd. 0.54% Asian Paints Ltd. 0.45% Ferrous Metals 1.08% Tata Steel Ltd. 1.04% Tata Steel Ltd. Partly Paid Shares - Right 0.04% Finance 5.44% Bajaj Finserv Ltd. 2.66% HDFC Ltd. 2.08% Muthoot Finance Ltd. 0.57% ICICI Lombard General Insurance Company Ltd. 0.11% Max Financial Services Ltd. 0.01% Gas 1.77% GAIL (India) Ltd. 1.77% Media & Entertainment 0.58% Zee Entertainment Enterprises Ltd. 0.58% Non - Ferrous Metals 2.11% Hindalco Industries Ltd. 2.11% 1 Year 3 Year 5 Year Company/Issuer Rating % to % to NAV NAV Derivatives Oil 2.28% 0.69% Oil & Natural Gas Corporation Ltd. 2.28% 0.69% Petroleum Products 4.11% Indian Oil Corporation Ltd. 2.03% Reliance Industries Ltd. 1.78% Bharat Petroleum Corporation Ltd. 0.20% Hindustan Petroleum Corporation Ltd. 0.11% Pharmaceuticals 5.23% Cipla Ltd. 2.22% Sun Pharmaceutical Industries Ltd. 1.51% Biocon Ltd. 0.92% Lupin Ltd. 0.58% Power 7.03% Power Grid Corporation Of India Ltd. 3.27% NTPC Ltd. 3.14% Tata Power Company Ltd. 0.62% Retailing 1.06% Avenue Supermarts Ltd. 1.06% Software 8.48% 0.75% Infosys Ltd. 4.70% Tech Mahindra Ltd. 2.11% HCL Technologies Ltd. 1.66% Wipro Ltd. 0.01% 0.75% Telecom - Services 3.01% Bharti Airtel Ltd. 2.73% Idea Cellular Ltd. 0.28% Transportation 2.74% Interglobe Aviation Ltd. 1.69% Container Corporation Of India Ltd. 1.05% Corporate Securities 0.77% Tata Motors Finance Solutions Pvt. Ltd. CRISIL AA 0.77% Units of Mutual Fund 0.21% ICICI Prudential Nifty 100 iwin ETF 0.21% Short Term Debt and net current assets 3.48% Total Net Assets % Top Ten Holdings Derivatives are considered at exposure value Quantitative Indicators Average P/E : Average P/BV : 5.97 Average Dividend Yield : 1.24 Annual Portfolio Turnover Ratio : Equity times, Others (Debt and Derivatives) times Combined Annual Portfolio Turnover Ratio : 1.04 times Std Dev (Annualised) : 13.10% Sharpe Ratio : 0.30 Portfolio Beta : 0.94 R squared : 0.94 Benchmark Std Dev (Annualised) : 13.59% Portfolio turnover has been computed as the ratio of the lower value of purchase and sales, to the average net assets in the past one year (since inception for schemes that have not completed a year). The figures are not netted for derivative transactions. Risk-free rate based on the last Overnight MIBOR cut-off of 6.05% **In addition to the fund manager managing this fund, the ADR/GDR exposure is managed by Ms. Priyanka Total Expense Ratio is weighted average for the month. Ratio excludes Goods and Service Tax on management fees and includes B-15 clawback reversal, if any. Minimum number of installments for monthly frequency will be 6 and for Quarterly frequency will be 4. w.e.f February 01, * Minimum number of installments for daily, weekly and monthly frequency will be 6 and for Quarterly frequency will be 4. w.e.f February 01, Refer page No. 69 for definition of Flex STP and Value STP. Minimum number of installments for both monthly and quarterly will be 2. w.e.f February 01, *** In case the unit holder has opted for dividend payout option, the minimum amount for dividend payout shall be 100 (net of dividend distribution tax and other statutory levy, if any), else the dividend would be mandatorily reinvested Company/Issuer Rating % to % to NAV NAV Derivatives 8

9 ICICI Prudential Select Large Cap Fund An Open Ended Equity Fund This Product is suitable for investors who are seeking*: Long term wealth creation solution An equity fund that aims to generate capital appreciation by investing in equity or equity related securities of companies forming part of S&P BSE 100 Index *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. Riskometer Style Box Fund Managers **: Mrinal Singh (Managing this fund since Dec, 2015 & Overall 14 years of experience) Mittul Kalawadia (Managing this fund since Jan, 2018 & Overall 10 years of experience) Indicative Horizon : 5 years and above Inception/Allotment date: 28-May-09 Monthly AAUM as on 28-Feb-18 : Rs crores Closing AUM as on 28-Feb-18 : Rs crores NAV (As on 28-Feb-18): IPSLCF Growth Option : IPSLCF Dividend Option : IPSLCF Direct Plan Growth Option : IPSLCF Direct Plan Dividend Option : Options : Growth, Dividend (dividend payout*** and re-investment facility available) Application Amount for fresh Subscription : Rs.5,000 (plus in multiples of Re.1) Min.Addl. : Rs.1,000 (plus in multiples of Re.1) Entry load : Not Applicable Exit load for Redemption / Switch out :- Lumpsum Option Within 1 Year from allotment - 1% of applicable NAV, more than 1 Year - Nil : Monthly Frequency: Rs. 1,000/- and Quarterly Frequency: Rs. 5,000/- and SWP : Rs. 500/- and in multiples of Rs. 1/- STP/ Flex STP/ Value STP * : Daily Frequency: Rs. 250/- and in multiples of Rs. 50/- Weekly, Monthly and Quarterly Frequency: Rs. 1,000/- and in multiples of Rs. 1/- Min.Redemption Amt. : 500/- or all units where amount is below 500/- Dividend History : Refer page no. from 60 to 64 Returns : Refer page no. from 57 to 58 Total Expense : IPSLCF : 2.46% p. a. IPSLCF Direct Plan : 1.67% p. a. Objective : Refer page no. from 65 Returns of ICICI Prudential Select Large Cap Fund - Growth Option as on February 28, (IPSLCF) Particulars 1 Year 3 Year 5 Year Scheme S&P BSE 100 Index (Benchmark) Nifty 50 Index (Additional Benchmark) NAV (Rs.) Per Unit (as on February 28,2018 : 28.88) Notes: 1. Different plans shall have different expense structure. The performance details provided herein are of ICICI Prudential Select Large Cap Fund. 2. The scheme is currently managed by Mrinal Singh and Mittul Kalawadia. Mr. Mrinal Singh has been managing this fund since Dec Total Schemes managed by the Fund Manager is 15 (14 are jointly managed [Excludes FoF Schemes]). Refer annexure from page no. 33 for performance of other schemes currently managed by Mrinal Singh. Mr. Mittul Kalawadia has been managing this fund since Jan Total Schemes managed by the Fund Manager is 15 (15 are jointly managed). Refer annexure from page no. 33 for performance of other schemes currently managed by Mittul Kalawadia. 3. Date of inception: 28-May Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment. 5. Load is not considered for computation of returns. 6. In case, the start/end date of the concerned period is a nonbusiness date (NBD), the NAV of the previous date is considered for computation of returns. The NAV per unit shown in the table is as on the start date of the said period 7. The performance of the scheme is benchmarked to the Total Return variant of the Index Company/Issuer Top Ten Holdings Portfolio as on February 28, 2018 % to NAV Auto 11.49% Mahindra & Mahindra Ltd % Banks 1.81% State Bank Of India 1.81% Construction Project 2.55% Larsen & Toubro Ltd. 2.55% Consumer Non Durables 9.21% ITC Ltd. 9.21% Gas 7.90% GAIL (India) Ltd. 7.90% Petroleum Products 7.55% Indian Oil Corporation Ltd. 7.55% Pharmaceuticals 14.17% Sun Pharmaceutical Industries Ltd % Cipla Ltd. 2.27% Power 14.57% NTPC Ltd. 8.27% Power Grid Corporation Of India Ltd. 6.30% Software 14.93% Infosys Ltd. 9.11% Wipro Ltd. 5.82% Telecom - Services 6.18% Bharti Airtel Ltd. 6.18% Short Term Debt and net current assets 9.64% Total Net Assets % Average P/E : Average P/BV : 3.22 Average Dividend Yield : 1.84 Annual Portfolio Turnover Ratio : Equity times, Others (Debt and Derivatives) times Combined Annual Portfolio Turnover Ratio : 0.50 times Std Dev (Annualised) : 13.49% Sharpe Ratio : 0.05 Portfolio Beta : 0.95 R squared : 0.92 Benchmark Std Dev (Annualised) : 13.64% Note : Default trigger is now set at 50% of the appreciation of NAV. Portfolio turnover has been computed as the ratio of the lower value of purchase and sales, to the average net assets in the past one year (since inception for schemes that have not completed a year). The figures are not netted for derivative transactions. Risk-free rate based on the last Overnight MIBOR cut-off of 6.05% **In addition to the fund manager managing this fund, the ADR/GDR exposure is managed by Ms. Priyanka Total Expense Ratio is weighted average for the month. Ratio excludes Goods and Service Tax on management fees and includes B-15 clawback reversal, if any. Minimum number of installments for monthly frequency will be 6 and for Quarterly frequency will be 4. w.e.f February 01, * Minimum number of installments for daily, weekly and monthly frequency will be 6 and for Quarterly frequency will be 4. w.e.f February 01, Refer page No. 69 for definition of Flex STP and Value STP. Minimum number of installments for both monthly and quarterly will be 2. w.e.f February 01, *** In case the unit holder has opted for dividend payout option, the minimum amount for dividend payout shall be 100 (net of dividend distribution tax and other statutory levy, if any), else the dividend would be mandatorily reinvested

10 ICICI Prudential Top 100 Fund An Open Ended Equity Fund This Product is suitable for investors who are seeking*: Long term wealth creation solution An equity fund that aims to provide long term capital appreciation by predominantly investing in equity and equity related securities. Riskometer *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. Style Box Fund Details Fund Managers** : Sankaran Naren (Managing this fund from Feb 2012, earlier managed from Aug 2009 to Feb 2011 & has Overall 26 Years of experience) Mr Prakash Gaurav Goel (Managing this fund since October, 2017 & Overall 14 years of experience) Indicative Horizon: 5 years and above Inception/Allotment date: 09-Jul-98 Monthly AAUM as on 28-Feb-18 : Rs. 3, crores Closing AUM as on 28-Feb-18 : Rs. 3, crores NAV (As on 28-Feb-18): IPT100F Growth Option : IPT100F Dividend Option : IPT100F Direct Plan Growth Option : IPT100F Direct Plan Dividend Option : Options : Growth, Dividend (dividend payout*** and re-investment facility available) Application Amount for fresh Subscription : Rs.5,000 (plus in multiples of Re.1) Min.Addl. : Rs.1,000 (plus in multiples of Re.1) Entry load : Not Applicable Exit load for Redemption / Switch out :- Lumpsum & / STP / SWP Option Within 1 Year from allotment - 1% of applicable NAV, more than 1 Year - Nil : Monthly Frequency: Rs. 1,000/- and Quarterly Frequency: Rs. 5,000/- and SWP : Rs. 500/- and in multiples of Rs. 1/- STP/ Flex STP/ Value STP * : Daily Frequency: Rs. 250/- and in multiples of Rs. 50/- Weekly, Monthly and Quarterly Frequency: Rs. 1,000/- and in multiples of Rs. 1/- Min.Redemption Amt. : 500/- or all units where amount is below 500/- Dividend History : Refer page no. from 60 to 64 Returns : Refer page no. from 57 to 58 Total Expense : IPT100F : 2.14% p. a. IPT100F Direct Plan : 1.04% p. a. Objective : Refer page no. from 65 Particulars Scheme Nifty 50 Index (Benchmark) NAV (Rs.) Per Unit (as on February 28,2018 : ) Returns of ICICI Prudential Top 100 Fund - Growth Option as on February 28, (IPT100F) Notes: 1. Different plans shall have different expense structure. The performance details provided herein are of ICICI Prudential Top 100 Fund. 2. The scheme is currently managed by Sankaran Naren and Prakash Gaurav Goel. Mr. Sankaran Naren has been managing this fund since Feb Total Schemes managed by the Fund Manager is 34 (34 are jointly managed). Refer annexure from page no. 33 for performance of other schemes currently managed by Sankaran Naren. Mr. Prakash Gaurav Goel has been managing this fund since October Total Schemes managed by the Fund Manager is 7 (7 are jointly managed). Refer annexure from page no. 33 for performance of other schemes currently managed by Prakash Gaurav Goel. 3. Date of inception:09-jul Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment. 5. Load is not considered for computation of returns. 6. In case, the start/end date of the concerned period is a nonbusiness date (NBD), the NAV of the previous date is considered for computation of returns. The NAV per unit shown in the table is as on the start date of the said period 7. The performance of the scheme is benchmarked to the Total Return variant of the Index. As TRI data is not available since inception of the scheme, benchmark performance is calculated using composite of Nifty 50 Index PRI values from 09-Jul-98 to 30-Jun-99 and TRI values since 30-Jun-99. Company/Issuer 1 Year 3 Year 5 Year Portfolio as on February 28, % to NAV Auto 2.57% Tata Motors Ltd. - DVR 2.57% Auto Ancillaries 0.77% Apollo Tyres Ltd. 0.77% Banks 19.07% ICICI Bank Ltd. 4.66% HDFC Bank Ltd. 3.91% The Federal Bank Ltd. 3.04% Axis Bank Ltd. 2.93% State Bank Of India 2.80% Union Bank Of India 1.09% Bank Of Baroda 0.63% Chemicals 3.68% Tata Chemicals Ltd. 3.68% Construction Project 4.39% Larsen & Toubro Ltd. 2.23% Ashoka Buildcon Ltd. 1.27% Engineers India Ltd. 0.88% Consumer Non Durables 9.14% ITC Ltd. 3.56% Britannia Industries Ltd. 1.61% Colgate - Palmolive (India) Ltd. 1.50% Glaxosmithkline Consumer Healthcare Ltd. 1.29% Mcleod Russel India Ltd. 0.78% Asian Paints Ltd. 0.40% Ferrous Metals 2.05% Tata Steel Ltd. 1.99% Tata Steel Ltd. Partly Paid Shares - Right 0.06% Finance 7.95% HDFC Ltd. 2.85% Sundaram Finance Ltd. 1.36% IDFC Ltd. 1.00% Mahindra & Mahindra Financial Services Ltd. 0.94% Max Financial Services Ltd. 0.92% BSE Ltd. 0.72% Sundaram Finance Holdings Ltd. 0.13% Muthoot Finance Ltd. 0.04% Gas 2.28% GAIL (India) Ltd. 2.28% Media & Entertainment 1.22% Zee Entertainment Enterprises Ltd. 1.22% Company/Issuer Quantitative Indicators Average P/E : Average P/BV : 3.90 Average Dividend Yield : 1.59 Annual Portfolio Turnover Ratio : Equity times, Others (Debt and Derivatives) times Combined Annual Portfolio Turnover Ratio : 0.74 times Std Dev (Annualised) : 13.25% Sharpe Ratio : 0.23 Portfolio Beta : 0.89 R squared : 0.83 Benchmark Std Dev (Annualised) : 13.59% Portfolio turnover has been computed as the ratio of the lower value of purchase and sales, to the average net assets in the past one year (since inception for schemes that have not completed a year). The figures are not netted for derivative transactions. Risk-free rate based on the last Overnight MIBOR cut-off of 6.05% **In addition to the fund manager managing this fund, the ADR/GDR exposure is managed by Ms. Priyanka Khandelwal. Industry classification is done as per Global Industry Classification Standard (GICS) by MSCI and Standard & Poor s for Foreign Total Expense Ratio is weighted average for the month. Ratio excludes Goods and Service Tax on management fees and includes B-15 clawback reversal, if any. Disclaimer The Global Industry Classification Standard ( GICS ) was developed by and is the exclusive property and a service mark of MSCI Inc. ( MSCI ) and Standard & Poor s Financial Services LLC ( S&P ) and is licensed for use by ICICI Prudential Asset Management Company Ltd. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. Minimum number of installments for monthly frequency will be 6 and for Quarterly frequency will be 4. w.e.f February 01, * Minimum number of installments for daily, weekly and monthly frequency will be 6 and for Quarterly frequency will be 4. w.e.f February 01, Refer page No. 69 for definition of Flex STP and Value STP. Minimum number of installments for both monthly and quarterly will be 2. w.e.f February 01, *** In case the unit holder has opted for dividend payout option, the minimum amount for dividend payout shall be 100 (net of dividend distribution tax and other statutory levy, if any), else the dividend would be mandatorily reinvested % to NAV Minerals/Mining 1.32% Coal India Ltd. 1.32% Non - Ferrous Metals 3.89% Hindalco Industries Ltd. 2.83% Vedanta Ltd. 1.06% Oil 3.78% Oil & Natural Gas Corporation Ltd. 3.78% Pesticides 0.57% Rallis India Ltd. 0.57% Petroleum Products 1.82% Indian Oil Corporation Ltd. 1.82% Pharmaceuticals 4.84% Sun Pharmaceutical Industries Ltd. 2.47% Cipla Ltd. 1.95% Alembic Pharmaceuticals Ltd. 0.33% Lupin Ltd. 0.09% Power 10.52% NTPC Ltd. 3.98% Power Grid Corporation Of India Ltd. 3.15% CESC Ltd. 1.38% Tata Power Company Ltd. 1.32% NLC India Ltd. 0.59% NHPC Ltd. 0.11% Services 1.72% Thomas Cook (India) Ltd. 1.72% Software 9.23% Infosys Ltd. 4.27% HCL Technologies Ltd. 2.98% Wipro Ltd. 1.19% Tech Mahindra Ltd. 0.79% Telecom - Services 2.53% Bharti Airtel Ltd. 2.53% Transportation 2.31% The Great Eastern Shipping Company Ltd. 1.90% Adani Ports and Special Economic Zone Ltd. 0.23% Gateway Distriparks Ltd. 0.19% Short Term Debt and net current assets 4.34% Total Net Assets % Top Ten Holdings 10

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