BARODA ASSET MANAGEMENT INDIA LIMITED

May 2020

Agenda

• Industry Update

• Shift in Household Savings

• Evolution of MF Industry

• Why Mutual Funds Are Better Investment Solutions

• Introduction to Baroda AMC

• Overview of Investment Process & Team

• Products Suite – Debt & Equity

• Contact Us

• Disclaimer

Industry Update

➢ The Indian asset management industry has become an integral part of the country’s financial

landscape. It plays a key role in enabling wealth creation for individual investors and providing tools

for long term financial security.

➢ Similarly, the Asset Management industry has supported the corporate growth story by deepening

the bond market, enabling access to new sources of funds and improving corporate governance in

the country

➢ Since its inception in 1963, the Indian asset management industry has gone through a transition

from being a UTI monopoly to 44 asset management companies, crossing INR 24 trillion of assets

under management in mutual funds.

➢ India now ranks #17 in the global asset management industry based on assets under management

and has surpassed China in its penetration as a percentage of GDP.

➢ Overall, the Asset Management industry is playing a pivotal role in shaping the society and

providing an impetus to corporate growth in the country.

Behavioral Shift In Household Savings

• The mutual fund industry has played a key role in the Re -Financialization of household savings. The share of

financial savings in overall gross household savings has reached 60% in FY’18 from 52% in FY’14.

• The mutual fund industry has brought small ticket investors into the fold of investing and is also enabling an

increased sense of financial security, with its focus on long term savings.

Source: BCG-AMFI report 2019

The growing popularity of mutual funds among retail investors is also driven by the increasing realization that

investments in MFs can generate higher returns than any other traditional investment.

Evolution Of The MF Industry

➢Since its inception in 1963, the Indian AMC industry has gone through a transition from being

a UTI monopoly to 44 AMCs , crossing Rs. 24 trillion of AUM .

Why Mutual Funds Are Better Investment Solutions?

The popularity of mutual funds has also been driven by the ability of the funds to consistently

generate alpha. This ability to outperform the index has been observed across all categories of funds

— Large, Mid and Small cap.

The below diagram shows the returns that different instruments would have generated over the last

five and ten years. As is evident, the returns from MFs exceed those of traditional investments such

as Savings A/c and Fixed Deposits by 20 - 40% over a 5 year period and by 30 - 80% over a 10 year

period.

Source: BCG-AMFI report 2019

Baroda Asset Management India Limited

• Baroda Asset Management India Limited (“AMC”), investment manager to Baroda Mutual Fund

(“Mutual Fund”), is a wholly owned subsidiary of Bank of Baroda and is positioned to serve the

varied asset management needs of investors in India through a range of equity, debt and money

market offerings. The Mutual Fund has been working to create an operational and servicing platform

well suited to the exacting requirements of our existing and potential investors.

• Baroda Mutual Fund operates out of 40 locations in India and has QAAUM of Rs. 11,793 cr. as on

30th April’20.

• Bank of Baroda is a 110 years old State-owned Bank, offering

banking products and services to Large Industrial, SME,

Retail & Agricultural customers across India and 22 other

countries.

• Post the amalgamation of erstwhile Dena Bank and erstwhile

Vijaya Bank , with Bank of Baroda the amalgamated entity

/ bank has emerged as the 2nd largest bank in India in

terms of branch network and customers and 3rd largest bank

in terms of lending capacity.

• The combined bank has over 131 million customers, 9899

branches, 13,400 ATMs & over 85000 employees** .

Our Sponsor - Bank of Baroda

** Data as on 27th Aug’19

Source : www.bankofbaroda.in

• Bottom-up research driven investment process combined with top down analysis to capture

macro-economic trends

• Intrinsic valuation measures based on proprietary research

• Team of analysts specialised by sector with a strong focus on specific asset classes

• Actively managing portfolios to pursue competitive risk-adjusted returns

Our Investment Principles

• Research Sector

Reviews

• Company Reviews

• Global Perspective

Benchmark

Research

Analysts with 40 yrs of combined industry expertise

Focus on specific asset classes and sectors

• Opportunity

• Stock Research Meeting

• Fundamental analysis Critical assumptions

• Critical assumptions

• Valuation

Portfolio Managers

Experienced Portfolio Managers with over 25 yrs. of industry expertise

Active approach

• Portfolio Objective

• Risk Considerations

• Stock & Sector Limits

• PerformanceAttribution

• Sell Discipline

Risk Management

Portfolio Monitoring

IDEA GENERATION

SEARCHING FOR VALUE

BUILD INVESTMENT CASE

PORTFOLIO CONSTRUCTION

ACTIVE RISK TAKING

Investment Process – Equity

PILLARS OF OUR INVESTMENT PROCESS

Investment Management Team – Equity

Sanjay Chawla – Chief Investment Officer

- Masters in Management Studies - BITS, Pilani.

- Over 30 years of experience in fund management, equity research and Management Consultancy.

- Previous experience - Birla Sun Life AMC as Sr. Fund Manager-Equity - SBI Capital Markets as Head of Research

- Motilal Oswal Securities, IDBI Capital Markets, SMIFS Securities, IIT Invest Trust & Lloyds Securities in the equity research

Dipak Acharya - Fund Manager

- M.Com., AICWA, CAIIB, PGPMS

- Over 15 years of experience in the investment area in the asset management industry

- Previous experience - Bank of Baroda - Treasury & Credit

Pratish Krishnan - Fund Manager & Sr. Analyst

- MMS (Finance)

- Over 15 years of experience in equity research .

- Previous experience – Sell side analyst with Antique Finance, Bank of America Merrill

Lynch.

Analysts Team:

The team has a combined experience of 40 years across various sectors.

Sectors Covered:

Banking, Auto and Auto Ancillaries, IT, Media and Telecom, Cement, Metal and Mining

Risk Management

• Portfolio MonitoringRisk Limits–Regulatory and internal

Fixed Income Research

• Dedicated Credit analyst• Macroeconomic research• Generates investment ideas• Build and review investment cases

Buy Discipline

• Top-down macroeconomic and market analysis

• Bottom-up security selection

Sell Discipline

• Change in fundamentals• More attractive opportunities

Portfolio Managers

Model Portfolio Construction and backtesting

3Credit research based on rigorous in-house methodologies screeninginvestment ideas based on macro /business / financial risk analysis

2Fixed Income investment process driven by bottom- up & top down proprietary research

1

Investment Process - Fixed Income

Credit Research – In Depth Analysis

Alok Sahoo – Head –Fixed Income

- MBA, BE, CFA(AIMR-USA), FRM

- Over 18 years of experience in various investment area in the asset management industry

- Past experience – HSBC AMC , UTI AMC

Karn Kumar – Fund Manager & Sr. Credit Analyst

- Chartered Accoutant

- Over 15 years of experience across credit research , corporate finance

- Previous experience – CRISIL, ICICI Bank, Sterlite Industries

Hetal Shah – Fund Manager

- MBA, JAIIB

- Over 20 years of experience across corporate treasury & fund management

- Previous experience – Bank of India

Investment Management Team – Fixed Income

Products Suite – Debt & Equity

Ove

rNig

ht

Mo

ne

y M

ark

et

Liq

uid

Ult

ra S

ho

rt

Tre

as

ury

Ad

va

nta

ge

Sh

ort

Te

rm B

on

d

Dyn

am

ic B

on

d

Gil

t

Cre

dit

Ris

k

Co

ns

erv

ati

ve

Hyb

rid

Eq

uit

y S

avin

g

Dyn

am

ic E

qu

ity

Hyb

rid

Eq

uit

y

La

rge

Cap

Mu

lti C

ap

EL

SS

Mid

Cap

Ban

kin

g &

Fin

an

cia

l

Ris

k

Return

Income Wealth GenerationPreservation

Baroda Dynamic Equity Fund(An open ended dynamic asset allocation fund)

Baroda Dynamic Equity Fund – Product Features

• An open-ended dynamic asset allocation fund which invests in equity & equity related instruments with the

primary aim to generate capital appreciation & secondary objective to generate income through

investments in debt and money market instruments. It also aims to manage risk through active asset

allocation.

• The asset allocation is based on the Proprietary Model , which uses 10 year back tested data to evaluate

the equity allocation

• The model comprises of multi parameters for deciding the equity allocation

The gross equity exposure will be maintained in

the range of 65% to 100% while the net equity

exposure will be maintained between 30% to

100%.

The difference between gross and net

variation would generally be invested in

arbitrage or in arbitrageequity mutual funds.

The exposure to Debt & Money Market

Instruments including cash and cash equivalents

will be maintained in the range of 0% to 35%.

Baroda Dynamic Equity - Proprietary Model

The Model captures various business aspects - P& L through PE, Balance sheet strength

through PB, cashflow strength from Dividend yield and macro economic factors through G-sec &

Earnings yield and these parameters are compared to their historical 5 Year averages.

The Model uses 10 year back tested data to evaluate the Equity allocation using a multi

parameter strategy and the asset allocation is rebalanced on a monthly basis.

Why Baroda Dynamic Equity Fund?

• The investments are made in equity, arbitrage and debt instruments which provides return upside from

net equity and safety and stability of both return and capital from arbitrage and debt portion.

• The asset allocation is done based on the Proprietary model and is objective in nature without human

intervention. This ensures no emotional bias in asset allocation.

• The portfolio is constructed based on top down as well as bottom up approach using GARP philosophy

(Growth At Reasonable Price)

• The Model is based on trailing / actual financials , so there are no ambiguity or hope stories.

• Experienced fund management and research team in both equity and debt.

This fund is suitable for investors seeking :

• Capital appreciation over medium to long term

• A portfolio with a blend of equity & equity linked securities & debt & money market instruments

while managing risk through active asset allocation

DEF Model* Back Tested: Empirical Evidence

Probability of Outperformance increases over longer investment horizon

Source : Internal Research and Bloomberg

The Daily rolling returns are based on data from 2008-2018. Data as on 25th September, 2018.

The returns are based on back tested values & the above table is for illustration purposes only & not an indicator for future

* DEF Model : Baroda Dynamic Equity Fund Model

Baroda Dynamic Equity Fund – Scheme Details

Source : Factsheet

(Data As on 30/4/20)

Baroda Dynamic Equity Fund - Current Positioning

What’s In

What’s Out *

Nov’19

• The fund’s portfolio consists of an average of 35-45

stocks .

• The fund has maintained a Large cap bias & has

had a limited exposure in Mid cap since inception,

however, this may change based on the market

dynamics.

• A Top-down approach is considered for sector

allocation & bottom-up approach is followed for

stock picking.

Source : Factsheet

(Data As on 30/4/20)

• The fund’s equity allocation is dynamically managed based on the Proprietary Model’s allocation &

is currently 76% in Equities & 24% in Debt. There has been a significant jump in the equity allocation

from the previous month & its at the highest level due to sharp correction in stock prices, which have

made valuations attractive.

• A disciplined portfolio rebalancing is carried out on a monthly basis in order to maintain the asset

allocation mix.

58534440434247

65666659

51485468

76

3434

36343334

34

33333434

3434

33

2824

81320

27242419

2107

1418124

0

20

40

60

80

100

120

Jan-19Feb-19Mar-19Apr-19May-19Jun-19Jul-19Aug-19Sep-19Oct-19Nov-19Dec-19Jan-20Feb-20Mar-20Apr-20

Asset Allocation

Net Equity Debt Arbitage

Source : Factsheet

(Data As on 30/4/20)

Baroda Dynamic Equity Fund – Asset Allocation

Baroda Equity Savings Fund(An open ended scheme investing in Equity,

Arbitrage & Debt instruments)

Baroda Equity Savings Fund – Product Features

This fund is suitable for :

✓Conservative first time equity investors

✓ Investors having an investment horizon of 3 yrs & above

✓ Investors seeking tax efficient returns with moderate equity exposure

✓ Investors seeking potentially higher returns compared to fixed income investments

• An open-ended hybrid fund which primarily invests in both debt & equity securities. The primary

objective of the Scheme is to generate capital appreciation and income by using arbitrage

opportunities, investment in equity / equity related instruments and debt/ money market

instruments.

• The fund’s asset allocation constitutes of three strategies – Net Long Equity (0-50%) , Arbitrage

(15-90%) & in Debt (10-35%) which helps to provide capital appreciation while restricting

portfolio downside.

• The asset allocation is based on the Proprietary Model , which uses 10 year back tested data to

evaluate the Equity allocation using a multi parameter strategy and is rebalanced on a monthly

basis.

Baroda Equity Savings Fund - Proprietary Model

The Model captures various business aspects - P& L through PE, Balance sheet strength through PB, cashflow

strength from Dividend yield and macro economic factors through G-sec & Earnings yield and these

parameters are comparedto their historical5 Year averages.

The Model uses 10 year back tested data to evaluate the Equity allocation using a multi parameter strategy and

the asset allocation is rebalanced on a monthly basis.

The Asset allocation determined by the model is a key determinant for the fund’s Alpha generation

Equity Strategy :

- The fund would invest in Net Equities (0% - 50%) with a long-term approach to delivering

growth following GARP strategy

- The fund will have a portfolio with a Large cap bias

- A Top-down approach will be considered when it comes to sector allocation & bottom-up

approach will be followed for Portfolio construction

Arbitrage Strategy :

- The fund would have Equity exposure to Arbitrage (15% - 90%) so as to beat the equity

volatility & deliver stable returns

- The fund would endeavor to capture the spread between cash equity market & derivatives

market

- Providing Risk free returns with completely hedged arbitrage exposure

Fixed Income Strategy :

- The debt portion (10% - 35% ) would be invested in high credit rated debt instruments

- The fund manager would focus on following an accrual strategy through investments in

medium to long term corporate bonds with optimal liquidity

- The focus would be to generate regular income with low volatility

Baroda Equity Savings Fund - Investment Strategy

The asset allocation pattern may change depending upon the market conditions, market opportunities, economic and political factors.

Baroda Equity Savings Fund – Asset Allocation

Net Long

Equities

(0% - 50%)

Arbitrage

(15% - 90%)

Fixed Income

(10% - 35%)

The asset allocation pattern may change depending upon the market conditions, market opportunities, economic and

political factors. Please refer to the SID of the scheme for investment strategy and risk factors.

A healthy mix of the above three strategies helps providing capital appreciation while restricting portfolio downside

Aims to provide stability &

reduction in volatility

To capture the upside

potential & provide capital

Appreciation

Aims to provide stability &

predictability in returns

thereby providing cushion

during turbulent times

Baroda Equity Savings Fund – Equity Strategy

➢Based on the asset allocation determined by the proprietary model, the equity allocation would be

primarily invested in Large cap companies

➢Stock selection is conducted on a bottom up approach combined with top down analysis to

capture macro-economic trends

➢The model would follow the Matrix approach for Asset Allocation based on different parameters &

would be rebalanced on a monthly basis

➢The unhedged equity exposure is expected to generate capital gains by capitalizing on the pricing

anomalies existing in the market

The fund will aim to generate

better returns than Fixed

Income products

The fund would follow an accrual based strategy

The fund would primarily invest

in 1-3 year money market

instruments

The fund would invest 10% -35% in highly rated* debt & money market

instruments

Baroda Equity Savings Fund – Fixed Income Strategy

* The ratings at the time of investment is considered and it can change depending on the market conditions.

Baroda Equity Savings Fund – Returns Simulation

The above table is an illustration of returns simulation under various scenarios and does not in any manner intend to convey

performance of the scheme. Highlighted cells indicate probable returns scenario and there is no assurance or guarantee that same

will be achieved. This table is for illustration purpose only and the actual allocation can vary depending on the market conditions,

market opportunities, and political and economic factors. The returns shown above are on a gross basis. Baroda AMC / Baroda

Mutual Fund do not guarantee or assure returns on investment in the scheme. Mutual fund and securities investments are subject to

market risks and there is no assurance or guarantee that the objective of the scheme will be achieved. Past performance is no

guarantee of future returns.

How to read the table?

For example : If the Unhedged Equity portion returns is @ 15% & the hedged & Fixed Income

returns is @ 8% , then the total portfolio return is 10.5%

Performance of the Hybrid portfolio strategy across various market returns scenarios

25% 20% 15% 10% 5% 0% -5% -10% -15%

9% 14.6 12.9 11.1 9.4 7.6 5.9 4.1 2.4 0.6

8% 14.0 12.2 10.5 8.7 7.0 5.2 3.5 1.7 0.0

7% 13.3 11.6 9.8 8.1 6.3 4.6 2.8 1.1 -0.7

6% 12.7 10.9 9.2 7.4 5.7 3.9 2.2 0.4 -1.4

5% 12.0 10.3 8.5 6.8 5.0 3.3 1.5 -0.3 -2.0

Assumed Hedged + Fixed

Income Returns (65%

exposure)

Assumed Unhedged Equity Portion (35% exposure)

Baroda Equity Savings Fund – Comparison

The above table is provided for the basic understanding of the various investment avenues available to

an investor. Mutual fund and securities investments are subject to market risks and there is no

assurance or guarantee that the objectives of the scheme will be achieved. Baroda AMC / Baroda

Mutual Fund do not guarantee or assure returns on investment in the scheme. Investors are advised to

consult their investment advisor / tax consultant before investing, for suitability of the product

depending on their risk profile and tax applicability.

Description Fixed Deposits Arbitrage Funds Debt Hybrid Funds Balanced FundsEquity Savings

FundsEquity Funds

Scheme Type Debt Equity Debt Balanced Equity Equity

Equity Allocation Range (incl. equity derivatives) No >=65% <=35% >=50% >=65% >=65%

Cash/Futures Arbitrage strategy No Yes No No Yes No

Volatility None Low Medium High Medium High

Equity Taxation Tax inefficient Yes No Yes Yes Yes

• The Proprietary model has taken Yearly averages of past 10 years & back tested it to evaluate the Equity, Arbitrage

allocation with the debt portion being constant at 35%. (Data period – C/Y 2008 – C/Y 2018)

• The above chart merely seeks to highlight functioning of the model and does not seek to provide any assurance that

the same asset allocation trend will be continued in future. Past performance is no guarantee of future returns.

Source : In house proprietary model

-2.0

-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

0.0

10.0

20.0

30.0

40.0

50.0

60.0

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Eqty Allocation Arbitrage allocation BSE 100 Market Movement

Baroda Equity Savings Fund–Historic Asset Allocation

Baroda Equity Savings Fund – Scheme Details

Source : Factsheet

(Data As on 30/4/20)

Baroda Equity Savings Fund – Asset Allocation

Source : Factsheet

(Data As on 30/4/20)

1.84

24.58 27.04 26.40 21.48 16.44 13.29 17.6530.78 32.03

53.59

46.75 40.01 41.3245.11 50.86 52.04 47.1

37.55 37.55

44.58

28.66 32.93 32.29 33.42 32.7 34.67 35.25 31.67 30.42

0

20

40

60

80

100

120Ju

l-1

9

Au

g-1

9

Sep

-19

Oct

-19

No

v-1

9

Dec

-19

Jan

-20

Feb

-20

Mar

-20

Ap

r-2

0

Asset Allocation

Net Equity Arbitrage Total Debt

The fund’s equity allocation is dynamically managed based on the Proprietary Model’s

allocation & is currently 32% in Equities, 38% in Arbitrage & 30% in Debt. A disciplined

portfolio rebalancing is carried out on a monthly basis in order to maintain the asset

allocation mix.

Source : Factsheet

(Data As on 30/4/20)

Baroda Equity Savings Fund – Current Positioning

• The fund’s portfolio consists of an average of 55-60

stocks .

• The fund has maintained a Large cap bias and is

currently overweight on Financials sector however,

this may change based on market dynamics.

• A Top-down approach is considered for sector

allocation & bottom-up approach is followed for

stock picking.

Baroda ELSS ‘96 Fund(An open ended equity linked saving scheme with a

statutory lock in of 3 years and tax benefit)

Baroda ELSS ‘96 Fund – Product Features

This fund is suitable for investors seeking :

• Capital appreciation over long term

• Investments predominantly in equity & equity related instruments

• Tax benefit under Sec 80C

• An open ended equity linked savings scheme that predominantly invests in diversified stocks

• The primary objective of the fund is to provide the investor long term capital growth as also tax benefit

under Sec 80C of the Income Tax Act, 1961

• The Fund Manager follows a blend of both ‘value’ and ‘growth’ style of investing , across market

capitalization segments

• The fund has a 3 year lock in period that helps the Fund Manager in taking a long term view and

lends stability to the fund’s performance

• The fund offers twin-advantage of Capital Appreciation and Tax Benefits.

• The fund aims to invest in well managed, good quality, fundamentally strong companies with above

average growth prospects

Baroda ELSS‘96 – Scheme Features

Source : Factsheet

(Data As on 30/4/20)

Baroda ELSS‘96 – Current Positioning

Source : Factsheet

(Data As on 30/4/20)

Debt Products

Ove

rNig

ht

Mo

ne

y M

ark

et

Liq

uid

Ult

ra S

ho

rt

Tre

as

ury

Ad

va

nta

ge

Sh

ort

Te

rm B

on

d

Dyn

am

ic B

on

d

Gil

t

Cre

dit

Ris

k

Co

ns

erv

ati

ve

Hyb

rid

Ris

k

Return

Baroda Short Term Bond FundAn open-ended short term debt scheme investing

in instruments such that the Macaulay duration* of

the portfolio is between 1 year and 3 years

* (please refer to pg. 34 of SID)

Baroda Short Term Bond Fund - Product Features

Investment Objective

The objective of the Scheme is to generate income from a portfolio constituted of Short term debt and

money market securities.

The fund is suitable for investors:

▪ Having moderately low risk appetite

▪ Looking to invest their medium term surplus

▪ Seeking income generation by investments in short to medium term fixed income securities

▪ Seeking to capture short term yield movements with the cushion of accrual income

Baroda Short Term Bond Fund – Current Positioning

The fund has maintained a conservative

view & is currently 58% invested across

Cash & AAA papers.

The fund has 35% exposure to AA

category & NIL exposure to A or below

rated instruments thereby generating

better returns without comprising on the

credit risk in the portfolio.

Source : Factsheet

(Data As on 30/4/20)

Baroda Credit Risk Fund(Scheme has one segregated portfolio)

(An open ended debt scheme predominantly investing

in AA and below rated corporate bonds) {excluding AA+ rated corporate bonds}

Baroda Credit Risk Fund* – Product Features

This fund is suitable for investors seeking :

• Income over medium term

• High accrual portfolio strategy over duration

• Diversification in their debt holdings across the credit rating spectrum

• An open ended debt fund which invests predominantly in AA and below rated corporate bonds

excluding AA+ rated corporate bonds

• The fund follows an accrual based strategy with a moderate duration portfolio & maintains a prudent

balance by investing in short to medium tenor corporate bonds

• The fund manager follows a rigorous credit selection process which helps in identification of credits

with rating upgrade potential

• Dedicated Credit Analyst assesses the credit worthiness of the issuers , post rigorous analysis with

a view to spot mispriced credit opportunities

* Earlier known as Baroda Pioneer Credit Opportunities Fund

Baroda Credit Risk Fund – Current Positioning

Source : Factsheet

(Data As on 30/4/20)

Note: Pursuant to downgrade of securities issued by Yes Bank Ltd to below investment grade on 06 Mar, 2020, the AMC has created

the segregated portfolios in the scheme post the approval of trustees, effective March 06, 2020.

Contact Us

Head Office:Baroda Asset Management India Ltd. (CIN : U65991MH1992PLC069414) 501, Titanium, 5th Floor, Western Express

Highway, Goregaon (E), Mumbai - 400063

Phone: 022 68481000 / 42197999, Fax: +91 22 6848 1001

Branch Offices:

Chennai:

HP Complex, Flat No.12, 3rd Floor, Door No.

24/1, 2&3 New No. 14, G N Chetty Road,

TNagar, Chennai - 600017

Phone: 044 – 28343530, Fax: 044 - 28343539

Delhi:

Flat No. 103 & 104, 1st Floor, Prakash Deep Bldg,

7 Tolstoy Marg, New Delhi - 110001

Phone: 011-43514662, Fax: 011-4592117

Lucknow:

G - 101 Ground Floor, SKI High Building,

11/05 Park Road, Hazaratganj, Lucknow-226001

Phone: 0522 - 4314564, Fax: 044 - 28343539

Email: Info@BarodaMF.com | Website: www.Barodamf.com

To access your folio online : Logon to : https://online.barodamf.com/online

Toll Free Number: 1-800-267 0189

(Monday to Saturday between 9am to 6pm on all business days)

(On 2nd & 4th Saturday of the month between 9am to 6pm)

Bangalore:

Raheja Arcade, No. 1/1, Commercial Premises No. 2

46, 2nd Floor, Koramangala Industrial layout,

Hosur Road, Bangalore - 560 095 Phone: +91 9884078407

Disclaimer

In the preparation of the material contained in this document, Baroda Asset Management India Ltd. (“AMC”) has used

information that is publicly available, including information developed in-house. The AMC, however, does not warrant the

accuracy, reasonableness and/or completeness of any information. This document may contain statements/opinions/

recommendations, which contain words, or phrases such as “expect”, “believe” and similar expressions or variations of such

expressions that are “forward looking statements”. Actual results may differ materially from those suggested by the forward

looking statements due to risk or uncertainties associated with our expectations with respect to, but not limited to, exposure to

market risks, general economic and political conditions in India and other countries globally, which have an impact on our

investments, the monetary and interest policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign

exchange rates, equity prices or other rates or prices, etc. The AMC (including its affiliates), Baroda Mutual Fund (“Mutual

Fund”), its sponsor / trustee and any of its officers, directors, personnel and employees, shall not liable for any loss, damage of

any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential, as also any loss of profit in any

way arising from the use of this document in any manner. The recipient alone shall be fully responsible / liable for any decision taken

based on this document. All figures and other data given in this document are dated and may or may not be relevant at a

future date. Prospective investors are therefore advised to consult their own legal, tax and financial advisors to determine

possible tax, legal and other financial implication or consequence of subscribing to the units of the schemes of Baroda

Mutual Fund. Past performance may or may not be sustained in the future. Please refer to the Scheme Information Document

of the schemes before investing for details of the scheme including investment objective, asset allocation pattern, investment

strategy, risk factorsand taxation.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.