iti - cover page - final low · the time to panic in equity market was in jan’18 when the equity...

Your partner for long-term wealth creation

APRIL 2020FUND FACTSHEET

Our Equity Investment Philosophy

SMARGIN

OF SAFETY

QQUALITY OF

THE BUSINESS

LLOW

LEVERAGE

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

Dear Partners/Investors,First of all, let me thank you for the wonderful partnership established over the last one year. We have empanelled almost 10000 partners at PAN India level. We got excellent support and feedback from many of them which has helped us to put our foot in the market place, which was already crowded with more than 40 mutual funds. We are really honoured by your warmth and trust bestowed upon us. At this juncture we want to reassure you with our commitments and they are as follows:

High Level of ethics & Transparency

Offer right product at the right time

Construct best in class portfolios in Debt and Equity at all points of time. Focus on SQL Investment Philosophy enables us to keep up this aspect, S – Margin of Safety, Q – Quality of the business and L – Low Leverage

Excellent Risk Adjusted Performance and focus on long-term wealth creation

Whatever we do will be clearly investor centric

Approachable at any point of time

We did our brand launch on 16th April 2019 and we have just completed one year of operation. We are quite happy to see our branch presence across 25 locations, excellent work force of 163 employees, 10,000 empanelled partners, 7 unique products launched and have garnered reasonable AUM to function as a full-fledged AMC. We see huge white space in the industry and an excellent growth opportunity, when we think about the unique values for which ITI Mutual Fund stands for, because these are becoming rare and scarce these days.

April’20 rally was not restricted to India, but across various markets in the world. A combination of factors helped the markets to rally. Throughout the month market was getting positive news flows on breakthrough for Covid-19 vaccines. In the first week of April, OPEC reached an agreement to cut the production, and that also helped the market to rally. In India, RBI did announce measures to lift the economy, and there was hope too that the Ministry of Finance will announce a stimulus package. Even short-covering helped the market to gain in April.

George Heber JosephCEO & CIO

APRIL 2020 1FUND FACTSHEET

“Waiting helps you as an investor and a lot of people just can’t stand to wait. If you didn’t get the deferred-gratification gene, you’ve got to work very hard to overcome that.” - Charlie Munger

’

‘ At this juncture we want to reassure you with our commitments and they are as follows:







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Our strong belief is that markets will bottom out much earlier than the economy.

Massive liquidity pumped in by all central governments is an important element

When the news flows are very bad, probably the worst might have priced in.

We are moving towards the business cycle bottom, post government reforms, NBFC/Yes Bank crisis and now COVID-19 crisis.

Whenever economy is to improve, the pent-up demand is going to be significant in various sectors, IMF forecast for FY’21-22 suggests the same.

At bottom of the economic cycle, Equity as an asset class provides the best risk adjusted returns and can be the ideal recovery play.

One of the large mutual funds decided to close down 6 debt funds, not much to read into this event. Definitely this is not the time to panic but definitely the time to diligently invest. At present, we need to focus our attention on the removal of lockdown and businesses getting back to normalcy. If we look at the big events in the last 4 years, COVID-19 impact is the biggest one and this too shall pass. Our base case assumption is that in next 6-9 months’ time, the businesses will get back to normalcy, like we saw at the time of demonetisation. Moreover, in the next financial year India GDP will grow in line with the IMF estimates of 7.4% because of the low base effect and significant pent-up demand kicking in. The time to panic in equity market was in Jan’18 when the equity market valuations were super expensive

In Debt, we have been advocating over the last one year, investment in high credit quality and low duration category funds. We think the risk reward is not in favour of investing in credit risk or long duration funds. We believe, over the next one year, the rating downgrades are likely to be higher than rating upgrades. In line with this view, our debt funds are invested in Government securities or TREPs (which are repos backed by Government securities with settlement guaranteed by The Clearing Corporation of India). Our stance remains the same as before and no change as of now.

In ITI Balanced Advantage Fund, we sold off our debt holdings and shifted to equity in March 2020 as equity valuations turned very cheap. The fund moves the equity allocation dynamically from 0% net exposure to 100% net exposure, depending upon the equity market valuation, volatility in the markets and earnings growth prospects. Our valuation framework was also suggesting a complete shift from debt to equity (large cap companies) when 10 Year G-Sec Yield approached 6% & earnings yield was higher than the G-Sec Yield and equity valuations reached 25 year low on trailing price to book value basis. ITI Balanced Advantage Fund and all our equity funds are well positioned to capture the economic recovery which we believe to happen in the coming years.

At ITI Mutual Fund, our view is that the asset markets are in the process of bottoming out (as they often do when the news flows are very bad), though the pace and timing of recovery is uncertain. Our view is that Equity is the best asset class to invest so as to play this recovery cycle and has the potential to generate good long-term returns.

We strongly believe, Government should offer significant package or credit guarantee to SMEs at this juncture, increase government capital expenditure and rural development programmes (so that migrant workers can be employed quickly).


“The big money is not in the buying or the selling, but in the waiting.”-Charlie Munger

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The COVID 2019 pandemic and consequent lock down measures have created dislocations in the economy and thereby impact felt across both equity & debt markets. The lockdown measures have adversely impacted the economic growth and the financial health of large number of businesses and households in the near to medium term. Governments of India and RBI have announced several measures to alleviate the adverse economic impact and both have said more measures will be announced.

Currently, macro liquidity is abundant globally and also in India, but due to the significant uncertainties consequent to COVID and lockdown, ‘Equity Risk Premium’ or the additional spread over risk free rate is high and hence equity valuations are low. Similarly, in debt markets, credit spreads and the yields on corporate debt are high. Thus, both equity markets and corporate debt markets are cheap.

Additional measures by Government and RBI can significantly improve the current tight credit environment. We feel that the consequent upside due to such measures will be equally available in equity markets.

OUR INVESTMENT PHILOSOPHY - SQLBased on mine and Pradeep Gokhale's combined investment learnings of more than 50 years, we have institutionalized very strong and unique investment philosophy SQL, this is core to our fund management framework and approach to our portfolios.

We strongly believe that good quality (Q), low leverage companies (L) and bought with a reasonable good margin of safety (S) makes the investment very attractive and rewarding for our investors.

OUR RISK MANAGEMENT FRAMEWORKOur risk management frame work & our unique investment philosophy are well thought out and institutionalised to generate superior investment performance and creating a smooth investment experience for all our investors. They are framed based on our own investment experience and also imbibed learnings from some of the great investment houses and investment managers globally, which will stand the test of time and keep our investors interest at high standards. We have put risk limits based on fund mandates, market cap segments, sectors and stocks. Equity Market Outlook

One thing is certain: The global economy will take a big hit in 2020. IMF has projected the global economy to contract by 3 percent in 2020. Indian Markets will track global markets as usual and global recovery is important to put the uptrend in order.Market always look ahead. The more relevant question is: How much and what kind of recovery can we expect in 2021? IMF says that the global economy can rebound with a sharp 5.8 percent growth in 2021. This projection is based on the assumption that the pandemic will peak this quarter and then start fading facilitating resumption of economic activity by June.


“The stock market is a device to transfer money from the impatient to the patient.” - Warren Buffett

S

Q

L

Margin of Safety

Quality of the Business

Low Leverage

Safety

Quality of the Business

Liquidity

Investment Philosophy Equity Fixed Income











“ A market downturn doesn’t bother us. It is an opportunity to increase our ownership of great companies with great management at good prices”

- Warren Buffett

If the IMF’s projection comes true, there will be a ‘V’ shaped recovery in markets and a ‘U’ shaped recovery in global economy.

All eyes will also be on the government guidelines pertaining to lockdown. The new guidelines aim at allowing India to exit from lockdown in phases while reopening the economy.

Further market movements will also be impacted by the upcoming announcements of corporate earning numbers for Q4 FY’20 by several blue-chip companies.

The situation is highly dynamic. Investment decisions too must be dynamic. After taking all points into consideration – Valuation, margin of safety, recovery prospects and economic cycle - our view is that all funds need to be positioned for a recovery and this is not the time to have a defensive positioning.

We have learnt from the past that markets will recover much before the economy bottoms out. Therefore, probably markets are in the bottoming out phase or would have already bottomed out by now. Nobody knows where the market bottom is, but currently market valuation is one of the lowest points in history. Therefore, there is more upside risk to markets than downside risk.

Our preference is on all discretionary and recovery sectors like Auto, Auto Ancillaries’, Corporate Banks, Strong NBFCs, Cement, Construction & Building Materials, Consumer Goods, Pharma & Healthcare.

We believe highest return generating segment in the market would be Small Caps, followed by Mid-Caps and then Large-Caps on 1, 3 and 5-years perspective. Post crisis periods in the past, the returns were generated in this manner and we do expect the same to happen this time as well.

Debt Market OutlookWe believe, the kind of impact on economy in next 6 months, can create volatility in fixed income segment. The rating downgrades to upgrades ratio will possibly be skewed towards downgrades. Many credits which are considered good today can get into trouble in the coming quarters. Significant liquidity pumped in by RBI and possible forbearance to SME & Corporate loans can support to some extend but can’t alleviate all issues in one shot.

If there is a rapid escalation of the current crisis, then there might be further loss of economic activity which in turn will adversely impact tax collections and further constrain the cash flows to both central and state governments. Ultra-low global crude oil prices and continued measures by the RBI for dealing with the COVID-19 pandemic are expected to provide some support to the debt market sentiment.

However, continued higher liquidity in the banking system, the possibility of the COVID-19 pandemic subsiding with normal monsoon and availability of long-term repo at policy rates, will keep the short-term curve attractive.

Our preference has been high quality low duration bond investments. We believe switching to low duration funds look better placed in this current situation. We think risk reward is not in favour of credit risk funds or long duration bond funds at this juncture. The domestic debt market sentiment, moving ahead will be determined as to, how the current crisis regarding the coronavirus outbreak across the country pans out.

Market ReviewApril 2020

Equity Market Update

provisional data from government. Further, steel imports fell 13.6%, much of it because of a 22% fall in steel imports from China.

Both U.S. and European markets ended the month in the green, amid optimism that some of the countries which are hit hardest by the coronavirus pandemic are now flattening the infection curve. Optimism over potential treatment of the coronavirus infection also contributed to the upside. Gains were restricted by massive losses in the U.S. oil market due to the unprecedented fall in demand, although subsequent stability brought some relief.

According to data from the National Securities Depository Ltd, foreign portfolio investors (FPIs) were net sellers of domestic stocks worth Rs. 6,883.57 crore compared with net sale of Rs. 61,972.75 crore in Mar 2020.

Net inflows in Equity funds (including ELSS, close-ended and interval schemes) grew 7.04% MoM to Rs. 11,484.87 crore in March 2020.

Indian equity markets staged a smart rebound in April 2020. Key benchmark indices S&P BSE Sensex and Nifty 50 rose 14.42% and 14.68% to close at 33,717.62 and 9,859.90, respectively. Broader indices S&P BSE Mid-Cap and S&P BSE Small-Cap rose 13.66% and 15.54%, respectively.

Pharma and auto sectors led the rally while FMCG, realty and IT underperformed.

On the BSE sectoral front, S&P BSE Healthcare was the top gainer, up 26.21%, followed by S&P BSE Auto and S&P BSE Oil & Gas, which rose 24.23% and 20.41%, respectively.

The oil & gas industry surged as government eased rules for doing business in India. The DGH has also given investment approvals worth nearly $4.8 billion for upstream oil and gas activities in India.

The metal sector rose with media reports stating that India turned out to be net exporter of steel with an increase of 31.4% in Mar 2020, as disclosed in the

3M 6M 1Y

Change in %

S&P BSE SensexNifty 50S&P BSE 200Nifty 500Nifty Mid CapS&P BSE Small Cap

-17.20-17.57-17.87-18.75-25.03-24.31

1MMonth End

ValueIndex

14.4214.6814.7014.5215.3615.54

33717.629859.904140.418012.90

13502.0011101.84

-15.98-16.99-16.92-17.30-19.72-18.12

-13.58-16.03-15.73-17.05-23.08-24.03

3Y

4.051.950.47

-0.82-9.26

-10.25

5Y

4.533.803.863.491.250.29

1M3M6M1Y3Y5Y

-6,884-68,856-22,345-21,92522,80755,012

-7,96631,95430,32188,674

302,611426,008

Net Flows

Domestic Indices Performance

Net Institutional Flows - Equity (in Rs. Crore)

Source: NSE & BSE

Source: SEBI

FII Flows MF Flows

3M 6M 1Y

Change in %

DJIAS&P 500FTSEDAXCACNikkeiHang SengKOSPIShanghaiMSCI EMMSCI India

-13.84-9.71

-19.01-16.33-21.26-12.98

-6.34-8.09-3.91

-12.93-19.66

1MMonth End

ValueIndex

11.0812.68

4.049.324.006.754.41

10.993.999.00

15.51

24345.722912.435901.21

10861.644572.18

20193.6924643.59

1947.562860.08

924.9415.25

-9.98-4.12

-18.59-15.58-20.20-11.92

-8.41-6.52-2.35

-11.23-19.66

-8.45-1.13

-20.40-11.98-18.11

-9.16-17.02-11.62

-7.07-14.30-21.50

3Y

5.156.89

-6.42-4.41-4.601.700.04

-4.05-3.21-1.84-4.01

5Y

6.416.90

-3.24-1.06-1.950.68

-2.61-1.75-8.42-2.46-0.71

Global Indices Performance

Source: Thomson Reuters Eikon

3M 6M 1Y

Change in %

Nifty AutoNifty BankNifty EnergyNifty FMCGNifty India ConsumptionNifty InfrastructureNifty ITNifty MetalNifty CommoditiesNifty PharmaNifty PSENifty Realty

-27.02-30.16-11.35

-6.84-10.93-15.34-12.61-27.60-18.5814.60

-19.05-43.42

1MMonth End

ValueIndex

24.7312.4918.25

4.9410.6216.6310.5417.2816.7729.9710.17

6.72

5901.4021534.5013154.7028669.30

4509.052753.15

14108.351859.902679.959327.102439.30

187.30

-30.16-28.38-20.21-11.29-12.78-17.14

-9.33-25.63-21.8818.39

-29.28-30.37

-29.26-27.59-20.23

-5.48-6.31

-11.37-15.51-39.71-27.27

-0.80-31.35-27.42

3Y

-16.78-1.242.366.573.16

-5.4212.33

-14.45-9.09-2.68

-16.63-9.28

5Y

-6.333.269.557.996.50

-2.685.10

-4.980.42

-5.00-6.50-1.77

Sectoral Performance

Source: NSE

Nifty 50 - P/E

Nifty 50 - P/B

Source: NSE

Source: NSE


16

24

32

Apr-19 Aug-19 Dec-19 Apr-20

2.10

2.70

3.30

3.90

Apr-19 Aug-19 Dec-19 Apr-20

Yiel

d (%

)


Debt Market Update

Market ReviewApril 2020

The Reserve Bank of India (RBI) lowered the reverse repo rate from 4% to 3.75%. The objective of the move is to discourage banks from parking their funds in the reverse repo and instead deploy the surplus funds as loans or investments in the productive sectors of the economy. The key policy repo rate remains unchanged at 4.40% while the marginal standing facility rate and the bank rate remain unchanged at 4.65%.

RBI announced to conduct targeted long-term repo operations (TLTRO 2.0) for an aggregate amount of Rs. 50,000 crores in tranches of appropriate sizes of which at least 50% will be targeted towards mid and small sized non-banking finance companies (NBFCs) and micro finance institutions (MFIs).

RBI decided to provide an asset classification standstill for standard accounts that avail a moratorium between Mar 1, 2020 and May 31, 2020. This implies that the period of classifying a loan as a nonperforming asset gets extended to 180 days from the present 90 days. The central bank also took note of heightened volatility in capital markets and announced Rs. 50,000 crore Special Liquidity Facility for mutual funds.

Liquidity conditions remained favourable during the month under review as the overnight call rate traded in a range from 3.12% to 4.34% compared with that of the previous month when call rates traded in the range of 4.23% to 5.35%.

Data from Reserve Bank of India showed that banks’ net average lending to the central bank through the LAF window surged to Rs. 4.29 lakh crore in Apr 2020 from Rs. 1.87 lakh crore in Mar 2020.

Yields on the 10-year U.S. Treasury bond came down for the fourth consecutive month and fell 7 bps to close at 0.63% compared with the previous month’s close of 0.70%.

Yield on gilt securities fell across the maturities in the range of 2 bps to 88 bps barring 30-year paper which increased 1 bps. The minimum decline was witnessed on 12-year paper and the maximum decline was witnessed on 1-year paper. Yield on corporate bonds fell across the maturities in the range of 8 bps to 58 bps barring 10-year paper which closed steady and 15-year paper which increased 20 bps.

India Yield Curve Shift (Year- on- Year)

1M

3M

6M

1Y

3Y

5Y

16,730

39,248

169,288

384,280

1,032,042

1,582,400

-9795

-9658

107601

358517

1109884

1833842

Net Flows

Net Institutional Flows - Debt (in Rs. Crore)

Source: SEBI, NSDL

FII Flows MF Flows

3M 6M 1Y

Change in BPS

10Y GSEC CMT10Y AAA CMT10Y SPREAD*1Y CD3M CD1Y CP3M CP

-49-59

-9-116

-9020

-30

1MMonth End

ValueIndex

-303

-33-3540

-35

6.117.49

129.144.794.606.905.45

-53-4510

-108-7510-5

-130-117

18-284-280-150-205

3Y

-85-3850

-190-177

-35-130

5Y

-175-9984

-356-368-195-311

Key Domestic Yield Indicators

Source: Thomson Reuters Eikon; *Absolute Change

3M 6M 1Y

Change in %

CPIFOOD & BEVERAGESFUEL & LIGHTHOUSINGCORE CPI

-1.70-6.105.202.501.50

1MMar

2020Index

-0.40-1.601.700.500.28

148.70148.90148.90155.30147.25

2.901.909.703.102.93

8.3010.80

9.206.305.71

3Y

17.8015.8019.8024.2019.16

5Y

28.5025.5030.6036.7030.37

Inflation Indicators

Source: Thomson Reuters Eikon, Bloomberg

3M 6M 1Y

Change in %

US 2Y CMT YIELD (Change in BPS)US 10Y CMT YIELD (Change in BPS)BrentUSD/INRIIPManufacturing PMIService PMI

Trade DeficitNet Oil ImportsNet Non-Oil Trade DeficitNet Gold ImportsTrade Deficit ex Oil & GoldNET of Principal CommoditiesElectronic Goods

-114-89

-74.615.882.40

-27.90-50.10

1MIndex

-4-7

-4.390.102.40

-24.40-43.90

0.190.63

14.8275.76

4.5027.40

5.40

-134-107

-74.916.495.90

-23.20-43.80

-208-188

-79.388.484.30

-24.40-45.60

3Y

-108-166

-70.4517.38

3.30N.A.N.A.

5Y

-39-142

-76.7518.74

1.50N.A.N.A.

182.6992.3490.3524.1066.2549.61

153.3084.6468.6619.6848.98

44.9

-34.78-24.55-10.23

-2.99-7.24-8.41

147.5964.8982.7029.2253.4845.54

97.4647.3750.09

4.6445.4534.69

125.7657.6368.1320.1947.9434.52

140.4095.8444.5717.6626.9129.13

Key Indicators

Source: Thomson Reuters Eikon, Bloomberg

2018 2017 20162019Mar2020

2015 2014

10-Yr Benchmark Gsec Bond

Source: Thomson Reuters Eikon

Source: CCIL

US $ Billion

Change in bps Apr-20 Apr-19

Month EndValue

-300

-200

-100

0

3.60

5.10

6.60

8.10

1 Yr 5 Yr 10 Yr 20 Yr 30 Yr

Yiel

d (%

)

5.7

6.6

7.5

8.4

Apr-17 Apr-18 Apr-19 Apr-20

Multi Cap Fund Ad - A4

47-19

Available on BSE StAR MF, NSE-MFSS, platforms. NSE NMF II and MFU

Portfolio Classification by Net Assets (%)

Cash & Cash equivalents 9.81

Debt --

Equity Derivatives 8.13

Equity 90.19

Net Current Assets 0.72

TREPS instruments 6.25

Term Deposits placed as Margins 2.84

Small Cap 10.09

Mid Cap 18.98

Large Cap 69.25

Portfolio Allocation of other asset class (%) Market Capitalisation (% of allocation)

THIS PRODUCT IS SUITABLEFOR INVESTORS WHO ARE SEEKING^

Face Value per Unit: Rs. 10 unless otherwise specified; Data is as of April 30, 2020 unless otherwise specified.

FUND FACTSHEET APRIL 2020 7

PORTFOLIO

ITI Multi Cap Fund(An open-ended equity scheme investing acrosslarge cap, mid cap, small cap stocks)

CATEGORY OF SCHEME: Multicap Fund

INVESTMENT OBJECTIVEThe investment objective of the Scheme is to generate long-term capital appreciation from a diversified portfolio that predominantly invests in equity and equity-related securities of companies across various market capitalisation. However, there can be no assurance that the investment objective of the Scheme will be realised.

SCHEME DETAILS

FUND MANAGER

Inception Date(Date of Allotment):Benchmark:

15-May-19Nifty 500 TRI

Minimum ApplicationAmount:

Load Structure:Entry Load:

Mr. George Heber Joseph (Since 15-May-19)Total Experience: 17 years

AUM (in Rs. Cr): 109.3197.9131.75%51.08%51

NAV as on April 30, 2020

Regular Plan(in Rs.)9.06699.0669

Growth:Dividend:

Direct Plan(in Rs.)9.25209.2520

AAUM (in Rs. Cr):

NA

% of top 5 holdings:% of top 10 holdings:No. of scrips:

Mr. Pradeep Gokhale (Since 15-May-19)Total Experience: 24 years

Rs. 1,000/- and in multiples of Re. 1/- thereafter

Nil

Exit Load: If units are redeemed/switched out within 12 months - 1%. Nil thereafter

Name of the Instrument % toNAV

% to NAVDerivatives

8.13

0.44

0.640.481.52

0.43

-1.73

Equity & Equity Related TotalAutoMaruti Suzuki India LimitedTVS Motor Company LimitedEicher Motors LimitedEscorts LimitedV.S.T Tillers Tractors LimitedAuto AncillariesMotherson Sumi Systems LimitedExide Industries LimitedJtekt India LimitedSuprajit Engineering LimitedBanksHDFC Bank LimitedICICI Bank LimitedState Bank of IndiaIndian BankCity Union Bank LimitedCementUltraTech Cement LimitedConstructionKNR Constructions LimitedNBCC (India) LimitedMahindra Lifespace Developers LimitedConstruction ProjectLarsen & Toubro LimitedAshoka Buildcon LimitedConsumer DurablesV-Guard Industries LimitedJohnson Controls - Hitachi Air Conditioning India LimitedConsumer Non DurablesITC LimitedMarico LimitedFinanceHousing Development Finance Corporation LimitedBajaj Finserv LimitedICICI Securities LimitedCan Fin Homes LimitedNippon Life India Asset Management LimitedMahindra & Mahindra Financial Services LimitedCholamandalam Investment and Finance Company LimitedEquitas Holdings LimitedGeojit Financial Services LimitedBSE Limited

90.19

3.051.561.110.500.26

1.660.990.990.25

7.346.114.700.530.50

3.00

0.490.490.44

2.560.52

1.410.67

6.661.43

3.283.162.061.581.551.471.301.170.960.65

Name of the Instrument

Industrial Capital GoodsBharat Heavy Electricals LimitedIndustrial ProductsSchaeffler India LimitedMedia & EntertainmentSun TV Network LimitedNon - Ferrous MetalsHindustan Zinc LimitedPetroleum ProductsReliance Industries LimitedHindustan Petroleum Corporation LimitedBharat Petroleum Corporation LimitedMangalore Refinery and Petrochemicals LimitedChennai Petroleum Corporation LimitedPharmaceuticalsLupin LimitedGlaxoSmithKline Pharmaceuticals LimitedNatco Pharma LimitedAlembic Pharmaceuticals LimitedPowerNTPC LimitedServicesThomas Cook (India) LimitedSoftwareInfosys LimitedOracle Financial Services Software LimitedShort Term Debt & Net Current Assets

FUND FEATURES

Top Ten HoldingsDerivatives are considered at Exposure Level and included in Portfolio Aggregates

Long-term capital growthInvestment in equity and equity-related securities of companies across various market capitalization

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

Computed for the 3-yr period ended April 30, 2020. Based on month-end NAV. * Risk free rate: NA (Source: FIMMDA MIBOR)

QUANTITATIVE DATA

PORTFOLIO DETAILS

Total Expense Ratio (TER):

Direct Plan: 0.48%Regular Plan: 2.63%

Including Additional Expenses and Goods and Service Tax on Management Fees

Fund vs Index Overweight / Underweight

April 2020

Fresh, no legacy/no baggage portfolio

Smooth investing experience for the investor

Long term wealth creation focus

Portfolio TurnoverRatio (Last 1 year):

NANANA

RISK RATIO

Standard Deviation:Beta:Sharpe Ratio :*

% toNAV

0.72

0.28

1.38

1.00

3.551.711.521.000.24

4.702.011.790.96

0.55

0.35

2.801.239.81

% to NAVDerivatives

2.48

1.90

1.97

Strong expertise in equity research

Differently positioned as a flexi cap within the multicap segment

SQL investment philosophy

When markets are expensive, the fund generally reduces risk and when markets are undervalued fund increases the risk in the portfolio so that risk adjusted return and investor experience becomes smooth and rewarding

NSE 500 ITI Multicap

32.0

7

11.3

2

5.28 5.67

15.3

7

11.4

3

2.89

2.29

0.47 1.97 2.42

2.30

1.36

1.14

0.91

0.52

0.01 2.

35

0.28

39.0

0

12.4

0

10.8

1

9.46

8.44

6.00

4.93

3.00

1.38

1.00

1.00

0.55

0.35

0.00

0.00 0.00

0.00

0.00

0.00

0

10

20

30

40

50

Fina

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Ser

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Oil &

Gas

Auto

mob

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Phar

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Cem

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Med

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actu

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Pape

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Tele

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Text

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% of

Net

Ass

et (%

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87-19

LTEF Ad - A4




Debt --

Equity Derivatives --

Equity 99.10



Term Deposits placed as Margins --

Small Cap 26.02

Mid Cap 19.97

Large Cap 53.11






PORTFOLIO

ITI Long Term Equity Fund(An open ended equity linked saving scheme with a statutory lock-inof 3 years and tax benefit)

CATEGORY OF SCHEME: ELSS Fund

INVESTMENT OBJECTIVETo provide long-term capital appreciation by investing predominantly in equity and equity related securities. However, there is no assurance or guarantee that the investment objective of the Scheme will be achieved. The scheme does not assure or guarantee any returns.

SCHEME DETAILS

FUND MANAGER


18-Oct-19Nifty 500 TRI



Mr. George Heber Joseph (Since 18-Oct-2019)Total Experience: 17 years

AUM (in Rs. Cr): 25.9023.8221.76%34.67%71



Growth:Dividend:


AAUM (in Rs. Cr):

NA

% of top 5 holdings:% of top 10 holdings:No. of scrips:

Mr. Pradeep Gokhale (Since 18-Oct-2019)Total Experience: 24 years

Rs. 500/- and in multiples of Rs. 500/- thereafter

NilExit Load: Nil


% to NAVDerivatives

Equity & Equity Related TotalAutoMaruti Suzuki India LimitedEscorts LimitedTVS Motor Company LimitedAuto AncillariesMotherson Sumi Systems LimitedJtekt India LimitedAmara Raja Batteries LimitedBanksICICI Bank LimitedHDFC Bank LimitedState Bank of IndiaAxis Bank LimitedDCB Bank LimitedIndian BankCementAmbuja Cements LimitedUltraTech Cement LimitedBirla Corporation LimitedCommercial ServicesNesco LimitedConstructionKNR Constructions LimitedBrigade Enterprises LimitedMahindra Lifespace Developers LimitedConstruction ProjectLarsen & Toubro LimitedEngineers India LimitedConsumer DurablesOrient Electric LimitedV-Guard Industries LimitedMayur Uniquoters LimitedBlue Star LimitedJohnson Controls - Hitachi Air Conditioning India LimitedConsumer Non DurablesITC LimitedUnited Spirits LimitedMarico LimitedJubilant Foodworks LimitedAdvanced Enzyme Technologies LimitedFerrous MetalsMishra Dhatu Nigam LimitedRatnamani Metals & Tubes LimitedTata Steel LimitedFinanceHousing Development Finance Corporation LimitedICICI Securities LimitedCan Fin Homes LimitedCholamandalam Investment and Finance Company LimitedMahindra & Mahindra Financial Services LimitedAavas Financiers LimitedEquitas Holdings LimitedICICI Lombard General Insurance Company LimitedCentral Depository Services (India) LimitedNippon Life India Asset Management Limited

99.10

2.921.660.47

1.651.331.28

5.113.373.181.331.061.05

1.480.980.70

0.30

1.130.340.29

2.071.86

1.411.050.830.680.64

4.040.930.720.570.56

0.670.540.46

2.522.232.001.891.821.611.341.000.950.54


Industrial Capital GoodsBharat Heavy Electricals LimitedABB India LimitedIndustrial ProductsSwaraj Engines LimitedMedia & EntertainmentSun TV Network LimitedMinerals/MiningMOIL LimitedNMDC LimitedNon - Ferrous MetalsHindustan Zinc LimitedPesticidesBayer Cropscience LimitedPetroleum ProductsReliance Industries LimitedHindustan Petroleum Corporation LimitedBharat Petroleum Corporation LimitedPharmaceuticalsLupin LimitedNatco Pharma LimitedGlaxoSmithKline Pharmaceuticals LimitedDishman Carbogen Amcis LimitedAlembic Pharmaceuticals LimitedPowerNTPC LimitedTorrent Power LimitedRetailingV-Mart Retail LimitedAditya Birla Fashion and Retail LimitedServicesQuess Corp LimitedSoftwareInfosys LimitedNucleus Software Exports LimitedOracle Financial Services Software LimitedHCL Technologies LimitedTelecom - ServicesBharti Airtel LimitedTextiles - SyntheticGanesha Ecosphere LimitedShort Term Debt & Net Current Assets


Capital appreciation over long termInvestment in equity and equity related securities



QUANTITATIVE DATA

PORTFOLIO DETAILS




April 2020


NANANA

RISK RATIO


% toNAV

0.750.67

0.63

2.24

1.100.92

1.42

0.95

6.061.461.43

1.861.860.720.650.64

1.290.80

1.030.55

1.28

3.001.451.170.75

1.32

0.540.90

% to NAVDerivatives

Long term wealthcreation potential

Benefits of Investing

Tax benefits up toRs. 46,800 underSection 80C*

3yrs

Investors get an opportunity to invest in equities across market caps and sectors

Lowest lock in period of 3 years among all 80C investments

Strong expertise in equity research

Tax saving through SIP builds discipline

NSE 500ITI Long Term Equity Fund

32.0

7

15.3

7

5.28 11

.32

11.4

3

5.67

2.89

2.42 2.29

0.47 2.

3

1.97

1.36 2.35

0.91

0.28

1.14

0.52

0.01

31.0

0

13.0

1

9.31

8.95

6.37

5.73

5.69

5.11

3.16

2.24

2.09

2.05

1.58

1.32

0.95

0.54

0.00

0.00

0.00

0.00

10.00

20.00

30.00

40.00

Fina

ncial

Ser

vice

s

Cons

umer

Goo

ds

Auto

mob

ile

Oil &

Gas IT

Phar

ma

Cons

truct

ion

Met

als

Cem

ent &

Cem

ent P

rodu

cts

Med

ia &

Ente

rtain

men

t

Powe

r

Indu

stria

lM

anuf

actu

ring

Serv

ices

Tele

com

Fert

iliser

s &Pe

stic

ides

Text

iles

Chem

ical

s

Heal

thca

reSe

rvic

es

Pape

r% of

Net

Ass

et (%

)



Debt --

Equity Derivatives --

Equity 99.85



Term Deposits placed as Margins --

Small Cap 96.86

Mid Cap 2.99

Large Cap --




PORTFOLIO Name of the Instrument % to

NAV% to NAV

DerivativesEquity & Equity Related TotalAutoEscorts LimitedV.S.T Tillers Tractors LimitedAtul Auto LimitedAuto AncillariesJtekt India LimitedMaharashtra Scooters LimitedIgarashi Motors India LimitedJamna Auto Industries LimitedSuprajit Engineering LimitedEndurance Technologies LimitedSubros LimitedBanksIndian BankThe Karnataka Bank LimitedDCB Bank LimitedKarur Vysya Bank LimitedThe South Indian Bank LimitedCementRamco Industries LimitedChemicalsBASF India LimitedRain Industries LimitedPlastiblends India LimitedConstructionSobha LimitedNBCC (India) LimitedKNR Constructions LimitedMahindra Lifespace Developers LimitedAshiana Housing LimitedAhluwalia Contracts (India) LimitedConstruction ProjectEngineers India LimitedAshoka Buildcon LimitedConsumer DurablesLa Opala RG LimitedJohnson Controls - Hitachi Air Conditioning India LimitedBlue Star LimitedHawkins Cookers LimitedVIP Industries LimitedMayur Uniquoters LimitedConsumer Non DurablesKaveri Seed Company LimitedBajaj Consumer Care LimitedDCM Shriram LimitedVST Industries LimitedAvanti Feeds LimitedDFM Foods LimitedFerrous MetalsAPL Apollo Tubes LimitedMishra Dhatu Nigam LimitedRatnamani Metals & Tubes LimitedTata Steel Long Products LimitedJindal Saw LimitedFinanceEquitas Holdings LimitedAavas Financiers LimitedICRA LimitedIndian Energy Exchange LimitedBSE Limited

99.85

3.041.430.63

2.302.241.821.070.930.380.06

2.041.220.580.540.36

0.17

1.631.070.03

1.150.970.600.200.160.12

3.402.10

3.192.681.451.421.331.23

1.741.711.641.340.540.04

1.811.180.610.460.32

3.191.461.301.301.07


Can Fin Homes LimitedGeojit Financial Services LimitedCARE Ratings LimitedCentral Depository Services (India) LimitedCholamandalam Financial Holdings LimitedMuthoot Capital Services LimitedGasAegis Logistics LimitedHealthcare ServicesAster DM Healthcare LimitedHotels, Resorts And Other Recreational ActivitiesWestlife Development LimitedIndustrial Capital GoodsLakshmi Machine Works LimitedTriveni Turbine LimitedIndustrial ProductsFinolex Cables LimitedEsab India LimitedVesuvius India LimitedFinolex Industries LimitedKirloskar Oil Engines LimitedSwaraj Engines LimitedGreaves Cotton LimitedMold-Tek Packaging LimitedMM Forgings LimitedMedia & EntertainmentJagran Prakashan LimitedMinerals/MiningGujarat Mineral Development Corporation LimitedMiscellaneousAcrysil LimitedPesticidesRallis India LimitedPetroleum ProductsChennai Petroleum Corporation LimitedMangalore Refinery and Petrochemicals LimitedGulf Oil Lubricants India LimitedPharmaceuticalsAstraZeneca Pharma India LimitedRetailingV-Mart Retail LimitedServicesMatrimony.Com LimitedThomas Cook (India) LimitedSoftwareTata Elxsi LimitedCyient LimitedNucleus Software Exports LimitedPersistent Systems LimitedTextiles - CottonVardhman Textiles LimitedTextiles - SyntheticGanesha Ecosphere LimitedTransportationBlue Dart Express LimitedShort Term Debt & Net Current Assets

1.071.050.620.450.440.21

0.68

0.67

2.28

1.351.14

2.551.630.960.920.860.440.390.360.06

0.60

0.53

1.81

2.69

1.940.710.62

2.43

1.12

0.950.37

2.101.020.440.37

0.36

0.68

1.730.15

% toNAV

% to NAVDerivatives


April 2020

APRIL 2020 9

ITI Small Cap Fund(An open ended equity scheme predominantly investing in small cap stocks)

INVESTMENT OBJECTIVE

The investment objective of the Scheme is to generate capital appreciation by predominantly investing in equity and equity related securities of small cap companies. However, there can be no assurance that the investment objective of the scheme would be achieved.

SCHEME DETAILS

FUND MANAGER

AUM (in Rs. Cr): 175.93163.2915.51%27.75%87

AAUM (in Rs. Cr):% of top 5 holdings:% of top 10 holdings:No. of scrips:

PORTFOLIO DETAILS

Benchmark:17-Feb-20Nifty Smallcap 100 TRI


Load Structure:


Entry Load: NilExit Load:


Mr. George Heber Joseph (Since 17-Feb-20)Total Experience: 17 yearsMr. Pradeep Gokhale (Since 17-Feb-20)Total Experience: 24 years


NANANA

RISK RATIO



THIS PRODUCT IS SUITABLEFOR INVESTORS WHO ARE SEEKING


CATEGORY OF SCHEME: SMALL CAP FUND


GrowthDividend


Capital appreciation over long term

Investment in a diversified portfolio predominantly consisting of equity and equity related instruments of small cap companies


FUND FACTSHEET


^

Inception Date(Date of Allotment):

If units are redeemed/switched out within 12 months - 1%. Nil thereafter

* Includes TREPs,Marginal Fixed Deposits and Net Current Assets

NSE SC 100ITI Small Cap Fund

NA

QUANTITATIVE DATA


13.5

9 18.1

9

2.57 5.

43

10.4

3

3.76

1.62

1.7

10.9

8

6.75

4.81 6.

73

2.00

1.97 3.43 4.

66

0.00 1.

06

0.31

19.4

3

16.9

0

13.9

0

12.4

7

8.70

5.33

4.91

3.95 3.93

2.73

2.69

2.43

1.04

0.67

0.60

0.17

0.00 0.00

0.00

0.00

10.00

20.00

30.00

Cons

umer

Goo

ds

Fina

ncial

Ser

vice

s

Auto

mob

ile

Indu

stria

l Man

ufac

turin

g

Cons

truct

ion

Serv

ices

Met

als

Oil &

Gas IT

Chem

ical

s

Fert

iliser

s & P

estic

ides

Phar

ma

Text

iles

Heal

thca

re S

ervic

es

Med

ia &

Ente

rtain

men

t

Cem

ent &

Cem

ent

Prod

ucts

Pape

r

Powe

r

Tele

com

% of

Net

Ass

et (%

)

135-19

BAF Ad - A4




Debt --

Net Equity 96.91

Gross Equity 96.91



Term Deposits placed as Margins 7.23

Small Cap --

Mid Cap 10.40

Large Cap 86.51


ITI BAF vs Nifty 50 Index Overweight / Underweight

Nifty 50 Index Trailing P/BV Ratio vs ITI BAF Net Equity Level




PORTFOLIO

ITI Balanced Advantage Fund(An open ended dynamic asset allocation fund)

CATEGORY OF SCHEME: Balanced Advantage

INVESTMENT OBJECTIVEThe investment objective of the Scheme is to seek capital appreciation by investing in equity and equity related securities and fixed income instruments. The allocation between equity instruments and fixed income will be managed dynamically so as to provide investors with long term capital appreciation. However, there can be no assurance that the investment objective of the scheme will be realized.

SCHEME DETAILS

FUND MANAGER


31-Dec-19CRISIL Hybrid 50+50– Moderate Index

Minimum ApplicationAmount:Load Structure:Entry Load:

Mr. George Heber Joseph (Since 31-Dec-19)Total Experience: 17 years

AUM (in Rs. Cr)AAUM (in Rs. Cr)% of Top 5 holdings% of Top 10 holdingsNo. of scrips

207.09189.5435.66%58.98%35



Growth:Dividend:


NA

Mr. Pradeep Gokhale (Since 31-Dec-19)Total Experience: 24 years

Rs.5,000/- and in multiples of Re.1/- thereafter

NilExit Load: 10% of the units allotted may be

redeemed without any exit load, on or before completion of 12 months from the date of allotment of units. Any redemption in excess of such limit in the first 12 months from the date of allotment shall be subject to the following exit load: 1% if redeemed or switched out on or before completion of 12 months from the date of allotment of units; Nil thereafter.


% to NAVDerivatives

19.45

2.90

1.21

2.203.26

0.76

0.70

1.06

Equity & Equity Related TotalAutoTVS Motor Company LimitedMaruti Suzuki India LimitedEicher Motors LimitedAuto AncillariesExide Industries LimitedMotherson Sumi Systems LimitedEndurance Technologies LimitedBanksHDFC Bank LimitedICICI Bank LimitedState Bank of IndiaKotak Mahindra Bank LimitedCementACC LimitedUltraTech Cement LimitedAmbuja Cements LimitedConstruction ProjectLarsen & Toubro LimitedConsumer Non DurablesITC LimitedMarico LimitedFinanceHousing Development Finance Corporation LimitedHDFC Life Insurance Company LimitedBajaj Finserv LimitedBajaj Finance LimitedSundaram Finance LimitedMahindra & Mahindra Financial Services LimitedNippon Life India Asset Management LimitedIndustrial Capital GoodsABB India LimitedMedia & EntertainmentSun TV Network LimitedMinerals/MiningNMDC LimitedCoal India LimitedNon - Ferrous MetalsHindustan Zinc LimitedPetroleum ProductsReliance Industries LimitedHindustan Petroleum Corporation LimitedBharat Petroleum Corporation Limited

77.46

2.422.071.48

1.461.161.01

9.143.563.441.92

1.501.501.46

3.92

4.911.45

5.471.731.551.481.261.071.02

1.46

1.46

1.641.64

0.64

4.911.03


PharmaceuticalsLupin LimitedPowerNTPC LimitedSoftwareInfosys LimitedOracle Financial Services Software Limited

1.78

1.56

4.341.02

2.83

1.04

3.49

Capital appreciation while generating income over medium to long termDynamic Asset allocation between equity, equity related Instruments and fixed income instruments so as to provide with long term capital appreciation


QUANTITATIVE DATA

PORTFOLIO DETAILS




April 2020


% toNAV

% to NAVDerivatives

Name of the Instrument Market ValueRs. Lakhs

Ratings % toNAV

Debt InstrumentsShort Term Debt & Net Current Assets 22.54


:::::

Nifty 50

ITI Balanced Advantage Fund

*

In the benchmark index i.e. CRISIL Hybrid 50+50 – Moderate Index, the proportion of Nifty 50 Index is 50%*

36.1

9

5.00

14.4

8

13.9

2

13.0

8

3.11

2.12 2.62

2.70

2.13

0.00 0.35

0.00 0.56

0.00

0.00 0.55 3.

16

0.00

38.5

6

13.7

1

8.85

7.00

6.36

4.61

4.46

3.92

3.92

2.60

1.46

1.46

0.00

0.00 0.00

0.00

0.00

0.00

0.00

0.00

10.00

20.00

30.00

40.00

50.00

Fina

ncial

Ser

vice

s

Auto

mob

ile IT

Oil &

Gas

Cons

umer

Goo

ds

Phar

ma

Cem

ent &

Cem

ent

Prod

ucts

Met

als

Cons

truct

ion

Powe

r

Indu

stria

l Man

ufac

turin

g

Med

ia &

Ente

rtain

men

t

Chem

ical

s

Fert

iliser

s & P

estic

ides

Heal

thca

re S

ervic

es

Pape

r

Serv

ices

Tele

com

Text

iles

% of

Net

Ass

et (%

)

2.912.73

2.07

2.38

52.81

64.37

96.1796.91

50

60

70

80

90

100

1.75

2.00

2.25

2.50

2.75

3.00

Jan-20 Feb-20 Mar-20 Apr-20

Nifty 50 Index Trailing P/BV Ratio ITI BAF

Arbitrage Fund Ad - A4





PORTFOLIO

ITI Arbitrage Fund(An open ended scheme investing in arbitrage opportunities)

CATEGORY OF SCHEME: Arbitrage Fund

INVESTMENT OBJECTIVEThe investment objective of the Scheme is to generate income by predominantly investing in arbitrage opportunities in the cash and the derivative segments of the equity markets and the arbitrage opportunities available within the derivative segment and by investing the balance in debt and money market instruments. However, there is no assurance that the investment objective of the scheme will be realized.

SCHEME DETAILS

FUND MANAGER


09-Sep-19Nifty 50 Arbitrage Index



Mr. George Heber Joseph (Since 09-Sep-19)Total Experience: 17 years

AUM (in Rs. Cr): 11.3711.06


Regular Plan(in Rs.)

10.301610.3016

Growth:Dividend:

Direct Plan(in Rs.)

10.351310.3513

AAUM (in Rs. Cr):

NA

Mr. Milan Mody (Since 09-Sep-19)Total Experience: 17 years


NilExit Load: If the Units are redeemed/ switched out on or

before 30 days from the date of allotment - 0.25%If the Units are redeemed/switched out after 30 days from the date of allotment - NIL (w.e.f. Nov 1, 2019)


% to NAVDerivatives

-70.28

-4.03

-2.63-1.97-1.86

-6.32-2.03

-1.29

-3.86

-0.31

-3.87

Equity & Equity Related TotalChemicalsPidilite Industries LimitedConsumer Non DurablesMarico LimitedBerger Paints (I) LimitedAsian Paints LimitedFinanceHousing Development Finance Corporation LimitedREC LimitedGasPetronet LNG LimitedNon - Ferrous MetalsVedanta LimitedPaperCentury Textiles & Industries LimitedPetroleum ProductsReliance Industries Limited

70.18

4.03

2.621.971.86

6.322.02

1.28

3.86

0.31

3.87


PharmaceuticalsLupin LimitedCipla LimitedDivi's Laboratories LimitedPowerAdani Power LimitedPower Grid Corporation of India LimitedSoftwareInfosys LimitedWipro LimitedTata Consultancy Services LimitedHCL Technologies LimitedTelecom - ServicesBharti Airtel LimitedShort Term Debt & Net Current Assets

To generate income by predominantly investing in arbitrage opportunitiesInvestments predominantly in arbitrage opportunities in the cash and derivative segments of the equity markets and the arbitrage opportunities available within the derivative segment and by investing the balance in debt and money market instruments



QUANTITATIVE DATA

PORTFOLIO DETAILS




April 2020


NANANA

RISK RATIO


% toNAV

8.743.581.64

1.951.71

8.302.692.212.01

9.2129.82

% to NAVDerivatives

-8.75-3.59-1.65

-1.96-1.72

-8.33-2.69-2.21-1.99

-9.22

Lowest risk product in Equity segment

Fully hedged portfolio Better liquidity

Reasons to Invest

Zero credit risk on Arbitrage investments

Ideal investment option forinvestors with short tomedium term investmenthorizon

Tax efficient returns with low volatility

Alternate option toLiquid Fund andBank FD

Market neutral strategy

Net Current Assets 0.02TREPS instruments 7.82Term Deposits placed as Margins 21.98

Portfolio Allocation of other asset class (%)

Note for ICRA A1 + mfs: Schemes with this rating are considered to have very strong degree of safety regarding timely receipt of payments from the investments that they have made. This rating should however, not be construed as an indication of the performance of the Mutual Fund scheme or of volatility in its returns.

April 2020

APRIL 2020 12

Top Ten Holdings

PORTFOLIO

ITI Overnight Fund(An open ended debt scheme investing in overnight securities)


The investment objective of the Scheme is to provide reasonable returns commensurate with low risk and providing a high level of liquidity, through investments made primarily in overnight securities having maturity of 1 business day. However there can be no assurance or guarantee that the investment objective of the scheme would be achieved.

SCHEME DETAILS

FUND MANAGER

PORTFOLIO DETAILS

Benchmark:25-Oct-19CRISIL Overnight Index


Load Structure:


Entry Load: NilExit Load: Nil


Mr. George Heber Joseph (Since 25-Oct-19)Total Experience: 17 yearsMr. Milan Mody (Since 25-Oct-19)Total Experience: 17 years

AUM (in Rs. Cr): 9.3210.60



AAUM (in Rs. Cr):

Average Maturity:Macaulay Duration:Yield to Maturity:

4.01 Days3.92 Days3.58%


Name of the Instrument Ratings % toNAV

100.16-0.16

100.00

Debt InstrumentsReverse Repo/TREPSThe Clearing Corporation of India Ltd.Net Current AssetsTotal Net Assets

NANA

Market Value(Rs. Lakhs)

933.73-1.49

Portfolio Composition by Asset Class (%) Portfolio Classification by Rating Class (%)

CATEGORY OF SCHEME: Overnight Fund

QUANTITATIVE DATA


1021.93141001.00001001.18431001.18181001.17761022.0100

GrowthDaily DividendWeekly DividendFortnightly DividendMonthly DividendAnnual Dividend

Direct Plan(in Rs.)

1022.46161001.00381001.19211001.18941001.18241015.0600

Regular income with low risk and high level of liquidityInvestment in money market and debt instruments with overnight maturity


FUND FACTSHEET


Face Value per Unit: Rs. 1000 unless otherwise specified; CD - Certificate of Deposit; CP - Commercial Papers;Data is as of April 30, 2020 unless otherwise specified.

^


Reverse Repo/TREPS100.16%

Net CurrentAssets -0.16%

Cash & cashequivalent, 100.00%

Record Date

Pursuant to payment of dividend, the NAV of the Dividend Option(s) of the Scheme/Plan(s) falls to the extent of payout and statutory levy, if any. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments. For complete list of dividends, visit www.itimf.com.

Dividend History (Past 3 months)

25-Feb-2025-Feb-2026-Mar-2026-Mar-2027-Apr-2027-Apr-20

Plan(s) Option(s)Regular Plan - Monthly Dividend OptionDirect Plan - Monthly Dividend OptionRegular Plan - Monthly Dividend OptionDirect Plan - Monthly Dividend OptionDirect Plan - Monthly Dividend OptionRegular Plan - Monthly Dividend Option

Individuals/ HUF (Dividend)(Rs per unit)

Others (Dividend)(Rs per unit)

Cum-Dividend NAV(Rs per unit)

2.70092.77312.39762.43942.12042.0562

2.50102.56792.22022.25892.12042.0562

1004.74951004.85121004.32851004.38751003.12141003.0562

ICRARating:

A1+ mfs

Key Benefits of Overnight Funds

Enables investors to earn same day returns since purchase takes place on previous day’s NAV

Same day returns

The fund provides highest liquidity within the fixed income mutual fund product segment with redemption on T+ 1

Highest liquidity

Positioned to deliver consistent and reasonable risk adjusted performance compared to traditional saving instruments

Efficient risk adjustedperformance

Carries effectively least interestrate/mark to market risk & lowest credit default risk

Lowest risk fund

Offers overnight liquidity without any exit load

No lock in period& no exit load

April 2020

Comparatively higher risk adjusted returns vis a vis savings accounts

Disciplined risk management

Low Risk

Hedge in rising interest rate scenario

Daily accrual High liquidity

High credit qualitydebt papers

APRIL 2020 13

FUND FEATURES

Top Ten Holdings

PORTFOLIO

ITI Liquid Fund(An open-ended liquid Scheme)


The investment objective of the Scheme is to provide reasonable returns, commensurate with low risk while providing a high level of liquidity, through a portfolio of money market and debt securities. However, there can be no assurance that the investment objective of the scheme will be realised.

SCHEME DETAILS

FUND MANAGER

PORTFOLIO DETAILS

Benchmark:24-Apr-19CRISIL Liquid Fund Index


Load Structure:


Entry Load: NilExit Load: Investor exit upon

subscriptionUp to Day 1Day 2Day 3Day 4Day 5Day 6Day 7 onwards

Exit Load %0.0070%0.0065%0.0060%0.0055%0.0050%0.0045%0.0000%


Mr. George Heber Joseph (Since 24-Apr-19)Total Experience: 17 yearsMr. Milan Mody (Since 24-Apr-19)Total Experience: 17 years

AUM (in Rs. Cr): 33.6147.55



AAUM (in Rs. Cr):

Average Maturity:Macaulay Duration:Yield to Maturity:

3.96 Days3.88 Days3.52%


Name of the Instrument Ratings % toNAV

98.951.05

100.00

Debt InstrumentsReverse Repo/TREPSThe Clearing Corporation of India Ltd.Net Current AssetsTotal Net Assets

NANA

Market Value(Rs. Lakhs)

3326.0335.29

Portfolio Composition by Asset Class (%) Portfolio Classification by Rating Class (%)

CATEGORY OF SCHEME: Liquid Fund

QUANTITATIVE DATA


1050.19871001.00001001.17361006.91331001.17411051.6234

GrowthDaily DividendWeekly DividendFortnightly DividendMonthly DividendAnnual Dividend

Direct Plan(in Rs.)

1051.37621001.32331001.18391001.19361001.17941051.3890

Income over short term.Investment in money market and debt instruments.


FUND FACTSHEET


Face Value per Unit: Rs. 1000 unless otherwise specified; CD - Certificate of Deposit; CP - Commercial Papers;Data is as of April 30, 2020 unless otherwise specified.

^


Cash & cashequivalent100.00%

ICRARating:

A1+ mfs

Note for ICRA A1 + mfs: Schemes with this rating are considered to have very strong degree of safety regarding timely receipt of payments from the investments that they have made. This rating should however, not be construed as an indication of the performance of the Mutual Fund scheme or of volatility in its returns.

Reasons to InvestDifferentiation with a fresh thinking and no baggage portfolio

Stringent Internal research will prevail over external ratings by credit rating agencies. As per our internal research, only select AAA/A1+ rated papers available in the market would pass muster of our credit criteria as part of SQL philosophy

Ideal Short Term Parking Avenue and also for smart risk efficient asset allocation strategies with the objective of long term wealth creation

SQL Investment Philosophy - Safety, Quality and Liquidity are primary focus to enable smooth investing experience

Debt fund with lowest risk and no legacy

Overnight Liquidity Smooth investing experience for the investor

Net CurrentAssets 1.05%

Reverse Repo/TREPS 98.95%

PerformanceCAGR Returns (%)

Last 7 days Last 15 days Last 30 days Last 1 Year Since inception Last 1 Year Since inception

Simple Annualised Returns (%) Value of Investmentof ₹ 10,000

NAV/IndexValue (as on

April 30, 2020)

Regular Growth

Direct Growth

Benchmark*

Additional Benchmark**

2.39%

2.50%

2.83%

13.94%

2.61%

2.72%

5.12%

22.84%

2.42%

2.53%

5.04%

15.23%

4.90%

5.02%

6.27%

8.40%

5.01%

5.13%

6.37%

8.48%

10,490

10,502

10,627

10,840

10,501

10,513

10,637

10,848

1,050.20

1,051.38

3,299.54

5,903.47

Record Date

Pursuant to payment of dividend, the NAV of the Dividend Option(s) of the Scheme/Plan(s) falls to the extent of payout and statutory levy, if any. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments. For complete list of dividends, visit www.itimf.com.

Past performance may or may not be sustained in future. Different Plans i.e. Regular Plan and Direct Plan under the scheme have different expense structure. Benchmark: CRISIL Liquid Fund Index # Additional Benchmark: CRISIL 1 Year T-Bill Index. Mr. George Heber Joseph and Mr. Milan Mody are jointly managing the scheme since its inception 24th April 2019. Performance details of other scheme(s) managed by the same Fund Managers has not been provided as the scheme has not completed 1 year.

Dividend History (Past 3 months)

25-Feb-2025-Feb-2026-Mar-2026-Mar-2027-Apr-2027-Apr-20

Plan(s) Option(s)

Regular Plan - Monthly Dividend OptionDirect Plan - Monthly Dividend OptionDirect Plan - Monthly Dividend OptionRegular Plan - Monthly Dividend OptionRegular Plan - Monthly Dividend OptionDirect Plan - Monthly Dividend Option

Individuals/ HUF (Dividend)(Rs per unit)

Others (Dividend)(Rs per unit)

Cum-Dividend NAV(Rs per unit)

2.75532.81852.70692.63771.88141.9753

2.55142.61002.50662.44261.88141.9753

1004.82541004.91291004.75791004.66221002.88171002.9753

Glossary

How to read factsheet

Average Maturity: Weighted average maturity of the securities in scheme.

Macaulay Duration (Duration): Macaulay Duration (Duration) measures the price volatility of fixed income securities. It is often used in the comparison of interest rate risk between securities with different coupons and different maturities. It is defined as the weighted average time to cash flows of a bond where the weights are nothing but the present value of the cash flows themselves. It is expressed in years. The duration of a fixed income security is always shorter than its term to maturity, except in the case of zero-coupon securities where they are the same.

Portfolio Yield (Yield To Maturity): Weighted average yield of the securities in a scheme portfolio.

Total Expense Ratio (TER): Total expenses charged to scheme for the month expressed as a percentage to average monthly net assets.

We would like to thank you for your trust in ITI Mutual fund.As part of ITI Mutual Fund's preventive measures on COVID-19 outbreak & advisory issued by Ministry of Health & Family welfare, We encourage you to connect with us on our digital platforms.We request you to submit transactions / requests by using various other modes i.e. AMC website (www.itimf.com) / RTA website http://mfs.kfintech.com/mfs/ /RTA Mobile app / MFU website / MFU mobile application or connect with your financial advisor.If you have any further queries, our phone line is available to assist you between 9:30 a.m. to 6 p.m. from Monday to Friday on 18002669603 (Toll free). Alternatively, you can also e-mail us at [email protected]. We would appreciate your patience while we work on your query and readyto provide satisfactory responses.Thanking you, and assuring you of our best services always.


Portfolio Turnover Ratio: Portfolio Turnover Ratio is the percentage of a fund’s holdings that have changed in a given period. This ratio measures the fund’s trading activity, which is computed by taking the lesser of purchases or sales and dividing it by average monthly net assets.

Tracking Error: Tracking error indicates how closely the portfolio return is tracking the benchmark index return. It measures the deviation between portfolio return and benchmark index return. A lower tracking error indicates portfolio is closely tracking benchmark index and higher tracking error indicates higher deviation of portfolio returns from benchmark index returns.

Risk Free Return: The theoretical rate of return of an investment with safest (zero risk) investment in a country.

Growth and Cumulative option: Growth and Cumulative words are used alternatively.

Fund Manager: An employee of the asset management company such as a mutual fund or life insurer, who manages investments of the scheme. He is usually part of a larger team of fund managers and research analysts.

Application Amount for Fresh Subscription: This is the minimum investment amount for a new investor in a mutual fund scheme.

Minimum Additional Amount: This is the minimum investment amount for an existing investor in a mutual fund scheme.

SIP: SIP or systematic investment plan works on the principle of making periodic investments of a fixed sum. It works similar to a recurring bank deposit. For instance, an investor may opt for a SIP that invests Rs. 500 on every 15th of a month in an equity fund for a period of three years.

NAV: The NAV or the net asset value is the total asset value per unit of the mutual fund after deducting all related and permissible expenses. The NAV is calculated at the end of every business day. It is the value at which an investor enters or exits the mutual fund.

Benchmark: A group of securities, usually a market index, whose performance is used as a standard or benchmark to measure investment performance of mutual funds. Some typical benchmarks include the NIFTY, Sensex, BSE200, NSE500, Crisil Liquid Fund Index and 10-Year Gsec.

Entry Load: A mutual fund may have a sales charge or load at the time of entry and/or exit to compensate the distributor/agent. Entry load is charged when an investor purchases the units of a mutual fund. The entry load is added to the prevailing NAV at the time of investment. For instance, if the NAV is Rs. 100 and the entry load is 1%, the investor will enter the fund at Rs. 101.

(Note: SEBI, vide circular dated June 30, 2009 has abolished entry load and mandated that the upfront commission to distributors will be paid by the investor directly to the distributor, based on his assessment of various factors including the service rendered by the distributor).

Exit Load: Exit load is charged when an investor redeems the units of a mutual fund. The exit load is reduced from the prevailing NAV at the time of redemption. The investor will receive redemption proceeds at net value of NAV less Exit Load. For instance, if the NAV is Rs. 100 and the exit load is 1%, the investor will receive Rs. 99.

Yield to Maturity (YTM): The Yield to Maturity or the YTM is the rate of return when a bond is held until maturity. YTM is expressed as an annual rate. The YTM factors in the bond’s current market price, par value, coupon interest rate and time to maturity.

Modified Duration Modified duration is the price sensitivity and the percentage change in price for a unit change in yield.

Standard Deviation: Standard deviation is a statistical measure of the range of an investment’s performance. When a mutual fund has a high standard deviation, it means its range of performance is wide, implying greater volatility.

Sharpe Ratio: The Sharpe Ratio, named after its founder, the Nobel Laureate William Sharpe, is a measure of risk-adjusted returns. It is calculated using standard deviation and excess return to determine reward per unit of risk.

Beta Ratio (Portfolio Beta): Beta is a measure of an investment’s volatility vis-a-vis the market. Beta of less than 1 means that the security will be less volatile than the market. A beta of greater than 1 implies that the security’s price will be more volatile than the market.

AUM: AUM or assets under management refers to the recent / updated cumulative market value of investments managed by a mutual fund or any investment firm.

Holdings: The holdings or the portfolio is a mutual fund’s latest or updated reported statement of investments/securities. These are usually displayed in terms of percentage to net assets or the rupee value or both. The objective is to give investors an idea of where their money is being invested by the fund manager.

Nature of Scheme: The investment objective and underlying investments determine the nature of the mutual fund scheme. For instance, a mutual fund that aims at generating capital appreciation by investing in stock markets is termed an equity fund or growth fund. Likewise, a mutual fund that aims at capital preservation by investing in debt markets is a debt fund or income fund. Each of these categories may have sub-categories.

Rating Profile: Mutual funds invest in securities after evaluating their creditworthiness as disclosed by the ratings. A depiction of the mutual fund in various investments based on their ratings becomes the rating profile of the fund. Typically, this is a feature of debt funds.

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