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87-131 Big.cdrEquity Market Outlook
O v e r v i e wThe Market Technicals (Data Source : Bloomberg)
Aug-16 Jul-16
P/E ratio- Sensex
P/E ratio- Nifty
Price/Book Value Ratio-Sensex
Price/Book Value Ratio-Nifty
Aug-16Indices Movement Last 1 Yr
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.
1.43%
1.71%
4.35%
4.51%
-1.72%
0.65%
1.11%
-0.84%
-3.46%
5.67%
4.39%
4.51%
4.45%
-4.04%
2.75%
-3.33%
8.25%
10.22%
23.19%
15.38%
-5.81%
13.01%
13.28%
-10.02%
-6.47%
33.49%
23.13%
24.72%
8.54%
22.32%
15.29%
-5.63%
S&P BSE Fast Moving Consumer Goods
S&P BSE Healthcare
S&P BSE Metal
S&P BSE MidCap
S&P BSE PSU
S&P BSE Realty
S&P BSE SmallCap
Data Source: NSE and BSE; As on Aug 31, 2016
Global economy
US Federal Reserve (Fed) said that the case for interest rate hike has strengthened, but refrained from giving a time frame. This was on account of US economy nearing the Fed's statutory goals of maximum employment and price stability. The US economic growth in Q2 2016 was lowered to an annual rate of 1.1% from the earlier forecast of 1.2%.
In order to fight the recession risk after Brexit, the Bank of England (BoE) revised the key interest rate to a record low of 0.25% from 0.5%. The central bank's aggressive measures include expansion of its quantitative easing program to 435 billion (bn) pounds from 375 bn pounds, and a corporate bond-buying plan of up to 10 bn pounds. The bank also slashed GDP growth forecast for 2017 and 2018.
The minutes of European Central Bank's (ECB's) latest meeting stated that the Brexit vote has created headwinds for the region and also hinted at a possibility of further monetary policy action in its September 2016 meeting.
Japan's economic growth rate slowed in Q1 2016. Meanwhile, the country's cabinet approved a 28 trillion yen stimulus package to boost the country's sluggish economy. Bank of Japan said, the central bank will take additional monetary easing measures without hesitation to achieve its inflation target.
China's economic growth is expected to fall below 6% by 2020 according to the forecast by the International Monetary Fund (IMF). The economic think-tank predicted the country's GDP growth would gradually slow down in the coming years due to slower private investment and weak external demand. The IMF said China's policymakers should shift away from their economic growth targets for it to improve the quality of its stimulus.
Source: CRISIL Fixed Income Database
Fundamentals and economics:
Growth
India's gross domestic product (GDP) grew at the slowest pace in last six quarters at 7.1% in the April-June 2016 compared with 7.9% growth in January-March 2016 and 7.5% growth in same period year ago. The manufacturing sector saw growth, but mining sector had contraction. Meanwhile, agriculture sector grew but the construction sector growth was marginal.
Industrial growth, as measured by the Index of Industrial Production (IIP), grew 2.1% year-on-year in June 2016 against 1.1% in the previous month. Not only is it the second consecutive month of positive growth, but also the highest so far this year. The manufacturing sector - the mainstay of IIP with ~75% weightage – grew positively for the second straight month. Growth in manufacturing was driven by the consumer- oriented sectors. On the other hand, industrial and investment-oriented sectors grew negatively in June 2016, displaying continuously weak momentum. Aided by positive growth in the consumer non-durable category – where growth had fallen in the previous seven consecutive months – production of consumer goods improved in June 2016.
Capacity utilization is at its lowest point and we believe that going forward this will improve. Over the next two-three years, this improvement will help bring in the operating leverage for the manufacturing companies.
65
70
75
80
85
90
95
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
* MF data till Aug 30, 2016
Capacity Utilization
2
O v e r v i e wThe Market Equity Market Outlook
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.
Inflation
India's Consumer Price Index (CPI)-based inflation rose for the fourth consecutive month to 6.07% - a 23-month high - in July 2016 compared to 5.77% in June 2016, on the back of rising food inflation and an unfavourable base effect. Core inflation (excluding food, fuel, and petrol and diesel) edged up slightly in household goods and services, clothing and footwear, recreation and personal care and effects. Fuel inflation (including petrol and diesel) declined, on the back of lower oil prices. During this period, rural inflation and urban inflation increased.
Source: Mospi.Nic.in, CCER
Deficit
India's fiscal deficit during the April-July 2016 stood at Rs 3.93 lakh crore
or 74% of the budget estimates for 2016-17. The deficit was 69.3% during
the same period a year ago.
India's current account deficit (CAD) in the January-March 2016 quarter
narrowed to $0.3 billion, or 0.1% of gross domestic product (GDP), from
$7.1 billion, or 1.3% of GDP in the previous quarter. The contraction in
CAD was primarily on account of a lower trade deficit. Net services
receipts declined on-year largely due to fall in exports of transport,
financial services and telecommunication, computer and information
services. Private transfer receipts, mainly representing remittances by
Indians employed overseas, amounted to $15.7 billion, a decline from
their level in the preceding quarter as well as from a year ago. Net foreign
direct investment (FDI) moderated to $8.8 billion in the quarter ended
March 2016 from $9.3 billion in the same quarter last year. And foreign
exchange reserves (on a BoP basis) increased by $3.3 billion in the
quarter ended March 2016.
For fiscal 2015-16 (FY2016), CAD narrowed to 1.1% of GDP in 2015-16
from 1.3% in 2014-15, on the back of contraction in the trade deficit. Net
FDI flows stood at $36 billion, up sharply 15.3% over the level in 2014-15,
while the portfolio investment recorded a net outflow $4.5 billion in 2015-
16 as against a net inflow of $40.9 billion last year.
Despite the fall in July 2016, exports so far this fiscal have seen some
revival compared with last year. Imports, in contrast, have seen a steeper
decline; at 16.3% compared with 11.4% last year.
In July 2016, exports fell reversing the improvement seen in the past
couple of months as non-oil exports looked up. Shrinking global demand,
especially in Asia, has hurt exports. Sectors such as textiles, engineering
goods, plastic goods and chemicals saw a decline, even as exports of
gems and jewellery rose.
Meanwhile, imports saw a broad-based decline. Oil imports fell 28.1%
and non-oil imports 15.8%. Within non-oil imports, gold saw the steepest
fall, at 63.7% compared with 38.5% in June.
Currency
The rupee ended the month marginally stronger, with the exchange rate
settling at Rs 66.96 per dollar on August 31, 2016; as against Rs 67.02 per
dollar on July 29, 2016. Dollar sales by foreign banks and exporters
supported the local currency. The Rajya Sabha's passage of the
Constitutional Amendment Bill for Goods and Services Tax (GST) and the
BoE's announcement of stimulus measures augured well for the rupee.
Weakness in the dollar following the release of some US economic
indicators also aided the domestic unit. However, dollar demand from oil
importers and for making defence related payments erased rupee gains.
Source: CRISIL Fixed Income Database
Source: CCER
Market sentiment
Strong buying by foreign institutional investors (FIIs) continued in August
2016. They bought equities worth Rs 8,863 crore in August 2016 (until
30th of the month) against buying worth Rs 11,339 crore in July 2016.
Mutual funds turned buyers of equities for the first time in three months.
They bought equities worth Rs 1,908 crore (until August 30, 2016) against
selling of Rs 33 crore in July 2016.
Source: SEBI
2002-2016
(6.00)
(4.00)
(2.00)
0.00
2.00
4.00
6.00
8.00
O v e r v i e wThe Market
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.
may also consider infrastructure fund. Since February 2016, we had recommended allocation towards banking fund and we continue to believe that it could generate positive alpha in medium to long term.
Another strategy that investors can employ is to invest lump-sum in ICICI Prudential Equity Income Fund and shift to pure equity funds when market corrects. This would allow investors to participate in equities conservatively at the same time swiftly move to pure equities whenever opportunity arises.
Equity market valuations as displayed by Composite Index shows that the market valuations are in the zone where investors are recommended to invest systematically in equities. Dynamic asset allocation funds could be suitable for lump-sum investment at this point in time.
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)
Equity Valuation
Composite Index
Recommendations
Invest in pure equity funds through systematic investment plan. Volatility may continue to stay in the near term and funds that are structured with an intent to benefit from volatility are recommended for lump-sum investments. For tactical allocation, investors could consider thematic funds with focus on infrastructure and banking.
ICICI Prudential Select Large Cap Fund
ICICI Prudential Top 100 Fund
Aggressive Investments
These funds are positioned aggressively to gain from recovery in the economy and commodity prices.
Moderate-risk Investments
ICICI Prudential Multicap Fund
ICICI Prudential Focused Bluechip Equity Fund These are diversified funds which can
provide long term wealth creation.
Asset Allocation/Balanced Investments
ICICI Prudential Balanced Advantage Fund
The fund aim to benefit from volatility and can be suitable for investors
aiming to participate in equities with lower volatility.
EQUITY RECOMMENDATION
ICICI Prudential Balanced Fund
Market Outlook and Triggers
There is expectation of growth in earnings over the next 2-3 years supported by increase in capacity utilisation. Currently, the capacity utilisation levels are at multi-year lows. As top-line registers growth with increase in demand, we will witness higher capacity utilization, and this in turn will contribute to increase in profitability.
Additionally, benefits of a good monsoon trickling down in the economy is higher after two years of deficient monsoon. Also the government taking active measures on the policy front over the last two years will also seep through and have positive effect for the economy at the micro-level. Hence, we believe the Indian equity market will continue to edge higher over the next two years. Therefore, we believe investors should stay invested for now.
At the same time, investors should be mindful that this upward move may witness volatility. Therefore, investors should invest incrementally through SIP (Systematic Investment Plans) in pure equity funds, with an aim to overcome market volatility. Investors looking for lump-sum investments, we recommend dynamic asset allocation funds. Investor's with higher risk appetite and looking at lump-sum investment in equity
Crude
London Brent crude oil prices (up 10.8%) jumped in August 2016 to close at $47.04 a barrel on August 31, 2016, vis-à-vis $42.46 a barrel on July 29, 2016. Oil prices rose mainly on the back of - a) unexpected dip in gasoline inventories, and b) hopes that major oil producers will take action to stabilize the market at a meeting planned in September 2016.
Brent Crude Oil Price ($ per barrel)
Source: CRISIL Fixed Income Database
The fund aim to benefit from volatility and can be suitable for investors
aiming to participate in equities with lower volatility.
Thematic/Sector Fund
Market Performance
Domestic equity indices sustained the uptrend in August 2016 with benchmarks Nifty 50 and S&P BSE Sensex rising 1.71% and 1.43%, respectively, due to positive domestic and global developments.
On the domestic front, the market rejoiced over the passage of GST Constitutional Amendment Bill in the Rajya Sabha as the government said that it is working on a roadmap to roll out the new tax regime from April 1, 2017. The bill was approved in the Lok Sabha last year. Encouraging earnings from some of the index majors, and buying in the auto and metal segments also boosted sentiment. Strong buying by FIIs supported the local indices.
Further gains were capped due to rise in domestic inflation in July 2016 and disappointing earnings announcements from some index heavyweights.
Majority of the sectoral indices ended higher in August 2016. S&P BSE Metal index put up a splendid performance for the second consecutive month – up nearly 6% as the sector got a boost from the government's favourable measure of imposing anti-dumping duty on cold-rolled flat products. S&P BSE BANKEX index rose 4.5% due to stock-specific developments. S&P BSE Auto index climbed 4.35% on clearance of the GST bill and hopes of rebound in sales. Among the laggards, S&P BSE Realty index fell the most – down 4%. S&P BSE IT lost 3.46% on persisting concerns that the UK's exit from the European Union will hurt businesses of IT majors with operations in Europe.
Source: NSE, BSE
l
4
5
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.
O v e r v i e wThe Market Fixed Income Market Outlook
Average Liquidity Support by RBI
Rs -25,556 cr Includes: LAF, MSF, SLF & Term Repo
Bank Credit Growth
CD
1M
Tenure G-Sec Change AAA
Our Outlook
A sudden downward shift in the credit ratio in the recent period is mainly because of downgrades concentrated in commodity led businesses. Certain pockets of commodity led businesses and financial companies that are heavily invested in these sectors have witnessed credit downgrades. However, upgrades are broad based and spread across different sectors of the economy. Credit profile of many corporates have been improving and we have witnessed upgrades in our portfolios of companies engaged in various sectors. Thus, it reflects that economic recovery cycle is well underway, and that the credit market is gradually improving leaving aside few commodity led businesses.
Source: CRISIL Fixed Income Database
INDICATORS
Tenure 6M 1Y 2Y 3Y 5Y 7Y 10Y 15Y
AAA 0.40% 0.61% 0.42% 0.41% 0.41% 0.38% 0.38% 0.33%
AA+ 0.62% 0.87% 0.64% 0.71% 0.77% 0.71% 0.72% 0.68%
AA 0.87% 1.12% 0.89% 0.98% 1.06% 1.00% 1.20% 1.05%
AA- 1.01% 1.27% 1.14% 1.30% 1.39% 1.36% 1.60% 1.54%
A+ 1.27% 1.51% 1.35% 1.59% 1.68% 1.60% 1.94% 1.88%
A 1.44% 1.68% 1.67% 1.91% 2.02% 1.95% 2.19% 2.13%
A- 1.76% 2.00% 2.06% 2.58% 2.62% 2.62% 2.79% 2.79%
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 – Current Account Deficit, GDP – Gross Domestic Product
Credit Ratio
CRISIL's debt-weighted credit ratio, which reflects trends in credit quality of corporate India, slipped to 0.20 in the second half of 2015-16 from 0.27 in the first half, driven by macroeconomic headwinds. In the second half, despite steady growth in GDP, the Index of Industrial Production indicated a slowdown. This, combined with global factors such as sluggish demand, deceleration in China and depressed commodities adversely impacted credit quality. The credit ratio, which stood at 0.76 in
Inflation
Consumer Price Index (CPI)-based inflation rose for the fourth consecutive month to 6.1% - a 23-month high - in July on the back of rising food inflation and an unfavourable base effect. While food inflation increased to 8.4% (+60 bps), core inflation remained contained at 5.1%. Moreover, categories with inflation higher than 6% accounted for only 23% weight, comprising food items majorly. Therefore, it is expected that the increase in CPI inflation is transitory. A normal monsoon, as forecast by the India Meteorological Department (IMD), and proactive steps taken by the government to manage food supply will rein in food inflation this fiscal. Assuming favourable monsoon with adequate temporal and spatial distribution, lower food inflation is expected to offset higher services inflation. Risks to inflation could emanate from: 1) high protein inflation, which has recorded double-digit growth for 14 consecutive months; 2) service inflation, especially in rural areas, which is keeping core inflation high and sticky; 3) unfavourable temporal and spatial distribution of rainfall in rest of August and September; and, 4) surprise pick-up in oil prices.
Source: Mospi.Nic.in, CRISIL Centre for Economic Research (CCER)
Bank Credit / Deposit Growth
Bank credit growth was steady at 9.8% y-o-y in the fortnight ended August 5 compared with growth reported in the fortnight ended July 8. Non-food bank credit rose to Rs 71.92 lakh crore as on August 5 compared with outstanding credit of Rs 71.89 lakh crore as on July 8. Growth in time deposits rose marginally to 9.4% y-o-y in the fortnight ended August 5 from 9.3% y-o-y in the fortnight ended July 8. Demand deposits witnessed 14.1% y-o-y growth in the fortnight ended August 5 compared with 11.6% y-o-y growth in the fortnight ended July 8. India's M3 money supply growth remained flat at 10.7% y-o-y in the fortnight ended August 5 compared with a year ago. Reserve money rose 14.8% y-o-y in the week ended August 19 compared with 11.0% a year ago.
Source: CRISIL Fixed Income Database
Currency in circulation increased 17.3% y-o-y in the week ended August 19 against 10.1% growth a year ago. The Reserve Bank of India's (RBI's) liquidity window witnessed net lending of Rs 25,556 crore in August (until August 30) vis-à-vis net lending of Rs 8,463 crore in the previous month.
Source: RBI, CRISIL Fixed Income Database
Money Markets
Source: CRISIL Fixed Income Database
Our Outlook
Inter-bank call money rates hovered near the repo rate of 6.50% for most of the month, mainly due to comfortable liquidity conditions in the system and periodic fund infusion by the RBI through repo auctions. However, some pressure was seen on the call rates after the RBI conducted reverse repo auctions at regular intervals to drain away excess funds. Outflows towards purchase of state development bonds also led to marginal tightness in the rates.
Data Source – RBI, Mospi.Nic.in, CRISIL Fixed Income Database
the second half compared with 2.13 in the first half, and anemic debt- weighted credit ratio, are reflective of systemic stress.
Source: CRISIL Fixed Income Database
O v e r v i e wThe Market Fixed Income Market Outlook
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
Government Borrowing
In the Union Budget, the government pegged the gross borrowing for FY17 at Rs 6 lakh crore, largely unchanged from FY16. The net borrowing for FY17 is pegged at Rs 4.25 lakh crore, lower than the FY16 figure of Rs 4.56 lakh crore. The government decided to borrow Rs 3.55 lakh crore, or 59.2% of the total borrowing requirement, in the first half of FY17. Net market borrowings would be Rs 2.48 lakh crore, which is 58% of the net market borrowing of Rs 4.25 lakh crore budgeted for FY17. Auctions of government securities worth Rs 56,000 crore are scheduled for September 2016.
Source: CRISIL Fixed Income Database
Physical assets
Indian gold prices ended slightly lower in August to close at Rs 30,950 per 10 grams on August 31, 2016, compared with Rs 31, 000 per 10 grams on July 29, 2016, on the National Commodity and Derivatives Exchange (NCDEX), due to muted demand from jewelers amid a weak overseas trend.
Source: CRISIL Fixed Income Database
The RBI's policy
The RBI, on August 9, kept the repo rate unchanged at 6.5%. While the central bank believes a good monsoon would curb rising food inflation, it emphasised that sticky core inflation and the implementation of the Seventh Pay Commission's recommendations could pose a challenge. It has retained its March 2017 inflation target of 5% with upside risks.
Source: CRISIL Fixed Income Database
Fixed Income Outlook
Government bond prices or gilts ended higher in the month with the yield on the 10-year benchmark – the 7.59%, 2026 paper – falling to 7.11% on August 31, 2016 compared with 7.16% on July 29, 2016. Bond prices rose sharply in the first half of the month taking positive cues from the RBI's monetary policy announcement. The market cheered the central bank's decision to hold open market bond purchase auctions during the month. The banking regulator added that it would front-load liquidity infusions to ensure smooth redemption of foreign currency deposits. Other factors that boosted bond prices were a) sporadic declines in crude oil prices and US benchmark treasury yields, b) expectations of increased foreign portfolio investor inflows into local debt markets following the Bank of England's interest rate cut and c) hopes of a new 10-year bond issuance.
Bond yields are at a multi-decade low in developed markets and in some
countries it has turned negative, this is a reflection of the weak growth globally. The structural issues of worsening demographics and high levels of debt to Gross Domestic Product (GDP) in most large economies seem to be posing severe headwinds to global growth. While this phase continues, it is unlikely that the regime of very low interest rates will go away. Therefore, we believe that the Reserve bank of India (RBI) will continue accommodative policy stance.
After two years of deficient monsoon, in this year India had monsoon ranging from normal levels to above average levels of monsoon for most of the regions. This has removed the possibility of a run-away food inflation in the coming year.
We believe that yields would continue to come down due to global reasons and comfortable liquidity position at the domestic level. Hence, for investors we would recommend short to medium duration or accrual funds for incremental allocation. Meanwhile, for tax efficiency, investors should stay invested in long duration funds.
Debt Valuation
As our debt valuation index shows, investors can choose moderate duration or dynamic duration funds as they may offer better risk- adjusted returns. Long-term investors in debt are recommended to invest in dynamic bond funds as they have flexibility to change duration stance.
ICICI Prudential Long Term Plan
Aggressive investors with 3 years of investment horizon:
Investors with moderate risk appetite:
ICICI Prudential Dynamic Bond Fund
ICICI Prudential Short Term Plan
ICICI Prudential Regular Savings Fund
ICICI Prudential Corporate Bond Fund
ICICI Prudential Regular Income Fund (Income is not assured and is subject to the availability of distributable surplus.)
These funds are better suited for investors looking for accrual strategy.
These funds with short to medium duration could give better risk- adjusted returns.
This fund can dynamically change duration strategy based on market conditions
Investors seeking to earn from Accrual + Duration:
FIXED INCOME RECOMMENDATION
Our Recommendation
We recommend short to medium term and dynamic duration funds for long term.
Debt Valuation Index considers WPI and CPI over G-Sec Yield, Current Account Balance and Crude Oil Movement for calculation. Equal weights are assigned to each of these parameters for calculating the index.
Debt Valuation Index
Bond Markets
Current Account
India's current account deficit (CAD) in the January-March 2016 quarter narrowed to $0.3 billion, or 0.1% of gross domestic product (GDP), from $7.1 billion, or 1.3% of GDP in the previous quarter. Contraction in CAD was primarily on account of lower trade deficit ($24.8 billion) than in Q4 of last year ($31.6 billion) and $34.0 billion in the preceding quarter. Net services receipts declined on-year largely due to fall in exports of transport, financial services and telecommunication, computer and information services. Private transfer receipts, mainly representing remittances by Indians employed overseas, amounted to $15.7 billion, a decline from their level in the preceding quarter as well as from a year ago. Net foreign direct investment (FDI) moderated to $8.8 billion in the quarter ended March 2016 from $9.3 billion in the same quarter last year. Foreign exchange reserves (on a BoP basis) increased $3.3 billion in the quarter ended March 2016.
For fiscal 2015-16 (FY2016), CAD narrowed to 1.1% of GDP in 2015-16 from 1.3% in 2014-15 on the back of contraction in trade deficit. India's trade deficit narrowed to $130.1 billion in 2015-16 from $144.9 billion in 2014-15. Net FDI flows stood at $36 billion, up sharply 15.3% over the level in 2014-15, while the portfolio investment recorded a net outflow $4.5 billion in 2015-16 as against a net inflow of $40.9 billion last year.
Source: CRISIL Fixed Income Database
7
Index
ICICI Prudential Focused Bluechip Equity Fund IPFBEF Diversified Largecap Equity fund focussed on Top 200 stocks by Market capitalisation 9
ICICI Prudential Select Large Cap Fund IPSLCF Concentrated Large Cap Fund with BSE 100 universe 10
Large & Mid-cap
A large and mid cap equity Fund with high variation in sector allocation ICICI Prudential Top 100 Fund IPT100F compared to benchmark 11
Multi-cap
ICICI Prudential Dynamic Plan IPDP Conservative multi-cap Fund investing in equity and debt. 12
ICICI Prudential Multicap Fund IPMULTIF Diversified equity fund investing in a mix of large, mid and small cap stocks 13
Value Style
ICICI Prudential Dividend Yield Equity Fund IPDYEF Equity Fund which invests in high dividend yield stocks 14
ICICI Prudential Value Discovery Fund IPVDF Diversified Value Style Investing with flexicap approach 15
Mid Cap
ICICI Prudential Midcap Fund IPMIDF Diversified Mid-Cap Oriented Fund 16
Thematic/Sectoral
ICICI Prudential Technology Fund IPTF Technology Sector Oriented Fund 18
ICICI Prudential FMCG Fund IPFF FMCG Sector Oriented Fund 19
ICICI Prudential Banking & Financial Services Fund IPBFSF Banking & Financial Services Sector Oriented Fund 20
ICICI Prudential Exports and Other Services Fund IPEOSF Exports and Services Industry Oriented Thematic Fund 21
Tax Planning
ICICI Prudential Long Term Equity Fund (Tax Saving) IPLTEF(TS) Open Ended Equity Scheme with Tax Saving advantage 22
International
Open ended Fund of Funds Scheme investing in overseas mutual fund schemes ICICI Prudential Global Stable Equity Fund IPGSEF 23 which invest in stable companies globally
ICICI Prudential US Bluechip Equity Fund IPUSBEF International Equity Scheme investing in Companies listed on the US Stock Markets 24
ICICI Prudential Indo Asia Equity Fund IPIAEF Blend of Indian & Asian Equities (through an International Fund) Fund 25
Arbitrage
ICICI Prudential Equity - Arbitrage Fund IPEAF Equity Arbitrage Fund 26
Close Ended Equity Funds
ICICI Prudential Equity Savings Fund Series 1 IPESF1 Close ended RGESS qualifying equity scheme 27
ICICI Prudential Growth Fund - Series 1 IPGF1 Close ended equity scheme 28
ICICI Prudential Growth Fund - Series 2 IPGF2 Close ended equity scheme 29
ICICI Prudential Growth Fund - Series 3 IPGF3 Close ended equity scheme 30
ICICI Prudential Growth Fund - Series 4 IPGF4 Close ended equity scheme 31
ICICI Prudential Growth Fund - Series 5 IPGF5 Close ended equity scheme 32
ICICI Prudential Growth Fund - Series 6 IPGF6 Close ended equity scheme 33
ICICI Prudential Growth Fund - Series 7 IPGF7 Close ended equity scheme 34
ICICI Prudential Growth Fund - Series 8 IPGF8 Close ended equity scheme 35
ICICI Prudential Value Fund - Series 1 IPVF1 Close ended equity scheme 36
ICICI Prudential Value Fund - Series 2 IPVF2 Close ended equity scheme 37
ICICI Prudential Value Fund - Series 3 IPVF3 Close ended equity scheme 38
ICICI Prudential Value Fund - Series 4 IPVF4 Close ended equity scheme 39
ICICI Prudential Value Fund - Series 5 IPVF5 Close ended equity scheme 40
ICICI Prudential Value Fund - Series 6 IPVF6 Close ended equity scheme 41
ICICI Prudential Value Fund - Series 7 IPVF7 Close ended equity scheme 42
ICICI Prudential Value Fund - Series 8 IPVF8 Close ended equity scheme 43
ICICI Prudential India Recovery Fund – Series 1 IPIRF1 Close ended equity scheme 44
ICICI Prudential India Recovery Fund – Series 2 IPIRF2 Close ended equity scheme 45
ICICI Prudential India Recovery Fund - Series 3 IPIRF3 Close ended equity scheme 46
ICICI Prudential India Recovery Fund - Series 4 IPIRF4 Close ended equity scheme 47
ICICI Prudential India Recovery Fund - Series 5 IPIRF5 Close ended equity scheme 48
ICICI Prudential India Recovery Fund - Series 7 IPIRF7 Close ended equity scheme 49
ICICI Prudential Business Cycle Fund - Series 1 IPBCF1 Close ended equity scheme 50
ICICI Prudential Business Cycle Fund - Series 2 IPBCF2 Close ended equity scheme 51
ICICI Prudential Business Cycle Fund - Series 3 IPBCF3 Close ended equity scheme 52
ICICI Prudential R.I.G.H.T (Rewards of investing & generation of IPRIGHT Closed Ended ELSS 53
healthy tax savings) Fund
Balanced
ICICI Prudential Balanced Fund IPBF A balanced Fund with allocation to equity (ranging from 65-80%) and Debt. 54
ICICI Prudential Child Care Plan (Gift Plan) IPCCP(GP) Diversified Long Term Child Benefit Oriented Plan 55
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. 56
Asset Allocation Fund with allocation to equity (range 20% -40%), ICICI Prudential Equity Income Fund IPEIF 57 arbitrage and fixed income.
Index and ETFs
ICICI Prudential Nifty 100 iWIN ETF IPN100ETF Exchange Traded Nifty 100 ETF 58
ICICI Prudential Nifty Index Fund IPNIF Nifty Index Fund 59
ICICI Prudential Nifty iWIN ETF IPNETF Exchange Traded Nifty Fund 60
ICICI Prudential Nifty Next 50 Index Fund IPNN50IF Index Fund 61
ICICI Prudential NV20 iWIN ETF IPNV20ETF An open-ended Index Exchange Traded Fund 62
ICICI Prudential Sensex iWIN ETF IPSETF Exchange Traded Sensex Fund 63
ICICI Prudential Midcap Select iWIN ETF IPMSETF An open-ended Index Exchange Traded Fund 64
Gold Funds & ETFs
ICICI Prudential Gold iWIN ETF IPGETF Gold Exchange Traded Fund 65
ICICI Prudential Regular Gold Savings Fund IPRGSF Open Ended Fund of Funds Scheme investing in Gold ETF 66
MIP
ICICI Prudential MIP 25 (An open ended Income fund. Monthly income is IPMIP25 Hybrid Fund with maximum 30% in Equity 67not assured and is subject to the availability of distributable surplus.)
ICICI Prudential Monthly Income Plan (An open ended income fund.
Monthly income is not assured and is subject to the availability of IPMIP Hybrid Fund with maximum 15% in Equity 68distributable surplus.)
ICICI Prudential Regular Income Fund (An open ended income fund. IPRIF Hybrid Fund with maximum 0 - 5% in Equity 69
Income is not assured and is subject to the availability of distributable surplus.)
Equity Funds
Hybrid Funds
Hybrid Others
ICICI Prudential Child Care Plan (Study Plan) IPCCP(SP) Child Benefit Oriented Plan 70
Liquid
ICICI Prudential Money Market Fund IPMMF Open Ended Money Market Fund 71
Ultra Short Term
ICICI Prudential Savings Fund IPSF Ultra Short Term Income Fund with exposure to Floating rate instruments 72
ICICI Prudential Ultra Short Term Plan IPUSTP Ultra Short Term Income Fund with moderate duration 73
Short Term
ICICI Prudential Blended Plan - Plan B IPBP(B) Debt Oriented Fund 74
ICICI Prudential Dynamic Bond Fund IPDBF Actively Managed Dynamic Bond Fund with 1 - 5 years Modified duration range 75
ICICI Prudential Short Term Plan IPSTP Short Term Income Fund 76
Credit Opportunities
ICICI Prudential Regular Savings Fund IPRSF Retail Debt-Accrual Fund 77
ICICI Prudential Corporate Bond Fund IPCBF Medium Term Income Fund investing in Corporate Bonds 78
Income
ICICI Prudential Income Opportunities Fund IPIOF Long Term Income Fund investing predominantly in higher maturity corporate bonds 79
ICICI Prudential Income Plan IPIP Long Term Income Fund with high duration strategy 80
ICICI Prudential Long Term Plan IPLTP Dynamic Income Fund with 1 to 10 years Modified Duration range 81
Gilt Short Term
ICICI Prudential Gilt Fund Treasury Plan PF Option IPGFTP(PF) Short Term Gilt Fund 82
ICICI Prudential Short Term Gilt Fund IPSTGF Short Term Gilt Fund 83
Gilt Long Term
ICICI Prudential Constant Maturity Gilt Fund IPCMGF Open Ended GIlt Fund with static duration strategy 84
ICICI Prudential Gilt Fund Investment Plan PF Option IPGFIP(PF) Gilt Fund with very high duration strategy 85
ICICI Prudential Long Term Gilt Fund IPLTGF Gilt Fund with high duration strategy 86
ICICI Prudential Advisor Series IPAS Fund of Funds Scheme 87
Annexure for Returns of all the Schemes 88-110
Systematic Investment Plan (SIP) Performance of Select Schemes 111-113
Annexure - I 114
Investment Objective of all the schemes 123-126
Schedule 1: One Liner Definitions 127
Schedule 2: How To Read Factsheet 128-129
Statutory Details & Risk Factors 130
Index Abbreviations
Style Box
Quantitative Indicators
Fund Details
Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment. Date of inception:23-May-08. Performance of dividend option would be Net of Dividend distribution tax, if any. Benchmark is Nifty 50 Index. For computation of since inception returns (%) the allotment NAV has been taken as Rs. 10.00. Load is not considered for computation of returns. 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.
Total Schemes managed by the Fund Manager is 11 (10 are jointly managed). Refer annexure from page no. 88 for performance of schemes currently managed by Mr. Manish Gunwani (fund manager).
• Top Ten Holdings Derivatives are considered at exposure value.
Fund Managers** : Manish Gunwani (Managing this fund from Jan 2012 & Overall 20 years of experience)
Indicative Investment Horizon: 5 years and above
Inception/Allotment date: 23-May-08
Options : Growth & Dividend Application Amount for fresh Subscription : Rs.5,000 (plus in multiples of Re.1)
Min.Addl.Investment : Rs.1,000 (plus in multiples of Re.1)
Exit load for Redemption / Switch out :- Lumpsum & SIP / STP / SWP Option Upto 1 Year from allotment - 1% of appli- cable NAV, more than 1 Year - Nil
SIP : Monthly: Minimum Rs. 500/- plus 6 post dated cheques (w.e.f. 23-Jun-16) for a minimum of Rs. 500/- each (w.e.f. 06-Jun-16); Quarterly: Minimum Rs. 5,000/- plus 3 post dated chequesof Rs. 5,000/- each.
SWP : Rs.500 and in multiples of Re. 1/-
*STP : STP In : Available STP Out : Available
Min.Redemption Amt. : Rs. 500 and in multiples of Re. 1/-
9
Average P/E : 23.13 Average P/BV : 6.39 Average Dividend Yield : 1.21
Portfolio Beta : 0.99 R squared : 0.96
* Daily, Weekly, Monthly and Quarterly Frequency has been introduced in Systematic Transfer Plan Facility (STP), Flex Systematic Transfer Plan Facility (Flex STP) and Value Systematic Transfer Plan Facility (Value STP) for both (Source and Target) under IPFBEF and IPFBEF Direct Plans with Growth/Cumulative and Dividend Sub-Options of the Schemes w.e.f. December 07, 2015. 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 6.54% **In addition to the fund manager managing this fund, the ADR/GDR exposure is managed by Mr. Shalya Shah. @@ Total Expense Ratio is weighted average for the month. Ratio excludes service tax on management fees.
Particulars Since inception
Absolute Returns (%) Absolute Returns (%) Absolute Returns (%) Current Value of Investment of Rs. 10000
CAGR (%)
30170.00
16754.61
14.59
6.57
10.00
Style Box Returns of ICICI Prudential Focused Bluechip Equity Fund - Growth Option as on June 30, 2016 - (IPFBEF)
Monthly AAUM as on 31-Aug-16 : Rs. 11647.37 crores
Portfolio as on August 31, 2016
June 30,2015 to June 30,2016
June 30,2014 to June 30,2015
June 30,2013 to June 30,2014
14.72
9.95
25.27
40.31
30.28
18.01
4.07
-0.96
28.99
ICICI Prudential Focused Bluechip Equity Fund An Open Ended Equity Fund
Auto 8.14% 0.46% • Maruti Suzuki India Ltd. 2.89% Maruti Suzuki India Ltd. - Futures 0.46% Tata Motors Ltd. 1.88% Bajaj Auto Ltd. 1.50% Mahindra & Mahindra Ltd. 0.96% Tata Motors Ltd. - DVR 0.91% Auto Ancillaries 1.85% Motherson Sumi Systems Ltd. 1.85% Banks 29.89% • HDFC Bank Ltd. 9.72% • ICICI Bank Ltd. 6.88% • State Bank Of India 3.63% • Axis Bank Ltd. 2.91% IndusInd Bank Ltd. 2.60% Yes Bank Ltd. 2.03% Kotak Mahindra Bank Ltd. 1.62% Punjab National Bank 0.51% Cement 3.02% 0.22% Grasim Industries Ltd. 1.79% Grasim Industries Ltd. - Futures 0.22% ACC Ltd. 1.23% Construction Project 1.87% Larsen & Toubro Ltd. 1.87% Consumer Non Durables 5.95% 0.50% • ITC Ltd. 2.60% Hindustan Unilever Ltd. 1.67% Hindustan Unilever Ltd. - Futures 0.50% Dabur India Ltd. 1.22% Britannia Industries Ltd. 0.39% United Spirits Ltd. 0.05% Glaxosmithkline Consumer Healthcare Ltd. 0.02% Ferrous Metals 0.69% Steel Authority Of India Ltd. 0.69% Finance 5.36% • Bajaj Finserv Ltd. 4.64% Mahindra & Mahindra Financial Services Ltd. 0.53% HDFC Ltd. 0.19% Industrial Capital Goods 0.89% Bharat Heavy Electricals Ltd. 0.89% Industrial Products 1.03% Cummins India Ltd. 1.03% Minerals/Mining 1.64% Coal India Ltd. 1.64%
Petroleum Products 6.16% 0.56% • Reliance Industries Ltd. 3.70% Castrol India Ltd. 0.99% Bharat Petroleum Corporation Ltd. 0.85% Bharat Petroleum Corporation Ltd. - Futures 0.56% Hindustan Petroleum Corporation Ltd. 0.62% Pharmaceuticals 8.53% 0.15% • Cipla Ltd. 3.51% Cipla Ltd. - Futures 0.15% Sun Pharmaceutical Industries Ltd. 1.38% Lupin Ltd. 1.21% Divi's Laboratories Ltd. 0.97% Dr. Reddy's Laboratories Ltd. 0.88% Biocon Ltd. 0.59% Power 4.20% Power Grid Corporation Of India Ltd. 2.34% NTPC Ltd. 1.86% Software 9.90% • Infosys Ltd. 4.95% HCL Technologies Ltd. 2.34% Tech Mahindra Ltd. 1.48% Wipro Ltd. 1.13% Telecom - Services 1.97% Bharti Airtel Ltd. 1.97% Transportation 0.92% Container Corporation Of India Ltd. 0.92% CPs and CDs 0.21% L&T Finance Ltd. CARE A1+ 0.21% Units of Mutual Fund 0.24% ICICI Prudential Nifty 100 iWIN ETF 0.24% Short Term Debt and net current assets 5.66% Total Net Assets 100.00%
NAV (As on 31-Aug-16): IPFBEF Growth Option : 32.31 IPFBEF Dividend Option : 22.38 IPFBEF Direct Plan Growth Option : 33.34 IPFBEF Direct Plan Dividend Option : 29.30
Closing AUM as on 31-Aug-16 : Rs. 11868.11 crores
Benchmark Std Dev (Annualised) : 14.80%
Entry load : Nil
Total Expense Ratio @@ :
Riskometer
• Long term wealth creation solution
• A focused large cap equity fund that aims for growth by investing in companies in the large cap category
This Product is suitable for investors who are seeking*:
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Annual Portfolio Turnover Ratio : Equity - 0.43 times, Others (Debt and Derivatives) - 0.98 times Combined Annual Portfolio Turnover Ratio : 1.41 times
Company/Issuer Rating % to % to NAV NAV Derivatives
Company/Issuer Rating % to % to NAV NAV Derivatives
Scheme
Absolute Returns (%) Absolute Returns (%) Absolute Returns (%) Current Value of Investment of Rs. 10000
CAGR (%)
10.00
Benchmark
Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment. Date of inception: 28-May-09. Performance of dividend option would be Net of Dividend distribution tax, if any. Benchmark is S&P BSE-100 Index. For computation of since inception returns (%) the allotment NAV has been taken as Rs. 10.00. Load is not considered for computation of returns. 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.
Total Schemes managed by Mr. Mrinal Singh is 15 (13 are jointly managed [Excludes FoF Schemes]) and Mr. Vinay Sharma is 8 (6 are jointly managed). Refer annexure from page no. 88 for performance of schemes currently managed by fund managers.
Fund Managers **:
Mrinal Singh (Managing this fund since Dec, 2015 & Overall 14 years of experience) Vinay Sharma (Managing this fund since Apr, 2014 & Overall 11 years of experience)
Indicative Investment Horizon : 5 years and above
Inception/Allotment date: 28-May-09
NAV (As on 31-Aug-16): IPSLCF Growth Option : 25.28 IPSLCF Dividend Option : 18.00 IPSLCF Direct Plan Growth Option : 26.13 IPSLCF Direct Plan Dividend Option : 25.32
Options : Growth, Dividend Application Amount for fresh Subscription : Rs.5,000 (plus in multiples of Re.1)
Min.Addl.Investment : Rs.1,000 (plus in multiples of Re.1)
Exit load for Redemption / Switch out :- Lumpsum Investment Option Within 1 Year from allotment - 1% of applicable NAV, more than 1 Year - Nil
Min.Redemption Amt. : Rs.500 and multiples of Re.1 thereof
Std Dev (Annualised) : 15.94% Sharpe Ratio : 0.93
Average P/E : 25.11 Average P/BV : 7.41 Average Dividend Yield : 1.12
Portfolio Beta : 1.03 R squared : 0.96
* Daily, Weekly, Monthly and Quarterly Frequency has been introduced in Systematic Transfer Plan Facility (STP), Flex Systematic Transfer Plan Facility (Flex STP) and Value Systematic Transfer Plan Facility (Value STP) for both (Source and Target) under IPSLCF and IPSLCF Direct Plans with Growth/Cumulative and Dividend Sub-Options of the Schemes w.e.f. December 07, 2015. 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 6.54% **In addition to the fund manager managing this fund, the ADR/GDR exposure is managed by Mr. Shalya Shah. @@ Total Expense Ratio is weighted average for the month. Ratio excludes service tax on management fees.
• Top Ten Holdings
Monthly AAUM as on 31-Aug-16 : Rs. 682.83 crores
SIP : Monthly: Minimum Rs. 1,000/- plus 5 post dated cheques for a minimum of Rs. 1,000/- each; Quarterly: Minimum Rs. 5,000/- plus 3 post dated cheques of Rs. 5,000/- each.
*STP : STP In : Available STP Out : Available
3.97
-0.40
-0.96
22.68
12.06
9.32
9.95
20.24
40.26
33.44
30.28
14.43
Benchmark Std Dev (Annualised) : 15.11%
10
Style Box Returns of ICICI Prudential Select Large Cap Fund - Growth Option as on June 30, 2016 - (IPSLCF)
ICICI Prudential Select Large Cap Fund An Open Ended Equity Fund
Entry load : Nil
June 30,2014 to June 30,2015
June 30,2013 to June 30,2014
RiskometerThis 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.
SWP : Rs.500 and in multiples of Re. 1/-
Annual Portfolio Turnover Ratio : Equity - 0.85 times, Others (Debt and Derivatives) - 0.23 times Combined Annual Portfolio Turnover Ratio : 1.08 times
Auto 13.35%
Tata Motors Ltd. 5.07%
Cement 13.54%
• Cipla Ltd. 6.10%
Software 13.01%
Total Net Assets 100.00%
Total Expense Ratio @@ :
11
Absolute Returns (%) Absolute Returns (%) Absolute Returns (%) Current Value of Investment of Rs. 10000
CAGR (%)
10.00
Style Box
Total Schemes managed by Mr. Sankaran Naren is 11 (11 are jointly managed) and Mr. Mittul Kalawadia is 8 (8 are jointly managed). Refer annexure from page no. 88 for performance of schemes currently managed by fund managers.
Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment. Date of inception:09-Jul-98. Performance of dividend option would be Net of Dividend distribution tax, if any. Benchmark is Nifty 50 Index. For computation of since inception returns (%) the allotment NAV has been taken as Rs. 10.00. Load is not considered for computation of returns. 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.
Portfolio as on August 31, 2016
Fund Managers** :
Sankaran Naren (Managing this fund from Feb 2012, earlier managed from Aug 2009 to Feb 2011 & has Overall 26 Years of experience) Mittul Kalawadia (Managing this fund since Feb, 2012 & Overall 10 Years of experience)
Inception/Allotment date: 09-Jul-98
Indicative Investment Horizon: 5 years and above
NAV (As on 31-Aug-16): IPT100F Growth Option : 267.44 IPT100F Dividend Option : 17.92 IPT100F Direct Plan Growth Option : 275.15 IPT100F Direct Plan Dividend Option : 22.51
Options : Growth, Dividend
Application Amount for fresh Subscription : Rs.5,000 (plus in multiples of Re.1)
Min.Addl.Investment : Rs.1,000 (plus in multiples of Re.1)
Exit load for Redemption / Switch out :- Lumpsum & SIP / STP / SWP Option Within 1 Year from allotment - 1% of applicable NAV, more than 1 Year - Nil
SIP :
Rs.1000 each
SWP : Minimum of Rs.500 and multiples of Re1/-
*STP : Minimum Amount Rs. 1,000/-; STP In : Available STP Out : Available
Min.Redemption Amt. : Rs.500 & in multiples thereof
Std Dev (Annualised) : 15.24% Sharpe Ratio : 0.99
Average P/E : 18.44 Average P/BV : 4.36 Average Dividend Yield : 1.90
Portfolio Beta : 0.98 R squared : 0.91
* Daily, Weekly, Monthly and Quarterly Frequency has been introduced in Systematic Transfer Plan Facility (STP), Flex Systematic Transfer Plan Facility (Flex STP) and Value Systematic Transfer Plan Facility (Value STP) for both (Source and Target) under IPT100F and IPT100F Direct Plans with Growth/Cumulative and Dividend Sub-Options of the Schemes w.e.f. December 07, 2015. 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 6.54% **In addition to the fund manager managing this fund, the ADR/GDR exposure is managed by Mr. Shalya Shah. Industry classification is done as per Global Industry Classification Standard (GICS) by MSCI and Standard & Poor’s for Foreign Equity @@ Total Expense Ratio is weighted average for the month. Ratio excludes service tax on management fees.
• Top Ten Holdings
Returns of ICICI Prudential Top 100 Fund - Growth Option as on June 30, 2016 - (IPT100F)
245200.00
86236.41
19.47
12.72
June 30,2015 to June 30,2016
June 30,2014 to June 30,2015
June 30,2013 to June 30,2014
5.79
-0.96
231.79
7.42
9.95
215.78
47.67
30.28
146.12
ICICI Prudential Top 100 Fund An Open Ended Equity Fund
Closing AUM as on 31-Aug-16 : Rs. 1457.19 crores
Benchmark Std Dev (Annualised) : 14.80%
Entry load : Nil
• 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.
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Annual Portfolio Turnover Ratio : Equity - 0.99 times, Others (Debt and Derivatives) - 0.32 times Combined Annual Portfolio Turnover Ratio : 1.31 times
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.
Equity Shares 95.14%
Auto Ancillaries 0.98%
Cement 2.34%
Coffee Day Enterprises Pvt. Ltd. 0.44%
Finance 5.11%
Oil India Ltd. 1.81%
Pharmaceuticals 11.46%
Alkem Laboratories Ltd. 1.03%
NTPC Ltd. 1.03%
CESC Ltd. 0.18%
Software 5.92%
Interglobe Aviation Ltd. 1.76%
Foreign Equity 0.59%
IT Services 0.59%
Total Net Assets 100.00%
Dividend History : Refer page no. from 115 to 122
SIP Returns : Refer page no. from 111 to 113
Total Expense Ratio @@ :
Investment Objective : Refer page no. from 123 to 126
Returns of ICICI Prudential Dynamic Plan - Growth Option as on June 30, 2016 - (IPDP)
Particulars Since inception
Portfolio as on August 31, 2016
Quantitative Indicators
Absolute Returns (%) Absolute Returns (%) Absolute Returns (%) Current Value of Investment of Rs. 10000
CAGR (%)
4.50
-0.96
182.8331
8.14
9.95
169.0694
54.48
30.28
109.4477
191065.20
87111.10
24.08
17.15
10.00
Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment. Date of inception:31-Oct-02. Performance of dividend option would be Net of Dividend distribution tax, if any. Benchmark is Nifty 50 Index. For computation of since inception returns (%) the allotment NAV has been taken as Rs. 10.00. Load is not considered for computation of returns. 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.
Total Schemes managed by Mr. Sankaran Naren is 11 (11 are jointly managed) and Mr. Atul Patel is 14 (13 are jointly managed). Refer annexure from page no. 88 for performance of schemes currently managed by fund managers.
• Top Ten Holdings ^ Value Less than 0.01% of NAV.
Std Dev (Annualised) : 14.54% Sharpe Ratio : 1.06
Average P/E : 19.26 Average P/BV : 4.22 Average Dividend Yield : 1.90
Portfolio Beta : 0.92 R squared : 0.88
* Daily, Weekly, Monthly and Quarterly Frequency has been introduced in Systematic Transfer Plan Facility (STP), Flex Systematic Transfer Plan Facility (Flex STP) and Value Systematic Transfer Plan Facility (Value STP) for both (Source and Target) under IPDP and IPDP Direct Plans with Growth/Cumulative and Dividend Sub-Options of the Schemes w.e.f. December 07, 2015. #Moneyback feature (Moneyback is only a feature for regular withdrawal from the scheme and shall not be construed as an assurance or guarantee of returns) has been introduced under the Scheme with effect from January 01, 2016. This feature will allow investors to redeem a fixed sum of money periodically at the prevailing Net Asset Value (NAV) depending on the option chosen by the investor. For more details of this feature, Investors are requested to visit the website of the AMC viz., www.icicipruamc.com. 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 6.54%. **In addition to the fund manager managing this fund, the ADR/GDR exposure is managed by Mr. Shalya Shah. Industry classification is done as per Global Industry Classification Standard (GICS) by MSCI and Standard & Poor’s for Foreign Equity @@ Total Expense Ratio is weighted average for the month. Ratio excludes service tax on management fees. 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.
Fund Managers** :
Sankaran Naren (Managing this fund from Feb 2012, earlier managed from Sep 2006 to Feb 2011 and & has Overall 26 Years of experience) Atul Patel (Managing this fund since Apr, 2016 & Overall 7 years of experience) Indicative Investment Horizon: 5 years and above Inception/Allotment date: 31-Oct-02
NAV (As on 31-Aug-16): IPDP Growth Option : 208.9787 IPDP Dividend Option : 23.4834 IPDP Direct Plan Growth Option : 214.8633 IPDP Direct Plan Dividend Option : 25.3212
Options : Growth & Dividend
Application Amount for fresh Subscription : Rs.5,000 (plus in multiples of Re.1)
Min.Addl.Investment : Rs.1,000 (plus in multiples of Re.1)
Exit load for Redemption / Switch out :- Lumpsum & SIP / STP / SWP Option 20% of units within 1 Year from allotment - Nil More than 20% of units, within 1 Year - 1% of applicable NAV More than 1 Year - Nil
SIP : Monthly: Minimum Rs. 1,000/- plus 5 post dated cheques for a minimum of Rs. 1,000/- each; Quarterly: Minimum Rs. 5,000/- plus 3 post dated cheques of Rs. 5,000/- each.
SWP : Minimum of Rs.500 and multiples of Re1/-
#MoneyBack Feature
Min.Redemption Amt. : Rs.500 & in multiples thereof
Fund Details
Net Equity Level : 84.82%
ICICI Prudential Dynamic Plan An Open Ended Diversified Equity Fund
Closing AUM as on 31-Aug-16 : Rs. 5847.33 crores
Benchmark Std Dev (Annualised) : 14.80%
Entry load : Nil
RiskometerThis Product is suitable for investors who are seeking*:
• Long term wealth creation solution • A diversifed equity fund that aims for growth by investing in equity
and debt (for defensive considerations)
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Annual Portfolio Turnover Ratio : Equity - 1.06 times, Others (Debt and Derivatives) - 1.25 times Combined Annual Portfolio Turnover Ratio : 2.31 times
Dividend History : Refer page no. from 115 to 122
SIP Returns : Refer page no. from 111 to 113
Total Expense Ratio @@ :
Investment Objective : Refer page no. from 123 to 126
Equity Shares 73.72% Auto Ancillaries 0.95% Apollo Tyres Ltd. 0.95% Banks 12.42% • HDFC Bank Ltd. 7.79% • ICICI Bank Ltd. 4.07% The Federal Bank Ltd. 0.35% Karur Vysya Bank Ltd. 0.21% Cement 0.08% Grasim Industries Ltd. 0.08% Chemicals 5.47% • Tata Chemicals Ltd. 4.16% Rain Industries Ltd. 1.17% Gujarat Narmada Valley Fertilizers and Chemicals Ltd. 0.15% Construction 0.20% Texmaco Infrastructure & Holdings Ltd. 0.20% Consumer Non Durables 1.52% Mcleod Russel India Ltd. 1.02% Coffee Day Enterprises Pvt. Ltd. 0.45% United Spirits Ltd. 0.05% Ferrous Metals 0.35% Sarda Energy & Minerals Ltd. 0.35% Finance 3.44% Bajaj Finserv Ltd. 3.30% Kalyani Investment Company Ltd. 0.13% Gas 0.45% GAIL (India) Ltd. 0.45% Healthcare Services 0.02% Healthcare Global Enterprises Ltd. 0.02% Industrial Products 0.12% Electrosteel Castings Ltd. 0.12% Media & Entertainment 0.58% D.B. Corp Ltd. 0.58% Minerals/Mining 5.10% • Coal India Ltd. 4.05% Gujarat Mineral Development Corporation Ltd. 1.05% Non - Ferrous Metals 1.19% Hindustan Zinc Ltd. 1.19% Oil 1.94% Oil India Ltd. 1.94% Pesticides 0.93% Rallis India Ltd. 0.93%
Petroleum Products 5.53% • Reliance Industries Ltd. 5.53% Pharmaceuticals 9.34% • Cipla Ltd. 4.89% Divi's Laboratories Ltd. 2.57% IPCA Laboratories Ltd. 1.12% Astrazeneca Pharma India Ltd. 0.76% Power 9.71% • Power Grid Corporation Of India Ltd. 7.99% CESC Ltd. 0.97% Tata Power Company Ltd. 0.41% Kalpataru Power Transmission Ltd. 0.23% NTPC Ltd. 0.10% Software 4.29% HCL Technologies Ltd. 1.56% Infosys Ltd. 1.29% Wipro Ltd. 0.72% Cyient Ltd. 0.72% Telecom - Services 5.75% • Bharti Airtel Ltd. 5.75% Trading ^ Redington (India) Ltd. ^ Transportation 4.33% The Great Eastern Shipping Company Ltd. 3.01% Interglobe Aviation Ltd. 1.21% Starlog Enterprises Ltd. 0.11% Foreign Equity 11.09% Automobile Manufacturers 5.15% • Honda Motor Company Ltd. 5.15% IT Services 1.93% Cognizant Tech Solutions 1.93% Textiles & Apparel 4.02% • Skechers USA 4.02% Corporate Securities 3.14% Sadbhav Infrastucture Project Ltd. CARE A+ 1.26% Arvind Lifestyle Brands Ltd. CARE AA- 1.13% Jindal Steel & Power Ltd. CRISIL D 0.75% Short Term Debt and net current assets 12.05% Total Net Assets 100.00%
Company/Issuer % to NAV Company/Issuer % to NAV
13
Absolute Returns (%) Absolute Returns (%) Absolute Returns (%) Current Value of Investment of Rs. 10000
CAGR (%)
10.00
Benchmark
Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment. Date of inception:01-Oct-94 . Performance of dividend option would be Net of Dividend distribution tax, if any. Benchmark is S&P BSE-200 Index. For computation of since inception returns (%) the allotment NAV has been taken as Rs. 10.00. Load is not considered for computation of returns. 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.
Total Schemes managed by Mr. George Heber Joseph is 7 (5 are jointly managed) and Mr. Atul Patel is 14 (13 are jointly managed). Refer annexure from page no. 88 for performance of schemes currently managed by fund managers.
Fund Managers** :
George Heber Joseph (Managing this fund since Dec, 2015 & Overall 13 years of experience) Atul Patel (Managing this fund since Aug, 2016 & Overall 7 years of experience)
Indicative Investment Horizon: 5 years and above
Inception/Allotment date: 01-Oct-94
NAV (As on 31-Aug-16): IPMULTIF Growth Option : 234.37 IPMULTIF Dividend Option : 24.95 IPMULTIF Direct Plan Growth Option : 240.46 IPMULTIF Direct Plan Dividend Option : 31.01
Options : Growth & Dividend
Application Amount for fresh Subscription : Rs.5,000 (plus in multiples of Re.1)
Min.Addl.Investment : Rs.1,000 (plus in multiples of Re.1)
Exit load for Redemption / Switch out :- Lumpsum & SIP / STP / SWP Option Upto 18 Months from allotment - 1% of applicable NAV, more than 18 Months - Nil
SIP : Monthly: Minimum Rs. 1,000/- plus 5 post dated cheques for a minimum of Rs. 1,000/- each; Quarterly: Minimum Rs. 5,000/- plus 3 post dated cheques of Rs. 5,000/- each.
SWP : Minimum of Rs.500 and multiples of Re.1/-
*STP : STP In : Available STP Out : Available
Min.Redemption Amt. : Rs.500 & in multiples thereof
Std Dev (Annualised) : 14.85% Sharpe Ratio: 1.36
Average P/E : 31.17 Average P/BV : 6.50 Average Dividend Yield : 0.84
Portfolio Beta : 0.94 R squared : 0.89
* Daily, Weekly, Monthly and Quarterly Frequency has been introduced in Systematic Transfer Plan Facility (STP), Flex Systematic Transfer Plan Facility (Flex STP) and Value Systematic Transfer Plan Facility (Value STP) for both (Source and Target) under IPMULTIF and IPMULTIF Direct Plans with Growth/Cumulative and Dividend Sub-Options of the Schemes w.e.f. December 07, 2015. 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 6.54% **In addition to the fund manager managing this fund, the ADR/GDR exposure is managed by Mr. Shalya Shah. @@ Total Expense Ratio is weighted average for the month. Ratio excludes service tax on management fees.
• Top Ten Holdings
Portfolio as on August 31, 2016
Returns of ICICI Prudential Multicap Fund - Growth Option as on June 30, 2016 - (IPMULTIF)
Monthly AAUM as on 31-Aug-16 : Rs. 1361.96 crores
Closing AUM as on 31-Aug-16 : Rs. 1467.57 crores
8.07
0.41
-0.96
200.72
19.13
12.01
9.95
168.49
45.74
34.45
30.28
115.61
ICICI Prudential Multicap Fund
Entry load : Nil
• Long term wealth creation solution
• A growth oriented equity fund that invests in equity and equity related securities of core sectors and associated feeder industries.
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Annual Portfolio Turnover Ratio : Equity - 1.60 times, Others (Debt and Derivatives) - 0.61 times Combined Annual Portfolio Turnover Ratio : 2.21 times
Dividend History : Refer page no. from 115 to 122
SIP Returns : Refer page no. from 111 to 113
Total Expense Ratio @@ :
Investment Objective : Refer page no. from 123 to 126
Auto 4.09% Bajaj Auto Ltd. 2.39% TVS Motor Company Ltd. 1.71% Auto Ancillaries 3.10% Suprajit Engineering Ltd. 1.80% Exide Industries Ltd. 1.29% Banks 21.88% • ICICI Bank Ltd. 6.87% • HDFC Bank Ltd. 5.39% • Kotak Mahindra Bank Ltd. 4.84% • Karur Vysya Bank Ltd. 2.77% DCB Bank Ltd. 2.02% Cement 2.02% Orient Cement Ltd. 2.02% Chemicals 1.53% Solar Industries India Ltd. 1.53% Construction Project 3.01% Voltas Ltd. 1.66% Engineers India Ltd. 1.34% Consumer Durables 4.42% • Crompton Greaves Consumer Electricals Ltd. 2.65% Bata India Ltd. 1.77% Consumer Non Durables 4.23% • Glaxosmithkline Consumer Healthcare Ltd. 3.05% Agro Tech Foods Ltd. 1.19% Finance 11.84% • Sundaram Finance Ltd. 3.61% • Bajaj Finserv Ltd. 3.10% LIC Housing Finance Ltd. 2.00% Equitas Holdings Ltd. 1.86% Muthoot Finance Ltd. 1.26% Gas 1.99% GAIL (India) Ltd. 1.99% Healthcare Services 1.40% Narayana Hrudayalaya Ltd. 1.40% Industrial Products 5.40% FAG Bearings India Ltd. 2.57% Cummins India Ltd. 1.76% Mahindra CIE Automotive Ltd. 1.07% Media & Entertainment 1.65% Entertainment Network (India) Ltd. 1.65% Pesticides 1.95% Rallis India Ltd. 1.95% Pharmaceuticals 12.93% • Cipla Ltd. 5.94% Natco Pharma Ltd. 2.57%
IPCA Laboratories Ltd. 2.22% Alembic Pharmaceuticals Ltd. 2.20% Services 4.70% • Thomas Cook (India) Ltd. 4.70% Software 3.05% Infosys Ltd. 2.18% HCL Technologies Ltd. 0.87% Trading 1.74% Redington (India) Ltd. 1.74% Transportation 0.03% Blue Dart Express Ltd. 0.03% Short Term Debt and net current assets 9.05% Total Net Assets 100.00%
Company/Issuer % to NAV Company/Issuer % to NAV
14
• ICICI Bank Ltd. 5.79%
• Karur Vysya Bank Ltd. 3.71%
The South Indian Bank Ltd. 3.22%
Union Bank Of India 2.02%
Punjab National Bank 2.01%
Consumer Durables 3.01%
Company/Issuer % to NAV
* Daily, Weekly, Monthly and Quarterly Frequency has been introduced in Systematic Transfer Plan Facility (STP), Flex Systematic Transfer Plan Facility (Flex STP) and Value Systematic Transfer Plan Facility (Value STP) for both (Source and Target) under IPDYEF and IPDYEF Direct Plans with Growth/Cumulative and Dividend Sub-Options of the Schemes w.e.f. December 07, 2015.
Note : - “Portfolio Beta, Standard Deviation, R Squared, Sharpe Ratio and Tracking Error of the Scheme is not computed owing to the short time frame since launch of the Scheme.”
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.
**In addition to the fund manager managing this fund, the ADR/GDR exposure is managed by Mr. Shalya Shah.
@@ Total Expense Ratio is weighted average for the month. Ratio excludes service tax on management fees.
Fund Managers** :
Vinay Sharma (Managing this fund since May, 2014 & Overall 11 Years of experience) Mrinal Singh (Managing this fund since May, 2014 & Overall 14 Years of experience)
Indicative Investment Horizon: 5 years and above
Inception/Allotment date: 16-May-14
NAV (As on 31-Aug-16): IPDYEF Growth Option : 13.75 IPDYEF Dividend Option : 12.74 IPDYEF Direct Plan Growth Option : 13.98 IPDYEF Direct Plan Dividend Option : 12.95
Fund Details
Quantitative Indicators: Average P/E : 21.99 Average P/BV : 4.67 Average Dividend Yield: 1.92
Monthly AAUM as on 31-Aug-16 : Rs. 199.21 crores
Closing AUM as on 31-Aug-16 : Rs. 203.14 crores Company/Issuer % to NAV
ICICI Prudential Dividend Yield Equity Fund An Open Ended Equity Scheme
Returns of ICICI Prudential Dividend Yield Equity Fund - Growth Option as on - (IPDYEF)June 30, 2016
Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment. Date of inception: 16-May-14. Performance of dividend option would be Net of Dividend distribution tax, if any. Benchmark is Nifty Dividend Opportunities 50 Index. For computation of since inception returns (%) the allotment NAV has been taken as Rs. 10.00. Load is not considered for computation of returns. 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.“-” - Not Available.
Total Schemes managed by Mr. Vinay Sharma is 8 (6 are jointly managed) and Mr. Mrinal Singh is 15 (13 are jointly managed [Excludes FoF Schemes]). Refer annexure from page no. 88 for performance of schemes currently managed by fund managers.
Portfolio as on August 31, 2016
Petroleum Products 1.24%
Pharmaceuticals 3.66%
Transportation 3.02%
Total Net Assets 100.00%
Absolute Returns (%) Absolute Returns (%) Absolute Returns (%)
5.70
-2.78
-0.96
11.92
7.10
-3.41
9.95
11.13
Nifty 50 Index
• Long term wealth creation solution
• An open ended equity fund that aims for growth by primarily investing in equity and equity related instruments, which offer attractive dividend yield.
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
This Product is suitable for investors who are seeking*:
Options : Growth & Dividend
Application Amount for fresh Subscription : Rs.5,000 (plus in multiples of Re.1)
Min.Addl.Investment : Rs.1,000 (plus in multiples of Re.1)
Exit load for Redemption / Switch out :- Lumpsum Investment Option Within 1 Year from allotment - 1% of applicable NAV, more than 1 Year -Nil
SIP : Available
SWP : Available
Min.Redemption Amt. : Rs 500 and in multiples of Re. 1/-
Entry load : Nil
*STP : STP In : Available STP Out : Available
Annual Portfolio Turnover Ratio : Equity - 0.42 times, Others (Debt and Derivatives) - 0.00 times Combined Annual Portfolio Turnover Ratio : 0.42 times
Dividend History : Refer page no. from 115 to 122
SIP Returns : Refer page no. from 111 to 113
Total Expense Ratio @@ :
Fund Details
Quantitative Indicators
Portfolio as on August 31, 2016
Returns of ICICI Prudential Value Discovery Fund - Growth Option as on June 30, 2016 - (IPVDF)Style Box
Particulars Since inception
Absolute Returns (%) Absolute Returns (%) Absolute Returns (%) Current Value of Investment of Rs. 10000
CAGR (%)
119870.00
53701.34
51825.97
23.26
15.20
14.85
10.00
Benchmark
Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment. Date of inception:16-Aug-04. Performance of dividend option would be Net of Dividend distribution tax, if any. Benchmark is S&P BSE 500 Index. For computation of since inception returns (%) the allotment NAV has been taken as Rs. 10.00. Load is not considered for computation of returns. 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.
Total Schemes managed by the Fund Manager is 15 (13 are jointly managed [Excludes FoF Schemes]). Refer annexure from page no. 88 for performance of schemes currently managed by Mr. Mrinal Singh (fund manager).
15
Fund Managers** :
Mrinal Singh (Managing this fund since Feb 2011 & Overall 14 years of experience)
Indicative Investment Horizon: 5 years and above
NAV (As on 31-Aug-16): IPVDF Growth Option : 126.02 IPVDF Dividend Option : 32.81 IPVDF Direct Plan Growth Option : 130.36 IPVDF Direct Plan Dividend Option : 47.44
Options : Growth & Dividend
Application Amount for fresh Subscription : Rs.1,000 (plus in multiples of Re.1)
Min.Addl.Investment : Rs.1,000 (plus in multiples of Re.1)
Exit load for Redemption / Switch out :- Lumpsum & SIP / STP / SWP Option Upto 12 Months from allotment - 1% of applicable NAV, more than 12 Months - Nil
SIP : Monthly: Minimum Rs. 500/- plus 6 post dated cheques (w.e.f. 23-Jun-16) for a minimum of Rs. 500/- each (w.e.f. 06-Jun-16); Quarterly: Minimum Rs. 5,000/- plus 3 post dated chequesof Rs. 5,000/- each.
SWP : Minimum of Rs.500 and multiples of Re.1/-
*STP : STP In : Available STP Out : Available
Min.Redemption Amt. : Rs.500 & in multiples thereof
• Top Ten Holdings
Average P/E : 20.34 Average P/BV : 4.36 Average Dvidend Yield : 1.17
Portfolio Beta : 1.06 R squared : 0.88
* Daily, Weekly, Monthly and Quarterly Frequency has been introduced in Systematic Transfer Plan Facility (STP), Flex Systematic Transfer Plan Facility (Flex STP) and Value Systematic Transfer Plan Facility (Value STP) for both (Source and Target) under IPVDF and IPVDF Direct Plans with Growth/Cumulative and Dividend Sub-Options of the Schemes w.e.f. December 07, 2015. 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 6.54% **In addition to the fund manager managing this fund, the ADR/GDR exposure is managed by Mr. Shalya Shah. @@ Total Expense Ratio is weighted average for the month. Ratio excludes service tax on management fees.
Monthly AAUM as on 31-Aug-16 : Rs. 13961.21 crores
Closing AUM as on 31-Aug-16 : Rs. 14364.46 crores
5.49
1.15
-0.96
113.63
26.21
11.36
9.95
90.03
75.74
36.67
30.28
51.23
June 30,2015 to June 30,2016
June 30,2014 to June 30,2015
June 30,2013 to June 30,2014
ICICI Prudential Value Discovery Fund An Open Ended Diversified Equity Fund
Auto 2.20%
Exide Industries Ltd. 1.63%
Balkrishna Industries Ltd. 1.10%
The Jammu & Kashmir Bank Ltd. 0.49%
Cement 4.65%
Finance 4.76%
Max India Ltd. 0.49%
Gas 1.64%
Voltamp Transformers Ltd. 0.36%
Cipla Ltd. 1.90%
Software 11.52%
Gujarat Pipavav Port Ltd. 1.24%
Gateway Distriparks Ltd. 1.03%
CPs and CDs 5.37%
Short Term Debt and net current assets 4.82%
Total Net Assets 100.00%
Entry load : Nil
• Long term wealth creation solution
• A diversified equity fund that aims to generate returns by investing in stocks with attractive valuations
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Annual Portfolio Turnover Ratio : Equity - 0.39 times, Others (Debt and Derivatives) - 0.44 times Combined Annual Portfolio Turnover Ratio : 0.83 times
Company/Issuer % to NAV
Total Expense Ratio @@ :
16
**In addition to the fund manager managing this fund, the ADR/GDR exposure is managed by Mr. Shalya Shah. @@ Total Expense Ratio is weighted average for the month. Ratio excludes service tax on management fees.
Refer Disclaimer of India Index Services & Products Limited (IISL) on page no. 113.
Quantitative Indicators
Absolute Returns (%) Absolute Returns (%) Absolute Returns (%) Current Value of Investment of Rs. 10000
CAGR (%)
10.00
Benchmark
Style Box
Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment. Date of inception: 28-Oct-04 . Performance of dividend option would be Net of Dividend distribution tax, if any. Benchmark is Nifty Free Float Midcap 100 Index. For computation of since inception returns (%) the allotment NAV has been taken as Rs. 10.00. Load is not considered for computation of returns. 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.
Total Schemes managed by Mr. Mittul Kalawadia is 8 (8 are jointly managed) and Mr. Mrinal Singh is 15 (13 are jointly managed [Excludes FoF Schemes]). Refer annexure from page no. 88 for performance of schemes currently managed by fund managers.
Fund Details
Fund Managers** :
Mittul Kalawadia (Managing this fund since Apr, 2016 & Overall 10 years of experience) Mrinal Singh (Managing this fund since May 2011 & Overall 14 years of experience)
Indicative Investment Horizon: 5 years and above
Inception/Allotment date: 28-Oct-04
NAV (As on 31-Aug-16): IPMIDF Growth Option : 76.51 IPMIDF Dividend Option : 25.03 IPMIDF Direct Plan Growth Option : 78.74 IPMIDF Direct Plan Dividend Option : 29.14
Options : Growth & Dividend
Application Amount for fresh Subscription : Rs.5,000 (plus in multiples of Re.1)
Min.Addl.Investment : Rs.1,000 (plus in multiples of Re.1)
Exit load for Redemption / Switch out :- Lumpsum & SIP / STP / SWP Option Within 1 Year from allotment - 1% of applicable NAV, more than 1 Year - Nil
SIP : Monthly: Minimum Rs. 1,000/- plus 5 post dated cheques for a minimum of Rs. 1,000/- each; Quarterly: Minimum Rs. 5,000/- plus 3 post dated cheques of Rs. 5,000/- each.
SWP : Minimum of Rs.500 and multiples of Re.1/-
*STP : STP In : Available STP Out : Available
Min.Redemption Amt. : Rs.500 & in multiples thereof
Std Dev (Annualised) : 18.93% Sharpe Ratio : 1.63
Average P/E : 21.62 Average P/BV : 4.87 Average Dividend Yield : 0.85
Portfolio Beta : 1.00 R squared : 0.82
* Daily, Weekly, Monthly and Quarterly Frequency has been introduced in Systematic Transfer Plan Facility (STP), Flex Systematic Transfer Plan Facility (Flex STP) and Value Systematic Transfer Plan Facility (Value STP) for both (Source and Target) under IPMIDF and IPMIDF Direct Plans with Growth/Cumulative and Dividend Sub-Options of the Schemes w.e.f. December 07, 2015. 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. The Nifty Midcap 100 Index has been renamed to Nifty Free Float Midcap 100 with effect from 01 April 2016 as per NSE circular dated 28 March 2016 Risk-free rate based on the last Overnight MIBOR cut-off of 6.54%
• Top Ten Holdings
Portfolio as on August 31, 2016
Returns of ICICI Prudential Midcap Fund - Growth Option as on June 30, 2016 - (IPMIDF)
Monthly AAUM as on 31-Aug-16 : Rs. 1173.23 crores
Closing AUM as on 31-Aug-16 : Rs. 1174.26 crores
Auto Ancillaries 4.02% Exide Industries Ltd. 2.88% Precision Camshafts Ltd. 1.14% Banks 15.26% • The Federal Bank Ltd. 3.78% • The Jammu & Kashmir Bank Ltd. 3.48% • HDFC Bank Ltd. 3.10% The South Indian Bank Ltd. 2.11% Punjab National Bank 1.46% Karur Vysya Bank Ltd. 1.34% Cement 8.16% • Shree Cements Ltd. 4.16% • Grasim Industries Ltd. 4.00% Chemicals 1.21% Tata Chemicals Ltd. 1.21% Commercial Services 1.63% Quess Corp Ltd. 1.63% Construction 0.44% MBL Infrastructures Ltd. 0.44% Construction Project 14.60% • Engineers India Ltd. 6.10% • Ashoka Buildcon Ltd. 2.99% NCC Ltd. 2.46% GMR Infrastructure Ltd. 2.32% Gammon Infrastructure Projects Ltd. 0.53% Sadbhav Engineering Ltd. 0.20% Consumer Durables 2.94% Bata India Ltd. 2.94% Consumer Non Durables 5.21% Tata Global Beverages Ltd. 2.09% United Spirits Ltd. 1.97% Advanced Enzyme Technologies Ltd. 1.15% Finance 8.26% • Bajaj Finserv Ltd. 7.18% Equitas Holdings Ltd. 1.07%
Gas 7.61% • Petronet LNG Ltd. 4.78% Indraprastha Gas Ltd. 2.83% Mahanagar Gas Ltd. 0.01% Industrial Products 7.62% • Elgi Equipments Ltd. 3.29% FAG Bearings India Ltd. 2.41% Mahindra CIE Automotive Ltd. 1.91% Pesticides 2.69% Rallis India Ltd. 2.69% Pharmaceuticals 4.99% IPCA Laboratories Ltd. 2.33% Unichem Laboratories Ltd. 1.55% Cipla Ltd. 1.11% Power 0.91% Ksk Energy Ventures Ltd. 0.91% Retailing 0.14% Trent Ltd. 0.14% Services 1.50% Thomas Cook (India) Ltd. 1.50% Software 4.86% Mphasis Ltd. 2.57% Persistent Systems Ltd. 2.29% Textile Products 1.47% Welspun India Ltd. 1.19% Mayur Uniquoters Ltd. 0.28% Short Term Debt and net current assets 6.49% Total Net Assets 100.00%
ICICI Prudential Midcap Fund An Open Ended Diversified Equity Fund
Company/Issuer % to NAVCompany/Issuer % to NAV
Benchmark Std Dev (Annualised) : 17.12%
Entry load : Nil
• Long term wealth creation solution
• An equity fund that aims for capital appreciation by investing in mid cap stocks.
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Annual Portfolio Turnover Ratio : Equity - 0.31 times, Others (Debt and Derivatives) - 0.21 times Combined Annual Portfolio Turnover Ratio : 0.52 times
June 30,2015 to June 30,2016
June 30,2014 to June 30,2015
June 30,2013 to June 30,2014
Dividend History : Refer page no. from 115 to 122
SIP Returns : Refer page no. from 111 to 113
Total Expense Ratio @@ :
17
Style Box
Quantitative Indicators
Absolute Returns (%) Absolute Returns (%) Absolute Returns (%) Current Value of Investment of Rs. 10000
CAGR (%)
10.00
Benchmark
Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment. Date of inception:31-Aug-05. Performance of dividend option would be Net of Dividend distribution tax, if any. Benchmark is Nifty Infrastructure Index. For computation of since inception returns (%) the allotment NAV has been taken as Rs. 10.00. Load is not considered for computation of returns. 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.
Total Schemes managed by Mr. Sankaran Naren is 11 (11 are jointly managed) and Mr. Atul Patel is 14 (13 are jointly managed). Refer annexure from page no. 88 for performance of schemes currently managed by fund managers.
Returns of ICICI Prudential Infrastructure Fund - Growth Option as on June 30, 2016 - (IPIF)
Fund Managers** :
Sankaran Naren (Managing this fund since Dec, 2015 & Overall 26 years of experience) Atul Patel (Managing this fund since Aug, 2016 & Overall 7 years of experience)
Indicative Investment Horizon: 5 years and above
Inception/Allotment date: 31-Aug-05
NAV (As on 31-Aug-16): IPIF Growth Option : 42.25 IPIF Dividend Option : 13.01 IPIF Direct Plan Growth Option : 43.22 IPIF Direct Plan Dividend Option : 15.12
Options : Growth & Dividend
Application Amount for fresh Subscription : Rs.5,000 (plus in multiples of Re.1)
Min.Addl. Investment : Rs.1,000 (plus in multiples of Re.1)
Exit load for Redemption / Switch out :- Lumpsum & SIP / STP / SWP Option Upto 1 Year from allotment - 1% of ap- plicable NAV, more than 1 Year - Nil
SIP : Monthly: Minimum Rs. 1,000/- plus 5 post dated cheques for a minimum of Rs. 1,000/- each; Quarterly: Minimum Rs. 5,000/- plus 3 post dated cheques of Rs. 5,000/- each.
SWP : Minimum of Rs.500 and multiples of Re.1/-
*STP : STP In : Available STP Out : Available
Min.Redemption Amt. : Rs.500 & in multiples thereof
• Top Ten Holdings
Average P/E : 19.43 Average P/BV : 3.17 Average Dividend Yield : 1.76
Portfolio Beta : 0.89 R squared : 0.88
* Daily, Weekly, Monthly and Quarterly Frequency has been introduced in Systematic Transfer Plan Facility (STP), Flex Systematic Transfer Plan Facility (Flex STP) and Value Systematic Transfer Plan Facility (Value STP) for both (Source and Target) under IPIF and IPIF Direct Plans with Growth/Cumulative and Dividend Sub-Options of the Schemes w.e.f. December 07, 2015. 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 6.54% **In addition to the fund manager managing this fund, the ADR/GDR exposure is managed by Mr. Shalya Shah. @@ Total Expense Ratio is weighted average for the month. Ratio excludes service tax on management fees.
40030.00
16346.14
34754.58
13.65
4.64
12.18
Monthly AAUM as on 31-Aug-16 : Rs. 1482.72 crores
Closing AUM as on 31-Aug-16 : Rs. 1336.48 crores
-3.75
-12.56
-0.96
41.59
9.36
-3.51
9.95
38.03
61.01
49.55
30.28
23.62
Cement 0.41%
Construction Project 10.02%
Sadbhav Engineering Ltd. 0.88%
GMR Infrastructure Ltd. 0.35%
Industrial Capital Goods 5.27%
Easun Reyrolle Ltd. 0.31%
WPIL Ltd. 0.82%
AIA Engineering Ltd. 0.08%
Oil 1.30%
• NTPC Ltd. 7.09%
• CESC Ltd. 6.56%
NHPC Ltd. 0.77%
Telecom - Equipment & Accessories 1.32%
Telecom - Services 7.40%
Gujarat Pipavav Port Ltd. 2.63%
Gateway Distriparks Ltd. 1.50%
Short Term Debt and net current assets 4.89%
Total Net Assets 100.00%
Benchmark Std Dev (Annualised) : 24.38%
Entry load : Nil
• Long term wealth creation solution
• An equity fund that aims for growth by primarily investing in securities of companies belonging to infrastructure and allied sectors.
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Annual Portfolio Turnover Ratio : Equity - 0.83 times, Others (Debt and Derivatives) - 0.53 times Combined Annual Portfolio Turnover Ratio : 1.36 times
Company/Issuer % to NAVCompany/Issuer % to NAV
Dividend History : Refer page no. from 115 to 122
SIP Returns : Refer page no. from 111 to 113
Total Expense Ratio @@ :
18
Absolute Returns (%) Absolute Returns (%) A