1 Tax efficient returns # The best of three asset classes HDFC - - PowerPoint PPT Presentation

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HDFC Equity Savings Fund

(An open ended scheme investing in equity, arbitrage and debt)

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March 2019

Riskometer

This product is suitable for investors who are seeking*:

• Capital appreciation while generating income over medium to

long term

• Provide capital appreciation and income distribution to the

investors by using equity and equity related instruments, arbitrage opportunities, and investments in debt and money market instruments *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. # In view of individual nature of tax consequences. Each unit holder is advised to consult his/her own professional tax advisors.

Tax efficient returns #

Unhedged Equity

Arbitrage

Debt

10% to 35% 15% to 40% 25% to 75%

The best of three asset classes

Key advantages of HDFC Equity Savings Fund

• Volatility lower than Equity Funds
• Potential returns* higher than Debt Funds
• Tax efficiency of Equity Funds

2 *HDFC Mutual Fund/AMC is not guaranteeing return on investments made in the Scheme

A Fund with an optimal mix of equity, debt and arbitrage opportunities

Unhedged Equity Arbitrage Debt

15% to 40% 25% to 75% 10% to 35%

HDFC Equity Savings Fund – The best of three asset classes

Why HDFC Equity Savings Scheme?

• Long Term Growth – Controlled equity allocation to take advantage of the long term potential of

equities (15-40%)

• Regular Income – Debt securities (10-35%) and arbitrage opportunities (25-75%) reduce volatility

and aid regular income

• Low Fund Volatility – Fixed Income exposure and hedged equity exposure (arbitrage) reduces

fund volatility inherent to directional equity exposure (refer Slide 9)

• Efficient Taxation – Better tax efficiency than debt funds #
• Diversified Asset Allocation – Regular balancing between asset classes based on market

conditions and outlook

4 HDFC Mutual Fund/AMC is not guaranteeing return on investments made in the scheme. # In view of individual nature of tax consequences, each unit holder is advised to consult his/her own professional tax advisors 3

HDFC Equity Savings Fund – Investment strategy

• Equity Strategy

– Maintains an effectively diversified portfolio – Follows a multi cap strategy, flexibility to invest across large cap, midcap and small cap stocks

• Fixed Income Strategy

– The fixed income portion is invested in corporate bonds and bank perpetual bonds and GILTS – The maturity profile of debt portion depends on interest rate outlook. Modified duration as on February, 2019 is 1.42 years

• Equity Arbitrage Strategy

– Hedged equity allocation to gain from spread between future and spot prices

5 The current investment strategy is subject to change depending on the market conditions. For complete details on investment strategy, refer SID/KIM of the scheme. For complete portfolio details visit www.hdfcfund.com 4

Fund Positioning Risk Quotient

• Aims to provide returns while managing risks

efficiently.

• Equity Taxation # – Better tax efficiency than debt

funds

• HDFC Equity Savings Fund is less volatile than hybrid

equity funds since it has a limited exposure to unhedged equity (max up to 40%)

• Suitable for conservative investors.

Product Return Product Risk

# Provided the scheme meets the criteria as an equity oriented scheme as per prevalent Income tax laws. HDFC Mutual Fund/AMC is not guaranteeing return on investments made in the scheme. In view of individual nature of tax consequences. Each unit holder is advised to consult his/her own professional tax advisors. 6 5

Debt Funds Hybrid Debt Funds Equity Savings Funds Hybrid Equity Funds Equity Funds

Performance Scenario Analysis of Hybrid Portfolio Strategy

The scenarios of hybrid portfolio of equity, arbitrage and fixed income provided in the table above does not in any manner offer any assured returns and is subject to market risks. The above scenario analysis does not take fund expenses into account. The rates of return shown are assumed figures and not to be construed as actual returns and/or guaranteed returns. HDFC Mutual Fund/AMC is not guaranteeing returns on investments made in the Scheme. The information provided herein is used to explain the concept and is given for illustrative purposes only. The same is not sufficient and shouldn’t be used for the development or implementation of an investment

• strategy. It should not be construed as an investment advice to any party. Past performance may or may not be sustained in future.

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Scenario Analysis

Assumed Un-hedged Equity Portion returns (35% weight) 25% 20% 15% 10% 5% 0%

• 5%
• 10%
• 15%
• 20%
• 25%

Assumed Hedged + Fixed Income returns (65% weight) 9% 14.6% 12.9% 11.1% 9.4% 7.6% 5.9% 4.1% 2.4% 0.6%

• 1.2%
• 2.9%

8% 14.0% 12.2% 10.4% 8.7% 7.0% 5.2% 3.5% 1.7%

• 0.1%
• 1.8%
• 3.6%

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

• 0.7%
• 2.5%
• 4.2%

How to read the table? Lets take an example of the cell shaded in red Arbitrage & Fixed Income: 8% return * 65% exposure = 5.2% contribution; Equity: 15% return * 35% exposure = 5.2% contribution Performance of the Hybrid Portfolio Strategy = 10.4% return

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Fund Facts

( As on February 28, 2019)

For complete portfolio details refer www.hdfcfund.com

Gross Equity Exposure 66.8% Hedged Equity Exposure (Arbitrage) 32.1% Unhedged Equity Exposure 34.7% Monthly Average AUM (Rs in crores) 6085 Total Number of stocks in the Portfolio 53 Top 10 Holdings (%) 25.8 Large Cap (%) 30.4 Mid Cap (%) 2.1 Small Cap (%) 2.4 Equity (Unhedged) Average Maturity 1.74 years Macaulay Duration* 1.54 years Modified Duration* 1.42 years Yield to Maturity* 8.75% Debt

* Computed on the invested amount for debt portfolio.

Low Fund Volatility

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Monthly Returns of the Scheme and NIFTY50 depicts that HDFC Equity Savings Fund has been less volatile as compared to NIFTY50

Year Scheme/Benchmark Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Std. Deviation 2016 Scheme

• 2.54
• 3.56

6.21 1.96 1.28 2.11 4.33 2.69 0.87 1.95

• 0.67
• 0.48

2.73 Benchmark

• 1.34
• 2.07

3.83 0.88 1.42 1.09 1.89 0.96 0.00 0.63

• 0.96
• 0.02

1.57 NIFTY50 TRI

• 5.12
• 7.10 10.98

1.49 4.01 1.96 4.74 1.71

• 1.93

0.27

• 4.46
• 0.49

4.84 2017 Scheme 3.05 1.93 2.43 1.48 0.56 0.53 1.92

• 0.37

0.14 2.05 0.41 1.27 1.03 Benchmark 1.28 1.03 1.29 0.40 1.07 0.22 2.10

• 0.28
• 0.33

1.55

• 0.23

1.17 0.80 NIFTY50 TRI 4.46 3.83 3.47 1.52 3.25

• 0.66

6.12

• 1.48
• 1.29

5.49

• 1.01

3.18 2.74 2018 Scheme 0.80

• 1.70
• 1.04

1.29

• 0.33
• 0.63

1.89 1.59

• 1.94
• 0.66

0.68 0.61 1.28 Benchmark 1.15

• 1.47
• 0.68

1.47 0.26

• 0.09

1.97 1.03

• 1.74
• 0.92

1.69 0.07 1.25 NIFTY50 TRI 4.47

• 4.69
• 3.80

5.62 0.18 0.03 6.03 3.01

• 6.83
• 4.58

4.74

• 0.13

4.49

Monthly Returns are as on the end of the respective month and have been shown since Jan’16 as there was a change in the fundamental attributes of the scheme viz; from HDFC Multiple Yield Fund, open ended Income Scheme to HDFC Equity Savings Fund. For complete performance details, please refer slide 15-18. Scheme performance may not strictly be comparable with that of NIFTY 50 in view of hybrid nature of the scheme where the investments are made in equity (hedged and unhedged) and debt instruments. Benchmark - 40% NIFTY 50 Arbitrage Index, 30% CRISIL Short Term Bond Fund Index and 30% NIFTY 50 (Total Returns Index)

2 Year Rolling Returns (15th Dec 2015* – 28th Feb 2019)

Particul ticulars % Minimum 5.23 Maximum 18.92 Average 11.29 Std.Deviation 3.84 Number of Observations 298 % Less than 5% 0% 5% - 8% 73 24.5% Greater than 8% 225 75.5%

• The fund has given average returns of 11.29% based on 2 year rolling basis with very

low volatility.

• The fund has never given less than 5% return on 2 year rolling basis.
• The fund has delivered greater than 8% return in 75.5% observations based on 2

rolling basis.

Return Profile

* Returns have been shown since 15th Dec’15 as there was a change in the fundamental attributes of the scheme viz; from HDFC Multiple Yield Fund,

• pen ended Income Scheme to HDFC Equity Savings Fund. For complete performance details, please refer slide 15-18.

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Current Sectoral Rationale

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Sector Rationale

Corporate Banks A sharp surge is likely in the profits of corporate banks due to a steep decline in loan-loss provisions driven by (1) peaking of NPLs and slippages in 4QFY18; NPLs have declined moderately in 9MFY19 and slippages fallen sharply

• ver the same period,

(2) high provision coverage ratio at end-9MFY19, which would result in a decline in loan-loss provisions from FY2020 and (3) possible recovery on loans already written off on successful resolution of a few large cases in the NCLT. Utilities Earnings are expected to grow over the next 3 years and on valuation basis utilities are substantially cheaper than the

• market. Post regulatory changes undertaken recently, the net impact appears to be positive. Operating issues such as

coal shortage have been mostly sorted out. Energy For upstream companies, based on the government’s budgetary estimates for oil subsidies in the FY2019RE and FY2020BE budgets, a meaningful subsidy burden for the upstream oil companies in FY2019 and FY2020 is unlikely. Valuations are extremely attractive. For gas transportation and marketing companies, the near term drivers are higher gas transportation tariffs which is expected to be announced shortly. For refining companies, while margins are weak in the near term, triggers from regulatory changes expected in CY 2020 could boost earnings. Marketing margins are trending well for the OMCs. IT Our holdings in this sector are companies which have the potential to outperform the sector in terms of revenue growth, possible improvement in margins in the next 3 years and are available at attractive valuations. Retail Banking While the fund is underweight NBFCs, we have positions in large well established retail banks that are expected to continue their strong growth.

Stocks/sectors referred above are not recommended by HDFC Mutual Fund/AMC. The Fund may or may not have any present or future positions in these sectors. The above should not be construed as an investment advice or a research report or a recommendation by HDFC Mutual Fund/HDFC AMC to buy or sell the stock or any other security covered under the respective sector/s. The above has been prepared on the basis of information which is already available in publicly accessible media. The recipient should understand that the information provided above may not contain all the material aspects relevant for making an investment decision. For complete portfolio details refer www.hdfcfund.com.

Suitability

• The fund is suitable for conservative and risk averse investors looking for

moderate participation in equity markets

• The fund is an ideal alternative to traditional saving options
• Investors having an investment horizon of 2-3 years

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Equity Taxation

• For the purpose of determining the tax payable, the amount of distributed income be increased to such amount as would, after reduction of tax from such increased amount, be equal to the

income distributed by the Mutual Fund. The impact of the same has not been reflected above. Display of two rates with “/ “ in between means rates “with” / “without” surcharge. $ - Surcharge at 15%, is applicable where income of Individual, HUF, AOP, BOI, Artificial juridical person being unit holders exceeds Rs. 1 crore and surcharge at 10% is to be levied in case of Individual, HUF, AOP, BOI, Artificial juridical person being unit holders where income of such unit holders exceeds Rs. 50 lakhs but does not exceed Rs. 1 crore. @ - Surcharge at the rate of 7% is levied for domestic corporate unit holders where the income exceeds Rs 1 crore but is less than Rs 10 crores and at the rate of 12%, where income exceeds Rs 10 crores. ^^^ - If total turnover or Gross receipts during the Financial year 2016-17 does not exceed Rs. 250 crores. Health and Education cess shall be applicable @ 4% on aggregate of base income tax plus surcharge. DISCLAIMER: The information given here is as of 29th Nov 2018 and is neither a complete disclosure of every material fact of Income-tax Act 1961 nor does it constitute tax or legal advice. In view of the individual nature of the tax consequences, each investor is advised to consult his/her own professional tax advisor. For further details, kindly refer to the Tax Reckoner 2018 - 19 available under section “Investor Corner” on www.hdfcfund.com

For Resident Individuals/HUF$

Taxes Applicable Equity Oriented Funds Liquid Funds/ Debt Funds Dividend Distribution Tax* 11.648% 29.12% Short Term Capital Gains 17.94%/17.16% 35.88%/34.32% Long Term Capital Gains 11.96%/11.44% 23.92%/22.88%

For Domestic Companies@

Taxes Applicable Equity Oriented Funds Liquid Funds/ Debt Funds Dividend Distribution Tax* 11.648% 34.944% Short Term Capital Gains 17.472%/16.692%

34.944%/33.384% ^^^ 29.120%/27.820%

Long Term Capital Gains 11.648%/11.128% 22.256%/23.296%

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Asset Allocation Pattern-Normal

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Under normal circumstances, the asset allocation of the scheme’s portfolio will be as follows:

Types of Instruments Minimum (% of Total Assets) Maximum (% of Total Assets) Risk Profile Equity & Equity related instruments 65 90 Medium to High Of which net long equity and equity related instruments* 15 40 High Of which Derivatives including index futures, stock futures, index options and stock options, etc. 25 75 Medium to High Other Derivative opportunities 20 Medium to High Debt securities (including securitized debt) & Money Market instruments 10 35 Low to Medium Units issued by REITs and InvITs 10 Medium to High Non-convertible preference shares 10 Low to Medium

* This net long equity exposure is aimed to gain from potential capital appreciation and thus is a directional equity exposure which will not be hedged. The Scheme may invest in the schemes of Mutual Funds in accordance with the applicable extant SEBI (Mutual Funds) Regulations as amended from time to time. 13

Asset Allocation Pattern-Defensive

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Under defensive circumstances, the asset allocation of the scheme’s portfolio will be as follows:

Types of Instruments Minimum (% of Total Assets) Maximum (% of Total Assets) Risk Profile Equity & Equity related instruments 15 65 Medium to High Of which net long equity and equity related instruments* 15 40 High Of which Derivatives including index futures, stock futures, index options and stock options, etc. 50 Medium to High Other Derivative opportunities 20 Medium to High Debt securities (including securitized debt) & Money Market instruments 35 85 Low to Medium Units issued by REITs and InvITs 10 Medium to High Non-convertible preference shares 10 Low to Medium

* This net long equity exposure is aimed to gain from potential capital appreciation and thus is a directional equity exposure which will not be hedged. The Scheme may invest in the schemes of Mutual Funds in accordance with the applicable extant SEBI (Mutual Funds) Regulations as amended from time to time. 14

Scheme Performance as on 28th February 2019

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^^Effective December 16, 2015, certain changes, including changes to fundamental attributes, were effected in the erstwhile HDFC Multiple Yield Fund, (an open ended income scheme) which was renamed as HDFC Equity Savings Fund, an open ended equity scheme. On account of these changes, the performance during the period(s) from September 17, 2004 to December 15, 2015 is not comparable. Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. # 40% NIFTY 50 Arbitrage Index, 30% CRISIL Short Term Bond Fund Index and 30% NIFTY 50 (Total Returns Index); ## NIFTY 50 Total Returns Index. Scheme performance may not strictly be comparable with that of its Additional Benchmark, since a portion of scheme’s investments are made in debt instruments. Performance of dividend option under the schemes for the investors would be net of distribution tax as applicable. For performance of other schemes managed by Vinay Kulkarni (Equities), Krishan Kumar Daga (Equities) and Anil Bamboli (Debt), refer subsequent slides. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. Past performance may or may not be sustained in the future. Load is not taken into consideration for computation of performance.

Value of Rs 10,000 invested Period^^ Scheme Returns (%) Benchmark Returns (%) # Additional Benchmark Returns (%) ## Scheme Benchmark (Rs)# Additional Benchmark (Rs)##

Last 1 year 1.43 5.71 4.32 10,143 10,571 10,432 Last 3 years 12.49 9.55 17.20 14,235 13,146 16,099 Last 5 years 9.47 8.99 12.86 15,728 15,380 18,317 Since inception 9.13 NA 14.92 35,379 NA 74,665

Scheme

Managing scheme since

1 year 3 year CAGR (in %) 5 year CAGR (in %)

Vinay Kulkarni manages 4 schemes (including HDFC Equity Savings Fund)

HDFC Tax Saver 21/Nov/2006

• 7.99

16.16 13.83 NIFTY 500 TRI1

• 2.08

16.88 14.37 HDFC Focused 30 Fund 21/Nov/2006

• 12.81

13.96 13.61 NIFTY 500 TRI1

• 2.08

16.88 14.37 HDFC Growth Opportunities Fund 18/Feb/1994

• 4.56

12.83 8.68 NIFTY Large Midcap 250 TRI1

• 4.71

17.69 17.13 Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualised (CAGR). The above returns are of Regular plan -growth

• ption. Load is not taken into consideration for computation of performance. 1. Benchmark. On account of difference in the type of the Scheme, asset allocation, investment strategy,

inception dates, the performance of these schemes are strictly not comparable. Returns as on 28th Feb 2019. Different plans viz. Regular Plan and Direct Plan have a different expense

• structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses/ commission charged in the Regular Plan. TRI – Total Returns

Index.

Other Schemes managed by Vinay Kulkarni, co-fund manager of HDFC Equity Savings Fund

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Scheme Managing scheme since 1 year 3 year CAGR (in %) 5 year CAGR (in %) Krishan Kumar Daga manages 16 schemes (including HDFC Equity Savings Fund) (Schemes which have completed more than 1 year) Performance of Top 3 schemes managed by Krishan Kumar Daga (excluding HDFC Equity Savings Fund) HDFC Arbitrage Fund 19/Oct/15 5.57 5.89 6.46 NIFTY 50 Arbitrage Index 1 4.97 5.18 6.19 HDFC SENSEX ETF 19/Oct/15 6.20 17.63 NA S&P BSE SENSEX TRI 1 6.25 17.54 NA HDFC Charity Fund for Cancer Cure - Arbitrage Plan 27/Mar/17 5.96 NA NA NIFTY 50 Arbitrage Index 1 4.97 NA NA Performance of Bottom 3 schemes managed by Krishan Kumar Daga (excluding HDFC Equity Savings Fund) HDFC DAF - II - 1099D March 2016 $ 12/Apr/16 5.00 NA NA NIFTY 50 Hybrid Short Duration Debt 25:75 Index1 6.80 NA NA HDFC DAF - III - 1267D October 2016 $ 25/Oct/16 4.98 NA NA NIFTY 50 Hybrid Short Duration Debt 40:60 Index1 6.37 NA NA HDFC DAF - III - 1224D November 2016 $ 07/Dec/16 4.96 NA NA NIFTY 50 Hybrid Short Duration Debt 25:75 Index1 6.80 NA NA Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualized (CAGR). The above returns are of Regular plan - growth option. $ The scheme is co-managed by Anil Bamboli and Krishan Kumar Daga. 1 Benchmark. Top 3 and bottom 3 schemes managed by the Fund Manager have been derived

• n the basis of since inception returns. In case the benchmark is not available on the Scheme’s inception date, the returns for the concerned scheme is considered from the date the

benchmark is available. On account of difference in the type of the Scheme, asset allocation, investment strategy, inception dates, the performance of these schemes is strictly not

• comparable. Returns as on 28

th Feb 2019. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will

be lower to the extent of the distribution expenses/ commission charged in the Regular Plan. Load is not taken into consideration for computation of performance.

Other Schemes managed by Krishan Kumar Daga, co-fund manager of HDFC Equity Savings Fund

Scheme

Managing scheme since

1 year 3 year CAGR (in %) 5 year CAGR (in %) Anil Bamboli manages 30 schemes (including HDFC Equity Savings Fund) (Schemes which have completed more than 1 year) Performance of Top 3 schemes managed by Anil Bamboli (excluding HDFC Equity Savings Fund) HDFC FMP 1111D September 2016 (1) 15/Sep/2016 8.41 NA NA CRISIL Composite Bond Fund Index1 7.13 NA NA HDFC FMP 1218D December 2016 (1) 12/Jan/2017 7.89 NA NA CRISIL Composite Bond Fund Index1 7.13 NA NA HDFC FMP 1302D September 2016 (1) 28/Sep/2016 6.61 NA NA CRISIL Composite Bond Fund Index1 7.13 NA NA Performance of Bottom 3 schemes managed by Anil Bamboli (excluding HDFC Equity Savings Fund) HDFC DAF - II - 1099D March 2016 $ 12/Apr/16 5.00 NA NA NIFTY 50 Hybrid Short Duration Debt 25:75 Index1 6.80 NA NA HDFC DAF - III - 1267D October 2016 $ 25/Oct/16 4.98 NA NA NIFTY 50 Hybrid Short Duration Debt 40:60 Index1 6.37 NA NA HDFC DAF - III - 1224D November 2016 $ 07/Dec/16 4.96 NA NA NIFTY 50 Hybrid Short Duration Debt 25:75 Index1 6.80 NA NA Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualized (CAGR). The above returns are of Regular plan -growth

• ption. $ The scheme is co-managed by Anil Bamboli and Krishan Kumar Daga. 1 Benchmark. Top 3 and bottom 3 schemes managed by the Fund Manager have been derived on the

basis of since inception returns. In case the benchmark is not available on the Scheme’s inception date, the returns for the concerned scheme is considered from the date the benchmark is available. On account of difference in the type of the Scheme, asset allocation, investment strategy, inception dates, the performance of these schemes is strictly not

• comparable. Returns as on 28th Feb 2019. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will

be lower to the extent of the distribution expenses/ commission charged in the Regular Plan. Load is not taken into consideration for computation of performance.

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Other Schemes managed by Anil Bamboli, co-fund manager of HDFC Equity Savings Fund

Product Features

Name HDFC Equity Savings Fund Type of Scheme An open ended scheme investing in equity, arbitrage and debt Inception Date (Date of allotment) September 17, 2004 Investment Objective To provide capital appreciation by investing in Equity & equity related instruments, Arbitrage opportunities, and Debt & money market instruments. There is no assurance that the investment objective of the scheme will be realized. Fund Manager(s) $ Vinay Kulkarni & Krishan Kumar Daga (Equities), Anil Bamboli (Debt) Investment Plans

• Direct Plan
• Regular Plan

Investment Option Under Each Plan: Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility Minimum Application Amount (Under Each Plan /Option) Purchase: Rs. 5,000 and any amount thereafter Additional Purchase: Rs. 1,000 and any amount thereafter Load Structure Entry Load: Not Applicable

• Upfront commission shall be paid directly by the investor to the ARN Holder (AMFI registered Distributor)

based on the investors’ assessment of various factors including the service rendered by the ARN Holder. Exit Load:

• In respect of each purchase / switch-in of Units, up to 15% of the units may be redeemed without any exit

load from the date of allotment.

• Any redemption in excess of the above limit shall be subject to the following exit load:
• Exit load of 1.00% is payable if Units are redeemed / switched-out within 1 year from the date of allotment
• f units.
• No Exit Load is payable if Units are redeemed / switched-out after 1 year from the date of allotment.

In case of systematic transactions such as SIP, GSIP, STP, Flex SIP, Flex STP, Swing STP, Flexindex; exit load, if any, prevailing on the date of registration/enrolment shall be levied. Benchmark 40% NIFTY 50 Arbitrage Index, 30% CRISIL Short Term Bond Fund Index and 30% NIFTY 50 (Total Returns Index) For further details, refer Scheme Information Document and Key Information Memorandum and addenda thereto available on www.hdfcfund.com and at Investor Service Centres of HDFC Mutual Fund. $ Dedicated fund manager for overseas investments Mr. Amar Kalkundrikar 20 19

Disclaimer

This presentation dated 12th March 2019, has been prepared by HDFC Asset Management Company Limited (HDFC AMC) based on internal data, publicly available information and other sources believed to be reliable. Any calculations made are approximations, meant as guidelines only, which you must confirm before relying on them. The information contained in this document is for general purposes only. The current investment strategies are subject to change depending on market

• conditions. The document is given in summary form and does not purport to be complete. The views / information

provided do not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this information. The information/ data herein alone are not sufficient and should not be used for the development or implementation of an investment strategy. The statements contained herein may include statements of future expectations and other forward-looking statements that are based on our current views and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Stocks/Sectors referred above are illustrative and not recommended by HDFC Mutual Fund / AMC. The Fund may or may not have any present or future positions in these sectors. The above has been prepared on the basis of information which is already available in publicly accessible media. The above should not be construed as an investment advice or a research report or a recommendation by HDFC Mutual Fund/HDFC AMC to buy or sell the stock or any other security covered under the respective sector/s. Past performance may or may not be sustained in future. HDFC Mutual Fund/AMC is not guaranteeing return on investments made in the scheme. Neither HDFC AMC and HDFC Mutual Fund nor any person connected with them, accepts any liability arising from the use of this

• document. The recipient(s) before acting on any information herein should make his/her/their own investigation and seek

appropriate professional advice and shall alone be fully responsible / liable for any decision taken on the basis of information contained herein. For complete portfolio/details refer to our website www.hdfcfund.com

MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.

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