1 Why ELSS? Deduction U/s 80C Deduction can be claimed by - - PowerPoint PPT Presentation

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Why ELSS?

• Deduction U/s 80C

– Deduction can be claimed by investing in ELSS funds along with other prescribed investments u/s 80C upto Rs 1,50,000/-

• Exposure to equities with a long term horizon
• 3 Year lock in ensures money remains invested without taking into account volatility in equity markets.
• Lock in period lower than other investment options like PPF, NSC or Tax Saving Bank FD`s
• Options to Invest, Options to earn
• Investments can be made in lump sums or by way of SIP`s as small as Rs 500/-
• Income could potentially be earned by way of dividend or through capital appreciation based on the investors need

2 Investors should be aware that the fiscal rules/ tax laws may change and there can be no guarantee that the current tax position may continue indefinitely. HDFC Mutual Fund/AMC is not guaranteeing returns on investments made in this scheme. In view of individual nature of tax consequences, each investor is advised to consult his/her own professional tax advisor.

Assume Gross Total Income for the year is

• Rs. 12,00,000

Investment in HDFC TaxSaver

• Rs. 1,50,000

Income on which tax will be paid

• Rs. 10,50,000

Tax Saved on Rs. 1,50,000/-

• Rs. 46,800*

The following example illustrates Tax Saving:

* Calculated for individuals in the highest tax bracket, having taxable income up to Rs. 50 lakh.

Investors can avail benefit of Rs. 46,800 under Section 80C* by investing in ELSS on day one of investments. This is apart from the returns ELSS could possibly earn

HDFC TaxSaver - Current Portfolio Strategy

• Focus on Large caps

As on January 31, 2020: *Source: MFI Explorer. The largest 15 open-ended ELSS Schemes in terms of asset under management have been considered in calculating the average.

• In order to provide long term capital appreciation, the scheme will invest mainly in growth

companies

• The aim will be to create a portfolio, which represents a cross-section of strong growth

companies in the prevailing market

• With an aim to reduce the risk, the portfolio will target reasonable diversification
• The fund aims to focus on growth at a reasonable price strategy

3 HDFC Mutual Fund/AMC is not guaranteeing returns on investments made in this scheme. The current investment strategy is subject to change depending on the market conditions. Please refer Scheme Information Document for further details. Please refer the website www.hdfcfund.com for complete portfolio details. Scheme Name Large Cap (%) Mid Cap (%) Small Cap (%) HDFC Tax Saver (G) 82.25 8.12 4.05 Average of the 15 largest ELSS schemes* 65.78 20.67 10.24

Exposure

Top 10 Holdings – January 31, 2020

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Company Name % to NAV Description

ICICI Bank Ltd. 9.63 Leading Private Sector Corporate Lender State Bank of India 7.51 Leading Public Sector Corporate Lender NTPC Limited 7.00 Largest power generator in the country HDFC Bank Ltd. 6.71 Leading Private Sector Retail Lender Infosys Limited 6.32 Leading IT company Larsen and Toubro Ltd. 6.09 Leader in EPC (Engineering, Procurement, Construction) Projects Reliance Industries Ltd. 5.67 Multinational conglomerate engaged in Energy, Petrochemicals, Retail, Media and Telecom Bharat Petroleum Corporation Ltd. 5.47 One of the largest oil refining and marketing company ITC Ltd. 3.96 Leading FMCG Company GAIL (India) Ltd. 3.51 Leading natural gas processing and distribution company

Data is as on 31 January, 2020 For complete portfolio, please refer www.hdfcfund.com 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 stocks/sectors. The above statements / analysis should not be construed as an investment advice or a research report or a recommendation to buy or sell any security covered under the respective sector/s.

HDFC TaxSaver Sector Allocation vs Benchmark and Peers

5 Data is as on January 31, 2020 For complete portfolio, please refer www.hdfcfund.com *The average sector allocation of the 15 largest open ended ELSS schemes in terms of assets under management as on January 31, 2020 have been considered. 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 stocks/sectors. The above statements / analysis should not be construed as an investment advice or a research report or a recommendation to buy or sell any security covered under the respective sector/s.

Sector % Allocation HDFC TaxSaver NIFTY 500 (Benchmark) Peers* Utilities 15.57 5.33 2.98 Corporate Bank & Financials 20.13 14.08 10.24 Industrials 13.06 11.02 6.71 Energy 13.01 6.84 9.03 Real Estate

• 1.37

0.77 Communication Services 1.87 3.71 2.79 Other Financial Services

• 4.32

2.78 Information Technology 8.62 8.41 10.15 Materials 6.30 9.45 8.29 Health Care 3.46 6.62 4.76 Consumer Staples 3.96 5.87 9.34 Consumer Discretionary 1.73 11.31 8.85 Retail Bank & Financials 7.95 14.95 23.30 Major Overweight Sectors Major Underweight Sectors

Current Sectoral Rationale – Well positioned to benefit from earnings recovery

Sector Portfolio Weight vis a vis Benchmark Rationale Corporate Banks & Financials Overweight The recognition phase of NPAs is largely over; with falling slippages and increasing resolution of NPAs, provisioning costs are expected to fall sharply. Utilities Overweight Change in CERC (Central Electricity Regulatory Commission) regulations; capacity - led growth; very attractive valuations versus history. Energy Overweight Increase in tariffs and more to come for the larger gas transmission companies; positive

• utlook for refining margins; marketing companies trading at very attractive valuations on

low expectations Industrials Overweight Massive infrastructure spending thrust announced by Government of India; order books remain strong for most companies in the sector; resolution of IBC cases in core sector will aid capex cycle. Retail Banks & Financials Underweight Underweight on NBFCs due to an inherently risky business model and high valuations Information Technology Underweight Revenue growth trajectory is slowing down; disruption from new technologies has shifted the spend to Digital and increased pricing pressure in traditional areas of spend. Margins are also under pressure. Health Care Underweight Adverse action from US FDA has resulted in uncertainty. Growth in India business has continued, albeit a lower pace; R&D expenses are also increasing and margins are under pressure. Consumer Discretionary Underweight Auto sector is facing multiple headwinds. The transition to BSVI will lead to higher vehicle prices and is a near term headwind. EVs are likely to emerge as a threat in 3Ws followed by 2Ws over the next few years. Non auto consumer durable companies face headwinds such as lower demand and increased competition leading to lower margins.

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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 and includes views of HDFC AMC. 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. The portfolio weights (Slide 5) used are as on January 31, 2020.

Source: Bloomberg

Overweight sectors Underweight Sectors

Stocks/sectors referred above are illustrative and are not recommended by HDFC Mutual Fund/AMC. The Fund may or may not have any present or future positions in these stocks/sectors. The above statements / analysis should not be construed as an investment advice or a research report or a recommendation to buy or sell any security covered under the respective sector/s .The same has been prepared on the basis of information which is already available in publicly accessible media.

Valuations of key overweight and underweight sectors

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0.6 0.8 1 1.2 1.4 1.6 1.8 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20

NIFTY PSU Bank Index

Rolling 12-months P/B Ratio (Forward book value) 10 12 14 16 18 20 22 24 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20

BSE Power Index

Rolling 12 months PE Ratio (Bloomberg consensus estimates) 10 12 14 16 18 20 22 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20

NIFTY Auto Index

Rolling 12-month PE Ratio (Bloomberg consensus estimates) 20 23 26 29 32 35 38 41 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20

NIFTY FMCG Index

Rolling 12-month PE Ratio (Bloomberg consensus estimates)

Traditional Tax Saving Avenues v/s HDFC TaxSaver

How an annual investment of Rs. 1,00,000 in March every year since 1996 would have performed up to January 31, 2020

Past performance may or may not be sustained in future. Source: Bloomberg and other publicly available information. The above simulation is for illustration purpose only. Year end balance has been arrived at by adding interest at the rates notified by the Competent authorities from time to time. # Benchmark Index of HDFC TaxSaver. $$ All dividends declared prior to the splitting of the Scheme into Dividend & Growth Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV (ex-dividend NAV). Unlike PPF, investments in Mutual Funds are subject to market risks. Hence, the performances are not strictly comparable. As Nifty 500 TRI data is not available for March 31, 96, benchmark performance is calculated from March 29, 96 For complete performance, please refer slide 18.

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Annual investment of Rs 1,00,000 in March every year since 1996 in HDFC Tax Saver would have resulted in an investment value of Rs. 5.99 crore in 2019. Similar investment in PPF would have resulted in an investment value of Rs. 75.94 lakh

HDFC TaxSaver – Invest for the long term

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Source: Bloomberg, HDFC AMC. Data as of January 31, 2020. All Values rebased to Rs 10 from date of inception of HDFC TaxSaver, i.e., 31st March 1996. Past performance may or may not be sustained in future. Refer Slide No. 18 for detailed performance. The above returns are of Regular plan - growth option. $$All dividends declared prior to the splitting of the Scheme into Dividend & Growth Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV (ex-dividend NAV). The performance of the Scheme is benchmarked to the Total Return Index (TRI). As Nifty 500 TRI data is not available for March 31, 96, benchmark performance is calculated from March 29, 96.

1,282.22$$ 178.2

Staying invested in equities pays off…

200 400 600 800 1,000 1,200 1,400 1,600

HDFC Tax Saver Fund NIFTY 500 TRI

HDFC TaxSaver - Consistent Dividend Track Record

10 Past performance may or may not be sustained in the future. All dividends are on face value of Rs. 10 per unit. After payment of the dividend, the per Unit NAV falls to the extent of the payout and statutory levy (if applicable.). There is no assurance or guarantee to unit holders as to the rate/quantum of dividend distribution nor that the dividends will be paid regularly. For complete dividend history details visit www.hdfcfund.com

Record Date 1999 1999 2000 2001 2002 2003 2004 2004 2005 2006 2007 2008 Per Unit (Rs.) 3.6 5 21 1.6 2 2 2 2 5 7.5 7.5 8 Record Date NAV (Rs.) 25.7 35.4 41.6 15.7 17.9 19.9 28.4 26.7 40.6 67.1 60.4 66.1 Dividend Yield (%) 14% 14% 51% 10% 11% 10% 7% 8% 12% 11% 12% 12% Record Date 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Per Unit (Rs.) 5 6 6 6 6 6 7 6 6.5 7 6 Record Date NAV (Rs.) 31.2 61.9 62.7 56.7 53.6 52.7 73.7 53.6 66.4 66.6 59.5 Dividend Yield (%) 16% 10% 10% 11% 11% 11% 10% 11% 10% 11% 10%

• 23 Dividends in 20 years since 1999 totaling Rs 134.7,
• Average yield for the past 10 years is ~10.5%

Indian equities – Attractive Valuations

• Over the long term, stock market indices in India are growing around the

same rate as the nominal GDP ‒ This implies that when in any extended period of, say 10 years, indices grow significantly less than nominal GDP, they tend to make up in the future by delivering higher returns & vice versa. Interestingly, we are in a similar situation presently (Table 1)

• Marketcap to GDP at 61% and CY21(E) P/E of ~15x is attractive, specially

at time when NIFTY50 profit growth is estimated at 18% CAGR over FY19- 22E and interest rates are low

• Gap between 10Y Gsec yield and 1Y-Forward NIFTY 50 Earning yield [i.e. 1

/ (one year forward P/E)] has reduced significantly and is now below 10 year average (1.7%) indicating that equities are attractively valued relative to current bond yields

India market cap to GDP ratio, calendar year-ends 2005-21E (%)

Low Marketcap to GDP, Bond yields equal to Earnings yield and recovery in profit growth make us optimistic on markets over medium to long term 11

• 6.0
• 2.0

2.0 6.0 10.0 14.0 06 07 08 09 10 11 12 13 14 15 16 17 18 19 10Y Gsec and NIFTY Earning Yield near equal

Yield gap (%) Earnings yields (%) India 10-y G-Sec yields (%) 69 88 149 56 99 98 61 72 65 81 75 71 92 78 75 67 61 13 15 23 11 17 16 13 14 16 20 18 17 19 17 22 18 15

5 9 13 17 21 25 30 50 70 90 110 130 150 170 05 06 07 08 09 10 11 12 13 14 15 16 17 1819E 20E 21E Mcap/GDP (%) NIFTY 12M forward P/E (X) (RHS) Year Trailing 10 year NIFTY Return (CAGR) Trailing Nominal GDP Growth (10 year CAGR) Next 10 year NIFTY Return (CAGR) 2001 7% 13% 16% 2002 4% 13% 18% 2003 6% 12% 13% 2004 6% 12% 15% 2006 16% 12% 8% 2007 19% 12% 6% 2016 8% 14% ? 2017 6% 13% ? 2018 14% 13% ? 2019 9% 13% ? Table 1 – Periods when10 year NIFTY Return trailed / exceeded Nominal GDP Growth materially

Source: Kotak Institutional Equities, updated till 30th Nov, 2019, From 2005-18, NIFTY50 PE is based on 12 month forward estimated EPS. For 2019E, by Kotak Institutional Equities has calculated PE based on EPS numbers as of Mar-20 end, 2020E based on EPS of Mar-21 end and for 2021E based on EPS of Mar-22 end

Corporate Profit to GDP Near Cyclical low

12 Source : CMIE, CEIC, Morgan Stanley Research Refer disclaimers at the end of the presentation

India’s Corporate Profit to GDP ratio has declined from 7.1% to 2.6% - a 15 year low

Recovery of corporate banks firmly in sight

HDFC Mutual Fund/AMC is not guaranteeing returns on investments made in this scheme. The current investment strategy is subject to change depending on the market conditions. Please refer Scheme Information Document for further details. Please refer to the website www.hdfcfund.com for complete portfolio details.

• For several years now, strong growth in profits has been

elusive

• For all the noise, slowdown in NIFTY 50 profit growth was

led almost entirely by falling profits in Corporate Banks (Table 1). Share of Corporate Banks in NIFTY 50 profits fell from 12% to 3% between FY13 & FY19 (Table 2)

• With profitability of Corporate Banks normalizing, the
• verall NIFTY 50 profit growth is expected to bounce back
• Normalization in profitability and RoE of Corporate Banks is

expected by FY22E as slippages and provision costs are falling and recoveries are increasing. NIFTY profit growth of 18% CAGR is expected between FY19 and FY22E led by recovery in profitability of Corporate Banks

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Source: Kotak Institutional Equities, E- Kotak Institutional Equities Estimates as on 20th December, 2019 Profit after Tax (Rs crs) CAGR % FY13 FY19 FY22E FY13-19 FY19-22E NIFTY 50 ex Corporate Banks 213,301 361,710 511,054 9% 12% Corporate Banks 28,911 10,622 93,683

• 15%

107% NIFTY 50 242,212 372,332 604,737 7% 18%

• 4%

1% 6% 11% 16%

RoE of Corporate Banks

0% 5% 10% 15% GNPL of Corporate Banks Slippagesof Corporate Banks Sector contribution to NIFTY 50 profits (%) FY13 FY19 FY22E Consumer Discretionary 10 7 6 Consumer Staples 5 6 6 Corporate Banks & Financials 12 3 15 Energy 29 30 22 Information Technology 15 19 15 Materials 8 11 9 Retail Banks & Financials 7 13 15 Others 15 13 12 Total 100 100 100 Table 1 Table 2

Summary

• HDFC TaxSaver (ELSS fund) provides dual benefit of tax savings u/s 80C and the return potential of

equities

• The fund has given higher returns compared to traditional tax savings avenues. (Refer slide 8)
• The fund has consistently paid dividends in the past 20 years. (refer slide 10)
• The fund is overweight corporate banks and financials, utilities, industrials and energy sectors. It is

underweight retail banks, consumer discretionary, communication services, healthcare, materials and the information technology sectors.

• Low Market cap to GDP, Bond yields equal to Earnings yield and recovery in profit growth make us
• ptimistic on markets over medium to long term
• With a high exposure to large cap stocks (approx. 82.2% as on 31st January, 2020), the fund is well

positioned to benefit from the strong earnings growth outlook for large caps

Past performance may or may not be sustained in the future. Refer slide 18 for complete scheme performance. 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. HDFC Mutual Fund/AMC is not guaranteeing returns on investments made in this scheme. Investors should be aware that the fiscal rules/ tax laws may change and there can be no guarantee that the current tax position may continue indefinitely. In view of individual nature of tax consequences, each investor is advised to consult his/her own professional tax advisor. Unlike other traditional tax saving instruments, investments in Mutual Funds are subject to market risks. Hence, their returns are not strictly comparable. 14

HDFC TaxSaver offers investors a better alternative compared to traditional tax saving investment avenues

Product Features

Type of Scheme An Open-ended Equity Linked Savings Scheme with a statutory lock in of 3 years and tax benefit Inception Date (Date of allotment) March 31, 1996 Investment Objective To generate capital appreciation / income from a portfolio, comprising predominantly of equity & equity related instruments. There is no assurance that the investment objective of the Scheme will be realized. Fund Manager $ Vinay Kulkarni Investment Plans Direct Plan, Regular Plan Investment Option Under Each Plan: Growth & Dividend. The Dividend Option offers Dividend Payout facility. Minimum Application Amount (Under Each Plan/Option) Purchase & Additional Purchase: Rs. 500 and in multiples of Rs. 500 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: Nil No Entry / Exit Load shall be levied on bonus units and units allotted on dividend reinvestment. In respect

• f Systematic Transactions such as SIP, GSIP, STP, Flex SIP, Flex STP, Swing STP, and Flexindex. Exit Load, if

any, prevailing on the date of registration / enrolment shall be levied. Lock-in period 3 Years from the date of allotment of the respective units Tax Benefit U/s 80C of the Income-tax Act, 1961, an individual / HUF is entitled to a deduction up to Rs. 1.5 Lakh (along with other prescribed investments) for amounts invested in HDFC TaxSaver while computing the total income Benchmark NIFTY 500 Total Returns Index

15 $ Dedicated Fund Manager for Overseas Investments: Mr. Chirag Dagli For further details, please refer to the Scheme Information Document/Key Information Memorandum available on our website www.hdfcfund.com.

Asset Allocation Pattern

Types of Instruments Minimum Allocation (% of Total assets) Maximum Allocation (% of Total Assets) Risk Profile Equities & Equity related instruments 80 100 High Debt securities (including securities debt) and money market instruments 20 Low to medium Under normal circumstances, the asset allocation of the scheme’s portfolio will be as follows:

16 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. The Scheme may invest upto a maximum 35% of the total assets in Foreign Securities and upto 50% of its total assets in Derivatives. The Scheme may undertake (i) repo / reverse repo transactions in Corporate Debt Securities; (ii) Credit Default Swaps; (iii) Short Selling and such other transactions in accordance with guidelines issued by SEBI from time to time. Pending deployment of funds of the Scheme in securities in terms of the investment objective of the Scheme the AMC may park the funds of the Scheme in short term deposits of scheduled commercial banks, subject to the guidelines issued by SEBI vide its circular dated April 16, 2007, as amended from time to time. For further details refer SID/ Key Information Memorandum available on www.hdfcfund.com.

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Other schemes managed by the Fund manager

Scheme Managing scheme since Cumulative Performance 1 year 3 year 5 year CAGR (in %) CAGR (in %) Vinay Kulkarni manages 3 other schemes HDFC Equity Savings Fund 21-Nov-06

5.64 6.40 7.47

40% Nifty 50 Arbitrage Index + 30% CRISIL Short Term Bond Fund Index + 30% Nifty 50 TRI

9.37 8.44 7.31

HDFC Focused 30 Fund 21-Nov-06

4.82 4.53 4.72

NIFTY 500 TRI

10.83 11.53 7.86

HDFC Growth Opportunities Fund 28-Jun-14

8.01 8.10 4.50

NIFTY Large Midcap 250 TRI

11.22 11.62 9.11

The performance of the Scheme(s) is benchmarked to the Total Return Index (TRI) Variant of the Indices. Past performance may or may not be sustained in the future. The above returns are of Regular Plan – Growth Option. Load is not taken into consideration for computation of performance. 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 January 31, 2020. 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.

Scheme Performance Summary

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

Last 1 year 2.92 10.83 11.84 10,292 11,083 11,184 Last 3 years 5.46 11.53 13.29 11,730 13,875 14,540 Last 5 years 4.15 7.86 7.67 12,257 14,602 14,476 Since inception* 22.57 13.55 12.36 1,282,221 207,240 161,094

The above scheme has been managed by Vinay Kulkarni since Nov 21, 2006. The performance of the Scheme is benchmarked to the Total Return Index (TRI) Variant of the Indices. Past performance may or may not be sustained in the future. The above returns are of Regular Plan - Growth Option. Returns greater than 1 year period are compounded annualized (CAGR). Load is not taken into consideration for computation of performance. #NIFTY 500 TRI - As Nifty 500 TRI data is not available for March 31, 96, benchmark performance is calculated from March 29, 96. ## NIFTY 50 TRI - As TRI data is not available since inception of the scheme, additional benchmark performance is calculated using composite CAGR of Nifty 50 PRI values from Mar 29, 96 (Data for March 31, 96 is not available) to Jun 29, 99 and TRI values since Jun 30, 99. 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. Returns as on January 31, 2020. *Inception date March 31, 1996. $$ All dividends declared prior to the splitting of the Scheme into Dividend & Growth Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV (ex- dividend NAV).

Disclaimer

This presentation dated February 25, 2020 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 and is not an investment advice. The document is given in summary form and does not purport to be

• complete. The document does not have regard to specific investment objectives, financial situation and

the particular needs of any specific person who may receive this document. 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 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. Past performance may or may not be sustained in future. HDFC Mutual Fund /AMC is not guaranteeing/offering/communicating any indicative yields or guaranteed returns on investment made in the scheme(s). 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. Equity Linked Savings Scheme (ELSS) are formulated as per the Notification dated December 28, 1992 as amended on December 22, 1998 and Notification dated November 3, 2005 as amended on December 13, 2005 issued by the Department of Economic Affairs, Ministry of Finance, Government of India.

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

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Thank You

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