AUM of equity oriented schemes at all time high at | 11.55...

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• PRODUCT 1

Mutual Fund Activity

Highlights

April 15, 2019

AUM of equity oriented schemes at

all time high at | 11.55 lakh crore

from 10.59 lakh crore

Flows into equity funds reverse the

recent declining trend. Garnered |

19000 crore in March

Research Analysts

Sachin Jain

[email protected]

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ICICI Securities Ltd. | Retail MF Research 2

Source: Amfi, ACE MF, ICICI Direct Research

Industry snapshot

MF industry assets declined marginally to | 23.2 lakh crore in

March 2019 from | 23.4 lakh crore in February 2019 on the

back of outflows from money market funds.

Corpus of equity oriented funds rose to |11.55 lakh crore in

March from |10.59 lakh crore on the back of inflows into pure

equity scheme and institutional inflows into ETFs apart from

mark to market gains on equity holdings

Strong inflows and rise in market led to corpus of equity oriented

schemes touch new all time high at | 11.55 lakh crore

Inflows into oriented funds rise substantially to | 19000 crore in March compared

to | 9200 crore in February

Total Equity Debt Others

HDFC Asset Management Company Limited 344144 148532 182523 13090

ICICI Prudential Asset Management Company Limited 314123 128893 170695 14535

SBI Funds Management Private Limited 279176 156058 120536 2583

Aditya Birla Sun Life AMC Limited 239533 85928 145749 7856

Reliance Nippon Life Asset Management Limited 231174 111216 106960 12998

Kotak Mahindra Asset Management Company Limited 150315 56065 87233 7016

UTI Asset Management Company Private Limited 144763 68275 75718 771

Franklin Templeton Asset Management (India) Private Limited 121459 51361 64976 5122

Axis Asset Management Company Ltd. 87746 43457 41156 3133

DSP Investment Managers Private Limited 76439 38061 37349 1029

AMCs

AUM (|crore)

0

200000

400000

600000

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1000000

1200000

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AUM of equity oriented funds

AUM of equity orinetded funds at record high at

11.555 lakh crore

-5000

0

5000

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15000

20000

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Mar-09

Mar-10

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Mar-13

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Net Inflow

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Source: ACE MF, ICICI Direct Research. Note: Largecaps/Midcaps/Smallcaps as defined by AMFI. Socks above |50 crores holding were considered

Top buy/sell across AMCs: Large Cap

Large cap stocks, which saw selling by AMCs on a consolidated

level were JSW Steel, Godrej Consumer, Eicher Motors, Bajaj Auto

and L&T Finance Holdings Ltd

Among large caps, ICICI Prudential Life Insurance, SBI Life

Insurance, Indiabulls Housing Finance, The New India Assurance

and NTPC witnessed highest buying during March 2019

Mar-19 Feb-19 Mar-19 Feb-19

ICICI Prudential Life Insurance Company Ltd. 2,999 1,590 856.4 497.6

SBI Life Insurance Company Ltd. 2,761 1,798 473.3 310.7

Indiabulls Housing Finance Ltd. 843 432 98.3 65.9

The New India Assurance Co. Ltd. 148 105 78.1 60.9

NTPC Ltd. 20,647 16,289 15324.8 12465.7

HDFC Life Insurance Co Ltd 2,017 1,528 533.0 433.8

DLF Ltd. 351 238 176.5 144.4

Coal India Ltd. 9,210 7,323 3883.0 3207.6

Oil & Natural Gas Corporation Ltd. 10,043 7,866 6287.5 5290.8

Steel Authority Of India Ltd. 714 556 1329.2 1151.9

Zee Entertainment Enterprises Ltd. 2,710 2,505 608.4 536.7

Top 10 Buys in LargecapMarket Value(crs) Shares(lakhs)


JSW Steel Ltd. 1,394 1,868 475.6 664.6

Godrej Consumer Products Ltd. 573 779 83.5 115.7

Eicher Motors Ltd. 2,365 2,894 11.5 14.6

Bajaj Auto Ltd. 2,025 2,501 69.5 86.2

L&T Finance Holdings Ltd. 744 743 487.9 598.3

Titan Company Ltd. 5,146 5,181 450.7 505.4

Dr. Reddys Laboratories Ltd. 4,234 4,482 152.3 170.3

Page Industries Ltd. 810 796 3.2 3.6

Power Grid Corporation Of India Ltd. 6,839 6,946 3455.5 3799.6

Bharat Petroleum Corporation Ltd. 6,854 6,379 1724.3 1889.9

Top 10 Sells in Largecap

Market Value(crs) Shares(lakhs)

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Source: ACE MF, ICICI Direct Research. Note: Largecaps/Midcaps/Smallcaps as defined by AMFI. Socks above |50 crores holding were considered

Top buy/sell across AMCs: Midcap

Midcap stocks, which saw selling by AMCs were LIC

Housing Finance, Godrej Industries, Castrol India, Reliance

Infrastructure and Shriram Transport Finance

In midcaps, stocks like Dewan Housing, Relaxo Footwears,

Reliance Power, NBCC and GMR Infra witnessed buying

during March 2019


Dewan Housing Finance Corporation Ltd. 54 9 36.0 6.9

Relaxo Footwears Ltd. 589 203 76.4 27.1

Reliance Power Ltd. 63 24 553.2 227.5

NBCC (India) Ltd. 594 304 895.4 574.7

GMR Infrastructure Ltd. 179 106 901.8 656.3

Jubilant FoodWorks Ltd. 1,868 1,207 129.3 95.1

Tata Communications Ltd. 84 60 13.7 10.2

Oil India Ltd. 747 539 402.8 308.9

Gujarat Gas Ltd. 325 205 219.3 172.2

REC Ltd. 3,213 2,365 2101.2 1734.3

Top 10 Buys in MidcapMarket Value(crs) Shares(lakhs)


LIC Housing Finance Ltd. 1,283 1,673 241.1 351.8

Godrej Industries Ltd. 57 72 10.6 14.6

Castrol India Ltd. 762 904 457.7 584.7

Reliance Infrastructure Ltd. 60 68 43.9 55.1

Shriram Transport Finance Company Ltd. 999 1,097 78.2 96.1

National Aluminium Company Ltd. 1,233 1,291 2224.9 2553.4

IIFL Holdings Ltd. 153 129 35.6 39.3

Reliance Nippon Life Asset Management Ltd. 477 455 227.6 250.0

Aditya Birla Capital Ltd. 251 261 258.6 283.7

Muthoot Finance Ltd. 2,297 2,155 373.2 408.2

Top 10 Sells in MidcapMarket Value(crs) Shares(lakhs)

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Source: ACE MF, Note: Largecaps/Midcaps/Smallcaps as defined by AMFI. Socks above |50 crores holding were considered

Top buy/sell across AMCs: Smallcap

Small cap stocks, which saw selling by AMCs were CESC

Ventures, Eveready Industries, Reliance Capital, Spencer Retail

and Navkar Corporation Ltd

In small caps, stocks like Sheela Foam, Bajaj Consumer Care,

ISGECC Heavy Engineering, Avanti Feeds and Prestige Estate

witnessed highest buying during March 2019


CESC Ventures Ltd. 62 117 10.0 23.4

Eveready Industries (India) Ltd. 59 131 30.9 66.4

Reliance Capital Ltd. 63 95 30.8 55.1

SpencerS Retail Ltd. 110 153 68.9 107.7

Navkar Corporation Ltd. 63 98 161.5 239.8

Tata Elxsi Ltd. 146 197 15.2 22.2

Can Fin Homes Ltd. 114 117 32.6 43.9

Nocil Ltd. 84 98 57.3 73.7

Max India Ltd. 233 295 341.1 428.4

Care Ratings Ltd. 314 377 31.8 39.2

Top 10 Sells in SmallcapMarket Value(crs) Shares(lakhs)


Sheela Foam Ltd. 1,064 670 84.4 48.7

Bajaj Consumer Care Ltd. 384 258 124.2 73.8

ISGEC Heavy Engineering Ltd. 395 205 65.2 44.1

Avanti Feeds Ltd. 102 57 25.0 17.1

Prestige Estate Projects Ltd. 365 210 144.2 101.8

ICRA Ltd. 369 288 12.8 9.9

The Anup Engineering Ltd. 61 53 11.0 8.6

DCM Shriram Ltd. 59 45 14.4 11.3

Birlasoft Ltd. 102 91 102.9 83.9

Oriental Bank Of Commerce 358 211 308.1 254.5

Top 10 Buys in SmallcapMarket Value(crs) Shares(lakhs)

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Source: ACE MF, ICICI Direct Research. Note: Stock holding above | 50 crore is considered

AMC wise: Top Buys and Top Holdings

Mar-19 Feb-19 Mar-19 Feb-19 %Change Mar-19 Feb-19 Mar-19 Feb-19 %Change

Bharat Heavy Electricals Ltd. 78 - 103.5 - - ICICI Bank Ltd. 10696 9382 2671 2679 0%

DLF Ltd. 166 49 82.0 29.9 174% Infosys Ltd. 9394 9278 1263 1264 0%

Oriental Bank Of Commerce 329 169 282.9 204.4 38% State Bank Of India 9391 7814 2928 2904 1%

Prestige Estate Projects Ltd. 53 33 20.9 15.9 32% Larsen & Toubro Ltd. 7632 7094 551 549 0%

Sadbhav Engineering Ltd. 315 188 126.7 98.6 29% HDFC Bank Ltd. 6911 6161 298 297 1%

Chalet Hotels Ltd. 164 106 48.5 38.2 27% Reliance Industries Ltd. 6793 6134 498 498 0%

NTPC Ltd. 4676 4024 3471.5 2900.3 20% NTPC Ltd. 4676 4024 3472 2900 20%

Bajaj Consumer Care Ltd. 56 53 18.1 15.2 19% ITC Ltd. 4493 4167 1512 1509 0%

KEI Industries Ltd. 148 100 34.7 29.4 18% Axis Bank Ltd. 3482 3173 448 447 0%

Maruti Suzuki India Ltd. 221 193 3.3 2.8 17% Power Grid Corporation Of India Ltd. 3102 2930 1568 1603 -2%


Jubilant FoodWorks Ltd. 141 27 9.8 2.1 356% NTPC Ltd. 7478 6643 5549 5022 11%

Bajaj Consumer Care Ltd. 162 74 52.4 21.2 147% State Bank Of India 6901 6155 2151 2287 -6%

United Breweries Ltd. 65 26 4.7 1.9 146% ITC Ltd. 6689 7047 2251 2552 -12%

Grasim Industries Ltd. 155 70 18.1 9.0 101% ICICI Bank Ltd. 5797 5199 1448 1485 -3%

NBCC (India) Ltd. 148 62 223.2 117.1 91% Infosys Ltd. 5612 5234 754 713 6%

SBI Life Insurance Company Ltd. 1626 1005 278.7 173.8 60% Bharti Airtel Ltd. 4591 4450 1378 1399 -1%

Marico Ltd. 259 206 74.7 60.5 23% Larsen & Toubro Ltd. 4477 4411 323 341 -5%

Mahindra & Mahindra Financial 277 223 65.7 56.2 17% Oil & Natural Gas 4259 4304 2667 2895 -8%

Maruti Suzuki India Ltd. 1530 1382 22.9 20.2 13% HDFC Bank Ltd. 4090 4159 176 200 -12%

Amara Raja Batteries Ltd. 376 335 52.3 46.8 12% Sun Pharmaceutical Industries Ltd. 3908 3803 816 854 -4%

ICICI Prudential AMC ICICI Prudential AMC

HDFC AMC HDFC AMC

Top 10 Holdings


Top 10 Buys


Top 10 HoldingsMarket Value(crs) Shares(lakhs)

Top 10 BuysMarket Value(crs) Shares(lakhs)

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Source: ACE MF, ICICI Direct Research. Note: Stock holding above |50 crore is considered



ICRA Ltd. 74 2.6 - - HDFC Bank Ltd. 6058 5545 261 267 -2%

Thermax Ltd. 150 0 15.4 0.0 233238% State Bank Of India 5941 4954 1852 1841 1%

Indiabulls Housing Finance Ltd. 80 8 9.3 1.2 703% ICICI Bank Ltd. 4754 4078 1187 1165 2%

HDFC Life Insurance Co Ltd 187 56 49.4 15.9 210% Indian Oil Corporation Ltd. 4064 2248 2496 1554 61%

Bharat Heavy Electricals Ltd. 231 82 307.7 127.9 141% NTPC Ltd. 3730 1714 2769 1456 90%

SJVN Ltd. 78 34 323.2 149.4 116% Axis Bank Ltd. 3696 3503 476 494 -4%

NBCC (India) Ltd. 285 105 429.5 198.6 116% Oil & Natural Gas Corporation Ltd. 3540 1554 2216 1045 112%

Oil & Natural Gas Corporation

Ltd.

3540 1554

2215.7 1045.2

112% Coal India Ltd. 3517 1672

1483 733

102%

Coal India Ltd. 3517 1672 1482.7 732.6 102% Infosys Ltd. 3238 3395 435 462 -6%

Oil India Ltd. 467 229 252.1 131.1 92% Larsen & Toubro Ltd. 2829 2312 204 179 14%


Endurance Technologies Ltd. 81 - 7.0 0.0 #DIV/0! HDFC Bank Ltd. 14531 12391 627 596 5%

Vodafone Idea Ltd. 124 56 1389.3 312.7 344% Reliance Industries Ltd. 9698 8484 711 689 3%

Relaxo Footwears Ltd. 396 103 51.3 13.8 272% Infosys Ltd. 7419 7286 998 992 1%

ICICI Prudential Life Insurance Company Ltd.1870 534 533.9 166.9 220% ICICI Bank Ltd. 7302 6276 1824 1793 2%

Britannia Industries Ltd. 770 360 25.0 11.8 112% ITC Ltd. 6718 6099 2261 2209 2%

Sheela Foam Ltd. 591 407 47.0 29.6 59% Housing Development Finance Corporation Ltd.6570 5939 334 323 3%

Ambuja Cements Ltd. 379 218 161.2 102.6 57% State Bank Of India 5504 4355 1716 1618 6%

The New India Assurance Co.

Ltd.

103 64

54.3 37.3

46% Kotak Mahindra Bank Ltd. 5502 4855

412 400

3%

HDFC Life Insurance Co Ltd 339 219 89.6 62.3 44% Axis Bank Ltd. 4822 4116 620 580 7%

Tata Power Company Ltd. 365 228 494.2 348.5 42% Larsen & Toubro Ltd. 4508 3915 325 303 8%

Reliance Nippon AMC Reliance Nippon AMC


SBI AMC SBI AMC




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Multi Commodity Exchange Of India Ltd. 80 9 9.9 1.4 589% HDFC Bank Ltd. 6060 5437 261 262 0%

Adani Ports and Special Economic Zone Ltd.140 31 37.1 9.5 292% ICICI Bank Ltd. 5090 4440 1271 1268 0%

Ashok Leyland Ltd. 64 24 69.7 28.3 146% Infosys Ltd. 2791 2931 375 399 -6%

SBI Life Insurance Company Ltd. 295 143 50.6 24.7 105% State Bank Of India 2710 2065 845 768 10%

Adani Power Ltd. 87 44 180.0 90.6 99% Reliance Industries Ltd. 2582 2294 189 186 2%

Jubilant FoodWorks Ltd. 150 76 10.4 6.0 74% ITC Ltd. 2486 2270 836 822 2%

Sadbhav Engineering Ltd. 101 47 40.5 24.9 63% Housing Development Finance Corporation Ltd.2207 1984 112 108 4%

Adani Enterprises Ltd. 57 31 38.5 23.8 62% Kotak Mahindra Bank Ltd. 1836 1654 138 136 1%

Equitas Holdings Ltd. 171 93 124.7 81.8 52% Larsen & Toubro Ltd. 1523 1362 110 105 4%

Tata Power Company Ltd. 178 117 241.0 179.1 35% Tech Mahindra Ltd. 1285 1496 166 180 -8%


Motilal Oswal Financial Services Ltd. 53 30 8.7 5.4 62% HDFC Bank Ltd. 4382 2317 189 185 2%

Britannia Industries Ltd. 316 207 10.3 6.8 51% Infosys Ltd. 3492 742 469 461 2%

Phoenix Mills Ltd. 127 93 19.4 14.9 30% ICICI Bank Ltd. 3143 399 785 787 0%

Sheela Foam Ltd. 162 142 12.9 10.3 25% ITC Ltd. 2588 297 871 860 1%

Lupin Ltd. 244 215 33.0 28.1 17% Reliance Industries Ltd. 2394 1363 176 169 4%

Chalet Hotels Ltd. 55 40 16.4 14.5 14% Housing Development Finance Corporation Ltd.2371 1967 120 112 8%

AU Small Finance Bank Ltd. 175 150 29.4 25.9 13% Tata Consultancy Services Ltd. 2002 2000 100 98 2%

Gujarat Gas Ltd. 116 83 78.2 69.4 13% Axis Bank Ltd. 1690 776 217 210 4%

Eris Lifesciences Ltd. 85 72 13.2 11.8 11% IndusInd Bank Ltd. 1517 1782 85 87 -2%

Marico Ltd. 164 145 47.4 42.7 11% Larsen & Toubro Ltd. 1459 1384 105 105 0%

Aditya Birla Sunlife AMC Aditya Birla Sunlife AMC


UTI AMC UTI AMC




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Aarti Industries Ltd. 79 - 5.0 0.0 #DIV/0! HDFC Bank Ltd. 3891 3790 168 182 -8%

Natco Pharma Ltd. 132 86 23.0 15.0 53% Axis Bank Ltd. 2469 2331 318 329 -3%

NTPC Ltd. 931 757 690.8 545.9 27% ICICI Bank Ltd. 2377 2078 593 594 0%

Bharat Forge Ltd. 98 77 19.1 15.1 27% Infosys Ltd. 1900 1877 255 256 0%

Lakshmi Machine Works Ltd. 65 51 1.1 0.9 20% Bharti Airtel Ltd. 1566 1472 470 463 2%

PNB Housing Finance Ltd. 144 126 16.6 14.1 18% State Bank Of India 1542 1248 481 464 4%

Jyothy Laboratories Ltd. 234 197 127.6 109.6 16% Kotak Mahindra Bank Ltd. 1225 1113 92 92 0%

Tata Motors Ltd. 474 438 271.8 246.8 10% Mahindra & Mahindra Ltd. 962 919 143 142 0%

TVS Motor Company Ltd. 123 109 26.1 24.1 8% Indian Oil Corporation Ltd. 948 849 582 587 -1%

Tata Chemicals Ltd. 189 168 32.2 30.2 7% NTPC Ltd. 931 757 691 546 27%


Oil & Natural Gas Corporation Ltd. 69 22.5 46.7 15.9 194% HDFC Bank Ltd. 4351 4155 209 200 5%

Kotak Mahindra Bank Ltd. 1603 763.1 132.1 60.8 117% Reliance Industries Ltd. 3555 2960 289 241 20%

United Breweries Ltd. 63 31 4.7 2.2 116% ICICI Bank Ltd. 3238 3211 925 881 5%

ACC Ltd. 165 91 11.6 6.4 82% Axis Bank Ltd. 2151 1991 303 275 10%

Marico Ltd. 91 55 26.9 15.1 78% Infosys Ltd. 1781 1775 242 237 2%

Colgate-Palmolive (India) Ltd. 105 63 8.4 4.9 70% Kotak Mahindra Bank Ltd. 1603 763 132 61 117%

Divis Laboratories Ltd. 133 74 8.1 4.9 64% State Bank Of India 1538 1543 572 525 9%

Apollo Hospitals Enterprise Ltd. 107 76 9.4 5.8 63% Larsen & Toubro Ltd. 1341 1367 104 104 0%

CESC Ltd. 60 38 8.9 5.5 61% Tata Consultancy Services Ltd. 1305 1186 66 59 12%

Dr. Reddys Laboratories Ltd. 277 179 10.5 6.6 59% Housing Development Finance Corporation Ltd.1127 1113 61 58 6%

Franklin Templeton AMC Franklin Templeton AMC

Shares(lakhs)

Kotak Mahindra AMC Kotak Mahindra AMC




Top 10 HoldingsMarket Value(crs)

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Relaxo Footwears Ltd. 84 - 10.9 0.0 #DIV/0! HDFC Bank Ltd. 2461 2166 106 104 2%

Sheela Foam Ltd. 171 - 13.6 0.0 #DIV/0! ICICI Bank Ltd. 2066 1850 516 528 -2%

Prestige Estate Projects Ltd. 69 1 27.4 0.6 4516% Larsen & Toubro Ltd. 1054 953 76 74 3%

Mahindra & Mahindra Ltd. 167 11 24.8 1.6 1423% Reliance Industries Ltd. 910 801 67 65 3%

Siemens Ltd. 212 25 18.8 2.5 655% Bajaj Finance Ltd. 897 795 30 30 -1%

NTPC Ltd. 194 113 143.9 82.6 74% Axis Bank Ltd. 883 790 114 111 2%

Oil & Natural Gas Corporation Ltd. 325 205 203.1 138.1 47% Ipca Laboratories Ltd. 840 709 86 88 -2%

SBI Life Insurance Company Ltd. 173 128

29.6 22.1

34% State Bank Of India 646 442

201 164

22%

Jubilant Life Sciences Ltd. 93 82 14.1 10.5 34% Bharat Financial Inclusion Ltd. 567 437 50 47 6%

La Opala RG Ltd. 63 45 29.1 22.7 28% RBL Bank Ltd. 560 514 82 89 -8%


RBL Bank Ltd. 96 9 14.2 1.6 764% HDFC Bank Ltd. 3489 3128 150 151 0%

Ultratech Cement Ltd. 90 11 2.2 0.3 713% Bajaj Finance Ltd. 3447 3062 114 116 -1%

Aarti Industries Ltd. 58 7 3.7 0.5 663% Kotak Mahindra Bank Ltd. 3079 2728 231 225 3%

Quess Corp Ltd. 136 27 18.1 3.8 381% Tata Consultancy Services Ltd. 3059 3181 153 160 -5%

Max Financial Services Ltd. 105 54 24.0 13.7 76% Pidilite Industries Ltd. 2134 1988 171 172 -1%

SRF Ltd. 58 36 2.4 1.6 55% Housing Development Finance Corporation Ltd.2134 1986 108 108 1%

PI Industries Ltd. 94 59 9.1 6.4 42% Avenue Supermarts Ltd. 1854 1735 126 119 6%

Gruh Finance Ltd. 1454 1038 527.1 419.4 26% Maruti Suzuki India Ltd. 1740 1896 26 28 -6%

Container Corporation Of India Ltd. 89 70 17.0 14.8 14% Gruh Finance Ltd. 1454 1038 527 419 26%

Reliance Industries Ltd. 767 610 56.2 49.5 14% ICICI Bank Ltd. 1238 982 309 280 10%

DSP AMC DSP AMC



Axis AMC Axis AMC



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Pankaj Pandey Head – Research [email protected]

ICICI Direct Research Desk,

ICICI Securities Limited,

1st

Floor, Akruti Trade Centre,

Road no.7, MIDC

Andheri (East)

Mumbai – 400 093

[email protected]

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Disclaimer


ANALYST CERTIFICATION

We /I, Sachin Jain, C.A., authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the

subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report.

Terms & conditions and other disclosures:

ICICI Securities Limited (ICICI Securities) AMFI Registration. No.: ARN-0845. Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Centre, H. T. Parekh Marg, Churchgate, Mumbai -

400020, India. ICICI Securities Limited is a Sebi registered Research Analyst having registration no. INH000000990. ICICI Securities Limited Sebi Registration is INZ000183631 for stock broker.

ICICI Securities is a subsidiary of ICICI Bank which is India’s largest private sector bank and has its various subsidiaries engaged in businesses of housing finance, asset management, life

insurance, general insurance, venture capital fund management, etc. (“associates”), the details in respect of which are available on www.icicibank.com.

ICICI Securities is one of the leading distributors of Mutual Funds and participate in distribution of Mutual Fund Schemes of almost all AMCs in India. The selection of the Mutual Funds for the

purpose of including in the indicative portfolio does not in any way constitute any recommendation by ICICI Securities Limited (hereinafter referred to as ICICI Securities) with respect to the

prospects or performance of these Mutual Funds. The investor has the discretion to buy all or any of the Mutual Fund units forming part of any of the indicative portfolios on icicidirect.com.

Before placing an order to buy the funds forming part of the indicative portfolio, the investor has the discretion to deselect any of the units, which he does not wish to buy. Nothing in the

indicative portfolio constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to the investor's specific

circumstances.

The details included in the indicative portfolio are based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is

its accuracy or completeness guaranteed. The funds included in the indicative portfolio may not be suitable for all investors, who must make their own investment decisions, based on their

own investment objectives, financial positions and needs. This may not be taken in substitution for the exercise of independent judgement by any investor. The investor should independently

evaluate the investment risks. ICICI Securities and affiliates accept no liabilities for any loss or damage of any kind arising out of the use of this indicative portfolio.

Past performance is not necessarily a guide to future performance. Actual results may differ materially from those set forth in projections. ICICI Securities may be holding all or any of the units

included in the indicative portfolio from time to time as part of our treasury management. ICICI Securities Limited is not providing the service of Portfolio Management Services (Discretionary or

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

Kindly note that such research recommended funds in indicative portfolio are not based on individual risk profile of each customer unless a customer has opted for a paid Investment Advisory

Service offered by I-Sec. Investors should consult their financial advisers if in doubt about whether the product is suitable for them. The information contained herein is strictly confidential and

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Disclaimer


ICICI Securities and/or its associates receive compensation/ commission for distribution of Mutual Funds from various Asset Management Companies (AMCs). ICICI Securities host the details

of the commission rates earned by ICICI Securities from Mutual Fund houses on our website www.icicidirect.com. Hence, ICICI Securities or its associates may have received compensation

from AMCs whose funds are mentioned in the report during the period preceding twelve months from the date of this report for distribution of Mutual Funds or for providing marketing

advertising support to these AMCs. ICICI Securities also provides stock broking services to institutional clients including AMCs. Hence, ICICI Securities may have received brokerage for

security transactions done by any of the above AMCs during the period preceding twelve months from the date of this report.

It is confirmed that Sachin Jain, CA, Research Analysts of this report have not received any compensation from the Mutual Funds house whose funds are mentioned in the report in the

preceding twelve months.

Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions.

ICICI Securities or is associates may be holding all or any of the units included in the indicative portfolio from time to time as part of our treasury management. Hence, ICICI Securities or its

associates may own 1% or more of the units of the Mutual Funds mentioned in the report as of the last day of the month preceding the publication of the research report.

Research Analysts or their relatives of this report do not own 1% or more of the units of the Mutual Funds mentioned in the report as of the last day of the month preceding the publication of

the research report.

Since associates of ICICI Securities are engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies/ AMCs including the

AMCs whose funds are mentioned in this report or may have invested in the funds mentioned in this report.

ICICI Securities also distributes Mutual Fund Schemes of ICICI Prudential Asset Management Company which is an ICICI Group Company, scheme details of which might also be appearing in

the report above. However, the transactions are executed at Client's sole discretion and Clients make their own investment decisions, based on their own investment objectives, financial

positions and needs..

It is confirmed that Sachin Jain, CA, Research Analysts do not serve as an officer, director or employee of the AMCs whose funds mentioned in the report. ICICI Securities may have issued

other reports that are inconsistent with and reach different conclusion from the information presented in this report. Neither the Research Analysts nor ICICI Securities have been engaged in

market making activity for the companies/funds mentioned in the report. We submit that no material disciplinary action has been taken on ICICI Securities by any Regulatory Authority

impacting Research Analysis activities.

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AUM of equity oriented schemes at all time high at | 11.55...

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