Get the titans on your side.Presenting HDFC Top 100 Fund.

To know more, contact your financial adviser or give a missed call on 73974 12345.

Large is solid. And the large cap companies exemplify this best. HDFC Top 100 Fund invests a minimum 80% of its assets in stocks of large cap companies. These companies are well-established businesses. Typically, these companies are in operation for a longer period of time and are well positioned to absorb business pressures across various market cycles. Due to their size, they also benefit from economies of scale. Consider investing in this fund to give a foundation of solidity to your portfolio.

*Investors should consult their �nancial advisers if in doubt about whether the product is suitable for them.

To generate long-term capital appreciation/income Investment predominantly in large cap companies

HDFC Top 100 Fund (An open-endedequity scheme predominantlyinvesting in large cap stocks) issuitable for investors who are seeking* :

Riskometer

HDFC TOP 100 FUND(An open ended equity scheme predominantly investing in large cap stocks)

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The journey so far:Weak EPS growth of NIFTY 50 (3.5% CAGR between FY13 and FY18) is the key reason why largecaps underperformed

The journey so far:Weak EPS growth of NIFTY 50 (3.5% CAGR between FY13 and FY18) is the key reason why largecaps underperformed

Historical performance indications and financial market scenarios are not reliable indicators of current or future performance. The data/statistics are given to explain general market trends in the securities market based on information already available in publicly accessible media and the same should not be construed as investment advice or as any research report/research recommendation. 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. HDFC Mutual Fund/AMC is not guaranteeing any returns on investments made in this Fund. In view of the individual circumstances and risk profile, each investor is advised to consult his / her professional advisor before making a decision to invest in the Scheme. 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 sectors.

The current investment strategy is subject to change without prior notification. For latest scheme portfolio visit our website www.hdfcfund.com

A consistent approach to investing has worked well for HDFC Top 100 Fund across market cycles in last ~23 years since inception

Outperformance across market cycles since Inception in 1996Since Inception - Mar 00 (4years) : IT stocks lead the market, NAV up 2.7 times vs. 1.7 times of S&P BSE SENSEX TRIMar 00 – Mar 08 (8years) : Capex / Banking / Commodities lead the market, NAV up 6 times vs. 3.6 times of S&P BSE SENSEX TRIMar 08 – Mar 18 (10years) : Auto / FMCG / NBFC stocks lead the market, NAV up 3.3 times vs. 2.4 times of S&P BSE SENSEX TRI2018 - ? : Fund overweight in Corporate Banks, Energy

The portfolio always remains diversified across key sectors and economic variables and aims to take active positions in a controlled manner and there by reduce risk

Fund has successfully navigated bubbles / market excesses in IT (~ year 2001), Power / Real Estate (~ year 2007)

Low portfolio turnover – A result of the Fund’s long term approach to investing

Financial Year

2013

2014

2015

2016

2017

2018NIFTY 50 EPS

CAGR FY13-18 3.5

NIFTY 50 EPS377

410

398384

439

449

Growth %

8.8

-

-2.9-3.5

14.4

2.0

Reasons for weak NIFTY 50 EPS growth in FY 13-18: Capital Goods Weak capex in economy

Stretched working capital cycle and high interest rates

Utilities Change in CERC (Central Electricity Regulatory Commission) regulations

Corporate Banks & Financials Significant increase in stress in steel, power & infra sectors

Higher provisioning on NPAs impacted profitability sharply

Earnings growth in FY18-21E expectedto be driven by: Healthcare Scaling up of specialty products and complex generic products (respiratory, injectibles, etc.) in the United States to improve margins

Utilities Capacity led growth

Corporate Banks & Financials Recognition phase of NPAs is largely over, GNPA provisioning is at 62% as on Mar 19

With falling slippages and increasing resolution of NPAs provisioning costs are expected to fall sharply

HDFC Top 100 Fund –Experience of close to 23 years / 3 market cycles on your side

NIFTY 50 EPS growth is coming back strongly

Source: Kotak Institutional Equities

Source: Kotak Institutional Equities

Portfolio Turnover (%)

FY13 FY14 FY15 FY16 FY17 FY18 FY19

17.2 29.0 42.3 50.8 30.8 34.1 17.3

2019 E

2020 E

2021 E

NIFTY 50 EPSCAGR FY18-21 E

480

573

685

19.4

6.9

19.5

15.1

Financial Year NIFTY 50 EPS Growth %

Past Performance may or may not be sustained in the future. Historical performance indicators and financial market scenarios are not reliable indicators of current or future. 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 sectors. Source: Bloomberg & Internal

HDFC TOP 100 FUND(An open ended equity scheme predominantly investing in large cap stocks)

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Key statistics since inception Track Record ~ 23 years (Inception date - 11 October, 1996)

Outperformance vs. S&P BSE SENSEX TRI $ 16 out of 23 Calendar years **

Alpha generation Close to 6.03% CAGR (Since inception) (19.27% scheme CAGR vs 13.23% Additional Benchmark CAGR) **

Wealth creation 56.5 times vs 17 times in Additional Benchmark **^

As on 30th August, 2019, SIP of Rs. 10,000 since inception would have become `3.62 crores at a CAGR of 18.90% **^

Dividends 23 Dividends in 19 years since 1999 @, Average yield ~10.60%

Annual Portfolio Turnover Ratio 12.43% as on August 31, 2019

Weighted average portfolio Market ~ ` 2,84,000 crores (Source: MFI) capitalization

Segment-wise Breakup of Equity Holding (% of Net Assets) Large Cap - 91.2%, Mid Cap - 7.8%

$ The benchmark for the scheme is NIFTY 100 Index TRI and Additional Benchmark for the Scheme is S&P BSE SENSEX TRI. Reference made to S&P BSE SENSEX TRI is for easy understanding of market movements, ^ Refer performance details overleaf, ** Past Performance may or may not be sustained in future, @ For detailed dividend history, please refer www.hdfcfund.com

S&P BSE SENSEX TRI

HDFC Top 100 Fund

HDFC Top 100 Fund at inception has grown to ~ ` 5.65 lakhs at a CAGR of 19.27%

S&P BSE SENSEX TRI at the same time would have grown to ~` 1.72 lakhs at a CAGR of 13.23%

HDFC Top 100 Fund – Adding value across market cycles in 23 years

Past Performance may or may not be sustained in the future. Returns as on 30th August 2019. For detailed performance please refer page 4. 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) for the performance shown above. HDFC Mutual Fund/AMC is not guaranteeing any returns on investments made in this Fund. In view of the individual circumstances and risk profile, each investor is advised to consult his/her professional advisor before making a decision to invest in the Scheme.

HDFC Top 100 Fund–Proven track record of ~ 23 years^

HDFC Top 100 Fund –Strong peer group performance

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18

Val

ue o

f Rs

10,0

00 in

vest

ed in

199

6

Quartile For the periodended31st Mar

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Numberof Times in Q1/Q2

1 year Q3 Q2 Q2 Q2 Q1 Q1 Q2 Q3 Q1 Q1 Q1 Q3 Q3 Q1 Q4 Q4 Q1 Q4 Q1 12/193 years Q2 Q2 Q1 Q1 Q1 Q2 Q2 Q1 Q1 Q1 Q2 Q3 Q3 Q3 Q2 Q2 Q1 14/175 years Q2 Q2 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q2 Q3 Q2 Q2 Q1 14/15

Disclaimer: Past Performance may or may not be sustained in the future. 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). HDFC Mutual Fund/AMC is not guaranteeing any returns on investments made in this Fund.

Source: MFI

In 5 year periods since 2001, HDFC Top 100 Fund has been in 1st / 2nd Quartile of peer group 14 times out of 15 (period refer to fiscal periods)

HDFC TOP 100 FUND(An open ended equity scheme predominantly investing in large cap stocks)

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M U T U A L F U N D I N V E S T M E N T S A R E S U B J E C T T O M A R K E T R I S K S ,R E A D A L L S C H E M E R E L A T E D D O C U M E N T S C A R E F U L LY.

Returns (%) as on 31th August, 2019

Category I - FPI Portfolio(managed under a bilateral agreement under Regulation 24(b) and subject to applicable laws)

22nd March, 2016 9.09 N.A.-2.63

Benchmark - MSCI India (Total Returns) 7.47 N.A.-6.79

ManagingPortfolio since Last 1 year Last 3 years Last 5 years

Total Amount Invested (` ’000)

Market Value as on 30th August, 2019 (` ’000) $$

Returns (%) $$

Benchmark Returns (%)#

Additional Benchmark Returns (%)##

2,750.00

36,233.05

18.90

N.A.

13.99

600.00

718.42

7.15

8.26

9.74

360.00

383.09

4.09

6.11

9.45

1,200.00

2,067.87

10.50

10.70

10.91

10 year SIPSince Inception* 3 year SIP5 year SIP

120.00

116.01

-6.15

-2.25

1.56

1 year SIP

SIP Performance - HDFC Top 100 Fund - Regular Plan - Growth OptionAn SIP since inception* of ` 10,000 invested systematically on the first business day of every month (total investment ~ ` 27.50 lacs) in HDFC Top 100 Fund would have grown to ~ ` 3.62 crore by 30th August 2019 (refer below table).

CAGR returns are computed after accounting for the cash flow by using XIRR method (investment internal rate of return). The above investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital. N.A. Not Available.

HDFC Top 100 Fund - Performance - Regular Plan - Growth Option

N.A. Not Available. *Inception Date: 11th Oct, 1996. The Scheme is managed by Mr. Prashant Jain since 20th June, 2003.$$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). #Benchmark Index: NIFTY 100 (Total Returns Index). ##Additional Benchmark Index: S&P BSE SENSEX (Total Returns Index).

Performance of other mutual fund schemes managed by Prashant Jain, Fund Manager of HDFC Top 100 Fund (who manages total 6 schemes which have completed one year)

On account of difference in type of scheme, asset allocation, investment strategy, inception dates, the performance of these schemes is strictly not comparable. Performance of close-ended schemes, is not strictly comparable with that of open-ended schemes since the investment strategy for close-ended schemes is primarily buy-and-hold whereas open-ended schemes are actively managed. ^Effective close of business hours of June 1, 2018, HDFC Prudence Fund merged with HDFC Growth Fund (HDFC Balanced Advantage Fund after changes in fundamental attributes). As the portfolio characteristics and the broad investment strategy of HDFC Balanced Advantage Fund is similar to that of erstwhile HDFC Prudence Fund, the track record (i.e. since inception date) and past performance of erstwhile HDFC Prudence Fund has been considered, in line with SEBI circular on Performance disclosure post consolidation/merger of scheme dated April 12, 2018. +The Scheme is co-managed by Mr.Prashant Jain & Mr.Rakesh Vyas w.e.f. 01st June 2019.

Common notes for all the above tables:Past performance may or may not be sustained in the future. Different plans viz. Regular Plan and Direct Plan have 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 greater than 1 year period are compounded annualized (CAGR). Load is not taken into consideration for computation of above performance(s). Returns as on 30th August, 2019.

Performance return of Category I - FPI Portfolio(s) managed by the Fund Manager (Mr. Prashant Jain)

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 computed using the Time Weighted Rate of Return (TWRR) methodology, to make them more comparable with the mutual fund scheme's returns. FPI Portfolio: Inception date is 22nd March, 2016. The performance is not comparable with the performance of the aforementioned scheme(s) of HDFC Mutual Fund due to differing investment objective/s and fundamental differences in asset allocation, investment strategy and the environment. The said disclosure is pursuant to SEBI Circular no. Cir/IMD/DF/7/2012 dated 28th February, 2012 pertaining to Regulation 24(b) of SEBI (Mutual Funds) Regulations, 1996. N.A. Not Applicable. FPI - Foreign Portfolio Investor.

Last 1 YearLast 3 YearsLast 5 YearsSince Inception*

-5.107.967.50

19.27

-2.1310.868.39

13.23

-5.838.898.59N.A.

Value of investment of ` 10,000

9,49012,58214,365

5,65,190

9,41712,90915,111

N.A.

9,78713,62114,968

1,72,117

Scheme ` $$ Benchmark ` # AdditionalBenchmark ` ##

Scheme Returns (%)$$Period BenchmarkReturns (%)#

Additional BenchmarkReturns (%)##

NAV as at August 30, 2019 ` 463.534 (Per unit)

HDFC Equity Fund

Benchmark - NIFTY 500 TRI

HDFC Balanced Advantage Fund ^

Benchmark - NIFTY 50 Hybrid Composite Debt 65:35 Index

HDFC Hybrid Debt Fund (Equity Assets)

Banchmark - NIFTY 50 Hybrid Composite Debt 15:85 Index

HDFC Infrastructure Fund +

Benchmark - NIFTY 500 TRI

HDFC HOF - I - 1140D November 2017 (1) +

Benchmark - India Housing & Allied Businesses Index

20th June, 2003

20th June, 2003

26th Dec, 2003

1st June, 2019

1st June, 2019

-6.58

-9.02

-3.33

1.71

4.23

10.60

-20.38

-9.02

-9.46

-6.34

7.64

7.57

6.83

8.91

5.24

7.93

-4.66

7.57

N.A.

N.A.

7.28

8.39

7.75

8.66

7.46

9.07

-0.99

8.39

N.A.

N.A.

ManagingScheme since Last 1 year Last 3 years Last 5 years

SchemesReturns (%) as on 30th August, 2019