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Your partner for long-term wealth creation

MAY 2020FUND FACTSHEET

Our Equity Investment Philosophy

SMARGIN

OF SAFETY

QQUALITY OF

THE BUSINESS

LLOW

LEVERAGE

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

20 Lakh Crores Package a misnomer:

Our Honourable Prime Minister of India, announced a massive stimulus package worth Rs 20 lakh crore (said to be almost 10% of India's GDP, but in reality the fiscal stimulus is around 2.4% of GDP) to counter the Coronavirus or COVID-19 crisis and said it will cover farmers, labourers, the middle class, the honest tax-payers, MSME, the cottage industry, and many other sectors.He also called for an 'Atmanirbhar Bharat' or self-reliant India, citing five pillars. All sounds brilliant but with less of meat for the economy and markets in the near to medium term. Most of the announcements seemed to me like long-term structural measures, rather than 'booster shots'. Significant fiscal measures are required to address the immediate economic situation, which is already in an Intensive Care Unit (ICU) panting for breath as it fights the COVID-19 crisis. It is very difficult to believe that the government booster package will translate into higher demand, address supply-chain issues, and help businesses & households deal with financial losses incurred on account of the COVID-19 pandemic. The government should have placed money in pockets/accounts of those who needed it the most.

1991 Vs 2020 Reforms:In the year 1991 Dr Manmohan Singh the then finance minister announced the reforms which re-shaped the Indian economy. During 1991, India was facing a balance of payment crisis and is quite different from the current COVID-19 lead crisis. 2020 Reforms/Package was meant to address virus lead impact on most of the households and businesses.1991-1994 Indian markets rallied massively and Sensex doubled and the returns were approx. 28% CAGR. If we compare the 2020 reforms vs 1991, our view is that the reforms are not good enough to create spark in the economy and drive animal spirits. Lot more needed to be done to change the sentiments and bring back confidence in the economy.

Global Macro thoughts:We look at the present reality with open eyes, despite the significant uncertainty we all now face. We are impressed with the speed and size of the fiscal and monetary response around the world, but we think that Covid-19 is hitting the system at a time of unique vulnerability. Corporate margins and financial leverage are both at historic peaks, and geopolitical tensions were already running hot.

George Heber JosephCEO & CIO

MAY 2020 1FUND FACTSHEET

“Waiting helps you as an investor and a lot of people just can’t stand to wait. If you didn’t get the deferred-gratification gene, you’ve got to work very hard to overcome that.” - Charlie Munger

“ Investing is a long-term process (5-10 years) and what I like to do is to invest in ITI Mutual Funds on a 50:25:25 rule basis. 50% in ITI Multicap Fund, 25% in ITI Balanced Advantage Fund and 25% in ITI Small Cap Fund. This gives me good comfort on my asset allocation needs. The blended risk adjusted return through this allocation can be interesting from a long-term perspective.

We believe Small Cap Index can give the best returns in the next 3-5-years period followed by Mid-Caps and then Large-Cap Indices. From an economic recovery perspective “Equity” is the best asset class to invest, provided you have the time and patience on your side. We have less preference for “Fixed Income” as an asset class because of the rating downgrade possibilities that we visualise in the next 6-12 months and if someone wants to park money it can be in arbitrage funds, high quality/sovereign low duration bond funds and overnight/liquid funds.“





Jobs create confidence, and confidence is what drives sustained economic growth over the longer term. Unfortunately, we are concerned that there will be an employment ‘hangover’ effect associated with this pandemic, as the global economy is likely to be reshaped quickly towards a more digitally oriented society.

China is no longer a commodity or fixed investment story; rather, it is a technology enabled growth story that will likely use the Covid-19 incident to see certain digital services and processes further inflect upward.

Record low rates globally are implying that we are now entering a period of slower nominal GDP growth amidst lower inflation, or even disinflation/deflation. It is important to note that coming into the crisis, world debt loads were at a record 242% of GDP, compared to the prior peak in 2007 of 210%. So, just as we are humbled by the human tragedy associated with Covid-19, we too should be respectful that this disease is occurring at a time of notable macro risk in the economy. In particular, we are intently focused on the long-term implications of corporate and government de-leveraging.

Our Market Views:

Global economy recovery lead market up moves will drive Indian markets also as there is a good correlation between US markets and Indian Markets. We should expect intermittent risk-on rallies and then market moving into a rough patch and so on till we see all the major economies have recovered from the crisis. At present the removal of lockdown in many parts of the world is creating positivity in the markets, PMIs from most of the countries are smartly rebounding, Crude Oil price & other commodity prices also started moving up. Clearly, market trend reversal is seen and we believe markets are poised to create more upsides in the near to medium term.

Currently, valuation-wise Indian equities look attractive, there is a decent margin of safety available, and the potential to earn respectable returns is high. This offers a good investment opportunity provided you are willing to take a higher calculated risk and have an investment time horizon of at least 4-5 years. Having said that, structuring the portfolio strategically and scheme selection is the key.

Next year during the same time, most likely, we should be seeing the recovery in the economy and markets would have already started pricing in the higher GDP growth prospects of FY’21-22, led by low base effect and strong pent up demand kicking in. As per IMF forecast itself Indian real GDP will be growing at 7.4% in FY’21-22.

We believe Small Cap Index can give the best returns in the next 3-5-years period followed by Mid-Caps and then Large-Cap Indices. From an economic recovery perspective “Equity” is the best asset class to invest, provided you have the time and patience on your side. We have less preference for “Fixed Income” as an asset class because of the rating downgrade possibilities that we visualise in the next 6-12 months and if someone wants to park money it can be in arbitrage funds, high quality/sovereign low duration bond funds and overnight/liquid funds.

How am I thinking of my own asset allocation but for you it may differ?

What I learned over the last 30 years of my investing experience is that, I need to follow asset allocation at all points of time i.e. invest in different asset classes and different market segments to diversify the risk and the asset allocation should change according to the market situations too.

Investing is a long-term process (5-10 years) and what I like to do is to invest in ITI Mutual Fund on a 50:25:25 rule basis. 50% in ITI Multicap Fund, 25% in ITI Balanced Advantage Fund and 25% in ITI Small Cap Fund. This gives me good comfort on my asset allocation needs. The blended risk adjusted return through this allocation can be interesting from a long-term perspective.






Small Cap allocation is always tactical for me (i.e. at low valuation of the small cap index park money in ITI Small cap Fund and at high market valuation point take out money and move to ITI Balanced Advantage Fund). Whenever I see small cap segment is overheated (mostly 4-5 years from now), my plan is to shift the amount from ITI Small cap Fund to ITI Balanced Advantage fund.

So ITI BAF will work as FD+ return category for me, ITI Small Cap fund will work as a tactical alpha generator and ITI Multicap fund allocation works as my long-term equity allocation. Today, since market is very cheap on Price to Book value basis, ITI balanced advantage fund has 90%+ equity allocation predominantly towards large cap stocks as of now, 4-5 years later probably when the markets again become very expensive, the equity allocation in BAF could be very low and High Quality Debt & Arbitrage exposure could be very high, so at that point of time, my idea is to switch my ITI Small cap tactical allocation to ITI BAF, so overall asset allocation which I want to achieve at the peak of the markets can be achieved.OUR INVESTMENT PHILOSOPHY - SQLBased on our combined investment learnings of more than 50 years, we have institutionalized very strong and unique investment philosophy SQL, this is core to our fund management framework and approach to our portfolios.We strongly believe that good quality (Q), low leverage companies (L) and bought with a reasonable good margin of safety (S) makes the investment very attractive and rewarding for our investors.

OUR RISK MANAGEMENT FRAMEWORKOur risk management frame work & our unique investment philosophy are well thought out and institutionalised to generate superior investment performance and creating a smooth investment experience for all our investors. They are framed based on our own investment experience and also imbibed learnings from some of the great investment houses and investment managers globally, which will stand the test of time and keep our investors interest at high standards. We have put risk limits based on fund mandates, market cap segments, sectors and stocks.

Equity Market OutlookDespite, the massive Rs. 20-trillion financial package announced by the government, investors could not shy away from economic realities any longer. The economic growth slumped to 3.1% the slowest in 11 years, in the Mar quarter, dragging the full-year expansion to 4.2% against 6.1% in FY19. One thing is certain: The global economy will take a big hit in 2020. IMF has projected the global economy to contract by 3 percent in 2020. Indian Markets will track global markets as usual and global recovery is important to put the uptrend in order.Market always look ahead. The more relevant question is: How much and what kind of recovery can we expect in 2021? IMF says that the global economy can rebound with a sharp 5.8 percent growth in 2021. This projection is based on the assumption that the pandemic will peak this quarter and then start fading facilitating resumption of economic activity by June.


S

Q

L

Margin of Safety

Quality of the Business

Low Leverage

Safety

Quality of the Business

Liquidity

Investment Philosophy Equity Fixed Income






If the IMF’s projection comes true, there will be a ‘V’ shaped recovery in markets and a ‘U’ shaped recovery in global economy. Further market movements will also be impacted by the upcoming announcements of corporate earning numbers for Q4 FY’20 by several blue-chip companies. After taking all points into consideration – Valuation, margin of safety, recovery prospects and economic cycle - our view is that all funds need to be positioned for a recovery. Since market moved up by 30% from bottom, some sort of defence has to be built in the portfolio.We have learnt from the past that markets bottom out and recover much ahead of the economy. Therefore, probably markets are in the bottoming out phase or would have already bottomed out by now.Our preference is on all discretionary and recovery sectors like Auto, Auto Ancillaries’, Private Corporate Banks, Strong NBFCs, Cement, Construction & Building Materials, Consumer Goods, Agri/Rural beneficiaries and defensive sectors like Pharma & Healthcare.Tactically PSU Banks also looks interesting bets as the valuations are unbelievably low, recovery is definitely on cards from 3-5 years perspective and there is a possibility of Government institutionalising a BAD Bank in the near future. This can be beneficial for the domestic growth as well as for cleaning up the corporate banks balance sheets which are facing NPA resolution pain as of now.We believe highest return generating segment in the market would be Small Caps, followed by Mid-Caps and then Large-Caps on 1,3 and 5-years perspective. Post crisis periods in the past, the returns were generated in this manner and we do expect the same to happen this time as well.

Debt Market OutlookIndia’s fiscal deficit for FY20 came in at 4.59% of gross domestic product which was sharply higher than the government’s revised target of 3.8%. To add to the woes a major global credit rating agency downgraded India's foreign-currency and local-currency long-term issuer ratings while maintaining a negative outlook. The Monetary Policy Committee is now expected to be in a wait and watch mode to gauge the incoming data on the evolving inflation-growth dynamic before resorting to any more rate cuts. Hence the long-dated yields are likely to inch higher due to fiscal concerns and bond supply.The government has come out with a subdued policy response (20 Lac crores package) which has fuelled concerns of muted economic growth and lower tax collection that will only aggravate the already fragile credit profile of India. We believe, the kind of impact on economy in next 6-9 months, can create volatility in fixed income segment. Since RBI has not come up with NPA relaxation measures, the rating downgrades to upgrades ratio will possibly be skewed towards downgrades. Ultra-low global crude oil prices and continued measures by the RBI for dealing with the COVID-19 pandemic are expected to provide some support to the debt market sentiment.However, continued higher liquidity in the banking system, the possibility of the COVID-19 pandemic subsiding with normal monsoon and availability of long-term repo at policy rates, will keep the short-term curve attractive.Our preference over the last one year has been high quality low duration (1-3 Years residual maturity) bond investments. We believe low duration funds look better placed in this current situation and the risk reward is not in favour of credit risk funds or long duration bond funds at this juncture.

Market ReviewMay 2020

Equity Market Update

Developed market indices like Dow (US), Dax (Germany) and Nikkei (Japan) recorded decent gains during May’20. MSCI Emerging market index also posted marginal gains on the back of gains in crude and industrial metals.

The consumer sector further weighed down following weak corporate earnings results from industry heavyweights amid coronavirus outbreak across the globe.

Indian markets underperformed the global markets due to extension of lockdown, continued rise in no of COVID cases and disappointment over Government’s stimulus package.

According to data from the National Securities Depository Ltd, foreign portfolio investors (FPIs) were net buyers of domestic stocks worth Rs. 14,568.77 crore compared with net sale of Rs. 6,883.57 crore in Apr 2020.

Net inflows in Equity funds (including ELSS, close-ended and interval schemes) were Rs. 6,108.29 crore in April 2020.

Although the Rs. 20-trillion financial package announced by the government brought initial smiles to the investor’s face, the subsequent stimulus measures by the finance minister fell short of market expectations.

Key benchmark indices S&P BSE Sensex and Nifty 50 slipped 3.84% and 2.84% in May ’20 to close at 32,424.10 and 9,580.30, respectively. The decline in broader indices was lower with S&P BSE Mid-Cap and S&P BSE Small-Cap falling 1.42% and 1.88%, respectively.

On the BSE sectoral front, S&P BSE Bankex was the major loser, down 10.47%, followed by S&P BSE Consumer Durables, S&P BSE PSU and S&P BSE Realty, which fell 7.59%, 6.00% and 2.68%, respectively.

Meanwhile, auto sector was the top gainer, up 5.58%, followed by S&P BSE Healthcare and S&P BSE Capital Goods, which rose 2.05% and 1.21%, respectively.

Banking sector plunged during the month in anticipation of a rise in non-performing assets (NPAs). Economic uncertainties caused by Covid -19, which could lead to a slower credit growth, added to the overall fall.

3M 6M 1Y

Change in %

S&P BSE SensexNifty 50S&P BSE 200Nifty 500Nifty Mid CapS&P BSE Small Cap

-15.34-14.48-14.37-15.31-20.93-20.54

1MMonth End

ValueIndex

-3.84-2.84-2.42-2.38-1.70-1.88

32424.109580.304040.427822.40

13273.0010892.60

-20.52-20.54-19.94-20.29-22.93-19.67

-18.40-19.70-19.02-20.27-26.15-26.80

3Y

1.35-0.14-1.01-2.16-8.83

-10.29

5Y

3.102.582.722.360.14

-0.70

1M3M6M1Y3Y5Y

14,569-54,288-33,007-15,27629,66475,349

6,52228,61341,66690,032

299,776428,354

Net Flows

Domestic Indices Performance

Net Institutional Flows - Equity (in Rs. Crore)

Source: NSE & BSE

Source: SEBI

FII Flows MF Flows

3M 6M 1Y

Change in %

DJIAS&P 500FTSEDAXCACNikkeiHang SengKOSPIShanghaiMSCI EMMSCI India

-0.103.05

-7.66-2.55

-11.573.48

-12.132.14

-0.97-7.48

-15.48

1MMonth End

ValueIndex

4.264.532.976.682.708.34

-6.834.21

-0.270.58

-2.65

25383.113044.316076.60

11586.854695.44

21877.8922961.47

2029.602852.35

930.3514.84

-9.51-3.08

-17.29-12.46-20.49

-6.08-12.85

-2.80-0.68

-10.55-21.44

2.2910.62

-15.19-1.20-9.866.21

-14.68-0.60-1.60-6.78

-23.83

3Y

6.508.07

-6.86-2.80-3.863.65

-3.64-4.74-2.92-2.55-5.37

5Y

7.107.63

-2.740.30

-1.281.25

-3.49-0.82-9.15-1.51-1.85

Global Indices Performance

Source: Thomson Reuters Eikon

3M 6M 1Y

Change in %

Nifty AutoNifty BankNifty EnergyNifty FMCGNifty India ConsumptionNifty InfrastructureNifty ITNifty MetalNifty CommoditiesNifty PharmaNifty PSENifty Realty

-9.92-33.79

-4.33-0.05-5.26-5.52-7.90

-16.30-9.5628.93

-12.79-35.80

1MMonth End

ValueIndex

5.38-10.39

-0.722.192.263.34

-0.691.071.754.73

-2.88-3.84

6218.8019297.2513060.5029296.95

4611.052845.15

14010.501879.852726.909768.602369.00

180.10

-23.09-39.59-19.54

-5.42-7.68

-14.39-6.58

-28.40-20.5419.28

-27.37-36.15

-23.99-38.58-21.19

-1.86-4.14

-14.82-13.34-35.26-26.0715.58

-35.26-36.65

3Y

-17.00-6.263.084.282.29

-3.989.93

-13.99-8.112.68

-16.42-10.41

5Y

-6.130.618.997.815.80

-2.453.89

-4.620.36

-4.82-7.81-2.02

Sectoral Performance

Source: NSE

Nifty 50 - P/E

Nifty 50 - P/B

Source: NSE

Source: NSE


16

24

32

May-19 Sep-19 Jan-20 May-20

2.10

2.70

3.30

3.90

May-19 Sep-19 Jan-20 May-20


Debt Market Update

Market ReviewMay 2020

The Monetary Policy Committee (MPC) in its second off-cycle monetary policy review in less than two months lowered the key policy repo rate by 40 bps to a record low of 4.00% by a five to one vote. Subsequently the reverse repo rate stands reduced to 3.35% from the earlier 3.75% while the marginal standing facility rate and the bank rate has also been lowered to 4.25% from the earlier 4.65%.Growth of the Indian economy slowed for the fourth consecutive quarter as it fell to 3.1% in the quarter ended Mar 2020 compared to a growth of 4.1% in the previous quarter and a growth of 5.7% in the same period of the previous year. Growth of the domestic economy for FY20 also plummeted to 4.2% from 6.1% in FY19. Growth in FY20 thus stood at the lowest level since 2008 when the growth of the Indian economy fell to 3.1% which can be attributed to the global financial crisis.India’s fiscal deficit widened to 4.59% of gross domestic product (GDP) for FY20. Fiscal deficit thus surpassed the government’s revised fiscal deficit target of 3.8%. Liquidity conditions remained favourable during the month under review as the overnight call rate traded in a range from 2.50% to 4.06% compared with that of the previous month when call rates traded in the range of 3.12% to 4.34%.

Systemic liquidity remained in abundance, with average daily net absorptions under the liquidity adjustment facility (LAF) increasing to Rs. 5.17 lakh crore in May 2020.

Yields on the 10-year U.S. Treasury inched up by 1 bps to close at 0.64% compared to the previous month’s close of 0.63% on growing possibility of an increase in debt supply from the U.S. government which will be used to finance the massive stimulus efforts amid the covid -19 pandemic. However, most of the losses were neutralised amid renewed concerns over rising tensions between U.S. and China after the latter proposed to impose security laws on Hong Kong.

Yield on gilt securities fell across the maturities in the range of 10 bps to 32 bps barring 5-year paper which increased 28 bps. Difference in spread between corporate bond and gilt securities expanded across the maturities by up to 20 bps barring 3, 5 and 10-year paper which contracted in the range of 10 bps to 32 bps.

India Yield Curve Shift (Year- on- Year)

1M

3M

6M

1Y

3Y

5Y

-22,935

-95,862

-110,030

-80,284

-47,037

-13,922

10699.37

-16985.4

78727.1

337876.76

1111068.5

1827152.86

Net Flows

Net Institutional Flows - Debt (in Rs. Crore)

Source: SEBI, NSDL

FII Flows MF Flows

3M 6M 1Y

Change in BPS

10Y GSEC CMT10Y AAA CMT10Y SPREAD*1Y CD3M CD1Y CP3M CP

-36-57-20

-218-188

-80-165

1MMonth End

ValueIndex

-10-21-11-80-84

-120-110

6.017.28

117.903.993.765.704.35

-45-59-13

-180-132

-95-95

-102-108

-3-321-271-230-245

3Y

-65-5314

-284-264-160-235

5Y

-180-117

76-428-421-304-388

Key Domestic Yield Indicators

Source: Thomson Reuters Eikon; *Absolute Change

3M 6M 1Y

Change in %

CPIFOOD & BEVERAGESFUEL & LIGHTHOUSINGCORE CPI

-7.59-3.11-3.66-0.26-4.19

1MApril2020

Index

-5.840.79

-6.590.25

-4.03

-8.61

-3.94

-

-4.621.682.02

-0.64-3.44

-2.997.23

-2.56-0.82-4.55

3Y

-2.997.32

-6.13-0.92-4.44

5Y

-4.873.17

-5.51-0.71-3.98

Inflation Indicators

Source: Thomson Reuters Eikon, Bloomberg

3M 6M 1Y

Change in %

US 2Y CMT YIELD (Change in BPS)US 10Y CMT YIELD (Change in BPS)BrentUSD/INRIIPManufacturing PMIService PMI

Trade DeficitNet Oil ImportsNet Non-Oil Trade DeficitNet Gold ImportsTrade Deficit ex Oil & GoldNET of Principal CommoditiesElectronic Goods

-72-48

-35.764.78

-17.10-23.70-44.90

1MIndex

-32

126.720.69

-21.303.407.20

0.160.64

33.6075.64

-16.7030.8012.60

-145-113

-49.355.45

-12.10-20.40-40.10

-179-150

-50.608.35

-19.40-21.90-37.60

3Y

-112-155

-31.4817.18

-21.10N.A.N.A.

5Y

-45-145

-46.5418.62

-19.10N.A.N.A.

182.6992.3490.3524.1066.2549.61

153.3084.6468.6619.6848.98

44.9

-41.54-27.97-13.57

-3.06-10.50

-9.81

147.5964.8982.7029.2253.4845.54

97.4647.3750.09

4.6445.4534.69

125.7657.6368.1320.1947.9434.52

140.4095.8444.5717.6626.9129.13

Key Indicators

Source: Thomson Reuters Eikon, Bloomberg

2018 2017 20162019Apr2020

2015 2014

10-Yr Benchmark Gsec Bond

Source: Thomson Reuters Eikon

Source: CCIL

US $ Billion

Change in bps May-20 May-19

Month EndValue

-300

-200

-100

0

3.05

4.70

6.35

8.00

1 Yr 5 Yr 10 Yr 20 Yr 30 Yr

Yiel

d (%

)

5.8

6.7

7.5

8.4

May-17 May-18 May-19 May-20

Yield

(%)

Multi Cap Fund Ad - A4

47-19

Available on BSE StAR MF, NSE-MFSS, platforms. NSE NMF II and MFU

Portfolio Classification by Net Assets (%)

Debt --

Equity Derivatives 7.63

Equity 91.86

Net Current Assets 2.86

TREPS instruments 2.55

Term Deposits placed as Margins 2.73

Small Cap 8.72

Mid Cap 15.79

Large Cap 74.98

Portfolio Allocation of other asset class (%) Market Capitalisation (% of allocation)

THIS PRODUCT IS SUITABLEFOR INVESTORS WHO ARE SEEKING^

Face Value per Unit: Rs. 10 unless otherwise specified; Data is as of May 31, 2020 unless otherwise specified.For scheme and SIP performance refer page 14

FUND FACTSHEET MAY 2020 7

PORTFOLIO

ITI Multi Cap Fund(An open-ended equity scheme investing acrosslarge cap, mid cap, small cap stocks)

CATEGORY OF SCHEME: Multicap Fund

INVESTMENT OBJECTIVEThe investment objective of the Scheme is to generate long-term capital appreciation from a diversified portfolio that predominantly invests in equity and equity-related securities of companies across various market capitalisation. However, there can be no assurance that the investment objective of the Scheme will be realised.

SCHEME DETAILS

FUND MANAGER

Inception Date(Date of Allotment):Benchmark:

15-May-19Nifty 500 TRI

Minimum ApplicationAmount:

Load Structure:Entry Load:

Mr. George Heber Joseph (Since 15-May-19)Total Experience: 17 years

AUM (in Rs. Cr): 113.53107.1435.29%54.42%38

NAV as on May 29, 2020

Regular Plan(in Rs.)8.83458.8345

Growth:Dividend:

Direct Plan(in Rs.)9.03349.0334

AAUM (in Rs. Cr):

2.29

% of top 5 holdings:% of top 10 holdings:No. of scrips:

Mr. Pradeep Gokhale (Since 15-May-19)Total Experience: 24 years

Rs. 1,000/- and in multiples of Re. 1/- thereafter

Nil

Exit Load: If units are redeemed/switched out within 12 months - 1%. Nil thereafter

Name of the Instrument % toNAV

% to NAVDerivatives

7.63

0.90

1.35

1.78

Equity & Equity Related TotalAutoMaruti Suzuki India LimitedTVS Motor Company LimitedEicher Motors LimitedAuto AncillariesExide Industries LimitedJtekt India LimitedEndurance Technologies LimitedBanksHDFC Bank LimitedState Bank of IndiaCementUltraTech Cement LimitedAmbuja Cements LimitedChemicalsPidilite Industries LimitedConstructionKNR Constructions LimitedConsumer DurablesV-Guard Industries LimitedJohnson Controls - Hitachi Air Conditioning India LimitedConsumer Non DurablesHindustan Unilever LimitedITC LimitedMarico LimitedFinanceHousing Development Finance Corporation LimitedICICI Securities LimitedNippon Life India Asset Management LimitedCan Fin Homes LimitedGeojit Financial Services LimitedBSE Limited

91.86

3.081.54

1.480.940.55

7.825.27

3.191.72

1.94

0.93

1.360.67

6.924.171.64

2.742.542.021.320.850.61

Name of the Instrument

Petroleum ProductsHindustan Petroleum Corporation LimitedBharat Petroleum Corporation LimitedChennai Petroleum Corporation LimitedPharmaceuticalsLupin LimitedDr. Reddy's Laboratories LimitedGlaxoSmithKline Pharmaceuticals LimitedAlembic Pharmaceuticals LimitedNatco Pharma LimitedPowerNTPC LimitedServicesThomas Cook (India) LimitedSoftwareHCL Technologies LimitedInfosys LimitedLarsen & Toubro Infotech LimitedTata Elxsi LimitedOracle Financial Services Software LimitedShort Term Debt & Net Current Assets

FUND FEATURES

Top Ten Holdings

Long-term capital growthInvestment in equity and equity-related securities of companies across various market capitalization

^Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

Computed for the 3-yr period ended May 31, 2020. Based on month-end NAV. * Risk free rate: NA (Source: FIMMDA MIBOR)

QUANTITATIVE DATA

PORTFOLIO DETAILS

Total Expense Ratio (TER):

Direct Plan: 0.48%Regular Plan: 2.63%

Including Additional Expenses and Goods and Service Tax on Management Fees

Fund vs Index Overweight / Underweight

May 2020

Fresh, no legacy/no baggage portfolio

Smooth investing experience for the investor

Long term wealth creation focus

Portfolio TurnoverRatio (Last 1 year):

NANANA

RISK RATIO

Standard Deviation:Beta:Sharpe Ratio :*

% toNAV

2.351.351.01

4.712.922.741.931.63

7.20

0.36

3.982.602.502.031.258.14

% to NAVDerivatives

3.60

Strong expertise in equity research

Differently positioned as a flexi cap within the multicap segment

SQL investment philosophy

When markets are expensive, the fund generally reduces risk and when markets are undervalued fund increases the risk in the portfolio so that risk adjusted return and investor experience becomes smooth and rewarding

NSE 500 ITI Multicap

29.6

9

15.6

9

11.6

2

11.5

1

5.98

5.70

2.99

2.67 2.60

2.48

2.32

1.98

1.39

1.11

0.94

0.52

0.52

0.31

0.01

24.5

2

16.5

4

12.3

6

8.31

13.9

3

8.49

0.93

0.00

4.91

0.00

7.20

0.00 0.36 1.

94

0.00

0.00

0.00

0.00

0.00

0

10

20

30

40

Fina

ncial

Ser

vice

s

Cons

umer

Goo

ds IT

Oil &

Gas

Phar

ma

Auto

mob

ile

Cons

truct

ion

Tele

com

Cem

ent &

Cem

ent

Prod

ucts

Met

als

Powe

r

Indu

stria

l Man

ufac

turin

g

Serv

ices

Chem

ical

s

Fert

iliser

s & P

estic

ides

Heal

thca

re S

ervic

es

Med

ia &

Ente

rtain

men

t

Text

iles

Pape

r

% of

Net

Ass

et (%

)

87-19

LTEF Ad - A4



Debt --

Equity Derivatives --

Equity 93.74



Term Deposits placed as Margins --

Small Cap 21.57

Mid Cap 14.24

Large Cap 57.93




Face Value per Unit: Rs. 10 unless otherwise specified; Data is as of May 31, 2020 unless otherwise specified.


PORTFOLIO

ITI Long Term Equity Fund(An open ended equity linked saving scheme with a statutory lock-inof 3 years and tax benefit)

CATEGORY OF SCHEME: ELSS Fund

INVESTMENT OBJECTIVETo provide long-term capital appreciation by investing predominantly in equity and equity related securities. However, there is no assurance or guarantee that the investment objective of the Scheme will be achieved. The scheme does not assure or guarantee any returns.

SCHEME DETAILS

FUND MANAGER


18-Oct-19Nifty 500 TRI



Mr. George Heber Joseph (Since 18-Oct-2019)Total Experience: 17 years

AUM (in Rs. Cr): 26.8225.3219.61%33.16%60



Growth:Dividend:


AAUM (in Rs. Cr):

NA

% of top 5 holdings:% of top 10 holdings:No. of scrips:

Mr. Pradeep Gokhale (Since 18-Oct-2019)Total Experience: 24 years

Rs. 500/- and in multiples of Rs. 500/- thereafter

NilExit Load: Nil


% to NAVDerivatives

Equity & Equity Related TotalAutoMaruti Suzuki India LimitedEscorts LimitedMahindra & Mahindra LimitedTVS Motor Company LimitedAuto AncillariesMotherson Sumi Systems LimitedAmara Raja Batteries LimitedJtekt India LimitedBanksState Bank of IndiaICICI Bank LimitedHDFC Bank LimitedAxis Bank LimitedCementAmbuja Cements LimitedUltraTech Cement LimitedBirla Corporation LimitedConstructionKNR Constructions LimitedConstruction ProjectLarsen & Toubro LimitedEngineers India LimitedConsumer DurablesOrient Electric LimitedV-Guard Industries LimitedMayur Uniquoters LimitedJohnson Controls - Hitachi Air Conditioning India LimitedConsumer Non DurablesITC LimitedHindustan Unilever LimitedUnited Spirits LimitedAdvanced Enzyme Technologies LimitedMarico LimitedFerrous MetalsMishra Dhatu Nigam LimitedRatnamani Metals & Tubes LimitedFinanceICICI Securities LimitedHousing Development Finance Corporation LimitedCan Fin Homes LimitedCentral Depository Services (India) LimitedNippon Life India Asset Management Limited

93.74

2.952.020.910.46

1.741.571.26

5.633.963.611.81

2.081.040.85

1.52

2.081.69

1.481.020.800.64

3.132.431.000.870.83

1.090.51

2.242.111.671.240.54


Industrial Capital GoodsBharat Heavy Electricals LimitedABB India LimitedIndustrial ProductsSwaraj Engines LimitedMedia & EntertainmentSun TV Network LimitedMinerals/MiningMOIL LimitedNMDC LimitedNon - Ferrous MetalsHindustan Zinc LimitedPesticidesBayer Cropscience LimitedUPL LimitedPetroleum ProductsBharat Petroleum Corporation LimitedHindustan Petroleum Corporation LimitedPharmaceuticalsLupin LimitedDr. Reddy's Laboratories LimitedNatco Pharma LimitedCadila Healthcare LimitedGlaxoSmithKline Pharmaceuticals LimitedPowerNTPC LimitedTorrent Power LimitedRetailingV-Mart Retail LimitedServicesQuess Corp LimitedSoftwareWIPRO LIMITEDInfosys LimitedNucleus Software Exports LimitedOracle Financial Services Software LimitedHCL Technologies LimitedTelecom - ServicesBharti Airtel LimitedTextiles - SyntheticGanesha Ecosphere LimitedShort Term Debt & Net Current Assets

Top Ten Holdings

Capital appreciation over long termInvestment in equity and equity related securities



QUANTITATIVE DATA

PORTFOLIO DETAILS




May 2020


NANANA

RISK RATIO


% toNAV

0.910.53

0.69

2.16

1.040.90

1.34

1.151.00

1.781.25

3.221.971.161.150.66

1.801.22

0.92

1.32

3.192.801.511.200.74

0.90

0.456.26

% to NAVDerivatives

Long term wealthcreation potential

Benefits of Investing

Tax benefits up toRs. 46,800 underSection 80C*

3yrs

Investors get an opportunity to invest in equities across market caps and sectors

Lowest lock in period of 3 years among all 80C investments

Strong expertise in equity research

Tax saving through SIP builds discipline

NSE 500ITI Long Term Equity Fund

29.6

9

15.6

9

11.6

2

11.5

1

5.98

5.70

2.99

2.67 2.60

2.48

2.32

1.98

1.39

1.11 0.94

0.52

0.52

0.31 0.01

22.8

1

13.1

2

9.44

3.03

8.16 10

.91

5.29

0.90 3.

97 4.88

3.02

2.13

1.32

0.00 2.

15

0.00 2.

16

0.45

0.00

0.00

10.00

20.00

30.00

40.00

Fina

ncial

Ser

vice

s

Cons

umer

Goo

ds IT

Oil &

Gas

Phar

ma

Auto

mob

ile

Cons

truct

ion

Tele

com

Cem

ent &

Cem

ent

Prod

ucts

Met

als

Powe

r

Indu

stria

l Man

ufac

turin

g

Serv

ices

Chem

ical

s

Fert

iliser

s & P

estic

ides

Heal

thca

re S

ervic

es

Med

ia &

Ente

rtain

men

t

Text

iles

Pape

r

% of

Net

Ass

et (%

)


Debt --

Equity Derivatives --

Equity 99.08



Term Deposits placed as Margins --

Small Cap 97.62

Mid Cap 1.46

Large Cap --




PORTFOLIO Name of the Instrument % to

NAV% to NAV

DerivativesEquity & Equity Related TotalAutoEscorts LimitedV.S.T Tillers Tractors LimitedAtul Auto LimitedAuto AncillariesJtekt India LimitedMaharashtra Scooters LimitedIgarashi Motors India LimitedJamna Auto Industries LimitedSuprajit Engineering LimitedEndurance Technologies LimitedBanksIndian BankThe Karnataka Bank LimitedCementRamco Industries LimitedChemicalsBASF India LimitedRain Industries LimitedPlastiblends India LimitedConstructionNBCC (India) LimitedKNR Constructions LimitedMahindra Lifespace Developers LimitedAshiana Housing LimitedAhluwalia Contracts (India) LimitedConstruction ProjectEngineers India LimitedAshoka Buildcon LimitedConsumer DurablesJohnson Controls - Hitachi Air Conditioning India LimitedLa Opala RG LimitedAcrysil LimitedHawkins Cookers LimitedBlue Star LimitedVIP Industries LimitedMayur Uniquoters LimitedAmber Enterprises India LimitedConsumer Non DurablesKaveri Seed Company LimitedDCM Shriram LimitedBajaj Consumer Care LimitedVST Industries LimitedAvanti Feeds LimitedDFM Foods LimitedFerrous MetalsMishra Dhatu Nigam LimitedAPL Apollo Tubes LimitedRatnamani Metals & Tubes LimitedTata Steel Long Products LimitedJindal Saw LimitedFinanceICRA LimitedIndian Energy Exchange LimitedBSE LimitedGeojit Financial Services LimitedCan Fin Homes LimitedCARE Ratings LimitedCentral Depository Services (India) LimitedCholamandalam Financial Holdings Limited

99.08

3.991.510.64

2.341.901.781.090.860.43

1.560.15

0.16

1.741.130.04

0.880.600.200.180.11

3.321.67

2.882.771.821.531.381.301.280.76

2.621.721.621.490.530.04

2.121.990.610.470.28

1.501.471.081.000.960.700.510.38


GasAegis Logistics LimitedHealthcare ServicesAster DM Healthcare LimitedHotels, Resorts And Other Recreational ActivitiesWestlife Development LimitedIndustrial Capital GoodsLakshmi Machine Works LimitedTriveni Turbine LimitedIndustrial ProductsFinolex Cables LimitedEsab India LimitedFinolex Industries LimitedVesuvius India LimitedKirloskar Oil Engines LimitedSwaraj Engines LimitedMahindra EPC Irrigation LimitedGreaves Cotton LimitedMold-Tek Packaging LimitedMinerals/MiningGujarat Mineral Development Corporation LimitedMiscellaneousKMC Speciality Hospitals (India) LimitedOilHindustan Oil Exploration Company LimitedPesticidesRallis India LimitedDhanuka Agritech LimitedPetroleum ProductsChennai Petroleum Corporation LimitedMangalore Refinery and Petrochemicals LimitedGulf Oil Lubricants India LimitedPharmaceuticalsAstraZeneca Pharma India LimitedRetailingV-Mart Retail LimitedServicesMatrimony.Com LimitedThomas Cook (India) LimitedSoftwareTata Elxsi LimitedCyient LimitedNucleus Software Exports LimitedBirlasoft LimitedeClerx Services LimitedPersistent Systems LimitedTextiles - CottonVardhman Textiles LimitedTextiles - SyntheticGanesha Ecosphere LimitedTransportationBlue Dart Express LimitedShort Term Debt & Net Current Assets

0.72

0.63

2.22

1.470.98

2.202.001.010.940.800.520.450.350.34

0.53

0.07

0.56

3.251.11

1.760.650.62

4.07

1.07

0.990.41

2.310.930.730.710.590.42

0.38

0.60

1.600.92

% toNAV

% to NAVDerivatives

Top Ten Holdings

May 2020

MAY 2020 9

ITI Small Cap Fund(An open ended equity scheme predominantly investing in small cap stocks)

INVESTMENT OBJECTIVE

The investment objective of the Scheme is to generate capital appreciation by predominantly investing in equity and equity related securities of small cap companies. However, there can be no assurance that the investment objective of the scheme would be achieved.

SCHEME DETAILS

FUND MANAGER

AUM (in Rs. Cr): 169.82167.3817.51%29.77%84

AAUM (in Rs. Cr):% of top 5 holdings:% of top 10 holdings:No. of scrips:

PORTFOLIO DETAILS

Benchmark:17-Feb-20Nifty Smallcap 100 TRI


Load Structure:


Entry Load: NilExit Load:


Mr. George Heber Joseph (Since 17-Feb-20)Total Experience: 17 yearsMr. Pradeep Gokhale (Since 17-Feb-20)Total Experience: 24 years


NANANA

RISK RATIO



THIS PRODUCT IS SUITABLEFOR INVESTORS WHO ARE SEEKING


CATEGORY OF SCHEME: SMALL CAP FUND


GrowthDividend


Capital appreciation over long term

Investment in a diversified portfolio predominantly consisting of equity and equity related instruments of small cap companies


FUND FACTSHEET


^

Inception Date(Date of Allotment):

If units are redeemed/switched out within 12 months - 1%. Nil thereafter

NSE SC 100ITI Small Cap Fund

NA

QUANTITATIVE DATA


17.8

2

13.8

3

11.3

9

9.66

6.57 6.36

5.46

5.35

5.19

3.80

3.26

2.58

2.07

2.04

1.76

1.59

0.97

0.30

0.00

9.31

22.8

1

5.69 6.

96

2.91 4.07

11.0

6

0.16

4.36 5.

22

0.00

14.5

4

0.98

0.7

4.31 6.

00

0.00 0.00

0.00

0.00

10.00

20.00

30.00

Fina

ncial

Ser

vice

s

Cons

umer

Goo

ds IT

Cons

truct

ion

Chem

ical

s

Phar

ma

Indu

stria

lM

anuf

actu

ring

Cem

ent &

Cem

ent

Prod

ucts

Fert

iliser

s &Pe

stic

ides

Serv

ices

Med

ia &

Ente

rtain

men

t

Auto

mob

ile

Text

iles

Heal

thca

re S

ervic

es

Oil &

Gas

Met

als

Powe

r

Tele

com

Pape

r

% of

Net

Ass

et (%

)

135-19

BAF Ad - A4



Debt --

Net Equity 90.41

Gross Equity 90.41



Term Deposits placed as Margins 7.31

Small Cap 1.45

Mid Cap 18.37

Large Cap 70.59


ITI BAF vs Nifty 50 Index Overweight / Underweight

Nifty 50 Index Trailing P/BV Ratio vs ITI BAF Net Equity Level




PORTFOLIO

ITI Balanced Advantage Fund(An open ended dynamic asset allocation fund)

CATEGORY OF SCHEME: Balanced Advantage

INVESTMENT OBJECTIVEThe investment objective of the Scheme is to seek capital appreciation by investing in equity and equity related securities and fixed income instruments. The allocation between equity instruments and fixed income will be managed dynamically so as to provide investors with long term capital appreciation. However, there can be no assurance that the investment objective of the scheme will be realized.

SCHEME DETAILS

FUND MANAGER


31-Dec-19CRISIL Hybrid 50+50– Moderate Index

Minimum ApplicationAmount:Load Structure:Entry Load:

Mr. George Heber Joseph (Since 31-Dec-19)Total Experience: 17 years

AUM (in Rs. Cr)AAUM (in Rs. Cr)% of Top 5 holdings% of Top 10 holdingsNo. of scrips

204.40196.8536.79%54.14%32



Growth:Dividend:


NA

Mr. Pradeep Gokhale (Since 31-Dec-19)Total Experience: 24 years

Rs.5,000/- and in multiples of Re.1/- thereafter

NilExit Load: 10% of the units allotted may be

redeemed without any exit load, on or before completion of 12 months from the date of allotment of units. Any redemption in excess of such limit in the first 12 months from the date of allotment shall be subject to the following exit load: 1% if redeemed or switched out on or before completion of 12 months from the date of allotment of units; Nil thereafter.


% to NAVDerivatives

27.22

1.36

6.94

3.01

5.92

Equity & Equity Related TotalAutoTVS Motor Company LimitedMaruti Suzuki India LimitedEscorts LimitedAuto AncillariesExide Industries LimitedEndurance Technologies LimitedBanksHDFC Bank LimitedState Bank of IndiaCementUltraTech Cement LimitedAmbuja Cements LimitedACC LimitedChemicalsPidilite Industries LimitedConsumer Non DurablesHindustan Unilever LimitedITC LimitedMarico LimitedFinanceICICI Securities LimitedNippon Life India Asset Management LimitedPesticidesPI Industries LimitedPetroleum ProductsBharat Petroleum Corporation LimitedHindustan Petroleum Corporation LimitedPharmaceuticalsDr. Reddy's Laboratories LimitedAlembic Pharmaceuticals LimitedLupin LimitedGlaxoSmithKline Pharmaceuticals LimitedSanofi India Limited

63.19

2.512.190.98

1.531.10

8.805.42

1.681.651.64

1.83

3.281.76

1.931.07

1.90

1.16

2.891.881.851.61


PowerNTPC LimitedTorrent Power LimitedRetailingAvenue Supermarts LimitedSoftwareInfosys LimitedHCL Technologies LimitedWipro LimitedOracle Financial Services Software LimitedTata Elxsi Limited

4.921.98

1.82

4.24

1.100.47

3.43

3.932.63

Capital appreciation while generating income over medium to long termDynamic Asset allocation between equity, equity related Instruments and fixed income instruments so as to provide with long term capital appreciation


QUANTITATIVE DATA

PORTFOLIO DETAILS




May 2020


% toNAV

% to NAVDerivatives

Name of the Instrument Market ValueRs. Lakhs

Ratings % toNAV

Debt InstrumentsShort Term Debt & Net Current Assets 36.81

Top Ten Holdings

:::::

Nifty 50

ITI Balanced Advantage Fund33.3

4

14.6

6

14.2

9

13.4

1

5.55

3.59

3.35

2.89

2.70

2.41

2.20

0.63

0.56

0.42

0.00 0.00

0.00

0.00

0.00

18.5

8

12.3

7

4.17

13.8

0

8.31

0.00

14.1

5

0.00

0.00

4.97

10.3

3

0.00 1.90

0.00 1.

83

0.00

0.00

0.00

0.00

0.00

15.00

30.00

45.00

Fina

ncial

Ser

vice

s IT

Oil &

Gas

Cons

umer

Goo

ds

Auto

mob

ile

Tele

com

Phar

ma

Cons

truct

ion

Met

als

Cem

ent &

Cem

ent

Prod

ucts

Powe

r

Serv

ices

Fert

iliser

s & P

estic

ides

Med

ia &

Ente

rtain

men

t

Chem

ical

s

Heal

thca

re S

ervic

es

Indu

stria

l Man

ufac

turin

g

Pap e

r

Text

iles

% of

Net

Ass

et (%

)

2.91

2.73

2.04

2.34 2.27

52.8164.37

96.17 96.91

90.41

50

70

90

110

1.60

2.20

2.80

3.40

Jan-20 Feb-20 Mar-20 Apr-20 May-20

Nifty 50 Index Trailing P/BV Ratio ITI BAF

Arbitrage Fund Ad - A4





PORTFOLIO

ITI Arbitrage Fund(An open ended scheme investing in arbitrage opportunities)

CATEGORY OF SCHEME: Arbitrage Fund

INVESTMENT OBJECTIVEThe investment objective of the Scheme is to generate income by predominantly investing in arbitrage opportunities in the cash and the derivative segments of the equity markets and the arbitrage opportunities available within the derivative segment and by investing the balance in debt and money market instruments. However, there is no assurance that the investment objective of the scheme will be realized.

SCHEME DETAILS

FUND MANAGER


09-Sep-19Nifty 50 Arbitrage Index



Mr. George Heber Joseph (Since 09-Sep-19)Total Experience: 17 years

AUM (in Rs. Cr): 13.2012.62


Regular Plan(in Rs.)

10.373410.3734

Growth:Dividend:

Direct Plan(in Rs.)

10.429610.4296

AAUM (in Rs. Cr):

NA

Mr. Milan Mody (Since 09-Sep-19)Total Experience: 17 years


NilExit Load: If the Units are redeemed/ switched out on or

before 30 days from the date of allotment - 0.25%If the Units are redeemed/switched out after 30 days from the date of allotment - NIL (w.e.f. Nov 1, 2019)


% to NAVDerivatives

-65.08

-1.99

-3.30

-1.57

-6.48

-4.06

-5.22

-9.23

-0.26

Equity & Equity Related TotalCementGrasim Industries LimitedChemicalsPidilite Industries LimitedConstruction ProjectNCC LimitedConsumer Non DurablesHindustan Unilever LimitedFinanceHousing Development Finance Corporation LimitedIndustrial Capital GoodsBharat Heavy Electricals LimitedNon - Ferrous MetalsVedanta LimitedPaperCentury Textiles & Industries Limited

65.53

2.01

3.34

1.57

6.55

4.09

5.30

9.29

0.26


PharmaceuticalsLupin LimitedDivi's Laboratories LimitedPowerPower Grid Corporation of India LimitedSoftwareInfosys LimitedHCL Technologies LimitedTech Mahindra LimitedWIPRO LIMITEDTata Consultancy Services LimitedTelecom - ServicesBharti Airtel LimitedTradingAdani Enterprises LimitedShort Term Debt & Net Current Assets

To generate income by predominantly investing in arbitrage opportunitiesInvestments predominantly in arbitrage opportunities in the cash and derivative segments of the equity markets and the arbitrage opportunities available within the derivative segment and by investing the balance in debt and money market instruments



QUANTITATIVE DATA

PORTFOLIO DETAILS




May 2020


NANANA

RISK RATIO


% toNAV

7.840.72

1.43

3.771.751.451.030.75

8.53

5.8534.47

% to NAVDerivatives

-7.79-0.72

-1.43

-3.74-1.74-1.44-1.02-0.74

-8.50

-5.85

Lowest risk product in Equity segment

Fully hedged portfolio Better liquidity

Reasons to Invest

Zero credit risk on Arbitrage investments

Ideal investment option forinvestors with short tomedium term investmenthorizon

Tax efficient returns with low volatility

Alternate option toLiquid Fund andBank FD

Market neutral strategy

Net Current Assets 2.94TREPS instruments 8.79Term Deposits placed as Margins 22.74

Portfolio Allocation of other asset class (%)

Note for ICRA A1 + mfs: Schemes with this rating are considered to have very strong degree of safety regarding timely receipt of payments from the investments that they have made. This rating should however, not be construed as an indication of the performance of the Mutual Fund scheme or of volatility in its returns.

May 2020

MAY 2020 12

PORTFOLIO

ITI Overnight Fund(An open ended debt scheme investing in overnight securities)


The investment objective of the Scheme is to provide reasonable returns commensurate with low risk and providing a high level of liquidity, through investments made primarily in overnight securities having maturity of 1 business day. However there can be no assurance or guarantee that the investment objective of the scheme would be achieved.

SCHEME DETAILS

FUND MANAGER

PORTFOLIO DETAILS

Benchmark:25-Oct-19CRISIL Overnight Index


Load Structure:


Entry Load: NilExit Load: Nil


Mr. George Heber Joseph (Since 25-Oct-19)Total Experience: 17 yearsMr. Milan Mody (Since 25-Oct-19)Total Experience: 17 years

AUM (in Rs. Cr): 38.5022.76



AAUM (in Rs. Cr):

Average Maturity:Macaulay Duration:Yield to Maturity:

1.00 Days0.98 Days3.18%


Name of the Instrument Ratings % toNAV

99.660.34

100.00

Debt InstrumentsReverse Repo/TREPSThe Clearing Corporation of India Ltd.Net Current AssetsTotal Net Assets

NANA

Market Value(Rs. Lakhs)

3837.0013.02

Portfolio Composition by Asset Class (%) Portfolio Classification by Rating Class (%)

CATEGORY OF SCHEME: Overnight Fund

QUANTITATIVE DATA


1024.48581001.00001001.33021001.32471001.32411024.5340

GrowthDaily DividendWeekly DividendFortnightly DividendMonthly DividendAnnual Dividend

Direct Plan(in Rs.)

1025.10261001.00381001.34531001.33991001.33241017.6960

Regular income with low risk and high level of liquidityInvestment in money market and debt instruments with overnight maturity


FUND FACTSHEET


Face Value per Unit: Rs. 1000 unless otherwise specified; CD - Certificate of Deposit; CP - Commercial Papers;Data is as of May 31, 2020 unless otherwise specified.

^


Reverse Repo/TREPS99.66%

Net CurrentAssets 0.34%

Cash & cashequivalent, 100.00%

Record Date

Pursuant to payment of dividend, the NAV of the Dividend Option(s) of the Scheme/Plan(s) falls to the extent of payout and statutory levy, if any. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments. For complete list of dividends, visit www.itimf.com.

Dividend History (Past 3 months)

26-Mar-2026-Mar-2027-Apr-2027-Apr-2026-May-2026-May-20

Plan(s) Option(s)Regular Plan - Monthly Dividend OptionDirect Plan - Monthly Dividend OptionRegular Plan - Monthly Dividend OptionDirect Plan - Monthly Dividend OptionRegular Plan - Monthly Dividend OptionDirect Plan - Monthly Dividend Option

Individuals/ HUF (Dividend)(Rs per unit)

Others (Dividend)(Rs per unit)

Cum-Dividend NAV(Rs per unit)

2.39762.43942.05622.12042.35502.4151

2.22022.25892.05622.12042.35502.4151

1004.32851004.38751003.05621003.12141003.35501003.4161

ICRARating:

A1+ mfs

Key Benefits of Overnight Funds

Enables investors to earn same day returns since purchase takes place on previous day’s NAV

Same day returns

The fund provides highest liquidity within the fixed income mutual fund product segment with redemption on T+ 1

Highest liquidity

Positioned to deliver consistent and reasonable risk adjusted performance compared to traditional saving instruments

Efficient risk adjustedperformance

Carries effectively least interestrate/mark to market risk & lowest credit default risk

Lowest risk fund

Offers overnight liquidity without any exit load

No lock in period& no exit load

For scheme performance refer page 14

May 2020

Comparatively higher risk adjusted returns vis a vis savings accounts

Disciplined risk management

Low Risk

Hedge in rising interest rate scenario

Daily accrual High liquidity

High credit qualitydebt papers

MAY 2020 13

FUND FEATURES

PORTFOLIO

ITI Liquid Fund(An open-ended liquid Scheme)


The investment objective of the Scheme is to provide reasonable returns, commensurate with low risk while providing a high level of liquidity, through a portfolio of money market and debt securities. However, there can be no assurance that the investment objective of the scheme will be realised.

SCHEME DETAILS

FUND MANAGER

PORTFOLIO DETAILS

Benchmark:24-Apr-19CRISIL Liquid Fund Index


Load Structure:


Entry Load: NilExit Load: Investor exit upon

subscriptionUp to Day 1Day 2Day 3Day 4Day 5Day 6Day 7 onwards

Exit Load %0.0070%0.0065%0.0060%0.0055%0.0050%0.0045%0.0000%


Mr. George Heber Joseph (Since 24-Apr-19)Total Experience: 17 yearsMr. Milan Mody (Since 24-Apr-19)Total Experience: 17 years

AUM (in Rs. Cr): 32.1532.90



AAUM (in Rs. Cr):

Average Maturity:Macaulay Duration:Yield to Maturity:

0.99 Days0.97 Days3.12%


Name of the Instrument Ratings % toNAV

99.130.87

100.00

Debt InstrumentsReverse Repo/TREPSThe Clearing Corporation of India Ltd.Net Current AssetsTotal Net Assets

NANA

Market Value(Rs. Lakhs)

3187.0027.97

Portfolio Composition by Asset Class (%) Portfolio Classification by Rating Class (%)

CATEGORY OF SCHEME: Liquid Fund

QUANTITATIVE DATA


1052.67841001.00001001.31111007.98551001.31151054.3074

GrowthDaily DividendWeekly DividendFortnightly DividendMonthly DividendAnnual Dividend

Direct Plan(in Rs.)

1053.95721001.32331001.32751001.33721001.32301053.9706

Income over short term.Investment in money market and debt instruments.


FUND FACTSHEET


Face Value per Unit: Rs. 1000 unless otherwise specified; CD - Certificate of Deposit; CP - Commercial Papers;Data is as of May 31, 2020 unless otherwise specified.

^


Cash & cashequivalent100.00%

ICRARating:

A1+ mfs

Note for ICRA A1 + mfs: Schemes with this rating are considered to have very strong degree of safety regarding timely receipt of payments from the investments that they have made. This rating should however, not be construed as an indication of the performance of the Mutual Fund scheme or of volatility in its returns.

Reasons to Invest

Differentiation with a fresh thinking and no baggage portfolio

Stringent Internal research will prevail over external ratings by credit rating agencies. As per our internal research, only select AAA/A1+ rated papers available in the market would pass muster of our credit criteria as part of SQL philosophy

Ideal Short Term Parking Avenue and also for smart risk efficient asset allocation strategies with the objective of long term wealth creation

SQL Investment Philosophy - Safety, Quality and Liquidity are primary focus to enable smooth investing experience

Debt fund with lowest risk and no legacy

Overnight Liquidity Smooth investing experience for the investor

Net CurrentAssets 0.87%

Reverse Repo/TREPS 99.13%

Record Date

Pursuant to payment of dividend, the NAV of the Dividend Option(s) of the Scheme/Plan(s) falls to the extent of payout and statutory levy, if any. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments. For complete list of dividends, visit www.itimf.com.

Dividend History (Past 3 months)

26-Mar-20

26-Mar-20

27-Apr-20

27-Apr-20

26-May-20

26-May-20

Plan(s) Option(s)

Regular Plan - Monthly Dividend Option

Direct Plan - Monthly Dividend Option





Individuals/ HUF (Dividend)(Rs per unit)

Others (Dividend)(Rs per unit)

Cum-Dividend NAV(Rs per unit)

2.6377

2.7069

1.8814

1.9753

2.2258

2.3106

2.4426

2.5066

1.8814

1.9753

2.2258

2.3106

1004.6622

1004.7579

1002.8817

1002.9753

1003.2261

1003.3106

MAY 2020 14

ITI Multi Cap Fund

ITI Liquid Fund

Fund PerformanceMay 2020

FUND FACTSHEET

Period

Fund Performance

Fund Performance

Systematic Investment Plan (SIP) Returns

Period

Fund Returns (%)

Amount Invested Fund Value (₹) Fund Returns (%) Benchmark Value (₹) Benchmark Returns (%) Additional BenchmarkValue (₹)

Additional BenchmarkReturns (%)

Benchmark Returns (%) Additional BenchmarkReturns (%) Fund (₹) Benchmark (₹)

Value of Investment of ₹ 10,000

Additional Benchmark (₹)

Period Fund Returns (%) Benchmark Returns (%) Additional BenchmarkReturns (%) Fund (₹) Benchmark (₹)

Value of Investment of ₹ 10,000

Additional Benchmark (₹)

Last 1 Year

Since Inception

Last 1 Year

Since Inception

Last 7 days

Last 15 days

Last 30 days

Last 1 Year

Since Inception

Last 7 days

Last 15 days

Last 30 days

Last 1 Year

Since Inception

2.71%

2.69%

2.76%

4.55%

4.76%

2.82%

2.80%

2.87%

4.66%

4.87%

3.31%

4.47%

5.41%

6.01%

6.19%

3.31%

4.47%

5.41%

6.01%

6.19%

3.56%

10.10%

4.83%

7.99%

8.04%

3.56%

10.10%

4.83%

7.99%

8.04%

10,005

10,011

10,023

10,455

10,476

10,005

10,012

10,024

10,466

10,487

10,006

10,018

10,045

10,601

10,619

10,006

10,018

10,045

10,601

10,619

10,007

10,042

10,040

10,799

10,804

10,007

10,042

10,040

10,799

10,804

-16.20%

-11.22%

-14.38%

-9.30%

-19.22%

-12.91%

-19.22%

-12.91%

-18.62%

-12.41%

-18.62%

-12.41%

8,380

8,878

8,562

9,070

8,078

8,709

8,078

8,709

8,138

8,759

8,138

8,759

Regular - Growth

Regular - Growth

Direct - Growth

Regular - Growth

Direct - Growth

Direct - Growth

Past performance may or may not be sustained in future. Different Plans i.e. Regular Plan and Direct Plan under the scheme have different expense structure. Benchmark: Nifty 500 TRI # Additional Benchmark: Nifty 50 TRI. Mr. George Heber Joseph and Mr. Pradeep Gokhale are jointly managing the scheme since its inception 15th May 2019. Performance details of other scheme(s) managed by the same Fund Managers has not been provided as the scheme has not completed 1 year. Face Value per unit: Rs. 10.

Past performance may or may not be sustained in future. Different Plans i.e. Regular Plan and Direct Plan under the scheme have different expense structure. Benchmark: Nifty 500 TRI # Additional Benchmark: Nifty 50 TRI. For SIP returns, monthly investment of Rs.10,000 invested on the 1st business day of every month has been considered. CAGR Returns (%) are computed after accounting for the cash flow by using the XIRR method (investment internal rate of return).

Past performance may or may not be sustained in future. Different Plans i.e. Regular Plan and Direct Plan under the scheme have different expense structure. Benchmark: CRISIL Liquid Fund Index # Additional Benchmark: CRISIL 1 Year T-Bill Index. Mr. George Heber Joseph and Mr. Milan Mody are jointly managing the scheme since its inception 24th April 2019. Performance details of other scheme(s) managed by the same Fund Managers has not been provided as the scheme has not completed 1 year. Returns less than 1 year period are simple annualized and greater than 1 year are compounded annualized.

Last 1 Year

Since Inception

Last 1 Year

Since Inception

120,000

120,000

120,000

120,000

104,826

104,826

106,018

106,018

-22.84%

-22.84%

-21.12%

-21.12%

105,059

105,059

105,059

105,059

-22.51%

-22.51%

-22.51%

-22.51%

105,176

105,176

105,176

105,176

-22.34%

-22.34%

-22.34%

-22.34%

Glossary

How to read factsheet

Average Maturity: Weighted average maturity of the securities in scheme.

Macaulay Duration (Duration): Macaulay Duration (Duration) measures the price volatility of fixed income securities. It is often used in the comparison of interest rate risk between securities with different coupons and different maturities. It is defined as the weighted average time to cash flows of a bond where the weights are nothing but the present value of the cash flows themselves. It is expressed in years. The duration of a fixed income security is always shorter than its term to maturity, except in the case of zero-coupon securities where they are the same.

Portfolio Yield (Yield To Maturity): Weighted average yield of the securities in a scheme portfolio.

Total Expense Ratio (TER): Total expenses charged to scheme for the month expressed as a percentage to average monthly net assets.

We would like to thank you for your trust in ITI Mutual fund.As part of ITI Mutual Fund's preventive measures on COVID-19 outbreak & advisory issued by Ministry of Health & Family welfare, We encourage you to connect with us on our digital platforms.We request you to submit transactions / requests by using various other modes i.e. AMC website (www.itimf.com) / RTA website http://mfs.kfintech.com/mfs/ /RTA Mobile app / MFU website / MFU mobile application or connect with your financial advisor.If you have any further queries, our phone line is available to assist you between 9:30 a.m. to 6 p.m. from Monday to Friday on 18002669603 (Toll free). Alternatively, you can also e-mail us at [email protected]. We would appreciate your patience while we work on your query and readyto provide satisfactory responses.Thanking you, and assuring you of our best services always.


Portfolio Turnover Ratio: Portfolio Turnover Ratio is the percentage of a fund’s holdings that have changed in a given period. This ratio measures the fund’s trading activity, which is computed by taking the lesser of purchases or sales and dividing it by average monthly net assets.

Tracking Error: Tracking error indicates how closely the portfolio return is tracking the benchmark index return. It measures the deviation between portfolio return and benchmark index return. A lower tracking error indicates portfolio is closely tracking benchmark index and higher tracking error indicates higher deviation of portfolio returns from benchmark index returns.

Risk Free Return: The theoretical rate of return of an investment with safest (zero risk) investment in a country.

Growth and Cumulative option: Growth and Cumulative words are used alternatively.

Fund Manager: An employee of the asset management company such as a mutual fund or life insurer, who manages investments of the scheme. He is usually part of a larger team of fund managers and research analysts.

Application Amount for Fresh Subscription: This is the minimum investment amount for a new investor in a mutual fund scheme.

Minimum Additional Amount: This is the minimum investment amount for an existing investor in a mutual fund scheme.

SIP: SIP or systematic investment plan works on the principle of making periodic investments of a fixed sum. It works similar to a recurring bank deposit. For instance, an investor may opt for a SIP that invests Rs. 500 on every 15th of a month in an equity fund for a period of three years.

NAV: The NAV or the net asset value is the total asset value per unit of the mutual fund after deducting all related and permissible expenses. The NAV is calculated at the end of every business day. It is the value at which an investor enters or exits the mutual fund.

Benchmark: A group of securities, usually a market index, whose performance is used as a standard or benchmark to measure investment performance of mutual funds. Some typical benchmarks include the NIFTY, Sensex, BSE200, NSE500, Crisil Liquid Fund Index and 10-Year Gsec.

Entry Load: A mutual fund may have a sales charge or load at the time of entry and/or exit to compensate the distributor/agent. Entry load is charged when an investor purchases the units of a mutual fund. The entry load is added to the prevailing NAV at the time of investment. For instance, if the NAV is Rs. 100 and the entry load is 1%, the investor will enter the fund at Rs. 101.

(Note: SEBI, vide circular dated June 30, 2009 has abolished entry load and mandated that the upfront commission to distributors will be paid by the investor directly to the distributor, based on his assessment of various factors including the service rendered by the distributor).

Exit Load: Exit load is charged when an investor redeems the units of a mutual fund. The exit load is reduced from the prevailing NAV at the time of redemption. The investor will receive redemption proceeds at net value of NAV less Exit Load. For instance, if the NAV is Rs. 100 and the exit load is 1%, the investor will receive Rs. 99.

Yield to Maturity (YTM): The Yield to Maturity or the YTM is the rate of return when a bond is held until maturity. YTM is expressed as an annual rate. The YTM factors in the bond’s current market price, par value, coupon interest rate and time to maturity.

Modified Duration Modified duration is the price sensitivity and the percentage change in price for a unit change in yield.

Standard Deviation: Standard deviation is a statistical measure of the range of an investment’s performance. When a mutual fund has a high standard deviation, it means its range of performance is wide, implying greater volatility.

Sharpe Ratio: The Sharpe Ratio, named after its founder, the Nobel Laureate William Sharpe, is a measure of risk-adjusted returns. It is calculated using standard deviation and excess return to determine reward per unit of risk.

Beta Ratio (Portfolio Beta): Beta is a measure of an investment’s volatility vis-a-vis the market. Beta of less than 1 means that the security will be less volatile than the market. A beta of greater than 1 implies that the security’s price will be more volatile than the market.

AUM: AUM or assets under management refers to the recent / updated cumulative market value of investments managed by a mutual fund or any investment firm.

Holdings: The holdings or the portfolio is a mutual fund’s latest or updated reported statement of investments/securities. These are usually displayed in terms of percentage to net assets or the rupee value or both. The objective is to give investors an idea of where their money is being invested by the fund manager.

Nature of Scheme: The investment objective and underlying investments determine the nature of the mutual fund scheme. For instance, a mutual fund that aims at generating capital appreciation by investing in stock markets is termed an equity fund or growth fund. Likewise, a mutual fund that aims at capital preservation by investing in debt markets is a debt fund or income fund. Each of these categories may have sub-categories.

Rating Profile: Mutual funds invest in securities after evaluating their creditworthiness as disclosed by the ratings. A depiction of the mutual fund in various investments based on their ratings becomes the rating profile of the fund. Typically, this is a feature of debt funds.

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