JULY 2021
CEO and CIO Insights 1
Equity Market Update 5
Debt Market Update 6
ITI Mul� Cap Fund 7
ITI Long Term Equity Fund 8
ITI Large Cap Fund 9
ITI Mid Cap Fund 10
ITI Small Cap Fund 11
ITI Value Fund 12
ITI Balanced Advantage Fund 13
ITI Arbitrage Fund 14
ITI Overnight Fund 15
ITI Liquid Fund 16
ITI Ultra Short Dura�on Fund 17
ITI Banking & PSU Debt Fund 18
ITI Dynamic Bond Fund 19
Fund Performance 20
SIP Returns 23
CEO and CIO Insights Page No.
Debt Funds
Index
Hybrid Funds
Performance
Systema�c Investment Plan
Equity Funds
George Heber JosephCEO & CIO
1
A market downturn doesn't bother us. It is an opportunity to increase our ownership of great companies with great management at good prices.”
Warren Buffe�
Dear Partners/Investors,
What does the proverb “Be�er safe than sorry mean”?
If you say 'it's be�er to be safe than sorry, you are advising someone to take ac�on in order to avoid possible unpleasant consequences later.
Global Economies are going through two dis�nct phases. Right now, the restart of economic ac�vity is causing a spurt in growth. Eventually, we see this se�ling into an expansion of growth. Beyond that point we see an unusually wide range of probable outcomes. Growth likely peaked in the second quarter and Emerging Markets PMI this year has trended lower toward 50 – a reading below which suggests stagna�on – reflec�ng challenges in many EMs where renewed outbreaks threaten lockdowns and more dire public health outcomes. China's poten�al slowdown, exacerbated by renewed outbreaks can also spill over to EMs, in our view. Over the long term, we see a greater risk of permanent damages in some EMs due to slow vaccina�ons and more limited policy space.
China is the only major economy that has surpassed the pre-Covid projec�ons of its growth trend. Consensus expecta�ons see the US returning to trend in the fourth quarter of 2021, and point to a return to pre-Covid trend by the end of 2022 for Europe – with growth rates similar to those over the last decade. Even though the pace towards a complete restart differs, we see some common drivers across Developed Markets, such as pent-up consumer demand, especially in the hardest-hit services sectors.
The uneven pace of the restart is reflected in regional corporate earnings. Nearly 90% of S&P 500 companies have reported second-quarter results by August 6, and 87% of them had beat forecasts on both profit and sales – the highest since 2011. Yet stocks that have beaten expecta�ons have on average not been rewarded, while those that undershot have been punished. We see this as consistent with the restart dynamics: very strong earnings – but just for the dura�on of the restart. About 90% of MSCI Europe companies have reported earnings, with just over half of them bea�ng es�mates. The unprecedented restart has also led to unusual supply and demand dynamics – and vola�lity in growth and infla�on data. This has manifested in recent market behaviour, notably rising stocks and falling bond yields in the US. Record-high stocks may have priced in much of the powerful restart, and we believe the current yield levels are too low given the strength of the restart. The mixed market signals highlight a key ques�on among investors: What lies beyond the restart? We see an unusually wide range of poten�al outcomes. Major central banks are slower to respond to rising infla�on than in the past, keeping nominal bond yields lower and real rates nega�ve – a posi�ve for risk assets.
Worst would be the lockdown again coming through because of the new, more contagious COVID-19 variants that are spreading, but the good news as of now is that the ini�al reports suggests the exis�ng vaccines seem effec�ve against these variants as well. This means the reopening should con�nue across the major developed economies through the second half of 2021. It also implies that the focus for markets has shi�ed to the strength of the growth rebound, the implica�ons for infla�on and the �ming of central bank moves to taper asset purchases and eventually raise interest rates.
We are cau�ous on markets from a near-term
perspec�ve. Clearly, the market is looking
beyond the near-term to price in the recovery
post the second wave. There are benefits of a
quick vaccina�on programme that the
government has embarked upon. It is a
posi�ve scenario in terms of the investment
cycle and cyclical sectors. That is why we are
seeing commodi�es, industrials, industrial
products and select BFSI counters doing well
along with the money supply push. So
investors are actually looking beyond the
near-term concerns to look at what can
happen one or two years down the line.
Whenever market starts looking 2 years and
beyond, the chances of disappointments in
the near term are higher, so need to be
cau�ous in the near-term. So we are placed
defensive in our por�olios, but since the
quality stocks have underperformed in the
last one month also our defensive posi�oning
has not played in our favour �ll date but
believe this will benefit our funds in the long
run. We have �lted our por�olios to high
quality stocks where concentra�on is not an
issue at all as we see the balance sheets are
reasonably well managed, less leveraged
and the stocks have underperformed well in
the last one to three years. Henceforth, in
every equity fund of ours, we are planning to
have maximum 40 stocks in the por�olio
unless a deep correc�ons is witnessed in the
markets. We are extremely convinced of all
the stocks that we own in our funds and
believe that we can poten�ally generate
reasonably good returns in the next 3 to 5
years which can be differen�a�ng as well.
‘‘
”
2
Our view is that the infla�on spike is mostly transitory, a combina�on of base effects—from when the Consumer Price Index (CPI) fell during the ini�al lockdown last year—and temporary supply bo�lenecks. We expect it will take un�l the middle of 2022 for the U.S. economy to recover the lost output from the lockdowns and longer in other economies including India. Broad-based infla�on pressures are unlikely un�l then. It also means that market expecta�ons for U.S. Federal Reserve (Fed) li�-off in 2022 are premature. As a base case, we expect the Federal Reserve to commence tapering in 2022, with the second half of 2023 could be the likely �ming for the first interest rate hike.
We remain construc�ve on Indian economy as the restart gains pace. Economically sensi�ve cyclical stocks have had a very strong run year-to-date. We don't think their full poten�al is exhausted, but we do see an opportunity to also turn a�en�on to quality stocks as the cycle's next beneficiaries.
Our research shows quality stocks have underperformed since vaccine announcements in November'20, sending their valua�ons lower. Investors largely avoided or sold quality stocks in favour of riskier bets that has paid off in the early phases of the market upswing. This put higher-quality stocks at their largest discount to the broad market since the dot-com bubble of the early 2000s. Last month again momentum driven stocks did well compared to quality stocks, rather quality companies stocks fell during July'21 against the inferior momentum stocks. We see high poten�al for quality stocks to come back and generate returns for investors. As the cycle evolves, the market will look ahead to more normalized growth rates, and investors are likely to grow more cau�ous amid concerns around taxes, infla�on and the �ming of a Fed policy shi�.
We expect the economy to remain in a good up-cycle but we increasingly believe many of the easy early-cycle investment opportuni�es have been acknowledged and exploited. Stocks selling at the deepest discount, the highly levered names, have outperformed the most since November'20. It may be �me to pivot towards midcycle beneficiaries ― and best among them are quality stocks which are the beneficiaries of a cyclical upturn. Our analysis of market cycles suggest that high quality stocks have significantly outperformed in midcycle periods.
How are you thinking of the markets when it is at near all-�me high?
We are cau�ous on markets from a near-term perspec�ve. Clearly, the market is looking beyond the near-term to price in the recovery post the second wave. There are benefits of a quick vaccina�on programme that the government has embarked upon. It is a posi�ve scenario in terms of the investment cycle and cyclical sectors. That is why we are seeing commodi�es, industrials, industrial products and select BFSI counters doing well along with the money supply push. So investors are actually looking beyond the near-term concerns to look at what can happen one or two years down the line. Whenever market starts looking 2 years and beyond, the chances of disappointments in the near term are higher, so need to be cau�ous in the near-term. So we are placed defensive in our por�olios, but since the quality stocks have underperformed in the last one month also our defensive posi�oning has not played in our favour �ll date but believe this will benefit our funds in the long run.
How the commodity cycle is poised at this juncture?
We have been bullish on the commodity cycle since October'19 and during March'20, we were very op�mis�c about the refla�on story and specifically about recovery in commodity prices. We have seen a very strong leg of up-move in commodity prices across the world, which has also benefited commodity companies in the country. They have seen fantas�c improvement in profits, they are also using their cash flows to deleverage their balance sheets and some of them are also looking to expand further.
There will be certain commodi�es that benefit from supply constraints. The demand has been recovering well but there are pockets where there are supply constraints. With normalisa�on, we can expect some supply coming back and therefore some correc�on could happen in commodity prices. Overall, as the economic recovery picks up across the globe, the capex story in commodi�es, metals in par�cular, become a very strong contender. Very high expecta�ons are built into the price as of today, so we see no margin of safety in most of the commodity stocks in general.
Whenever there is an up�ck, small caps and midcaps get benefi�ed more. They peaked around December 2017. From 2018 they were in a bearish cycle �ll about September 2019. We have been bullish on Mid & Small Cap space from October 2019 onwards. Since then, we have been consistently communica�ng the same thing and can be seen in our factsheet commentaries & also from the con-calls that we have done with our partners. In March'20, we communicated to all of you through various formats to invest aggressively into equi�es and infact we published ar�cles in Economic Times & other channels on 30th March 2020 men�oning our posi�ve views on equi�es in the midst of extreme scare & pessimism. Some midcaps performance were helped by government ini�a�ves like PLI and tax incen�ves. They fell sharply during the pandemic last year in March and April'20. Only in the last six months, we have seen midcaps and smallcaps do extremely well. The valua�on gap between Ni�y and the midcap and smallcap indices have been filled in the last six months. It is a wide canvas and we need to be selec�ve from here on when inves�ng in midcaps and smallcaps.
We are quite posi�ve on the market outlook from a long term perspec�ve. Yes, there can be significant correc�ons in the markets which are part and parcel of a bull market. It is difficult to �me them. But a�er a big run up, generally market cools off and that can be brutal as well. So, currently we are in a wait and watch mode.
We see a clear Capex revival opportunity in India a�er a very long �me. Most of the capex indicators had peaked between 2008 to 2010 period and have been moving down. From here on, we expect a good improvement in capex from the government through infrastructure spending and also by the private sector through the investments in manufacturing, whether it is related to PLI or commodity or cyclicals. We also expect a good pick up in real estate.
We believe all three engines of investment ie. government, private corporates and household sector will start firing in the next 2-3 years. That gives a very good opportunity to pick up companies or sectors that are benefi�ng from the capex cycle revival. So there could be companies in the commodity side, cyclicals, industrial products or auto ancillaries. The valua�ons are quite a�rac�ve there because people are s�ll scep�cal.
This �me around the signs are quite strong with lower interest rates, be�er capital markets and good availability of funding. I believe there will be a fantas�c pickup in the capex cycle in the country going forward. And these are the areas to look for stock picking, where growth is either underappreciated or valua�ons are a�rac�ve enough to deserve a rera�ng.
What we have done in our equity funds?
Market situa�on has changed drama�cally in the last 1.5 years. All along we were fine to run a long tail por�olio as the value was available across the board in the cyclical sectors and stocks, but now, we can't see the same situa�on in many stocks & sectors a�er the massive run in the market. Lot of stocks are fully valued from next 2 and 3 years perspec�ve which adds more risk to the investment thesis. Especially the midcaps and small caps have done exceedingly well in the last 8 months and many junk stocks are also flying these days. As informed to our investors in our last concall and factsheet commentary we are cau�ous on the markets in the near term and see a possibility of market cooling off. Therefore we have concentrated our por�olios considerably well, as we can see lesser and lesser opportuni�es in the broader markets where we can put money to work and also that meet our unique investment philosophy 'SQL'. We have �lted our por�olios to high quality stocks where concentra�on is not an issue at all as we see the balance sheets are reasonably well managed, less leveraged and the stocks have underperformed well in the last one to three year periods. In each equity fund, we will have maximum 40 stocks henceforth and that is how we will be running all our equity funds unless a reasonably deep correc�on is witnessed in the market. We are extremely convinced of all the stocks that we own in our funds and believe can poten�ally generate reasonably good returns in the next 3 years which can be differen�a�ng as well.
Where to invest, which asset classes to bet on and what kind of asset alloca�on makes sense ?
I strongly believe Mid Cap & Small Cap stocks could poten�ally give excellent risk adjusted returns in the next 5 years. Our long term bullish views on equi�es remain intact even at this juncture but in the near term, we are reducing risk in our funds so as to protect the downside, provided there is a fall out.
This market situa�on is quite different from that of what we have seen in the previous decade, mainly because corporate earnings growth accelera�on is kicking in a�er almost 11 years. We currently have a nega�ve view on the long dura�on bonds or credit risk investments. So money making opportunity is clearly �lted towards equi�es and short to medium dura�on bonds.
In general parlance of risk tolerance, the alloca�on could be 70% towards equi�es and 30% towards bond funds (Dynamic Bond Funds, Short dura�on bond funds/BPSU funds). Within equi�es, my preference would be towards Small Cap, Midcap and Large Cap funds in that order. I believe alloca�on of 40% towards large cap and 30% each in mid & small cap funds would be good at this juncture. This alloca�on can provide very decent blended returns in the next 5 years and this is the same way we are managing our mul�cap fund & Long Term Equity Fund (Tax Saving).
Our Investment Philosophy – SQL
Based on our combined investment learnings of more than 50 years, we have ins�tu�onalized very strong and unique investment philosophy SQL, this is core to our fund management framework and approach to our por�olios.
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 a�rac�ve and rewarding for our investors.
Our Risk Management Framework
Our risk management framework & our unique investment philosophy are well thought out and ins�tu�onalised to generate superior investment performance and crea�ng 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 �me and keep our investors interest at high standards. We have put risk limits based on fund mandates, market cap segments, sectors and stocks.
3
Investment Philosophy Equity Fixed Income
S
Q
L
Margin of Safety
Quality of the Business
Low Leverage
Safety
Quality of the Business
Liquidity
4
Equity Market Outlook
We look at markets in three parts - Defensives, Domes�c Cyclical and Global cyclical stocks. A�er the market run-up in the last one and half years we have clearly �lted the por�olio towards high quality stocks which have underperformed since Nov'20. As the cyclical sectors correct, we will add other cyclical stocks and thereby being more overweight in those sectors. Within Defensives, we like Pharmaceu�cal sector. Within Domes�c cyclical sectors, we are bullish on most of the cyclical sectors (Cement, Capital Goods, Construc�on, Auto & Auto Ancs, corporate banks and Engineering & Industrial Products, Consumer Goods & services) and within that the Automobile sector, a�er such a big underperformance in the previous 3 years vs the markets looks very promising to invest into, and we treat this as a high quality stocks bucket.
Global investment managers are shi�ing their focus & alloca�ons from developed markets to Emerging markets a�er so many years. This could be a mul�-year trend of USD deprecia�on Vs. Asian currencies including INR. Current Covid-19 situa�on can put a lid on the flows but as the cloud goes away, FII flows can accelerate.
We see the global developments as of today and the India growth situa�on very similar to the years 2000-2010. All major countries across the globe are ge�ng back to growth post the recent pandemic, infla�on is coming back in full swing and cyclical sectors which were not doing well in the last decade have started to come back into the limelight. With the economy on a path of sharp recovery, sectors and stocks with high elas�city to the business cycle and high opera�ng leverage, are likely to exceed expecta�ons.
Cyclical sector stocks are trading at very cheap valua�on across market capitalisa�ons where we see earnings growth to accelerate and valua�on mul�ples to re-rate.
Vola�lity is going to be there in the near-term as people are confused and emo�onal swings will happen and that is part and parcel of the markets, but the broad market trend is upwards with a 5 year view. In between, we may see air-pockets which will be opportuni�es to invest aggressively.
Our message to all investors is that please don't miss this excellent opportunity to create long term wealth and invest in every big dip by way of lumpsum. We urge all our partners to prac�ce asset alloca�on and systema�c investment planning for the benefit of your investors' long term wealth crea�on.
At this current juncture, we believe that ITI Balanced Advantage Fund, ITI Mul� Cap Fund, ITI Value Fund are suitable for LUMPSUM investments in equity funds category. In ITI Mid Cap Fund and ITI Small Cap Fund we believe SIP/STPs route is the most logical approach to have. In debt category, we think ITI Dynamic Bond Fund is more suitable for investors to park the money from a medium to long term perspec�ve.
Dynamic Bond Fund category carries very high poten�al to generate good risk adjusted returns in the long run if it is actually run in an ac�ve & dynamic manner. This debt category meets the need of a common man who wants to invest in a bond fund where he can invest any day of the year without looking at the interest rate scenario in the country or other complexi�es involved in debt fund investments, while maintaining a long term horizon.
Therefore, we believe ITI Dynamic Bond Fund is going to be an all-weather solu�on to investors and stand “Mighty across in the ITI MF debt funds basket.
Debt Market Outlook
Ÿ US Fed’s benchmark policy rate was expectedly kept unchanged in the July 2021 FOMC mee�ng with the Fed acknowledging that the economy had made progress towards goals laid out to tapering it’s quan�ta�ve easing (QE) programme. We see high likelihood of a formal taper announcement in either of the last 2 FOMC mee�ngs (Oct or Dec) of 2021 and the reduc�on in bond buying to begin in 1QCY2022.
Ÿ In spite of the Fed’s median projec�ons showing two rate increases by end-2023, the Fed’s “broad-based and inclusive” maximum employment goal as per its revised monetary policy framework remains the key for any poten�al rate li�-off. Thus the probable rate increase cycle in the US is likely to be quite shallow and prolonged, thereby giving markets enough �me to adapt.
Ÿ The European Central Bank (ECB) le� its policy rate unchanged in July 2021, but revised its forward guidance based on the new infla�on goal. We an�cipate the ECB to keep its policy rate unchanged �ll 2024.
Ÿ Growth revival remains the priority of the RBI and we see no change to the policy repo rate �ll Sep 2022. However, we believe that normalisa�on process will likely begin before end 2021 with small increases to the reverse repo rate.
Ÿ India’s central government (CG) budget deficit reached 18.2% of FY22 target and we do not foresee the risk of fiscal slippage related addi�onal bond supply. Furthermore, RBI is expected to remain a significant buyer over coming quarters and will con�nue to anchor bond yields. We expect the benchmark 10 year GOI bond to largely trade in the 6.0% - 6.30% range over the course of this year.
Ÿ We like front end (2–4 year) sovereign/high grade bonds from a carry/accrual perspec�ve. Government bonds in the 5-9 year maturity bucket too offer value from a medium term perspec�ve.
Ÿ Strategies with flexibility seem well poised to take advantage of the vola�lity led opportuni�es which we expect over the next couple of years.
Very Expensive
ModerateExpensive
A�rac�ve
Very A�rac�ve
Market ReviewJuly 2021
Equity Market Update
5
Global Indices Performance
IndexJuly2021
Change in %
1M 3M 6M 1Y 3Y 5Y
S&P BSE Sensex
Nifty 50
Nifty 200
Nifty 500
Nifty Mid Cap 100
Nifty Smallcap 100
52586.84 0.20 7.80 13.61 39.96 11.82 13.38
15763.05 0.26 7.74 15.61 42.49 11.55 12.77
8396.15 0.85 9.27 18.64 47.05 11.65 12.88
13664.25 1.42 10.51 20.90 51.40 12.29 13.25
27815.25 3.13 14.96 33.02 80.08 13.79 13.48
10522.10 8.10 22.85 46.61 110.43 12.12 11.56
Index
Change in %
1M 3M 6M 1Y 3Y 5Y
DJIA
S&P 500
FTSE
DAX
CAC
Nikkei
Hang Seng
KOSPI
Shanghai
MSCI EM
MSCI India
34936.13 1.26 3.13 16.52 32.29 11.19 13.63
4395.26 2.27 5.12 18.34 34.47 15.99 15.10
7032.30 -0.07 0.90 9.75 19.29 -3.18 0.90
15544.39 0.09 2.70 15.72 26.32 6.67 8.49
6612.76 1.61 5.48 22.48 38.36 6.26 8.28
27283.59 -5.24 -5.31 -1.37 25.75 6.55 10.48
25961.03 -9.94 -9.62 -8.21 5.57 -3.16 3.47
3202.32 -2.86 1.73 7.60 42.50 11.74 9.68
3397.36 -5.40 -1.44 -2.46 2.65 5.71 2.66
1277.80 -7.04 -5.18 -3.89 18.49 5.52 7.90
24.71 0.89 8.53 15.41 42.04 8.48 9.29
Index
Change in %
1M 3M 6M 1Y 3Y 5Y
Nifty Auto
Nifty Bank
Nifty Energy
Nifty FMCG
Nifty India Consumption
Nifty Infrastructure
Nifty IT
Nifty Metal
Nifty Commodities
Nifty Pharma
Nifty PSE
Nifty Realty
10048.50 -5.21 4.23 2.40 38.16 -2.89 1.19
34584.35 -0.54 5.50 13.15 60.02 7.60 12.77
18934.15 -4.48 5.01 17.17 23.75 7.71 15.23
36051.90 -0.11 7.22 8.85 16.83 5.15 10.14
6372.35 0.67 9.17 9.53 28.94 6.68 10.40
4432.30 2.14 9.36 20.71 40.69 11.96 8.35
30480.05 4.50 18.76 23.67 68.90 27.84 22.78
5770.35 10.63 19.03 87.50 169.46 20.05 18.93
5387.05 4.83 14.62 45.00 78.66 13.95 12.88
14425.30 0.81 7.10 18.53 29.48 16.26 4.28
3584.95 -0.68 12.88 31.71 44.39 -0.24 0.92
398.65 15.90 28.76 30.43 98.71 13.47 13.94
Sectoral Performance
Domestic Indices Performance
Net Flows FII Flows MF Flows
1M
3M
6M
1Y
3Y
5Y
-11,308 19,716
2,953 26,629
29,563 20,622
230,248 -77,437
291,573 53,256
327,446 283,470
Net Institutional Flows - Equity (in Rs. Crore)
Source: SEBI data as on July 30, 2021
Nifty 50 - P/B
Nifty 50 - P/E
§ Cau�on was the buzzword for both retail investors and FIIs. July saw a sell-off like
we haven’t seen since March 2020 under the shadow of all-�me high valua�ons
and third wave concerns.
§ India’s economic GDP forecast has been revised lower poin�ng towards a sluggish
revival owing to the disastrous second wave and sluggish vaccina�on drive.
§ Q1FY22 results are underway with leading banks / NBFCs repor�ng a dip in
performance with rise in underperforming assets and higher provisions.
§ Indicators point towards a gradual progression towards recovery and to pre-
Covid business ac�vity levels in various sectors.
Source: Bloomberg data as on July 30, 2021
Source: NSE & BSE
Source: Thomson Reuters Eikon
Source: NSE
Source: Bloomberg data as on July 30, 2021
ITI MF Equity Valua�on Index
None of the aforesaid recommendations are based on any assumptions. These are purely for reference and the investors are requested to consult their financial advisors before investing
ITI MF Equity Valuation Index considers price to earnings(P/E),Price to book (P/B) , Market Cap to Gross Domestic Product (GDP), GSEC*P/E, Equity Earnings Growth
July2021
July2021
14
22
30
38
Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21
1.80
2.50
3.20
3.90
Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
Jul-04 Jul-05 Jul-06 Jul-07 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21
Yiel
d (
%)
India Yield Curve Shi� (Year on Year)
Debt Market Update
6
Key Domestic Yield Indicators
Key Indicators
Index July2021
Change in %
1M 3M 6M 1Y 3Y 5Y
10Y GSEC CMT
10Y AAA CMT
10Y SPREAD*
1Y CD
3M CD
1Y CP
3M CP
6.20 0.15 0.17 0.30 0.37 -1.57 -0.96
6.75 -0.15 0.03 0.09 0.22 -1.91 -1.35
0.55 -0.30 -0.15 -0.21 -0.15 -0.34 -0.39
3.98 -0.05 -0.15 -0.05 -0.30 -4.05 -3.25
3.43 0.00 0.05 -0.05 -0.78 -3.63 -3.14
4.10 0.00 -0.20 -0.15 -0.13 -4.10 -3.33
3.53 0.00 0.02 0.02 0.02 -3.83 -3.43
IndexChange in %
1M 3M 6M 1Y 3Y 5Y
US 10Y CMT YIELD
US 2Y CMT YIELD
USDINR
Manufacturing PMI
Service PMI
IIP ^
Brent
1.23 -24.20 -40.00 15.50 69.30 -173.60 -23.70
0.19 -6.47 2.55 7.88 7.88 -248.62 -47.52
74.39 0.04 0.33 1.44 -0.39 5.78 7.35
55.30 7.20 -0.20 -2.40 9.30 NA NA
45.40 4.20 -8.60 -7.40 11.20 NA NA
29.30 -105.30 32.70 30.90 62.70 25.50 22.00
76.33 1.20 9.08 20.45 32.81 2.08 32.80
US $ Billion Jan-Jun2021
Change in %
2019 2018 2017 2016 2015
Trade Deficit
Net Oil Imports
Net Non-Oil Trade Deficit
Net Gold Imports
Trade Deficit ex Oil & Gold
NET of Principal CommoditiesElectronic Goods
-71.84 -92.24 153.30 182.69 147.59 97.46 125.76
-38.39 -16.29 84.64 92.34 64.89 47.37 57.63
-33.45 -75.95 68.66 90.35 82.70 50.09 68.13
-21.90 -15.39 19.68 24.10 29.22 4.64 20.19
-11.55 -60.56 48.98 66.25 53.48 45.45 47.94
-23.23 -39.32 44.93 49.61 45.54 34.69 34.52
IndexJune2021
Change in %
1M 3M 6M 1Y 3Y 5Y
6.26 -0.04 0.74 1.67 0.03 1.34 0.49
5.58 0.34 0.34 1.71 -2.34 2.47 -1.88
12.68 0.82 8.25 9.76 12.18 5.46 9.76
3.75 -0.11 0.25 0.54 0.20 -4.70 -1.71
6.30 0.13 0.54 0.96 1.33 12.59 1.91
CPI
FOOD & BEVERAGES
FUEL & LIGHT
HOUSING
CORE CPI
Inflation Indicators
Source: Bloomberg
Source: CCIL data as on July 30, 2021
Net Flows MF Flows
1M
3M
6M
1Y
3Y
5Y
-782 15,393
-7,317 26,080
-20,415 71,492
-18,371 201,802
-108,327 1,036,195
-39,834 1,671,868
Net Institutional Flows - Debt (in Rs. Crore)
Source: SEBI, NSDL data as on July 30, 2021
India Yield Curve Shift (Year- on- Year)
10-Yr Benchmark Gsec Bond
FII Flows
§ Wholesale infla�on (WPI) eased marginally to 12.07% YoY in June 2021 vis-à-vis 1.81% in June 2020. WPI remains s�cky at higher levels on account of the low base effect and rise in prices of mineral oils viz petrol, diesel (HSD), naphtha, ATF, furnace oil and manufactured products like basic metal, food products, chemical products vis-à-vis the corresponding period last year. However, WPI would have been higher had it not been for so�ening of crude oil and food prices.
§ The country’s factory output (IIP) registered growth of 29.3% (YoY) to 116.6 in May 2021. IIP had crashed to -33.4% YoY to 90.2 in May 2020 owing to the na�onwide lockdown last year during the first wave of the pandemic. Over the current fiscal (April-May 2021), IIP has witnessed an expansion of 68.8% vis-à-vis -45.0% decline in the corresponding period last year. May 2021 IIP saw gains in manufacturing (up 34.5%), electricity (23.3%) and mining (7.5%).
§ The country’s manufacturing sector slumped to an 11-month low in June 2021 owing to pandemic and strict containment measures. New order growth that started in August 2020 came to an end in June 2021, with the second wave lockdown.
§ India’s retail infla�on (CPI) trended lower to 6.26% in June 2021 from 6.30% in the previous month. This is the second consecu�ve month CPI exceeded the central bank’s upper band of 6%, a ma�er of some concern given that before this two-month interval, the CPI hovered at sub-6% levels for five consecu�ve months. Food infla�on was the primary factor in keeping infla�on at s�cky highs, with the Consumer Food Price Index (CFPI) surging to 5.15% in June 2021 against 5.01% in May 2021.
§ India’s exports surged over 45% to USD22.5bn during July 1-21 on account of robust growth in gems and jewellery, petroleum and engineering. In a posi�ve sign for the economy, imports rose 64.8% to USD31.8bn. The resultant trade deficit was USD9.3bn.
§ Output of eight core sectors expanded 8.9% YoY in June 2021 primarily due to a low base effect and produc�on gains in steel, coal, natural gas, and electricity. Output had expanded 16.8% year-on-year in May 2021. In June 2020, it had contracted by 12.4% owing to the lockdown during the first wave of the pandemic.
Source: Bloomberg
Market ReviewJuly 2021
2020
Change in bps Jul-21 Jul-20
Source: Thomson Reuters Eikon data as on July 30, 2021
^ Data as of May 2021
Month EndValue
5.0
5.5
6.0
6.5
7.0
7.5
8.0
Jul-19 Nov-19 Mar-20 Jul-20 Nov-20 Mar-21 Jul-21
10
20
30
40
50
60
70
80
3.0
4.0
5.0
6.0
7.0
8.0
9.0
1 Yr 5 Yr 10 Yr 20 Yr 30 Yr
Equity & Equity Related Total 97.84
Auto 6.46
Eicher Motors Limited 6.46
Auto Ancillaries 4.53
Amara Raja Batteries Limited 4.53
Banks 19.69
HDFC Bank Limited 6.75
DCB Bank Limited 4.06
City Union Bank Limited 3.15
Kotak Mahindra Bank Limited 2.87
The Federal Bank Limited 2.85
Consumer Durables 14.36
V-Guard Industries Limited 8.00
Whirlpool of India Limited 3.48
Johnson Controls - Hitachi Air 2.87
Conditioning India Limited
Consumer Non Durables 12.40
ITC Limited 6.33
Godrej Consumer Products Limited 3.11
Kansai Nerolac Paints Limited 2.96
CATEGORY OF SCHEME: Multicap Fund
The 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.
INVESTMENT OBJECTIVE
SCHEME DETAILS
Inception Date(Date of Allotment): 15-May-19
Benchmark: Nifty 500 Multicap 50:25:25 TRI (w.e.f December-2020)
Minimum Application Rs.1,000/- and in multiplesAmount: of Rs. 1/- thereafter
Load Structure:Entry Load: NilExit Load: If units are redeemed
/switched out within 12 months - 1%. Nil thereafter
Total Expense Ratio (TER):Including Additional Expenses and Goods and ServiceTax on Management Fees
Regular Plan: 2.64% Direct Plan: 0.49%
FUND MANAGER
PORTFOLIO DETAILS
RISK RATIO
NAV as on July 30, 2021
Mr. George Heber Joseph (Since 15-May-19)Total Experience: 17 yearsMr. Pradeep Gokhale (Since 15-May-19)Total Experience: 24 years
AUM (in Rs. Cr): 278.78
AAUM (in Rs. Cr): 270.33
% of top 5 holdings: 36.56%
% of top 10 holdings: 62.73%
No. of scrips: 22
Standard Deviation^: NABeta^: NASharpe Ratio^*: NAAverage P/B 4.21Average P/E 39.40Portfolio Beta 0.91^Computed for the 3-yr period ended July 30, 2021. Based on month-end NAV.* Risk free rate: 3.40 (Source: FIMMDA MIBOR)
Regular Plan(in Rs.)
Direct Plan(in Rs.)
Growth: 14.2250 14.9142IDCW: 13.5880 14.2690
THIS PRODUCT IS SUITABLEFOR INVESTORS WHO ARE SEEKING^
Ÿ Long-term capital growthŸ Investment 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.
Fund vs Index Overweight / Underweight
Name of the Instrument% toNAV
% to NAVDerivatives
Finance 12.32
Equitas Holdings Limited 5.76
Mahindra & Mahindra Financial Services Ltd 4.45
IDFC Limited 2.11
Petroleum Products 4.65
Reliance Industries Limited 4.65
Pharmaceuticals 20.26
Lupin Limited 8.00
Sun Pharmaceutical Industries Limited 7.35
Alembic Pharmaceuticals Limited 4.91
Printing & Publication 2.32
Navneet Education Limited 2.32
Software 0.86
eClerx Services Limited 0.86
Short Term Debt & Net Current Assets 2.16
Top Ten Holdings
ITI Mul�cap
% o
f N
et A
sset
s
Name of the Instrument% toNAV
% to NAVDerivatives
Portfolio Classification by Net Assets (%) Portfolio Allocation of other asset class (%) Market Capitalisation (% of allocation)
Equity
Equity Derivatives
Debt
Term Deposits placed as Margins
TREPS instruments
Net Current Assets
Large Cap
Mid Cap
Small Cap
NSE 500 Mul�cap 50:25:25
Investors understand that their principal will be at Very High risk
Low
to
Mod
erat
e
Lo
w
LOW HIGH
ModerateModeratelyHigh
High
Very
Hig
h
97.84
2.19
-0.03
45.51
26.33
26.00
(An open-ended equity scheme investing acrosslarge cap, mid cap, small cap stocks)
ITI Multi Cap Fund
PORTFOLIO
7
Fresh, no legacy/no baggage portfolio
SQL investmentphilosophy
Smooth investingexperience for the investor
Long term wealthcreation focus
Strong expertise inequity research
Differently positioned asa flexi cap within themulticap segment
When markets are expensive, the fund gener ally reduces risk and whenmarkets are undervalued fund increases the risk in the portf olio so that risk adjusted return and investor experience becomes smooth and rewarding
For scheme and SIP performance refer page 15Face Value per Unit: Rs. 10 unless other wise specified; Data is as of July 30, 2021 unless other wise specified.
July 2021
Please Refer Page No. 24 For IDCW History
26
.33
11
.66
5.5
3
4.7
6
6.3
7
0.8
5
11
.63
2.6
8
3.6
2
3.4
2
2.5
7
1.5
7
1.4
2 5.4
1
4.3
8
0.2
1
2.2
6
2.4
3
1.6
9
1.2
6
32
.01
26
.76
20
.26
10
.98
4.6
5
2.3
2
0.8
6
0.0
0
0.0
0
0.0
0
0.0
0
0.0
0
0.0
0
0.0
0
0.0
0
0.0
0
0.0
0
0.0
0
0.0
0
0.0
0
0.00
8.00
16.00
24.00
32.00
40.00
Fin
anci
al S
ervi
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Co
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Go
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Ph
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les
Equity & Equity Related Total 98.98
Auto 7.88
Eicher Motors Limited 7.88
Auto Ancillaries 4.86
Amara Raja Batteries Limited 4.86
Banks 16.83
HDFC Bank Limited 8.32
DCB Bank Limited 4.95
Kotak Mahindra Bank Limited 2.85
City Union Bank Limited 0.71
Construction 2.52
Ashoka Buildcon Limited 2.52
Consumer Durables 10.50
V-Guard Industries Limited 4.62
Johnson Controls - Hitachi Air 3.01Conditioning India Limited
Whirlpool of India Limited 2.88
Consumer Non Durables 16.53
ITC Limited 9.55
Kansai Nerolac Paints Limited 3.22
Godrej Consumer Products Limited 3.21
Akzo Nobel India Limited 0.55
NSE 500
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
To 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.
ITI Long Term Equity Fund
PORTFOLIO
INVESTMENT OBJECTIVE
SCHEME DETAILS
Inception Date(Date of Allotment): 18-Oct-19
Benchmark: Nifty 500 TRI
Minimum Application Rs. 500/- and in multiplesAmount: of Rs. 500/- thereafter
Load Structure:Entry Load: NilExit Load: Nil
Total Expense Ratio (TER):Including Additional Expenses and Goods and ServiceTax on Management Fees
Regular Plan: 2.58% Direct Plan: 0.38%
FUND MANAGER
PORTFOLIO DETAILS
RISK RATIO
Mr. George Heber Joseph (Since 18-Oct-2019)Total Experience: 17 yearsMr. Pradeep Gokhale (Since 18-Oct-2019)Total Experience: 24 years
AUM (in Rs. Cr): 97.25
AAUM (in Rs. Cr): 95.79
% of top 5 holdings: 45.01%
% of top 10 holdings: 68.81%
No. of scrips: 25
Standard Deviation^: NABeta^: NASharpe Ratio^*: NAAverage P/B 4.59 Average P/E 42.32Portfolio Beta 0.85^Computed for the 3-yr period ended July 30, 2021. Based on month-end NAV.* Risk free rate: 3.40 (Source: FIMMDA MIBOR)
Regular Plan(in Rs.)
Direct Plan(in Rs.)
Growth: 14.3203 14.8912IDCW: 13.6940 14.2566
THIS PRODUCT IS SUITABLEFOR INVESTORS WHO ARE SEEKING^
Ÿ Capital appreciation over long termŸ Investment in equity and equity related securities
^Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Fund vs Index Overweight / Underweight
Portfolio Classification by Net Assets (%) Portfolio Allocation of other asset class (%) Market Capitalisation (% of allocation)
Equity
Equity Derivatives
Debt
Term Deposits placed as Margins
TREPS instruments
Net Current Assets
Large Cap
Mid Cap
Small Cap
Finance 5.52
IDFC Limited 3.25
Mahindra & Mahindra Financial Services Ltd 1.29
Equitas Holdings Limited 0.97
Industrial Products 1.04
Supreme Industries Limited 1.04
Petroleum Products 6.12
Reliance Industries Limited 6.12
Pharmaceuticals 23.75
Sun Pharmaceutical Industries Limited 10.27
Lupin Limited 8.99
Alembic Pharmaceuticals Limited 2.89
Suven Pharmaceuticals Limited 1.60
Printing & Publication 2.20
Navneet Education Limited 2.20
Software 1.23
eClerx Services Limited 1.23
Short Term Debt & Net Current Assets 1.02
8
Face Value per Unit: Rs. 10 unless otherwise specified; Data is as of July 30, 2021 unless otherwise specified.
NAV as on July 30, 2021
Name of the Instrument% toNAV
% to NAVDerivatives
Name of the Instrument% toNAV
% to NAVDerivatives
Top Ten Holdings
Benefits of Investing
Investors understand that their principal will be at Very High risk
Low
to
Mod
erat
e
Lo
w
LOW HIGH
ModerateModeratelyHigh
High
Very
Hig
h
Please Refer Page No. 24 For IDCW History
% o
f N
et A
sset
s
98.98
0.89
0.13
57.19
18.48
23.31
July 2021
11
.77
5.2
5
30
.98
4.9
2 8.8
1
2.8
9
0.3
8
13
.45
2.5
1
2.8
4
1.8
5
1.9
5
1.0
5
0.9
7 4.4
9
0.0
6
2.2
9
1.3
8
1.7
8
0.4
6
27
.03
23
.75
22
.35
12
.74
6.1
2
2.5
2
2.2
0
1.2
3
1.0
4
0.0
0
0.0
0
0.0
0
0.0
0
0.0
0
0.0
0
0.0
0
0.0
0
0.0
0
0.0
0
0.0
0
0.00
10.00
20.00
30.00
40.00
Co
nsu
mer
Go
od
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Ph
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a
Fin
anci
al S
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Au
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Equity & Equity Related Total 97.82
Aerospace & Defense 1.47
Hindustan Aeronautics Limited 1.47
Auto 3.89
Maruti Suzuki India Limited 2.00
Eicher Motors Limited 1.89
Banks 25.42
HDFC Bank Limited 7.52
State Bank of India 5.93
Kotak Mahindra Bank Limited 5.26
ICICI Bank Limited 4.85
Axis Bank Limited 1.85
Cement & Cement Products 3.02
Grasim Industries Limited 3.02
Construction Project 5.09
Larsen & Toubro Limited 5.09
Consumer Non Durables 12.08
ITC Limited 7.06
Hindustan Unilever Limited 2.73
Godrej Consumer Products Limited 2.29
Finance 4.54
Housing Development Finance Corporation Ltd 4.54
(An open ended equity scheme predominantlyinvesting in large cap stocks)
CATEGORY OF SCHEME: Large Cap Fund
The investment objective of the Scheme is to seek to generate long term capital appreciation by predominantly investing in equity and equity related securities of large cap stocks. However, there can be no assurance that the investment objective of the scheme would be achieved.
ITI Large Cap Fund
PORTFOLIO
INVESTMENT OBJECTIVE
SCHEME DETAILS
Inception Date(Date of Allotment): 24-Dec-20
Benchmark: Nifty 100 TRI
Minimum Application Rs. 5,000/- and in multiples Amount: of Re. 1/- thereafter
Load Structure:Entry Load: NilExit Load: If units are redeemed
/switched out within 12 months - 1%. Nil thereafter
Total Expense Ratio (TER):Including Additional Expenses and Goods and ServiceTax on Management Fees
Regular Plan: 2.52% Direct Plan: 0.32%
FUND MANAGER
PORTFOLIO DETAILS
RISK RATIO
NAV as on July 30, 2021
Mr. George Heber Joseph (Since 24-Dec-20)Total Experience: 17 yearsMr. Pradeep Gokhale (Since 24-Dec-20)Total Experience: 24 years
AUM (in Rs. Cr): 174.31
AAUM (in Rs. Cr): 175.82
% of top 5 holdings: 36.95%
% of top 10 holdings: 62.63%
No. of scrips: 28
Standard Deviation: NABeta: NASharpe Ratio*: NAAverage P/B 4.58Average P/E 29.25Portfolio Beta 0.93Computed for the 3-yr period ended July 30, 2021. Based on month-end NAV.* Risk free rate: 3.40 (Source: FIMMDA MIBOR)
Regular Plan(in Rs.)
Direct Plan(in Rs.)
Growth: 11.3206 11.4834IDCW: 11.3206 11.4834
THIS PRODUCT IS SUITABLEFOR INVESTORS WHO ARE SEEKING^
Ÿ Capital appreciation over long termŸ Investment in portfolio predominately consisting of
equity and equity related instruments of large cap companies
^Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Fund vs Index Overweight / Underweight
Name of the Instrument% toNAV
% to NAVDerivatives
Gas 1.48
Petronet LNG Limited 0.94
GAIL (India) Limited 0.54
Insurance 2.34
HDFC Life Insurance Company Limited 1.40
SBI Life Insurance Company Limited 0.94
Minerals/Mining 1.48
Coal India Limited 1.48
Petroleum Products 9.76
Reliance Industries Limited 8.87
Indian Oil Corporation Limited 0.89
Pharmaceuticals 8.17
Lupin Limited 6.06
Sun Pharmaceutical Industries Limited 2.12
Power 1.49
NTPC Limited 1.49
Software 15.22
Infosys Limited 7.44
Tata Consultancy Services Limited 4.44
HCL Technologies Limited 3.34
Telecom - Services 2.37
Bharti Airtel Limited 2.37
Short Term Debt & Net Current Assets 2.18
Top Ten Holdings
9
Name of the Instrument% toNAV
% to NAVDerivatives
Portfolio Classification by Net Assets (%) Portfolio Allocation of other asset class (%) Market Capitalisation (% of allocation)
Equity
Equity Derivatives
Debt
Term Deposits placed as Margins
TREPS instruments
Net Current Assets
Large Cap
Mid Cap
Small Cap
Data is as of July 30, 2021 unless otherwise specified.
NSE 100
ITI Largecap
Investors understand that their principal will be at Very High risk
Low
to
Mod
erat
e
Lo
w
LOW HIGH
ModerateModeratelyHigh
High
Very
Hig
h
% o
f N
et A
sset
s
97.82
1.24
0.94
95.41
July 2021
34
.32
15
.23
11
.95
10
.56
4.9
2
2.6
8
4.5
9
2.9
4
1.8
8
2.2
2 4.7
0
0.2
2
0.4
3
1.5
1
0.5
6
0.5
1
0.0
0
0.0
0
0.8
2
0.0
0
32
.30
15
.22
12
.08
11
.24
8.1
7
5.0
9
3.8
9
3.0
2
2.3
7
1.4
9
1.4
8
1.4
7
0.0
0
0.0
0
0.0
0
0.0
0
0.0
0
0.0
0
0.0
0
0.0
0
0.00
10.00
20.00
30.00
40.00
Fin
anci
al S
ervi
ces IT
Co
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2.41
Equity & Equity Related Total 93.98
Aerospace & Defense 2.19
Bharat Electronics Limited 2.19
Auto 1.41
Escorts Limited 1.41
Auto Ancillaries 7.03
MRF Limited 3.60
Amara Raja Batteries Limited 3.44
Banks 8.42
City Union Bank Limited 3.35
The Federal Bank Limited 2.73
Bank of Baroda 2.34
Cement & Cement Products 3.65
The Ramco Cements Limited 2.35
Dalmia Bharat Limited 1.30
Chemicals 1.73
Solar Industries India Limited 1.73
Construction 1.56
The Phoenix Mills Limited 1.56
Consumer Durables 3.87
Whirlpool of India Limited 3.87
Consumer Non Durables 8.72
Kansai Nerolac Paints Limited 2.62
Akzo Nobel India Limited 2.14
Godrej Industries Limited 2.04
Zydus Wellness Limited 1.92
Entertainment 2.46
Sun TV Network Limited 2.46
Finance 6.28
Mahindra & Mahindra Financial Services Limited 2.27
Aavas Financiers Limited 2.18
CreditAccess Grameen Limited 1.83
(An open ended equity scheme predominantlyinvesting in Mid Cap stocks)
CATEGORY OF SCHEME: Mid Cap Fund
The investment objective of the Scheme is to seek to generate long term capital appreciation by predominantly investing in equity and equity related securities of Mid Cap stocks. However, there can be no assurance that the investment objective of the scheme would be achieved.
ITI Mid Cap Fund
PORTFOLIO
INVESTMENT OBJECTIVE
SCHEME DETAILS
Inception Date
(Date of Allotment): 05-Mar-2021
Benchmark: Nifty Mid Cap 100 TRI
Minimum Application Rs. 5,000/- and in multiples
Amount: of Re. 1/- thereafter
Load Structure:
Entry Load: Nil
Exit Load: – If units are redeemed
/switched out within 12
months - 1%. Nil
thereafter
Total Expense Ratio (TER):Including Additional Expenses and Goods and Service
Tax on Management Fees
Regular Plan: 2.62% Direct Plan: 0.32%
FUND MANAGER
PORTFOLIO DETAILS
RISK RATIO
NAV as on July 30, 2021
Mr. George Heber Joseph (Since 05-Mar-21)Total Experience: 17 yearsMr. Pradeep Gokhale (Since 05-Mar-21)Total Experience: 24 years
AUM (in Rs. Cr): 331.13
AAUM (in Rs. Cr): 323.16
% of top 5 holdings: 18.01%
% of top 10 holdings: 33.38%
No. of scrips: 40
Standard Deviation: NABeta: NASharpe Ratio*: NAAverage P/B 5.56Average P/E 41.84Portfolio Beta 0.82Computed for the 3-yr period ended July 30, 2021. Based on month-end NAV.* Risk free rate: 3.40 (Source: FIMMDA MIBOR)
Regular Plan(in Rs.)
Direct Plan(in Rs.)
Growth: 11.4507 11.5598IDCW: 11.4507 11.5598
THIS PRODUCT IS SUITABLEFOR INVESTORS WHO ARE SEEKING^
Ÿ Capital appreciation over long termŸ Investment in a diversified portfolio predominantly
consisting of equity and equity related instruments of mid cap companies
^Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Fund vs Index Overweight / Underweight
Name of the Instrument% toNAV
% to NAVDerivatives
Gas 4.81
Mahanagar Gas Limited 3.13
Gujarat State Petronet Limited 1.68
Industrial Capital Goods 1.74
ABB India Limited 1.74
Industrial Products 10.86
Schaeffler India Limited 3.11
Polycab India Limited 2.95
Cummins India Limited 2.84
Bharat Forge Limited 1.96
Insurance 2.01
Max Financial Services Limited 2.01
Pesticides 3.72
Bayer Cropscience Limited 3.72
Petroleum Products 1.89
Hindustan Petroleum Corporation Limited 1.89
Pharmaceuticals 8.98
Sanofi India Limited 3.39
Alembic Pharmaceuticals Limited 2.82
Suven Pharmaceuticals Limited 2.77
Power 1.83
Tata Power Company Limited 1.83
Retailing 1.59
Aditya Birla Fashion and Retail Limited 1.59
Software 6.29
L&T Technology Services Limited 2.46
Oracle Financial Services Software Limited 1.96
MphasiS Limited 1.86
Telecom - Services 2.11
Tata Communications Limited 2.11
Textile Products 0.81
Page Industries Limited 0.81
Short Term Debt & Net Current Assets 6.02
Top Ten Holdings
10
% o
f N
et A
sset
s
Name of the Instrument% toNAV
% to NAVDerivatives
Portfolio Classification by Net Assets (%) Portfolio Allocation of other asset class (%) Market Capitalisation (% of allocation)
Equity
Equity Derivatives
Debt
Term Deposits placed as Margins
TREPS instruments
Net Current Assets
Large Cap
Mid Cap
Small Cap
6.49
-0.48
93.98
Data is as of July 30, 2021 unless otherwise specified.
NSE MC 100
ITI Mid Cap Fund
84.55
July 2021
Investors understand that their principal will be at Very High risk
Low
to
Mod
erat
e
Lo
w
LOW HIGH
ModerateModeratelyHigh
High
Very
Hig
h
22
.68
6.3
2 9.7
5
6.9
6
7.2
1
5.3
7
6.1
2
2.8
3
2.5
6
1.9
8
0.5
4 3.6
3 6.6
8
3.9
5
3.0
7
1.4
9
2.6
0
3.7
6
2.4
4
16
.71
14
.79
12
.59
8.9
8
8.4
5
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Equity & Equity Related Total 93.70
Aerospace & Defense 2.89
Garden Reach Shipbuilders & Engineers Ltd 2.89
Auto 1.31
Force Motors Limited 1.31
Auto Ancillaries 1.51
Jtekt India Limited 1.51
Banks 5.57
DCB Bank Limited 5.57
Cement & Cement Products 3.96
Birla Corporation Limited 3.96
Chemicals 1.18
INEOS Styrolution India Limited 1.18
Construction 12.19
Ashoka Buildcon Limited 7.02
Indiabulls Real Estate Limited 4.16
Ahluwalia Contracts (India) Limited 1.02
Consumer Durables 15.86
Johnson Controls - Hitachi Air 6.38Conditioning India Limited
V-Guard Industries Limited 5.59
Mayur Uniquoters Limited 3.89
Consumer Non Durables 2.77
CCL Products (India) Limited 1.80
Advanced Enzyme Technologies Limited 0.98
Finance 19.22
Equitas Holdings Limited 9.67
Can Fin Homes Limited 5.30
IDFC Limited 3.37
Mas Financial Services Limited 0.89
Industrial Products 3.14
Timken India Limited 1.65
Schaeffler India Limited 1.49
Leisure Services 4.39
Wonderla Holidays Limited 4.39
Pharmaceuticals 8.30
Alembic Limited 6.42
Hester Biosciences Limited 1.88
Printing & Publication 5.73
Navneet Education Limited 5.73
Software 5.69
eClerx Services Limited 5.69
Short Term Debt & Net Current Assets 6.30
(An open ended equity scheme predominantlyinvesting in small cap stocks)
CATEGORY OF SCHEME: SMALL CAP FUND
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.
ITI Small Cap Fund
PORTFOLIO
INVESTMENT OBJECTIVE
SCHEME DETAILS
Inception Date(Date of Allotment): 17-Feb-20
Benchmark: Nifty Smallcap 100 TRI
Minimum Application Rs. 5,000/- and in multiplesAmount: of Rs. 1/- thereafter
Load Structure:Entry Load: NilExit Load: If units are redeemed
/switched out within 12 months - 1%. Nil thereafter
Total Expense Ratio (TER):Including Additional Expenses and Goods and ServiceTax on Management Fees
Regular Plan: 2.57% Direct Plan: 0.32%
FUND MANAGER
PORTFOLIO DETAILS
RISK RATIO
Mr. George Heber Joseph (Since 17-Feb-20)Total Experience: 17 yearsMr. Pradeep Gokhale (Since 17-Feb-20)Total Experience: 24 years
AUM (in Rs. Cr): 431.50
AAUM (in Rs. Cr): 423.85
% of top 5 holdings: 35.21%
% of top 10 holdings: 61.75%
No. of scrips: 25
Standard Deviation^: NABeta^: NASharpe Ratio^*: NAAverage P/B 3.41Average P/E 26.09Portfolio Beta 0.95^Computed for the 3-yr period ended July 30, 2021. Based on month-end NAV.* Risk free rate: 3.40 (Source: FIMMDA MIBOR)
Regular Plan(in Rs.)
Direct Plan(in Rs.)
Growth: 15.9102 16.4279IDCW: 15.9102 16.4279
THIS PRODUCT IS SUITABLEFOR INVESTORS WHO ARE SEEKING^
Ÿ Capital appreciation over long termŸ Investment in a diversified Portfolio which
predominantly consists of equity and equity related instruments of small cap companies
^Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Fund vs Index Overweight / Underweight
Face Value per Unit: Rs. 10 unless otherwise specified; Data is as of July 30, 2021 unless otherwise specified.
11
NSE SC 100
ITI Small Cap Fund
% o
f N
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NAV as on July 30, 2021
Name of the Instrument% toNAV
% to NAVDerivatives
Name of the Instrument% toNAV
% to NAVDerivatives
Top Ten Holdings
Portfolio Classification by Net Assets (%) Portfolio Allocation of other asset class (%) Market Capitalisation (% of allocation)
Equity
Equity Derivatives
Debt
Term Deposits placed as Margins
TREPS instruments
Net Current Assets
Large Cap
Mid Cap
Small Cap
6.45
-0.15
93.70
92.21
Investors understand that their principal will be at Very High risk
Low
to
Mod
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Lo
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LOW HIGH
ModerateModeratelyHigh
High
Very
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h
1.49
July 2021
Equity & Equity Related Total 83.38
Auto 6.91
Eicher Motors Limited 6.91
Auto Ancillaries 4.89
Amara Raja Batteries Limited 4.89
Banks 13.65
HDFC Bank Limited 6.73
City Union Bank Limited 4.69
DCB Bank Limited 2.23
Consumer Durables 4.19
Whirlpool of India Limited 3.23
V-Guard Industries Limited 0.78
Johnson Controls - Hitachi Air 0.18Conditioning India Limited
Consumer Non Durables 7.28
ITC Limited 7.04
Kansai Nerolac Paints Limited 0.24
Gas 1.28
Petronet LNG Limited 1.28
(An open-ended equity scheme followinga value investment strategy)
CATEGORY OF SCHEME: Value
The investment objective of the scheme is to seek to generate long term capital appreciation by investing substantially in a portfolio of equity and equity related instruments by following value investing strategy. However, there can be no assurance or guarantee that the investment objective of the scheme would be achieved.
ITI Value Fund
PORTFOLIO
INVESTMENT OBJECTIVE
SCHEME DETAILS
Inception Date
(Date of Allotment): 14-June-2021
Benchmark: Nifty 500 Value 50 TRI
Minimum Application Rs. 5,000/- and in multiples
Amount: of Re. 1/- thereafter
Load Structure:
Entry Load: Nil
Exit Load: – If units are redeemed
/switched out within 12
months - 1%. Nil
thereafter
Total Expense Ratio (TER):Including Additional Expenses and Goods and Service
Tax on Management Fees
Regular Plan: 2.62% Direct Plan: 0.32%
FUND MANAGER
PORTFOLIO DETAILS
RISK RATIO
NAV as on July 30, 2021
Mr. Pradeep Gokhale (Since 14-Jun-21)Total Experience: 24 yearsMr. Rohan Korde (Since 14-Jun-21)Total Experience: 17 years
AUM (in Rs. Cr): 128.18
AAUM (in Rs. Cr): 127.99
% of top 5 holdings: 35.38%
% of top 10 holdings: 64.53%
No. of scrips: 21
Standard Deviation: NABeta^: NASharpe Ratio^*: NAAverage P/B 2.79Average P/E 23.69Portfolio Beta 0.66^Computed for the 3-yr period ended July 30, 2021. Based on month-end NAV.* Risk free rate: 3.40 (Source: FIMMDA MIBOR)
Regular Plan(in Rs.)
Direct Plan(in Rs.)
Growth: 9.8511 9.8803IDCW: 9.8511 9.8803
THIS PRODUCT IS SUITABLEFOR INVESTORS WHO ARE SEEKING^
Ÿ Capital appreciation over long termŸ Investments in portfolio predominantly consisting of
equity and equity related instruments by following a value investment strategy.
^Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Fund vs Index Overweight / Underweight
Name of the Instrument% toNAV
% to NAVDerivatives
Industrial Products 0.54
Schaeffler India Limited 0.54
Leisure Services 2.86
Wonderla Holidays Limited 2.86
Petroleum Products 19.56
Bharat Petroleum Corporation Limited 6.78
Reliance Industries Limited 6.75
Indian Oil Corporation Limited 6.04
Pharmaceuticals 20.16
Sun Pharmaceutical Industries Limited 7.91
Lupin Limited 6.71
Alembic Pharmaceuticals Limited 4.79
Alembic Limited 0.75
Power 2.07
NTPC Limited 2.07
Short Term Debt & Net Current Assets 16.62
Top Ten Holdings
12
% o
f N
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Name of the Instrument% toNAV
% to NAVDerivatives
Portfolio Classification by Net Assets (%) Portfolio Allocation of other asset class (%) Market Capitalisation (% of allocation)
Equity
Equity Derivatives
Debt
Term Deposits placed as Margins
TREPS instruments
Net Current Assets
Large Cap
Mid Cap
Small Cap
16.66
-0.04
83.38
Data is as of July 30, 2021 unless otherwise specified.
19.65
56.93
6.80
July 2021
NSE 500 Value 50
ITI Value Fund22
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4.2
7
3.3
9
0.5
7
9.4
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1.8
1 5.0
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5.6
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0.7
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20
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20
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13
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11
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11
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2.8
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Nifty 50 Index Trailing P/BV Ratio ITI BAF
Equity & Equity Related Total 79.33 1.40
Auto 7.73
Eicher Motors Limited 7.73
Auto Ancillaries 4.66
Amara Raja Batteries Limited 4.66
Banks 8.53
HDFC Bank Limited 4.75
Kotak Mahindra Bank Limited 3.78
Consumer Durables 7.78
Whirlpool of India Limited 5.13
V-Guard Industries Limited 2.64
Consumer Non Durables 12.91
ITC Limited 9.56
Godrej Consumer Products Limited 3.36
Finance 5.17
Equitas Holdings Limited 5.17
Gas 0.63
Petronet LNG Limited 0.63
Petroleum Products 10.12
Reliance Industries Limited 7.28
Indian Oil Corporation Limited 2.85
ITI Balanced Advantage Fund
(An open ended dynamic asset allocation fund)
CATEGORY OF SCHEME: Balanced Advantage
The 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.
ITI Balanced Advantage Fund
PORTFOLIO
INVESTMENT OBJECTIVE
SCHEME DETAILS
Inception Date(Date of Allotment): 31-Dec-19Benchmark: Nifty 50 Hybrid Composite Debt 50:50 Index (w.e.f December-2020)Minimum Application Rs. 5,000/- and in multiplesAmount: of Rs. 1/- thereafter
Load Structure:Entry Load: 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 a l l o t m e n t o f u n i t s . A ny redemption in excess of such limit in the first 12 months from the date of allotment s h a l l b e s u b j e c t t o t h e following exit load: 1% if redeemed or switched out on or before completion of 12 months from the date of a l l o t m e n t o f u n i t s ; N i l thereafter.
Total Expense Ratio (TER):Including Additional Expenses and Goods and ServiceTax on Management Fees
Regular Plan: 2.64% Direct Plan: 0.44%
FUND MANAGER
PORTFOLIO DETAILS
DEBT ATTRIBUTIONS FOR FIXEDINCOME PORTION
Mr. George Heber Joseph (Since 31-Dec-19)Total Experience: 17 yearsMr. Pradeep Gokhale (Since 31-Dec-19)Total Experience: 24 years
AUM (in Rs. Cr): 208.33AAUM (in Rs. Cr): 207.07% of top 5 holdings: 44.42%% of top 10 holdings: 71.34%No. of scrips: 16
Regular Plan(in Rs.)
Direct Plan(in Rs.)
Growth: 10.1423 10.4956IDCW: 10.1423 10.4956
THIS PRODUCT IS SUITABLEFOR INVESTORS WHO ARE SEEKING^Ÿ Capital appreciation while generating income over
medium to long termŸ Dynamic Asset allocation between equity, equity
related Instruments and fixed income instruments so as to provide with long term capital appreciation
^Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Fund vs Index Overweight / Underweight
Pharmaceuticals 20.37 1.40
Lupin Limited 9.28
Sun Pharmaceutical Industries Limited 9.17 1.40
Suven Pharmaceuticals Limited 1.91
Software 1.42
eClerx Services Limited 1.42
13Face Value per Unit: Rs. 10 unless otherwise specified; Data is as of July 30, 2021 unless otherwise specified.
% o
f N
et A
sset
s
NAV as on July 30, 2021
Average Maturity: 1.44 Years Macaulay Duration: 1.37 YearsModified Duration: 1.32 YearsYield to Maturity: 4.12%
Average P/B 3.74Average P/E 30.93Portfolio Beta 0.64
Name of the Instrument% toNAV
% to NAVDerivatives
Name of the Instrument% toNAV
% to NAVDerivatives
Top Ten Holdings
Portfolio Classification by Net Assets (%) Portfolio Allocation of other asset class (%) Market Capitalisation (% of allocation)
Gross Equity
Net Equity
Debt
Term Deposits placed as Margins
TREPS instruments
Net Current Assets
Large Cap
Mid Cap
Small Cap
59.15
12.348.86
80.73
80.73
9.23
Ni�y 50
Debt Instrument
Corporate Bond 9.17
National Bank For Agriculture ICRA AAA 3.85and Rural Development
REC Limited CRISIL AAA 1.93
Small Industries Dev CARE AAA 3.39Bank of India
Government Bond 7.20
4.48% GOI (MD 02/11/2023) SOVEREIGN 7.20
Short Term Debt & Net Current Assets 2.90
Name of the Instruments Ratings % to NAV
16.37
RISK RATIO
-5.96Investors understand that their principal will be at Very High risk
Low
to
Mod
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Lo
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LOW HIGH
ModerateModeratelyHigh
High
Very
Hig
h
July 2021
2.922.74
2.02
2.32
2.25
2.44 2.67
2.732.51
2.592.89
3.34
3.26
3.47
3.053.04
3.24 3.28 3.29
52.81
64.37
96.17 96.91
90.41
39.65 41.45
50.7857.47
50.33
30.9734.37 37.07
47.3745.63
73.07 70.31 70.87
80.73
28
38
48
58
68
78
88
98
1.902.052.202.352.502.652.802.953.103.253.403.553.70
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21
1.8
3
5.4
2
18
.59
2.4
8 5.6
2 8.7
7
1.3
6
0.0
0
1.4
2
0.0
0
0.3
3
0.0
0
0.0
0
0.0
0 2.0
4
0.0
0
0.8
4
0.3
7
0.9
7
0.0
0
21
.77
20
.69
13
.70
12
.40
10
.75
1.4
2
0.0
0
0.0
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0.0
0
0.0
0
0.0
0
0.0
0
0.0
0
0.0
0
0.0
0
0.0
0
0.0
0
0.0
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0.0
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0.0
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18.00
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Minerals/Mining 7.65 -7.68
Adani Enterprises Limited 7.65 -7.68
Non - Ferrous Metals 9.33 -9.32
Vedanta Limited 5.04 -5.04
Hindalco Industries Limited 4.29 -4.28
Petroleum Products 7.08 -7.10
Reliance Industries Limited 7.08 -7.10
Pharmaceuticals 12.03 -12.01
Cipla Limited 5.63 -5.61
Divi's Laboratories Limited 3.96 -3.96
Sun Pharmaceutical Industries Limited 2.43 -2.43
Telecom - Services 3.73 -3.74
Bharti Airtel Limited 3.73 -3.74
Transportation 6.81 -6.84
Adani Ports and Special Economic Zone Ltd 6.81 -6.84
Short Term Debt & Net Current Assets 33.06
Equity & Equity Related Total 66.94 -67.01
Auto 0.70 -0.70
Mahindra & Mahindra Limited 0.70 -0.70
Auto Ancillaries 2.26 -2.26
Apollo Tyres Limited 2.26 -2.26
Banks 1.80 -1.79
HDFC Bank Limited 1.06 -1.06
Canara Bank 0.74 -0.74
Construction 0.50 -0.50
DLF Limited 0.50 -0.50
Finance 9.50 -9.46
Bajaj Finance Limited 3.84 -3.85
LIC Housing Finance Limited 3.68 -3.64
Housing Development Finance 1.97 -1.97Corporation Limited
Insurance 5.57 -5.60
HDFC Life Insurance Company Limited 5.57 -5.60
(An open ended scheme investing in arbitrage opportunities)
CATEGORY OF SCHEME: Arbitrage Fund
The 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.
ITI Arbitrage Fund
PORTFOLIO
INVESTMENT OBJECTIVE
SCHEME DETAILS
Inception Date(Date of Allotment): 09-Sep-19
Benchmark: Nifty 50 Arbitrage Index
Minimum Application Rs. 5,000/- and in multiplesAmount: of Rs. 1/- thereafter
Load Structure:Entry Load: NilExit Load: If the Units are redeemed /
switched out on or before 30 days from the date of allotment - 0.25% If the Unit s are redeemed /switched out after 30 days from the date of allotment - NIL (w.e.f. Nov 1, 2019)
Total Expense Ratio (TER):Including Additional Expenses and Goods and ServiceTax on Management Fees
Regular Plan: 1.00% Direct Plan: 0.25%
FUND MANAGER
PORTFOLIO DETAILS
RISK RATIO
Mr. George Heber Joseph (Since 09-Sep-19)Total Experience: 17 yearsMr. Vikrant Mahesh Mehta (Since 19-Jan-21)Total Experience: 25 years
AUM (in Rs. Cr): 22.29
AAUM (in Rs. Cr): 22.22
Standard Deviation: NABeta: NASharpe Ratio*: NAComputed for the 3-yr period ended July 30, 2021. Based on month-end NAV.* Risk free rate: 3.40 (Source: FIMMDA MIBOR)
Regular Plan(in Rs.)
Direct Plan(in Rs.)
Growth: 10.6318 10.7835IDCW: 10.6318 10.7835
THIS PRODUCT IS SUITABLEFOR INVESTORS WHO ARE SEEKING^
Ÿ To generate income by predominantly investing in arbitrage opportunities
Ÿ Investments 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
^Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Portfolio Allocation of other asset class (%)
14
Face Value per Unit: Rs. 10 unless otherwise specified; Data is as of July 30, 2021 unless otherwise specified.
NAV as on July 30, 2021
Name of the Instrument% toNAV
% to NAVDerivatives
Name of the Instrument% toNAV
% to NAVDerivatives
Term Deposits placed as Margins TREPS instruments– Net Current Assets
QUANTITATIVE DATA
Average Maturity: 2.00 DaysMacaulay Duration: 2.00 DaysModified Duration: 2.00 DaysYield to Maturity: 3.19%
Investors understand that their principal will be at Low risk
Low
to
Mod
erat
e
Lo
w
LOW HIGH
ModerateModeratelyHigh
High
Very
Hig
h
10.23 22.83
July 2021
(An open ended debt scheme investing in overnight securities)
CATEGORY OF SCHEME: Overnight Fund
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.
ITI Overnight Fund
PORTFOLIO
INVESTMENT OBJECTIVE
SCHEME DETAILS
Inception Date(Date of Allotment): 25-Oct-19
Benchmark: CRISIL Overnight Index
Minimum Application Rs. 5,000/- and in multiplesAmount: of Rs. 1/- thereafter
Load Structure:Entry Load: NilExit Load: Nil
Total Expense Ratio (TER):Including Additional Expenses and Goods and ServiceTax on Management Fees
Regular Plan: 0.18% Direct Plan: 0.08%
FUND MANAGER
PORTFOLIO DETAILS
QUANTITATIVE DATA
Mr. George Heber Joseph (Since 25-Oct-19)Total Experience: 17 yearsMr. Vikrant Mahesh Mehta (Since 19-Jan-21)Total Experience: 25 years
AUM (in Rs. Cr): 18.98
AAUM (in Rs. Cr): 16.81
Average Maturity: 2.00 Days Macaulay Duration: 2.00 Days Modified Duration: 2.00 Days Yield to Maturity: 3.19%
Regular Plan(in Rs.)
Direct Plan(in Rs.)
THIS PRODUCT IS SUITABLEFOR INVESTORS WHO ARE SEEKING^
Ÿ Regular income with low risk and high level of liquidityŸ Investment in money market and debt instrumentsŸ with overnight maturity
^Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Debt Instrument
Reverse Repo/TREPS
Clearing Corporation of India Ltd NA 1895.83 99.89
Net Current Assets NA 2.00 0.11
Total Net Assets 100.00
Name of the Instrument Market Value (Rs. Lakhs) % to NAVRating
15
Growth 1,059.6273 1,061.5029Daily IDCW 1,001.0000 1,001.0038Weekly IDCW 1,001.3328 1,001.3398Fortnightly IDCW 1,001.3288 1,001.3399Monthly IDCW 1,001.3281 1,001.3406Annual IDCW -- 1,054.1066
25-May-21
25-May-21
25-Jun-21
25-Jun-21
26-Jul-21
26-Jul-21
Regular Plan - Monthly IDCW Op�on
Direct Plan - Monthly IDCW Op�on
Regular Plan - Monthly IDCW Op�on
Direct Plan - Monthly IDCW Op�on
Regular Plan - Monthly IDCW Op�on
Direct Plan - Monthly IDCW Op�on
2.4002 2.4002 1003.4002
2.4914 2.4914 1003.4924
2.5480 2.5480 1003.5480
2.6287 2.6287 1003.6297
2.6236 2.6236 1003.6236
2.7035 2.7035 1003.7045
Net CurrentAssets0.11%
Reverse Repo/TREPS
99.89%
Cash & CashEquivalent100.00%
NAV as on July 31, 2021
Por�olio Composi�on by Asset Class (%) Por�olio Classifica�on by Ra�ng Class (%)
Investors understand that their principal will be at Low risk
Low
to
Mod
erat
e
Lo
w
LOW HIGH
ModerateModeratelyHigh
High
Very
Hig
h
Pursuant to payment of IDCW, the NAV of the IDCW Op�on(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 IDCW, visit www.i�mf.com.
Record Date Plan(s) Option(s)Individuals/ HUF (IDCW)
(Rs per unit)Others (IDCW)(Rs per unit)
Cum-IDCW NAV(Rs per unit)
July 2021
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.
Face Value per Unit: Rs. 1000 unless otherwise specified; CD - Certificate of Deposit; CP - Commercial Papers;Data is as of July 30, 2021 unless otherwise specified.
Por�olio Composi�on by Asset Class (%)
Treasury Bill
53.48%Cash & Cash Equivalent
38.48%
Corporate Bond8.04%
Net CurrentAssets1.17%
ReverseRepo/TREPS
37.31%
SOVEREIGN53.48%
AAA8.04%
(An open-ended liquid Scheme)
CATEGORY OF SCHEME: Liquid Fund
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.
ITI Liquid Fund
PORTFOLIO
INVESTMENT OBJECTIVE
SCHEME DETAILS
Inception Date(Date of Allotment): 24-Apr-19
Benchmark: CRISIL Liquid Fund Index
Minimum Application Rs. 5,000/- and in multiplesAmount: of Rs. 1/- thereafter
Load Structure:Entry Load: NilExit Load: Investor exit upon subscription Exit Load % Up to Day 1 0.0070% Day 2 0.0065% Day 3 0.0060% Day 4 0.0055% Day 5 0.0050% Day 6 0.0045% Day 7 onwards 0.0000%
Total Expense Ratio (TER):Including Additional Expenses and Goods and ServiceTax on Management Fees
Regular Plan: 0.23% Direct Plan: 0.12%
FUND MANAGER
PORTFOLIO DETAILS
QUANTITATIVE DATA
Mr. George Heber Joseph (Since 24-Apr-19)Total Experience: 17 yearsMr. Vikrant Mahesh Mehta (Since 19-Jan-21)Total Experience: 25 years
AUM (in Rs. Cr): 37.39
AAUM (in Rs. Cr): 33.50
Average Maturity: 5.40 DaysMacaulay Duration: 5.31 DaysModified Duration: 5.24 DaysYield to Maturity: 3.30%
Regular Plan(in Rs.)
Direct Plan(in Rs.)
Growth 1,088.5526 1,091.2776Daily IDCW 1,001.0000 1,001.3233Weekly IDCW 1,001.3255 1,001.3389Fortnightly IDCW 1,021.4562 --Monthly IDCW 1,001.3229 1,001.3373Annual IDCW 1,090.6177 1,091.5734
THIS PRODUCT IS SUITABLEFOR INVESTORS WHO ARE SEEKING^
Ÿ Regular income over short term.Ÿ Investment in money market and debt instruments.
^Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Debt Instrument Treasury Bill 364 Days Tbill (MD 05/08/2021) SOVEREIGN 999.64 26.7491 Days Tbill (MD 05/08/2021) SOVEREIGN 999.63 26.74Corporate Bond LIC Housing Finance Limited CRISIL AAA 300.63 8.04Reverse Repo/TREPS Clearing Corporation of India Ltd NA 1394.88 37.31Net Current Assets NA 43.90 1.17Total Net Assets 100.00
Name of the Instrument Market Value (Rs. Lakhs) % to NAVRating
16
25-May-21
25-May-21
25-Jun-21
25-Jun-21
26-Jul-21
26-Jul-21
Regular Plan - Monthly IDCW Op�on
Direct Plan - Monthly IDCW Op�on
Regular Plan - Monthly IDCW Op�on
Direct Plan - Monthly IDCW Op�on
Regular Plan - Monthly IDCW Op�on
Direct Plan - Monthly IDCW Op�on
2.4074 2.4074 1003.4077
2.4534 2.4534 1003.4534
2.5914 2.5914 1003.5917
2.6698 2.6698 1003.6698
2.6283 2.6283 1003.6286
2.7214 2.7214 1003.7214
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.
Face Value per Unit: Rs. 1000 unless otherwise specified; CD - Certificate of Deposit; CP - Commercial Papers;Data is as of July 30, 2021 unless otherwise specified.
NAV as on July 31, 2021
Por�olio Classifica�on by Ra�ng Class (%)
Pursuant to payment of IDCW, the NAV of the IDCW Op�on(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 IDCW, visit www.i�mf.com.
Record Date Plan(s) Option(s)Individuals/ HUF (IDCW)
(Rs per unit)Others (IDCW)(Rs per unit)
Cum-IDCW NAV(Rs per unit)
July 2021
Investors understand that their principal will be at Low to Moderate risk
Low
to
Mod
erat
e
Lo
w
LOW HIGH
ModerateModeratelyHigh
High
Very
Hig
h
Debt Instrument
Corporate Bond
Housing Development Finance Corporation Limited CRISIL AAA 1021.38 6.67
LIC Housing Finance Limited CRISIL AAA 200.42 1.31
REC Limited CRISIL AAA 2116.20 13.82
Government Bond
4.26% GOI (MD 17/05/2023) SOVEREIGN 1500.75 9.80
Treasury Bill
364 Days Tbill (MD 24/03/2022) SOVEREIGN 1954.94 12.77
182 Days Tbill (MD 23/12/2021) SOVEREIGN 2465.76 16.10
Reverse Repo/TREPS
Clearing Corporation of India Ltd NA 5858.49 38.25
Net Current Assets NA 196.88 1.29
Total Net Assets 100.00
(An open ended ultra-short term debt scheme investing in instrumentssuch that the Macaulay duration of the portfolio is between3 months to 6 months)
The investment objective of the Scheme is to generate regular income and capital appreciation through investment in a portfolio of short term debt & money market instruments such that the Macaulay duration of the portfolio is between 3 - 6 months. However, there can be no assurance or guarantee that the investment objective of the scheme would be achieved.
ITI Ultra Short Duration Fund
PORTFOLIO
INVESTMENT OBJECTIVE
SCHEME DETAILS
Inception Date(Date of Allotment): 05-May-2021
Benchmark: NIFTY Ultra Short Duration Debt Index
Minimum Application Rs. 5,000/- and in multiplesAmount: of Rs. 1/- thereafter
Load Structure:Entry Load: NilExit Load: Nil
Total Expense Ratio (TER):Including Additional Expenses and Goods and ServiceTax on Management Fees
Regular Plan: 1.07% Direct Plan: 0.22%
FUND MANAGER
PORTFOLIO DETAILS
Mr. Vikrant Mehta (Since 05-May-2021)Total Experience: 25 years
AUM (in Rs. Cr): 153.15
AAUM (in Rs. Cr): 129.94
Regular Plan(in Rs.)
Direct Plan(in Rs.)
THIS PRODUCT IS SUITABLEFOR INVESTORS WHO ARE SEEKING^
Ÿ Regular income over short termŸ Investments in debt and money market instruments,
such that the Macaulay duration of the portfolio is between 3 months - 6 months.
^Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Name of the Instrument Market Value (Rs. Lakhs) % to NAVRating
17
Corporate Bond21.80%
Treasury Bill28.87%
Net Current Assets1.29%
Cash & Cash Equivalent
39.54%
AAA21.80%
QUANTITATIVE DATA
Average Maturity: 151 DaysMacaulay Duration: 149 DaysModified Duration: 146 DaysYield to Maturity: 3.52%
Data is as of July 30, 2021 unless otherwise specified.
CATEGORY OF SCHEME: Ultra Short Duration
NAV as on July 30, 2021
Por�olio Composi�on by Asset Class (%) Por�olio Classifica�on by Ra�ng Class (%)
Growth 1006.7447 1008.7877Daily IDCW 1001.0000 1001.0000Weekly IDCW 1001.2080 1001.2774Fortnightly IDCW 1001.2074 1001.2800 Monthly IDCW 1001.2073 1001.2755Annual IDCW 1006.7459 1008.8617
Pursuant to payment of IDCW, the NAV of the IDCW Op�on(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 IDCW, visit www.i�mf.com.
Record Date Plan(s) Option(s)Individuals/ HUF (IDCW)
(Rs per unit)Others (IDCW)(Rs per unit)
Cum-IDCW NAV(Rs per unit)
Government Bond9.80%
Reverse Repo/ TREPS
38.25%
SOVEREIGN38.66%
26-May-21
26-May-21
25-Jun-21
25-Jun-21
26-Jul-21
26-Jul-21
Regular Plan - Monthly IDCW Op�on
Direct Plan - Monthly IDCW Op�on
Regular Plan - Monthly IDCW Op�on
Direct Plan - Monthly IDCW Op�on
Regular Plan - Monthly IDCW Op�on
Direct Plan - Monthly IDCW Op�on
0.5795 0.5795 1001.5795
1.1094 1.1094 1002.1094
2.2249 2.2249 1003.2249
2.9667 2.9667 1003.9667
2.7251 2.7251 1003.7251
3.3929 3.3929 1004.3929
July 2021
Investors understand that their principal will be at Low to Moderate risk
Low
to
Mod
erat
e
Lo
w
LOW HIGH
ModerateModeratelyHigh
High
Very
Hig
h
Debt Instrument
Corporate Bond
Indian Railway Finance Corporation Limited CRISIL AAA 100.14 4.18
National Bank For Agriculture and Rural Development ICRA AAA 200.45 8.37
REC Limited CRISIL AAA 1035.13 43.25
Small Industries Dev Bank of India CARE AAA 302.36 12.63
Government Bond
5.22% GOI (MD 15/06/2025) SOVEREIGN 198.48 8.29
Reverse Repo/TREPS
Clearing Corporation of India Ltd NA 696.94 29.12
Net Current Assets NA -140.08 -5.85
Total Net Assets 100.00
(An open ended debt scheme predominately investing in debtinstruments of banks, Public Sector Undertakings, PublicFinancial Institutions and Municipal Bonds)
The investment objective of the Scheme is to generate income / capital appreciation through investments in debt and money market instruments consisting predominantly of securities issued by entities such as Scheduled Commercial Banks (SCBs), Public Sector undertakings (PSUs), Public Financial Institutions (PFIs) and Municipal Bonds. However, there can be no assurance or guarantee that the investment objective of the scheme would be achieved.
ITI Banking & PSU Debt Fund
PORTFOLIO
INVESTMENT OBJECTIVE
SCHEME DETAILS
Inception Date(Date of Allotment): 22-Oct-20
Benchmark: CRISIL Banking and PSU Debt Index
Minimum Application Rs. 5,000/- and in multiplesAmount: of Rs. 1/- thereafter
Load Structure:Entry Load: NilExit Load: Nil
Total Expense Ratio (TER):Including Additional Expenses and Goods and ServiceTax on Management Fees
Regular Plan: 0.82% Direct Plan: 0.27%
FUND MANAGER
PORTFOLIO DETAILS
Mr. George Heber Joseph (Since 22-Oct -20)Total Experience: 17 yearsMr. Vikrant Mahesh Mehta (Since 19-Jan-21)Total Experience: 25 years
AUM (in Rs. Cr): 23.93
AAUM (in Rs. Cr): 20.14
Regular Plan(in Rs.)
Direct Plan(in Rs.)
Growth: 10.3404 10.3844IDCW: 10.3404 10.3844
THIS PRODUCT IS SUITABLEFOR INVESTORS WHO ARE SEEKING^
Ÿ Regular income over short to medium termŸ Investments in debt and money market instruments,
consisting predominantly of securities issued by Banks, Public Sector undertakings, Public Financial Institutions & Municipal Bonds
^Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Name of the Instrument Market Value (Rs. Lakhs) % to NAVRating
18
QUANTITATIVE DATA
Average Maturity: 1.94 YearsMacaulay Duration: 1.74 YearsModified Duration: 1.66 YearsYield to Maturity: 4.42%
Data is as of July 30, 2021 unless otherwise specified.
High Liquidity byinvesting in G-Sec and
Banking & PSU Debt Market Instruments
Active managementbased on credit spread
and interest rate outlook
Fund will havehigher Allocation in
AAA rated instruments
Generally maintainduration of 2 to 5 years withuse of G-Sec to shift duration
Invests a minimum of 80% in Debt Instruments of Banks, PSUs & PFIs, which are generally high quality in nature
Banks, PSUs & PFIs Debt Instruments are generally highly liquid
This category of funds have provided stable returns during various market phases and have better risk reward
Investing for a holding period of more than 3 years, gives an edge over conventional Fixed Income products due to benefit of indexation without a significant higher credit risk
HIGH CREDIT QUALITY
HIGH LIQUIDITY
PERFORMANCE
TAXATION
CATEGORY OF SCHEME: Banking and PSU Fund
NAV as on July 30, 2021
Investors understand that their principal will be at Low to Moderate risk
Low
to
Mod
erat
e
Lo
w
LOW HIGH
ModerateModeratelyHigh
High
Very
Hig
h
Corporate Bond68.44%
Reverse Repo/ TREPS
29.12%
Cash & Cash Equivalent
23.27%
SOVEREIGN8.29%
AAA68.44%
Por�olio Composi�on by Asset Class (%) Por�olio Classifica�on by Ra�ng Class (%)
Net Current Assets-5.85%
Government Bond8.29%
July 2021
Debt Instrument
Corporate Bond
Indian Railway Finance Corporation Limited CRISIL AAA 400.55 7.89
Government Bond
7.17% GOI (MD 08/01/2028) SOVEREIGN 523.69 10.31
7.26% GOI (MD 14/01/2029) SOVEREIGN 1049.42 20.66
5.22% GOI (MD 15/06/2025) SOVEREIGN 297.71 5.86
6.64% GOI (MD 16/06/2035) SOVEREIGN 491.61 9.68
Reverse Repo/TREPS
Clearing Corporation of India Ltd NA 2583.77 50.87
Net Current Assets NA -267.23 -5.26
Total Net Assets 100.00
(An open ended dynamic debt scheme investingacross duration)
The investment objective of the Scheme is to maximize returns through an active management of a portfolio comprising of debt and money market instruments. However, there can be no assurance or guarantee that the investment objective of the scheme would be achieved.
ITI Dynamic Bond Fund
PORTFOLIO
INVESTMENT OBJECTIVE
SCHEME DETAILS
Inception Date(Date of Allotment): 14-Jul-21
Benchmark: CRISIL Dynamic Debt Index
Minimum Application Rs. 5,000/- and in multiples Amount: of Re. 1/- thereafter
Load Structure:Entry Load: NilExit Load: Nil
Total Expense Ratio (TER):Including Additional Expenses and Goods and ServiceTax on Management Fees
Regular Plan: 1.69% Direct Plan: 0.44%
FUND MANAGER
PORTFOLIO DETAILS
Mr. Vikrant Mahesh Mehta (Since 14-Jul-21)Total Experience: 25 years
AUM (in Rs. Cr): 50.80
AAUM (in Rs. Cr): 28.71
Regular Plan(in Rs.)
Direct Plan(in Rs.)
Growth: 10.0117 10.0176IDCW: 10.0074 10.0085
THIS PRODUCT IS SUITABLEFOR INVESTORS WHO ARE SEEKING^
Ÿ Regular income over medium to long termŸ Investment in Debt and Money Market Securities with
flexible maturity profile of securities depending on the prevailing market condition.
^Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Name of the Instrument Market Value (Rs. Lakhs) % to NAVRating
19
Corporate Bond7.89%
Government Bond
46.51%
Cash & Cash Equivalent
45.61%
AAA7.89%
SOVEREIGN46.51%
QUANTITATIVE DATA
Average Maturity: 4.59 YearsMacaulay Duration: 3.47 YearsModified Duration: 3.34 YearsYield to Maturity: 4.96%
Data is as of July 30, 2021 unless otherwise specified.
CATEGORY OF SCHEME: Dynamic Bond
NAV as on July 30, 2021
Por�olio Composi�on by Asset Class (%) Por�olio Classifica�on by Ra�ng Class (%)
Investors understand that their principal will be at Moderate risk
Low
to
Mod
erat
e
Lo
w
LOW HIGH
ModerateModeratelyHigh
High
Very
Hig
h
Net Current Assets-5.26%
Reverse Repo/ TREPS
50.87%
July 2021
Pursuant to payment of IDCW, the NAV of the IDCW Op�on(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 IDCW, visit www.i�mf.com.
Record Date Plan(s) Option(s)Individuals/ HUF (IDCW)
(Rs per unit)Others (IDCW)(Rs per unit)
Cum-IDCW NAV(Rs per unit)
26-Jul-21
26-Jul-21
Regular Plan - Monthly IDCW Op�on
Direct Plan - Monthly IDCW Op�on
0.0043 0.0043 10.0143
0.0091 0.0091 10.0191
Fund Performance
20
ITI Long Term Equity Fund Performance
Period Fund Returns (%) Benchmark Returns (%)Additional Benchmark
Returns (%)Value of Investment of 10,000Fund (`)
Benchmark (`) Additional Benchmark (`)
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: Ni�y 500 TRI # Addi�onal Benchmark: Ni�y 50 TRI. Mr. George Heber Joseph and Mr. Pradeep Gokhale are jointly managing the scheme since its incep�on 25th October 2019. Please refer to the link Leaflet for performance of all schemes managed by the fund manager. Face Value per unit: Rs. 10.
Direct - Growth
Regular - Growth
51.62% 53.07% 44.30% 15,145 15,289 14,416
22.30% 24.05% 19.76% 14,320 14,687 13,794
Last 1 Year
Since Inception
54.99% 53.07% 44.30% 15,481 15,289 14,416
25.01% 24.05% 19.76% 14,891 14,687 13,794
Last 1 Year
Since Inception
ITI Multi Cap Fund Performance
Period
48.82% 69.14% 44.30% 14,866 16,890 14,416
17.28% 25.24% 18.49% 14,225 16,446 14,550
Fund Returns (%) Benchmark Returns (%)Additional Benchmark
Returns (%)Value of Investment of 10,000Fund (`)
Benchmark (`) Additional Benchmark (`)
Last 1 Year
Since Inception
52.04% 69.14% 44.30% 15,186 16,890 14,416
19.82% 25.24% 18.49% 14,914 16,446 14,550
Direct - Growth
Regular - 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: Ni�y 500 Mul�cap 50:25:25 TRI # Addi�onal Benchmark: Ni�y 50 TRI. With Effect from December 31, 2020, the Benchmark is changed to Ni�y 500 Mul�cap 50:25:25 TRI from Ni�y 500 TRI. Mr. George Heber Joseph and Mr. Pradeep Gokhale are jointly managing the scheme since its incep�on 15th May 2019. Face Value per unit: Rs. 10
Last 1 Year
Since Inception
July 2021
ITI Small Cap Fund
Period Fund Returns (%) Benchmark Returns (%)Additional Benchmark
Returns (%)Value of Investment of 10,000Fund (`)
Benchmark (`) Additional Benchmark (`)
93.07% 112.32% 44.30% 19,272 21,189 14,41640.85% 47.42% 21.98% 16,428 17,551 13,336
Direct - Growth
Regular - 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: Ni�y Small Cap 100 TRI# Addi�onal Benchmark: Ni�y 50 TRI. Mr. George Heber Joseph and Mr. Pradeep Gokhale are jointly managing the scheme since its incep�on 17th Feb 20. Face Value per unit: Rs. 10.
Last 1 YearSince Inception
88.87% 112.32% 44.30% 18,854 21,189 14,41637.77% 47.42% 21.98% 15,910 17,551 13,336
Last 1 YearSince Inception
ITI Balanced Advantage Fund
Period Fund Returns (%) Benchmark Returns (%)Additional Benchmark
Returns (%)Value of Investment of 10,000Fund (`)
Benchmark (`) Additional Benchmark (`)
19.93% 23.46% 44.30% 11,987 12,339 14,4163.11% 15.50% 19.24% 10,496 12,558 13,207
Direct - Growth
Regular - 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: Ni�y 50 Hybrid Composite Debt 50:50 Index# Addi�onal Benchmark: Ni�y 50 TRI. With effect from December 31, 2020, the Benchmark is changed to Ni�y 50 Hybrid Composite Debt 50:50 Index from CRISIL Hybrid 50+50 - Moderate Index. Mr. George Heber Joseph and Mr. Pradeep Gokhale are jointly managing the scheme since its incep�on 31st December 2019.
Last 1 YearSince Inception
17.33% 23.46% 44.30% 11,728 12,339 14,4160.90% 15.50% 19.24% 10,142 12,558 13,207
Last 1 YearSince Inception
21
Fund PerformanceJuly 2021
ITI Overnight Fund Performance
Period
2.98% 3.23% 6.78% 10,006 10,006 10,0133.00% 3.24% 6.86% 10,012 10,013 10,0283.07% 3.23% 5.89% 10,025 10,027 10,0482.94% 3.19% 3.78% 10,293 10,318 10,3773.33% 3.52% 5.18% 10,595 10,629 10,933
Fund Returns(%)
Benchmark Returns(%)
Additional BenchmarkReturns (%)
Value of Investment of 10,000Fund (`)
Benchmark (`) Additional Benchmark (`)
Last 7 daysLast 15 daysLast 30 daysLast 1 YearSince Inception
Direct - Growth
Regular - Growth
3.08% 3.23% 6.78% 10,006 10,006 10,0133.10% 3.24% 6.86% 10,013 10,013 10,0283.17% 3.23% 5.89% 10,026 10,027 10,0483.04% 3.19% 3.78% 10,303 10,318 10,3773.44% 3.52% 5.18% 10,614 10,629 10,933
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 Overnight Fund Index # Addi�onal Benchmark: CRISIL 1 Year T-Bill Index. Mr. George Heber Joseph - managing this scheme since incep�on (October 28, 2019) & Mr. Vikrant Mehta from (January 19, 2021). Returns less than 1 year period are simple annualized and greater than 1 year are compounded annualized. Face Value per unit: Rs. 1000.
ITI Liquid Fund Performance
Period
3.00% 3.52% 6.78% 10,006 10,007 10,0133.02% 3.59% 6.86% 10,012 10,015 10,0283.07% 3.56% 5.89% 10,025 10,029 10,0482.93% 3.68% 3.78% 10,292 10,367 10,3773.81% 4.93% 5.79% 10,885 11,154 11,363
Fund Returns(%)
Benchmark Returns(%)
Additional BenchmarkReturns (%)
Value of Investment of 10,000Fund (`)
Benchmark (`) Additional Benchmark (`)
Last 7 daysLast 15 daysLast 30 daysLast 1 YearSince Inception
Direct - Growth
Regular - Growth
3.12% 3.52% 6.78% 10,006 10,007 10,0133.13% 3.59% 6.86% 10,013 10,015 10,0283.18% 3.56% 5.89% 10,026 10,029 10,0483.04% 3.68% 3.78% 10,304 10,367 10,3773.92% 4.93% 5.79% 10,912 11,154 11,363
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 # Addi�onal Benchmark: CRISIL 1 Year T-Bill Index. Mr. George Heber Joseph - managing this scheme since incep�on (April 24, 2019) & Mr. Vikrant Mehta from (January 19, 2021). Returns less than 1 year period are simple annualized and greater than 1 year are compounded annualized. Value per unit: Rs. 1000
Last 7 daysLast 15 daysLast 30 daysLast 1 YearSince Inception
ITI Arbitrage Fund Performance
Period Fund Returns (%) Benchmark Returns (%)Additional Benchmark
Returns (%)Value of Investment of 10,000Fund (`)
Benchmark (`) Additional Benchmark (`)
3.47% 4.28% 3.78% 10,346 10,426 10,3774.07% 3.58% 5.39% 10,784 10,688 11,043
Direct - Growth
Regular - 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: Ni�y 50 Arbitrage Index # Addi�onal Benchmark: Ni�y 50 TRI. Mr. George Heber Joseph - managing this scheme since incep�on (September 09, 2019) & Mr. Vikrant Mehta from (January 19, 2021). Face Value per unit: Rs. 10.
Last 1 YearSince Inception
2.70% 4.28% 3.78% 10,269 10,426 10,3773.29% 3.58% 5.39% 10,632 10,688 11,043
Last 1 YearSince Inception
ITI Banking and PSU Debt Fund
Period Fund Returns (%) Benchmark Returns (%)Additional Benchmark
Returns (%)
Direct - Growth
Regular - Growth
Last 6 MonthsSince Inception
5.45% 4.26% 0.82% 5.70% 5.86% 3.01%
Last 6 MonthsSince Inception
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 Banking and PSU Debt Index # Addi�onal Benchmark: CRISIL 10 Year Gilt Index Mr. George Heber Joseph - managing this scheme since incep�on (October 22, 2020) & Mr. Vikrant Mehta from (January 19, 2021). Returns less than 1 year period are simple annualized. Face Value per unit: Rs. 10.
6.01% 4.26% 0.82% 6.44% 5.86% 3.01%
Last 7 daysLast 15 daysLast 30 daysLast 1 YearSince Inception
22
Fund PerformanceJuly 2021
Disclaimer - Fund PerformanceThe performance details provided herein are of Growth op�on under Direct and Regular Plans. Assuming Rs. 10,000 invested as lumpsum 1 year ago as well as since incep�on. The returns for the respec�ve periods are provided as on last available NAV of 31st July 2021 for the respec�ve Schemes. Returns 1 year and above are Compounded Annualised, below 1 year returns for Overnight Fund and Liquid Fund are Simple Annualised. Load is not taken into considera�on for computa�on of performance. Different plans shall have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribu�on expenses / commission charged to the Other than Direct Plan. The performance data of the scheme(s) managed by the respec�ve Fund Manager which has/have not completed 1 year is not provided. For ITI Large Cap Fund and ITI Banking PSU fund, since they have not completed 1 year but have completed 6 months, simple annualised returns are shown
ITI Large Cap Fund
Period Fund Returns (%) Benchmark Returns (%)Additional Benchmark
Returns (%)
Direct - Growth
Regular - Growth
Last 6 MonthsSince Inception
27.83% 38.45% 27.85% 22.11% 36.03% 26.19%
Last 6 MonthsSince Inception
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: Ni�y 100 TRI # Addi�onal Benchmark: Ni�y 50 TRI. Mr. George Heber Joseph and Mr. Pradeep Gokhale are jointly managing the scheme since its incep�on 24th Dec 20. Face Value per unit: Rs. 10.
30.94% 38.45% 27.85% 24.84% 36.03% 26.19%
23
(SIP) ReturnsJuly 2021
ITI Multi Cap Fund (SIP) Returns
Period Amount InvestedFund Value
(`)Fund Returns
(%)Benchmark
Value (`)BenchmarkReturns (%)
Additional BenchmarkValue (`)
Direct - Growth
Regular - Growth
Additional BenchmarkReturns (%)
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: Ni�y 500 Mul�cap 50:25:25 TRI # Addi�onal Benchmark: Ni�y 50 TRI. With Effect from December 31, 2020, the Benchmark is changed to Ni�y 500 Mul�cap 50:25:25 TRI from Ni�y 500 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 a�er accoun�ng for the cash flow by using the XIRR method (investment internal rate of return).
ITI Long Term Equity Fund (SIP) Returns
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: Ni�y 500 TRI # Addi�onal Benchmark: Ni�y 50 TRI. For SIP returns, monthly investment of Rs.10,00 invested on the 1st business day of every month has been considered. CAGR Returns (%) are computed a�er accoun�ng for the cash flow by using the XIRR method (investment internal rate of return).
Direct - Growth
Regular - Growth
120,000 148,147 46.65% 149,042 48.21% 143,246 38.15%
210,000 287,594 39.15% 293,364 41.95% 279,710 35.30%
120,000 150,028 49.95% 149,042 48.21% 143,246 38.15%
210,000 293,805 42.17% 293,364 41.95% 279,710 35.30%
Last 1 Year
Since Inception
Last 1 Year
Since Inception
Period Amount InvestedFund Value
(`)Fund Returns
(%)Benchmark
Value (`)BenchmarkReturns (%)
Additional BenchmarkValue (`)
Additional BenchmarkReturns (%)
ITI Small Cap Fund (SIP) Returns
Period
120,000 170,737 87.62% 181,461 108.02% 143,246 38.15%
170,000 275,790 83.97% 305,972 107.79% 225,936 44.43%
Amount InvestedFund Value
(`)Fund Returns
(%)Benchmark
Value (`)BenchmarkReturns (%)
Additional BenchmarkValue (`)
Direct - Growth
Regular - Growth
Additional BenchmarkReturns (%)
120,000 172,955 91.79% 181,461 108.02% 143,246 38.15%
170,000 280,930 88.04% 305,972 107.79% 225,936 44.43%
Last 1 Year
Since Inception
Last 1 Year
Since Inception
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: Ni�y Small Cap 100 TRI Index # Addi�onal Benchmark: Ni�y 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 a�er accoun�ng for the cash flow by using the XIRR method (investment internal rate of return).
ITI Balanced Advantage Fund (SIP) Returns
Period
120,000 133,553 21.79% 132,830 20.60% 143,246 38.15%
190,000 214,362 15.43% 225,736 22.56% 252,805 39.36%
Amount InvestedFund Value
(`)Fund Returns
(%)Benchmark
Value (`)BenchmarkReturns (%)
Additional BenchmarkValue (`)
Direct - Growth
Regular - Growth
Additional BenchmarkReturns (%)
120,000 135,223 24.57% 132,830 20.60% 143,246 38.15%
190,000 218,376 17.95% 225,736 22.56% 252,805 39.36%
Last 1 Year
Since Inception
Last 1 Year
Since Inception
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: Ni�y 50 Hybrid Composite Debt 50:50 Index # Addi�onal Benchmark: Ni�y 50 TRI. With effect from December 31, 2020, the Benchmark is changed to Ni�y 50 Hybrid Composite Debt 50:50 Index from CRISIL Hybrid 50+50 - Moderate Index. 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 a�er accoun�ng for the cash flow by using the XIRR method (investment internal rate of return).
Last 1 Year
Since Inception
120,000 148,970 48.09% 158,058 64.27% 143,246 38.15%
260,000 349,211 28.74% 398,648 43.28% 350,537 29.14%
120,000 150,819 51.34% 158,058 64.27% 143,246 38.15%
260,000 358,074 31.41% 398,648 43.28% 350,537 29.14%
Last 1 Year
Since Inception
24
(SIP) ReturnsJuly 2021
ITI Arbitrage Fund (SIP) Returns
Period
120,000 121,911 2.99% 123,075 4.83% 122,513 3.94%
220,000 226,041 2.87% 227,913 3.76% 229,498 4.51%
Amount InvestedFund Value
(`)Fund Returns
(%)Benchmark
Value (`)BenchmarkReturns (%)
Additional BenchmarkValue (`)
Direct - Growth
Regular - Growth
Additional BenchmarkReturns (%)
120,000 122,403 3.77% 123,075 4.83% 122,513 3.94%
220,000 227,672 3.65% 227,913 3.76% 229,498 4.51%
Last 1 Year
Since Inception
Last 1 Year
Since Inception
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: Ni�y 50 Arbitrage Index # Addi�onal Benchmark: Ni�y 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 a�er accoun�ng for the cash flow by using the XIRR method (investment internal rate of return).
0.5000 0.5000 11.4328
0.5000 0.5000 11.7326
22-Dec-20
22-Dec-20
Pursuant to payment of IDCW, the NAV of the IDCW Op�on(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 IDCW, visit www.i�mf.com.
Record Date Plan(s) Option(s) Individuals/ HUF (IDCW)(Rs per unit)
Others (IDCW)(Rs per unit)
Cum-IDCW NAV(Rs per unit)
Regular Plan - IDCW Option
Direct Plan - IDCW Option
0.5000 0.5000 11.1650
0.5000 0.5000 11.5566
ITI Multi Cap Fund
22-Dec-20
22-Dec-20
Pursuant to payment of IDCW, the NAV of the IDCW Op�on(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 IDCW, visit www.i�mf.com.
Record Date Plan(s) Option(s) Individuals/ HUF (IDCW)(Rs per unit)
Others (IDCW)(Rs per unit)
Cum-IDCW NAV(Rs per unit)
Regular Plan - IDCW Option
Direct Plan - IDCW Option
IDCW (Dividend) HistoryITI Long Term Equity Fund
Disclaimer - Fund SIP PerformanceThe performance details provided herein are of Growth op�on under Direct and Regular Plans. The Fund(s) offer Systema�c Investment Plan (SIP) facility. To illustrate the advantages of SIP investments, this is how your investments would have grown if you had invested say Rs. 10,000 systema�cally on the first Business Day of every month over a period of �me in the Growth Op�on of respec�ve scheme. The returns are calculated by XIRR approach assuming investment of 10,000/- on the 1st working day of every month. XIRR helps in calcula�ng return on investments given an ini�al and final value and a series of cash inflows and ou�lows with correct allowance for the �me impact of the transac�ons.
ITI L
on
g Te
rm E
qu
ity
Fun
dIT
I Mu
lti C
ap F
un
dIT
I Lar
ge C
ap F
un
dIT
I Mid
Cap
Fu
nd
ITI S
mal
l Cap
Fu
nd
Geo
rge
Jose
ph
an
dP
rad
eep
Go
khal
e
Rs.
50
0/-
an
d in
mu
ltip
les
of
Rs.
50
0/-
th
erea
fter
Mu
lti C
ap
15
-May
-19
Geo
rge
Jose
ph
an
dP
rad
eep
Go
khal
e
Nif
ty 5
00
Mu
ltic
ap5
0:2
5:2
5 T
RI
Rs.
1,0
00
/- a
nd
inm
ult
iple
so
f R
s. 1
/- t
her
eaft
er
NIL
If u
nit
s ar
ere
dee
med
/sw
itch
ed o
ut
wit
hin
12
mo
nth
s -
1%
. Nil
ther
eaft
er
4.2
1
39
.40
0.9
1
45
.51
26
.33
26
.00
22
36
.56
%6
2.7
3%
Larg
e C
ap
24
-Dec
-20
Geo
rge
Jose
ph
an
dP
rad
eep
Go
khal
e
Nif
ty 1
00
TR
I
Rs.
5,0
00
/- a
nd
inm
ult
iple
so
f R
s. 1
/- t
her
eaft
er
NIL
If u
nit
s ar
ere
dee
med
/sw
itch
ed o
ut
wit
hin
12
mo
nth
s -
1%
. Nil
ther
eaft
er
4.5
8
29
.25
0.9
3
95
.41
–28 36
.95
%6
2.6
3%
Mid
Cap
05
-Mar
-21
Geo
rge
Jose
ph
an
dP
rad
eep
Go
khal
e
Nif
ty M
idca
p 1
00
TR
I
Rs.
5,0
00
/- a
nd
inm
ult
iple
so
f R
s. 1
/- t
her
eaft
er
NIL
If u
nit
s ar
ere
dee
med
/sw
itch
ed o
ut
wit
hin
12
mo
nth
s -
1%
. Nil
ther
eaft
er
5.5
6
41
.84
0.8
2
84
.55
40 18
.01
%3
3.3
8%
Smal
l Cap
17
-Feb
-20
Geo
rge
Jose
ph
an
dP
rad
eep
Go
khal
e
Nif
ty S
mal
lcap
10
0 T
RI
Rs.
5,0
00
/- a
nd
inm
ult
iple
so
f R
s. 1
/- t
her
eaft
er
NIL
3.4
1
26
.09
0.9
5
– 1.4
9
92
.21
25
35
.21
%6
1.7
5%
ITI A
MC
- E
qu
ity
Fun
ds
Re
ady
Re
cko
ne
r -
July
20
21
If u
nit
s ar
ere
dee
med
/sw
itch
ed o
ut
wit
hin
12
mo
nth
s -
1%
. Nil
ther
eaft
er
27
8.7
81
74
.31
33
1.1
34
31
.50
ELSS
18
-Oct
-19
NIL
NIL 4.5
9
42
.32
0.8
5
57
.19
18
.48
23
.31
45
.01
%6
8.8
1%
Nif
ty 5
00
TR
I
97
.25
25
Po
rtfo
lio d
etai
ls
Mar
ket
Cap
ital
isat
ion
Sto
ck C
on
cen
trat
ion
No
te:-
1. T
he
ris
k ra
tios
are
calc
ula
ted a
s per
the A
MF
I m
eth
odolo
gy
pre
scribed for
these
ratio
s.
2. A
s th
ese
sch
em
es
have
not co
mple
ted 3
years
, th
e S
tandard
Devi
atio
n, S
harp
e R
atio
and N
AV
base
d B
eta
are
not
rele
vant
and h
ence
not
dis
close
d.
3. T
he
above
table
is a
snapsh
ot fo
r quic
k unders
tandin
g, it
must
be r
ead w
ith the F
act
sheet
for
deta
ils o
n R
isko
mete
r of
each
sch
em
e.
4.
Ple
ase
consu
lt yo
ur
financi
al a
dvi
sor
befo
re in
vest
ing. F
or
deta
ils, ple
ase
refe
r to
resp
ect
ive p
age o
f th
e s
chem
e.
5.
Exp
en
se r
atio
incl
udes
GS
T, B
ase
TE
R a
nd a
dditi
onal e
xpense
s as
per
regula
tion 5
2(6
A)(
b)
and 5
2(6
A)(
c) o
f S
EB
I (M
F)
regula
tions
for
both
Direct
and R
egula
r pla
ns
6)
Th
e T
ER
for
the
above
funds
are
in the r
ange o
f 2.5
2%
to 2
.64%
in the c
ase
of
regula
r pla
ns
and in
the r
ange o
f 0.3
2%
to 0
.49%
in t
he c
ase
of
direct
pla
ns.
2.4
12
.34
7.1
0-S
mal
l Cap
%-M
id C
ap%
-Lar
ge C
ap%
Cat
ego
ry
Ince
pti
on
Dat
e
Fun
d M
anag
er
Be
nch
mar
k
Min
. Ap
pl/
Am
t
Entr
y Lo
ad
Exit
Lo
ad
Mo
nth
En
d A
UM
Avg
P/B
Avg
P/E
Po
rtfo
lio B
eta
Tota
l # o
f Sc
rip
s
-To
p 5
Sto
cks
%
-To
p 1
0 S
tock
s %
Sch
em
e N
ame
ITI V
alu
e F
un
d
Val
ue
14
-Ju
n-2
02
1
Pra
dee
p G
okh
ale
and
Ro
han
Ko
rde
Rs.
5,0
00
/- a
nd
inm
ult
iple
so
f R
s. 1
/- t
her
eaft
er
NIL 56
.93
19
.65
6.8
0
21
35
.38
%6
4.5
3%
If u
nit
s ar
ere
dee
med
/sw
itch
ed o
ut
wit
hin
12
mo
nth
s -
1%
. Nil
ther
eaft
er
12
8.1
8
Nif
ty 5
00
Val
ue
50
TR
I
2.7
9
23
.69
0.6
6
ITI O
vern
igh
t Fu
nd
Ove
rnig
ht
Fun
d
25
-Oct
-19
Geo
rge
Jose
ph
an
dV
ikra
nt
Meh
ta
CR
ISIL
Ove
rnig
ht
Ind
ex
Rs.
5,0
00
/- a
nd
inm
ult
iple
so
f R
s. 1
/-
NIL 0.1
1%
99
.89
%
10
0%
NIL 2 D
ays
2 D
ays
2 D
ays
3.1
9%
18
.98
ITI L
iqu
id F
un
d
Liq
uid
24
-Ap
r-1
9
Geo
rge
Jose
ph
an
dV
ikra
nt
Meh
ta
CR
ISIL
Liq
uid
Fu
nd
Ind
ex
Rs.
5,0
00
/- a
nd
inm
ult
iple
so
f R
s. 1
/-
NIL
38
.48
%
53
.48
%
1.1
7%
37
.31
%
53
.48
%
37
.39
Exit
Lo
ad A
s U
nd
er*
5.4
0 D
ays
5.3
1 D
ays
5.2
4 D
ays
3.3
0%
ITI U
ltra
Sh
ort
Du
rati
on
Fu
nd
Ult
ra S
ho
rt D
ura
tio
n
05
-May
-21
Vik
ran
t M
ehta
NIF
TY U
ltra
Sh
ort
Du
rati
on
Deb
t In
dex
Rs.
5,0
00
/- a
nd
inm
ult
iple
so
f R
s. 1
/-
NIL
15
3.1
5
NIL
15
1 D
ays
14
9 D
ays
14
6 D
ays
3.5
2%
38
.66
%
21
.80
%
39
.54
%
28
.87
%
21
.80
%3
8.2
5%
1.2
9%
ITI B
anki
ng
& P
SU D
eb
t Fu
nd
Ban
kin
g an
d P
SU F
un
d
22
-Oct
-20
Geo
rge
Jose
ph
an
dV
ikra
nt
Meh
ta
CR
ISIL
Ban
kin
g an
dP
SU D
ebt
Ind
exR
s. 5
,00
0/-
an
d in
mu
ltip
les
of
Rs.
1/-
NIL
23
.93
NIL
68
.44
%
23
.27
%
68
.44
%
4.4
2%
1.6
6 y
ears
1.7
4 y
ears
1.9
4 y
ears
ITI A
MC
- D
eb
t Fu
nd
s R
ead
y R
eck
on
er
- Ju
ly 2
02
1
Po
rtfo
lio C
om
po
siti
on
by
Ass
et C
lass
(%
)
Po
rtfo
lio C
lass
ific
atio
n b
y R
atin
g C
lass
(%
)
8.0
4%
8.0
4%
8.2
9%
29
.12
%-5
.85
%
Po
rtfo
lio d
etai
ls
No
te:-
1. T
he
ris
k ra
tios
are
calc
ula
ted a
s per
the A
MF
I m
eth
odolo
gy
pre
scribed for
these
ratio
s.
2. A
s th
ese
sch
em
es
have
not co
mple
ted 3
years
, th
e S
tandard
Devi
atio
n, S
harp
e R
atio
and N
AV
base
d B
eta
are
not
rele
vant
and h
ence
not
dis
close
d.
3. T
he
above
table
is a
snapsh
ot fo
r quic
k unders
tandin
g, it
must
be r
ead w
ith the F
act
sheet
for
deta
ils o
n R
isko
mete
r of
each
sch
em
e.
4.
Ple
ase
consu
lt yo
ur
financi
al a
dvi
sor
befo
re in
vest
ing. F
or
deta
ils, ple
ase
refe
r to
resp
ect
ive p
age o
f th
e s
chem
e.
5.
Exp
en
se r
atio
incl
udes
GS
T, B
ase
TE
R a
nd a
dditi
onal e
xpense
s as
per
regula
tion 5
2(6
A)(
b)
and 5
2(6
A)(
c) o
f S
EB
I (M
F)
regula
tions
for
both
Direct
and R
egula
r p
lan
s
6)
Th
e T
ER
for
the
above
funds
are
in the r
ange o
f 0.1
8%
to 1
.69%
in the c
ase
of
regula
r pla
ns
and in
the r
ange o
f 0.0
8%
to 0
.44%
in t
he c
ase
of
direct
pla
ns.
* U
p to
Day
1 -
0.0
070%
, D
ay
2 -
0.0
065%
, D
ay
3 -
0.0
060%
, D
ay
4 -
0.0
055%
, D
ay
5 -
0.0
050%
, D
ay
6 -
0.0
045%
, D
ay
7 -
onw
ard
s 0.0
000%
.
ITI D
ynam
ic B
on
d F
un
d
Dyn
amic
Bo
nd
14
-Ju
l-2
1
Mr.
Vik
ran
t M
ehta
CR
ISIL
Dyn
amic
Deb
tIn
dex
Rs.
5,0
00
/- a
nd
inm
ult
iple
so
f R
s. 1
/-
NIL
50
.80
NIL
7.8
9%
45
.61
%
7.8
9%
4.9
6%
3.3
4 Y
ears
3.4
7 Y
ears
4.5
9 Y
ears
46
.51
%
50
.87
%-5
.26
%
9.8
0%
8.2
9%
46
.51
%
Cat
ego
ry
Sch
em
e N
ame
Cat
ego
ry
Ince
pti
on
Dat
e
Fun
d M
anag
er
Be
nch
mar
k
Min
. Ap
pl/
Am
t
Entr
y Lo
ad
Exit
Lo
ad
Mo
nth
En
d A
UM
Avg
Mat
uri
ty
Mo
dif
ied
Du
rati
on
Yie
ld T
o M
atu
rity
Mac
aula
y D
ura
tio
n
- So
vere
ign
- A
AA
- A
A+
and
Oth
ers
- C
ash
& C
ash
Eq
uiv
ale
nt
- Ce
rtifi
cate
of
Dep
osi
ts
- C
om
me
rcia
l Pap
ers
- Tr
eas
ury
Bill
- G
ove
rnm
en
t B
on
ds
- C
orp
ora
te B
on
ds
- C
BLO
/ T
REP
S-
Cas
h &
Cas
h E
qu
ival
en
t
- A
1+
ITI B
alan
ced
Ad
van
tage
Fu
nd
Bal
ance
d A
dva
nta
ge
31
-Dec
-19
Geo
rge
Jose
ph
an
dP
rad
eep
Go
khal
e
Nif
ty 5
0 H
ybri
dC
om
po
site
Deb
t5
0:5
0 In
dex
Rs.
5,0
00
/- a
nd
inm
ult
iple
s o
f R
s.1
/- t
her
eaft
er
10
% u
nit
s -
w/o
Exi
tlo
ad b
efo
re 1
2M
>1
0%
un
its
wit
hin
12
M,
1%
load
, > 1
2M
- N
IL
NIL
20
8.3
3
1.4
4 y
ears
1.3
7 y
ears
4.1
2%
1.3
2 y
ears
80
.73
%
19
.57
%
ITI A
rbit
rage
Fu
nd
Arb
itra
ge F
un
d
09
-Sep
-19
Geo
rge
Jose
ph
an
dV
ikra
nt
Meh
ta
Nif
ty 5
0 A
rbit
rage
Ind
ex
Rs.
5,0
00
/- a
nd
inm
ult
iple
s o
f R
s.
1/-
th
erea
fter
NIL
Bef
ore
30
day
s -
0.2
5%
,af
ter
30
day
s -
NIL
22
.29
2..
00
Day
s
2..
00
Day
s
3.1
9%
2..
00
Day
s
66
.94
%
33
.06
%
7.2
0%
9.1
7%
3.7
4
30
.93
0.6
4
59
.15
12
.34
9.2
3
16
44
.42
%
71
.34
%
Po
rtfo
lio d
etai
ls
Rat
ing
Allo
cati
on
Mar
ket
Cap
ital
isat
ion
Sto
ck C
on
cen
trat
ion
ITI A
MC
- H
ybri
d F
un
ds
Re
ady
Re
cko
ne
r -
July
20
21
2.9
0%
33
.06
%
No
te:-
1. T
he
ris
k ra
tios
are
calc
ula
ted a
s per
the A
MF
I m
eth
odolo
gy
pre
scribed for
these
ratio
s.
2. A
s th
ese
sch
em
es
have
not co
mple
ted 3
years
, th
e S
tandard
Devi
atio
n, S
harp
e R
atio
and N
AV
base
d B
eta
are
not
rele
vant
and h
ence
not
dis
close
d.
3. T
he
above
table
is a
snapsh
ot fo
r quic
k unders
tandin
g, it
must
be r
ead w
ith the F
act
sheet
for
deta
ils o
n R
isko
mete
r of
each
sch
em
e.
4.
Ple
ase
consu
lt yo
ur
financi
al a
dvi
sor
befo
re in
vest
ing. F
or
deta
ils, ple
ase
refe
r to
resp
ect
ive p
age o
f th
e s
chem
e.
5.
Exp
ense
ratio
incl
udes
GS
T, B
ase
TE
R a
nd a
dditi
onal e
xpense
s as
per
regula
tion 5
2(6
A)(
b)
and 5
2(6
A)(
c) o
f S
EB
I (M
F)
regula
tions
for
both
Direct
and R
egula
r pla
ns
6)
Th
e T
ER
for
the
above
funds
are
in th
e r
ange o
f 1.0
0%
to 2
.64%
in the c
ase
of
regula
r pla
ns
and in
the r
ange o
f 0.2
5%
to 0
.44%
in t
he c
ase
of
direct
pla
ns.
Cat
ego
ry
Ince
pti
on
Dat
e
Fun
d M
anag
er
Be
nch
mar
k
Min
. Ap
pl/
Am
t
Entr
y Lo
ad
Exit
Lo
ad
Mo
nth
En
d A
UM
Sch
em
e N
ame
Avg
Mat
uri
ty
Mo
dif
ied
Du
rati
on
Yie
ld T
o M
atu
rity
Mac
aula
y D
ura
tio
n
Equ
ity
Allo
cati
on
%
De
bt
Allo
cati
on
%
- So
vere
ign
- A
AA
- A
A+
and
Oth
ers
Avg
P/B
Avg
P/E
Po
rtfo
lio B
eta
Tota
l # o
f Sc
rip
s
-Lar
ge C
ap %
-Mid
Cap
%
-To
p 5
Sto
cks
%
-To
p 1
0 S
tock
s %
-Sm
all C
ap %
- C
ash
& C
ash
Eq
uiv
ale
nt
- A
1+
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Thanking you, and assuring you of our best services always.
Glossary§ Average Maturity: Weighted average maturity of the securi�es in scheme.§ Macaulay Dura�on (Dura�on): Macaulay Dura�on (Dura�on) measures the price
vola�lity of fixed income securi�es. It is o�en used in the comparison of interest rate risk between securi�es with different coupons and different maturi�es. It is defined as the weighted average �me 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 dura�on of a fixed income security is always shorter than its term to maturity, except in the case of zero-coupon securi�es where they are the same.
§ Growth and Cumula�ve op�on: Growth and Cumula�ve words are used alterna�vely.§ Risk ra�o data: There are few stocks which are having abnormal price to earnings
mul�ple, because of the aberra�on (Covid-19) in the financial results (of the base year). We believe the price to book mul�ple is a be�er indicator of the business valua�on especially in this kind of abnormal situa�ons. Investors should ideally normalise these valua�on mul�ples to have a be�er idea of the por�olio.
These stocks were the price to earnings are abnormal high are: · Johnson Controls - Hitachi Air Condi�oning India Limited· Jtekt India Limited· The Phoenix Mills Limited· Aditya Birla Fashion and Retail Limited· ABB India Limited
§ Por�olio Turnover Ra�o: Por�olio Turnover Ra�o is the percentage of a fund’s holdings that have changed in a given period. This ra�o measures the fund’s trading ac�vity, 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 por�olio return is tracking the benchmark index return. It measures the devia�on between por�olio return and benchmark index return. A lower tracking error indicates por�olio is closely tracking benchmark index and higher tracking error indicates higher devia�on of por�olio returns from benchmark index returns.
§ Risk Free Return: The theore�cal rate of return of an investment with safest (zero risk) investment in a country.
§ IDCW - IDCW stands for ‘Income Distribu�on cum Capital Withdrawal op�on’. The amounts can be distributed out of investors’ capital (Equaliza�on Reserve), which is part of the sale price that represents realized gains, as may be declared by the Trustees at its discre�on from �me to �me (subject to the availability of distributable surplus as calculated in accordance with the Regula�ons).
§ Por�olio Yield (Yield To Maturity): Weighted average yield of the securi�es in a scheme por�olio.
§ Total Expense Ra�o (TER): Total expenses charged to scheme for the month expressed as a percentage to average monthly net assets.
How to read factsheet§ 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.§ Applica�on Amount for Fresh Subscrip�on: This is the minimum investment amount
for a new investor in a mutual fund scheme.§ Minimum Addi�onal Amount: This is the minimum investment amount for an
exis�ng investor in a mutual fund scheme.§ SIP: SIP or systema�c 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 a�er deduc�ng 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 securi�es, 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 �me 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 �me 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 �me of redemp�on. The
investor will receive redemp�on 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 un�l maturity. YTM is expressed as an annual rate. The YTM factors in the
bond’s current market price, par value, coupon interest rate and �me to maturity.§ Modified Dura�on Modified dura�on is the price sensi�vity and the percentage
change in price for a unit change in yield.§ Standard Devia�on: Standard devia�on is a sta�s�cal measure of the range of an
investment’s performance. When a mutual fund has a high standard devia�on, it
means its range of performance is wide, implying greater vola�lity.§ Sharpe Ra�o: The Sharpe Ra�o, named a�er its founder, the Nobel Laureate William
Sharpe, is a measure of risk-adjusted returns. It is calculated using standard devia�on
and excess return to determine reward per unit of risk.§ Beta Ra�o (Por�olio Beta): Beta is a measure of an investment’s vola�lity vis-a-vis
the market. Beta of less than 1 means that the security will be less vola�le than the
market. A beta of greater than 1 implies that the security’s price will be more vola�le
than the market.§ AUM: AUM or assets under management refers to the recent / updated cumula�ve
market value of investments managed by a mutual fund or any investment firm.§ Holdings: The holdings or the por�olio is a mutual fund’s latest or updated reported
statement of investments/securi�es. These are usually displayed in terms of
percentage to net assets or the rupee value or both. The objec�ve is to give investors
an idea of where their money is being invested by the fund manager.§ Nature of Scheme: The investment objec�ve and underlying investments determine
the nature of the mutual fund scheme. For instance, a mutual fund that aims at
genera�ng capital apprecia�on by inves�ng in stock markets is termed an equity fund
or growth fund. Likewise, a mutual fund that aims at capital preserva�on by inves�ng
in debt markets is a debt fund or income fund. Each of these categories may have sub-
categories.§ Ra�ng Profile: Mutual funds invest in securi�es a�er evalua�ng their
creditworthiness as disclosed by the ra�ngs. A depic�on of the mutual fund in various
investments based on their ra�ngs becomes the ra�ng profile of the fund. Typically,
this is a feature of debt funds.