hdfc corporate bond fund

HDFC Corporate Bond Fund(An open ended debt scheme predominantly investing in AA+ and above rated corporate bonds)

October , 2020

This product is suitable for investors who are seeking*:• Income over short to medium term• To generate income/capital appreciation through investments predominantly in AA+ and above rated corporate

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

Riskometer

A portfolio of quality corporate bonds!^

^Please refer slide 8

1

Macroeconomic Update: Recovery on track

• Growth Outlook – GDP likely to contract in FY21; Steep contraction seen in Q1

– Lockdown and Loss of incomes likely to lead to weak consumption

– Cut back on industrial capex driven by weak corporate profitability

– Improvement in current account due to low oil prices and weak imports

to cushion the impact

• FY22 should see healthy rebound driven by base effect, full year of normal

activity, income normalization, low interest rates, etc. should boost spending and

pick up in capex^

• Fiscal deficit position stretched with combined fiscal deficit (Center plus states)

likely to breach ~12.5% (refer Chart 2, Source: Kotak Institutional Equities)

Table 3 May-20 Jun-20 Jul-20 Aug-20 Sep-20

IIP* -33.9 -16.6 -10.8 -8.0

Petrol Consumption* -35.3 -13.5 -10.4 -7.5 3.3

Diesel consumption* -29.5 -15.4 -19.5 -20.7 -6.0

Bank Credit* 6.1 6.1 5.8 5.5 5.1

Bank Deposit* 10.8 10.7 10.7 10.8 10.2

Power demand* -15.2 -10.5 -2.7 -2.1 4.6

Railway Freight* -33.1 -17.6 -10.6 -1.8 13.6

Manufacturing PMI 30.8 47.2 46.0 52.0 56.8

Services PMI 12.6 33.7 34.2 41.8 49.8

Daily Avg E-Way bills@ 0.8 1.4 1.6 1.6 1.9

Unemployment (%) 21.7 10.2 7.4 8.4 6.7

• Most economic indicators like IIP, Electricity consumption, Rail freight,

PMI, etc. are either improving and/or steadily (adjacent table)

• Monsoon is above normal and well spread

• Kharif crop sowing significantly higher than last year

• Monetary and Fiscal policy measures likely to support the momentum,

to a certain extent* YoY Growth in %, @-in mn

^The information herein is based on the assumption that COVID19 would be behind us by March 2021 and the economy would bounce back by FY22. However, if impact of COVID19 continues

afterMarch 2021, v arious scenarios presented in this document may not hold good. –

Source: Chart 1: RBI. Chart 2: Kotak Institutional Equities ,Table 3: CMIE, Bloomberg, RBI, Motilal Oswal Securities,Railrishti, GSTN.org,

Chart 2: Fiscal Def icit as% of GDP

Refer disclaimer on Slide 19

3.5 3.4 4.6

8.0 2.4 2.9

3.5

4.5

-

2.0

4.0

6.0

8.0

10.0

12.0

14.0

FY18 FY19 FY20E FY21E

States Fiscal Deficit

Central Fiscal Deficit

-23.9%

-9.8%-5.6%

0.5%

20.6%

-30.0%

-20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%

Jun-20 Sep-20 Dec-20 Mar-21 Jun-21

Source: RBI

Chart 1: Real GDP to contract by ~9.5% in FY21

2

RBI leading from the front; Unconventional tools lend support

• In its first meeting after the new MPC members were inducted, RBI unveiled number of steps to “provide impetustowards reviving the economy” and easing financial conditions

• RBI kept interest rates unchanged but guided it is likely to maintain accommodative stance into the next financial

year; in effect, it implies rates are likely to remain “lower for longer”

• Doubled each OMO auction size to INR 200 bn, from existing INR 100 bn

• Announced to conduct OMOs for State Development Loans (SDLs)

• On-Tap TLTROs of upto INR 1 trillion which can be used for on-lending by banks as loans apart from investment

in NCDs and CPs

• Extended the dispensation of enhanced HTM limits of 22% (from 19.5%, done on 1 September 2020) of NDTL by

one year to 31 March 2022 for SLR securities bought between 1 September 2020 and 31 March 2021

• Rationalised the risk weights for housing loans to incentivise institutions for higher lending to the sector

• RBI also believes that current elevated inflation is “transient” in nature and is likely to trend down

to ~4% by Q1FY22.

• Clarity on Gsec supply removes the overhang, at least in the near term

• With announcement of revised borrowing calendar by GoI, market participants have more certainty of total supply

of Gsec for the current year

RBI interventions likely to limit upside move in yields in the foreseeable future


RBI Estimates

CPI (%)Q2FY21 6.8

Q3FY215.4 to 4.5

Q4FY21

Q1FY22 4.3

3

Interest Rate Outlook

Factors supporting lower yields

• RBI and major Central banks likely to continue with

accommodative stance and low rates

• Uncertainty over global growth outlook remains due to

disruption and risk of second wave of infections

• Commodity prices likely to be range bound given the weak

growth outlook in near term

• Unconventional tools used by RBI to improve transmission of

rate cuts (Operation TWIST, LTROs, Targeted LTROs,

increasing HTM limit, OMOs for State Development Loans,

etc.)

• Muted credit growth vs. deposit growth; Ample global and

domestic liquidity

Factors opposing lower yields

• Large supply of dated securities by Central and State

Governments

• Excess SLR securities holding of PSU banks

• Near term inflation likely to remain above RBI’s target

of 4%

• Economic activity showing sign of recovery and likely

to improve sequentially

In our view, schemes with short to medium duration offer better risk adjusted returns


4

Our Investment Philosophy for Fixed Income

• In-depth credit assessment / risk control is key to our credit investments

• Indian fixed income markets have limited liquidity, hence philosophy of SLR for credit,

generally prioritized in that order

Safety – Superior credit quality

Liquidity – Prefer securities with better liquidity; focused on portfolio liquidity

Returns – Risk reward is the key & not yield alone

• Given that credit markets can deteriorate without much warning, even in the best of

credit environments, our endeavour is to be prudent on credit risk.

Refer disclaimer on slide 19

5

Disciplined Credit Process with Prudent Liquidity Management

• Focus on Safety Liquidity & Returns (SLR) has helped schemes in managing liquidity when faced with

elevated redemptionpressures.

• Emphasis on Four C’s of Credit

Characterof Management (e.g. avoided exposure to a large distressed housing finance company)

Capacity to Pay (e.g. avoided exposure to a large distressed infrastructure company)

Collateral pledged to secure debt (e.g. recovered large portion of investment backed by shares of large media company)

Covenants of debt (e.g. recovered investment from a MFI player due to covenants)

• Risk Control achieved through conservative sizing of exposure based on proprietary Credit Scoring Model

which factors in – Parentage, Financials, Rating & Outlook.List of companies / Groups which faced stress*

Deccan Chronicle

GroupReligare Group

Dew an Housing

Group

Amtek Auto Limited Vodafone Idea Ltd.Anil Ambani

Group

Jindal Steel & Pow er

- GroupSintex Group Cox & Kings Ltd

Ballarpur (BILT)

Group

IL&FS Group

(other than SPVs)

Cafe Coffee Day

Group

Yes Bank Altico CapitalShapoorji Pallonji

Group

IDBI BankJana Small

Finance Bank

Zee Promoter

Group

IL&FS SPVs$

(backed by NHAI

annuity)

Sadbhav Group$Simplex

Infrastructures$

• Over last decade, in our assessment, MFs have experienced instances of creditstress* in nearly 20 companies / Groups.

• HDFC MF was not exposed to most such stressed cases (Highlighted in Red)

• Even is cases where HDFC MF had exposure, we recovered major portion of ourinvestment due to Covenants, good business/Collateral and parentage (Highlighted inGreen)

• Overall credit costs have been minimal for HDFC MF (Stressed exposures at ~1.2% ofAUM of affected schemes as on 30th September 2020)

$ Principal exposure to IL&FS SPV and Simplex Infrastructure at time of credit stress was ~Rs. 358 cr. After the 50% haircut, the market value of these exposure is currently at ~Rs. 179 cr. As

of Sept’20, market value of exposure to Sadbhav Group ~Rs. 204 cr, Thus, total market value of stressed exposure is ~Rs. 384 cr or ~1.2% of total AUM of affected schemes. *Stress is

definedas companies whose ratings were eventually downgrade to BBB or below rating category


6

HDFC Corporate Bond Fund: Portfolio Positioning

• Portfolio is focused on maintaining higher credit quality. Minimum investment of 80%

in AAA & AA+ rated corporate bonds^. Currently*, 100% of the portfolio is invested in

AAA & Equivalent securities.

• HDFC MF’s in-depth internal credit evaluation is demonstrated by the fact that it has

till now avoided exposure to highly rated groups which subsequently experienced

credit stress (Refer Table 1).

• Fund manager will seek to maintain the average maturity of the portfolio between 1-5

years depending upon the interest rate outlook & term spreads.$ Currently*, the

portfolio’s average maturity is 4.61 years.

^SEBI, vide letter no. IMD/DF2/OW/P/2020/10624/1 dated May 18, 2020, and letter no. SEBI/HO/OW/IMD-II/DOF3/P/2020/13436/1 dated August 17,2020, has given schemes in the Corporate Bond category the option to invest an additional 15% of asset under management (AUM) in G-secs or T-billsonly. Therefore, the minimum required investment in AA+ and above corporate bonds for the scheme is 65% of the total assets of the scheme. Theaforesaid deviation has been permitted till December 31, 2020.*As on September 30, 2020For complete portfolio details refer www.hdfcfund.com. HDFC Mutual Fund/AMC is not guaranteeing/offering/communicating any indicative yields orguaranteed returns on investments made in the scheme. $The current investment strategy is subject to change.@Stress is defined as companies whose ratings were eventually downgraded to BBB or below rating category.

List of AAA companies /

Groups which were avoided

by HDFC MF and which

faced subsequent stress@

Dewan Housing Group

Anil Ambani Group

IL&FS Group

(other than SPVs)

Vodafone Idea Ltd.

Table 1:

7

http://www.hdfcfund.com/

HDFC Corporate Bond Fund

Source: MFI Explorer, AAA includes Sovereign, Cash, Cash Equivalents and Net Current Assets. HDFC Mutual Fund/AMC is not guaranteeing/offering/communicating any indicative yields or guaranteed returns on investments made in the scheme. For complete portfolio details refer www.hdfcfund.com.

Quality Portfolio with range bound maturity

• Aims to maintain a quality portfolio.

• Disciplined and timely modulation of maturity to optimize returns

-

10

20

30

40

50

60

70

80

90

100

Allocation to AAA & Equivalent Securities (% of NAV)

1

1.5

2

2.5

3

3.5

4

4.5

5 5.5

6.0

6.5

7.0

7.5

8.0

8.5

9.0

Sep-1

5

Dec-1

5

Mar-

16

Jun-1

6

Sep-1

6

Dec-1

6

Mar-

17

Jun-1

7

Sep-1

7

Dec-1

7

Mar-

18

Jun-1

8

Sep-1

8

Dec-1

8

Mar-

19

Jun-1

9

Sep-1

9

Dec-1

9

Mar-

20

Jun-2

0

Sep-2

0

10Y AAA 10Y Gsec Average Maturity (RHS)

8

HDFC Corporate Bond Fund: Sources of Returns

• Interest accruals

• Capital gains/losses due to rate movements

• Capital Gains on account of Roll Down of the curve

• Tactical opportunities in Corporate Bond vs. Sovereign Bond spread (Up to amaximum of 20% of the AUM)^

HDFC Corporate Bond Fund primarily focuses on returns through interest accruals

^SEBI, vide letter no. IMD/DF2/OW/P/2020/10624/1 dated May 18, 2020, and letter no. SEBI/HO/OW/IMD-II/DOF3/P/2020/13436/1 dated August 17,2020, has given schemes in the Corporate Bond category the option to invest an additional 15% of asset under management (AUM) in G-secs or T-billsonly. Therefore, the minimum required investment in AA+ and above corporate bonds for the scheme is 65% of the total assets of the scheme. Theaforesaid deviation has been permitted till December 31, 2020.HDFC Mutual Fund/AMC is not guaranteeing/offering/communicating any indicative yields or guaranteed returns on investments made in the scheme.The current investment strategy is subject to change depending on the market conditions.

9

Analysis of Distribution of Returns since inception

Annual Rolling - Since inception, the fund has given more than 6% returns approximately 91% of the times.

3 year Rolling - Since inception, the fund has given more than 7.5% returns approximately 97% of the times.

Inception Date: June 29, 2010. 1 year and 3 year Rolling returns are calculated since inception of the fund up to September 30, 2020, based on dailyfrequency. For complete performance details refer Slide 16. Past performance may or may not be sustained in the future. HDFC Mutual Fund/AMC is notguaranteeing/offering/communicating any indicative yields or guaranteedreturns on investments made in the scheme.

Annual Returns (%) % of times

More than 6% 91.35%

More than 7.5% 78.44%

More than 9% 51.95%

Annual Returns(%) % of times

More than 6% 100%

More than 7.5% 97.26%

More than 9% 44.91%

1 Year Rolling Returns 3 Year Rolling Returns

10

• Attractive term spreads.

• Steep yield curve provides an opportunity for roll down

benefits

• The spread between the YTM of HDFC Corporate Bond Fund

and 91-day T-bills has widened and is at attractive levels,

significantly higher than the long term average.

Steep yield curve and elevated term spreads

Source: BloombergHDFC Mutual Fund/AMC is not guaranteeing/offering/communicating any indicative yields or guaranteed returns on investments made in the scheme.

3.5

4.5

5.5

6.5

7.5

8.5

Sep-1

5

Dec-1

5

Mar-

16

Jun-1

6

Sep-1

6

Dec-1

6

Mar-

17

Jun-1

7

Sep-1

7

Dec-1

7

Mar-

18

Jun-1

8

Sep-1

8

Dec-1

8

Mar-

19

Jun-1

9

Sep-1

9

Dec-1

9

Mar-

20

Jun-2

0

Sep-2

0

Repo rate 10Y AAA 5Y AAA 3Y AAA

11

0.50

1.00

1.50

2.00

2.50

3.00

3.50

Nov-1

5

Jan-1

6

Mar-

16

May-1

6

Jul-

16

Sep-1

6

Nov-1

6

Jan-1

7

Mar-

17

May-1

7

Jul-

17

Sep-1

7

Nov-1

7

Jan-1

8

Mar-

18

May-1

8

Jul-

18

Sep-1

8

Nov-1

8

Jan-1

9

Mar-

19

May-1

9

Jul-

19

Sep-1

9

Nov-1

9

Jan-2

0

Mar-

20

May-2

0

Jul-

20

Sep-2

0

HDFC Corporate Bond Fund - Spread over 91day T-bill

(%)

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

3M 6M 1Y

2Y

3Y

4Y

5Y

6Y

7Y

8Y

10Y 12Y 15Y 30Y

%Yield curve has steepened significantly since

2019

29/Feb/20

31/Dec/20

30/Sep/20

Apr-19

Summary: HDFC Corporate Bond Fund

• Focus on in-depth credit assessment

• Prudent Risk Control: Track record of maintaining controlled duration

• Ideal for investors with focus on credit quality and having an investment

horizon of 12 months or more

HDFC Mutual Fund/AMC is not guaranteeing/offering/communicating any indicative yields or guaranteed returns on investments made in the scheme.The suggested investment horizon is based on current view and is subject to change. Investments must be tailored to investor’s individual situation andobjectives and therefore, investors should consult their financial advisors to ascertain whether the products are suitable for them.

12

Portfolio Statistics

Average Maturity* Modified Duration* Yield To Maturity*

4.61 years 3.33 years 5.76%

^SEBI, vide letter no. IMD/DF2/OW/P/2020/10624/1 dated May 18, 2020, and letter no. SEBI/HO/OW/IMD-II/DOF3/P/2020/13436/1 dated August 17, 2020, has given schemes inthe Corporate Bond category the option to invest an additional 15% of asset under management (AUM) in G-secs or T-bills only. Therefore, the minimum required investment in AA+and above corporate bonds for the scheme is 65% of the total assets of the scheme. The aforesaid deviation has been permitted till December 31, 2020.*Computed on the invested amount. For complete portfolio details refer www.hdfcfund.com. Portfolio details provided as on September 30, 2020.

Portfolio Classification by rating class (%)

Sovereign 22.05^

AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 74.07

Cash, Cash Equivalents and Net Current Assets 3.88

22.05

0.16

73.91

3.88

0

10

20

30

40

50

60

70

80

G-Sec, SDL Securitized DebtInstruments

Credit Exposure Cash, CashEquivalents and Net

Current Assets

Allocation to asset class (% of NAV)

13

Type of Scheme An open ended debt scheme predominantly investing in AA+and above rated corporate bonds

Category of Scheme Corporate Bond Fund

Inception Date

(Date of allotment)June 29, 2010

Investment ObjectiveTo generate income/capital appreciation through investments predominantly in AA+and above rated

corporate bonds. There is no assurance that the investment objective of the Scheme will be realized.

Fund Manager $ Anupam Joshi (since October 27, 2015)

Investment Plan Regular Plan & Direct Plan

Investment OptionsUnder Each Plan: Growth & Dividend (Quarterly & Normal). The Dividend Option offers Dividend Payout andReinvestment facility

Minimum Application Amount.(Under Each Plan/Option)

Purchase: Rs. 5,000 and any amount thereafter

Additional Purchase: Rs. 1,000 and any amount thereafter

Benchmark

Additional Benchmark

NIFTY Corporate Bond Index

CRISIL 10 Year GILT Index

Fund Facts

$ Dedicated Fund Manager for Overseas Investments: Mr. Chirag DagliFor further details, please refer to the Scheme Information Document available on website www.hdfcfund.com.

14

Asset Allocation

Under normal circumstances, the asset allocation will be as follows:

Types of InstrumentsMinimum Allocation

(% of Total Assets)Maximum Allocation (%

of Total Assets)Risk Profile of the

instrument

Corporate Bond (including Securitised Debt)#

80 100 Low to Medium

Government Securities and Money Market Instruments

0 20 Low

Units issued REITs and InvITs 0 10 Medium to High

#Minimum 80% of the total assets shall be invested in AA+ and above rated corporate bonds

(including securitised debt)^

^SEBI, vide letter no. IMD/DF2/OW/P/2020/10624/1 dated May 18, 2020, and letter no. SEBI/HO/OW/IMD-II/DOF3/P/2020/13436/1 dated August 17, 2020, has given schemes inthe Corporate Bond category the option to invest an additional 15% ofasset under management (AUM) in G-secs or T-bills only. Therefore, the minimum required investment in AA+and above corporate bonds for the scheme is 65% of the total assets of the scheme. The aforesaid deviation has been permitted till December 31, 2020.The scheme may invest in the schemes of Mutual Funds in accordance with the applicable extant SEBI (Mutual Funds) Regulations as amended from time to time. The Scheme mayinvest up to a maximum 75% of the total assets in Foreign Debt Securities. The Scheme may invest up to 100% of its total assets in Derivatives.For further details, please refer to the Scheme Information Document available on website www.hdfcfund.com.

15

Scheme Performance Summary

PeriodScheme Returns

(%)Benchmark

Returns (%) #


Returns (%) ##

Value of Rs 10,000 invested

Scheme (Rs)Benchmark

(Rs)#


(Rs)##

Last 1 year 10.82 11.10 8.25 11,082 11,110 10,825

Last 3 years 8.67 8.37 6.72 12,839 12,734 12,159

Last 5 years 8.87 8.62 7.60 15,304 15,125 14,431

Since inception – June 29, 2010

9.01 8.77 7.01 24,239 23,701 20,045

Past performance may or may not be sustained in the future.Returns greater than 1 year are compounded annualized (CAGR). The above scheme has been managed by Anupam Joshi since October 27, 2015.The above returns are of Regular Plan - Growth Option. #NIFTY Corporate Bond Index. ##CRISIL 10 Year Gil t Index. Different plans viz. Regular Plan and Direct Plan have a di fferentexpense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the dis tribution expenses / commission charged in the Regular Plan. Returns ason September 30, 2020.

16

Scheme Performance Summary – SIP Returns

Since Inception

15 year SIP 10 year SIP 7 year SIP 5 year SIP 3 year SIP 1 year SIP

Total Amount Invested (Rs.) 1,240,000 N.A. 1,200,000 840,000 600,000 360,000 120,000

Market Value as on June 30, 2020 (Rs.)

2,018,071.69 N.A. 1,921,543.58 1,161,419.65 756,175.76 419,142.80 126,745.63

Returns (%) 9.10% N.A. 9.10% 9.10% 9.19% 10.13% 10.61%

Benchmark Returns (%)# 9.00% N.A. 9.02% 8.94% 9.00% 10.05% 11.32%

Additional Benchmark Returns(%)# #

7.71% N.A. 7.76% 8.10% 7.84% 9.30% 6.30%

Past performance may or may not be sustained in the future.The above data are of Regular Plan - Growth Option,assuming Rs. 10,000 is invested systematically on the fi rs t business day of every month over a period of time. CAGR returns arecomputed after accounting for the cash flow by using XIRR method (investment internal rate of return). The above investmentsimulation is for illustration purposes only and shouldnot be construed as a promise on minimum returns and safeguard ofcapital. Returns as on September 30, 2020.#NIFTY Corporate Bond Index. ##CRISIL 10 Year Gilt Index.

17

Performance of other schemes managed by the Fund manager (Top 3 & Bottom 3)

Scheme Managing scheme since

Cumulative Performance

1 year3 year 5 year

CAGR (in %) CAGR (in %)

Anupam Joshi manages 19 other schemes which have completed 1 year

Performance of Top 3 schemes managed by Anupam Joshi

HDFC Liquid Fund Oct 27, 15 4.67 6.22 6.62

CRISIL Liquid Fund Index # 5.17 6.58 6.82

HDFC Low Duration Fund Oct 27, 15 7.88 7.28 7.45

NIFTY Low Duration Index # 7.11 7.41 7.54

HDFC FMP 1381D September 2018 Sept 19, 18 10.66 NA NA

CRISIL Composite Bond Fund Index # 11.34 NA NA

Performance of Bottom 3 schemes managed by Anupam Joshi

HDFC FMP 1122D August 2018 Sept 5, 18 8.97 NA NA


HDFC FMP 1141D August 2018 Aug 14, 18 10.74 NA NA


HDFC FMP 1487D August 2018 Sept 4, 18 11.10 NA NA


Past performance may or may not be sustained in the future. The above returns are of Regular Plan – Growth Option. Load is not taken into consideration for computation ofperformance. On account of difference in the type of the Scheme, asset allocation, investment strategy, inception dates, the performance of these schemes is s trictly notcomparable. Performance of close-ended schemes is not strictly comparable with that of open-ended schemes since the investment strategy for close-ended schemes is primarilybuy-and-hold whereas open-ended schemes are actively managed. Top 3 and bottom 3 schemes managed by the Fund Manager have been derived on the basis of returns sinceinception. In case the benchmark is not available on the Scheme’s inception date, the returns for the concerned scheme is considered from the date the benchmark is available.Returns as on September 30, 2020. Di fferent plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will belower to the extent of the distribution expenses/ commission charged in the Regular Plan. NA –Not available. # Benchmark of the scheme

18

Disclaimer

This presentation dated November 2, 2020 has been prepared by HDFC Asset Management Company Limited(HDFC AMC) based on internal data, publicly available information and other sources believed to be reliable. Anycalculations made are approximations, meant as guidelines only, which you must confirm before relying onthem. The information contained in this document is for general purposes only. The document is given insummary form and does not purport to be complete. The document does not have regard to specific investmentobjectives, financial situation and the particular needs of any specific person who may receive this document.The information/ data herein alone are not sufficient and should not be used for the development orimplementation of an investment strategy. The statements contained herein are based on our current views andinvolve known and unknown risks and uncertainties that could cause actual results, performance or events todiffer materially from those expressed or implied in such statements. HDFC Mutual Fund/AMC is notguaranteeing any returns on investments made in the Scheme(s). The data/statistics are given to explain generalmarket trends in the securities market. Stocks/Sectors referred above are illustrative and not recommended byHDFC Mutual Fund / AMC. The Fund may or may not have any present or future positions in these sectors. Theinformation herein has been prepared on the basis of information which is already available in publicly accessiblemedia. The same should not be construed as an investment advice or a research report or a recommendation byHDFC Mutual Fund/HDFC AMC to buy or sell the stock or any other security covered under the respectivesector/s. Past performance may or may not be sustained in future. Neither HDFC AMC and HDFC Mutual Fundnor any person connected with them, accepts any liability arising from the use of this document. The recipient(s)before acting on any information herein should make his/her/their own investigation and seek appropriateprofessional advice and shall alone be fully responsible / liable for any decision taken on the basis of informationcontained herein. For complete portfolio/details refer to our website www.hdfcfund.com.

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

19

Thank You

20

hdfc corporate bond fund

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