inflows into equity oriented schemes declined in april after mutual...

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• PRODUCT 1

Mutual Fund Activity

Highlights

May 16, 2019

Inflows into equity oriented

schemes declined in April after

sharp surge in March

SIP flows remain strong, came at a

record | 8238 crore in April 2019

Research Analysts

Sachin Jain

[email protected]

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ICICI Securities Ltd. | Retail MF Research 2

Source: Amfi, ACE MF. Data for April 2019

Industry snapshot

HDFC AMC maintained top position in terms of total corpus

with assets under management at | 3.47 lakh crore

For the first time, Amfi declared category wise AUM and

inflow/outflow data.

Multicap funds have the highest AUM at | 1.52 lakh crore

followed by Aggressive Hybrid category. After receiving

significant inflows in the last few years, aggressive hybrid

category is witnessing outflows since last three months.

During April 2019, Multicap witnessed highest inflows at

| 1873 crore followed by smallcap funds.

Equity Oriented Category AUM

Multi Cap Fund 152,056 1,873

Aggressive Hybrid Fund 146,292 (2,121)

Large Cap Fund 126,596 48

Balanced Advantage 92,833 155

ELSS 92,044 459

Mid Cap Fund 75,058 491

Sectoral/Thematic Funds 62,082 567

Value Fund/Contra Fund 58,196 40

Large & Mid Cap Fund 51,427 (21)

Small Cap Fund 43,872 956

Focused Fund 37,393 228

Equity Savings 18,749 (708)

Dividend Yield Fund 4,826 (32)

Inflow/(Outflow) during

April 2019

Total Equity Debt Others

HDFC Asset Management Company Limited 347190 146513 187576 13100

ICICI Prudential Asset Management Company Limited 330751 126740 178341 25670

SBI Funds Management Private Limited 297350 157447 130867 9037

Aditya Birla Sun Life AMC Limited 250206 84803 150661 14742

Reliance Nippon Life Asset Management Limited 225419 105778 106716 12924

UTI Asset Management Company Private Limited 157723 68049 81169 8505

Kotak Mahindra Asset Management Company Limited 153185 55740 86951 10494

Franklin Templeton Asset Management (India) Private Limited 125646 50386 67361 7900

Axis Asset Management Company Ltd. 99168 44841 50354 3973

IDFC Asset Management Company Limited 78508 20860 54193 3455

AMCs

AUM (|crore)

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

Top buy/sell across AMCs: Large Cap

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

level were Coal India, ONGC, Adani Ports, Wipro and Yes Bank

Few of the stocks in the list were a part of CPSE ETF, which may

have witnessed selling due to redemption in ETF

Among large caps, Vodafone Idea, DLF, BHEL, Indiabulls Housing

Finance and SAIL witnessed highest buying during April 2019

Apr-19 Mar-19 Apr-19 Mar-19

Vodafone Idea Ltd. 1,218 545 8571 3712

DLF Ltd. 633 359 366 181

Bharat Heavy Electricals Ltd. 1,138 971 1607 1295

Indiabulls Housing Finance Ltd. 839 843 121 98

Steel Authority Of India Ltd. 879 714 1575 1329

Piramal Enterprises Ltd. 286 285 12 10

Bharti Infratel Ltd. 488 499 186 159

Ambuja Cements Ltd. 2,057 1,929 933 820

Cipla Ltd. 5,276 4,398 934 832

Ashok Leyland Ltd. 1,628 1,524 1873 1669

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


Coal India Ltd. 7,737 9,210 3068 3883

Oil & Natural Gas Corporation Ltd. 8,624 10,043 5097 6287

Adani Ports and Special Economic Zone Ltd. 1,498 1,657 381 438

Wipro Ltd. 2,541 2,481 851 974

Yes Bank Ltd. 3,252 6,080 1935 2210

Bharti Airtel Ltd. 10,358 11,104 3234 3631

ICICI Lombard General Insurance Co Ltd. 2,629 2,769 240 268

Indian Oil Corporation Ltd. 8,918 10,101 5643 6203

Maruti Suzuki India Ltd. 10,922 11,827 164 177

Shriram Transport Finance Company Ltd. 803 999 72 78

Top 10 Sells in Largecap

Market Value(crs) Shares(lakhs)

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

Top buy/sell across AMCs: Midcap

Midcap stocks, which saw selling by AMCs were Sterlite

Technologies, Oil India, Avanti Feeds, Oberoi Realty and

NBCC Ltd

In midcaps, stocks like Dish TV, GMR Infra, Alkem

Laboratories, Gujarat Gas and Crompton Greaves Consumer

Electric Ltd witnessed buying during April 2019


Dish TV India Ltd. 139 53 387 137

GMR Infrastructure Ltd. 184 179 1108 902

Alkem Laboratories Ltd. 1,147 986 67 56

Gujarat Gas Ltd. 411 325 258 219

Crompton Greaves Consumer Electricals Ltd. 2,320 2,004 976 882

Escorts Ltd. 335 327 45 41

ACC Ltd. 3,452 3,189 211 191

Thermax Ltd. 1,539 1,388 158 143

Jubilant FoodWorks Ltd. 1,896 1,868 143 129

Page Industries Ltd. 826 810 4 3

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


Sterlite Technologies Ltd. 494 812 259 372

Oil India Ltd. 606 747 335 403

Avanti Feeds Ltd. 77 102 21 25

Oberoi Realty Ltd. 680 813 134 154

NBCC (India) Ltd. 458 594 789 895

Bank Of India 165 220 187 211

Reliance Nippon Life Asset Management Ltd. 412 477 208 228

Prestige Estate Projects Ltd. 346 365 132 144

Castrol India Ltd. 653 762 428 458

REC Ltd. 2,910 3,213 1972 2101

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

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

Top buy/sell across AMCs: Smallcap

Small cap stocks, which saw selling by AMCs were Parag Milk,

Max India, Can Fin Homes, PVR and Balrampur Chini Mills

In small caps, stocks like Welspun Corp, CCL Products,

Sunteck Realty, India Energy Exchange and Bharat Dynamics

witnessed highest buying during April 2019


Welspun Corp Ltd. 75 11 56 8

CCL Products (India) Ltd. 66 19 25 7

Sunteck Realty Ltd. 88 49 19 11

Indian Energy Exchange Ltd. 452 297 284 180

Bharat Dynamics Ltd. 186 144 67 51

NIIT Ltd. 295 194 279 215

Bajaj Electricals Ltd. 571 472 100 85

Shoppers Stop Ltd. 668 592 144 126

Galaxy Surfactants Ltd. 366 328 35 31

Gabriel India Ltd. 63 55 43 38

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


Parag Milk Foods Ltd. 76 124 31 47

Max India Ltd. 162 233 231 341

Can Fin Homes Ltd. 82 132 26 38

PVR Ltd. 825 937 47 57

Balrampur Chini Mills Ltd. 136 146 90 107

Astrazeneca Pharma India Ltd. 215 210 9 11

Wockhardt Ltd. 78 94 19 21

Manappuram Finance Ltd. 290 344 246 275

Jain Irrigation Systems Ltd. 117 142 215 241

Care Ratings Ltd. 281 314 29 32

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

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

AMC wise: Top Buys and Top Holdings

Apr-19 Mar-19 Apr-19 Mar-19 %Change Apr-19 Mar-19 Apr-19 Mar-19 %Change

Bajaj Electricals Ltd. 141 48 24.6 8.7 184% ICICI Bank Ltd. 10811 10696 2653 2671 -1%

Grasim Industries Ltd. 75 35 8.3 4.1 103% Infosys Ltd. 9390 9394 1250 1263 -1%

Bharat Heavy Electricals Ltd. 144 78 203.7 103.5 97% State Bank Of India 9089 9391 2932 2928 0%

Bharat Dynamics Ltd. 186 144 66.7 50.7 32% Larsen & Toubro Ltd. 7444 7632 552 551 0%

Sadbhav Engineering Ltd. 362 315 152.7 126.7 21% HDFC Bank Ltd. 6969 6911 301 298 1%

Karur Vysya Bank Ltd. 232 182 299.5 255.9 17% Reliance Industries Ltd. 6681 6793 480 498 -4%

Gabriel India Ltd. 57 50 39.3 34.5 14% NTPC Ltd. 4793 4676 3575 3472 3%

Apollo Tyres Ltd. 766 738 371.7 331.5 12% ITC Ltd. 4558 4493 1512 1512 0%

Lupin Ltd. 52 40 6.0 5.4 11% Axis Bank Ltd. 3484 3482 454 448 1%

Coal India Ltd. 2419 2064 959.4 870.1 10% Aurobindo Pharma Ltd. 2913 2789 356 356 0%


Alkem Laboratories Ltd. 69 0 4.0 0.0 2498244% NTPC Ltd. 7817 7478 5833 5549 5%

Vodafone Idea Ltd. 711 160 4600.6 877.3 424% Infosys Ltd. 6644 5612 884 754 17%

United Breweries Ltd. 175 65 12.4 4.7 164% ITC Ltd. 6517 6689 2162 2251 -4%

Cyient Ltd. 70 33 11.8 5.1 133% State Bank Of India 6245 6901 2015 2151 -6%

Sun TV Network Ltd. 112 53 19.5 8.4 133% ICICI Bank Ltd. 5881 5797 1443 1448 0%

Power Finance Corporation Ltd. 110 68 95.2 55.1 73% Larsen & Toubro Ltd. 4289 4477 318 323 -2%

ACC Ltd. 191 115 11.7 6.9 69% HDFC Bank Ltd. 4158 4090 179 176 2%

REC Ltd. 138 88 93.7 57.5 63% Bharti Airtel Ltd. 4081 4591 1274 1501 -15%

Jubilant FoodWorks Ltd. 174 141 13.1 9.8 34% Oil & Natural Gas Corporation Ltd. 3929 4259 2322 2667 -13%

SJVN Ltd. 71 56 294.9 230.0 28% Sun Pharmaceutical Industries Ltd. 3725 3908 814 816 0%

ICICI Prudential AMC ICICI Prudential AMC

HDFC AMC HDFC AMC

Top 10 Holdings


Top 10 Buys


Top 10 HoldingsMarket Value(crs) Shares(lakhs)

Top 10 BuysMarket Value(crs) Shares(lakhs)

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



Vodafone Idea Ltd. 67 6 431.7 34.6 1148% HDFC Bank Ltd. 5983 6058 258 261 -1%

Welspun Corp Ltd. 75 11 56.2 8.3 581% State Bank Of India 5725 5941 1847 1852 0%

DLF Ltd. 80 28 46.5 13.8 237% ICICI Bank Ltd. 5016 4754 1231 1187 4%

Ambuja Cements Ltd. 189 62 85.5 26.2 226% Axis Bank Ltd. 3621 3696 472 476 -1%

Hindalco Industries Ltd. 59 24 28.7 11.6 147% Larsen & Toubro Ltd. 3034 2829 225 204 10%

Page Industries Ltd. 162 79 0.7 0.3 122% Indian Oil Corporation Ltd. 2959 4064 1872 2496 -25%

Ultratech Cement Ltd. 60 26 1.3 0.7 98% Infosys Ltd. 2848 3238 379 435 -13%

Bharat Heavy Electricals Ltd. 355 231 501.8 307.7 63% NTPC Ltd. 2796 3730 2086 2769 -25%

Indiabulls Housing Finance Ltd. 105 80 15.1 9.3 62% Coal India Ltd. 2647 3517 1050 1483 -29%

Cipla Ltd. 859 541 152.0 102.3 49% Oil & Natural Gas Corporation Ltd. 2606 3540 1540 2216 -30%


NIIT Ltd. 78 2 73.7 1.7 4337% HDFC Bank Ltd. 14877 14531 642 627 2%

Crompton Greaves Consumer Electricals Ltd.137 42 57.6 18.6 210% Reliance Industries Ltd. 9928 9698 713 711 0%

Cholamandalam Financial Holdings Ltd. 66 35 12.8 7.2 77% ICICI Bank Ltd. 7490 7302 1838 1824 1%

Thermax Ltd. 268 238 27.5 24.5 12% Infosys Ltd. 7476 7419 995 998 0%

The Federal Bank Ltd. 213 198 230.0 205.2 12% ITC Ltd. 6690 6718 2220 2261 -2%

ACC Ltd. 327 298 20.0 17.9 12% Housing Development Finance Corporation Ltd.6683 6570 335 334 0%

Rallis India Ltd. 93 93 63.1 56.4 12% Kotak Mahindra Bank Ltd. 5762 5502 416 412 1%

Cipla Ltd. 547 462 96.9 87.4 11% State Bank Of India 5295 5504 1708 1716 0%

JK Cement Ltd. 563 495 62.3 57.1 9% Tata Consultancy Services Ltd. 4864 4367 215 218 -1%

Alkem Laboratories Ltd. 65 61 3.8 3.5 9% Axis Bank Ltd. 4794 4822 625 620 1%

Reliance Nippon AMC Reliance Nippon AMC


SBI AMC SBI AMC




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Metropolis Healthcare Ltd. 130 13.7 0.0 #DIV/0! HDFC Bank Ltd. 6143 6060 265 261 1%

Info Edge (India) Ltd. 109 1 5.7 0.1 7971% ICICI Bank Ltd. 5082 5090 1247 1271 -2%

DLF Ltd. 175 29 101.2 14.3 606% Reliance Industries Ltd. 2895 2582 208 189 10%

Dish TV India Ltd. 96 23 268.0 59.5 351% Infosys Ltd. 2726 2791 363 375 -3%

Bharat Petroleum Corporation Ltd. 116 32 30.6 8.0 282% ITC Ltd. 2608 2486 866 836 4%

Cipla Ltd. 59 16 10.5 3.0 251% State Bank Of India 2478 2710 800 845 -5%

Adani Enterprises Ltd. 76 57 59.6 38.5 55% Housing Development Finance Corporation Ltd.2210 2207 111 112 -1%

Jindal Steel & Power Ltd. 124 82 69.4 45.4 53% Kotak Mahindra Bank Ltd. 1903 1836 137 138 0%

Alkem Laboratories Ltd. 208 142 12.1 8.1 49% Larsen & Toubro Ltd. 1542 1523 114 110 4%

Sun Pharmaceutical Industries Ltd. 352 263 76.9 54.8 40% Axis Bank Ltd. 1289 1203 168 155 9%


Metropolis Healthcare Ltd. 59 6.3 0.0 #DIV/0! HDFC Bank Ltd. 4414 4382 190 189 1%

CESC Ltd. 129 106 18.3 14.5 26% Infosys Ltd. 3486 3492 464 469 -1%

Tata Steel Ltd. 290 216 52.0 41.6 25% ICICI Bank Ltd. 3178 3143 780 785 -1%

Lupin Ltd. 334 244 38.3 33.0 16% ITC Ltd. 2605 2588 864 871 -1%

Amara Raja Batteries Ltd. 208 198 31.4 27.5 14% Housing Development Finance Corporation Ltd.2506 2371 126 120 4%

DCM Shriram Ltd. 53 44 12.2 10.7 14% Reliance Industries Ltd. 2456 2394 176 176 0%

Dabur India Ltd. 160 147 40.1 35.9 12% Tata Consultancy Services Ltd. 2286 2002 101 100 1%

The Great Eastern Shipping

Company Ltd.

56 50

19.4 17.4

11% Axis Bank Ltd. 1678 1690

219 217

1%

Tata Global Beverages Ltd. 135 121 64.5 59.2 9% Kotak Mahindra Bank Ltd. 1421 1365 102 102 0%

Phoenix Mills Ltd. 126 127 21.1 19.4 9% Larsen & Toubro Ltd. 1416 1459 105 105 0%

Aditya Birla Sunlife AMC Aditya Birla Sunlife AMC


UTI AMC UTI AMC




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KPR Mill Ltd. 58 37 9.7 6.4 53% HDFC Bank Ltd. 3738 3891 161 168 -4%

Century Textiles & Industries Ltd. 111 84 12.1 9.0 34% Axis Bank Ltd. 2436 2469 318 318 0%

Thermax Ltd. 197 148 20.2 15.2 33% ICICI Bank Ltd. 2390 2377 586 593 -1%

Bharat Forge Ltd. 114 98 24.1 19.1 26% Infosys Ltd. 1897 1900 253 255 -1%

Bharat Electronics Ltd. 103 92 117.9 98.4 20% State Bank Of India 1490 1542 481 481 0%

Spicejet Ltd. 173 109 132.8 112.0 19% Bharti Airtel Ltd. 1474 1566 460 512 -10%

ACC Ltd. 424 383 26.0 23.0 13% Kotak Mahindra Bank Ltd. 1203 1225 87 92 -5%

Jyothy Laboratories Ltd. 253 234 140.6 127.6 10% Indian Oil Corporation Ltd. 944 948 597 582 3%

Cyient Ltd. 215 217 36.4 33.4 9% NTPC Ltd. 939 931 701 691 1%

PNB Housing Finance Ltd. 128 144 18.0 16.6 8% Mahindra & Mahindra Ltd. 926 962 143 143 0%


Rail Vikas Nigam Ltd. 59 268.8 0.0 #DIV/0! HDFC Bank Ltd. 4859 4683 210 202 4%

Ambuja Cements Ltd. 65 13.7 29.7 5.8 409% Reliance Industries Ltd. 3912 3790 281 278 1%

Cipla Ltd. 81 21 14.3 3.9 263% ICICI Bank Ltd. 3486 3412 855 852 0%

L&T Finance Holdings Ltd. 66 25 50.0 16.6 201% Axis Bank Ltd. 2525 2568 329 330 0%

NTPC Ltd. 133 47 99.1 34.8 185% Infosys Ltd. 1823 1932 243 260 -7%

UPL Ltd. 97 35 10.0 3.6 174% Kotak Mahindra Bank Ltd. 1699 1686 123 126 -3%

Indiabulls Housing Finance Ltd. 188 94 27.1 11.0 146% State Bank Of India 1558 1771 503 552 -9%

Bharat Forge Ltd. 51 28

10.8 5.5

96%Tata Consultancy Services

Ltd.

1458 1274

65 64

1%

Ashok Leyland Ltd. 92 69 105.8 75.2 41% Larsen & Toubro Ltd. 1419 1434 105 104 2%

Biocon Ltd. 70 52 11.8 8.5 40% Housing Development Finance Corporation Ltd.1195 1178 60 60 0%

Franklin Templeton AMC Franklin Templeton AMC

Shares(lakhs)

Kotak Mahindra AMC Kotak Mahindra AMC




Top 10 HoldingsMarket Value(crs)

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Shoppers Stop Ltd. 76 16.5 0.0 #DIV/0! HDFC Bank Ltd. 2351 2461 101 106 -4%

Varroc Engineering Ltd. 112 39 20.4 6.8 201% ICICI Bank Ltd. 2022 2066 496 516 -4%

Marico Ltd. 124 79 34.4 22.7 51% Axis Bank Ltd. 1065 883 139 114 22%

SBI Life Insurance Company Ltd. 266 173 41.6 29.6 41% Reliance Industries Ltd. 1016 910 73 67 9%

HCL Technologies Ltd. 393 280 33.2 25.8 29% Bajaj Finance Ltd. 980 897 32 30 7%

Siemens Ltd. 279 212 23.8 18.8 26% Larsen & Toubro Ltd. 959 1054 71 76 -7%

Axis Bank Ltd. 1065 883 138.9 113.6 22% Ipca Laboratories Ltd. 851 840 89 86 4%

GHCL Ltd. 100 81 39.4 33.0 19% State Bank Of India 679 646 219 201 9%

NTPC Ltd. 229 194 170.9 143.9 19% Bharat Financial Inclusion Ltd. 589 567 58 50 17%

Bharat Financial Inclusion Ltd. 589 567 58.5 50.2 17% Kotak Mahindra Bank Ltd. 587 502 42 38 13%


DLF Ltd. 65 0 37.5 0.2 20514% Tata Consultancy Services Ltd. 3681 3059 163 153 7%

Shree Cement Ltd. 118 14 0.6 0.1 680% HDFC Bank Ltd. 3657 3489 158 150 5%

Aurobindo Pharma Ltd. 58 25 7.1 3.2 122% Bajaj Finance Ltd. 3541 3447 114 114 0%

Ultratech Cement Ltd. 172 90 3.7 2.2 66% Kotak Mahindra Bank Ltd. 3395 3079 245 231 6%

SRF Ltd. 84 58 3.3 2.4 35% Housing Development Finance Corporation Ltd.2200 2134 110 108 2%

ACC Ltd. 240 206 14.7 12.3 19% Pidilite Industries Ltd. 2046 2134 166 171 -3%

Larsen & Toubro Ltd. 756 664 56.1 47.9 17% Avenue Supermarts Ltd. 1766 1854 136 126 8%

RBL Bank Ltd. 110 96 16.2 14.2 14% Gruh Finance Ltd. 1691 1454 532 527 1%

Aarti Industries Ltd. 67 58 4.2 3.7 12% Maruti Suzuki India Ltd. 1653 1740 25 26 -5%

Cummins India Ltd. 734 692 100.9 92.7 9% ICICI Bank Ltd. 1339 1238 329 309 6%

DSP AMC DSP AMC



Axis AMC Axis AMC



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Pankaj Pandey Head – Research [email protected]

ICICI Direct Research Desk,

ICICI Securities Limited,

1st

Floor, Akruti Trade Centre,

Road no.7, MIDC

Andheri (East)

Mumbai – 400 093

[email protected]

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Disclaimer


ANALYST CERTIFICATION

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

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

Terms & conditions and other disclosures:

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

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

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

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

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

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

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

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

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

circumstances.

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

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

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

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

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

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

Non Discretionary) to its clients.

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

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

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

meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any

form, without prior written consent of ICICI Securities Limited. The contents of this mail are solely for informational purpose and may not be used or considered as an offer document or

solicitation of offer to buy or sell or subscribe for securities or other financial instruments or any other product. While due care has been taken in preparing this mail, I-Sec and affiliates accept

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intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication,

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Disclaimer


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

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

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

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

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

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

preceding twelve months.

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

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

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

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

the research report.

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

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

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

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

positions and needs..

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

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

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

impacting Research Analysis activities.

This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such

distribution, publication, availability or use would be contrary to law, regulation or which would subject ICICI Securities and affiliates to any registration or licensing requirement within such

jurisdiction. The funds described herein may or may not be eligible for subscription in all jurisdictions or to certain category of investors. Persons in whose possession this document may come

are required to inform themselves of and to observe such restriction

inflows into equity oriented schemes declined in april after mutual...

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