Monthly Market Outlook

Monthly Market Outlook
June 2020
1
2
Unprecedented Times
Medical Shutdown Of Financial

Crisis Economy Activity Market
3 Crisis
3 3
Sector impact
- Revenue Significantly Impacted but Costs continue
Low Medium High
• Agricultural Produce • Auto Ancillaries • Aviation

• Telecom • Consumer Durables • Hotels & Tourism
• FMCG • Housing Finance Companies • Gems & Jewellery
• Food Processing • Automobile OEMs • Multiplexes
• Online Education • Logistics • Microfinance Institution
• Seeds & Fertilisers • Power • Textiles ( Cotton Spinning)
• Sugar • Electronics • Ports & Seafood
• Banks • MSME
• Engineering • News Paper
• Mining • Advertising
• Real Estate ( Residential) • Retailing
• Financial Services
• Healthcare & Pharmaceuticals
Leverage companies will find it difficult to payback Debt
Please click here for our Sectoral Update Report – March 2020 4
Steel Production , Power Demand , IIP Growth And PMI
Index Fell Sharply
Steel production fell 87% YoY in April ‘20 Power generation fell By 22.8% YoY In April
12,000
10,000
8,000
6,000
4,000 Steel Production ( '000 tonnes)
2,000
0
IIP growth for the month of Mar'20 was at -16.7% PMI Index Declined MoM To 27.4, An All-time Low
5
Source: Anand Rathi, CLSA, Motilal Oswal, Internal Calculation
India's Q4 GDP Growth Falls To 3.1% - Worst Since 2009
Global Financial Crisis
FY20 GDP growth worst in 11 Years. Impact of the lockdown and COVID would be felt prominently in 1QFY21
FY20 Nominal GDP lowest in 48 years; FY21 heading toward contraction

Source: Motilal Oswal 6
Red And Orange Zones Contribute 42-46% Of The Average
Output Of 8 States
Source: Ministry of Statistics and Programme Implementation, CEIC, CRISIL 7

FY21 To See Negative Growth First Time Since 1980
8
Impact On GDP Growth Rates Across The Globe
GDP Inflation Industrial Growth IMF GDP Growth Projections for 2020 (%)
Current Previous Current Previous Current Previous
US -5.9
-4.8% 2.1% -0.4% 0.1% -5.4% 0.5%
US
Q1 2020 Q4 2019 Mar’20 Feb’20 Mar’20 Feb’20
UK -6.5
-3.3% 1.0% 0.7% 1.2% -0.1% 2.3%
Eurozone
Q1 2020 Q4 2019 Mar’20 Feb’20 Feb’20 Jan’20 Russia -5.5
1.1% 1.3% 1.5% 1.7% 0.1% 0.2%
UK
Q4 2019 Q3 2019 Mar’20 Feb’20 Feb’20 Jan’20 Japan -5.2
-6.8% 6.0% 4.3% 5.2% -1.1% -13.5%
China
Q1 2020 Q4 2019 Mar’20 Feb’20 Mar’20 Feb’20 India 1.9
-7.1% 0.5% 0.4% 0.4% 0.4% 1.0%
Japan
Q4 2019 Q3 2019 Mar’20 Feb’20 Feb’20 Jan’20 Euro zone -7.5
4.7% 5.1% 5.9% 6.6% 4.5% 2.0%
India
Q3 2019 Q2 2019 Mar’20 Feb’20 Feb’20 Jan’20 China 1.2
Major Global Central Bank Latest Key Interest rate
Brazil -5.3
US Federal Reserve 0.00-0.25%
Bank of England 0.10%
Canada -6.2
European Central Bank 0.00%
Bank of Japan -0.10% -10.0 -8.0 -6.0 -4.0 -2.0 0.0 2.0 4.0
India 4.00%
IMF sharply reduces current year forecasts for most countries owing to Covid-19 crisis
Source: Bloomberg, Respective Central Banks, IMF. Data ended April 2020 except otherwise mentioned 9
Moody's Cuts India's Rating To 'Baa3', Maintains Negative
Outlook
Sovereign Ratings Actions Have Not Hurt Growth In Past 20 Years
Source: Edelweiss 10
LOOKING BEYOND NEAR TERM HAZE
11
Economy To Move To First Gear From Lockdown 4.0 To Unlock 1.0
12
Agriculture Could Soften The Blow This Time By Growing
Near Its Trend Rate, Assuming A Normal Monsoon.
The economy has farmed out of agriculture quite a bit
Source: National Statistical Office (NSO), CRISIL

13
Power Demand Up As Restrictions Ease
Source: Motilal Oswal

14
From Lockdown To Opening Up: Retail /Grocery Activity Up
From Lows

Fastag And E Way Bills Shows A Bottom
FASTag Collections E-Way bill generation ( No's in mn)

Month Month
Count (mn) Value ( INR Bn) Intra state Inter State Total
Feb-20 110.1 18.4 Feb-20 33.5 23.7 57.2
Mar-20 84.6 14.2 Mar-20 24.3 16.4 40.7
Apr-20 10.3 2.5 Apr-20 6.2 2.4 8.6
May-20 55.2 11.4 May-20 17.1 8.4 25.5
Change % Change %
May vs. Mar -34.7% -19.6% May vs. Mar -29.6% -48.7% -37.3%
May vs. Feb -49.8% -37.9% May vs. Feb -49.0% -64.5% -55.4%
Source: GST Network , Live Mint

16
India Economic Heat-map..
Source: CEIC and Nomura Global Economics. (green = high growth; red = low growth) 17
India Economic Heat-map..
Note: *Index values. The period of comparison is 2016 to date. Dark green shading suggests the fastest growth since 2014, while dark red suggests the slowest growth since
2014. Due to absence of inflation data prints for April, the implied volume data for exports and imports couldn't be calculated for the month.
Source: CEIC and Nomura Global Economics.
(green = high growth; red = low growth) 18
Record Capital Raise & Absorption For Good Companies
19
FPI Flows Post MSCI And FTSE Russel Index Rejig
Possible index impact for MSCI is likely in August 2020

FTSE Russell proposes to delay implementation and provide an update by 30 June 2020.
Earliest possible flows impact ( US$ bn)

Jun-20 Aug-20 Sep-20 Nov-20 Dec-20 Total
MSCI - net - 3.09 - 0.51 - 3.6
FTSE - net 2.16 - 0.6 - 0.04 2.8
Total - net 2.16 3.09 0.6 0.51 0.04 6.4
MSCI - gross - 5.09 - 0.51 - 5.6

FTSE - gross 2.66 - 0.60 - 0.04 3.26
Total - gross 2.66 5.09 0.60 0.51 0.04 8.86
MSCI + FTSE India Potential Passive Inflow of US$6.4 bn this year

20
Source: Morgan Stanley
Nifty @ 9580 Levels Market Is Discounting
 Lower Oil Prices

 Lower Trade Deficit with china
 Lower Gold Imports
 Rebound In Economic Activities
 Smooth Execution of Economic Package and Reforms
- MSME
- NBFC
- FDI
- Agriculture
 Monetary Stimulus
- Liquidity from Banks to Borrowers
- Reduced Borrowing cost for the Borrowers
 Medical Solution
- Drugs
- Vaccine 21
This Crisis Requires Medical Solution
22
Nifty @ 9580 Levels
Will Markets Will Rise From Here ?
23
Lessons From 9/11 Airline Sector Example
Share Price in $ Airlines stock performed well as fears discounted
9
9/11 attack Alaska Air Group Inc by market proven wrong
8.0
8
7
7.7
6
4 4.5
Markets feared that airlines will
Airlines started operations with less than
3 never fly again or with
expected security measures than market
extraordinary security measures
2 expectation
Markets discounts scenario and If actual scenario is better than discounted by markets , markets can rise. Market has
discounted Covid 19 scenario . If actual scenario turns out to be better, then market will rise from current levels
Source: Bloomberg 24
Markets Will Fluctuate
Fear Hope
• Increase in Covid infections / • Decrease in Covid infections /
Deaths Deaths
• 2nd Wave Infection • Medical Breakthrough
• Delayed resumption of • Normalcy of economic activity
economic activities • Fiscal Stimulus Execution
• Lockdown Extension • Monetary Stimulus Execution
• India China Border Dispute
25
Market Performance
26
Market Snapshot
Dec-07 May-13 May-20 Dec-07 May-13 May-20
Macro Indicators 10-Year Govt Bond Yield

Capacity Utilisation (Dec 19) 91.7% 71.6% (Jun-13) 68.6% India 7.8% 7.2% 5.8%
Credit Growth (as on Apr 20) 22.0% 14.4% 6.7% USA 4.0% 2.1% 0.7%
ROE Nifty 50 (May 20) 25.5% 17.1% (Mar-13) 14.0% Japan 1.5% 0.9% 0.0%
Net FII Flows (12M - Rs Cr – May 20) 71,952 125,110 -15,066 Europe 4.3% 1.5% -0.4%
IIP – Mar 20 13.5% 1.0% -16.7% China 4.5% 3.4% 2.7%
GDP Growth (Jan – Mar 20) 9.6% 6.4% 3.1%
Dec-07 May-13 May-20 Dec-07 May-13 May-20
Valuations Returns of Nifty 50 (CAGR)

Trailing P/E Nifty 50 27.6 18.0 22.4 Last 1 Yr Return 54.8% 21.6% -19.6%
Trailing P/B Nifty 50 6.4 3.2 2.7 Last 2 Yr Return 47.1% 3.8% -5.5%
Last 3 Yr Return 43.4% 5.6% -0.1%
27
Source: Axis Capital , Bloomberg,
Performance Across Market Cap
10 6.5 5.5
5 2.6 1.3
0.1
0
(0.1)
(5) (2.8) (1.7) (1.8)
(10) (6.4)
(8.8)
(15)
(20) (17.7)
(19.6)
(25)
(30) (26.1)
(35)
(40)
(38.9)
(45)
Nifty Nifty Midcap NSE Small Cap
1m returns 1y returns 3 yr CAGR 5 yr CAGR 10 yr CAGR
*As on 31 May 2020, Source: Axis Capital, Bloomberg, Past Performance may or may not sustain in the future 28
Gauge To View Market Sentiment
Number of New All Time Highs

90
81
80
Nifty Index NSE Midcap 100 NSE Smallcap 100
70 65 66
63
60 57
54 54
48 49
50 46 47
40
40 36 36
29
30
23 22
21
20 15
13 13
9
10 7
444 4 5
2 3
000 1 0 000 000 00 0 0 0 00 00
0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Source: Axis Capital 29

Small And Mid Cap Corrected Significantly
% of Top Median Correction from 52 Week High by Market Cap

No. of
Drawdown from 52 Week High 1000 Top 10 -23%
Stocks
stocks 10 to 100 -29%
100 to 500 -40%
Less than 10%
50 5% 500 to 1000 -49%
Overall : Top 1000 -29%
Between 10% and 20%
72 7%
Drawdown from Drawdown
Between 20% and 30% Drawdown from
52 week high from Jan 2018
125 13%
Nifty 50 -23% -13%
Between 30% and 50%
386 39% Nifty Midcap 100 -28% -36%
More than 50% Nifty Smallcap 100 -40% -55%
366 37%
Source: Axis Capital, Bloomberg, As on 31 May 2 020 30

Time to Be Over Weight on
Equities ?
31
Valuation Discount Will Determine OW Equities
Market cap-to- GDP ratio (%)
OW Equities =Ratio Below Historical Lows Neutral Equities = Ratio at Historical Average
Attractive Valuations – P/B
NIFTY P/B (x) - 1 Year Forward NIFTY P/B (x) – Trailing
At 2.2x, the Nifty 12-month forward P/B is also well below the At 2.3x, the Nifty 12-month trailing P/B is well
historical average of 2.6x below the historical average of 3.0x.
Source: Motilal Oswal ACL - Public 33

Equity Markets Are Doing A Time Travel To Past
Nifty 50 Nifty Midcap 100 Nifty Smallcap 100

25,000
Nifty50 at 2017 levels
20,000 Nifty Midcap100 at 2016 Levels
Nifty Smalcap100 at 2011 Levels
15,000
13,273
10,000
9,580
5,000
4,003
0
May-08
May-09
May-10
May-11
May-12
May-13
May-14
May-15
May-16
May-17
May-18
May-19
May-20
Source: Axis Capital 34
60.0
70.0
80.0
90.0
100.0
110.0
Source : IIFL
02-Jan-20
09-Jan-20
16-Jan-20
23-Jan-20
30-Jan-20
06-Feb-20
13-Feb-20
20-Feb-20
27-Feb-20
Nifty
05-Mar-20
12-Mar-20
19-Mar-20
26-Mar-20
Nifty vs Nifty-ex-financials)
02-Apr-20
Nifty Ex Financials Near To All Time High Levels
Nifty-ex financials
09-Apr-20
16-Apr-20
23-Apr-20
30-Apr-20
07-May-20
14-May-20
21-May-20
28-May-20
60.0
80.0
90.0
70.0
100.0
110.0
35
Nifty’s Journey From 9.5k In May’17 To 9.5k In May’20
During the Nifty’s journey from 9,500 to 12,000 and back to 9,500 again, price of four Nifty stocks has nearly doubled
or increased more while seven have declined more than 50%.
This is to illustrate the variance in Nifty 50 constituents performance. This should not be constituted as a opinion to buy stocks. Kotak Mutual fund may or may not hold above mentioned stocks in portfolio.

Nifty Polarization: Divide Continues
Nifty Top-15 have outperformed with a decline of 11% while the Other-35 basket is down 26%.

Time To Be Marginally Over Weight On Equities In Staggered
Manner
Conservative investor – OW Largecap Fund / Large & Mid Cap Fund
Moderate Investors – OW Multicap Fund
Aggressive Investors – OW Midcap Fund / Smallcap Fund
50% - Normal economic activity is not resumed to full extent and market cap
to GDP ratio is widening vis à vis historical average - Staggered manner
50% - Once medical solution emerges & Normal economic activity resumes
38
Don’t Stop SIP Due To Low/Negative Return –
Kotak Emerging Equity Fund SIP Returns
Kotak Emerging Equity May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20
10 Yr 16.78 16.46 14.71 14.37 15.25 15.63 15.81 15.74 16.77 15.67 9.24 11.38 10.81
7 Yr 17.50 16.94 14.24 13.62 14.85 15.33 15.53 15.33 16.81 15.06 5.29 8.31 7.29
5 yr 11.06 10.25 6.50 5.73 7.69 8.52 8.97 8.88 11.19 8.89 -4.54 0.16 -0.88
3 yr 6.34 5.38 -0.41 -1.13 2.53 4.31 5.38 5.28 9.10 5.26 -16.04 -8.23 -9.38
1 yr 9.04 8.37 -6.96 -6.68 6.33 11.66 14.23 13.93 26.63 13.16 -41.26 -21.05 -22.23
Benchmark May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20
10 Yr 12.60 12.09 9.97 9.50 9.77 10.52 10.81 10.52 11.34 9.91 2.89 5.56 5.13
7 Yr 13.18 12.35 9.19 8.43 8.76 9.83 10.20 9.70 10.87 8.67 -1.76 2.03 1.30
5 yr 8.28 7.19 2.83 1.88 2.57 4.20 4.87 4.32 6.11 3.17 -11.05 -5.43 -6.15
3 yr 3.25 1.47 -5.49 -6.64 -5.17 -2.13 -0.74 -1.56 1.39 -3.33 -24.95 -15.87 -16.34
1 yr 1.10 -1.65 -18.41 -18.53 -11.19 -1.38 3.44 2.42 13.11 -0.97 -51.01 -28.60 -27.59
Source: MFi Explorer. As on 29 May 2020. Returns are for regular plan. Nifty Midcap 100 TRI is the benchmark for Kotak Emerging Equity Fund
Disclaimer: SIP is an optional feature offered by Kotak Mutual Fund. This feature does not in any way give assurance of the performance of any of the Funds of Kotak Mutual. Past performance may or may not
be sustained in the future. The returns are calculated by XIRR approach assuming investment of Rs. 10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an
initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent
month from the date of inception. Please consult your financial advisor or other professionals before acting on any information in this communication. Please click here for detailed performance of the fund 39
Kotak Small Cap Fund SIP Returns
Kotak Small Cap May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20
10 Yr 14.33 13.81 11.72 11.56 12.70 12.86 12.81 12.87 14.32 13.18 6.04 8.03 7.23
7 Yr 14.06 13.22 10.09 9.81 11.47 11.68 11.59 11.65 13.79 12.04 1.37 4.21 2.92
5 yr 7.95 6.81 2.49 2.24 4.80 5.24 5.29 5.56 8.79 6.48 -8.15 -3.78 -5.22
3 yr 2.59 1.04 -5.60 -5.51 -0.90 0.25 0.66 1.23 6.58 2.79 -20.13 -12.87 -14.51
1 yr 4.71 2.79 -13.99 -11.28 4.48 8.03 8.75 10.65 28.55 14.71 -44.41 -25.99 -28.35
10 Yr 5.95 5.40 5.37 2.26 2.64 3.21 6.22 6.25 7.31 5.55 -3.58 -0.97 -1.37
7 Yr 6.22 5.30 5.18 0.60 1.02 1.76 4.77 4.82 6.29 3.68 -9.62 -5.94 -6.61
5 yr -0.85 -3.85 -4.08 -7.99 -7.09 -5.85 -1.68 -1.43 0.78 -2.68 -20.45 -15.02 -15.51
3 yr -7.87 -16.59 -17.64 -18.38 -16.61 -14.20 -9.48 -9.04 -5.26 -10.73 -36.40 -28.11 -28.08
1 yr -6.79 -32.25 -29.80 -25.38 -17.09 -10.11 -6.05 -4.31 9.29 -7.68 -62.60 -44.38 -41.79
Source: MFi Explorer. As on 29 May 2020. Returns are for regular plan. Nifty Smallcap 50 TRI was Benchmark for Kotak Small Cap Fund till 31st Oct 2019. From 1st Nov 2019, Nifty Smallcap 100 TRI is the new
benchmark for the fund. Disclaimer: SIP is an optional feature offered by Kotak Mutual Fund. This feature does not in any way give assurance of the performance of any of the Funds of Kotak Mutual. Past
performance may or may not be sustained in the future. The returns are calculated by XIRR approach assuming investment of Rs. 10,000/- on the 1st working day of every month. XIRR helps in calculating return
on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the
beginning of the subsequent month from the date of inception. Please consult your financial advisor or other professionals before acting on any information in this communication.
Please click here for detailed performance of the fund 40
Kotak Equity Opportunities Fund SIP Returns
Kotak Equity
May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20
Opportunities
10 Yr 13.72 13.18 11.96 11.76 12.36 12.80 13.07 13.15 13.71 12.42 7.09 9.26 8.89
7 Yr 14.63 13.70 11.80 11.41 12.23 12.80 13.14 13.18 13.93 11.92 3.91 7.00 6.36
5 yr 11.53 10.30 7.67 7.21 8.55 9.48 10.11 10.32 11.54 8.85 -2.20 2.49 1.83
3 yr 10.02 7.92 3.60 3.07 5.49 7.24 8.38 8.58 10.47 5.82 -12.05 -4.31 -5.05
1 yr 15.51 10.16 -1.69 -1.32 7.66 13.03 15.73 16.31 22.39 7.20 -37.53 -16.86 -16.79
10 Yr 12.26 11.91 10.60 10.36 10.93 11.52 11.61 11.57 11.29 9.92 4.66 7.20 6.64
7 Yr 13.33 12.68 10.67 10.22 10.98 11.78 11.87 11.73 11.25 9.15 1.34 4.99 4.11
5 yr 11.59 10.79 8.04 7.53 8.82 10.07 10.35 10.29 9.69 6.86 -3.91 1.47 0.42
3 yr 11.83 10.31 5.51 4.69 6.85 8.94 9.26 8.83 7.51 2.56 -14.70 -6.02 -7.48
1 yr 12.44 8.75 -4.04 -4.17 4.45 11.66 12.40 11.89 8.82 -4.78 -43.76 -21.21 -21.98
Source: MFi Explorer. As on 29 May 2020. Returns are for regular plan. Nifty 200 TRI is the benchmark for Kotak Equity Opportunities Fund
Kotak Standard Multicap Fund SIP Returns
Kotak Standard
May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20
Multicap
10 Yr NA NA NA NA 14.43 14.80 14.90 14.78 14.81 13.53 8.10 10.20 9.78
7 Yr 16.97 16.14 13.97 13.41 14.31 14.76 14.84 14.54 14.50 12.50 4.31 7.31 6.58
5 yr 13.66 12.58 9.57 8.88 10.38 11.16 11.45 11.22 11.33 8.70 -2.56 2.02 1.28
3 yr 12.81 10.97 5.97 5.06 7.76 9.24 9.76 9.18 9.16 4.62 -13.46 -5.92 -6.73
1 yr 18.36 13.52 -0.52 -1.10 8.90 13.69 14.67 13.18 13.62 0.14 -42.26 -22.50 -22.00
10 Yr 12.26 11.91 10.60 10.36 10.93 11.52 11.61 11.57 11.29 9.92 4.66 7.20 6.64
7 Yr 13.33 12.68 10.67 10.22 10.98 11.78 11.87 11.73 11.25 9.15 1.34 4.99 4.11
5 yr 11.59 10.79 8.04 7.53 8.82 10.07 10.35 10.29 9.69 6.86 -3.91 1.47 0.42
3 yr 11.83 10.31 5.51 4.69 6.85 8.94 9.26 8.83 7.51 2.56 -14.70 -6.02 -7.48
1 yr 12.44 8.75 -4.04 -4.17 4.45 11.66 12.40 11.89 8.82 -4.78 -43.76 -21.21 -21.98
Source: MFi Explorer. As on 29 May 2020. Returns are for regular plan. Nifty 200 TRI is the benchmark for Kotak Standard Multicap Fund
Kotak Tax Saver Fund SIP Returns
Kotak Tax Saver May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20
10 Yr 13.14 12.94 11.42 10.99 11.74 12.13 12.33 12.37 12.84 11.59 6.12 8.30 7.71
7 Yr 14.48 14.09 11.77 11.06 12.10 12.63 12.90 12.89 13.55 11.63 3.47 6.59 5.63
5 yr 11.89 11.35 8.04 7.04 8.64 9.43 9.92 10.03 11.06 8.46 -2.82 1.87 0.74
3 yr 11.32 10.42 4.90 3.49 6.36 7.88 8.78 8.77 10.28 5.74 -12.52 -4.82 -6.31
1 yr 18.82 16.53 0.18 -2.23 7.98 12.57 14.30 14.38 19.27 4.80 -39.77 -19.67 -21.28
10 Yr 12.23 11.83 10.45 10.20 10.80 11.37 11.46 11.42 11.27 9.92 4.52 7.03 6.47
7 Yr 13.30 12.58 10.47 10.01 10.81 11.59 11.67 11.54 11.24 9.16 1.14 4.74 3.86
5 yr 11.24 10.35 7.46 6.94 8.27 9.50 9.75 9.71 9.38 6.58 -4.47 0.84 -0.20
3 yr 10.91 9.23 4.25 3.43 5.69 7.76 8.09 7.73 6.87 2.01 -15.61 -7.02 -8.42
1 yr 11.44 7.56 -5.51 -5.51 3.50 10.63 11.43 11.16 9.53 -3.97 -44.09 -21.81 -22.51
Source: MFi Explorer. As on 29 May 2020. Returns are for regular plan. Nifty 500 TRI is the benchmark for Kotak Tax Saver Fund
Keep Calm & Carry On With Your Sip
This is not the time to STOP your SIP, it is time to take ADVANTAGE of the
RUPEE COST AVERAGING
When the markets are falling, SIP is your best friend

Impressive
Wealth Creation
Accumulate Potential When
Market Revives
more units
Continue your (Benefit of Rupee
SIP. Do not stop Cost Averaging)
Market Values it.
are Low
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
Please consult your financial advisor or other professionals before acting on any information in this communication. 44
SIP Lessons From Global Financial Crisis (2007-08)
Let Us Learn From Our Past

Mr. X Mr. Y
Nifty 50 TRI Stops SIP During Market Correction Continues With SIP
Start Date of Investment 01-Jan-07 01-Jan-07
End Date of Investment 01-Dec-08 01-Dec-16
SIP Investment Per Month 10,000 10,000
Investment Amount 240,000 1,200,000
Investment Value 164,517 1,805,099
Returns -31.5% 7.9%
When Market Correction Knocks Your Door, Let the SIP Continue For Potential Long-Term Wealth Creation
Source: MFi Explorer Disclaimer: This is only for illustrative purposes. SIP is an optional feature offered by Kotak Mutual Fund. This feature does not in any way give assurance of the performance of any of the Funds of Kotak Mutual.
Past performance may or may not be sustained in the future. The returns are calculated by XIRR approach assuming investment of Rs. 10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments
given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Please consult your financial advisor or other professionals before acting on any information in this
communication.
45
Even with Assumption of Perfect Information, SIP Start-Stop Strategy may be
Sub-optimal vis-à-vis Regular SIP
70
SIPS stopped at Mkt Falls Simple SIP 61
60
50
40
30 30
20
10
0
Jan-00
Jan-01
Jan-02
Jan-03
Jan-04
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
Dec-19
Regular SIP Investor Stopping SIP at FAlls
SIP amount 5000/- 5000/-
Total money invested through SIP 12,00,000 6,95,000
Amount saved by stopping SIP in market Falls N.A 5,05,000
Corpus at end of Dec-19 Rs 60.83 lakhs Rs 29.67 lakhs
Performance in XIRR (%) 14.29% 13.12%
There were 15 cycles market cycles when the index fell by 10% or more since 2000-19. Above assumes the Investors stops SIP at the cycle beginning and
restarts at cycle bottom. Source: Internal Analysis. MFi Explorer 46
Kotak Balanced Advantage Fund – Asset Allocation
Episodes in last 22 months where we have demonstrated discipline and agility
Kotak Balanced Advantage Fund benefitted by investing when cheap and selling when expensive. Thus, when Nifty
was flat, asset allocation helped earn returns.
110 K-BAF NAV (Rebased to 100) 100

100
90
82
80 Nifty 50 Index Value (Rebased to 100)
70
60
Nifty 50 Index Value( Rebased to100) K-BAF NAV (Rebased to 100)
100.0
12000 Nifty 50 Index Value (LHS) 10946 79.0 74.3
10930 12025
11000 10030 11157 80.0
10604
10000 60.0
9000 51.8
40.0
9580.3
8000 43.5 38.1
25.5 35.8 K-BAF Net Equity (RHS) 7610.25
7000 35.2 20.0
Aug-18 Oct-18 Nov-18 Jan-19 Feb-19 Apr-19 May-19 Jul-19 Aug-19 Oct-19 Nov-19 Jan-20 Feb-20 Apr-20 May-20
Nifty 50 KBAF Net Equity

47
Source: Internal Analysis. As on 30th April 2020. Disclaimer: Past Performance is not a guarantee for future return. Mutual fund investments are subject to market risks, read all scheme related documents
carefully. Please click here for detailed performance of the fund 47
Good Time To Look At Alternatives To Pure Debt Funds Viz.
Hybrid Funds – Debt Hybrid & Equity Savings
Current attractive valuations on the equity side presents a good opportunity for moderate to low risk investors to invest
through hybrids funds rather than pure debt funds
Kotak Equity Savings Kotak Debt Hybrid (Erstwhile Monthly Income
Plan)
Net Equity Exposure Moderate - 10-50% Low - 10-25%
Conservative Income Through mix of arbitrage and debt Pure debt
Taxation Equity Debt
Ideal Investment Horizon 3 years + 3 years +
3 Year Return (CAGR ) 4.47% 4.55
3 Year Broader Equity Market -0.70% -0.70%

Index - Nifty 500 TRI (CAGR)
3 Year Fund Benchmark (CAGR) 5.20% 7.70%
Source: ICRA. As on 29 May 2020. Past Performance is not a guarantee for future return. Mutual fund investments are subject to market risks, read all scheme related documents carefully. Please click
here and here for detailed performance of the fund
48
Market Correction Provides Opportunity to Upgrade from
Largecap to Large & Midcap
• It has been our long ongoing call that Mid & Small Cap category
Latest Valuation Estimates Nifty 50 Nifty Midcap
positioned better in terms of valuation over Large Cap 50
• With the recent Coronavirus scare, some of the valuations in Mid & Price to Book Ratio 2.27 1.50
Price to Sales Ratio 1.68 1.39
Small cap has become more attractive, both in relation to the Price Earnings Ratio (P/E) 18.96 19.90
largecaps and vis-à-vis its own historical average.
Historical Valuation Average* Nifty 50 Nifty Midcap 50
• Thus, a portfolio with a mix exposure of large & mid is better suited
to gain from this upside than an only large cap portfolio. Price to Book Ratio 2.30 1.86
Price to Sales Ratio 1.96 1.64
• For an investor with a moderately high risk appetite, one can choose Price Earnings Ratio (P/E) 21.91 27.09
to invest in: * Average of last 10 years data until Feb 2020
Source: Bloomberg
• Kotak Equity Opportunities Fund - Large & Mid Cap Fund - An open
ended equity scheme investing in both large cap and mid cap stocks Date Large Cap Mid Cap Small Cap
May-20 49% 42.22% 3.49%

• Kotak Equity Opportunities Fund has increased its exposure in mid-
cap category to take advantage of attractive valuations Apr-20 46.61% 42.08% 4%
Source: MFi Explorer
Past Performance is not a guarantee for future return. Mutual fund investments are subject to market risks, read all scheme related documents carefully 49
Kotak Pioneer Fund: An Opportunity to invest in Innovative
Companies with Global Allocation
Disclaimer: All product and company names are trademarks or registered trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them. Logos
displayed on this presentation are the trademarks of their respective owners, and constitute neither an endorsement nor a recommendation of those organizations. In addition, such use of
logos of third-party organizations is not intended to imply, directly or indirectly, that those organizations endorse or have any affiliation with this presentation. The above does not represent or
indicate the prospective fund portfolio. The fund manager reserves the prerogative to alter/modify the investment approach according to the evolving environment while keeping the sanctity of
the investment objective 50
Kotak Equity Arbitrage – A Tax Efficient Alternative To
Liquid Funds For Parking Idle Cash With 6 Months+ Horizon
• The roll spread (annualized) on the arbitrage book is approximately 2.35%. We have reduced our proportion in cash
future arbitrage to 65.9% as rollover spreads were lower compared to average. The rest 34.1% of corpus is invested
in FDs, debt and money market instruments.
• On the last day of May series, market-wide rollovers stands at 91% (vs. average rollovers of 86% seen in last three
series). Stock futures rollovers stand at 94% (vs. average rollovers of 90% seen in last three series).
• As seen in last couple of expiries, returns are higher compared to roll over returns. One of the reason has been the
higher volatility in equity markets which has provided higher churn opportunities and thereby enhanced return.
• Looking at current volatility in market we will advise investors to increase their investment horizon from 3 month to
6 month.
• On the debt side, we continue to run a conservative portfolio as far as credit and duration are concerned. Investors
need to analyze the debt component of arbitrage funds and evaluate if higher returns are a function of credit or
duration risk.
Please click here for detailed performance of the fund: Past Performance is not a guarantee for future return. Mutual fund investments are subject to market risks, read all scheme related documents carefully
51
Should We Invest In Gold ?
52
Gold Corrected In 2008 From June To Sept 2008 And Than Rallied To Life
Time High As Central Banks Cut Interest Rates And Pumped Liquidity
Life time Fall in

High Gold
prices
Gold
correction
in 2008
53
Debt Market Outlook
June 2020
54
Super Surplus Liquidity In The System To Support The
Economy
INR Bn
Banking Liquidity
10,000.00 Liquidity Surplus is here to stay for longer than what market is pricing
8,000.00
6,000.00
6,328.82
4,000.00
2,000.00
(2,000.00)
(4,000.00)
Sep-18
Feb-19
Sep-19
Feb-20
Jun-19
Aug-18
Aug-19
Oct-18
Oct-19
Dec-18
Jan-20
Mar-19
Jul-19
Dec-19
Mar-20
Nov-18
Nov-19
Jan-19
Apr-19
May-19
Apr-20
May-20
55
Source: RBI. As on 29 May 2020
RBI Continues To Do “Whatever It Takes” – Emergency Rate Cut
– Incentivize Banks To Lend To Productive Sectors
RBI has cut repo rate by another 40 basis points, taking the total quantum of rate cuts to 115 basis points since the
Covid-19 crisis hit India. There is room for more policy easing.
Rate Cut 27-Mar-20 17-Apr-20 22-May-20

Repo Rate 4.40% (75bps cut) 4.40% 4% (40bps cut)
Reverse Repo Rate 4% (90bps cut) 3.75% (25bps cut) 3.35% (40bps cut)
56
Source: RBI, Morgan Stanley Research
Food Inflation Rises Owing To Supply Disruptions in April-20
12.0%
10.0% CPI Core CPI

8.0% 5.91%
6.0%
4.0%
2.0% 4.03%
0.0%
Oct-13 May-14 Dec-14 Jul-15 Feb-16 Sep-16 Apr-17 Nov-17 Jun-18 Jan-19 Aug-19 Mar-20
Given the limited transactions of products in the month of April 2020 following the month-wide lockdown, CSO released partial CPI data for April-20. As
mentioned by RBI too, they are looking at inflation in terms of directional data and not on absolute terms.
• Consumer price inflation declined to 5.91% in Mar 2020, from 6.6% in Feb 2020
• Core inflation eased to 4.03% in Mar 2020, from 4.08% in Feb 2020
• Inflation in food and beverages segment rose to 8.6% in April 2020, from 7.82% in Mar 2020
• The rise in food prices was higher in rural areas at 8.8 percent as compared to a rise of 8.32 percent in urban areas
57
Source:
Source: MOSPI, ICRA
Bloomberg
FII Debt Flows – FPI
Trend In Monthly FII Flows (Debt) – USD mn
3,000 2,213
1,500
1,199 1,226 1,593
537 713 381
0
(367) (274)
(1,500) (846) (442) (756)
(1,158) (1,494) (1,434)
(3,000)
(2,695)
(4,500)
(6,000)
(7,500)
(9,000)
(8,680)
(10,500)
Jun-19
Feb-19
Aug-19
Sep-19
Feb-20
Oct-19
Dec-19
Jan-19
Mar-19
May-19
Jul-19
Jan-20
Mar-20
May-20
Nov-19
Apr-19
Apr-20
Source: Axis Capital, SEBI 58
10 Year Gilt Seen Easing
Eased concerns
RBI set the coupon
6.20 over the Centre's
on the new 10-year
fiscal positions Suspects RBI activity in
paper at 5.79% Despite the RBI cutting the repo rate by
the secondary bond
6.15 which was ~20bps 40 basis points, market participants were
market
6.08 below the previous disappointed that it did not announce
6.10 one specific measures to address concerns
over large supply of long-dated securities
6.05 this fiscal
6.00 Concerns over a large supply

of long-dated securities and
5.95 Lack of RBI presence the absence of clear-cut
hits market sentiment measures by the Reserve
Hopeful that the RBI Government hiked the
5.90 would announce another
Bank of India to boost demand
gross market borrowing for dated securities
set of measures to in 2020-21 (Apr-Mar) by
5.85 support the market 4.2 trln rupees, over
5.80 and above the 7.8 trln 5.76
rupees budgeted earlier
5.75
5.70
04-May-20
05-May-20
06-May-20
07-May-20
08-May-20
09-May-20
10-May-20
11-May-20
12-May-20
13-May-20
14-May-20
15-May-20
16-May-20
17-May-20
18-May-20
19-May-20
20-May-20
21-May-20
22-May-20
23-May-20
24-May-20
25-May-20
26-May-20
27-May-20
28-May-20
29-May-20
59
Source: Bloomberg; Data as on 29 May 2020
Steepening of The Yield Curve
The Yield Curve has steepened and probably is one of the steepest recent history. We believe the term premia is quite high
and expected the same to flatten over the year.
The corporate yield curve has fallen more at short end, 10Y G-Sec Yield & 91D T-Bill Yield Movement
resulting in a steeper curve
Source: Bloomberg, CLSA Source: RBI, Bloomberg, Morgan Stanley Research 60

Debt Outlook
• RBI has conducted out of schedule MPC – second time in row -- has shown commitment towards whatever it takes stance. The intent is very clear they shall
keep acting till the desired goals are achieved
• We saw unprecedented swing in the OIL market from ~20 to ~38 dollar a barrel. Overall low OIL price and commodities in general are in favor. The slowdown in
demand has helped to lower the trade deficit eventually leading to surplus in current account.
• Government has announced extra borrowing programme of ~4 lac cr which ideally would have spooked the bond yields massively. However as extra borrowing
was expected and as the banking system is a flush with liquidity and there is an expectation of RBI to step in some form or the other. Hence bond market is
performing orderly. There may be volatility but directional move is down.
• The RBI took some supply side measures to address SDL spread concerns which lead to compression of SDL spreads sooner than later. Currently SDL are trading
at 80 bps spread. We believer now its better to play G sec story as in second half of FY21 the supply of SDL may increase which may lead to spread widening
again.
• Monsoon as predicted by IMD is expected to be normal. On agri side we are comfortable as one crop was bumper and other crop is likely to be equally good.
Over all this will support GDP and food inflation likely to be under control.
 Overall savings are likely to increase in the economy. Real GDP is likely to be flat or negative. In such a scenario overall demand for assets are likely to be much
more than supply. Hence rates are expected to be soft and spreads will see compression over the year .
 The Yield Curve has steepened and probably is one of the steepest recent history 1 yr at 3.50, 6 yr 5.70, 10 yr 5.80, 14 yr at 6.20 and 30 yr 6.60. We believe the
term premia is quite high and expected the same to flatten over the year. We like 6yr, 14yr and 30yr point of the curve. Therefore investors who have appetite
for volatility and who are looking for duration gains, can look to invest in the Gilt and Bond Funds space.
 We believe that opportunities in the 1-3yr yield curve space are a potent option for investors. For this reason, investors with 6 month plus investment
horizon may consider investing in corporate bond space.
 In the same vein, the investment opportunity in short duration bond funds, banking and PSU funds, credit funds and dynamically managed duration funds is
61
still present and becoming more attractive. Investors may look to invest in the funds depending on the scale of risk appetite and the investment horizon.
Kotak MF Mantra: ‘Return of Capital’ is
more important than ‘Return on Capital’
Strong Promoters, Cashflow backed business, Liquidity, and Asset Security are key to our investment ideas
62
Rating & Category Breakup Across Kotak MF Debt Assets
• In these challenging times, we reassure you that we always follow our investment process of focussing on credit quality and liquidity
profile of our debt funds and maintain high degree of transparency for investors. Debt Funds can be broadly divided in two categories -
Credit Risk Funds and Non Credit Risk Funds.
• Liquidity, Maturity profile and Credit quality for Non Credit Risk Funds which constitutes ~ 96% of our debt AUM as on May 29, 2020 is
substantially superior to credit risk funds.
Credit Rating % of Total AUM % of Total

Category Breakup
AUM
Tbill/G-Sec/SDL/AAA/A1+/Cash/NCA 93.13%
AA+ 1.09% Non-Credit Risk Funds 96%
AA 3.41%
AA- 1.14% Credit Risk Funds 4%
Below AA- 1.34%
Grand Total (AUM) (INR Cr) 88,190 Grand Total (AUM) (INR Cr) 88,190
We reassure you that we always follow our investment process of focussing on credit quality and liquidity profile of our debt funds and
maintain high degree of transparency for investors.
Mutual fund investment are subject to market risks, read all scheme related documents carefully. This communication isn't solicitation for investments and is only meant for Kotak MF’s
distributors and investors
Data As on 29 May 2020 63
Liquidity Position Of Kotak MF Debt Funds
As on 29 May 2020
• Our Liquidity profile remains robust
% of AUM in AAA (Long Term) or A1+ (Short

Scheme Category Name of Scheme
Term), Sovereign Debt, Cash & NCA
Non-Credit Strategies
Liquid Fund Kotak Liquid Fund 100.00
Money Market Fund Kotak Money Market Fund 100.00
Corporate Bond Fund Kotak Corporate Bond Fund 100.00
Short Duration Fund Kotak Bond Short Term Fund 100.00
Ultra Short Duration Fund Kotak Savings Fund 91.34
Medium to Long Duration Fund Kotak Bond Fund 88.95
Dynamic Bond Fund Kotak Dynamic Bond Fund 87.17
Banking and PSU Fund Kotak Banking and PSU Debt Fund 81.26
Low Duration Fund Kotak Low Duration Fund 61.31
Credit Strategies
Medium Duration Fund Kotak Medium Term Fund 52.37
Credit Risk Fund Kotak Credit Risk Fund 33.47
We reassure you that we follow our investment process of focusing on credit quality and liquidity profile of our debt funds and maintain
high degree of transparency for investor.
64
Mutual fund investments are subject to market risks, read all scheme related documents carefully.
Kotak MF Debt Funds Are Well Equipped To Meet
Redemption Requirements & Contingencies
 We request for rationality and level-headed approach. Our portfolios are well provided-for normal redemption
requirements, as also for some level of contingencies.
 SEBI regulation allow borrowing up to 20% of net assets of a fund to meet redemption requirements. But when does a
fund need to borrow? - At times due to redemption pressure, yields rise so high that it is more sensible to borrow at
lower cost and meet the redemption rather than to sell.
 We do have multiple credit lines if needed. This also shows the quality of our fund and its liquidity profile even in stressful
times.
 We have done stress test of our portfolio’s to see what is the level of portfolio that we will be able to liquate quickly
and meet redemptions without borrowing in a worst case scenario and the found it encouraging. The liquidity profile of
debt funds have been given in the end of this minutes.
 Having said that we may endeavour to reward the patient investor and share risk with the panicky investor.
 Thus, if we face high redemption requirements, then we may endeavour to sell low credit rating / high credit risk
papers.
 This way, early redeemers may have to exit at lower NAVs.
 Additionally, the incremental proceeds would be invested in higher quality assets.
 Thus patient investors will see their investment portfolio improve rather than deteriorate
Mutual fund investment are subject to market risks, read all scheme related documents carefully. 65
Kotak MF – Our Past Experience
 In past, we had chosen to defer payment rather than have knee-jerk reaction and hurt investors’
interest. Case in point: the issue surrounding delayed payment from Essel group.
o Our six FMPs got affected due to this issue in 2019. Then, we chose to delay marginal redemption
amount, rather than exercise the stock selling of Essel.
o We coordinated with Essel to arrange both capital and late payment interest for our investors.
Had we sold stocks instead, then the under-realization would have resulted in irrecoverable loss
of investors.
o We believe we have a fire proof house. We have done fire drills regularly, but we still don’t want
to see even a spark fly.
In any case, investors’ interests will be primary
Mutual fund investment are subject to market risks, read all scheme related documents carefully. 66
Investment Opportunity
67
Corporate Bonds Spreads – Opportunity Or Threat
AAA vs G-Sec (Maturity 2022/2023) AA vs G-Sec (Maturity 2022/2023)

GSec NABARD NTPC Power Finance Corp GSec UPPCL Vedanta Tata Motors
9.00% 14.00%
8.50% 13.00% 12.90%
8.00% 12.00%
7.50% 11.00%
7.00% 7.07% 10.00% 10.39%
6.50% 9.00% 8.85%
6.00% 5.45% 8.00%
5.50% 7.00%
5.26%
5.00% 6.00%
4.50% 4.69%
5.00%
4.69%
4.00% 4.00%
Q1FY20 Q2FY20 Q3FY20 Q4FY20 30-Apr-20 29-May-20 Q1FY20 Q2FY20 Q3FY20 Q4FY20 30-Apr-20 29-May-20
RBI constantly taking measures seeks to ease the corporate bond spread and gradually banks are expected to lap the
opportunity
68
Source:CRISIL/ICRA. As on 29 May 2020
Bank Perp Spread- Opportunity Or Threat
Perpetual Bonds vs G-Sec (Call Date 2022/2023)

14.00% GSec PNB SBI Union Bank Bank of Baroda
12.00%
11.41%
10.00% 10.23%
8.00% 8.72%
8.14%
6.00%
4.69%
4.00%
Q1FY20 Q2FY20 Q3FY20 Q4FY20 30-Apr-20 29-May-20
• When a bank buys a perp of other bank it means the bank is straight lending capital to other bank. Despite that, banks are queuing
up to take this opportunity.
• Banks understand banks more than any one
• Its often quoted “Don’t go by what they say, but watch what they do”
• Large Banks have bought these assets, this says some thing about the quality of the assets and future too.
69
Source:CRISIL/ICRA. As on 29 May 2020
Yield Across The Segment – Sanity Will Prevail
Yield Curve Across Segment

9.50 3 year AAA 3 year NBFC AAA 3 year AA 3 Year OIS
8.50
6.82
7.50
6.50 6.82
5.50 6.07
4.50
3.90
3.50
Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20
Incremental Earnings%
Fund YTM (As on 29 May 2020) Respective Segment Yields
(Spread)
Kotak Banking & PSU Fund 6.40% 3 Year AAA 6.07% 0.33%
Kotak Low Duration Fund 7.92% 1 Year OIS 3.76% 4.16%
Kotak Credit Risk Fund 9.95% 3 Year AA 6.82% 3.13%
Kotak Medium Term Fund 9.25% 3 Year AA 6.82% 2.43%
Mutual fund investment are subject to market risks, read all scheme related documents carefully.
Source: Bloomberg. Data as on 29 May 2020. Past performance may or may not sustain in the future 70
Kotak Low Duration Fund:
Yield Valuation Matrix – More Attractive Now
Kotak Low Duration Fund (YTM) vs 1 Year AAA

10
Kotak Low Duration Fund - Std - Growth 1 Year AAA
9.5
9
8.5
8 7.92
7.5
7
6.5
6 6.19
5.5
Jun-19
Aug-19
Sep-19
Feb-20
Oct-19
Dec-19
Jul-19
May-19
Nov-19
Jan-20
Mar-20
Apr-20
May-20
• As mentioned in the last month’s presentation, banks demand for 6 month -18 months credit assets has increased significantly
causing gains in Kotak Low Duration Fund.
• Gradually this is expected to extend the gains to the credit risk funds in due time
Mutual fund investment are subject to market risks, read all scheme related documents carefully. Past performance may or may not sustain in the future. 71
Source: Bloomberg, MFi Explorer. Data as on 29 May 2020
Kotak Credit Risk & Kotak Medium Term Fund:
Yield Valuation Matrix – More Attractive Now
Kotak Credit Risk Fund Kotak Medium Term Fund
Kotak Credit Risk Fund - Reg - Growth Kotak Medium Term Fund - Reg - Growth
Spread (Kotak Credit Risk vs 3 Year AAA) Spread (Kotak Medium Term vs 3 Year AAA)
12 11.16
9.95 12 10.51
10 8.71 8.76
8.49 10 8.79 8.78 9.25
8.55
8
8
6 6
4 4
2 2
0
0
Jan-20 Feb-20 Mar-20 Apr-20 May-20
Jan-20 Feb-20 Mar-20 Apr-20 May-20
• This is an investor market and it is time to take contra bets when trader is willing to give steep discount for liquidity
• We have seen that there was a sharp upside in the YTMs which has eased off at the similar pace translating into
reversal of losses. However, there is good amount of scope further. So opportunities exist in this space.
• All regulators are taking measure to bring sanity and we need to take advantage of this anomaly created due to
impatience of others
Mutual fund investment are subject to market risks, read all scheme related documents carefully. Past performance may or may not sustain in the future 72
Source: MFi Explorer, Bloomberg. Data as on 29 May 2020
Major Opportunity Loss For Investors Due To Fearful Flight –
Experiences From Kotak Credit Risk & Kotak Medium Term Debt
Approx
Net Aum outflow Opportunity Loss
1 month Return in 1 month Return
in last week of To this Investor
May 20 (absolute) (annualized)
April-20 Segment by Early
Exit
Kotak Credit Risk 1.97% 23.64% Rs 1424 cr Rs 28 cr
Kotak Medium Term Debt 2.74% 32.86% Rs 633 cr Rs 17 cr
Heavy Redemption pressure by panicky investors caused yield spike.
This allowed opportunistic investors to capture high yields that resulted from selling in the debt market.
Source: Internal, MFi Explorer. Mutual fund investment are subject to market risks, read all scheme related documents carefully. Past performance may or may not sustain in the future. Please
click here and here for detailed performance of the fund
73
Our Credit Funds – Rating Profile
Rating Profile (% of AUM)
Kotak Credit Risk Fund 29-May-20 30-Apr-20 15-Apr-20
AAA/Cash/NCA/SOV 33.22 26.57 25.67
AA/AA+ 27.23 33.69 31.45
AA- & Below 39.54 39.73 42.87
Kotak Medium Term Fund 31-May-20 30-Apr-20 15-Apr-20
AAA/A1+/Cash/NCA/SOV 52.21 49.63 47.59
AA/AA+ 20.55 22.29 29.00
AA- & Below 27.22 28.07 23.41
Mutual fund investment are subject to market risks, read all scheme related documents carefully. Internal Source 74
Credit Profile: There’s More To Our books Than The Cover
The Book Cover What People See
Kotak Credit Risk Kotak Medium Term
Rating Rating
Fund (% of AUM) Fund (% of AUM)
AAA/SOV 25.72 AAA/Sov 42.53
AA/AA+ 27.23 AA/AA+ 20.55
AA- 6.08 AA- 2.88
A+ 26.79 A+ 6.04
A - A 7.97
A- 6.66 A- 10.31
NCA 2.62 NCA 4.62
Cash 4.87 Cash 5.05
Total 100 Total 100
The Actual Story That is There
Issuances by Promoters Set Kotak Credit Risk Kotak Medium
Issuances by Promoters Set
Term
PSU/State Govt. Guaranteed 42.25%
PSU/State Govt.Guaranteed 45.88%
Tata/Reliance/Muthoot/Hero
13.38% Tata/Reliance/Muthoot (Groups) 15.26%
(Groups)
Other AAA 4.24% Other AAA/G-Sec 10.50%
Cash/SOV 9.91% Cash/SOV 9.65%
Total High Quality Assets 69.78% Total High Quality Assets 75
75
Data As on 29 May 2020. Source: MFi Explorer Mutual fund investment are subject to market risks, read all scheme related documents carefully.
YTM At Elevated Levels Despite Better Rating Profile Now
50 Kotak Credit Risk Fund 11.5

High Quality Asset As Percentage of Portfolio (LHS)
45 9.95
High Quality (LHS) YTM (RHS) 11
40 36.32
10.5
35
30 10
YTM
25 9.5
20
9
15
8.5
10
5 8
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Source: Internal Research; High Quality – Sov, A1+, AAA,AA+, & Cash. 76
Kotak Dynamic Bond Fund Has Outperformed Over Long-
Term Since 2017
Rolling Returns (%)
12.00
Scheme Benchmark Alpha
Minimum 7.13 5.99 1.14
11.00 Maximum 10.32 10.81 -0.49
Average 8.68 7.77 0.91
10.00
8.94
9.00
8.00 8.47
7.00
6.00
Kotak Dynamic Bond Fund - Reg - Growth NIFTY Composite Debt Index
5.00
May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 Nov-18 Feb-19 May-19 Aug-19 Nov-19 Feb-20 May-20
 Credit funds carry credit risk and duration/ dynamic funds carry interest rate risk
 Hence our advice to IFA/ distributors is that they allocate clients money in both dynamic and accrual funds from a 3 year perspective
Source: ICRA. As on 29 May 2020. The above returns is daily rolling returns for last 36months. Past Performance is not a guarantee for future return. Mutual fund investments are subject to market
77 risks,
read all scheme related documents carefully. Please click here for detailed performance of the fund
Time To Play On Front Foot (Cautiously)
Time To Notch Up The Risk Appetite One At A Time
Long Duration
Funds
Credit
Risk/Dynamic
Short Debt/Medium
Duration Term
Ultra Short Funds
Term Debt
Liquid Funds Funds
Mutual Fund investments are subject to market risks, read all scheme related documents carefully. Please consult your financial advisor or investment professional for investment decisions. 78
Flows In Indian Debt MF Schemes More Than Doubled In
May-20
Source: AMFI 79
Clarity On Investor Apprehensions With Respect To Their
Investment In Fixed Income Funds
Myth Reality
Forbearance provided by RBI is not applicable on Capital
Corporates don’t need to repay Mutual Funds on maturity Market Instruments such as Non-Convertible Debentures /
date as moratorium applies. Commercial Papers etc. where Fixed Income schemes of
Mutual Funds invest into.
The intent of moratorium provided by RBI is to ensure that
the default does not happen. Further, RBI is doing Targeted
Covid-19 will lead to a series of defaults. Corporates won’t
Long Term Repo Operations (TLTRO) of Rs. 1 Lakh crores in
have liquidity as cash flows dry up.
which Banks will buy NCD/CPs of entities (50% from primary
market and 50% from secondary market)
NAVs of fund, moving up or down is a function of how
Mutual Funds’ Net Asset Values (NAVs) will go down due to interest rates move, or how a credit asset behaves – the
COVID related uncertainty. current volatility is largely attributed to steep rise in interest
rates and nothing to do with credit defaults.
Not true (Annualised Standard Deviation of Nifty 50 TRI is
20.58 Vs Nifty All Duration G-Sec Index is 3.53, as on 30
Fixed Income Funds are more volatile than equity funds. April,2020)* it is important to stay the course in any asset
class, including Fixed Income to realise the true potential of
the category.
*Nifty 50 TRI Standard Deviation is calculated on the basis of 3 year month on month rolling returns and Nifty All duration G-Sec Index is calculated on the basis of 1
year month on month rolling returns as on 30 April,2020. Source: ICRA 80
Key Recommendations
Segment Scheme Rationale

Accrual Kotak Credit Risk Fund / Investment for higher
Play Kotak Medium Term Fund accrual
Investment for asset

Asset Allocation Kotak Debt Hybrid Fund
allocation
Kotak Savings Fund / Kotak Low Duration Fund / Parking of surplus

Kotak Corporate Bond Fund cash
Short Term Parking of
Funds Parking of surplus
Kotak Equity Arbitrage Fund cash with equity
taxation status
Investment for Active
Kotak Dynamic Bond Fund
Duration Management
Investment for shorter
Duration Play Kotak Bond Short Term Fund
maturities
Investment for longer
Kotak Bond Fund
maturities
81
ANNEXURES
82
SIP Pause Facility
Kotak Mutual Fund Offers SIP Pause Facility
• We understand in times like these, some of you might have a high liquidity requirement.
• There is NO NEED TO STOP THE SIP, you can PAUSE THE SIP for a particular period of
time.
• Please note:
SIP Pause facility would allow existing investor to ‘Pause’ their SIP for a specified period
of time i.e. Minimum 1 Month and Maximum 6 Months
Please consult your financial advisor or investment professional for investment decisions. Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
83
SIP Pause and Cancellation Facility
SIP Pause or Cancellation facility is provided to Investors in their post login section of Kotak Mutual Fund App and
Website.
Steps to Pause SIP Steps to Cancel SIP
 Logon to Kotak Mutual fund Website/App  Logon to Kotak Mutual fund Website/App
 Choose SIP Pause option from Menu  Choose Systematic Transaction from Menu
 Select the Folio number  Choose Cancellation of Systematic registration
 Choose the SIP that you would like to pause  Choose Systematic Investment Plan
 You can Pause your SIP for a Maximum period  Select the mode of SIP (Online/Offline)
of 6 Installments  Choose the SIP that you would like to Cancel
84
Business Hub
An Initiative by Kotak Mutual Fund to Support Distributor's to Improve the efficiency in their Business
Logon to https://kotakmfadvisor.com
Key Features of Business Hub Include
Initiate Transaction Business Opportunity
Existing Investors  SIP Ceased

 Inactive Investors
 Lumpsum
 Switch  SIP Upcoming Maturity
 Redeem  Zero Balance Investor
 SIP
 STP  Equity Only Investor
 SWP  Debt Only Investor
New Investors
 ELSS Opportunity
 Lumpsum  Liquid Investor
 SIP
 Zero Balance Folio And much more business data
85
Prostart – Video Learning Platform
VIEWERSHIP
34,000 +
UNIQUE IFA’S
2,000 +
MODULES LAUNCHED
4
# LOG ON TO BUSINESS HUB TO ACCESS PROSTART
86
Existing & Upcoming Video Modules in Prostart
Existing Video Modules In Prostart

UNDERSTANDING RISK IN
FINANCIAL PLANNING SOCIAL MEDIA MARKETING TAXATION IN MF’S
MF’S
10 VIDEOS 14 VIDEOS 2 VIDEOS
5 VIDEOS
ENGLISH + HINDI ENGLISH + HINDI ENGLISH
ENGLISH
Upcoming Video Modules In Prostart
SUCCESS
DEBT
IN
DEMYSTIFIED
SUCCESSION
87
Stay Updated ! Follow us at Kotak Mutual Fund
Click here to visit our Youtube Channel
Equity Market Outlook – June 2020 Product Video
Uncertain Times, Uncertain Financial Markets

Debt Market Outlook – May 2020 Investor Education
Growth Option With SWP by Ms. Lakshmi Iyer

Why invest in Small and Midcap fund now?
88
Economic Package Announced By Government & RBI
Source: India Ministry of Finance, RaboResearch 89

FPI/FII Sectoral Trends
Sectors AUC ($,mn) % of AUC Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20
Automobiles 14,339 4% -131 53 158 -295 -478 -255
Pharma 17,512 5% -85 -107 -35 -160 -253 -212
IT 40,117 12% -285 687 295 32 -826 -170
Retail 8,502 3% -87 -11 -68 286 -204 -150
Construction Materials 5,523 2% 2 -107 0 -127 -375 -133
Utilities 9,081 3% -103 61 -125 61 -166 -122
Metals and Mining 4,567 1% 33 17 -131 -88 -229 -109
Banks & Fin Service 107144 33% 2339 518 -185 -217 -2669 -100
Telecom 10,057 3% -45 -210 254 104 -106 -64
Media 2,116 1% 599 -8 36 1 -15 24
Consumer Durables 6,496 2% 30 111 -27 -35 11 51
Oil & Gas 35,633 11% 582 295 413 187 -1306 174
FMCG 26,905 8% -251 -239 -248 -409 -444 385
Total 322,572
Note: AUC – Asset under custody , All above data is in Million Dollar
Source : JM Financial 90
Real GDP Growth And GVA Forecasts - Shows Degrowth
Source: CEIC, Citi Research 91

Key Variables & Their Impact On Equities
Short - Medium –
Key Variables Remarks
term term
Near-term growth might get impacted due to Coronavirus scare, but
Economy many reforms like IBC, GST, RERA to improve longer term growth
trajectory
Strong medium term earning growth trajectory, as previous cycle of NPA
ends and capacity utilization improves. Will also be aided by recent tax
Corporate Earnings
cuts
India stands out among global asset classes with prospects of strong
FII Flow long term growth given favorable demographics
DII Flow Long runaway of growth in financialization of savings
Higher disinvestment target and repair of leveraged balance sheet to

Supply of paper create supply in markets
Policy/Reform Initiative Now that elections are over, expect improved reform momentum
Signify Growth 92
Key Variables & Their Impact On Interest Rates
Short Term Medium Term
Key Variables Remarks –( Denotes fall in Interest Rates )
(3-6mo) (6mo-2yrs)
Due to covid full data on headline CPI/WPI was not available hence the RBI has decided to look towards the
Inflation inflation trajectory vs near term numbers. We continue to believe that inflation is likely to remain benign from
MPC perspective.
Near term INR likely to be under pressure due to global pressures as EM witnesses outflows. Moody's has
Rupee downgraded India and now they are in line with other rating agencies. As FPI have been sellers of bonds and
RBI has good FX reserves we not vulnerable to this action.
Credit growth has slowed down significantly and Covid 19- lock down all over has added to it a lot. Globally
Credit Demand situation is similar and this may accentuate the situation further however easy rates may help some demand
pickup post the lock down is lifted till then credit growth will not impact rates negatively.
Government has decided to increase the Govt Borrowing programme by ~4 lac cr. The was a very large number
by any means. However as the Market is a flush liquidity and there is an expectation of RBI to step in some
Government Borrowing form or the other hence bond market is performing orderly. There may be volatility but directional move is
down.
RBI preponed the MPC came stronger than expectations, we may not get more cuts immediately but measures
RBI Policy such as OMO and operation twist will continue and stance is expected to remain soft for the remaining part of
the year.
The global lockdown and most aggressive action in terms of cut in rates and other measures to contain rates
Global Event Risk lower will help India too.
GDP is expected to contract this year and this an un presented phenomena. This will lead to demand for
Corporate bond Spread relatively safer assets hence spreads compression is likely to happen over and above this the RBI announced
additional measures such as incremental TLTRO will keep increasing demand for assets from from the market.
Too many moving parts are making diff for any one to take a call outside the own country. We believe we will
Debt FII flow have to wait till the index inclusion happens for sustainable flows.
With Cut in CRR, LTRO and TLTRO Liquidity has been flushed in the banking system is expected to remain in
Liquidity SUPER surplus zone. It is therefore likely to have a positive impact on Interest rates 93
Sensex in ‘Fair Value Plus’ Range in P/E Terms
12-month Forward Sensex P/E (X)

42000
38000
Stretched 20x - 24x
34000
30000 Fair Value Plus 17x - 20x
26000
Fair 13x - 17x
22000
Attractive 10x - 13x
18000
14000 Cheap 8x - 10x
10000
Nov-17
Nov-18
May-19
May-18
May-20
Feb-18
Sep-19
Feb-20
Sep-17
Sep-18
Feb-19
Aug-17
Oct-17
Aug-18
Aug-19
Oct-19
Jun-17
Jun-18
Jun-19
Jul-19
Jul-17
Jul-18
Apr-18
Apr-20
Apr-19
Mar-18
Mar-19
Mar-20
Dec-17
Dec-18
Dec-19
Jan-19
Jan-18
Jan-20
94
Source: Axis Capital , Internal Estimates
Performance Of Sensex And Nifty Indices
Source: Bloomberg, Kotak Institutional Equities

95
Disclaimers & Disclosures
96
Disclaimers & Risk Factors
The information contained in this (document) is extracted from different public sources. All reasonable care has been taken to ensure that the information contained herein
is not misleading or untrue at the time of publication. This is for the information of the person to whom it is provided without any liability whatsoever on the part of Kotak
Mahindra Asset Management Co Ltd or any associated companies or any employee thereof.We are not soliciting any action based on this material and is for general
information only. Investors should consult their financial advisors if in doubt about whether the product is suitable for them before investing
These materials are not intended for distribution to or use by any person in any jurisdiction where such distribution would be contrary to local law or regulation. The
distribution of this document in certain jurisdictions may be restricted or totally prohibited and accordingly, persons who come into possession of this document are
required to inform themselves about, and to observe, any such restrictions
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
97
Kotak Dynamic Bond Fund As on 29 May 2020
Kotak Dynamic Bond Fund - NIFTY Composite Debt CRISIL 1 Year Kotak Dynamic Bond Fund - NIFTY Composite Debt
May 26, 2008 ALPHA CRISIL 1 Year TBill
Growth Index TBill Growth Index
Since
8.79% 8.65% 0.14% 6.67% 27,522 27,091 21,733
Inception
Last 1 Year 11.09% 12.86% -1.77% 8.01% 11,109 11,286 10,801
Last 3 Years 8.94% 8.50% 0.45% 7.24% 12,927 12,769 12,331
Last 5 Years 9.43% 8.76% 0.67% 7.21% 15,700 15,223 14,172
Scheme Inception date is 26/05/2008. Mr. Deepak Agrawal has been managing the fund since 25/11/2012. Different plans have different expense structure. The performance details provided herein
are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1
year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source:
ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. The performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark. Alpha is
difference of scheme return with benchmark return.
Systematic Investment Plan (SIP) If you had invested Rs 10,000 every month
Monthly SIP of Rs 10000 Since Inception 10 years 7 years 5 years 3 years 1 year
Total amount invested (Rs) 1,450,000 1,200,000 840,000 600,000 360,000 120,000
Total Value as on May 29, 2020 (Rs) 2,591,974 1,950,916 1,176,641 763,550 420,381 127,064
Scheme Returns (%) 9.19 9.40 9.49 9.60 10.38 11.26
Nifty Composite Debt Index Returns (%) 8.58 8.73 8.84 8.72 9.75 10.63
Alpha* 0.61 0.67 0.64 0.88 0.64 0.63
Nifty Composite Debt Index (Rs)# 2,475,185 1,870,661 1,142,391 742,146 413,519 125,750
CRISIL 1 Year T-Bill Index (Rs)^ 2,262,063 1,748,606 1,091,313 721,542 404,727 125,365
CRISIL 1 Year T-Bill Index Returns (%) 7.09 7.32 7.37 7.33 7.79 8.52
Scheme Inception : - May 26, 2008. The returns are calculated by XIRR approach assuming investment of Rs. 10,000/- on the 1st working day of every month. XIRR helps in
calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception
returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # Benchmark ; ^ Additional Benchmark. Alpha is difference of scheme
98
return with benchmark return.
Kotak Credit Risk Fund Performance As on 29 May 2020
Kotak Credit Risk Fund
Kotak Credit Risk Fund - NIFTY Credit Risk Bond CRISIL 1 Year NIFTY Credit Risk Bond
May 11, 2010 ALPHA Kotak Credit Risk Fund - Growth CRISIL 1 Year TBill
Growth Index TBill Index
Since
8.05% 9.23% -1.18% 6.96% 21,785 24,304 19,666
Inception
Last 1 Year 5.63% 9.42% -3.79% 8.01% 10,563 10,942 10,801
Last 3 Years 6.26% 8.11% -1.85% 7.24% 11,996 12,633 12,331
Last 5 Years 7.56% 8.74% -1.18% 7.21% 14,403 15,208 14,172
Scheme Inception date is 11/05/2010. Mr. Deepak Agrawal has been managing the fund since 12/04/2010. Different plans have different expense structure. The performance details provided herein are of
regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR
(Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. #
Name of Scheme Benchmark. ## Name of Additional Benchmark. The performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark. Alpha is difference of scheme return
with benchmark return
Scheme Returns (%) 7.88 7.87 7.39 6.72 6.05 3.38
NIFTY Credit Risk Bond Index Returns (%) 9.18 9.18 8.89 8.57 8.73 9.57
Alpha* -1.31 NA -1.49 -1.86 -2.68 -6.19
NIFTY Credit Risk Bond Index (Rs)# 1,952,698 1,928,395 1,151,961 744,283 410,369 126,023
CRISIL 1 Year T-Bill Index (Rs)^ 1,768,272 1,748,606 1,091,313 721,542 404,727 125,365
CRISIL 1 Year T-Bill Index (%) 7.31 7.32 7.37 7.33 7.79 8.52
Scheme Inception : - May 11, 2010. The returns are calculated by XIRR approach assuming investment of Rs. 10,000/- on the 1st working day of every month. XIRR helps in calculating return on
investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from
the beginning of the subsequent month from the date of inception. # Benchmark ; ^ Additional Benchmark. Alpha is difference of scheme return with benchmark return.
99
Kotak Medium Term Fund Performance As on 29 May 2020
NIFTY Medium Duration Debt Kotak Medium Term NIFTY Medium
Mar 21, 2014 Kotak Medium Term Fund - Growth Index ALPHA CRISIL 10 Year Gilt Fund - Growth Duration Debt Index CRISIL 10 Year Gilt
Since Inception 8.05% 9.24% -1.18% 9.18% 16,159 17,287 17,231
Last 1 Year 4.22% 12.03% -7.81% 13.02% 10,422 11,203 11,302
Last 3 Years 5.63% 8.39% -2.77% 7.38% 11,783 12,732 12,378
Last 5 Years 7.23% 8.64% -1.42% 8.29% 14,179 15,143 14,901
Scheme Inception date is 21/03/2014. Mr. Deepak Agrawal has been managing the fund since 22/06/2015.Different plans have different expense structure. The performance details provided herein are of
Name of Scheme Benchmark. ## Name of Additional Benchmark. The performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark. Alpha is difference of scheme return
with benchmark return
Kotak Medium Term Fund
Total amount invested (Rs) 750,000 NA NA 600,000 360,000 120,000
Total Value as on May 29, 2020 (Rs) 929,791 NA NA 702,009 390,879 122,575
Scheme Returns (%) 6.80 NA NA 6.23 5.44 4.06
Nifty Medium Duration Index Returns (%) 8.99 NA NA 9.03 10.09 12.81
Alpha* -2.19 NA NA -2.80 -4.65 -8.75
Nifty Medium Duration Index (Rs)# 996,389 NA NA 752,791 418,635 128,029
CRISIL 10 Year Gilt Index (Rs)^ 992,186 NA NA 750,061 422,608 128,014
CRISIL 10 Year Gilt Index Returns (%) 8.86 NA NA 8.89 10.74 12.80
Scheme Inception : - March 21, 2014. The returns are calculated by XIRR approach assuming investment of Rs. 10,000/- on the 1st working day of every month. XIRR helps in calculating return on
investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from
the beginning of the subsequent month from the date of inception. # Benchmark ; ^ Additional Benchmark. Alpha is difference of scheme return with benchmark return.
100
Kotak Emerging Equity Fund Performance As on 29 May 2020
Mar 30, Kotak Emerging Equity Fund - Nifty Midcap 100 Kotak Emerging Equity Fund - Nifty Midcap 100
ALPHA Nifty 50 TRI Nifty 50 TRI
2007 Growth TRI Growth TRI
Since
9.39% 9.32% 0.08% 8.51% 32,634 32,339 29,318
Inception
Last 1 Year -16.76% -25.18% 8.42% -18.57% 8,324 7,482 8,143
Last 3 Years -3.25% -7.89% 4.64% 1.23% 9,056 7,817 10,372
Last 5 Years 4.79% 1.28% 3.51% 3.93% 12,641 10,657 12,126
Scheme Inception date is 30/03/2007. Mr. Pankaj Tibrewal has been managing the fund since 27/05/2010. Different plans have different expense structure. The performance details
provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the
then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of
10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. TRI Total Return Index, In terms of SEBI circular
dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). Alpha is
difference of scheme return with benchmark return.
Kotak Emerging Equity Scheme

Scheme Returns (%) 11.26 10.81 7.29 -0.88 -9.38 -22.23
Nifty Midcap 100 (TRI) Returns (%) 7.37 5.13 1.30 -6.15 -16.34 -27.59
Alpha* 3.89 5.67 5.99 5.27 6.96 5.35
Nifty Midcap 100 (TRI) (Rs)# 2,648,399 1,560,281 879,427 512,985 277,108 101,499
Nifty 50 (TRI) (Rs)^ 2,691,046 1,677,504 975,953 620,547 327,748 105,176
Nifty 50 (TRI) Returns (%) 7.59 6.53 4.23 1.33 -6.03 -22.34
Scheme Inception : - March 30, 2007. The returns are calculated by XIRR approach assuming investment of Rs.10,000/- on the 1st working day of every month. XIRR helps in calculating
return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are
assumed to be starting from the beginning of the subsequent month from the date of inception. # Benchmark ; ^ Additional Benchmark TRI Total Return Index, In terms of SEBI circular
dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). Alpha is
difference of scheme return with benchmark return. 101
Kotak Smallcap Fund Performance as on 29 May 2020
NIFTY Smallcap 100 NIFTY Smallcap
Feb 24, 2005 Kotak Smallcap Fund - Growth ALPHA Nifty 50 TRI Kotak Smallcap Fund - Growth Nifty 50 TRI
TRI 100 TRI
Since
12.05% 8.28% 3.77% 12.00% 56,804 33,684 56,453
Inception
Last 1 Year -21.62% -37.97% 16.35% -18.57% 7,838 6,203 8,143
Last 3 Years -7.77% -16.80% 9.03% 1.23% 7,847 5,763 10,372
Last 5 Years 1.92% -5.34% 7.27% 3.93% 10,999 7,596 12,126
Scheme Inception date is 24/02/2005. Mr. Pankaj Tibrewal has been managing the fund since 21/01/2010.
Different plans have different expense structure. The performance details provided herein are of regular plan.
^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR
(Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer.
# Name of Scheme Benchmark. ## Name of Additional Benchmark. TRI Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total
Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). Alpha is difference of scheme return with benchmark return.
Kotak Smallcap Fund (Previously known as Kotak Midcap)

Total Value as on May 29, 2020 (Rs) 3,972,454 1,740,472 931,611 525,414 285,695 100,961
Scheme Returns (%) 9.39 7.23 2.92 -5.22 -14.51 -28.35
NIFTY Smallcap 100 (TRI) Returns (%) 2.83 -1.37 -6.61 -15.51 -28.08 -41.79
Alpha* 6.57 8.60 9.54 10.30 13.57 13.44
NIFTY Smallcap 100 (TRI) (Rs)# 2,298,626 1,120,157 665,844 403,118 226,126 91,081
Nifty 50 (TRI) (Rs)^ 3,726,862 1,677,504 975,953 620,547 327,748 105,176
Scheme Inception : - February 24,2005. The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments
given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the
subsequent month from the date of inception. # Benchmark ; ^ Additional Benchmark TRI Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to
the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). Alpha is difference of scheme return with benchmark return.
102
Kotak Standard Multicap Fund Performance as on 29 May 2020
Kotak Standard Multicap Fund - Kotak Standard Multicap Fund -
Sep 11, 2009 Growth Nifty 200 TRI ALPHA Nifty 50 TRI Growth Nifty 200 TRI Nifty 50 TRI
Since
Inception 10.79% 7.97% 2.82% 7.88% 29,994 22,751 22,561
Last 1 Year -18.53% -18.60% 0.07% -18.57% 8,147 8,140 8,143
Last 3 Years -0.65% -0.10% -0.55% 1.23% 9,805 9,969 10,372
Last 5 Years 5.51% 3.78% 1.73% 3.93% 13,080 12,040 12,126
Scheme Inception date is 11/09/2009. Mr. Harsha Upadhyaya has been managing the fund since 04/08/2012. Different plans have different expense structure. The performance details provided herein
year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA
MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Kotak Select Focus Fund is renamed as Kotak Standard Multicap Fund with effect from 25th May 2018. TRI Total Return
Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI).
Alpha is difference of scheme return with benchmark return.
Kotak Standard Multicap Fund (Previously known as Kotak Select Focus Fund)
Scheme Returns (%) 9.96 9.78 6.58 1.28 -6.73 -22.00
Alpha* 3.15 3.14 2.47 0.86 0.75 -0.02
Nifty 200 (TRI) (Rs)# 1,880,866 1,687,134 971,751 606,406 320,274 105,419
Nifty 50 (TRI) (Rs)^ 1,872,583 1,677,504 975,953 620,547 327,748 105,176
Scheme Inception : - September 11, 2009. The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working day of every month. XIRR helps in calculating return on
investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the
beginning of the subsequent month from the date of inception. # Benchmark ; ^ Additional Benchmark TRI Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the
scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI)
103
Kotak Equity Opportunities Fund Performance as on 29 May 2020
Kotak Equity Opportunities Fund - Kotak Equity Opportunities Fund
Sep 09, 2004 Nifty 200 TRI ALPHA Nifty 50 TRI Nifty 200 TRI Nifty 50 TRI
Growth - Growth
Since
16.21% 13.01% 3.20% 13.25% 106,206 68,479 70,792
Inception
Last 1 Year -13.81% -18.60% 4.78% -18.57% 8,619 8,140 8,143
Last 3 Years -0.51% -0.10% -0.40% 1.23% 9,849 9,969 10,372
Last 5 Years 5.18% 3.78% 1.40% 3.93% 12,875 12,040 12,126
Scheme Inception date is 09/09/2004. Mr. Harsha Upadhyaya has been managing the fund since 04/08/2012. Different plans have different expense structure. The performance details provided herein
year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA
MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.
TRI Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return
Variant (PRI). Alpha is difference of scheme return with benchmark return.
Kotak Equity Opportunities Fund (Previously known as Kotak Opportunities - Growth)

Scheme Returns (%) 11.42 8.89 6.36 1.83 -5.05 -16.79
Alpha* 2.45 2.26 2.25 1.41 2.43 5.20
Nifty 200 (TRI) (Rs)# 4,020,131 1,687,134 971,751 606,406 320,274 105,419
Nifty 50 (TRI) (Rs)^ 4,042,396 1,677,504 975,953 620,547 327,748 105,176
Scheme Inception : - September 09, 2004. The returns are calculated by XIRR approach assuming investment of Rs. 10,000/- on the 1st working day of every month. XIRR helps in calculating return on
beginning of the subsequent month from the date of inception. # Benchmark ; ^ Additional Benchmark TRI - Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the
scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). Alpha is difference of scheme return with benchmark return
104
Kotak Tax Saver Fund Performance as on 29 May 2020
Nov 23, 2005 Kotak Tax Saver Fund - Growth Nifty 500 TRI ALPHA Nifty 50 TRI Kotak Tax Saver Fund - Growth Nifty 500 TRI Nifty 50 TRI
Since
9.61% 10.27% -0.66% 10.72% 37,921 41,351 43,898
Inception
Last 1 Year -17.12% -19.17% 2.05% -18.57% 8,288 8,083 8,143
Last 3 Years -1.18% -0.93% -0.25% 1.23% 9,651 9,725 10,372
Last 5 Years 3.99% 3.62% 0.37% 3.93% 12,165 11,951 12,126
Scheme Inception date is 23/11/2005. Mr. Harsha Upadhyaya has been managing the fund since 25/08/2015. Different plans have different expense structure. The performance details provided herein are of
Name of Scheme Benchmark. ## Name of Additional Benchmark. TRI Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return
variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). Alpha is difference of scheme return with benchmark return.
Kotak Tax Saver
Scheme Returns (%) 8.39 7.71 5.63 0.74 -6.31 -21.28
Nifty 500 (TRI) Returns (%) 7.95 6.47 3.86 -0.20 -8.42 -22.51
Alpha* 0.44 1.24 1.77 0.94 2.10 1.23
Nifty 500 (TRI) (Rs)# 3,227,074 1,673,029 963,142 596,998 315,503 105,059
Nifty 50 (TRI) (Rs)^ 3,246,168 1,677,504 975,953 620,547 327,748 105,176
Scheme Inception : - November 23, 2005. The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working day of every month. XIRR helps in calculating return on
beginning of the subsequent month from the date of inception. # Benchmark ; ^ Additional Benchmark TRI Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme
is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). Alpha is difference of scheme return with benchmark return
105
Kotak Balanced Advantage Fund Performance as on 29 May 2020
NIFTY 50 Hybrid
Kotak Balanced Advantage Fund Kotak Balanced Advantage NIFTY 50 Hybrid Composite
Aug 03, 2018 Composite Debt 50:50 ALPHA Nifty 50 TRI Nifty 50 TRI
- Growth Fund - Growth Debt 50:50 Index
Index
Since Inception 0.65% 2.66% -2.01% -7.88% 10,119 10,490 8,612
Last 1 Year -4.97% -2.44% -2.53% -18.57% 9,503 9,756 8,143
Last 3 Years NA NA NA NA NA NA NA
Last 5 Years NA NA NA NA NA NA NA
Scheme Inception date is 03/08/2018. Mr. Harish Krishnan, Mr. Abhishek Bisen have been managing the fund since 03/08/2018. Mr. Hiten Shah has been managing the fund since 03/10/2019.
Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period
have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point
(PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Alpha is difference of
scheme return with benchmark return
Kotak Balanced Advantage Fund
Total amount invested (Rs) 220,000 NA NA NA NA 120,000
Total Value as on May 29, 2020 (Rs) 215,386 NA NA NA NA 114,781
Scheme Returns (%) -2.22 NA NA NA NA -8.07
NIFTY 50 Hybrid Composite Debt 50:50 Index Returns (%) 0.86 NA NA NA NA -3.81
Alpha* -3.08 NA NA NA NA -4.26
NIFTY 50 Hybrid Composite Debt 50:50 Index (Rs)# 221,800 NA NA NA NA 117,551
Nifty 50 (TRI) (Rs)^ 192,907 NA NA NA NA 105,176
Nifty 50 (TRI) Returns (%) -13.18 NA NA NA NA -22.34
Scheme Inception : - August 03,2018. The returns are calculated by XIRR approach assuming investment of Rs. 10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments
given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the
subsequent month from the date of inception. # Benchmark ; ^ Additional Benchmark TRI - Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked
to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). The debt component of the index is TRI since inception. *All payouts during the period have been reinvested in
the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the
value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Alpha is difference of scheme return with benchmark return
106
Kotak Equity Savings Fund Performance as on 29 May 2020
Oct 13, Kotak Equity Savings Fund - 75% NIFTY 50 ARBITRAGE + 25% Nifty 50 Kotak Equity Savings Fund - 75% NIFTY 50 ARBITRAGE + 25%
ALPHA Nifty 50 TRI
2014 Growth Nifty 50 TRI TRI Growth Nifty 50 TRI
Since
6.42% 5.94% 0.48% 4.80% 14,198 13,841 13,023
Inception
Last 1 Year -1.23% -0.57% -0.67% -18.57% 9,877 9,943 8,143
Last 3 Years 4.47% 4.64% -0.17% 1.23% 11,401 11,457 10,372
Last 5 Years 5.80% 5.45% 0.35% 3.93% 13,260 13,045 12,126
Scheme Inception date is 13/10/2014. Mr. Harish Krishnan has been managing the fund since 09/05/2019. Mr. Abhishek Bisen has been managing the fund since 17/09/2014. Mr. Hiten Shah
has been managing the fund since 03/10/2019.
Different plans have different expense structure. The performance details provided herein are of regular plan
(Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI
Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.
TRI - Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price
Return Variant (PRI). Alpha is difference of scheme return with benchmark return.
Kotak Equity Savings Fund
Total amount invested (Rs) 6,80,000 NA NA 6,00,000 3,60,000 1,20,000
Total Value as on May 29, 2020 (Rs) 7,83,190 NA NA 6,73,991 3,72,359 1,18,455
Scheme Returns (%) 4.94 NA NA 4.61 2.21 -2.41
75% NIFTY 50 ARBITRAGE + 25% Nifty 50 Returns (%) 4.92 NA NA 4.73 3.07 -1.83
Alpha* 0.02 NA NA -0.12 -0.85 -0.58
75% NIFTY 50 ARBITRAGE + 25% Nifty 50 (Rs)# 7,82,803 NA NA 6,76,006 3,77,194 1,18,828
Nifty 50 (TRI) (Rs)^ 7,17,578 NA NA 6,20,547 3,27,748 1,05,176
Nifty 50 (TRI) Returns (%) 1.88 NA NA 1.33 -6.03 -22.34
Scheme Inception : - October 13, 2014. The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working day of every month. XIRR helps in calculating return on
beginning of the subsequent month from the date of inception. # Benchmark ; ^ Additional Benchmark TRI 􀁋 Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of
the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). Alpha is difference of scheme return with benchmark return. 107
Kotak Debt Hybrid Fund Performance as on 29 May 2020
Kotak Debt Hybrid Fund - CRISIL Hybrid 85+15 - Kotak Debt Hybrid Fund CRISIL Hybrid 85+15 -
Dec 02, 2003 ALPHA CRISIL 10 Year Gilt CRISIL 10 Year Gilt
Growth Conservative Index - Growth Conservative Index
Since
7.43% 8.32% -0.89% 6.05% 32,631 37,407 26,355
Inception
Last 1 Year 4.25% 8.66% -4.41% 13.02% 10,425 10,866 11,302
Last 3 Years 4.55% 7.71% -3.17% 7.38% 11,425 12,494 12,378
Last 5 Years 6.88% 8.65% -1.77% 8.29% 13,953 15,149 14,901
Scheme Inception date is 02/12/2003. Mr. Abhishek Bisen has been managing the fund since 01/04/2008. Mr. Devender Singhal has been managing the fund since 25/08/2015.
Different plans have different expense structure. The performance details provided herein are of regular plan
(Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI
Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.
The performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark. Alpha is difference of scheme return with benchmark return.
TRI - Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return
Variant (PRI).
The debt component of the index is TRI since inception. For equity component of the index, as TRI data is not available since inception of the scheme, benchmark performance is calculated using
composite CAGR of S&P BSE 200 PRI values series is used till 31st July 2006 and TRI values is used since 1st Aug 2006. Alpha is difference of scheme return with benchmark return.
Kotak Debt Hybrid
Total amount invested (Rs) 19,80,000 12,00,000 8,40,000 6,00,000 3,60,000 1,20,000
Total Value as on May 29, 2020 (Rs) 38,45,594 18,00,149 10,80,795 6,95,286 3,86,213 1,21,860
Scheme Returns (%) 7.56 7.88 7.10 5.85 4.64 2.93
CRISIL Hybrid 85+15 - Conservative Index Returns (%) 8.70 9.13 9.10 8.63 8.68 8.92
Alpha* -1.14 -1.25 -2.00 -2.78 -4.04 -5.99
CRISIL Hybrid 85+15 - Conservative Index (Rs)# 42,73,247 19,22,808 11,60,443 7,45,243 4,10,033 1,25,618
CRISIL 10 Year Gilt Index (Rs)^ 37,39,102 18,30,253 11,46,740 7,50,122 4,22,669 1,28,014
CRISIL 10 Year Gilt Index Returns (%) 7.26 8.19 8.76 8.89 10.75 12.80
Scheme Inception : - December 02, 2003. The returns are calculated by XIRR approach assuming investment of Rs. 10,000/- on the 1st working day of every month. XIRR helps in calculating return on
beginning of the subsequent month from the date of inception. # Benchmark ; ^ Additional Benchmark. Alpha is difference of scheme return with benchmark return. 108
Kotak Equity Arbitrage Fund Performance as on 29 May 2020
Kotak Equity Arbitrage Fund - Nifty 50 Arbitrage Kotak Equity Arbitrage Fund - Nifty 50 Arbitrage
Sep 29, 2005 Growth Index ALPHA Nifty 50 TRI Growth Index Nifty 50 TRI
Since Inception 7.38% NA NA 10.60% 28,427 NA 43,875
Last 1 Year 6.18% 5.04% 1.14% -18.57% 10,618 10,504 8,143
Last 3 Years 6.35% 5.26% 1.10% 1.23% 12,027 11,660 10,372
Last 5 Years 6.37% 5.53% 0.84% 3.93% 13,621 13,092 12,126
Scheme Inception date is 29/09/2005. Mr. Hiten Shah has been managing the fund since 03/10/2019. Different plans have different expense structure. The performance details provided herein are of
(Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer.
# Name of Scheme Benchmark. ## Name of Additional Benchmark. TRI Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total
Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). Alpha is difference of scheme return with benchmark return.
109
Funds Managed by Mr. Deepak Agarwal
1 YEAR 3 YEARS 5 YEARS Since Inception

Benchmark Benchmark Benchmark Benchmark
Scheme Names
Scheme Returns Scheme Returns Scheme Returns Scheme Returns
Returns(%)^ (%)^* Returns(%)^ (%)^* Returns(%)^ (%)^* Returns(%)^ (%)^*
Kotak Dynamic Bond Fund - Growth 11.09 12.86 8.94 8.50 9.43 8.76 8.79 8.65
Kotak Banking and PSU Debt Fund - 10.91
Top 3
Growth 10.57 8.57 8.57 8.66 8.76 7.57 NA
Kotak Bond Short Term Fund - Growth 9.81 9.77 7.74 8.03 7.99 8.18 7.79 7.98
Kotak Liquid Fund - Growth 5.63 5.64 6.63 6.59 6.99 6.89 7.33 7.35
Bottom 3 Kotak Overnight Fund - Growth 4.62 4.71 NA NA NA NA 5.06 5.16
Kotak Medium Term Fund - Growth 4.22 12.03 5.63 8.39 7.23 8.64 8.05 9.24
Mr. Deepak Agrawal manages 12 & All FMPs funds of Kotak Mahindra Mutual Fund. Different plans shall have a different expense structure. The performance details provided
herein are of regular plan.
Kotak Dynamic Bond Fund - Growth (Erstwhile Flexi Debt Fund), *Name of the Benchmark - Nifty Composite Debt Index, Scheme Inception date is 26/05/2008. Mr. Deepak Agrawal has
been managing the fund since 25/11/2012.
Kotak Banking and PSU Debt Fund - Growth, *Name of the Benchmark - CRISIL Banking and PSU Debt Index, Scheme Inception date is 29/12/1998. Mr. Deepak Agrawal has been
managing the fund since 01/08/2008.
Kotak Bond Short Term Fund - Growth, *Name of the Benchmark - NIFTY Short Duration Debt Index, Scheme Inception date is 02/05/2002. Mr. Deepak Agrawal has been managing the
fund since 11/07/2007.
Kotak Liquid Fund - Growth, *Name of the Benchmark - NIFTY Liquid Index, Scheme Inception date is 04/11/2003. Mr. Deepak Agrawal has been managing the fund since 01/05/2007.
Kotak Overnight Fund - Growth, *Name of the Benchmark - NIFTY 1D Rate Index, Scheme Inception date is 15/01/2019. Mr. Deepak Agrawal has been managing the fund since
15/01/2019.
Kotak Medium Term Fund - Growth, *Name of the Benchmark - NIFTY Medium Duration Debt Index, Scheme Inception date is 21/03/2014. Mr. Deepak Agrawal has been managing the
fund since 22/06/2015.
110
Funds Managed by Mr. Harsha Upadhyaya
Scheme Names Scheme Benchmark Scheme Benchmark Scheme Benchmark Scheme Benchmark
Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^*
Kotak Equity Opportunities Fund - Growth -13.81 -18.60 -0.51 -0.10 5.18 3.78 16.21 13.01
Kotak Tax Saver Fund - Growth -17.12 -19.17 -1.18 -0.93 3.99 3.62 9.61 10.27
Kotak Standard Multicap Fund - Growth -18.53 -18.60 -0.65 -0.10 5.51 3.78 10.79 7.97
Mr. Harsha Upadhyaya manages 3 funds of Kotak Mahindra Mutual Fund. Different plans shall have a different expense structure. The performance details provided herein are of regular plan. Kotak
Equity Opportunities Fund (Sep 9, 04), Kotak Standard Multicap Fund (Sep 11, 09), Kotak Tax Saver Fund (Nov. 23,'05). Kotak Equity Opportunities Fund - Growth, *Name of the Benchmark - Nifty 200
TRI, Scheme Inception date is 09/09/2004. Mr . Harsha Upadhyaya has been managing the fund since 04/08/2012. Kotak Tax Saver Fund - Growth, *Name of the Benchmark - Nifty 500 TRI, Scheme
Inception date is 23/11/2005. Mr . Harsha Upadhyaya has been managing the fund since 25/08/2015. Kotak Standard Multicap Fund - Growth, *Name of the Benchmark - Nifty 200 TRI, Scheme Inception
date is 11/09/2009. Mr . Harsha Upadhyaya has been managing the fund since 04/08/2012.
Funds Managed by Mr. Pankaj Tibrewal

Kotak Equity Hybrid Fund - Growth -13.82 -7.22 -1.50 4.42 3.43 6.11 4.05 6.07
Kotak Emerging Equity Fund - Growth -16.76 -25.18 -3.25 -7.89 4.79 1.28 9.39 9.32
Kotak Small Cap Fund - Growth -21.62 -37.97 -7.77 -16.80 1.92 -5.34 12.05 8.28
Mr. Pankaj Tibrewal manages 3 funds of Kotak Mahindra Mutual Fund. Different plans shall have a different expense structure. The performance details provided herein are of regular plan. Kotak Small
Cap Fund (Feb. 24,05), Kotak Emerging Equity Fund (Mar 30,'07), Kotak Equity Hybrid Fund (Nov. 25,'99). Kotak Emerging Equity Fund - Growth, *Name of the Benchmark - Nifty Midcap 100 TRI, Scheme
Inception date is 30/03/2007. Mr. Pankaj Tibrewal has been managing the fund since 27/05/2010. Kotak Smallcap Fund - Growth, *Name of the Benchmark - NIFTY Smallcap 100 TRI, Scheme Inception
date is 24/02/2005. Mr. Pankaj Tibrewal has been managing the fund since 21/01/2010. Kotak Equity Hybrid Fund - Growth, *Name of the Benchmark - NIFTY 50 Hybrid Composite Debt 65:35 Index,
Scheme Inception date is 25/11/1999. Mr. Pankaj Tibrewal has been managing the fund since 25/08/2015. Mr. Abhishek Bisen has been managing the fund since 15/04/2008
111
Funds Managed by Mr. Hiten Shah

Kotak Equity Arbitrage Fund - Growth 6.18 5.04 6.35 5.26 6.37 5.53 7.38 NA
Kotak Equity Savings Fund - Growth -1.23 -0.57 4.47 4.64 5.80 5.45 6.42 5.94
Kotak Balanced Advantage Fund - Growth -4.97 -2.44 NA NA NA NA 0.65 2.66
Mr. Hiten Shah manages 3 fund of Kotak Mahindra Mutual Fund Different plans shall have a different expense structure. The performance details provided herein are of regular plan. Kotak Balanced
Advantage Fund (Aug. 03, 18), Kotak Equity Savings Fund (Oct. 13, 2014), Kotak Equity Arbitrage Fund (Sep. 29, 05). Kotak Balanced Advantage Fund - Growth, *Name of the Benchmark - NIFTY 50 Hybrid
Composite Debt 50:50 Index . Scheme Inception date is 03/08/2018. Mr. Abhishek Bisen & Mr. Harish Krishnan has been managing the fund since 03/08/2018. Mr. Hiten Shah has been managing the fund
since 03/10/2019. Kotak Equity Savings Fund - Growth, *Name of the Benchmark - 75% NIFTY 50 Arbitrage + 25% Nifty 50 TRI, Scheme Inception date is 13/10/2014. Mr. Harish Krishnan has been managing
the fund since 09/05/2019. Mr. Abhishek Bisen has been managing the fund since 17/09/2014. Mr. Hiten Shah has been managing the fund since 03/10/2019. Kotak Equity Arbitrage Fund - Growth, *Name
of the Benchmark - Nifty 50 Arbitrage Index, Scheme Inception date is 29/09/2005. Mr. Hiten Shah has been managing the fund since 03/10/2019.
112
Funds Managed by Mr. Harish Krishnan

Kotak Balanced Advantage Fund - Growth -4.97 -2.44 NA NA NA NA 0.65 2.66
Kotak India Growth Fund - Series 5 - Growth -15.28 -18.60 NA NA NA NA -9.11 -6.17
Kotak Bluechip Fund - Growth -15.50 -18.57 -0.55 1.23 3.18 3.93 17.71 15.17
Kotak Infrastructure and Economic Reform Fund -
-29.01 -25.81 -9.18 -9.23 -0.33 -3.81 3.39 -1.99
Growth
Kotak Focused Equity Fund Since Kotak Focused Equity fund and Kotak Pioneer Fund has not yet completed 1 year from Inception, the performance of
Kotak Pioneer Fund the scheme is not disclosed.
Mr. Harish Krishnan manages 7 funds of Kotak Mahindra Mutual Fund. Different plans shall have a different expense structure. The performance details provided herein are of regular plan. Kotak Bluechip
Fund (Feb 04, 03), Kotak Infrastructure & Economic Reform Fund (Feb 25, '08), Kotak India Growth Fund Series 5 (May15,18), Kotak Balanced Advantage Fund (Aug. 03,18), Kotak Equity Savings Fund (Oct. 13'
14), Kotak Focused Equity fund (Jul 16, '19), Kotak Pioneer Fund (Oct 31, '19). Kotak India Growth Fund Series 5- Growth, *Name of the Benchmark - Nifty 200 TRI, Scheme Inception date is 15/05/2018. Mr.
Harish Krishnan has been managing the fund since 15/05/2018. Kotak Infrastructure and Economic Reform Fund - Growth, *Name of the Benchmark - India Infrastructure Index (Customised Index by IISL),
Scheme Inception date is 25/02/2008. Mr. Harish Krishnan has been managing the fund since 31/01/2015. Kotak Bluechip Fund - Growth, *Name of the Benchmark - Nifty 50 TRI, Scheme Inception date is
04/02/2003. Mr. Harish Krishnan has been managing the fund since 15/11/2013. Kotak Balanced Advantage Fund - Growth, *Name of the Benchmark - NIFTY 50 Hybrid Composite Debt 50:50 Index . Scheme
Inception date is 03/08/2018. Mr. Abhishek Bisen & Mr. Harish Krishnan has been managing the fund since 03/08/2018. Mr. Hiten Shah has been managing the fund since 03/10/2019. Kotak Equity Savings
Fund - Growth, *Name of the Benchmark - 75% NIFTY 50 ARBITRAGE + 25% Nifty 50 TRI, Scheme Inception date is 13/10/2014. Mr. Harish Krishnan has been managing the fund since 09/05/2019. Mr.
Abhishek Bisen has been managing the fund since 17/09/2014. Mr. Hiten Shah has been managing the fund since 03/10/2019.
113
Funds Managed by Mr. Abhishek Bisen
Scheme Names Benchmark Benchmark Benchmark Benchmark

Scheme Scheme Scheme Scheme
Returns Returns Returns Returns
Returns(%)^ Returns(%)^ Returns(%)^ Returns(%)^
(%)^* (%)^* (%)^* (%)^*
Kotak Gold ETF 46.31 47.46 16.28 17.34 10.53 11.63 12.81 13.97
Top 3 Kotak Gold Fund - Growth 46.16 47.46 16.86 17.34 10.47 11.63 7.53 9.20
Kotak Gilt Fund - Growth 14.84 13.80 8.62 8.95 9.06 9.00 9.77 NA
Kotak Balanced Advantage Fund -
Bottom 3 -4.97 -2.44 NA NA NA NA 0.65 2.66
Growth
Kotak Equity Hybrid - Growth -13.82 -7.22 -1.50 4.42 3.43 6.11 4.05 6.07
Mr. Abhishek Bisen manages 9 funds of Kotak Mahindra Mutual Fund. Different plans shall have a different expense structure. The performance details provided herein are of regular plan.
Kotak Gold ETF, *Name of the Benchmark - Price of Gold, Scheme Inception date is 27/07/2007. Mr. Abhishek Bisen has been managing the fund since 15/04/2008. & Mr. Satish Dondapati
has been managing the fund since 09/05/2019.
Kotak Gold Fund - Growth, *Name of the Benchmark - Price of Gold, Scheme Inception date is 25/03/2011. Mr. Abhishek Bisen has been managing the fund since 04/03/2011.
Kotak Gilt Fund - Growth, *Name of the Benchmark -NIFTY All Duration G-Sec Index, Scheme Inception date is 29/12/1998. Mr. Abhishek Bisen has been managing the fund since
15/04/2008.
Kotak Equity Savings Fund - Growth, *Name of the Benchmark - 75% NIFTY 50 Arbitrage + 25% Nifty 50 TRI, Scheme Inception date is 13/10/2014. Mr. Harish Krishnan has been managing
the fund since 09/05/2019. Mr. Abhishek Bisen has been managing the fund since 17/09/2014. Mr. Hiten Shah has been managing the fund since 03/10/2019.
Kotak Balanced Advantage Fund - Growth, *Name of the Benchmark - NIFTY 50 Hybrid Composite Debt 50:50 Index . Scheme Inception date is 03/08/2018. Mr. Abhishek Bisen & Mr. Harish
Krishnan has been managing the fund since 03/08/2018. Mr. Hiten Shah has been managing the fund since 03/10/2019.
Kotak Equity Hybrid Fund - Growth (Erstwhile Kotak Balance), *Name of the Benchmark - NIFTY 50 Hybrid Composite Debt 65:35 Index, Scheme Inception date is 25/11/1999 and Kotak
Equity Hybrid Fund - Regular plan scheme inception date is 3rd November 2014. Mr. Pankaj Tibrewal has been managing the fund since 25/08/2015. Mr. Abhishek Bisen has been managing
the fund since 15/04/2008.
114
Funds Managed by Mr. Devender Singhal

Benchmark Benchmark Benchmark Benchmark
Scheme Name
Scheme Returns Scheme Returns Scheme Returns Scheme Returns
Returns(%)^ (%)^* Returns(%)^ (%)^* Returns(%)^ (%)^* Returns(%)^ (%)^*
Kotak Debt Hybrid Fund - Growth 4.25 8.66 4.55 7.71 6.88 8.65 7.43 8.32
Kotak Asset Allocator Fund - Growth 0.91 -2.44 3.84 5.57 6.82 6.87 14.27 11.16
Top 3
Kotak India Growth Fund - Series 4 -
Growth -7.92 -18.60 NA NA NA NA -5.78 -4.20
Kotak Nifty ETF -18.89 -18.57 1.00 1.23 3.27 3.93 6.78 8.18
Bottom 3 Kotak Banking ETF -39.11 -38.22 -6.40 -5.83 0.81 1.24 1.01 1.42
Kotak PSU Bank ETF -65.39 -65.21 -31.92 -31.50 -20.76 -19.99 -7.37 -5.93
Mr. Devender Singhal manages 8 funds of Kotak Mahindra Mutual Fund.
Kotak Debt Hybrid Fund - Growth, *Name of the Benchmark - CRISIL Hybrid 85+15 - Conservative Index, Scheme Inception date is 02/12/2003. Mr. Abhishek Bisen has been managing the fund since
01/04/2008. Mr. Devender Singhal has been managing the fund since 25/08/2015.
Kotak Asset Allocator Fund - Growth, *Name of the Benchmark - NIFTY 50 Hybrid Composite Debt 50:50 Index, Scheme Inception date is 09/08/2004. Mr. Devender Singhal & Mr. Arjun Khanna has been
managing the fund since 09/05/2019.
Kotak India Growth Fund - Series 4 - Growth, *Name of the Benchmark - Nifty 200 TRI, Scheme Inception date is 14/02/2018. Mr. Devender Singhal has been managing the fund since 24/01/2019.
Kotak Nifty ETF, *Name of the Benchmark - Nifty 50 TRI, Scheme Inception date is 02/02/2010. Mr. Devender Singhal & Mr. Satish Dondapati has been managing the fund since 09/05/2019.
Kotak Banking ETF, *Name of the Benchmark - Nifty Bank TRI, Scheme Inception date is 10/12/2014. Mr. Devender Singhal & Mr. Satish Dondapati has been managing the fund since 09/05/2019.
Kotak PSU Bank ETF - *Name of the Benchmark Nifty PSU Bank TRI, Scheme Inception date is 08/11/2007. Mr. Devender Singhal & Mr. Satish Dondapati has been managing the fund since 09/05/2019.
115
Fund Type of Scheme
Kotak Standard Multicap Fund An open ended equity scheme investing across large cap, mid cap, small cap stocks
Kotak Equity Opportunities Fund Large & Mid Cap Fund - An open ended equity scheme investing in both large cap and mid cap stocks
Kotak Emerging Equities Fund An open ended equity scheme predominantly investing in mid cap stocks
Kotak Smallcap Fund An open ended equity scheme predominantly investing in small cap stocks)
Kotak Tax Saver Fund An open ended equity linked saving scheme with a statutory lock in of 3 years and tax benefit
Kotak Balanced Advantage Fund Open ended Dynamic Asset Allocation Fund
Kotak Equity Arbitrage Fund An open ended scheme investing in arbitrage opportunities
Kotak Gold Fund An open ended fund of fund scheme investing in units of Kotak Gold Exchange Traded Fund
Kotak Gold ETF An open ended scheme replicating/ tracking physical gold prices
Kotak Debt Hybrid Fund An open ended hybrid scheme investing predominantly in debt instruments
Kotak Equity Savings Fund An open ended scheme investing in equity, arbitrage and debt
116
Fund Type of Scheme
Kotak Money Market Fund An open ended debt scheme investing in money market instruments
Kotak Savings Fund An open ended ultra-short term debt scheme investing in instruments such that the Macaulay duration of the portfolio is between
3 months and 6 months
Kotak Bond Short Term An open ended short term debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 1
Fund year and 3 years
Kotak Corporate Bond An open ended debt scheme predominantly investing in AA+ and above rated corporate bonds.
Fund
Kotak Credit Risk Fund An open ended debt scheme predominantly investing in AA and below rated corporate bonds (Excluding AA+ rated corporate
bonds)
Kotak Banking & PSU Debt An open ended debt scheme predominantly investing in Debt instruments of banks, Public Sector Undertakings, Public Financial
Fund Institutions and Municipal Bonds.
Kotak Liquid Fund An open ended liquid scheme
Kotak Low Duration Fund An open ended low duration debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 6
months and 12 months
Kotak Medium Term Fund An open ended medium term debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 3
years and 4 years
Kotak Dynamic Bond Fund An open ended dynamic debt scheme investing across duration.
Kotak Bond Fund An open ended medium term debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 4
years and 7 years
117
*Investors should consult their financial advisors if in doubt about whether the product is suitable for them 118
Thank You
Stay Safe , Stay Healthy and Stay Invested
122

Monthly Market Outlook - June 2020 PDF

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Monthly Market Outlook - June 2020 PDF

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Medical Shutdown Of Financial

• Agricultural Produce • Auto Ancillaries • Aviation

Leverage companies will find it difficult to payback Debt

FY20 Nominal GDP lowest in 48 years; FY21 heading toward contraction

Source: Ministry of Statistics and Programme Implementation, CEIC, CRISIL 7

Source: National Statistical Office (NSO), CRISIL

Source: Motilal Oswal

Source: Motilal Oswal 15

FASTag Collections E-Way bill generation ( No's in mn)

Source: GST Network , Live Mint

Possible index impact for MSCI is likely in August 2020

Earliest possible flows impact ( US$ bn)

MSCI - gross - 5.09 - 0.51 - 5.6

MSCI + FTSE India Potential Passive Inflow of US$6.4 bn this year

 Lower Oil Prices

Will Markets Will Rise From Here ?

Dec-07 May-13 May-20 Dec-07 May-13 May-20

Macro Indicators 10-Year Govt Bond Yield

Dec-07 May-13 May-20 Dec-07 May-13 May-20

Valuations Returns of Nifty 50 (CAGR)

1m returns 1y returns 3 yr CAGR 5 yr CAGR 10 yr CAGR

Number of New All Time Highs

Source: Axis Capital 29

% of Top Median Correction from 52 Week High by Market Cap

Source: Axis Capital, Bloomberg, As on 31 May 2 020 30

Market cap-to- GDP ratio (%)

NIFTY P/B (x) - 1 Year Forward NIFTY P/B (x) – Trailing

Source: Motilal Oswal ACL - Public 33

Nifty 50 Nifty Midcap 100 Nifty Smallcap 100

Source: Motilal Oswal 36

Source: Motilal Oswal 37

Conservative investor – OW Largecap Fund / Large & Mid Cap Fund

Moderate Investors – OW Multicap Fund

Aggressive Investors – OW Midcap Fund / Smallcap Fund

When the markets are falling, SIP is your best friend

Let Us Learn From Our Past

110 K-BAF NAV (Rebased to 100) 100

Nifty 50 Index Value( Rebased to100) K-BAF NAV (Rebased to 100)

Nifty 50 KBAF Net Equity

3 Year Return (CAGR ) 4.47% 4.55

3 Year Broader Equity Market -0.70% -0.70%

May-20 49% 42.22% 3.49%

Life time Fall in

Rate Cut 27-Mar-20 17-Apr-20 22-May-20

10.0% CPI Core CPI

Trend In Monthly FII Flows (Debt) – USD mn

6.00 Concerns over a large supply

Source: Bloomberg, CLSA Source: RBI, Bloomberg, Morgan Stanley Research 60

Credit Rating % of Total AUM % of Total

• Our Liquidity profile remains robust

% of AUM in AAA (Long Term) or A1+ (Short

In any case, investors’ interests will be primary

AAA vs G-Sec (Maturity 2022/2023) AA vs G-Sec (Maturity 2022/2023)

Perpetual Bonds vs G-Sec (Call Date 2022/2023)

Yield Curve Across Segment

Kotak Low Duration Fund (YTM) vs 1 Year AAA

Kotak Credit Risk 1.97% 23.64% Rs 1424 cr Rs 28 cr

Kotak Medium Term Debt 2.74% 32.86% Rs 633 cr Rs 17 cr

Heavy Redemption pressure by panicky investors caused yield spike.

Rating Profile (% of AUM)

Kotak Credit Risk Fund 29-May-20 30-Apr-20 15-Apr-20

AAA/Cash/NCA/SOV 33.22 26.57 25.67