DIWALI DHAMAKA

2020
 2019
IIFL DIWALI DHAMAKA
PERFORMANCE

2
2019 Diwali Dhamka Performance

Reco Price CMP* Dividend P&L w/

Sr No Stock
(`) (`) (`) Dividend (%)
Large Caps
1 Kotak Mahindra Bank 1,606 1,594 0.0 (0.8)
2 Axis Bank 693 534 0.0 (22.9)
3 ICICI Bank 435 444 0.0 2.0
4 Reliance Industries 1,372 1,850 7 35.3
5 Larsen & Toubro 1,424 948 18 (32.2)
Mid Caps
6 ABB India 1,520 1,063# 5 (29.7)
7 Gujarat Gas 175 296 1 69.7
8 Deepak Nitrite 302 719 5 139.6
9 Atul Ltd 3,967 6,038 28 52.9
Avg. Return % 23.8
Nifty 50 Return % 3.0

*Price as on November 03, 2020; # ABB India price adj. for APPSIL

3
 TOP 10 STOCKS
RECOMMENDATIONS FOR
2020

4
Stock Recommendations

Sr. Target Price

Stock CMP (`) Upside (%)
No. (`)
Large Caps
1 Reliance Industries 1,850 2,054 11
2 Infosys 1,063 1,400 32
3 ICICI Bank 444 530 19
4 HCL Technologies 814 1,000 23
5 Dr Reddy‘s Laboratories 4,877 5,800 19
Mid & Small Caps
6 Tube Investments of India 668 751 13
7 Apollo Tyres 143 175 22
8 Persistent Systems 1,115 1,470 32

9 JB Chemicals & Pharmaceuticals 983 1,125 14

Security & Intelligence Services
10 383 560 46
(India)
*CMP as on November 2, 2020.

5
LARGE CAPS

6
Reliance Industries

CMP: `1,850 BUY TP: `2,054 Upside: 11%

• Reliance Industries, India’s largest company by market capitalization, has major presence across
petroleum refining & marketing, petrochemicals, retail and telecom & technology.
• The scale and complexity of its refinery enables it to maximize its margins by capitalizing on light-
heavy differential and altering its product slate. High level of downstream integration and complex
projects like ROGC provide an added advantage while also safeguard the business during volatile
periods. Gradual recovery in middle distillates cracks (4QFY21 onwards) from decade low levels are
likely to help O2C margins in FY22E.
• The Retail and Jio businesses have enabled significant deleveraging and are turning in solid
performance which is offsetting weakness in refining segment. Factors like entry in post paid &
enterprise segments and collaboration with Google for entry-level smart phone would drive growth
for Jio. Moreover, a market move towards 2-player configuration has accelerated with likely delay in
tariff hikes. New store opening and scale up of JioMart along with inorganic opportunities are main
drivers for R-Retail.
• We expect Reliance to register 18% pa PAT growth over FY21-23E largely driven by B2C businesses.
Our SOTP value ascribes `709, `569 and `617 per share for O2C, Jio and Retail, respectively.

Financial Summary
Consolidated EBITDA
Revenue EPS (`) EPS growth (%) P/E (x) RoE (%) RoCE (%)
(`Cr) Margin

FY21E 6,06,888 12.2 65.3 (5.5) 28.3 8.7 7.6

FY22E 6,89,424 13.5 73.1 11.9 25.3 9.0 9.3

*Price and valuations ratios as on November 16, 2020

7
Infosys

CMP: `1,063 BUY TP: `1,400 Upside: 32%

• Infosys, with USD ~13bn revenues, is the second largest listed IT Services company in India with
digital accounting for ~47% of its revenues in FY20. We believe that Infosys is well placed to gain
wallet share within clients led by its cloud offerings, automation-led solutions and an
institutionalized large deals team with focus on higher win rates.
• Underpinned by higher visibility, Infosys has guided for 2-3% cc YoY growth in FY21E, a year when
most peers will likely witness revenue declines. With ~60% of revenue coming from lesser impacted
verticals including Communications and Hi-Tech, we forecast +3.5%/+12% cc YoY revenue growth in
FY21E/22E
• Infosys had invested in building digital skills and increasing localization over the past two years.
With the investment phase now behind, margins should start to improve. It is focused on strategic
margin levers including pyramid optimization, improved onsite mix, lower subcontracting costs and
automation. As a result, we expect margins to expand ~200bps over FY20-23E.
• We believe Infosys will outperform TCS on revenue growth by 500bps+ in FY21E, for the first time in
15 years. It trades at 21x FY22E, at 18% discount to TCS. Consistent outperformance in growth vs.
TCS should lead to a convergence of the valuation gap.

Financial Summary
Consolidated EBITDA
Revenue EPS (`) EPS growth (%) P/E (x) RoE (%) RoCE (%)
(`Cr) Margin

FY21E 99,760 27.2 44.8 15.1 23.7 27.7 37.8

FY22E 1,12,346 26.9 50.4 12.5 21.1 28.7 39.1

*Price and valuations ratios as on November 16, 2020

8
ICICI Bank

CMP: `444 BUY TP: `530 Upside: 27%

• ICICI Bank, India’s second-largest private bank has surplus liquidity (current LCR of 150%) and
strong capitalization (Tier 1 CAR at 14.9%). It has healthy CASA ratio of 42.5% and has lower cost of
funds vs. peers.
• We believe that ICICI Bank is well placed in the current scenario to gain market share across loans,
deposits and revenues on the back of its funding position and product offerings. We expect loan
growth of 12% CAGR over FY20-23E aided by higher growth in the retail loans. Gradual run-down of
excess liquidity and increase in retail loan mix would aid NIMs going forward
• RoA improvement will likely be driven by better operating profitability (PPoP RoA) and a sharp
decline in provisions. PPoP ROA will be aided by lower cost of funds and reduction in operating
expenses, while high PCR (78.5%)/ other provisions would cushion earnings.
• Profitability of life insurance, general insurance, asset management and securities companies
remains robust. Almost all group businesses will end up on a stronger footing versus peers in the
medium term. The bank will likely deliver an RoA/RoE of ~1.5/13% by FY22E. The stock is trading at
1.8x FY22E BVPS (1.3x core PB) and offers value.

Financial Summary

Standalone (`Cr) NII PPOP EPS (`) EPS growth (%) P/BV (x) RoA (%) RoE (%)

FY20E 37,850 32,330 17.2 40.3 2.0 1.3 11.6

FY21E 43,480 37,890 28.3 64.4 1.8 1.5 12.9

*Price and valuations ratios as on November 16, 2020

9
HCL Technologies

CMP: `814 BUY TP: `1,000 Upside: 23%

• HCL Tech is India’s third largest listed IT services company by revenue and is the only company with
major presence across services and products. It also has a leadership position in IMS. The company
has been witnessing solid traction in deal wins and the pipe line remains robust which provides
good revenue visibility.
• We believe that HCL’s portfolio is relatively insulated vs. peers as it has lower concentration to
verticals like travel, energy, hospitality, etc. and higher exposure to low-impact verticals like BFSI,
healthcare and technology. Moreover, it has ~37% exposure to IMS (resilient service line) where it
has strong partnerships and capabilities that can enable it to capitalize on opportunities in areas of
cloud migration and network security.
• HCL Tech has been successful in strengthening its Products & Platform segment by acquiring IBM
products, which have yielded positive results in the first year. This BU too has shown resilience and
provides recurring revenue stream.
• Aided by a healthy mix of recurring product revenue & managed services, we expect HCL Tech to
post US revenue CAGR of 6% over FY20-22E with earnings CAGR of 12%. The stock is trading
reasonably at 16x FY22E P/E, at 15%/35% discount to peers/TCS.

Financial Summary

Consolidated EBITDA
Revenue EPS (`) EPS growth (%) P/E (x) RoE (%) RoCE (%)
(`Cr) Margin

FY21E 75,523 25.8 45.6 12.0 17.9 22.0 25.2

FY22E 83,513 25.2 51.1 11.9 15.9 21.4 24.8

*Price and valuations ratios as on November 16, 2020

10
Dr Reddy's Laboratories

CMP: `4,877 BUY TP: `5,800 Upside: 19%

• Dr Reddy’s Laboratories (DRL) is India’s second-largest pharmaceutical company in terms of
revenue with US Formulations accounting for 39% of the revenue in FY20. DRL has recently had a
string of good new launches in the US market (generic versions of Ciprodex, Faslodex, Precedex,
Kuvan), and the momentum is likely to sustain, with anticipated launches for generic Nuvaring &
Vascepa in FY22E and generic Revlimid in FY23E.
• Additionally, DRL can drive improved growth in the acquired Wockhardt India portfolio through
investments in branding and expanding doctor-reach, while the company’s API business would
benefit from structural tailwinds owing to de-risking of China-linked manufacturing supply chains.
• We expect DRL’s base business EPS (excluding gRevlimid) to register 21% CAGR over FY20-23E, led
by 13% revenue CAGR and 350bps margin expansion (new US launches, cost control) over the next 3
years, while gRevlimid can incrementally add annualised EPS of `100 from FY23. With significant
cash flows expected from gRevlimid, we expect Dr Reddy’s’ RoCE to improve, from 12% in FY20 to
>25% by FY23E/FY24E.

Financial Summary
Consolidated EBITDA
Revenue EPS (`) EPS growth (%) P/E (x) RoE (%) RoCE (%)
(`Cr) Margin

FY21E 19,380 24.3 165.6 44.7 29.5 16.6 18.2

FY22E 21,650 24.4 184.8 11.6 26.4 18.2 18.0

*Price and valuations ratios as on November 16, 2020

11
MID AND SMALL CAPS

12
Tube Investments of India

CMP: `668 BUY TP: `751 Upside: 13%

• Tube Investments of India (TI), a part of Murugappa Group, has a strong established franchise
across the auto and industrial sectors in India and overseas. With ~56% of consolidated revenues
linked to the auto sector, we believe that TI is a direct play on domestic auto recovery on account of
its strong leadership position in the auto components segment (2W and PV), supported by well-
spread manufacturing capacities.
• TI has taken a conscious call to lower dependence on auto sector and made tremendous progress
over the past four years in the non-auto business. The outlook is strong for rail section supplies for
coach building. The large-diameter tubes segment, driven by import substitution, should see healthy
growth as demand revives in FY22-23E.
• The CG Power acquisition, which is expected to close in the current quarter would enable TI to
diversify away from the domestic auto segment and strengthen in industrial manufacturing
portfolio.
• As a result of strong focus, the company has witnessed meaningful improvement across three
businesses thereby improving margins while lowered W/C has improved RoIC and cash flows over
the past four years. On account of recovery across business and margin expansion, we expect 17%
revenue CAGR and 31% EPS CAGR over FY21-23E.
Financial Summary
Consolidated EBITDA
Revenue EPS (`) EPS growth (%) P/E (x) RoE (%) RoCE (%)
(`Cr) Margin

FY21E 4,076 12.6 14.1 (14.2) 47.3 14.6 16.5

FY22E 4,731 13.5 19.1 16.1 34.9 17.6 21.1

*Price and valuations ratios as on November 16, 2020

13
Apollo Tyres

CMP: ` 143 BUY TP: `175 Upside: 22%

• Apollo Tyres is the largest CV tyre manufacturer in India, with ~25% market share in the Truck and
Bus segment and ~15% market share in PV segment. We believe that FY21E is likely to be a tough
year due to continued fall in OE sales (more so in MHCVs). The situation is likely to improve sharply
in FY22E, with strong rebound in OE sales and normalization of replacement demand (already
evident).
• EU EBITDA margin came off from mid-teens during FY14-16 to 8-9%, corresponding with a sharp rise
in employee costs. Apollo recently announced plans to cut the Netherlands headcount by 528
(savings of ~€50mn). This, on a revenue base of ~€500mn in EU, will be a big margin/earnings driver
from FY22E onwards.
• A sharp rise in depreciation and interest cost (result of high capex phase) hurt earnings over the
past few years and resulted in negative FCFF. The expansion phase is nearing its end, which implies
that both earnings and FCFF should start improving. We expect Apollo to be FCFF-positive over
FY21-24E.
• As the new capacities start generating commensurate revenue there would be a multi-fold growth in
earnings over FY21-23E. We expect positive FCFF would assist in bringing down debt and resulting
in lower interest outgo.
Financial Summary

Consolidated EBITDA
Revenue EPS (`) EPS growth (%) P/E (x) RoE (%) RoCE (%)
(`Cr) Margin

FY21E 14,706 12.7 4.1 (50.6) 34.9 2.3 4.5

FY22E 17,284 14.1 10.8 163.4 13.2 5.9 7.0

*Price and valuations ratios as on November 16, 2020

14
Persistent Systems

CMP: ` 1,115 BUY TP: `1,470 Upside: 32%

• Persistent Systems, a mid-size IT services company, would benefit on account of large deal wins in
the past few quarters, vendor consolidation and increased focus on client mining.
• Led by a restructured sales-force and driven senior management, we believe Persistent could
witness double-digit revenue CAGR over the next three years. The BFSI vertical and its Salesforce
practice are likely to be key revenue drivers for Persistent.
• We forecast EBIT margins to expand by 380bps over FY20-23E. While there could be pressure in the
near term, due to large-deal transition costs and Covid-linked donation (~100bps), it will reverse in
FY22E. Lower amortization related to the IBM deal signed in the past and strong execution coupled
with revenue growth will also act as margin tailwinds.
• Persistent trades at 16x FY22E P/E, at a slight discount to its mid-cap peers despite a combination
of revenue growth and margin expansion, which is likely to drive sector leading earnings CAGR of
24% over FY20-23E.

Financial Summary

Consolidated EBITDA
Revenue EPS (`) EPS growth (%) P/E (x) RoE (%) RoCE (%)
(`Cr) Margin

FY21E 4,114 15.4 55.7 25.4 20.0 17.0 22.6

FY22E 4,566 15.6 70.9 27.4 15.7 19.5 25.8

*Price and valuations ratios as on November 16, 2020

15
JB Chemicals & Pharmaceuticals

CMP: `983 BUY TP: `1,125 Upside: 14%

• JB Chemicals & Pharmaceuticals (JBCP) is a 40-year old pharma company with several well
established brands in the domestic market and wide geographical presence in the both regulated
and semi-regulated markets.
• JBCP has been outperforming the Indian pharma market and we expect this outperformance to
sustain on account of new launches and strong growth in focused-products group (especially
cardiac), which consist of cardiac brands (Cilacar and Nicardia) and acute brands (Rantac and
Metrogyl).
• We believe that KKR would also look to accelerate growth in various business segments of JBCP by:
(a) further expanding the company’s presence in the high-growth branded formulations markets, (b)
entry into newer therapeutic areas in the domestic market and (c) potentially scaling-up JBCP’s
highly profitable CMO business over the next 3-4 years.
• We believe KKR can extract cost savings of 250-300bps which, along with improving India rep
productivity and higher growth in the CMO business, can expand JBCP’s overall EBITDA margins
from 22% in FY20 to 27% in FY23E. We forecast JBCP’s EPS to log 18% CAGR over FY20-23E.
Despite similar earnings growth profile as other India focused companies like Alkem, IPCA and
Torrent, JBCP trades at 10-20% discount on FY21E EV/EBITDA.
Financial Summary
Consolidated EBITDA
Revenue EPS (`) EPS growth (%) P/E (x) RoE (%) RoCE (%)
(`Cr) Margin

FY21E 2,005 24.6 45.0 26.8 21.8 22.3 20.4

FY22E 2,232 24.5 48.9 8.8 20.1 28.4 26.3

*Price and valuations ratios as on November 16, 2020

16
Security & Intelligence Services (India)

CMP: `383 BUY TP: `560 Upside: 46%

• Security and Intelligence Services (SIS) is one of the leading providers of private security and facility
management services in India. We believe that SIS can benefit from weakening of informal and
marginal competitors in the current environment and expect SIS to be the least-impacted among
business services companies. Moreover, the new set of labour reforms will enable SIS to gain
market share in the fragmented industry.
• Apart from India, SIS has strong positioning in developed markets like Australia (leadership
position), New Zealand and Singapore. The growth momentum is quite strong in these regions,
particularly in Australia, where ad hoc contracts are driving growth and are offsetting pricing
pressure. Moreover, the overall security services business has high ROCE and generates strong
cash flow, thus providing opportunities to invest in its incubation portfolios.
• We expect SIS to post ~7% revenue CAGR over FY20-22E aided by ~10% CAGR growth in
International Security Services business. Aided by strong operating performance, we expect EPS to
improve from `14.4 in FY21E to `20.2 in FY22E. At 19x FY22E P/E, valuations are not demanding,
while our estimates suggest that EPS could nearly double over FY21-23E.

Financial Summary
Consolidated EBITDA
Revenue EPS (`) EPS growth (%) P/E (x) RoE (%) RoCE (%)
(`Cr) Margin

FY21E 8,835 5.7 14.4 (23.6) 26.6 14.4 17.4

FY22E 9,781 6.1 20.2 40.7 19.0 17.9 16.2

*Price and valuations ratios as on November 16, 2020

17
TOP MUTUAL FUNDS
RECOMMENDATIONS

18
Mutual Fund Schemes

NAV AUM 1Y 3Y 5Y 10 Y
Scheme Name Category Riskometer
(₹) (₹cr) (%) (%) (%) (%)

SBI Magnum ESG Fund(G) 107.1 Thematic 2,731 (4.0) 4.1 7.6 8.7 High

ICICI Prudential Manufacture In India Fund(G) 9.8 Thematic 640 (6.7) -- -- -- High

Mirae Asset Healthcare Fund(G) 17.0 Thematic 1,006 61.1 -- -- -- High

Moderately
UTI Equity Fund(G) 162.6 Multi Cap 11,386 11.2 9.3 10.0 10.9
High

Kotak Low Duration Fund(G) 2,593.2 Low Duration Debt 8,418 8.3 7.8 8.1 8.6 Moderate

Note: Return for 1 year is absolute; Returns greater than 1 year are CAGR; AUM as on September 2020; Returns as on October 30,
2020
Source: ACE MF

19
SBI Magnum ESG Fund

Fund Basic Details

Benchmark Nifty 100 ESG – TRI AUM (₹cr) 2,731
Inception Date January 1991 Exit Load 1% on or before 1Y, Nil after 1Y
Fund Manager Ruchit Mehta Expense Ratio 2.1%

 This scheme invests in companies which score across parameters from Asset Allocation
Governance, Social & Environmental (ESG) aspects of the company’s
5%
management of its affairs
8%
Large Cap
 It invests 80-100% in equity & equity related instruments following ESG
Mid Cap
criteria and 0-20% is invested in other equities and/or debt & money
market instruments 87% Other

 Active weights of a security are determined by the ESG scores

 As of September 2020, the fund had invested 87% of AUM in large cap
stocks while 8% was invested in mid cap stocks. The fund had highest
Returns (%)
allocation to Banks (20.0%) followed by IT (16.7%)
 Its top stock holdings comprise of Infosys (9.8%), HDFC Bank (8.6%) and 7.6 8.7
Reliance Industries (7.9%)
4.1
 Investors who prefer to invest in emerging themes rapidly gaining wider
preference among the seasoned investors
 This scheme is suitable for investors with high risk appetite and an
investment horizon of 8-10 years 3 Years 5 Years 10 Years

Note: Return for 1 year is absolute; Returns greater than 1 year are CAGR; AUM as on September 2020; Returns as
on October 30, 2020
Source: ACE MF

20
ICICI Pru Manufacture In India Fund

Fund Basic Details

Fund Benchmark S&P BSE India Manufacturing AUM (₹cr) 640
Inception Date October 2018 Exit Load 1% on or before 1Y, Nil after 1Y
Fund Manager Anish Tawakley Expense Ratio 2.5%

 The scheme aims to generate long term capital appreciation by creating Asset Allocation
a portfolio that is invested predominantly in equity and equity related
securities of companies engaged in manufacturing theme
3% Large Cap
 The Scheme endeavors to invest in companies that are likely to benefit
10% Mid Cap
from the Government’s Make in India initiative
19% 68% Small Cap
 Adopts bottom-up approach to identify companies with long term
sustainable competitive advantage Other

 As of September 2020, the fund had invested 68% of AUM in large cap
stocks while 19% was invested in mid cap stocks. The fund had highest
allocation to Refineries (22.5%) followed by Pharma (9.6%) and
Returns (%)
Aluminum (8.7%)
15.8
 Its top stock holdings comprise of BPCL (9.5%), Reliance (8.8%), and 12.7
Hindalco (6.3%)
 This thematic yet diversified fund brings India’s Make In India story in the
portfolio
 Since thematic funds carry high risk, the scheme is suitable only for
those investors who have high risk appetite and an investment horizon of -6.7 -7.7
8-10 years 6 Month 12 Month
Fund Benchmark
Note: Returns less than 1 year are absolute; Returns greater than 1 year are CAGR; AUM as on September 2020;
Returns as on October 30, 2020
Source: ACE MF

21
Mirae Asset Healthcare Fund

Fund Basic Details

Benchmark S&P BSE Healthcare Index (TRI) AUM (₹cr) 1,006
Inception Date July 2018 Exit Load 1% on or before 1Y (365D), Nil after 1Y (365D)
Fund Manager Vrijesh Kasera Expense Ratio 2.3%

 The investment objective of the scheme is to seek to generate long term Asset Allocation
capital appreciation through investing in equity and equity related
securities of companies benefitting directly or indirectly in Healthcare
and allied sectors in India 5% Large Cap
7%
 Thus it aims to drive benefits from healthcare theme which has 62% Mid Cap
tremendous growth potential and includes businesses in hospitals, 26% Small Cap
diagnostics, specialty chemicals, medical equipment, insurance and Other
other allied sub sectors
 The scheme endeavors to maintain a concentrated portfolio of 30-40
stocks
Returns (%)
 As of September 2020, the fund had invested 62% of AUM in large cap
stocks while 26% was invested in mid cap stocks 61.1

 Its top stock holdings comprise of Dr. Reddy’s Labs (11.3%), Sun Pharma 48.0

(9.8%) and Divis Labs (8.0%)

27.3 25.9
 The scheme is suitable for seasoned investors having high risk appetite
and at least 7-8 years of investment horizon

6 Month 12 Month
Note: Returns less than 1 year are absolute; Returns greater than 1 year are CAGR; AUM as on September 2020; Fund Benchmark
Returns as on October 30, 2020
Source: ACE MF

22
UTI Equity Fund

Fund Basic Details

Benchmark Nifty 500 – TRI AUM (₹cr) 11,386
Nil upto 10% of investment and 1% for
Inception Date August 2005 Exit Load remaining investment on or before 1Y, Nil after
1Y
Fund Manager Ajay Tyagi Expense Ratio 2.1%
 The fund aims to generate long term capital appreciation by investing Asset Allocation
predominantly in equity and equity related securities of companies across
the market capitalization
2%
6% Large Cap
 The scheme focuses on high quality businesses that have an ability to
show strong growth for a long period of time and are run by seasoned 63% Mid Cap
managements 29% Small Cap

 The fund follows a bottom up stock selection with well defined metrics of Other
free cash flows, capital efficiency and ability to compound earnings
 As of September 2020, the fund had invested 63% of AUM in large cap
stocks while 29% was invested in mid cap stocks. The fund had highest
Returns (%)
allocation to IT (15.0%) followed by Banks (12.9%)
 Its top stock holdings comprise of Bajaj Finance (6.0%), HDFC Bank 10.9
10.0
(5.7%) and L&T Infotech (4.5%) 9.3
8.5 8.0
 Investors who prefer to invest in a diversified portfolio of stocks can
invest in this fund to create wealth in the long term 2.7
 This scheme is suitable for investors with moderately high risk appetite
and at least 5 years of investment horizon
3 Years 5 Years 10 Years
Fund Benchmark
Note: Return for 1 year is absolute; Returns greater than 1 year are CAGR; AUM as on September 2020; Returns as
on October 30, 2020
Source: ACE MF

23
Kotak Low Duration Fund

Fund Basic Details

Benchmark NIFTY Low Duration Debt Index AUM (₹cr) 8,418
Inception Date March 2008 Exit Load Nil
Expense Ratio
Fund Manager Deepak Agrawal 1.1
(%)
Rating Profile
 The fund’s objective is to generate income through investment primarily
in low duration debt & money market securities
 The scheme invests in debt instruments such that the Macaulay Duration AAA & Eq.
of the portfolio is between 6 months to 12 months 20%
AA & Eq.
19%
 The investments in fixed income securities are done in such a manner 61%
Sov
that the modified duration of the constructed portfolio is 1.1 years
 The average yield to maturity (YTM) of the fund is 5.0%
 As of September 2020, the fund had invested 61% of the total AUM in AAA
rated debt instruments, 20% in Sovereign debt securities and 19% in AA Returns (%)
rated papers
8.3
 The fund is suitable for the investors who are looking for: 8.1
7.8
 Regular income over the short period of time 7.5
7.4
 Attractive risk-adjusted returns through active management of 7.1
credit risk and interest rate risk in the portfolio
 Suitable for investors with moderately low risk appetite & horizon of up to
12 months
1 Year 3 Years 5 Years
Note: Returns less than 1 year are absolute; Returns greater than 1 year are CAGR; AUM as on September 2020;
Fund Benchmark
Returns as on October 30, 2020
Source: ACE MF

24
Disclosure

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
Nothing in this document constitutes investment, legal, accounting or tax advice or a representation that any investment or strategy is suitable or appropriate to the investor's
specific circumstances. The details included are based on information obtained from public sources and sources believed to be reliable, but no independent verification has
been made nor is its accuracy or completeness guaranteed.
Investors should consult their financial advisers if in doubt about whether the product is suitable for them. The fund may or may not be suitable for all investors, who must make
their own investment decisions, based on their own investment objectives, financial positions and needs. This document may not be taken in substitution for the exercise of
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The aimed returns mentioned anywhere in this document are purely indicative and are not promised or guaranteed in any manner. Returns are dependent on prevalent market
factors, liquidity and credit conditions. Instrument returns depicted are in the current context and may be significantly different in the future.
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Company of IIFL Mutual Fund.
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