Private and Confidential

Model Portfolio
performance analysis

Disclaimer: ICICI Investment Management Company Limited (“IIMCL”) is registered as an Investment Advisor with Securities Exchange Board of India
(“SEBI”) under SEBI (Investment Advisors) Regulations, 2013 bearing registration number INA000013785. The information presented in this document
is based on your specific request and our understanding of your requirements. Please seek tax advice on the proposal for your specific circumstances.
‘IIMCL is a wholly owned subsidiary of ICICI Bank’.

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Equity MF Model Portfolio
performance analysis

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Equity Mutual Fund: Model Portfolio Performance Analysis
Equity Mutual Fund Model Portfolio has witnessed outperformance on a YTD basis

 On a YTD basis, Model portfolio has outperformed Nifty 50 & NSE 500 by 7.2% & 1.8% respectively. Exposure to Mid & Small
cap space coupled with allocation towards cyclicals in form of tactical exposure to Oil equities (although reduced weight
recently) has primarily driven model portfolio outperformance.

 In addition, exposure to dynamic equites (5%) and international equities has cushioned portfolio drawdowns during market
correction. While Financials witnessed underperformance in recent market correction, we maintain our conviction and continue
to maintain hold.

 Model Portfolio has demonstrated outperformance in falling market which is in line with our philosophy to protect portfolio
drawdowns in times of market corrections in both (Jan & Feb-to-Apr market fall). Refer table Portfolio drawdowns.

Equity MF Model Portfolio Performance

Performance Equity MF Model Portfolio Nifty NSE500

Returns (%) 16.3 13.2 13.6

Risk 18.6 17.8 20.4

Returns / Risk 0.9 0.7 0.7

Performance since Dec-2015

 Recent changes in Equity Model Portfolio:

o Reduced weight by 50% in Oil Equities and added in Domestic diversified equities (Jul 21)
o 5% weightage to European Equities in lieu of domestic equities (Jun 21)

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Equity Model Portfolio allocation & performance - CY 21 till date
Portfolio Type Allocation (%) Share (%) YTD Performance %
NSE 500 18.8
Nifty 50 13.4
Model Portfolio 100.0 20.6
ICICI Pru Focus Bluechip 6.5 16.5
Mirae Asset Large Cap Large 20.0 6.5 17.5
Axis Bluechip 7.0 10.8
Kotak Equity Opportunities 3.0 22.5
SBI Focused Equity 3.0 22.5
Invesco Contra 3.5 20.2
Diversified 20.0
IIFL Focused 4.0 22.5
HDFC Capital Builder 4.0 22.4
UTI Value Opp. 2.5 22.0
DSP Midcap Fund 4.5 24.2
Kotak Emerging Equity 4.5 35.5
Nippon India Growth Fund Mid & Small 20.0 4.0 33.8
DSP Small Cap Fund 3.5 41.3
ICICI Pru Small Cap 3.5 48.4
MOSL Nasdaq 5.0 18.8
Edel US Tech 1.0 9.0
Franklin US 1.0 16.9
ICICI Pru US Opportunities 1.5 20.4
Edelweiss Europe Dynamic Equity Offshore 2.5 15.0
International Equities 22.5
Invesco Pan European Equity 2.5 13.7
ICICI Pru Global Advantage 2.5 6.2
Axis Global Alpha 2.0 17.8
Invesco Global Consumer Tr 2.0 5.7
XLE Oil Equity 2.5 30.4
ICICI Pru PHD Fund 2.5 19.1
ICICI Pru Banking Sector 12.5 5.0 25.6
SBI Banking 5.0 13.9
ICICI Pru Asset Allocator 2.5 12.1
Kotak BAF Dynamic Equity 5.0 1.3 8.6
Edelweiss BAF 1.3 12.3
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Equity Model Portfolio attribution analysis – CY21 YTD
Key Underperforming funds in portfolio during the period and rational
Type Model Portfolio Funds Rational
Rally in cyclical & rate sensitives drives
underperformance; Nil weightages to SBI, L&T,
Axis Bank, TAMO, M&M & ITC has contributed to
Large Axis Bluechip Fund
fund underperformance esp. in Jan & Feb-21.
However, performance has witnessed
improvement since then.
UW Healthcare by 2.5%; Financials by 2.5%;
Mid & Small DSP Mid
Cons Staples by 6%

Edel US Tech Underperformance of US Technology stocks vs

NSE500

Franklin US However, funds underweight Tech sector has

done relatively better (Eg. IPru US Opp, Axis
International Equities
Global) than funds with high exposure to US
Invesco Global Consumer Technology sector.

ICICI Pru Global Advantage Exposure to Hang Seng, Japan & Asian Equities

Exposure to Kotak Bank & lower exposure to

Banking Sector SBI Banking
NBFC’s
ICICI Pru Asset Allocator

Kotak BAF Defensive equities allocation of 5%

Dynamic Equity
Avg. net Equity allocation of ~45%
Edelweiss BAF

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Equity MF Model Portfolio Historical Performance
4850

4350

3850

3350

2850

2350

1850

1350

850
Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 Apr-19 Apr-20 Apr-21

Equity Mutual Fund Model Portfolio has demonstrated superior performance relative to
benchmark adjusted for risk
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Relative Performance of Equity MF Model Portfolio (%)
CY Performance Portfolio drawdowns
Model O/P O/P Model
CY Nifty 50 NSE 500 Period Nifty 50 O/P
Portfolio Nifty NSE 500 Portfolio
2021 20.6 13.4 18.8 7.2 1.8
15-Feb-21 to 20-Apr (3.5) (6.6) 3.2
2020 26.0 14.9 16.7 11.1 9.3

2019 11.4 12.0 7.7 (0.6) 3.8 20-Jan-21 to 31-Jan (5.1) (6.9) 1.8

2018 0.0 3.2 (3.4) (3.1) 3.4

Feb-20 to Mar-20 (33.2) (37.2) 4.1
2017 30.1 28.6 35.9 1.5 (5.8)
Jul-19 to Sep-19 (6.4) (8.4) 2.0
2016 5.3 3.0 3.8 2.3 1.4

2015 2.5 (4.1) (0.8) 6.6 3.3 Aug-18 to Oct-18 (11.8) (14.6) 2.8

2014 34.8 31.4 37.0 3.4 (2.2)

Jan-18 to Mar-18 (7.8) (10.2) 2.4
2013 7.9 6.8 3.3 1.1 4.6

2012 26.5 27.7 31.2 (1.2) (4.7) Sep-16 to Dec-16 (4.1) (11.6) 7.5

2021 – indicates YTD Performance

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Fixed Income Model Portfolio
performance analysis

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Debt Mutual Fund: Model Portfolio Performance Analysis
Debt Mutual Fund Model Portfolio has witnessed superior performance

 Debt portfolio, we intend to generate superior risk adjusted performance along with relatively higher degree of consistency and
predictability in performance along with maintenance of acceptable level of liquidity.

Debt MF Model Portfolio Performance

Performance Debt MF Model Portfolio Composite Bond Index

Returns (%) 8.84 8.49

Risk 2.33 4.03

Returns / Risk 3.79 2.10

Performance since Dec-2015

 Debt Model Portfolio has not only demonstrated outperformance relative to benchmark but has also witnessed superior risk
adjusted returns (returns when measured for per unit of risk).

 Portfolio quality remains high with allocation towards short to medium duration portfolios

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Debt Model Portfolio allocation
Portfolio Type Allocation (%) Share (%)

Model Portfolio 100

SBI Short term Fund 10

Short term Funds 20
ICICI Prudential Short Term Plan 10

ICICI Medium Term Fund 20

Medium Duration Portfolios 35
SBI Medium Term Fund 15

IDFC Banking & PSU Debt Fund-Reg(G) 10

Axis Banking and PSU Debt Fund Banking and PSU Debt Fund 35 10
HDFC Banking and PSU Debt Fund 15

Edelweiss Nifty PSU Bond Plus SDL Index Fund 5

Roll Down 5-7 year maturities 10
IDFC Gilt 2027 Index Fund 5

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 Relative Performance of Debt MF Model Portfolio (%)
CY Performance

CY Model Portfolio Benchmark Out/(Under)performance

2021 2.64 1.10 1.54

2020 11.59 12.29 (0.69)

2019 10.05 10.72 (0.67)

2018 6.48 5.91 0.57

2017 6.75 4.71 2.04

2016 11.88 12.94 (1.06)

2021 – indicates YTD Performance;

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Model Portfolio Performance
basis Risk Profile

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 Model Portfolio Performance basis Risk Profile (%)
Period Model Portfolio Tactical Asset Allocation Strategic Asset Allocation
Debt Equity Conservative Balanced Growth Aggressive Conservative Balanced Growth Aggressive

CY Performance

CY21 2.6 20.6 6.1 11.4 16.9 20.6 6.1 11.4 16.9 20.6

CY20 11.6 26.0 15.5 21.0 25.9 26.0 14.9 19.5 23.6 26.0

CY19 10.0 11.4 10.7 11.6 12.2 11.4 10.5 10.9 11.3 11.4

CY18 6.5 0.0 5.5 3.9 2.2 1.3 5.3 3.4 1.4 0.0

CY17 6.8 30.1 11.4 18.7 26.4 30.1 11.1 18.0 25.1 30.1

CY16 11.9 5.2 10.7 9.0 7.3 5.9 10.5 8.5 6.5 5.2

Risk adjusted Performance

CAGR 8.8 16.3 10.7 13.5 16.0 16.7 10.5 12.8 14.9 16.3

Risk 2.3 18.6 4.1 9.1 14.9 18.4 3.9 8.8 14.5 18.6
Return /
3.8 0.9 2.6 1.5 1.1 0.9 2.7 1.5 1.0 0.9
Risk
Benchmark  Model portfolio across risk profile has generated
Composite Conservative Dynamic Aggrsv. absolute positive returns & outperformed their
Nifty Nifty
Bond 85:15 Equity* Hybrid** respective benchmarks (but there is no assurance for
future performance)
CAGR 8.5 13.2 9.7 12.3 13.8 13.2
 Across risk profile tactical allocation has added 0.3%
to 1.1% CAGR value over strategic asset allocation.
Risk 4.0 17.8 3.8 8.9 13.9 17.8
 Long term portfolio performance has decisively
Return / outperformed respective benchmark on a risk adjusted
2.1 0.7 2.5 1.4 1.0 0.7
Risk basis
*Dynamic Equity Funds are Balanced Advantage Fund; **Aggressive Hybrids are erstwhile Balanced Equity Fund; Performance data from Dec-15

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Annexure

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Model Portfolio - Philosophy
Equity - Our Equity Mutual Fund model portfolio strategy remains true to our philosophy of being countercyclical by participating in
market upside through exposure through cyclicals and outperforming benchmark in times of market corrections (given the exposure
to defensives). We intend to maintain allocation to international equities at approximately 20/25% level.

Philosophy of Model Portfolio: Equity MF Model Portfolio Allocation (%)

Defensive, Global Cyclicals &
Equity MF Current Allocation Cyclicals
Intl. Equities
Large Cap 20 8 12
Diversified 20 8 12
Mid & Small Cap 20 8 12
Sector – Finance 10 10
International Equities 23 23
Sector - Pharma 3 3
Dynamic Equity 5 5
Total 100 54 46
Our Equity Mutual Fund Model Portfolio has adequate allocation towards Defensives, International Equities and Global Cyclicals which
stands at 54% to protect downside emanating from domestic risk leading to market correction. At the same time, Equity Mutual Fund
Model Portfolio has suitable weightages to cyclicals to participate in market rally through exposure to International Oil equities, Banking
& Financial Services Fund and Allocation towards Mid & Small Caps. Equity MF model portfolio has outperformed during market
corrections (refer attached pdf) and that the current composition shouldn’t disappoint.
Nevertheless, a sustained underperformance of defensives and international equities especially US IT may hurt portfolio performance.
We remain vigilant and will take appropriate action if required.

Fixed Income - Debt portfolio, we intend to generate superior risk adjusted performance along with relatively higher degree of
consistency and predictability in performance along with maintenance of acceptable level of liquidity.

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Portfolio asset allocation basis Risk Profile (%)

Tactical allocation Risk Averse Conservative Balanced Growth Aggressive

Debt Equity Debt Equity Debt Equity Debt Equity Debt Equity

Double OW ++ 100 0 75.0 25.0 37.5 62.5 0.0 100.0 0.0 100.0

OW + 100 0 78.0 22.0 45.0 55.0 12.0 88.0 0.0 100.0

Equal Weight 0 100 0 80.0 20.0 50.0 50.0 20.0 80.0 0.0 100.0

UW - 100 0 82.0 18.0 55.0 45.0 28.0 72.0 15.0 85.0

Double UW -- 100 0 100.0 0.0 62.5 37.5 40.0 60.0 30.0 70.0

Above figure are general benchmark; actual allocations over time may vary around this as investment conditions change and client
needs (taking opportunities to optimise returns).

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 Risk Profile
Risk profile is an evaluation to identify the acceptable level of an individual's willingness & ability to take risks (or an aversion to risk). It
will affect an overall decision-making strategy and is important for determining a proper investment asset allocation for a portfolio.

Risk Averse: Preservation of capital is the most important objective. I/We am/are not willing to take any risk, and are comfortable with
returns that are commensurate with bank deposits or other highly rated debt instruments. Best suited investments for this profile are
low-risk instruments such as cash and fixed-income securities.

Conservative: I/We am/are prepared to take a small amount of short-term risk for potential returns that are higher than bank deposits
over the medium to long term. Best suited investments for this profile are largely debt or fixed-income securities, with a partial exposure
to equity instruments.

Balanced: I/We am/are looking for moderate capital growth over the long term; cautious towards taking high levels of risk, however,
comfortable with short-term fluctuations in returns. Best suited investments for this profile will be a judicious combination of fixed-
income securities and equities

Growth: I/We am/are willing to accept high risk for the potential of substantially higher long-term capital growth. I/we may experience
wide fluctuation in returns from year to year. With this approach, you can expect significant short term volatility in value, however,
with a high potential for upside in the long term. Best suited investments for this profile are primarily equity instruments and alternates.
This profile is suitable for investors with a high risk appetite.

Aggressive: I/We am/are willing to accept high risk for the potential of substantially higher long-term capital growth. I/we may
experience wide fluctuation in returns from year to year. The best suited investments for this risk profile are in equity instruments with
exposure to more speculative areas of the market, such as private equity and derivative investments.

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 IMPORTANT INFORMATION, DISCLOSURES & CONDITIONS

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The information set out in this report has been prepared by IIMCL based upon projections which have been determined in good faith and sources considered
reliable by IIMCL. There can be no assurance that such projections will prove to be accurate. Except for the historical information contained herein, statements in
this report, which contain words or phrases such as 'will', 'would', etc., and similar expressions or variations of such expressions may constitute 'forward-looking
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