Investment Strategy

& Model Portfolio

April’23
Equity Markets Overview
& Investment Strategy
Through the lens of the Charts…
Equity markets started the year on a weak note and posted FII’s turned net buyers in March, while MFs continued their
flattish returns for the month of March steady positive inflows

Energy & Metals were the best performing sector while Auto and Global equity markets ended March on a mixed note with US
IT fared the worst markets outperforming other markets

6.01%

3
Source: NSDL, Bloomberg, NSE, Money control Data as on March 31, 2023
 Through the lens of Charts…
M-Cap /GDP Ratio has corrected from the peak levels seen in FY22 Earning Estimates (Nifty 50 Index)

Details FY22 FY23E FY24E FY25E

Nifty EPS 720 800 As on Sep 30,1090

950 2020:
INR 4,863 Bn. Crore
Growth (%) 39.7% 11.1% 18.7% 14.7%
Earnings CAGR (FY22-25E) 14.8%
Average FY24-25E EPS 1,020
Target P/E Multiple on FY24E EPS 21x
Nifty Target (using average of FY24-25E
21,500
 Indian equity markets remained flat for the month of March, however for EPS)
CY2023 we expect markets to remain volatile due to global uncertainties fueled
by a US regional banking crisis, higher inflation and continuing geopolitical GST collection continues to remain robust, March 2023 saw
issues. second highest collection ever.
 Metals and Energy were the best performing sectors whereas sectors like Auto
and IT were the worst performing sectors.

 FII’s were net buyers in equities to the extent of INR 79 bn. in March vs. net
sellers worth INR 53 bn. in February. While Mutual Funds bought equities worth
INR 176 bn. in March vs INR 128 bn. in February .

 Mkt Cap to GDP at 96% is currently higher than long term average of ~78%.
While we have a long term positive view on equity, there is an expectation of
heightened volatility in the short term due to high valuations, rising geopolitical
tensions and hawkish measures from global central banks to mitigate the rising
inflationary pressures, especially in US.

4
Source: NSE, MOSPI, Motilal Oswal, ICICI Securities Research
Commentary on Select Sectors
Sector Commentary

 Margin curve for cement players anticipated to be on upward trend in Q4FY23.

 Underlying cement demand is expected to remain healthy in the medium term (8-9% growth) owing to a boost in
Government spending on infra projects and upcoming general elections in 2024. The commentary from most companies
remains buoyant with capacities operating at 85%+ utilization levels in Q4FY23
 We expect our coverage universe to register volume growth of 9.3% YoY (12% QoQ) to 66.6 MT in Q4FY23.
Cement

 Q4 is seasonally weak for IT companies on account of fewer working days, some additional furloughs in January. Q4 this
year has been eventful for the IT sector wherein on the one hand global IT giant Accenture continued to report strong
bookings in the outsourcing business (proxy to Indian IT companies) while, on the other hand, we witnessed fast paced
events unfolding in the global BFSI space (30-38% revenue mix for top three IT players).
 We expect IT companies to post QoQ CC revenue growth between -1% and 2.5% for Q4FY23.
IT

 In Q4FY23, we expect earnings momentum to continue to remain strong led by 1) continued robust credit offtake, 2) steady
elevated margins on the back of yield repricing offsetting higher cost of deposit and 3) steady slippages and resolutions of
few stressed assets leading to stable credit cost. The operational performance is expected to remain positive across
lenders.
 PSU banks are seen delivering continued strong earning trajectory. Management commentary on segments to drive
BFSI advance growth, liabilities accretion while margin trajectory amid rising cost of funds will be keenly watched.

 With softening of major commodity prices, FMCG companies have taken price cuts and grammage increases in the last six
months. This is expected to result in volume uptick in Q4FY23
 However, rural demand conditions still remain soft compared to urban demand. We estimate our FMCG coverage universe
to see 9.8% revenue growth in Q4FY23 led by mix of volume & pricing.
FMCG
5
Source: ICICI Direct Research
Commentary on Select Sectors
Sector Commentary

 New product launches as well as technical capabilities showcased in the alternate fuel domain during Auto Expo 2023,
robust wholesale volume prints for March 2023 thereby ending the year with ~20% volume growth for the industry in
FY23P
 Resurging raw material prices from their lows, fresh price hike announced by OEMs in response to transition to BS-VI stage
2 norms (starting April 2023) and resurfaced chip supply issues were some key highlights for Q4FY23.
Auto  Total industry volumes in Q4FY23 are expected to grow ~5% QoQ primarily led by outperformance in the CV and PV space

 The I-direct Pharma universe is likely to witness decent growth during the quarter on a YoY basis, mainly led by continued
traction in the domestic formulations business, which also had tailwinds from the respiratory and anti-infectives windfall
during the quarter.
 The US portfolio is also expected to deliver decent growth amid favourable currency movement and new launches
 Overall, the universe (13 coverage companies) is expected to post ~11% growth YoY to INR 49,424 crore.
Pharma

6
Source: ICICI Direct Research
Market Overview and Strategy
 March 2023 was a flattish month wherein returns for Indian equities were muted and it underperformed major global markets, due to
concerns of higher relative valuation premium which has however reduced in the last 3 months.
 The Markets were impacted majorly due to fall out of bailout of US regional banks and forced merger of Credit Suisse,, sticky domestic
& global inflation and heightened geopolitical tensions.
 Going forward, we expect Nifty earnings to grow at CAGR of 14.8% in FY22-25E. We are valuing NIFTY at 21,500 i.e. 21x PE on FY24-
25E average EPS of Rs.1020.
 Indian markets are expected volatile over the short term and the future trajectory will remain guided by factors such as: 1) Pause by
RBI and global central banks to the interest rate hikes cycle. 2) Extent of impact on economic growth, more so in developed economies
3) Lag effect of a rise in interest rates on demand cycle on earnings growth in India etc.

 The allocation to Equity can be made in a staggered manner over the next 6 months period, while clients can
utilize any correction of 5-7% to around 17000 Nifty levels for making lumpsum investment in equities.
 Investors can also increase SIP allocation in current round of correction in markets and continue to allocate
funds to multi/flexi cap funds focused on Blended investment (Mix of Value & Growth) style of investment and
dynamic asset allocation funds
 Any correction in Nifty to around 17000 levels can be used to deploy lumpsum across market cap and themes
like banking and infrastructure sector Funds.

7
Debt Markets Overview
& Investment Strategy
Through the lens of Charts…
Inflation at 5.66% in Mar 23 drops to 15 month low Reduction of Surplus in (LAF/MSF) indicates tightness in liquidity

As on Dec 31, 2021:

INR 4,669 Bn

10 Yr G-Sec hardens to above average levels (FYTD Avg: 7.3%) Economic growth rate slows to 4.4% in Q3 FY23

6.22%
6.39%
7.4%

Source: RBI, Bloomberg | LAF = Liquidity Adjustment Facility & MSF = Marginal Standing Facility 9
Factors Impacting Short End of Yield Curve

Liquidity (-ve) RBI (Neutral)

There has been fall in systemic RBI kept the rates constant while
liquidity due to pick in credit deciding to remain focused on
growth, advance tax outflows ‘withdrawal of accommodation’ to
and selling of dollars by RBI to ensure that inflation progressively

01 Short
02
prevent disorderly deprecation aligns with the target, while
in Rupee. supporting growth.
Term

10
Factors Impacting Long End of Yield Curve
Inflation (-ve) Revenue (+ve)
06
CPI inflation eased to 5.66% largely
Total revenue receipts stood at INR 19.80
due to base effect and lower food
lakh Cr, or 84.3% of the budgeted estimate
prices including cereals and milk.
as on Feb’23 end. GST collections in Mar’23

01
stood at INR 1.60 lakh crore.

Growth (+ve)
India's growth slows to 4.4% YoY
05 Expenses (-ve)
in Q3 FY 23. FY 23 is likely to
witness growth rate of ~7%
Long Govt. expenditure up to Feb’23 stood at INR
34.93 lakh Cr, resulting in a fiscal deficit of
owing to domestic consumption
led economic buoyancy & higher Term 14.53 lakh Cr or 82.8% of budgeted
estimate of FY23. In the latest Budget, FM

02
tax revenues. has retained fiscal deficit target for FY 23 at
6.4%.

OMO/OT (+ve)
04 G-Sec Supply (-Ve)

03
Out of Gross Market borrowing of Rs 15.43
RBI will continue to conduct
lakh crore projected for FY 2023-24 in the
Operational twist to manage
Union budget, Rs 8.88 lakh crore (57.55%)
liquidity in the system and to keep
is planned to be borrowed in first half (H1).
yield curve, especially the longer
end under check.

11
Monetary Policy: Pause after six repo rate hikes in a row

Key Highlights
As on Sep 30, 2020:
INR 4,863 Bn. Crore
 RBI has kept the repo rate at 6.50%. The standing deposit facility rate stands at 6.25% and the marginal standing facility rate is at 6.75%.
 The average daily absorption under the liquidity adjustment facility (LAF) moderated to ₹1.4 lakh crore during February-March as compared with
₹1.6 lakh crore in December- January. On a y-o-y basis, money supply (M3) expanded by 9 per cent as on March 31, 2023 while non-food bank
credit rose by 15.4 per cent. India’s foreign exchange reserves were placed at US$ 578.4 billion as on March 31, 2023.

 The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation remains within the target going forward, while
supporting growth.
 These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent
within a band of +/- 2 per cent, while supporting growth.

The MPC notes that:

 The outlook for inflation is mixed. Assuming the normal monsoon and average crude oil price(Indian basket) of US$ 85 per barrel; the CPI inflation is
projected at 5.2 per cent in 2023-24, with Q1 at 5.1 per cent, Q2 at 5.4 per cent, Q3 at 5.4 per cent and Q4 at 5.2 per cent, and risks evenly balanced.
 The internal demand is likely to be robust as stronger prospects for agricultural and allied activities are likely to enhance the demand in rural areas,
and rebound in contact-intensive sectors and discretionary spending is expected to support urban consumption. The external demand drag could
accentuate, given slowing global trade and output.
 The internal environment for the investment is strong due to the strong credit growth, resilient financial markets, and the government’s continued
thrust on capital spending and infrastructure.
 The global growth is expected to decelerate during 2023 and this will have negative implication for exports.
 The real GDP growth for 2023-24 is projected at 6.5 per cent with Q1 at 7.8 per cent, Q2 at 6.2 per cent, Q3 at 6.1 per cent and Q4 at 5.9 per cent, and
risks broadly balanced.

Source: RBI 12
Markets Overview and Strategy
 The outlook on global growth has improved in recent months, despite the persistence of geopolitical hostilities and the impact of
monetary policy tightening by central banks across the world. Inflation is exhibiting some softening from recent highs, prompting central
banks to moderate the size and pace of rate actions.
 We believe that domestic 10 year G-sec yields have peaked out with limited downside from here. We would recommend to capture the
existing yield from a long term and pre tax perspective.
 CPI inflation print for March has eased to 5.66% largely due to base effect and lower food prices. However due to sticky core inflation,
hardening of crude oil prices as a result of OPEC supply cut and likely impact on food grain production due to El Nino impact, the focus
of RBI will be withdrawal of accommodation to ensure that inflation remains within the target going forward as well.

 The investors having balanced risk profile can take debt exposure through Balanced Advantage Funds for tax
efficient returns.
Also clients who want to play peaking interest rate cycle with 4 to 5 year horizon with higher risk appetite in debt can
invest in Dynamic bond/Medium Duration funds at the current G-Sec levels.
For investment with the time horizon of upto 1 year, Arbitrage Funds should be considered for optimizing tax efficient
returns.

13
Gold, Crude Oil and Currency
Gold
Gold Performance as on March 31, 2023 (in USD) World Official Gold Holdings (Top 10 Nations) (Feb’23 1st Week)

Sl. No. Country Tonnes % of foreign reserves

1 United States 8,133.5 67.2%

2 Germany 3,354.9 66.8%
3 Italy 2,451.8 63.7%
4 France 2,436.8 65.6%
5 Russian Federation 2,329.6 23.8%
6 China, P.R.: Mainland 2,050.3 3.6%
7 Switzerland 1,040.0 6.6%
8 Japan 846.0 4.0%
9 India 790.2 8.0%
10 Netherlands 612.5 56.3%

 Historically, Gold has had a negative correlation with equities and debt, and hence adding allocation to Gold in the portfolio can result in an
optimum diversification of portfolio. 6.01%

 Gold prices edged up last month by 7.8% amid a sharp drop in the US dollar index and decline in US 10 year’s treasury yields. Furthermore,
the US Federal Reserve raised its interest rate by smaller magnitude for a second consecutive meeting ending the era of higher pace of rate
hikes and also signaled an end to its rate hike campaign. Additionally, bullion prices were supported on weaker macroeconomic data from the
US

 We continue to remain cautiously bullish on Gold from medium to long term perspective, despite short term underperformance. We continue
to recommend (5% in core allocation) through Sovereign Gold bonds and (5% tactical allocation) through ETFs

Source: World Gold Council, Bloomberg | Returns till 1 year are absolute; > 1 year are CAGR 15
Currency
USD – INR & Dollar Index Performance (Mar’23 end) Real Effective Exchange Rate (REER)

As on Sep 30, 2020:

INR 4,863 Bn. Crore

 Rupee appreciated by ~0.6 percent MOM to 82.18 against the US dollar in February amid weakness in the dollar, softening of oil prices
and anticipation that the US Federal Reserve was near the6.01%
end of its rate hiking cycle.

 Moreover, market sentiments across the globe improved as concerns over US banking sector ebbed. Additionally, more than a year low
trade deficit of US$17.43 billion in February 2023 supported the rupee.

 We expect Rupee likely to appreciate further in the month as dollar is losing its steam. Further, rupee may gain strength on optimistic
global market sentiments and FII inflows.

Source: Bloomberg, RBI | Returns till 1 year are absolute; > 1 year are CAGR 16
Crude Oil
Brent Crude Oil Performance as on Mar 31, 2023 (in USD) India’s Crude Oil Import (in billion USD) as on Feb’23

 Crude Oil prices decreased by 4.3% in last one month and has fallen down by 23.7% in last 1 year
 Crude oil prices tumbled last month and touched levels last seen in 6.01%
December 2021 as risky assets were battered on concerns over financial instability of banks
and contagion effects.
 They were also pressurized as refilling the US Strategic Petroleum Reserve (SPR) may take several years, dampening demand prospects.
 Meanwhile, further downside was prevented after Russia halted oil supplies to Poland via Druzhba pipeline and European Union agreed on a tenth packages of
sanction on Russia
 Prices are expected to rise as macro-economic headwinds took center-stage and apprehension about OPEC+ cuts and EU embargoes faded.
 We expect Crude to trade around the elevated levels of 80-90 over the next few months, as performance of the marketing segment might improve owing to
lower losses on the diesel front.

Source: Ministry of Petroleum & Natural Gas, Bloomberg | Returns till 1 year are absolute; > 1 year are CAGR 17
Equity Model Portfolio
Equity Model Portfolio
Category Scheme/Fund Details Market Cap Bias Allocation Rationale
Canara Robeco Flexi Cap Fund Flexi-Cap 10.0% The large cap & diversified funds are essentially in-line with our market views
Large Cap/ Nippon India Multicap Fund Flexi-Cap 10.0% to choose strong stock pickers with blended investment style preferably with a
40.0%
Diversified Kotak Equity Opportunities Fund Flexi-Cap 10.0% multi/flexi cap strategy.
ICICI Prudential Nifty 50 Index Fund Large Cap 10.0% Index Funds/ ETF offers low cost passive investment options
Invesco India Contra Fund Flexi-Cap 5.0% Value oriented funds focuses on buying undervalued stocks and holding them
Value Oriented for the long-term. Exposure to value funds offers wider diversification as it
10.0%
Funds ICICI Pru India Opportunities Fund Flexi-Cap 5.0% takes exposure to sectors which are generally not in favour or are not
considered by Growth fund managers.
SBI Magnum Midcap Fund Mid Cap 7.5% We recommend exposure to mid & small cap funds to generate an alpha over
Mid & Small
15.0% the broader market. Domestic consumption and manufacturing theme can be
Cap Nippon India Small Cap Fund Small Cap 7.5% played by having exposure to mid & small caps
The Portfolio Manager follows ‘Contra’ style of investing which involves taking
contrarian bets i.e. taking calls/exposure on stocks which are currently not in
ICICI Pru Contra PMS Strategy Flexi-Cap 7.5% favour in the market but are expected to do well in the long run. The PM may
also select stocks of companies in sectors where entry barriers are high,
sectors is in consolidation or of companies in special situation
ACE Equity includes market leaders from across market caps and is an all-
Equity PMS 20.0%
weather portfolio, as its components have a higher market share in their
I-Sec Ace Equity PMS Flexi-Cap 7.5%
segments. The focus of this portfolio is on companies with strong balance
sheets and management teams that have shown disciplined capital allocation
Portfolio manager plans to build a portfolio of 40-60 companies which are
AAA India Opportunity Plan (IOP)
Flexi-Cap 5.0% market leaders with strong corporate governance and high growth potential
PMS
with investment horizon of 3-5 years.
Due expected domestic recovery in FY 23, allocation should be added to
Tata Infrastructure Fund Flexi-Cap 7.5%
Metals, Capital Goods, Infrastructure, Cement and Engineering sector
Thematic 15.0% Tactical allocation to leaders in BFSI due to improving trends in credit growth.
Nippon India Banking & Financial
Flexi-Cap 7.5% Focused on lenders with healthy business growth, improving operational
Services Fund
efficiency and steady asset quality.
Total 100.0%
Private and Confidential
19
Equity Model Portfolio – Only MFs
Category Scheme/Fund Details Market Cap Bias Allocation Rationale

Canara Robeco Flexi Cap Fund Flexi-Cap 15.0%

The large cap & diversified funds are essentially in-line with our market views
Nippon India Multicap Fund Flexi-Cap 15.0%
to choose strong stock pickers with blended investment style preferably with
Large Cap/
50.0% a multi/flexi cap strategy.
Diversified Kotak Equity Opportunities Fund Flexi-Cap 10.0%

ICICI Prudential Nifty Index Fund Large Cap 10.0% Index Funds/ ETF offers low cost passive investment options

Invesco India Contra Fund Flexi-Cap 5.0% Value oriented funds focuses on buying undervalued stocks and holding
Value Oriented them for the long-term. Exposure to value funds offers wider diversification
10.0%
Funds as it takes exposure to sectors which are generally not in favour or are not
ICICI Pru India Opportunities Fund Flexi-Cap 5.0% considered by Growth fund managers.

SBI Magnum Midcap Fund Mid Cap 10.0% We recommend exposure to mid & small cap funds to generate an alpha
Mid & Small
20.0% over the broader market. Domestic consumption and manufacturing theme
Cap
Nippon India Small Cap Fund Small Cap 10.0% can be played by having exposure to mid & small caps

Due expected domestic recovery in FY 23, allocation should be added to

Tata Infrastructure Fund Flexi-Cap 10.0%
Metals, Capital Goods, Infrastructure, Cement and Engineering sector
Thematic 20.0%
Tactical allocation to leaders in BFSI due to improving trends in credit
Nippon India Banking & Financial
Flexi-Cap 10.0% growth. Focused on lenders with healthy business growth, improving
Services Fund
operational efficiency and steady asset quality.
Total 100.0%

Private and Confidential

20
Equity Model Portfolio – Portfolio Composition
AuM (in
Category Scheme/Fund Details Market Cap Bias Allocation Large Cap Mid Cap Small Cap Others
Crs)
Canara Robeco Flexi Cap Fund Flexi-Cap 10.0% 8,631 76.36 17.80 2.42 3.42

Large Cap/ Nippon India Multicap Fund Flexi-Cap 10.0% 14,092 43.42 27.77 27.64 1.16
40.0%
Diversified Kotak Equity Opportunities Fund Flexi-Cap 10.0% 11,608 55.25 37.32 5.68 1.75

ICICI Prudential Nifty 50 Index Fund Large Cap 10.0% 3,977 99.98 0.00 0.00 0.02

Value Oriented Invesco India Contra Fund Flexi-Cap 5.0% 9,348 66.90 20.20 8.63 4.28
10.0%
Funds ICICI Pru India Opportunities Fund Flexi-Cap 5.0% 7,644 56.20 19.36 12.62 11.83

SBI Magnum Midcap Fund Mid Cap 7.5% 8,733 10.64 65.58 21.06 2.71
Mid & Small Cap 15.0%
Nippon India Small Cap Fund Small Cap 7.5% 23,910 11.35 19.67 65.96 3.02

ICICI Pru Contra PMS Strategy Flexi-Cap 7.5% 73.00 13.00 14.00 0.00

Equity PMS I-Sec Ace Equity PMS Flexi-Cap 7.5% 20.0% 80.00 19.00 1.00

AAA India Opportunity Plan (IOP) PMS Flexi-Cap 5.0% - 55.00 24.00 18.00 3.00

Tata Infrastructure Fund Flexi-Cap 7.5% 951 38.77 39.98 17.11 4.14
Thematic 15.0%
Nippon India Banking & Financial Services Fund Flexi-Cap 7.5% 3,827 61.86 18.19 16.56 3.39
Total 100.0% 57.08 24.62 15.64 2.59

Source: Crisil and respective AMC

21
Data as on 28-February-2023
Equity Model Portfolio (MFs Only) – Portfolio Composition
AuM (in
Category Scheme/Fund Details Market Cap Bias Allocation Large Cap Mid Cap Small Cap Others
Crs)
Canara Robeco Flexi Cap Fund Flexi-Cap 15.0% 8,631 76.36 17.80 2.42 3.42

Nippon India Multicap Fund Flexi-Cap 15.0% 14,092 43.42 27.77 27.64 1.16
Large Cap/
50.0%
Diversified Kotak Equity Opportunities Fund Flexi-Cap 10.0% 11,608 55.25 37.32 5.68 1.75

ICICI Prudential Nifty 50 Index Fund Large Cap 10.0% 3,977 99.98 0.00 0.00 0.02

Value Oriented Invesco India Contra Fund Flexi-Cap 5.0% 9,348 66.90 20.20 8.63 4.28
10.0%
Funds ICICI Prudential India Opportunities Fund Flexi-Cap 5.0% 7,644 56.20 19.36 12.62 11.83

SBI Magnum Midcap Fund Mid cap 10.0% 8,733 10.64 65.58 21.06 2.71
Mid & Small Cap 20.0%
Nippon India Small Cap Fund Small Cap 10.0% 23,910 11.35 19.67 65.96 3.02

Tata Infrastructure Fund Flexi-Cap 10.0% 951 38.77 39.98 17.11 4.14
Thematic 20.0%
Nippon India Banking & Financial Services Fund Flexi-Cap 10.0% 3,827 61.86 18.19 16.56 3.39

Total 100.0% 51.91 26.89 18.21 3.00

Source: Crisil and respective AMC

22
Data as on 28-February-2023
Equity Model Portfolio – Returns
%
Category Scheme/Fund Details 1 Month 3 Months 6 Months 1 Year 2 Years 3 Years 5 Years
Allocation
Canara Robeco Flexi Cap Fund 10.0% -0.29 -3.81 -0.84 -2.26 8.67 24.47 12.68
Large Cap/ Nippon India Multicap Fund 10.0% 0.55 -2.01 0.00 7.64 20.26 36.03 12.65
Diversified Kotak Equity Opportunities Fund 10.0% 0.29 -2.18 1.47 3.66 11.56 28.74 12.79
ICICI Prudential Nifty 50 Index Fund 10.0% 0.28 -4.14 1.56 0.13 9.44 27.00 11.94
Value Oriented Invesco India Contra Fund 5.0% -0.55 -4.68 -1.66 1.02 9.96 27.85 11.12
Funds ICICI Prudential India Opportunities Fund 5.0% -0.20 -3.47 2.20 10.29 22.19 39.71 NA
Mid & Small SBI Magnum Midcap Fund 7.5% -1.96 -1.77 -3.93 4.75 15.12 39.73 12.47
Cap Nippon India Small Cap Fund 7.5% 0.32 -2.24 0.36 6.65 23.98 49.51 15.93
ICICI Pru Contra PMS Strategy 7.5% 1.89 -5.89 4.53 6.36 18.39 36.73 NA
Equity PMS I-Sec Ace Equity PMS 7.5% -0.62 -5.74 -3.07 -2.40 9.07 NA NA
AAA India Opportunity Plan (IOP) PMS 5.0% -0.20 -2.57 -1.93 0.70 11.00 29.22 9.53
Tata Infrastructure Fund 7.5% 1.54 -0.11 0.83 10.35 17.59 36.12 12.17
Thematic Nippon India Banking & Financial Services
7.5% -0.78 -6.90 1.91 8.23 14.84 32.89 8.48
Fund
Portfolio Level 100% 0.10 -3.42 0.43 4.11 14.58 33.61 11.10

Nifty 50 0.32 -4.12 1.55 -0.60 8.71 26.39 11.38

S&P BSE 200 0.52 -5.90 -1.78 -2.00 8.38 26.97 10.73
S&P BSE 500 0.33 -5.88 -2.04 -2.26 8.70 27.79 10.37
Nifty Midcap 100 Index -0.27 -4.68 -2.06 1.15 12.59 36.91 9.85
Nifty Smallcap 100 Index -1.76 -7.57 -4.73 -13.81 5.29 35.76 2.91
Nifty IT Index 0.84 -5.53 5.12 11.64 10.42 28.49 10.82
Nifty Infrastructure 1.48 -3.07 2.68 1.44 11.60 29.20 8.85

Source: Crisil, and respective AMC

Returns as on 31 March 2023
Returns less than 1 yr are absolute, CAGR otherwise 23
Equity Model Portfolio - MF Only - Returns
%
Category Scheme/Fund Details 1 Month 3 Months 6 Months 1 Year 2 Years 3 Years 5 Years
Allocation
Canara Robeco Flexi Cap Fund 15.0% -0.29 -3.81 -0.84 -2.26 8.67 24.47 12.68
Large Cap/ Nippon India Multicap Fund 15.0% 0.55 -2.01 0.00 7.64 20.26 36.03 12.65
Diversified Kotak Equity Opportunities Fund 10.0% 0.29 -2.18 1.47 3.66 11.56 28.74 12.79
ICICI Prudential Nifty 50 Index Fund 10.0% 0.28 -4.14 1.56 0.13 9.44 27.00 11.94
Value Oriented Invesco India Contra Fund 5.0% -0.55 -4.68 -1.66 1.02 9.96 27.85 11.12
Funds ICICI Prudential India Opportunities Fund 5.0% -0.20 -3.47 2.20 10.29 22.19 39.71 NA
Mid & Small SBI Magnum Midcap Fund 10.0% -1.96 -1.77 -3.93 4.75 15.12 39.73 12.47
Cap Nippon India Small Cap Fund 10.0% 0.32 -2.24 0.36 6.65 23.98 49.51 15.93
Tata Infrastructure Fund 10.0% 1.54 -0.11 0.83 10.35 17.59 36.12 12.17
Thematic Nippon India Banking & Financial Services
10.0% -0.78 -6.90 1.91 8.23 14.84 32.89 8.48
Fund
Portfolio Level 100% -0.03 -3.01 0.12 4.75 15.20 33.85 12.35

Nifty 50 0.32 -4.12 1.55 -0.60 8.71 26.39 11.38

S&P BSE 200 0.52 -5.90 -1.78 -2.00 8.38 26.97 10.73
S&P BSE 500 0.33 -5.88 -2.04 -2.26 8.70 27.79 10.37
Nifty Midcap 100 Index -0.27 -4.68 -2.06 1.15 12.59 36.91 9.85
Nifty Smallcap 100 Index -1.76 -7.57 -4.73 -13.81 5.29 35.76 2.91
Nifty Bank Index 0.84 -5.53 5.12 11.64 10.42 28.49 10.82
Nifty Infrastructure 1.48 -3.07 2.68 1.44 11.60 29.20 8.85

Source: Crisil, and respective AMC

Returns as on 31 March 2023
Returns less than 1 yr are absolute, CAGR otherwise 24
Risk Profiles – Asset Allocation
Debt & Preservation Equity & Growth
Risk Profile Description Alternative
Oriented Oriented
Risk Averse investors typically will not take any risk, and are
comfortable with returns that are commensurate with bank
Risk Averse 100% 0% 0%
deposits or other highly rated debt instruments. Preservation of
capital is their most important objective.
Conservative investors are prepared to take a small amount of
Conservative short-term risk for potential returns that are higher than bank 80% 20% 0%
deposits over the medium to long-term.
Balanced investors generally look for moderate capital growth
over the long term and are cautious towards taking high levels of
Balanced 50% 40% 10%
risk. They are however, comfortable with short-term fluctuations
in returns.
Growth investors are willing to take significant risk in pursuit of
Growth higher long-term capital growth and can accept high market 20% 60% 20%
volatility and fluctuations in returns.

Aggressive investors will usually accept high risk for the potential
Aggressive of substantially higher long-term capital growth. These investors 0% 80% 20%
will accede to wide fluctuations in returns from year to year.

Private and Confidential

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Disclaimer
I-Sec is a Member of National Stock Exchange of India Ltd (Member Code :07730) ., SEBI Regn. No. INB 230773037 (CM), SEBI Regn. No. INF
230773037 (F&O), SEBI Regn No. INE230773037 (CD), BSE Ltd (Member Code :103)., SEBI Regn. No. INB011286854 (CM), SEBI Regn No.
INF010773035 (F&O). AMFI Regn. No.: ARN-0845. We are distributors for Mutual funds Name of the Compliance officer: Mr. Anoop Goyal,
Contact number: 022-40701000, E-mail address: complianceofficer@icicisecurities.com. Investment in securities market are subject to
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advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances

Private and Confidential

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Disclaimer
Registered office of ICICI Securities Ltd (I-Sec) is at ICICI Securities Ltd. - ICICI Venture House, Appasaheb Marathe Marg, Mumbai - 400025,
India. AMFI-registered Mutual Fund Distributor. AMFI Registration No.: ARN-0845.

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for any loss or damage of any kind arising out of any inaccurate, delayed or incomplete information nor for any actions taken in reliance
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information nor for any actions taken in reliance thereon. I-Sec does not guarantee the accuracy, adequacy or completeness of any
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