UTI Large Cap Fund

(An open ended equity scheme predominantly investing in large cap stocks)

SCHEME Large Cap Large & Mid Mid Small Cap

CATEGORY Fund Cap Fund Cap Fund Fund

STOCK Low Moderate High

Concentration Concentration Concentration
CONCENTRATION (>60 stocks) (40- 60 stocks) (<40 stocks)

INVESTMENT Growth
Blend
Value
STYLE (GARP)

RISK / REWARD Low Risk Moderate Risk High Risk

POTENTIAL Low Reward Moderate Reward High Reward

Nifty
S&P BSE 100 Nifty Midcap Nifty Smallcap
BENCHMARK TRI
LargeMidcap
150 TRI 150 TRI
250 TRI

This product is suitable for investors who are seeking*:

• Long term capital appreciation MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS,
• Investment predominantly in equity instruments of large cap companies READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.
1* Investors should consult their financial advisers if in doubt about whether the product is suitable for them
 TEAM
 Team driven approach
 Discussion & Review

POWERED BY
PROCESS
 Standardized research methodology
Companies get Operating Cash Flow (OCF) & Return on Capital
Employed (RoCE) ratings based on their previous 5 years financials

3 Tier Rating System

OCF C1 C2 C3 RoCE R1 R2 R3
Rating Rating HIGH CONSISTENCY LOW
HIGH CONSISTENCY LOW

 Identifying good stocks, avoiding poor stocks

 Consistency over time

STRATEGIES
Operating Cash Flow (OCF) Tiers - 3 Tiers (C1/ C2/ C3) based on the number of years in which they  Support diverse strategies
have generated positive operating cash flows in the previous 5 years (for manufacturing companies).
Return on Capital Employed (RoCE) / Implied Return on Equity (RoE) Tiers - 3 Tiers (R1/ R2/ R3) based  Style discipline – mandate & style drive the choice
on the previous 5-year average return on capital (for manufacturing companies & non-lending
nonbanking finance companies (NBFCs)) & based on the previous 5-year average return on asset for of stocks across the OCF & RoCE tiers
banks & NBFCs (including housing finance companies).
2
MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY
 Product Spectrum on Risk v/s Return Grid (Active Funds)

CORE ALLOCATION CORE SATELLITE ALLOCATION TACTICAL ALLOCATION

UTI B&FS Fund

UTI Healthcare Fund

UTI T&L Fund

RETURN POTENTIAL

UTI India Consumer Fund

UTI Dividend Yield Fund
UTI Focused Fund
UTI Infrastructure Fund
UTI MNC Fund
UTI Value Fund

UTI Large & Mid Cap Fund

UTI Small Cap Fund

UTI Flexi Cap Fund UTI Mid Cap Fund

UTI ELSS Tax Saver Fund

UTI Large Cap Fund

RISK / STANDARD DEVIATION

UTI B&FS Fund – UTI Banking & Financial Services Fund; UTI T&L Fund – UTI Transportation & Logistics Fund

The above representation is only for understanding purpose, one should not constitute portfolio only based on the above and advised to approach their financial advisors based
3 on the investors respective risk profile before making investment decisions.
 UTI Large Cap Fund: Advantage Large Cap

Leadership Financial Strength

Such companies Large cap companies
enjoy market have strong Balance
dominance 01 02 Sheets and thus have
by extending the appetite to
quality offerings in support their brands
their industries

Resilient
Business Model
Smooth Sail
Through Business
Competitive Edge Cycles
Large cap Economies of
companies can offer Scale
competitive pricing These companies
in their industries due 04 03 offer cost
to low cost resources advantage due to
and better large scale and
technology efficient processes

4
 Market Leaders: Big getting bigger
Market Share of Top Players (%)
Banks Cement
(Top 6: Bank Credit) (Top 5: Sales Volume)

FY10 47.30% FY10 35.40%

FY20 55.80% FY20 53.00%

FY23 61.80% FY23 58.00%

Passenger Vehicles Domestic Pharma

(Top 4: Sales Volume)
(Top 20: Revenue)
FY10 83.40%
FY10 61.10%
FY20 83.30%
FY20 65.80%
FY23 86.00%
FY23 68.30%

Telecom Paints
(Top 3: Revenue) (Top 4: Profit)

FY10 65.20% FY10 99.00%

FY20 83.40% FY20 99.00%

FY23 90.00% FY23 99.00%

5 Source: Avendus Spark Research, Data as of September 30, 2023.

 Investment Strategy

Growth at
Competitive
Reasonable
Franchise
Price (GARP)
 Given the underlying growth in earnings of  Companies with competitive franchise
a company, how much is the reasonable have benefits of pricing power or cost
price that one should pay to buy that competitiveness for long period of time.
stock in the portfolio.
 Tend to have strong fundamentals with
 Provides a framework to buy companies
low debt, profitability focus, consistent
having future earnings growth as well as
cash-flow and higher ROCE.
valuation comfort.

Thrust for long term wealth creation by owning a portfolio of quality companies

6
 Examples of Competitive Franchise (1)

Financials – Premium Valuations v/s Retail Bank (1998 – 2021) Min Max Current
Sustainable Growth
Current & Savings Deposits 38.8% 60.6% 46.1%
 Liability Franchise
NIM 3.0% 4.5% 4.1%
― Low-cost deposits
Op Cost / Income 36.3% 51.7% 36.3%
― Better NIM
ROA 1.4% 1.9% 1.8%
 Underwriting process discipline

― Low Stress/ Credit costs

Retail Bank 1998 2021 CAGR
― Higher ROA/ ROE
Advance (Rs. Crore) 842 12,59,099 37%
 Sustainable Growth
Profit (Rs. Crore) 63 25,287 31%

Source: Companies filings

NIM – Net Interest Margin, NII – Net Interest Income, RoA – Return on Asset, RoE – Return on Equity, CAGR – Compounded Annualized Growth Rate
The above is to illustrate the concept of identifying stocks in the market. There is also a possibility of the expected event not happening or some other unforeseen event that may affect performance of the company. The
performance of stocks would ultimately depend on various factors such as prevailing market conditions, global political scenario, exchange rate etc. Investors are requested to note that there are various factors (both local and
international) that can have impact on the future performance and expectations of any company. Information given is available in public domain. There is no assurance or guarantee of any company being able to sustain its
7 performance in future. There is no assurance or guarantee that the scheme would invest in this stock.
 Examples of Competitive Franchise (2)

Financials – Improving Trajectory and Attractive Valuation

Opportunity spotted in 2018 when Relative Position in 2018

 Asset quality issues and rising credit costs for
the sector Key Parameters % Remarks
 Issues with management (realignment of Current & Savings
51.7%
Strong advantage of low
CEO) Deposits cost of Funds
 Competitive Advantage of CASA and Op Cost / Income 44.7% In line with competition
Capital Adequacy
Depressed but no negative
 Valuation at 4.9x Price to pre provisioning ROA 0.8% surprises to guidance on
profits, at a discount to competition asset quality
Low but relatively better due
ROE 6.8%
to divestment of subsidiaries
Ability to grow w/o capital
Tier I Capital 15.9%
Competitive Advantages Sustained constraint
Valuation
 High proportion of CASA Av. 46%
Price to Pre-Provision
 Strong capital adequacy 18% Profits
4.9x At a discount to peers

CEO – Chief Executive Officer; CASA – Current Account Savings Account

The above is to illustrate the concept of identifying stocks in the market. There is also a possibility of the expected event not happening or some other unforeseen event that may affect performance of the
company. The performance of stocks would ultimately depend on various factors such as prevailing market conditions, global political scenario, exchange rate etc. Investors are requested to note that there are
various factors (both local and international) that can have impact on the future performance and expectations of any company. Information given is available in public domain. There is no assurance or
8 guarantee of any company being able to sustain its performance in future. There is no assurance or guarantee that the scheme would invest in this stock.
Examples of Competitive Franchise (3)
Profitability, working capital, cash flows and
Passenger Vehicles Manufacturer capital expenditure (FY21)
Company No. 2 player

PATM (%) 6 5
 Larger distribution and after market reach Working Capital /Sales (%) -8.3 -2.6
 Superior profitability and cash flow generation Cumulative Free Cash flow last 5 years (Rs. Cr.) 5,530 2,040
 No major dent in Volume growth relative to Cumulative Capex past 5 years (Rs. Cr.) 17,364 10,286
competition, despite delay in new model launch
Market share and volume growth (FY21) Company No. 2 Player Industry

Market share (%) 47 17 100

Volume growth in 5 years (% CAGR) 0.4% -2.3% -2.2%
Source: Companies filings, Motilal Oswal

Large Value Retailer Particulars FY17 FY23 CAGR

 Bargaining power with Vendors due to size Retail Space (mn sq ft) 4.1 13.4 22.0%
 Lowest price offering compared to competition helps in better throughput Sales per sq ft - Rs 32,134 33,601 0.7%
 operating efficiencies leads to lower cost of retailing helping profitability Revenue - Rs cr 11,881 41,833 23.3%
 Owns real estate space and hence safeguarded from rental inflation
 Physical reach also helps to scale-up its e-commerce foray Gross Margin 15.0% 14.5%
 Beneficiary of Unorganised to Organised shift EBITDA margin 8.1% 8.7%
Source: Companies filings
EBITDTA – Earnings before interest, depreciation, tax and amortization, PATM – Profit after Tax Margin,
The above is to illustrate the concept of identifying stocks in the market. There is also a possibility of the expected event not happening or some other unforeseen event that may affect performance of the company. The performance
of stocks would ultimately depend on various factors such as prevailing market conditions, global political scenario, exchange rate etc. Investors are requested to note that there are various factors (both local and international) that
can have impact on the future performance and expectations of any company. Information given is available in public domain. There is no assurance or guarantee of any company being able to sustain its performance in future.
9 There is no assurance or guarantee that the scheme would invest in this stock.
 Competitive Franchise in B2B Sectors

Client Revenue Contribution FY ‘22 IT Company 1 Others

Information Technology
Top 10 19% 36% - 59%
 Large client base
 Profitability Operating Efficiency FY ‘22 IT Company 1 IT Company 2 Others

EBIT Margins 25% 23% 13% - 18%

Source: Companies filings

Pharma Improving quality of US Sales 34%

 Moving up the value chain

27%
 Improving contribution of 25% 23%
specialty pharma 21%

(Source: Kotak Inst. Equities) 16%

12% 12%

10%
FY15 FY16 FY17 FY18 FY19 FY20 FY21

Speciality US Sales as % of overall US Sales

The above is to illustrate the concept of identifying stocks in the market. There is also a possibility of the expected event not happening or some other unforeseen event that may affect performance of the
company. The performance of stocks would ultimately depend on various factors such as prevailing market conditions, global political scenario, exchange rate etc. Investors are requested to note that
there are various factors (both local and international) that can have impact on the future performance and expectations of any company. Information given is available in public domain. There is no
10 assurance or guarantee of any company being able to sustain its performance in future. There is no assurance or guarantee that the scheme would invest in this stock.
 Opportunities from Industry Consolidation

Paints
Paints Company Mar-02 Mar-20 Expansion
 Pricing Power & Improving profitability
 Despite Raw Material (crude based) moving Gross Margin (%) 48.5 51.9 3.4
up from $26/bbl in ‘02 to $54/bbl in ‘20 EBIT Margin (%) 11.8 16.7 4.9
 Market share > 50%

Telecom

 Entry of a new player eroded the revenue

and profit pool by >30%
 No. of players reduced from 10 to 3 +1 Telecom Company
 Catalyst Tariff normalization, conversion of 2G Subscribers (Industry) 1166 mn
subscribers to 4G, Reducing Capex intensity Market share (Company) 31%
and path to FCF generation

FCF – Free Cash Flow

The above is to illustrate the concept of identifying stocks in the market. There is also a possibility of the expected event not happening or some other unforeseen event that may affect performance of the
company. The performance of stocks would ultimately depend on various factors such as prevailing market conditions, global political scenario, exchange rate etc. Investors are requested to note that there are
various factors (both local and international) that can have impact on the future performance and expectations of any company. Information given is available in public domain. There is no assurance or
11 guarantee of any company being able to sustain its performance in future. There is no assurance or guarantee that the scheme would invest in this stock.
 Avoiding the “wrong” stocks is as important as selecting the “right” ones

Analysis of observations when S&P BSE 100 corrected >20%

 Fund’s NAV fell less than the fall in S&P BSE 100 generating Alpha on all these occasions
 For the smart investor who stayed through the turbulent period, the gains outsized the pain
 Corrections are opportunities if investment horizon is on your side
Growth (Absolute)
Drawdown
Duration Downside in UTI Large Cap Fund’s
Date Date (Absolute)
(No. of Protection / NAV after drawdown
From To
Days) UTI Large Cap Alpha
S&P BSE 100 In 3 Years In 5 Years
Fund
08-Jan-04 17-May-04 130 -20% -28% 8% 133% 138%
10-May-06 14-Jun-06 35 -30% -31% 1% 69% 131%
16-Oct-07 27-Oct-08 377 -58% -66% 8% 104% 129%
04-Nov-08 09-Mar-09 125 -16% -23% 7% 104% 149%
05-Nov-10 20-Dec-11 410 -21% -27% 6% 90% 97%
03-Mar-15 25-Feb-16 359 -21% -23% 2% 50% 90%
17-Jan-20 23-Mar-20 66 -34% -38% 4% 112% NA
Significant proportion of the Alpha is by being underweight on stocks that have relatively fallen more

12 Source: MFIE, Scenarios of S&P BSE 100 falling more than 20%, data of last 15 years
 Investment Framework

Growth at a Reasonable Price (GARP)

01 Investment Style (blend of both growth and value)

Blend Approach
02 Stock/Sector Selection (Top-down for Sector selection & Bottom-up for
Stock selection)

Large Cap Dominance

03 Market Cap Min. of 80% of the fund corpus invested in
large cap stocks

Single Sector – Lower of 35% or Benchmark plus 12%

04 Internal Limits Single Stock – Maximum of 10%
Top 10 Stocks – Maximum of 55%

Low Churn
05 Portfolio Turnover
Relatively lower churn portfolio

13
 UTI Large Cap Fund: Fund Facts

Type of scheme Investment Objective

An open ended equity scheme The objective of the scheme is to generate long term capital
predominantly investing in large
cap stocks appreciation by investing predominantly in equity and
equity related securities of large cap companies.
Fund Inception
However, there can be no assurance or guarantee that the
15th October, 1986
investment objective of the scheme would be achieved.

Fund Manager Asset Allocation

Karthikraj Lakshmanan, CA, PGDBM Indicative Allocation
(Managing since Sep-2022) (% of total assets)
Risk
Total Work Experience: 19 Years Instruments Minimum Maximum Profile
Allocation Allocation
(%) (%)
Benchmark Equity & equity related instruments
(minimum 80% of the total assets
Medium
S&P BSE 100 TRI would be in equity and equity 80 100
to High
related instruments of large cap
companies)
Minimum Investment Debt and Money Market instruments
0 20
Low to
(Growth Option) including securitized debt# Medium
` 100/- and in multiples of `1/- Units issued by REITs & InvITs 0 10
Medium
to High
Subsequent min. investment,
#The fund may invest up to 50% of its debt portfolio in securitized debt.
`100/- and in multiples of `1/-

14
 Fund Facts (contd.)
Fund Snapshot Portfolio Composition#
OCF ROCE
Fund Size: C1 : 92% R1 : 56%
Monthly Avg. AuM : ` 11,563 Crores C2 : 6% R2 : 30%
Last Day AuM : ` 11,458 Crores C3 : 2% R3 : 14%

Market Capitalisation (%) Price to

Book
Fund BM 6.77 7.20
Large : 89 95 Price to
Mid : 10 5 Earnings
Small : 1 0 32.10
34.36
Return on
Equity
Quantitative Indicators
Fund BM 19.3619.61
UTI Large Cap Fund S&P BSE 100 TRI
Beta : 0.95 1.00
SD (3 Years) : 14.20% 14.74% Active Share : 40.36%
PTR (Annual) : 21.00% -
OCF – Operating Cash Flow; ROCE – Return on Capital Employed.
Sharpe Ratio : 0.94 - #Operating Cash Flow Tiers (C)- 3 Tiers based on the number of

years in which they have generated positive operating cash flows

No. of Stocks in the previous 5 years (for manufacturing companies). RoCE/
Implied RoE Tiers (R) - 3 Tiers based on the previous 5 year average
48 return on capital (for manufacturing companies & non-lending non
banking finance companies (NBFCs)) & based on the previous 5
Top 5 / Top10 Stocks year average return on asset for banks & NBFCs (including housing
finance companies). All data are as of September 30, 2023
33.46% / 50.22%

Avg. AuM – Average Asset under Management. All data as of September 30, 2023
15 Act. Wt % - Active Weight % (as compared to the Benchmark Index – S&P BSE 100 TRI)
 UTI Large Cap Fund: Long-term trend of portfolio composition
OCF Tier RoCE Tier
100% 100%

80% 80%

60% 60%

40% 40%

20% 20%

0% 0%
Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23

C1 C2 C3 R1 R2 R3

P/E Multiple (x) P/B Multiple (x) RoE

45 10 20

19
41
9
18
Multiple (x)
Multiple (x)

Multiple (x)
37
8 17
33
16
7
29
15

25 6 14
Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23

UTI Large Cap Fund Benchmark UTI Large Cap Fund Benchmark UTI Large Cap Fund Benchmark

UTI Large Cap Fund (Average) Benchmark (Average) UTI Large Cap Fund (Average) Benchmark (Average) UTI Large Cap Fund (Average) Benchmark (Average)

16 Data as of September 30, 2023, Benchmark – S&P BSE 100 TRI

 Portfolio
Equity Top 20 Holdings
STOCK NAME SECTOR % To NAV
Act. Wt Unique Stocks
% (As compared to Benchmark)
HDFC BANK LTD FINANCIAL SERVICES 9.02 -2.19
ICICI BANK LTD FINANCIAL SERVICES 8.77 2.29 STOCK NAME SECTOR % to NAV

INFOSYS LTD. IT 7.89 2.91

SKF INDIA LTD. CAPITAL GOODS 1.84
AXIS BANK LTD. FINANCIAL SERVICES 3.97 1.11
RELIANCE INDUSTRIES LTD. OIL, GAS & CONS FUELS 3.81 -4.06 SAMVARDHANA MOTHERSON AUTO & AUTO COMPONENTS 1.30
BHARTI AIRTEL LTD. TELECOMMUNICATION 3.69 1.42
BALKRISHNA INDUSTRIES LTD. AUTO & AUTO COMPONENTS 1.19
TATA CONSULTANCY SERVICES IT 3.59 0.07
MARUTI SUZUKI INDIA LTD. AUTO & AUTO COMPO 3.38 2.01 UNITED BREWERIES LTD. FMCG 1.06
BAJAJ FINANCE LTD. FINANCIAL SERVICES 3.10 1.08
LARSEN & TOUBRO LTD. CONSTRUCTION 3.00 -0.55 3M INDIA LTD. DIVERSIFIED 0.87

AVENUE SUPERMARTS LTD. CONSUMER SERVICES 2.98 2.45 METROPOLIS HEALTHCARE LTD HEALTHCARE 0.79
KOTAK MAHINDRA BANK LTD. FINANCIAL SERVICES 2.51 0.09
NTPC LTD. POWER 2.23 1.09 FSN E-COM VENTURES(NYKAA) CONSUMER SERVICES 0.54
ULTRATECH CEMENT LTD. CONSTRUCTION MAT 2.16 1.23
METRO BRANDS LTD CONSUMER DURABLES 0.51
LTIMINDTREE LTD IT 2.05 1.59
ICICI LOMBARD GEN INSURAN FINANCIAL SERVICES 1.89 1.59 BLUE STAR LIMITED CONSUMER DURABLES 0.48
SKF INDIA LTD. CAPITAL GOODS 1.84 1.84
TOTAL 8.21
SUN PHARMACEUTICALS IND HEALTHCARE 1.78 0.56
ASIAN PAINTS (INDIA) LTD. CONSUMER DURABLES 1.65 0.26
TATA STEEL LTD. METALS & MINING 1.57 0.56

Portfolio above shows Top 20 equity holdings under the scheme, for detailed portfolio visit www.utimf.com
Act. Wt % - Active Weight % (as compared to the Benchmark Index – S&P BSE 100 TRI)
17 Data as of September 30, 2023
 Portfolio Snippets

Sectoral Breakdown (%) Active Stock Position

(As compared to Benchmark) (As compared to Benchmark)

Active Weight
Overweight (Top 5)
FINANCIAL SERVICES 31.6 -1.8
IT 15.2 3.2 % to Act. Wt
STOCK NAME SECTOR
AUTO & AUTO COMPONENTS 8.8 2.9 NAV %
CONSUMER SERVICES 6.4 3.8 INFOSYS LTD. INFORMATION TECHNOLOGY 7.89 2.91
CONSUMER DURABLES 5.4 2.0 AVENUE SUPERMARTS CONSUMER SERVICES 2.98 2.45
HEALTHCARE 4.9 0.7
ICICI BANK LTD FINANCIAL SERVICES 8.77 2.29
OIL, GAS & CONSUMABLE FUELS 4.8 -5.4
TELECOMMUNICATION 3.7 1.4 MARUTI SUZUKI INDIA AUTO & AUTO COMPONENTS 3.38 2.01
FMCG 3.2 -6.6 SKF INDIA LTD. CAPITAL GOODS 1.84 1.84
CONSTRUCTION 3.0 -0.6
POWER 2.2 -0.5 % to Act. Wt
CONSTRUCTION MATERIALS 2.2 -0.2 STOCK NAME SECTOR
NAV %
CAPITAL GOODS 1.8 0.5 RELIANCE INDUSTRIES OIL, GAS & CONSUM FUELS 3.81 4.06
METALS & MINING 1.6 -2.0
ITC LTD. FMCG - 3.83
TEXTILES 1.0 0.7
SERVICES 0.9 0.0 STATE BANK OF INDIA FINANCIAL SERVICES - 2.23
DIVERSIFIED 0.9 0.9 HDFC BANK LTD FINANCIAL SERVICES 9.02 2.19
REALTY 0.0 -0.3
HINDUSTAN UNILEVER LTD FMCG - 2.14
MEDIA, ENTERT & PUBLICATION 0.0 -0.2
CHEMICALS 0.0 -1.3
Underweight (Top 5)
0 10 20 30 40 50 60 70
UTI Large Cap Fund

18 Data as of September 30, 2023

 Portfolio Commentary

Financial Services: The Fund continues to prefer Consumer Durables/Services: The Fund has an
banks with healthy liability franchise i.e., low-cost overweight stance given the potential for
CASA balances which help in better spreads and long growth runway from low penetration,
granular asset mix. The valuations are at reasonable changing lifestyles, improving working age
levels and NPAs are at their decade low. The Fund population, brand strength and pricing
continues to ride on expectations of medium term power. The Fund’s emphasis is on high RoCE
healthy growth and valuation comfort. businesses which have the potential of
sustaining the earnings growth rather than
Information Technology: The sector is well placed to valuation re-rating.
capture the technology wave of digitization spend.
The macro concerns in the US and Europe have led FMCG: Given the lacklustre volume growth
valuations to turn reasonable. The overweight and expensive valuations, the Fund continues
position in the sector is led by high RoCE, consistent to be underweight in the sector.
cash flows and visibility on medium term growth
though near term could be impacted due to global Automobile & Automobile Components: The
growth slowdown. Fund continues to maintain its overweight
stance in the sector driven by gradual
Healthcare: The Fund is overweight in the sector recovery in volumes post Covid impact and
considering the steady growth in domestic scope for margin improvement with lower
formulations particularly chronic therapeutic area. commodity prices. The demand outlook for
The Fund also has exposure to companies with the medium to long term remains supported
higher export potential in complex generic, by low penetration, replacement demand,
specialty pharma and CRAMS. rising aspirations, etc.

CASA – Current Account Savings Account; NPA – Non Performing Assets; RoCE – Return on Capital Employed; CRAMS – Contract Research & Manufacturing Services; FMCG – Fast Moving
19 Consumer Goods
 A Journey of Wealth Creation (36+ Years)
Growth of ` 10 Lakhs invested at Scheme Inception#
 UTI Large Cap Fund ` 10 lakhs invested at inception now worth
` 20.56 Crore, > `6.76 Crore vs the benchmark S&P BSE 100 of ` 13.80 Crore
 Each correction may have been painful for the short-term investor, but an
opportunity to make higher returns for the long-term investor
2000000 ` 20.56 Crores
1800000 CAGR – 15.49%
1600000
1400000 ` 13.80 Crores
CAGR – 14.25%
1200000
1000000
800000
600000
400000
200000
0

Sep-17
Sep-18
Sep-87
Sep-88
Sep-89
Sep-90
Sep-91
Sep-92
Sep-93
Sep-94
Sep-95
Sep-96
Sep-97
Sep-98
Sep-99
Sep-00
Sep-01
Sep-02
Sep-03
Sep-04
Sep-05
Sep-06
Sep-07
Sep-08
Sep-09
Sep-10
Sep-11
Sep-12
Sep-13
Sep-14
Sep-15
Sep-16

Sep-19
Sep-20
Sep-21
Sep-22
Sep-23
UTI Large Cap Fund S&P BSE 100 TRI

Fund Performance as of September 30, 2023

*Assuming all IDCWs were reinvested at the immediate ex-IDCW option NAV, all bonuses were availed and all right offers were availed, if any. NAVs of IDCW option for the period where growth option was not
available and NAVs of growth option thereafter is considered. As TRI values are not available since inception of the scheme, benchmark performance is calculated using composite CAGR of S&P Sensex PRI
20 values from 15-10-1986 to 31-12-1990 and S&P BSE 100 TRI values thereafter.CAGR – Compounded Annualized Growth Rate
 Rolling Return Analysis

Rolling Returns of UTI Large Cap Fund: 15 Years

Lowest Highest Median
90%

28%
20% 17% Median Rolling
11% 12% 13% 6% 13% Returns
(CAGR)
-5% -1%

-28%

1 Year 3 Years 5 Years 10 Years

Instances of
-ve Returns 19.9% 2.0% 0.2% 0.0%

Over 8% 58.2% 75.0% 88.9% 95.9%

Rolling Returns with daily frequency of UTI Large Cap Fund at difference time frame as mentioned above.
CAGR – Compounded Annual Growth Rate. Data period: September 30, 2008 to September 30, 2023. Different plans have a different expense structure. The performance details provided herein
21 are of regular plan. Past performance may or may not be sustained in future.
 Performance Track Record

UTI Large Cap Fund Performance Vs Benchmark as of 30/09/2023

Fund Performance Vs Benchmark Growth of ` 10,000/-
Period Scheme B: S&P BSE 100 TRI AB: S&P BSE Scheme B: S&P BSE 100 TRI AB: S&P BSE Sensex
Returns (%) (%) Sensex TRI (%) Returns (`) (`) TRI (`)
1 Year 12.77 16.09 16.15 11,277 11,609 11,615
3 Years 20.33 22.53 21.49 17,423 18,396 17,932
5 Years 13.02 14.04 14.04 18,447 19,295 19,295
Since Inception* 15.49 14.25 14.93 20,56,442 13,79,646 17,15,184
B - Benchmark, AB - Additional Benchmark, TRI - Total Return Index
Past performance may or may not be sustained in future. Different plans shall have a different expense structure. The performance details provided herein are of regular plan (growth
option). Returns greater than 1 year period are Compound Annual Growth Rate (CAGR). Inception of UTI Large Cap Fund - October 15, 1986. Date of allotment in the scheme/plan
has been considered for inception date. The Scheme is currently managed by Mr. Karthikraj Lakshmanan since Sep 2022. Period for which scheme’s performance has been provided is
computed basis last day of the month-end preceding the date of advertisement. In case, the start/end date of the concerned period is a non-business day, the NAV of the previous
date is considered for computation of returns.
*Assuming all IDCWs were reinvested at the immediate ex-IDCW NAV, all bonuses were availed and all right offers were availed, if any. NAVs of IDCW option for the period where
growth option was not available and NAVs of growth option thereafter is considered. As TRI values are not available since inception of the scheme, benchmark performance is
calculated using composite CAGR of S&P Sensex PRI values from 15-10-1986 to 31-12-1990 and S&P BSE 100 TRI values thereafter.

Performance of other open-ended schemes managed by the Fund Manager Mr. Karthikraj Lakshmanan
1 Year (%) 3 Years (%) 5 Years (%)
Managing
Inception
Scheme the Fund Benchmark
Date Fund Benchmark Fund Benchmark Fund Benchmark
Since

UTI MNC Fund 29-May-98 Jun-04 Nifty MNC TRI 12.56 12.51 15.74 17.66 9.97 11.78
a. Mr. Karthikraj Lakshmanan manages 2 open-ended schemes of UTI Mutual Fund.
b. Date of allotment in the scheme/plan has been considered for inception date.
c. Period for which scheme’s performance has been provided is computed basis last day of the month-end preceding the date of advertisement.
d. Different plans shall have a different expense structure. The performance details provided herein are of Growth Option (Regular Plan)
22
 Income Distribution /Bonus/ Rights History
Year Inc. Dist. (%) Cum-Div NAV (`) Record Date Per Unit Year Inc. Dist. (%) Cum-Div NAV (`) Record Date Per Unit

1987 8.00 11.05 29-Jun-87 0.80 1999 16.00 22.62 25-Aug-99 1.60

1988 13.00 14.70 30-Jun-88 1.30 2000 16.00 17.14 17-May-00 1.60

1989 18.00 29.45 30-Jun-89 1.80 2001 10.00 10.34 3-Oct-01 1.00
1990 18.00 26.52 4-Jun-90 1.80 2002 10.00 11.13 11-Oct-02 1.00

1991 18.00 36.00 28-Jun-91 1.80 2003 14.00 14.54 18-Sep-03 1.40

1992 18.00 50.00 24-Jun-92 1.80 2004 20.00 18.90 24-Sep-04 2.00

1993 18.00 57.60 24-Nov-93 1.80 2005 25.00 23.47 20-Oct-05 2.50

1994 20.00 37.97 27-Jul-94 2.00 2006 30.00 29.77 10-Nov-06 3.00
1995 16.00 29.78 14-Jun-95 1.60 2007 35.00 42.75 7-Nov-07 3.50

1996 16.00 24.16 28-Aug-96 1.60 2008 22.00 20.93 23-Oct-08 2.20

1997 16.00 24.76 20-Aug-97 1.60 2009 27.00 28.65 30-Oct-09 2.70

1998 16.00 15.76 19-Aug-98 1.60 2010 30.00 34.04 15-Nov-10 3.00
2011 22.00 28.02 31-Oct-11 2.20
Rights 1:2 Jan '89
2012 22.00 27.36 15-Nov-12 2.20
Offer 1:1 Dec '93
2013 22.50 27.33 29-Oct-13 2.25
1:2 Jul '91 2014 27.50 35.54 5-Nov-14 2.75
Bonus 1:3 Dec '93 2015 28.00 33.39 16-Nov-15 2.80

1:5 Aug ’95 2016 30.00 33.55 8-Nov-16 3.00

2017 35.00 35.44 16-Oct-17 3.50

35 Income Distribution Pay-outs in last 36 years
2018 27.00 32.15 15-Nov-18 2.70
with Total Income Distribution of
2019 26.00 32.42 17-Oct-19 2.60
733% | ` 73.30 per unit 2020 16.00 31.24 05-Nov-20 1.60
Distributed over ` 4,300 Crores of income 2021 27.00 46.92 01-Nov-21 2.70
(since 2003) 2022 12.00 49.20 03-Nov-22 1.20
Pursuant to payment of Income Distribution/ bonus/ right, the NAV of the IDCW Option (Regular / Direct Plan) of the scheme would fall to the extent of the payout and statutory
23 levy (if applicable). Past performance may or may not be sustained in future. Face Value per unit is `10/-
 Why Invest in UTI Large Cap Fund?

 India’s first equity-oriented fund launched in October 1986

 The Fund invests in large capitalisation companies with competitive advantages by

following Growth at Reasonable Price (GARP) investment style

 The Fund takes a top-down view for sector active weights and then uses bottom-up
approach for stock selection

 The Fund maintains a well-diversified portfolio and avoids sector as well as stock
concentration

Suitable for:

 Investors who wish to own large cap stocks in their portfolio of businesses with sound management
capabilities having steady cash flows, earnings growth and bought at a reasonable price

 Investors looking to build their core equity portfolio for steady and long-term wealth creation

24
 Product Label
Name of the Scheme
UTI Large Cap Fund
(An open ended equity scheme predominantly
investing in large cap stocks)
UTI Large & Mid Cap Fund
(An open ended equity scheme investing in both
large cap and mid cap stocks)
UTI Mid Cap Fund
(An open ended equity scheme predominantly
investing in mid cap stocks)
UTI Value Fund
(An open ended equity scheme following a value
investment strategy)
UTI Flexi Cap Fund
(An open ended dynamic equity scheme investing
across large cap, mid cap, small cap stocks)
UTI Small Cap Fund
(An open ended equity scheme predominantly
investing in small cap stocks)
UTI Dividend Yield Fund
(An open ended equity scheme predominantly
investing in dividend yielding stocks)
UTI Focused Fund
(An open ended equity scheme investing in
maximum 30 stocks across market caps)
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
#Risk-o-meter for the fund is based on the portfolio ending September 30, 2023. The Risk-o-meter of the fund/s is/are evaluated on monthly basis and any
changes to Risk-o-meter are disclosed vide addendum on monthly basis, to view the latest addendum on Risk-o-meter, please visit addenda section on
https://utimf.com/forms-and-downloads/
25
Riskometer of
This product is suitable for investors who are seeking* Riskometer of Fund#
Benchmark
S&P BSE 100 TRI
• Long term capital appreciation
• Investment predominantly in equity instruments of large cap
companies
Nifty Large Midcap 250 TRI
• Long term capital appreciation
• Investment predominantly in equity instruments of both large
cap and mid cap companies
Nifty Midcap 150 TRI
• Long term capital appreciation
• Investment predominantly in mid cap companies
Nifty 500 TRI
• Long term capital appreciation
• Investment in equity instruments following a value investment
strategy across the market capitalization spectrum
Nifty 500 TRI
• Long term capital appreciation
• Investment in equity instruments of companies with good
growth prospects across the market capitalization spectrum
Nifty Small Cap 250 TRI
• Long term capital appreciation
• Investment predominantly in equity and equity related
securities of small cap companies
Nifty 500 TRI
• Long term capital appreciation
• Investment predominantly in dividend yielding equity and
equity related securities
Nifty 500 TRI
• Long term capital growth
• Investment in equity and equity related securities across
market capitalisation in maximum 30 stocks
 Product Label

Name of the Scheme
UTI Infrastructure Fund
(An open ended equity scheme following the
Infrastructure theme)
UTI MNC Fund
(An open ended equity following the theme of
investing predominantly in equity and equity related
securities of Multi-National Companies)
UTI India Consumer Fund
(An open ended equity scheme following the theme • Investment in equity instruments of companies that are
of changing consumer aspirations, changing lifestyle
and growth of consumption)
UTI Banking and Financial Services Fund
(An open ended equity scheme investing in Banking
and Financial Services Sector)
UTI Healthcare Fund
(An open ended equity scheme investing in the
Healthcare Services Sector)
Riskometer of
This product is suitable for investors who are seeking* Riskometer of Fund#
Benchmark
• Long term capital appreciation Nifty Infrastructure TRI
• Investment predominantly in equity and equity related
securities of companies forming part of the infrastructure
sector
Nifty MNC TRI
• Long term capital appreciation
• Investment predominantly in equity and equity related
securities of Multi-National companies
• Long term capital growth Nifty India Consumption TRI
expected to benefit from of the changing consumer
aspirations, changing lifestyle and growth of consumption
• Long term capital appreciation Nifty Financial Services TRI
• Investment predominantly in equity and equity related
securities of companies engaged in banking and financial
services activities.
S&P BSE Healthcare TRI
• Long term capital appreciation
• Investment predominantly in equity and equity related
securities in the Healthcare Services sector.

• Long term capital appreciation Nifty Transportation &

UTI Transportation and Logistics Fund
(An open ended equity scheme investing in
transportation and logistics sector)
UTI ELSS Tax Saver Fund
(An open ended equity linked saving scheme with a • Investment in equity instruments of companies that are
statutory lock in of 3 years and tax benefit)
Logistrics TRI
• Investment predominantly in equity and equity related
securities of the companies engaged in the transportation
and logistics sector
Nifty 500 TRI
• Long term capital growth
believed to have growth potential

*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
#Risk-o-meter for the fund is based on the portfolio ending September 30, 2023. The Risk-o-meter of the fund/s is/are evaluated on monthly basis and any
changes to Risk-o-meter are disclosed vide addendum on monthly basis, to view the latest addendum on Risk-o-meter, please visit addenda section on
https://utimf.com/forms-and-downloads/
26
 The information on this document is provided for information purposes only. It does not constitute any offer, recommendation or solicitation to any person to
enter into any transaction or adopt any hedging, trading or investment strategy, nor does it constitute any prediction of likely future movements in rates or
prices or any representation that any such future movements will not exceed those shown in any illustration. Users of this document should seek advice
regarding the appropriateness of investing in any securities, financial instruments or investment strategies referred to on this document and should
understand that statements regarding future prospects may not be realized. The recipient of this material is solely responsible for any action taken based on
this material. Opinions, projections and estimates are subject to change without notice.

UTI AMC Ltd is not an investment adviser, and is not purporting to provide you with investment, legal or tax advice. UTI AMC Ltd or UTI Mutual Fund (acting
through UTI Trustee Company Pvt. Ltd) accepts no liability and will not be liable for any loss or damage arising directly or indirectly (including special,
incidental or consequential loss or damage) from your use of this document, howsoever arising, and including any loss, damage or expense arising from, but
not limited to, any defect, error, imperfection, fault, mistake or inaccuracy with this document, its contents or associated services, or due to any
unavailability of the document or any part thereof or any contents or associated services.

All complaints, regarding UTI Mutual Fund can be directed towards service@uti.co.in and for any unsatisfactory or lack of response visit www.scores.gov.in
(SEBI SCORES portal) and /or visit https://smartodr.in/ (Online Dispute Resolution Portal).

REGISTERED OFFICE: UTI Tower, ‘Gn’ Block, Bandra Kurla Complex, Bandra (E), Mumbai - 400051. Phone: 022 – 66786666. UTI Asset Management Company Ltd
(Investment Manager for UTI Mutual Fund) Email: invest@uti.co.in . (CIN-L65991MH2002PLC137867). For more information, please contact the nearest UTI
Financial Centre or your AMFI/NISM certified UTI Mutual Fund Distributor (MFD) for a copy of the Statement of Additional Information, Scheme Information
Document and Key Information Memorandum cum Application Form.

Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.

27
 Thank You

28
Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.