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JULY 2020FUND FACTSHEET

Our Equity Investment Philosophy

SMARGIN

OF SAFETY

QQUALITY OF

THE BUSINESS

LLOW

LEVERAGE

Mutual fund investments are subject to market risks, read all scheme related documents carefully.

“It's only when the tide goes out that you discover who's been swimming naked.” - Warren BuffettI remember, in the year 2007, The Citigroup chief executive, Mr. Chuck Prince told the Financial Times that the party would end at some point but there was so much liquidity it would not be disrupted by the turmoil in the US subprime mortgage market. The quote from Mr. Chuck Prince is very interesting at this market juncture.“When the music stops, in terms of liquidity, things will be complicated. But as long as the music is playing, you’ve got to get up and dance. We’re still dancing,” We all know what happened then in the year 2008, we saw one of the most severe global financial crisis in the history, where many banks even with 200 years history collapsed. So, what we have to remember is that whenever the liquidity start fading off, the valuation bubble in many sectors can break and can put many portfolios, which are betting on leveraged companies, can come under severe stress. Mr Market seems to be quite happy and is rejoicing the upturn when the risks are only increasing on the other side. It is obvious by now that more number of people started believing that the economy is back to normal but let me clarify that the markets are back to normal but not the economy. I am sure that all of you are much more bullish than you were in March’20, so what I can see clearly is that, the market movements are definitely affecting your thinking process to make a fair judgement of the market situation. We see more direct equity investors emerging in the last 3 months as most of them were sitting at home, but we believe the situation can change dramatically in few months and when the tide turns, we would all know who all are swimming naked. This is the exact reason why there are not too many Warren Buffetts in our midst.The fund returns that you see for short spans, even 1 year returns for a fund can change quite fast ie. within a month or two depending upon the fund positioning. So keep focusing on your long term investment thesis and not on near term fund returns. Our endeavour is to provide the best risk adjusted returns with lesser drawdowns. Investing is a long term process and quick money is not what you should expect in equity markets but need to wait patiently with a long-term mindset for more than 3 years to get reasonable return. In the near-term equity markets are volatile but in the long run the fundamentals and earnings growth drive the markets.

George Heber JosephCEO & CIO

JULY 2020 1FUND FACTSHEET

“Money flows, in effect, can render fundamental analysis futile in the short run, even while creating a compelling longer-term opportunity.”

- Seth Klarman

“By virtue of the Nifty50 Index position, 38% of the weights are in Banks & Financial stocks, which makes Index Investing very challenging. So, our strategy in the near to medium term would be to be away from leveraged bets in our portfolios. The quantum of NPAs which will be added to the existing NPAs because of Covid-19 related impact, could be to the tune of Rs 6-8 lac crores as per experts.

If we look at the price to book valuation adjusted for the NPA impact, the Price to Book Value of Nifty50 Index is anywhere between 3.2-3.3x trailing multiple. So, the market valuation based on adjusted price to book value is above Jan’2018 valuation. The market can’t ignore this for too long and this is not a comfortable valuation situation and therefore we are ready to take the pain of making less money at this juncture but at the same time would try to protect the downside in NAVs. We have seen in the past that this conservative stance benefits the portfolios in the long run with lesser drawdowns.”


We have turned very cautious in the near to medium term and from a long-term perspective we are quite constructive on the markets. It seems that investors are less bothered about the fundamentals and valuations of companies but the focus has shifted to what is happening in US and European market. The investment argument based on fundamentals has no place in the minds of investors as markets are inching up on a daily basis and the party is on.

Indian economy's road to recovery still has a long way to go, as the lockdown got extended, the stress on businesses seems to be massive without any formidable support from the Govt or RBI, seen yet. Many states, including Maharashtra, have extended lockdown till July’20 end, and hence we are far from going back to the pre-COVID business scenario in the near future in terms of demand and productivity.

How are we thinking about the markets at this juncture?

At present, the removal of lockdown in many parts of the world is creating positivity in the markets, PMIs from most of the countries are smartly rebounding except for India and commodity prices also started moving up.

By virtue of the Nifty50 Index position, 38% of the weights are in Banks & Financial stocks, which makes Index Investing very challenging. So, our strategy in the near to medium term would be to be away from leveraged bets in our portfolios. The quantum of NPAs which will be added to the existing NPAs because of Covid-19 related impact, could be to the tune of Rs 6-8 lac crores as per experts.

If we look at the price to book valuation adjusted for the NPA impact, the Price to Book Value of Nifty50 Index is anywhere between 3.2-3.3x trailing multiple. So, the market valuation based on adjusted price to book value is above Jan’2018 valuation. The market can’t ignore this for too long and this is not a comfortable valuation situation and therefore we are ready to take the pain of making less money at this juncture but at the same time would try to protect the downside in NAVs. We have seen in the past that this conservative stance benefits the portfolios in the long run with lesser drawdowns.

In our view, the pace of economic recovery would be the key for financials stocks and not the proposed resolution framework. The market will probably ignore headline NPL numbers if the economy was to continue to be weak, pummeled by recurring Covid-19 outbreaks, as it would rightfully worry about the true state of loans (within or outside the resolution framework). On the other hand, a swift recovery in the economy would make such resolutions redundant. In our view, a prolonged NPL cycle could result in de-rating for the Tier-1 names, which are trading at rich multiples. However, a quick recovery in the economy will result in lower concerns about credit costs and sharper re-rating for the Tier-2 and Tier-3 banks and NBFCs.

Currently, valuation-wise Indian equities look over valued across sectors, there is less margin of safety, and the potential to earn respectable returns is low in the near term. But it offers a good long-term investment opportunity provided you are willing to take a higher calculated risk and have an investment time horizon of at least 4-5 years. Having said that, structuring the portfolio strategically and scheme selection is the key and investing in a staggered manner is necessary in the current market set up.

The continued rally on the bourses despite dismal economic data after the Covid-19 pandemic is widening the gap between index valuation and underlying fundamentals. Common sense has to prevail at this juncture, as liquidity driven rally has brought a belief to every market participant that all problems are over. We were expecting this rally to happen because of the massive quantum of liquidity pumped in by USA but currently cautious on markets.



We see more downside to happen because of 3 major reasons:

1) Valuations have moved up quite a bit, markets are not cheap any more

2) Possibility of volatility rising in the next 4 months as US Elections are nearing

3) Earnings growth will be down considerably in this financial year

We were very bullish and aggressive in our funds till second week of June'20 and we have clearly mentioned in our factsheet commentary for the same month that we will be turning cautious in our funds. Going more overweight on defensive stocks has been done across funds.

The party is going on, extended speculation which is seen in cash turnover doubling in 3 months from 40k crores to 87k crores, retail participation going up significantly into direct equity (as most of the working class population is sitting at home and venturing into direct equities - Demat & trading account opening trend clearly suggests that whenever the market turns from current levels it can be brutal.

We believe Small Cap Index can give the best returns in the next 3-5-years period followed by Mid-Caps and then Large-Cap Indices. From an economic recovery perspective “Equity” is the best asset class to invest, provided you have the time and patience on your side. We have less preference for “Fixed Income” as an asset class because of the rating downgrade possibilities that we visualise in the next 6-12 months and if someone wants to park money it can be in arbitrage funds, high quality/sovereign low duration bond funds and overnight/liquid funds.

50:25:25 Rule Still works?

What I have learned over the last 30 years of my investing experience is that, I need to follow asset allocation at all points of time i.e. there is a need to invest in different asset classes and different market segments to diversify the risk and the asset allocation should change according to the market situations too.

Investing is a long-term process (5-10 years) and what I like to do is to invest in ITI Mutual Funds on a 50:25:25 rule basis. 50% in ITI Multicap Fund, 25% in ITI Balanced Advantage Fund and 25% in ITI Small Cap Fund. This gives me good comfort on my asset allocation needs. The blended risk adjusted return through this allocation can be interesting from a long-term perspective.

Small Cap allocation is always tactical for me (i.e. at low valuation of the small cap index park money in ITI Small cap Fund and at high market valuation point take out money and move to ITI Balanced Advantage Funds) and other two are more long term oriented. Whenever I see small cap segment is overheated (mostly 4-5 years from now), my plan is to shift the amount from ITI Small cap Fund to ITI Balanced Advantage fund.

So BAF will work as FD+ return category for me, Small Cap fund will work as a tactical alpha generator and Multicap fund allocation works as my long-term equity allocation. Depending on the Market valuation, volatility and earnings growth trend the allocation between equity, Debt and Arbitrage will automatically happen in the ITI Balanced Advantage Fund. The Fund smoothly captures the market volatility and adjust to different market scenarios which would help the Investors to control their emotions of greed and fear.




Whenever the market again become very expensive, the equity allocation in BAF could be very low then and High Quality Debt & Arbitrage exposure could be very high. My idea is to switch my ITI Small cap tactical allocation to ITI BAF, so overall asset allocation which I want to achieve at the peak of the markets can be achieved.

Where to invest?

Today, the best funds to invest from investor perspective, within ITI Mutual Fund product basket, are ITI BAF, ITI Multi Cap, ITI Small Cap Fund, ITI LTEF, and ITI Liquid/Overnight Fund in that order. ITI BAF and ITI Multi Cap are positioned very conservatively so you don’t need to worry about allocating even lumpsum amounts in these funds.

There are times we want to be aggressive in our funds, so in March'20 we were aggressive and we did try to convince all of you that a reflation rally can happen from April to July’20, which finally happened as per expectation. There are times we want to be defensive so that investor doesn't need to worry about timing the market, fund has to take care of all those needs automatically and investor can keep investing in the funds. Near term performance should not be a consideration for the investor for investing into the fund, this is the mistake most of the investors make while selecting the funds.

We are very bullish on small caps from next 3-5 years perspective. Now if you are allocating money into ITI Small Cap fund you need to stagger the investments for at least 6 months period. In the month of March’20, we had clearly communicated to put lumpsum into all our equity funds, but now you need to stagger your investments when you are looking to invest into small caps.

Products for lumpsum investments at this juncture are ITI BAF and ITI Multicap in our equity basket because of the defensive positioning that we have and can handle market downturn quite comfortably.

OUR INVESTMENT PHILOSOPHY - SQL

Based on our combined investment learnings of more than 50 years, we have institutionalized very strong and unique investment philosophy SQL, this is core to our fund management framework and approach to our portfolios.We strongly believe that good quality (Q), low leverage companies (L) and bought with a reasonable good margin of safety (S) makes the investment very attractive and rewarding for our investors.

OUR RISK MANAGEMENT FRAMEWORKOur risk management frame work & our unique investment philosophy are well thought out and institutionalised to generate superior investment performance and creating a smooth investment experience for all our investors. They are framed based on our own investment experience and also imbibed learnings from some of the great investment houses and investment managers globally, which will stand the test of time and keep our investors interest at high standards. We have put risk limits based on fund mandates, market cap segments, sectors and stocks.

S

Q

L

Margin of Safety

Quality of the Business

Low Leverage

Safety

Quality of the Business

Liquidity

Investment Philosophy Equity Fixed Income


Equity Market OutlookWe see the economy in a precarious scenario, productivity is low, no fiscal or monetary stimulus seen, Covid impact on banking sector by way of NPA increase is going to be huge, IIPs/PMIs/Imports and Exports all showing recessionary signs. After taking all points into consideration – Market Valuations, margin of safety, recovery prospects and economic cycle - our view is that at current juncture the downside in the markets is more than upside, so need to be very cautious.Our preference is all defensive sectors like Pharmaceuticals, IT, Telecom, Consumer Durables, Agri–related businesses and FMCG. The upside in these sectors are also limited but can be a good place to hide so as to protect the downside.Investors are also keenly awaiting more stimulus measures from the policy makers in coming time, as the exit strategy from the lockdown is formulated. Additionally, developments on the potential vaccine for covid-19 treatment shall also be closely tracked. Market participants are expecting that a normal monsoon may bring smile to the farmers and policy makers alike, with prospects of a bumper crop output but at present the monsoon also is below normal.The global economy will take a big hit in 2020. IMF has projected the global economy to contract by 4.9 percent in 2020. Indian Markets will track global markets as usual and global recovery is important to put the uptrend in order.We believe highest return generating segment in the market would be Small Caps, followed by Mid-Caps and then Large-Caps with 4 - 5 years perspective.

Debt Market OutlookBond yields moving ahead will be determined as to what steps the Reserve Bank of India (RBI) takes to rein in the yield curve from steepening. It needs to be noted that the finances of the government are in dire straits which can be attributed to a slump in revenue collections due to the COVID-19 pandemic which has significantly dented economic activity across the country. This has increased the possibility of additional borrowing by the government in the second half of the fiscal. Retail inflation in June’20 surpassed the upper threshold level set by the RBI. On the global front, global crude oil prices transactions trends by foreign portfolio investors, movement of the rupee against the greenback and stance adopted by key central banks across the globe on their respective monetary policies will also dictate the bond yield trajectory moving ahead. With shops, malls, industries, construction sites, and offices remaining shut for almost 4 months due to a complete lockdown imposed by the government for combating the pandemic, there has been a complete destruction of demand. The government now has a difficult job in hand where it needs to spend more or rather spend wisely to prop up the economic growth while maintaining a stable fiscal position. Bond yields thus moving ahead will be determined as to what stance the government and the Reserve Bank of India takes to combat the trail of damage bought about by the COVID-19 pandemic. We believe, the kind of impact on economy in next one year, can create volatility in fixed income segment. Since RBI has not come up with NPA relaxation measures, the rating downgrades to upgrades ratio will possibly be skewed towards downgrades. Many credits which are considered good today can get into trouble in the coming quarters. Our preference over the last one year has been high quality low duration (1-3 Years residual maturity) bond investments. We believe low duration funds look better placed in this current situation and the risk reward is not in favour of credit risk funds or long duration bond funds at this juncture.


Market ReviewJuly 2020

Equity Market Update

European markets went down amid worries over rising new cases of coronavirus infections, renewed U.S.-China trade tensions and Brexit concerns. However, the downturn was restricted by European Union accord on a landmark stimulus package to fight the aftershocks of the pandemic.

Key benchmark indices S&P BSE Sensex and Nifty 50 rose 7.71% and 7.49% to close at 37,606.89 and 11,073.45, respectively. Broader indices S&P BSE Mid-Cap and S&P BSE Small-Cap went up 5.39% and 5.18%, respectively.

On the BSE sectoral front, majority of the indices closed in the green. S&P BSE IT was the top gainer, up 22.60%, followed by S&P BSE Teck and S&P BSE Healthcare which surged 16.79% and 12.43%, respectively. S&P BSE Metal and S&P BSE Auto were up 8.54% and 7.95%, respectively.

Net inflows in Equity funds (including ELSS, close-ended and interval schemes) fell nearly 96% MoM to Rs. 225 crores in June 2020.

The Indian equity markets continued to calibrate itself from the aftershocks of the COVID-19 pandemic which resulted to its swift recovery from the lows in Mar’20. The bourses extended the rally in July as well, led by a host of positive cues which included latest developments on the coronavirus vaccine to beat the pandemic, and encouraging quarterly earning numbers reported by major companies across the sectors.

On the global front, U.S. markets rose despite the continued spike in new coronavirus cases across several states. Investor sentiments were buoyed after selected drug manufacturing majors round the world announced positive data from an early-stage human trial of a potential coronavirus vaccine. Buying interest improved in reaction to the latest batch of earnings, with a number of well-known big companies reported upbeat results for the Jun quarter of 2020. However, gains were largely restricted as U.S. economic activity showed a record contraction of 32.9% in the Jun quarter of 2020.

3M 6M 1Y

Change in %

S&P BSE SensexNifty 50S&P BSE 200Nifty 500Nifty Mid CapS&P BSE Small Cap

11.5312.3112.3812.7714.5917.29

1MMonth End

ValueIndex

7.717.496.816.625.225.18

37606.8911073.45

4653.049035.75

15471.3013021.76

-7.65-7.43-7.70-8.37

-14.10-11.22

0.33-0.400.39

-0.10-2.822.59

3Y

4.963.192.020.91

-5.81-6.81

5Y

5.985.345.324.922.421.93

1M3M6M1Y3Y5Y

7,56343,963

-23,07323,94250,281

102,769

-9,195-3,17428,78059,020

269,173402,890

Net Flows

Domestic Indices Performance

Net Institutional Flows - Equity (in Rs. Crore)

Source: NSE & BSE

Source: SEBI

FII Flows MF Flows

3M 6M 1Y

Change in %

DJIAS&P 500FTSEDAXCACNikkeiHang SengKOSPIShanghaiMSCI EMMSCI India

8.5512.32-0.0613.37

4.637.51

-0.2015.5015.7316.6514.20

1MMonth End

ValueIndex

2.385.51

-4.410.02

-3.09-2.590.696.69

10.908.42

10.01

26428.323271.125897.76

12313.364783.69

21710.0024595.35

2249.373310.011078.92

17.41

-6.471.41

-19.05-5.15

-17.61-6.44-6.536.15

11.201.56

-8.26

-1.629.76

-22.211.02

-13.290.87

-11.4311.0712.84

4.04-4.73

3Y

6.479.80

-7.160.53

-2.072.90

-3.44-2.170.370.39

-2.17

5Y

8.359.22

-2.501.71

-1.201.07

-0.032.07

-2.013.651.06

Global Indices Performance

Source: Thomson Reuters Eikon

3M 6M 1Y

Change in %

Nifty AutoNifty BankNifty EnergyNifty FMCGNifty India ConsumptionNifty InfrastructureNifty ITNifty MetalNifty CommoditiesNifty PharmaNifty PSENifty Realty

23.360.49

16.387.689.68

14.5428.0915.4512.6919.53

1.897.31

1MMonth End

ValueIndex

8.341.266.342.693.173.99

22.497.835.60

11.65-0.34-0.81

7279.7521640.0515309.1530872.45

4945.553153.40

18071.852147.303020.05

11148.902485.40

201.00

-9.98-29.82

3.170.32

-2.31-3.0311.94

-16.41-8.2536.99

-17.52-39.28

6.23-25.00

5.136.20

10.162.16

15.65-16.99

-7.6339.45

-22.81-24.79

3Y

-12.85-4.826.066.243.30

-2.4918.86

-12.98-6.145.56

-14.44-10.76

5Y

-3.152.93

11.928.086.07

-0.899.270.172.91

-2.03-6.752.63

Sectoral Performance

Source: NSE

Nifty 50 - P/E

Nifty 50 - P/B

Source: NSE

Source: NSE


15

21

27

33

Jul-19 Nov-19 Mar-20 Jul-20

1.90

2.60

3.30

4.00

Jul-19 Nov-19 Mar-20 Jul-20


Debt Market Update

Market ReviewJuly 2020

India’s consumer price index-based inflation rose 6.09% YoY in June, majorly due to higher prices of food items. Consumer Food price index rose 7.87% while fuel and light index went up 2.69% in June 2020.

India's Index of industrial production (IIP) contracted 34.71% YoY in May 2020, slower than record fall of 57.63% in Apr 2020. Manufacturing sector contracted 39.32% in May 2020, compared with a massive fall of 67.12% in the prior month.

India witnessed its first trade surplus in over 18 years in Jun 2020. Trade surplus stood at $0.79 billion in reported period compared with $15.28 billion deficit in Jun 2019. Merchandise imports plunged 47.59% YoY in Jun 2020 to $21.11 billion and exports dropped 12.41% YoY to $21.91 billion.

Liquidity conditions remained favourable during the month under review as the overnight call rate traded much below the policy rate in a range from 2.48% to 3.55% compared with that of the previous month when call rates traded in the range of 2.50% to 3.76%.

Systemic liquidity remained in abundance, with average daily net absorptions under the liquidity adjustment facility (LAF) increasing to Rs. 5.00 lakh crores in Jul 2020 from Rs. 4.74 lakh crores in Jun 2020.

Yields on the 10-year U.S. Treasury fell 11 bps to close at 0.54% compared to the previous month’s close of 0.65%. U.S. Treasury prices rose during the month under review due to escalating tensions between U.S. and China and persisting concerns over COVID-19 pandemic.

Yield on gilt securities fell across the maturities in the range of 5 bps to 30 bps barring 2-year paper which increased 2 bps and 3-year paper which closed steady. Yield on corporate bonds fell across 1 to 7-year maturities in the range of 7 bps to 36 bps and increased across the remaining maturities in the range of 5 bps to 77 bps.

India Yield Curve Shift (Year- on- Year)

1M

3M

6M

1Y

3Y

5Y

-2,476

-26,956

-97,787

-102,058

-95,611

-19,684

31,898

83,962

74,304

314,770

1,131,326

1,816,267

Net Flows

Net Institutional Flows - Debt (in Rs. Crore)

Source: SEBI, NSDL

FII Flows MF Flows

3M 6M 1Y

Change in BPS

10Y GSEC CMT10Y AAA CMT10Y SPREAD*1Y CD3M CD1Y CP3M CP

-27-26

2-104-127-245-180

1MMonth End

ValueIndex

-53237

-3010

-35-10

5.847.23

130.813.753.334.453.65

-76-86

-7-220-217-225-210

-53-75-21

-311-288-315-260

3Y

-63-1946

-277-288-249-295

5Y

-197-130

78-419-422-406-426

Key Domestic Yield Indicators

Source: Thomson Reuters Eikon; *Absolute Change

3M 6M 1Y

Change in %

CPIFOOD & BEVERAGESFUEL & LIGHTHOUSINGCORE CPI

-1.13-0.53-3.90-0.140.08

1MMonth End

ValueIndex

-0.18-0.091.26

-0.11-0.06

6.097.292.693.554.87

-1.26-4.871.99

-0.751.08

2.914.920.45

-1.290.74

3Y

4.638.46

-1.77-1.151.12

5Y

0.691.56

-3.14-0.930.31

Inflation Indicators

Source: Thomson Reuters Eikon, Bloomberg

3M 6M 1Y

Change in %

US 2Y CMT YIELD (Change in BPS)US 10Y CMT YIELD (Change in BPS)BrentUSD/INRIIPManufacturing PMIService PMI

Trade DeficitNet Oil ImportsNet Non-Oil Trade DeficitNet Gold ImportsTrade Deficit ex Oil & GoldNET of Principal CommoditiesElectronic Goods

-8-9

195.14-0.46

-39.9018.6028.80

1MIndex

-4-12

2.92-1.0022.90-1.200.50

0.110.54

43.7474.77

-34.7046.0034.20

-122-98

-25.054.56

-36.80-9.30

-21.30

-178-149

-30.448.59

-39.20-6.50

-19.60

3Y

-124-176

-16.1716.69

-37.60N.A.N.A.

5Y

-57-167

-18.4416.82

-36.50N.A.N.A.

182.6992.3490.3524.1066.2549.61

153.3084.6468.6619.6848.9844.90

-43.90-32.89-11.01

-2.61-8.40

-14.64

147.5964.8982.7029.2253.4845.54

97.4647.3750.09

4.6445.4534.69

125.7657.6368.1320.1947.9434.52

140.4095.8444.5717.6626.9129.13

Key Indicators

Source: Thomson Reuters Eikon, Bloomberg

2018 2017 20162019Jan-June 2020

2015 2014

10-Yr Benchmark Gsec Bond

Source: Thomson Reuters Eikon

Source: CCIL

US $ Billion

Change in bps Jul-20 Jul-19

Month EndValue

5.2

6.3

7.4

8.5

Jul-18 Mar-19 Nov-19 Jul-20

Yield

(%)

-270

-180

-90

0

3.00

4.40

5.80

7.20

1 Yr 5 Yr 10 Yr 20 Yr 30 Yr

Yiel

d (%

)

Multi Cap Fund Ad - A4

47-19

Available on BSE StAR MF, NSE-MFSS, platforms. NSE NMF II and MFU

Portfolio Classification by Net Assets (%)

Debt --

Equity Derivatives 0.54

Equity 84.51

Net Current Assets 8.49

TREPS instruments 2.36

Term Deposits placed as Margins 4.64

Small Cap 2.16

Mid Cap 4.22

Large Cap 78.67

Portfolio Allocation of other asset class (%) Market Capitalisation (% of allocation)

THIS PRODUCT IS SUITABLEFOR INVESTORS WHO ARE SEEKING^

Face Value per Unit: Rs. 10 unless otherwise specified; Data is as of July 31, 2020 unless otherwise specified.For scheme and SIP performance refer page 15

FUND FACTSHEET JULY 2020 8

PORTFOLIO

ITI Multi Cap Fund(An open-ended equity scheme investing acrosslarge cap, mid cap, small cap stocks)

CATEGORY OF SCHEME: Multicap Fund

INVESTMENT OBJECTIVEThe investment objective of the Scheme is to generate long-term capital appreciation from a diversified portfolio that predominantly invests in equity and equity-related securities of companies across various market capitalisation. However, there can be no assurance that the investment objective of the Scheme will be realised.

SCHEME DETAILS

FUND MANAGER

Inception Date(Date of Allotment):Benchmark:

15-May-19Nifty 500 TRI

Minimum ApplicationAmount:

Load Structure:Entry Load:

Mr. George Heber Joseph (Since 15-May-19)Total Experience: 17 years

AUM (in Rs. Cr): 131.51126.8940.99%62.11%23

NAV as on July 31, 2020

Regular Plan(in Rs.)9.56919.5691

Growth:Dividend:

Direct Plan(in Rs.)9.82099.8209

AAUM (in Rs. Cr):% of top 5 holdings:% of top 10 holdings:No. of scrips:

Mr. Pradeep Gokhale (Since 15-May-19)Total Experience: 24 years

Rs. 1,000/- and in multiples of Re. 1/- thereafter

Nil

Exit Load: If units are redeemed/switched out within 12 months - 1%. Nil thereafter

Name of the Instrument % toNAV

% to NAVDerivatives

0.54

-2.78

-2.78

-3.15

-3.15

4.26

4.26

Equity & Equity Related Total

Banks

HDFC Bank Limited

Kotak Mahindra Bank Limited

City Union Bank Limited

Cement

Ambuja Cements Limited

Shree Cement Limited

Chemicals

Pidilite Industries Limited

Consumer Non Durables

Nestle India Limited

Hindustan Unilever Limited

Finance

HDFC Life Insurance Company Limited

ICICI Lombard General Insurance Company Limited

HDFC Asset Management Company Limited

Petroleum Products

Hindustan Petroleum Corporation Limited

Indian Oil Corporation Limited

84.51

9.96

5.40

2.82

1.74

5.01

3.24

1.77

4.14

4.14

4.77

2.74

2.03

6.75

3.17

1.83

1.75

7.26

4.76

2.50

Name of the Instrument

Pharmaceuticals

Lupin Limited

Dr. Reddy's Laboratories Limited

GlaxoSmithKline Pharmaceuticals Limited

Cipla Limited

Power

NTPC Limited

Software

Infosys Limited

Tata Consultancy Services Limited

Larsen & Toubro Infotech Limited

Tata Elxsi Limited

Telecom - Services

Bharti Airtel Limited

Short Term Debt & Net Current Assets

FUND FEATURES

Top Ten Holdings

Long-term capital growthInvestment in equity and equity-related securities of companies across various market capitalization

^Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

Computed for the 3-yr period ended July 31, 2020. Based on month-end NAV. * Risk free rate: NA (Source: FIMMDA MIBOR)

PORTFOLIO DETAILS

Total Expense Ratio (TER):

Direct Plan: 0.48%Regular Plan: 2.63%

Including Additional Expenses and Goods and Service Tax on Management Fees

Fund vs Index Overweight / Underweight

July 2020

Fresh, no legacy/no baggage portfolio

Smooth investing experience for the investor

Long term wealth creation focus

NANANA

RISK RATIO

Standard Deviation:Beta:Sharpe Ratio :*

% toNAV

15.37

7.44

3.39

2.48

2.06

1.82

1.82

19.98

7.08

5.79

4.95

2.16

9.45

9.45

15.49

% to NAVDerivatives

2.21

2.21

Strong expertise in equity research

Differently positioned as a flexi cap within the multicap segment

SQL investment philosophy

When markets are expensive, the fund generally reduces risk and when markets are undervalued fund increases the risk in the portfolio so that risk adjusted return and investor experience becomes smooth and rewarding

NSE 500 ITI Multicap

29.6

7

14.8

3

12.7

8

12.6

8

5.83

5.73

2.60

2.50

2.40

2.14

2.11

2.08

1.33

1.09

1.04

0.54

0.41

0.28

0.03

10.7

8

4.77

19.9

8

11.5

2 17.5

8

0.00

0.00

9.45

5.01

1.82

0.00

0.00

0.00 4.

14

0.00

0.00

0.00

0.00

0.00

0

14

28

42

Fina

ncial

Ser

vice

s

Cons

umer

Goo

ds IT

Oil &

Gas

Phar

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Auto

mob

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Cons

truct

ion

Tele

com

Cem

ent &

Cem

ent P

rodu

cts

Powe

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Met

als

Indu

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ufac

turin

g

Serv

ices

Chem

ical

s

Fert

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s & P

estic

ides

Heal

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re S

ervic

es

Med

ia &

Ente

rtain

men

t

Text

iles

Pape

r

% of

Net

Ass

et (%

)

87-19

LTEF Ad - A4



Debt --

Equity Derivatives --

Equity 94.16



Term Deposits placed as Margins --

Small Cap 28.91

Mid Cap 13.61

Large Cap 51.64




Face Value per Unit: Rs. 10 unless otherwise specified; Data is as of July 31, 2020 unless otherwise specified.


PORTFOLIO

ITI Long Term Equity Fund(An open ended equity linked saving scheme with a statutory lock-inof 3 years and tax benefit)

CATEGORY OF SCHEME: ELSS Fund

INVESTMENT OBJECTIVETo provide long-term capital appreciation by investing predominantly in equity and equity related securities. However, there is no assurance or guarantee that the investment objective of the Scheme will be achieved. The scheme does not assure or guarantee any returns.

SCHEME DETAILS

FUND MANAGER


18-Oct-19Nifty 500 TRI



Mr. George Heber Joseph (Since 18-Oct-2019)Total Experience: 17 years

AUM (in Rs. Cr): 35.3533.2034.69%49.33%44



Growth:Dividend:



Mr. Pradeep Gokhale (Since 18-Oct-2019)Total Experience: 24 years

Rs. 500/- and in multiples of Rs. 500/- thereafter

NilExit Load: Nil


% to NAVDerivatives

Equity & Equity Related TotalAuto AncillariesJtekt India LimitedAmara Raja Batteries LimitedBanksCity Union Bank LimitedCementAmbuja Cements LimitedBirla Corporation LimitedChemicalsAtul LimitedPidilite Industries LimitedConstructionKNR Constructions LimitedConstruction ProjectEngineers India LimitedIRCON International LimitedConsumer DurablesMayur Uniquoters LimitedOrient Electric LimitedV-Guard Industries LimitedJohnson Controls - Hitachi Air Conditioning India LimitedConsumer Non DurablesVST Industries LimitedDCM Shriram LimitedHindustan Unilever LimitedEngineering ServicesRITES LimitedFerrous MetalsMishra Dhatu Nigam LimitedRatnamani Metals & Tubes LimitedFinanceHDFC Asset Management Company LimitedCan Fin Homes Limited

94.164.362.991.371.301.303.452.700.755.642.972.671.211.211.941.300.643.711.401.190.710.417.994.202.421.370.230.231.280.820.463.471.801.67


Industrial ProductsSwaraj Engines LimitedMedia & EntertainmentSun TV Network LimitedMinerals/MiningMOIL LimitedPesticidesRallis India LimitedBayer Cropscience LimitedPetroleum ProductsHindustan Petroleum Corporation LimitedPharmaceuticalsLupin LimitedCadila Healthcare LimitedCipla LimitedGlaxoSmithKline Pharmaceuticals LimitedSanofi India LimitedDr. Reddy's Laboratories LimitedPowerNTPC LimitedTorrent Power LimitedRetailingAvenue Supermarts LimitedSoftwareInfosys LimitedLarsen & Toubro Infotech LimitedNucleus Software Exports LimitedCyient LimitedeClerx Services LimitedTelecom - ServicesBharti Airtel LimitedTextiles - SyntheticGanesha Ecosphere LimitedShort Term Debt & Net Current Assets

Top Ten Holdings

Capital appreciation over long termInvestment in equity and equity related securities



PORTFOLIO DETAILS




July 2020

NANANA

RISK RATIO


% toNAV0.640.641.651.650.210.213.872.970.906.826.82

18.458.522.422.081.921.851.663.162.220.941.221.22

13.835.893.011.901.661.379.269.260.470.475.84

% to NAVDerivatives

Long term wealthcreation potential

Benefits of Investing

Tax benefits up toRs. 46,800 underSection 80C*

3yrs

Investors get an opportunity to invest in equities across market caps and sectors

Lowest lock in period of 3 years among all 80C investments

Strong expertise in equity research

Tax saving through SIP builds discipline

NSE 500ITI Long Term Equity Fund29

.67

14.8

3

12.7

8

12.6

8

5.83 5.73

2.60

2.50

2.40

2.14

2.11

2.08

1.33

1.09

1.04

0.54

0.41

0.28 0.03

4.77

12.9

2

13.8

3

6.82

18.4

5

4.36

3.15

9.26

3.45

3.16

1.49

0.64

0.23

5.64

3.87

0.00 1.

65

0.47

0.00

0.00

12.00

24.00

36.00

Fina

ncial

Ser

vice

s

Cons

umer

Goo

ds IT

Oil &

Gas

Phar

ma

Auto

mob

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Cons

truct

ion

Tele

com

Cem

ent &

Cem

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rodu

cts

Powe

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Met

als

Indu

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g

Serv

ices

Chem

ical

s

Fert

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s & P

estic

ides

Heal

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ervic

es

Med

ia &

Ente

rtain

men

t

Text

iles

Pape

r

% of

Net

Ass

et (%

)


Debt --

Equity Derivatives --

Equity 89.99



Term Deposits placed as Margins --

Small Cap 81.73

Mid Cap 8.26

Large Cap --




PORTFOLIO Name of the Instrument % to

NAV% to NAV

DerivativesEquity & Equity Related TotalAutoAtul Auto LimitedV.S.T Tillers Tractors LimitedAuto AncillariesJtekt India LimitedIgarashi Motors India LimitedJamna Auto Industries LimitedSuprajit Engineering LimitedBanksCity Union Bank LimitedCementRamco Industries LimitedChemicalsAtul LimitedPlastiblends India LimitedConstructionKNR Constructions LimitedNBCC (India) LimitedAshiana Housing LimitedMahindra Lifespace Developers LimitedConstruction ProjectEngineers India LimitedAshoka Buildcon LimitedIRCON International LimitedConsumer DurablesLa Opala RG LimitedJohnson Controls - Hitachi Air Conditioning India LimitedAcrysil LimitedHawkins Cookers LimitedVIP Industries LimitedMayur Uniquoters LimitedBlue Star LimitedConsumer Non DurablesDCM Shriram LimitedVST Industries LimitedKaveri Seed Company LimitedBajaj Consumer Care LimitedAvanti Feeds LimitedFerrous MetalsMishra Dhatu Nigam LimitedAPL Apollo Tubes LimitedTata Steel Long Products LimitedRatnamani Metals & Tubes LimitedJindal Saw LimitedFinanceBSE LimitedIndian Energy Exchange LimitedICRA Limited

89.990.870.600.276.853.231.660.990.971.971.970.180.183.163.150.012.371.040.950.190.195.112.741.400.97

12.542.992.291.871.731.321.231.11

10.514.012.902.230.900.474.391.471.460.600.590.275.351.641.311.21


CARE Ratings LimitedCentral Depository Services (India) LimitedGasAegis Logistics LimitedHealthcare ServicesKMC Speciality Hospitals (India) LimitedHotels, Resorts And Other Recreational ActivitiesWestlife Development LimitedIndustrial Capital GoodsLakshmi Machine Works LimitedTriveni Turbine LimitedIndustrial ProductsFinolex Cables LimitedEsab India LimitedMahindra EPC Irrigation LimitedVesuvius India LimitedKirloskar Oil Engines LimitedMold-Tek Packaging LimitedSwaraj Engines LimitedMM Forgings LimitedGreaves Cotton LimitedMinerals/MiningGujarat Mineral Development Corporation LimitedPesticidesRallis India LimitedPetroleum ProductsChennai Petroleum Corporation LimitedGulf Oil Lubricants India LimitedPharmaceuticalsHester Biosciences LimitedSoftwareCyient LimitedeClerx Services LimitedHexaware Technologies LimitedTata Elxsi LimitedNucleus Software Exports LimitedMastek LimitedTextiles - CottonVardhman Textiles LimitedTextiles - SyntheticGanesha Ecosphere LimitedTransportationBlue Dart Express LimitedShort Term Debt & Net Current Assets

0.600.590.630.630.120.122.522.522.231.390.848.012.181.650.970.760.670.550.510.390.330.460.463.353.352.211.710.500.490.49

14.333.643.423.142.311.000.820.310.310.680.681.351.35

10.01

% toNAV

% to NAVDerivatives

Top Ten Holdings

July 2020

JULY 2020 10

ITI Small Cap Fund(An open ended equity scheme predominantly investing in small cap stocks)

INVESTMENT OBJECTIVE

The investment objective of the Scheme is to generate capital appreciation by predominantly investing in equity and equity related securities of small cap companies. However, there can be no assurance that the investment objective of the scheme would be achieved.

SCHEME DETAILS

FUND MANAGER

AUM (in Rs. Cr): 208.70207.3617.65%32.57%67


PORTFOLIO DETAILS

Benchmark:17-Feb-20Nifty Smallcap 100 TRI


Load Structure:


Entry Load: NilExit Load:


Mr. George Heber Joseph (Since 17-Feb-20)Total Experience: 17 yearsMr. Pradeep Gokhale (Since 17-Feb-20)Total Experience: 24 years


NANANA

RISK RATIO



THIS PRODUCT IS SUITABLEFOR INVESTORS WHO ARE SEEKING


CATEGORY OF SCHEME: SMALL CAP FUND


GrowthDividend


Capital appreciation over long term

Investment in a diversified portfolio predominantly consisting of equity and equity related instruments of small cap companies


FUND FACTSHEET


^

Inception Date(Date of Allotment):

If units are redeemed/switched out within 12 months - 1%. Nil thereafter

NSE SC 100ITI Small Cap Fund

14.9

1

13.5

2

10.7

5

9.82

9.32

8.46

6.41

5.33

3.80

3.01

2.82

2.15

2.01

1.95

1.78

1.30

0.97

0.84

0.83

7.32

23.0

5

14.3

3

7.48

3.16

0.49

10.2

4

3.35

0.00 0.18

3.87 4.

85

0.99

0.12

0.00 2.

84

7.72

0.00

0.00

0.00

11.00

22.00

33.00

Fina

ncial

Ser

vice

s

Cons

umer

Goo

ds IT

Cons

truct

ion

Chem

ical

s

Phar

ma

Indu

stria

l Man

ufac

turin

g

Fert

iliser

s & P

estic

ides

Med

ia &

Ente

rtain

men

t

Cem

ent &

Cem

ent

Prod

ucts

Serv

ices

Met

als

Text

iles

Pape

r

Heal

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re S

ervic

es

Tele

com

Oil &

Gas

Auto

mob

ile

Powe

r

% of

Net

Ass

et (%

)

135-19

BAF Ad - A4


21.33

9.46

2.36

9.5113.83


Debt 21.33

Net Equity 41.45

Gross Equity 66.82



Term Deposits placed as Margins 9.54

Small Cap --

Mid Cap --

Large Cap 41.45


ITI BAF vs Nifty 50 Index Overweight / Underweight

Nifty 50 Index Trailing P/BV Ratio vs ITI BAF Net Equity Level




PORTFOLIO

ITI Balanced Advantage Fund(An open ended dynamic asset allocation fund)

CATEGORY OF SCHEME: Balanced Advantage

INVESTMENT OBJECTIVEThe investment objective of the Scheme is to seek capital appreciation by investing in equity and equity related securities and fixed income instruments. The allocation between equity instruments and fixed income will be managed dynamically so as to provide investors with long term capital appreciation. However, there can be no assurance that the investment objective of the scheme will be realized.

SCHEME DETAILS

FUND MANAGER


31-Dec-19CRISIL Hybrid 50+50– Moderate Index

Minimum ApplicationAmount:Load Structure:Entry Load:

Mr. George Heber Joseph (Since 31-Dec-19)Total Experience: 17 years

AUM (in Rs. Cr)AAUM (in Rs. Cr)% of Top 5 holdings% of Top 10 holdingsNo. of scrips

219.70216.7638.44%54.89%23

NAV as on July 31, 2020Regular Plan

(in Rs.)8.64818.6481

Growth:Dividend:


Mr. Pradeep Gokhale (Since 31-Dec-19)Total Experience: 24 years

Rs.5,000/- and in multiples of Re.1/- thereafter

NilExit Load: 10% of the units allotted may be

redeemed without any exit load, on or before completion of 12 months from the date of allotment of units. Any redemption in excess of such limit in the first 12 months from the date of allotment shall be subject to the following exit load: 1% if redeemed or switched out on or before completion of 12 months from the date of allotment of units; Nil thereafter.


% to NAVDerivatives

-23.39-1.24

-1.24-7.51-4.53-2.98-1.66-1.66

-4.38-4.38

1.981.98

Equity & Equity Related TotalAutoBajaj Auto LimitedMaruti Suzuki India LimitedBanksHDFC Bank LimitedKotak Mahindra Bank LimitedCementUltraTech Cement LimitedConsumer DurablesTitan Company LimitedConsumer Non DurablesNestle India LimitedHindustan Unilever LimitedITC LimitedBritannia Industries LimitedFinanceHousing Development Finance Corporation LimitedMinerals/MiningCoal India LimitedPetroleum ProductsIndian Oil Corporation Limited

64.842.611.351.267.534.533.001.651.651.601.60

11.114.543.971.950.654.364.360.980.983.933.93


PharmaceuticalsDr. Reddys Laboratories LimitedCipla LimitedPowerNTPC LimitedSoftwareInfosys LimitedWIPRO LIMITEDTata Consultancy Services LimitedTelecom - ServicesBharti Airtel Limited

5.783.062.721.341.34

14.937.533.913.499.029.02

-3.05-3.05

-7.53-7.53

Capital appreciation while generating income over medium to long termDynamic Asset allocation between equity, equity related Instruments and fixed income instruments so as to provide with long term capital appreciation


PORTFOLIO DETAILS

DEBT ATTRIBUTIONS FOR FIXEDINCOME PORTION




July 2020

% toNAV

% to NAVDerivatives

Name of the Instrument Ratings % to NAV

Debt InstrumentsCorporate BondHousing Development FinanceCorporation LimitedNational Bank For Agriculture andRural DevelopmentReliance Industries LimitedShort Term Debt & Net Current Assets

CRISIL AAA

ICRA AAA

CRISIL AAA

Top Ten Holdings

:::::

::::

Nifty 50

ITI Balanced Advantage Fund

16.5

8

8.09

8.06

6.32

2.81

1.60

1.59

1.19

1.09

1.08 0.94

0.28

0.26

0.14

0.00

0.00

0.00

0.00

0.00

0.00

5.91 7.

40

12.7

1

1.37

9.02

2.73

0.00

-0.0

1

0.98 1.34

0.00

0.00

0.00 0.00

0.00

0.00

0.00

0.00

-15.00

0.00

15.00

30.00

Fina

ncial

Ser

vice

s

Oil &

Gas IT

Cons

umer

Goo

ds

Auto

mob

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Tele

com

Phar

ma

Cons

truct

ion

Cem

ent &

Cem

ent P

rodu

cts

Met

als

Powe

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Fert

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s & P

estic

ides

Serv

ices

Med

ia &

Ente

rtain

men

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Chem

ical

s

Heal

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re S

ervic

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Indu

stria

l Man

ufac

turin

g

Pape

r

Text

iles

% of

Net

Ass

et (%

)

5.13%2.192.132.02

Portfolio YieldAverage yrs to maturity-yearsMacaulay Duration- yearsModified Duration - years

2.91

2.72

2.02

2.31

2.252.40

2.62

52.81

64.37

96.17 96.9190.41

39.6541.45

30

60

90

120

1.60

2.20

2.80

3.40

Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20

Nifty 50 Index Trailing P/BV Ratio ITI BAF

Arbitrage Fund Ad - A4





PORTFOLIO

ITI Arbitrage Fund(An open ended scheme investing in arbitrage opportunities)

CATEGORY OF SCHEME: Arbitrage Fund

INVESTMENT OBJECTIVEThe investment objective of the Scheme is to generate income by predominantly investing in arbitrage opportunities in the cash and the derivative segments of the equity markets and the arbitrage opportunities available within the derivative segment and by investing the balance in debt and money market instruments. However, there is no assurance that the investment objective of the scheme will be realized.

SCHEME DETAILS

FUND MANAGER


09-Sep-19Nifty 50 Arbitrage Index



Mr. George Heber Joseph (Since 09-Sep-19)Total Experience: 17 years

AUM (in Rs. Cr): 16.7916.35


Regular Plan(in Rs.)

10.353210.3532

Growth:Dividend:

Direct Plan(in Rs.)

10.422810.4228

AAUM (in Rs. Cr):

Mr. Milan Mody (Since 09-Sep-19)Total Experience: 17 years


NilExit Load: If the Units are redeemed/ switched out on or

before 30 days from the date of allotment - 0.25%If the Units are redeemed/switched out after 30 days from the date of allotment - NIL (w.e.f. Nov 1, 2019)


% to NAVDerivatives

-65.79

-0.75

-2.13-0.72

-3.24-1.10

-2.34

-7.13-2.59

-1.3

-6.4-2.46

Equity & Equity Related TotalBanksIndusInd Bank LimitedCementACC LimitedGrasim Industries LimitedChemicalsPidilite Industries LimitedTata Chemicals LimitedConstruction ProjectGMR Infrastructure LimitedConsumer Non DurablesHindustan Unilever LimitedITC LimitedMarico LimitedFinanceHousing Development Finance Corporation LimitedSBI Life Insurance Company Limited

65.64

0.75

2.120.72

3.231.09

2.33

7.112.59

1.3

6.372.45


GasPetronet LNG LimitedMinerals/MiningNMDC LimitedNon - Ferrous MetalsVedanta LimitedPetroleum ProductsHindustan Petroleum Corporation LimitedPharmaceuticalsLupin LimitedDivi's Laboratories LimitedCipla LimitedSoftwareWipro LimitedTelecom - ServicesBharti Airtel LimitedShort Term Debt & Net Current Assets

To generate income by predominantly investing in arbitrage opportunitiesInvestments predominantly in arbitrage opportunities in the cash and derivative segments of the equity markets and the arbitrage opportunities available within the derivative segment and by investing the balance in debt and money market instruments



PORTFOLIO DETAILS




July 2020

NANANA

RISK RATIO


% toNAV

3.1

3.01

8.82

2.07

6.572.491.11

1.07

7.3434.36

% to NAVDerivatives

-3.1

-3.03

-8.86

-2.09

-6.54-2.50-1.12

-1.07

-7.32

Lowest risk product in Equity segment

Fully hedged portfolio Better liquidity

Reasons to Invest

Zero credit risk on Arbitrage investments

Ideal investment option forinvestors with short tomedium term investmenthorizon

Tax efficient returns with low volatility

Alternate option toLiquid Fund andBank FD

Market neutral strategy

Net Current Assets 1.55TREPS instruments 10.48Term Deposits placed as Margins 22.33

Portfolio Allocation of other asset class (%)

Note for ICRA A1 + mfs: Schemes with this rating are considered to have very strong degree of safety regarding timely receipt of payments from the investments that they have made. This rating should however, not be construed as an indication of the performance of the Mutual Fund scheme or of volatility in its returns.

July 2020

JULY 2020 13

PORTFOLIO

ITI Overnight Fund(An open ended debt scheme investing in overnight securities)


The investment objective of the Scheme is to provide reasonable returns commensurate with low risk and providing a high level of liquidity, through investments made primarily in overnight securities having maturity of 1 business day. However there can be no assurance or guarantee that the investment objective of the scheme would be achieved.

SCHEME DETAILS

FUND MANAGER

PORTFOLIO DETAILS

Benchmark:25-Oct-19CRISIL Overnight Index


Load Structure:


Entry Load: NilExit Load: Nil


Mr. George Heber Joseph (Since 25-Oct-19)Total Experience: 17 yearsMr. Milan Mody (Since 25-Oct-19)Total Experience: 17 years

AUM (in Rs. Cr): 36.30 27.10



AAUM (in Rs. Cr):

Average Maturity:Macaulay Duration:Modified Duration:Yield to Maturity:

2.98 Days2.02 Days1.96 Days3.14%


Name of the Instrument Ratings % toNAV

99.460.54

100.00

Debt InstrumentsReverse Repo/TREPSThe Clearing Corporation of India Ltd.Net Current AssetsTotal Net Assets

NANA

Market Value(Rs. Lakhs)

3610.8819.47

Portfolio Composition by Asset Class (%) Portfolio Classification by Rating Class (%)

CATEGORY OF SCHEME: Overnight Fund

QUANTITATIVE DATA


1029.38071001.00001001.24461001.24051001.24091029.3660

GrowthDaily DividendWeekly DividendFortnightly DividendMonthly DividendAnnual Dividend

Direct Plan(in Rs.)

1030.16991001.00381001.2581

--1001.24731022.7400

Regular income with low risk and high level of liquidityInvestment in money market and debt instruments with overnight maturity


FUND FACTSHEET


Face Value per Unit: Rs. 1000 unless otherwise specified; CD - Certificate of Deposit; CP - Commercial Papers;Data is as of July 31, 2020 unless otherwise specified.

^


Reverse Repo/TREPS 99.46%

Net Current Assets0.54%

UnRated100%

Record Date

Pursuant to payment of dividend, the NAV of the Dividend Option(s) of the Scheme/Plan(s) falls to the extent of payout and statutory levy, if any. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments. For complete list of dividends, visit www.itimf.com.

Dividend History (Past 3 months)

26-May-2026-May-2025-Jun-2025-Jun-2027-Jul-2027-Jul-20

Plan(s) Option(s)Regular Plan - Monthly Dividend OptionDirect Plan - Monthly Dividend OptionRegular Plan - Monthly Dividend OptionDirect Plan - Monthly Dividend OptionRegular Plan - Monthly Dividend OptionDirect Plan - Monthly Dividend Option

Individuals/ HUF (Dividend)(Rs per unit)

Others (Dividend)(Rs per unit)

Cum-Dividend NAV(Rs per unit)

2.35502.41512.30642.36672.61592.5537

2.35502.41512.30642.36672.61592.5537

1003.35501003.41611003.30641003.36771003.61591003.5547

ICRARating:

A1+ mfs

Key Benefits of Overnight Funds

Enables investors to earn same day returns since purchase takes place on previous day’s NAV

Same day returns

The fund provides highest liquidity within the fixed income mutual fund product segment with redemption on T+ 1

Highest liquidity

Positioned to deliver consistent and reasonable risk adjusted performance compared to traditional saving instruments

Efficient risk adjustedperformance

Carries effectively least interestrate/mark to market risk & lowest credit default risk

Lowest risk fund

Offers overnight liquidity without any exit load

No lock in period& no exit load

For scheme performance refer page 15

July 2020

Comparatively higher risk adjusted returns vis a vis savings accounts

Disciplined risk management

Low Risk

Hedge in rising interest rate scenario

Daily accrual High liquidity

High credit qualitydebt papers

JULY 2020 14

FUND FEATURES

PORTFOLIO

ITI Liquid Fund(An open-ended liquid Scheme)


The investment objective of the Scheme is to provide reasonable returns, commensurate with low risk while providing a high level of liquidity, through a portfolio of money market and debt securities. However, there can be no assurance that the investment objective of the scheme will be realised.

SCHEME DETAILS

FUND MANAGER

PORTFOLIO DETAILS

Benchmark:24-Apr-19CRISIL Liquid Fund Index


Load Structure:


Entry Load: NilExit Load: Investor exit upon

subscriptionUp to Day 1Day 2Day 3Day 4Day 5Day 6Day 7 onwards

Exit Load %0.0070%0.0065%0.0060%0.0055%0.0050%0.0045%0.0000%


Mr. George Heber Joseph (Since 24-Apr-19)Total Experience: 17 yearsMr. Milan Mody (Since 24-Apr-19)Total Experience: 17 years

AUM (in Rs. Cr): 36.0736.29



AAUM (in Rs. Cr):

Average Maturity:Macaulay Duration:Modified Duration:Yield to Maturity:

3.53 Days2.49 Days2.57 Days3.16%


Name of the Instrument Ratings % toNAV

13.86

85.200.94

100.00

Debt InstrumentsTreasury Bill91 Days Treasury BillReverse Repo/TREPSThe Clearing Corporation of India Ltd.Net Current AssetsTotal Net Assets

Sovereign

NANA

Market Value(Rs. Lakhs)

499.72

3072.9734.08

Portfolio Composition by Asset Class (%) Portfolio Classification by Rating Class (%)

CATEGORY OF SCHEME: Liquid Fund

QUANTITATIVE DATA


1057.55001001.00001001.24001009.78001001.24001059.5700

GrowthDaily DividendWeekly DividendFortnightly DividendMonthly DividendAnnual Dividend

Direct Plan(in Rs.)

1059.03001001.32001001.25001001.26001001.25001059.0400

Income over short term.Investment in money market and debt instruments.


FUND FACTSHEET


Face Value per Unit: Rs. 1000 unless otherwise specified; CD - Certificate of Deposit; CP - Commercial Papers;Data is as of July 31, 2020 unless otherwise specified.

^


Cash & Cash Equivalent, 86.14%

Sovereign13.86%

ICRARating:

A1+ mfs

Note for ICRA A1 + mfs: Schemes with this rating are considered to have very strong degree of safety regarding timely receipt of payments from the investments that they have made. This rating should however, not be construed as an indication of the performance of the Mutual Fund scheme or of volatility in its returns.

Reasons to Invest

Differentiation with a fresh thinking and no baggage portfolio

Stringent Internal research will prevail over external ratings by credit rating agencies. As per our internal research, only select AAA/A1+ rated papers available in the market would pass muster of our credit criteria as part of SQL philosophy

Ideal Short Term Parking Avenue and also for smart risk efficient asset allocation strategies with the objective of long term wealth creation

SQL Investment Philosophy - Safety, Quality and Liquidity are primary focus to enable smooth investing experience

Debt fund with lowest risk and no legacy

Overnight Liquidity Smooth investing experience for the investor

Reverse Repo/TREPS, 85.20%

Record Date

Pursuant to payment of dividend, the NAV of the Dividend Option(s) of the Scheme/Plan(s) falls to the extent of payout and statutory levy, if any. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments. For complete list of dividends, visit www.itimf.com.

Dividend History (Past 3 months)

26-May-20

26-May-20

25-Jun-20

25-Jun-20

27-Jul-20

27-Jul-20

Plan(s) Option(s)

Regular Plan - Monthly Dividend Option

Direct Plan - Monthly Dividend Option





Individuals/ HUF (Dividend)(Rs per unit)

Others (Dividend)(Rs per unit)

Cum-Dividend NAV(Rs per unit)

2.2258

2.3106

2.1996

2.2883

2.5021

2.6018

2.2258

2.3106

2.1996

2.2883

2.5021

2.6018

1003.2261

1003.3106

1003.1999

1003.2883

1003.5024

1003.6018

Treasury Bill, 13.86%

Net Current Assets, 0.94%

JULY 2020 15

ITI Multi Cap Fund

ITI Liquid Fund

Fund PerformanceJuly 2020

FUND FACTSHEET

Period

Fund Performance

Fund Performance

Systematic Investment Plan (SIP) Returns

Period

Fund Returns (%)

Amount Invested Fund Value (₹) Fund Returns (%) Benchmark Value (₹) Benchmark Returns (%) Additional BenchmarkValue (₹)

Additional BenchmarkReturns (%)

Benchmark Returns (%) Additional BenchmarkReturns (%) Fund (₹) Benchmark (₹)

Value of Investment of ₹ 10,000

Additional Benchmark (₹)

Period Fund Returns (%) Benchmark Returns (%) Additional BenchmarkReturns (%) Fund (₹) Benchmark (₹)

Value of Investment of ₹ 10,000

Additional Benchmark (₹)

Last 1 Year

Since Inception

Last 1 Year

Since Inception

Last 7 days

Last 15 days

Last 30 days

Last 1 Year

Since Inception

Last 7 days

Last 15 days

Last 30 days

Last 1 Year

Since Inception

2.84%

2.86%

2.95%

4.07%

4.50%

2.95%

2.97%

3.06%

4.18%

4.61%

3.64%

3.75%

4.01%

5.53%

5.92%

3.64%

3.75%

4.01%

5.53%

5.92%

2.86%

1.01%

3.66%

7.24%

7.40%

2.86%

1.01%

3.66%

7.24%

7.40%

10,005

10,012

10,024

10,407

10,450

10,006

10,012

10,025

10,418

10,461

10,007

10,015

10,033

10,553

10,592

10,007

10,015

10,033

10,553

10,592

10,005

10,004

10,030

10,724

10,740

10,005

10,004

10,030

10,724

10,740

-3.96%

-3.56%

-1.85%

-1.48%

0.98%

0.21%

0.98%

0.21%

0.68%

0.77%

0.68%

0.77%

9,604

9,644

9,815

9,852

10,098

10,021

10,098

10,021

10,068

10,077

10,068

10,077

Regular - Growth

Regular - Growth

Direct - Growth

Regular - Growth

Direct - Growth

Direct - Growth

Past performance may or may not be sustained in future. Different Plans i.e. Regular Plan and Direct Plan under the scheme have different expense structure. Benchmark: Nifty 500 TRI # Additional Benchmark: Nifty 50 TRI. Mr. George Heber Joseph and Mr. Pradeep Gokhale are jointly managing the scheme since its inception 15th May 2019. Performance details of other scheme(s) managed by the same Fund Managers has not been provided as the scheme has not completed 1 year. Face Value per unit: Rs. 10.

Past performance may or may not be sustained in future. Different Plans i.e. Regular Plan and Direct Plan under the scheme have different expense structure. Benchmark: Nifty 500 TRI # Additional Benchmark: Nifty 50 TRI. For SIP returns, monthly investment of Rs.10,000 invested on the 1st business day of every month has been considered. CAGR Returns (%) are computed after accounting for the cash flow by using the XIRR method (investment internal rate of return).

Past performance may or may not be sustained in future. Different Plans i.e. Regular Plan and Direct Plan under the scheme have different expense structure. Benchmark: CRISIL Liquid Fund Index # Additional Benchmark: CRISIL 1 Year T-Bill Index. Mr. George Heber Joseph and Mr. Milan Mody are jointly managing the scheme since its inception 24th April 2019. Performance details of other scheme(s) managed by the same Fund Managers has not been provided as the scheme has not completed 1 year. Returns less than 1 year period are simple annualized and greater than 1 year are compounded annualized.

Last 1 Year

Since Inception

Last 1 Year

Since Inception

120,000

140,000

120,000

140,000

116,630

134,701

117,962

136,476

-5.18%

-6.05%

-3.14%

-4.03%

124,837

143,513

124,837

143,513

7.58%

4.05%

7.58%

4.05%

125,030

143,793

125,030

143,793

7.88%

4.38%

7.88%

4.38%

Glossary

How to read factsheet

Average Maturity: Weighted average maturity of the securities in scheme.

Macaulay Duration (Duration): Macaulay Duration (Duration) measures the price volatility of fixed income securities. It is often used in the comparison of interest rate risk between securities with different coupons and different maturities. It is defined as the weighted average time to cash flows of a bond where the weights are nothing but the present value of the cash flows themselves. It is expressed in years. The duration of a fixed income security is always shorter than its term to maturity, except in the case of zero-coupon securities where they are the same.

Portfolio Yield (Yield To Maturity): Weighted average yield of the securities in a scheme portfolio.

Total Expense Ratio (TER): Total expenses charged to scheme for the month expressed as a percentage to average monthly net assets.

We would like to thank you for your trust in ITI Mutual fund.As part of ITI Mutual Fund's preventive measures on COVID-19 outbreak & advisory issued by Ministry of Health & Family welfare, We encourage you to connect with us on our digital platforms.We request you to submit transactions / requests by using various other modes i.e. AMC website (www.itimf.com) / RTA website http://mfs.kfintech.com/mfs/ /RTA Mobile app / MFU website / MFU mobile application or connect with your financial advisor.If you have any further queries, our phone line is available to assist you between 9:30 a.m. to 6 p.m. from Monday to Friday on 18002669603 (Toll free). Alternatively, you can also e-mail us at [email protected]. We would appreciate your patience while we work on your query and readyto provide satisfactory responses.Thanking you, and assuring you of our best services always.


Portfolio Turnover Ratio: Portfolio Turnover Ratio is the percentage of a fund’s holdings that have changed in a given period. This ratio measures the fund’s trading activity, which is computed by taking the lesser of purchases or sales and dividing it by average monthly net assets.

Tracking Error: Tracking error indicates how closely the portfolio return is tracking the benchmark index return. It measures the deviation between portfolio return and benchmark index return. A lower tracking error indicates portfolio is closely tracking benchmark index and higher tracking error indicates higher deviation of portfolio returns from benchmark index returns.

Risk Free Return: The theoretical rate of return of an investment with safest (zero risk) investment in a country.

Growth and Cumulative option: Growth and Cumulative words are used alternatively.

Fund Manager: An employee of the asset management company such as a mutual fund or life insurer, who manages investments of the scheme. He is usually part of a larger team of fund managers and research analysts.

Application Amount for Fresh Subscription: This is the minimum investment amount for a new investor in a mutual fund scheme.

Minimum Additional Amount: This is the minimum investment amount for an existing investor in a mutual fund scheme.

SIP: SIP or systematic investment plan works on the principle of making periodic investments of a fixed sum. It works similar to a recurring bank deposit. For instance, an investor may opt for a SIP that invests Rs. 500 on every 15th of a month in an equity fund for a period of three years.

NAV: The NAV or the net asset value is the total asset value per unit of the mutual fund after deducting all related and permissible expenses. The NAV is calculated at the end of every business day. It is the value at which an investor enters or exits the mutual fund.

Benchmark: A group of securities, usually a market index, whose performance is used as a standard or benchmark to measure investment performance of mutual funds. Some typical benchmarks include the NIFTY, Sensex, BSE200, NSE500, Crisil Liquid Fund Index and 10-Year Gsec.

Entry Load: A mutual fund may have a sales charge or load at the time of entry and/or exit to compensate the distributor/agent. Entry load is charged when an investor purchases the units of a mutual fund. The entry load is added to the prevailing NAV at the time of investment. For instance, if the NAV is Rs. 100 and the entry load is 1%, the investor will enter the fund at Rs. 101.

(Note: SEBI, vide circular dated June 30, 2009 has abolished entry load and mandated that the upfront commission to distributors will be paid by the investor directly to the distributor, based on his assessment of various factors including the service rendered by the distributor).

Exit Load: Exit load is charged when an investor redeems the units of a mutual fund. The exit load is reduced from the prevailing NAV at the time of redemption. The investor will receive redemption proceeds at net value of NAV less Exit Load. For instance, if the NAV is Rs. 100 and the exit load is 1%, the investor will receive Rs. 99.

Yield to Maturity (YTM): The Yield to Maturity or the YTM is the rate of return when a bond is held until maturity. YTM is expressed as an annual rate. The YTM factors in the bond’s current market price, par value, coupon interest rate and time to maturity.

Modified Duration Modified duration is the price sensitivity and the percentage change in price for a unit change in yield.

Standard Deviation: Standard deviation is a statistical measure of the range of an investment’s performance. When a mutual fund has a high standard deviation, it means its range of performance is wide, implying greater volatility.

Sharpe Ratio: The Sharpe Ratio, named after its founder, the Nobel Laureate William Sharpe, is a measure of risk-adjusted returns. It is calculated using standard deviation and excess return to determine reward per unit of risk.

Beta Ratio (Portfolio Beta): Beta is a measure of an investment’s volatility vis-a-vis the market. Beta of less than 1 means that the security will be less volatile than the market. A beta of greater than 1 implies that the security’s price will be more volatile than the market.

AUM: AUM or assets under management refers to the recent / updated cumulative market value of investments managed by a mutual fund or any investment firm.

Holdings: The holdings or the portfolio is a mutual fund’s latest or updated reported statement of investments/securities. These are usually displayed in terms of percentage to net assets or the rupee value or both. The objective is to give investors an idea of where their money is being invested by the fund manager.

Nature of Scheme: The investment objective and underlying investments determine the nature of the mutual fund scheme. For instance, a mutual fund that aims at generating capital appreciation by investing in stock markets is termed an equity fund or growth fund. Likewise, a mutual fund that aims at capital preservation by investing in debt markets is a debt fund or income fund. Each of these categories may have sub-categories.

Rating Profile: Mutual funds invest in securities after evaluating their creditworthiness as disclosed by the ratings. A depiction of the mutual fund in various investments based on their ratings becomes the rating profile of the fund. Typically, this is a feature of debt funds.

Available on BSE StAR MF, NSE-MFSS platforms., NSE NMF II and MFU

169-20

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