MF

NAVIGATOR
June 2024
 Mutual Fund Flows – May 2024
AUM (Rs Trillion)
58.6
53.4

39.4
37.6
31.4

23.8 22.3
21.4
17.5
11.9 13.5
9.1

Mar-18
Jul-14

Mar-15

Mar-20
Mar-14

Sep-15

Mar-16

Mar-17

Jan-18

Mar-19

Mar-21

Mar-22

Mar-23

Mar-24
Jul-18

Jul-23
Jul-15

Jul-20

Jul-22
May-15

Jul-16

Jul-17

Jul-19
May-18

May-19

May-20

Jul-21
May-14

May-16

Jan-20

Jan-23

May-23
Sep-14
Nov-14
Jan-15

Sep-16

May-17

Sep-19
Jan-17

Sep-17

Nov-20

May-21

Sep-21

Jan-22

May-22

Sep-22

Sep-23

Jan-24

May-24
Jan-14

Nov-15
Jan-16

Nov-16

Nov-17

Sep-18
Nov-18
Jan-19

Nov-19

Sep-20

Jan-21

Nov-21

Nov-22

Nov-23
 Total MF AUM increased 6x in past 10+ years, from Rs 9.1 lakh crores to Rs 58.6 lakh crores

 SIP contribution touched a record high of Rs 20,904 crores

 Equity MFs witnessed positive net inflows of Rs 34,697 crores

 Debt MFs witnessed positive net inflows of Rs 42,294 crores

 Hybrid MFs witnessed positive net inflows of Rs 17,990 crores

Source: AMFI | Data as on 31st May, 2024
 Mutual Fund Flows – May 2024

Net Flows in Equity Mutual Funds (Rs 000’ cr) 34.7

 Equity MFs inflows rose 83% MoM nearly to Rs. 34,697 crores.
26.5 26.9
21.8 22.6
20.2 20.0 18.9
15.7 15.5
17.0  Highest Net Inflows of Rs 19,213 crores in Sectoral/Thematic
14.1 14.1
9.4
12.5
Funds.
8.9 8.6 7.6
6.1 7.3 6.5
2.3 3.2

 Highest Net Outflows of Rs 250 crores in ELSS Funds.

Dec-22

Jun-23

Sep-23
Sep-22

Feb-23

Nov-23

Dec-23

Feb-24
Aug-23
Jan-23

May-23

Jan-24

May-24
Mar-24
Oct-22

Mar-23
Aug-22

Oct-23
Jul-23

Apr-24
Jul-22

Nov-22

Apr-23

Net Flows in Debt Mutual Funds (Rs 000’ cr) 189.9

 Debt MFs net inflows declined 78% MoM, to Rs 42,294 crores in
106.7
49.2 46.0
61.4
76.5 63.8 May 2024 v/s net inflows of Rs 1,89,891 crores in April 2024.
42.6 42.3
4.9 3.7

-2.8 -10.3 -4.7

-21.9 -13.8 -14.1 -25.9  Highest Net Inflows of Rs 25,873 crores in Liquid Funds.
-65.4 -56.9
-75.6
-101.5

-198.3  Highest Net Outflows of Rs 546 crores in Floater Funds.

Mar-23

Oct-23
Dec-22

Dec-23

Feb-24
Sep-22

Feb-23

Jun-23

Sep-23
Jan-23

May-23

Jan-24

May-24
Oct-22

Aug-23

Mar-24

Apr-24
Aug-22

Jul-23

Nov-23
Jul-22

Nov-22

Apr-23

Click Here to see AUM and Flow Trends in detail

Source: AMFI | Data as on 31st May, 2024
 Sectoral Holdings Trend – May 2024

Sector-wise MoM change in allocation (%) Sector-wise MoM change in value (%)

Allocation (April) Allocation (May) MOM Change Defense 20.1%

Industrial Products 11.5%
25.0% 0.4% Electrical Eq 10.7%
Auto

MoM Change in allocations

0.3% 9.1%
Overall Sector Allocation

20.0% Ferrous Metals 6.3%

0.2%
Construction 5.1%
15.0% 0.1% Automobiles 4.9%
Cons Durables 3.5%
0.0%
Telecom 3.1%
10.0% -0.1% Pharma 2.7%
-0.2% FMCG 2.4%
5.0% Banks 1.1%
-0.3%
Power 0.9%
0.0% -0.4% Cement 0.9%
Construction
Industrial Products
Automobiles
Finance

Power
Pharma

Cement
Defense
Insurance
Banks
IT - Software

Cons Durables
Telecom

Retailing
Petro

Auto
FMCG

Ferrous Metals
Electrical Eq
Chemicals
Petro 0.7%
Insurance 0.6%
IT - Software -0.3%
Finance -1.2%
Retailing -4.2%
Chemicals -6.2%

Month over Month as on May, 2024 :

 Top Sectors where MF increased holdings : Industrial Products, Defense and Auto
 Top Sectors where MF decreased holdings : Banks, IT – Software and Finance
 Sectors which saw maximum value appreciation : Defense, Industrial Products and Electrical Equipment
Source: AMFI | Data as on 31st May, 2024
What you’ll see in the next few slides

MOFSL MOFSL
Recommended House View
Baskets
Schemes
‘ 4C ’ Framework for Manager Selection

Clarity of Looking beyond performance

Philosophy
Preference to managers over funds
& Style
DNA of manager & AMC
Experience across cycles
Consistency of
Performance & Approach Style – True to label
Consistency in outperformance
Identify managers ahead of time
Capabilities of Class of the
Manager & Manager
AMC
 Aggressive Basket
Ability and Willingness to withstand market volatilities in the expectation of earning exponential returns.

Kotak Equity Parag Parikh Flexi Cap Motilal Oswal Midcap ICICI Prudential India
Details Quant Large Cap Fund HDFC Small Cap Fund
Opportunities Fund Fund Fund Opportunities Fund

Allocation % 20 17.5 17.5 15 15 15

Launch Date 10-Aug-22 09-Sep-04 28-May-13 24-Feb-14 15-Jan-19 03-Apr-08
AUM (Rs cr) 1,169 22,329 66,384 10,378 19,792 29,175
Fund Manager Sandeep Tandon Harsha Upadhyaya Rajeev Thakkar Niket Shah Sankaran Naren Chirag Setalvad
FM managing since 10+ years 10+ years 11+ years 9+ years 14+ years 9+ years
Category Equity Equity Equity Equity Equity Equity
Sub Category Large Cap Fund Large & Mid Cap Fund Flexi Cap Fund Midcap Fund Diversified Small Cap Fund
Internal Allocation
Equity % 77.8 99.1 84.9 96.9 89.6 91.4
Debt % 6.4 - 3.7 - 1.6 -
Others % 15.8 0.9 11.4 3.1 8.9 8.6

• Power (15.4) • Banks (14.6) • Banks (20.3) • IT - Software (13.8) • Banks (22.1) • Banks (9.5)
• Commercial Service
Top 3 Exposures % • Others (11.9) • Industrial Products (6.9) • Others (18.1) • Others (13.2) • Pharma (12.7)
(7.4)
• Petroleum Products
• Pharmaceuticals (6.9) • Capital Markets (7.0) • Auto Components (11.9) • Insurance (7.3) • Transport Services (7.1)
(9.4)
Risk-Adjusted Returns
1 Yr Alpha 19.8 12.4 12.8 11.9 19.0 -2.0
1 Yr Sharpe 0.8 1.1 1.1 1.0 1.2 0.9
1 Yr Beta 1.2 0.7 0.5 0.8 0.7 0.8
Source: NGEN, ACE MF | Data as on 31st May, 2024
 Moderate Basket
Ability and Willingness to withstand market volatilities with some stability.

Edelweiss Nifty PSU

ICICI Pru Balanced Quant Large Cap Motilal Oswal Large Bandhan Banking Bond Plus SDL Apr Kotak Equity Motilal Oswal HDFC Smallcap
Details
Advantage Fund Fund & Midcap Fund & PSU Debt Fund 2026 50:50 Index Arbitrage Fund Midcap Fund Fund
Fund
Allocation % 20 15 15 12.5 12.5 10 10 5
Launch Date 30-Dec-06 10-Aug-22 17-Oct-19 07-Mar-13 18-Mar-21 29-Sep-05 24-Feb-14 03-Apr-08
AUM (Rs cr) 56,750 1,169 4,293 14,280 10,074 46,308 10,378 29,175
Fund Manager Sankaran Naren Sandeep Tandon Niket Shah Suyash Choudhary Dhawal Dalal Hiten Shah Niket Shah Chirag Setalvad
FM managing
14 years 10+ years 5+ years 13+ years 10+ years 7+ years 9+ years 9+ years
since
Category Hybrid Equity Equity Debt Debt Hybrid Equity Equity
Dynamic Asset
Sub Category Large Cap Fund Large & Midcap Banking & PSU Debt Index Funds Arbitrage Fund Midcap Fund Small Cap Fund
Allocation
Internal Allocation
Equity % 67.8 77.8 98.5 - - 78.7 96.9 91.4
Debt % 23.9 6.4 - 96.7 95.8 - - -
Others % 8.3 15.8 1.5 3.3 4.2 21.3 3.1 8.6
• Electrical • IT - Software
• Others (24.5) Power (15.4) • AAA (70.4) • AAA (51.6) •Banks (16.6) • Banks (9.5)
Equipment (13.2) (13.8%)
• Commercial
Top 3 Exposures % • Banks (13.8) • Others (11.9) • Retailing (12.7) • Sovereign (21.5) • Sovereign (44.2) • Finance (6.5) • Others (13.2)
Service (7.4)
• Petroleum • Cash & Equivalent • Auto Components • Transport Services
• Automobiles (10.3) • Realty (9.4) • A1 / A1+ / A1- (4.7) • Automobiles (4.9)
Products (9.4) (4.2) (11.9) (7.1)
Risk-Adjusted Returns
1 Yr Alpha 8.4 19.8 12.3 1.8 2.1 1.0 11.9 -2.0
1 Yr Sharpe 1.0 0.8 1.0 1.2 1.5 2.3 1.0 0.9
1 Yr Beta 0.3 1.2 0.9 0.2 0.2 0.7 0.7 0.8
Source: NGEN, ACE MF | Data as on 31st May, 2024
 Conservative Basket
Need stability and have low Ability and Willingness to experience market volatilities.

Edelweiss Nifty PSU Kotak Nifty SDL Apr

HDFC Corp Bandhan Banking & ICICI Pru Balanced Kotak Equity Invesco India
Details Bond Plus SDL Apr 2027 Top 12 Equal
Bond Fund PSU Debt Fund Advantage Fund Arbitrage Fund Arbitrage Fund
2026 50:50 Index Fund Weight Index Fund
Allocation % 20 20 15 15 10 10 10
Launch Date 18-Mar-21 11-Feb-22 29-Jun-10 07-Mar-13 30-Dec-06 29-Sep-05 30-Apr-07

AUM (Rs cr) 10,074 8,038 28,959 14,280 56,750 46,308 16,105

Fund Manager Dhawal Dalal Abhishek Bisen Anupam Joshi Suyash Choudhary Sankaran Naren Hiten Shah Deepak Gupta
FM managing since 10+ years 2+ years 7+ years 13+ years 14 years 7+ years 12+ years
Category Debt Debt Debt Debt Hybrid Hybrid Hybrid,
Dynamic Asset
Sub Category Index Funds Index Funds Corporate Bond Banking & PSU Debt Arbitrage Fund Arbitrage Fund
Allocation
Internal Allocation
Equity % - - - - 67.8 78.7 78.0
Debt % 95.8 98.2 96.6 96.7 23.9 - 0.7
Others % 4.2 1.8 3.4 3.3 8.3 21.3 21.3
• Cash & Equivalent
• AAA (51.6) • Sovereign (98.2) • AAA (73.7) • AAA (70.4) • Others (24.5) •Banks (16.6)
(83.5)

Top 3 Exposures % • Sovereign (44.2) Cash & Equivalent (1.8) • Sovereign (22.9) • Sovereign (21.5) • Banks (13.8) • Finance (6.5) Others (15.8)

• Cash & Equivalent • Cash & Equivalent

- • A1 / A1+ / A1- (4.7) • Automobiles (10.3) • Automobiles (4.9) • Sovereign (0.6)
(4.2) (3.1)
Risk-Adjusted Returns
1 Yr Alpha 2.1 1.7 2.6 1.8 8.4 1.0 0.9
1 Yr Sharpe 1.5 0.9 1.4 1.2 1.0 2.3 2.5
1 Yr Beta 0.2 0.3 0.2 0.2 0.3 0.7 0.7
Source: NGEN, ACE MF | Data as on 31st May, 2024
 Debt Basket
No Ability and Willingness to experience Equity market volatilities.

Edelweiss Nifty PSU Bond

Bandhan Banking & Kotak Nifty SDL Apr 2027 Top
Details HDFC Corp Bond Fund ICICI Pru Corp Bond Fund Plus SDL Apr 202650:50
PSU Debt Fund 12 Equal Weight Index Fund
Index Fund

Allocation % 20 20 20 20 20
Launch Date 07-Mar-13 29-Jun-10 11-Aug-09 11-Feb-22 18-Mar-21
AUM (Rs cr) 14,280 28,959 27,286 8,038 10,074
Fund Manager Suyash Choudhary Anupam Joshi Manish Banthia Abhishek Bisen Dhawal Dalal
FM managing since 13+ years 7+ years 10+ years 2+ years 10+ years
Category Debt Debt Debt Debt Debt
Sub Category Banking & PSU Debt Corporate Bond Corporate Bond Index Funds Index Funds
Internal Allocation
Equity % - - - - -
Debt % 96.7 96.6 96.7 98.2 95.8
Others % 3.3 3.4 3.3 1.8 4.2
• AAA (70.4) • AAA (73.7) • AAA (70.3) • Sovereign (98.2) • AAA (51.6)
Top 3 Exposures % • Sovereign (21.5) • Sovereign (22.9) • Sovereign (26.4) Cash & Equivalent (1.8) • Sovereign (44.2)
• A1 / A1+ / A1- (4.7) • Cash & Equivalent (3.1) • Cash & Equivalent (3.1) - • Cash & Equivalent (4.2)
Risk-Adjusted Returns
1 Yr Alpha 1.8 2.6 3.1 1.7 2.1
1 Yr Sharpe 1.2 1.4 2.3 0.9 1.5
1 Yr Beta 0.2 0.2 0.1 0.3 0.2

Source: NGEN, ACE MF | Data as on 31st May, 2024

Recommended MF Offerings –
Across Categories

EQUITY HYBRID DEBT

Large Cap Funds Equity Savings Funds Overnight Funds

Large & Mid Cap Funds Liquid Funds

Balanced Advantage Funds /
Dynamic Asset Allocation Funds
Multi/Flexi Cap Funds Ultra Short Term Funds

Mid Cap Funds Arbitrage Funds Floating Rate Fund

Small Cap Funds Dynamic Bond Fund

Sector Funds Passive Long Duration Fund

International Funds Active Duration & Credit Strategy

Click Here to find One Pagers of the Recommended Mutual Funds

 Recommended – Equity MFs
CAGR (%)
AUM Expense
Fund name Inception Fund manager Since
(Rs cr) Ratio 1 Year 3 Years 5 Years 10 Years
Inception
Large Cap Funds
Aditya Birla SL Focused Fund 24-Oct-05 Kunal Sangoi 7,152 1.82 30.4 15.3 15.0 13.5 14.5
Aditya Birla SL Frontline Equity Fund 30-Aug-02 Mahesh Patil 27,275 1.66 28.5 16.0 15.2 13.6 19.3
HDFC Top 100 Fund 03-Sep-96 Rahul Baijal 33,488 1.62 33.3 19.3 15.3 13.6 19.1
ICICI Pru Nifty Next 50 Index Fund 25-Jun-10 Nishit Patel 5,284 0.66 60.3 21.4 19.2 15.9 13.6
Mirae Asset Large Cap Fund 04-Apr-08 Gaurav Misra 37,631 1.53 21.2 12.6 13.6 14.9 15.2
Motilal Oswal Large Cap Fund 06-Feb-24 Atul Mehra 881 2.27 - - - - 28.1
Quant Large Cap Fund 10-Aug-22 Sandeep Tandon 1,168 2.13 50.3 - - - 24.0
NIFTY 100 - TRI 29.0 15.5 15.7 - -
Large and Mid Cap Funds

Kotak Equity Opp Fund 09-Sep-04 Harsha Upadhyaya 22,329 1.61 43.5 22.2 20.6 17.8 19.1

Motilal Oswal Large & Midcap Fund 17-Oct-19 Ajay Khandelwal 4,293 1.86 48.8 24.8 - - 24.3
NIFTY LargeMidcap 250 - TRI 41.2 21.1 20.7 - -
Multi/Flexi Cap Funds
360 ONE Flexicap Fund 30-Jun-23 Mayur Patel 612 2.29 - - - - 41.2
360 ONE Focused Equity Fund 30-Oct-14 Mayur Patel 7,215 1.80 36.5 20.4 21.3 - 16.7
Aditya Birla SL Flexi Cap Fund 27-Aug-98 Harish krishnan 20,473 1.68 31.9 15.0 15.9 15.0 21.6
Bandhan Sterling Value Fund 07-Mar-08 Daylynn Pinto 9,019 1.76 37.3 23.4 21.4 17.8 17.5
Franklin India Flexi Cap Fund 29-Sep-94 R. Janakiraman 15,468 1.73 41.2 21.1 19.6 16.5 18.3
HDFC Flexi Cap Fund 01-Jan-95 Roshi Jain 54,692 1.50 41.4 24.5 19.4 15.8 19.0
Helios Flexi Cap Fund 13-Nov-23 Alok Bahl 1,376 2.10 - - - - 54.7
ICICI Pru India Opp Fund 15-Jan-19 Sankaran Naren 19,792 1.65 44.3 27.3 23.0 - 23.0
Invesco India Contra Fund 11-Apr-07 Taher Badshah 15,078 1.68 42.6 19.8 19.1 17.8 15.4
Harsha 48,469 1.48 35.0 17.2 15.7 16.3 14.8
Kotak Flexicap Fund 11-Sep-09
Upadhyaya
Mirae Asset Multicap Fund 21-Aug-23 Ankit Jain 2,779 1.92 - - - - 32.1
Parag Parikh Flexi Cap Fund 28-May-13 Rajeev Thakkar 66,384 1.37 32.2 19.9 23.5 18.3 19.6
WOC Flexi Cap Fund 02-Aug-22 Ramesh Mantri 3,528 1.86 34.5 - - - 23.5
NIFTY 500 – TRI 35.2 18.1 17.8 - -

Source: Ace MF, Respective AMC website | Data as on 31st May, 2024
 Recommended – Equity MFs
CAGR (%)
AUM Expense
Fund name Inception Fund manager Since
(Rs cr) Ratio 1 Year 3 Years 5 Years 10 Years
Inception
Mid Cap Funds

HDFC Mid-Cap Opportunities Fund 25-Jun-07 Chirag Setalvad 65,394 1.44 51.7 28.1 24.8 20.3 18.1

Motilal Oswal Midcap Fund 24-Feb-14 Niket Shah 10,378 1.73 49.0 34.5 27.1 21.0 22.9

WOC Mid Cap Fund 07-Sep-22 Ramesh Mantri 1,869 2.01 45.3 - - - 29.8

Nifty Midcap 150 – TRI 54.0 26.7 25.6 - -

Small Cap Funds

HDFC Small Cap Fund 03-Apr-08 Chirag Setalvad 29,175 1.60 38.2 26.5 22.8 20.1 16.8

Invesco India Smallcap Fund 30-Oct-18 Taher Badshah 4,113 1.85 50.0 26.3 26.8 - 25.2

Nifty Smallcap 250 – TRI 58.6 26.0 24.8 - -

Sector Funds

HDFC Banking & Financial Services Fund 01-Jul-21 Anand Laddha 3,295 1.90 21.7 - - - 13.7

NIFTY BANK 11.0 11.3 9.3

International Funds

Mirae Asset NYSE FANG+ETF FoF 10-May-21 Ekta Gala 1,541 0.44 60.2 24.5 - - 25.4

Motilal Oswal Nasdaq 100 FOF 29-Nov-18 Swapnil P Mayekar 4,673 0.58 30.2 14.5 24.1 - 23.1

Motilal Oswal S&P 500 Index Fund 28-Apr-20 Ankush Sood 3,276 1.13 26.3 12.9 - - 18.1

Navi US Total Stock Market FoF 24-Feb-22 Aditya Mulki 893 0.06 28.0 - - - 14.6

S&P 500 26.3 7.8 13.9 - -

Source: Ace MF, Respective AMC website | Data as on 31st May, 2024
 Recommended – Hybrid MFs
CAGR (%)
AUM Expense
Fund name Inception Fund manager Since
(Rs cr) Ratio 1 Year 3 Years 5 Years 10 Years
Inception

Equity Saving Funds

ICICI Pru Equity Savings Fund 05-Dec-14 Dharmesh Kakkad 10,279 0.97 10.2 8.0 7.9 - 7.8

Kotak Equity Savings Fund 13-Oct-14 Devender Singhal 5,606 1.84 18.4 11.8 10.8 - 9.5

NIFTY 50 – TRI 23.0 14.4 14.9 - -

Balanced Advantage Funds / Dynamic Asset Allocation Funds

Aditya Birla SL Balanced Advantage Fund 25-Apr-00 Mohit Sharma 7,182 1.79 19.4 11.0 11.8 11.1 9.7

DSP Dynamic Asset Allocation Fund 06-Feb-14 Rohit Singhania 3,126 1.94 18.5 9.0 10.0 8.8 9.1

HDFC Balanced Advantage Fund 11-Sep-00 Gopal Agrawal 86,471 1.38 40.8 23.6 18.4 15.7 17.7

ICICI Pru Balanced Advantage Fund 30-Dec-06 Manish Banthia 56,750 1.48 19.7 12.4 12.5 11.8 11.4

Kotak Balanced Advantage Fund 03-Aug-18 Rohit Tandon 15,830 1.66 17.1 10.6 11.5 - 11.0

CRISIL Hybrid 35+65 - Aggressive Index 23.0 13.2 14.3 - -

Arbitrage Funds

Edelweiss Arbitrage Fund 27-Jun-14 Bhavesh Jain 11,769 1.06 7.7 5.7 5.3 - 6.1

Invesco India Arbitrage Fund 30-Apr-07 Deepak Gupta 16,105 1.06 7.7 5.9 5.3 5.9 6.6

Kotak Equity Arbitrage Fund 29-Sep-05 Hiten Shah 46,308 1.01 8.0 5.9 5.4 6.1 6.9

Nifty 50 Arbitrage 8.2 5.8 5.1 - -

Source: Ace MF, Respective AMC website | Data as on 31st May, 2024
 Recommended – Debt MFs
CAGR (%)
AUM Expense
Fund name Inception Fund manager Since
(Rs cr) Ratio 1 Year 3 Years 5 Years 10 Years
Inception
Overnight Fund
Aditya Birla SL Overnight Fund 01-Nov-18 Kaustubh Gupta 9,221 0.19 6.7 5.3 4.7 0.0 4.8

HDFC Overnight Fund 06-Feb-02 Anil Bamboli 11,144 0.19 6.7 5.2 4.6 5.6 5.9

Liquid Fund
HDFC Liquid Fund 17-Oct-00 Anupam Joshi 56,818 0.28 7.2 5.6 5.1 6.3 6.8

ICICI Pru Liquid Fund 17-Nov-05 Rohan Maru 46,423 0.29 7.2 5.6 5.2 6.4 7.1

Ultra Short Term Fund

HDFC Ultra Short Term Fund 24-Sep-18 Anil Bamboli 14,315 0.68 7.1 5.5 5.7 0.0 6.1

ICICI Pru Ultra Short Term Fund Fund 03-May-11 Manish Banthia 12,497 0.82 7.1 5.6 6.0 7.5 7.5

Floating Rate Fund

HDFC Floating Rate Debt Fund 23-Oct-07 Shobhit Mehrotra 14,536 0.49 7.9 6.0 6.7 7.5 7.8

ICICI Pru Floating Interest Fund 17-Nov-05 Rohan Maru 9,728 1.22 7.9 5.9 6.7 7.2 7.6

Dynamic Bond Fund

Bandhan Dynamic Bond Fund 01-Dec-08 Suyash Choudhary 2,366 1.61 7.4 4.8 6.6 7.7 7.7

DSP strategic Bond Fund 09-May-07 Sandeep Yadav 1,015 1.25 7.3 5.5 7.1 7.6 6.8

Passive Long Duration Fund

BHARAT Bond ETF - April 2033 13-Dec-22 Dhawal Dalal 5,691 0.00 7.0 0.0 0.0 0.0 7.9

HDFC NIFTY G-Sec Jun 2036 Index Fund 15-Mar-23 Vikash Agarwal 735 0.38 7.0 0.0 0.0 0.0 9.9

HDFC Long Duration Debt Fund 20-Jan-23 Shobhit Mehrotra 2,941 0.60 7.0 0.0 0.0 0.0 9.1
Mirae Asset CRISIL IBX Gilt Index - April 2033 228 0.40 6.3 0.0 0.0 0.0 8.6
20-Oct-22 Amit Modani
Index Fund
Nippon India Nivesh Lakshya Fund 06-Jul-18 Pranay Sinha 7,706 0.60 6.7 5.8 7.2 0.0 8.7

Active Duration & Credit Strategy

ICICI Pru All Seasons Bond Fund 20-Jan-10 Manish Banthia 12,571 1.31 7.2 6.0 7.4 8.6 8.8

Source: Ace MF, Respective AMC website | Data as on 31st May, 2024
 Quants – Equity MFs
Ratios Market Cap Allocation Rolling Return (%)
Fund name
PE PB Large Mid Small Others Min Average Max
Large Cap Funds
Aditya Birla SL Focused Fund 38.8 4.9 82.9 11.9 1.8 3.3 -5.7 0.2 3.4
Aditya Birla SL Frontline Equity Fund 38.1 6.8 84.0 8.0 4.9 3.2 -6.0 0.2 3.7
HDFC Top 100 Fund 32.4 5.5 97.7 1.8 - 0.5 -7.0 0.2 3.5
ICICI Pru Nifty Next 50 Index Fund 57.9 13.2 90.4 9.8 - -0.2 -9.3 0.3 4.6
Mirae Asset Large Cap Fund 34.8 5.8 84.4 9.7 5.1 0.8 -5.6 0.1 3.4
Motilal Oswal Large Cap Fund 40.7 9.3 81.3 6.7 5.8 6.2 -5.2 0.2 3.0
Quant Large Cap Fund 41.0 9.1 77.8 - - 22.2 -5.0 0.3 3.1
Large and Mid Cap Funds
Kotak Equity Opp Fund 46.2 7.2 52.1 41.9 5.2 0.9 -7.4 0.3 3.5
Motilal Oswal Large & Midcap Fund 67.7 13.7 35.2 35.5 27.8 1.5 -7.2 0.3 3.7

Multi/Flexi Cap Funds

360 ONE Flexicap Fund 49.2 9.0 48.7 25.9 22.5 2.9 -7.3 0.3 3.2
360 ONE Focused Equity Fund 34.2 5.7 61.0 23.5 13.1 2.4 -8.3 0.2 3.7
Aditya Birla SL Flexi Cap Fund 45.3 6.9 74.1 13.6 9.0 3.4 -5.7 0.2 3.9
Bandhan Sterling Value Fund 34.2 5.4 59.2 17.4 17.4 5.9 -5.9 0.3 3.6
Franklin India Flexi Cap Fund 40.0 6.4 72.9 15.0 6.4 5.7 -6.4 0.2 3.4
HDFC Flexi Cap Fund 36.3 5.4 74.6 5.1 7.5 12.8 -5.1 0.2 3.1
Helios Flexi Cap Fund 40.9 9.2 57.6 18.7 19.2 4.5 -8.6 0.3 3.8
ICICI Pru India Opp Fund 37.5 6.1 66.8 13.9 8.9 10.4 -3.9 0.2 3.7
Invesco India Contra Fund 39.7 6.9 64.2 19.6 9.5 6.6 -7.3 0.2 3.4
Kotak Flexicap Fund 38.3 7.8 71.5 24.9 2.9 0.7 -7.6 0.2 3.8
Mirae Asset Multicap Fund 35.8 6.3 41.8 24.0 30.9 3.3 -5.8 0.2 3.7
Parag Parikh Flexi Cap Fund 24.6 4.4 55.9 7.2 7.4 29.5 -4.2 0.2 2.7
WOC Flexi Cap Fund 45.5 11.7 52.0 9.5 28.7 9.8 -6.4 0.2 3.5

Source: Ace MF | Data as on 31st May, 2024 | 5 Yr Daily Rolliing Returns over 7 Yr Period
 Quants – Equity MFs
Ratios Market Cap Allocation Rolling Return (%)
Fund name
PE PB Large Mid Small Others Min Average Max

Mid Cap Funds

HDFC Mid-Cap Opportunities Fund 41.8 7.4 11.3 67.8 13.9 7.0 -6.6 0.3 4.0

Motilal Oswal Midcap Fund 61.9 7.8 22.4 72.2 2.3 3.1 -5.3 0.2 5.2

WOC Mid Cap Fund 51.8 11.0 7.9 60.2 17.2 14.7 -6.4 0.3 3.8

Small Cap Funds

HDFC Small Cap Fund 37.8 5.3 4.8 8.8 77.6 8.8 -5.5 0.3 2.9

Invesco India Smallcap Fund 53.8 9.0 3.8 21.9 66.0 8.3 -6.3 0.2 3.0

Sector Funds

HDFC Banking & Financial Services Fund 21.1 3.4 71.9 8.5 18.5 1.1 -7.8 0.2 4.0

International Funds

Mirae Asset NYSE FANG+ETF FoF - - - - - 100.0 -4.4 0.2 3.9

Motilal Oswal Nasdaq 100 FOF - - - - - 100.0 -1.9 0.1 2.7

Motilal Oswal S&P 500 Index Fund - - - - - 100.0 -1.8 0.1 2.0

Navi US Total Stock Market FoF - - - - - 100.0 -2.0 0.1 2.3

Source: Ace MF | Data as on 31st May, 2024 | 5 Yr Daily Rolliing Returns over 7 Yr Period
 Quants – Hybrid MFs
Ratios Market Cap Allocation Rolling Return (%)
Fund name
PE PB Large Mid Small Others Min Average Max

Equity Saving Funds

ICICI Pru Equity Savings Fund 32.0 5.2 69.6 3.8 0.1 26.4 -0.3 0.1 0.8

Kotak Equity Savings Fund 32.3 4.6 49.2 8.5 7.4 35.0 -2.7 0.1 1.4

Balanced Advantage Funds /

Dynamic Asset Allocation Funds

Aditya Birla SL Balanced Advantage Fund 39.6 6.7 54.6 10.1 4.9 30.5 -3.7 0.1 2.3

DSP Dynamic Asset Allocation Fund 32.2 4.7 41.4 14.1 8.5 36.0 -3.3 0.1 1.6

HDFC Balanced Advantage Fund 28.7 5.0 51.1 4.9 9.3 34.7 -6.1 0.2 2.9

ICICI Pru Balanced Advantage Fund 37.3 8.3 60.3 6.2 1.3 32.2 -2.2 0.1 1.8

Kotak Balanced Advantage Fund 37.9 7.6 52.5 12.5 5.0 30.0 -2.9 0.1 1.9

Arbitrage Funds

Edelweiss Arbitrage Fund 34.4 5.8 53.7 19.7 5.5 21.1 -0.2 0.0 0.4

Invesco India Arbitrage Fund 32.3 6.6 57.1 16.3 4.7 22.0 -0.2 0.0 0.4

Kotak Equity Arbitrage Fund 37.8 7.3 63.1 12.5 3.1 21.3 -0.2 0.0 0.4

Source: Ace MF | Data as on 31st May, 2024 | 5 Yr Daily Rolliing Returns over 7 Yr Period
 Quants – Debt MFs
Ratios Rating
Macaula
Fund name Average Modified Cash &
y Unrate
YTM (%) Maturity Duration SOV AAA AA A1 A Equivalen Others
Duration d
Years Years t
Years
Overnight Fund
Aditya Birla SL Overnight Fund 6.7 0.0 0.0 0.0 4.2 - - - - 95.8 - -
HDFC Overnight Fund 6.7 0.0 0.0 0.0 4.2 - - - - 95.8 - -
Liquid Fund
HDFC Liquid Fund 7.1 0.1 0.1 0.1 24.5 3.3 0.3 69.7 - 2.0 - 0.3
ICICI Pru Liquid Fund 7.2 0.1 0.1 0.1 20.9 - - 74.7 - 4.2 - 0.2
Ultra Short Term Fund
HDFC Ultra Short Term Fund 7.6 0.5 0.4 0.4 13.1 31.9 5.1 45.8 - 3.8 - 0.2
ICICI Pru Ultra Short Term Fund 7.7 0.5 0.4 0.5 11.5 9.5 13.6 60.9 - 4.2 - 0.3
Floating Rate Fund
HDFC Floating Rate Debt Fund 8.0 4.0 1.3 1.4 32.4 45.6 13.7 3.6 - 4.4 - 0.3
ICICI Pru Floating Interest Fund 8.3 6.7 1.4 1.5 59.2 16.2 19.2 1.5 - 3.6 - 0.3
Dynamic Bond Fund
Bandhan Dynamic Bond Fund 7.3 29.1 11.8 12.2 96.9 - - - - 2.9 - 0.2
DSP strategic Bond Fund 7.4 23.5 8.7 9.3 94.8 4.5 - - - 0.4 - 0.2
Passive Long Duration Fund
BHARAT Bond ETF - April 2033 7.4 8.6 6.0 6.5 16.4 80.4 - - - 3.2 - -
HDFC NIFTY G-Sec Jun 2036 Index 7.2 11.9 7.9 8.1 99.4 - - - - 0.6 - -
Fund
HDFC Long Duration Debt Fund 7.3 29.4 11.6 12.0 95.9 - - - - 4.0 - 0.1

Mirae Asset CRISIL IBX Gilt Index - - - - - - -

7.2 8.4 6.1 6.3 97.0 3.0
April 2033 Index Fund
Nippon India Nivesh Lakshya Fund 7.2 21.2 10.2 10.6 96.1 - - - - 3.7 - 0.2
Active Duration & Credit Strategy
ICICI Pru All Seasons Bond Fund 7.9 8.2 5.0 5.2 64.0 5.4 27.9 - - 2.5 - 0.2

Source: Ace MF | Data as on 31st May, 2024 | 5 Yr Daily Rolliing Returns over 7 Yr Period
Portfolio Strategy – Equity

Equity market outlook continues to remain positive based on :

 Deleveraging of corporate balance sheets
 Uptick in capex cycle
 An expected steady trend in profit growth over the next few years

However, in the current uncertainties, it is advisable to tread with caution.

Adopt a strategy which is balanced and resilient in turbulent times :

 Based on their risk profile, investors having the appropriate level of Equity allocation can
continue to remain invested.

 If Equity allocation is lower than desired levels investors can increase allocation by
implementing a staggered investment strategy and deploy over:
 3 to 6 months for large & multi cap strategies
 6 to 12 months for select mid & small-cap strategies

 The most optimum lumpsum deployment strategy could be through:

 Multi-Asset Fund
 Balanced Advantage Fund
taking exposure across asset classes in the current scenario with accelerated deployment in
equity in the event of a meaningful sharp correction.
Portfolio Strategy – Debt

We reiterate our view to have a duration bias in the fixed income portfolio as to capitalize on the
likely softening of yields in the next 1 to 2 years.

65% - 70% of the portfolio can be invested in combination of :

 Actively and Passively managed debt strategies to capitalize on duration and accrual as per
the evolving fixed income scenario.
 Equity Savings Funds/Conservative Multi Asset Funds which aim to generate enhanced
returns than traditional fixed income with moderate volatility through a combination of
equities, arbitrage, fixed income, commodities, REITs/InvITs

30% - 35% of the portfolio (to improve yield) can be invested in combination of :
 Select high yield NCDs
 Private Credit strategies
 REITs/InvITs

For liquidity management or temporary parking, investments can be allocated to :

 Overnight (less than 1 month)
 Liquid (1-3 months)
 Arbitrage/Ultra Short Term (minimum 6 months)
 Floating Rate (min 9-12 months)
 Taxation

Vehicle Category Holding Taxation Type Holding Period Short Term Long Term
Capital Gains Tax Capital Gains Tax

Equity >65% Equity Equity 1 Year 15% 10%

Debt <35% Equity Debt NA As per Tax Slab

Conservative
Mutual Fund <35% Equity Debt NA As per Tax Slab
Hybrid Fund

Balanced Hybrid
>35% Equity Debt + Indexation 3Year As per Tax Slab Debt + Indexation
Fund

Aggressive Hybrid
>65% Equity Equity 1 Year 15% 10%
Fund

*Tax Rates are excluding surcharge and cess.

Information only for reference. Please consult a Tax Advisor.

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