ITI final format

JULY 2021

CEO and CIO Insights 1

Equity Market Update 5

Debt Market Update 6

ITI Mul� Cap Fund 7

ITI Long Term Equity Fund 8

ITI Large Cap Fund 9

ITI Mid Cap Fund 10

ITI Small Cap Fund 11

ITI Value Fund 12

ITI Balanced Advantage Fund 13

ITI Arbitrage Fund 14

ITI Overnight Fund 15

ITI Liquid Fund 16

ITI Ultra Short Dura�on Fund 17

ITI Banking & PSU Debt Fund 18

ITI Dynamic Bond Fund 19

Fund Performance 20

SIP Returns 23

CEO and CIO Insights Page No.

Debt Funds

Index

Hybrid Funds

Performance

Systema�c Investment Plan

Equity Funds

George Heber JosephCEO & CIO

1

A market downturn doesn't bother us. It is an opportunity to increase our ownership of great companies with great management at good prices.”

Warren Buffe�

Dear Partners/Investors,

What does the proverb “Be�er safe than sorry mean”?

If you say 'it's be�er to be safe than sorry, you are advising someone to take ac�on in order to avoid possible unpleasant consequences later.

Global Economies are going through two dis�nct phases. Right now, the restart of economic ac�vity is causing a spurt in growth. Eventually, we see this se�ling into an expansion of growth. Beyond that point we see an unusually wide range of probable outcomes. Growth likely peaked in the second quarter and Emerging Markets PMI this year has trended lower toward 50 – a reading below which suggests stagna�on – reflec�ng challenges in many EMs where renewed outbreaks threaten lockdowns and more dire public health outcomes. China's poten�al slowdown, exacerbated by renewed outbreaks can also spill over to EMs, in our view. Over the long term, we see a greater risk of permanent damages in some EMs due to slow vaccina�ons and more limited policy space.

China is the only major economy that has surpassed the pre-Covid projec�ons of its growth trend. Consensus expecta�ons see the US returning to trend in the fourth quarter of 2021, and point to a return to pre-Covid trend by the end of 2022 for Europe – with growth rates similar to those over the last decade. Even though the pace towards a complete restart differs, we see some common drivers across Developed Markets, such as pent-up consumer demand, especially in the hardest-hit services sectors.

The uneven pace of the restart is reflected in regional corporate earnings. Nearly 90% of S&P 500 companies have reported second-quarter results by August 6, and 87% of them had beat forecasts on both profit and sales – the highest since 2011. Yet stocks that have beaten expecta�ons have on average not been rewarded, while those that undershot have been punished. We see this as consistent with the restart dynamics: very strong earnings – but just for the dura�on of the restart. About 90% of MSCI Europe companies have reported earnings, with just over half of them bea�ng es�mates. The unprecedented restart has also led to unusual supply and demand dynamics – and vola�lity in growth and infla�on data. This has manifested in recent market behaviour, notably rising stocks and falling bond yields in the US. Record-high stocks may have priced in much of the powerful restart, and we believe the current yield levels are too low given the strength of the restart. The mixed market signals highlight a key ques�on among investors: What lies beyond the restart? We see an unusually wide range of poten�al outcomes. Major central banks are slower to respond to rising infla�on than in the past, keeping nominal bond yields lower and real rates nega�ve – a posi�ve for risk assets.

Worst would be the lockdown again coming through because of the new, more contagious COVID-19 variants that are spreading, but the good news as of now is that the ini�al reports suggests the exis�ng vaccines seem effec�ve against these variants as well. This means the reopening should con�nue across the major developed economies through the second half of 2021. It also implies that the focus for markets has shi�ed to the strength of the growth rebound, the implica�ons for infla�on and the �ming of central bank moves to taper asset purchases and eventually raise interest rates.

We are cau�ous on markets from a near-term

perspec�ve. Clearly, the market is looking

beyond the near-term to price in the recovery

post the second wave. There are benefits of a

quick vaccina�on programme that the

government has embarked upon. It is a

posi�ve scenario in terms of the investment

cycle and cyclical sectors. That is why we are

seeing commodi�es, industrials, industrial

products and select BFSI counters doing well

along with the money supply push. So

investors are actually looking beyond the

near-term concerns to look at what can

happen one or two years down the line.

Whenever market starts looking 2 years and

beyond, the chances of disappointments in

the near term are higher, so need to be

cau�ous in the near-term. So we are placed

defensive in our por�olios, but since the

quality stocks have underperformed in the

last one month also our defensive posi�oning

has not played in our favour �ll date but

believe this will benefit our funds in the long

run. We have �lted our por�olios to high

quality stocks where concentra�on is not an

issue at all as we see the balance sheets are

reasonably well managed, less leveraged

and the stocks have underperformed well in

the last one to three years. Henceforth, in

every equity fund of ours, we are planning to

have maximum 40 stocks in the por�olio

unless a deep correc�ons is witnessed in the

markets. We are extremely convinced of all

the stocks that we own in our funds and

believe that we can poten�ally generate

reasonably good returns in the next 3 to 5

years which can be differen�a�ng as well.

‘‘

”

2

Our view is that the infla�on spike is mostly transitory, a combina�on of base effects—from when the Consumer Price Index (CPI) fell during the ini�al lockdown last year—and temporary supply bo�lenecks. We expect it will take un�l the middle of 2022 for the U.S. economy to recover the lost output from the lockdowns and longer in other economies including India. Broad-based infla�on pressures are unlikely un�l then. It also means that market expecta�ons for U.S. Federal Reserve (Fed) li�-off in 2022 are premature. As a base case, we expect the Federal Reserve to commence tapering in 2022, with the second half of 2023 could be the likely �ming for the first interest rate hike.

We remain construc�ve on Indian economy as the restart gains pace. Economically sensi�ve cyclical stocks have had a very strong run year-to-date. We don't think their full poten�al is exhausted, but we do see an opportunity to also turn a�en�on to quality stocks as the cycle's next beneficiaries.

Our research shows quality stocks have underperformed since vaccine announcements in November'20, sending their valua�ons lower. Investors largely avoided or sold quality stocks in favour of riskier bets that has paid off in the early phases of the market upswing. This put higher-quality stocks at their largest discount to the broad market since the dot-com bubble of the early 2000s. Last month again momentum driven stocks did well compared to quality stocks, rather quality companies stocks fell during July'21 against the inferior momentum stocks. We see high poten�al for quality stocks to come back and generate returns for investors. As the cycle evolves, the market will look ahead to more normalized growth rates, and investors are likely to grow more cau�ous amid concerns around taxes, infla�on and the �ming of a Fed policy shi�.

We expect the economy to remain in a good up-cycle but we increasingly believe many of the easy early-cycle investment opportuni�es have been acknowledged and exploited. Stocks selling at the deepest discount, the highly levered names, have outperformed the most since November'20. It may be �me to pivot towards midcycle beneficiaries ― and best among them are quality stocks which are the beneficiaries of a cyclical upturn. Our analysis of market cycles suggest that high quality stocks have significantly outperformed in midcycle periods.

How are you thinking of the markets when it is at near all-�me high?

We are cau�ous on markets from a near-term perspec�ve. Clearly, the market is looking beyond the near-term to price in the recovery post the second wave. There are benefits of a quick vaccina�on programme that the government has embarked upon. It is a posi�ve scenario in terms of the investment cycle and cyclical sectors. That is why we are seeing commodi�es, industrials, industrial products and select BFSI counters doing well along with the money supply push. So investors are actually looking beyond the near-term concerns to look at what can happen one or two years down the line. Whenever market starts looking 2 years and beyond, the chances of disappointments in the near term are higher, so need to be cau�ous in the near-term. So we are placed defensive in our por�olios, but since the quality stocks have underperformed in the last one month also our defensive posi�oning has not played in our favour �ll date but believe this will benefit our funds in the long run.

How the commodity cycle is poised at this juncture?

We have been bullish on the commodity cycle since October'19 and during March'20, we were very op�mis�c about the refla�on story and specifically about recovery in commodity prices. We have seen a very strong leg of up-move in commodity prices across the world, which has also benefited commodity companies in the country. They have seen fantas�c improvement in profits, they are also using their cash flows to deleverage their balance sheets and some of them are also looking to expand further.

There will be certain commodi�es that benefit from supply constraints. The demand has been recovering well but there are pockets where there are supply constraints. With normalisa�on, we can expect some supply coming back and therefore some correc�on could happen in commodity prices. Overall, as the economic recovery picks up across the globe, the capex story in commodi�es, metals in par�cular, become a very strong contender. Very high expecta�ons are built into the price as of today, so we see no margin of safety in most of the commodity stocks in general.

Whenever there is an up�ck, small caps and midcaps get benefi�ed more. They peaked around December 2017. From 2018 they were in a bearish cycle �ll about September 2019. We have been bullish on Mid & Small Cap space from October 2019 onwards. Since then, we have been consistently communica�ng the same thing and can be seen in our factsheet commentaries & also from the con-calls that we have done with our partners. In March'20, we communicated to all of you through various formats to invest aggressively into equi�es and infact we published ar�cles in Economic Times & other channels on 30th March 2020 men�oning our posi�ve views on equi�es in the midst of extreme scare & pessimism. Some midcaps performance were helped by government ini�a�ves like PLI and tax incen�ves. They fell sharply during the pandemic last year in March and April'20. Only in the last six months, we have seen midcaps and smallcaps do extremely well. The valua�on gap between Ni�y and the midcap and smallcap indices have been filled in the last six months. It is a wide canvas and we need to be selec�ve from here on when inves�ng in midcaps and smallcaps.

We are quite posi�ve on the market outlook from a long term perspec�ve. Yes, there can be significant correc�ons in the markets which are part and parcel of a bull market. It is difficult to �me them. But a�er a big run up, generally market cools off and that can be brutal as well. So, currently we are in a wait and watch mode.

We see a clear Capex revival opportunity in India a�er a very long �me. Most of the capex indicators had peaked between 2008 to 2010 period and have been moving down. From here on, we expect a good improvement in capex from the government through infrastructure spending and also by the private sector through the investments in manufacturing, whether it is related to PLI or commodity or cyclicals. We also expect a good pick up in real estate.

We believe all three engines of investment ie. government, private corporates and household sector will start firing in the next 2-3 years. That gives a very good opportunity to pick up companies or sectors that are benefi�ng from the capex cycle revival. So there could be companies in the commodity side, cyclicals, industrial products or auto ancillaries. The valua�ons are quite a�rac�ve there because people are s�ll scep�cal.

This �me around the signs are quite strong with lower interest rates, be�er capital markets and good availability of funding. I believe there will be a fantas�c pickup in the capex cycle in the country going forward. And these are the areas to look for stock picking, where growth is either underappreciated or valua�ons are a�rac�ve enough to deserve a rera�ng.

What we have done in our equity funds?

Market situa�on has changed drama�cally in the last 1.5 years. All along we were fine to run a long tail por�olio as the value was available across the board in the cyclical sectors and stocks, but now, we can't see the same situa�on in many stocks & sectors a�er the massive run in the market. Lot of stocks are fully valued from next 2 and 3 years perspec�ve which adds more risk to the investment thesis. Especially the midcaps and small caps have done exceedingly well in the last 8 months and many junk stocks are also flying these days. As informed to our investors in our last concall and factsheet commentary we are cau�ous on the markets in the near term and see a possibility of market cooling off. Therefore we have concentrated our por�olios considerably well, as we can see lesser and lesser opportuni�es in the broader markets where we can put money to work and also that meet our unique investment philosophy 'SQL'. We have �lted our por�olios to high quality stocks where concentra�on is not an issue at all as we see the balance sheets are reasonably well managed, less leveraged and the stocks have underperformed well in the last one to three year periods. In each equity fund, we will have maximum 40 stocks henceforth and that is how we will be running all our equity funds unless a reasonably deep correc�on is witnessed in the market. We are extremely convinced of all the stocks that we own in our funds and believe can poten�ally generate reasonably good returns in the next 3 years which can be differen�a�ng as well.

Where to invest, which asset classes to bet on and what kind of asset alloca�on makes sense ?

I strongly believe Mid Cap & Small Cap stocks could poten�ally give excellent risk adjusted returns in the next 5 years. Our long term bullish views on equi�es remain intact even at this juncture but in the near term, we are reducing risk in our funds so as to protect the downside, provided there is a fall out.

This market situa�on is quite different from that of what we have seen in the previous decade, mainly because corporate earnings growth accelera�on is kicking in a�er almost 11 years. We currently have a nega�ve view on the long dura�on bonds or credit risk investments. So money making opportunity is clearly �lted towards equi�es and short to medium dura�on bonds.

In general parlance of risk tolerance, the alloca�on could be 70% towards equi�es and 30% towards bond funds (Dynamic Bond Funds, Short dura�on bond funds/BPSU funds). Within equi�es, my preference would be towards Small Cap, Midcap and Large Cap funds in that order. I believe alloca�on of 40% towards large cap and 30% each in mid & small cap funds would be good at this juncture. This alloca�on can provide very decent blended returns in the next 5 years and this is the same way we are managing our mul�cap fund & Long Term Equity Fund (Tax Saving).

Our Investment Philosophy – SQL

Based on our combined investment learnings of more than 50 years, we have ins�tu�onalized very strong and unique investment philosophy SQL, this is core to our fund management framework and approach to our por�olios.

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 a�rac�ve and rewarding for our investors.

Our Risk Management Framework

Our risk management framework & our unique investment philosophy are well thought out and ins�tu�onalised to generate superior investment performance and crea�ng 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 �me and keep our investors interest at high standards. We have put risk limits based on fund mandates, market cap segments, sectors and stocks.

3

Investment Philosophy Equity Fixed Income

S

Q

L

Margin of Safety

Quality of the Business

Low Leverage

Safety

Quality of the Business

Liquidity

4

Equity Market Outlook

We look at markets in three parts - Defensives, Domes�c Cyclical and Global cyclical stocks. A�er the market run-up in the last one and half years we have clearly �lted the por�olio towards high quality stocks which have underperformed since Nov'20. As the cyclical sectors correct, we will add other cyclical stocks and thereby being more overweight in those sectors. Within Defensives, we like Pharmaceu�cal sector. Within Domes�c cyclical sectors, we are bullish on most of the cyclical sectors (Cement, Capital Goods, Construc�on, Auto & Auto Ancs, corporate banks and Engineering & Industrial Products, Consumer Goods & services) and within that the Automobile sector, a�er such a big underperformance in the previous 3 years vs the markets looks very promising to invest into, and we treat this as a high quality stocks bucket.

Global investment managers are shi�ing their focus & alloca�ons from developed markets to Emerging markets a�er so many years. This could be a mul�-year trend of USD deprecia�on Vs. Asian currencies including INR. Current Covid-19 situa�on can put a lid on the flows but as the cloud goes away, FII flows can accelerate.

We see the global developments as of today and the India growth situa�on very similar to the years 2000-2010. All major countries across the globe are ge�ng back to growth post the recent pandemic, infla�on is coming back in full swing and cyclical sectors which were not doing well in the last decade have started to come back into the limelight. With the economy on a path of sharp recovery, sectors and stocks with high elas�city to the business cycle and high opera�ng leverage, are likely to exceed expecta�ons.

Cyclical sector stocks are trading at very cheap valua�on across market capitalisa�ons where we see earnings growth to accelerate and valua�on mul�ples to re-rate.

Vola�lity is going to be there in the near-term as people are confused and emo�onal swings will happen and that is part and parcel of the markets, but the broad market trend is upwards with a 5 year view. In between, we may see air-pockets which will be opportuni�es to invest aggressively.

Our message to all investors is that please don't miss this excellent opportunity to create long term wealth and invest in every big dip by way of lumpsum. We urge all our partners to prac�ce asset alloca�on and systema�c investment planning for the benefit of your investors' long term wealth crea�on.

At this current juncture, we believe that ITI Balanced Advantage Fund, ITI Mul� Cap Fund, ITI Value Fund are suitable for LUMPSUM investments in equity funds category. In ITI Mid Cap Fund and ITI Small Cap Fund we believe SIP/STPs route is the most logical approach to have. In debt category, we think ITI Dynamic Bond Fund is more suitable for investors to park the money from a medium to long term perspec�ve.

Dynamic Bond Fund category carries very high poten�al to generate good risk adjusted returns in the long run if it is actually run in an ac�ve & dynamic manner. This debt category meets the need of a common man who wants to invest in a bond fund where he can invest any day of the year without looking at the interest rate scenario in the country or other complexi�es involved in debt fund investments, while maintaining a long term horizon.

Therefore, we believe ITI Dynamic Bond Fund is going to be an all-weather solu�on to investors and stand “Mighty across in the ITI MF debt funds basket.

Debt Market Outlook

Ÿ US Fed’s benchmark policy rate was expectedly kept unchanged in the July 2021 FOMC mee�ng with the Fed acknowledging that the economy had made progress towards goals laid out to tapering it’s quan�ta�ve easing (QE) programme. We see high likelihood of a formal taper announcement in either of the last 2 FOMC mee�ngs (Oct or Dec) of 2021 and the reduc�on in bond buying to begin in 1QCY2022.

Ÿ In spite of the Fed’s median projec�ons showing two rate increases by end-2023, the Fed’s “broad-based and inclusive” maximum employment goal as per its revised monetary policy framework remains the key for any poten�al rate li�-off. Thus the probable rate increase cycle in the US is likely to be quite shallow and prolonged, thereby giving markets enough �me to adapt.

Ÿ The European Central Bank (ECB) le� its policy rate unchanged in July 2021, but revised its forward guidance based on the new infla�on goal. We an�cipate the ECB to keep its policy rate unchanged �ll 2024.

Ÿ Growth revival remains the priority of the RBI and we see no change to the policy repo rate �ll Sep 2022. However, we believe that normalisa�on process will likely begin before end 2021 with small increases to the reverse repo rate.

Ÿ India’s central government (CG) budget deficit reached 18.2% of FY22 target and we do not foresee the risk of fiscal slippage related addi�onal bond supply. Furthermore, RBI is expected to remain a significant buyer over coming quarters and will con�nue to anchor bond yields. We expect the benchmark 10 year GOI bond to largely trade in the 6.0% - 6.30% range over the course of this year.

Ÿ We like front end (2–4 year) sovereign/high grade bonds from a carry/accrual perspec�ve. Government bonds in the 5-9 year maturity bucket too offer value from a medium term perspec�ve.

Ÿ Strategies with flexibility seem well poised to take advantage of the vola�lity led opportuni�es which we expect over the next couple of years.

Very Expensive

ModerateExpensive

A�rac�ve

Very A�rac�ve

Market ReviewJuly 2021

Equity Market Update

5

Global Indices Performance

IndexJuly2021

Change in %

1M 3M 6M 1Y 3Y 5Y

S&P BSE Sensex

Nifty 50

Nifty 200

Nifty 500

Nifty Mid Cap 100

Nifty Smallcap 100

52586.84 0.20 7.80 13.61 39.96 11.82 13.38

15763.05 0.26 7.74 15.61 42.49 11.55 12.77

8396.15 0.85 9.27 18.64 47.05 11.65 12.88

13664.25 1.42 10.51 20.90 51.40 12.29 13.25

27815.25 3.13 14.96 33.02 80.08 13.79 13.48

10522.10 8.10 22.85 46.61 110.43 12.12 11.56

Index

Change in %

1M 3M 6M 1Y 3Y 5Y

DJIA

S&P 500

FTSE

DAX

CAC

Nikkei

Hang Seng

KOSPI

Shanghai

MSCI EM

MSCI India

34936.13 1.26 3.13 16.52 32.29 11.19 13.63

4395.26 2.27 5.12 18.34 34.47 15.99 15.10

7032.30 -0.07 0.90 9.75 19.29 -3.18 0.90

15544.39 0.09 2.70 15.72 26.32 6.67 8.49

6612.76 1.61 5.48 22.48 38.36 6.26 8.28

27283.59 -5.24 -5.31 -1.37 25.75 6.55 10.48

25961.03 -9.94 -9.62 -8.21 5.57 -3.16 3.47

3202.32 -2.86 1.73 7.60 42.50 11.74 9.68

3397.36 -5.40 -1.44 -2.46 2.65 5.71 2.66

1277.80 -7.04 -5.18 -3.89 18.49 5.52 7.90

24.71 0.89 8.53 15.41 42.04 8.48 9.29

Index

Change in %

1M 3M 6M 1Y 3Y 5Y

Nifty Auto

Nifty Bank

Nifty Energy

Nifty FMCG

Nifty India Consumption

Nifty Infrastructure

Nifty IT

Nifty Metal

Nifty Commodities

Nifty Pharma

Nifty PSE

Nifty Realty

10048.50 -5.21 4.23 2.40 38.16 -2.89 1.19

34584.35 -0.54 5.50 13.15 60.02 7.60 12.77

18934.15 -4.48 5.01 17.17 23.75 7.71 15.23

36051.90 -0.11 7.22 8.85 16.83 5.15 10.14

6372.35 0.67 9.17 9.53 28.94 6.68 10.40

4432.30 2.14 9.36 20.71 40.69 11.96 8.35

30480.05 4.50 18.76 23.67 68.90 27.84 22.78

5770.35 10.63 19.03 87.50 169.46 20.05 18.93

5387.05 4.83 14.62 45.00 78.66 13.95 12.88

14425.30 0.81 7.10 18.53 29.48 16.26 4.28

3584.95 -0.68 12.88 31.71 44.39 -0.24 0.92

398.65 15.90 28.76 30.43 98.71 13.47 13.94

Sectoral Performance

Domestic Indices Performance

Net Flows FII Flows MF Flows

1M

3M

6M

1Y

3Y

5Y

-11,308 19,716

2,953 26,629

29,563 20,622

230,248 -77,437

291,573 53,256

327,446 283,470

Net Institutional Flows - Equity (in Rs. Crore)

Source: SEBI data as on July 30, 2021

Nifty 50 - P/B

Nifty 50 - P/E

§ Cau�on was the buzzword for both retail investors and FIIs. July saw a sell-off like

we haven’t seen since March 2020 under the shadow of all-�me high valua�ons

and third wave concerns.

§ India’s economic GDP forecast has been revised lower poin�ng towards a sluggish

revival owing to the disastrous second wave and sluggish vaccina�on drive.

§ Q1FY22 results are underway with leading banks / NBFCs repor�ng a dip in

performance with rise in underperforming assets and higher provisions.

§ Indicators point towards a gradual progression towards recovery and to pre-

Covid business ac�vity levels in various sectors.

Source: Bloomberg data as on July 30, 2021

Source: NSE & BSE

Source: Thomson Reuters Eikon

Source: NSE

Source: Bloomberg data as on July 30, 2021

ITI MF Equity Valua�on Index

None of the aforesaid recommendations are based on any assumptions. These are purely for reference and the investors are requested to consult their financial advisors before investing

ITI MF Equity Valuation Index considers price to earnings(P/E),Price to book (P/B) , Market Cap to Gross Domestic Product (GDP), GSEC*P/E, Equity Earnings Growth

July2021

July2021

14

22

30

38

Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21

1.80

2.50

3.20

3.90

Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

Jul-04 Jul-05 Jul-06 Jul-07 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21

Yiel

d (

%)

India Yield Curve Shi� (Year on Year)

Debt Market Update

6

Key Domestic Yield Indicators

Key Indicators

Index July2021

Change in %

1M 3M 6M 1Y 3Y 5Y

10Y GSEC CMT

10Y AAA CMT

10Y SPREAD*

1Y CD

3M CD

1Y CP

3M CP

6.20 0.15 0.17 0.30 0.37 -1.57 -0.96

6.75 -0.15 0.03 0.09 0.22 -1.91 -1.35

0.55 -0.30 -0.15 -0.21 -0.15 -0.34 -0.39

3.98 -0.05 -0.15 -0.05 -0.30 -4.05 -3.25

3.43 0.00 0.05 -0.05 -0.78 -3.63 -3.14

4.10 0.00 -0.20 -0.15 -0.13 -4.10 -3.33

3.53 0.00 0.02 0.02 0.02 -3.83 -3.43

IndexChange in %

1M 3M 6M 1Y 3Y 5Y

US 10Y CMT YIELD

US 2Y CMT YIELD

USDINR

Manufacturing PMI

Service PMI

IIP ^

Brent

1.23 -24.20 -40.00 15.50 69.30 -173.60 -23.70

0.19 -6.47 2.55 7.88 7.88 -248.62 -47.52

74.39 0.04 0.33 1.44 -0.39 5.78 7.35

55.30 7.20 -0.20 -2.40 9.30 NA NA

45.40 4.20 -8.60 -7.40 11.20 NA NA

29.30 -105.30 32.70 30.90 62.70 25.50 22.00

76.33 1.20 9.08 20.45 32.81 2.08 32.80

US $ Billion Jan-Jun2021

Change in %

2019 2018 2017 2016 2015

Trade Deficit

Net Oil Imports

Net Non-Oil Trade Deficit

Net Gold Imports

Trade Deficit ex Oil & Gold

NET of Principal CommoditiesElectronic Goods

-71.84 -92.24 153.30 182.69 147.59 97.46 125.76

-38.39 -16.29 84.64 92.34 64.89 47.37 57.63

-33.45 -75.95 68.66 90.35 82.70 50.09 68.13

-21.90 -15.39 19.68 24.10 29.22 4.64 20.19

-11.55 -60.56 48.98 66.25 53.48 45.45 47.94

-23.23 -39.32 44.93 49.61 45.54 34.69 34.52

IndexJune2021

Change in %

1M 3M 6M 1Y 3Y 5Y

6.26 -0.04 0.74 1.67 0.03 1.34 0.49

5.58 0.34 0.34 1.71 -2.34 2.47 -1.88

12.68 0.82 8.25 9.76 12.18 5.46 9.76

3.75 -0.11 0.25 0.54 0.20 -4.70 -1.71

6.30 0.13 0.54 0.96 1.33 12.59 1.91

CPI

FOOD & BEVERAGES

FUEL & LIGHT

HOUSING

CORE CPI

Inflation Indicators

Source: Bloomberg

Source: CCIL data as on July 30, 2021

Net Flows MF Flows

1M

3M

6M

1Y

3Y

5Y

-782 15,393

-7,317 26,080

-20,415 71,492

-18,371 201,802

-108,327 1,036,195

-39,834 1,671,868

Net Institutional Flows - Debt (in Rs. Crore)

Source: SEBI, NSDL data as on July 30, 2021

India Yield Curve Shift (Year- on- Year)

10-Yr Benchmark Gsec Bond

FII Flows

§ Wholesale infla�on (WPI) eased marginally to 12.07% YoY in June 2021 vis-à-vis 1.81% in June 2020. WPI remains s�cky at higher levels on account of the low base effect and rise in prices of mineral oils viz petrol, diesel (HSD), naphtha, ATF, furnace oil and manufactured products like basic metal, food products, chemical products vis-à-vis the corresponding period last year. However, WPI would have been higher had it not been for so�ening of crude oil and food prices.

§ The country’s factory output (IIP) registered growth of 29.3% (YoY) to 116.6 in May 2021. IIP had crashed to -33.4% YoY to 90.2 in May 2020 owing to the na�onwide lockdown last year during the first wave of the pandemic. Over the current fiscal (April-May 2021), IIP has witnessed an expansion of 68.8% vis-à-vis -45.0% decline in the corresponding period last year. May 2021 IIP saw gains in manufacturing (up 34.5%), electricity (23.3%) and mining (7.5%).

§ The country’s manufacturing sector slumped to an 11-month low in June 2021 owing to pandemic and strict containment measures. New order growth that started in August 2020 came to an end in June 2021, with the second wave lockdown.

§ India’s retail infla�on (CPI) trended lower to 6.26% in June 2021 from 6.30% in the previous month. This is the second consecu�ve month CPI exceeded the central bank’s upper band of 6%, a ma�er of some concern given that before this two-month interval, the CPI hovered at sub-6% levels for five consecu�ve months. Food infla�on was the primary factor in keeping infla�on at s�cky highs, with the Consumer Food Price Index (CFPI) surging to 5.15% in June 2021 against 5.01% in May 2021.

§ India’s exports surged over 45% to USD22.5bn during July 1-21 on account of robust growth in gems and jewellery, petroleum and engineering. In a posi�ve sign for the economy, imports rose 64.8% to USD31.8bn. The resultant trade deficit was USD9.3bn.

§ Output of eight core sectors expanded 8.9% YoY in June 2021 primarily due to a low base effect and produc�on gains in steel, coal, natural gas, and electricity. Output had expanded 16.8% year-on-year in May 2021. In June 2020, it had contracted by 12.4% owing to the lockdown during the first wave of the pandemic.

Source: Bloomberg

Market ReviewJuly 2021

2020

Change in bps Jul-21 Jul-20

Source: Thomson Reuters Eikon data as on July 30, 2021

^ Data as of May 2021

Month EndValue

5.0

5.5

6.0

6.5

7.0

7.5

8.0

Jul-19 Nov-19 Mar-20 Jul-20 Nov-20 Mar-21 Jul-21

10

20

30

40

50

60

70

80

3.0

4.0

5.0

6.0

7.0

8.0

9.0

1 Yr 5 Yr 10 Yr 20 Yr 30 Yr

Equity & Equity Related Total 97.84

Auto 6.46

Eicher Motors Limited 6.46

Auto Ancillaries 4.53

Amara Raja Batteries Limited 4.53

Banks 19.69

HDFC Bank Limited 6.75

DCB Bank Limited 4.06

City Union Bank Limited 3.15

Kotak Mahindra Bank Limited 2.87

The Federal Bank Limited 2.85

Consumer Durables 14.36

V-Guard Industries Limited 8.00

Whirlpool of India Limited 3.48

Johnson Controls - Hitachi Air 2.87

Conditioning India Limited

Consumer Non Durables 12.40

ITC Limited 6.33

Godrej Consumer Products Limited 3.11

Kansai Nerolac Paints Limited 2.96

CATEGORY OF SCHEME: Multicap Fund

The 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.

INVESTMENT OBJECTIVE

SCHEME DETAILS

Inception Date(Date of Allotment): 15-May-19

Benchmark: Nifty 500 Multicap 50:25:25 TRI (w.e.f December-2020)

Minimum Application Rs.1,000/- and in multiplesAmount: of Rs. 1/- thereafter

Load Structure:Entry Load: NilExit Load: If units are redeemed

/switched out within 12 months - 1%. Nil thereafter

Total Expense Ratio (TER):Including Additional Expenses and Goods and ServiceTax on Management Fees

Regular Plan: 2.64% Direct Plan: 0.49%

FUND MANAGER

PORTFOLIO DETAILS

RISK RATIO

NAV as on July 30, 2021

Mr. George Heber Joseph (Since 15-May-19)Total Experience: 17 yearsMr. Pradeep Gokhale (Since 15-May-19)Total Experience: 24 years

AUM (in Rs. Cr): 278.78

AAUM (in Rs. Cr): 270.33

% of top 5 holdings: 36.56%


No. of scrips: 22

Standard Deviation^: NABeta^: NASharpe Ratio^*: NAAverage P/B 4.21Average P/E 39.40Portfolio Beta 0.91^Computed for the 3-yr period ended July 30, 2021. Based on month-end NAV.* Risk free rate: 3.40 (Source: FIMMDA MIBOR)

Regular Plan(in Rs.)

Direct Plan(in Rs.)

Growth: 14.2250 14.9142IDCW: 13.5880 14.2690

THIS PRODUCT IS SUITABLEFOR INVESTORS WHO ARE SEEKING^

Ÿ Long-term capital growthŸ Investment 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.

Fund vs Index Overweight / Underweight

Name of the Instrument% toNAV

% to NAVDerivatives

Finance 12.32

Equitas Holdings Limited 5.76

Mahindra & Mahindra Financial Services Ltd 4.45

IDFC Limited 2.11

Petroleum Products 4.65

Reliance Industries Limited 4.65

Pharmaceuticals 20.26

Lupin Limited 8.00

Sun Pharmaceutical Industries Limited 7.35

Alembic Pharmaceuticals Limited 4.91

Printing & Publication 2.32

Navneet Education Limited 2.32

Software 0.86

eClerx Services Limited 0.86

Short Term Debt & Net Current Assets 2.16

Top Ten Holdings

ITI Mul�cap

% o

f N

et A

sset

s


% to NAVDerivatives

Portfolio Classification by Net Assets (%) Portfolio Allocation of other asset class (%) Market Capitalisation (% of allocation)

Equity

Equity Derivatives

Debt

Term Deposits placed as Margins

TREPS instruments

Net Current Assets

Large Cap

Mid Cap

Small Cap

NSE 500 Mul�cap 50:25:25

Investors understand that their principal will be at Very High risk

Low

to

Mod

erat

e

Lo

w

LOW HIGH

ModerateModeratelyHigh

High

Very

Hig

h

97.84

2.19

-0.03

45.51

26.33

26.00

(An open-ended equity scheme investing acrosslarge cap, mid cap, small cap stocks)

ITI Multi Cap Fund

PORTFOLIO

7

Fresh, no legacy/no baggage portfolio

SQL investmentphilosophy

Smooth investingexperience for the investor

Long term wealthcreation focus

Strong expertise inequity research

Differently positioned asa flexi cap within themulticap segment

When markets are expensive, the fund gener ally reduces risk and whenmarkets are undervalued fund increases the risk in the portf olio so that risk adjusted return and investor experience becomes smooth and rewarding

For scheme and SIP performance refer page 15Face Value per Unit: Rs. 10 unless other wise specified; Data is as of July 30, 2021 unless other wise specified.

July 2021

Please Refer Page No. 24 For IDCW History

26

.33

11

.66

5.5

3

4.7

6

6.3

7

0.8

5

11

.63

2.6

8

3.6

2

3.4

2

2.5

7

1.5

7

1.4

2 5.4

1

4.3

8

0.2

1

2.2

6

2.4

3

1.6

9

1.2

6

32

.01

26

.76

20

.26

10

.98

4.6

5

2.3

2

0.8

6

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.00

8.00

16.00

24.00

32.00

40.00

Fin

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Auto 7.88




Banks 16.83





Construction 2.52

Ashoka Buildcon Limited 2.52



Johnson Controls - Hitachi Air 3.01Conditioning India Limited



ITC Limited 9.55



Akzo Nobel India Limited 0.55

NSE 500

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

To 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.

ITI Long Term Equity Fund

PORTFOLIO


SCHEME DETAILS

Inception Date(Date of Allotment): 18-Oct-19

Benchmark: Nifty 500 TRI

Minimum Application Rs. 500/- and in multiplesAmount: of Rs. 500/- thereafter

Load Structure:Entry Load: NilExit Load: Nil



FUND MANAGER

PORTFOLIO DETAILS

RISK RATIO

Mr. George Heber Joseph (Since 18-Oct-2019)Total Experience: 17 yearsMr. Pradeep Gokhale (Since 18-Oct-2019)Total Experience: 24 years

AUM (in Rs. Cr): 97.25




No. of scrips: 25

Standard Deviation^: NABeta^: NASharpe Ratio^*: NAAverage P/B 4.59 Average P/E 42.32Portfolio Beta 0.85^Computed for the 3-yr period ended July 30, 2021. Based on month-end NAV.* Risk free rate: 3.40 (Source: FIMMDA MIBOR)


Direct Plan(in Rs.)

Growth: 14.3203 14.8912IDCW: 13.6940 14.2566


Ÿ Capital appreciation over long termŸ Investment in equity and equity related securities




Equity

Equity Derivatives

Debt


TREPS instruments

Net Current Assets

Large Cap

Mid Cap

Small Cap

Finance 5.52

IDFC Limited 3.25

Mahindra & Mahindra Financial Services Ltd 1.29


Industrial Products 1.04

Supreme Industries Limited 1.04





Lupin Limited 8.99


Suven Pharmaceuticals Limited 1.60



Software 1.23



8

Face Value per Unit: Rs. 10 unless otherwise specified; Data is as of July 30, 2021 unless otherwise specified.



% to NAVDerivatives


% to NAVDerivatives

Top Ten Holdings

Benefits of Investing


Low

to

Mod

erat

e

Lo

w

LOW HIGH


High

Very

Hig

h

Please Refer Page No. 24 For IDCW History

% o

f N

et A

sset

s

98.98

0.89

0.13

57.19

18.48

23.31

July 2021

11

.77

5.2

5

30

.98

4.9

2 8.8

1

2.8

9

0.3

8

13

.45

2.5

1

2.8

4

1.8

5

1.9

5

1.0

5

0.9

7 4.4

9

0.0

6

2.2

9

1.3

8

1.7

8

0.4

6

27

.03

23

.75

22

.35

12

.74

6.1

2

2.5

2

2.2

0

1.2

3

1.0

4

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.00

10.00

20.00

30.00

40.00

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Aerospace & Defense 1.47

Hindustan Aeronautics Limited 1.47

Auto 3.89

Maruti Suzuki India Limited 2.00


Banks 25.42


State Bank of India 5.93


ICICI Bank Limited 4.85

Axis Bank Limited 1.85

Cement & Cement Products 3.02

Grasim Industries Limited 3.02

Construction Project 5.09

Larsen & Toubro Limited 5.09


ITC Limited 7.06

Hindustan Unilever Limited 2.73


Finance 4.54

Housing Development Finance Corporation Ltd 4.54

(An open ended equity scheme predominantlyinvesting in large cap stocks)

CATEGORY OF SCHEME: Large Cap Fund

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

ITI Large Cap Fund

PORTFOLIO


SCHEME DETAILS

Inception Date(Date of Allotment): 24-Dec-20

Benchmark: Nifty 100 TRI

Minimum Application Rs. 5,000/- and in multiples Amount: of Re. 1/- thereafter





FUND MANAGER

PORTFOLIO DETAILS

RISK RATIO


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

AUM (in Rs. Cr): 174.31




No. of scrips: 28

Standard Deviation: NABeta: NASharpe Ratio*: NAAverage P/B 4.58Average P/E 29.25Portfolio Beta 0.93Computed for the 3-yr period ended July 30, 2021. Based on month-end NAV.* Risk free rate: 3.40 (Source: FIMMDA MIBOR)


Direct Plan(in Rs.)

Growth: 11.3206 11.4834IDCW: 11.3206 11.4834


Ÿ Capital appreciation over long termŸ Investment in portfolio predominately consisting of

equity and equity related instruments of large cap companies




% to NAVDerivatives

Gas 1.48

Petronet LNG Limited 0.94

GAIL (India) Limited 0.54

Insurance 2.34

HDFC Life Insurance Company Limited 1.40

SBI Life Insurance Company Limited 0.94

Minerals/Mining 1.48

Coal India Limited 1.48



Indian Oil Corporation Limited 0.89


Lupin Limited 6.06


Power 1.49

NTPC Limited 1.49

Software 15.22

Infosys Limited 7.44

Tata Consultancy Services Limited 4.44

HCL Technologies Limited 3.34

Telecom - Services 2.37

Bharti Airtel Limited 2.37


Top Ten Holdings

9


% to NAVDerivatives


Equity

Equity Derivatives

Debt


TREPS instruments

Net Current Assets

Large Cap

Mid Cap

Small Cap

Data is as of July 30, 2021 unless otherwise specified.

NSE 100

ITI Largecap


Low

to

Mod

erat

e

Lo

w

LOW HIGH


High

Very

Hig

h

% o

f N

et A

sset

s

97.82

1.24

0.94

95.41

July 2021

34

.32

15

.23

11

.95

10

.56

4.9

2

2.6

8

4.5

9

2.9

4

1.8

8

2.2

2 4.7

0

0.2

2

0.4

3

1.5

1

0.5

6

0.5

1

0.0

0

0.0

0

0.8

2

0.0

0

32

.30

15

.22

12

.08

11

.24

8.1

7

5.0

9

3.8

9

3.0

2

2.3

7

1.4

9

1.4

8

1.4

7

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

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10.00

20.00

30.00

40.00

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2.41



Bharat Electronics Limited 2.19

Auto 1.41

Escorts Limited 1.41


MRF Limited 3.60


Banks 8.42


The Federal Bank Limited 2.73

Bank of Baroda 2.34


The Ramco Cements Limited 2.35

Dalmia Bharat Limited 1.30

Chemicals 1.73

Solar Industries India Limited 1.73

Construction 1.56

The Phoenix Mills Limited 1.56





Akzo Nobel India Limited 2.14

Godrej Industries Limited 2.04

Zydus Wellness Limited 1.92

Entertainment 2.46

Sun TV Network Limited 2.46

Finance 6.28

Mahindra & Mahindra Financial Services Limited 2.27

Aavas Financiers Limited 2.18

CreditAccess Grameen Limited 1.83

(An open ended equity scheme predominantlyinvesting in Mid Cap stocks)

CATEGORY OF SCHEME: Mid Cap Fund

The investment objective of the Scheme is to seek to generate long term capital appreciation by predominantly investing in equity and equity related securities of Mid Cap stocks. However, there can be no assurance that the investment objective of the scheme would be achieved.

ITI Mid Cap Fund

PORTFOLIO


SCHEME DETAILS

Inception Date

(Date of Allotment): 05-Mar-2021

Benchmark: Nifty Mid Cap 100 TRI

Minimum Application Rs. 5,000/- and in multiples

Amount: of Re. 1/- thereafter

Load Structure:

Entry Load: Nil

Exit Load: – If units are redeemed

/switched out within 12

months - 1%. Nil

thereafter

Total Expense Ratio (TER):Including Additional Expenses and Goods and Service

Tax on Management Fees


FUND MANAGER

PORTFOLIO DETAILS

RISK RATIO


Mr. George Heber Joseph (Since 05-Mar-21)Total Experience: 17 yearsMr. Pradeep Gokhale (Since 05-Mar-21)Total Experience: 24 years

AUM (in Rs. Cr): 331.13




No. of scrips: 40

Standard Deviation: NABeta: NASharpe Ratio*: NAAverage P/B 5.56Average P/E 41.84Portfolio Beta 0.82Computed for the 3-yr period ended July 30, 2021. Based on month-end NAV.* Risk free rate: 3.40 (Source: FIMMDA MIBOR)


Direct Plan(in Rs.)

Growth: 11.4507 11.5598IDCW: 11.4507 11.5598


Ÿ Capital appreciation over long termŸ Investment in a diversified portfolio predominantly

consisting of equity and equity related instruments of mid cap companies




% to NAVDerivatives

Gas 4.81

Mahanagar Gas Limited 3.13

Gujarat State Petronet Limited 1.68

Industrial Capital Goods 1.74

ABB India Limited 1.74


Schaeffler India Limited 3.11

Polycab India Limited 2.95

Cummins India Limited 2.84

Bharat Forge Limited 1.96

Insurance 2.01

Max Financial Services Limited 2.01

Pesticides 3.72

Bayer Cropscience Limited 3.72


Hindustan Petroleum Corporation Limited 1.89


Sanofi India Limited 3.39



Power 1.83

Tata Power Company Limited 1.83

Retailing 1.59

Aditya Birla Fashion and Retail Limited 1.59

Software 6.29

L&T Technology Services Limited 2.46

Oracle Financial Services Software Limited 1.96

MphasiS Limited 1.86

Telecom - Services 2.11

Tata Communications Limited 2.11

Textile Products 0.81

Page Industries Limited 0.81


Top Ten Holdings

10

% o

f N

et A

sset

s


% to NAVDerivatives


Equity

Equity Derivatives

Debt


TREPS instruments

Net Current Assets

Large Cap

Mid Cap

Small Cap

6.49

-0.48

93.98


NSE MC 100

ITI Mid Cap Fund

84.55

July 2021


Low

to

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Lo

w

LOW HIGH


High

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Hig

h

22

.68

6.3

2 9.7

5

6.9

6

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1

5.3

7

6.1

2

2.8

3

2.5

6

1.9

8

0.5

4 3.6

3 6.6

8

3.9

5

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7

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9

2.6

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6

2.4

4

16

.71

14

.79

12

.59

8.9

8

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9

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9

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18

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13

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3.0

9

3.3

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0.7

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1.3

3 3.2

6

24

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18

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12

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8.3

0

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9

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9

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8

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

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0

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5.00

10.00

15.00

20.00

25.00

30.00

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Garden Reach Shipbuilders & Engineers Ltd 2.89

Auto 1.31

Force Motors Limited 1.31


Jtekt India Limited 1.51

Banks 5.57



Birla Corporation Limited 3.96

Chemicals 1.18

INEOS Styrolution India Limited 1.18

Construction 12.19

Ashoka Buildcon Limited 7.02

Indiabulls Real Estate Limited 4.16

Ahluwalia Contracts (India) Limited 1.02




Mayur Uniquoters Limited 3.89


CCL Products (India) Limited 1.80

Advanced Enzyme Technologies Limited 0.98

Finance 19.22


Can Fin Homes Limited 5.30

IDFC Limited 3.37

Mas Financial Services Limited 0.89


Timken India Limited 1.65


Leisure Services 4.39

Wonderla Holidays Limited 4.39


Alembic Limited 6.42

Hester Biosciences Limited 1.88



Software 5.69



(An open ended equity scheme predominantlyinvesting in small cap stocks)

CATEGORY OF SCHEME: SMALL CAP FUND

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.

ITI Small Cap Fund

PORTFOLIO


SCHEME DETAILS

Inception Date(Date of Allotment): 17-Feb-20

Benchmark: Nifty Smallcap 100 TRI

Minimum Application Rs. 5,000/- and in multiplesAmount: of Rs. 1/- thereafter





FUND MANAGER

PORTFOLIO DETAILS

RISK RATIO

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

AUM (in Rs. Cr): 431.50




No. of scrips: 25

Standard Deviation^: NABeta^: NASharpe Ratio^*: NAAverage P/B 3.41Average P/E 26.09Portfolio Beta 0.95^Computed for the 3-yr period ended July 30, 2021. Based on month-end NAV.* Risk free rate: 3.40 (Source: FIMMDA MIBOR)


Direct Plan(in Rs.)

Growth: 15.9102 16.4279IDCW: 15.9102 16.4279


Ÿ Capital appreciation over long termŸ Investment in a diversified Portfolio which

predominantly consists of equity and equity related instruments of small cap companies




11

NSE SC 100

ITI Small Cap Fund

% o

f N

et A

sset

s



% to NAVDerivatives


% to NAVDerivatives

Top Ten Holdings


Equity

Equity Derivatives

Debt


TREPS instruments

Net Current Assets

Large Cap

Mid Cap

Small Cap

6.45

-0.15

93.70

92.21


Low

to

Mod

erat

e

Lo

w

LOW HIGH


High

Very

Hig

h

1.49

July 2021


Auto 6.91




Banks 13.65









ITC Limited 7.04


Gas 1.28


(An open-ended equity scheme followinga value investment strategy)

CATEGORY OF SCHEME: Value

The investment objective of the scheme is to seek to generate long term capital appreciation by investing substantially in a portfolio of equity and equity related instruments by following value investing strategy. However, there can be no assurance or guarantee that the investment objective of the scheme would be achieved.

ITI Value Fund

PORTFOLIO


SCHEME DETAILS

Inception Date

(Date of Allotment): 14-June-2021

Benchmark: Nifty 500 Value 50 TRI

Minimum Application Rs. 5,000/- and in multiples

Amount: of Re. 1/- thereafter

Load Structure:

Entry Load: Nil

Exit Load: – If units are redeemed

/switched out within 12

months - 1%. Nil

thereafter

Total Expense Ratio (TER):Including Additional Expenses and Goods and Service

Tax on Management Fees


FUND MANAGER

PORTFOLIO DETAILS

RISK RATIO


Mr. Pradeep Gokhale (Since 14-Jun-21)Total Experience: 24 yearsMr. Rohan Korde (Since 14-Jun-21)Total Experience: 17 years

AUM (in Rs. Cr): 128.18




No. of scrips: 21

Standard Deviation: NABeta^: NASharpe Ratio^*: NAAverage P/B 2.79Average P/E 23.69Portfolio Beta 0.66^Computed for the 3-yr period ended July 30, 2021. Based on month-end NAV.* Risk free rate: 3.40 (Source: FIMMDA MIBOR)


Direct Plan(in Rs.)

Growth: 9.8511 9.8803IDCW: 9.8511 9.8803


Ÿ Capital appreciation over long termŸ Investments in portfolio predominantly consisting of

equity and equity related instruments by following a value investment strategy.




% to NAVDerivatives



Leisure Services 2.86

Wonderla Holidays Limited 2.86


Bharat Petroleum Corporation Limited 6.78





Lupin Limited 6.71


Alembic Limited 0.75

Power 2.07

NTPC Limited 2.07


Top Ten Holdings

12

% o

f N

et A

sset

s


% to NAVDerivatives


Equity

Equity Derivatives

Debt


TREPS instruments

Net Current Assets

Large Cap

Mid Cap

Small Cap

16.66

-0.04

83.38


19.65

56.93

6.80

July 2021

NSE 500 Value 50

ITI Value Fund22

.02

0.0

0

22

.51

4.2

7

3.3

9

0.5

7

9.4

2

1.8

1 5.0

8

5.6

1

1.3

9

0.4

8

0.0

0

0.5

8

0.0

0

22

.14

0.7

3

0.0

0

0.0

0

20

.84

20

.16

13

.65

11

.79

11

.47

2.8

6

2.0

7

0.5

4

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

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Low

to

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LOW HIGH


High

Very

Hig

h

Nifty 50 Index Trailing P/BV Ratio ITI BAF

Equity & Equity Related Total 79.33 1.40

Auto 7.73




Banks 8.53







ITC Limited 9.56


Finance 5.17


Gas 0.63





ITI Balanced Advantage Fund

(An open ended dynamic asset allocation fund)

CATEGORY OF SCHEME: Balanced Advantage

The 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.


PORTFOLIO


SCHEME DETAILS

Inception Date(Date of Allotment): 31-Dec-19Benchmark: Nifty 50 Hybrid Composite Debt 50:50 Index (w.e.f December-2020)Minimum Application Rs. 5,000/- and in multiplesAmount: of Rs. 1/- thereafter

Load Structure:Entry Load: 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 a l l o t m e n t o f u n i t s . A ny redemption in excess of such limit in the first 12 months from the date of allotment s h a l l b e s u b j e c t t o t h e following exit load: 1% if redeemed or switched out on or before completion of 12 months from the date of a l l o t m e n t o f u n i t s ; N i l thereafter.



FUND MANAGER

PORTFOLIO DETAILS

DEBT ATTRIBUTIONS FOR FIXEDINCOME PORTION

Mr. George Heber Joseph (Since 31-Dec-19)Total Experience: 17 yearsMr. Pradeep Gokhale (Since 31-Dec-19)Total Experience: 24 years

AUM (in Rs. Cr): 208.33AAUM (in Rs. Cr): 207.07% of top 5 holdings: 44.42%% of top 10 holdings: 71.34%No. of scrips: 16


Direct Plan(in Rs.)

Growth: 10.1423 10.4956IDCW: 10.1423 10.4956

THIS PRODUCT IS SUITABLEFOR INVESTORS WHO ARE SEEKING^Ÿ Capital appreciation while generating income over

medium to long termŸ Dynamic Asset allocation between equity, equity

related Instruments and fixed income instruments so as to provide with long term capital appreciation



Pharmaceuticals 20.37 1.40

Lupin Limited 9.28

Sun Pharmaceutical Industries Limited 9.17 1.40


Software 1.42


13Face Value per Unit: Rs. 10 unless otherwise specified; Data is as of July 30, 2021 unless otherwise specified.

% o

f N

et A

sset

s


Average Maturity: 1.44 Years Macaulay Duration: 1.37 YearsModified Duration: 1.32 YearsYield to Maturity: 4.12%

Average P/B 3.74Average P/E 30.93Portfolio Beta 0.64


% to NAVDerivatives


% to NAVDerivatives

Top Ten Holdings


Gross Equity

Net Equity

Debt


TREPS instruments

Net Current Assets

Large Cap

Mid Cap

Small Cap

59.15

12.348.86

80.73

80.73

9.23

Ni�y 50

Debt Instrument

Corporate Bond 9.17

National Bank For Agriculture ICRA AAA 3.85and Rural Development

REC Limited CRISIL AAA 1.93

Small Industries Dev CARE AAA 3.39Bank of India

Government Bond 7.20

4.48% GOI (MD 02/11/2023) SOVEREIGN 7.20


Name of the Instruments Ratings % to NAV

16.37

RISK RATIO

-5.96Investors understand that their principal will be at Very High risk

Low

to

Mod

erat

e

Lo

w

LOW HIGH


High

Very

Hig

h

July 2021

2.922.74

2.02

2.32

2.25

2.44 2.67

2.732.51

2.592.89

3.34

3.26

3.47

3.053.04

3.24 3.28 3.29

52.81

64.37

96.17 96.91

90.41

39.65 41.45

50.7857.47

50.33

30.9734.37 37.07

47.3745.63

73.07 70.31 70.87

80.73

28

38

48

58

68

78

88

98

1.902.052.202.352.502.652.802.953.103.253.403.553.70

Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21

1.8

3

5.4

2

18

.59

2.4

8 5.6

2 8.7

7

1.3

6

0.0

0

1.4

2

0.0

0

0.3

3

0.0

0

0.0

0

0.0

0 2.0

4

0.0

0

0.8

4

0.3

7

0.9

7

0.0

0

21

.77

20

.69

13

.70

12

.40

10

.75

1.4

2

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.00

6.00

12.00

18.00

24.00

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Minerals/Mining 7.65 -7.68

Adani Enterprises Limited 7.65 -7.68

Non - Ferrous Metals 9.33 -9.32

Vedanta Limited 5.04 -5.04

Hindalco Industries Limited 4.29 -4.28

Petroleum Products 7.08 -7.10

Reliance Industries Limited 7.08 -7.10

Pharmaceuticals 12.03 -12.01

Cipla Limited 5.63 -5.61

Divi's Laboratories Limited 3.96 -3.96

Sun Pharmaceutical Industries Limited 2.43 -2.43

Telecom - Services 3.73 -3.74

Bharti Airtel Limited 3.73 -3.74

Transportation 6.81 -6.84

Adani Ports and Special Economic Zone Ltd 6.81 -6.84


Equity & Equity Related Total 66.94 -67.01

Auto 0.70 -0.70

Mahindra & Mahindra Limited 0.70 -0.70

Auto Ancillaries 2.26 -2.26

Apollo Tyres Limited 2.26 -2.26

Banks 1.80 -1.79

HDFC Bank Limited 1.06 -1.06

Canara Bank 0.74 -0.74

Construction 0.50 -0.50

DLF Limited 0.50 -0.50

Finance 9.50 -9.46

Bajaj Finance Limited 3.84 -3.85

LIC Housing Finance Limited 3.68 -3.64

Housing Development Finance 1.97 -1.97Corporation Limited

Insurance 5.57 -5.60

HDFC Life Insurance Company Limited 5.57 -5.60

(An open ended scheme investing in arbitrage opportunities)

CATEGORY OF SCHEME: Arbitrage Fund

The 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.

ITI Arbitrage Fund

PORTFOLIO


SCHEME DETAILS

Inception Date(Date of Allotment): 09-Sep-19

Benchmark: Nifty 50 Arbitrage Index


Load Structure:Entry Load: NilExit Load: If the Units are redeemed /

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



FUND MANAGER

PORTFOLIO DETAILS

RISK RATIO

Mr. George Heber Joseph (Since 09-Sep-19)Total Experience: 17 yearsMr. Vikrant Mahesh Mehta (Since 19-Jan-21)Total Experience: 25 years



Standard Deviation: NABeta: NASharpe Ratio*: NAComputed for the 3-yr period ended July 30, 2021. Based on month-end NAV.* Risk free rate: 3.40 (Source: FIMMDA MIBOR)


Direct Plan(in Rs.)

Growth: 10.6318 10.7835IDCW: 10.6318 10.7835


Ÿ To generate income by predominantly investing in arbitrage opportunities

Ÿ Investments 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 Allocation of other asset class (%)

14




% to NAVDerivatives


% to NAVDerivatives

Term Deposits placed as Margins TREPS instruments– Net Current Assets

QUANTITATIVE DATA

Average Maturity: 2.00 DaysMacaulay Duration: 2.00 DaysModified Duration: 2.00 DaysYield to Maturity: 3.19%

Investors understand that their principal will be at Low risk

Low

to

Mod

erat

e

Lo

w

LOW HIGH


High

Very

Hig

h

10.23 22.83

July 2021

(An open ended debt scheme investing in overnight securities)

CATEGORY OF SCHEME: Overnight Fund

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.

ITI Overnight Fund

PORTFOLIO


SCHEME DETAILS


Benchmark: CRISIL Overnight Index





FUND MANAGER

PORTFOLIO DETAILS

QUANTITATIVE DATA

Mr. George Heber Joseph (Since 25-Oct-19)Total Experience: 17 yearsMr. Vikrant Mahesh Mehta (Since 19-Jan-21)Total Experience: 25 years



Average Maturity: 2.00 Days Macaulay Duration: 2.00 Days Modified Duration: 2.00 Days Yield to Maturity: 3.19%


Direct Plan(in Rs.)


Ÿ Regular income with low risk and high level of liquidityŸ Investment in money market and debt instrumentsŸ with overnight maturity


Debt Instrument

Reverse Repo/TREPS

Clearing Corporation of India Ltd NA 1895.83 99.89

Net Current Assets NA 2.00 0.11

Total Net Assets 100.00

Name of the Instrument Market Value (Rs. Lakhs) % to NAVRating

15

Growth 1,059.6273 1,061.5029Daily IDCW 1,001.0000 1,001.0038Weekly IDCW 1,001.3328 1,001.3398Fortnightly IDCW 1,001.3288 1,001.3399Monthly IDCW 1,001.3281 1,001.3406Annual IDCW -- 1,054.1066

25-May-21

25-May-21

25-Jun-21

25-Jun-21

26-Jul-21

26-Jul-21

Regular Plan - Monthly IDCW Op�on

Direct Plan - Monthly IDCW Op�on





2.4002 2.4002 1003.4002

2.4914 2.4914 1003.4924

2.5480 2.5480 1003.5480

2.6287 2.6287 1003.6297

2.6236 2.6236 1003.6236

2.7035 2.7035 1003.7045

Net CurrentAssets0.11%

Reverse Repo/TREPS

99.89%

Cash & CashEquivalent100.00%


Por�olio Composi�on by Asset Class (%) Por�olio Classifica�on by Ra�ng Class (%)

Investors understand that their principal will be at Low risk

Low

to

Mod

erat

e

Lo

w

LOW HIGH


High

Very

Hig

h

Pursuant to payment of IDCW, the NAV of the IDCW Op�on(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 IDCW, visit www.i�mf.com.

Record Date Plan(s) Option(s)Individuals/ HUF (IDCW)

(Rs per unit)Others (IDCW)(Rs per unit)

Cum-IDCW NAV(Rs per unit)

July 2021

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.

Face Value per Unit: Rs. 1000 unless otherwise specified; CD - Certificate of Deposit; CP - Commercial Papers;Data is as of July 30, 2021 unless otherwise specified.

Por�olio Composi�on by Asset Class (%)

Treasury Bill

53.48%Cash & Cash Equivalent

38.48%

Corporate Bond8.04%

Net CurrentAssets1.17%

ReverseRepo/TREPS

37.31%

SOVEREIGN53.48%

AAA8.04%

(An open-ended liquid Scheme)

CATEGORY OF SCHEME: Liquid Fund

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.

ITI Liquid Fund

PORTFOLIO


SCHEME DETAILS

Inception Date(Date of Allotment): 24-Apr-19

Benchmark: CRISIL Liquid Fund Index


Load Structure:Entry Load: NilExit Load: Investor exit upon subscription Exit Load % Up to Day 1 0.0070% Day 2 0.0065% Day 3 0.0060% Day 4 0.0055% Day 5 0.0050% Day 6 0.0045% Day 7 onwards 0.0000%



FUND MANAGER

PORTFOLIO DETAILS

QUANTITATIVE DATA

Mr. George Heber Joseph (Since 24-Apr-19)Total Experience: 17 yearsMr. Vikrant Mahesh Mehta (Since 19-Jan-21)Total Experience: 25 years



Average Maturity: 5.40 DaysMacaulay Duration: 5.31 DaysModified Duration: 5.24 DaysYield to Maturity: 3.30%


Direct Plan(in Rs.)

Growth 1,088.5526 1,091.2776Daily IDCW 1,001.0000 1,001.3233Weekly IDCW 1,001.3255 1,001.3389Fortnightly IDCW 1,021.4562 --Monthly IDCW 1,001.3229 1,001.3373Annual IDCW 1,090.6177 1,091.5734


Ÿ Regular income over short term.Ÿ Investment in money market and debt instruments.


Debt Instrument Treasury Bill 364 Days Tbill (MD 05/08/2021) SOVEREIGN 999.64 26.7491 Days Tbill (MD 05/08/2021) SOVEREIGN 999.63 26.74Corporate Bond LIC Housing Finance Limited CRISIL AAA 300.63 8.04Reverse Repo/TREPS Clearing Corporation of India Ltd NA 1394.88 37.31Net Current Assets NA 43.90 1.17Total Net Assets 100.00


16

25-May-21

25-May-21

25-Jun-21

25-Jun-21

26-Jul-21

26-Jul-21







2.4074 2.4074 1003.4077

2.4534 2.4534 1003.4534

2.5914 2.5914 1003.5917

2.6698 2.6698 1003.6698

2.6283 2.6283 1003.6286

2.7214 2.7214 1003.7214

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.

Face Value per Unit: Rs. 1000 unless otherwise specified; CD - Certificate of Deposit; CP - Commercial Papers;Data is as of July 30, 2021 unless otherwise specified.


Por�olio Classifica�on by Ra�ng Class (%)





July 2021

Investors understand that their principal will be at Low to Moderate risk

Low

to

Mod

erat

e

Lo

w

LOW HIGH


High

Very

Hig

h

Debt Instrument

Corporate Bond

Housing Development Finance Corporation Limited CRISIL AAA 1021.38 6.67

LIC Housing Finance Limited CRISIL AAA 200.42 1.31

REC Limited CRISIL AAA 2116.20 13.82

Government Bond

4.26% GOI (MD 17/05/2023) SOVEREIGN 1500.75 9.80

Treasury Bill

364 Days Tbill (MD 24/03/2022) SOVEREIGN 1954.94 12.77

182 Days Tbill (MD 23/12/2021) SOVEREIGN 2465.76 16.10

Reverse Repo/TREPS


Net Current Assets NA 196.88 1.29


(An open ended ultra-short term debt scheme investing in instrumentssuch that the Macaulay duration of the portfolio is between3 months to 6 months)

The investment objective of the Scheme is to generate regular income and capital appreciation through investment in a portfolio of short term debt & money market instruments such that the Macaulay duration of the portfolio is between 3 - 6 months. However, there can be no assurance or guarantee that the investment objective of the scheme would be achieved.

ITI Ultra Short Duration Fund

PORTFOLIO


SCHEME DETAILS

Inception Date(Date of Allotment): 05-May-2021

Benchmark: NIFTY Ultra Short Duration Debt Index





FUND MANAGER

PORTFOLIO DETAILS

Mr. Vikrant Mehta (Since 05-May-2021)Total Experience: 25 years

AUM (in Rs. Cr): 153.15



Direct Plan(in Rs.)


Ÿ Regular income over short termŸ Investments in debt and money market instruments,

such that the Macaulay duration of the portfolio is between 3 months - 6 months.



17

Corporate Bond21.80%

Treasury Bill28.87%

Net Current Assets1.29%

Cash & Cash Equivalent

39.54%

AAA21.80%

QUANTITATIVE DATA

Average Maturity: 151 DaysMacaulay Duration: 149 DaysModified Duration: 146 DaysYield to Maturity: 3.52%


CATEGORY OF SCHEME: Ultra Short Duration



Growth 1006.7447 1008.7877Daily IDCW 1001.0000 1001.0000Weekly IDCW 1001.2080 1001.2774Fortnightly IDCW 1001.2074 1001.2800 Monthly IDCW 1001.2073 1001.2755Annual IDCW 1006.7459 1008.8617





Government Bond9.80%

Reverse Repo/ TREPS

38.25%

SOVEREIGN38.66%

26-May-21

26-May-21

25-Jun-21

25-Jun-21

26-Jul-21

26-Jul-21







0.5795 0.5795 1001.5795

1.1094 1.1094 1002.1094

2.2249 2.2249 1003.2249

2.9667 2.9667 1003.9667

2.7251 2.7251 1003.7251

3.3929 3.3929 1004.3929

July 2021


Low

to

Mod

erat

e

Lo

w

LOW HIGH


High

Very

Hig

h

Debt Instrument

Corporate Bond

Indian Railway Finance Corporation Limited CRISIL AAA 100.14 4.18

National Bank For Agriculture and Rural Development ICRA AAA 200.45 8.37

REC Limited CRISIL AAA 1035.13 43.25

Small Industries Dev Bank of India CARE AAA 302.36 12.63

Government Bond

5.22% GOI (MD 15/06/2025) SOVEREIGN 198.48 8.29

Reverse Repo/TREPS


Net Current Assets NA -140.08 -5.85


(An open ended debt scheme predominately investing in debtinstruments of banks, Public Sector Undertakings, PublicFinancial Institutions and Municipal Bonds)

The investment objective of the Scheme is to generate income / capital appreciation through investments in debt and money market instruments consisting predominantly of securities issued by entities such as Scheduled Commercial Banks (SCBs), Public Sector undertakings (PSUs), Public Financial Institutions (PFIs) and Municipal Bonds. However, there can be no assurance or guarantee that the investment objective of the scheme would be achieved.

ITI Banking & PSU Debt Fund

PORTFOLIO


SCHEME DETAILS


Benchmark: CRISIL Banking and PSU Debt Index





FUND MANAGER

PORTFOLIO DETAILS

Mr. George Heber Joseph (Since 22-Oct -20)Total Experience: 17 yearsMr. Vikrant Mahesh Mehta (Since 19-Jan-21)Total Experience: 25 years




Direct Plan(in Rs.)

Growth: 10.3404 10.3844IDCW: 10.3404 10.3844


Ÿ Regular income over short to medium termŸ Investments in debt and money market instruments,

consisting predominantly of securities issued by Banks, Public Sector undertakings, Public Financial Institutions & Municipal Bonds



18

QUANTITATIVE DATA

Average Maturity: 1.94 YearsMacaulay Duration: 1.74 YearsModified Duration: 1.66 YearsYield to Maturity: 4.42%


High Liquidity byinvesting in G-Sec and

Banking & PSU Debt Market Instruments

Active managementbased on credit spread

and interest rate outlook

Fund will havehigher Allocation in

AAA rated instruments

Generally maintainduration of 2 to 5 years withuse of G-Sec to shift duration

Invests a minimum of 80% in Debt Instruments of Banks, PSUs & PFIs, which are generally high quality in nature

Banks, PSUs & PFIs Debt Instruments are generally highly liquid

This category of funds have provided stable returns during various market phases and have better risk reward

Investing for a holding period of more than 3 years, gives an edge over conventional Fixed Income products due to benefit of indexation without a significant higher credit risk

HIGH CREDIT QUALITY

HIGH LIQUIDITY

PERFORMANCE

TAXATION

CATEGORY OF SCHEME: Banking and PSU Fund



Low

to

Mod

erat

e

Lo

w

LOW HIGH


High

Very

Hig

h

Corporate Bond68.44%

Reverse Repo/ TREPS

29.12%


23.27%

SOVEREIGN8.29%

AAA68.44%


Net Current Assets-5.85%

Government Bond8.29%

July 2021

Debt Instrument

Corporate Bond

Indian Railway Finance Corporation Limited CRISIL AAA 400.55 7.89

Government Bond

7.17% GOI (MD 08/01/2028) SOVEREIGN 523.69 10.31

7.26% GOI (MD 14/01/2029) SOVEREIGN 1049.42 20.66

5.22% GOI (MD 15/06/2025) SOVEREIGN 297.71 5.86

6.64% GOI (MD 16/06/2035) SOVEREIGN 491.61 9.68

Reverse Repo/TREPS


Net Current Assets NA -267.23 -5.26


(An open ended dynamic debt scheme investingacross duration)

The investment objective of the Scheme is to maximize returns through an active management of a portfolio comprising of debt and money market instruments. However, there can be no assurance or guarantee that the investment objective of the scheme would be achieved.

ITI Dynamic Bond Fund

PORTFOLIO


SCHEME DETAILS

Inception Date(Date of Allotment): 14-Jul-21

Benchmark: CRISIL Dynamic Debt Index

Minimum Application Rs. 5,000/- and in multiples Amount: of Re. 1/- thereafter




FUND MANAGER

PORTFOLIO DETAILS

Mr. Vikrant Mahesh Mehta (Since 14-Jul-21)Total Experience: 25 years




Direct Plan(in Rs.)

Growth: 10.0117 10.0176IDCW: 10.0074 10.0085


Ÿ Regular income over medium to long termŸ Investment in Debt and Money Market Securities with

flexible maturity profile of securities depending on the prevailing market condition.



19

Corporate Bond7.89%

Government Bond

46.51%


45.61%

AAA7.89%

SOVEREIGN46.51%

QUANTITATIVE DATA

Average Maturity: 4.59 YearsMacaulay Duration: 3.47 YearsModified Duration: 3.34 YearsYield to Maturity: 4.96%


CATEGORY OF SCHEME: Dynamic Bond



Investors understand that their principal will be at Moderate risk

Low

to

Mod

erat

e

Lo

w

LOW HIGH


High

Very

Hig

h

Net Current Assets-5.26%

Reverse Repo/ TREPS

50.87%

July 2021





26-Jul-21

26-Jul-21



0.0043 0.0043 10.0143

0.0091 0.0091 10.0191

Fund Performance

20

ITI Long Term Equity Fund Performance

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

Returns (%)Value of Investment of 10,000Fund (`)

Benchmark (`) Additional Benchmark (`)

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: Ni�y 500 TRI # Addi�onal Benchmark: Ni�y 50 TRI. Mr. George Heber Joseph and Mr. Pradeep Gokhale are jointly managing the scheme since its incep�on 25th October 2019. Please refer to the link Leaflet for performance of all schemes managed by the fund manager. Face Value per unit: Rs. 10.

Direct - Growth

Regular - Growth

51.62% 53.07% 44.30% 15,145 15,289 14,416

22.30% 24.05% 19.76% 14,320 14,687 13,794

Last 1 Year

Since Inception

54.99% 53.07% 44.30% 15,481 15,289 14,416

25.01% 24.05% 19.76% 14,891 14,687 13,794

Last 1 Year

Since Inception

ITI Multi Cap Fund Performance

Period

48.82% 69.14% 44.30% 14,866 16,890 14,416

17.28% 25.24% 18.49% 14,225 16,446 14,550

Fund Returns (%) Benchmark Returns (%)Additional Benchmark



Last 1 Year

Since Inception

52.04% 69.14% 44.30% 15,186 16,890 14,416

19.82% 25.24% 18.49% 14,914 16,446 14,550

Direct - Growth

Regular - 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: Ni�y 500 Mul�cap 50:25:25 TRI # Addi�onal Benchmark: Ni�y 50 TRI. With Effect from December 31, 2020, the Benchmark is changed to Ni�y 500 Mul�cap 50:25:25 TRI from Ni�y 500 TRI. Mr. George Heber Joseph and Mr. Pradeep Gokhale are jointly managing the scheme since its incep�on 15th May 2019. Face Value per unit: Rs. 10

Last 1 Year

Since Inception

July 2021

ITI Small Cap Fund




93.07% 112.32% 44.30% 19,272 21,189 14,41640.85% 47.42% 21.98% 16,428 17,551 13,336

Direct - Growth

Regular - 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: Ni�y Small Cap 100 TRI# Addi�onal Benchmark: Ni�y 50 TRI. Mr. George Heber Joseph and Mr. Pradeep Gokhale are jointly managing the scheme since its incep�on 17th Feb 20. Face Value per unit: Rs. 10.

Last 1 YearSince Inception

88.87% 112.32% 44.30% 18,854 21,189 14,41637.77% 47.42% 21.98% 15,910 17,551 13,336






19.93% 23.46% 44.30% 11,987 12,339 14,4163.11% 15.50% 19.24% 10,496 12,558 13,207

Direct - Growth

Regular - 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: Ni�y 50 Hybrid Composite Debt 50:50 Index# Addi�onal Benchmark: Ni�y 50 TRI. With effect from December 31, 2020, the Benchmark is changed to Ni�y 50 Hybrid Composite Debt 50:50 Index from CRISIL Hybrid 50+50 - Moderate Index. Mr. George Heber Joseph and Mr. Pradeep Gokhale are jointly managing the scheme since its incep�on 31st December 2019.


17.33% 23.46% 44.30% 11,728 12,339 14,4160.90% 15.50% 19.24% 10,142 12,558 13,207


21

Fund PerformanceJuly 2021

ITI Overnight Fund Performance

Period

2.98% 3.23% 6.78% 10,006 10,006 10,0133.00% 3.24% 6.86% 10,012 10,013 10,0283.07% 3.23% 5.89% 10,025 10,027 10,0482.94% 3.19% 3.78% 10,293 10,318 10,3773.33% 3.52% 5.18% 10,595 10,629 10,933

Fund Returns(%)

Benchmark Returns(%)

Additional BenchmarkReturns (%)

Value of Investment of 10,000Fund (`)


Last 7 daysLast 15 daysLast 30 daysLast 1 YearSince Inception

Direct - Growth

Regular - Growth

3.08% 3.23% 6.78% 10,006 10,006 10,0133.10% 3.24% 6.86% 10,013 10,013 10,0283.17% 3.23% 5.89% 10,026 10,027 10,0483.04% 3.19% 3.78% 10,303 10,318 10,3773.44% 3.52% 5.18% 10,614 10,629 10,933

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 Overnight Fund Index # Addi�onal Benchmark: CRISIL 1 Year T-Bill Index. Mr. George Heber Joseph - managing this scheme since incep�on (October 28, 2019) & Mr. Vikrant Mehta from (January 19, 2021). Returns less than 1 year period are simple annualized and greater than 1 year are compounded annualized. Face Value per unit: Rs. 1000.

ITI Liquid Fund Performance

Period

3.00% 3.52% 6.78% 10,006 10,007 10,0133.02% 3.59% 6.86% 10,012 10,015 10,0283.07% 3.56% 5.89% 10,025 10,029 10,0482.93% 3.68% 3.78% 10,292 10,367 10,3773.81% 4.93% 5.79% 10,885 11,154 11,363

Fund Returns(%)

Benchmark Returns(%)


Value of Investment of 10,000Fund (`)



Direct - Growth

Regular - Growth

3.12% 3.52% 6.78% 10,006 10,007 10,0133.13% 3.59% 6.86% 10,013 10,015 10,0283.18% 3.56% 5.89% 10,026 10,029 10,0483.04% 3.68% 3.78% 10,304 10,367 10,3773.92% 4.93% 5.79% 10,912 11,154 11,363

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 # Addi�onal Benchmark: CRISIL 1 Year T-Bill Index. Mr. George Heber Joseph - managing this scheme since incep�on (April 24, 2019) & Mr. Vikrant Mehta from (January 19, 2021). Returns less than 1 year period are simple annualized and greater than 1 year are compounded annualized. Value per unit: Rs. 1000


ITI Arbitrage Fund Performance




3.47% 4.28% 3.78% 10,346 10,426 10,3774.07% 3.58% 5.39% 10,784 10,688 11,043

Direct - Growth

Regular - 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: Ni�y 50 Arbitrage Index # Addi�onal Benchmark: Ni�y 50 TRI. Mr. George Heber Joseph - managing this scheme since incep�on (September 09, 2019) & Mr. Vikrant Mehta from (January 19, 2021). Face Value per unit: Rs. 10.


2.70% 4.28% 3.78% 10,269 10,426 10,3773.29% 3.58% 5.39% 10,632 10,688 11,043


ITI Banking and PSU Debt Fund


Returns (%)

Direct - Growth

Regular - Growth

Last 6 MonthsSince Inception

5.45% 4.26% 0.82% 5.70% 5.86% 3.01%


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 Banking and PSU Debt Index # Addi�onal Benchmark: CRISIL 10 Year Gilt Index Mr. George Heber Joseph - managing this scheme since incep�on (October 22, 2020) & Mr. Vikrant Mehta from (January 19, 2021). Returns less than 1 year period are simple annualized. Face Value per unit: Rs. 10.

6.01% 4.26% 0.82% 6.44% 5.86% 3.01%


22

Fund PerformanceJuly 2021

Disclaimer - Fund PerformanceThe performance details provided herein are of Growth op�on under Direct and Regular Plans. Assuming Rs. 10,000 invested as lumpsum 1 year ago as well as since incep�on. The returns for the respec�ve periods are provided as on last available NAV of 31st July 2021 for the respec�ve Schemes. Returns 1 year and above are Compounded Annualised, below 1 year returns for Overnight Fund and Liquid Fund are Simple Annualised. Load is not taken into considera�on for computa�on of performance. Different plans shall have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribu�on expenses / commission charged to the Other than Direct Plan. The performance data of the scheme(s) managed by the respec�ve Fund Manager which has/have not completed 1 year is not provided. For ITI Large Cap Fund and ITI Banking PSU fund, since they have not completed 1 year but have completed 6 months, simple annualised returns are shown

ITI Large Cap Fund


Returns (%)

Direct - Growth

Regular - Growth


27.83% 38.45% 27.85% 22.11% 36.03% 26.19%


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: Ni�y 100 TRI # Addi�onal Benchmark: Ni�y 50 TRI. Mr. George Heber Joseph and Mr. Pradeep Gokhale are jointly managing the scheme since its incep�on 24th Dec 20. Face Value per unit: Rs. 10.

30.94% 38.45% 27.85% 24.84% 36.03% 26.19%

23

(SIP) ReturnsJuly 2021

ITI Multi Cap Fund (SIP) Returns

Period Amount InvestedFund Value

(`)Fund Returns

(%)Benchmark

Value (`)BenchmarkReturns (%)

Additional BenchmarkValue (`)

Direct - Growth

Regular - 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: Ni�y 500 Mul�cap 50:25:25 TRI # Addi�onal Benchmark: Ni�y 50 TRI. With Effect from December 31, 2020, the Benchmark is changed to Ni�y 500 Mul�cap 50:25:25 TRI from Ni�y 500 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 a�er accoun�ng for the cash flow by using the XIRR method (investment internal rate of return).

ITI Long Term Equity Fund (SIP) Returns

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: Ni�y 500 TRI # Addi�onal Benchmark: Ni�y 50 TRI. For SIP returns, monthly investment of Rs.10,00 invested on the 1st business day of every month has been considered. CAGR Returns (%) are computed a�er accoun�ng for the cash flow by using the XIRR method (investment internal rate of return).

Direct - Growth

Regular - Growth

120,000 148,147 46.65% 149,042 48.21% 143,246 38.15%

210,000 287,594 39.15% 293,364 41.95% 279,710 35.30%

120,000 150,028 49.95% 149,042 48.21% 143,246 38.15%

210,000 293,805 42.17% 293,364 41.95% 279,710 35.30%

Last 1 Year

Since Inception

Last 1 Year

Since Inception

Period Amount InvestedFund Value

(`)Fund Returns

(%)Benchmark




ITI Small Cap Fund (SIP) Returns

Period

120,000 170,737 87.62% 181,461 108.02% 143,246 38.15%

170,000 275,790 83.97% 305,972 107.79% 225,936 44.43%

Amount InvestedFund Value

(`)Fund Returns

(%)Benchmark



Direct - Growth

Regular - Growth


120,000 172,955 91.79% 181,461 108.02% 143,246 38.15%

170,000 280,930 88.04% 305,972 107.79% 225,936 44.43%

Last 1 Year

Since Inception

Last 1 Year

Since Inception

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: Ni�y Small Cap 100 TRI Index # Addi�onal Benchmark: Ni�y 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 a�er accoun�ng for the cash flow by using the XIRR method (investment internal rate of return).

ITI Balanced Advantage Fund (SIP) Returns

Period

120,000 133,553 21.79% 132,830 20.60% 143,246 38.15%

190,000 214,362 15.43% 225,736 22.56% 252,805 39.36%


(`)Fund Returns

(%)Benchmark



Direct - Growth

Regular - Growth


120,000 135,223 24.57% 132,830 20.60% 143,246 38.15%

190,000 218,376 17.95% 225,736 22.56% 252,805 39.36%

Last 1 Year

Since Inception

Last 1 Year

Since Inception

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: Ni�y 50 Hybrid Composite Debt 50:50 Index # Addi�onal Benchmark: Ni�y 50 TRI. With effect from December 31, 2020, the Benchmark is changed to Ni�y 50 Hybrid Composite Debt 50:50 Index from CRISIL Hybrid 50+50 - Moderate Index. 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 a�er accoun�ng for the cash flow by using the XIRR method (investment internal rate of return).

Last 1 Year

Since Inception

120,000 148,970 48.09% 158,058 64.27% 143,246 38.15%

260,000 349,211 28.74% 398,648 43.28% 350,537 29.14%

120,000 150,819 51.34% 158,058 64.27% 143,246 38.15%

260,000 358,074 31.41% 398,648 43.28% 350,537 29.14%

Last 1 Year

Since Inception

24

(SIP) ReturnsJuly 2021

ITI Arbitrage Fund (SIP) Returns

Period

120,000 121,911 2.99% 123,075 4.83% 122,513 3.94%

220,000 226,041 2.87% 227,913 3.76% 229,498 4.51%


(`)Fund Returns

(%)Benchmark



Direct - Growth

Regular - Growth


120,000 122,403 3.77% 123,075 4.83% 122,513 3.94%

220,000 227,672 3.65% 227,913 3.76% 229,498 4.51%

Last 1 Year

Since Inception

Last 1 Year

Since Inception

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: Ni�y 50 Arbitrage Index # Addi�onal Benchmark: Ni�y 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 a�er accoun�ng for the cash flow by using the XIRR method (investment internal rate of return).

0.5000 0.5000 11.4328

0.5000 0.5000 11.7326

22-Dec-20

22-Dec-20


Record Date Plan(s) Option(s) Individuals/ HUF (IDCW)(Rs per unit)

Others (IDCW)(Rs per unit)


Regular Plan - IDCW Option

Direct Plan - IDCW Option

0.5000 0.5000 11.1650

0.5000 0.5000 11.5566

ITI Multi Cap Fund

22-Dec-20

22-Dec-20


Record Date Plan(s) Option(s) Individuals/ HUF (IDCW)(Rs per unit)

Others (IDCW)(Rs per unit)


Regular Plan - IDCW Option

Direct Plan - IDCW Option

IDCW (Dividend) HistoryITI Long Term Equity Fund

Disclaimer - Fund SIP PerformanceThe performance details provided herein are of Growth op�on under Direct and Regular Plans. The Fund(s) offer Systema�c Investment Plan (SIP) facility. To illustrate the advantages of SIP investments, this is how your investments would have grown if you had invested say Rs. 10,000 systema�cally on the first Business Day of every month over a period of �me in the Growth Op�on of respec�ve scheme. The returns are calculated by XIRR approach assuming investment of 10,000/- on the 1st working day of every month. XIRR helps in calcula�ng return on investments given an ini�al and final value and a series of cash inflows and ou�lows with correct allowance for the �me impact of the transac�ons.

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dis

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sch

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ket

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ITI A

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July

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te:-

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tios

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calc

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s per

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eth

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gy

pre

scribed for

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ese

sch

em

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have

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mple

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tandard

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atio

n, S

harp

e R

atio

and N

AV

base

d B

eta

are

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rele

vant

and h

ence

not

dis

close

d.

3. T

he

above

table

is a

snapsh

ot fo

r quic

k unders

tandin

g, it

must

be r

ead w

ith the F

act

sheet

for

deta

ils o

n R

isko

mete

r of

each

sch

em

e.

4.

Ple

ase

consu

lt yo

ur

financi

al a

dvi

sor

befo

re in

vest

ing. F

or

deta

ils, ple

ase

refe

r to

resp

ect

ive p

age o

f th

e s

chem

e.

5.

Exp

ense

ratio

incl

udes

GS

T, B

ase

TE

R a

nd a

dditi

onal e

xpense

s as

per

regula

tion 5

2(6

A)(

b)

and 5

2(6

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c) o

f S

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I (M

F)

regula

tions

for

both

Direct

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egula

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ns

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Th

e T

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the

above

funds

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in th

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in the c

ase

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regula

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ns

and in

the r

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ego

ry

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anag

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dif

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ity

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1+

We would like to thank you for your trust in ITI Mutual fund.

As part of ITI Mutual Fund's preven�ve measures on COVID-19 outbreak & advisory issued by Ministry of Health & Family welfare, We encourage you to connect with us on our digital pla�orms.

We request you to submit transac�ons / requests by using various other modes i.e. AMC website (www.i�mf.com) / RTA website h�p://mfs.kfintech.com/mfs/ /RTA Mobile app / MFU website / MFU mobile applica�on 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). Alterna�vely, you can also e-mail us at mfassist@i�org.com. We would appreciate your pa�ence while we work on your query and ready to provide sa�sfactory responses.

Thanking you, and assuring you of our best services always.

Glossary§ Average Maturity: Weighted average maturity of the securi�es in scheme.§ Macaulay Dura�on (Dura�on): Macaulay Dura�on (Dura�on) measures the price

vola�lity of fixed income securi�es. It is o�en used in the comparison of interest rate risk between securi�es with different coupons and different maturi�es. It is defined as the weighted average �me 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 dura�on of a fixed income security is always shorter than its term to maturity, except in the case of zero-coupon securi�es where they are the same.

§ Growth and Cumula�ve op�on: Growth and Cumula�ve words are used alterna�vely.§ Risk ra�o data: There are few stocks which are having abnormal price to earnings

mul�ple, because of the aberra�on (Covid-19) in the financial results (of the base year). We believe the price to book mul�ple is a be�er indicator of the business valua�on especially in this kind of abnormal situa�ons. Investors should ideally normalise these valua�on mul�ples to have a be�er idea of the por�olio.

These stocks were the price to earnings are abnormal high are: · Johnson Controls - Hitachi Air Condi�oning India Limited· Jtekt India Limited· The Phoenix Mills Limited· Aditya Birla Fashion and Retail Limited· ABB India Limited

§ Por�olio Turnover Ra�o: Por�olio Turnover Ra�o is the percentage of a fund’s holdings that have changed in a given period. This ra�o measures the fund’s trading ac�vity, 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 por�olio return is tracking the benchmark index return. It measures the devia�on between por�olio return and benchmark index return. A lower tracking error indicates por�olio is closely tracking benchmark index and higher tracking error indicates higher devia�on of por�olio returns from benchmark index returns.

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

§ IDCW - IDCW stands for ‘Income Distribu�on cum Capital Withdrawal op�on’. The amounts can be distributed out of investors’ capital (Equaliza�on Reserve), which is part of the sale price that represents realized gains, as may be declared by the Trustees at its discre�on from �me to �me (subject to the availability of distributable surplus as calculated in accordance with the Regula�ons).

§ Por�olio Yield (Yield To Maturity): Weighted average yield of the securi�es in a scheme por�olio.

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

How to read factsheet§ 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.§ Applica�on Amount for Fresh Subscrip�on: This is the minimum investment amount

for a new investor in a mutual fund scheme.§ Minimum Addi�onal Amount: This is the minimum investment amount for an

exis�ng investor in a mutual fund scheme.§ SIP: SIP or systema�c 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 a�er deduc�ng 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 securi�es, 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 �me 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 �me 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 �me of redemp�on. The

investor will receive redemp�on 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 un�l maturity. YTM is expressed as an annual rate. The YTM factors in the

bond’s current market price, par value, coupon interest rate and �me to maturity.§ Modified Dura�on Modified dura�on is the price sensi�vity and the percentage

change in price for a unit change in yield.§ Standard Devia�on: Standard devia�on is a sta�s�cal measure of the range of an

investment’s performance. When a mutual fund has a high standard devia�on, it

means its range of performance is wide, implying greater vola�lity.§ Sharpe Ra�o: The Sharpe Ra�o, named a�er its founder, the Nobel Laureate William

Sharpe, is a measure of risk-adjusted returns. It is calculated using standard devia�on

and excess return to determine reward per unit of risk.§ Beta Ra�o (Por�olio Beta): Beta is a measure of an investment’s vola�lity vis-a-vis

the market. Beta of less than 1 means that the security will be less vola�le than the

market. A beta of greater than 1 implies that the security’s price will be more vola�le

than the market.§ AUM: AUM or assets under management refers to the recent / updated cumula�ve

market value of investments managed by a mutual fund or any investment firm.§ Holdings: The holdings or the por�olio is a mutual fund’s latest or updated reported

statement of investments/securi�es. These are usually displayed in terms of

percentage to net assets or the rupee value or both. The objec�ve is to give investors

an idea of where their money is being invested by the fund manager.§ Nature of Scheme: The investment objec�ve and underlying investments determine

the nature of the mutual fund scheme. For instance, a mutual fund that aims at

genera�ng capital apprecia�on by inves�ng in stock markets is termed an equity fund

or growth fund. Likewise, a mutual fund that aims at capital preserva�on by inves�ng

in debt markets is a debt fund or income fund. Each of these categories may have sub-

categories.§ Ra�ng Profile: Mutual funds invest in securi�es a�er evalua�ng their

creditworthiness as disclosed by the ra�ngs. A depic�on of the mutual fund in various

investments based on their ra�ngs becomes the ra�ng profile of the fund. Typically,

this is a feature of debt funds.

Documents

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