MF

NAVIGATOR
October 2024
 Mutual Fund Flows – September 2024
AUM in (Rs Trillon) 67.1

53.4

37.6 39.4

31.4

23.8
21.4 22.3
17.5
11.9 13.5
10.6
Dec-14

Jun-20

Jun-21
Jun-16

Jun-22

Dec-22

Jun-24

Sep-24
Jun-15

Dec-15

Jun-17

Jun-19

Sep-20

Dec-20

Jun-23

Sep-23

Dec-23
Sep-21

Dec-21

Sep-22
Sep-17

Jun-18

Sep-18

Dec-18
Dec-17

Sep-19

Dec-19
Sep-14

Sep-15

Sep-16

Dec-16

Mar-20

Mar-21

Mar-22

Mar-23

Mar-24
Mar-15

Mar-16

Mar-17

Mar-18

Mar-19
 Total MF AUM increased 6x in past 10+ years, from Rs 10.6 lakh crores to Rs 67.1 lakh crores

 SIP contribution touched a record high of Rs 24,509 crores

 Equity MFs witnessed positive net flows of Rs 34,419 crores

 Debt MFs witnessed negative net flows of Rs 1,13,834 crores

 Hybrid MFs witnessed positive net flows of Rs 4,901 crores

Source: AMFI | Data as on 30th Sept, 2024 | Bars highlighted in green are for FY ending (March)
 Mutual Fund Flows – September 2024

Net Flows in Equity Mutual Funds (Rs. '000 Crores)

 Equity MFs inflows dropped by 10% MoM nearly to Rs. 34,419
38.2
crores (v/s Rs 38,239 crores inflow in August)
40.6
34.7 37.1
34.4

26.5 26.9
20.2 20.0
21.8 22.6
18.9
 Highest Net Inflows of Rs 13,255 crores in Sectoral/Thematic
17.0
15.7 15.5
14.1
9.4
12.5 14.1 Funds (v/s Rs 18,117 crores inflow in August)
7.3 8.6 7.6
6.1 6.5
2.3 3.2

 Highest Net Outflows of Rs 349 crores in ELSS Funds. (v/s Rs

Mar-24
Dec-22

Dec-23
Feb-23
Mar-23

Feb-24

Jul-24
Aug-22

Nov-22

Aug-23
Oct-22

Jul-23

Oct-23
May-23

May-24

Aug-24
Sep-24
Jun-23

Sep-23

Jan-24

Apr-24

Jun-24
Sep-22

Jan-23

Apr-23

Nov-23
205 crores outflow in August)

Net flows in Debt Mutual Funds (Rs. '000 Crores)  Debt MFs net flows dropped by 352% to Rs -1,13,834 crores
189.9 (v/s net flows of Rs 45,169 crores in August)
106.7 119.6
49.2 76.5
-21.9 46.0 61.4 63.8 45.2
42.6 42.3
-2.8 3.7 -13.8 -4.7
 Highest Net Inflows of Rs 5,039 crores in Corporate Bond
-65.4 -56.9 -101.5 -75.6
Funds (v/s Rs 667 crores inflow in August)
-10.3 -14.1 -25.9 -107.4 -113.8

-198.3
Mar-24
Dec-22

Dec-23
Feb-23
Mar-23

Feb-24

Jul-24
Aug-22

Nov-22
Oct-22

Jul-23
Aug-23

Oct-23

May-24

Aug-24
May-23

Sep-24
Jun-23
Sep-22

Jan-23

Apr-23

Sep-23

Jan-24

Apr-24

Jun-24
Nov-23

 Highest Net Outflows of Rs 72,666 crores in Liquid Funds (v/s

Rs 13,595 crores inflow in August).

Source: AMFI | Data as on 30th Sept, 2024 Click Here to see AUM and Flow Trends in detail
 Sectoral Holdings Trend – September 2024

Chart 1 Chart 2
Sector-wise MoM change in allocation (%) Sector-wise MoM change in value (%)
Allocation (Sept 24) Allocation (Aug 24) MoM Change % Electrical Equipment 11.7%
Retailing 8.9%
20.0% Chemicals & Petrochemicals 6.0%

MoM Change in Allocation

Overall Sector Allocation

18.0% 0.2% Power 5.6%

16.0%
Consumer Durables 5.1%
14.0% 0.0% Cement & Cement Products 4.7%
12.0%
Diversified FMCG 4.6%
10.0%
-0.2% Finance 4.6%
8.0%
6.0% Automobiles 4.0%
4.0% -0.4% Insurance 3.6%
2.0% Transport Services 3.3%
0.0% -0.6% Telecom - Services 3.3%

Capital Markets
Auto Components

Transport Services
Power
Automobiles
Finance

Consumer Durables
Banks

Electrical Equipment
IT - Software

Cement & Cement Products

Chemicals & Petrochemicals

Pharmaceuticals & Biotech

Industrial Products
Retailing
Petroleum Products

Telecom - Services

Diversified FMCG

Insurance
Construction Project

Auto Components 3.2%

Capital Markets 3.1%
Banks 3.0%
Construction Project 0.3%
Petroleum Products 0.0%
Pharmaceuticals & Biotech -0.7%
Industrial Products -0.7%
IT - Software -1.4%

Month on Month as on Sept, 2024 :

 Top Sectors where MFs increased allocations (Chart 1) : Retailing, Electrical Equipment and Power
 Top Sectors where MFs decreased allocations (Chart 1) : IT-Software, Pharmaceuticals & Biotech and Petroleum Products
 Sectors which saw maximum value appreciation (Chart 2) : Electrical Equipment, Retailing and Chemicals & Petrochemicals
Source: ACE MF | Data as on 30th Sept, 2024
What you’ll see in the next few slides

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

Clarity of Looking beyond performance

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

UTI Nifty Next 50 Index Parag Parikh Flexi Cap Motilal Oswal Midcap ICICI Prudential India Invesco India Smallcap
Details Kotak Equity Opp Fund
Fund Fund Fund Opportunities Fund Fund

Allocation % 20 17.5 17.5 15 15 15

Launch Date 28-Jun-18 09-Sep-04 02-Nov-23 24-Feb-14 15-Jan-19 30-Oct-18
AUM (Rs cr) 4,974 26,175 82,441 18,604 24,793 5,376
Fund Manager Sharwan Kumar Goyal Harsha Upadhyaya Rajeev Thakkar Niket Shah Sankaran Naren Taher Badshah
Category Equity Equity Equity Equity Equity Equity
Sub Category Index Fund Large & Mid Cap Fund Flexi Cap Fund Midcap Fund Diversified Small Cap Fund
Internal Allocation(%)
Equity % 100.2 98.2 81.9 81.0 87.8 98.8
Debt % 0.0 0.0 4.1 0.0 1.8 0.0
Others % -0.2 1.8 14.0 19.0 10.3 1.2

Finance - 12.3 Banks - 16.3 Banks - 19.8 IT Software - 20.2 Banks - 26.6 Capital Markets - 13.9

Top 3 Exposures % Electrical Equipment - 6.9 IT - Software - 8.1 Others - 16.5 Consumer Durables - 10.3 Pharma - 10.7 Consumer Durables - 12.0

Power - 6.6 Pharma - 7.9 Power - 7.3 Auto - 9.6 Insurance - 8.4 Pharma - 7.5

Risk-Adjusted Returns(%)
Nil upto 10% of units. For
Nil upto 10% of investment
remaining units 2% on or Nil upto 10% of units and 1%
and 1% for remaining 1% on or before 1Y, Nil after 1% on or before 12M, Nil
Exit Load NIL before 365D, 1% after 365D for above the limits on or
investment on or before 1Y after 12M
but on or before 730D, Nil before 1Y, Nil after 1Y
1Y, Nil after 1Y
after 730D

Source: NGEN, ACE MF | Data as on 30th Sept, 2024

 Aggressive Basket - Portfolio Overlap
Ability and Willingness to withstand market volatilities in the expectation of earning exponential returns.

Fund Overlap %
0-20% How to read this ?
21-40% Overlap will show which funds have the same
41-60% investments and to what extent. Funds with high
61-80% overlap % don't help in diversification.
81-100%

ICICI Pru India Kotak Equity

Motilal Oswal Invesco India Parag Parikh UTI-Nifty Next
Scheme Names Opportunities Opportunities
Midcap Fund Smallcap Fund Flexi Cap Fund 50 Index Fund
Fund Fund

ICICI Pru India Opportunities Fund - 2% 2% 32% 27% 8%

Motilal Oswal Midcap Fund 2% - 10% 5% 2% 3%

Invesco India Smallcap Fund 2% 10% - 4% 2% 3%

Kotak Equity Opportunities 32% 5% 4% - 20% 10%

Parag Parikh Flexi Cap Fund 27% 2% 2% 20% - 2%

UTI-Nifty Next 50 Index Fund 8% 3% 3% 10% 2% -

Source: NGEN, ACE MF | Data as on 30th Sept, 2024

 Moderate Basket
Ability and Willingness to withstand market volatilities with some stability.

Kotak Nifty SDL Apr

ICICI Pru Balanced UTI Nifty Next 50 Motilal Oswal Invesco India ICICI Pru All Seasons Invesco India Parag Parikh Flexi
Details 2032 Top 12 Equal
Advantage Fund Index Fund Midcap Fund Arbitrage Fund Bond Fund Smallcap Fund Cap Fund
Weight Index Fund
Allocation % 15 10 10 20 10 15 5 15
Launch Date 30-Dec-06 28-Jun-18 24-Feb-14 11-Feb-22 30-Apr-07 20-Jan-10 30-Oct-18 02-Nov-23
AUM (Rs cr) 62,051 4,974 18,604 2,885 17,657 12,984 5,376 82,441
Sharwan Kumar
Fund Manager Manish Banthia Niket Shah Abhishek Bisen Deepak Gupta Manish Banthia Taher Badshah Rajeev Thakkar
Goyal
Category Hybrid Equity Equity Debt Hybrid (Debt like) Debt Equity Equity
Dynamic Asset
Sub Category Index Fund Midcap Fund Index Fund Arbitrage Fund Dynamic Bond Small Cap Fund Flexi Cap Fund
Allocation
Internal Allocation(%)
Equity % 67.1 100.2 81.0 0.0 73.5 0.0 98.8 81.9
Debt % 19.1 0.0 0.0 97.3 3.9 93.3 0.0 4.1
Others % 13.8 -0.2 19.0 2.7 22.7 6.7 1.2 14.0

Others - 19.1 Finance - 12.3 IT Software - 20.2 Others - 97.3 Banks - 11.2 Others - 93.3 Capital Markets - 13.9 Banks - 19.8

Electrical Equipment Consumer Durables Petroleum Products - Consumer Durables

Top 3 Exposures % Banks - 13.1 - - Others - 16.5
- 6.9 - 10.3 7.8 - 12.0

Automobiles - 9.4 Power - 6.6 Auto - 9.6 - IT - Software - 7.2 - Pharma - 7.5 Power - 7.3

Risk-Adjusted Returns(%)
Nil upto 10% of units.
Nil upto 30% of units
Nil upto 10% of units For remaining units
and 1% for
1% on or before 1Y, Nil 0.50% on or before 0.25% on or before and 1% for above 2% on or before
Exit Load remaining units on NIL NIL
after 1Y 15D, Nil after 15D 1M, Nil after 1M the limits on or 365D, 1% after 365D
or before 1Y, Nil after
before 1Y, Nil after 1Y but on or before
1Y
730D, Nil after 730D

Source: NGEN, ACE MF | Data as on 30th Sept, 2024

 Moderate Basket - Portfolio Overlap
Ability and Willingness to withstand market volatilities with some stability.

Fund Overlap %
0-20% How to read this ?
21-40% Overlap will show which funds have the same
41-60% investments and to what extent. Funds with high
61-80% overlap % don't help in diversification.
81-100%

Kotak Nifty
ICICI Pru
ICICI Pru All SDL Apr 2032 Invesco India Invesco India
Balanced UTI-Nifty Next Motilal Oswal Parag Parikh
Scheme Names Seasons Bond Top 12 Equal Arbitrage Smallcap Midcap Flexi Cap
Advantage 50 Index Fund
Fund Weight Index Fund Fund Fund Fund
Fund
Fund

ICICI Pru All Seasons Bond Fund - 0% 0% 10% 0% 0% 0% 0%

Kotak Nifty SDL Apr 2032 Top 12 Equal
Weight Index Fund 0% - 0% 0% 0% 0% 0% 0%

Invesco India Arbitrage Fund 0% 0% - 18% 1% 13% 1% 8%

ICICI Pru Balanced Advantage Fund 10% 0% 18% - 3% 10% 2% 22%

Invesco India Smallcap Fund 0% 0% 1% 3% - 3% 10% 2%

UTI-Nifty Next 50 Index Fund 0% 0% 13% 10% 3% - 3% 2%

Motilal Oswal Midcap Fund 0% 0% 1% 2% 10% 3% - 2%

Parag Parikh Flexi Cap Fund 0% 0% 8% 22% 2% 2% 2% -

Source: NGEN, ACE MF | Data as on 30th Sept, 2024

 Conservative Basket
Need stability and have low Ability and Willingness to experience market volatilities.

ICICI Pru Nifty PSU

Bandhan CRISIL IBX Kotak Nifty SDL Apr
ICICI Pru Balanced DSP NIFTY 50 Index Bond Plus SDL Sep Invesco India HDFC Ultra Short Term
Details Gilt June 2027 Index 2032 Top 12 Equal
Advantage Fund Fund 2027 40:60 Index Arbitrage Fund Fund
Fund Weight Index Fund
Fund
Allocation % 10 15 20 15 10 15 15
Launch Date 30-Dec-06 21-Feb-19 28-Sep-21 30-Apr-07 24-Sep-18 23-Mar-21 11-Feb-22

AUM (Rs cr) 62,051 662 8,748 17,657 13,676 7,229 2,885

Fund Manager Manish Banthia Anil Ghelani Darshil Dedhia Deepak Gupta Anil Bamboli Harshal Joshi Abhishek Bisen
Category Hybrid Equity Debt Hybrid (Debt like) Debt Debt Debt
Dynamic Asset
Sub Category Index Fund Index Fund Arbitrage Fund Ultra Short Term Fund Index Fund Index Fund
Allocation
Internal Allocation(%)
Equity % 67.1 99.9 0.0 73.5 0.0 0.0 0.0
Debt % 19.1 0.0 98.1 3.9 101.3 97.5 97.3
Others % 13.8 0.1 1.9 22.7 -1.3 2.5 2.7

Others - 19.1 Banks - 27.9 Others - 97.5 Banks - 11.2 Others - 100.0 Others - 97.5 Others - 97.3

Top 3 Exposures % Banks - 13.1 IT- Software - 12.7 - Petroleum - 7.8 - - -

Automobiles - 9.4 Petroleum - 9.3 - IT - Software - 7.2 - - -

Risk-Adjusted Returns(%)
Nil upto 30% of units
and 1% for remaining 0.50% on or before 15D,
Exit Load NIL NIL NIL NIL NIL
units on or before 1Y, Nil Nil after 15D
after 1Y

Source: NGEN, ACE MF | Data as on 30th Sept, 2024

 Conservative Basket - Portfolio Overlap
Need stability and have low Ability and Willingness to experience market volatilities.

Fund Overlap %
0-20% How to read this ?
21-40% Overlap will show which funds have the same
41-60% investments and to what extent. Funds with high
61-80% overlap % don't help in diversification.
81-100%

Kotak Nifty
Bandhan ICICI Pru Nifty ICICI Pru
HDFC Ultra SDL Apr 2032 Invesco India
CRISIL IBX Gilt PSU Bond Plus DSP Nifty 50 Balanced
Scheme Names Short Term Top 12 Equal Arbitrage
June 2027 SDL Sep 2027 Index Fund Advantage
Fund Weight Index Fund
Index Fund 40:60 Fund
Fund

HDFC Ultra Short Term Fund - 0% 0% 0% 0% 2% 0%

Bandhan CRISIL IBX Gilt June 2027 Index Fund 0% - 0% 0% 0% 0% 0%

Kotak Nifty SDL Apr 2032 Top 12 Equal Weight
Index Fund 0% 0% - 0% 0% 0% 0%

ICICI Pru Nifty PSU Bond Plus SDL Sep 2027 40:60 0% 0% 0% - 0% 0% 0%

DSP Nifty 50 Index Fund 0% 0% 0% 0% - 45% 27%

ICICI Pru Balanced Advantage Fund 2% 0% 0% 0% 45% - 18%

Invesco India Arbitrage Fund 0% 0% 0% 0% 27% 18% -

Source: NGEN, ACE MF | Data as on 30th Sept, 2024

 Very Conservative Basket
No Ability and Willingness to experience Equity market volatilities.

ICICI Pru Nifty PSU Bond Plus Bandhan CRISIL IBX Gilt June Kotak Nifty SDL Apr 2027 Top 12 Edelweiss CRISIL IBX 50:50 Gilt
Details Invesco India Arbitrage Fund
SDL Sep 2027 40:60 Index Fund 2027 Index Fund Equal Weight Index Fund Plus SDL April 2037 Index Fund

Allocation % 20 20 20 20 20

Launch Date 28-Sep-21 30-Apr-07 23-Mar-21 11-Feb-22 11-Oct-22

AUM (Rs cr) 8,748 17,657 7,229 8,030 1,016

Fund Manager Darshil Dedhia Deepak Gupta Harshal Joshi Abhishek Bisen Dhawal Dalal

Category Debt Hybrid (Debt like) Debt Debt Debt

Sub Category Index Fund Arbitrage Fund Index Fund Index Fund Index Fund

Internal Allocation(%)

Equity % 0.0 73.5 0.0 0.0 0.0

Debt % 98.1 3.9 97.5 98.5 97.8

Others % 1.9 22.7 2.5 1.5 2.2

Others - 97.5 Banks - 11.2 Others - 97.5 Others - 98.5 Others - 97.0

Top 3 Exposures % - Petroleum - 7.8 - - -

- IT - Software - 7.2 - - -

Risk-Adjusted Returns(%)

0.50% on or before 15D, Nil after 0.10% on or before 30D, Nil after
Exit Load NIL NIL NIL
15D 30D

Source: NGEN, ACE MF | Data as on 30th Sept, 2024

 Very Conservative Basket - Portfolio Overlap
No Ability and Willingness to experience Equity market volatilities.

Fund Overlap %
0-20% How to read this ?
21-40% Overlap will show which funds have the same
41-60% investments and to what extent. Funds with high
61-80% overlap % don't help in diversification.
81-100%

ICICI Pru
Bandhan Edelweiss CRISIL Kotak Nifty SDL
Nifty PSU
Invesco India CRISIL IBX Gilt IBX 50:50 Gilt Apr 2027 Top 12
Scheme Names Bond Plus
Arbitrage Fund June 2027 Plus SDL Apr Equal Weight
SDL Sep 2027
Index Fund 2037 Index Fund Index Fund
40:60

Invesco India Arbitrage Fund - 0% 0% 0% 0%

Bandhan CRISIL IBX Gilt June 2027 Index Fund 0% - 0% 0% 0%

ICICI Pru Nifty PSU Bond Plus SDL Sep 2027 40:60 0% 0% - 0% 2%

Edelweiss CRISIL IBX 50:50 Gilt Plus SDL Apr 2037 Index Fund 0% 0% 0% - 0%

Kotak Nifty SDL Apr 2027 Top 12 Equal Weight Index Fund 0% 0% 2% 0% -

Source: NGEN, ACE MF | Data as on 30th Sept, 2024

 Risk and Return Stats for Baskets

Details Aggressive Basket Moderate Basket Conservative Basket Very Conservative Basket

3Y Rolling Return %

Min 16.9 10.7 4.9 1.0

Max 27.9 16.7 8.5 5.6

Average 22.9 14.6 7.1 3.4

Volatility (Risk) 2.4 1.5 0.9 1.2

Return Profile (Times)

Returns at or below 0% 0.0 0.0 0.0 0.0

Returns above 0% to 7% 0.0 0.0 27.9 100.0

Returns more than 7% 100.0 100.0 71.9 0.0

Drawdown Analysis %

Highest Drawdown (Fall) -30.6 -17.3 -8.5 -1.9

Lowest Drawdown (Fall) -5.1 -2.7 -1.5 -0.2

Source: NGEN, ACE MF | Data as on 30th Sept, 2024 | All the stats above are based on 3Y Daily Rolling over the 5 year period
Recommended MF Offerings –
Across Categories

EQUITY HYBRID DEBT

Large Cap Funds Equity Savings Funds Overnight Funds

Large & Mid Cap Funds Liquid Funds

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

Mid Cap Funds Arbitrage Funds Floating Rate Fund

Small Cap Funds Dynamic Bond Fund

Multi Asset Funds
Sector Funds Passive Long Duration Fund

International Funds Active Duration & Credit Strategy

Click Here to find One Pagers of the Recommended Mutual Funds

 Recommended – Equity MFs
CAGR (%)
AUM Expense
Fund name Inception Fund manager Since
(Rs cr) Ratio 1 Year 3 Years 5 Years 10 Years
Inception
Large Cap Funds
Aditya Birla SL Frontline Equity Fund 30-Aug-02 Mahesh Patil 31,389 1.63 35.9 15.1 19.6 13.8 19.7

HDFC Top 100 Fund 03-Sep-96 Rahul Baijal 38,684 1.60 34.9 18.1 19.9 13.6 19.3

Motilal Oswal Large Cap Fund 06-Feb-24 Atul Mehra 1,266 2.16 -- -- -- -- 46.3

Nippon India Large Cap Fund 08-Aug-07 Sailesh Raj Bhan 34,432 1.57 37.1 20.3 22.0 15.5 13.6

NIFTY 100 – TRI 35.6 14.1 19.2 14.0 --

Large and Mid Cap Funds

Kotak Equity Opp Fund 09-Sep-04 Harsha Upadhyaya 26,175 1.59 41.9 20.4 24.1 17.1 19.3

Motilal Oswal Large & Midcap Fund 17-Oct-19 Ajay Khandelwal 6,500 1.80 62.3 27.0 -- -- 27.9

NIFTY Large Midcap 250 - TRI 41.8 19.0 25.3 17.3 --

Multi/Flexi Cap Schemes

360 ONE Flexicap Fund 30-Jun-23 Mayur Patel 1,084 2.19 50.5 -- -- -- 42.7

Bandhan Sterling Value Fund 07-Mar-08 Daylynn Pinto 10,601 1.74 39.4 20.8 28.1 17.1 17.9

Franklin India Flexi Cap Fund 29-Sep-94 R. Janakiraman 18,252 1.71 41.2 19.3 24.2 16.0 18.5

HDFC Flexi Cap Fund 01-Jan-95 Roshi Jain 66,225 1.44 44.7 24.3 24.9 15.7 19.3

Helios Flexi Cap Fund 13-Nov-23 Alok Bahl 2,054 2.02 -- -- -- -- 46.3

ICICI Pru India Opp Fund 15-Jan-19 Sankaran Naren 24,793 1.61 42.9 25.4 29.6 -- 24.4

Mirae Asset Multicap Fund 21-Aug-23 Ankit Jain 3,403 1.88 37.5 -- -- -- 35.7

Parag Parikh Flexi Cap Fund 28-May-13 Rajeev Thakkar 82,441 1.33 37.8 16.7 26.2 18.5 20.1

NIFTY 500 - TRI 39.0 16.5 22.0 15.2 --

Source: Ace MF, Respective AMC website | Data as on 30th Sept, 2024
 Recommended – Equity MFs
CAGR (%)
AUM Expense
Fund name Inception Fund manager Since
(Rs cr) Ratio 1 Year 3 Years 5 Years 10 Years
Inception
Mid Cap Schemes
HDFC Mid-Cap Opportunities Fund 25-Jun-07 Chirag Setalvad 77,683 1.39 47.2 26.8 30.6 19.6 18.6

Motilal Oswal Midcap Fund 24-Feb-14 Niket Shah 18,604 1.65 74.7 35.3 33.7 21.6 25.1

Nifty Midcap 150 - TRI 48.2 23.9 31.4 20.3 --

Small Cap Funds

Bandhan Small Cap Fund 25-Feb-20 Manish Gunwani 7,534 1.74 69.0 26.6 -- -- 40.1

HDFC Small Cap Fund 03-Apr-08 Chirag Setalvad 33,963 1.57 34.1 22.4 30.1 19.7 17.3
Venugopal 44.1 25.2 32.1 21.3 23.2
HSBC Small Cap Fund 12-May-14 17,306 1.68
Manghat
Invesco India Smallcap Fund 30-Oct-18 Taher Badshah 5,093 1.82 57.0 25.6 33.4 -- 27.4

Nifty Smallcap 250 - TRI 50.2 24.1 33.1 17.5 --

Sector Funds
HDFC Banking & Financial Services Fund 01-Jul-21 Anand Laddha 3,742 1.89 24.0 13.5 -- -- 14.7

Nifty Bank - TRI 17.2 11.4 12.8 13.2 --

International Funds
Mirae Asset NYSE FANG+ETF FoF 10-May-21 Ekta Gala 1,475 0.44 52.4 20.8 -- -- 22.5

Motilal Oswal Nasdaq 100 FOF 29-Nov-18 Swapnil P Mayekar 5,035 0.58 36.4 13.9 24.4 -- 23.3

Motilal Oswal S&P 500 Index Fund 28-Apr-20 Sunil Sawant 3,543 1.13 34.1 13.7 -- -- 19.1

Navi US Total Stock Market FoF 24-Feb-22 Aditya Mulki 945 0.06 35.0 -- -- -- 16.8

S&P 500 33.5 9.6 14.7 11.6 --

Source: Ace MF, Respective AMC website | Data as on 30th Sept, 2024
 Recommended – Hybrid MFs
CAGR (%)
AUM Expense
Fund name Inception Fund manager Since
(Rs cr) Ratio 1 Year 3 Years 5 Years 10 Years
Inception

Equity Saving Funds

ICICI Pru Equity Savings Fund 05-Dec-14 Dharmesh Kakkad 12,168 0.97 10.9 8.5 8.8 -- 8.1

Kotak Equity Savings Fund 13-Oct-14 Devender Singhal 7,644 1.78 19.8 12.0 12.0 -- 9.8

NIFTY 50 - TRI 29.5 13.1 18.5 13.5 --

Balanced Advantage Funds

Aditya Birla SL Balanced Advantage Fund 25-Apr-00 Mohit Sharma 7,701 1.79 24.6 11.8 14.1 11.3 10.0

ICICI Pru Balanced Advantage Fund 30-Dec-06 Manish Banthia 62,051 1.45 23.1 13.1 14.4 11.7 11.6

HDFC Balanced Advantage Fund 11-Sep-00 Gopal Agrawal 96,536 1.35 33.4 21.7 21.7 15.0 17.7

Kotak Balanced Advantage Fund 03-Aug-18 Rohit Tandon 17,206 1.65 22.9 11.4 13.3 -- 11.9

CRISIL Hybrid 35+65 - Aggressive Index 27.4 12.5 16.6 12.9 --

Arbitrage Funds
Edelweiss Arbitrage Fund 27-Jun-14 Bhavesh Jain 12,233 1.09 7.5 6.1 5.4 6.1 6.1

Invesco India Arbitrage Fund 30-Apr-07 Deepak Gupta 17,362 1.06 7.5 6.4 5.5 5.9 6.6

Kotak Equity Arbitrage Fund 29-Sep-05 Hiten Shah 53,683 1.01 7.7 6.3 5.5 6.0 6.9

Nifty 50 Arbitrage 7.1 6.2 5.0 -- --

Multi Asset Funds

ICICI Pru Multi-Asset Fund 31-Oct-02 Sankaran Naren 50,496 1.46 31.3 19.9 22.4 14.9 21.5

WOC Multi Asset Allocation Fund 19-May-23 Ramesh Mantri 842 1.82 24.1 -- -- -- 19.5

BSE 500 - TRI 38.6 16.5 22.1 15.3 --

CRISIL Composite Bond Index 10.1 6.1 6.9 8.0 --

Source: Ace MF, Respective AMC website | Data as on 30th Sept, 2024
 Recommended – Debt MFs
CAGR (%)
AUM Expense
Fund name Inception Fund manager 10 Since
(Rs cr) Ratio 1 Year 3 Years 5 Years
Years Inception

Overnight Fund
Aditya Birla SL Overnight Fund 01-Nov-18 Kaustubh Gupta 7,876 0.19 6.7 5.7 4.7 -- 4.9
HDFC Overnight Fund 06-Feb-02 Anil Bamboli 10,307 0.19 6.6 5.6 4.7 5.6 5.9
Liquid Fund
HDFC Liquid Fund 17-Oct-00 Anupam Joshi 58,554 0.28 7.3 6.1 5.2 6.3 6.8
ICICI Pru Liquid Fund 17-Nov-05 Rohan Maru 46,303 0.29 7.4 6.1 5.2 6.3 7.1
Ultra Short Term Fund
HDFC Ultra Short Term Fund 24-Sep-18 Anil Bamboli 13,676 0.69 7.4 6.0 5.7 -- 6.2
ICICI Pru Ultra Short Term Fund Fund 03-May-11 Manish Banthia 13,757 0.80 7.3 6.0 5.9 7.4 7.4
Floating Rate Fund
HDFC Floating Rate Debt Fund 23-Oct-07 Shobhit Mehrotra 14,839 0.49 8.3 6.4 6.8 7.4 7.8
ICICI Pru Floating Interest Fund 17-Nov-05 Rohan Maru 8,822 1.19 7.9 6.1 6.7 7.2 7.6
Dynamic Bond Fund
Bandhan Dynamic Bond Fund 01-Dec-08 Suyash Choudhary 2,917 1.58 13.1 5.9 6.5 7.9 7.8
DSP Strategic Bond Fund 09-May-07 Sandeep Yadav 1,756 1.19 11.9 6.5 6.9 7.7 7.0
Passive Long Duration Fund
BHARAT Bond ETF - April 2033 13-Dec-22 Dhawal Dalal 5,979 0.00 10.9 -- -- -- 8.8
HDFC NIFTY G-Sec Jun 2036 Index Fund 15-Mar-23 Anupam Joshi 801 0.38 12.4 -- -- -- 10.5
HDFC Long Duration Debt Fund 20-Jan-23 Shobhit Mehrotra 4,866 0.60 14.7 -- -- -- 10.2
Mirae Asset CRISIL IBX Gilt Index - April 2033 Index Fund 20-Oct-22 Amit Modani 263 0.39 11.2 -- -- -- 9.2
Nippon India Nivesh Lakshya Fund 06-Jul-18 Pranay Sinha 8,820 0.60 13.8 7.2 7.2 -- 9.0
Active Duration & Credit Strategy
ICICI Pru All Seasons Bond Fund 20-Jan-10 Manish Banthia 12,984 1.31 9.0 6.4 7.5 8.6 8.8

Source: Ace MF, Respective AMC website | Data as on 30th Sept, 2024
 Quants – Equity MFs
Ratios Market Cap Allocation Rolling Return (%)
Fund name
PE PB Large Mid Small Others Min Average Max

Large Cap Funds

Aditya Birla SL Frontline Equity Fund 42.4 7.4 84.0 7.4 5.8 2.8 -6.0 0.1 3.7

HDFC Top 100 Fund 36.1 6.3 96.4 3.0 -- 0.6 -7.0 0.1 3.5

Motilal Oswal Large Cap Fund 40.9 7.6 79.6 4.2 11.0 5.1 -5.2 0.2 3.0

Nippon India Large Cap Fund 40.9 7.1 82.1 10.3 6.6 1.0 -6.6 0.1 3.3

Large and Mid Cap Funds

Kotak Equity Opp Fund 43.2 7.2 54.4 38.2 5.8 1.5 -7.4 0.1 3.5

Motilal Oswal Large & Midcap Fund 92.4 15.6 35.4 43.7 18.6 2.4 -7.2 0.2 3.7

Multi Cap Funds

360 ONE Flexicap Fund 51.0 9.9 47.1 26.4 23.3 3.2 -7.3 0.2 3.2

Bandhan Sterling Value Fund 37.9 6.1 61.4 15.7 17.3 5.6 -5.9 0.1 3.6

Franklin India Flexi Cap Fund 44.1 7.5 68.3 15.4 10.1 6.3 -6.4 0.1 3.4

HDFC Flexi Cap Fund 38.2 5.8 75.0 3.5 9.2 12.3 -5.1 0.2 3.1

Helios Flexi Cap Fund 44.0 8.1 60.4 13.5 19.8 6.3 -8.6 0.2 3.8

ICICI Pru India Opp Fund 40.4 6.5 55.0 18.8 9.7 16.6 -3.9 0.1 3.7

Mirae Asset Multicap Fund 39.1 6.8 41.3 26.0 31.8 0.9 -5.8 0.1 3.7

Parag Parikh Flexi Cap Fund 25.5 4.8 59.3 7.3 5.1 28.3 -4.2 0.1 2.7

Source: Ace MF | Data as on 30th Sept, 2024| 5 Yr Daily Rolling Returns over 7 Yr Period
 Quants – Equity MFs
Ratios Market Cap Allocation Rolling Return (%)
Fund name
PE PB Large Mid Small Others Min Average Max

Mid Cap Schemes

HDFC Mid-Cap Opportunities Fund 47.8 8.3 7.6 65.6 18.9 8.0 -6.6 0.2 4.0

Motilal Oswal Midcap Fund 83.7 11.8 11.6 70.2 1.5 16.7 -5.3 0.2 5.2

Small Cap Funds

Bandhan Small Cap Fund 42.3 5.7 7.0 15.9 67.5 9.6 -6.4 0.2 3.3

HDFC Small Cap Fund 41.6 6.1 4.0 8.6 79.7 7.7 -5.5 0.1 2.9

HSBC Small Cap Fund 58.1 10.4 2.0 21.6 73.3 3.1 -6.0 0.2 3.4

Invesco India Smallcap Fund 63.6 11.1 5.0 28.2 66.0 0.9 -6.3 0.2 3.0

Sector Funds

HDFC Banking & Financial Services Fund 25.6 4.0 68.7 9.8 21.0 0.5 -7.8 0.1 4.0

International Funds

Mirae Asset NYSE FANG+ETF FoF -- -- -- -- -- 100 -3.8 0.2 3.9

Motilal Oswal Nasdaq 100 FOF -- -- -- -- -- 100 -5.7 0.1 3.0

Motilal Oswal S&P 500 Index Fund -- -- -- -- -- 100 -2.6 0.1 2.3

Navi US Total Stock Market FoF -- -- -- -- -- 100 -2.8 0.1 2.3

Source: Ace MF | Data as on 30th Sept, 2024| 5 Yr Daily Rolling Returns over 7 Yr Period
 Quants – Hybrid MFs
Ratios Market Cap Allocation Rolling Return (%)
Fund name
PE PB Large Mid Small Others Min Average Max

Equity Saving Funds

ICICI Pru Equity Savings Fund 33.3 6.4 65.4 3.3 0.8 30.4 -0.3 -- 0.6

Kotak Equity Savings Fund 36.9 7.9 50.9 8.5 7.6 33.0 -2.7 0.1 1.4

Balanced Advantage Funds

Aditya Birla SL Balanced Advantage Fund 41.5 7.1 56.8 11.4 4.1 27.7 -3.7 0.1 2.3

DSP Dynamic Asset Allocation Fund 42.0 8.6 62.3 6.3 1.8 29.6 -2.2 0.1 1.8

ICICI Pru Balanced Advantage Fund 31.1 5.4 51.8 6.2 7.2 34.8 -6.1 0.1 2.9

HDFC Balanced Advantage Fund 40.9 7.9 54.0 10.0 5.1 30.8 -2.9 0.1 1.9

Kotak Balanced Advantage Fund 41.5 7.1 56.8 11.4 4.1 27.7 -3.7 0.1 2.3

Arbitrage Funds

Edelweiss Arbitrage Fund 34.5 6.8 49.2 21.9 5.9 23.0 -0.2 -- 0.4

Invesco India Arbitrage Fund 31.6 5.8 51.3 18.2 5.2 25.3 -0.2 -- 0.4

Kotak Equity Arbitrage Fund 42.6 8.3 58.5 15.1 3.0 23.5 -0.2 -- 0.4

Multi Asset Funds

ICICI Pru Multi-Asset Fund 34.4 6.4 50.2 12.2 3.3 34.3 -3.0 0.1 2.1

WOC Multi Asset Allocation Fund 43.8 9.2 29.3 2.8 5.0 62.9 -2.1 0.1 1.2

Source: Ace MF | Data as on 30th Sept, 2024| 5 Yr Daily Rolling Returns over 7 Yr Period
 Quants – Debt MFs
Ratios Rating

Fund name Average Modified Macaulay

Cash &
YTM (%) Maturity Duration Duration SOV AAA AA A Others Unrated
Equivalent
Years Years Years
Overnight Fund
Aditya Birla SL Overnight Fund 6.5 -- -- -- 4.2 -- -- -- 95.8 -- --
HDFC Overnight Fund 6.5 -- -- -- 5.4 -- -- -- 94.6 -- --
Liquid Fund
HDFC Liquid Fund 7.1 0.1 0.1 0.1 20.3 2.9 0.4 -- -0.7 -- 0.2
ICICI Pru Liquid Fund 7.1 0.1 0.1 0.1 20.8 1.2 1.2 -- -5.8 -- 0.2
Ultra Short Term Fund
HDFC Ultra Short Term Fund 7.6 0.4 0.4 0.4 10.9 38.0 5.8 -- 1.9 -- 0.2
ICICI Pru Ultra Short Term Fund Fund 7.6 0.5 0.4 0.5 11.3 13.2 11.0 -- 1.1 -- 0.2
Floating Rate Fund
HDFC Floating Rate Debt Fund 7.8 4.2 1.3 1.3 34.5 45.0 13.3 -- 3.4 -- 0.3
ICICI Pru Floating Interest Fund 8.2 6.3 1.0 1.0 54.6 15.5 20.3 -- 4.5 -- 0.3
Dynamic Bond Fund
Bandhan Dynamic Bond Fund 7.2 29.0 12.1 12.6 99.2 -- -- -- 0.5 -- 0.2
DSP Strategic Bond Fund 7.2 29.8 11.6 12.0 87.5 7.5 4.3 -- 0.5 -- 0.2
Passive Long Duration Fund
BHARAT Bond ETF - April 2033 7.3 8.5 5.9 6.3 16.2 79.7 -- -- 4.0 -- --

HDFC NIFTY G-Sec Jun 2036 Index Fund 7.1 11.8 7.7 8.0 98.1 -- -- -- 1.9 -- --

HDFC Long Duration Debt Fund 7.2 30.7 12.4 12.9 101.7 -- -- -- -1.9 -- 0.2
Mirae Asset CRISIL IBX Gilt Index - April 2033
7.1 8.2 5.9 6.1 95.8 -- -- -- 4.2 -- --
Index Fund
Nippon India Nivesh Lakshya Fund 7.1 21.2 10.4 10.8 97.5 -- -- -- 2.3 -- 0.2
Active Duration & Credit Strategy
ICICI Pru All Seasons Bond Fund 7.8 6.5 3.9 4.1 56.1 6.7 31.0 -- 3.7 -- 0.3

Source: Ace MF | Data as on 30th Sept, 2024| 5 Yr Daily Rolling Returns over 7 Yr Period
Our House Views on Equity

Equity market outlook continues to remain positive based on :

 Deleveraging of Corporate Balance Sheets
 Uptick in the Capex cycle

Expected earnings to remain robust for the next two years.

Global Context and rich domestic valuations - advisable to tread with caution by adopting a strategy
which is balanced and resilient.

 Based on their risk profile, investors having the appropriate level of Equity allocation can continue to
remain invested.
 If allocation is lower than desired, increase allocation in staggered manner:

• Over 3 months for large & multi-cap strategies

• 6 to 12 months for select mid & small-cap strategies

 Accelerated deployment in the event of a meaningful correction.

Our House Views on Debt
Our views remain for duration bias in the fixed income portfolio so as to capitalize on the likely softening of
yields in the next 1 to 2 years.

30% of the portfolio can be invested in :

 Actively managed duration funds (for evolving call on duration).
 Passive duration allocation (invest in long term maturity G-sec papers to benefit from accrual income
and potential MTM gains)

30% - 35% of the portfolio should be allocated to :

 Multi Asset Allocation funds
 Equity Savings Funds

30% - 35% the overall fixed income portfolio (to improve overall portfolio yield) can be allocated to :
 Select high yield NCDs
 Private Credit strategies
 REITs/InvITs

For liquidity management, investments can be made in :

 Floating Rate (min 9-12 months)
 Arbitrage/Ultra Short Term (3 to 6 months)

Our House Views on Gold

 The outlook for gold remains positive given Central bank buying, festive and wedding-related domestic
demand could boost sentiments.
 Over the next 2 Years, gold could be on track to hit fresh highs in the next couple of years.
 Taxation – Mutual Fund

Taxation Holding Short Term Long Term

Vehicle Category Holding Capital Gains Capital Gains
Type Period
Tax Tax

Equity >65% Equity Equity 1 Year 20% 12.5%

Mutual
Debt >65% Debt Debt NA As per Tax Slab
Fund

Between 35% As per Tax 12.5% without

Hybrid Debt 2 Year
to 65% Equity Slab indexation

• Tax Rates are excluding surcharge and cess.

• Capital gains of up to Rs 1.25 lakh a year are tax-exempt.
• Information only for reference. Please consult a Tax Advisor.
• Others include MFs like Gold MF/ETF, FoFs, Balanced Hybrid Funds, select Multi-Asset funds.
We Are Available
For Business Support Registered Office
Product Manager - MF Motilal Oswal Tower,
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+91 86553 30250 Opposite Parel ST Depot,
Prabhadevi,
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Investment Research
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We are an AMFI registered Mutual Fund Distributor

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