Monthly Market Outlook Ppt 2022 - Moneyhoney.co.in
MARKET OUTLOOK 2022 MONTHLY SEPTEMBER The information contained herein is solely for private circulation for reading / understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.
Global Indices Performance Absolute Returns - August 2022 (%) 11 Global markets were a mixed bag with countries delivering positive & negative returns 10 6 3 1 1 0 -2 -1 -2 -2 -3 Switzerland UK China Hong Kong Singapore Taiwan South Korea Japan Indonesia India Brazil US -4 -6 Russia Russia outperformed as month-end tax payments supported rouble. Indian markets were positive for 2nd consecutive month due to continued FPI buying -5 -5 -5 France 2 1 Germany 3 Europe 6 European countries plunged on account of high inflation & energy concerns Germany - DAX Index; China - SSE Composite Index; France - CAC 40 Index; Japan - Nikkei; Eurozone - Euronext 100; Hong Kong - HangSeng; US - Dow Jones; Singapore - Strait Times; Russia - RTS Index; Indonesia - Jakarta Composite Index; U.K. - FTSE; South Korea - Kospi; Brazil - Ibovespa Sao Paulo Index; Indonesia – Jakarta Composite Index; Switzerland – Swiss Market Index; Taiwan – Taiwan Stock Exchange Corporation; India – S&P BSE Sensex; Data Source: MFI & ACEMF, Returns are absolute returns for the index calculated between July 29, 2022 – Aug 31, 2022. Past performance may or may not sustain in future. FPI – Foreign Portfolio Investors. MFI Explorer is a tool provided by ICRA Online Ltd. For their standard disclaimer please visit r.html The information contained herein is solely for private circulation for reading / understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors. 2
India – Sectoral Indices Performance Absolute Returns - August 2022 (%) 15 All sectors delivered positive returns except IT 13 9 9 9 8 8 8 6 6 6 6 5 5 3 3 3 1 -2 IT HC Realty FMCG Finance Bankex Metal Telecom Auto Basic Mat. CD Oil & Gas CG Energy Infra Power -2 Power led the pack with good demand. Metals performed as China adopted a soft rate policy and PSU Banks performed on account of impressive quarterly earnings IT was an outlier as margin pressures, higher attrition & recession fears in US & Europe loomed All indices are of S&P BSE and carry the prefix of S&P BSE; Abbreviated CD - S&P BSE Consumer Durables; CG - S&P BSE Capital Goods; FMCG - S&P BSE Fast Moving Consumer Goods; HC - S&P BSE Health Care; Infra. S&P BSE India Infrastructure; IT - S&P BSE Information Technology, NBFC – Non-banking Finance Companies. Data Source: MFI, ACEMF ; Returns are absolute returns for the TRI variant of the index (except Infrastructure Index) calculated between July 29, 2022 – Aug 31, 2022; Past performance may or may not sustain in future. The sector(s)/stock(s) mentioned in this slide do not constitute any recommendation and ICICI Prudential Mutual Fund may or may not have any future position in this sector(s)/stock(s). MFI Explorer is a tool provided by ICRA Online Ltd. For their standard disclaimer please visit r.html. The information contained herein is solely for private circulation for reading / understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors. 3
Analysing the current state of Equity Markets through our ‘VCTS’ lens (Market Checklist) The information contained herein is solely for private circulation for reading / understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.
VCTS Framework The framework is a market checklist which is used to determine market valuations/conditions for investment at any given point in time. The framework can find application across asset classes Market V aluations P/E or PBV helps in ascertaining whether the market is expensive or cheap Buy – Valuations Cheap Sell – Valuations Expensive P/E – Price to Earnings, PBV – Price to Book Value Business C ycle Indicators like capacity utilization or credit growth help in understanding the strength of business cycle Buy – Cycle is weak Sell – Cycle is Strong T riggers S entiments Triggers are events which can have impact on the overall equity market Sentiments helps in understanding investors affinity towards the equity market Triggers – Unpredictable event like COVID-19, Geo-Political Tensions Buy – Negative Sentiments Sell – Positive Sentiments The information contained herein is solely for private circulation for reading / understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors. 5
Valuations – Staying put in the ‘NEUTRAL’ zone Valuations though inexpensive, continues to remain in the neutral zone Nifty 50 P/B (Long Term Average) Nifty 50 P/E (Long Term Average) 45 5 35 4 4 Average: 3 Average: 24 Nifty 50 P/E Ratio Long Term Average Nifty 50 P/B ratio Aug-22 Aug-21 Aug-20 Aug-19 Aug-18 Aug-17 Aug-16 Aug-15 2 Aug-14 Aug-22 Aug-21 Aug-20 Aug-19 Aug-18 Aug-17 Aug-16 Aug-15 Aug-14 Aug-13 Aug-12 15 3 Aug-13 21 Aug-12 25 Long Term Average Source – NSE. Data as of Aug 31, 2022. Past performance may or may not sustain in future. The information contained herein is solely for private circulation for reading / understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors. 6
Valuations – Staying put in the ‘NEUTRAL’ zone Another measure of valuations – Marketcap to GDP ratio too is above its long term average Market cap to GDP (%) 116 120 104 100 Average: 81 80 60 40 20 0 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Market cap to GDP (%) Sep-18 Sep-19 Sep-20 Sep-21 Sep-22 Average Source – Edelweiss Research. Data as of Sep 1, 2022. GDP estimate as on Sep 1, 2022 is calculated estimating 23% growth in Q2FY23 on a YoY basis from Q2FY22. GDP – Gross Domestic Product The information contained herein is solely for private circulation for reading / understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors. 7
Cycle – Early Offtake Credit Growth & Capacity Utilization which represent Business Cycle phase indicates that the economy is moving into a growth phase and is expected to advance further India Capacity Utilization Rate (%) Credit Growth (YoY, %) 20.0% 80 16.0% 15.3% Average: 10.2% 75.3 70 Average: 72 12.0% 60 8.0% 50 4.0% India Capacity Utilization Rate (%) Source: RBI. Past performance may or may not sustain in future The information contained herein is solely for private circulation for reading / understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors. Mar-22 Mar-21 Mar-20 Mar-19 Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Aug-22 Aug-21 Aug-20 Aug-19 Aug-18 Aug-17 Aug-16 Aug-15 Aug-14 Aug-13 Aug-12 Mar-12 40 0.0% Average 8
Sentiments – Turned Positive with FPI buying While FPIs have not been Gung Ho about Indian equities in recent times, tables turned last month when FPIs went on buying spree. The reverse was observed in case of DIIs especially Mutual Funds Flows (USD Mn) 6791 7000 5000 3000 1000 -205 -1000 -684 -3000 -5000 -7000 Jan-22 Feb-22 Mar-22 FPI Apr-22 May-22 MFs DIIs ex MFs Jun-22 Jul-22 Aug-22 Data as of Aug 31, 2022. Source: Kotak Institutional Equities. FPI – Foreign Portfolio Investors, DII – Domestic Institutional Investors, MF – Mutual Funds. Past performance may or may not sustain in future The information contained herein is solely for private circulation for reading / understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors. 9
Triggers – Potential factors Going forward, markets may take a cue from following events Crude Prices Volatile/High crude oil prices may result in external sector imbalance in near term Geo-political tensions As the Russia-Ukraine war enters into 6th month, supply chains continue to remain under stress US Monetary Policy Any potential change in US Fed stance China Zero-COVID policy If China abolishes its zero-COVID policy, it may impact global growth and markets 10 The information contained herein is solely for private circulation for reading / understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.
Market Outlook: Indian Economy in bright spot, remains a long-term structural growth story !!! The information contained herein is solely for private circulation for reading / understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.
India – Exhibiting better growth At a time when major emerging & developed economies are staring at stagflation risks, India appears to be on a better footing Real GDP (YoY, %) 25.0 15.0 5.0 -5.0 -15.0 -25.0 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 India US Euro Area China Source – DAM capital. Data as of June 30, 2022. The information contained herein is solely for private circulation for reading / understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors. 12
India – Rising focus on Capex There has been a sharp pick-up in Govt. capex during FY20-22. This is expected to remain strong purely on the basis of projects under implementation which may further give thrust to private sector capex Overall Capex Share in India (INR Tn) 25.0 20.0 3.8 15.0 10.0 5.0 2.8 3.9 1.3 3.2 3.1 4.4 4.0 1.4 1.6 3.0 5.4 4.2 1.4 4.7 5.5 5.9 7.4 FY18 FY19 FY20 FY21 4.3 6.1 4.7 6.9 1.8 1.6 2.0 8.1 8.6 9.6 FY22 FY23E FY24E 0.0 Center PSUs State Private Source – HDFC Securities. E – Estimate, PSU – Public Sector Undertaking, Capex – Capital Expenditure The information contained herein is solely for private circulation for reading / understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors. 13
India – Strong Tax Collections Continued strong tax collections further makes a strong case for sustained Govt. Capex Tax Revenues (INR Lakhs Crs.) Total Tax GDP ratio 28.00 12.0% 24.00 11.5% 12.90 20.00 16.00 11.2% 10.9% 11.0% 9.39 9.15 9.54 10.77 10.5% 12.00 8.00 4.00 11.7% 11.38 10.02 14.10 10.50 10.3% 9.9% 10.0% 9.45 9.5% 0.00 FY 2018 FY 2019 Direct Tax FY 2020 FY 2021 Indirect Tax FY 2022 9.0% FY 2018 FY 2019 FY 2020 Source – www.pib.gov.in. The information contained herein is solely for private circulation for reading / understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors. FY 2021 FY 2022 14
India – Steady Manufacturing Activity Manufacturing PMI one of the important pillars of Growth, is in the expansionary zone for 14th straight month despite global headwinds highlighting economic resilience Manufacturing PMI 60 EXPANSION 55 50 Source – PMI, Purchasing Managers Index. Source – Centrum Research The information contained herein is solely for private circulation for reading / understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors. Aug-22 Jul-22 Jun-22 May-22 Apr-22 Mar-22 Feb-22 Jan-22 Dec-21 Nov-21 Oct-21 Sep-21 Aug-21 Jul-21 Jun-21 45 CONTRACTION 15
India – Overall activity above pre-pandemic levels Overall economic activity is back and higher than pre-pandemic levels. A major positive at a time when global economies are busy managing stagflation concerns Parameters 3-Yr CAGR (%) Export Growth (% YoY) 10.7 E-Way Bills Generated (% YoY) 13.2 Indirect Tax (% YoY) 13.6 Passenger Vehicle Sales (% YoY) 15.6 Bank Non Food Credit Growth (% YoY) 8.7 Tractor Sales (% YoY) 6.6 Rail Freight Traffic (% YoY) 7.0 Central Govt. Expenditure (% YoY) 20.2 IIP (% YoY) 2.2 Source – Nirmal Bang. Data as of July 2022. Past performance may or may not sustain in future. IIP – Index of Industrial Production The information contained herein is solely for private circulation for reading / understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors. 16
Structural Growth Drivers – Policy Reforms Inflation Targeting & MPC PLI Scheme Flexible inflation targeting framework with the objective of ensuring price stability while also focusing on economic growth To augment indigenous manufacturing capabilities 01 06 02 Insolvency & Bankruptcy Code Labour Reforms To resolve insolvency cases in a time bound manner for maximization of value of assets 05 03 Tax Reforms 1. GST to simplify direct taxes 2. Corporate tax reduction 3. Abolition of retrospective tax Codification & Rationalization of labour laws to facilitate implementation flexibility REFORMS Direct Benefit Transfer 04 To facilitate transparency and accurate targeting of beneficiaries, benefit/subsidy is directly transferred to citizens below poverty line Source – Morgan Stanley Research. GST – Goods & Services Tax, PLI – Production Linked Incentive, MPC – Monetary Policy Committee The information contained herein is solely for private circulation for reading / understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors. 17
Structural Growth Drivers – Demographics Growth in Working Age Population (%) 90 60 India’s demographics 30 (younger working population) and 0 potential consumption -30 favors Growth China 2050E 2045E 2040E 2035E 2030E 2025E 2020 2015 2010 2005 2000 1995 1990 1985 1980 -60 India Data Source : JP Morgan. E - Estimate The information contained herein is solely for private circulation for reading / understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors. 18
Export as an opportunity / China 1 PLI scheme announced to boost manufacturing is gradually picking up pace. This helps as countries actively look forward to diversify supply chains outside of China Labour Cost is amongst the lowest compared to peers in India Wages per employee (in US , at current prices) PLI Scheme Incentives (Rs bn) Status China Mobile Manufacturing 410 Approved Brazil Drugs & API 69 Approved Medical devices 34 Approved Electronics 74 Approved Pharmaceuticals 150 Approved Telecom 122 Approved Indonesia White Goods 62 Approved; ongoing Bangladesh Automobiles 570 Approved Batteries 181 Bids completed Textiles 107 Approved Malaysia Mexico Philippines Vietnam India 1000 3000 2019 5000 2018 2005 7000 9000 11000 Source – Morgan Stanley, DAM Capital. The sector(s)/stock(s) mentioned in this slide do not constitute any recommendation and ICICI Prudential Mutual Fund may or may not have any future position in this sector(s)/stock(s). The information contained herein is solely for private circulation for reading / understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors. 19
Summary & Outlook As major developed & emerging economies grapple with multiple problems like rising inflation and rates, slowing growth and contracting economic activity, India is relatively doing better on these parameters Moreover, the long term prospects look promising. India is exhibiting strong growth, good tax collections, rising capex, favourable demographics, etc. As per our VCTS lens, current market Valuations continue to remain in Neutral Zone, Business Cycle has moved into a growth phase, possible market Triggers in near terms can be macro headwinds and market Sentiments moved into positive territory with FPIs coming back. Our long term outlook on equities continues to remain positive with intermittent volatility. Hence, recommend investing in a staggered manner (SIP STP) We continue to recommend schemes which have the flexibility to manoeuvre across different Asset classes, Marketcap & Themes to mitigate expected volatility in near term SIP – Systematic Investment Plan, STP – Systematic Transfer Plan The information contained herein is solely for private circulation for reading / understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors. 20
Our Equity Valuation Index 170 Our Equity Valuation Index highlights that overall valuations continues to remain in Neutral zone as markets are not cheap We recommend equity investing with a long term perspective coupled with Hybrid/FOF schemes managing different asset classes that may help navigate market volatility Book Partial Profits 150 130 Incremental Money to Debt 110 Neutral 114.2 90 Invest in Equities 70 Aggressively Invest in Equities Aug-22 Aug-21 Aug-20 Aug-19 Aug-18 Aug-17 Aug-16 Aug-15 Aug-14 Aug-13 Aug-12 Aug-11 Aug-10 Aug-09 Aug-08 Aug-07 Aug-06 Aug-05 50 Equity Valuation index is calculated by assigning equal weights to Price-to-Earnings (PE), Price-to-Book (PB), G-Sec*PE and Market Cap to GDP ratio. G-Sec – Government Securities. GDP – Gross Domestic Product, Data as on August 31, 2022 has been considered The information contained herein is solely for private circulation for reading / understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors. 21
Product Recommendations The information contained herein is solely for private circulation for reading / understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.
Investment Approach Three bucket approach to manage volatility Flexibility to invest across sectors/themes 01 ICICI Prudential Business Cycle Fund Flexibility to invest in various asset classes HYBRID ICICI Prudential Thematic Advantage Fund (FOF) ICICI Prudential Balanced Advantage Fund ICICI Prudential Multi-Asset Fund FUND OF FUNDS ICICI Prudential Passive Multi-Asset Fund of Funds Flexibility to invest across marketcaps 03 02 ICICI Prudential Asset Allocator Fund (FOF) ICICI Prudential Flexicap Fund ICICI Prudential Focused Equity Fund ICICI Prudential Value Discovery Fund ICICI Prudential Dividend Yield Equity Fund The asset allocation and investment strategy will be as per Scheme Information Document. The above is only for illustration purpose The information contained herein is solely for private circulation for reading / understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors. 23
More than a decade of experience – ICICI Prudential Balanced Advantage Fund ICICI Prudential Balanced Advantage Fund aims to allocate between Equity & Debt basis market valuations Scheme Name 10 Years (%) ICICI Prudential Balanced Advantage Fund 13.1 Crisil Hybrid 50 50 – Moderate Index (Benchmark) 12.1 Nifty 50 TRI 14.3 Net Equity Level 5 Years Rolling Returns Average Return Negative Observations Percentage of returns 8% Better risk-adjusted returns 53 Scheme Nifty 50 TRI 12.2 12.0 Reasonable Return 0 2 Downside Protection 92.6 84.1 Consistency Source : MFI Explorer, Data as on Aug 31, 2022. Returns (%) are in CAGR terms. Past performance may or may not be sustained in future. The information contained herein is solely for private circulation for reading / understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors. 24
Asset Allocation Approach – ICICI Prudential Asset Allocator Fund (FOF) ICICI Prudential Asset Allocator Fund (FOF) aims to allocate across Equity, Debt & Gold basis relative valuations Scheme Net Equity Exposure Vs. S&P BSE Sensex Levels 90% S&P BSE Sensex Levels 83% 59,537 60,701 55,000 70% 45,000 50% 31% 35,000 28% 29,468 S&P BSE Sensex Current Allocation Equity 27.7% Debt 63.0% Gold 7.9% Aug-22 Apr-22 Dec-21 Aug-21 Apr-21 Dec-20 Aug-20 Apr-20 10% Dec-19 25,000 30% Scheme Net Equity Exposure 65,000 Net Equity Level Data as of Aug 31, 2022. Past performance may or may not sustain in future. The asset allocation and investment strategy will be as per Scheme Information Document. Investors may please note that they will be bearing the recurring expenses of this Scheme in addition to the expenses of the underlying Schemes in which this Scheme makes investment The information contained herein is solely for private circulation for reading / understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors. 25
Asset Allocation Approach – ICICI Prudential Passive Multi-Asset Fund of Funds The scheme provides exposure to Global equities along with different asset classes like Equity, Debt & Gold* Portfolio Allocation as on Aug 31, 2022 3% 7% Domestic Equity ETF 26% Foreign ETF 37% Domestic Debt ETF 27% Gold ETF Short Term Debt and net current assets * The exposure to different asset classes is through ETFs/Index schemes. Data as of Aug 31, 2022. The portfolio of the scheme is subject to changes within the provisions of the Scheme Information document of the scheme. Please refer to the SID for investment pattern, strategy and risk factors. The asset allocation and investment strategy will be as per Scheme Information Document. For more scheme related details and disclosures, refer website www.icicipruamc.com The information contained herein is solely for private circulation for reading / understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors. 26
Asset Allocation Approach – ICICI Prudential Multi-Asset Fund ICICI Prudential Multi-Asset Fund aims to allocate across various asset classes – Equity, Debt, Gold, REITs & InvITs Portfolio Allocation – Aug 2022 (in %) 70 66.9 60 Covered call options are used for yield enhancement 50 40 28.6 30 20 7.5 10 3.2 2.3 1.3 0.2 Gold Mutual Fund Silver ETCDs REITs & InvITs Crude Oil Futures 0 Equity Debt Holdings & Net Current Assets Gold ETCDs Data as of Aug 31, 2022, Equity portion is excluding the derivative exposure and including preference shares. The net equity level after adjusting for derivatives is 58%. ETCD – Exchange Traded Commodity Derivatives, REITs – Real Estate Investment Trust, InvITs – Infrastructure Investment Trust. Gold/Silver ETCDs have been taken on a nominal exposure basis. The portfolio of the scheme is subject to changes within the provisions of the Scheme Information document of the scheme. Please refer to the SID for investment pattern, strategy and risk factors. The asset allocation and investment strategy will be as per Scheme Information Document. The information contained herein is solely for private circulation for reading / understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors. 27
Value Shines Post 2018 market fall, market rally was concentrated and led by Growth stocks. However, post Sep-2020, we have seen a more broad based rally and going forward we expect this rally to continue Marketcap Change (Since Feb'18 till Sep'20) 60% 200% 163% 160% 81% 501 501 251-500 101-250 Top 51-100 -57% Top 21-50 84% 53% 40% -24% Top 11-20 83% 251-500 -2% 78% 101-250 80% 83% Top 51-100 1% 0% Top 11-20 2% Top 10 4% Top 21-50 120% Top 10 80% 60% 40% 20% 0% -20% -40% -60% -80% Marketcap Change (Since Sep'20 till Aug'22) Universe considered is all listed stocks as of Aug 31, 2022. Stocks are arranged in descending order as per Marketcap. Source: Edelweiss Research. Past performance may or may not sustain in future The information contained herein is solely for private circulation for reading / understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors. 28
Value Shines Historically, post years of underperformance Vs. Growth, Value theme has performed well. Currently, Value has begun outperforming Growth and may continue to do so Calendar Year ICICI Prudential Value Discovery Fund (Returns %) Nifty 50 TRI (Returns %) Out/Underperformance (%) 2022 YTD 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 8.7 38.5 22.9 0.6 -4.2 23.9 4.6 5.4 73.8 8.3 45.9 -23.8 27.7 134.3 -54.6 39.4 28.8 63.9 3.5 25.6 16.1 13.5 4.6 30.4 4.4 -3.0 32.9 8.1 29.4 -23.9 19.2 77.6 -51.3 56.5 42.0 38.7 5.2 12.9 6.7 -12.9 -8.8 -6.5 0.2 8.5 40.9 0.2 16.5 0.1 8.5 56.7 -3.3 -17.1 -13.3 25.2 Source: MFIE. Returns in absolute terms. ICICI Prudential Value Discovery Fund is considered as a proxy for Value theme and Nifty 50 TRI as a proxy for Growth theme. Data as of Aug 31, 2022. Past performance may or may not sustain in future. The information contained herein is solely for private circulation for reading / understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors. 29
ICICI Prudential Value Discovery Fund The portfolio is flexicap in Nature which seeks value opportunities across market caps Fundamentally strong, low leveraged companies with strong balance sheets are looked at FLEXICAP The portfolio is placed at the center of economic recovery i.e. it aims to perform well during periods of economic turnaround STRONG ECONOMY Overvalued companies/sectors are substituted with reasonably valued ones Value in terms of business fundamentals and viability is considered over price or valuation ratios VALUE SUBSTITUTE The asset allocation and investment strategy will be as per Scheme Information Document The information contained herein is solely for private circulation for reading / understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors. 30
Feature Innovation – Freedom SIP Switch to Target Scheme Grow Your Wealth through SIP Reap Your Cash Flows through SWP ICICI Prudential Freedom SIP is an optional feature offered by ICICI Prudential AMC. This feature does not in any way give assurance of the performance of any of the Schemes of ICICI Prudential Mutual Fund or provide any guarantee of withdrawals through SWP mode. Freedom SIP allows investors to switch the SIP investments to a target scheme, post completion of the SIP tenure & monthly SWP will continue from the target scheme. The investor may select any other SWP Amount and will be based on the initial SIP installment. The information contained herein is solely for private circulation for reading / understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors. 31
Feature Innovation 1 Solution for those who are having lump-sum money to invest and looking for optimal investment strategy to invest for long term 2 Booster STP stagger the investment by dynamic installment & dynamic tenure 3 Change installment amount based on market valuation 4 Rs. 10000 installment may vary in the range of Rs.1,000 to Rs.50,000 based on equity valuation index ICICI Prudential Booster Systematic Transfer Plan (“Booster STP”) is a facility wherein unit holder(s) can opt to transfer variable amount(s) from designated open ended Scheme(s) of the Fund [hereinafter referred to as “Source Scheme”] to the designated open-ended Scheme(s) of the Fund [hereinafter referred to as “Target Scheme”] at defined intervals. The Unitholder would be required to provide a Base Installment Amount that is intended to be transferred to the Target Scheme. The variable amount(s) or actual amount(s) of transfer to the Target Scheme will be linked to the Equity Valuation Index (hereinafter referred to as EVI). Equity Valuation Index (EVI) is a proprietary model of ICICI Prudential AMC Ltd. (the AMC) used for assessing overall equity market valuations. The AMC may also use this model for other facilities/features offered by the AMC 32 The information contained herein is solely for private circulation for reading / understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.
FIXED INCOME OUTLOOK: RBI Riding the Tide 33 The information contained herein is solely for private circulation for reading / understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors.
RBI Policy Journey So Far Hiked Cash Reserve Ratio Stopped Injecting Liquidity Narrowed LAF Corridor Hiked Repo Rate Introduction of SDF LAF – Liquidity Adjustment Facility, SDF – Standing Deposit Facility The information contained herein is solely for private circulation for reading / understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors. 34
RBI Policy Measures The RBI hiked repo rates to 5.4% during last month’s policy meet & has continued to absorb excess liquidity Repo Rate and CRR Movement Banking liquidity (INR bn) 9 4000 8 2000 0 7 -2000 6 5.4 5 -4000 -6000 4 4.4 3 -8000 Data as on Sept 05, 2022 for Repo and CRR, Data as on 31-Aug 2022 for Banking Liquidity, CRISIL Research. CRR – Cash Reserve Ratio The information contained herein is solely for private circulation for reading / understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective investors. Aug-22 Aug-21 Aug-20 Aug-19 Aug-18 Aug-22 Aug-21 Aug-20 Aug-19 Aug-18 Aug-17 Aug-16 Aug-15 Repo Rate -12000 Aug-17 CRR Aug-14 Aug-13 Aug-12 Aug-11 Aug-10 Aug-09 Aug-08 -10000 35
Month Gone By – Yield Curve Movement RBI’s policy normalization phase is affecting the shorter-end of the yield curve more compared to the longer-end Yield Curve – Gsec (%) Yield Curve – Corporate Bond (%) 8 8 7 Long term rates moved down Short term rates moved higher 6 6 Long term rates moved down 7 Short term rates moved higher 5 5 1M 3M 6M 1 Yr 2 Yrs 3 Yrs 5 Yrs 10 Yrs 02-Sep-22 03-Jul-22 1M 3M 6M 1 Yr 2 Yrs 3 Yrs 5 Yrs 10 Yrs 02-Sep-22 03-Jul-22 Data as on Sep 02, 2022, CRISIL Research The inform
Source -Edelweiss Research. Data as of Sep 1, 2022. GDP estimate as on Sep 1, 2022 is calculated estimating 23% growth in Q2FY23 on a YoY basis from Q2FY22. GDP -Gross Domestic Product 116 104 0 20 40 60 80 100 120 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Sep-21 Sep-22 Market cap to GDP (%) Market cap to GDP .
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